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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number File No. 811-04415

COLLEGE RETIREMENT EQUITIES FUND

(Exact name of Registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Stewart P. Greene, Esq.

c/o TIAA-CREF

730 Third Avenue

New York, New York 10017-3206

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: March 31, 2011

Item 1. Schedule of Investments.

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2011

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	$	11,697
	18,507,434	n	General Motors Corp	7.130		07/15/13		5,182
	4,230,271	e,n	General Motors Corp	7.700		04/15/16		1,195
	6,062,000	n	General Motors Corp	9.400		07/15/21		1,667
	85,268,000	e,n	General Motors Corp	8.380		07/15/33		25,367
	26,439,191	n	Motors Liquidation Co	8.800		03/01/21		7,535
	7,950,000	e,n	Motors Liquidation Co	8.250		07/15/23		2,266
	24,057,000	n	Motors Liquidation Co	7.400		09/01/25		6,736
	35,983,677	n	Motors Liquidation Co	6.750		05/01/28		10,075
			TOTAL AUTOMOBILES & COMPONENTS					71,720
FOOD & STAPLES RETAILING - 0.0%
	8	i	Marfrig Alimentos S.A.	1.000		07/15/15		50
			TOTAL FOOD & STAPLES RETAILING					50
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	5,532,180		Dr Reddys Laboratories Ltd	9.250		03/24/14		0	^
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					0	^
REAL ESTATE - 0.0%
	22,970		Kiwi Income Property Trust	8.950		12/20/14		19
			TOTAL REAL ESTATE					19
			TOTAL CORPORATE BONDS					71,789
			(Cost $86,291)
			TOTAL BONDS					71,789
			(Cost $86,291)

SHARES		COMPANY
COMMON STOCKS - 99.6%
AUTOMOBILES & COMPONENTS - 1.8%
	135,400	AAPICO Hitech PCL	62
	15,000	Actron Technology Corp	65
	64,000	Aichi Machine Industry Co Ltd	229

1

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	63,900	e	Aisan Industry Co Ltd	$	658
	777,089		Aisin Seiki Co Ltd		27,013
	171,100	e	Akebono Brake Industry Co Ltd		873
	2,800,023	*	American Axle & Manufacturing Holdings, Inc		35,252
	91,978	*	Amerigon, Inc (Class A)		1,405
	941,420		Amtek Auto Ltd		3,184
	21,849		Amtek India Ltd		40
	11,259	*	Asahi India Glass Ltd		22
	1,170		AtlasBX Co Ltd		32
	1,138,074		Autoliv, Inc		84,479
	131,065		Bajaj Holdings and Investment Ltd		4,301
	258,149		Bayerische Motoren Werke AG.		21,432
	1,971		Bayerische Motoren Werke AG. (Preference)		111
	18,721		Bharat Forge Ltd		146
	463,717	*	BorgWarner, Inc		36,954
	136,172	e	Brembo S.p.A.		1,678
	419,491	e	Bridgestone Corp		8,772
	3,490,000	*	Brilliance China Automotive Holdings Ltd		3,498
	720,900	e	Byd Co Ltd		2,758
	972,058	*,e	Calsonic Kansei Corp		3,858
	225,000	*	Chaowei Power Holdings Ltd		83
	1,458,761		Cheng Shin Rubber Industry Co Ltd		3,383
	691,000		China Motor Corp		565
	26,728		Compagnie Plastic-Omnium S.A.		2,183
	41,916	*	Continental AG.		3,767
	263,744	e	Cooper Tire & Rubber Co		6,791
	17,000		Cub Elecparts, Inc		45
	11,430		Dae Won Kang Up Co Ltd		51
	378,087	*,e	Daihatsu Motor Co Ltd		5,511
	2,125,565	*	DaimlerChrysler AG. (EUR)		149,773
	758,679	*	Dana Holding Corp		13,193
	1,472,309		Denso Corp		48,962
	40,000		Depo Auto Parts Ind Co Ltd		98
	1,300		Dong Ah Tire & Rubber Co Ltd		11
	7,652,915		Dongfeng Motor Group Co Ltd		13,019
	6,190		Dongyang Mechatronics Corp		96
	49,172	*,e	Dorman Products, Inc		2,070
	80,100	*	Double Coin Holdings Ltd		69
	176,700		Drb-Hicom BHD		134
	93,196		Drew Industries, Inc		2,081
	31,000	*	Eagle Industry Co Ltd		327
	52,624	e	ElringKlinger AG.		1,660
	55,482		Exedy Corp		1,668
	53,122		Exide Industries Ltd		171
	383,067	*	Exide Technologies		4,283
	977,006	*,e	Faurecia		35,626
	53,400	e	FCC Co Ltd		1,285
	99,000		Federal Corp		64
	237,064	*,e	Federal Mogul Corp (Class A)		5,903
	585,159	e	Fiat S.p.A.		5,289
	123,323		Fleetwood Corp Ltd		1,544
	18,048,602	*,e	Ford Motor Co		269,106

2

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	82,598		Ford Otomotiv Sanayi AS	$	788
	87,974	*,e	Fuel Systems Solutions, Inc		2,655
	1,444,313		Fuji Heavy Industries Ltd		9,332
	17,000	e	Furukawa Battery Co Ltd		103
	67,797	*,e	Futaba Industrial Co Ltd		383
	5,310,000	e	Geely Automobile Holdings Ltd		1,970
	767,724	*	General Motors Co		23,822
	421,756	e	Gentex Corp		12,758
	3,003,593		GKN plc		9,655
	4,010		Global & Yuasa Battery Co Ltd		150
	737,712	*,e	Goodyear Tire & Rubber Co		11,051
	14,528	*	Grammer AG.		391
	2,925,500	e	Great Wall Motor Co Ltd		5,403
	4,705,456	e	Guangzhou Automobile Group Co Ltd		5,725
	17,110		Halla Climate Control Corp		326
	2,440		Hanil E-Wha Co Ltd		19
	100,480		Hankook Tire Co Ltd		3,278
	827,474		Harley-Davidson, Inc		35,159
	106,211		Hero Honda Motors Ltd		3,789
	3,557,022	e	Honda Motor Co Ltd		132,157
	16,000		Hu Lane Associate, Inc		39
	7,365		Hudaco Industries Ltd		89
	5,440		Hwa Shin Co Ltd		75
	111,405		Hyundai Mobis		33,215
	281,713		Hyundai Motor Co		52,065
	65,443		Hyundai Motor Co Ltd (2nd Preference)		4,244
	41,280		Hyundai Motor Co Ltd (Preference)		2,480
	250,133		IMMSI S.p.A.		296
	2,149,933		Isuzu Motors Ltd		8,529
	120,000	*	Jinan Qingqi Motorcycle Co		57
	2,854,487	e	Johnson Controls, Inc		118,660
	113,400	*,e	Kanto Auto Works Ltd		794
	228,896	e	Kayaba Industry Co Ltd		1,842
	153,800	e	Keihin Corp		2,914
	215,000		Kenda Rubber Industrial Co Ltd		267
	334,684		Kia Motors Corp		21,033
	72,372	*	Koito Manufacturing Co Ltd		1,162
	577,351	*,e	Kongsberg Automotive ASA		456
	1,340	*	Kumho Tire Co, Inc		19
	62,290	e	Landi Renzo S.p.A.		220
	600	*,b,m	Lear Corp		0	^
	988,567		Lear Corp (New)		48,311
	38,712	*	Leoni AG.		1,649
	83,398		Linamar Corp		1,807
	375,794		Magna International, Inc (Class A)		18,016
	485,783		Mahindra & Mahindra Ltd		7,638
	14,884		Mando CORP		2,351
	104,582	*	Martinrea International, Inc		1,014
	108,152		Maruti Udyog Ltd		3,061
	1,229,342	e	Mazda Motor Corp		2,709
	142,039		Michelin (C.G.D.E.) (Class B)		11,981
	244,000		Minth Group Ltd		409

3

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	47,000		Mitsuba Corp	$	385
	1,671,202	*,e	Mitsubishi Motors Corp		2,052
	207,929	*,e	Modine Manufacturing Co		3,356
	4,550		Motonic Corp		35
	816		MRF Ltd		115
	37,400		Musashi Seimitsu Industry Co Ltd		890
	450,000	*	Nan Kang Rubber Tire Co Ltd		685
	12,060		Nexen Tire Corp		148
	146,282		NGK Spark Plug Co Ltd		2,000
	266,707		NHK Spring Co Ltd		2,643
	107,751	e	Nifco, Inc		2,588
	70,000		Nippon Seiki Co Ltd		840
	6,461,860	e	Nissan Motor Co Ltd		57,401
	108,000		Nissan Shatai Co Ltd		803
	58,200	e	Nissin Kogyo Co Ltd		1,005
	146,461	*	NOK Corp		2,605
	41,437	e	Nokian Renkaat Oyj		1,762
	848,000	*,m	Norstar Founders Group Ltd		1
	9,439		Otokar Otobus Karoseri Sanayi AS.		163
	2,688,955	*	Peugeot S.A.		106,083
	180,127	e	Piaggio & C S.p.A.		615
	842,257	e	Pirelli & C S.p.A.		7,390
	30,100	*	Plascar Participacoes Industriais S.A.		47
	60,873	e	Porsche AG.		3,964
	126,000	e	Press Kogyo Co Ltd		536
	82,700		Proton Holdings BHD		97
	2,942,931		PT Astra International Tbk		19,248
	547,500		PT Gajah Tunggal Tbk		140
	3,166		Pyeong Hwa Automotive Co Ltd		55
	300,000		Qingling Motors Co Ltd		96
	496,742	*	Renault S.A.		27,448
	4,163	*	Rieter Holding AG.		1,708
	168,000		Riken Corp		697
	3,740		S&T Daewoo Co Ltd		106
	8,830		S&T Dynamics Co Ltd		142
	220,000	e	Sanden Corp		923
	28,300		Sanoh Industrial Co Ltd		235
	211,000	*	Sanyang Industry Co Ltd		124
	3,160		Sejong Industrial Co Ltd		40
	11,457	e	Shiloh Industries, Inc		134
	79,000	*	Showa Corp		585
	2,810		SL Corp		64
	8,701	e	Societe Fonciere Financiere et de Participations FFP		642
	59,256	*	Sogefi S.p.A.		240
	73,700		Somboon Advance Technology PCL		55
	186,290	e	Spartan Motors, Inc		1,278
	48,100		Sri Trang Agro-Industry PCL		45
	9,840	*	Ssangyong Motor Co		82
	172,398		Standard Motor Products, Inc		2,384
	249,511		Stanley Electric Co Ltd		4,125
	68,791	*	Stoneridge, Inc		1,006
	242,806	e	Sumitomo Rubber Industries, Inc		2,472

4

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,891		Sungwoo Hitech Co Ltd	$	109
	107,506	e	Superior Industries International, Inc		2,756
	393,914		Suzuki Motor Corp		8,804
	2,332,653	e	T RAD Co Ltd		9,984
	21,000		Ta Yih Industrial Co Ltd		49
	33,900		Tachi-S Co Ltd		592
	63,000	*	Takata Corp		1,803
	78,700		TAN Chong Motor Holdings BHD		126
	26,700	e	Teikoku Piston Ring Co Ltd		246
	256,784	*,e	Tenneco, Inc		10,900
	47,542	*,e	Tesla Motors, Inc		1,317
	102,112	e	Thor Industries, Inc		3,407
	160,000		Tianneng Power International Ltd		78
	14,915		Tofas Turk Otomobil Fabrik		84
	87,963	e	Tokai Rika Co Ltd		1,500
	77,800		Tokai Rubber Industries, Inc		953
	111,000		Tong Yang Industry Co Ltd		160
	49,800		Topre Corp		399
	28,000	*,e	Tower International, Inc		474
	246,000	e	Toyo Tire & Rubber Co Ltd		604
	348,930	e	Toyoda Gosei Co Ltd		7,289
	88,300	*	Toyota Auto Body Co Ltd		1,480
	70,383	e	Toyota Boshoku Corp		1,013
	282,199		Toyota Industries Corp		8,544
	3,886,261	*	Toyota Motor Corp		154,224
	768,222	*	TRW Automotive Holdings Corp		42,314
	60,600	e	TS Tech Co Ltd		1,065
	25,096		Tung Thih Electronic Co Ltd		94
	701,135		TVS Motor Co Ltd		941
	82,000		TYC Brother Industrial Co Ltd		48
	2,147,541		UMW Holdings BHD		5,221
	46,100	e	Unipres Corp		921
	343,610	*	Valeo S.A.		20,005
	278,454	*,e	Visteon Corp		17,401
	158,452	e	Volkswagen AG.		24,230
	10,453		Volkswagen AG. (Preference)		1,689
	160,721	*,e	Winnebago Industries, Inc		2,149
	2,720,000		Xinyi Glass Holdings Co Ltd		2,826
	229,455	*	Yamaha Motor Co Ltd		3,995
	400,000	e	Yokohama Rubber Co Ltd		1,937
	137,100	e	Yorozu Corp		2,761
	934,258		Yulon Motor Co Ltd		1,724
			TOTAL AUTOMOBILES & COMPONENTS		2,030,448
BANKS - 6.1%
	91,158	e	1st Source Corp		1,827
	94,978	*	1st United Bancorp, Inc		667
	725,712		77 Bank Ltd		3,655
	85,373	*	Aareal Bank AG.		2,738
	107,954		Abington Bancorp, Inc		1,320
	441,225		ABSA Group Ltd		8,890
	135,700		Affin Holdings BHD		157

5

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	39,139,000	*,e	Agricultural Bank of China	$	22,169
	706,580	*	Agricultural Bank of Greece		710
	10,600		Aichi Bank Ltd		659
	1,641,810		Akbank TAS		7,957
	255,000		Akita Bank Ltd		828
	120,532		Albaraka Turk Katilim Bankasi AS		179
	21,697		Alliance Financial Corp		724
	1,220,400		Alliance Financial Group BHD		1,277
	1,252,927	*	Allied Irish Banks plc		336
	415,059	*	Alpha Bank S.A.		2,662
	315,270	*,e,m	Amagerbanken AS		1
	28,878		American National Bankshares, Inc		650
	107,311	e	Ameris Bancorp		1,090
	37,650		Ames National Corp		719
	31,509		Andhra Bank		107
	541,290	*,m	Anglo Irish Bank Corp plc		166
	263,000		Aomori Bank Ltd		807
	5,257,304	e	Aozora Bank Ltd		11,878
	50,785		Arrow Financial Corp		1,256
	333,084		Associated Banc-Corp		4,946
	451,980		Astoria Financial Corp		6,495
	587,738		Asya Katilim Bankasi AS		1,144
	77,418		Attijariwafa Bank		3,781
	3,907,268		Australia & New Zealand Banking Group Ltd		96,178
	296,721	e	Awa Bank Ltd		1,802
	429,105	e	Banca Carige S.p.A.		1,014
	16,385,524		Banca Intesa S.p.A.		48,339
	3,225,640		Banca Intesa S.p.A. RSP		8,510
	2,099,968	*,e	Banca Monte dei Paschi di Siena S.p.A.		2,618
	379,899	e	Banca Popolare dell’Emilia Romagna Scrl		4,573
	104,164	*	Banca Popolare dell’Etruria e del Lazio		453
	574,539	e	Banca Popolare di Milano		2,155
	34,940	e	Bancfirst Corp		1,491
	540,930		Banche Popolari Unite Scpa		4,616
	9,200		Banco ABC Brasil S.A.		70
	4,737,074	e	Banco Bilbao Vizcaya Argentaria S.A.		57,473
	383,220	e	Banco BPI S.A.		666
	3,162,846		Banco Bradesco S.A.(Pref)		64,607
	8,105,145	e	Banco Comercial Portugues S.A.		6,601
	6,100		Banco Daycoval S.A.		46
	53,655		Banco de Credito e Inversiones		3,370
	2,215,640		Banco de Oro Universal Bank		2,650
	966,372	e	Banco de Sabadell S.A.		4,229
	173,522	e	Banco de Valencia S.A.		777
	85,956		Banco di Desio e della Brianza S.p.A.		468
	9,367		Banco di Sardegna S.p.A		119
	1,171,676		Banco do Brasil S.A.		21,207
	545,681		Banco do Estado do Rio Grande do Sul		6,718
	567,751	e	Banco Espirito Santo S.A.		2,319
	116,500		Banco Industrial e Comercial S.A.		906
	3,631,981		Banco Itau Holding Financeira S.A.		86,537

6

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	163,431		Banco Latinoamericano de Exportaciones S.A. (Class E)	$	2,854
	21,817		Banco Macro S.A. (ADR) (Class B)		873
	7,600		Banco Panamericano S.A.		27
	167,172	e	Banco Pastor S.A.		802
	4,400		Banco Pine S.A.		36
	1,199,786		Banco Popolare Scarl		3,576
	773,863	e	Banco Popular Espanol S.A.		4,544
	1,160,439		Banco Santander Brasil S.A.		14,073
	318,893	e	Banco Santander Brasil S.A. (ADR)		3,910
	12,048,502		Banco Santander Central Hispano S.A.		140,534
	61,499,025		Banco Santander Chile S.A.		5,163
	280,151		BanColombia S.A.		4,371
	56,000	e	BanColombia S.A. (ADR)		3,509
	223,096		BanColombia S.A. (Preference)		3,469
	13,088		Bancorp Rhode Island, Inc		404
	163,445		Bancorpsouth, Inc		2,525
	108,500		Bangkok Bank PCL		617
	1,784,200		Bangkok Bank PCL (Foreign Reg)		10,224
	204,073		Banif SGPS S.A.		233
	58,654		Bank Handlowy w Warszawie S.A.		2,087
	777,859	*	Bank Hapoalim Ltd		4,044
	1,427,829		Bank Leumi Le-Israel		7,305
	434,991	*	Bank Millennium S.A.		894
	222,253		Bank Mutual Corp		940
	162,870	*	Bank of Attica		230
	2,157,700		Bank of Ayudhya PCL		1,765
	114,486,000	e	Bank of China Ltd		63,664
	15,879,225	e	Bank of Communications Co Ltd		17,459
	695,813		Bank of Cyprus Public Co Ltd		2,518
	1,326,214		Bank of East Asia Ltd		5,628
	92,495		Bank of Hawaii Corp		4,423
	2,729,466	*	Bank of Ireland		851
	19,600		Bank of Iwate Ltd		778
	213,000	*	Bank of Kaohsiung		90
	554,783	e	Bank of Kyoto Ltd		4,910
	26,368		Bank of Marin Bancorp		984
	925,662	e	Bank of Montreal		60,132
	403,000	e	Bank of Nagoya Ltd		1,299
	2,008,486	e	Bank of Nova Scotia		123,244
	41,800	e	Bank of Okinawa Ltd		1,702
	763,380		Bank of Queensland Ltd		7,829
	199,541		Bank of Saga Ltd		561
	74,986		Bank of the Ozarks, Inc		3,278
	3,106,469		Bank of the Philippine Islands		4,097
	74,000	e	Bank of the Ryukyus Ltd		844
	1,258,475	e	Bank of Yokohama Ltd		5,982
	162,132		Bank Pekao S.A.		9,702
	15,711,000		Bank Rakyat Indonesia		10,361
	105,167		BankFinancial Corp		966
	222,765	e	Bankinter S.A.		1,527
	6,144		Banque Cantonale Vaudoise		3,481

7

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	25,047,046		Barclays plc	$	112,460
	7,675		Basler Kantonalbank		1,171
	1,463,005		BB&T Corp		40,159
	769,165	e	Bendigo Bank Ltd		7,580
	190,022	*,e	Beneficial Mutual Bancorp, Inc		1,638
	65,798		Berkshire Hills Bancorp, Inc		1,372
	1,839,180		BNP Paribas		134,453
	3,880,238		BOC Hong Kong Holdings Ltd		12,651
	23,910	*,e	BofI Holding, Inc		371
	47,806	e	BOK Financial Corp		2,471
	338,154	e	Boston Private Financial Holdings, Inc		2,391
	17,431	*	BRE Bank S.A.		2,109
	29,752	e	Bridge Bancorp, Inc		666
	268,771	e	Brookline Bancorp, Inc		2,830
	41,481	e	Bryn Mawr Bank Corp		853
	204,687	*	BS Financial Group		2,967
	6,019,596		Bumiputra-Commerce Holdings BHD		16,286
	172,671	e	Caja de Ahorros del Mediterraneo		1,517
	43,654	e	Camden National Corp		1,495
	899,394	e	Canadian Imperial Bank of Commerce/Canada		77,555
	143,276	e	Canadian Western Bank		4,603
	173,896		Canara Bank		2,441
	68,217	e	Capital City Bank Group, Inc		865
	1,027,136		CapitalSource, Inc		7,231
	18,023		Capitec Bank Holdings Ltd		448
	842,897		Capitol Federal Financial		9,499
	195,883	e	Cardinal Financial Corp		2,284
	366,960	e	Cathay General Bancorp		6,257
	156,924	*	Center Financial		1,152
	97,934		Centerstate Banks of Florida, Inc		686
	19,768	e	Century Bancorp, Inc		529
	5,463,000		Chang Hwa Commercial Bank		4,380
	125,061		Chemical Financial Corp		2,492
	1,198,370	e	Chiba Bank Ltd		6,717
	48,800	*	Chiba Kogyo Bank Ltd		280
	11,656,855	e	China Citic Bank		8,474
	83,965,341		China Construction Bank		78,607
	12,978,777		China Development Financial Holding Corp		5,224
	5,933,122	e	China Merchants Bank Co Ltd		16,401
	8,474,300	e	China Minsheng Banking Corp Ltd		7,790
	14,347,153		Chinatrust Financial Holding Co		12,179
	159,000		Chong Hing Bank Ltd		409
	1,448,000	*,e	Chongqing Rural Commercial Bank		994
	127,781	e	Chugoku Bank Ltd		1,450
	1,060,887	*,e	CIT Group, Inc		45,141
	53,667	e	Citizens & Northern Corp		902
	1,875,845	*	Citizens Republic Bancorp, Inc		1,669
	79,411	e	City Holding Co		2,808
	86,145	e	City National Corp		4,915
	54,892		City Union Bank Ltd		55
	45,018	e	Clifton Savings Bancorp, Inc		534
	48,512	e	CNB Financial Corp		704

8

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	134,246	e	CoBiz, Inc	$	933
	191,517	e	Columbia Banking System, Inc		3,671
	51,463		Comdirect Bank AG.		582
	340,130		Comerica, Inc		12,490
	150,132	e	Commerce Bancshares, Inc		6,071
	931,744		Commercial International Bank		5,098
	689,641	*,e	Commerzbank AG.		5,355
	2,016,895	e	Commonwealth Bank of Australia		109,280
	174,093	e	Community Bank System, Inc		4,225
	82,564	e	Community Trust Bancorp, Inc		2,285
	62,201,838		CorpBanca S.A.		944
	118,000	*	Cosmos Bank Taiwan		29
	104,327		Credicorp Ltd (NY)		10,947
	1,698,692		Credit Agricole S.A.		27,872
	115,512	e	Credito Emiliano S.p.A.		757
	99,089		Cullen/Frost Bankers, Inc		5,848
	471,647	e	CVB Financial Corp		4,391
	171,780		Daegu Bank		2,818
	534,600		Dah Sing Banking Group Ltd		827
	183,600		Dah Sing Financial Holdings Ltd		1,133
	639,000		Daishi Bank Ltd		2,113
	746,375	*,e	Danske Bank AS		16,499
	139,588	*	Danske Bank AS		3,117
	95,811		Danvers Bancorp, Inc		2,052
	2,361,575		DBS Group Holdings Ltd		27,418
	81,881	*	Development Credit Bank Ltd		84
	2,118		Dewan Housing Finance Corp Ltd		13
	567,868	*,e	Dexia		2,209
	2,151,620		Dhanalakshmi Bank Ltd		5,460
	143,949	e	Dime Community Bancshares		2,125
	1,373,365		DNB NOR Holding ASA		21,057
	157,842	*,e	Doral Financial Corp		174
	5,004,140		E.Sun Financial Holding Co Ltd		3,146
	61,482	*,e	Eagle Bancorp, Inc		864
	1,232,687		East West Bancorp, Inc		27,070
	331,303	*	EFG Eurobank Ergasias S.A.		2,060
	201,904		Ehime Bank Ltd		569
	213,000	e	Eighteenth Bank Ltd		592
	27,318	*,e	Encore Bancshares, Inc		332
	79,281	e	Enterprise Financial Services Corp		1,115
	162,575	e	Erste Bank der Oesterreichischen Sparkassen AG.		8,210
	43,068	e	ESB Financial Corp		636
	70,464	e	ESSA Bancorp, Inc		930
	642,000		Far Eastern International Bank		291
	38,324	e	Federal Agricultural Mortgage Corp (Class C)		732
	19,059		Federal Bank Ltd		179
	2,675	*	FHB Mortgage Bank plc		14
	9,316	*	FIBI Holdings Ltd		211
	374,300		FIDEA Holdings Co Ltd		1,069
	4,642,140		Fifth Third Bancorp		64,433
	65,635	e	Financial Institutions, Inc		1,149
	4,960	*,e,m	Fionia Bank AS		0	^

9

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	104,916	e	First Bancorp (NC)	$	1,391
	52,121	*,e	First Bancorp (Puerto Rico)		261
	49,881	e	First Bancorp, Inc		761
	321,088	e	First Busey Corp		1,631
	13,757		First Citizens Bancshares, Inc (Class A)		2,759
	451,183	e	First Commonwealth Financial Corp		3,091
	65,928		First Community Bancshares, Inc		935
	314,883	e	First Financial Bancorp		5,255
	109,866	e	First Financial Bankshares, Inc		5,644
	61,392	e	First Financial Corp		2,041
	7,113,131		First Financial Holding Co Ltd		6,092
	109,813	e	First Financial Holdings, Inc		1,242
	1,327,980	e	First Horizon National Corp		14,887
	27,776		First International Bank Of Israel Ltd		434
	60,981	e	First Interstate Bancsystem, Inc		829
	144,209	e	First Merchants Corp		1,193
	343,783	e	First Midwest Bancorp, Inc		4,053
	398,670	e	First Niagara Financial Group, Inc		5,414
	29,071	e	First of Long Island Corp		807
	183,576	*,e	First Republic Bank		5,674
	44,550	e	First South Bancorp, Inc		222
	524,061	e	FirstMerit Corp		8,940
	237,018	*	Flagstar Bancorp, Inc		356
	178,161		Flushing Financial Corp		2,655
	604,360	e	FNB Corp		6,370
	27,117	e	Fox Chase Bancorp, Inc		377
	1,628,000		Fubon Bank Hong Kong Ltd		1,077
	303,000		Fukui Bank Ltd		943
	720,847		Fukuoka Financial Group, Inc		2,997
	384,699	e	Fulton Financial Corp		4,274
	127,766	*	Geniki Bank		270
	65,300	e	Genworth MI Canada, Inc		1,763
	62,657	e	German American Bancorp, Inc		1,077
	377,339	*	Getin Holding S.A.		1,884
	359,989	e	Glacier Bancorp, Inc		5,418
	67,129	e	Great Southern Bancorp, Inc		1,440
	309,763	*	Greek Postal Savings Bank		1,476
	52,920	*,e	Greene County Bancshares, Inc		148
	2,741,018	e	Grupo Financiero Banorte S.A. de C.V.		12,900
	1,119,866		Grupo Financiero Inbursa S.A.		5,136
	1,247,570		Gunma Bank Ltd		6,616
	994,951		Hachijuni Bank Ltd		5,730
	389,310		Hana Financial Group, Inc		16,811
	163,767	e	Hancock Holding Co		5,378
	1,345,870		Hang Seng Bank Ltd		21,746
	404,888	*,e	Hanmi Financial Corp		502
	432,754		HDFC Bank Ltd		22,772
	71,565	e	Heartland Financial USA, Inc		1,217
	45,582	*	Heritage Financial Corp		646
	2,939	*	Heritage Financial Group		37
	188,000		Higashi-Nippon Bank Ltd		408
	474,000		Higo Bank Ltd		2,643

10

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	158,078	e	Hiroshima Bank Ltd	$	686
	384,000		Hokkoku Bank Ltd		1,297
	280,000		Hokuetsu Bank Ltd		641
	1,209,522	e	Hokuhoku Financial Group, Inc		2,358
	38,138	*	Home Bancorp, Inc		584
	100,708	e	Home Bancshares, Inc		2,291
	44,169		Home Capital Group, Inc		2,593
	79,287	e	Home Federal Bancorp, Inc		934
	929,000		Hong Leong Bank BHD		3,023
	234,612		Hong Leong Credit BHD		697
	1,654,755		Housing Development Finance Corp		26,031
	31,704,649		HSBC Holdings plc		327,481
	5,487,412		Hua Nan Financial Holdings Co Ltd		4,102
	1,098,974		Hudson City Bancorp, Inc		10,638
	48,063	e	Hudson Valley Holding Corp		1,057
	10,419,247		Huntington Bancshares, Inc		69,184
	521,692		Hyakugo Bank Ltd		2,343
	322,000		Hyakujushi Bank Ltd		1,212
	140,060	e	IBERIABANK Corp		8,422
	1,182,585		ICICI Bank Ltd		29,542
	104,184	e	Independent Bank Corp		2,814
	30,096		Indian Overseas Bank		97
	373,194		IndusInd Bank Ltd		2,204
	125,966,000		Industrial & Commercial Bank of China		104,434
	225,200		Industrial Bank Of Korea		3,875
	3,502		ING Bank Slaski S.A.		1,102
	913,708		ING Vysya Bank Ltd		6,573
	305,811		International Bancshares Corp		5,609
	3,135,982		Investimentos Itau S.A. - PR		24,586
	195,233	*,e	Investors Bancorp, Inc		2,907
	595,405	*	Israel Discount Bank Ltd		1,255
	323,036		Iyo Bank Ltd		2,691
	3,777		Jammu & Kashmir Bank Ltd		74
	15,770		Jeonbuk Bank		98
	1,017,118	e	Joyo Bank Ltd		3,998
	416,555		Juroku Bank Ltd		1,366
	91,854	*	Jyske Bank		4,082
	204,000		Kagoshima Bank Ltd		1,380
	409,000		Kansai Urban Banking Corp		725
	104,000	*,e	Kanto Tsukuba Bank Ltd		316
	29,857		Karnataka Bank Ltd		72
	1,170	*	Karur Vysya Bank Ltd		10
	2,925		Karur Vysya Bank Ltd		27
	1,013,200		Kasikornbank PCL		4,252
	45,700		Kasikornbank PCL - NVDR		192
	1,829,900		Kasikornbank PCL (Foreign)		7,950
	802,211		KB Financial Group, Inc		41,964
	200,811	*	KBC Groep NV		7,556
	87,519	e	Kearny Financial Corp		878
	762,000		Keiyo Bank Ltd		3,810
	3,123,572	e	Keycorp		27,737
	5,497	e	K-Fed Bancorp		68

11

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	41,500		Kiatnakin Bank PCL	$	48
	333,000	*	King’s Town Bank		187
	1,455,000		Kiyo Holdings, Inc		2,027
	40,023	*	Komercni Banka AS		10,090
	1,024,340		Korea Exchange Bank		9,017
	3,657,000		Krung Thai Bank PCL		2,225
	111,611	e	Lakeland Bancorp, Inc		1,159
	91,459	e	Lakeland Financial Corp		2,074
	5,687		Lakshmi Vilas Bank Ltd		12
	38,952	e	Laurentian Bank of Canada		2,034
	369,425		LIC Housing Finance Ltd		1,870
	16,878		Liechtenstein Landesbank		1,352
	46,144,100	*	Lloyds TSB Group plc		42,877
	143,391	e	M&T Bank Corp		12,686
	138,211	e	MainSource Financial Group, Inc		1,383
	6,661,850		Malayan Banking BHD		19,698
	99,900		Malaysia Building Society		74
	1,598,887		Marfin Popular Bank Public Co Ltd		1,968
	1,048,376	e	Marshall & Ilsley Corp		8,377
	251,713	e	MB Financial, Inc		5,276
	17,390,360		Mega Financial Holding Co Ltd		13,684
	23,146	e	Merchants Bancshares, Inc		613
	51,021	*,e	Meridian Interstate Bancorp, Inc		717
	1,976,705		Metropolitan Bank & Trust		2,927
	1,161,150	*,e	MGIC Investment Corp		10,323
	28,069	e	Midsouth Bancorp, Inc		406
	25,878	e	MidWestOne Financial Group, Inc		384
	165,000		Mie Bank Ltd		444
	580,000		Minato Bank Ltd		1,042
	26,692,246	e	Mitsubishi UFJ Financial Group, Inc		122,989
	2,565,963		Mitsui Trust Holdings, Inc		9,090
	348,000		Miyazaki Bank Ltd		833
	346,905		Mizrahi Tefahot Bank Ltd		3,915
	29,897,001	e	Mizuho Financial Group, Inc		49,333
	434,394	e	Mizuho Trust & Banking Co Ltd		392
	68,268	e	Musashino Bank Ltd		2,213
	311,928	e	Nanto Bank Ltd		1,521
	159,640	*	Nara Bancorp, Inc		1,536
	19,112	e	NASB Financial, Inc		309
	4,348,047		National Australia Bank Ltd		116,212
	284,259	e	National Bank of Canada		23,101
	1,078,610	*	National Bank of Greece S.A.		9,550
	39,689	e	National Bankshares, Inc		1,147
	35,691	*	National Development Bank		26
	613,640	e	National Penn Bancshares, Inc		4,750
	97,911		National Societe Generale Bank SAE		628
	3,248,896	*	Natixis		18,346
	174,993		NBT Bancorp, Inc		3,988
	240,778		Nedbank Group Ltd		5,033
	833,867	e	New York Community Bancorp, Inc		14,393
	509,440	e	NewAlliance Bancshares, Inc		7,560
	1,177,725	e	Nishi-Nippon City Bank Ltd		3,384

12

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,587,449	e	Nordea Bank AB	$	39,249
	79,944	e	Northfield Bancorp, Inc		1,103
	534,268		Northwest Bancshares, Inc		6,700
	68,377		OceanFirst Financial Corp		954
	312,616	*	Ocwen Financial Corp		3,445
	733,000		Ogaki Kyoritsu Bank Ltd		2,398
	214,000		Oita Bank Ltd		725
	440,507	e	Old National Bancorp		4,722
	40,410	*	OmniAmerican Bancorp, Inc		640
	168,549	e	Oriental Financial Group, Inc		2,115
	256,277		Oritani Financial Corp		3,250
	33,401	e	Orrstown Financial Services, Inc		935
	319,794	*,e	OTP Bank Rt		9,455
	52		Otzar Hityashvuth Hayehudim		142
	1,786,103		Oversea-Chinese Banking Corp		13,574
	71,400	e	Pacific Continental Corp		728
	131,538	e	PacWest Bancorp		2,861
	711,167		Paragon Group of Cos plc		1,943
	2,000		Parana Banco S.A.		15
	61,739	e	Park National Corp		4,125
	47,124	e	Peapack Gladstone Financial Corp		625
	18,234	e	Penns Woods Bancorp, Inc		710
	51,691	*,e	Pennsylvania Commerce Bancorp, Inc		638
	63,256	e	Peoples Bancorp, Inc		760
	730,330		People’s United Financial, Inc		9,188
	79,360	*	Philippine National Bank		102
	364,974	e	Piccolo Credito Valtellinese Scarl		1,745
	134,288	*	Pinnacle Financial Partners, Inc		2,221
	2,048,321	*	Piraeus Bank S.A.		4,053
	598,291	*,e	PMI Group, Inc		1,615
	3,735,634		PNC Financial Services Group, Inc		235,308
	2,030,010	*	Popular, Inc		5,907
	5,724	e	Porter Bancorp, Inc		45
	903,447		Powszechna Kasa Oszczednosci Bank Polski S.A.		13,897
	259,688	e	PrivateBancorp, Inc		3,971
	240,848	e	Prosperity Bancshares, Inc		10,301
	298,907	e	Provident Financial Services, Inc		4,424
	186,846	e	Provident New York Bancorp		1,928
	1,467,500		PT Bank Bukopin Tbk		115
	17,794,000		PT Bank Central Asia Tbk		14,180
	3,948,093		PT Bank Danamon Indonesia Tbk		2,965
	1,566,500	*	PT Bank Jabar Banten Tbk		228
	16,442,382		PT Bank Mandiri Persero Tbk		12,834
	10,478,823		PT Bank Negara Indonesia		4,780
	1,131,000		PT Bank Tabungan Negara Tbk		218
	78,973		Public Bank BHD		342
	1,975,111		Public Bank BHD (Foreign)		8,569
	607,113	e	Radian Group, Inc		4,134
	96,111	e	Raiffeisen International Bank Holding AG.		5,340
	2,448,468		Regions Financial Corp		17,776
	148,854		Renasant Corp		2,528
	71,618	e	Republic Bancorp, Inc (Class A)		1,395

13

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,206,476	e	Resona Holdings, Inc	$	5,751
	766,100		RHB Capital BHD		2,168
	100,800		Rizal Commercial Banking Corp		63
	60,524	e	Rockville Financial, Inc		631
	40,673	e	Roma Financial Corp		450
	5,200	*,m	Roskilde Bank		0	^
	135,601	e	Royal Bank of Canada		8,403
	2,035,697	e	Royal Bank of Canada (Toronto)		125,963
	17,015,418	*	Royal Bank of Scotland Group plc		11,163
	120,248	e	S&T Bancorp, Inc		2,594
	56,669	e	S.Y. Bancorp, Inc		1,426
	97,850	e	Sandy Spring Bancorp, Inc		1,806
	212,000		San-In Godo Bank Ltd		1,578
	87,798		Sapporo Hokuyo Holdings, Inc		422
	142,090	f	Sberbank (GDR) (purchased 09/12/06, cost $33,988)		58,901
	80,544	e	SCBT Financial Corp		2,681
	59,520		Security Bank Corp		117
	136,128		Sekerbank TAS		152
	248,944	e	Senshu Ikeda Holdings, Inc		338
	583	e	Seven Bank Ltd		1,176
	312,000	e	Shiga Bank Ltd		1,637
	242,000		Shikoku Bank Ltd		740
	22,600		Shimizu Bank Ltd		998
	808,572		Shinhan Financial Group Co Ltd		36,703
	496,187	e	Shinsei Bank Ltd		585
	878,414		Shizuoka Bank Ltd		7,268
	2,013,100		Siam Commercial Bank PCL		7,055
	56,800	e	Sierra Bancorp		635
	175,448	*,e	Signature Bank		9,895
	93,360	e	Simmons First National Corp (Class A)		2,529
	7,870,947		SinoPac Financial Holdings Co Ltd		3,544
	2,278,730	e	Skandinaviska Enskilda Banken AB (Class A)		20,310
	815,352		Societe Generale		52,961
	237,849		South Indian Bank Ltd		122
	98,855	e	Southside Bancshares, Inc		2,115
	117,902	*	Southwest Bancorp, Inc		1,673
	171,293	e	Sparebanken Midt-Norge		1,552
	3,441		St Galler Kantonalbank		1,780
	1,790,333		Standard Bank Group Ltd		27,483
	2,837,469		Standard Chartered plc		73,601
	13,474	e	Standard Chartered plc (Hong Kong)		356
	87,074		State Bancorp, Inc		905
	853		State Bank of Bikaner & Jaip		10
	45,474		State Bank of India Ltd		2,819
	46,482	f	State Bank of India Ltd (GDR) (purchased 06/30/05, cost $4,220)		5,996
	774		State Bank of Travancore		13
	111,048	e	StellarOne Corp		1,577
	162,577	e	Sterling Bancorp		1,627
	449,545	e	Sterling Bancshares, Inc		3,871
	42,016	e	Suffolk Bancorp		881
	3,013,548	e	Sumitomo Mitsui Financial Group, Inc		93,496
	1,708,869	m	Sumitomo Trust & Banking Co Ltd		9,243

14

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,043,585		SunTrust Banks, Inc	$	116,617
	1,919,804	e	Suruga Bank Ltd		17,053
	633,581	e	Susquehanna Bancshares, Inc		5,924
	198,802	*,e	SVB Financial Group		11,318
	654,398	e	Svenska Handelsbanken (A Shares)		21,464
	666,514	e	Swedbank AB (A Shares)		11,397
	105,485		Sydbank AS		2,657
	46,727		Syndicate Bank		129
	2,289,588	e	Synovus Financial Corp		5,495
	734,800	*	Ta Chong Bank Co Ltd		273
	232,090	*	Taichung Commercial Bank		99
	6,148,747	*	Taishin Financial Holdings Co Ltd		3,477
	3,933,568	*	Taiwan Business Bank		1,564
	4,917,115		Taiwan Cooperative Bank		3,864
	40,758	*,e	Taylor Capital Group, Inc		428
	911,940	e	TCF Financial Corp		14,463
	93,660	*	Tekstil Bankasi AS.		59
	68,558		Territorial Bancorp, Inc		1,366
	157,582	*,e	Texas Capital Bancshares, Inc		4,096
	143,454		TFS Financial Corp		1,523
	103,006	*,e	The Bancorp, Inc		951
	180,900	*	Tisco Bank PCL		235
	11,600		Tisco Financial Group PCL (ADR)		15
	169,000		Tochigi Bank Ltd		748
	440,000		Toho Bank Ltd		1,190
	41,500	e	Tokyo Tomin Bank Ltd		538
	196,000		Tomony Holdings, Inc		724
	52,011		Tompkins Trustco, Inc		2,161
	80		Toronto Dominion Bank/ny		7
	1,452,300	e	Toronto-Dominion Bank		128,527
	309,000		Towa Bank Ltd		382
	29,252	e	Tower Bancorp, Inc		652
	102,233	e	TowneBank		1,601
	72,683	e	Trico Bancshares		1,185
	401,021	e	Trustco Bank Corp NY		2,378
	341,721	e	Trustmark Corp		8,003
	3,336,454		Turkiye Garanti Bankasi AS		15,567
	681,837		Turkiye Halk Bankasi AS		5,255
	3,211,351		Turkiye Is Bankasi (Series C)		10,252
	153,610		Turkiye Sinai Kalkinma Bankasi AS.		268
	1,126,909		Turkiye Vakiflar Bankasi Tao		2,812
	77,337		UCO Bank		186
	162,685		UMB Financial Corp		6,077
	565,928	e	Umpqua Holdings Corp		6,474
	15,444,549		UniCredito Italiano S.p.A.		38,068
	31,330		Union Bank of Israel		159
	124,000	*	Union Bank Of Taiwan		44
	75,689		Union Bankshares Corp		852
	187,051	e	United Bankshares, Inc		4,961
	499,665	*,e	United Community Banks, Inc		1,184
	79,625	e	United Financial Bancorp, Inc		1,315
	1,871,431		United Overseas Bank Ltd		27,902

15

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	72,628		Univest Corp of Pennsylvania	$	1,287
	11,934,705		US Bancorp		315,434
	292,123		UTI Bank Ltd		9,200
	310,324	e	Valley National Bancorp		4,332
	78,288		ViewPoint Financial Group		1,018
	67,688		Vijaya Bank		121
	79,748	*,e	Virginia Commerce Bancorp		458
	2,322,202	f	VTB Bank OJSC (GDR) (purchased 09/28/07, cost $11,720)		16,244
	24,300	*	Walker & Dunlop, Inc		295
	57,623		Washington Banking Co		812
	213,705		Washington Federal, Inc		3,706
	62,558	e	Washington Trust Bancorp, Inc		1,485
	51,035	*,e	Waterstone Financial, Inc		157
	322,631	e	Webster Financial Corp		6,914
	30,987,783	e	Wells Fargo & Co		982,314
	119,490		WesBanco, Inc		2,475
	88,023	e	West Bancorporation, Inc		702
	449,526	*,e	West Coast Bancorp		1,560
	138,277	e	Westamerica Bancorporation		7,103
	274,662	*,e	Western Alliance Bancorp		2,258
	142,555	e	Westfield Financial, Inc		1,292
	3,738,893	e	Westpac Banking Corp		94,075
	445,463	e	Whitney Holding Corp		6,067
	169,951	e	Wilmington Trust Corp		768
	96,858	e	Wilshire Bancorp, Inc		475
	151,230		Wing Hang Bank Ltd		1,783
	172,224	e	Wintrust Financial Corp		6,329
	625,890		Woori Finance Holdings Co Ltd		8,286
	26,791	e	WSFS Financial Corp		1,262
	41,200		Yachiyo Bank Ltd		1,402
	195,000	e	Yamagata Bank Ltd		972
	102,499		Yamaguchi Financial Group, Inc		949
	210,000		Yamanashi Chuo Bank Ltd		1,019
	2,351,903	*	Yapi ve Kredi Bankasi		6,747
	2,089,683	e	Zions Bancorporation		48,188
			TOTAL BANKS		6,764,996
CAPITAL GOODS - 9.0%
	80,393	*,e	3D Systems Corp		3,903
	2,089,734		3M Co		195,389
	347,353		A.O. Smith Corp		15,402
	291,038	*,e	A123 Systems, Inc		1,848
	131,929		Aalberts Industries NV		3,126
	53,649		Aaon, Inc		1,765
	203,232	*	AAR Corp		5,634
	1,085,114		ABB Ltd		26,057
	55,796	e	Abengoa S.A.		1,847
	2,622		ABG Shipyard Ltd		21
	5,000		Ablerex Electronics Co Ltd		39
	2,415,700		Aboitiz Equity Ventures Inc		2,286
	74,000		AcBel Polytech, Inc		54
	31,000		ACES Electronic Co Ltd		56

16

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	117,035		Aceto Corp	$	933
	184,289		ACS Actividades Cons y Servicios S.A.		8,640
	294,440		Actuant Corp (Class A)		8,539
	185,621	e	Acuity Brands, Inc		10,857
	401,056		Adani Enterprises Ltd		5,993
	67,686		Aditya Birla Nuvo Ltd		1,236
	168,000		Advan Co Ltd		1,391
	307,268	*,e	Advanced Battery Technologies, Inc		596
	15,000		Advanced Ceramic X Corp		77
	314,615	*,e	Aecom Technology Corp		8,724
	78,555	e	Aecon Group, Inc		803
	94,693	m	Aero Inventory plc		401
	92,431	*	Aerovironment, Inc		3,232
	23,458	*	AFG Arbonia-Forster Hldg		897
	17,300	e	AG Growth International Inc		815
	608,322	*	AGCO Corp		33,439
	123,199		Aica Kogyo Co Ltd		1,614
	40,500	e	Aichi Corp		186
	75,000		Aida Engineering Ltd		336
	261,037	e	Aircastle Ltd		3,151
	59,948		Alamo Group, Inc		1,646
	51,903		Alarko Holding AS		119
	116,283		Albany International Corp (Class A)		2,895
	136,927	e	Alesco Corp Ltd		453
	2,172,652		Alfa Laval AB		47,193
	787,309		Alfa S.A. de C.V. (Class A)		10,256
	173,765		Alliant Techsystems, Inc		12,280
	5,905		Allied Electronics Corp Ltd		22
	38,260		Allied Electronics Corp Ltd (Preference)		144
	4,830		Alstom Projects India Ltd		64
	197,977	e	Alstom RGPT		11,706
	144,636	*	Altra Holdings, Inc		3,416
	1,027,344		Amada Co Ltd		8,579
	116,400	e	Amano Corp		1,116
	3,104		Amara Raja Batteries Ltd		13
	56,000	*	Ameresco, Inc		792
	65,062	*	American Railcar Industries, Inc		1,624
	60,262		American Science & Engineering, Inc		5,566
	204,894	*	American Superconductor Corp		5,096
	40,285		American Woodmark Corp		841
	49,635		Ameron International Corp		3,464
	737,623		Ametek, Inc		32,360
	51,603		Ampco-Pittsburgh Corp		1,423
	34,000	*	Amrep Corp		0	^
	74,644	e	Andritz AG.		6,963
	3,360,000	*	Apac Resources Ltd		201
	149,084		Apogee Enterprises, Inc		1,966
	347,235	*,e	Applied Energetics, Inc		229
	257,384	e	Applied Industrial Technologies, Inc		8,561
	73,988	e	Arcadis NV		1,790
	15,422		Areva T&D India Ltd		86
	35,354	*	Argan, Inc		303

17

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	60,677	e	Armstrong World Industries, Inc	$	2,808
	21,447	e	Armtec Infrastructure Income Fund		366
	549,048	*,e	ArvinMeritor, Inc		9,317
	74,000	e	Asahi Diamond Industrial Co Ltd		1,419
	2,126,879		Asahi Glass Co Ltd		26,759
	20,158		Aselsan Elektronik Sanayi Ve Ticaret AS		111
	1,298,629		Ashtead Group plc		4,130
	1,599,318		Assa Abloy AB (Class B)		45,960
	94,369		Astaldi S.p.A.		778
	98,031	*	Astec Industries, Inc		3,656
	44,602	*	Astronics Corp		1,123
	321,016		Asunaro Aoki Construction Co Ltd		1,834
	649		A-Tech Solution Co Ltd		10
	1,198,840	e	Atlas Copco AB (A Shares)		31,837
	63,766		Atlas Copco AB (B Shares)		1,540
	108,119	*	ATS Automation Tooling Systems, Inc		771
	106,640	e	Ausenco Ltd		369
	1,333,846		Austal Ltd		4,198
	809,866		Aveng Ltd		4,266
	52,735		AZZ, Inc		2,405
	35,997		B&B Tools AB		647
	535,067	*,e	Babcock & Wilcox Co		17,861
	61,819		Badger Meter, Inc		2,548
	3,300,119		BAE Systems plc		17,199
	1,548,921		Balfour Beatty plc		8,532
	318,000		Bando Chemical Industries Ltd		1,478
	99,312		Barloworld Ltd		1,097
	210,491		Barnes Group, Inc		4,395
	17,084		Basil Read Holdings Ltd		29
	13,060		Bauer AG.		658
	25,412		BayWa AG.		1,150
	292,798	*	BE Aerospace, Inc		10,403
	51,554	*	BE Group AB		339
	57	*	Beacon Power Corp		0	^
	192,039	*	Beacon Roofing Supply, Inc		3,931
	898,900	e	Beijing Enterprises Holdings Ltd		5,126
	56,904		Bekaert S.A.		6,482
	259,131		Belden CDT, Inc		9,730
	1,349		BEML Ltd		21
	1,940,200	*	Berjaya Corp BHD		729
	219,000		BES Engineering Corp		65
	126,921		Besalco S.A.		246
	194,669		Bharat Heavy Electricals		9,006
	660		BHI Co Ltd		10
	478,150		Bidvest Group Ltd		10,509
	39,238	*	Biesse S.p.A.		406
	80,086		Bilfinger Berger AG.		6,929
	45,246		Bird Construction Income Fund		1,726
	187,023	*	Blount International, Inc		2,989
	20,565	*,e	Bluelinx Holdings, Inc		76
	715,235		Boart Longyear Group		3,463
	12,311	*	Bobst Group AG.		564

18

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	262,046	e	Bodycote plc	$	1,392
	4,501,160		Boeing Co		332,770
	182,000	*	Boer Power Holdings Ltd		194
	2,588,992		Bombardier, Inc		19,040
	212,717		Boskalis Westminster		11,251
	199,900		Boustead Holdings BHD		387
	161,746		Bouygues S.A.		7,764
	217,013		Bradken Ltd		1,761
	240,598		Brady Corp (Class A)		8,587
	26,405	*	Brenntag AG.		2,932
	248,181	e	Briggs & Stratton Corp		5,621
	367,509	*,e	Broadwind Energy, Inc		481
	9,420		Bucher Industries AG.		2,154
	253,801		Bucyrus International, Inc (Class A)		23,210
	1,658		Budimex S.A.		60
	203,719	*,e	Builders FirstSource, Inc		579
	68,000		Bunka Shutter Co Ltd		209
	524,886		Bunzl plc		6,266
	57,559		Burckhardt Compression Holding AG.		18,101
	2,506,000	*	Burwill Holdings Ltd		135
	1,011,099	e	CAE, Inc		13,433
	30,100		Cahya Mata Sarawak BHD		25
	41,612	*,e	CAI International, Inc		1,076
	880,298	*,e	Capstone Turbine Corp		1,593
	21,864		Carbone Lorraine		1,212
	164,135		Cardno Ltd		991
	48,914	e	Cargotec Corp (B Shares)		2,382
	886,340		Carillion plc		5,404
	395,080	e	Carlisle Cos, Inc		17,601
	26,137	*	Carraro S.p.A.		147
	32,500	*	Carso Infraestructura y Construccion S.A. de C.V.		21
	40,183	e	Cascade Corp		1,791
	3,059,466		Caterpillar, Inc		340,671
	588,000		Central Glass Co Ltd		2,373
	12,646	*	CENTROTEC Sustainable AG.		395
	106,562	*,e	Ceradyne, Inc		4,804
	112,897	*,e	Ceres Power Holdings plc		91
	15,128	*	Cersanit Krasnystaw S.A.		63
	55,000		Champion Building Materials Co Ltd		44
	30,500	*	Changchai Co Ltd		21
	12,390	*	Changs Ascending Enterprise Co Ltd		77
	12,637,230	*	Changsha Zoomlion Heavy Industry Science and Technology Development Co Ltd		32,395
	128,220	*	Chart Industries, Inc		7,057
	229,532		Charter International plc		2,971
	242,330		Chemring Group plc		2,684
	1,264,000		Chen Hsong Holdings		706
	1,099,412		Chicago Bridge & Iron Co NV		44,703
	146,000		Chien Kuo Construction Co Ltd		80
	86,660	*	Chin Hung International, Inc		18
	222,000	e	China Automation Group Ltd		172
	11,006,000	e	China Communications Construction Co Ltd		10,490

19

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,804,000	*	China Daye Non-Ferrous Metals Mining Ltd	$	402
	134,000		China Electric Manufacturing Corp		121
	92,100	*	China Fangda Group Co Ltd		63
	710,000		China Haidian Holdings Ltd		99
	1,682,700	e	China High Speed Transmission Equipment Group Co Ltd		2,692
	1,386,174		China International Marine Containers Co Ltd (Class B)		3,112
	1,931,000	e	China National Materials Co Ltd		1,736
	4,568,500		China Railway Construction Corp		4,751
	6,007,000	e	China Railway Group Ltd		3,876
	66,000		China Singyes Solar Technologies Holdings Ltd		60
	4,237,500		China South Locomotive and Rolling Stock Corp		4,345
	172,000		China State Construction International Holdings Ltd		157
	454,781	e	Chiyoda Corp		4,165
	16,300	*	Chiyoda Integre Co Ltd		237
	88,000		Chongqing Machinery & Electric Co Ltd		30
	233		Chosun Refractories Co Ltd		13
	36,000		Chudenko Corp		458
	94,989		Chugai Ro Co Ltd		422
	190,000		Chung Hsin Electric & Machinery Manufacturing Corp		117
	28,400	*	Churchill Corp		587
	248,527		Cintra Concesiones de Infraestructuras de Transporte S.A.		3,116
	548,239	*,e	CIR-Compagnie Industriali Riunite S.p.A.		1,231
	72,186	e	CIRCOR International, Inc		3,394
	1,832,186		Citic Pacific Ltd		5,084
	1,010,000	*	Citic Resources Holdings Ltd		219
	4,864		CJ Corp		326
	149,600	e	CKD Corp		1,497
	101,883		Clal Industries and Investments		764
	230,039	e	Clarcor, Inc		10,336
	346,736		Clough Ltd		301
	215,486	*	CNH Global NV		10,462
	66,000	*	CNNC International Ltd		48
	86,793		Cobham plc		321
	459,368	*	Cofide S.p.A.		444
	17,455	*,e	Coleman Cable, Inc		155
	102,531	*	Colfax Corp		2,353
	85,773	*,e	Columbus McKinnon Corp		1,583
	218,835	e	Comfort Systems USA, Inc		3,079
	111,099	*,e	Commercial Vehicle Group, Inc		1,982
	1,922,297		Compagnie de Saint-Gobain		117,560
	19,059		Compagnie d’Entreprises CFE		1,580
	180,100	e	COMSYS Holdings Corp		1,820
	3,883		Construcciones y Auxiliar de Ferrocarriles S.A.		2,205
	260,000	*	Continental Engineering Corp		109
	402,624	*	Cookson Group plc		4,445
	756,409	e	Cooper Industries plc		49,091
	935,899	e	Cosco Corp Singapore Ltd		1,520
	284,000		Cosco International Holdings Ltd		182

20

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	26,885	e	Cosel Co Ltd	$	415
	49,951	e	Costain Group plc		193
	37,170	e	Cramo Oyj (Series B)		961
	244,592		Crane Co		11,846
	108,540	e	Crane Group Ltd		1,147
	1,582,980		Crompton Greaves Ltd		9,686
	235,000		CSBC Corp Taiwan		215
	481,644	e	CSR Ltd		1,632
	171,000		CTCI Corp		195
	114,437	e	Cubic Corp		6,580
	6,553		Cummins India Ltd		103
	925,683	e	Cummins, Inc		101,473
	227,336		Curtiss-Wright Corp		7,989
	121,000		DA CIN Construction Co Ltd		78
	12,560	*	Daekyung Machinery & Engr Co		34
	42,265		Daelim Industrial Co		4,117
	152,345		Daewoo Engineering & Construction Co Ltd		1,672
	48,308		Daewoo International Corp		1,635
	165,401		Daewoo Shipbuilding & Marine Engineering Co Ltd		5,129
	118,500	e	Daifuku Co Ltd		861
	134,641		Daihen Corp		565
	219,000		Daiichi Jitsugyo Co Ltd		874
	110,474		Daikin Industries Ltd		3,305
	82,000		Daiwa Industries Ltd		429
	10,000		Dalian Refrigeration Co Ltd		11
	3,733,112	e	Danaher Corp		193,748
	57,157	e	Danieli & Co S.p.A.		1,736
	137,895		Danieli & Co S.p.A. (RSP)		2,287
	181,533		DCC plc		5,781
	94,237	*	Deceuninck NV		272
	1,668,439	e	Deere & Co		161,655
	11,892		Delek Group Ltd		3,218
	29,031	e	Demag Cranes AG.		1,478
	83,652	*	Deutz AG.		705
	412,500		Dialog Group BHD		316
	1,100,000	*	Dickson Group Holdings Ltd		29
	186,395	*	DigitalGlobe, Inc		5,225
	23		Discount Investment Corp		0	^
	157,229		Dogan Sirketler Grubu Holdings		122
	1,370		Dohwa Consulting Engineers Co Ltd		18
	249,411	e	Donaldson Co, Inc		15,286
	2,810		Dong Yang Gang Chul Co Ltd		13
	2,160		Dong-Ah Geological Engineering Co Ltd		30
	5,640		Dongbu Corp		35
	638,800	e	Dongfang Electric Co Ltd		2,176
	2,821		Dongkuk Structures & Construction Co Ltd		17
	22,131		Doosan Corp		2,881
	16,740		Doosan Engineering & Construction Co Ltd		82
	62,991		Doosan Heavy Industries and Construction Co Ltd		4,029
	119,070	*	Doosan Infracore Co Ltd		3,311
	47,148	e	Douglas Dynamics, Inc		672
	1,565,530		Dover Corp		102,918

21

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	69,176		Ducommun, Inc	$	1,653
	11,348	*	Duerr AG.		376
	212,214	e	Duro Felguera S.A.		1,711
	47,366	*	DXP Enterprises, Inc		1,093
	201,497	*,e	Dycom Industries, Inc		3,494
	97,520	e	Dynamic Materials Corp		2,726
	32,000		Dynapack International Technology Corp		101
	2,387,333		Eaton Corp		132,354
	737,992	e	Ebara Corp		3,937
	6,018		Eczacibasi Yatirim Holding		22
	422		Eicher Motors Ltd		13
	35,188	e	Eiffage S.A.		2,115
	18,768		Elbit Systems Ltd		1,045
	1,751		Electra Israel Ltd		218
	18,143		Electrosteel Castings Ltd		13
	87,873		ElSwedy Cables Holding Co		575
	309,694	*	EMCOR Group, Inc		9,591
	1,162,899		Emeco Holdings Ltd		1,462
	3,337,515		Emerson Electric Co		195,012
	823,545		Empresa Brasileira de Aeronautica S.A.		6,810
	638,240		Empresas COPEC S.A.		11,224
	63,800	*,e	Empresas ICA SAB de C.V. (ADR)		582
	271,500	*	Empresas ICA Sociedad Controladora S.A. de C.V.		618
	76,093	e	Encore Wire Corp		1,852
	245,349	*,e	Ener1, Inc		726
	159,358	*,e	Energy Recovery, Inc		507
	745,462		Energy Support Corp		1,796
	221,259	*	EnerSys		8,795
	10,000		ENG Electric Co Ltd		70
	1,847,789		Engineers India Ltd		12,616
	361,687		Enka Insaat ve Sanayi AS		1,392
	104,599	*	EnPro Industries, Inc		3,799
	96,000	*	Enric Energy Equipment Holdings Ltd		37
	7,222		Entrepose Contracting		972
	33,426	*	Eqstra Holdings Ltd		32
	131,203	e	ESCO Technologies, Inc		5,005
	98,414		Escorts Ltd		312
	145,425	*	Esterline Technologies Corp		10,284
	14,800		Eucatex S.A. Industria e Comercio		81
	587,087	*,e	European Aeronautic Defence and Space Co		17,099
	668,000		EVA Precision Industrial Holdings Ltd		488
	9,007	e	Faiveley S.A.		891
	273,075	*	Fanuc Ltd		41,277
	5,386,973		Far Eastern Textile Co Ltd		8,322
	406,680		Fastenal Co		26,365
	1,672	*	Fawoo Technology Co Ltd		6
	280,669	e	Federal Signal Corp		1,827
	270,618		Fenner plc		1,558
	73,678		Ferreyros S.A.		100
	2,372,362	*	FIAT Industrial S.p.A.		34,058
	661,873		Finmeccanica S.p.A.		8,324
	239,078		Finning International, Inc		7,063

22

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	10,763		Finolex Cables Ltd	$	11
	248,000		First Tractor Co		298
	198,627	*	Flow International Corp		872
	189,943		Flowserve Corp		24,465
	102,060	e	FLSmidth & Co AS		8,668
	583,079		Fluor Corp		42,951
	4,568		FMS Enterprises Migun Ltd		125
	134,212	e	Fomento de Construcciones y Contratas S.A.		4,438
	340,951	*,e	Force Protection, Inc		1,671
	88,000		Fortune Electric Co Ltd		78
	38	*	Foster Wheeler AG.		1
	146,924		Franklin Electric Co, Inc		6,788
	2,681,701		Fraser and Neave Ltd		12,787
	64,210	e	Freightcar America, Inc		2,087
	50,457		Frigoglass S.A.		809
	73,000		FSP Technology, Inc		92
	395,761	*,e	FuelCell Energy, Inc		847
	320,325	*,e	Fuji Electric Holdings Co Ltd		1,011
	67,996		Fuji Machine Manufacturing Co Ltd		1,530
	568,577		Fujikura Ltd		2,754
	257,000		Fujitec Co Ltd		1,363
	178,139	*,e	Furmanite Corp		1,425
	413,000	*,e	Furukawa Co Ltd		427
	918,208	e	Furukawa Electric Co Ltd		3,711
	71,300		Futaba Corp/Chiba		1,373
	76,000		G Shank Enterprise Co Ltd		56
	668,000	*,e	Gallant Venture Ltd		212
	113,440		Galliford Try plc		682
	356,033		Gamesa Corp Tecnologica S.A.		3,696
	2,235,700		Gamuda BHD		2,849
	431,923		Gardner Denver, Inc		33,703
	137,080	e	GATX Corp		5,300
	23,519		GEA Group AG.		774
	2,052		Geberit AG.		446
	210,615		GEK Group of Cos S.A.		841
	453,523	*,e	GenCorp, Inc		2,712
	114,675	*	Generac Holdings, Inc		2,327
	292,396	*	General Cable Corp		12,661
	2,205,693		General Dynamics Corp		168,868
	46,416,951		General Electric Co		930,659
	91,067	*	GeoEye, Inc		3,787
	7,808	*	Georg Fischer AG.		4,389
	3,918		Gesco AG.		327
	133,268	*	Gibraltar Industries, Inc		1,590
	292,221		Giken Seisakusho Co, Inc		1,511
	59,942	e	Gildemeister AG.		1,353
	17,616	*,e	Global Defense Technology & Systems, Inc		427
	99,000		Globe Union Industrial Corp		118
	80,756		Glory Ltd		1,783
	60,000		Good Friend International Holdings, Inc		58
	1,414,982	e	Goodrich Corp		121,023
	54,453	e	Gorman-Rupp Co		2,145

23

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	186,787	e	Graco, Inc	$	8,497
	521,496	*,e	GrafTech International Ltd		10,758
	289,335		Grafton Group plc		1,357
	73,797	e	Graham Corp		1,767
	33,756		Grana y Montero S.A.		75
	148,301	e	Granite Construction, Inc		4,167
	52,211		Granite Hacarmel Investments Ltd		104
	520,892		Great Lakes Dredge & Dock Corp		3,974
	14,415		Greaves Cotton Ltd		31
	104,450	*	Greenbrier Cos, Inc		2,964
	225,382	*,e	Griffon Corp		2,959
	36,953	e	Group Five Ltd		149
	1,289,137		Grupo Carso S.A. de C.V. (Series A1)		4,294
	727	*	Grupo Empresarial San Jose		6
	82,975		Gruppo Beghelli S.p.A.		80
	67,666		GS Engineering & Construction Corp		7,086
	2,940		GS Global Corp		45
	333,524	e	GS Yuasa Corp		2,221
	18,000		Guangzhou Shipyard International Co Ltd		36
	408,837		GWA International Ltd		1,399
	121,037	*	H&E Equipment Services, Inc		2,361
	225,000		Haitian International Holdings Ltd		289
	55,224	*	Haldex AB		845
	1,907	*	Halim Co Ltd		6
	2,990		Halla Engineering & Construc		57
	3,357		Hamon & CIE S.A.		130
	385,013		Hampson Industries plc		167
	105,857		Hamworthy plc		883
	69,500		Hangzhou Steam Turbine Co		159
	40,777		Hanjin Heavy Industries & Construction Co Ltd		1,213
	6,010		Hanjin Heavy Industries & Construction Holdings Co Ltd		69
	859,705	e	Hankyu Hanshin Holdings, Inc		3,968
	708,092	*	Hansen Transmissions International NV		545
	264,000	e	Hanwa Co Ltd		1,168
	106,600		HAP Seng Consolidated BHD		227
	112,000	e	Harbin Power Equipment		116
	13,200		Harmonic Drive Systems, Inc		339
	1,063,729	e	Harsco Corp		37,539
	327,495	m	Hastie Group Ltd		313
	11,262		Havells India Ltd		94
	12,945		Haw Par Corp Ltd		62
	124,189	e	Heico Corp		7,764
	259,276	*	Heidelberger Druckmaschinen		1,221
	167,708		Hellenic Technodomiki Tev S.A.		736
	805,100		Hemaraj Land and Development PCL		57
	602,000		Henderson Investment Ltd		55
	194,486		Hexagon AB (B Shares)		4,641
	413,492	*	Hexcel Corp		8,142
	86,430	e	Hexpol AB (Series B)		2,027
	59,600		Hibiya Engineering Ltd		585
	306,659		Hills Industries Ltd		485

24

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	230,367		Hindustan Construction Co	$	188
	1,103,787	e	Hino Motors Ltd		5,401
	754,000		Hi-P International Ltd		700
	27,000		Hisaka Works Ltd		328
	233,000	e	Hitachi Cable Ltd		600
	93,905	e	Hitachi Construction Machinery Co Ltd		2,351
	1,322,399	e	Hitachi Zosen Corp		1,863
	208,000		Hiwin Technologies Corp		1,329
	1,088,000	*	HKC Holdings Ltd		57
	500		HNK Machine Tool Co Ltd		14
	1,665		Hochtief AG.		179
	123,876		Hock Seng Lee BHD		72
	38,193	*,e	Hoku Scientific, Inc		76
	60,000	*	Hold-Key Electric Wire & Cable Co Ltd		42
	32,803	*,e	Homag Group AG.		679
	7,478,536	e	Honeywell International, Inc		446,542
	488,000	*,e	Hong Kong Resources Holdings Co Ltd		43
	159,000		Hong Leong Asia Ltd		355
	96,000		Hong TAI Electric Industrial		46
	90,300		Hoshizaki Electric Co Ltd		1,641
	38,000	*	Hosokawa Micron Corp		176
	86,617	e	Houston Wire & Cable Co		1,266
	241,000		HUA ENG Wire & Cable		91
	214,972		Hubbell, Inc (Class B)		15,269
	150,369	*	Huntington Ingalls		6,240
	2,256,998		Hutchison Whampoa Ltd		26,710
	9,489	*	Hydrobudowa Polska S.A.		8
	941		Hy-Lok Corp		14
	2,500		Hyundai Corp		75
	78,126		Hyundai Development Co		2,266
	325		Hyundai Elevator Co Ltd		32
	104,574		Hyundai Engineering & Construction Co Ltd		7,541
	69,946		Hyundai Heavy Industries		32,984
	16,379		Hyundai Mipo Dockyard		2,787
	1,747		Hyunjin Materials Co Ltd		26
	36,900		Idec Corp		374
	244,301	e	IDEX Corp		10,664
	29,578	*	Ihlas Holding		42
	107,233	*,e	II-VI, Inc		5,335
	1,494,870		IJM Corp BHD		3,162
	2,340		Iljin Electric Co Ltd		19
	10,170		Iljin Holdings Co Ltd		34
	1,766,663	e	Illinois Tool Works, Inc		94,905
	5,740		IMARKETKOREA, Inc		140
	631,828		IMI plc		10,438
	830,020	*	Impregilo S.p.A.		2,768
	15,792	*	IMS-Intl Metal Service		336
	116,889		Imtech NV		4,340
	23,900		Inaba Denki Sangyo Co Ltd		679
	73,400		Inabata & Co Ltd		450
	33,582		Indus Holding AG.		1,002
	727,103		Industrea Ltd		1,051

25

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	9,680	e	Industria Macchine Automatiche S.p.A.	$	200
	4,800		Industrias Romi S.A.		33
	24,964		Indutrade AB		821
	996		Ingersoll-Rand India Ltd		10
	973,979	e	Ingersoll-Rand plc		47,053
	178,756	*,e	Insituform Technologies, Inc (Class A)		4,782
	78,157		Insteel Industries, Inc		1,105
	725,000	*	Interchina Holdings Co		148
	134,327	*	Interline Brands, Inc		2,740
	173,000	*	International Mining Machinery Holdings Ltd		152
	89,272	*	Interpump Group S.p.A.		758
	182,747		Interserve plc		807
	146,194		Invensys plc		809
	14,600		Iochpe-Maxion S.A.		194
	44,412		IRB Infrastructure Developers Ltd		211
	251,000	e	Iseki & Co Ltd		578
	44,000		I-Sheng Electric Wire & Cable Co Ltd		66
	990,622	e	Ishikawajima-Harima Heavy Industries Co Ltd		2,414
	1,210,100	*	Italian-Thai Development PCL		168
	1,240,700	*	Italian-Thai Development PCL (ADR)		172
	2,832,921		Itochu Corp		29,646
	553,344		ITT Industries, Inc		33,228
	96,692		IVRCL Infrastructures & Projects Ltd		177
	310,000		Iwatani International Corp		1,031
	50,939		J&P-Avax S.A.		80
	824,404	*	Jacobs Engineering Group, Inc		42,400
	1,255,496		Jaiprakash Associates Ltd		2,613
	168,604		Japan Pulp & Paper Co Ltd		634
	668,602	e	Japan Steel Works Ltd		5,233
	506,000	*	Jaya Holdings Ltd		216
	79,000	*	Jenn Feng New Energy Co Ltd		142
	151,000		JFE Shoji Holdings, Inc		656
	175,200		JG Summit Holdings (Series B)		99
	219,501	e	JGC Corp		5,122
	2,895,000	*	Jiangsu Rongsheng Heavy Industry Group Co Ltd		2,538
	20,000	*	Jingwei Textile Machinery		16
	6,772		Jinsung T.E.C.		80
	119,266		John Bean Technologies Corp		2,293
	2,507,086		Johnson Electric Holdings Ltd		1,469
	876,707		Joy Global, Inc		86,627
	2,500		JS Cable Co Ltd		21
	317,864	e	JS Group Corp		8,243
	1,062,024		JTEKT Corp		13,835
	179,000	*,e	Juki Corp		402
	22,218		Jungheinrich AG.		893
	1,528	*	JVM Co Ltd		47
	10,315		Jyoti Structures Ltd		19
	3,653		Kaba Holding AG.		1,523
	75,538	*	Kadant, Inc		1,978
	2,171,004	e	Kajima Corp		6,070
	120,910	e	Kaman Corp		4,256
	128,000		Kandenko Co Ltd		722

26

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	554,000	*,e	Kanematsu Corp	$	552
	6,085	*	Kardex AG.		163
	26,500		Katakura Industries Co Ltd		254
	940,000		Kato Works Co Ltd		2,788
	23,000		Kaulin Manufacturing Co Ltd		26
	1,230,173	e	Kawasaki Heavy Industries Ltd		5,418
	142,429		Kaydon Corp		5,582
	2,017,151		KBR, Inc		76,189
	8,849		KCC Corp		2,929
	1,357		KCC Engineering & Construction Co Ltd		52
	84,747	e	KCI Konecranes Oyj		3,921
	5,940	*	Keangnam Enterprises Ltd		66
	25,000		Keihan Electric Railway Co Ltd		105
	84,855		Keller Group plc		844
	98,000		Kenmec Mechanical Engineering Co Ltd		92
	284,077		Kennametal, Inc		11,079
	219,000	*	Kepler Weber S.A.		42
	2,556,436		Keppel Corp Ltd		24,939
	24,100	*,e	KEYW Holding Corp		296
	51,303		Kier Group plc		1,070
	321,914		Kinden Corp		2,939
	36,000		King Slide Works Co Ltd		179
	171,151		Kingspan Group plc		1,536
	16,000		Kinik Co		40
	121,000	e	Kinki Sharyo Co Ltd		527
	125,000		Kitz Corp		602
	107,397	*	Kloeckner & Co AG.		3,567
	1,095,287		KOC Holding AS		5,085
	9,620		Kolon Engineering & Construction Co Ltd		39
	1,992,255		Komatsu Ltd		67,589
	4,202	*	Komax Holding AG.		487
	80,690		Komori Corp		751
	43,776	e	Kone Oyj (Class B)		2,518
	307,328	e	Koninklijke BAM Groep NV		2,368
	827,850		Koninklijke Philips Electronics NV		26,518
	16,342		Koor Industries Ltd		381
	18,004	*	Kopex S.A.		135
	2,300		Korea Electric Terminal Co Ltd		39
	118,029	*,e	Kratos Defense & Security Solutions, Inc		1,681
	19,474	*	Krones AG.		1,408
	278,000	*	KS Energy Services Ltd		206
	252		KSB AG.		217
	320,694	e	Kubota Corp		3,018
	33,668	*	KUKA AG.		797
	1,130		Kumho Electric Co Ltd		36
	22,221	*	Kumho Industrial Co Ltd		256
	41,294	e	Kurita Water Industries Ltd		1,221
	54,470		Kuroda Electric Co Ltd		678
	2,880		Kyeryong Construction Industrial Co Ltd		43
	67,000		Kyosan Electric Manufacturing Co Ltd		356
	111,600	e	Kyowa Exeo Corp		1,117
	54,000		Kyudenko Corp		344

27

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,149,670	e	L-3 Communications Holdings, Inc	$	90,031
	60,298	*	LaBarge, Inc		1,067
	69,216	*,e	Ladish Co, Inc		3,783
	1,074		Lakshmi Machine Works Ltd		54
	365,283		Larsen & Toubro Ltd		13,532
	237,370		Lavendon Group plc		354
	29,338	e	Lawson Products, Inc		676
	95,475	*	Layne Christensen Co		3,294
	56,631	e	LB Foster Co (Class A)		2,441
	163,528		Legrand S.A.		6,802
	350,183	e	Leighton Holdings Ltd		10,677
	14,966	*	Lemminkainen Oyj		559
	235,368	e	Lennox International, Inc		12,376
	163,967		LG Corp		12,211
	2,274		LG Hausys Ltd		154
	9,750		LG International Corp		376
	142,970		Lincoln Electric Holdings, Inc		10,854
	80,310	*	Lindab International AB		1,058
	52,816	e	Lindsay Manufacturing Co		4,174
	4,579		LISI		393
	165,000	*	LK Technology Holdings Ltd		60
	38,642	*,e	LMI Aerospace, Inc		781
	1,410,871		Lockheed Martin Corp		113,434
	17,000		Longwell Co		22
	10,326,000	e	Lonking Holdings Ltd		7,284
	24,704		LS Cable Ltd		2,475
	20,308		LS Industrial Systems Co Ltd		1,499
	110,139	e	LSI Industries, Inc		797
	80,000	*	Luoyang Glass Co Ltd		24
	5,900	*	Lupatech S.A.		51
	70,879	*,e	Lydall, Inc		630
	26,082		Mabuchi Motor Co Ltd		1,242
	812,511		Macmahon Holdings Ltd		475
	175,000	e	Maeda Corp		573
	113,000	e	Maeda Road Construction Co Ltd		1,155
	1,700	*,e	Magnetek, Inc		4
	156,247	e	Maire Tecnimont S.p.A.		643
	142,000	*,e	Makino Milling Machine Co Ltd		1,205
	123,324	*	Makita Corp		5,737
	716,900		Malaysian Resources Corp BHD		520
	14,054		MAN AG.		1,749
	15,414	*	Manitou BF S.A.		467
	402,605		Manitowoc Co, Inc		8,809
	78,100		Marcopolo S.A.		327
	36,442		Martifer SGPS S.A.		72
	3,894,329	e	Marubeni Corp		27,988
	3,963,466	e	Masco Corp		55,171
	279,913	*	Mastec, Inc		5,822
	49,000		Max Co Ltd		605
	34,920	*	MAX India Ltd		125
	9,685	*	Maytas Infra Ltd		41
	2,872,318		Meggitt plc		15,817

28

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	325,000	e	Meidensha Corp	$	1,447
	1,113,980		Melrose plc		5,855
	4,003,000	*,e	Metallurgical Corp of China Ltd		1,666
	67,007		Metka S.A.		913
	63,972	e	Met-Pro Corp		761
	92,679	e	Metso Oyj		4,972
	53,315	*,e	Meyer Burger Technology AG.		2,420
	37,499	*	Michael Baker Corp		1,090
	5,861		Michaniki S.A. (Preference)		2
	75,403		Micron Machinery Co Ltd		913
	69,121	*,e	Middleby Corp		6,443
	54,632	e	Miller Industries, Inc		887
	166,200		Mills Estruturas e Servicos de		1,827
	723,418	e	Minebea Co Ltd		3,993
	88,400	e	Miraito Holdings Corp		717
	99,000		Mirle Automation Corp		111
	136,000	e	MISUMI Group, Inc		3,379
	3,111,965		Mitsubishi Corp		86,291
	2,999,412		Mitsubishi Electric Corp		35,299
	3,484,822	e	Mitsubishi Heavy Industries Ltd		16,012
	81,000		Mitsubishi Kakoki Kaisha Ltd		185
	149,000		Mitsuboshi Belting Co Ltd		816
	4,630,431	e	Mitsui & Co Ltd		82,903
	2,605,416	e	Mitsui Engineering & Shipbuilding Co Ltd		6,244
	37,200	e	Miura Co Ltd		1,115
	3,121,774		MMC Corp BHD		2,855
	156,361	e	Monadelphous Group Ltd		3,459
	226,269	*	Moog, Inc (Class A)		10,388
	376,927		Morgan Crucible Co plc		1,792
	50,715		Morgan Sindall plc		515
	130,000	e	Mori Seiki Co Ltd		1,559
	21,165	*	Mostalzab		20
	490,330	e	Mota Engil SGPS S.A.		1,259
	134,372		MSC Industrial Direct Co (Class A)		9,200
	85,865		MTU Aero Engines Holding AG.		5,817
	36,800		Mudajaya Group BHD		59
	188,704		Mueller Industries, Inc		6,910
	744,361	e	Mueller Water Products, Inc (Class A)		3,335
	26,700		Muhibbah Engineering M BHD		14
	556,703	e	Murray & Roberts Holdings Ltd		2,183
	82,867	*	MYR Group, Inc		1,982
	4,502	*	Mysco		18
	292,000	e	Nabtesco Corp		7,313
	32,635		Nacco Industries, Inc (Class A)		3,612
	387,000		Nachi-Fujikoshi Corp		2,195
	29,866		Nagarjuna Construction Co		68
	274,000		Nagase & Co Ltd		3,264
	2,410	*	Namkwang Engr & Construction		4
	42,300		Namura Shipbuilding Co Ltd		211
	19,363	e	National Presto Industries, Inc		2,182
	639,359	*	Navistar International Corp		44,327
	179,714		NCC AB (B Shares)		5,149

29

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	74,266	*,e	NCI Building Systems, Inc	$	941
	17,100		NEC Capital Solutions Ltd		281
	30,900		NEC Networks & System Integration Corp		393
	454,351	e	Neo-Neon Holdings Ltd		175
	33,229		Nexans S.A.		3,176
	1,589		Nexcon Technology Co Ltd		10
	353,339	e	NGK Insulators Ltd		6,314
	120,233		Nibe Industrier AB (Series B)		2,062
	223,000		Nichias Corp		1,394
	8,700		Nichiden Corp		259
	27,200		Nichiha Corp		258
	67,098	e	Nidec Corp		5,811
	139,000		Nippo Corp		1,112
	155,000		Nippon Carbon Co Ltd		371
	93,000		Nippon Densetsu Kogyo Co Ltd		989
	100,000		Nippon Road Co Ltd		329
	181,730	e	Nippon Sharyo Ltd		828
	674,831	e	Nippon Sheet Glass Co Ltd		1,948
	64,800	e	Nippon Signal Co Ltd		494
	65,000		Nippon Steel Trading Co Ltd		195
	92,000	e	Nippon Thompson Co Ltd		732
	385,000	e	Nishimatsu Construction Co Ltd		609
	18,000		Nishio Rent All Co Ltd		171
	93,000		Nissin Electric Co Ltd		770
	29,300		Nitta Corp		526
	358,000	*	Nitto Boseki Co Ltd		838
	36,300		Nitto Kogyo Corp		419
	14,973		Nitto Kohki Co Ltd		381
	2,620		NK Co Ltd		14
	32,564	e	NKT Holding AS		1,906
	5,835,282	e	Noble Group Ltd		9,897
	25,637		Noida Toll Bridge Co Ltd		15
	51,800	*,e	Nordex AG.		567
	181,686		Nordson Corp		20,905
	134,919	e	Noritake Co Ltd		573
	24,600	e	Noritz Corp		434
	881,517		Northrop Grumman Corp		55,280
	58,587	*	Northwest Pipe Co		1,343
	576,776		NRW Holdings Ltd		1,724
	722,944	e	NSK Ltd		6,237
	4,697,722		NTN Corp		22,539
	1,935,840		NWS Holdings Ltd		2,961
	17,000		Obara Corp		214
	816,439	e	Obayashi Corp		3,621
	64,694		Obrascon Huarte Lain S.A.		2,335
	156,018	*	OC Oerlikon Corp AG.		1,200
	177,500		Oiles Corp		3,406
	217,641	e	Okuma Holdings, Inc		1,784
	221,000		Okumura Corp		924
	6,291	e	Omega Flex, Inc		85
	59,500		Onoken Co Ltd		560
	135,169		Orascom Construction Industries		5,582

30

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	246,099	*	Orbital Sciences Corp	$	4,656
	46,000		Organo Corp		332
	107,108	*,e	Orion Marine Group, Inc		1,150
	29,538	e	Orkla ASA		286
	82,322		Ormat Industries		608
	101,700	e	OSG Corp		1,469
	303,440	*	Oshkosh Truck Corp		10,736
	916,000		Otto Marine Ltd		182
	61,678	e	Outotec Oyj		3,707
	559,080	*,e	Owens Corning, Inc		20,121
	1,921,267	e	Paccar, Inc		100,578
	17,261	*,e	Palfinger AG.		636
	449,240		Pall Corp		25,881
	5,731,000		Pan-United Corp Ltd		2,341
	1,228,234		Parker Hannifin Corp		116,289
	11,515		Patel Engineering Ltd		36
	17,099		PBG S.A.		1,130
	221,257		Peab AB (Series B)		1,969
	302,748	e	Pentair, Inc		11,441
	420,000	e	Penta-Ocean Construction Co Ltd		1,044
	158,443	e	Perini Corp		3,860
	11,797		Pfeiffer Vacuum Technology AG.		1,649
	55,580	*,e	Pfleiderer AG.		127
	28,877	*,e	Pgt, Inc		68
	47,000		Phihong Technology Co Ltd		79
	73,332	*,e	Pike Electric Corp		698
	15,495	*	Pinguely-Haulotte		315
	79,353	*	Pipavav Shipyard Ltd		140
	76,693		Pkc Group Oyj		1,696
	11,317		Plasson		267
	77,207	*,e	PMFG, Inc		1,648
	202,419		Polimex Mostostal S.A.		251
	1,251		Polnord S.A.		14
	27,300		Polyplex PCL		21
	97,492	*	Polypore International, Inc		5,614
	21,955		Ponsse Oy		357
	52,469	*,e	Powell Industries, Inc		2,069
	15,000	*	Powercom Co Ltd		34
	87,960	*	PowerSecure International, Inc		756
	58,304		Praj Industries Ltd		94
	1,241,711	e	Precision Castparts Corp		182,755
	16,867		Preformed Line Products Co		1,167
	94,302	e	Primoris Services Corp		956
	7,366		Prysmian S.p.A.		158
	547,000		PT AKR Corporindo Tbk		92
	26,515,500	*	PT Bakrie and Brothers Tbk		195
	78,500		PT Hexindo Adiperkasa Tbk		56
	923,000		PT Pembangunan Perumahan Tbk		75
	2,240,516		PT United Tractors Tbk		5,577
	998,500		PT Wijaya Karya		77
	134,447		Punj Lloyd Ltd		195
	77,305	*,e	Pursuit Dynamics plc		328

31

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	6,332	*	Pyeong San Co Ltd	$	8
	914,269		QinetiQ plc		1,785
	286,669	e	Quanex Building Products Corp		5,627
	648,971	*	Quanta Services, Inc		14,556
	3,656		R Stahl AG.		155
	90,278		Ramirent Oyj		1,485
	37,900		Randon Participacoes S.A.		259
	109,900		Ranhill BHD		27
	4,668		Rational AG.		1,111
	58,081	e	Raubex Group Ltd		157
	69,669	e	Raven Industries, Inc		4,279
	1,572,655		Raytheon Co		80,001
	88,740	*	RBC Bearings, Inc		3,393
	25,000	*	Rechi Precision Co Ltd		15
	151,051		Regal-Beloit Corp		11,152
	203,914		Reunert Ltd		1,766
	476,101		Rheinmetall AG.		39,389
	42,000		Rich Development Co Ltd		21
	184,360		Robbins & Myers, Inc		8,479
	458,605	e	Rockwell Automation, Inc		43,407
	708,527		Rockwell Collins, Inc		45,934
	11,679	e	Rockwool International AS (B Shares)		1,437
	1,223,950		Rolls-Royce Group plc		12,136
	1,155,942	e	Roper Industries, Inc		99,943
	4,612		Rosenbauer International AG.		265
	331,000		Rotary Engineering Ltd		249
	123,381		Rotork plc		3,453
	199,948	*	RSC Holdings, Inc		2,875
	14,000		Ruentex Engineering & Construction Co		17
	132,917	*,e	Rush Enterprises, Inc (Class A)		2,632
	119,133		Russel Metals, Inc		3,356
	283,000	e	Ryobi Ltd		1,135
	530		S&T Corp		10
	3,880		S&T Holdings Co Ltd		52
	133,303		Saab AB (Class B)		2,910
	197,502	*,e	Sacyr Vallehermoso S.A.		2,300
	874,958		Safran S.A.		30,944
	34,413		Saft Groupe S.A.		1,461
	89,793		Salfacorp S.A.		322
	754		Sambu Construction Co Ltd		11
	187,430		Samsung Corp		12,255
	46,430		Samsung Engineering Co Ltd		8,841
	246,810		Samsung Heavy Industries Co Ltd		8,966
	47,734		Samsung Techwin Co Ltd		3,469
	4,280		Samwhan Corp		35
	36,000		San Shing Fastech Corp		42
	1,776,128		Sandvik AB		33,520
	70,000		Sanki Engineering Co Ltd		440
	331,000	*	Sankyo-Tateyama Holdings, Inc		536
	303,000	e	Sanwa Shutter Corp		1,020
	52,000		Sanyo Denki Co Ltd		412
	165,000	e	Sasebo Heavy Industries Co Ltd		337

32

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	391,192	*,e	SatCon Technology Corp	$	1,510
	87,117	*	Sauer-Danfoss, Inc		4,437
	219,650		Scania AB (B Shares)		5,092
	4,235		Schindler Holding AG.		509
	25,093		Schindler Holding AG. (Reg)		3,030
	512,975		Schneider Electric S.A.		87,612
	37,578		Schouw & Co		1,048
	1,102		Schweiter Technologies AG.		816
	1,845		Seaboard Corp		4,452
	53,000	e	SeaCube Container Leasing Ltd		849
	21,000		SEC Carbon Ltd		111
	277,821		Sedgman Ltd		533
	80,000		Seika Corp		218
	107,000		Sekisui Jushi Corp		1,105
	3,132,689		SembCorp Industries Ltd		12,954
	3,430,449	e	SembCorp Marine Ltd		15,903
	25,575	e	Semperit AG. Holding		1,488
	1,139,601		Senior plc		2,770
	69,881	*	Sensata Technologies Holding BV		2,427
	8,653		Seohee Construction Co Ltd		9
	1,074		Seoul Marine Co Ltd		10
	198,006		Seven Network Ltd		1,841
	129,160		Severfield-Rowen plc		549
	8,130		Sewon Cellontech Co Ltd		33
	311,547	*,e	SGL Carbon AG.		15,253
	60,900	*	SGSB Group Co Ltd		46
	9,800	*	Shanghai Automation Instrumentation Co Ltd		8
	113,500		Shanghai Diesel Engine Co Ltd		114
	5,492,000		Shanghai Electric Group Co Ltd		2,753
	124,400	*	Shanghai Erfangji Co Ltd		55
	118,100		Shanghai Highly Group Co Ltd		78
	1,051,400		Shanghai Industrial Holdings Ltd		4,028
	24,920		Shanghai Mechanical and Electrical Industry Co Ltd		32
	248,000		Shanghai Prime Machinery Co Ltd		52
	82,200	*	Shanghai Waigaoqiao Free Trade Zone Development Co Ltd		76
	260,491	*,e	Shaw Group, Inc		9,224
	14,000		Shenji Group Kunming Machine Tool Co Ltd		9
	39,000		ShenMao Technology, Inc		68
	144,000		Shihlin Electric & Engineering Corp		178
	416,899		Shikun & Binui Ltd		1,214
	35,600	e	Shima Seiki Manufacturing Ltd		920
	428,141	e	Shimizu Corp		1,899
	27,000		Shin Zu Shing Co Ltd		71
	124,000	e	Shinko Electric Co Ltd		376
	44,000	e	Shin-Kobe Electric Machinery Co Ltd		595
	338,590		Shinmaywa Industries Ltd		1,430
	188,000		Shinsho Corp		481
	35,900	e	SHO-BOND Holdings Co Ltd		957
	450,000		Shui On Construction and Materials Ltd		601
	1,488,854		Siemens AG.		203,657
	106,433		Siemens India Ltd		2,103

33

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	817,853	*	SIG plc	$	1,828
	44,000		Silitech Technology Corp		111
	3,552,071		Sime Darby BHD		10,818
	168,174	e	Simpson Manufacturing Co, Inc		4,954
	2,182,000	*	Singamas Container Holdings Ltd		911
	839,317		Singapore Technologies Engineering Ltd		2,170
	51,729	*	Singulus Technologies		322
	63,100		Sino Thai Engineering & Construction PCL		28
	2,246,000	e	Sinotruk Hong Kong Ltd		1,921
	71,714		Sintex Industries Ltd		245
	61,800		Sintokogio Ltd		650
	55,022		SK Corp		8,266
	183,760		SK Networks Co Ltd		2,058
	14,566	e	Skanska AB (B Shares)		307
	2,917,507		SKF AB (B Shares)		84,847
	294,801		SM Investments Corp		3,524
	59,730		SMC Corp		9,831
	4,083,394	e	Smiths Group plc		84,861
	178,056	e	Snap-On, Inc		10,694
	188,020		SNC-Lavalin Group, Inc		10,713
	5,773,608	e	Sojitz Holdings Corp		11,483
	7,286		Solar Holdings AS (B Shares)		616
	13,805	*,e	Solar Millennium AG.		360
	58,976	e	Solaria Energia y Medio Ambiente S.A.		199
	138,301	*	Sonae Capital SGPS S.A.		78
	1,107,389	e	Sonae SPGS S.A.		1,291
	753,938		Speedy Hire plc		347
	108,318		Spirax-Sarco Engineering plc		3,366
	490,361	*	Spirit Aerosystems Holdings, Inc (Class A)		12,588
	269,200		SPX Corp		21,372
	19,891		SRV Group plc		190
	5,294	*	Ssangyong Engineering & Construction Co Ltd		37
	63,438	e	Standex International Corp		2,404
	6,762		Stefanutti Stocks Holdings Ltd		10
	106,370	*	Sterling Construction Co, Inc		1,796
	57,900	*	STP & I PCL		48
	39,000		Strabag SE		1,239
	6,890		STX Corp Co Ltd		169
	3,200		Stx Engine Co Ltd		78
	910		STX Enpaco Co Ltd		8
	12,020		STX Shipbuilding Co Ltd		264
	49,298		Sulzer AG.		7,407
	132,000		Sumikin Bussan Corp		313
	2,348,652	e	Sumitomo Corp		33,565
	1,920,256	e	Sumitomo Electric Industries Ltd		26,594
	410,093		Sumitomo Heavy Industries Ltd		2,671
	43,000		Sumitomo Precision Products Co Ltd		299
	57,368	e	Sun Hydraulics Corp		2,473
	6,070	*	Sung Jin Geotec Co Ltd		77
	1,839		Sung Kwang Bend Co Ltd		28
	74,000		Sunonwealth Electric Machine Industry Co Ltd		62
	8,000		Sunspring Metal Corp		12

34

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	91,200		Sunway Holdings BHD	$	69
	145,668	e	Superior Plus Corp		1,695
	845,161	*	Suzlon Energy Ltd		845
	329,000	*,e	SWCC Showa Holdings Co Ltd		412
	366,287		Swisslog Holding AG.		359
	239,000		Ta Ya Electric Wire & Cable		67
	510,186	e	Tadano Ltd		3,249
	2,151		Taewoong Co Ltd		101
	22,790		Taeyoung Engineering & Construction		107
	8,570	*	Taihan Electric Wire Co Ltd		40
	40,000		Taihei Dengyo Kaisha Ltd		338
	69,000		Taihei Kogyo Co Ltd		338
	38,300	e	Taikisha Ltd		728
	763,092	e	Taisei Corp		1,879
	1,196,608		Taiwan Glass Industrial Corp		1,513
	101,000	e	Takaoka Electric Manufacturing Co Ltd		447
	125,929	e	Takara Standard Co Ltd		1,010
	77,400	e	Takasago Thermal Engineering Co Ltd		686
	90,000	*	Takuma Co Ltd		306
	71,398	e	TAL International Group, Inc		2,590
	245,017	*,e	Taser International, Inc		997
	2,652,315	e	Tat Hong Holdings Ltd		1,715
	522,402		Tata Motors Ltd		14,637
	3,080,833		Teco Electric and Machinery Co Ltd		2,158
	111,767	*	Tecumseh Products Co (Class A)		1,120
	36,952		Tekfen Holding AS		145
	196,806	*	Teledyne Technologies, Inc		10,177
	115,821	e	Tennant Co		4,869
	329,851	*,e	Terex Corp		12,218
	33,301		Texmaco Ltd		23
	39,626	e	Textainer Group Holdings Ltd		1,473
	5,208,947	e	Textron, Inc		142,673
	175,892		Thales S.A.		7,018
	463		Thermax Ltd		6
	148,211		THK Co Ltd		3,714
	413,667	*	Thomas & Betts Corp		24,601
	250,000	*	Tianjin Development Hldgs		215
	1,144,678		Timken Co		59,867
	176,165	e	Titan International, Inc		4,688
	54,268	*,e	Titan Machinery, Inc		1,370
	3,488	*	TK Corp		62
	384,000		Toa Corp/Tokyo		766
	17,300		Tocalo Co Ltd		312
	384,000	e	Toda Corp		1,515
	49,000		Toenec Corp		290
	152,066		Tognum AG.		5,481
	45,000	e	Tokyo Energy & Systems, Inc		296
	230,640		Tokyu Construction Co Ltd		682
	49,000		Tong-Tai Machine & Tool Co Ltd		76
	29,000		Topco Technologies Corp		92
	24,700	e	Torishima Pump Manufacturing Co Ltd		367
	235,212		Toro Co		15,576

35

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	111,742		Toromont Industries Ltd	$	3,625
	153,964	e	Toshiba Machine Co Ltd		831
	71,000	e	Toshiba Plant Systems & Services Corp		801
	368,973	e	Toto Ltd		2,964
	459,000	e	Toyo Construction Co Ltd		552
	93,000	e	Toyo Electric Manufacturing Co Ltd		442
	686,957	e	Toyo Engineering Corp		2,646
	14,400	e	Toyo Tanso Co Ltd		781
	95,114		Toyota Tsusho Corp		1,568
	197,800	*	Tradewinds Corp BHD		65
	117,960	*	Trakya Cam Sanayi AS		276
	418,790		TransDigm Group, Inc		35,107
	410,107		Travis Perkins plc		6,682
	122,325		Tredegar Corp		2,640
	392,266		Trelleborg AB (B Shares)		4,019
	39,981	e	Trevi Finanziaria S.p.A.		535
	62,195	*,e	Trex Co, Inc		2,029
	120,803	*	Trimas Corp		2,597
	246,740	e	Trinity Industries, Inc		9,048
	84,439	e	Triumph Group, Inc		7,469
	25,000		Trusco Nakayama Corp		449
	267,000		Tsubakimoto Chain Co		1,372
	70,000	e	Tsugami Corp		488
	32,000		Tsukishima Kikai Co Ltd		306
	6,652		Turk Traktor ve Ziraat Makineleri AS.		143
	69,529		Twin Disc, Inc		2,240
	4,824,818		Tyco International Ltd		216,006
	3,674	*	UI Energy Corp		10
	94,204		Ultra Electronics Holdings		2,602
	730		Umeco plc		5
	15,900	e	Union Tool Co		378
	1,224	*	Unison Co Ltd		5
	3,831	*,e	United Capital Corp		108
	256,000		United Engineers Ltd		522
	423,667	e	United Group Ltd		6,872
	21,000		United Integrated Services Co Ltd		29
	288,076	*,e	United Rentals, Inc		9,587
	2,910,469		United Technologies Corp		246,370
	80,831	e	Universal Forest Products, Inc		2,962
	75,257	e	Uponor Oyj		1,282
	155,511	*,e	UQM Technologies, Inc		463
	614,987	*	URS Corp		28,320
	1,186,601	*,e	USG Corp		19,769
	1,252,705		Ushio, Inc		24,500
	17,648	e	Vacon plc		1,088
	805,028		Vallourec		90,208
	66,878	e	Valmont Industries, Inc		6,980
	120,301		Veidekke ASA		1,104
	7,468	*,e	Vestas Wind Systems AS		324
	89,108	e	Vicor Corp		1,469
	509,026	e	Vinci S.A.		31,781
	740,000	*	Vitar International Holdings Ltd		166

36

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	33,428		Voltas Ltd	$	137
	2,275,990	*,e	Volvo AB (B Shares)		40,008
	91,793	e	Von Roll Holding AG.		432
	13,580		Vossloh AG.		1,817
	169,164		W.W. Grainger, Inc		23,290
	311,271	*,e	Wabash National Corp		3,605
	468,556	*	WABCO Holdings, Inc		28,882
	35,785	*,e	Wacker Construction Equipment AG.		563
	66,400		Wafangdian Bearing Co Ltd		72
	47,938		Wajax Income Fund		2,000
	3,906,150	*	Walsin Lihwa Corp		2,051
	2,992		Walter Meier AG.		818
	291,412	e	Wartsila Oyj (B Shares)		11,359
	135,759	e	Watsco, Inc		9,464
	144,639		Watts Water Technologies, Inc (Class A)		5,524
	63,631	*	Wavin NV		983
	27,000	*	Ways Technical Corp Ltd		65
	299,200		WCT BHD		300
	21,000		Wei Mon Industry Co Ltd		13
	677,000		Weichai Power Co Ltd		4,109
	502,953		Weir Group plc		13,954
	29,000		Well Shin Technology Co Ltd		49
	66,063		Wendel		7,184
	300,311	*,e	WESCO International, Inc		18,769
	162,345	e	Westinghouse Air Brake Technologies Corp		11,012
	54,805	*,e	Westport Innovations, Inc		1,201
	4,164,363	*,e	Wienerberger AG.		83,981
	25,097		Wilson Bayly Holmes-Ovcon Ltd		401
	2,192,154	*	Wolseley plc		73,797
	324,817		Woodward Governor Co		11,226
	2,575		Wooree ETI Co Ltd		13
	32,372	*,e	Xerium Technologies, Inc		779
	36,000		Yahagi Construction Co Ltd		201
	71,400	e	Yamazen Corp		417
	5,888,169	e	Yangzijiang Shipbuilding		8,457
	20,058		Yazicilar Holding AS.		175
	1,197,000	*	Ying Li International Real Estate Ltd		370
	177,961		YIT Oyj		5,272
	43,000		Yokogawa Bridge Holdings Corp		315
	1,633	*	Yonghyun BM Co Ltd		15
	6,564		Young Poong Precision Corp		70
	236,000	e	Yuasa Trading Co Ltd		297
	186,000		Yungtay Engineering Co Ltd		293
	53,000		Yurtec Corp		319
	13,400		Yushin Precision Equipment Co Ltd		245
	18,319	e	Zardoya Otis S.A.		304
	890		Zehnder Group AG.		2,519
	9,475		Zhongde Waste Technology AG.		108
	789,000		Zhuzhou CSR Times Electric Co Ltd		2,997
	81,036		Zodiac S.A.		5,903
	39,309		Zumtobel AG.		1,345
			TOTAL CAPITAL GOODS		10,329,340

37

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
	58,152		Aangpanneforeningen AB (B Shares)	$	1,163
	263,484		ABM Industries, Inc		6,690
	221,483	*	Acacia Research (Acacia Technologies)		7,579
	249,422	*	ACCO Brands Corp		2,379
	4,805,938	*	Accor Services		145,041
	3,193		Adcorp Holdings Ltd		13
	1,933,796		Adecco S.A.		126,945
	145,829		Administaff, Inc		4,430
	92,920	*,e	Advisory Board Co		4,785
	25,800		Aeon Delight Co Ltd		432
	882,080		Aggreko plc		22,278
	18,500		American Banknote S.A.		226
	117,350	e	American Ecology Corp		2,045
	157,504	*	American Reprographics Co		1,630
	121,427	*	APAC Customer Services, Inc		730
	48,174	e	Asahi Holdings, Inc		980
	2,600,000	*,e	Asia Energy Logistics Group Ltd		53
	15,644	e	Assystem		345
	281,197		Atkins WS plc		3,162
	259,024		Avery Dennison Corp		10,869
	287,944		Babcock International Group		2,866
	36,315		Barrett Business Services, Inc		583
	18,227	e	Bertrandt AG.		1,221
	163,961	e	BFI Canada Ltd		4,167
	1,952,205		Brambles Ltd		14,289
	254,950		Brink’s Co		8,441
	13,466		Brunel International		634
	26,915		Bureau Veritas S.A.		2,115
	12,237	e	BWT AG.		358
	161,195		Cabcharge Australia Ltd		919
	103,665	e	Campbell Brothers Ltd		4,968
	293,194		Cape plc		2,315
	140,977		Capita Group plc		1,680
	102,940	*	Casella Waste Systems, Inc (Class A)		738
	171,656	*,e	CBIZ, Inc		1,238
	53,074	e	CDI Corp		785
	217,342	*,e	Cenveo, Inc		1,419
	29,116		Cewe Color Holding AG.		1,304
	906,000	e	China Everbright International Ltd		442
	397,920	e	Cintas Corp		12,045
	96,014	*	Clean Harbors, Inc		9,473
	2,721		Compx International, Inc		43
	202,296	e	Connaught plc		54
	69,393	*	Consolidated Graphics, Inc		3,791
	12,300		Contax Participacoes S.A.		187
	194,134	*	Copart, Inc		8,412
	205,132	e	Corporate Executive Board Co		8,281
	441,404	*,e	Corrections Corp of America		10,770
	85,744	*,e	CoStar Group, Inc		5,374
	50,366	e	Courier Corp		703

38

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	392,044		Covanta Holding Corp	$	6,696
	50,395	*,e	CRA International, Inc		1,453
	1,195,338	e	Dai Nippon Printing Co Ltd		14,557
	46,000	e	Daiseki Co Ltd		899
	433,115		Davis Service Group plc		3,342
	129,071		De La Rue plc		1,631
	226,349		Deluxe Corp		6,007
	148,417	*	Derichebourg		1,272
	143,281	*,e	Dolan Media Co		1,739
	631,643	e	Downer EDI Ltd		2,474
	231,753		Dun & Bradstreet Corp		18,596
	69,300		Duskin Co Ltd		1,285
	1,212,128	e	eaga plc		2,304
	604,000	*	Eastern Media International Corp		139
	442,579		EnergySolutions, Inc		2,638
	84,077	*,e	EnerNOC, Inc		1,607
	150	e	en-japan, Inc		224
	146,815	e	Ennis, Inc		2,500
	246,721	e	Equifax, Inc		9,585
	1,073,093		Experian Group Ltd		13,286
	85,213	*,e	Exponent, Inc		3,801
	18,430		Fiera Milano S.p.A.		111
	1,158,000	*,e	Fook Woo Group Holdings Ltd		396
	59,894	*,e	Franklin Covey Co		519
	128,221	*,e	FTI Consulting, Inc		4,915
	96,175	*,e	Fuel Tech, Inc		856
	18,463,000	*,m	Fung Choi Media Group Ltd		2,495
	109,097	e	G & K Services, Inc (Class A)		3,627
	35,304	*	Gategroup Holding AG.		1,858
	47,400		Genivar Income Fund		1,521
	267,835	*,e	Geo Group, Inc		6,867
	24,939		GL Events		854
	69,638	*	GP Strategies Corp		947
	1,891,214		Group 4 Securicor plc		7,739
	11,459		Groupe CRIT		345
	60,817	*,e	Gunnebo AB		413
	1,980,803		Hays plc		3,692
	277,611	e	Healthcare Services Group		4,880
	72,533		Heidrick & Struggles International, Inc		2,019
	239,717	e	Herman Miller, Inc		6,590
	263,556	*,e	Higher One Holdings, Inc		3,808
	143,232	*,e	Hill International, Inc		758
	185,544	e	HNI Corp		5,856
	489,300	e	Homeserve plc		3,490
	138,170	*	Hudson Highland Group, Inc		898
	103,888	*,e	Huron Consulting Group, Inc		2,877
	77,034	*	ICF International, Inc		1,582
	146,133	*	IHS, Inc (Class A)		12,969
	108,386	*,e	Innerworkings, Inc		800
	3,059	m	Insun ENT Co Ltd		12
	216,343	e	Interface, Inc (Class A)		4,000
	187,640		Intertek Group plc		6,124

39

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	172,321	e	Intrum Justitia AB	$	2,509
	10,080,000		iOne Holdings Ltd		188
	5,513	*	Ipek Matbacilik Sanayi Ve Ticaret AS		13
	556,292	e	Iron Mountain, Inc		17,373
	317,171		ITE Group plc		1,238
	613,600		JobStreet Corp BHD		543
	83,516	*	KAR Auction Services, Inc		1,281
	115,273	*	Kelly Services, Inc (Class A)		2,503
	134,471	*,e	Kforce, Inc		2,461
	125,200	e	K-Green Trust		102
	160,810	e	Kimball International, Inc (Class B)		1,126
	239,941		Knoll, Inc		5,029
	107,500		Kokuyo Co Ltd		823
	219,277	*	Korn/Ferry International		4,883
	242,000	e	Kyodo Printing Co Ltd		553
	69,000		L&K Engineering Co Ltd		82
	48,585	e	Lassila & Tikanoja Oyj		874
	98,196	*,e	LECG Corp		20
	88,885		Loomis AB		1,407
	52,415	*,e	M&F Worldwide Corp		1,317
	181,837	e	Manpower, Inc		11,434
	18,462		Matsuda Sangyo Co Ltd		280
	104,396	e	McGrath RentCorp		2,847
	152,467	e	McMillan Shakespeare Ltd		1,546
	117,307		Mears Group plc		459
	51,100	e	Meitec Corp		1,022
	167,349	*,e	Metalico, Inc		1,041
	541,171		Michael Page International plc		4,455
	122,755	e	Mine Safety Appliances Co		4,501
	167,964		Mineral Resources Ltd		2,167
	66,151	*,e	Mistras Group, Inc		1,138
	525,092		Mitie Group		1,655
	53,572		Mitsubishi Pencil Co Ltd		851
	8,000	*,e	Mitsubishi Research Institute, Inc		163
	153,268	*,e	Mobile Mini, Inc		3,681
	62,460	e	Morneau Sobeco Income Fund		647
	41,600	e	Moshi Moshi Hotline, Inc		777
	163,798		Mouchel Group plc		246
	49,465	e	Multi-Color Corp		1,000
	27,228	*	Mvelaserve Ltd		47
	341,450	*	Navigant Consulting, Inc		3,411
	82,256		Newalta, Inc		1,095
	130,000	*	NIELSEN HOLDINGS B.V.		3,550
	17,879	*	Nile Cotton Ginning		35
	6,800		Nippon Kanzai Co Ltd		118
	49,621	e	Nissha Printing Co Ltd		1,070
	82,000		Okamura Corp		462
	197,576	*	On Assignment, Inc		1,869
	22,768		Oyo Corp		222
	132,700	e	Park24 Co Ltd		1,289
	224	*	Pasona Group, Inc		191
	31,100		Pelikan International Corp BHD		12

40

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	246		Pilot Corp	$	452
	623,654	e	Pitney Bowes, Inc		16,022
	694,191		PMP Ltd		528
	49,138	e	Poyry Oyj		749
	79,293		Proffice AB		435
	384,059	e	Programmed Maintenance Services Ltd		675
	87,300		PRONEXUS, Inc		434
	45,191		Prosegur Cia de Seguridad S.A.		2,688
	628,606	e	R.R. Donnelley & Sons Co		11,893
	242,423	*	Randstad Holdings NV		13,495
	899,543		Regus plc		1,659
	2,607,857	*,e	Rentokil Initial plc		3,763
	2,333,717		Republic Services, Inc		70,106
	198,479		Resources Connection, Inc		3,849
	101,060	e	Ritchie Bros Auctioneers, Inc		2,851
	297,260	e	Robert Half International, Inc		9,096
	94,951		Robert Walters plc		451
	266,166	e	Rollins, Inc		5,403
	299,815		RPS Group plc		1,028
	423,728		RSM Tenon Group plc		250
	25,065		S1 Corp (Korea)		1,286
	439,332		SAI Global Ltd (New)		2,275
	236,924		Salmat Ltd		892
	37,452		Sato Corp		496
	50,975		Schawk, Inc (Class A)		991
	81,730	*,e	School Specialty, Inc		1,169
	7,201		Seche Environnement S.A.		689
	177,168	e	Secom Co Ltd		8,238
	–	e	Secom Techno Service Co Ltd		0	^
	11,995		Securitas AB (B Shares)		143
	444,427		Securitas Systems AB (B Shares)		856
	964,780		Seek Ltd		6,741
	49,042		Serco Group plc		439
	288		SGS S.A.		512
	549,263		Shanks Group plc		1,005
	158,424	*	Skilled Group Ltd		319
	68,991		Societe BIC S.A.		6,132
	233,700		Sohgo Security Services Co Ltd		2,540
	242,056	*,e	Spherion Corp		3,411
	545,647		Spotless Group Ltd		1,095
	92,807	*,e	Standard Parking Corp		1,648
	76,139	e	Standard Register Co		253
	69,862	*,e	Stantec, Inc		2,091
	321,781		Steelcase, Inc (Class A)		3,662
	597,668	*,e	Stericycle, Inc		52,996
	134,838	e	Sthree plc		885
	177,549	*	SYKES Enterprises, Inc		3,510
	35,000		Taiwan Secom Co Ltd		63
	10,148,530		Taiwan-Sogo Shinkong Security Corp		8,114
	87,267	*	Team, Inc		2,292
	69,969		Teleperformance		2,637
	46,200	e	Temp Holdings Co Ltd		415

41

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	371,548	*	Tetra Tech, Inc	$	9,174
	122,000		Tianjin Capital Environmental Protection Group Co Ltd		43
	15,600	e	Tokyu Community Corp		445
	207,664		Tomra Systems ASA		1,695
	87,700		Toppan Forms Co Ltd		763
	699,587	e	Toppan Printing Co Ltd		5,519
	177,248		Towers Watson & Co		9,830
	52,010		Transcom WorldWide S.A. (ADR)		155
	121,430		Transcontinental, Inc		1,876
	746,119	e	Transfield Services Ltd		2,585
	1,130,297	*	Transpacific Industries Group Ltd		1,307
	304,899	*	TrueBlue, Inc		5,119
	67,000		Uchida Yoko Co Ltd		213
	71,691		Unifirst Corp		3,800
	118,526	e	United Stationers, Inc		8,421
	92,171	*	USG People NV		1,907
	467,518	*,e	Verisk Analytics, Inc		15,316
	118,615		Viad Corp		2,840
	27,757	e	VSE Corp		825
	803,228		Waste Connections, Inc		23,126
	1,932,956	e	Waste Management, Inc		72,178
	320,000		WHK Group Ltd		318
	122,711		WSP Group plc		714
	71,000		Yem Chio Co Ltd		71
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		1,170,711
CONSUMER DURABLES & APPAREL - 1.8%
	299,000	e	361 Degrees International Ltd		186
	8,770		Accell Group		458
	169,511		Adidas-Salomon AG.		10,657
	11,805		Advanced Digital Broadcast Holdings S.A.		366
	44,000		Advanced International Multitech Co Ltd		82
	87,626	*	AGFA-Gevaert NV Bruessel		0	^
	20,150		Aksa Akrilik Kimya Sanayii		47
	364,565		Alok Industries Ltd		182
	129,900	e	Alpine Electronics, Inc		1,459
	115,000		Altek Corp		158
	217,709		Amer Sports Oyj (A Shares)		2,793
	197,163	*	American Apparel, Inc		190
	193,391		American Greetings Corp (Class A)		4,564
	1,517,000	e	Anta Sports Products Ltd		2,355
	85,084		Arab Cotton Ginning		52
	213,283		Arcelik AS		986
	69,169	*	Arctic Cat, Inc		1,076
	54,600	e	Arnest One Corp		545
	33,400	e	Aruze Corp		984
	93,644	*	Arvind Ltd		145
	245,667	*,e	Ascena Retail Group, Inc		7,962
	31,000	*	Asia Optical Co, Inc		61
	36,623	e	Asics Corp		491
	216,000		Atsugi Co Ltd		270

42

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	6,000		AVY Precision Technology, Inc	$	19
	50,191	*	Bang & Olufsen AS (B Shares)		737
	1,336,099	*	Barratt Developments plc		2,359
	2,460		Basic House Co Ltd		47
	38,000		Basso Industry Corp		32
	13,956		Bata India Ltd		122
	326,146	*,e	Beazer Homes USA, Inc		1,490
	536,000	*	Beijing Properties Holdings Ltd		46
	165,751		Bellway plc		1,849
	49,476	e	Beneteau S.A.		1,042
	74,403	e	Benetton Group S.p.A.		557
	187,794	*	Berkeley Group Holdings plc		3,134
	49,513	e	Billabong International Ltd		386
	25,660		Bjoern Borg AB		274
	38,526	e	Blyth, Inc		1,252
	9,245		Bombay Dyeing & Manufacturing Co Ltd		76
	14,253		Bombay Rayon Fashions Ltd		82
	4,398,000		Bosideng International Holdings Ltd		1,308
	185,506		Bovis Homes Group plc		1,296
	4,244	*,e	Brookfield Homes Corp		40
	868,400		Brookfield Incorporacoes S.A.		4,510
	381,705	e	Brunswick Corp		9,707
	206,931	e	Bulgari S.p.A.		3,585
	1,839,169	e	Burberry Group plc		34,641
	86,000	*	BWG Homes ASA		371
	269,436	e	Callaway Golf Co		1,838
	17,100		Camargo Correa Desenvolvimento Imobiliario S.A.		68
	258,094	*,e	Carter’s, Inc		7,389
	63,237	e	Casio Computer Co Ltd		500
	28,783	*,e	Cavco Industries, Inc		1,300
	41,995	e	Cherokee, Inc		725
	680,000		Chigo Holding Ltd		65
	4,139,400	e	China Dongxiang Group Co		1,310
	8,029		China Great Star International Ltd		13
	157,000		China Lilang Ltd		208
	868,000		China Ting Group Holdings Ltd		128
	24,900		Chofu Seisakusho Co Ltd		623
	162,462		Christian Dior S.A.		22,886
	165,000	*,e	Clarion Co Ltd		271
	28,500		Cleanup Corp		192
	1,877,525		Coach, Inc		97,706
	50,650	e	Columbia Sportswear Co		3,010
	1,194,028		Compagnie Financiere Richemont S.A.		68,848
	300,400		Consorcio ARA, S.A. de C.V.		184
	15,000		Corona Corp		150
	107,700	*	Corp GEO S.A. de C.V. (Series B)		302
	332,000		Costin New Materials Group		238
	503,792	*,e	CROCS, Inc		8,988
	36,123		CSS Industries, Inc		681
	38,638	*,e	Culp, Inc		359
	414,181		Cyrela Brazil Realty S.A.		3,927
	30,200	e	Daidoh Ltd		292

43

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	8,900	e	Daikoku Denki Co Ltd	$	107
	136,000	e	Daiwa Seiko, Inc		155
	359,673	*,e	Deckers Outdoor Corp		30,986
	158,529		De’Longhi S.p.A.		1,531
	32,727	*,e	Delta Apparel, Inc		468
	292,440	*	Desarrolladora Homex S.A. de C.V.		1,330
	54,590		Descente Ltd		248
	49,091		Dorel Industries, Inc (Class B)		1,576
	2,935,640	e	DR Horton, Inc		34,200
	45,542		Duni AB		510
	1,141,001	*,e	Eastman Kodak Co		3,685
	39,000		Eclat Textile Co Ltd		51
	11,270		Elco Holdings Ltd		167
	376,567	e	Electrolux AB (Series B)		9,700
	49,000		Embry Holdings Ltd		34
	107,272	e	Ethan Allen Interiors, Inc		2,349
	36,800		Even Construtora e Incorporadora S.A.		190
	25,300		Ez Tec Empreendimentos e Participacoes S.A.		217
	75,000		Feng TAY Enterprise Co Ltd		79
	374		Fields Corp		640
	751,899	*	Fisher & Paykel Appliances Holdings Ltd		342
	1,857		Forbo Holding AG.		1,393
	727,220		Formosa Taffeta Co Ltd		730
	651,792	e	Fortune Brands, Inc		40,339
	6,834		Forus S.A.		23
	528,663	*	Fossil, Inc		49,509
	31,391		Foster Electric Co Ltd		717
	175,000	e	France Bed Holdings Co Ltd		221
	117,000	e	Fujitsu General Ltd		593
	25,100	e	Funai Electric Co Ltd		753
	209,736	*,e	Furniture Brands International, Inc		954
	753,098		Gafisa S.A.		4,760
	216,735	e	Garmin Ltd		7,339
	4,408	*	Genius Electronic Optical Co Ltd		39
	113,353		Geox S.p.A.		713
	37,559		Gerry Weber International AG.		2,179
	344,149		Giant Manufacturing Co Ltd		1,398
	64,811	*	G-III Apparel Group Ltd		2,436
	149,959		Gildan Activewear, Inc		4,922
	29,380		Gitanjali Gems Ltd		163
	676,637		Glorious Sun Enterprises Ltd		271
	26,700		Grendene S.A.		157
	134,783		GUD Holdings Ltd		1,335
	1,732,000	e	Gunze Ltd		6,295
	309,000	*	Haier Electronics Group Co Ltd		347
	9,900		HAJIME CONSTRUCTION Co Ltd		231
	4,970		Handsome Co Ltd		94
	609,758	*	Hanesbrands, Inc		16,488
	5,360		Hansae Co Ltd		31
	4,430		Hanssem Co Ltd		56
	337,779		Harman International Industries, Inc		15,815
	560,838	e	Hasbro, Inc		26,270

44

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,873,500	*,e	Haseko Corp	$	1,441
	10,600	*	Hefei Meiling Co Ltd		12
	79,400		Heiwa Corp		1,228
	12,700		Helbor Empreendimentos S.A.		151
	144,946	*,e	Helen of Troy Ltd		4,261
	1,264	e	Hermes International		277
	56,000	*	Hisense Kelon Electrical Holdings Co Ltd		31
	68,300		Hitachi Koki Co Ltd		658
	47,186	e	Hooker Furniture Corp		564
	358,784	*,e	Hovnanian Enterprises, Inc (Class A)		1,267
	37,694		Hugo Boss AG.		3,138
	9,771		Hunter Douglas NV		498
	318,477		Husqvarna AB (B Shares)		2,730
	11,527		IC Companys AS		492
	364,845	*	Iconix Brand Group, Inc		7,837
	47,239	e	Indesit Co S.p.A.		560
	46,800	*	Inpar S.A.		89
	184,000		International Taifeng Holdings Ltd		81
	76,000		Inventec Appliances Corp		60
	83,150	*,e	iRobot Corp		2,735
	176,617	*	Jakks Pacific, Inc		3,418
	97,000		Japan Vilene Co Ltd		472
	99,000		Japan Wool Textile Co Ltd		834
	5,726,710	a	Jarden Corp		203,699
	18,394		JBF Industries Ltd		68
	81,000	*	Jinshan Development & Construction Co Ltd		59
	116,507	e	JM AB		3,098
	181,534	*,e	Joe’s Jeans, Inc		192
	38,000		Johnson Health Tech Co Ltd		63
	8,536	*	Johnson Outdoors, Inc		130
	428,191	e	Jones Apparel Group, Inc		5,888
	213,400	*	JVC KENWOOD Holdings, Inc		1,038
	231,443	e	KB Home		2,879
	67,241	*,e	Kenneth Cole Productions, Inc (Class A)		872
	9,000	*	Kinko Optical Co Ltd		14
	88,300		Konka Group Co Ltd		35
	110,179	*,e	K-Swiss, Inc (Class A)		1,242
	730,000		Kurabo Industries Ltd		1,332
	134,000	*	Kwong Fong Industries		54
	202		Kyungbang Ltd		20
	15,363	e	Lacrosse Footwear, Inc		282
	37,000	*	LAN FA Textile		22
	50,200		Lao Feng Xiang Co Ltd		135
	256,485	*	La-Z-Boy, Inc		2,449
	122,000		Le Saunda Holdings		58
	49,000		Lealea Enterprise Co Ltd		26
	192,978	*,e	Leapfrog Enterprises, Inc		834
	457,674	e	Leggett & Platt, Inc		11,213
	506,266	e	Lennar Corp (Class A)		9,174
	149,463		LG Electronics, Inc		14,292
	29,471		LG Electronics, Inc (Preference)		1,042
	6,950		LG Fashion Corp		187

45

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	562,000		Li Heng Chemical Fibre Technologies Ltd	$	76
	1,044,000	e	Li Ning Co Ltd		1,756
	29,000	*	Li Peng Enterprise Co Ltd		15
	124,652	*	Libbey, Inc		2,057
	45,667	*,e	Lifetime Brands, Inc		685
	460,226	*,e	Liz Claiborne, Inc		2,481
	9,481		Loewe AG.		87
	48,699	*,e	Lululemon Athletica, Inc		4,337
	129,900		Luthai Textile Co Ltd		123
	140,080		Luxottica Group S.p.A.		4,572
	440,055		LVMH Moet Hennessy Louis Vuitton S.A.		69,678
	77,302	*,e	M/I Homes, Inc		1,159
	97,739	*,e	Maidenform Brands, Inc		2,792
	4,551	e	Maisons France Confort		239
	65,000		Makalot Industrial Co Ltd		153
	537,600		Man Wah Holdings Ltd		697
	6,442	*,b	Mariella Burani S.p.A.		23
	48,539	*,e	Marine Products Corp		385
	10,800	e	Mars Engineering Corp		183
	1,060,769	e	Matsushita Electric Industrial Co Ltd		13,437
	1,509,338		Mattel, Inc		37,628
	186,738	e	MDC Holdings, Inc		4,734
	158,000		Meike International Holdings Ltd		30
	77,000		Meiloon Industrial Co		39
	76,000		Merida Industry Co Ltd		141
	185,123	*,e	Meritage Homes Corp		4,467
	44,000		Merry Electronics Co Ltd		69
	65,000		Mitsui Home Co Ltd		353
	230,000	e	Mizuno Corp		979
	170,246	*,e	Mohawk Industries, Inc		10,411
	59,192	*,e	Movado Group, Inc		869
	526,098		MRV Engenharia e Participacoes S.A.		4,208
	45,089		Namco Bandai Holdings, Inc		491
	1,388	*,e	Nautilus, Inc		4
	62,918		New Wave Group AB (B Shares)		541
	7,136,750		Newell Rubbermaid, Inc		136,526
	54,238		Nexity		2,687
	21,300		Nidec Copal Corp		257
	178,000		Nien Hsing Textile Co Ltd		140
	1,330,419		Nike, Inc (Class B)		100,713
	189,703	e	Nikon Corp		3,912
	215,447	e	Nisshinbo Industries, Inc		2,092
	206,253	*,e	Nobia AB		1,936
	21,900	*,e	Noritsu Koki Co Ltd		132
	46,489	*,e	NVR, Inc		35,146
	1,620		Olympic Group Financial Investments		9
	211,531	e	Onward Kashiyama Co Ltd		1,571
	20,000		O-TA Precision Industry Co Ltd		23
	63,402	e	Oxford Industries, Inc		2,168
	848,165		Pace plc		2,069
	1,035,000		Pacific Textile Holdings Ltd		599
	105,000		PanaHome Corp		678

46

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	69		Panasonic Corp (ADR)	$	1
	671,760	*,e	Pandora AS		34,283
	4,126,764		PDG Realty S.A.		23,153
	402,000	*,m	Peace Mark Holdings Ltd		78
	332,000	e	Peak Sport Products Co Ltd		228
	3,000		Pegas Nonwovens S.A.		77
	66,261	*,e	Perry Ellis International, Inc		1,824
	669,582		Persimmon plc		4,773
	166,670		Phillips-Van Heusen Corp		10,839
	444,500	*,e	Pioneer Corp		1,849
	10,424,857		Playmates Holdings Ltd		3,834
	202,207	e	Polaris Industries, Inc		17,596
	164,327	e	Polo Ralph Lauren Corp (Class A)		20,319
	71,428	*	Poltrona Frau S.p.A.		109
	209,612		Pool Corp		5,054
	139,000		Ports Design Ltd		320
	5,984,250		Pou Chen Corp		5,522
	1,267,700	e	Prime Success International Group Ltd		952
	11,286		Provogue India Ltd		11
	7,779,013	*	Pulte Homes, Inc		57,565
	204		Puma AG. Rudolf Dassler Sport		60
	580,899	*,e	Quiksilver, Inc		2,568
	39,539		Rajesh Exports Ltd		96
	20,728	*	Raymond Ltd		148
	120,125	*	RC2 Corp		3,376
	328,515	*	Redrow plc		659
	25,316		RG Barry Corp		331
	1,784,000	*,e	Richfield Group Holdings Ltd		163
	22,957		Rinnai Corp		1,520
	688,000	*	Rising Development Holdings		143
	7,400		Rodobens Negocios Imobiliarios S.A.		57
	4,575	*	Rodriguez Group		33
	32,000		Roland Corp		380
	281,420		Rossi Residencial S.A.		2,346
	613,000		Ruentex Industries Ltd		1,646
	105,428	*,e	Russ Berrie & Co, Inc		775
	202,367	e	Ryland Group, Inc		3,218
	54,445	*	S Kumars Nationwide Ltd		67
	7,001		Sabaf S.p.A.		229
	42,644	*	Safilo Group S.p.A.		764
	1,501		Sam Kwang Glass Ind Co Ltd		88
	2,030		Samchuly Bicycle Co Ltd		18
	182,000	*	Sampo Corp		61
	36,276		Sangetsu Co Ltd		841
	133,966		Sankyo Co Ltd		6,861
	57,000		Sanyo Electric Taiwan Co Ltd		63
	125,000	e	Sanyo Shokai Ltd		383
	8,757		Schulthess Group		500
	285,611	*,e	Sealy Corp		725
	46,212		SEB S.A.		4,554
	1,422,898	e	Sega Sammy Holdings, Inc		24,676
	233,000	e	Seiko Holdings Corp		800

47

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,515,630		Seiren Co Ltd	$	10,477
	2,590,306	e	Sekisui Chemical Co Ltd		20,238
	695,775		Sekisui House Ltd		6,493
	41,000	*	Shanghai Haixin Group Co		28
	3,344,550	*,e	Sharp Corp		33,178
	2,787,000	e	Shenzhou International Group Holdings Ltd		3,284
	168,000	e	Shikibo Ltd		198
	21,118	e	Shimano, Inc		1,057
	23,000		Shinkong Textile Co Ltd		31
	147,378	*,e	Skechers U.S.A., Inc (Class A)		3,027
	33,445	e	Skyline Corp		671
	3,841,555	e	Skyworth Digital Holdings Ltd		2,174
	259,395	*,e	Smith & Wesson Holding Corp		921
	191,131		Socovesa S.A.		144
	2,050,985	*	Sony Corp		65,418
	10,081		SRF Ltd		72
	157		SRI Sports Ltd		168
	574,248	*,e	Standard-Pacific Corp		2,142
	644,972		Stanley Works		49,405
	19,000	*	Star Comgistic Capital Co Ltd		21
	1,913,207	*,e	Steinhoff International Holdings Ltd		7,117
	34,304	*	Steinway Musical Instruments, Inc		762
	766,000		Stella International Holdings Ltd		1,709
	149,765	*	Steven Madden Ltd		7,028
	82,378	e	Sturm Ruger & Co, Inc		1,892
	281,954	e	Sumitomo Forestry Co Ltd		2,555
	39,638	*,e	Summer Infant, Inc		317
	12,693		Swatch Group AG.		5,601
	140,806		Swatch Group AG. Reg		11,167
	31,000		Tainan Enterprises Co Ltd		43
	2,363,000		Tainan Spinning Co Ltd		1,570
	129,000		Taiwan Paiho Ltd		149
	20,000		Taiwan Sakura Corp		16
	133,493		Takamatsu Corp		2,157
	25,700	e	Tamron Co Ltd		576
	4,800,000	*	Tatung Co Ltd		1,102
	4,543,047	*	Taylor Woodrow plc		2,960
	60,000		TCL Multimedia Technology Holdings Ltd		17
	1,855,472	e	Techtronic Industries Co		2,576
	35,400		Tecnisa S.A.		257
	580,481	*	Tempur-Pedic International, Inc		29,407
	59,142		Ten Cate NV		2,428
	78,000		Texhong Textile Group Ltd		72
	752,000		Texwinca Holdings Ltd		796
	4,210,000	*	Theme International Holdings Ltd		287
	779		Thinkware Systems Corp		7
	106,700	*	Thomson		774
	9	*	Thomson		0	^
	252,222	*	Timberland Co (Class A)		10,414
	12,588		Tod’s S.p.A.		1,479
	10,170	e	Token Corp		449
	82,000		Tokyo Style Co Ltd		593

48

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	853,361	*	Toll Brothers, Inc	$	16,871
	184,149	*,e	TomTom NV		1,637
	72,168	e	Tomy Co Ltd		548
	16,400		Touei Housing Corp		180
	934,676	e	Toyobo Co Ltd		1,350
	30,367		Trigano S.A.		1,029
	1,962,000		Trinity Ltd		1,822
	103,008	*,e	True Religion Apparel, Inc		2,418
	281,600	*	Tsann Kuen China Enterprise Co Ltd		73
	18,000		Tsann Kuen Enterprise Co Ltd		37
	4,977		TTK Prestige Ltd		250
	1,589,394		Tupperware Corp		94,903
	149,562	*,e	Under Armour, Inc (Class A)		10,178
	87,112	*,e	Unifi, Inc		1,481
	624,000	*,e	Unitika Ltd		504
	65,738	*	Universal Electronics, Inc		1,943
	651,215	*	Urbi Desarrollos Urbanos S.A. de C.V		1,520
	1,476		Vardhman Textiles Ltd		9
	295	*,m	Vardhman Textiles Ltd		0	^
	39,900	*,e	Vera Bradley, Inc		1,684
	34,646		Vestel Beyaz Esya Sanayi ve Ticaret AS.		66
	26,811	*	Vestel Elektronik Sanayi		46
	467,220	e	VF Corp		46,035
	996,299		Victory City International Hldgs Ltd		201
	24,002		Videocon Industries Ltd		103
	10,872		VIP Industries Ltd		162
	82,069	e	Volcom, Inc		1,521
	148,627	e	Wacoal Holdings Corp		1,874
	4,608,000	*	Wai Chun Mining Industry Group Co Ltd		93
	247,827	*	Warnaco Group, Inc		14,173
	58,500		Weiqiao Textile Co		58
	2,254,000	e	Welling Holding Ltd		120
	33,572		Weyco Group, Inc		821
	640,314		Whirlpool Corp		54,657
	10,789	*	Whirlpool of India Ltd		64
	672,000		Win Hanverky Holdings Ltd		85
	279,168		Wolverine World Wide, Inc		10,407
	65,990	*	Woongjin Chemical Co Ltd		84
	83,670		Woongjin Coway Co Ltd		2,887
	38,960	*	Wuxi Little Swan Co Ltd		85
	287,000		XTEP International Holdings		195
	37,970		Yamaha Corp		431
	5,000		Young Optics, Inc		21
	12,700		Youngone Corp		120
	800		Youngone Holdings Co Ltd		24
	1,861,845	e	Yue Yuen Industrial Holdings		5,921
	8,000		Zeng Hsing Industrial Co Ltd		29
	10,000		Zhonglu Co Ltd		10
	21,000		Zig Sheng Industrial Co Ltd		14
			TOTAL CONSUMER DURABLES & APPAREL		2,176,860

49

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
CONSUMER SERVICES - 1.7%
	202,053	e	888 Holdings plc	$	141
	919,418		Accor S.A.		41,318
	1,374		Accordia Golf Co Ltd		966
	121,214	*	AFC Enterprises		1,834
	263,000		Ajisen China Holdings Ltd		507
	148,600		Alsea SAB de C.V.		158
	83,000		Ambassador Hotel		118
	94,283		Ambassadors Group, Inc		1,032
	97,689	*,e	American Public Education, Inc		3,952
	164,310	e	Ameristar Casinos, Inc		2,917
	743	*	AmRest Holdings SE		20
	189,400		Anhanguera Educacional Participacoes S.A.		4,638
	944,258	*	Apollo Group, Inc (Class A)		39,384
	16,135		Aptech Ltd		36
	48,595	*,e	Archipelago Learning, Inc		415
	553,748	e	Aristocrat Leisure Ltd		1,860
	58,300	*,e	Atom Corp		171
	4,174	*	Autogrill S.p.A.		59
	170,344	*,e	Bally Technologies, Inc		6,448
	430,611	*	Banyan Tree Holdings Ltd		321
	91,121		Benesse Corp		3,741
	971,472		Berjaya Sports Toto BHD		1,365
	98,249		Betsson AB (Series B)		2,167
	94,727	*,e	BJ’s Restaurants, Inc		3,726
	71,209	*	Bluegreen Corp		293
	154,306		Bob Evans Farms, Inc		5,030
	273,238	*,e	Boyd Gaming Corp		2,560
	35,500	*,e	Bravo Brio Restaurant Group, Inc		628
	74,662	*,e	Bridgepoint Education, Inc		1,277
	843,222		Brinker International, Inc		21,334
	77,249	*,e	Buffalo Wild Wings, Inc		4,205
	41,960	m	bwin Interactive Entertainment		1,576
	436,000	e	Cafe de Coral Holdings Ltd		1,019
	152,516	*,e	California Pizza Kitchen, Inc		2,574
	70,483	*,e	Cambium Learning Group, Inc		240
	71,358	*,e	Capella Education Co		3,553
	411,373	*	Career Education Corp		9,346
	32,521	*,e	Caribou Coffee Co, Inc		331
	1,039,218	e	Carnival Corp		39,864
	193,854		Carnival plc		7,626
	53,056	*,e	Carrols Restaurant Group, Inc		492
	146,751	e	CBRL Group, Inc		7,211
	120,837		CEC Entertainment, Inc		4,559
	392,200		Central Plaza Hotel PCL		67
	1,514,040		Century City International		119
	308,579	*,e	Cheesecake Factory		9,285
	5,870,000	*	China Energy Development Holdings Ltd		215
	2,408,000	*	China LotSynergy Holdings Ltd		85
	5,186,000	*	China Travel International Inv HK		1,086
	102,680	*,e	Chipotle Mexican Grill, Inc (Class A)		27,967
	68,492	e	Choice Hotels International, Inc		2,661
	49,839		Churchill Downs, Inc		2,068

50

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	11,685		Cie des Alpes	$	374
	15,471		City Lodge Hotels Ltd		154
	30,919	*	Club Mediterranee S.A.		666
	43,819	*	Codere S.A.		652
	189,226	*,e	Coinstar, Inc		8,689
	87,000	e	Colowide Co Ltd		455
	293,764		Compass Group plc		2,641
	36,092		Consumers’ Waterheater Income Fund		249
	368,640	*,e	Corinthian Colleges, Inc		1,629
	1,925		Cox & Kings India Ltd		18
	50,891	e	CPI Corp		1,146
	276		Credu Corp		12
	242,767	e	Crown Ltd		2,045
	2,112	*	Ctrip.com International Ltd (ADR)		88
	9,000	e	Daisyo Corp		106
	1,469,220		Darden Restaurants, Inc		72,182
	597,176	*,e	Denny’s Corp		2,425
	192,824		DeVry, Inc		10,619
	76,095	e	Dignity plc		850
	77,560	*,e	DineEquity, Inc		4,264
	156,793		Domino’s Pizza UK & IRL plc		1,077
	275,864	*	Domino’s Pizza, Inc		5,084
	42,100	e	Doutor Nichires Holdings Co Ltd		510
	80,119	*,e	Education Management Corp		1,678
	706,919		Educomp Solutions Ltd		6,647
	264,641	*	Egyptian for Tourism Resorts		55
	20,658		EIH Ltd		37
	11,663	e	Einstein Noah Restaurant Group, Inc		190
	54,365	*,e	Empire Resorts, Inc		34
	334,428	*	Enjoy S.A.		95
	700,399	*	Enterprise Inns plc		994
	32,300		Estacio Participacoes S.A.		524
	31,247	*,e	Euro Disney SCA		335
	9,301		Everonn Education Ltd		121
	6,001		Famous Brands Ltd		34
	73,000		First Hotel		66
	133,337	e	Flight Centre Ltd		3,070
	33,670		Formosa International Hotels Corp		574
	80,000	e	Fuji Kyuko Co Ltd		413
	69,000	e	Fujita Kanko, Inc		263
	131,000	*,e	Galaxy Entertainment Group Ltd		191
	170,390	*,e	Gaylord Entertainment Co		5,909
	3,146,515		Genting BHD		11,460
	366,000	*	Genting Hong Kong Ltd		150
	4,689,835	*,e	Genting International plc		7,625
	30,255		Gold Reef Resorts Ltd		71
	3,794,000	*	Golden Resorts Group Ltd		507
	196,433	*,e	Grand Canyon Education, Inc		2,848
	4,610		Grand Korea Leisure Co Ltd		70
	90,015	*	Great Canadian Gaming Corp		716
	510,302	e	Greene King plc		3,663
	663,000		GuocoLeisure Ltd		396

51

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,714,862		H&R Block, Inc	$	28,706
	1,886		Hana Tour Service, Inc		76
	197,081	e	Hillenbrand, Inc		4,237
	28,500	e	HIS Co Ltd		580
	97,305		Holidaybreak plc		501
	919,684		Hongkong & Shanghai Hotels		1,683
	12,227		Hotel Leela Venture Ltd		11
	2,107,000		Hotel Properties Ltd		4,169
	8,490		Hotel Shilla Co Ltd		198
	71,250	*	Huangshan Tourism Development Co Ltd		107
	328,063	*	Hurtigruten Group ASA		279
	338,547	*,e	Hyatt Hotels Corp		14,571
	8,700		Ichibanya Co Ltd		248
	256,630		Indian Hotels Co Ltd		484
	120,624		Intercontinental Hotels Group plc		2,472
	583,468	e	International Game Technology		9,470
	53,631	e	International Speedway Corp (Class A)		1,598
	174,586	*,e	Interval Leisure Group, Inc		2,854
	154,029		Intralot S.A.-Integrated Lottery Systems & Services		534
	320,715		Invocare Ltd		2,348
	80,736	*,e	Isle of Capri Casinos, Inc		767
	204,925	*,e	ITT Educational Services, Inc		14,785
	226,334	*	Jack in the Box, Inc		5,133
	210,898	*,e	Jamba, Inc		464
	180,000	*	Janfusun Fancyworld Corp		57
	442,800		Jollibee Foods Corp		890
	18,458	*	Jubilant Foodworks Ltd		223
	105,512	*,e	K12, Inc		3,556
	185,670		Kangwon Land, Inc		4,305
	18,050	e	Kappa Create Co Ltd		340
	23,300	e	Kisoji Co Ltd		473
	298,562	*,e	Krispy Kreme Doughnuts, Inc		2,102
	10,300	*	Kroton Educacional S.A.		133
	3,747		Kuoni Reisen Holding		1,726
	14,100	e	Kura Corp		207
	18,700	e	Kyoritsu Maintenance Co Ltd		267
	1,250,885	e	Ladbrokes plc		2,657
	43,700		Landmarks BHD		22
	1,821,723	*	Las Vegas Sands Corp		76,912
	32,004	e	Learning Tree International, Inc		281
	35,000	*	Leofoo Development Co		22
	176,361	*,e	Life Time Fitness, Inc		6,580
	141,935	e	Lincoln Educational Services Corp		2,255
	123,000		Little Sheep Group Ltd		82
	1,770	*	Lotte Tour Development Co Ltd		31
	59,856	e	Lottomatica S.p.A.		1,078
	72,969	e	Mac-Gray Corp		1,177
	112,267		Marcus Corp		1,224
	1,299,410	e	Marriott International, Inc (Class A)		46,233
	789,919	e	Marston’s plc		1,202
	19,400		Masterskill Education Group BHD		12
	20,700	e	Matsuya Foods Co Ltd		376

52

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	125,082	e	Matthews International Corp (Class A)	$	4,822
	72,050	*,e	McCormick & Schmick’s Seafood Restaurants, Inc		520
	3,788,823		McDonald’s Corp		288,291
	16,409	e	McDonald’s Holdings Co Japan Ltd		397
	1,479		MegaStudy Co Ltd		228
	4,396,213	e	Melco International Development		2,992
	1,046,260	*,e	Melco PBL Entertainment Macau Ltd (ADR)		7,952
	576,422	*,e	MGM Mirage		7,580
	214,220		Millennium & Copthorne Hotels plc		1,735
	564,100		Minor International PCL (Foreign)		224
	341,881	*	Mitchells & Butlers plc		1,655
	1,139		Modetour Network, Inc		36
	51,545	*	Monarch Casino & Resort, Inc		536
	105,909	*,e	Morgans Hotel Group Co		1,038
	33,200		MOS Food Services, Inc		610
	158,842	*	Multimedia Games, Inc		910
	644,000		NagaCorp Ltd		132
	32,007	e	National American University Holdings, Inc		227
	213,261		Navitas Ltd		944
	105,012	*,e	NH Hoteles S.A.		711
	96,479	*,e	O’Charleys, Inc		576
	16,000		Ohsho Food Service Corp		381
	125,217		OPAP S.A.		2,674
	17,637		Orascom Development Holding AG.		822
	5,076	*	Orbis S.A.		71
	76,081	e	Oriental Land Co Ltd		6,046
	5,408,835	*,a,e	Orient-Express Hotels Ltd (Class A)		66,906
	653		Pacific Golf Group International Holdings KK		357
	112,369		Paddy Power plc		4,921
	506,436		Paliburg Holdings Ltd		202
	184,854	*	Panera Bread Co (Class A)		23,476
	96,078	*	Papa John’s International, Inc		3,043
	4,604		Paradise Co Ltd		23
	940,660	*	PartyGaming plc		3,017
	50,231	*,e	Peet’s Coffee & Tea, Inc		2,416
	583,126	*,e	Penn National Gaming, Inc		21,611
	219,954	e	PF Chang’s China Bistro, Inc		10,160
	6,428		Pierre & Vacances		565
	282,888	*,e	Pinnacle Entertainment, Inc		3,853
	66,500		Plenus Co Ltd		1,013
	29,797	*,e	Pre-Paid Legal Services, Inc		1,967
	81,435	*,e	Princeton Review, Inc		31
	152,263		Prommethean World plc		143
	889,542	*	Punch Taverns plc		1,100
	51,800		QSR Brands BHD		90
	793,667	*,e	Raffles Education Corp Ltd		491
	857,558		Rank Group plc		2,057
	51,224	*,e	Red Lion Hotels Corp		420
	83,842	*,e	Red Robin Gourmet Burgers, Inc		2,255
	737,000		Regal Hotels International Holdings Ltd		333
	289,730	e	Regis Corp		5,140
	41,062	*	Remco for Touristic Villages Construction		21

53

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	6,381,800		Resorts World BHD	$	7,746
	83,500		Resorttrust, Inc		1,136
	413,553		Restaurant Group plc		1,986
	41,350,000		Rexcapital Financial Holdings Ltd		4,574
	171,908	*	Rezidor Hotel Group AB		1,083
	19,200	e	Ringer Hut Co Ltd		237
	159,200		Round One Corp		748
	958,749	*,e	Royal Caribbean Cruises Ltd		39,558
	33,700		Royal Holdings Co Ltd		332
	325,606	*	Ruby Tuesday, Inc		4,269
	115,136	*,e	Ruth’s Chris Steak House, Inc		594
	40,000	e	Saizeriya Co Ltd		614
	21,145,902	*	Sands China Ltd		47,118
	267,614	*,e	Scientific Games Corp (Class A)		2,339
	771,849		Service Corp International		8,537
	372,000		Shanghai Jin Jiang International Hotels Group Co Ltd		80
	45,900		Shanghai Jinjiang International Hotels Development Co Ltd		80
	19,700		Shanghai Jinjiang International Travel Co Ltd		35
	1,116,319		Shangri-La Asia Ltd		2,883
	718		Shinsegae Food Co Ltd		56
	236,948	*	Shuffle Master, Inc		2,531
	6,653,000		SJM Holdings Ltd		11,641
	28,447		SkiStar AB (Series B)		488
	190,513		Sky City Entertainment Group Ltd		491
	324,000	*	SMI Corp Ltd		17
	120,930	*	Snai S.p.A.		420
	153,142		Sodexho Alliance S.A.		11,189
	77,742	e	Sol Melia S.A.		893
	254,545	*,e	Sonic Corp		2,304
	680,129		Sotheby’s (Class A)		35,774
	54,214	e	Speedway Motorsports, Inc		866
	657,911		Sportingbet plc		518
	10,200	e	St Marc Holdings Co Ltd		373
	674,000		Stamford Land Corp Ltd		329
	395	e	Starbucks Coffee Japan Ltd		212
	4,477,261	e	Starbucks Corp		165,434
	1,041,198	e	Starwood Hotels & Resorts Worldwide, Inc		60,513
	6,737	*,e	Steak N Shake Co		2,853
	63,098	*,e	Steiner Leisure Ltd		2,919
	358,928	e	Stewart Enterprises, Inc (Class A)		2,742
	43,881	e	Strayer Education, Inc		5,726
	76,900	*	Summit Hotel Properties, Inc		764
	29,194		Sun International Ltd		390
	477,130		Tabcorp Holdings Ltd		3,696
	788,788		Tattersall’s Ltd		1,908
	245,896	e	Texas Roadhouse, Inc (Class A)		4,178
	75,267	e	Thomas Cook Group plc		206
	269,153		Tim Hortons, Inc (Toronto)		12,207
	5,667	*	Tipp24 SE		242
	239,000		Tokyo Dome Corp		477
	210,000	e	Tokyotokeiba Co Ltd		273

54

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	107		Toridoll.corp	$	122
	5,075	*,e	TUI AG.		61
	81,030	e	TUI Travel plc		295
	88,164		Universal Technical Institute, Inc		1,715
	82,735		UP, Inc		647
	167,783	*,e	Vail Resorts, Inc		8,181
	28,900	e	WATAMI Co Ltd		460
	135,490	e	Weight Watchers International, Inc		9,498
	633,468		Wendy’s/Arby’s Group, Inc (Class A)		3,186
	155,048		Wetherspoon (J.D.) plc		1,056
	199,742	e	Whitbread plc		5,283
	1,447,839		William Hill plc		4,196
	915,503	*,e	WMS Industries, Inc		32,363
	1,382,037	e	Wyndham Worldwide Corp		43,963
	6,143,237		Wynn Macau Ltd		17,142
	199,184		Wynn Resorts Ltd		25,346
	335,000		YBM Sisa.com, Inc		2,299
	50,000		Yomiuri Land Co Ltd		169
	1,178		Yoshinoya D&C Co Ltd		1,418
	2,098,822	e	Yum! Brands, Inc		107,836
	4,794	*	Zee Learn Ltd		2
	92,700	e	Zensho Co Ltd		921
			TOTAL CONSUMER SERVICES		1,900,393
DIVERSIFIED FINANCIALS - 6.0%
	932,493		3i Group plc		4,470
	33,714		ABC Arbitrage		361
	1,158,836		Aberdeen Asset Management plc		3,916
	33,952		Ackermans & Van Haaren		3,280
	359,647	e	Acom Co Ltd		4,845
	31,725		Administradora de Fondos de Pensiones Provida S.A.		160
	8,400		Administradora de Fondos de Pensiones Provida S.A. (ADR)		633
	412,480		Advance America Cash Advance Centers, Inc		2,186
	852,644	e	Aeon Credit Service Co Ltd		11,759
	778,303		Aeon Thana Sinsap Thailand PCL		862
	950,000		Aeon Thana Sinsap Thailand Pcl (ADR)		1,052
	272,735	*	Affiliated Managers Group, Inc		29,829
	1,152,495		African Bank Investments Ltd		6,447
	125,843	e	AGF Management Ltd		2,545
	191,350	e	Aiful Corp		238
	77,646	*	Altamir Amboise		890
	1,722,832	*	American Capital Ltd		17,056
	3,785,925		American Express Co		171,123
	1,010,451		Ameriprise Financial, Inc		61,718
	2,923,267		AMMB Holdings BHD		6,260
	882,088		Apollo Investment Corp		10,638
	523,064	*	Apollo Management LP		9,415
	682,200	f,g	ARA Asset Management Ltd (purchased 10/26/07, cost $410)		952
	579,650		Ares Capital Corp		9,796
	175,512	e	Artio Global Investors, Inc		2,836
	694,664	e	Ashmore Group plc		3,689

55

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	72,029	*,e	Asset Acceptance Capital Corp	$	387
	41,991		Asta Funding, Inc		359
	388,388		Australian Stock Exchange Ltd		13,817
	32,151		Avanza AB		1,242
	302,756		Ayala Corp		2,683
	2,215	*	Ayala Corp Preferred		0	^
	209,188	*	Azimut Holding S.p.A.		2,334
	1,632		Bajaj Auto Finance Ltd		26
	5,058		Bajaj Auto Ltd		90
	150,556		Banca Finnat Euramerica S.p.A.		101
	123,372	e	Banca Generali S.p.A		1,876
	17,050		Banca IFIS S.p.A.		126
	319,925	*	Banca Profilo S.p.A.		167
	40,957,824		Bank of America Corp		545,968
	3,480,122		Bank of New York Mellon Corp		103,951
	108,955		Bank Sarasin & Compagnie AG.		4,745
	310,806	e	BGC Partners, Inc (Class A)		2,887
	90,361		BinckBank NV		1,575
	381,223		BlackRock Kelso Capital Corp		3,862
	937,825		BlackRock, Inc		188,513
	5,034,387		Blackstone Group LP		90,015
	4,461,746		BM&FBOVESPA S.A.		32,384
	8,460,602		Bolsa de Valores de Colombia		184
	25,681	m	Bolsa de Valores de Lima S.A.		100
	141,700		Bolsa Mexicana de Valores S.A. de C.V.		298
	109,818	e	Bolsas y Mercados Espanoles		3,340
	31,677	*,e	Boursorama		370
	42,554		Brait S.A.		118
	331,884		Brewin Dolphin Holdings plc		895
	517,353	*,e	Broadpoint Securities Group, Inc		900
	84,081		BT Investment Management Ltd		238
	110,672	e	Bure Equity AB		601
	412,200		Bursa Malaysia BHD		1,133
	121,583		Calamos Asset Management, Inc (Class A)		2,017
	3,489	e	California First National Bancorp		53
	109,805		Canaccord Capital, Inc		1,586
	1,918,642		Capital One Financial Corp		99,693
	1,406,923		Capital Securities Corp		629
	14,975	e	Capital Southwest Corp		1,371
	155,583		Cash America International, Inc		7,165
	41,850	e	CBOE Holdings, Inc		1,212
	98,780		Century Leasing System, Inc		1,628
	257,400		CETIP S.A.-Balcao Organizado de Ativos e Derivativos		4,257
	1,205,653		Challenger Financial Services Group Ltd		6,147
	2,559,725	e	Charles Schwab Corp		46,152
	214,000		China Bills Finance Corp		79
	1,440,000	e	China Everbright Ltd		3,223
	32,000		China Merchants China Direct Investments Ltd		69
	3,236		Cholamandalam DBS Finance Ltd		13
	284,522	e	CI Financial Corp		6,765
	108,395	*	Citadel Capital Corp		102

56

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	108,757,459	*,e	Citigroup, Inc	$	480,708
	199,019		Close Brothers Group plc		2,695
	421,053		CME Group, Inc		126,969
	74,578	e	Cohen & Steers, Inc		2,213
	681,047		Collins Stewart plc		929
	4,213		Compagnie Financiere Tradition S.A.		532
	1,788,700	*,e	Compartamos SAB de C.V.		3,220
	246,078		Compass Diversified Trust		3,627
	81,893	e	CompuCredit Corp		538
	237,000	*	Concord Securities Corp		74
	91,451		Coronation Fund Managers Ltd		241
	20,291		Corp Financiera Alba		1,253
	92,123		Corp Financiera Colombiana S.A.		1,734
	207,933		Count Financial Ltd		265
	151,040	*,e	Cowen Group, Inc		606
	22,848	*,e	Credit Acceptance Corp		1,621
	574,260	e	Credit Saison Co Ltd		9,266
	2,491,086		Credit Suisse Group		105,673
	1,159,600	e	Criteria Caixacorp S.A.		8,178
	27,398		DAB Bank AG.		167
	175,020		Daewoo Securities Co Ltd		3,569
	18,500		Daishin Securities Co Ltd		248
	9,740		Daishin Securities Co Ltd PF		82
	1,025,422	*,e	Daiwa Securities Group, Inc		4,710
	81,916		Davis & Henderson Income Fund		1,730
	130,557	*,e	DeA Capital S.p.A.		287
	1,236,331		Deutsche Bank AG.		72,488
	36,915	e	Deutsche Beteiligungs AG.		1,064
	463,227		Deutsche Boerse AG.		35,069
	12,883	e	Diamond Hill Investment Group, Inc		1,031
	13,958		Dinamia		166
	5,667,975	e	Discover Financial Services		136,711
	153,123	*	Dollar Financial Corp		3,177
	112,271	*	Dom Maklerski IDMSA		110
	14,060		Dongbu Securities Co Ltd		84
	120,474	e	Duff & Phelps Corp		1,925
	150,720	*	Dundee Corp		3,910
	6,742,164	*	E*Trade Financial Corp		105,380
	41,398	*	East Capital Explorer AB		561
	229,214		Eaton Vance Corp		7,390
	72,857		Edelweiss Capital Ltd		66
	72,240	e	EFG International		1,070
	795,687		Egypt Kuwait Holding Co		1,103
	365,888		Egyptian Financial Group-Hermes Holding		1,348
	21,043	*	Elron Electronic Industries		123
	63,495	*	Encore Capital Group, Inc		1,504
	57,605	e	Epoch Holding Corp		909
	75,130	*	Eugene Investment & Securities Co Ltd		43
	23,904		Eurazeo		1,871
	123,396		Evercore Partners, Inc (Class A)		4,231
	321,315		Evolution Group plc		397
	53,378	e	Exor S.p.A.		1,639

57

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	199,315	*	Ezcorp, Inc (Class A)	$	6,256
	639,466		F&C Asset Management plc		778
	225,756	*	FBR Capital Markets Corp		808
	173,414	e	Federated Investors, Inc (Class B)		4,639
	240,695	e	Fifth Street Finance Corp		3,213
	9,977		Fimalac		403
	65,399	*,e	Financial Engines, Inc		1,802
	19,900		Financiera Independencia SAB de C.V.		20
	184,312	*,e	First Cash Financial Services, Inc		7,114
	277,984	*,e	First Marblehead Corp		612
	2,959,501		First Pacific Co		2,647
	1,328,000		First Shanghai Investments Ltd		186
	5,443,779		FirstRand Ltd		16,162
	430,008	e	FlexiGroup Ltd		863
	529,227		Franklin Resources, Inc		66,196
	61,278		Friedman Billings Ramsey Group, Inc (Class A)		1,865
	11,424,594		Fubon Financial Holding Co Ltd		15,151
	9,165,992		Fuhwa Financial Holdings Co Ltd		6,587
	30,800	e	Fuyo General Lease Co Ltd		918
	51,000		FXCM, Inc		665
	20,700	*	Gain Capital Holdings, Inc		159
	33,706	e	GAMCO Investors, Inc (Class A)		1,563
	283,501	*	Gartmore Group Ltd		510
	117	*,e	GCA Savvian Group Corp		193
	4,412,000		Get Nice Holdings Ltd		289
	290,379	e	GFI Group, Inc		1,458
	24,061		Gimv NV		1,449
	131,941	e	Gladstone Capital Corp		1,492
	119,506		Gladstone Investment Corp		927
	19,448		Gluskin Sheff + Associates, Inc		439
	103,601		GMP Capital, Inc		1,685
	11,770	*	Golden Bridge Investment & Securities Co Ltd		19
	3,307,300		Goldman Sachs Group, Inc		524,109
	28,290		Golub Capital BDC, Inc		446
	17,598		Gottex Fund Management Holdings Ltd		125
	16,471	*,e	Green Dot Corp		707
	57,677	e	Greenhill & Co, Inc		3,795
	11,375		Grenkeleasing AG.		681
	147,848		Groupe Bruxelles Lambert S.A.		13,815
	883	*	Groupe Bruxelles Lambert S.A. - STR VVPR		0	^
	11,562,413	e	Guinness Peat Group plc		6,968
	898,000		Guotai Junan International Hol		429
	882,546		Haci Omer Sabanci Holding AS		4,097
	16,860		Hanwha Securities Co		114
	1,790	*	Hanyang Securities Co Ltd		14
	354,359	e	Hargreaves Lansdown plc		3,461
	138,691	*,e	Harris & Harris Group, Inc		746
	78,863		Hellenic Exchanges S.A.		692
	1,185,591		Henderson Group plc		3,222
	176,651	e	Hercules Technology Growth Capital, Inc		1,943
	142,603	*,e	HFF, Inc (Class A)		2,145
	178,900	e	Hitachi Capital Corp		2,345

58

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,890	*	HMC Investment Securities Co Ltd	$	54
	1,309,410	e	Hong Kong Exchanges and Clearing Ltd		28,412
	154,000	*	Horizon Securities Co Ltd		40
	338,207		Hyundai Securities Co		4,064
	33,000		IBJ Leasing Co Ltd		794
	11,593,726	e	ICAP plc		98,117
	216,800	e	Ichiyoshi Securities Co Ltd		1,476
	301,934		IFCI Ltd		356
	638,369	e	IG Group Holdings plc		4,677
	313,238	e	IGM Financial, Inc		15,932
	39,800	*	Imperial Holdings, Inc		404
	49,022		India Infoline Ltd		81
	74,936		Indiabulls Financial Services Ltd		260
	36,191		Indiabulls Securities Ltd		13
	426,682	e	Industrivarden AB		7,577
	1,390,601		Infrastructure Development Finance Co Ltd		4,816
	13,298,874	*	ING Groep NV		168,813
	183,400	*,e	Inmuebles Carso SAB de C.V.		200
	130,663	e	Interactive Brokers Group, Inc (Class A)		2,076
	37,066		Interbolsa S.A.		54
	550,546	*	IntercontinentalExchange, Inc		68,014
	2,433	f	Intergroup Financial Services Corp		70
	908,846		Intermediate Capital Group plc		4,759
	74,190	*,e	International Assets Holding Corp		1,886
	392,911		International Personal Finance plc		2,027
	238,363	*,e	Internet Capital Group, Inc		3,385
	901,762		Invesco Ltd		23,049
	310,174	e	Investec Ltd		2,419
	535,573	e	Investec plc		4,097
	211,281	*	Investment Technology Group, Inc		3,843
	435,108		Investor AB (B Shares)		10,555
	883,570	e	IOOF Holdings Ltd		6,624
	25,922		Is Yatirim Menkul Degerler AS		42
	106,500	e	iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker		183
	1,117,642		iShares MSCI EAFE Index Fund		67,159
	329,827	e	iShares MSCI Emerging Markets		16,060
	345,756	e	iShares Russell 2000 Index Fund		29,102
	50,300		Iwai Securities Co Ltd		283
	179,000	e	Jaccs Co Ltd		481
	165,917	*,e	Jafco Co Ltd		4,278
	831,950	e	Janus Capital Group, Inc		10,374
	8,823,000	*,a,e	Japan Asia Investment Co Ltd		9,131
	1,367,200	e	Japan Securities Finance Co Ltd		9,032
	224,119	e	Jefferies Group, Inc		5,590
	2,920,000	*	Jia Sheng Holdings Ltd		323
	346,000	*	Jih Sun Financial Holdings Co Ltd		163
	106,381	e	JMP Group, Inc		916
	26,563,868	e	JPMorgan Chase & Co		1,224,595
	29,812		JSE Ltd		308
	499,089		Julius Baer Group Ltd		21,607
	633,175	*	Julius Baer Holding AG.		12,014

59

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	348,462	*	Jupiter Investment Management Group Ltd	$	1,606
	846,000		K1 Ventures Ltd		104
	113,800	e	kabu.com Securities Co Ltd		388
	1,720,000	*	Kai Yuan Holdings Ltd		54
	79,360	*	Kardan NV		449
	16,102		KAS Bank NV		267
	39,901	e	Kayne Anderson Energy Development Co		780
	43,613	*,e	KBC Ancora		778
	153,452	e	KBW, Inc		4,019
	3,918,000		KGI Securities Co Ltd		1,876
	124,000		Kim Eng Securities Thailand PCL		58
	645,483		Kinnevik Investment AB (Series B)		15,038
	7,781		KIWOOM Securities Co Ltd		421
	484,610	*,e	Knight Capital Group, Inc (Class A)		6,494
	64,260		Korea Investment Holdings Co Ltd		2,450
	392,817		Kotak Mahindra Bank Ltd		4,035
	24,360	*	KTB Securities Co Ltd		90
	25,570	*	Kumho Investment Bank		16
	9,480		Kyobo Securities Co		62
	170,201	*,e	LaBranche & Co, Inc		669
	388,402	*,e	Ladenburg Thalmann Financial Services, Inc		447
	535,630		Lazard Ltd (Class A)		22,271
	764,004		Legg Mason, Inc		27,573
	588,028	e	Leucadia National Corp		22,075
	51,712	e	Life Partners Holdings, Inc		416
	122,934	e	London Stock Exchange Group plc		1,642
	35,166	*,e	LPL Investment Holdings, Inc		1,259
	32,870	e	Lundbergs AB (B Shares)		2,551
	230,071	*	Macquarie Group Ltd		8,696
	4,475		Mahindra & Mahindra Financial Services		78
	86,274	e	Main Street Capital Corp		1,592
	1,464,857		Man Group plc		5,772
	45,443		Manappuram General Finance & Leasing Ltd		135
	863,086		Marfin Investment Group S.A		954
	122,816	e	MarketAxess Holdings, Inc		2,972
	35,042	*,e	Marlin Business Services Corp		432
	93,300	e	Marusan Securities Co Ltd		456
	278,000		Masterlink Securities Corp		119
	439,628	e	Matsui Securities Co Ltd		2,391
	322,351		MCG Capital Corp		2,095
	27,036	*	MCI Management S.A.		82
	76,592	e	Medallion Financial Corp		673
	1,035,902		Mediobanca S.p.A.		10,580
	25,300	*	Medley Capital Corp		308
	99,410	*	Meritz Securities Co Ltd		91
	955,000		Metro Pacific Investments Corp		72
	4,130,282	*,e	MF Global Holdings Ltd		34,199
	48,000		MIN XIN Holdings Ltd		26
	31,109		Mirae Asset Securities Co Ltd		1,329
	190,000		Mito Securities Co Ltd		281
	116,930		Mitsubishi UFJ Lease & Finance Co Ltd		4,690
	597,000	*,e	Mizuho Investors Securities Co Ltd		553

60

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	67,199		MLP AG.	$	622
	2,763	e	Monex Beans Holdings, Inc		645
	2,315,706		Moody’s Corp		78,526
	4,367,592		Morgan Stanley		119,324
	335,273	*,e	MSCI, Inc (Class A)		12,345
	140,100	*	Mulpha International BHD		25
	315,600		Multi-Purpose Holdings BHD		279
	98,201		MVC Capital, Inc		1,347
	75,010	*	Mvelaphanda Group Ltd		36
	80,586	*	Naeem Holding		36
	606,949	*,e	Nasdaq Stock Market, Inc		15,684
	73,300		National Finance PCL		79
	22,622		Nationale A Portefeuille		1,560
	142,142	e	Nelnet, Inc (Class A)		3,103
	97,600	*,e	Netspend Holdings, Inc		1,027
	103,557	*	NewStar Financial, Inc		1,131
	104,842	e	NGP Capital Resources Co		1,011
	14,302		NH Investment & Securities Co Ltd		119
	2,369,738	*,e	Nomura Holdings, Inc		12,249
	85,170		Nordnet AB (Series B)		264
	5,870,398		Norte Grande S.A.		103
	465,106		Northern Trust Corp		23,604
	514,713		NYSE Euronext		18,102
	435,000		Okasan Holdings, Inc		1,654
	445,073	e	OKO Bank (Class A)		6,056
	213,200	*	OMC Card, Inc		398
	139,611		Onex Corp		4,895
	57,505	e	Oppenheimer Holdings, Inc		1,927
	285,128	e	optionsXpress Holdings, Inc		5,221
	46,332	e	Oresund Investment AB		828
	366,000	*,e	Orient Corp		386
	560,066	*,e	ORIX Corp		52,497
	382		Osaka Securities Exchange Co Ltd		1,915
	210,400		OSK Holdings BHD		125
	5,933		OZ Holding AG.		160
	1,071,000		Pacific Century Regional Developments Ltd		166
	61,117		Pargesa Holding S.A.		5,848
	26,426		Partners Group		5,051
	1,033,000	*	Pearl Oriental Innovation Ltd		187
	214,199		PennantPark Investment Corp		2,553
	143,570	*,e	Penson Worldwide, Inc		963
	517,000	*,m	Peregrine Investment Holdings		0	^
	113,463	e	Perpetual Trustees Australia Ltd		3,419
	54,400	*	Phatra Capital PCL		54
	242,172	*,e	PHH Corp		5,272
	10,300		Philippine Stock Exchange, Inc		90
	98,207	*	Pico Holdings, Inc		2,952
	234,724	*,e	Pinetree Capital Ltd		772
	40,702		Pioneers Holding		16
	68,230	*,e	Piper Jaffray Cos		2,827
	271,967		Platinum Asset Mangement Ltd		1,353
	9,518,585		Polaris Securities Co Ltd		6,434

61

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	72,058	*,e	Portfolio Recovery Associates, Inc	$	6,134
	351,000		President Securities Corp		212
	87,444	*,e	Primus Guaranty Ltd		444
	141,918	e	Promise Co Ltd		995
	392,962	e	Prospect Capital Corp		4,798
	185,862	e	Provident Financial plc		2,864
	480,000		Public Financial Holdings Ltd		312
	36,545		Pzena Investment Management, Inc (Class A)		258
	173,819	*	Quest Capital Corp		319
	59,238		Rathbone Brothers		1,154
	211,385		Ratos AB (B Shares)		8,350
	550,282		Raymond James Financial, Inc		21,043
	143,918		Reliance Capital Ltd		1,882
	625,099		Remgro Ltd		10,290
	99,247	*	RHJ International		802
	44,000		Ricoh Leasing Co Ltd		1,073
	1,248,948		RMB Holdings Ltd		5,159
	83,598	*,e	Rodman & Renshaw Capital Group, Inc		171
	420,076		Rural Electrification Corp Ltd		2,389
	115,603	*,e	Safeguard Scientifics, Inc		2,353
	98,732		Samsung Card Co		4,991
	75,553		Samsung Securities Co Ltd		5,545
	122,143	e	Sanders Morris Harris Group, Inc		978
	16,166	*,e	SBI Holdings, Inc		2,032
	362,432		Schroders plc		10,097
	499,498		SEI Investments Co		11,928
	5	b,m	SFCG Co Ltd		0	^
	385,000		Shenyin Wanguo HK Ltd		167
	1,741,844	*,e	Shinko Securities Co Ltd		4,633
	710		Shinyoung Securities Co Ltd		24
	5,359		Shriram Transport Finance Co Ltd		96
	728,603	e	Singapore Exchange Ltd		4,535
	64,080		SK Securities Co Ltd		110
	56,533	*	SKS Microfinance Pvt Ltd		663
	1,473,334	*	SLM Corp		22,542
	200,442	*	SNS Reaal		1,135
	744		Societa Partecipazioni Finanziarie S.p.A.		0	^
	62,488		Solar Capital Ltd		1,492
	39,800	*	Solar Senior Capital Ltd		741
	1,243	*,e	Sparx Group Co Ltd		132
	1,560,388	e	SPDR Trust Series 1		206,768
	63,868	e	Sprott, Inc		598
	60,084		SREI Infrastructure Finance Ltd		60
	2,671,415		State Street Corp		120,054
	146,383	*,e	Stifel Financial Corp		10,509
	390,393		Suramericana de Inversiones S.A.		7,756
	12,751		Swissquote Group Holding S.A.		764
	124,439	e	SWS Group, Inc		755
	622,705	e	T Rowe Price Group, Inc		41,360
	94,000	*	Ta Chong Securities Co Ltd		35
	442,500		Ta Enterprise BHD		110
	294,337		Tai Fook Securities Group Ltd		187

62

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	54,000		Taiwan Acceptance Corp	$	101
	170,000	*	Takagi Securities Co Ltd		182
	201,840	m	Takefuji Corp		2
	605,520		TD Ameritrade Holding Corp		12,637
	33,963		THL Credit, Inc		464
	204,597	e	TICC Capital Corp		2,224
	130,662	e	TMX Group, Inc		5,232
	448,680		Tokai Tokyo Securities Co Ltd		1,532
	112,871		Tong Yang Investment Bank		809
	93,000		Toyo Securities Co Ltd		148
	191,835	*,e	TradeStation Group, Inc		1,347
	85,016	e	Triangle Capital Corp		1,535
	514,125		Tullett Prebon plc		3,374
	8,677,045	*	UBS AG. (Switzerland)		156,102
	5,916		Union Financiere de France BQE S.A.		277
	1,138,565		UOB-Kay Hian Holdings Ltd		1,589
	166,137	*	Uranium Participation Corp		1,124
	220,862	e	Utilities Select Sector SPDR F		7,045
	1,224,000		Value Partners Group Ltd		1,157
	5,167		Verwalt & Privat-Bank AG.		629
	27,051	*,e	Virtus Investment Partners, Inc		1,594
	78,284		Vontobel Holding AG.		3,024
	103,050	*	Vostok Nafta Investment Ltd		639
	1,277,352		Waddell & Reed Financial, Inc (Class A)		51,873
	5,827	*	Warsaw Stock Exchange		100
	767,772		Waterland Financial Holdings		419
	26,242	e	Westwood Holdings Group, Inc		1,056
	3,330		Woori Financial Co Ltd		48
	120,670		Woori Investment & Securities Co Ltd		2,208
	82,740	*,e	World Acceptance Corp		5,395
			TOTAL DIVERSIFIED FINANCIALS		6,693,783
ENERGY - 11.8%
	8,104		Aban Offshore Ltd		112
	321,470	*	Abraxas Petroleum Corp		1,881
	5,000		Acergy S.A.		126
	16,698,500		Adaro Energy Tbk		4,208
	226,307	*	Advantage Oil & Gas Ltd		2,031
	348,364	*,m	AET&D Holdings No 1 Ptd Ltd		0	^
	5,487,913	*,e	Afren plc		14,346
	34,582	e	Aker ASA (A Shares)		1,064
	6,807	e	Aker Kvaerner ASA		156
	101,400		Alam Maritim Resources BHD		34
	58,402		Alon USA Energy, Inc		800
	257,187	*,e	Alpha Natural Resources, Inc		15,269
	125,119	e	AltaGas Income Trust		3,312
	304,068		AMEC plc		5,815
	14,000	*,e	Amyris Biotechnologies, Inc		400
	2,376,300		Anadarko Petroleum Corp		194,666
	89,000	*	Angle Energy, Inc		868
	323,729		Anglo Pacific Group plc		1,762
	34,000		Anhui Tianda Oil Pipe Co Ltd		11

63

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	446,000	*	Anton Oilfield Services Group	$	76
	51,300	e	AOC Holdings, Inc		343
	2,491,459		Apache Corp		326,181
	43,914	e	APCO Argentina, Inc		3,766
	66,920	*	Approach Resources, Inc		2,249
	172,059	*,e	Aquila Resources Ltd		1,661
	310,571	e	ARC Energy Trust		8,441
	753,943		Arch Coal, Inc		27,172
	734,594	*	Athabasca Oil Sands Corp		12,760
	191,656	*,e	ATP Oil & Gas Corp		3,471
	330,917	*	Atwood Oceanics, Inc		15,364
	328,961	*	Aurelian Oil & Gas plc		383
	703,676	*	Australian Worldwide Exploration Ltd		1,265
	1,867,317		Baker Hughes, Inc		137,118
	190,600	*	Bangchak Petroleum PCL		121
	303,626	*	Bankers Petroleum Ltd		2,725
	244,750		Banpu PCL		6,212
	90,917	*	Basic Energy Services, Inc		2,319
	628,538	e	Baytex Energy Trust		36,753
	3,110,971		Beach Petroleum Ltd		3,119
	254,818		Berry Petroleum Co (Class A)		12,856
	7,609,536		BG Group plc		188,910
	166,544		Bharat Petroleum Corp Ltd		2,287
	233,955	*	Bill Barrett Corp		9,337
	132,013	*,e	Birchcliff Energy Ltd		1,656
	380,800	*	BlackPearl Resources, Inc		2,812
	160,270	e	Bonavista Energy Trust		4,959
	46,025	e	Bonterra Oil & Gas Ltd		2,638
	517,045	*,e	Borders & Southern Petroleum plc		514
	54,638	e	Bourbon S.A.		2,581
	755,000		Boustead Singapore Ltd		599
	338,142	*	Bow Energy Ltd		352
	2,081,815	*	BowLeven plc		12,739
	12,801,364		BP plc		94,053
	157,629		BP plc (ADR)		6,958
	419,561	*	BPZ Energy, Inc		2,228
	36,900	*	Brasil Ecodiesel Industria e Comercio de Biocombustiveis e Oleos Vegetais S.A.		19
	527,136	*,e	Brigham Exploration Co		19,599
	3,642,000		Brightoil Petroleum Holdings Ltd		1,552
	193,963	*	Bristow Group, Inc		9,174
	477,107	*	BW Offshore Ltd		1,278
	48,900	*	C&C Energia Ltd		621
	413,903		Cabot Oil & Gas Corp		21,924
	5,001,484	*	Cairn Energy plc		37,058
	713,612	*	Cairn India Ltd		5,618
	410,901	*	Cal Dive International, Inc		2,868
	77,297		Calfrac Well Services Ltd		2,492
	232,115	*	Callon Petroleum Co		1,804
	678,169	e	Caltex Australia Ltd		10,942
	114,620	*	Calvalley Petroleums, Inc		310
	327,279	*	Cam Finanziaria S.p.A.		161

64

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	601,354	e	Cameco Corp	$	18,087
	870,165	*,e	Cameron International Corp		49,686
	2,010,375		Canadian Natural Resources Ltd (Canada)		99,409
	1,207,016	e	Canadian Oil Sands Trust		40,674
	82,278	e	CARBO Ceramics, Inc		11,611
	508,896	*	Carbon Energy Ltd		177
	898,797	*	Carnarvon Petroleum Ltd		316
	142,868	*	Carrizo Oil & Gas, Inc		5,276
	73,552		CAT Oil AG.		758
	95,111	*	Celtic Exploration Ltd		2,028
	4,376,376		Cenovus Energy, Inc		172,341
	2,568,050	e	Cenovus Energy, Inc		101,450
	475,000		CH Offshore Ltd		164
	139,949	*,e	Chariot Oil & Gas Ltd		563
	546,000	*	Chemoil Energy Ltd		188
	255,846	*,e	Cheniere Energy, Inc		2,382
	1,460,400		Chesapeake Energy Corp		48,953
	7,742,815	e	Chevron Corp		831,810
	987,000	e	China Aviation Oil Singapore Corp Ltd		1,050
	5,636,000		China Coal Energy Co		7,660
	4,062,000		China Oilfield Services Ltd		9,173
	54,000	*	China Qinfa Group Ltd		31
	6,513,799		China Shenhua Energy Co Ltd		30,659
	307,879	*	Chinook Energy Inc		651
	509,261		Cimarex Energy Co		58,687
	617,397	*,e	Circle Oil plc		361
	25,789	*,e	Clayton Williams Energy, Inc		2,726
	185,875	*,e	Clean Energy Fuels Corp		3,045
	227,722	*	Cloud Peak Energy, Inc		4,917
	35,845,000		CNOOC Ltd		90,581
	2,441,073		Coal India Ltd		18,967
	2,780,710	*,e	Cobalt International Energy, Inc		46,744
	601,089	*	Cockatoo Coal Ltd		305
	5,607	*	Compagnie Generale de Geophysique S.A.		203
	383,256	*	Complete Production Services, Inc		12,191
	94,380	*,e	Comstock Resources, Inc		2,920
	3,523,456	*	Concho Resources, Inc		378,066
	782,457	*	Connacher Oil and Gas Ltd		1,154
	5,668,910		ConocoPhillips		452,718
	629,049		Consol Energy, Inc		33,736
	88,321	*,e	Contango Oil & Gas Co		5,585
	178,547	*,e	Continental Resources, Inc		12,761
	205,785	e	Core Laboratories NV		21,025
	115,388	*,e	Corridor Resources, Inc		633
	1,508,557	e	Cosmo Oil Co Ltd		4,680
	679,384	*	Cove Energy plc		1,022
	4,253,302	e	Crescent Point Energy Corp		206,412
	176,946	*,g,m	Crescent Point Energy Corp 144A		8,587
	117,428	*	Crew Energy, Inc		2,132
	68,400	e	CropEnergies AG.		560
	182,765		Crosstex Energy, Inc		1,819
	354,881	e	Crude Carriers Corp		5,362

65

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	136,358	*	CVR Energy, Inc	$	3,158
	42,447	*,e	D/S Torm AS		245
	72,581	*	d’aAmico International Shipping S.A.		98
	2,641	*	Daldrup & Soehne AG.		81
	664,944	*	Dart Energy Ltd		600
	36,052	*	Dawson Geophysical Co		1,582
	281,364	e	Daylight Resources Trust		3,282
	113,500	*,e	Deep Sea Supply plc		295
	668,838	*	Deep Yellow Ltd		157
	64,714	e	Delek US Holdings, Inc		878
	653,306	*,e	Delta Petroleum Corp		595
	16,009,953	*	Denbury Resources, Inc		390,642
	395,408	*	Denison Mines Corp		942
	370,044	*	Desire Petroleum plc		224
	74,095	*,e	Det Norske Oljeselskap ASA		386
	1,500,981	*,e	Devon Energy Corp		137,745
	236,104	e	DHT Maritime, Inc		1,136
	177,174	e	Diamond Offshore Drilling, Inc		13,766
	1,064,666	*,e	DNO International ASA		1,738
	20,919	*,e	Dockwise Ltd		569
	59,800	*,e	DOF ASA		604
	1,805,572	*	Dragon Oil plc		17,321
	416,577	*	Dresser-Rand Group, Inc		22,337
	318,093	*	Dril-Quip, Inc		25,139
	977,650	*	Eastern Star Gas Ltd		764
	6,087,459		Ecopetrol S.A.		12,637
	3,664,550		El Paso Corp		65,962
	62,500		Enbridge Income Fund		1,286
	773,487	e	Enbridge, Inc		47,406
	814,136	e	EnCana Corp		28,157
	381,677	*	EnCore Oil plc		674
	100,652	*,e	Endeavour International Corp		1,278
	128,469	*	Energy Partners Ltd		2,312
	257,255	e	Energy Resources of Australia Ltd		2,121
	299,127	*	Energy XXI Bermuda Ltd		10,200
	189,125	e	Enerplus Resources Fund		5,991
	852,886		ENI S.p.A.		20,928
	804,620	*	Enquest plc		1,760
	429,088		Ensco International plc (ADR)		24,818
	232,400		Ensign Energy Services, Inc		4,377
	6,224		Envitec Biogas AG.		97
	664,835	e	EOG Resources, Inc		78,790
	315,515		Equitable Resources, Inc		15,744
	186,695	e	ERG S.p.A.		2,651
	324,303	*,e	Essar Energy plc		2,461
	12,600		Esso Malaysia BHD		17
	7,051		Esso SA Francaise		1,000
	448,800	*	Esso Thailand PCL		162
	120,492		Etablissements Maurel et Prom		2,324
	13,049	f	Eurasia Drilling Co Ltd (GDR) (purchased 10/06/10, cost $361)		444
	32,386		Euronav NV		501
	64,940	*	Evolution Petroleum Corp		507

66

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	289,089		EXCO Resources, Inc	$	5,973
	103,994		Exmar NV		987
	185,606	*,e	Exterran Holdings, Inc		4,404
	103,318	*,e	Extract Resources Ltd		846
	19,503,426		Exxon Mobil Corp		1,640,822
	494,000	e,m	Ezion Holdings Ltd		260
	697,200	e	Ezra Holdings Ltd		972
	119,496	*	Fairborne Energy Ltd		671
	134,810	*	Falkland Oil & Gas Ltd		195
	190,854	*	Faroe Petroleum plc		520
	99,359		Fersa Energias Renovables S.A.		198
	97,590	*	Flint Energy Services Ltd		1,699
	408,920	*,e	FMC Technologies, Inc		38,635
	395,118	*	Forest Oil Corp		14,947
	2,047,580		Formosa Petrochemical Corp		6,715
	45,777		Fred Olsen Energy ASA		2,013
	120,800	e	Freehold Royalty Trust		2,835
	416,670		Frontier Oil Corp		12,217
	252,155	e	Frontline Ltd		6,246
	74,818	e	Frontline Ltd (Norway)		1,860
	2,719		Fugro NV		240
	215,686	*,e	FX Energy, Inc		1,803
	348,007	*	Galleon Energy, Inc		1,439
	148,291	e	Galp Energia SGPS S.A.		3,169
	242,940	*	Gastar Exploration Ltd		1,181
	4,006,832		Gazprom (ADR)		129,704
	43,575	e	Gazpromneft OAO (ADR)		1,147
	298,510	e	General Maritime Corp		612
	875,000	*	Genesis Energy Holdings Ltd		36
	67,353	*,e	Georesources, Inc		2,106
	11,100	*	Gevo, Inc		219
	25,463	*	Global Geophysical Services, Inc		368
	492,831	*	Global Industries Ltd		4,825
	174,101	*,e	GMX Resources, Inc		1,074
	1,000	*,e	Golar LNG Energy Ltd		4
	163,890	e	Golar LNG Ltd		4,192
	115,916	*,e	Goodrich Petroleum Corp		2,576
	11,814		Great Eastern Shipping Co Ltd		70
	3,357		Great Offshore Ltd		19
	2,496	*	Green Dragon Gas Ltd		32
	102,733	*,e	Green Plains Renewable Energy, Inc		1,235
	7,488	*	Greka Drilling Ltd		4
	161,330	*	Grupa Lotos S.A.		2,510
	119,474		GS Holdings Corp		10,170
	77,540		Gulf Island Fabrication, Inc		2,494
	991,859	*	Gulf Keystone Petroleum Ltd		2,420
	97,608	*	Gulfmark Offshore, Inc		4,345
	186,985	*	Gulfport Energy Corp		6,760
	223,780	*,e	Gulfsands Petroleum plc		1,037
	8,508	e	Hallador Petroleum Co		99
	3,812,567		Halliburton Co		190,019
	246		Hankook Shell Oil Co Ltd		49

67

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	74,919	*	Hardy Oil & Gas plc	$	227
	60,052		Hargreaves Services plc		898
	148,449	*,e	Harvest Natural Resources, Inc		2,262
	507,376	*,e	Helix Energy Solutions Group, Inc		8,727
	162,885		Hellenic Petroleum S.A.		1,703
	417,184	e	Helmerich & Payne, Inc		28,656
	677,414	*	Hercules Offshore, Inc		4,478
	276,005	e	Heritage Oil Ltd		1,258
	1,270,402		Hess Corp		108,251
	39,710		Hindustan Oil Exploration		179
	119,579		Holly Corp		7,266
	427,000	*,e	Honghua Group Ltd		59
	2,330,711	*	Horizon Oil Ltd		892
	136,953	*,e	Hornbeck Offshore Services, Inc		4,225
	79,251	e	Houston American Energy Corp		1,221
	5,800	*	HRT Participacoes em Petroleo SA		6,043
	158,341		Hunting PLC		1,969
	1,154,000	*	Huscoke Resources Holdings Ltd		59
	389,741	e	Husky Energy, Inc		11,843
	110,518		Idemitsu Kosan Co Ltd		12,915
	729,604	e	Imperial Oil Ltd		37,282
	947,118		Inner Mongolia Yitai Coal Co		6,656
	2,770		Inpex Holdings, Inc		20,957
	639,649	*,e	International Coal Group, Inc		7,228
	741,689	*,e	ION Geophysical Corp		9,412
	17,167,900		IRPC PCL		3,269
	5,237	*,e	Isramco, Inc		340
	92,953		Itochu Enex Co Ltd		533
	376,273	*	Ivanhoe Energy, Inc		1,060
	149,818	*,e	James River Coal Co		3,621
	23,000	e	Japan Drilling Co Ltd		968
	53,364	e	Japan Petroleum Exploration Co		2,668
	15,439	*	Jerusalem Oil Exploration		320
	389,853		JKX Oil & Gas plc		1,968
	734,371		John Wood Group plc		7,518
	1,357,777		JX Holdings, Inc		9,122
	51,000		Kanto Natural Gas Development Ltd		342
	264,990	*	Karoon Gas Australia Ltd		1,963
	262,800		Kencana Petroleum BHD		227
	618,102	*	Key Energy Services, Inc		9,611
	143,048	e	Keyera Facilities Income Fund		5,802
	74,705	*	Kinder Morgan, Inc		2,214
	116,064	e	Knightsbridge Tankers Ltd		2,906
	117,625		KNM Group BHD		107
	703,655	*,e	Kodiak Oil & Gas Corp		4,714
	70,695	*,e	L&L Energy, Inc		489
	168,000	*	Legacy Oil & Gas, Inc		2,552
	738,038	e	Linc Energy Ltd		2,225
	7,420	*	Lubelski Wegiel Bogdanka S.A.		327
	132,088		Lufkin Industries, Inc		12,346
	798,211		LUKOIL (ADR)		57,149
	390,346	*	Lundin Petroleum AB		5,610

68

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	232,560	*,e	Magnum Hunter Resources Corp	$	1,993
	125,961	*	Mantra Resources Ltd		872
	3,393,603		Marathon Oil Corp		180,913
	44,233		Maridive & Oil Services SAE		148
	470,597	e	Massey Energy Co		32,170
	92,478	e	Matrix Composites & Engineering Ltd		876
	133,867	*,e	Matrix Service Co		1,861
	1,465,490	*,e	McDermott International, Inc		37,209
	388,234	*,e	McMoRan Exploration Co		6,876
	56,115	*	MEG Energy Corp		2,840
	79,071		Melrose Resources plc		317
	64,714	*	Midnight Oil Exploration Ltd		626
	96,598	*,e	Miller Petroleum, Inc		483
	66,100		Mitsuuroko Co Ltd		419
	21,800	e	Modec, Inc		398
	64,139	*	MOL Hungarian Oil and Gas plc		8,198
	335,521	*,e	Molopo Energy Ltd		310
	6,211,117	*	Mongolia Energy Co ltd		1,255
	82,251		Motor Oil Hellas Corinth Refineries S.A.		1,067
	120,106		Mullen Group Ltd		2,642
	733,540		Murphy Oil Corp		53,857
	835,841	*	Nabors Industries Ltd		25,393
	200,800	e	NAL Oil & Gas Trust		2,740
	38,680	*	Naphtha Israel Petroleum Corp Ltd		150
	2,155,715		National Oilwell Varco, Inc		170,885
	71,016	*,e	Natural Gas Services Group, Inc		1,261
	4,913		Neste Oil Oyj		101
	511,671		New Zealand Oil & Gas Ltd		355
	285,955	*	Newfield Exploration Co		21,735
	994,000		Newocean Energy Holdings Ltd		189
	509,495	*	Newpark Resources, Inc		4,005
	576,320		Nexen, Inc		14,368
	1,487,582	*,e	Nexus Energy Ltd		740
	50,330		Niko Resources Ltd		4,828
	43,600	e	Nippon Gas Co Ltd		596
	538,916		Noble Energy, Inc		52,086
	200,248	e	Nordic American Tanker Shipping		4,974
	482,000	*,e	Norse Energy Corp ASA		82
	163,404	*	Northern Offshore Ltd		433
	283,514	*,e	Northern Oil And Gas, Inc		7,570
	282,500	*,e	Norwegian Energy Co AS		739
	213,174	f	NovaTek OAO (GDR) (purchased 03/10/06, cost $14,217)		29,597
	123,079	e	NuVista Energy Ltd		1,270
	238,656	*	Oasis Petroleum, Inc		7,546
	8,182,366		Occidental Petroleum Corp		854,974
	193,718	*	Oceaneering International, Inc		17,328
	1,913,077	*	OGX Petroleo e Gas Participacoes S.A.		23,025
	1,493,278		Oil Refineries Ltd		1,096
	285,312	*	Oil States International, Inc		21,724
	356,324		OMV AG.		16,109
	410,736	*	OPTI Canada, Inc		100
	265,975		Origin Energy Ltd		4,464

69

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	110,015	e	Overseas Shipholding Group, Inc	$	3,536
	20,429	*	OYO Geospace Corp		2,014
	1,183,426	*,e	PA Resources AB		857
	183,762	*,e	Pacific Asia Petroleum, Inc		276
	600,785		Pacific Rubiales Energy Corp (Toronto)		16,670
	164,193	*,e	Paladin Resources Ltd		615
	35,052	e	Panhandle Oil and Gas, Inc (Class A)		1,109
	159,561	e	Paramount Energy Trust		685
	51,589	*	Paramount Resources Ltd (Class A)		1,788
	487,439	*	Parker Drilling Co		3,368
	166,515	e	Parkland Income Fund		2,145
	183,756	e	Pason Systems, Inc		2,985
	378,961	*,e	Patriot Coal Corp		9,789
	333,294		Patterson-UTI Energy, Inc		9,796
	8,586		Paz Oil Co Ltd		1,604
	879,066		Peabody Energy Corp		63,258
	311,599	e	Pembina Pipeline Income Fund		7,373
	815,527	e	Pengrowth Energy Trust		11,280
	220,558	e	Penn Virginia Corp		3,741
	500,444	e	Penn West Energy Trust		13,896
	117,921	e	PetroBakken Energy Ltd		2,233
	138,700	*	Petrobank Energy & Resources Ltd		2,931
	2,855,145	*	Petroceltic International plc		481
	1,442,279	e	Petrofac Ltd		34,465
	639,782	*	PetroHawk Energy Corp		15,700
	5,975,598		Petroleo Brasileiro S.A.		119,391
	3,047,304		Petroleo Brasileiro S.A. (ADR)		123,203
	6,993,266		Petroleo Brasileiro S.A. (Preference)		122,119
	98,163	*	Petroleum Development Corp		4,713
	303,437	*,e	Petroleum Geo-Services ASA		4,852
	41,670	*	Petrolinvest S.A.		124
	173,847	e	Petrominerales Ltd		6,588
	1,346,800		Petronas Dagangan BHD		7,337
	486,782	*,e	Petroneft Resources plc		429
	234,487		Petroplus Holdings AG.		3,701
	306,644	*,e	Petroquest Energy, Inc		2,870
	255,767	e	Peyto Energy Trust		5,435
	83,930	*,e	PHI, Inc		1,857
	230,552	*,e	Pioneer Drilling Co		3,182
	436,559		Pioneer Natural Resources Co		44,494
	351,967	*	Plains Exploration & Production Co		12,752
	363,491	*,e	Polarcus Ltd		521
	3,326,654		Polish Oil & Gas Co		4,410
	538,330	*	Polski Koncern Naftowy Orlen S.A.		9,982
	401,000	*	Precision Drilling Trust		5,435
	196,960	*	Premier Oil plc		6,285
	970,421	*	Pride International, Inc		41,680
	195,864	e	ProEx Energy Ltd		2,820
	302,376	e	ProSafe ASA		2,295
	369,100	e	Provident Energy Trust		3,438
	1,075,000	*	PT Benakat Petroleum Energy		11
	25,776,500		PT Bumi Resources Tbk		9,892

70

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,209,500	*	PT Delta Dunia Petroindo Tbk	$	155
	40,000	*	PT Dian Swastatika Sentosa Tbk		152
	5,507,000	*	PT Energi Mega Persada Tbk		81
	93,500	*	PT Harum Energy Indonesia Tbk		96
	281,000		PT Indika Energy Tbk		127
	702,000		PT Indo Tambangraya Megah		3,724
	569,500		PT Medco Energi Internasional Tbk		188
	4,313,634		PT Tambang Batubara Bukit Asam Tbk		10,391
	1,872,298		PTT Aromatics & Refining PCL		2,307
	1,773,869		PTT Exploration & Production PCL		10,674
	1,637,550		PTT PCL		19,184
	593,671	e	Questar Market Resources, Inc		24,067
	263,567	*	Questerre Energy Corp		334
	267,598	*,e	Quicksilver Resources, Inc		3,829
	242,080	*,e	RAM Energy Resources, Inc		504
	349,998	e	Range Resources Corp		20,461
	76,905		Refineria La Pampilla S.A. Relapasa		53
	6,061		Reliance Industrial Infrastructure Ltd		86
	2,080,648		Reliance Industries Ltd		48,995
	777,633	*,e	Rentech, Inc		972
	1,076,913		Repsol YPF S.A.		36,910
	164,662	*,e	Resolute Energy Corp		2,987
	143,354	*,e	Rex Energy Corp		1,670
	30,755	*	Rex Stores Corp		491
	11,200	*	RigNet, Inc		204
	171,434	*,e	Riversdale Mining Ltd		2,937
	2,285,076	*	Roc Oil Co Ltd		934
	2,320,014	*,e	Rockhopper Exploration plc		9,221
	236,182	*	Rosetta Resources, Inc		11,228
	3,659,446	f	Rosneft Oil Co (GDR) (purchased 12/07/07, cost $24,445)		33,414
	518,142	*,e	Rowan Cos, Inc		22,892
	5,576,997	e	Royal Dutch Shell plc (A Shares)		202,297
	3,786,801		Royal Dutch Shell plc (B Shares)		137,514
	179,066	e	RPC, Inc		4,534
	3,507,187		Saipem S.p.A.		186,317
	360,385	*,e	Salamander Energy plc		1,677
	72,000		San-Ai Oil Co Ltd		385
	722,460	*,e	SandRidge Energy, Inc		9,247
	913,391		Santos Ltd		14,686
	235,600		SapuraCrest Petroleum BHD		292
	404,937	*,e	Saras S.p.A.		1,049
	1,265,089		Sasol Ltd		73,195
	109,438	*	Savanna Energy Services Corp		1,027
	16,117		SBM Offshore NV		468
	7,209,401		Schlumberger Ltd		672,350
	24,487		Schoeller-Bleckmann Oilfield Equipment AG.		2,407
	81,100	*	Scomi Group BHD		9
	52,285	*,e	Scorpio Tankers, Inc		540
	220,859		SEACOR Holdings, Inc		20,421
	413,491	e	SeaDrill Ltd		14,949
	50	*	Serval Integrated Energy Services		0	^
	728,215	*,e	Sevan Marine ASA		799

71

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	37,600		Shandong Molong Petroleum Machinery Co Ltd	$	49
	108,253		ShawCor Ltd		4,071
	343,500		Shengli Oil&Gas Pipe Holdings Ltd		61
	51,200	e	Shinko Plantech Co Ltd		591
	263,517	e	Ship Finance International Ltd		5,463
	232,196	e	Showa Shell Sekiyu KK		2,422
	132,800	*	Siamgas & Petrochemicals PCL		77
	85,000	e	Sinanen Co Ltd		390
	1,020,000	*	Sino Prosper State Gold Resources Holdings Ltd		58
	48,000		Sinopec Kantons Holdings Ltd		28
	94,009		SK Energy Co Ltd		18,070
	1,290		SK Gas Co Ltd		47
	276,994	*,e	Soco International plc		1,705
	71,478		S-Oil Corp		9,886
	233,912	*,e	Songa Offshore SE		1,511
	446,700	*	Southern Pacific Resource Corp		779
	553,158		Southern Union Co		15,831
	955,824	*	Southwestern Energy Co		41,072
	2,134,670		Spectra Energy Corp		58,020
	193,530	e	St. Mary Land & Exploration Co		14,358
	1,101,743		Statoil ASA		30,514
	206,508	*	Sterling Energy plc		177
	279,715	*,e	Stone Energy Corp		9,334
	1,097,000	e	Straits Asia Resources Ltd		2,182
	4,019,419		Suncor Energy, Inc		180,262
	4,333,297		Suncor Energy, Inc (NY)		194,305
	499,867		Sunoco, Inc		22,789
	216,822	*	Superior Energy Services		8,890
	1,256,380	e	Surgutneftegaz (ADR)		13,657
	331,900		Surgutneftegaz (ADR) (London)		3,588
	433,000	*,e	Swiber Holdings Ltd		280
	202,947	*	Swift Energy Co		8,662
	317,181	*,e	Syntroleum Corp		717
	1,217,451		Talisman Energy, Inc		30,100
	67,300		Targa Resources Investments, Inc		2,439
	435,379	e	Tatneft (ADR)		19,245
	691,451		Technip S.A.		73,722
	34,540		Tecnicas Reunidas S.A.		2,076
	248,287		Teekay Corp		9,169
	131,640	e	Teekay Tankers Ltd (Class A)		1,377
	25,529	e	Tenaris S.A.		626
	150,909	*,e	Tesco Corp		3,312
	681,368	*	Tesoro Corp		18,281
	357,900	*	Tethys Petroleum Ltd		543
	511,264	*	Tetra Technologies, Inc		7,873
	218,192	e	TGS Nopec Geophysical Co ASA		5,848
	1,505,100		Thai Oil PCL		4,148
	110,339	e	Tidewater, Inc		6,604
	2,800,000	*	Titan Petrochemicals Group Ltd		205
	119,446	*,f	TMK OAO (GDR) (purchased 11/01/06, cost $2,016)		2,515
	328,523	e	TonenGeneral Sekiyu KK		4,057
	2,381,741		Total S.A.		145,128

72

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	162,000	e	Toyo Kanetsu K K	$	411
	645,243	*,e	TransAtlantic Petroleum Ltd		2,000
	799,404	e	TransCanada Corp		32,413
	359,645	*	Transocean Ltd		28,088
	290,700		Trican Well Service Ltd		6,564
	75,680	e	Trilogy Energy Corp		1,591
	167,266	e	Trinidad Drilling Ltd		1,622
	7,703,219		Tullow Oil plc		178,750
	206,743		Tupras Turkiye Petrol Rafine		6,066
	24,069		Turcas Petrolculuk AS.		63
	327,198	*	UK Coal plc		209
	294,071	*,e	Ultra Petroleum Corp		14,483
	453,200		Ultrapar Participacoes S.A.		7,503
	89,598	*	Union Drilling, Inc		918
	88,312	*	Unit Corp		5,471
	275,582	*,e	Uranium Energy Corp		1,100
	650,654	e	Uranium One, Inc		2,550
	613,754	*	USEC, Inc		2,701
	382,616	e	Vaalco Energy, Inc		2,969
	2,342,576	e	Valero Energy Corp		69,856
	46,150	*	Valiant Petroleum plc		388
	564,344	*	Vantage Drilling Co		1,016
	160,496	*,e	Venoco, Inc		2,743
	288,067	e	Vermilion Energy Trust		15,014
	251,285	e	W&T Offshore, Inc		5,727
	192,100		Wah Seong Corp BHD		134
	415,474	*	Warren Resources, Inc		2,115
	3,172,655	*	Weatherford International Ltd		71,703
	140,052	*,e	West Siberian Resources Ltd (GDR)		2,660
	479,527	*,e	Western Refining, Inc		8,128
	10,042	*,m	White Energy 2010 Performance		0	^
	10,042	*,m	White Energy 2011 Performance		0	^
	243,052	e	Whitehaven Coal Ltd		1,683
	538,341	*,e	Whiting Petroleum Corp		39,541
	267,416	*,e	Willbros Group, Inc		2,920
	2,084,383	e	Williams Cos, Inc		64,991
	331,247		Woodside Petroleum Ltd		16,037
	383,641		World Fuel Services Corp		15,580
	582,294		WorleyParsons Ltd		18,655
	421,571	*,e	Xenolith Resources Ltd		932
	3,018,000		Yanzhou Coal Mining Co Ltd		10,943
	32,000	e	Zargon Energy Trust		778
			TOTAL ENERGY		13,250,519
FOOD & STAPLES RETAILING - 1.6%
	2,045,398	e	Aeon Co Ltd		23,701
	9,700		Ain Pharmaciez Inc		338
	371,140		Alimentation Couche Tard, Inc		9,758
	11,285,700		Alliance Global Group, Inc		3,100
	267,765		Almacenes Exito S.A.		3,906
	99,870		Andersons, Inc		4,866
	34,679		Arcs Co Ltd		526

73

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,715		Arden Group, Inc (Class A)	$	436
	34,269	e	Axfood AB		1,276
	41,000		Beijing Jingkelong Co Ltd		50
	142,131		BIM Birlesik Magazalar AS		4,784
	103,084	*	BJ’s Wholesale Club, Inc		5,033
	12,492		Blue Square-Israel Ltd		122
	2,126,265		Booker Group plc		2,055
	452,388		Carrefour S.A.		19,986
	230,488	e	Casey’s General Stores, Inc		8,989
	340,356		Casino Guichard Perrachon S.A.		32,221
	20,300		Cawachi Ltd		388
	1,887,110		Centros Comerciales Sudamericanos S.A.		13,567
	2,156,300		China Resources Enterprise		8,761
	213,970		Cia Brasileira de Distribuicao Grupo Pao de Acucar		8,797
	156,600		Circle K Sunkus Co Ltd		2,390
	15,060		Cocokara Fine Holdings, Inc		318
	21,596		Colruyt S.A.		1,137
	151,400	*	Controladora Comercial Mexicana S.A. de C.V.		246
	15,500		Cosmos Pharmaceutical Corp		645
	2,224,197		Costco Wholesale Corp		163,078
	2,758,500		CP Seven Eleven PCL		3,651
	10,600		Create SD Holdings Co Ltd		246
	6,706,871		CVS Corp		230,180
	6,800		Daikokutenbussaan Co Ltd		218
	148,264		Delhaize Group		12,079
	143,200		Drogasil S.A.		1,119
	41,603		Empire Co Ltd		2,295
	25,678		Eurocash S.A.		283
	187,809		FamilyMart Co Ltd		7,049
	101,299	*,e	Fresh Market, Inc		3,823
	1,252,624		Fyffes plc		744
	95,617		George Weston Ltd		6,515
	8,000		Growell Holdings Co Ltd		201
	39,300	*,e	Grupo Comercial Chedraui S.a. DE C.V.		127
	72,266	e	Hakon Invest AB		1,274
	40,500		Heiwado Co Ltd		512
	580,500		Heng Tai Consumables Group Ltd		70
	63,725	e	Ingles Markets, Inc (Class A)		1,262
	6,200		Itochu-Shokuhin Co Ltd		210
	84,741		Izumiya Co Ltd		377
	2,870,385		J Sainsbury plc		15,420
	209,583		Jean Coutu Group PJC, Inc/The		2,216
	1,926,192	e	Jeronimo Martins SGPS S.A.		30,931
	67,000		Kasumi Co Ltd		362
	51,600		Kato Sangyo Co Ltd		890
	173,200	e	Kesko Oyj (B Shares)		8,095
	2,459,836		Koninklijke Ahold NV		32,989
	3,286,507		Kroger Co		78,778
	55,803		Lawson, Inc		2,690
	31,000		Liquor Stores Income Fund		494
	158,744	e	Loblaw Cos Ltd		6,361
	404,442	f	Magnit OAO (GDR) (purchased 04/06/10, cost $8,151)		12,257

74

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	89,593		Majestic Wine plc	$	572
	53,616	e	MARR S.p.A.		660
	91,000		Maruetsu, Inc		333
	275,155		Massmart Holdings Ltd		5,705
	44,000	e	Matsumotokiyoshi Holdings Co Ltd		856
	222,070	e	Metcash Ltd		955
	65,784		Metro AG.		4,481
	173,642	e	Metro, Inc		8,275
	83,000		Ministop Co Ltd		1,355
	56,409	e	Nash Finch Co		2,140
	77,339	e	North West Co Fund		1,727
	30,105	*,f	O’Key Group S.A. (ADR) (purchased 02/02/10, cost $343)		377
	46,000		Okuwa Co Ltd		479
	542,201	e	Olam International Ltd		1,204
	150,712	*,e	Pantry, Inc		2,235
	100,901	e	Pick’n Pay Holdings Ltd		285
	322,476	e	Pick’n Pay Stores Ltd		2,192
	707,320		President Chain Store Corp		3,140
	62,154	e	Pricesmart, Inc		2,277
	42,263		Rallye S.A.		1,910
	16,494		Rami Levi Chain Stores Hashikma Marketing 2006 Ltd		613
	3,738,818	*,e	Rite Aid Corp		3,963
	204,140	e	Ruddick Corp		7,878
	12,479		Ryoshoku Ltd		262
	38,000		S Foods, Inc		320
	1,608,977		Safeway, Inc		37,875
	11,000		San-A Co Ltd		429
	951,403		Seven & I Holdings Co Ltd		24,236
	52,000		Shanghai Friendship Group, Inc Ltd		113
	42,223		Shinsegae Co Ltd		10,046
	354,866	e	Shoppers Drug Mart Corp		14,590
	669,254		Shoprite Holdings Ltd		10,254
	177,591		Shufersal Ltd		1,095
	20,400		Siam Makro PCL		98
	33,308		Sligro Food Group NV		1,123
	227,896		Spar Group Ltd		3,198
	137,170	e	Spartan Stores, Inc		2,029
	43,400	e	Sugi Pharmacy Co Ltd		1,007
	46,100	e	Sundrug Co Ltd		1,313
	4,317,433	e	Supervalu, Inc		38,555
	35,758	*	Susser Holdings Corp		468
	1,164,533	e	Sysco Corp		32,258
	57,000		Taiwan TEA Corp		33
	11,385,171		Tesco plc		69,548
	821,104		Total Produce plc		500
	23,288		Tsuruha Holdings, Inc		1,058
	406,997	*,e	United Natural Foods, Inc		18,242
	142,246		UNY Co Ltd		1,320
	71,800		Valor Co Ltd		714
	32,083		Village Super Market (Class A)		934
	3,765,379		Walgreen Co		151,142

75

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	8,887,021	e	Wal-Mart de Mexico S.A. de C.V. (Series V)	$	26,621
	6,753,941		Wal-Mart Stores, Inc		351,542
	62,383		Weis Markets, Inc		2,524
	1,363,848	e	Wesfarmers Ltd		44,809
	143,528		Wesfarmers Ltd PPS		4,779
	919,305	e	Whole Foods Market, Inc		60,582
	264,027	*,e	Winn-Dixie Stores, Inc		1,885
	234,356		WM Morrison Supermarkets plc		1,037
	1,552,652		Woolworths Ltd		43,153
	901,000		Wumart Stores		1,958
	32,224	*,f	X 5 Retail Group NV (GDR) (purchased 04/06/10, cost $1,382)		1,354
	9,600		Yaoko Co Ltd		299
			TOTAL FOOD & STAPLES RETAILING		1,801,107
FOOD, BEVERAGE & TOBACCO - 4.8%
	36,968		AarhusKarlshamn AB		1,055
	25,621		Afgri Ltd		26
	51,000	*	AGV Products Corp		22
	1,331,684	e	Ajinomoto Co, Inc		13,855
	20,579		Alico, Inc		551
	19,216		Alliance Grain Traders, Inc		505
	519,276	*	Alliance One International, Inc		2,087
	9,332,971		Altria Group, Inc		242,938
	341,723		Anadolu Efes Biracilik Ve Malt Sanayii AS		4,841
	2,974	*	Anheuser-Busch InBev NV		0	^
	2,308,736		Archer Daniels Midland Co		83,138
	24,900	e	Ariake Japan Co Ltd		411
	138,462		Aryzta AG.		7,073
	292,386	e	Asahi Breweries Ltd		4,861
	13,670	e	Asian Bamboo AG.		672
	198,624		Asian Citrus Holdings Ltd		221
	318,500		Asiatic Development BHD		840
	1,238,668		Associated British Foods plc		19,710
	11,115		Astral Foods Ltd		203
	16,936		Atria Group plc		208
	43,000		Ausnutria Dairy Corp Ltd		14
	314,899		Austevoll Seafood ASA		2,450
	211,861	*,e	Australian Agricultural Co Ltd		352
	87,616		AVI Ltd		388
	307,024	e	B&G Foods, Inc (Class A)		5,763
	57,023		Bajaj Hindusthan Ltd		91
	46,230	*	Bakkafrost P		447
	52,014		Balrampur Chini Mills Ltd		82
	2,641	*	Banvit		8
	7,148	*	Baron de Ley		471
	2,484		Barry Callebaut AG.		2,024
	2,257		Binggrae Co Ltd		133
	250,600	*	BioExx Specialty Proteins Ltd		470
	145,305	*,e	Black Earth Farming Ltd		656
	4,414		Bonduelle S.C.A.		415
	36,727	*	Boston Beer Co, Inc (Class A)		3,402
	3,842	e	Bridgford Foods Corp		43

76

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	151,700		British American Tobacco Malaysia BHD	$	2,406
	2,911,927		British American Tobacco plc		116,761
	522,161	e	Britvic plc		3,308
	257,575		Brown-Forman Corp (Class B)		17,592
	437,274		Bunge Ltd		31,628
	617,380		C&C Group plc		2,791
	10,102		Cairo Poultry Co		24
	57,990	e	Calavo Growers, Inc		1,267
	77,048	e	Cal-Maine Foods, Inc		2,273
	452,362	e	Campbell Soup Co		14,978
	22,351		Campofrio Alimentacion S.A.		253
	101,143	e	Carlsberg AS (Class B)		10,876
	14,000		Carlsberg Brewery-Malay BHD		34
	18,806	*	Casa Grande S.A.		109
	214,751	*,e	Central European Distribution Corp		2,437
	157,833		Cermaq ASA		2,786
	4,866,837	e	Chaoda Modern Agriculture		3,025
	3,684,300		Charoen Pokphand Foods PCL		3,137
	222,000		Charoen Pokphand Foods Public Co Ltd		189
	2,603,700	e	China Agri-Industries Holdings Ltd		2,917
	84,000	*	China Corn Oil Co Ltd		56
	123,000	e	China Green Holdings Ltd		95
	224,000	e	China Huiyuan Juice Group Ltd		152
	1,560,000	e	China Mengniu Dairy Co Ltd		4,131
	447,000	*,e	China Minzhong Food Corp Ltd		578
	4,231		China Ocean Resources Co Ltd		39
	525,000		China Starch Holdings Ltd		31
	64,000		China Tontine Wines Group Ltd		13
	2,059,000	e	China Yurun Food Group Ltd		6,901
	247,587	*	Chiquita Brands International, Inc		3,798
	158,148		Cia Cervecerias Unidas S.A.		1,871
	13,135		CJ CheilJedang Corp		2,752
	158,945		Coca Cola Hellenic Bottling Co S.A.		4,265
	880,599		Coca-Cola Amatil Ltd		10,693
	26,718		Coca-Cola Bottling Co Consolidated		1,786
	101,600		Coca-Cola Central Japan Co Ltd		1,382
	11,098,767		Coca-Cola Co		736,404
	4,118,342		Coca-Cola Enterprises, Inc		112,431
	500,975		Coca-Cola Femsa S.A. de C.V.		3,890
	77,867		Coca-Cola Icecek AS		976
	79,523		Coca-Cola West Japan Co Ltd		1,515
	895,947		ConAgra Foods, Inc		21,279
	528,012	*	Constellation Brands, Inc (Class A)		10,708
	33,213		Copeinca ASA		311
	1,533,063	e	Corn Products International, Inc		79,443
	198,474		Cosan SA Industria e Comercio		3,088
	183,500	*	Cott Corp		1,544
	1,336,000		CP Pokphand Co		178
	83,236		Cranswick plc		1,110
	102,891		CSM		3,636
	468		Dae Han Flour Mills Co Ltd		69
	3,440		Daesang Corp		25

77

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	185,753		Dairy Crest Group plc	$	1,068
	76,487		Danisco AS		9,642
	555,491	*,e	Darling International, Inc		8,538
	398,971		Davide Campari-Milano S.p.A.		2,699
	361,734	*,e	Dean Foods Co		3,617
	539,418		Devro plc		2,445
	5,898,084		Diageo plc		112,112
	273,390	e	Diamond Foods, Inc		15,255
	151,584	*,e	Dole Food Co, Inc		2,066
	540		Dongwon F&B Co Ltd		23
	1,013		Dongwon Industries Co Ltd		152
	3,787,527		Dr Pepper Snapple Group, Inc		140,746
	12,600	e	Dydo Drinco, Inc		490
	186,000		Dynasty Fine Wines Group Ltd		69
	18,017		East Asiatic Co Ltd AS		548
	157,383	*,e	Ebro Puleva S.A.		3,698
	744,000		Embotelladoras Arca SAB de C.V.		4,309
	394,198	*	Empresas Iansa S.A.		49
	99,803		Ezaki Glico Co Ltd		1,158
	34,469	e	Farmer Bros Co		418
	584,000	e	First Resources Ltd		611
	343,799	e	Flowers Foods, Inc		9,362
	4,167,214		Fomento Economico Mexicano S.A. de C.V.		24,472
	1,982,007		Foster’s Group Ltd		11,720
	189,893	e	Fresh Del Monte Produce, Inc		4,958
	110,900		Fuji Oil Co Ltd		1,454
	24,832		Fujicco Co Ltd		306
	150,000	*,e	Fujiya Co Ltd		249
	1,303,881	*,e	Futuris Corp Ltd		681
	3,278,767		General Mills, Inc		119,839
	301,200		GFPT PCL		94
	183,692		Glanbia plc		1,106
	676,000	*,e	Global Bio-Chem Technology Group Co Ltd		110
	68,000		Global Sweeteners Holdings Ltd		14
	201,997		Globus Spirits Ltd		649
	2,606,000	*,e	GMG Global Ltd		578
	26,012		Gokul Refoils & Solvent Ltd		59
	18,736,412		Golden Agri-Resources Ltd		10,246
	1,635,882	e	Goodman Fielder Ltd		2,081
	600,209		GrainCorp Ltd		4,724
	94,000		Great Wall Enterprise Co		100
	335,331	*,e	Green Mountain Coffee Roasters, Inc		21,666
	292,448		Greencore Group plc		489
	237,809		Greggs plc		1,948
	47,547		Grieg Seafood ASA		176
	10,379	e	Griffin Land & Nurseries, Inc (Class A)		334
	1,549,797		Groupe Danone		101,146
	59,700	*	Gruma SAB de C.V.		125
	478,782		Grupo Bimbo S.A. de C.V. (Series A)		4,033
	1,487,501		Grupo Modelo S.A. (Series C)		8,895
	933,261	e	H.J. Heinz Co		45,562
	193,305	*	Hain Celestial Group, Inc		6,240

78

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	764,121	*,e	Hansen Natural Corp	$	46,023
	101,400		Hap Seng Plantations Holdings BHD		100
	41,006	*,e	Harbinger Group, Inc		214
	2,528	*	Harim & Co Ltd		12
	394,645	*,e	Heckmann Corp		2,585
	27,495		Heineken Holding NV		1,320
	16,515		Heineken NV		902
	1,043,495		Hershey Co		56,714
	151,000		Hey Song Corp		119
	2,268		Hite Brewery Co Ltd		224
	3,250		Hite Holdings Co Ltd		52
	57,849		HKScan Oyj		544
	30,100		Hokuto Corp		679
	577,769	e	Hormel Foods Corp		16,085
	91,300		House Foods Corp		1,492
	92,400		IJM Plantations BHD		90
	67,899	e	Illovo Sugar Ltd		270
	74,732		Imperial Sugar Co		997
	2,506,011		Imperial Tobacco Group plc		77,326
	2,761,537		InBev NV		157,441
	643,978	*,e	Indofood Agri Resources Ltd		1,138
	30,000	*,m	International Hydron		1
	4,917,476		IOI Corp BHD		9,345
	3,760,642		ITC Ltd		15,355
	60,352	e	Ito En Ltd		1,051
	188,000	e	Itoham Foods, Inc		673
	79,831	e	J&J Snack Foods Corp		3,758
	227,821	e	J.M. Smucker Co		16,264
	5,086	e	Japan Tobacco, Inc		18,388
	685,621		JBS S.A.		2,461
	4,748		Jinro Distillers Co Ltd		52
	5,800		Jinro Ltd		190
	37,851	*,e	John B. Sanfilippo & Son, Inc		443
	122,000		J-Oil Mills, Inc		342
	129,186	*	Juhayna Food Industries		122
	95,773	e	Kagome Co Ltd		1,697
	163,167		Karuturi Global Ltd		39
	494,067		Kellogg Co		26,670
	82,252	*	Kernel Holding S.A.		2,057
	192,248		Kerry Group plc (Class A)		7,157
	21,700		KEY Coffee, Inc		381
	345,100		Khon Kaen Sugar Industry PCL		154
	122,306	e	Kikkoman Corp		1,152
	214,000	*	Kingway Brewery Holdings Ltd		67
	595,574		Kirin Brewery Co Ltd		7,816
	94,664	*	Koninklijke Wessanen NV		358
	1,027		Kook Soon Dang Brewery Co Ltd		10
	6,005,162		Kraft Foods, Inc (Class A)		188,321
	91,121		KS Oils Ltd		66
	209,317		KT&G Corp		10,889
	1,048,973		Kuala Lumpur Kepong BHD		7,338
	5,053,508		Kulim Malaysia BHD		5,559

79

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	60,445		Kwality Dairy India Ltd	$	180
	3,199		KWS Saat AG.		675
	6,490		Lakshmi Energy & Foods Ltd		6
	80,514	e	Lancaster Colony Corp		4,879
	115,694	e	Lance, Inc		2,297
	3,681		Laurent-Perrier		412
	74,444	e	Leroy Seafood Group ASA		2,288
	64,000		Lien Hwa Industrial Corp		45
	22,994	*,e	Lifeway Foods, Inc		240
	33,472	e	Limoneira Co		793
	162		Lindt & Spruengli AG.		467
	53		Lindt & Spruengli AG. (Reg)		1,721
	1,751,574		Lorillard, Inc		166,417
	305		Lotte Chilsung Beverage Co Ltd		298
	887		Lotte Confectionery Co Ltd		1,212
	402		Lotte Samkang Co Ltd		100
	2,589		Maeil Dairy Industry Co Ltd		35
	131,869		Maple Leaf Foods, Inc		1,678
	186,101		Marfrig Alimentos S.A.		1,663
	337,000		Marudai Food Co Ltd		1,061
	939,000		Maruha Nichiro Holdings, Inc		1,378
	419,581	e	McCormick & Co, Inc		20,069
	13,422		McLeod Russel India Ltd		76
	912,702		Mead Johnson Nutrition Co		52,873
	87,700		Megmilk Snow Brand Co Ltd		1,342
	128,686		MEIJI Holdings Co Ltd		5,179
	11,500	e	Meito Sangyo Co Ltd		148
	2,599,200	*	Mewah International, Inc		2,010
	43,056	e	Mgp Ingredients, Inc		375
	84,943	*,f	MHP S.A. (GDR) (purchased 12/20/10, cost $1,498)		1,611
	100,500		Mikuni Coca-Cola Bottling Co Ltd		895
	12,100		Minerva S.A.		48
	124,000		Mitsui Sugar Co Ltd		521
	251,809		Molson Coors Brewing Co (Class B)		11,807
	276,000		Morinaga & Co Ltd		637
	486,000	e	Morinaga Milk Industry Co Ltd		1,737
	95,189	*	Morpol ASA		386
	244,854	*	Multiexport Foods S.A.		112
	30,000		Nagatanien Co Ltd		314
	14,000	*	Namchow Chemical Industrial Ltd		20
	193		Namyang Dairy Products Co Ltd		132
	52,022		National Beverage Corp		714
	4,005,269		Nestle S.A.		229,361
	621,000	e	Nichirei Corp		2,654
	152,000		Nippon Beet Sugar Manufacturing Co Ltd		340
	233,000		Nippon Flour Mills Co Ltd		1,066
	149,192	e	Nippon Meat Packers, Inc		1,882
	314,766	e	Nippon Suisan Kaisha Ltd		875
	156,000	e	Nisshin Oillio Group Ltd		738
	498,412	e	Nisshin Seifun Group, Inc		5,744
	25,261	e	Nissin Food Products Co Ltd		889
	1,518		Nong Shim Co Ltd		336

80

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	674		Nong Shim Holdings Co Ltd	$	36
	648,736		Northern Foods plc		757
	55,748	e	Nutreco Holding NV		4,089
	1,322		Orion Corp		475
	45,304		Osem Investments Ltd		762
	718		Ottogi Corp		86
	1,599,501		Pacific Andes International Holdings Ltd		259
	11,200	*	Padiberas Nasional BHD		10
	4,821,621	e	PAN Fish ASA		5,984
	186,651		Parmalat S.p.A.		625
	7,563,082	e	PepsiCo, Inc		487,139
	935,471		Perdigao S.A.		17,665
	7,227		Pernod-Ricard S.A.		675
	9,308		Pescanova S.A.		379
	121,000	m	Petra Foods Ltd		154
	472,437	*	PGG Wrightson Ltd		184
	300		Philip Morris CR		181
	10,778,424	e	Philip Morris International, Inc		707,389
	269,709	*,e	Pilgrim’s Pride Corp		2,079
	8,391		Pinar SUT Mamulleri Sanayii AS.		75
	132,200	*	Polski Koncern Miesny Duda S.A.		75
	571,300		PPB Group BHD		3,209
	2,987,546	*	Premier Foods plc		1,339
	367,000		Prima Meat Packers Ltd		446
	21,800	*,e	Primo Water		267
	1,286,624		PT Astra Agro Lestari Tbk		3,349
	2,158,500		PT Bakrie Sumatera Plantations Tbk		89
	464,500	*	PT Bisi International		92
	519,000		PT BW Plantation Tbk		70
	14,504,000		PT Charoen Pokphand Indonesia Tbk		3,371
	794,000		PT Gudang Garam Tbk		3,813
	12,198,200		PT Indofood Sukses Makmur Tbk		7,559
	1,107,000		PT Perusahaan Perkebunan London Sumatra Indonesia Tbk		289
	401,000		PT Sampoerna Agro Tbk		151
	139,900	e	Q.P. Corp		1,689
	157,400		QL Resources BHD		161
	14,858		Radico Khaitan Ltd		43
	342,925	e	Raisio plc (V Shares)		1,279
	105,191	*	Ralcorp Holdings, Inc		7,198
	126,804		REI Agro Ltd		78
	847,954		Remy Cointreau S.A.		63,875
	877,067	e	Reynolds American, Inc		31,162
	49,147		Robert Wiseman Dairies plc		271
	16,635	*	Royal UNIBREW AS		1,146
	30,889		Ruchi Soya Industries Ltd		73
	117,687		SABMiller plc		4,165
	280		Sajo Industries Co Ltd		15
	42,355	e	Sakata Seed Corp		623
	1,619		Samyang Corp		95
	585		Samyang Genex Co Ltd		32
	114,649	e	Sanderson Farms, Inc		5,265

81

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	16,000		Sao Martinho S.A.	$	251
	1,051,319	e	Sapporo Holdings Ltd		3,923
	391,353	e	Saputo, Inc		17,664
	2,616,738		Sara Lee Corp		46,238
	48,229	*,e	Seneca Foods Corp		1,441
	132,900	*	Shanghai Dajiang Group		61
	132,000		Showa Sangyo Co Ltd		384
	202,570		Shree Renuka Sugars Ltd		316
	3,910		Silla Co Ltd		52
	15,570		Sipef S.A		1,543
	33,345		SLC Agricola S.A.		469
	289,106	*,e	Smart Balance, Inc		1,327
	1,115,632	*	Smithfield Foods, Inc		26,842
			Societa per la Bonifica dei Terreni Ferraresi e Imprese
	2,992	*	Agricole S.p.A.		122
	329,002	*,e	SOS Cuetara S.A.		315
	532,155		Souza Cruz S.A.		5,541
	424,868	*,e	Star Scientific, Inc		1,929
	43,408		Strauss Group Ltd		707
	223,743		Suedzucker AG.		6,234
	225,000	e	Super Coffeemix Manufacturing Ltd		230
	585,307		Swedish Match AB		19,432
	82,195	*,e	Synutra International, Inc		945
	18,000		Taisun Enterprise Co Ltd		11
	78,000		Taiyen Biotech Co Ltd		63
	241,000	e	Takara Holdings, Inc		1,191
	157,149		Tassal Group Ltd		276
	25,432	*	TAT Konserve		58
	1,182		Tata Coffee Ltd		25
	63,136		Tata Tea Ltd		138
	715,108		Tate & Lyle plc		6,619
	83,400		TH Plantations BHD		56
	56,300		Thai Union Frozen Products PCL		86
	45,100		Thai Vegetable Oil PCL		40
	60,000		Tianyi Fruit Holdings Ltd		20
	310,434		Tiger Brands Ltd		8,023
	2,672,000	e	Tingyi Cayman Islands Holding Corp		6,531
	23,221		Tongaat Hulett Ltd		335
	101,069	e	Tootsie Roll Industries, Inc		2,866
	380,253	e	Toyo Suisan Kaisha Ltd		8,256
	164,914	*,e	TreeHouse Foods, Inc		9,379
	18,140		Triveni Engineering & Industries Ltd		39
	685		TS Corp		27
	472,000	e	Tsingtao Brewery Co Ltd		2,248
	2,279,316	e	Tyson Foods, Inc (Class A)		43,740
	15,475		Ulker Biskuvi Sanayi As		56
	2,348,094		Unilever NV		73,572
	232,237	e	Unilever NV (ADR)		7,283
	2,259,691		Unilever plc		68,841
	5,435,382		Uni-President Enterprises Corp		7,444
	5,400		United Malacca BHD		12
	108,664		United Spirits Ltd		2,495

82

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	119,819	e	Universal Corp	$	5,217
	159,000		Universal Robina		124
	56,000		Ve Wong Corp		43
	299,424	e	Vector Group Ltd		5,177
	8,382	e	Vilmorin & Cie		1,004
	670,534		Vina Concha Y Toro S.A.		1,565
	74,241		Viscofan S.A.		2,946
	1,442,000		Vitasoy International Holdings Ltd		1,177
	407,642		Viterra, Inc		4,945
	2,672		Vranken - Pommery Monopole		133
	8,606,000	e	Want Want China Holdings Ltd		6,763
	58,000		Wei Chuan Food Corp		64
	252,682		Westway Group, Inc		1,124
	678,870	e	Wilmar International Ltd		2,936
	104,214	e	Wimm-Bill-Dann Foods OJSC (ADR)		3,488
	50,000		Xiwang Sugar Holdings Co Ltd		13
	45,117	e	Yakult Honsha Co Ltd		1,154
	67,162	e	Yamazaki Baking Co Ltd		782
	23,000	e	Yonekyu Corp		188
	30,737		Zeder Investments Ltd		11
			TOTAL FOOD, BEVERAGE & TOBACCO		5,347,577
HEALTH CARE EQUIPMENT & SERVICES - 3.3%
	99,012	*	Abaxis, Inc		2,856
	149,268	*	Abiomed, Inc		2,169
	51,378	*,e	Accretive Health, Inc		1,426
	217,267	*	Accuray, Inc		1,962
	1,776,390		Aetna, Inc		66,490
	258,704	*	AGFA-Gevaert NV		1,118
	49,549	*	Air Methods Corp		3,332
	132,775		Alcon, Inc		21,976
	116,201	e	Alfresa Holdings Corp		4,461
	298,902	*	Align Technology, Inc		6,122
	14,473	*	Alimera Sciences, Inc		113
	108,690	*	Alliance Imaging, Inc		480
	236,996	*,e	Allied Healthcare International, Inc		602
	352,828	*,e	Allscripts Healthcare Solutions, Inc		7,406
	66,680	*	Almost Family, Inc		2,510
	218,273	*,e	Alphatec Holdings, Inc		589
	122,233	*	Amedisys, Inc		4,278
	60,131		America Service Group, Inc		1,542
	80,757	*	American Dental Partners, Inc		1,060
	442,156	*,e	American Medical Systems Holdings, Inc		9,568
	276,281	*,e	Amerigroup Corp		17,751
	1,421,904		AmerisourceBergen Corp		56,251
	156,614		Amil Participacoes S.A.		1,841
	161,639	*	AMN Healthcare Services, Inc		1,400
	101,232		Amplifon S.p.A.		614
	162,483	*,e	Amsurg Corp		4,134
	55,020		Analogic Corp		3,111
	125,375	*	Angiodynamics, Inc		1,896
	261,130	e	Ansell Ltd		3,653

83

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	306,265	*	Antares Pharma, Inc	$	551
	824		Apollo Hospitals Enterprise Ltd		9
	71,904		Arseus NV		1,228
	147,202	*	Arthrocare Corp		4,908
	17,100	e	As One Corp		362
	42,609	*	Assisted Living Concepts, Inc (A Shares)		1,668
	140,570	*,e	athenahealth, Inc		6,344
	7,261		Atrion Corp		1,267
	6,887		Audika		200
	61,499	*	Axis-Shield plc		321
	278,700		Bangkok Chain Hospital PCL		66
	527,882		Bard (C.R.), Inc		52,424
	2,877,369		Baxter International, Inc		154,715
	225,958		Beckman Coulter, Inc		18,770
	902,674		Becton Dickinson & Co		71,871
	1,545		BioMerieux		162
	100,097	*,e	Bio-Reference Labs, Inc		2,246
	197,429	*	BioScrip, Inc		930
	2,425,000	*	Biosensors International Group Ltd		2,271
	29,700	e	BML, Inc		838
	11,752,969	*,e	Boston Scientific Corp		84,504
	170,810	*,e	Brookdale Senior Living, Inc		4,783
	64,000		Bumrungrad Hospital PCL		81
	74,590	e	Cantel Medical Corp		1,921
	120,377	*	Capital Senior Living Corp		1,278
	2,522,628		Cardinal Health, Inc		103,755
	150,298	*,e	CardioNet, Inc		720
	1,066,899	*	CareFusion Corp		30,087
	57,187		Carl Zeiss Meditec AG.		1,208
	221,120	*,e	Catalyst Health Solutions, Inc		12,367
	14,623		Celesio AG.		357
	248,214	*,e	Centene Corp		8,186
	385,290	*,e	Cerner Corp		42,845
	184,309	*,e	Cerus Corp		533
	4,039	*	CHA Bio & Diostech Co Ltd		39
	133,490		Chemed Corp		8,892
	71,899	*	Chindex International, Inc		1,154
	1,394,701		Cigna Corp		61,757
	763		Clinica Baviera S.A.		9
	123,417	e	CML Healthcare Income Fund		1,295
	77,485	e	Cochlear Ltd		6,649
	10,141		Coloplast AS (Class B)		1,467
	4,688		Coltene Holding AG.		255
	293,891	*	Community Health Systems, Inc		11,753
	157,374		Compagnie Generale d’Optique Essilor International S.A.		11,676
	40,894		Computer Programs & Systems, Inc		2,629
	130,624	*,e	Conceptus, Inc		1,888
	133,944	*,e	Conmed Corp		3,520
	144,813	*	Continucare Corp		775
	502,663	e	Cooper Cos, Inc		34,910
	42,151	*,e	Corvel Corp		2,242

84

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,145,381	*	Coventry Health Care, Inc	$	36,526
	1,959,621	*	Covidien plc		101,783
	7,700		Cremer S.A.		71
	195,899	*,e	Cross Country Healthcare, Inc		1,534
	160,773	*,e	CryoLife, Inc		981
	7,813	*	Curexo, Inc		107
	63,243	*,e	Cutera, Inc		542
	119,022	*	Cyberonics, Inc		3,786
	46,006	*	Cynosure, Inc (Class A)		639
	442,686	*,e	DaVita, Inc		37,854
	156,949	*,e	Delcath Systems, Inc		1,157
	471,024		Dentsply International, Inc		17,423
	250,020	*	DexCom, Inc		3,880
	163,720		Diagnostic & Therapeutic Center of Athens Hygeia S.A.		134
	325,200		Diagnosticos da America S.A.		4,183
	30,665	e	DiaSorin S.p.A.		1,349
	25,262		Draegerwerk AG.		2,451
	4,294		Draegerwerk AG. & Co KGaA		341
	93,826	*,e	DynaVox, Inc		518
	979,499	*	Edwards Lifesciences Corp		85,216
	102,263	*,e	Electro-Optical Sciences, Inc		360
	126,199		Elekta AB (B Shares)		5,046
	90,041	*,e	Emdeon, Inc		1,451
	88,266	*	Emergency Medical Services Corp (Class A)		5,613
	84,624	*,e	Emeritus Corp		2,155
	221,838	*,e	Endologix, Inc		1,504
	57,269	e	Ensign Group, Inc		1,829
	300,737	*,e	EnteroMedics, Inc		830
	12,565	*,e	ePocrates, Inc		249
	38,108	*	Exactech, Inc		669
	49,800	*,e	EXamWorks, Inc		1,107
	8,000		Excelsior Medical Co Ltd		24
	3,905,186	*,e	Express Scripts, Inc		217,166
	24,700		Faber Group BHD		17
	731,151		Fisher & Paykel Healthcare Corp		1,752
	118,729	*	Five Star Quality Care, Inc		965
	31,307		Fleury S.A.		465
	31,668	*	Fortis Healthcare Ltd		107
	177,040		Fresenius Medical Care AG.		11,877
	108,036		Fresenius SE		9,968
	8,496	e	Galenica AG.		5,242
	185,288	*,e	Gen-Probe, Inc		12,294
	137,028	*	Gentiva Health Services, Inc		3,841
	7,587		Getinge AB (B Shares)		187
	22,928	*	Given Imaging Ltd		443
	288,421	e	GN Store Nord		2,701
	15,292,212	*,e	Golden Meditech Co Ltd		2,633
	117,469	*,e	Greatbatch, Inc		3,108
	49,400		Green Hospital Supply, Inc		622
	105,148	*,e	Haemonetics Corp		6,891
	180,612	*	Hanger Orthopedic Group, Inc		4,701

85

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	149,422	*,e	Hansen Medical, Inc	$	330
	146,700		Hartalega Holdings BHD		264
	873,898	*	HCA HOLDINGS,Inc		29,599
	774,904	*	Health Management Associates, Inc (Class A)		8,446
	736,658	*	Health Net, Inc		24,089
	144,940	m	Healthcare Locums plc		262
	1,074,136	*	Healthsouth Corp		26,832
	292,484	*,e	Healthspring, Inc		10,930
	176,514	*,e	Healthways, Inc		2,713
	37,871	*,e	HeartWare International, Inc		3,239
	296,023	*,e	Henry Schein, Inc		20,772
	270,378	e	Hill-Rom Holdings, Inc		10,269
	227,000		Hitachi Medical Corp		2,745
	114,448	*,e	HMS Holdings Corp		9,368
	38,900		Hogy Medical Co Ltd		1,665
	3,652,433	*,e	Hologic, Inc		81,084
	1,299,276	*	Humana, Inc		90,871
	51,958	*	ICU Medical, Inc		2,275
	253,033	*,e	Idexx Laboratories, Inc		19,539
	422,545	*,e	Immucor, Inc		8,358
	25,167		Immunodiagnostic Systems Holdings plc		335
	876		Infopia Co Ltd		11
	168,584	*,e	Insulet Corp		3,476
	137,247	*	Integra LifeSciences Holdings Corp		6,508
	277,757	*,e	Intuitive Surgical, Inc		92,621
	165,357		Invacare Corp		5,146
	259,808	*	Inverness Medical Innovations, Inc		10,169
	25,315	*	Ion Beam Applications		292
	66,024	*,e	IPC The Hospitalist Co, Inc		2,998
	94,889	*,e	IRIS International, Inc		856
	93,000	e	Jeol Ltd		271
	31,847	*,e	Kensey Nash Corp		793
	193,655	*	Kindred Healthcare, Inc		4,624
	621,757	*,e	Kinetic Concepts, Inc		33,836
	47,900		Kossan Rubber Industries		54
	96,000		KPJ Healthcare BHD		127
	544,495	*	Laboratory Corp of America Holdings		50,164
	38,184	e	Landauer, Inc		2,349
	11,900		Latexx Partners BHD		11
	82,332	*,e	LCA-Vision, Inc		556
	62,150	*,e	LHC Group, Inc		1,865
	158,021	*,e	LifePoint Hospitals, Inc		6,349
	34,065		LifeWatch AG.		297
	305,182	e	Lincare Holdings, Inc		9,052
	5,101		LVL Medical Groupe S.A.		127
	169,749	*,e	Magellan Health Services, Inc		8,331
	118,466	*,e	MAKO Surgical Corp		2,867
	8,100		Mani, Inc		278
	220,592	e	Masimo Corp		7,302
	1,353,489		McKesson Corp		106,992
	182,735	*,e	MedAssets, Inc		2,790
	87,994	*	Medcath Corp		1,228

86

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,789,994	*	Medco Health Solutions, Inc	$	100,526
	30,596	*	Medica		603
	102,304	*	Medical Action Industries, Inc		859
	285,224	e	Mediceo Paltac Holdings Co Ltd		2,521
	130,152	*	Medidata Solutions, Inc		3,328
	4,044,216	e	Medtronic, Inc		159,139
	183,198	*,e	Merge Healthcare, Inc		894
	177,013	e	Meridian Bioscience, Inc		4,247
	118,871	*,e	Merit Medical Systems, Inc		2,332
	180		Message Co Ltd		498
	193,621	*	Metropolitan Health Networks, Inc		916
	247,637	*	Mettler-Toledo International, Inc		42,594
	22,000		Microlife Corp		35
	520,000		Mingyuan Medicare Development Co Ltd		52
	57,900		Miraca Holdings, Inc		2,216
	57,676	*	Molina Healthcare, Inc		2,307
	53,128	*,e	MWI Veterinary Supply, Inc		4,286
	12,968		Nagaileben Co Ltd		323
	6,000		Nakanishi, Inc		603
	37,465		National Healthcare Corp		1,742
	3,974		National Research Corp		135
	152,490	*,e	Natus Medical, Inc		2,562
	97,659	*	Neogen Corp		4,041
	1,450,120	e	Network Healthcare Holdings Ltd		3,110
	116,900		Nichii Gakkan Co		921
	59,400		Nihon Kohden Corp		1,294
	87,767		Nikkiso Co Ltd		740
	61,266	e	Nipro Corp		1,211
	330,067	e	Nobel Biocare Holding AG.		6,834
	165,687	*,e	NuVasive, Inc		4,195
	204,856	*	NxStage Medical, Inc		4,503
	194,200		Odontoprev S.A.		3,174
	58,256	e	Olympus Corp		1,622
	23,862		Omega Pharma S.A.		1,149
	387,208	e	Omnicare, Inc		11,612
	208,424	*,e	Omnicell, Inc		3,176
	127,597		OPG Groep NV		2,549
	43,635		Opto Circuits India Ltd		269
	205,524	*	OraSure Technologies, Inc		1,615
	258,139		Oriola-KD Oyj (B Shares)		1,244
	30,103		Orpea		1,470
	111,728	*	Orthofix International NV		3,627
	304,335	*	Orthovita, Inc		648
	1,862	*	Osstem Implant Co Ltd		23
	304,887	e	Owens & Minor, Inc		9,903
	17,000		Pacific Hospital Supply Co Ltd		69
	89,265	*,e	Palomar Medical Technologies, Inc		1,326
	26,700		Paramount Bed Co Ltd		732
	441,677		Patterson Cos, Inc		14,218
	35,492	*	PDI, Inc		288
	144,477	*	Pediatrix Medical Group, Inc		9,624
	157,957	*	PharMerica Corp		1,807

87

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	159,383		Phonak Holding AG.	$	14,203
	68,000	*	Pihsiang Machinery Manufacturing Co Ltd		117
	1,188,657	e	Primary Health Care Ltd		4,058
	3,200		Profarma Distribuidora de Produtos Farmaceuticos S.A.		30
	83,266	*,e	Providence Service Corp		1,247
	525,696	*,e	PSS World Medical, Inc		14,273
	80,512	e	Quality Systems, Inc		6,710
	515,150		Quest Diagnostics, Inc		29,734
	97,065	*,e	Quidel Corp		1,161
	295,000		Raffles Medical Group Ltd		524
	134,183		Ramsay Health Care Ltd		2,651
	163,043	*	RehabCare Group, Inc		6,011
	466,000	*,e	Resmed, Inc		13,980
	178,198		Rhoen Klinikum AG.		3,864
	48,181	*,e	Rochester Medical Corp		553
	262,896	*	RTI Biologics, Inc		752
	92,691	*,e	Rural		1,579
	397,334		Ryman Healthcare Ltd		719
	32,784		Sartorius AG.		1,426
	16,119		Sartorius Stedim Biotech		943
	76,349		Selcuk Ecza Deposu Ticaret ve Sanayi AS		122
	218,303	*,e	Select Medical Holdings Corp		1,760
	4,441,000		Shandong Weigao Group Medical Polymer Co Ltd		12,671
	32,400		Shenzhen Accord Pharmaceutical Co Ltd		86
	1,613,071	*	Sigma Pharmaceuticals Ltd		818
	907,600	e	Sinopharm Group Co		3,219
	199,192	*,e	Sirona Dental Systems, Inc		9,991
	68,908	*,e	Skilled Healthcare Group, Inc (Class A)		992
	801,197		Smith & Nephew plc		9,028
	247,114	*,e	Solta Medical, Inc		815
	145	e	So-net M3, Inc		881
	408,827	e	Sonic Healthcare Ltd		5,067
	57,230	*	SonoSite, Inc		1,907
	342,858	*	Sorin S.p.A.		957
	145,054	*	Spectranetics Corp		683
	1,686,913		St. Jude Medical, Inc		86,471
	22,000		St. Shine Optical Co Ltd		271
	148,681	*,e	Staar Surgical Co		828
	145,510	*,e	Stereotaxis, Inc		563
	292,704	e	STERIS Corp		10,110
	10,007		Stratec Biomedical Systems AG.		400
	1,316		Straumann Holding AG.		338
	1,359,396		Stryker Corp		82,651
	99,493	*	Sun Healthcare Group, Inc		1,400
	267,060	*,e	Sunrise Senior Living, Inc		3,186
	20,500		Supermax Corp BHD		29
	78,151	*,e	SurModics, Inc		977
	60,229		Suzuken Co Ltd		1,588
	257,870	*,e	SXC Health Solutions Corp		14,131
	102,362	*	SXC Health Solutions Corp (Toronto)		5,583
	201,500	*	Symmetry Medical, Inc		1,975

88

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	104,910	e	Synergy Healthcare plc	$	1,380
	147,342	*	Syneron Medical Ltd		1,921
	54,455	*,e	Synovis Life Technologies, Inc		1,044
	154,083	e	Synthes, Inc		20,811
	61,516	e	Sysmex Corp		2,176
	20,786		TaiDoc Technology Corp		47
	139,942	*,e	Team Health Holdings, Inc		2,446
	77,024	e	Teleflex, Inc		4,466
	31,300	*	Tempo Participacoes S.A.		75
	1,514,000	*,e	Tenet Healthcare Corp		11,279
	154,246	e	Terumo Corp		8,127
	174,921	*,e	Thoratec Corp		4,536
	57,100	e	Toho Pharmaceutical Co Ltd		624
	252,161	*	TomoTherapy, Inc		1,152
	123,700		Top Glove Corp BHD		220
	38,999	*	Transcend Services, Inc		936
	144,000	*	Trauson Holdings Co Ltd		61
	105,951	*	Triple-S Management Corp (Class B)		2,180
	208,063	*	Unilife Corp		1,180
	481,372		United Drug plc		1,567
	7,792,291	e	UnitedHealth Group, Inc		352,211
	172,556		Universal American Financial Corp		3,953
	279,425	e	Universal Health Services, Inc (Class B)		13,806
	68,934		US Physical Therapy, Inc		1,540
	746,227	*,e	Varian Medical Systems, Inc		50,475
	82,659	*,e	Vascular Solutions, Inc		902
	267,702	*	VCA Antech, Inc		6,741
	64,126	*,e	Vital Images, Inc		866
	41,800	e	VITAL KSK Holdings, Inc		339
	215,058	*,e	Volcano Corp		5,505
	309,434	*,e	WellCare Health Plans, Inc		12,981
	2,151,898	e	WellPoint, Inc		150,180
	137,874	e	West Pharmaceutical Services, Inc		6,173
	2,642	*,e	William Demant Holding		228
	188,027	*,e	Wright Medical Group, Inc		3,198
	30,246	e	Young Innovations, Inc		950
	17,740,000	*,e	Yun Sky Chemical International Holdings Ltd		400
	866,979	*	Zimmer Holdings, Inc		52,478
	110,550	*,e	Zoll Medical Corp		4,954
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		3,845,867
HOUSEHOLD & PERSONAL PRODUCTS - 1.5%
	27,700	*,e	Aderans Co Ltd		324
	403,415		Alberto-Culver Co		15,035
	4,942		Amorepacific Corp		4,708
	60,044	*	Atrium Innovations Inc		1,024
	881,550		Avon Products, Inc		23,837
	268,000	e	BaWang International Group Holding Ltd		79
	548,828		Beiersdorf AG.		33,496
	286,762	*,e	Central Garden and Pet Co (Class A)		2,641
	14,848		China King-highway Holdings Lt		47
	260,381		Church & Dwight Co, Inc		20,659

89

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	468,446		Clorox Co	$	32,824
	1,798,176		Colgate-Palmolive Co		145,221
	68,000		Coslight Technology International Group Ltd		34
	174	e	Dr Ci:Labo Co Ltd		645
	103,483	*,e	Elizabeth Arden, Inc		3,106
	377,028	*	Energizer Holdings, Inc		26,829
	993,773	e	Estee Lauder Cos (Class A)		95,759
	72,500	e	Fancl Corp		1,017
	78,386	e	Female Health Co		391
	42,000		Grape King Industrial Co		61
	1,159,500		Hengan International Group Co Ltd		8,598
	19,297		Henkel KGaA		1,008
	1,212,213		Henkel KGaA (Preference)		75,032
	743,339	e	Herbalife Ltd		60,478
	1,334,601		Hindustan Lever Ltd		8,592
	385,469	*	Hypermarcas S.A.		5,100
	19,172		Inter Parfums S.A.		667
	88,880		Inter Parfums, Inc		1,645
	490,566	e	Kao Corp		12,241
	840,716		Kimberly-Clark Corp		54,874
	734,679		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		4,552
	38,000	e	Kobayashi Pharmaceutical Co Ltd		1,761
	3,050		Korea Kolmar Co Ltd		21
	52,400	e	Kose Corp		1,305
	14,076		LG Household & Health Care Ltd		5,280
	442,000	e	Lion Corp		2,249
	44,998		L’Oreal S.A.		5,243
	49,479		Mandom Corp		1,208
	3,421		Marico Ltd		11
	249,474		Mcbride plc		569
	61,985	*,e	Medifast, Inc		1,224
	53,000	*	Microbio Co Ltd		81
	13,300	e	Milbon Co Ltd		368
	239,438		Natura Cosmeticos S.A.		6,746
	830,000		Natural Beauty Bio-Technology Ltd		208
	27,322	*,e	Nature’s Sunshine Products, Inc		245
	6,392	m	Nirma Ltd		37
	39,900	*	Noevir Holdings Co Ltd		445
	1,772,383	e	Nu Skin Enterprises, Inc (Class A)		50,956
	54,882	*,e	Nutraceutical International Corp		822
	565,000	e	NVC Lighting Holdings Ltd		279
	21,396	e	Oil-Dri Corp of America		456
	56,663	e	Oriflame Cosmetics S.A.		2,930
	1,315		Pacific Corp		237
	22,600	e	Pigeon Corp		706
	50,000	*	Pola Orbis Holdings, Inc		1,041
	182,445	*	Prestige Brands Holdings, Inc		2,098
	13,121,601		Procter & Gamble Co		808,291
	1,827,500		PT Unilever Indonesia Tbk		3,209
	267,059	e	PZ Cussons plc		1,399
	3,583,201		Reckitt Benckiser Group plc		183,927
	71,631	*	Revlon, Inc (Class A)		1,137

90

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	20,794,400	e	Ruinian International Ltd	$	14,528
	42,286	e	Schiff Nutrition International, Inc		385
	134,920	e	Shiseido Co Ltd		2,337
	71,895	*,e	Spectrum Brands, Inc		1,996
	165,164	e	Uni-Charm Corp		6,012
	28,530	*,e	USANA Health Sciences, Inc		985
	251,000	e	Vinda International Holdings Ltd		247
	98,902	e	WD-40 Co		4,188
	126,000	*	Youyuan International Holdings Ltd		69
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,755,760
INSURANCE - 3.8%
	3,900,023		ACE Ltd		252,331
	1,425,172	e	Admiral Group plc		35,504
	2,824,479	*	Aegon NV		21,149
	2,489,931		Aflac, Inc		131,419
	17,844,000	*	AIA Group Ltd		54,929
	13,511		Aksigorta AS		17
	12,850	*	Alleghany Corp		4,253
	899,419		Allianz AG.		125,942
	425,785		Allied World Assurance Co Holdings Ltd		26,692
	3,961,521		Allstate Corp		125,897
	88,520	*	Alm Brand AS		190
	260,298		American Equity Investment Life Holding Co		3,415
	882,300		American Financial Group, Inc		30,898
	233,455	*	American International Group, Inc		8,204
	12,733		American National Insurance Co		1,008
	76,910	*	American Safety Insurance Holdings Ltd		1,648
	80,545	*,e	Amerisafe, Inc		1,781
	820,407		Amlin plc		5,024
	3,925,024	e	AMP Ltd		22,070
	109,103		Amtrust Financial Services, Inc		2,081
	65,474		Anadolu Hayat Emeklilik AS		216
	104,038		Anadolu Sigorta		80
	701,107		AON Corp		37,131
	48,364		April Group		1,337
	259,271	*	Arch Capital Group Ltd		25,717
	160,709	e	Argo Group International Holdings Ltd		5,310
	196,970	e	Arthur J. Gallagher & Co		5,990
	687,340	e	Aspen Insurance Holdings Ltd		18,943
	1,034,040		Assicurazioni Generali S.p.A.		22,350
	893,152	e	Assurant, Inc		34,395
	358,678	e	Assured Guaranty Ltd		5,344
	5,278,490		Aviva plc		36,629
	2,891,646		AXA S.A.		60,418
	2,644,658	e	Axis Capital Holdings Ltd		92,351
	9,303		Bajaj Finserv Ltd		109
	35,293		Baldwin & Lyons, Inc (Class B)		827
	47,181		Baloise Holding AG.		4,668
	1,445,055		Beazley plc		2,854
	6,432,817	*	Berkshire Hathaway, Inc (Class B)		537,977
	400	*	Brazil Insurance Participco		441

91

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	90,082		Brit Insurance Holdings NV	$	1,552
	216,625		Brown & Brown, Inc		5,589
	9,700,071		Cathay Financial Holding Co Ltd		15,997
	698,390		Catlin Group Ltd		4,039
	42,000		Central Reinsurance Co Ltd		24
	739,021		Chaucer Holdings plc		667
	194,514		Chesnara plc		768
	1,164,908	*,e	China Insurance International Holdings Co Ltd		3,440
	11,757,419		China Life Insurance Co Ltd		43,938
	3,407,592		China Life Insurance Co Ltd (Taiwan)		3,436
	2,341,400		China Pacific Insurance Group Co Ltd		9,832
	1,230,503		Chubb Corp		75,442
	279,865	e	Cincinnati Financial Corp		9,180
	180,276	*,e	Citizens, Inc (Class A)		1,316
	26,645		Clal Insurance		782
	50,856		CNA Financial Corp		1,503
	95,092	*	CNA Surety Corp		2,402
	431,836		CNP Assurances		9,165
	1,148,154	*	Conseco, Inc		8,623
	2,302,705		Corp Mapfre S.A.		8,674
	152,184	e	Crawford & Co (Class B)		724
	8,032	e	Dai-ichi Mutual Life Insurance Co		12,113
	236,426		Delphi Financial Group, Inc (Class A)		7,261
	59,011		Delta Lloyd NV		1,570
	540,910		Discovery Holdings Ltd		3,047
	53,840	e	Donegal Group, Inc (Class A)		720
	79,987		Dongbu Insurance Co Ltd		3,648
	99,529	*,e	eHealth, Inc		1,324
	36,227	e	EMC Insurance Group, Inc		900
	178,405	e	Employers Holdings, Inc		3,686
	664,784	e	Endurance Specialty Holdings Ltd		32,455
	32,703	*,e	Enstar Group Ltd		3,266
	75,227		Erie Indemnity Co (Class A)		5,349
	18,554	*	Euler Hermes S.A.		1,767
	170,415		Everest Re Group Ltd		15,027
	22,764		Fairfax Financial Holdings Ltd		8,605
	29,619		FBD Holdings plc		304
	74,280	e	FBL Financial Group, Inc (Class A)		2,282
	443,645	e	Fidelity National Title Group, Inc (Class A)		6,269
	532,087		First American Financial Corp		8,779
	307,612	e	Flagstone Reinsurance Holdings Ltd		2,772
	74,330	e	Fondiaria-Sai S.p.A RSP		366
	98,593	e	Fondiaria-Sai S.p.A.		815
	11,800	*	Fortegra Financial Corp		134
	2,345,275		Fortis		6,669
	42,344	*,e	Fpic Insurance Group, Inc		1,605
	238,000	*	Fuji Fire & Marine Insurance Co Ltd		418
	1,396,926	*	Genworth Financial, Inc (Class A)		18,803
	479,673	e	Great-West Lifeco, Inc		13,309
	130,430	*,e	Greenlight Capital Re Ltd (Class A)		3,679
	57,430		Grupo Catalana Occidente S.A.		1,269
	34,935	*	Gunes Sigorta		47

92

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	71,906	*	Hallmark Financial Services	$	603
	222,325	e	Hannover Rueckversicherung AG.		12,138
	84,674		Hanover Insurance Group, Inc		3,831
	10,320	*	Hanwha Non-Life Insurance Co Ltd		96
	11,401		Harel Insurance Investments & Finances Ltd		715
	47,318		Harleysville Group, Inc		1,568
	915,109		Hartford Financial Services Group, Inc		24,644
	312,398		HCC Insurance Holdings, Inc		9,781
	12,053		Helvetia Holding AG.		4,985
	140,702	*	Hilltop Holdings, Inc		1,413
	517,260	e	Hiscox Ltd		3,126
	219,828		Horace Mann Educators Corp		3,693
	24,080		Hyundai Marine & Fire Insurance Co Ltd		671
	206,419		Industrial Alliance Insurance and Financial Services, Inc		8,895
	63,674		Infinity Property & Casualty Corp		3,788
	171,242	e	ING Canada, Inc		8,876
	2,350,842		Insurance Australia Group Ltd		8,730
	385,301	*	Irish Life & Permanent Group Holdings plc		221
	208,033		Jardine Lloyd Thompson Group plc		2,308
	18,190	e	Kansas City Life Insurance Co		582
	255,250		Korea Life Insurance Co Ltd		1,762
	27,160		Korean Reinsurance Co		317
	216,552	e	Lancashire Holdings Ltd		2,070
	23,421,862		Legal & General Group plc		43,240
	190,241		Liberty Holdings Ltd		1,999
	12,190		LIG Insurance Co Ltd		297
	823,639	e	Lincoln National Corp		24,742
	603,415		Loews Corp		26,001
	6,210		Lotte Non-Life Insurance Co Ltd		42
	233,358		Maiden Holdings Ltd		1,748
	2,306,784	e	Manulife Financial Corp		40,877
	18,785	*	Markel Corp		7,785
	1,169,437	e	Marsh & McLennan Cos, Inc		34,861
	1,450,337	e	Max Capital Group Ltd		32,401
	289,805	*,e	MBIA, Inc		2,910
	322,051	e	Meadowbrook Insurance Group, Inc		3,333
	304,201	e	Mediolanum S.p.A.		1,633
	29,995	*	Menorah Mivtachim Holdings Ltd		407
	50,083	e	Mercury General Corp		1,960
	10,690	m	Meritz Fire & Marine Insurance Co Ltd		101
	6,764,611		Metlife, Inc		302,581
	1,601,911		Metropolitan Holdings Ltd		3,934
	325,021	e	Milano Assicurazioni S.p.A.		418
	83,529		Milano Assicurazioni S.p.A. (RSP)		133
	1,507,991		Millea Holdings, Inc		40,262
	324,526	e	Mitsui Sumitomo Insurance Group Holdings, Inc		7,406
	382,578	e	Montpelier Re Holdings Ltd		6,760
	286,175		Muenchener Rueckver AG.		45,018
	226,472	*,e	National Financial Partners Corp		3,340
	30,825		National Interstate Corp		643
	10,407	e	National Western Life Insurance Co (Class A)		1,689

93

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	54,063	*,e	Navigators Group, Inc	$	2,784
	1,290,926	e	NKSJ Holdings, Inc		8,427
	4,998,992		Old Mutual plc		10,891
	508,001	e	Old Republic International Corp		6,447
	48,108	e	OneBeacon Insurance Group Ltd (Class A)		651
	935,216		PartnerRe Ltd		74,107
	486,023	*	Phoenix Cos, Inc		1,322
	79,180	*	Phoenix Holdings Ltd		284
	5,885,000	*,e	PICC Property & Casualty Co Ltd		7,097
	2,942,000	e	Ping An Insurance Group Co of China Ltd		29,786
	202,367		Platinum Underwriters Holdings Ltd		7,708
	314,831		Porto Seguro S.A.		5,322
	447,572	e	Power Corp Of Canada		13,263
	626,805	e	Power Financial Corp		20,294
	65,703		Powszechny Zaklad Ubezpieczen S.A.		8,235
	269,160	*,e	Premafin Finanziaria S.p.A.		212
	100,345		Presidential Life Corp		956
	108,167	e	Primerica, Inc		2,759
	1,309,123	e	Principal Financial Group		42,036
	138,928	*	ProAssurance Corp		8,804
	1,288,753		Progressive Corp		27,231
	426,212	e	Protective Life Corp		11,316
	4,842,408		Prudential Financial, Inc		298,195
	4,185,942		Prudential plc		47,404
	77,004,000	*	PT Panin Life Tbk		1,492
	2,476,497		QBE Insurance Group Ltd		45,298
	465,923		Reinsurance Group of America, Inc (Class A)		29,251
	685,929		RenaissanceRe Holdings Ltd		47,322
	4,075,961		Resolution Ltd		19,328
	76,366	e	RLI Corp		4,402
	1,178,575		RMI Holdings		2,030
	3,243,325		Royal & Sun Alliance Insurance Group plc		6,833
	51,966		Safety Insurance Group, Inc		2,396
	328,822	e	Sampo Oyj (A Shares)		10,472
	55,617		Samsung Fire & Marine Insurance Co Ltd		12,287
	74,380		Samsung Life Insurance Co Ltd		6,972
	3,388,675		Sanlam Ltd		13,814
	8,476		Santam Ltd		159
	18,007		Schweizerische National-Versicherungs-Gesellschaft		714
	516,889		SCOR		14,092
	93,831		SeaBright Insurance Holdings, Inc		962
	267,064		Selective Insurance Group, Inc		4,620
	7,915,473	*	Shin Kong Financial Holding Co Ltd		3,428
	17,000		Shinkong Insurance Co Ltd		14
	59,321		Societa Cattolica di Assicurazioni SCRL		1,603
	172,200	e	Sony Financial Holdings, Inc		3,412
	268,806		St. James’s Place plc		1,441
	91,034	e	Stancorp Financial Group, Inc		4,198
	1,784,765		Standard Life plc		5,914
	78,783	e	State Auto Financial Corp		1,435
	73,694	e	Stewart Information Services Corp		772
	540,574	*,e	Storebrand ASA		4,630

94

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	309,300		Sul America SA	$	3,865
	1,267,410	e	Sun Life Financial, Inc		39,833
	2,044,059		Suncorp-Metway Ltd		17,934
	27,700		Swiss Life Holding		4,570
	630,430		Swiss Reinsurance Co		35,926
	60,303		Symetra Financial Corp		820
	292,220	e	T&D Holdings, Inc		7,200
	129,000		Taiwan Fire & Marine Insurance Co		110
	139,000		Taiwan Life Insurance Co Ltd		130
	15,070		Tong Yang Life Insurance		177
	20,609	*,e	Topdanmark AS		3,417
	338,322		Torchmark Corp		22,492
	638,108		Tower Australia Group Ltd		2,607
	188,102	e	Tower Group, Inc		4,520
	256,704		Tower Ltd		366
	237,375		Transatlantic Holdings, Inc		11,553
	990,315		Travelers Cos, Inc		58,904
	19,432	e	TrygVesta AS		1,141
	41,000	*	Union Insurance Co Ltd		20
	2,823,020		Unipol Gruppo Finanziario S.p.A.		2,029
	4,645,922	e	Unipol S.p.A.		2,498
	60,661	*	United America Indemnity Ltd		1,333
	117,153		United Fire & Casualty Co		2,368
	100,397	e	Unitrin, Inc		3,100
	130,107	e	Universal Insurance Holdings, Inc		705
	1,251,432		UnumProvident Corp		32,850
	737,243		Validus Holdings Ltd		24,572
	74,736		Vittoria Assicurazioni S.p.A.		425
	231,969		W.R. Berkley Corp		7,472
	3,388		Wesco Financial Corp		1,319
	14,342		White Mountains Insurance Group Ltd		5,223
	56,613		Wiener Staedtische Allgemeine Versicherung AG.		3,239
	2,774,501	e	XL Capital Ltd		68,253
	9,935		Yapi Kredi Sigorta AS.		97
	223,269		Zurich Financial Services AG.		62,412
			TOTAL INSURANCE		4,182,526
MATERIALS - 7.1%
	158,745	e	A. Schulman, Inc		3,924
	12,786	e	Acerinox S.A.		252
	82,000		ACHEM Technology Corp		53
	270,000		Achilles Corp		403
	21,680		Adana Cimento		76
	159,800	e	ADEKA Corp		1,560
	1,178,301		Adelaide Brighton Ltd		3,925
	4,898		Adhunik Metaliks Ltd		10
	884,642	*,e	Aditya Birla Minerals Ltd		1,354
	29,781	*	Advanced Metallurgical Group NV		652
	33,597		Aeci Ltd		413
	24,025	*	AEP Industries, Inc		714
	244,579		African Barrick Gold Ltd		2,124
	36,797		African Oxygen Ltd		98

95

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	174,119		African Rainbow Minerals Ltd	$	5,735
	89		Afyon Cimento Sanayi TAS		10
	185,074		Agnico-Eagle Mines Ltd		12,303
	307,333		Agrium, Inc (Toronto)		28,381
	341,000	e	Aichi Steel Corp		2,060
	12,997		Air Liquide		1,728
	701,046		Air Products & Chemicals, Inc		63,220
	109,817	e	Air Water, Inc		1,337
	160,350		Airgas, Inc		10,650
	217,805		AK Steel Holding Corp		3,437
	21,873		Akcansa Cimento AS		104
	8,451		Akzo Nobel NV		582
	249,470		Alamos Gold, Inc		3,947
	458,925		Albemarle Corp		27,430
	2,213,487		Alcoa, Inc		39,068
	3,372		Alexandria Mineral Oils Co		31
	309,177	e	Allegheny Technologies, Inc		20,937
	313,864	*	Allied Nevada Gold Corp		11,136
	174,690	*,e	Altri SGPS S.A.		406
	650,437		Alumina Ltd		1,658
	6,044,000	*,e	Aluminum Corp of China Ltd		5,733
	949,140		Ambuja Cements Ltd		3,137
	102,740	e	AMCOL International Corp		3,697
	943,267		Amcor Ltd		6,886
	92,732		American Vanguard Corp		805
	192,075	*	Ampella Mining Ltd		597
	386,000		AMVIG Holdings Ltd		298
	50,748	*	Anadolu Cam Sanayii AS		116
	299,500	*	Anatolia Minerals Development Ltd		2,752
	1,894,720	e	Angang New Steel Co Ltd		2,594
	8,804		Anglo American plc		457
	3,380,374		Anglo American plc (London)		173,700
	135,355	e	Anglo Platinum Ltd		13,914
	520,811		AngloGold Ashanti Ltd		24,958
	1,400,870	e	Anhui Conch Cement Co Ltd		8,765
	46,400		ANN JOO Resources BHD		44
	939,459		Antofagasta plc		20,479
	138,730	*	Anvil Mining Ltd		906
	58,000	*,e	APERAM		2,330
	127,941		Aptargroup, Inc		6,414
	820,901		Aquarius Platinum Ltd		4,575
	347,782	*,e	Arafura Resources Ltd		451
	121,834		ArcelorMittal		4,405
	138,917	e	Arch Chemicals, Inc		5,778
	726,812		Arkema		66,078
	2,819,672	e	Asahi Kasei Corp		18,991
	94,000		Asahi Organic Chemicals Industry Co Ltd		261
	2,428,248		Ashland, Inc		140,256
	182,500		Asia Cement China Holdings Corp		114
	1,040		Asia Cement Co Ltd		44
	2,686,070		Asia Cement Corp		3,017
	23,000		Asia Polymer		40

96

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	86,394		Associated Cement Co Ltd	$	2,081
	120,190	*	Aston Resources Pty Ltd		1,174
	112,900	*	Atlas Consolidated Mining & Development		41
	1,165,817	*	Atlas Iron Ltd		4,496
	119,700	*	Augusta Resource Corp		606
	186,194	*,e	Aura Minerals, Inc		544
	19,679	e	Auriga Industries (Class B)		345
	234,097	*	Aurizon Mines Ltd		1,647
	608,127		Ausdrill Ltd		2,389
	231,192	*	Avocet Mining plc		909
	327,935	*	B2Gold Corp		1,008
	257	*	Bagfas Bandirma Gubre Fabrik		30
	121,108		Balchem Corp		4,544
	622,128		Ball Corp		22,303
	84,704		Ballarpur Industries Ltd		69
	1,203,365		Barrick Gold Corp		62,467
	2,118,608		Barrick Gold Corp (Canada)		110,114
	2,031,989		BASF AG.		175,391
	2,138		BASF India Ltd		29
	3,125		Baticim Bati Anadolu Cimento Sanayii AS.		16
	2,534		Bayer CropScience Ltd		52
	1,600,000		BBMG Corp		2,617
	219,311		Bemis Co, Inc		7,196
	12,998		Berger Paints India Ltd		26
	4,720,150	e	BHP Billiton Ltd		226,554
	3,059,733		BHP Billiton plc		121,137
	1,487,886		Bhushan Steel Ltd		14,559
	243,717		Billerud AB		2,758
	505,549		BlueScope Steel Ltd		1,032
	1,120	*	BNG Steel Co Ltd		14
	335,283	e	Boise, Inc		3,071
	1,169,339	e	Boliden AB		25,158
	64,335		Bolu Cimento Sanayii		70
	542,071	e	Boral Ltd		2,801
	1,131,000	*	Borneo Lumbung Energi & Metal		214
	8,539		Borusan Mannesmann Boru Sanayi		93
	447,991	*	Boryszew S.A.		347
	329,193		Bradespar S.A.		8,630
	242,628	*	Braskem S.A.		3,216
	118,620	*,e	Brockman Resources Ltd		726
	95,757	*,e	Brush Engineered Materials, Inc		3,907
	218,483		Buckeye Technologies, Inc		5,949
	18,067		Bursa Cimento		55
	102,997	e	Buzzi Unicem S.p.A.		1,497
	161,779		Buzzi Unicem S.p.A. RSP		1,353
	8,100		C Uyemura & Co Ltd		386
	351,601	e	Cabot Corp		16,276
	217,668	*	Caledon Resources plc		332
	241,670	*,e	Calgon Carbon Corp		3,838
	252,168	*	Canfor Corp		3,849
	124,842		CAP S.A.		6,064
	291,926	*,e	Capital Gold Corp		1,877

97

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	8,520		Capro Corp	$	215
	576,900	*	Capstone Mining Corp		2,624
	86,744		Carpenter Technology Corp		3,705
	93,652		Cascades, Inc		729
	71,010	*,e	Castle (A.M.) & Co		1,341
	56,281		CCL Industries		1,834
	677,675	e	Celanese Corp (Series A)		30,068
	81,180	e	Cementir S.p.A.		243
	491,932		Cementos Argos S.A.		2,855
	51,814		Cementos Lima S.A.		74
	23,119		Cementos Portland Valderrivas S.A.		486
	16,508,531	*,e	Cemex S.A. de C.V.		14,753
	1,353,317	*,e	Centamin Egypt Ltd		2,941
	416,149		Centerra Gold, Inc		7,469
	320,586	*	Century Aluminum Co		5,989
	16,753		Century Textile & Industries Ltd		132
	755,179		CF Industries Holdings, Inc		103,301
	88,532		Chambal Fertilizers & Chemicals Ltd		157
	66,094		Cheil Industries, Inc		7,009
	352,000		Cheng Loong Corp		166
	171,000		Chia Hsin Cement Corp		98
	244,000		Chiho-Tiande Group Ltd		233
	3,490,000		China BlueChemical Ltd		2,855
	198,000	m	China Forestry Holdings Ltd		75
	28,000		China General Plastics Corp		13
	66,000	*	China Glass Holdings Ltd		60
	20,000	*	China Glaze Co Ltd		18
	2,078,000	*	China Grand Forestry Resources Group Ltd		58
	15,000	*	China Hi-ment Corp		20
	199,000	*	China Manmade Fibers Corp		106
	71,000		China Metal Products		72
	141,600	e	China Metal Recycling Holdings Ltd		170
	666,000	*	China Mining Resources Group Ltd		12
	2,377,861		China National Building Material Co Ltd		8,716
	208,000		China Nickel Resources Holding Co Ltd		33
	2,298,000	*	China Petrochemical Development Corp		2,922
	750,000	*	China Precious Metal Resources Holdings Co Ltd		164
	152,000	*,e	China Rare Earth Holdings Ltd		67
	3,522,000	*,e	China Resources Cement Holdings Ltd		3,490
	3,166,000	e	China Shanshui Cement Group Ltd		2,952
	84,000		China Steel Chemical Corp		448
	13,525,279		China Steel Corp		16,168
	141,500		China Sunshine Paper Holdings Co Ltd		36
	238,000		China Synthetic Rubber Corp		226
	112,000	*	China Vanadium Titano-Magnetite Mining Co Ltd		48
	568,000		China XLX Fertiliser Ltd		187
	3,154,800	e	China Zhongwang Holdings Ltd		1,484
	136,000	*	Chongqing Iron & Steel Co Ltd		34
	1,759,031		Christian Hansen Holding		39,894
	513,000	*	Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd		250
	111,000	e	Chuetsu Pulp & Paper Co Ltd		200

98

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	77,000		Chugoku Marine Paints Ltd	$	646
	199,000		Chun Yuan Steel		105
	114,000	*	Chung Hung Steel Corp		69
	30,000	*	Chung Hwa Pulp Corp		17
	289,625		Cia de Minas Buenaventura S.A. (ADR) (Series B)		12,445
	32,257	*	Cia Minera Atacocha S.A.		15
	38,900	*	Cia Minera Autlan SAB de C.V.		118
	935,636		Cia Siderurgica Nacional S.A.		15,290
	8,381	*	Ciech S.A.		79
	10,067		Ciments Francais S.A.		1,016
	57,350	e	Cimpor Cimentos de Portugal S.A.		415
	27,601		Cimsa Cimento Sanayi Ve Tica		181
	351,204	*	Clariant AG.		6,327
	1,434		Clariant Chemicals India Ltd		21
	71,324	*,e	Clearwater Paper Corp		5,806
	851,923		Cleveland-Cliffs, Inc		83,727
	602,213	*,e	Coal of Africa Ltd		720
	462,222	*	Coeur d’Alene Mines Corp		16,076
	128,700	*	Colossus Minerals, Inc		1,085
	222,533	e	Commercial Metals Co		3,843
	86,132	*	Companhia Vale do Rio Doce		0	^
	306,160		Companhia Vale do Rio Doce (ADR)		10,210
	83,003	m	Compania de Minas Buenaventura S.A.		3,524
	98,418		Compass Minerals International, Inc		9,205
	66,300		Confab Industrial S.A.		179
	274,307	*	Consolidated Thompson Iron Mines Ltd		4,850
	450	*	Corinth Pipeworks S.A.		1
	65,957		Corp Aceros Arequipa S.A.		76
	39,000	*	Corp Durango SAB de C.V.		38
	151,000		CPMC Holdings Ltd		91
	264,754		CRH plc		6,083
	285,763		Croda International plc		7,695
	170,900	*	Cronus Resources Ltd		1,539
	1,568,799	*	Crown Holdings, Inc		60,525
	56,800		CSC Steel Holdings BHD		33
	140,972	*,m	Cudeco Ltd		451
	785,699		Cytec Industries, Inc		42,718
	4,220		Daehan Steel Co Ltd		39
	144,000	e	Dai Nippon Toryo Co Ltd		192
	799,892		Daicel Chemical Industries Ltd		4,937
	378,890	e	Daido Steel Co Ltd		2,157
	91,000		Daiken Corp		335
	201,857		Dainichiseika Color & Chemicals Manufacturing Co Ltd		973
	1,208,675		Dainippon Ink and Chemicals, Inc		2,811
	107,872	e	Daio Paper Corp		826
	90,000		Daiso Co Ltd		309
	71,000	*	Danhua Chemical Technology Co Ltd		78
	22,960		DC Chemical Co Ltd		10,325
	8,695		Deepak Fertilizers & Petrochemicals Corp Ltd		31
	45,864	e	Deltic Timber Corp		3,066
	623,008		Denki Kagaku Kogyo KK		3,075

99

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	109,032	*	Detour Gold Corp	$	3,448
	521,482		Domtar Corporation		47,862
	4,610	*	Dongbu HiTek Co Ltd		68
	5,560		Dongbu Steel Co Ltd		50
	768		Dongil Industries Co Ltd		54
	8,537		Dongjin Semichem Co Ltd		47
	13,497		Dongkuk Industries Co Ltd		52
	53,770		Dongkuk Steel Mill Co Ltd		1,933
	308,000		Dongyue Group		250
	7,114,152	e	Dow Chemical Co		268,560
	100,773	e	Dowa Holdings Co Ltd		628
	59,172		DRDGOLD Ltd		30
	1,072,767		DS Smith plc		3,428
	504,921		DSM NV		31,044
	3,354,430		Du Pont (E.I.) de Nemours & Co		184,393
	501,860		DuluxGroup Ltd		1,406
	138,400	*	Dundee Precious Metals, Inc		1,243
	45,300		Dynasty Ceramic PCL		80
	138,855	e	Eagle Materials, Inc		4,202
	27,000		Earth Chemical Co Ltd		905
	1,376,185	*	Eastern Platinum Ltd		1,845
	1,159,459		Eastman Chemical Co		115,157
	1,186,838		Ecolab, Inc		60,552
	423,015	*	ECU Silver Mining, Inc		428
	29,000	*	EFUN Technologies Co Ltd		46
	502		EG Corp		15
	2,735	*	Egyptian Financial & Industrial Co		7
	8,574		EID Parry India Ltd		41
	249,399	*	El Ezz Steel Co		438
	611,377		Eldorado Gold Corp		9,970
	620,438		Elementis plc		1,512
	53,548	*	Empresa Siderurgica del Peru SAA		32
	206,624		Empresas CMPC S.A.		10,121
	11,236	*	EMS-Chemie Holding AG.		2,098
	5,005,883	*	Equinox Minerals Limited		29,638
	–	*,e	Equinox Minerals Ltd		0	^
	30,692	e	Eramet		11,343
	146,673	*	Ercros S.A.		198
	1,042,293	*	Eregli Demir ve Celik Fabrikalari TAS		2,792
	168,958	*	Eregli Demir ve Celik Fabrikalari TAS		425
	964,757		Eternal Chemical Co Ltd		1,139
	20,700		Eternit S.A.		142
	12,331	*	Eugene Corp		51
	723,630		Eurasian Natural Resources Corp		10,861
	164,098	*	European Goldfields Ltd		2,072
	16,229		Everest Kanto Cylinder Ltd		28
	93,200		Evergreen Fibreboard BHD		46
	98,000		Everlight Chemical Industrial Corp		101
	34,804	*,f	Evraz Group S.A. (GDR) (purchased 12/06/10, cost $1,329)		1,382
	96,100	*	Exeter Newco		570
	112,100	*	Exeter Resource Corp		597
	578,050		Feng Hsin Iron & Steel Co		1,025

100

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	16,600		Ferbasa-Ferro Ligas DA Bahia	$	131
	244,441		Ferrexpo plc		1,691
	2,878,261	*	Ferro Corp		47,750
	128,172		Fertilizantes Fosfatados S.A.		1,244
	10,500	*	Fertilizantes Heringer S.A.		64
	295,559	*	Fibria Celulose S.A.		4,770
	440,595		Filtrona plc		2,148
	16,688		Finolex Industries Ltd		33
	222,400	*	First Majestic Silver Corp		4,728
	100,321		First Quantum Minerals Ltd		12,978
	1,123,280	e	Fletcher Building Ltd		8,008
	138,577		FMC Corp		11,769
	4,190	*	Foosung Co Ltd		29
	5,779,733		Formosa Chemicals & Fibre Corp		21,915
	7,577,091		Formosa Plastics Corp		26,642
	57,000		Formosan Rubber Group, Inc		54
	129,000	*	Formosan Union Chemical		77
	3,261,251		Fortescue Metals Group Ltd		21,609
	2,454,200		Fosun International		1,883
	22,400		FP Corp		1,187
	138,448	e	Franco-Nevada Corp		5,082
	5,918,702		Freeport-McMoRan Copper & Gold, Inc (Class B)		328,783
	461,442	e	Fresnillo plc		11,406
	108,000	*	Froch Enterprise Co Ltd		68
	187,417	*	Fronteer Development Group, Inc		2,834
	61,952		Frutarom Industries Ltd		658
	8,094		Fuchs Petrolub AG.		1,093
	17,457		Fuchs Petrolub AG. (Preference)		2,598
	309,000		Fufeng Group Ltd		212
	26,652		Fuji Seal International, Inc		554
	23,200		Fujimi, Inc		321
	261,000	e	Furukawa-Sky Aluminum Corp		759
	5,017,800		Fushan International Energy Group Ltd		3,613
	6,271,800	*	G J Steel PCL		52
	4,035,000	*	G Steel PCL		99
	308,088	*	Gabriel Resources Ltd		2,294
	191,672	*	Gammon Gold, Inc		1,995
	171,319	*	Gem Diamonds Ltd		771
	270,649	*,e	General Moly, Inc		1,456
	814,939	*,e	Georgia Gulf Corp		30,153
	833,102		Gerdau S.A. Preference		10,302
	717,281	*,e	Gindalbie Metals Ltd		842
	44,186		Givaudan S.A.		44,434
	269,422	e	Glatfelter		3,589
	477,200	*	Gleichen Resources Ltd		896
	297,874	e	Globe Specialty Metals, Inc		6,780
	32,000	*	Gloria Material Technology Corp		33
	175,000	e	Godo Steel Ltd		437
	949,170		Gold Fields Ltd		16,560
	87,982	f	Gold Wheaton Gold Corp (GDR) (purchased 12/31/10, cost $1,329)		843
	1,213,613		Goldcorp, Inc		60,512
	1,266,923	*	Golden Star Resources Ltd		3,763

101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	363,238	*	Golden Star Resources Ltd (Toronto)	$	1,072
	3,002,800		Goldsun Development & Construction Co Ltd		1,321
	348		Goltas Cimento		20
	72,226	*,e	Graham Packaging Co, Inc		1,259
	98,000		Grand Pacific Petrochemical		60
	134,200	*	Grande Cache Coal Corp		1,422
	326,968	*,e	Grange Resources Ltd		221
	485,180	*	Graphic Packaging Holding Co		2,630
	3,591		Grasim Industries Ltd		198
	486,455	*	Great Basin Gold Ltd		1,279
	27,000		Great China Metal Industry		30
	197,748	*,b,e	Great Southern Ltd		25
	65,255	e	Greif, Inc (Class A)		4,268
	101,421	*	Greystar Resources Ltd		287
	164,905	*	Grupo Empresarial Ence S.A.		614
	5,660,280		Grupo Mexico S.A. de C.V. (Series B)		21,162
	47,600	*	Grupo Simec SAB de C.V.		130
	3,461	*	Gubre Fabrikalari TAS		35
	7,097		Gujarat Flourochemicals		57
	28,705		Gujarat Mineral Development Corp Ltd		87
	9,476		Gujarat Narmada Valley Fertilizers Co Ltd		20
	108,769		Gujarat NRE Coke Ltd		121
	9,372		Gujarat State Fertilisers & Chemicals Ltd		72
	15,699		Gulf Oil Corp Ltd		28
	72,000		Gun-Ei Chemical Industry Co Ltd		202
	1,116,712	*,e	Gunns Ltd		716
	1,584	*	Gunns Ltd (Forest)		117
	547		Gurit Holding AG.		389
	105,742	*	Guyana Goldfields, Inc		1,027
	19,660		H&R WASAG AG.		569
	239,602	e	H.B. Fuller Co		5,147
	2,873	*	Hadera Paper Ltd		211
	11,600		Han Kuk Carbon Co Ltd		60
	54,038	*	Hanfeng Evergreen, Inc		279
	1,633		Hanil Cement Manufacturing		84
	8,248		Hanjin P&C Co Ltd		61
	1,190		Hankuk Paper Manufacturing Co Ltd		28
	3,670		Hansol Paper Co		29
	188,055		Hanwha Chemical Corp		7,415
	103,767		Hanwha Corp		4,779
	475,560	e	Harmony Gold Mining Co Ltd		7,013
	128,872	*	Harry Winston Diamond Corp		2,076
	43,675	e	Hawkins, Inc		1,794
	77,714	e	Haynes International, Inc		4,309
	287,571	*	Headwaters, Inc		1,697
	1,334,533	*	Hecla Mining Co		12,118
	5,127		HeidelbergCement AG.		357
	10,260	*	HeidelbergCement India Ltd		10
	2,148,000	e	Hidili Industry International Development Ltd		1,895
	958,900	*	High River Gold Mines Ltd		1,078
	218,817	*	Highland Gold Mining Ltd		598
	2,022,903		Hindalco Industries Ltd		9,485

102

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	276,428	e	Hitachi Chemical Co Ltd	$	5,631
	42,671	e	Hitachi Metals Ltd		538
	229,000	*	Ho Tung Chemical Corp		130
	314,087	e	Hochschild Mining plc		3,243
	61,726		Hoganas AB (Class B)		2,295
	216,500	e	Hokuetsu Paper Mills Ltd		1,163
	288,933		Holcim Ltd		21,715
	40,086	e	Holmen AB (B Shares)		1,385
	36,099		Honam Petrochemical Corp		12,732
	191,682	*	Horsehead Holding Corp		3,268
	20,000		Hsin Kuang Steel Co Ltd		22
	2,429,000		Huabao International Holdings Ltd		3,735
	55,100		Huaxin Cement Co Ltd		226
	103,600	*	Hubei Sanonda Co Ltd		52
	10,780		Huchems Fine Chemical Corp		247
	341,292	e	HudBay Minerals, Inc		5,559
	161,921		Huhtamaki Oyj		2,294
	394,000	*,e	Hunan Non-Ferrous Metal Ltd		149
	2,929,758		Huntsman Corp		50,919
	33,823		Hyosung Corp		2,712
	10,920		Hyundai Hysco		317
	172,342		Hyundai Steel Co		21,969
	389,906		IAMGOLD Corp		8,594
	643,069		Iluka Resources Ltd		8,847
	32,886	e	Imerys S.A.		2,412
	841,904		Impala Platinum Holdings Ltd		24,325
	30,700	*	Imperial Metals Corp		703
	78,254	*	Impexmetal S.A.		136
	3,278,691		Incitec Pivot Ltd		14,678
	172,891	e	Independence Group NL		1,178
	43,383		India Cements Ltd		93
	353,408	*	Indophil Resources NL		236
	1,850,378		Indorama Ventures PCL		3,211
	51,100	*	Industrias CH SAB de C.V.		209
	154,525		Industrias Penoles S.A. de C.V.		5,693
	114,032		Inmet Mining Corp		8,016
	91,382		Innophos Holdings, Inc		4,214
	994,363	*	Integra Mining Ltd		479
	165,208	e	International Flavors & Fragrances, Inc		10,292
	1,692,750		International Paper Co		51,087
	93,505	*	International Tower Hill Mines Ltd		938
	536,118	*	Intrepid Mines Ltd		1,136
	86,474	*,e	Intrepid Potash, Inc		3,011
	490,714		Inversiones Argos S.A.		4,929
	441,000	*,e	Ishihara Sangyo Kaisha Ltd		529
	368,038	*	Ispat Industries Ltd		185
	718,333		Israel Chemicals Ltd		11,825
	2,766	*	Israel Corp Ltd		3,311
	850		ISU Chemical Co Ltd		14
	96,712	e	Italcementi S.p.A.		987
	188,269		Italcementi S.p.A. RNC		994
	9,144	e	Italmobiliare S.p.A.		367

103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	59,723		Italmobiliare S.p.A. RSP	$	1,497
	114,249	*,e	Ivanhoe Australia Ltd		394
	452,798	*	Ivanhoe Mines Ltd		12,419
	4,889	*	Izmir Demir Celik Sanayi AS		18
	364,723	*,e	Jaguar Mining, Inc		1,904
	115,800	*,e	Jaguar Mining, Inc (Toronto)		606
	27,589		JAI Corp Ltd		101
	382,857	*	James Hardie Industries NV		2,411
	284,526		JFE Holdings, Inc		8,331
	2,244,000	e	Jiangxi Copper Co Ltd		7,475
	17,532		Jindal Poly Films Ltd		165
	21,232		Jindal Saw Ltd		97
	3,756	*	Jindal South West Holdings Ltd		79
	495,787		Jindal Steel & Power Ltd		7,767
	218,000	*,e	Jinshan Gold Mines, Inc		1,239
	30,270		Johnson Matthey plc		902
	26,900		JSP Corp		497
	291,301	e	JSR Corp		5,842
	136,798		JSW Steel Ltd		2,811
	135,294		K+S AG.		10,202
	587,955	*,e	Kagara Zinc Ltd		374
	63,042	e	Kaiser Aluminum Corp		3,105
	176,513	*,e	Kalahari Minerals plc		664
	350,504		Kaneka Corp		2,447
	313,424	e	Kansai Paint Co Ltd		2,716
	56,000		Kanto Denka Kogyo Co Ltd		417
	193,430	*,e	Kapstone Paper and Packaging Corp		3,321
	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)		24
	188		Kartonsan Karton Sanayi		25
	43,322	e	Kazakhmys plc		967
	175,110	e	Kemira Oyj		2,827
	4,922		Kemrock Industries & Exports Ltd		59
	367,499		KGHM Polska Miedz S.A.		23,311
	137,900		Kian JOO CAN Factory BHD		97
	172,345	e	Kingsgate Consolidated Ltd		1,550
	1,683,017		Kinross Gold Corp		26,526
	161,800		Kinsteel BHD		47
	79,538	*	Kirkland Lake Gold, Inc		1,110
	2,380		KISCO Corp		67
	570		KISCO Holdings Co Ltd		22
	2,670		KISWIRE Ltd		98
	1,015,165		Klabin S.A.		4,104
	340,087	*,e	KME Group S.p.A.		169
	25,166	e	KMG Chemicals, Inc		495
	35,000		Koatsu Gas Kogyo Co Ltd		210
	2,852,059	e	Kobe Steel Ltd		7,384
	330		Kolon Corp		9
	5,569		Kolon Industries, Inc		372
	100		Konya Cimento Sanayii		18

104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	116,486		Koppers Holdings, Inc	$	4,974
	2,624		Korea Kumho Petrochemical		357
	624		Korea Petrochemical Ind Co Ltd		67
	12,372		Korea Zinc Co Ltd		4,499
	9,367		Koza Altin Isletmeleri AS		123
	15,672	*	Koza Anadolu Metal Madencilik Isletmeleri AS		48
	12,570		KP Chemical Corp		310
	550		KPX Chemical Co Ltd		28
	1,281		KPX FINE CHEMICA		57
	73,053	*,e	Kraton Polymers LLC		2,794
	109,000	e	Krosaki Harima Corp		441
	2,130		Kukdo Chemical Co Ltd		110
	259,779	e	Kumba Iron Ore Ltd		18,352
	294,312		Kumba Resources Ltd		7,185
	54,000	e	Kumiai Chemical Industry Co Ltd		160
	300,018	e	Kuraray Co Ltd		3,874
	163,000		Kureha CORP		766
	21,200	e	Kyoei Steel Ltd		374
	387,725	*	La Seda de Barcelona S.A. (Class B)		43
	556,020		Lafarge Malayan Cement BHD		1,357
	66,936		Lafarge S.A.		4,172
	495,100	*	Lake Shore Gold Corp		2,089
	116,857	*	Landec Corp		760
	2,693,646		Lanxess AG.		201,885
	1,032,000		Lee & Man Holding Ltd		1,191
	2,611,000	e	Lee & Man Paper Manufacturing Ltd		1,784
	520,958		LEE Chang Yung Chem IND Corp		1,495
	92,437		LG Chem Ltd		38,676
	14,386		LG Chem Ltd		2,141
	126,687		Linde AG.		20,002
	40,000		Lingbao Gold Co Ltd		33
	24,300		Lingui Development BHD		15
	126,900	e	Lintec Corp		3,595
	98,000		Lion Diversified Holdings BHD		15
	113,200		Lion Industries Corp BHD		67
	5,700		Lock & Lock Co Ltd		199
	156,745	*,e	London Mining plc		944
	225,000		Long Chen Paper Co Ltd		91
	12,195	e	Lonmin plc		333
	231,000		Loudong General Nice Resources China Holdings Ltd		31
	1,175,692	*	Louisiana-Pacific Corp		12,345
	73,871	*	LSB Industries, Inc		2,928
	295,894		Lubrizol Corp		39,638
	142,000		Luks Group Vietnam Holdings Ltd		42
	398,000	e	Lumena Resources Corp		143
	871,870	*	Lundin Mining Corp		7,239
	2,473,805	*,e	Lynas Corp Ltd		5,762
	3,030,000	e	Maanshan Iron & Steel		1,639
	4,387,486	e	MacArthur Coal Ltd		52,616
	672,203		Madeco S.A.		39
	61,469	*	MAG. Silver Corp		734
	98,940		Major Drilling Group International		1,681

105

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	174,460		Makhteshim-Agan Industries Ltd	$	921
	1,014	*	Managem		101
	19,172		Mardin Cimento Sanayii		98
	279,237		Marshalls plc		511
	140,445	e	Martin Marietta Materials, Inc		12,593
	35,290	e	Maruichi Steel Tube Ltd		873
	759,108	*	Masisa S.A.		118
	97,000		Mayer Steel Pipe Corp		69
	18,552		Mayr-Melnhof Karton AG.		2,167
	652,835		MeadWestvaco Corp		19,800
	510,436		Mechel Steel Group OAO (ADR)		15,716
	218,473	e	Medusa Mining Ltd		1,583
	678,298		Merafe Resources Ltd		148
	269,000	*,e	Mercator Minerals Ltd		932
	11,617	*	METabolic EXplorer S.A.		103
	90,136	*,e	Metals USA Holdings Corp		1,476
	356,600		Metalurgica Gerdau S.A.		5,321
	132,600		Methanex Corp		4,122
	436,921	*	Metorex Ltd		417
	1,244,332		Mexichem SAB de C.V.		4,660
	959,000	e	Midas Holdings Ltd		571
	60,700	*	Migao Corp		474
	1,977,526	e	Minara Resources Ltd		1,566
	522,838		Mincor Resources NL		744
	109,697	*	Minefinders Corp		1,447
	256,500	*	Minera Andes, Inc		780
	806,537	*,e	Minera Frisco SAB de C.V.		3,521
	106,185	*	Mineral Deposits Ltd		799
	110,379		Minerals Technologies, Inc		7,563
	336,000	*,e	Minmetals Resources Ltd		272
	18,816		Miquel y Costas & Miquel S.A.		589
	612,404	*	Mirabela Nickel Ltd		1,241
	2,481,833		Mitsubishi Chemical Holdings Corp		15,633
	314,687	e	Mitsubishi Gas Chemical Co, Inc		2,256
	1,829,391	e	Mitsubishi Materials Corp		6,196
	400,000	e	Mitsubishi Paper Mills Ltd		424
	259,000		Mitsubishi Steel Manufacturing Co Ltd		839
	3,070,910	e	Mitsui Chemicals, Inc		10,900
	2,139,077		Mitsui Mining & Smelting Co Ltd		7,439
	286,500	e	Mitsui Mining Co Ltd		572
	212,395	e	Mittal Steel South Africa Ltd		2,821
	1,075,249		MMC Norilsk Nickel (ADR)		28,465
	286,218	*	MMX Mineracao e Metalicos S.A.		1,799
	1,352		MNTech Co Ltd		14
	118,092	*,e	Molycorp, Inc		7,088
	64,858		Mondi Ltd		635
	603,813	e	Mondi plc		5,804
	2,148		Monnet Ispat & Energy Ltd		25
	3,095,496	e	Monsanto Co		223,682
	5,190		Moorim P&P Co Ltd		64
	4,050		Moorim Paper Co Ltd		30
	479,095		Mosaic Co		37,729

106

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,482,094	*	Mount Gibson Iron Ltd	$	3,047
	262,570	*	M-real Oyj (B Shares)		1,145
	432,570	*,e	Murchison Metals Ltd		444
	61,987	*	Mvelaphanda Resources Ltd		352
	170,133		Myers Industries, Inc		1,689
	105,633		Mytilineos Holdings S.A.		815
	120,986		Nagarjuna Fertilizers & Chemicals		76
	124,000	*,e	Nakayama Steel Works Ltd		173
	247,661	e	Nalco Holding Co		6,764
	5,750		Namhae Chemical Corp		82
	167,254		Nampak Ltd		544
	8,180,057		Nan Ya Plastics Corp		24,078
	150,000		Nantex Industry Co Ltd		127
	90,883	e	Neenah Paper, Inc		1,997
	305,600	*	Neo Material Technologies Inc		2,941
	37,100		Neturen Co Ltd		325
	271,400	*	Nevsun Resources Ltd		1,540
	734,402	*	New Gold, Inc		8,643
	1,872,323	e	New World Resources NV		30,774
	1,234,748		Newcrest Mining Ltd		50,865
	41,702	e	NewMarket Corp		6,598
	1,363,337		Newmont Mining Corp		74,411
	440,000	*	Nickel Asia Corp		206
	61,000	e	Nihon Nohyaku Co Ltd		281
	63,874		Nihon Parkerizing Co Ltd		883
	116,000	e	Nihon Yamamura Glass Co Ltd		327
	2,923,000	e	Nine Dragons Paper Holdings Ltd		3,498
	142,000	e	Nippon Denko Co Ltd		861
	285,000		Nippon Kayaku Co Ltd		2,586
	102,000	e	Nippon Koshuha Steel Co Ltd		128
	679,000	e	Nippon Light Metal Co Ltd		1,338
	181,000	e	Nippon Metal Industry Co Ltd		206
	407,523		Nippon Paint Co Ltd		2,737
	155,471	*,e	Nippon Paper Group, Inc		3,312
	288,000		Nippon Shokubai Co Ltd		3,604
	182,000		Nippon Soda Co Ltd		751
	3,801,815	e	Nippon Steel Corp		12,162
	67,810	e	Nippon Synthetic Chemical Industry Co Ltd		419
	194,000		Nippon Valqua Industries Ltd		546
	149,500	e	Nippon Yakin Kogyo Co Ltd		338
	203,451	e	Nissan Chemical Industries Ltd		2,107
	170,253		Nisshin Steel Co Ltd		366
	139,000		Nittetsu Mining Co Ltd		697
	334,031		Nitto Denko Corp		17,700
	296,876	*	Nkwe Platinum Ltd		84
	45,222		NL Industries, Inc		672
	218,000	e	NOF Corp		997
	166,501	*	Noranda Aluminium Holding Corp		2,672
	29,985	*	Norbord, Inc		465
	49,507		Norddeutsche Affinerie AG.		2,636
	34,063		Norsk Hydro ASA		279
	221,100	*,e	Norske Skogindustrier ASA		715

107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	155,822	*	North American Palladium Ltd	$	1,021
	2,460,000	*	North Mining Shares Co Ltd		87
	136,819	e	Northam Platinum Ltd		888
	77,963	*	Northern Dynasty Minerals		1,173
	205,853	*,e	Northern Iron Ltd		367
	402,658	*	Northgate Minerals Corp		1,096
	202,049	*,e	Novagold Resources, Inc		2,620
	136,484	f	Novolipetsk Steel (GDR) (purchased 05/18/06, cost $4,151)		5,996
	5,048	e	Novozymes AS (B Shares)		771
	606,129	e	Nucor Corp		27,894
	236,670	*,e	Nufarm Ltd		1,264
	550,180	e	Nuplex Industries Ltd		1,301
	86,450	*	Nyrstar		1
	209,958		Nyrstar		3,025
	34,000	*	Ocean Plastics Co Ltd		23
	399,900	*	OceanaGold Corp		1,105
	10,300	e	Ohara, Inc		117
	1,946,384	e	OJI Paper Co Ltd		9,244
	94,000		Okamoto Industries, Inc		344
	336,378		Olin Corp		7,710
	42,271	e	Olympic Steel, Inc		1,387
	154,120	*	OM Group, Inc		5,632
	350,588	e	OM Holdings Ltd		507
	12,542	*	Omnia Holdings Ltd		136
	325,348	*	Omnova Solutions, Inc		2,560
	2,042,705		OneSteel Ltd		5,151
	1,109,473		Orica Ltd		30,293
	106,000		Oriental Union Chemical Corp		149
	155		Orissa Minerals Development Co Ltd		171
	20,000		Osaka Steel Co Ltd		370
	498,783	*	Osisko Mining Corp		7,182
	4,900	e	Outokumpu Oyj		85
	318,636	*	Owens-Illinois, Inc		9,620
	8,072,435	e	Oxiana Ltd		13,330
	229,507	e	Pacific Metals Co Ltd		1,699
	16,900	e	Pack Corp		290
	388,658		Packaging Corp of America		11,228
	4,050		Palabora Mining Co Ltd		84
	113,882	e	Pan American Silver Corp		4,230
	5,244,467	*	Pan Australian Resources Ltd		4,264
	159,438	*	Papeles y Cartones de Europa S.A.		957
	879,813	*	PaperlinX Ltd		323
	7,395	*	Park Elektrik Madencilik Sanayi Ve Ticaret AS.		19
	1,030	*,e	Penford Corp		6
	373,349	*	Perilya Ltd		249
	577,688	*	Perseus Mining Ltd		1,847
	228,229	e	Peter Hambro Mining plc		3,653
	107,665	*	Petkim Petrokimya Holding		164
	506,462	*	Petra Diamonds Ltd		1,292
	848,000	*	PetroAsian Energy Holdings Ltd		42
	3,102,100	*	Petronas Chemicals Group BHD		7,415
	264,041	*,e,m	Pike River Coal Ltd		177

108

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	412,977	*,e	Platinum Australia Ltd	$	252
	143,273	*,f	Polymetal (GDR) (purchased 06/30/09, cost $1,447)		2,708
	655,777		PolyOne Corp		9,319
	26,566		Polyus Gold Co (ADR)		933
	81,002	e	Polyus Gold Co (ADR) (London)		2,851
	2,270		Poongsan		78
	3,640		Poongsan Corp		153
	190,633	e	Portucel Empresa Produtora de Pasta e Papel S.A.		669
	99,069		POSCO		45,455
	420		POSCO Coated & Color Steel Co Ltd		11
	1,164		POSCO Refractories & Environment Co Ltd		151
	1,386,347		Potash Corp of Saskatchewan Toronto		81,779
	785,763	e	PPG Industries, Inc		74,812
	13,428	*	Prakash Industries Ltd		25
	642,009	e	Praxair, Inc		65,228
	127,400	*	Premier Gold Mines Ltd		945
	709,779		Pretoria Portland Cement Co Ltd		2,515
	22,454		Prism Cement Ltd		27
	4,434,500		PT Aneka Tambang Tbk		1,169
	734,500	*	PT Barito Pacific Tbk		81
	2,266,000	*	PT Darma Henwa Tbk		16
	669,500	*	PT Indah Kiat Pulp and Paper Corp Tbk		131
	2,241,800		PT Indocement Tunggal Prakarsa Tbk		4,208
	15,687,000		PT International Nickel Indonesia Tbk		8,584
	4,239,500		PT Semen Gresik Persero Tbk		4,427
	609,000		PT Timah Tbk		194
	454,500		PTT Chemical PCL		2,220
	267,161	*	Quadra Mining Ltd		3,723
	50,226		Quaker Chemical Corp		2,018
	78,900	*	Queenston Mining, Inc		521
	144,000	*,m	Qunxing Paper Holdings Co Ltd		40
	1,133		Rallis India Ltd		33
	5,422	e	Randgold Resources Ltd		438
	3,220	e	Rautaruukki Oyj		77
	75,000	*,e	Real Gold Mining Ltd		106
	79,319		Recticel S.A.		885
	22,700	*,e	Recylex S.A.		215
	3,769,000		Regent Pacific Group Ltd		160
	431,917	*	Regis Resources Ltd		1,006
	392,998		Reliance Steel & Aluminum Co		22,707
	425,000	e	Rengo Co Ltd		2,775
	529,433	*,e	Resolute Mining Ltd		682
	181,304		Rexam plc		1,057
	35,465	*	RHI AG.		1,278
	211,691		Rhodia S.A.		6,200
	1,396,247	e	Rio Tinto Ltd		122,378
	3,835,638		Rio Tinto plc		271,172
	55,500	e	Rio Tinto plc (ADR)		3,947
	183,598	e	Rock-Tenn Co (Class A)		12,733
	293,280	*	Rockwood Holdings, Inc		14,435
	160,880	e	Royal Gold, Inc		8,430
	251,866		RPM International, Inc		5,977

109

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	143,025	*,e	RTI International Metals, Inc	$	4,455
	295,600	*	Rubicon Minerals Corp		1,531
	21,754		Sa des Ciments Vicat		1,848
	195,500	*	Sabina Gold & Silver Corp		1,178
	750,240	*	Sahaviriya Steel Industries PCL		32
	171,000	e	Sakai Chemical Industry Co Ltd		840
	776,810		Sally Malay Mining Ltd		1,824
	1,594		Salzgitter AG.		126
	5,423		Samsung Fine Chemicals Co Ltd		395
	147,047	*	Sandfire Resources NL		1,042
	126,000	e	Sanyo Chemical Industries Ltd		1,078
	193,000	*	Sanyo Special Steel Co Ltd		1,031
	728,935	*,e	Sappi Ltd		3,858
	190,000	*	SATERI HOLDINGS Ltd		164
	599,084		Satipel Industrial S.A.		6,330
	36,335	*	Schmolz + Bickenbach AG.		368
	806,689		Schnitzer Steel Industries, Inc (Class A)		52,443
	80,970		Schweitzer-Mauduit International, Inc		4,098
	138,386	e	Scotts Miracle-Gro Co (Class A)		8,006
	42,100	*,e	Seabridge Gold, Inc		1,332
	4,960		Seah Besteel Corp		223
	295		SeAH Holdings Corp		35
	1,356		SeAH Steel Corp		94
	333,607		Sealed Air Corp		8,894
	757,000		Sekisui Plastics Co Ltd		2,978
	558,700	*	SEMAFO, Inc		5,354
	198,733		Semapa-Sociedade de Investimento e Gestao		2,374
	191,877	*,e	Senomyx, Inc		1,159
	218,976		Sensient Technologies Corp		7,848
	56,913	*	Sentula Mining Ltd		23
	27,948	e	Sequana		491
	513,385		Sesa Goa Ltd		3,353
	17,000		Sesoda Corp		20
	310,482	e,f	Severstal (GDR) (purchased 04/23/07, cost $4,139)		6,087
	243,100	*	Shanghai Chlor-Alkali Chemical Co Ltd		139
	19,200	*	Shanghai Yaohua Pilkington Glass Co Ltd		18
	32,000		Sheng Yu Steel Co Ltd		23
	545,165	e	Sherritt International Corp		4,476
	352,737		Sherwin-Williams Co		29,626
	63,000	*	Shihlin Paper Corp		124
	47,000		Shikoku Chemicals Corp		290
	538,880		Shin-Etsu Chemical Co Ltd		26,820
	60,200		Shin-Etsu Polymer Co Ltd		360
	234,000		Shinkong Synthetic Fibers Corp		104
	2,372		Shinwha Intertek Corp		18
	44,000		Shiny Chemical Industrial Co Ltd		72
	260,000		Shougang Concord Century Holdings Ltd		26
	682,000	*,e	Shougang Concord International Enterprises Co Ltd		94
	1,197,067	e	Showa Denko KK		2,408
	407,700		Siam Cement PCL reg		5,108
	49,044	*	Sidenor Steel Products Manufacturing Co S.A.		203
	353,428	e	Sigma-Aldrich Corp		22,492

110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	55,000	*	Sijia Group Co	$	23
	2,303		Sika AG.		5,534
	302,129	e	Silgan Holdings, Inc		11,523
	210,324	*,e	Silver Lake Resources Ltd		453
	145,542	*,e	Silver Standard Resources, Inc		4,562
	468,513		Silver Wheaton Corp		20,355
	368,919	e	Silvercorp Metals, Inc		5,369
	217,665	*	Simmer & Jack Mines Ltd		24
	132,905	e	Sims Group Ltd		2,400
	1,470,000	*	Sino Union Energy Investment Group Ltd		125
	3,720,000	*,e	Sinochem Hong Kong Holding Ltd		1,599
	279,211	*,e	Sino-Forest Corp		7,286
	88,000		Sinon Corp		40
	11,628,600		Sinopec Shanghai Petrochemical Co Ltd		5,469
	4,909		SK Chemicals Co Ltd		287
	6,390		SKC Co Ltd		301
	1,028,872	*	Smurfit Kappa Group plc		13,050
	79,584	*	Sociedad Nacional de Industrias Apicaciones Celulosa Espanola S.A.		180
	134,677		Sociedad Quimica y Minera de Chile S.A. (Class B)		7,458
	4,088		Societe Internationale de Plantations d’Heveas S.A.		504
	2,070		SODIFF Advanced Materials Co Ltd		253
	74,000		Solar Applied Materials Technology Co		173
	527,785	*	Solutia, Inc		13,406
	171,387		Solvay S.A.		20,318
	71,427	*,e	Sonae Industria SGPS S.A.		160
	2,800		Songwon Industrial Co Ltd		40
	616,821	e	Sonoco Products Co		22,348
	79,105		South Valley Cement		65
	60,000		Southeast Cement Co Ltd		29
	711,384	e	Southern Copper Corp (NY)		28,647
	203,940	*	Spartech Corp		1,479
	109,222	*,e	Sprott Resource Corp		605
	6,854		Ssab Svenskt Stal AB (Series A)		108
	12,950	*	Ssangyong Cement Industrial Co Ltd		96
	2,005		SSCP Co Ltd		7
	753,387	*	St Barbara Ltd		1,697
	17,200		ST Corp		190
	224,600	*	St. Andrew Goldfields Ltd		246
	853,517		Steel Authority Of India		3,245
	420,499	e	Steel Dynamics, Inc		7,893
	11,900		Stella Chemifa Corp		469
	17,500		Stella-Jones, Inc		730
	33,594	e	Stepan Co		2,436
	55,376		Sterling Biotech Ltd		118
	1,891,588		Sterlite Industries India Ltd		7,364
	217,323	*	Stillwater Mining Co		4,983
	3,438		STO AG.		597
	1,640,093	e	Stora Enso Oyj (R Shares)		19,525
	122,780	*,e	STR Holdings, Inc		2,355
	91,277	*	Sujana Towers Ltd		65
	875,221	e	Sumitomo Bakelite Co Ltd		5,388

111

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,235,695	e	Sumitomo Chemical Co Ltd	$	6,174
	418,000	*	Sumitomo Light Metal Industries Ltd		486
	1,756,567	e	Sumitomo Metal Industries Ltd		3,927
	904,540		Sumitomo Metal Mining Co Ltd		15,550
	1,081,193	e	Sumitomo Osaka Cement Co Ltd		3,127
	61,000		Sumitomo Seika Chemicals Co Ltd		317
	25,212	e	Sumitomo Titanium Corp		1,733
	3,011,979	*	Sundance Resources Ltd		1,444
	6,840	*	Sungshin Cement Co Ltd		23
	25,000		Super Dragon Technology Co Ltd		38
	3,219		Supreme Industries Ltd		11
	546,963		Suzano Papel e Celulose S.A.		5,042
	504,020	e	Svenska Cellulosa AB (B Shares)		8,111
	173,486		Symrise AG.		5,071
	135,352		Syngenta AG.		44,034
	235,698	*	Synthos S.A.		332
	29,500	e	T Hasegawa Co Ltd		480
	225,000		TA Chen Stainless Pipe		156
	7,260		Tae Kyung Industrial Co Ltd		30
	166		Taekwang Industrial Co Ltd		197
	150,500	*	Tahoe Resources, Inc		3,043
	1,604,553	e	Taiheiyo Cement Corp		2,687
	4,758,730		Taiwan Cement Corp		5,743
	1,136,500		Taiwan Fertilizer Co Ltd		3,343
	94,000		Taiwan Hon Chuan Enterprise Co Ltd		236
	20,000	*	Taiwan Pulp & Paper Corp		12
	171,000		Taiwan Styrene Monomer		79
	22,900	e	Taiyo Ink Manufacturing Co Ltd		705
	229,695	e	Taiyo Nippon Sanso Corp		1,916
	103,000		Takasago International Corp		566
	90,000		Takiron Co Ltd		376
	222,395	*,e	Talvivaara Mining Co plc		2,075
	12,000	e	Tanaka Chemical Corp		128
	27,000	*	Tang Eng Iron Works Co Ltd		27
	120,154	*,e	Tanzanian Royalty Exploration Corp		767
	440,859	*	Taseko Mines Ltd		2,619
	524,313		Tata Steel Ltd		7,318
	751,400	*	Tata Steel Thailand PCL		39
	9,758		Tatung Fine Chemical Co		20
	448,000		TCC International Holdings Ltd		224
	3,038		Technosemichem Co Ltd		107
	1,126,299		Teck Cominco Ltd		59,701
	7,653,740	e	Teijin Ltd		34,242
	336,255		Temple-Inland, Inc		7,868
	22,400	e	Tenma Corp		248
	248,300	*	Teranga Gold Corp		648
	63,367		Ternium S.A. (ADR)		2,277
	70,150		Tessenderlo Chemie NV		2,515
	88,016	e	Texas Industries, Inc		3,981
	42,480	*,e	Texas Petrochemicals, Inc		1,226
	44,700		Thai Plastic & Chemical PCL		42
	738,500	*	Thompson Creek Metals Co, Inc		9,261

112

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	214,881	*,e	Thompson Creek Metals Co, Inc (Toronto)	$	2,693
	65,000		Thye Ming Industrial Co Ltd		90
	12,201		ThyssenKrupp AG.		497
	19,000		Tiangong International Co Ltd		17
	36,799	*	Tikkurila Oy		837
	37,440		Time Technoplast Ltd		47
	13,377	*	Tire Kutsan Oluklu Mukavva		14
	73,935		Titan Cement Co S.A.		1,846
	398,288	*,e	Titanium Metals Corp		7,400
	354,000	e	Toagosei Co Ltd		1,826
	40,000	e	Toda Kogyo Corp		357
	42,400	e	Toho Titanium Co Ltd		1,085
	296,000	e	Toho Zinc Co Ltd		1,380
	485,000		Tokai Carbon Co Ltd		2,413
	236,563	e	Tokuyama Corp		1,263
	54,300		Tokyo Ohka Kogyo Co Ltd		1,120
	178,000	e	Tokyo Rope Manufacturing Co Ltd		670
	519,181	e	Tokyo Steel Manufacturing Co Ltd		6,058
	384,000		Ton Yi Industrial Corp		209
	18,613	*	Tong Yang Major Corp		36
	246,000	e	Topy Industries Ltd		644
	1,102,650	e	Toray Industries, Inc		8,004
	1,256,221	e	Tosoh Corp		4,519
	353,000		Toyo Ink Manufacturing Co Ltd		1,806
	131,000		Toyo Kohan Co Ltd		725
	124,421		Toyo Seikan Kaisha Ltd		2,037
	372,400		TPI Polene PCL		148
	2,898,500		TSRC Corp		7,435
	122,685	e	Tubacex S.A.		505
	127,313	*,e	Tubos Reunidos S.A.		417
	856,676		Tung Ho Steel Enterprise Corp		994
	2,042,795		UBE Industries Ltd		6,503
	29,374		Uflex Ltd		94
	99,998		Ultra Tech Cement Ltd		2,537
	52,354		Umicore		2,597
	34,600	*	Uniao de Industrias Petroquimicas S.A.		10
	2,185		Unid Co Ltd		133
	1,610		Union Steel		34
	30,000	*	Unipetrol		302
	308,723		United Phosphorus Ltd		1,036
	10,223	*,e	United States Lime & Minerals, Inc		414
	369,830	e	United States Steel Corp		19,949
	136,000		Universal Cement Corp		87
	35,909	*	Universal Stainless & Alloy		1,211
	185,000		UPC Technology Corp		137
	1,395,647	e	UPM-Kymmene Oyj		29,509
	228,456	e,f	Uralkali (GDR) (purchased 10/15/07, cost $5,743)		9,494
	116,440	*,e	US Energy Corp Wyoming		729
	460,170	*,e	US Gold Corp		4,063
	5,746		Usha Martin Ltd		7
	122,000		USI Corp		166
	221,000		Usinas Siderurgicas de Minas Gerais S.A.		3,790

113

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	592,162		Usinas Siderurgicas de Minas Gerais S.A. (Preference)	$	7,163
	2,608,894		Vale S.A.		85,251
	3,065,776		Vale SA (Preference)		88,988
	345,192		Valspar Corp		13,497
	29,149	e	Vedanta Resources plc		1,111
	26,628	*	Verbio AG		165
	43,562	*,e	Verso Paper Corp		233
	326		Vetropack Holding AG.		674
	109,089		Victrex plc		2,359
	124,807	*	Viohalco S.A.		726
	76,236		Voestalpine AG.		3,583
	393,366	e	Vulcan Materials Co		17,936
	20,524		Wacker Chemie AG.		4,598
	1,746,995	e	Walter Energy, Inc		236,595
	283,941		Wausau Paper Corp		2,169
	37,841		Welspun-Gujarat Stahl Ltd		176
	982,000		West China Cement Ltd		435
	77,862	e	West Fraser Timber Co Ltd		4,853
	277,143	e	Western Areas NL		1,939
	365,500	*	Western Canadian Coal Corp		4,471
	92,869	e	Westlake Chemical Corp		5,219
	238,100	*,e	White Energy Co Ltd		764
	247,927	e	Worthington Industries, Inc		5,187
	729,175	*	WR Grace & Co		27,920
	123,600		WTK Holdings BHD		78
	307,000		Xingda International Holdings Ltd		287
	250,000	e	Xinjiang Xinxin Mining Industry Co Ltd		152
	2,655,342		Xstrata plc		61,953
	853,563		Yamana Gold, Inc		10,547
	18,694	e	Yamato Kogyo Co Ltd		624
	216,977		Yara International ASA		10,991
	72,000		Yeun Chyang Industrial Co Ltd		59
	392,000		Yieh Phui Enterprise		151
	379,500	*	Yingde Gases		318
	92,000		Yip’s Chemical Holdings Ltd		101
	166,000		Yodogawa Steel Works Ltd		770
	5,930		Youlchon Chemical Co Ltd		47
	422,000		Yuen Foong Yu Paper Manufacturing Co Ltd		182
	746,500	*	Yukon-Nevada Gold Corp		508
	809,968		Yule Catto & Co plc		2,613
	1,511		Zaklady Azotowe Pulawy S.A.		60
	4,725	*	Zaklady Azotowe w Tarnowie-Moscicach S.A.		59
	12,141	*	Zaklady Chemiczne Police S.A.		51
	575,512		Zeon Corp		5,313
	97,104	e	Zep, Inc		1,691
	689,000		Zhaojin Mining Industry Co Ltd		3,079
	40,813		Zignago Vetro S.p.A.		306
	7,520,000	e	Zijin Mining Group Co Ltd		5,993
	123,302	*,e	Zoltek Cos, Inc		1,656
			TOTAL MATERIALS		7,922,947

114

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
MEDIA - 2.9%
	31,566	*	Adlabs Films Ltd	$	107
	1,236,251		Aegis Group plc		2,833
	9,712		Agora S.A.		89
	78,685	*	AH Belo Corp (Class A)		658
	68,838	e	Alma Media		796
	238,553	e	Antena 3 de Television S.A.		2,217
	741,807	e	APN News & Media Ltd		1,194
	117,442	e	Arbitron, Inc		4,701
	170,172	*	Arnoldo Mondadori Editore S.p.A.		663
	67,605	*,e	AS. Roma S.p.A		105
	40,900	e	Asatsu-DK, Inc		1,098
	63,032	*	Ascent Media Corp (Series A)		3,079
	87,465		Astral Media, Inc		3,490
	3,582,335	*,e	Austar United Communications Ltd		4,876
	354,494		Austereo Group Ltd		770
	44,759		Avex Group Holdings, Inc		546
	32,514	e	Axel Springer AG.		5,255
	49,021	*	Ballantyne Strong, Inc		351
	9,671	*	Beasley Broadcasting Group, Inc		71
	2,705,900		BEC World PCL (Foreign)		3,015
	376,864	*	Belo (A.H.) Corp (Class A)		3,320
	638,900	*	Benpres Holdings Corp		80
	1,675	*	Besiktas Futbol Yatirimlari Sanayi ve Ticaret AS		11
	17,220,000	*	Big Media Group Ltd		252
	4,547,295		British Sky Broadcasting plc		60,182
	1,005,057		Cablevision Systems Corp (Class A)		34,785
	108,669		Cairo Communication S.p.A.		489
	54,666		Caltagirone Editore S.p.A.		138
	89,250		Canal Plus		708
	60,281	*,e	Carmike Cinemas, Inc		431
	3,563,524		CBS Corp (Class B)		89,231
	14,000	*	Central European Media Enterprises Ltd (Class A)		295
	87,111	*,e	Central European Media Enterprises Ltd (Class A) Nasdaq		1,838
	37,260		Cheil Communications, Inc		492
	311,951	e	Cinemark Holdings, Inc		6,036
	141,500	e	Cineplex Galaxy Income Fund		3,380
	6,230		CJ CGV Co Ltd		147
	7,768	*	CJ E&M Corp		339
	283,150	*	CKX, Inc		1,195
	371,251	*,e	Clear Channel Outdoor Holdings, Inc (Class A)		5,402
	24,599	e	Cogeco Cable, Inc		1,142
	14,505,086	e	Comcast Corp (Class A)		358,567
	6,400	*,e	COOKPAD, Inc		135
	107,511	*	Corus Entertainment, Inc		2,291
	20,264	*	Creative Marketing Solutions Co Ltd		3
	93,361	*,e	Crown Media Holdings, Inc (Class A)		217
	58,228	e	CTC Media, Inc		1,372
	16,611		CTS Eventim AG.		1,072
	96,071	*,e	Cumulus Media, Inc (Class A)		417
	859	e	CyberAgent, Inc		3,027
	54,549		Cyfrowy Polsat S.A.		304

115

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	15,160		Daekyo Co Ltd	$	83
	78,800		Daiichikosho Co Ltd		1,340
	631,090		Daily Mail & General Trust		4,994
	29,581		Deccan Chronicle Holdings Ltd		53
	1,698,153	*	DEN Networks Ltd		3,247
	265,677	e	Dentsu, Inc		6,867
	275,187	*,e	Dex One Corp		1,332
	4,626,708	*,e	DIRECTV		216,530
	547,490	*	Discovery Communications, Inc (Class A)		21,845
	338,830	*	Discovery Communications, Inc (Class C)		11,930
	2,640,158		DISH Network Corp (Class A)		64,314
	19,887	*	Dogan Gazetecilik AS		55
	41,864	*	Dogan Yayin Holding		54
	186,234	*	DreamWorks Animation SKG, Inc (Class A)		5,202
	38,140	*	Egyptian Media Production City		29
	80,662	*	EM.Sport Media AG.		263
	146,655	*,e	Eniro AB		558
	124,028	*,e	Entercom Communications Corp (Class A)		1,367
	213,710	*,e	Entravision Communications Corp (Class A)		579
	48,227	*	Eros International plc		181
	1,115,000	*	eSun Holdings Ltd		248
	56,754		Euromoney Institutional Investor plc		634
	3,779		Eutelsat Communications		151
	155,828	*,e	EW Scripps Co (Class A)		1,543
	581		Fenerbahce Sportif Hizmetleri Sanayi ve Ticaret AS		34
	35,959	*	Fisher Communications, Inc		1,118
	6,555	*,e	Focus Media Holding Ltd (ADR)		201
	4,551		Fuji Television Network, Inc		6,373
	77,000	e	Gakken Co Ltd		159
	143		Galatasaray Sportif Sinai ve Ticari Yatirimlar AS		36
	1,410,794		Gannett Co, Inc		21,486
	45,770		Gestevision Telecinco S.A.		523
	22,392		GFK AG.		1,237
	1,360		GIIR, Inc		13
	77,666	*,e	Global Sources Ltd		903
	248,428	*,e	Gray Television, Inc		514
	277,223	e	Groupe Aeroplan, Inc		3,754
	3,636,339		Grupo Televisa S.A.		17,860
	174,408	*	Gruppo Editoriale L’Espresso S.p.A.		476
	53,924	e	Hakuhodo DY Holdings, Inc		2,843
	159,839		Harte-Hanks, Inc		1,902
	914,163	*	Hathway Cables and Datacom Pvt Ltd		1,990
	674,884		Havas S.A.		3,625
	51,624	*	Hi-Media S.A.		261
	21,599	*	Hot Telecommunication System Ltd		394
	35,796		Hurriyet Gazetecilik AS		47
	71,537	*	Impresa SGPS		100
	461,167	*	Independent News & Media plc		405
	1,072,932		Informa plc		7,163
	6,305,301	e	Interpublic Group of Cos, Inc		79,258
	30,468	e	IPSOS		1,491
	9,655		Israel Land Development Co Ltd		81

116

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	19,457,363	*	ITV plc	$	24,119
	1,178,520	*,e	JC Decaux S.A.		39,524
	2,994,171	e	John Fairfax Holdings Ltd		3,995
	108,205		John Wiley & Sons, Inc (Class A)		5,501
	839,274	*	Johnston Press plc		108
	217,007	*,e	Journal Communications, Inc (Class A)		1,302
	4,197		Jupiter Telecommunications Co		4,127
	97,559	*,e	Juventus Football Club S.p.A.		112
	247,803	*	Kabel Deutschland Holding AG.		13,059
	94,308	e	Kadokawa Holdings, Inc		2,161
	18,243		Kinepolis		1,461
	140,927	*	Knology, Inc		1,819
	4,490		Lagardere S.C.A.		191
	115,610	*,e	Lamar Advertising Co (Class A)		4,271
	198,956	*,e	Lee Enterprises, Inc		537
	855,466	*,e	Liberty Global, Inc (Class A)		35,425
	218,184	*	Liberty Media Corp - Capital (Series A)		16,074
	168,016	*	Liberty Media Corp - Starz		13,038
	183,997	*,e	Lin TV Corp (Class A)		1,091
	294,100	*,e	Lions Gate Entertainment Corp		1,838
	709,885	*,e	Live Nation, Inc		7,099
	123,408	*,e	Lodgenet Entertainment Corp		449
	82,463		M6-Metropole Television		2,155
	227,528	*	Madison Square Garden, Inc		6,141
	110,500		Major Cineplex Group PCL		49
	110,584	*,e	Martha Stewart Living Omnimedia, Inc (Class A)		410
	210,515	*,e	McClatchy Co (Class A)		716
	1,445,979	e	McGraw-Hill Cos, Inc		56,972
	61,400		MCOT PCL		59
	152,381	*,e	Mecom Group plc		707
	6,150,000	*	Media China Corp Ltd		21
	96,058	*,e	Media General, Inc (Class A)		661
	282,600		Media Prima BHD		240
	262,722	e	Mediaset S.p.A.		1,668
	71,488	e	Meredith Corp		2,425
	1,933		Modern Times Group AB (B Shares)		147
	71,626	e	Morningstar, Inc		4,182
	607,380		Naspers Ltd (N Shares)		32,672
	326,214		National CineMedia, Inc		6,090
	48,856		Navneet Publications India		60
	275,498	*,e	New York Times Co (Class A)		2,609
	7,370,353		News Corp (Class A)		129,423
	23,786	*,e	Nexstar Broadcasting Group, Inc (Class A)		206
	798,000	*	Next Media Ltd		100
	23,585		NRJ Group		250
	1,596,751	e	Omnicom Group, Inc		78,337
	830,000	*	Oriental Press Group		112
	80,152		Outdoor Channel Holdings, Inc		598
	35,322	e	PagesJaunes Groupe S.A.		354
	6,962,832		Pearson plc		123,007
	306,000		Phoenix Satellite Television Holdings Ltd		125
	1,488,000		Pico Far East Holdings Ltd		285

117

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	432,257	*	Premiere AG.	$	1,778
	79,497	e	Primedia, Inc		387
	365,953	*,e	Promotora de Informaciones S.A.		1,069
	346,329		ProSiebenSat.1 Media AG.		10,113
	6,400		Proto Corp		233
	2,116,000		PT Global MediaCom Tbk		204
	1,853,000		PT Media Nusantara Citra Tbk		200
			PT Multimedia Servicos de Telecomunicacoes e
	239,522	e	Multimedia SGPS S.A.		1,255
	215,053	e	Publicis Groupe S.A.		12,052
	2,390	*	PubliGroupe AG.		313
	289,123	e	Publishing & Broadcasting Ltd		844
	68,036		Quebecor, Inc		2,434
	137,132	*,e	Radio One, Inc		267
	213,601	*,e	RCS MediaGroup S.p.A.		378
	74,227		REA Group Ltd		1,010
	19,219	*,e	ReachLocal, Inc		384
	1,825,117		Reed Elsevier NV		23,545
	59,005		Reed Elsevier plc		511
	641,051	e	Regal Entertainment Group (Class A)		8,654
	45,056	*,e	Rentrak Corp		1,213
	134,367		Rightmove plc		2,048
	5,449	*	Roularta Media Group NV		185
	10,356	e	Sanoma-WSOY Oyj		234
	8,000		Saraiva S.A. Livreiros Editores		185
	26,390		SBS Media Holdings Co Ltd		57
	122,798		Schibsted ASA		3,607
	145,427	e	Scholastic Corp		3,932
	886,438	e	Scripps Networks Interactive (Class A)		44,402
	1,404,474	*,e	Seat Pagine Gialle S.p.A.		138
	117,423	e	SES Global S.A.		3,023
	709,677	*,e	Shaw Communications, Inc (B Shares)		14,962
	104,000	e	Shochiku Co Ltd		753
	512,433		Shree Ashtavinyak Cine Vision Ltd		73
	191,847		Sinclair Broadcast Group, Inc (Class A)		2,406
	367,897	e	Singapore Press Holdings Ltd		1,149
	84,000		SinoMedia Holding Ltd		30
	13,578,968	*,e	Sirius XM Radio, Inc		22,541
	364,724		Sky Network Television Ltd		1,564
	5,515	e	Sky Perfect Jsat Corp		1,953
	1,103	*	SM Entertainment Co		18
	333,753	e	Societe Television Francaise 1		6,117
	398,126		Southern Cross Media Group		682
	3,061	*	Spir Communication		171
	972,712	*	Stroer Out-of-Home Media AG.		31,637
	1,058,865	e	STW Communications Group Ltd		1,326
	57,580	*,e	SuperMedia, Inc		359
	709,670	*	Telecom Italia Media S.p.A.		186
	527,835		Television Broadcasts Ltd		3,094
	9,923	*	Television Eighteen India Ltd		17
	1,140,359	e	Ten Network Holdings Ltd		1,538
	18,759	*	Tera Resource Co Ltd		16

118

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,129,699	e	Thomson Corp	$	44,329
	458,710	e	Thomson Corp (Toronto)		18,003
	2,197,809		Time Warner Cable, Inc		156,792
	3,716,443		Time Warner, Inc		132,677
	238,000		Toei Animation Co Ltd		4,917
	342,885		Toei Co Ltd		1,631
	78,642		Toho Co Ltd		1,127
	22,600	e	Tohokushinsha Film Corp		125
	1,858,000	*	Tom Group Ltd		218
	167,779		Torstar Corp		2,473
	986,639	*	Trinity Mirror plc		736
	277		TV Asahi Corp		432
	512,000		TV Azteca S.A. de C.V.		354
	14,000		TV Tokyo Corp		186
	158,398		TVN S.A.		1,011
	367,722		United Business Media Ltd		3,527
	143,246	*,e	Usen Corp		88
	3,216	*	UTV Software Communications Ltd		42
	222,044	*	Valassis Communications, Inc		6,470
	8,133	e	Value Line, Inc		120
	6,632,515		Viacom, Inc (Class B)		308,545
	1,007,026		Virgin Media, Inc		27,985
	2,285,882		Vivendi Universal S.A.		65,210
	540,000	e	VODone Ltd		175
	11,257,051		Walt Disney Co		485,067
	247,114	*,e	Warner Music Group Corp		1,673
	50,599	e	Washington Post Co (Class B)		22,140
	297,283	e	West Australian Newspapers Holdings Ltd		1,634
	8,074	*,e	Westwood One, Inc		59
	11,328		Wolters Kluwer NV		265
	4,780		Woongjin Thinkbig Co Ltd		73
	113,092	e	World Wrestling Entertainment, Inc (Class A)		1,422
	6,586,347		WPP plc		81,169
	3,350,758	*,e	Yell Group plc		358
	1,154,785	e	Yellow Pages Income Fund		6,563
	108,966	*	Zee Entertainment Enterprises Ltd		164
	658,961		ZEE Telefilms Ltd		1,829
	55,600		Zenrin Co Ltd		592
			TOTAL MEDIA		3,334,368
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.5%
	6,288,698		Abbott Laboratories		308,461
	272,561		Abcam plc		1,648
	73,781	*,b,e,m	Able Laboratories, Inc		0	^
	27,840	*	Ablynx NV		329
	15,000		Abnova Corp		40
	163,693	*,e	Acorda Therapeutics, Inc		3,798
	193,705	*	Acrux Ltd		604
	22,670	*	Actelion Ltd		1,304
	49,050	*	Active Biotech AB		1,243
	20,634	*,e	Acura Pharmaceuticals, Inc		65
	85,942		Adcock Ingram Holdings Ltd		706

119

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	13,100	*	Aegerion Pharmaceuticals, Inc	$	217
	158,789	*,e	Affymax, Inc		932
	336,706	*	Affymetrix, Inc		1,754
	1,850,477	*	Agilent Technologies, Inc		82,864
	231,749	*	Akorn, Inc		1,337
	232,277		Alapis Holding Industrial and Commercial S.A.		82
	117,634	*	Albany Molecular Research, Inc		501
	365,502	*	Alexion Pharmaceuticals, Inc		36,068
	166,226	*	Alexza Pharmaceuticals, Inc		283
	41,977	*,e	Algeta ASA		988
	8,765	e	ALK-Abello AS		528
	431,678	*	Alkermes, Inc		5,590
	1,635,392		Allergan, Inc		116,146
	359,159	*	Allos Therapeutics, Inc		1,139
	155,524	*,e	Alnylam Pharmaceuticals, Inc		1,488
	195,640	*,e	AMAG Pharmaceuticals, Inc		3,267
	4,856,534	*	Amgen, Inc		259,581
	440,309	*	Amylin Pharmaceuticals, Inc		5,006
	27,300	*	Anacor Pharmaceuticals, Inc		189
	12,505	*,e	Anthera Pharmaceuticals, Inc		85
	33,000		Apex Biotechnology Corp		73
	60,146	*,e	Ardea Biosciences, Inc		1,726
	537,559	*	Arena Pharmaceuticals, Inc		747
	491,788	*,e	Ariad Pharmaceuticals, Inc		3,698
	232,341	*	Arqule, Inc		1,664
	264,618	*,e	Array Biopharma, Inc		810
	85,000		ASKA Pharmaceutical Co Ltd		759
	381,790		Aspen Pharmacare Holdings Ltd		4,454
	79,935	*	AspenBio Pharma, Inc		68
	736,638	e	Astellas Pharma, Inc		27,280
	804,503		AstraZeneca plc		36,961
	780,706		AstraZeneca plc (ADR)		36,006
	22,363		Aurobindo Pharma Ltd		98
	178,953	*,e	Auxilium Pharmaceuticals, Inc		3,842
	711,941	*,e	AVANIR Pharmaceuticals, Inc		2,905
	24,390	*	AVEO Pharmaceuticals, Inc		327
	445,756	*	AVI BioPharma, Inc		834
	6,432		Bachem Holding AG.		349
	11,315	*	Basilea Pharmaceutica		814
	15,166	*,e	Bavarian Nordic AS		325
	3,312,213		Bayer AG.		255,911
	17,199,208	*	BB Bioventures L.P.		1,675
	11,300	*	BG Medicine, Inc		87
	6,684		Bilcare Ltd		67
	18,713		Biocon Ltd		145
	106,387	*,e	BioCryst Pharmaceuticals, Inc		403
	63,819	*,e	Biodel, Inc		134
	18,219		Biogaia AB (B Shares)		351
	1,207,204	*	Biogen Idec, Inc		88,596
	66,793	*	BioInvent International AB		292
	310,486	*,e	BioMarin Pharmaceuticals, Inc		7,803
	71,177	*,e	BioMimetic Therapeutics, Inc		933

120

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	59,710	*	Bio-Rad Laboratories, Inc (Class A)	$	7,174
	324,030	*,e	Biosante Pharmaceuticals, Inc		642
	18,434	*	Biospecifics Technologies Corp		470
	407,528	e	Biota Holdings Ltd		442
	6,592		Biotest AG.		458
	17,659		Biotest AG. (Preference)		1,154
	100,999	*,e	Biotime, Inc		752
	1,372,189	*	Bioton S.A.		82
	391,881	e	Biovail Corp		19,520
	462,866		Biovail Corp		23,107
	9,415,849	*,e	Biovitrum AB		42,999
	7,623		Boiron S.A.		322
	6,012,649	e	Bristol-Myers Squibb Co		158,914
	268,000	*	Broad Intelligence International Pharmaceutical Holdings Ltd		76
	449,547	*,e	Bruker BioSciences Corp		9,373
	357,033	*	BTG plc		1,305
	3,620		Bukwang Pharmaceutical Co Ltd		43
	129,042	*,e	Cadence Pharmaceuticals, Inc		1,188
	7,533		Cadila Healthcare Ltd		134
	217,562	*,e	Caliper Life Sciences, Inc		1,471
	184,430	*,e	Cambrex Corp		1,014
	40,000	*	Cangene Corp		108
	51,984	*,e	Caraco Pharmaceutical Laboratories Ltd		270
	180,961	*,e	Cardiome Pharma Corp		769
	516,697	*	Celera Corp		4,190
	2,891,010	*,e	Celgene Corp		166,319
	118,432	*,e	Celldex Therapeutics, Inc		476
	76,084		Celltrion, Inc		2,413
	549,468	*,e	Cephalon, Inc		41,639
	255,085	*	Cepheid, Inc		7,147
	177,912	*	Charles River Laboratories International, Inc		6,828
	160,978	*,e	Chelsea Therapeutics International, Inc		628
	101,874	*,e	China Aoxing Pharmaceutical Co, Inc		220
	22,000		China Chemical & Pharmaceutical Co Ltd		19
	310,000	e	China Pharmaceutical Group Ltd		183
	642,000	e	China Shineway Pharmaceutical Group Ltd		1,543
	3,740		Chong Kun Dang Pharm Corp		86
	3,072		Choongwae Pharma Corp		41
	201,169		Chugai Pharmaceutical Co Ltd		3,460
	482,244		Cipla Ltd		3,479
	141,523		Cipla Medpro South Africa Ltd		144
	3,440,000	*	CK Life Sciences International Holdings, Inc		230
	33,517	*	Clal Biotechnology Industries Ltd		213
	55,620	*,e	Clinical Data, Inc		1,685
	20,600		CMIC Co Ltd		344
	37,115	*,e	Codexis, Inc		440
	288,105	*,e	Combinatorx, Inc		697
	13,900	*,e	Complete Genomics, Inc		126
	121,440	*,e	Corcept Therapeutics, Inc		516
	50,092	*,e	Cornerstone Therapeutics, Inc		332
	212,691	*,e	Covance, Inc		11,638

121

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	909,544	e	CSL Ltd	$	33,591
	344,059	*,e	Cubist Pharmaceuticals, Inc		8,684
	48,820	*,e	Cumberland Pharmaceuticals, Inc		270
	326,271	*,e	Curis, Inc		1,060
	299,577	*,e	Cytokinetics, Inc		446
	161,396	*,e	Cytori Therapeutics, Inc		1,264
	449,697	*,e	Cytrx		396
	2,580		Daewoong Pharmaceutical Co Ltd		105
	848,885	e	Daiichi Sankyo Co Ltd		16,389
	752,503	e	Dainippon Sumitomo Pharma Co Ltd		7,004
	144,000		Dawnrays Pharmaceutical Holdings Ltd		56
	91,589		Dechra Pharmaceuticals plc		742
	493,424	*	Dendreon Corp		18,469
	399,008	*,e	Depomed, Inc		4,006
	39,855	*	Deva Holding AS		77
	20,049	*	Devgen		172
	23,779	*,e	Diamyd Medical AB (B Shares)		503
	94,753	*	Dionex Corp		11,186
	2,919		Dong-A Pharmaceutical Co Ltd		298
	7,300		Dongwha Pharm Co Ltd		31
	184,406		Dr Reddy’s Laboratories Ltd		6,801
	375,438	*,e	Durect Corp		1,352
	387,067	*	Dyax Corp		623
	357,763	*,e	Dynavax Technologies Corp		987
	1,972		Egis Gyogyszergyar Rt		210
	22,271		EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS.		34
	664,545	e	Eisai Co Ltd		23,853
	405,959	*	Elan Corp plc		2,788
	8,357		Elder Pharmaceuticals Ltd		73
	4,089,165		Eli Lilly & Co		143,816
	111,377	*,e	Emergent Biosolutions, Inc		2,691
	445,722	*	Endo Pharmaceuticals Holdings, Inc		17,009
	32,400	*	Endocyte, Inc		278
	164,819	*,e	Enzo Biochem, Inc		691
	236,185	*,e	Enzon Pharmaceuticals, Inc		2,574
	172	e	EPS Co Ltd		402
	209,384	*,e	eResearch Technology, Inc		1,418
	16,291		Eurofins Scientific		1,436
	128,488	*	Evolutec Group plc		165
	134,852	*	Evotec AG.		567
	173,934	*,e	Exact Sciences Corp		1,280
	718,076	*,e	Exelixis, Inc		8,114
	43,001	*	ExonHit Therapeutics S.A.		137
	560,000	*	Extrawell Pharmaceutical Holdings Ltd		53
	271,930		FAES FARMA S.A.		1,091
	5,222		FDC Ltd		12
	14,500	*	Fluidigm Corp		207
	2,006,935	*,e	Forest Laboratories, Inc		64,824
	57,470	*,e	Furiex Pharmaceuticals Inc		970
	172,000	e	Fuso Pharmaceutical Industries Ltd		513
	546,178	*	Galapagos NV		9,118

122

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	52,839	*	Genmab AS	$	562
	51,531	*,e	Genomic Health, Inc		1,268
	525,800	*,e	Genomma Lab Internacional S.A. de C.V.		1,190
	94,566		Genus plc		1,432
	976,912	*	Genzyme Corp		74,391
	507,620	*,e	Geron Corp		2,563
	36,945	*	Gerresheimer AG.		1,687
	7,585,967	*	Gilead Sciences, Inc		321,947
	4,053,761		GlaxoSmithKline plc		77,243
	1,423		Green Cross Corp		176
	24,602		Grifols S.A.		429
	28,000		Guangzhou Pharmaceutical Co Ltd		34
	312,894	*,e	Halozyme Therapeutics, Inc		2,100
	5,420	*	Han All Pharmarceutical Co		48
	1,176		Hanmi Pharm Co Ltd		36
	1,389	*	Hanmi Pharm Co Ltd		111
	253,132	e	Hikma Pharmaceuticals plc		2,993
	55,116	e	Hisamitsu Pharmaceutical Co, Inc		2,222
	51,492	*,e	Hi-Tech Pharmacal Co, Inc		1,037
	791,952	*	Hospira, Inc		43,716
	324,000		Hua Han Bio-Pharmaceutical Holdings Ltd		101
	1,619,545	*,e	Human Genome Sciences, Inc		44,457
	155,078	*,e	Idenix Pharmaceuticals, Inc		515
	501,640	*,e	Illumina, Inc		35,150
	429		Ilsung Pharmaceuticals Co Ltd		32
	4,020	*	Ilyang Pharmaceutical Co Ltd		66
	293,516	*,e	Immunogen, Inc		2,662
	295,013	*,e	Immunomedics, Inc		1,127
	403,196	*	Impax Laboratories, Inc		10,261
	543,731	*,e	Incyte Corp		8,618
	82,065	*,e	Infinity Pharmaceuticals, Inc		483
	209,820	*,e	Inhibitex, Inc		760
	373,885	*,e	Inovio Biomedical Corp		411
	406,574	*	Inspire Pharmaceuticals, Inc		1,610
	105,511	*,e	Intercell AG.		1,347
	196,064	*,e	InterMune, Inc		9,252
	1,490		Ipca Laboratories Ltd		10
	40,748		Ipsen		1,463
	77,629	*	Ironwood Pharmaceuticals, Inc		1,087
	408,501	*	Isis Pharmaceuticals, Inc		3,693
	131,761	*,e	Jazz Pharmaceuticals, Inc		4,197
	19,000		JCR Pharmaceuticals Co Ltd		210
	2,050		Jeil Pharmaceutical Co		22
	10,053,005		Johnson & Johnson		595,640
	1,481		Jubilant Organosys Ltd		5
	168,681		Kaken Pharmaceutical Co Ltd		2,015
	114,563	*	Kendle International, Inc		1,227
	191,596	*,e	Keryx Biopharmaceuticals, Inc		958
	64,600	e	Kissei Pharmaceutical Co Ltd		1,212
	1,088		Kolon Life Science, Inc		33
	1,841	*	Komipharm International Co Ltd		99
	21,140		Kwang Dong Pharmaceutical Co Ltd		61

123

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	111,000		Kyorin Co Ltd	$	1,891
	507,967		Kyowa Hakko Kogyo Co Ltd		4,766
	3,641		Kyungdong Pharm Co Ltd		28
	856,233	e	Laboratorios Almirall S.A.		9,581
	42,891	e	Laboratorios Farmaceuticos Rovi S.A		312
	48,065	*,e	Lannett Co, Inc		268
	877,710	*,e	Lexicon Pharmaceuticals, Inc		1,475
	4,430	*	LG Life Sciences Ltd		186
	821,803	*	Life Technologies Corp		43,079
	89,018	*	Ligand Pharmaceuticals, Inc (Class B)		890
	330,000		Lijun International Pharmaceutical Holding Ltd		92
	27,100		Livzon Pharmaceutical, Inc		87
	1,019,865		Lonza Group AG.		85,387
	153,753	*	Luminex Corp		2,884
	189,946		Lupin Ltd		1,773
	277,749	*,e	MannKind Corp		1,014
	69,780	*	MAP Pharmaceuticals, Inc		962
	126,339	e	Maxygen, Inc		657
	95,375	e	MDS, Inc		1,125
	496,069	e	Meda AB (A Shares)		4,773
	387,675	*,e	Medicines Co		6,315
	291,933	e	Medicis Pharmaceutical Corp (Class A)		9,354
	852	*	Medipost Co Ltd		27
	265,030	*,e	Medivation, Inc		4,940
	28,097	*	Medivir AB		623
	12,432,642		Merck & Co, Inc		410,402
	74,316	e	Merck KGaA		6,703
	134,450	*,e	Mesoblast Ltd		1,008
	114,207	*,e	Metabolix, Inc		1,200
	368,501	*,e	Micromet, Inc		2,067
	151,000	e	Mochida Pharmaceutical Co Ltd		1,787
	175,755	*,e	Momenta Pharmaceuticals, Inc		2,786
	29,508	*	Morphosys AG.		785
	22,167,242	*,a	MPM Bioventures II		5,028
	4,686,747	*	Mylan Laboratories, Inc		106,249
	281,890	*	Myriad Genetics, Inc		5,680
	312,540	*,e	Nabi Biopharmaceuticals		1,816
	75,727	*,e	Nanosphere, Inc		246
	191,666	*	Natraceutical S.A.		98
	591,246	*,e	Nektar Therapeutics		5,599
	75,139	*,e	Neostem, Inc		129
	193,946	*,e	Neuralstem, Inc		349
	376,137	*,e	Neurocrine Biosciences, Inc		2,855
	48,658	*,e	NeurogesX, Inc		197
	32,095	*,e	NeuroSearch AS		348
	30,400	e	Nichi-iko Pharmaceutical Co Ltd		787
	94,657	*,e	NicOx S.A.		333
	425,550	e	Nippon Chemiphar Co Ltd		1,358
	68,000		Nippon Shinyaku Co Ltd		870
	10,932	*,e	Novacea, Inc		90
	4,959,855		Novartis AG.		268,581
	293,600		Novartis AG. (ADR)		15,957

124

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	367,000	*,e	Novavax, Inc	$	951
	35,164		Novo Nordisk AS (ADR)		4,404
	1,249,474	e	Novo Nordisk AS (Class B)		156,912
	295,965	*,e	NPS Pharmaceuticals, Inc		2,832
	7,100	*,e	Nupathe, Inc		55
	67,822	*,e	Nymox Pharmaceutical Corp		535
	83,280	*,e	Obagi Medical Products, Inc		1,053
	76,456	*,e	Omeros Corp		612
	189	*,e	OncoTherapy Science, Inc		394
	94,333	e	Ono Pharmaceutical Co Ltd		4,648
	288,255	*,e	Onyx Pharmaceuticals, Inc		10,141
	351,182	*,e	Opko Health, Inc		1,310
	158,621	*,e	Optimer Pharmaceuticals, Inc		1,876
	21,129		Orchid Chemicals & Pharmaceuticals Ltd		142
	664,216	*,e	Orexigen Therapeutics, Inc		1,866
	38,853	e	Orion Oyj (Class B)		942
	73,955	*,e	Osiris Therapeutics, Inc		537
	258,300	e	Otsuka Holdings KK		6,381
	59,600	*,e	Pacific Biosciences of California, Inc		837
	164,585	e	Pain Therapeutics, Inc		1,573
	22,400	*	Paladin Labs, Inc		805
	178,634	*,e	Par Pharmaceutical Cos, Inc		5,552
	254,522	*,e	Parexel International Corp		6,338
	800	*	Patheon, Inc		2
	887,284	e	PDL BioPharma, Inc		5,146
	250,897	*,e	Peregrine Pharmaceuticals, Inc		592
	1,043,947	e	PerkinElmer, Inc		27,424
	286,596	e	Perrigo Co		22,790
	54,862,536		Pfizer, Inc		1,114,257
	339,948		Pharmaceutical Product Development, Inc		9,420
	161,452	*	Pharmacyclics, Inc		951
	269,699	*	Pharmasset, Inc		21,228
	317,591	*	Pharmaxis Ltd		877
	42,774	*,f	Pharmstandard (GDR) (purchased 05/17/07, cost $1,209)		1,191
	59,000	*	Phytohealth Corp		105
	146,785		Piramal Healthcare Ltd		1,373
	125,159	*,e	Pozen, Inc		672
	134,574	*,e	Progenics Pharmaceuticals, Inc		832
	197,500	*,e	Pronova BioPharma AS		341
	7,046,000		PT Kalbe Farma Tbk		2,748
	144,299	*,e	Pure Bioscience		225
	14,695	*	Qiagen NV		293
	370,930	*,e	Questcor Pharmaceuticals, Inc		5,345
	227,563	*	Ranbaxy Laboratories Ltd		2,273
	273,616		Recordati S.p.A.		2,750
	211,332	*,e	Regeneron Pharmaceuticals, Inc		9,497
	1,855,188	*	Renovo Group plc		432
	19,701		Richter Gedeon Nyrt		4,097
	240,546	*	Rigel Pharmaceuticals, Inc		1,710
	6,110	*	RNL BIO Co Ltd		15
	551,782		Roche Holding AG.		78,775
	114,000	e	Rohto Pharmaceutical Co Ltd		1,224

125

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	330,283	*,e	Salix Pharmaceuticals Ltd	$	11,570
	6,130		Samjin Pharmaceutical Co Ltd		56
	206,236	*,e	Sangamo Biosciences, Inc		1,718
	2,968,954		Sanofi-Aventis		208,048
	229,286		Sanofi-Aventis S.A. (ADR)		8,075
	410,021	*,e	Santarus, Inc		1,402
	76,011		Santen Pharmaceutical Co Ltd		3,036
	291,944	*,e	Savient Pharmaceuticals, Inc		3,095
	21,500	e	Sawai Pharmaceutical Co Ltd		1,856
	3,955		Schweizerhall Holding AG.		355
	193,990	*,e	Sciclone Pharmaceuticals, Inc		784
	446,245	*,e	Seattle Genetics, Inc		6,948
	153,800		Seikagaku Corp		1,926
	397,013	*,e	Sequenom, Inc		2,513
	44,000		Shandong Luoxin Pharmacy Stock Co Ltd		54
	265,709	e	Shionogi & Co Ltd		4,533
	2,170,337		Shire Ltd		62,999
	232,282	e	Shire plc (ADR)		20,232
	136,560	*,e	SIGA Technologies, Inc		1,652
	1,324,000		Sino Biopharmaceutical		495
	4,254,176	*,a	Skyline Venture Fund II Ltd		466
	976,029	*	Skyline Venture Fund III Ltd		353
	102,694	*,e	Somaxon Pharmaceuticals, Inc		291
	357,362	*,e	Spectrum Pharmaceuticals, Inc		3,177
	113,227		Stada Arzneimittel AG.		4,378
	9,376	e	Stallergenes		783
	41,000		Standard Chemical & Pharma		42
	717,590	*,e	StemCells, Inc		653
	11,423		Strides Arcolab Ltd		95
	52,873	*,e	Sucampo Pharmaceuticals, Inc (Class A)		222
	18,968	*	Sun Pharmaceutical Industries Ltd		31
	590,913		Sun Pharmaceuticals Industries Ltd		5,868
	410,901	*,e	SuperGen, Inc		1,274
	98,082	*,e	Synta Pharmaceuticals Corp		516
	10,800	e	Taiko Pharmaceutical Co Ltd		116
	117,161	e	Taisho Pharmaceutical Co Ltd		2,535
	46,400	*,e	Takara Bio, Inc		306
	1,181,539	e	Takeda Pharmaceutical Co Ltd		55,125
	154,431	*	Talecris Biotherapeutics Holdings Corp		4,139
	192,677	e	Tanabe Seiyaku Co Ltd		3,124
	152,216	*	Targacept, Inc		4,047
	387,095		Tecan Group AG.		30,534
	124,449		Techne Corp		8,911
	513,377		Teva Pharmaceutical Industries Ltd		25,787
	394,865		Teva Pharmaceutical Industries Ltd (ADR)		19,810
	88,001	*,e	Theratechnologies, Inc		434
	271,740	*,e	Theravance, Inc		6,582
	1,713,981	*	Thermo Electron Corp		95,212
	37,897	*,e	ThromboGenics NV		1,161
	43,000		Tong Ren Tang Technologies Co Ltd		145
	30,300	e	Torii Pharmaceutical Co Ltd		604
	13,100		Towa Pharmaceutical Co Ltd		663

126

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	22,411	*,e	Transgene S.A.	$	394
	22,937	*,e,m	Trius Therapeutics, Inc		132
	46,975	e	Tsumura & Co		1,475
	17,000		TTY Biopharm Co Ltd		90
	109,299	e	UCB S.A.		4,149
	1,670		Unichem Laboratories Ltd		7
	1,220,000	*	United Gene High-Tech Group Ltd		37
	852,000	e	United Laboratories Ltd		1,532
	415,121	*	United Therapeutics Corp		27,821
	1,586,056	*,a,e	Vanda Pharmaceuticals, Inc		11,562
	445,681	*	Vectura Group plc		436
	645,977	*,e	Vertex Pharmaceuticals, Inc		30,962
	269,258	*,e	Vical, Inc		797
	12,579		Virbac S.A.		2,097
	431,207	*	Viropharma, Inc		8,581
	319,678	*,e	Vivus, Inc		1,979
	5,249,997		Warner Chilcott plc		122,220
	439,619	*,e	Waters Corp		38,203
	4,983,879	*,e	Watson Pharmaceuticals, Inc		279,147
	8,342	*	Wockhardt Ltd		61
	7,855	*	WuXi PharmaTech Cayman, Inc (ADR)		121
	148,968	*,e	Xenoport, Inc		883
	11,321		Yuhan Corp		1,528
	42,290	*	Yungjin Pharmaceutical Co Ltd		33
	76,000		YungShin Global Holding Corp		103
	215,313	*,e	Zeltia S.A.		849
	27,000	e	Zeria Pharmaceutical Co Ltd		324
	232,520	*,e	ZIOPHARM Oncology, Inc		1,453
	15,400	*,e	Zogenix, Inc		77
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		7,214,870
REAL ESTATE - 2.8%
	394,580		Abacus Property Group		959
	166,733		Acadia Realty Trust		3,155
	59,009		Acanthe Developpement S.A.		110
	34,894		Acucap Properties Ltd		177
	7,624	*	Advance Residence Investment Corp		15,012
	637,788	*,e	Aedes S.p.A.		164
	112,898		Aeon Mall Co Ltd		2,421
	28,052		Affine S.A.		917
	373,213	*	Afirma Grupo Inmobiliario S.A.		111
	111,810	*	Africa Israel Investments Ltd		964
	14,138	*	Africa Israel Properties Ltd		202
	3,352,000	e	Agile Property Holdings Ltd		5,278
	64,003		Agree Realty Corp		1,437
	1,781,000		AIMS AMP Capital Industrial REIT		289
	61,110	*	Airport City Ltd		301
	32,000		Airport Facilities Co Ltd		139
	1,977		Akmerkez Gayrimenkul Yatirim Ortakligi AS		104
	8,552		Alexander’s, Inc		3,480
	178,446		Alexandria Real Estate Equities, Inc		13,913
	81,784		Aliansce Shopping Centers S.A.		661

127

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	232,343		Allan Gray Property Trust	$	212
	17,496,079	e	Allco Commercial Real Estate Investment Trust		11,038
	9,525,000		Allgreen Properties Ltd		8,157
	229		Alliances Developpement Immobilier S.A.		20
	27,817		Allied Properties Real Estate Investment Trust		631
	15,951		Allreal Holding AG.		2,469
	148,718		Alony Hetz Properties & Investments Ltd		862
	5,797	*	AL-ROV Israel Ltd		222
	49,323		Alstria Office REIT-AG.		686
	818,500		Amata Corp PCL (For)		420
	646,164		AMB Property Corp		23,243
	102,900		American Assets Trust,Inc		2,189
	396,658		American Campus Communities, Inc		13,090
	543,519	e	American Capital Agency Corp		15,838
	160,437		Amot Investments Ltd		496
	1,104,875	e	AMP NZ Office Trust		692
	39,055		Anant Raj Industries Ltd		73
	3,955,367		Annaly Capital Management, Inc		69,021
	14,503		Ansal Properties & Infrastructure Ltd		12
	698,492		Anworth Mortgage Asset Corp		4,952
	703,513	e	Apartment Investment & Management Co (Class A)		17,918
	87,443	e	Apollo Commercial Real Estate Finance, Inc		1,430
	50,751		Artis Real Estate Investment Trust		744
	553,049		Ascendas Real Estate Investment Trust		895
	838,586		Ascott Residence Trust		799
	283,076		Ashford Hospitality Trust, Inc		3,119
	74,600		Asian Property Development PCL (ADR)		16
	759,800		Asian Property Development PCL (Foreign)		158
	696,218		Aspen Group		327
	255,874		Associated Estates Realty Corp		4,063
	3,318		Atenor Group		163
	392,191	e	Atrium European Real Estate Ltd		2,459
	359,319		Australand Property Group		1,137
	387,871		AvalonBay Communities, Inc		46,576
	36,045	*	Avatar Holdings, Inc		713
	7,063,123		Ayala Land, Inc		2,518
	9,247,920	m	Ayala Land, Inc (Preference)		21
	74,082	e	Babcock & Brown Japan Property Trust		225
	73,700		Bandar Raya Developments BHD		53
	2,784,600	*	Bangkokland PCL		65
	2,406		Bayside Land Corp		578
	23,803		Befimmo SCA Sicafi		2,079
	254,000		Beijing Capital Land Ltd		94
	214,000		Beijing North Star Co		53
	1,301,413		Beni Stabili S.p.A.		1,353
	27,000		Beni Stabili S.p.A. (Paris)		27
	234,205		Big Yellow Group plc		1,242
	696,074		BioMed Realty Trust, Inc		13,239
	154		BLife Investment Corp		1,053
	56,859		Boardwalk Real Estate Investment Trust		2,822
	767,179	e	Boston Properties, Inc		72,767
	428,456		BR Malls Participacoes S.A.		4,461

128

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	60,911		BR Properties S.A.	$	640
	262,920	e	Brandywine Realty Trust		3,192
	34,800		Brasil Brokers Participacoes S.A.		181
	132,362		BRE Properties, Inc (Class A)		6,245
	435,776	*	Brioschi Sviluppo Immobiliare		95
	217,613		British Israel Investments Ltd		860
	1,833,701		British Land Co plc		16,252
	643,344	e	Brookfield Asset Management, Inc		20,910
	6,218	*	Brookfield Multiplex Group		516
	45,000		Brookfield Properties Corp		797
	710,875	e	Brookfield Properties Corp (Toronto)		12,582
	743,455	e	Bunnings Warehouse Property Trust		1,318
	578,000		C C Land Holdings Ltd		197
	107,388	*,e	CA Immobilien Anlagen AG.		1,978
	789,000	e	Cache Logistics Trust		588
	85,275		Calloway Real Estate Investment Trust		2,269
	1,191,840	e	Cambridge Industrial Trust		463
	246,842		Camden Property Trust		14,026
	153,200	e	Campus Crest Communities, Inc		1,812
	46,591		Canadian Apartment Properties REIT		935
	82,156		Canadian Real Estate Investment Trust		2,936
	3,900,400	e	CapitaCommercial Trust		4,296
	695,574	e	Capital & Counties Properties		1,880
	383,316	*	Capital & Regional plc		238
	388,783		Capital Lease Funding, Inc		2,131
	281,993		Capital Property Fund		331
	6,081,817		CapitaLand Ltd		15,921
	5,025,583		CapitaMall Trust		7,491
	1,053,760	e	CapitaMalls Asia Ltd		1,488
	165,200		CapitaMalls Malaysia Trust		59
	530,000		CapitaRetail China Trust		525
	403,454	e	Capstead Mortgage Corp		5,156
	361,890	e	Castellum AB		5,263
	364,000		Cathay Real Estate Development Co Ltd		177
	1,499,689	*,e	CB Richard Ellis Group, Inc (Class A)		40,043
	729,623	e	CBL & Associates Properties, Inc		12,710
	1,126,000		CDL Hospitality Trusts		1,797
	425,588		Cedar Shopping Centers, Inc		2,566
	210,000		Central China Real Estate Ltd		58
	98,000		Central Pattana PCL (Foreign)		92
	2,575	*	Centro Properties Group		0	^
	1,581,031	*,e	Centro Retail Group		563
	4,550,971		CFS Gandel Retail Trust		8,662
	359,700		CH Karnchang PCL		105
	695,438		Challenger Diversified Property Group		353
	4,710,682	e	Champion Real Estate Investment Trust		2,734
	308,539		Charter Hall Group		781
	55,944		Chatham Lodging Trust		909
	83,802	e	Chesapeake Lodging Trust		1,459
	5,658,508		Cheuk Nang Holdings Ltd		2,562
	1,194,339		Cheung Kong Holdings Ltd		19,468
	7,828,810	e	Chimera Investment Corp		31,002

129

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	339,000		China Aoyuan Property Group Ltd	$	61
	182,000	*	China Chengtong Development Group Ltd		10
	7,091,080		China Overseas Land & Investment Ltd		14,415
	187,000	*	China Properties Group Ltd		63
	3,190,000	e	China Resources Land Ltd		5,966
	488,000		China SCE Property Holdings Ltd		128
	652,000	e	China South City Holdings Ltd		106
	1,994,520	m	China Vanke Co Ltd		2,615
	291,000	e	Chinese Estates Holdings Ltd		523
	32,000		Chong Hong Construction Co		72
	204,967	e	City Developments Ltd		1,873
	193,338	e	Citycon Oyj		885
	60,781	*	CLS Holdings plc		648
	358,000	*	Coastal Greenland Ltd		23
	19,869		Cofinimmo		2,907
	224,306	e	Cogdell Spencer, Inc		1,332
	26,001	*	Colonia Real Estate AG.		199
	420,809		Colonial Properties Trust		8,101
	62,225		Colony Financial, Inc		1,172
	41,498		Cominar Real Estate Investment Trust		972
	6,337,872		Commonwealth Property Office Fund		5,637
	24,391	e	Consolidated-Tomoka Land Co		790
	105,344	e	Conwert Immobilien Invest AG.		1,743
	95,010	e	Coresite Realty		1,505
	54,067		Corio NV		3,783
	229,006	e	Corporate Office Properties Trust		8,276
	11,034,000		Country Garden Holdings Co Ltd		4,822
	556,554	e	Cousins Properties, Inc		4,647
	1,556		Crescendo Investment Corp		960
	68,631	e	CreXus Investment Corp		784
	1,019,323		Cromwell Group		744
	230,719	e	Cypress Sharpridge Investments, Inc		2,926
	2,092	e	DA Office Investment Corp		7,264
	75,100		Daibiru Corp		652
	548,000	*,e	Daikyo, Inc		848
	1,245,900		Daiman Development BHD		797
	215,793	e	Daito Trust Construction Co Ltd		14,843
	1,768,827	e	Daiwa House Industry Co Ltd		21,638
	3,131,302		DB RREEF Trust		2,751
	1,091,579		DCT Industrial Trust, Inc		6,058
	247,870	*	Delek Real Estate Ltd		52
	149,124		Derwent London plc		3,929
	70,703		Deutsche Euroshop AG.		2,696
	115,138	*	Deutsche Wohnen AG.		1,661
	1,043,722	e	Developers Diversified Realty Corp		14,612
	172,389		Development Securities plc		618
	873,853	e	DiamondRock Hospitality Co		9,761
	72,893		DIC Asset AG.		958
	469,045	e	Digital Realty Trust, Inc		27,270
	3,809,402		DLF Ltd		22,938
	241,368		Douglas Emmett, Inc		4,526
	125,324		Douja Promotion Groupe Addoha S.A.		1,634

130

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	131,586	*	DTZ Holdings plc	$	59
	516,897		Duke Realty Corp		7,242
	28,294		Dundee Real Estate Investment Trust		966
	174,958	e	DuPont Fabros Technology, Inc		4,243
	199,485		Dynex Capital, Inc		2,007
	88,800		Eastern & Oriental BHD		35
	122,293	e	EastGroup Properties, Inc		5,377
	411,235	e	Education Realty Trust, Inc		3,302
	19,877	*	Elbit Imaging Ltd		237
	14,911	*	Electra Real Estate Ltd		109
	117,960		Emira Property Fund		225
	454,738	*	Emlak Konut Gayrimenkul Yatiri		783
	3,448,666		Emperor International Holdings		681
	243,619		Entertainment Properties Trust		11,406
	167,678		Equity Lifestyle Properties, Inc		9,667
	168,070	e	Equity One, Inc		3,155
	1,188,645		Equity Residential		67,051
	177,525	e	Essex Property Trust, Inc		22,013
	36,007		Eurobank Properties Real Estate Investment Co		329
	54,781		Eurocommercial Properties NV		2,716
	8,660,000	e	Evergrande Real Estate Group		4,753
	65,442		Excel Trust, Inc		772
	477,709	e	Extra Space Storage, Inc		9,893
	217,253	e	Fabege AB		2,348
	795,000		Fantasia Holdings Group Co Ltd		132
	1,641,772		Far East Consortium		390
	801,700		Farglory Land Development Co Ltd		1,708
	184,337	e	Federal Realty Investment Trust		15,035
	603,751	*	FelCor Lodging Trust, Inc		3,701
	3,012,000		Filinvest Land, Inc		80
	94,280		First Capital Realty, Inc		1,560
	435,265	*,e	First Industrial Realty Trust, Inc		5,175
	192,096	e	First Potomac Realty Trust		3,026
	39,010	*	FirstService Corp		1,477
	1,177,718	e	FKP Property Group		1,035
	53,055		Fonciere Des Regions		5,651
	523,008	*,e	Forest City Enterprises, Inc (Class A)		9,848
	165,800	*,e	Forestar Real Estate Group, Inc		3,154
	1,887,000	e	Fortune Real Estate Investment Trust		931
	290,058	e	Franklin Street Properties Corp		4,081
	5,655,200	e	Franshion Properties China Ltd		1,628
	637,000		Frasers Centrepoint Trust		768
	589		Frontier Real Estate Investment Corp		5,232
	125	*	Fukuoka REIT Corp		894
	525	*	Future Mall Management Ltd		1
	137,120	e	GAGFAH S.A.		1,155
	4,546	*	Gant Development S.A.		23
	27,708		Gazit, Inc		699
	20,766	e	Gecina S.A.		2,864
	1,225,725		General Growth Properties, Inc		18,974
	9,500	*	General Shopping Brasil S.A.		64
	167,221	e	Getty Realty Corp		3,826

131

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	40,927	e	Gladstone Commercial Corp	$	747
	450,567		Glimcher Realty Trust		4,168
	610,000	*	Global Logistic Properties		905
	644	e	Global One Real Estate Investment Corp		5,253
	135,656	*	Globe Trade Centre S.A.		1,017
	1,414,000		Glorious Property Holdings Ltd		389
	34,280		Goldcrest Co Ltd		671
	926,436	e	Goodman Property Trust		658
	113,889		Government Properties Income Trust		3,059
	1,082,236		GPT Group (ASE)		3,513
	557,280		Grainger plc		960
	848,399		Great Eagle Holdings Ltd		2,833
	533,421		Great Portland Estates plc		3,300
	947,500		Greentown China Holdings Ltd		995
	2,423,767	e	Growthpoint Properties Ltd		6,200
	8,356,400	*,e	Guangzhou Investment Co Ltd		1,857
	2,687,136	e	Guangzhou R&F Properties Co Ltd		3,994
	558,000	e	Guocoland Ltd		1,078
	285,000		GZI Real Estate Investment Trust		149
	18,000	*	H&R Real Estate Investment Trust		408
	1,291,727		Hammerson plc		9,261
	236,952		Hang Lung Group Ltd		1,469
	1,116,822		Hang Lung Properties Ltd		4,898
	182		Hankyu Reit, Inc		939
	270,098	e	Hatteras Financial Corp		7,595
	1,173,693		HCP, Inc		44,530
	537,046		Health Care REIT, Inc		28,163
	287,928	e	Healthcare Realty Trust, Inc		6,536
	235,000		Heiwa Real Estate Co Ltd		542
	124,877		Helical Bar plc		542
	14,816		Heliopolis Housing		51
	1,170,452	e	Henderson Land Development Co Ltd		8,111
	577,025		Hersha Hospitality Trust		3,428
	453,000		Highwealth Construction Corp		950
	334,965	e	Highwoods Properties, Inc		11,727
	787,200		HKR International Ltd		446
	376,000	e	Ho Bee Investment Ltd		423
	164,703	e	Home Properties, Inc		9,709
	481,000	*	Hong Fok Corp Ltd		216
	290,000		Hongkong Land Holdings Ltd		2,031
	616,745		Hopewell Holdings		1,852
	1,034,000	*,e	Hopson Development Holdings Ltd		1,173
	249,780	e	Hospitality Properties Trust		5,782
	3,226,687		Host Marriott Corp		56,822
	237,071	*	Housing Development & Infrastruture Ltd		940
	80,128	*,e	Howard Hughes Corp		5,660
	493,136		HRPT Properties Trust		12,807
	75,000		Huaku Development Co Ltd		210
	42,000		Huang Hsiang Construction Co		100
	44,900		Hudson Pacific Properties		660
	294,325	e	Hufvudstaden AB (Series A)		3,499
	83,200		Hulic Co Ltd		724

132

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	42,000		Hung Ching Development Co	$	25
	118,000		Hung Poo Real Estate Development Corp		140
	131,000		Hung Sheng Construction Co Ltd		73
	2,476,000		Hutchison Harbour Ring Ltd		299
	31,563		Hyprop Investments Ltd		249
	533,906		Hysan Development Co Ltd		2,196
	67,113		ICADE		8,283
	574,932		IGB Corp BHD		410
	16,800		Iguatemi Empresa de Shopping Centers S.A.		411
	51,100	e	Iida Home Max		471
	250,400		IJM Land BHD		228
	180,316		Immobiliare Grande Distribuzione		397
	777,912	*,e	IMMOFINANZ Immobilien Anlagen AG.		3,517
	613,998	*	Indiabulls Real Estate Ltd		1,712
	190	e	Industrial & Infrastructure Fund Investment Corp		943
	–	e	ING Industrial Fund		0	^
	3,777,715		ING Office Fund		2,420
	359,784	e	Inland Real Estate Corp		3,432
	1,845		Intershop Holdings		638
	9,356		Intervest Offices		336
	239,717		Invesco Mortgage Capital, Inc		5,238
	342,600	e	Investors Real Estate Trust		3,255
	113,717		Is Gayrimenkul Yatirim Ortakligi AS		127
	437,077	*,e	iStar Financial, Inc		4,012
	133,550	*,e	IVG Immobilien AG.		1,108
	85,506	*	IVR Prime Urban Developers Ltd		113
	911	e	Japan Excellent, Inc		5,017
	274	*,e	Japan Logistics Fund Inc		2,216
	4,051	e	Japan Prime Realty Investment Corp		10,957
	781		Japan Real Estate Investment Corp		7,399
	2,114	e	Japan Rental Housing Investments, Inc		903
	3,215	*	Japan Retail Fund Investment Corp		5,041
	112,556		Jerusalem Economy Ltd		1,436
	55,800		JHSF Participacoes S.A.		142
	138,900		Jiangsu Future Land Co Ltd		120
	1,263	e	Joint Reit Investment Corp		5,734
	259,583		Jones Lang LaSalle, Inc		25,891
	1,644,019	e	K Wah International Holdings Ltd		654
	45,000		KEE TAI Properties Co Ltd		25
	1,226	*	Kenedix Realty Investment Corp		5,049
	3,575	*,e	Kenedix, Inc		724
	91,610	*,e	Kennedy-Wilson Holdings, Inc		995
	509,913	e	Keppel Land Ltd		1,815
	1,001,114		Kerry Properties Ltd		5,008
	58,900	e	Killam Properties, Inc		631
	254,766	e	Kilroy Realty Corp		9,893
	1,675,499		Kimco Realty Corp		30,729
	36,000		Kindom Construction Co		26
	118,000		King’s Town Construction Co Ltd		114
	327,737	e	Kite Realty Group Trust		1,740
	1,009,141	e	Kiwi Income Property Trust		771
	5,298,578		KLCC Property Holdings BHD		5,849

133

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	74,260		Klepierre	$	3,013
	330,732		Klovern AB		1,808
	45,803	*	Korea Real Estate Investment Trust Co		25
	3,125,130		Kowloon Development Co Ltd		4,186
	488,000		K-REIT Asia		500
	59,700		KrisAssets Holdings BHD		82
	71,400		Kumpulan Perangsang Selangor BHD		29
	205,554		Kungsleden AB		2,019
	44,000	*	Kuoyang Construction Co Ltd		31
	1,924,500	e	KWG Property Holding Ltd		1,554
	32,776,000		Lai Fung Holdings Ltd		1,452
	7,827,000	*	Lai Sun Development		256
	749,768		Land Securities Group plc		8,812
	393,426		LaSalle Hotel Properties		10,623
	2,574		Leasinvest Real Estate SCA		253
	404,431		Lend Lease Corp Ltd		3,792
	451,411	e	Leopalace21 Corp		591
	613,544	e	Lexington Corporate Properties Trust		5,737
	792,215		Liberty International plc		4,867
	223,252	e	Liberty Property Trust		7,345
	4,144,593	e	Link Real Estate Investment Trust		12,977
	1,095,000	e	Lippo-Mapletree Indonesia Retail Trust		469
	220,000		Liu Chong Hing Investment		297
	52,000		Long Bon International Co Ltd		18
	1,987,500	e	Longfor Properties Co Ltd		3,350
	402,600		LPN Development PCL		141
	13,500		LPS Brasil Consultoria de Imoveis S.A.		317
	166,192		LTC Properties, Inc		4,710
	589,417	e	Macerich Co		29,194
	213,435		Mack-Cali Realty Corp		7,235
	423,313		Macquarie CountryWide Trust		1,364
	4,106,060		Macquarie Goodman Group		2,909
	467,896		Macquarie Leisure Trust Group		691
	2,418,000	e	Macquarie MEAG Prime REIT		1,190
	709,539		Macquarie Office Trust		2,426
	353,151	*	Maguire Properties, Inc		1,310
	210,700		Mah Sing Group BHD		174
	35,779	*,e,m	Mapeley Ltd		115
	1,846,523		Mapletree Logistics Trust		1,327
	480,520		Medical Properties Trust, Inc		5,560
	1,948	*	Medinet Nasr Housing		7
	5,079,000	f	Megaworld Corp		247
	29,041		Melisron Ltd		688
	38,192	e	Mercialys S.A		1,523
	263,009	*	Metric Property Investments plc		461
	1,425,680	e	MFA Mortgage Investments, Inc		11,691
	648		MID Reit, Inc		1,842
	153,388		Mid-America Apartment Communities, Inc		9,848
	1,792,929		Midland Holdings Ltd		1,394
	171,565	*	Minerva plc		255
	572,000		Mingfa Group		179
	490,000	*	Minmetals Land Ltd		91

134

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,286,922		Mirvac Group	$	4,233
	302,247		Mission West Properties, Inc		1,986
	1,560,876		Mitsubishi Estate Co Ltd		26,377
	1,639,848		Mitsui Fudosan Co Ltd		26,957
	6,630		Mobimo Holding AG.		1,528
	126,954	e	Monmouth Real Estate Investment Corp (Class A)		1,042
	38,521		Morguard Real Estate Investment Trust		579
	619		Mori Hills REIT Investment Corp		1,891
	737	e	Mori Trust Sogo Reit, Inc		7,199
	84,696		Multiplan Empreendimentos Imobiliarios S.A.		1,751
	39,300		Naim Holdings BHD		40
	103,475	e	National Health Investors, Inc		4,959
	442,292		National Retail Properties, Inc		11,557
	823,915		Nationwide Health Properties, Inc		35,041
	354,000	*	Neo-China Land Group Holdings Ltd		124
	4,856,666		New World China Land Ltd		1,828
	16,611,635		New World Development Ltd		29,289
	326,117	*,e	Newcastle Investment Corp		1,970
	50,764	e	Nieuwe Steen Investments NV		1,054
	277		Nippon Accommodations Fund, Inc		1,990
	211		Nippon Building Fund, Inc		2,057
	48,098	*	Nitsba Holdings 1995 Ltd		503
	73,127	e	Nomura Real Estate Holdings, Inc		1,108
	865		Nomura Real Estate Office Fund, Inc		5,851
	204		Nomura Real Estate Residential Fund, Inc		1,138
	45,769		Northern Property Real Estate Investment Trust		1,440
	318,189	e	NorthStar Realty Finance Corp		1,702
	632,248	*	Norwegian Property ASA		1,163
	178,837	e	NRDC Acquisition Corp		1,956
	4,942	e	NTT Urban Development Corp		4,143
	427,194	e	Omega Healthcare Investors, Inc		9,544
	82,595	e	One Liberty Properties, Inc		1,246
	32,222		Orbit Corp Ltd		39
	500	*,e	Orix JREIT, Inc		2,748
	1,228,000		Pacific Century Premium Developments Ltd		238
	514,000		Parkway Life Real Estate Investment Trust		697
	151,093	e	Parkway Properties, Inc		2,569
	150,815		Parque Arauco S.A		335
	92,686	*	Parsvnath Developers Ltd		95
	146,020	*	Patrizia Immobilien AG.		1,018
	171,550	e	Pebblebrook Hotel Trust		3,800
	228,919		Peet Ltd		457
	326,910	e	Pennsylvania Real Estate Investment Trust		4,665
	101,574		Pennymac Mortgage Investment Trust		1,868
	434,038		Phoenix Mills Ltd		1,779
	96,942	e	Piedmont Office Realty Trust, Inc		1,882
	815,080	*,e	Pirelli & C Real Estate S.p.A.		635
	459,275	e	Plum Creek Timber Co, Inc		20,029
	3,045,000	e	Poly Hong Kong Investment Ltd		2,850
	7,091,160		Polytec Asset Holdings Ltd		1,085
	227,395	e	Post Properties, Inc		8,925
	170,353	e	Potlatch Corp		6,848

135

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	367,000		Powerlong Real Estate Holdings Ltd	$	119
	362		Premier Investment Co		1,645
	474,899	*	Prestige Estates Projects Ltd		1,336
	319,600		Preuksa Real Estate PCL (Foreign)		195
	51,816		Primaris Retail Real Estate Investment Trust		1,138
	247,576		Primary Health Properties plc		1,275
	185,000		Prince Housing & Development Corp		112
	1,442,222		Prologis		23,047
	1,679		Property & Building Corp		164
	2,813,000		Prosperity REIT		694
	129,210		PS Business Parks, Inc		7,486
	55,730		PSP Swiss Property AG.		4,583
	3,254,500		PT Alam Sutera Realty Tbk		106
	10,819,000		PT Bakrieland Development Tbk		174
	2,816,500		PT Bumi Serpong Damai		272
	2,924,000	*	PT Ciputra Development Tbk		124
	838,500		PT Ciputra Property Tbk		36
	1,305,500	*	PT Intiland Development Tbk		51
	7,339,813		PT Lippo Karawaci Tbk		514
	3,387,500	*	PT Sentul City Tbk		39
	1,831,500		PT Summarecon Agung Tbk		244
	664,506		Public Storage, Inc		73,700
	1,806,944	f	Puravankara Projects Ltd (purchased 01/21/08, cost $6,901)		4,377
	2,667,900		Quality House PCL		199
	758,306	*	Quintain Estates & Development plc		535
	50,000		Radium Life Tech Co Ltd		57
	438,740	e	RAIT Investment Trust		1,079
	256,990	e	Ramco-Gershenson Properties		3,220
	793,548		Raven Russia Ltd		824
	953,906		Rayonier, Inc		59,438
	229,518	e	Realty Income Corp		8,022
	4,155,725		Redefine Income Fund Ltd		4,607
	328,714	e	Redwood Trust, Inc		5,112
	33,828,000	e	Regal Real Estate Investment Trust		10,828
	214,404	e	Regency Centers Corp		9,322
	12,690,500	e	Renhe Commercial Holdings Co Ltd		2,365
	67,373		Resilient Property Income Fund Ltd		299
	186,183	e	Resource Capital Corp		1,227
	221,847		RioCan Real Estate Investment Trust		5,826
	808,500		Robinsons Land Corp		215
	591,000		Ruentex Development Co Ltd		960
	327,424		S.A. Corporate Real Estate Fund		155
	105,393	e	Sabra Healthcare REIT, Inc		1,856
	38,790		Sankei Building Co Ltd		230
	403,300		Sansiri PCL		76
	33,073	e	Saul Centers, Inc		1,473
	386,014		Savills plc		2,218
	310,000		SC Global Developments Ltd		339
	2,150,474		Segro plc		11,088
	641,636	e	Senior Housing Properties Trust		14,783
	428,148		Shaftesbury plc		3,249
	312,000		Shanghai Forte Land Co		139

136

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	123,600		Shanghai Jinqiao Export Processing Zone Development Co Ltd	$	110
	1,369,800		Shanghai Lujiazui Finance & Trade Zone Development Co Ltd		2,116
	16,026,000	e	Shanghai Real Estate Ltd		1,460
	650,000		Shanghai Zendai Property Ltd		23
	1,064,000		Shenzhen Investment Ltd		354
	44,600	*	Shenzhen Special Economic Zone Real Estate & Properties Group Co Ltd		19
	3,747,500	e	Shimao Property Holdings Ltd		5,306
	159,000	*	Shining Building Business Co Ltd		166
	42,200		Shoei Co Ltd		383
	7,904,703	e	Shui On Land Ltd		3,641
	692,000		Silver Grant International		271
	1,708,451	e	Simon Property Group, Inc		183,077
	297,000	e	Singapore Land Ltd		1,644
	1,484,891		Sino Land Co		2,637
	604,000	*	Sinolink Worldwide Holdings Ltd		72
	14,618,500	e	Sino-Ocean Land Holdings Ltd		9,056
	604,638	*	Sinpas Gayrimenkul Yatirim Ortakligi AS		807
	76,000		Sinyi Realty Co		137
	4,245	*	Six of October Development & Investment		45
	493,500	e	SL Green Realty Corp		37,111
	5,992,852		SM Prime Holdings		1,547
	177,387		Sobha Developers Ltd		1,168
	6,768		Societe de la Tour Eiffel		623
	16,183	e	Societe Immobiliere de Location pour l’Industrie et le Commerce		2,268
	3,490,000	e	Soho China Ltd		2,994
	325,706	*	Songbird Estates plc		752
	115,058		Sovran Self Storage, Inc		4,551
	865,650		SP Setia BHD		1,801
	67,678	*,e	Sparkassen Immobilien AG.		485
	2,741,929		SPG Land Holdings Ltd		1,285
	594,528		Sponda Oyj		3,377
	211,726		ST Modwen Properties plc		611
	188,960	*,e	St. Joe Co		4,737
	526,633	e	Starwood Property Trust, Inc		11,744
	4,371,808		Stockland Trust Group		16,771
	852,098	*	Strategic Hotels & Resorts, Inc		5,496
	23,870	e	Sumitomo Real Estate Sales Co Ltd		955
	605,003	e	Sumitomo Realty & Development Co Ltd		12,098
	81,704	e	Sun Communities, Inc		2,913
	1,487,462		Sun Hung Kai Properties Ltd		23,555
	190,727	*	Sunland Group Ltd		137
	2,845,000		Sunlight Real Estate Investment Trust		900
	477,570	*,e	Sunstone Hotel Investors, Inc		4,866
	3,315,000		Suntec Real Estate Investment Trust		4,052
	874,410		Sunteck Realty Ltd		5,737
	62,500		Sunway City BHD		93
	343,100		Sunway Real Estate Investment		120
	583,900		Supalai PCL		222

137

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,154,898		Swire Pacific Ltd (Class A)	$	31,562
	71,030		Swiss Prime Site AG.		5,601
	24,442		Sycom Property Fund		73
	218,400		TA Global BHD		30
	72,555	*	TAG Tegernsee Immobilien und Beteiligungs AG.		707
	1,238,000		TAI Cheung Holdings		919
	36,000	*	Taiwan Land Development Corp		18
	1,186,046	*	Talaat Moustafa Group		905
	5,070,600		Tanayong PCL		126
	453,415	e	Tanger Factory Outlet Centers, Inc		11,898
	269,306	e	Taubman Centers, Inc		14,429
	156,418	e	Technopolis plc		839
	57,308	*,e	Tejon Ranch Co		2,105
	60,851	*,e	Terreno Realty Corp		1,048
	895,334	*,e	Thomas Properties Group, Inc		2,999
	172,500		Ticon Industrial Connection PCL		79
	53,341	*	TK Development		206
	106,800	e	TOC Co Ltd		423
	28,400		Toho Real Estate Co Ltd		178
	1,069,207		Tokyo Tatemono Co Ltd		3,994
	398,400	e	Tokyu Land Corp		1,733
	28,000	e	Tokyu Livable, Inc		246
	299	*,e	Tokyu REIT, Inc		1,847
	148,000		Tomson Group Ltd		56
	1,135		Top REIT Inc		6,820
	15,514	e	Tosei Corp		5,262
	206,264		Two Harbors Investment Corp		2,160
	485,321		UDR, Inc		11,827
	49,866	*	UEM Land Holdings BHD		47
	47,529	e	UMH Properties, Inc		472
	86,675		Unibail		18,785
	221,851	*	Unite Group plc		769
	8,767,739	*	Unitech Corporate Parks plc		3,762
	15,009,987		Unitech Ltd		13,603
	1,668,000	*	United Energy Group Ltd		257
	1,185,197		United Overseas Land Ltd		4,461
	4,926	e	United Urban Investment Corp		6,194
	44,827		Universal Health Realty Income Trust		1,817
	92,839	e	Urstadt Biddle Properties, Inc (Class A)		1,766
	551,557		U-Store-It Trust		5,802
	24,524		Vastned Offices/Industrial		427
	25,284		Vastned Retail NV		1,851
	997,789		Ventas, Inc		54,180
	1,343,000		Vista Land & Lifescapes, Inc		86
	663,106		Vornado Realty Trust		58,022
	30,304		Vukile Property Fund Ltd		64
	42,692		Wallenstam Byggnads AB (B Shares)		1,327
	110,676	e	Walter Investment Management Corp		1,785
	13,675		Warehouses De Pauw SCA		775
	268,388		Washington Real Estate Investment Trust		8,344
	238,428	e	Weingarten Realty Investors		5,975
	5,431		Wereldhave Belgium NV		568

138

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	33,712		Wereldhave NV	$	3,600
	7,920,869		Westfield Group		76,488
	10,283,349		Westfield Retail Trust		27,868
	1,668,973	e	Weyerhaeuser Co		41,057
	1,648,464		Wharf Holdings Ltd		11,354
	1,699,724		Wheelock & Co Ltd		6,379
	414,000	e	Wheelock Properties S Ltd		621
	95,025		Wihlborgs Fastigheter AB		2,831
	902,267		Wing Tai Holdings Ltd		1,097
	92,645	e	Winthrop Realty Trust		1,135
	2,460,348		Workspace Group plc		1,076
	965,000		Yanlord Land Group Ltd		1,156
	1,486,832		YNH Property BHD		923
	238,400	*	YTL Land & Development BHD		150
	201,000		Yuzhou Properties Co		61
	3,895,800	*,e	Zhong An Real Estate Ltd		881
	234,000	*	Zhuguang Holdings Group Co Ltd		53
	56,590	*	Zueblin Immobilien Holding AG.		236
			TOTAL REAL ESTATE		3,094,876
RETAILING - 3.0%
	141,515	*,e	1-800-FLOWERS.COM, Inc (Class A)		467
	180,156	*,e	99 Cents Only Stores		3,531
	221,044		Aaron’s, Inc		5,606
	6,115	e	ABC-Mart, Inc		223
	331,329		Abercrombie & Fitch Co (Class A)		19,449
	631,042		Advance Auto Parts, Inc		41,409
	305,420	*	Aeropostale, Inc		7,428
	44,100		Alpen Co Ltd		761
	1,605,729	*	Amazon.com, Inc		289,241
	389,018		American Eagle Outfitters, Inc		6,181
	39,524	*,e	America’s Car-Mart, Inc		1,019
	18,517		Amsterdam Commodities NV		289
	340,971	*	Ann Taylor Stores Corp		9,926
	47,000	e	AOKI Holdings, Inc		764
	78,600		Aoyama Trading Co Ltd		1,261
	85,284		ARB Corp Ltd		729
	37,400		Arc Land Sakamoto Co Ltd		448
	17,200	e	Asahi Co Ltd		306
	119,162	*	Asbury Automotive Group, Inc		2,203
	26,400		ASKUL Corp		379
	253,746	*,e	ASOS plc		6,955
	125,840	*	Audiovox Corp (Class A)		1,007
	62,000		Aurora Corp		105
	53,270	e	Autobacs Seven Co Ltd		2,029
	172,439		Automotive Holdings Group		500
	204,942	*,e	Autonation, Inc		7,249
	236,691	*	Autozone, Inc		64,749
	60,217		B2W Companhia Global Do Varejo		824
	167,871		Barnes & Noble, Inc		1,543
	50,661		BasicNet S.p.A		180
	251,101		Bebe Stores, Inc		1,469

139

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,314,005	*	Bed Bath & Beyond, Inc	$	63,427
	6,542,400		Belle International Holdings Ltd		12,000
	31,300		Belluna Co Ltd		200
	1,241,056		Best Buy Co, Inc		35,643
	66,000	*	Best Denki Co Ltd		183
	25,656		Beter BED Holding NV		768
	1,931	e	BIC CAMERA, Inc		776
	143,791	e	Big 5 Sporting Goods Corp		1,714
	145,650	*	Big Lots, Inc		6,326
	86,302		Bilia AB (A Shares)		2,156
	54,242	*,e	Blue Nile, Inc		2,929
	13,100	*	Body Central Corp		304
	2,244,000	e	Bonjour Holdings Ltd		381
	37,228	*,e	Bon-Ton Stores, Inc/the		577
	24,267		Books-A-Million, Inc		100
	285,873	*	Boyner Buyuk Magazacilik		721
	192,879	e	Brown Shoe Co, Inc		2,357
	115,607	e	Buckle, Inc		4,671
	71,350	*,e	Build-A-Bear Workshop, Inc		432
	46,241	*	Byggmax Group AB		445
	196,584	*,e	Cabela’s, Inc		4,917
	119,886		Canadian Tire Corp Ltd		7,957
	14,635	*	Canon Marketing Japan, Inc		182
	442,723	*	Carmax, Inc		14,211
	51,298		Carpetright plc		560
	631		Cashbuild Ltd		9
	183,631	*	Casual Male Retail Group, Inc		902
	188,457	e	Cato Corp (Class A)		4,617
	71,294	*	CDON Group AB		386
	50,701		CFAO S.A.		1,901
	21,147	*	Charles Voegele Holding AG.		1,556
	484,184	*,e	Charming Shoppes, Inc		2,063
	338,730	e	Chico’s FAS, Inc		5,047
	136,118	*,e	Children’s Place Retail Stores, Inc		6,783
	530,000	*	China Seven Star Shopping Ltd		5
	33,400	e	Chiyoda Co Ltd		423
	375,000		Chow Sang Sang Holding		834
	159,877	e	Christopher & Banks Corp		1,036
	246,200		Cia Hering		4,524
	59,940	*	Citi Trends, Inc		1,336
	1,046		CJ O Shopping Co Ltd		226
	49,700	e	Clas Ohlson AB (B Shares)		807
	333,484		Clicks Group Ltd		2,095
	241,105	*,e	Coldwater Creek, Inc		637
	303,173	*,e	Collective Brands, Inc		6,542
	63,741	*,e	Conn’s, Inc		286
	58,912	*,e	Core-Mark Holding Co, Inc		1,947
	–	e	Culture Convenience Club Co Ltd		0	^
	2,150		Daegu Department Store		24
	770		Daesung Industrial Co Ltd		25
	8,270	*	Daewoo Motor Sales		16
	1,836,000		Dah Chong Hong Holdings Ltd		2,061

140

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	112,300	*,e	Daiei, Inc	$	431
	769,658	e	David Jones Ltd		3,781
	110,400	e	DCM Japan Holdings Co Ltd		676
	2,051,327	*,e	Debenhams plc		1,947
	37,103		Delek Automotive Systems Ltd		455
	4,018		Delek Israeli Fuel Corp Ltd		131
	9,513		Delticom AG.		859
	90,920	e	Dena Co Ltd		3,290
	47,082		Destination Maternity Corp		1,086
	827,619	*,e	Dick’s Sporting Goods, Inc		33,088
	11,695,000		Dickson Concepts International Ltd		8,677
	45,268		D’ieteren S.A.		3,105
	210,309	e	Dillard’s, Inc (Class A)		8,438
	20,977	*	Dogus Otomotiv Servis ve Ticaret AS		80
	340,174	*	Dollar General Corp		10,664
	596,822	*	Dollar Tree, Inc		33,136
	89,504	*	Dollarama, Inc		2,744
	69,300	e	Don Quijote Co Ltd		2,187
	3,328		Dongsuh Co, Inc		111
	14,100		Doshisha Co Ltd		280
	46,962		Douglas Holding AG.		2,563
	420,340	*,e	Drugstore.Com		1,618
	4,997,135	*	DSG International plc		1,008
	61,092	*,e	DSW, Inc (Class A)		2,441
	24,104	*	Dufry Group		2,777
	171,921	e	Dunelm Group plc		1,059
	181,883	e	EDION Corp		1,548
	24,000		E-LIFE MALL Corp		41
	2,960,000		Emperor Watch & Jewellery Ltd		354
	51,556		Empresas Hites S.A.		72
	40,338		Empresas La Polar S.A.		215
	952,541		Esprit Holdings Ltd		4,367
	7,846	*	Etam Developpement S.A.		371
	630,619	e	Expedia, Inc		14,290
	111,161		Express Parent LLC		2,172
	444,939		Family Dollar Stores, Inc		22,834
	1,258,687		Far Eastern Department Stores Co Ltd		1,988
	59,076	e	Fast Retailing Co Ltd		7,396
	17,441		Fielmann AG.		1,647
	677,786	*	Findel plc		66
	349,616	e	Finish Line, Inc (Class A)		6,940
	1,329,890		Foot Locker, Inc		26,225
	61,609		Forzani Group Ltd/The		1,118
	283,014		Foschini Ltd		3,542
	54,239		Fourlis Holdings S.A.		462
	180,826	e	Fred’s, Inc (Class A)		2,409
	24,400	e	Fuji Co Ltd		476
	80,425	e	Gaiam, Inc (Class A)		531
	8,205,275		Game Group plc		7,414
	1,384,945	*,e	GameStop Corp (Class A)		31,189
	1,583,107	e	Gap, Inc		35,873
	118,665	*,e	Genesco, Inc		4,770

141

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	489,486	e	Genuine Parts Co	$	26,255
	781	e	Geo Corp		878
	3,322,000	e	Giordano International Ltd		2,016
	1,085,000		Golden Eagle Retail Group Ltd		2,339
	61,000		Goldlion Holdings Ltd		26
	16,490,408	*,e	GOME Electrical Appliances Holdings Ltd		5,806
	12,000	*	Gordmans Stores, Inc		213
	107,354	e	Group 1 Automotive, Inc		4,595
	97,800		Grupo Elektra S.A. de C.V.		4,215
	86,300	*	Grupo Famsa SAB de C.V.		146
	48,154	*	Gruppo Coin S.p.A.		476
	6,362		GS Home Shopping, Inc		792
	337,094	e	Guess ?, Inc		13,265
	5,870	e	Gulliver International Co Ltd		226
	182		GwangjuShinsegae Co Ltd		29
	39,800		Hai-O Enterprise BHD		27
	472,733	e	Halfords Group plc		2,637
	146,716	e	Hankyu Department Stores, Inc		993
	478,537	e	Harvey Norman Holdings Ltd		1,484
	68,006	e	Haverty Furniture Cos, Inc		902
	46,859		Hellenic Duty Free Shops S.A.		883
	7,024,000		Hengdeli Holdings Ltd		3,702
	614,142		Hennes & Mauritz AB (B Shares)		20,388
	56,093	*,e	hhgregg, Inc		751
	121,937	*	Hibbett Sports, Inc		4,367
	31,894	e	Hikari Tsushin, Inc		624
	586,587	e	HMV Group plc		144
	6,270,467		Home Depot, Inc		232,383
	266,300		Home Product Center PCL		81
	679,028	e	Home Retail Group		2,102
	20,620	e	Honeys Co Ltd		220
	145,376	e	Hot Topic, Inc		829
	166,936	*,e	HSN, Inc		5,347
	100,000	*	Huiyin Household Appliances		18
	39,936		Hyundai Department Store Co Ltd		5,166
	12,010		Hyundai H&S Co Ltd		133
	92,398		Hyundai Home Shopping Network Corp		10,225
	487,755		Imperial Holdings Ltd		8,222
	631,259	*,e	Inchcape plc		3,503
	312,670	e	Inditex S.A.		25,089
	2,861	*	Interpark Corp		12
	198,000		Intime Department Store Group Co Ltd		269
	90,115	e	Isetan Mitsukoshi Holdings Ltd		812
	1,236,000	e	IT Ltd		832
	79,700	e	Izumi Co Ltd		1,134
	536,050		J Front Retailing Co Ltd		2,228
	221,541		Jardine Cycle & Carriage Ltd		6,428
	155,461	e	JB Hi-Fi Ltd		3,236
	701,661	e	JC Penney Co, Inc		25,197
	82,664	e	JD Group Ltd		591
	133,602		John Menzies plc		1,114
	119,338	*,e	JOS A Bank Clothiers, Inc		6,072

142

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	55,000	e	Joshin Denki Co Ltd	$	530
	156,928		JUMBO S.A.		1,214
	89,867	e	KappAhl Holding AB		504
	73,187	e	Keiyo Co Ltd		378
	928,415		Kesa Electricals plc		1,797
	3,061,231		Kingfisher plc		12,060
	69,492	*	Kirkland’s, Inc		1,073
	1,896,615		Kohl’s Corp		100,596
	43,600	e	Kohnan Shoji Co Ltd		586
	40,200	e	Kojima Co Ltd		245
	47,900	e	Komeri Co Ltd		1,220
	90,103	e	K’s Holdings Corp		2,601
	1,856,750	*	L’ Occitane International S.A.		4,582
	12,688		LES Enphants Co Ltd		20
	38,147		Lewis Group Ltd		420
	6,997,081		Li & Fung Ltd		35,782
	1,808,053	*	Liberty Media Holding Corp (Interactive A)		29,001
	446,676		Lifestyle International Holdings Ltd		1,069
	2,122,205		Limited Brands, Inc		69,778
	78,098	e	Lithia Motors, Inc (Class A)		1,139
	443,378	*	LKQ Corp		10,685
	406,687		Lojas Americanas S.A.		3,388
	174,649		Lojas Renner S.A.		5,658
	307,491		Lookers plc		282
	3,930		Lotte Midopa Co Ltd		64
	15,132		Lotte Shopping Co Ltd		6,196
	5,381,741		Lowe’s Cos, Inc		142,238
	340,000		Luk Fook Holdings International Ltd		1,004
	95,972	*,e	Lumber Liquidators, Inc		2,398
	5,490,147		Macy’s, Inc		133,191
	103,050	*,e	MarineMax, Inc		1,016
	3,284,794		Marks & Spencer Group plc		17,731
	534,619	e	Marui Co Ltd		3,456
	37,800	*,e	Matsuya Co Ltd		207
	27,490		Medion AG.		390
	26,500	e	Megane TOP Co Ltd		250
	39,328		Mekonomen AB		1,493
	250,445	e	Men’s Wearhouse, Inc		6,777
	89,000		Mercuries & Associates Ltd		65
	506,000		Metro Holdings Ltd		329
	1,806,880	*	MFI Furniture plc		3,176
	68,925	*,e	Midas, Inc		529
	44,325	e	Mobilezone Holding AG.		531
	126,950	e	Monro Muffler, Inc		4,187
	104,217		Mothercare plc		669
	184,837		Mr Price Group Ltd		1,674
	1,018,053	e	Myer Holdings Ltd		3,378
	325,106		N Brown Group plc		1,322
	14,200		Nafco Co Ltd		234
	33,000		National Petroleum Co Ltd		42
	11,310	*	NET Holding AS.		12
	151,706	*,e	NetFlix, Inc		36,004

143

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	6,021,419	*,e	New Carphone Warehouse plc	$	35,161
	277,000		New World Department Store China Ltd		193
	80,541	*,e	New York & Co, Inc		565
	355,834	e	Next plc		11,291
	1,766		NFI Empik Media & Fasion S.A.		12
	94,000		Nice Holdings, Inc		243
	77,100		Nishimatsuya Chain Co Ltd		624
	40,500		Nissen Holdings Co Ltd		255
	8,946	e	Nitori Co Ltd		786
	2,566,169		Nordstrom, Inc		115,170
	117,547	e	Nutri/System, Inc		1,703
	3,593,679	*,e	Ocado Ltd		13,092
	1,534,000	*,e	Oceanus Group Ltd		317
	519,542	*,e	Office Depot, Inc		2,405
	426,217	*	OfficeMax, Inc		5,515
	62,972	*	Orbitz Worldwide, Inc		225
	264,376	*	O’Reilly Automotive, Inc		15,191
	1,079,000	e	OSIM International Ltd		1,377
	12,100		Otsuka Kagu Ltd		108
	67,694	*,e	Overstock.com, Inc		1,064
	1,289,280		Pacific Brands Ltd		1,126
	314,445	*	Pacific Sunwear Of California, Inc		1,135
	7,400		Pal Co Ltd		221
	47,200		Paltac Corp		769
	1,542,979		Pantaloon Retail India Ltd		8,953
	61,782	e	Parco Co Ltd		614
	36,800		Paris Miki, Inc		377
	580,405		Parkson Holdings BHD		1,091
	1,865,000	e	Parkson Retail Group Ltd		2,562
	24,030,200	e	PCD Stores Ltd		6,571
	860,666	*	Pendragon plc		318
	194,217	*	Penske Auto Group, Inc		3,888
	268,802		PEP Boys - Manny Moe & Jack		3,416
	96,271	e	PetMed Express, Inc		1,527
	1,189,676	e	Petsmart, Inc		48,717
	541,788	*	Pier 1 Imports, Inc		5,499
	22,840		Point, Inc		955
	508,000	*,e	Pou Sheng International Holdings Ltd		80
	31,097		PPR		4,763
	80,287		Praktiker Bau- und Heimwerkermaerkte AG.		941
	109,213		Premier Investments Ltd		717
	237,681	*	Priceline.com, Inc		120,372
	113,902		Prraneta Industries Ltd		191
	509,263	e	RadioShack Corp		7,644
	32,805	*,e	Rakuten, Inc		29,432
	99,637		Reitmans Canada Ltd		1,794
	32,182	e	Reject Shop Ltd		404
	324,485	e	Rent-A-Center, Inc		11,328
	177,629	*,e	Retail Ventures, Inc		3,064
	156,745	*,e	RNB Retail and Brands AB		176
	107,000		Robinson Department Store PCL		88
	171,722		RONA, Inc		2,515

144

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	641,469		Ross Stores, Inc	$	45,621
	62,485	*,e	Rue21, Inc		1,800
	47,200	e	Ryohin Keikaku Co Ltd		1,932
	2,474,000		SA SA International Holdings Ltd		1,263
	445,786		SACI Falabella		4,540
	631,672	*,e	Saks, Inc		7,144
	397,040	*	Sally Beauty Holdings, Inc		5,563
	487,670	e	Sanrio Co Ltd		14,429
	88,183	*,e	Sears Holdings Corp		7,288
	422,751	*,e	Select Comfort Corp		5,098
	81,600		Senshukai Co Ltd		486
	5,141	*	Seobu Truck Terminal Co Ltd		72
	75,400		Shimachu Co Ltd		1,629
	5,426		Shimamura Co Ltd		478
	17,700	e	Shimojima Co Ltd		220
	2,108,000	*	Shirble Department Stores		374
	45,178	*,e	Shoe Carnival, Inc		1,267
	79,954		Shopper’s Stop Ltd		619
	164,492	*	Shutterfly, Inc		8,613
	137,000		Sichuan Xinhua Winshare Chainstore Co Ltd		81
	457,639	*,e	Signet Jewelers Ltd		21,061
	577,000	e	Silver base Group Holdings Ltd		441
	212,271	e	Sonic Automotive, Inc (Class A)		2,974
	160,000	e	Sparkle Roll Group Ltd		25
	252,082	*	Sports Direct International plc		734
	203,856		Stage Stores, Inc		3,918
	2,559,193		Staples, Inc		49,700
	60,000		Start Today Co Ltd		925
	199,679		Stein Mart, Inc		2,019
	41,674	e	Stockmann Oyj Abp (B Share)		1,252
	11,385	*	Suny Electronic, Inc Ltd		147
	108,508		Super Cheap Auto Group Ltd		790
	801,765	*	Super Group Ltd		88
	38,311	*	SuperGroup plc		896
	41,042	e	Systemax, Inc		555
	63,573	e	Takashimaya Co Ltd		406
	36,569	e	Takihyo Co Ltd		170
	28,691		Takkt AG.		457
	636,718	*,e	Talbots, Inc		3,846
	8,160,850		Target Corp		408,125
	248		Telepark Corp		408
	8,037,605		Test-Rite International Co		6,159
	532,476		Tiffany & Co		32,715
	2,220,395		TJX Companies, Inc		110,419
	219,475		Topps Tiles plc		250
	136,430	e	Tractor Supply Co		8,167
	740	*	TravelCenters of America LLC		6
	748		Trent Ltd		16
	599,472		Truworths International Ltd		6,242
	186,603		Tsutsumi Jewelry Co Ltd		4,714
	148,405	*	Tuesday Morning Corp		727
	137,269	*,e	Ulta Salon Cosmetics & Fragrance, Inc		6,607

145

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	984,999	e	United Arrows Ltd	$	12,898
	1,178,916	*	Urban Outfitters, Inc		35,167
	54,490	*,e	US Auto Parts Network, Inc		474
	14,376		USS Co Ltd		1,119
	7,240		Valora Holding AG.		2,428
	60,106	*,e,m	Vitacost.com, Inc		343
	124,927	*	Vitamin Shoppe, Inc		4,226
	158,765		Warehouse Group Ltd		425
	90,251	*,e	West Marine, Inc		941
	614,057	*	Wet Seal, Inc (Class A)		2,628
	342,363		WH Smith plc		2,381
	731,195	e	Williams-Sonoma, Inc		29,613
	7,908	e	Winmark Corp		365
	1,611,601		Woolworths Holdings Ltd		6,650
	137,041	e	Wotif.com Holdings Ltd		774
	41,500		Xebio Co Ltd		756
	153,039	e	Yamada Denki Co Ltd		10,285
	122,200	e	Yokohama Reito Co Ltd		831
	50,638	*,e	Yoox S.p.A		703
	1,746	*,e	Zale Corp		7
	88,484	*,e	Zumiez, Inc		2,339
			TOTAL RETAILING		3,461,164
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.5%
	203,946	*	Advanced Analogic Technologies, Inc		771
	159,963	*	Advanced Energy Industries, Inc		2,615
	1,168,158	*	Advanced Micro Devices, Inc		10,046
	7,029,297		Advanced Semiconductor Engineering, Inc		7,608
	9,000		Advanced Wireless Semiconductor Co		15
	135,245	e	Advantest Corp		2,435
	521,961	e	Aixtron AG.		22,884
	39,000		Alcor Micro Corp		64
	89,000		ALI Corp		110
	51,332	*,e	Alpha & Omega Semiconductor Lt		651
	1,448,107		Altera Corp		63,746
	451,005	*	Amkor Technology, Inc		3,040
	257,128	*	Anadigics, Inc		1,152
	1,245,532		Analog Devices, Inc		49,049
	19,000		Anpec Electronics Corp		19
	5,676,000	*	Apollo Solar Energy Technology Holdings Ltd		409
	6,308,431		Applied Materials, Inc		98,538
	274,425	*,e	Applied Micro Circuits Corp		2,849
	106,000		Ardentec Corp		94
	2,594,303		ARM Holdings plc		24,073
	140,529	*	ASM International NV		5,527
	527,831	e	ASM Pacific Technology		6,628
	828,093		ASML Holding NV		36,824
	214,527	*	Atheros Communications, Inc		9,579
	1,728,888	*	Atmel Corp		23,565
	199,614	*	ATMI, Inc		3,769
	11,084	*	Atto Co Ltd		111
	17,870		AUK Corp		73

146

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	26,330	*,e	Austriamicrosystems AG.	$	1,390
	766,509	e	Avago Technologies Ltd		23,838
	448,180	*	Axcelis Technologies, Inc		1,188
	9,200	e	Axell Corp		216
	158,887	*,e	AXT, Inc		1,139
	98,000		Bright Led Electronics Corp		113
	3,077,876		Broadcom Corp (Class A)		121,207
	439,924	*,e	Brooks Automation, Inc		6,040
	111,538	*,e	Cabot Microelectronics Corp		5,828
	14,000		Capella Microsystems Taiwan, Inc		73
	194,281	*,e	Cavium Networks, Inc		8,729
	13,192	*	Centrotherm Photovoltaics AG.		786
	96,146	*,e	Ceva, Inc		2,570
	11,538	*,e,m	China Energy Savings Technology, Inc		1
	2,210,000	*	China Resources Microelectronics Ltd		115
	141,000	*	Chipbond Technology Corp		205
	390,380	*	Cirrus Logic, Inc		8,210
	27,000	*	C-Media Electronics, Inc		29
	116,541	e	Cohu, Inc		1,790
	226,000		Comtec Solar Systems Group Ltd		112
	275,508	*,e	Conexant Systems, Inc		656
	63,000	*	Contrel Technology Co Ltd		42
	341,664	*,e	Cree, Inc		15,771
	372,598	*	CSR plc		2,204
	136,721	*,e	Cymer, Inc		7,736
	834,468	*	Cypress Semiconductor Corp		16,172
	387,000	e	Dainippon Screen Manufacturing Co Ltd		4,052
	30,285	*	DelSolar Co Ltd		60
	85,260	*,e	Dialog Semiconductor plc		1,758
	140,733	*	Diodes, Inc		4,793
	43,372	e	Disco Corp		2,961
	1,367	*	DMS Co Ltd		12
	168,328	*	DSP Group, Inc		1,296
	402,975	*	Duksan Hi-Metal Co Ltd		9,274
	97,000		Dynamic Electronics Co Ltd		54
	23,143		Edison Opto Corp		135
	120,000		Elan Microelectronics Corp		163
	5,000		Elite Advanced Laser Corp		14
	33,000		Elite Semiconductor Memory Technology, Inc		50
	2,614		ELK Corp		52
	606,635	*,e	Elpida Memory, Inc		7,801
	40,571		eMemory Technology, Inc		127
	40,000		ENE Technology, Inc		52
	196,658	*,e	Energy Conversion Devices, Inc		444
	796,379	*	Entegris, Inc		6,984
	242,427	*,e	Entropic Communications, Inc		2,049
	4,364		Eo Technics Co Ltd		155
	59,000	*	Episil Technologies, Inc		41
	828,578		Epistar Corp		3,042
	22,000	*	E-Ton Solar Tech Co Ltd		30
	102,000		Etron Technology, Inc		64
	4,005		Eugene Technology Co Ltd		60

147

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	116,958	*,e	Evergreen Solar, Inc	$	158
	180,376	*,e	Exar Corp		1,086
	773,280	*,e	Fairchild Semiconductor International, Inc		14,074
	52,000		Faraday Technology Corp		79
	245,729	*	FEI Co		8,286
	49,300	e	Ferrotec		1,095
	248,544	*,e	First Solar, Inc		39,976
	126,000		Forhouse Corp		119
	220,325	*	Formfactor, Inc		2,269
	89,000		Formosa Advanced Technologies Co Ltd		111
	49,000		Formosa Epitaxy, Inc		67
	118,347	*,e	FSI International, Inc		518
	3,600	e	Furuya Metal Co Ltd		208
	13,501,000	*	GCL Poly Energy Holdings Ltd		8,281
	5,073	*	GemVax & Kael Co Ltd		144
	24,876	*	Genesis Photonics, Inc		77
	5,116		Giga Solar Materials Corp		135
	58,000		Gintech Energy Corp		184
	38,000		Global Mixed Mode Technology, Inc		143
	46,000		Global Unichip Corp		146
	237,000		Greatek Electronics, Inc		214
	28,000		Green Energy Technology, Inc		127
	94,889	*,e	GSI Technology, Inc		863
	330,011	*	GT Solar International, Inc		3,518
	6,360		Hanmi Semiconductor Co Ltd		51
	576,000		Hannstar Board International Holdings Ltd		68
	1,515		Hansol LCD, Inc		68
	23,000		Harvatek Corp		28
	148,426	*,e	Hittite Microwave Corp		9,465
	96,000		Holtek Semiconductor, Inc		137
	25,631		Huga Optotech, Inc		26
	910,850		Hynix Semiconductor, Inc		25,910
	44,673	*	Ikanos Communications, Inc		51
	5,460	*	Iljin Display Co Ltd		49
	3,194,490		Infineon Technologies AG.		32,588
	2,348,377	*	Inotera Memories, Inc		1,195
	52,015	*,e	Inphi Corp		1,093
	723,285	*	Integrated Device Technology, Inc		5,331
	27,000	*	Integrated Memory Logic Ltd		75
	109,009	*	Integrated Silicon Solution, Inc		1,011
	25,915,705		Intel Corp		522,720
	134,103	*	International Rectifier Corp		4,433
	247,447		Intersil Corp (Class A)		3,081
	635,648	*	IQE plc		505
	25,000		ITE Technology, Inc		41
	118,944	*	IXYS Corp		1,597
	7,434	*	Jusung Engineering Co Ltd		121
	8,524		KC Tech Co Ltd		70
	9,430	*	KEC Corp		9
	381,000	*	King Yuan Electronics Co Ltd		210
	329,669		Kinsus Interconnect Technology Corp		1,018
	440,412	e	Kla-Tencor Corp		20,862

148

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	71,130		Kontron AG.	$	883
	382,445	*,e	Kopin Corp		1,755
	277,820	*	Kulicke & Soffa Industries, Inc		2,598
	2,962		L&F Co Ltd		52
	1,450,061	*	Lam Research Corp		82,160
	804,280	*	Lattice Semiconductor Corp		4,745
	21,000		Leadtrend Technology Corp		82
	66,449	*	Lextar Electronics Corp		107
	432,945		Linear Technology Corp		14,560
	26,000		Lingsen Precision Industries Ltd		20
	1,296,612	*,e	LSI Logic Corp		8,817
	227,681	*,e	LTX-Credence Corp		2,079
	2,754	*	Lumens Co Ltd		22
	4,000		Macroblock, Inc		17
	4,688,640		Macronix International		3,109
	3,055	*	Manz Automation AG.		219
	2,679,563	*	Marvell Technology Group Ltd		41,667
	220,729	*,e	Mattson Technology, Inc		539
	2,504,115		Maxim Integrated Products, Inc		64,105
	21,654	*,e	MaxLinear, Inc		177
	1,215,227		MediaTek, Inc		13,962
	80,047		Melexis NV		1,427
	2,751		Melfas, Inc		113
	44,382	*	Mellanox Technologies Ltd		1,110
	1,373,562	*,e	MEMC Electronic Materials, Inc		17,801
	230,962	e	Micrel, Inc		3,113
	363,298	e	Microchip Technology, Inc		13,809
	17,022,595	*	Micron Technology, Inc		195,079
	43,259	*	Micronas Semiconductor Holdings, Inc		444
	19,100		Micronics Japan Co Ltd		212
	407,115	*	Microsemi Corp		8,431
	21,900		Mimasu Semiconductor Industry Co Ltd		235
	143,549	*,e	Mindspeed Technologies, Inc		1,214
	266,545	*,e	MIPS Technologies, Inc		2,796
	63,300		Mitsui High-Tec, Inc		335
	253,678	e	MKS Instruments, Inc		8,447
	134,834	*,e	Monolithic Power Systems, Inc		1,913
	171,000	*	Mosel Vitelic, Inc		86
	124,407	*,e	MoSys, Inc		748
	489,805		Motech Industries, Inc		2,118
	11,000	*	MPI Corp		45
	444,000	*	MStar Semiconductor, Inc		3,639
	123,448	*	Nanometrics, Inc		2,233
	1,563,918	*	Nanya Technology Corp		814
	472,000	e	National Semiconductor Corp		6,768
	32,000	*	Neo Solar Power Corp		80
	3,635		NEPES Corp		71
	266,153	*,e	Netlogic Microsystems, Inc		11,184
	198,536		Nordic Semiconductor ASA		693
	623,826		Novatek Microelectronics Corp Ltd		1,836
	813,093	*	Novellus Systems, Inc		30,190
	15,300	e	NPC, Inc		395

149

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	25,933	*	NVE Corp	$	1,461
	2,207,578	*	Nvidia Corp		40,752
	229,908	*	Omnivision Technologies, Inc		8,169
	6,164,974	*	ON Semiconductor Corp		60,848
	288,000		Opto Technology Corp		208
	205,000	*	Orient Semiconductor Electronics Ltd		47
	5,000		Orise Technology Co Ltd		10
	36,000	*	Pan Jit International, Inc		48
	95,872	*,e	PDF Solutions, Inc		638
	119,923	*	Pericom Semiconductor Corp		1,244
	207,547		Phison Electronics Corp		1,158
	9,641		Phoenix Solar AG.		327
	265,537	*,e	Photronics, Inc		2,382
	122,278		Pixart Imaging, Inc		502
	153,919	*,e	PLX Technology, Inc		562
	706,884	*,e	PMC - Sierra, Inc		5,302
	96,846	e	Power Integrations, Inc		3,712
	6,255,201	*	Powerchip Semiconductor Corp		1,351
	790,296		Powertech Technology, Inc		2,475
	561,682	e	PV Crystalox Solar plc		493
	154,301	*,e	Q-Cells AG.		665
	138,000		Radiant Opto-Electronics Corp		332
	35,000		Ralink Technology Corp		112
	208,035	*,e	Rambus, Inc		4,119
	21,769		Raydium Semiconductor Corp		111
	27,000	*	RDC Semiconductor Co Ltd		38
	479,138		Realtek Semiconductor Corp		860
	340,000		Regent Manner International Ltd		110
	509,993	*,e	Renewable Energy Corp AS		1,791
	4,050,395	*	RF Micro Devices, Inc		25,963
	166,661		Richtek Technology Corp		1,152
	144,220		Rohm Co Ltd		9,062
	20,078	*	Roth & Rau AG.		449
	68,378	*,e	Rubicon Technology, Inc		1,893
	180,445	*,e	Rudolph Technologies, Inc		1,974
	191,902		Samsung Electronics Co Ltd		162,726
	30,706		Samsung Electronics Co Ltd (Preference)		17,480
	3,000		San Chih Semiconductor Co		14
	226,000	e	Sanken Electric Co Ltd		1,334
	86,000		SDI Corp		105
	27,638,000	*	Semiconductor Manufacturing International		2,125
	255,630	*	Semtech Corp		6,396
	39,203		Seoul Semiconductor Co Ltd		1,530
	42,000	*	Shibaura Mechatronics Corp		133
	149,000		Shindengen Electric Manufacturing Co Ltd		667
	20,500	e	Shinkawa Ltd		214
	219,127	e	Shinko Electric Industries		2,248
	2,210		Shinsung Holdings Co Ltd		18
	130,896	*,e	Sigma Designs, Inc		1,695
	41,000		Sigurd Microelectronics Corp		38
	158,190	*	Silex Systems Ltd		778
	528,633	*,e	Silicon Image, Inc		4,742

150

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	297,000		Silicon Integrated Systems Corp	$	167
	87,101	*	Silicon Laboratories, Inc		3,764
	2,645		Silicon Works Co Ltd		91
	6,276,031		Siliconware Precision Industries Co		7,745
	4,699		Simm Tech Co Ltd		60
	476,000		Sino-American Silicon Products, Inc		2,029
	4,900,000	*	Sino-Tech International Holdings Ltd		101
	31,000		Sitronix Technology Corp		49
	1,226,071	*	Skyworks Solutions, Inc		39,749
	108,088	*,e	SOITEC		1,644
	241,000	*	Solargiga Energy Holdings Ltd		65
	18,000		Solartech Energy Corp		52
	119,379	e	Solarworld AG.		1,940
	36,894,511		Solomon Systech International Ltd		2,062
	79,000		Sonix Technology Co Ltd		151
	399,903	*	Spansion, Inc		7,466
	26,000		Sporton International, Inc		58
	92,936	*	Standard Microsystems Corp		2,292
	447,774	e	STMicroelectronics NV		5,554
	296,117	*,e	Sumco Corp		5,955
	293,000	*	Sunplus Technology Co Ltd		184
	298,858	*,e	Sunpower Corp (Class A)		5,122
	45,354	*	Supertex, Inc		1,010
	10,332	*	Taesan LCD Co Ltd		19
	62,000		TA-I Technology Co Ltd		67
	116,000	*	Taiwan IC Packaging Corp		34
	88,000		Taiwan Mask Corp		36
	60,000		Taiwan Semiconductor Co Ltd		53
	41,698,717		Taiwan Semiconductor Manufacturing Co Ltd		99,921
	66,000		Taiwan Surface Mounting Technology Co Ltd		157
	106,000	*	Tekcore Co Ltd		149
	2,277,909	*,e	Teradyne, Inc		40,570
	295,736	*,e	Tessera Technologies, Inc		5,400
	3,750,029	e	Texas Instruments, Inc		129,601
	77,000	*	ThaiLin Semiconductor Corp		37
	74	e	Thine Electronics Inc		76
	280,219	e	Tokyo Electron Ltd		15,449
	69,100	e	Tokyo Seimitsu Co Ltd		1,239
	68,000		Topco Scientific Co Ltd		93
	274,015	*	Tower Semiconductor Ltd		375
	260,508		Transcend Information, Inc		712
	521,374	*	Trident Microsystems, Inc		600
	714,135	*	Triquint Semiconductor, Inc		9,219
	178,000		Tyntek Corp		139
	107,142	*,e	Ultra Clean Holdings		1,108
	129,867	*,e	Ultratech, Inc		3,818
	72,400	e	Ulvac, Inc		1,713
	113,000		Unisem M BHD		71
	24,758,022		United Microelectronics Corp		12,844
	64,000		Unity Opto Technology Co Ltd		119
	3,025,743		Vanguard International Semiconductor Corp		1,438
	223,412	*	Varian Semiconductor Equipment Associates, Inc		10,873

151

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	355,695	*,e	Veeco Instruments, Inc	$	18,084
	222,000	*	Via Technologies, Inc		234
	35,000		Visual Photonics Epitaxy Co Ltd		92
	109,070	*,e	Volterra Semiconductor Corp		2,708
	58,000	*	Wafer Works Corp		102
	68,000		Walton Advanced Engineering, Inc		34
	141,000		Weltrend Semiconductor		97
	3,477,000	*	Winbond Electronics Corp		1,106
	159,582	*,e	Wolfson Microelectronics plc		619
	5,850	*	Woongjin Energy Co Ltd		94
	1,016,291	e	Xilinx, Inc		33,334
	27,168		XinTec, Inc		47
	16,000		Youngtek Electronics Corp		50
	5,000		Zentel Electronic Corp		9
	346,421	*,e	Zoran Corp		3,599
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		2,786,684
SOFTWARE & SERVICES - 6.4%
	41,554		3i Infotech Ltd		41
	34,000		A8 Digital Music Holdings Ltd		10
	252,212	*,e	Accelrys, Inc		2,018
	2,263,255		Accenture plc		124,411
	319	*,e	Access Co Ltd		346
	212,349	*	ACI Worldwide, Inc		6,965
	1,658	*	Acotel Group S.p.A		92
	1,599,856		Activision Blizzard, Inc		17,550
	252,615	*,e	Actuate Corp		1,314
	419,289	*	Acxiom Corp		6,017
	1,701,991	*	Adobe Systems, Inc		56,438
	124,667	*	Advent Software, Inc		3,574
	3,459		Ahnlab, Inc		58
	1,639,403	*	Akamai Technologies, Inc		62,297
	1,756,500	e	Alibaba.com Ltd		3,011
	1,078,245	*	Alliance Data Systems Corp		92,610
	3,347		Allied Digital Services Ltd		6
	235,247		Alpha Systems, Inc		3,758
	56,126		Alten		2,117
	122,277	*,e	Altran Technologies S.A.		851
	804,477	*	Amadeus IT Holding S.A.		15,356
	1,748,560	*	Amdocs Ltd		50,446
	115,463		American Software, Inc (Class A)		852
	141,912	*	Ancestry.com, Inc		5,031
	275,345	*,e	Ansys, Inc		14,921
	3,581,259	*,e	AOL, Inc		69,942
	344,387		Argo Graphics, Inc		4,537
	394,484	*,e	Ariba, Inc		13,468
	426,485	*	Aspen Technology, Inc		6,393
	77,297		Asseco Poland S.A.		1,467
	19,000	*	Astro Corp		40
	466,634	*	Atos Origin S.A.		27,365
	1,480,801	*	Autodesk, Inc		65,318
	1,152,798		Automatic Data Processing, Inc		59,150

152

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,779,606	*	Autonomy Corp plc	$	121,795
	520,062		Aveva Group plc		13,460
	101,458	*	Baidu, Inc (ADR)		13,982
	34,653		Bechtle AG.		1,465
	274,341	e	Blackbaud, Inc		7,473
	145,192	*	Blackboard, Inc		5,262
	368,457	*,e	Blinkx plc		591
	1,652,265	*	BMC Software, Inc		82,183
	27,500	*	Booz Allen Hamilton Holding Co		495
	128,151	*,e	Bottomline Technologies, Inc		3,222
	244,124		Broadridge Financial Solutions, Inc		5,539
	30,800	*,e	BroadSoft, Inc		1,469
	100,769	*	Buongiorno S.p.A.		190
	915,923		CA, Inc		22,147
	163,046	*	CACI International, Inc (Class A)		9,998
	970,251	*	Cadence Design Systems, Inc		9,460
	248,838	e	Cap Gemini S.A.		14,448
	837,886	e	Capcom Co Ltd		16,005
	224,897	*	Cardtronics, Inc		4,577
	145,283	e	carsales.com.au Ltd		778
	39,698	e	Cass Information Systems, Inc		1,560
	139,988	*,b,e	CDC Corp		357
	17,284		Cegid Group		522
	335,395	*	CGI Group, Inc		7,033
	55,000	*	China Cyber Port International Co Ltd		12
	240,000	*	Chinasoft International Ltd		60
	7,000		Chinese Gamer International Corp		40
	263,253	*	Ciber, Inc		1,764
	877,912	*,e	Citrix Systems, Inc		64,491
	1,470,689	*,e	Cognizant Technology Solutions Corp (Class A)		119,714
	258,451	*,e	Commvault Systems, Inc		10,307
	963,743		Companhia Brasileira de Meios de Pagamento		8,170
	286,164	e	Computacenter plc		1,997
	1,269,528	e	Computer Sciences Corp		61,864
	70,488	*,e	Computer Task Group, Inc		937
	413,173		Computershare Ltd		3,959
	444,852	*,e	Compuware Corp		5,138
	98,710	*,e	comScore, Inc		2,913
	168,124	*,e	Concur Technologies, Inc		9,322
	117,935	*,e	Constant Contact, Inc		4,116
	202,626	*	Convergys Corp		2,910
	13,260	*	Convio, Inc		154
	25,241		Core Projects & Technologies Ltd		176
	1,078,000		CSE Global Ltd		1,078
	169,525	e	CSG Ltd		246
	214,017	*	CSG Systems International, Inc		4,267
	134,300	*,e	CSK Holdings Corp		409
	126,976		Customers Ltd		191
	45,000		Cyberlink Corp		138
	6,178	*	Daea TI Co Ltd		13
	1,255	*	Danal Co Ltd		13
	5,940		Daou Technology, Inc		51

153

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	50,377	e	Dassault Systemes S.A.	$	3,875
	5,729		Daum Communications		511
	168,958	*,e	DealerTrack Holdings, Inc		3,879
	100,385	*,e	Deltek, Inc		763
	17,700	*	Demand Media, Inc		417
	125,039	*,e	DemandTec, Inc		1,646
	11,111		Devoteam S.A.		284
	145,928	*,e	Dice Holdings, Inc		2,205
	139	*,e	Digital Garage, Inc		613
	183,692	*,e	Digital River, Inc		6,876
	32,278	*,e	DMRC Corp		933
	3,186		Dragonfly GF Co Ltd		38
	282,596		DST Systems, Inc		14,927
	27,800		DTS Corp		276
	3,020	*	DuzonBIzon Co Ltd		33
	135	e	Dwango Co Ltd		343
	601,451	e	Earthlink, Inc		4,709
	4,020,498	*	eBay, Inc		124,796
	123,533	*,e	Ebix, Inc		2,922
	43,919	*,e	Echo Global Logistics, Inc		577
	12,320		Econocom Group		271
	93,000	*,e	EDB Business Partner ASA		246
	2,011,069	*,e	Electronic Arts, Inc		39,276
	239,120	e	Ementor ASA		2,691
	5,898		Engineering Ingegneria Informatica S.p.A.		194
	17,700	*,e	Envestnet, Inc		238
	216,849	*	Epicor Software Corp		2,401
	160,394	e	EPIQ Systems, Inc		2,303
	17,189	*,e	ePlus, Inc		457
	137,159	*	Equinix, Inc		12,495
	224,224	*	Euronet Worldwide, Inc		4,334
	17,784		Exact Holding NV		564
	71,803	*,e	ExlService Holdings, Inc		1,519
	12,100	*,e	Eyeblaster, Inc		167
	200,961	e	Factset Research Systems, Inc		21,047
	200,926	e	Fair Isaac Corp		6,351
	154,345	*,e	FalconStor Software, Inc		702
	520,199	e	Fidelity National Information Services, Inc		17,005
	66,899		Fidessa Group plc		1,880
	7,322		Financial Technologies India Ltd		142
	210,319	e	First American Corp		3,891
	71,403	*	Firstsource Solutions Ltd		29
	324,182	*	Fiserv, Inc		20,333
	10,000	*	FleetCor Technologies, Inc		327
	1,539	*,m	Forhuman Co Ltd		1
	58,322	e	Forrester Research, Inc		2,233
	124,612	*	Forthnet S.A.		81
	257,194	*	Fortinet, Inc		11,317
	125,728	e	F-Secure Oyj		415
	46,400	e	FUJI SOFT, Inc		747
	538		Future Architect, Inc		218
	30,000		Gamania Digital Entertainment Co Ltd		43

154

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	15,033	*	GameHi Co Ltd	$	37
	90,239	*	GameLoft		589
	1,091	*	Gamevil, Inc		26
	426,295	*	Gartner, Inc		17,764
	131,815	*,e	Genpact Ltd		1,909
	839,206		Geodesic Information Systems Ltd		1,460
	55,397	*	GFI Informatique		292
	214,440	*,e	Global Cash Access, Inc		701
	345,565		Global Payments, Inc		16,905
	14,203		Glodyne Technoserve Ltd		135
	62,300	e	GMO internet, Inc		287
	1,449,469	*	Google, Inc (Class A)		849,693
	17,200	e	Gourmet Navigator, Inc		223
	350,000	*,e	Gravity Co Ltd (ADR)		672
	71,700	*	Gree, Inc		1,202
	17,970,000	*	G-Resources Group Ltd		1,314
	34,738		Groupe Steria SCA		1,118
	278,879	*,e	GSI Commerce, Inc		8,163
	51,635	*,e	Guidance Software, Inc		433
	136,217	*	Hackett Group, Inc		523
	6,253	*	Hanbit Soft, Inc		19
	5,436		HCL Infosystems Ltd		12
	217,941		HCL Technologies Ltd		2,338
	168,183		Heartland Payment Systems, Inc		2,948
	75,218		Hexaware Technologies Ltd		111
	525,000	*	Hi Sun Technology China Ltd		185
	67,702		HIQ International AB		410
	1,407,632	*,e	IAC/InterActiveCorp		43,482
	9,711		ICSA India Ltd		25
	103,940	e	iGate Corp		1,951
	458,617	e	Indra Sistemas S.A.		9,198
	59,506		Industrial & Financial Systems		1,056
	231,400		Ines Corp		1,620
	280,500	*,e	Informatica Corp		14,651
	351,900	m	Information Development Co		2,327
	18,000		Information Services International-Dentsu Ltd		126
	184,878	*,e	Infospace, Inc		1,601
	805,563		Infosys Technologies Ltd		58,495
	1,595	*	Infraware, Inc		11
	7,000		Insyde Software Corp		40
	92,716	*	Integral Systems, Inc		1,128
	55,593	*,e	Interactive Intelligence, Inc		2,152
	240,074	*,e	Internap Network Services Corp		1,577
	5,125,426		International Business Machines Corp		835,802
	27,000		International Games System Co Ltd		125
	8,299	*	Internet Gold-Golden Lines Ltd		249
	217	e	Internet Initiative Japan, Inc		648
	1,285,820	*,e	Intuit, Inc		68,276
	189,619		Iress Market Technology Ltd		1,833
	121,260	e	IT Holdings Corp		1,267
	132,455	e	Itochu Techno-Science Corp		4,283
	194,065	*	j2 Global Communications, Inc		5,727

155

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	367,039		Jack Henry & Associates, Inc	$	12,439
	197,841	*	JDA Software Group, Inc		5,987
	687	e	Kakaku.com, Inc		3,823
	146,840	*	Kenexa Corp		4,051
	59,147		Keynote Systems, Inc		1,097
	580,000	e	Kingdee International Software Group Co Ltd		364
	195,000		Kingsoft Corp Ltd		117
	95,452	*,e	KIT Digital, Inc		1,149
	145,042	*,e	Knot, Inc		1,748
	152,228	e	Konami Corp		2,813
	11,473	*	Korea Digital Communications Corp		21
	17,527		KPIT Cummins Infosystems Ltd		66
	7,086	*	KT Hitel Co Ltd		47
	733,183	*	Lawson Software, Inc		8,872
	573,968		Lender Processing Services, Inc		18,476
	187,270	*	Limelight Networks, Inc		1,341
	308,110	*,e	Lionbridge Technologies		1,057
	126,483	*,e	Liquidity Services, Inc		2,259
	219,137	*,e	Liveperson, Inc		2,770
	71,800	*,e	Local.com Corp		279
	3,108,901		LogicaCMG plc		6,533
	61,168	*,e	LogMeIn, Inc		2,579
	120,535	*,e	LoopNet, Inc		1,706
	59,925		MacDonald Dettwiler & Associates Ltd		3,330
	75,200	e	Macromill, Inc		950
	256,980	*	Magma Design Automation, Inc		1,753
	2,867	*,f	Mail.ru (ADR) (purchased 11/05/10, cost $92)		86
	155,872	*,e	Manhattan Associates, Inc		5,100
	101,644	*,e	Mantech International Corp (Class A)		4,310
	114,379	e	Marchex, Inc (Class B)		900
	540,616		Mastercard, Inc (Class A)		136,083
	64,523		Matrix IT Ltd		426
	107,308		MAXIMUS, Inc		8,710
	14,892		Meetic		326
	482,203	*	Mentor Graphics Corp		7,055
	430,973	e	Micro Focus International plc		2,185
	516,229	*,e	Micros Systems, Inc		25,517
	42,003,201		Microsoft Corp		1,065,200
	86,430	*	MicroStrategy, Inc (Class A)		11,623
	344,052	e	Misys plc		1,745
	104	e	Mixi Inc		401
	211,010		ModusLink Global Solutions, Inc		1,152
	366,258	*,e	MoneyGram International, Inc		1,256
	369,915	e	Moneysupermarket.com Group plc		509
	815,308	*	Monitise plc		334
	104,812	*	Monotype Imaging Holdings, Inc		1,520
	857,068	*,e	Monster Worldwide, Inc		13,627
	22,500	*,e	Motricity, Inc		338
	738,185	*,e	Move, Inc		1,764
	108	e	MTI Ltd		183
	1,250,000	*	Nan Hai Corp Ltd		8
	31,962	*	NCI, Inc (Class A)		779

156

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	104,731		Ncsoft	$	23,903
	42,700		NEC Fielding Ltd		494
	17,015		Nemetschek AG.		761
	91,547	*	Neowiz Games Corp		4,196
	33,617		Net Entertainment NE AB		314
	791	e	NET One Systems Co Ltd		1,185
	217,177	*	Netscout Systems, Inc		5,933
	75,509	*,e	NetSuite, Inc		2,196
	37,922		NetVision Ltd		501
	252,537	*	NeuStar, Inc (Class A)		6,460
	57,853	*	NHN Corp		10,094
	230,958		NIC, Inc		2,878
	53,111	*	Nice Systems Ltd		1,960
	75,900		Nihon Unisys Ltd		499
	10,913		NIIT Ltd		14
	207,738	e	Nintendo Co Ltd		56,486
	46,100	e	Nippon System Development Co Ltd		461
	228,809	e	Nomura Research Institute Ltd		5,054
	24,887	e	Novabase SGPS S.A.		109
	666,880	*,e	Novell, Inc		3,955
	25,700		NS Solutions Corp		494
	2,225	e	NTT Data Corp		6,870
	1,229,777	*	Nuance Communications, Inc		24,054
	6,950		OBIC Business Consultants Ltd		427
	23,420	e	Obic Co Ltd		4,463
	127,683	*,e	Online Resources Corp		483
	10,444	*	OnMobile Global Ltd		57
	68,270	*,e	Open Text Corp		4,242
	73,389	*,e	OpenTable, Inc		7,805
	397,901	*,e	Openwave Systems, Inc		852
	170,532	e	Opera Software ASA		906
	52,124	e	Opnet Technologies, Inc		2,032
	19,044,433		Oracle Corp		635,512
	54,963		Oracle Corp Japan		2,291
	27,768	e	ORC Software AB		440
	62,957	*	Ordina NV		350
	16,250		Otsuka Corp		1,046
	105,000		Pacific Online		56
	636,729	*	Parametric Technology Corp		14,320
	13,842		Patni Computer Systems Ltd		148
	634,697		Paychex, Inc		19,904
	13,000		PC Home Online		80
	275,000	m	PCA Corp		3,201
	56,241	e	Pegasystems, Inc		2,134
	101,644	*	Perficient, Inc		1,221
	119,600		Philweb Corp		45
	201,545	e	Playtech Ltd		1,111
	20,783		Polaris Software Lab Ltd		88
	16,247	*	POSDATA Co Ltd		122
	278,060	*	Progress Software Corp		8,089
	94,575	*,e	PROS Holdings, Inc		1,378

157

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	14,123		PSI AG. Gesellschaft Fuer Produkte und Systeme der Informationstechnologie	$	394
	28,109	*,e	QAD, Inc (Class A)		303
	7,027	*,e	QAD, Inc (Class B)		72
	43,500	*,e	QLIK Technologies, Inc		1,131
	353,654	*,e	Quest Software, Inc		8,979
	43,103	*,e	QuinStreet, Inc		980
	432,359	*,e	Rackspace Hosting, Inc		18,527
	226,834	*	Radiant Systems, Inc		4,015
	211,000	*	RCG Holdings Ltd		60
	63,800	*,e	RealD, Inc		1,746
	376,926	*,e	RealNetworks, Inc		1,402
	44,200	*,e	RealPage, Inc		1,226
	1,138,157	*	Red Hat, Inc		51,661
	462,700		Redecard S.A.		6,816
	88,193		Redflex Holdings Ltd		232
	78,009		Renaissance Learning, Inc		917
	18,298		Reply S.p.A.		532
	20,509	*	Retalix Ltd		295
	91,471	*	RightNow Technologies, Inc		2,863
	25,108		Rolta India Ltd		78
	43,880	*,e	Rosetta Stone, Inc		580
	404,004	*,e	Rovi Corp		21,675
	260,619	*	S1 Corp		1,741
	121,055	*,e	Saba Software, Inc		1,188
	2,069,949		Sage Group plc		9,234
	1,124,869	*,e	SAIC, Inc		19,033
	351,139	*,e	Salesforce.com, Inc		46,905
	238,600	*	Samart Corp PCL		70
	1,065,930		SAP AG.		65,193
	436,881		Sapient Corp		5,002
	771,291	*	Satyam Computer Services Ltd		1,137
	157,235	*	SAVVIS, Inc		5,832
	3,387		SBSi Co Ltd		42
	107,203	*	SDL plc		1,119
	42,100		Shanghai Baosight Software Co Ltd		92
	5,977	e	SimCorp AS		958
	405	e	Simplex Technology, Inc		172
	79,870	*,e	Sina Corp		8,549
	20,717		SK C&C Co Ltd		1,834
	1,834	*	SK Communications Co Ltd		21
	141,406	*	Smith Micro Software, Inc		1,324
	168,678		SMS Management & Technology Ltd		1,128
	33,775		Software AG.		5,576
	25,000		Soft-World International Corp		96
	2,330	*	Sohu.com, Inc		208
	152,796	*,e	SolarWinds, Inc		3,585
	136,487	e	Solera Holdings, Inc		6,974
	122,355		Sonda S.A.		302
	182		So-net Entertainment Corp		647
	5,679		Sopra Group S.A.		617
	164,413	*,e	Sourcefire, Inc		4,523

158

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	57,000		Springsoft, Inc	$	65
	10,365	*	SPS Commerce, Inc		161
	78,215	e	Square Enix Co Ltd		1,359
	281,205	*	SRA International, Inc (Class A)		7,975
	53,725	*,e	SRS Labs, Inc		459
	52,131	*,e	SS&C Technologies Holdings, Inc		1,065
	63,104	e	Stamps.com, Inc		842
	790	*,e	StarTek, Inc		4
	10,011	*	Stream Global Services, Inc		30
	271,464	*	SuccessFactors, Inc		10,612
	26,271	e	Sumisho Computer Systems Corp		366
	207,693	*	SupportSoft, Inc		1,078
	10,232		Sword Group		323
	8,801,823	*	Symantec Corp		163,185
	97,441	*	Synchronoss Technologies, Inc		3,386
	286,527	*	Synopsys, Inc		7,922
	92,038		Syntel, Inc		4,807
	89,000		Systex Corp		123
	54,601	*	TA Indigo Holding Corp		1,460
	370,849	*,e	Take-Two Interactive Software, Inc		5,700
	293,184	*,e	Taleo Corp (Class A)		10,452
	843,959		Tata Consultancy Services Ltd		22,407
	44,732	*,e	TechTarget, Inc		399
	45,800	e	Tecmo Koei Holdings Co Ltd		372
	233,076	*	Telecity Group plc		1,900
	292,702	*,e	TeleCommunication Systems, Inc (Class A)		1,206
	33,589	*,e	TeleNav, Inc		399
	229,746	*	TeleTech Holdings, Inc		4,452
	338,286	*,e	Temenos Group AG.		12,802
	1,681,200	e	Tencent Holdings Ltd		40,942
	1,181,402	*	Teradata Corp		59,897
	–	*,e	Terremark Worldwide, Inc		0	^
	281,778	*,e	THQ, Inc		1,285
	887,131	*	TIBCO Software, Inc		24,174
	74,519	*	Tier Technologies, Inc		410
	93,892	e	Tietoenator Oyj		1,717
	1,933,079	*,e	Tiscali S.p.A.		208
	505,873	*	TiVo, Inc		4,431
	20,200		TKC		412
	112,924	*,e	TNS, Inc		1,758
	780,804		Total System Services, Inc		14,070
	176,200		Totvus S.A.		3,383
	59,257	*,e	TradeDoubler AB		439
	49,100	e	Trans Cosmos, Inc/Japan		442
	203,000		Travelsky Technology Ltd		198
	23,286	*,e	Travelzoo, Inc		1,551
	54,293	*,e	Trend Micro, Inc		1,446
	122,335	*,e	Tyler Technologies, Inc		2,901
	60	*,e	Ubiquitous Corp		119
	119,763	*	Ubisoft Entertainment		1,223
	103,005	*,e	Ultimate Software Group, Inc		6,052
	340,184	*,e	Unisys Corp		10,621

159

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	36,234	e	Unit 4 Agresso NV	$	1,233
	361,062		United Internet AG.		6,489
	541,255	e	United Online, Inc		3,413
	7,400		Universo Online S.A.		71
	2,000		Userjoy Technology Co Ltd		11
	1,920,000	*	UURG Corp Ltd		71
	503,088	*	Valueclick, Inc		7,275
	125,488	*,e	Vasco Data Security International		1,723
	36,366	*	Velti Ltd		410
	658,894	*,e	VeriFone Holdings, Inc		36,206
	283		VeriSign Japan KK		110
	401,500		VeriSign, Inc		14,538
	172,369	e	VirnetX Holding Corp		3,432
	62,720	*,e	Virtusa Corp		1,175
	1,811,593	e	Visa, Inc (Class A)		133,369
	193,650	*,e	VistaPrint Ltd		10,050
	880,827	*	VMware, Inc (Class A)		71,822
	75,971	*,e	Vocus, Inc		1,965
	347,385	*,e	Wave Systems Corp		1,087
	189,692	*,e	WebMD Health Corp (Class A)		10,133
	274,133	*,e	Websense, Inc		6,297
	2,697	*	Webzen, Inc		20
	2,378		WeMade Entertainment Co Ltd		70
	4,413,679	e	Western Union Co		91,672
	649,116		Wipro Ltd		6,990
	133,557	e	Wirecard AG.		2,391
	–	e	Works Applications Co Ltd		0	^
	167,902	*,e	Wright Express Corp		8,704
	286,066		Xchanging plc		365
	4,227	*	XING AG.		249
	19,889	e	Yahoo! Japan Corp		7,102
	7,470,650	*,e	Yahoo!, Inc		124,386
	142,100		YTL E-Solutions BHD		56
	97		Zappallas, Inc		129
	284,013	*,e	Zix Corp		1,045
			TOTAL SOFTWARE & SERVICES		7,220,964
TECHNOLOGY HARDWARE & EQUIPMENT - 5.9%
	123,800	*	5N Plus, Inc		1,184
	1,512,000		AAC Acoustic Technologies Holdings, Inc		4,070
	21,647		Aastra Technologies Ltd		556
	104,000		Ability Enterprise Co Ltd		154
	69,000		Accton Technology Corp		45
	4,378	*	ACE Digitech Co Ltd		64
	3,314,174		Acer, Inc		6,765
	5,000	*	Acme Electronics Corp		26
	259,980	*	Acme Packet, Inc		18,448
	19,000		A-DATA Technology Co Ltd		28
	58,000		Adlink Technology, Inc		108
	266,968		Adtran, Inc		11,335
	86,074	*	ADVA AG. Optical Networking		720
	532,978		Advantech Co Ltd		1,650

160

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	180,566	*,e	Agilysys, Inc	$	1,036
	18,500		Aiphone Co Ltd		310
	5,803,696	*,e	Alcatel S.A.		33,461
	1,834,102	*	Alcatel-Lucent (ADR)		10,656
	154,000		Alpha Networks, Inc		128
	349,600	e	Alps Electric Co Ltd		3,352
	2,529	m	Alti-Electronics Co Ltd		5
	82,284	*	Alvarion Ltd		157
	34,161		Amper S.A.		187
	432,500		Amphenol Corp (Class A)		23,524
	194,000		AmTRAN Technology Co Ltd		164
	84,403	*	Anaren, Inc		1,697
	205,298		Anixter International, Inc		14,348
	169,000	e	Anritsu Corp		1,285
	57,000		APCB, Inc		55
	5,504,175	*	Apple, Inc		1,917,931
	33,000		Arcadyan Technology Corp		58
	40,800	e	Arisawa Manufacturing Co Ltd		220
	787,614	*	Arris Group, Inc		10,034
	512,925	*	Arrow Electronics, Inc		21,481
	2,125,000	*	Artel Solutions Group Holdings Ltd		68
	322,602	*	Aruba Networks, Inc		10,917
	39,357	*	Ascom Holding AG.		608
	23,931		Asia Vital Components Co Ltd		27
	13,000		ASROCK, Inc		43
	1,278,978		Asustek Computer, Inc		11,063
	13,000		Aten International Co Ltd		22
	24,095,853	*	AU Optronics Corp		20,986
	587,556	*	AU Optronics Corp (ADR)		5,159
	45,629	*	Audiocodes Ltd		269
	19,295		Austria Technologie & Systemtechnik AG.		433
	26,000		AV Tech Corp		82
	1,268,502	*	Avanzit S.A.		837
	3,599,741		Avermedia Technologies		4,443
	127,523	*,e	Avid Technology, Inc		2,844
	593,835	*	Avnet, Inc		20,244
	177,903		AVX Corp		2,653
	52,816		Axis Communications AB		1,116
	49,966	*	Balda AG.		600
	29,096	*	Barco NV		2,240
	55,580		Bel Fuse, Inc (Class B)		1,223
	5,300		Bematech S.A.		24
	343,493	*	Benchmark Electronics, Inc		6,516
	1,748,120	*	Benq Corp		1,058
	192,846	*	BigBand Networks, Inc		492
	97,639		Black Box Corp		3,432
	262,480	*	Blue Coat Systems, Inc		7,391
	196,441	*,e	Bookham, Inc		2,261
	494,005	*	Brightpoint, Inc		5,355
	857,831	*	Brocade Communications Systems, Inc		5,276
	552,781		Brother Industries Ltd		8,117
	123,249	*	Bull S.A.		658

161

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	306,500		BYD Electronic International Co Ltd	$	195
	407,900		CalComp Electronics Thailand PCL		43
	40,981	*,e	Calix Networks, Inc		832
	297,167	*	Cando Corp		230
	33,000		Canon Electronics, Inc		904
	1,698,628		Canon, Inc		73,057
	847,000		Career Technology Co Ltd		1,480
	1,845,853		Catcher Technology Co Ltd		9,130
	297,957	*	Celestica, Inc		3,196
	107,000		Centron Telecom International Holdings Ltd		26
	37,029	*	Ceragon Networks Ltd		441
	13,000		Chang Wah Electromaterials, Inc		60
	87,000		Channel Well Technology Co Ltd		62
	196,439	*	Checkpoint Systems, Inc		4,416
	368,929		Cheng Uei Precision Industry Co Ltd		715
	501,347		Chicony Electronics Co Ltd		898
	768,000		China Aerospace International Holdings Ltd		92
	204,000		China All Access Holdings Ltd		62
	550,000	*	China Energine International Holdings Ltd		47
	206,000		China High Precision Automation Group Ltd		149
	306,000	*	China ITS Holdings Co Ltd		166
	975,000	*	China Public Healthcare Holding Ltd		8
	352,000		China Wireless Technologies Ltd		131
	192,000		Chin-Poon Industrial Co		157
	126,000		Chroma ATE, Inc		407
	4,982,825	*	Chunghwa Picture Tubes Ltd		619
	337,163	*,e	Ciena Corp		8,753
	25,653,604		Cisco Systems, Inc		439,960
	357,845		Citizen Watch Co Ltd		2,061
	636,212		Clevo Co		1,289
	3,248,000	*	CMC Magnetics Corp		786
	53,700	*,e	CMK Corp		236
	250,128		Cognex Corp		7,066
	148,279	*,e	Coherent, Inc		8,616
	233,000	e	Comba Telecom Systems Holdings Ltd		273
	58,000		Compal Communications, Inc		53
	6,949,469		Compal Electronics, Inc		6,899
	139,000	*	Compeq Manufacturing Co		82
	215,032		Comtech Telecommunications Corp		5,845
	108,397	*,e	Comverge, Inc		505
	2,251,800		Coretronic Corp		3,635
	6,310,294		Corning, Inc		130,180
	39,000		Coxon Precise Industrial Co Ltd		71
	212,308	*	Cray, Inc		1,369
	63,850		Creative Technology Ltd		176
	3,207	*	CrucialTec Co Ltd		72
	184,283		CTS Corp		1,990
	19,000		CyberPower Systems, Inc		52
	99,000		CyberTAN Technology, Inc		96
	10,800		Daeduck Electronics Co		101
	6,160		Daeduck GDS Co Ltd		50
	7,800	e	Dai-ichi Seiko Co Ltd		394

162

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	423,000	e	Daiwabo Co Ltd	$	873
	149,904	e	Daktronics, Inc		1,611
	74,000		Darfon Electronics Corp		101
	1,250	*	Dasan Networks, Inc		10
	51,353		DataTec Ltd		282
	75,000	*	Daxon Technology, Inc		68
	65,114		DDi Corp		688
	7,663,322	*	Dell, Inc		111,196
	83,300		Delta Electronics Thai PCL		74
	2,400,964		Delta Electronics, Inc		9,506
	136,000		Denki Kogyo Co Ltd		740
	13,000		DFI, Inc		12
	108,509	*	DG FastChannel, Inc		3,496
	198,241	e	Diebold, Inc		7,030
	131,843	*	Digi International, Inc		1,392
	245,000		Digital China Holdings Ltd		462
	9,063	*,e	Digital Multimedia Technologies S.p.A.		280
	1,513		Digitech Systems Co Ltd		24
	358,864		Diploma plc		1,842
	146,000		D-Link Corp		136
	197,238	*	Dolby Laboratories, Inc (Class A)		9,706
	72,993	*,e	DTS, Inc		3,404
	59,900		Eastern Communications Co Ltd		33
	138,302	*,e	Echelon Corp		1,401
	133,556	*	EchoStar Corp (Class A)		5,055
	20,371		Eizo Nanao Corp		483
	72,149		Electro Rent Corp		1,240
	129,844	*	Electro Scientific Industries, Inc		2,254
	720,672		Electrocomponents plc		3,090
	190,870	*	Electronics for Imaging, Inc		2,808
	22,000		Elite Material Co Ltd		24
	378,000		Elitegroup Computer Systems Co Ltd		131
	288,300	*,e	Eltek ASA		297
	9,453,786	*,e	EMC Corp		250,999
	66,442	*,e	EMS Technologies, Inc		1,306
	363,859	*	Emulex Corp		3,882
	13,500	e	Enplas Corp		178
	11,000		Entire Technology Co Ltd		43
	2,995,552		Ericsson (LM) (B Shares)		38,540
	32,407	e	Esprinet S.p.A.		279
	334,970		Everlight Electronics Co Ltd		946
	14,896		EVS Broadcast Equipment S.A.		948
	31,663	*	Exfo Electro Optical Engineering, Inc		345
	401,453	*,e	Extreme Networks, Inc		1,405
	566,188	*	F5 Networks, Inc		58,074
	55,400	*	Fabrinet		1,117
	69,815	*	FARO Technologies, Inc		2,793
	111,000	*,e	FDK Corp		179
	440,230	*,e	Finisar Corp		10,830
	62,000		Firich Enterprises Co Ltd		93
	17,000		FLEXium Interconnect, Inc		33
	304,089		Flir Systems, Inc		10,525

163

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	36,000		Flytech Technology Co Ltd	$	96
	2,520,120	*,e	Foxconn International Holdings Ltd		1,513
	1,009,278		Foxconn Technology Co Ltd		3,844
	1,085,663	e	Fuji Folms Holdings Corp		33,650
	2,052,262	e	Fujitsu Ltd		11,597
	15,138	*	Fulltech Fiber Glass Corp		15
	28,700		Furuno Electric Co Ltd		146
	50,313	*	G Tech Optoelectronics Corp		210
	379,163	e	Gemalto NV		18,668
	98,000		Gemtek Technology Corp		112
	24,000		GeoVision, Inc		92
	130,013	*,e	Gerber Scientific, Inc		1,217
	178,000		Getac Technology Corp		95
	20,000	*	Giantplus Technology Co Ltd		13
	248,000		Gigabyte Technology Co Ltd		239
	22,988		Gigastorage Corp		39
	40,103	*	Gilat Satellite Networks Ltd		215
	114,000		Global Brands Manufacture Ltd		71
	109,556	*,e	Globecomm Systems, Inc		1,351
	88,000	*	Gold Circuit Electronics Ltd		37
	66,000	e	Great Wall Technology Co Ltd		33
	54,900		Hakuto Co Ltd		578
	521,438		Halma plc		2,930
	95,300	e	Hamamatsu Photonics KK		3,778
	109,200		Hana Microelectronics PCL		87
	113,000		Hannstar Board Corp		68
	5,539,441	*	HannStar Display Corp		985
	464,723	*,e	Harmonic, Inc		4,359
	694,260	e	Harris Corp		34,435
	333,790	*	Harris Stratex Networks, Inc (Class A)		1,726
	13,712,296	e	Hewlett-Packard Co		561,794
	1,549,967		High Tech Computer Corp		60,541
	57,373	*	Himachal Futuristic Communications		16
	10,200		Hioki EE Corp		203
	25,559	e	Hirose Electric Co Ltd		2,752
	195,249		Hitachi High-Technologies Corp		3,892
	85,000	*,e	Hitachi Kokusai Electric, Inc		675
	18,641,160	*,e	Hitachi Ltd		97,038
	30,000		HiTi Digital, Inc		34
	134,000		Holystone Enterprise Co Ltd		165
	16,314,829		Hon Hai Precision Industry Co, Ltd		57,085
	54,895		Horiba Ltd		1,611
	80,900	e	Hosiden Corp		825
	529,233	*,e	Hoya Corp		12,078
	4,346		Humax Co Ltd		56
	135,349	*,e	Hutchinson Technology, Inc		382
	176,221	*	Hypercom Corp		2,120
	284,374	*,e	Ibiden Co Ltd		9,000
	31,000		Ichia Technologies, Inc		19
	50,000		I-Chiun Precision Industry Co Ltd		56
	12,200	e	Icom, Inc		359
	30,000		ICP Electronics, Inc		57

164

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	23,900	*	IdeiasNet S.A.	$	51
	675,434	*	Imagination Technologies Group plc		4,643
	128,823	*,e	Imation Corp		1,435
	136,882	*,e	Immersion Corp		1,046
	4,853		Inficon Holding AG.		1,018
	367,720	*,e	Infinera Corp		3,085
	82,000		Infortrend Technology, Inc		105
	45,714		Ingenico		2,048
	468,135	*	Ingram Micro, Inc (Class A)		9,845
	6,636,243	*	InnoLux Display Corp		6,796
	246,219	*	Insight Enterprises, Inc		4,193
	915,000		Inspur International Ltd		57
	805		Intelligent Digital Integrated Security		12
	185,135	e	InterDigital, Inc		8,833
	3,581		Interflex Co Ltd		103
	199,865	*	Intermec, Inc		2,157
	144,364	*,e	Intevac, Inc		1,794
	4,072		INTOPS Co Ltd		72
	4,091,356		Inventec Co Ltd		2,085
	110,969	*	IPG Photonics Corp		6,401
	53,000		ITEQ Corp		84
	218,906	*	Itron, Inc		12,355
	59,212		Ituran Location and Control Ltd		882
	141,942	*	Ixia		2,254
	9,600	*	J Touch Corp		30
	866,626		Jabil Circuit, Inc		17,705
	114,000	e	Japan Aviation Electronics Industry Ltd		793
	18,900	e	Japan Cash Machine Co Ltd		161
	41,600		Japan Digital Laboratory Co Ltd		491
	111,000		Japan Radio Co Ltd		303
	220,000		JCY International BHD		54
	3,560,951	*,e	JDS Uniphase Corp		74,210
	53,096	*	Jenoptik AG.		425
	3,000		Jentech Precision Industrial Co Ltd		13
	20,000		Jess-Link Products Co Ltd		41
	292,000	e	Ju Teng International Holdings Ltd		91
	2,844,358	*,e	Juniper Networks, Inc		119,691
	27,600		Kaga Electronics Co Ltd		325
	7,655		Kapsch TrafficCom AG.		678
	44,483		Keyence Corp		11,356
	1,354		KH Vatec Co Ltd		23
	1,507,776		Kingboard Chemical Holdings Ltd		7,929
	697,000	*	Kinpo Electronics		221
	4,744	*	KMW Co Ltd		24
	55,400	e	Koa Corp		625
	701,163	e	Konica Minolta Holdings, Inc		5,893
	46,641	*	Kudelski S.A.		850
	69,705	*,e	KVH Industries, Inc		1,054
	103,000		KYE Systems Corp		76
	243,231		Kyocera Corp		24,651
	369,854	*,e	L-1 Identity Solutions, Inc		4,357
	368,632		Laird Group plc		816

165

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	458,644		Largan Precision Co Ltd	$	12,399
	8,896,300	e	Lenovo Group Ltd		5,062
	1,152,118	*,e	Lexmark International, Inc (Class A)		42,674
	12,090		LG Innotek Co Ltd		1,282
	347,272		LG.Philips LCD Co Ltd		10,884
	168,000	*	Lite-On Semiconductor Corp		104
	4,792,334		Lite-On Technology Corp		5,898
	93,575	e	Littelfuse, Inc		5,343
	20,837	*,e	Logitech International S.A.		375
	1,797	*,e	LoJack Corp		8
	56,076	*	Loral Space & Communications, Inc		4,349
	6,000		Lotes Co Ltd		24
	53,000		Lumax International Corp Ltd		104
	27,100		Macnica, Inc		669
	16,000		Mag Layers Scientific-Technics Co Ltd		44
	145,000		Marubun Corp		730
	116,271	*,e	Maxwell Technologies, Inc		2,008
	66,536	*,e	Measurement Specialties, Inc		2,266
	21,800	*,e	Megachips Corp		390
	14,600	e	Meiko Electronics Co		155
	29,500		Melco Holdings, Inc		955
	149,910	*,e	Mercury Computer Systems, Inc		3,172
	23,491	*,e	Meru Networks, Inc		477
	176,677	e	Methode Electronics, Inc		2,134
	113,000	*	Microelectronics Technology, Inc		57
	376,000		Micro-Star International Co Ltd		192
	386,904	*,e	Microvision, Inc		511
	130	*	MidgardXXI, Inc		0	^
	17,000		MIN AIK Technology Co Ltd		49
	1,195,622		Mitac International		514
	59,567	e	Mitsumi Electric Co Ltd		793
	119,000		MOBI Development Co Ltd		38
	263,010	e	Molex, Inc		6,607
	24,109		Moser Baer India Ltd		22
	1,079,320	*,e	Motorola Mobility Holdings, Inc		26,335
	984,552	*,e	Motorola, Inc		44,000
	66,423		MTS Systems Corp		3,026
	80,398	*	Multi-Fineline Electronix, Inc		2,269
	396,710	e	Murata Manufacturing Co Ltd		28,687
	272,078		Nan Ya Printed Circuit Board Corp		811
	92,000	*	Nanjing Panda Electronics		26
	181,732	e	National Instruments Corp		5,955
	452,135	*	NCR Corp		8,518
	800,137	e	NEC Corp		1,738
	19,300	e	NEC Mobiling Ltd		591
	27,563	*,e	NeoPhotonics Corp Ltd		312
	56,801	e	Neopost S.A.		4,973
	460,480	*,e	Net Insight AB		272
	1,725,684	*,e	NetApp, Inc		83,143
	151,187	*	Netgear, Inc		4,905
	5,000		Netronix, Inc		8
	170,064	*,e	Network Engines, Inc		345

166

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	144,448	*,e	Network Equipment Technologies, Inc	$	545
	506,000		Newmax Technology Co Ltd		2,250
	236,572	*	Newport Corp		4,218
	74,697	e	Nichicon Corp		1,058
	24,200		Nidec Copal Electronics Corp		179
	52,000		Nidec Sankyo Corp		369
	21,500	e	Nihon Dempa Kogyo Co Ltd		341
	19,800		Nippon Ceramic Co Ltd		405
	215,000		Nippon Chemi-Con Corp		1,074
	727,765		Nippon Electric Glass Co Ltd		10,314
	31,000		Nohmi Bosai Ltd		199
	4,937,827		Nokia Oyj		42,042
	81,562		Nolato AB (B Shares)		976
	298		Nortel Networks Netas Telekomunikasyon AS.		26
	129,529	*,e	Novatel Wireless, Inc		707
	997,000	*	Oki Electric Industry Co Ltd		792
	252,607		Omron Corp		7,111
	122,000	*	O-Net Communications Group		81
	100,692	*,e	Oplink Communications, Inc		1,962
	155,923	*	OpNext, Inc		379
	34,000	e	Osaki Electric Co Ltd		312
	118,134	*	OSI Systems, Inc		4,434
	155,000		Pan-International Industrial		181
	40,000		Paragon Technologies Co Ltd		72
	89,330	e	Park Electrochemical Corp		2,881
	33,449	*	Parrot S.A.		1,199
	5,766		Partron Co Ltd		102
	52,217	*,e	PC Connection, Inc		463
	109,345	*,e	PC-Tel, Inc		839
	2,302,217	*	Pegatron Technology Corp		2,612
	6,416		People & Telecommunication, Inc		31
	1,314	e	Phoenix Mecano AG.		966
	277,684		Plantronics, Inc		10,169
	173,423	*,e	Plexus Corp		6,080
	23,000		Plotech Co Ltd		17
	646,924	*	Polycom, Inc		33,543
	46,000		Portwell, Inc		45
	3,300		Positivo Informatica S.A.		16
	23,000		Power Quotient International Co Ltd		13
	469,173	*,e	Power-One, Inc		4,105
	679,920	*	Powerwave Technologies, Inc		3,066
	687,456		Premier Farnell plc		2,992
	120,514	*,e	Presstek, Inc		251
	4,205,000	*	Prime View International Co Ltd		6,792
	14,000	*	Prosperity Dielectrics Co Ltd		17
	30,000		P-Two Industries, Inc		36
	656,274	*	QLogic Corp		12,174
	9,856,755		Qualcomm, Inc		540,447
	3,288,532		Quanta Computer, Inc		6,206
	82,000		Quanta Storage, Inc		70
	998,032	*	Quantum Corp		2,515
	135,003	*	Rackable Systems, Inc		2,889

167

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	127,999	*,e	Radisys Corp	$	1,108
	59,581		Renishaw plc		1,443
	758,854	*	Research In Motion Ltd (Canada)		42,917
	101,264		Richardson Electronics Ltd		1,335
	1,486,912	e	Ricoh Co Ltd		17,507
	52,386		Rimage Corp		846
	36,300	e	Riso Kagaku Corp		632
	817,000	*	Ritek		245
	679,970	*	Riverbed Technology, Inc		25,601
	131,180	*,e	Rofin-Sinar Technologies, Inc		5,182
	78,342	*	Rogers Corp		3,530
	13,300		Roland DG Corp		192
	60,500		Ryosan Co Ltd		1,458
	32,700		Ryoyo Electro Corp		339
	6,800		Sam Young Electronics Co Ltd		71
	96,047		Samsung Electro-Mechanics Co Ltd		10,272
	43,933		Samsung SDI Co Ltd		6,720
	2,553,047	*,e	SanDisk Corp		117,671
	158,413	*	Sandvine Corp		400
	330,617	*	Sanmina-SCI Corp		3,706
	33,200		Sanshin Electronics Co Ltd		281
	9,647		Scailex Corp Ltd		199
	134,838	*,e	Scansource, Inc		5,122
	7,000		Sea Sonic Electronics Co Ltd		12
	177,753	*	Seachange International, Inc		1,689
	4,664,118	*,e	Seagate Technology, Inc		67,163
	374,386	e	Seiko Epson Corp		6,007
	77,000		Senao International Co Ltd		202
	88,279		SFA Engineering Corp		5,496
	52,500	*	Shanghai Potevio Co Ltd		36
	20,700	*,m	Shenzhen SEG Co Ltd		8
	207,189	e	Shimadzu Corp		1,840
	25,400		Shinko Shoji Co Ltd		223
	199,268	*,e	ShoreTel, Inc		1,640
	125,000	*	Shuttle, Inc		73
	45,253	*	Sierra Wireless, Inc		495
	152,000		SIM Technology Group Ltd		32
	252,490		Simplo Technology Co Ltd		1,579
	59,000		Sinbon Electronics Co Ltd		46
	2,317		Sindoh Co Ltd		109
	144,000	*	Sintek Photronic Corp		132
	11,000		Sirtec International Co Ltd		22
	285,829	*,e	Smart Modular Technologies WWH, Inc		2,221
	61,300	*	Smart Technologies, Inc		644
	1,347,091	*,e	Smart Technologies, Inc (Class A)		13,754
	114,000	e	SMK Corp		530
	247,250		SNU Precision Co Ltd		4,320
	55,000	*	Solelytex Industrial Corp		32
	900,289	*,e	Sonus Networks, Inc		3,385
	220,326		Spectris plc		4,809
	64,743	*,e	Spectrum Control, Inc		1,274
	935,920		Spirent Communications plc		2,063

168

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	53,100		Star Micronics Co Ltd	$	589
	164,124	*,e	STEC, Inc		3,297
	52,364		Sterlite Technologies Ltd		69
	86,726	*,e	Stratasys, Inc		4,076
	80,000		Sunrex Technology Corp		80
	98,180	*,e	Super Micro Computer, Inc		1,575
	1,114		Suprema, Inc		10
	14,000		Supreme Electronics Co Ltd		13
	142,100	*	SVA Electron Co Ltd		84
	70,023	e	Sycamore Networks, Inc		1,711
	258,372	*	Symmetricom, Inc		1,584
	145,290	*,e	Synaptics, Inc		3,926
	43,000		Syncmold Enterprise Corp		75
	131,810	*,e	SYNNEX Corp		4,314
	1,553,198		Synnex Technology International Corp		3,623
	23,404		Taiflex Scientific Co Ltd		53
	43,000	*	Taiwan Chi Cheng Enterprise Co Ltd		25
	49,000		Taiwan PCB Techvest Co Ltd		61
	169,803	e	Taiyo Yuden Co Ltd		2,274
	82,000	e	Tamura Corp		215
	223,000		TCL Communication Technology Holdings Ltd		215
	189,155	e	TDK Corp		11,187
	90,522	*	Tech Data Corp		4,604
	172,698	e	Technitrol, Inc		1,045
	32,000	*	Tecom Co Ltd		8
	337,305	*,e	Tekelec		2,739
	755,715	e	Tellabs, Inc		3,960
	25,847		Tessco Technologies, Inc		297
	56,000		Test Research, Inc		92
	56,000		Thinking Electronic Industrial Co Ltd		93
	17,736		Thrane & Thrane AS		847
	77,111		TKH Group NV		2,221
	107,000	*,e	Toko, Inc		207
	155,105		Tokyo Denpa Co Ltd		999
	1,249	*	Tollgrade Communications, Inc		13
	41,000		Tong Hsing Electronic Industries Ltd		205
	81,100	e	Topcon Corp		430
	26,000		Topoint Technology Co Ltd		25
	5,787,173	e	Toshiba Corp		28,297
	399,000		Toshiba TEC Corp		1,777
	35,900	e	Toyo Corp/Chuo-ku		332
	130,000	*	TPK HOLDING CO Ltd		3,576
	310,000	e	Tpv Technology Ltd		186
	246,685	*	Trimble Navigation Ltd		12,467
	480,507		Tripod Technology Corp		2,116
	619,000		Truly International Holdings		144
	519,560		TT electronics plc		1,425
	379,211	*,e	TTM Technologies, Inc		6,886
	133,000		TXC Corp		247
	1,240,400		Tyco Electronics Ltd		43,191
	6,914	*	U-Blox AG.		374
	36,900		Uchi Technologies BHD		18

169

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,547		Uju Electronics Co Ltd	$	118
	83,000	*	Uniden Corp		334
	1,594,756		Unimicron Technology Corp		2,711
	39,000	*	Unitech Printed Circuit Board Corp		22
	139,378	*,e	Universal Display Corp		7,671
	632,508	*,e	Utstarcom, Inc		1,486
	48	e	V Technology Co Ltd		436
	418,795		Venture Corp Ltd		3,193
	144,907	*	Viasat, Inc		5,773
	13,778	*,e	Viasystems Group, Inc		376
	2,049,418	*	Vishay Intertechnology, Inc		36,357
	34,712	*,e	Vishay Precision Group, Inc		544
	714,000		VST Holdings Ltd		214
	216,800	e	Vtech Holdings Ltd		2,458
	498		Wacom Co Ltd		611
	22,000		Wah Hong Industrial Corp		53
	1,534,767		Wah Lee Industrial Corp		3,025
	66,000	*	Walsin Technology Corp		41
	238,000	e	Wasion Group Holdings Ltd		128
	95,000		Weikeng Industrial Co Ltd		88
	40,000		Wellypower Optronics Corp		49
	2,583,945	*	Western Digital Corp		96,356
	294,200		Wi-Lan, Inc		1,809
	49,043		Wincor Nixdorf AG.		3,965
	1,777,000	*	Wintek Corp		3,149
	2,453,123		Wistron Corp		3,882
	47,000		Wistron NeWeb Corp		156
	1,460		Woojin, Inc		21
	1,154,870		WPG Holdings Co Ltd		1,944
	104,000		WT Microelectronics Co Ltd		159
	53,000	*	WUS Printed Circuit Co Ltd		34
	7,732,387	e	Xerox Corp		82,349
	133,905	*,e	X-Rite, Inc		636
	151,335	*	Xyratex Ltd		1,692
	15,750	*,b,m	Ya Hsin Industrial Co Ltd		3
	1,019,000		Yageo Corp		497
	82,593	e	Yamatake Corp		2,023
	186,005	e	Yaskawa Electric Corp		2,205
	180,994	*,e	Yokogawa Electric Corp		1,381
	109,393		Young Fast Optoelectronics Co Ltd		803
	26,000		Yufo Electronics Co Ltd		21
	163,214	*	Zebra Technologies Corp (Class A)		6,405
	64,000		Zinwell Corp		117
	732,447	e	ZTE Corp		3,399
	80,022	*,e	Zygo Corp		1,170
	177,000	*	Zyxel Communications		162
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		6,610,575
TELECOMMUNICATION SERVICES - 3.2%
	14,471	*	012 Smile.Communications Ltd		501
	93,721		AboveNet, Inc		6,079
	2,011,800		Advanced Info Service PCL		5,986

170

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	149,729	f	AFK Sistema (GDR)	$	4,359
	193,335	e	Alaska Communications Systems Group, Inc		2,059
	14,177		Allied Technologies Ltd		119
	32,384,230	e	America Movil S.A. de C.V. (Series L)		93,985
	1,834,505	*	American Tower Corp (Class A)		95,064
	28,541,556	e	AT&T, Inc		873,371
	43,698		Atlantic Tele-Network, Inc		1,625
	359,900	*	Axtel SAB de CV		211
	473,769	e	BCE, Inc		17,211
	28,524		Belgacom S.A.		1,105
	2,273,454		Bezeq Israeli Telecommunication Corp Ltd		6,744
	735,000		Bharti Airtel Ltd		5,889
	435,062		Brasil Telecom S.A. (Preference)		3,880
	24,326,990		BT Group plc		72,285
	10,051,143		Cable & Wireless plc		7,334
	1,600,636		Cable & Wireless Worldwide		1,347
	112,037	*,e	Cbeyond Communications, Inc		1,307
	59,981		Cellcom Israel Ltd		1,968
	1,107,122	e	CenturyTel, Inc		46,001
	3,163,768		China Communications Services Corp Ltd		1,924
	9,405,390		China Mobile Hong Kong Ltd		86,821
	26,371,637		China Telecom Corp Ltd		16,097
	9,437,601	e	China Unicom Ltd		15,715
	5,981,918		Chunghwa Telecom Co Ltd		18,655
	856,805	*,e	Cincinnati Bell, Inc		2,296
	1,320,000	e	Citic 1616 Holdings Ltd		420
	880,000	*	Citic 21CN Co Ltd		127
	436,000		City Telecom (HK) Ltd		333
	447,936	*,e	Clearwire Corp (Class A)		2,504
	186,411	*	Cogent Communications Group, Inc		2,660
	508,479	*,e	Colt Telecom Group S.A.		1,216
	182,837	*,f,m	Comstar United Telesystems (GDR) (purchased 03/13/06, cost $953)		1,262
	175,293	e	Consolidated Communications Holdings, Inc		3,283
	1,097,646	*	Crown Castle International Corp		46,705
	6,817,502		Deutsche Telekom AG.		105,456
	891,600		Digi.Com BHD		8,424
	135,299		Drillisch AG.		1,396
	39,782		Egyptian Co for Mobile Services		1,056
	5,108	e	Elisa Oyj (Series A)		113
	149,917		Empresa Nacional de Telecomunicaciones S.A.		2,451
	3,048,019		Far EasTone Telecommunications Co Ltd		4,562
	199,704	*,e	FiberTower Corp		401
	381,273	e	France Telecom S.A.		8,561
	251,539		Freenet AG.		2,871
	7,163,283	e	Frontier Communications Corp		58,882
	183,599	*	General Communication, Inc (Class A)		2,009
	164,754	*	Global Crossing Ltd		2,293
	309,217	*,e	Globalstar, Inc		393
	41,100		Globe Telecom, Inc		843
	28,203	*	GTL Infrastructure Ltd		24
	9,330		Hellenic Telecommunications Organization S.A.		104
	39,781	*	Hughes Communications, Inc		2,374

171

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,330,351		Hutchison Telecommunications Hong Kong Holdings Ltd	$	740
	403,590	*,e	ICO Global Communications Holdings Ltd (Class A)		1,078
	98,037	e	IDT Corp (Class B)		2,642
	185,306		iiNET Ltd		507
	621	e	Iliad S.A.		74
	109,532		Inmarsat plc		1,060
	141,073	*,e	Iridium Communications, Inc		1,124
	837,700		Jasmine International PCL		75
	279,401	*	Jazztel plc		1,517
	1,537,546		Kcom Group plc		1,517
	4,651		KDDI Corp		28,756
	161,000		Keppel Telecommunications & Transportation Ltd		173
	191,692		KT Corp		6,798
	186,220	*,e	Leap Wireless International, Inc		2,885
	5,130,909	*,e	Level 3 Communications, Inc		7,542
	559,036		LG Telecom Ltd		3,156
	872,980		Magyar Telekom		2,745
	80,171	*	Mahanagar Telephone Nigam		82
	29,700	e	Manitoba Telecom Services, Inc		921
	228,616		Maroc Telecom		4,448
	68,900	*,e	Maxcom Telecomunicaciones SAB de C.V.		34
	3,961,500		Maxis BHD		7,034
	2,334,068	*	MetroPCS Communications, Inc		37,905
	46,307	e	Millicom International Cellular S.A.		4,428
	806,897	e	Mobile TeleSystems (ADR)		17,130
	508,809		MobileOne Ltd		973
	21,109		Mobistar S.A.		1,463
	2,726,198	e	MTN Group Ltd		54,986
	84,271	*	Netia S.A.		156
	132,852	*	Neutral Tandem, Inc		1,960
	1,028,820	*	NII Holdings, Inc (Class B)		42,871
	1,652,251		Nippon Telegraph & Telephone Corp		73,798
	136,260	e	NTELOS Holdings Corp		2,509
	16,913	e	NTT DoCoMo, Inc		29,526
	169		Okinawa Cellular Telephone Co		369
	5,179,852		Orascom Telecom Holding SAE		3,772
	730,028	*,e	PAETEC Holding Corp		2,438
	120,667		Partner Communications		2,295
	9,026,817		PCCW Ltd		3,760
	111,917		Philippine Long Distance Telephone Co		5,968
	1,399,998		Portugal Telecom SGPS S.A.		16,186
	302,285	*,e	Premiere Global Services, Inc		2,303
	7,093,500	*	PT Bakrie Telecom Tbk		289
	300,500	*	PT Excelcomindo Pratama		188
	1,382,676		PT Indosat Tbk		842
	13,311,821		PT Telekomunikasi Indonesia Tbk (Series B)		11,206
	186,222	*	QSC AG.		702
	16,708,716		Qwest Communications International, Inc		114,121
	1,198,519		Reliance Communication Ventures Ltd		2,896
	498,862	e	Rogers Communications, Inc (Class B)		18,133
	3,700	e	Rostelecom (ADR)		136

172

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,134,438		Royal KPN NV	$	53,449
	361,545	*	SBA Communications Corp (Class A)		14,346
	112,623	e	Shenandoah Telecom Co		2,034
	7,269,379		Singapore Telecommunications Ltd		17,406
	154,783	*	SK Broadband Co Ltd		670
	54,145		SK Telecom Co Ltd		8,060
	29,200	e	SK Telecom Co Ltd (ADR)		549
	1,940,000		SmarTone Telecommunications Holding Ltd		3,218
	1,530,464	e	Softbank Corp		60,980
	252,616	*,e	Sonaecom - SGPS S.A.		527
	22,281,010	*,e	Sprint Nextel Corp		103,384
	1,088,676		StarHub Ltd		2,331
	55,282		Swisscom AG.		24,660
	3,358,715		Taiwan Mobile Co Ltd		7,904
	569,409	e	TalkTalk Telecom Group plc		1,257
	181,754	*	Tata Teleservices Maharashtra Ltd		70
	71,113		Tele Norte Leste Participacoes S.A.		1,625
	393,680		Tele Norte Leste Participacoes S.A. (Preference)		6,776
	376,405		Tele2 AB (B Shares)		8,693
	1,848,111		Telecom Corp of New Zealand Ltd		2,841
	663,400		Telecom Egypt		1,922
	16,453,289		Telecom Italia RSP		22,102
	15,039,051		Telecom Italia S.p.A.		23,112
	69,513		Telecom Plus plc		509
	157,407		Telefonica O2 Czech Republic AS		3,682
	4,316,784		Telefonica S.A.		108,285
	7,454,422	e	Telefonos de Mexico S.A. de C.V. (Series L)		6,844
	12,724		Telekom Austria AG.		186
	2,287,600		Telekom Malaysia BHD		3,052
	1,183,427		Telekomunikacja Polska S.A.		7,323
	48,496		Telemar Norte Leste S.A.		1,647
	76,894		Telenet Group Holding NV		3,604
	975,069		Telenor ASA		16,048
	510,303		Telephone & Data Systems, Inc		17,197
	242,418		Telesp Celular Participacoes S.A.		9,592
	978,772	e	TeliaSonera AB		8,459
	391,728		Telkom S.A. Ltd		2,142
	11,364,295		Telstra Corp Ltd		33,149
	66,613		TELUS Corp		3,406
	346,399	e	TELUS Corp, non-voting shares		16,829
	398,400	*	Thaicom PCL		89
	1,795,260		Tim Participacoes S.A.		7,708
	359,100	*	Time dotCom BHD		101
	3,454,400	*	TM International BHD		5,462
	377,993		TPG Telecom Ltd		654
	562,800	*	True Corp PCL		109
	8,406		Tulip Telecom Ltd		27
	854,380		Turk Telekomunikasyon AS		4,288
	1,046,704		Turkcell Iletisim Hizmet AS		6,231
	455,106	*,e	tw telecom inc (Class A)		8,738
	90,441	*	US Cellular Corp		4,657
	175,426	e	USA Mobility, Inc		2,542

173

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	16,022,907	e	Verizon Communications, Inc	$	617,523
	810,740	e	Vodacom Group Pty Ltd		9,496
	60,884,854		Vodafone Group plc		173,509
	440,676		Vodafone Group plc (ADR)		12,669
	1,506,190	*,e	Vonage Holdings Corp		6,868
	1,456,350	e	Windstream Corp		18,742
			TOTAL TELECOMMUNICATION SERVICES		3,668,161
TRANSPORTATION - 1.9%
	195,078		Abertis Infraestructuras S.A.		4,233
	49,161	*	ACE Aviation Holdings, Inc (Class A)		589
	31,232		Aegean Airlines S.A.		88
	272,473	*	AER Lingus		274
	56,571		Aeroports de Paris		5,211
	53,088	*,e	Air Berlin plc		235
	90,100	*,e	Air Canada (Class A)		227
	5,200,600	*,e	Air China Ltd		4,805
	502,848	*,e	Air France-KLM		8,382
	385,925	e	Air New Zealand Ltd		327
	284,022	*,e	Air Transport Services Group, Inc		2,400
	1,716,900	*	AirAsia BHD		1,522
	613,808	*	Airtran Holdings, Inc		4,573
	201,348	*	Alaska Air Group, Inc		12,769
	126,191		Alexander & Baldwin, Inc		5,761
	571,452		All America Latina Logistica S.A.		4,690
	816,439	e	All Nippon Airways Co Ltd		2,435
	61,922	e	Allegiant Travel Co		2,713
	42,335	*	Amerco, Inc		4,106
	1,023,251	*	AMR Corp		6,610
	98,000		Anhui Expressway Co		78
	98,713	e	Ansaldo STS S.p.A.		1,445
	549	e	AP Moller - Maersk AS (Class A)		5,035
	1,439	e	AP Moller - Maersk AS (Class B)		13,506
	106,715		Arkansas Best Corp		2,766
	3,929,466	e	Asciano Group		7,069
	14,230	*	Asiana Airlines		129
	131,986	*	Atlas Air Worldwide Holdings, Inc		9,202
	804,288	e	Auckland International Airport Ltd		1,358
	1,302,859		Australian Infrastructure Fund		2,578
	149,380		Autostrada Torino-Milano S.p.A.		2,267
	335,547		Autostrade S.p.A.		7,684
	429,379	*	Avis Budget Group, Inc		7,690
	128,314	*	Avis Europe plc		388
	60,524	e	Baltic Trading Ltd		552
	141,300		Bangkok Expressway PCL		88
	331,000	*	Bangkok Metro PCL		7
	738,849		BBA Aviation plc		2,404
	2,755,600	e	Beijing Capital International Airport Co Ltd		1,453
	55,900	e	Brisa-Auto Estradas de Portugal S.A.		377
	1,438,372	*,e	British Airways plc		5,238
	742,000	*	BTS F		18
	1,073,129	e	Canadian National Railway Co		80,969

174

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	249,626		Canadian Pacific Railway Ltd	$	16,046
	1,839,825	e	Cathay Pacific Airways Ltd		4,407
	298,387		CCR SA		8,662
	38,740	*	Cebu Air, Inc		71
	127,027	*,e	Celadon Group, Inc		2,063
	3,959		Celebi Hava Servisi		63
	2,954	e	Central Japan Railway Co		23,417
	469,465	e	CH Robinson Worldwide, Inc		34,801
	2,910,127	*	China Airlines		1,676
	1,804,038		China Merchants Holdings International Co Ltd		7,609
	6,551,600	*,e	China Shipping Container Lines Co Ltd		2,590
	2,246,700		China Shipping Development Co Ltd		2,522
	2,808,000	*,e	China Southern Airlines Co Ltd		1,250
	57,000		Chinese Maritime Transport Ltd		121
	27,751		Clarkson plc		570
	2,358,546		ComfortDelgro Corp Ltd		2,916
	19,416		Compagnie Maritime Belge S.A.		574
	297,721	*	Compania SudAmericana de Vapores S.A.		222
	6,929,217		ConnectEast Group		3,262
	1,107,259	e	Con-Way, Inc		43,504
	113,351		Copa Holdings S.A. (Class A)		5,985
	4,240,975	*,e	COSCO Holdings		4,333
	2,662,000		COSCO Pacific Ltd		5,037
	211,716		Costamare, Inc		3,682
	1,968,171	e	CSX Corp		154,698
	293,000		CWT Ltd		286
	30,517	e	D/S Norden		1,051
	173,000	*,e	Daiichi Chuo Kisen Kaisha		343
	74,000	e	Dalian Port PDA Co Ltd		30
	202,800		Dazhong Transportation Group Co Ltd		152
	3,273,874	*	Delta Air Lines, Inc		32,084
	734,615	*	Deutsche Lufthansa AG.		15,556
	1,746,760		Deutsche Post AG.		31,395
	3,785	*	Dfds AS		320
	121,256	*,e	Dollar Thrifty Automotive Group, Inc		8,091
	258,989	e	DSV AS		6,377
	520,083	*,e	Eagle Bulk Shipping, Inc		1,935
	603,305	e	East Japan Railway Co		33,501
	235,547	*	easyJet plc		1,286
	184,200		EcoRodovias Infraestrutura e Logistica S.A.		1,496
	1,000	*	Eitzen Chemical ASA		0	^
	1,892,520	*	Eva Airways Corp		1,495
	619,500		Evergreen International Storage & Transport Corp		495
	5,109,722	*	Evergreen Marine Corp Tawain Ltd		4,246
	339,331	*,e	Excel Maritime Carriers Ltd		1,456
	499,150		Expeditors International Washington, Inc		25,027
	15,000	*	Farglory F T Z Investment Holding Co Ltd		15
	1,392,624	e	FedEx Corp		130,281
	16,000		First Steamship Co Ltd		35
	967,855		Firstgroup plc		5,061
	14,355	e	Flughafen Wien AG.		910
	5,702		Flughafen Zuerich AG.		2,375

175

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	191,464	*,b,m	FLYi, Inc	$	1
	62,707		Forth Ports plc		1,648
	122,810		Forward Air Corp		3,762
	121,316	e	Fraport AG. Frankfurt Airport Services Worldwide		8,870
	206,789		Freightways Ltd		514
	309,000	e	Fukuyama Transporting Co Ltd		1,501
	642,491	*,e	Gemina S.p.A.		595
	167,258	*,e	Genco Shipping & Trading Ltd		1,801
	162,877	*,e	Genesee & Wyoming, Inc (Class A)		9,479
	10,434	f	Globaltrans Investment plc (GDR) (purchased 07/10/10, cost $157)		192
	15,700		GLOVIS Co Ltd		2,230
	98,941		Go-Ahead Group plc		2,125
	144,262		Gol Linhas Aereas Inteligentes S.A.		1,930
	433,000	e	Golden Ocean Group Ltd		555
	398,000	e	Goodpack Ltd		613
	159,591		Grindrod Ltd		350
	356,425		Groupe Eurotunnel S.A.		3,788
	51,300	*	Grupo Aeroportuario del Centro Norte Sab de C.V.		97
	979,391	e	Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		4,164
	73,000		Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		428
	51,700	m	Guangdong Provincial Expressway Development Co Ltd		25
	2,000,000	e	Guangshen Railway Co Ltd		758
	336,000		GZI Transportation Ltd		190
	39,000	*	Hainan Meilan International Airport Co Ltd		42
	135,617	e	Hamburger Hafen und Logistik AG.		6,293
	64,310		Hanjin Shipping Co Ltd		1,999
	1,170		Hanjin Shipping Holdings Co Ltd		17
	1,090		Hanjin Transportation Co Ltd		29
	289,568	*	Hawaiian Holdings, Inc		1,740
	333,949	e	Heartland Express, Inc		5,864
	1,198,020	*,e	Hertz Global Holdings, Inc		18,725
	82,900	e	Hitachi Transport System Ltd		1,165
	57,200		Hong Kong Aircraft Engineerg		795
	7,585	e	Hopewell Highway Infrastructure Ltd		5
	129,705	e	Horizon Lines, Inc (Class A)		110
	216,246	*,e	Hub Group, Inc (Class A)		7,826
	568,100	*	Hutchison Port Holdings Trust		562
	50,280		Hyundai Merchant Marine Co Ltd		1,573
	107,757	e	Iino Kaiun Kaisha Ltd		589
	125,243	*,e	International Consolidated Airlines		461
	96,600		International Container Term Services, Inc		93
	35,171	e	International Shipholding Corp		876
	27,900		Inui Steamship Co Ltd		166
	27,661	*	Irish Continental Group plc		695
	521,961	e	J.B. Hunt Transport Services, Inc		23,707
	52,855	e	Japan Airport Terminal Co Ltd		667
	191,800		Jazz Air Income Fund		1,056
	15,479	*	Jet Airways India Ltd		155
	2,604,016	*	JetBlue Airways Corp		16,327

176

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,840,000		Jiangsu Express	$	4,305
	110,000	*	Jinzhou Port Co Ltd		67
	25,100	*	Julio Simoes Logistica S.A.		152
	652,477		Kamigumi Co Ltd		5,568
	972,070	*,e	Kansas City Southern Industries, Inc		52,929
	1,456,455	e	Kawasaki Kisen Kaisha Ltd		5,381
	364,671	e	Keihin Electric Express Railway Co Ltd		2,626
	449,465	e	Keio Corp		2,686
	215,454	e	Keisei Electric Railway Co Ltd		1,234
	95,553	*	Kingfisher Airlines Ltd		85
	1,238,556	e	Kintetsu Corp		3,978
	19,900		Kintetsu World Express, Inc		622
	223,007	*,e	Kirby Corp		12,777
	257,344	e	Knight Transportation, Inc		4,954
	56,147		Koninklijke Vopak NV		2,703
	2,721	*	Korea Express Co Ltd		260
	57,391		Korean Air Lines Co Ltd		3,438
	55,796		Kuehne & Nagel International AG.		7,800
	174,612		Lan Airlines S.A.		4,497
	251,891	e	Landstar System, Inc		11,506
	74,200	*	LLX Logistica S.A.		229
	205,092		Localiza Rent A Car		3,291
	8,200	*	Log-in Logistica Intermodal S.A.		42
	471,144		Macquarie Airports		1,481
	625,599	*,e	Macquarie Atlas Roads Group		1,238
	231,960	e	Mainfreight Ltd		1,582
	69,400		Malaysia Airports Holdings BHD		139
	1,014,266	*	Malaysian Airline System BHD		616
	49,200		Malaysian Bulk Carriers BHD		45
	62,491	e	Marten Transport Ltd		1,394
	133,000		Maruzen Showa Unyu Co Ltd		465
	77,748		Mercator Lines Ltd		66
	244,550		Mermaid Marine Australia Ltd		812
	2,296	*	Minoan Lines S.A.		10
	1,509,000		MISC BHD		3,920
	84,734	e	Mitsubishi Logistics Corp		949
	1,076,238	e	Mitsui OSK Lines Ltd		6,206
	225,610	e	Mitsui-Soko Co Ltd		878
	1,541,967		MTR Corp		5,705
	605,926	*	National Express Group plc		2,381
	5,342,378	*,e	Neptune Orient Lines Ltd		8,212
	705,469	e	Nippon Express Co Ltd		2,706
	164,000		Nippon Konpo Unyu Soko Co Ltd		1,832
	4,555,529	e	Nippon Yusen Kabushiki Kaisha		17,824
	466,714	e	Nishi-Nippon Railroad Co Ltd		2,009
	96,000		Nissin Corp		259
	1,510,838		Norfolk Southern Corp		104,656
	341,204	*	Northgate plc		1,742
	27,912	*,e	Norwegian Air Shuttle AS		543
	10,265	f	Novorossiysk Commercial Sea Port (GDR) (purchased 07/06/10, cost $101)		104
	486,897	e	Odakyu Electric Railway Co Ltd		4,105
	60,709	e	Oesterreichische Post AG.		2,080

177

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	183,270	*	Old Dominion Freight Line	$	6,431
	230,648		Orient Overseas International Ltd		2,414
	176,017	*,e	Pacer International, Inc		926
	2,405,911		Pacific Basin Shipping Ltd		1,519
	14,505	*,e	PAM Transportation Services, Inc		176
	18,886	*	Panalpina Welttransport Holding AG.		2,350
	34,625	*,e	Park-Ohio Holdings Corp		715
	23,553	*,e	Patriot Transportation Holding, Inc		630
	90,807	*,e	Pinnacle Airlines		522
	10,200	*	Piraeus Port Authority		230
	1,726,100		PLUS Expressways BHD		2,552
	77,000		Precious Shipping PCL		46
	2,123,500	*	PT Berlian Laju Tanker Tbk		90
	398,000		PT Jasa Marga Tbk		155
	5,493,011	*	Qantas Airways Ltd		12,382
	2,206,101	*	QR National Ltd		7,644
	19,895	*	Quality Distribution, Inc		236
	110,115	*,e	RailAmerica, Inc		1,876
	137,500	*	Regional Container Lines PCL		46
	161,381	*	Republic Airways Holdings, Inc		1,038
	71,000		Road King Infrastructure		61
	56,698	*	Roadrunner Transportation Services Holdings, Inc		850
	55,719		Ryanair Holdings plc		264
	500	e	Ryanair Holdings plc (ADR)		14
	423,686		Ryder System, Inc		21,439
	737,000	e	Sagami Railway Co Ltd		2,048
	72,036	*	Saia, Inc		1,181
	96	*,m	SAir Group		0	^
	388,000	e	Sankyu, Inc		1,859
	29,600		Santos Brasil Participacoes S.A.		480
	232,067	*,e	SAS AB		808
	37,985		SAVE S.p.A.		405
	6,990		Sebang Co Ltd		107
	284,000		Seino Holdings Corp		2,145
	116,000		Senko Co Ltd		376
	18,300		Shandong Airlines Co Ltd		32
	59,600		Shanghai Jinjiang International Investment Holdings Co		64
	33,200		Shenzhen Chiwan Petroleum		45
	62,000		Shenzhen Chiwan Wharf Holdings Ltd		109
	188,000	e	Shenzhen Expressway Co Ltd		123
	3,122,500		Shenzhen International Holdings		273
	114,000		Shibusawa Warehouse Co Ltd		376
	91,000		Shih Wei Navigation Co Ltd		120
	118,000	e	Shinwa Kaiun Kaisha Ltd		251
	1,372,000	e	Shun TAK Holdings Ltd		755
	124,000		Sincere Navigation		135
	700,846		Singapore Airlines Ltd		7,602
	970,968		Singapore Airport Terminal Services Ltd		1,932
	3,794,423		Singapore Post Ltd		3,491
	465,000		Sinotrans Ltd		113
	585,000	e	Sinotrans Shipping Ltd		189

178

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	10,161		Sixt AG.	$	517
	11,977		Sixt AG. (Preference)		453
	29,000	*,e	Skymark Airlines, Inc		346
	252,074	e	Skywest, Inc		4,265
	1,051,000	e	SMRT Corp Ltd		1,575
	136,016		Societa Iniziative Autostradali e Servizi S.p.A.		1,591
	3,206,047	e	Southwest Airlines Co		40,492
	4,412,236	*	SpiceJet Ltd		3,788
	1,012,988		Stagecoach Group plc		3,500
	293,648		Stobart Group Ltd		685
	54,740	e	Stolt-Nielsen S.A.		1,366
	136,240		STX Pan Ocean Co Ltd		1,228
	228,767	e	Sumitomo Warehouse Co Ltd		1,106
	1,271,194	*,e	Swift Transportation Co, Inc		18,687
	126,000		T.Join Transportation Co		126
	78		Tam S.A.		1
	113,970		Tam S.A. (Preference)		2,199
	11,000		Tegma Gestao Logistica		171
	1,372,800		Thai Airways International PCL		1,712
	69,700		Thoresen Thai Agencies PCL		43
	96,600	*	Tianjin Marine Shipping Co Ltd		52
	702,000	e	Tianjin Port Development Holdings Ltd		169
	379,000	*,e	Tiger Airways Holdings Ltd		436
	1,492,581		TNT NV		38,326
	636,497	e	Tobu Railway Co Ltd		2,600
	1,251,227	e	Tokyu Corp		5,190
	738,449	e	Toll Holdings Ltd		4,530
	17,200		TPI-Triunfo Participacoes e Investimentos S.A.		95
	37,988	*,f	TransContainer OAO (ADR) (purchased 03/30/11, cost $399)		399
	105,456		TransForce, Inc		1,550
	1,194,655	e	Transurban Group		6,642
	571,183		Turk Hava Yollari		1,589
	2,094,350	*,e	UAL Corp		48,149
	96,645	*,e	Ultrapetrol Bahamas Ltd		491
	652,700		U-Ming Marine Transport Corp		1,388
	2,668,449	e	Union Pacific Corp		262,389
	5,420,889		United Parcel Service, Inc (Class B)		402,881
	46,078	*	Universal Truckload Services, Inc		795
	843,100	*,e	US Airways Group, Inc		7,343
	36,321	*,e	USA Truck, Inc		472
	958,494		UTI Worldwide, Inc		19,400
	176	e	Vantec Corp		493
	67,336	*	Virgin Blue Holdings Ltd		22
	23,971		VTG AG.		560
	21,222	*	Vueling Airlines S.A.		291
	1,267,670	*	Wan Hai Lines Ltd		888
	254,837	e	Werner Enterprises, Inc		6,746
	5,631	e	West Japan Railway Co		21,708
	23,768		Wilh Wilhelmsen ASA		722
	168,472	e	Wincanton plc		314
	60,000		Wisdom Marine Lines Co Ltd		86
	4,820,000		Xiamen International Port Co Ltd		985

179

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	421,195	e	Yamato Transport Co Ltd	$	6,530
	1,557,212		Yang Ming Marine Transport		1,217
	121	*,e	YRC Worldwide, Inc		0	^
	23,200	e	Yusen Air & Sea Service Co Ltd		362
	4,918,000	e	Zhejiang Expressway Co Ltd		4,475
			TOTAL TRANSPORTATION		2,325,634
UTILITIES - 3.2%
	10,565,219	e	A2A S.p.A.		17,105
	3,847,700		Aboitiz Power Corp		2,661
	232,859	e	Acciona S.A.		25,295
	1,708,581	*,e	ACEA S.p.A.		20,146
	100,798		Actelios S.p.A.		230
	3,388,120	*	AES Corp		44,046
	3,779,532		AES Gener S.A.		2,041
	145,544		AES Tiete S.A.		2,211
	439,302	e	AGL Energy Ltd		6,504
	174,588		AGL Resources, Inc		6,956
	42,810	*	Akenerji Elektrik Uretim AS		100
	224,535	e	Alerion Industries S.p.A.		181
	133,525		Algonquin Power & Utilities Corp		711
	139,311		Allete, Inc		5,429
	605,303		Alliant Energy Corp		23,564
	1,279,287		Ameren Corp		35,910
	80,926	*	American DG Energy, Inc		176
	2,151,031		American Electric Power Co, Inc		75,587
	79,550		American States Water Co		2,853
	890,727		American Water Works Co, Inc		24,984
	930,152	e	APA Group		4,050
	266,011		Aqua America, Inc		6,089
	30,851		Artesian Resources Corp		601
	192,018		Ascopiave S.p.A.		441
	89,145	e	Atco Ltd		5,397
	42,859		Athens Water Supply & Sewage Co S.A.		323
	85,734	e	Atlantic Power Corp		1,297
	341,648		Atmos Energy Corp		11,650
	910,000	*	AVIC International Holding HK Ltd		46
	292,821	e	Avista Corp		6,773
	56,753		Aygaz AS		361
	1,206,202		Babcock & Brown Wind Partners		462
	39,579,500	*	Beijing Enterprises Water Group Ltd		13,862
	12,003	*	BF Utilities Ltd		211
	712,000	*	Binhai Investment Co Ltd		46
	190,690		Black Hills Corp		6,377
	35,595	*	Boralex, Inc		310
	64,259	*,e	Cadiz, Inc		783
	82,022	e	California Water Service Group		3,049
	1,559,978	*	Calpine Corp		24,757
	208,600		Canadian Utilities Ltd		11,393
	107,500	e	Capital Power Corp		2,874
	7,764,551		Centerpoint Energy, Inc		136,345
	715,510		Centrais Eletricas Brasileiras S.A.		10,812

180

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	601,724		Centrais Eletricas Brasileiras S.A. (Preference)	$	11,285
	1,600		Centrais Eletricas de Santa Catarina S.A.		42
	95,550		Central Vermont Public Service Corp		2,225
	12,038,787		Centrica plc		62,780
	3,443		CESC Ltd		24
	233,401	e	CEZ AS		11,938
	67,195	e	CH Energy Group, Inc		3,396
	244,853		Challenger Infrastructure Fund		302
	63,541		Chesapeake Utilities Corp		2,645
	269,096	e	Cheung Kong Infrastructure Holdings Ltd		1,271
	4,458,000		China Gas Holdings Ltd		2,205
	2,970,000	*,e	China Longyuan Power Group Corp		3,191
	1,400,000	*	China Oil and Gas Group Ltd		131
	785,000	e	China Power International Development Ltd		168
	1,600,000	*	China Power New Energy Development Co Ltd		135
	4,298,000	e	China Resources Gas Group Ltd		5,862
	2,350,599		China Resources Power Holdings Co		4,531
	1,349,848	e	China Water Affairs Group Ltd		513
	4,540,000	*	China WindPower Group Ltd		484
	1,029,673	e	Chubu Electric Power Co, Inc		22,924
	288,063	e	Chugoku Electric Power Co, Inc		5,328
	236,973		Cia de Saneamento Basico do Estado de Sao Paulo		6,822
	27,500		Cia de Saneamento de Minas Gerais-COPASA		463
	50,124		Cia de Transmissao de Energia Electrica Paulista		1,598
	559,337		Cia Energetica de Minas Gerais		10,686
	239,471		Cia Energetica de Sao Paulo (Class B)		4,562
	12,400		Cia Energetica do Ceara		255
	157,719		Cia Paranaense de Energia		4,294
	318,979		Cleco Corp		10,938
	2,790,959		CLP Holdings Ltd		22,563
	1,110,240	e	CMS Energy Corp		21,805
	9,991,219		Colbun S.A.		2,845
	1,105,438	*,e	Conergy AG.		625
	36,204	e	Connecticut Water Service, Inc		954
	540,769	e	Consolidated Edison, Inc		27,428
	72,199	e	Consolidated Water Co, Inc		787
	3,755,544	e	Constellation Energy Group, Inc		116,910
	1,127,131	*,e	Contact Energy Ltd		5,007
	137,573		CPFL Energia S.A.		3,909
	10,074,000	e	Datang International Power Generation Co Ltd		3,729
	1,670,953		Dominion Resources, Inc		74,692
	432,501		DPL, Inc		11,855
	708,722	e	Drax Group plc		4,513
	794,566		DTE Energy Co		38,902
	1,651,261		DUET Group		2,861
	2,952,383		Duke Energy Corp		53,586
	502,958	*,e	Dynegy, Inc (Class A)		2,862
	1,838,531		E.ON AG.		55,908
	1,176		E1 Corp		52
	26,843	e	EDF Energies Nouvelles S.A.		1,417
	1,029,042	e	Edison International		37,653
	9,301,679	e	Edison S.p.A.		10,398

181

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	94,067		EDP - Energias do Brasil S.A.	$	2,287
	8,284	*,e	EDP Renovaveis S.A.		59
	222,192	*	El Paso Electric Co		6,755
	191,605	e	Electric Power Development Co		5,907
	980,300		Electricite de France		40,627
	35,800		Electricity Generating PCL		113
	154,152		Eletropaulo Metropolitana de Sao Paulo S.A.		3,408
	170,600	e	Empire District Electric Co		3,717
	4,908,812		Empresa Nacional de Electricidad S.A.		9,105
	6,827		Enagas		154
	209,745		Enea S.A.		1,566
	1,383,729	*,e	Enel Green Power S.p.A		3,840
	13,763,029		Enel S.p.A.		86,704
	266,090	e	Energen Corp		16,796
	1,764,251		Energias de Portugal S.A.		6,869
	1,024,060	*,e	Energy World Corp Ltd		513
	19,403,007		Enersis S.A.		8,104
	382,126	e	Entergy Corp		25,683
	1,055,846		Envestra Ltd		655
	79,902	*	EOS Russia AB		539
	732,000	*,e	Epure International Ltd		417
	25,500		Equatorial Energia S.A.		199
	3,863	*,e	Etrion Corp		4
	2,666,269		Exelon Corp		109,956
	9,413,400	*	First Gen Corp		2,769
	103,140		First Philippine Holdings Corp		136
	1,614,134		FirstEnergy Corp		59,868
	222,225	e	Fortis, Inc		7,592
	3,358,340	e	Fortum Oyj		114,019
	767,294		GAIL India Ltd		7,977
	2,807,920		Gas Natural SDG S.A.		52,727
	2,585,476		Gaz de France		105,439
	275,252	*	Geodynamics Ltd		85
	2,018,500		Glow Energy PCL		2,803
	1,267,204	*	GMR Infrastructure Ltd		1,149
	71,029		Great Lakes Hydro Income Fund		1,736
	263,336		Great Plains Energy, Inc		5,272
	20,000		Great Taipei Gas Co Ltd		12
	63,156	*	Greentech Energy Systems		207
	4,194,000		Guangdong Investments Ltd		2,120
	62,359		Gujarat State Petronet Ltd		139
	1,659,898	*	GVK Power & Infrastructure Ltd		963
	787,459		Hastings Diversified Utilities Fund		1,302
	181,102		Hawaiian Electric Industries, Inc		4,491
	633,038		Hera S.p.A.		1,514
	139,702	e	Hokkaido Electric Power Co, Inc		2,714
	134,771	e	Hokuriku Electric Power Co		3,054
	3,411,100		Hong Kong & China Gas Ltd		8,184
	2,929,430		Hong Kong Electric Holdings Ltd		19,583
	216,900	*	Huadian Energy Co Ltd		83
	10,722,000	e	Huaneng Power International, Inc		6,274
	723,000	e	Hyflux Ltd		1,239

182

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	62,583		Iberdrola Renovables	$	270
	950,970		Iberdrola S.A.		8,269
	234,223	e	Idacorp, Inc		8,924
	10,950		Indraprastha Gas Ltd		74
	1,211,228		Infratil Ltd		1,767
	71,823	e	Innergex Renewable Energy, Inc		708
	153,708		Integrys Energy Group, Inc		7,764
	466,922		Interconexion Electrica S.A.		3,174
	773,588		International Power plc		3,821
	152,273		Inversiones Aguas Metropolitanas S.A.		232
	654,326		Iride S.p.A.		1,219
	326,960	e	ITC Holdings Corp		22,855
	274	e	Japan Wind Development Co Ltd		260
	183,825	e	Just Energy Income Fund		2,935
	1,361,794	e	Kansai Electric Power Co, Inc		29,673
	2,013		Korea District Heating Corp		132
	337,340	*	Korea Electric Power Corp		8,263
	47,719		Korea Gas Corp		1,591
	10,135	*	KSK Energy Ventures Ltd		23
	362,819	e	Kyushu Electric Power Co, Inc		7,095
	131,952	e	Laclede Group, Inc		5,027
	34,000		Macquarie Power & Infrastructure Income Fund		278
	260,400	*,e	Magma Energy Corp		309
	403,610		Manila Electric Co		2,398
	357,500		Manila Water Co, Inc		150
	478,500		MDU Resources Group, Inc		10,991
	109,897		MGE Energy, Inc		4,450
	63,575	e	Middlesex Water Co		1,156
	177,964		National Fuel Gas Co		13,169
	2,620,645		National Grid plc		24,931
	214,959	e	New Jersey Resources Corp		9,232
	1,640,454		NextEra Energy, Inc		90,422
	238,510		Nicor, Inc		12,808
	1,259,346	e	NiSource, Inc		24,154
	952,463		Northeast Utilities		32,955
	93,859	e	Northland Power Income Fund		1,543
	913,234		Northumbrian Water Group plc		4,867
	133,183		Northwest Natural Gas Co		6,144
	163,033		NorthWestern Corp		4,940
	1,442,972	*,e	NRG Energy, Inc		31,082
	296,816		NSTAR		13,734
	1,325,836		NTPC Ltd		5,746
	3,647,016		NV Energy, Inc		54,304
	5,656	e	Oest Elektrizitatswirts AG. (Class A)		251
	407,606		OGE Energy Corp		20,609
	89,200		Okinawa Electric Power Co, Inc		4,082
	285,389	e	Oneok, Inc		19,087
	40,913	e	Ormat Technologies, Inc		1,036
	3,837,045	e	Osaka Gas Co Ltd		15,308
	154,705	e	Otter Tail Corp		3,516
	48,400		Pampa Energia S.A. (ADR)		686
	552,604		Pennon Group plc		5,541

183

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,011,644		Pepco Holdings, Inc	$	18,867
	1,159,000		Petronas Gas BHD		4,377
	1,892,992		PG&E Corp		83,632
	388,501		Piedmont Natural Gas Co, Inc		11,791
	608,611		Pinnacle West Capital Corp		26,042
	378,545		PNM Resources, Inc		5,648
	10,545,750		PNOC Energy Development Corp		1,460
	1,312,333		Polska Grupa Energetyczna S.A.		10,585
	342,014	e	Portland General Electric Co		8,130
	448	*	Poweo		3
	1,352,076		Power Grid Corp of India Ltd		3,090
	1,859,684		PPL Corp		47,050
	1,154,912	e	Progress Energy, Inc		53,288
	17,088,000		PT Perusahaan Gas Negara		7,645
	32,182		PTC India Ltd		60
	319,844		Public Power Corp		5,551
	4,967,035		Public Service Enterprise Group, Inc		156,510
	46,300		Puncak Niaga Holding BHD		35
	1,048,791		Questar Corp		18,301
	450,000		Ratchaburi Electricity Generating Holding PCL		565
	4,116		Red Electrica de Espana		234
	22,800		Redentor Energia S.A.		100
	204,588	e	Redes Energeticas Nacionais S.A.		725
	249,107		Reliance Energy Ltd		3,856
	685,088	*	Reliance Power Ltd		2,006
	144,000		Rojana Industrial Park PCL		52
	11,381,168	*	RRI Energy, Inc		43,362
	18,514		Rubis		2,216
	1,788,737	*	RusHydro (ADR)		9,100
	65,232		RWE AG.		4,155
	1,467	e	RWE AG. (Preference)		89
	1,332		Samchully Co Ltd		121
	244,066	e	SCANA Corp		9,609
	297,438		Scottish & Southern Energy plc		6,018
	23,693		Sechilienne-Sidec		665
	2,545,469		Sempra Energy		136,182
	235,562	e	Severn Trent plc		5,518
	134,593	e	Shikoku Electric Power Co, Inc		3,663
	75,000		Shizuoka Gas Co Ltd		468
	58,794	e	SJW Corp		1,361
	1,623,075		Snam Rete Gas S.p.A.		9,118
	127,259	e	South Jersey Industries, Inc		7,123
	2,720,493	e	Southern Co		103,678
	255,265		Southwest Gas Corp		9,948
	1,034,154		SP AusNet		942
	1,744,706	e,f,g	Spark Infrastructure Group (purchased 05/29/09, cost $1,669)		2,020
	146,626		Suez Environnement S.A.		3,037
	192,000		Taiwan Cogeneration Corp		132
	135,447		Tata Power Co Ltd		4,057
	2,117,531	*	Tauron Polska Energia S.A.		4,674
	488,633	e	TECO Energy, Inc		9,167
	3,364,093		Tenaga Nasional BHD		6,937

184

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	47,811		Terna Energy S.A.	$	232
	4,706,816		Terna Rete Elettrica Nazionale S.p.A.		22,512
	424,300		Thai Tap Water Supply PCL		84
	464,900	*,e	Theolia S.A.		885
	24,395		Thessaloniki Water Supply & Sewage Co S.A.		170
	449,969	e	Toho Gas Co Ltd		2,319
	382,120	e	Tohoku Electric Power Co, Inc		6,461
	50,000	e,m	Tokai Corp		203
	2,136,233	e	Tokyo Electric Power Co, Inc		11,907
	5,908,979	e	Tokyo Gas Co Ltd		26,953
	287,000		Towngas China Co Ltd		149
	191,332		Tractebel Energia S.A.		3,234
	240,135	e	TransAlta Corp		5,063
	374,914	e	Transfield Services Infrastructure Fund		307
	571,052		UGI Corp		18,788
	254,190	e	UIL Holdings Corp		7,758
	200,188		Unisource Energy Corp		7,233
	512,909		United Utilities Group plc		4,864
	48,736	e	Unitil Corp		1,148
	792,058		Vector Ltd		1,511
	152,618	e	Vectren Corp		4,151
	482,053		Veolia Environnement		15,014
	339,877		Westar Energy, Inc		8,980
	269,250	e	WGL Holdings, Inc		10,501
	1,160,911		Wisconsin Energy Corp		35,408
	3,982,743		Xcel Energy, Inc		95,148
	1,180,000		Xinao Gas Holdings Ltd		3,658
	55,878	e	York Water Co		973
	1,652,685		YTL Corp BHD		4,059
	2,934,390		YTL Power International BHD		2,231
	314,800		Zhejiang Southeast Electric Power Co (Class B)		198
	23,000		Zhengzhou Gas Co Ltd		43
	77,061	*	Zorlu Enerji Elektrik Uretim AS.		131
			TOTAL UTILITIES		3,663,880
			TOTAL COMMON STOCKS		112,554,011
			(Cost $93,543,231)
PREFERRED STOCK - 0.0%
AUTOMOBILES & COMPONENTS - 0.0%
	722,689	*,b	Motors Liquidation Co		5,203
			TOTAL AUTOMOBILES & COMPONENTS		5,203
DIVERSIFIED FINANCIALS - 0.0%
	303,290		Daishin Securities Co Ltd Pref 2		2,345
			TOTAL DIVERSIFIED FINANCIALS		2,345
FOOD, BEVERAGE & TOBACCO - 0.0%
	1,268,175	*	Ambev Cia De Bebidas Das		35,304
			TOTAL FOOD, BEVERAGE & TOBACCO		35,304

185

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
TRANSPORTATION - 0.0%
	1,366	*	Malaysian Airline System BHD	$	0	^
			TOTAL TRANSPORTATION		0	^
			TOTAL PREFERRED STOCK		42,852
			(Cost $30,398)
RIGHTS / WARRANTS - 0.0%
AUTOMOBILES & COMPONENTS - 0.0%
	61,025		Porsche Automobil Holding SE		529
			TOTAL AUTOMOBILES & COMPONENTS		529
BANKS - 0.0%
	341		State Bank of Bikaner & Jaip		1
			TOTAL BANKS		1
CAPITAL GOODS - 0.0%
	245,087		Gamuda Berhad		121
	59,942	e	Gildemeister AG.		40
	6	m	GreenHunter Energy, Inc		0	^
	132,237		IJM Corp BHD - Warrants		108
			TOTAL CAPITAL GOODS		269
COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
	37,170	e	Cramo Oyj		123
	36,800		WCT Berhad		9
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		132
CONSUMER SERVICES - 0.0%
	23,136		Krispy Kreme Doughnuts, Inc - CW12		4
	15,410		Minor International PCL Warrants		1
			TOTAL CONSUMER SERVICES		5
DIVERSIFIED FINANCIALS - 0.0%
	2		Danske Bank AS		0	^
			TOTAL DIVERSIFIED FINANCIALS		0	^
ENERGY - 0.0%
	109	m	Daesung Industrial Co Ltd		1
	123,722	e	Etablissements Maurel et Prom CW14		48
			TOTAL ENERGY		49
FOOD BEVERAGE & TOBACCO - 0.0%
	9,850	m	Kulim Malaysia BHD		3
	3,040		QL Resources BHD		1
	8,333		Xiwang Sugar Holdings Co Ltd		0	^
			TOTAL FOOD BEVERAGE & TOBACCO		4
HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	1,300,000	m	EnteroMedics, Inc		13
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		13

186

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
MATERIALS - 0.0%
	2,339		Kinross Gold Corp	$	7
			TOTAL MATERIALS		7
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	13,954		Celgene Corp		35
	245	m	Ilyang Pharmaceutical Co Ltd		1
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		36
REAL ESTATE - 0.0%
	28,661		FOUNTAINHEAD PROPERTY TRUST		1
	4,761,352	m	GPT Group		0	^
	52,190		Henderson Land Development Co Ltd Warrant		3
	66,140		IJM Land BHD - CW13		31
	306,950	m	Robinsons Land Corp		11
	81,625		SP Setia BHD		50
			TOTAL REAL ESTATE		96
SOFTWARE & SERVICES - 0.0%
	25,255		B2W Cia Global Do Varejo		17
			TOTAL SOFTWARE & SERVICES		17
TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
	108,827		Kingboard Chemical Holdings Ltd (CW)		90
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		90
TELECOMMUNICATION SERVICES - 0.0%
	–	e	TeliaSonera AB		0	^
			TOTAL TELECOMMUNICATION SERVICES		0	^
			TOTAL RIGHTS / WARRANTS		1,248
			(Cost $878)

PRINCIPAL			ISSUER	RATE		MATURITY DATE
SHORT-TERM INVESTMENTS - 6.5%
TREASURY DEBT - 0.1%
$	50,000,000		United States Treasury Bill	0.085	%	07/14/11	49,986
	7,000,000		United States Treasury Bill	0.100		07/28/11	6,998
	52,500,000	d	United States Treasury Bill	0.215		10/20/11	52,451
			TOTAL TREASURY DEBT				109,435
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 6.4%
REPURCHASE AGREEMENTS - 5.6%
	173,000,000	o	Barclay Capital	0.050-0.120		04/01/11	173,000
	170,000,000	p	BNP	0.100		04/01/11	170,000
	900,000,000	q	Calyon	0.130		04/01/11	900,000
	239,000,000	r	CSFB	0.120		04/01/11	239,000
	921,000,000	s	Deutsche Bank	0.080		04/01/11	921,000
	801,000,000	t	HSBC	0.120		04/01/11	801,000

187

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

PRINCIPAL			ISSUER			VALUE (000)
$	132,040,000	u	Merrill Lynch	0.180	04/01/11		132,040
	250,000,000	v	MF GLOBAL, Inc	0.140	04/01/11		250,000
	341,000,000	w	Morgan Stanley	0.130	04/01/11		341,000
	700,000,000	x	Nomura Securities	0.140	04/01/11		700,000
	475,000,000	y	Royal Bank of Scotland	0.100	04/01/11		475,000
	350,000,000	z	Societe General	0.100	04/01/11		350,000
	900,000,000	aa	UBS Warburg	0.120	04/01/11		900,000
			TOTAL REPURCHASE AGREEMENTS				6,352,040
VARIABLE RATE SECURITY - 0.8% i
	58,000,000		American Express Credit Account Master	0.560	10/15/12		58,160
	25,000,000		Bank One Issuance Trust	0.590	07/15/11		24,999
	43,525,000		Capital One Multi-Asset Execution Trust	0.630	08/15/11		43,532
	51,000,000		Chase Issuance Trust 2007	0.620	06/15/12		50,919
	110,000,000		Citibank Credit Card Issuance Trust	0.600	08/20/12		110,237
	18,857,157		GE Equipment Midticket LLC	0.560	11/14/11		18,847
	110,000,000		General Electric Cap Corp	0.660	09/28/11		110,212
	17,000,000		General Electric Cap Corp	0.770	11/21/11		17,028
	22,480,571		Granite Master Issuer plc 2006	0.610	12/20/50		21,267
	17,775,323		Granite Master Issuer plc 2007	0.530	12/20/50		16,815
	8,899,636		Medallion Trust Series 2005	0.480	08/22/36		8,653
	49,821,379		Nelnet Student Loan Trust 2006	0.480	11/23/18		49,718
	28,896,849		Nelnet Student Loan Trust 2007	0.560	09/25/18		28,790
	135,000,000		Permanent Master Issuer plc	0.770	10/15/33		133,849
	20,756,450		Puma Global Mortgage Backed Trust	0.510	02/21/38		19,592
	16,456,522		SLM Student Loan Trust 2006	0.480	01/25/19		16,449
	170,000,000		SLM Student Loan Trust 2007	0.500	01/25/19		164,120
	43,000,000		SLM Student Loan Trust 2008	0.650	10/25/16		43,106
	16,156,672		Wachovia Student Loan Trust 2005	0.490	04/25/17		16,150
			TOTAL VARIABLE RATE SECURITY				952,443
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED				7,304,483
			TOTAL SHORT-TERM INVESTMENTS				7,413,918
			(Cost $7,421,654)
			TOTAL INVESTMENTS - 106.1%				120,083,818
			(Cost $101,082,452)
			OTHER ASSETS & LIABILITIES, NET - (6.1)%				(6,927,449	)
			NET ASSETS - 100.0%			$	113,156,369
			Abbreviation(s):
	ADR		American Depositary Receipt
	GDR		Global 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
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.
f	Restricted security. At March 31, 2011, the value of these securities amounted to $204,409,000 or 0.2% of net assets.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers.
	At March 31, 2011 the value of these securities amounted to $11,559,000 or 0.0% of net assets.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
m	Indicates a security that has been deemed illiquid.
n	In default
o	Agreement with Barclay's Capital, 0.05%-0.12% dated 03/31/11 to be repurchased at $173,000,000 on 04/01/11, collateralized by U.S. Treasury Securities valued at $176,460,000.
p	Agreement with BNP, 0.10% dated 03/31/11 to be repurchased at $170,000,000 on 04/01/11, collateralized by U.S. Treasury Securities valued at $173,400,000.
q	Agreement with Calyon, 0.13% dated 03/31/11 to be repurchased at $900,003,000 on 04/01/11, collateralized by U.S. Treasury Securities valued at $918,000,000.
r	Agreement with CSFB, 0.12% dated 03/31/11 to be repurchased at $239,001,000 on 04/01/11, collateralized by U.S. Treasury Securities valued at $243,784,000.
s	Agreement with Deutsche Bank, 0.08% dated 03/31/11 to be repurchased at $921,002,000 on 04/01/11, collateralized by U.S. Treasury Securities valued at $939,420,000.
t	Agreement with HSBC, 0.12% dated 03/31/11 to be repurchased at $801,003,000 on 04/01/11, collateralized by U.S. Treasury Securities valued at $817,021,000.
u	Agreement with Merrill Lynch, 0.18% dated 03/31/11 to be repurchased at $132,041,000 on 04/01/11, collateralized by U.S. Treasury Securities valued at $134,681,000.
v	Agreement with MF GLOBAL, 0.14% dated 03/31/11 to be repurchased at $250,001,000 on 04/01/11, collateralized by U.S. Treasury Securities valued at $255,000,000.
w	Agreement with Morgan Stanley, 0.13% dated 03/31/11 to be repurchased at $341,001,000 on 04/01/11, collateralized by U.S. Treasury Securities valued at $347,820,000.
x	Agreement with Nomura Securities, 0.14% dated 03/31/11 to be repurchased at $700,003,000 on 04/01/11, collateralized by U.S. Treasury Securities valued at $714,000,000.
y	Agreement with Royal Bank of Scotland, 0.10% dated 03/31/11 to be repurchased at $475,001,000 on 04/01/11, collateralized by U.S. Treasury Securities valued at $484,501,000.
z	Agreement with Societe Generale, 0.10% dated 03/31/11 to be repurchased at $350,001,000 on 04/01/11, collateralized by U.S. Treasury Securities valued at $357,000,000.
aa	Agreement with UBS Warburg, 0.12% dated 03/31/11 to be repurchased at $900,003,000 on 04/01/11, collateralized by U.S. Treasury Securities valued at $918,000,000.
	Cost amounts are in thousands.

189

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
SUMMARY OF MARKET VALUES BY COUNTRY (unaudited)
March 31, 2011

COUNTRY	VALUE (000)		% OF TOTAL PORTFOLIO
DOMESTIC
UNITED STATES	$	83,913,643		69.9	%
TOTAL DOMESTIC		83,913,643		69.9
FOREIGN
ARGENTINA		5,952		0.0
AUSTRALIA		1,905,979		1.6
AUSTRIA		158,400		0.1
BELGIUM		292,335		0.2
BERMUDA		72,791		0.1
BRAZIL		1,261,063		1.1
CAMBODIA		132		0.0
CANADA		3,633,953		3.0
CAYMAN ISLANDS		1,105		0.0
CHILE		98,353		0.1
CHINA		1,279,594		1.1
COLOMBIA		65,247		0.1
CYPRUS		4,485		0.0
CZECH REPUBLIC		58,996		0.0
DENMARK		340,512		0.3
EGYPT		23,308		0.0
FINLAND		301,052		0.3
FRANCE		2,554,431		2.1
GERMANY		2,152,584		1.8
GIBRALTAR		3,017		0.0
GREECE		53,447		0.0
GUERNSEY, C.I.		52,080		0.0
HONG KONG		666,717		0.6
HUNGARY		21,974		0.0
INDIA		636,658		0.5
INDONESIA		162,219		0.1
IRELAND		261,525		0.2
ISRAEL		127,627		0.1
ITALY		726,969		0.6
JAPAN		4,784,487		4.0
JERSEY, C.I.		2,106		0.0
KAZAKHSTAN		10,861		0.0
KOREA, REPUBLIC OF		1,081,665		0.9
LIECHTENSTEIN		1,981		0.0
LUXEMBOURG		18,716		0.0
MACAU		64,260		0.1
MALAYSIA		227,736		0.2
MEXICO		338,171		0.3
MONACO		540		0.0

190

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COUNTRY	VALUE (000)		% OF TOTAL PORTFOLIO
MOROCCO	$	9,983		0.0	%
NETHERLANDS		1,059,676		0.9
NEW ZEALAND		32,732		0.0
NORWAY		180,379		0.2
PANAMA		8,838		0.0
PERU		30,863		0.0
PHILIPPINES		44,469		0.0
POLAND		113,706		0.1
PORTUGAL		76,852		0.1
PUERTO RICO		8,261		0.0
RUSSIA		493,383		0.4
SINGAPORE		355,602		0.3
SOUTH AFRICA		528,254		0.4
SPAIN		588,227		0.5
SWEDEN		808,644		0.7
SWITZERLAND		2,433,182		2.0
TAIWAN		837,562		0.7
THAILAND		119,709		0.1
TURKEY		102,219		0.1
UKRAINE		3,668		0.0
UNITED ARAB EMIRATES		17,842		0.0
UNITED KINGDOM		4,863,096		4.1
TOTAL FOREIGN		36,170,175		30.1
TOTAL PORTFOLIO	$	120,083,818		100.0	%

191

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2011

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
BONDS - 0.5%
CORPORATE BONDS - 0.5%
UNITED STATES - 0.5%
	$      29,845,445	n	General Motors Corp	7.200	%	01/15/11	$	8,581
	13,592,224	n	General Motors Corp	7.130		07/15/13		3,806
	18,106,794	n	General Motors Corp	7.700		04/15/16		5,115
	4,461,000	n	General Motors Corp	9.400		07/15/21		1,227
	61,921,000	e,n	General Motors Corp	8.380		07/15/33		18,421
	19,417,463	n	Motors Liquidation Co	8.800		03/01/21		5,534
	69,850,000	n	Motors Liquidation Co	8.250		07/15/23		19,907
	18,159,000	n	Motors Liquidation Co	7.400		09/01/25		5,085
	26,439,985	n	Motors Liquidation Co	6.750		05/01/28		7,403
			TOTAL UNITED STATES					75,079
			TOTAL CORPORATE BONDS					75,079
			(Cost $91,402)
			TOTAL BONDS					75,079
			(Cost $91,402)

SHARES			COMPANY
COMMON STOCKS - 98.3%
ARGENTINA - 0.0%
	51,263		Tenaris S.A.	1,258
			TOTAL ARGENTINA	1,258
AUSTRALIA - 3.0%
	134,085		AGL Energy Ltd	1,985
	711,281		Alumina Ltd	1,813
	323,391		Amcor Ltd	2,361
	957,816		AMP Ltd	5,386
	18,259	e	Aristocrat Leisure Ltd	61
	547,091		Asciano Group	984
	679,636		Australia & New Zealand Banking Group Ltd	16,729
	53,057		Australian Stock Exchange Ltd	1,888
	44,533		Bendigo Bank Ltd	439
	1,321,732		BHP Billiton Ltd	63,440
	15,794	e	Billabong International Ltd	123
	523,845		BlueScope Steel Ltd	1,070
	89,450	e	Boral Ltd	462
	408,333		Brambles Ltd	2,989

192

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	16,871		Caltex Australia Ltd	$	272
	283,760		CFS Gandel Retail Trust		540
	1,224,031		Challenger Financial Services Group Ltd		6,241
	164,432		Coca-Cola Amatil Ltd		1,997
	33,451	e	Cochlear Ltd		2,870
	497,969		Commonwealth Bank of Australia		26,981
	140,866		Computershare Ltd		1,350
	58,081	e	Crown Ltd		489
	160,954	e	CSL Ltd		5,944
	63,693	e	CSR Ltd		216
	13,627	*	Dart Energy Ltd		12
	694,140		DB RREEF Trust		610
	80,605		DuluxGroup Ltd		226
	29,152		First Quantum Minerals Ltd		3,771
	299,418		Fortescue Metals Group Ltd		1,984
	149,522		Foster’s Group Ltd		884
	167,652	e	Goodman Fielder Ltd		213
	252,580		GPT Group (ASE)		820
	63,311	e	Harvey Norman Holdings Ltd		196
	290,216		Incitec Pivot Ltd		1,299
	574,060		Insurance Australia Group Ltd		2,132
	54,235	*,e	James Hardie Industries NV		342
	263,997	e	John Fairfax Holdings Ltd		352
	37,571	e	Leighton Holdings Ltd		1,146
	184,564		Lend Lease Corp Ltd		1,731
	2,328,240		MacArthur Coal Ltd		27,921
	65,599		Macquarie Airports		206
	21,288	*	Macquarie Atlas Roads Group		42
	772,843		Macquarie Goodman Group		547
	113,439	*	Macquarie Group Ltd		4,288
	112,304	e	Metcash Ltd		483
	1,048,014		Mirvac Group		1,350
	207,946		Monadelphous Group Ltd		4,601
	1,487,151		National Australia Bank Ltd		39,748
	220,811		Newcrest Mining Ltd		9,096
	7,574	*,e	Nufarm Ltd		40
	394,908		OneSteel Ltd		996
	172,209		Orica Ltd		4,702
	327,511	e	Origin Energy Ltd		5,497
	1,047,213		Oxiana Ltd		1,729
	83,464	*,e	Paladin Resources Ltd		312
	1,952	e	Perpetual Trustees Australia Ltd		59
	138,043	*	Qantas Airways Ltd		311
	419,693		QBE Insurance Group Ltd		7,677
	130,864	*	QR National Ltd		453
	209,973		Ramsay Health Care Ltd		4,148
	425,044	e	Rio Tinto Ltd		37,255
	252,021		Santos Ltd		4,052
	19,949	e	Sims Group Ltd		360
	35,946		Sonic Healthcare Ltd		445
	168,241		SP AusNet		153
	751,043		Stockland Trust Group		2,881

193

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	415,133		Suncorp-Metway Ltd	$	3,642
	84,553		Tabcorp Holdings Ltd		655
	162,637		Tattersall’s Ltd		393
	1,446,378		Telstra Corp Ltd		4,219
	229,374		Toll Holdings Ltd		1,407
	333,366	e	Transurban Group		1,854
	327,916		Wesfarmers Ltd		10,774
	11,754		Wesfarmers Ltd PPS		391
	3,912,157		Westfield Group		37,779
	3,837,827		Westfield Retail Trust		10,400
	1,387,899		Westpac Banking Corp		34,921
	188,830		Woodside Petroleum Ltd		9,142
	505,368		Woolworths Ltd		14,046
	35,352		WorleyParsons Ltd		1,133
			TOTAL AUSTRALIA		452,456
AUSTRIA - 0.2%
	25,400		Erste Bank der Oesterreichischen Sparkassen AG.		1,283
	61,703	*	IMMOFINANZ Immobilien Anlagen AG.		279
	9,455		Oest Elektrizitatswirts AG. (Class A)		420
	16,456		OMV AG.		744
	5,650	e	Raiffeisen International Bank Holding AG.		314
	35,813		Telekom Austria AG.		524
	12,217		Voestalpine AG.		574
	5,293		Wiener Staedtische Allgemeine Versicherung AG.		303
	1,263,069	*	Wienerberger AG.		25,472
			TOTAL AUSTRIA		29,913
BELGIUM - 0.5%
	31,925	*	Anheuser-Busch InBev NV		0	^
	85,573		Bekaert S.A.		9,748
	44,756		Belgacom S.A.		1,734
	45,862		Colruyt S.A.		2,415
	11,036		Delhaize Group		899
	73,599	*	Dexia		286
	287,823		Fortis		818
	8,823		Groupe Bruxelles Lambert S.A.		824
	477	*	Groupe Bruxelles Lambert S.A. - STR VVPR		0	^
	984,569		InBev NV		56,132
	20,817	*	KBC Groep NV		783
	3,412		Mobistar S.A.		236
	4,051		Nationale A Portefeuille		279
	31,481		Solvay S.A.		3,732
	12,988		UCB S.A.		493
	12,437		Umicore		617
			TOTAL BELGIUM		78,996
BERMUDA - 0.0%
	21,810		Allied World Assurance Co Holdings Ltd		1,367
	48,371		Validus Holdings Ltd		1,612
			TOTAL BERMUDA		2,979

194

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
BRAZIL - 0.8%
	427,422		Banco do Brasil S.A.	$	7,736
	1,140,220		BM&FBOVESPA S.A.		8,276
	217,229		Companhia Vale do Rio Doce (ADR)		7,245
	494,329	e	Cosan Ltd		6,377
	500,000		Diagnosticos da America S.A.		6,431
	400,000		Localiza Rent A Car		6,419
	450,000		Marcopolo S.A.		1,885
	4,566,240		PDG Realty S.A.		25,618
	1,027,375		Petroleo Brasileiro S.A. (ADR)		41,537
	600,000		Satipel Industrial S.A.		6,339
			TOTAL BRAZIL		117,863
CANADA - 4.7%
	54,445		Agnico-Eagle Mines Ltd		3,619
	165,277		Agrium, Inc (Toronto)		15,263
	40,922		Alimentation Couche Tard, Inc		1,076
	85,091	e	ARC Energy Trust		2,313
	56,051	*	Athabasca Oil Sands Corp		974
	208,756		Bank of Montreal		13,561
	407,240		Bank of Nova Scotia		24,989
	438,802		Barrick Gold Corp		22,778
	861,019		Barrick Gold Corp (Canada)		44,752
	31,349	e	Baytex Energy Trust		1,833
	221,962	e	BCE, Inc		8,063
	93,874		Biovail Corp		4,686
	499,043		Bombardier, Inc		3,670
	37,458	e	Bonavista Energy Trust		1,159
	188,737		Brookfield Asset Management, Inc		6,134
	84,112		CAE, Inc		1,117
	128,420		Cameco Corp		3,863
	148,899		Canadian Imperial Bank of Commerce/Canada		12,840
	356,059		Canadian National Railway Co		26,865
	485,889		Canadian Natural Resources Ltd (Canada)		24,026
	151,328	e	Canadian Oil Sands Trust		5,099
	163,979		Canadian Pacific Railway Ltd		10,541
	25,545		Canadian Tire Corp Ltd		1,696
	29,526		Canadian Utilities Ltd		1,613
	39,785		Canadian Western Bank		1,278
	628,601		Cenovus Energy, Inc		24,833
	267,188		Cenovus Energy, Inc		10,522
	46,523		Centerra Gold, Inc		835
	521,638	*	CGI Group, Inc		10,939
	55,236	e	CI Financial Corp		1,313
	489,375	e	Crescent Point Energy Corp		23,749
	62,335	*,g,m	Crescent Point Energy Corp 144A		3,025
	171,612		Eldorado Gold Corp		2,799
	9,499		Empire Co Ltd		524
	158,715		Enbridge, Inc		9,728
	241,261		EnCana Corp		8,344
	61,257	e	Enerplus Resources Fund		1,940
	9,887		Ensign Energy Services, Inc		186

195

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	652,186	*	Equinox Minerals Limited	$	3,861
	6,942		Fairfax Financial Holdings Ltd		2,624
	58,863		Finning International, Inc		1,739
	56,593		Fortis, Inc		1,933
	37,764		Franco-Nevada Corp		1,386
	16,847		George Weston Ltd		1,148
	37,789		Gildan Activewear, Inc		1,240
	256,129		Goldcorp, Inc		12,771
	98,485		Great-West Lifeco, Inc		2,733
	88,388		Husky Energy, Inc		2,686
	115,681		IAMGOLD Corp		2,550
	40,847		IGM Financial, Inc		2,078
	102,856		Imperial Oil Ltd		5,256
	27,221		Industrial Alliance Insurance and Financial Services, Inc		1,173
	66,582		Inmet Mining Corp		4,680
	85,455	*	Ivanhoe Mines Ltd		2,344
	350,079		Kinross Gold Corp		5,517
	36,442		Loblaw Cos Ltd		1,460
	500,000	*	Lundin Mining Corp		4,152
	120,000		Magna International, Inc - Class A (NY)		5,749
	75,856		Magna International, Inc (Class A)		3,637
	1,000		Manitoba Telecom Services, Inc		31
	571,580		Manulife Financial Corp		10,129
	13,083	*	MEG Energy Corp		662
	36,725		Metro, Inc		1,750
	56,296		National Bank of Canada		4,575
	181,939		Nexen, Inc		4,536
	15,869		Niko Resources Ltd		1,522
	30,970		Onex Corp		1,086
	20,124	*	Open Text Corp		1,250
	96,229	*	Osisko Mining Corp		1,386
	32,791		Pan American Silver Corp		1,218
	91,191	e	Pengrowth Energy Trust		1,261
	154,934	e	Penn West Energy Trust		4,302
	24,644	e	PetroBakken Energy Ltd		467
	5,000	*	Petrobank Energy & Resources Ltd		106
	3,071	e	Petrominerales Ltd		116
	291,644		Potash Corp of Saskatchewan Toronto		17,204
	120,699		Power Corp Of Canada		3,577
	85,599		Power Financial Corp		2,771
	59,023	e	ProEx Energy Ltd		850
	12,257	e	Provident Energy Trust		114
	255,796	*	Research In Motion Ltd (Canada)		14,467
	38,925		RioCan Real Estate Investment Trust		1,022
	34,449		Ritchie Bros Auctioneers, Inc		972
	163,723		Rogers Communications, Inc (Class B)		5,951
	562,789		Royal Bank of Canada (Toronto)		34,824
	49,983		Saputo, Inc		2,256
	121,378	*	Shaw Communications, Inc (B Shares)		2,559
	97,535		Sherritt International Corp		801
	74,596		Shoppers Drug Mart Corp		3,067
	107,135		Silver Wheaton Corp		4,654

196

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	78,893	*	Sino-Forest Corp	$	2,059
	52,380		SNC-Lavalin Group, Inc		2,984
	186,222		Sun Life Financial, Inc		5,853
	1,612,210		Suncor Energy, Inc		72,304
	311,144		Suncor Energy, Inc (NY)		13,952
	333,208		Talisman Energy, Inc		8,238
	185,298		Teck Cominco Ltd		9,822
	18,788		TELUS Corp		961
	50,801		TELUS Corp, non-voting shares		2,468
	122,322		Thomson Corp (Toronto)		4,801
	22,685		Tim Hortons, Inc		1,028
	58,662		Tim Hortons, Inc (Toronto)		2,661
	25,818		TMX Group, Inc		1,034
	373,046		Toronto-Dominion Bank		33,014
	74,935		TransAlta Corp		1,580
	226,078		TransCanada Corp		9,167
	6,116		Trican Well Service Ltd		138
	24,894	e	Vermilion Energy Trust		1,297
	118,970		Viterra, Inc		1,443
	242,735	e	Yamana Gold, Inc		2,999
	158,276	e	Yellow Pages Income Fund		900
			TOTAL CANADA		721,451
CHINA - 0.7%
	12,514,000	*,e	Agricultural Bank of China		7,088
	18,230,600		Bank of China Ltd		10,138
	2,227,000	e	Bank of Communications Co Ltd		2,449
	38,043,000	*	Beijing Enterprises Water Group Ltd		13,323
	359,448		BOC Hong Kong Holdings Ltd		1,172
			Changsha Zoomlion Heavy Industry Science and
	12,001,000	*	Technology Development Co Ltd		30,764
	1,015,000		China Aoyuan Property Group Ltd		181
	1,726,847		China Coal Energy Co		2,347
	1,000,000		China Resources Gas Group Ltd		1,364
	2,910,000		CNOOC Ltd		7,354
	189,000		Glorious Property Holdings Ltd		52
	10,221,000		Industrial & Commercial Bank of China		8,474
	4,838,000		KWG Property Holding Ltd		3,908
	7,400,000	e	Lonking Holdings Ltd		5,220
	4,714,000		Shandong Weigao Group Medical Polymer Co Ltd		13,450
	7,267,000	e	Sino-Ocean Land Holdings Ltd		4,502
			TOTAL CHINA		111,786
COLOMBIA - 0.0%
	53,340	e	BanColombia S.A. (ADR)		3,342
	80,858		Pacific Rubiales Energy Corp (Toronto)		2,244
			TOTAL COLOMBIA		5,586
CYPRUS - 0.0%
	96,315		Bank of Cyprus Public Co Ltd		348
			TOTAL CYPRUS		348

197

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
CZECH REPUBLIC - 0.0%
	309,566		New World Resources NV	$	5,088
			TOTAL CZECH REPUBLIC		5,088
DENMARK - 0.9%
	72		AP Moller - Maersk AS (Class A)		660
	134		AP Moller - Maersk AS (Class B)		1,258
	11,624		Carlsberg AS (Class B)		1,250
	1,190,070		Christian Hansen Holding		26,990
	2,548		Coloplast AS (Class B)		369
	23,495	*	Danske Bank AS		525
	123,167	*	Danske Bank AS		2,722
	94,422	e	DSV AS		2,325
	2,780		H Lundbeck AS		64
	481,659		Novo Nordisk AS (Class B)		60,488
	5,967		Novozymes AS (B Shares)		912
	619,692	*,e	Pandora AS		31,624
	672	*	Topdanmark AS		111
	2,869	e	TrygVesta AS		168
	26,377	*	Vestas Wind Systems AS		1,145
	2,564	*	William Demant Holding		222
			TOTAL DENMARK		130,833
FINLAND - 0.4%
	17,006		Elisa Oyj (Series A)		375
	1,041,513		Fortum Oyj		35,360
	7,143		Kesko Oyj (B Shares)		334
	38,365	e	Kone Oyj (Class B)		2,207
	16,466		Metso Oyj		883
	13,972		Neste Oil Oyj		288
	327,202		Nokia Oyj		2,786
	11,717	e	Nokian Renkaat Oyj		498
	215,074		OKO Bank (Class A)		2,926
	5,758	e	Orion Oyj (Class B)		140
	13,496		Outokumpu Oyj		234
	25,865	e	Outotec Oyj		1,554
	9,207		Rautaruukki Oyj		220
	54,134		Sampo Oyj (A Shares)		1,724
	8,802		Sanoma-WSOY Oyj		199
	513,653		Stora Enso Oyj (R Shares)		6,115
	306,404		UPM-Kymmene Oyj		6,479
	142,171		Wartsila Oyj (B Shares)		5,542
			TOTAL FINLAND		67,864
FRANCE - 4.6%
	423,325		Accor S.A.		19,024
	3,253,702	*	Accor Services		98,195
	3,829		Aeroports de Paris		353
	14,665	*	Air France-KLM		244
	26,724		Air Liquide		3,554
	3,050,804	*	Alcatel S.A.		17,589
	22,219		Alstom RGPT		1,314

198

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	259,800		Arkema	$	23,620
	501,350	*	Atos Origin S.A.		29,400
	179,474		AXA S.A.		3,750
	1,376		BioMerieux		144
	427,175		BNP Paribas		31,228
	18,712		Bouygues S.A.		898
	12,715		Bureau Veritas S.A.		999
	18,846		Cap Gemini S.A.		1,094
	66,740		Carrefour S.A.		2,949
	6,029		Casino Guichard Perrachon S.A.		571
	3,915		Christian Dior S.A.		552
	19,124		CNP Assurances		406
	450,110		Compagnie de Saint-Gobain		27,528
	15,653	*	Compagnie Generale de Geophysique S.A.		566
	1	*	Compagnie Generale de Geophysique-Veritas (ADR)		0	^
	25,888		Compagnie Generale d’Optique Essilor International S.A.		1,921
	100,936		Credit Agricole S.A.		1,656
	7,859		Dassault Systemes S.A.		604
	4,427	e	Eiffage S.A.		266
	33,143		Electricite de France		1,374
	591		Eramet		218
	3,165		Eurazeo		248
	8,118		Eutelsat Communications		324
	371,800	*	Faurecia		13,558
	3,379		Fonciere Des Regions		360
	131,220		France Telecom S.A.		2,946
	143,168		Gaz de France		5,839
	2,050		Gecina S.A.		283
	338,631		Gemalto NV		16,673
	475,585		Groupe Danone		31,040
	31,026		Groupe Eurotunnel S.A.		330
	2,373		ICADE		293
	1,012		Iliad S.A.		121
	3,917		Imerys S.A.		287
	623,431	*	JC Decaux S.A.		20,908
	11,957		Klepierre		485
	21,713		Lafarge S.A.		1,353
	7,346		Lagardere S.C.A.		313
	14,540		Legrand S.A.		605
	19,007		L’Oreal S.A.		2,215
	143,010		LVMH Moet Hennessy Louis Vuitton S.A.		22,644
	3,982		M6-Metropole Television		104
	14,245		Michelin (C.G.D.E.) (Class B)		1,202
	94,065	*	Natixis		531
	4,021		Neopost S.A.		352
	7,859	e	PagesJaunes Groupe S.A.		79
	19,301		Pernod-Ricard S.A.		1,802
	724,077	*	Peugeot S.A.		28,566
	7,241		PPR		1,109
	10,206		Publicis Groupe S.A.		572
	307,700		Remy Cointreau S.A.		23,179
	20,545	*	Renault S.A.		1,135

199

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	245,000	*,e	Rexel S.A.	$	6,184
	22,754		Safran S.A.		805
	798,839		Sanofi-Aventis		55,978
	212,392		Schneider Electric S.A.		36,274
	18,299		SCOR		499
	3,716		Societe BIC S.A.		330
	1,065		Societe Des Autoroutes Paris-Rhin-Rhone		77
	137,113		Societe Generale		8,906
	7,310		Societe Television Francaise 1		134
	7,748		Sodexho Alliance S.A.		566
	16,750		Suez Environnement S.A.		347
	328,148		Technip S.A.		34,986
	11,510		Thales S.A.		459
	535,806		Total S.A.		32,649
	11,211		Unibail		2,430
	246,900	*	Valeo S.A.		14,375
	475,845		Vallourec		53,322
	21,446		Veolia Environnement		668
	46,982		Vinci S.A.		2,933
	131,117		Vivendi Universal S.A.		3,740
			TOTAL FRANCE		705,135
GERMANY - 3.4%
	16,823		Adidas-Salomon AG.		1,058
	449,210		Aixtron AG.		19,694
	292,068		Allianz AG.		40,897
	894		Axel Springer AG.		144
	460,848		BASF AG.		39,778
	865,920		Bayer AG.		66,903
	127,323		Bayerische Motoren Werke AG.		10,571
	448		Bayerische Motoren Werke AG. (Preference)		25
	293,595		Beiersdorf AG.		17,919
	61,615	*	Brenntag AG.		6,842
	10,496		Celesio AG.		256
	95,263	*	Commerzbank AG.		740
	3,118	*	Continental AG.		280
	852,143	*	DaimlerChrysler AG. (EUR)		60,045
	69,952		Deutsche Bank AG.		4,101
	25,083		Deutsche Boerse AG.		1,899
	24,891	*	Deutsche Lufthansa AG.		527
	92,212		Deutsche Post AG.		1,657
	4,067	*,e	Deutsche Postbank AG.		124
	430,999		Deutsche Telekom AG.		6,667
	408,342		E.ON AG.		12,416
	3,961		Fraport AG. Frankfurt Airport Services Worldwide		290
	25,846		Fresenius Medical Care AG.		1,734
	13,470		Fresenius SE		1,243
	10,310		GEA Group AG.		339
	1,147	e	Hamburger Hafen und Logistik AG.		53
	7,777		Hannover Rueckversicherung AG.		425
	15,245		HeidelbergCement AG.		1,060
	14,217		Henkel KGaA		743

200

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	19,356		Henkel KGaA (Preference)	$	1,198
	2,666		Hochtief AG.		286
	857,681		Infineon Technologies AG.		8,749
	17,059		K+S AG.		1,286
	135,543	*	Kabel Deutschland Holding AG.		7,143
	177,800	*	Kloeckner & Co AG.		5,906
	612,059		Lanxess AG.		45,872
	10,414		Linde AG.		1,644
	6,524		MAN AG.		812
	4,029		Merck KGaA		363
	13,475		Metro AG.		918
	111,036		Muenchener Rueckver AG.		17,467
	10,166		Porsche AG.		662
	389,599		ProSiebenSat.1 Media AG.		11,377
	328		Puma AG. Rudolf Dassler Sport		96
	77,355		Rheinmetall AG.		6,400
	38,601		RWE AG.		2,459
	3,812		RWE AG. (Preference)		231
	4,442		Salzgitter AG.		350
	516,423		SAP AG.		31,585
	377,123		Siemens AG.		51,586
	851		Solarworld AG.		14
	292,429	*	Stroer Out-of-Home Media AG.		9,511
	7,268		Suedzucker AG.		203
	36,340		ThyssenKrupp AG.		1,479
	8,545	*	TUI AG.		102
	7,494		United Internet AG.		135
	2,266		Volkswagen AG.		347
	43,420		Volkswagen AG. (Preference)		7,018
	967		Wacker Chemie AG.		217
			TOTAL GERMANY		513,846
GREECE - 0.0%
	55,014	*	Alpha Bank S.A.		353
	23,670		Coca Cola Hellenic Bottling Co S.A.		635
	163,284		Costamare, Inc		2,840
	35,128	*	EFG Eurobank Ergasias S.A.		218
	4,318		Hellenic Petroleum S.A.		45
	20,067		Hellenic Telecommunications Organization S.A.		224
	36,466		Marfin Investment Group S.A		40
	97,911	*	National Bank of Greece S.A.		867
	52,125		OPAP S.A.		1,113
	14,221	*	Piraeus Bank S.A.		28
	10,736		Public Power Corp		186
	2,719		Titan Cement Co S.A.		68
			TOTAL GREECE		6,617
HONG KONG - 0.8%
	6,714,200	*	AIA Group Ltd		20,668
	15,458		ASM Pacific Technology		194
	148,405		Bank of East Asia Ltd		630
	1,242,237		Cathay Pacific Airways Ltd		2,976

201

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	593,111		Cheung Kong Holdings Ltd	$	9,668
	34,661		Cheung Kong Infrastructure Holdings Ltd		164
	6,500,000	*,e	China Resources Cement Holdings Ltd		6,441
	10,170		Chinese Estates Holdings Ltd		18
	604,956		CLP Holdings Ltd		4,891
	279,831		Esprit Holdings Ltd		1,283
	202,927		Hang Lung Group Ltd		1,258
	561,337		Hang Lung Properties Ltd		2,462
	282,670		Hang Seng Bank Ltd		4,567
	286,005		Henderson Land Development Co Ltd		1,982
	1,315,173		Hong Kong & China Gas Ltd		3,155
	381,779		Hong Kong Electric Holdings Ltd		2,552
	285,485		Hong Kong Exchanges and Clearing Ltd		6,195
	62,217		Hopewell Holdings		187
	91,700	*	Hutchison Port Holdings Trust		91
	317,416		Hutchison Whampoa Ltd		3,756
	49,482		Hysan Development Co Ltd		204
	69,927		Kerry Properties Ltd		350
	2,017,319		Li & Fung Ltd		10,317
	46,000		Lifestyle International Holdings Ltd		110
	219,842		Link Real Estate Investment Trust		688
	25,000	*	Mongolia Energy Co ltd		5
	415,415		MTR Corp		1,537
	2,020,200		New World Development Ltd		3,562
	286,640		Noble Group Ltd		486
	138,333		NWS Holdings Ltd		212
	17,364		Orient Overseas International Ltd		182
	308,749		PCCW Ltd		129
	26,330,000		Rexcapital Financial Holdings Ltd		2,913
	22,059,500	e	Ruinian International Ltd		15,412
	2,192,000		Shanghai Real Estate Ltd		200
	111,270		Shangri-La Asia Ltd		287
	229,438		Sino Land Co		407
	120,000		SJM Holdings Ltd		210
	28,673,611		Solomon Systech International Ltd		1,603
	354,222		Sun Hung Kai Properties Ltd		5,609
	161,793		Swire Pacific Ltd (Class A)		2,370
	394,793		Wharf Holdings Ltd		2,719
	90,000		Wheelock & Co Ltd		338
	19,626		Wing Hang Bank Ltd		231
	4,500,000	e	Xinyi Glass Holdings Co Ltd		4,675
	58,089		Yue Yuen Industrial Holdings		185
			TOTAL HONG KONG		128,079
INDIA - 0.6%
	523,041		Aurobindo Pharma Ltd		2,298
	29,863		Bank of Baroda		646
	684,179		Bank of India		7,292
	35,020		Bharat Heavy Electricals		1,620
	280,000		Canara Bank		3,931
	1,961,498		Crompton Greaves Ltd		12,003
	675,371		Dabur India Ltd		1,455

202

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	900,000	*	DEN Networks Ltd	$	1,721
	1,384,466		Dhanalakshmi Bank Ltd		3,513
	3,057,076		DLF Ltd		18,408
	199,312		Engineers India Ltd		1,361
	1,574,832		Geodesic Information Systems Ltd		2,740
	12,886		HDFC Bank Ltd		678
	3,822		ICICI Bank Ltd		95
	158,382	e	ICICI Bank Ltd (ADR)		7,892
	89,112	e	Infosys Technologies Ltd (ADR)		6,389
	200,000		Pantaloon Retail India Ltd		1,161
	760,625	f	Puravankara Projects Ltd (purchased 11/27/10, cost $2,194)		1,842
	60,361		Sobha Developers Ltd		397
	675,935		Sun Pharmaceuticals Industries Ltd		6,712
	463,934		Sunteck Realty Ltd		3,044
	87,014		Tata Consultancy Services Ltd		2,310
	38,959		Tata Power Co Ltd		1,167
	1,262,253		UCO Bank		3,029
	5,484,238		Unitech Ltd		4,970
	7,453		Vedanta Resources plc		284
			TOTAL INDIA		96,958
INDONESIA - 0.2%
	6,879,000		Bank Rakyat Indonesia		4,536
	816,563		PT Astra International Tbk		5,341
	10,000,000		PT Bank Negara Indonesia		4,561
	9,500,000		PT Indofood Sukses Makmur Tbk		5,887
	5,039,000		PT Perusahaan Gas Negara		2,254
	3,679,500		PT Semen Gresik Persero Tbk		3,843
	2,081,800		PT Tambang Batubara Bukit Asam Tbk		5,015
			TOTAL INDONESIA		31,437
IRELAND - 0.4%
	102,193		Accenture plc		5,618
	147,992	*,m	Anglo Irish Bank Corp plc		46
	213,180	*	Bank of Ireland		66
	70,020		CRH plc		1,609
	6,125		CRH plc (IRELAND)		141
	52,053	*	Elan Corp plc		357
	17,981		Kerry Group plc (Class A)		669
	30,905		Ryanair Holdings plc		146
	1,500	e	Ryanair Holdings plc (ADR)		42
	1,304,156		Shire Ltd		37,856
	100,534		Shire plc (ADR)		8,757
	1,103,671	*	Smurfit Kappa Group plc		13,999
			TOTAL IRELAND		69,306
ISRAEL - 0.1%
	61,806	*	Bank Hapoalim Ltd		321
	73,470		Bank Leumi Le-Israel		376
	108,607		Bezeq Israeli Telecommunication Corp Ltd		322
	3,056		Cellcom Israel Ltd		100
	246		Delek Group Ltd		67

203

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,455		Elbit Systems Ltd	$	81
	221,176		Israel Chemicals Ltd		3,641
	142	*	Israel Corp Ltd		170
	48,116	*	Israel Discount Bank Ltd		101
	14,241		Makhteshim-Agan Industries Ltd		75
	7,799		Mizrahi Tefahot Bank Ltd		88
	3,926	*	Nice Systems Ltd		145
	5,259		Partner Communications		100
	57,550		Teva Pharmaceutical Industries Ltd		2,891
	136,472		Teva Pharmaceutical Industries Ltd (ADR)		6,847
			TOTAL ISRAEL		15,325
ITALY - 0.9%
	4,100,601		A2A S.p.A.		6,639
	228,506	*	ACEA S.p.A.		2,694
	127,067		Assicurazioni Generali S.p.A.		2,747
	11,875	*	Autogrill S.p.A.		167
	30,786		Autostrade S.p.A.		705
	66,957		Banca Carige S.p.A.		158
	837,598		Banca Intesa S.p.A.		2,471
	120,584		Banca Intesa S.p.A. RSP		318
	284,789	*	Banca Monte dei Paschi di Siena S.p.A.		355
	18,602		Banca Popolare di Milano		70
	76,297		Banche Popolari Unite Scpa		651
	125,728		Banco Popolare Scarl		375
	7,368		Beni Stabili S.p.A. (Paris)		7
	332,000		De’Longhi S.p.A.		3,207
	100,000	*	Enel Green Power S.p.A		277
	1,228,650		Enel S.p.A.		7,740
	434,280		ENI S.p.A.		10,656
	7,370		Exor S.p.A.		226
	1,082,874	*	FIAT Industrial S.p.A.		15,546
	783,392		Fiat S.p.A.		7,080
	52,462		Finmeccanica S.p.A.		660
	2,895		Fondiaria-Sai S.p.A.		24
	3,331		Italcementi S.p.A.		34
	2,148	e	Lottomatica S.p.A.		39
	12,581		Luxottica Group S.p.A.		411
	77,290		Mediaset S.p.A.		491
	51,993		Mediobanca S.p.A.		531
	10,301		Mediolanum S.p.A.		55
	187,873		Parmalat S.p.A.		629
	11,033	*	Pirelli & C Real Estate S.p.A.		9
	476,286		Pirelli & C S.p.A.		4,179
	16,509		Prysmian S.p.A.		353
	1,235,890		Saipem S.p.A.		65,657
	13,407	*,e	Saras S.p.A.		35
	216,270		Snam Rete Gas S.p.A.		1,215
	370,888		Telecom Italia RSP		498
	849,669		Telecom Italia S.p.A.		1,306
	566,417		Terna Rete Elettrica Nazionale S.p.A.		2,709
	1,540,348		UniCredito Italiano S.p.A.		3,797

204

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	34,384		Unipol Gruppo Finanziario S.p.A.	$	25
			TOTAL ITALY		144,746
JAPAN - 7.8%
	57,083		77 Bank Ltd		287
	1,600		ABC-Mart, Inc		58
	150,970		Acom Co Ltd		2,034
	5,424	*	Advance Residence Investment Corp		10,680
	19,942		Advantest Corp		359
	400,009		Aeon Co Ltd		4,635
	8,503		Aeon Credit Service Co Ltd		117
	8,600		Aeon Mall Co Ltd		184
	8,000		Air Water, Inc		97
	179,442		Aisin Seiki Co Ltd		6,238
	299,529		Ajinomoto Co, Inc		3,116
	5,757		Alfresa Holdings Corp		221
	48,435		All Nippon Airways Co Ltd		144
	1,018,744		Amada Co Ltd		8,507
	5,607,848	e	Aozora Bank Ltd		12,670
	53,307		Asahi Breweries Ltd		886
	491,773		Asahi Glass Co Ltd		6,187
	409,834		Asahi Kasei Corp		2,760
	9,000		Asics Corp		121
	115,341		Astellas Pharma, Inc		4,271
	79,653		Bank of Kyoto Ltd		705
	320,971		Bank of Yokohama Ltd		1,526
	49,753		Benesse Corp		2,042
	56,704		Bridgestone Corp		1,186
	75,100		Brother Industries Ltd		1,103
	113,700		Canon Electronics, Inc		3,114
	6,964	*	Canon Marketing Japan, Inc		87
	518,697		Canon, Inc		22,309
	143,900		Capcom Co Ltd		2,749
	80,723		Casio Computer Co Ltd		639
	500		Central Japan Railway Co		3,964
	265,323		Chiba Bank Ltd		1,487
	440,000		Chiyoda Corp		4,030
	237,266		Chubu Electric Power Co, Inc		5,282
	158,058		Chugai Pharmaceutical Co Ltd		2,719
	37,100		Chugoku Bank Ltd		421
	139,253		Chugoku Electric Power Co, Inc		2,576
	14,442		Citizen Watch Co Ltd		83
	6,271		Coca-Cola West Japan Co Ltd		119
	188,343		Cosmo Oil Co Ltd		584
	316,455		Credit Saison Co Ltd		5,106
	103,076		Dai Nippon Printing Co Ltd		1,255
	15,630		Daicel Chemical Industries Ltd		96
	55,698		Daido Steel Co Ltd		317
	29,290	*	Daihatsu Motor Co Ltd		427
	772	e	Dai-ichi Mutual Life Insurance Co		1,164
	144,897	e	Daiichi Sankyo Co Ltd		2,797
	24,846		Daikin Industries Ltd		743

205

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	27,000		Dainippon Ink and Chemicals, Inc	$	63
	17,463		Dainippon Sumitomo Pharma Co Ltd		163
	21,011		Daito Trust Construction Co Ltd		1,445
	1,031,856		Daiwa House Industry Co Ltd		12,622
	98,300	*	Daiwa Securities Group, Inc		451
	26,700		Dena Co Ltd		966
	167,676		Denki Kagaku Kogyo KK		828
	265,045		Denso Corp		8,814
	17,655		Dentsu, Inc		456
	1,300	*	Digital Garage, Inc		5,735
	27,318		Dowa Holdings Co Ltd		170
	70,052		East Japan Railway Co		3,890
	46,217		Eisai Co Ltd		1,659
	15,739	e	Electric Power Development Co		485
	19,008	*,e	Elpida Memory, Inc		244
	6,444		FamilyMart Co Ltd		242
	73,843	*	Fanuc Ltd		11,162
	3,118		Fast Retailing Co Ltd		390
	35,900		FCC Co Ltd		864
	32,822	*	Fuji Electric Holdings Co Ltd		104
	284,884		Fuji Folms Holdings Corp		8,830
	770,342		Fuji Heavy Industries Ltd		4,977
	55		Fuji Television Network, Inc		77
	407,991		Fujitsu Ltd		2,306
	170,167	e	Fukuoka Financial Group, Inc		707
	203,805		Furukawa Electric Co Ltd		824
	120		Global One Real Estate Investment Corp		979
	219,800	*	Gree, Inc		3,683
	40,110		GS Yuasa Corp		267
	77,879		Gunma Bank Ltd		413
	79,842		Hachijuni Bank Ltd		460
	2,635	e	Hakuhodo DY Holdings, Inc		139
	3,937		Hamamatsu Photonics KK		156
	119,720		Hankyu Hanshin Holdings, Inc		553
	14,182		Hino Motors Ltd		69
	3,187		Hirose Electric Co Ltd		343
	61,744		Hiroshima Bank Ltd		268
	23,500		Hisamitsu Pharmaceutical Co, Inc		947
	11,152		Hitachi Chemical Co Ltd		227
	5,922		Hitachi Construction Machinery Co Ltd		148
	112,100		Hitachi High-Technologies Corp		2,235
	7,575,685	*	Hitachi Ltd		39,435
	44,000		Hitachi Metals Ltd		555
	42,682		Hokkaido Electric Power Co, Inc		829
	158,446		Hokuhoku Financial Group, Inc		309
	43,875		Hokuriku Electric Power Co		994
	1,149,368		Honda Motor Co Ltd		42,703
	100,753	*	Hoya Corp		2,299
	96,166	*	Ibiden Co Ltd		3,043
	103,247	e	Idemitsu Kosan Co Ltd		12,066
	601		Inpex Holdings, Inc		4,547
	38,681	e	Isetan Mitsukoshi Holdings Ltd		349

206

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	78,178		Ishikawajima-Harima Heavy Industries Co Ltd	$	191
	189,169		Isuzu Motors Ltd		750
	6,937		Ito En Ltd		121
	1,241,423		Itochu Corp		12,991
	12,162		Itochu Techno-Science Corp		393
	49,652		Iyo Bank Ltd		414
	28,989		J Front Retailing Co Ltd		120
	9,300		Japan Petroleum Exploration Co		465
	470		Japan Prime Realty Investment Corp		1,271
	151		Japan Real Estate Investment Corp		1,431
	158	*	Japan Retail Fund Investment Corp		248
	425,428		Japan Steel Works Ltd		3,330
	1,077		Japan Tobacco, Inc		3,894
	142,604		JFE Holdings, Inc		4,175
	107,978		JGC Corp		2,520
	124,624		Joyo Bank Ltd		490
	26,523		JS Group Corp		688
	19,153		JSR Corp		384
	863,003		JTEKT Corp		11,243
	218		Jupiter Telecommunications Co		214
	736,400		JX Holdings, Inc		4,948
	739,372		Kajima Corp		2,067
	880		Kakaku.com, Inc		4,897
	28,126		Kamigumi Co Ltd		240
	30,900		Kaneka Corp		216
	259,574		Kansai Electric Power Co, Inc		5,656
	22,480		Kansai Paint Co Ltd		195
	31,853		Kao Corp		795
	2,764,212		Kawasaki Heavy Industries Ltd		12,175
	339,817		Kawasaki Kisen Kaisha Ltd		1,256
	1,542		KDDI Corp		9,534
	156,722		Keihin Electric Express Railway Co Ltd		1,129
	196,310		Keio Corp		1,173
	91,426		Keisei Electric Railway Co Ltd		524
	10,685		Keyence Corp		2,728
	45,795		Kikkoman Corp		431
	14,131		Kinden Corp		129
	375,914		Kintetsu Corp		1,207
	232,849		Kirin Brewery Co Ltd		3,056
	756,084		Kobe Steel Ltd		1,958
	6,000	*	Koito Manufacturing Co Ltd		96
	1,074,022		Komatsu Ltd		36,437
	5,473		Konami Corp		101
	50,113		Konica Minolta Holdings, Inc		421
	68,158		Kubota Corp		641
	49,887		Kuraray Co Ltd		644
	8,897		Kurita Water Industries Ltd		263
	53,212		Kyocera Corp		5,393
	78,486		Kyowa Hakko Kogyo Co Ltd		736
	155,784		Kyushu Electric Power Co, Inc		3,046
	19,951		Lawson, Inc		962
	6,500		Leopalace21 Corp		9

207

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	2,816		Mabuchi Motor Co Ltd	$	134
	18,336	*	Makita Corp		853
	1,301,072		Marubeni Corp		9,351
	13,809		Marui Co Ltd		89
	4,696		Maruichi Steel Tube Ltd		116
	7,500		Matsui Securities Co Ltd		41
	169,955		Matsushita Electric Industrial Co Ltd		2,153
	1,439,150		Mazda Motor Corp		3,171
	3,900		McDonald’s Holdings Co Japan Ltd		94
	15,912		Mediceo Paltac Holdings Co Ltd		141
	48,349	e	MEIJI Holdings Co Ltd		1,946
	42,664		Millea Holdings, Inc		1,139
	20,716		Minebea Co Ltd		114
	3,100		Miraca Holdings, Inc		119
	1,006,219	e	Mitsubishi Chemical Holdings Corp		6,338
	1,164,741		Mitsubishi Corp		32,296
	1,421,037		Mitsubishi Electric Corp		16,724
	375,705		Mitsubishi Estate Co Ltd		6,349
	39,160		Mitsubishi Gas Chemical Co, Inc		281
	709,047		Mitsubishi Heavy Industries Ltd		3,258
	11,262		Mitsubishi Logistics Corp		126
	1,572,293		Mitsubishi Materials Corp		5,326
	470,130	*	Mitsubishi Motors Corp		577
	5,766,754		Mitsubishi UFJ Financial Group, Inc		26,571
	138,720		Mitsubishi UFJ Lease & Finance Co Ltd		5,564
	1,968,304		Mitsui & Co Ltd		35,240
	80,087		Mitsui Chemicals, Inc		284
	42,875		Mitsui Engineering & Shipbuilding Co Ltd		103
	465,137		Mitsui Fudosan Co Ltd		7,646
	61,239		Mitsui Mining & Smelting Co Ltd		213
	120,499		Mitsui OSK Lines Ltd		695
	59,120	e	Mitsui Sumitomo Insurance Group Holdings, Inc		1,349
	1,377,750		Mitsui Trust Holdings, Inc		4,881
	5,022		Mitsumi Electric Co Ltd		67
	7,184,498		Mizuho Financial Group, Inc		11,855
	296,872		Mizuho Trust & Banking Co Ltd		268
	48,920		Murata Manufacturing Co Ltd		3,538
	5,600		Nabtesco Corp		140
	11,106		Namco Bandai Holdings, Inc		121
	153,615		NEC Corp		334
	54,179		NGK Insulators Ltd		968
	15,988		NGK Spark Plug Co Ltd		219
	87,138		NHK Spring Co Ltd		863
	13,706		Nidec Corp		1,187
	78,681		Nikon Corp		1,623
	45,158		Nintendo Co Ltd		12,279
	154		Nippon Building Fund, Inc		1,501
	95,175		Nippon Electric Glass Co Ltd		1,349
	89,441		Nippon Express Co Ltd		343
	10,944		Nippon Meat Packers, Inc		138
	189,000		Nippon Paint Co Ltd		1,270
	10,387	*	Nippon Paper Group, Inc		221

208

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	80,507		Nippon Sheet Glass Co Ltd	$	232
	1,341,884		Nippon Steel Corp		4,293
	449,130		Nippon Telegraph & Telephone Corp		20,060
	869,408		Nippon Yusen Kabushiki Kaisha		3,400
	42,721		Nishi-Nippon City Bank Ltd		123
	15,155		Nissan Chemical Industries Ltd		157
	1,790,343		Nissan Motor Co Ltd		15,904
	60,618		Nisshin Seifun Group, Inc		699
	75,321		Nisshin Steel Co Ltd		162
	7,054		Nisshinbo Industries, Inc		68
	10,635		Nissin Food Products Co Ltd		374
	20,423		Nitori Co Ltd		1,794
	30,937		Nitto Denko Corp		1,639
	153,834	e	NKSJ Holdings, Inc		1,004
	213,251	*	NOK Corp		3,793
	672,163	*	Nomura Holdings, Inc		3,474
	10,274		Nomura Real Estate Holdings, Inc		156
	91		Nomura Real Estate Office Fund, Inc		615
	12,610		Nomura Research Institute Ltd		279
	25,911		NSK Ltd		224
	2,249,948		NTN Corp		10,795
	330		NTT Data Corp		1,019
	5,042		NTT DoCoMo, Inc		8,802
	400	e	NTT Urban Development Corp		335
	370,259		Obayashi Corp		1,642
	757		Obic Co Ltd		144
	209,398		Odakyu Electric Railway Co Ltd		1,765
	87,797		OJI Paper Co Ltd		417
	32,800		Okinawa Electric Power Co, Inc		1,501
	27,012		Olympus Corp		752
	71,002		Omron Corp		1,999
	8,998		Ono Pharmaceutical Co Ltd		443
	54,417		Oriental Land Co Ltd		4,324
	367,759	*	ORIX Corp		34,471
	636,981		Osaka Gas Co Ltd		2,541
	1,687		Otsuka Corp		109
	14,700	e	Otsuka Holdings KK		363
	534,700		Park24 Co Ltd		5,193
	31,614	*	Rakuten, Inc		28,362
	192,130		Resona Holdings, Inc		916
	493,581		Ricoh Co Ltd		5,811
	124,599		Rinnai Corp		8,252
	20,324		Rohm Co Ltd		1,277
	3,180		Sankyo Co Ltd		163
	429,000		Sanrio Co Ltd		12,693
	11,056		Santen Pharmaceutical Co Ltd		442
	18,800		Sapporo Hokuyo Holdings, Inc		90
	26,795		Sapporo Holdings Ltd		100
	1,174	*	SBI Holdings, Inc		148
	55,334		Secom Co Ltd		2,573
	1,220,243	e	Sega Sammy Holdings, Inc		21,162
	7,683		Seiko Epson Corp		123

209

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	45,951		Sekisui Chemical Co Ltd	$	359
	53,920		Sekisui House Ltd		503
	40,600	e	Senshu Ikeda Holdings, Inc		55
	228,981		Seven & I Holdings Co Ltd		5,833
	664	e	Seven Bank Ltd		1,340
	113,106	*	Sharp Corp		1,122
	48,719		Shikoku Electric Power Co, Inc		1,326
	26,982		Shimadzu Corp		240
	1,297		Shimamura Co Ltd		114
	3,881		Shimano, Inc		194
	332,062		Shimizu Corp		1,473
	104,400		Shin-Etsu Chemical Co Ltd		5,196
	7,774		Shinko Electric Industries		80
	34,751	*	Shinko Securities Co Ltd		92
	172,649		Shinsei Bank Ltd		203
	63,473		Shionogi & Co Ltd		1,083
	91,985		Shiseido Co Ltd		1,593
	173,301		Shizuoka Bank Ltd		1,434
	147,654		Showa Denko KK		297
	230,773		Showa Shell Sekiyu KK		2,407
	13,788		SMC Corp		2,269
	484,460		Softbank Corp		19,303
	131,536		Sojitz Holdings Corp		262
	595,102	*	Sony Corp		18,981
	21,800	e	Sony Financial Holdings, Inc		432
	3,999		Square Enix Co Ltd		69
	18,035		Stanley Electric Co Ltd		298
	335,800	e	Start Today Co Ltd		5,178
	12,376	*,e	Sumco Corp		249
	171,000		Sumitomo Bakelite Co Ltd		1,053
	163,883		Sumitomo Chemical Co Ltd		819
	375,063		Sumitomo Corp		5,360
	172,076		Sumitomo Electric Industries Ltd		2,383
	59,625		Sumitomo Heavy Industries Ltd		388
	2,683,400		Sumitomo Metal Industries Ltd		5,999
	148,464		Sumitomo Metal Mining Co Ltd		2,552
	759,979		Sumitomo Mitsui Financial Group, Inc		23,579
	478,256		Sumitomo Realty & Development Co Ltd		9,563
	17,963		Sumitomo Rubber Industries, Inc		183
	900		Sumitomo Titanium Corp		62
	839,488	m	Sumitomo Trust & Banking Co Ltd		4,541
	459,654		Suruga Bank Ltd		4,083
	6,987		Suzuken Co Ltd		184
	117,522		Suzuki Motor Corp		2,627
	4,000		Sysmex Corp		141
	95,781		T&D Holdings, Inc		2,360
	35,000		Taiheiyo Cement Corp		59
	605,943		Taisei Corp		1,492
	13,411		Taisho Pharmaceutical Co Ltd		290
	28,357		Taiyo Nippon Sanso Corp		237
	29,718		Takashimaya Co Ltd		190
	385,737		Takeda Pharmaceutical Co Ltd		17,997

210

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	23,081		Tanabe Seiyaku Co Ltd	$	374
	12,827		TDK Corp		759
	6,223,613		Teijin Ltd		27,844
	49,276		Terumo Corp		2,596
	64,876		THK Co Ltd		1,626
	283,878		Tobu Railway Co Ltd		1,160
	11,775		Toho Co Ltd		169
	163,000		Toho Gas Co Ltd		840
	45,315		Tohoku Electric Power Co, Inc		766
	32,295		Tokuyama Corp		172
	1,700		Tokyo Broadcasting System, Inc		20
	142,260		Tokyo Electric Power Co, Inc		793
	54,110		Tokyo Electron Ltd		2,983
	119,000		Tokyo Energy & Systems, Inc		783
	1,327,624		Tokyo Gas Co Ltd		6,056
	745,540		Tokyo Steel Manufacturing Co Ltd		8,700
	707,572		Tokyo Tatemono Co Ltd		2,643
	352,852		Tokyu Corp		1,464
	47,414		Tokyu Land Corp		206
	85,427		Toppan Printing Co Ltd		674
	408,764		Toray Industries, Inc		2,967
	2,700		Tosei Corp		916
	965,481		Toshiba Corp		4,721
	185,000		Toshiba Plant Systems & Services Corp		2,088
	53,647		Tosoh Corp		193
	28,681		Toto Ltd		230
	16,239		Toyo Seikan Kaisha Ltd		266
	37,099		Toyo Suisan Kaisha Ltd		806
	15,997		Toyoda Gosei Co Ltd		334
	7,200		Toyota Boshoku Corp		104
	39,661		Toyota Industries Corp		1,201
	910,548	*	Toyota Motor Corp		36,134
	22,394		Toyota Tsusho Corp		369
	5,728	*	Trend Micro, Inc		153
	7,574		Tsumura & Co		238
	309,932		UBE Industries Ltd		987
	92,951		Uni-Charm Corp		3,384
	466,600		United Arrows Ltd		6,110
	19,420		UNY Co Ltd		180
	356,684		Ushio, Inc		6,976
	26,802		USS Co Ltd		2,086
	391		West Japan Railway Co		1,507
	4,811		Yahoo! Japan Corp		1,718
	25,477		Yakult Honsha Co Ltd		652
	4,839		Yamada Denki Co Ltd		325
	45,666		Yamaguchi Financial Group, Inc		423
	9,388		Yamaha Corp		107
	386,283	*	Yamaha Motor Co Ltd		6,726
	39,000		Yamato Kogyo Co Ltd		1,301
	41,755		Yamato Transport Co Ltd		647
	11,553		Yamazaki Baking Co Ltd		134
	24,384		Yaskawa Electric Corp		289

211

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	23,410	*	Yokogawa Electric Corp	$	179
	189,000		Zeon Corp		1,745
			TOTAL JAPAN		1,200,782
JERSEY, C.I. - 0.0%
	9,878	e	Randgold Resources Ltd		798
			TOTAL JERSEY, C.I.		798
KAZAKHSTAN - 0.0%
	16,077		Eurasian Natural Resources Corp		241
			TOTAL KAZAKHSTAN		241
KOREA, REPUBLIC OF - 0.7%
	100,000		Daewoo Shipbuilding & Marine Engineering Co Ltd		3,101
	40,000		Dongbu Insurance Co Ltd		1,824
	461,607	*	Duksan Hi-Metal Co Ltd		10,623
	232,960		Hanwha Chemical Corp		9,186
	17,400		Hyundai Heavy Industries		8,205
	21,276		Hyundai Mobis		6,343
	38,797		Hyundai Motor Co		7,170
	300,000		Hyundai Securities Co		3,605
	55,000		Hyundai Steel Co		7,011
	260,000		Kangwon Land, Inc		6,028
	127,251		KB Financial Group, Inc		6,657
	100,780		Kia Motors Corp		6,333
	10,838		LG Chem Ltd		4,535
	5,695		LG Household & Health Care Ltd		2,136
	40,000		LS Cable Ltd		4,008
	14,000		Ncsoft		3,195
	4,822		Samsung Electronics Co Ltd		4,089
	23,472		Samsung Engineering Co Ltd		4,470
	120,000		Samsung Heavy Industries Co Ltd		4,359
	21,000		SFA Engineering Corp		1,307
	66,490		Shinhan Financial Group Co Ltd		3,018
	150,695		Silicon Works Co Ltd		5,205
	100,000		SNU Precision Co Ltd		1,747
			TOTAL KOREA, REPUBLIC OF		114,155
LUXEMBOURG - 0.1%
	93,186		ArcelorMittal		3,369
	3,265,250	*,e	L’ Occitane International S.A.		8,057
	9,820		Millicom International Cellular S.A.		939
	37,949		SES Global S.A.		977
			TOTAL LUXEMBOURG		13,342
MACAU - 0.2%
	11,605,300	*	Sands China Ltd		25,859
	120,800		Wynn Macau Ltd		337
			TOTAL MACAU		26,196

212

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
MALAYSIA - 0.1%
	1,300,000		Bumiputra-Commerce Holdings BHD	$	3,517
	471,384	*	Genting International plc		766
	1,151,800		Public Bank BHD		4,987
	30,659		YNH Property BHD		19
			TOTAL MALAYSIA		9,289
MEXICO - 0.0%
	10,000		Alfa S.A. de C.V. (Class A)		130
	37,960		America Movil S.A. de C.V. (ADR) (Series L)		2,205
	279,700	*	Compartamos SAB de C.V.		503
	171,168		Fresnillo plc		4,231
			TOTAL MEXICO		7,069
NETHERLANDS - 2.1%
	208,024	*	Aegon NV		1,558
	25,228		Akzo Nobel NV		1,736
	2,016	*,e	APERAM		81
	46,941		ASML Holding NV		2,087
	7,004		Boskalis Westminster		370
	185,791		Chicago Bridge & Iron Co NV		7,555
	50,000	*	CNH Global NV		2,428
	7,196		Corio NV		504
	9,473		DSM NV		582
	44,294	*	European Aeronautic Defence and Space Co		1,290
	8,580		Fugro NV		757
	14,468		Heineken Holding NV		695
	33,305		Heineken NV		1,819
	10,050,186	*	ING Groep NV		127,576
	262,700		ING Vysya Bank Ltd		1,890
	129,354		Koninklijke Ahold NV		1,735
	603,189		Koninklijke Philips Electronics NV		19,322
	4,346		Koninklijke Vopak NV		209
	46,345	*	LyondellBasell Industries AF S.C.A		1,833
	29,447	*	Qiagen NV		588
	11,723	*	Randstad Holdings NV		653
	76,422		Reed Elsevier NV		986
	1,535,195	e	Royal Dutch Shell plc (A Shares)		55,687
	1,019,005		Royal Dutch Shell plc (B Shares)		37,004
	218,697		Royal KPN NV		3,729
	20,670		SBM Offshore NV		600
	101,074	*	Sensata Technologies Holding BV		3,510
	1,038,368		TNT NV		26,663
	267,579		Unilever NV		8,384
	212,763		Unilever NV (ADR)		6,672
	31,597		Wolters Kluwer NV		739
			TOTAL NETHERLANDS		319,242
NEW ZEALAND - 0.0%
	115,660		Auckland International Airport Ltd		195
	40,927	*	Contact Energy Ltd		182
	76,056		Fletcher Building Ltd		542
	72,095		Sky City Entertainment Group Ltd		186

213

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	270,409		Telecom Corp of New Zealand Ltd	$	416
			TOTAL NEW ZEALAND		1,521
NORWAY - 0.2%
	10,127	e	Aker Kvaerner ASA		233
	113,799		DNB NOR Holding ASA		1,745
	64,323		Frontline Ltd		1,593
	97,269		Norsk Hydro ASA		797
	84,431	e	Orkla ASA		818
	3,000,000	e	PAN Fish ASA		3,723
	67,680	*,e	Renewable Energy Corp AS		238
	35,701	e	SeaDrill Ltd		1,291
	121,495		Statoil ASA		3,365
	90,409		Telenor ASA		1,488
	229,118		Yara International ASA		11,606
			TOTAL NORWAY		26,897
PHILIPPINES - 0.1%
	5,000,000		Aboitiz Power Corp		3,457
	20,236,600		Alliance Global Group, Inc		5,559
	10,195,901	m	Ayala Land, Inc (Preference)		23
	3,771,610		Metropolitan Bank & Trust		5,585
			TOTAL PHILIPPINES		14,624
POLAND - 0.0%
	120,789		KGHM Polska Miedz S.A.		7,662
			TOTAL POLAND		7,662
PORTUGAL - 0.3%
	334,226		Banco Comercial Portugues S.A.		272
	58,070		Banco Espirito Santo S.A.		237
	25,672		Brisa-Auto Estradas de Portugal S.A.		173
	24,086		Cimpor Cimentos de Portugal S.A.		174
	19,686	*	EDP Renovaveis S.A.		141
	153,517		Energias de Portugal S.A.		598
	21,778		Galp Energia SGPS S.A.		465
	2,295,442		Jeronimo Martins SGPS S.A.		36,860
	74,990		Portugal Telecom SGPS S.A.		867
			TOTAL PORTUGAL		39,787
RUSSIA - 0.1%
	215,187	*,f	Pharmstandard (GDR) (purchased 10/08/10, cost $5,025)		5,991
	9,000	f	Sberbank (GDR) (purchased 12/03/10, cost $3,320)		3,731
			TOTAL RUSSIA		9,722
SINGAPORE - 0.6%
	5,071,000		Allgreen Properties Ltd		4,343
	185,473		Ascendas Real Estate Investment Trust		300
	86,536		Avago Technologies Ltd		2,691
	848,082		CapitaLand Ltd		2,220
	698,974		CapitaMall Trust		1,042

214

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	105,000	e	CapitaMalls Asia Ltd	$	148
	166,868		City Developments Ltd		1,525
	147,028		ComfortDelgro Corp Ltd		182
	78,584	e	Cosco Corp Singapore Ltd		128
	1,557,025		DBS Group Holdings Ltd		18,077
	166,641	*	Flextronics International Ltd		1,245
	77,103		Fraser and Neave Ltd		368
	119,000	*	Global Logistic Properties		177
	520,497		Golden Agri-Resources Ltd		285
	1,028,000		Hotel Properties Ltd		2,034
	254,945		Jardine Cycle & Carriage Ltd		7,397
	1,074,842		Keppel Corp Ltd		10,485
	56,000		Keppel Land Ltd		199
	23,000	e	K-Green Trust		19
	70,465	*	Neptune Orient Lines Ltd		108
	317,298	e	Olam International Ltd		705
	699,957		Oversea-Chinese Banking Corp		5,320
	795,811		SembCorp Industries Ltd		3,291
	640,857		SembCorp Marine Ltd		2,971
	134,492		Singapore Airlines Ltd		1,459
	4,152		Singapore Airport Terminal Services Ltd		8
	254,560		Singapore Exchange Ltd		1,584
	482,963	e	Singapore Press Holdings Ltd		1,509
	662,896		Singapore Technologies Engineering Ltd		1,713
	2,456,704		Singapore Telecommunications Ltd		5,882
	46,274		StarHub Ltd		99
	371,989		United Overseas Bank Ltd		5,546
	60,965		United Overseas Land Ltd		229
	169,000	e	Wilmar International Ltd		731
	2,545,000	e	Yangzijiang Shipbuilding		3,655
			TOTAL SINGAPORE		87,675
SOUTH AFRICA - 0.2%
	400,000		AVI Ltd		1,773
	400,000		Clicks Group Ltd		2,512
	300,000		Foschini Ltd		3,755
	250,000		Imperial Holdings Ltd		4,214
	102,071		Kumba Iron Ore Ltd		7,211
	370,000		Mr Price Group Ltd		3,351
	1,351,872		Woolworths Holdings Ltd		5,579
			TOTAL SOUTH AFRICA		28,395
SPAIN - 0.8%
	32,304		Abertis Infraestructuras S.A.		701
	3,249		Acciona S.A.		353
	12,803	e	Acerinox S.A.		253
	26,371	e	ACS Actividades Cons y Servicios S.A.		1,236
	537,101	*	Amadeus IT Holding S.A.		10,252
	1,004,131		Banco Bilbao Vizcaya Argentaria S.A.		12,183
	109,356	e	Banco de Sabadell S.A.		479
	25,001	e	Banco de Valencia S.A.		112
	96,169	e	Banco Popular Espanol S.A.		565

215

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	3,506,171		Banco Santander Central Hispano S.A.	$	40,896
	39,612		Bankinter S.A.		272
	186,732	e	Bolsas y Mercados Espanoles		5,679
			Cintra Concesiones de Infraestructuras de Transporte
	53,760		S.A.		674
	95,520		Corp Mapfre S.A.		360
	109,353	e	Criteria Caixacorp S.A.		771
	14,671		Enagas		331
	4,865		Fomento de Construcciones y Contratas S.A.		161
	8,518		Gamesa Corp Tecnologica S.A.		88
	23,778		Gas Natural SDG S.A.		447
	14,850	e	Gestevision Telecinco S.A.		170
	17,836	e	Grifols S.A.		311
	98,818		Iberdrola Renovables		426
	425,746		Iberdrola S.A.		3,702
	72,871		Inditex S.A.		5,847
	11,091		Indra Sistemas S.A.		222
	300,000	e	Laboratorios Almirall S.A.		3,357
	8,883		Red Electrica de Espana		506
	79,519		Repsol YPF S.A.		2,725
	4,294	*	Sacyr Vallehermoso S.A.		50
	1,031,071		Telefonica S.A.		25,864
	18,380		Zardoya Otis S.A.		305
			TOTAL SPAIN		119,298
SWEDEN - 0.8%
	231,497		Alfa Laval AB		5,028
	25,504		Assa Abloy AB (Class B)		733
	402,954		Atlas Copco AB (A Shares)		10,701
	49,936		Atlas Copco AB (B Shares)		1,206
	220,554		Autoliv, Inc		16,371
	3,310,647	*,e	Biovitrum AB		15,119
	217,022		Boliden AB		4,669
	26,297	e	Electrolux AB (Series B)		677
	325,599		Ericsson (LM) (B Shares)		4,189
	21,840		Getinge AB (B Shares)		538
	189,271		Hennes & Mauritz AB (B Shares)		6,283
	280,217		Hexagon AB (B Shares)		6,686
	5,782		Holmen AB (B Shares)		200
	44,811		Husqvarna AB (B Shares)		384
	6,997	e	Industrivarden AB		124
	58,269		Investor AB (B Shares)		1,413
	13,493		Kinnevik Investment AB (Series B)		314
	9,947	*	Lundin Petroleum AB		143
	3,124		Modern Times Group AB (B Shares)		237
	314,420		Nordea Bank AB		3,440
	6,266		Ratos AB (B Shares)		248
	579,941		Sandvik AB		10,945
	34,884		Scania AB (B Shares)		809
	39,923		Securitas AB (B Shares)		475
	188,369		Skandinaviska Enskilda Banken AB (Class A)		1,679
	223,625		Skanska AB (B Shares)		4,708

216

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	171,756		SKF AB (B Shares)	$	4,995
	19,518		Ssab Svenskt Stal AB (Series A)		309
	3,912		Ssab Svenskt Stal AB (Series B)		54
	145,393		Svedbergs i Dalstorp AB		1,119
	62,121	e	Svenska Cellulosa AB (B Shares)		1,000
	233,630		Svenska Handelsbanken (A Shares)		7,663
	78,553		Swedbank AB (A Shares)		1,343
	65,250		Swedish Match AB		2,166
	39,795		Tele2 AB (B Shares)		919
	288,427		TeliaSonera AB		2,493
	20,751	*	Volvo AB (A Shares)		364
	135,934	*,e	Volvo AB (B Shares)		2,389
			TOTAL SWEDEN		122,133
SWITZERLAND - 3.8%
	188,888		ABB Ltd		4,536
	13,090	*	Actelion Ltd		753
	403,238		Adecco S.A.		26,470
	9,053		Aryzta AG.		462
	6,477		Baloise Holding AG.		641
	83,400		Bank Sarasin & Compagnie AG.		3,632
	622		Bkw Fmb Energie AG		44
	788,601		Compagnie Financiere Richemont S.A.		45,470
	1,327,483		Credit Suisse Group		56,312
	10,083		Geberit AG.		2,193
	870		Givaudan S.A.		875
	26,643		Holcim Ltd		2,002
	37,751		ING Canada, Inc		1,957
	531,651		Julius Baer Group Ltd		23,017
	16,846	*	Julius Baer Holding AG.		320
	12,865		Kuehne & Nagel International AG.		1,799
	96		Lindt & Spruengli AG.		277
	12		Lindt & Spruengli AG. (Reg)		390
	23,196	*,e	Logitech International S.A.		418
	284,242		Lonza Group AG.		23,798
	1,107,433		Nestle S.A.		63,418
	8,342		Nobel Biocare Holding AG.		173
	1,924,473		Novartis AG.		104,212
	164,944		Novartis AG. (ADR)		8,965
	2,828		Pargesa Holding S.A.		271
	1,160,133		Philip Morris International, Inc		76,140
	5,929		Phonak Holding AG.		528
	89,737		Roche Holding AG.		12,811
	8,476		Schindler Holding AG.		1,019
	1,344		Schindler Holding AG. (Reg)		162
	1,114		SGS S.A.		1,980
	127		Sika AG.		305
	84,325		STMicroelectronics NV		1,046
	857		Straumann Holding AG.		220
	4,160		Swatch Group AG.		1,836
	2,898		Swatch Group AG. Reg		230
	3,907		Swiss Life Holding		645

217

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	316,069		Swiss Reinsurance Co	$	18,012
	3,946		Swisscom AG.		1,760
	55,635		Syngenta AG.		18,100
	7,641	e	Synthes, Inc		1,032
	469,221	*	Temenos Group AG.		17,757
	3,131,171	*	UBS AG. (Switzerland)		56,330
	18,821		Zurich Financial Services AG.		5,261
			TOTAL SWITZERLAND		587,579
TAIWAN - 0.4%
	6,835,000	*	AU Optronics Corp		5,953
	1,000,000		Catcher Technology Co Ltd		4,946
	1,000,000		Chunghwa Telecom Co Ltd		3,119
	450,000		Formosa Chemicals & Fibre Corp		1,706
	167,728	*,e	Foxconn International Holdings Ltd		101
	522,250		High Tech Computer Corp		20,399
	1,331,400		Hon Hai Precision Industry Co, Ltd		4,659
	200,000		Largan Precision Co Ltd		5,407
	1,000,000		Newmax Technology Co Ltd		4,447
	199,000		Richtek Technology Corp		1,376
	2,000,000		Taiwan Cement Corp		2,414
	1,662,300		TSRC Corp		4,264
			TOTAL TAIWAN		58,791
THAILAND - 0.2%
	4,538,000		Bank of Ayudhya PCL (ADR)		3,721
	219,437		Banpu PCL		5,570
	4,227,800		Charoen Pokphand Foods PCL		3,599
	1,157,000		Kasikornbank PCL - NVDR		4,856
	6,300,000		Krung Thai Bank PCL		3,833
	859,368		PTT Chemical PCL		4,198
	333,000		PTT PCL		3,901
			TOTAL THAILAND		29,678
TURKEY - 0.2%
	419,921		Arcelik AS		1,942
	500,000		Ford Otomotiv Sanayi AS		4,768
	1,075,936		KOC Holding AS		4,995
	200,000		Koza Altin Isletmeleri AS		2,618
	930,000		Tofas Turk Otomobil Fabrik		5,244
	1,025,936		Turk Telekomunikasyon AS		5,149
	1,907,888	*	Yapi ve Kredi Bankasi		5,473
			TOTAL TURKEY		30,189
UKRAINE - 0.0%
	100,000	*,f	MHP S.A. (GDR) (purchased 01/07/11, cost $1,794)		1,897
			TOTAL UKRAINE		1,897
UNITED KINGDOM - 9.6%
	125,168		3i Group plc		600
	17,214		Acergy S.A.		434

218

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,560,483		Admiral Group plc	$	38,875
	600,000	*	Afren plc		1,568
	815,951		Aggreko plc		20,607
	307,987		AMEC plc		5,890
	1,699,376		Anglo American plc (London)		87,323
	326,481		Antofagasta plc		7,117
	81,271		ARM Holdings plc		754
	211,200	*	ASOS plc		5,789
	711,949		Associated British Foods plc		11,329
	228,228		AstraZeneca plc		10,485
	4,603		AstraZeneca plc (ADR)		212
	4,566,584	*	Autonomy Corp plc		116,369
	651,615		Aveva Group plc		16,865
	301,929		Aviva plc		2,095
	22,179		Babcock International Group		221
	375,600		BAE Systems plc		1,957
	88,178		Balfour Beatty plc		486
	8,527,211		Barclays plc		38,287
	5,831	*	Berkeley Group Holdings plc		97
	3,459,592		BG Group plc		85,886
	615,365		BHP Billiton plc		24,363
	5,124,514		BP plc		37,650
	1,470,865	*,e	British Airways plc		5,356
	266,842		British American Tobacco plc		10,700
	1,038,936		British Land Co plc		9,208
	1,037,172		British Sky Broadcasting plc		13,727
	9,879,470		BT Group plc		29,356
	26,643		Bunzl plc		318
	1,039,214		Burberry Group plc		19,574
	169,488		Cable & Wireless plc		124
	332,589		Cable & Wireless Worldwide		280
	3,693,673	*	Cairn Energy plc		27,368
	113,693		Capita Group plc		1,355
	27,673		Capital & Counties Properties		75
	11,106		Carnival plc		437
	7,718,133		Centrica plc		40,248
	94,755		Cobham plc		350
	292,727		Compass Group plc		2,631
	4,689		Delta Lloyd NV		125
	1,746,030		Diageo plc		33,189
	24,623		Drax Group plc		157
	9,706	*	Enquest plc		21
	16,640	*	Enquest plc		37
	52,059		Ensco International plc (ADR)		3,011
	19,730	*	Essar Energy plc		150
	153,016		Experian Group Ltd		1,893
	1,214		F&C Asset Management plc		1
	61,919		Firstgroup plc		324
	509,473		GlaxoSmithKline plc		9,708
	189,580		Greggs plc		1,553
	171,931		Group 4 Securicor plc		704
	77,517		Hammerson plc		556

219

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,092,698	e	Home Retail Group	$	3,383
	7,340,624		HSBC Holdings plc		75,822
	2,022,454		ICAP plc		17,116
	1,896,466	*	Imagination Technologies Group plc		13,036
	797,469		Imperial Tobacco Group plc		24,607
	27,236		Inmarsat plc		264
	336,352		Intercontinental Hotels Group plc		6,893
	55,834	*,e	International Consolidated Airlines		205
	267,115		International Power plc		1,319
	9,795		Intertek Group plc		320
	262,382		Invensys plc		1,452
	56,118		Investec plc		429
	230,058	*	ITV plc		285
	131,215		J Sainsbury plc		705
	13,373		Johnson Matthey plc		399
	13,353		Kazakhmys plc		298
	145,352		Kingfisher plc		573
	42,281		Ladbrokes plc		90
	97,626		Land Securities Group plc		1,147
	11,387,794		Legal & General Group plc		21,023
	65,800		Liberty International plc		404
	3,518,314	*	Lloyds TSB Group plc		3,269
	21,122		London Stock Exchange Group plc		282
	10,023		Lonmin plc		274
	225,468		Man Group plc		888
	97,416		Marks & Spencer Group plc		526
	440,000		Mondi plc		4,229
	495,765		National Grid plc		4,716
	8,159,090	*	New Carphone Warehouse plc		47,644
	232,447		Next plc		7,376
	3,274,223	*,e	Ocado Ltd		11,928
	689,435		Old Mutual plc		1,502
	1,737,644		Pearson plc		30,698
	25,836		Petrofac Ltd		617
	2,764,594		Prudential plc		31,308
	1,067,323		Reckitt Benckiser Group plc		54,787
	74,870		Reed Elsevier plc		648
	95,760		Resolution Ltd		454
	95,848		Rexam plc		559
	1,350,201		Rio Tinto plc		95,456
	72,500	e	Rio Tinto plc (ADR)		5,156
	242,100	*	Rockhopper Exploration plc		962
	374,328		Rolls-Royce Group plc		3,712
	440,943		Royal & Sun Alliance Insurance Group plc		929
	1,871,134	*	Royal Bank of Scotland Group plc		1,228
	78,538		SABMiller plc		2,779
	169,729		Sage Group plc		757
	12,735		Schroders plc		355
	173,923		Scottish & Southern Energy plc		3,519
	94,049		Segro plc		485
	81,037		Serco Group plc		725
	52,719		Severn Trent plc		1,235

220

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	163,241		Smith & Nephew plc	$	1,839
	524,884		Smiths Group plc		10,908
	180,000		Spectris plc		3,929
	577,168		Standard Chartered plc		14,971
	287,879		Standard Life plc		954
	19,361	e	TalkTalk Telecom Group plc		43
	1,264,230		Tesco plc		7,723
	73,145	e	Thomas Cook Group plc		200
	61,093		TUI Travel plc		222
	2,907,125		Tullow Oil plc		67,459
	191,688		Unilever plc		5,840
	5,221,508	*	Unitech Corporate Parks plc		2,241
	87,740		United Utilities Group plc		832
	22,642,916		Vodafone Group plc		64,529
	68,110		Weir Group plc		1,890
	22,427		Whitbread plc		593
	229,845		WM Morrison Supermarkets plc		1,017
	687,120	*	Wolseley plc		23,131
	2,871,589		WPP plc		35,389
	857,328		Xstrata plc		20,003
			TOTAL UNITED KINGDOM		1,480,281
UNITED STATES - 47.8%
	90,571		3M Co		8,468
	255,000		A.O. Smith Corp		11,307
	352,684		Abbott Laboratories		17,299
	27,754		Abercrombie & Fitch Co (Class A)		1,629
	667,589		ACE Ltd		43,192
	19,676		Activision Blizzard, Inc		216
	276,700	*	Adobe Systems, Inc		9,175
	115,298		Advance Auto Parts, Inc		7,566
	19,929	*	Advanced Micro Devices, Inc		171
	46,360	*	Aeropostale, Inc		1,127
	223,556	*	AES Corp		2,906
	169,180		Aetna, Inc		6,332
	196,602		Aflac, Inc		10,377
	155,899	*	AGCO Corp		8,570
	83,440	*	Agilent Technologies, Inc		3,736
	38,933		Air Products & Chemicals, Inc		3,511
	2,823		Airgas, Inc		188
	24,058	*	Akamai Technologies, Inc		914
	30,669	*	Alaska Air Group, Inc		1,945
	173,179		Alberto-Culver Co		6,454
	201,516		Alcoa, Inc		3,557
	19,122	*	Alexion Pharmaceuticals, Inc		1,887
	3,154		Allegheny Technologies, Inc		214
	105,781		Allergan, Inc		7,513
	298,309	*	Alliance Data Systems Corp		25,622
	55,195		Alliant Energy Corp		2,149
	167,996		Allstate Corp		5,339
	4,345	*,e	Alpha Natural Resources, Inc		258
	132,194		Altera Corp		5,819

221

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	807,652		Altria Group, Inc	$	21,023
	58,156	*	Amazon.com, Inc		10,476
	49,137		AMB Property Corp		1,767
	63,846		Ameren Corp		1,792
	168,232	*	American Axle & Manufacturing Holdings, Inc		2,118
	20,109		American Eagle Outfitters, Inc		320
	76,859		American Electric Power Co, Inc		2,701
	174,040		American Express Co		7,867
	89,000		American Financial Group, Inc		3,117
	4,863	*	American International Group, Inc		171
	82,134	*	American Tower Corp (Class A)		4,256
	223,943		American Water Works Co, Inc		6,282
	5,000	*	Amerigroup Corp		321
	115,444		Ameriprise Financial, Inc		7,051
	183,022		AmerisourceBergen Corp		7,240
	36,884		Ametek, Inc		1,618
	506,343	*	Amgen, Inc		27,064
	62,585		Amphenol Corp (Class A)		3,404
	507,397		Anadarko Petroleum Corp		41,566
	156,164		Analog Devices, Inc		6,150
	25,000		Anixter International, Inc		1,747
	410,887		Annaly Capital Management, Inc		7,170
	642,575	*	AOL, Inc		12,549
	57,816		AON Corp		3,062
	304,533		Apache Corp		39,869
	6,255		Apartment Investment & Management Co (Class A)		159
	64,595	*	Apollo Group, Inc (Class A)		2,694
	180,456	*	Apollo Management LP		3,248
	732,203	*	Apple, Inc		255,137
	568,767		Applied Materials, Inc		8,884
	2,770		Aqua America, Inc		63
	72,561	*	Arch Capital Group Ltd		7,197
	57,182		Arch Coal, Inc		2,061
	142,016		Archer Daniels Midland Co		5,114
	138,102	*	Arrow Electronics, Inc		5,784
	58,804		Arthur J. Gallagher & Co		1,788
	520,278		Ashland, Inc		30,051
	67,541		Assurant, Inc		2,601
	2,757,923		AT&T, Inc		84,391
	56,784	*	Autodesk, Inc		2,505
	147,554		Automatic Data Processing, Inc		7,571
	41,601	*	Autozone, Inc		11,380
	22,646		AvalonBay Communities, Inc		2,719
	3,603		Avery Dennison Corp		151
	60,758	*	Avnet, Inc		2,071
	45,419		Avon Products, Inc		1,228
	590,637		Axis Capital Holdings Ltd		20,625
	62,429	*	Babcock & Wilcox Co		2,084
	281,492		Baker Hughes, Inc		20,670
	25,427		Ball Corp		912
	2,210,120		Bank of America Corp		29,461
	65,827		Bank of New York Mellon Corp		1,966

222

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	45,616		Bard (C.R.), Inc	$	4,530
	185,809		Baxter International, Inc		9,991
	25,086		BB&T Corp		689
	4,009		Beckman Coulter, Inc		333
	59,554		Becton Dickinson & Co		4,742
	119,386	*	Bed Bath & Beyond, Inc		5,763
	91,635	*	Berkshire Hathaway, Inc (Class B)		7,663
	108,560		Best Buy Co, Inc		3,118
	65,533	*	Biogen Idec, Inc		4,809
	164,675		BlackRock, Inc		33,101
	561,854		Blackstone Group LP		10,046
	209,604	*	BMC Software, Inc		10,426
	484,693		Boeing Co		35,833
	43,754	*	BorgWarner, Inc		3,487
	86,852		Boston Properties, Inc		8,238
	612,897	*	Boston Scientific Corp		4,407
	302,103		Bristol-Myers Squibb Co		7,985
	359,792		Broadcom Corp (Class A)		14,169
	82,204		Brookfield Properties Corp (Toronto)		1,455
	13,177		Brown-Forman Corp (Class B)		900
	2,793		Bucyrus International, Inc (Class A)		255
	4,936		Bunge Ltd		357
	121,964		CA, Inc		2,949
	163,776		Cablevision Systems Corp (Class A)		5,668
	45,600		Cabot Corp		2,111
	61,277		Cabot Oil & Gas Corp		3,246
	90,616	*	Calpine Corp		1,438
	2,700		Camden Property Trust		153
	128,832	*	Cameron International Corp		7,356
	21,164	e	Campbell Soup Co		701
	111,243		Capital One Financial Corp		5,780
	187,156		Cardinal Health, Inc		7,698
	56,138	*	Career Education Corp		1,275
	232,578	*	CareFusion Corp		6,559
	12,959	*	Carmax, Inc		416
	16,563		Carnival Corp		635
	216,159		Caterpillar, Inc		24,069
	20,302	*	CB Richard Ellis Group, Inc (Class A)		542
	389,430		CBS Corp (Class B)		9,751
	8,300		Celanese Corp (Series A)		368
	336,010	*	Celgene Corp		19,331
	1,634,719		Centerpoint Energy, Inc		28,706
	110,840		CenturyTel, Inc		4,605
	45,085	*,e	Cephalon, Inc		3,417
	43,974	*	Cerner Corp		4,890
	68,306		CF Industries Holdings, Inc		9,344
	71,957		CH Robinson Worldwide, Inc		5,334
	4,427	*	Charles River Laboratories International, Inc		170
	293,356		Charles Schwab Corp		5,289
	24,034		Chesapeake Energy Corp		806
	941,625		Chevron Corp		101,159
	2,117,964		Chimera Investment Corp		8,387

223

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	6,770	*,e	ChinaCache International Holdings Ltd. (ADR)	$	123
	16,857	*	Chipotle Mexican Grill, Inc (Class A)		4,591
	176,197		Chubb Corp		10,803
	71,175		Church & Dwight Co, Inc		5,647
	189,090		Cigna Corp		8,373
	29,902		Cimarex Energy Co		3,446
	12,558		Cincinnati Financial Corp		412
	4,640		Cintas Corp		140
	2,771,862		Cisco Systems, Inc		47,537
	204,822	*	CIT Group, Inc		8,715
	9,632,971	*,e	Citigroup, Inc		42,578
	47,235	*	Citrix Systems, Inc		3,470
	78,226		Cleveland-Cliffs, Inc		7,688
	44,005		Clorox Co		3,083
	20,224		CME Group, Inc		6,099
	247,580		Coach, Inc		12,884
	98,960	*	Cobalt International Energy, Inc		1,664
	996,819		Coca-Cola Co		66,138
	216,611		Coca-Cola Enterprises, Inc		5,913
	87,466	*	Cognizant Technology Solutions Corp (Class A)		7,120
	124,124		Colgate-Palmolive Co		10,024
	838,000		Comcast Corp (Class A)		20,715
	87,390		Comcast Corp (Special Class A)		2,029
	19,644		Comerica, Inc		721
	304,571		Computer Sciences Corp		14,842
	49,009		ConAgra Foods, Inc		1,164
	221,555	*	Concho Resources, Inc		23,773
	312,438		ConocoPhillips		24,951
	82,517		Consol Energy, Inc		4,425
	11,844		Consolidated Edison, Inc		601
	54,424	*	Constellation Brands, Inc (Class A)		1,104
	182,877		Constellation Energy Group, Inc		5,694
	9,800	*,e	Continental Resources, Inc		700
	24,627		Con-Way, Inc		968
	64,200		Cooper Cos, Inc		4,459
	179,128		Cooper Industries plc		11,625
	198,558		Corn Products International, Inc		10,289
	704,612		Corning, Inc		14,535
	191,742		Costco Wholesale Corp		14,059
	6,622	*	Covance, Inc		362
	69,630	*	Coventry Health Care, Inc		2,221
	104,005	*	Covidien plc		5,402
	146,287	*,e	Cree, Inc		6,753
	48,517	*	Crown Castle International Corp		2,064
	590,114	*	Crown Holdings, Inc		22,766
	249,860		Crude Carriers Corp		3,775
	196,780		CSX Corp		15,467
	111,396		CTC Media, Inc		2,626
	161,195		Cummins, Inc		17,670
	777,106		CVS Corp		26,669
	398,225		Cytec Industries, Inc		21,651
	101,100	*	Dana Holding Corp		1,758

224

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	455,734		Danaher Corp	$	23,653
	236,820		Darden Restaurants, Inc		11,635
	105,317	*	DaVita, Inc		9,006
	10,872	*	Deckers Outdoor Corp		937
	133,817		Deere & Co		12,966
	698,740	*	Dell, Inc		10,139
	28,683	*	Delta Air Lines, Inc		281
	1,051,091	*	Denbury Resources, Inc		25,647
	14,874		Dentsply International, Inc		550
	6,737		Developers Diversified Realty Corp		94
	76,693	*	Devon Energy Corp		7,038
	3,661		DeVry, Inc		202
	14,360	e	Diamond Offshore Drilling, Inc		1,116
	67,385	e	Dillard’s, Inc (Class A)		2,703
	575,418	*	DIRECTV		26,930
	738,647		Discover Financial Services		17,817
	1,066	*	Discovery Communications, Inc (Class A)		43
	9,262	*	Discovery Communications, Inc (Class C)		326
	231,771		DISH Network Corp (Class A)		5,646
	35,035	*	Dolby Laboratories, Inc (Class A)		1,724
	3,537	*	Dollar General Corp		111
	127,663	*	Dollar Tree, Inc		7,088
	92,985		Dominion Resources, Inc		4,156
	37,800		Domtar Corporation		3,469
	36,654		Dover Corp		2,410
	996,445		Dow Chemical Co		37,616
	680,294		DR Horton, Inc		7,925
	586,245		Dr Pepper Snapple Group, Inc		21,785
	15,840	*	Dril-Quip, Inc		1,252
	113,747	*,e	DSW, Inc (Class A)		4,545
	57,281		DTE Energy Co		2,804
	121,803		Du Pont (E.I.) de Nemours & Co		6,696
	121,211		Duke Energy Corp		2,200
	21,384		Duke Realty Corp		300
	2,674		Dun & Bradstreet Corp		215
	4,940	*,e	Dynegy, Inc (Class A)		28
	4,415,593	*	E*Trade Financial Corp		69,016
	69,300		East West Bancorp, Inc		1,522
	180,110		Eastman Chemical Co		17,889
	146,008		Eaton Corp		8,095
	6,324		Eaton Vance Corp		204
	232,003	*	eBay, Inc		7,201
	234,338		Ecolab, Inc		11,956
	25,461		Edison International		932
	420,441	*	Edwards Lifesciences Corp		36,579
	158,951		El Paso Corp		2,861
	18,456	*	Electronic Arts, Inc		360
	203,307		Eli Lilly & Co		7,150
	1,479,904	*	EMC Corp		39,291
	160,121		Emerson Electric Co		9,356
	153,926	*	Endo Pharmaceuticals Holdings, Inc		5,874
	122,400		Endurance Specialty Holdings Ltd		5,976

225

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	20,477		Energen Corp	$	1,293
	63,159	*	Energizer Holdings, Inc		4,494
	3,050	*	EnerSys		121
	16,077		Entergy Corp		1,081
	131,071		EOG Resources, Inc		15,533
	22,151		Equifax, Inc		861
	14,129		Equitable Resources, Inc		705
	29,510		Equity Residential		1,665
	10,000		Essex Property Trust, Inc		1,240
	35,857		Estee Lauder Cos (Class A)		3,455
	26,000	*	Esterline Technologies Corp		1,839
	2,270	*,e	Etrion Corp		2
	43,039		Everest Re Group Ltd		3,795
	219,041		Exelon Corp		9,032
	7,924		Expedia, Inc		180
	33,130		Expeditors International Washington, Inc		1,661
	496,546	*	Express Scripts, Inc		27,613
	3,000	*	Exterran Holdings, Inc		71
	1,731,641		Exxon Mobil Corp		145,683
	21,521	*	F5 Networks, Inc		2,207
	210,400	*	Fairchild Semiconductor International, Inc		3,829
	61,184		Family Dollar Stores, Inc		3,140
	4,837	e	Fastenal Co		314
	32,700	*,e	Federal Home Loan Mortgage Corp		13
	125,108	*	Federal Mogul Corp (Class A)		3,115
	205,500	*,e	Federal National Mortgage Association		81
	27,567		Federal Realty Investment Trust		2,248
	91,826		FedEx Corp		8,590
	758,527	*	Ferro Corp		12,584
	19,951		Fidelity National Information Services, Inc		652
	22,465		Fidelity National Title Group, Inc (Class A)		317
	297,105		Fifth Third Bancorp		4,124
	42,907	*	Finisar Corp		1,056
	4,625		First American Corp		86
	4,625		First American Financial Corp		76
	79,755		First Horizon National Corp		894
	62,993	*,e	First Solar, Inc		10,132
	30,628		FirstEnergy Corp		1,136
	24,790	*	Fiserv, Inc		1,555
	63,553		Flir Systems, Inc		2,200
	18,162		Flowserve Corp		2,339
	35,721		Fluor Corp		2,631
	4,111		FMC Corp		349
	89,803	*	FMC Technologies, Inc		8,485
	94,400		Foot Locker, Inc		1,862
	1,687,566	*	Ford Motor Co		25,162
	3,000	*	Forest City Enterprises, Inc (Class A)		56
	338,387	*	Forest Laboratories, Inc		10,930
	30,748		Fortune Brands, Inc		1,903
	7,826	*	Fossil, Inc		733
	51,766	*	Foster Wheeler AG.		1,947
	29,998		Franklin Resources, Inc		3,752

226

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	531,272		Freeport-McMoRan Copper & Gold, Inc (Class B)	$	29,512
	2,710,060		Frontier Communications Corp		22,277
	492	*,e	FTI Consulting, Inc		19
	43	*	Furiex Pharmaceuticals Inc		1
	279,227	*,e	GameStop Corp (Class A)		6,288
	248,509		Gap, Inc		5,631
	6,982	e	Garmin Ltd		236
	312,894		General Dynamics Corp		23,955
	3,664,908		General Electric Co		73,481
	96,052		General Growth Properties, Inc		1,487
	382,723		General Mills, Inc		13,989
	565,676	*	General Motors Co		17,553
	13,779		Genuine Parts Co		739
	16,921	*	Genworth Financial, Inc (Class A)		228
	69,123	*	Genzyme Corp		5,264
	2,789,756	*	Gilead Sciences, Inc		118,396
	384,645		Goldman Sachs Group, Inc		60,955
	219,315		Goodrich Corp		18,758
	8,260	*	Goodyear Tire & Rubber Co		124
	188,415	*	Google, Inc (Class A)		110,452
	174,844		H&R Block, Inc		2,927
	1		H.B. Fuller Co		0	^
	191,198		H.J. Heinz Co		9,334
	310,747		Halliburton Co		15,488
	200,000	*	Hanesbrands, Inc		5,408
	147,064	*	Hansen Natural Corp		8,858
	41,617		Harley-Davidson, Inc		1,768
	30,868		Harris Corp		1,531
	105,641		Harsco Corp		3,728
	22,557		Hartford Financial Services Group, Inc		607
	208,655		Hasbro, Inc		9,773
	249,269	*	HCA HOLDINGS,Inc		8,443
	30,496		HCP, Inc		1,157
	8,607		Health Care REIT, Inc		451
	76,327	*	Health Net, Inc		2,496
	478,937	*	Healthsouth Corp		11,964
	32,923		Helmerich & Payne, Inc		2,261
	9,464	*	Henry Schein, Inc		664
	69,039		Herbalife Ltd		5,617
	68,629		Hershey Co		3,730
	134,353		Hess Corp		11,448
	1,364,552		Hewlett-Packard Co		55,906
	465,413	*,e	Hologic, Inc		10,332
	391,639		Home Depot, Inc		14,514
	839,807		Honeywell International, Inc		50,146
	66,608		Hormel Foods Corp		1,854
	142,729	*	Hospira, Inc		7,879
	310,399		Host Marriott Corp		5,466
	90,320		Hudson City Bancorp, Inc		874
	347,780	*,e	Human Genome Sciences, Inc		9,547
	107,507	*	Humana, Inc		7,519
	1,689,614		Huntington Bancshares, Inc		11,219

227

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	4,202	*	Huntington Ingalls	$	174
	150,000		Huntsman Corp		2,607
	197,564	*	IAC/InterActiveCorp		6,103
	2,417	*	IHS, Inc (Class A)		215
	139,948		Illinois Tool Works, Inc		7,518
	37,946	*,e	Illumina, Inc		2,659
	21,916		Ingersoll-Rand plc		1,059
	4,187		Integrys Energy Group, Inc		211
	1,878,072		Intel Corp		37,882
	3,586	*	IntercontinentalExchange, Inc		443
	546,615		International Business Machines Corp		89,136
	26,632		International Flavors & Fragrances, Inc		1,659
	32,576		International Game Technology		529
	101,450		International Paper Co		3,062
	743,372		Interpublic Group of Cos, Inc		9,344
	214,290	*	Intuit, Inc		11,379
	31,094	*	Intuitive Surgical, Inc		10,369
	44,939		Invesco Ltd		1,149
	6,414		Iron Mountain, Inc		200
	1,932,852		iShares MSCI EAFE Index Fund		116,145
	1,792,078	e	iShares MSCI Japan Index Fund		18,476
	27,536	*,e	ITT Educational Services, Inc		1,987
	14,684		ITT Industries, Inc		882
	43,975		J.B. Hunt Transport Services, Inc		1,997
	4,417		J.M. Smucker Co		315
	181,533	*	Jacobs Engineering Group, Inc		9,337
	372,249		Jarden Corp		13,241
	46,229		JC Penney Co, Inc		1,660
	536,113	*	JDS Uniphase Corp		11,173
	6,417	e	Jefferies Group, Inc		160
	7,348		John Bean Technologies Corp		141
	397,984		Johnson & Johnson		23,581
	256,744		Johnson Controls, Inc		10,673
	164,187		Joy Global, Inc		16,223
	2,685,959		JPMorgan Chase & Co		123,824
	131,672	*	Juniper Networks, Inc		5,541
	62,402	*	Kansas City Southern Industries, Inc		3,398
	402,683		KBR, Inc		15,210
	38,698		Kellogg Co		2,089
	50,000		Kennametal, Inc		1,950
	190,277		Keycorp		1,690
	22,359		Kimberly-Clark Corp		1,459
	34,488		Kimco Realty Corp		633
	4,526	*	Kinder Morgan Management LLC		297
	117,875	*	Kinder Morgan, Inc		3,494
	41,390	*	Kinetic Concepts, Inc		2,252
	87,423		Kla-Tencor Corp		4,141
	204,292		Kohl’s Corp		10,836
	827,351		Kraft Foods, Inc (Class A)		25,946
	476,698		Kroger Co		11,426
	31,507		L-3 Communications Holdings, Inc		2,467
	36,512	*	Laboratory Corp of America Holdings		3,364

228

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	132,267	*	Lam Research Corp	$	7,494
	12,206	*	Las Vegas Sands Corp		515
	257,574		Lear Corp (New)		12,588
	8,526		Legg Mason, Inc		308
	4,895		Leggett & Platt, Inc		120
	51,176		Lender Processing Services, Inc		1,647
	11,028		Leucadia National Corp		414
	16,722	*	Level 3 Communications, Inc		25
	136,080	*	Lexmark International, Inc (Class A)		5,040
	26,306	*,e	Liberty Global, Inc (Class A)		1,089
	7,493	*	Liberty Global, Inc (Series C)		300
	3	*	Liberty Media Corp - Starz		0	^
	20,756	*	Liberty Media Holding Corp (Interactive A)		333
	10,682	e	Liberty Property Trust		351
	167,423	*	Life Technologies Corp		8,776
	547,054		Limited Brands, Inc		17,988
	72,986		Lincoln National Corp		2,192
	75,227		Linear Technology Corp		2,530
	64,030		Lockheed Martin Corp		5,148
	29,240		Loews Corp		1,260
	322,800		Lorillard, Inc		30,669
	307,966		Lowe’s Cos, Inc		8,140
	34,700	*	LSI Logic Corp		236
	11,447		Lubrizol Corp		1,533
	4,773		M&T Bank Corp		422
	35,388		Macerich Co		1,753
	677,241		Macy’s, Inc		16,430
	1	*	Madison Square Garden, Inc		0	^
	4,335		Manpower, Inc		273
	136,644		Marathon Oil Corp		7,284
	40,378		Marriott International, Inc (Class A)		1,437
	130,256		Marsh & McLennan Cos, Inc		3,883
	18,260		Marshall & Ilsley Corp		146
	1,633	e	Martin Marietta Materials, Inc		146
	295,926	*	Marvell Technology Group Ltd		4,602
	975,887		Masco Corp		13,584
	37,284		Mastercard, Inc (Class A)		9,385
	78,477		Mattel, Inc		1,956
	364,310		Maxim Integrated Products, Inc		9,326
	37,845		McCormick & Co, Inc		1,810
	179,177	*	McDermott International, Inc		4,549
	279,193		McDonald’s Corp		21,244
	117,870		McGraw-Hill Cos, Inc		4,644
	62,662		McKesson Corp		4,953
	16,775		MDC Holdings, Inc		425
	24,517		MDU Resources Group, Inc		563
	243,397		Mead Johnson Nutrition Co		14,100
	24,042		MeadWestvaco Corp		729
	44,029	*	Medco Health Solutions, Inc		2,473
	140,222		Medtronic, Inc		5,518
	22,940	*	MEMC Electronic Materials, Inc		297
	849,959		Merck & Co, Inc		28,057

229

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	870,350		Metlife, Inc	$	38,931
	118,895	*	MetroPCS Communications, Inc		1,931
	3,869,479	*	MF Global Holdings Ltd		32,039
	11,126	*,e	MGM Mirage		146
	10,577	e	Microchip Technology, Inc		402
	1,877,759	*	Micron Technology, Inc		21,519
	4,441,443		Microsoft Corp		112,635
	3,232	*	Mohawk Industries, Inc		198
	5,927		Molson Coors Brewing Co (Class B)		278
	241,756		Monsanto Co		17,469
	247,756		Moody’s Corp		8,401
	335,890		Morgan Stanley		9,177
	37,432		Mosaic Co		2,948
	60,159	*	Motorola Mobility Holdings, Inc		1,468
	21,954	*	Motorola, Inc		981
	35,602		Murphy Oil Corp		2,614
	525,746	*	Mylan Laboratories, Inc		11,919
	953	*	Myriad Genetics, Inc		19
	24,285	*	Nabors Industries Ltd		738
	30,825	*	Nasdaq Stock Market, Inc		797
	185,893		National Oilwell Varco, Inc		14,736
	12,454		National Semiconductor Corp		179
	10,500	*	Navistar International Corp		728
	134,116	*	NetApp, Inc		6,462
	1,627	*	NetFlix, Inc		386
	36,770		New York Community Bancorp, Inc		635
	781,476		Newell Rubbermaid, Inc		14,950
	7,388	*	Newfield Exploration Co		562
	40,260		Newmont Mining Corp		2,197
	66,084		News Corp (Class A)		1,160
	15,898		News Corp (Class B)		296
	57,440		NextEra Energy, Inc		3,166
	311,631	*	NII Holdings, Inc (Class B)		12,986
	31,148		Nike, Inc (Class B)		2,358
	90,938		NiSource, Inc		1,744
	77,828		Noble Corp		3,551
	147,361		Noble Energy, Inc		14,242
	336,939		Nordstrom, Inc		15,122
	143,324		Norfolk Southern Corp		9,928
	42,564		Northeast Utilities		1,473
	17,269		Northern Trust Corp		876
	25,215		Northrop Grumman Corp		1,581
	146,700	*	Novellus Systems, Inc		5,447
	292,691	*	NRG Energy, Inc		6,306
	30,269		NSTAR		1,401
	314,374		Nu Skin Enterprises, Inc (Class A)		9,038
	207,460	*	Nuance Communications, Inc		4,058
	11,890		Nucor Corp		547
	154,466	*	Nvidia Corp		2,851
	19,297	*	NVR, Inc		14,589
	14,678		NYSE Euronext		516
	896,676		Occidental Petroleum Corp		93,694

230

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	10,400	*	Office Depot, Inc	$	48
	44,970		Old Republic International Corp		571
	6,852		Omnicare, Inc		205
	170,403		Omnicom Group, Inc		8,360
	540,000	*	ON Semiconductor Corp		5,330
	30,170		Oneok, Inc		2,018
	1,805,160		Oracle Corp		60,238
	2,303		Oracle Corp Japan		96
	5,123	*	O’Reilly Automotive, Inc		294
	1,346,445	*	Orient-Express Hotels Ltd (Class A)		16,656
	10,802	*	Owens-Illinois, Inc		326
	416,662		Paccar, Inc		21,812
	12,509		Pall Corp		721
	600	*	Panera Bread Co (Class A)		76
	128,810		Parker Hannifin Corp		12,196
	221,151		PartnerRe Ltd		17,524
	9,557		Patterson Cos, Inc		308
	10,761		Patterson-UTI Energy, Inc		316
	51,940		Paychex, Inc		1,629
	45,831		Peabody Energy Corp		3,298
	60,000	*	Penn National Gaming, Inc		2,224
	10,910		Pentair, Inc		412
	72,897		People’s United Financial, Inc		917
	74,933		Pepco Holdings, Inc		1,398
	818,050		PepsiCo, Inc		52,691
	226,574		PerkinElmer, Inc		5,952
	82,975		Perrigo Co		6,598
	19,992	*	PetroHawk Energy Corp		491
	279,121		Petsmart, Inc		11,430
	9,890,995		Pfizer, Inc		200,887
	305,965		PG&E Corp		13,518
	5,824		Pharmaceutical Product Development, Inc		161
	48,506		Pinnacle West Capital Corp		2,076
	67,191		Pioneer Natural Resources Co		6,848
	22,675		Pitney Bowes, Inc		583
	96,974	*	Plains Exploration & Production Co		3,513
	17,661	e	Plum Creek Timber Co, Inc		770
	232,414		PNC Financial Services Group, Inc		14,640
	20,271		Polo Ralph Lauren Corp (Class A)		2,507
	102,416		PPG Industries, Inc		9,751
	17,367		PPL Corp		439
	28,127		Praxair, Inc		2,858
	168,581		Precision Castparts Corp		24,812
	7,497	*	Priceline.com, Inc		3,797
	339,705	*	Pride International, Inc		14,590
	201,397		Principal Financial Group		6,467
	848,446		Procter & Gamble Co		52,265
	75,567		Progress Energy, Inc		3,487
	35,732		Progressive Corp		755
	40,599		Prologis		649
	798,988		Prudential Financial, Inc		49,201
	213,753	*	PSS World Medical, Inc		5,803

231

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	446,919		Public Service Enterprise Group, Inc	$	14,082
	34,234		Public Storage, Inc		3,797
	135,476	*	Pulte Homes, Inc		1,003
	1,113,916		Qualcomm, Inc		61,076
	11,479	*	Quanta Services, Inc		257
	8,924		Quest Diagnostics, Inc		515
	107,010		Questar Corp		1,867
	113,566		Questar Market Resources, Inc		4,604
	1,774,688		Qwest Communications International, Inc		12,121
	10,768		R.R. Donnelley & Sons Co		204
	40,330		RadioShack Corp		605
	1,774	*	Ralcorp Holdings, Inc		121
	13,460		Range Resources Corp		787
	9,513		Raven Industries, Inc		584
	51,303		Rayonier, Inc		3,197
	172,947		Raytheon Co		8,798
	30,327	*	Red Hat, Inc		1,377
	7,638		Regency Centers Corp		332
	69,927		Regions Financial Corp		508
	42,600		Reinsurance Group of America, Inc (Class A)		2,674
	12,000		Reliance Steel & Aluminum Co		693
	228,970		RenaissanceRe Holdings Ltd		15,797
	414,454		Republic Services, Inc		12,450
	83,715		Reynolds American, Inc		2,974
	250,000	*	RF Micro Devices, Inc		1,603
	4,823		Robert Half International, Inc		148
	34,079		Rockwell Automation, Inc		3,226
	173,849		Rockwell Collins, Inc		11,271
	124,616		Roper Industries, Inc		10,774
	166,062		Ross Stores, Inc		11,810
	200,562	*	Rowan Cos, Inc		8,861
	122,721	*	Royal Caribbean Cruises Ltd		5,063
	57,316	*	RRI Energy, Inc		218
	13,687		Safeway, Inc		322
	87,553	*	SAIC, Inc		1,481
	4,292	*	Salesforce.com, Inc		573
	258,440	*	SanDisk Corp		11,911
	86,413		Sara Lee Corp		1,527
	11,052	*	SBA Communications Corp (Class A)		439
	11,852	e	SCANA Corp		467
	762,422		Schlumberger Ltd		71,104
	125,613		Schnitzer Steel Industries, Inc (Class A)		8,166
	45,431		Scripps Networks Interactive (Class A)		2,276
	18,300		SEACOR Holdings, Inc		1,692
	235,381	*	Seagate Technology, Inc		3,389
	5,855		Sealed Air Corp		156
	1,585	*,e	Sears Holdings Corp		131
	7,706		SEI Investments Co		184
	423,714		Sempra Energy		22,669
	19,899		Sherwin-Williams Co		1,671
	22,625		Sigma-Aldrich Corp		1,440
	185,285		Simon Property Group, Inc		19,855

232

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	75,000	*	Skyworks Solutions, Inc	$	2,432
	27,848		SL Green Realty Corp		2,094
	75,051	*	SLM Corp		1,148
	237,503	*	Smithfield Foods, Inc		5,714
	329,462		Sotheby’s (Class A)		17,330
	134,888		Southern Co		5,141
	6,159		Southwest Airlines Co		78
	102,035	*	Southwestern Energy Co		4,384
	1,191,416	e	SPDR Trust Series 1		157,876
	107,458		Spectra Energy Corp		2,921
	113,286	*	Spirit Aerosystems Holdings, Inc (Class A)		2,908
	855,169	*	Sprint Nextel Corp		3,968
	1,813		SPX Corp		144
	86,169		St. Jude Medical, Inc		4,417
	5,627		Stanley Works		431
	855,031		Staples, Inc		16,606
	268,759		Starbucks Corp		9,931
	86,158		Starwood Hotels & Resorts Worldwide, Inc		5,008
	168,041		State Street Corp		7,552
	27,293	*	Stericycle, Inc		2,420
	142,635		Stryker Corp		8,672
	34,093		Sunoco, Inc		1,554
	2,883	*,e	Sunpower Corp (Class A)		49
	453,450		SunTrust Banks, Inc		13,077
	3,108,245	e	Supervalu, Inc		27,756
	1,314,524	*	Symantec Corp		24,371
	8,220	*	Synopsys, Inc		227
	92,705		Sysco Corp		2,568
	51,217		T Rowe Price Group, Inc		3,402
	562,834		Target Corp		28,146
	43,367		Taubman Centers, Inc		2,324
	83,055		TD Ameritrade Holding Corp		1,733
	25,816		Telephone & Data Systems, Inc		870
	43,000	*	Tenneco, Inc		1,825
	74,291	*	Teradata Corp		3,767
	71,500	*	Teradyne, Inc		1,273
	218,455		Texas Instruments, Inc		7,550
	313,252		Textron, Inc		8,580
	332,691	*	Thermo Electron Corp		18,481
	29,871		Tiffany & Co		1,835
	230,597		Time Warner Cable, Inc		16,451
	94,640		Time Warner, Inc		3,379
	106,233		Timken Co		5,556
	188,558		TJX Companies, Inc		9,377
	49,918	*	Toll Brothers, Inc		987
	252,626		TonenGeneral Sekiyu KK		3,120
	22,526		Torchmark Corp		1,498
	49,176		Toro Co		3,256
	61,420		Total System Services, Inc		1,107
	2,305		Transatlantic Holdings, Inc		112
	84,204		TransDigm Group, Inc		7,059
	19,583	*	Transocean Ltd		1,529

233

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	61,320		Travelers Cos, Inc	$	3,647
	176,951	*	TRW Automotive Holdings Corp		9,746
	154,711		Tupperware Corp		9,238
	331,055		Tyco Electronics Ltd		11,526
	521,131		Tyco International Ltd		23,331
	238,897		Tyson Foods, Inc (Class A)		4,584
	266,632	*	UAL Corp		6,131
	13,304	*	Ultra Petroleum Corp		655
	416,182		Union Pacific Corp		40,922
	18,800	*	Unisys Corp		587
	669,220		United Parcel Service, Inc (Class B)		49,737
	4,964	e	United States Steel Corp		268
	149,942		United Technologies Corp		12,693
	1,126,395		UnitedHealth Group, Inc		50,913
	195,227		UnumProvident Corp		5,125
	7,817	*	Urban Outfitters, Inc		233
	40,358	*	URS Corp		1,858
	1,980,786		US Bancorp		52,352
	149,722		Valero Energy Corp		4,465
	346,954	*	Vanda Pharmaceuticals, Inc		2,529
	28,237	*	Varian Medical Systems, Inc		1,910
	123,710	*,e	Veeco Instruments, Inc		6,289
	24,551		Ventas, Inc		1,333
	149,043	*	VeriFone Holdings, Inc		8,190
	41,993		VeriSign, Inc		1,521
	4,304	*	Verisk Analytics, Inc		141
	1,542,685		Verizon Communications, Inc		59,455
	10,988	*	Vertex Pharmaceuticals, Inc		527
	27,018		VF Corp		2,662
	1,108,700		Viacom, Inc (Class B)		51,577
	20,527		Virgin Media, Inc		570
	82,424		Visa, Inc (Class A)		6,068
	273,900	*	Vishay Intertechnology, Inc		4,859
	64,918	*	VMware, Inc (Class A)		5,293
	82,053		Vornado Realty Trust		7,180
	4,543	e	Vulcan Materials Co		207
	7,409		W.R. Berkley Corp		239
	18,548		W.W. Grainger, Inc		2,554
	73,882	*	WABCO Holdings, Inc		4,554
	84,986		Walgreen Co		3,411
	508,936		Wal-Mart Stores, Inc		26,490
	1,199,184		Walt Disney Co		51,672
	380,631		Walter Energy, Inc		51,549
	635,907		Warner Chilcott plc		14,804
	4,577	e	Washington Post Co (Class B)		2,003
	4,086		Waste Connections, Inc		118
	169,520		Waste Management, Inc		6,330
	45,567	*	Waters Corp		3,960
	834,360	*	Watson Pharmaceuticals, Inc		46,733
	149,622	*	Weatherford International Ltd		3,381
	33,800	*	WellCare Health Plans, Inc		1,418
	409,626		WellPoint, Inc		28,588

234

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	3,691,400		Wells Fargo & Co	$	117,018
	25,000		Westar Energy, Inc		661
	134,282	*	Western Digital Corp		5,007
	485,304		Western Union Co		10,080
	42,400		Westlake Chemical Corp		2,383
	177,318		Westway Group, Inc		789
	21,932		Weyerhaeuser Co		540
	53,726		Whirlpool Corp		4,586
	503		White Mountains Insurance Group Ltd		183
	130,266		Whole Foods Market, Inc		8,585
	306,008		Williams Cos, Inc		9,541
	145,300		Williams-Sonoma, Inc		5,885
	22,560	e	Willis Group Holdings plc		911
	26,443	e	Windstream Corp		340
	89,172		Wisconsin Energy Corp		2,720
	219,625	*	WMS Industries, Inc		7,764
	161,686	*	WR Grace & Co		6,191
	3,002		Wynn Resorts Ltd		382
	506,358		Xcel Energy, Inc		12,097
	1,051,519		Xerox Corp		11,199
	50,971		Xilinx, Inc		1,672
	481,307		XL Capital Ltd		11,840
	1,077,874	*	Yahoo!, Inc		17,947
	202,291		Yum! Brands, Inc		10,394
	53,451	*	Zimmer Holdings, Inc		3,235
	34,636		Zions Bancorporation		799
			TOTAL UNITED STATES		7,366,781
			TOTAL COMMON STOCKS		15,141,894
			(Cost $12,882,719)
CONVERTIBLE PREFERRED STOCK - 0.0%
UNITED STATES - 0.0%
	530,757	*,b	Motors Liquidation Co		3,821
			TOTAL UNITED STATES		3,821
			TOTAL CONVERTIBLE PREFERRED STOCK		3,821
			(Cost $4,777)
RIGHTS / WARRANTS - 0.0%
AUSTRALIA - 0.0%
	681,005	m	GPT Group		0	^
			TOTAL AUSTRALIA		0	^
DENMARK - 0.0%
	2		Danske Bank AS		0	^
			TOTAL DENMARK		0	^
GERMANY - 0.0%
	10,166		Porsche Automobil Holding SE		88
			TOTAL GERMANY		88

235

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	RATE	MATURITY DATE	VALUE (000)
ITALY - 0.0%
	75,887	e	Unione di Banche Italiane SCPA			$	0	^
			TOTAL ITALY				0	^
MALAYSIA - 0.0%
	51,780		IJM Land BHD - CW13				24
			TOTAL MALAYSIA				24
UNITED STATES - 9.0%
	759		American International Group, Inc				8
			TOTAL UNITED STATES				8
			TOTAL RIGHTS / WARRANTS				120
			(Cost $129)

PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 9.8%
GOVERNMENT AGENCY DEBT - 0.2%
			Federal Home Loan Bank (FHLB)
$	22,735,000		FHLB	0.018	%	04/15/11	22,734
			Federal Home Loan Mortgage Corp (FHLMC)
	2,500,000		FHLMC	0.200		04/12/11	2,500
			TOTAL GOVERNMENT AGENCY DEBT				25,234
TREASURY DEBT - 0.3%
	50,000,000		United States Treasury Bill	0.085		07/14/11	49,986
			TOTAL TREASURY DEBT				49,986
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 9.3%
REPURCHASE AGREEMENTS - 8.2%
	63,000,000	o	Barclay Capital	0.050-0.120		04/01/11	63,000
	150,000,000	p	BNP	0.100		04/01/11	150,000
	150,000,000	q	Calyon	0.130		04/01/11	150,000
	150,000,000	r	CSFB	0.120		04/01/11	150,000
	170,000,000	s	Deutsche Bank	0.080		04/01/11	170,000
	149,000,000	t	HSBC	0.120		04/01/11	149,000
	461,000	u	Merrill Lynch	0.180		04/01/11	461
	50,000,000	v	MF GLOBAL, Inc	0.140		04/01/11	50,000
	120,000,000	w	Nomura Securities	0.140		04/01/11	120,000
	118,000,000	x	Societe General	0.100		04/01/11	118,000
	150,000,000	y	UBS Warburg	0.120		04/01/11	150,000
			TOTAL REPURCHASE AGREEMENTS				1,270,461
VARIABLE RATE SECURITY - 1.1%
	11,000,000		American Express Credit Account Master	0.056		10/15/12	11,030
	5,000,000		Bank One Issuance Trust	0.590		07/15/11	5,000
	8,000,000		Capital One Multi-Asset Execution Trust	0.630		08/15/11	8,001
	9,000,000		Chase Issuance Trust 2007	0.620		06/15/12	8,986
	20,000,000		Citibank Credit Card Issuance Trust	0.600		08/20/12	20,043

236

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

PRINCIPAL		ISSUER			VALUE (000)
$	3,868,135	GE Equipment Midticket LLC	0.560	11/14/11		3,866
	20,000,000	General Electric Cap Corp	0.660	09/28/11		20,039
	3,000,000	General Electric Cap Corp	0.770	11/21/11		3,005
	3,659,626	Granite Master Issuer plc 2006	0.610	12/20/50		3,462
	3,136,822	Granite Master Issuer plc 2007	0.520	12/20/50		2,967
	1,695,169	Medallion Trust Series 2005	0.490	08/22/36		1,648
	8,872,300	Nelnet Student Loan Trust 2006	0.480	11/23/18		8,854
	3,210,761	Nelnet Student Loan Trust 2007	0.560	09/25/18		3,199
	25,000,000	Permanent Master Issuer plc	0.770	10/15/33		24,787
	3,512,630	Puma Global Mortgage Backed Trust	0.510	02/21/38		3,316
	3,105,004	SLM Student Loan Trust 2006	0.480	01/15/19		3,104
	30,000,000	SLM Student Loan Trust 2007	0.650	10/25/16		28,961
	8,000,000	SLM Student Loan Trust 2008	0.500	01/25/19		8,020
	2,777,651	Wachovia Student Loan Trust 2005	0.490	04/25/17		2,777
		TOTAL VARIABLE RATE SECURITY				171,065
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED				1,441,526
		TOTAL SHORT-TERM INVESTMENTS				1,516,746
		(Cost $1,518,089)
		TOTAL INVESTMENTS - 108.6%				16,737,660
		(Cost $14,497,116)
		OTHER ASSETS & LIABILITIES, NET - (8.6)%				(1,320,723	)
		NET ASSETS - 100.0%			$	15,416,937

	Abbreviation(s):
ADR	American Depositary Receipt
SPDR	Standard & Poor’s Depository Receipts
GDR	Global Depositary Receipt

*	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. At March 31, 2011, the value of these securities amounted to $13,461,000 or 0.1% of net assets.
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 3/31/2011, the value of these securities amounted to $3,025,000 or 0.0% of net assets.
m	Indicates a security that has been deemed illiquid.
n	In default.
o	Agreement with Barclay's Capital, 0.12% - 0.14% dated 3/31/11 to be repurchased at $63,000,000 on 04/01/11, collateralized by U.S. Treasury Securities valued at $64,260,000.
p	Agreement with BNP, 0.10% dated 03/31/11 to be repurchased at $150,000,000 on 04/01/11, collateralized by U.S. Treasury Securities valued at $153,000,000.
q	Agreement with Calyon, 0.13% dated 03/31/11 to be repurchased at $150,001,000 on 04/01/11, collateralized by U.S. Treasury Securities valued at $153,000,000.
r	Agreement with CSFB, 0.12% dated 03/31/11 to be repurchased at $150,001,000 on 04/01/11, collateralized by U.S. Treasury Securities valued at $153,004,000.
s	Agreement with Deutsche Bank, 0.08% dated 03/31/11 to be repurchased at $170,000,000 on 04/01/11, collateralized by U.S. Treasury Securities valued at $173,400,000.
t	Agreement with HSBC, 0.12% dated 03/31/11 to be repurchased at $149,000,000 on 04/01/11, collateralized by U.S. Treasury Securities valued at $151,985,000.
u	Agreement with Merrill Lynch, 0.18% dated 03/31/11 to be repurchased at $461,000 on 04/01/11, collateralized by U.S. Treasury Securities valued at $470,000.
v	Agreement with MF GLOBAL, 0.05% dated 03/31/11 to be repurchased at $50,000,000 on 04/01/11, collateralized by U.S. Treasury Securities valued at $51,000,000.
w	Agreement with Nomura Securities, 0.14% dated 03/31/11 to be repurchased at $120,000,000 on 04/01/11, collateralized by U.S. Treasury Securities valued at $122,400,000.
x	Agreement with Societe Generale, 0.10% dated 03/31/11 to be repurchased at $118,000,000 on 04/01/11, collateralized by U.S. Treasury Securities valued at $120,360,000.
y	Agreement with UBS Warburg, 0.12% dated 03/31/11 to be repurchased at $150,001,000 on 04/01/11, collateralized by U.S. Treasury Securities valued at $153,000,000.
	Cost amounts are in thousands.

237

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
March 31, 2011

SECTOR	VALUE (000)			% OF NET ASSETS
FINANCIALS	$	3,059,919			19.9	%
INFORMATION TECHNOLOGY		1,952,311			12.7
CONSUMER DISCRETIONARY		1,878,292			12.2
INDUSTRIALS		1,852,003			12.0
ENERGY		1,654,506			10.7
HEALTH CARE		1,495,160			9.7
MATERIALS		1,326,462			8.6
CONSUMER STAPLES		1,164,004			7.6
TELECOMMUNICATION SERVICES		453,927			2.9
UTILITIES		384,331			2.5
SHORT - TERM INVESTMENTS		1,516,745			9.8
OTHER ASSETS & LIABILITIES, NET		(1,320,723	)		(8.6	)
NET ASSETS	$	15,416,937			100.0	%

238

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2011

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 98.6%
AUTOMOBILES & COMPONENTS - 2.4%
	255,520		Autoliv, Inc	$	18,967
	282,062	*	BorgWarner, Inc		22,478
	8,600	*	Federal Mogul Corp (Class A)		214
	6,588,633	*	Ford Motor Co		98,237
	96,384	*	General Motors Co		2,991
	148,780		Gentex Corp		4,501
	258,827	*	Goodyear Tire & Rubber Co		3,877
	252,903		Harley-Davidson, Inc		10,746
	29,900		Hyundai Mobis		8,915
	3,051,061		Johnson Controls, Inc		126,832
	294,420		Lear Corp (New)		14,388
	12,900	*	Tesla Motors, Inc		357
	35,974		Thor Industries, Inc		1,200
	431,173	*	TRW Automotive Holdings Corp		23,749
			TOTAL AUTOMOBILES & COMPONENTS		337,452
BANKS - 0.1%
	16,501		Bank of Hawaii Corp		789
	3,212		Capitol Federal Financial		36
	42,487		Hudson City Bancorp, Inc		411
	117,074		SunTrust Banks, Inc		3,376
	417,800		US Bancorp		11,043
			TOTAL BANKS		15,655
CAPITAL GOODS - 10.7%
	760,314		3M Co		71,090
	33,616	*	Aecom Technology Corp		932
	32,686		Alliant Techsystems, Inc		2,310
	170,226		Ametek, Inc		7,468
	2,269		Armstrong World Industries, Inc		105
	98,416	*	Babcock & Wilcox Co		3,285
	1,156,224		Boeing Co		85,480
	79,587		Bucyrus International, Inc (Class A)		7,278
	5,375		Carlisle Cos, Inc		239
	1,232,697		Caterpillar, Inc		137,262
			Changsha Zoomlion Heavy Industry Science and Technology
	2,841,400	*	Development Co Ltd		7,284
	287,033		Chicago Bridge & Iron Co NV		11,671
	298,000	*	CNH Global NV		14,468
	180,048		Cooper Industries plc		11,685
	953,270		Cummins, Inc		104,498
	658,712		Danaher Corp		34,187

239

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	783,091		Deere & Co	$	75,875
	82,272		Donaldson Co, Inc		5,042
	260,125		Dover Corp		17,101
	189,212		Eaton Corp		10,490
	2,099,193		Emerson Electric Co		122,655
	142,334		Fastenal Co		9,227
	51,215		Flowserve Corp		6,596
	11,862		Fluor Corp		874
	138,151		Gardner Denver, Inc		10,780
	15,559		GATX Corp		602
	19,203	*	General Cable Corp		831
	168,336		General Dynamics Corp		12,888
	2,640,222		General Electric Co		52,936
	164,257		Goodrich Corp		14,049
	65,117		Graco, Inc		2,962
	7,215		Harsco Corp		255
	1,420,977		Honeywell International, Inc		84,847
	25,908		Hubbell, Inc (Class B)		1,840
	72,036		IDEX Corp		3,144
	469,827		Illinois Tool Works, Inc		25,239
	538,359	*	Jacobs Engineering Group, Inc		27,688
	375,491		Joy Global, Inc		37,102
	430,318		KBR, Inc		16,253
	142,751		Kennametal, Inc		5,567
	50,458		Lennox International, Inc		2,653
	45,745		Lincoln Electric Holdings, Inc		3,473
	242,657		Lockheed Martin Corp		19,510
	141,085		Manitowoc Co, Inc		3,087
	118,054		Masco Corp		1,643
	46,405		MSC Industrial Direct Co (Class A)		3,177
	75,828	*	Navistar International Corp		5,257
	94,461	*	Oshkosh Truck Corp		3,342
	67,952	*	Owens Corning, Inc		2,446
	389,114		Paccar, Inc		20,370
	125,680		Pall Corp		7,240
	650,146		Parker Hannifin Corp		61,556
	55,054		Pentair, Inc		2,080
	720,443		Precision Castparts Corp		106,034
	34,627		Regal-Beloit Corp		2,557
	153,182		Rockwell Automation, Inc		14,499
	88,954		Rockwell Collins, Inc		5,767
	521,624		Roper Industries, Inc		45,100
	52,223	*	Shaw Group, Inc		1,849
	17,196	*	Spirit Aerosystems Holdings, Inc (Class A)		441
	10,449		SPX Corp		830
	151,289		Textron, Inc		4,144
	9,816	*	Thomas & Betts Corp		584
	369,927		Timken Co		19,347
	109,796		Toro Co		7,271
	51,050		TransDigm Group, Inc		4,280
	397,033		Tyco International Ltd		17,775
	1,209,782		United Technologies Corp		102,408

240

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	21,991	*	USG Corp	$	366
	23,525		Valmont Industries, Inc		2,455
	62,519		W.W. Grainger, Inc		8,608
	150,508	*	WABCO Holdings, Inc		9,277
	15,597	*	WESCO International, Inc		975
	8,357		Westinghouse Air Brake Technologies Corp		567
			TOTAL CAPITAL GOODS		1,535,053
COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
	6,855		Avery Dennison Corp		288
	71,125	*	Copart, Inc		3,082
	14,997	*	Corrections Corp of America		366
	8,000		Covanta Holding Corp		137
	55,829		Dun & Bradstreet Corp		4,480
	40,750	*	FTI Consulting, Inc		1,562
	51,885	*	IHS, Inc (Class A)		4,605
	194,804		Iron Mountain, Inc		6,084
	4,208	*	KAR Auction Services, Inc		65
	25,000	*	NIELSEN HOLDINGS B.V.		683
	155,200		Pitney Bowes, Inc		3,987
	11,827		R.R. Donnelley & Sons Co		224
	104,347		Republic Services, Inc		3,135
	162,755		Robert Half International, Inc		4,980
	180,356	*	Stericycle, Inc		15,991
	6,493		Towers Watson & Co		360
	111,033	*	Verisk Analytics, Inc		3,637
	444,014		Waste Connections, Inc		12,782
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		66,448
CONSUMER DURABLES & APPAREL - 1.9%
	1,617,789		Burberry Group plc		30,471
	325,218		Coach, Inc		16,924
	19,043		Fortune Brands, Inc		1,179
	56,530	*	Fossil, Inc		5,294
	7,368		Garmin Ltd		249
	101,939	*	Hanesbrands, Inc		2,756
	35,558		Harman International Industries, Inc		1,665
	406,653		Hasbro, Inc		19,048
	767,880		Jarden Corp		27,314
	94,744		Leggett & Platt, Inc		2,321
	256,519		LVMH Moet Hennessy Louis Vuitton S.A.		40,617
	225,487		Mattel, Inc		5,621
	7,191	*	Mohawk Industries, Inc		440
	1,021,280		Newell Rubbermaid, Inc		19,537
	383,681		Nike, Inc (Class B)		29,045
	6,223	*	NVR, Inc		4,705
	1,037,200		PDG Realty S.A.		5,819
	404,700		Phillips-Van Heusen Corp		26,318
	59,900		Polo Ralph Lauren Corp (Class A)		7,407
	77,770	*	Tempur-Pedic International, Inc		3,940
	243,280		Tupperware Corp		14,526
	34,247		Whirlpool Corp		2,923
			TOTAL CONSUMER DURABLES & APPAREL		268,119

241

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
CONSUMER SERVICES - 3.3%
	130,369	*	Apollo Group, Inc (Class A)	$	5,437
	59,258	*	Bally Technologies, Inc		2,243
	440,416		Brinker International, Inc		11,143
	72,162	*	Career Education Corp		1,640
	174,021		Carnival Corp		6,675
	59,708	*	Chipotle Mexican Grill, Inc (Class A)		16,263
	2,133		Choice Hotels International, Inc		83
	738,915		Darden Restaurants, Inc		36,303
	69,496		DeVry, Inc		3,827
	16,100	*	Education Management Corp		337
	135,354		H&R Block, Inc		2,266
	62,083		Hillenbrand, Inc		1,335
	318,598		International Game Technology		5,171
	11,178		International Speedway Corp (Class A)		333
	34,026	*	ITT Educational Services, Inc		2,455
	645,941	*	Las Vegas Sands Corp		27,272
	289,111		Marriott International, Inc (Class A)		10,287
	1,147,123		McDonald’s Corp		87,284
	48,684	*	MGM Mirage		640
	778,272	*	Orient-Express Hotels Ltd (Class A)		9,627
	32,495	*	Panera Bread Co (Class A)		4,127
	216,190	*	Royal Caribbean Cruises Ltd		8,920
	9,171,700	*	Sands China Ltd		20,437
	101,048		Sotheby’s (Class A)		5,315
	2,483,107		Starbucks Corp		91,750
	484,284		Starwood Hotels & Resorts Worldwide, Inc		28,147
	14,779		Strayer Education, Inc		1,929
	32,653		Weight Watchers International, Inc		2,289
	134,548		Wendy’s/Arby’s Group, Inc (Class A)		677
	58,906	*	WMS Industries, Inc		2,082
	328,700		Wyndham Worldwide Corp		10,456
	285,965		Wynn Resorts Ltd		36,389
	498,353		Yum! Brands, Inc		25,605
			TOTAL CONSUMER SERVICES		468,744
DIVERSIFIED FINANCIALS - 3.9%
	54,499	*	Affiliated Managers Group, Inc		5,961
	1,117,700		American Express Co		50,520
	310,965		Ameriprise Financial, Inc		18,994
	254,102		BlackRock, Inc		51,076
	1,186,304		Blackstone Group LP		21,211
	5,800		CBOE Holdings, Inc		168
	2,266,057		Charles Schwab Corp		40,857
	33,663		CME Group, Inc		10,151
	125,825		Eaton Vance Corp		4,057
	68,560		Federated Investors, Inc (Class B)		1,834
	159,725		Franklin Resources, Inc		19,978
	3,900	*	Green Dot Corp		167
	31,669		Greenhill & Co, Inc		2,084

242

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	11,302		Interactive Brokers Group, Inc (Class A)	$	180
	79,462	*	IntercontinentalExchange, Inc		9,817
	141,539		Invesco Ltd		3,618
	2,670,750		iShares Russell 1000 Growth Index Fund		161,499
	754,851		Janus Capital Group, Inc		9,413
	959,982		JPMorgan Chase & Co		44,254
	457,976		Lazard Ltd (Class A)		19,043
	3,900	*	LPL Investment Holdings, Inc		140
	572,172		Moody’s Corp		19,402
	511,945		Morgan Stanley		13,986
	118,269	*	MSCI, Inc (Class A)		4,355
	470,265	*	Nasdaq Stock Market, Inc		12,152
	103,683		Northern Trust Corp		5,262
	60,484		NYSE Euronext		2,127
	160,749		SEI Investments Co		3,839
	276,823		T Rowe Price Group, Inc		18,387
	248,759		TD Ameritrade Holding Corp		5,192
	297,041		Waddell & Reed Financial, Inc (Class A)		12,063
			TOTAL DIVERSIFIED FINANCIALS		571,787
ENERGY - 11.4%
	17,259	*	Alpha Natural Resources, Inc		1,025
	635,197		Anadarko Petroleum Corp		52,035
	259,967		Apache Corp		34,035
	123,536		Arch Coal, Inc		4,452
	12,230	*	Atwood Oceanics, Inc		568
	126,304		Baker Hughes, Inc		9,275
	148,679	*	Cameron International Corp		8,490
	849,606		Cenovus Energy, Inc		33,457
	112,757		Chevron Corp		12,113
	88,831		Cimarex Energy Co		10,237
	996,408	*	Concho Resources, Inc		106,916
	746,962		ConocoPhillips		59,652
	111,433		Consol Energy, Inc		5,976
	29,942	*	Continental Resources, Inc		2,140
	46,778		Core Laboratories NV		4,779
	1,176,590		Crescent Point Energy Corp		57,100
	1,062,209	*	Denbury Resources, Inc		25,918
	24,038		Diamond Offshore Drilling, Inc		1,868
	79,549	*	Dresser-Rand Group, Inc		4,265
	137,556		El Paso Corp		2,476
	285,900		EOG Resources, Inc		33,882
	148,913		Equitable Resources, Inc		7,431
	152,305		EXCO Resources, Inc		3,147
	5,216	*	Exterran Holdings, Inc		124
	5,985,224	d	Exxon Mobil Corp		503,538
	129,770	*	FMC Technologies, Inc		12,261
	77,791	*	Forest Oil Corp		2,943
	44,446		Frontline Ltd		1,101
	1,189,826		Halliburton Co		59,301
	32,429		Holly Corp		1,970
	203,629		Marathon Oil Corp		10,855

243

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	196,833	*	McDermott International, Inc	$	4,998
	23,894		Murphy Oil Corp		1,754
	122,266	*	Nabors Industries Ltd		3,714
	937,882		National Oilwell Varco, Inc		74,345
	720,598		Occidental Petroleum Corp		75,295
	3,700	*	Oil States International, Inc		282
	232,009	*	PetroHawk Energy Corp		5,694
	1,057,322		Petroleo Brasileiro S.A. (ADR)		42,748
	75,079	*	Pride International, Inc		3,225
	7,745	*	Quicksilver Resources, Inc		111
	171,319		Range Resources Corp		10,015
	15,777	*	Rowan Cos, Inc		697
	214,100	*	SandRidge Energy, Inc		2,740
	2,555,522		Schlumberger Ltd		238,327
	368,973	*	Southwestern Energy Co		15,855
	45,920		St. Mary Land & Exploration Co		3,407
	880,854		Suncor Energy, Inc (NY)		39,497
	5,800	*	Superior Energy Services		238
	432,500		Tullow Oil plc		10,036
	163,536	*	Ultra Petroleum Corp		8,054
	320,595	*	Weatherford International Ltd		7,245
	7,718	*	Whiting Petroleum Corp		567
	258,769		Williams Cos, Inc		8,068
			TOTAL ENERGY		1,630,242
FOOD & STAPLES RETAILING - 1.5%
	4,731	*	BJ’s Wholesale Club, Inc		231
	1,095,125		Costco Wholesale Corp		80,296
	162,240		CVS Corp		5,568
	39,482		Kroger Co		946
	630,774		Sysco Corp		17,472
	905,181		Walgreen Co		36,334
	1,251,783		Wal-Mart Stores, Inc		65,155
	149,684		Whole Foods Market, Inc		9,864
			TOTAL FOOD & STAPLES RETAILING		215,866
FOOD, BEVERAGE & TOBACCO - 3.8%
	2,265,253		Altria Group, Inc		58,965
	83,228		Brown-Forman Corp (Class B)		5,684
	118,478		Campbell Soup Co		3,923
	2,252,784		Coca-Cola Co		149,473
	221,331		Coca-Cola Enterprises, Inc		6,042
	43,408		ConAgra Foods, Inc		1,031
	320,808		Dr Pepper Snapple Group, Inc		11,921
	30,667		Flowers Foods, Inc		835
	418,526		General Mills, Inc		15,297
	117,573	*	Green Mountain Coffee Roasters, Inc		7,596
	139,373		H.J. Heinz Co		6,804
	59,737	*	Hansen Natural Corp		3,598
	95,765		Hershey Co		5,205
	365,805		InBev NV		20,855
	245,584		Kellogg Co		13,257

244

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	131,268		Lorillard, Inc	$	12,472
	70,966		McCormick & Co, Inc		3,394
	30,094		Mead Johnson Nutrition Co		1,743
	988,661		PepsiCo, Inc		63,680
	2,149,254		Philip Morris International, Inc		141,055
	473,274		Sara Lee Corp		8,363
			TOTAL FOOD, BEVERAGE & TOBACCO		541,193
HEALTH CARE EQUIPMENT & SERVICES - 4.4%
	297,500		Aetna, Inc		11,135
	74,245		Alcon, Inc		12,288
	123,757	*	Allscripts Healthcare Solutions, Inc		2,598
	658,772		AmerisourceBergen Corp		26,061
	92,496		Bard (C.R.), Inc		9,186
	529,705		Baxter International, Inc		28,482
	236,234		Becton Dickinson & Co		18,809
	12,567	*	Brookdale Senior Living, Inc		352
	373,519		Cardinal Health, Inc		15,363
	41,260	*	CareFusion Corp		1,164
	355,021	*	Cerner Corp		39,479
	167,349		Cigna Corp		7,410
	67,295	*	Community Health Systems, Inc		2,691
	63,860		Cooper Cos, Inc		4,435
	534,388	*	Covidien plc		27,756
	105,815	*	DaVita, Inc		9,048
	157,539		Dentsply International, Inc		5,827
	525,135	*	Edwards Lifesciences Corp		45,687
	21,500	*	Emdeon, Inc		346
	31,463	*	Emergency Medical Services Corp (Class A)		2,001
	1,028,926	*	Express Scripts, Inc		57,219
	54,320	*	Gen-Probe, Inc		3,604
	266,830	*	Health Management Associates, Inc (Class A)		2,908
	97,440	*	Henry Schein, Inc		6,837
	57,244		Hill-Rom Holdings, Inc		2,174
	1,122,726	*	Hologic, Inc		24,925
	62,116	*	Idexx Laboratories, Inc		4,797
	280,717	*	Intuitive Surgical, Inc		93,608
	26,409	*	Inverness Medical Innovations, Inc		1,034
	5,979	*	Kinetic Concepts, Inc		325
	110,856	*	Laboratory Corp of America Holdings		10,213
	106,526		Lincare Holdings, Inc		3,160
	119,010		McKesson Corp		9,408
	432,111	*	Medco Health Solutions, Inc		24,267
	902,947		Medtronic, Inc		35,531
	36,513	*	Mettler-Toledo International, Inc		6,280
	12,700		Omnicare, Inc		381
	111,917		Patterson Cos, Inc		3,603
	45,738	*	Pediatrix Medical Group, Inc		3,047
	119,186		Quest Diagnostics, Inc		6,879
	161,788	*	Resmed, Inc		4,854
	351,194		St. Jude Medical, Inc		18,002
	335,811		Stryker Corp		20,417

245

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	64,862	*	SXC Health Solutions Corp	$	3,554
	6,692		Teleflex, Inc		388
	365,705	*	Tenet Healthcare Corp		2,725
	61,627	*	Thoratec Corp		1,598
	254,073		UnitedHealth Group, Inc		11,484
	7,338		Universal Health Services, Inc (Class B)		363
	190,496	*	Varian Medical Systems, Inc		12,885
	93,257	*	VCA Antech, Inc		2,348
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		648,936
HOUSEHOLD & PERSONAL PRODUCTS - 1.2%
	23,279		Alberto-Culver Co		868
	456,712		Avon Products, Inc		12,349
	75,576		Church & Dwight Co, Inc		5,996
	137,726		Clorox Co		9,650
	437,700		Colgate-Palmolive Co		35,349
	687,393		Estee Lauder Cos (Class A)		66,237
	145,336		Herbalife Ltd		11,825
	349,566		Kimberly-Clark Corp		22,816
	183,391		Procter & Gamble Co		11,297
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		176,387
INSURANCE - 1.1%
	353,002		ACE Ltd		22,839
	911,050		Aflac, Inc		48,086
	63,347		AON Corp		3,355
	3,298	*	Arch Capital Group Ltd		327
	28,640		Arthur J. Gallagher & Co		871
	387,888		Axis Capital Holdings Ltd		13,545
	68,928		Brown & Brown, Inc		1,778
	184,961		Endurance Specialty Holdings Ltd		9,030
	23,031		Erie Indemnity Co (Class A)		1,638
	98,291	*	Genworth Financial, Inc (Class A)		1,323
	39,855		Hartford Financial Services Group, Inc		1,073
	531,658		Marsh & McLennan Cos, Inc		15,849
	872,700		Metlife, Inc		39,037
	57,839		Travelers Cos, Inc		3,440
	9,345		Validus Holdings Ltd		311
			TOTAL INSURANCE		162,502
MATERIALS - 5.8%
	226,788		Air Products & Chemicals, Inc		20,452
	89,649		Airgas, Inc		5,954
	17,407		AK Steel Holding Corp		275
	240,933		Albemarle Corp		14,401
	159,902		Alcoa, Inc		2,822
	105,869		Allegheny Technologies, Inc		7,169
	267,509		Anglo American plc (London)		13,746
	237,285		Ashland, Inc		13,706
	41,292		Ball Corp		1,480
	214,712		Barrick Gold Corp		11,146
	47,292		Carpenter Technology Corp		2,020

246

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	169,083		Celanese Corp (Series A)	$	7,502
	201,290		CF Industries Holdings, Inc		27,534
	447,663		Christian Hansen Holding		10,153
	312,470		Cleveland-Cliffs, Inc		30,710
	536,875		Companhia Vale do Rio Doce (ADR)		17,905
	34,727		Compass Minerals International, Inc		3,248
	348,271	*	Crown Holdings, Inc		13,436
	1,167,546		Dow Chemical Co		44,074
	332,591		Du Pont (E.I.) de Nemours & Co		18,283
	47,103		Eagle Materials, Inc		1,425
	218,354		Eastman Chemical Co		21,687
	248,894		Ecolab, Inc		12,699
	53,038		FMC Corp		4,505
	2,211,919		Freeport-McMoRan Copper & Gold, Inc (Class B)		122,872
	85,508		International Flavors & Fragrances, Inc		5,327
	362,353		International Paper Co		10,936
	83,000		Lanxess AG.		6,221
	69,133		Lubrizol Corp		9,261
	48,847		Martin Marietta Materials, Inc		4,380
	2,038,729		Monsanto Co		147,318
	168,248		Mosaic Co		13,250
	140,231		Nalco Holding Co		3,830
	506,909		Newmont Mining Corp		27,667
	145,315		Nucor Corp		6,687
	54,853	*	Owens-Illinois, Inc		1,656
	142,913		PPG Industries, Inc		13,607
	326,236		Praxair, Inc		33,146
	8,600		Reliance Steel & Aluminum Co		497
	8,933		Royal Gold, Inc		468
	69,122		RPM International, Inc		1,640
	102,212		Schnitzer Steel Industries, Inc (Class A)		6,645
	49,318		Scotts Miracle-Gro Co (Class A)		2,853
	61,534		Sherwin-Williams Co		5,168
	119,583		Sigma-Aldrich Corp		7,610
	181,779		Southern Copper Corp (NY)		7,320
	21,144		Temple-Inland, Inc		495
	85,905	*	Titanium Metals Corp		1,596
	28,940		United States Steel Corp		1,561
	10,738		Valspar Corp		420
	582,160		Walter Energy, Inc		78,842
	173,700	*	WR Grace & Co		6,651
			TOTAL MATERIALS		834,256
MEDIA - 2.4%
	631,148		CBS Corp (Class B)		15,804
	1,035,605	*	DIRECTV		48,466
	222,925	*	Discovery Communications, Inc (Class A)		8,895
	79,700	*	DreamWorks Animation SKG, Inc (Class A)		2,226
	3,714,624		Interpublic Group of Cos, Inc		46,693
	45,056		John Wiley & Sons, Inc (Class A)		2,291
	12,926	*	Lamar Advertising Co (Class A)		477
	20,944	*	Madison Square Garden, Inc		565

247

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	236,147		McGraw-Hill Cos, Inc	$	9,304
	16,481		Meredith Corp		559
	21,551		Morningstar, Inc		1,258
	1,154,112		News Corp (Class A)		20,266
	437,818		Omnicom Group, Inc		21,479
	20,191		Regal Entertainment Group (Class A)		273
	96,209		Scripps Networks Interactive (Class A)		4,819
	4,102,895	*	Sirius XM Radio, Inc		6,811
	129,903		Thomson Corp		5,097
	530,326		Time Warner, Inc		18,933
	1,141,356		Viacom, Inc (Class B)		53,096
	1,946,982		Walt Disney Co		83,896
			TOTAL MEDIA		351,208
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.2%
	1,889,769		Abbott Laboratories		92,692
	494,234	*	Agilent Technologies, Inc		22,132
	145,902	*	Alexion Pharmaceuticals, Inc		14,398
	1,252,698		Allergan, Inc		88,967
	151,149	*	Amylin Pharmaceuticals, Inc		1,719
	111,294	*	BioMarin Pharmaceuticals, Inc		2,797
	916,279	*	Celgene Corp		52,714
	16,998	*	Charles River Laboratories International, Inc		652
	70,407	*	Covance, Inc		3,853
	269,150	*	Dendreon Corp		10,074
	249,025		Eli Lilly & Co		8,758
	266,528	*	Endo Pharmaceuticals Holdings, Inc		10,171
	218,235	*	Genzyme Corp		16,619
	2,074,701	*	Gilead Sciences, Inc		88,049
	255,012	*	Hospira, Inc		14,077
	501,697	*	Human Genome Sciences, Inc		13,772
	130,864	*	Illumina, Inc		9,170
	539,873		Johnson & Johnson		31,987
	336,515	*	Life Technologies Corp		17,640
	1,296,127	*	Mylan Laboratories, Inc		29,383
	98,593	*	Myriad Genetics, Inc		1,987
	212,344		Novo Nordisk AS (ADR)		26,592
	56,467		PerkinElmer, Inc		1,483
	196,947		Perrigo Co		15,661
	114,862		Pharmaceutical Product Development, Inc		3,183
	69,710	*	Regeneron Pharmaceuticals, Inc		3,133
	55,600	*	Talecris Biotherapeutics Holdings Corp		1,490
	39,780		Techne Corp		2,848
	204,573		Teva Pharmaceutical Industries Ltd (ADR)		10,263
	101,300	*	Thermo Electron Corp		5,627
	51,186	*	United Therapeutics Corp		3,430
	214,300	*	Vertex Pharmaceuticals, Inc		10,271
	1,528,073		Warner Chilcott plc		35,574
	99,849	*	Waters Corp		8,677
	1,350,975	*	Watson Pharmaceuticals, Inc		75,668
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		735,511

248

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
REAL ESTATE - 0.7%
	15,856		AMB Property Corp	$	570
	61,870		Apartment Investment & Management Co (Class A)		1,576
	305,788	*	CB Richard Ellis Group, Inc (Class A)		8,164
	88,417		Digital Realty Trust, Inc		5,141
	13		Duke Realty Corp		0	^
	19,084		Equity Residential		1,077
	12,532		Essex Property Trust, Inc		1,554
	39,436		Federal Realty Investment Trust		3,216
	346,815		General Growth Properties, Inc		5,369
	21,384	*	Howard Hughes Corp		1,511
	44,894		Jones Lang LaSalle, Inc		4,478
	72,067		Plum Creek Timber Co, Inc		3,143
	31,478		Prologis		503
	135,660		Public Storage, Inc		15,046
	25,369		Rayonier, Inc		1,581
	392,630		Simon Property Group, Inc		42,073
	91,635	*	St. Joe Co		2,297
	11,482		UDR, Inc		280
	44,365		Ventas, Inc		2,409
	15,483		Vornado Realty Trust		1,355
			TOTAL REAL ESTATE		101,343
RETAILING - 5.7%
	43,886		Aaron’s, Inc		1,113
	72,468		Abercrombie & Fitch Co (Class A)		4,254
	240,348		Advance Auto Parts, Inc		15,772
	99,779	*	Aeropostale, Inc		2,427
	997,414	*	Amazon.com, Inc		179,664
	55,345		American Eagle Outfitters, Inc		879
	23,860	*	Autonation, Inc		844
	75,190	*	Autozone, Inc		20,569
	282,846	*	Bed Bath & Beyond, Inc		13,653
	346,217		Best Buy Co, Inc		9,943
	80,628	*	Big Lots, Inc		3,502
	239,226	*	Carmax, Inc		7,679
	186,541		Chico’s FAS, Inc		2,779
	95,230	*	Dick’s Sporting Goods, Inc		3,807
	73,827	*	Dollar General Corp		2,314
	264,421	*	Dollar Tree, Inc		14,681
	91,762		Expedia, Inc		2,079
	137,208		Family Dollar Stores, Inc		7,042
	403,412		Gap, Inc		9,141
	64,746		Guess ?, Inc		2,548
	1,805,273		Home Depot, Inc		66,904
	82,239		JC Penney Co, Inc		2,953
	230,031		Kohl’s Corp		12,201
	2,079,200		Li & Fung Ltd		10,633
	826,828		Limited Brands, Inc		27,186
	150,516	*	LKQ Corp		3,627
	1,171,782		Lowe’s Cos, Inc		30,970
	838,229		Macy’s, Inc		20,335

249

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	228,845	*	NetFlix, Inc	$	54,312
	532,101		Nordstrom, Inc		23,881
	10,942	*	Office Depot, Inc		51
	147,306	*	O’Reilly Automotive, Inc		8,464
	127,224		Petsmart, Inc		5,210
	131,583	*	Priceline.com, Inc		66,639
	380,552		Ross Stores, Inc		27,065
	778,285		Staples, Inc		15,114
	1,344,705		Target Corp		67,248
	134,600		Tiffany & Co		8,270
	810,828		TJX Companies, Inc		40,323
	77,882		Tractor Supply Co		4,662
	130,982	*	Urban Outfitters, Inc		3,907
	427,196		Williams-Sonoma, Inc		17,301
			TOTAL RETAILING		821,946
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.0%
	247,643	*	Advanced Micro Devices, Inc		2,130
	561,979		Altera Corp		24,738
	649,546		Analog Devices, Inc		25,579
	2,057,859		Applied Materials, Inc		32,144
	75,078	*	Atheros Communications, Inc		3,352
	432,757	*	Atmel Corp		5,898
	422,057		Avago Technologies Ltd		13,126
	1,739,668		Broadcom Corp (Class A)		68,508
	393,168	*	Cree, Inc		18,149
	176,115	*	Cypress Semiconductor Corp		3,413
	59,364	*	First Solar, Inc		9,548
	5,330,179		Intel Corp		107,509
	45,054		Intersil Corp (Class A)		561
	216,172		Kla-Tencor Corp		10,240
	350,861	*	Lam Research Corp		19,880
	238,956		Linear Technology Corp		8,036
	944,338	*	Marvell Technology Group Ltd		14,684
	679,404		Maxim Integrated Products, Inc		17,393
	101,850	*	MEMC Electronic Materials, Inc		1,320
	190,628		Microchip Technology, Inc		7,246
	3,569,401	*	Micron Technology, Inc		40,905
	232,409		National Semiconductor Corp		3,333
	445,419	*	Novellus Systems, Inc		16,538
	1,015,240	*	Nvidia Corp		18,741
	1,449,180	*	ON Semiconductor Corp		14,303
	12,500	*	PMC - Sierra, Inc		94
	110,433	*	Rambus, Inc		2,187
	49,308	*	Silicon Laboratories, Inc		2,131
	189,840	*	Skyworks Solutions, Inc		6,155
	40,943	*	Sunpower Corp (Class A)		702
	921,229	*	Teradyne, Inc		16,407
	875,915		Texas Instruments, Inc		30,272
	80,741	*	Varian Semiconductor Equipment Associates, Inc		3,930
	255,700	*	Veeco Instruments, Inc		13,000
	276,258		Xilinx, Inc		9,061
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		571,213

250

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
SOFTWARE & SERVICES - 14.0%
	816,114		Accenture plc	$	44,862
	150,899		Activision Blizzard, Inc		1,655
	565,597	*	Adobe Systems, Inc		18,755
	1,319,252	*	Akamai Technologies, Inc		50,131
	212,855	*	Alliance Data Systems Corp		18,282
	417,752	*	Amadeus IT Holding S.A.		7,974
	418,884	*	Amdocs Ltd		12,085
	95,303	*	Ansys, Inc		5,164
	1,326,655	*	Autodesk, Inc		58,519
	536,477		Automatic Data Processing, Inc		27,527
	596,175	*	Baidu, Inc (ADR)		82,158
	194,972	*	BMC Software, Inc		9,698
	11,100	*	Booz Allen Hamilton Holding Co		200
	123,127		Broadridge Financial Solutions, Inc		2,794
	337,821		CA, Inc		8,169
	282,255	*	Cadence Design Systems, Inc		2,752
	198,259	*	Citrix Systems, Inc		14,564
	319,538	*	Cognizant Technology Solutions Corp (Class A)		26,010
	136,920	*	Compuware Corp		1,581
	103,699		DST Systems, Inc		5,477
	467,836	*	eBay, Inc		14,522
	336,741	*	Electronic Arts, Inc		6,577
	47,975	*	Equinix, Inc		4,371
	50,101		Factset Research Systems, Inc		5,247
	109,435	*	Fiserv, Inc		6,864
	8,000	*	FleetCor Technologies, Inc		261
	78,446	*	Gartner, Inc		3,269
	69,004	*	Genpact Ltd		999
	89,560		Global Payments, Inc		4,381
	640,422	*	Google, Inc (Class A)		375,421
	277,616	*	IAC/InterActiveCorp		8,576
	98,695	*	Informatica Corp		5,155
	1,887,605		International Business Machines Corp		307,812
	2,329,373	*	Intuit, Inc		123,690
	105,264		Lender Processing Services, Inc		3,388
	104,332		Mastercard, Inc (Class A)		26,262
	85,624	*	Micros Systems, Inc		4,232
	8,454,197		Microsoft Corp		214,398
	65,156	*	Monster Worldwide, Inc		1,036
	78,954	*	NeuStar, Inc (Class A)		2,020
	58,400		Nintendo Co Ltd		15,880
	1,329,407	*	Nuance Communications, Inc		26,003
	5,241,434		Oracle Corp		174,907
	344,186		Paychex, Inc		10,794
	1,696,768	*	Red Hat, Inc		77,016
	109,406	*	Rovi Corp		5,870
	324,477	*	SAIC, Inc		5,490
	121,929	*	Salesforce.com, Inc		16,287
	72,734		Solera Holdings, Inc		3,717

251

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	921,783	*	Symantec Corp	$	17,090
	9,848	*	Synopsys, Inc		272
	178,553	*	Teradata Corp		9,053
	186,072		VeriSign, Inc		6,738
	1,022,488		Visa, Inc (Class A)		75,276
	47,001	*	VistaPrint Ltd		2,439
	113,304	*	VMware, Inc (Class A)		9,239
	63,100	*	WebMD Health Corp (Class A)		3,371
	716,472		Western Union Co		14,881
	592,595	*	Yahoo!, Inc		9,867
			TOTAL SOFTWARE & SERVICES		2,001,028
TECHNOLOGY HARDWARE & EQUIPMENT - 12.1%
	93,956	*	Acme Packet, Inc		6,667
	185,061		Amphenol Corp (Class A)		10,065
	1,927,193	*	Apple, Inc		671,531
	132,804	*	Arrow Electronics, Inc		5,562
	199,157		AVX Corp		2,969
	99,536	*	Ciena Corp		2,584
	7,896,064		Cisco Systems, Inc		135,417
	1,140,360		Corning, Inc		23,527
	2,564,671	*	Dell, Inc		37,213
	15,278		Diebold, Inc		542
	57,169	*	Dolby Laboratories, Inc (Class A)		2,813
	4,337,886	*	EMC Corp		115,171
	85,472	*	F5 Networks, Inc		8,767
	155,000	*	Finisar Corp		3,813
	163,569		Flir Systems, Inc		5,661
	392,135		Harris Corp		19,450
	3,324,611		Hewlett-Packard Co		136,209
	10,457	*	Ingram Micro, Inc (Class A)		220
	40,525	*	Itron, Inc		2,287
	136,797		Jabil Circuit, Inc		2,795
	800,261	*	JDS Uniphase Corp		16,677
	3,025,986	*	Juniper Networks, Inc		127,333
	93,054		National Instruments Corp		3,049
	482,436	*	NCR Corp		9,089
	806,755	*	NetApp, Inc		38,869
	1,259,771	*	Polycom, Inc		65,319
	369,901	*	QLogic Corp		6,862
	4,034,213		Qualcomm, Inc		221,197
	693,351	*	SanDisk Corp		31,957
	348,830	*	Seagate Technology, Inc		5,023
	129,414	*	Trimble Navigation Ltd		6,541
	301,806	*	Western Digital Corp		11,254
	379,339		Xerox Corp		4,040
	158,131	*	Zebra Technologies Corp (Class A)		6,205
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,746,678
TELECOMMUNICATION SERVICES - 0.5%
	430,149	*	American Tower Corp (Class A)		22,289
	121,210	*	Clearwire Corp (Class A)		678

252

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	310,428	*	Crown Castle International Corp	$	13,209
	374,510		Frontier Communications Corp		3,078
	663,187	*	Level 3 Communications, Inc		975
	441,191	*	MetroPCS Communications, Inc		7,165
	141,749	*	NII Holdings, Inc (Class B)		5,907
	124,826	*	SBA Communications Corp (Class A)		4,953
	164,062	*	tw telecom inc (Class A)		3,150
	213,801		Windstream Corp		2,752
			TOTAL TELECOMMUNICATION SERVICES		64,156
TRANSPORTATION - 2.0%
	115,841	*	AMR Corp		748
	176,961		CH Robinson Worldwide, Inc		13,118
	4,550		Con-Way, Inc		179
	21,025		Copa Holdings S.A. (Class A)		1,110
	222,418		CSX Corp		17,482
	884,674	*	Delta Air Lines, Inc		8,670
	227,186		Expeditors International Washington, Inc		11,391
	215,658		FedEx Corp		20,175
	177,850	*	Hertz Global Holdings, Inc		2,780
	95,257		J.B. Hunt Transport Services, Inc		4,327
	63,559	*	Kansas City Southern Industries, Inc		3,461
	4,225	*	Kirby Corp		242
	54,882		Landstar System, Inc		2,507
	127,060		Ryder System, Inc		6,429
	106,277		Southwest Airlines Co		1,342
	862,548	*	Swift Transportation Co, Inc		12,679
	703,086	*	UAL Corp		16,164
	323,581		Union Pacific Corp		31,817
	1,711,995		United Parcel Service, Inc (Class B)		127,236
	90,829		UTI Worldwide, Inc		1,838
			TOTAL TRANSPORTATION		283,695
UTILITIES - 0.1%
	174,421	*	Calpine Corp		2,768
	47,308		ITC Holdings Corp		3,307
	10,707		Ormat Technologies, Inc		271
	316,589		Public Service Enterprise Group, Inc		9,976
			TOTAL UTILITIES		16,322
			TOTAL COMMON STOCKS		14,165,740
			(Cost $11,221,061)
RIGHTS / WARRANTS - 0.0%
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	2,995		Celgene Corp		7
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		7
			TOTAL RIGHTS / WARRANTS		7
			(Cost $16)

253

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
SHORT-TERM INVESTMENTS - 0.9%
GOVERNMENT AGENCY DEBT - 0.2%
		Federal Home Loan Bank (FHLB)
	$        23,625,000	FHLB	0.130	%	04/15/11	$	23,624
		TOTAL GOVERNMENT AGENCY DEBT					23,624
TREASURY DEBT - 0.7%
	100,000,000	United States Treasury Bill	0.085		07/14/11		99,971
		TOTAL TREASURY DEBT					99,971
		TOTAL SHORT-TERM INVESTMENTS					123,595
		(Cost $123,599)
		TOTAL INVESTMENTS - 99.5%					14,289,342
		(Cost $11,344,676)
		OTHER ASSETS & LIABILITIES, NET - 0.5%					64,931
		NET ASSETS - 100.0%				$	14,354,273

	Abbreviation(s):
ADR	American Depositary Receipt
*	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.

254

COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
SUMMARY OF MARKET VALUES BY COUNTRY (unaudited)
March 31, 2011

COUNTRY	VALUE (000)		% OF TOTAL PORTFOLIO
DOMESTIC
UNITED STATES	$	13,480,360		94.3	%
TOTAL DOMESTIC		13,480,360		94.3
FOREIGN
BELGIUM		20,855		0.1
BERMUDA		2,751		0.0
BRAZIL		66,471		0.5
CANADA		146,298		1.0
CHINA		89,443		0.6
DENMARK		36,745		0.3
FRANCE		40,617		0.3
GERMANY		6,221		0.0
GUERNSEY, C.I.		12,085		0.1
HONG KONG		10,633		0.1
IRELAND		44,862		0.3
ISRAEL		10,263		0.1
JAPAN		15,879		0.1
KOREA, REPUBLIC OF		8,915		0.1
MACAU		20,437		0.1
MEXICO		7,320		0.1
NETHERLANDS		31,601		0.2
NORWAY		1,100		0.0
PANAMA		1,110		0.0
SINGAPORE		13,126		0.1
SPAIN		7,974		0.1
SWEDEN		18,967		0.1
SWITZERLAND		141,056		1.0
UNITED KINGDOM		54,253		0.4
TOTAL FOREIGN		808,982		5.7
TOTAL PORTFOLIO	$	14,289,342		100.0	%

255

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

COLLEGE RETIREMENT EQUITIES FUND
EQUITY INDEX ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2011

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 99.4%
AUTOMOBILES & COMPONENTS - 0.9%
	47,981	*	American Axle & Manufacturing Holdings, Inc	$	604
	15,097	*	Amerigon, Inc (Class A)		231
	65,947		Autoliv, Inc		4,895
	89,459	*	BorgWarner, Inc		7,129
	45,804		Cooper Tire & Rubber Co		1,179
	108,188	*	Dana Holding Corp		1,881
	7,682	*	Dorman Products, Inc		323
	16,941		Drew Industries, Inc		378
	58,919	*	Exide Technologies		659
	13,635	*	Federal Mogul Corp (Class A)		340
	2,828,880	*	Ford Motor Co		42,178
	14,261	*	Fuel Systems Solutions, Inc		430
	105,796		Gentex Corp		3,200
	187,626	*	Goodyear Tire & Rubber Co		2,811
	181,591		Harley-Davidson, Inc		7,716
	517,588		Johnson Controls, Inc		21,516
	77,404		Lear Corp (New)		3,783
	36,302	*	Modine Manufacturing Co		586
	30,024		Spartan Motors, Inc		206
	11,969		Standard Motor Products, Inc		166
	10,374	*	Stoneridge, Inc		152
	22,715		Superior Industries International, Inc		582
	46,120	*	Tenneco, Inc		1,958
	11,700	*	Tesla Motors, Inc		324
	25,787		Thor Industries, Inc		861
	5,700	*	Tower International, Inc		97
	60,301	*	TRW Automotive Holdings Corp		3,321
	24,826	*	Winnebago Industries, Inc		332
			TOTAL AUTOMOBILES & COMPONENTS		107,838
BANKS - 3.2%
	11,459		1st Source Corp		230
	17,104	*	1st United Bancorp, Inc		120
	17,560		Abington Bancorp, Inc		215
	3,251		Alliance Financial Corp		108
	4,510		American National Bankshares, Inc		102
	18,171		Ameris Bancorp		185
	4,648		Ames National Corp		89
	6,722		Arrow Financial Corp		166
	135,185		Associated Banc-Corp		2,007
	66,701		Astoria Financial Corp		958
	5,016		Bancfirst Corp		214

256

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	21,466		Banco Latinoamericano de Exportaciones S.A. (Class E)	$	375
	2,914		Bancorp Rhode Island, Inc		90
	64,583		Bancorpsouth, Inc		998
	41,404		Bank Mutual Corp		175
	37,626		Bank of Hawaii Corp		1,799
	3,864		Bank of Marin Bancorp		144
	11,413		Bank of the Ozarks, Inc		499
	17,629		BankFinancial Corp		162
	533,629		BB&T Corp		14,647
	23,421	*	Beneficial Mutual Bancorp, Inc		202
	10,481		Berkshire Hills Bancorp, Inc		219
	5,599	*	BofI Holding, Inc		87
	21,305		BOK Financial Corp		1,101
	59,217		Boston Private Financial Holdings, Inc		419
	4,741		Bridge Bancorp, Inc		106
	48,082		Brookline Bancorp, Inc		506
	4,771		Bryn Mawr Bank Corp		98
	5,527		Camden National Corp		189
	9,158		Capital City Bank Group, Inc		116
	246,176		CapitalSource, Inc		1,733
	36,862		Capitol Federal Financial		415
	18,053		Cardinal Financial Corp		210
	61,647		Cathay General Bancorp		1,051
	27,645	*	Center Financial		203
	16,756		Centerstate Banks of Florida, Inc		117
	2,883		Century Bancorp, Inc		77
	18,856		Chemical Financial Corp		376
	155,356	*	CIT Group, Inc		6,610
	6,398		Citizens & Northern Corp		108
	306,766	*	Citizens Republic Bancorp, Inc		273
	12,921		City Holding Co		457
	35,113		City National Corp		2,003
	10,007		Clifton Savings Bancorp, Inc		119
	6,672		CNB Financial Corp		97
	21,290		CoBiz, Inc		148
	31,348		Columbia Banking System, Inc		601
	136,608		Comerica, Inc		5,016
	60,171		Commerce Bancshares, Inc		2,433
	24,981		Community Bank System, Inc		606
	11,562		Community Trust Bancorp, Inc		320
	40,733		Cullen/Frost Bankers, Inc		2,404
	67,239		CVB Financial Corp		626
	17,535		Danvers Bancorp, Inc		376
	19,824		Dime Community Bancshares		293
	24,100	*	Doral Financial Corp		27
	12,747	*	Eagle Bancorp, Inc		179
	116,790		East West Bancorp, Inc		2,565
	6,100	*	Encore Bancshares, Inc		74
	11,656		Enterprise Financial Services Corp		164
	6,988		ESB Financial Corp		103
	12,436		ESSA Bancorp, Inc		164
	7,387		Federal Agricultural Mortgage Corp (Class C)		141

257

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	706,423		Fifth Third Bancorp	$	9,805
	7,979		Financial Institutions, Inc		140
	9,860		First Bancorp (NC)		131
	21,060	*	First Bancorp (Puerto Rico)		105
	6,485		First Bancorp, Inc		99
	40,118		First Busey Corp		204
	4,158		First Citizens Bancshares, Inc (Class A)		834
	84,375		First Commonwealth Financial Corp		578
	12,139		First Community Bancshares, Inc		172
	44,691		First Financial Bancorp		746
	17,880		First Financial Bankshares, Inc		918
	8,954		First Financial Corp		298
	12,966		First Financial Holdings, Inc		147
	202,896		First Horizon National Corp		2,274
	9,546		First Interstate Bancsystem, Inc		130
	19,481		First Merchants Corp		161
	57,533		First Midwest Bancorp, Inc		678
	161,278		First Niagara Financial Group, Inc		2,190
	4,191		First of Long Island Corp		116
	5,157		First South Bancorp, Inc		26
	83,246		FirstMerit Corp		1,420
	35,463	*	Flagstar Bancorp, Inc		53
	19,779		Flushing Financial Corp		295
	87,796		FNB Corp		925
	4,602		Fox Chase Bancorp, Inc		64
	152,821		Fulton Financial Corp		1,698
	8,476		German American Bancorp, Inc		146
	56,600		Glacier Bancorp, Inc		852
	7,809		Great Southern Bancorp, Inc		168
	9,301	*	Greene County Bancshares, Inc		26
	22,696		Hancock Holding Co		745
	36,699	*	Hanmi Financial Corp		46
	10,342		Heartland Financial USA, Inc		176
	4,346	*	Heritage Financial Corp		62
	6,749	*	Home Bancorp, Inc		103
	14,896		Home Bancshares, Inc		339
	12,641		Home Federal Bancorp, Inc		149
	365,634		Hudson City Bancorp, Inc		3,539
	10,014		Hudson Valley Holding Corp		220
	664,830		Huntington Bancshares, Inc		4,414
	22,391		IBERIABANK Corp		1,346
	17,904		Independent Bank Corp		484
	40,567		International Bancshares Corp		744
	37,852	*	Investors Bancorp, Inc		564
	14,732		Kearny Financial Corp		148
	735,679		Keycorp		6,533
	14,481		Lakeland Bancorp, Inc		150
	12,420		Lakeland Financial Corp		282
	56,956		M&T Bank Corp		5,039
	11,504		MainSource Financial Group, Inc		115
	406,126		Marshall & Ilsley Corp		3,245
	38,744		MB Financial, Inc		812

258

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	3,784		Merchants Bancshares, Inc	$	100
	7,250	*	Meridian Interstate Bancorp, Inc		102
	155,567	*	MGIC Investment Corp		1,383
	3,556		Midsouth Bancorp, Inc		51
	5,267		MidWestOne Financial Group, Inc		78
	25,640	*	Nara Bancorp, Inc		247
	1,893		NASB Financial, Inc		31
	5,351		National Bankshares, Inc		155
	101,297		National Penn Bancshares, Inc		784
	27,027		NBT Bancorp, Inc		616
	331,783		New York Community Bancorp, Inc		5,726
	78,585		NewAlliance Bancshares, Inc		1,166
	14,313		Northfield Bancorp, Inc		198
	90,683		Northwest Bancshares, Inc		1,137
	10,808		OceanFirst Financial Corp		151
	57,265	*	Ocwen Financial Corp		631
	76,288		Old National Bancorp		818
	9,164	*	OmniAmerican Bancorp, Inc		145
	33,903		Oriental Financial Group, Inc		425
	45,254		Oritani Financial Corp		574
	3,841		Orrstown Financial Services, Inc		108
	14,467		Pacific Continental Corp		147
	22,250		PacWest Bancorp		484
	11,191		Park National Corp		748
	6,295		Peapack Gladstone Financial Corp		83
	2,964		Penns Woods Bancorp, Inc		115
	10,509	*	Pennsylvania Commerce Bancorp, Inc		130
	6,808		Peoples Bancorp, Inc		82
	286,319		People’s United Financial, Inc		3,602
	25,469	*	Pinnacle Financial Partners, Inc		421
	120,947	*	PMI Group, Inc		327
	406,473		PNC Financial Services Group, Inc		25,603
	772,337	*	Popular, Inc		2,248
	39,968		PrivateBancorp, Inc		611
	35,938		Prosperity Bancshares, Inc		1,537
	45,191		Provident Financial Services, Inc		669
	30,181		Provident New York Bancorp		311
	102,881		Radian Group, Inc		701
	958,718		Regions Financial Corp		6,960
	15,054		Renasant Corp		256
	6,104		Republic Bancorp, Inc (Class A)		119
	9,274		Rockville Financial, Inc		97
	7,271		Roma Financial Corp		80
	20,998		S&T Bancorp, Inc		453
	8,198		S.Y. Bancorp, Inc		206
	18,232		Sandy Spring Bancorp, Inc		337
	9,604		SCBT Financial Corp		320
	3,786		Sierra Bancorp		42
	32,119	*	Signature Bank		1,812
	13,207		Simmons First National Corp (Class A)		358
	11,054		Southside Bancshares, Inc		237
	14,769	*	Southwest Bancorp, Inc		210

259

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	10,282		State Bancorp, Inc	$	107
	16,183		StellarOne Corp		230
	27,752		Sterling Bancorp		278
	75,734		Sterling Bancshares, Inc		652
	7,140		Suffolk Bancorp		150
	414,158		SunTrust Banks, Inc		11,943
	102,135		Susquehanna Bancshares, Inc		955
	31,722	*	SVB Financial Group		1,806
	597,443		Synovus Financial Corp		1,434
	7,584	*	Taylor Capital Group, Inc		80
	110,460		TCF Financial Corp		1,752
	9,400		Territorial Bancorp, Inc		187
	31,378	*	Texas Capital Bancshares, Inc		816
	64,501		TFS Financial Corp		685
	16,995	*	The Bancorp, Inc		157
	7,054		Tompkins Trustco, Inc		293
	2,692		Tower Bancorp, Inc		60
	17,850		TowneBank		280
	9,919		Trico Bancshares		162
	62,026		Trustco Bank Corp NY		368
	49,168		Trustmark Corp		1,152
	24,801		UMB Financial Corp		926
	91,424		Umpqua Holdings Corp		1,046
	14,087		Union Bankshares Corp		158
	30,662		United Bankshares, Inc		813
	79,410	*	United Community Banks, Inc		188
	15,445		United Financial Bancorp, Inc		255
	12,704		Univest Corp of Pennsylvania		225
	1,478,743		US Bancorp		39,082
	124,246		Valley National Bancorp		1,734
	10,582		ViewPoint Financial Group		138
	14,744	*	Virginia Commerce Bancorp		85
	7,900	*	Walker & Dunlop, Inc		96
	12,184		Washington Banking Co		172
	86,794		Washington Federal, Inc		1,505
	10,818		Washington Trust Bancorp, Inc		257
	7,507	*	Waterstone Financial, Inc		23
	52,669		Webster Financial Corp		1,129
	3,758,650		Wells Fargo & Co		119,148
	19,012		WesBanco, Inc		394
	11,970		West Bancorporation, Inc		96
	72,421	*	West Coast Bancorp		251
	24,101		Westamerica Bancorporation		1,238
	49,360	*	Western Alliance Bancorp		406
	23,121		Westfield Financial, Inc		209
	75,084		Whitney Holding Corp		1,023
	71,613		Wilmington Trust Corp		324
	15,017		Wilshire Bancorp, Inc		74
	26,249		Wintrust Financial Corp		965
	4,467		WSFS Financial Corp		210
	139,772		Zions Bancorporation		3,223
			TOTAL BANKS		373,941

260

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
CAPITAL GOODS - 9.0%
	16,202	*	3D Systems Corp	$	787
	550,821		3M Co		51,502
	27,385		A.O. Smith Corp		1,214
	56,277	*	A123 Systems, Inc		357
	8,853		Aaon, Inc		291
	29,552	*	AAR Corp		819
	17,815		Aceto Corp		142
	52,376		Actuant Corp (Class A)		1,519
	33,751		Acuity Brands, Inc		1,974
	49,842	*	Advanced Battery Technologies, Inc		97
	75,836	*	Aecom Technology Corp		2,103
	14,335	*	Aerovironment, Inc		501
	71,219	*	AGCO Corp		3,915
	39,824		Aircastle Ltd		481
	4,490		Alamo Group, Inc		123
	23,047		Albany International Corp (Class A)		574
	25,585		Alliant Techsystems, Inc		1,808
	18,705	*	Altra Holdings, Inc		442
	5,081	*	Ameresco, Inc		72
	7,032	*	American Railcar Industries, Inc		176
	7,536		American Science & Engineering, Inc		696
	38,794	*	American Superconductor Corp		965
	8,518		American Woodmark Corp		178
	7,062		Ameron International Corp		493
	123,156		Ametek, Inc		5,403
	8,632		Ampco-Pittsburgh Corp		238
	25,458		Apogee Enterprises, Inc		336
	63,204	*	Applied Energetics, Inc		42
	32,556		Applied Industrial Technologies, Inc		1,083
	5,631	*	Argan, Inc		48
	16,319		Armstrong World Industries, Inc		755
	73,192	*	ArvinMeritor, Inc		1,242
	15,638	*	Astec Industries, Inc		583
	7,057	*	Astronics Corp		178
	10,559		AZZ, Inc		481
	88,162	*	Babcock & Wilcox Co		2,943
	13,564		Badger Meter, Inc		559
	36,508		Barnes Group, Inc		762
	74,030	*	BE Aerospace, Inc		2,630
	35,044	*	Beacon Roofing Supply, Inc		717
	36,981		Belden CDT, Inc		1,389
	35,059	*	Blount International, Inc		560
	586,597		Boeing Co		43,366
	37,869		Brady Corp (Class A)		1,352
	39,839		Briggs & Stratton Corp		902
	71,104	*	Broadwind Energy, Inc		93
	57,920		Bucyrus International, Inc (Class A)		5,297
	22,099	*	Builders FirstSource, Inc		63
	9,868	*	CAI International, Inc		255
	185,893	*	Capstone Turbine Corp		336

261

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	46,691		Carlisle Cos, Inc	$	2,080
	8,145		Cascade Corp		363
	484,716		Caterpillar, Inc		53,974
	19,382	*	Ceradyne, Inc		874
	23,060	*	Chart Industries, Inc		1,269
	76,040		Chicago Bridge & Iron Co NV		3,092
	12,832		CIRCOR International, Inc		603
	38,968		Clarcor, Inc		1,751
	19,959	*	CNH Global NV		969
	23,883	*	Colfax Corp		548
	12,813	*	Columbus McKinnon Corp		237
	33,040		Comfort Systems USA, Inc		465
	18,507	*	Commercial Vehicle Group, Inc		330
	129,157		Cooper Industries plc		8,382
	38,179		Crane Co		1,849
	12,848		Cubic Corp		739
	154,261		Cummins, Inc		16,910
	35,284		Curtiss-Wright Corp		1,240
	411,266		Danaher Corp		21,345
	328,029		Deere & Co		31,784
	21,025	*	DigitalGlobe, Inc		589
	58,727		Donaldson Co, Inc		3,599
	9,037		Douglas Dynamics, Inc		129
	143,951		Dover Corp		9,463
	7,637		Ducommun, Inc		183
	5,160	*	DXP Enterprises, Inc		119
	32,076	*	Dycom Industries, Inc		556
	12,440		Dynamic Materials Corp		348
	257,936		Eaton Corp		14,300
	50,074	*	EMCOR Group, Inc		1,551
	582,413		Emerson Electric Co		34,030
	15,305		Encore Wire Corp		373
	62,216	*	Ener1, Inc		184
	25,675	*	Energy Recovery, Inc		82
	37,162	*	EnerSys		1,477
	15,889	*	EnPro Industries, Inc		577
	20,938		ESCO Technologies, Inc		799
	22,100	*	Esterline Technologies Corp		1,563
	102,129		Fastenal Co		6,622
	50,117		Federal Signal Corp		326
	26,655	*	Flow International Corp		117
	43,235		Flowserve Corp		5,569
	137,471		Fluor Corp		10,127
	56,935	*	Force Protection, Inc		279
	19,315		Franklin Electric Co, Inc		892
	12,439		Freightcar America, Inc		404
	89,877	*	FuelCell Energy, Inc		192
	25,764	*	Furmanite Corp		206
	39,732		Gardner Denver, Inc		3,100
	35,871		GATX Corp		1,387
	42,477	*	GenCorp, Inc		254
	14,500	*	Generac Holdings, Inc		294

262

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	40,126	*	General Cable Corp	$	1,737
	267,227		General Dynamics Corp		20,459
	8,246,386		General Electric Co		165,339
	16,043	*	GeoEye, Inc		667
	20,138	*	Gibraltar Industries, Inc		240
	3,945	*	Global Defense Technology & Systems, Inc		96
	96,547		Goodrich Corp		8,258
	10,363		Gorman-Rupp Co		408
	46,150		Graco, Inc		2,099
	92,133	*	GrafTech International Ltd		1,901
	12,308		Graham Corp		295
	26,732		Granite Construction, Inc		751
	44,924		Great Lakes Dredge & Dock Corp		343
	15,267	*	Greenbrier Cos, Inc		433
	37,869	*	Griffon Corp		497
	21,180	*	H&E Equipment Services, Inc		413
	61,544		Harsco Corp		2,172
	22,583		Heico Corp		1,412
	74,803	*	Hexcel Corp		1,473
	591,274		Honeywell International, Inc		35,305
	12,024		Houston Wire & Cable Co		176
	46,993		Hubbell, Inc (Class B)		3,338
	38,859	*	Huntington Ingalls		1,613
	62,789		IDEX Corp		2,741
	18,167	*	II-VI, Inc		904
	341,453		Illinois Tool Works, Inc		18,343
	248,148		Ingersoll-Rand plc		11,988
	28,439	*	Insituform Technologies, Inc (Class A)		761
	10,094		Insteel Industries, Inc		143
	27,412	*	Interline Brands, Inc		559
	141,410		ITT Industries, Inc		8,492
	96,369	*	Jacobs Engineering Group, Inc		4,956
	20,027		John Bean Technologies Corp		385
	79,748		Joy Global, Inc		7,880
	9,545	*	Kadant, Inc		250
	21,747		Kaman Corp		765
	25,319		Kaydon Corp		992
	120,549		KBR, Inc		4,553
	62,712		Kennametal, Inc		2,446
	8,000	*	KEYW Holding Corp		98
	12,312	*	Kratos Defense & Security Solutions, Inc		175
	89,571		L-3 Communications Holdings, Inc		7,014
	8,713	*	LaBarge, Inc		154
	12,010	*	Ladish Co, Inc		656
	3,000		Lawson Products, Inc		69
	13,874	*	Layne Christensen Co		479
	7,262		LB Foster Co (Class A)		313
	36,321		Lennox International, Inc		1,910
	32,522		Lincoln Electric Holdings, Inc		2,469
	10,010		Lindsay Manufacturing Co		791
	6,398	*	LMI Aerospace, Inc		129
	225,579		Lockheed Martin Corp		18,137

263

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	12,960		LSI Industries, Inc	$	94
	12,907	*	Lydall, Inc		115
	100,971		Manitowoc Co, Inc		2,209
	276,648		Masco Corp		3,850
	39,968	*	Mastec, Inc		831
	10,825		Met-Pro Corp		129
	7,039	*	Michael Baker Corp		205
	12,802	*	Middleby Corp		1,193
	7,280		Miller Industries, Inc		118
	36,229	*	Moog, Inc (Class A)		1,663
	32,978		MSC Industrial Direct Co (Class A)		2,258
	27,916		Mueller Industries, Inc		1,022
	119,077		Mueller Water Products, Inc (Class A)		533
	13,261	*	MYR Group, Inc		317
	4,424		Nacco Industries, Inc (Class A)		490
	3,938		National Presto Industries, Inc		444
	54,093	*	Navistar International Corp		3,750
	19,754	*	NCI Building Systems, Inc		250
	26,502		Nordson Corp		3,049
	233,154		Northrop Grumman Corp		14,621
	8,845	*	Northwest Pipe Co		203
	44,747	*	Orbital Sciences Corp		847
	19,593	*	Orion Marine Group, Inc		210
	69,175	*	Oshkosh Truck Corp		2,447
	86,991	*	Owens Corning, Inc		3,131
	281,219		Paccar, Inc		14,722
	90,130		Pall Corp		5,192
	124,137		Parker Hannifin Corp		11,753
	76,198		Pentair, Inc		2,880
	20,289		Perini Corp		494
	12,323	*	Pike Electric Corp		117
	9,152	*	PMFG, Inc		195
	16,989	*	Polypore International, Inc		978
	5,761	*	Powell Industries, Inc		227
	12,071	*	PowerSecure International, Inc		104
	110,223		Precision Castparts Corp		16,223
	1,801		Preformed Line Products Co		125
	15,193		Primoris Services Corp		154
	28,579		Quanex Building Products Corp		561
	162,009	*	Quanta Services, Inc		3,634
	11,399		Raven Industries, Inc		700
	281,973		Raytheon Co		14,344
	16,219	*	RBC Bearings, Inc		620
	29,680		Regal-Beloit Corp		2,191
	31,387		Robbins & Myers, Inc		1,443
	109,940		Rockwell Automation, Inc		10,406
	121,576		Rockwell Collins, Inc		7,882
	73,248		Roper Industries, Inc		6,333
	34,156	*	RSC Holdings, Inc		491
	21,664	*	Rush Enterprises, Inc (Class A)		429
	91,073	*	SatCon Technology Corp		352
	8,767	*	Sauer-Danfoss, Inc		447

264

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	269		Seaboard Corp	$	649
	8,300		SeaCube Container Leasing Ltd		133
	65,055	*	Shaw Group, Inc		2,304
	29,264		Simpson Manufacturing Co, Inc		862
	44,614		Snap-On, Inc		2,680
	83,416	*	Spirit Aerosystems Holdings, Inc (Class A)		2,141
	37,552		SPX Corp		2,981
	11,927		Standex International Corp		452
	12,518	*	Sterling Construction Co, Inc		211
	7,928		Sun Hydraulics Corp		342
	11,400		TAL International Group, Inc		413
	44,785	*	Taser International, Inc		182
	10,545	*	Tecumseh Products Co (Class A)		106
	28,168	*	Teledyne Technologies, Inc		1,457
	14,645		Tennant Co		616
	83,705	*	Terex Corp		3,100
	7,088		Textainer Group Holdings Ltd		263
	208,523		Textron, Inc		5,711
	39,026	*	Thomas & Betts Corp		2,321
	66,676		Timken Co		3,487
	26,971		Titan International, Inc		718
	10,213	*	Titan Machinery, Inc		258
	24,372		Toro Co		1,614
	39,010		TransDigm Group, Inc		3,270
	19,671		Tredegar Corp		425
	13,203	*	Trex Co, Inc		431
	9,351	*	Trimas Corp		201
	61,064		Trinity Industries, Inc		2,239
	12,884		Triumph Group, Inc		1,140
	6,504		Twin Disc, Inc		210
	369,211		Tyco International Ltd		16,530
	45,976	*	United Rentals, Inc		1,530
	720,624		United Technologies Corp		61,000
	14,766		Universal Forest Products, Inc		541
	28,442	*	UQM Technologies, Inc		85
	63,954	*	URS Corp		2,945
	51,472	*	USG Corp		858
	16,747		Valmont Industries, Inc		1,748
	12,845		Vicor Corp		212
	45,524		W.W. Grainger, Inc		6,268
	56,245	*	Wabash National Corp		651
	50,291	*	WABCO Holdings, Inc		3,100
	22,186		Watsco, Inc		1,547
	23,144		Watts Water Technologies, Inc (Class A)		884
	32,103	*	WESCO International, Inc		2,006
	36,890		Westinghouse Air Brake Technologies Corp		2,502
	46,042		Woodward Governor Co		1,591
	5,984	*	Xerium Technologies, Inc		144
			TOTAL CAPITAL GOODS		1,031,349
COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
	37,566		ABM Industries, Inc		954

265

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	24,912	*	Acacia Research (Acacia Technologies)	$	852
	46,006	*	ACCO Brands Corp		439
	16,355		Administaff, Inc		497
	13,465	*	Advisory Board Co		693
	14,202		American Ecology Corp		248
	26,021	*	American Reprographics Co		269
	20,202	*	APAC Customer Services, Inc		121
	85,225		Avery Dennison Corp		3,576
	6,166		Barrett Business Services, Inc		99
	38,510		Brink’s Co		1,275
	19,056	*	Casella Waste Systems, Inc (Class A)		137
	41,673	*	CBIZ, Inc		300
	7,981		CDI Corp		118
	38,005	*	Cenveo, Inc		248
	101,777		Cintas Corp		3,081
	18,501	*	Clean Harbors, Inc		1,825
	8,210	*	Consolidated Graphics, Inc		449
	46,629	*	Copart, Inc		2,020
	27,057		Corporate Executive Board Co		1,092
	88,315	*	Corrections Corp of America		2,155
	14,866	*	CoStar Group, Inc		932
	6,267		Courier Corp		87
	99,005		Covanta Holding Corp		1,691
	8,400	*	CRA International, Inc		242
	37,676		Deluxe Corp		1,000
	23,101	*	Dolan Media Co		280
	38,942		Dun & Bradstreet Corp		3,125
	67,718		EnergySolutions, Inc		404
	15,147	*	EnerNOC, Inc		289
	17,307		Ennis, Inc		295
	97,566		Equifax, Inc		3,791
	11,236	*	Exponent, Inc		501
	9,375	*	Franklin Covey Co		81
	36,298	*	FTI Consulting, Inc		1,391
	12,288	*	Fuel Tech, Inc		109
	15,088		G & K Services, Inc (Class A)		502
	46,319	*	Geo Group, Inc		1,188
	12,104	*	GP Strategies Corp		165
	49,713		Healthcare Services Group		874
	14,300		Heidrick & Struggles International, Inc		398
	43,782		Herman Miller, Inc		1,204
	7,900	*	Higher One Holdings, Inc		114
	17,074	*	Hill International, Inc		90
	33,809		HNI Corp		1,067
	24,166	*	Hudson Highland Group, Inc		157
	16,505	*	Huron Consulting Group, Inc		457
	13,014	*	ICF International, Inc		267
	37,578	*	IHS, Inc (Class A)		3,335
	22,974	*	Innerworkings, Inc		170
	38,561		Interface, Inc (Class A)		713
	141,030		Iron Mountain, Inc		4,404
	21,500	*	KAR Auction Services, Inc		330

266

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	20,372	*	Kelly Services, Inc (Class A)	$	442
	21,985	*	Kforce, Inc		402
	18,600		Kimball International, Inc (Class B)		130
	35,963		Knoll, Inc		754
	34,304	*	Korn/Ferry International		764
	19,634	*	LECG Corp		4
	8,556	*	M&F Worldwide Corp		215
	63,464		Manpower, Inc		3,992
	17,708		McGrath RentCorp		483
	39,317	*	Metalico, Inc		245
	21,996		Mine Safety Appliances Co		807
	7,800	*	Mistras Group, Inc		134
	28,189	*	Mobile Mini, Inc		677
	5,947		Multi-Color Corp		120
	40,393	*	Navigant Consulting, Inc		404
	63,500	*	NIELSEN HOLDINGS B.V.		1,734
	25,372	*	On Assignment, Inc		240
	156,635		Pitney Bowes, Inc		4,024
	158,991		R.R. Donnelley & Sons Co		3,008
	251,246		Republic Services, Inc		7,547
	32,857		Resources Connection, Inc		637
	115,720		Robert Half International, Inc		3,542
	50,683		Rollins, Inc		1,029
	10,767		Schawk, Inc (Class A)		209
	14,249	*	School Specialty, Inc		204
	42,038	*	Spherion Corp		592
	12,140	*	Standard Parking Corp		216
	10,680		Standard Register Co		35
	54,705		Steelcase, Inc (Class A)		623
	65,856	*	Stericycle, Inc		5,839
	31,978	*	SYKES Enterprises, Inc		632
	13,336	*	Team, Inc		350
	47,935	*	Tetra Tech, Inc		1,184
	33,194		Towers Watson & Co		1,841
	37,265	*	TrueBlue, Inc		626
	11,503		Unifirst Corp		610
	18,197		United Stationers, Inc		1,293
	79,778	*	Verisk Analytics, Inc		2,614
	15,178		Viad Corp		363
	2,793		VSE Corp		83
	90,100		Waste Connections, Inc		2,594
	370,650		Waste Management, Inc		13,839
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		115,182
CONSUMER DURABLES & APPAREL - 1.4%
	42,094	*	American Apparel, Inc		41
	30,538		American Greetings Corp (Class A)		721
	9,523	*	Arctic Cat, Inc		148
	45,763	*	Ascena Retail Group, Inc		1,483
	91,719	*	Beazer Homes USA, Inc		419
	4,923		Blyth, Inc		160
	69,036		Brunswick Corp		1,756

267

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	51,179		Callaway Golf Co	$	349
	47,271	*	Carter’s, Inc		1,353
	4,557	*	Cavco Industries, Inc		206
	5,581		Cherokee, Inc		96
	234,742		Coach, Inc		12,216
	9,339		Columbia Sportswear Co		555
	68,094	*	CROCS, Inc		1,215
	5,480		CSS Industries, Inc		103
	7,017	*	Culp, Inc		65
	29,784	*	Deckers Outdoor Corp		2,566
	4,329	*	Delta Apparel, Inc		62
	215,214		DR Horton, Inc		2,507
	207,506	*	Eastman Kodak Co		670
	18,783		Ethan Allen Interiors, Inc		411
	117,473		Fortune Brands, Inc		7,270
	40,042	*	Fossil, Inc		3,750
	34,198	*	Furniture Brands International, Inc		156
	86,645		Garmin Ltd		2,934
	13,268	*	G-III Apparel Group Ltd		499
	73,677	*	Hanesbrands, Inc		1,992
	53,605		Harman International Industries, Inc		2,510
	95,413		Hasbro, Inc		4,469
	23,782	*	Helen of Troy Ltd		699
	7,413		Hooker Furniture Corp		89
	49,581	*	Hovnanian Enterprises, Inc (Class A)		175
	54,965	*	Iconix Brand Group, Inc		1,181
	16,171	*	iRobot Corp		532
	24,481	*	Jakks Pacific, Inc		474
	71,707		Jarden Corp		2,551
	31,304	*	Joe’s Jeans, Inc		33
	66,643		Jones Apparel Group, Inc		916
	58,687		KB Home		730
	6,203	*	Kenneth Cole Productions, Inc (Class A)		80
	19,366	*	K-Swiss, Inc (Class A)		218
	3,811		Lacrosse Footwear, Inc		70
	39,237	*	La-Z-Boy, Inc		375
	34,167	*	Leapfrog Enterprises, Inc		148
	114,301		Leggett & Platt, Inc		2,800
	122,890		Lennar Corp (Class A)		2,227
	12,366	*	Libbey, Inc		204
	7,210	*	Lifetime Brands, Inc		108
	75,614	*	Liz Claiborne, Inc		408
	16,303	*	M/I Homes, Inc		244
	17,427	*	Maidenform Brands, Inc		498
	8,407	*	Marine Products Corp		67
	281,147		Mattel, Inc		7,008
	29,150		MDC Holdings, Inc		739
	24,046	*	Meritage Homes Corp		580
	43,299	*	Mohawk Industries, Inc		2,648
	12,667	*	Movado Group, Inc		186
	221,507		Newell Rubbermaid, Inc		4,237
	278,139		Nike, Inc (Class B)		21,054

268

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	4,555	*	NVR, Inc	$	3,444
	10,106		Oxford Industries, Inc		346
	8,860	*	Perry Ellis International, Inc		244
	43,642		Phillips-Van Heusen Corp		2,838
	24,262		Polaris Industries, Inc		2,111
	43,171		Polo Ralph Lauren Corp (Class A)		5,338
	38,375		Pool Corp		925
	256,906	*	Pulte Homes, Inc		1,901
	107,027	*	Quiksilver, Inc		473
	14,785	*	RC2 Corp		415
	6,477		RG Barry Corp		85
	9,824	*	Russ Berrie & Co, Inc		72
	35,106		Ryland Group, Inc		558
	47,340	*	Sealy Corp		120
	27,339	*	Skechers U.S.A., Inc (Class A)		562
	7,407		Skyline Corp		149
	52,271	*	Smith & Wesson Holding Corp		186
	70,229	*	Standard-Pacific Corp		262
	124,240		Stanley Works		9,516
	4,356	*	Steinway Musical Instruments, Inc		97
	17,467	*	Steven Madden Ltd		820
	14,503		Sturm Ruger & Co, Inc		333
	8,138	*	Summer Infant, Inc		65
	55,849	*	Tempur-Pedic International, Inc		2,829
	32,067	*	Timberland Co (Class A)		1,324
	109,135	*	Toll Brothers, Inc		2,158
	19,300	*	True Religion Apparel, Inc		453
	48,715		Tupperware Corp		2,909
	27,184	*	Under Armour, Inc (Class A)		1,850
	10,905	*	Unifi, Inc		185
	8,900	*	Universal Electronics, Inc		263
	9,600	*	Vera Bradley, Inc		405
	67,904		VF Corp		6,691
	13,192		Volcom, Inc		244
	32,732	*	Warnaco Group, Inc		1,872
	5,214		Weyco Group, Inc		128
	57,906		Whirlpool Corp		4,943
	38,905		Wolverine World Wide, Inc		1,450
			TOTAL CONSUMER DURABLES & APPAREL		160,525
CONSUMER SERVICES - 2.1%
	18,260	*	AFC Enterprises		276
	14,656		Ambassadors Group, Inc		160
	13,862	*	American Public Education, Inc		561
	21,121		Ameristar Casinos, Inc		375
	100,495	*	Apollo Group, Inc (Class A)		4,192
	5,600	*	Archipelago Learning, Inc		48
	42,474	*	Bally Technologies, Inc		1,608
	17,427	*	BJ’s Restaurants, Inc		685
	15,345	*	Bluegreen Corp		63
	24,666		Bob Evans Farms, Inc		804
	43,345	*	Boyd Gaming Corp		406

269

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	8,700	*	Bravo Brio Restaurant Group, Inc	$	154
	14,051	*	Bridgepoint Education, Inc		240
	78,146		Brinker International, Inc		1,977
	13,602	*	Buffalo Wild Wings, Inc		740
	14,693	*	California Pizza Kitchen, Inc		248
	12,339	*	Cambium Learning Group, Inc		42
	12,593	*	Capella Education Co		627
	50,534	*	Career Education Corp		1,148
	5,895	*	Caribou Coffee Co, Inc		60
	336,915		Carnival Corp		12,924
	8,099	*	Carrols Restaurant Group, Inc		75
	17,289		CBRL Group, Inc		850
	17,642		CEC Entertainment, Inc		666
	46,024	*	Cheesecake Factory		1,385
	24,297	*	Chipotle Mexican Grill, Inc (Class A)		6,618
	21,525		Choice Hotels International, Inc		836
	7,929		Churchill Downs, Inc		329
	23,500	*	Coinstar, Inc		1,079
	83,309	*	Corinthian Colleges, Inc		368
	3,696		CPI Corp		83
	107,900		Darden Restaurants, Inc		5,301
	75,312	*	Denny’s Corp		306
	48,586		DeVry, Inc		2,676
	13,678	*	DineEquity, Inc		752
	30,059	*	Domino’s Pizza, Inc		554
	35,512	*	Education Management Corp		744
	4,221		Einstein Noah Restaurant Group, Inc		69
	27,229	*	Gaylord Entertainment Co		944
	24,016	*	Grand Canyon Education, Inc		348
	235,532		H&R Block, Inc		3,943
	47,975		Hillenbrand, Inc		1,031
	33,800	*	Hyatt Hotels Corp		1,455
	230,043		International Game Technology		3,734
	24,689		International Speedway Corp (Class A)		736
	34,104	*	Interval Leisure Group, Inc		558
	5,265	*	Isle of Capri Casinos, Inc		50
	24,366	*	ITT Educational Services, Inc		1,758
	39,870	*	Jack in the Box, Inc		904
	47,403	*	Jamba, Inc		104
	18,366	*	K12, Inc		619
	39,822	*	Krispy Kreme Doughnuts, Inc		280
	268,689	*	Las Vegas Sands Corp		11,344
	6,272		Learning Tree International, Inc		55
	31,445	*	Life Time Fitness, Inc		1,173
	12,699		Lincoln Educational Services Corp		202
	8,861		Mac-Gray Corp		143
	14,891		Marcus Corp		162
	207,209		Marriott International, Inc (Class A)		7,372
	23,085		Matthews International Corp (Class A)		890
	11,950	*	McCormick & Schmick’s Seafood Restaurants, Inc		86
	830,824		McDonald’s Corp		63,218
	242,410	*	MGM Mirage		3,188

270

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	8,692	*	Monarch Casino & Resort, Inc	$	90
	23,956	*	Morgans Hotel Group Co		235
	20,438	*	Multimedia Games, Inc		117
	5,638		National American University Holdings, Inc		40
	14,289	*	O’Charleys, Inc		85
	78,277	*	Orient-Express Hotels Ltd (Class A)		968
	22,689	*	Panera Bread Co (Class A)		2,882
	18,183	*	Papa John’s International, Inc		576
	8,992	*	Peet’s Coffee & Tea, Inc		432
	54,127	*	Penn National Gaming, Inc		2,006
	18,084		PF Chang’s China Bistro, Inc		835
	48,180	*	Pinnacle Entertainment, Inc		656
	7,085	*	Pre-Paid Legal Services, Inc		468
	9,555	*	Princeton Review, Inc		4
	9,873	*	Red Lion Hotels Corp		81
	11,853	*	Red Robin Gourmet Burgers, Inc		319
	44,951		Regis Corp		797
	101,674	*	Royal Caribbean Cruises Ltd		4,195
	50,005	*	Ruby Tuesday, Inc		656
	26,831	*	Ruth’s Chris Steak House, Inc		138
	49,874	*	Scientific Games Corp (Class A)		436
	199,545		Service Corp International		2,207
	44,601	*	Shuffle Master, Inc		476
	45,772	*	Sonic Corp		414
	51,448		Sotheby’s (Class A)		2,706
	9,984		Speedway Motorsports, Inc		160
	573,321		Starbucks Corp		21,185
	144,154		Starwood Hotels & Resorts Worldwide, Inc		8,378
	958	*	Steak N Shake Co		406
	11,970	*	Steiner Leisure Ltd		554
	68,986		Stewart Enterprises, Inc (Class A)		527
	10,323		Strayer Education, Inc		1,347
	16,200	*	Summit Hotel Properties, Inc		161
	42,904		Texas Roadhouse, Inc (Class A)		729
	15,190		Universal Technical Institute, Inc		295
	27,599	*	Vail Resorts, Inc		1,346
	26,980		Weight Watchers International, Inc		1,891
	253,576		Wendy’s/Arby’s Group, Inc (Class A)		1,275
	43,711	*	WMS Industries, Inc		1,545
	138,638		Wyndham Worldwide Corp		4,410
	58,046		Wynn Resorts Ltd		7,386
	360,972		Yum! Brands, Inc		18,548
			TOTAL CONSUMER SERVICES		246,288
DIVERSIFIED FINANCIALS - 6.4%
	36,918		Advance America Cash Advance Centers, Inc		196
	39,037	*	Affiliated Managers Group, Inc		4,269
	261,649	*	American Capital Ltd		2,590
	810,612		American Express Co		36,640
	198,131		Ameriprise Financial, Inc		12,102
	149,594		Apollo Investment Corp		1,804
	147,601		Ares Capital Corp		2,494

271

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	21,300		Artio Global Investors, Inc	$	344
	11,658	*	Asset Acceptance Capital Corp		63
	8,522		Asta Funding, Inc		73
	7,750,397		Bank of America Corp		103,313
	938,475		Bank of New York Mellon Corp		28,032
	36,447		BGC Partners, Inc (Class A)		339
	54,667		BlackRock Kelso Capital Corp		554
	72,545		BlackRock, Inc		14,582
	77,753	*	Broadpoint Securities Group, Inc		135
	16,951		Calamos Asset Management, Inc (Class A)		281
	351,872		Capital One Financial Corp		18,283
	2,167		Capital Southwest Corp		198
	22,738		Cash America International, Inc		1,047
	10,200		CBOE Holdings, Inc		295
	761,290		Charles Schwab Corp		13,726
	16,336,349	*	Citigroup, Inc		72,207
	50,711		CME Group, Inc		15,292
	12,285		Cohen & Steers, Inc		365
	25,550		Compass Diversified Trust		377
	11,828		CompuCredit Corp		78
	28,011	*	Cowen Group, Inc		112
	5,106	*	Credit Acceptance Corp		362
	1,420		Diamond Hill Investment Group, Inc		114
	418,826		Discover Financial Services		10,102
	26,079	*	Dollar Financial Corp		541
	21,313		Duff & Phelps Corp		341
	169,616	*	E*Trade Financial Corp		2,651
	89,658		Eaton Vance Corp		2,891
	11,162	*	Encore Capital Group, Inc		264
	6,384		Epoch Holding Corp		101
	11,307		Evercore Partners, Inc (Class A)		388
	36,390	*	Ezcorp, Inc (Class A)		1,142
	39,284	*	FBR Capital Markets Corp		141
	69,691		Federated Investors, Inc (Class B)		1,864
	51,357		Fifth Street Finance Corp		686
	9,807	*	Financial Engines, Inc		270
	23,334	*	First Cash Financial Services, Inc		901
	58,259	*	First Marblehead Corp		128
	114,821		Franklin Resources, Inc		14,362
	5,142		Friedman Billings Ramsey Group, Inc (Class A)		157
	17,300		FXCM, Inc		225
	7,000	*	Gain Capital Holdings, Inc		54
	6,584		GAMCO Investors, Inc (Class A)		305
	54,396		GFI Group, Inc		273
	15,081		Gladstone Capital Corp		171
	15,921		Gladstone Investment Corp		124
	397,545		Goldman Sachs Group, Inc		62,998
	5,889		Golub Capital BDC, Inc		93
	4,000	*	Green Dot Corp		172
	22,433		Greenhill & Co, Inc		1,476
	16,757	*	Harris & Harris Group, Inc		90
	24,455		Hercules Technology Growth Capital, Inc		269

272

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	14,456	*	HFF, Inc (Class A)	$	217
	6,500	*	Imperial Holdings, Inc		66
	30,361		Interactive Brokers Group, Inc (Class A)		482
	57,157	*	IntercontinentalExchange, Inc		7,061
	13,392	*	International Assets Holding Corp		340
	32,107	*	Internet Capital Group, Inc		456
	362,071		Invesco Ltd		9,255
	34,884	*	Investment Technology Group, Inc		635
	89,823		iShares Russell 3000 Index Fund		7,119
	137,373		Janus Capital Group, Inc		1,713
	89,727		Jefferies Group, Inc		2,238
	11,011		JMP Group, Inc		95
	3,073,196		JPMorgan Chase & Co		141,674
	12,909		Kayne Anderson Energy Development Co		253
	26,819		KBW, Inc		702
	73,616	*	Knight Capital Group, Inc (Class A)		986
	33,500	*	LaBranche & Co, Inc		132
	73,441	*	Ladenburg Thalmann Financial Services, Inc		84
	70,810		Lazard Ltd (Class A)		2,944
	118,019		Legg Mason, Inc		4,259
	148,551		Leucadia National Corp		5,577
	6,745		Life Partners Holdings, Inc		54
	13,100	*	LPL Investment Holdings, Inc		469
	9,437		Main Street Capital Corp		174
	21,429		MarketAxess Holdings, Inc		519
	6,533	*	Marlin Business Services Corp		81
	64,585		MCG Capital Corp		420
	9,981		Medallion Financial Corp		88
	8,500	*	Medley Capital Corp		104
	86,034	*	MF Global Holdings Ltd		712
	157,620		Moody’s Corp		5,345
	1,170,027		Morgan Stanley		31,964
	84,839	*	MSCI, Inc (Class A)		3,124
	17,411		MVC Capital, Inc		239
	88,906	*	Nasdaq Stock Market, Inc		2,297
	20,204		Nelnet, Inc (Class A)		441
	23,100	*	Netspend Holdings, Inc		243
	21,889	*	NewStar Financial, Inc		239
	12,077		NGP Capital Resources Co		116
	187,046		Northern Trust Corp		9,493
	201,629		NYSE Euronext		7,091
	7,363		Oppenheimer Holdings, Inc		247
	30,987		optionsXpress Holdings, Inc		567
	24,585		PennantPark Investment Corp		293
	15,186	*	Penson Worldwide, Inc		102
	41,814	*	PHH Corp		910
	17,372	*	Pico Holdings, Inc		522
	13,978	*	Piper Jaffray Cos		579
	13,016	*	Portfolio Recovery Associates, Inc		1,108
	32,274	*	Primus Guaranty Ltd		164
	63,846		Prospect Capital Corp		780
	9,591		Pzena Investment Management, Inc (Class A)		68

273

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	75,031		Raymond James Financial, Inc	$	2,869
	21,125	*	Safeguard Scientifics, Inc		430
	8,937		Sanders Morris Harris Group, Inc		72
	115,255		SEI Investments Co		2,752
	407,286	*	SLM Corp		6,231
	4,400		Solar Capital Ltd		105
	6,100	*	Solar Senior Capital Ltd		114
	388,955		State Street Corp		17,480
	26,898	*	Stifel Financial Corp		1,931
	37,258		SWS Group, Inc		226
	201,495		T Rowe Price Group, Inc		13,383
	178,714		TD Ameritrade Holding Corp		3,730
	6,653		THL Credit, Inc		91
	20,926		TICC Capital Corp		227
	25,593	*	TradeStation Group, Inc		180
	14,296		Triangle Capital Corp		258
	4,394	*	Virtus Investment Partners, Inc		259
	67,558		Waddell & Reed Financial, Inc (Class A)		2,744
	3,869		Westwood Holdings Group, Inc		156
	12,929	*	World Acceptance Corp		843
			TOTAL DIVERSIFIED FINANCIALS		742,369
ENERGY - 12.3%
	70,225	*	Abraxas Petroleum Corp		411
	9,171		Alon USA Energy, Inc		126
	92,894	*	Alpha Natural Resources, Inc		5,515
	4,600	*	Amyris Biotechnologies, Inc		131
	381,923		Anadarko Petroleum Corp		31,287
	295,149		Apache Corp		38,641
	6,580		APCO Argentina, Inc		564
	13,356	*	Approach Resources, Inc		449
	125,528		Arch Coal, Inc		4,524
	33,846	*	ATP Oil & Gas Corp		613
	44,174	*	Atwood Oceanics, Inc		2,051
	331,663		Baker Hughes, Inc		24,354
	22,381	*	Basic Energy Services, Inc		571
	39,652		Berry Petroleum Co (Class A)		2,000
	33,673	*	Bill Barrett Corp		1,344
	80,973	*	BPZ Energy, Inc		430
	89,197	*	Brigham Exploration Co		3,316
	27,721	*	Bristow Group, Inc		1,311
	78,161		Cabot Oil & Gas Corp		4,140
	67,178	*	Cal Dive International, Inc		469
	27,753	*	Callon Petroleum Co		216
	188,218	*	Cameron International Corp		10,747
	14,570		CARBO Ceramics, Inc		2,056
	28,147	*	Carrizo Oil & Gas, Inc		1,039
	74,021	*	Cheniere Energy, Inc		689
	500,366		Chesapeake Energy Corp		16,772
	1,551,400		Chevron Corp		166,667
	64,690		Cimarex Energy Co		7,455
	4,602	*	Clayton Williams Energy, Inc		486

274

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	37,262	*	Clean Energy Fuels Corp	$	610
	23,500	*	Cloud Peak Energy, Inc		507
	55,500	*	Cobalt International Energy, Inc		933
	58,166	*	Complete Production Services, Inc		1,850
	36,545	*	Comstock Resources, Inc		1,131
	79,511	*	Concho Resources, Inc		8,532
	1,149,476		ConocoPhillips		91,797
	173,265		Consol Energy, Inc		9,292
	10,821	*	Contango Oil & Gas Co		684
	24,174	*	Continental Resources, Inc		1,728
	34,938		Core Laboratories NV		3,570
	37,807		Crosstex Energy, Inc		376
	21,762	*	CVR Energy, Inc		504
	7,528	*	Dawson Geophysical Co		330
	7,530		Delek US Holdings, Inc		102
	82,546	*	Delta Petroleum Corp		75
	308,251	*	Denbury Resources, Inc		7,521
	344,970	*	Devon Energy Corp		31,658
	38,961		DHT Maritime, Inc		187
	53,448		Diamond Offshore Drilling, Inc		4,153
	63,584	*	Dresser-Rand Group, Inc		3,409
	26,285	*	Dril-Quip, Inc		2,077
	542,983		El Paso Corp		9,774
	19,173	*	Endeavour International Corp		243
	21,960	*	Energy Partners Ltd		395
	56,747	*	Energy XXI Bermuda Ltd		1,935
	207,011		EOG Resources, Inc		24,533
	113,016		Equitable Resources, Inc		5,639
	11,704	*	Evolution Petroleum Corp		91
	111,561		EXCO Resources, Inc		2,305
	48,293	*	Exterran Holdings, Inc		1,146
	3,936,417	d	Exxon Mobil Corp		331,172
	93,625	*	FMC Technologies, Inc		8,846
	85,352	*	Forest Oil Corp		3,229
	80,549		Frontier Oil Corp		2,362
	39,564		Frontline Ltd		980
	35,231	*	FX Energy, Inc		295
	54,404	*	Gastar Exploration Ltd		264
	90,020		General Maritime Corp		185
	9,814	*	Georesources, Inc		307
	3,300	*	Gevo, Inc		65
	5,362	*	Global Geophysical Services, Inc		78
	79,950	*	Global Industries Ltd		783
	46,474	*	GMX Resources, Inc		287
	30,552		Golar LNG Ltd		782
	20,317	*	Goodrich Petroleum Corp		451
	20,962	*	Green Plains Renewable Energy, Inc		252
	9,089		Gulf Island Fabrication, Inc		292
	19,261	*	Gulfmark Offshore, Inc		857
	21,620	*	Gulfport Energy Corp		782
	701,243		Halliburton Co		34,950
	29,621	*	Harvest Natural Resources, Inc		451

275

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	81,706	*	Helix Energy Solutions Group, Inc	$	1,405
	72,674		Helmerich & Payne, Inc		4,992
	109,893	*	Hercules Offshore, Inc		726
	229,636		Hess Corp		19,567
	34,558		Holly Corp		2,100
	18,746	*	Hornbeck Offshore Services, Inc		578
	14,150		Houston American Energy Corp		218
	100,658	*	International Coal Group, Inc		1,137
	100,154	*	ION Geophysical Corp		1,271
	823	*	Isramco, Inc		53
	21,317	*	James River Coal Co		515
	95,985	*	Key Energy Services, Inc		1,493
	18,775		Knightsbridge Tankers Ltd		470
	145,947	*	Kodiak Oil & Gas Corp		978
	12,300	*	L&L Energy, Inc		85
	22,968		Lufkin Industries, Inc		2,147
	40,129	*	Magnum Hunter Resources Corp		344
	547,986		Marathon Oil Corp		29,213
	79,487		Massey Energy Co		5,434
	23,922	*	Matrix Service Co		333
	176,324	*	McDermott International, Inc		4,477
	78,067	*	McMoRan Exploration Co		1,383
	14,504	*	Miller Petroleum, Inc		73
	147,326		Murphy Oil Corp		10,817
	216,456	*	Nabors Industries Ltd		6,576
	323,733		National Oilwell Varco, Inc		25,662
	11,326	*	Natural Gas Services Group, Inc		201
	102,838	*	Newfield Exploration Co		7,817
	69,901	*	Newpark Resources, Inc		549
	134,506		Noble Energy, Inc		13,000
	37,402		Nordic American Tanker Shipping		929
	41,275	*	Northern Oil And Gas, Inc		1,102
	36,800	*	Oasis Petroleum, Inc		1,164
	627,146		Occidental Petroleum Corp		65,530
	42,236	*	Oceaneering International, Inc		3,778
	37,449	*	Oil States International, Inc		2,851
	19,618		Overseas Shipholding Group, Inc		631
	2,713	*	OYO Geospace Corp		267
	37,088	*	Pacific Asia Petroleum, Inc		56
	5,367		Panhandle Oil and Gas, Inc (Class A)		170
	96,030	*	Parker Drilling Co		664
	61,726	*	Patriot Coal Corp		1,594
	119,282		Patterson-UTI Energy, Inc		3,506
	206,878		Peabody Energy Corp		14,887
	35,015		Penn Virginia Corp		594
	232,914	*	PetroHawk Energy Corp		5,716
	16,488	*	Petroleum Development Corp		792
	43,261	*	Petroquest Energy, Inc		405
	9,723	*	PHI, Inc		215
	42,944	*	Pioneer Drilling Co		593
	88,660		Pioneer Natural Resources Co		9,036
	108,164	*	Plains Exploration & Production Co		3,919

276

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	136,316	*	Pride International, Inc	$	5,855
	135,152		Questar Market Resources, Inc		5,479
	94,119	*	Quicksilver Resources, Inc		1,347
	43,093	*	RAM Energy Resources, Inc		90
	122,881		Range Resources Corp		7,184
	167,304	*	Rentech, Inc		209
	29,534	*	Resolute Energy Corp		536
	26,939	*	Rex Energy Corp		314
	6,400	*	Rex Stores Corp		102
	40,850	*	Rosetta Resources, Inc		1,942
	96,528	*	Rowan Cos, Inc		4,265
	33,284		RPC, Inc		843
	276,358	*	SandRidge Energy, Inc		3,537
	1,055,018		Schlumberger Ltd		98,391
	9,989	*	Scorpio Tankers, Inc		103
	16,143		SEACOR Holdings, Inc		1,493
	34,031		Ship Finance International Ltd		705
	93,776		Southern Union Co		2,684
	267,605	*	Southwestern Energy Co		11,499
	496,523		Spectra Energy Corp		13,495
	47,539		St. Mary Land & Exploration Co		3,527
	36,323	*	Stone Energy Corp		1,212
	93,049		Sunoco, Inc		4,242
	59,956	*	Superior Energy Services		2,458
	32,148	*	Swift Energy Co		1,372
	49,984	*	Syntroleum Corp		113
	12,700		Targa Resources Investments, Inc		460
	32,878		Teekay Corp		1,214
	20,361		Teekay Tankers Ltd (Class A)		213
	23,351	*	Tesco Corp		513
	108,582	*	Tesoro Corp		2,913
	61,337	*	Tetra Technologies, Inc		945
	40,104		Tidewater, Inc		2,400
	113,201	*	TransAtlantic Petroleum Ltd		351
	116,837	*	Ultra Petroleum Corp		5,754
	10,127	*	Union Drilling, Inc		104
	29,837	*	Unit Corp		1,848
	76,523	*	Uranium Energy Corp		305
	93,574	*	USEC, Inc		412
	48,465		Vaalco Energy, Inc		376
	436,512		Valero Energy Corp		13,017
	94,150	*	Vantage Drilling Co		169
	15,433	*	Venoco, Inc		264
	26,733		W&T Offshore, Inc		609
	67,894	*	Warren Resources, Inc		346
	570,788	*	Weatherford International Ltd		12,900
	41,000	*	Western Refining, Inc		695
	89,390	*	Whiting Petroleum Corp		6,566
	41,121	*	Willbros Group, Inc		449
	450,475		Williams Cos, Inc		14,046
	52,476		World Fuel Services Corp		2,131
			TOTAL ENERGY		1,437,141

277

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
FOOD & STAPLES RETAILING - 1.9%
	13,080		Andersons, Inc	$	637
	837		Arden Group, Inc (Class A)		64
	41,570	*	BJ’s Wholesale Club, Inc		2,029
	29,235		Casey’s General Stores, Inc		1,140
	340,325		Costco Wholesale Corp		24,953
	1,050,304		CVS Corp		36,046
	11,500	*	Fresh Market, Inc		434
	8,163		Ingles Markets, Inc (Class A)		162
	499,417		Kroger Co		11,971
	10,977		Nash Finch Co		416
	16,292	*	Pantry, Inc		242
	12,039		Pricesmart, Inc		441
	445,462	*	Rite Aid Corp		472
	33,448		Ruddick Corp		1,291
	300,428		Safeway, Inc		7,072
	18,527		Spartan Stores, Inc		274
	165,275		Supervalu, Inc		1,476
	5,570	*	Susser Holdings Corp		73
	456,753		Sysco Corp		12,652
	36,743	*	United Natural Foods, Inc		1,647
	4,652		Village Super Market (Class A)		135
	714,740		Walgreen Co		28,690
	1,495,980		Wal-Mart Stores, Inc		77,866
	8,834		Weis Markets, Inc		357
	108,647		Whole Foods Market, Inc		7,160
	41,829	*	Winn-Dixie Stores, Inc		299
			TOTAL FOOD & STAPLES RETAILING		217,999
FOOD, BEVERAGE & TOBACCO - 4.8%
	2,319		Alico, Inc		62
	68,179	*	Alliance One International, Inc		274
	1,606,700		Altria Group, Inc		41,822
	495,805		Archer Daniels Midland Co		17,854
	37,577		B&G Foods, Inc (Class A)		705
	6,724	*	Boston Beer Co, Inc (Class A)		623
	82,402		Brown-Forman Corp (Class B)		5,628
	110,812		Bunge Ltd		8,015
	7,129		Calavo Growers, Inc		156
	10,929		Cal-Maine Foods, Inc		322
	142,333		Campbell Soup Co		4,713
	53,541	*	Central European Distribution Corp		608
	31,603	*	Chiquita Brands International, Inc		485
	4,202		Coca-Cola Bottling Co Consolidated		281
	1,626,868		Coca-Cola Co		107,942
	259,953		Coca-Cola Enterprises, Inc		7,097
	344,665		ConAgra Foods, Inc		8,186
	141,361	*	Constellation Brands, Inc (Class A)		2,867
	57,268		Corn Products International, Inc		2,968
	82,440	*	Darling International, Inc		1,267
	140,023	*	Dean Foods Co		1,400

278

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	16,103		Diamond Foods, Inc	$	899
	27,600	*	Dole Food Co, Inc		376
	176,210		Dr Pepper Snapple Group, Inc		6,548
	5,320		Farmer Bros Co		64
	59,345		Flowers Foods, Inc		1,616
	31,042		Fresh Del Monte Produce, Inc		811
	514,464		General Mills, Inc		18,804
	85,098	*	Green Mountain Coffee Roasters, Inc		5,498
	2,482		Griffin Land & Nurseries, Inc (Class A)		80
	244,487		H.J. Heinz Co		11,936
	29,988	*	Hain Celestial Group, Inc		968
	51,477	*	Hansen Natural Corp		3,100
	7,067	*	Harbinger Group, Inc		37
	60,592	*	Heckmann Corp		397
	118,603		Hershey Co		6,446
	107,980		Hormel Foods Corp		3,006
	8,158		Imperial Sugar Co		109
	11,326		J&J Snack Foods Corp		533
	92,061		J.M. Smucker Co		6,572
	5,934	*	John B. Sanfilippo & Son, Inc		69
	199,923		Kellogg Co		10,792
	1,238,879		Kraft Foods, Inc (Class A)		38,852
	15,618		Lancaster Colony Corp		946
	22,384		Lance, Inc		444
	3,603	*	Lifeway Foods, Inc		38
	6,464		Limoneira Co		153
	118,084		Lorillard, Inc		11,219
	102,217		McCormick & Co, Inc		4,889
	157,641		Mead Johnson Nutrition Co		9,132
	9,066		Mgp Ingredients, Inc		79
	102,012		Molson Coors Brewing Co (Class B)		4,783
	5,604		National Beverage Corp		77
	1,245,003		PepsiCo, Inc		80,190
	1,430,309		Philip Morris International, Inc		93,872
	37,600	*	Pilgrim’s Pride Corp		290
	42,412	*	Ralcorp Holdings, Inc		2,902
	258,356		Reynolds American, Inc		9,179
	17,484		Sanderson Farms, Inc		803
	479,403		Sara Lee Corp		8,471
	7,792	*	Seneca Foods Corp		233
	53,670	*	Smart Balance, Inc		246
	102,827	*	Smithfield Foods, Inc		2,474
	63,050	*	Star Scientific, Inc		286
	14,223	*	Synutra International, Inc		164
	21,100		Tootsie Roll Industries, Inc		598
	26,938	*	TreeHouse Foods, Inc		1,532
	230,318		Tyson Foods, Inc (Class A)		4,420
	18,707		Universal Corp		815
	33,438		Vector Group Ltd		578
			TOTAL FOOD, BEVERAGE & TOBACCO		569,601

279

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
HEALTH CARE EQUIPMENT & SERVICES - 4.4%
	15,924	*	Abaxis, Inc	$	459
	27,756	*	Abiomed, Inc		403
	9,173	*	Accretive Health, Inc		255
	38,943	*	Accuray, Inc		352
	309,598		Aetna, Inc		11,588
	7,464	*	Air Methods Corp		502
	53,512		Alcon, Inc		8,857
	47,580	*	Align Technology, Inc		974
	4,887	*	Alimera Sciences, Inc		38
	18,580	*	Alliance Imaging, Inc		82
	34,529	*	Allied Healthcare International, Inc		88
	88,579	*	Allscripts Healthcare Solutions, Inc		1,859
	7,268	*	Almost Family, Inc		274
	39,818	*	Alphatec Holdings, Inc		108
	21,596	*	Amedisys, Inc		756
	6,404		America Service Group, Inc		164
	9,851	*	American Dental Partners, Inc		129
	59,514	*	American Medical Systems Holdings, Inc		1,288
	39,765	*	Amerigroup Corp		2,555
	217,829		AmerisourceBergen Corp		8,617
	23,326	*	AMN Healthcare Services, Inc		202
	25,648	*	Amsurg Corp		652
	10,953		Analogic Corp		619
	18,523	*	Angiodynamics, Inc		280
	54,175	*	Antares Pharma, Inc		98
	20,843	*	Arthrocare Corp		695
	8,583	*	Assisted Living Concepts, Inc (A Shares)		336
	25,682	*	athenahealth, Inc		1,159
	1,039		Atrion Corp		181
	67,880		Bard (C.R.), Inc		6,741
	461,046		Baxter International, Inc		24,789
	54,070		Beckman Coulter, Inc		4,492
	171,892		Becton Dickinson & Co		13,686
	18,346	*	Bio-Reference Labs, Inc		412
	31,488	*	BioScrip, Inc		148
	1,170,507	*	Boston Scientific Corp		8,416
	65,604	*	Brookdale Senior Living, Inc		1,837
	12,419		Cantel Medical Corp		320
	15,384	*	Capital Senior Living Corp		163
	279,115		Cardinal Health, Inc		11,480
	18,454	*	CardioNet, Inc		88
	139,222	*	CareFusion Corp		3,926
	30,014	*	Catalyst Health Solutions, Inc		1,679
	39,667	*	Centene Corp		1,308
	52,598	*	Cerner Corp		5,850
	28,816	*	Cerus Corp		83
	18,052		Chemed Corp		1,202
	8,056	*	Chindex International, Inc		129
	212,888		Cigna Corp		9,427
	72,212	*	Community Health Systems, Inc		2,888
	9,637		Computer Programs & Systems, Inc		619
	25,681	*	Conceptus, Inc		371

280

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	22,053	*	Conmed Corp	$	580
	23,514	*	Continucare Corp		126
	34,815		Cooper Cos, Inc		2,418
	6,016	*	Corvel Corp		320
	114,216	*	Coventry Health Care, Inc		3,642
	387,090	*	Covidien plc		20,104
	22,090	*	Cross Country Healthcare, Inc		173
	27,223	*	CryoLife, Inc		166
	10,023	*	Cutera, Inc		86
	19,734	*	Cyberonics, Inc		628
	5,493	*	Cynosure, Inc (Class A)		76
	75,184	*	DaVita, Inc		6,429
	49,659	*	Delcath Systems, Inc		366
	110,654		Dentsply International, Inc		4,093
	45,477	*	DexCom, Inc		706
	7,198	*	DynaVox, Inc		40
	86,950	*	Edwards Lifesciences Corp		7,565
	28,435	*	Electro-Optical Sciences, Inc		100
	21,300	*	Emdeon, Inc		343
	22,414	*	Emergency Medical Services Corp (Class A)		1,425
	19,134	*	Emeritus Corp		487
	34,017	*	Endologix, Inc		231
	10,891		Ensign Group, Inc		348
	4,100	*	ePocrates, Inc		81
	4,898	*	Exactech, Inc		86
	9,000	*	EXamWorks, Inc		200
	423,447	*	Express Scripts, Inc		23,548
	24,001	*	Five Star Quality Care, Inc		195
	37,427	*	Gen-Probe, Inc		2,483
	22,160	*	Gentiva Health Services, Inc		621
	19,254	*	Greatbatch, Inc		509
	20,349	*	Haemonetics Corp		1,334
	22,869	*	Hanger Orthopedic Group, Inc		595
	32,412	*	Hansen Medical, Inc		72
	197,006	*	Health Management Associates, Inc (Class A)		2,147
	76,650	*	Health Net, Inc		2,506
	71,500	*	Healthsouth Corp		1,786
	44,595	*	Healthspring, Inc		1,667
	28,116	*	Healthways, Inc		432
	7,155	*	HeartWare International, Inc		612
	71,002	*	Henry Schein, Inc		4,982
	49,054		Hill-Rom Holdings, Inc		1,863
	20,307	*	HMS Holdings Corp		1,662
	200,085	*	Hologic, Inc		4,442
	131,312	*	Humana, Inc		9,184
	9,095	*	ICU Medical, Inc		398
	43,803	*	Idexx Laboratories, Inc		3,382
	55,460	*	Immucor, Inc		1,097
	34,069	*	Insulet Corp		703
	16,250	*	Integra LifeSciences Holdings Corp		771
	30,349	*	Intuitive Surgical, Inc		10,120
	23,110		Invacare Corp		719

281

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	65,672	*	Inverness Medical Innovations, Inc	$	2,570
	11,925	*	IPC The Hospitalist Co, Inc		542
	12,955	*	IRIS International, Inc		117
	8,260	*	Kensey Nash Corp		206
	29,869	*	Kindred Healthcare, Inc		713
	49,419	*	Kinetic Concepts, Inc		2,689
	80,856	*	Laboratory Corp of America Holdings		7,449
	8,629		Landauer, Inc		531
	11,885	*	LCA-Vision, Inc		80
	11,927	*	LHC Group, Inc		358
	42,511	*	LifePoint Hospitals, Inc		1,708
	78,082		Lincare Holdings, Inc		2,316
	25,596	*	Magellan Health Services, Inc		1,256
	24,243	*	MAKO Surgical Corp		587
	38,810		Masimo Corp		1,285
	195,278		McKesson Corp		15,437
	33,286	*	MedAssets, Inc		508
	11,469	*	Medcath Corp		160
	314,536	*	Medco Health Solutions, Inc		17,664
	9,627	*	Medical Action Industries, Inc		81
	14,224	*	Medidata Solutions, Inc		364
	851,914		Medtronic, Inc		33,522
	38,200	*	Merge Healthcare, Inc		186
	31,965		Meridian Bioscience, Inc		767
	23,230	*	Merit Medical Systems, Inc		456
	30,372	*	Metropolitan Health Networks, Inc		144
	25,884	*	Mettler-Toledo International, Inc		4,452
	11,923	*	Molina Healthcare, Inc		477
	9,533	*	MWI Veterinary Supply, Inc		769
	6,756		National Healthcare Corp		314
	19,956	*	Natus Medical, Inc		335
	18,486	*	Neogen Corp		765
	30,456	*	NuVasive, Inc		771
	18,905	*	NxStage Medical, Inc		416
	90,050		Omnicare, Inc		2,701
	24,067	*	Omnicell, Inc		367
	30,922	*	OraSure Technologies, Inc		243
	14,876	*	Orthofix International NV		483
	57,344	*	Orthovita, Inc		122
	48,567		Owens & Minor, Inc		1,577
	12,302	*	Palomar Medical Technologies, Inc		183
	79,206		Patterson Cos, Inc		2,550
	7,345	*	PDI, Inc		60
	35,963	*	Pediatrix Medical Group, Inc		2,395
	23,814	*	PharMerica Corp		272
	8,598	*	Providence Service Corp		129
	41,924	*	PSS World Medical, Inc		1,138
	15,188		Quality Systems, Inc		1,266
	100,598		Quest Diagnostics, Inc		5,807
	21,781	*	Quidel Corp		261
	18,890	*	RehabCare Group, Inc		696
	116,858	*	Resmed, Inc		3,506

282

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	7,581	*	Rochester Medical Corp	$	87
	38,631	*	RTI Biologics, Inc		110
	14,756	*	Rural		251
	48,520	*	Select Medical Holdings Corp		391
	25,744	*	Sirona Dental Systems, Inc		1,291
	15,881	*	Skilled Healthcare Group, Inc (Class A)		229
	44,003	*	Solta Medical, Inc		145
	12,040	*	SonoSite, Inc		401
	21,581	*	Spectranetics Corp		102
	255,595		St. Jude Medical, Inc		13,102
	26,141	*	Staar Surgical Co		146
	16,786	*	Stereotaxis, Inc		65
	45,845		STERIS Corp		1,583
	243,076		Stryker Corp		14,779
	19,029	*	Sun Healthcare Group, Inc		268
	54,889	*	Sunrise Senior Living, Inc		655
	13,627	*	SurModics, Inc		170
	47,188	*	SXC Health Solutions Corp		2,586
	32,497	*	Symmetry Medical, Inc		318
	27,911	*	Syneron Medical Ltd		364
	9,221	*	Synovis Life Technologies, Inc		177
	11,500	*	Team Health Holdings, Inc		201
	30,710		Teleflex, Inc		1,781
	367,275	*	Tenet Healthcare Corp		2,736
	43,318	*	Thoratec Corp		1,123
	29,444	*	TomoTherapy, Inc		135
	4,824	*	Transcend Services, Inc		116
	14,800	*	Triple-S Management Corp (Class B)		305
	37,485	*	Unilife Corp		213
	876,989		UnitedHealth Group, Inc		39,641
	23,233		Universal American Financial Corp		532
	69,358		Universal Health Services, Inc (Class B)		3,427
	8,422		US Physical Therapy, Inc		188
	95,204	*	Varian Medical Systems, Inc		6,440
	12,709	*	Vascular Solutions, Inc		139
	66,310	*	VCA Antech, Inc		1,670
	11,927	*	Vital Images, Inc		161
	37,127	*	Volcano Corp		950
	32,075	*	WellCare Health Plans, Inc		1,346
	289,290		WellPoint, Inc		20,190
	26,348		West Pharmaceutical Services, Inc		1,180
	28,863	*	Wright Medical Group, Inc		491
	4,290		Young Innovations, Inc		135
	155,004	*	Zimmer Holdings, Inc		9,382
	17,148	*	Zoll Medical Corp		768
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		526,494
HOUSEHOLD & PERSONAL PRODUCTS - 2.0%
	68,075		Alberto-Culver Co		2,537
	330,948		Avon Products, Inc		8,949
	46,305	*	Central Garden and Pet Co (Class A)		426
	54,834		Church & Dwight Co, Inc		4,351

283

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	109,210		Clorox Co	$	7,652
	379,432		Colgate-Palmolive Co		30,643
	17,426	*	Elizabeth Arden, Inc		523
	54,076	*	Energizer Holdings, Inc		3,848
	85,023		Estee Lauder Cos (Class A)		8,193
	11,623		Female Health Co		58
	46,184		Herbalife Ltd		3,758
	9,091		Inter Parfums, Inc		168
	320,862		Kimberly-Clark Corp		20,943
	9,661	*	Medifast, Inc		191
	5,868	*	Nature’s Sunshine Products, Inc		53
	38,826		Nu Skin Enterprises, Inc (Class A)		1,116
	8,067	*	Nutraceutical International Corp		121
	3,981		Oil-Dri Corp of America		85
	32,300	*	Prestige Brands Holdings, Inc		371
	2,224,339		Procter & Gamble Co		137,020
	9,587	*	Revlon, Inc (Class A)		152
	9,325		Schiff Nutrition International, Inc		85
	11,963	*	Spectrum Brands, Inc		332
	6,878	*	USANA Health Sciences, Inc		237
	14,064		WD-40 Co		595
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		232,407
INSURANCE - 3.7%
	261,114		ACE Ltd		16,893
	363,202		Aflac, Inc		19,169
	4,966	*	Alleghany Corp		1,644
	32,822		Allied World Assurance Co Holdings Ltd		2,058
	412,910		Allstate Corp		13,121
	46,461		American Equity Investment Life Holding Co		610
	65,151		American Financial Group, Inc		2,282
	93,396	*	American International Group, Inc		3,282
	4,964		American National Insurance Co		393
	7,468	*	American Safety Insurance Holdings Ltd		160
	13,065	*	Amerisafe, Inc		289
	17,807		Amtrust Financial Services, Inc		340
	253,787		AON Corp		13,440
	37,879	*	Arch Capital Group Ltd		3,757
	23,723		Argo Group International Holdings Ltd		784
	79,596		Arthur J. Gallagher & Co		2,421
	59,781		Aspen Insurance Holdings Ltd		1,648
	86,328		Assurant, Inc		3,324
	141,003		Assured Guaranty Ltd		2,101
	91,618		Axis Capital Holdings Ltd		3,199
	4,897		Baldwin & Lyons, Inc (Class B)		115
	1,335,307	*	Berkshire Hathaway, Inc (Class B)		111,671
	86,725		Brown & Brown, Inc		2,238
	232,827		Chubb Corp		14,274
	112,169		Cincinnati Financial Corp		3,679
	32,879	*	Citizens, Inc (Class A)		240
	19,762		CNA Financial Corp		584
	16,018	*	CNA Surety Corp		405

284

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	177,105	*	Conseco, Inc	$	1,330
	14,025		Crawford & Co (Class B)		67
	36,264		Delphi Financial Group, Inc (Class A)		1,114
	9,364		Donegal Group, Inc (Class A)		125
	17,698	*	eHealth, Inc		235
	4,503		EMC Insurance Group, Inc		112
	34,055		Employers Holdings, Inc		704
	35,363		Endurance Specialty Holdings Ltd		1,726
	4,920	*	Enstar Group Ltd		491
	22,958		Erie Indemnity Co (Class A)		1,633
	44,269		Everest Re Group Ltd		3,904
	9,829		FBL Financial Group, Inc (Class A)		302
	178,542		Fidelity National Title Group, Inc (Class A)		2,523
	77,697		First American Financial Corp		1,282
	40,236		Flagstone Reinsurance Holdings Ltd		363
	10,330	*	Fpic Insurance Group, Inc		392
	379,148	*	Genworth Financial, Inc (Class A)		5,103
	20,683	*	Greenlight Capital Re Ltd (Class A)		583
	7,438	*	Hallmark Financial Services		62
	32,699		Hanover Insurance Group, Inc		1,480
	10,427		Harleysville Group, Inc		345
	338,761		Hartford Financial Services Group, Inc		9,123
	87,439		HCC Insurance Holdings, Inc		2,738
	33,859	*	Hilltop Holdings, Inc		340
	29,235		Horace Mann Educators Corp		491
	10,619		Infinity Property & Casualty Corp		632
	2,078		Kansas City Life Insurance Co		66
	233,468		Lincoln National Corp		7,013
	242,830		Loews Corp		10,464
	34,934		Maiden Holdings Ltd		262
	7,378	*	Markel Corp		3,058
	418,379		Marsh & McLennan Cos, Inc		12,472
	74,338		Max Capital Group Ltd		1,661
	131,730	*	MBIA, Inc		1,323
	42,189		Meadowbrook Insurance Group, Inc		437
	20,644		Mercury General Corp		808
	501,859		Metlife, Inc		22,447
	54,871		Montpelier Re Holdings Ltd		970
	36,167	*	National Financial Partners Corp		533
	9,917		National Interstate Corp		207
	1,551		National Western Life Insurance Co (Class A)		252
	8,494	*	Navigators Group, Inc		437
	195,723		Old Republic International Corp		2,484
	20,220		OneBeacon Insurance Group Ltd (Class A)		274
	52,600		PartnerRe Ltd		4,168
	98,653	*	Phoenix Cos, Inc		268
	32,655		Platinum Underwriters Holdings Ltd		1,244
	13,808		Presidential Life Corp		132
	18,348		Primerica, Inc		468
	244,384		Principal Financial Group		7,847
	23,604	*	ProAssurance Corp		1,496
	512,997		Progressive Corp		10,840

285

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	65,519		Protective Life Corp	$	1,740
	358,812		Prudential Financial, Inc		22,095
	56,415		Reinsurance Group of America, Inc (Class A)		3,542
	41,793		RenaissanceRe Holdings Ltd		2,883
	14,489		RLI Corp		835
	11,015		Safety Insurance Group, Inc		508
	14,868		SeaBright Insurance Holdings, Inc		152
	40,400		Selective Insurance Group, Inc		699
	35,995		Stancorp Financial Group, Inc		1,660
	9,480		State Auto Financial Corp		173
	12,744		Stewart Information Services Corp		134
	25,000		Symetra Financial Corp		340
	63,913		Torchmark Corp		4,249
	31,231		Tower Group, Inc		750
	47,478		Transatlantic Holdings, Inc		2,311
	338,021		Travelers Cos, Inc		20,104
	12,914	*	United America Indemnity Ltd		284
	17,338		United Fire & Casualty Co		350
	39,343		Unitrin, Inc		1,215
	10,064		Universal Insurance Holdings, Inc		55
	257,134		UnumProvident Corp		6,750
	61,346		Validus Holdings Ltd		2,045
	97,634		W.R. Berkley Corp		3,145
	1,029		Wesco Financial Corp		400
	5,696		White Mountains Insurance Group Ltd		2,074
	246,530		XL Capital Ltd		6,065
			TOTAL INSURANCE		437,510
MATERIALS - 4.3%
	24,943		A. Schulman, Inc		617
	5,113	*	AEP Industries, Inc		152
	163,870		Air Products & Chemicals, Inc		14,778
	64,964		Airgas, Inc		4,315
	84,458		AK Steel Holding Corp		1,333
	71,187		Albemarle Corp		4,255
	783,333		Alcoa, Inc		13,826
	75,995		Allegheny Technologies, Inc		5,146
	57,287	*	Allied Nevada Gold Corp		2,033
	18,209		AMCOL International Corp		655
	18,079		American Vanguard Corp		157
	52,265		Aptargroup, Inc		2,620
	17,411		Arch Chemicals, Inc		724
	60,252		Ashland, Inc		3,480
	21,090		Balchem Corp		791
	142,546		Ball Corp		5,111
	84,437		Bemis Co, Inc		2,770
	49,983		Boise, Inc		458
	14,781	*	Brush Engineered Materials, Inc		603
	31,123		Buckeye Technologies, Inc		847
	50,868		Cabot Corp		2,355
	45,612	*	Calgon Carbon Corp		724
	60,098	*	Capital Gold Corp		386

286

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	34,840		Carpenter Technology Corp	$	1,488
	11,808	*	Castle (A.M.) & Co		223
	120,746		Celanese Corp (Series A)		5,358
	49,500	*	Century Aluminum Co		925
	55,160		CF Industries Holdings, Inc		7,545
	8,801	*	Clearwater Paper Corp		716
	104,449		Cleveland-Cliffs, Inc		10,265
	69,583	*	Coeur d’Alene Mines Corp		2,420
	86,134		Commercial Metals Co		1,488
	25,270		Compass Minerals International, Inc		2,364
	124,785	*	Crown Holdings, Inc		4,814
	38,318		Cytec Industries, Inc		2,083
	9,014		Deltic Timber Corp		602
	32,513		Domtar Corporation		2,984
	893,172		Dow Chemical Co		33,717
	700,453		Du Pont (E.I.) de Nemours & Co		38,503
	33,735		Eagle Materials, Inc		1,021
	55,878		Eastman Chemical Co		5,550
	180,272		Ecolab, Inc		9,197
	66,070	*	Ferro Corp		1,096
	56,112		FMC Corp		4,766
	724,922		Freeport-McMoRan Copper & Gold, Inc (Class B)		40,268
	84,902	*	General Moly, Inc		457
	25,535	*	Georgia Gulf Corp		945
	35,119		Glatfelter		468
	47,286		Globe Specialty Metals, Inc		1,076
	196,126	*	Golden Star Resources Ltd		582
	13,000	*	Graham Packaging Co, Inc		227
	86,187	*	Graphic Packaging Holding Co		467
	26,849		Greif, Inc (Class A)		1,756
	36,079		H.B. Fuller Co		775
	6,809		Hawkins, Inc		280
	9,402		Haynes International, Inc		521
	54,162	*	Headwaters, Inc		320
	214,218	*	Hecla Mining Co		1,945
	33,599	*	Horsehead Holding Corp		573
	141,592		Huntsman Corp		2,461
	16,427		Innophos Holdings, Inc		757
	61,427		International Flavors & Fragrances, Inc		3,827
	336,783		International Paper Co		10,165
	33,342	*	Intrepid Potash, Inc		1,161
	65,101	*	Jaguar Mining, Inc		340
	11,905		Kaiser Aluminum Corp		586
	32,261	*	Kapstone Paper and Packaging Corp		554
	4,800		KMG Chemicals, Inc		94
	16,539		Koppers Holdings, Inc		706
	8,500	*	Kraton Polymers LLC		325
	14,893	*	Landec Corp		97
	91,007	*	Louisiana-Pacific Corp		956
	16,187	*	LSB Industries, Inc		642
	52,604		Lubrizol Corp		7,047
	35,019		Martin Marietta Materials, Inc		3,140

287

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	131,629		MeadWestvaco Corp	$	3,992
	8,652	*	Metals USA Holdings Corp		142
	14,800		Minerals Technologies, Inc		1,014
	19,600	*	Molycorp, Inc		1,176
	421,569		Monsanto Co		30,463
	121,899		Mosaic Co		9,600
	23,791		Myers Industries, Inc		236
	100,113		Nalco Holding Co		2,734
	11,726		Neenah Paper, Inc		258
	7,956		NewMarket Corp		1,259
	368,189		Newmont Mining Corp		20,095
	4,943		NL Industries, Inc		73
	8,552	*	Noranda Aluminium Holding Corp		137
	242,914		Nucor Corp		11,179
	63,038		Olin Corp		1,445
	9,331		Olympic Steel, Inc		306
	23,303	*	OM Group, Inc		851
	32,453	*	Omnova Solutions, Inc		255
	127,123	*	Owens-Illinois, Inc		3,838
	79,420		Packaging Corp of America		2,294
	67,684		PolyOne Corp		962
	129,107		PPG Industries, Inc		12,292
	236,584		Praxair, Inc		24,037
	7,327		Quaker Chemical Corp		294
	55,860		Reliance Steel & Aluminum Co		3,228
	30,537		Rock-Tenn Co (Class A)		2,118
	40,015	*	Rockwood Holdings, Inc		1,970
	41,144		Royal Gold, Inc		2,156
	98,223		RPM International, Inc		2,331
	23,200	*	RTI International Metals, Inc		723
	16,575		Schnitzer Steel Industries, Inc (Class A)		1,078
	14,072		Schweitzer-Mauduit International, Inc		712
	34,625		Scotts Miracle-Gro Co (Class A)		2,003
	123,206		Sealed Air Corp		3,285
	30,735	*	Senomyx, Inc		186
	38,347		Sensient Technologies Corp		1,374
	71,242		Sherwin-Williams Co		5,984
	93,644		Sigma-Aldrich Corp		5,960
	42,980		Silgan Holdings, Inc		1,639
	93,627	*	Solutia, Inc		2,378
	77,510		Sonoco Products Co		2,808
	130,495		Southern Copper Corp (NY)		5,255
	25,932	*	Spartech Corp		188
	165,292		Steel Dynamics, Inc		3,103
	5,500		Stepan Co		399
	34,216	*	Stillwater Mining Co		785
	21,697	*	STR Holdings, Inc		416
	83,185		Temple-Inland, Inc		1,947
	17,319		Texas Industries, Inc		783
	6,142	*	Texas Petrochemicals, Inc		177
	125,958	*	Thompson Creek Metals Co, Inc		1,580
	65,998	*	Titanium Metals Corp		1,226

288

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	1,357	*	United States Lime & Minerals, Inc	$	55
	110,404		United States Steel Corp		5,955
	4,623	*	Universal Stainless & Alloy		156
	21,458	*	US Energy Corp Wyoming		134
	68,813	*	US Gold Corp		608
	76,637		Valspar Corp		2,997
	11,300	*	Verso Paper Corp		60
	98,368		Vulcan Materials Co		4,485
	45,249		Walter Energy, Inc		6,128
	37,679		Wausau Paper Corp		288
	15,532		Westlake Chemical Corp		873
	46,555		Worthington Industries, Inc		974
	54,089	*	WR Grace & Co		2,071
	15,316		Zep, Inc		267
	19,213	*	Zoltek Cos, Inc		258
			TOTAL MATERIALS		498,812
MEDIA - 3.2%
	13,486	*	AH Belo Corp (Class A)		113
	20,466		Arbitron, Inc		819
	10,098	*	Ascent Media Corp (Series A)		493
	10,405	*	Ballantyne Strong, Inc		75
	72,008	*	Belo (A.H.) Corp (Class A)		634
	181,835		Cablevision Systems Corp (Class A)		6,293
	8,632	*	Carmike Cinemas, Inc		62
	521,879		CBS Corp (Class B)		13,068
	27,491	*	Central European Media Enterprises Ltd (Class A) Nasdaq		580
	45,103		Cinemark Holdings, Inc		873
	44,420	*	CKX, Inc		187
	28,047	*	Clear Channel Outdoor Holdings, Inc (Class A)		408
	2,168,926		Comcast Corp (Class A)		53,616
	13,062	*	Crown Media Holdings, Inc (Class A)		30
	17,373	*	Cumulus Media, Inc (Class A)		75
	38,457	*	Dex One Corp		186
	602,572	*	DIRECTV		28,200
	219,073	*	Discovery Communications, Inc (Class A)		8,741
	155,984		DISH Network Corp (Class A)		3,800
	58,999	*	DreamWorks Animation SKG, Inc (Class A)		1,648
	18,269	*	Entercom Communications Corp (Class A)		201
	38,482	*	Entravision Communications Corp (Class A)		104
	21,197	*	EW Scripps Co (Class A)		210
	5,404	*	Fisher Communications, Inc		168
	184,081		Gannett Co, Inc		2,804
	8,856	*	Global Sources Ltd		103
	37,922	*	Gray Television, Inc		78
	33,505		Harte-Hanks, Inc		399
	376,254		Interpublic Group of Cos, Inc		4,730
	33,375		John Wiley & Sons, Inc (Class A)		1,697
	42,642	*	Journal Communications, Inc (Class A)		256
	23,300	*	Knology, Inc		301
	43,505	*	Lamar Advertising Co (Class A)		1,607
	35,471	*	Lee Enterprises, Inc		96

289

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	183,024	*	Liberty Global, Inc (Class A)	$	7,579
	56,043	*	Liberty Media Corp - Capital (Series A)		4,129
	40,282	*	Liberty Media Corp - Starz		3,126
	29,608	*	Lin TV Corp (Class A)		176
	52,820	*	Lions Gate Entertainment Corp		330
	108,249	*	Live Nation, Inc		1,082
	14,920	*	Lodgenet Entertainment Corp		54
	45,616	*	Madison Square Garden, Inc		1,231
	29,313	*	Martha Stewart Living Omnimedia, Inc (Class A)		109
	51,376	*	McClatchy Co (Class A)		175
	242,694		McGraw-Hill Cos, Inc		9,562
	16,772	*	Media General, Inc (Class A)		115
	26,535		Meredith Corp		900
	16,901		Morningstar, Inc		987
	40,500		National CineMedia, Inc		756
	104,815	*	New York Times Co (Class A)		993
	1,764,636		News Corp (Class A)		30,987
	7,914	*	Nexstar Broadcasting Group, Inc (Class A)		69
	223,785		Omnicom Group, Inc		10,979
	11,051		Outdoor Channel Holdings, Inc		82
	31,380		Primedia, Inc		153
	24,625	*	Radio One, Inc		48
	3,854	*	ReachLocal, Inc		77
	60,087		Regal Entertainment Group (Class A)		811
	7,217	*	Rentrak Corp		194
	22,736		Scholastic Corp		615
	69,106		Scripps Networks Interactive (Class A)		3,462
	34,573		Sinclair Broadcast Group, Inc (Class A)		434
	2,997,389	*	Sirius XM Radio, Inc		4,976
	10,001	*	SuperMedia, Inc		62
	288,806		Thomson Corp		11,333
	273,097		Time Warner Cable, Inc		19,483
	878,742		Time Warner, Inc		31,371
	38,340	*	Valassis Communications, Inc		1,117
	470,274		Viacom, Inc (Class B)		21,877
	256,036		Virgin Media, Inc		7,115
	1,512,315		Walt Disney Co		65,165
	39,735	*	Warner Music Group Corp		269
	4,250		Washington Post Co (Class B)		1,860
	3,997	*	Westwood One, Inc		29
	18,692		World Wrestling Entertainment, Inc (Class A)		235
			TOTAL MEDIA		376,762
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.7%
	1,192,249		Abbott Laboratories		58,480
	29,951	*	Acorda Therapeutics, Inc		695
	6,188	*	Acura Pharmaceuticals, Inc		20
	14,564	*	Affymax, Inc		85
	56,476	*	Affymetrix, Inc		294
	268,346	*	Agilent Technologies, Inc		12,017
	50,321	*	Akorn, Inc		290
	17,349	*	Albany Molecular Research, Inc		74

290

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	69,087	*	Alexion Pharmaceuticals, Inc	$	6,818
	29,730	*	Alexza Pharmaceuticals, Inc		51
	70,988	*	Alkermes, Inc		919
	234,386		Allergan, Inc		16,646
	63,430	*	Allos Therapeutics, Inc		201
	27,380	*	Alnylam Pharmaceuticals, Inc		262
	16,995	*	AMAG Pharmaceuticals, Inc		284
	740,515	*	Amgen, Inc		39,580
	110,387	*	Amylin Pharmaceuticals, Inc		1,255
	12,961	*	Ardea Biosciences, Inc		372
	148,696	*	Arena Pharmaceuticals, Inc		207
	95,008	*	Ariad Pharmaceuticals, Inc		714
	31,352	*	Arqule, Inc		224
	33,623	*	Array Biopharma, Inc		103
	33,391	*	Auxilium Pharmaceuticals, Inc		717
	68,911	*	AVANIR Pharmaceuticals, Inc		281
	6,772	*	AVEO Pharmaceuticals, Inc		91
	98,905	*	AVI BioPharma, Inc		185
	22,254	*	BioCryst Pharmaceuticals, Inc		84
	7,894	*	Biodel, Inc		17
	186,116	*	Biogen Idec, Inc		13,659
	76,417	*	BioMarin Pharmaceuticals, Inc		1,920
	8,360	*	BioMimetic Therapeutics, Inc		110
	15,217	*	Bio-Rad Laboratories, Inc (Class A)		1,828
	50,971	*	Biosante Pharmaceuticals, Inc		101
	2,885	*	Biospecifics Technologies Corp		74
	16,168	*	Biotime, Inc		120
	1,329,607		Bristol-Myers Squibb Co		35,142
	55,811	*	Bruker BioSciences Corp		1,164
	17,732	*	Cadence Pharmaceuticals, Inc		163
	34,601	*	Caliper Life Sciences, Inc		234
	20,927	*	Cambrex Corp		115
	5,883	*	Caraco Pharmaceutical Laboratories Ltd		31
	62,836	*	Celera Corp		510
	358,378	*	Celgene Corp		20,616
	24,391	*	Celldex Therapeutics, Inc		98
	58,202	*	Cephalon, Inc		4,411
	45,716	*	Cepheid, Inc		1,281
	45,191	*	Charles River Laboratories International, Inc		1,734
	29,400	*	Chelsea Therapeutics International, Inc		115
	17,449	*	China Aoxing Pharmaceutical Co, Inc		38
	10,743	*	Clinical Data, Inc		326
	7,697	*	Codexis, Inc		91
	51,595	*	Combinatorx, Inc		125
	19,348	*	Corcept Therapeutics, Inc		82
	5,072	*	Cornerstone Therapeutics, Inc		34
	50,029	*	Covance, Inc		2,738
	45,663	*	Cubist Pharmaceuticals, Inc		1,153
	9,817	*	Cumberland Pharmaceuticals, Inc		54
	47,886	*	Curis, Inc		156
	33,643	*	Cytokinetics, Inc		50
	30,280	*	Cytori Therapeutics, Inc		237

291

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	80,922	*	Cytrx	$	71
	109,911	*	Dendreon Corp		4,114
	56,725	*	Depomed, Inc		570
	13,862	*	Dionex Corp		1,636
	50,131	*	Durect Corp		180
	69,074	*	Dyax Corp		111
	88,678	*	Dynavax Technologies Corp		245
	785,687		Eli Lilly & Co		27,633
	16,293	*	Emergent Biosolutions, Inc		394
	89,664	*	Endo Pharmaceuticals Holdings, Inc		3,422
	18,855	*	Enzo Biochem, Inc		79
	43,349	*	Enzon Pharmaceuticals, Inc		473
	35,238	*	eResearch Technology, Inc		239
	44,787	*	Exact Sciences Corp		330
	97,774	*	Exelixis, Inc		1,105
	220,782	*	Forest Laboratories, Inc		7,131
	7,338	*	Furiex Pharmaceuticals Inc		124
	11,423	*	Genomic Health, Inc		281
	206,844	*	Genzyme Corp		15,751
	88,925	*	Geron Corp		449
	621,822	*	Gilead Sciences, Inc		26,389
	59,871	*	Halozyme Therapeutics, Inc		402
	6,140	*	Hi-Tech Pharmacal Co, Inc		124
	128,458	*	Hospira, Inc		7,091
	144,582	*	Human Genome Sciences, Inc		3,969
	27,652	*	Idenix Pharmaceuticals, Inc		92
	93,920	*	Illumina, Inc		6,581
	54,113	*	Immunogen, Inc		491
	54,649	*	Immunomedics, Inc		209
	46,831	*	Impax Laboratories, Inc		1,192
	67,377	*	Incyte Corp		1,068
	14,237	*	Infinity Pharmaceuticals, Inc		84
	36,185	*	Inhibitex, Inc		131
	60,884	*	Inovio Biomedical Corp		67
	47,438	*	Inspire Pharmaceuticals, Inc		188
	37,610	*	InterMune, Inc		1,775
	14,813	*	Ironwood Pharmaceuticals, Inc		207
	74,058	*	Isis Pharmaceuticals, Inc		669
	12,001	*	Jazz Pharmaceuticals, Inc		382
	2,130,254		Johnson & Johnson		126,217
	10,294	*	Kendle International, Inc		110
	39,709	*	Keryx Biopharmaceuticals, Inc		199
	7,363	*	Lannett Co, Inc		41
	154,334	*	Lexicon Pharmaceuticals, Inc		259
	140,430	*	Life Technologies Corp		7,361
	14,627	*	Ligand Pharmaceuticals, Inc (Class B)		146
	31,134	*	Luminex Corp		584
	55,893	*	MannKind Corp		204
	10,443	*	MAP Pharmaceuticals, Inc		144
	16,427		Maxygen, Inc		85
	41,466	*	Medicines Co		675
	45,638		Medicis Pharmaceutical Corp (Class A)		1,462

292

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	28,163	*	Medivation, Inc	$	525
	2,407,354		Merck & Co, Inc		79,467
	17,882	*	Metabolix, Inc		188
	60,776	*	Micromet, Inc		341
	34,069	*	Momenta Pharmaceuticals, Inc		540
	332,723	*	Mylan Laboratories, Inc		7,543
	72,298	*	Myriad Genetics, Inc		1,457
	40,164	*	Nabi Biopharmaceuticals		233
	8,950	*	Nanosphere, Inc		29
	87,448	*	Nektar Therapeutics		828
	19,348	*	Neostem, Inc		33
	33,107	*	Neuralstem, Inc		60
	37,513	*	Neurocrine Biosciences, Inc		285
	7,464	*	NeurogesX, Inc		30
	69,550	*	Novavax, Inc		180
	45,495	*	NPS Pharmaceuticals, Inc		435
	15,169	*	Nymox Pharmaceutical Corp		120
	12,855	*	Obagi Medical Products, Inc		162
	13,807	*	Omeros Corp		110
	48,332	*	Onyx Pharmaceuticals, Inc		1,700
	69,903	*	Opko Health, Inc		261
	31,166	*	Optimer Pharmaceuticals, Inc		369
	23,670	*	Orexigen Therapeutics, Inc		67
	12,630	*	Osiris Therapeutics, Inc		92
	11,600	*	Pacific Biosciences of California, Inc		163
	24,948		Pain Therapeutics, Inc		239
	26,028	*	Par Pharmaceutical Cos, Inc		809
	46,868	*	Parexel International Corp		1,167
	115,867		PDL BioPharma, Inc		672
	39,629	*	Peregrine Pharmaceuticals, Inc		94
	89,639		PerkinElmer, Inc		2,355
	61,547		Perrigo Co		4,894
	6,230,168		Pfizer, Inc		126,534
	81,377		Pharmaceutical Product Development, Inc		2,255
	28,599	*	Pharmacyclics, Inc		168
	24,623	*	Pharmasset, Inc		1,938
	15,548	*	Pozen, Inc		83
	15,641	*	Progenics Pharmaceuticals, Inc		97
	26,244	*	Pure Bioscience		41
	45,923	*	Questcor Pharmaceuticals, Inc		662
	54,116	*	Regeneron Pharmaceuticals, Inc		2,432
	38,564	*	Rigel Pharmaceuticals, Inc		274
	43,161	*	Salix Pharmaceuticals Ltd		1,512
	32,625	*	Sangamo Biosciences, Inc		272
	40,020	*	Santarus, Inc		137
	60,281	*	Savient Pharmaceuticals, Inc		639
	28,586	*	Sciclone Pharmaceuticals, Inc		115
	72,220	*	Seattle Genetics, Inc		1,124
	87,069	*	Sequenom, Inc		551
	26,901	*	SIGA Technologies, Inc		326
	22,720	*	Somaxon Pharmaceuticals, Inc		64
	47,540	*	Spectrum Pharmaceuticals, Inc		423

293

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	77,753	*	StemCells, Inc	$	71
	6,322	*	Sucampo Pharmaceuticals, Inc (Class A)		27
	44,629	*	SuperGen, Inc		138
	11,524	*	Synta Pharmaceuticals Corp		61
	38,600	*	Talecris Biotherapeutics Holdings Corp		1,034
	18,344	*	Targacept, Inc		488
	30,021		Techne Corp		2,150
	47,348	*	Theravance, Inc		1,147
	316,261	*	Thermo Electron Corp		17,567
	38,302	*	United Therapeutics Corp		2,567
	26,661	*	Vanda Pharmaceuticals, Inc		194
	159,837	*	Vertex Pharmaceuticals, Inc		7,661
	44,579	*	Vical, Inc		132
	60,661	*	Viropharma, Inc		1,207
	62,291	*	Vivus, Inc		386
	69,342		Warner Chilcott plc		1,614
	71,848	*	Waters Corp		6,244
	85,803	*	Watson Pharmaceuticals, Inc		4,806
	22,676	*	Xenoport, Inc		134
	54,772	*	ZIOPHARM Oncology, Inc		342
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		775,477
REAL ESTATE - 2.8%
	30,272		Acadia Realty Trust		573
	5,860		Agree Realty Corp		132
	1,423		Alexander’s, Inc		579
	41,774		Alexandria Real Estate Equities, Inc		3,257
	129,655		AMB Property Corp		4,664
	19,700		American Assets Trust,Inc		419
	49,786		American Campus Communities, Inc		1,643
	96,312		American Capital Agency Corp		2,807
	610,183		Annaly Capital Management, Inc		10,648
	87,436		Anworth Mortgage Asset Corp		620
	90,448		Apartment Investment & Management Co (Class A)		2,304
	13,700		Apollo Commercial Real Estate Finance, Inc		224
	43,238		Ashford Hospitality Trust, Inc		476
	38,683		Associated Estates Realty Corp		614
	63,799		AvalonBay Communities, Inc		7,661
	7,072	*	Avatar Holdings, Inc		140
	99,986		BioMed Realty Trust, Inc		1,902
	107,171		Boston Properties, Inc		10,165
	101,192		Brandywine Realty Trust		1,228
	49,261		BRE Properties, Inc (Class A)		2,324
	50,873		Camden Property Trust		2,891
	23,300		Campus Crest Communities, Inc		276
	54,804		Capital Lease Funding, Inc		300
	53,838		Capstead Mortgage Corp		688
	220,135	*	CB Richard Ellis Group, Inc (Class A)		5,877
	106,965		CBL & Associates Properties, Inc		1,863
	41,738		Cedar Shopping Centers, Inc		252
	6,764		Chatham Lodging Trust		110
	11,500		Chesapeake Lodging Trust		200

294

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	757,920		Chimera Investment Corp	$	3,001
	39,627		Cogdell Spencer, Inc		235
	59,728		Colonial Properties Trust		1,150
	11,100		Colony Financial, Inc		209
	4,977		Consolidated-Tomoka Land Co		161
	15,000		Coresite Realty		238
	51,077		Corporate Office Properties Trust		1,846
	67,154		Cousins Properties, Inc		561
	10,600		CreXus Investment Corp		121
	53,556		Cypress Sharpridge Investments, Inc		679
	189,300		DCT Industrial Trust, Inc		1,051
	153,986		Developers Diversified Realty Corp		2,156
	125,111		DiamondRock Hospitality Co		1,397
	66,471		Digital Realty Trust, Inc		3,865
	94,119		Douglas Emmett, Inc		1,765
	192,154		Duke Realty Corp		2,692
	31,857		DuPont Fabros Technology, Inc		773
	20,787		Dynex Capital, Inc		209
	20,779		EastGroup Properties, Inc		914
	56,527		Education Realty Trust, Inc		454
	35,904		Entertainment Properties Trust		1,681
	19,332		Equity Lifestyle Properties, Inc		1,114
	30,861		Equity One, Inc		579
	218,120		Equity Residential		12,303
	23,054		Essex Property Trust, Inc		2,859
	11,724		Excel Trust, Inc		138
	64,214		Extra Space Storage, Inc		1,330
	47,643		Federal Realty Investment Trust		3,886
	87,227	*	FelCor Lodging Trust, Inc		535
	60,300	*	First Industrial Realty Trust, Inc		717
	32,992		First Potomac Realty Trust		520
	97,002	*	Forest City Enterprises, Inc (Class A)		1,827
	29,389	*	Forestar Real Estate Group, Inc		559
	56,329		Franklin Street Properties Corp		793
	319,612		General Growth Properties, Inc		4,948
	18,098		Getty Realty Corp		414
	6,667		Gladstone Commercial Corp		122
	84,626		Glimcher Realty Trust		783
	24,781		Government Properties Income Trust		666
	44,436		Hatteras Financial Corp		1,250
	310,382		HCP, Inc		11,776
	136,402		Health Care REIT, Inc		7,153
	52,474		Healthcare Realty Trust, Inc		1,191
	104,583		Hersha Hospitality Trust		621
	54,288		Highwoods Properties, Inc		1,901
	30,266		Home Properties, Inc		1,784
	94,278		Hospitality Properties Trust		2,183
	507,442		Host Marriott Corp		8,936
	22,425	*	Howard Hughes Corp		1,584
	55,294		HRPT Properties Trust		1,436
	7,900		Hudson Pacific Properties		116
	64,150		Inland Real Estate Corp		612

295

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	39,700		Invesco Mortgage Capital, Inc	$	867
	61,579		Investors Real Estate Trust		585
	98,938	*	iStar Financial, Inc		908
	32,173		Jones Lang LaSalle, Inc		3,208
	16,390	*	Kennedy-Wilson Holdings, Inc		178
	41,516		Kilroy Realty Corp		1,612
	312,567		Kimco Realty Corp		5,732
	35,097		Kite Realty Group Trust		186
	52,068		LaSalle Hotel Properties		1,406
	87,513		Lexington Corporate Properties Trust		818
	85,677		Liberty Property Trust		2,819
	21,755		LTC Properties, Inc		617
	100,140		Macerich Co		4,960
	67,066		Mack-Cali Realty Corp		2,274
	37,179	*	Maguire Properties, Inc		138
	86,187		Medical Properties Trust, Inc		997
	217,155		MFA Mortgage Investments, Inc		1,781
	25,105		Mid-America Apartment Communities, Inc		1,612
	14,218		Mission West Properties, Inc		93
	20,723		Monmouth Real Estate Investment Corp (Class A)		170
	20,485		National Health Investors, Inc		982
	65,361		National Retail Properties, Inc		1,708
	96,591		Nationwide Health Properties, Inc		4,108
	67,279	*	Newcastle Investment Corp		406
	63,283		NorthStar Realty Finance Corp		339
	32,022		NRDC Acquisition Corp		350
	76,065		Omega Healthcare Investors, Inc		1,699
	6,398		One Liberty Properties, Inc		96
	16,523		Parkway Properties, Inc		281
	26,100		Pebblebrook Hotel Trust		578
	46,426		Pennsylvania Real Estate Investment Trust		662
	16,800		Pennymac Mortgage Investment Trust		309
	40,500		Piedmont Office Realty Trust, Inc		786
	126,033		Plum Creek Timber Co, Inc		5,496
	36,066		Post Properties, Inc		1,416
	30,874		Potlatch Corp		1,241
	441,687		Prologis		7,058
	15,582		PS Business Parks, Inc		903
	108,768		Public Storage, Inc		12,062
	125,270		RAIT Investment Trust		308
	29,459		Ramco-Gershenson Properties		369
	61,487		Rayonier, Inc		3,831
	90,237		Realty Income Corp		3,154
	66,052		Redwood Trust, Inc		1,027
	61,243		Regency Centers Corp		2,663
	32,667		Resource Capital Corp		215
	19,029		Sabra Healthcare REIT, Inc		335
	6,582		Saul Centers, Inc		293
	108,382		Senior Housing Properties Trust		2,497
	226,637		Simon Property Group, Inc		24,285
	60,155		SL Green Realty Corp		4,524
	21,282		Sovran Self Storage, Inc		842

296

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	69,749	*	St. Joe Co	$	1,749
	55,100		Starwood Property Trust, Inc		1,229
	118,688	*	Strategic Hotels & Resorts, Inc		766
	14,717		Sun Communities, Inc		525
	89,758	*	Sunstone Hotel Investors, Inc		915
	62,182		Tanger Factory Outlet Centers, Inc		1,632
	42,522		Taubman Centers, Inc		2,278
	11,747	*	Tejon Ranch Co		432
	6,500	*	Terreno Realty Corp		112
	26,189	*	Thomas Properties Group, Inc		88
	53,497		Two Harbors Investment Corp		560
	138,969		UDR, Inc		3,387
	6,794		UMH Properties, Inc		68
	10,285		Universal Health Realty Income Trust		417
	19,529		Urstadt Biddle Properties, Inc (Class A)		371
	72,463		U-Store-It Trust		762
	120,079		Ventas, Inc		6,520
	124,263		Vornado Realty Trust		10,873
	23,146		Walter Investment Management Corp		373
	49,089		Washington Real Estate Investment Trust		1,526
	88,505		Weingarten Realty Investors		2,218
	412,759		Weyerhaeuser Co		10,154
	16,316		Winthrop Realty Trust		200
			TOTAL REAL ESTATE		327,570
RETAILING - 3.6%
	14,742	*	1-800-FLOWERS.COM, Inc (Class A)		49
	34,292	*	99 Cents Only Stores		672
	56,057		Aaron’s, Inc		1,422
	68,065		Abercrombie & Fitch Co (Class A)		3,995
	67,926		Advance Auto Parts, Inc		4,457
	72,957	*	Aeropostale, Inc		1,774
	270,327	*	Amazon.com, Inc		48,693
	149,222		American Eagle Outfitters, Inc		2,371
	6,968	*	America’s Car-Mart, Inc		180
	42,913	*	Ann Taylor Stores Corp		1,249
	19,614	*	Asbury Automotive Group, Inc		363
	10,900	*	Audiovox Corp (Class A)		87
	50,389	*	Autonation, Inc		1,782
	20,483	*	Autozone, Inc		5,603
	28,636		Barnes & Noble, Inc		263
	23,033		Bebe Stores, Inc		135
	202,571	*	Bed Bath & Beyond, Inc		9,778
	250,652		Best Buy Co, Inc		7,199
	15,894		Big 5 Sporting Goods Corp		189
	57,683	*	Big Lots, Inc		2,505
	10,366	*	Blue Nile, Inc		560
	9,116	*	Bon-Ton Stores, Inc/the		141
	5,600		Books-A-Million, Inc		23
	32,106		Brown Shoe Co, Inc		392
	19,480		Buckle, Inc		787
	10,668	*	Build-A-Bear Workshop, Inc		65

297

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	30,566	*	Cabela’s, Inc	$	764
	173,107	*	Carmax, Inc		5,557
	32,976	*	Casual Male Retail Group, Inc		162
	21,208		Cato Corp (Class A)		520
	112,714	*	Charming Shoppes, Inc		480
	136,751		Chico’s FAS, Inc		2,038
	20,820	*	Children’s Place Retail Stores, Inc		1,037
	27,159		Christopher & Banks Corp		176
	12,866	*	Citi Trends, Inc		287
	46,768	*	Coldwater Creek, Inc		123
	48,995	*	Collective Brands, Inc		1,057
	12,208	*	Conn’s, Inc		55
	8,334	*	Core-Mark Holding Co, Inc		275
	7,524		Destination Maternity Corp		174
	67,126	*	Dick’s Sporting Goods, Inc		2,684
	35,338		Dillard’s, Inc (Class A)		1,418
	56,012	*	Dollar General Corp		1,756
	98,091	*	Dollar Tree, Inc		5,446
	61,220	*	Drugstore.Com		236
	12,248	*	DSW, Inc (Class A)		489
	158,241		Expedia, Inc		3,586
	12,097		Express Parent LLC		236
	96,798		Family Dollar Stores, Inc		4,968
	39,004		Finish Line, Inc (Class A)		774
	119,112		Foot Locker, Inc		2,349
	29,664		Fred’s, Inc (Class A)		395
	11,202		Gaiam, Inc (Class A)		74
	117,815	*	GameStop Corp (Class A)		2,653
	328,261		Gap, Inc		7,438
	18,687	*	Genesco, Inc		751
	122,355		Genuine Parts Co		6,564
	19,717		Group 1 Automotive, Inc		844
	47,951		Guess ?, Inc		1,887
	16,062		Haverty Furniture Cos, Inc		213
	9,008	*	hhgregg, Inc		121
	20,590	*	Hibbett Sports, Inc		737
	1,308,291		Home Depot, Inc		48,484
	36,184		Hot Topic, Inc		206
	30,139	*	HSN, Inc		965
	182,500		JC Penney Co, Inc		6,554
	19,864	*	JOS A Bank Clothiers, Inc		1,011
	13,001	*	Kirkland’s, Inc		201
	225,033		Kohl’s Corp		11,936
	460,658	*	Liberty Media Holding Corp (Interactive A)		7,389
	206,045		Limited Brands, Inc		6,775
	20,412		Lithia Motors, Inc (Class A)		298
	110,420	*	LKQ Corp		2,661
	1,114,080		Lowe’s Cos, Inc		29,444
	16,815	*	Lumber Liquidators, Inc		420
	321,128		Macy’s, Inc		7,791
	16,477	*	MarineMax, Inc		162
	40,609		Men’s Wearhouse, Inc		1,099

298

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	10,010	*	Midas, Inc	$	77
	22,581		Monro Muffler, Inc		745
	30,779	*	NetFlix, Inc		7,305
	32,006	*	New York & Co, Inc		224
	129,377		Nordstrom, Inc		5,806
	20,499		Nutri/System, Inc		297
	212,310	*	Office Depot, Inc		983
	64,982	*	OfficeMax, Inc		841
	23,547	*	Orbitz Worldwide, Inc		84
	106,456	*	O’Reilly Automotive, Inc		6,117
	11,517	*	Overstock.com, Inc		181
	47,625	*	Pacific Sunwear Of California, Inc		172
	30,900	*	Penske Auto Group, Inc		619
	37,199		PEP Boys - Manny Moe & Jack		473
	17,550		PetMed Express, Inc		278
	91,350		Petsmart, Inc		3,741
	81,262	*	Pier 1 Imports, Inc		825
	36,677	*	Priceline.com, Inc		18,575
	86,926		RadioShack Corp		1,305
	50,902		Rent-A-Center, Inc		1,777
	17,729	*	Retail Ventures, Inc		306
	94,342		Ross Stores, Inc		6,710
	11,225	*	Rue21, Inc		323
	102,354	*	Saks, Inc		1,158
	76,850	*	Sally Beauty Holdings, Inc		1,077
	35,032	*	Sears Holdings Corp		2,895
	46,381	*	Select Comfort Corp		559
	5,056	*	Shoe Carnival, Inc		142
	22,139	*	Shutterfly, Inc		1,159
	65,800	*	Signet Jewelers Ltd		3,028
	27,187		Sonic Automotive, Inc (Class A)		381
	30,798		Stage Stores, Inc		592
	563,036		Staples, Inc		10,934
	17,973		Stein Mart, Inc		182
	9,938		Systemax, Inc		134
	54,244	*	Talbots, Inc		328
	536,844		Target Corp		26,847
	97,585		Tiffany & Co		5,996
	314,997		TJX Companies, Inc		15,664
	56,006		Tractor Supply Co		3,353
	21,617	*	Tuesday Morning Corp		106
	24,222	*	Ulta Salon Cosmetics & Fragrance, Inc		1,166
	93,986	*	Urban Outfitters, Inc		2,804
	9,604	*	US Auto Parts Network, Inc		84
	10,000	*,m	Vitacost.com, Inc		57
	12,284	*	Vitamin Shoppe, Inc		416
	11,292	*	West Marine, Inc		118
	73,584	*	Wet Seal, Inc (Class A)		315
	72,475		Williams-Sonoma, Inc		2,935
	1,945		Winmark Corp		90
	17,544	*	Zumiez, Inc		464
			TOTAL RETAILING		419,202

299

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.8%
	25,828	*	Advanced Analogic Technologies, Inc	$	98
	29,482	*	Advanced Energy Industries, Inc		482
	460,514	*	Advanced Micro Devices, Inc		3,960
	3,864	*	Alpha & Omega Semiconductor Lt		49
	246,987		Altera Corp		10,872
	86,945	*	Amkor Technology, Inc		586
	47,982	*	Anadigics, Inc		215
	229,602		Analog Devices, Inc		9,042
	1,041,291		Applied Materials, Inc		16,265
	51,846	*	Applied Micro Circuits Corp		538
	52,890	*	Atheros Communications, Inc		2,362
	351,660	*	Atmel Corp		4,793
	24,963	*	ATMI, Inc		471
	81,773		Avago Technologies Ltd		2,543
	116,290	*	Axcelis Technologies, Inc		308
	23,951	*	AXT, Inc		172
	415,638		Broadcom Corp (Class A)		16,368
	52,087	*	Brooks Automation, Inc		715
	17,424	*	Cabot Microelectronics Corp		910
	34,263	*	Cavium Networks, Inc		1,539
	14,775	*	Ceva, Inc		395
	50,384	*	Cirrus Logic, Inc		1,060
	15,857		Cohu, Inc		244
	61,297	*	Conexant Systems, Inc		146
	83,781	*	Cree, Inc		3,867
	23,525	*	Cymer, Inc		1,331
	126,575	*	Cypress Semiconductor Corp		2,453
	24,448	*	Diodes, Inc		833
	21,955	*	DSP Group, Inc		169
	63,144	*	Energy Conversion Devices, Inc		143
	105,554	*	Entegris, Inc		926
	59,143	*	Entropic Communications, Inc		500
	23,948	*	Evergreen Solar, Inc		32
	25,111	*	Exar Corp		151
	95,996	*	Fairchild Semiconductor International, Inc		1,747
	29,895	*	FEI Co		1,008
	42,865	*	First Solar, Inc		6,894
	38,173	*	Formfactor, Inc		393
	24,625	*	FSI International, Inc		108
	13,134	*	GSI Technology, Inc		119
	49,455	*	GT Solar International, Inc		527
	21,374	*	Hittite Microwave Corp		1,363
	5,300	*	Inphi Corp		111
	124,419	*	Integrated Device Technology, Inc		917
	19,660	*	Integrated Silicon Solution, Inc		182
	4,297,551		Intel Corp		86,683
	54,670	*	International Rectifier Corp		1,807
	94,162		Intersil Corp (Class A)		1,172
	16,725	*	IXYS Corp		225
	130,712		Kla-Tencor Corp		6,192

300

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	50,517	*	Kopin Corp	$	232
	53,200	*	Kulicke & Soffa Industries, Inc		497
	97,432	*	Lam Research Corp		5,520
	81,127	*	Lattice Semiconductor Corp		479
	172,947		Linear Technology Corp		5,816
	504,520	*	LSI Logic Corp		3,431
	37,527	*	LTX-Credence Corp		343
	417,416	*	Marvell Technology Group Ltd		6,491
	39,119	*	Mattson Technology, Inc		95
	233,408		Maxim Integrated Products, Inc		5,975
	5,588	*	MaxLinear, Inc		46
	172,909	*	MEMC Electronic Materials, Inc		2,241
	40,439		Micrel, Inc		545
	142,077		Microchip Technology, Inc		5,400
	661,530	*	Micron Technology, Inc		7,581
	62,654	*	Microsemi Corp		1,298
	24,281	*	Mindspeed Technologies, Inc		205
	39,820	*	MIPS Technologies, Inc		418
	38,788		MKS Instruments, Inc		1,292
	28,410	*	Monolithic Power Systems, Inc		403
	20,301	*	MoSys, Inc		122
	13,765	*	Nanometrics, Inc		249
	183,833		National Semiconductor Corp		2,636
	47,835	*	Netlogic Microsystems, Inc		2,010
	70,808	*	Novellus Systems, Inc		2,629
	3,184	*	NVE Corp		179
	440,346	*	Nvidia Corp		8,129
	42,750	*	Omnivision Technologies, Inc		1,519
	334,921	*	ON Semiconductor Corp		3,306
	17,237	*	PDF Solutions, Inc		115
	19,298	*	Pericom Semiconductor Corp		200
	50,645	*	Photronics, Inc		454
	26,715	*	PLX Technology, Inc		98
	173,538	*	PMC - Sierra, Inc		1,302
	20,115		Power Integrations, Inc		771
	80,610	*	Rambus, Inc		1,596
	209,504	*	RF Micro Devices, Inc		1,343
	11,027	*	Rubicon Technology, Inc		305
	20,900	*	Rudolph Technologies, Inc		229
	47,571	*	Semtech Corp		1,190
	27,850	*	Sigma Designs, Inc		361
	56,384	*	Silicon Image, Inc		506
	35,788	*	Silicon Laboratories, Inc		1,546
	136,529	*	Skyworks Solutions, Inc		4,426
	9,980	*	Spansion, Inc		186
	18,903	*	Standard Microsystems Corp		466
	74,916	*	Sunpower Corp (Class A)		1,284
	8,595	*	Supertex, Inc		191
	135,531	*	Teradyne, Inc		2,414
	36,930	*	Tessera Technologies, Inc		674
	945,192		Texas Instruments, Inc		32,667
	40,125	*	Trident Microsystems, Inc		46

301

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	121,131	*	Triquint Semiconductor, Inc	$	1,564
	17,159	*	Ultra Clean Holdings		177
	18,851	*	Ultratech, Inc		554
	56,829	*	Varian Semiconductor Equipment Associates, Inc		2,766
	31,233	*	Veeco Instruments, Inc		1,588
	18,190	*	Volterra Semiconductor Corp		452
	200,613		Xilinx, Inc		6,580
	42,064	*	Zoran Corp		437
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		329,561
SOFTWARE & SERVICES - 8.6%
	38,595	*	Accelrys, Inc		309
	470,548		Accenture plc		25,865
	27,282	*	ACI Worldwide, Inc		895
	400,384		Activision Blizzard, Inc		4,392
	40,528	*	Actuate Corp		211
	52,067	*	Acxiom Corp		747
	405,989	*	Adobe Systems, Inc		13,463
	24,736	*	Advent Software, Inc		709
	138,749	*	Akamai Technologies, Inc		5,272
	41,169	*	Alliance Data Systems Corp		3,536
	148,580	*	Amdocs Ltd		4,287
	15,720		American Software, Inc (Class A)		116
	14,356	*	Ancestry.com, Inc		509
	70,574	*	Ansys, Inc		3,824
	80,472	*	AOL, Inc		1,572
	68,046	*	Ariba, Inc		2,323
	47,691	*	Aspen Technology, Inc		715
	176,436	*	Autodesk, Inc		7,783
	389,571		Automatic Data Processing, Inc		19,988
	35,258		Blackbaud, Inc		960
	27,255	*	Blackboard, Inc		988
	139,895	*	BMC Software, Inc		6,958
	10,700	*	Booz Allen Hamilton Holding Co		193
	24,349	*	Bottomline Technologies, Inc		612
	96,770		Broadridge Financial Solutions, Inc		2,196
	5,700	*	BroadSoft, Inc		272
	299,945		CA, Inc		7,253
	23,036	*	CACI International, Inc (Class A)		1,413
	201,713	*	Cadence Design Systems, Inc		1,967
	20,896	*	Cardtronics, Inc		425
	6,400		Cass Information Systems, Inc		251
	25,953	*	CDC Corp		66
	52,926	*	Ciber, Inc		355
	142,933	*	Citrix Systems, Inc		10,500
	231,250	*	Cognizant Technology Solutions Corp (Class A)		18,824
	33,451	*	Commvault Systems, Inc		1,334
	119,163		Computer Sciences Corp		5,807
	11,045	*	Computer Task Group, Inc		147
	176,651	*	Compuware Corp		2,040
	16,785	*	comScore, Inc		495
	31,023	*	Concur Technologies, Inc		1,720

302

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	21,930	*	Constant Contact, Inc	$	765
	76,174	*	Convergys Corp		1,094
	28,626	*	CSG Systems International, Inc		571
	30,663	*	DealerTrack Holdings, Inc		704
	13,498	*	Deltek, Inc		103
	6,000	*	Demand Media, Inc		141
	14,464	*	DemandTec, Inc		190
	11,372	*	Dice Holdings, Inc		172
	29,296	*	Digital River, Inc		1,097
	5,437	*	DMRC Corp		157
	27,367		DST Systems, Inc		1,446
	82,942		Earthlink, Inc		649
	888,132	*	eBay, Inc		27,569
	23,473	*	Ebix, Inc		555
	7,871	*	Echo Global Logistics, Inc		103
	255,141	*	Electronic Arts, Inc		4,983
	5,900	*	Envestnet, Inc		79
	42,487	*	Epicor Software Corp		470
	25,591		EPIQ Systems, Inc		367
	2,603	*	ePlus, Inc		69
	34,607	*	Equinix, Inc		3,153
	36,402	*	Euronet Worldwide, Inc		704
	13,663	*	ExlService Holdings, Inc		289
	35,965		Factset Research Systems, Inc		3,767
	36,812		Fair Isaac Corp		1,164
	22,225	*	FalconStor Software, Inc		101
	204,274		Fidelity National Information Services, Inc		6,678
	89,297		First American Corp		1,652
	117,663	*	Fiserv, Inc		7,380
	9,400	*	FleetCor Technologies, Inc		307
	11,266		Forrester Research, Inc		431
	33,208	*	Fortinet, Inc		1,461
	56,282	*	Gartner, Inc		2,345
	50,971	*	Genpact Ltd		738
	38,913	*	Global Cash Access, Inc		127
	63,116		Global Payments, Inc		3,088
	188,139	*	Google, Inc (Class A)		110,290
	51,877	*	GSI Commerce, Inc		1,518
	9,927	*	Guidance Software, Inc		83
	30,102	*	Hackett Group, Inc		116
	28,656		Heartland Payment Systems, Inc		502
	55,257	*	IAC/InterActiveCorp		1,707
	17,914		iGate Corp		336
	70,763	*	Informatica Corp		3,696
	23,086	*	Infospace, Inc		200
	11,404	*	Integral Systems, Inc		139
	9,285	*	Interactive Intelligence, Inc		359
	34,783	*	Internap Network Services Corp		229
	990,415		International Business Machines Corp		161,506
	216,504	*	Intuit, Inc		11,496
	34,679	*	j2 Global Communications, Inc		1,023
	64,463		Jack Henry & Associates, Inc		2,185

303

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	32,026	*	JDA Software Group, Inc	$	969
	17,839	*	Kenexa Corp		492
	10,875		Keynote Systems, Inc		202
	21,769	*	KIT Digital, Inc		262
	19,259	*	Knot, Inc		232
	107,171	*	Lawson Software, Inc		1,297
	74,676		Lender Processing Services, Inc		2,404
	34,968	*	Limelight Networks, Inc		250
	44,720	*	Lionbridge Technologies		153
	10,323	*	Liquidity Services, Inc		184
	31,275	*	Liveperson, Inc		395
	37,616	*	Local.com Corp		146
	11,477	*	LogMeIn, Inc		484
	19,220	*	LoopNet, Inc		272
	40,409	*	Magma Design Automation, Inc		276
	19,563	*	Manhattan Associates, Inc		640
	18,418	*	Mantech International Corp (Class A)		781
	16,386		Marchex, Inc (Class B)		129
	75,450		Mastercard, Inc (Class A)		18,992
	12,761		MAXIMUS, Inc		1,036
	83,677	*	Mentor Graphics Corp		1,224
	62,689	*	Micros Systems, Inc		3,099
	5,916,026		Microsoft Corp		150,031
	6,831	*	MicroStrategy, Inc (Class A)		919
	33,165		ModusLink Global Solutions, Inc		181
	62,930	*	MoneyGram International, Inc		216
	17,209	*	Monotype Imaging Holdings, Inc		250
	95,930	*	Monster Worldwide, Inc		1,525
	4,100	*	Motricity, Inc		62
	117,341	*	Move, Inc		280
	7,188	*	NCI, Inc (Class A)		175
	25,623	*	Netscout Systems, Inc		700
	12,764	*	NetSuite, Inc		371
	55,861	*	NeuStar, Inc (Class A)		1,429
	38,877		NIC, Inc		484
	263,166	*	Novell, Inc		1,561
	172,341	*	Nuance Communications, Inc		3,371
	14,464	*	Online Resources Corp		55
	12,172	*	OpenTable, Inc		1,294
	63,876	*	Openwave Systems, Inc		137
	9,552		Opnet Technologies, Inc		372
	2,942,296		Oracle Corp		98,185
	90,859	*	Parametric Technology Corp		2,043
	249,991		Paychex, Inc		7,840
	12,459		Pegasystems, Inc		473
	20,679	*	Perficient, Inc		248
	50,287	*	Progress Software Corp		1,463
	14,689	*	PROS Holdings, Inc		214
	3,320	*	QAD, Inc (Class A)		36
	830	*	QAD, Inc (Class B)		9
	10,200	*	QLIK Technologies, Inc		265
	47,293	*	Quest Software, Inc		1,201

304

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	7,500	*	QuinStreet, Inc	$	170
	74,873	*	Rackspace Hosting, Inc		3,208
	26,637	*	Radiant Systems, Inc		471
	11,000	*	RealD, Inc		301
	72,153	*	RealNetworks, Inc		268
	10,100	*	RealPage, Inc		280
	145,118	*	Red Hat, Inc		6,587
	10,418		Renaissance Learning, Inc		122
	16,463	*	RightNow Technologies, Inc		515
	8,173	*	Rosetta Stone, Inc		108
	82,331	*	Rovi Corp		4,417
	41,988	*	S1 Corp		280
	18,173	*	Saba Software, Inc		178
	240,141	*	SAIC, Inc		4,063
	88,739	*	Salesforce.com, Inc		11,854
	79,532		Sapient Corp		911
	29,729	*	SAVVIS, Inc		1,103
	20,806	*	Smith Micro Software, Inc		195
	26,713	*	SolarWinds, Inc		627
	53,861		Solera Holdings, Inc		2,752
	20,938	*	Sourcefire, Inc		576
	31,079	*	SRA International, Inc (Class A)		881
	8,406	*	SRS Labs, Inc		72
	9,888	*	SS&C Technologies Holdings, Inc		202
	12,380		Stamps.com, Inc		165
	48,719	*	SuccessFactors, Inc		1,904
	32,388	*	SupportSoft, Inc		168
	616,006	*	Symantec Corp		11,421
	17,694	*	Synchronoss Technologies, Inc		615
	115,201	*	Synopsys, Inc		3,185
	9,061		Syntel, Inc		473
	8,400	*	TA Indigo Holding Corp		225
	54,620	*	Take-Two Interactive Software, Inc		840
	30,543	*	Taleo Corp (Class A)		1,089
	4,323	*	TechTarget, Inc		39
	29,873	*	TeleCommunication Systems, Inc (Class A)		123
	6,471	*	TeleNav, Inc		77
	26,717	*	TeleTech Holdings, Inc		518
	128,452	*	Teradata Corp		6,513
	48,928	*	THQ, Inc		223
	128,754	*	TIBCO Software, Inc		3,509
	13,125	*	Tier Technologies, Inc		72
	92,801	*	TiVo, Inc		813
	19,243	*	TNS, Inc		300
	127,282		Total System Services, Inc		2,294
	4,369	*	Travelzoo, Inc		291
	27,050	*	Tyler Technologies, Inc		641
	18,282	*	Ultimate Software Group, Inc		1,074
	32,818	*	Unisys Corp		1,025
	61,183		United Online, Inc		386
	63,761	*	Valueclick, Inc		922
	19,828	*	Vasco Data Security International		272

305

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	64,752	*	VeriFone Holdings, Inc	$	3,558
	138,500		VeriSign, Inc		5,015
	39,619		VirnetX Holding Corp		789
	5,940	*	Virtusa Corp		111
	360,755		Visa, Inc (Class A)		26,558
	33,510	*	VistaPrint Ltd		1,739
	56,475	*	VMware, Inc (Class A)		4,605
	11,624	*	Vocus, Inc		301
	60,808	*	Wave Systems Corp		190
	45,304	*	WebMD Health Corp (Class A)		2,420
	33,540	*	Websense, Inc		770
	518,222		Western Union Co		10,763
	31,100	*	Wright Express Corp		1,612
	1,004,359	*	Yahoo!, Inc		16,724
	47,197	*	Zix Corp		174
			TOTAL SOFTWARE & SERVICES		995,302
TECHNOLOGY HARDWARE & EQUIPMENT - 6.5%
	36,235	*	Acme Packet, Inc		2,571
	48,006		Adtran, Inc		2,038
	18,766	*	Agilysys, Inc		108
	133,451		Amphenol Corp (Class A)		7,257
	14,600	*	Anaren, Inc		293
	21,570		Anixter International, Inc		1,508
	702,775	*	Apple, Inc		244,881
	94,272	*	Arris Group, Inc		1,201
	92,479	*	Arrow Electronics, Inc		3,873
	59,993	*	Aruba Networks, Inc		2,030
	24,879	*	Avid Technology, Inc		555
	115,335	*	Avnet, Inc		3,931
	34,410		AVX Corp		513
	7,316		Bel Fuse, Inc (Class B)		161
	49,204	*	Benchmark Electronics, Inc		933
	24,403	*	BigBand Networks, Inc		62
	13,787		Black Box Corp		485
	32,159	*	Blue Coat Systems, Inc		906
	38,012	*	Bookham, Inc		438
	53,964	*	Brightpoint, Inc		585
	362,901	*	Brocade Communications Systems, Inc		2,232
	9,022	*	Calix Networks, Inc		183
	30,668	*	Checkpoint Systems, Inc		689
	70,799	*	Ciena Corp		1,838
	4,408,931		Cisco Systems, Inc		75,614
	32,766		Cognex Corp		926
	19,403	*	Coherent, Inc		1,128
	22,382		Comtech Telecommunications Corp		608
	15,782	*	Comverge, Inc		74
	1,205,363		Corning, Inc		24,866
	22,453	*	Cray, Inc		145
	23,637		CTS Corp		255
	22,322		Daktronics, Inc		240
	10,171		DDi Corp		108

306

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	1,311,312	*	Dell, Inc	$	19,027
	20,194	*	DG FastChannel, Inc		651
	50,953		Diebold, Inc		1,807
	18,652	*	Digi International, Inc		197
	41,327	*	Dolby Laboratories, Inc (Class A)		2,034
	15,044	*	DTS, Inc		702
	24,998	*	Echelon Corp		253
	28,785	*	EchoStar Corp (Class A)		1,090
	11,677		Electro Rent Corp		201
	23,062	*	Electro Scientific Industries, Inc		400
	39,428	*	Electronics for Imaging, Inc		580
	1,588,665	*	EMC Corp		42,179
	10,542	*	EMS Technologies, Inc		207
	65,177	*	Emulex Corp		695
	89,895	*	Extreme Networks, Inc		315
	61,765	*	F5 Networks, Inc		6,335
	7,400	*	Fabrinet		149
	12,851	*	FARO Technologies, Inc		514
	69,232	*	Finisar Corp		1,703
	118,407		Flir Systems, Inc		4,097
	19,206	*	Gerber Scientific, Inc		180
	14,375	*	Globecomm Systems, Inc		177
	85,574	*	Harmonic, Inc		803
	100,176		Harris Corp		4,969
	42,057	*	Harris Stratex Networks, Inc (Class A)		217
	1,691,346		Hewlett-Packard Co		69,293
	18,310	*	Hutchinson Technology, Inc		52
	34,885	*	Hypercom Corp		420
	21,588	*	Imation Corp		240
	18,659	*	Immersion Corp		143
	67,383	*	Infinera Corp		565
	124,656	*	Ingram Micro, Inc (Class A)		2,622
	34,716	*	Insight Enterprises, Inc		591
	34,659		InterDigital, Inc		1,654
	38,292	*	Intermec, Inc		413
	14,156	*	Intevac, Inc		176
	21,046	*	IPG Photonics Corp		1,214
	31,091	*	Itron, Inc		1,755
	24,892	*	Ixia		395
	138,825		Jabil Circuit, Inc		2,836
	166,385	*	JDS Uniphase Corp		3,467
	405,621	*	Juniper Networks, Inc		17,069
	10,929	*	KVH Industries, Inc		165
	63,078	*	L-1 Identity Solutions, Inc		743
	60,595	*	Lexmark International, Inc (Class A)		2,244
	17,104		Littelfuse, Inc		977
	8,072	*	Loral Space & Communications, Inc		626
	17,242	*	Maxwell Technologies, Inc		298
	9,778	*	Measurement Specialties, Inc		333
	18,409	*	Mercury Computer Systems, Inc		390
	4,201	*	Meru Networks, Inc		85
	28,385		Methode Electronics, Inc		343

307

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	60,310	*	Microvision, Inc	$	80
	102,620		Molex, Inc		2,578
	222,535	*	Motorola Mobility Holdings, Inc		5,430
	254,326	*	Motorola, Inc		11,366
	13,932		MTS Systems Corp		635
	9,079	*	Multi-Fineline Electronix, Inc		256
	65,947		National Instruments Corp		2,161
	122,276	*	NCR Corp		2,304
	6,600	*	NeoPhotonics Corp Ltd		75
	284,299	*	NetApp, Inc		13,698
	28,803	*	Netgear, Inc		934
	29,221	*	Network Engines, Inc		59
	22,651	*	Network Equipment Technologies, Inc		85
	27,910	*	Newport Corp		498
	26,247	*	Novatel Wireless, Inc		143
	15,398	*	Oplink Communications, Inc		300
	39,024	*	OpNext, Inc		95
	10,891	*	OSI Systems, Inc		409
	18,452		Park Electrochemical Corp		595
	6,868	*	PC Connection, Inc		61
	14,951	*	PC-Tel, Inc		115
	37,039		Plantronics, Inc		1,356
	31,345	*	Plexus Corp		1,099
	64,770	*	Polycom, Inc		3,358
	53,353	*	Power-One, Inc		467
	144,935	*	Powerwave Technologies, Inc		654
	22,048	*	Presstek, Inc		46
	86,041	*	QLogic Corp		1,596
	1,266,428		Qualcomm, Inc		69,439
	208,155	*	Quantum Corp		525
	25,143	*	Rackable Systems, Inc		538
	15,185	*	Radisys Corp		132
	11,626		Richardson Electronics Ltd		153
	7,282		Rimage Corp		118
	103,342	*	Riverbed Technology, Inc		3,891
	26,164	*	Rofin-Sinar Technologies, Inc		1,033
	12,342	*	Rogers Corp		556
	177,608	*	SanDisk Corp		8,186
	61,546	*	Sanmina-SCI Corp		690
	22,159	*	Scansource, Inc		842
	21,571	*	Seachange International, Inc		205
	369,941	*	Seagate Technology, Inc		5,327
	31,292	*	ShoreTel, Inc		258
	35,494	*	Smart Modular Technologies WWH, Inc		276
	165,491	*	Sonus Networks, Inc		622
	9,719	*	Spectrum Control, Inc		191
	31,304	*	STEC, Inc		629
	18,249	*	Stratasys, Inc		858
	16,272	*	Super Micro Computer, Inc		261
	14,861		Sycamore Networks, Inc		363
	35,188	*	Symmetricom, Inc		216
	26,694	*	Synaptics, Inc		721

308

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	16,588	*	SYNNEX Corp	$	543
	35,560	*	Tech Data Corp		1,809
	38,313		Technitrol, Inc		232
	50,795	*	Tekelec		412
	291,644		Tellabs, Inc		1,528
	3,901		Tessco Technologies, Inc		45
	94,008	*	Trimble Navigation Ltd		4,750
	61,385	*	TTM Technologies, Inc		1,115
	27,474	*	Universal Display Corp		1,512
	87,200	*	Utstarcom, Inc		205
	24,217	*	Viasat, Inc		965
	3,408	*	Viasystems Group, Inc		93
	119,020	*	Vishay Intertechnology, Inc		2,111
	9,508	*	Vishay Precision Group, Inc		149
	175,363	*	Western Digital Corp		6,539
	1,063,212		Xerox Corp		11,323
	25,096	*	X-Rite, Inc		119
	23,047	*	Xyratex Ltd		258
	44,665	*	Zebra Technologies Corp (Class A)		1,753
	12,959	*	Zygo Corp		189
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		763,959
TELECOMMUNICATION SERVICES - 2.7%
	18,382		AboveNet, Inc		1,192
	39,332		Alaska Communications Systems Group, Inc		419
	311,104	*	American Tower Corp (Class A)		16,122
	4,563,939		AT&T, Inc		139,657
	7,918		Atlantic Tele-Network, Inc		294
	20,132	*	Cbeyond Communications, Inc		235
	231,708		CenturyTel, Inc		9,627
	168,115	*	Cincinnati Bell, Inc		451
	115,773	*	Clearwire Corp (Class A)		647
	35,274	*	Cogent Communications Group, Inc		503
	20,626		Consolidated Communications Holdings, Inc		386
	224,281	*	Crown Castle International Corp		9,543
	36,464	*	FiberTower Corp		73
	762,890		Frontier Communications Corp		6,271
	38,028	*	General Communication, Inc (Class A)		416
	23,031	*	Global Crossing Ltd		321
	55,768	*	Globalstar, Inc		71
	6,874	*	Hughes Communications, Inc		410
	73,874	*	ICO Global Communications Holdings Ltd (Class A)		197
	10,513		IDT Corp (Class B)		283
	26,067	*	Iridium Communications, Inc		208
	46,753	*	Leap Wireless International, Inc		724
	1,248,110	*	Level 3 Communications, Inc		1,835
	193,503	*	MetroPCS Communications, Inc		3,142
	25,073	*	Neutral Tandem, Inc		370
	128,973	*	NII Holdings, Inc (Class B)		5,374
	23,518		NTELOS Holdings Corp		433
	89,041	*	PAETEC Holding Corp		297
	46,371	*	Premiere Global Services, Inc		353

309

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	1,330,241		Qwest Communications International, Inc	$	9,086
	91,646	*	SBA Communications Corp (Class A)		3,637
	18,151		Shenandoah Telecom Co		328
	2,271,081	*	Sprint Nextel Corp		10,538
	65,013		Telephone & Data Systems, Inc		2,191
	114,426	*	tw telecom inc (Class A)		2,197
	11,829	*	US Cellular Corp		609
	18,421		USA Mobility, Inc		267
	2,182,265		Verizon Communications, Inc		84,104
	79,353	*	Vonage Holdings Corp		362
	372,689		Windstream Corp		4,797
			TOTAL TELECOMMUNICATION SERVICES		317,970
TRANSPORTATION - 1.8%
	44,655	*	Air Transport Services Group, Inc		377
	110,897	*	Airtran Holdings, Inc		826
	27,508	*	Alaska Air Group, Inc		1,745
	30,756		Alexander & Baldwin, Inc		1,404
	12,324		Allegiant Travel Co		540
	6,973	*	Amerco, Inc		676
	258,366	*	AMR Corp		1,669
	19,331		Arkansas Best Corp		501
	19,165	*	Atlas Air Worldwide Holdings, Inc		1,336
	79,295	*	Avis Budget Group, Inc		1,420
	12,726		Baltic Trading Ltd		116
	16,346	*	Celadon Group, Inc		265
	129,111		CH Robinson Worldwide, Inc		9,571
	40,201		Con-Way, Inc		1,579
	23,678		Copa Holdings S.A. (Class A)		1,250
	286,900		CSX Corp		22,551
	644,950	*	Delta Air Lines, Inc		6,321
	22,195	*	Dollar Thrifty Automotive Group, Inc		1,481
	51,764	*	Eagle Bulk Shipping, Inc		193
	26,769	*	Excel Maritime Carriers Ltd		115
	164,248		Expeditors International Washington, Inc		8,235
	242,217		FedEx Corp		22,660
	22,919		Forward Air Corp		702
	20,776	*	Genco Shipping & Trading Ltd		224
	29,936	*	Genesee & Wyoming, Inc (Class A)		1,742
	40,654	*	Hawaiian Holdings, Inc		244
	38,465		Heartland Express, Inc		675
	147,470	*	Hertz Global Holdings, Inc		2,305
	23,837		Horizon Lines, Inc (Class A)		20
	28,305	*	Hub Group, Inc (Class A)		1,024
	4,290		International Shipholding Corp		107
	70,799		J.B. Hunt Transport Services, Inc		3,217
	181,414	*	JetBlue Airways Corp		1,137
	79,027	*	Kansas City Southern Industries, Inc		4,304
	41,752	*	Kirby Corp		2,391
	48,724		Knight Transportation, Inc		938
	38,624		Landstar System, Inc		1,764
	10,239		Marten Transport Ltd		228

310

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	285,290		Norfolk Southern Corp	$	19,763
	31,924	*	Old Dominion Freight Line		1,120
	31,042	*	Pacer International, Inc		163
	3,632	*	PAM Transportation Services, Inc		44
	6,136	*	Park-Ohio Holdings Corp		127
	3,411	*	Patriot Transportation Holding, Inc		91
	6,619	*	Pinnacle Airlines		38
	6,000	*	Quality Distribution, Inc		71
	24,900	*	RailAmerica, Inc		424
	40,702	*	Republic Airways Holdings, Inc		262
	8,012	*	Roadrunner Transportation Services Holdings, Inc		120
	40,976		Ryder System, Inc		2,073
	9,635	*	Saia, Inc		158
	45,222		Skywest, Inc		765
	568,264		Southwest Airlines Co		7,177
	241,965	*	UAL Corp		5,563
	18,066	*	Ultrapetrol Bahamas Ltd		92
	390,768		Union Pacific Corp		38,425
	551,982		United Parcel Service, Inc (Class B)		41,024
	3,884	*	Universal Truckload Services, Inc		67
	126,271	*	US Airways Group, Inc		1,100
	5,744	*	USA Truck, Inc		75
	81,226		UTI Worldwide, Inc		1,644
	33,067		Werner Enterprises, Inc		875
			TOTAL TRANSPORTATION		227,114
UTILITIES - 3.3%
	516,443	*	AES Corp		6,713
	60,020		AGL Resources, Inc		2,391
	26,557		Allete, Inc		1,035
	85,307		Alliant Energy Corp		3,321
	183,716		Ameren Corp		5,157
	15,457	*	American DG Energy, Inc		34
	369,557		American Electric Power Co, Inc		12,986
	16,487		American States Water Co		591
	131,951		American Water Works Co, Inc		3,700
	104,679		Aqua America, Inc		2,396
	4,909		Artesian Resources Corp		96
	71,863		Atmos Energy Corp		2,451
	43,026		Avista Corp		995
	29,085		Black Hills Corp		973
	8,402	*	Cadiz, Inc		102
	17,825		California Water Service Group		663
	267,409	*	Calpine Corp		4,244
	321,488		Centerpoint Energy, Inc		5,645
	10,819		Central Vermont Public Service Corp		252
	13,300		CH Energy Group, Inc		672
	8,826		Chesapeake Utilities Corp		367
	48,184		Cleco Corp		1,652
	188,036		CMS Energy Corp		3,693
	6,221		Connecticut Water Service, Inc		164
	218,183		Consolidated Edison, Inc		11,066

311

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	10,306		Consolidated Water Co, Inc	$	112
	142,412		Constellation Energy Group, Inc		4,433
	461,774		Dominion Resources, Inc		20,642
	92,457		DPL, Inc		2,534
	129,557		DTE Energy Co		6,343
	1,017,617		Duke Energy Corp		18,470
	75,150	*	Dynegy, Inc (Class A)		428
	248,706		Edison International		9,100
	34,619	*	El Paso Electric Co		1,052
	30,976		Empire District Electric Co		675
	55,520		Energen Corp		3,504
	139,001		Entergy Corp		9,342
	511,645		Exelon Corp		21,101
	321,332		FirstEnergy Corp		11,918
	104,313		Great Plains Energy, Inc		2,088
	73,366		Hawaiian Electric Industries, Inc		1,819
	37,849		Idacorp, Inc		1,442
	57,780		Integrys Energy Group, Inc		2,918
	39,281		ITC Holdings Corp		2,746
	18,300		Laclede Group, Inc		697
	144,690		MDU Resources Group, Inc		3,324
	18,500		MGE Energy, Inc		749
	9,765		Middlesex Water Co		178
	56,413		National Fuel Gas Co		4,175
	31,814		New Jersey Resources Corp		1,366
	321,582		NextEra Energy, Inc		17,726
	35,013		Nicor, Inc		1,880
	208,593		NiSource, Inc		4,001
	134,366		Northeast Utilities		4,649
	21,251		Northwest Natural Gas Co		980
	27,832		NorthWestern Corp		843
	196,806	*	NRG Energy, Inc		4,239
	82,986		NSTAR		3,840
	176,210		NV Energy, Inc		2,624
	76,050		OGE Energy Corp		3,845
	81,923		Oneok, Inc		5,479
	15,003		Ormat Technologies, Inc		380
	29,407		Otter Tail Corp		668
	168,153		Pepco Holdings, Inc		3,136
	304,142		PG&E Corp		13,438
	57,067		Piedmont Natural Gas Co, Inc		1,732
	83,675		Pinnacle West Capital Corp		3,580
	64,221		PNM Resources, Inc		958
	58,258		Portland General Electric Co		1,385
	371,760		PPL Corp		9,406
	222,068		Progress Energy, Inc		10,246
	390,937		Public Service Enterprise Group, Inc		12,318
	135,152		Questar Corp		2,358
	582,024	*	RRI Energy, Inc		2,218
	87,177		SCANA Corp		3,432
	191,219		Sempra Energy		10,230
	10,436		SJW Corp		242

312

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES		COMPANY	VALUE (000)
	23,097	South Jersey Industries, Inc	$	1,293
	637,594	Southern Co		24,300
	34,400	Southwest Gas Corp		1,341
	163,004	TECO Energy, Inc		3,058
	85,402	UGI Corp		2,810
	38,476	UIL Holdings Corp		1,174
	27,775	Unisource Energy Corp		1,004
	11,594	Unitil Corp		273
	62,527	Vectren Corp		1,701
	91,296	Westar Energy, Inc		2,412
	38,842	WGL Holdings, Inc		1,515
	180,856	Wisconsin Energy Corp		5,516
	354,298	Xcel Energy, Inc		8,464
	9,006	York Water Co		157
		TOTAL UTILITIES		383,366
		TOTAL COMMON STOCKS		11,613,739
		(Cost $8,919,974)
RIGHTS / WARRANTS - 0.0%
CONSUMER SERVICES - 0.0%
	2,604	Krispy Kreme Doughnuts, Inc - CW12		0	^
		TOTAL CONSUMER SERVICES		0	^
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	5,487	Celgene Corp		14
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		14
		TOTAL RIGHTS / WARRANTS		14
		(Cost $29)
		TOTAL INVESTMENTS - 99.4%		11,613,753
		(Cost $8,920,003)
		OTHER ASSETS & LIABILITIES, NET - 0.6%		67,105
		NET ASSETS - 100.0%	$	11,680,858

*	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 contracts.
m	Indicates a security that has been deemed illiquid.
	Cost amounts are in thousands.

313

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

COLLEGE RETIREMENT EQUITIES FUND
BOND MARKET ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2011

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE (000)
BANK LOAN OBLIGATIONS - 0.1%
CAPITAL GOODS - 0.0%
$	4,987,500	i	TransDigm, Inc	4.000	%	02/14/17	$	5,019
			TOTAL CAPITAL GOODS					5,019
COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
	4,277,077	i,m	JohnsonDiversey, Inc	4.000		11/24/15		4,288
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					4,288
HEALTH CARE EQUIPMENT & SERVICES - 0.1%
	5,148,761	i	Fresenius US Finance I, Inc	3.500		09/10/14		5,149
	1,851,239	i	Fresenius US Finance I, Inc	3.500		09/10/14		1,851
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					7,000
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	804,572	i	Mylan, Inc	3.563		10/02/14		806
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					806
			TOTAL BANK LOAN OBLIGATIONS					17,113
			(Cost $17,053)
BONDS - 97.6%
CORPORATE BONDS - 33.1%
AUTOMOBILES & COMPONENTS - 0.1%
	4,500,000		Ford Motor Co	7.450		07/16/31		4,872
	4,500,000	g	Hyundai Motor Manufacturer	4.500		04/15/15		4,611
	3,000,000	g	Pinafore LLC	9.000		10/01/18		3,255
			TOTAL AUTOMOBILES & COMPONENTS					12,738
BANKS - 6.2%
	5,480,000	g	Akbank TAS	5.130		07/22/15		5,501
	4,500,000	g	Alfa Bond Issuance plc for OJSC Alfa Bank	7.880		09/25/17		4,759
	3,080,000	g	Banco de Credito del Peru	5.380		09/16/20		2,911
	4,500,000	g	Banco De Credito Del Peru	4.750		03/16/16		4,433
	4,500,000		Banco de Oro Unibank, Inc	3.880		04/22/16		4,306
	2,540,000	g	Banco del Estado de Chile	4.130		10/07/20		2,373
	2,450,000	g	Banco do Brasil S.A.	6.000		01/22/20		2,573
	4,500,000	g	Banco do Brasil S.A.	5.380		01/15/21		4,365
	4,400,000	g,i	Banco Santander Chile	1.550		04/20/12		4,399
	3,500,000	g	BanColombia S.A.	4.250		01/12/16		3,456
	3,270,000		BanColombia S.A.	6.130		07/26/20		3,270
	4,520,000		Bank of America	4.880		09/15/12		4,735

314

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE (000)
$	28,000,000		Bank of America Corp	2.380	%	06/22/12	$	28,646
	4,850,000		Bank of America Corp	7.380		05/15/14		5,477
	18,850,000		Bank of America Corp	3.630		03/17/16		18,585
	18,550,000		Bank of America Corp	5.300		03/15/17		19,045
	8,525,000		Bank of America Corp	6.000		09/01/17		9,137
	5,725,000		Bank of America Corp	5.750		12/01/17		6,032
	16,500,000	g	Bank of Montreal	2.850		06/09/15		16,642
	27,700,000	g	Bank of Montreal	2.630		01/25/16		27,568
	30,700,000	g	Bank of Nova Scotia	1.650		10/29/15		29,450
	1,250,000	i	BB&T Capital Trust IV	6.820		06/12/57		1,244
	6,000,000		BB&T Corp	3.850		07/27/27		6,212
	3,050,000	g	BBVA Bancomer S.A.	4.500		03/10/16		3,056
	2,500,000	g	Canadian Imperial Bank of Commerce	2.000		02/04/13		2,544
	6,000,000	g	Canadian Imperial Bank of Commerce	2.600		07/02/15		6,033
	12,500,000	g	Canadian Imperial Bank of Commerce	2.750		01/27/16		12,516
	5,000,000		Capital One Capital V	8.880		05/15/40		5,269
	4,000,000		CitiBank NA	1.380		08/10/11		4,017
	45,500,000		Citigroup, Inc	2.130		04/30/12		46,360
	8,075,000		Citigroup, Inc	6.000		12/13/13		8,780
	6,655,000		Citigroup, Inc	5.000		09/15/14		6,949
	5,800,000		Citigroup, Inc	5.500		10/15/14		6,256
	4,525,000		Citigroup, Inc	6.130		05/15/18		4,935
	12,875,000		Citigroup, Inc	5.380		08/09/20		13,254
	7,575,000		Citigroup, Inc	6.880		03/05/38		8,325
	3,825,000		Citigroup, Inc	8.130		07/15/39		4,795
	45,000,000	g	Depfa ACS Bank	5.130		03/16/37		29,877
	3,500,000		Deutsche Bank AG	3.880		08/18/14		3,649
	5,980,000		Discover Bank	7.000		04/15/20		6,579
	4,700,000		First Horizon National Corp	5.380		12/15/15		4,910
	3,500,000		Golden West Financial Corp	4.750		10/01/12		3,677
	4,600,000	g	HSBC Bank plc	3.500		06/28/15		4,660
	7,350,000	g	HSBC Bank plc	4.130		08/12/20		7,034
	7,000,000		HSBC Bank USA NA	4.630		04/01/14		7,442
	3,000,000	g,i	HSBC Capital Funding LP	4.610		12/30/49		2,904
	2,100,000		HSBC Holdings plc	6.500		09/15/37		2,141
	5,590,000	g	ICICI Bank Ltd	5.500		03/25/15		5,828
	4,000,000		JP Morgan Chase Capital XXV	6.800		10/01/37		4,021
	23,000,000		JPMorgan Chase & Co	3.130		12/01/11		23,436
	2,950,000		JPMorgan Chase & Co	4.650		06/01/14		3,153
	2,595,000		JPMorgan Chase & Co	5.130		09/15/14		2,785
	6,000,000		JPMorgan Chase & Co	3.400		06/24/15		6,037
	9,550,000		JPMorgan Chase & Co	3.450		03/01/16		9,516
	33,070,000		JPMorgan Chase & Co	4.250		10/15/20		31,604
	3,025,000		JPMorgan Chase & Co	5.500		10/15/40		2,956
	10,000,000		KeyBank NA	3.200		06/15/12		10,327
	4,250,000	i	Manufacturers & Traders Trust Co	5.630		12/01/21		4,112
	9,250,000	g	National Bank of Canada	1.650		01/30/14		9,262
	10,000,000		New York Community Bank	3.000		12/16/11		10,194
	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		7,660
	12,750,000		Northern Trust Corp	4.630		05/01/14		13,768
	8,000,000		PNC Funding Corp	5.130		02/08/20		8,421
	4,500,000	g	Shinhan Bank	4.130		10/04/16		4,516

315

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE (000)
$	6,500,000		Sovereign Bancorp, Inc	2.750	%	01/17/12	$	6,628
	4,000,000		Sovereign Bancorp, Inc	2.500		06/15/12		4,087
	2,355,000	g	Sumitomo Mitsui Banking Corp	3.150		07/22/15		2,345
	4,500,000	g	Turkiye Is Bankasi	5.100		02/01/16		4,474
	2,000,000		Union Bank of California NA	5.950		05/11/16		2,119
	15,000,000		US Bancorp	2.250		03/13/12		15,270
	5,000,000		US Bancorp	4.950		10/30/14		5,441
	9,500,000		US Central Federal Credit Union	1.900		10/19/12		9,679
	1,925,000		USB Capital XIII Trust	6.630		12/15/39		2,015
	3,200,000	g	Vnesheconombank	6.800		11/22/25		3,245
	5,000,000		Wachovia	4.880		02/15/14		5,324
	3,605,000		Wachovia Bank Na	4.880		02/01/15		3,839
	5,125,000		Wachovia Bank NA	5.300		10/15/11		5,254
	8,275,000		Wachovia Bank NA	4.800		11/01/14		8,812
	2,050,000		Wachovia Bank NA	5.850		02/01/37		2,092
	18,400,000		Wells Fargo & Co	2.130		06/15/12		18,752
	3,500,000		Wells Fargo & Co	5.250		10/23/12		3,710
	10,650,000		Wells Fargo & Co	4.750		02/09/15		11,333
	14,020,000		Wells Fargo & Co	3.680		06/15/16		14,103
	16,700,000		Wells Fargo & Co	4.600		04/01/21		16,515
	5,000,000		Western Corporate Federal Credit Union	1.750		11/02/12		5,081
	5,700,000		Westpac Banking Corp	3.000		08/04/15		5,686
	3,000,000		Zions Bancorporation	7.750		09/23/14		3,258
			TOTAL BANKS					740,266
CAPITAL GOODS - 0.7%
	4,500,000	g	Adaro Indonesia PT	7.630		10/22/19		4,973
	1,500,000		Black & Decker Corp	8.950		04/15/14		1,774
	8,750,000		Caterpillar Financial Services Corp	2.650		04/01/16		8,683
	3,800,000		CRH America, Inc	4.130		01/15/16		3,804
	13,150,000		DIRECTV Holdings LLC	3.500		03/01/16		13,179
	4,000,000		Emerson Electric Co	4.500		05/01/13		4,263
	2,400,000	g	Gol Finance	9.250		07/20/20		2,565
	5,040,000	g	Gold Fields Orogen Holding BVI Ltd	4.880		10/07/20		4,837
	3,515,000		Goodrich Corp	6.130		03/01/19		3,939
	1,500,000		Goodrich Corp	4.880		03/01/20		1,560
	1,700,000	g	Hyva Global BV	8.630		03/24/16		1,745
	2,125,000		ITT Corp	4.900		05/01/14		2,273
	1,500,000		Kennametal, Inc	7.200		06/15/12		1,564
	2,500,000		Lockheed Martin Corp	4.120		03/14/13		2,644
	4,245,000	g	Myriad International Holding BV	6.380		07/28/17		4,484
	2,000,000	g	SPX Corp	6.880		09/01/17		2,150
	2,600,000	g	TAM Capital 2, Inc	9.500		01/29/20		2,860
	3,050,000		Tyco International Finance S.A.	6.000		11/15/13		3,376
	2,190,000		Tyco International Finance S.A.	4.130		10/15/14		2,325
	4,970,000		United Technologies Corp	5.400		05/01/35		5,133
	1,075,000		United Technologies Corp	6.050		06/01/36		1,196
	3,525,000		United Technologies Corp	5.700		04/15/40		3,776
	9,400,000		Valmont Industries, Inc	6.630		04/20/20		9,686
			TOTAL CAPITAL GOODS					92,789
COMMERCIAL & PROFESSIONAL SERVICES - 0.7%
	1,750,000		Corrections Corp of America	7.750		06/01/17		1,901

316

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE (000)
$	7,400,000		Daimler Finance North America LLC	5.750	%	09/08/11	$	7,561
	840,000		Iron Mountain, Inc	8.380		08/15/21		909
	3,220,000	g	National Agricultural Cooperative Federation	4.250		01/28/16		3,272
	1,274,000		News America, Inc	7.250		05/18/18		1,519
	4,350,000	g	News America, Inc	4.500		02/15/21		4,262
	4,250,000		News America, Inc	7.630		11/30/28		4,866
	3,800,000		News America, Inc	6.200		12/15/34		3,822
	3,575,000		News America, Inc	6.650		11/15/37		3,749
	3,800,000		News America, Inc	6.900		08/15/39		4,126
	4,415,000		Republic Services, Inc	5.000		03/01/20		4,571
	4,135,000		Republic Services, Inc	5.250		11/15/21		4,329
	5,810,000		Republic Services, Inc	6.200		03/01/40		6,135
	7,680,000		Svensk Exportkredit AB	5.130		03/01/17		8,495
	3,270,000	g	VIP Finance Ireland Ltd	6.490		02/02/16		3,384
	6,595,000		Waste Management, Inc	4.600		03/01/21		6,589
	9,040,000		Waste Management, Inc	6.130		11/30/39		9,382
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					78,872
CONSUMER DURABLES & APPAREL - 0.2%
	2,000,000		Alliant Techsystems, Inc	6.750		04/01/16		2,053
	4,500,000		AXIATA SPV1 LABUAN Ltd	5.380		04/28/20		4,584
	3,000,000		Hanesbrands, Inc	8.000		12/15/16		3,251
	5,500,000	g	Harley-Davidson Financial Services, Inc	3.880		03/15/16		5,473
	3,000,000		Phillips-Van Heusen Corp	7.380		05/15/20		3,173
	5,600,000		Whirlpool Corp	8.000		05/01/12		5,968
			TOTAL CONSUMER DURABLES & APPAREL					24,502
CONSUMER SERVICES - 0.1%
	2,000,000	g	DineEquity, Inc	9.500		10/30/18		2,170
	972,000	g	Knowledge Learning Corp, Inc	7.750		02/01/15		962
	5,340,000		McDonald’s Corp	3.500		07/15/20		5,216
	2,000,000		Penn National Gaming, Inc	8.750		08/15/19		2,208
	3,500,000	g	Transnet Ltd	4.500		02/10/16		3,573
	6,375,000		Walt Disney Co	4.500		12/15/13		6,907
			TOTAL CONSUMER SERVICES					21,036
DIVERSIFIED FINANCIALS - 8.2%
	2,550,000		American Express Co	7.000		03/19/18		2,980
	8,875,000		American Express Co	8.130		05/20/19		11,073
	7,500,000		American General Finance Corp	6.900		12/15/17		6,853
	3,550,000		Ameriprise Financial, Inc	5.300		03/15/20		3,763
	4,500,000	g	Banco Mercantil del Norte S.A.	4.380		07/19/15		4,545
	4,500,000	g	Bangkok Bank PCL	4.800		10/18/20		4,283
	5,700,000		Bank of New York Mellon Corp	4.300		05/15/14		6,112
	4,125,000		Bank of New York Mellon Corp	5.450		05/15/19		4,525
	12,100,000	g	Banque PSA Finance	3.380		04/04/14		12,095
	3,750,000		Barclays Bank plc	5.200		07/10/14		4,053
	7,250,000		BlackRock, Inc	3.500		12/10/14		7,580
	7,500,000		BlackRock, Inc	5.000		12/10/19		7,868
	3,200,000	g	BM&FBOVESPA S.A.	5.500		07/16/20		3,273
	5,000,000		Brookfield Asset Management, Inc	7.130		06/15/12		5,297
	10,680,000	g	Caisse Centrale Desjardins du Quebec	2.550		03/24/16		10,539
	3,750,000		Capital One Bank USA NA	8.800		07/15/19		4,715

317

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE (000)
$	5,150,000		Capital One Financial Corp	5.700	%	09/15/11	$	5,264
	3,000,000	g	CC Holdings GS V LLC	7.750		05/01/17		3,270
	4,500,000	g	CCL Finance Ltd	9.500		08/15/14		5,209
	34,000,000		Citigroup Funding, Inc	2.000		03/30/12		34,481
	40,000,000		Citigroup Funding, Inc	1.880		10/22/12		40,757
	12,000,000		Citigroup Funding, Inc	2.250		12/10/12		12,303
	3,700,000		Countrywide Financial Corp	6.250		05/15/16		3,950
	6,850,000		Credit Suisse	5.000		05/15/13		7,313
	8,250,000		Credit Suisse	5.500		05/01/14		9,043
	3,275,000		Credit Suisse	5.300		08/13/19		3,443
	4,725,000		Credit Suisse AG.	5.400		01/14/20		4,772
	3,000,000		Credit Suisse USA, Inc	4.880		01/15/15		3,223
	1,250,000		Eaton Vance Corp	6.500		10/02/17		1,416
	2,000,000		Ford Motor Credit Co LLC	7.500		08/01/12		2,133
	5,760,000		Franklin Resources, Inc	3.130		05/20/15		5,896
	4,500,000	g	Fresenius Medical Care Capital Trust	5.750		02/15/21		4,359
	25,000,000		General Electric Capital Corp	3.000		12/09/11		25,466
	61,500,000		General Electric Capital Corp	2.250		03/12/12		62,597
	37,400,000		General Electric Capital Corp	2.200		06/08/12		38,171
	15,000,000		General Electric Capital Corp	2.130		12/21/12		15,354
	7,000,000		General Electric Capital Corp	2.630		12/28/12		7,225
	2,100,000		General Electric Capital Corp	2.800		01/08/13		2,149
	11,950,000		General Electric Capital Corp	1.880		09/16/13		11,946
	21,200,000		General Electric Capital Corp	5.500		06/04/14		23,184
	22,700,000		General Electric Capital Corp	4.380		09/16/20		22,060
	7,330,000		General Electric Capital Corp	4.630		01/07/21		7,219
	8,600,000		General Electric Capital Corp	5.300		02/11/21		8,735
	5,000,000		General Electric Capital Corp	6.150		08/07/37		5,112
	375,000		General Electric Capital Corp	6.880		01/10/39		418
	54,875,000		GMAC, Inc	1.750		10/30/12		55,793
	61,800,000		GMAC, Inc	2.200		12/19/12		63,311
	4,900,000	i	Goldman Sachs Capital II	5.790		12/30/49		4,226
	3,250,000		Goldman Sachs Group, Inc	5.700		09/01/12		3,444
	9,700,000		Goldman Sachs Group, Inc	4.750		07/15/13		10,279
	1,550,000		Goldman Sachs Group, Inc	3.700		08/01/15		1,561
	9,037,000		Goldman Sachs Group, Inc	3.630		02/07/16		8,952
	4,000,000		Goldman Sachs Group, Inc	6.150		04/01/18		4,337
	4,975,000		Goldman Sachs Group, Inc	7.500		02/15/19		5,779
	5,000,000		Goldman Sachs Group, Inc	5.380		03/15/20		5,077
	1,150,000		Goldman Sachs Group, Inc	6.450		05/01/36		1,125
	3,100,000		Goldman Sachs Group, Inc	6.750		10/01/37		3,127
	10,250,000		Goldman Sachs Group, Inc	6.250		02/01/41		10,208
	8,465,000		HSBC Finance Corp	4.750		07/15/13		9,029
	9,599,000	g	HSBC Finance Corp	6.680		01/15/21		9,964
	1,440,000	g	Hyundai Capital America	3.750		04/06/16		1,419
	1,800,000	g	Hyundai Capital Services, Inc	4.380		07/27/16		1,810
	5,575,000		International Lease Finance Corp	5.750		06/15/11		5,596
	3,750,000	g	International Lease Finance Corp	6.500		09/01/14		4,003
	2,325,000	g	International Lease Finance Corp	8.880		09/15/15		2,558
	3,700,000		International Lease Finance Corp	8.250		12/15/20		4,056
	4,500,000	g	Inversiones CMPC S.A.	4.750		01/19/18		4,428
	1,450,000		Jefferies Group, Inc	6.250		01/15/36		1,340
	4,150,000		Landwirtschaftliche Rentenbank	5.250		07/02/12		4,386

318

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	5,000,000		Landwirtschaftliche Rentenbank	5.130	%	02/01/17	$	5,603
	3,150,000	n	Lehman Brothers Holdings Capital Trust V	5.860		12/30/49		0	^
	3,875,000		Lloyds TSB Bank plc	6.380		01/21/21		4,038
	9,070,000	g	Lukoil International Finance BV	6.130		11/09/20		9,251
	4,000,000		MBNA Corp	6.130		03/01/13		4,279
	4,825,000		Merrill Lynch & Co, Inc	5.450		02/05/13		5,115
	4,675,000		Merrill Lynch & Co, Inc	6.400		08/28/17		5,096
	9,075,000		Merrill Lynch & Co, Inc	6.880		04/25/18		10,080
	30,000,000		Morgan Stanley	2.250		03/13/12		30,518
	14,775,000		Morgan Stanley	6.000		05/13/14		16,072
	3,925,000		Morgan Stanley	6.000		04/28/15		4,275
	8,350,000		Morgan Stanley	5.380		10/15/15		8,870
	9,125,000		Morgan Stanley	5.450		01/09/17		9,620
	4,775,000		Morgan Stanley	5.950		12/28/17		5,129
	3,850,000		Morgan Stanley	6.630		04/01/18		4,232
	4,975,000		Morgan Stanley	7.300		05/13/19		5,596
	11,900,000		Morgan Stanley	5.750		01/25/21		12,010
	708,000		NASDAQ OMX Group, Inc	2.500		08/15/13		701
	3,500,000		NASDAQ OMX Group, Inc	4.000		01/15/15		3,475
	2,625,000		NASDAQ OMX Group, Inc	5.550		01/15/20		2,571
	3,415,000		National Rural Utilities Cooperative Finance Corp	2.610		09/16/12		3,492
	5,990,000		National Rural Utilities Cooperative Finance Corp	5.500		07/01/13		6,536
	3,800,000		National Rural Utilities Cooperative Finance Corp	10.380		11/01/18		5,188
	3,750,000		Nomura Holdings, Inc	4.130		01/19/16		3,710
	4,500,000	g	Odebrecht Finance Ltd	7.000		04/21/20		4,921
	4,500,000	g,h	Odebrecht Finance Ltd	6.000		04/05/23		4,455
	5,500,000	g	Principal Life Global Funding I	5.130		10/15/13		5,860
	4,500,000	g	PTTEP Australia International Finance Pty Ltd	4.150		07/19/15		4,473
	7,000,000		Rabobank Nederland NV	2.130		10/13/15		6,754
	4,900,000	g,i	Rabobank Nederland NV	11.000		12/30/49		6,382
	39,000,000		State Street Corp	2.150		04/30/12		39,688
	6,350,000		State Street Corp	4.300		05/30/14		6,802
	9,000,000	g	Toronto-Dominion Bank	2.200		07/29/15		8,893
	4,000,000		UBS AG.	2.250		01/28/14		4,008
	6,675,000		UBS AG.	4.880		08/04/20		6,730
	3,000,000		Unilever Capital Corp	4.800		02/15/19		3,212
	2,000,000		Unilever Capital Corp	4.250		02/10/21		2,028
	4,275,000	g	Waha Aerospace BV	3.930		07/28/20		4,275
	1,800,000	g	WT Finance Aust Pty Ltd	5.130		11/15/14		1,924
			TOTAL DIVERSIFIED FINANCIALS					977,692
ENERGY - 3.4%
	2,000,000		AmeriGas Partners LP	7.130		05/20/16		2,075
	5,450,000		Anadarko Petroleum Corp	5.950		09/15/16		5,926
	2,400,000		Anadarko Petroleum Corp	6.380		09/15/17		2,642
	2,310,000		Anadarko Petroleum Corp	8.700		03/15/19		2,829
	2,145,000		Anadarko Petroleum Corp	6.450		09/15/36		2,142
	5,000,000		Apache Corp	5.100		09/01/40		4,648
	1,000,000		Arch Coal, Inc	8.750		08/01/16		1,118
	5,900,000		Baker Hughes, Inc	6.500		11/15/13		6,644
	1,500,000		Baker Hughes, Inc	5.130		09/15/40		1,423
	3,500,000		BJ Services Co	5.750		06/01/11		3,529
	4,725,000		BP Capital Markets plc	3.130		03/10/12		4,829

319

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	33,190,000		BP Capital Markets plc	3.200	%	03/11/16	$	33,042
	7,750,000		Burlington Resources Finance Co	7.200		08/15/31		9,373
	3,250,000		Chesapeake Energy Corp	6.500		08/15/17		3,514
	7,000,000		Chevron Corp	3.450		03/03/12		7,192
	1,000,000		Cloud Peak Energy Resources LLC	8.250		12/15/17		1,090
	2,000,000		Cloud Peak Energy Resources LLC	8.500		12/15/19		2,215
	9,725,000		ConocoPhillips	4.600		01/15/15		10,599
	7,600,000		ConocoPhillips	6.500		02/01/39		8,652
	4,153,050		Dolphin Energy Ltd	5.890		06/15/19		4,413
	4,500,000		Drummond Co, Inc	7.380		02/15/16		4,635
	4,500,000	g	Empresa Nacional del Petroleo	6.250		07/08/19		4,797
	2,000,000	g	Empresa Nacional del Petroleo	5.250		08/10/20		1,995
	3,250,000		Enbridge Energy Partners LP	5.200		03/15/20		3,379
	1,525,000		EnCana Corp	6.630		08/15/37		1,646
	2,000,000		Encore Acquisition Co	9.500		05/01/16		2,255
	5,950,000		Enterprise Products Operating LLC	4.600		08/01/12		6,192
	4,000,000		Enterprise Products Operating LLC	5.600		10/15/14		4,419
	1,150,000		Enterprise Products Operating LLC	5.000		03/01/15		1,231
	2,800,000		Enterprise Products Operating LLC	6.300		09/15/17		3,157
	1,600,000		Enterprise Products Operating LLC	6.500		01/31/19		1,819
	3,545,000		Enterprise Products Operating LLC	6.130		10/15/39		3,528
	4,105,000		Enterprise Products Operating LLC	5.950		02/01/41		3,993
	2,325,000		EOG Resources, Inc	4.100		02/01/21		2,251
	3,000,000	g	Gaz Capital S.A.	5.090		11/29/15		3,131
	4,000,000		Gaz Capital S.A.	6.210		11/22/16		4,340
	4,500,000		Gaz Capital S.A.	6.510		03/07/22		4,793
	3,600,000		Hess Corp	8.130		02/15/19		4,519
	1,075,000		Hess Corp	6.000		01/15/40		1,087
	4,625,000		Hess Corp	5.600		02/15/41		4,418
	1,000,000	g	Inergy LP	7.000		10/01/18		1,040
	2,500,000	g	Inergy LP	6.880		08/01/21		2,606
	2,000,000		Kaneb Pipe Line Operating Partnership LP	5.880		06/01/13		2,143
	6,430,000	g	KMG Finance Sub BV	6.380		04/09/21		6,655
	2,000,000		Lyondell Chemical Co	11.000		05/01/18		2,245
	5,530,000	g	Marathon Petroleum Corp	3.500		03/01/16		5,545
	4,275,000	g	Marathon Petroleum Corp	5.130		03/01/21		4,309
	1,000,000		MarkWest Energy Partners LP	6.750		11/01/20		1,025
	720,000		Niska Gas Storage US	8.880		03/15/18		783
	2,570,000	g	Novatek Finance Ltd	6.600		02/03/21		2,699
	7,450,000		Occidental Petroleum Corp	4.100		02/01/21		7,379
	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		2,962
	1,150,000		Pemex Project Funding Master Trust	6.630		06/15/35		1,154
	1,890,000		Pemex Project Funding Master Trust	6.630		06/15/38		1,882
	2,080,000		Petrobras International Finance Co	3.880		01/27/16		2,094
	4,500,000		Petrobras International Finance Co	7.880		03/15/19		5,283
	4,450,000		Petrobras International Finance Co	6.880		01/20/40		4,660
	2,900,000		Petroleos Mexicanos	8.000		05/03/19		3,483
	2,500,000		Petroleos Mexicanos	6.000		03/05/20		2,654
	4,000,000		Petroleos Mexicanos	5.500		01/21/21		4,060
	3,960,000	g	Petroleum Co of Trinidad & Tobago Ltd	9.750		08/14/19		4,802
	4,500,000	g	Petronas Capital Ltd	5.250		08/12/19		4,786
	3,000,000		Plains All American Pipeline LP	5.630		12/15/13		3,270

320

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	8,200,000		Plains All American Pipeline LP	5.000	%	02/01/21	$	8,224
	2,674,000	g	Precision Drilling Trust	6.630		11/15/20		2,754
	4,500,000	g	PTTEP Canada International Finance Ltd	5.690		04/05/21		4,497
	2,000,000		Range Resources Corp	7.500		05/15/16		2,075
	700,000		Range Resources Corp	7.250		05/01/18		749
	3,613,064		Ras Laffan Liquefied Natural Gas Co Ltd	5.300		09/30/20		3,749
	3,000,000	g	Reliance Holdings USA	4.500		10/19/20		2,826
	4,025,000	g	Rockies Express Pipeline LLC	6.250		07/15/13		4,299
	4,318,057		Rowan Cos, Inc	3.530		05/01/20		4,324
	8,749,870		Rowan Cos, Inc	3.160		07/15/21		8,697
	7,500,000	g	Schlumberger Norge AS.	4.200		01/15/21		7,503
	7,500,000	g	Schlumberger Oilfield UK plc	4.200		01/15/21		7,503
	3,750,000		SEACOR Holdings, Inc	7.380		10/01/19		3,989
	6,250,000		Shell International Finance BV	3.100		06/28/15		6,404
	7,620,000		Shell International Finance BV	4.300		09/22/19		7,847
	1,925,000		Shell International Finance BV	6.380		12/15/38		2,175
	3,464,000		Southwestern Energy Co	7.500		02/01/18		3,927
	2,800,000		Statoil ASA	2.900		10/15/14		2,889
	2,175,000		TransCanada Pipelines Ltd	4.000		06/15/13		2,299
	3,400,000		TransCanada Pipelines Ltd	5.850		03/15/36		3,459
	2,750,000	i	TransCanada Pipelines Ltd	6.350		05/15/67		2,761
	2,000,000		Vale Overseas Ltd	6.250		01/23/17		2,226
	2,760,000		Vale Overseas Ltd	6.880		11/21/36		2,939
	4,650,000		Vale Overseas Ltd	6.880		11/10/39		4,970
	3,375,000		Valero Energy Corp	4.500		02/01/15		3,552
	4,290,000		Valero Energy Corp	6.130		02/01/20		4,640
	10,855,000		Weatherford Bermuda Holdings Ltd	5.130		09/15/20		10,778
	5,000,000		XTO Energy, Inc	6.250		04/15/13		5,503
	4,400,000		XTO Energy, Inc	4.630		06/15/13		4,726
			TOTAL ENERGY					396,948
FOOD & STAPLES RETAILING - 0.3%
	5,690,000		CVS Caremark Corp	3.250		05/18/15		5,780
	10,500,000		CVS Caremark Corp	5.750		06/01/17		11,565
	795,000		CVS Caremark Corp	6.600		03/15/19		912
	3,800,000		Delhaize Group S.A.	5.880		02/01/14		4,149
	3,800,000		Delhaize Group S.A.	6.500		06/15/17		4,274
	1,500,000		Ingles Markets, Inc	8.880		05/15/17		1,611
	1,500,000		Kroger Co	6.200		06/15/12		1,586
	1,205,000		Kroger Co	5.000		04/15/13		1,287
	1,600,000		Kroger Co	6.400		08/15/17		1,841
	775,000		Kroger Co	6.800		12/15/18		899
	880,000		Stater Brothers Holdings	7.750		04/15/15		913
	900,000	g	Stater Brothers Holdings	7.380		11/15/18		934
	439,000		SuperValu, Inc	8.000		05/01/16		439
			TOTAL FOOD & STAPLES RETAILING					36,190
FOOD, BEVERAGE & TOBACCO - 1.0%
	6,300,000		Anheuser-Busch InBev Worldwide, Inc	2.880		02/15/16		6,253
	12,510,000		Anheuser-Busch InBev Worldwide, Inc	5.380		01/15/20		13,427
	7,175,000		Anheuser-Busch InBev Worldwide, Inc	5.000		04/15/20		7,504
	2,500,000		Anheuser-Busch InBev Worldwide, Inc	6.380		01/15/40		2,802
	4,300,000	g	BFF International Ltd	7.250		01/28/20		4,644

321

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	6,400,000		Bottling Group LLC	6.950	%	03/15/14	$	7,371
	7,200,000		Coca-Cola Co	3.150		11/15/20		6,699
	4,000,000		Coca-Cola Enterprises, Inc	4.250		03/01/15		4,297
	7,250,000		Dr Pepper Snapple Group, Inc	2.350		12/21/12		7,392
	3,775,000		Dr Pepper Snapple Group, Inc	6.120		05/01/13		4,120
	4,080,000		General Mills, Inc	5.200		03/17/15		4,481
	1,750,000		General Mills, Inc	5.650		02/15/19		1,940
	2,400,000		Kellogg Co	4.000		12/15/20		2,349
	2,530,000		Kraft Foods, Inc	6.130		02/01/18		2,828
	8,750,000		Kraft Foods, Inc	5.380		02/10/20		9,237
	8,105,000		Kraft Foods, Inc	6.500		02/09/40		8,657
	2,750,000		Mead Johnson Nutrition Co	5.900		11/01/39		2,839
	2,025,000		PepsiAmericas, Inc	5.750		07/31/12		2,158
	625,000		PepsiAmericas, Inc	4.380		02/15/14		670
	4,800,000		PepsiCo, Inc	0.880		10/25/13		4,746
	680,000		PepsiCo, Inc	7.900		11/01/18		863
	2,900,000		Philip Morris International, Inc	4.880		05/16/13		3,110
	7,425,000		Philip Morris International, Inc	6.880		03/17/14		8,522
	1,600,000		Philip Morris International, Inc	6.380		05/16/38		1,798
	1,000,000		Smithfield Foods, Inc	10.000		07/15/14		1,178
			TOTAL FOOD, BEVERAGE & TOBACCO					119,885
HEALTH CARE EQUIPMENT & SERVICES - 0.4%
	3,750,000		Boston Scientific Corp	4.500		01/15/15		3,868
	2,000,000		CHS/Community Health Systems	8.880		07/15/15		2,110
	2,000,000		DaVita, Inc	6.380		11/01/18		2,020
	4,259,000	o	HCA, Inc	9.630		11/15/16		4,588
	2,000,000		Healthsouth Corp	7.250		10/01/18		2,068
	3,852,000		McKesson Corp	3.250		03/01/16		3,880
	5,000,000		Medtronic, Inc	4.750		09/15/15		5,473
	4,450,000		Medtronic, Inc	4.450		03/15/20		4,559
	3,500,000		Quest Diagnostics, Inc	6.400		07/01/17		3,942
	6,225,000		Thermo Fisher Scientific, Inc	2.150		12/28/12		6,325
	1,695,000		Thermo Fisher Scientific, Inc	3.200		05/01/15		1,735
	1,750,000		Thermo Fisher Scientific, Inc	5.000		06/01/15		1,909
	12,280,000		Thermo Fisher Scientific, Inc	3.200		03/01/16		12,485
	2,560,000		Thermo Fisher Scientific, Inc	4.700		05/01/20		2,645
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					57,607
HOUSEHOLD & PERSONAL PRODUCTS - 0.0%
	4,975,000		Procter & Gamble Co	5.550		03/05/37		5,317
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					5,317
INSURANCE - 1.2%
	3,825,000		ACE INA Holdings, Inc	5.880		06/15/14		4,246
	2,155,000		Aetna, Inc	6.500		09/15/18		2,479
	1,925,000		Aetna, Inc	6.630		06/15/36		2,127
	1,525,000		Aflac, Inc	6.900		12/17/39		1,600
	5,000,000	g	AIG SunAmerica Global Financing VI	6.300		05/10/11		5,023
	5,375,000		Allstate Corp	7.450		05/16/19		6,385
	4,375,000		American Financial Group, Inc	9.880		06/15/19		5,348
	500,000		American International Group, Inc	3.650		01/15/14		509
	3,750,000		Chubb Corp	6.000		05/11/37		3,928

322

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	1,390,000		CIGNA Corp	5.130	%	06/15/20	$	1,449
	6,900,000		CIGNA Corp	4.500		03/15/21		6,793
	5,200,000		Genworth Financial, Inc	7.200		02/15/21		5,164
	7,600,000		Hartford Financial Services Group, Inc	4.000		03/30/15		7,715
	7,600,000		Hartford Financial Services Group, Inc	5.500		03/30/20		7,729
	3,725,000		Hartford Financial Services Group, Inc	6.630		03/30/40		3,776
	2,800,000		Lincoln National Corp	7.000		06/15/40		3,196
	3,000,000		Metlife, Inc	5.380		12/15/12		3,203
	5,620,000		Metlife, Inc	5.000		06/15/15		6,051
	7,675,000		Metlife, Inc	6.750		06/01/16		8,872
	2,500,000		Metlife, Inc	5.700		06/15/35		2,494
	2,000,000		Metlife, Inc	5.880		02/06/41		2,017
	2,000,000		Prudential Financial, Inc	5.100		09/20/14		2,150
	8,050,000		Prudential Financial, Inc	7.380		06/15/19		9,451
	5,000,000		Prudential Financial, Inc	6.630		06/21/40		5,509
	7,000,000		Prudential Financial, Inc	6.200		11/15/40		7,272
	3,000,000	g	Prudential Funding LLC	6.750		09/15/23		3,345
	4,250,000		Travelers Cos, Inc	5.800		05/15/18		4,674
	1,150,000		Travelers Cos, Inc	5.900		06/02/19		1,272
	1,500,000		Unum Group	5.630		09/15/20		1,524
	4,902,000		WellPoint, Inc	6.380		01/15/12		5,122
	1,800,000		WellPoint, Inc	5.880		06/15/17		2,019
	2,250,000		WellPoint, Inc	5.850		01/15/36		2,270
	7,000,000		Willis Group Holdings plc	4.130		03/15/16		6,964
	2,400,000		WR Berkley Corp	5.380		09/15/20		2,413
			TOTAL INSURANCE					144,089
MATERIALS - 1.6%
	3,385,000		3M Co	4.380		08/15/13		3,653
	4,150,000		3M Co	5.700		03/15/37		4,519
	4,600,000		Air Products & Chemicals, Inc	4.150		02/01/13		4,792
	6,630,000		Air Products & Chemicals, Inc	4.380		08/21/19		6,762
	1,125,000		Airgas, Inc	4.500		09/15/14		1,175
	1,000,000		Airgas, Inc	7.130		10/01/18		1,080
	2,035,000		Alcoa, Inc	6.150		08/15/20		2,150
	4,500,000	g	ALROSA Finance S.A.	7.750		11/03/20		4,824
	1,500,000		AngloGold Ashanti Holdings plc	5.380		04/15/20		1,522
	1,860,000		ArcelorMittal	3.750		08/05/15		1,878
	3,750,000		ArcelorMittal	3.750		02/01/16		3,743
	2,085,000		ArcelorMittal	9.850		06/01/19		2,645
	12,000,000		ArcelorMittal	5.500		03/01/21		11,826
	8,370,000		ArcelorMittal	7.000		10/15/39		8,392
	7,400,000		ArcelorMittal	6.750		03/01/41		7,252
	1,015,000		Ball Corp	7.130		09/01/16		1,110
	355,000		Ball Corp	7.380		09/01/19		384
	4,000,000		Ball Corp	5.750		05/15/21		3,920
	4,500,000	g	Braskem SA	7.000		05/07/20		4,883
	3,000,000	g	Celanese US Holdings LLC	6.630		10/15/18		3,090
	4,490,000	g,i	Cemex SAB de C.V.	5.300		09/30/15		4,454
	4,500,000	g	Cemex SAB de C.V.	9.500		12/14/16		4,849
	1,930,000	g	Cemex SAB de C.V.	9.000		01/11/18		2,024
	2,000,000		CF Industries, Inc	6.880		05/01/18		2,245
	3,175,000		CF Industries, Inc	7.130		05/01/20		3,604

323

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	7,800,000	h	Cliffs Natural Resources, Inc	6.250	%	10/01/40	$	7,748
	1,000,000		Clorox Co	3.550		11/01/15		1,024
	5,600,000	g	Corp Nacional del Cobre de Chile-CODELCO	3.750		11/04/20		5,237
	2,770,000	g	Crown Americas LLC	6.250		02/01/21		2,818
	1,000,000		Eastman Chemical Co	5.500		11/15/19		1,047
	6,450,000		EI Du Pont de Nemours & Co	3.250		01/15/15		6,688
	6,000,000		EI Du Pont de Nemours & Co	4.630		01/15/20		6,208
	2,350,000	g	Fibria Overseas Finance Ltd	6.750		05/04/20		2,426
	4,500,000		Fibria Overseas Finance Ltd	7.500		05/04/20		4,883
	1,250,000	g	Georgia Gulf Corp	9.000		01/15/17		1,369
	5,000,000	g	Georgia-Pacific LLC	5.400		11/01/20		4,937
	1,500,000		Graphic Packaging International, Inc	9.500		06/15/17		1,665
	1,400,000		Greif, Inc	7.750		08/01/19		1,530
	4,250,000		International Paper Co	7.300		11/15/39		4,755
	3,955,000	g	Nalco Co	6.630		01/15/19		4,069
	1,940,000		Newmont Mining Corp	6.250		10/01/39		2,057
	4,500,000	g	POSCO	4.250		10/28/20		4,228
	5,050,000		Praxair, Inc	5.250		11/15/14		5,640
	10,115,000		Rio Tinto Finance USA Ltd	3.500		11/02/20		9,429
	1,000,000	g	Sappi Papier Holding AG.	6.750		06/15/12		1,040
	2,000,000		Silgan Holdings, Inc	7.250		08/15/16		2,170
	6,450,000	g	Sinochem Corp	6.300		11/12/40		6,349
	3,140,000	g	Sociedad Quimica y Minera de Chile S.A.	5.500		04/21/20		3,202
	3,000,000		Solutia, Inc	7.880		03/15/20		3,255
	4,500,000	g	Suzano Trading Ltd	5.880		01/23/21		4,410
			TOTAL MATERIALS					194,960
MEDIA - 0.8%
	3,000,000		AMC Entertainment, Inc	8.750		06/01/19		3,255
	3,750,000		CBS Corp	4.300		02/15/21		3,545
	1,388,000		Cinemark USA, Inc	8.630		06/15/19		1,516
	1,011,000		Comcast Cable Communications Holdings, Inc	8.380		03/15/13		1,139
	6,500,000		Comcast Corp	5.650		06/15/35		6,110
	3,475,000		Comcast Corp	6.400		03/01/40		3,559
	1,455,000		CSC Holdings LLC	8.500		04/15/14		1,631
	4,740,000		DIRECTV Holdings LLC	7.630		05/15/16		5,226
	3,000,000		DIRECTV Holdings LLC	6.000		08/15/40		2,873
	3,680,000		DISH DBS Corp	7.880		09/01/19		3,984
	5,000,000		Grupo Televisa S.A.	6.000		05/15/18		5,454
	1,970,000		Interpublic Group of Cos, Inc	6.250		11/15/14		2,152
	375,000		Lamar Media Corp	6.630		08/15/15		383
	2,160,000		Lamar Media Corp	7.880		04/15/18		2,317
	8,700,000	g	NBC Universal, Inc	5.150		04/30/20		8,967
	11,930,000	g	NBC Universal, Inc	4.380		04/01/21		11,422
	3,315,000	g	Nielsen Finance LLC	7.750		10/15/18		3,555
	2,100,000		Time Warner Cable, Inc	8.750		02/14/19		2,618
	9,675,000		Time Warner Cable, Inc	8.250		04/01/19		11,787
	4,860,000		Time Warner Cable, Inc	5.880		11/15/40		4,567
	3,000,000		Time Warner, Inc	3.150		07/15/15		3,038
	3,825,000		Time Warner, Inc	6.500		11/15/36		3,932
	3,875,000		Viacom, Inc	4.380		09/15/14		4,134
			TOTAL MEDIA					97,164

324

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.0%
$	1,550,000		Abbott Laboratories	5.600	%	05/15/11	$	1,560
	3,975,000		Abbott Laboratories	5.300		05/27/40		3,905
	1,700,000		Agilent Technologies, Inc	2.500		07/15/13		1,715
	9,575,000		Amgen, Inc	3.450		10/01/20		9,011
	6,170,000		Eli Lilly & Co	3.550		03/06/12		6,349
	8,750,000		Gilead Sciences, Inc	4.500		04/01/21		8,646
	3,750,000		GlaxoSmithKline Capital, Inc	5.650		05/15/18		4,214
	4,000,000		Johnson & Johnson	5.850		07/15/38		4,452
	3,140,000		Life Technologies Corp	3.500		01/15/16		3,130
	4,115,000		Mead Johnson Nutrition Co	4.900		11/01/19		4,260
	7,750,000		Merck & Co, Inc	3.880		01/15/21		7,586
	1,500,000	g	Mylan, Inc	7.880		07/15/20		1,631
	1,750,000	g	NBTY, Inc	9.000		10/01/18		1,899
	3,750,000		Novartis Capital Corp	4.130		02/10/14		4,010
	15,775,000		Novartis Capital Corp	2.900		04/24/15		16,127
	2,715,000		Novartis Capital Corp	4.400		04/24/20		2,808
	3,230,000		Pfizer, Inc	5.350		03/15/15		3,605
	5,140,000		Pfizer, Inc	6.200		03/15/19		5,923
	8,750,000		Sanofi-Aventis S.A.	2.630		03/29/16		8,676
	3,225,000		Schering-Plough Corp	6.550		09/15/37		3,811
	3,000,000	g	Valeant Pharmaceuticals International	6.750		10/01/17		2,955
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					106,273
REAL ESTATE - 0.6%
	2,310,000		AMB Property LP	4.500		08/15/17		2,332
	2,000,000		Brandywine Operating Partnership LP	5.400		11/01/14		2,108
	1,525,000		Brandywine Operating Partnership LP	7.500		05/15/15		1,723
	7,000,000		Brandywine Operating Partnership LP	4.950		04/15/18		6,921
	2,500,000	g	Desarrolladora Homex SAB de C.V.	9.500		12/11/19		2,800
	6,800,000		Developers Diversified Realty Corp	4.750		04/15/18		6,619
	3,460,000		Developers Diversified Realty Corp	7.880		09/01/20		3,967
	255,000		Federal Realty Investment Trust	5.650		06/01/16		278
	700,000		Federal Realty Investment Trust	5.900		04/01/20		758
	2,780,000		HCP, Inc	3.750		02/01/16		2,794
	5,000,000		Health Care REIT, Inc	3.630		03/15/16		4,953
	2,775,000		Healthcare Realty Trust, Inc	5.750		01/15/21		2,846
	1,600,000		Highwoods Properties, Inc	5.850		03/15/17		1,703
	1,925,000		Kilroy Realty Corp	5.000		11/03/15		1,921
	840,000		Kimco Realty Corp	5.700		05/01/17		912
	2,850,000		Liberty Property LP	4.750		10/01/20		2,816
	1,480,000		Mack-Cali Realty Corp	7.750		08/15/19		1,783
	915,000		National Retail Properties, Inc	6.880		10/15/17		986
	900,000		Nationwide Health Properties, Inc	6.250		02/01/13		962
	1,485,000		ProLogis	7.630		08/15/14		1,699
	2,325,000		Realty Income Corp	5.950		09/15/16		2,546
	2,325,000		Regency Centers LP	5.250		08/01/15		2,480
	225,000		Regency Centers LP	5.880		06/15/17		247
	3,965,000		Regency Centers LP	4.800		04/15/21		3,871
	800,000		Simon Property Group LP	5.250		12/01/16		870
	3,040,000		Simon Property Group LP	10.350		04/01/19		4,190
	1,000,000		Simon Property Group LP	4.380		03/01/21		978
	1,750,000	g,i	USB Realty Corp	6.090		12/30/49		1,470

325

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	3,750,000		Washington Real Estate Investment Trust	4.950	%	10/01/20	$	3,802
			TOTAL REAL ESTATE					71,335
RETAILING - 0.6%
	5,250,000	g	Ace Hardware Corp	9.130		06/01/16		5,650
	2,000,000		Asbury Automotive Group, Inc	7.630		03/15/17		2,040
	2,000,000	g	Ferrellgas Partners LP	6.500		05/01/21		1,940
	3,900,000		Home Depot, Inc	5.880		12/16/36		3,877
	7,850,000		Home Depot, Inc	5.950		04/01/41		7,828
	3,150,000		Limited Brands, Inc	7.000		05/01/20		3,335
	14,062,000		Macy’s Retail Holdings, Inc	5.900		12/01/16		15,117
	3,000,000		Martin Marietta Materials, Inc	6.600		04/15/18		3,289
	8,050,000		O’Reilly Automotive, Inc	4.880		01/14/21		7,963
	1,000,000	g	QVC, Inc	7.130		04/15/17		1,050
	2,000,000	g	QVC, Inc	7.500		10/01/19		2,100
	3,875,000		Staples, Inc	9.750		01/15/14		4,652
	875,000		Wal-Mart Stores, Inc	3.000		02/03/14		914
	3,450,000		Wal-Mart Stores, Inc	3.250		10/25/20		3,223
	3,675,000		Wal-Mart Stores, Inc	5.000		10/25/40		3,418
			TOTAL RETAILING					66,396
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	3,838,000		Analog Devices, Inc	5.000		07/01/14		4,171
	2,250,000	g	Broadcom Corp	1.500		11/01/13		2,230
	5,350,000	g	Broadcom Corp	2.380		11/01/15		5,168
	2,150,000		National Semiconductor Corp	3.950		04/15/15		2,190
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					13,759
SOFTWARE & SERVICES - 0.4%
	3,825,000		Adobe Systems, Inc	3.250		02/01/15		3,908
	7,325,000		International Business Machines Corp	1.000		08/05/13		7,281
	3,655,000		Microsoft Corp	0.880		09/27/13		3,629
	4,095,000		Microsoft Corp	2.950		06/01/14		4,262
	10,625,000		Microsoft Corp	1.630		09/25/15		10,287
	3,925,000		Oracle Corp	3.750		07/08/14		4,166
	3,100,000		Oracle Corp	5.750		04/15/18		3,471
	3,750,000	g	Oracle Corp	3.880		07/15/20		3,685
	3,000,000	g	SunGard Data Systems, Inc	7.380		11/15/18		3,068
	7,500,000		Symantec Corp	2.750		09/15/15		7,294
			TOTAL SOFTWARE & SERVICES					51,051
TECHNOLOGY HARDWARE & EQUIPMENT - 0.5%
	4,000,000		Amphenol Corp	4.750		11/15/14		4,292
	1,000,000		Brocade Communications Systems, Inc	6.880		01/15/20		1,080
	3,300,000		General Electric Co	5.250		12/06/17		3,594
	7,525,000		Hewlett-Packard Co	4.250		02/24/12		7,781
	2,550,000		Hewlett-Packard Co	2.950		08/15/12		2,620
	5,250,000		Hewlett-Packard Co	4.750		06/02/14		5,709
	1,225,000		Hewlett-Packard Co	3.750		12/01/20		1,177
	3,500,000		Jabil Circuit, Inc	5.630		12/15/20		3,478
	7,150,000		Juniper Networks, Inc	3.100		03/15/16		7,140
	4,450,000		L-3 Communications Corp	6.380		10/15/15		4,583
	2,255,000		L-3 Communications Corp	5.200		10/15/19		2,352

326

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	2,000,000		L-3 Communications Corp	4.950	%	02/15/21	$	2,012
	4,000,000		NII Capital Corp	7.630		04/01/21		4,090
	3,600,000		Xerox Corp	8.250		05/15/14		4,209
	5,000,000		Xerox Corp	4.250		02/15/15		5,263
	2,075,000		Xerox Corp	5.630		12/15/19		2,230
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					61,610
TELECOMMUNICATION SERVICES - 1.9%
	2,400,000		America Movil SAB de C.V.	5.000		03/30/20		2,475
	4,000,000		America Movil SAB de C.V.	6.130		03/30/40		4,182
	2,500,000		AT&T, Inc	2.500		08/15/15		2,481
	2,000,000		AT&T, Inc	6.150		09/15/34		1,993
	3,625,000		AT&T, Inc	6.500		09/01/37		3,756
	11,500,000		AT&T, Inc	6.300		01/15/38		11,591
	3,886,000	g	AT&T, Inc	5.350		09/01/40		3,481
	2,500,000	g	Axtel SAB de C.V.	9.000		09/22/19		2,400
	13,125,000		BellSouth Corp	5.200		09/15/14		14,351
	1,975,000		BellSouth Corp	6.550		06/15/34		2,067
	14,950,000		Cellco Partnership	3.750		05/20/11		15,013
	13,850,000		Cellco Partnership	8.500		11/15/18		17,795
	1,500,000	g	Clearwire Communications LLC	12.000		12/01/15		1,620
	4,000,000		Deutsche Telekom International Finance BV	8.750		06/15/30		5,244
	8,500,000		France Telecom S.A.	2.130		09/16/15		8,321
	4,500,000	g	Globo Comunicacao e Participacoes S.A.	6.250		12/30/49		4,732
	2,500,000	g	Indosat Palapa Co	7.380		07/29/20		2,747
	2,000,000		Intelsat Jackson Holdings Ltd	11.250		06/15/16		2,133
	3,500,000	g	MTS International Funding Ltd	8.630		06/22/20		4,003
	5,150,000	g	Qtel International Finance	4.750		02/16/21		4,802
	3,000,000		Qwest Communications International, Inc	7.130		04/01/18		3,236
	3,000,000		Qwest Corp	8.880		03/15/12		3,210
	3,280,000	g	Sable International Finance Ltd	7.750		02/15/17		3,444
	2,000,000		SBA Telecommunications, Inc	8.000		08/15/16		2,178
	1,225,000		Sprint Nextel Corp	6.000		12/01/16		1,230
	3,075,000		Telecom Italia Capital S.A.	6.180		06/18/14		3,302
	2,825,000		Telecom Italia Capital S.A.	7.000		06/04/18		3,072
	6,275,000		Telecom Italia Capital S.A.	7.180		06/18/19		6,859
	21,100,000		Telefonica Emisiones SAU	3.990		02/16/16		21,201
	7,465,000		Telefonica Emisiones SAU	5.130		04/27/20		7,427
	4,750,000		Telefonica Emisiones SAU	5.460		02/16/21		4,810
	3,315,000	g	Telefonica Moviles Chile S.A.	2.880		11/09/15		3,189
	4,500,000		Telefonos de Mexico SAB de C.V.	5.500		11/15/19		4,767
	8,728,000	g	Telemar Norte Leste S.A.	5.500		10/23/20		8,575
	5,125,000		Verizon Communications, Inc	5.250		04/15/13		5,523
	1,250,000		Verizon Communications, Inc	5.500		02/15/18		1,363
	2,905,000		Verizon Communications, Inc	8.750		11/01/18		3,717
	3,100,000		Verizon Communications, Inc	8.950		03/01/39		4,226
	6,650,000		Verizon Communications, Inc	6.000		04/01/41		6,624
	6,500,000		Verizon Virginia, Inc	4.630		03/15/13		6,855
	4,500,000		Virgin Media Finance plc	9.500		08/15/16		5,119
	5,400,000	g	Virgin Media Secured Finance plc	5.250		01/15/21		5,418
	735,000		Windstream Corp	8.130		09/01/18		785
			TOTAL TELECOMMUNICATION SERVICES					231,317

327

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
TRANSPORTATION - 0.7%
$	5,730,000	g	ASCIANO FINANCE	5.000	%	04/07/18	$	5,699
	2,000,000	g	Bombardier, Inc	7.750		03/15/20		2,173
	2,840,000		Bristow Group, Inc	7.500		09/15/17		2,986
	3,750,000		Burlington Northern Santa Fe Corp	6.750		07/15/11		3,819
	2,400,000		Burlington Northern Santa Fe Corp	6.150		05/01/37		2,549
	7,000,000		Burlington Northern Santa Fe Corp	5.750		05/01/40		7,089
	7,565,000		CSX Corp	3.700		10/30/20		7,132
	7,000,000		Delta Air Lines, Inc	5.300		04/15/19		7,052
	4,500,000	g	DP World Ltd	6.850		07/02/37		4,140
	2,325,000		Embraer Overseas Ltd	6.380		01/15/20		2,499
	1,000,000	g	Hertz Corp	7.500		10/15/18		1,035
	2,000,000	g	Hertz Corp	7.380		01/15/21		2,045
	2,640,000		Kansas City Southern de Mexico S.A. de C.V.	8.000		02/01/18		2,878
	4,500,000	g	Kansas City Southern de Mexico S.A. de C.V.	6.630		12/15/20		4,590
	2,450,000	g	Kazakhstan Temir Zholy Finance BV	6.380		10/06/20		2,554
	2,500,000		Norfolk Southern Corp	5.750		01/15/16		2,801
	2,800,000		Norfolk Southern Corp	5.750		04/01/18		3,139
	2,056,000		Norfolk Southern Corp	5.590		05/17/25		2,203
	3,782,813		Totem Ocean Trailer Express, Inc	4.510		12/18/19		4,026
	1,500,000		Union Pacific Corp	6.500		04/15/12		1,586
	6,375,000		Union Pacific Corp	5.130		02/15/14		6,960
	7,750,000		United Parcel Service, Inc	3.130		01/15/21		7,180
			TOTAL TRANSPORTATION					86,135
UTILITIES - 2.4%
	2,500,000		AES Corp	7.750		03/01/14		2,700
	2,000,000		AES El Salvador Trust	6.750		02/01/16		1,970
	2,250,000		AGL Capital Corp	5.250		08/15/19		2,369
	2,000,000		AGL Capital Corp	6.000		10/01/34		1,965
	8,435,000		Alliant Energy Corp	4.000		10/15/14		8,770
	5,500,000		Atmos Energy Corp	8.500		03/15/19		6,870
	2,000,000	g	Calpine Corp	7.500		02/15/21		2,070
	4,500,000		Carolina Power & Light Co	5.130		09/15/13		4,884
	4,750,000		Carolina Power & Light Co	5.300		01/15/19		5,191
	2,750,000		Carolina Power & Light Co	5.700		04/01/35		2,816
	2,100,000		CenterPoint Energy Houston Electric LLC	7.000		03/01/14		2,381
	3,670,000	g	CenterPoint Energy Resources Corp	4.500		01/15/21		3,598
	3,550,000		CenterPoint Energy Resources Corp	6.250		02/01/37		3,610
	7,500,000	g	CenterPoint Energy Resources Corp	5.850		01/15/41		7,427
	2,800,000	g	Cia de Saneamento Basico do Estado de Sao Paulo	6.250		12/16/20		2,877
	2,500,000		CMS Energy Corp	5.050		02/15/18		2,490
	4,375,000	g	Colbun S.A.	6.000		01/21/20		4,484
	3,055,000		Commonwealth Edison Co	4.000		08/01/20		2,950
	4,200,000		Commonweatlh Edison Co	5.900		03/15/36		4,278
	2,750,000		Connecticut Light & Power Co	5.500		02/01/19		3,024
	3,500,000		Consolidated Edison Co of New York, Inc	5.700		06/15/40		3,644
	3,500,000		Consolidated Natural Gas Co	6.250		11/01/11		3,610
	4,250,000		Consolidated Natural Gas Co	5.000		12/01/14		4,648
	10,900,000		Dominion Resources, Inc	4.450		03/15/21		10,810
	900,000	g	Dubai Electricity & Water Authority	8.500		04/22/15		977
	3,600,000	g	Dubai Electricity & Water Authority	7.380		10/21/20		3,492
	7,150,000		Duke Energy Carolinas LLC	5.750		11/15/13		7,955

328

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	1,400,000		Duke Energy Carolinas LLC	4.300	%	06/15/20	$	1,415
	2,500,000	g	Empresa Electrica del Norte Grande S.A.	5.630		01/15/21		2,504
	2,000,000		Florida Power Corp	6.400		06/15/38		2,247
	3,500,000		FPL Group Capital, Inc	2.600		09/01/15		3,403
	5,000,000		Georgia Power Co	5.400		06/01/40		4,922
	5,000,000		Indiana Michigan Power Co	7.000		03/15/19		5,869
	2,725,000		Integrys Energy Group, Inc	4.170		11/01/20		2,604
	1,000,000	g	Kansas Gas & Electric	6.700		06/15/19		1,134
	2,460,000	g	Kazatomprom	6.250		05/20/15		2,614
	5,000,000	g	Kentucky Utilities Co	3.750		11/15/20		4,616
	2,815,000		Kinder Morgan Energy Partners LP	5.850		09/15/12		2,994
	6,650,000		Kinder Morgan Energy Partners LP	3.500		03/01/16		6,701
	2,825,000		Kinder Morgan Energy Partners LP	9.000		02/01/19		3,585
	3,850,000		Kinder Morgan Energy Partners LP	6.500		09/01/39		3,946
	1,850,000	g	Korea Hydro & Nuclear Power Co Ltd	3.130		09/16/15		1,801
	4,500,000	g	Majapahit Holding BV	7.880		06/29/37		4,894
	5,950,000		Midamerican Energy Holdings Co	5.950		05/15/37		6,136
	4,000,000		National Fuel Gas Co	5.250		03/01/13		4,222
	2,800,000		Nevada Power Co	6.500		08/01/18		3,213
	3,500,000		Nevada Power Co	6.650		04/01/36		3,956
	3,250,000		Nevada Power Co	5.380		09/15/40		3,119
	2,850,000	g	Oncor Electric Delivery Co LLC	5.250		09/30/40		2,612
	4,075,000		ONEOK Partners LP	5.900		04/01/12		4,265
	5,250,000		Pacific Gas & Electric Co	8.250		10/15/18		6,706
	2,750,000		PacifiCorp	6.000		01/15/39		2,957
	4,825,000		Pepco Holdings, Inc	2.700		10/01/15		4,748
	6,750,000		PG&E Corp	5.750		04/01/14		7,376
	750,000		Potomac Electric Power Co	7.900		12/15/38		1,002
	4,500,000	g	Power Sector Assets & Liabilities Management Corp	7.390		12/02/24		5,130
	3,825,000		Progress Energy, Inc	7.050		03/15/19		4,511
	2,000,000		Public Service Co of Colorado	7.880		10/01/12		2,198
	4,625,000		Public Service Co of Colorado	3.200		11/15/20		4,299
	8,800,000		Public Service Co of Oklahoma	5.150		12/01/19		9,268
	2,640,000		Public Service Electric & Gas Co	5.300		05/01/18		2,900
	5,000,000		Public Service Electric & Gas Co	3.500		08/15/20		4,748
	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		2,045
	3,100,000		San Diego Gas & Electric Co	5.350		05/15/40		3,128
	4,000,000		Sempra Energy	6.000		10/15/39		4,073
	2,000,000		Spectra Energy Capital LLC	6.250		02/15/13		2,165
	2,600,000		Veolia Environnement	5.250		06/03/13		2,786
	4,500,000		Virginia Electric and Power Co	4.750		03/01/13		4,791
	3,000,000		Williams Partners LP	3.800		02/15/15		3,106
	5,350,000		Williams Partners LP	5.250		03/15/20		5,581
	6,200,000		Williams Partners LP	6.300		04/15/40		6,438
	3,000,000		Wisconsin Electric Power Co	5.630		05/15/33		3,079
			TOTAL UTILITIES					288,980
			TOTAL CORPORATE BONDS					3,976,911
			(Cost $3,849,129)

329

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
GOVERNMENT BONDS - 57.8%
AGENCY SECURITIES - 5.5%
			Federal Farm Credit Bank (FFCB)
$	7,250,000		FFCB	5.380	%	07/18/11	$	7,364
	9,750,000		FFCB	1.380		06/25/13		9,845
			Federal Home Loan Bank (FHLB)
	3,000,000		FHLB	3.630		09/16/11		3,049
	15,000,000		FHLB	1.880		06/21/13		15,286
			Federal Home Loan Mortgage Corp (FHLMC)
	5,000,000		FHLMC	1.750		06/15/12		5,077
	80,000,000		FHLMC	0.750		03/28/13		79,864
	6,000,000		FHLMC	3.500		05/29/13		6,330
	18,350,000		FHLMC	2.500		04/23/14		18,929
	20,000,000		FHLMC	3.000		07/28/14		20,901
			Federal National Mortgage Association (FNMA)
	19,400,000		FNMA	1.380		04/28/11		19,419
	8,000,000		FNMA	5.000		10/15/11		8,205
	2,000,000		FNMA	1.130		07/30/12		2,015
	10,000,000		FNMA	3.630		02/12/13		10,507
	20,500,000		FNMA	1.250		08/20/13		20,571
	24,500,000		FNMA	2.750		02/05/14		25,455
	76,000,000		FNMA	2.750		03/13/14		78,994
	25,500,000		FNMA	2.500		05/15/14		26,323
	23,500,000		FNMA	3.000		09/16/14		24,592
	35,000,000		FNMA	2.630		11/20/14		36,100
	22,386,934		AMAL Ltd	3.470		08/21/21		22,483
	5,003,443		Cal Dive I- Title XI, Inc	4.930		02/01/27		5,139
	15,000,000		Council of Europe Development Bank	2.750		02/10/15		15,408
	26,000,000	g,j	FDIC Structured Sale Guarantee	0.000		10/25/12		25,324
	5,000,000		International Finance Corp	5.130		05/02/11		5,019
	1,594,688		Overseas Private Investment Corp	3.420		01/15/15		1,657
	23,273,608		Premier Aircraft Leasing	3.580		02/06/22		23,207
	13,000,000		Private Export Funding Corp	4.900		12/15/11		13,421
	25,000,000		Private Export Funding Corp	3.550		04/15/13		26,295
	10,000,000		Private Export Funding Corp	3.050		10/15/14		10,429
	7,000,000		Private Export Funding Corp	4.550		05/15/15		7,692
	17,000,000		Private Export Funding Corp	5.450		09/15/17		19,463
	10,000,000		Private Export Funding Corp	2.250		12/15/17		9,488
	10,000,000		Private Export Funding Corp	4.380		03/15/19		10,651
	35,000,000		Private Export Funding Corp	4.300		12/15/21		35,832
	8,973,938		San Clemente Leasing LLC	3.590		08/27/21		8,908
	3,000,000		US Department of Housing and Urban Development	5.380		08/01/18		3,384
			TOTAL AGENCY SECURITIES					662,626
FOREIGN GOVERNMENT BONDS - 4.2%
	3,200,000	g	Bahrain Government International Bond	5.500		03/31/20		3,048
	5,300,000	g	Banco Nacional de Desenvolvimento Economico e Social	6.500		06/10/19		5,777
	4,500,000	g	Banco Nacional de Desenvolvimento Economico e Social	5.500		07/12/20		4,579
	1,675,000		Banque Centrale de Tunisie	8.250		09/19/27		1,943
	2,000,000	g	Barbados Government International Bond	7.000		08/04/22		2,039
	4,210,000		Brazilian Government International Bond	5.880		01/15/19		4,663
	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		976
	4,500,000		Brazilian Government International Bond	5.630		01/07/41		4,421

330

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	12,200,000		Canada Government International Bond	2.380	%	09/10/14	$	12,510
	6,300,000		Chile Government International Bond	3.880		08/05/20		6,135
	4,500,000		Colombia Government International Bond	6.130		01/18/41		4,590
	4,500,000	g	Commonwealth of the Bahamas	6.950		11/20/29		4,669
	4,370,000	g	Croatia Government International Bond	6.630		07/14/20		4,510
	3,350,000	g	Croatia Government International Bond	6.380		03/24/21		3,354
	2,350,000	g	Democratic Socialist Republic of Sri Lanka	7.400		01/22/15		2,520
	3,750,000	g	Dominican Republic International Bond	7.500		05/06/21		3,816
	4,660,000		Eksportfinans ASA	5.000		02/14/12		4,840
	10,290,000		Eksportfinans ASA	2.000		09/15/15		10,066
	9,400,000	g	El Salvador Government International Bond	7.630		02/01/41		9,236
	7,690,000	g	Eskom Holdings Ltd	5.750		01/26/21		7,796
	3,500,000		European Investment Bank	4.880		02/15/36		3,544
	15,350,000		Export Development Canada	2.250		05/28/15		15,520
	3,196,000		Export-Import Bank of Korea	5.880		01/14/15		3,500
	7,450,000		Export-Import Bank of Korea	4.130		09/09/15		7,645
	5,000,000		Export-Import Bank of Korea	5.130		06/29/20		5,044
	9,895,000		Federative Republic of Brazil	6.000		01/17/17		11,092
	3,344,444		Federative Republic of Brazil	8.000		01/15/18		3,930
	2,810,000		Hungary Government International Bond	6.380		03/29/21		2,813
	3,190,000		Hungary Government International Bond	7.630		03/29/41		3,193
	4,400,000		Italy Government International Bond	5.380		06/12/17		4,679
	3,640,000		Jamaica Government International Bond	8.000		06/24/19		3,789
	3,330,000		Korea Development Bank	3.250		03/09/16		3,266
	5,000,000	g	Lithuania Government International Bond	5.130		09/14/17		5,017
	850,000	g	Lithuania Government International Bond	6.130		03/09/21		868
	1,000,000		Mexico Government International Bond	5.630		01/15/17		1,103
	2,900,000		Mexico Government International Bond	6.750		09/27/34		3,271
	3,592,000		Mexico Government International Bond	6.050		01/11/40		3,700
	4,500,000		Panama Government International Bond	6.700		01/26/36		5,051
	2,435,000		Peruvian Government International Bond	7.130		03/30/19		2,873
	1,200,000		Peruvian Government International Bond	7.350		07/21/25		1,426
	2,500,000		Peruvian Government International Bond	6.550		03/14/37		2,706
	8,000,000		Philippine Government International Bond	5.500		03/30/26		7,900
	4,500,000		Poland Government International Bond	3.880		07/16/15		4,548
	8,385,000		Poland Government International Bond	6.380		07/15/19		9,330
	3,044,000	g	Portugal Government International Bond	3.500		03/25/15		2,622
	13,825,000		Province of British Columbia Canada	2.850		06/15/15		14,199
	1,000,000	g	Province of Buenos Aires Argentina	11.750		10/05/15		1,031
	4,500,000	g	Province of Buenos Aires Argentina	10.880		01/26/21		4,196
	3,000,000	g	Province of Cordoba	12.380		08/17/17		3,098
	7,400,000		Province of Manitoba Canada	5.000		02/15/12		7,680
	3,000,000		Province of Manitoba Canada	2.130		04/22/13		3,064
	12,000,000		Province of Nova Scotia Canada	2.380		07/21/15		12,036
	27,400,000		Province of Ontario Canada	4.100		06/16/14		29,418
	24,250,000		Province of Ontario Canada	2.950		02/05/15		25,058
	35,525,000		Province of Ontario Canada	2.700		06/16/15		36,202
	10,000,000		Province of Ontario Canada	4.000		10/07/19		10,156
	13,000,000		Province of Ontario Canada	4.400		04/14/20		13,456
	2,250,000		Province of Quebec Canada	5.130		11/14/16		2,507
	8,835,000		Province of Quebec Canada	4.630		05/14/18		9,501
	22,500,000		Province of Quebec Canada	3.500		07/29/20		21,709
	6,000,000		Province of Quebec Canada	7.500		09/15/29		8,041

331

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	3,000,000		Qatar Government International Bond	5.250	%	01/20/20	$	3,114
	2,700,000		Republic of Hungary	6.250		01/29/20		2,747
	4,500,000		Republic of Korea	5.750		04/16/14		4,903
	2,250,000	g	Republic of Lithuania	6.750		01/15/15		2,449
	3,733,334		Republic of Serbia	6.750		11/01/24		3,743
	4,500,000		Republic of Turkey	7.500		07/14/17		5,220
	4,500,000		Republic of Turkey	6.000		01/14/41		4,208
	7,000,000	g	Russian Foreign Bond - Eurobond	3.630		04/29/15		7,079
	3,500,000	g	Russian Foreign Bond - Eurobond	5.000		04/29/20		3,539
	4,500,000	g	Socialist Republic of Vietnam	6.880		01/15/16		4,849
	4,502,000		South Africa Government International Bond	6.880		05/27/19		5,228
	3,500,000		South Africa Government International Bond	5.500		03/09/20		3,706
	1,600,000		South Africa Government International Bond	6.250		03/08/41		1,649
	3,700,000	g	Sri Lanka Government International Bond	6.250		10/04/20		3,598
	4,500,000		Turkey Government International Bond	5.630		03/30/21		4,590
	3,500,000	g	Ukraine Government International Bond	6.880		09/23/15		3,623
	3,500,000	g	Ukraine Government International Bond	7.750		09/23/20		3,609
	2,180,000		United Mexican States	5.880		02/17/14		2,399
	3,500,000		United Mexican States	5.950		03/19/19		3,901
	500,000		United Mexican States	5.130		01/15/20		523
	4,500,000		Uruguay Government International Bond	6.880		09/28/25		5,175
			TOTAL FOREIGN GOVERNMENT BONDS					508,180
MORTGAGE BACKED - 29.8%
			Federal Home Loan Mortgage Corp (FHLMC)
	768,805		FHLMC	5.750		12/15/18		796
	5,070,665	i	FHLMC	2.510		02/01/36		5,308
	6,143,031	i	FHLMC	5.780		07/01/36		6,426
	4,479,842	i	FHLMC	2.870		09/01/36		4,700
	3,415,891	i	FHLMC	4.990		09/01/36		3,606
	4,823,829	i	FHLMC	5.870		09/01/36		5,082
	3,687,500	i	FHLMC	5.920		09/01/36		3,896
	8,270,518	i	FHLMC	5.730		02/01/37		8,832
	10,102,584	i	FHLMC	5.360		03/01/37		10,646
	8,656,803	i	FHLMC	5.900		04/01/37		9,284
	551,369	i	FHLMC	5.720		05/01/37		590
	6,296,867	i	FHLMC	5.570		06/01/37		6,702
	5,637,977	i	FHLMC	5.630		08/01/37		6,007
	5,087,252	i	FHLMC	5.460		09/01/37		5,424
	21,692,360		FHLMC	5.500		08/01/39		23,386
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	1,063		FGLMC	6.000		04/01/11		1
	138,263		FGLMC	7.000		07/01/13		145
	845,765		FGLMC	6.500		12/01/16		914
	6,063,636		FGLMC	5.000		09/01/18		6,489
	2,958,275		FGLMC	4.500		10/01/18		3,130
	1,806,699		FGLMC	4.500		11/01/18		1,912
	1,768,900		FGLMC	5.500		01/01/19		1,934
	835,328		FGLMC	4.000		06/01/19		874
	3,397,062		FGLMC	4.500		01/01/20		3,589
	2,511,858		FGLMC	4.500		07/01/20		2,653
	1,733,678		FGLMC	4.500		08/01/20		1,832
	260,636		FGLMC	7.000		10/01/20		299

332

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	24,522,551		FGLMC	4.500	%	06/01/21	$	25,878
	7,980,034		FGLMC	4.500		06/01/21		8,421
	3,077,865		FGLMC	5.000		04/01/23		3,269
	45,386		FGLMC	7.000		05/01/23		52
	586,464		FGLMC	6.000		10/01/23		643
	536,635		FGLMC	6.000		11/01/23		589
	11,721,641		FGLMC	4.000		07/01/24		12,068
	3,992,840		FGLMC	4.500		09/01/24		4,189
	33,000,000	h	FGLMC	5.000		04/15/25		35,021
	119,073		FGLMC	8.000		01/01/31		141
	72,335		FGLMC	7.000		11/01/31		83
	170,424		FGLMC	7.000		12/01/31		196
	85,695		FGLMC	7.000		12/01/31		99
	142,691		FGLMC	7.000		12/01/31		164
	6,563		FGLMC	7.000		01/01/32		8
	366,028		FGLMC	8.000		02/01/32		432
	5,380,650		FGLMC	4.500		07/01/33		5,525
	2,588,432		FGLMC	5.500		11/01/33		2,815
	12,572,070		FGLMC	5.500		12/01/33		13,513
	3,719,387		FGLMC	5.500		12/01/33		3,995
	18,730,714		FGLMC	7.000		12/01/33		21,551
	39,165,835		FGLMC	5.000		01/01/34		41,162
	8,312,664		FGLMC	5.000		05/01/34		8,729
	5,168,246		FGLMC	6.000		09/01/34		5,671
	17,124,394		FGLMC	4.500		10/01/34		17,582
	1,341,959		FGLMC	5.500		12/01/34		1,441
	6,898,793		FGLMC	4.500		04/01/35		7,070
	2,557,377		FGLMC	6.000		05/01/35		2,811
	1,525,775		FGLMC	6.000		05/01/35		1,677
	2,125,526		FGLMC	6.000		05/01/35		2,332
	2,771,116		FGLMC	6.000		05/01/35		3,045
	4,588,162		FGLMC	6.000		05/01/35		5,030
	2,850,802		FGLMC	6.000		05/01/35		3,125
	7,487,616		FGLMC	7.000		05/01/35		8,615
	1,428,076		FGLMC	5.500		06/01/35		1,533
	1,142,872		FGLMC	5.500		06/01/35		1,226
	3,521,113		FGLMC	5.500		06/01/35		3,777
	15,516,269		FGLMC	5.500		06/01/35		16,651
	3,032,574		FGLMC	6.000		06/01/35		3,329
	11,659,431		FGLMC	4.500		08/01/35		11,935
	1,417,843		FGLMC	5.000		10/01/35		1,487
	445,693		FGLMC	6.500		11/01/35		506
	1,588,278		FGLMC	6.000		01/01/36		1,733
	3,196,924		FGLMC	5.000		02/01/36		3,353
	1,311,688		FGLMC	5.500		04/01/36		1,407
	1,114,787		FGLMC	6.500		05/01/36		1,252
	8,286,156		FGLMC	6.500		10/01/36		9,308
	14,406,492		FGLMC	5.500		04/01/37		15,401
	22,422,148		FGLMC	5.500		05/01/37		23,970
	8,671,061		FGLMC	6.000		08/01/37		9,477
	3,513,450		FGLMC	6.000		09/01/37		3,840
	5,352,486		FGLMC	6.500		11/01/37		5,999
	15,838,949		FGLMC	5.000		04/01/38		16,602

333

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	11,902,800		FGLMC	6.000	%	11/01/38	$	12,946
	12,850,051		FGLMC	4.500		05/01/39		13,081
	16,856,090		FGLMC	4.000		06/01/39		16,575
	9,326,749		FGLMC	5.000		07/01/39		9,747
	13,888,796		FGLMC	6.000		07/01/39		15,267
	85,000,000	h	FGLMC	5.000		04/15/40		88,705
	23,579,109		FGLMC	4.500		11/01/40		24,114
	25,899,982		FGLMC	4.500		12/01/40		26,439
	51,000,000	h	FGLMC	4.500		04/15/41		51,813
			Federal National Mortgage Association (FNMA)
	259		FNMA	8.000		06/01/11		0	^
	70		FNMA	8.000		07/01/11		0	^
	89,578		FNMA	5.000		06/01/13		95
	2,631,325		FNMA	4.440		07/01/13		2,754
	3,500,180		FNMA	4.760		10/01/13		3,619
	1,349,539		FNMA	4.780		02/01/14		1,435
	5,224,772		FNMA	4.440		04/01/14		5,508
	1,502,689		FNMA	4.560		01/01/15		1,601
	222,529		FNMA	7.500		02/01/15		244
	606,995		FNMA	7.500		04/01/15		666
	504,772		FNMA	7.500		04/01/15		543
	52,531		FNMA	6.500		03/01/16		58
	19,533		FNMA	6.500		04/01/16		21
	445,158		FNMA	6.500		10/01/16		488
	322,462		FNMA	6.500		11/01/16		353
	3,478,324		FNMA	5.000		12/01/17		3,724
	913,220		FNMA	6.500		02/01/18		1,004
	2,409,129		FNMA	5.500		03/01/18		2,616
	6,208,176		FNMA	5.500		04/01/18		6,741
	515,472		FNMA	5.500		04/01/18		560
	721,718		FNMA	6.500		04/01/18		793
	180,873		FNMA	5.500		05/01/18		196
	10,147,480		FNMA	4.500		12/01/18		10,745
	327,777		FNMA	6.000		01/01/19		358
	68,823		FNMA	6.000		02/01/19		75
	5,990,233		FNMA	5.000		04/01/19		6,410
	3,062,512		FNMA	4.500		06/01/19		3,237
	4,272,713		FNMA	5.000		03/01/20		4,575
	2,221,940		FNMA	5.500		07/01/20		2,428
	1,450,073		FNMA	4.500		11/01/20		1,533
	4,337,492		FNMA	5.000		12/01/20		4,639
	6,483,175		FNMA	5.000		03/01/21		6,942
	3,856,565		FNMA	5.500		08/01/21		4,178
	4,293,493		FNMA	4.500		03/01/23		4,510
	102,407		FNMA	8.000		03/01/23		119
	22,000,000	h	FNMA	4.500		04/25/23		23,055
	9,685,093		FNMA	4.500		06/01/23		10,174
	10,652,240		FNMA	5.000		07/01/23		11,325
	8,152,557		FNMA	5.000		07/01/23		8,668
	3,380,944		FNMA	5.000		12/01/23		3,605
	1,004,501		FNMA	5.500		02/01/24		1,094
	12,208,838		FNMA	4.000		05/01/24		12,567
	1,922,425		FNMA	5.500		07/01/24		2,093

334

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	297,758		FNMA	8.000	%	07/01/24	$	347
	3,834,470		FNMA	4.500		08/01/24		4,027
	2,600,876		FNMA	5.500		08/01/24		2,832
	16,944,269		FNMA	4.000		09/01/24		17,442
	37,000,000	h	FNMA	4.000		04/25/25		38,018
	53,000,000	h	FNMA	5.000		04/25/25		56,304
	8,771,538		FNMA	5.000		10/01/25		9,353
	64,176		FNMA	9.000		11/01/25		75
	4,830,731		FNMA	6.500		07/01/32		5,465
	246,602		FNMA	7.000		07/01/32		284
	619,855		FNMA	7.000		07/01/32		714
	6,175,313		FNMA	5.500		01/01/33		6,654
	6,053,861		FNMA	6.000		01/01/33		6,596
	937,841		FNMA	5.000		02/01/33		989
	6,780,778		FNMA	4.500		03/25/33		7,158
	3,835,575		FNMA	4.500		08/01/33		3,951
	3,936,361		FNMA	5.000		08/01/33		4,149
	6,384,180		FNMA	4.500		10/01/33		6,576
	3,762,617		FNMA	5.000		10/01/33		3,966
	2,108,976		FNMA	5.000		10/01/33		2,223
	1,062,150		FNMA	5.000		10/01/33		1,120
	29,394,665		FNMA	5.000		11/01/33		30,986
	595,692		FNMA	5.000		11/01/33		628
	7,108,159		FNMA	5.000		11/01/33		7,493
	6,153,764		FNMA	5.000		11/01/33		6,487
	5,500,420		FNMA	5.500		12/01/33		5,979
	740,513		FNMA	5.500		12/01/33		797
	1,942,162		FNMA	5.500		12/01/33		2,091
	1,569,032		FNMA	5.000		03/01/34		1,654
	3,941,469		FNMA	5.000		03/01/34		4,155
	1,364,115		FNMA	5.000		03/01/34		1,438
	10,383,737		FNMA	5.000		03/01/34		10,946
	1,229,343		FNMA	5.000		03/01/34		1,296
	4,826,380		FNMA	5.500		03/01/34		5,212
	10,323,440		FNMA	5.000		04/01/34		10,871
	38,896,018		FNMA	5.000		08/01/34		41,015
	6,114,067		FNMA	6.000		08/01/34		6,728
	2,659,862		FNMA	5.500		09/01/34		2,864
	1,976,009		FNMA	5.500		09/01/34		2,134
	1,905,123		FNMA	5.500		10/01/34		2,057
	1,781,346		FNMA	5.500		10/01/34		1,924
	1,998,535		FNMA	6.000		12/01/34		2,196
	3,542,031		FNMA	5.500		01/01/35		3,811
	41,878,374		FNMA	5.500		02/01/35		45,095
	3,050,400		FNMA	5.500		04/01/35		3,294
	3,934,151		FNMA	6.000		04/01/35		4,322
	10,306,788		FNMA	4.500		05/01/35		10,616
	13,393,005		FNMA	5.500		05/01/35		14,393
	4,790,422		FNMA	6.000		05/01/35		5,258
	2,418,181		FNMA	5.500		06/01/35		2,601
	1,754,621		FNMA	5.500		06/01/35		1,887
	3,224,843		FNMA	5.500		06/01/35		3,466
	566,619		FNMA	5.500		06/01/35		609

335

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	623,191		FNMA	5.500	%	06/01/35	$	672
	113,629		FNMA	7.500		06/01/35		132
	1,412,996		FNMA	5.500		07/01/35		1,518
	2,140,793		FNMA	6.000		07/01/35		2,344
	5,867,037		FNMA	4.500		08/01/35		6,019
	8,149,331		FNMA	5.000		08/01/35		8,576
	8,802,098		FNMA	5.500		09/01/35		9,506
	8,893,570		FNMA	5.000		10/01/35		9,360
	4,826,349		FNMA	5.500		11/01/35		5,187
	4,836,452	i	FNMA	2.380		02/01/36		5,071
	8,985,569		FNMA	5.000		02/01/36		9,456
	17,876,579		FNMA	6.000		03/01/36		19,527
	2,941,679		FNMA	5.000		04/01/36		3,087
	2,266,361	i	FNMA	5.970		07/01/36		2,384
	3,629,854		FNMA	6.500		09/01/36		4,103
	6,685,450		FNMA	6.000		12/01/36		7,303
	6,426,139		FNMA	6.500		03/01/37		7,263
	225,323		FNMA	6.500		03/01/37		253
	4,387,290		FNMA	7.000		04/01/37		5,021
	8,075,541		FNMA	6.500		08/01/37		9,128
	2,495,901		FNMA	6.500		08/01/37		2,829
	4,609,930		FNMA	6.000		09/01/37		5,090
	5,157,680		FNMA	6.000		09/01/37		5,695
	2,919,975		FNMA	6.000		09/01/37		3,224
	3,881,829		FNMA	6.000		09/01/37		4,286
	7,511,357		FNMA	6.500		09/01/37		8,429
	6,843,316		FNMA	6.500		09/01/37		7,735
	3,486,639		FNMA	6.500		09/01/37		3,913
	5,967,605		FNMA	6.500		09/01/37		6,697
	852,510		FNMA	6.500		09/01/37		961
	10,956,400	i	FNMA	5.870		10/01/37		11,643
	2,284,810		FNMA	7.000		11/01/37		2,615
	851,609		FNMA	6.500		01/01/38		956
	215,193		FNMA	6.500		02/01/38		243
	3,873,675		FNMA	6.500		03/01/38		4,346
	371,484		FNMA	6.500		03/01/38		417
	1,094,046		FNMA	6.500		03/01/38		1,227
	3,878,255		FNMA	5.000		04/01/38		4,063
	245,000,000	h	FNMA	6.000		04/25/38		266,438
	25,000,000	h	FNMA	6.500		04/25/38		28,020
	7,398,067		FNMA	5.000		05/01/38		7,751
	15,317,222		FNMA	6.000		07/01/38		16,688
	6,644,882	i	FNMA	4.940		10/01/38		7,033
	27,057,385		FNMA	6.000		10/01/38		29,479
	10,278,940		FNMA	4.500		01/01/39		10,485
	6,717,136		FNMA	5.500		01/01/39		7,191
	7,500,806		FNMA	6.000		01/01/39		8,170
	5,937,503		FNMA	6.000		01/01/39		6,467
	10,942,576		FNMA	4.500		02/01/39		11,162
	19,116,033		FNMA	4.500		02/01/39		19,499
	6,624,015		FNMA	5.500		02/01/39		7,091
	10,047,232		FNMA	4.000		04/01/39		9,910
	16,302,657		FNMA	4.500		05/01/39		16,614

336

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	13,051,055		FNMA	4.500	%	08/01/39	$	13,300
	104,000,000	h	FNMA	4.000		04/25/40		102,278
	186,000,000	h	FNMA	5.000		04/25/40		194,573
	226,000,000	h	FNMA	5.500		05/25/40		240,973
	81,422,675		FNMA	4.500		09/01/40		82,976
	54,668,718		FNMA	4.500		09/01/40		55,711
	19,797,124		FNMA	4.000		11/01/40		19,501
	32,377,448		FNMA	4.500		11/01/40		32,996
	31,000,000	h	FNMA	3.500		04/25/41		29,188
			Government National Mortgage Association (GNMA)
	20,331		GNMA	9.000		06/15/16		23
	4,370		GNMA	9.000		09/15/16		4
	8,236		GNMA	9.000		09/15/16		9
	12,340		GNMA	9.000		11/15/16		12
	6,233		GNMA	9.000		12/15/16		7
	8,718		GNMA	9.000		12/15/16		9
	85,643		GNMA	9.500		12/15/16		98
	35,718		GNMA	8.000		06/15/24		42
	61,494		GNMA	8.500		11/20/30		74
	69,809		GNMA	8.500		12/20/30		84
	3,126,364		GNMA	5.500		07/15/33		3,408
	1,473,392		GNMA	5.500		11/20/33		1,605
	5,594,464		GNMA	5.500		03/20/35		6,087
	3,304,036		GNMA	5.500		12/20/35		3,592
	2,171,460		GNMA	6.000		10/20/36		2,377
	2,291,813		GNMA	6.000		01/20/37		2,509
	6,423,476		GNMA	6.000		02/20/37		7,026
	6,292,027		GNMA	6.000		12/15/37		6,932
	199,000,000	h	GNMA	5.000		04/15/38		211,033
	8,609,923		GNMA	5.000		04/15/38		9,147
	48,000,000		GNMA	5.500		04/15/38		51,975
	10,826,506	h	GNMA	5.500		07/15/38		11,741
	9,625,426		GNMA	5.500		07/20/38		10,416
	3,153,257		GNMA	6.000		08/15/38		3,473
	3,189,565		GNMA	6.000		08/20/38		3,486
	4,201,331		GNMA	6.500		11/20/38		4,712
	12,227,581		GNMA	4.500		03/15/39		12,637
	14,054,399		GNMA	4.500		05/15/39		14,525
	6,621,269		GNMA	5.000		06/15/39		7,069
	5,863,459		GNMA	5.000		06/15/39		6,260
	15,386,883		GNMA	4.500		07/20/39		15,885
	4,947,714		GNMA	5.000		07/20/39		5,258
	5,623,591		GNMA	4.000		08/15/39		5,635
	129,000,000	h	GNMA	4.500		04/15/40		133,051
	130,000,000	h	GNMA	4.000		04/15/41		130,000
	40,000,000	h	GNMA	6.000		04/15/41		44,000
	43,000,000	h	GNMA	4.500		04/20/41		44,277
	50,000,000	h	GNMA	5.000		04/20/41		53,039
	10,203,167		GNMA	6.230		09/15/43		10,808
	7,933,253		GNMA	6.500		01/15/44		8,580
	3,706,866		National Credit Union Administration	1.840		10/07/20		3,722
			TOTAL MORTGAGE BACKED					3,589,167

337

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
MUNICIPAL BONDS - 0.6%
$	2,000,000		Charlotte-Mecklenburg Hospital Authority	5.000	%	08/01/15	$	2,111
	13,000,000		Grant County Public Utility District No 2	5.630		01/01/27		12,999
	13,000,000		Long Island Power Authority	5.850		05/01/41		11,956
	16,100,000		State of California	7.630		03/01/40		17,613
	15,250,000		State of Illinois	6.730		04/01/35		14,629
	15,000,000		UNM Sandoval Regional Medical Center	4.500		07/20/36		13,912
			TOTAL MUNICIPAL BONDS					73,220
U.S. TREASURY SECURITIES - 17.7%
	352,372,000		United States Treasury Bond	8.000		11/15/21		492,109
	22,000,000		United States Treasury Bond	6.380		08/15/27		27,851
	49,175,000		United States Treasury Bond	5.250		02/15/29		55,383
	111,861,000		United States Treasury Bond	5.380		02/15/31		127,924
	677,000		United States Treasury Bond	4.500		02/15/36		684
	13,495,000		United States Treasury Bond	3.500		02/15/39		11,315
	51,070,000		United States Treasury Bond	3.880		08/15/40		45,700
	15,626,100	k	United States Treasury Inflation Indexed Bonds	0.630		04/15/13		16,354
	11,093,900	k	United States Treasury Inflation Indexed Bonds	2.000		01/15/16		12,248
	20,131,400	k	United States Treasury Inflation Indexed Bonds	1.130		01/15/21		20,425
	12,000,000		United States Treasury Note	1.000		04/30/12		12,083
	16,650,000		United States Treasury Note	1.880		06/15/12		16,945
	5,410,000		United States Treasury Note	0.630		06/30/12		5,424
	8,300,000		United States Treasury Note	0.630		07/31/12		8,319
	6,477,000		United States Treasury Note	1.380		10/15/12		6,556
	102,500,000		United States Treasury Note	1.380		11/15/12		103,757
	24,690,000		United States Treasury Note	0.630		01/31/13		24,646
	30,940,000		United States Treasury Note	1.130		06/15/13		31,092
	8,590,000		United States Treasury Note	0.750		08/15/13		8,546
	25,195,000		United States Treasury Note	3.130		08/31/13		26,494
	44,650,000		United States Treasury Note	0.750		09/15/13		44,367
	81,829,000		United States Treasury Note	3.130		09/30/13		86,074
	3,835,000		United States Treasury Note	0.500		10/15/13		3,783
	62,337,000		United States Treasury Note	2.750		10/31/13		65,040
	189,533,000		United States Treasury Note	2.000		11/30/13		193,932
	14,870,000		United States Treasury Note	1.250		03/15/14		14,865
	6,467,000		United States Treasury Note	2.250		05/31/14		6,648
	22,985,000		United States Treasury Note	2.380		08/31/14		23,660
	22,415,000		United States Treasury Note	2.130		11/30/14		22,823
	45,524,000		United States Treasury Note	2.500		04/30/15		46,765
	147,421,000		United States Treasury Note	2.130		05/31/15		149,035
	37,717,000		United States Treasury Note	1.880		06/30/15		37,696
	70,952,000		United States Treasury Note	1.750		07/31/15		70,420
	100,332,500		United States Treasury Note	1.250		09/30/15		97,032
	18,485,000		United States Treasury Note	1.250		10/31/15		17,837
	44,882,000		United States Treasury Note	2.000		01/31/16		44,556
	304,000		United States Treasury Note	2.130		02/29/16		303
	300,000		United States Treasury Note	2.630		02/29/16		306
	9,800,000		United States Treasury Note	2.380		03/31/16		9,868
	10,000,000		United States Treasury Note	3.130		10/31/16		10,352
	15,250,000		United States Treasury Note	2.750		02/28/18		15,134
	319,500		United States Treasury Note	2.630		11/15/20		298
	885,000		United States Treasury Note	3.630		02/15/21		898

338

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	83,285,000		United States Treasury Note	4.250	%	11/15/40	$	79,654
	18,685,000		United States Treasury Note	4.750		02/15/41		19,421
	25,000,000	j	United States Treasury Strip Principal	0.000		08/15/27		12,022
			TOTAL U.S. TREASURY SECURITIES					2,126,644
			TOTAL GOVERNMENT BONDS					6,959,837
			(Cost $6,805,082)
STRUCTURED ASSETS - 6.7%
ASSET BACKED - 1.6%
	3,690,000	g	Ally Master Owner Trust	2.880		04/15/13		3,775
			Series - 2010 3 (Class A)
	4,950,000		AmeriCredit Automobile Receivables Trust	3.340		04/08/16		5,057
			Series - 2010 3 (Class C)
	5,350,000		AmeriCredit Automobile Receivables Trust	2.850		08/08/16		5,354
			Series - 2011 1 (Class C)
	74,236	g	Asset Backed Funding Corp NIM Trust	5.900		07/26/35		0	^
			Series - 2006 WMC1 (Class N1)
	6,350,000	g	Avis Budget Rental Car Funding AESOP LLC	3.150		03/20/17		6,329
			Series - 2010 5A (Class A)
	1,725,000		CarMax Auto Owner Trust	2.830		02/15/17		1,719
			Series - 2011 1 (Class C)
	2,360,274	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		1,383
			Series - 2004 2 (Class 1M1)
	1,180,137	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		521
			Series - 2004 2 (Class 1M2)
	927,250	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		236
			Series - 2004 2 (Class 1B)
	3,085,181		CIT Group Home Equity Loan Trust	6.200		02/25/30		3,132
			Series - 2002 1 (Class AF6)
	682,305		CIT Group Home Equity Loan Trust	6.390		12/25/30		113
			Series - 2002 2 (Class MF2)
	10,264		CIT Group Home Equity Loan Trust	6.830		06/25/33		0	^
			Series - 2002 2 (Class BF)
	11,991,291		Citicorp Mortgage Securities, Inc	5.710		07/25/36		12,085
			Series - 2006 1 (Class A3)
	3,219,794		Citicorp Mortgage Securities, Inc	5.560		09/25/36		3,232
			Series - 2006 2 (Class A3)
	6,467,289	i	Countrywide Asset-Backed Certificates	5.680		10/25/46		6,352
			Series - 2006 15 (Class A2)
	623,392	i	Countrywide Home Equity Loan Trust	0.480		02/15/29		403
			Series - 2004 B (Class 1A)
	4,062,385	g	Credit-Based Asset Servicing and Securitization LLC	6.160		12/25/36		3,986
			Series - 2007 MX1 (Class A1)
	900,000	g,i	DB/UBS Mortgage Trust	5.470		11/10/46		909
			Series - 2011 LC1A (Class B)
	2,400,000	g,i	DB/UBS Mortgage Trust	5.560		11/10/46		2,403
			Series - 2011 LC1A (Class C)
	18,102,888	g	Flagstar Home Equity Loan Trust	5.780		01/25/35		16,928
			Series - 2007 1A (Class AF3)
	2,220,000		Ford Credit Auto Owner Trust	2.620		10/15/16		2,207
			Series - 2011 A (Class C)

339

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	2,725,000		Ford Credit Auto Owner Trust	3.210	%	07/15/17	$	2,709
			Series - 2011 A (Class D)
	7,000,000	g	Ford Credit Floorplan Master Owner Trust	2.610		02/15/16		7,023
			Series - 2011 1 (Class C)
	1,865,000	g	Ford Credit Floorplan Master Owner Trust	4.640		02/15/17		1,992
			Series - 2010 3 (Class B)
	2,120,454		GMAC Commercial Mortgage Securities, Inc	5.590		10/25/29		2,076
			Series - 2006 HLTV (Class A3)
	2,600,000		GMAC Commercial Mortgage Securities, Inc	5.810		10/25/29		2,078
			Series - 2006 HLTV (Class A4)
	527,793		HFC Home Equity Loan Asset Backed Certificates	5.910		03/20/36		528
			Series - 2007 1 (Class A1F)
	1,973,008	i	Morgan Stanley ABS Capital I	0.270		01/25/37		1,917
			Series - 2007 HE2 (Class A2A)
	2,886,016	i	Park Place Securities, Inc	0.880		09/25/34		2,654
			Series - 2004 WHQ1 (Class M1)
	8,025,000		Renaissance Home Equity Loan Trust	5.590		11/25/36		4,592
			Series - 2006 3 (Class AF3)
	9,582,765	i	Residential Asset Mortgage Products, Inc	0.870		11/25/34		8,131
			Series - 2004 RS11 (Class M1)
	2,676,134	i	Residential Asset Securities Corp	0.680		04/25/35		2,412
			Series - 2005 KS3 (Class M3)
	530,846	i	Residential Asset Securities Corp	6.490		10/25/30		466
			Series - 2001 KS2 (Class AI6)
	3,042,295		Residential Funding Mortgage Securities II, Inc	5.520		04/25/21		2,995
			Series - 2006 HI5 (Class A2)
	13,500,000		Residential Funding Mortgage Securities II, Inc	5.500		08/25/25		11,511
			Series - 2006 HI5 (Class A3)
	4,128,450		Residential Funding Mortgage Securities II, Inc	5.450		08/25/34		3,366
			Series - 2005 HI1 (Class A5)
	5,989,458		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36		5,624
			Series - 2006 HI3 (Class A3)
	2,500,000		Residential Funding Mortgage Securities II, Inc	6.010		02/25/36		2,199
			Series - 2006 HI1 (Class M1)
	350,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		280
			Series - 2006 HI1 (Class M2)
	28,777,603		Residential Funding Mortgage Securities II, Inc	5.440		09/25/36		26,095
			Series - 2006 HI4 (Class A3)
	3,390,910	i	Securitized Asset Backed Receivables LLC Trust	0.400		03/25/36		3,195
			Series - 2006 NC2 (Class A2)
	8,585,000	g	Vornado DP LLC	5.280		09/13/28		8,430
			Series - 2010 VNO (Class C)
	1,425,905	g,m	Wachovia Amortization Controlled Heloc NIM	5.680		08/12/47		1,176
			Series - 2006 N1 (Class N1)
	3,071,521	g,i	Wachovia Loan Trust	0.610		05/25/35		1,970
			Series - 2005 SD1 (Class A)
	3,479,394	i	Wells Fargo Home Equity Trust	0.390		07/25/36		3,143
			Series - 2006 2 (Class A3)
	540,000		World Financial Network Credit Card Master Trust	5.200		04/15/19		566
			Series - 2010 A (Class M)
	5,000,000		World Financial Network Credit Card Master Trust	6.750		04/15/19		5,420
			Series - 2010 A (Class B)
			TOTAL ASSET BACKED					188,672

340

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
OTHER MORTGAGE BACKED - 5.1%
$	7,314,000	i	Banc of America Commercial Mortgage, Inc	4.770	%	07/10/43	$	7,269
			Series - 2005 3 (Class AJ)
	6,410,000		Banc of America Commercial Mortgage, Inc	5.360		10/10/45		6,747
			Series - 2006 6 (Class A4)
	10,500,000		Banc of America Commercial Mortgage, Inc	5.680		07/10/46		10,747
			Series - 2006 4 (Class AM)
	9,773,000	i	Banc of America Commercial Mortgage, Inc	5.690		04/10/49		10,373
			Series - 2007 2 (Class A4)
	344,013		Bank of America Alternative Loan Trust	5.500		09/25/19		352
			Series - 2004 8 (Class 3A1)
	5,487,362		Bear Stearns Asset Backed Securities Trust	5.250		04/25/35		4,974
			Series - 2005 AC2 (Class 1A)
	3,300,000	i	Bear Stearns Commercial Mortgage Securities	5.760		09/11/38		3,206
			Series - 2006 PW12 (Class AJ)
	3,570,153		Bear Stearns Commercial Mortgage Securities	5.200		12/11/38		3,765
			Series - 2006 PW14 (Class A4)
	4,000,000	i	Bear Stearns Commercial Mortgage Securities	5.450		03/11/39		4,347
			Series - 2006 PW11 (Class A4)
	6,800,000	i	Bear Stearns Commercial Mortgage Securities	5.580		09/11/41		6,944
			Series - 2006 PW13 (Class AM)
	6,375,000	i	Bear Stearns Commercial Mortgage Securities	5.570		10/12/41		6,524
			Series - 2006 T24 (Class AM)
	725,000	i	Bear Stearns Commercial Mortgage Securities	4.980		07/11/42		769
			Series - 2004 PWR5 (Class A5)
	10,445,000	i	Bear Stearns Commercial Mortgage Securities	4.750		02/13/46		10,984
			Series - 2004 T16 (Class A6)
	8,540,000	i	Bear Stearns Commercial Mortgage Securities	5.690		06/11/50		9,132
			Series - 2007 PW17 (Class A4)
	9,150,000		Bear Stearns Commercial Mortgage Securities	5.700		06/11/50		9,753
			Series - 2007 PW18 (Class A4)
	6,225,000		Chase Mortgage Finance Corp	5.500		10/25/35		6,214
			Series - 2005 S2 (Class A24)
	7,530,000	i	Commercial Mortgage Pass Through Certificates	5.650		12/10/49		7,548
			Series - 2007 C9 (Class AM)
	5,984,000	i	Commercial Mortgage Pass Through Certificates	5.810		12/10/49		6,493
			Series - 2007 C9 (Class A4)
	6,669,624		Countrywide Alternative Loan Trust	5.500		08/25/16		6,588
			Series - 2004 30CB (Class 1A15)
	2,637,638		Countrywide Home Loan Mortgage Pass Through Trust	5.500		09/25/35		2,637
			Series - 2005 J3 (Class 1A1)
	5,195,374	g,i	Credit Suisse Mortgage Capital Certificates	0.440		04/15/22		5,078
			Series - 2007 TF2A (Class A1)
	14,450,000	g	Credit Suisse Mortgage Capital Certificates	5.380		02/15/40		14,162
			Series - 2009 RR1 (Class A3C)
			Credit Suisse/Morgan Stanley Commercial Mortgage
	3,879,939	g,i	Certificate	0.450		05/15/23		3,834
			Series - 2006 HC1A (Class A1)
	3,700,000		CS First Boston Mortgage Securities Corp	4.050		05/15/38		3,777
			Series - 2003 C3 (Class B)
	9,863,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		10,570
			Series - 2005 C5 (Class A4)

341

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	2,710,000	i	CS First Boston Mortgage Securities Corp	5.100	%	08/15/38	$	2,710
			Series - 2005 C5 (Class AJ)
	24,841,221		Federal Home Loan Mortgage Corp (FHLMC)	4.000		06/15/34		3,581
			Series - 2010 3748 (Class NI)
	31,000,000		Federal National Mortgage Association (FNMA)	4.000		02/25/40		29,824
			Series - 2010 155 (Class PC)
	924,509		First Horizon Asset Securities, Inc	5.500		11/25/33		929
			Series - 2003 9 (Class 1A4)
	6,929,681	i	GMAC Mortgage Corp Loan Trust	4.580		10/19/33		7,141
			Series - 2003 AR1 (Class A5)
	5,537,800	i	Greenwich Capital Commercial Funding Corp	5.890		07/10/38		6,058
			Series - 2006 GG7 (Class A4)
	19,504,000	i	Greenwich Capital Commercial Funding Corp	5.890		07/10/38		20,243
			Series - 2006 GG7 (Class AM)
	15,180,000		Greenwich Capital Commercial Funding Corp	5.440		03/10/39		16,067
			Series - 2007 GG9 (Class A4)
	25,772,248		Greenwich Capital Commercial Funding Corp	5.740		12/10/49		27,259
			Series - 2007 GG11 (Class A4)
	6,410,000	i	GS Mortgage Securities Corp II	5.550		04/10/38		6,874
			Series - 2006 GG6 (Class A4)
	9,300,000	i	GS Mortgage Securities Corp II	5.620		04/10/38		9,571
			Series - 2006 GG6 (Class AM)
	16,615,000		GS Mortgage Securities Corp II	5.560		11/10/39		17,870
			Series - 2006 GG8 (Class A4)
	8,762,000	g	GS Mortgage Securities Corp II	5.150		08/10/43		8,811
			Series - 2010 C1 (Class B)
	3,175,000	g,i	GS Mortgage Securities Corp II	5.230		12/10/43		3,084
			Series - 2010 C2 (Class C)
	2,867,158	i	GSR Mortgage Loan Trust	2.780		01/25/36		2,753
			Series - 2006 AR1 (Class 2A2)
	1,713,840	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.440		02/15/20		1,659
			Series - 2006 FL1A (Class A2)
	1,390,000	g	JP Morgan Chase Commercial Mortgage Securities Corp	5.630		12/05/27		1,499
			Series - 2009 IWST (Class A2)
	1,290,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.070		11/15/43		1,287
			Series - 2010 C2 (Class B)
	2,500,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.530		11/15/43		2,523
			Series - 2010 C2 (Class C)
	11,025,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.440		05/15/45		11,382
			Series - 2006 LDP8 (Class AM)
	9,690,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.480		05/15/45		9,324
			Series - 2006 LDP8 (Class AJ)
	14,695,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.340		05/15/47		15,385
			Series - 2006 LDP9 (Class A3)
	5,102,186		JP Morgan Chase Commercial Mortgage Securities Corp	5.440		06/12/47		5,380
			Series - 2007 CB18 (Class A4)
	10,400,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.820		06/15/49		11,139
			Series - 2007 LD11 (Class A4)
	4,116,593	i	JP Morgan Mortgage Trust	4.300		04/25/35		4,142
			Series - 2005 A2 (Class 5A1)
	3,774,000		LB-UBS Commercial Mortgage Trust	4.740		02/15/30		3,965
			Series - 2005 C1 (Class A4)
	7,500,000	i	LB-UBS Commercial Mortgage Trust	5.150		04/15/30		8,020
			Series - 2005 C2 (Class A5)

342

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	17,500,000		LB-UBS Commercial Mortgage Trust	5.420	%	02/15/40	$	18,584
			Series - 2007 C1 (Class A4)
	12,325,000		LB-UBS Commercial Mortgage Trust	5.430		02/15/40		12,987
			Series - 2007 C2 (Class A3)
	12,800,000		LB-UBS Commercial Mortgage Trust	5.460		02/15/40		12,804
			Series - 2007 C1 (Class AM)
	2,594,000	i	LB-UBS Commercial Mortgage Trust	5.860		07/15/40		2,761
			Series - 2007 C6 (Class A4)
	4,066,686		MASTR Asset Securitization Trust	5.000		05/25/35		4,103
			Series - 2005 1 (Class 2A5)
	3,729,128	i	Merrill Lynch Mortgage Trust	5.110		07/12/38		3,871
			Series - 2005 CIP1 (Class AM)
	2,500,000	i	Merrill Lynch Mortgage Trust	5.670		05/12/39		2,714
			Series - 2006 C1 (Class A4)
	4,700,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.430		02/12/39		5,059
			Series - 2006 1 (Class A4)
	12,565,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.170		12/12/49		13,186
			Series - 2006 4 (Class A3)
	13,200,000	i	Morgan Stanley Capital I	5.450		02/12/44		13,855
			Series - 2007 HQ11 (Class A4)
	6,710,000		Morgan Stanley Capital I	5.360		03/15/44		7,021
			Series - 2007 IQ13 (Class A4)
	3,000,000	g,i	Morgan Stanley Capital I	5.240		09/15/47		2,974
			Series - 2011 C1 (Class C)
	6,760,000	g,i	Morgan Stanley Capital I	5.240		09/15/47		6,599
			Series - 2011 C1 (Class D)
	3,000,000	g,i	Morgan Stanley Capital I	5.260		09/15/47		3,053
			Series - 2011 C1 (Class B)
	3,075,000	i	Morgan Stanley Capital I	5.540		11/12/49		3,195
			Series - 2007 T25 (Class AM)
	3,075,000		Morgan Stanley Capital I	4.770		07/15/56		3,101
			Series - 0 IQ9 (Class AJ)
	6,714,000	g,i	RBSCF Trust	4.670		04/15/24		6,825
			Series - 2010 MB1 (Class D)
	9,472,834		Residential Accredit Loans, Inc	6.000		06/25/36		6,273
			Series - 2006 QS7 (Class A3)
	5,640,340	i	Residential Funding Mortgage Securities I, Inc	3.070		08/25/35		5,209
			Series - 2005 SA3 (Class 2A1)
	2,064,561	i	Structured Adjustable Rate Mortgage Loan Trust	0.630		03/25/35		2,017
			Series - 2005 6XS (Class A3)
	862,094	i	Structured Adjustable Rate Mortgage Loan Trust	6.520		07/25/36		860
			Series - 2006 6 (Class 2A1)
	22,102,000	i	Wachovia Bank Commercial Mortgage Trust	5.960		06/15/45		23,098
			Series - 2006 C26 (Class AM)
	3,225,000	i	Wachovia Bank Commercial Mortgage Trust	5.820		05/15/46		3,253
			Series - 2007 C34 (Class AM)
	7,595,000		Wachovia Bank Commercial Mortgage Trust	5.500		04/15/47		7,540
			Series - 2007 C31 (Class A5)
	3,660,000		Wachovia Bank Commercial Mortgage Trust	5.340		11/15/48		3,677
			Series - 2006 C29 (Class AM)
	18,355,000	i	Wachovia Bank Commercial Mortgage Trust	5.370		11/15/48		16,857
			Series - 2006 C29 (Class AJ)

343

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	6,125,000	i	Wachovia Bank Commercial Mortgage Trust	5.900	%	02/15/51	$	6,559
			Series - 2007 C33 (Class A4)
	8,565,000	i	Wachovia Bank Commercial Mortgage Trust	5.900		02/15/51		9,090
			Series - 2007 C33 (Class A5)
	5,350,000		Wachovia Bank Commercial Mortgage Trust	5.380		12/15/43		5,015
			Series - 2007 C30 (Class AM)
	4,623,055	i	Wells Fargo Mortgage Backed Securities Trust	5.410		03/25/36		4,655
			Series - 2006 AR1 (Class 2A2)
	4,725,000	g,i	Wells Fargo Mortgage Backed Securities Trust	5.280		10/15/57		4,852
			Series - 2010 C1 (Class B)
			TOTAL OTHER MORTGAGE BACKED					622,914
			TOTAL STRUCTURED ASSETS					811,586
			(Cost $789,943)
			TOTAL BONDS					11,748,334
			(Cost $11,444,154)

SHARES			COMPANY
PREFERRED STOCKS - 0.0%
BANKS - 0.0%
	470,597	*	Federal Home Loan Mortgage Corp	8.380	12/30/49	800
	1,527,061	*	Federal National Mortgage Association	8.250	12/30/49	2,596
			TOTAL BANKS			3,396
			TOTAL PREFERRED STOCKS			3,396
			(Cost $49,941)
TIAA-CREF MUTUAL FUND- 0.1%
	584,178	a	TIAA-CREF High-Yield Fund (Institutional Class)			5,836
			TOTAL TIAA-CREF MUTUAL FUND			5,836
			(Cost $5,419)

PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 16.2%
GOVERNMENT AGENCY DEBT - 14.2%
		Federal Home Loan Bank (FHLB)
$	25,000,000	FHLB	0.080	04/01/11	25,000
	50,000,000	FHLB	0.070	04/05/11	50,000
	25,000,000	FHLB	0.070	04/08/11	25,000
	35,689,000	FHLB	0.030	04/12/11	35,689
	457,567,000	FHLB	0.020-0.080	04/13/11	457,555
	301,935,000	FHLB	0.075-0.125	04/15/11	301,925
	137,440,000	FHLB	0.070	04/18/11	137,435
	32,978,000	FHLB	0.050	04/19/11	32,977
	86,462,000	FHLB	0.030-0.105	04/20/11	86,459
	12,000,000	FHLB	0.125	04/25/11	11,999
	25,000,000	FHLB	0.130	04/27/11	24,998
	16,150,000	FHLB	0.125	04/29/11	16,148
	50,000,000	FHLB	0.080	05/03/11	49,996
	35,000,000	FHLB	0.060	05/04/11	34,998
	60,684,000	FHLB	0.095-0.100	05/13/11	60,677

344

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
$	25,000,000	FHLB	0.050	%	05/16/11	$	24,998
		Federal Home Loan Mortgage Corp (FHLMC)
	25,000,000	FHLMC	0.100		04/06/11		25,000
	18,576,000	FHLMC	0.077		04/11/11		18,576
	12,665,000	FHLMC	0.120		04/25/11		12,664
		Federal National Mortgage Association (FNMA)
	25,000,000	FNMA	0.100		04/04/11		25,000
	20,000,000	FNMA	0.104		04/14/11		19,999
	25,000,000	FNMA	0.125		04/18/11		24,999
	75,000,000	FNMA	0.700-0.0900		05/05/11		74,995
	50,000,000	FNMA	0.090		05/09/11		49,995
	35,735,000	FNMA	0.070		05/10/11		35,732
	52,143,000	FNMA	0.080		05/12/11		52,138
		TOTAL GOVERNMENT AGENCY DEBT					1,714,952
TREASURY DEBT - 2.0%
	50,000,000	United States Treasury Bill	0.047		04/07/11		50,000
	92,043,000	United States Treasury Bill	0.030-0.085		04/14/11		92,042
	26,259,000	United States Treasury Bill	0.120		04/21/11		26,257
	22,272,000	United States Treasury Bill	0.101		04/28/11		22,270
	38,000,000	United States Treasury Bill	0.085		07/14/11		37,988
	12,000,000	United States Treasury Bill	0.301		12/15/11		11,983
		TOTAL TREASURY DEBT					240,540
		TOTAL SHORT-TERM INVESTMENTS					1,955,492
		(Cost $1,955,486)
		TOTAL INVESTMENTS - 114.0%					13,730,171
		(Cost $13,472,053)
		OTHER ASSETS & LIABILITIES, NET - (14.0)%					(1,688,561)
		NET ASSETS - 100.0%				$	12,041,610

*	Non-income producing.
^	Amount represents less than $1,000.
a	Affiliated holding.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers.
	At March 31, 2011 the value of these securities amounted to $953,265,000 or 7.9% of net assets.
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.
j	Zero coupon
k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
m	Indicates a security that has been deemed illiquid.
n	In default
o	Payment in Kind Bond
	Cost amounts are in thousands.

345

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

COLLEGE RETIREMENT EQUITIES FUND
INFLATION-LINKED BOND ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2011

PRINCIPAL			ISSUER	VALUE (000)
GOVERNMENT BONDS - 99.5%
U.S. TREASURY SECURITIES - 99.5%
k	United States Treasury Inflation Indexed Bonds
$	205,002,518	2.000%, 04/15/12		$	214,340
	334,170,911	3.000, 07/15/12			357,928
	193,607,379	0.630, 04/15/13			202,622
	346,599,311	1.880, 07/15/13			374,896
	340,037,076	2.000, 01/15/14			370,534
	230,247,159	1.250, 04/15/14			246,050
	307,422,613	2.000, 07/15/14			337,348
	291,660,464	1.630, 01/15/15			316,155
	180,855,120	0.500, 04/15/15			187,722
	287,080,272	1.880, 07/15/15			315,833
	263,424,656	2.000, 01/15/16			290,837
	266,662,568	2.500, 07/15/16			302,662
	224,714,287	2.380, 01/15/17			253,242
	218,854,400	2.630, 07/15/17			251,358
	224,975,112	1.630, 01/15/18			243,254
	211,980,360	1.380, 07/15/18			225,709
	209,729,065	2.130, 01/15/19			234,028
	227,904,040	1.880, 07/15/19			250,000
	250,790,049	1.380, 01/15/20			262,957
	246,990,680	1.250, 07/15/20			255,076
	126,868,083	1.130, 01/15/21			128,721
	379,361,899	2.380, 01/15/25			425,864
	262,731,287	2.000, 01/15/26			280,425
	214,768,862	2.380, 01/15/27			239,149
	198,751,664	1.750, 01/15/28			202,571
	276,394,175	3.630, 04/15/28			356,462
	191,166,248	2.500, 01/15/29			216,541
	293,183,455	3.880, 04/15/29			392,317
	85,917,030	3.380, 04/15/32			110,632
	183,016,641	2.130, 02/15/40			193,526
	118,645,460	2.130, 02/15/41			125,366
			TOTAL U.S. TREASURY SECURITIES		8,164,125
			TOTAL GOVERNMENT BONDS		8,164,125
			(Cost $7,540,753)
			TOTAL INVESTMENTS - 99.5%	$	8,164,125
			(Cost $7,540,753)
			OTHER ASSETS & LIABILITIES, NET - 0.5%		43,121
			NET ASSETS - 100.0%	$	8,207,246

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

346

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

COLLEGE RETIREMENT EQUITIES FUND
SOCIAL CHOICE ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2011

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
BONDS - 37.8%
CORPORATE BONDS - 8.8%
AUTOMOBILES & COMPONENTS - 0.1%
$	2,350,000		BorgWarner, Inc	4.630	%	09/15/20	$	2,349
	3,250,000		Johnson Controls, Inc	5.000		03/30/20		3,413
			TOTAL AUTOMOBILES & COMPONENTS					5,762
BANKS - 1.8%
	9,350,000	g	Bank of Montreal	2.630		01/25/16		9,305
	9,590,000	g	Bank of Nova Scotia	1.650		10/29/15		9,200
	5,000,000		BB&T Corp	3.380		09/25/13		5,204
	5,000,000		BB&T Corp	3.850		07/27/27		5,177
	1,250,000	g	Canadian Imperial Bank of Commerce	2.000		02/04/13		1,272
	7,000,000	g	Canadian Imperial Bank of Commerce	2.750		01/27/16		7,009
	3,500,000		Capital One Capital V	8.880		05/15/40		3,688
	6,900,000		Comerica, Inc	3.000		09/16/15		6,865
	8,800,000	g	Depfa ACS Bank	5.130		03/16/37		5,843
	2,375,000		Discover Bank	7.000		04/15/20		2,613
	8,750,000		First Horizon National Corp	5.380		12/15/15		9,142
	5,000,000		First Niagara Financial Group, Inc	6.750		03/19/20		5,454
	3,000,000		First Union National Bank of Florida	6.180		02/15/36		3,267
	4,500,000	e	KeyBank NA	3.200		06/15/12		4,647
	1,500,000		M&I Marshall & Ilsley Bank	5.300		09/08/11		1,508
	400,000		Manufacturers & Traders Trust Co	6.630		12/04/17		452
	3,612,000	i	Manufacturers & Traders Trust Co	5.590		12/28/20		3,501
	6,076,000	i	Manufacturers & Traders Trust Co	5.630		12/01/21		5,878
	5,000,000		Mercantile Bankshares Corp	4.630		04/15/13		5,286
	1,250,000		Mercantile-Safe Deposit & Trust Co	5.700		11/15/11		1,287
	3,145,000	g	National Bank of Canada	1.650		01/30/14		3,149
	4,500,000		New York Community Bank	3.000		12/16/11		4,587
	6,100,000		Northern Trust Corp	4.630		05/01/14		6,587
	5,000,000		PNC Funding Corp	3.630		02/08/15		5,169
	5,000,000		PNC Funding Corp	5.130		02/08/20		5,263
	5,000,000		Silicon Valley Bank	5.700		06/01/12		5,129
	1,800,000	e	SVB Financial Group	5.380		09/15/20		1,771
	4,900,000		US Bancorp	2.000		06/14/13		4,974
	3,000,000		US Bancorp	4.950		10/30/14		3,265
	5,000,000		US Bancorp	2.880		11/20/14		5,130
	10,000,000		US Central Federal Credit Union	1.900		10/19/12		10,190
	2,500,000		USB Capital XIII Trust	6.630		12/15/39		2,617
	1,370,000		Wachovia Bank Na	4.880		02/01/15		1,459
	5,000,000		Webster Bank	5.880		01/15/13		5,011
	5,000,000		Wells Fargo & Co	2.130		06/15/12		5,096

347

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	$	5,239
	5,000,000		Wells Fargo & Co	4.750		02/09/15		5,321
	1,105,000		Wells Fargo & Co	3.680		06/15/16		1,112
	3,100,000		Wells Fargo & Co	5.630		12/11/17		3,386
	5,000,000		Wells Fargo & Co	4.600		04/01/21		4,945
	5,000,000		Western Corporate Federal Credit Union	1.750		11/02/12		5,081
	4,000,000		Zions Bancorporation	7.750		09/23/14		4,344
			TOTAL BANKS					195,423
CAPITAL GOODS - 0.2%
	5,000,000		Caterpillar Financial Services Corp	2.650		04/01/16		4,962
	1,800,000	e	Deere & Co	5.380		10/16/29		1,901
	4,340,000		Deere & Co	8.100		05/15/30		5,827
	2,625,000		Pall Corp	5.000		06/15/20		2,671
	5,000,000		Timken Co	6.000		09/15/14		5,515
			TOTAL CAPITAL GOODS					20,876
COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
	5,000,000		Howard Hughes Medical Institute	3.450		09/01/14		5,286
	2,730,000		Waste Management, Inc	4.600		03/01/21		2,728
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					8,014
CONSUMER DURABLES & APPAREL - 0.1%
	7,500,000	g	Harley-Davidson Financial Services, Inc	3.880		03/15/16		7,464
	3,150,000		Masco Corp	7.130		03/15/20		3,260
	2,500,000		Whirlpool Corp	8.000		05/01/12		2,664
	1,100,000		Whirlpool Corp	8.600		05/01/14		1,276
			TOTAL CONSUMER DURABLES & APPAREL					14,664
CONSUMER SERVICES - 0.3%
	2,000,000		American National Red Cross	5.390		11/15/12		2,015
	4,000,000		American National Red Cross	5.570		11/15/17		3,831
	5,000,000		Andrew W Mellon Foundation	3.950		08/01/14		5,302
	1,250,000		McDonald’s Corp	5.000		02/01/19		1,363
	4,000,000	e	McDonald’s Corp	3.500		07/15/20		3,907
	7,550,000		Nature Conservancy	6.300		07/01/19		8,241
	5,145,000		Salvation Army	5.640		09/01/26		5,058
			TOTAL CONSUMER SERVICES					29,717
DIVERSIFIED FINANCIALS - 0.7%
	1,675,000		American Express Co	7.000		03/19/18		1,958
	3,325,000		American Express Co	8.130		05/20/19		4,149
	2,200,000		Ameriprise Financial, Inc	5.300		03/15/20		2,332
	3,400,000		Bank of New York Mellon Corp	4.300		05/15/14		3,646
	5,000,000		Bank of New York Mellon Corp	3.100		01/15/15		5,135
	5,000,000	e	Bank of New York Mellon Corp	2.950		06/18/15		5,092
	2,675,000		Bank of New York Mellon Corp	5.450		05/15/19		2,934
	4,000,000	g	Caisse Centrale Desjardins du Quebec	2.550		03/24/16		3,947
	5,000,000		Capital One Bank USA NA	8.800		07/15/19		6,287
	4,000,000		Capital One Financial Corp	5.700		09/15/11		4,089
	3,000,000	g	Corestates Capital Trust I	8.000		12/15/26		3,070

348

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	5,900,000		Ford Motor Credit Co LLC	7.000	%	04/15/15	$	6,386
	1,940,000		Franklin Resources, Inc	3.130		05/20/15		1,986
	1,900,000		Jefferies Group, Inc	6.250		01/15/36		1,756
	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		2,664
	8,050,000	e	State Street Corp	2.150		04/30/12		8,192
	3,000,000		State Street Corp	4.300		05/30/14		3,214
			TOTAL DIVERSIFIED FINANCIALS					73,767
ENERGY - 0.7%
	5,000,000		Apache Corp	5.250		04/15/13		5,393
	5,500,000		Apache Corp	5.100		09/01/40		5,113
	1,750,000		Chesapeake Energy Corp	6.500		08/15/17		1,892
	1,500,000		Chesapeake Energy Corp	6.630		08/15/20		1,598
	2,630,000		Chesapeake Energy Corp	6.130		02/15/21		2,715
	2,500,000		Devon Energy Corp	6.300		01/15/19		2,930
	5,000,000		Diamond Offshore Drilling, Inc	4.880		07/01/15		5,377
	5,000,000		EOG Resources, Inc	2.950		06/01/15		5,043
	3,000,000		EOG Resources, Inc	4.100		02/01/21		2,904
	5,000,000		EQT Corp	8.130		06/01/19		5,960
	2,500,000		Hess Corp	8.130		02/15/19		3,138
	4,000,000		Hess Corp	6.000		01/15/40		4,044
	2,000,000		Hess Corp	5.600		02/15/41		1,911
	1,526,000		Marathon Oil Corp	5.900		03/15/18		1,715
	1,870,000	g	Marathon Petroleum Corp	3.500		03/01/16		1,875
	2,500,000		Noble Energy, Inc	8.250		03/01/19		3,145
	2,159,029		Rowan Cos, Inc	3.530		05/01/20		2,162
	5,564,042		Rowan Cos, Inc	3.160		07/15/21		5,531
	5,000,000		SEACOR Holdings, Inc	7.380		10/01/19		5,319
	2,650,000		Weatherford Bermuda Holdings Ltd	5.130		09/15/20		2,631
			TOTAL ENERGY					70,396
FOOD & STAPLES RETAILING - 0.1%
	3,000,000		CVS Caremark Corp	5.750		06/01/17		3,304
	1,009,555	g	CVS Caremark Corp	5.300		01/11/27		1,020
	4,100,000		Safeway, Inc	3.950		08/15/20		3,878
	2,500,000		Sysco Corp	6.630		03/17/39		3,030
			TOTAL FOOD & STAPLES RETAILING					11,232
FOOD, BEVERAGE & TOBACCO - 0.3%
	5,900,000		Coca-Cola Enterprises, Inc	1.130		11/12/13		5,817
	1,100,000		General Mills, Inc	5.650		02/15/19		1,219
	1,600,000	g	HJ Heinz Finance Co	7.130		08/01/39		1,901
	2,500,000		Kellogg Co	4.150		11/15/19		2,511
	4,900,000		Kellogg Co	4.000		12/15/20		4,796
	5,000,000		Kraft Foods, Inc	2.630		05/08/13		5,117
	5,000,000		Kraft Foods, Inc	6.500		02/09/40		5,340
	2,500,000		PepsiCo, Inc	0.880		10/25/13		2,472
	428,000		PepsiCo, Inc	7.900		11/01/18		543
			TOTAL FOOD, BEVERAGE & TOBACCO					29,716

349

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
HEALTH CARE EQUIPMENT & SERVICES - 0.3%
$	4,000,000		Becton Dickinson & Co	5.000	%	05/15/19	$	4,309
	2,000,000		Becton Dickinson & Co	6.000		05/15/39		2,175
	5,612,000		McKesson Corp	3.250		03/01/16		5,652
	3,500,000		Medtronic, Inc	4.750		09/15/15		3,831
	2,650,000		Medtronic, Inc	4.450		03/15/20		2,715
	2,500,000		Medtronic, Inc	6.500		03/15/39		2,874
	5,000,000		Providence Health & Services	5.050		10/01/14		5,382
	1,500,000		Quest Diagnostics, Inc	6.400		07/01/17		1,690
	3,750,000		Quest Diagnostics, Inc	4.750		01/30/20		3,763
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					32,391
INSURANCE - 0.4%
	2,500,000		Aflac, Inc	6.900		12/17/39		2,623
	2,400,000		AON Corp	3.500		09/30/15		2,408
	3,500,000		Cincinnati Financial Corp	6.130		11/01/34		3,398
	3,400,000	e	Genworth Financial, Inc	7.200		02/15/21		3,377
	5,000,000	g	Health Care Service Corp	7.750		06/15/11		5,029
	4,150,000		Lincoln National Corp	4.300		06/15/15		4,306
	2,000,000		Markel Corp	6.800		02/15/13		2,148
	2,500,000		Markel Corp	7.130		09/30/19		2,790
	5,300,000		Markel Corp	7.350		08/15/34		5,659
	3,000,000		Progressive Corp	6.380		01/15/12		3,135
	5,000,000		Protective Life Corp	7.380		10/15/19		5,563
	2,000,000		Travelers Cos, Inc	5.900		06/02/19		2,212
			TOTAL INSURANCE					42,648
MATERIALS - 0.5%
	2,500,000		3M Co	6.380		02/15/28		2,850
	3,335,000		Air Products & Chemicals, Inc	4.380		08/21/19		3,402
	2,800,000		Airgas, Inc	4.500		09/15/14		2,925
	3,900,000	e	Alcoa, Inc	6.150		08/15/20		4,121
	1,000,000		Ball Corp	6.750		09/15/20		1,045
	1,144,000		Bemis Co, Inc	4.880		04/01/12		1,179
	1,000,000		Bemis Co, Inc	5.650		08/01/14		1,087
	4,000,000		Bemis Co, Inc	6.800		08/01/19		4,546
	5,000,000	h	Cliffs Natural Resources, Inc	6.250		10/01/40		4,967
	2,300,000		Eastman Chemical Co	5.500		11/15/19		2,409
	2,650,000		International Paper Co	7.300		11/15/39		2,965
	5,000,000		MeadWestvaco Corp	7.380		09/01/19		5,382
	5,000,000		Praxair, Inc	4.380		03/31/14		5,359
	2,500,000		Praxair, Inc	5.250		11/15/14		2,792
	5,000,000		Praxair, Inc	4.500		08/15/19		5,208
	2,000,000		Reliance Steel & Aluminum Co	6.850		11/15/36		1,957
	2,400,000		United States Steel Corp	7.380		04/01/20		2,514
	2,500,000		Vulcan Materials Co	6.300		06/15/13		2,644
			TOTAL MATERIALS					57,352
MEDIA - 0.3%
	3,500,000	e	Time Warner Cable, Inc	3.500		02/01/15		3,587
	3,200,000		Time Warner Cable, Inc	8.750		02/14/19		3,990
	3,900,000		Time Warner Cable, Inc	8.250		04/01/19		4,751
	5,000,000		Time Warner Cable, Inc	5.000		02/01/20		5,055

350

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	5,000,000		Time Warner Cable, Inc	4.130	%	02/15/21	$	4,672
	3,500,000		Time Warner Cable, Inc	6.550		05/01/37		3,562
	5,234,000		Time Warner Entertainment Co LP	10.150		05/01/12		5,728
			TOTAL MEDIA					31,345
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.3%
	3,100,000		Abbott Laboratories	2.700		05/27/15		3,150
	2,500,000		Agilent Technologies, Inc	2.500		07/15/13		2,522
	4,900,000		Gilead Sciences, Inc	4.500		04/01/21		4,842
	2,000,000		Hospira, Inc	5.600		09/15/40		1,911
	4,600,000		Johnson & Johnson	4.500		09/01/40		4,214
	8,080,000		Life Technologies Corp	3.500		01/15/16		8,055
	5,000,000		Merck & Co, Inc	2.250		01/15/16		4,903
	5,000,000		Merck & Co, Inc	3.880		01/15/21		4,894
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					34,491
REAL ESTATE - 0.4%
	3,080,000		Boston Properties LP	4.130		05/15/21		2,929
	5,000,000		Brandywine Operating Partnership LP	7.500		05/15/15		5,649
	4,000,000		Brandywine Operating Partnership LP	4.950		04/15/18		3,954
	1,400,000		Federal Realty Investment Trust	5.900		04/01/20		1,517
	3,490,000		HCP, Inc	3.750		02/01/16		3,508
	5,500,000		Health Care REIT, Inc	3.630		03/15/16		5,448
	3,400,000		Healthcare Realty Trust, Inc	5.750		01/15/21		3,487
	2,500,000	e	Kilroy Realty Corp	5.000		11/03/15		2,495
	1,000,000		Liberty Property LP	4.750		10/01/20		988
	1,000,000		ProLogis	7.630		08/15/14		1,144
	3,000,000		Washington Real Estate Investment Trust	5.130		03/15/13		3,077
	4,850,000		Washington Real Estate Investment Trust	4.950		10/01/20		4,918
			TOTAL REAL ESTATE					39,114
RETAILING - 0.2%
	5,000,000		AutoZone, Inc	5.750		01/15/15		5,515
	5,000,000		Home Depot, Inc	5.880		12/16/36		4,970
	3,050,000		Macy’s Retail Holdings, Inc	5.900		12/01/16		3,279
	5,095,000		O’Reilly Automotive, Inc	4.880		01/14/21		5,040
	2,150,000		Staples, Inc	7.750		04/01/11		2,150
	500,000		Staples, Inc	9.750		01/15/14		600
			TOTAL RETAILING					21,554
SOFTWARE & SERVICES - 0.1%
	5,000,000		Adobe Systems, Inc	3.250		02/01/15		5,109
	5,000,000		International Business Machines Corp	1.000		08/05/13		4,970
	3,550,000		Symantec Corp	2.750		09/15/15		3,453
			TOTAL SOFTWARE & SERVICES					13,532
TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
	666,000		Cisco Systems, Inc	2.900		11/17/14		691
	3,000,000		Hewlett-Packard Co	2.950		08/15/12		3,083
	2,030,000		Hewlett-Packard Co	3.750		12/01/20		1,950
	5,000,000		Xerox Corp	8.250		05/15/14		5,845

351

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	2,500,000		Xerox Corp	4.250	%	02/15/15	$	2,632
	2,500,000		Xerox Corp	5.630		12/15/19		2,687
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					16,888
TELECOMMUNICATION SERVICES - 0.0%
	1,265,000		Sprint Capital Corp	8.380		03/15/12		1,335
	3,235,000		Sprint Nextel Corp	6.000		12/01/16		3,247
			TOTAL TELECOMMUNICATION SERVICES					4,582
TRANSPORTATION - 0.6%
	1,440,000		CSX Corp	6.150		05/01/37		1,525
	1,900,000		CSX Transportation, Inc	7.820		04/01/11		1,900
	10,312,000		Delta Air Lines, Inc	7.110		09/18/11		10,621
	2,500,000		Delta Air Lines, Inc	7.710		09/18/11		2,544
	5,000,000	e	Delta Air Lines, Inc	6.420		07/02/12		5,138
	6,550,000		Delta Air Lines, Inc	5.300		04/15/19		6,599
	2,500,000		FedEx Corp	7.380		01/15/14		2,839
	2,500,000		Norfolk Southern Corp	5.750		01/15/16		2,801
	5,000,000		Norfolk Southern Corp	5.900		06/15/19		5,674
	2,500,000		Norfolk Southern Corp	5.590		05/17/25		2,679
	4,815,000		Norfolk Southern Corp	5.640		05/17/29		5,032
	10,000,000	g	Southwest Airlines Co	10.500		12/15/11		10,585
			United Parcel Service of America, Inc (Step Bond 8.375%
	1,360,000		until 04/01/20, 7.620% until 04/01/30)	8.380		04/01/30		1,788
	5,000,000		United Parcel Service, Inc	3.130		01/15/21		4,633
			TOTAL TRANSPORTATION					64,358
UTILITIES - 1.2%
	2,000,000		Atmos Energy Corp	8.500		03/15/19		2,498
	5,000,000		CenterPoint Energy Houston Electric LLC	7.000		03/01/14		5,670
	2,000,000	g	CenterPoint Energy Resources Corp	5.850		01/15/41		1,981
	2,000,000		Connecticut Light & Power	5.750		03/01/37		2,036
	1,200,000		Connecticut Light & Power Co	5.500		02/01/19		1,319
	3,245,677	g	Great River Energy	5.830		07/01/17		3,542
	5,000,000		Hawaiian Electric Industries, Inc	6.140		08/15/11		5,076
	5,000,000		Idaho Power Co	5.500		04/01/33		4,937
	2,500,000		Idaho Power Co	6.250		10/15/37		2,717
	7,500,000	g	International Transmission Co	4.450		07/15/13		7,821
	4,900,000	e,g	Kentucky Utilities Co	3.250		11/01/20		4,538
	3,950,000		Kinder Morgan Energy Partners LP	3.500		03/01/16		3,980
	2,000,000		Laclede Gas Co	6.150		06/01/36		2,101
	6,000,000		Nevada Power Co	6.650		04/01/36		6,782
	1,000,000		Nevada Power Co	5.380		09/15/40		960
	2,000,000		Nicor, Inc	6.580		02/15/28		2,125
	5,000,000		Northeast Utilities	5.650		06/01/13		5,382
	1,500,000		Northwest Natural Gas Co	5.620		11/21/23		1,575
	1,600,000		NSTAR Electric Co	5.500		03/15/40		1,619
	5,000,000		Pacific Gas & Electric Co	8.250		10/15/18		6,387
	4,750,000		Pacific Gas & Electric Co	5.800		03/01/37		4,802
	3,750,000		Pacific Gas & Electric Co	5.400		01/15/40		3,587
	3,000,000		Pepco Holdings, Inc	2.700		10/01/15		2,952
	3,850,000		Portland General Electric Co	6.100		04/15/19		4,399

352

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	2,500,000		PPL Electric Utilities Corp	6.250	%	05/15/39	$	2,752
	620,000		San Diego Gas & Electric Co	6.000		06/01/39		684
	1,380,000		San Diego Gas & Electric Co	5.350		05/15/40		1,393
	5,000,000		Spectra Energy Capital LLC	5.650		03/01/20		5,280
	2,500,000		Tennessee Gas Pipeline Co	8.000		02/01/16		3,016
	5,000,000	g	Texas Eastern Transmission LP	4.130		12/01/20		4,835
	3,000,000		Transcontinental Gas Pipe Line Co LLC	6.050		06/15/18		3,380
	5,000,000		Washington Gas Light Co	5.440		08/11/25		5,363
	2,250,000		Williams Partners LP	3.800		02/15/15		2,329
	3,900,000		Williams Partners LP	6.300		04/15/40		4,050
	1,000,000		Wisconsin Power & Light Co	5.000		07/15/19		1,073
			TOTAL UTILITIES					122,941
			TOTAL CORPORATE BONDS					940,763
			(Cost $901,789)
GOVERNMENT BONDS 26.2%
AGENCY SECURITIES - 3.0%
			Federal Home Loan Bank (FHLB)
	5,500,000		FHLB	5.000		11/17/17		6,169
			Federal Home Loan Mortgage Corp (FHLMC)
	4,635,000		FHLMC	2.500		04/23/14		4,781
	3,000,000		FHLMC	3.500		05/29/13		3,165
	25,000,000		FHLMC	0.750		03/28/13		24,957
			Federal National Mortgage Association (FNMA)
	13,500,000		FNMA	3.000		09/16/14		14,128
	10,000,000		FNMA	2.630		11/20/14		10,314
	3,000,000		FNMA	2.500		05/15/14		3,097
	2,000,000		FNMA	1.130		07/30/12		2,015
	6,000,000		FNMA	1.250		08/20/13		6,021
	23,098,838		AMAL Ltd	3.470		08/21/21		23,198
	7,685,288		Cal Dive I- Title XI, Inc	4.930		02/01/27		7,893
	9,176,371		COP I LLC	3.610		12/05/21		9,471
	6,833,121		COP I LLC	3.650		12/05/21		6,858
	8,500,000		Council of Europe Development Bank	2.750		02/10/15		8,731
	11,000,000	g,j	FDIC Structured Sale Guarantee	0.000		10/25/12		10,714
	4,000,000	j	Government Trust Certificate	0.000		04/01/21		2,519
	1,227,738		Overseas Private Investment Corp	1.900		12/10/11		1,270
	495,652		Overseas Private Investment Corp	5.410		12/15/11		499
	3,850,000	j	Overseas Private Investment Corp	0.000		07/12/14		3,884
	4,700,000	j	Overseas Private Investment Corp	0.000		07/12/14		5,100
	4,500,000	j	Overseas Private Investment Corp	0.000		12/14/14		4,363
	3,000,000	j	Overseas Private Investment Corp	0.000		12/14/14		3,250
	6,201,563		Overseas Private Investment Corp	3.420		01/15/15		6,445
	4,198,700		Overseas Private Investment Corp	3.740		04/15/15		4,340
	4,207,396		Overseas Private Investment Corp	5.140		12/15/23		4,560
	9,057,885		Overseas Private Investment Corp	4.440		02/27/27		9,101
	5,000,000		Overseas Private Investment Corp	3.430		05/15/30		4,512
	9,602,691		Premier Aircraft Leasing	3.580		02/06/22		9,575

353

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	1,050,000		Private Export Funding Corp	4.550	%	05/15/15	$	1,154
	8,000,000		Private Export Funding Corp	2.250		12/15/17		7,590
	10,000,000		Private Export Funding Corp	4.380		03/15/19		10,651
	17,500,000		Private Export Funding Corp	4.300		12/15/21		17,916
	9,337,383		San Clemente Leasing LLC	3.590		08/27/21		9,269
	4,658,282		Tayarra Ltd	3.630		02/15/22		4,719
	4,577,670		Tricahue Leasing LLC	3.500		11/19/21		4,570
	9,000,000		US Department of Housing and Urban Development	5.190		08/01/14		10,023
	1,900,000		US Department of Housing and Urban Development	2.200		08/01/15		1,905
	8,000,000		US Department of Housing and Urban Development	4.560		08/01/17		8,751
	5,007,000		US Department of Housing and Urban Development	5.380		08/01/18		5,648
	15,467,000		US Department of Housing and Urban Development	4.960		08/01/20		16,776
	13,500,000	e	US Department of Housing and Urban Development	5.050		08/01/21		14,528
	6,901,918	g	US Trade Funding Corp	4.260		11/15/14		7,214
			TOTAL AGENCY SECURITIES					321,644
FOREIGN GOVERNMENT BONDS - 1.2%
	3,900,000		Canada Government International Bond	2.380		09/10/14		3,999
	2,750,000		Eksportfinans ASA	5.000		02/14/12		2,856
	2,000,000		European Investment Bank	4.880		02/15/36		2,025
	9,049,153		Gate Capital Cayman Two	3.550		06/11/21		8,971
	6,082,000		Hydro Quebec	8.400		01/15/22		8,243
	12,000,000	i	India Government AID Bond	0.400		02/01/27		11,116
	5,000,000	g	International Finance Facility for Immunisation	5.000		11/14/11		5,139
	2,850,000	e	Italy Government International Bond	5.380		06/12/17		3,030
	4,000,000		Province of British Columbia Canada	2.850		06/15/15		4,108
	5,000,000	e	Province of Manitoba Canada	5.000		02/15/12		5,189
	2,000,000		Province of Manitoba Canada	2.130		04/22/13		2,042
	5,000,000		Province of Nova Scotia Canada	2.380		07/21/15		5,015
	10,000,000		Province of Ontario Canada	2.630		01/20/12		10,173
	8,700,000		Province of Ontario Canada	4.100		06/16/14		9,341
	8,100,000	e	Province of Ontario Canada	2.950		02/05/15		8,370
	9,450,000		Province of Ontario Canada	2.700		06/16/15		9,630
	6,000,000		Province of Ontario Canada	4.000		10/07/19		6,093
	5,000,000		Province of Ontario Canada	4.400		04/14/20		5,176
	10,000,000	e	Province of Quebec Canada	3.500		07/29/20		9,649
	5,000,000		Province of Quebec Canada	7.500		09/15/29		6,701
			TOTAL FOREIGN GOVERNMENT BONDS					126,866
MORTGAGE BACKED - 11.8%
			Federal Home Loan Mortgage Corp (FHLMC)
	4,729,312	i	FHLMC	5.900		04/01/37		5,072
	5,508,419	i	FHLMC	5.360		03/01/37		5,805
	2,807,723	i	FHLMC	5.630		08/01/37		2,991
	7,869,058		FHLMC	5.500		08/01/39		8,483
	4,768,285	i	FHLMC	5.460		09/01/37		5,084
	3,812,916	i	FHLMC	5.780		07/01/36		3,989
	2,607,095	i	FHLMC	2.510		02/01/36		2,729
	1,490,615	i	FHLMC	2.870		09/01/36		1,564
	3,955,465	i	FHLMC	5.730		02/01/37		4,224
	5,123,837	i	FHLMC	4.990		09/01/36		5,409

354

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
			Federal Home Loan Mortgage Corp Gold (FGLMC)
$	7,627,229		FGLMC	5.000	%	09/01/35	$	7,999
	3,786,878		FGLMC	4.500		09/01/35		3,876
	3,679,825		FGLMC	4.500		09/01/35		3,767
	1,240,613		FGLMC	5.000		10/01/35		1,301
	14,063,512		FGLMC	5.500		04/01/36		15,076
	932,436		FGLMC	5.000		02/01/36		978
	635,599		FGLMC	4.500		12/01/35		651
	1,266,410		FGLMC	4.500		09/01/35		1,296
	445,661		FGLMC	6.000		05/01/35		490
	1,608,427		FGLMC	6.000		05/01/35		1,764
	913,039		FGLMC	6.000		05/01/35		1,001
	564,355		FGLMC	6.000		05/01/35		618
	1,278,629		FGLMC	6.000		08/01/35		1,397
	1,421,052		FGLMC	5.500		06/01/35		1,524
	3,288,676		FGLMC	7.000		05/01/35		3,784
	222,957		FGLMC	6.500		05/01/36		250
	9,259,197		FGLMC	6.000		07/01/39		10,178
	2,912,362		FGLMC	5.000		07/01/39		3,043
	9,270,632		FGLMC	4.500		06/01/39		9,437
	43,000,000	h	FGLMC	5.000		04/15/40		44,875
	18,000,000	h	FGLMC	4.500		04/15/41		18,287
	6,744,744		FGLMC	4.500		12/01/40		6,885
	6,130,568		FGLMC	4.500		11/01/40		6,270
	5,322,976		FGLMC	4.000		06/01/39		5,234
	1,671,524		FGLMC	6.500		11/01/37		1,873
	1,882,205		FGLMC	6.000		09/01/37		2,057
	1,387,881		FGLMC	6.500		10/01/36		1,559
	3,862,601		FGLMC	6.000		02/01/38		4,246
	1,606,256		FGLMC	4.500		05/01/39		1,635
	1,286,789		FGLMC	6.000		11/01/38		1,400
	5,823,143		FGLMC	5.000		04/01/38		6,104
	217,197		FGLMC	7.000		10/01/20		249
	270,944		FGLMC	4.500		07/01/20		286
	1,060,866		FGLMC	4.500		01/01/20		1,121
	7,833,593		FGLMC	4.500		06/01/21		8,267
	988,872		FGLMC	5.000		04/01/23		1,050
	1,934,893		FGLMC	4.500		03/01/23		2,032
	2,176,373		FGLMC	4.500		06/01/21		2,297
	1,574,907		FGLMC	5.000		02/01/19		1,689
	2,844,289		FGLMC	4.500		10/01/18		3,010
	379,174		FGLMC	6.000		12/01/17		414
	220,266		FGLMC	6.500		12/01/16		238
	3,333,276		FGLMC	4.500		11/01/18		3,527
	1,740,869		FGLMC	5.500		01/01/19		1,903
	4,553,017		FGLMC	4.500		01/01/19		4,816
	3,987,001		FGLMC	4.500		11/01/18		4,219
	18,165		FGLMC	7.000		05/01/23		21
	2,529,183		FGLMC	5.000		05/01/34		2,656
	7,833,167		FGLMC	5.000		01/01/34		8,232
	8,230,269		FGLMC	7.000		12/01/33		9,469
	1,652,003		FGLMC	6.000		09/01/34		1,813
	1,574,452		FGLMC	6.000		05/01/35		1,727

355

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	1,005,132		FGLMC	6.000	%	05/01/35	$	1,103
	1,023,764		FGLMC	5.500		12/01/34		1,099
	6,432,222		FGLMC	5.500		12/01/33		6,914
	5,000,000	h	FGLMC	5.000		04/15/25		5,306
	1,282,840		FGLMC	4.500		09/01/24		1,346
	3,648,338		FGLMC	4.000		07/01/24		3,756
	70,778		FGLMC	8.000		01/01/31		84
	3,461,472		FGLMC	5.500		09/01/33		3,718
	3,553,274		FGLMC	5.500		09/01/33		3,817
	2,361,461		FGLMC	4.500		07/01/33		2,425
			Federal National Mortgage Association (FNMA)
	8,988,920		FNMA	4.000		10/01/35		8,935
	5,069,454		FNMA	5.000		09/01/35		5,354
	8,314,937		FNMA	5.500		10/01/35		8,980
	3,652,331		FNMA	5.000		10/01/35		3,844
	3,594,842		FNMA	5.000		08/01/35		3,783
	57,660		FNMA	7.500		06/01/35		67
	1,363,259		FNMA	5.500		06/01/35		1,471
	1,876,332		FNMA	4.500		08/01/35		1,925
	601,269		FNMA	6.000		07/01/35		658
	1,235,982	i	FNMA	2.380		02/01/36		1,296
	1,951,341		FNMA	6.000		12/01/36		2,131
	1,814,927		FNMA	6.500		09/01/36		2,051
	881,830		FNMA	7.000		02/01/37		1,009
	12,527,959	i	FNMA	5.840		01/01/37		13,348
	1,338,553	i	FNMA	5.970		07/01/36		1,408
	515,989		FNMA	6.500		02/01/36		581
	2,699,207		FNMA	5.000		02/01/36		2,841
	3,266,178		FNMA	6.000		03/01/36		3,568
	921,345		FNMA	6.500		02/01/36		1,039
	1,983,151		FNMA	5.500		06/01/35		2,140
	7,568,023		FNMA	5.500		01/01/35		8,173
	518,139		FNMA	6.000		12/01/34		569
	439,340		FNMA	5.500		03/01/35		472
	2,080,717		FNMA	5.500		01/01/35		2,239
	46,894		FNMA	4.500		09/01/34		48
	44,763		FNMA	4.500		07/01/34		46
	125,625		FNMA	4.500		07/01/34		129
	1,250,491		FNMA	4.500		08/01/34		1,285
	51,759		FNMA	4.500		08/01/34		53
	1,422,224		FNMA	5.500		04/01/35		1,536
	274,161		FNMA	5.500		05/01/35		296
	437,744		FNMA	5.500		05/01/35		471
	2,687,029		FNMA	5.500		06/01/35		2,902
	2,858,939		FNMA	6.000		05/01/35		3,143
	688,925		FNMA	5.500		05/01/35		744
	1,817,767		FNMA	5.500		04/01/35		1,963
	1,796,123		FNMA	5.500		04/01/35		1,940
	2,969,882		FNMA	5.500		05/01/35		3,207
	8,245,840		FNMA	4.500		05/01/35		8,493
	3,213,069		FNMA	6.500		03/01/37		3,632
	3,653,539		FNMA	4.000		04/01/39		3,604

356

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	10,240,732		FNMA	4.500	%	02/01/39	$	10,446
	20,636,275		FNMA	4.500		05/01/39		21,030
	6,288,461		FNMA	4.500		04/01/39		6,409
	3,512,776		FNMA	4.500		02/01/39		3,583
	2,016,157		FNMA	5.500		01/01/39		2,158
	3,302,026		FNMA	4.500		01/01/39		3,368
	1,906,052		FNMA	6.000		01/01/39		2,076
	2,282,442		FNMA	6.000		01/01/39		2,486
	4,222,895		FNMA	4.500		08/01/39		4,304
	9,898,562		FNMA	4.000		11/01/40		9,751
	16,624,491		FNMA	4.500		09/01/40		16,942
	10,000,000	h	FNMA	3.500		04/25/41		9,416
	9,912,755		FNMA	4.500		11/01/40		10,102
	23,234,248		FNMA	4.500		09/01/40		23,678
	62,000,000	h	FNMA	4.000		04/25/40		60,973
	9,958,134		FNMA	6.000		09/01/39		10,843
	32,000,000	h	FNMA	5.500		05/25/40		34,120
	49,000,000	h	FNMA	5.000		04/25/40		51,259
	2,552,500	i	FNMA	4.940		10/01/38		2,702
	2,079,551		FNMA	6.000		09/01/37		2,296
	1,564,273		FNMA	6.000		09/01/37		1,727
	633,643		FNMA	6.500		09/01/37		716
	1,408,379		FNMA	6.500		09/01/37		1,580
	2,763,043		FNMA	6.000		09/01/37		3,051
	747,735		FNMA	6.500		08/01/37		845
	877,458		FNMA	7.000		04/01/37		1,004
	2,469,605		FNMA	6.000		09/01/37		2,727
	1,100,454		FNMA	6.500		08/01/37		1,247
	653,745		FNMA	6.500		09/01/37		734
	99,143		FNMA	6.500		03/01/38		111
	1,032,968		FNMA	6.500		03/01/38		1,159
	55,000,000	h	FNMA	6.000		04/25/38		59,813
	291,673		FNMA	6.500		03/01/38		327
	57,325		FNMA	6.500		02/01/38		65
	1,019,554	i	FNMA	5.870		10/01/37		1,083
	365,956		FNMA	6.500		09/01/37		412
	227,242		FNMA	6.500		01/01/38		255
	1,168,125		FNMA	7.000		11/01/37		1,337
	102,555		FNMA	4.500		03/01/19		108
	294,880		FNMA	6.000		02/01/19		322
	956,389		FNMA	4.500		06/01/19		1,011
	452,850		FNMA	4.500		05/01/19		479
	275,733		FNMA	6.000		01/01/19		301
	4,336,238		FNMA	5.500		11/01/18		4,709
	37,952		FNMA	5.500		05/01/18		41
	2,373,019		FNMA	5.000		01/01/19		2,548
	2,708,999		FNMA	5.000		12/01/18		2,901
	1,039,308		FNMA	5.000		03/01/20		1,113
	8,000,000	h	FNMA	4.500		04/25/23		8,384
	28,086		FNMA	8.000		03/01/23		33
	161,318		FNMA	5.000		01/01/24		172
	4,728,627		FNMA	5.000		07/01/23		5,027

357

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	1,884,948		FNMA	4.500	%	03/01/23	$	1,980
	1,267,409		FNMA	5.000		12/01/20		1,355
	452,841		FNMA	4.500		11/01/20		479
	3,305,627		FNMA	5.500		08/01/21		3,581
	1,576,989		FNMA	5.000		03/01/21		1,688
	257,736		FNMA	5.500		04/01/18		280
	393		FNMA	7.500		10/01/11		0	^
	1,791		FNMA	7.500		10/01/11		2
	33,177		FNMA	5.000		06/01/13		35
	19,691		FNMA	7.000		04/01/12		21
	49		FNMA	7.500		10/01/11		0	^
	140		FNMA	8.000		07/01/11		0	^
	544		FNMA	7.500		06/01/11		1
	354		FNMA	7.500		09/01/11		0	^
	618		FNMA	7.500		08/01/11		1
	2,631,325		FNMA	4.440		07/01/13		2,754
	663,514		FNMA	6.500		04/01/17		729
	152,096		FNMA	6.500		10/01/16		167
	275,522		FNMA	6.500		02/01/18		303
	1,538,136		FNMA	5.000		12/01/17		1,647
	5,245		FNMA	8.500		11/01/14		6
	1,581,197		FNMA	4.560		05/01/14		1,675
	3,603,471		FNMA	4.020		08/01/13		3,758
	2,938,927		FNMA	4.530		10/01/14		3,114
	4,054,514		FNMA	4.270		06/01/14		4,261
	502,251		FNMA	5.500		02/01/24		547
	918,204		FNMA	5.000		03/01/34		968
	407,948		FNMA	5.000		03/01/34		430
	15,900,098		FNMA	5.000		03/01/34		16,761
	354,761		FNMA	5.000		03/01/34		374
	93,007		FNMA	7.000		01/01/34		107
	1,761,545		FNMA	5.500		11/01/33		1,897
	2,209,893		FNMA	5.500		11/01/33		2,380
	708,320		FNMA	5.500		12/01/33		763
	335,258		FNMA	5.500		12/01/33		361
	307,336		FNMA	5.000		03/01/34		324
	41,300		FNMA	4.500		06/01/34		42
	47,304		FNMA	4.500		06/01/34		49
	151,000		FNMA	4.500		07/01/34		155
	194,747		FNMA	4.500		06/01/34		200
	41,140		FNMA	4.500		06/01/34		42
	671,835		FNMA	4.500		05/01/34		690
	2,753,985		FNMA	5.000		04/01/34		2,900
	44,581		FNMA	4.500		05/01/34		46
	45,994		FNMA	4.500		05/01/34		47
	1,730,227		FNMA	5.500		11/01/33		1,863
	12,791,826		FNMA	5.000		10/01/25		13,640
	4,000,000	h	FNMA	5.000		04/25/25		4,249
	250,703		FNMA	5.000		02/01/33		264
	1,501,946		FNMA	6.500		07/01/32		1,699
	73,000,000	h	FNMA	4.000		04/25/25		75,007
	82,380		FNMA	8.000		07/01/24		96

358

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	4,309,002		FNMA	4.000	%	05/01/24	$	4,436
	8,472,135		FNMA	4.000		09/01/24		8,721
	2,307,243		FNMA	4.500		08/01/24		2,423
	3,390,389		FNMA	4.500		03/25/33		3,579
	1,485,251		FNMA	5.000		11/01/33		1,566
	915,851		FNMA	5.000		10/01/33		965
	1,763,350		FNMA	5.500		11/01/33		1,899
	1,332,505		FNMA	5.500		11/01/33		1,435
	1,084,119		FNMA	5.000		10/01/33		1,143
	1,635,395		FNMA	4.500		08/01/33		1,685
	745,281		FNMA	5.500		07/01/33		803
	282,885		FNMA	4.500		09/01/33		291
	984,090		FNMA	5.000		08/01/33		1,037
			Government National Mortgage Association (GNMA)
	826,729		GNMA	4.500		05/15/39		854
	4,511,104		GNMA	4.500		07/20/39		4,657
	1,545,119		GNMA	5.000		07/20/39		1,642
	3,821,119		GNMA	4.500		03/15/39		3,949
	1,319,904		GNMA	6.000		08/15/38		1,454
	1,334,659		GNMA	6.000		08/20/38		1,459
	2,100,666		GNMA	6.500		11/20/38		2,356
	22,000,000	h	GNMA	4.500		04/20/41		22,653
	20,000,000	h	GNMA	5.000		04/20/41		21,216
	4,898,069		GNMA	6.230		09/15/43		5,188
	10,000,000	h	GNMA	6.000		04/15/41		11,000
	1,806,776		GNMA	4.000		08/15/39		1,811
	65,000,000	h	GNMA	4.500		04/15/40		67,040
	29,000,000	h	GNMA	4.000		04/15/41		29,000
	22,000,000	h	GNMA	5.500		04/15/38		23,822
	11,797		GNMA	6.500		08/15/23		13
	3,306,765		GNMA	4.390		08/16/30		3,337
	220,091		GNMA	6.500		05/20/31		249
	40,988		GNMA	6.500		08/15/23		46
	2,436,405		GNMA	5.220		04/15/15		2,435
	67,125		GNMA	9.000		12/15/17		76
	48,844		GNMA	8.000		06/15/22		57
	3,215,809		GNMA	6.000		02/20/37		3,517
	37,000,000	h	GNMA	5.000		04/15/38		39,237
	2,619,939		GNMA	5.000		04/15/38		2,783
	2,961,421		GNMA	5.500		02/15/37		3,213
	884,944		GNMA	5.500		07/15/33		965
	581,522		GNMA	6.000		10/20/36		637
	613,738		GNMA	6.000		01/20/37		672
	2,059,370		National Credit Union Administration	1.840		10/07/20		2,068
			TOTAL MORTGAGE BACKED					1,248,594
MUNICIPAL BONDS - 1.6%
	1,760,000		Allegheny County Redevelopment Authority	5.000		09/01/11		1,784
	570,000		Atlanta Urban Residential Finance Authority	5.070		12/01/11		574
	4,500,000	g	Basin Electric Power Coop	6.130		06/01/41		4,065
	2,390,000		Charlotte-Mecklenburg Hospital Authority	5.000		08/01/15		2,523

359

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
			Chicago Metropolitan Water Reclamation District-Greater
$	5,000,000		Chicago	5.720	%	12/01/38	$	4,935
	1,250,000		City & County of Honolulu HI	6.110		07/01/29		1,258
	4,000,000		City of Dallas TX	5.080		02/15/22		4,149
	1,500,000		City of Dallas TX	5.200		02/15/35		1,396
	925,000		City of Eugene OR	6.320		08/01/22		981
	5,000,000		City of New York NY	4.500		06/01/15		5,275
	1,055,000	j	City of Oakland CA	0.000		12/15/11		1,033
	4,750,000		Clean Water Services	5.700		10/01/30		4,857
	5,000,000		Commonwealth of Massachusetts	5.460		12/01/39		4,952
	325,000		County of Harnett NC	5.150		05/01/12		326
	2,050,000		County of Mercer NJ	5.380		02/01/17		2,086
	4,000,000		Dallas County Hospital District	5.620		08/15/44		4,002
			Douglas County Public Utility District No 1 Wells
	1,680,000		Hydroelectric	5.110		09/01/18		1,706
	1,400,000		Elkhart Redevelopment District	5.500		06/15/18		1,496
	7,980,000		Fiscal Year 2005 Securitization Corp	4.760		08/15/19		8,247
	3,500,000		Grant County Public Utility District No 2	5.630		01/01/27		3,500
	1,900,000		Guadalupe Valley Electric Coop, Inc	5.670		10/01/32		1,575
	1,000,000		Kansas Development Finance Authority	4.590		05/01/14		1,050
	1,350,000		Kansas Development Finance Authority	4.720		05/01/15		1,437
	1,880,000	g	LL & P Wind Energy, Inc	5.220		12/01/12		1,914
	7,400,000		Massachusetts Housing Finance Agency	4.780		12/01/20		7,208
	5,400,000		Massachusetts St. Water Pollution Abatement	5.190		08/01/40		5,179
	3,000,000		Metropolitan Washington Airports Authority	5.690		10/01/30		2,887
	5,000,000		Metropolitan Water District of Southern California	6.250		07/01/39		4,988
	5,000,000		Mississippi Development Bank Special Obligation	5.320		07/01/14		5,215
	1,095,000		New York State Environmental Facilities Corp	4.900		12/15/11		1,102
	3,000,000		New York State Urban Development Corp	6.500		12/15/18		3,302
	2,500,000		Newport News Economic Development Authority	5.640		01/15/29		2,440
	2,450,000		Ohio State Water Development Authority	4.880		12/01/34		2,322
	2,500,000		Oklahoma Capital Improvement Authority	5.180		07/01/14		2,757
	3,750,000		State of California	7.630		03/01/40		4,102
	5,000,000		State of Connecticut	5.090		10/01/30		4,742
	2,050,000		State of Hawaii	4.670		05/01/14		2,184
	5,000,000		State of Illinois	4.070		01/01/14		4,993
	5,570,000		State of Illinois	4.350		06/01/18		5,177
	5,750,000		State of Michigan	4.600		11/01/11		5,867
	5,000,000		State of Michigan	2.300		11/01/14		4,886
	2,500,000		State of Ohio	5.410		09/01/28		2,572
	3,050,000		State of Oregon	5.030		08/01/14		3,321
	3,265,000		State of Texas	4.900		08/01/20		3,327
	5,000,000		State of Texas	6.070		10/01/29		5,260
	4,240,000		State of Washington	5.050		01/01/18		4,275
	1,033,000		State of Wisconsin	5.700		05/01/26		1,046
	5,000,000		Tuolumne Wind Project Authority	6.920		01/01/34		5,010
	2,025,000		University Central Fl University Revenues	5.130		10/01/20		1,756
	4,900,000		UNM Sandoval Regional Medical Center	4.500		07/20/36		4,545
			TOTAL MUNICIPAL BONDS					165,584
U.S. TREASURY SECURITIES - 8.6%
	86,143,000		United States Treasury Bond	8.000		11/15/21		120,303

360

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	5,000,000		United States Treasury Bond	6.380	%	08/15/27	$	6,330
	20,000,000		United States Treasury Bond	5.250		02/15/29		22,525
	13,176,000		United States Treasury Bond	5.380		02/15/31		15,068
	34,282,500		United States Treasury Bond	3.880		08/15/40		30,677
	6,039,420	k	United States Treasury Inflation Indexed Bonds	1.130		01/15/21		6,128
	42,254,000		United States Treasury Note	1.000		12/31/11		42,488
	12,750,000		United States Treasury Note	0.880		02/29/12		12,817
	4,275,000		United States Treasury Note	0.630		06/30/12		4,286
	36,625,000		United States Treasury Note	1.380		11/15/12		37,074
	1,400,000		United States Treasury Note	0.500		11/30/12		1,397
	14,280,000		United States Treasury Note	1.130		12/15/12		14,393
	20,380,000		United States Treasury Note	0.630		01/31/13		20,343
	4,500,000		United States Treasury Note	0.630		02/28/13		4,489
	6,140,000		United States Treasury Note	0.750		08/15/13		6,109
	6,000,000		United States Treasury Note	0.750		09/15/13		5,962
	2,670,000		United States Treasury Note	3.130		09/30/13		2,809
	34,100,000		United States Treasury Note	0.500		10/15/13		33,634
	22,025,000		United States Treasury Note	1.250		03/15/14		22,018
	34,030,000		United States Treasury Note	2.250		05/31/14		34,984
	33,395,000		United States Treasury Note	2.380		08/31/14		34,376
	17,585,000		United States Treasury Note	2.130		11/30/14		17,905
	14,631,000		United States Treasury Note	2.500		04/30/15		15,030
	17,895,000		United States Treasury Note	1.880		06/30/15		17,885
	74,579,500		United States Treasury Note	1.250		09/30/15		72,126
	106,225,000		United States Treasury Note	1.250		10/31/15		102,498
	43,167,000		United States Treasury Note	2.000		01/31/16		42,853
	50,088,000		United States Treasury Note	2.130		02/29/16		49,931
	41,685,000		United States Treasury Note	2.630		11/15/20		38,897
	27,515,000		United States Treasury Note	3.630		02/15/21		27,906
	25,422,000		United States Treasury Note	4.250		11/15/40		24,314
	20,000,000		United States Treasury Note	4.750		02/15/41		20,788
			TOTAL U.S. TREASURY SECURITIES					908,343
			TOTAL GOVERNMENT BONDS					2,771,031
			(Cost $2,729,960)
STRUCTURED ASSETS - 2.8%
ASSET BACKED - 0.8%
	5,000,000		AmeriCredit Automobile Receivables Trust	2.850		08/08/16		5,004
			Series - 2011 1 (Class C)
	1,500,000		AmeriCredit Prime Automobile Receivable	4.990		07/17/17		1,556
			Series - 2009 1 (Class C)
	3,000,000	g	Avis Budget Rental Car Funding AESOP LLC	3.150		03/20/17		2,990
			Series - 2010 5A (Class A)
	3,501,139	i	Chase Funding Loan Acquisition Trust	0.820		06/25/34		2,953
			Series - 2004 OPT1 (Class M1)
	674,364	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		172
			Series - 2004 2 (Class 1B)
	1,500,000		CNH Equipment Trust	4.980		04/15/16		1,540
			Series - 2009 C (Class B)

361

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	2,116,388	i	Countrywide Asset-Backed Certificates	5.680	%	10/25/46	$	2,079
			Series - 2006 15 (Class A2)
	566,720	i	Countrywide Home Equity Loan Trust	0.480		02/15/29		366
			Series - 2004 B (Class 1A)
	2,289,708	g	Credit-Based Asset Servicing and Securitization LLC	6.160		12/25/36		2,247
			Series - 2007 MX1 (Class A1)
	160,000	g,i	DBUBS MORTGAGE TRUST	5.470		11/10/46		162
			Series - 2011 LC1A (Class B)
	680,000	g,i	DBUBS MORTGAGE TRUST	5.560		11/10/46		681
			Series - 2011 LC1A (Class C)
	8,689,386	g	Flagstar Home Equity Loan Trust	5.780		01/25/35		8,125
			Series - 2007 1A (Class AF3)
	1,500,000		Ford Credit Auto Owner Trust	2.620		10/15/16		1,492
			Series - 2011 A (Class C)
	1,500,000		Ford Credit Auto Owner Trust	3.210		07/15/17		1,491
			Series - 2011 A (Class D)
	1,750,000	g	Ford Credit Floorplan Master Owner Trust	2.610		02/15/16		1,756
			Series - 2011 1 (Class C)
	1,135,320		GMAC Commercial Mortgage Securities, Inc	5.590		10/25/29		1,112
			Series - 2006 HLTV (Class A3)
	2,282,000		GMAC Commercial Mortgage Securities, Inc	5.810		10/25/29		1,824
			Series - 2006 HLTV (Class A4)
	261,715		HFC Home Equity Loan Asset Backed Certificates	5.910		03/20/36		262
			Series - 2007 1 (Class A1F)
	649,385	i	Morgan Stanley ABS Capital I	0.270		01/25/37		631
			Series - 2007 HE2 (Class A2A)
	4,010,000		Renaissance Home Equity Loan Trust	5.590		11/25/36		2,295
			Series - 2006 3 (Class AF3)
	1,809,908		Residential Asset Mortgage Products, Inc	4.970		09/25/33		1,838
			Series - 2003 RZ5 (Class A7)
	940,000	i	Residential Asset Securities Corp	0.680		04/25/35		848
			Series - 2005 KS3 (Class M3)
	2,174,372		Residential Funding Mortgage Securities II, Inc	5.520		04/25/21		2,140
			Series - 2006 HI5 (Class A2)
	9,000,000		Residential Funding Mortgage Securities II, Inc	5.500		08/25/25		7,674
			Series - 2006 HI5 (Class A3)
	5,689,985		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36		5,343
			Series - 2006 HI3 (Class A3)
	2,000,000		Residential Funding Mortgage Securities II, Inc	6.010		02/25/36		1,759
			Series - 2006 HI1 (Class M1)
	200,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		160
			Series - 2006 HI1 (Class M2)
	17,266,562		Residential Funding Mortgage Securities II, Inc	5.440		09/25/36		15,656
			Series - 2006 HI4 (Class A3)
	1,110,467	i	Securitized Asset Backed Receivables LLC Trust	0.400		03/25/36		1,046
			Series - 2006 NC2 (Class A2)
	2,750,000	g	Vornado DP LLC	5.280		09/13/28		2,700
			Series - 2010 VNO (Class C)
	1,043,345	g,m	Wachovia Amortization Controlled Heloc NIM	5.680		08/12/47		861
			Series - 2006 N1 (Class N1)
	1,592,640	g,i	Wachovia Loan Trust	0.610		05/25/35		1,022
			Series - 2005 SD1 (Class A)

362

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	1,139,234	i	Wells Fargo Home Equity Trust	0.390	%	07/25/36	$	1,029
			Series - 2006 2 (Class A3)
			TOTAL ASSET BACKED					80,814
OTHER MORTGAGE BACKED - 2.0%
	2,415,000	i	Banc of America Commercial Mortgage, Inc	4.770		07/10/43		2,400
			Series - 2005 3 (Class AJ)
	1,875,000		Banc of America Commercial Mortgage, Inc	5.360		10/10/45		1,973
			Series - 2006 6 (Class A4)
	950,000		Banc of America Commercial Mortgage, Inc	5.680		07/10/46		972
			Series - 2006 4 (Class AM)
	3,565,000	i	Banc of America Commercial Mortgage, Inc	5.690		04/10/49		3,784
			Series - 2007 2 (Class A4)
	1,175,377		Bank of America Alternative Loan Trust	5.500		09/25/19		1,203
			Series - 2004 8 (Class 3A1)
	1,463,297		Bear Stearns Asset Backed Securities Trust	5.250		04/25/35		1,327
			Series - 2005 AC2 (Class 1A)
	1,005,000	i	Bear Stearns Commercial Mortgage Securities	5.760		09/11/38		976
			Series - 2006 PW12 (Class AJ)
	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	5.450		03/11/39		1,195
			Series - 2006 PW11 (Class A4)
	2,200,000	i	Bear Stearns Commercial Mortgage Securities	5.580		09/11/41		2,246
			Series - 2006 PW13 (Class AM)
	2,405,000	i	Bear Stearns Commercial Mortgage Securities	5.570		10/12/41		2,461
			Series - 2006 T24 (Class AM)
	2,655,000	i	Bear Stearns Commercial Mortgage Securities	4.750		02/13/46		2,792
			Series - 2004 T16 (Class A6)
	3,665,000	i	Bear Stearns Commercial Mortgage Securities	5.690		06/11/50		3,919
			Series - 2007 PW17 (Class A4)
	3,020,000		Bear Stearns Commercial Mortgage Securities	5.700		06/11/50		3,219
			Series - 2007 PW18 (Class A4)
	1,900,000		Chase Mortgage Finance Corp	5.500		10/25/35		1,897
			Series - 2005 S2 (Class A24)
	1,540,000	i	Commercial Mortgage Pass Through Certificates	5.650		12/10/49		1,544
			Series - 2007 C9 (Class AM)
	1,220,000	i	Commercial Mortgage Pass Through Certificates	5.810		12/10/49		1,324
			Series - 2007 C9 (Class A4)
	3,268,252		Countrywide Alternative Loan Trust	5.500		08/25/16		3,228
			Series - 2004 30CB (Class 1A15)
	2,880,890		Countrywide Home Loan Mortgage Pass Through Trust	4.750		09/25/18		2,963
			Series - 2003 35 (Class 1A1)
	892,774		Countrywide Home Loan Mortgage Pass Through Trust	5.500		09/25/35		892
			Series - 2005 J3 (Class 1A1)
	1,776,656	g,i	Credit Suisse Mortgage Capital Certificates	0.440		04/15/22		1,736
			Series - 2007 TF2A (Class A1)
	4,500,000	g	Credit Suisse Mortgage Capital Certificates	5.380		02/15/40		4,410
			Series - 2009 RR1 (Class A3C)
			Credit Suisse/Morgan Stanley Commercial Mortgage
	2,133,966	g,i	Certificate	0.450		05/15/23		2,109
			Series - 2006 HC1A (Class A1)

363

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	1,210,000		CS First Boston Mortgage Securities Corp	4.050	%	05/15/38	$	1,235
			Series - 2003 C3 (Class B)
	3,367,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		3,608
			Series - 2005 C5 (Class A4)
	900,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		900
			Series - 2005 C5 (Class AJ)
	8,753,434		Federal Home Loan Mortgage Corp (FHLMC)	4.000		06/15/34		1,262
			Series - 2010 3748 (Class NI)
	600,000		Federal National Mortgage Association (FNMA)	4.000		02/25/19		629
			Series - 2004 7 (Class JK)
	10,500,000		Federal National Mortgage Association (FNMA)	4.000		02/25/40		10,102
			Series - 2010 155 (Class PC)
	2,152,075	i	GMAC Mortgage Corp Loan Trust	4.580		10/19/33		2,218
			Series - 2003 AR1 (Class A5)
	2,075,000	i	Greenwich Capital Commercial Funding Corp	5.890		07/10/38		2,270
			Series - 2006 GG7 (Class A4)
	12,770,000	i	Greenwich Capital Commercial Funding Corp	5.890		07/10/38		13,254
			Series - 2006 GG7 (Class AM)
	7,495,000		Greenwich Capital Commercial Funding Corp	5.440		03/10/39		7,933
			Series - 2007 GG9 (Class A4)
	8,210,000		Greenwich Capital Commercial Funding Corp	5.740		12/10/49		8,684
			Series - 2007 GG11 (Class A4)
	1,875,000	i	GS Mortgage Securities Corp II	5.550		04/10/38		2,011
			Series - 2006 GG6 (Class A4)
	3,000,000	i	GS Mortgage Securities Corp II	5.620		04/10/38		3,087
			Series - 2006 GG6 (Class AM)
	3,880,000		GS Mortgage Securities Corp II	5.560		11/10/39		4,173
			Series - 2006 GG8 (Class A4)
	2,750,000	g	GS Mortgage Securities Corp II	5.150		08/10/43		2,765
			Series - 2010 C1 (Class B)
	1,050,000	g,i	GS Mortgage Securities Corp II	5.230		12/10/43		1,020
			Series - 2010 C2 (Class C)
	938,722	i	GSR Mortgage Loan Trust	2.780		01/25/36		901
			Series - 2006 AR1 (Class 2A2)
	1,285,380	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.440		02/15/20		1,245
			Series - 2006 FL1A (Class A2)
	450,000	g	JP Morgan Chase Commercial Mortgage Securities Corp	5.630		12/05/27		485
			Series - 2009 IWST (Class A2)
	380,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.070		11/15/43		379
			Series - 2010 C2 (Class B)
	775,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.530		11/15/43		782
			Series - 2010 C2 (Class C)
	2,470,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.440		05/15/45		2,550
			Series - 2006 LDP8 (Class AM)
	800,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.480		05/15/45		770
			Series - 2006 LDP8 (Class AJ)
	4,380,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.340		05/15/47		4,586
			Series - 2006 LDP9 (Class A3)
	2,265,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.440		06/12/47		2,388
			Series - 2007 CB18 (Class A4)
	4,120,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.820		06/15/49		4,413
			Series - 2007 LD11 (Class A4)

364

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	1,259,058	i	JP Morgan Mortgage Trust	4.300	%	04/25/35	$	1,267
			Series - 2005 A2 (Class 5A1)
	1,125,000		LB-UBS Commercial Mortgage Trust	4.740		02/15/30		1,182
			Series - 2005 C1 (Class A4)
	900,000	i	LB-UBS Commercial Mortgage Trust	5.150		04/15/30		962
			Series - 2005 C2 (Class A5)
	6,120,000		LB-UBS Commercial Mortgage Trust	5.420		02/15/40		6,499
			Series - 2007 C1 (Class A4)
	3,975,000		LB-UBS Commercial Mortgage Trust	5.430		02/15/40		4,189
			Series - 2007 C2 (Class A3)
	4,100,000		LB-UBS Commercial Mortgage Trust	5.460		02/15/40		4,101
			Series - 2007 C1 (Class AM)
	2,450,000	i	LB-UBS Commercial Mortgage Trust	5.860		07/15/40		2,608
			Series - 2007 C6 (Class A4)
	1,658,861		MASTR Asset Securitization Trust	5.000		05/25/35		1,674
			Series - 2005 1 (Class 2A5)
	5,800,000	i	Merrill Lynch Mortgage Trust	5.230		11/12/37		6,235
			Series - 2005 CKI1 (Class A6)
	1,645,209	i	Merrill Lynch Mortgage Trust	5.110		07/12/38		1,708
			Series - 2005 CIP1 (Class AM)
	1,300,000	i	Merrill Lynch Mortgage Trust	5.670		05/12/39		1,411
			Series - 2006 C1 (Class A4)
	4,040,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.170		12/12/49		4,240
			Series - 2006 4 (Class A3)
	6,300,000	i	Morgan Stanley Capital I	5.450		02/12/44		6,613
			Series - 2007 HQ11 (Class A4)
	940,000	g,i	Morgan Stanley Capital I	5.240		09/15/47		932
			Series - 2011 C1 (Class C)
	1,710,000	g,i	Morgan Stanley Capital I	5.240		09/15/47		1,669
			Series - 2011 C1 (Class D)
	940,000	g,i	Morgan Stanley Capital I	5.260		09/15/47		957
			Series - 2011 C1 (Class B)
	850,000	i	Morgan Stanley Capital I	5.540		11/12/49		883
			Series - 2007 T25 (Class AM)
	1,010,000		Morgan Stanley Capital I	4.770		07/15/56		1,018
			Series - 0 IQ9 (Class AJ)
	2,750,000	g	OBP DEPOSITOR LLC TRUST	4.650		07/15/45		2,792
			Series - 2010 OBP (Class A)
	2,215,000	g,i	RBSCF Trust	4.670		04/15/24		2,252
			Series - 2010 MB1 (Class D)
	6,584,399		Residential Accredit Loans, Inc	6.000		06/25/36		4,361
			Series - 2006 QS7 (Class A3)
	1,950,581	i	Residential Funding Mortgage Securities I, Inc	3.070		08/25/35		1,802
			Series - 2005 SA3 (Class 2A1)
	700,158	i	Structured Adjustable Rate Mortgage Loan Trust	0.630		03/25/35		684
			Series - 2005 6XS (Class A3)
	291,985	i	Structured Adjustable Rate Mortgage Loan Trust	6.520		07/25/36		291
			Series - 2006 6 (Class 2A1)
	6,535,000	i	Wachovia Bank Commercial Mortgage Trust	5.960		06/15/45		6,830
			Series - 2006 C26 (Class AM)
	1,060,000	i	Wachovia Bank Commercial Mortgage Trust	5.820		05/15/46		1,069
			Series - 2007 C34 (Class AM)

365

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	2,505,000		Wachovia Bank Commercial Mortgage Trust	5.500	%	04/15/47	$	2,487
			Series - 2007 C31 (Class A5)
	1,160,000		Wachovia Bank Commercial Mortgage Trust	5.340		11/15/48		1,165
			Series - 2006 C29 (Class AM)
	5,285,000	i	Wachovia Bank Commercial Mortgage Trust	5.370		11/15/48		4,854
			Series - 2006 C29 (Class AJ)
	2,175,000	i	Wachovia Bank Commercial Mortgage Trust	5.900		02/15/51		2,329
			Series - 2007 C33 (Class A4)
	2,830,000	i	Wachovia Bank Commercial Mortgage Trust	5.900		02/15/51		3,003
			Series - 2007 C33 (Class A5)
	1,630,000		Wachovia Bank Commercial Mortgage Trust	5.380		12/15/43		1,528
			Series - 2007 C30 (Class AM)
	1,630,409	i	Wells Fargo Mortgage Backed Securities Trust	5.410		03/25/36		1,642
			Series - 2006 AR1 (Class 2A2)
			TOTAL OTHER MORTGAGE BACKED					217,990
			TOTAL STRUCTURED ASSETS					298,804
			(Cost $292,840)
			TOTAL BONDS					4,010,598
			(Cost $3,924,589)

SHARES			COMPANY
COMMON STOCKS - 60.4%
AUTOMOBILES & COMPONENTS - 1.3%
	24,300		Aisin Seiki Co Ltd	845
	93,201	*	American Axle & Manufacturing Holdings, Inc	1,173
	127,203		Bayerische Motoren Werke AG.	10,561
	8,400		Bayerische Motoren Werke AG. (Preference)	475
	51,856	*	BorgWarner, Inc	4,132
	11,649	*	Continental AG.	1,047
	130,600		Denso Corp	4,343
	1,930		Drew Industries, Inc	43
	2,557,292	*	Ford Motor Co	38,129
	8,129	*,e	Fuel Systems Solutions, Inc	245
	63,051		Gentex Corp	1,907
	189,806		Harley-Davidson, Inc	8,065
	305,980		Honda Motor Co Ltd	11,368
	597,174		Johnson Controls, Inc	24,826
	38,400	*	Modine Manufacturing Co	620
	599,000		Nissan Motor Co Ltd	5,321
	54,787	*	Peugeot S.A.	2,161
	97,815		Pirelli & C S.p.A.	858
	83,765	*	Renault S.A.	4,629
	48,870		Superior Industries International, Inc	1,253
	112,093	*	Tenneco, Inc	4,758
	25,000		Toyota Industries Corp	757
	77,972		Volkswagen AG. (Preference)	12,602
	102,500	*	Yamaha Motor Co Ltd	1,785
			TOTAL AUTOMOBILES & COMPONENTS	141,903

366

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
BANKS - 4.2%
	7,264		Associated Banc-Corp	$	108
	429,947		Australia & New Zealand Banking Group Ltd		10,583
	1,316,621		Banca Intesa S.p.A.		3,884
	766,621		Banca Intesa S.p.A. RSP		2,023
	864,692		Banco Bilbao Vizcaya Argentaria S.A.		10,491
	209,409		Banco Comercial Portugues S.A.		171
	349,583		Banco Espirito Santo S.A.		1,428
	993,906		Banco Santander Central Hispano S.A.		11,593
	202,377	*	Bank Hapoalim Ltd		1,052
	310,755		Bank Leumi Le-Israel		1,590
	17,096		Bank of Hawaii Corp		818
	194,500		Bank of Nova Scotia		11,935
	641,048		BB&T Corp		17,596
	3,237		Capitol Federal Financial		36
	3,360		Cathay General Bancorp		57
	559,724	*	Citizens Republic Bancorp, Inc		498
	2,120		Columbia Banking System, Inc		41
	125,286		Comerica, Inc		4,601
	1,101		Commerce Bancshares, Inc		45
	88,939	*	Commerzbank AG.		691
	301,281		Commonwealth Bank of Australia		16,323
	2,000		Community Bank System, Inc		49
	700		Cullen/Frost Bankers, Inc		41
	18,252	*	Danske Bank AS		408
	54,758	*	Danske Bank AS		1,210
	352,155	*	Dexia		1,370
	172,388		DNB NOR Holding ASA		2,643
	2,420		East West Bancorp, Inc		53
	53,552		Erste Bank der Oesterreichischen Sparkassen AG.		2,704
	746,661		Fifth Third Bancorp		10,364
	170,376		First Horizon National Corp		1,910
	2,590	e	Glacier Bancorp, Inc		39
	1,000		Hancock Holding Co		33
	275,400		Hang Seng Bank Ltd		4,450
	2,408,118		HSBC Holdings plc		24,873
	213,189		Hudson City Bancorp, Inc		2,064
	1,147		International Bancshares Corp		21
	99,529	*	Israel Discount Bank Ltd		210
	90,119	*	KBC Groep NV		3,391
	615,552		Keycorp		5,466
	133,810		M&T Bank Corp		11,838
	212,261		Marshall & Ilsley Corp		1,696
	1,800		MB Financial, Inc		38
	1,558,700		Mitsubishi UFJ Financial Group, Inc		7,182
	3,311,900		Mizuho Financial Group, Inc		5,465
	344,419		National Australia Bank Ltd		9,205
	87,930	*	National Bank of Greece S.A.		779
	6,490		National Penn Bancshares, Inc		50
	1,500		NBT Bancorp, Inc		34

367

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	165,570	e	New York Community Bancorp, Inc	$	2,857
	20,699	e	NewAlliance Bancshares, Inc		307
	567,438		Nordea Bank AB		6,208
	19,938		Old National Bancorp		214
	600	e	Park National Corp		40
	27,943		People’s United Financial, Inc		352
	2,500	*	Pinnacle Financial Partners, Inc		41
	29,650	*	PMI Group, Inc		80
	391,138		PNC Financial Services Group, Inc		24,637
	1,940,770	*	Popular, Inc		5,648
	48,979		Provident Financial Services, Inc		725
	39,760		Radian Group, Inc		271
	1,003,023		Regions Financial Corp		7,282
	244,110		Royal Bank of Canada (Toronto)		15,104
	3,701,376	*	Royal Bank of Scotland Group plc		2,428
	1,000	e	S&T Bancorp, Inc		22
	685,000		Shinsei Bank Ltd		807
	410,200		Shizuoka Bank Ltd		3,394
	1,200	*	Signature Bank		68
	155,678		Skandinaviska Enskilda Banken AB (Class A)		1,388
	291,341		Standard Chartered plc		7,557
	6,990		Sterling Bancshares, Inc		60
	408,900	m	Sumitomo Trust & Banking Co Ltd		2,212
	466,142		SunTrust Banks, Inc		13,444
	5,030		Susquehanna Bancshares, Inc		47
	23,595	*	SVB Financial Group		1,343
	244,510		Svenska Handelsbanken (A Shares)		8,020
	2,400		TCF Financial Corp		38
	122,211		Toronto-Dominion Bank		10,816
	1,700		Trustmark Corp		40
	3,150	e	Umpqua Holdings Corp		36
	2,122,460		UniCredito Italiano S.p.A.		5,232
	1,411,961		US Bancorp		37,317
	2,724		Webster Financial Corp		58
	2,378,792		Wells Fargo & Co		75,407
	5,690	*	Western Alliance Bancorp		47
	591,023		Westpac Banking Corp		14,871
	1,700		Whitney Holding Corp		23
	1,110		Wintrust Financial Corp		41
	15,516		Zions Bancorporation		358
			TOTAL BANKS		441,990
CAPITAL GOODS - 5.0%
	473,101		3M Co		44,234
	5,700		A.O. Smith Corp		253
	31,650		ACS Actividades Cons y Servicios S.A.		1,484
	2,100		Actuant Corp (Class A)		61
	56,861	*	AGCO Corp		3,126
	1,300		Albany International Corp (Class A)		32
	66,830		Alfa Laval AB		1,452
	2,655	*	American Superconductor Corp		66
	419,283		Ametek, Inc		18,394

368

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	4,300		Ampco-Pittsburgh Corp	$	119
	5,965		Apogee Enterprises, Inc		79
	1,440		Applied Industrial Technologies, Inc		48
	40,571		Armstrong World Industries, Inc		1,877
	57,264	*	ArvinMeritor, Inc		972
	291,000		Asahi Glass Co Ltd		3,661
	35,700		Assa Abloy AB (Class B)		1,026
	10,969	*	Astec Industries, Inc		409
	1,090		AZZ, Inc		50
	1,030		Badger Meter, Inc		42
	81,414		Balfour Beatty plc		448
	109,330		Barnes Group, Inc		2,283
	2,120	*	Beacon Roofing Supply, Inc		43
	333,800		Bombardier, Inc		2,455
	77,493		Bouygues S.A.		3,720
	1,300		Brady Corp (Class A)		46
	26,790		Briggs & Stratton Corp		607
	23,239	*,e	Builders FirstSource, Inc		66
	295,728		Bunzl plc		3,530
	448,498		Caterpillar, Inc		49,941
	118,516		Cintra Concesiones de Infraestructuras de Transporte S.A.		1,486
	1,100		Clarcor, Inc		49
	7,900	*	Columbus McKinnon Corp		146
	2,050		Comfort Systems USA, Inc		29
	81,816		Compagnie de Saint-Gobain		5,003
	27,671		Cooper Industries plc		1,796
	217,667		CSR Ltd		738
	223,631		Cummins, Inc		24,514
	26,300		Daikin Industries Ltd		787
	662,764		Danaher Corp		34,398
	358,644		Deere & Co		34,750
	1,560		Delek Group Ltd		422
	22,715		Dover Corp		1,493
	41,047		Dynamic Materials Corp		1,147
	172,806		Eaton Corp		9,580
	1,740	*	EMCOR Group, Inc		54
	661,442		Emerson Electric Co		38,648
	1,280	*	EnPro Industries, Inc		46
	1,450		ESCO Technologies, Inc		55
	59,100	*	Fanuc Ltd		8,933
	17,150	e	Fastenal Co		1,112
	14,800		Federal Signal Corp		96
	3,800		Finning International, Inc		112
	39,671		Fluor Corp		2,922
	23,380		Fomento de Construcciones y Contratas S.A.		773
	2,330		Gardner Denver, Inc		182
	8,591		Geberit AG.		1,869
	1,350	*	General Cable Corp		58
	48,876	*	Gibraltar Industries, Inc		583
	1,200		Gorman-Rupp Co		47
	63,837		Graco, Inc		2,904
	51,754	*	GrafTech International Ltd		1,068

369

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	1,240		Granite Construction, Inc	$	35
	32,600		Hitachi Construction Machinery Co Ltd		816
	6,000		Hochtief AG.		644
	594,408		Illinois Tool Works, Inc		31,932
	53,867		Ingersoll-Rand plc		2,602
	1,900	*	Insituform Technologies, Inc (Class A)		51
	2,300		Insteel Industries, Inc		33
	336,346		Invensys plc		1,862
	17,936		John Bean Technologies Corp		345
	27,700		JS Group Corp		718
	119,400		Komatsu Ltd		4,051
	347,730		Koninklijke Philips Electronics NV		11,139
	288,000		Kubota Corp		2,710
	6,983	*	Layne Christensen Co		241
	36,587		LB Foster Co (Class A)		1,577
	12,110		Lincoln Electric Holdings, Inc		919
	600	e	Lindsay Manufacturing Co		47
	11,900	*	Makita Corp		554
	347,539		Masco Corp		4,838
	12,396		Metso Oyj		665
	750	*	Middleby Corp		70
	320,000		Mitsubishi Electric Corp		3,766
	900		MSC Industrial Direct Co (Class A)		62
	114,717	*	NCI Building Systems, Inc		1,453
	83,000		NGK Insulators Ltd		1,483
	28,000		Nidec Corp		2,425
	67,410		Nordson Corp		7,756
	86,000		NSK Ltd		742
	74,893		Orkla ASA		725
	74,136	*	Owens Corning, Inc		2,668
	229,865		Paccar, Inc		12,033
	42,932		Pall Corp		2,473
	35,043		Pentair, Inc		1,324
	32,969	*	Polypore International, Inc		1,898
	31,643		Precision Castparts Corp		4,657
	34,002		Quanex Building Products Corp		667
	77,762	*	Quanta Services, Inc		1,744
	2,000		Robbins & Myers, Inc		92
	62,526		Rockwell Automation, Inc		5,918
	37,308		Roper Industries, Inc		3,226
	3,300		* Rush Enterprises, Inc (Class A)		65
	175,680		Sandvik AB		3,316
	2,100		* Sauer-Danfoss, Inc		107
	157,500		Scania AB (B Shares)		3,651
	91,044		Schneider Electric S.A.		15,550
	1,733,500		SembCorp Industries Ltd		7,168
	98,000		Shimizu Corp		435
	1,310		Simpson Manufacturing Co, Inc		39
	41,300		Skanska AB (B Shares)		869
	3,270		Smiths Group plc		68
	20,075		Snap-On, Inc		1,206
	182,710	*	Spirit Aerosystems Holdings, Inc (Class A)		4,690

370

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	700		SPX Corp	$	56
	93,600		Sumitomo Electric Industries Ltd		1,296
	312		TAL International Group, Inc		11
	14,706	*	Tecumseh Products Co (Class A)		147
	99,430		Tennant Co		4,180
	1,480		Timken Co		77
	69,914		Tredegar Corp		1,509
	1,800	*,e	Trex Co, Inc		59
	88,962		Tyco International Ltd		3,983
	1,070		Universal Forest Products, Inc		39
	106,433	*,e	Valence Technology, Inc		166
	37,780	*	Vestas Wind Systems AS		1,640
	2,600		Vicor Corp		43
	165,360		Vinci S.A.		10,324
	341,990	*	Volvo AB (B Shares)		6,012
	114,769		W.W. Grainger, Inc		15,802
	39,926	*	WABCO Holdings, Inc		2,461
	730	e	Watsco, Inc		51
	17,580	*	WESCO International, Inc		1,099
	44,700		Westinghouse Air Brake Technologies Corp		3,032
	131,715	*	Wolseley plc		4,434
	14,175		Zardoya Otis S.A.		235
			TOTAL CAPITAL GOODS		531,105
COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
	20,275	*	Acacia Research (Acacia Technologies)		694
	23,001	*	ACCO Brands Corp		219
	41,858		Adecco S.A.		2,748
	4,500		Administaff, Inc		137
	10,400		Aggreko plc		263
	164,413		Avery Dennison Corp		6,900
	127,102		Brambles Ltd		930
	2,370		Brink’s Co		78
	120,569		Capita Group plc		1,437
	2,000		CDI Corp		30
	5,300		Corporate Executive Board Co		214
	800	*,e	CoStar Group, Inc		50
	188,000		Dai Nippon Printing Co Ltd		2,290
	18,020		Deluxe Corp		478
	3,270	*	Dolan Media Co		40
	71,533		Dun & Bradstreet Corp		5,739
	1,310	*,e	EnerNOC, Inc		25
	291,317		Experian Group Ltd		3,606
	15,128	*,e	FTI Consulting, Inc		580
	2,000		Heidrick & Struggles International, Inc		56
	8,629		Herman Miller, Inc		237
	23,219	e	HNI Corp		733
	1,850	*	Huron Consulting Group, Inc		51
	700	*	IHS, Inc (Class A)		62
	61,560		Iron Mountain, Inc		1,923
	3,011	*	Kforce, Inc		55
	2,980		Knoll, Inc		62

371

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	3,300	*,e	Korn/Ferry International	$	73
	3,565	*	M&F Worldwide Corp		90
	34,790		Manpower, Inc		2,188
	148,484	*,e	Metalico, Inc		924
	2,100	*	Mobile Mini, Inc		50
	19,200	*	Navigant Consulting, Inc		192
	36,720		Pitney Bowes, Inc		943
	77,540		R.R. Donnelley & Sons Co		1,467
	15,200	*	Randstad Holdings NV		846
	1,900		Resources Connection, Inc		37
	117,311		Robert Half International, Inc		3,590
	53,100		Secom Co Ltd		2,469
	5,810		Steelcase, Inc (Class A)		66
	44,676	*	Tetra Tech, Inc		1,103
	179,000		Toppan Printing Co Ltd		1,412
	900		Towers Watson & Co		50
	700		United Stationers, Inc		50
	2,100		Viad Corp		50
	42,689		Waste Management, Inc		1,594
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		46,831
CONSUMER DURABLES & APPAREL - 0.9%
	3,048		Adidas-Salomon AG.		192
	2,700		American Greetings Corp (Class A)		64
	5,400		Billabong International Ltd		42
	1,024		Blyth, Inc		33
	45,900		Burberry Group plc		865
	32,738		Callaway Golf Co		223
	3,360	e	Cherokee, Inc		58
	24,676		Christian Dior S.A.		3,476
	165,529		Coach, Inc		8,614
	341		Columbia Sportswear Co		20
	54,572		Compagnie Financiere Richemont S.A.		3,147
	800		CSS Industries, Inc		15
	2,733	*	Deckers Outdoor Corp		235
	2,380	e	Ethan Allen Interiors, Inc		52
	138,868	e	Garmin Ltd		4,703
	7,100		Gildan Activewear, Inc		233
	1,300		Hasbro, Inc		61
	293	*	Iconix Brand Group, Inc		6
	6,710	e	KB Home		83
	45,954	*,e	Liz Claiborne, Inc		248
	38,075		LVMH Moet Hennessy Louis Vuitton S.A.		6,029
	30,753	*	M/I Homes, Inc		461
	1,990	*	Maidenform Brands, Inc		57
	320,300		Matsushita Electric Industrial Co Ltd		4,057
	495,290		Mattel, Inc		12,347
	23,800	*,e	Movado Group, Inc		349
	347,690		Nike, Inc (Class B)		26,319
	197,000		Nikon Corp		4,063
	22,800		Oxford Industries, Inc		780

372

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	30,030		Phillips-Van Heusen Corp	$	1,953
	2,000		Pool Corp		48
	1,352		Puma AG. Rudolf Dassler Sport		397
	44,000		Sekisui Chemical Co Ltd		344
	81,000		Sekisui House Ltd		756
	132,000	*	Sharp Corp		1,309
	134,400	*	Sony Corp		4,287
	1,107,436	*,e	Standard-Pacific Corp		4,131
	9,700	*	Tempur-Pedic International, Inc		491
	400	*	Timberland Co (Class A)		17
	1,780	*	True Religion Apparel, Inc		42
	20,265		Tupperware Corp		1,210
	1,150	*,e	Under Armour, Inc (Class A)		78
	38,601		VF Corp		3,803
	1,900	e	Volcom, Inc		35
	970	*	Warnaco Group, Inc		55
	14,200		Weyco Group, Inc		347
	4,391		Whirlpool Corp		375
	123,400		Yamaha Corp		1,402
			TOTAL CONSUMER DURABLES & APPAREL		97,912
CONSUMER SERVICES - 1.1%
	35,220	*	AFC Enterprises		533
	800	*	American Public Education, Inc		32
	30,700		Benesse Corp		1,260
	1,710	*	BJ’s Restaurants, Inc		67
	7,343		Bob Evans Farms, Inc		239
	440	*,e	Capella Education Co		22
	1,020		CEC Entertainment, Inc		38
	95,076	e	Choice Hotels International, Inc		3,694
	1,200	*,e	Coinstar, Inc		55
	480,983		Compass Group plc		4,323
	111,517		Darden Restaurants, Inc		5,479
	900		DeVry, Inc		50
	1,346	*,e	DineEquity, Inc		74
	3,400	*,e	Domino’s Pizza, Inc		63
	69,691	*,e	Gaylord Entertainment Co		2,417
	72,757		Hillenbrand, Inc		1,564
	36,000	*	Interval Leisure Group, Inc		589
	1,810	*	Jack in the Box, Inc		41
	1,210	*	Life Time Fitness, Inc		45
	1,680		Lincoln Educational Services Corp		27
	43,668		Marcus Corp		476
	291,754		Marriott International, Inc (Class A)		10,381
	677,789		McDonald’s Corp		51,573
	12,376	*,e	O’Charleys, Inc		74
	530	*	Panera Bread Co (Class A)		67
	1,300	*	Papa John’s International, Inc		41
	1,110	*,e	Peet’s Coffee & Tea, Inc		53
	930		PF Chang’s China Bistro, Inc		43
	700	*	Pre-Paid Legal Services, Inc		46
	35,896		Regis Corp		637

373

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	6,040	*	Ruby Tuesday, Inc	$	79
	29,578	*	Sonic Corp		268
	1,800		Sotheby’s (Class A)		95
	584,956		Starbucks Corp		21,614
	124,901		Starwood Hotels & Resorts Worldwide, Inc		7,259
	155	*	Steak N Shake Co		66
	33,399		Stewart Enterprises, Inc (Class A)		255
	190	e	Strayer Education, Inc		25
	2,840		Texas Roadhouse, Inc (Class A)		48
	2,200		Universal Technical Institute, Inc		43
	960	*	Vail Resorts, Inc		47
	6,510		Weight Watchers International, Inc		456
	24,104		Wyndham Worldwide Corp		767
	85,600		Yum! Brands, Inc		4,398
			TOTAL CONSUMER SERVICES		119,423
DIVERSIFIED FINANCIALS - 3.1%
	217,737	*	American Capital Ltd		2,156
	808,325		American Express Co		36,537
	175,671		Ameriprise Financial, Inc		10,730
	1,068,454		Bank of New York Mellon Corp		31,914
	78,708		BlackRock, Inc		15,821
	450,633		Capital One Financial Corp		23,415
	1,359,024		Charles Schwab Corp		24,503
	52,701		CME Group, Inc		15,891
	844,100	*	Daiwa Securities Group, Inc		3,877
	41,143		Deutsche Boerse AG.		3,115
	410,924		Discover Financial Services		9,911
	48,717		Duff & Phelps Corp		778
	31,220		Eaton Vance Corp		1,007
	51,550		Evercore Partners, Inc (Class A)		1,768
	46,159	e	Federated Investors, Inc (Class B)		1,235
	234,984		Franklin Resources, Inc		29,392
	570	e	Greenhill & Co, Inc		38
	246,000		Hong Kong Exchanges and Clearing Ltd		5,338
	906,575	*	ING Groep NV		11,508
	81,091	*	IntercontinentalExchange, Inc		10,018
	1,750	*	International Assets Holding Corp		44
	418,596		Invesco Ltd		10,699
	3,030	*	Investment Technology Group, Inc		55
	3,510		Janus Capital Group, Inc		44
	1,570		KBW, Inc		41
	84,613		Legg Mason, Inc		3,054
	454,885	*	MF Global Holdings Ltd		3,766
	81,929	*	Nasdaq Stock Market, Inc		2,117
	133,016	*	NewStar Financial, Inc		1,453
	721,800	*	Nomura Holdings, Inc		3,731
	204,244		Northern Trust Corp		10,365
	254,612		NYSE Euronext		8,955
	7,510	*	PHH Corp		163
	15,778	*	Safeguard Scientifics, Inc		321
	92,049		SEI Investments Co		2,198

374

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	463,000		Singapore Exchange Ltd	$	2,882
	497,483		State Street Corp		22,357
	252,140		T Rowe Price Group, Inc		16,747
	29,020	*	TradeStation Group, Inc		204
			TOTAL DIVERSIFIED FINANCIALS		328,148
ENERGY - 6.6%
	325,046		Apache Corp		42,554
	218,947	*,e	ATP Oil & Gas Corp		3,965
	4,366	*	Atwood Oceanics, Inc		203
	706,010		BG Group plc		17,527
	2,730	*	Brigham Exploration Co		102
	17,011	*	Bronco Drilling Co, Inc		192
	108,819		Cabot Oil & Gas Corp		5,764
	135,202	*	Cairn Energy plc		1,002
	7,080	*	Cal Dive International, Inc		49
	193,317	*	Cameron International Corp		11,038
	21,895	e	CARBO Ceramics, Inc		3,090
	5,590	*	Carrizo Oil & Gas, Inc		206
	245,100		Cenovus Energy, Inc		9,683
	635,824		Chesapeake Energy Corp		21,313
	110,102		Cimarex Energy Co		12,688
	258,739	*,e	Clean Energy Fuels Corp		4,238
	38,527	*	Compagnie Generale de Geophysique S.A.		1,394
	48,215	*	Complete Production Services, Inc		1,534
	9,953	*	Concho Resources, Inc		1,068
	43,560	*	Contango Oil & Gas Co		2,755
	103,000		Cosmo Oil Co Ltd		320
	184,621		Crosstex Energy, Inc		1,837
	6,000	*	Dawson Geophysical Co		263
	403,133	*	Denbury Resources, Inc		9,836
	419,784	*	Devon Energy Corp		38,523
	214,686	e	Diamond Offshore Drilling, Inc		16,681
	1,400	*	Dresser-Rand Group, Inc		75
	14,074	*	Dril-Quip, Inc		1,112
	707,992		El Paso Corp		12,744
	127,737		Enbridge, Inc		7,829
	575,299		ENI S.p.A.		14,116
	261,322		EOG Resources, Inc		30,969
	350,471		Equitable Resources, Inc		17,489
	26,900		EXCO Resources, Inc		556
	4,429	*,e	Exterran Holdings, Inc		105
	108,543	*	FMC Technologies, Inc		10,255
	12,700		Fugro NV		1,120
	70,800		Galp Energia SGPS S.A.		1,513
	164,944	*	Global Industries Ltd		1,615
	16,840	*,e	GMX Resources, Inc		104
	47,478	*,e	Goodrich Petroleum Corp		1,055
	22,906		Gulf Island Fabrication, Inc		737
	58,674	*	Gulfmark Offshore, Inc		2,612
	23,118	*	Gulfport Energy Corp		836
	374,826		Hess Corp		31,939

375

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	151,299	*,e	Hornbeck Offshore Services, Inc	$	4,668
	1,300		Idemitsu Kosan Co Ltd		152
	670		Inpex Holdings, Inc		5,069
	49,728	*	ION Geophysical Corp		631
	5,100		Japan Petroleum Exploration Co		255
	4,180	*	Key Energy Services, Inc		65
	35	*	Kinder Morgan Management LLC		2
	12,938		Lufkin Industries, Inc		1,209
	697,138		Marathon Oil Corp		37,164
	440,339		National Oilwell Varco, Inc		34,907
	101,331		Neste Oil Oyj		2,088
	145,045	*	Newfield Exploration Co		11,025
	245,777		Nexen, Inc		6,127
	119,405		Noble Corp		5,447
	288,720		Noble Energy, Inc		27,905
	5,623	*,e	Northern Oil And Gas, Inc		150
	10,868	*	Oceaneering International, Inc		972
	14,886	*	Oil States International, Inc		1,133
	133,109		OMV AG.		6,018
	442,320		Origin Energy Ltd		7,424
	1,130	e	Overseas Shipholding Group, Inc		36
	4,321	*	OYO Geospace Corp		426
	116,560	*	Parker Drilling Co		805
	5,600		Penn West Energy Trust		155
	228,895	*	PetroHawk Energy Corp		5,617
	32,190	*	Petroleum Development Corp		1,545
	67,500	*,e	Petroquest Energy, Inc		632
	86,690	*	Pioneer Drilling Co		1,196
	169,511	e	Pioneer Natural Resources Co		17,277
	166,370	*	Pride International, Inc		7,146
	274,533		Questar Market Resources, Inc		11,130
	104,726	*	Quicksilver Resources, Inc		1,499
	91,308		Range Resources Corp		5,338
	769,765	*,e	Rentech, Inc		962
	293,175		Repsol YPF S.A.		10,048
	36,777	*,e	Rex Energy Corp		428
	13,890	*	Rosetta Resources, Inc		660
	3,242	e	RPC, Inc		82
	19,311		Saipem S.p.A.		1,026
	439,137		Santos Ltd		7,061
	400		SEACOR Holdings, Inc		37
	229,704	*	Southwestern Energy Co		9,870
	1,115,375		Spectra Energy Corp		30,316
	82,840		St. Mary Land & Exploration Co		6,146
	360,004		Suncor Energy, Inc		16,145
	38,401		Sunoco, Inc		1,751
	393,500		Talisman Energy, Inc		9,729
	6,769		Technip S.A.		722
	126,056		Tenaris S.A.		3,093
	800		Tidewater, Inc		48
	167,904		Tullow Oil plc		3,896
	117,970	*	Ultra Petroleum Corp		5,810

376

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	41,805	*	Unit Corp	$	2,590
	59,984	e	W&T Offshore, Inc		1,367
	353,088	*	Weatherford International Ltd		7,980
	93,910	*	Whiting Petroleum Corp		6,898
	571,890		Williams Cos, Inc		17,832
	23,892		WorleyParsons Ltd		765
			TOTAL ENERGY		695,081
FOOD & STAPLES RETAILING - 1.4%
	114,200		Aeon Co Ltd		1,323
	179,256		Carrefour S.A.		7,919
	1,300		Casey’s General Stores, Inc		51
	3,876		Casino Guichard Perrachon S.A.		367
	453,392		Costco Wholesale Corp		33,244
	10,250		Delhaize Group		835
	46,668		J Sainsbury plc		251
	54,500		Jeronimo Martins SGPS S.A.		875
	6,988		Kesko Oyj (B Shares)		327
	216,057		Koninklijke Ahold NV		2,898
	324,205		Kroger Co		7,771
	9,800		Lawson, Inc		472
	31,000		Loblaw Cos Ltd		1,242
	58,366		Metro AG.		3,975
	8,100		Metro, Inc		386
	13,956		Nash Finch Co		529
	1,400		Ruddick Corp		54
	416,801		Safeway, Inc		9,811
	89,900		Seven & I Holdings Co Ltd		2,290
	18,582		Spartan Stores, Inc		275
	862,978		Sysco Corp		23,904
	1,655,276		Tesco plc		10,112
	1,270	*	United Natural Foods, Inc		57
	770,158		Walgreen Co		30,914
	51,083		Whole Foods Market, Inc		3,366
	2,600	*	Winn-Dixie Stores, Inc		19
	28,443		WM Morrison Supermarkets plc		126
	157,977		Woolworths Ltd		4,391
			TOTAL FOOD & STAPLES RETAILING		147,784
FOOD, BEVERAGE & TOBACCO - 2.2%
	97,000		Ajinomoto Co, Inc		1,009
	400		Alico, Inc		11
	25,518		Aryzta AG.		1,304
	143,384		Associated British Foods plc		2,282
	333,084	e	Campbell Soup Co		11,028
	189,544		Coca Cola Hellenic Bottling Co S.A.		5,086
	75,475		ConAgra Foods, Inc		1,793
	5,450	*	Darling International, Inc		84
	1,010	e	Diamond Foods, Inc		56
	1,400		Flowers Foods, Inc		38
	744,260		General Mills, Inc		27,202
	20,437	*,e	Green Mountain Coffee Roasters, Inc		1,320

377

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	169,225		Groupe Danone	$	11,044
	341,849		H.J. Heinz Co		16,689
	2,100	*	Hain Celestial Group, Inc		68
	12,910	*	Hansen Natural Corp		778
	19,174		Hormel Foods Corp		534
	37,588		J.M. Smucker Co		2,683
	442,826		Kellogg Co		23,904
	13,464		Kerry Group plc (Class A)		501
	31,000		Kikkoman Corp		292
	1,152,986		Kraft Foods, Inc (Class A)		36,157
	2,677		Lancaster Colony Corp		162
	1,600		Lance, Inc		32
	21,747		McCormick & Co, Inc		1,040
	28,500		Nisshin Seifun Group, Inc		328
	10,900		Nissin Food Products Co Ltd		384
	866,867		PepsiCo, Inc		55,835
	1,876	*	Ralcorp Holdings, Inc		128
	22,200		Saputo, Inc		1,002
	556,346		Sara Lee Corp		9,831
	11,096	e	Tootsie Roll Industries, Inc		315
	890	*	TreeHouse Foods, Inc		51
	334,862		Unilever NV		10,492
	361,651		Unilever plc		11,018
	68,900		Viterra, Inc		836
	40,900		Yakult Honsha Co Ltd		1,047
			TOTAL FOOD, BEVERAGE & TOBACCO		236,364
HEALTH CARE EQUIPMENT & SERVICES - 2.0%
	478,977		Aetna, Inc		17,928
	1,880	*	American Medical Systems Holdings, Inc		41
	10,800	*	Amsurg Corp		275
	3,704		Analogic Corp		209
	1,610	*,e	athenahealth, Inc		73
	579,568		Baxter International, Inc		31,164
	62,688		Beckman Coulter, Inc		5,207
	315,215		Becton Dickinson & Co		25,097
	3,600	*	CardioNet, Inc		17
	22,716	*	Catalyst Health Solutions, Inc		1,271
	39,170	*	Centene Corp		1,292
	9,990		Chemed Corp		665
	1,190		Cigna Corp		53
	2,310	*,e	Conceptus, Inc		33
	4,670	*	Corvel Corp		248
	1,930	*	Coventry Health Care, Inc		62
	115,816		Dentsply International, Inc		4,284
	3,100	*	Gen-Probe, Inc		206
	12,050	*	Greatbatch, Inc		319
	730	*	Haemonetics Corp		48
	5,210	*	Health Management Associates, Inc (Class A)		57
	20,090	*	Healthways, Inc		309
	16,830	*	Henry Schein, Inc		1,181
	69,737		Hill-Rom Holdings, Inc		2,649

378

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	760	*	HMS Holdings Corp	$	62
	100,596	*	Humana, Inc		7,036
	39,913	*,e	Idexx Laboratories, Inc		3,082
	1,200	*	Integra LifeSciences Holdings Corp		57
	12,868	*	Intuitive Surgical, Inc		4,291
	4,500		Invacare Corp		140
	48,070	*	Inverness Medical Innovations, Inc		1,881
	29,553	*	Kinetic Concepts, Inc		1,608
	50,210	*	LifePoint Hospitals, Inc		2,017
	1,760		Masimo Corp		58
	190,858		McKesson Corp		15,087
	1,730	*	MedAssets, Inc		26
	115,857	*	Medco Health Solutions, Inc		6,507
	926,509		Medtronic, Inc		36,459
	2,350		Meridian Bioscience, Inc		56
	27,680	*	Molina Healthcare, Inc		1,107
	8,672	*	MWI Veterinary Supply, Inc		700
	69,800		Olympus Corp		1,944
	3,000	*	Omnicell, Inc		46
	8,337		Owens & Minor, Inc		271
	1,888	*	Palomar Medical Technologies, Inc		28
	78,813	e	Patterson Cos, Inc		2,537
	24,754	*	PharMerica Corp		283
	2,500	*	PSS World Medical, Inc		68
	22,842	*	Resmed, Inc		685
	1,120	*	Sirona Dental Systems, Inc		56
	40,359		STERIS Corp		1,394
	3,100		Universal American Financial Corp		71
	493,038		WellPoint, Inc		34,408
	1,000		West Pharmaceutical Services, Inc		45
	2,100	*	Wright Medical Group, Inc		36
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		214,734
HOUSEHOLD & PERSONAL PRODUCTS - 1.7%
	5,870		Alberto-Culver Co		219
	254,286		Avon Products, Inc		6,876
	9,680		Beiersdorf AG.		591
	7,875		Church & Dwight Co, Inc		625
	69,468		Clorox Co		4,868
	290,808		Colgate-Palmolive Co		23,486
	38,043		Estee Lauder Cos (Class A)		3,666
	106		Henkel KGaA		6
	156,880		Henkel KGaA (Preference)		9,710
	181,200		Kao Corp		4,521
	422,428		Kimberly-Clark Corp		27,572
	63,795		L’Oreal S.A.		7,433
	1,610		Nu Skin Enterprises, Inc (Class A)		46
	1,289,201		Procter & Gamble Co		79,414
	152,666		Reckitt Benckiser Group plc		7,836
	190,000		Shiseido Co Ltd		3,291
	18,375	*,e	USANA Health Sciences, Inc		634
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		180,794

379

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
INSURANCE - 2.3%
	500,495		Aflac, Inc	$	26,416
	777	*	Alleghany Corp		257
	4,400		American Equity Investment Life Holding Co		58
	836,991		AMP Ltd		4,706
	19,698	*	Arch Capital Group Ltd		1,954
	1,500		Arthur J. Gallagher & Co		46
	126,789		Aspen Insurance Holdings Ltd		3,494
	421,772		Assicurazioni Generali S.p.A.		9,116
	96,941		Assurant, Inc		3,733
	18,354		Axis Capital Holdings Ltd		641
	435,146		Chubb Corp		26,679
	402,055		Cincinnati Financial Corp		13,187
	101,311		CNP Assurances		2,150
	1,400		Donegal Group, Inc (Class A)		19
	2,400		Employers Holdings, Inc		50
	49,047		Endurance Specialty Holdings Ltd		2,394
	27,664		Erie Indemnity Co (Class A)		1,967
	8,696		Everest Re Group Ltd		767
	578,359	*	Genworth Financial, Inc (Class A)		7,785
	22,550		Hanover Insurance Group, Inc		1,020
	1,200		Harleysville Group, Inc		40
	3,500	*	Hilltop Holdings, Inc		35
	418,327		Insurance Australia Group Ltd		1,554
	342,419		Lincoln National Corp		10,286
	5,014	*	Markel Corp		2,078
	4,850	e	Meadowbrook Insurance Group, Inc		50
	116,855		Montpelier Re Holdings Ltd		2,065
	65,128		Muenchener Rueckver AG.		10,245
	55,212	*,e	National Financial Partners Corp		814
	700	*	Navigators Group, Inc		36
	2,327,839		Old Mutual plc		5,071
	6,698		PartnerRe Ltd		531
	405,332	*	Phoenix Cos, Inc		1,103
	53,051		Platinum Underwriters Holdings Ltd		2,021
	328,986		Principal Financial Group		10,564
	700	*	ProAssurance Corp		44
	857,690		Progressive Corp		18,123
	27,412		Protective Life Corp		728
	706,164		Prudential plc		7,997
	700	e	RLI Corp		40
	1,347,546		Royal & Sun Alliance Insurance Group plc		2,839
	900		Safety Insurance Group, Inc		41
	2,400		Selective Insurance Group, Inc		42
	5,540		Stancorp Financial Group, Inc		256
	982,936		Standard Life plc		3,257
	532,520		Suncorp-Metway Ltd		4,672
	140,685		Swiss Reinsurance Co		8,017
	88,990		T&D Holdings, Inc		2,193
	509,088		Travelers Cos, Inc		30,282
	124,529		W.R. Berkley Corp		4,011

380

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	100		Wesco Financial Corp	$	39
	130		White Mountains Insurance Group Ltd		47
	200,570		XL Capital Ltd		4,934
			TOTAL INSURANCE		240,494
MATERIALS - 4.3%
	37,300		Acerinox S.A.		736
	57,558		Agnico-Eagle Mines Ltd		3,826
	20,600		Agrium, Inc (Toronto)		1,902
	87,628		Air Liquide		11,653
	307,860		Air Products & Chemicals, Inc		27,764
	21,000		Air Water, Inc		256
	6,480		Airgas, Inc		430
	19,300		Akzo Nobel NV		1,328
	1,136,280		Alcoa, Inc		20,055
	66,030	e	Allegheny Technologies, Inc		4,472
	111,292	*	Allied Nevada Gold Corp		3,949
	1,087,717		Alumina Ltd		2,772
	122,822		AMCOL International Corp		4,419
	279,194		Antofagasta plc		6,086
	21,600		Aptargroup, Inc		1,083
	1,400		Arch Chemicals, Inc		58
	203,000		Asahi Kasei Corp		1,367
	37,644		Ball Corp		1,350
	88,978		BASF AG.		7,680
	86,309		Bemis Co, Inc		2,832
	372,433		BlueScope Steel Ltd		761
	13,556		Boliden AB		292
	52,800		Buckeye Technologies, Inc		1,438
	27,330	*	Calgon Carbon Corp		434
	1,160		Carpenter Technology Corp		50
	50,895	*	Castle (A.M.) & Co		961
	72,203		Cimpor Cimentos de Portugal S.A.		522
	1,186	*	Clearwater Paper Corp		97
	143,299	e	Cleveland-Cliffs, Inc		14,083
	146,100	*	Coeur d’Alene Mines Corp		5,081
	110,909		Commercial Metals Co		1,915
	10,420		Compass Minerals International, Inc		975
	270,968		CRH plc		6,225
	5,992		Domtar Corporation		550
	74,000		Dowa Holdings Co Ltd		461
	5,800		DSM NV		357
	900		Eastman Chemical Co		89
	370,453		Ecolab, Inc		18,902
	5,690	*	Ferro Corp		94
	422		Fletcher Building Ltd		3
	630,839		Fortescue Metals Group Ltd		4,180
	74,210	*,e	General Moly, Inc		399
	1,052		Givaudan S.A.		1,058
	22,564		Glatfelter		301
	84,077		H.B. Fuller Co		1,806
	41,614		HeidelbergCement AG.		2,894

381

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	30,000		Hitachi Metals Ltd	$	378
	53,966		Holcim Ltd		4,056
	2,400		Holmen AB (B Shares)		83
	39,200	*	Horsehead Holding Corp		668
	49,200		Inmet Mining Corp		3,458
	22,086		Innophos Holdings, Inc		1,018
	1,000		International Flavors & Fragrances, Inc		62
	206,873		International Paper Co		6,242
	154,662		Israel Chemicals Ltd		2,546
	48,900		JSR Corp		981
	77,699		K+S AG.		5,859
	38,000		Kaneka Corp		265
	269,300		Kinross Gold Corp		4,244
	58,000		Kuraray Co Ltd		749
	46,374		Linde AG.		7,322
	39,055		Lonmin plc		1,066
	121,887	*	Louisiana-Pacific Corp		1,280
	55,925		Lubrizol Corp		7,492
	240,027	*	LyondellBasell Industries AF S.C.A		9,493
	100,756		MacArthur Coal Ltd		1,208
	231,590		MeadWestvaco Corp		7,023
	24,336		Minerals Technologies, Inc		1,668
	297,500		Mitsubishi Chemical Holdings Corp		1,874
	48,000		Mitsubishi Gas Chemical Co, Inc		344
	120,960		Mitsui Chemicals, Inc		429
	475,000		Mitsui Mining & Smelting Co Ltd		1,652
	2,100		Myers Industries, Inc		21
	38,497		Nalco Holding Co		1,051
	2,220		Neenah Paper, Inc		49
	227,840		Newcrest Mining Ltd		9,386
	1,787,000		Nippon Steel Corp		5,717
	212,000		Nisshin Steel Co Ltd		455
	31,500		Nitto Denko Corp		1,669
	577,043		Norsk Hydro ASA		4,731
	6,330		Novozymes AS (B Shares)		967
	414,559		Nucor Corp		19,078
	29,346		Olympic Steel, Inc		963
	1,370	*	OM Group, Inc		50
	439,577		OneSteel Ltd		1,109
	43,142		Orica Ltd		1,178
	34,763	*	Owens-Illinois, Inc		1,049
	863,952		Oxiana Ltd		1,427
	94,500		Potash Corp of Saskatchewan Toronto		5,574
	314,717		Praxair, Inc		31,976
	1,380		Quaker Chemical Corp		55
	30,024		Rautaruukki Oyj		719
	127,308	e	Reliance Steel & Aluminum Co		7,356
	15,189	e	Rock-Tenn Co (Class A)		1,053
	151,109	e	Royal Gold, Inc		7,918
	13,953		Salzgitter AG.		1,099
	850		Schnitzer Steel Industries, Inc (Class A)		55
	48,265		Sealed Air Corp		1,287

382

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	92,200		Shin-Etsu Chemical Co Ltd	$	4,589
	200,228		Sigma-Aldrich Corp		12,743
	53,104		Sims Group Ltd		959
	10,200		Solvay S.A.		1,209
	105,431		Sonoco Products Co		3,820
	11,100	*	Spartech Corp		80
	67,100		Ssab Svenskt Stal AB (Series A)		1,061
	600		Stepan Co		44
	44,488	*	Stillwater Mining Co		1,020
	153,116		Stora Enso Oyj (R Shares)		1,823
	360,000		Sumitomo Chemical Co Ltd		1,799
	1,291,000		Sumitomo Metal Industries Ltd		2,886
	331,000		Sumitomo Metal Mining Co Ltd		5,690
	121,590		Svenska Cellulosa AB (B Shares)		1,957
	42,000		Taiyo Nippon Sanso Corp		350
	174,600		Teck Cominco Ltd		9,255
	74,000		Teijin Ltd		331
	47,558		Temple-Inland, Inc		1,113
	68,329	*,e	Titanium Metals Corp		1,270
	305,000		Toray Industries, Inc		2,214
	41,000		Tosoh Corp		147
	117,300		Toyo Seikan Kaisha Ltd		1,920
	268,000		UBE Industries Ltd		853
	15,649		Umicore		776
	375,904	e	United States Steel Corp		20,277
	133,335		UPM-Kymmene Oyj		2,819
	56,795	*,e	US Gold Corp		501
	45,540		Valspar Corp		1,781
	28,882		Voestalpine AG.		1,357
	112,777	e	Vulcan Materials Co		5,143
	10,800		Wausau Paper Corp		83
	260,642		Worthington Industries, Inc		5,453
	665,023		Xstrata plc		15,516
	254,700		Yamana Gold, Inc		3,147
	8,300		Yamato Kogyo Co Ltd		277
	20,900		Yara International ASA		1,059
	6,400	*,e	Zoltek Cos, Inc		86
			TOTAL MATERIALS		460,806
MEDIA - 1.7%
	1,380		Arbitron, Inc		55
	107,294	*	Discovery Communications, Inc (Class A)		4,281
	55,452	*	Discovery Communications, Inc (Class C)		1,952
	48,307	*	DreamWorks Animation SKG, Inc (Class A)		1,349
	42,671	*	Entercom Communications Corp (Class A)		470
	345,020	*	Entravision Communications Corp (Class A)		935
	78,791	*	EW Scripps Co (Class A)		780
	22,077	*	Fisher Communications, Inc		686
	40,459		Harte-Hanks, Inc		481
	9,947		John Wiley & Sons, Inc (Class A)		506
	226,343	*	Journal Communications, Inc (Class A)		1,358
	6,075	*	Knology, Inc		78

383

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	11,413		Lagardere S.C.A.	$	487
	273,325	*,e	Liberty Global, Inc (Class A)		11,319
	256,931	*	Lin TV Corp (Class A)		1,524
	169,294	*,e	McClatchy Co (Class A)		576
	38,093	e	Meredith Corp		1,292
	195,819	*	New York Times Co (Class A)		1,854
	428,809	e	Omnicom Group, Inc		21,038
	551,411		Pearson plc		9,741
	1,550		Scholastic Corp		42
	123,844		Scripps Networks Interactive (Class A)		6,203
	2,398,052	*,e	Sirius XM Radio, Inc		3,981
	137,261		Thomson Corp (Toronto)		5,387
	394,679		Time Warner Cable, Inc		28,157
	38,064	*	Valassis Communications, Inc		1,109
	304,219		Virgin Media, Inc		8,454
	1,221,396		Walt Disney Co		52,631
	18,736	e	Washington Post Co (Class B)		8,198
	25,400		Wolters Kluwer NV		594
	683,960		WPP plc		8,429
	239,700		Yellow Pages Income Fund		1,362
			TOTAL MEDIA		185,309
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.2%
	940,559		Abbott Laboratories		46,134
	17,804	*	Affymetrix, Inc		93
	277,569	*	Agilent Technologies, Inc		12,430
	94,231	*	Akorn, Inc		544
	264,695		Allergan, Inc		18,799
	1,400	*,e	Alnylam Pharmaceuticals, Inc		13
	11,418	*	Amylin Pharmaceuticals, Inc		130
	16,702	*	Arena Pharmaceuticals, Inc		23
	122,112	*	Ariad Pharmaceuticals, Inc		918
	167,180		Astellas Pharma, Inc		6,191
	13,508	*,e	Auxilium Pharmaceuticals, Inc		290
	235,505	*	Biogen Idec, Inc		17,284
	55,710	*	BioMimetic Therapeutics, Inc		730
	400	*	Bio-Rad Laboratories, Inc (Class A)		48
	34,162		Biovail Corp		1,705
	1,356,606		Bristol-Myers Squibb Co		35,855
	25,700	*	Bruker BioSciences Corp		536
	28,175	*	Celera Corp		228
	50,897	*	Cepheid, Inc		1,426
	171,400		Chugai Pharmaceutical Co Ltd		2,948
	64,111		CSL Ltd		2,368
	1,940	*,e	Cubist Pharmaceuticals, Inc		49
	68,874	*	Dendreon Corp		2,578
	500	*	Dionex Corp		59
	251,617	*	Durect Corp		906
	18,820	*	Dyax Corp		30
	118,891	*	Endo Pharmaceuticals Holdings, Inc		4,537
	244,589	*	Genzyme Corp		18,626
	29,826	*,e	Geron Corp		151

384

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	832,056	*	Gilead Sciences, Inc	$	35,313
	888,880		GlaxoSmithKline plc		16,937
	28,636	*	Hospira, Inc		1,581
	4,270	*,e	Immunogen, Inc		39
	104,026	*,e	Incyte Corp		1,649
	54,690	*	Isis Pharmaceuticals, Inc		494
	1,262,999		Johnson & Johnson		74,833
	48,557	*	Life Technologies Corp		2,545
	1,644,511		Merck & Co, Inc		54,285
	6,209		Merck KGaA		560
	235,303	*	Nektar Therapeutics		2,228
	83,237	*	Neurocrine Biosciences, Inc		632
	353,003		Novartis AG.		19,115
	122,745		Novo Nordisk AS (Class B)		15,415
	1,100	*	Onyx Pharmaceuticals, Inc		39
	152,451		PDL BioPharma, Inc		884
	21,168	*	Pharmasset, Inc		1,666
	73,809	*,e	Pozen, Inc		396
	27,366	*,e	Progenics Pharmaceuticals, Inc		169
	25,743	*	Regeneron Pharmaceuticals, Inc		1,157
	121,925		Roche Holding AG.		17,407
	72,210	*	Salix Pharmaceuticals Ltd		2,530
	19,327	*,e	Sangamo Biosciences, Inc		161
	2,800		Santen Pharmaceutical Co Ltd		112
	3,300	*,e	Seattle Genetics, Inc		51
	7,300	*,e	Sequenom, Inc		46
	1,297	*,e	Synta Pharmaceuticals Corp		7
	141,300		Takeda Pharmaceutical Co Ltd		6,592
	2,390		Techne Corp		171
	3,140	*,e	Theravance, Inc		76
	11,024	*	United Therapeutics Corp		739
	88,049	*,e	Vivus, Inc		545
	62,597	*	Waters Corp		5,440
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		439,443
REAL ESTATE - 1.2%
	2,571		Acadia Realty Trust		49
	55,900		Aeon Mall Co Ltd		1,199
	37,122		AMB Property Corp		1,335
	1,500		American Campus Communities, Inc		50
	1,171,038		Annaly Capital Management, Inc		20,434
	113,850		Anworth Mortgage Asset Corp		807
	1,500		BioMed Realty Trust, Inc		29
	91,315		Boston Properties, Inc		8,660
	600		Brandywine Realty Trust		7
	1,010		BRE Properties, Inc (Class A)		48
	195,440		British Land Co plc		1,732
	7,785		Capital Lease Funding, Inc		43
	62,720		Capstead Mortgage Corp		802
	25,300		CBL & Associates Properties, Inc		441
	21,544		Cedar Shopping Centers, Inc		130
	1,080		Corporate Office Properties Trust		39

385

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	198,000		Daiwa House Industry Co Ltd	$	2,422
	2,000,999		DB RREEF Trust		1,758
	4,630		DiamondRock Hospitality Co		52
	24,718	e	Digital Realty Trust, Inc		1,437
	2,780		Douglas Emmett, Inc		52
	173,397		Duke Realty Corp		2,429
	1,000		EastGroup Properties, Inc		44
	6,440		Education Realty Trust, Inc		52
	2,600	e	Equity One, Inc		49
	2,900		Extra Space Storage, Inc		60
	11,054		Federal Realty Investment Trust		902
	166,347	*	FelCor Lodging Trust, Inc		1,020
	276,111	*,e	First Industrial Realty Trust, Inc		3,283
	2,300		First Potomac Realty Trust		36
	1,144	*	Forest City Enterprises, Inc (Class A)		22
	26,565	*	Forestar Real Estate Group, Inc		505
	2,600	e	Franklin Street Properties Corp		37
	52,310		Glimcher Realty Trust		484
	297,596		GPT Group (ASE)		966
	1,200	e	Hatteras Financial Corp		34
	112,205		HCP, Inc		4,256
	67,445		Health Care REIT, Inc		3,536
	2,000		Healthcare Realty Trust, Inc		45
	97,903		Hersha Hospitality Trust		582
	7,346	e	Highwoods Properties, Inc		257
	587,947		Host Marriott Corp		10,353
	22,144		HRPT Properties Trust		575
	816	e	Investors Real Estate Trust		8
	2,160		Jones Lang LaSalle, Inc		215
	1,340		Kilroy Realty Corp		52
	275,754		Kimco Realty Corp		5,056
	279,836		Land Securities Group plc		3,289
	1,880		LaSalle Hotel Properties		51
	16,326	e	Lexington Corporate Properties Trust		153
	348,312		Liberty International plc		2,140
	44,728	e	Liberty Property Trust		1,472
	6,565		LTC Properties, Inc		186
	36,619		Macerich Co		1,814
	4,400		Medical Properties Trust, Inc		51
	32,830		MFA Mortgage Investments, Inc		269
	14,820		Mid-America Apartment Communities, Inc		951
	321,032		Mirvac Group		413
	305,810		Mitsui Fudosan Co Ltd		5,027
	378,528	e	NorthStar Realty Finance Corp		2,025
	1,200		Parkway Properties, Inc		20
	5,168		Post Properties, Inc		203
	504,551		Prologis		8,062
	700		PS Business Parks, Inc		41
	808,472	e	RAIT Investment Trust		1,989
	11,900		Regency Centers Corp		517
	423,884		Segro plc		2,186
	606,928		Stockland Trust Group		2,328

386

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	1,530	e	Sun Communities, Inc	$	55
	4,490	*	Sunstone Hotel Investors, Inc		46
	2,040		Tanger Factory Outlet Centers, Inc		54
	1,060		Taubman Centers, Inc		57
	13,412		Unibail		2,907
	1,100		Universal Health Realty Income Trust		45
	5,660		Urstadt Biddle Properties, Inc (Class A)		108
	5,300		U-Store-It Trust		56
	36,228		Ventas, Inc		1,967
	131,412		Vornado Realty Trust		11,498
	1,500		Washington Real Estate Investment Trust		47
			TOTAL REAL ESTATE		126,411
RETAILING - 2.2%
	2,050		Aaron’s, Inc		52
	2,050		Advance Auto Parts, Inc		135
	83,950		American Eagle Outfitters, Inc		1,334
	10,610	*	Ann Taylor Stores Corp		309
	44,346	*	Autozone, Inc		12,131
	900		Barnes & Noble, Inc		8
	166,272	*	Bed Bath & Beyond, Inc		8,026
	289,374		Best Buy Co, Inc		8,311
	810	*,e	Blue Nile, Inc		44
	4,363	*,e	Bon-Ton Stores, Inc/the		68
	1,200	e	Buckle, Inc		48
	8,200		Canadian Tire Corp Ltd		544
	50,476	*	Carmax, Inc		1,620
	12,190	*	Charming Shoppes, Inc		52
	52,582		Chico’s FAS, Inc		783
	3,400		Christopher & Banks Corp		22
	1,710	*,e	DSW, Inc (Class A)		68
	249,700		Esprit Holdings Ltd		1,145
	12,500		Fast Retailing Co Ltd		1,565
	2,586		Finish Line, Inc (Class A)		51
	51,032		Foot Locker, Inc		1,006
	31,240	*,e	GameStop Corp (Class A)		704
	473,986		Gap, Inc		10,741
	282,106		Genuine Parts Co		15,133
	2,200		Haverty Furniture Cos, Inc		29
	175,315		Hennes & Mauritz AB (B Shares)		5,820
	1,630	*,e	hhgregg, Inc		22
	121,498	*	Hibbett Sports, Inc		4,351
	109,700		Home Retail Group		340
	19,710		Hot Topic, Inc		112
	36,700	*	HSN, Inc		1,176
	56,720		Inditex S.A.		4,551
	129,084		JC Penney Co, Inc		4,635
	380,300		Kingfisher plc		1,498
	291,488		Kohl’s Corp		15,461
	747,810		Li & Fung Ltd		3,824
	402,420	*	Liberty Media Holding Corp (Interactive A)		6,454
	242,300		Limited Brands, Inc		7,967

387

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	2,500	*	LKQ Corp	$	60
	1,193,973		Lowe’s Cos, Inc		31,558
	101,698		Macy’s, Inc		2,467
	3,280		Men’s Wearhouse, Inc		89
	1,635		Monro Muffler, Inc		54
	94,376		Nordstrom, Inc		4,236
	78,565	*	Office Depot, Inc		364
	99,751	*	Orbitz Worldwide, Inc		356
	800	*	O’Reilly Automotive, Inc		46
	10,103	*	Overstock.com, Inc		159
	4,580		PEP Boys - Manny Moe & Jack		58
	2,400	e	PetMed Express, Inc		38
	30,830		Petsmart, Inc		1,262
	9,430	*	Pier 1 Imports, Inc		96
	29,641		RadioShack Corp		445
	10,500	*	Retail Ventures, Inc		181
	5,240	*	Sally Beauty Holdings, Inc		73
	1,800	*	Shoe Carnival, Inc		50
	571,765		Staples, Inc		11,104
	3,300		Stein Mart, Inc		33
	4,010	*,e	Talbots, Inc		24
	688,060		Target Corp		34,410
	38,755		Tiffany & Co		2,381
	397,962		TJX Companies, Inc		19,792
	1,220		Tractor Supply Co		73
	1,820	*	Ulta Salon Cosmetics & Fragrance, Inc		88
	11,490		Williams-Sonoma, Inc		465
			TOTAL RETAILING		230,102
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.5%
	80,003	*	Advanced Energy Industries, Inc		1,308
	769,561	*	Advanced Micro Devices, Inc		6,618
	53,685	*	Anadigics, Inc		241
	1,318,773		Applied Materials, Inc		20,599
	42,857		ASML Holding NV		1,906
	524,825	*	Atmel Corp		7,153
	7,922	*	Cabot Microelectronics Corp		414
	1,100	*	Cymer, Inc		62
	2,380	*	Diodes, Inc		81
	141,124	*,e	Energy Conversion Devices, Inc		319
	76,949	*	Entegris, Inc		675
	8	*,e	Evergreen Solar, Inc		0	^
	4,220	*	Fairchild Semiconductor International, Inc		77
	7,010	*	GT Solar International, Inc		75
	7,300	*	Integrated Device Technology, Inc		54
	2,743,168		Intel Corp		55,329
	4,049	*	IXYS Corp		54
	60,054	*	Lattice Semiconductor Corp		354
	344,113	*	LSI Logic Corp		2,340
	27,338	*	LTX-Credence Corp		250
	14,183	*,e	Mattson Technology, Inc		35
	3,840		Micrel, Inc		52

388

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	22,650		MKS Instruments, Inc	$	754
	479,006	*	ON Semiconductor Corp		4,728
	1,300		Power Integrations, Inc		50
	21,351	*	RF Micro Devices, Inc		137
	15,400		Rohm Co Ltd		968
	9,021	*	Rudolph Technologies, Inc		99
	16,682	*,e	Sigma Designs, Inc		216
	58,685	*	Skyworks Solutions, Inc		1,903
	65,663		STMicroelectronics NV		814
	223,528	*,e	Sunpower Corp (Class A)		3,831
	53,521	*,e	Sunpower Corp (Class B)		892
	4,270	*	Teradyne, Inc		76
	1,097,377		Texas Instruments, Inc		37,924
	10,500	*	Ultratech, Inc		309
	114,448		Xilinx, Inc		3,754
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		154,451
SOFTWARE & SERVICES - 4.4%
	627,576		Accenture plc		34,498
	393,701	*	Adobe Systems, Inc		13,055
	1,660	*	Advent Software, Inc		48
	60,961	*	Akamai Technologies, Inc		2,317
	4,609	*	Ansys, Inc		250
	2,440	*	Ariba, Inc		83
	146,248	*	Autodesk, Inc		6,451
	9,500	*	Blackboard, Inc		344
	103,131		Broadridge Financial Solutions, Inc		2,340
	47,980		CA, Inc		1,160
	29,200	*	Ciber, Inc		196
	95,888	*	Compuware Corp		1,108
	1,910	*,e	Constant Contact, Inc		67
	3,620	*	Convergys Corp		52
	12,200	*	CSG Systems International, Inc		243
	91,830		Earthlink, Inc		719
	2,100	e	EPIQ Systems, Inc		30
	25,395	*	Equinix, Inc		2,313
	570		Factset Research Systems, Inc		60
	54,216	*,e	FalconStor Software, Inc		247
	2,253	*	Gartner, Inc		94
	900		Global Payments, Inc		44
	118,209	*	Google, Inc (Class A)		69,295
	2,600	e	iGate Corp		49
	73,887	*	Informatica Corp		3,859
	42,117	*	Internap Network Services Corp		277
	573,180		International Business Machines Corp		93,467
	34,644	*	Intuit, Inc		1,840
	1,740	*	j2 Global Communications, Inc		51
	58,800		Jack Henry & Associates, Inc		1,993
	1,810	*	JDA Software Group, Inc		55
	91,500	*	Lawson Software, Inc		1,107
	24,926	*	Liquidity Services, Inc		445
	12,193	*	Liveperson, Inc		154

389

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	40,415		Marchex, Inc (Class B)	$	318
	49,167	*	Mentor Graphics Corp		719
	1,210	*	Micros Systems, Inc		60
	3,325,618		Microsoft Corp		84,337
	600	*	MicroStrategy, Inc (Class A)		81
	14,350	*	NeuStar, Inc (Class A)		367
	165,999		NIC, Inc		2,068
	12,200		Nintendo Co Ltd		3,317
	286,573	*	Novell, Inc		1,699
	104		NTT Data Corp		321
	1,858,980		Oracle Corp		62,034
	16,200	e	Pegasystems, Inc		615
	3,114	*	Perficient, Inc		37
	2,250	*	Progress Software Corp		65
	675	*	Rackspace Hosting, Inc		29
	75,439	*	RealNetworks, Inc		281
	2,515	*	Rovi Corp		135
	54,977	*	S1 Corp		367
	84,209	*	Salesforce.com, Inc		11,249
	166,184		SAP AG.		10,164
	84,070		Sapient Corp		963
	51,141	*	Smith Micro Software, Inc		479
	2,000	*	Sourcefire, Inc		55
	752,963	*	Symantec Corp		13,960
	1,700	*	Synopsys, Inc		47
	1,700		Syntel, Inc		89
	141,310	*	TIBCO Software, Inc		3,851
	207,162		Total System Services, Inc		3,733
	16,512	*,e	Travelzoo, Inc		1,100
	23,000	*,e	Tyler Technologies, Inc		545
	15,133	*	Ultimate Software Group, Inc		889
	2,370	*	Unisys Corp		74
	55,653		United Online, Inc		351
	32,414	*	Vasco Data Security International		445
	23,300	*	Wright Express Corp		1,208
	984,155	*	Yahoo!, Inc		16,386
			TOTAL SOFTWARE & SERVICES		460,749
TECHNOLOGY HARDWARE & EQUIPMENT - 2.5%
	61,711	*	Acme Packet, Inc		4,379
	11,531	*	Avid Technology, Inc		257
	20,420	*	Benchmark Electronics, Inc		387
	36,913	*,e	Bookham, Inc		425
	223,500		Canon, Inc		9,613
	2,976,006		Cisco Systems, Inc		51,040
	4,800		Cognex Corp		136
	129,390	*	Cray, Inc		835
	7,400		CTS Corp		80
	12,100		Daktronics, Inc		130
	1,734,395	*	Dell, Inc		25,166
	2,120	*	DG FastChannel, Inc		68
	3,605	*	DTS, Inc		168

390

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	1,413,653	*	EMC Corp	$	37,532
	76,433	*	Finisar Corp		1,880
	74,500		Fuji Folms Holdings Corp		2,309
	592,000		Fujitsu Ltd		3,345
	1,247,948		Hewlett-Packard Co		51,127
	28,700	*	Ibiden Co Ltd		908
	6,100	*	Infinera Corp		51
	1,900	*	Ingram Micro, Inc (Class A)		40
	22,232	e	InterDigital, Inc		1,061
	9,686	*	Intermec, Inc		105
	22,664	*	Intevac, Inc		282
	1,920	*	Itron, Inc		108
	118,500		Konica Minolta Holdings, Inc		996
	27,700		Kyocera Corp		2,807
	43,645	*	Lexmark International, Inc (Class A)		1,617
	1,068		Littelfuse, Inc		61
	2,200	e	Molex, Inc		55
	305,379	*	Motorola, Inc		13,648
	2,100		National Instruments Corp		69
	155,116	*	NetApp, Inc		7,473
	1,910	*	Netgear, Inc		62
	883,690		Nokia Oyj		7,524
	30,400		Omron Corp		856
	69,596	*	Oplink Communications, Inc		1,356
	40,673		Plantronics, Inc		1,489
	1,420	*	Plexus Corp		50
	57,360	*	Polycom, Inc		2,974
	210,352	*,e	Power-One, Inc		1,841
	68,816	*	QLogic Corp		1,277
	872,171	*	Quantum Corp		2,198
	112,997	*	Radisys Corp		979
	89,600	*	Research In Motion Ltd (Canada)		5,067
	163,000		Ricoh Co Ltd		1,919
	2,500	*	Rofin-Sinar Technologies, Inc		99
	1,300	*	Scansource, Inc		49
	5,918	*	Seachange International, Inc		56
	258,084	*	Seagate Technology, Inc		3,716
	28,831	*	Smart Modular Technologies WWH, Inc		224
	54,795	*,e	STEC, Inc		1,101
	6,268	*	Super Micro Computer, Inc		101
	8,445		Sycamore Networks, Inc		206
	17,463	*,e	Synaptics, Inc		472
	20,700		TDK Corp		1,224
	3,600	*	Tech Data Corp		183
	40,403	*	Tekelec		328
	217,465		Tellabs, Inc		1,140
	37,576	*	Trimble Navigation Ltd		1,899
	11,800	*	TTM Technologies, Inc		214
	2,300	*,e	Universal Display Corp		127
	1,051,992		Xerox Corp		11,203
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		268,092

391

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
TELECOMMUNICATION SERVICES - 1.7%
	148,096	e	Alaska Communications Systems Group, Inc	$	1,577
	307,098	*	American Tower Corp (Class A)		15,914
	107,000		BCE, Inc		3,887
	337,089		Bezeq Israeli Telecommunication Corp Ltd		1,000
	22,322		Cellcom Israel Ltd		732
	241,746		CenturyTel, Inc		10,045
	161,417	*	Cincinnati Bell, Inc		433
	88,398	*	Crown Castle International Corp		3,761
	303,562		France Telecom S.A.		6,816
	1,616,615		Frontier Communications Corp		13,289
	894		KDDI Corp		5,527
	333,554	*	MetroPCS Communications, Inc		5,417
	2,950	*	Neutral Tandem, Inc		44
	173,514	*	NII Holdings, Inc (Class B)		7,230
	4,926		NTT DoCoMo, Inc		8,600
	27,200	*	PAETEC Holding Corp		91
	219,990		Portugal Telecom SGPS S.A.		2,543
	2,823,149		Qwest Communications International, Inc		19,281
	54,500		Rogers Communications, Inc (Class B)		1,981
	12,564	*	SBA Communications Corp (Class A)		499
	50,700		Softbank Corp		2,020
	3,286,995	*	Sprint Nextel Corp		15,252
	20,557		Swisscom AG.		9,170
	2,598,797		Telecom Italia S.p.A.		3,994
	35,000		Telekom Austria AG.		512
	97,700		Telenor ASA		1,608
	3,516		Telephone & Data Systems, Inc		118
	485,994		TeliaSonera AB		4,200
	62,269	*	tw telecom inc (Class A)		1,196
	2,448	*	US Cellular Corp		126
	8,691,163		Vodafone Group plc		24,769
	808,569	e	Windstream Corp		10,406
			TOTAL TELECOMMUNICATION SERVICES		182,038
TRANSPORTATION - 1.8%
	173,946		Abertis Infraestructuras S.A.		3,775
	438,715	*	Airtran Holdings, Inc		3,268
	13,811		Alexander & Baldwin, Inc		631
	800	e	Allegiant Travel Co		35
	1,490		Arkansas Best Corp		39
	639,647		Auckland International Airport Ltd		1,080
	85,122		Autostrade S.p.A.		1,949
	97,628		Brisa-Auto Estradas de Portugal S.A.		659
	66,237	*	British Airways plc		241
	79,000		Canadian National Railway Co		5,961
	14,500		Canadian Pacific Railway Ltd		932
	816,000		Cathay Pacific Airways Ltd		1,955
	205		Central Japan Railway Co		1,625
	26,343		CH Robinson Worldwide, Inc		1,953
	373,052		CSX Corp		29,321
	411,879	*	Delta Air Lines, Inc		4,036

392

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	134,669	*	Deutsche Lufthansa AG.	$	2,852
	493,298		Deutsche Post AG.		8,866
	17,775	*,e	Dollar Thrifty Automotive Group, Inc		1,186
	44,000		East Japan Railway Co		2,443
	26,179		Expeditors International Washington, Inc		1,313
	299,868		FedEx Corp		28,053
	1,500		Forward Air Corp		46
	1,613		Fraport AG. Frankfurt Airport Services Worldwide		118
	4,700	*	Genesee & Wyoming, Inc (Class A)		274
	2,200		Heartland Express, Inc		39
	2,064	*	Hub Group, Inc (Class A)		75
	1,100		J.B. Hunt Transport Services, Inc		50
	54,060	*	Kansas City Southern Industries, Inc		2,944
	153,000		Kawasaki Kisen Kaisha Ltd		565
	41,000		Keihin Electric Express Railway Co Ltd		295
	46,000		Keio Corp		275
	1,100	*	Kirby Corp		63
	900		Landstar System, Inc		41
	61,000		Mitsui OSK Lines Ltd		352
	1,476,197		MTR Corp		5,462
	397,952		Norfolk Southern Corp		27,565
	95,900		Odakyu Electric Railway Co Ltd		809
	9,835		Ryder System, Inc		498
	624,671		Southwest Airlines Co		7,890
	49,137		TNT NV		1,262
	61,000		Tobu Railway Co Ltd		249
	215,000		Tokyu Corp		892
	88,331		Transurban Group		491
	522,712		United Parcel Service, Inc (Class B)		38,847
	1,600	e	Werner Enterprises, Inc		42
	105,100		Yamato Transport Co Ltd		1,629
			TOTAL TRANSPORTATION		192,946
UTILITIES - 2.7%
	5,000		Acciona S.A.		543
	147,159		Alliant Energy Corp		5,729
	134,154		Aqua America, Inc		3,071
	154,309		Atmos Energy Corp		5,262
	2,700		California Water Service Group		100
	191,538	*	Calpine Corp		3,040
	7,100		Canadian Utilities Ltd		388
	289,986		Centerpoint Energy, Inc		5,092
	22,260		CH Energy Group, Inc		1,125
	272,000		Cheung Kong Infrastructure Holdings Ltd		1,285
	19,900		Chugoku Electric Power Co, Inc		368
	393,869		Cleco Corp		13,506
	701,000		CLP Holdings Ltd		5,667
	445,091		Consolidated Edison, Inc		22,575
	151,789	*	Contact Energy Ltd		674
	24,039		DTE Energy Co		1,177
	251,458	*	Enel Green Power S.p.A		698
	779		Energias de Portugal S.A.		3

393

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	156,400		Gas Natural SDG S.A.	$	2,937
	382,804		Hawaiian Electric Industries, Inc		9,494
	600		Hokkaido Electric Power Co, Inc		12
	1,494,250		Hong Kong & China Gas Ltd		3,585
	411,000		Hong Kong Electric Holdings Ltd		2,748
	987,020		Iberdrola S.A.		8,583
	329,147		Idacorp, Inc		12,541
	749,969		International Power plc		3,704
	12,040		ITC Holdings Corp		842
	30,844		Laclede Group, Inc		1,175
	1,800		MDU Resources Group, Inc		41
	67,199		MGE Energy, Inc		2,721
	1,088,320		National Grid plc		10,353
	13,270		New Jersey Resources Corp		570
	498,075		NextEra Energy, Inc		27,453
	103,323		Nicor, Inc		5,548
	686,326		NiSource, Inc		13,164
	191,351		Northeast Utilities		6,621
	12,740		Northwest Natural Gas Co		588
	81,478		NSTAR		3,770
	442,404		NV Energy, Inc		6,587
	54,813		Oest Elektrizitatswirts AG. (Class A)		2,434
	1,033		Oneok, Inc		69
	1,420	e	Ormat Technologies, Inc		36
	897,000		Osaka Gas Co Ltd		3,579
	775,805		Pepco Holdings, Inc		14,468
	204,417		PG&E Corp		9,031
	183,361		Piedmont Natural Gas Co, Inc		5,565
	1,700		Portland General Electric Co		40
	394,877		PPL Corp		9,990
	187,134		Public Power Corp		3,248
	15,203	e	SCANA Corp		599
	455,571		Scottish & Southern Energy plc		9,217
	198,129		Sempra Energy		10,600
	10,700		Shikoku Electric Power Co, Inc		291
	30,331		SJW Corp		702
	317,700		Snam Rete Gas S.p.A.		1,785
	61,735		South Jersey Industries, Inc		3,455
	24,429		Southwest Gas Corp		952
	2,934		SP AusNet		3
	10,826		Suez Environnement S.A.		224
	179,100		Terna Rete Elettrica Nazionale S.p.A.		857
	722,790		Tokyo Gas Co Ltd		3,297
	6,500		TransAlta Corp		137
	27,622		UIL Holdings Corp		843
	67,641		Veolia Environnement		2,107
	47,867		WGL Holdings, Inc		1,867
	36,192		Wisconsin Energy Corp		1,104
	53,751		Xcel Energy, Inc		1,284
			TOTAL UTILITIES		281,124
			TOTAL COMMON STOCKS		6,404,034
			(Cost $5,018,483)

394

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
PREFERRED STOCKS - 0.0%
BANKS - 0.0%
	233,115	*	Federal Home Loan Mortgage Corp	$	396
	740,991	*	Federal National Mortgage Association		1,260
			TOTAL BANKS		1,656
			TOTAL PREFERRED STOCKS		1,656
			(Cost $24,353)
RIGHTS / WARRANTS - 0.0%
DIVERSIFIED FINANCIALS - 0.0%
	2		Danske Bank AS		0	^
			TOTAL DIVERSIFIED FINANCIALS		0	^
			TOTAL RIGHTS / WARRANTS		0	^
			(Cost $0)

PRINCIPAL		ISSUER	RATE		MATURITY DATE
SHORT-TERM INVESTMENTS - 8.6%
GOVERNMENT AGENCY DEBT - 2.7%
		Federal Home Loan Bank (FHLB)
$	46,700,000	FHLB	0.110	%	04/20/11	46,697
	32,000,000	FHLB	0.150		04/29/11	31,996
	50,000,000	FHLB	0.135-0.140		05/18/11	49,992
	28,460,000	FHLB	0.100-0.110		05/25/11	28,455
		Federal Home Loan Mortgage Corp (FHLMC)
	69,400,000	FHLMC	0.170		04/04/11	69,399
	4,190,000	FHLMC	0.130		04/26/11	4,190
	17,699,000	FHLMC	0.110		05/23/11	17,696
	15,865,000	FHLMC	0.110		05/31/11	15,863
		Federal National Mortgage Association (FNMA)
	24,476,000	FNMA	0.120-0.130		04/26/11	24,474
		TOTAL GOVERNMENT AGENCY DEBT				288,762
TREASURY DEBT - 4.0%
	11,080,000	United States Treasury Bill	0.135		04/21/11	11,079
	75,600,000	United States Treasury Bill	0.115-0.173		04/28/11	75,593
	3,586,000	United States Treasury Bill	0.145		05/19/11	3,585
	50,000,000	United States Treasury Bill	0.060		06/09/11	49,992
	50,000,000	United States Treasury Bill	0.076		06/23/11	49,990
	50,000,000	United States Treasury Bill	0.085		07/14/11	49,986
	60,500,000	United States Treasury Bill	0.090		07/21/11	60,481
	65,600,000	United States Treasury Bill	0.105		07/28/11	65,576
	50,000,000	United States Treasury Bill	0.131		08/25/11	49,972
	6,500,000	United States Treasury Bill	0.301		12/15/11	6,491
		TOTAL TREASURY DEBT				422,745

395

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 1.9%
GOVERNMENT AGENCY DEBT - 0.8%
$	39,706,000	Federal Home Loan Bank (FHLB)	0.150	%	04/27/11		39,702
	20,000,000	Federal Home Loan Mortgage Corp (FHLMC)	0.085		05/31/11		19,999
	20,000,000	Federal National Mortgage Association (FNMA)	0.070		04/27/11		19,999
		TOTAL GOVERNMENT AGENCY DEBT					79,700
TREASURY DEBT - 1.1%
	7,410,000	United States Treasury Bill	0.100		04/21/11		7,410
	41,414,000	United States Treasury Bill	0.125		05/19/11		41,407
	44,150,000	United States Treasury Bill	0.105		07/21/11		44,136
	25,000,000	United States Treasury Bill	0.140		09/08/11		24,983
		TOTAL TREASURY DEBT					117,936
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED					197,636
		TOTAL SHORT-TERM INVESTMENTS					909,143
		(Cost $909,145)
		TOTAL INVESTMENTS - 106.8%					11,325,431
		(Cost $9,876,570)
		OTHER ASSETS & LIABILITIES, NET - (6.8)%					(721,103	)
		NET ASSETS - 100.0%				$	10,604,328

*	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 March 31, 2011 the value of these securities amounted to $169,173,000 or 1.6% of net assets.
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.
j	Zero coupon
k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
m	Indicates a security that has been deemed illiquid.
	Cost amounts are in thousands.

396

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

COLLEGE RETIREMENT EQUITIES FUND
MONEY MARKET ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2011

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
SHORT-TERM INVESTMENTS - 99.9%
BANKERS’ ACCEPTANCES - 0.1%
$	8,000,000		JPMorgan Chase Bank NA	0.150	%	04/05/11	$	8,000
	904,000		JPMorgan Chase Bank NA	0.240		04/06/11		904
			TOTAL BANKERS’ ACCEPTANCES					8,904
CERTIFICATE OF DEPOSIT - 7.7%
	75,000,000		Bank of Montreal	0.220		04/29/11		75,000
	25,000,000		Bank of Nova Scotia	0.240		04/07/11		25,000
	35,000,000		Bank of Nova Scotia	0.250		04/20/11		35,000
	45,000,000		Bank of Nova Scotia	0.260		04/26/11		45,000
	40,000,000		Bank of Nova Scotia	0.270		05/03/11		40,000
	25,000,000		Bank of Nova Scotia	0.270		06/03/11		25,000
	30,000,000		Bank of Nova Scotia	0.270		06/07/11		30,000
	25,000,000		Bank of Nova Scotia	0.260		06/30/11		25,000
	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	0.404		06/20/11		25,000
	50,000,000		BNP Paribas	0.350		04/29/11		50,000
	30,000,000		BNP Paribas	0.330		05/13/11		30,000
	25,000,000		BNP Paribas	0.360		06/21/11		25,000
	45,960,000		BNP Paribas	0.320		06/24/11		45,960
	25,000,000	i	Canadian Imperial Bank of Commerce	0.400		04/28/11		25,000
	50,000,000		Canadian Imperial Bank of Commerce	0.270		05/10/11		50,000
	50,000,000		Deutsche Bank AG	0.280		05/18/11		50,000
	50,000,000		Toronto-Dominion Bank	0.240		04/20/11		50,000
	32,000,000		Toronto-Dominion Bank	0.210		04/28/11		32,000
	50,000,000		Toronto-Dominion Bank	0.220		04/28/11		50,000
	25,000,000		Toronto-Dominion Bank	0.300		05/09/11		25,000
	35,000,000		Toronto-Dominion Bank	0.230		05/17/11		35,000
	40,000,000		Toronto-Dominion Bank	0.270		07/07/11		40,000
	20,000,000		Toronto-Dominion Bank	0.270		07/07/11		20,000
			TOTAL CERTIFICATE OF DEPOSIT					918,470
COMMERCIAL PAPER - 45.2%
	7,895,000		Abbott Laboratories	0.160		04/25/11		7,894
	25,000,000		Abbott Laboratories	0.170		05/10/11		24,995
	4,525,000		Abbott Laboratories	0.190		05/17/11		4,524
	20,000,000		Abbott Laboratories	0.170		05/23/11		19,995
	8,274,000		Abbott Laboratories	0.170		05/24/11		8,272
	17,140,000		Abbott Laboratories	0.200		06/06/11		17,134
	28,300,000		Abbott Laboratories	0.180		06/20/11		28,289
	5,000,000		American Honda Finance Corp	0.180		04/12/11		5,000
	18,711,000		American Honda Finance Corp	0.210		04/14/11		18,710
	8,650,000		American Honda Finance Corp	0.240		04/18/11		8,649

397

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
$	23,340,000	American Honda Finance Corp	0.230	%	04/20/11	$	23,337
	8,000,000	American Honda Finance Corp	0.240		04/26/11		7,999
	18,176,000	American Honda Finance Corp	0.250		05/03/11		18,172
	25,000,000	American Honda Finance Corp	0.250		05/04/11		24,994
	31,600,000	American Honda Finance Corp	0.235		06/03/11		31,587
	7,300,000	Australia & New Zealand Banking Group Ltd	0.330		08/10/11		7,291
	40,000,000	Australia & New Zealand Banking Group Ltd	0.305		09/07/11		39,946
	20,340,000	Bank of Montreal	0.230		04/04/11		20,340
	25,000,000	Bank of Montreal	0.210		04/08/11		24,999
	10,000,000	Bank of Nova Scotia	0.270		04/05/11		10,000
	20,000,000	Bank of Nova Scotia	0.150		04/21/11		19,998
	20,000,000	Bank of Nova Scotia	0.240-0.275		05/25/11		19,992
	35,000,000	Bank of Nova Scotia	0.260-0.275		05/31/11		34,984
	10,000,000	Bank of Nova Scotia	0.260		06/13/11		9,995
	15,000,000	Barclays US Funding Corp	0.580		05/27/11		14,986
	30,000,000	Barclays US Funding Corp	0.270		06/22/11		29,982
	22,455,000	Barclays US Funding Corp	0.270		07/05/11		22,439
	40,000,000	Barclays US Funding Corp	0.270		07/21/11		39,967
	10,000,000	Barclays US Funding Corp	0.260		07/25/11		9,992
	6,550,000	BNP Paribas Finance, Inc	0.240		04/04/11		6,550
	5,100,000	BNP Paribas Finance, Inc	0.190		04/05/11		5,100
	23,200,000	BNP Paribas Finance, Inc	0.270		04/06/11		23,199
	25,000,000	BNP Paribas Finance, Inc	0.260		04/19/11		24,997
	25,000,000	BNP Paribas Finance, Inc	0.350		05/31/11		24,985
	32,900,000	Canadian Imperial Holdings, Inc	0.220		04/11/11		32,898
	25,000,000	Coca-Cola Co	0.230		04/05/11		24,999
	60,000,000	Coca-Cola Co	0.220-0.230		04/08/11		59,996
	6,300,000	Coca-Cola Co	0.230		04/11/11		6,300
	48,368,000	Coca-Cola Co	0.245-0.250		05/16/11		48,353
	35,000,000	Coca-Cola Co	0.160-0.200		05/19/11		34,991
	5,100,000	Coca-Cola Co	0.250		06/02/11		5,098
	9,000,000	Coca-Cola Co	0.230		06/03/11		8,996
	20,000,000	Coca-Cola Co	0.190		06/07/11		19,993
	20,000,000	Coca-Cola Co	0.235		06/13/11		19,990
	46,020,000	Coca-Cola Co	0.240-0.245		08/03/11		45,982
	25,000,000	Commonwealth Bank of Australia	0.275		04/04/11		24,999
	20,000,000	Commonwealth Bank of Australia	0.275		04/05/11		19,999
	2,090,000	Commonwealth Bank of Australia	0.200		04/06/11		2,090
	25,000,000	Commonwealth Bank of Australia	0.265		04/27/11		24,995
	50,000,000	Commonwealth Bank of Australia	0.260		05/09/11		49,986
	9,650,000	Commonwealth Bank of Australia	0.260		05/24/11		9,646
	25,000,000	Credit Agricole North America, Inc	0.275		04/15/11		24,997
	25,000,000	Credit Agricole North America, Inc	0.235		04/25/11		24,996
	28,550,000	Credit Agricole North America, Inc	0.245		04/26/11		28,545
	20,000,000	Credit Agricole North America, Inc	0.245		04/27/11		19,996
	3,893,000	Credit Agricole North America, Inc	0.260		05/03/11		3,892
	5,750,000	Credit Agricole North America, Inc	0.350		05/18/11		5,747
	24,500,000	Credit Agricole North America, Inc	0.265		05/27/11		24,490
	25,000,000	Deutsche Bank Financial, Inc	0.230		05/24/11		24,992
	25,000,000	Deutsche Bank Financial, Inc	0.270		06/27/11		24,984
	12,138,000	Fairway Finance LLC	0.275		04/04/11		12,138
	15,000,000	Fairway Finance LLC	0.270		04/07/11		14,999
	33,000,000	Fairway Finance LLC	0.270-0.280		04/12/11		32,997

398

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
$	20,000,000	Fairway Finance LLC	0.220	%	04/19/11	$	19,998
	17,639,000	Fairway Finance LLC	0.210		04/27/11		17,636
	12,000,000	Fairway Finance LLC	0.220		05/04/11		11,998
	26,621,000	Fairway Finance LLC	0.260		06/09/11		26,608
	10,030,000	Fairway Finance LLC	0.260		06/13/11		10,025
	2,160,000	General Electric Capital Corp	0.270		04/01/11		2,160
	30,000,000	General Electric Capital Corp	0.260		04/06/11		29,999
	20,000,000	General Electric Capital Corp	0.250		05/03/11		19,996
	20,000,000	General Electric Capital Corp	0.200		05/24/11		19,994
	50,000,000	General Electric Capital Corp	0.250		06/22/11		49,972
	20,000,000	General Electric Capital Corp	0.220		06/27/11		19,989
	22,675,000	General Electric Capital Corp	0.220		06/29/11		22,663
	20,000,000	General Electric Capital Corp	0.250		07/06/11		19,987
	40,000,000	General Electric Capital Corp	0.230		07/12/11		39,974
	40,000,000	General Electric Capital Corp	0.240		07/28/11		39,969
	50,000,000	General Electric Co	0.200		04/01/11		50,000
	25,000,000	ING US Funding LLC	0.250		04/04/11		24,999
	41,429,000	International Business Machines Corp	0.120		04/12/11		41,427
	29,200,000	Johnson & Johnson	0.155		04/07/11		29,199
	25,000,000	Johnson & Johnson	0.195		04/14/11		24,998
	12,000,000	Johnson & Johnson	0.200		05/02/11		11,998
	14,000,000	Johnson & Johnson	0.240		05/03/11		13,997
	40,000,000	Johnson & Johnson	0.205-0.210		05/10/11		39,991
	7,300,000	Johnson & Johnson	0.210		05/11/11		7,298
	33,900,000	Johnson & Johnson	0.210		05/13/11		33,892
	20,000,000	Johnson & Johnson	0.175		05/19/11		19,995
	20,000,000	Johnson & Johnson	0.170		06/02/11		19,994
	19,936,000	Johnson & Johnson	0.190		06/09/11		19,929
	10,500,000	Johnson & Johnson	0.200		06/16/11		10,496
	50,000,000	Johnson & Johnson	0.210		07/06/11		49,972
	9,000,000	Johnson & Johnson	0.200		07/13/11		8,995
	11,850,000	JPMorgan Chase & Co	0.160		04/08/11		11,850
	8,870,000	Lloyds TSB Bank plc	0.275		05/02/11		8,868
	20,000,000	Lloyds TSB Bank plc	0.235		05/06/11		19,995
	25,000,000	Lloyds TSB Bank plc	0.235		05/27/11		24,991
	20,000,000	National Australia Funding(Delaware)	0.185		05/05/11		19,997
	40,000,000	National Australia Funding(Delaware)	0.270		05/09/11		39,989
	25,000,000	National Australia Funding(Delaware)	0.285		06/01/11		24,988
	25,000,000	National Australia Funding(Delaware)	0.290		06/02/11		24,988
	25,000,000	National Australia Funding(Delaware)	0.255		07/01/11		24,984
	17,330,000	Nestle Capital Corp	0.240		04/01/11		17,330
	71,980,000	Nestle Capital Corp	0.230-0.250		04/05/11		71,977
	15,990,000	Nestle Capital Corp	0.200		04/07/11		15,989
	30,000,000	Nestle Capital Corp	0.180		04/11/11		29,999
	25,000,000	Nestle Capital Corp	0.220		05/04/11		24,995
	13,800,000	Nestle Capital Corp	0.220		05/05/11		13,797
	36,660,000	Nestle Capital Corp	0.200		05/09/11		36,652
	17,000,000	Nestle Capital Corp	0.220		05/18/11		16,995
	16,450,000	Nestle Capital Corp	0.240		06/06/11		16,443
	15,000,000	Nestle Capital Corp	0.220		06/13/11		14,993
	6,400,000	Nestle Capital Corp	0.225		07/08/11		6,396
	25,000,000	Nestle Capital Corp	0.265		07/13/11		24,981
	10,000,000	Nestle Capital Corp	0.215		07/14/11		9,994

399

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
$	17,780,000	Novartis Finance Corp	0.200	%	04/14/11	$	17,779
	14,000,000	Novartis Finance Corp	0.190		04/15/11		13,999
	30,000,000	Novartis Finance Corp	0.190		04/19/11		29,997
	5,175,000	Novartis Finance Corp	0.230		05/09/11		5,174
	14,200,000	Novartis Finance Corp	0.245		07/14/11		14,190
	30,500,000	Novartis Finance Corp	0.260-0.270		08/08/11		30,471
	53,000,000	Old Line Funding LLC	0.210-0.240		04/01/11		52,999
	20,000,000	Old Line Funding LLC	0.270		04/04/11		20,000
	20,000,000	Old Line Funding LLC	0.275		04/07/11		19,999
	36,533,000	Old Line Funding LLC	0.275		04/11/11		36,530
	20,000,000	Old Line Funding LLC	0.275		04/15/11		19,998
	45,000,000	Old Line Funding LLC	0.270		05/04/11		44,989
	20,000,000	Old Line Funding LLC	0.260		05/11/11		19,994
	45,000,000	Old Line Funding LLC	0.260		06/02/11		44,980
	27,000,000	Old Line Funding LLC	0.250		06/14/11		26,986
	10,000,000	Old Line Funding LLC	0.250		06/28/11		9,994
	10,000,000	Private Export Funding Corp	0.530		04/11/11		9,999
	15,000,000	Private Export Funding Corp	0.250		05/11/11		14,996
	20,000,000	Private Export Funding Corp	0.250		05/17/11		19,994
	10,000,000	Private Export Funding Corp	0.250		05/18/11		9,997
	25,000,000	Private Export Funding Corp	0.250		06/02/11		24,989
	30,000,000	Private Export Funding Corp	0.260		06/06/11		29,986
	13,000,000	Private Export Funding Corp	0.240		06/14/11		12,994
	16,600,000	Private Export Funding Corp	0.250		06/21/11		16,591
	20,000,000	Private Export Funding Corp	0.240		06/28/11		19,988
	25,000,000	Private Export Funding Corp	0.245		06/29/11		24,985
	10,000,000	Private Export Funding Corp	0.390		07/05/11		9,990
	15,000,000	Private Export Funding Corp	0.400		07/06/11		14,984
	25,000,000	Private Export Funding Corp	0.245		07/08/11		24,983
	40,000,000	Private Export Funding Corp	0.245-0.250		07/15/11		39,971
	25,000,000	Private Export Funding Corp	0.260		07/25/11		24,979
	18,615,000	Procter & Gamble Co	0.260		04/04/11		18,615
	30,600,000	Procter & Gamble Co	0.180		04/07/11		30,599
	25,000,000	Procter & Gamble Co	0.240		04/08/11		24,999
	32,390,000	Procter & Gamble Co	0.250		04/12/11		32,388
	5,220,000	Procter & Gamble Co	0.210		04/13/11		5,220
	20,000,000	Procter & Gamble Co	0.180		04/19/11		19,998
	9,675,000	Procter & Gamble Co	0.195		04/29/11		9,674
	11,150,000	Procter & Gamble Co	0.250		05/04/11		11,147
	67,450,000	Procter & Gamble Co	0.190-0.250		05/11/11		67,434
	20,000,000	Procter & Gamble Co	0.190		05/25/11		19,994
	31,664,000	Procter & Gamble Co	0.190-0.210		06/09/11		31,652
	30,000,000	Procter & Gamble Co	0.180-0.190		06/15/11		29,988
	50,000,000	Province of Ontario Canada	0.230		04/06/11		49,998
	28,080,000	Province of Ontario Canada	0.230		04/07/11		28,079
	26,900,000	Province of Ontario Canada	0.230		04/08/11		26,899
	25,000,000	Province of Ontario Canada	0.210		05/10/11		24,994
	47,500,000	Province of Ontario Canada	0.200		05/25/11		47,486
	6,750,000	Rabobank USA Financial Corp	0.300		04/08/11		6,750
	10,000,000	Rabobank USA Financial Corp	0.285		04/15/11		9,999
	17,800,000	Rabobank USA Financial Corp	0.300		05/25/11		17,792
	12,450,000	Rabobank USA Financial Corp	0.270		06/03/11		12,444
	69,430,000	Rabobank USA Financial Corp	0.270-0.290		06/10/11		69,392

400

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
$	10,000,000	Rabobank USA Financial Corp	0.240	%	06/13/11	$	9,995
	30,400,000	Rabobank USA Financial Corp	0.240		06/17/11		30,384
	35,000,000	Rabobank USA Financial Corp	0.270-0.275		07/05/11		34,975
	20,000,000	Rabobank USA Financial Corp	0.350		08/15/11		19,974
	30,150,000	Rabobank USA Financial Corp	0.340-0.345		09/06/11		30,105
	20,000,000	Rabobank USA Financial Corp	0.345		09/08/11		19,969
	25,000,000	Royal Bank of Canada	0.245		04/11/11		24,998
	3,945,000	Royal Bank of Canada	0.245		04/19/11		3,945
	50,000,000	Royal Bank of Canada	0.265		04/25/11		49,991
	21,160,000	Royal Bank of Canada	0.155		04/27/11		21,158
	35,000,000	Royal Bank of Canada	0.225		06/24/11		34,982
	27,685,000	Royal Bank of Canada	0.250		08/15/11		27,659
	7,040,000	Sheffield Receivables Corp	0.280		04/06/11		7,040
	27,330,000	Sheffield Receivables Corp	0.270		04/15/11		27,327
	15,000,000	Sheffield Receivables Corp	0.270		05/05/11		14,996
	25,000,000	Sheffield Receivables Corp	0.270		05/13/11		24,992
	30,000,000	Sheffield Receivables Corp	0.260		05/19/11		29,990
	30,000,000	Sheffield Receivables Corp	0.230		05/24/11		29,990
	50,000,000	Societe Generale North America, Inc	0.180-0.300		04/01/11		50,000
	25,000,000	Societe Generale North America, Inc	0.130		04/06/11		25,000
	30,000,000	Societe Generale North America, Inc	0.235		05/05/11		29,993
	27,000,000	Straight-A Funding LLC	0.250		04/05/11		26,999
	29,500,000	Straight-A Funding LLC	0.220		04/07/11		29,499
	9,000,000	Straight-A Funding LLC	0.250		04/07/11		9,000
	15,000,000	Straight-A Funding LLC	0.250		04/11/11		14,999
	13,500,000	Straight-A Funding LLC	0.250		04/11/11		13,499
	10,000,000	Straight-A Funding LLC	0.250		04/12/11		9,999
	20,000,000	Straight-A Funding LLC	0.250		04/13/11		19,998
	45,000,000	Straight-A Funding LLC	0.240		04/19/11		44,995
	19,000,000	Straight-A Funding LLC	0.250		05/03/11		18,996
	18,555,000	Straight-A Funding LLC	0.250		05/05/11		18,551
	5,000,000	Straight-A Funding LLC	0.250		05/12/11		4,999
	31,175,000	Straight-A Funding LLC	0.250		05/16/11		31,165
	29,563,000	Straight-A Funding LLC	0.250		05/16/11		29,554
	21,050,000	Straight-A Funding LLC	0.250		05/17/11		21,043
	17,990,000	Straight-A Funding LLC	0.250		05/17/11		17,984
	24,600,000	Straight-A Funding LLC	0.250		05/20/11		24,592
	14,500,000	Straight-A Funding LLC	0.250		06/01/11		14,494
	25,000,000	Straight-A Funding LLC	0.250		06/06/11		24,989
	23,600,000	Straight-A Funding LLC	0.250		06/06/11		23,589
	20,000,000	Toronto-Dominion Holdings USA, Inc	0.190		04/28/11		19,997
	18,000,000	Toronto-Dominion Holdings USA, Inc	0.280		06/03/11		17,991
	44,545,000	Toyota Motor Credit Corp	0.280		04/26/11		44,536
	25,725,000	Unilever Capital Corp	0.180		05/03/11		25,721
	22,575,000	Variable Funding Capital Co LLC	0.240		04/12/11		22,573
	50,000,000	Variable Funding Capital Co LLC	0.270		04/14/11		49,995
	35,000,000	Variable Funding Capital Co LLC	0.240		04/15/11		34,997
	30,000,000	Variable Funding Capital Co LLC	0.240		04/19/11		29,996
	20,000,000	Variable Funding Capital Co LLC	0.270		04/20/11		19,997
	10,000,000	Variable Funding Capital Co LLC	0.240		05/04/11		9,998
	23,090,000	Variable Funding Capital Co LLC	0.270		05/06/11		23,084
	15,610,000	Variable Funding Capital Co LLC	0.230		05/20/11		15,605
	10,000,000	Variable Funding Capital Co LLC	0.230		06/02/11		9,996

401

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
$	25,000,000	Variable Funding Capital Co LLC	0.340	%	07/05/11	$	24,978
	29,200,000	Wal-Mart Stores, Inc	0.200		04/11/11		29,198
	50,000,000	Wal-Mart Stores, Inc	0.175		04/14/11		49,997
	45,000,000	Wal-Mart Stores, Inc	0.190		04/18/11		44,996
	5,000,000	Wal-Mart Stores, Inc	0.160		04/27/11		4,999
	31,082,000	Wal-Mart Stores, Inc	0.160		04/29/11		31,078
	4,150,000	Westpac Banking Corp	0.180		04/01/11		4,150
	8,415,000	Westpac Banking Corp	0.310		05/17/11		8,412
	3,000,000	Westpac Banking Corp	0.410		06/14/11		2,997
	4,655,000	Westpac Banking Corp	0.260		07/05/11		4,652
	36,431,000	Westpac Banking Corp	0.300		08/08/11		36,392
	9,100,000	Westpac Banking Corp	0.350		09/07/11		9,086
		TOTAL COMMERCIAL PAPER					5,405,590
FOREIGN GOVERNMENT DEBT - 0.2%
	17,600,000	Province of Ontario Canada	2.630		01/20/12		17,904
		TOTAL FOREIGN GOVERNMENT DEBT					17,904
GOVERNMENT AGENCY DEBT - 20.9%
		Federal Farm Credit Bank (FFCB)
	17,000,000	FFCB	0.170		05/09/11		16,997
		Federal Home Loan Bank (FHLB)
	9,100,000	FHLB	0.170		04/04/11		9,100
	13,630,000	FHLB	0.170		04/06/11		13,630
	25,000,000	FHLB	0.170		04/08/11		24,999
	40,000,000	FHLB	0.175		04/13/11		39,998
	69,670,000	FHLB	0.130-0.172		04/15/11		69,666
	24,810,000	FHLB	0.120		04/20/11		24,808
	65,183,000	FHLB	0.130-0.180		04/27/11		65,175
	21,015,000	FHLB	0.125-0.135		04/29/11		21,013
	35,000,000	FHLB	0.140-0.175		05/04/11		34,995
	67,775,000	FHLB	0.125-0.220		05/06/11		67,766
	50,900,000	FHLB	0.100-0.105		05/11/11		50,894
	20,339,000	FHLB	0.110-0.140		05/13/11		20,336
	10,000,000	FHLB	0.140		05/16/11		9,998
	20,960,000	FHLB	0.100		05/17/11		20,957
	91,588,000	FHLB	0.110-0.150		05/18/11		91,573
	64,865,000	FHLB	0.110-0.115		05/20/11		64,855
	40,000,000	FHLB	0.145		05/23/11		39,992
	26,000,000	FHLB	0.115-0.150		05/25/11		25,995
	56,735,000	FHLB	0.110-0.150		05/27/11		56,722
	90,260,000	FHLB	0.110-0.150		06/03/11		90,240
	25,000,000	FHLB	0.125		06/08/11		24,994
	64,130,000	FHLB	0.120		06/10/11		64,115
	48,860,000	FHLB	0.120-0.125		06/15/11		48,848
		Federal Home Loan Mortgage Corp (FHLMC)
	86,175,000	FHLMC	0.120-0.170		04/04/11		86,174
	60,000,000	FHLMC	0.170-0.175		04/11/11		59,997
	137,072,000	FHLMC	0.170-0.190		04/18/11		137,061
	16,100,000	FHLMC	0.180		04/21/11		16,098
	28,850,000	FHLMC	0.175		04/25/11		28,847
	15,900,000	FHLMC	0.175		04/26/11		15,898
	20,000,000	FHLMC	0.430		05/02/11		19,993

402

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
$	19,570,000	FHLMC	0.200	%	05/03/11	$	19,567
	2,100,000	FHLMC	0.190		05/04/11		2,100
	8,125,000	FHLMC	0.120-0.150		05/09/11		8,124
	45,000,000	FHLMC	0.135-0.140		05/16/11		44,992
	120,685,000	FHLMC	0.130-0.150		05/23/11		120,660
	38,729,000	FHLMC	0.110-0.200		05/24/11		38,722
	13,000,000	FHLMC	0.110-0.250		05/25/11		12,996
	36,909,000	FHLMC	0.115-0.120		06/06/11		36,901
	52,559,000	FHLMC	0.120-0.200		06/07/11		52,546
	44,980,000	FHLMC	0.120-0.122		06/13/11		44,969
	48,080,000	FHLMC	0.195-0.230		06/20/11		48,059
	4,660,000	FHLMC	0.215		07/08/11		4,657
	2,500,000	FHLMC	0.290		11/04/11		2,496
		Federal National Mortgage Association (FNMA)
	81,925,000	FNMA	0.170-0.175		04/06/11		81,923
	12,575,000	FNMA	0.450		04/11/11		12,573
	137,890,000	FNMA	0.170-0.195		04/13/11		137,881
	20,000,000	FNMA	0.130		04/18/11		19,999
	48,205,000	FNMA	0.170-0.175		04/20/11		48,201
	69,155,000	FNMA	0.170-0.390		04/25/11		69,147
	3,889,000	FNMA	0.120-0.490		04/26/11		3,888
	45,952,000	FNMA	0.170-0.175		04/27/11		45,946
	8,510,000	FNMA	0.475-0.480		05/02/11		8,506
	20,000,000	FNMA	0.170		05/04/11		19,997
	4,932,000	FNMA	0.115		05/05/11		4,931
	2,250,000	FNMA	0.190		05/19/11		2,249
	65,000,000	FNMA	0.140-0.145		05/25/11		64,986
	25,000,000	FNMA	0.115		06/01/11		24,995
	103,593,000	FNMA	0.115-0.120		06/08/11		103,570
	2,300,000	FNMA	0.130		06/15/11		2,299
	50,000,000	FNMA	0.205		07/13/11		49,971
		TOTAL GOVERNMENT AGENCY DEBT					2,499,585
TREASURY DEBT - 16.1%
	31,110,000	United States Treasury Bill	0.165-0.170		04/14/11		31,108
	101,270,000	United States Treasury Bill	0.140-0.171		04/21/11		101,262
	40,000,000	United States Treasury Bill	0.170-0.192		04/28/11		39,994
	60,000,000	United States Treasury Bill	0.151-0.155		05/05/11		59,991
	100,000,000	United States Treasury Bill	0.160-0.186		05/12/11		99,981
	101,330,000	United States Treasury Bill	0.183-0.203		05/19/11		101,305
	34,540,000	United States Treasury Bill	0.161-0.168		05/26/11		34,531
	64,640,000	United States Treasury Bill	0.124-0.150		06/02/11		64,625
	70,000,000	United States Treasury Bill	0.122-0.165		06/09/11		69,981
	58,700,000	United States Treasury Bill	0.141-0.175		06/16/11		58,680
	45,000,000	United States Treasury Bill	0.166-0.185		06/23/11		44,982
	10,000,000	United States Treasury Bill	0.136		07/07/11		9,996
	48,530,000	United States Treasury Bill	0.176-0.177		07/14/11		48,505
	25,000,000	United States Treasury Bill	0.181		07/21/11		24,986
	25,000,000	United States Treasury Bill	0.153		08/18/11		24,985
	50,000,000	United States Treasury Bill	0.153-0.163		08/25/11		49,968
	52,000,000	United States Treasury Bill	0.155-0.158		09/01/11		51,965
	25,325,000	United States Treasury Bill	0.185-0.243		11/17/11		25,289
	192,875,000	United States Treasury Note	0.875		04/30/11		192,973

403

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	112,500,000		United States Treasury Note	0.875	%	05/31/11	$	112,619
	100,000,000		United States Treasury Note	1.125		06/30/11		100,224
	32,000,000		United States Treasury Note	1.000		07/31/11		32,081
	26,000,000		United States Treasury Note	1.000		08/31/11		26,078
	101,650,000		United States Treasury Note	1.000		09/30/11		102,051
	127,415,000		United States Treasury Note	1.000		10/31/11		128,024
	128,245,000		United States Treasury Note	0.750		11/30/11		128,708
	76,625,000		United States Treasury Note	1.125		12/15/11		77,084
	39,640,000		United States Treasury Note	0.875		01/31/12		39,839
	20,000,000		United States Treasury Note	1.375		02/15/12		20,178
	18,420,000		United States Treasury Note	0.875		02/29/12		18,509
			TOTAL TREASURY DEBT					1,920,502
VARIABLE RATE NOTES - 9.7%
			Federal Farm Credit Bank (FFCB)
	40,000,000	i	FFCB	0.154		05/16/11		39,999
	45,000,000	i	FFCB	0.400		06/01/11		44,996
	20,000,000	i	FFCB	0.230		06/17/11		20,001
	45,000,000	i	FFCB	0.165		07/15/11		44,999
	90,000,000	i	FFCB	0.200		02/13/12		89,996
			Federal Home Loan Bank (FHLB)
	25,000,000	i	FHLB	0.180		05/06/11		24,999
	50,000,000	i	FHLB	0.160		05/26/11		49,990
	90,000,000	i	FHLB	0.260		05/26/11		90,000
	90,000,000	i	FHLB	0.310		06/01/11		90,003
	120,000,000	i	FHLB	0.158		07/11/11		119,993
	100,000,000	i	FHLB	0.215		08/12/11		100,000
	120,000,000	i	FHLB	0.210		01/13/12		119,995
			Federal Home Loan Mortgage Corp (FHLMC)
	27,400,000	i	FHLMC	0.270		11/07/11		27,409
	151,500,000	i	FHLMC	0.120		11/09/11		151,433
	100,000,000	i	FHLMC	0.290		01/09/12		100,059
	40,000,000	i	Royal Bank of Canada	0.348		01/27/12		40,020
			TOTAL VARIABLE RATE NOTES					1,153,892
			TOTAL SHORT-TERM INVESTMENTS					11,924,847
			(Cost $11,924,847)
			TOTAL INVESTMENTS - 99.9%					11,924,847
			(Cost $11,924,847)
			OTHER ASSETS & LIABILITIES, NET - 0.1%					7,532
			NET ASSETS - 100.0%				$	11,932,379

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

404

COLLEGE RETIREMENT EQUITIES FUND – Notes to Schedules of Investment (unaudited)

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”).

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

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

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

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.

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

Lending Accounts’ securities exposes the Accounts to risks such as the following: (i) the borrower may fail to return the loaned securities; (ii) the borrower may not be able to provide additional collateral; (iii) the Accounts may experience delays in recovery of the loaned securities or delays in access to collateral; or (iv) the Accounts may experience losses relating to the reinvestment of cash collateral. To minimize certain of these risks, loan counterparties pledge cash collateral equal to at least 102% of the market value of the securities loaned for U.S. securities and 105% of the market value of the securities loaned for foreign securities. However, the securities on loan are subject to daily market fluctuations which may cause the loans to be under collateralized for a period of time. The cash collateral for the Stock and Global Equities Accounts is invested in individual securities selected by the lending agent, pursuant to investment restrictions defined by the investment adviser, TIAA-CREF Investment Management, LLC (“TCIM”). The cash collateral for the Social Choice Account is invested in short-term instruments by TCIM. As of March 31, 2011, there were no securities out on loan for the Growth, Equity Index, Bond Market and Inflation-Linked Bond Accounts.

At March 31, 2011, 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	$	7,304,882	$	7,311,500
Global Equities		1,441,598		1,442,725
Social Choice		197,717		197,635

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

405

COLLEGE RETIREMENT EQUITIES FUND – Notes to Schedules of Investment (unaudited)

Note 2—valuation of investments

Portfolio investments are valued at fair value utilizing various valuation methods approved by the Trustees. U.S. GAAP establishes a hierarchy that prioritizes market inputs to valuation methods. The three levels of inputs are:

• Level 1 – quoted prices in active markets for identical securities

• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.)

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

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

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

Exchange-traded equity securities, common and preferred stock: Equity securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, 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 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.

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 period ended March 31, 2011, there were no significant transfers between levels by the Accounts.

As of March 31, 2011, 100% of the value of investments in the Equity Index Account was based on Level 1 inputs. 100% of the value of investments in the Inflation-Linked Bond Account and Money Markets Account were valued based on Level 2 inputs.

406

COLLEGE RETIREMENT EQUITIES FUND – Notes to Schedules of Investment (unaudited)

The following is a summary of the inputs used to value the remaining Accounts’ investments as of March 31, 2011 (amounts are in thousands):

Account	Level 1		Level 2		Level 3		Total
Stock
Consumer Discretionary*	$	9,328,763	$	3,579,904	$	—	$	12,908,667
Consumer Staples*		6,337,629		2,602,122		—		8,939,751
Energy*		9,338,093		3,912,475		—		13,250,568
Financials*		12,789,829		7,948,794		—		20,738,623
Health Care*		9,109,924		1,943,340		7,522		11,060,786
Industrials*		9,321,381		4,505,009		—		13,826,390
Information Technology*		14,213,217		2,405,114		—		16,618,331
Materials*		3,517,481		4,405,473		—		7,922,954
Telecommunication Services*		2,195,202		1,472,959		—		3,668,161
Utilities*		2,393,927		1,269,953		—		3,663,880
Domestic Corporate Bonds		—		71,789		—		71,789
Short-Term Investments		—		7,413,918		—		7,413,918
Swaps **		—		172		—		172
Total	$	78,545,446	$	41,531,022	$	7,522	$	120,083,990
Global Equities
United States	$	7,364,401	$	6,209	$	—	$	7,370,610
United Kingdom*		8,380		1,471,901		—		1,480,281
Japan		—		1,200,782		—		1,200,782
Canada		54,030		667,421		—		721,451
France		—		705,135		—		705,135
Switzerland*		85,104		502,475		—		587,579
Germany		—		513,934		—		513,934
Australia		—		452,456		—		452,456
Netherlands*		21,997		297,245		—		319,242
Italy		—		144,746		—		144,746
Other*		123,970		1,525,649		—		1,649,619
Domestic Corporate Bonds		—		75,079		—		75,079
Short-Term Investments		—		1,516,746		—		1,516,746
Total	$	7,657,882	$	9,079,778	$	—	$	16,737,660
Growth
Consumer Discretionary	$	2,130,578	$	116,891	$	—	$	2,247,469
Consumer Staples		912,591		20,855				933,446
Energy*		1,563,106		67,136		—		1,630,242
Financials		851,287		—		—		851,287
Health Care*		1,384,455		—		—		1,384,455
Industrials		1,877,912		7,284		—		1,885,196
Information Technology*		4,295,064		23,854				4,318,918
Materials*		804,136		30,120		—		834,256
Telecommunication Services		64,156		—		—		64,156
Utilities		16,322		—		—		16,322
Short-Term Investments		—		123,595		—		123,595
Futures**		2,367		—		—		2,367
Total	$	13,901,974	$	389,735	$	—	$	14,291,709
Bond Market
Bank Loan Obligations	$	—	$	17,113	$	—	$	17,113
Corporate Bonds		—		3,976,911		—		3,976,911
Government Bonds		—		6,959,837		—		6,959,837
Structured Assets		—		811,586		—		811,586
Preferred Stocks		3,396		—		—		3,396
Mutual Funds		5,836		—		—		5,836
Short-Term Investments		—		1,955,492		—		1,955,492
Total	$	9,232	$	13,720,939	$	—	$	13,730,171
Social Choice
Consumer Discretionary	$	636,429	$	138,220	$	—	$	774,649
Consumer Staples		447,140		117,801		—		564,941
Energy		560,804		134,277		—		695,081
Financials		806,374		332,325		—		1,138,699
Health Care		562,882		91,295		—		654,177
Industrials		584,948		185,934		—		770,882
Information Technology		829,234		54,059		—		883,293
Materials		273,905		186,901		—		460,806
Telecommunication Services		104,678		77,360		—		182,038
Utilities		212,398		68,726		—		281,124
Corporate Bonds		—		940,763		—		940,763
Government Bonds		—		2,771,031		—		2,771,031
Structured Assets		—		298,804		—		298,804
Short-Term Investments		—		909,143		—		909,143
Total	$	5,018,792	$	6,306,639	$	—	$	11,325,431

* Includes American Depositary Receipts at Level 1.
** Futures contracts and swaps are derivatives instruments not reflected in the Portfolio of Investments. They are valued at the unrealized appreciation (depreciation) on the instrument.

407

COLLEGE RETIREMENT EQUITIES FUND – Notes to Schedules of Investment (unaudited)

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

	Stock Account
Balance as of December 31, 2010	$	8,653
Realized Gain/Loss		(43	)
Change in Unrealized Appreciation (Depreciation)		(990	)*
Gross Purchases		—
Gross Sales		(98	)
Balance as of March 31, 2011	$	7,522

* Includes $(1,516) 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: The 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 are made upon entering into a futures contract and variation margin payments are made or received reflecting changes in the value of the futures contracts. Futures contracts are valued at the last sale price as of the close of the board of trade or exchange on which they are traded. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts, or if the counterparties do not perform in accordance with contractual provisions. With futures, there is minimal counterparty credit risk to the Accounts since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange traded funds, guarantees the futures against default.

At March 31, 2011, 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		1,559	$	102,972		June 2011	$	2,367
Equity Index	Russell 2000 Mini Index		47		3,956		June 2011		167
	CME E-mini S&P Mid-Cap 400 Index		41		4,048		June 2011		132
	CME E-mini S&P 500 Index		493		32,563		June 2011		674
				$	40,567			$	973

‡ Number of contracts are 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. The swap is valued daily and any change in the value of the swap is reflected in net unrealized gains and losses. 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.

At March 31, 2011, 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 fund		Unrealized Appreciation/ (Depreciation)
JP Morgan	$	49,954		11/03/11		3 month LIBOR + 0.89%		MSCI EM Emerging Markets Small Cap USD	$	172,295

Note 4—affiliated investments

Companies in which the Account holds 5% or more of 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 or its affiliates are deemed to be affiliated companies. Information regarding transactions with affiliated companies is as follows (amounts are in thousands):

408

COLLEGE RETIREMENT EQUITIES FUND – Notes to Schedules of Investment (unaudited)

Issue	Value at December 31, 2010		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Withholding Expense		Shares at March 31, 2011†			Value at March 31, 2011
Stock Account
Biovitrum AB	$	72,724	$	—	$	12,998	$	1,343		$	—	$	—			*	$	—
Enteromedics, Inc		5,697		—		4,073		(424	)		—		—			*		—
Information Development Co		3,027		—		559		225			81		5			*		—
Japan Asia Investment Co Ltd		6,194		—		—		—			—		—		8,823,000			9,131
Jarden Corp		149,730		33,925		4,975		2,118			495		—		5,726,710			203,699
MPM Bioventures II		5,409		—		—		—			—		—		22,167,242			5,028
Orient Express Hotels Ltd		77,211		18		6,666		1,256			—		—		5,408,835			66,906
Skyline Venture Partners Fund II Ltd		466		—		—		—			—		—		4,254,176			466
Vanda Pharmaceuticals, Inc		15,236		12		200		(161	)		—		—		1,586,056			11,562
	$	335,694	$	33,955	$	29,471	$	4,357		$	576	$	5				$	296,792
Bond Market Account
TIAA-CREF High Yield Fund (Institutional Class)	$	5,632	$	100	$	—	$	—		$	100	$	—		584,178		$	5,836
	$	5,632	$	100	$	—	$	—		$	100	$	—				$	5,836

*	Not an Affiliate as of March 31, 2011.
†	Shares are not in thousands.

Note 5—investments

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 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.

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 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.

At March 31, 2011, 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	$	21,095,531	$	(2,094,165	)	$	19,001,366
Global Equities		2,475,177		(234,633	)		2,240,544
Growth		3,069,091		(124,425	)		2,944,666
Equity Index		3,761,827		(1,068,077	)		2,693,750
Bond Market		388,096		(129,978	)		258,118
Inflation-Linked Bond		623,372		—			623,372
Social Choice		1,714,799		(265,938	)		1,448,861

409

Item 2. Controls and Procedures.

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

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

Item 3. Exhibits.

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

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

SIGNATURES

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

		COLLEGE RETIREMENT EQUITIES FUND
Date:	May 19, 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:	May 19, 2011	By:	/s/ Roger W. Ferguson, Jr.
			Roger W. Ferguson, Jr.
			President and Chief Executive Officer
			(principal executive officer)

Date:	May 19, 2011	By:	/s/ Virginia M. Wilson
			Virginia M. Wilson
			Executive Vice President,
			Chief Financial Officer and
			Principal Accounting Officer
			(principal financial officer)

EXHIBIT LIST

Item 3. Exhibits.

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

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