N-CSRS

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number    File No. 811-4415

COLLEGE RETIREMENT EQUITIES FUND

(Exact name of Registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Stewart P. Greene, Esq.

c/o TIAA-CREF

730 Third Avenue

New York, New York 10017-3206

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2011

Item 1. Reports to Stockholders.

2011 SEMIANNUAL REPORT

COLLEGE RETIREMENT

EQUITIES FUND

JUNE 30, 2011

Financial statements (unaudited)

	CONTENTS
	Understanding your CREF report	2
	Information for CREF participants	2
	About the accounts’ benchmarks	3
	Important information about expenses	5
	Account performance
	CREF Stock Account	6
	CREF Global Equities Account	9
	CREF Growth Account	12
	CREF Equity Index Account	14
	CREF Bond Market Account	16
	CREF Inflation-Linked Bond Account	19
	CREF Social Choice Account	21
	CREF Money Market Account	24
	Summary portfolios of investments	27
	Financial statements
	Statements of assets and liabilities	60
	Statements of operations	62
	Statements of changes in net assets	64
	Financial highlights	70
	Notes to financial statements	78
	Board renewal of the investment management agreement	92
	How to reach us	Inside back cover

UNDERSTANDING YOUR CREF REPORT

This semiannual report contains information about the eight CREF accounts and describes the accounts’ results for the six months ended on June 30, 2011. The report contains three main sections:
	•	The account performance section compares each account’s investment returns with those of that account’s benchmark index.
	•	The summary portfolios of investments list the industries and types of securities in which each account had investments as of June 30, 2011.
	•	The financial statements provide detailed information about the operations and financial condition of each account.

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

INFORMATION FOR CREF PARTICIPANTS

PORTFOLIO HOLDINGS

Securities and Exchange Commission (SEC) rules allow investment companies to list the top holdings of each account in their annual and semiannual reports, instead of providing complete portfolio listings. CREF also files complete portfolio listings with the SEC, and they are available to the public.
You can obtain a complete list of CREF’s portfolio holdings (Schedules of Investments) as of the most recently completed fiscal quarter in the following ways:
	•	By visiting our website at tiaa-cref.org; or
	•	By calling us at 800 842-2252 to request a copy, which will be provided free of charge.
You can also obtain a complete list of CREF’s portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from the SEC Form N-CSR and Form N-Q filings. Form N-CSR filings are as of December 31 or June 30; Form N-Q filings are as of March 31 or September 30. Copies of these forms are available:
	•	Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at www.sec.gov; or
	•	From the SEC’s Office of Investor Education and Advocacy. (Call 202 551-8090 for more information.)

2   2011 Semiannual Report § College Retirement Equities Fund

PROXY VOTING

CREF’s ownership of stock gives it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found on our website at tiaa-cref.org or on the SEC’s web-site at www.sec.gov. You can also call us at 800 842-2252 to request a free copy. A report of how the accounts voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at www.sec.gov.

CONTACTING TIAA-CREF

There are three easy ways to contact us: by email, using the Contact Us link at the top of our home page; by mail at TIAA-CREF, 730 Third Avenue, New York, NY 10017–3206; or by phone at 800 842-2252.

ACCOUNT MANAGEMENT

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

ABOUT THE ACCOUNTS’ BENCHMARKS

CREF STOCK ACCOUNT

The account’s composite benchmark is a weighted average of two indexes: the Russell 3000^® Index, which measures the performance of the broad U.S. stock market, and the MSCI All Country World ex USA Investable Market Index, which measures the performance of large-, mid- and small-cap stocks in 44 developed and emerging market nations throughout the world, excluding the United States. During the period, the MSCI All Country World ex USA Investable Market Index replaced the MSCI EAFE+Canada Index, the MSCI Emerging Markets Index and the MSCI EAFE+Canada Small Cap Index in the CREF Stock Composite Benchmark.

CREF GLOBAL EQUITIES ACCOUNT

The account’s benchmark is the MSCI World Index, an aggregate of 24 country indexes in developed markets, including the United States.

College Retirement Equities Fund §2011 Semiannual Report   3

ABOUT THE ACCOUNTS’ BENCHMARKS

CREF GROWTH ACCOUNT

The account’s benchmark is the Russell 1000^® Growth Index, a subset of the Russell 1000 Index, which measures the performance of the stocks of the 1,000 largest companies in the Russell 3000^® Index, based on market capitalization. The Russell 1000 Growth Index measures the performance of those stocks of the Russell 1000 Index with higher relative forecasted growth rates and price/book ratios.

CREF EQUITY INDEX ACCOUNT

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

CREF BOND MARKET ACCOUNT

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

CREF INFLATION-LINKED BOND ACCOUNT

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

CREF SOCIAL CHOICE ACCOUNT

The account’s composite benchmark is a weighted average of three indexes: the Russell 3000 Index, which measures the performance of the broad U.S. stock market; the Barclays Capital U.S. Aggregate Bond Index, which measures the performance of the U.S. investment-grade, fixed-rate bond market; and the MSCI EAFE+Canada Index, which measures stocks in 23 developed nations outside the United States.

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

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

42011 Semiannual Report § College Retirement Equities Fund

IMPORTANT INFORMATION ABOUT EXPENSES

As a participant in any of the CREF accounts, you incur only one of two potential types of costs.
•	You do not incur transaction costs, including sales charges (loads) on contributions. There are also no redemption fees or exchange fees.
•	However, you do incur ongoing costs, including investment advisory fees, administrative expenses, distribution (12b-1) fees, and mortality and expense risk charges.
The expense examples that appear on the performance pages are intended to help you understand your ongoing costs (in U.S. dollars) of investing in each account. The examples are also designed to help you compare these costs with the ongoing costs of investing in other variable annuity accounts and mutual funds.
The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (January 1, 2011 to June 30, 2011).

ACTUAL EXPENSES

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

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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

College Retirement Equities Fund § 2011 Semiannual Report   5

CREF STOCK ACCOUNT

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2011

The CREF Stock Account returned 5.39% for the period, compared with the 5.58% return of its composite benchmark, a weighted average of the Russell 3000^® Index and the MSCI All Country World ex USA Investable Market Index. (During the period, the MSCI All Country World ex USA Investable Market Index replaced the MSCI EAFE+Canada Index, the MSCI Emerging Markets Index and the MSCI EAFE+Canada Small Cap Index in the CREF Stock Composite Benchmark.) For the one-year period ended June 30, 2011, the account returned 32.05%, versus 31.75% for its composite index.

Stocks stall as growth slows

The broad U.S. stock market, as measured by the Russell 3000 Index, gained 6.35% for the six months. Stocks advanced in the first quarter of 2011 when strong corporate profits and steady economic growth encouraged investors. When growth appeared to slacken in May, stocks began to sell off and ended the second quarter flat.

          Concerns about Europe’s sovereign debt and Japan’s earthquake constrained foreign stock returns. The MSCI All Country World ex USA Investable Market Index, which measures stock performance in 44 developed and emerging market nations, gained 3.52% in dollar terms. A weak dollar, relative to the euro, pound and yen, amplified returns for U.S. investors. In local terms, the MSCI index lost 0.60%.

Stock choices trim results

The account trailed the broad U.S. stock market partly because of the account’s 30% allocation to foreign stocks. It lagged its composite benchmark because of unfavorable stock choices, including underweight positions in Exxon Mobil and IBM. Overweights in Target and Goldman Sachs also trimmed relative returns.

          These detractors were partially offset by successful selections, such as overweights in Watson Pharmaceuticals, UnitedHealth Group and entertainment conglomerate Viacom, and an underweight in Bank of America.

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

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CREF STOCK ACCOUNT

PERFORMANCE AS OF JUNE 30, 2011

			Total return						Average annual total return
	Inception date		6 months			1 year			5 years			10 years
CREF Stock Account		8/1/1952		5.39	%		32.05	%		3.34	%		3.91	%
CREF Stock Composite Benchmark*		—		5.58			31.75			3.30			4.14
Broad market index
Russell 3000 Index		—		6.35			32.37			3.35			3.44

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

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

* At June 30, 2011, the CREF Stock Composite Benchmark consisted of: 70.0% Russell 3000 Index and 30.0% MSCI All Country World ex USA Investable Market Index. During the period, the MSCI All Country World ex USA Investable Market Index replaced the MSCI EAFE+Canada Index, the MSCI Emerging Markets Index and the MSCI EAFE+Canada Small Cap Index in the CREF Stock Composite Benchmark. The account’s benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time.

EXPENSE EXAMPLE

Six months ended June 30, 2011
CREF Stock Account	Beginning account value (1/1/11)		Ending account value (6/30/11)		Expenses paid during period† (1/1/11–6/30/11)
Actual return		$1,000.00		$1,053.94		$2.34
5% annual hypothetical return		1,000.00		1,022.51		2.31

† “Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2011. The account’s annualized six-month expense ratio for that period was 0.46%.

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

College Retirement Equities Fund § 2011 Semiannual Report   7

CREF STOCK ACCOUNT

PORTFOLIO COMPOSITION
Sector	% of net assets as of 6/30/2011
Financials		17.9
Information technology		14.6
Industrials		12.0
Consumer discretionary		11.9
Energy		11.0
Health care		10.2
Consumer staples		8.4
Materials		7.1
Telecommunication services		3.3
Utilities		3.3
Short-term investments		5.6
Other assets & liabilities, net		–5.3
Total		100.0

HOLDINGS BY COMPANY SIZE
Market capitalization	% of equity investments as of 6/30/2011
Over $15 billion		60.2
$4 billion–$15 billion		24.1
Under $4 billion		15.7
Total		100.0
HOLDINGS BY COUNTRY
	% of portfolio investments as of 6/30/2011
United States		64.3
United Kingdom		4.0
Japan		3.9
Canada		2.8
Switzerland		2.1
France		2.1
Germany		1.9
Australia		1.5
56 other nations		12.1
Short-term investments		5.3
Total		100.0

8   2011 Semiannual Report § College Retirement Equities Fund

CREF GLOBAL EQUITIES ACCOUNT

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2011

The CREF Global Equities Account returned 4.77% for the period, compared with the 5.29% return of its benchmark, the MSCI World Index. For the one-year period ended June 30, 2011, the account returned 30.81%, versus 30.51% for the index.

The global rally loses steam

The global equity markets performed well during the first quarter of 2011, when the MSCI World Index gained 4.80%. However, the index rose just 0.47% in the second quarter, on evidence of slowing global growth and renewed concerns about the European sovereign debt crisis. A stronger euro, pound and yen, relative to the dollar, enhanced returns for U.S. investors. The World index returned 2.92% in local currencies for the six months.

          North American stocks, which made up more than one-half of the benchmark’s market capitalization, drove results with a 5.6% gain. The benchmark’s European segment returned 9.1%, driven by double-digit gains from France (up 15.5%) and Germany (up 14.2%). A 4.8% decline in Japanese stocks, in the wake of the catastrophic earthquake in March, led the Pacific segment to a 2.0% loss.

Stock choices reduce returns

The account lagged its benchmark because of several unsuccessful stock selections, including out-of-benchmark positions in General Motors, Danish jewelry maker Pandora, online brokerage firm E*Trade Financial and health care company Swedish Orphan Biovitrum. An overweight in PostNL, a private mail carrier based in the Netherlands, also detracted from the account’s relative results.

          These effects were partially offset by favorable positions that included an overweight in France’s Edenred, which provides prepaid cards for corporate spending. Overweight holdings in Dutch financial giant ING and UK-based software firm Autonomy also boosted relative returns.

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

College Retirement Equities Fund § 2011 Semiannual Report   9

CREF GLOBAL EQUITIES ACCOUNT

PERFORMANCE AS OF JUNE 30, 2011

			Total return						Average annual total return
	Inception date		6 months			1 year			5 years			10 years
CREF Global Equities Account		5/1/1992		4.77	%		30.81	%		2.46	%		3.61	%
MSCI World Index		—		5.29			30.51			2.28			3.97

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

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

EXPENSE EXAMPLE

Six months ended June 30, 2011
CREF Global Equities Account	Beginning account value (1/1/11)		Ending account value (6/30/11)		Expenses paid during period* (1/1/11–6/30/11)
Actual return		$1,000.00		$1,047.75		$2.49
5% annual hypothetical return		1,000.00		1,022.36		2.46

* “Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2011. The account’s annualized six-month expense ratio for that period was 0.49%.

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

10   2011 Semiannual Report § College Retirement Equities Fund

CREF GLOBAL EQUITIES ACCOUNT

PORTFOLIO COMPOSITION
Sector	% of net assets as of 6/30/2011
Financials	19.5
Information technology	12.5
Consumer discretionary	12.1
Industrials	11.6
Energy	10.3
Health care	9.9
Consumer staples	8.5
Materials	8.5
Telecommunication services	3.0
Utilities	2.5
Short-term investments	7.3
Other assets & liabilities, net	–5.7
Total	100.0

HOLDINGS BY COMPANY SIZE
Market capitalization	% of equity investments as of 6/30/2011
Over $15 billion	64.3
$4 billion–$15 billion	26.6
Under $4 billion	9.1
Total	100.0

HOLDINGS BY COUNTRY
	% of portfolio investments as of 6/30/2011
United States	45.1
United Kingdom	9.4
Japan	7.0
France	4.3
Canada	4.2
Switzerland	3.9
Germany	3.0
Australia	2.6
42 other nations	13.6
Short-term investments	6.9
Total	100.0

College Retirement Equities Fund § 2011 Semiannual Report   11

CREF GROWTH ACCOUNT

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2011

The CREF Growth Account returned 6.31% for the period, compared with the 6.83% return of its benchmark, the Russell 1000^® Growth Index. For the one-year period ended June 30, 2011, the account returned 33.34%, versus 35.01% for the index.

Growth stocks outpace value issues

In the first half of 2011, large-cap growth stocks outperformed the 5.92% return of large-cap value issues, as measured by the Russell 1000 Value Index. This continued the trend of 2010, when large-cap growth outpaced large-cap value, by more than one percentage point.

          However, for the ten years ended June 30, 2011, the Russell 1000 Growth Index posted an average annual return of 2.24%, significantly less than the 3.99% average return of its value counterpart.

Energy leads the way

All nine industry sectors of the account’s benchmark posted positive results for the period, but gains differed sharply. Energy, which made up more than one-tenth of the market capitalization of the index at period-end, climbed 11.4% during the six months. The producer durables and consumer discretionary sectors, together accounting for more than one-quarter of the index, rose 8.0% and 7.8%, respectively. Both were helped by increased demand from overseas.

          Technology, the benchmark’s largest sector, making up more than one-quarter of its market cap, was up just 1.6% for the period. Signs that the economic recovery was faltering prompted some investors to move into the more defensive consumer and health care sectors.

Stock choices trim return

The account lagged its benchmark because of several unfavorable stock selections. The largest detractor from relative performance was an underweight position in Exxon Mobil. Overweights in three technology companies—Google, Juniper Networks and Akamai Technologies—also reduced the account’s return.

          These detractors were partly offset by positive contributions from successful stock choices that included out-of-benchmark holdings in Watson Pharmaceuticals and Chinese online search engine Baidu. Overweight positions in medical device manufacturer Intuitive Surgical and communications equipment maker Polycom, and an underweight in technology giant Cisco Systems, also helped relative performance.

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CREF GROWTH ACCOUNT

PERFORMANCE AS OF JUNE 30, 2011
		Total return				Average annual total return
	Inception date	6 months		1 year		5 years		10 years
CREF Growth Account	4/29/1994	6.31	%	33.34	%	5.03	%	1.24	%
Russell 1000 Growth Index	—	6.83		35.01		5.33		2.24

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

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

EXPENSE EXAMPLE

Six months ended June 30, 2011
CREF Growth Account	Beginning account value (1/1/11)	Ending account value (6/30/11)	Expenses paid during period* (1/1/11–6/30/11)
Actual return	$1,000.00	$1,063.14	$2.25
5% annual hypothetical return	1,000.00	1,022.61	2.21

* “Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2011. The account’s annualized six-month expense ratio for that period was 0.44%.

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

PORTFOLIO COMPOSITION
Sector	% of net assets as of 6/30/2011
Information technology	28.0
Consumer discretionary	15.9
Industrials	12.5
Health care	11.1
Energy	10.4
Consumer staples	8.6
Materials	6.4
Financials	5.3
Telecommunication services	1.0
Short-term investments	0.7
Other assets & liabilities, net	0.1
Total	100.0

HOLDINGS BY COMPANY SIZE
Market capitalization	% of equity investments as of 6/30/2011
Over $15 billion	65.7
$4 billion–$15 billion	29.9
Under $4 billion	4.4
Total	100.0

College Retirement Equities Fund § 2011 Semiannual Report   13

CREF EQUITY INDEX ACCOUNT

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2011

The CREF Equity Index Account returned 6.16% for the period, compared with the 6.35% return of its benchmark, the Russell 3000^® Index. For the one-year period ended June 30, 2011, the account returned 31.79%, versus 32.37% for the index.

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

U.S. stocks gain despite headwinds

U.S. stocks, as measured by the Russell 3000, finished the first half of 2011 with a substantial gain, despite growing concerns in the second quarter about the sustainability of the U.S. economic recovery. In the first quarter, the broad market climbed 6.38%, when rising corporate profits and strong growth overseas continued to propel the rally that had begun in September 2010. But U.S. stocks were flat in the second quarter, as global economic growth appeared to be slowing.

          During the six months, mid-cap issues led the market with an 8.08% gain, outperforming large caps and small caps, which rose 6.37% and 6.21%, respectively. Growth stocks within the Russell 3000 outperformed value issues, 6.98% to 5.74%. (Returns by investment-style and market capitalization are based on the Russell indexes.)

Health care and energy drive the index

Eight of the benchmark’s nine industry sectors advanced during the period, and two scored double-digit gains. Results were largely driven by solid contributions from the health care and energy sectors, which rose 13.9% and 10.9%, respectively. Together, these two sectors made up nearly one-fourth of the total market capitalization of the index on June 30, 2011. An 8.1% return from the sizable consumer discretionary sector also pushed the benchmark higher.

          Overall returns were hampered, however, by disappointing results from the benchmark’s two largest sectors: financial services lost 0.8%, while technology gained just 1.8%.

Three leading stocks shine

Three of the five largest stocks in the Russell 3000 Index achieved double-digit gains for the period. Technology bellwether IBM climbed 17.9%. Energy giants Chevron and Exxon Mobil rose 14.4% and 12.5%, respectively. General Electric (up 4.7%) and Apple (up 4.1%) posted returns that lagged the overall market.

14   2011 Semiannual Report § College Retirement Equities Fund

CREF EQUITY INDEX ACCOUNT

PERFORMANCE AS OF JUNE 30, 2011
		Total return				Average annual total return
	Inception date	6 months		1 year		5 years		10 years
CREF Equity Index Account	4/29/1994	6.16	%	31.79	%	2.96	%	3.04	%
Russell 3000 Index	—	6.35		32.37		3.35		3.44

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

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

EXPENSE EXAMPLE

Six months ended June 30, 2011
CREF Equity Index Account	Beginning account value (1/1/11)	Ending account value (6/30/11)	Expenses paid during period* (1/1/11–6/30/11)
Actual return	$1,000.00	$1,061.58	$1.99
5% annual hypothetical return	1,000.00	1,022.86	1.96

* “Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2011. The account’s annualized six-month expense ratio for that period was 0.39%.

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

PORTFOLIO COMPOSITION
Sector	% of net assets as of 6/30/2011
Information technology	17.7
Financials	16.0
Industrials	11.7
Health care	11.6
Consumer discretionary	11.6
Energy	11.5
Consumer staples	8.9
Materials	4.5
Utilities	3.4
Telecommunication services	2.8
Other assets & liabilities, net	0.3
Total	100.0

HOLDINGS BY COMPANY SIZE
Market capitalization	% of equity investments as of 6/30/2011
Over $15 billion	65.4
$4 billion–$15 billion	20.6
Under $4 billion	14.0
Total	100.0

College Retirement Equities Fund § 2011 Semiannual Report   15

CREF BOND MARKET ACCOUNT

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2011

The CREF Bond Market Account returned 2.67% for the period, compared with the 2.72% return of its benchmark, the Barclays Capital U.S. Aggregate Bond Index. For the one-year period ended June 30, 2011, the account returned 4.20%, versus 3.90% for the index.

Bonds gain as the recovery falters

During the six months, economic growth in the United States slowed, constrained by persistently high unemployment, a depressed housing market and rising oil prices. The nation’s gross domestic product increased at a year-over-year rate of 1.6% in the second quarter of 2011, down sharply from the 3.1% rate in the last quarter of 2010.

          To help stimulate the economy, the Federal Reserve maintained its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) within a range of 0% to 0.25%. The Fed also continued to purchase U.S. Treasury securities, in an effort to lower long-term interest rates.

          The Barclays Capital U.S. Aggregate Bond Index, which measures the U.S. investment-grade, fixed-rate bond market, returned 0.42% for the first quarter, when increased corporate profits and an uptick in private-sector jobs drove investors to seek the potentially higher returns of stocks. In the second quarter, disappointing jobs reports, Europe’s sovereign debt crisis and concerns about the long-term effects of Japan’s earthquake prompted a stock sell-off. As many investors turned to bonds, the index gained 2.29%.

Corporate bonds outpace Treasuries

Corporate bonds, which made up one-fifth of the benchmark’s market capitalization, gained 3.2%. U.S. mortgage-backed securities and U.S. Treasuries, each representing about one-third of the index, returned 2.9% and 2.2%, respectively. The small commercial mortgage-backed sector gained 3.7%, while U.S. agencies trailed with a 1.9% return. The yield on 2-year Treasury notes fell from 0.61% at year-end 2010 to 0.45% on June 30, 2011. The 10-year yield slid from 3.30% to 3.18%.

The account tracks the index

The account’s return was just 0.05 of a percentage point behind that of the Barclays Capital aggregate index. The slight lag was primarily due to underweights in U.S. Treasury securities, which rallied in April and May, and in U.S. mortgage-backed securities.

          Partly offsetting these detractors were the account’s investments in corporate bonds, including out-of-benchmark holdings in high-yield and emerging market securities. Overweights and favorable security selections in asset-backed securities also helped.

16   2011 Semiannual Report § College Retirement Equities Fund

CREF BOND MARKET ACCOUNT

PERFORMANCE AS OF JUNE 30, 2011
		Total return				Average annual total return
	Inception date	6 months		1 year		5 years		10 years
CREF Bond Market Account	3/1/1990	2.67	%	4.20	%	5.72	%	5.29	%
Barclays Capital U.S. Aggregate Bond Index	—	2.72		3.90		6.52		5.74

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

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

EXPENSE EXAMPLE

Six months ended June 30, 2011
CREF Bond Market Account	Beginning account value (1/1/11)	Ending account value (6/30/11)	Expenses paid during period* (1/1/11–6/30/11)
Actual return	$1,000.00	$1,026.70	$2.11
5% annual hypothetical return	1,000.00	1,022.71	2.11

*	“Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2011. The account’s annualized six-month expense ratio for that period was 0.42%.
For more information about this expense example, please see page 5.

College Retirement Equities Fund § 2011 Semiannual Report   17

CREF BOND MARKET ACCOUNT

PORTFOLIO COMPOSITION
	% of net assets as of 6/30/2011
Mortgage-backed securities†	30.8
Corporate bonds	20.5
U.S. Treasury securities	17.0
Foreign government & corporate bonds denominated in U.S. dollars	13.1
U.S. agency securities	10.0
Commercial mortgage-backed securities	4.6
Asset-backed securities	1.5
Municipal bonds	0.6
Bank loan obligations	0.1
Short-term investments	17.0
Other assets & liabilities, net	–15.2
Total	100.0

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

HOLDINGS BY MATURITY
	% of fixed-income investments as of 6/30/2011
Less than 1 year	18.4
1–3 years	10.7
3–5 years	13.2
5–10 years	14.6
Over 10 years	43.1
Total	100.0
HOLDINGS BY CREDIT QUALITY*
	% of fixed-income investments as of 6/30/2011
Aaa/AAA	68.3
Aa/AA	6.3
A/A	10.1
Baa/BBB	10.7
Ba/BB	2.7
B/B	1.5
Below B/B	0.4
Total	100.0

* These figures are based on credit quality ratings from Moody’s, Standard & Poor’s and Fitch. Where Moody’s ratings are not available, we have used Standard & Poor’s or Fitch’s ratings. These ratings are subject to change without notice.

18   2011 Semiannual Report § College Retirement Equities Fund

CREF INFLATION-LINKED BOND ACCOUNT

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2011

The CREF Inflation-Linked Bond Account returned 5.51% for the period, compared with the 5.81% return of its benchmark, the Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L). For the one-year period ended June 30, 2011, the account returned 7.17%, versus 7.74% for the index.

Growth retreats, while prices climb

During the six months, economic growth in the United States slowed, constrained by persistently high unemployment, a depressed housing market and rising oil prices. Gross domestic product increased at a year-over-year rate of 1.6% in the second quarter of 2011, down sharply from the 3.1% rate in the last quarter of 2010.

          Inflation trended upward. When political change in the Middle East raised fears about disruptions of future supplies in April, oil soared to $114 a barrel. On June 30, 2011, the Consumer Price Index was 3.6% higher than it had been one year earlier.

          More concerned about slowing growth than rising prices, the Federal Reserve maintained its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) within a range of 0% to 0.25%. The Fed also purchased U.S. Treasury securities, in an effort to lower long-term interest rates.

TIPS lead the broad bond market

TIPS returned 2.08% in the first quarter, when increased corporate profits drove investors to seek the potentially higher returns of stocks. In the second quarter, renewed concern about Europe’s sovereign debt prompted a stock sell-off. As investors turned to U.S. Treasuries, including TIPS, the benchmark gained 3.66%.

          For the period, TIPS’ return was more than double the 2.72% return of the broad investment-grade, fixed-rate bond market, as measured by the Barclays Capital U.S. Aggregate Bond Index. For the ten years ended June 30, 2011, the TIPS index gained an average annual 6.95%, versus 5.74% for the aggregate index.

The account lags its benchmark

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

          During the period, the account’s managers kept the account’s duration—a measure of its sensitivity to interest rate changes—close to that of its benchmark. This strategy helped the account more closely track the characteristics of its benchmark.

College Retirement Equities Fund § 2011 Semiannual Report   19

CREF INFLATION-LINKED BOND ACCOUNT

PERFORMANCE AS OF JUNE 30, 2011
			Total return						Average annual total return
	Inception date		6 months			1 year			5 years			10 years
CREF Inflation-Linked Bond Account		5/1/1997		5.51	%		7.17	%		6.38	%		6.48	%
Barclays Capital U.S. Treasury Inflation Protected Securities Index (Series-L)		—		5.81			7.74			6.91			6.95

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

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

EXPENSE EXAMPLE

Six months ended June 30, 2011
CREF Inflation-Linked Bond Account	Beginning account value (1/1/11)		Ending account value (6/30/11)		Expenses paid during period* (1/1/11–6/30/11)
Actual return		$1,000.00		$1,055.09		$2.14
5% annual hypothetical return		1,000.00		1,022.71		2.11

*	“Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2011. The account’s annualized six-month expense ratio for that period was 0.42%.
For more information about this expense example, please see page 5.

HOLDINGS BY MATURITY
	% of portfolio investments as of 6/30/2011
1–3 years	18.0
3–5 years	19.8
5–10 years	31.7
Over 10 years	30.5
Total	100.0

20   2011 Semiannual Report § College Retirement Equities Fund

CREF SOCIAL CHOICE ACCOUNT

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2011

The CREF Social Choice Account returned 4.31% for the period, compared with the 4.72% return of its composite benchmark, a weighted average of the Russell 3000^® Index, the MSCI EAFE+Canada Index and the Barclays Capital U.S. Aggregate Bond Index. For the one-year period ended June 30, 2011, the account returned 19.07%, versus 20.30% for its composite index. The account screens investments according to social criteria, while the benchmark does not.

Stock exclusions reduce returns

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

          The account’s underperformance was due in part to the exclusion of several well-performing energy companies, including Exxon Mobil (up 12.5%) and Chevron (up 14.4%). The absence of global pharmaceutical giants Pfizer and France’s Sanofi-Aventis also reduced relative return.

          In contrast, relative performance was enhanced by avoiding four large-cap U.S. financial companies: Bank of America, Goldman Sachs, Citigroup and JPMorgan Chase, all of which posted losses partly due to the ongoing downturn in the housing market. The exclusion of Tokyo Electric Power also helped.

Strategies help limit risks

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

          During the period, the account’s relative performance was adversely affected by overweight holdings in technology giants Microsoft (down 5.7%), Cisco Systems (down 22.6%), Finland’s Nokia (down 32.6%) and BlackBerry manufacturer Research in Motion (down 50.6%). Partially offsetting these detractors were overweights in Marathon Oil, Volkswagen, insurer Aetna and biotechnology company Biogen Idec.

Bonds boost relative performance

For the six months, the account’s fixed-income portion posted a positive return and outpaced the Barclays Capital aggregate index. Major contributors to the account’s outperformance were overweight positions in corporate bonds and asset-backed securities, and investments in municipal fixed-income securities. These favorable effects were partly offset by an underweight holding in U.S. Treasury securities, which rallied in April and May.

College Retirement Equities Fund § 2011 Semiannual Report   21

CREF SOCIAL CHOICE ACCOUNT

PERFORMANCE AS OF JUNE 30, 2011
		Total return				Average annual total return
	Inception date	6 months		1 year		5 years		10 years
CREF Social Choice Account	3/1/1990	4.31	%	19.07	%	4.54	%	4.51	%
CREF Social Choice Composite Benchmark*	—	4.72		20.30		4.65		4.47
Broad market index
Russell 3000® Index	—	6.35		32.37		3.35		3.44

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

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

* At June 30, 2011, the CREF Social Choice Composite Benchmark consisted of: 47% Russell 3000 Index; 40% Barclays Capital U.S. Aggregate Bond Index; and 13% MSCI EAFE+Canada Index. The account’s benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time.

EXPENSE EXAMPLE

Six months ended June 30, 2011
CREF Social Choice Account	Beginning account value (1/1/11)	Ending account value (6/30/11)	Expenses paid during period† (1/1/11–6/30/11)
Actual return	$1,000.00	$1,043.09	$2.13
5% annual hypothetical return	1,000.00	1,022.71	2.11

† “Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2011. The account’s annualized six-month expense ratio for that period was 0.42%.

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

22   2011 Semiannual Report § College Retirement Equities Fund

CREF SOCIAL CHOICE ACCOUNT

PORTFOLIO COMPOSITION
	% of net assets as of 6/30/2011
Equities	59.9
Long-term bonds	39.3
Short-term investments	8.0
Other assets & liabilities, net	–7.2
Total	100.0

HOLDINGS BY COMPANY SIZE
Market capitalization (Equity segment)	% of equity investments as of 6/30/2011
Over $15 billion	69.6
$4 billion–$15 billion	24.1
Under $4 billion	6.3
Total	100.0
HOLDINGS BY MATURITY
(Fixed-income segment)	% of fixed-income investments as of 6/30/2011
Less than 1 year	19.9
1–3 years	8.6
3–5 years	16.1
5–10 years	12.4
Over 10 years	43.0
Total	100.0

College Retirement Equities Fund §2011 Semiannual Report   23

CREF MONEY MARKET ACCOUNT

PERFORMANCE FOR THE SIX MONTHS ENDED JUNE 30, 2011

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

Growth stalls, and the Fed holds firm

During the six months, economic growth in the United States was constrained by high unemployment, a depressed housing market and rising oil prices. Gross domestic product increased at a year-over-year rate of 1.6% in the second quarter of 2011, down sharply from the 3.1% rate in the last quarter of 2010. Unemployment rose to 9.2%.

          In response, the Federal Reserve maintained its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) within a range of 0% to 0.25%. The Fed also continued to purchase U.S. Treasury securities until this initiative ended on June 30.

Treasuries rally, but LIBOR is flat

Europe’s sovereign debt problems, political change in the Middle East, Japan’s earthquake and the United States’ own debt issues all precipitated a flight-to-quality. As investors sought high-quality issues, yields on short-term U.S. Treasuries fell to near zero.

          Despite the challenging global picture, LIBOR yields moved little. (LIBOR, an indication of the interest rates that banks expect to pay to other banks for loans on the London market, is the most widely used benchmark for short-term rates.) For the period, the three-month LIBOR declined from 0.30% to 0.25%; the twelve-month LIBOR slid from 0.78% to 0.73%.

The account seeks yield and safety

In pursuit of relative value and to comply with SEC regulations, the account maintained about one-half of its portfolio in U.S. Treasury and agency securities. The account also purchased high-quality corporate securities. On June 28, 2011, the account’s weighted average maturity was 54 days, versus 41 days for the average iMoneyNet fund. In the low interest rate environment, part or all of the account’s 12b-1 distribution fees and/or administrative fees were voluntarily withheld by TIAA (waived) to keep the account’s yield from being negative.

24   2011 Semiannual Report § College Retirement Equities Fund

CREF MONEY MARKET ACCOUNT

NET ANNUALIZED YIELD FOR THE 7 DAYS ENDED JUNE 28, 2011*
	Current yield		Effective yield
CREF Money Market Account†	0.00	%	0.00	%
iMoneyNet Money Fund Report Averages™—All Taxable‡	0.02		0.02

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

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

PERFORMANCE AS OF JUNE 30, 2011
		Total return				Average annual total return
	Inception date	6 months		1 year		5 years		10 years
CREF Money Market Account†	4/1/1988	0.00	%	0.00	%	1.98	%	1.97	%
iMoneyNet Money Fund Report
Averages—All Taxable‡	—	0.01		0.03		1.86		1.80

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

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

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

†

Beginning July 16, 2009, part or all of the 12b-1 distribution fees and/or administrative fees for the CREF Money Market Account are being voluntarily withheld by TIAA (“waived”). Without this waiver, the 7-day current and effective annualized yields and total returns would have been lower. This 12b-1 and administrative fee waiver may be discontinued at any time without notice. Amounts waived on or after October 1, 2010 are subject to possible recovery by TIAA under certain conditions.

‡

The iMoneyNet Money Fund Report Averages—All Taxable category is a simple average of over 1,000 taxable money market funds. You cannot invest in it directly.

College Retirement Equities Fund §2011 Semiannual Report   25

CREF MONEY MARKET ACCOUNT

EXPENSE EXAMPLE

Six months ended June 30, 2011
CREF Money Market Account	Beginning account value (1/1/11)	Ending account value (6/30/11)	Expenses paid during period* (1/1/11–6/30/11)
Actual return	$1,000.00	$1,000.01	$0.99
5% annual hypothetical return	1,000.00	1,023.80	1.00

* “Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2011. The account’s annualized six-month expense ratio for that period was 0.20%. The expense charges reflect a voluntary waiver. Without this waiver, the expenses of the account would have been higher and its performance lower.

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

PORTFOLIO COMPOSITION
	% of net assets as of 6/30/2011
Commercial paper	44.3
U.S. government agency securities	29.1
U.S. Treasury securities	13.6
Floating-rate securities, government	6.6
Certificates of deposit	6.3
Foreign government securities	0.1
Total	100.0

26   2011 Semiannual Report § College Retirement Equities Fund

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

CREF STOCK ACCOUNT § JUNE 30, 2011

Principal	Issuer		Value (000)		% of net assets
CORPORATE BONDS
FOOD & STAPLES RETAILING			$	52		0.0	%
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				6		0.0
REAL ESTATE				20		0.0
	TOTAL CORPORATE BONDS	(Cost $70)		78		0.0

	Shares		Company
COMMON STOCKS
AUTOMOBILES & COMPONENTS				2,269,383	2.0
BANKS
	11,957,858		US Bancorp	305,044	0.4
	32,304,703		Wells Fargo & Co	906,469	0.9
			Other	5,204,357	4.6
				6,415,870	5.9
CAPITAL GOODS
	4,545,532		Boeing Co	336,050	0.3
	3,051,297		Caterpillar, Inc	324,842	0.3
	46,520,376		General Electric Co	877,374	0.8
	7,177,111		Honeywell International, Inc	427,683	0.4
			Other	7,929,088	7.1
				9,895,037	8.9
COMMERCIAL & PROFESSIONAL SERVICES				1,210,000	1.1
CONSUMER DURABLES & APPAREL
	6,087,239	a	Jarden Corp	210,071	0.2
			Other	1,906,359	1.7
				2,116,430	1.9
CONSUMER SERVICES
	5,129,316	*,a,e	Orient-Express Hotels Ltd (Class A)	55,140	0.0
			Other	1,936,143	1.8
				1,991,283	1.8
DIVERSIFIED FINANCIALS
	41,483,549	e	Bank of America Corp	454,661	0.4
	18,464,909		Citigroup, Inc	768,880	0.7
	2,617,864		Goldman Sachs Group, Inc	348,411	0.3
	8,823,000	a	Japan Asia Investment Co Ltd	9,814	0.0
	18,540,073	e	JPMorgan Chase & Co	759,032	0.7
			Other	3,916,838	3.5
				6,257,636	5.6

See notes to financial statements College Retirement Equities Fund § 2011 Semiannual Report   27

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
CREF STOCK ACCOUNT § JUNE 30, 2011

Shares			Company	Value (000)		% of net assets
ENERGY
	8,800,095		Chevron Corp	$	905,001		0.8	%
	5,468,214		ConocoPhillips		411,154		0.4
	20,243,186	e	Exxon Mobil Corp		1,647,389		1.5
	7,128,863	e	Occidental Petroleum Corp		741,686		0.7
	6,978,373	e	Schlumberger Ltd		602,932		0.5
			Other		7,924,561		7.1
					12,232,723		11.0
FOOD & STAPLES RETAILING					1,815,372		1.6
FOOD, BEVERAGE & TOBACCO
	11,292,205	e	Coca-Cola Co		759,853		0.7
	8,631,463		PepsiCo, Inc		607,915		0.5
	10,775,584		Philip Morris International, Inc		719,487		0.7
			Other		3,657,820		3.3
					5,745,075		5.2
HEALTH CARE EQUIPMENT & SERVICES
	6,415,399		UnitedHealth Group, Inc		330,907		0.4
			Other		3,496,146		3.0
					3,827,053		3.4
HOUSEHOLD & PERSONAL PRODUCTS
	12,618,157		Procter & Gamble Co		802,135		0.8
			Other		988,211		0.8
					1,790,346		1.6
INSURANCE
	6,165,757	*	Berkshire Hathaway, Inc (Class B)		477,169		0.5
	5,260,405		Prudential Financial, Inc		334,510		0.4
			Other		3,239,374		2.7
					4,051,053		3.6
MATERIALS
	5,781,678		Freeport-McMoRan Copper & Gold, Inc (Class B)		305,850		0.4
	1,908,642	a	Georgia Gulf		46,075		0.0
			Other		7,517,719		6.7
					7,869,644		7.1
MEDIA
	12,891,915		Comcast Corp (Class A)		326,682		0.4
	11,306,784		Walt Disney Co		441,418		0.5
			Other		2,428,720		2.0
					3,196,820		2.9

28   2011 Semiannual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
CREF STOCK ACCOUNT  §  JUNE 30, 2011

Shares			Company		Value (000)	% of net assets
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	10,663,204		Johnson & Johnson	$	709,316		0.6	%
	11,902,373		Merck & Co, Inc		420,035		0.4
	22,167,242	*,a	MPM Bioventures II		4,483		0.0
	5,157,549		Novartis AG.		316,091		0.3
	51,856,401		Pfizer, Inc		1,068,242		1.0
	4,254,176	*,a	Skyline Venture Fund II Ltd		239		0.0
	1,570,242	*a,e	Vanda Pharmaceuticals, Inc		11,212		0.0
	5,014,656	*	Watson Pharmaceuticals, Inc		344,657		0.3
			Other		4,649,650		4.2
					7,523,925		6.8
REAL ESTATE					3,204,095		2.9
RETAILING
	6,994,111		Target Corp		328,093		0.4
	5,459,992	a	Talbot’s		18,236		0.0
			Other		3,295,065		2.9
					3,641,394		3.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	23,323,587		Intel Corp		516,852		0.6
	2,656,692	a	Freescale Semiconductor Holdings		48,857		0.0
			Other		2,161,037		1.8
					2,726,746		2.4
SOFTWARE & SERVICES
	1,414,488	*	Google, Inc (Class A)		716,269		0.6
	4,774,281		International Business Machines Corp		819,027		0.7
	39,382,558		Microsoft Corp		1,023,946		0.9
	22,484,920		Oracle Corp		739,978		0.7
			Other		4,011,656		3.6
					7,310,876		6.5
TECHNOLOGY HARDWARE & EQUIPMENT
	5,203,936	*	Apple, Inc		1,746,806		1.6
	24,620,986		Cisco Systems, Inc		384,334		0.4
	12,913,687		Hewlett-Packard Co		470,059		0.4
	11,614,535		Qualcomm, Inc		659,588		0.6
			Other		2,946,189		2.6
					6,206,976		5.6
TELECOMMUNICATION SERVICES
	25,046,469		AT&T, Inc		786,709		0.8
	14,477,837		Verizon Communications, Inc		539,009		0.6
			Other		2,365,730		1.9
					3,691,448		3.3

See notes to financial statements College Retirement Equities Fund § 2011 Semiannual Report   29

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
CREF STOCK ACCOUNT § JUNE 30, 2011

Shares		Company			Value (000)	% of net assets
TRANSPORTATION
	4,928,158	United Parcel Service, Inc (Class B)		$	359,411		0.4	%
		Other			1,903,343		1.6
					2,262,754		2.0
UTILITIES					3,652,436		3.3
		TOTAL COMMON STOCKS	(Cost $95,461,851)		110,904,375		99.7
PREFERRED STOCKS
DIVERSIFIED FINANCIALS					2,309		0.0
FOOD, BEVERAGE & TOBACCO					39,892		0.0
		TOTAL PREFERRED STOCKS	(Cost $23,664)		42,201		0.0
RIGHTS/WARRANTS
AUTOMOBILES & COMPONENTS					35,097		0.0
BANKS					564		0.0
CAPITAL GOODS					138		0.0
COMMERCIAL & PROFESSIONAL SERVICES					5		0.0
CONSUMER DURABLES & APPAREL					8		0.0
DIVERSIFIED FINANCIALS					38		0.0
ENERGY					81		0.0
FOOD & STAPLES RETAILING					1		0.0
FOOD, BEVERAGE & TOBACCO					4		0.0
HEALTH CARE EQUIPMENT & SERVICES					13		0.0
INSURANCE					779		0.0
MATERIALS					16		0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					228		0.0
REAL ESTATE					78		0.0
RETAILING					14		0.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					118		0.0
TECHNOLOGY HARDWARE & EQUIPMENT					54		0.0
UTILITIES					22		0.0
		TOTAL RIGHTS/WARRANTS	(Cost $51,216)		37,258		0.0

30   2011 Semiannual Report §College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	concluded
CREF STOCK ACCOUNT §  JUNE 30, 2011

Principal			Issuer				Value (000)		% of net assets
SHORT-TERM INVESTMENTS
TREASURY DEBT
$	55,200,000	d	United States Treasury Bill		0.050%, 10/20/11	$	55,194			0.0	%
			Other				6,997			0.0
							62,191			0.0
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
REPURCHASE AGREEMENTS
	546,521,000	n	Barclays Capital	0.010%, 07/01/11			546,521			0.5
	950,000,000	o	BNP	0.010%, 07/01/11			950,000			0.9
	725,000,000	p	Calyon	0.010%, 07/01/11			725,000			0.7
	975,000,000	q	CSFB	0.010%, 07/01/11			975,000			0.8
	480,000,000	r	Nomura Securities	0.010%, 07/01/11			480,000			0.4
	405,000,000	s	RBC Capital Markets	0.005%, 07/01/11			405,000			0.4
	475,000,000	t	Royal Bank of Scotland	0.010%, 07/01/11			475,000			0.4
			Other				860,000			0.8
							5,416,521			4.9
VARIABLE RATE SECURITY							808,217			0.7
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED							6,224,738			5.6
			TOTAL SHORT-TERM INVESTMENTS		(Cost $6,294,448)		6,286,929			5.6
			TOTAL PORTFOLIO		(Cost $101,831,249)		117,270,841			105.3
			OTHER ASSETS & LIABILITIES, NET				(5,867,740	)		(5.3	)
			NET ASSETS			$	111,403,101			100.0	%

*	Non-income producing.
a	Affiliated holding.
d	All or a portion of these securities have been segregated by the custodian to cover requirements on swap agreements.
e	All or a portion of these securities are out on loan.
n	Agreement with Barclays Capital, 0.01% dated 06/30/11 to be repurchased at $546,521,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $557,451,000.
o	Agreement with BNP, 0.01% dated 06/30/11 to be repurchased at $950,000,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $969,000,000.
p	Agreement with Calyon, 0.01% dated 06/30/11 to be repurchased at $725,000,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $739,500,000.
q	Agreement with CSFB, 0.01% dated 06/30/11 to be repurchased at $975,000,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $994,502,000.
r	Agreement with Nomura Securities, 0.01% dated 06/30/11 to be repurchased at $480,000,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $484,011,000.
s	Agreement with RBC Capital Markets, 0.01% dated 06/30/11 to be repurchased at $405,000,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $413,100,000.
t	Agreement with Royal Bank of Scotland, 0.10% dated 06/30/11 to be repurchased at $475,000,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $484,502,000.
Cost amounts are in thousands.
For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.

See notes to financial statements College Retirement Equities Fund  § 2011 Semiannual Report   31

SUMMARY OF MARKET VALUES BY COUNTRY (UNAUDITED)

CREF STOCK ACCOUNT § JUNE 30, 2011

Country	Value (000)		% of total portfolio
DOMESTIC
UNITED STATES	$	81,649,607		69.6	%
TOTAL DOMESTIC		81,649,607		69.6
FOREIGN
ARGENTINA		6,854		0.0
AUSTRALIA		1,746,059		1.5
AUSTRIA		163,908		0.1
BAHAMAS		390		0.0
BELGIUM		318,944		0.3
BERMUDA		70,267		0.1
BRAZIL		1,260,271		1.1
CAMBODIA		177		0.0
CANADA		3,223,455		2.8
CAYMAN ISLANDS		2,000		0.0
CHILE		117,525		0.1
CHINA		1,339,527		1.1
COLOMBIA		65,775		0.1
CYPRUS		3,335		0.0
CZECH REPUBLIC		35,573		0.0
DENMARK		216,420		0.2
EGYPT		24,144		0.0
FINLAND		239,757		0.2
FRANCE		2,394,203		2.1
GERMANY		2,185,240		1.9
GIBRALTAR		12,107		0.0
GREECE		45,189		0.0
GUERNSEY, C.I.		53,106		0.0
HONG KONG		657,487		0.6
HUNGARY		25,260		0.0
INDIA		696,477		0.6
INDONESIA		203,079		0.2
IRELAND		342,870		0.3
ISRAEL		114,179		0.1
ITALY		731,712		0.6
JAPAN		4,603,116		3.9

Country	Value (000)		% of total portfolio
JERSEY, C.I.	$	1,208		0.0	%
KAZAKHSTAN		7,282		0.0
KOREA, REPUBLIC OF		1,255,009		1.1
LIECHTENSTEIN		2,192		0.0
LUXEMBOURG		25,258		0.0
MACAU		85,233		0.1
MALAYSIA		265,943		0.2
MEXICO		340,896		0.3
MONACO		905		0.0
MOROCCO		10,403		0.0
NETHERLANDS		1,055,349		0.9
NEW ZEALAND		36,611		0.0
NORWAY		188,537		0.2
PANAMA		20,080		0.0
PERU		27,611		0.0
PHILIPPINES		56,479		0.0
POLAND		136,111		0.1
PORTUGAL		57,977		0.1
PUERTO RICO		8,676		0.0
RUSSIA		468,766		0.4
SINGAPORE		367,390		0.3
SOUTH AFRICA		576,693		0.5
SPAIN		550,427		0.5
SWEDEN		750,075		0.6
SWITZERLAND		2,470,842		2.1
TAIWAN		965,032		0.8
THAILAND		140,316		0.2
TURKEY		116,608		0.1
UKRAINE		4,049		0.0
UNITED ARAB EMIRATES		15,512		0.0
UNITED KINGDOM		4,714,885		4.0
VIRGIN ISLANDS, BRITISH		473		0.0
TOTAL FOREIGN		35,621,234		30.4
TOTAL PORTFOLIO	$	117,270,841		100.0	%

32   2011 Semiannual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

CREF GLOBAL EQUITIES ACCOUNT § JUNE 30, 2011

Shares		Company	Value (000)		% of net assets
COMMON STOCKS
ARGENTINA			$	1,188		0.0	%
AUSTRALIA
	1,289,050	BHP Billiton Ltd		60,922		0.4
		Other		355,256		2.3
				416,178		2.7
AUSTRIA				41,038		0.3
BELGIUM				93,628		0.6
BERMUDA				3,335		0.0
BRAZIL				109,829		0.7
CANADA
	1,784,235	Suncor Energy, Inc		69,930		0.4
		Other		613,949		4.0
				683,879		4.4
CHILE				6,091		0.0
CHINA				98,966		0.6
COLOMBIA				2,195		0.0
CYPRUS				284		0.0
DENMARK				99,832		0.6
FINLAND				69,010		0.4
FRANCE
	3,522,569	Accor Services		107,477		0.7
	929,245	Sanofi-Aventis		74,750		0.5
	458,065	Vallourec		55,844		0.4
		Other		467,043		3.0
				705,114		4.6
GERMANY
	930,304	Bayer AG.		74,720		0.5
		Other		410,055		2.7
				484,775		3.2
GIBRALTAR				4,087		0.0
GREECE				5,876		0.0
HONG KONG				124,006		0.8
INDIA				73,217		0.5
INDONESIA				39,534		0.3
IRELAND				72,528		0.5
ISRAEL				9,096		0.1

See notes to financial statements College Retirement Equities Fund § 2011 Semiannual Report   33

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
CREF GLOBAL EQUITIES ACCOUNT § JUNE 30, 2011

Shares			Company	Value (000)		% of net assets
ITALY
	1,241,261		Saipem S.p.A.	$	64,099		0.5	%
			Other		120,022		0.7
					184,121		1.2
JAPAN					1,132,925		7.4
JERSEY, C.I.					839		0.0
KAZAKHSTAN					202		0.0
KOREA, REPUBLIC OF					182,190		1.2
LUXEMBOURG					14,136		0.1
MACAU					35,286		0.2
MALAYSIA					13,930		0.1
MEXICO					23,011		0.1
NETHERLANDS
	12,005,195	*	ING Groep NV		147,945		1.0
			Other		162,401		1.0
					310,346		2.0
NEW ZEALAND					1,651		0.0
NORWAY					12,201		0.1
PHILIPPINES					11,195		0.1
POLAND					8,675		0.1
PORTUGAL					39,139		0.2
RUSSIA					8,175		0.1
SINGAPORE					106,647		0.7
SOUTH AFRICA					25,312		0.2
SPAIN					95,099		0.6
SWEDEN					164,912		1.1
SWITZERLAND
	1,473,879		Nestle S.A.		91,716		0.6
	2,106,691		Novartis AG.		129,114		0.9
	1,159,298		Philip Morris International, Inc		77,406		0.5
			Other		340,489		2.2
					638,725		4.2
TAIWAN					56,375		0.4
THAILAND					29,568		0.2
TURKEY					16,654		0.1

34   2011 Semiannual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
CREF GLOBAL EQUITIES ACCOUNT § JUNE 30, 2011

Shares			Company		Value (000)		% of net assets
UKRAINE					$	8,000		0.1	%
UNITED KINGDOM
	1,427,598		Anglo American plc (London)			70,800		0.4
	4,271,629	*	Autonomy Corp plc			117,008		0.7
	3,832,844		BG Group plc			87,028		0.6
	7,364,480		HSBC Holdings plc			73,016		0.5
	1,407,916		Rio Tinto plc			101,661		0.7
	2,908,312		Tullow Oil plc			57,916		0.4
			Other			1,020,162		6.6
						1,527,591		9.9
UNITED STATES
	1,598,958		Aetna, Inc			70,498		0.5
	575,151	*	Apple, Inc			193,062		1.3
	2,636,749		AT&T, Inc			82,820		0.5
	1,067,361		Chevron Corp			109,768		0.7
	1,826,242		Citigroup, Inc			76,044		0.5
	1,419,853		Coca-Cola Co			95,541		0.6
	4,461,573	*	E*Trade Financial Corp			61,570		0.4
	1,764,519		Exxon Mobil Corp			143,598		0.9
	3,579,783		General Electric Co			67,516		0.4
	190,424	*	Google, Inc (Class A)			96,426		0.6
	948,124		Honeywell International, Inc			56,498		0.4
	542,892		International Business Machines Corp			93,132		0.6
	1,995,000		iShares MSCI EAFE Index Fund			119,979		0.8
	1,750,935		JPMorgan Chase & Co			71,683		0.5
	5,112,248		Microsoft Corp			132,917		0.9
	908,835		Occidental Petroleum Corp			94,556		0.6
	2,437,728		Oracle Corp			80,225		0.5
	973,715		PepsiCo, Inc			68,579		0.4
	5,627,013		Pfizer, Inc			115,917		0.8
	898,094		Procter & Gamble Co			57,093		0.4
	849,684		Prudential Financial, Inc			54,032		0.4
	1,114,630		Qualcomm, Inc			63,299		0.4
	751,200		Schlumberger Ltd			64,905		0.4
	4,088,172		Seagate Technology, Inc			66,065		0.4
	1,359,500		SPDR Trust Series 1			179,412		1.2
	1,045,905		UnitedHealth Group, Inc			53,948		0.3
	4,151,408		Wells Fargo & Co			116,488		0.8
			Other			4,807,902		31.3
						7,293,473		47.5
VIRGIN ISLANDS, BRITISH						3,806		0.0
			TOTAL COMMON STOCKS	(Cost $13,176,722)		15,087,870		98.2

See notes to financial statements College Retirement Equities Fund § 2011 Semiannual Report   35

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	concluded
CREF GLOBAL EQUITIES ACCOUNT § JUNE 30, 2011

Shares			Company		Value (000)			% of net assets
RIGHTS/WARRANTS
AUSTRALIA					$	0	^		0.0	%
FRANCE						143			0.0
ITALY						7			0.0
MALAYSIA						25			0.0
SPAIN						21			0.0
UNITED STATES						36,178			0.2
			TOTAL RIGHTS/WARRANTS	(Cost $51,347)		36,374			0.2
Principal			Issuer
SHORT-TERM INVESTMENTS
TREASURY DEBT						179,062			1.2
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
VARIABLE RATE SECURITY						145,023			0.9
REPURCHASE AGREEMENTS
$	150,000,000	o	BNP	0.010%, 07/01/11		150,000			0.9
	100,000,000	p	Calyon	0.010%, 07/01/11		100,000			0.7
	133,000,000	q	CSFB	0.010%, 07/01/11		133,000			0.9
	80,000,000	r	MF Global, Inc	0.010%, 07/01/11		80,000			0.5
	85,000,000	s	Nomura Securities	0.010%, 07/01/11		85,000			0.6
	73,000,000	t	UBS Warburg	0.010%, 07/01/11		73,000			0.5
			Other			170,868			1.1
						791,868			5.2
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						936,891			6.1
			TOTAL SHORT-TERM INVESTMENTS	(Cost $1,117,256)		1,115,953			7.3
			TOTAL PORTFOLIO	(Cost $14,345,325)		16,240,197			105.7
			OTHER ASSETS & LIABILITIES, NET			(874,329)			(5.7	)
			NET ASSETS		$	15,365,868			100.0	%

Abbreviation(s):

SPDR Standard & Poor’s Depository Receipts

*	Non-income producing.
^	Amount represents less than $1,000.
o	Agreement with BNP, 0.01% dated 06/30/11 to be repurchased at $150,000,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $153,000,000.
p	Agreement with Calyon, 0.01% dated 06/30/11 to be repurchased at $100,000,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $102,000,000.
q	Agreement with CSFB, 0.01% dated 06/30/11 to be repurchased at $133,000,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $135,661,000.
r	Agreement with MF Global, 0.01% dated 06/30/11 to be repurchased at $80,000,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $81,600,000.
s	Agreement with Nomura Securities, 0.01% dated 06/30/11 to be repurchased at $85,000,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $86,700,000.
t	Agreement with UBS Warburg, 0.01% dated 06/30/11 to be repurchased at $73,000,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $74,460,000.
Cost amounts are in thousands.
For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.

36   2011 Semiannual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY OF MARKET VALUES BY SECTOR (UNAUDITED)

CREF GLOBAL EQUITIES ACCOUNT § JUNE 30, 2011

Sector	Value (000)			% of net assets
FINANCIALS	$	2,995,053			19.5	%
INFORMATION TECHNOLOGY		1,927,008			12.5
CONSUMER DISCRETIONARY		1,856,480			12.1
INDUSTRIALS		1,783,359			11.6
ENERGY		1,584,520			10.3
HEALTH CARE		1,518,923			9.9
CONSUMER STAPLES		1,312,855			8.5
MATERIALS		1,304,455			8.5
TELECOMMUNICATION SERVICES		460,564			3.0
UTILITIES		381,027			2.5
SHORT-TERM INVESTMENTS		1,115,953			7.3
OTHER ASSETS & LIABILITIES, NET		(874,329	)		(5.7	)
NET ASSETS	$	15,365,868			100.0	%

See notes to financial statements College Retirement Equities Fund § 2011 Semiannual Report   37

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

CREF GROWTH ACCOUNT § JUNE 30, 2011

Shares			Company	Value (000)		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	212,369		1.5	%
BANKS					11,741		0.1
CAPITAL GOODS
	678,183		3M Co		64,325		0.5
	1,231,970		Boeing Co		91,080		0.6
	1,199,697		Caterpillar, Inc		127,719		1.0
	1,202,656		Danaher Corp		63,729		0.4
	809,129		Deere & Co		66,713		0.6
	1,753,844		Emerson Electric Co		98,654		0.7
	1,454,575		Honeywell International, Inc		86,678		0.6
	711,492		Precision Castparts Corp		117,148		0.8
	1,320,163		United Technologies Corp		116,848		0.8
			Other		604,134		4.2
					1,437,028		10.2
COMMERCIAL & PROFESSIONAL SERVICES					60,700		0.4
CONSUMER DURABLES & APPAREL					287,195		2.0
CONSUMER SERVICES
	1,713,726	*	Las Vegas Sands Corp		72,336		0.5
	1,121,261		McDonald’s Corp		94,546		0.7
	2,466,207		Starbucks Corp		97,392		0.7
			Other		185,740		1.3
					450,014		3.2
DIVERSIFIED FINANCIALS
	2,670,750		iShares Russell 1000 Growth Index Fund		162,596		1.2
			Other		361,025		2.6
					523,621		3.8
ENERGY
	956,065	*	Concho Resources, Inc		87,816		0.6
	5,084,830	d	Exxon Mobil Corp		413,804		2.9
	2,733,176		Schlumberger Ltd		236,145		1.7
			Other		741,312		5.2
					1,479,077		10.4
FOOD & STAPLES RETAILING
	1,081,548		Costco Wholesale Corp		87,864		0.6
	1,452,179		Wal-Mart Stores, Inc		77,169		0.5
			Other		93,141		0.7
					258,174		1.8

38   2011 Semiannual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

CREF GROWTH ACCOUNT § JUNE 30, 2011

Shares				Company	Value (000)		% of net assets
FOOD, BEVERAGE & TOBACCO
	2,930,322			Coca-Cola Co	$	197,182		1.4	%
	1,707,076			PepsiCo, Inc		120,230		0.8
	2,459,417			Philip Morris International, Inc		164,215		1.2
				Other		284,114		1.9
						765,741		5.3
HEALTH CARE EQUIPMENT & SERVICES
	277,485	*		Intuitive Surgical, Inc		103,254		0.8
				Other		580,608		4.0
						683,862		4.8
HOUSEHOLD & PERSONAL PRODUCTS
	678,457			Estee Lauder Cos (Class A)		71,367		0.5
				Other		120,988		0.9
						192,355		1.4
INSURANCE						63,756		0.4
MATERIALS
	2,012,076			Freeport-McMoRan Copper & Gold, Inc (Class B)		106,440		0.7
	2,154,175			Monsanto Co		156,263		1.1
	590,180			Walter Energy, Inc		68,343		0.5
				Other		580,805		4.1
						911,851		6.4
MEDIA
	1,453,105	*		DIRECTV		73,847		0.5
	5,102,713			Interpublic Group of Cos, Inc		63,784		0.4
	1,273,758			Viacom, Inc (Class B)		64,962		0.5
	2,123,138			Walt Disney Co		82,886		0.5
				Other		226,835		1.7
						512,314		3.6
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,575,404			Abbott Laboratories		82,898		0.6
	1,420,343			Allergan, Inc		118,245		0.8
	586,132		*	Biogen Idec, Inc		62,669		0.4
	1,455,373		*	Watson Pharmaceuticals, Inc		100,028		0.7
				Other		537,344		3.8
						901,184		6.3
REAL ESTATE						153,330		1.0
RETAILING
	1,260,353	*		Amazon.com, Inc		257,730		1.8
				Other		548,106		3.8
						805,836		5.6
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						380,067		2.7

See notes to financial statements College Retirement Equities Fund § 2011 Semiannual Report   39

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

CREF GROWTH ACCOUNT § JUNE 30, 2011

Shares			Company		Value (000)		% of net assets
SOFTWARE & SERVICES
	1,511,008		Accenture plc		$	91,295		0.7	%
	1,669,978	*	Autodesk, Inc			64,461		0.5
	683,881	*	Google, Inc (Class A)			346,303		2.4
	1,827,056		International Business Machines Corp			313,430		2.2
	2,315,763	*	Intuit, Inc			120,095		0.8
	11,009,578		Microsoft Corp			286,250		2.0
	7,738,879		Oracle Corp			254,687		1.8
	1,671,771	*	Red Hat, Inc			76,734		0.5
	875,542		Visa, Inc (Class A)			73,773		0.5
			Other			577,805		4.1
						2,204,833		15.5
TECHNOLOGY HARDWARE & EQUIPMENT
	1,907,741	*	Apple, Inc			640,372		4.4
	4,339,290	*	EMC Corp			119,548		0.8
	2,686,431	*	Juniper Networks, Inc			84,623		0.6
	4,168,704		Qualcomm, Inc			236,740		1.7
			Other			320,859		2.4
						1,402,142		9.9
TELECOMMUNICATION SERVICES						136,983		1.0
TRANSPORTATION
	1,315,730		United Parcel Service, Inc (Class B)			95,956		0.7
			Other			179,410		1.2
						275,366		1.9
UTILITIES						5,892		0.0
			TOTAL COMMON STOCKS	(Cost $11,491,988)		14,115,431		99.2

40   2011 Semiannual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

CREF GROWTH ACCOUNT § JUNE 30, 2011

Principal		Issuer		Value (000)		% of net assets
SHORT-TERM INVESTMENTS
TREASURY DEBT
$	63,080,000	United States Treasury Bill	0.085%, 07/14/11	$	63,078		0.4	%
		Other			33,347		0.3
					96,425		0.7
		TOTAL SHORT-TERM INVESTMENTS	(Cost $96,424)		96,425		0.7
		TOTAL PORTFOLIO	(Cost $11,588,412)		14,211,856		99.9
		OTHER ASSETS & LIABILITIES, NET			18,164		0.1
		NET ASSETS		$	14,230,020		100.0	%

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

See notes to financial statements College Retirement Equities Fund § 2011 Semiannual Report   41

SUMMARY OF MARKET VALUES BY COUNTRY (UNAUDITED)

CREF GROWTH ACCOUNT § JUNE 30, 2011

Country	Value (000)		% of total portfolio
DOMESTIC
UNITED STATES	$	13,440,488	94.6	%
TOTAL DOMESTIC		13,440,488	94.6
FOREIGN
ARGENTINA		9,665	0.1
BELGIUM		30,747	0.2
BERMUDA		2,538	0.0
BRAZIL		38,206	0.3
CANADA		120,945	0.8
CHINA		32,254	0.2
FRANCE		31,167	0.2
GERMANY		11,222	0.1
GUERNSEY, C.I.		10,840	0.1
HONG KONG		3,307	0.0
IRELAND		111,248	0.8
ISRAEL		25,583	0.2
KOREA, REPUBLIC OF		11,250	0.1
MACAU		10,159	0.1
MEXICO		5,975	0.0
NETHERLANDS		34,313	0.2
PANAMA		1,825	0.0
SINGAPORE		32,180	0.2
SPAIN		8,683	0.1
SWEDEN		16,362	0.1
SWITZERLAND		164,215	1.2
UNITED KINGDOM		58,684	0.4
TOTAL FOREIGN		771,368	5.4
TOTAL PORTFOLIO	$	14,211,856	100.0	%

42   2011 Semiannual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

CREF EQUITY INDEX ACCOUNT § JUNE 30, 2011

Shares				Company	Value (000)		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	2,851,800	*		Ford Motor Co	$	39,325		0.3	%
				Other		88,860		0.8
						128,185		1.1
BANKS
	3,765,779			Wells Fargo & Co		105,669		1.0
				Other		250,991		2.1
						356,660		3.1
CAPITAL GOODS
	544,037			3M Co		51,602		0.4
	565,636			Boeing Co		41,816		0.4
	492,112			Caterpillar, Inc		52,391		0.6
	8,119,354			General Electric Co		153,131		1.3
	700,677			United Technologies Corp		62,016		0.6
				Other		647,927		5.4
						1,008,883		8.7
COMMERCIAL & PROFESSIONAL SERVICES						115,744		1.0
CONSUMER DURABLES & APPAREL						158,961		1.4
CONSUMER SERVICES
	794,378			McDonald’s Corp		66,981		0.7
				Other		189,750		1.5
						256,731		2.2
DIVERSIFIED FINANCIALS
	809,199			American Express Co		41,835		0.4
	7,757,683			Bank of America Corp		85,024		0.7
	2,223,377			Citigroup, Inc		92,581		0.8
	396,354			Goldman Sachs Group, Inc		52,752		0.5
	3,054,229			JPMorgan Chase & Co		125,040		1.2
				Other		325,402		2.6
						722,634		6.2
ENERGY
	1,541,851			Chevron Corp		158,563		1.4
	1,082,247			ConocoPhillips		81,373		0.7
	3,778,304		d	Exxon Mobil Corp		307,477		2.7
	622,377			Occidental Petroleum Corp		64,752		0.5
	1,038,891			Schlumberger Ltd		89,760		0.8
				Other		631,273		5.4
						1,333,198		11.5
FOOD & STAPLES RETAILING
	1,358,613			Wal-Mart Stores, Inc		72,198		0.7
				Other		147,702		1.2
						219,900		1.9

See notes to financial statements College Retirement Equities Fund § 2011 Semiannual Report   43

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

CREF EQUITY INDEX ACCOUNT § JUNE 30, 2011

Shares			Company	Value (000)		% of net assets
FOOD, BEVERAGE & TOBACCO
	1,602,871		Altria Group, Inc	$	42,332		0.4	%
	1,512,603		Coca-Cola Co		101,782		0.9
	1,241,635		Kraft Foods, Inc (Class A)		43,744		0.5
	1,210,176		PepsiCo, Inc		85,233		0.7
	1,361,513		Philip Morris International, Inc		90,908		0.8
			Other		214,111		1.7
					578,110		5.0
HEALTH CARE EQUIPMENT & SERVICES
	829,406		UnitedHealth Group, Inc		42,782		0.4
			Other		481,528		4.0
					524,310		4.4
HOUSEHOLD & PERSONAL PRODUCTS
	2,136,999		Procter & Gamble Co		135,848		1.2
			Other		96,678		0.8
					232,526		2.0
INSURANCE
	1,339,228	*	Berkshire Hathaway, Inc (Class B)		103,644		1.0
			Other		322,807		2.7
					426,451		3.7
MATERIALS					513,926		4.5
MEDIA
	2,111,608		Comcast Corp (Class A)		53,509		0.5
	1,447,224		Walt Disney Co		56,501		0.5
			Other		264,632		2.2
					374,642		3.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,189,915		Abbott Laboratories		62,613		0.5
	711,775	*	Amgen, Inc		41,531		0.4
	2,098,674		Johnson & Johnson		139,604		1.3
	2,362,947		Merck & Co, Inc		83,388		0.7
	6,048,935		Pfizer, Inc		124,608		1.2
			Other		366,958		3.0
					818,702		7.1
REAL ESTATE					347,686		3.0
RETAILING
	278,260	*	Amazon.com, Inc		56,900		0.5
	1,233,231		Home Depot, Inc		44,669		0.5
			Other		322,319		2.7
					423,888		3.7
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	4,058,945		Intel Corp		89,945		0.9
			Other		226,748		1.8
					316,693		2.7

44   2011 Semiannual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

CREF EQUITY INDEX ACCOUNT § JUNE 30, 2011

Shares				Company			Value (000)	% of net assets
SOFTWARE & SERVICES
	192,672		*	Google, Inc (Class A)		$	97,566	0.9	%
	927,301			International Business Machines Corp			159,079	1.4
	5,681,324			Microsoft Corp			147,715	1.3
	2,948,917			Oracle Corp			97,050	0.8
				Other			503,859	4.4
							1,005,269	8.8
TECHNOLOGY HARDWARE & EQUIPMENT
	707,916	*		Apple, Inc			237,626	2.1
	4,210,940			Cisco Systems, Inc			65,732	0.7
	1,575,221	*		EMC Corp			43,397	0.4
	1,656,729			Hewlett-Packard Co			60,305	0.5
	1,273,334			Qualcomm, Inc			72,312	0.7
				Other			246,901	1.9
							726,273	6.3
TELECOMMUNICATION SERVICES
	4,534,020			AT&T, Inc			142,413	1.3
	2,165,994			Verizon Communications, Inc			80,640	0.7
				Other			99,036	0.8
							322,089	2.8
TRANSPORTATION
	375,494			Union Pacific Corp			39,202	0.3
	559,938			United Parcel Service, Inc (Class B)			40,835	0.4
				Other			149,633	1.3
							229,670	2.0
UTILITIES							396,407	3.4
				TOTAL COMMON STOCKS	(Cost $8,970,528)		11,537,538	99.7
				TOTAL PORTFOLIO	(Cost $8,970,528)		11,537,538	99.7
				OTHER ASSETS & LIABILITIES, NET			35,499	0.3
				NET ASSETS		$	11,573,037	100.0	%

*	Non-income producing.
d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures transactions.
Cost amounts are in thousands.

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

See notes to financial statements College Retirement Equities Fund § 2011 Semiannual Report   45

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

CREF BOND MARKET ACCOUNT § JUNE 30, 2011

Principal		Issuer			Value (000)		% of net assets
BANK LOAN OBLIGATIONS
CAPITAL GOODS					$	4,983		0.0	%
COMMERCIAL & PROFESSIONAL SERVICES						4,262		0.0
HEALTH CARE EQUIPMENT & SERVICES						6,940		0.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						808		0.0
		TOTAL BANK LOAN OBLIGATIONS		(Cost $16,986)		16,993		0.1
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS						12,705		0.1
BANKS						396,939		3.0
CAPITAL GOODS						100,610		0.8
COMMERCIAL & PROFESSIONAL SERVICES						27,661		0.2
CONSUMER DURABLES & APPAREL						19,976		0.1
CONSUMER SERVICES						20,848		0.1
DIVERSIFIED FINANCIALS
$	93,190,000	General Electric Capital Corp	1.880%–6.880%, 01/08/13–01/10/39			95,805		0.8
		Other				604,790		4.9
						700,595		5.7
ENERGY						384,091		3.1
FOOD & STAPLES RETAILING						36,724		0.3
FOOD, BEVERAGE & TOBACCO						135,832		1.1
HEALTH CARE EQUIPMENT & SERVICES						62,467		0.5
HOUSEHOLD & PERSONAL PRODUCTS						15,173		0.1
INSURANCE						153,226		1.2
MATERIALS						220,528		1.8
MEDIA						125,666		1.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						117,781		1.0
REAL ESTATE						77,459		0.6
RETAILING						77,150		0.7
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						23,218		0.2
SOFTWARE & SERVICES						36,002		0.3
TECHNOLOGY HARDWARE & EQUIPMENT						67,587		0.5

46   2011 Semiannual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

CREF BOND MARKET ACCOUNT § JUNE 30, 2011

Principal			Issuer			Value (000)		% of net assets
TELECOMMUNICATION SERVICES						$	231,204		1.9	%
TRANSPORTATION							82,474		0.8
UTILITIES							322,355		2.6
			TOTAL CORPORATE BONDS		(Cost $3,308,402)		3,448,271		27.8
GOVERNMENT BONDS
AGENCY SECURITIES
$	80,000,000		Federal Home Loan Mortgage Corp (FHLMC)		0.750%, 03/28/13		80,410		0.6
	76,000,000		Federal National Mortgage Association (FNMA)		2.750%, 03/13/14		79,948		0.6
	141,000,000		FNMA	1.130%–3.630%, 07/30/12–11/20/14			147,333		1.2
	61,500,000		General Electric Capital Corp		2.250%, 03/12/12		62,384		0.5
	54,875,000		GMAC, Inc		1.750%, 10/30/12		55,807		0.5
	61,800,000		GMAC, Inc		2.200%, 12/19/12		63,369		0.5
	142,000,000		Private Export Funding Corp	2.130%–5.450%, 12/15/11–12/15/21			150,103		1.3
			Other				623,227		5.0
							1,262,581		10.2
FOREIGN GOVERNMENT BONDS
	134,175,000		Province of Ontario Canada	2.300%–4.400%, 06/16/14–04/14/20			140,265		1.1
			Other				550,140		4.5
							690,405		5.6
MORTGAGE BACKED
	85,000,000	h	Federal Home Loan Mortgage Corp Gold (FGLMC)		5.000%, 07/15/40		90,180		0.7
	115,000,000	h	FGLMC		4.500%, 07/15/41		118,791		1.0
	468,772,699		FGLMC	4.000%–8.000%, 07/01/13–12/01/40			503,573		4.2
	418,000,000	h	Federal National Mortgage Association (FNMA)		5.500%, 07/25/40		451,964		3.5
	245,000,000	h	FNMA		6.000%, 07/25/40		269,117		2.2
	134,504,307		FNMA		4.500%, 09/01/40		139,355		1.1
	91,000,000	h	FNMA		4.500%, 07/25/41		94,142		0.8
	171,000,000	h	FNMA		5.000%, 07/25/41		181,688		1.5
	971,034,494	h,i	FNMA	2.380%–9.000%, 06/01/13–07/25/41			1,032,982		8.3
	165,000,000	h	Government National Mortgage Association (GNMA)		5.000%, 07/15/38		178,716		1.4
	48,000,000	h	GNMA		5.500%, 07/15/38		52,815		0.4
	163,000,000	h	GNMA		4.500%, 07/15/40		172,016		1.4
	50,000,000	h	GNMA		5.000%, 07/20/40		54,227		0.4
	130,000,000	h	GNMA		4.000%, 07/15/41		132,417		1.1
	232,915,426	h	GNMA	4.000%–9.500%, 06/15/16–01/15/44			252,088		2.0
			Other				97,200		0.8
							3,821,271		30.8
MUNICIPAL BONDS							76,311		0.6

See notes to financial statements College Retirement Equities Fund § 2011 Semiannual Report   47

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

CREF BOND MARKET ACCOUNT § JUNE 30, 2011

Principal		Issuer			Value (000)		% of net assets
U.S. TREASURY SECURITIES
$	345,372,000	United States Treasury Bond		8.000%, 11/15/21	$	491,777		4.0	%
	49,175,000	United States Treasury Bond		5.250%, 02/15/29		56,743		0.5
	111,861,000	United States Treasury Bond		5.380%, 02/15/31		131,105		1.1
	91,855,000	United States Treasury Bond		3.500%, 02/15/39		78,880		0.6
	137,527,000	United States Treasury Bond	3.880%–6.380%, 08/15/27–05/15/41			142,134		1.1
	102,500,000	United States Treasury Note		1.380%, 11/15/12		103,977		0.8
	81,829,000	United States Treasury Note		3.130%, 09/30/13		86,560		0.7
	62,337,000	United States Treasury Note		2.750%, 10/31/13		65,454		0.5
	68,179,000	United States Treasury Note		2.000%, 11/30/13		70,448		0.6
	45,524,000	United States Treasury Note		2.500%, 04/30/15		47,743		0.4
	147,421,000	United States Treasury Note		2.130%, 05/31/15		152,397		1.1
	70,952,000	United States Treasury Note		1.750%, 07/31/15		72,155		0.6
	100,332,500	United States Treasury Note		1.250%, 09/30/15		99,682		0.8
	97,660,000	United States Treasury Note		1.750%, 05/31/16		97,812		0.8
	92,420,000	United States Treasury Note		2.380%, 05/31/18		91,929		0.7
	288,451,500	United States Treasury Note	0.500%–3.130%, 06/15/12–05/15/21			294,059		2.5
		Other				25,128		0.2
						2,107,983		17.0
		TOTAL GOVERNMENT BONDS		(Cost $7,739,167)		7,958,551		64.2
STRUCTURED ASSETS
ASSET BACKED						190,739		1.5
OTHER MORTGAGE BACKED						576,300		4.6
		TOTAL STRUCTURED ASSETS		(Cost $758,911)		767,039		6.1
		TOTAL BONDS		(Cost $11,806,480)		12,173,861		98.1
PREFERRED STOCKS
BANKS						4,671		0.0
		TOTAL PREFERRED STOCKS		(Cost $49,941)		4,671		0.0
Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
	95,822,000	Federal Home Loan Bank (FHLB)		0.020%, 07/05/11		95,822		0.8
	172,000,000	FHLB		0.030%, 07/11/11		171,999		1.4
	203,011,000	FHLB		0.010%, 07/12/11		203,010		1.6
	203,000,000	FHLB		0.035%, 07/13/11		202,997		1.6
	50,000,000	FHLB		0.020%, 07/15/11		50,000		0.4
	95,482,000	FHLB		0.001%, 07/18/11		95,481		0.8
	175,579,000	FHLB		0.002%, 07/20/11		175,577		1.4
	51,235,000	FHLB		0.002%, 07/21/11		51,234		0.4
	50,000,000	FHLB		0.002%, 08/02/11		49,999		0.4
	51,991,000	FHLB	0.002%–0.004%, 07/06/11–07/19/11			51,991		0.4
	70,150,000	Federal Home Loan Mortgage Corp (FHLMC)		0.020%, 07/11/11		70,150		0.6
	50,000,000	FHLMC		0.050%, 07/27/11		49,998		0.4
	100,000,000	FHLMC		0.040%, 08/01/11		99,997		0.8
	57,000,000	FHLMC	0.030%–0.050%, 07/13/11–08/08/11			56,999		0.5
		Other				37,236		0.3
						1,462,490		11.8

48   2011 Semiannual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

CREF BOND MARKET ACCOUNT § JUNE 30, 2011

Principal		Issuer		Value (000)			% of net assets
TREASURY DEBT
$	288,000,000	United States Treasury Bill	0.051%, 07/14/11	$	287,993			2.3	%
	50,000,000	United States Treasury Bill	0.083%, 08/18/11		49,994			0.4
	50,000,000	United States Treasury Bill	0.096%, 09/15/11		49,998			0.4
	50,000,000	United States Treasury Bill	0.065%, 11/10/11		49,989			0.4
	100,000,000	United States Treasury Bill	0.050%, 11/25/11		99,970			0.8
	12,000,000	United States Treasury Bill	0.301%, 12/15/11		11,996			0.1
	100,000,000	United States Treasury Bill	0.076%, 12/22/11		99,958			0.8
					649,898			5.2
		TOTAL SHORT-TERM INVESTMENTS	(Cost $2,112,381)		2,112,388			17.0
		TOTAL PORTFOLIO	(Cost $13,985,788)		14,307,913			115.2
		OTHER ASSETS & LIABILITIES, NET			(1,884,775	)		(15.2	)
		NET ASSETS		$	12,423,138			100.0	%

h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
Cost amounts are in thousands.

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

See notes to financial statements College Retirement Equities Fund § 2011 Semiannual Report   49

PORTFOLIO OF INVESTMENTS (UNAUDITED)

CREF INFLATION-LINKED BOND ACCOUNT § JUNE 30, 2011

Principal			Issuer		Value (000)		% of net assets
GOVERNMENT BONDS
U.S. TREASURY SECURITIES
$	341,257,475	k	United States Treasury Inflation Indexed Bonds	3.000%, 07/15/12	$	356,081		4.1	%
	197,712,806	k	United States Treasury Inflation Indexed Bonds	0.630%, 04/15/13		203,536		2.3
	352,724,070	k	United States Treasury Inflation Indexed Bonds	1.880%, 07/15/13		374,769		4.3
	347,244,891	k	United States Treasury Inflation Indexed Bonds	2.000%, 01/15/14		374,102		4.3
	235,129,037	k	United States Treasury Inflation Indexed Bonds	1.250%, 04/15/14		249,439		2.9
	313,941,458	k	United States Treasury Inflation Indexed Bonds	2.000%, 07/15/14		342,368		3.9
	297,847,009	k	United States Treasury Inflation Indexed Bonds	1.630%, 01/15/15		323,071		3.7
	223,911,922	k	United States Treasury Inflation Indexed Bonds	0.500%, 04/15/15		233,533		2.7
	281,606,472	k	United States Treasury Inflation Indexed Bonds	1.880%, 07/15/15		310,515		3.6
	269,009,480	k	United States Treasury Inflation Indexed Bonds	2.000%, 01/15/16		298,979		3.4
	194,266,090	k	United States Treasury Inflation Indexed Bonds	0.130%, 04/15/16		198,652		2.3
	272,317,142	k	United States Treasury Inflation Indexed Bonds	2.500%, 07/15/16		311,633		3.6
	229,478,759	k	United States Treasury Inflation Indexed Bonds	2.380%, 01/15/17		261,785		3.0
	223,495,580	k	United States Treasury Inflation Indexed Bonds	2.630%, 07/15/17		259,988		3.0
	229,746,287	k	United States Treasury Inflation Indexed Bonds	1.630%, 01/15/18		252,649		2.9
	216,474,900	k	United States Treasury Inflation Indexed Bonds	1.380%, 07/15/18		235,044		2.7
	214,174,895	k	United States Treasury Inflation Indexed Bonds	2.130%, 01/15/19		243,356		2.8
	232,737,310	k	United States Treasury Inflation Indexed Bonds	1.880%, 07/15/19		260,284		3.0
	256,107,666	k	United States Treasury Inflation Indexed Bonds	1.380%, 01/15/20		274,636		3.1
	276,973,648	k	United States Treasury Inflation Indexed Bonds	1.250%, 07/15/20		292,986		3.4
	330,411,390	k	United States Treasury Inflation Indexed Bonds	1.130%, 01/15/21		343,112		3.9
	387,406,204	k	United States Treasury Inflation Indexed Bonds	2.380%, 01/15/25		445,275		5.0
	268,301,411	k	United States Treasury Inflation Indexed Bonds	2.000%, 01/15/26		293,161		3.4
	219,322,467	k	United States Treasury Inflation Indexed Bonds	2.380%, 01/15/27		250,096		2.9
	202,966,703	k	United States Treasury Inflation Indexed Bonds	1.750%, 01/15/28		212,386		2.4
	282,253,476	k	United States Treasury Inflation Indexed Bonds	3.630%, 04/15/28		371,671		4.3
	195,218,584	k	United States Treasury Inflation Indexed Bonds	2.500%, 01/15/29		226,728		2.6
	299,399,931	k	United States Treasury Inflation Indexed Bonds	3.880%, 04/15/29		410,248		4.7
	87,739,261	k	United States Treasury Inflation Indexed Bonds	3.380%, 04/15/32		116,069		1.3
	164,009,601	k	United States Treasury Inflation Indexed Bonds	2.130%, 02/15/40		178,476		2.0
	121,161,220	k	United States Treasury Inflation Indexed Bonds	2.130%, 02/15/41		131,640		1.5
						8,636,268		99.0
			TOTAL GOVERNMENT BONDS	(Cost $7,918,663)		8,636,268		99.0
			TOTAL PORTFOLIO	(Cost $7,918,663)		8,636,268		99.0
			OTHER ASSETS & LIABILITIES, NET			85,757		1.0
			NET ASSETS		$	8,722,025		100.0	%

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

50   2011 Semiannual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

CREF SOCIAL CHOICE ACCOUNT § JUNE 30, 2011

Principal			Issuer		Value (000)		% of net assets
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS					$	5,848		0.1	%
BANKS						143,046		1.3
CAPITAL GOODS						47,223		0.4
COMMERCIAL & PROFESSIONAL SERVICES						8,106		0.1
CONSUMER DURABLES & APPAREL						27,045		0.3
CONSUMER SERVICES						30,517		0.3
DIVERSIFIED FINANCIALS						72,007		0.7
ENERGY						62,315		0.6
FOOD & STAPLES RETAILING						7,051		0.1
FOOD, BEVERAGE & TOBACCO						35,308		0.3
HEALTH CARE EQUIPMENT & SERVICES						21,679		0.2
INSURANCE						45,729		0.4
MATERIALS						50,376		0.5
MEDIA						31,968		0.3
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						47,765		0.4
REAL ESTATE						42,010		0.4
RETAILING						18,319		0.2
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						7,502		0.1
SOFTWARE & SERVICES						13,741		0.1
TECHNOLOGY HARDWARE & EQUIPMENT						17,040		0.2
TELECOMMUNICATION SERVICES						4,547		0.0
TRANSPORTATION						68,874		0.6
UTILITIES						123,038		1.1
			TOTAL CORPORATE BONDS	(Cost $886,199)		931,054		8.7
GOVERNMENT BONDS
AGENCY SECURITIES						412,462		3.9
FOREIGN GOVERNMENT BONDS
$	62,250,000	e	Province of Ontario Canada 2.300%–4.400%, 01/20/12–04/14/20			64,458		0.6
			Other			168,943		1.6
						233,401		2.2

See notes to financial statements College Retirement Equities Fund § 2011 Semiannual Report   51

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
CREF SOCIAL CHOICE ACCOUNT § JUNE 30, 2011

Principal			Issuer		Value (000)		% of net assets
MORTGAGE BACKED
$	43,000,000	h	Federal Home Loan Mortgage Corp Gold (FGLMC)	5.000%, 07/15/40	$	45,620		0.4	%
	40,000,000	h	FGLMC	4.500%, 07/15/41		41,319		0.4
	174,770,993	h	FGLMC	4.000%–8.000%, 12/01/16–12/01/40		188,009		1.7
	73,000,000	h	Federal National Mortgage Association (FNMA)	4.000%, 07/25/25		76,034		0.7
	36,000,000	h	FNMA	4.000%, 07/25/40		36,000		0.3
	80,000,000	h	FNMA	5.500%, 07/25/40		86,500		0.8
	55,000,000	h	FNMA	6.000%, 07/25/40		60,414		0.6
	37,000,000	h	FNMA	4.500%, 07/25/41		38,278		0.4
	47,000,000	h	FNMA	5.000%, 07/25/41		49,938		0.5
	379,769,953	h,i	FNMA	2.380%–8.500%, 08/01/11–11/01/40		401,999		3.7
	71,000,000	h	Government National Mortgage Association (GNMA)	4.500%, 07/15/40		74,927		0.7
	166,284,518	h	GNMA	4.000%–9.000%, 12/15/17–09/15/43		178,169		1.7
			Other			44,576		0.4
						1,321,783		12.3
MUNICIPAL BONDS						175,210		1.6
U.S. TREASURY SECURITIES
	86,143,000		United States Treasury Bond	8.000%, 11/15/21		122,660		1.1
	119,739,000		United States Treasury Bond	3.500%–6.380%, 08/15/27–02/15/41		119,332		1.1
	42,254,000		United States Treasury Note	1.000%, 12/31/11		42,437		0.4
	36,625,000		United States Treasury Note	1.380%, 11/15/12		37,153		0.3
	74,579,500		United States Treasury Note	1.250%, 09/30/15		74,096		0.7
	106,225,000		United States Treasury Note	1.250%, 10/31/15		105,329		1.0
	41,025,000		United States Treasury Note	2.250%, 03/31/16		42,195		0.4
	42,650,000		United States Treasury Note	1.750%, 05/31/16		42,717		0.4
	41,685,000		United States Treasury Note	2.630%, 11/15/20		40,148		0.4
	243,066,000		United States Treasury Note	0.500%–3.130%, 02/29/12–05/15/21		247,451		2.3
						873,518		8.1
			TOTAL GOVERNMENT BONDS	(Cost $2,947,312)		3,016,374		28.1
STRUCTURED ASSETS
ASSET BACKED						79,278		0.7
OTHER MORTGAGE BACKED						198,436		1.8
			TOTAL STRUCTURED ASSETS	(Cost $276,225)		277,714		2.5
			TOTAL BONDS	(Cost $4,109,736)		4,225,142		39.3
Shares			Company
COMMON STOCKS
AUTOMOBILES & COMPONENTS						151,634		1.4
BANKS
	1,477,363		US Bancorp			37,687		0.3
			Other			319,799		3.0
						357,486		3.3

52   2011 Semiannual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
CREF SOCIAL CHOICE ACCOUNT § JUNE 30, 2011

Shares			Company	Value (000)		% of net assets
CAPITAL GOODS
	473,101		3M Co	$	44,875		0.4	%
	448,498		Caterpillar, Inc		47,746		0.5
	661,442		Emerson Electric Co		37,206		0.4
			Other		434,948		4.0
					564,775		5.3
COMMERCIAL & PROFESSIONAL SERVICES					48,558		0.5
CONSUMER DURABLES & APPAREL					96,478		0.9
CONSUMER SERVICES
	669,921		McDonald’s Corp		56,489		0.5
			Other		66,106		0.6
					122,595		1.1
DIVERSIFIED FINANCIALS
	808,325		American Express Co		41,791		0.4
			Other		280,438		2.6
					322,229		3.0
ENERGY
	325,046		Apache Corp		40,106		0.4
	697,138		Marathon Oil Corp		36,725		0.3
			Other		574,450		5.4
					651,281		6.1
FOOD & STAPLES RETAILING					87,292		0.8
FOOD, BEVERAGE & TOBACCO
	1,152,986		Kraft Foods, Inc (Class A)		40,620		0.4
	866,867		PepsiCo, Inc		61,054		0.6
			Other		162,866		1.5
					264,540		2.5
HEALTH CARE EQUIPMENT & SERVICES					209,225		1.9
HOUSEHOLD & PERSONAL PRODUCTS
	1,291,894		Procter & Gamble Co		82,125		0.8
			Other		109,188		1.0
					191,313		1.8
INSURANCE
	840,494	*	Berkshire Hathaway, Inc (Class B)		65,047		0.6
			Other		289,342		2.7
					354,389		3.3
MATERIALS					461,201		4.3
MEDIA					122,774		1.1

See notes to financial statements College Retirement Equities Fund § 2011 Semiannual Report   53

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
CREF SOCIAL CHOICE ACCOUNT § JUNE 30, 2011

Shares			Company		Value (000)		% of net assets
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	940,559		Abbott Laboratories		$	49,491		0.5	%
	1,392,724		Bristol-Myers Squibb Co			40,333		0.4
	1,262,999		Johnson & Johnson			84,014		0.8
	1,644,511		Merck & Co, Inc			58,034		0.5
			Other			248,269		2.3
						480,141		4.5
REAL ESTATE						179,246		1.7
RETAILING						227,630		2.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	2,780,708		Intel Corp			61,620		0.6
	1,140,611		Texas Instruments, Inc			37,446		0.3
			Other			61,716		0.6
						160,782		1.5
SOFTWARE & SERVICES
	627,576		Accenture plc			37,918		0.3
	122,921	*	Google, Inc (Class A)			62,244		0.6
	558,507		International Business Machines Corp			95,812		0.9
	1,880,572		Oracle Corp			61,889		0.6
			Other			171,050		1.6
						428,913		4.0
TECHNOLOGY HARDWARE & EQUIPMENT
	3,147,786		Cisco Systems, Inc			49,136		0.5
	1,422,705	*	EMC Corp			39,196		0.4
	1,283,107		Hewlett-Packard Co			46,706		0.4
			Other			141,628		1.3
						276,666		2.6
TELECOMMUNICATION SERVICES						198,092		1.8
TRANSPORTATION
	535,362		United Parcel Service, Inc (Class B)			39,045		0.4
			Other			153,660		1.4
						192,705		1.8
UTILITIES						279,458		2.6
			TOTAL COMMON STOCKS	(Cost $5,166,072)		6,429,403		59.9
PREFERRED STOCKS
BANKS						2,281		0.0
			TOTAL PREFERRED STOCKS	(Cost $24,353)		2,281		0.0
RIGHTS/WARRANTS
CAPITAL GOODS						11		0.0
			TOTAL RIGHTS/WARRANTS	(Cost $9)		11		0.0

54   2011 Semiannual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	concluded
CREF SOCIAL CHOICE ACCOUNT § JUNE 30, 2011

Principal		Issuer		Value (000)			% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT				$	19,697			0.2	%
TREASURY DEBT
$	50,000,000	United States Treasury Bill	0.085%, 07/14/11		49,998			0.5
	60,500,000	United States Treasury Bill	0.090%, 07/21/11		60,497			0.6
	65,600,000	United States Treasury Bill	0.105%, 07/28/11		65,595			0.6
	83,500,000	United States Treasury Bill	0.050%, 08/04/11		83,495			0.8
	179,000,000	United States Treasury Bill	0.045%, 08/25/11		178,977			1.7
	50,000,000	United States Treasury Bill	0.065%, 12/22/11		49,980			0.4
		Other			173,248			1.6
					661,790			6.2
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
GOVERNMENT AGENCY DEBT					24,999			0.2
TREASURY DEBT					151,474			1.4
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED					176,473			1.6
		TOTAL SHORT-TERM INVESTMENTS	(Cost $857,927)		857,960			8.0
		TOTAL PORTFOLIO	(Cost $10,158,097)		11,514,797			107.2
		OTHER ASSETS & LIABILITIES, NET			(777,047	)		(7.2	)
		NET ASSETS		$	10,737,750			100.0	%

*	Non-income producing.
e	All or a portion of these securities are out on loan.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
Cost amounts are in thousands.
For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.

See notes to financial statements College Retirement Equities Fund § 2011 Semiannual Report   55

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

CREF MONEY MARKET ACCOUNT § JUNE 30, 2011

Principal		Issuer		Value (000)		% of net assets
SHORT-TERM INVESTMENTS
BANKER’S ACCEPTANCES				$	2,661		0.0	%
CERTIFICATE OF DEPOSIT
$	50,000,000	Bank of Montreal	0.120%, 07/07/11		50,000		0.4
	236,500,000	Toronto-Dominion Bank	0.150%–0.270%, 07/07/11–08/23/11		236,500		2.0
		Other			459,987		3.9
					746,487		6.3
COMMERCIAL PAPER
	125,680,000	Abbott Laboratories	0.110%–0.165%, 07/12/11–08/23/11		125,671		1.1
	304,374,000	Coca-Cola Co	0.120%–0.245%, 07/06/11–11/03/11		304,303		2.5
	89,700,000	Commonwealth Bank of Australia	0.160%–0.180%, 08/25/11		89,675		0.8
	67,100,000	Commonwealth Bank of Australia	0.150%–0.205%, 07/05/11–08/18/11		67,089		0.6
	229,395,000	Fairway Finance LLC	0.130%–0.205%, 07/08/11–09/07/11		229,358		1.9
	264,800,000	Falcon Asset Securitization Co LLC	0.130%–0.170%, 07/19/11–09/08/11		264,754		2.2
	244,000,000	General Electric Capital Corp	0.230%–0.250%, 07/06/11–10/11/11		243,955		2.0
	119,160,000	Johnson & Johnson	0.200%–0.210%, 07/06/11–09/07/11		119,143		1.0
	139,825,000	Jupiter Securitization Co LLC	0.140%–0.170%, 07/20/11–09/08/11		139,797		1.2
	52,525,000	Lloyds TSB Bank plc	0.275%, 07/01/11		52,524		0.4
	163,900,000	National Australia Funding (Delaware)	0.120%–0.255%, 07/01/11–10/05/11		163,871		1.4
	282,060,000	Nestle Capital Corp	0.120%–0.265%, 07/08/11–10/03/11		282,000		2.3
	290,414,000	Old Line Funding LLC	0.130%–0.220%, 07/05/11–09/21/11		290,357		2.4
	51,000,000	Private Export Funding Corp	0.170%–0.190%, 11/15/11		50,964		0.4
	260,550,000	Private Export Funding Corp	0.120%–0.400%, 07/05/11–12/01/11		260,478		2.2
	164,700,000	Procter & Gamble International Funding S.C.A	0.080%–0.090%, 07/05/11–07/20/11		164,696		1.4
	127,700,000	Province of Ontario Canada	0.080%–0.120%, 07/29/11–10/25/11		127,676		1.1
	190,150,000	Rabobank USA Financial Corp	0.265%–0.350%, 07/05/11–09/08/11		190,091		1.6
	189,000,000	Sheffield Receivables Corp	0.140%–0.200%, 07/08/11–08/30/11		188,972		1.6
	371,516,000	Straight-A Funding LLC	0.160%–0.200%, 07/06/11–09/02/11		371,461		3.1
	70,048,000	Variable Funding Capital Co LLC	0.195%–0.200%, 07/20/11		70,040		0.6
	176,700,000	Variable Funding Capital Co LLC	0.150%–0.340%, 07/05/11–08/02/11		176,690		1.5
	188,731,000	Westpac Banking Corp	0.190%–0.350%, 07/05/11–10/06/11		188,673		1.6
		Other			1,128,604		9.4
					5,290,842		44.3
FOREIGN GOVERNMENT BONDS					17,810		0.1

56   2011 Semiannual Report § College Retirement Equities Fund See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued
CREF MONEY MARKET ACCOUNT § JUNE 30, 2011

Principal		Issuer		Value (000)		% of net assets
GOVERNMENT AGENCY DEBT
$	78,520,000	Federal Home Loan Bank (FHLB)	0.040%–0.045%, 07/15/11	$	78,519		0.7	%
	148,995,000	FHLB	0.030%–0.090%, 08/26/11		148,977		1.3
	73,515,000	FHLB	0.050%–0.075%, 09/23/11		73,506		0.6
	82,765,000	FHLB	0.040%–0.080%, 08/05/11		82,760		0.7
	51,971,000	FHLB	0.050%–0.065%, 07/22/11		51,969		0.4
	179,300,000	FHLB	0.065%–0.085%, 08/17/11		179,282		1.5
	112,705,000	FHLB	0.050%–0.070%, 07/29/11		112,699		0.9
	114,480,000	FHLB	0.075%–0.090%, 08/24/11		114,466		1.0
	108,980,000	FHLB	0.045%–0.085%, 09/09/11		108,965		0.9
	51,000,000	FHLB	0.070%–0.075%, 08/12/11		50,996		0.4
	57,400,000	FHLB	0.070%–0.075%, 08/10/11		57,395		0.5
	60,126,000	FHLB	0.030%–0.072%, 08/19/11		60,121		0.5
	375,962,000	FHLB	0.030%–0.045%, 07/01/11–10/14/11		375,931		3.1
	62,204,000	Federal Home Loan Mortgage Corp (FHLMC)	0.050%–0.051%, 07/25/11		62,202		0.5
	83,670,000	FHLMC	0.035%–0.080%, 07/18/11		83,668		0.7
	125,000,000	FHLMC	0.075%–0.085%, 08/29/11		124,984		1.1
	60,000,000	FHLMC	0.075%–0.080%, 08/11/11		59,995		0.5
	75,000,000	FHLMC	0.070%–0.075%, 09/27/11		74,986		0.6
	410,563,000	FHLMC	0.025%–0.620%, 07/08/11–11/04/11		410,515		3.4
	116,150,000	Federal National Mortgage Association (FNMA)	0.045%–0.205%, 07/13/11		116,145		1.0
	56,848,000	FNMA	0.065%–0.080%, 07/20/11		56,846		0.5
	67,835,000	FNMA	0.050%–0.150%, 09/21/11		67,822		0.6
	50,310,000	FNMA	0.065%–0.075%, 07/07/11		50,309		0.4
	72,081,000	FNMA	0.040%–0.045%, 07/21/11		72,079		0.6
	75,000,000	FNMA	0.050%–0.065%, 07/25/11		74,997		0.6
	80,629,000	FNMA	0.045%–0.050%, 07/27/11		80,626		0.7
	167,465,000	FNMA	0.065%–0.090%, 08/31/11		167,442		1.4
	67,015,000	FNMA	0.040%–0.050%, 09/15/11		67,009		0.6
	402,620,000	FNMA	0.040%–0.110%, 07/18/11–12/07/11		402,557		3.4
		Other			4,823		0.0
					3,472,591		29.1
TREASURY DEBT
	53,840,000	United States Treasury Bill	0.066%–0.111%, 10/20/11		53,824		0.4
	168,815,000	United States Treasury Bill	0.090%–0.243%, 11/17/11		168,742		1.4
	52,000,000	United States Treasury Bill	0.155%–0.158%, 09/01/11		51,986		0.4
	58,860,000	United States Treasury Bill	0.096%–0.105%, 11/25/11		58,836		0.5
	57,670,000	United States Treasury Bill	0.075%–0.090%, 11/10/11		57,652		0.5
	334,590,000	United States Treasury Bill	0.055%–0.181%, 07/07/11–12/29/11		334,511		2.8
	121,815,000	United States Treasury Note	1.130%, 12/15/11		122,321		1.0
	52,025,000	United States Treasury Note	1.130%, 01/15/12		52,298		0.4
	101,650,000	United States Treasury Note	1.000%, 09/30/11		101,851		0.9
	158,245,000	United States Treasury Note	0.750%, 11/30/11		158,614		1.3
	55,085,000	United States Treasury Note	0.880%, 02/29/12		55,321		0.5
	50,000,000	United States Treasury Note	0.750%, 05/31/12		50,212		0.4
	149,195,000	United States Treasury Note	1.000%, 10/31/11		149,609		1.3
	104,685,000	United States Treasury Note	0.880%, 01/31/12		105,075		0.9
	102,745,000	United States Treasury Note	1.000%–1.380%, 07/31/11–03/31/12		103,091		0.9
					1,623,943		13.6

See notes to financial statements College Retirement Equities Fund § 2011 Semiannual Report   57

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	concluded
CREF MONEY MARKET ACCOUNT § JUNE 30, 2011

Principal			Issuer		Value (000)		% of net assets
VARIABLE RATE NOTES
$	90,000,000	i	Federal Farm Credit Bank (FFCB)	0.150%, 02/13/12	$	89,997		0.8	%
	45,000,000		FFCB	0.097%, 07/15/11		45,000		0.4
	120,000,000	i	Federal Home Loan Bank (FHLB)	0.090%, 07/11/11		119,999		1.0
	100,000,000	i	FHLB	0.155%, 08/12/11		100,000		0.8
	120,000,000	i	FHLB	0.150%, 01/13/12		119,997		1.0
	151,500,000	i	Federal Home Loan Mortgage Corp (FHLMC)	0.060%, 11/09/11		151,460		1.3
	100,000,000	i	FHLMC	0.230%, 01/09/12		100,040		0.8
	27,400,000		FHLMC	0.210%, 11/07/11		27,405		0.2
			Other			40,014		0.3
						793,912		6.6
			TOTAL SHORT-TERM INVESTMENTS	(Cost $11,948,246)		11,948,246		100.0
			TOTAL PORTFOLIO	(Cost $11,948,246)		11,948,246		100.0
			OTHER ASSETS & LIABILITIES, NET			4,549		0.0
			NET ASSETS		$	11,952,795		100.0	%

i	Floating or variable rate security. Coupon rate reflects the rate at period end.
Cost amounts are in thousands.
For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.

58   2011 Semiannual Report § College Retirement Equities Fund See notes to financial statements

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College Retirement Equities Fund § 2011 Semiannual Report   59

STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)

COLLEGE RETIREMENT EQUITIES FUND  §  JUNE 30, 2011

(amounts in thousands, except accumulation unit value)		Stock Account		Global Equities Account		Growth Account		Equity Index Account		Bond Market Account		Inflation-Linked Bond Account		Social Choice Account		Money Market Account
ASSETS
Unaffiliated issuers*†		$	116,866,713	$	16,240,197	$	14,211,856	$	11,537,538	$	14,307,913	$	8,636,268	$	11,514,797	$	11,948,246
Affiliated issuers‡			404,128		—		—		—		—		—		—		—
Total portfolio investments, at value		$	117,270,841	$	16,240,197	$	14,211,856	$	11,537,538	$	14,307,913	$	8,636,268	$	11,514,797	$	11,948,246
Cash			—		29,457		16,123		19,357		121,231		19,053		41,353		6
Cash — foreign^			137,969		11,229		—		—		—		—		919		—
Dividends and interest receivable			199,455		30,231		12,150		14,251		86,711		63,202		41,873		2,650
Receivable from securities transactions			1,190,277		72,622		57,261		187		12,547		—		64,576		—
Receivable for delayed delivery securities			—		—		—		—		91,275		—		20,656		—
Due from affiliates			—		5,017		3,326		1,421		4,074		3,612		3,427		1,940
Receivable for variation margin on open futures contracts			—		—		744		89		—		—		—		—
Other			4,878		720		1,976		971		604		605		776		707
Total assets			118,803,420		16,389,473		14,303,436		11,573,814		14,624,355		8,722,740		11,688,377		11,953,549
LIABILITIES
Payable for collateral for securities loaned			6,230,996		937,959		—		—		—		—		209,568		—
Payable for securities transactions			1,007,508		83,848		72,560		8		12,353		—		40,686		—
Payable for delayed delivery securities			—		—		—		—		2,188,046		—		699,600		—
Due to affiliates			100,032		232		184		134		156		109		134		49
Overdraft payable			52,816		—		—		—		—		—		—		—
Unrealized depreciation on swap agreements			2,865		—		—		—		—		—		—		—
Other			6,102		1,566		672		635		662		606		639		705
Total liabilities			7,400,319		1,023,605		73,416		777		2,201,217		715		950,627		754
NET ASSETS:
Accumulation Fund		$	99,260,754	$	15,057,982	$	14,030,705	$	11,364,872	$	12,186,409	$	8,491,750	$	10,462,925	$	11,727,094
Annuity Funds			12,142,347		307,886		199,315		208,165		236,729		230,275		274,825		225,701
Total net assets		$	111,403,101	$	15,365,868	$	14,230,020	$	11,573,037	$	12,423,138	$	8,722,025	$	10,737,750	$	11,952,795
Accumulation units outstanding			390,793		150,026		184,533		115,405		121,801		136,947		72,677		459,282
Accumulation unit value		$	254.00	$	100.37	$	76.03	$	98.48	$	100.05	$	62.01	$	143.97	$	25.53
*	Includes securities loaned of:	$	6,054,274	$	909,538	$	—	$	—	$	—	$	—	$	204,771	$	—
†	Portfolio investments; unaffiliated issuers cost:	$	101,454,726	$	14,345,325	$	11,588,412	$	8,970,528	$	13,985,788	$	7,918,663	$	10,158,097	$	11,948,246
‡	Portfolio investments; affiliated issuers cost:	$	376,523	$	—	$	—	$	—	$	—	$	—	$	—	$	—
^	Foreign cash, cost:	$	136,859	$	11,196	$	—	$	—	$	—	$	—	$	914	$	—

60   2011 Semiannual Report § College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund § 2011 Semiannual Report   61

STATEMENTS OF OPERATIONS (UNAUDITED)

COLLEGE RETIREMENT EQUITIES FUND  §  FOR THE PERIOD ENDED JUNE 30, 2011

(amounts in thousands)		Stock Account			Global Equities Account			Growth Account			Equity Index Account			Bond Market Account			Inflation-Linked Bond Account		Social Choice Account			Money Market Account
INVESTMENT INCOME
Interest		$	79		$	54		$	77		$	31		$	210,456		$	277,003	$	68,786		$	12,192
Dividends:
Unaffiliated issuers*			1,226,599			180,661			87,645			102,187			—			—		75,917			—
Affiliated issuers†			571			—			—			—			153			—		—			—
Income from securities lending			37,626			7,133			—			—			—			—		701			—
Other			41			5			—			—			221			—		2			—
Total income			1,264,916			187,853			87,722			102,218			210,830			277,003		145,406			12,192
EXPENSES
Administrative			135,845			18,617			17,186			13,992			14,832			10,143		12,876			14,518
Distribution			40,281			5,519			5,094			4,146			4,399			3,008		3,817			4,310
Investment advisory			74,087			12,820			8,182			3,973			5,557			3,768		4,958			3,861
Mortality and expense risk charges			2,769			380			350			285			301			205		262			295
Total expenses			252,982			37,336			30,812			22,396			25,089			17,124		21,913			22,984
Less: Expenses withheld by TIAA			—			—			—			—			—			—		—			10,899
Net expenses			252,982			37,336			30,812			22,396			25,089			17,124		21,913			12,085
Net investment income (loss)			1,011,934			150,517			56,910			79,822			185,741			259,879		123,493			107
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESMENTS
Realized gain (loss):
Portfolio investments:
Unaffiliated issuers			5,772,728			695,594			579,992			93,206			104,281			18,523		218,236			—
Affiliated issuers			3,331			—			—			—			481			—		—			—
Futures transactions			(660	)		—			3,822			2,929			(1,579	)		—		—			—
Swap transactions			2,175			—			—			—			—			—		—			—
Foreign currency transactions			(7,856	)		(2,023	)		(99	)		—			—			—		128			—
Net realized gain (loss) on total investments			5,769,718			693,571			583,715			96,135			103,183			18,523		218,364			—
Change in unrealized appreciation (depreciation) on:
Portfolio investments:
Unaffiliated issuers‡			(941,886	)		(140,584	)		207,904			498,180			29,599			164,641		100,026			—
Affiliated issuers			(14,267	)		—			—			—			—			—		—			—
Futures transactions			—			—			1,367			(483	)		—			—		—			—
Swap transactions			(4,389	)		—			—			—			—			—		—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies			2,820			534			26			—			—			—		148			—
Net change in unrealized appreciation (depreciation) on total investments			(957,722	)		(140,050	)		209,297			497,697			29,599			164,641		100,174			—
Net realized and unrealized gain (loss) on total investments			4,811,996			553,521			793,012			593,832			132,782			183,164		318,538			—
Net increase (decrease) in net assets resulting from operations		$	5,823,930		$	704,038		$	849,922		$	673,654		$	318,523		$	443,043	$	442,031		$	107
*	Net of foreign withholding taxes of unaffiliated issuers:	$	(61,098	)	$	(12,161	)	$	(675	)	$	(42	)	$	—		$	—	$	(2,766	)	$	—
†	Net of foreign withholding taxes of affiliated issuers:	$	(5	)	$	—		$	—		$	—		$	—		$	—	$	—		$	—
‡	Includes net change in unrealized foreign capital gains taxes of:	$	1,635		$	11		$	—		$	—		$	—		$	—	$	—		$	—

62   2011 Semiannual Report § College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund § 2011 Semiannual Report   63

STATEMENTS OF CHANGES IN NET ASSETS

COLLEGE RETIREMENT EQUITIES FUND  §  FOR THE PERIOD OR YEAR ENDED

	Stock Account						Global Equities Account						Growth Account
(amounts in thousands except accumulation units)	June 30, 2011			December 31, 2010			June 30, 2011			December 31, 2010			June 30, 2011			December 31, 2010
	(unaudited)						(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)	$	1,011,934		$	1,618,989		$	150,517		$	227,367		$	56,910		$	117,092
Net realized gain (loss) on total investments		5,769,718			4,030,156			693,571			145,667			583,715			547,290
Net change in unrealized appreciation (depreciation) on total investments		(957,722	)		9,201,032			(140,050	)		1,230,041			209,297			1,088,933
Net increase (decrease) from operations		5,823,930			14,850,177			704,038			1,603,075			849,922			1,753,315
FROM PARTICIPANT TRANSACTIONS
Premiums		3,265,969			6,875,740			631,146			1,304,955			555,707			1,144,489
Net transfers between CREF Accounts		(570,817	)		(1,065,735	)		(53,651	)		(209,289	)		(61,249	)		(234,143	)
Annuity payments		(702,741	)		(1,045,265	)		(15,258	)		(22,267	)		(10,008	)		(14,314	)
Withdrawals and death benefits		(5,113,131	)		(9,424,290	)		(733,535	)		(1,333,555	)		(644,047	)		(1,122,570	)
Net increase (decrease) from participant transactions		(3,120,720	)		(4,659,550	)		(171,298	)		(260,156	)		(159,597	)		(226,538	)
Net increase (decrease) in net assets		2,703,210			10,190,627			532,740			1,342,919			690,325			1,526,777
NET ASSETS
Beginning of period		108,699,891			98,509,264			14,833,128			13,490,209			13,539,695			12,012,918
End of period	$	111,403,101		$	108,699,891		$	15,365,868		$	14,833,128		$	14,230,020		$	13,539,695
ACCUMULATION UNITS:
Units purchased		13,008,160			32,235,510			6,354,013			15,291,475			7,418,563			18,118,284
Units sold / transferred		(23,038,009	)		(49,851,601	)		(7,974,242	)		(18,356,953	)		(9,553,185	)		(21,833,848	)
Outstanding:
Beginning of period		400,822,676			418,438,767			151,646,181			154,711,659			186,667,821			190,383,385
End of period		390,792,827			400,822,676			150,025,952			151,646,181			184,533,199			186,667,821

64   2011 Semiannual Report § College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund § 2011 Semiannual Report   65

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

	Equity Index Account						Bond Market Account						Inflation-Linked Bond Account
(amounts in thousands except accumulation units)	June 30, 2011			December 31, 2010			June 30, 2011			December 31, 2010			June 30, 2011			December 31, 2010
	(unaudited		)				(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)	$	79,822		$	150,722		$	185,741		$	372,216		$	259,879		$	189,138
Net realized gain (loss) on total investments		96,135			88,299			103,183			249,814			18,523			26,115
Net change in unrealized appreciation (depreciation) on total investments		497,697			1,285,621			29,599			110,865			164,641			239,476
Net increase (decrease) from operations		673,654			1,524,642			318,523			732,895			443,043			454,729
FROM PARTICIPANT TRANSACTIONS
Premiums		532,333			1,048,901			704,741			1,544,488			542,023			1,154,893
Net transfers between CREF Accounts		5,028			64,953			147,645			1,032,101			259,401			320,912
Annuity payments		(10,008	)		(14,187	)		(11,328	)		(18,474	)		(10,736	)		(17,642	)
Withdrawals and death benefits		(589,622	)		(1,088,977	)		(884,913	)		(1,654,383	)		(688,528	)		(1,401,070	)
Net increase (decrease) from participant transactions		(62,269	)		10,690			(43,855	)		903,732			102,160			57,093
Net increase (decrease) in net assets		611,385			1,535,332			274,668			1,636,627			545,203			511,822
NET ASSETS
Beginning of period		10,961,652			9,426,320			12,148,470			10,511,843			8,176,822			7,665,000
End of period	$	11,573,037		$	10,961,652		$	12,423,138		$	12,148,470		$	8,722,025		$	8,176,822
ACCUMULATION UNITS:
Units purchased		5,477,076			12,896,125			7,143,587			16,516,310			9,008,840			19,964,332
Units sold/transferred		(6,118,067	)		(13,006,576	)		(7,614,144	)		(7,013,571	)		(7,422,074	)		(18,889,999	)
Outstanding:
Beginning of period		116,045,713			116,156,164			122,271,365			112,768,626			135,359,754			134,285,421
End of period		115,404,722			116,045,713			121,800,808			122,271,365			136,946,520			135,359,754

66   2011 Semiannual Report § College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund § 2011 Semiannual Report    67

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

	Social Choice Account						Money Market Account
(amounts in thousands except accumulation units)	June 30, 2011			December 31, 2010			June 30, 2011			December 31, 2010
	(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)	$	123,493		$	221,059		$	107		$	356
Net realized gain (loss) on total investments		218,364			164,880			—			4
Net change in unrealized appreciation (depreciation) on total investments		100,174			687,809			—			—
Net increase (decrease) from operations		442,031			1,073,748			107			360
FROM PARTICIPANT TRANSACTIONS
Premiums		431,948			927,035			1,624,362			3,255,717
Net transfers between CREF Accounts		50,035			294,562			223,608			(203,360	)
Annuity payments		(13,305	)		(20,250	)		(12,876	)		(22,504	)
Withdrawals and death benefits		(411,485	)		(709,871	)		(1,936,091	)		(4,303,977	)
Net increase (decrease) from participant transactions		57,193			491,476			(100,997	)		(1,274,124	)
Net increase (decrease) in net assets		499,224			1,565,224			(100,890	)		(1,273,764	)
NET ASSETS
Beginning of period		10,238,526			8,673,302			12,053,685			13,327,449
End of period	$	10,737,750		$	10,238,526		$	11,952,795		$	12,053,685
ACCUMULATION UNITS:
Units purchased		3,044,423			7,307,223			63,600,612			127,488,200
Units sold/transferred		(2,593,501	)		(3,465,952	)		(67,081,904	)		(176,604,913	)
Outstanding:
Beginning of period		72,225,927			68,384,656			462,763,253			511,879,966
End of period		72,676,849			72,225,927			459,281,961			462,763,253

68   2011 Semiannual Report § College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund § 2011 Semiannual Report    69

FINANCIAL HIGHLIGHTS

COLLEGE RETIREMENT EQUITIES FUND § FOR THE PERIOD OR YEAR ENDED

	Stock Account
	6/30/11			12/31/10			12/31/09			12/31/08			12/31/07			12/31/06
	(unaudited)
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	2.840		$	4.506		$	4.251		$	5.339		$	4.754		$	4.329
Expenses (a)		0.568			1.006			0.849			1.113			0.992			1.095
Net investment income (loss) (a)		2.272			3.500			3.402			4.226			3.762			3.234
Net realized and unrealized gain (loss) on total investments		10.726			29.246			47.129			(107.993	)		15.589			32.372
Net change in accumulation unit value		12.998			32.746			50.531			(103.767	)		19.351			35.606
Accumulation unit value:
Beginning of period		241.000			208.254			157.723			261.490			242.139			206.533
End of period	$	253.998		$	241.000		$	208.254		$	157.723		$	261.490		$	242.139
TOTAL RETURN*		5.39	%(b)		15.72	%		32.04	%		(39.68	)%		7.99	%		17.24	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.46	%(c)		0.47	%		0.49	%		0.64	%		0.52	%		0.49	%
Net investment income (loss)		1.83	%(c)		1.63	%		1.97	%		1.95	%		1.44	%		1.44	%
SUPPLEMENTAL DATA
Portfolio turnover rate		28	%(b)		61	%		58	%		53	%		49	%		51	%
Accumulation units outstanding at the end of period†		391			401			418			424			448			469
Accumulation fund net assets†	$	99,261		$	96,598		$	87,141		$	66,931		$	117,078		$	113,675
Net assets at the end of period†	$	111,403		$	108,700		$	98,509		$	76,505		$	134,560		$	131,097

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

70   2011 Semiannual Report § College Retirement Equities Fund See notes to financial statements

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

	Global Equities Account
	6/30/11			12/31/10			12/31/09			12/31/08			12/31/07			12/31/06
	(unaudited)
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	1.218		$	1.888		$	1.862		$	2.587		$	2.069		$	1.716
Expenses (a)		0.242			0.432			0.374			0.462			0.409			0.481
Net investment income (loss) (a)		0.976			1.456			1.488			2.125			1.660			1.235
Net realized and unrealized gain (loss) on total investments		3.597			8.987			19.648			(49.181	)		8.522			14.969
Net change in accumulation unit value		4.573			10.443			21.136			(47.056	)		10.182			16.204
Accumulation unit value:
Beginning of period		95.796			85.353			64.217			111.273			101.091			84.887
End of period	$	100.369		$	95.796		$	85.353		$	64.217		$	111.273		$	101.091
TOTAL RETURN*		4.77	%(b)		12.24	%		32.91	%		(42.29	)%		10.07	%		19.09	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.49	%(c)		0.50	%		0.53	%		0.68	%		0.56	%		0.52	%
Net investment income (loss)		1.98	%(c)		1.69	%		2.11	%		2.34	%		1.53	%		1.35	%
SUPPLEMENTAL DATA
Portfolio turnover rate		37	%(b)		81	%		59	%		76	%		108	%		137	%
Accumulation units outstanding at the end of period†		150			152			155			147			153			151
Accumulation fund net assets†	$	15,058		$	14,527		$	13,205		$	9,429		$	17,039		$	15,293
Net assets at the end of period†	$	15,366		$	14,833		$	13,490		$	9,652		$	17,461		$	15,674

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

See notes to financial statements College Retirement Equities Fund § 2011 Semiannual Report   71

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

	Growth Account
	6/30/11			12/31/10			12/31/09			12/31/08			12/31/07			12/31/06
	(unaudited)
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	0.464		$	0.907		$	0.836		$	0.740		$	0.694		$	0.625
Expenses (a)		0.163			0.293			0.249			0.316			0.272			0.321
Net investment income (loss) (a)		0.301			0.614			0.587			0.424			0.422			0.304
Net realized and unrealized gain (loss) on total investments		4.214			8.706			16.058			(30.509	)		10.416			3.066
Net change in accumulation unit value		4.515			9.320			16.645			(30.085	)		10.838			3.370
Accumulation unit value:
Beginning of period		71.518			62.198			45.553			75.638			64.800			61.430
End of period	$	76.033		$	71.518		$	62.198		$	45.553		$	75.638		$	64.800
TOTAL RETURN*		6.31	%(b)		14.98	%		36.54	%		(39.78	)%		16.73	%		5.49	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.44	%(c)		0.46	%		0.48	%		0.69	%		0.55	%		0.52	%
Net investment income (loss)		0.81	%(c)		0.96	%		1.14	%		0.68	%		0.60	%		0.49	%
SUPPLEMENTAL DATA
Portfolio turnover rate		35	%(b)		77	%		81	%		82	%		127	%		109	%
Accumulation units outstanding at the end of period†		185			187			190			178			181			182
Accumulation fund net assets†	$	14,031		$	13,350		$	11,842		$	8,098		$	13,666		$	11,780
Net assets at the end of period†	$	14,230		$	13,540		$	12,013		$	8,222		$	13,883		$	11,985

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

72   2011 Semiannual Report § College Retirement Equities Fund See notes to financial statements

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

	Equity Index Account
	6/30/11			12/31/10			12/31/09			12/31/08			12/31/07			12/31/06
	(unaudited)
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	0.863		$	1.613		$	1.470		$	1.823		$	1.806		$	1.636
Expenses (a)		0.189			0.343			0.288			0.429			0.383			0.385
Net investment income (loss) (a)		0.674			1.270			1.182			1.394			1.423			1.251
Net realized and unrealized gain (loss) on total investments		5.040			11.830			16.176			(38.771	)		3.050			11.332
Net change in accumulation unit value		5.714			13.100			17.358			(37.377	)		4.473			12.583
Accumulation unit value:
Beginning of period		92.764			79.664			62.306			99.683			95.210			82.627
End of period	$	98.478		$	92.764		$	79.664		$	62.306		$	99.683		$	95.210
TOTAL RETURN*		6.16	%(b)		16.45	%		27.86	%		(37.50	)%		4.70	%		15.23	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.39	%(c)		0.42	%		0.43	%		0.59	%		0.47	%		0.43	%
Net investment income (loss)		1.40	%(c)		1.54	%		1.77	%		1.67	%		1.39	%		1.39	%
SUPPLEMENTAL DATA
Portfolio turnover rate		3	%(b)		8	%		5	%		7	%		9	%		10	%
Accumulation units outstanding at the end of period†		115			116			116			113			113			116
Accumulation fund net assets†	$	11,365		$	10,765		$	9,253		$	7,030		$	11,225		$	11,033
Net assets at the end of period†	$	11,573		$	10,962		$	9,426		$	7,174		$	11,474		$	11,283

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

See notes to financial statements College Retirement Equities Fund § 2011 Semiannual Report   73

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

	Bond Market Account
	6/30/11			12/31/10			12/31/09			12/31/08			12/31/07			12/31/06
	(unaudited)
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	1.712		$	3.470		$	3.818		$	4.241		$	4.260		$	3.990
Expenses (a)		0.204			0.422			0.399			0.416			0.315			0.373
Net investment income (loss) (a)		1.508			3.048			3.419			3.825			3.945			3.617
Net realized and unrealized gain (loss) on total investments		1.094			3.096			2.556			(2.777	)		0.806			(0.467	)
Net change in accumulation unit value		2.602			6.144			5.975			1.048			4.751			3.150
Accumulation unit value:
Beginning of period		97.450			91.306			85.331			84.283			79.532			76.382
End of period	$	100.052		$	97.450		$	91.306		$	85.331		$	84.283		$	79.532
TOTAL RETURN*		2.67	%(b)		6.73	%		7.00	%		1.24	%		5.97	%		4.12	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.42	%(c)		0.44	%		0.45	%		0.61	%		0.51	%		0.48	%
Net investment income (loss)		3.08	%(c)		3.19	%		3.88	%		4.53	%		4.86	%		4.69	%
SUPPLEMENTAL DATA
Portfolio turnover rate		132	%(b)(d)		230	%(d)		185	%(d)		125	%		174	%		219	%
Accumulation units outstanding at the end of period†		122			122			113			100			89			78
Accumulation fund net assets†	$	12,186		$	11,915		$	10,296		$	8,520		$	7,494		$	6,219
Net assets at the end of period†	$	12,423		$	12,148		$	10,512		$	8,711		$	7,680		$	6,395

*	Based on per accumulation unit data.
†	Millions
(a)	Based on average units outstanding.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods of less than one year.
(d)	The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ending June 30, 2011, December 31, 2010 and December 31, 2009 were 36%, 62% and 96%, respectively.

74   2011 Semiannual Report § College Retirement Equities Fund See notes to financial statements

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

	Inflation-Linked Bond Account
	6/30/11			12/31/10			12/31/09			12/31/08			12/31/07			12/31/06
	(unaudited)
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	2.009		$	1.596		$	0.974		$	2.700		$	2.618		$	1.560
Expenses (a)		0.124			0.254			0.241			0.249			0.186			0.228
Net investment income (loss) (a)		1.885			1.342			0.733			2.451			2.432			1.332
Net realized and unrealized gain (loss) on total investments		1.353			1.929			4.119			(3.367	)		2.695			(1.339	)
Net change in accumulation unit value		3.238			3.271			4.852			(0.916	)		5.127			(0.007	)
Accumulation unit value:
Beginning of period		58.770			55.499			50.647			51.563			46.436			46.443
End of period	$	62.008		$	58.770		$	55.499		$	50.647		$	51.563		$	46.436
TOTAL RETURN*		5.51	%(b)		5.89	%		9.58	%		(1.78	)%		11.04	%		(0.01	)%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.42	%(c)		0.44	%		0.45	%		0.58	%		0.50	%		0.49	%
Net investment income (loss)		6.32	%(c)		2.33	%		1.38	%		4.69	%		5.00	%		2.83	%
SUPPLEMENTAL DATA
Portfolio turnover rate		7	%(b)		15	%		11	%		19	%		13	%		23	%
Accumulation units outstanding at the end of period†		137			135			134			116			91			77
Accumulation fund net assets†	$	8,492		$	7,955		$	7,453		$	5,871		$	4,668		$	3,597
Net assets at the end of period†	$	8,722		$	8,177		$	7,665		$	6,060		$	4,830		$	3,744

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

See notes to financial statements College Retirement Equities Fund § 2011 Semiannual Report   75

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

	Social Choice Account
	6/30/11			12/31/10			12/31/09			12/31/08			12/31/07			12/31/06
	(unaudited)
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	1.951		$	3.618		$	3.517		$	4.191		$	4.165		$	3.687
Expenses (a)		0.294			0.561			0.488			0.600			0.492			0.535
Net investment income (loss) (a)		1.657			3.057			3.029			3.591			3.673			3.152
Net realized and unrealized gain (loss) on total investments		4.291			11.683			19.530			(34.439	)		2.371			8.412
Net change in accumulation unit value		5.948			14.740			22.559			(30.848	)		6.044			11.564
Accumulation unit value:
Beginning of period		138.017			123.277			100.718			131.566			125.522			113.958
End of period	$	143.965		$	138.017		$	123.277		$	100.718		$	131.566		$	125.522
TOTAL RETURN*		4.31	%(b)		11.95	%		22.41	%		(23.45	)%		4.81	%		10.15	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.42	%(c)		0.44	%		0.45	%		0.61	%		0.48	%		0.45	%
Net investment income (loss)		2.36	%(c)		2.39	%		2.81	%		3.02	%		2.81	%		2.65	%
SUPPLEMENTAL DATA
Portfolio turnover rate		57	%(b)(d)		98	%(d)		85	%(d)		77	%		60	%		84	%
Accumulation units outstanding at the end of period†		73			72			68			66			68			67
Accumulation fund net assets†	$	10,463		$	9,968		$	8,430		$	6,685		$	8,917		$	8,458
Net assets at the end of period†	$	10,738		$	10,239		$	8,673		$	6,891		$	9,197		$	8,733

*	Based on per accumulation unit data.
†	Millions
(a)	Based on average units outstanding.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods of less than one year.
(d)	The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ending June 30, 2011, December 31, 2010 and December 31, 2009 were 22%, 40% and 49%, respectively.

76   2011 Semiannual Report § College Retirement Equities Fund See notes to financial statements

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

	Money Market Account
	6/30/11			12/31/10			12/31/09			12/31/08			12/31/07			12/31/06
	(unaudited)
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	0.026		$	0.062		$	0.164		$	0.700		$	1.258		$	1.169
Expenses (a)		0.026			0.062			0.104			0.124			0.092			0.098
Net investment income (loss) (a)		0.000			0.000			0.060			0.576			1.166			1.071
Net realized and unrealized gain (loss) on total investments		0.000			0.000			(0.031	)		0.032			(0.004	)		—
Net change in accumulation unit value		0.000			0.000			0.029			0.608			1.162			1.071
Accumulation unit value:
Beginning of period		25.533			25.533			25.504			24.896			23.734			22.663
End of period	$	25.533		$	25.533		$	25.533		$	25.504		$	24.896		$	23.734
TOTAL RETURN*		0.00	%(b)		0.00	%		0.11	%		2.44	%		4.90	%		4.73	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.39	%(c)		0.41	%		0.43	%		0.56	%		0.45	%		0.43	%
Expenses net of TIAA withholding		0.20	%(c)		0.24	%		0.41	%		0.56	%		0.45	%		0.43	%
Net investment income (loss)		0.00	%(c)		0.00	%		0.21	%		2.25	%		4.79	%		4.64	%
SUPPLEMENTAL DATA
Accumulation units outstanding at the end of period†		459			463			512			582			469			393
Accumulation fund net assets†	$	11,727		$	11,816		$	13,070		$	14,846		$	11,670		$	9,327
Net assets at the end of period†	$	11,953		$	12,054		$	13,327		$	15,133		$	11,922		$	9,571

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

See notes to financial statements College Retirement Equities Fund § 2011 Semiannual Report   77

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

COLLEGE RETIREMENT EQUITIES FUND

Note 1—organization and significant accounting policies

The purpose of the College Retirement Equities Fund (“CREF”), as stated in its charter, is to aid and strengthen non-profit educational and research organizations, governmental entities, and other non-profit institutions by providing their employees with variable retirement benefits. CREF is registered with the Securities and Exchange Commission (“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 financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Accumulation Unit Value (“AUV”) for financial reporting purposes may differ from the AUV for processing transactions. The AUV for financial reporting purposes includes security and participant transactions through the date of the report. Total return is computed based on the AUV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Accounts.

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

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

Accounting for investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded as earned and includes accretion of discounts and amortization of premiums using the effective yield method. Dividend income is recorded on the ex-dividend date. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Accounts estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.

78   2011 Semiannual Report § College Retirement Equities Fund

continued

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. By lending such securities, the Accounts attempt to increase their net investment income through the receipt of interest (after rebates and fees) on collateral. Such income is reflected separately on the Statements of Operations. The value of the loaned securities and the liability to return the cash collateral received are reflected in the Statements of Assets and Liabilities. The value of securities purchased with cash collateral is detailed within the Summary Portfolios of Investments.

Lending securities of the Accounts 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 June 30, 2011, there were no securities out on loan for the Growth, Equity Index, Bond Market and Inflation-Linked Bond Accounts.

At June 30, 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	$	6,224,715	$	6,230,996
Global Equities		936,891		937,959
Social Choice		209,676		209,568

College Retirement Equities Fund § 2011 Semiannual Report   79

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Income taxes: CREF is taxed as a life insurance company under Subchapter L of the Internal Revenue Code. CREF should incur no federal income tax liability. Under the rules of taxation applicable to life insurance companies, CREF’s Accumulation and Annuity Funds for participants will generally be treated as life insurance reserves; therefore, any increase in such reserves will be deductible. Management has analyzed the Accounts’ tax positions taken for all open federal income tax years (2007-2010) and has concluded that no provision for federal income tax is required in the Accounts’ financial statements.

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

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

Note 2—valuation of investments

Portfolio investments are valued at fair value utilizing various valuation methods approved by the Board. 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.

80   2011 Semiannual Report § College Retirement Equities Fund

continued

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 will be valued at fair value in accordance with procedures adopted by the Board. 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.

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

College Retirement Equities Fund § 2011 Semiannual Report   81

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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 Board. 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 June 30, 2011, there were no significant transfers between levels by the Accounts.

As of June 30, 2011, 100% of the value of investments in the Equity Index Account was based on Level 1 inputs.

As of June 30, 2011, 100% of the value of investments in the Inflation-Linked Bond and Money Market Accounts was valued based on Level 2 inputs.

The following is a summary of the inputs used to value the remaining Accounts’ investments as of June 30, 2011 (amounts are in thousands):

Account	Level 1		Level 2			Level 3		Total
Stock
Consumer Discretionary*	$	9,472,210	$	3,776,808		$	—	$	13,249,018
Consumer Staples*		6,582,385		2,808,304			1		9,390,690
Energy*		8,727,645		3,505,159			—		12,232,804
Financials*		12,311,786		7,620,634			—		19,932,420
Health Care*		9,251,358		2,092,750			7,113		11,351,221
Industrials*		9,013,712		4,355,632			—		13,369,344
Information Technology*		13,863,178		2,381,592			—		16,244,770
Materials*		3,522,098		4,347,562			—		7,869,660
Telecommunication Services*		2,276,618		1,414,830			—		3,691,448
Utilities*		2,503,405		1,149,053			—		3,652,458
Corporate Bonds		—		78			—		78
Short-Term Investments		—		6,286,930			—		6,286,930
Swaps**		—		(2,865	)		—		(2,865	)
Total	$	77,524,395	$	39,736,467		$	7,114	$	117,267,976
Global Equities
United States	$	7,323,474	$	6,177		$	—	$	7,329,651
United Kingdom*		22,010		1,505,581			—		1,527,591
Japan		—		1,132,925			—		1,132,925
Canada		52,140		631,739			—		683,879
Switzerland*		87,877		550,848			—		638,725
France		143		705,114			—		705,257
Germany		—		484,775			—		484,775
Australia		—		416,178			—		416,178
Netherlands*		25,430		284,916			—		310,346
Other*		120,785		1,774,132			—		1,894,917
Short-Term Investments		—		1,115,953			—		1,115,953
Total	$	7,631,859	$	8,608,338		$	—	$	16,240,197

822011 Semiannual Report §College Retirement Equities Fund

continued
Account	Level 1		Level 2		Level 3		Total
Growth
Consumer Discretionary	$	2,175,040	$	92,688	$	—	$	2,267,728
Consumer Staples		1,195,040		21,230		—		1,216,270
Energy*		1,416,770		62,307		—		1,479,077
Financials		752,448		—		—		752,448
Health Care*		1,575,530		9,516		—		1,585,046
Industrials		1,766,021		7,073		—		1,773,094
Information Technology*		3,978,359		8,683		—		3,987,042
Materials*		887,363		24,488		—		911,851
Telecommunication Services		136,983		—		—		136,983
Utilities		5,892		—		—		5,892
Short-Term Investments		—		96,425		—		96,425
Futures**		2,915		—		—		2,915
Total	$	13,892,361	$	322,410	$	—	$	14,214,771
Bond Market
Bank Loan Obligations	$	—	$	16,993	$	—	$	16,993
Corporate Bonds		—		3,448,271		—		3,448,271
Government Bonds		—		7,958,551		—		7,958,551
Structured Assets		—		767,039		—		767,039
Preferred Stocks		4,671		—		—		4,671
Short-Term Investments		—		2,112,388		—		2,112,388
Total	$	4,671	$	14,303,242	$	—	$	14,307,913
Social Choice
Consumer Discretionary	$	570,334	$	150,776	$	—	$	721,110
Consumer Staples		419,412		123,733		—		543,145
Energy		516,071		135,210		—		651,281
Financials		912,401		303,229		—		1,215,630
Health Care		588,939		100,428		—		689,367
Industrials		619,926		186,124		—		806,050
Information Technology		812,001		54,360		—		866,361
Materials		271,540		189,661		—		461,201
Telecommunication Services		121,151		76,941		—		198,092
Utilities		213,011		66,447		—		279,458
Corporate Bonds		—		931,054		—		931,054
Government		—		3,016,374		—		3,016,374
Structured Assets		—		277,714		—		277,714
Short-Term Investments		—		857,960		—		857,960
Total	$	5,044,786	$	6,470,011	$	—	$	11,514,797

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

College Retirement Equities Fund §2011 Semiannual Report83

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

	Stock Account
Balance as of December 31, 2010	$	8,653
Realized Gain/(Loss)		(43	)
Change in Unrealized Appreciation/(Depreciation)		(1,368	)*
Gross Purchases		—
Gross Sales		(128	)
Balance as of June 30, 2011	$	7,114

* Includes $(2,750) related to Level 3 securities still held at period end.

Note 3—derivative instruments

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

Futures contracts: Certain Accounts are subject to equity price risk in the normal course of pursuing their investment objectives. The Accounts may use futures contracts to manage exposure to the equity markets and for cash management purposes to remain highly invested in these markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin payments are made or received reflecting changes in the value of the futures contracts. Futures contracts are valued at the last sale price as of the close of the board of trade or exchange on which they are traded. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. Realized gain (loss) and unrealized appreciation (depreciation) on futures transactions are reported separately in the Statements of Operations. With futures, there is minimal counterparty credit risk to the Accounts since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange traded funds, guarantees the futures against default. During the period ended June 30, 2011, the Stock Account, the Growth Account, the Equity Index Account, and the Bond Market Account had exposure to futures contracts, based on underlying notional values, generally between 0% and 1% of net assets.

84  2011 Semiannual Report § College Retirement Equities Fund

continued

At June 30, 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	1,329	$	87,415	September 2011	$	2,915
Equity Index	Russell 2000 Mini Index	34		2,807	September 2011		89
	CME E-mini S&P Mid-Cap 400 Index	28		2,734	September 2011		74
	CME E-mini S&P 500 Index	93		6,117	September 2011		189
			$	11,658		$	352

‡ Number of contracts is not in thousands.

Total return swap contracts: Total return swaps are agreements that provide an Account with a return based on the performance of an underlying asset, in exchange for fee payments to a counterparty based on a specific rate. To the extent the total return of the reference security or index underlying the total return swap exceeds or falls short of the offsetting interest rate obligation, the Account will receive a payment or make a payment to the counterparty, respectively. Payments received or made at the end of each measurement period are recorded as a realized gain or loss in the Statements of Operations. The swap is valued daily and any change in the value of the swap is reflected separately as a change in unrealized appreciation (depreciation) in the Statements of Operations. The value of the swap contracts is reflected in unrealized appreciation (depreciation) on swap agreements in the Statements of Assets and Liabilities. Total return swaps are exposed to the market risk factor of the specific underlying financial instrument or index. Additional risks to the Account include the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The Account’s maximum loss from counterparty risk is the fair value of the contract. The Stock Account is currently invested in a total return swap contract to gain exposure to certain equity markets. During the period ended June 30, 2011, the Stock Account’s exposure to total return swaps, based on underlying notional amounts, was generally between 0% and 1% of net assets.

College Retirement Equities Fund § 2011 Semiannual Report  85

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

At June 30, 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 Account	Unrealized Appreciation/ (Depreciation)
JP Morgan	$	52,477	11/03/11	3 month	MSCI EM	$	(2,865	)
				LIBOR+	Emerging Markets
				0.89%	Small Cap USD

Credit default swap contracts: Certain Accounts are subject to credit risk in the normal course of pursuing their investment objectives. A credit default swap is a contract between a buyer and a seller of protection against pre-defined credit events for the reference entity. As a seller in a credit default swap contract, the Account is required to pay an agreed upon amount to the counterparty with the occurrence of a specified credit event, such as certain bankruptcies related to an underlying credit instrument, index, or issuer which would likely result in a loss to the Account. The agreed upon amount approximates the notional value of the swap and is estimated to be the maximum potential future payment that the Account could be required to make under the contract. In return, the Account receives from the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Account keeps the stream of payments with no payment obligations. When the Account sells a credit default swap contract it will cover its commitment. This may be achieved by, among other methods, maintaining cash or liquid assets in a segregated account equal to the aggregate notional value of the reference entities for all outstanding credit default swap contracts sold by the Account.

The Account may also buy credit default swap contracts, in which case the Account functions as the counterparty referenced above. This involves the risk that the contract may expire worthless. It also involves counterparty risk that the seller may fail to satisfy its payment obligations to the Account with the occurrence of a credit event.

Credit default swaps are valued daily, and any change in the value of the swaps is reflected separately as a change in unrealized appreciation (depreciation) in the Statements of Operations. The value of the swaps is reflected in unrealized appreciation and (depreciation) on swaps in the Statements of Assets and Liabilities.

Under the terms of the credit default swap contracts, the Account receives or makes quarterly payments based on a payment rate on a fixed notional amount. These payments are recorded as a realized gain or loss in the Statements of Operations. Payments received or made as a result of a credit event or termination of the contract are recognized as realized gains or losses.

The Accounts invest in credit default swaps to hedge or manage the risks associated with assets held in the Account and/or to facilitate the implementation of portfolio strategies. During the period ended June 30, 2011, the Bond Market

86  2011 Semiannual Report § College Retirement Equities Fund

continued

Account had exposure to credit default swap contracts, based on underlying notional values, generally between 0% and 1% of net assets.

At June 30, 2011, the Accounts did not hold any credit default swap contracts.

Note 4—investment adviser and affiliates

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

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

The services provided by TCIM, Services, TPIS, and TIAA are provided to CREF at cost and CREF also reimburses TCIM, Services, TPIS, and TIAA for third party expenses and trustee fees paid on its behalf. Payments from the CREF Accounts are made on a daily basis according to formulas established each year with the objective of keeping the estimated expenses as close as possible to each Account’s actual expenses. Any differences between actual expenses and the estimated expenses remitted are adjusted.

For the period ended June 30, 2011, TIAA withheld (“waived”) a portion of the distribution Rule 12b-1 and administrative expenses for the Money Market Account, totaling $10,899,000. The withholding of expenses is voluntary in nature and can be discontinued at any time. Any expenses waived will be subject to possible recovery by TIAA from the Account for three years after the waiver. TIAA may recover from the Account a portion of the amounts waived at such time as the Account’s daily yield would be positive absent the effect of the waiver, and in such event the amount of recovery on any day will be approximately 25% of the Account’s yield (net of all expenses) on that day.

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

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

College Retirement Equities Fund § 2011 Semiannual Report  87

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

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

Issue	Value at December 31, 2010		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Withholding Expense		Shares at June 30, 2011†			Value at June 30, 2011
Stock Account
Biovitrum AB	$	72,724	$	7,006	$	17,424	$	666		$	—	$	—		—	**	$	—
Enteromedics, Inc		5,697		—		4,073		(424	)		—		—		—	**		—
Freescale Semiconductor Holdings		*		46,685		—		—			—		—		2,656,692			48,857
Georgia Gulf		*		41,377		2,049		1,006			—		—		1,908,642			46,075
Information Development Co		3,027		—		559		226			81		5		—	**		—
Japan Asia Investment Co Ltd		6,194		—		—		—			—		—		8,823,000			9,814
Jarden Corp		149,730		48,262		6,528		2,864			495		—		6,087,239			210,072
MPM Bioventures II		5,409		—		—		—			—		—		22,167,242			4,483
Orient-Express Hotels Ltd		77,211		1,327		11,218		488			—		—		5,129,316			55,140
Skyline Venture Fund II Ltd		466		—		—		—			—		—		4,254,176			239
Talbot’s		*		14,187		1,091		(1,155	)		—		—		5,459,992			18,236
Vanda Pharmaceuticals, Inc		15,236		98		401		(340	)		—		—		1,570,242			11,212
	$	335,694	$	158,942	$	43,343	$	3,331		$	576	$	5				$	404,128
Bond Market Account
TIAA-CREF High-Yield Fund	$	5,632	$	134	$	5,934	$	481		$	153	$	—		—	**	$	—
	$	5,632	$	134	$	5,934	$	481		$	153	$	—				$	—

*	Not an Affiliate as of December 31, 2010
**	Not an Affiliate as of June 30, 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.

88   2011 Semiannual Report § College Retirement Equities Fund

continued

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

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

College Retirement Equities Fund § 2011 Semiannual Report   89

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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 June 30, 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	$	18,125,315	$	(2,685,723	)	$	15,439,592
Global Equities		2,214,393		(319,521	)		1,894,872
Growth		2,721,158		(97,714	)		2,623,444
Equity Index		3,682,162		(1,115,152	)		2,567,010
Bond Market		440,110		(117,985	)		322,125
Inflation-Linked Bond		717,654		(49	)		717,605
Social Choice		1,616,278		(259,578	)		1,356,700
Purchases and sales of securities (other than short-term money market instruments) for the Accounts for the period ended June 30, 2011 were as follows (amounts are in thousands):
	Stock Account		Global Equities Account			Growth Account
Purchases:
Non-Government	$	31,460,463	$	5,570,450		$	4,946,752
Government		—		—			—
Total Purchases	$	31,460,463	$	5,570,450		$	4,946,752
Sales:
Non-Government	$	33,641,860	$	5,666,743		$	4,983,058
Government		325		—			—
Total Sales	$	33,642,185	$	5,666,743		$	4,983,058

902011 Semiannual Report § College Retirement Equities Fund

concluded

	Equity Index Account		Bond Market Account		Inflation-Linked Bond Account		Social Choice Account
Purchases:
Non-Government	$	465,450	$	1,751,658	$	—	$	1,363,587
Government		—		14,358,973		744,176		4,955,873
Total Purchases	$	465,450	$	16,110,631	$	744,176	$	6,319,460
Sales:
Non-Government	$	376,767	$	1,219,423	$	—	$	1,183,030
Government		—		14,548,766		602,111		4,751,810
Total Sales	$	376,767	$	15,768,189	$	602,111	$	5,934,840

Note 7—line of credit

Each of the Accounts, except the Money Market Account, participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of participant withdrawals. Certain affiliated accounts and mutual funds, each of which is managed by TCIM, or an affiliate of TCIM, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts at a specified rate of interest. The Accounts are not liable for borrowings under the facility by other affiliated accounts or mutual funds. Prior to June 28, 2011, the unsecured revolving credit facility was $1.0 billion. For the period ended June 30, 2011, there were no borrowings under this credit facility by the Accounts.

Note 8—indemnification

In the normal course of business, each Account enters into contracts that contain a variety of representations and warranties and that provide general indemnities. An Account’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Account that have not yet occurred. Also, under the Accounts’ organizational documents, the trustees and officers of the Accounts are indemnified against certain liabilities that may arise out of their duties to the Accounts. However, based on experience, the Accounts expect the risk of loss due to these warranties and indemnities to be remote.

College Retirement Equities Fund § 2011 Semiannual Report91

BOARD RENEWAL OF THE INVESTMENT
MANAGEMENT AGREEMENT (UNAUDITED)

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

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

OVERVIEW OF THE RENEWAL PROCESS

The Board held a meeting on March 31, 2011, at which it considered the annual renewal of the Agreement with respect to each applicable Account using its previously-established process. As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee worked with management and legal counsel to the Trustees to develop guidelines and specific requests relating to the types of information to be provided to the Committee and to all Trustees in connection with the proposed contract renewal, and then helped evaluate the information provided in response to those guidelines. During a series of meetings held prior to the March 31, 2011 Board meeting, the Operations Committee reviewed such guidelines and requests in consultation with management representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to management and the Accounts, and then evaluated the information produced in accordance with those guidelines and requests.

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

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

92   2011 Semiannual Report § College Retirement Equities Fund

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

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

In advance of the Board meeting held on March 31, 2011, legal counsel for the Trustees requested on behalf of the Board, and TCIM provided, extensive information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Account. In addition to the data provided by Lipper as described above, this information included, but was not limited to, the following: (1) further information relating to each Account’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service, and a narrative analysis of the performance of each Account that had underperformed its Lipper peer group, together with an explanation of any events that had a material impact on performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Account’s fees under the Agreement as compared to any other comparable accounts managed by TCIM or its affiliates, if any; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to TCIM or its affiliates due to their relationship with the Accounts; (5) information regarding TCIM’s financial resources, senior professional personnel,

College Retirement Equities Fund § 2011 Semiannual Report   93

BOARD RENEWAL OF THE INVESTMENT
MANAGEMENT AGREEMENT (UNAUDITED)

overall staffing levels, portfolio manager compensation arrangements, business continuity plans, insurance coverage, compliance programs, any material pending litigation or compliance issues, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by TCIM in connection with rendering services to the Accounts; (6) a copy of the Agreement and certain related service agreements between CREF and affiliates of TCIM; (7) a copy of TCIM’s SEC Form ADV registration statement (which was presented only to legal counsel for the Trustees); and (8) proposed narrative explanations of reasons why the Board should renew the Agreement.

In considering whether to renew the Agreement with respect to each Account, the Board, with assistance from its Operations Committee, reviewed various factors with respect to the Account, including: (1) the nature, extent and quality of services provided or to be provided by TCIM to the Account; (2) the Account’s investment performance; (3) the costs of the services provided to the Account and CREF’s at-cost expense structure; (4) the extent to which economies of scale have been realized or are anticipated to be realized as the Account’s assets grow; (5) whether the at-cost expense structure reflects any such economies of scale for the benefit of Account investors; (6) comparisons of services and fees with contracts entered into by TCIM with other clients; and (7) any other benefits derived or anticipated to be derived by TCIM or its affiliates from their relationship with the Account. As a general matter, the Board viewed these factors in their totality, with no single factor being the principal factor in determining whether to renew the Agreement.

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

While the Board considered the Agreement with respect to all Accounts, the Board received and considered Account-specific information and made its renewal determinations on an Account-by-Account basis. In deciding whether to renew the Agreement for each Account, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Account. At its meeting on March 31, 2011, the Board voted unanimously to renew the Agreement for each Account. Set forth below are the general factors the Board considered for all of the Accounts, followed by a summary of certain specific factors the Board considered for each particular Account.

94   2011 Semiannual Report § College Retirement Equities Fund

continued

THE NATURE, EXTENT AND QUALITY OF SERVICES

The Board considered that TCIM is an experienced investment adviser and that TCIM or its affiliates had managed the Accounts since their operations commenced. Investment professionals at Teachers Advisors, Inc. (“TAI”), an affiliate of TCIM, also manage various accounts of the TIAA-CREF Funds, the TIAA-CREF Life Funds and the TIAA Separate Account VA-1. Under the Agreement, TCIM is responsible for, among other duties: managing the assets of the Accounts, including conducting research, recommending investments and placing orders to buy and sell securities for the Accounts’ investment portfolios; active daily monitoring of the investment portfolios by various personnel with specific responsibility for the particular types of investments in question; reporting on the investment performance of the Accounts to the Board on a regular basis; and providing custody and fund accounting services to the Accounts. The Board considered that TCIM has carried out these responsibilities in a competent and professional manner.

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

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

INVESTMENT PERFORMANCE

The Board considered the investment performance of each Account, as applicable, over one-, two-, three-, four-, five- and ten-year periods. The Board considered each Account’s performance as compared to its peer group, peer universe and benchmark index. The Board also reviewed the performance of the Equity Index Account before any reduction for expenses as compared to the Account’s benchmark index. In this regard, the Board considered that most financial markets had experienced nearly unprecedented volatility during recent years that had impacted the performance of many Accounts. Despite these circumstances, the performance of most Accounts generally compared favorably to their benchmarks (before expenses incurred to operate the Accounts) and, with some exceptions, the Accounts ranked in the top three performance quintiles versus their peer groups of

College Retirement Equities Fund § 2011 Semiannual Report   95

BOARD RENEWAL OF THE INVESTMENT
MANAGEMENT AGREEMENT (UNAUDITED)

mutual funds that underlie variable insurance products, for most time periods. (For additional details regarding each Account’s performance, see the Account-by-Account synopsis below.) The Board considered that, in those cases in which an Account had underperformed its benchmark or peer group of mutual funds for an extended period of time, TCIM had represented that it had taken or was planning to implement affirmative remedial actions that are reasonably designed to enhance the Account’s investment performance. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Account was within an acceptable range or that appropriate remedial actions had or were being implemented.

COST AND PROFITABILITY

The Board considered the amounts charged by TCIM to each Account during 2010, including investment advisory costs paid to TCIM, expressed in dollar terms and as a percentage of assets, as well as a reconciliation and analysis of those expenses. The Board considered that TCIM charges expenses “at cost” and these charges are adjusted at least quarterly to reflect the actual expenses incurred with respect to each Account during the most recent quarter. The Board considered the rationale for TCIM’s anticipated costs in providing services to CREF and considered whether these anticipated costs are reasonable in relation to the nature and quality of services provided by TCIM. In considering TCIM’s profitability, the Board noted that TCIM provides its services on an at cost basis under the arrangement outlined in the Agreement.

FEES CHARGED BY OTHER ADVISERS

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

96   2011 Semiannual Report § College Retirement Equities Fund

continued

ECONOMIES OF SCALE

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

FEE COMPARISON WITH OTHER TCIM CLIENTS

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

OTHER BENEFITS

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

College Retirement Equities Fund § 2011 Semiannual Report   97

BOARD RENEWAL OF THE INVESTMENT
MANAGEMENT AGREEMENT (UNAUDITED)

ACCOUNT-BY-ACCOUNT FACTORS

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Account. If an Account is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Lipper. All time periods referenced below end as of December 31, 2010. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest rating category.

CREF STOCK ACCOUNT

• The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.125% of average daily net assets for 2011.

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

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

• The Account received an Overall Morningstar Rating of 3 stars.

CREF GLOBAL EQUITIES ACCOUNT

• The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.140% of average daily net assets for 2011.

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

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

• The Account received an Overall Morningstar Rating of 3 stars.

CREF GROWTH ACCOUNT

• The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.105% of average daily net assets for 2011.

98   2011 Semiannual Report § College Retirement Equities Fund

continued

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

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

• The Account received an Overall Morningstar Rating of 3 stars.

CREF EQUITY INDEX ACCOUNT

• The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.070% of average daily net assets for 2011.

• The Account’s pro forma management costs (including investment management and administrative costs) are in the 2nd and 3rd quintiles, respectively, of its Expense Group and Expense Universe, and its total costs are in the 1st and 2nd quintiles, respectively, of its Expense Group and Expense Universe.

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

• For the one-, three- and five-year periods, the Account’s relative gross performance (meaning the Account’s performance without any reductions for fees or expenses) as compared to its benchmark, the Russell 3000^® Index, was 0, +12 and +8 basis points, respectively.

• The Account received an Overall Morningstar Rating of 3 stars.

CREF SOCIAL CHOICE ACCOUNT

• The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.085% of average daily net assets for 2011.

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

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

• The Account received an Overall Morningstar Rating of 4 stars.

CREF INFLATION-LINKED BOND ACCOUNT

• The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.090% of average daily net assets for 2011.

College Retirement Equities Fund § 2011 Semiannual Report   99

BOARD RENEWAL OF THE INVESTMENT
MANAGEMENT AGREEMENT (UNAUDITED) concluded

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

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

• The Account received an Overall Morningstar Rating of 3 stars.

CREF BOND MARKET ACCOUNT

• The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.090% of average daily net assets for 2011.

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

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

• The Account received an Overall Morningstar Rating of 3 stars.

CREF MONEY MARKET ACCOUNT

• The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.075% of average daily net assets for 2011.

• The Account’s pro forma management costs (including investment management and administrative costs) are in the 4th quintile of its Expense Group and Expense Universe. The Account’s total costs are in the 2nd and 3rd quintiles of its Expense Group and Expense Universe, respectively.

• For the one- and three-year periods, the Account was in the 3rd quintile of its Performance Universe. For the two-year period, the Account was in the 4th quintile of its Performance Universe. For the four-, five- and ten-year periods, the Account was in the 2nd quintile of its Performance Universe. These performance results reflect the voluntary waiver of certain expenses to keep the Account’s yield from being negative.

• Money market accounts are not rated by Morningstar.

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

100   2011 Semiannual Report § College Retirement Equities Fund

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HOW TO REACH US

TIAA-CREF WEBSITE

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

tiaa-cref.org

24 hours a day, 7 days a week

AUTOMATED TELEPHONE SERVICE

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

800 842-2252

24 hours a day, 7 days a week

TELEPHONE COUNSELING CENTER

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

800 842-2252

8 a.m. to 10 p.m. ET, Monday–Friday
9 a.m. to 6 p.m. ET, Saturday

PLANNING AND SERVICE CENTER

TIAA-CREF mutual funds

800 223-1200

8 a.m. to 10 p.m. ET, Monday–Friday

INSURANCE PLANNING CENTER

After-tax annuities and life insurance

For an existing policy or contract

800 223-1200

To apply for a new policy or contract

877 825-0411

8 a.m. to 6 p.m. ET, Monday–Friday

FOR THE HEARING- OR SPEECH-IMPAIRED

800 842-2755

8 a.m. to 10 p.m. ET, Monday–Friday
9 a.m. to 6 p.m. ET, Saturday

TIAA-CREF BROKERAGE SERVICES

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

800 927-3059

8 a.m. to 7 p.m. ET, Monday–Friday

TIAA-CREF TRUST COMPANY, FSB

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

888 842-9001

9 a.m. to 6 p.m. ET, Monday–Friday

ADVISOR SERVICES

888 842-0318

8 a.m. to 7:30 p.m. ET, Monday–Friday

You should carefully consider the investment objectives, risks, charges and expenses of any account before investing. For a prospectus that contains this and other important information, please visit tiaa-cref.org, or call 877 518-9161. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. TIAA-CREF Brokerage Services is a division of TIAA-CREF Individual & Institutional Services, LLC. TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Insurance and annuity products are issued by TIAA-CREF Life Insurance Company, New York, NY. TIAA-CREF Trust Company, FSB provides trust services.

©2011 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017-3206

730 Third Avenue
New York, NY 10017-3206

NCI-SFI-COC-163

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

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C113 A10939 (8/11)

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C113 A10939 (8/11)

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audited Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2011

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
CORPORATE BONDS - 0.0%
FOOD & STAPLES RETAILING - 0.0%
	$   8	i	Marfrig Alimentos S.A.	1.000	%	07/15/15	$	52
			TOTAL FOOD & STAPLES RETAILING					52
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	5,532,180		Dr Reddys Laboratories Ltd	9.250		03/24/14		6
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					6
REAL ESTATE - 0.0%
	22,759		Kiwi Income Property Trust	8.950		12/20/14		20
			TOTAL REAL ESTATE					20
			TOTAL CORPORATE BONDS					78
			(Cost $70)

SHARES			COMPANY
COMMON STOCKS - 99.7%
AUTOMOBILES & COMPONENTS - 2.0%
	63,000		Actron Technology Corp	266
	64,000		Aichi Machine Industry Co Ltd	262
	34,200		Aisan Industry Co Ltd	361
	494,031		Aisin Seiki Co Ltd	19,117
	171,100	e	Akebono Brake Industry Co Ltd	949
	3,008,964	*	American Axle & Manufacturing Holdings, Inc	34,242
	90,723	*,e	Amerigon, Inc (Class A)	1,577
	239,859		Amtek Auto Ltd	874
	140,889		Amtek India Ltd	269
	7,700		APM Automotive Holdings Bhd	12
	11,259	*	Asahi India Glass Ltd	20
	14,113		AtlasBX Co Ltd	413
	789,070		Autoliv, Inc	61,904
	51,400		Automatic Data Processing, Inc	501
	4,163	*	Autoneum Holding AG.	436
	2,656,000		AviChina Industry & Technology Co	1,590

1

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	145,355		Bajaj Holdings and Investment Ltd	$	4,586
	217,090		Bayerische Motoren Werke AG.		21,678
	397		Bayerische Motoren Werke AG. (Preference)		25
	39,905		Bharat Forge Ltd		275
	480,907	*	BorgWarner, Inc		38,852
	135,573		Brembo S.p.A.		1,933
	812,530	e	Bridgestone Corp		18,721
	8,672,000	*,e	Brilliance China Automotive Holdings Ltd		9,826
	814,200	e	Byd Co Ltd		2,646
	837,058	*,e	Calsonic Kansei Corp		5,045
	159,000	*	Changfeng Axle China Co		59
	1,229,000		Chaowei Power Holdings Ltd		411
	1,620,761		Cheng Shin Rubber Industry Co Ltd		4,666
	3,502,000		China Motor Corp		3,611
	36,981	e	Compagnie Plastic-Omnium S.A.		1,205
	59,644	*	Continental AG.		6,285
	264,978	e	Cooper Tire & Rubber Co		5,244
	51,000		Cub Elecparts, Inc		108
	68,730		Dae Won Kang Up Co Ltd		398
	36,000	*	Daido Metal Co Ltd		374
	566,334	*,e	Daihatsu Motor Co Ltd		9,638
	1,816,619		DaimlerChrysler AG. (EUR)		136,994
	1,133,591	*	Dana Holding Corp		20,745
	1,269,250		Denso Corp		47,208
	153,000		Depo Auto Parts Ind Co Ltd		384
	1,300		Dong Ah Tire & Rubber Co Ltd		12
	7,654,915	e	Dongfeng Motor Group Co Ltd		14,532
	15,790		Dongyang Mechatronics Corp		263
	48,503	*	Dorman Products, Inc		1,920
	308,900		Double Coin Holdings Ltd		202
	1,149,800		Drb-Hicom BHD		867
	94,468	e	Drew Industries, Inc		2,335
	31,000	*	Eagle Industry Co Ltd		389
	46,757		ElringKlinger AG.		1,659
	55,482		Exedy Corp		1,902
	86,590		Exide Industries Ltd		314
	376,735	*,e	Exide Technologies		2,878
	716,250	e	Faurecia		30,716
	53,400	e	FCC Co Ltd		1,281
	574,000		Federal Corp		377
	430,960	*	Federal Mogul Corp (Class A)		9,839
	456,678	e	Fiat S.p.A.		5,018
	76,149		Fleetwood Corp Ltd		927
	17,736,984	*	Ford Motor Co		244,593
	67,881	*,e	Fuel Systems Solutions, Inc		1,694
	1,740,123		Fuji Heavy Industries Ltd		13,523
	17,000		Furukawa Battery Co Ltd		122
	82,997	*,e	Futaba Industrial Co Ltd		607
	5,410,000	e	Geely Automobile Holdings Ltd		2,125
	85,268,000	*,e,m	General Motors Co		0	^
	26,439,191	*,m	General Motors Co		0	^
	4,230,271	*,e,m	General Motors Co		0	^

2

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	40,684,487	*,m	General Motors Co	$	0	^
	722,689	*,e	General Motors Co		0	^
	35,983,677	*,m	General Motors Co		0	^
	24,057,000	*,m	General Motors Co		0	^
	2,054,354	*,e	General Motors Co		62,370
	6,062,000	*,m	General Motors Co		0	^
	7,950,000	*,m	General Motors Co		0	^
	18,507,434	*,m	General Motors Co		0	^
	415,507	e	Gentex Corp		12,561
	8,433		Ghabbour Auto		43
	2,931,936		GKN plc		10,931
	21,170		Global & Yuasa Battery Co Ltd		950
	1,037		Goodyear Lastikleri Turk AS.		37
	1,114,192	*,e	Goodyear Tire & Rubber Co		18,685
	14,528	*	Grammer AG.		363
	1,861,000	e	Great Wall Motor Co Ltd		3,081
	7,744,716	e	Guangzhou Automobile Group Co Ltd		9,497
	55,224	*,m	Haldex AB		262
	81,780		Halla Climate Control Corp		1,977
	22,390		Hanil E-Wha Co Ltd		273
	97,390		Hankook Tire Co Ltd		4,167
	698,887		Harley-Davidson, Inc		28,633
	152,033		Hero Honda Motors Ltd		6,393
	28,200	*	HI-LEX CORP		507
	4,200	*,m	Hiroca Holdings Ltd		18
	2,930,746	e	Honda Motor Co Ltd		112,913
	69,000		Hu Lane Associate, Inc		171
	15,383		Hudaco Industries Ltd		186
	19,260		Hwa Shin Co Ltd		363
	116,123		Hyundai Mobis		43,692
	424,226		Hyundai Motor Co		94,574
	76,043		Hyundai Motor Co Ltd (2nd Preference)		5,880
	41,280		Hyundai Motor Co Ltd (Preference)		2,966
	15,700	*	Hyundai Wia Corp		2,390
	250,133		IMMSI S.p.A.		301
	1,202,727		Isuzu Motors Ltd		5,694
	534,200	*,m	Jinan Qingqi Motorcycle Co		198
	2,849,034	e	Johnson Controls, Inc		118,692
	113,400		Kanto Auto Works Ltd		1,039
	228,896	e	Kayaba Industry Co Ltd		1,736
	153,800	e	Keihin Corp		3,255
	588,000		Kenda Rubber Industrial Co Ltd		846
	868,337		Kia Motors Corp		59,071
	67,740	*	Koito Manufacturing Co Ltd		1,184
	44,510		Kolao Holdings Ltd		287
	577,351	*,e	Kongsberg Automotive ASA		466
	20,100	*	Kumho Tire Co, Inc		314
	62,290	e	Landi Renzo S.p.A.		194
	600	*,b,m	Lear Corp		0	^
	808,949		Lear Corp (New)		43,263
	62,795		Leoni AG.		3,729
	83,398		Linamar Corp		1,898

3

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	368,196	e	Magna International, Inc (Class A)	$	19,909
	458,443		Mahindra & Mahindra Ltd		7,217
	76,618	*	MAN SE		10,305
	11,432		Mando CORP		2,377
	104,582	*	Martinrea International, Inc		875
	101,409		Maruti Udyog Ltd		2,639
	1,888,606	e	Mazda Motor Corp		4,977
	270,458	e	Michelin (C.G.D.E.) (Class B)		26,489
	1,026,000	e	Minth Group Ltd		1,664
	47,000		Mitsuba Corp		436
	3,339,778	*,e	Mitsubishi Motors Corp		4,075
	216,890	*	Modine Manufacturing Co		3,334
	27,684		Motherson Sumi Systems Ltd		140
	47,540		Motonic Corp		412
	50,063	*	Motorcar Parts of America, Inc		751
	4,066		MRF Ltd		611
	37,400		Musashi Seimitsu Industry Co Ltd		986
	450,000	*	Nan Kang Rubber Tire Co Ltd		735
	32,260		Nexen Tire Corp		587
	379,733		NGK Spark Plug Co Ltd		5,247
	258,670		NHK Spring Co Ltd		2,645
	12,900	*	Nidec-Tosok Corp		151
	107,751		Nifco, Inc		2,851
	70,000		Nippon Seiki Co Ltd		926
	4,720,421		Nissan Motor Co Ltd		49,608
	94,941		Nissan Shatai Co Ltd		733
	58,200		Nissin Kogyo Co Ltd		1,052
	140,498	*	NOK Corp		2,408
	55,509		Nokian Renkaat Oyj		2,787
	848,000	*,m	Norstar Founders Group Ltd		1
	24,910		Otokar Otobus Karoseri Sanayi AS.		588
	2,486,174	e	Peugeot S.A.		111,533
	180,127	e	Piaggio & C S.p.A.		755
	128,718	e	Pirelli & C S.p.A.		1,392
	146,800	*	Plascar Participacoes Industriais S.A.		231
	29,840		Porsche AG.		2,367
	366,000	e	Press Kogyo Co Ltd		1,856
	244,200		Proton Holdings BHD		268
	3,309,931		PT Astra International Tbk		24,604
	2,561,500		PT Gajah Tunggal Tbk		936
	6,963		Pyeong Hwa Automotive Co Ltd		141
	1,416,000		Qingling Motors Co Ltd		438
	472,126		Renault S.A.		28,011
	168,000		Riken Corp		722
	15,340		S&T Daewoo Co Ltd		480
	23,280		S&T Dynamics Co Ltd		351
	52,563	*	SAF-Holland S.A.		655
	220,000	e	Sanden Corp		1,140
	77,600		Sanoh Industrial Co Ltd		663
	632,000	*	Sanyang Industry Co Ltd		385
	6,010		Sejong Industrial Co Ltd		116
	20,471	e	Shiloh Industries, Inc		221

4

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	66,500	*	Showa Corp	$	478
	9,360		SL Corp		264
	8,701	e	Societe Fonciere Financiere et de Participations FFP		694
	59,256		Sogefi S.p.A.		222
	382,700		Somboon Advance Technology PCL		287
	235,067	e	Spartan Motors, Inc		1,269
	456,400		Sri Trang Agro-Industry PCL		392
	37,510	*	Ssangyong Motor Co		297
	162,593	e	Standard Motor Products, Inc		2,476
	239,105		Stanley Electric Co Ltd		4,197
	110,730	*	Stoneridge, Inc		1,632
	353,811	e	Sumitomo Rubber Industries, Inc		4,282
	24,351		Sungwoo Hitech Co Ltd		579
	120,544	e	Superior Industries International, Inc		2,665
	393,483		Suzuki Motor Corp		8,870
	2,362,653	e	T RAD Co Ltd		11,417
	43,000		Ta Yih Industrial Co Ltd		110
	33,900		Tachi-S Co Ltd		629
	63,000	*	Takata Corp		1,932
	151,100		TAN Chong Motor Holdings BHD		238
	26,700	e	Teikoku Piston Ring Co Ltd		322
	269,343	*,e	Tenneco, Inc		11,870
	113,276	*,e	Tesla Motors, Inc		3,300
	120,154	e	Thor Industries, Inc		3,465
	1,134,000		Tianneng Power International Ltd		508
	14,071		Tofas Turk Otomobil Fabrik		64
	71,063		Tokai Rika Co Ltd		1,374
	77,800		Tokai Rubber Industries, Inc		1,040
	568,000		Tong Yang Industry Co Ltd		706
	49,800		Topre Corp		530
	29,410	*,e	Tower International, Inc		520
	246,000		Toyo Tire & Rubber Co Ltd		623
	158,300		Toyoda Gosei Co Ltd		3,595
	70,600	*	Toyota Auto Body Co Ltd		1,160
	66,531	e	Toyota Boshoku Corp		1,105
	347,028		Toyota Industries Corp		11,457
	4,037,755	*	Toyota Motor Corp		166,271
	671,178	*	TRW Automotive Holdings Corp		39,620
	60,600		TS Tech Co Ltd		1,152
	96,096		Tung Thih Electronic Co Ltd		300
	317,394		TVS Motor Co Ltd		383
	272,000		TYC Brother Industrial Co Ltd		137
	1,348,141		UMW Holdings BHD		3,227
	46,100	e	Unipres Corp		1,196
	370,269	e	Valeo S.A.		25,329
	954,251	*	Visteon Corp		65,281
	169,545		Volkswagen AG.		31,188
	151,061		Volkswagen AG. (Preference)		31,239
	120,702	*,e	Winnebago Industries, Inc		1,166
	2,720,000	e	Xinyi Glass Holdings Co Ltd		2,708
	221,851	*,e	Yamaha Motor Co Ltd		4,075
	438,000		Yokohama Rubber Co Ltd		2,527

5

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	167,100	e	Yorozu Corp	$	3,684
	1,094,258		Yulon Motor Co Ltd		2,695
			TOTAL AUTOMOBILES & COMPONENTS		2,269,383
BANKS - 5.9%
	91,013	e	1st Source Corp		1,888
	96,952	*,e	1st United Bancorp, Inc		603
	908,030		77 Bank Ltd		3,962
	119,137	*	Aareal Bank AG.		4,077
	96,421	e	Abington Bancorp, Inc		1,006
	475,821		ABSA Group Ltd		9,491
	361,600		Affin Holdings BHD		399
	37,877,000	e	Agricultural Bank of China		20,000
	235,692	*	Agricultural Bank of Greece		467
	10,600		Aichi Bank Ltd		585
	1,650,049		Akbank TAS		7,633
	255,000		Akita Bank Ltd		741
	411,283		Albaraka Turk Katilim Bankasi AS		555
	22,941		Alliance Financial Corp		700
	1,099,800		Alliance Financial Group BHD		1,160
	1,252,927	*	Allied Irish Banks plc		258
	382,934	*	Alpha Bank S.A.		1,928
	315,270	*,m	Amagerbanken AS		0	^
	107,613	*,e	Ameris Bancorp		955
	39,952		Ames National Corp		726
	100,647		Andhra Bank		302
	541,290	*,m	Anglo Irish Bank Corp plc		0	^
	263,000		Aomori Bank Ltd		852
	6,712,484	e	Aozora Bank Ltd		15,560
	50,093		Arrow Financial Corp		1,226
	330,102		Associated Banc-Corp		4,588
	449,429		Astoria Financial Corp		5,748
	622,391		Asya Katilim Bankasi AS		971
	77,223		Attijariwafa Bank		3,533
	3,665,385	*	Australia & New Zealand Banking Group Ltd		86,887
	276,721	e	Awa Bank Ltd		1,723
	449,880	e	Banca Carige S.p.A.		1,019
	22,385,500		Banca Intesa S.p.A.		59,608
	3,959,325		Banca Intesa S.p.A. RSP		8,535
	6,784,670	e	Banca Monte dei Paschi di Siena S.p.A.		5,136
	364,410	e	Banca Popolare dell’Emilia Romagna Scrl		4,083
	104,164	*	Banca Popolare dell’Etruria e del Lazio		302
	574,539	e	Banca Popolare di Milano		1,356
	45,519	e	Bancfirst Corp		1,757
	480,326	e	Banche Popolari Unite Scpa		2,704
	86,300		Banco ABC Brasil S.A.		648
	5,161,446	e	Banco Bilbao Vizcaya Argentaria S.A.		60,589
	421,541	e	Banco BPI S.A.		620
	31,100		Banco Bradesco S.A. (ADR)		637
	3,191,046		Banco Bradesco S.A.(Pref)		64,817
	2,316,022	e	Banco Comercial Portugues S.A.		1,378
	50,500		Banco Daycoval S.A.		317

6

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	59,367		Banco de Credito e Inversiones	$	3,951
	2,253,880		Banco de Oro Universal Bank		2,849
	973,015	e	Banco de Sabadell S.A.		4,014
	264,341	e	Banco de Valencia S.A.		652
	85,956		Banco di Desio e della Brianza S.p.A.		444
	9,367		Banco di Sardegna S.p.A		117
	1,399,276		Banco do Brasil S.A.		25,105
	569,081		Banco do Estado do Rio Grande do Sul		6,527
	534,412	e	Banco Espirito Santo S.A.		1,992
	182,800		Banco Industrial e Comercial S.A.		1,160
	3,731,981		Banco Itau Holding Financeira S.A.		87,163
	125,131		Banco Latinoamericano de Exportaciones S.A. (Class E)		2,167
	21,817	e	Banco Macro S.A. (ADR) (Class B)		823
	53,700		Banco Panamericano S.A.		207
	170,886	e	Banco Pastor S.A.		743
	18,600		Banco Pine S.A.		143
	1,265,319		Banco Popolare Scarl		2,914
	766,751	e	Banco Popular Espanol S.A.		4,314
	1,343,539		Banco Santander Brasil S.A.		15,754
	293,893	e	Banco Santander Brasil S.A. (ADR)		3,441
	10,448,022		Banco Santander Central Hispano S.A.		120,362
	61,164,462		Banco Santander Chile S.A.		5,529
	280,164		BanColombia S.A.		4,625
	56,000	e	BanColombia S.A. (ADR)		3,737
	138,783		BanColombia S.A. (Preference)		2,314
	14,057		Bancorp Rhode Island, Inc		637
	370,532		Bancorpsouth, Inc		4,598
	108,500		Bangkok Bank PCL		560
	1,787,300		Bangkok Bank PCL (Foreign Reg)		9,249
	204,073		Banif SGPS S.A.		184
	72,845		Bank Handlowy w Warszawie S.A.		2,310
	821,068	*	Bank Hapoalim Ltd		4,104
	1,312,191		Bank Leumi Le-Israel		6,205
	929,172		Bank Millennium S.A.		1,829
	223,043		Bank Mutual Corp		819
	103,506	*	Bank of Attica		117
	2,154,900		Bank of Ayudhya PCL		2,007
	225,800		Bank of Ayudhya PCL (ADR)		203
	121,695,000		Bank of China Ltd		59,565
	14,367,575	e	Bank of Communications Co Ltd		13,804
	641,897		Bank of Cyprus Public Co Ltd		1,893
	969,586	e	Bank of East Asia Ltd		3,992
	90,581		Bank of Hawaii Corp		4,214
	133,970		Bank of India		1,243
	4,621,778	*	Bank of Ireland		771
	19,600		Bank of Iwate Ltd		754
	543,000	*	Bank of Kaohsiung		250
	24,138		Bank of Kentucky Financial Corp		538
	515,624	e	Bank of Kyoto Ltd		4,748
	26,368		Bank of Marin Bancorp		933
	892,131	e	Bank of Montreal		56,750
	306,000		Bank of Nagoya Ltd		935

7

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,921,508	e	Bank of Nova Scotia	$	115,755
	41,800	e	Bank of Okinawa Ltd		1,796
	769,071	e	Bank of Queensland Ltd		6,762
	184,541		Bank of Saga Ltd		462
	61,285		Bank of the Ozarks, Inc		3,190
	2,989,961		Bank of the Philippine Islands		4,047
	74,000		Bank of the Ryukyus Ltd		939
	1,428,090	e	Bank of Yokohama Ltd		7,139
	162,458		Bank Pekao S.A.		9,613
	19,896,500		Bank Rakyat Indonesia		15,134
	107,079	e	BankFinancial Corp		907
	155,382	e	Bankinter S.A.		1,054
	31,444	e	BankUnited		835
	103,051		Banner Corp		1,803
	6,133		Banque Cantonale Vaudoise		3,681
	24,485,481		Barclays plc		100,448
	7,675		Basler Kantonalbank		1,312
	1,430,919		BB&T Corp		38,406
	728,065	e	Bendigo Bank Ltd		6,943
	184,940	*,e	Beneficial Mutual Bancorp, Inc		1,519
	71,362		Berkshire Hills Bancorp, Inc		1,598
	1,950,348		BNP Paribas		150,388
	5,216,740		BOC Hong Kong Holdings Ltd		15,196
	27,873	*,e	BofI Holding, Inc		402
	46,962	e	BOK Financial Corp		2,572
	359,869	e	Boston Private Financial Holdings, Inc		2,368
	17,323	*	BRE Bank S.A.		2,055
	30,203	e	Bridge Bancorp, Inc		643
	38,897	*,e	Bridge Capital Holdings		431
	271,413	e	Brookline Bancorp, Inc		2,516
	46,667	e	Bryn Mawr Bank Corp		945
	258,087	*	BS Financial Group		3,650
	7,602,396		Bumiputra-Commerce Holdings BHD		22,517
	157,840	e	Caja de Ahorros del Mediterraneo		1,064
	43,654	e	Camden National Corp		1,432
	718,585	e	Canadian Imperial Bank of Commerce/Canada		56,737
	143,276	e	Canadian Western Bank		4,576
	158,565		Canara Bank		1,867
	48,273	*,e	Cape Bancorp, Inc		483
	30,431	*,e	Capital Bank Corp		106
	75,379	e	Capital City Bank Group, Inc		773
	977,462	e	CapitalSource, Inc		6,305
	26,191		Capitec Bank Holdings Ltd		701
	715,482		Capitol Federal Financial		8,414
	131,380	e	Cardinal Financial Corp		1,439
	14,093	*,e	Cascade Bancorp		142
	366,772	e	Cathay General Bancorp		6,011
	52,069	*,e	Center Bancorp, Inc		544
	152,858	*	Center Financial		971
	109,957	e	Centerstate Banks of Florida, Inc		761
	78,056	*,e	Central Pacific Financial Corp		1,093
	17,968	e	Century Bancorp, Inc		475

8

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,662,000		Chang Hwa Commercial Bank	$	4,667
	14,782	e	Charter Financial Corp		146
	130,936	e	Chemical Financial Corp		2,456
	903,579		Chiba Bank Ltd		5,655
	48,800	*	Chiba Kogyo Bank Ltd		271
	11,901,855	e	China Citic Bank		7,451
	86,527,631	e	China Construction Bank		72,033
	12,978,777		China Development Financial Holding Corp		5,280
	5,610,622	e	China Merchants Bank Co Ltd		13,620
	9,829,300	e	China Minsheng Banking Corp Ltd		9,090
	14,407,176		Chinatrust Financial Holding Co		12,581
	159,000		Chong Hing Bank Ltd		360
	720,000	*,e	Chongqing Rural Commercial Bank		426
	101,734	e	Chugoku Bank Ltd		1,259
	754,776	*,e	CIT Group, Inc		33,406
	66,567		Citizens & Northern Corp		1,003
	77,503		City Holding Co		2,560
	85,811		City National Corp		4,655
	110,038		City Union Bank Ltd		110
	44,490	e	Clifton Savings Bancorp, Inc		491
	49,272	e	CNB Financial Corp		684
	133,385	e	CoBiz, Inc		872
	191,522	e	Columbia Banking System, Inc		3,298
	51,463		Comdirect Bank AG.		569
	356,119		Comerica, Inc		12,311
	272,764		Commerce Bancshares, Inc		11,729
	932,406		Commercial International Bank		4,649
	3,784,693	*	Commerzbank AG.		16,301
	1,599,692	e	Commonwealth Bank of Australia		90,095
	189,568	e	Community Bank System, Inc		4,699
	81,504	e	Community Trust Bancorp, Inc		2,259
	77,618,393		CorpBanca S.A.		1,221
	542,000	*	Cosmos Bank Taiwan		139
	106,449		Credicorp Ltd (NY)		9,165
	1,239,239	e	Credit Agricole S.A.		18,618
	115,512	e	Credito Emiliano S.p.A.		731
	3,875,195	e	Criteria Caixacorp S.A.		26,984
	98,323	e	Cullen/Frost Bankers, Inc		5,590
	425,154	e	CVB Financial Corp		3,933
	534,600	e	Dah Sing Banking Group Ltd		750
	183,600		Dah Sing Financial Holdings Ltd		938
	639,000		Daishi Bank Ltd		1,927
	669,044	*	Danske Bank AS		12,383
	98,584	e,m	Danvers Bancorp, Inc		2,146
	2,321,693		DBS Group Holdings Ltd		27,773
	27,111	*	Dena Bank		55
	538,633	*	Development Credit Bank Ltd		723
	2,118		Dewan Housing Finance Corp Ltd		11
	587,712	*,e	Dexia		1,830
	198,890	*	DGB Financial Group Co Ltd		3,018
	2,209,771		Dhanalakshmi Bank Ltd		5,808
	152,435	e	Dime Community Bancshares		2,216

9

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,875,226		DNB NOR Holding ASA	$	26,125
	548,926	*,e	Doral Financial Corp		1,076
	5,314,140		E.Sun Financial Holding Co Ltd		3,784
	61,482	*,e	Eagle Bancorp, Inc		818
	1,392,528		East West Bancorp, Inc		28,143
	233,020	*	EFG Eurobank Ergasias S.A.		1,093
	201,904		Ehime Bank Ltd		599
	213,000		Eighteenth Bank Ltd		585
	27,659	*,e	Encore Bancshares, Inc		332
	24,674	e	Enterprise Bancorp, Inc		372
	81,920	e	Enterprise Financial Services Corp		1,108
	150,841	e	Erste Bank der Oesterreichischen Sparkassen AG.		7,900
	56,488	e	ESB Financial Corp		730
	65,655	e	ESSA Bancorp, Inc		815
	1,773,000		Far Eastern International Bank		885
	37,177	e	Federal Agricultural Mortgage Corp (Class C)		822
	64,051		Federal Bank Ltd		650
	19,980	*	FHB Mortgage Bank plc		101
	9,316	*	FIBI Holdings Ltd		186
	288,400		FIDEA Holdings Co Ltd		718
	6,028,206	e	Fifth Third Bancorp		76,860
	66,602	e	Financial Institutions, Inc		1,094
	4,960	*,e,m	Fionia Bank AS		0	^
	96,731	e	First Bancorp (NC)		991
	2,309	*,e	First Bancorp (Puerto Rico)		10
	40,135	e	First Bancorp, Inc		596
	462,371	e	First Busey Corp		2,446
	9,782		First Citizens Bancshares, Inc (Class A)		1,831
	527,915	e	First Commonwealth Financial Corp		3,030
	65,731	e	First Community Bancshares, Inc		920
	46,169	*	First Defiance Financial Corp		678
	316,281		First Financial Bancorp		5,279
	132,074	e	First Financial Bankshares, Inc		4,550
	58,428	e	First Financial Corp		1,913
	7,462,131		First Financial Holding Co Ltd		6,188
	109,242	e	First Financial Holdings, Inc		980
	639,538	e	First Horizon National Corp		6,101
	45,348		First International Bank Of Israel Ltd		672
	82,730	e	First Interstate Bancsystem, Inc		1,219
	150,509	e	First Merchants Corp		1,346
	344,717	e	First Midwest Bancorp, Inc		4,237
	624,752		First Niagara Financial Group, Inc		8,247
	31,380	e	First of Long Island Corp		875
	35,028	e	First Pactrust Bancorp, Inc		521
	460,513	*,e	First Republic Bank		14,865
	526,538	e	FirstMerit Corp		8,693
	635,916	*,e	Flagstar Bancorp, Inc		757
	176,226		Flushing Financial Corp		2,291
	643,032	e	FNB Corp		6,655
	60,902	e	Fox Chase Bancorp, Inc		825
	56,889	*	Franklin Financial Corp		686
	303,000		Fukui Bank Ltd		879

10

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	615,124		Fukuoka Financial Group, Inc	$	2,571
	378,798		Fulton Financial Corp		4,057
	186,493	*	Geniki Bank		303
	56,240		Genworth MI Canada, Inc		1,481
	66,619	e	German American Bancorp, Inc		1,105
	382,602	*	Getin Holding S.A.		1,782
	365,546	e	Glacier Bancorp, Inc		4,928
	67,129	e	Great Southern Bancorp, Inc		1,272
	218,206	*	Greek Postal Savings Bank		903
	2,953	*	Gruh Finance Ltd		29
	2,762,089	e	Grupo Financiero Banorte S.A. de C.V.		12,574
	1,410,366		Grupo Financiero Inbursa S.A.		7,217
	1,152,203		Gunma Bank Ltd		6,090
	890,641	e	Hachijuni Bank Ltd		5,004
	42,733	*,e	Hampton Roads Bankshares, Inc		423
	335,320		Hana Financial Group, Inc		11,766
	351,749	e	Hancock Holding Co		10,897
	1,103,820	e	Hang Seng Bank Ltd		17,657
	859,640	*,e	Hanmi Financial Corp		920
	458,645		HDFC Bank Ltd		25,906
	75,065	e	Heartland Financial USA, Inc		1,092
	85,773	*,e	Heritage Commerce Corp		438
	85,517	e	Heritage Financial Corp		1,106
	188,000		Higashi-Nippon Bank Ltd		382
	443,331		Higo Bank Ltd		2,570
	69,493		Hiroshima Bank Ltd		303
	384,000		Hokkoku Bank Ltd		1,349
	450,000		Hokuetsu Bank Ltd		931
	169,793		Hokuhoku Financial Group, Inc		336
	100,708		Home Bancshares, Inc		2,381
	44,169		Home Capital Group, Inc		2,370
	79,949	e	Home Federal Bancorp, Inc		879
	901,500		Hong Leong Bank BHD		3,998
	234,512		Hong Leong Credit BHD		1,025
	1,785,729		Housing Development Finance Corp		28,308
	29,703,550		HSBC Holdings plc		294,502
	5,487,412		Hua Nan Financial Holdings Co Ltd		4,274
	1,211,466		Hudson City Bancorp, Inc		9,922
	50,944	e	Hudson Valley Holding Corp		984
	10,871,234		Huntington Bancshares, Inc		71,315
	487,692		Hyakugo Bank Ltd		1,976
	322,000		Hyakujushi Bank Ltd		1,152
	139,726	e	IBERIABANK Corp		8,054
	1,219,969		ICICI Bank Ltd		29,986
	104,184		Independent Bank Corp		2,735
	435,994		IndusInd Bank Ltd		2,663
	126,377,000		Industrial & Commercial Bank of China		96,394
	249,040		Industrial Bank Of Korea		4,367
	912,845		ING Vysya Bank Ltd		7,012
	300,720		International Bancshares Corp		5,031
	3,185,382		Investimentos Itau S.A. - PR		24,472
	28,559	*	Investimentos Itau S.A. (ADR)		220

11

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	192,644	*	Investors Bancorp, Inc	$	2,736
	563,873	*	Israel Discount Bank Ltd		1,112
	32,400	e	Itau Unibanco Banco Multiplo S.A. (ADR)		763
	33,236		Iyo Bank Ltd		306
	5,252		Jammu & Kashmir Bank Ltd		99
	70,270		Jeonbuk Bank		416
	932,124		Joyo Bank Ltd		3,916
	530,555		Juroku Bank Ltd		1,654
	89,794	*	Jyske Bank		3,548
	204,000		Kagoshima Bank Ltd		1,330
	346,535		Kansai Urban Banking Corp		609
	128,800	*,e	Kanto Tsukuba Bank Ltd		399
	147,217		Karnataka Bank Ltd		432
	2,925	*	Karur Vusya Bank Ltd		27
	1,170		Karur Vysya Bank Ltd		11
	1,012,500		Kasikornbank PCL		4,070
	47,200		Kasikornbank PCL - NVDR		190
	2,009,200		Kasikornbank PCL (Foreign)		8,208
	841,027		KB Financial Group, Inc		39,981
	418,611	e	KBC Groep NV		16,426
	77,567	e	Kearny Financial Corp		707
	956,000		Keiyo Bank Ltd		4,811
	3,316,404	e	Keycorp		27,626
	371,700		Kiatnakin Bank PCL		400
	1,218,000	*	King’s Town Bank		819
	1,455,000		Kiyo Holdings, Inc		1,976
	41,523		Komercni Banka AS		10,118
	1,076,040		Korea Exchange Bank		9,710
	3,657,000		Krung Thai Bank PCL		2,247
	101,287	e	Lakeland Bancorp, Inc		1,011
	90,334	e	Lakeland Financial Corp		2,011
	5,687		Lakshmi Vilas Bank Ltd		15
	38,952	e	Laurentian Bank of Canada		1,800
	558,913		LIC Housing Finance Ltd		3,049
	16,878	e	Liechtenstein Landesbank		1,514
	45,290,584	*	Lloyds TSB Group plc		35,591
	236,086	e	M&T Bank Corp		20,764
	138,211	e	MainSource Financial Group, Inc		1,147
	6,596,050		Malayan Banking BHD		19,556
	1,313,800		Malaysia Building Society		602
	1,605,496		Marfin Popular Bank Public Co Ltd		1,443
	1,033,033	e	Marshall & Ilsley Corp		8,233
	254,211		MB Financial, Inc		4,891
	17,493,360		Mega Financial Holding Co Ltd		15,325
	27,716	e	Merchants Bancshares, Inc		678
	51,021	*,e	Meridian Interstate Bancorp, Inc		698
	1,863,621		Metropolitan Bank & Trust		3,015
	1,047,200	*,e	MGIC Investment Corp		6,231
	28,069	e	Midsouth Bancorp, Inc		383
	165,000		Mie Bank Ltd		401
	462,000		Minato Bank Ltd		805
	26,538,825	e	Mitsubishi UFJ Financial Group, Inc		129,332

12

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,117,091		Mitsui Trust Holdings, Inc	$	17,811
	348,000		Miyazaki Bank Ltd		798
	338,956		Mizrahi Tefahot Bank Ltd		3,607
	23,699,981		Mizuho Financial Group, Inc		38,954
	99,577		Mizuho Trust & Banking Co Ltd		88
	90,568		Musashino Bank Ltd		3,078
	311,928	e	Nanto Bank Ltd		1,587
	167,940	*,e	Nara Bancorp, Inc		1,365
	3,569,651		National Australia Bank Ltd		98,692
	273,969	e	National Bank of Canada		22,220
	1,032,123	*	National Bank of Greece S.A.		7,422
	39,689	e	National Bankshares, Inc		994
	605,309	e	National Penn Bancshares, Inc		4,800
	97,911		National Societe Generale Bank SAE		591
	3,204,584	e	Natixis		16,079
	175,814	e	NBT Bancorp, Inc		3,891
	255,737		Nedbank Group Ltd		5,540
	825,431	e	New York Community Bancorp, Inc		12,372
	968,185		Nishi-Nippon City Bank Ltd		2,860
	50,126	*,f	NOMOS-BANK (GDR) (purchased 04/19/11, cost $866)		895
	3,710,046		Nordea Bank AB		39,846
	78,925	e	Northfield Bancorp, Inc		1,110
	521,649	e	Northwest Bancshares, Inc		6,562
	68,377	e	OceanFirst Financial Corp		885
	348,844	*	Ocwen Financial Corp		4,451
	731,000		Ogaki Kyoritsu Bank Ltd		2,260
	214,000		Oita Bank Ltd		638
	446,419	e	Old National Bancorp		4,821
	43,241	*,e	OmniAmerican Bancorp, Inc		647
	183,104	e	Oriental Financial Group, Inc		2,360
	250,201	e	Oritani Financial Corp		3,200
	33,779	e	Orrstown Financial Services, Inc		889
	382,326	e	OTP Bank Rt		12,441
	52		Otzar Hityashvuth Hayehudim		123
	1,499,523		Oversea-Chinese Banking Corp		11,454
	39,083	*,e	Pacific Capital Bancorp		1,242
	72,030	e	Pacific Continental Corp		659
	165,335		PacWest Bancorp		3,401
	709,060		Paragon Group of Cos plc		2,254
	2,700		Parana Banco S.A.		22
	64,515	e	Park National Corp		4,249
	169,308	*,e	Park Sterling Bank		840
	18,426	e	Penns Woods Bancorp, Inc		633
	72,612	*,e	Pennsylvania Commerce Bancorp, Inc		829
	66,056	e	Peoples Bancorp, Inc		744
	784,862		People’s United Financial, Inc		10,548
	341,060	*	Philippine National Bank		458
	463,772	e	Piccolo Credito Valtellinese Scarl		1,893
	159,464	*,e	Pinnacle Financial Partners, Inc		2,481
	2,343,153	*	Piraeus Bank S.A.		3,641
	672,491	*,e	PMI Group, Inc		720

13

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,441,674		PNC Financial Services Group, Inc	$	205,157
	1,921,511	*	Popular, Inc		5,303
	892,905		Powszechna Kasa Oszczednosci Bank Polski S.A.		13,665
	278,131	e	PrivateBancorp, Inc		3,838
	224,958	e	Prosperity Bancshares, Inc		9,858
	297,915	e	Provident Financial Services, Inc		4,266
	186,242		Provident New York Bancorp		1,557
	5,928,500		PT Bank Bukopin Tbk		478
	17,767,000		PT Bank Central Asia Tbk		15,889
	3,778,093		PT Bank Danamon Indonesia Tbk		2,651
	8,588,500		PT Bank Jabar Banten Tbk		1,195
	17,183,882		PT Bank Mandiri Persero Tbk		14,474
	12,602,323		PT Bank Negara Indonesia		5,714
	6,767,000		PT Bank Tabungan Negara Tbk		1,337
	78,946		Public Bank BHD		348
	1,856,411		Public Bank BHD (Foreign)		8,158
	18,510		Punjab & Sind Bank		42
	546,233	e	Radian Group, Inc		2,311
	84,888	e	Raiffeisen International Bank Holding AG.		4,373
	4,784,608	e	Regions Financial Corp		29,665
	147,980		Renasant Corp		2,144
	71,618	e	Republic Bancorp, Inc (Class A)		1,425
	1,907,764		Resona Holdings, Inc		8,976
	746,200		RHB Capital BHD		2,266
	270,500		Rizal Commercial Banking Corp		165
	130,996		Rockville Financial, Inc		1,297
	40,384	e	Roma Financial Corp		424
	5,200	*,m	Roskilde Bank		0	^
	135,601	e	Royal Bank of Canada		7,733
	1,928,990	e	Royal Bank of Canada (Toronto)		110,265
	16,051,992	*	Royal Bank of Scotland Group plc		9,929
	126,785	e	S&T Bancorp, Inc		2,357
	57,037	e	S.Y. Bancorp, Inc		1,326
	105,248	e	Sandy Spring Bancorp, Inc		1,893
	212,000		San-In Godo Bank Ltd		1,521
	886,900		Sapporo Hokuyo Holdings, Inc		3,718
	22,206	*	Sberbank of Russian Federation (ADR)		321
	3,587,027	*	Sberbank Sponsored ADR		51,729
	80,544	e	SCBT Financial Corp		2,310
	393,916	*,e	Seacoast Banking Corp of Florida		591
	270,330		Security Bank Corp		625
	616,063		Sekerbank TAS		426
	1,298,800	e	Senshu Ikeda Holdings, Inc		1,894
	839		Seven Bank Ltd		1,677
	312,000	e	Shiga Bank Ltd		1,776
	242,000		Shikoku Bank Ltd		770
	18,500		Shimizu Bank Ltd		659
	843,670		Shinhan Financial Group Co Ltd		40,344
	469,823		Shinsei Bank Ltd		470
	837,819	e	Shizuoka Bank Ltd		7,704
	2,029,500		Siam Commercial Bank PCL		7,360

14

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	63,071	e	Sierra Bancorp	$	714
	178,152	*,e	Signature Bank		10,190
	92,431	e	Simmons First National Corp (Class A)		2,372
	7,870,947		SinoPac Financial Holdings Co Ltd		3,406
	1,997,794		Skandinaviska Enskilda Banken AB (Class A)		16,335
	841,826		Societe Generale		49,858
	647,626		South Indian Bank Ltd		349
	103,797	e	Southside Bancshares, Inc		2,060
	117,571	*,e	Southwest Bancorp, Inc		1,151
	180,480		Sparebanken Midt-Norge		1,636
	3,441		St Galler Kantonalbank		1,892
	1,802,618		Standard Bank Group Ltd		26,658
	2,242,044		Standard Chartered plc		58,893
	15,624	e	Standard Chartered plc (Hong Kong)		406
	82,356	e	State Bancorp, Inc		1,099
	119,900	*	State Bank & Trust Co		1,963
	10,927		State Bank of Bikaner & Jaip		123
	45,474		State Bank of India Ltd		2,452
	35,182	e,f	State Bank of India Ltd (GDR) (purchased 06/05/09, cost $3,758)		3,874
	2,543		State Bank of Travancore		40
	109,514	e	StellarOne Corp		1,326
	127,799		Sterling Bancorp		1,213
	463,631	e	Sterling Bancshares, Inc		3,783
	134,443	*,e	Sterling Financial Corp		2,160
	42,380	e	Suffolk Bancorp		592
	2,465,989		Sumitomo Mitsui Financial Group, Inc		76,038
	260,105	*	Sun Bancorp, Inc		949
	2,637,697	e	SunTrust Banks, Inc		68,053
	523,678		Suruga Bank Ltd		4,566
	653,483	e	Susquehanna Bancshares, Inc		5,228
	194,793	*,e	SVB Financial Group		11,631
	690,430		Svenska Handelsbanken (A Shares)		21,288
	841,666		Swedbank AB (A Shares)		14,153
	105,485		Sydbank AS		2,356
	123,636		Syndicate Bank		326
	2,282,270	e	Synovus Financial Corp		4,747
	2,118,800	*	Ta Chong Bank Co Ltd		832
	1,807,090	*	Taichung Commercial Bank		716
	6,700,747	*	Taishin Financial Holdings Co Ltd		3,992
	3,933,568	*	Taiwan Business Bank		1,505
	4,917,115		Taiwan Cooperative Bank		4,004
	55,855	*,e	Taylor Capital Group, Inc		456
	407,294	e	TCF Financial Corp		5,621
	68,866		Territorial Bancorp, Inc		1,427
	158,977	*,e	Texas Capital Bancshares, Inc		4,106
	143,454	e	TFS Financial Corp		1,389
	118,568	*,e	The Bancorp, Inc		1,239
	598,900		Tisco Bank PCL		734
	169,000		Tochigi Bank Ltd		646
	440,000		Toho Bank Ltd		976
	41,500	*	Tokyo Tomin Bank Ltd		518

15

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	293,700		Tomony Holdings, Inc	$	1,128
	51,901	e	Tompkins Trustco, Inc		2,037
	1,382,714	e	Toronto-Dominion Bank		117,246
	309,000		Towa Bank Ltd		373
	58,909	e	Tower Bancorp, Inc		1,614
	100,350	e	TowneBank		1,343
	72,683	e	Trico Bancshares		1,061
	401,021	e	Trustco Bank Corp NY		1,965
	323,129	e	Trustmark Corp		7,564
	4,179,995		Turkiye Garanti Bankasi AS		18,968
	573,137		Turkiye Halk Bankasi AS		4,299
	3,123,448		Turkiye Is Bankasi (Series C)		9,587
	710,214		Turkiye Sinai Kalkinma Bankasi AS.		1,136
	1,139,053		Turkiye Vakiflar Bankasi Tao		2,575
	277,584		UCO Bank		596
	161,275	e	UMB Financial Corp		6,754
	548,566	e	Umpqua Holdings Corp		6,347
	10,629,774		UniCredito Italiano S.p.A.		22,500
	31,330		Union Bank of Israel		146
	450,000	*	Union Bank Of Taiwan		163
	101,985		Union Bankshares Corp		1,242
	200,854	e	United Bankshares, Inc		4,917
	105,145	*,e	United Community Banks, Inc		1,110
	79,902	e	United Financial Bancorp, Inc		1,233
	1,811,796		United Overseas Bank Ltd		29,089
	74,835	e	Univest Corp of Pennsylvania		1,170
	11,957,858	e	US Bancorp		305,044
	315,331		UTI Bank Ltd		9,128
	20,130		Valiant Holding		3,017
	321,350	e	Valley National Bancorp		4,374
	176,073		ViewPoint Financial Group		2,430
	296,857		Vijaya Bank		463
	132,737	*,e	Virginia Commerce Bancorp		784
	2,581,669	f	VTB Bank OJSC (GDR) (purchased 01/30/09, cost $13,506)		15,942
	48,939	*,e	Walker & Dunlop, Inc		651
	58,040		Washington Banking Co		767
	211,136	e	Washington Federal, Inc		3,469
	62,558	e	Washington Trust Bancorp, Inc		1,437
	351,034	e	Webster Financial Corp		7,379
	32,304,703		Wells Fargo & Co		906,469
	119,490	e	WesBanco, Inc		2,349
	92,604	e	West Bancorporation, Inc		816
	92,623	*,e	West Coast Bancorp		1,552
	126,234	e	Westamerica Bancorporation		6,217
	332,819	*,e	Western Alliance Bancorp		2,363
	133,597		Westfield Financial, Inc		1,085
	3,122,462	e	Westpac Banking Corp		74,913
	245,152	*,e	Wilshire Bancorp, Inc		721
	140,454		Wing Hang Bank Ltd		1,541
	174,647	e	Wintrust Financial Corp		5,620
	697,790		Woori Finance Holdings Co Ltd		9,164
	34,520		WSFS Financial Corp		1,369

16

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	36,800		Yachiyo Bank Ltd	$	1,045
	195,000	e	Yamagata Bank Ltd		931
	68,191		Yamaguchi Financial Group, Inc		636
	210,000		Yamanashi Chuo Bank Ltd		890
	2,121,947	*	Yapi ve Kredi Bankasi		5,332
	2,568,274	e	Zions Bancorporation		61,664
			TOTAL BANKS		6,415,870
CAPITAL GOODS - 8.9%
	169,413	*,e	3D Systems Corp		3,339
	1,961,383	e	3M Co		186,037
	301,850	e	A.O. Smith Corp		12,768
	414,020	*,e	A123 Systems, Inc		2,203
	161,129		Aalberts Industries NV		3,771
	81,369		Aaon, Inc		1,777
	196,160		AAR Corp		5,314
	687,273		ABB Ltd		17,857
	55,796	e	Abengoa S.A.		1,692
	34,980		ABG Shipyard Ltd		276
	10,000		Ablerex Electronics Co Ltd		53
	3,490,292		Aboitiz Equity Ventures Inc		3,388
	529,000		AcBel Polytech, Inc		419
	187,139	*,e	Accuride Corp		2,364
	199,000		ACES Electronic Co Ltd		485
	118,193		Aceto Corp		793
	34,406	e	ACS Actividades Cons y Servicios S.A.		1,624
	43,000	*	Acter Co Ltd		262
	389,680	*,e	Active Power, Inc		955
	337,151		Actuant Corp (Class A)		9,046
	184,950	e	Acuity Brands, Inc		10,317
	335,742		Adani Enterprises Ltd		5,377
	67,174		Aditya Birla Nuvo Ltd		1,357
	168,000		Advan Co Ltd		1,495
	29,000		Advanced Ceramic X Corp		129
	324,453	*,e	Aecom Technology Corp		8,871
	78,555	e	Aecon Group, Inc		658
	133,065	*	Aerovironment, Inc		4,704
	23,458		AFG Arbonia-Forster Hldg		860
	17,300	e	AG Growth International Inc		822
	477,387	*	AGCO Corp		23,564
	1,925	*	AIA Engineering Ltd		16
	123,199		Aica Kogyo Co Ltd		1,688
	40,500		Aichi Corp		203
	75,000	e	Aida Engineering Ltd		354
	65,580	*	Air Lease Corp		1,593
	224,411	e	Aircastle Ltd		2,855
	99,692	*	AKFEN HOLDINGS AS.		738
	59,751		Alamo Group, Inc		1,416
	169,308		Alarko Holding AS		360
	137,683		Albany International Corp (Class A)		3,633
	136,927		Alesco Corp Ltd		402
	115,905		Alfa Laval AB		2,500

17

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	836,609	e	Alfa S.A. de C.V. (Class A)	$	12,429
	12,145,700		Alliance Global Group, Inc		3,081
	153,241		Alliant Techsystems, Inc		10,931
	22,292		Allied Electronics Corp Ltd		90
	109,055		Allied Electronics Corp Ltd (Preference)		424
	18,062		Alstom Projects India Ltd		207
	154,882	e	Alstom RGPT		9,540
	140,009	*	Altra Holdings, Inc		3,359
	1,084,247		Amada Co Ltd		8,337
	139,300	e	Amano Corp		1,282
	6,587		Amara Raja Batteries Ltd		33
	92,419	*	Ameresco, Inc		1,311
	60,140	*,e	American Railcar Industries, Inc		1,410
	58,700		American Science & Engineering, Inc		4,696
	228,885	*	American Superconductor Corp		2,069
	44,569		American Woodmark Corp		772
	49,971		Ameron International Corp		3,282
	753,146		Ametek, Inc		33,816
	51,462		Ampco-Pittsburgh Corp		1,207
	34,000	*	Amrep Corp		0	^
	255,000	*	Amtek Engineering Ltd		206
	74,473		Andritz AG.		7,679
	3,360,000	*	Apac Resources Ltd		175
	145,348		Apogee Enterprises, Inc		1,862
	253,675	e	Applied Industrial Technologies, Inc		9,033
	73,988	e	Arcadis NV		1,808
	37,555		Areva T&D India Ltd		217
	52,138	*	Argan, Inc		529
	60,278	e	Armstrong World Industries, Inc		2,746
	21,447	e	Armtec Infrastructure Income Fund		76
	535,060	*,e	ArvinMeritor, Inc		8,582
	74,000	e	Asahi Diamond Industrial Co Ltd		1,618
	2,062,402	e	Asahi Glass Co Ltd		24,135
	102,021		Aselsan Elektronik Sanayi Ve Ticaret AS		564
	266,733		Ashok Leyland Ltd		291
	1,294,046		Ashtead Group plc		3,531
	1,574,743	e	Assa Abloy AB (Class B)		42,326
	94,369		Astaldi S.p.A.		695
	98,347	*	Astec Industries, Inc		3,637
	44,602	*	Astronics Corp		1,374
	321,016		Asunaro Aoki Construction Co Ltd		1,600
	649		A-Tech Solution Co Ltd		9
	1,041,542	e	Atlas Copco AB (A Shares)		27,430
	52,505		Atlas Copco AB (B Shares)		1,239
	108,119	*	ATS Automation Tooling Systems, Inc		864
	106,640	e	Ausenco Ltd		327
	1,333,846		Austal Ltd		3,983
	57,652		Austin Engineering Ltd		300
	547,495		Aveng Ltd		2,899
	53,387		AZZ, Inc		2,445
	35,997		B&B Tools AB		558
	444,050	*,e	Babcock & Wilcox Co		12,305

18

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	61,964		Badger Meter, Inc	$	2,292
	3,000,766		BAE Systems plc		15,351
	1,253,029		Balfour Beatty plc		6,212
	279,000		Bando Chemical Industries Ltd		1,134
	50,000		Baoye Group Co Ltd		33
	272,532		Barloworld Ltd		2,779
	230,066		Barnes Group, Inc		5,708
	64,978		Basil Read Holdings Ltd		128
	13,060	e	Bauer AG.		556
	17,636	e	BayWa AG.		737
	372,534	*	BE Aerospace, Inc		15,203
	51,554	*	BE Group AB		318
	57	*	Beacon Power Corp		0	^
	192,149	*	Beacon Roofing Supply, Inc		4,385
	725,400	e	Beijing Enterprises Holdings Ltd		3,791
	62,328	e	Bekaert S.A.		4,746
	258,208		Belden CDT, Inc		9,001
	5,252		BEML Ltd		68
	2,905,000	*	Berjaya Corp BHD		1,167
	39,902	*	Berliner Communications, Inc		316
	743,000		BES Engineering Corp		244
	435,823		Besalco S.A.		773
	219,615		Bharat Heavy Electricals		10,096
	5,867		BHI Co Ltd		101
	524,352		Bidvest Group Ltd		11,679
	39,238	*	Biesse S.p.A.		316
	78,482		Bilfinger Berger AG.		7,773
	110,238		Bird Construction Income Fund		1,335
	190,223	*	Blount International, Inc		3,323
	664,697		Boart Longyear Group		2,859
	12,311	*	Bobst Group AG.		461
	262,046	e	Bodycote plc		1,565
	4,545,532		Boeing Co		336,050
	288,000		Boer Power Holdings Ltd		260
	2,512,116		Bombardier, Inc		18,103
	199,731		Boskalis Westminster		9,451
	11,045		Bossard Holding AG.		2,061
	575,200		Boustead Holdings BHD		1,179
	135,845	e	Bouygues S.A.		5,974
	189,145		Bradken Ltd		1,620
	234,797		Brady Corp (Class A)		7,528
	24,427		Brenntag AG.		2,841
	276,720	e	Briggs & Stratton Corp		5,496
	370,611	*,e	Broadwind Energy, Inc		537
	9,420		Bucher Industries AG.		2,077
	288,125		Bucyrus International, Inc (Class A)		26,410
	8,292		Budimex S.A.		277
	205,510	*,e	Builders FirstSource, Inc		442
	68,000	e	Bunka Shutter Co Ltd		188
	899,600		Bunzl plc		11,265
	57,559		Burckhardt Compression Holding AG.		17,535
	2,506,000	*	Burwill Holdings Ltd		99

19

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	957,448	e	CAE, Inc	$	12,916
	160,600		Cahya Mata Sarawak BHD		117
	48,522	*	CAI International, Inc		1,002
	1,021,728	*,e	Capstone Turbine Corp		1,563
	21,864		Carbone Lorraine		1,233
	199,719		Cardno Ltd		1,152
	48,914	e	Cargotec Corp (B Shares)		2,510
	918,869		Carillion plc		5,547
	389,670	e	Carlisle Cos, Inc		19,183
	26,137	*	Carraro S.p.A.		123
	40,824		Cascade Corp		1,942
	3,051,297		Caterpillar, Inc		324,842
	638,000		Central Glass Co Ltd		3,063
	12,646		CENTROTEC Sustainable AG.		388
	106,892	*,e	Ceradyne, Inc		4,168
	38,117	*	Cersanit Krasnystaw S.A.		138
	97,000		Champion Building Materials Co Ltd		72
	177,400	*	Changchai Co Ltd		94
	49,012	*	Changs Ascending Enterprise Co Ltd		200
	22,952,779	e	Changsha Zoomlion Heavy Industry Science and Technology Development Co Ltd		43,948
	122,237	*,e	Chart Industries, Inc		6,598
	229,532		Charter International plc		2,919
	242,330		Chemring Group plc		2,492
	776,000		Chen Hsong Holdings		399
	978,091		Chicago Bridge & Iron Co NV		38,047
	760,000		Chien Kuo Construction Co Ltd		460
	86,660	*	Chin Hung International, Inc		26
	670,000	e	China Automation Group Ltd		470
	11,273,000	e	China Communications Construction Co Ltd		9,735
	5,804,000	*	China Daye Non-Ferrous Metals Mining Ltd		397
	426,000		China Electric Manufacturing Corp		373
	355,850	*	China Fangda Group Co Ltd		131
	3,128,000		China Haidian Holdings Ltd		419
	1,699,700	e	China High Speed Transmission Equipment Group Co Ltd		1,885
	1,222,570		China International Marine Containers Co Ltd (Class B)		1,992
	1,945,000		China National Materials Co Ltd		1,598
	3,396,500	e	China Railway Construction Corp		2,848
	5,984,000	e	China Railway Group Ltd		2,820
	230,000		China Singyes Solar Technologies Holdings Ltd		211
	3,794,500	e	China South Locomotive and Rolling Stock Corp		3,573
	502,000	e	China State Construction International Holdings Ltd		511
	135,680	*	China Textile Machinery		79
	444,197	e	Chiyoda Corp		5,120
	16,300	*	Chiyoda Integre Co Ltd		212
	1,486,000		Chongqing Machinery & Electric Co Ltd		480
	1,104		Chosun Refractories Co Ltd		68
	36,000		Chudenko Corp		424
	122,989		Chugai Ro Co Ltd		429
	612,000		Chung Hsin Electric & Machinery Manufacturing Corp		366
	28,400		Churchill Corp		483
	2,900		Cia Providencia Industria e Comercio S.A.		11

20

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,359,152		Cintra Concesiones de Infraestructuras de Transporte S.A.	$	17,174
	548,239	e	CIR-Compagnie Industriali Riunite S.p.A.		1,374
	84,228		CIRCOR International, Inc		3,607
	3,454,186		Citic Pacific Ltd		8,657
	4,441,000	*,e	Citic Resources Holdings Ltd		832
	19,052		CJ Corp		1,301
	149,600		CKD Corp		1,334
	101,883		Clal Industries and Investments		747
	232,889		Clarcor, Inc		11,011
	346,736		Clough Ltd		264
	214,184	*,e	CNH Global NV		8,278
	219,000	*	CNNC International Ltd		124
	198,400		Coastal Contracts BHD		230
	318,057		Cobham plc		1,079
	459,368		Cofide S.p.A.		499
	33,389	*,e	Coleman Cable, Inc		490
	112,403	*	Colfax Corp		2,788
	84,350	*	Columbus McKinnon Corp		1,515
	216,149		Comfort Systems USA, Inc		2,293
	119,072	*	Commercial Vehicle Group, Inc		1,690
	1,558,244	e	Compagnie de Saint-Gobain		101,001
	19,059		Compagnie d’Entreprises CFE		1,382
	180,100		COMSYS Holdings Corp		1,806
	55,224	*	Concentric AB		382
	3,871		Construcciones y Auxiliar de Ferrocarriles S.A.		2,273
	1,081,000	*	Continental Engineering Corp		511
	393,399		Cookson Group plc		4,250
	740,060		Cooper Industries plc		44,159
	787,105	e	Cosco Corp Singapore Ltd		1,255
	1,080,000	e	Cosco International Holdings Ltd		609
	26,885	e	Cosel Co Ltd		467
	49,951	e	Costain Group plc		175
	48,318		Cramo Oyj (Series B)		1,054
	301,991		Crane Co		14,921
	1,006,472		Crompton Greaves Ltd		5,846
	1,178,000		CSBC Corp Taiwan		1,117
	1,060,797	e	CSR Ltd		3,314
	1,026,000		CTCI Corp		1,345
	114,809		Cubic Corp		5,854
	6,182		Cummins India Ltd		94
	980,397		Cummins, Inc		101,462
	227,963		Curtiss-Wright Corp		7,379
	629,000		DA CIN Construction Co Ltd		432
	70,690	*	Daekyung Machinery & Engr Co		170
	42,004		Daelim Industrial Co		5,081
	145,135		Daewoo Engineering & Construction Co Ltd		1,460
	46,288		Daewoo International Corp		1,649
	138,541		Daewoo Shipbuilding & Marine Engineering Co Ltd		5,899
	118,500		Daifuku Co Ltd		766
	134,641		Daihen Corp		499
	176,000		Daiichi Jitsugyo Co Ltd		973
	101,241		Daikin Industries Ltd		3,589

21

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	82,000		Daiwa Industries Ltd	$	393
	158,200		Dalian Refrigeration Co Ltd		133
	3,265,879		Danaher Corp		173,059
	56,908	e	Danieli & Co S.p.A.		1,574
	159,671		Danieli & Co S.p.A. (RSP)		2,418
	181,053		DCC plc		5,158
	94,237	*	Deceuninck NV		254
	133,322	*	Decmil Group Ltd		396
	1,503,542		Deere & Co		123,968
	9,651		Delek Group Ltd		2,169
	25,568	e	Demag Cranes AG.		1,665
	18,700	*	Denyo Co Ltd		251
	83,652	*	Deutz AG.		827
	1,893,200		Dialog Group BHD		1,735
	3,160,000	*	Dickson Group Holdings Ltd		65
	230,719	*	DigitalGlobe, Inc		5,863
	34,306		Discount Investment Corp		502
	118,900		DMCI Holdings, Inc		117
	2,250		Dohwa Consulting Engineers Co Ltd		36
	279,618	e	Donaldson Co, Inc		16,967
	8,330		Dong Yang Gang Chul Co Ltd		30
	2,160		Dong-Ah Geological Engineering Co Ltd		26
	22,170		Dongbu Corp		136
	566,600	e	Dongfang Electric Co Ltd		2,110
	18,285		Dongkuk Structures & Construction Co Ltd		80
	31,286		Doosan Corp		3,677
	15,980	*	Doosan Engine Co Ltd		314
	70,370		Doosan Engineering & Construction Co Ltd		301
	56,423		Doosan Heavy Industries and Construction Co Ltd		2,996
	150,550	*	Doosan Infracore Co Ltd		3,360
	85,307	e	Douglas Dynamics, Inc		1,347
	1,594,857		Dover Corp		108,132
	69,349		Ducommun, Inc		1,427
	48,648		Duerr AG.		1,979
	187,209	e	Duro Felguera S.A.		1,560
	48,692	*	DXP Enterprises, Inc		1,234
	188,127	*	Dycom Industries, Inc		3,074
	89,320	e	Dynamic Materials Corp		2,003
	176,000		Dynapack International Technology Corp		787
	1,228		e Tec E&C Ltd		78
	1,705,151	e	Eaton Corp		87,731
	922,828		Ebara Corp		5,443
	15,696		Eczacibasi Yatirim Holding		55
	2,114		Eicher Motors Ltd		62
	32,665	e	Eiffage S.A.		2,159
	17,249		Elbit Systems Ltd		820
	1,751		Electra Israel Ltd		194
	18,143		Electrosteel Castings Ltd		12
	31,972		ElSwedy Cables Holding Co		196
	358,393	*,e	EMCOR Group, Inc		10,504
	1,162,899		Emeco Holdings Ltd		1,417
	2,891,737	e	Emerson Electric Co		162,659

22

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	815,945		Empresa Brasileira de Aeronautica S.A.	$	6,222
	1,700	e	Empresa Brasileira de Aeronautica S.A. (ADR)		52
	666,449		Empresas COPEC S.A.		12,620
	63,800	*,e	Empresas ICA SAB de C.V. (ADR)		588
	873,100	*	Empresas ICA Sociedad Controladora S.A. de C.V.		2,010
	81,049	e	Encore Wire Corp		1,963
	272,180	*,e	Ener1, Inc		299
	172,885	*,e	Energy Recovery, Inc		565
	745,462		Energy Support Corp		1,667
	228,086	*	EnerSys		7,851
	31,943		ENG Electric Co Ltd		140
	1,806,180		Engineers India Ltd		11,105
	421,965		Enka Insaat ve Sanayi AS		1,291
	104,861	*,e	EnPro Industries, Inc		5,041
	96,000	*	Enric Energy Equipment Holdings Ltd		34
	4,279		Entrepose Contracting		608
	73,496	*	Eqstra Holdings Ltd		74
	139,863	e	ESCO Technologies, Inc		5,147
	238,609		Escorts Ltd		606
	88,288	*,e	Essex Rental Corp		582
	145,594	*	Esterline Technologies Corp		11,123
	83,200		Eucatex S.A. Industria e Comercio		414
	1,025,202	e	European Aeronautic Defence and Space Co		34,311
	1,336,000		EVA Precision Industrial Holdings Ltd		410
	6,159		Fabryka Kotlow Rafako S.A.		28
	9,007		Faiveley S.A.		920
	285,694	*	Fanuc Ltd		47,775
	5,644,260		Far Eastern Textile Co Ltd		8,824
	853,182	e	Fastenal Co		30,706
	259,066		Federal Signal Corp		1,699
	270,618		Fenner plc		1,747
	126,790		Ferreyros S.A.		121
	3,022,034	*	FIAT Industrial S.p.A.		39,031
	541,013		Finmeccanica S.p.A.		6,546
	297,488		Finning International, Inc		8,822
	10,763		Finolex Cables Ltd		11
	672,000		First Tractor Co		840
	198,627	*	Flow International Corp		707
	165,562		Flowserve Corp		18,194
	85,917	e	FLSmidth & Co AS		7,305
	948,079		Fluor Corp		61,302
	4,568		FMS Enterprises Migun Ltd		111
	103,779	e	Fomento de Construcciones y Contratas S.A.		3,166
	341,766	*,e	Force Protection, Inc		1,697
	55,632		Forge Group Ltd		327
	360,000		Fortune Electric Co Ltd		271
	203,700		Foshan Electrical and Lighting Co Ltd		193
	38	*	Foster Wheeler AG.		1
	147,389	e	Franklin Electric Co, Inc		6,920
	1,195,120		Fraser and Neave Ltd		5,647
	60,042	*	Freightcar America, Inc		1,521
	50,457		Frigoglass S.A.		710

23

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	252,000		FSP Technology, Inc	$	281
	183,200	*,e	Fudo Tetra Corp		384
	521,046	*,e	FuelCell Energy, Inc		683
	190,301	*,e	Fuji Electric Holdings Co Ltd		594
	73,096		Fuji Machine Manufacturing Co Ltd		1,571
	548,978		Fujikura Ltd		2,516
	138,000		Fujitec Co Ltd		797
	166,778	*,e	Furmanite Corp		1,324
	413,000	*	Furukawa Co Ltd		422
	885,886	e	Furukawa Electric Co Ltd		3,699
	40,019	*	Futaba Corp/Chiba		737
	246,000		G Shank Enterprise Co Ltd		193
	668,000	*,e	Gallant Venture Ltd		224
	113,440		Galliford Try plc		941
	837,335	*,e	Gamesa Corp Tecnologica S.A.		6,765
	2,704,700		Gamuda BHD		3,453
	506,466	e	Gardner Denver, Inc		42,568
	135,668	e	GATX Corp		5,036
	1,339		GEA Group AG.		48
	6,360		Geberit AG.		1,509
	87,634		GEK Group of Cos S.A.		256
	524,718	*,e	GenCorp, Inc		3,369
	127,025	*,e	Generac Holdings, Inc		2,464
	191,986	*,e	General Cable Corp		8,175
	1,006,375		General Dynamics Corp		74,995
	46,520,376	e	General Electric Co		877,374
	91,067	*,e	GeoEye, Inc		3,406
	7,792		Georg Fischer AG.		4,290
	3,918		Gesco AG.		361
	142,873	*	Gibraltar Industries, Inc		1,617
	292,221		Giken Seisakusho Co, Inc		1,724
	64,584		Gildemeister AG.		1,358
	70,165	*,e	Global Power Equipment Group, Inc		1,861
	324,000		Globe Union Industrial Corp		279
	80,756		Glory Ltd		1,819
	302,000		Good Friend International Holdings, Inc		281
	1,445,807		Goodrich Corp		138,075
	65,756	e	Gorman-Rupp Co		2,166
	247,487	e	Graco, Inc		12,538
	235,293	*,e	GrafTech International Ltd		4,769
	289,335		Grafton Group plc		1,416
	73,273		Graham Corp		1,495
	57,683		Grana y Montero S.A.		110
	173,269	e	Granite Construction, Inc		4,250
	52,211		Granite Hacarmel Investments Ltd		106
	9,950	*	Graphite India Ltd		20
	475,214	e	Great Lakes Dredge & Dock Corp		2,652
	14,415		Greaves Cotton Ltd		28
	95,141	*	Greenbrier Cos, Inc		1,880
	237,080	*,e	Griffon Corp		2,390
	23,751		Grontmij NV (ADR)		472
	124,035		Group Five Ltd		550

24

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,041,237	e	Grupo Carso S.A. de C.V. (Series A1)	$	3,444
	82,975		Gruppo Beghelli S.p.A.		74
	68,080		GS Engineering & Construction Corp		8,328
	15,960		GS Global Corp		210
	285,696	e	GS Yuasa Corp		1,907
	76,000		Guangzhou Shipyard International Co Ltd		128
	408,837	e	GWA International Ltd		1,211
	123,737	*,e	H&E Equipment Services, Inc		1,731
	1,664,000		Haitian International Holdings Ltd		2,160
	55,224	*	Haldex AB		295
	1,907	*	Halim Co Ltd		5
	5,890		Halla Engineering & Construction Corp		118
	3,357		Hamon & CIE S.A.		132
	385,013		Hampson Industries plc		158
	105,857		Hamworthy plc		1,102
	500,140		Hangzhou Steam Turbine Co		718
	40,777		Hanjin Heavy Industries & Construction Co Ltd		1,377
	26,220		Hanjin Heavy Industries & Construction Holdings Co Ltd		269
	708,092	*	Hansen Transmissions International NV		409
	567,395	e	Hanwa Co Ltd		2,510
	4,804,000	e	Harbin Power Equipment		5,510
	13,200	e	Harmonic Drive Systems, Inc		315
	1,015,664	e	Harsco Corp		33,111
	49,782		Havells India Ltd		430
	12,945		Haw Par Corp Ltd		63
	3,390	*	HEG Ltd		18
	173,418	e	Heico Corp		9,493
	259,276	*,e	Heidelberger Druckmaschinen		933
	19,218		Heijmans NV (ADR)		485
	167,708		Hellenic Technodomiki Tev S.A.		601
	3,581,500		Hemaraj Land and Development PCL		246
	2,353,000		Henderson Investment Ltd		209
	186,397	e	Hexagon AB (B Shares)		4,589
	416,728	*,e	Hexcel Corp		9,122
	80,268	e	Hexpol AB (Series B)		2,294
	65,500		Hibiya Engineering Ltd		662
	306,659		Hills Industries Ltd		394
	840,626		Hindustan Construction Co		602
	613,115		Hino Motors Ltd		3,580
	27,000		Hisaka Works Ltd		365
	233,000	*,e	Hitachi Cable Ltd		576
	70,026	e	Hitachi Construction Machinery Co Ltd		1,570
	1,322,399	e	Hitachi Zosen Corp		2,061
	252,000		Hiwin Technologies Corp		2,458
	3,898,000	*	HKC Holdings Ltd		166
	171,000	*	HL TECHNOLOGY GROUP		46
	1,201		HNK Machine Tool Co Ltd		31
	325		Hochtief AG.		27
	391,776		Hock Seng Lee BHD		221
	216,000	*	Hold-Key Electric Wire & Cable Co Ltd		128
	26,366	e	Homag Group AG.		609
	7,177,111		Honeywell International, Inc		427,683

25

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,324,000	*,e,m	Hong Kong Resources Holdings Co Ltd	$	171
	159,000		Hong Leong Asia Ltd		295
	438,000		Hong TAI Electric Industrial		199
	74,600		Hoshizaki Electric Co Ltd		1,656
	38,000	*	Hosokawa Micron Corp		185
	86,426	e	Houston Wire & Cable Co		1,344
	756,000		HUA ENG Wire & Cable		287
	127,200	*	Huangshi Dongbei Electrical Appliance Co Ltd		94
	159,098	e	Hubbell, Inc (Class B)		10,333
	18,972		Huber & Suhner AG.		1,250
	95,393	*,e	Huntington Ingalls		3,291
	26,624	*	Hurco Cos, Inc		858
	2,145,901		Hutchison Whampoa Ltd		23,251
	24,418	*	Hydrobudowa Polska S.A.		20
	12,508		Hy-Lok Corp		183
	17,310		Hyundai Corp		516
	76,136		Hyundai Development Co		2,140
	3,413		Hyundai Elevator Co Ltd		342
	97,915		Hyundai Engineering & Construction Co Ltd		7,936
	72,541		Hyundai Heavy Industries		30,276
	29,251		Hyundai Mipo Dockyard		4,667
	5,015		Hyunjin Materials Co Ltd		74
	36,900		Idec Corp		432
	246,051	e	IDEX Corp		11,281
	394,887	*	Ihlas Holding		279
	216,060	*,e	II-VI, Inc		5,531
	2,114,059		IJM Corp BHD		4,519
	11,360		Iljin Electric Co Ltd		83
	39,900		Iljin Holdings Co Ltd		123
	1,980,485		Illinois Tool Works, Inc		111,879
	18,710		IMARKETKOREA,Inc		315
	619,683		IMI plc		10,476
	389,975	*	Impregilo S.p.A.		1,224
	15,792	*	IMS-Intl Metal Service		395
	108,139		Imtech NV		3,823
	23,900		Inaba Denki Sangyo Co Ltd		638
	73,400		Inabata & Co Ltd		457
	54,846	e	Indus Holding AG.		1,907
	1,360,181		Industrea Ltd		1,978
	9,680	e	Industria Macchine Automatiche S.p.A.		213
	29,100		Industrias Romi S.A.		129
	21,468		Indutrade AB		688
	996		Ingersoll-Rand India Ltd		10
	961,584	e	Ingersoll-Rand plc		43,666
	184,435	*	Insituform Technologies, Inc (Class A)		3,868
	74,595	e	Insteel Industries, Inc		935
	2,490,000	*,e	Interchina Holdings Co		426
	154,727	*	Interline Brands, Inc		2,842
	702,000	e	International Mining Machinery Holdings Ltd		676
	89,272		Interpump Group S.p.A.		764
	182,747		Interserve plc		946
	950,224		Invensys plc		4,915

26

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	91,900		Iochpe-Maxion S.A.	$	1,254
	212,511		IRB Infrastructure Developers Ltd		821
	6,000		IS Dongseo Co Ltd		159
	251,000	e	Iseki & Co Ltd		642
	144,000		I-Sheng Electric Wire & Cable Co Ltd		208
	3,113,122		Ishikawajima-Harima Heavy Industries Co Ltd		8,044
	1,210,100		Italian-Thai Development PCL		140
	1,470,400		Italian-Thai Development PCL (ADR)		170
	2,540,391		Itochu Corp		26,422
	545,816	e	ITT Industries, Inc		32,165
	380,485		IVRCL Infrastructures & Projects Ltd		597
	310,000		Iwatani International Corp		1,102
	597,135	*	Jacobs Engineering Group, Inc		25,826
	100,827		Jain Irrigation Systems Ltd		385
	1,426,557		Jaiprakash Associates Ltd		2,594
	168,604		Japan Pulp & Paper Co Ltd		578
	411,526		Japan Steel Works Ltd		2,821
	506,000	*	Jaya Holdings Ltd		241
	79,000	*	Jenn Feng New Energy Co Ltd		105
	239,000		JFE Shoji Holdings, Inc		1,170
	165,300		JG Summit Holdings (Series B)		101
	206,991	e	JGC Corp		5,671
	2,648,500		Jiangsu Rongsheng Heavy Industry Group Co Ltd		1,609
	20,000		Jingwei Textile Machinery		18
	6,772		Jinsung T.E.C.		58
	128,013		John Bean Technologies Corp		2,473
	3,245,500	e	Johnson Electric Holdings Ltd		2,176
	960,712	e	Joy Global, Inc		91,499
	300,856		JS Group Corp		7,760
	855,908		JTEKT Corp		12,612
	179,000	*,e	Juki Corp		515
	48,690		Jungheinrich AG.		2,053
	8,332	*	JVM Co Ltd		265
	21,204		Jyoti Structures Ltd		40
	3,653		Kaba Holding AG.		1,587
	81,512	*	Kadant, Inc		2,568
	2,509,308	e	Kajima Corp		7,199
	8,178	*	Kalpataru Power Transmission Ltd		23
	122,309		Kaman Corp		4,338
	128,000		Kandenko Co Ltd		624
	554,000	*,e	Kanematsu Corp		546
	6,085	*	Kardex AG.		152
	26,500		Katakura Industries Co Ltd		280
	940,000	e	Kato Works Co Ltd		2,757
	23,000		Kaulin Manufacturing Co Ltd		28
	1,054,508		Kawasaki Heavy Industries Ltd		4,201
	145,445	e	Kaydon Corp		5,428
	1,849,222		KBR, Inc		69,696
	8,642		KCC Corp		2,714
	6,403		KCC Engineering & Construction Co Ltd		249
	74,902		KCI Konecranes Oyj		3,044
	16,760	*	Keangnam Enterprises Ltd		158

27

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	10,039		KEC International Ltd	$	18
	25,000		Keihan Electric Railway Co Ltd		107
	84,855		Keller Group plc		635
	98,000		Kenmec Mechanical Engineering Co Ltd		80
	490,786		Kennametal, Inc		20,716
	1,133,600	*	Kepler Weber S.A.		189
	2,840,166		Keppel Corp Ltd		25,697
	77,840	*,e	KEYW Holding Corp		964
	62,222		Kier Group plc		1,358
	375,925		Kinden Corp		3,216
	148,000		King Slide Works Co Ltd		627
	171,151		Kingspan Group plc		1,688
	40,000		Kinik Co		80
	167,000		Kinki Sharyo Co Ltd		664
	125,000		Kitz Corp		730
	212,335		Kloeckner & Co AG.		6,397
	1,236,142		KOC Holding AS		5,315
	1,751,541		Komatsu Ltd		54,689
	5,797		Komax Holding AG.		677
	80,690		Komori Corp		721
	56,717		Kone Oyj (Class B)		3,563
	307,328	e	Koninklijke BAM Groep NV		1,928
	56,543		Koninklijke Philips Electronics NV		1,453
	16,342		Koor Industries Ltd		314
	62,905	*	Kopex S.A.		535
	23,400		Korea Electric Terminal Co Ltd		480
	136,710	*,e	Kratos Defense & Security Solutions, Inc		1,662
	16,956	e	Krones AG.		1,437
	278,000	*	KS Energy Services Ltd		242
	252		KSB AG.		195
	142,837		Kubota Corp		1,267
	33,668	*,e	KUKA AG.		907
	5,000		Kumho Electric Co Ltd		133
	47,921	*	Kumho Industrial Co Ltd		364
	9,768	e	Kurita Water Industries Ltd		291
	54,470		Kuroda Electric Co Ltd		626
	67,000		Kyosan Electric Manufacturing Co Ltd		385
	111,600	e	Kyowa Exeo Corp		1,132
	69,000		Kyudenko Corp		454
	1,120,557	e	L-3 Communications Holdings, Inc		97,993
	1,074		Lakshmi Machine Works Ltd		50
	407,839		Larsen & Toubro Ltd		16,682
	237,370		Lavendon Group plc		398
	20,037	e	Lawson Products, Inc		394
	104,283	*	Layne Christensen Co		3,164
	55,045	e	LB Foster Co (Class A)		1,812
	118,957		Legrand S.A.		5,007
	123,503	e	Leighton Holdings Ltd		2,786
	151,263		Lennox International, Inc		6,515
	222,000	*	LEOCH INTERNATIONAL TECH		89
	162,446		LG Corp		12,269
	10,444		LG Hausys Ltd		739

28

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	31,553		LG International Corp	$	1,614
	282,186	e	Lincoln Electric Holdings, Inc		10,116
	80,310	e	Lindab International AB		878
	52,834	e	Lindsay Manufacturing Co		3,635
	4,579		LISI		430
	687,500	*	LK Technology Holdings Ltd		253
	41,378	*,e	LMI Aerospace, Inc		1,011
	1,547,538		Lockheed Martin Corp		125,304
	93,000		Longwell Co		111
	8,493,000	e	Lonking Holdings Ltd		4,656
	23,589		LS Cable Ltd		2,440
	19,425		LS Industrial Systems Co Ltd		1,406
	82,714	e	LSI Industries, Inc		657
	134,000	*	Luoyang Glass Co Ltd		53
	22,700	*	Lupatech S.A.		173
	71,169	*,e	Lydall, Inc		851
	24,100		Mabuchi Motor Co Ltd		1,216
	812,511		Macmahon Holdings Ltd		490
	175,000		Maeda Corp		551
	113,000	e	Maeda Road Construction Co Ltd		1,100
	156,247	e	Maire Tecnimont S.p.A.		286
	140,748	*,e	Makino Milling Machine Co Ltd		1,310
	114,160	*	Makita Corp		5,320
	838,849	*	Malaysia Marine and Heavy Engineering Sdn BHD		2,317
	1,994,600		Malaysian Resources Corp BHD		1,477
	15,414	*	Manitou BF S.A.		468
	392,432		Manitowoc Co, Inc		6,609
	308,400		Marcopolo S.A.		1,383
	3,091,051		Marubeni Corp		20,543
	3,655,680	e	Masco Corp		43,978
	302,535	*,e	Mastec, Inc		5,966
	49,000		Max Co Ltd		605
	67,513	*	MAX India Ltd		277
	7,748	*	Maytas Infra Ltd		26
	3,721,390		Meggitt plc		22,762
	325,000	e	Meidensha Corp		1,402
	1,090,177		Melrose plc		6,333
	4,292,000	e	Metallurgical Corp of China Ltd		1,682
	63,909		Metka S.A.		732
	63,386	e	Met-Pro Corp		721
	88,979		Metso Oyj		5,058
	100,435	*,e	Meyer Burger Technology AG.		4,421
	45,499	*	Michael Baker Corp		961
	75,403	m	Micron Machinery Co Ltd		1,233
	77,923	*,e	Middleby Corp		7,328
	58,762		Miller Industries, Inc		1,098
	220,300		Mills Estruturas e Servicos de		3,176
	392,652	e	Minebea Co Ltd		2,095
	88,400	e	Miraito Holdings Corp		700
	485,000		Mirle Automation Corp		574
	136,000		MISUMI Group, Inc		3,525

29

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,001,837		Mitsubishi Corp	$	74,978
	2,661,993		Mitsubishi Electric Corp		30,922
	3,946,442	e	Mitsubishi Heavy Industries Ltd		18,557
	81,000	e	Mitsubishi Kakoki Kaisha Ltd		191
	131,700		Mitsuboshi Belting Co Ltd		653
	3,865,379		Mitsui & Co Ltd		66,833
	665,401	e	Mitsui Engineering & Shipbuilding Co Ltd		1,453
	158,000	*	Mitsui Matsushima Co Ltd		328
	37,200		Miura Co Ltd		1,078
	3,087,174		MMC Corp BHD		2,887
	156,015	e	Monadelphous Group Ltd		3,089
	230,129	*	Moog, Inc (Class A)		10,015
	376,927		Morgan Crucible Co plc		1,865
	90,822		Morgan Sindall plc		922
	130,000	e	Mori Seiki Co Ltd		1,722
	115,369	*	Mostalzab		111
	295,756	e	Mota Engil SGPS S.A.		686
	132,362		MSC Industrial Direct Co (Class A)		8,777
	84,080		MTU Aero Engines Holding AG.		6,716
	224,300		Mudajaya Group BHD		334
	10,800		Muehlbauer Holding AG. & Co KGaA		579
	224,303		Mueller Industries, Inc		8,503
	697,989	e	Mueller Water Products, Inc (Class A)		2,778
	78,500		Muhibbah Engineering M BHD		37
	743,440	e	Murray & Roberts Holdings Ltd		3,299
	95,528	*	MYR Group, Inc		2,235
	263,332		Nabtesco Corp		6,379
	33,859		Nacco Industries, Inc (Class A)		3,278
	362,332		Nachi-Fujikoshi Corp		2,151
	96,054		Nagarjuna Construction Co		175
	272,900		Nagase & Co Ltd		3,359
	77,700		Namura Shipbuilding Co Ltd		344
	19,963	e	National Presto Industries, Inc		2,026
	3,396	*	Nava Bharat Ventures Ltd		16
	447,342	*	Navistar International Corp		25,257
	179,199		NCC AB (B Shares)		4,077
	113,569	*,e	NCI Building Systems, Inc		1,294
	17,100		NEC Capital Solutions Ltd		228
	30,900		NEC Networks & System Integration Corp		432
	454,351		Neo-Neon Holdings Ltd		125
	30,704	e	Nexans S.A.		2,890
	263,016		NGK Insulators Ltd		4,900
	120,233	e	Nibe Industrier AB (Series B)		2,084
	223,000		Nichias Corp		1,317
	8,700		Nichiden Corp		274
	27,200		Nichiha Corp		245
	64,015	e	Nidec Corp		5,976
	139,000		Nippo Corp		1,126
	155,000	e	Nippon Carbon Co Ltd		466
	93,000		Nippon Densetsu Kogyo Co Ltd		991
	137,000		Nippon Road Co Ltd		413
	181,730	e	Nippon Sharyo Ltd		797

30

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	620,231		Nippon Sheet Glass Co Ltd	$	1,928
	64,800	e	Nippon Signal Co Ltd		500
	65,000		Nippon Steel Trading Co Ltd		183
	92,000		Nippon Thompson Co Ltd		760
	432,000		Nishimatsu Construction Co Ltd		636
	18,000		Nishio Rent All Co Ltd		126
	93,000		Nissin Electric Co Ltd		884
	29,300		Nitta Corp		574
	358,000	*	Nitto Boseki Co Ltd		895
	70,000		Nitto Kogyo Corp		828
	14,973		Nitto Kohki Co Ltd		352
	10,060		NK Co Ltd		46
	32,564	e	NKT Holding AS		2,082
	69,188	*	NN, Inc		1,035
	6,910,319	e	Noble Group Ltd		11,128
	51,800	*,e	Nordex AG.		465
	214,783		Nordson Corp		11,781
	134,919		Noritake Co Ltd		534
	24,600		Noritz Corp		453
	300,000	*	Northeast Electric Development Co Ltd		56
	855,988	e	Northrop Grumman Corp		59,363
	44,630	*	Northwest Pipe Co		1,163
	574,786		NRW Holdings Ltd		1,727
	162,777		NSK Ltd		1,625
	4,218,104		NTN Corp		24,029
	1,850,923		NWS Holdings Ltd		2,481
	24,800		Obara Corp		355
	744,802		Obayashi Corp		3,253
	56,625		Obrascon Huarte Lain S.A.		2,166
	156,018	*	OC Oerlikon Corp AG.		1,261
	5,860		OHB Technology AG.		109
	192,500		Oiles Corp		3,817
	280,641		Okuma Holdings, Inc		2,675
	221,000		Okumura Corp		808
	6,291	e	Omega Flex, Inc		88
	41,200		Onoken Co Ltd		372
	138,457		Orascom Construction Industries		6,267
	245,312	*,e	Orbital Sciences Corp		4,134
	46,000		Organo Corp		347
	135,008	*,e	Orion Marine Group, Inc		1,270
	5,928	e	Orkla ASA		56
	82,184		Ormat Industries		543
	101,700	e	OSG Corp		1,419
	268,924	*,e	Oshkosh Truck Corp		7,783
	916,000		Otto Marine Ltd		161
	61,678		Outotec Oyj		3,511
	432,197	*	Owens Corning, Inc		16,143
	2,125,029		Paccar, Inc		108,569
	17,261		Palfinger AG.		623
	474,117		Pall Corp		26,660
	5,731,000	m	Pan-United Corp Ltd		2,301
	1,182,222		Parker Hannifin Corp		106,094

31

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	122,632		Patel Engineering Ltd	$	408
	12,355		PBG S.A.		625
	221,257	e	Peab AB (Series B)		1,582
	293,093	e	Pentair, Inc		11,829
	420,000	e	Penta-Ocean Construction Co Ltd		1,012
	155,009		Perini Corp		2,973
	11,797		Pfeiffer Vacuum Technology AG.		1,482
	107,000		Phihong Technology Co Ltd		218
	82,108	*,e	Pike Electric Corp		726
	15,495	*	Pinguely-Haulotte		336
	343,451	*	Pipavav Shipyard Ltd		590
	52,015		Pkc Group Oyj		1,192
	8,150		Plasson		203
	77,590	*,e	PMFG, Inc		1,540
	713,671		Polimex Mostostal S.A.		838
	10,313		Polnord S.A.		96
	235,000		Polyplex PCL		159
	87,511	*	Polypore International, Inc		5,937
	13,910		Ponsse Oy		201
	53,313	*,e	Powell Industries, Inc		1,946
	15,000	*	Powercom Co Ltd		26
	87,445	*,e	PowerSecure International, Inc		631
	186,757		Praj Industries Ltd		322
	1,089,214	e	Precision Castparts Corp		179,339
	14,464	e	Preformed Line Products Co		1,030
	157,796	e	Primoris Services Corp		2,036
	73,500	*	Promotora y Operadora de Infraestructura SAB de C.V.		353
	1,569	e	Prysmian S.p.A.		32
	4,057,500		PT AKR Corporindo Tbk		1,007
	69,366,000	*	PT Bakrie and Brothers Tbk		543
	460,500		PT Hexindo Adiperkasa Tbk		371
	3,867,500		PT Pembangunan Perumahan Tbk		303
	2,574,016		PT United Tractors Tbk		7,495
	4,576,500		PT Wijaya Karya		353
	618,464		Punj Lloyd Ltd		1,054
	77,305	*,e	Pursuit Dynamics plc		386
	914,269	*	QinetiQ plc		1,770
	266,511	e	Quanex Building Products Corp		4,368
	641,171	*	Quanta Services, Inc		12,952
	3,656		R Stahl AG.		155
	90,278		Ramirent Oyj		1,165
	116,300		Randon Participacoes S.A.		924
	325,700		Ranhill BHD		70
	4,668	e	Rational AG.		1,232
	243,796	e	Raubex Group Ltd		581
	73,409	e	Raven Industries, Inc		4,090
	938,252	e	Raytheon Co		46,772
	89,057	*,e	RBC Bearings, Inc		3,363
	45,000	*	Rechi Precision Co Ltd		31
	116,004		Regal-Beloit Corp		7,746
	351,114		Reunert Ltd		3,174
	464,686		Rheinmetall AG.		41,107

32

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	258,000		Rich Development Co Ltd	$	149
	3,762	*	Rieter Holding AG.		980
	175,100	e	Robbins & Myers, Inc		9,254
	535,672	e	Rockwell Automation, Inc		46,475
	666,148		Rockwell Collins, Inc		41,095
	11,679	e	Rockwool International AS (B Shares)		1,428
	1,661,264		Rolls-Royce Group plc		17,204
	1,244,227	e	Roper Industries, Inc		103,644
	9,011		Rosenbauer International AG.		486
	331,000		Rotary Engineering Ltd		224
	123,381		Rotork plc		3,336
	282,167	*,e	RSC Holdings, Inc		3,375
	44,000		Ruentex Engineering & Construction Co		51
	130,127	*,e	Rush Enterprises, Inc (Class A)		2,476
	143,633		Russel Metals, Inc		3,661
	283,000	e	Ryobi Ltd		1,274
	11,860		S&T Holdings Co Ltd		151
	163,142		Saab AB (Class B)		3,735
	170,356		Sacyr Vallehermoso S.A.		1,607
	613,669		Safran S.A.		26,186
	32,013		Saft Groupe S.A.		1,101
	331,427		Salfacorp S.A.		1,248
	754		Sambu Construction Co Ltd		9
	191,643		Samsung Corp		14,774
	47,068		Samsung Engineering Co Ltd		11,288
	328,546		Samsung Heavy Industries Co Ltd		14,724
	47,734		Samsung Techwin Co Ltd		4,169
	193,000		San Shing Fastech Corp		307
	1,644,364		Sandvik AB		28,808
	70,000		Sanki Engineering Co Ltd		392
	331,000	*	Sankyo-Tateyama Holdings, Inc		488
	303,000		Sanwa Shutter Corp		1,058
	75,000	e	Sany Heavy Equipment International		86
	71,000		Sanyo Denki Co Ltd		638
	239,000	e	Sasebo Heavy Industries Co Ltd		444
	339,923	*,e	SatCon Technology Corp		812
	87,969	*	Sauer-Danfoss, Inc		4,433
	280,583		Scania AB (B Shares)		6,513
	2,752		Schindler Holding AG.		335
	16,445		Schindler Holding AG. (Reg)		1,997
	458,148	e	Schneider Electric S.A.		76,498
	40,058		Schouw & Co		1,059
	1,102		Schweiter Technologies AG.		764
	1,807		Seaboard Corp		4,369
	56,100	e	SeaCube Container Leasing Ltd		964
	21,000		SEC Carbon Ltd		98
	277,821		Sedgman Ltd		554
	80,000		Seika Corp		209
	131,000		Sekisui Jushi Corp		1,338
	2,991,380		SembCorp Industries Ltd		12,182
	2,928,939	e	SembCorp Marine Ltd		12,675
	25,575		Semperit AG. Holding		1,276

33

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,135,842		Senior plc	$	3,321
	69,881	*	Sensata Technologies Holding BV		2,631
	4,510		Seoul Marine Co Ltd		30
	239,758		Seven Network Ltd		2,489
	129,160		Severfield-Rowen plc		450
	34,960		Sewon Cellontech Co Ltd		133
	118,394	*,e	SGL Carbon AG.		6,701
	283,200	*	SGSB Group Co Ltd		156
	104,000	*	Shanghai Automation Instrumentation Co Ltd		67
	368,400		Shanghai Diesel Engine Co Ltd		329
	4,940,000	e	Shanghai Electric Group Co Ltd		2,618
	673,100	*	Shanghai Erfangji Co Ltd		249
	347,800		Shanghai Highly Group Co Ltd		218
	940,400		Shanghai Industrial Holdings Ltd		3,470
	129,100	*	Shanghai Lingyun Industries Development Co Ltd		70
	100,200		Shanghai Material Trading Co Ltd		66
	412,020		Shanghai Mechanical and Electrical Industry Co Ltd		449
	1,028,000	e	Shanghai Prime Machinery Co Ltd		220
	558,100		Shanghai Waigaoqiao Free Trade Zone Development Co Ltd		459
	217,881	*	Shaw Group, Inc		6,582
	14,000		Shenji Group Kunming Machine Tool Co Ltd		7
	159,000		ShenMao Technology, Inc		273
	528,000		Shihlin Electric & Engineering Corp		666
	786,968		Shikun & Binui Ltd		1,965
	35,600		Shima Seiki Manufacturing Ltd		922
	321,138	e	Shimizu Corp		1,338
	152,000		Shin Zu Shing Co Ltd		328
	124,000	e	Shinko Electric Co Ltd		413
	24,000	e	Shin-Kobe Electric Machinery Co Ltd		383
	338,590		Shinmaywa Industries Ltd		1,291
	146,000		Shinsho Corp		352
	35,900	e	SHO-BOND Holdings Co Ltd		866
	400,500		Shui On Construction and Materials Ltd		539
	1,459,280		Siemens AG.		200,535
	44,561		Siemens India Ltd		887
	817,853	*	SIG plc		1,791
	195,000		Silitech Technology Corp		462
	3,596,671		Sime Darby BHD		11,006
	203,728	e	Simpson Manufacturing Co, Inc		6,085
	8,128,000		Singamas Container Holdings Ltd		3,242
	416,674	e	Singapore Technologies Engineering Ltd		1,023
	51,729	*,e	Singulus Technologies		293
	366,400		Sino Thai Engineering & Construction PCL		145
	186,640		Sintex Industries Ltd		760
	61,800		Sintokogio Ltd		634
	65,425		SK Corp		11,405
	184,640		SK Networks Co Ltd		1,893
	3,072		Skanska AB (B Shares)		55
	2,362,600	e	SKF AB (B Shares)		68,409
	3,859		SKF India Ltd		59
	296,191		SM Investments Corp		3,659

34

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	55,742		SMC Corp	$	10,049
	3,818,450		Smiths Group plc		73,655
	175,371	e	Snap-On, Inc		10,957
	161,330		SNC-Lavalin Group, Inc		9,849
	57,400	*	Sodick Co Ltd		488
	5,835,486		Sojitz Holdings Corp		10,931
	7,286		Solar Holdings AS (B Shares)		525
	13,805	*,e	Solar Millennium AG.		366
	58,976		Solaria Energia y Medio Ambiente S.A.		171
	1,107,389	e	Sonae SPGS S.A.		1,159
	753,938		Speedy Hire plc		365
	108,318		Spirax-Sarco Engineering plc		3,483
	503,799	*,e	Spirit Aerosystems Holdings, Inc (Class A)		11,084
	264,856	e	SPX Corp		21,893
	19,891		SRV Group plc		173
	20,939	*	Ssangyong Engineering & Construction Co Ltd		149
	64,204		Standex International Corp		1,969
	678,917	e	Stanley Works		48,916
	39,630		Stefanutti Stocks Holdings Ltd		73
	106,179	*	Sterling Construction Co, Inc		1,462
	93,021	e	Strabag SE		2,764
	24,839		STX Corp Co Ltd		528
	10,280		Stx Engine Co Ltd		299
	4,660		STX Enpaco Co Ltd		54
	554,000	e	STX OSV HOLDINGS Ltd		630
	50,200		STX Shipbuilding Co Ltd		1,492
	185		Sulzer AG.		30
	132,000		Sumikin Bussan Corp		321
	2,432,666		Sumitomo Corp		33,095
	1,485,154		Sumitomo Electric Industries Ltd		21,662
	790,246		Sumitomo Heavy Industries Ltd		5,516
	152,000	e	Sumitomo Precision Products Co Ltd		1,131
	58,156		Sun Hydraulics Corp		2,780
	400,000	*	Sun King Power Electronics Group Ltd		63
	28,990	*	Sung Jin Geotec Co Ltd		388
	7,888		Sung Kwang Bend Co Ltd		163
	296,000		Sunonwealth Electric Machine Industry Co Ltd		255
	115,000		Sunspring Metal Corp		147
	341,700		Sunway Holdings BHD		308
	145,668	e	Superior Plus Corp		1,695
	1,177,909	*	Suzlon Energy Ltd		1,267
	329,000	*,e	SWCC Showa Holdings Co Ltd		420
	366,287		Swisslog Holding AG.		392
	994,000		Ta Ya Electric Wire & Cable		319
	510,186	e	Tadano Ltd		3,091
	6,263		Taewoong Co Ltd		246
	131,220		Taeyoung Engineering & Construction		780
	71,410	*	Taihan Electric Wire Co Ltd		433
	40,000		Taihei Dengyo Kaisha Ltd		302
	69,000		Taihei Kogyo Co Ltd		301
	38,300	e	Taikisha Ltd		760
	475,901		Taisei Corp		1,092

35

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,190,608		Taiwan Glass Industrial Corp	$	2,102
	101,000	e	Takaoka Electric Manufacturing Co Ltd		320
	125,929	e	Takara Standard Co Ltd		965
	77,400	e	Takasago Thermal Engineering Co Ltd		605
	90,000	*,e	Takuma Co Ltd		457
	75,972	e	TAL International Group, Inc		2,623
	243,279	*,e	Taser International, Inc		1,107
	2,652,315		Tat Hong Holdings Ltd		1,717
	482,220		Tata Motors Ltd		10,769
	3,255,833		Teco Electric and Machinery Co Ltd		2,353
	90,612	*,e	Tecumseh Products Co (Class A)		924
	176,166	*,e	Teledyne Technologies, Inc		8,872
	101,711	e	Tennant Co		4,061
	325,321	*,e	Terex Corp		9,255
	21,643		Texmaco Ltd		16
	44,329	e	Textainer Group Holdings Ltd		1,363
	5,217,805		Textron, Inc		123,192
	768		Thales S.A.		33
	5,621		Thermax Ltd		75
	41,427	*	Thermon Group Holdings		497
	150,527		THK Co Ltd		3,847
	424,508	*	Thomas & Betts Corp		22,860
	1,040,000	*	Tianjin Development Hldgs		655
	751,953	e	Timken Co		37,898
	176,725	e	Titan International, Inc		4,287
	59,288	*,e	Titan Machinery, Inc		1,706
	13,402	*	TK Corp		295
	384,000		Toa Corp/Tokyo		709
	17,300		Tocalo Co Ltd		427
	384,000		Toda Corp		1,396
	49,000		Toenec Corp		258
	17,000		Tognum AG.		637
	152,066	*	Tognum AG.		5,687
	50,000	*,e	Tokai Corp		247
	48,000		Tokyo Energy & Systems, Inc		272
	196,050	*	Tokyu Construction Co Ltd		513
	49,000		Tong-Tai Machine & Tool Co Ltd		79
	121,000		Topco Technologies Corp		360
	24,700	e	Torishima Pump Manufacturing Co Ltd		396
	199,907		Toro Co		12,094
	111,742		Toromont Industries Ltd		2,201
	153,964		Toshiba Machine Co Ltd		841
	71,000	e	Toshiba Plant Systems & Services Corp		839
	120,000	*	Totetsu Kogyo Co Ltd		1,149
	135,993		Toto Ltd		1,058
	630,000		Tower Bersama Infrastructure		175
	380,000	e	Toyo Construction Co Ltd		422
	93,000	e	Toyo Electric Manufacturing Co Ltd		445
	548,957	e	Toyo Engineering Corp		2,186
	14,400	e	Toyo Tanso Co Ltd		734
	228,850		Toyota Tsusho Corp		3,928
	617,800	*	Tradewinds Corp BHD		187

36

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	333,830		Trakya Cam Sanayi AS	$	712
	120,088	e	TransDigm Group, Inc		10,951
	409,443		Travis Perkins plc		6,503
	124,551	e	Tredegar Corp		2,286
	476,076		Trelleborg AB (B Shares)		5,298
	39,981	e	Trevi Finanziaria S.p.A.		581
	64,044	*,e	Trex Co, Inc		1,568
	188,818	*	Trimas Corp		4,673
	240,023	e	Trinity Industries, Inc		8,372
	91,129		Triumph Group, Inc		9,075
	25,000		Trusco Nakayama Corp		489
	203,000		Tsubakimoto Chain Co		1,252
	70,000	e	Tsugami Corp		417
	32,000		Tsukishima Kikai Co Ltd		279
	692,000		Tuan Sing Holdings Ltd		198
	23,354		Turk Traktor ve Ziraat Makineleri AS.		536
	71,772	e	Twin Disc, Inc		2,773
	4,626,475		Tyco International Ltd		228,687
	94,204		Ultra Electronics Holdings		2,594
	15,900		Union Tool Co		345
	4,054	*,e	United Capital Corp		121
	256,000		United Engineers Ltd		455
	418,320	e	United Group Ltd		6,252
	270,000		United Integrated Services Co Ltd		398
	287,755	*,e	United Rentals, Inc		7,309
	2,986,653		United Technologies Corp		264,348
	81,378	e	Universal Forest Products, Inc		1,950
	75,257	e	Uponor Oyj		1,249
	563,426	*	URS Corp		25,208
	1,431,367	*,e	USG Corp		20,526
	1,432,305		Ushio, Inc		28,320
	17,648		Vacon plc		1,110
	272,722	*,e	Valence Technology, Inc		322
	755,640	e	Vallourec		92,125
	66,261	e	Valmont Industries, Inc		6,387
	120,301		Veidekke ASA		1,095
	1,564	*,e	Vestas Wind Systems AS		36
	88,932	e	Vicor Corp		1,438
	486,056		Vinci S.A.		31,194
	3,080,000	*	Vitar International Holdings Ltd		618
	62,886	*	Volex Group plc		358
	95,209		Voltas Ltd		341
	3,700,753		Volvo AB (B Shares)		64,787
	91,793	e	Von Roll Holding AG.		388
	13,580		Vossloh AG.		1,906
	240,239		W.W. Grainger, Inc		36,913
	278,475	*,e	Wabash National Corp		2,609
	549,041	*,e	WABCO Holdings, Inc		37,917
	35,785	e	Wacker Construction Equipment AG.		617
	240,200		Wafangdian Bearing Co Ltd		205
	57,938		Wajax Income Fund		2,184
	4,464,150	*	Walsin Lihwa Corp		2,246

37

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,380		Walter Meier AG.	$	622
	401,734	e	Wartsila Oyj (B Shares)		13,585
	135,648		Watsco, Inc		9,223
	144,756		Watts Water Technologies, Inc (Class A)		5,126
	63,631	*	Wavin NV		960
	100,000	*	Ways Technical Corp Ltd		271
	1,044,300		WCT BHD		1,070
	174,000		Wei Mon Industry Co Ltd		116
	645,000	e	Weichai Power Co Ltd		3,779
	458,706		Weir Group plc		15,659
	104,000		Well Shin Technology Co Ltd		165
	47,074	e	Wendel		5,781
	385,933	*,e	WESCO International, Inc		20,875
	221,838	e	Westinghouse Air Brake Technologies Corp		14,579
	54,805	*,e	Westport Innovations, Inc		1,313
	5,070,530	e	Wienerberger AG.		93,404
	103,194		Wilson Bayly Holmes-Ovcon Ltd		1,684
	2,244,751		Wolseley plc		73,271
	325,019	e	Woodward Governor Co		11,330
	2,575		Wooree ETI Co Ltd		10
	41,521	*,e	Xerium Technologies, Inc		770
	36,000		Yahagi Construction Co Ltd		183
	71,400		Yamazen Corp		506
	5,235,669	e	Yangzijiang Shipbuilding		6,247
	75,254		Yazicilar Holding AS.		540
	1,197,000	*	Ying Li International Real Estate Ltd		357
	174,351		YIT Oyj		4,364
	43,000		Yokogawa Bridge Holdings Corp		279
	20,541		Young Poong Precision Corp		214
	1,003,000	e	Yuasa Trading Co Ltd		1,578
	548,000		Yungtay Engineering Co Ltd		1,096
	53,000	e	Yurtec Corp		262
	13,400		Yushin Precision Equipment Co Ltd		283
	14,170	e	Zardoya Otis S.A.		208
	512		Zehnder Group AG.		1,583
	9,475		Zhongde Waste Technology AG.		125
	741,000	e	Zhuzhou CSR Times Electric Co Ltd		2,507
	79,540		Zodiac S.A.		6,925
	39,309		Zumtobel AG.		1,030
			TOTAL CAPITAL GOODS		9,895,037
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	58,152		Aangpanneforeningen AB (B Shares)		1,134
	283,717		ABM Industries, Inc		6,622
	251,266	*	Acacia Research (Acacia Technologies)		9,219
	255,237	*	ACCO Brands Corp		2,004
	4,888,083		Accor Services		149,140
	3,193		Adcorp Holdings Ltd		13
	1,978,990		Adecco S.A.		127,023
	147,207		Administaff, Inc		4,359
	97,518	*	Advisory Board Co		5,644
	25,800		Aeon Delight Co Ltd		520

38

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	862,144		Aggreko plc	$	26,711
	5,111		Akka Technologies S.A.		170
	75,500	*	Alexco Resource Corp		543
	65,125		American Banknote S.A.		875
	100,941		American Ecology Corp		1,726
	163,204	*	American Reprographics Co		1,154
	121,427	*	APAC Customer Services, Inc		647
	78,474		Asahi Holdings, Inc		1,602
	12,130,000	*,e	Asia Energy Logistics Group Ltd		252
	24,625	e	Assystem		630
	45,978	*	AT Cross Co		524
	280,241		Atkins WS plc		3,365
	223,069		Avery Dennison Corp		8,617
	265,297		Babcock International Group		3,034
	47,615		Barrett Business Services, Inc		682
	18,143	e	Bertrandt AG.		1,373
	160,650	e	BFI Canada Ltd		3,999
	1,858,215		Brambles Ltd		14,448
	257,789		Brink’s Co		7,690
	13,466		Brunel International		594
	22,758		Bureau Veritas S.A.		1,922
	12,237	e	BWT AG.		326
	145,427		Cabcharge Australia Ltd		805
	116,497	e	Campbell Brothers Ltd		5,737
	360,397	e	Cape plc		3,181
	76,565		Capita Group plc		879
	151,069	*,e	Casella Waste Systems, Inc (Class A)		922
	221,050	*,e	CBIZ, Inc		1,627
	53,074	e	CDI Corp		705
	226,078	*,e	Cenveo, Inc		1,447
	15,986		Cewe Color Holding AG.		749
	3,070,000	e	China Everbright International Ltd		1,204
	381,027		Cintas Corp		12,585
	97,403	*	Clean Harbors, Inc		10,057
	2,271	e	Compx International, Inc		30
	56,275	*	Consolidated Graphics, Inc		3,092
	49,500		Contax Participacoes S.A.		745
	118,200	*,e	Coolbrands International, Inc		663
	360,486	*,e	Coolbrands International, Inc		2,030
	178,459	*,e	Copart, Inc		8,316
	203,983	e	Corporate Executive Board Co		8,904
	428,057	*	Corrections Corp of America		9,267
	108,970	*,e	CoStar Group, Inc		6,460
	44,974	e	Courier Corp		497
	360,378		Covanta Holding Corp		5,943
	46,373	*,e	CRA International, Inc		1,256
	782,616	e	Dai Nippon Printing Co Ltd		8,820
	46,000	e	Daiseki Co Ltd		931
	431,958		Davis Service Group plc		3,778
	129,071		De La Rue plc		1,584
	224,278	e	Deluxe Corp		5,542

39

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	138,542	*	Derichebourg	$	1,077
	147,621	*	Dolan Media Co		1,250
	583,782	e	Downer EDI Ltd		2,333
	231,490		Dun & Bradstreet Corp		17,487
	63,298		Duskin Co Ltd		1,231
	2,115,000	*	Eastern Media International Corp		394
	485,752	e	EnergySolutions, Inc		2,400
	99,029	*,e	EnerNOC, Inc		1,559
	150	e	en-japan, Inc		197
	149,377		Ennis, Inc		2,599
	379,361		Equifax, Inc		13,171
	1,132,108		Experian Group Ltd		14,421
	84,965	*,e	Exponent, Inc		3,697
	18,430	*	Fiera Milano S.p.A.		120
	1,586,000	*,e	Fook Woo Group Holdings Ltd		501
	60,259	*,e	Franklin Covey Co		583
	314,578	*,e	FTI Consulting, Inc		11,935
	96,916	*,e	Fuel Tech, Inc		643
	18,463,000	*,m	Fung Choi Media Group Ltd		2,113
	108,164		G & K Services, Inc (Class A)		3,662
	33,485	*	Gategroup Holding AG.		1,479
	38,100		Genivar Income Fund		1,016
	287,211	*	Geo Group, Inc		6,614
	21,588		GL Events		805
	75,638	*	GP Strategies Corp		1,033
	2,177,568	e	Group 4 Securicor plc		9,789
	7,888		Groupe CRIT		257
	60,817		Gunnebo AB		392
	1,922,441		Hays plc		3,178
	280,443		Healthcare Services Group		4,557
	107,865	e	Heidrick & Struggles International, Inc		2,442
	19,150	*	Heritage-Crystal Clean, Inc		367
	241,002	e	Herman Miller, Inc		6,560
	142,579	*,e	Higher One Holdings, Inc		2,698
	143,817	*,e	Hill International, Inc		828
	183,344	e	HNI Corp		4,606
	488,483	e	Homeserve plc		3,942
	138,170	*,e	Hudson Highland Group, Inc		739
	104,854	*	Huron Consulting Group, Inc		3,168
	128,761	*	ICF International, Inc		3,268
	145,422	*	IHS, Inc (Class A)		12,131
	109,433	*,e	Innerworkings, Inc		913
	219,000	e	Interface, Inc (Class A)		4,242
	36,748		Intersections, Inc		669
	5,936		Intertek Group plc		188
	171,814		Intrum Justitia AB		2,530
	13,134	*	Ipek Matbacilik Sanayi Ve Ticaret AS		33
	537,002		Iron Mountain, Inc		18,306
	317,171		ITE Group plc		1,111
	656,300		JobStreet Corp BHD		637
	82,916	*	KAR Auction Services, Inc		1,568
	132,642	*	Kelly Services, Inc (Class A)		2,189

40

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	138,642	*,e	Kforce, Inc	$	1,813
	505,200	e	K-Green Trust		436
	160,810	e	Kimball International, Inc (Class B)		1,034
	240,322	e	Knoll, Inc		4,823
	107,500		Kokuyo Co Ltd		802
	19,140		Korea Plant Service & Engineering Co Ltd		568
	223,690	*,e	Korn/Ferry International		4,919
	184,000		Kyodo Printing Co Ltd		443
	496,000		L&K Engineering Co Ltd		597
	48,585	e	Lassila & Tikanoja Oyj		851
	88,885	e	Loomis AB		1,240
	64,458	*,e	M&F Worldwide Corp		1,666
	395,542		Manpower, Inc		21,222
	18,462		Matsuda Sangyo Co Ltd		280
	103,501		McGrath RentCorp		2,906
	151,830		McMillan Shakespeare Ltd		1,563
	117,307		Mears Group plc		529
	43,900		Meitec Corp		960
	178,747	*,e	Metalico, Inc		1,055
	486,927		Michael Page International plc		4,183
	120,437		Mine Safety Appliances Co		4,497
	167,964		Mineral Resources Ltd		2,080
	88,231	*	Mistras Group, Inc		1,429
	775,186		Mitie Group		2,959
	53,572		Mitsubishi Pencil Co Ltd		967
	8,000	*	Mitsubishi Research Institute, Inc		146
	155,138	*,e	Mobile Mini, Inc		3,287
	62,460		Morneau Sobeco Income Fund		650
	41,600		Moshi Moshi Hotline, Inc		676
	163,798		Mouchel Group plc		158
	52,399	e	Multi-Color Corp		1,294
	27,228	*	Mvelaserve Ltd		48
	307,255	*	Navigant Consulting, Inc		3,223
	70,313		Newalta, Inc		884
	239,470	*,e	NIELSEN HOLDINGS B.V.		7,462
	58	*	Nihon M&A Center, Inc		308
	6,800		Nippon Kanzai Co Ltd		118
	40,460	e	Nissha Printing Co Ltd		742
	274,935	*,e	Odyssey Marine Exploration, Inc		861
	82,000		Okamura Corp		554
	185,032	*	On Assignment, Inc		1,819
	22,768		Oyo Corp		236
	132,700	e	Park24 Co Ltd		1,380
	224		Pasona Group, Inc		208
	31,100		Pelikan International Corp BHD		10
	246		Pilot Corp		484
	578,885	e	Pitney Bowes, Inc		13,309
	694,191		PMP Ltd		459
	49,138	e	Poyry Oyj		703
	79,293		Proffice AB		406
	386,037	e	Programmed Maintenance Services Ltd		916
	87,300		PRONEXUS, Inc		408

41

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	45,088		Prosegur Cia de Seguridad S.A.	$	2,398
	116,766		Quad		4,538
	614,389	e	R.R. Donnelley & Sons Co		12,048
	239,148		Randstad Holdings NV		11,058
	899,543		Regus plc		1,597
	2,530,719	*	Rentokil Initial plc		3,861
	2,619,951	e	Republic Services, Inc		80,824
	213,964		Resources Connection, Inc		2,576
	92,433	e	Ritchie Bros Auctioneers, Inc		2,546
	445,409	e	Robert Half International, Inc		12,039
	264,176		Rollins, Inc		5,384
	299,815		RPS Group plc		1,180
	40,092	*	RPX Corp		1,124
	423,728		RSM Tenon Group plc		168
	24,270		S1 Corp (Korea)		1,257
	352,685		SAI Global Ltd (New)		1,797
	216,213		Salmat Ltd		858
	37,452		Sato Corp		479
	72,583	e	Schawk, Inc (Class A)		1,202
	83,512	*,e	School Specialty, Inc		1,202
	7,201	e	Seche Environnement S.A.		666
	163,336		Secom Co Ltd		7,831
	2,411		Securitas AB (B Shares)		26
	444,427		Securitas Systems AB (B Shares)		1,293
	809,156	e	Seek Ltd		5,612
	19,394		Serco Group plc		172
	130		SGS S.A.		247
	549,263		Shanks Group plc		1,128
	9,200	*	Shenzhen Dongjiang Environmental Co Ltd		35
	158,424	*	Skilled Group Ltd		381
	56,323		Societe BIC S.A.		5,441
	233,700		Sohgo Security Services Co Ltd		2,627
	355,051	*,e	Spherion Corp		3,227
	545,647		Spotless Group Ltd		1,371
	96,721	*	Standard Parking Corp		1,545
	76,462	*	Stantec, Inc		2,220
	362,927	e	Steelcase, Inc (Class A)		4,134
	576,317	*,e	Stericycle, Inc		51,360
	134,838		Sthree plc		859
	186,671	*,e	SYKES Enterprises, Inc		4,019
	166,000		Taiwan Secom Co Ltd		322
	9,513,530		Taiwan-Sogo Shinkong Security Corp		8,847
	87,605	*	Team, Inc		2,114
	69,969		Teleperformance		2,059
	33,400	e	Temp Holdings Co Ltd		308
	372,629	*,e	Tetra Tech, Inc		8,384
	386,000		Tianjin Capital Environmental Protection Group Co Ltd		115
	53,791	*	TMS International Corp		702
	15,600		Tokyu Community Corp		491
	207,664	e	Tomra Systems ASA		1,807
	87,700		Toppan Forms Co Ltd		698
	504,156		Toppan Printing Co Ltd		3,912

42

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	206,323	e	Towers Watson & Co	$	13,557
	52,010		Transcom WorldWide S.A. (ADR)		108
	130,930		Transcontinental, Inc		1,974
	746,119	e	Transfield Services Ltd		2,690
	644,473	*	Transpacific Industries Group Ltd		568
	81,958	*,e	TRC Cos, Inc		512
	305,023	*,e	TrueBlue, Inc		4,417
	67,000		Uchida Yoko Co Ltd		201
	72,409	e	Unifirst Corp		4,069
	224,865		United Stationers, Inc		7,967
	83,406		USG People NV		1,442
	650,674	*	Verisk Analytics, Inc		22,527
	134,462	e	Viad Corp		2,997
	29,557	e	VSE Corp		736
	650,812	e	Waste Connections, Inc		20,650
	1,871,338	e	Waste Management, Inc		69,744
	69,488	*,e	WCA Waste Corp		400
	320,000		WHK Group Ltd		316
	87,988		WSP Group plc		369
	160,000		Yem Chio Co Ltd		150
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		1,210,000
CONSUMER DURABLES & APPAREL - 1.9%
	1,286,000	e	361 Degrees International Ltd		790
	12,444		Accell Group		358
	314,137		Adidas-Salomon AG.		24,905
	10,439		Advanced Digital Broadcast Holdings S.A.		255
	86,000		Advanced International Multitech Co Ltd		139
	42,342		Aksa Akrilik Kimya Sanayii		145
	1,372,557		Alok Industries Ltd		778
	108,000	e	Alpine Electronics, Inc		1,496
	461,000		Altek Corp		670
	16,661		Altinyildiz		212
	239,358		Amer Sports Oyj (A Shares)		3,984
	192,360		American Greetings Corp (Class A)		4,624
	1,251,000	e	Anta Sports Products Ltd		2,243
	174,714		Arab Cotton Ginning		120
	380,700		Arcelik AS		1,947
	66,111	*	Arctic Cat, Inc		888
	34,400	*	Arezzo Industria E Comercio S.A.		482
	54,600		Arnest One Corp		562
	33,400	*,e	Aruze Corp		1,116
	475,238	*	Arvind Ltd		833
	251,089	*	Ascena Retail Group, Inc		8,549
	135,000	*	Asia Optical Co, Inc		231
	9,151		Asics Corp		137
	216,000		Atsugi Co Ltd		272
	43,000		AVY Precision Technology, Inc		144
	4,619	*	Bajaj Electricals Ltd		25
	50,191	*,e	Bang & Olufsen AS (B Shares)		656
	1,442,506	*	Barratt Developments plc		2,648
	9,040		Basic House Co Ltd		207

43

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	229,000		Basso Industry Corp	$	176
	52,828		Bata India Ltd		725
	311,051	*,e	Beazer Homes USA, Inc		1,054
	2,052,000	*	Beijing Properties Holdings Ltd		180
	165,751		Bellway plc		1,903
	44,433	e	Beneteau S.A.		958
	74,403	e	Benetton Group S.p.A.		589
	196,068	*	Berkeley Group Holdings plc		4,055
	272,227		Billabong International Ltd		1,764
	25,660		Bjoern Borg AB		209
	32,046	e	Blyth, Inc		1,614
	44,223		Bombay Dyeing & Manufacturing Co Ltd		356
	37,403		Bombay Rayon Fashions Ltd		238
	4,308,000	e	Bosideng International Holdings Ltd		1,334
	185,506		Bovis Homes Group plc		1,316
	7,972,000	*	Bright International Group Ltd		242
	928,368		Brookfield Incorporacoes S.A.		4,527
	29,325	*	Brookfield Properties Corp		289
	4,608	*,e	Brookfield Properties Corp		46
	382,415	e	Brunswick Corp		7,801
	101,418	e	Bulgari S.p.A.		1,791
	1,195,095		Burberry Group plc		27,792
	65,932		BWG Homes ASA		258
	109,370	*	C Mahendra Exports Ltd		591
	273,537	e	Callaway Golf Co		1,701
	63,800		Camargo Correa Desenvolvimento Imobiliario S.A.		208
	211,452	*,e	Carter’s, Inc		6,504
	62,828	e	Casio Computer Co Ltd		443
	29,468	*,e	Cavco Industries, Inc		1,326
	41,995	e	Cherokee, Inc		721
	2,612,000		Chigo Holding Ltd		232
	4,397,400	e	China Dongxiang Group Co		1,400
	112,116		China Great Star International Ltd		160
	661,000	e	China Lilang Ltd		929
	868,000		China Ting Group Holdings Ltd		99
	24,900		Chofu Seisakusho Co Ltd		625
	133,762		Christian Dior S.A.		21,020
	165,000	*,e	Clarion Co Ltd		320
	46,248	*	Clarus Corp		364
	42,400	*	Cleanup Corp		262
	1,825,458		Coach, Inc		116,701
	52,651	e	Columbia Sportswear Co		3,338
	1,126,200		Compagnie Financiere Richemont S.A.		73,802
	948,600		Consorcio ARA, S.A. de C.V.		478
	15,000		Corona Corp		167
	346,600	*	Corp GEO S.A. de C.V. (Series B)		798
	332,000	e	Costin New Materials Group		196
	493,770	*	CROCS, Inc		12,715
	50,923		CSS Industries, Inc		1,066
	411,781		Cyrela Brazil Realty S.A.		3,923
	30,200	e	Daidoh Ltd		304
	8,900		Daikoku Denki Co Ltd		89

44

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	136,000	e	Daiwa Seiko, Inc	$	152
	330,912	*	Deckers Outdoor Corp		29,167
	157,842		De’Longhi S.p.A.		1,843
	35,737	*,e	Delta Apparel, Inc		608
	267,200	*	Desarrolladora Homex S.A. de C.V.		1,121
	54,590		Descente Ltd		271
	43,291		Dorel Industries, Inc (Class B)		1,209
	2,693,547	e	DR Horton, Inc		31,030
	45,542		Duni AB		439
	1,303,456	*,e	Eastman Kodak Co		4,666
	192,000		Eclat Textile Co Ltd		310
	11,270		Elco Holdings Ltd		131
	199,141	e	Electrolux AB (Series B)		4,763
	203,000		Embry Holdings Ltd		144
	110,708	e	Ethan Allen Interiors, Inc		2,357
	177,300		Even Construtora e Incorporadora S.A.		895
	236,000		Evergreen International Holdin		118
	127,700		Ez Tec Empreendimentos e Participacoes S.A.		1,389
	160,000		Feng TAY Enterprise Co Ltd		153
	374		Fields Corp		624
	6,330		Fila Korea Ltd		529
	1,189,172	*	Fisher & Paykel Appliances Holdings Ltd		572
	2,024		Forbo Holding AG.		1,538
	30,300		Forjas Taurus S.A.		66
	727,220		Formosa Taffeta Co Ltd		800
	706,342	e	Fortune Brands, Inc		45,043
	14,613		Forus S.A.		46
	515,733	*	Fossil, Inc		60,712
	26,091		Foster Electric Co Ltd		524
	175,000	e	France Bed Holdings Co Ltd		227
	80,000	e	Fujitsu General Ltd		531
	25,100	e	Funai Electric Co Ltd		662
	221,208	*,e	Furniture Brands International, Inc		916
	770,498		Gafisa S.A.		3,668
	212,543	e	Garmin Ltd		7,020
	15,408	*	Genius Electronic Optical Co Ltd		145
	113,353		Geox S.p.A.		680
	37,374		Gerry Weber International AG.		2,454
	344,149		Giant Manufacturing Co Ltd		1,387
	67,118	*,e	G-III Apparel Group Ltd		2,314
	171,368		Gildan Activewear, Inc		6,040
	158,865		Gitanjali Gems Ltd		1,080
	676,637		Glorious Sun Enterprises Ltd		256
	470,000		Goodbaby International Holding		215
	115,300		Grendene S.A.		665
	134,783		GUD Holdings Ltd		1,317
	1,562,000	e	Gunze Ltd		5,310
	9,900		HAJIME CONSTRUCTION Co Ltd		260
	16,140		Handsome Co Ltd		400
	639,594	*	Hanesbrands, Inc		18,260
	45,420		Hansae Co Ltd		296
	22,120		Hanssem Co Ltd		278

45

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	344,611		Harman International Industries, Inc	$	15,704
	228,872	e	Hasbro, Inc		10,054
	1,873,500	*	Haseko Corp		1,356
	10,600	*	Hefei Meiling Co Ltd		8
	79,400		Heiwa Corp		1,228
	58,500		Helbor Empreendimentos S.A.		828
	144,492	*,e	Helen of Troy Ltd		4,989
	1,257	e	Hermes International		371
	124,000	*	Hisense Kelon Electrical Holdings Co Ltd		48
	68,300		Hitachi Koki Co Ltd		624
	394,073	*,e	Hovnanian Enterprises, Inc (Class A)		950
	9,771		Hunter Douglas NV		478
	307,784		Husqvarna AB (B Shares)		2,039
	11,527		IC Companys AS		496
	347,893	*,e	Iconix Brand Group, Inc		8,419
	47,239	e	Indesit Co S.p.A.		469
	232,800	*	Inpar S.A.		383
	600,000		International Taifeng Holdings Ltd		316
	281,000		Inventec Appliances Corp		227
	150,534	*,e	iRobot Corp		5,312
	175,518	*	Jakks Pacific, Inc		3,231
	100,000		Japan Vilene Co Ltd		441
	99,000		Japan Wool Textile Co Ltd		777
	6,087,239	a,e	Jarden Corp		210,072
	78,422		JBF Industries Ltd		287
	203,699	*	Jinshan Development & Construction Co Ltd		109
	111,904	e	JM AB		2,640
	76,000		Johnson Health Tech Co Ltd		180
	18,337	*,e	Johnson Outdoors, Inc		314
	434,772		Jones Apparel Group, Inc		4,717
	213,400	*	JVC KENWOOD Holdings, Inc		1,063
	420,376	e	KB Home		4,111
	57,593	*	Kenneth Cole Productions, Inc (Class A)		719
	9,000	*	Kinko Optical Co Ltd		15
	475,000		Konka Group Co Ltd		147
	112,005	*,e	K-Swiss, Inc (Class A)		1,191
	667,000		Kurabo Industries Ltd		1,338
	420,000	*	Kwong Fong Industries		177
	1,151		Kyungbang Ltd		136
	329,160		LAN FA Textile		154
	166,800		Lao Feng Xiang Co Ltd		484
	259,439	*,e	La-Z-Boy, Inc		2,561
	424,000		Le Saunda Holdings		253
	80,000		Lealea Enterprise Co Ltd		43
	194,484	*,e	Leapfrog Enterprises, Inc		821
	1,022,000	*	Lee & Man Handbags Holding Ltd		138
	437,502	e	Leggett & Platt, Inc		10,666
	480,326	e	Lennar Corp (Class A)		8,718
	152,329		LG Electronics, Inc		11,877
	20,380		LG Fashion Corp		802
	1,119,500	e	Li Ning Co Ltd		1,942
	85,000	*	Li Peng Enterprise Co Ltd		41

46

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	93,238	*,e	Libbey, Inc	$	1,512
	45,223	e	Lifetime Brands, Inc		531
	468,401	*,e	Liz Claiborne, Inc		2,506
	9,481		Loewe AG.		78
	553,600		Luthai Textile Co Ltd		504
	91,327		Luxottica Group S.p.A.		2,932
	346,118		LVMH Moet Hennessy Louis Vuitton S.A.		62,196
	79,635	*	M/I Homes, Inc		976
	96,552	*	Maidenform Brands, Inc		2,671
	9,516		Maisons France Confort		456
	294,000		Makalot Industrial Co Ltd		770
	537,600	e	Man Wah Holdings Ltd		563
	25,012		Marcolin S.p.A		183
	6,442	*,b	Mariella Burani S.p.A.		24
	47,808	*,e	Marine Products Corp		321
	10,800	e	Mars Engineering Corp		170
	1,224,023		Matsushita Electric Industrial Co Ltd		14,969
	1,405,360	e	Mattel, Inc		38,634
	199,663	e	MDC Holdings, Inc		4,920
	656,000		Meike International Holdings Ltd		107
	205,000		Meiloon Industrial Co		102
	321,000		Merida Industry Co Ltd		731
	147,742	*,e	Meritage Homes Corp		3,333
	114,000		Merry Electronics Co Ltd		175
	44,342,000	*	Ming Fung Jewellery Group Ltd		5,596
	65,000		Mitsui Home Co Ltd		325
	230,000	e	Mizuno Corp		1,091
	167,999	*,e	Mohawk Industries, Inc		10,078
	72,793		Movado Group, Inc		1,245
	458,498		MRV Engenharia e Participacoes S.A.		3,807
	19,209		Namco Bandai Holdings, Inc		231
	62,918		New Wave Group AB (B Shares)		452
	4,230,109		Newell Rubbermaid, Inc		66,752
	59,055		Nexity		2,822
	21,300		Nidec Copal Corp		261
	574,000		Nien Hsing Textile Co Ltd		462
	1,337,054		Nike, Inc (Class B)		120,307
	178,117		Nikon Corp		4,212
	192,000		Nisshinbo Industries, Inc		1,829
	206,253	*,e	Nobia AB		1,358
	21,900	*,e	Noritsu Koki Co Ltd		118
	50,236	*,e	NVR, Inc		36,445
	10,013		Olympic Group Financial Investments		60
	381,531		Onward Kashiyama Co Ltd		3,218
	29,362		Oriental Weavers		145
	111,000		O-TA Precision Industry Co Ltd		111
	54,394	e	Oxford Industries, Inc		1,836
	845,134		Pace plc		1,445
	576,778	e	Pacific Textile Holdings Ltd		386
	185,000		PanaHome Corp		1,202
	509,094	e	Pandora AS		15,995
	3,554,964		PDG Realty S.A.		20,023

47

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	402,000	*,m	Peace Mark Holdings Ltd	$	77
	1,394,000	e	Peak Sport Products Co Ltd		983
	10,000		Pegas Nonwovens S.A.		281
	67,297	*,e	Perry Ellis International, Inc		1,699
	692,365		Persimmon plc		5,364
	257,030		Phillips-Van Heusen Corp		16,828
	397,600	*	Pioneer Corp		1,784
	10,424,857		Playmates Holdings Ltd		3,738
	162,005	e	Polaris Industries, Inc		18,010
	191,229	e	Polo Ralph Lauren Corp (Class A)		25,359
	71,428	*	Poltrona Frau S.p.A.		130
	205,600	e	Pool Corp		6,129
	588,000		Ports Design Ltd		1,396
	3,139,230		Pou Chen Corp		2,903
	752,730	*	Prada S.p.A		4,542
	1,738,000	e	Prime Success International Group Ltd		1,553
	7,844,689	*	Pulte Homes, Inc		60,091
	675,456	*,e	Quiksilver, Inc		3,175
	156,599		Rajesh Exports Ltd		353
	101,220		Raymond Ltd		830
	328,515	*	Redrow plc		655
	23,300		Restoque Comercio e Confeccoes de Roupas S.A.		299
	25,316		RG Barry Corp		286
	1,784,000	*	Richfield Group Holdings Ltd		147
	16,750		Rinnai Corp		1,210
	688,000	*	Rising Development Holdings		132
	26,300		Rodobens Negocios Imobiliarios S.A.		226
	4,575	*	Rodriguez Group		36
	34,900		Roland Corp		345
	281,420		Rossi Residencial S.A.		2,301
	352,000		Royale Furniture Holdings Ltd		149
	613,000		Ruentex Industries Ltd		1,524
	3,098	*,e	Russ Berrie & Co, Inc		16
	186,585	e	Ryland Group, Inc		3,084
	371,617	*	S Kumars Nationwide Ltd		451
	7,001		Sabaf S.p.A.		201
	42,644	*	Safilo Group S.p.A.		678
	5,306		Sam Kwang Glass Ind Co Ltd		343
	269,000	*	Sampo Corp		91
	1,227,000		Samson Holding Ltd		218
	36,276		Sangetsu Co Ltd		884
	124,009		Sankyo Co Ltd		6,407
	125,000		Sanyo Electric Taiwan Co Ltd		139
	125,000	e	Sanyo Shokai Ltd		366
	287,207	*,e	Sealy Corp		727
	40,008		SEB S.A.		4,187
	1,014,524	e	Sega Sammy Holdings, Inc		19,612
	205,000		Seiko Holdings Corp		714
	1,515,630		Seiren Co Ltd		9,708
	2,517,876		Sekisui Chemical Co Ltd		21,513
	1,221,683		Sekisui House Ltd		11,375
	192,500	*	Shanghai Haixin Group Co		104

48

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,179,214	*,e	Sharp Corp	$	29,014
	55,300		Shenzhen Fiyta Holdings Ltd		66
	1,106,200		Shenzhou International Group Holdings Ltd		1,509
	11,976	e	Shimano, Inc		659
	204,000		Shinkong Textile Co Ltd		278
	182,621	*,e	Skechers U.S.A., Inc (Class A)		2,644
	33,685	e	Skyline Corp		589
	4,186,217	e	Skyworth Digital Holdings Ltd		2,529
	264,769	*,e	Smith & Wesson Holding Corp		794
	634,749		Socovesa S.A.		413
	1,592,795	*	Sony Corp		42,026
	23,035		SRF Ltd		148
	15,700		SRI Sports Ltd		168
	499,704	*,e	Standard-Pacific Corp		1,674
	93,000		Star Comgistic Capital Co Ltd		123
	1,885,930	*,e	Steinhoff International Holdings Ltd		6,419
	36,034	*	Steinway Musical Instruments, Inc		926
	614,500	e	Stella International Holdings Ltd		1,560
	224,714	*	Steven Madden Ltd		8,429
	76,982	e	Sturm Ruger & Co, Inc		1,690
	390,554		Sumitomo Forestry Co Ltd		3,580
	40,983	*,e	Summer Infant, Inc		333
	167,000		Sunny Optical Technology Group Co Ltd		46
	41,935		Swatch Group AG.		21,165
	87,081		Swatch Group AG. Reg		7,829
	97,000		Tainan Enterprises Co Ltd		137
	2,902,000		Tainan Spinning Co Ltd		1,835
	282,000		Taiwan Paiho Ltd		309
	20,000		Taiwan Sakura Corp		14
	133,493		Takamatsu Corp		1,897
	25,700	e	Tamron Co Ltd		617
	1,924,138	*	Tatung Co Ltd		893
	4,543,047	*	Taylor Woodrow plc		2,754
	682,000		TCL Multimedia Technology Holdings Ltd		272
	1,783,617	e	Techtronic Industries Co		2,137
	168,900		Tecnisa S.A.		1,412
	673,704	*,e	Tempur-Pedic International, Inc		45,691
	58,973		Ten Cate NV		2,385
	354,000		Texhong Textile Group Ltd		237
	1,908,000	e	Texwinca Holdings Ltd		2,261
	2,040,000	*	Theme International Holdings Ltd		121
	9	*	Thomson		0	^
	106,700	*	Thomson		652
	240,186	*,e	Timberland Co (Class A)		10,321
	237,800	*	Titan Industries Ltd		1,143
	12,588		Tod’s S.p.A.		1,686
	10,170	e	Token Corp		369
	441,222	*,e	Toll Brothers, Inc		9,151
	133,941	*,e	TomTom NV		709
	86,168		Tomy Co Ltd		733
	16,400	e	Touei Housing Corp		199
	934,676		Toyobo Co Ltd		1,377

49

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	30,367		Trigano S.A.	$	957
	1,952,000		Trinity Ltd		1,972
	17,100		TRISUL S.A.		43
	161,698	*,e	True Religion Apparel, Inc		4,702
	1,318,100	*	Tsann Kuen China Enterprise Co Ltd		270
	170,000		Tsann Kuen Enterprise Co Ltd		344
	93,900	*	TSI HOLDINGS CO Ltd		667
	13,524		TTK Prestige Ltd		893
	1,683,855		Tupperware Corp		113,577
	329,545		Turk Sise ve Cam Fabrikalari AS		721
	68,168	*,e	Under Armour, Inc (Class A)		5,270
	87,390	*,e	Unifi, Inc		1,206
	624,000	*	Unitika Ltd		419
	66,641	*	Universal Electronics, Inc		1,683
	695,915	*	Urbi Desarrollos Urbanos S.A. de C.V		1,527
	1,476		Vardhman Textiles Ltd		7
	295	*,m	Vardhman Textiles Ltd		0	^
	81,868	*,e	Vera Bradley, Inc		3,127
	160,217		Vestel Beyaz Esya Sanayi ve Ticaret AS.		272
	179,066	*	Vestel Elektronik Sanayi		296
	386,103	e	VF Corp		41,915
	996,299		Victory City International Hldgs Ltd		192
	62,272		Videocon Industries Ltd		303
	47,096		VIP Industries Ltd		810
	148,627	e	Wacoal Holdings Corp		1,856
	241,412	*	Warnaco Group, Inc		12,614
	374,000		Weiqiao Textile Co		282
	1,846,000		Welling Holding Ltd		400
	33,213	e	Weyco Group, Inc		817
	641,319	e	Whirlpool Corp		52,152
	26,454	*	Whirlpool of India Ltd		152
	672,000		Win Hanverky Holdings Ltd		91
	258,580		Wolverine World Wide, Inc		10,796
	160,780	*	Woongjin Chemical Co Ltd		184
	81,280		Woongjin Coway Co Ltd		2,899
	99,260		Wuxi Little Swan Co Ltd		179
	1,439,000		XTEP International Holdings		980
	16,100		Yamaha Corp		184
	22,000		Young Optics, Inc		101
	44,890		Youngone Corp		643
	6,860		Youngone Holdings Co Ltd		259
	922,738	e	Yue Yuen Industrial Holdings		2,935
	19,000		Zeng Hsing Industrial Co Ltd		81
	10,000		Zhonglu Co Ltd		8
	21,000		Zig Sheng Industrial Co Ltd		12
			TOTAL CONSUMER DURABLES & APPAREL		2,116,430
	CONSUMER SERVICES - 1.8%
	202,053	e	888 Holdings plc		112
	421,135	e	Accor S.A.		18,841
	1,374		Accordia Golf Co Ltd		964
	119,269	*,e	AFC Enterprises		1,962

50

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	818,000	e	Ajisen China Holdings Ltd	$	1,699
	491,400		Alsea SAB de C.V.		500
	226,000		Ambassador Hotel		368
	93,105		Ambassadors Group, Inc		822
	96,964	*	American Public Education, Inc		4,316
	216,280		Ameristar Casinos, Inc		5,128
	3,858	*	AmRest Holdings SE		110
	199,600		Anhanguera Educacional Participacoes S.A.		4,249
	738,422	*	Apollo Group, Inc (Class A)		32,254
	52,569	*,e	Archipelago Learning, Inc		518
	8,410	e	Arcos Dorados Holdings, Inc		177
	553,748	e	Aristocrat Leisure Ltd		1,443
	74,935	*	Ascent Media Corp (Series A)		3,969
	58,300	*	Atom Corp		190
	886	e	Autogrill S.p.A.		12
	147,806	*,e	Bally Technologies, Inc		6,013
	430,611		Banyan Tree Holdings Ltd		301
	109,583		Benesse Corp		4,708
	30,694	*	Benihana, Inc		322
	1,470,272		Berjaya Sports Toto BHD		2,187
	107,611	*,e	BETFAIR Group Ltd		1,310
	103,431		Betsson AB (Series B)		2,475
	101,622	*,e	BJ’s Restaurants, Inc		5,321
	153,328		Bob Evans Farms, Inc		5,362
	328,644	*,e	Boyd Gaming Corp		2,859
	87,523	*,e	Bravo Brio Restaurant Group, Inc		2,138
	71,939	*,e	Bridgepoint Education, Inc		1,798
	935,799		Brinker International, Inc		22,890
	77,799	*,e	Buffalo Wild Wings, Inc		5,159
	436,000	e	Cafe de Coral Holdings Ltd		1,064
	152,958	*,e	California Pizza Kitchen, Inc		2,825
	71,927	*,e	Cambium Learning Group, Inc		242
	71,173	*,e	Capella Education Co		2,979
	302,602	*,e	Career Education Corp		6,400
	46,009	*,e	Caribou Coffee Co, Inc		609
	1,704,278		Carnival Corp		64,132
	149,620		Carnival plc		5,797
	53,056	*,e	Carrols Restaurant Group, Inc		554
	127,322	e	CBRL Group, Inc		6,278
	111,238		CEC Entertainment, Inc		4,462
	890,200		Central Plaza Hotel PCL		242
	3,438,040		Century City International		252
	292,434	*,e	Cheesecake Factory		9,174
	5,870,000	*	China Energy Development Holdings Ltd		134
	105,003,000	*	China LotSynergy Holdings Ltd		2,943
	3,822,000		China Travel International Inv HK		665
	124,305	*,e	Chipotle Mexican Grill, Inc (Class A)		38,310
	68,231	e	Choice Hotels International, Inc		2,276
	56,844		Churchill Downs, Inc		2,563
	11,685		Cie des Alpes		390
	54,735		City Lodge Hotels Ltd		528

51

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	30,919	*,e	Club Mediterranee S.A.	$	740
	43,819	*	Codere S.A.		597
	161,997	*,e	Coinstar, Inc		8,835
	75,000	e	Colowide Co Ltd		455
	333,324		Compass Group plc		3,214
	82,992		Consumers’ Waterheater Income Fund		665
	346,030	*,e	Corinthian Colleges, Inc		1,474
	22,847		Cox & Kings India Ltd		93
	1,835		Credu Corp		59
	174,431	e	Crown Ltd		1,677
	2,265	*,e	Ctrip.com International Ltd (ADR)		98
	9,000	e	Daisyo Corp		105
	1,530,054	e	Darden Restaurants, Inc		76,135
	568,990	*,e	Denny’s Corp		2,208
	190,424		DeVry, Inc		11,260
	76,095	e	Dignity plc		965
	66,409	*,e	DineEquity, Inc		3,471
	156,793		Domino’s Pizza UK & IRL plc		1,016
	357,376	*,e	Domino’s Pizza, Inc		9,020
	42,100		Doutor Nichires Holdings Co Ltd		513
	221,799	*	ECHO ENTERTAINMENT GROUP Ltd		978
	73,488	*,e	Education Management Corp		1,759
	439,445		Educomp Solutions Ltd		3,861
	683,877	*	Egyptian for Tourism Resorts		136
	56,227		EIH Ltd		109
	23,174	e	Einstein Noah Restaurant Group, Inc		347
	1,309,772	*	Enjoy S.A.		331
	700,399	*	Enterprise Inns plc		720
	87,800		Estacio Participacoes S.A.		1,125
	31,247	*	Euro Disney SCA		367
	45,988		Everonn Education Ltd		543
	27,580		Famous Brands Ltd		180
	242,000		First Hotel		238
	137,387	e	Flight Centre Ltd		3,201
	34,670		Formosa International Hotels Corp		658
	28,000	*	Fortuna Entertainment Group		202
	80,000	e	Fuji Kyuko Co Ltd		409
	69,000	e	Fujita Kanko, Inc		241
	1,466,273	*,e	Galaxy Entertainment Group Ltd		3,154
	161,190	*,e	Gaylord Entertainment Co		4,836
	3,137,415		Genting BHD		11,686
	1,717,000	*	Genting Hong Kong Ltd		639
	4,469,816	*,e	Genting International plc		7,047
	28,544		Gold Reef Resorts Ltd		70
	3,794,000	*	Golden Resorts Group Ltd		538
	129,310	*,e	Grand Canyon Education, Inc		1,834
	11,640		Grand Korea Leisure Co Ltd		221
	90,015	*,e	Great Canadian Gaming Corp		716
	526,126		Greene King plc		4,114
	663,000		GuocoLeisure Ltd		374
	2,404,037		H&R Block, Inc		38,560
	6,005		Hana Tour Service, Inc		274

52

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	327,593	e	Hillenbrand, Inc	$	7,748
	35,300	e	HIS Co Ltd		872
	925,257		Hongkong & Shanghai Hotels		1,548
	12,227		Hotel Leela Venture Ltd		11
	2,107,000		Hotel Properties Ltd		3,965
	22,990		Hotel Shilla Co Ltd		585
	207,150	*	Huangshan Tourism Development Co Ltd		275
	328,063	*	Hurtigruten Group ASA		300
	337,640	*,e	Hyatt Hotels Corp		13,782
	8,700		Ichibanya Co Ltd		275
	315,780		Indian Hotels Co Ltd		548
	348,634		Intercontinental Hotels Group plc		7,137
	563,157		International Game Technology		9,900
	120,131	e	International Speedway Corp (Class A)		3,413
	176,036	*	Interval Leisure Group, Inc		2,410
	154,029		Intralot S.A.-Integrated Lottery Systems & Services		329
	319,561		Invocare Ltd		2,641
	114,011	*,e	Isle of Capri Casinos, Inc		1,009
	160,257	*,e	ITT Educational Services, Inc		12,539
	211,505	*,e	Jack in the Box, Inc		4,818
	214,753	*,e	Jamba, Inc		460
	554,000	*	Janfusun Fancyworld Corp		199
	442,800		Jollibee Foods Corp		906
	54,549	*	Jubilant Foodworks Ltd		1,166
	104,575	*,e	K12, Inc		3,466
	145,230		Kangwon Land, Inc		3,899
	18,050	e	Kappa Create Co Ltd		375
	109,700		KFC Holdings Malaysia BHD		140
	23,300	e	Kisoji Co Ltd		483
	805,000	*	Kosmopolito Hotels Internation		183
	296,380	*	Krispy Kreme Doughnuts, Inc		2,819
	52,300	*	Kroton Educacional S.A.		679
	3,747		Kuoni Reisen Holding		1,450
	14,100	e	Kura Corp		183
	18,700		Kyoritsu Maintenance Co Ltd		274
	2,103,054	e	Ladbrokes plc		5,145
	199,300		Landmarks BHD		95
	2,901,134	*	Las Vegas Sands Corp		122,457
	126,000	*	Leofoo Development Co		104
	176,444	*,e	Life Time Fitness, Inc		7,042
	191,168	e	Lincoln Educational Services Corp		3,279
	455,000		Little Sheep Group Ltd		365
	7,980	*	Lotte Tour Development Co Ltd		172
	61,052		Lottomatica S.p.A.		1,184
	43,561	*	Luby’s, Inc		240
	72,969	e	Mac-Gray Corp		1,127
	467,896		Macquarie Leisure Trust Group		642
	111,999	e	Marcus Corp		1,107
	1,474,862		Marriott International, Inc (Class A)		52,343
	789,919		Marston’s plc		1,292
	172,600		Masterskill Education Group BHD		112
	30,600		Matsuya Foods Co Ltd		575

53

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	126,482		Matthews International Corp (Class A)	$	5,078
	81,863	*,e	McCormick & Schmick’s Seafood Restaurants, Inc		703
	3,381,549		McDonald’s Corp		285,131
	6,815	e	McDonald’s Holdings Co Japan Ltd		173
	6,158		MegaStudy Co Ltd		828
	1,450,213		Melco International Development		1,471
	20,915	*	Melco PBL Entertainment Macau Ltd (ADR)		267
	1,365,200	*	MGM China Holdings Ltd		2,512
	1,313,810	*	MGM Mirage		17,355
	214,220		Millennium & Copthorne Hotels plc		1,751
	2,131,900		Minor International PCL (Foreign)		793
	341,881	*	Mitchells & Butlers plc		1,728
	2,145		Modetour Network, Inc		77
	51,545	*	Monarch Casino & Resort, Inc		538
	105,513	*,e	Morgans Hotel Group Co		759
	33,200		MOS Food Services, Inc		622
	175,977	*	Multimedia Games, Inc		801
	724,000		NagaCorp Ltd		177
	32,007	e	National American University Holdings, Inc		301
	213,261		Navitas Ltd		926
	105,012	*,e	NH Hoteles S.A.		789
	91,199	*,e	O’Charleys, Inc		667
	16,000		Ohsho Food Service Corp		378
	453,072		OPAP S.A.		7,076
	17,637		Orascom Development Holding AG.		581
	5,076	*	Orbis S.A.		70
	17,481	e	Oriental Land Co Ltd		1,483
	5,129,316	*,a,e	Orient-Express Hotels Ltd (Class A)		55,140
	395,000		Overseas Union Enterprise Ltd		918
	653	e	Pacific Golf Group International Holdings KK		341
	108,188		Paddy Power plc		5,882
	882,436		Paliburg Holdings Ltd		345
	198,946	*,e	Panera Bread Co (Class A)		25,000
	100,560	*	Papa John’s International, Inc		3,345
	10,603		Paradise Co Ltd		69
	5,035,896	*	PartyGaming plc		12,108
	53,308	*,e	Peet’s Coffee & Tea, Inc		3,076
	631,603	*,e	Penn National Gaming, Inc		25,479
	144,539	e	PF Chang’s China Bistro, Inc		5,816
	6,428		Pierre & Vacances		536
	293,198	*,e	Pinnacle Entertainment, Inc		4,369
	66,500		Plenus Co Ltd		1,071
	29,180	*,e	Pre-Paid Legal Services, Inc		1,940
	152,263		Prommethean World plc		143
	889,542	*	Punch Taverns plc		1,025
	188,800		QSR Brands BHD		367
	793,666	e	Raffles Education Corp Ltd		318
	58,266	*,e	Red Lion Hotels Corp		460
	64,049	*	Red Robin Gourmet Burgers, Inc		2,330
	737,000		Regal Hotels International Holdings Ltd		310
	317,430	e	Regis Corp		4,863
	6,115,800		Resorts World BHD		7,305

54

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	39,400		Resorttrust, Inc	$	496
	275,981		Restaurant Group plc		1,302
	20,895,000		Rexcapital Financial Holdings Ltd		2,021
	155,446	*	Rezidor Hotel Group AB		984
	19,200	e	Ringer Hut Co Ltd		261
	159,200		Round One Corp		1,361
	382,331	*,e	Royal Caribbean Cruises Ltd		14,391
	33,700	e	Royal Holdings Co Ltd		348
	325,006	*,e	Ruby Tuesday, Inc		3,504
	184,288	*,e	Ruth’s Chris Steak House, Inc		1,034
	40,000		Saizeriya Co Ltd		760
	24,526,365	*	Sands China Ltd		66,480
	271,056	*	Scientific Games Corp (Class A)		2,803
	711,346		Service Corp International		8,309
	1,168,000	e	Shanghai Jin Jiang International Hotels Group Co Ltd		208
	192,400		Shanghai Jinjiang International Hotels Development Co Ltd		292
	86,200		Shanghai Jinjiang International Travel Co Ltd		109
	1,006,719		Shangri-La Asia Ltd		2,472
	2,466		Shinsegae Food Co Ltd		208
	229,225	*	Shuffle Master, Inc		2,144
	872,000		SITC International Co Ltd		471
	197,648	e	Six Flags Entertainment Corp		7,402
	5,607,371		SJM Holdings Ltd		13,339
	28,447		SkiStar AB (Series B)		460
	108,209		Sky City Entertainment Group Ltd		325
	2,048,000	*	SMI Corp Ltd		91
	96,520		Sodexho Alliance S.A.		7,561
	77,742	e	Sol Melia S.A.		940
	260,245	*,e	Sonic Corp		2,766
	591,993		Sotheby’s (Class A)		25,752
	54,214	e	Speedway Motorsports, Inc		769
	657,911		Sportingbet plc		583
	10,200		St Marc Holdings Co Ltd		382
	674,000		Stamford Land Corp Ltd		341
	395	e	Starbucks Coffee Japan Ltd		224
	3,346,651		Starbucks Corp		132,158
	823,120	e	Starwood Hotels & Resorts Worldwide, Inc		46,128
	5,701	*,e	Steak N Shake Co		2,229
	63,277	*	Steiner Leisure Ltd		2,890
	324,874	e	Stewart Enterprises, Inc (Class A)		2,372
	66,552	e	Strayer Education, Inc		8,412
	97,050		Sun International Ltd		1,315
	190,860		Tabcorp Holdings Ltd		675
	111,997		Tattersall’s Ltd		289
	256,436	e	Texas Roadhouse, Inc (Class A)		4,497
	1,194,132	e	Thomas Cook Group plc		2,552
	258,831		Tim Hortons, Inc (Toronto)		12,638
	5,667	*	Tipp24 SE		286
	239,000		Tokyo Dome Corp		471
	210,000	e	Tokyotokeiba Co Ltd		272
	107		Toridoll.corp		146

55

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	85,494	*	Town Sports International Holdings, Inc	$	651
	1,156	*	TUI AG.		13
	63,606	e	TUI Travel plc		229
	34,124	*	Unibet Group plc (ADR)		741
	87,142		Universal Technical Institute, Inc		1,723
	82,735		UP, Inc		681
	168,749	e	Vail Resorts, Inc		7,800
	28,900	e	WATAMI Co Ltd		610
	311,175	e	Weight Watchers International, Inc		23,484
	594,085	e	Wendy’s/Arby’s Group, Inc (Class A)		3,012
	155,048		Wetherspoon (J.D.) plc		1,073
	16,460		Whitbread plc		427
	1,578,480	e	William Hill plc		5,787
	498,920	*	WMS Industries, Inc		15,327
	1,308,894		Wyndham Worldwide Corp		44,044
	5,726,568	e	Wynn Macau Ltd		18,753
	178,929		Wynn Resorts Ltd		25,683
	335,000		YBM Sisa.com, Inc		2,156
	50,000		Yomiuri Land Co Ltd		167
	1,178		Yoshinoya D&C Co Ltd		1,452
	2,868,970		Yum! Brands, Inc		158,481
	4,794	*	Zee Learn Ltd		2
	137,300	e	Zensho Co Ltd		1,741
			TOTAL CONSUMER SERVICES		1,991,283
DIVERSIFIED FINANCIALS - 5.6%
	800,820		3i Group plc		3,616
	33,714		ABC Arbitrage		352
	1,603,244		Aberdeen Asset Management plc		5,743
	33,952		Ackermans & Van Haaren		3,297
	201,417	*,e	Acom Co Ltd		3,334
	107,581		Administradora de Fondos de Pensiones Provida S.A.		509
	8,400		Administradora de Fondos de Pensiones Provida S.A. (ADR)		600
	400,486		Advance America Cash Advance Centers, Inc		2,759
	804,671		Aeon Credit Service Co Ltd		11,021
	778,303		Aeon Thana Sinsap Thailand PCL		899
	950,000		Aeon Thana Sinsap Thailand Pcl (ADR)		1,098
	308,329	*	Affiliated Managers Group, Inc		31,280
	1,210,508		African Bank Investments Ltd		6,165
	125,843	e	AGF Management Ltd		2,441
	191,350	*,e	Aiful Corp		275
	34,582	e	Aker ASA (A Shares)		920
	70,614	*	Altamir Amboise		801
	668,811	*	American Capital Ltd		6,641
	3,936,989		American Express Co		203,541
	738,844		Ameriprise Financial, Inc		42,617
	2,664,605		AMMB Holdings BHD		5,755
	880,552	e	Apollo Investment Corp		8,990
	679,905		Apollo Management LP		11,694
	696,520	f,g	ARA Asset Management Ltd (purchased 09/10/09, cost $386)		863

56

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	606,043	e	Ares Capital Corp	$	9,739
	236,350	e	Artio Global Investors, Inc		2,671
	722,924	e	Ashmore Group plc		4,623
	410,775		Australian Stock Exchange Ltd		13,458
	32,151		Avanza AB		984
	363,307		Ayala Corp		2,674
	2,215	*	Ayala Corp Preferred		0	^
	221,791		Azimut Holding S.p.A.		2,071
	1,632		Bajaj Auto Finance Ltd		22
	14,255		Bajaj Auto Ltd		231
	150,556		Banca Finnat Euramerica S.p.A.		95
	142,699	e	Banca Generali S.p.A		1,979
	17,510		Banca IFIS S.p.A.		119
	319,925	e	Banca Profilo S.p.A.		150
	41,483,549		Bank of America Corp		454,661
	2,860,788		Bank of New York Mellon Corp		73,293
	45,128		Bank Sarasin & Compagnie AG.		1,787
	400,642	e	BGC Partners, Inc (Class A)		3,097
	90,361		BinckBank NV		1,240
	304,423		BlackRock Kelso Capital Corp		2,731
	988,766		BlackRock, Inc		189,655
	4,036,449		Blackstone Group LP		66,844
	4,484,646		BM&FBOVESPA S.A.		29,684
	21,730,085		Bolsa de Valores de Colombia		506
	25,681	m	Bolsa de Valores de Lima S.A.		95
	464,600	e	Bolsa Mexicana de Valores S.A. de C.V.		933
	109,818	e	Bolsas y Mercados Espanoles		3,266
	31,677	*	Boursorama		375
	400,172	e	Brait S.A.		980
	331,884		Brewin Dolphin Holdings plc		792
	525,223	*,e	Broadpoint Securities Group, Inc		1,071
	81,634		BT Investment Management Ltd		219
	85,021	e	Bure Equity AB		427
	389,300		Bursa Malaysia BHD		999
	130,520	e	Calamos Asset Management, Inc (Class A)		1,895
	3,489	e	California First National Bancorp		53
	113,982		Canaccord Capital, Inc		1,461
	1,877,536	e	Capital One Financial Corp		97,012
	1,424,923		Capital Securities Corp		689
	16,712	e	Capital Southwest Corp		1,542
	154,816	e	Cash America International, Inc		8,959
	112,499	e	CBOE Holdings, Inc		2,767
	65,701		Century Leasing System, Inc		1,185
	284,200		CETIP S.A.-Balcao Organizado de Ativos e Derivativos		4,398
	1,285,338	e	Challenger Financial Services Group Ltd		6,771
	5,436,018	e	Charles Schwab Corp		89,422
	1,353,000		China Bills Finance Corp		536
	1,424,000		China Everbright Ltd		2,731
	122,000		China Merchants China Direct Investments Ltd		220
	3,236		Cholamandalam DBS Finance Ltd		12
	280,207	e	CI Financial Corp		6,653
	425,039	*	Citadel Capital Corp		406

57

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	18,464,909		Citigroup, Inc	$	768,880
	199,019		Close Brothers Group plc		2,467
	521,052		CME Group, Inc		151,935
	74,578	e	Cohen & Steers, Inc		2,472
	681,047		Collins Stewart plc		768
	3,658		Compagnie Financiere Tradition S.A.		470
	1,779,900	e	Compartamos SAB de C.V.		3,218
	278,131		Compass Diversified Trust		4,586
	782,000	*	Concord Securities Corp		249
	418,101		Coronation Fund Managers Ltd		1,193
	20,291		Corp Financiera Alba		1,146
	2,611	*,m	Corp Financiera Colombiana S.A.		48
	108,111		Corp Financiera Colombiana S.A.		2,078
	207,933	e	Count Financial Ltd		221
	513,960	*,e	Cowen Group, Inc		1,932
	28,564	*,e	Credit Acceptance Corp		2,413
	1,628,000		Credit China Holdings Ltd		328
	414,156		Credit Saison Co Ltd		6,972
	2,155,386		Credit Suisse Group		84,000
	25,040,000	*	CST Mining Group Ltd		671
	27,398		DAB Bank AG.		156
	169,250		Daewoo Securities Co Ltd		2,848
	64,400		Daishin Securities Co Ltd		827
	42,640		Daishin Securities Co Ltd PF		339
	651,690	*,e	Daiwa Securities Group, Inc		2,871
	81,916		Davis & Henderson Income Fund		1,668
	235,542	*,e	DeA Capital S.p.A.		535
	21,586	*,e	Deerfield Capital Corp		148
	1,100,341		Deutsche Bank AG.		64,943
	16,973	e	Deutsche Beteiligungs AG.		479
	148,481		Deutsche Boerse AG.		11,274
	12,992	e	Diamond Hill Investment Group, Inc		1,056
	13,958		Dinamia		145
	6,397,172		Discover Financial Services		171,124
	180,731	*	Dollar Financial Corp		3,913
	359,658	*	Dom Maklerski IDMSA		333
	44,670		Dongbu Securities Co Ltd		222
	125,083		Duff & Phelps Corp		1,605
	150,720	*	Dundee Corp		3,962
	6,944,774	*	E*Trade Financial Corp		95,838
	41,398		East Capital Explorer AB		481
	287,060		Eaton Vance Corp		8,678
	641,900		ECM Libra Financial Group BHD		194
	84,732		Edelweiss Capital Ltd		63
	72,240	e	EFG International		801
	795,687		Egypt Kuwait Holding Co		1,025
	412,209		Egyptian Financial Group-Hermes Holding		1,389
	21,043	*	Elron Electronic Industries		107
	70,176	*	Encore Capital Group, Inc		2,156
	61,442	e	Epoch Holding Corp		1,097
	782,750	*,m	Eugene Investment & Securities Co Ltd		404
	23,179		Eurazeo		1,690

58

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	86,536	e	Evercore Partners, Inc (Class A)	$	2,883
	321,315		Evolution Group plc		321
	47,376	e	Exor S.p.A.		1,482
	201,177	*,e	Ezcorp, Inc (Class A)		7,157
	639,466		F&C Asset Management plc		770
	225,756	*,e	FBR Capital Markets Corp		768
	171,759	e	Federated Investors, Inc (Class B)		4,095
	278,045	e	Fifth Street Finance Corp		3,225
	5,803		Fimalac		244
	180,842	*,e	Financial Engines, Inc		4,687
	63,400		Financiera Independencia SAB de C.V.		55
	166,378	*,e	First Cash Financial Services, Inc		6,986
	353,815	*,e	First Marblehead Corp		626
	2,959,501		First Pacific Co		2,645
	1,328,000		First Shanghai Investments Ltd		156
	5,508,512		FirstRand Ltd		16,190
	501,367		FlexiGroup Ltd		1,114
	1,031,369		Franklin Resources, Inc		135,408
	35,162		Friedman Billings Ramsey Group, Inc (Class A)		1,104
	11,491,594		Fubon Financial Holding Co Ltd		17,711
	9,712,992		Fuhwa Financial Holdings Co Ltd		6,748
	30,800		Fuyo General Lease Co Ltd		1,044
	84,765	e	FXCM, Inc		841
	19,510	*,e	Gain Capital Holdings, Inc		133
	29,118	e	GAMCO Investors, Inc (Class A)		1,348
	117	*,e	GCA Savvian Group Corp		175
	4,412,000		Get Nice Holdings Ltd		290
	339,894	e	GFI Group, Inc		1,560
	24,061	e	Gimv NV		1,532
	106,244	e	Gladstone Capital Corp		982
	142,993	e	Gladstone Investment Corp		1,021
	19,448	e	Gluskin Sheff + Associates, Inc		379
	100,966		GMP Capital, Inc		1,339
	690,000	*	Goldbond Group Holdings Ltd		42
	2,617,864		Goldman Sachs Group, Inc		348,411
	34,716	e	Golub Capital BDC, Inc		518
	17,542		Gottex Fund Management Holdings Ltd		107
	59,962	*,e	Green Dot Corp		2,038
	57,393	e	Greenhill & Co, Inc		3,089
	11,375		Grenkeleasing AG.		723
	64,469		Groupe Bruxelles Lambert S.A.		5,727
	883	*	Groupe Bruxelles Lambert S.A. - STR VVPR		0	^
	13,758,453	e,m	Guinness Peat Group plc		9,067
	2,004,000		Guotai Junan International Hol		847
	872,783		Haci Omer Sabanci Holding AS		3,668
	84,290		Hanwha Securities Co		483
	301,726	e	Hargreaves Lansdown plc		2,946
	138,161	*,e	Harris & Harris Group, Inc		709
	78,863		Hellenic Exchanges S.A.		562
	1,374,601		Henderson Group plc		3,362
	179,421	e	Hercules Technology Growth Capital, Inc		1,888
	197,761	*,e	HFF, Inc (Class A)		2,984

59

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	202,800		Hitachi Capital Corp	$	2,751
	7,310	*	HMC Investment Securities Co Ltd		136
	1,081,992	e	Hong Kong Exchanges and Clearing Ltd		22,783
	567,000	*	Horizon Securities Co Ltd		152
	330,947		Hyundai Securities Co		3,711
	36,000		IBJ Leasing Co Ltd		879
	10,788,366	e	ICAP plc		81,823
	216,800	e	Ichiyoshi Securities Co Ltd		1,339
	1,090,772		IFCI Ltd		1,121
	637,099		IG Group Holdings plc		4,457
	266,410	e	IGM Financial, Inc		13,963
	112,995	*,e	Imperial Holdings, Inc		1,148
	148,238		India Infoline Ltd		293
	201,594		Indiabulls Financial Services Ltd		729
	76,749	*	Indiabulls Financial Services Ltd		0	^
	18,736		Indiabulls Securities Ltd		6
	395,607		Industrivarden AB		6,546
	1,511,591		Infrastructure Development Finance Co Ltd		4,453
	14,180,008	*	ING Groep NV		174,748
	24,600	*,e	Inmuebles Carso SAB de C.V.		25
	117,724	e	Interactive Brokers Group, Inc (Class A)		1,842
	132,633		Interbolsa S.A.		198
	971,600	*,e	IntercontinentalExchange, Inc		121,169
	2,976	f	Intergroup Financial Services Corp (purchased 08/18/10, cost $74)		69
	906,689		Intermediate Capital Group plc		4,698
	91,084	*,e	International Assets Holding Corp		2,205
	345,122		International Personal Finance plc		2,036
	195,909	*	Internet Capital Group, Inc		2,396
	1,491,286		Invesco Ltd		34,896
	317,937		Investec Ltd		2,624
	371,549	e	Investec plc		3,016
	261,409	*,e	Investment Technology Group, Inc		3,665
	382,933	e	Investor AB (B Shares)		8,782
	963,570	e	IOOF Holdings Ltd		6,849
	11,971	*	Is Finansal Kiralama AS.		9
	105,023		Is Yatirim Menkul Degerler AS		141
			iShares Asia Trust - iShares FTSE/Xinhua A50 China
	119,400	e	Tracker		199
	50,000	e	iShares MSCI Canada Index Fund		1,584
	1,034,223		iShares MSCI EAFE Index Fund		62,198
	411,827	e	iShares MSCI Emerging Markets		19,603
	258,203	e	iShares Russell 2000 Index Fund		21,379
	179,000		Jaccs Co Ltd		521
	165,917	*,e	Jafco Co Ltd		4,161
	364,627	e	Janus Capital Group, Inc		3,442
	8,823,000	*,a,e	Japan Asia Investment Co Ltd		9,814
	1,536,000	e	Japan Securities Finance Co Ltd		9,400
	254,311	e	Jefferies Group, Inc		5,188
	2,920,000	*,m	Jia Sheng Holdings Ltd		204
	1,542,000	*	Jih Sun Financial Holdings Co Ltd		732
	116,471	e	JMP Group, Inc		819
	18,540,073		JPMorgan Chase & Co		759,032

60

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	140,516		JSE Ltd	$	1,320
	489,353		Julius Baer Group Ltd		20,214
	625,168		Julius Baer Holding AG.		10,286
	348,462		Jupiter Investment Management Group Ltd		1,417
	846,000		K1 Ventures Ltd		97
	113,800	e	kabu.com Securities Co Ltd		351
	7,400,000	*	Kai Yuan Holdings Ltd		267
	79,360	*	Kardan NV		363
	16,102		KAS Bank NV		235
	43,613	*,e	KBC Ancora		802
	154,520	e	KBW, Inc		2,890
	4,240,000		KGI Securities Co Ltd		2,246
	390,900		Kim Eng Securities Thailand PCL		201
	541,522		Kinnevik Investment AB (Series B)		12,028
	23,007		KIWOOM Securities Co Ltd		1,215
	495,849	*,e	Knight Capital Group, Inc (Class A)		5,464
	80,636	*	Kohlberg Capital Corp		641
	64,750		Korea Investment Holdings Co Ltd		2,201
	423,255		Kotak Mahindra Bank Ltd		4,551
	82,410	*	KTB Securities Co Ltd		225
	37,180		Kyobo Securities Co		223
	448,408	*,e	Ladenburg Thalmann Financial Services, Inc		619
	502,158		Lazard Ltd (Class A)		18,630
	280,699	e	Legg Mason, Inc		9,196
	580,236	e	Leucadia National Corp		19,786
	162,462		London Stock Exchange Group plc		2,768
	100,430	*,e	LPL Investment Holdings, Inc		3,436
	61,641		Lundbergs AB (B Shares)		2,260
	204,812	*	Macquarie Group Ltd		6,909
	96,687	e	Main Street Capital Corp		1,832
	1,419,487		Man Group plc		5,399
	285,525		Manappuram General Finance & Leasing Ltd		361
	863,086		Marfin Investment Group S.A		776
	123,803	e	MarketAxess Holdings, Inc		3,103
	35,312	*,e	Marlin Business Services Corp		447
	93,300	e	Marusan Securities Co Ltd		381
	1,517,000		Masterlink Securities Corp		680
	218,800	e	Matsui Securities Co Ltd		1,056
	323,080	e	MCG Capital Corp		1,964
	112,098	*	MCI Management S.A.		294
	61,670		Medallion Financial Corp		601
	990,256		Mediobanca S.p.A.		10,028
	46,965	e	Medley Capital Corp		551
	363,320		Meritz Securities Co Ltd		324
	215,374	*	Meritz Securities Co Ltd		557
	2,423,000		Metro Pacific Investments Corp		201
	4,423,378	*,e	MF Global Holdings Ltd		34,237
	308,000		MIN XIN Holdings Ltd		169
	31,109		Mirae Asset Securities Co Ltd		1,312
	107,987		Mitsubishi UFJ Lease & Finance Co Ltd		4,179

61

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,412,000	e	Mizuho Investors Securities Co Ltd	$	1,287
	67,199		MLP AG.		689
	6,763	e	Monex Beans Holdings, Inc		1,349
	2,167,110		Moody’s Corp		83,110
	4,903,298	e	Morgan Stanley		112,825
	344,874	*,e	MSCI, Inc (Class A)		12,995
	657,900	*	Mulpha International BHD		108
	1,182,500		Multi-Purpose Holdings BHD		1,188
	105,268	e	MVC Capital, Inc		1,393
	135,916	*	Mvelaphanda Group Ltd		66
	325,473	*,e	Nasdaq Stock Market, Inc		8,234
	402,700		National Finance PCL		375
	18,575	e	Nationale A Portefeuille		1,316
	142,400	e	Nelnet, Inc (Class A)		3,141
	126,897	*,e	Netspend Holdings, Inc		1,269
	29,319	*,e	New Mountain Finance Corp		372
	102,993	*	NewStar Financial, Inc		1,100
	104,468	e	NGP Capital Resources Co		857
	58,692		NH Investment & Securities Co Ltd		368
	39,914	*,e	Nicholas Financial, Inc		474
	2,399,277	*,e	Nomura Holdings, Inc		11,840
	85,170		Nordnet AB (Series B)		284
	17,548,581		Norte Grande S.A.		304
	408,574		Northern Trust Corp		18,778
	828,024	e	NYSE Euronext		28,376
	374,000		Okasan Holdings, Inc		1,401
	436,452		OKO Bank (Class A)		5,646
	116,163		Onex Corp		4,501
	60,205	e	Oppenheimer Holdings, Inc		1,698
	295,552	e	optionsXpress Holdings, Inc		4,930
	46,332		Oresund Investment AB		769
	366,000	*	Orient Corp		426
	715,953	*,e	ORIX Corp		69,642
	382		Osaka Securities Exchange Co Ltd		1,705
	597,100		OSK Holdings BHD		303
	1,071,000		Pacific Century Regional Developments Ltd		166
	54,111		Pargesa Holding S.A.		5,015
	26,364		Partners Group		4,667
	1,239,600		Pearl Oriental Innovation Ltd		153
	209,312	e	PennantPark Investment Corp		2,346
	517,000	*,m	Peregrine Investment Holdings		0	^
	116,389	e	Perpetual Trustees Australia Ltd		3,119
	122,500		Phatra Capital PCL		116
	238,036	*,e	PHH Corp		4,884
	23,560		Philippine Stock Exchange, Inc		124
	97,331	*	Pico Holdings, Inc		2,823
	234,724	*,e	Pinetree Capital Ltd		552
	352,799		Pioneers Holding		253
	100,030	*,e	Piper Jaffray Cos		2,882
	271,967		Platinum Asset Mangement Ltd		1,206
	8,301,585		Polaris Securities Co Ltd		6,095

62

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	120,074	*,e	Portfolio Recovery Associates, Inc	$	10,181
	1,338,000		President Securities Corp		972
	105,611	*,e	Primus Guaranty Ltd		554
	152,418	*,e	Promise Co Ltd		1,298
	423,426	e	Prospect Capital Corp		4,281
	185,862	e	Provident Financial plc		2,874
	480,000		Public Financial Holdings Ltd		297
	36,545	e	Pzena Investment Management, Inc (Class A)		208
	173,819	*	Quest Capital Corp		303
	59,238		Rathbone Brothers		1,075
	152,703	e	Ratos AB (B Shares)		2,935
	465,879	e	Raymond James Financial, Inc		14,978
	171,462		Reliance Capital Ltd		2,226
	762,434		Remgro Ltd		12,575
	99,247	*	RHJ International		715
	44,000		Ricoh Leasing Co Ltd		983
	1,349,363		RMB Holdings Ltd		5,322
	670,115		Rural Electrification Corp Ltd		2,944
	97,650	*,e	Safeguard Scientifics, Inc		1,844
	117,299		Samsung Card Co		6,363
	74,125		Samsung Securities Co Ltd		5,517
	121,198	e	Sanders Morris Harris Group, Inc		956
	21,800	*	Sawada Holdings Co Ltd		229
	49,251	*	SBI Holdings, Inc		4,577
	342,684		Schroders plc		8,508
	653,106	e	SEI Investments Co		14,701
	5	*,b,m	SFCG Co Ltd		0	^
	385,000		Shenyin Wanguo HK Ltd		153
	1,265,686	*	Shinko Securities Co Ltd		3,050
	1,990		Shinyoung Securities Co Ltd		60
	153,475		Shriram Transport Finance Co Ltd		2,122
	554,162	e	Singapore Exchange Ltd		3,405
	126,570		SK Securities Co Ltd		227
	46,149	*	SKS Microfinance Pvt Ltd		357
	1,555,860	e	SLM Corp		26,154
	200,442	*	SNS Reaal		893
	133,127	e	Solar Capital Ltd		3,287
	61,493		Solar Senior Capital Ltd		1,104
	1,243	*	Sparx Group Co Ltd		124
	60,000	e	SPDR S&P MidCap 400 ETF Trust		10,644
	1,507,691	e	SPDR Trust Series 1		198,970
	73,268		Sprott, Inc		561
	256,970		SREI Infrastructure Finance Ltd		247
	2,208,460	e	State Street Corp		99,579
	240,464	*,e	Stifel Financial Corp		8,623
	4,620,000	*	Sun Innovation Holdings Ltd		115
	1,528		Sundaram Finance Ltd		19
	412,054		Suramericana de Inversiones S.A.		8,805
	12,751		Swissquote Group Holding S.A.		682
	173,739	e	SWS Group, Inc		1,041
	491,497	e	T Rowe Price Group, Inc		29,657
	403,000	*	Ta Chong Securities Co Ltd		159

63

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,299,700		Ta Enterprise BHD	$	304
	294,337		Tai Fook Securities Group Ltd		170
	176,000		Taiwan Acceptance Corp		530
	170,000	*	Takagi Securities Co Ltd		187
	201,840	*,m	Takefuji Corp		3
	604,806	e	TD Ameritrade Holding Corp		11,800
	321,261	*,e	Tetragon Financial Group Ltd		2,666
	34,427	e	THL Credit, Inc		448
	142,674	e	TICC Capital Corp		1,370
	113,426	e	TMX Group, Inc		5,151
	448,680		Tokai Tokyo Securities Co Ltd		1,361
	61,642		Tong Yang Investment Bank		361
	171,000		Transpac Industrial Holdings Ltd		274
	76,911	e	Triangle Capital Corp		1,420
	413,359		Tullett Prebon plc		2,351
	7,382,270	*	UBS AG. (Switzerland)		134,723
	9,438		Union Financiere de France BQE S.A.		383
	1,168,565		UOB-Kay Hian Holdings Ltd		1,543
	142,337	*	Uranium Participation Corp		939
	1,159,000		Value Partners Group Ltd		995
	5,167		Verwalt & Privat-Bank AG.		678
	23,699	*	Virtus Investment Partners, Inc		1,439
	78,000		Vontobel Holding AG.		2,644
	103,050	*	Vostok Nafta Investment Ltd		582
	1,453,872	e	Waddell & Reed Financial, Inc (Class A)		52,848
	39,210	*	Warsaw Stock Exchange		743
	2,953,772		Waterland Financial Holdings		1,329
	27,688	e	Westwood Holdings Group, Inc		1,055
	11,800		Woori Financial Co Ltd		193
	116,970		Woori Investment & Securities Co Ltd		1,892
	77,036	*,e	World Acceptance Corp		5,051
			TOTAL DIVERSIFIED FINANCIALS		6,257,636
ENERGY - 11.0%
	58,431		Aban Offshore Ltd		687
	372,316	*	Abraxas Petroleum Corp		1,426
	2,161	e	Acergy S.A.		55
	21,050,027		Adaro Energy Tbk		6,033
	226,307	*	Advantage Oil & Gas Ltd		1,793
	348,364	*,m	AET&D Holdings No 1 Ptd Ltd		0	^
	5,068,437	*	Afren plc		12,840
	240,800	*	Aker Drilling ASA		750
	78,571	e	Aker Kvaerner ASA		1,570
	273,100		Alam Maritim Resources BHD		90
	80,431		Alliance Holdings GP LP		4,012
	59,114		Alon USA Energy, Inc		666
	847,137	*	Alpha Natural Resources, Inc		38,494
	125,119	e	AltaGas Income Trust		3,341
	257,786		AMEC plc		4,504
	1,104,678	*,e	Amerisur Resources plc		430
	85,330	*,e	Amyris Biotechnologies, Inc		2,397
	2,684,668		Anadarko Petroleum Corp		206,075

64

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	89,000	*	Angle Energy, Inc	$	926
	361,026		Anglo Pacific Group plc		1,850
	184,000		Anhui Tianda Oil Pipe Co Ltd		61
	1,276,000		Anton Oilfield Services Group		221
	163,200	*	AOC Holdings, Inc		1,170
	2,273,193		Apache Corp		280,488
	38,362	e	APCO Argentina, Inc		3,335
	92,193	*,e	Approach Resources, Inc		2,090
	172,059	*,e	Aquila Resources Ltd		1,335
	330,415	e	ARC Energy Trust		8,568
	484,425		Arch Coal, Inc		12,915
	543,946	*,e	Athabasca Oil Sands Corp		8,573
	180,690	*,e	ATP Oil & Gas Corp		2,766
	394,146	*	Atwood Oceanics, Inc		17,394
	328,961	*	Aurelian Oil & Gas plc		302
	460,113	*,e	Aurora Oil and Gas Ltd		1,737
	703,676	*	Australian Worldwide Exploration Ltd		965
	2,139,877		Baker Hughes, Inc		155,269
	114,392	*	Bandanna Energy Ltd		229
	523,900		Bangchak Petroleum PCL		345
	303,626	*	Bankers Petroleum Ltd		2,166
	247,950		Banpu PCL		5,794
	103,063	*,e	Basic Energy Services, Inc		3,243
	537,232	e	Baytex Energy Trust		29,367
	3,412,374		Beach Petroleum Ltd		3,370
	144,000	*	Bellatrix Exploration Ltd		678
	221,882		Berry Petroleum Co (Class A)		11,789
	6,903,417		BG Group plc		156,748
	222,572		Bharat Petroleum Corp Ltd		3,243
	236,491	*,e	Bill Barrett Corp		10,961
	117,699	*,e	Birchcliff Energy Ltd		1,589
	362,400	*	BlackPearl Resources, Inc		2,559
	174,000	*	BNK Petroleum, Inc		834
	164,082	e	Bonavista Energy Trust		4,861
	46,025	e	Bonterra Oil & Gas Ltd		2,710
	517,045	*,e	Borders & Southern Petroleum plc		420
	54,344	e	Bourbon S.A.		2,367
	640,000		Boustead Singapore Ltd		527
	338,142	*,e	Bow Energy Ltd		329
	1,999,376	*	BowLeven plc		10,778
	9,582,480		BP plc		70,556
	190,529		BP plc (ADR)		8,439
	1,568,440	*	BPC Ltd		390
	419,561	*	BPZ Energy, Inc		1,376
	205,000	*	Brasil Ecodiesel Industria e Comercio de Biocombustiveis e Oleos Vegetais S.A.		92
	253,381	*	Brigham Exploration Co		7,584
	2,648,000		Brightoil Petroleum Holdings Ltd		1,039
	182,927		Bristow Group, Inc		9,333
	477,107		BW Offshore Ltd		1,087
	48,900	*,e	C&C Energia Ltd		497
	438,731		Cabot Oil & Gas Corp		29,092

65

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,921,738	*	Cairn Energy plc	$	32,823
	443,406	*	Cal Dive International, Inc		2,652
	92,397		Calfrac Well Services Ltd		3,044
	360,513	*	Callon Petroleum Co		2,531
	632,266	e	Caltex Australia Ltd		8,022
	114,620	*	Calvalley Petroleums, Inc		259
	325,034	*	Cam Finanziaria S.p.A.		187
	407,099	e	Cameco Corp		10,738
	681,656	*,e	Cameron International Corp		34,280
	20,700		Canadian Energy Services & Technology Corp		671
	1,715,165		Canadian Natural Resources Ltd (Canada)		71,900
	1,322,795	e	Canadian Oil Sands Trust		38,170
	61,000	*	Canyon Services Group, Inc		842
	39,164	e	CARBO Ceramics, Inc		6,382
	508,896	*	Carbon Energy Ltd		120
	898,797	*,e	Carnarvon Petroleum Ltd		169
	162,079	*	Carrizo Oil & Gas, Inc		6,767
	21,363		CAT Oil AG.		211
	95,111	*	Celtic Exploration Ltd		2,103
	2,598,916		Cenovus Energy, Inc		98,088
	3,965,347		Cenovus Energy, Inc		149,334
	411,000		CH Offshore Ltd		144
	139,949	*,e	Chariot Oil & Gas Ltd		417
	343,412	*,e	Cheniere Energy, Inc		3,146
	1,645,267	e	Chesapeake Energy Corp		48,848
	8,800,095		Chevron Corp		905,001
	592,000		China Aviation Oil Singapore Corp Ltd		585
	5,937,000	e	China Coal Energy Co		8,041
	2,620,000		China Oilfield Services Ltd		4,793
	158,000	*	China Qinfa Group Ltd		77
	6,539,799		China Shenhua Energy Co Ltd		31,338
	446,879	*	Chinook Energy Inc		783
	412,397		Cimarex Energy Co		37,083
	617,397	*,e	Circle Oil plc		326
	26,425	*,e	Clayton Williams Energy, Inc		1,587
	196,655	*	Clean Energy Fuels Corp		2,586
	393,738	*	Cloud Peak Energy, Inc		8,387
	37,104,000		CNOOC Ltd		87,394
	2,565,095		Coal India Ltd		22,542
	3,103,392	*,e	Cobalt International Energy, Inc		42,299
	601,089	*	Cockatoo Coal Ltd		240
	1,106	*	Compagnie Generale de Geophysique S.A.		41
	339,091	*	Complete Production Services, Inc		11,312
	214,230	*,e	Comstock Resources, Inc		6,168
	2,828,980	*,e	Concho Resources, Inc		259,841
	593,957	*	Connacher Oil and Gas Ltd		647
	5,468,214	e	ConocoPhillips		411,154
	717,406	e	Consol Energy, Inc		34,780
	94,441	*,e	Contango Oil & Gas Co		5,519
	224,723	*,e	Continental Resources, Inc		14,587
	247,452		Core Laboratories NV		27,601
	115,388	*,e	Corridor Resources, Inc		354

66

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	893,525	e	Cosmo Oil Co Ltd	$	2,544
	679,384	*	Cove Energy plc		1,060
	3,540,142	e	Crescent Point Energy Corp		163,600
	175,434	*,g,m	Crescent Point Energy Corp 144A		8,107
	117,428	*	Crew Energy, Inc		1,826
	47,788	*	Crimson Exploration, Inc		170
	68,400		CropEnergies AG.		535
	211,292	e	Crosstex Energy, Inc		2,514
	354,881		Crude Carriers Corp		4,773
	434,836	*,e	CVR Energy, Inc		10,706
	42,447	*	D/S Torm AS		180
	72,581	*	d’aAmico International Shipping S.A.		81
	804,193	*	Dart Energy Ltd		532
	31,114	*,e	Dawson Geophysical Co		1,063
	184,600		Dayang Enterprise Holdings BHD		124
	281,364	e	Daylight Resources Trust		2,728
	113,500	*,e	Deep Sea Supply plc		242
	668,838	*	Deep Yellow Ltd		108
	1,683	*	Delek Energy Systems Ltd		624
	73,107		Delek US Holdings, Inc		1,148
	11,774,926	*,e	Denbury Resources, Inc		235,499
	395,408	*	Denison Mines Corp		754
	74,095	*	Det Norske Oljeselskap ASA		433
	1,227,018	*,e	Devon Energy Corp		96,701
	241,768	e	DHT Maritime, Inc		926
	480,348	e	Diamond Offshore Drilling, Inc		33,821
	892,130	*,e	DNO International ASA		1,019
	20,919	*,e	Dockwise Ltd		574
	1,805,572		Dragon Oil plc		15,155
	537,280	*	Dresser-Rand Group, Inc		28,879
	188,479	*	Dril-Quip, Inc		12,785
	1,600,000	*	Dynamic Energy Holdings Ltd		155
	977,650	*	Eastern Star Gas Ltd		638
	8,062,364		Ecopetrol S.A.		17,501
	3,818,182	e	El Paso Corp		77,127
	151,015	*	Electromagnetic GeoServices AS		325
	2,822,000		Elnusa PT		87
	54,900		Enbridge Income Fund		1,066
	1,002,240	e	Enbridge, Inc		32,589
	763,944	e	EnCana Corp		23,589
	381,677	*,e	EnCore Oil plc		387
	182,248	*,e	Endeavour International Corp		2,746
	216,142		Enerflex Ltd		2,781
	222,505		Energen Corp		12,572
	130,831	*,e	Energy Partners Ltd		1,938
	319,057	e	Energy Resources of Australia Ltd		1,409
	314,354	*,e	Energy XXI Bermuda Ltd		10,443
	230,634	e	Enerplus Resources Fund		7,282
	1,192,344		ENI S.p.A.		28,257
	750,871	*	Enquest plc		1,481
	1,163,954		Ensco International plc (ADR)		62,039
	271,333	e	Ensign Energy Services, Inc		5,379

67

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	770,706	e	EOG Resources, Inc	$	80,577
	321,018	e	Equitable Resources, Inc		16,860
	174,289		ERG S.p.A.		2,352
	247,010	*,e	Essar Energy plc		1,620
	245,700		Esso Malaysia BHD		415
	6,563		Esso SA Francaise		895
	1,258,300		Esso Thailand PCL		464
	120,492	e	Etablissements Maurel et Prom		2,953
	13,049	f	Eurasia Drilling Co Ltd (GDR) (purchased 10/06/10, cost $361)		385
	30,174	e	Euronav NV		408
	64,542	*	Evolution Petroleum Corp		458
	357,892		EXCO Resources, Inc		6,317
	97,717		Exmar NV		879
	315,122	*,e	Exterran Holdings, Inc		6,249
	103,318	*,e	Extract Resources Ltd		877
	20,243,186		Exxon Mobil Corp		1,647,389
	494,000	e	Ezion Holdings Ltd		280
	697,200	e	Ezra Holdings Ltd		849
	315,796	*	Fairborne Energy Ltd		1,555
	134,810	*	Falkland Oil & Gas Ltd		122
	190,854	*	Faroe Petroleum plc		493
	99,359	e	Fersa Energias Renovables S.A.		170
	49,790	*	Flint Energy Services Ltd		720
	1,191,761	*,e	FMC Technologies, Inc		53,379
	273,066	*,e	Forest Oil Corp		7,294
	2,584,580		Formosa Petrochemical Corp		9,113
	213,200		Fort Chicago Energy Partners LP		3,071
	45,777	e	Fred Olsen Energy ASA		1,617
	120,800	e	Freehold Royalty Trust		2,460
	476,493	e	Frontier Oil Corp		15,395
	415,475	e	Frontline Ltd		6,124
	74,818	e	Frontline Ltd (Norway)		1,078
	524		Fugro NV		38
	220,591	*,e	FX Energy, Inc		1,937
	348,007	*	Galleon Energy, Inc		1,090
	134,405		Galp Energia SGPS S.A.		3,206
	232,676	*,e	Gastar Exploration Ltd		798
	8,052,990		Gazprom (ADR)		117,557
	67,358		Gazpromneft OAO (ADR)		1,587
	494,271	e	General Maritime Corp		667
	4,210,000	*	Genesis Energy Holdings Ltd		236
	44,441	*	Geokinetics, Inc		350
	84,110	*,e	Georesources, Inc		1,892
	65,879	*,e	Gevo, Inc		1,036
	69,306	*,e	Global Geophysical Services, Inc		1,234
	411,411	*	Global Industries Ltd		2,255
	268,165	*,e	GMX Resources, Inc		1,193
	223,878		Golar LNG Ltd		7,811
	100,122	*,e	Goodrich Petroleum Corp		1,843
	30,973		Great Eastern Shipping Co Ltd		199
	8,574		Great Offshore Ltd		41

68

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,603	*	Green Dragon Gas Ltd	$	49
	97,147	*,e	Green Plains Renewable Energy, Inc		1,048
	185,124	*	Grupa Lotos S.A.		3,047
	116,771		GS Holdings Corp		8,587
	276,456	*	Guildford Coal Ltd		334
	79,448	e	Gulf Island Fabrication, Inc		2,565
	991,859	*,e	Gulf Keystone Petroleum Ltd		2,193
	97,996	*,e	Gulfmark Offshore, Inc		4,330
	225,080	*,e	Gulfport Energy Corp		6,683
	505,109	*,e	Gulfsands Petroleum plc		1,715
	13,721	e	Hallador Petroleum Co		132
	3,857,774	e	Halliburton Co		196,747
	1,023		Hankook Shell Oil Co Ltd		198
	74,919	*	Hardy Oil & Gas plc		249
	60,052		Hargreaves Services plc		1,008
	135,934	*,e	Harvest Natural Resources, Inc		1,499
	532,188	*	Helix Energy Solutions Group, Inc		8,813
	139,996		Hellenic Petroleum S.A.		1,321
	502,939	e	Helmerich & Payne, Inc		33,254
	616,925	*,e	Hercules Offshore, Inc		3,399
	276,005	e	Heritage Oil Ltd		972
	1,295,411		Hess Corp		96,845
	172,017		Hindustan Oil Exploration		689
	49,900	*	Hindustan Petroleum Corp Ltd		444
	198,791		Holly Corp		13,796
	1,263,000	*	Honghua Group Ltd		137
	2,330,711	*,e	Horizon Oil Ltd		840
	136,153	*,e	Hornbeck Offshore Services, Inc		3,744
	78,563	e	Houston American Energy Corp		1,424
	6,600	*	HRT Participacoes em Petroleo SA		5,921
	211,140	*	Hunnu Coal Ltd		310
	142,350		Hunting PLC		1,750
	4,382,000		Huscoke Resources Holdings Ltd		158
	782,223	e	Husky Energy, Inc		21,331
	645,055	*,e	Hyperdynamics Corp		2,774
	106,180		Idemitsu Kosan Co Ltd		11,332
	801,781	e	Imperial Oil Ltd		37,344
	10,000		Indian Oil Corp Ltd		76
	1,386,718		Inner Mongolia Yitai Coal Co		8,115
	1,962		Inpex Holdings, Inc		14,505
	742,851	*,e	ION Geophysical Corp		7,027
	16,362,100		IRPC PCL		2,859
	5,237	*,e	Isramco, Inc		346
	92,953		Itochu Enex Co Ltd		521
	376,273	*,e	Ivanhoe Energy, Inc		714
	166,503	*,e	James River Coal Co		3,467
	10,800	e	Japan Drilling Co Ltd		371
	22,518		Japan Petroleum Exploration Co		1,057
	15,439	*	Jerusalem Oil Exploration		275
	347,323		JKX Oil & Gas plc		1,477
	732,838		John Wood Group plc		7,605

69

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,093,202		JX Holdings, Inc	$	14,079
	40,000		Kanto Natural Gas Development Ltd		230
	263,536	*	Karoon Gas Australia Ltd		1,486
	832,500		Kencana Petroleum BHD		776
	542,253	*	Key Energy Services, Inc		9,761
	143,048	e	Keyera Facilities Income Fund		6,480
	530,560	e	Kinder Morgan, Inc		15,243
	90,595	e	Knightsbridge Tankers Ltd		1,996
	477,525		KNM Group BHD		298
	763,575	*,e	Kodiak Oil & Gas Corp		4,406
	554,296	*,e	Kosmos Energy LLC		9,412
	116,968	*,e	L&L Energy, Inc		600
	168,000	*	Legacy Oil & Gas, Inc		2,040
	735,505		Linc Energy Ltd		2,279
	32,500	*	Lubelski Wegiel Bogdanka S.A.		1,361
	131,150		Lufkin Industries, Inc		11,285
	889,821		LUKOIL (ADR)		56,684
	426,118	*	Lundin Petroleum AB		5,792
	464,314	*,e	Magnum Hunter Resources Corp		3,139
	4,095,251		Marathon Oil Corp		215,738
	154,860		Maridive & Oil Services SAE		527
	73,321		Matrix Composites & Engineering Ltd		569
	123,764	*	Matrix Service Co		1,656
	984,819	*,e	McDermott International, Inc		19,509
	407,638	*,e	McMoRan Exploration Co		7,533
	146,578	*	MEG Energy Corp		7,648
	86,572		Melrose Resources plc		311
	387,602		Miclyn Express Offshore Pte Ltd		632
	64,714	*	Midnight Oil Exploration Ltd		495
	2,470,000		MIE Holdings Corp		1,042
	109,061	*,e	Miller Petroleum, Inc		698
	42,621	*	Mitcham Industries, Inc		737
	66,100		Mitsuuroko Co Ltd		390
	21,800	e	Modec, Inc		373
	68,843	*	MOL Hungarian Oil and Gas plc		7,889
	335,521	*,e	Molopo Energy Ltd		274
	6,211,117	*	Mongolia Energy Co ltd		730
	82,251		Motor Oil Hellas Corinth Refineries S.A.		1,012
	154,398		Mullen Group Ltd		3,248
	769,600	e	Murphy Oil Corp		50,532
	1,078,567	*,e	Nabors Industries Ltd		26,576
	200,800	e	NAL Oil & Gas Trust		2,299
	38,680	*	Naphtha Israel Petroleum Corp Ltd		135
	1,762,074	e	National Oilwell Varco, Inc		137,812
	60,175	*,e	Natural Gas Services Group, Inc		972
	111,843	*	Nautical Petroleum plc		562
	7,978	e	Neste Oil Oyj		125
	314,706	*	New Brazil Holding ASA		366
	511,671		New Zealand Oil & Gas Ltd		352
	322,520	*,e	Newfield Exploration Co		21,938
	994,000		Newocean Energy Holdings Ltd		225
	467,145	*,e	Newpark Resources, Inc		4,237

70

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	544,730		Nexen, Inc	$	12,279
	1,487,582	*	Nexus Energy Ltd		529
	46,036		Niko Resources Ltd		2,874
	43,600	e	Nippon Gas Co Ltd		598
	698,649	e	Noble Energy, Inc		62,620
	200,555	e	Nordic American Tanker Shipping		4,561
	482,000	*	Norse Energy Corp ASA		45
	163,404		Northern Offshore Ltd		308
	262,475	*,e	Northern Oil And Gas, Inc		5,814
	282,500	*,e	Norwegian Energy Co AS		360
	217,488	f	NovaTek OAO (GDR) (purchased 01/31/07, cost $14,578)		30,077
	123,079		NuVista Energy Ltd		1,161
	305,753	*,e	Oasis Petroleum, Inc		9,075
	7,128,863	e	Occidental Petroleum Corp		741,686
	436,678		Oceaneering International, Inc		17,685
	1,948,577	*	OGX Petroleo e Gas Participacoes S.A.		18,217
	1,207,942		Oil Refineries Ltd		829
	258,485	*,e	Oil States International, Inc		20,656
	309,332		OMV AG.		13,514
	331,316		Origin Energy Ltd		5,633
	115,713	e	Overseas Shipholding Group, Inc		3,117
	21,365	*	OYO Geospace Corp		2,137
	796,920	*,e	PA Resources AB		503
	213,362	*,e	Pacific Asia Petroleum, Inc		284
	6,564		Pacific Rubiales Energy Corp		176
	372,392		Pacific Rubiales Energy Corp (Toronto)		9,981
	59,956	*,e	Paladin Resources Ltd		163
	33,073	e	Panhandle Oil and Gas, Inc (Class A)		975
	159,561	e	Paramount Energy Trust		518
	51,589	*	Paramount Resources Ltd (Class A)		1,480
	522,129	*	Parker Drilling Co		3,054
	185,515	e	Parkland Income Fund		2,385
	183,756	e	Pason Systems, Inc		2,770
	386,209	*,e	Patriot Coal Corp		8,597
	692,528		Patterson-UTI Energy, Inc		21,891
	8,586		Paz Oil Co Ltd		1,338
	674,794		Peabody Energy Corp		39,752
	311,599	e	Pembina Pipeline Income Fund		8,203
	569,471	e	Pengrowth Energy Trust		7,174
	218,662	e	Penn Virginia Corp		2,889
	679,075	e	Penn West Energy Trust		15,680
	468,450	e	PetroBakken Energy Ltd		6,431
	138,700	*	Petrobank Energy & Resources Ltd		2,036
	2,855,145	*	Petroceltic International plc		451
	1,133,743		Petrofac Ltd		27,569
	726,318	*	PetroHawk Energy Corp		17,918
	6,029,798		Petroleo Brasileiro S.A.		101,421
	2,957,618		Petroleo Brasileiro S.A. (ADR)		100,145
	7,062,266		Petroleo Brasileiro S.A. (Preference)		107,338
	102,581	*,e	Petroleum Development Corp		3,068
	296,492	*,e	Petroleum Geo-Services ASA		4,236
	189,841	*	Petrolinvest S.A.		537

71

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	179,996	e	Petrominerales Ltd	$	5,284
	1,316,200		Petronas Dagangan BHD		7,022
	486,782	*,e	Petroneft Resources plc		270
	233,772		Petroplus Holdings AG.		3,336
	307,344	*,e	Petroquest Energy, Inc		2,158
	251,402	e	Peyto Energy Trust		5,604
	83,684	*	PHI, Inc		1,818
	230,449	*	Pioneer Drilling Co		3,512
	429,469	e	Pioneer Natural Resources Co		38,468
	396,226	*,e	Plains Exploration & Production Co		15,104
	363,491	*	Polarcus Ltd		357
	3,366,240		Polish Oil & Gas Co		5,164
	517,630	*	Polski Koncern Naftowy Orlen S.A.		9,772
	396,110	*	Precision Drilling Trust		5,688
	687,238	*	Premier Oil plc		4,932
	183,990	e	ProEx Energy Ltd		2,619
	302,376	e	ProSafe ASA		2,273
	369,100	e	Provident Energy Trust		3,299
	3,021,500	*	PT Benakat Petroleum Energy		38
	24,982,000		PT Bumi Resources Tbk		8,625
	3,061,000	*	PT Delta Dunia Petroindo Tbk		362
	26,000	*	PT Dian Swastatika Sentosa Tbk		46
	22,065,500	*	PT Energi Mega Persada Tbk		530
	532,000		PT Harum Energy Indonesia Tbk		594
	684,000		PT Indo Tambangraya Megah		3,576
	1,644,500		PT Medco Energi Internasional Tbk		452
	4,053,634		PT Tambang Batubara Bukit Asam Tbk		9,856
	1,841,098		PTT Aromatics & Refining PCL		2,256
	1,828,969		PTT Exploration & Production PCL		10,215
	1,762,250		PTT PCL		19,281
	13,114		QGEP Participacoes S.A.		136
	641,264	e	Questar Market Resources, Inc		26,824
	263,567	*	Questerre Energy Corp		238
	285,005	*,e	Quicksilver Resources, Inc		4,207
	394,895	e	Range Resources Corp		21,917
	1,122,599		Refineria La Pampilla S.A. Relapasa		347
	2,084,766		Reliance Industries Ltd		42,000
	782,941	*,e	Rentech, Inc		830
	809,784	e	Repsol YPF S.A.		28,088
	191,220	*,e	Resolute Energy Corp		3,090
	137,354	*,e	Rex Energy Corp		1,411
	30,419	*,e	Rex Stores Corp		505
	27,769	*,e	RigNet, Inc		472
	3,918,672	*,e	Roc Oil Co Ltd		1,350
	3,260,135	*,e	Rockhopper Exploration plc		14,075
	228,859	*,e	Rosetta Resources, Inc		11,795
	3,707,181	f	Rosneft Oil Co (GDR) (purchased 04/16/09, cost $24,987)		31,253
	548,052	*	Rowan Cos, Inc		21,270
	5,110,273	e	Royal Dutch Shell plc (A Shares)		181,842
	3,358,318		Royal Dutch Shell plc (B Shares)		119,845
	94,936	e	RPC, Inc		2,330

72

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,569,256		Saipem S.p.A.	$	184,318
	454,421	*,e	Salamander Energy plc		2,047
	582,367	*	San Leon Energy plc		266
	72,000		San-Ai Oil Co Ltd		413
	981,024	*,e	SandRidge Energy, Inc		10,458
	805,425		Santos Ltd		11,744
	707,900		SapuraCrest Petroleum BHD		986
	1,167,842	*,e	Saras S.p.A.		2,487
	1,278,194		Sasol Ltd		67,430
	109,438	*	Savanna Energy Services Corp		987
	1,295		SBM Offshore NV		34
	6,978,373		Schlumberger Ltd		602,932
	24,427	e	Schoeller-Bleckmann Oilfield Equipment AG.		2,116
	81,100	*	Scomi Group BHD		8
	90,604	*,e	Scorpio Tankers, Inc		905
	254,100		SEACOR Holdings, Inc		25,400
	337,421	e	SeaDrill Ltd		11,863
	129,801	*	Seawell Ltd		785
	173,153	*	SemGroup Corp		4,445
	50	*	Serval Integrated Energy Services		0	^
	728,215	*,e	Sevan Marine ASA		53
	164,800		Shandong Molong Petroleum Machinery Co Ltd		169
	79,053		ShawCor Ltd		2,428
	1,365,000		Shengli Oil&Gas Pipe Holdings Ltd		237
	51,200		Shinko Plantech Co Ltd		553
	201,917	e	Ship Finance International Ltd		3,639
	159,639	e	Showa Shell Sekiyu KK		1,483
	132,800		Siamgas & Petrochemicals PCL		78
	85,000		Sinanen Co Ltd		370
	58,000		Sinopec Kantons Holdings Ltd		30
	85,293		SK Energy Co Ltd		16,105
	9,150		SK Gas Co Ltd		512
	276,994	*,e	Soco International plc		1,579
	71,478		S-Oil Corp		9,266
	49,063	*	Solazyme, Inc		1,127
	200,348	*	Songa Offshore SE		992
	446,700	*	Southern Pacific Resource Corp		718
	740,191		Southern Union Co		29,719
	1,202,745	*,e	Southwestern Energy Co		51,574
	2,049,100		Spectra Energy Corp		56,166
	168,183	e	St. Mary Land & Exploration Co		12,358
	1,216,428	e	Statoil ASA		30,795
	206,508	*	Sterling Energy plc		131
	154,273	*	Sterling International Enterprises Ltd		820
	281,440	*,e	Stone Energy Corp		8,553
	1,112,000	e	Straits Asia Resources Ltd		2,718
	3,964,684		Suncor Energy, Inc		155,389
	3,370,059		Suncor Energy, Inc (NY)		131,769
	298,150		Sunoco, Inc		12,436
	283,506	*,e	Superior Energy Services		10,529
	1,328,864	e	Surgutneftegaz (ADR)		13,159
	337,300	e	Surgutneftegaz (ADR) (London)		3,331

73

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	433,000	*,e	Swiber Holdings Ltd	$	256
	204,677	*,e	Swift Energy Co		7,628
	315,649	*,e	Syntroleum Corp		464
	1,152,032		Talisman Energy, Inc		23,663
	143,870		Targa Resources Investments, Inc		4,814
	452,172	e	Tatneft (GDR)		19,489
	577,532	e	Technip S.A.		61,906
	34,540		Tecnicas Reunidas S.A.		1,773
	127,640	e	Teekay Corp		3,942
	193,524	e	Teekay Tankers Ltd (Class A)		1,819
	16,918	e	Tenaris S.A.		387
	127,479	*	Tesco Corp		2,474
	744,407	*,e	Tesoro Corp		17,054
	357,900	*,e	Tethys Petroleum Ltd		401
	484,406	*,e	Tetra Technologies, Inc		6,166
	218,990	e	TGS Nopec Geophysical Co ASA		6,145
	1,522,600		Thai Oil PCL		3,706
	123,707	e	Tidewater, Inc		6,657
	2,800,000	*,e	Titan Petrochemicals Group Ltd		173
	110,292	f	TMK OAO (GDR) (purchased 06/17/10, cost $1,877)		2,060
	196,155	e	TonenGeneral Sekiyu KK		2,413
	2,059,579		Total S.A.		119,071
	113,355	*	Tourmaline Oil Corp		3,766
	162,000	e	Toyo Kanetsu K K		401
	761,832	e	TransCanada Corp		33,453
	91,700	*	Transglobe Energy Corp		1,046
	352,760		Transocean Ltd		23,030
	176,220	*	Triangle Petroleum Corp		1,138
	336,500	e	Trican Well Service Ltd		7,906
	75,680	e	Trilogy Energy Corp		1,871
	167,266		Trinidad Drilling Ltd		1,453
	7,085,865		Tullow Oil plc		141,109
	208,803		Tupras Turkiye Petrol Rafine		5,128
	132,154		Turcas Petrolculuk AS.		321
	327,198	*	UK Coal plc		189
	365,797	*,e	Ultra Petroleum Corp		16,754
	452,300		Ultrapar Participacoes S.A.		8,013
	68,100	*,e	Union Drilling, Inc		701
	97,947	*,e	Unit Corp		5,968
	266,259	*,e	Uranerz Energy Corp		804
	300,436	*,e	Uranium Energy Corp		919
	650,654	e	Uranium One, Inc		1,795
	391,835	*,e	Uranium Resources, Inc		654
	494,707	*,e	Ur-Energy, Inc		792
	604,812	*	USEC, Inc		2,020
	423,485	*,e	Vaalco Energy, Inc		2,549
	2,690,422		Valero Energy Corp		68,794
	152,171	*	Valiant Petroleum plc		1,441
	673,423	*,e	Vantage Drilling Co		1,226
	234,389	*,e	Venoco, Inc		2,986
	268,334	e	Vermilion Energy Trust		14,189

74

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	194,106	*,e	VOYAGER OIL & GAS	$	576
	171,131	e	W&T Offshore, Inc		4,470
	638,400		Wah Seong Corp BHD		518
	414,744	*,e	Warren Resources, Inc		1,580
	1,480,707	*,e	Weatherford International Ltd		27,763
	140,052	*,e	West Siberian Resources Ltd (GDR)		2,434
	259,896	*,e	Western Refining, Inc		4,696
	45,511	*,e	Westmoreland Coal Co		808
	10,042	*,m	White Energy 2011 Performance		0	^
	523,316	*	Whiting Petroleum Corp		29,782
	242,489	*	Willbros Group, Inc		2,071
	2,693,535		Williams Cos, Inc		81,479
	446,685		Woodside Petroleum Ltd		19,706
	300,799	e	World Fuel Services Corp		10,808
	463,337		WorleyParsons Ltd		14,107
	204,128	*,e	Xcite Energy Ltd		455
	421,571	*	Xenolith Resources Ltd		888
	4,026,000		Yanzhou Coal Mining Co Ltd		15,512
	554,870	*	Yun Sky Chemical International Holdings Ltd		148
	32,000	e	Zargon Energy Trust		710
	124,463	*,e	Zion Oil & Gas, Inc		741
			TOTAL ENERGY		12,232,723
FOOD & STAPLES RETAILING - 1.6%
	1,370,530	e	Aeon Co Ltd		16,542
	9,700		Ain Pharmaciez Inc		399
	270,025		Alimentation Couche Tard, Inc		7,873
	262,227		Almacenes Exito S.A.		3,632
	93,170		Andersons, Inc		3,936
	34,679		Arcs Co Ltd		545
	5,715		Arden Group, Inc (Class A)		526
	32,334		Axfood AB		1,138
	102,000		Beijing Jingkelong Co Ltd		132
	149,253		BIM Birlesik Magazalar AS		4,851
	39,862		BIZIM TOPTAN SATIS MAGAZALAR		640
	259,565	*,e	BJ’s Wholesale Club, Inc		13,069
	12,492		Blue Square-Israel Ltd		101
	2,126,265		Booker Group plc		2,307
	139,000	*	Brazil Pharma S.A.		1,530
	412,405	e	Carrefour S.A.		16,954
	168,666	e	Casey’s General Stores, Inc		7,421
	170,100		Casino Guichard Perrachon S.A.		16,032
	20,300		Cawachi Ltd		400
	1,957,399		Centros Comerciales Sudamericanos S.A.		14,094
	2,010,300		China Resources Enterprise		8,237
	153,646		Cia Brasileira de Distribuicao Grupo Pao de Acucar		7,103
	11,900	e	Cia Brasileira de Distribuicao Grupo Pao de Acucar (ADR)		559
	156,600		Circle K Sunkus Co Ltd		2,444
	15,060		Cocokara Fine Holdings, Inc		382
	19,280		Colruyt S.A.		965
	403,200	*,e	Controladora Comercial Mexicana S.A. de C.V.		674
	15,500		Cosmos Pharmaceutical Corp		655

75

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,305,102	e	Costco Wholesale Corp	$	187,267
	2,725,400		CP Seven Eleven PCL		3,934
	10,600		Create SD Holdings Co Ltd		234
	6,425,276		CVS Corp		241,463
	6,800		Daikokutenbussaan Co Ltd		217
	161,247		Delhaize Group		12,099
	125,400		Drogasil S.A.		856
	34,077	*	E-Mart Co Ltd		7,804
	44,208		Empire Co Ltd		2,562
	83,276		Eurocash S.A.		896
	191,188		FamilyMart Co Ltd		7,020
	172,087	*,e	Fresh Market, Inc		6,656
	687,476		Fyffes plc		419
	78,091		George Weston Ltd		5,663
	13,900		Growell Holdings Co Ltd		362
	37,100	e	Grupo Comercial Chedraui S.a. DE C.V.		117
	72,266		Hakon Invest AB		1,022
	40,500		Heiwado Co Ltd		503
	1,510,500	e	Heng Tai Consumables Group Ltd		152
	63,725		Ingles Markets, Inc (Class A)		1,055
	6,200		Itochu-Shokuhin Co Ltd		218
	84,741		Izumiya Co Ltd		342
	2,835,543		J Sainsbury plc		15,021
	223,136		Jean Coutu Group PJC, Inc/The		2,547
	1,268,330		Jeronimo Martins SGPS S.A.		24,359
	67,000		Kasumi Co Ltd		379
	51,600		Kato Sangyo Co Ltd		955
	187,375		Kesko Oyj (B Shares)		8,714
	5,904	*	Kiler Alisveris Hizmetleri Gida Sanayi ve Ticaret AS.		23
	2,560,836		Koninklijke Ahold NV		34,431
	5,744,604		Kroger Co		142,466
	56,962		Lawson, Inc		2,988
	31,000		Liquor Stores Income Fund		479
	153,757	e	Loblaw Cos Ltd		6,210
	406,876	f	Magnit OAO (GDR) (purchased 05/26/10, cost $8,268)		12,786
	111,908		Majestic Wine plc		880
	53,616		MARR S.p.A.		690
	43,233		Maruetsu, Inc		159
	140,359		Massmart Holdings Ltd		2,906
	44,000	e	Matsumotokiyoshi Holdings Co Ltd		939
	147,832	e	Metcash Ltd		660
	199,658		Metro AG.		12,091
	182,904	e	Metro, Inc		9,101
	56,800		Ministop Co Ltd		1,025
	63,874		Nash Finch Co		2,287
	81,139		North West Co Fund		1,703
	76,387	*,f	O’Key Group S.A. (GDR) (purchased 11/02/10, cost $857)		840
	46,000		Okuwa Co Ltd		461
	2,641,760	e	Olam International Ltd		5,873
	152,603	*	Pantry, Inc		2,867
	307,717	e	Pick’n Pay Holdings Ltd		786
	320,414	e	Pick’n Pay Stores Ltd		1,967

76

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,233,320		President Chain Store Corp	$	7,145
	73,352	e	Pricesmart, Inc		3,758
	50,300	*	Raia S.A.		838
	52,266		Rallye S.A.		2,173
	37,530		Rami Levi Chain Stores Hashikma Marketing 2006 Ltd		1,305
	4,085,548	*,e	Rite Aid Corp		5,434
	211,489		Ruddick Corp		9,208
	12,479		Ryoshoku Ltd		290
	32,500		S Foods, Inc		277
	1,446,785		Safeway, Inc		33,811
	11,000		San-A Co Ltd		424
	1,654,076		Seven & I Holdings Co Ltd		44,485
	173,040		Shanghai Friendship Group, Inc Ltd		311
	338,999	e	Shoppers Drug Mart Corp		13,954
	694,283		Shoprite Holdings Ltd		10,453
	156,524		Shufersal Ltd		908
	125,600		Siam Makro PCL		801
	33,308		Sligro Food Group NV		1,187
	255,177		Spar Group Ltd		3,409
	129,603		Spartan Stores, Inc		2,531
	43,400		Sugi Pharmacy Co Ltd		1,133
	46,100	e	Sundrug Co Ltd		1,463
	1,042,832	e	Supervalu, Inc		9,813
	35,470	*	Susser Holdings Corp		558
	1,125,524	e	Sysco Corp		35,094
	127,000		Taiwan TEA Corp		87
	11,306,929		Tesco plc		73,054
	693,266		Total Produce plc		382
	23,288		Tsuruha Holdings, Inc		1,114
	202,413	*,e	United Natural Foods, Inc		8,637
	239,800		UNY Co Ltd		2,228
	156,600		Valor Co Ltd		2,196
	32,083	e	Village Super Market (Class A)		889
	3,607,215		Walgreen Co		153,163
	9,139,221	e	Wal-Mart de Mexico S.A. de C.V. (Series V)		27,078
	5,353,693		Wal-Mart Stores, Inc		284,496
	63,539	e	Weis Markets, Inc		2,588
	1,248,291		Wesfarmers Ltd		42,781
	124,564		Wesfarmers Ltd PPS		4,320
	858,817		Whole Foods Market, Inc		54,492
	245,766	*,e	Winn-Dixie Stores, Inc		2,077
	1,324,350		WM Morrison Supermarkets plc		6,334
	1,460,182		Woolworths Ltd		43,567
	1,065,149	*	Wumart Stores, Inc		2,639
	40,622	*,f	X 5 Retail Group NV (GDR) (purchased 04/06/10, cost $1,694)		1,591
	9,600		Yaoko Co Ltd		301
			TOTAL FOOD & STAPLES RETAILING		1,815,372

77

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
FOOD, BEVERAGE & TOBACCO - 5.2%
	36,968		AarhusKarlshamn AB	$	1,070
	129,768		Afgri Ltd		125
	88,000	*	AGV Products Corp		40
	1,255,497		Ajinomoto Co, Inc		14,905
	20,579		Alico, Inc		527
	66,871		Alicorp S.A.		131
	19,216		Alliance Grain Traders, Inc		514
	347,326	*	Alliance One International, Inc		1,122
	8,169,691		Altria Group, Inc		215,762
	282,343		Anadolu Efes Biracilik Ve Malt Sanayii AS		3,819
	2,974	*	Anheuser-Busch InBev NV		0	^
	1,880,091		Archer Daniels Midland Co		56,685
	24,900		Ariake Japan Co Ltd		507
	151,091		Aryzta AG.		8,115
	238,312	e	Asahi Breweries Ltd		4,800
	21,287	e	Asian Bamboo AG.		803
	906,624	e	Asian Citrus Holdings Ltd		826
	246,400		Asiatic Development BHD		647
	1,536,239		Associated British Foods plc		26,727
	36,376		Astral Foods Ltd		689
	16,936		Atria Group plc		161
	471,000		Ausnutria Dairy Corp Ltd		139
	268,329	e	Austevoll Seafood ASA		1,547
	311,861	*	Australian Agricultural Co Ltd		463
	422,386		AVI Ltd		1,949
	308,544	e	B&G Foods, Inc (Class A)		6,362
	210,962		Bajaj Hindusthan Ltd		337
	46,230		Bakkafrost P		391
	141,119		Balrampur Chini Mills Ltd		197
	74,225		Banvit		199
	7,148	*	Baron de Ley		477
	2,484		Barry Callebaut AG.		2,463
	1,894	*	Belvedere S.A.		168
	128,000		BESUNYEN HOLDINGS		45
	11,788		Binggrae Co Ltd		679
	250,600	*,e	BioExx Specialty Proteins Ltd		260
	91,948	*,e	Black Earth Farming Ltd		356
	4,414		Bonduelle S.C.A.		444
	44,359	*,e	Boston Beer Co, Inc (Class A)		3,975
	24,700	*,e	BRF-Brasil Foods S.A. (ADR)		428
	144,500		British American Tobacco Malaysia BHD		2,235
	3,406,211		British American Tobacco plc		149,368
	509,151		Britvic plc		3,227
	286,966		Brown-Forman Corp (Class B)		21,433
	574,456	e	Bunge Ltd		39,609
	569,550		C&C Group plc		2,963
	15,348		Cairo Poultry Co		36
	50,128	e	Calavo Growers, Inc		1,056
	83,917	e	Cal-Maine Foods, Inc		2,682
	590,054	e	Campbell Soup Co		20,386
	22,351		Campofrio Alimentacion S.A.		232
	50,636		Carlsberg AS (Class B)		5,513

78

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	74,500		Carlsberg Brewery-Malay BHD	$	179
	95,631		Casa Grande S.A.		474
	325,164	*,e	Central European Distribution Corp		3,642
	219,654		Cermaq ASA		3,516
	4,795,437	e	Chaoda Modern Agriculture		2,090
	4,198,300		Charoen Pokphand Foods PCL		4,042
	2,638,700	e	China Agri-Industries Holdings Ltd		2,804
	455,000		China Corn Oil Co Ltd		299
	636,000	e	China Green Holdings Ltd		406
	1,016,500	e	China Huiyuan Juice Group Ltd		521
	1,636,000	e	China Mengniu Dairy Co Ltd		5,525
	566,292	*,e	China Minzhong Food Corp Ltd		693
	819,000	*	china modern dairy holdings		253
	23,321		China Ocean Resources Co Ltd		137
	3,080,000	e	China Starch Holdings Ltd		171
	1,580,000		China Tontine Wines Group Ltd		271
	2,111,000	e	China Yurun Food Group Ltd		5,969
	250,987	*,e	Chiquita Brands International, Inc		3,268
	158,694		Cia Cervecerias Unidas S.A.		1,902
	15,400	*	Cia de Bebidas das Americas (ADR)		519
	5,101	*	Cia de Bebidas das Americas (ADR)		168
	1,223,589	*	CIA PESQUERA CAMANCHACA		170
	12,640		CJ CheilJedang Corp		2,793
	53,917		Clover Industries Ltd		89
	153,387		Coca Cola Hellenic Bottling Co S.A.		4,120
	315,242	e	Coca-Cola Amatil Ltd		3,868
	34,106	e	Coca-Cola Bottling Co Consolidated		2,308
	101,200	e	Coca-Cola Central Japan Co Ltd		1,343
	11,292,205		Coca-Cola Co		759,853
	6,119,101		Coca-Cola Enterprises, Inc		178,556
	498,775	e	Coca-Cola Femsa S.A. de C.V.		4,631
	92,983		Coca-Cola Icecek AS		1,371
	313,418	e	Coca-Cola West Japan Co Ltd		6,005
	1,282,370		ConAgra Foods, Inc		33,098
	347,139	*,e	Constellation Brands, Inc (Class A)		7,227
	23,549		Copeinca ASA		218
	2,024,925	e	Corn Products International, Inc		111,938
	191,274		Cosan SA Industria e Comercio		3,015
	183,500	*	Cott Corp		1,539
	5,402,000		CP Pokphand Co		564
	43,565	*,e	Craft Brewers Alliance, Inc		375
	95,760		CSM		3,226
	398,000		DaChan Food Asia Ltd		87
	1,711		Dae Han Flour Mills Co Ltd		269
	20,360		Daesang Corp		216
	294,199		Dairy Crest Group plc		1,747
	632,592	*,e	Darling International, Inc		11,197
	398,971		Davide Campari-Milano S.p.A.		3,276
	346,670	*	Dean Foods Co		4,254
	475,015		Devro plc		2,058
	5,031,591		Diageo plc		102,941
	93,286	e	Diamond Foods, Inc		7,121

79

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	151,234	*,e	Dole Food Co, Inc	$	2,045
	2,450		Dongwon F&B Co Ltd		101
	4,786		Dongwon Industries Co Ltd		878
	2,342,247		Dr Pepper Snapple Group, Inc		98,210
	12,600		Dydo Drinco, Inc		468
	872,000		Dynasty Fine Wines Group Ltd		257
	39,551		East Asiatic Co Ltd AS		1,088
	157,097	*,e	Ebro Puleva S.A.		3,629
	815,900	e	Embotelladoras Arca SAB de C.V.		5,787
	2,654,228		Empresas Iansa S.A.		248
	87,464	e	Ezaki Glico Co Ltd		960
	46,308	e	Farmer Bros Co		470
	732,000	e	First Resources Ltd		831
	931,269	e	Flowers Foods, Inc		20,525
	4,245,914	e	Fomento Economico Mexicano S.A. de C.V.		28,209
	2,023,835		Foster’s Group Ltd		11,179
	210,623	e	Fresh Del Monte Produce, Inc		5,617
	76,373	e	Fuji Oil Co Ltd		1,176
	24,832		Fujicco Co Ltd		302
	150,000	*,e	Fujiya Co Ltd		263
	1,303,881	*,e	Futuris Corp Ltd		520
	1,917,608		General Mills, Inc		71,373
	301,200		GFPT PCL		108
	183,692		Glanbia plc		1,273
	1,414,000		Global Bio-Chem Technology Group Co Ltd		449
	1,298,000	*	Global Dairy Holdings		442
	1,018,000		Global Sweeteners Holdings Ltd		215
	199,557		Globus Spirits Ltd		646
	2,561,000		GMG Global Ltd		492
	32,446		Gokul Refoils & Solvent Ltd		66
	21,056,990		Golden Agri-Resources Ltd		11,698
	2,794,109	e	Goodman Fielder Ltd		3,183
	675,456		GrainCorp Ltd		6,037
	442,000		Great Wall Enterprise Co		509
	359,098	*,e	Green Mountain Coffee Roasters, Inc		32,053
	292,448		Greencore Group plc		411
	237,159		Greggs plc		2,015
	47,547	e	Grieg Seafood ASA		110
	10,494	e	Griffin Land & Nurseries, Inc (Class A)		341
	1,680,211		Groupe Danone		125,433
	328,700	*	Gruma SAB de C.V.		682
	2,076,928	e	Grupo Bimbo S.A. de C.V. (Series A)		4,812
	152,600		Grupo Herdez SAB de C.V.		328
	1,713,701	e	Grupo Modelo S.A. (Series C)		10,320
	900,542		H.J. Heinz Co		47,981
	164,394	*	Hain Celestial Group, Inc		5,484
	635,314	*	Hansen Natural Corp		51,429
	177,700		Hap Seng Plantations Holdings BHD		160
	94,306	*	Harbinger Group, Inc		576
	100,798	*	Harim & Co Ltd		683
	408,488	*,e	Heckmann Corp		2,467
	26,704		Heineken Holding NV		1,367

80

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	514,063		Heineken NV	$	30,940
	1,253,524	e	Hershey Co		71,263
	607,000		Hey Song Corp		573
	9,490		Hite Brewery Co Ltd		997
	17,280		Hite Holdings Co Ltd		254
	43,508		HKScan Oyj		351
	30,100		Hokuto Corp		661
	737,025		Hormel Foods Corp		21,971
	120,052	e	House Foods Corp		2,029
	216,100		IJM Plantations BHD		198
	210,704		Illovo Sugar Ltd		798
	52,869	e	Imperial Sugar Co		1,057
	2,589,269		Imperial Tobacco Group plc		86,203
	2,226,449		InBev NV		129,218
	555,978	*,e	Indofood Agri Resources Ltd		723
	30,000	*,m	International Hydron		1
	4,514,376		IOI Corp BHD		7,932
	3,907,255		ITC Ltd		17,777
	162,800	e	Ito En Ltd		2,883
	188,000	e	Itoham Foods, Inc		764
	79,431		J&J Snack Foods Corp		3,960
	354,984		J.M. Smucker Co		27,135
	1,474		Japan Tobacco, Inc		5,690
	806,500	*	Japfa Comfeed Indonesia Tbk PT		469
	705,021		JBS S.A.		2,430
	14,230		Jinro Distillers Co Ltd		160
	27,110		Jinro Ltd		886
	122,000		J-Oil Mills, Inc		358
	14,600		JT International Bhd		34
	498,476	*	Juhayna Food Industries		464
	16,168	*	Jutrzenka Holding S.A.		21
	95,773	e	Kagome Co Ltd		1,747
	634,518		Karuturi Global Ltd		164
	35,700	*	Keck Seng Malaysia BHD		50
	725,288	e	Kellogg Co		40,123
	89,907	*	Kernel Holding S.A.		2,493
	194,758		Kerry Group plc (Class A)		8,024
	21,700		KEY Coffee, Inc		405
	1,161,200		Khon Kaen Sugar Industry PCL		511
	17,211		Kikkoman Corp		181
	714,000		Kingway Brewery Holdings Ltd		221
	438,554	e	Kirin Brewery Co Ltd		6,114
	23,245	*	Koko Enterprise Co Ltd		179
	127,499	e	Koninklijke Wessanen NV		524
	1,027		Kook Soon Dang Brewery Co Ltd		11
	5,253,879		Kraft Foods, Inc (Class A)		185,094
	406,307		KS Oils Ltd		202
	244,563		KT&G Corp		15,210
	1,139,873		Kuala Lumpur Kepong BHD		8,374
	5,670,908		Kulim Malaysia BHD		6,677
	262,903		Kwality Dairy India Ltd		809
	3,199		KWS Saat AG.		727

81

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	79,910	e	Lancaster Colony Corp	$	4,860
	189,951	e	Lance, Inc		4,109
	3,681		Laurent-Perrier		521
	55,406	e	Leroy Seafood Group ASA		1,304
	333,000		Lien Hwa Industrial Corp		253
	22,994	*,e	Lifeway Foods, Inc		257
	33,192	e	Limoneira Co		750
	89		Lindt & Spruengli AG.		277
	39		Lindt & Spruengli AG. (Reg)		1,422
	1,803,868	e	Lorillard, Inc		196,387
	1,278		Lotte Chilsung Beverage Co Ltd		1,581
	980		Lotte Confectionery Co Ltd		1,561
	1,411		Lotte Samkang Co Ltd		503
	2,589		Maeil Dairy Industry Co Ltd		29
	131,869		Maple Leaf Foods, Inc		1,626
	192,701		Marfrig Alimentos S.A.		1,902
	273,000		Marudai Food Co Ltd		839
	939,000		Maruha Nichiro Holdings, Inc		1,509
	250,385		McCormick & Co, Inc		12,412
	40,389		McLeod Russel India Ltd		244
	1,240,580		Mead Johnson Nutrition Co		83,801
	87,700	e	Megmilk Snow Brand Co Ltd		1,621
	14,446		MEIJI Holdings Co Ltd		609
	11,500	e	Meito Sangyo Co Ltd		150
	640,000	*	Mewah International, Inc		483
	43,056	e	Mgp Ingredients, Inc		375
	89,677	*	MHP S.A. (GDR)		1,480
	4,643	*,f	MHP S.A. (GDR) (purchased 12/20/10, cost $80)		77
	96,000		Mikuni Coca-Cola Bottling Co Ltd		839
	72,700		Minerva S.A.		228
	124,000	e	Mitsui Sugar Co Ltd		499
	249,033	e	Molson Coors Brewing Co (Class B)		11,142
	236,302		Morinaga & Co Ltd		544
	311,000	e	Morinaga Milk Industry Co Ltd		1,329
	95,189	*	Morpol ASA		371
	16,700		Muhak Co Ltd		190
	1,299,599		Multiexport Foods S.A.		534
	30,000		Nagatanien Co Ltd		316
	46,000		Namchow Chemical Industrial Ltd		59
	757		Namyang Dairy Products Co Ltd		555
	52,443	e	National Beverage Corp		768
	3,328	*	Naturex		289
	3,989,933		Nestle S.A.		248,289
	621,000		Nichirei Corp		2,653
	152,000		Nippon Beet Sugar Manufacturing Co Ltd		340
	233,000		Nippon Flour Mills Co Ltd		1,082
	573,310		Nippon Meat Packers, Inc		8,224
	314,766		Nippon Suisan Kaisha Ltd		1,035
	228,000		Nisshin Oillio Group Ltd		1,093
	111,025		Nisshin Seifun Group, Inc		1,388
	187,040	e	Nissin Food Products Co Ltd		6,814
	6,206		Nong Shim Co Ltd		1,415

82

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,735		Nong Shim Holdings Co Ltd	$	275
	54,576		Nutreco Holding NV		4,011
	90,240	*,e	Omega Protein Corp		1,245
	5,753		Orion Corp		2,457
	65,349		Osem Investments Ltd		1,068
	3,819		Ottogi Corp		506
	4,873,435		Pacific Andes International Holdings Ltd		616
	4,705,813	e	PAN Fish ASA		3,775
	130,201	e	Parmalat S.p.A.		490
	8,631,463		PepsiCo, Inc		607,915
	1,153,871		Perdigao S.A.		19,593
	1,522	e	Pernod-Ricard S.A.		150
	9,308		Pescanova S.A.		401
	144,000	m	Petra Foods Ltd		232
	354,451	*	PGG Wrightson Ltd		141
	1,100		Philip Morris CR		636
	10,775,584	e	Philip Morris International, Inc		719,487
	207,873	*,e	Pilgrim’s Pride Corp		1,125
	37,162		Pinar SUT Mamulleri Sanayii AS.		368
	576,431	*	Polski Koncern Miesny Duda S.A.		275
	588,020		PPB Group BHD		3,356
	2,734,901	*	Premier Foods plc		835
	367,000		Prima Meat Packers Ltd		448
	49,984	*,e	Primo Water		719
	1,086,624		PT Astra Agro Lestari Tbk		2,985
	10,318,000		PT Bakrie Sumatera Plantations Tbk		507
	1,984,000		PT Bisi International		301
	2,910,500		PT BW Plantation Tbk		405
	19,013,500		PT Charoen Pokphand Indonesia Tbk		4,421
	833,000		PT Gudang Garam Tbk		4,848
	11,490,600		PT Indofood Sukses Makmur Tbk		7,724
	4,487,500		PT Perusahaan Perkebunan London Sumatra Indonesia Tbk		1,221
	1,025,000		PT Sampoerna Agro Tbk		413
	139,900		Q.P. Corp		1,780
	741,500		QL Resources BHD		781
	19,517		Radico Khaitan Ltd		56
	257,883		Raisio plc (V Shares)		909
	103,869	*	Ralcorp Holdings, Inc		8,993
	792,667		REI Agro Ltd		452
	949,361	e	Remy Cointreau S.A.		79,850
	956,125		Reynolds American, Inc		35,424
	49,147		Robert Wiseman Dairies plc		247
	21,325		Royal UNIBREW AS		1,406
	63,334		Ruchi Soya Industries Ltd		140
	23,187		SABMiller plc		846
	2,913		Sajo Industries Co Ltd		143
	42,355	e	Sakata Seed Corp		618
	7,099		Samyang Corp		700
	3,204		Samyang Genex Co Ltd		183
	96,879	e	Sanderson Farms, Inc		4,629
	42,200		Sao Martinho S.A.		652

83

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	449,000		Sapporo Holdings Ltd	$	1,846
	365,217	e	Saputo, Inc		17,612
	2,559,160		Sara Lee Corp		48,598
	52,046	*,e	Seneca Foods Corp		1,331
	370,100	*	Shanghai Dajiang Group		155
	132,000		Showa Sangyo Co Ltd		370
	752,244		Shree Renuka Sugars Ltd		1,126
	17,230		Silla Co Ltd		254
	15,570		Sipef S.A		1,575
	92,445		SLC Agricola S.A.		1,095
	287,239	*	Smart Balance, Inc		1,488
	1,450,181	*	Smithfield Foods, Inc		31,715
	2,992		Societa per la Bonifica dei Terreni Ferraresi e ImpreseAgricole S.p.A.		107
	329,002	*,e	SOS Cuetara S.A.		253
	567,555		Souza Cruz S.A.		7,222
	439,503	*,e	Star Scientific, Inc		1,978
	43,408		Strauss Group Ltd		665
	125,611		Suedzucker AG.		4,473
	286,000		Super Coffeemix Manufacturing Ltd		334
	419,966	e	Swedish Match AB		14,101
	81,590	*,e	Synutra International, Inc		801
	18,000		Taisun Enterprise Co Ltd		11
	78,000		Taiyen Biotech Co Ltd		69
	241,000		Takara Holdings, Inc		1,233
	157,149		Tassal Group Ltd		237
	134,069	*	TAT Konserve		306
	1,182		Tata Coffee Ltd		22
	182,002		Tata Tea Ltd		394
	716,047		Tate & Lyle plc		7,082
	351,900		TH Plantations BHD		238
	534,200		Thai Union Frozen Products PCL		836
	315,600		Thai Vegetable Oil PCL		256
	216,000		Tianyi Fruit Holdings Ltd		62
	352,274		Tiger Brands Ltd		10,305
	2,584,000	e	Tingyi Cayman Islands Holding Corp		8,000
	102,503		Tongaat Hulett Ltd		1,349
	100,079	e	Tootsie Roll Industries, Inc		2,928
	167,579	e	Toyo Suisan Kaisha Ltd		3,965
	894,053	*,e	Treasury Wine Estates Ltd		3,260
	165,940	*,e	TreeHouse Foods, Inc		9,062
	22,831		Triveni Engineering & Industries Ltd		20
	22,831	*,m	Triveni Engineering & Industries Ltd		15
	9,130		TS Corp		167
	538,000	e	Tsingtao Brewery Co Ltd		3,117
	2,390,132	e	Tyson Foods, Inc (Class A)		46,416
	98,703		Ulker Biskuvi Sanayi As		343
	2,202,833		Unilever NV		72,298
	215,522		Unilever NV (ADR)		7,080
	2,219,204		Unilever plc		71,605
	695,000		Uni-President China Holdings Ltd		431
	5,520,382		Uni-President Enterprises Corp		8,019

84

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,400		United Malacca BHD	$	13
	106,580		United Spirits Ltd		2,342
	141,768	e	Universal Corp		5,340
	1,098,300		Universal Robina		1,035
	137,000		Ve Wong Corp		110
	213,726	e	Vector Group Ltd		3,802
	6,931	e	Vilmorin & Cie		855
	630,360		Vina Concha Y Toro S.A.		1,695
	70,355		Viscofan S.A.		2,801
	1,730,000		Vitasoy International Holdings Ltd		1,393
	441,581		Viterra, Inc		4,798
	2,672		Vranken - Pommery Monopole		139
	8,427,000	e	Want Want China Holdings Ltd		8,193
	272,000		Wei Chuan Food Corp		309
	253,243	*	Westway Group, Inc		1,228
	731,717	e	Wilmar International Ltd		3,237
	–	e	Wimm-Bill-Dann Foods OJSC (ADR)		0	^
	504,000		Xiwang Sugar Holdings Co Ltd		130
	30,043	e	Yakult Honsha Co Ltd		869
	161,924	e	Yamazaki Baking Co Ltd		2,168
	320,000		Yantai North Andre Juice Co		13
	2,431,000		YASHILI INTERNATIONAL		573
	23,000		Yonekyu Corp		175
	188,040		Zeder Investments Ltd		74
			TOTAL FOOD, BEVERAGE & TOBACCO		5,745,075
HEALTH CARE EQUIPMENT & SERVICES - 3.4%
	99,274	*	Abaxis, Inc		2,705
	172,826	*	Abiomed, Inc		2,800
	167,398	*,e	Accretive Health, Inc		4,819
	283,252	*	Accuray, Inc		2,269
	3,374,956	e	Aetna, Inc		148,803
	258,704	*	AGFA-Gevaert NV		1,154
	87,626	*	AGFA-Gevaert NV Bruessel		0	^
	49,328	*	Air Methods Corp		3,687
	112,091	e	Alfresa Holdings Corp		4,356
	293,435	*	Align Technology, Inc		6,690
	46,188	*	Alimera Sciences, Inc		376
	106,692	*	Alliance Imaging, Inc		405
	487,657	*,e	Allscripts Healthcare Solutions, Inc		9,470
	60,897	*	Almost Family, Inc		1,669
	227,198	*,e	Alphatec Holdings, Inc		791
	135,098	*	Amedisys, Inc		3,598
	90,353	*	American Dental Partners, Inc		1,171
	318,149	*,e	Amerigroup Corp		22,420
	1,317,011		AmerisourceBergen Corp		54,524
	211,014		Amil Participacoes S.A.		2,481
	169,445	*	AMN Healthcare Services, Inc		1,410
	101,232	e	Amplifon S.p.A.		631
	165,438	*	Amsurg Corp		4,323
	53,915		Analogic Corp		2,835
	133,567	*,e	Angiodynamics, Inc		1,901

85

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	260,588	e	Ansell Ltd	$	3,962
	336,479	*	Antares Pharma, Inc		744
	4,452		Apollo Hospitals Enterprise Ltd		48
	57,924		Arseus NV		953
	158,818	*	Arthrocare Corp		5,316
	17,100	e	As One Corp		357
	84,588	e	Assisted Living Concepts, Inc (A Shares)		1,419
	144,332	*,e	athenahealth, Inc		5,932
	68,519	*	AtriCure, Inc		884
	6,438		Atrion Corp		1,273
	6,887		Audika		192
	61,499		Axis-Shield plc		315
	1,655,300		Bangkok Chain Hospital PCL		299
	363,284		Bard (C.R.), Inc		39,910
	3,188,549		Baxter International, Inc		190,325
	1,111,469		Becton Dickinson & Co		95,776
	116,568	*	Biolase Technology, Inc		599
	1,100		BioMerieux		128
	100,291	*,e	Bio-Reference Labs, Inc		2,096
	180,429	*,e	BioScrip, Inc		1,171
	2,503,000	*	Biosensors International Group Ltd		2,635
	29,700		BML, Inc		751
	7,188,894	*,e	Boston Scientific Corp		49,675
	184,105	*,e	Brookdale Senior Living, Inc		4,465
	413,700		Bumrungrad Hospital PCL		492
	73,955	e	Cantel Medical Corp		1,990
	127,462	*	Capital Senior Living Corp		1,184
	2,858,870	e	Cardinal Health, Inc		129,851
	165,213	*,e	CardioNet, Inc		877
	65,061	*,e	Cardiovascular Systems, Inc		947
	1,418,780	*	CareFusion Corp		38,548
	57,187		Carl Zeiss Meditec AG.		1,275
	2,311	*	CARMAT		594
	145,195	*,e	Catalyst Health Solutions, Inc		8,105
	135,174	*,e	CBaySystems Holdings Ltd		1,746
	12,393		Celesio AG.		247
	263,808	*,e	Centene Corp		9,373
	806,322	*,e	Cerner Corp		49,275
	184,309	*,e	Cerus Corp		553
	22,650	*	CHA Bio & Diostech Co Ltd		204
	132,066		Chemed Corp		8,653
	55,987	*,e	Chindex International, Inc		763
	1,351,047		Cigna Corp		69,484
	123,417	e	CML Healthcare Income Fund		1,194
	71,770	e	Cochlear Ltd		5,555
	3,356		Coloplast AS (Class B)		510
	4,688		Coltene Holding AG.		258
	288,506	*	Community Health Systems, Inc		7,409
	176,144		Compagnie Generale d’Optique Essilor International S.A.		14,292
	79,182		Computer Programs & Systems, Inc		5,026
	130,134	*,e	Conceptus, Inc		1,519
	138,709	*,e	Conmed Corp		3,950

86

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	147,212	*,e	Continucare Corp	$	910
	519,647	e	Cooper Cos, Inc		41,177
	40,958	*,e	Corvel Corp		1,921
	1,028,583	*,e	Coventry Health Care, Inc		37,512
	2,043,072		Covidien plc		108,754
	22,300		Cremer S.A.		219
	163,207	*,e	Cross Country Healthcare, Inc		1,240
	155,840	*	CryoLife, Inc		873
	26,930	*	Curexo, Inc		243
	124,880	*	Cyberonics, Inc		3,490
	46,006	*	Cynosure, Inc (Class A)		557
	551,045	*,e	DaVita, Inc		47,726
	180,516	*,e	Delcath Systems, Inc		931
	604,509		Dentsply International, Inc		23,020
	279,443	*,e	DexCom, Inc		4,049
	365,700		Diagnosticos da America S.A.		4,921
	30,665	e	DiaSorin S.p.A.		1,472
	25,147		Draegerwerk AG.		2,808
	5,906		Draegerwerk AG. & Co KGaA		527
	84,266	*,e	DynaVox, Inc		640
	919,021	*	Edwards Lifesciences Corp		80,121
	128,413		Elekta AB (B Shares)		6,082
	89,091	*,e	Emdeon, Inc		1,169
	126,467	*,e	Emeritus Corp		2,687
	213,826	*,e	Endologix, Inc		1,989
	69,320		Ensign Group, Inc		2,107
	300,737	*,e	EnteroMedics, Inc		815
	26,239	*,e	ePocrates, Inc		484
	38,443	*	Exactech, Inc		692
	124,466	*,e	EXamWorks, Inc		3,160
	50,000		Excelsior Medical Co Ltd		155
	3,005,232	*	Express Scripts, Inc		162,223
	311,500		Faber Group BHD		216
	731,151		Fisher & Paykel Healthcare Corp		1,673
	185,098	*	Five Star Quality Care, Inc		1,075
	89,207		Fleury S.A.		1,299
	72,372	*	Fortis Healthcare Ltd		263
	202,626		Fresenius Medical Care AG.		15,155
	129,780		Fresenius SE		13,547
	10,444	e	Galenica AG.		6,694
	226,688	*	Gen-Probe, Inc		15,675
	138,036	*	Gentiva Health Services, Inc		2,875
	1,533	e	Getinge AB (B Shares)		41
	22,928	*	Given Imaging Ltd		461
	279,565		GN Store Nord		2,694
	16,308,212	*,e	Golden Meditech Co Ltd		2,838
	133,969	*	Greatbatch, Inc		3,593
	49,400		Green Hospital Supply, Inc		913
	127,735	*,e	Haemonetics Corp		8,222
	134,339	*,e	Hanger Orthopedic Group, Inc		3,287
	149,422	*,e	Hansen Medical, Inc		510
	219,200		Hartalega Holdings BHD		405

87

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,137,898	*,e	HCA Holdings, Inc	$	37,551
	764,554	*,e	Health Management Associates, Inc (Class A)		8,242
	483,267	*,e	Health Net, Inc		15,508
	144,940	m	Healthcare Locums plc		262
	880,964	*,e	Healthsouth Corp		23,125
	307,425	*,e	Healthspring, Inc		14,175
	77,384	*	HealthStream, Inc		1,027
	174,570	*	Healthways, Inc		2,650
	49,690	*,e	HeartWare International, Inc		3,681
	290,549	*,e	Henry Schein, Inc		20,800
	291,564		Hill-Rom Holdings, Inc		13,424
	289,000		Hitachi Medical Corp		3,237
	119,667	*,e	HMS Holdings Corp		9,199
	38,900		Hogy Medical Co Ltd		1,754
	3,380,975	*,e	Hologic, Inc		68,194
	1,318,630	e	Humana, Inc		106,202
	53,257	*,e	ICU Medical, Inc		2,327
	244,834	*,e	Idexx Laboratories, Inc		18,989
	387,386	*,e	Immucor, Inc		7,910
	25,167		Immunodiagnostic Systems Holdings plc		427
	193,343	*,e	Insulet Corp		4,286
	136,232	*	Integra LifeSciences Holdings Corp		6,513
	266,668	*,e	Intuitive Surgical, Inc		99,231
	167,876		Invacare Corp		5,572
	253,308	*,e	Inverness Medical Innovations, Inc		9,276
	25,315		Ion Beam Applications		252
	69,571	*,e	IPC The Hospitalist Co, Inc		3,225
	85,323	*,e	IRIS International, Inc		852
	93,000	e	Jeol Ltd		309
	32,170	*,e	Kensey Nash Corp		812
	249,283	*	Kindred Healthcare, Inc		5,352
	662,157	*,e	Kinetic Concepts, Inc		38,160
	61,087	*,e	K-Kitz, Inc		173
	241,800		Kossan Rubber Industries		250
	719,100		KPJ Healthcare BHD		1,102
	412,658	*,e	Laboratory Corp of America Holdings		39,941
	39,219	e	Landauer, Inc		2,415
	86,400		Latexx Partners BHD		63
	682	*	LCA-Vision, Inc		3
	62,150	*,e	LHC Group, Inc		1,433
	895,317		Life Healthcare Group Holdings Pte Ltd		2,329
	155,343	*	LifePoint Hospitals, Inc		6,071
	298,894	e	Lincare Holdings, Inc		8,749
	5,101		LVL Medical Groupe S.A.		126
	165,569	*,e	Magellan Health Services, Inc		9,063
	133,651	*,e	MAKO Surgical Corp		3,973
	8,100		Mani, Inc		285
	221,603	e	Masimo Corp		6,577
	1,280,286	e	McKesson Corp		107,096
	187,592	*	MedAssets, Inc		2,506
	88,249	*,e	Medcath Corp		1,199
	1,767,528	*	Medco Health Solutions, Inc		99,901

88

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	30,596		Medica	$	655
	106,291	*,e	Medical Action Industries, Inc		866
	287,971		Mediceo Paltac Holdings Co Ltd		2,552
	88,063	*,e	Medidata Solutions, Inc		2,102
	3,876,121		Medtronic, Inc		149,348
	215,581	*,e	Merge Healthcare, Inc		1,121
	175,904	e	Meridian Bioscience, Inc		4,241
	149,215	*	Merit Medical Systems, Inc		2,681
	180		Message Co Ltd		566
	194,220	*,e	Metropolitan Health Networks, Inc		930
	151,000		Microlife Corp		268
	414,000		Microport Scientific Corp		267
	1,830,000	e	Mingyuan Medicare Development Co Ltd		134
	38,025		Miraca Holdings, Inc		1,541
	193,636	*	Molina Healthcare, Inc		5,251
	53,382	*,e	MWI Veterinary Supply, Inc		4,312
	12,968		Nagaileben Co Ltd		379
	6,000	e	Nakanishi, Inc		618
	39,730	e	National Healthcare Corp		1,969
	3,974	e	National Research Corp		145
	154,998	*,e	Natus Medical, Inc		2,348
	98,554	*,e	Neogen Corp		4,456
	364,060	*,e	Neoprobe Corp		1,209
	1,435,507	e	Network Healthcare Holdings Ltd		3,180
	116,900		Nichii Gakkan Co		1,039
	59,400		Nihon Kohden Corp		1,479
	77,767		Nikkiso Co Ltd		701
	61,266	e	Nipro Corp		1,111
	169,806		Nobel Biocare Holding AG.		3,463
	170,140	*,e	NuVasive, Inc		5,594
	281,491	*,e	NxStage Medical, Inc		5,861
	208,300		Odontoprev S.A.		3,470
	24,966	e	Olympus Corp		842
	23,862		Omega Pharma S.A.		1,225
	370,650	e	Omnicare, Inc		11,820
	171,823	*	Omnicell, Inc		2,679
	127,242		OPG Groep NV		2,452
	82,292		Opto Circuits India Ltd		551
	201,834	*,e	OraSure Technologies, Inc		1,722
	258,139		Oriola-KD Oyj (B Shares)		996
	30,103	e	Orpea		1,463
	120,838	*	Orthofix International NV		5,132
	9,784	*	Osstem Implant Co Ltd		91
	304,559	e	Owens & Minor, Inc		10,504
	52,264		Pacific Hospital Supply Co Ltd		209
	89,265	*,e	Palomar Medical Technologies, Inc		1,007
	26,700		Paramount Bed Co Ltd		742
	443,312		Patterson Cos, Inc		14,581
	144,019	*	Pediatrix Medical Group, Inc		10,397
	155,392	*,e	PharMerica Corp		1,983
	2,030		Phonak Holding AG.		190
	222,000	*	Pihsiang Machinery Manufacturing Co Ltd		348

89

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,284,120		Primary Health Care Ltd	$	4,738
	4,400		Profarma Distribuidora de Produtos Farmaceuticos S.A.		42
	78,338	*	Providence Service Corp		991
	521,920	*,e	PSS World Medical, Inc		14,619
	82,089	e	Quality Systems, Inc		7,166
	529,612		Quest Diagnostics, Inc		31,300
	117,609	*,e	Quidel Corp		1,782
	128,130	*,e	RadNet, Inc		564
	295,000		Raffles Medical Group Ltd		563
	153,123		Ramsay Health Care Ltd		2,991
	452,513	*,e	Resmed, Inc		14,005
	174,052		Rhoen Klinikum AG.		4,201
	68,372	*,e	Rockwell Medical Technologies, Inc		878
	330,756	*,e	RTI Biologics, Inc		896
	97,478	*,e	Rural		1,681
	657,096		Ryman Healthcare Ltd		1,508
	21,327		Sartorius AG.		980
	10,347		Sartorius Stedim Biotech		715
	422,012		Selcuk Ecza Deposu Ticaret ve Sanayi AS		565
	202,905	*	Select Medical Holdings Corp		1,800
	14,114,000	e	Shandong Weigao Group Medical Polymer Co Ltd		20,382
	101,900		Shenzhen Accord Pharmaceutical Co Ltd		278
	1,613,071		Sigma Pharmaceuticals Ltd		921
	1,127,200	e	Sinopharm Group Co		3,799
	156,508	*,e	Sirona Dental Systems, Inc		8,311
	68,133	*	Skilled Healthcare Group, Inc (Class A)		645
	47,230		Smith & Nephew plc		506
	248,492	*,e	Solta Medical, Inc		686
	145	e	So-net M3, Inc		1,056
	370,065	e	Sonic Healthcare Ltd		5,121
	56,813	*,e	SonoSite, Inc		1,998
	342,858	*	Sorin S.p.A.		972
	144,128	*,e	Spectranetics Corp		896
	1,578,193	e	St. Jude Medical, Inc		75,249
	65,000		St. Shine Optical Co Ltd		988
	149,416	*,e	Staar Surgical Co		792
	176,078	*,e	Stereotaxis, Inc		618
	273,570	e	STERIS Corp		9,569
	10,007	e	Stratec Biomedical Systems AG.		445
	1,078		Straumann Holding AG.		260
	1,217,210	e	Stryker Corp		71,439
	85,332	*	Sun Healthcare Group, Inc		684
	264,142	*,e	Sunrise Senior Living, Inc		2,517
	177,700		Supermax Corp BHD		219
	73,084	*,e	SurModics, Inc		811
	78,319		Suzuken Co Ltd		1,807
	261,556	*,e	SXC Health Solutions Corp		15,411
	104,062	*	SXC Health Solutions Corp (Toronto)		6,147
	206,807	*	Symmetry Medical, Inc		1,855
	105,663	*	Synergetics USA, Inc		582
	104,910		Synergy Healthcare plc		1,541
	54,669	*,e	Synovis Life Technologies, Inc		952

90

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	116,358	f	Synthes, Inc	$	20,469
	86,052		Sysmex Corp		3,237
	114,786		TaiDoc Technology Corp		225
	199,498	*,e	Team Health Holdings, Inc		4,491
	75,972	e	Teleflex, Inc		4,639
	99,500	*	Tempo Participacoes S.A.		239
	1,469,015	*	Tenet Healthcare Corp		9,167
	123,123		Terumo Corp		6,665
	173,157	*	Thoratec Corp		5,683
	65,900	e	Toho Pharmaceutical Co Ltd		657
	506,900		Top Glove Corp BHD		882
	43,191	*	Tornier BV		1,164
	36,580	*,e	Transcend Services, Inc		1,075
	335,000		Trauson Holdings Co Ltd		134
	105,711	*,e	Triple-S Management Corp (Class B)		2,297
	228,559	*	Unilife Corp		1,184
	595,248		United Drug plc		2,045
	6,415,399	e	UnitedHealth Group, Inc		330,907
	149,956		Universal American Corp		1,642
	271,261		Universal Health Services, Inc (Class B)		13,978
	86,929	*,e	Uroplasty, Inc		652
	80,510	e	US Physical Therapy, Inc		1,991
	671,256	*,e	Varian Medical Systems, Inc		47,001
	82,905	*,e	Vascular Solutions, Inc		1,028
	260,997	*	VCA Antech, Inc		5,533
	40,200	e	VITAL KSK Holdings, Inc		335
	220,900	*,e	Volcano Corp		7,133
	306,731	*,e	WellCare Health Plans, Inc		15,769
	1,861,610	e	WellPoint, Inc		146,640
	138,722	e	West Pharmaceutical Services, Inc		6,070
	1,893	*,e	William Demant Holding		171
	261,535	*	Wright Medical Group, Inc		3,923
	30,246	e	Young Innovations, Inc		863
	813,110	*	Zimmer Holdings, Inc		51,389
	92,933	*	Zoll Medical Corp		5,266
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		3,827,053
HOUSEHOLD & PERSONAL PRODUCTS - 1.6%
	6,124		Able C&C Co Ltd		149
	27,700	*,e	Aderans Co Ltd		282
	4,763		Amorepacific Corp		5,300
	60,044	*	Atrium Innovations Inc		987
	873,255		Avon Products, Inc		24,451
	1,828,000	e	BaWang International Group Holding Ltd		356
	495,775		Beiersdorf AG.		32,211
	205,000		Biostime Internatonal Holdings Ltd		426
	238,611	*,e	Central Garden and Pet Co (Class A)		2,422
	72,320		China King-highway Holdings Lt		161
	550,848		Church & Dwight Co, Inc		22,331
	530,806		Clorox Co		35,798
	1,748,957		Colgate-Palmolive Co		152,876
	314,000		Coslight Technology International Group Ltd		142

91

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	310,000		Dabur India Ltd	$	792
	174	e	Dr Ci:Labo Co Ltd		889
	103,483	*	Elizabeth Arden, Inc		3,004
	1,821	*	Emami Ltd		19
	390,667	*,e	Energizer Holdings, Inc		28,269
	948,978	e	Estee Lauder Cos (Class A)		99,824
	72,500	e	Fancl Corp		987
	77,514	e	Female Health Co		388
	158,000		Grape King Industrial Co		268
	1,056,500		Hengan International Group Co Ltd		9,500
	30,642		Henkel KGaA		1,756
	1,317,923		Henkel KGaA (Preference)		91,646
	878,373		Herbalife Ltd		50,630
	1,379,601		Hindustan Lever Ltd		10,620
	448,225		Hypermarcas S.A.		4,222
	21,089		Inter Parfums S.A.		783
	92,698	e	Inter Parfums, Inc		2,135
	336,044		Kao Corp		8,836
	815,325		Kimberly-Clark Corp		54,268
	730,479		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		4,806
	38,000		Kobayashi Pharmaceutical Co Ltd		1,910
	14,880		Korea Kolmar Co Ltd		91
	41,500	e	Kose Corp		1,078
	14,281		LG Household & Health Care Ltd		6,140
	442,000	e	Lion Corp		2,452
	38,320		L’Oreal S.A.		4,973
	224,000	*	Magic Holdings international Ltd		123
	49,479		Mandom Corp		1,360
	18,949		Marico Ltd		66
	249,474		Mcbride plc		554
	107,195	*,e	Medifast, Inc		2,544
	196,000	*	Microbio Co Ltd		282
	13,300	e	Milbon Co Ltd		395
	239,838		Natura Cosmeticos S.A.		5,993
	830,000	e	Natural Beauty Bio-Technology Ltd		197
	43,750	*,e	Nature’s Sunshine Products, Inc		852
	6,392	m	Nirma Ltd		37
	30,700	*	Noevir Holdings Co Ltd		349
	847,678	e	Nu Skin Enterprises, Inc (Class A)		31,830
	61,782	*	Nutraceutical International Corp		950
	1,213,000		NVC Lighting Holdings Ltd		629
	21,645	e	Oil-Dri Corp of America		464
	56,663	e	Oriflame Cosmetics S.A.		2,794
	5,098		Pacific Corp		1,036
	29,500	e	Pigeon Corp		970
	125,000	*	Pola Orbis Holdings, Inc		3,282
	229,911	*	Prestige Brands Holdings, Inc		2,952
	12,618,157		Procter & Gamble Co		802,135
	1,740,000		PT Unilever Indonesia Tbk		3,028
	267,059	e	PZ Cussons plc		1,526
	3,812,688		Reckitt Benckiser Group plc		210,582
	57,100	*,e	Revlon, Inc (Class A)		959

92

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	31,330,400	e	Ruinian International Ltd	$	20,667
	43,051	e	Schiff Nutrition International, Inc		482
	83,668		Shiseido Co Ltd		1,562
	69,333	*,e	Spectrum Brands, Inc		2,219
	347,571	e	Uni-Charm Corp		15,185
	28,823	*,e	USANA Health Sciences, Inc		902
	860,000		Vinda International Holdings Ltd		968
	103,017	e	WD-40 Co		4,022
	607,000	*	Youyuan International Holdings Ltd		272
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,790,346
INSURANCE - 3.6%
	3,766,780	e	ACE Ltd		247,929
	1,068,550		Admiral Group plc		28,496
	2,662,577	*	Aegon NV		18,143
	3,991,685		Aflac, Inc		186,332
	8,522,225	*	AIA Group Ltd		29,666
	13,511		Aksigorta AS		13
	12,752	*	Alleghany Corp		4,248
	820,017		Allianz AG.		114,349
	422,759	e	Allied World Assurance Co Holdings Ltd		24,342
	3,991,905		Allstate Corp		121,873
	88,520	*	Alm Brand AS		194
	277,984		American Equity Investment Life Holding Co		3,533
	895,629		American Financial Group, Inc		31,965
	733,455	*	American International Group, Inc		21,505
	12,733		American National Insurance Co		987
	78,378	*	American Safety Insurance Holdings Ltd		1,500
	81,173	*	Amerisafe, Inc		1,836
	803,093		Amlin plc		5,235
	3,289,268		AMP Ltd		17,298
	112,617		Amtrust Financial Services, Inc		2,565
	201,129		Anadolu Hayat Emeklilik AS		504
	370,346		Anadolu Sigorta		256
	708,551		AON Corp		36,349
	48,126		April Group		1,353
	922,843	*,e	Arch Capital Group Ltd		29,457
	131,349		Argo Group International Holdings Ltd		3,904
	207,659		Arthur J. Gallagher & Co		5,927
	711,782	e	Aspen Insurance Holdings Ltd		18,314
	947,146		Assicurazioni Generali S.p.A.		19,968
	457,745		Assurant, Inc		16,602
	352,600	e	Assured Guaranty Ltd		5,751
	4,821,799		Aviva plc		33,941
	2,608,720	e	AXA S.A.		59,218
	2,597,536		Axis Capital Holdings Ltd		80,420
	60,140		Bajaj Finserv Ltd		693
	35,293		Baldwin & Lyons, Inc (Class B)		818
	56,689		Baloise Holding AG.		5,850
	1,531,173		Beazley plc		3,074
	6,165,757	*	Berkshire Hathaway, Inc (Class B)		477,169
	900		Brazil Insurance Participco		1,125

93

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	214,830		Brown & Brown, Inc	$	5,513
	9,717,071		Cathay Financial Holding Co Ltd		15,081
	679,506		Catlin Group Ltd		4,381
	104,000		Central Reinsurance Co Ltd		63
	1,845,456	m	Chaucer Holdings plc		1,573
	230,248		Chesnara plc		894
	1,214,708	*,e	China Insurance International Holdings Co Ltd		2,754
	11,381,419	e	China Life Insurance Co Ltd		39,297
	4,920,413		China Life Insurance Co Ltd (Taiwan)		6,528
	2,836,200	e	China Pacific Insurance Group Co Ltd		11,801
	1,334,253		Chubb Corp		83,538
	21,473	*	CIG PANNONIA LIFE INSURANCE		103
	277,195	e	Cincinnati Financial Corp		8,089
	180,276	*	Citizens, Inc (Class A)		1,229
	26,645		Clal Insurance		653
	50,188	e	CNA Financial Corp		1,458
	248	*	CNIA SAADA ASSURANCE		37
	449,422		CNP Assurances		9,784
	1,145,598	*	Conseco, Inc		9,062
	2,629,274	e	Corp Mapfre S.A.		9,755
	123,301	e	Crawford & Co (Class B)		872
	8,423		Dai-ichi Mutual Life Insurance Co		11,812
	230,850		Delphi Financial Group, Inc (Class A)		6,743
	132,131		Delta Lloyd NV		3,138
	589,018		Discovery Holdings Ltd		3,358
	36,051		Donegal Group, Inc (Class A)		461
	78,588		Dongbu Insurance Co Ltd		4,103
	98,173	*,e	eHealth, Inc		1,312
	34,783	e	EMC Insurance Group, Inc		664
	171,091	e	Employers Holdings, Inc		2,869
	641,366	e	Endurance Specialty Holdings Ltd		26,508
	29,303	*	Enstar Group Ltd		3,062
	79,091	e	Erie Indemnity Co (Class A)		5,593
	18,554		Euler Hermes S.A.		1,566
	236,145	e	Everest Re Group Ltd		19,305
	20,436		Fairfax Financial Holdings Ltd		8,179
	29,619		FBD Holdings plc		307
	73,843		FBL Financial Group, Inc (Class A)		2,374
	420,697	e	Fidelity National Title Group, Inc (Class A)		6,622
	566,522	e	First American Financial Corp		8,866
	332,512	e	Flagstone Reinsurance Holdings Ltd		2,803
	223,352	e	Fondiaria-Sai S.p.A RSP		440
	219,275	e	Fondiaria-Sai S.p.A.		869
	14,041	*	Fortegra Financial Corp		110
	2,157,182		Fortis		5,843
	39,579	*,e	Fpic Insurance Group, Inc		1,650
	1,281,438	*	Genworth Financial, Inc (Class A)		13,173
	204,319		Gjensidige Forsikring BA		2,518
	479,797	e	Great-West Lifeco, Inc		12,676
	120,678	*	Greenlight Capital Re Ltd (Class A)		3,173
	57,430		Grupo Catalana Occidente S.A.		1,410
	123,749	*	Gunes Sigorta		181

94

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	75,370	*,e	Hallmark Financial Services	$	593
	218,508		Hannover Rueckversicherung AG.		11,364
	83,605		Hanover Insurance Group, Inc		3,153
	32,380	*	Hanwha Non-Life Insurance Co Ltd		296
	11,401		Harel Insurance Investments & Finances Ltd		637
	49,029	e	Harleysville Group, Inc		1,528
	991,594	e	Hartford Financial Services Group, Inc		26,148
	296,411		HCC Insurance Holdings, Inc		9,337
	12,019		Helvetia Holding AG.		5,149
	167,870	*	Hilltop Holdings, Inc		1,484
	517,260	e	Hiscox Ltd		3,480
	229,828		Horace Mann Educators Corp		3,588
	67,450		Hyundai Marine & Fire Insurance Co Ltd		2,015
	29,592	*,e	Independence Holding Co		309
	176,193		Industrial Alliance Insurance and Financial Services, Inc		7,326
	65,465	e	Infinity Property & Casualty Corp		3,578
	185,212	e	ING Canada, Inc		10,639
	2,204,157		Insurance Australia Group Ltd		8,058
	208,033		Jardine Lloyd Thompson Group plc		2,272
	18,306	e	Kansas City Life Insurance Co		570
	245,510		Korea Life Insurance Co Ltd		1,784
	124,560		Korean Reinsurance Co		1,631
	216,552		Lancashire Holdings Ltd		2,271
	21,252,413		Legal & General Group plc		40,261
	159,747		Liberty Holdings Ltd		1,701
	43,790		LIG Insurance Co Ltd		1,123
	1,050,462	e	Lincoln National Corp		29,928
	597,003	e	Loews Corp		25,128
	24,010		Lotte Non-Life Insurance Co Ltd		161
	289,174	e	Maiden Holdings Ltd		2,631
	2,191,098	e	Manulife Financial Corp		38,803
	18,501	*	Markel Corp		7,341
	1,542,774		Marsh & McLennan Cos, Inc		48,119
	1,394,078	e	Max Capital Group Ltd		31,088
	285,065	*,e	MBIA, Inc		2,477
	361,409	e	Meadowbrook Insurance Group, Inc		3,582
	483,776	e	Mediolanum S.p.A.		2,233
	29,995	*	Menorah Mivtachim Holdings Ltd		328
	48,793		Mercury General Corp		1,927
	52,575		Meritz Fire & Marine Insurance Co Ltd		650
	6,329,199		Metlife, Inc		277,663
	1,823,621		Metropolitan Holdings Ltd		4,588
	352,760		Migdal Insurance Holdings Ltd		616
	2,410,779	e	Milano Assicurazioni S.p.A.		1,345
	1,145,278		Millea Holdings, Inc		32,061
	255,643		Mitsui Sumitomo Insurance Group Holdings, Inc		5,984
	353,012	e	Montpelier Re Holdings Ltd		6,354
	301,354		Muenchener Rueckver AG.		46,003
	253,513	*,e	National Financial Partners Corp		2,926
	39,025	e	National Interstate Corp		894
	10,850		National Western Life Insurance Co (Class A)		1,730
	66,028	*,e	Navigators Group, Inc		3,103

95

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	732,490		NKSJ Holdings, Inc	$	4,835
	4,662,083		Old Mutual plc		9,980
	500,160		Old Republic International Corp		5,877
	83,318	e	OneBeacon Insurance Group Ltd (Class A)		1,116
	911,226		PartnerRe Ltd		62,738
	484,316	*	Phoenix Cos, Inc		1,191
	79,180		Phoenix Holdings Ltd		268
	5,863,000	*,e	PICC Property & Casualty Co Ltd		10,015
	2,560,500	e	Ping An Insurance Group Co of China Ltd		26,557
	171,270		Platinum Underwriters Holdings Ltd		5,693
	335,931		Porto Seguro S.A.		5,231
	424,311	e	Power Corp Of Canada		11,830
	548,460	e	Power Financial Corp		16,912
	80,334		Powszechny Zaklad Ubezpieczen S.A.		10,981
	340,255	*,e	Premafin Finanziaria S.p.A.		279
	104,166	e	Presidential Life Corp		1,087
	142,094	e	Primerica, Inc		3,122
	780,983	e	Principal Financial Group		23,758
	136,306	*	ProAssurance Corp		9,541
	1,233,111		Progressive Corp		26,364
	164,460		Protective Life Corp		3,804
	5,260,405		Prudential Financial, Inc		334,510
	4,350,195		Prudential plc		50,231
	82,118,500	*	PT Panin Life Tbk		1,707
	2,504,834		QBE Insurance Group Ltd		46,490
	475,835		Reinsurance Group of America, Inc (Class A)		28,959
	509,770	e	RenaissanceRe Holdings Ltd		35,658
	3,984,749		Resolution Ltd		18,784
	76,858	e	RLI Corp		4,759
	1,178,575		RMI Holdings		2,153
	3,034,314		Royal & Sun Alliance Insurance Group plc		6,563
	52,852	e	Safety Insurance Group, Inc		2,222
	302,807		Sampo Oyj (A Shares)		9,776
	51,912		Samsung Fire & Marine Insurance Co Ltd		12,079
	71,457		Samsung Life Insurance Co Ltd		6,375
	3,578,157		Sanlam Ltd		14,593
	23,888		Santam Ltd		463
	18,007		Schweizerische National-Versicherungs-Gesellschaft		714
	670,216		SCOR		19,023
	94,839	e	SeaBright Insurance Holdings, Inc		939
	293,715		Selective Insurance Group, Inc		4,779
	8,277,473	*	Shin Kong Financial Holding Co Ltd		3,571
	165,000		Shinkong Insurance Co Ltd		129
	54,429		Societa Cattolica di Assicurazioni SCRL		1,323
	896,903		Sony Financial Holdings, Inc		16,216
	268,806		St. James’s Place plc		1,464
	85,622		Stancorp Financial Group, Inc		3,612
	1,644,268	e	Standard Life plc		5,557
	88,641	e	State Auto Financial Corp		1,545
	73,694	e	Stewart Information Services Corp		739
	596,945	e	Storebrand ASA		5,077
	330,500		Sul America SA		4,151

96

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,228,030	e	Sun Life Financial, Inc	$	36,989
	2,602,581		Suncorp-Metway Ltd		22,749
	37,194		Swiss Life Holding		6,100
	992,713	*	Swiss Re Ltd		55,743
	313,570		Symetra Financial Corp		4,211
	194,693		T&D Holdings, Inc		4,634
	427,000		Taiwan Fire & Marine Insurance Co		369
	621,000		Taiwan Life Insurance Co Ltd		671
	68,090		Tong Yang Life Insurance		808
	19,434	*,e	Topdanmark AS		3,629
	378,132	e	Torchmark Corp		24,253
	188,654	e	Tower Group, Inc		4,494
	256,704		Tower Ltd		323
	118,091		Transatlantic Holdings, Inc		5,788
	833,761		Travelers Cos, Inc		48,675
	28,879	e	TrygVesta AS		1,668
	1,349,909		Unipol Gruppo Finanziario S.p.A.		735
	2,076,404		Unipol S.p.A.		848
	60,786	*,e	United America Indemnity Ltd		1,348
	108,992		United Fire & Casualty Co		1,893
	99,892		Unitrin, Inc		2,964
	159,020	e	Universal Insurance Holdings, Inc		743
	1,251,030	e	UnumProvident Corp		31,876
	931,088	e	Validus Holdings Ltd		28,817
	61,412		Vittoria Assicurazioni S.p.A.		344
	214,740		W.R. Berkley Corp		6,966
	12,988		White Mountains Insurance Group Ltd		5,457
	82,734	e	Wiener Staedtische Allgemeine Versicherung AG.		4,547
	2,628,525	e	XL Capital Ltd		57,775
	33,370		Yapi Kredi Sigorta AS.		325
	138,941		Zurich Financial Services AG.		35,158
			TOTAL INSURANCE		4,051,053
MATERIALS - 7.1%
	157,493	e	A. Schulman, Inc		3,967
	9,763	e	Acerinox S.A.		178
	381,000		ACHEM Technology Corp		223
	270,000		Achilles Corp		377
	114,220		Adana Cimento		326
	139,600		ADEKA Corp		1,417
	1,111,133		Adelaide Brighton Ltd		3,694
	4,898		Adhunik Metaliks Ltd		9
	768,606		Aditya Birla Minerals Ltd		1,266
	29,781	*	Advanced Metallurgical Group NV		557
	47,153	*	Advansa Sasa Polyester Sanayi AS.		68
	110,237	e	Aeci Ltd		1,376
	9,295		Aekyung Petrochemical Co Ltd		428
	25,516	*	AEP Industries, Inc		745
	170,297		African Barrick Gold Ltd		1,133
	307,658	*	African Minerals Ltd		2,558
	73,742		African Oxygen Ltd		214

97

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	171,546		African Rainbow Minerals Ltd	$	4,789
	89		Afyon Cimento Sanayi TAS		7
	174,506		Agnico-Eagle Mines Ltd		11,034
	104,937		Agrium, Inc		9,209
	308,663		Agrium, Inc (Toronto)		27,104
	242,000		Aichi Steel Corp		1,658
	66,721		Air Liquide		9,559
	623,035		Air Products & Chemicals, Inc		59,550
	99,124		Air Water, Inc		1,194
	152,661		Airgas, Inc		10,692
	212,366		AK Steel Holding Corp		3,347
	94,498		Akcansa Cimento AS		420
	497,735		Akzo Nobel NV		31,447
	249,470		Alamos Gold, Inc		4,131
	352,117		Albemarle Corp		24,366
	15,645	*	Alchemia S.A.		49
	2,237,942		Alcoa, Inc		35,494
	18,251		Alexandria Mineral Oils Co		202
	252,675	*	Alkane Resources Ltd		588
	276,937		Allegheny Technologies, Inc		17,577
	167,371	*	Allied Nevada Gold Corp		5,920
	174,690	e	Altri SGPS S.A.		369
	455,836		Alumina Ltd		1,044
	5,576,000	e	Aluminum Corp of China Ltd		4,803
	928,473		Ambuja Cements Ltd		2,781
	103,675	e	AMCOL International Corp		3,956
	867,086		Amcor Ltd		6,719
	113,931		American Vanguard Corp		1,478
	192,075	*,e	Ampella Mining Ltd		384
	1,835,000		AMVIG Holdings Ltd		1,383
	218,448		Anadolu Cam Sanayii AS		531
	299,500	*	Anatolia Minerals Development Ltd		2,509
	1,730,720	e	Angang New Steel Co Ltd		1,905
	8,306		Anglo American plc		412
	2,932,864		Anglo American plc (London)		145,451
	176,648	e	Anglo Platinum Ltd		16,438
	543,836		AngloGold Ashanti Ltd		22,941
	3,615,804	e	Anhui Conch Cement Co Ltd		17,017
	129,500		ANN JOO Resources BHD		120
	1,760,728		Antofagasta plc		39,402
	138,730	*	Anvil Mining Ltd		880
	58,000	*,e	APERAM		1,873
	127,070		Aptargroup, Inc		6,651
	800,010		Aquarius Platinum Ltd		4,067
	347,782	*,e	Arafura Resources Ltd		275
	92,381		ArcelorMittal		3,213
	110,780		Arch Chemicals, Inc		3,815
	525,159		Arkema		54,014
	2,245,451	e	Asahi Kasei Corp		15,132
	94,000		Asahi Organic Chemicals Industry Co Ltd		262
	2,360,801		Ashland, Inc		152,555
	1,340,500		Asia Cement China Holdings Corp		1,053

98

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,520		Asia Cement Co Ltd	$	206
	2,676,070		Asia Cement Corp		3,832
	108,000		Asia Polymer		177
	33,068		Asian Paints Ltd		2,360
	85,990		Associated Cement Co Ltd		1,832
	845,814	*	Aston Resources Pty Ltd		7,947
	677,200	*	Atlas Consolidated Mining & Development		325
	883,386	*,e	Atlas Iron Ltd		3,560
	119,700	*	Augusta Resource Corp		552
	186,194	*,e	Aura Minerals, Inc		386
	19,679		Auriga Industries (Class B)		335
	221,111	*	Aurizon Mines Ltd		1,238
	605,896		Ausdrill Ltd		2,162
	125,200	*,e	Avalon Ventures Ltd		870
	1,306,400	*	Avion Gold Corp		2,628
	231,192	*	Avocet Mining plc		798
	281,099	*	AZ Electronic Materials S.A.		1,380
	803,235	*	B2Gold Corp		2,715
	439		Bagfas Bandirma Gubre Fabrik		42
	121,640		Balchem Corp		5,325
	736,872		Ball Corp		28,339
	264,598		Ballarpur Industries Ltd		196
	243,100	*	Banro Corp		923
	1,272,656		Barrick Gold Corp		57,638
	1,913,992		Barrick Gold Corp (Canada)		86,902
	1,658,934		BASF AG.		162,611
	2,138		BASF India Ltd		29
	759,728	*	Bathurst Resources Ltd		842
	41,325		Baticim Bati Anadolu Cimento Sanayii AS.		221
	3,866		Bayer CropScience Ltd		74
	1,728,500	e	BBMG Corp		2,587
	751,278	*,e	Beadell Resources Ltd		687
	197,695		Bemis Co, Inc		6,678
	31,929		Berger Paints India Ltd		71
	4,320,036	e	BHP Billiton Ltd		204,168
	2,874,773		BHP Billiton plc		112,960
	2,626,936		Bhushan Steel Ltd		25,846
	279,401	e	Billerud AB		2,926
	1,933		Birla Corp Ltd		14
	231,756		BlueScope Steel Ltd		302
	1,630	*	BNG Steel Co Ltd		29
	506,940	e	Boise, Inc		3,949
	851,037	e	Boliden AB		15,717
	236,228		Bolu Cimento Sanayii		229
	497,825	e	Boral Ltd		2,360
	1,067,000	*	Borneo Lumbung Energi & Metal		175
	10,943		Borusan Mannesmann Boru Sanayi		186
	3,350,289	*	Boryszew S.A.		1,112
	397,293		Bradespar S.A.		10,081
	429,128		Braskem S.A.		6,129
	1,400		Braskem S.A. (ADR)		41
	118,620	*	Brockman Resources Ltd		371

99

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	102,575	*,e	Brush Engineered Materials, Inc	$	3,792
	195,683		Buckeye Technologies, Inc		5,280
	107,036		Bursa Cimento		340
	102,997	e	Buzzi Unicem S.p.A.		1,438
	120,825		Buzzi Unicem S.p.A. RSP		940
	8,100		C Uyemura & Co Ltd		363
	421,791		Cabot Corp		16,817
	217,668	*,e	Caledon Resources plc		388
	527,919	*,e	Calgon Carbon Corp		8,975
	252,168	*	Canfor Corp		2,758
	130,900		CANFOR PULP PRODUCTS		2,372
	123,846		CAP S.A.		5,909
	20,700		Capro Corp		630
	532,411	*	Capstone Mining Corp		1,982
	85,759		Carpenter Technology Corp		4,947
	93,652		Cascades, Inc		620
	87,036	*,e	Castle (A.M.) & Co		1,446
	55,181		CCL Industries		1,897
	809,499		Celanese Corp (Series A)		43,154
	81,180		Cementir S.p.A.		224
	366,498		Cementos Argos S.A.		2,337
	91,482		Cementos Lima S.A.		78
	15,268	e	Cementos Portland Valderrivas S.A.		285
	20,047,931	*,e	Cemex S.A. de C.V.		17,226
	1,353,317	*	Centamin Egypt Ltd		2,733
	428,375		Centerra Gold, Inc		7,107
	265,646	*,e	Century Aluminum Co		4,157
	96,232		Century Textile & Industries Ltd		761
	941,894		CF Industries Holdings, Inc		133,438
	339,883		Chambal Fertilizers & Chemicals Ltd		615
	27,164	e	Chase Corp		455
	64,791		Cheil Industries, Inc		7,771
	400,069	*	Chemtura		7,281
	1,338,000		Cheng Loong Corp		635
	786,000		Chia Hsin Cement Corp		496
	504,000		Chiho-Tiande Group Ltd		393
	8,804,000	e	China BlueChemical Ltd		7,299
	198,000	e,m	China Forestry Holdings Ltd		75
	59,000		China General Plastics Corp		25
	794,000		China Glass Holdings Ltd		315
	20,000	*	China Glaze Co Ltd		14
	8,768,000	*,e	China Grand Forestry Resources Group Ltd		180
	142,000	*	China Hi-ment Corp		212
	529,000	*	China Manmade Fibers Corp		231
	261,000		China Metal Products		301
	8,982,200	e	China Metal Recycling Holdings Ltd		10,959
	4,994,000	*	China Mining Resources Group Ltd		75
	4,725,722	e	China National Building Material Co Ltd		9,330
	646,000		China Nickel Resources Holding Co Ltd		78
	3,176,000	*	China Petrochemical Development Corp		3,644
	1,488,000	*,e	China Precious Metal Resources Holdings Co Ltd		324
	692,000	*,e	China Rare Earth Holdings Ltd		222

100

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,544,000	e	China Resources Cement Holdings Ltd	$	3,348
	673,000		China Sanjiang Fine Chemicals		241
	3,078,000		China Shanshui Cement Group Ltd		3,571
	145,000		China Steel Chemical Corp		777
	13,553,279		China Steel Corp		16,345
	806,000		China Sunshine Paper Holdings Co Ltd		204
	640,000		China Synthetic Rubber Corp		672
	6,700,000	*	China Timber Resources Group Ltd		294
	663,000	e	China Vanadium Titano-Magnetite Mining Co Ltd		255
	568,000	m	China XLX Fertiliser Ltd		174
	7,288,600	e	China Zhongwang Holdings Ltd		3,209
	404,000	*,e	Chongqing Iron & Steel Co Ltd		90
	1,364,278		Christian Hansen Holding		32,416
	1,076,000		Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd		452
	111,000	e	Chuetsu Pulp & Paper Co Ltd		186
	77,000		Chugoku Marine Paints Ltd		603
	813,000		Chun Yuan Steel		424
	975,000	*	Chung Hung Steel Corp		501
	142,000	*	Chung Hwa Pulp Corp		74
	296,613		Cia de Minas Buenaventura S.A. (ADR) (Series B)		11,265
	335,969	*	Cia Minera Atacocha S.A.		131
	175,000	*	Cia Minera Autlan SAB de C.V.		386
	926,236		Cia Siderurgica Nacional S.A.		11,389
	53,623	*	Ciech S.A.		461
	10,067		Ciments Francais S.A.		1,068
	51,713	e	Cimpor Cimentos de Portugal S.A.		395
	90,347		Cimsa Cimento Sanayi Ve Tica		482
	583,000	*	Citic Dameng Holdings		169
	2,273,251	*	Clariant AG.		43,490
	2,984		Clariant Chemicals India Ltd		50
	55,489	*	Clearwater Paper Corp		3,789
	883,370		Cleveland-Cliffs, Inc		81,667
	198,500	*	Cline Mining Corp		471
	498,261	*,e	Coal of Africa Ltd		581
	485,699	*	Coeur d'Alene Mines Corp		11,783
	128,700	*	Colossus Minerals, Inc		934
	221,453		Commercial Metals Co		3,178
	86,132	*	Companhia Vale do Rio Doce		0	^
	345,860		Companhia Vale do Rio Doce (ADR)		11,050
	83,003		Compania de Minas Buenaventura S.A.		3,109
	144,323		Compass Minerals International, Inc		12,422
	188,566		Confab Industrial S.A.		520
	129,100	*	Copper Mountain Mining Corp		1,000
	28,508		Coromandel International Ltd		224
	233,245		Corp Aceros Arequipa S.A.		200
	132,600	*	Corp Durango SAB de C.V.		113
	599,000		CPMC Holdings Ltd		328
	202,388		CRH plc		4,485
	280,477		Croda International plc		8,495
	97,200	*	Cronus Resources Ltd		740
	937,767	*,e	Crown Holdings, Inc		36,403

101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	375,800		CSC Steel Holdings BHD	$	203
	1,654,580		CSG Holding Co Ltd		1,862
	140,972	*	Cudeco Ltd		487
	799,557		Cytec Industries, Inc		45,727
	390,000	*	DA MING INTERNATIONAL HOLD		126
	38,270		Daechang Ind Co Ltd		65
	26,800		Daehan Steel Co Ltd		196
	144,000	e	Dai Nippon Toryo Co Ltd		174
	794,246		Daicel Chemical Industries Ltd		5,247
	82,169	e	Daido Steel Co Ltd		550
	91,000		Daiken Corp		285
	201,857		Dainichiseika Color & Chemicals Manufacturing Co Ltd		991
	1,165,845		Dainippon Ink and Chemicals, Inc		2,762
	107,872	e	Daio Paper Corp		862
	90,000		Daiso Co Ltd		327
	272,800	*	Danhua Chemical Technology Co Ltd		245
	23,778		DC Chemical Co Ltd		9,018
	8,695		Deepak Fertilizers & Petrochemicals Corp Ltd		32
	46,185	e	Deltic Timber Corp		2,480
	923,696		Denki Kagaku Kogyo KK		4,453
	398,009	*	Detour Gold Corp		11,534
	498,515	*	Discovery Metals Ltd		648
	469,318		Domtar Corporation		44,454
	9,110	*	Dongbu HiTek Co Ltd		85
	19,470		Dongbu Steel Co Ltd		167
	4,727		Dongil Industries Co Ltd		320
	48,145		Dongjin Semichem Co Ltd		258
	56,642		Dongkuk Industries Co Ltd		197
	54,960		Dongkuk Steel Mill Co Ltd		2,123
	639,000	e	Dongyue Group		705
	6,651,058		Dow Chemical Co		239,438
	312,000		Dowa Holdings Co Ltd		1,936
	500,308	e	DRDGOLD Ltd		242
	1,069,614		DS Smith plc		4,323
	466,893		DSM NV		30,300
	2,594,957		Du Pont (E.I.) de Nemours & Co		140,257
	501,860	e	DuluxGroup Ltd		1,518
	138,400	*	Dundee Precious Metals, Inc		1,121
	327,500		Dynasty Ceramic PCL		499
	237,990	e	Eagle Materials, Inc		6,633
	27,000		Earth Chemical Co Ltd		938
	1,182,185	*	Eastern Platinum Ltd		981
	634,657		Eastman Chemical Co		64,779
	1,072,433	e	Ecolab, Inc		60,464
	423,015	*,e	ECU Silver Mining, Inc		404
	120,000	*	EFUN Technologies Co Ltd		126
	1,045		EG Corp		30
	2,735	*	Egyptian Financial & Industrial Co		7
	8,574		EID Parry India Ltd		48
	356,771	*	El Ezz Steel Co		635
	568,742		Eldorado Gold Corp		8,392
	620,438		Elementis plc		1,718

102

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	206,500		Empresas CMPC S.A.	$	11,020
	11,236	*	EMS-Chemie Holding AG.		2,285
	120,000	*	Endeavour Silver Corp		1,010
	27,340	e	Eramet		9,046
	146,673	*	Ercros S.A.		205
	1,331,604		Eregli Demir ve Celik Fabrikalari TAS		3,400
	964,757		Eternal Chemical Co Ltd		1,091
	65,900		Eternit S.A.		407
	41,223	*	Eugene Corp		140
	580,355		Eurasian Natural Resources Corp		7,282
	164,098	*	European Goldfields Ltd		1,718
	475,400		Evergreen Fibreboard BHD		186
	341,000		Everlight Chemical Industrial Corp		322
	32,909	*,f	Evraz Group S.A. (GDR) (purchased 01/07/11, cost $1,245)		1,025
	96,100	*	Exeter Newco		1,237
	112,100	*	Exeter Resource Corp		466
	578,050		Feng Hsin Iron & Steel Co		1,100
	60,900		Ferbasa-Ferro Ligas DA Bahia		427
	370,015		Ferrexpo plc		2,793
	2,272,769	*	Ferro Corp		30,546
	169,072		Fertilizantes Fosfatados S.A.		2,558
	34,400	*	Fertilizantes Heringer S.A.		217
	233,359		Fibria Celulose S.A.		3,073
	51,500		Fibria Celulose S.A. (ADR)		679
	439,625		Filtrona plc		2,594
	21,015		Finolex Industries Ltd		35
	234,200	*	First Majestic Silver Corp		4,332
	166,143		First Quantum Minerals Ltd		24,224
	108,216	e	Fletcher Building Ltd		772
	1,273,299	e	Fletcher Building Ltd		9,112
	206,494	*,e	Flotek Industries, Inc		1,759
	150,267	e	FMC Corp		12,926
	20,530	*	Foosung Co Ltd		166
	5,956,733		Formosa Chemicals & Fibre Corp		22,229
	8,301,091		Formosa Plastics Corp		29,999
	212,000		Formosan Rubber Group, Inc		224
	602,000	*	Formosan Union Chemical		405
	4,651,886		Fortescue Metals Group Ltd		31,919
	16,200	*	Fortress Paper Ltd		619
	354,400	*	Fortuna Silver Mines, Inc		1,852
	4,006,200		Fosun International		3,061
	22,400		FP Corp		1,389
	135,283	e	Franco-Nevada Corp		5,050
	5,781,678	e	Freeport-McMoRan Copper & Gold, Inc (Class B)		305,850
	267,214		Fresnillo plc		6,019
	305,000	*	Froch Enterprise Co Ltd		155
	61,952		Frutarom Industries Ltd		639
	24,282		Fuchs Petrolub AG.		1,259
	52,371		Fuchs Petrolub AG. (Preference)		2,915
	1,154,000		Fufeng Group Ltd		750
	26,652		Fuji Seal International, Inc		586
	23,200		Fujimi, Inc		278

103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	261,000	e	Furukawa-Sky Aluminum Corp	$	935
	5,083,800		Fushan International Energy Group Ltd		3,118
	81,849	*	FutureFuel Corp		991
	10,974,800	*	G J Steel PCL		79
	5,146,900	*	G Steel PCL		95
	280,470	*	Gabriel Resources Ltd		1,937
	191,672	*	Gammon Gold, Inc		2,107
	148,413	*	Gem Diamonds Ltd		546
	281,896	*,e	General Moly, Inc		1,257
	1,908,642	*,a,e	Georgia Gulf Corp		46,075
	21,800	e	Gerdau S.A. (ADR)		229
	1,084,802		Gerdau S.A. Preference		11,330
	717,281	*,e	Gindalbie Metals Ltd		647
	29,594		Givaudan S.A.		31,307
	271,018		Glatfelter		4,168
	477,200	*	Gleichen Resources Ltd		861
	162,549	*,e	Glencore International AG.		1,281
	265,471	e	Globe Specialty Metals, Inc		5,952
	62,000	*	Gloria Material Technology Corp		71
	230,000	e	Godo Steel Ltd		609
	22,641	*	Godrej Industries Ltd		105
	940,575		Gold Fields Ltd		13,796
	117,578	*,e	Gold Resource Corp		2,931
	1,089,417		Goldcorp, Inc		52,694
	45,099	*,e	Golden Minerals Co		802
	1,380,566	*	Golden Star Resources Ltd		3,037
	363,238	*	Golden Star Resources Ltd (Toronto)		798
	4,040,800		Goldsun Development & Construction Co Ltd		2,031
	348		Goltas Cimento		14
	113,891	*,e	Graham Packaging Co, Inc		2,872
	675,000		Grand Pacific Petrochemical		421
	134,200	*	Grande Cache Coal Corp		1,223
	326,968	*	Grange Resources Ltd		185
	658,243	*	Graphic Packaging Holding Co		3,581
	3,591		Grasim Industries Ltd		169
	486,455	*	Great Basin Gold Ltd		999
	90,000		Great China Metal Industry		118
	197,748	*,b,e	Great Southern Ltd		0	^
	299,000	*	Greatview Aseptic Packaging Co		181
	71,071		Greif, Inc (Class A)		4,622
	101,421	*	Greystar Resources Ltd		287
	550,289		Grupo Empresarial Ence S.A.		2,174
	4,975,180		Grupo Mexico S.A. de C.V. (Series B)		16,483
	132,300	*,e	Grupo Simec SAB de C.V.		334
	341,652	*,e	Gryphon Minerals Ltd		666
	12,396	*	Gubre Fabrikalari TAS		111
	32,601		Gujarat Flourochemicals		285
	72,652		Gujarat Mineral Development Corp Ltd		245
	24,544		Gujarat Narmada Valley Fertilizers Co Ltd		55
	335,249		Gujarat NRE Coke Ltd		364
	27,400		Gujarat State Fertilisers & Chemicals Ltd		218
	72,000		Gun-Ei Chemical Industry Co Ltd		198

104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,116,712	*,e	Gunns Ltd	$	326
	1,584	*,m	Gunns Ltd (Forest)		100
	547		Gurit Holding AG.		354
	105,742	*	Guyana Goldfields, Inc		751
	19,660		H&R WASAG AG.		570
	317,478	e	H.B. Fuller Co		7,753
	2,873	*	Hadera Paper Ltd		200
	11,600		Han Kuk Carbon Co Ltd		64
	123,638	*,e	Hanfeng Evergreen, Inc		578
	7,670		Hanil Cement Manufacturing		333
	26,828		Hanjin P&C Co Ltd		189
	320		Hankuk Paper Manufacturing Co Ltd		5
	12,080		Hansol Chemical Co Ltd		199
	14,300		Hansol Paper Co		126
	145,538		Hanwha Chemical Corp		6,914
	96,437		Hanwha Corp		4,427
	514,222		Harmony Gold Mining Co Ltd		6,798
	120,924	*	Harry Winston Diamond Corp		2,009
	42,335	e	Hawkins, Inc		1,533
	68,259	e	Haynes International, Inc		4,227
	268,485	*,e	Headwaters, Inc		840
	1,442,595	*,e	Hecla Mining Co		11,094
	35,030		HeidelbergCement AG.		2,240
	10,260	*	HeidelbergCement India Ltd		9
	2,139,000	e	Hidili Industry International Development Ltd		1,857
	747,000	*	High River Gold Mines Ltd		906
	165,914	*	Highland Gold Mining Ltd		474
	19,384	*	Highveld Steel and Vanadium Corp Ltd		155
	103,174		Hill & Smith Holdings plc		576
	1,553,666		Hindalco Industries Ltd		6,299
	268,282		Hitachi Chemical Co Ltd		5,323
	19,268	e	Hitachi Metals Ltd		272
	291,000	*	Ho Tung Chemical Corp		192
	314,087	e	Hochschild Mining plc		2,315
	61,512	e	Hoganas AB (Class B)		2,460
	395,429		Hokuetsu Paper Mills Ltd		2,420
	2,658,000		Holcim Indonesia Tbk PT		683
	110,322		Holcim Ltd		8,343
	36,722		Holmen AB (B Shares)		1,145
	30,814		Honam Petrochemical Corp		11,477
	190,475	*,e	Horsehead Holding Corp		2,537
	49,000		Hsin Kuang Steel Co Ltd		53
	2,863,000	e	Huabao International Holdings Ltd		2,605
	311,500		Huaxin Cement Co Ltd		776
	477,300	*	Hubei Sanonda Co Ltd		202
	32,060		Huchems Fine Chemical Corp		775
	341,292	e	HudBay Minerals, Inc		5,096
	161,921		Huhtamaki Oyj		2,069
	25,701	*	Hulamin Ltd		29
	1,100,000	*,e	Hunan Non-Ferrous Metal Ltd		395
	5,329,630	e	Huntsman Corp		100,464
	33,752		Hyosung Corp		2,911

105

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	43,060		Hyundai Hysco	$	2,072
	109,621		Hyundai Steel Co		13,363
	382,432		IAMGOLD Corp		7,193
	99,797		Iluka Resources Ltd		1,805
	254,183		Imdex Ltd		588
	31,733		Imerys S.A.		2,232
	856,967		Impala Platinum Holdings Ltd		23,125
	36,500	*	Imperial Metals Corp		733
	343,684		Impexmetal S.A.		627
	3,096,993		Incitec Pivot Ltd		12,898
	172,891		Independence Group NL		1,050
	96,426		India Cements Ltd		154
	353,408	*	Indophil Resources NL		143
	368,800		Indorama Ventures PCL		561
	2,146,978		Indorama Ventures PCL		3,263
	133,900	*	Industrias CH SAB de C.V.		499
	177,650		Industrias Penoles S.A. de C.V.		6,696
	107,621	e	Inmet Mining Corp		7,744
	110,988		Innophos Holdings, Inc		5,416
	99,843	*	Innospec, Inc		3,356
	994,363	*	Integra Mining Ltd		470
	149,850	e	International Flavors & Fragrances, Inc		9,626
	1,868,951	e	International Paper Co		55,733
	93,505	*	International Tower Hill Mines Ltd		706
	536,118	*,e	Intrepid Mines Ltd		820
	98,510	*,e	Intrepid Potash, Inc		3,202
	488,456		Inversiones Argos S.A.		5,274
	1,354,000	*	IRC Ltd		311
	441,000	*,e	Ishihara Sangyo Kaisha Ltd		545
	1,048,831	*	Ispat Industries Ltd		452
	670,945		Israel Chemicals Ltd		10,707
	2,404		Israel Corp Ltd		2,628
	14,880		ISU Chemical Co Ltd		384
	96,712	e	Italcementi S.p.A.		905
	188,269		Italcementi S.p.A. RNC		835
	9,144	e	Italmobiliare S.p.A.		334
	38,710		Italmobiliare S.p.A. RSP		900
	114,249	*	Ivanhoe Australia Ltd		295
	370,940	*	Ivanhoe Mines Ltd		9,373
	34,318	*	Izmir Demir Celik Sanayi AS		81
	459,200	*,e	Jaguar Mining, Inc		2,195
	115,800	*,e	Jaguar Mining, Inc (Toronto)		552
	155,269		JAI Corp Ltd		425
	299,688	*,e	James Hardie Industries NV		1,899
	71,420		JFE Holdings, Inc		1,964
	2,172,000		Jiangxi Copper Co Ltd		7,262
	60,193		Jindal Poly Films Ltd		396
	74,004		Jindal Saw Ltd		263
	15,378	*	Jindal South West Holdings Ltd		336
	530,191		Jindal Steel & Power Ltd		7,758
	218,000	*	Jinshan Gold Mines, Inc		850
	18,335		Johnson Matthey plc		579

106

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	9,009	*	JSL Ltd	$	20
	26,900		JSP Corp		451
	275,394		JSR Corp		5,338
	144,832		JSW Steel Ltd		2,869
	398,992	*	Jupiter Mines Ltd		192
	151,122		K+S AG.		11,604
	587,955	*,e	Kagara Zinc Ltd		363
	65,137	e	Kaiser Aluminum Corp		3,558
	176,513	*,e	Kalahari Minerals plc		662
	246,663		Kaneka Corp		1,621
	301,684	e	Kansai Paint Co Ltd		2,749
	56,000		Kanto Denka Kogyo Co Ltd		409
	195,655	*,e	Kapstone Paper and Packaging Corp		3,242
	12,637	*	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class A)		9
	42,920	*	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class D)		25
	384		Kartonsan Karton Sanayi		49
	34,571	e	Kazakhmys plc		766
	100,500	*	Keegan Resources, Inc		779
	161,229		Kemira Oyj		2,796
	15,377		Kemrock Industries & Exports Ltd		178
	386,175		KGHM Polska Miedz S.A.		27,736
	588,400		Kian JOO CAN Factory BHD		414
	171,499	e	Kingsgate Consolidated Ltd		1,476
	205,539	*	Kingsrose Mining Ltd		293
	1,483,671		Kinross Gold Corp		23,429
	863,900		Kinsteel BHD		208
	79,538	*	Kirkland Lake Gold, Inc		1,254
	11,450		KISCO Corp		333
	2,650		KISCO Holdings Co Ltd		97
	11,720		KISWIRE Ltd		528
	705,265		Klabin S.A.		2,621
	781,763		KME Group S.p.A.		380
	25,634	e	KMG Chemicals, Inc		432
	35,000		Koatsu Gas Kogyo Co Ltd		190
	2,395,960		Kobe Steel Ltd		5,449
	8,750		Kolon Corp		236
	18,092		Kolon Industries, Inc		1,752
	2,330		Kolon Industries, Inc		57
	437		Konya Cimento Sanayii		74
	140,478		Koppers Holdings, Inc		5,328
	14,117		Korea Kumho Petrochemical		3,123
	1,864		Korea Petrochemical Ind Co Ltd		271
	12,372		Korea Zinc Co Ltd		4,766
	15,672	*	Koza Anadolu Metal Madencilik Isletmeleri AS		47
	64,390		KP Chemical Corp		1,491
	3,363		KPX Chemical Co Ltd		198
	5,831		KPX Fine Chemical		221
	5,989,500		Krakatau Steel		728
	146,052	*,e	Kraton Polymers LLC		5,721
	43,895		Kronos Worldwide, Inc		1,380

107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	109,000	e	Krosaki Harima Corp	$	467
	8,380		Kukdo Chemical Co Ltd		557
	211,833	e	Kumba Iron Ore Ltd		15,183
	308,601	e	Kumba Resources Ltd		8,169
	54,000	e	Kumiai Chemical Industry Co Ltd		157
	743,688		Kuraray Co Ltd		10,895
	163,000		Kureha CORP		800
	21,200	e	Kyoei Steel Ltd		323
	3,550,742	*	La Seda de Barcelona S.A. (Class B)		447
	41,800	*	Labrador Iron Mines Holdings Ltd		531
	552,120		Lafarge Malayan Cement BHD		1,364
	11,726	e	Lafarge S.A.		747
	495,100	*	Lake Shore Gold Corp		1,443
	116,857	*,e	Landec Corp		771
	2,161,306		Lanxess AG.		177,289
	1,022,000	e	Lee & Man Holding Ltd		1,212
	2,537,000	e	Lee & Man Paper Manufacturing Ltd		1,554
	690,958		LEE Chang Yung Chem IND Corp		1,564
	94,364		LG Chem Ltd		43,365
	14,386		LG Chem Ltd		2,236
	76,815		Linde AG.		13,477
	110,000		Lingbao Gold Co Ltd		67
	260,800		Lingui Development BHD		160
	110,500		Lintec Corp		3,118
	395,900		Lion Industries Corp BHD		247
	25,440		Lock & Lock Co Ltd		1,037
	137,345	*,e	London Mining plc		789
	573,000		Long Chen Paper Co Ltd		225
	7,312		Lonmin plc		171
	894,000		Loudong General Nice Resources China Holdings Ltd		117
	1,204,102	*,e	Louisiana-Pacific Corp		9,801
	122,499	*	LSB Industries, Inc		5,258
	172,950		Lubrizol Corp		23,222
	142,000		Luks Group Vietnam Holdings Ltd		38
	1,820,000	e	Lumena Resources Corp		736
	892,781	*	Lundin Mining Corp		6,850
	1,292,479	*,e	Lynas Corp Ltd		2,745
	1,031,683		LyondellBasell Industries AF S.C.A		39,740
	2,998,000	e	Maanshan Iron & Steel		1,392
	80,504		Maca Ltd		212
	1,702,061		MacArthur Coal Ltd		20,079
	1,098,000	*,e	Macau Investment Holdings Ltd		480
	859,247		Madeco S.A.		42
	8,105	*	Madras Cements Ltd		15
	61,469	*	MAG. Silver Corp		614
	3,005		Maharashtra Seamless Ltd		25
	98,940		Major Drilling Group International		1,287
	159,863		Makhteshim-Agan Industries Ltd		893
	2,406		Managem		276
	129,629		Mardin Cimento Sanayii		557
	137,456	e	Martin Marietta Materials, Inc		10,992
	69,661		Maruichi Steel Tube Ltd		1,727

108

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,850,121		Masisa S.A.	$	259
	335,000		Mayer Steel Pipe Corp		242
	18,505		Mayr-Melnhof Karton AG.		2,184
	633,320		MeadWestvaco Corp		21,096
	495,751		Mechel Steel Group OAO (ADR)		11,843
	218,473	e	Medusa Mining Ltd		1,546
	1,970,985		Merafe Resources Ltd		338
	269,000	*,e	Mercator Minerals Ltd		798
	11,617	*,e	METabolic EXplorer S.A.		93
	90,472	*,e	Metals USA Holdings Corp		1,348
	549,742	*	Metals X Ltd		151
	346,000		Metalurgica Gerdau S.A.		4,434
	132,600	e	Methanex Corp		4,163
	743,325	*	Metminco Ltd		221
	1,618,093	*	Metorex Ltd		1,892
	1,251,432	e	Mexichem SAB de C.V.		5,044
	959,000	e	Midas Holdings Ltd		509
	331,965	*,e	Midway Gold Corp		651
	48,700	*,e	Migao Corp		224
	1,590,281	e	Minara Resources Ltd		1,276
	277,208		Mincor Resources NL		270
	109,697	*	Minefinders Corp		1,424
	256,500	*	Minera Andes, Inc		662
	944,738	*,e	Minera Frisco SAB de C.V.		4,497
	132,732	*	Mineral Deposits Ltd		808
	107,690		Minerals Technologies, Inc		7,139
	2,440,000	*,e	Minmetals Resources Ltd		1,807
	14,922		Miquel y Costas & Miquel S.A.		464
	612,404	*,e	Mirabela Nickel Ltd		1,158
	2,396,715		Mitsubishi Chemical Holdings Corp		16,983
	290,974		Mitsubishi Gas Chemical Co, Inc		2,132
	1,533,571		Mitsubishi Materials Corp		4,832
	997,000	e	Mitsubishi Paper Mills Ltd		1,031
	259,000		Mitsubishi Steel Manufacturing Co Ltd		890
	2,804,892		Mitsui Chemicals, Inc		10,221
	1,569,984		Mitsui Mining & Smelting Co Ltd		5,301
	286,500		Mitsui Mining Co Ltd		494
	212,395		Mittal Steel South Africa Ltd		2,485
	1,055,898		MMC Norilsk Nickel (ADR)		27,669
	259,800	*	MMX Mineracao e Metalicos S.A.		1,390
	1,352		MNTech Co Ltd		8
	220,910	*	Moly Mines Ltd		177
	105,864	*,e	Molycorp, Inc		6,464
	240,294		Mondi Ltd		2,346
	739,575		Mondi plc		7,361
	3,771		Monnet Ispat & Energy Ltd		42
	3,882,344		Monsanto Co		281,626
	53,400		Moorim P&P Co Ltd		317
	57,370		Moorim Paper Co Ltd		165
	1,317,040		Mosaic Co		89,203
	1,478,122	*	Mount Gibson Iron Ltd		2,939
	262,570	*,e	M-real Oyj (B Shares)		1,121

109

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	432,570	*,e	Murchison Metals Ltd	$	355
	162,718		Myers Industries, Inc		1,673
	254,171	*	Mytilineos Holdings S.A.		1,757
	409,014		Nagarjuna Fertilizers & Chemicals		328
	124,000	*	Nakayama Steel Works Ltd		170
	261,303		Nalco Holding Co		7,267
	18,990		Namhae Chemical Corp		230
	681,805		Nampak Ltd		2,284
	9,318,057		Nan Ya Plastics Corp		24,923
	399,000		Nantex Industry Co Ltd		388
	90,616		Neenah Paper, Inc		1,928
	305,600	*	Neo Material Technologies Inc		2,941
	37,100		Neturen Co Ltd		314
	271,400	e	Nevsun Resources Ltd		1,643
	734,402	*	New Gold, Inc		7,577
	1,799,718	e	New World Resources plc (A Shares)		26,429
	1,145,452		Newcrest Mining Ltd		46,412
	37,651		NewMarket Corp		6,427
	1,150,135		Newmont Mining Corp		62,072
	960,000		Nickel Asia Corp		427
	61,000	e	Nihon Nohyaku Co Ltd		281
	63,874		Nihon Parkerizing Co Ltd		972
	116,000	e	Nihon Yamamura Glass Co Ltd		307
	2,817,000	e	Nine Dragons Paper Holdings Ltd		2,463
	142,000		Nippon Denko Co Ltd		963
	255,000		Nippon Kayaku Co Ltd		2,690
	166,000		Nippon Koshuha Steel Co Ltd		228
	679,000		Nippon Light Metal Co Ltd		1,400
	433,000	e	Nippon Metal Industry Co Ltd		487
	300,523	e	Nippon Paint Co Ltd		2,404
	232,461	*	Nippon Paper Group, Inc		5,158
	339,000		Nippon Shokubai Co Ltd		4,136
	182,000		Nippon Soda Co Ltd		806
	650,823		Nippon Steel Corp		2,111
	92,810	e	Nippon Synthetic Chemical Industry Co Ltd		664
	194,000		Nippon Valqua Industries Ltd		571
	149,500	*,e	Nippon Yakin Kogyo Co Ltd		404
	183,600		Nissan Chemical Industries Ltd		2,033
	1,796,560		Nisshin Steel Co Ltd		3,436
	102,000		Nittetsu Mining Co Ltd		463
	295,466		Nitto Denko Corp		15,013
	296,876	*	Nkwe Platinum Ltd		93
	31,935	e	NL Industries, Inc		586
	242,921		NOF Corp		1,066
	208,327	*,e	Noranda Aluminium Holding Corp		3,154
	29,985	*	Norbord, Inc		377
	55,084		Norddeutsche Affinerie AG.		3,585
	35,141	*	Nordic Mines AB		350
	139,992	e	Norsk Hydro ASA		1,072
	221,100	*,e	Norske Skogindustrier ASA		367
	155,822	*	North American Palladium Ltd		643
	10,020,000	*	North Mining Shares Co Ltd		329

110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	378,902		Northam Platinum Ltd	$	2,386
	77,963	*	Northern Dynasty Minerals		792
	205,853	*	Northern Iron Ltd		391
	402,658	*	Northgate Minerals Corp		1,044
	302,140	*	Northland Resources, Inc		857
	202,049	*	Novagold Resources, Inc		1,862
	136,019	e,f	Novolipetsk Steel (GDR) (purchased 11/08/07, cost $4,131)		5,304
	2,500		Novozymes AS (B Shares)		407
	594,398		Nucor Corp		24,501
	416,670	*,e	Nufarm Ltd		2,017
	550,180	e	Nuplex Industries Ltd		1,324
	86,450	*	Nyrstar		1
	209,958		Nyrstar		3,036
	108,000	*	Ocean Plastics Co Ltd		75
	399,900	*	OceanaGold Corp		1,095
	10,300		Ohara, Inc		109
	1,604,253	e	OJI Paper Co Ltd		7,694
	94,000		Okamoto Industries, Inc		356
	821,135	e	Olin Corp		18,607
	40,747	e	Olympic Steel, Inc		1,122
	154,808	*	OM Group, Inc		6,291
	350,588	e	OM Holdings Ltd		348
	31,259	*	Omnia Holdings Ltd		366
	235,407	*	Omnova Solutions, Inc		1,638
	1,767,904		OneSteel Ltd		3,530
	1,077,137		Orica Ltd		31,228
	355,000		Oriental Union Chemical Corp		521
	699		Orissa Minerals Development Co Ltd		930
	20,000		Osaka Steel Co Ltd		398
	355,707	*	Osisko Mining Corp		5,529
	245,957	*	Oswal Chemical & Fertilizers		505
	990	e	Outokumpu Oyj		13
	307,904	*	Owens-Illinois, Inc		7,947
	440,197	e	Oxiana Ltd		6,264
	209,507		Pacific Metals Co Ltd		1,550
	16,900	e	Pack Corp		278
	323,258		Packaging Corp of America		9,048
	26,393		Palabora Mining Co Ltd		494
	157,926		Pan American Silver Corp		4,891
	1,227,764	*	Pan Australian Resources Ltd		4,998
	168,660	*	Papeles y Cartones de Europa S.A.		926
	2,358,831	*	PaperlinX Ltd		406
	491,643	*,e	Paramount Gold and Silver Corp		1,603
	7,395	*	Park Elektrik Madencilik Sanayi Ve Ticaret AS.		18
	544,263	*	Patagonia Gold plc		478
	373,349	*	Perilya Ltd		256
	577,688	*	Perseus Mining Ltd		1,624
	219,228		Peter Hambro Mining plc		2,569
	506,462	*	Petra Diamonds Ltd		1,302
	3,844,000	*	PetroAsian Energy Holdings Ltd		142
	3,501,300	*	Petronas Chemicals Group BHD		8,235
	264,041	*,e,m	Pike River Coal Ltd		0	^

111

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	412,977	*,e	Platinum Australia Ltd	$	174
	218,217	*,f	Polymetal (GDR) (purchased 06/30/09, cost $2,907)		4,212
	1,034,662		PolyOne Corp		16,006
	59,318	e	Polyus Gold Co (ADR)		1,863
	85,602	e	Polyus Gold Co (ADR) (London)		2,696
	5,970		Poongsan		177
	10,580		Poongsan Corp		384
	190,633	e	Portucel Empresa Produtora de Pasta e Papel S.A.		633
	99,354		POSCO		43,164
	420		POSCO Coated & Color Steel Co Ltd		10
	5,231		POSCO Refractories & Environment Co Ltd		811
	1,375,397		Potash Corp of Saskatchewan Toronto		78,549
	898,090	e	PPG Industries, Inc		81,538
	65,422	*	Prakash Industries Ltd		96
	630,764		Praxair, Inc		68,369
	127,400	*	Premier Gold Mines Ltd		749
	159,700		Press Metal BHD		117
	706,772	e	Pretoria Portland Cement Co Ltd		2,807
	22,454		Prism Cement Ltd		23
	3,440,000		Prosperity International Holdings HK Ltd		244
	5,276,500		PT Aneka Tambang Tbk		1,282
	1,905,000	*	PT Barito Pacific Tbk		220
	9,544,500	*	PT Darma Henwa Tbk		117
	1,663,000	*	PT Indah Kiat Pulp and Paper Corp Tbk		251
	2,330,800		PT Indocement Tunggal Prakarsa Tbk		4,642
	16,253,000		PT International Nickel Indonesia Tbk		8,554
	4,371,500		PT Semen Gresik Persero Tbk		4,901
	2,362,000		PT Timah Tbk		692
	866,100		PTT Chemical PCL		4,162
	267,161	*	Quadra Mining Ltd		3,967
	53,684		Quaker Chemical Corp		2,309
	78,900	*	Queenston Mining, Inc		560
	144,000	m	Qunxing Paper Holdings Co Ltd		38
	109,703		Rain Commodities Ltd		82
	1,448		Rallis India Ltd		50
	436,116	e	Ramelius Resources Ltd		600
	2,803	e	Randgold Resources Ltd		236
	656	e	Rautaruukki Oyj		15
	156,500	e,m	Real Gold Mining Ltd		178
	54,381		Recticel S.A.		599
	22,700	*,e	Recylex S.A.		206
	3,769,000		Regent Pacific Group Ltd		148
	431,917	*	Regis Resources Ltd		1,150
	428,102	e	Reliance Steel & Aluminum Co		21,255
	397,767		Rengo Co Ltd		2,628
	529,433	*	Resolute Mining Ltd		665
	108,535	*,e	Revett Minerals, Inc		489
	161,353	*	Rex Minerals Ltd		401
	448,488		Rexam plc		2,757
	29,385		RHI AG.		886
	206,594		Rhodia S.A.		9,368
	1,497,895		Rio Tinto Ltd		134,074

112

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,725,672		Rio Tinto plc	$	269,014
	55,423	e	Rio Tinto plc (ADR)		4,008
	151,676		Rock-Tenn Co (Class A)		10,062
	297,200	*	Rockwood Holdings, Inc		16,432
	673,700	*	Romarco Minerals, Inc		1,146
	54,897	*	Royal Bafokeng Platinum Ltd		544
	159,062	e	Royal Gold, Inc		9,316
	345,661		RPM International, Inc		7,957
	141,160	*	RTI International Metals, Inc		5,416
	295,600	*	Rubicon Minerals Corp		1,051
	21,754		Sa des Ciments Vicat		1,827
	195,500	*	Sabina Gold & Silver Corp		1,196
	6,921,640	*	Sahaviriya Steel Industries PCL		262
	171,000		Sakai Chemical Industry Co Ltd		775
	518,888		Sally Malay Mining Ltd		980
	298		Salzgitter AG.		23
	4,669		Samjung Packing & Aluminum Co Ltd		279
	2,020,000		Samling Global Ltd		219
	18,225		Samsung Fine Chemicals Co Ltd		1,174
	83,000	*	San Fang Chemical Industry Co Ltd		99
	414,800	*	San Gold Corp		1,402
	107,992	*	Sandfire Resources NL		822
	126,000		Sanyo Chemical Industries Ltd		998
	193,000	*	Sanyo Special Steel Co Ltd		1,226
	731,705	*,e	Sappi Ltd		3,737
	495,267	*	Saracen Mineral Holdings Ltd		284
	1,129,500	*,e	SATERI HOLDINGS Ltd		859
	656,340		Satipel Industrial S.A.		5,556
	36,335	*	Schmolz + Bickenbach AG.		451
	264,974	e	Schnitzer Steel Industries, Inc (Class A)		15,263
	77,093		Schweitzer-Mauduit International, Inc		4,329
	184,133	e	Scotts Miracle-Gro Co (Class A)		9,448
	42,100	*	Seabridge Gold, Inc		1,182
	18,016		Seah Besteel Corp		990
	2,058		SeAH Holdings Corp		274
	8,011		SeAH Steel Corp		658
	301,205	e	Sealed Air Corp		7,166
	757,000		Sekisui Plastics Co Ltd		3,470
	548,720	*	SEMAFO, Inc		4,205
	175,678		Semapa-Sociedade de Investimento e Gestao		1,903
	190,519	*,e	Senomyx, Inc		979
	220,923	e	Sensient Technologies Corp		8,190
	309,629	*	Sentula Mining Ltd		119
	27,948		Sequana		419
	809,406		Sesa Goa Ltd		5,127
	17,000		Sesoda Corp		23
	342,668	f	Severstal (GDR) (purchased 02/07/10, cost $4,746)		6,329
	279,900	*	Shanghai Chlor-Alkali Chemical Co Ltd		176
	181,700		Shanghai Yaohua Pilkington Glass Co Ltd		135
	166,000		Sheng Yu Steel Co Ltd		115
	396,100		Sherritt International Corp		2,522
	362,097	e	Sherwin-Williams Co		30,369

113

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	183,000	*	Shihlin Paper Corp	$	374
	47,000		Shikoku Chemicals Corp		269
	469,883		Shin-Etsu Chemical Co Ltd		25,187
	60,200		Shin-Etsu Polymer Co Ltd		314
	748,000		Shinkong Synthetic Fibers Corp		312
	2,372		Shinwha Intertek Corp		11
	219,000		Shiny Chemical Industrial Co Ltd		386
	878,000		Shougang Concord Century Holdings Ltd		72
	2,952,000	e	Shougang Concord International Enterprises Co Ltd		290
	1,153,436		Showa Denko KK		2,389
	578		Shree Cement Ltd		23
	415,400		Siam Cement PCL reg		5,525
	36,500		Siam City Cement Pcl		254
	49,044	*	Sidenor Steel Products Manufacturing Co S.A.		191
	356,260	e	Sigma-Aldrich Corp		26,142
	311,000		Sijia Group Co		117
	1,920		Sika AG.		4,635
	138,715		Silgan Holdings, Inc		5,683
	210,324	*	Silver Lake Resources Ltd		451
	184,042	*	Silver Standard Resources, Inc		4,918
	685,484		Silver Wheaton Corp		22,623
	368,919	e	Silvercorp Metals, Inc		3,466
	107,928	e	Sims Group Ltd		2,052
	2,900,000	*	Sino Prosper State Gold Resources Holdings Ltd		99
	5,730,000	*	Sino Union Energy Investment Group Ltd		524
	3,766,000	e	Sinochem Hong Kong Holding Ltd		1,665
	306,737	*,e	Sino-Forest Corp		1,018
	447,000		Sinon Corp		218
	11,418,600	e	Sinopec Shanghai Petrochemical Co Ltd		5,138
	1,008,000		Sinoref Holdings Ltd		180
	16,255		SK Chemicals Co Ltd		1,094
	16,042		SKC Co Ltd		1,021
	986,113	*	Smurfit Kappa Group plc		11,755
	79,584	*,e	Sociedad Nacional de Industrias Apicaciones Celulosa Espanola S.A.		183
	147,243		Sociedad Quimica y Minera de Chile S.A. (Class B)		9,578
	4,088		Societe Internationale de Plantations d’Heveas S.A.		535
	8,168		SODIFF Advanced Materials Co Ltd		1,022
	396,000		Solar Applied Materials Technology Co		951
	267,686	*	Solutia, Inc		6,117
	158,177		Solvay S.A.		24,422
	71,427	*,e	Sonae Industria SGPS S.A.		141
	10,150		Songwon Industrial Co Ltd		162
	608,503	e	Sonoco Products Co		21,626
	211,329		South Valley Cement		156
	317,000		Southeast Cement Co Ltd		134
	695,990		Southern Copper Corp (NY)		22,877
	211,040	*,e	Spartech Corp		1,285
	109,222	*,e	Sprott Resource Corp		520
	1,205		Ssab Svenskt Stal AB (Series A)		18
	32,470	*	Ssangyong Cement Industrial Co Ltd		209
	753,387	*,e	St Barbara Ltd		1,583

114

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	17,200		ST Corp	$	184
	224,600	*	St. Andrew Goldfields Ltd		191
	853,517		Steel Authority Of India		2,632
	414,278	e	Steel Dynamics, Inc		6,732
	11,900		Stella Chemifa Corp		421
	37,394	e	Stepan Co		2,651
	271,004		Sterling Biotech Ltd		521
	1,928,025		Sterlite Industries India Ltd		7,273
	457,510	*,e	Stillwater Mining Co		10,070
	3,438		STO AG.		592
	1,505,927		Stora Enso Oyj (R Shares)		15,814
	87,300		STP & I PCL		67
	131,608	*,e	STR Holdings, Inc		1,964
	652,025	*	Sujana Towers Ltd		473
	875,221		Sumitomo Bakelite Co Ltd		5,863
	1,133,241		Sumitomo Chemical Co Ltd		5,658
	418,000	*,e	Sumitomo Light Metal Industries Ltd		417
	1,239,952		Sumitomo Metal Industries Ltd		2,786
	784,640		Sumitomo Metal Mining Co Ltd		12,891
	1,079,193	e	Sumitomo Osaka Cement Co Ltd		3,031
	61,000		Sumitomo Seika Chemicals Co Ltd		339
	25,212	e	Sumitomo Titanium Corp		1,846
	3,011,979	*	Sundance Resources Ltd		1,108
	2,476,000	e	SunVic Chemical Holdings Ltd		1,477
	80,000		Super Dragon Technology Co Ltd		108
	9,851		Supreme Industries Ltd		40
	548,663		Suzano Papel e Celulose S.A.		3,969
	468,726		Svenska Cellulosa AB (B Shares)		6,609
	169,700		Symrise AG.		5,404
	183,052		Syngenta AG.		61,862
	809,770		Synthos S.A.		1,509
	29,500	e	T Hasegawa Co Ltd		459
	794,000		TA Chen Stainless Pipe		516
	760		Taekwang Industrial Co Ltd		1,175
	154,900	*	Tahoe Resources, Inc		2,891
	2,445,553	e	Taiheiyo Cement Corp		5,195
	6,323,730		Taiwan Cement Corp		9,447
	1,147,500		Taiwan Fertilizer Co Ltd		3,538
	241,000		Taiwan Hon Chuan Enterprise Co Ltd		727
	20,000	*	Taiwan Pulp & Paper Corp		10
	891,000		Taiwan Styrene Monomer		361
	22,900	e	Taiyo Ink Manufacturing Co Ltd		680
	211,021		Taiyo Nippon Sanso Corp		1,681
	103,000		Takasago International Corp		500
	90,000		Takiron Co Ltd		326
	426,784	*	Talvivaara Mining Co plc		3,194
	12,000	e	Tanaka Chemical Corp		120
	121,000	*	Tang Eng Iron Works Co Ltd		123
	120,154	*,e	Tanzanian Royalty Exploration Corp		780
	440,859	*	Taseko Mines Ltd		2,203
	585,382		Tata Steel Ltd		8,015
	2,370,800	*	Tata Steel Thailand PCL		106

115

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	9,758		Tatung Fine Chemical Co	$	20
	1,826,000		TCC International Holdings Ltd		1,015
	10,458		Technosemichem Co Ltd		418
	847,109	e	Teck Cominco Ltd		43,055
	8,526,401	e	Teijin Ltd		37,583
	320,579		Temple-Inland, Inc		9,534
	37,500		Tenma Corp		376
	248,300	*	Teranga Gold Corp		636
	54,768		Ternium S.A. (ADR)		1,617
	69,868		Tessenderlo Chemie NV		3,013
	97,610	e	Texas Industries, Inc		4,064
	58,217	*,e	Texas Petrochemicals, Inc		2,283
	512,900		Thai Plastic & Chemical PCL		498
	925,714	*,e	Thompson Creek Metals Co, Inc		9,239
	368,281	*,e	Thompson Creek Metals Co, Inc (Toronto)		3,677
	125,000		Thye Ming Industrial Co Ltd		174
	473,226		ThyssenKrupp AG.		24,588
	1,230,000		Tiangong International Co Ltd		272
	36,799		Tikkurila Oy		854
	108,565		Time Technoplast Ltd		172
	13,377	*	Tire Kutsan Oluklu Mukavva		12
	73,935		Titan Cement Co S.A.		1,783
	166,108	e	Titanium Metals Corp		3,043
	354,000	e	Toagosei Co Ltd		1,783
	40,000	e	Toda Kogyo Corp		404
	42,400	*,e	Toho Titanium Co Ltd		1,244
	296,000	e	Toho Zinc Co Ltd		1,452
	485,000	e	Tokai Carbon Co Ltd		2,711
	672,000		Tokuyama Corp		3,385
	54,300		Tokyo Ohka Kogyo Co Ltd		1,170
	152,796	e	Tokyo Rope Manufacturing Co Ltd		580
	135,200		Tokyo Steel Manufacturing Co Ltd		1,428
	1,255,000		Ton Yi Industrial Corp		744
	18,613	*	Tong Yang Major Corp		35
	246,000	e	Topy Industries Ltd		701
	822,601	e	Toray Industries, Inc		6,074
	386,929		Tosoh Corp		1,554
	353,000		Toyo Ink Manufacturing Co Ltd		1,705
	131,000		Toyo Kohan Co Ltd		609
	113,964		Toyo Seikan Kaisha Ltd		1,919
	695,600		TPI Polene PCL		266
	3,210,500		TSRC Corp		9,474
	122,685	*,e	Tubacex S.A.		503
	127,313	*,e	Tubos Reunidos S.A.		401
	856,676		Tung Ho Steel Enterprise Corp		975
	2,016,399		UBE Industries Ltd		6,071
	200,324		Uflex Ltd		927
	98,933		Ultra Tech Cement Ltd		2,062
	11,452		Umicore		625
	34,600	*	Uniao de Industrias Petroquimicas S.A.		9
	10,843		Unid Co Ltd		697

116

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	7,280		Union Steel	$	153
	90,000	*	Unipetrol		931
	314,538		United Phosphorus Ltd		1,078
	12,851	*,e	United States Lime & Minerals, Inc		527
	363,671	e	United States Steel Corp		16,743
	515,000		Universal Cement Corp		327
	29,938	*,e	Universal Stainless & Alloy		1,400
	1,150,000		UPC Technology Corp		924
	1,005,887		UPM-Kymmene Oyj		18,404
	259,650	e,f	Uralkali (GDR) (purchased 02/26/10, cost $7,092)		11,676
	116,440	*,e	US Energy Corp Wyoming		497
	487,859	*,e	US Gold Corp		2,942
	30,050		Usha Martin Ltd		36
	565,000		USI Corp		654
	224,500		Usinas Siderurgicas de Minas Gerais S.A.		3,378
	606,162		Usinas Siderurgicas de Minas Gerais S.A. (Preference)		5,321
	2,616,994		Vale S.A.		82,987
	3,198,076		Vale SA (Preference)		91,475
	404,225	e	Valspar Corp		14,576
	29,753	e	Vedanta Resources plc		1,000
	26,628	*	Verbio AG		130
	42,341	*,e	Verso Paper Corp		113
	326		Vetropack Holding AG.		694
	109,089		Victrex plc		2,628
	364,800		Vinythai PCL		196
	124,807	*	Viohalco S.A.		724
	308,720	*,e	Vista Gold Corp		874
	76,348		Voestalpine AG.		4,211
	388,716	e	Vulcan Materials Co		14,977
	36,289		Wacker Chemie AG.		7,838
	1,807,844		Walter Energy, Inc		209,347
	257,541	e	Wausau Paper Corp		1,736
	119,042		Welspun-Gujarat Stahl Ltd		462
	69,168	*	Wesizwe		16
	2,138,000	e	West China Cement Ltd		774
	77,862		West Fraser Timber Co Ltd		4,244
	353,647	e	Western Areas NL		2,251
	97,487	e	Westlake Chemical Corp		5,060
	239,226	*,e	White Energy Co Ltd		471
	24,641	*	WHX Corp		379
	251,681	*	Windy Knob Resources Ltd		154
	258,965	e	Worthington Industries, Inc		5,982
	448,249	*	WR Grace & Co		20,454
	123,600		WTK Holdings BHD		78
	1,291,000	e	Xingda International Holdings Ltd		1,264
	887,000	e	Xinjiang Xinxin Mining Industry Co Ltd		502
	2,407,365		Xstrata plc		53,022
	936,750		Yamana Gold, Inc		10,937
	11,521	e	Yamato Kogyo Co Ltd		359
	301,564	e	Yara International ASA		16,943
	448,000		Yeun Chyang Industrial Co Ltd		333
	1,368,000		Yieh Phui Enterprise		553

117

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,446,000		Yingde Gases	$	1,334
	354,000	e	Yip’s Chemical Holdings Ltd		410
	166,000		Yodogawa Steel Works Ltd		700
	27,960		Youlchon Chemical Co Ltd		226
	1,645,000		Yuen Foong Yu Paper Manufacturing Co Ltd		757
	746,500	*	Yukon-Nevada Gold Corp		321
	806,774		Yule Catto & Co plc		2,944
	41,000	*	Yung Chi Paint & Varnish Manufacturing Co Ltd		65
	80,140	*	Zagg, Inc		1,074
	8,621		Zaklady Azotowe Pulawy S.A.		373
	24,865	*	Zaklady Azotowe w Tarnowie-Moscicach S.A.		304
	103,116	*	Zaklady Chemiczne Police S.A.		440
	112,875	*	Zanaga Iron Ore Co Ltd		295
	575,512		Zeon Corp		5,383
	97,104		Zep, Inc		1,835
	1,378,000		Zhaojin Mining Industry Co Ltd		2,843
	92,906		Zignago Vetro S.p.A.		745
	13,539,000	e	Zijin Mining Group Co Ltd		6,814
	122,846	*,e	Zoltek Cos, Inc		1,294
	1,206		Zuari Industries Ltd		17
			TOTAL MATERIALS		7,869,644
MEDIA - 2.9%
	1,236,251		Aegis Group plc		3,175
	40,582		Agora S.A.		266
	79,469		AH Belo Corp (Class A)		591
	237,686	e	Antena 3 de Television S.A.		1,962
	569,271	e	APN News & Media Ltd		804
	121,616	e	Arbitron, Inc		5,026
	170,172		Arnoldo Mondadori Editore S.p.A.		601
	40,900	e	Asatsu-DK, Inc		1,073
	87,465		Astral Media, Inc		3,385
	2,452,335	*,e	Austar United Communications Ltd		3,536
	44,759		Avex Group Holdings, Inc		581
	63,724		Axel Springer AG.		3,147
	2,518,000		BEC World PCL (Foreign)		2,838
	394,840	*	Belo (A.H.) Corp (Class A)		2,973
	2,650,900	*	Benpres Holdings Corp		352
	1,675	*	Besiktas Futbol Yatirimlari Sanayi ve Ticaret AS		11
	8,345,500	*	Bhakti Investama Tbk PT		229
	1,722,000	*	Big Media Group Ltd		106
	70,058	*	Borussia Dortmund GmbH & Co KGaA		252
	3,280,128		British Sky Broadcasting plc		44,531
	1,244,430	e	Cablevision Systems Corp (Class A)		45,061
	150,254		Cairo Communication S.p.A.		652
	76,494		Canal Plus		561
	4,526,749		CBS Corp (Class B)		128,968
	51,000	*	Central European Media Enterprises Ltd (Class A)		1,022
	169,655	*,e	Central European Media Enterprises Ltd (Class A) Nasdaq		3,351
	249,384	*,e	Charter Communications, Inc		13,532
	143,600		Cheil Communications, Inc		2,137
	143,226		Chime Communications plc		637

118

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	414,254	e	Cinemark Holdings, Inc	$	8,579
	141,500	e	Cineplex Galaxy Income Fund		3,920
	25,640		CJ CGV Co Ltd		713
	23,197	*	CJ E&M Corp		971
	73,176	*	Clear Channel Outdoor Holdings, Inc (Class A)		929
	30,282	e	Cogeco Cable, Inc		1,425
	12,891,915		Comcast Corp (Class A)		326,682
	6,400	e	COOKPAD, Inc		141
	107,511	*	Corus Entertainment, Inc		2,291
	204,840	*,e	Crown Media Holdings, Inc (Class A)		391
	16,611		CTS Eventim AG.		1,148
	123,609	*,e	Cumulus Media, Inc (Class A)		433
	834		CyberAgent, Inc		2,922
	54,549		Cyfrowy Polsat S.A.		328
	53,810		Daekyo Co Ltd		288
	78,800		Daiichikosho Co Ltd		1,275
	616,998		Daily Mail & General Trust		4,608
	255,663		Deccan Chronicle Holdings Ltd		398
	2,028,812	*	DEN Networks Ltd		3,969
	204,589		Dentsu, Inc		6,056
	4,514,356	*	DIRECTV		229,421
	523,727	*	Discovery Communications, Inc (Class A)		21,452
	183,830	*	Discovery Communications, Inc (Class C)		6,719
	2,020,439		DISH Network Corp (Class A)		61,967
	84,480	*	Dogan Gazetecilik AS		138
	344,199	*	Dogan Yayin Holding		231
	183,478	*,e	DreamWorks Animation SKG, Inc (Class A)		3,688
	162,001	*	EM.Sport Media AG.		430
	146,655	*,e	Eniro AB		517
	133,869	*,e	Entercom Communications Corp (Class A)		1,162
	213,710	*,e	Entravision Communications Corp (Class A)		395
	95,906	*	Eros International plc		326
	1,115,000	*	eSun Holdings Ltd		331
	83,733		Euromoney Institutional Investor plc		878
	762		Eutelsat Communications		34
	161,917	*,e	EW Scripps Co (Class A)		1,566
	4,243		Fenerbahce Sportif Hizmetleri Sanayi ve Ticaret AS		186
	40,341	*,e	Fisher Communications, Inc		1,203
	7,885	*,e	Focus Media Holding Ltd (ADR)		245
	5,324		Fuji Television Network, Inc		7,881
	77,000	e	Gakken Co Ltd		140
	143		Galatasaray Sportif Sinai ve Ticari Yatirimlar AS		33
	619,005		Gannett Co, Inc		8,864
	36,495	e	Gestevision Telecinco S.A.		317
	19,468		GFK AG.		1,028
	1,360		GIIR, Inc		13
	51,972	*,e	Global Sources Ltd		478
	70,998	*	Global Traffic Network, Inc		816
	266,433	*,e	Gray Television, Inc		703
	256,960		Groupe Aeroplan, Inc		3,549
	3,290,039	e	Grupo Televisa S.A.		16,180
	174,408	e	Gruppo Editoriale L’Espresso S.p.A.		479

119

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	27,656		Hakuhodo DY Holdings, Inc	$	1,477
	197,128	e	Harte-Hanks, Inc		1,601
	1,089,240	*	Hathway Cables and Datacom Pvt Ltd		3,005
	631,740	e	Havas S.A.		3,374
	51,624	*	Hi-Media S.A.		309
	21,599	*	Hot Telecommunication System Ltd		389
	95,723		Hurriyet Gazetecilik AS		80
	66,980	*	Hyundai Hy Communications & Network Co		150
	6,748	*	IBN18 Broadcast Ltd		12
	461,167	*	Independent News & Media plc		328
	1,057,367		Informa plc		7,339
	77,938	*	interCLICK, Inc		620
	9,582,142		Interpublic Group of Cos, Inc		119,778
	30,468	e	IPSOS		1,429
	9,655		Israel Land Development Co Ltd		93
	22,968,835	*	ITV plc		26,374
	5,657		Jagran Prakashan Ltd		16
	1,121,730	*	JC Decaux S.A.		35,996
	3,107,905	e	John Fairfax Holdings Ltd		3,281
	106,525		John Wiley & Sons, Inc (Class A)		5,540
	237,507	*,e	Journal Communications, Inc (Class A)		1,228
	3,242		Jupiter Telecommunications Co		3,627
	97,559	*	Juventus Football Club S.p.A.		123
	214,772	*	Kabel Deutschland Holding AG.		13,230
	71,508	e	Kadokawa Holdings, Inc		2,236
	13,618		Kinepolis		1,013
	126,384	*,e	Knology, Inc		1,877
	909		Lagardere S.C.A.		38
	110,921	*,e	Lamar Advertising Co (Class A)		3,036
	729,648	*,e	Liberty Global, Inc (Class A)		32,863
	208,742	*	Liberty Media Corp - Capital (Series A)		17,900
	151,430	*	Liberty Media Corp - Starz		11,394
	214,194	*,e	Lin TV Corp (Class A)		1,043
	197,258	*,e	Lions Gate Entertainment Corp		1,306
	756,236	*,e	Live Nation, Inc		8,674
	80,532		M6-Metropole Television		1,864
	217,771	*,e	Madison Square Garden, Inc		5,995
	283,300		Major Cineplex Group PCL		142
	109,630	*,e	Martha Stewart Living Omnimedia, Inc (Class A)		476
	284,752	*,e	McClatchy Co (Class A)		800
	1,186,029		McGraw-Hill Cos, Inc		49,706
	372,500		MCOT PCL		346
	122,493		MDC Partners, Inc		2,212
	152,381	*,e	Mecom Group plc		529
	1,977,500	*	Media China Corp Ltd		35
	824,000		Media Chinese International Ltd		344
	77	*,e	Media General, Inc (Class A)		0	^
	1,121,400		Media Prima BHD		1,078
	230,813	e	Mediaset S.p.A.		1,085
	171,259	e	Meredith Corp		5,331
	366	e	Modern Times Group AB (B Shares)		24

120

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	73,395	e	Morningstar, Inc	$	4,461
	619,143		Naspers Ltd (N Shares)		34,966
	355,549		National CineMedia, Inc		6,012
	131,546		Navneet Publications India		186
	1,290	*	Network 18 Media & Investments Ltd		4
	665,896	*,e	New York Times Co (Class A)		5,807
	7,161,422		News Corp (Class A)		126,758
	53,756	*	Nexstar Broadcasting Group, Inc (Class A)		441
	798,000	*	Next Media Ltd		88
	23,585		NRJ Group		290
	741,684	e	Omnicom Group, Inc		35,720
	830,000	*	Oriental Press Group		128
	80,152		Outdoor Channel Holdings, Inc		548
	195,121	e	PagesJaunes Groupe S.A.		1,757
	5,904,472		Pearson plc		111,696
	2,558,000		Phoenix Satellite Television Holdings Ltd		1,012
	1,488,000		Pico Far East Holdings Ltd		308
	432,257	*	Premiere AG.		2,335
	80,385	e	Primedia, Inc		567
	365,953	*,e	Promotora de Informaciones S.A.		857
	203,952	e	ProSiebenSat.1 Media AG.		5,806
	6,400		Proto Corp		222
	7,041,500		PT Global MediaCom Tbk		692
	6,726,500		PT Media Nusantara Citra Tbk		723
	186,629	e	PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		866
	132,127	e	Publicis Groupe S.A.		7,376
	7,285		PubliGroupe AG.		1,326
	188,457	e	Publishing & Broadcasting Ltd		528
	102,000		Qin Jia Yuan Media Services Co Ltd		17
	68,036		Quebecor, Inc		2,235
	213,601	*,e	RCS MediaGroup S.p.A.		355
	74,804		REA Group Ltd		955
	40,723	*,e	ReachLocal, Inc		848
	1,943,008	e	Reed Elsevier NV		26,102
	23,993		Reed Elsevier plc		218
	295,880	e	Regal Entertainment Group (Class A)		3,654
	45,412	*,e	Rentrak Corp		806
	134,367	e	Rightmove plc		2,570
	5,449		Roularta Media Group NV		193
	14,796	*	Saga Communications, Inc		547
	7,895	e	Sanoma-WSOY Oyj		146
	28,400		Saraiva S.A. Livreiros Editores		555
	96,860		SBS Media Holdings Co Ltd		239
	162,448		Schibsted ASA		5,181
	135,374	e	Scholastic Corp		3,601
	573,096	e	Scripps Networks Interactive (Class A)		28,013
	1,404,474	*,e	Seat Pagine Gialle S.p.A.		123
	103,540	e	SES Global S.A.		2,909
	628,636	*,e	Shaw Communications, Inc (B Shares)		14,333
	104,000	e	Shochiku Co Ltd		853
	460,538		Shree Ashtavinyak Cine Vision Ltd		50

121

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	240,395	e	Sinclair Broadcast Group, Inc (Class A)	$	2,640
	468,000		Sing Tao News Corp Ltd		135
	140,761	e	Singapore Press Holdings Ltd		447
	734,000		SinoMedia Holding Ltd		258
	13,379,759	*,e	Sirius XM Radio, Inc		29,302
	344,650		Sky Network Television Ltd		1,590
	6,419	e	Sky Perfect Jsat Corp		2,649
	1,103	*	SM Entertainment Co		24
	411,891	e	Societe Television Francaise 1		7,514
	398,126		Southern Cross Media Group		666
	3,023	*	Spir Communication		149
	1,058,752	*,e	Stroer Out-of-Home Media AG.		29,417
	863,240	e	STW Communications Group Ltd		951
	373,400		Sun TV Network Ltd		2,906
	363,697	*	T4F Entretenimento S.A.		3,274
	709,670	*,e	Telecom Italia Media S.p.A.		226
	853,343		Television Broadcasts Ltd		5,656
	969,023	e	Ten Network Holdings Ltd		1,106
	69,807	*	Tera Resource Co Ltd		65
	1,115,464		Thomson Corp		41,897
	433,797	e	Thomson Corp (Toronto)		16,287
	1,996,801		Time Warner Cable, Inc		155,831
	3,139,147	e	Time Warner, Inc		114,171
	254,000		Toei Animation Co Ltd		5,282
	342,885		Toei Co Ltd		1,575
	78,473		Toho Co Ltd		1,303
	22,600	e	Tohokushinsha Film Corp		113
	51,100		Tokyo Broadcasting System, Inc		617
	1,858,000	*	Tom Group Ltd		203
	145,479		Torstar Corp		1,810
	21,558	*	Trabzonspor Sportif Yatirim ve TAS		236
	881,024	*	Trinity Mirror plc		587
	277		TV Asahi Corp		420
	1,747,500	e	TV Azteca S.A. de C.V.		1,407
	14,000		TV Tokyo Corp		169
	158,398		TVN S.A.		939
	347,688		United Business Media Ltd		3,106
	143,246	*,e	Usen Corp		96
	16,279	*	UTV Software Communications Ltd		301
	205,103	*,e	Valassis Communications, Inc		6,215
	8,329	e	Value Line, Inc		112
	5,750,516		Viacom, Inc (Class B)		293,277
	1,274,168	e	Virgin Media, Inc		38,136
	1,313,191	e	Vivendi Universal S.A.		36,602
	1,720,000	e	VODone Ltd		408
	11,306,784		Walt Disney Co		441,418
	275,217	*,e	Warner Music Group Corp		2,262
	39,690	e	Washington Post Co (Class B)		16,628
	297,283		West Australian Newspapers Holdings Ltd		1,294
	8,074	*,e	Westwood One, Inc		42
	2,299		Wolters Kluwer NV		51

122

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	36,210	*	Woongjin Holdings Co Ltd	$	257
	21,070		Woongjin Thinkbig Co Ltd		323
	107,369	e	World Wrestling Entertainment, Inc (Class A)		1,023
	6,477,225		WPP plc		81,146
	3,350,758	*,e	Yell Group plc		309
	686,611	e	Yellow Pages Income Fund		1,709
	321,600	*	Zee Entertainment Enterprises Ltd		634
	709,041		ZEE Telefilms Ltd		2,143
	55,600		Zenrin Co Ltd		580
			TOTAL MEDIA		3,196,820
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.8%
	5,300,394		Abbott Laboratories		278,907
	314,658		Abcam plc		2,105
	27,840	*	Ablynx NV		342
	61,000		Abnova Corp		169
	199,468	*,e	Achillion Pharmaceuticals, Inc		1,484
	164,728	*,e	Acorda Therapeutics, Inc		5,322
	211,099		Acrux Ltd		769
	4,632		Actelion Ltd		229
	49,050	*	Active Biotech AB		647
	22,084	*,e	Acura Pharmaceuticals, Inc		85
	270,933		Adcock Ingram Holdings Ltd		2,380
	33,546	*	Aegerion Pharmaceuticals, Inc		528
	248,582	*,e	Affymax, Inc		1,708
	395,778	*	Affymetrix, Inc		3,139
	2,167,237	*,e	Agilent Technologies, Inc		110,767
	232,630	*	Akorn, Inc		1,628
	116,025	*	Albany Molecular Research, Inc		558
	792,523	*	Alexion Pharmaceuticals, Inc		37,272
	31,817	*,e	Algeta ASA		1,143
	21,231		ALK-Abello AS		1,299
	509,996	*	Alkermes, Inc		9,486
	1,718,566		Allergan, Inc		143,071
	410,891	*	Allos Therapeutics, Inc		879
	153,265	*,e	Alnylam Pharmaceuticals, Inc		1,436
	166,418	*,e	AMAG Pharmaceuticals, Inc		3,129
	4,949,785	*	Amgen, Inc		288,821
	67,506	*,e	Amicus Therapeutics, Inc		401
	95,701	*,e	Ampio Pharmaceuticals, Inc		746
	410,812	*	Amylin Pharmaceuticals, Inc		5,488
	26,375	*	Anacor Pharmaceuticals, Inc		170
	70,913	*,e	Anthera Pharmaceuticals, Inc		579
	200,000		Apex Biotechnology Corp		468
	64,655	*,e	Ardea Biosciences, Inc		1,646
	581,798	*	Arena Pharmaceuticals, Inc		791
	543,142	*,e	Ariad Pharmaceuticals, Inc		6,154
	298,611	*	Arqule, Inc		1,866
	264,618	*,e	Array Biopharma, Inc		593
	85,000		ASKA Pharmaceutical Co Ltd		617
	442,404		Aspen Pharmacare Holdings Ltd		5,500

123

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	496,036		Astellas Pharma, Inc	$	19,247
	597,960		AstraZeneca plc		29,887
	724,668		AstraZeneca plc (ADR)		36,284
	175,473		Aurobindo Pharma Ltd		677
	200,315	*,e	Auxilium Pharmaceuticals, Inc		3,926
	765,188	*,e	AVANIR Pharmaceuticals, Inc		2,571
	145,062	*	AVEO Pharmaceuticals, Inc		2,990
	514,967	*	AVI BioPharma, Inc		736
	6,432		Bachem Holding AG.		367
	11,315	*	Basilea Pharmaceutica		827
	30,332	*,e	Bavarian Nordic AS		390
	3,420,817		Bayer AG.		274,748
	17,199,208	*	BB Bioventures L.P.		2,154
	19,440	*,e	BG Medicine, Inc		155
	26,647		Bilcare Ltd		245
	49,702		Biocon Ltd		395
	107,425	*,e	BioCryst Pharmaceuticals, Inc		410
	18,219		Biogaia AB (B Shares)		444
	1,192,110	*,e	Biogen Idec, Inc		127,460
	66,793	*	BioInvent International AB		231
	318,685	*,e	BioMarin Pharmaceuticals, Inc		8,671
	74,877	*,e	BioMimetic Therapeutics, Inc		383
	58,910	*	Bio-Rad Laboratories, Inc (Class A)		7,031
	385,092	*,e	Biosante Pharmaceuticals, Inc		1,059
	20,559	*	Biospecifics Technologies Corp		461
	407,528	e	Biota Holdings Ltd		419
	6,592		Biotest AG.		506
	7,033		Biotest AG. (Preference)		509
	100,999	*,e	Biotime, Inc		518
	4,604,468	*	Bioton S.A.		252
	415,029		Biovail Corp		21,581
	386,281	e	Biovail Corp		20,071
	11,191,160	*,e	Biovitrum AB		44,293
	7,623		Boiron S.A.		341
	5,368,357	e	Bristol-Myers Squibb Co		155,468
	856,000	*	Broad Intelligence International Pharmaceutical Holdings Ltd		197
	259,609	*	Bruker BioSciences Corp		5,286
	357,033	*	BTG plc		1,605
	30,450		Bukwang Pharmaceutical Co Ltd		339
	146,196	*,e	Cadence Pharmaceuticals, Inc		1,345
	10,375		Cadila Healthcare Ltd		214
	221,425	*,e	Caliper Life Sciences, Inc		1,796
	183,143	*,e	Cambrex Corp		846
	137,561	*,e	Cardiome Pharma Corp		605
	2,485,273	*	Celgene Corp		149,913
	693,399	*,e	Cell Therapeutics, Inc		1,092
	204,356	*,e	Celldex Therapeutics, Inc		725
	100,896		Celltrion, Inc		4,186
	144,186	*,e	Cephalon, Inc		11,520
	259,826	*	Cepheid, Inc		9,000
	156,655	*,e	Charles River Laboratories International, Inc		6,368

124

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	219,258	*,e	Chelsea Therapeutics International, Inc	$	1,118
	67,000		China Chemical & Pharmaceutical Co Ltd		55
	122,400		China Medical System Holdings Ltd		125
	1,746,000	e	China Pharmaceutical Group Ltd		848
	1,086,000	e	China Shineway Pharmaceutical Group Ltd		2,159
	17,280		Chong Kun Dang Pharm Corp		459
	14,902		Choongwae Pharma Corp		189
	191,123	e	Chugai Pharmaceutical Co Ltd		3,134
	497,433		Cipla Ltd		3,687
	440,554		Cipla Medpro South Africa Ltd		450
	3,440,000		CK Life Sciences International Holdings, Inc		213
	33,517	*	Clal Biotechnology Industries Ltd		189
	112,729	*,e	Cleveland Biolabs, Inc		384
	20,600	e	CMIC Co Ltd		361
	105,882	*,e	Codexis, Inc		1,020
	345,130	*,e	Columbia Laboratories, Inc		1,066
	310,821	*,e	Combinatorx, Inc		740
	44,952	*,e	Complete Genomics, Inc		687
	4,874,000	*	Coolpoint Energy Ltd		163
	144,055	*,e	Corcept Therapeutics, Inc		575
	53,078	*,e	Cornerstone Therapeutics, Inc		476
	194,294	*,e	Covance, Inc		11,535
	850,124	e	CSL Ltd		30,219
	340,911	*,e	Cubist Pharmaceuticals, Inc		12,269
	336,932	*,e	Curis, Inc		1,206
	193,143	*,e	Cytori Therapeutics, Inc		925
	12,050		Daewoong Pharmaceutical Co Ltd		433
	681,020		Daiichi Sankyo Co Ltd		13,308
	230,925		Dainippon Sumitomo Pharma Co Ltd		2,194
	596,000		Dawnrays Pharmaceutical Holdings Ltd		213
	91,589		Dechra Pharmaceuticals plc		721
	486,574	*,e	Dendreon Corp		19,190
	229,797	*,e	Depomed, Inc		1,880
	141,502	*	Deva Holding AS		217
	20,049	*	Devgen		185
	63,611	*,e	Diamyd Medical AB (B Shares)		115
	7,406		Dong-A Pharmaceutical Co Ltd		658
	185,390		Dr Reddy’s Laboratories Ltd		6,353
	375,438	*,e	Durect Corp		762
	119,772	*,e	Dusa Pharmaceuticals, Inc		745
	401,933	*	Dyax Corp		796
	483,702	*,e	Dynavax Technologies Corp		1,330
	8,950		Egis Gyogyszergyar Rt		962
	95,153		EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS.		129
	645,224	e	Eisai Co Ltd		25,174
	231,605	*	Elan Corp plc		2,658
	35,455		Elder Pharmaceuticals Ltd		306
	3,869,336		Eli Lilly & Co		145,216
	189,816	*,e	Emergent Biosolutions, Inc		4,280

125

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	558,786	*,e	Endo Pharmaceuticals Holdings, Inc	$	22,446
	74,580	*,e	Endocyte, Inc		1,068
	174,519	*,e	Enzo Biochem, Inc		742
	197,045	*,e	Enzon Pharmaceuticals, Inc		1,980
	172	e	EPS Co Ltd		406
	209,384	*,e	eResearch Technology, Inc		1,334
	16,291		Eurofins Scientific		1,501
	128,488	*,e	Evolutec Group plc		169
	134,852	*	Evotec AG.		498
	215,552	*,e	Exact Sciences Corp		1,854
	535,154	*,e	Exelixis, Inc		4,795
	2,390,000	*	Extrawell Pharmaceutical Holdings Ltd		194
	270,021		FAES FARMA S.A.		816
	5,222		FDC Ltd		11
	48,133	*,e	Fluidigm Corp		807
	1,834,623	*,e	Forest Laboratories, Inc		72,174
	54,529	*,e	Furiex Pharmaceuticals Inc		970
	163,000	e	Fuso Pharmaceutical Industries Ltd		438
	394,431	*	Galapagos NV		4,822
	52,839	*	Genmab AS		411
	71,254	*,e	Genomic Health, Inc		1,989
	1,260,800	*,e	Genomma Lab Internacional S.A. de C.V.		3,213
	94,566		Genus plc		1,565
	592,719	*,e	Geron Corp		2,377
	51,840		Gerresheimer AG.		2,475
	6,062,158	*	Gilead Sciences, Inc		251,035
	3,740,316		GlaxoSmithKline plc		80,171
	9,620	*	Golf Trust Of America, Inc		82
	7,235		Green Cross Corp		1,097
	25,855		Grifols S.A.		519
	78,050	*,e	GTx, Inc		374
	78,000	e	Guangzhou Pharmaceutical Co Ltd		81
	322,699	*,e	Halozyme Therapeutics, Inc		2,230
	18,180	*	Han All Pharmarceutical Co		132
	3,490	*	Handok Pharmaceuticals Co Ltd		41
	5,926		Hanmi Pharm Co Ltd		143
	4,309	*	Hanmi Pharm Co Ltd		311
	95,097	*	Harvard Bioscience, Inc		507
	252,735	e	Hikma Pharmaceuticals plc		3,085
	47,475	e	Hisamitsu Pharmaceutical Co, Inc		2,022
	53,129	*,e	Hi-Tech Pharmacal Co, Inc		1,537
	753,887	*,e	Hospira, Inc		42,715
	1,324,000		Hua Han Bio-Pharmaceutical Holdings Ltd		372
	1,277,959	*,e	Human Genome Sciences, Inc		31,361
	225,773	*,e	Idenix Pharmaceuticals, Inc		1,129
	3,900		Il Dong Pharmaceutical Co Ltd		28
	562,693	*,e	Illumina, Inc		42,286
	2,295		Ilsung Pharmaceuticals Co Ltd		170
	18,415		Ilyang Pharmaceutical Co Ltd		350
	304,139	*,e	Immunogen, Inc		3,707
	296,861	*,e	Immunomedics, Inc		1,208
	398,255	*,e	Impax Laboratories, Inc		8,678

126

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	495,859	*,e	Incyte Corp	$	9,392
	91,064	*,e	Infinity Pharmaceuticals, Inc		752
	239,514	*,e	Inhibitex, Inc		939
	121,864	*,e	Insmed, Inc		1,461
	53,810	*,e	Intercell AG.		222
	227,638	*,e	InterMune, Inc		8,161
	1,490		Ipca Laboratories Ltd		12
	33,900		Ipsen		1,202
	209,203	*,e	Ironwood Pharmaceuticals, Inc		3,289
	420,279	*,e	Isis Pharmaceuticals, Inc		3,850
	131,845	*	ISTA Pharmaceuticals, Inc		1,008
	154,504	*,e	Jazz Pharmaceuticals, Inc		5,153
	19,000		JCR Pharmaceuticals Co Ltd		190
	9,030		Jeil Pharmaceutical Co		91
	10,663,204	e	Johnson & Johnson		709,316
	12,347		Jubilant Organosys Ltd		53
	190,521		Kaken Pharmaceutical Co Ltd		2,670
	104,567	*,e	Kendle International, Inc		1,577
	289,637	*,e	Keryx Biopharmaceuticals, Inc		1,370
	64,600		Kissei Pharmaceutical Co Ltd		1,258
	44,335	*	Komipharm International Co Ltd		366
	208,977	*,e	KV Pharmaceutical Co (Class A)		568
	81,330		Kwang Dong Pharmaceutical Co Ltd		238
	104,336		Kyorin Co Ltd		2,076
	967,502	e	Kyowa Hakko Kogyo Co Ltd		9,229
	580,845	e	Laboratorios Almirall S.A.		6,216
	42,891	e	Laboratorios Farmaceuticos Rovi S.A		341
	59,962	*,e	Lannett Co, Inc		299
	784,964	*,e	Lexicon Pharmaceuticals, Inc		1,382
	18,990	*	LG Life Sciences Ltd		865
	878,501	*	Life Technologies Corp		45,744
	88,692	*	Ligand Pharmaceuticals, Inc (Class B)		1,060
	1,270,000		Lijun International Pharmaceutical Holding Ltd		265
	99,900		Livzon Pharmaceutical, Inc		262
	175,757		Lonza Group AG.		13,769
	153,753	*	Luminex Corp		3,213
	216,189		Lupin Ltd		2,177
	299,670	*,e	MannKind Corp		1,139
	97,345	*,e	MAP Pharmaceuticals, Inc		1,555
	125,061	e	Maxygen, Inc		684
	95,375	e	MDS, Inc		1,042
	512,291	e	Meda AB (A Shares)		5,580
	384,835	*	Medicines Co		6,354
	310,725	e	Medicis Pharmaceutical Corp (Class A)		11,860
	7,445	*	Medipost Co Ltd		300
	132,418	*,e	Medivation, Inc		2,838
	28,097	*	Medivir AB		585
	37,155		Medtox Scientific, Inc		649
	11,902,373	e	Merck & Co, Inc		420,035
	85,964		Merck KGaA		9,347
	134,450	*,e	Mesoblast Ltd		1,253
	129,104	*,e	Metabolix, Inc		922

127

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	279,320	*,e	Mettler-Toledo International, Inc	$	47,113
	387,145	*,e	Micromet, Inc		2,222
	139,516		Mochida Pharmaceutical Co Ltd		1,496
	191,153	*,e	Momenta Pharmaceuticals, Inc		3,720
	29,508	*	Morphosys AG.		873
	22,167,242	*,a	MPM Bioventures II		4,483
	5,830,591	*	Mylan Laboratories, Inc		143,841
	455,638	*,e	Myriad Genetics, Inc		10,348
	309,730	*,e	Nabi Biopharmaceuticals		1,666
	466,242	*,e	Nektar Therapeutics		3,390
	75,139	*,e	Neostem, Inc		111
	411,733	*,e	Neurocrine Biosciences, Inc		3,314
	32,095	*,e	NeuroSearch AS		281
	30,400		Nichi-iko Pharmaceutical Co Ltd		810
	94,657	*,e	NicOx S.A.		247
	425,550		Nippon Chemiphar Co Ltd		1,733
	68,000		Nippon Shinyaku Co Ltd		867
	10,388	*,e	Novacea, Inc		114
	5,157,549		Novartis AG.		316,091
	297,150		Novartis AG. (ADR)		18,159
	372,390	*,e	Novavax, Inc		752
	553,759		Novo Nordisk AS (Class B)		69,375
	386,252	*	NPS Pharmaceuticals, Inc		3,650
	68,874	*,e	Nymox Pharmaceutical Corp		575
	82,133	*,e	Obagi Medical Products, Inc		775
	47,555	*,e	OncoGenex Pharmaceutical, Inc		810
	189	*	OncoTherapy Science, Inc		337
	194,012	*,e	Oncothyreon, Inc		1,783
	91,951	e	Ono Pharmaceutical Co Ltd		4,919
	350,227	*	Onyx Pharmaceuticals, Inc		12,363
	418,663	*,e	Opko Health, Inc		1,545
	195,966	*,e	Optimer Pharmaceuticals, Inc		2,330
	173,563		Orchid Chemicals & Pharmaceuticals Ltd		1,059
	451,563	*,e	Orexigen Therapeutics, Inc		718
	161,700		Orion Oyj (Class B)		4,171
	73,955	*,e	Osiris Therapeutics, Inc		572
	257,725		Otsuka Holdings KK		6,820
	147,646	*,e	Pacific Biosciences of California, Inc		1,727
	10,563	*,e	Pacira Pharmaceuticals, Inc		127
	169,585	e	Pain Therapeutics, Inc		656
	25,900	*	Paladin Labs, Inc		1,081
	191,406	*,e	Par Pharmaceutical Cos, Inc		6,313
	256,522	*,e	Parexel International Corp		6,044
	907,230	e	PDL BioPharma, Inc		5,325
	258,092	*,e	Peregrine Pharmaceuticals, Inc		480
	1,096,889		PerkinElmer, Inc		29,517
	280,353	e	Perrigo Co		24,635
	926	*	Pfizer Ltd		31
	51,856,401		Pfizer, Inc		1,068,242

128

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	326,825		Pharmaceutical Product Development, Inc	$	8,772
	189,832	*,e	Pharmacyclics, Inc		1,982
	202,230	*,e	Pharmasset, Inc		22,690
	164,444	*	PharmAthene, Inc		483
	317,591	*	Pharmaxis Ltd		287
	64,107	*,f	Pharmstandard (GDR) (purchased 08/04/10, cost $1,743)		1,469
	193,000	*	Phytohealth Corp		329
	153,962		Piramal Healthcare Ltd		1,368
	125,997	*,e	Pozen, Inc		529
	143,737	*,e	Progenics Pharmaceuticals, Inc		1,032
	197,500	*	Pronova BioPharma AS		357
	9,877,500		PT Kalbe Farma Tbk		3,898
	439,873	*,e	Qiagen N.V.		8,367
	7,629	*,e	Qiagen N.V.		146
	342,329	*	Questcor Pharmaceuticals, Inc		8,250
	243,376		Ranbaxy Laboratories Ltd		2,956
	159,575	*,e	Raptor Pharmaceutical Corp		988
	277,453		Recordati S.p.A.		3,049
	219,310	*,e	Regeneron Pharmaceuticals, Inc		12,437
	1,741,862	*	Renovo Group plc		405
	19,052		Richter Gedeon Nyrt		3,763
	303,214	*,e	Rigel Pharmaceuticals, Inc		2,780
	6,110	*	RNL BIO Co Ltd		20
	934,972		Roche Holding AG.		156,534
	114,000		Rohto Pharmaceutical Co Ltd		1,297
	33,381	*,e	Sagent Pharmaceuticals		901
	326,147	*,e	Salix Pharmaceuticals Ltd		12,990
	225,971	*,e	Sangamo Biosciences, Inc		1,331
	3,552,610		Sanofi-Aventis		285,774
	395,790	*,e	Santarus, Inc		1,334
	80,068		Santen Pharmaceutical Co Ltd		3,246
	298,227	*,e	Savient Pharmaceuticals, Inc		2,234
	21,500	e	Sawai Pharmaceutical Co Ltd		2,265
	10,390		Schweizerhall Holding AG.		1,028
	148,991	*,e	Sciclone Pharmaceuticals, Inc		900
	421,408	*,e	Seattle Genetics, Inc		8,647
	3,878	*	Seegene Inc		161
	153,800		Seikagaku Corp		1,752
	409,399	*,e	Sequenom, Inc		3,091
	176,000		Shandong Luoxin Pharmacy Stock Co Ltd		186
	136,000		Shandong Xinhua Pharmaceutical Co Ltd		46
	270,355		Shionogi & Co Ltd		4,427
	2,438,229		Shire Ltd		76,235
	210,072		Shire plc (ADR)		19,791
	143,405	*,e	SIGA Technologies, Inc		1,397
	162,000	*	Sihuan Pharmaceutical Holdings		77
	4,284,000		Sino Biopharmaceutical		1,543
	4,254,176	*,a	Skyline Venture Fund II Ltd		239
	976,029	*	Skyline Venture Fund III Ltd		237
	347,530	*,e	Spectrum Pharmaceuticals, Inc		3,220
	113,034	e	Stada Arzneimittel AG.		4,424

129

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,318		Stallergenes	$	436
	180,000		Standard Chemical & Pharma		185
	33,715		Strides Arcolab Ltd		255
	53,955	*,e	Sucampo Pharmaceuticals, Inc (Class A)		221
	66,852	*	Sun Pharmaceutical Industries Ltd		133
	604,002		Sun Pharmaceuticals Industries Ltd		6,742
	59,899	*,e	Sunesis Pharmaceuticals, Inc		125
	420,001	*,e	SuperGen, Inc		1,252
	98,082	*,e	Synta Pharmaceuticals Corp		493
	10,800		Taiko Pharmaceutical Co Ltd		109
	99,759	e	Taisho Pharmaceutical Co Ltd		2,248
	46,400	*,e	Takara Bio, Inc		277
	1,088,895		Takeda Pharmaceutical Co Ltd		50,325
	184,224		Tanabe Seiyaku Co Ltd		3,083
	173,266	*,e	Targacept, Inc		3,651
	387,095		Tecan Group AG.		32,400
	124,442		Techne Corp		10,375
	718,984		Teva Pharmaceutical Industries Ltd		34,676
	146,701	*,e	Theratechnologies, Inc		665
	286,855	*,e	Theravance, Inc		6,371
	1,629,052	*	Thermo Electron Corp		104,895
	37,897	*,e	ThromboGenics NV		1,017
	514,000		Tong Ren Tang Technologies Co Ltd		505
	15,800	e	Torii Pharmaceutical Co Ltd		298
	13,100	e	Towa Pharmaceutical Co Ltd		790
	22,411	*,e	Transgene S.A.		385
	16,072	*,e,m	Trius Therapeutics, Inc		127
	42,862		Tsumura & Co		1,370
	61,000		TTY Biopharm Co Ltd		309
	1,329,049	e	UCB S.A.		59,721
	1,670		Unichem Laboratories Ltd		6
	10,770,000	*	United Gene High-Tech Group Ltd		208
	1,598,000	e	United Laboratories Ltd		2,368
	448,643	*	United Therapeutics Corp		24,720
	1,570,242	*,a,e	Vanda Pharmaceuticals, Inc		11,212
	445,681	*	Vectura Group plc		570
	635,524	*,e	Vertex Pharmaceuticals, Inc		33,041
	304,963	*,e	Vical, Inc		1,256
	12,541		Virbac S.A.		2,146
	415,538	*,e	Viropharma, Inc		7,687
	338,480	*,e	Vivus, Inc		2,755
	5,086,051		Warner Chilcott plc		122,726
	499,958	*,e	Waters Corp		47,866
	5,014,656	*	Watson Pharmaceuticals, Inc		344,657
	284,000	*	Winteam Pharmaceutical Group Ltd		49
	34,321	*	Wockhardt Ltd		282
	9,648	*	WuXi PharmaTech Cayman, Inc (ADR)		169
	159,021	*,e	Xenoport, Inc		1,132
	10,923		Yuhan Corp		1,382
	214,410	*	Yungjin Pharmaceutical Co Ltd		229
	170,000		YungShin Global Holding Corp		312
	215,313	*,e	Zeltia S.A.		710

130

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	27,000	e	Zeria Pharmaceutical Co Ltd	$	342
	249,579	*,e	ZIOPHARM Oncology, Inc		1,527
	27,619	*,e	Zogenix, Inc		111
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		7,523,925
REAL ESTATE - 2.9%
	323,040		Abacus Property Group		804
	42,900	*	Able Chintai Holdings Inc		212
	170,994		Acadia Realty Trust		3,476
	59,009		Acanthe Developpement S.A.		133
	107,441		Acucap Properties Ltd		564
	6,357	*	Advance Residence Investment Corp		13,305
	637,788	*,e	Aedes S.p.A.		125
	90,985		Aeon Mall Co Ltd		2,204
	21,420		Affine S.A.		619
	373,213	*	Afirma Grupo Inmobiliario S.A.		99
	125,786	*	Africa Israel Investments Ltd		790
	14,138	*	Africa Israel Properties Ltd		141
	3,406,000	e	Agile Property Holdings Ltd		5,301
	67,421		Agree Realty Corp		1,506
	5,982,000	*	AGUNG PODOMORO LAND TBK		227
	1,781,000		AIMS AMP Capital Industrial REIT		319
	61,110	*	Airport City Ltd		281
	32,000		Airport Facilities Co Ltd		123
	8,384		Akmerkez Gayrimenkul Yatirim Ortakligi AS		395
	8,488		Alexander’s, Inc		3,370
	187,946		Alexandria Real Estate Equities, Inc		14,551
	179,984		Aliansce Shopping Centers S.A.		1,647
	990,291	e	Allan Gray Property Trust		943
	17,260,079		Allco Commercial Real Estate Investment Trust		11,382
	6,401,000	e	Allgreen Properties Ltd		8,352
	695		Alliances Developpement Immobilier S.A.		59
	27,817		Allied Properties Real Estate Investment Trust		688
	15,951		Allreal Holding AG.		2,628
	148,718		Alony Hetz Properties & Investments Ltd		779
	5,797	*	AL-ROV Israel Ltd		189
	6,102		Alrov Properties and Lodgings Ltd		124
	49,323		Alstria Office REIT-AG.		744
	1,032,200		Amata Corp PCL (For)		452
	1,315,582		AMB Property Corp		47,150
	1,621,971	*	Amer Group Holdings		399
	220,263		American Assets Trust,Inc		4,945
	400,474		American Campus Communities, Inc		14,225
	354,422		American Capital Agency Corp		10,317
	160,437		Amot Investments Ltd		465
	1,104,875	e	AMP NZ Office Trust		778
	88,215		Anant Raj Industries Ltd		126
	64	e	ANF Immobilier		3
	3,945,845		Annaly Capital Management, Inc		71,182
	73,619		Ansal Properties & Infrastructure Ltd		70
	717,630		Anworth Mortgage Asset Corp		5,389
	538,060	e	Apartment Investment & Management Co (Class A)		13,737

131

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	79,909	e	Apollo Commercial Real Estate Finance, Inc	$	1,288
	147,150	*	ARMOUR Residential REIT, Inc		1,082
	50,751		Artis Real Estate Investment Trust		739
	719,000	f	Ascendas India Trust (purchased 05/31/11, cost $565)		556
	312,519		Ascendas Real Estate Investment Trust		520
	838,586		Ascott Residence Trust		807
	265,500		Ashford Hospitality Trust, Inc		3,305
	84,420		Asian Property Development PCL (ADR)		14
	1,965,260		Asian Property Development PCL (Foreign)		317
	712,749		Aspen Group		336
	258,394		Associated Estates Realty Corp		4,199
	3,318		Atenor Group		161
	392,191	e	Atrium European Real Estate Ltd		2,583
	359,319		Australand Property Group		1,105
	413,981		AvalonBay Communities, Inc		53,155
	36,227	*	Avatar Holdings, Inc		551
	7,149,223		Ayala Land, Inc		2,581
	9,247,920	m	Ayala Land, Inc (Preference)		21
	74,082	e	Babcock & Brown Japan Property Trust		225
	9,897,400	*	Bangkokland PCL		220
	2,406		Bayside Land Corp		592
	41,622		Befimmo SCA Sicafi		3,697
	1,508,000		Beijing Capital Land Ltd		502
	596,000	e	Beijing North Star Co		140
	1,825,100	*	Belle Corp		203
	1,301,413		Beni Stabili S.p.A.		1,314
	27,000		Beni Stabili S.p.A. (Paris)		27
	234,205		Big Yellow Group plc		1,157
	691,030	e	BioMed Realty Trust, Inc		13,295
	145	e	BLife Investment Corp		981
	70,959		Boardwalk Real Estate Investment Trust		3,553
	810,776		Boston Properties, Inc		86,071
	594,256		BR Malls Participacoes S.A.		6,797
	186,411		BR Properties S.A.		2,090
	258,774	e	Brandywine Realty Trust		2,999
	160,800		Brasil Brokers Participacoes S.A.		788
	169,983		BRE Properties, Inc (Class A)		8,479
	435,776	*	Brioschi Sviluppo Immobiliare		90
	171,642		British Israel Investments Ltd		656
	1,153,658		British Land Co plc		11,279
	623,006		Brookfield Asset Management, Inc		20,729
	6,218	*	Brookfield Multiplex Group		540
	45,000		Brookfield Properties Corp		868
	602,349	e	Brookfield Properties Corp (Toronto)		11,635
	786,403		Bunnings Warehouse Property Trust		1,546
	2,222,000	e	C C Land Holdings Ltd		837
	107,388	*,e	CA Immobilien Anlagen AG.		1,950
	789,000		Cache Logistics Trust		623
	85,275		Calloway Real Estate Investment Trust		2,229
	1,191,840		Cambridge Industrial Trust		481
	297,237		Camden Property Trust		18,910
	143,517	e	Campus Crest Communities, Inc		1,857

132

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	60,891		Canadian Apartment Properties REIT	$	1,221
	82,156		Canadian Real Estate Investment Trust		2,828
	3,813,974	e	CapitaCommercial Trust		4,512
	695,574	e	Capital & Counties Properties		2,199
	571,715	*	Capital & Regional plc		362
	453,741		Capital Lease Funding, Inc		2,228
	1,355,373		Capital Property Fund		1,652
	7,670,000	*	Capital Strategic Investment Ltd		257
	1,398,921		CapitaLand Ltd		3,323
	4,951,699		CapitaMall Trust		7,548
	1,051,423		CapitaMalls Asia Ltd		1,262
	432,100		CapitaMalls Malaysia Trust		177
	870,000	e	CapitaRetail China Trust		865
	439,854		Capstead Mortgage Corp		5,894
	354,368		Castellum AB		5,306
	1,451,000		Cathay Real Estate Development Co Ltd		754
	1,478,228	*	CB Richard Ellis Group, Inc (Class A)		37,118
	730,563	e	CBL & Associates Properties, Inc		13,245
	1,126,000		CDL Hospitality Trusts		1,890
	376,888	e	Cedar Shopping Centers, Inc		1,941
	1,070,000		Central China Real Estate Ltd		258
	98,000		Central Pattana PCL (Foreign)		94
	2,575	*	Centro Properties Group		0	^
	1,581,031	*	Centro Retail Group		571
	4,304,289	e	CFS Gandel Retail Trust		8,390
	953,000		CH Karnchang PCL		239
	695,438		Challenger Diversified Property Group		410
	4,555,636	e	Champion Real Estate Investment Trust		2,562
	308,539		Charter Hall Group		715
	50,540	e	Chatham Lodging Trust		814
	151,649		Chesapeake Lodging Trust		2,587
	5,590,813		Cheuk Nang Holdings Ltd		3,062
	1,118,057		Cheung Kong Holdings Ltd		16,419
	7,375,065	e	Chimera Investment Corp		25,518
	1,061,000		China Aoyuan Property Group Ltd		185
	1,642,000		China Chengtong Development Group Ltd		102
	7,299,080	e	China Overseas Land & Investment Ltd		15,702
	557,000	*	China Properties Group Ltd		162
	3,082,000	e	China Resources Land Ltd		5,594
	1,621,000		China SCE Property Holdings Ltd		418
	3,110,000	e	China South City Holdings Ltd		496
	2,048,620		China Vanke Co Ltd		2,759
	335,500	e	Chinese Estates Holdings Ltd		575
	232,000		Chong Hong Construction Co		640
	219,677		City Developments Ltd		1,865
	193,338		Citycon Oyj		869
	40,641	*	CLS Holdings plc		424
	734,000	*	Coastal Greenland Ltd		39
	19,869		Cofinimmo		2,831
	257,951		Cogdell Spencer, Inc		1,545
	26,001	*	Colonia Real Estate AG.		195
	451,775		Colonial Properties Trust		9,216

133

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	138,116	e	Colony Financial, Inc	$	2,496
	41,498		Cominar Real Estate Investment Trust		947
	6,421,610	e	Commonwealth Property Office Fund		6,484
	21,278	e	Consolidated-Tomoka Land Co		609
	91,624	e	Conwert Immobilien Invest AG.		1,549
	96,090		Coresite Realty		1,576
	50,333		Corio NV		3,333
	196,459	e	Corporate Office Properties Trust		6,112
	11,424,000	e	Country Garden Holdings Co Ltd		5,032
	521,129		Cousins Properties, Inc		4,450
	2,076		Crescendo Investment Corp		1,201
	236,133	e	CreXus Investment Corp		2,623
	1,044,959		Cromwell Group		773
	321,904	e	Cypress Sharpridge Investments, Inc		4,124
	1,382	e	DA Office Investment Corp		4,863
	75,100		Daibiru Corp		576
	484,000	*	Daikyo, Inc		824
	1,245,900		Daiman Development BHD		789
	158,206		Daito Trust Construction Co Ltd		13,432
	543,887		Daiwa House Industry Co Ltd		6,863
	2,562,116	e	DB RREEF Trust		2,427
	1,326,049	e	DCT Industrial Trust, Inc		6,935
	366,374	*	Delta Corp Ltd		824
	146,163		Derwent London plc		4,283
	66,308		Deutsche Euroshop AG.		2,623
	104,168		Deutsche Wohnen AG.		1,813
	1,052,378	e	Developers Diversified Realty Corp		14,839
	172,389		Development Securities plc		625
	902,697	e	DiamondRock Hospitality Co		9,686
	72,893		DIC Asset AG.		922
	617,494	e	Digital Realty Trust, Inc		38,149
	4,191,974		DLF Ltd		19,808
	240,558	e	Douglas Emmett, Inc		4,785
	185,388		Douja Promotion Groupe Addoha S.A.		2,322
	486,234		Duke Realty Corp		6,812
	28,294		Dundee Real Estate Investment Trust		953
	245,300	e	DuPont Fabros Technology, Inc		6,182
	213,537	e	Dynex Capital, Inc		2,067
	432,600		Eastern & Oriental BHD		231
	124,434	e	EastGroup Properties, Inc		5,290
	450,914		Education Realty Trust, Inc		3,864
	19,877	*	Elbit Imaging Ltd		123
	14,911	*	Electra Real Estate Ltd		82
	434,177	e	Emira Property Fund		856
	1,216,949		Emlak Konut Gayrimenkul Yatiri		2,058
	4,078,666		Emperor International Holdings		926
	243,426	e	Entertainment Properties Trust		11,368
	166,326	e	Equity Lifestyle Properties, Inc		10,385
	223,416	e	Equity One, Inc		4,164
	1,222,300		Equity Residential		73,337
	213,937		Essex Property Trust, Inc		28,944

134

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	36,007		Eurobank Properties Real Estate Investment Co	$	298
	54,781		Eurocommercial Properties NV		2,726
	8,142,000	e	Evergrande Real Estate Group		5,332
	70,083	e	Excel Trust, Inc		773
	48,300		Extendicare Real Estate Investment Trust		522
	483,992		Extra Space Storage, Inc		10,324
	217,253		Fabege AB		2,184
	3,171,000		Fantasia Holdings Group Co Ltd		499
	1,639,003		Far East Consortium		368
	346,700		Farglory Land Development Co Ltd		866
	91,274	*	Fastighets AB Balder		458
	173,671	e	Federal Realty Investment Trust		14,793
	718,181	*	FelCor Lodging Trust, Inc		3,828
	3,093,000	*	Fil-Estate Land, Inc		140
	14,461,000		Filinvest Land, Inc		392
	94,280		First Capital Realty, Inc		1,611
	469,763	*,e	First Industrial Realty Trust, Inc		5,379
	210,182		First Potomac Realty Trust		3,218
	585,000		First Real Estate Investment Trust		377
	39,010	*	FirstService Corp		1,351
	1,177,718		FKP Property Group		888
	43,641		Fonciere Des Regions		4,623
	527,278	*,e	Forest City Enterprises, Inc (Class A)		9,844
	154,298	*,e	Forestar Real Estate Group, Inc		2,535
	1,457,849	e	Fortune Real Estate Investment Trust		717
	288,897	e	Franklin Street Properties Corp		3,730
	6,035,200	e	Franshion Properties China Ltd		1,540
	637,000		Frasers Centrepoint Trust		794
	464		Frontier Real Estate Investment Corp		4,080
	125	*	Fukuoka REIT Corp		941
	525	*	Future Mall Management Ltd		1
	137,120	e	GAGFAH S.A.		998
	24,874		Gazit, Inc		536
	20,725	e	Gecina S.A.		2,896
	1,757,083		General Growth Properties, Inc		29,326
	54,700	*	General Shopping Brasil S.A.		470
	109,102	e	Getty Realty Corp		2,753
	43,640	e	Gladstone Commercial Corp		756
	461,703	e	Glimcher Realty Trust		4,386
	324,093	*,e	Global Logistic Properties		544
	644	e	Global One Real Estate Investment Corp		5,383
	137,415	*	Globe Trade Centre S.A.		932
	1,414,000	e	Glorious Property Holdings Ltd		443
	258,678	f	Gold Wheaton Gold Corp (GDR) (purchased 12/07/10, cost $2,297)		2,044
	34,280		Goldcrest Co Ltd		713
	926,436	e	Goodman Property Trust		730
	125,865	e	Government Properties Income Trust		3,401
	868,337		GPT Group (ASE)		2,952
	556,110		Grainger plc		1,159
	910,011		Great Eagle Holdings Ltd		3,032
	520,130		Great Portland Estates plc		3,641

135

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,047,500		Greentown China Holdings Ltd	$	1,008
	2,449,193	e	Growthpoint Properties Ltd		6,626
	8,476,400	*,e	Guangzhou Investment Co Ltd		1,607
	3,908,336	e	Guangzhou R&F Properties Co Ltd		5,350
	985,000		GZI Real Estate Investment Trust		509
	18,000		H&R Real Estate Investment Trust		404
	1,418,503		Hammerson plc		10,967
	96,707		Hang Lung Group Ltd		614
	740,667		Hang Lung Properties Ltd		3,045
	182	e	Hankyu Reit, Inc		930
	320,264	e	Hatteras Financial Corp		9,041
	1,121,593		HCP, Inc		41,151
	506,921		Health Care REIT, Inc		26,578
	315,470	e	Healthcare Realty Trust, Inc		6,508
	235,000		Heiwa Real Estate Co Ltd		510
	124,877		Helical Bar plc		510
	14,816		Heliopolis Housing		47
	1,089,476	e	Henderson Land Development Co Ltd		7,045
	648,208		Hersha Hospitality Trust		3,611
	453,000		Highwealth Construction Corp		1,065
	345,085	e	Highwoods Properties, Inc		11,433
	873,600		HKR International Ltd		512
	376,000	e	Ho Bee Investment Ltd		442
	185,394	e	Home Properties, Inc		11,287
	481,000	*	Hong Fok Corp Ltd		212
	290,000		Hongkong Land Holdings Ltd		2,068
	28,000		Hopefluent Group Holdings Ltd		11
	981,521	e	Hopewell Holdings		3,114
	928,000		Hopson Development Holdings Ltd		836
	233,072		Hospitality Properties Trust		5,652
	2,568,578	e	Host Marriott Corp		43,537
	379,615	*	Housing Development & Infrastruture Ltd		1,361
	73,914	*	Howard Hughes Corp		4,807
	467,256		HRPT Properties Trust		12,074
	529,389		Huaku Development Co Ltd		1,574
	109,000		Huang Hsiang Construction Co		290
	120,722	e	Hudson Pacific Properties		1,875
	293,354		Hufvudstaden AB (Series A)		3,520
	83,200		Hulic Co Ltd		769
	299,000		Hung Ching Development Co		224
	411,000		Hung Poo Real Estate Development Corp		510
	747,000		Hung Sheng Construction Co Ltd		442
	2,476,000		Hutchison Harbour Ring Ltd		246
	146,167		Hyprop Investments Ltd		1,176
	446,270		Hysan Development Co Ltd		2,214
	57,153		ICADE		7,040
	1,210,132		IGB Corp BHD		858
	60,700		Iguatemi Empresa de Shopping Centers S.A.		1,492
	51,100	e	Iida Home Max		447
	1,148,100		IJM Land BHD		1,082
	319,848		Immobiliare Grande Distribuzione		781
	678,696	*,e	IMMOFINANZ Immobilien Anlagen AG		2,894

136

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	695,668	*	Indiabulls Real Estate Ltd	$	1,756
	402	e	Industrial & Infrastructure Fund Investment Corp		1,993
	122,941		Industrial Buildings Corp		258
	3,777,715		ING Office Fund		2,620
	388,257	e	Inland Real Estate Corp		3,428
	61,400		InnVest Real Estate Investment Trust		432
	1,845		Intershop Holdings		691
	9,356		Intervest Offices		302
	281,741		Invesco Mortgage Capital, Inc		5,953
	349,480	e	Investors Real Estate Trust		3,026
	821,124		Is Gayrimenkul Yatirim Ortakligi AS		622
	391,905	*,e	iStar Financial, Inc		3,178
	120,878	*	IVG Immobilien AG.		947
	85,506	*	IVR Prime Urban Developers Ltd		88
	707	e	Japan Excellent, Inc		3,571
	274	*,e	Japan Logistics Fund Inc		2,551
	2,790	e	Japan Prime Realty Investment Corp		7,389
	720		Japan Real Estate Investment Corp		7,084
	2,376	e	Japan Rental Housing Investments, Inc		1,045
	3,785	*	Japan Retail Fund Investment Corp		5,833
	40,000		Jereissati Participacoes S.A.		36
	120,841		Jerusalem Economy Ltd		1,561
	247,000		JHSF Participacoes S.A.		752
	972,050		Jiangsu Future Land Co Ltd		560
	1,033	e	Joint Reit Investment Corp		4,643
	280,066	e	Jones Lang LaSalle, Inc		26,410
	5,024	*	JW Construction Holding S.A.		28
	1,369,036	e	K Wah International Holdings Ltd		509
	1,678,000	*,e	Kaisa Group Holdings Ltd		617
	224,000		KEE TAI Properties Co Ltd		154
	1,456	*	Kenedix Realty Investment Corp		5,614
	3,075	*,e	Kenedix, Inc		539
	96,791	e	Kennedy-Wilson Holdings, Inc		1,186
	371,546	e	Keppel Land Ltd		1,098
	1,550,641		Kerry Properties Ltd		7,495
	58,900	e	Killam Properties, Inc		658
	264,276	e	Kilroy Realty Corp		10,436
	1,451,582	e	Kimco Realty Corp		27,057
	109,000		Kindom Construction Co		96
	357,000		King’s Town Construction Co Ltd		360
	340,288		Kite Realty Group Trust		1,695
	1,009,141	e	Kiwi Income Property Trust		870
	5,264,978		KLCC Property Holdings BHD		5,841
	74,848		Klepierre		3,090
	306,788		Klovern AB		1,533
	3,125,130		Kowloon Development Co Ltd		4,219
	488,000		K-REIT Asia		528
	69,500		KrisAssets Holdings BHD		97
	205,554		Kungsleden AB		1,959
	308,000	*	Kuoyang Construction Co Ltd		213
	2,275,000	e	KWG Property Holding Ltd		1,521
	37,105,000		Lai Fung Holdings Ltd		1,435

137

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	7,827,000	*	Lai Sun Development	$	220
	1,068,887		Land Securities Group plc		14,622
	447,665	e	LaSalle Hotel Properties		11,791
	2,574		Leasinvest Real Estate SCA		258
	348,689		Lend Lease Corp Ltd		3,367
	507,911	*,e	Leopalace21 Corp		722
	679,713	e	Lexington Corporate Properties Trust		6,206
	800,235		Liberty International plc		5,134
	221,552	e	Liberty Property Trust		7,218
	3,652,388	e	Link Real Estate Investment Trust		12,477
	1,095,000	e	Lippo-Mapletree Indonesia Retail Trust		540
	220,000		Liu Chong Hing Investment		259
	404,000		Long Bon International Co Ltd		169
	1,989,500	e	Longfor Properties Co Ltd		3,071
	1,862,200		LPN Development PCL		580
	47,300		LPS Brasil Consultoria de Imoveis S.A.		1,152
	183,437	e	LTC Properties, Inc		5,103
	552,394	e	Macerich Co		29,553
	186,659	e	Mack-Cali Realty Corp		6,149
	369,288		Macquarie CountryWide Trust		1,271
	3,209,850	e	Macquarie Goodman Group		2,433
	3,837,590	e	Macquarie MEAG Prime REIT		2,032
	655,484		Macquarie Office Trust		2,363
	252,620	*	Maguire Properties, Inc		722
	808,200		Mah Sing Group BHD		700
	35,779	*,e,m	Mapeley Ltd		242
	1,374,000	e	Mapletree Industrial Trust		1,310
	1,846,523	e	Mapletree Logistics Trust		1,385
	480,834		Medical Properties Trust, Inc		5,530
	13,590	*	Medinet Nasr Housing		47
	19,802,000	f	Megaworld Corp (purchased 08/20/08, cost $990)		913
	29,041		Melisron Ltd		665
	38,192	e	Mercialys S.A		1,618
	263,009		Metric Property Investments plc		450
	1,530,288		MFA Mortgage Investments, Inc		12,304
	458	e	MID Reit, Inc		1,281
	165,632	e	Mid-America Apartment Communities, Inc		11,175
	1,792,929	e	Midland Holdings Ltd		1,053
	171,565	*	Minerva plc		333
	1,982,000	e	Mingfa Group		633
	2,166,000		Minmetals Land Ltd		344
	2,890,888	e	Mirvac Group		3,888
	311,834	e	Mission West Properties, Inc		2,738
	1,188,030		Mitsubishi Estate Co Ltd		20,850
	1,648,026		Mitsui Fudosan Co Ltd		28,384
	6,630		Mobimo Holding AG.		1,717
	142,819	e	Monmouth Real Estate Investment Corp (Class A)		1,207
	38,521		Morguard Real Estate Investment Trust		618
	619		Mori Hills REIT Investment Corp		2,265
	791	e	Mori Trust Sogo Reit, Inc		7,751
	90,596		Multiplan Empreendimentos Imobiliarios S.A.		1,980
	292,500		Naim Holdings BHD		239

138

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	102,930		National Health Investors, Inc	$	4,573
	456,451		National Retail Properties, Inc		11,188
	829,525		Nationwide Health Properties, Inc		34,351
	1,332,000	*	Neo-China Land Group Holdings Ltd		417
	4,856,666		New World China Land Ltd		1,741
	16,651,800		New World Development Ltd		25,281
	340,618	*,e	Newcastle Investment Corp		1,969
	50,764	e	Nieuwe Steen Investments NV		1,030
	277		Nippon Accommodations Fund, Inc		2,082
	97	e	Nippon Building Fund, Inc		948
	48,098	*	Nitsba Holdings 1995 Ltd		464
	60,729		Nomura Real Estate Holdings, Inc		1,013
	493	e	Nomura Real Estate Office Fund, Inc		3,264
	204		Nomura Real Estate Residential Fund, Inc		1,143
	52,369		Northern Property Real Estate Investment Trust		1,660
	399,322		NorthStar Realty Finance Corp		1,609
	535,190		Norwegian Property ASA		1,119
	181,811	e	NRDC Acquisition Corp		1,956
	3,808	e	NTT Urban Development Corp		3,267
	434,158	e	Omega Healthcare Investors, Inc		9,122
	61,646	e	One Liberty Properties, Inc		952
	1,214	*	Orix JREIT, Inc		6,709
	499,000	*	OXLEY HOLDINGS		151
	1,228,000		Pacific Century Premium Developments Ltd		233
	1,936,500	*	Pakuwon Jati Tbk PT		222
	767,522	*	Palm Hills Developments SAE		299
	84,620		Paramount Corp BHD		56
	514,000		Parkway Life Real Estate Investment Trust		771
	167,253	e	Parkway Properties, Inc		2,853
	666,874		Parque Arauco S.A		1,491
	316,431	*	Parsvnath Developers Ltd		337
	108,761	*	Patrizia Immobilien AG.		817
	148,704		PAZ Corp S.A.		124
	242,373	e	Pebblebrook Hotel Trust		4,894
	234,063	e	Peet Ltd		368
	340,236	e	Pennsylvania Real Estate Investment Trust		5,342
	114,679		Pennymac Mortgage Investment Trust		1,900
	436,741		Phoenix Mills Ltd		1,856
	322,336	e	Piedmont Office Realty Trust, Inc		6,572
	815,080	*,e	Pirelli & C Real Estate S.p.A.		574
	419,437	e	Plum Creek Timber Co, Inc		17,004
	3,181,000	e	Poly Hong Kong Investment Ltd		2,100
	7,091,160		Polytec Asset Holdings Ltd		968
	225,423		Post Properties, Inc		9,188
	174,824	e	Potlatch Corp		6,166
	846,000		Powerlong Real Estate Holdings Ltd		243
	362		Premier Investment Co		1,560
	254,180	*	Prestige Estates Projects Ltd		684
	1,613,500		Preuksa Real Estate PCL (Foreign)		968
	51,816		Primaris Retail Real Estate Investment Trust		1,131
	189,816		Primary Health Properties plc		978
	774,000		Prince Housing & Development Corp		792

139

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,679		Property & Building Corp	$	109
	2,763,000		Prosperity REIT		651
	129,542	e	PS Business Parks, Inc		7,138
	58,186		PSP Swiss Property AG.		5,527
	14,481,000		PT Alam Sutera Realty Tbk		551
	34,846,500		PT Bakrieland Development Tbk		603
	7,465,500		PT Bumi Serpong Damai		785
	6,922,500	*	PT Ciputra Development Tbk		348
	3,469,500		PT Ciputra Property Tbk		172
	6,988,000	*	PT Intiland Development Tbk		265
	26,505,813		PT Lippo Karawaci Tbk		2,012
	15,161,000	*	PT Sentul City Tbk		211
	3,773,500		PT Summarecon Agung Tbk		503
	659,999		Public Storage, Inc		75,245
	2,003,815	f	Puravankara Projects Ltd (purchased 01/21/08, cost $7,383)		3,926
	7,575,200		Quality House PCL		442
	758,306	*	Quintain Estates & Development plc		730
	250,000		Radium Life Tech Co Ltd		328
	508,056		RAIT Investment Trust		1,067
	260,144	e	Ramco-Gershenson Properties		3,221
	632,341		Raven Russia Ltd		584
	922,407	e	Rayonier, Inc		60,279
	250,780	e	Realty Income Corp		8,399
	3,458,595		Redefine Income Fund Ltd		4,018
	331,111		Redwood Trust, Inc		5,006
	31,448,000	e	Regal Real Estate Investment Trust		10,240
	216,919		Regency Centers Corp		9,538
	16,626,500	e	Renhe Commercial Holdings Co Ltd		3,211
	274,288		Resilient Property Income Fund Ltd		1,276
	267,827	e	Resource Capital Corp		1,693
	235,484		RioCan Real Estate Investment Trust		6,334
	107,975		RLJ Lodging Trust		1,876
	1,828,500		Robinsons Land Corp		507
	591,000		Ruentex Development Co Ltd		833
	2,067,785		S.A. Corporate Real Estate Fund		1,014
	3,364,000		SABANA SHARIAH COMP		2,574
	125,186	e	Sabra Healthcare REIT, Inc		2,092
	38,790		Sankei Building Co Ltd		214
	1,835,883		Sansiri PCL		283
	39,020	e	Saul Centers, Inc		1,536
	315,790		Savills plc		1,981
	166,970		SC Global Developments Ltd		199
	1,622,124		Segro plc		8,133
	663,466		Senior Housing Properties Trust		15,532
	552,528		Shaftesbury plc		4,685
	312,000	e,m	Shanghai Forte Land Co		140
	425,540		Shanghai Jinqiao Export Processing Zone Development Co Ltd		350
	1,330,900		Shanghai Lujiazui Finance & Trade Zone Development Co Ltd		1,722
	21,018,000	e	Shanghai Real Estate Ltd		1,654
	650,000		Shanghai Zendai Property Ltd		18

140

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,672,000		Shenzhen Investment Ltd	$	1,103
	255,500	*	Shenzhen Special Economic Zone Real Estate & Properties Group Co Ltd		98
	3,818,000	e	Shimao Property Holdings Ltd		4,731
	461,000	*	Shining Building Business Co Ltd		709
	42,200	e	Shoei Co Ltd		381
	7,338,305	e	Shui On Land Ltd		3,223
	2,180,000		Silver Grant International		702
	1,657,585	e	Simon Property Group, Inc		192,660
	276,000	e	Singapore Land Ltd		1,600
	1,090,918		Sino Land Co		1,755
	1,806,000	*	Sinolink Worldwide Holdings Ltd		191
	16,039,412	e	Sino-Ocean Land Holdings Ltd		8,190
	879,796		Sinpas Gayrimenkul Yatirim Ortakligi AS		985
	394,800		Sinyi Realty Co		763
	21,613		Six of October Development & Investment		225
	511,201	e	SL Green Realty Corp		42,363
	1,400,662		SM Development Corp		265
	6,296,952		SM Prime Holdings		1,717
	196,277		Sobha Developers Ltd		1,140
	6,768		Societe de la Tour Eiffel		626
	16,183	e	Societe Immobiliere de Location pour l’Industrie et leCommerce		2,318
	6,662,000	e	Soho China Ltd		5,967
	21,100		Sonae Sierra Brasil		329
	325,706	*	Songbird Estates plc		802
	98,000		Soundwill Holdings Ltd		153
	125,745		Sovran Self Storage, Inc		5,156
	1,299,975		SP Setia BHD		1,800
	67,678	*	Sparkassen Immobilien AG.		455
	2,915,929		SPG Land Holdings Ltd		1,171
	636,967		Sponda Oyj		3,705
	399,149		ST Modwen Properties plc		1,185
	127,413	*,e	St. Joe Co		2,655
	64,205	e	STAG Industrial, Inc		787
	642,873	e	Starwood Property Trust, Inc		13,185
	4,474,009	e	Stockland Trust Group		16,411
	973,875	*	Strategic Hotels & Resorts, Inc		6,895
	23,870		Sumitomo Real Estate Sales Co Ltd		1,108
	1,217,892		Sumitomo Realty & Development Co Ltd		27,219
	115,089	e	Summit Hotel Properties, Inc		1,306
	88,537	e	Sun Communities, Inc		3,303
	1,495,883		Sun Hung Kai Properties Ltd		21,866
	905,000	*	Sunac China Holdings Ltd		322
	2,895,000		Sunlight Real Estate Investment Trust		926
	581,979	*,e	Sunstone Hotel Investors, Inc		5,395
	3,315,000	e	Suntec Real Estate Investment Trust		4,051
	1,473,054		Sunteck Realty Ltd		9,872
	228,100		Sunway City BHD		407
	997,500		Sunway Real Estate Investment		367
	1,197,300		Supalai PCL		418
	1,785,721		Swire Pacific Ltd (Class A)		26,291

141

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	75,200		Swiss Prime Site AG.	$	6,453
	83,183		Sycom Property Fund		256
	852,900		TA Global BHD		105
	72,555	*	TAG Tegernsee Immobilien und Beteiligungs AG.		735
	872,000		TAI Cheung Holdings		685
	276,000	*	Taiwan Land Development Corp		154
	1,215,697	*	Talaat Moustafa Group		1,001
	21,181,700		Tanayong PCL		470
	467,205	e	Tanger Factory Outlet Centers, Inc		12,507
	339,833	e	Taubman Centers, Inc		20,118
	138,834		Technopolis plc		768
	56,870	*,e	Tejon Ranch Co		1,939
	60,851	e	Terreno Realty Corp		1,035
	745,000	*,e	Thomas Properties Group, Inc		2,391
	1,064,700		Ticon Industrial Connection PCL		437
	53,341	*	TK Development		228
	106,800		TOC Co Ltd		481
	28,400		Toho Real Estate Co Ltd		151
	1,850,482		Tokyo Tatemono Co Ltd		6,752
	324,329		Tokyu Land Corp		1,378
	28,000		Tokyu Livable, Inc		255
	299	*	Tokyu REIT, Inc		2,002
	148,000		Tomson Group Ltd		51
	929		Top REIT Inc		5,108
	205,498		Torunlar Gayrimenkul Yatrirum		783
	19,597	e	Tosei Corp		6,118
	352,785		Two Harbors Investment Corp		3,792
	481,085	e	UDR, Inc		11,811
	954,796	*	UEM Land Holdings BHD		891
	48,126	e	UMH Properties, Inc		515
	97,000		Unibail		22,412
	221,851	*	Unite Group plc		775
	9,297,730	*	Unitech Corporate Parks plc		3,283
	14,214,507		Unitech Ltd		10,193
	5,670,000	*,e	United Energy Group Ltd		845
	1,138,637		United Overseas Land Ltd		4,624
	10,473		United Urban Investment Corp		12,061
	46,517		Universal Health Realty Income Trust		1,860
	95,582		Urstadt Biddle Properties, Inc (Class A)		1,731
	565,841	e	U-Store-It Trust		5,953
	24,524		Vastned Offices/Industrial		434
	25,284		Vastned Retail NV		1,811
	915,975	e	Ventas, Inc		48,281
	5,789,000		Vista Land & Lifescapes, Inc		423
	720,870		Vornado Realty Trust		67,171
	177,167		Vukile Property Fund Ltd		372
	117,890		Wallenstam Byggnads AB (B Shares)		1,253
	109,103		Walter Investment Management Corp		2,421
	28,456		Warehouses De Pauw SCA		1,585
	280,396	e	Washington Real Estate Investment Trust		9,118
	232,288	e	Weingarten Realty Investors		5,844
	4,376		Wereldhave Belgium NV		437

142

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	31,574		Wereldhave NV	$	3,214
	7,057,104		Westfield Group		65,776
	10,461,085		Westfield Retail Trust		30,494
	1,640,440	e	Weyerhaeuser Co		35,860
	3,281,761		Wharf Holdings Ltd		22,885
	1,422,064	e	Wheelock & Co Ltd		5,720
	527,097	e	Wheelock Properties S Ltd		773
	27,832		Whitestone REIT		354
	189,355		Wihlborgs Fastigheter AB		2,739
	902,267		Wing Tai Holdings Ltd		1,081
	103,484	e	Winthrop Realty Trust		1,236
	3,016,272		Workspace Group plc		1,462
	965,000		Yanlord Land Group Ltd		946
	1,634,032		YNH Property BHD		1,066
	667,000	*	YTL Land & Development BHD		354
	608,000		Yuzhou Properties Co		195
	4,782,800	*	Zhong An Real Estate Ltd		926
	550,000	*	Zhuguang Holdings Group Co Ltd		86
	56,590	*	Zueblin Immobilien Holding AG.		247
			TOTAL REAL ESTATE		3,204,095
RETAILING - 3.3%
	164,729	*	1-800-FLOWERS.COM, Inc (Class A)		511
	203,524	*,e	99 Cents Only Stores		4,119
	350,041		Aaron’s, Inc		9,892
	2,701		ABC-Mart, Inc		110
	557,291		Abercrombie & Fitch Co (Class A)		37,294
	536,928		Advance Auto Parts, Inc		31,405
	394,661	*	Aeropostale, Inc		6,907
	44,100	e	Alpen Co Ltd		719
	1,387,531	*	Amazon.com, Inc		283,737
	375,654		American Eagle Outfitters, Inc		4,790
	39,356	*,e	America’s Car-Mart, Inc		1,299
	18,517	e	Amsterdam Commodities NV		282
	308,102	*	Ann Taylor Stores Corp		8,041
	47,000		AOKI Holdings, Inc		733
	72,341		Aoyama Trading Co Ltd		1,248
	85,284		ARB Corp Ltd		693
	41,800		Arc Land Sakamoto Co Ltd		666
	17,200	e	Asahi Co Ltd		321
	121,099	*	Asbury Automotive Group, Inc		2,244
	26,400		ASKUL Corp		431
	253,746	*,e	ASOS plc		9,749
	126,408	*	Audiovox Corp (Class A)		956
	209,000		Aurora Corp		410
	49,878		Autobacs Seven Co Ltd		2,104
	172,439		Automotive Holdings Group		412
	151,862	*,e	Autonation, Inc		5,560
	200,434	*	Autozone, Inc		59,098
	85,679		B2W Companhia Global Do Varejo		1,046
	132,127		Barnes & Noble, Inc		2,191
	50,661		BasicNet S.p.A		177

143

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	238,367		Bebe Stores, Inc	$	1,456
	1,925,664	*	Bed Bath & Beyond, Inc		112,401
	5,943,100		Belle International Holdings Ltd		12,556
	31,300		Belluna Co Ltd		205
	1,063,558		Best Buy Co, Inc		33,406
	66,000	*	Best Denki Co Ltd		184
	30,144		Beter BED Holding NV		820
	1,931	e	BIC CAMERA, Inc		1,035
	147,440	e	Big 5 Sporting Goods Corp		1,159
	374,048	*	Big Lots, Inc		12,400
	85,862		Bilia AB (A Shares)		1,549
	54,669	*,e	Blue Nile, Inc		2,404
	94,999	*,e	Body Central Corp		2,235
	2,244,000	e	Bonjour Holdings Ltd		373
	43,262	e	Bon-Ton Stores, Inc/the		421
	941,000	e	Boshiwa International Holding		576
	308,272	*	Boyner Buyuk Magazacilik		701
	203,533	e	Brown Shoe Co, Inc		2,168
	117,364	e	Buckle, Inc		5,011
	74,477	*,e	Build-A-Bear Workshop, Inc		485
	46,241		Byggmax Group AB		311
	202,073	*,e	Cabela’s, Inc		5,486
	117,608		Canadian Tire Corp Ltd		7,695
	81,100	*,e	Canon Marketing Japan, Inc		919
	439,123	*,e	Carmax, Inc		14,522
	51,298		Carpetright plc		540
	7,585		Cashbuild Ltd		107
	212,989	*,e	Casual Male Retail Group, Inc		884
	119,758		Cato Corp (Class A)		3,449
	71,294	*	CDON Group AB		434
	50,701		CFAO S.A.		2,201
	18,432		Charles Voegele Holding AG.		982
	508,868	*,e	Charming Shoppes, Inc		2,117
	769,078	e	Chico’s FAS, Inc		11,713
	146,407	*,e	Children’s Place Retail Stores, Inc		6,514
	33,400		Chiyoda Co Ltd		495
	438,000	e	Chow Sang Sang Holding		1,486
	159,215	e	Christopher & Banks Corp		915
	240,800		Cia Hering		5,539
	68,981	*,e	Citi Trends, Inc		1,040
	3,245		CJ O Shopping Co Ltd		703
	49,700	e	Clas Ohlson AB (B Shares)		701
	625,583		Clicks Group Ltd		3,917
	340,654	*,e	Coldwater Creek, Inc		477
	313,988	*,e	Collective Brands, Inc		4,612
	81,441	*,e	Conn’s, Inc		704
	58,912	*,e	Core-Mark Holding Co, Inc		2,103
	78,779	*,e	Cost Plus, Inc		788
	39		Daesung Industrial Co Ltd		1
	8,270	*,m	Daewoo Motor Sales		15
	2,554,000		Dah Chong Hong Holdings Ltd		3,054
	112,300	*,e	Daiei, Inc		409

144

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	735,981	e	David Jones Ltd	$	3,214
	347,500	e	DCM Japan Holdings Co Ltd		2,367
	2,548,332		Debenhams plc		2,820
	37,103		Delek Automotive Systems Ltd		416
	4,018		Delek Israeli Fuel Corp Ltd		92
	9,513		Delticom AG.		1,018
	49,480	e	Destination Maternity Corp		989
	1,173,438	*	Dick’s Sporting Goods, Inc		45,119
	14,095,500	e	Dickson Concepts International Ltd		11,005
	45,164		D’ieteren S.A.		3,086
	125,305	e	Dillard’s, Inc (Class A)		6,533
	70,073	*	Dogus Otomotiv Servis ve Ticaret AS		197
	372,202	*	Dollar General Corp		12,614
	587,319	*	Dollar Tree, Inc		39,127
	105,704		Dollarama, Inc		3,581
	69,300	e	Don Quijote Co Ltd		2,410
	8,579		Dongsuh Co, Inc		300
	14,100		Doshisha Co Ltd		370
	44,762	e	Douglas Holding AG.		2,349
	4,997,135	*	DSG International plc		1,350
	96,450	*,e	DSW, Inc (Class A)		4,881
	24,104	*	Dufry Group		3,036
	138,446	e	Dunelm Group plc		864
	169,883	e	EDION Corp		1,602
	222,000		E-LIFE MALL Corp		401
	2,960,000	e	Emperor Watch & Jewellery Ltd		555
	264,101		Empresas Hites S.A.		331
	182,917		Empresas La Polar S.A.		274
	781,996		Esprit Holdings Ltd		2,443
	5,977	*	Etam Developpement S.A.		249
	1,423,445	e	Expedia, Inc		41,266
	336,341		Express Parent LLC		7,332
	398,977		Family Dollar Stores, Inc		20,970
	1,294,687		Far Eastern Department Stores Co Ltd		2,601
	38,515		Fast Retailing Co Ltd		6,229
	17,441	e	Fielmann AG.		1,944
	677,786	*	Findel plc		83
	323,650	e	Finish Line, Inc (Class A)		6,926
	1,640,462		Foot Locker, Inc		38,977
	61,609		Forzani Group Ltd/The		1,683
	291,510		Foschini Ltd		3,805
	54,239		Fourlis Holdings S.A.		326
	204,567	e	Fred’s, Inc (Class A)		2,952
	24,400	e	Fuji Co Ltd		505
	6,105,275		Game Group plc		3,550
	1,802,100	*,e	GameStop Corp (Class A)		48,062
	1,715,736	e	Gap, Inc		31,055
	118,038	*,e	Genesco, Inc		6,150
	477,344		Genuine Parts Co		25,968
	781	e	Geo Corp		972
	4,158,000		Giordano International Ltd		3,533
	98,128	*	GNC Holdings, Inc		2,140

145

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,935,000	e	Golden Eagle Retail Group Ltd	$	4,927
	228,000		Goldlion Holdings Ltd		93
	21,600		Golf & Co Ltd		107
	17,070,408	e	GOME Electrical Appliances Holdings Ltd		6,848
	23,626	*,e	Gordmans Stores, Inc		411
	107,062	e	Group 1 Automotive, Inc		4,409
	102,115		Grupo Elektra S.A. de C.V.		5,257
	300,200	*,e	Grupo Famsa SAB de C.V.		516
	48,154	*	Gruppo Coin S.p.A.		449
	3,649		GS Home Shopping, Inc		466
	344,329	e	Guess ?, Inc		14,482
	5,870		Gulliver International Co Ltd		244
	860		GwangjuShinsegae Co Ltd		148
	93,500		Hai-O Enterprise BHD		67
	279,278		Halfords Group plc		1,665
	124,825	e	Hankyu Department Stores, Inc		970
	152,825	e	Harvey Norman Holdings Ltd		409
	76,206	e	Haverty Furniture Cos, Inc		877
	46,859	*	Hellenic Duty Free Shops S.A.		674
	7,272,000	e	Hengdeli Holdings Ltd		3,852
	667,500	e	Hennes & Mauritz AB (B Shares)		23,016
	80,092	*,e	hhgregg, Inc		1,073
	118,789	*,e	Hibbett Sports, Inc		4,836
	27,401	e	Hikari Tsushin, Inc		647
	6,998,224		Home Depot, Inc		253,476
	2,588,683		Home Product Center PCL		693
	452,142	e	Home Retail Group		1,189
	11,017	*	HomeAway, Inc		426
	20,620	e	Honeys Co Ltd		227
	172,095		Hot Topic, Inc		1,280
	169,593	*	HSN, Inc		5,583
	494,000		Huiyin Household Appliances		101
	39,284		Hyundai Department Store Co Ltd		6,396
	29,470		Hyundai H&S Co Ltd		381
	77,877		Hyundai Home Shopping Network Corp		9,336
	527,455		Imperial Holdings Ltd		9,466
	614,301	e	Inchcape plc		4,125
	296,115	e	Inditex S.A.		26,980
	11,745	*	Interpark Corp		54
	448,000	e	Intime Department Store Group Co Ltd		763
	42,230	*,e	Isetan Mitsukoshi Holdings Ltd		414
	1,236,000		IT Ltd		1,207
	74,800	e	Izumi Co Ltd		1,123
	66,127	e	J Front Retailing Co Ltd		292
	258,487		Jardine Cycle & Carriage Ltd		9,070
	137,716	e	JB Hi-Fi Ltd		2,530
	613,484	e	JC Penney Co, Inc		21,190
	294,097		JD Group Ltd		1,837
	104,704		John Menzies plc		835
	118,815	*	JOS A Bank Clothiers, Inc		5,942
	55,000	e	Joshin Denki Co Ltd		596
	156,928		JUMBO S.A.		1,184

146

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	89,867	e	KappAhl Holding AB	$	436
	73,187	e	Keiyo Co Ltd		408
	928,415	e	Kesa Electricals plc		2,051
	2,998,180		Kingfisher plc		12,879
	76,601	*,e	Kirkland’s, Inc		921
	2,399,859		Kohl’s Corp		120,016
	43,600	e	Kohnan Shoji Co Ltd		751
	47,800		Kojima Co Ltd		311
	47,900	e	Komeri Co Ltd		1,306
	90,103	e	K’s Holdings Corp		3,896
	1,968,250	*,e	L’ Occitane International S.A.		5,272
	12,688		LES Enphants Co Ltd		17
	184,558		Lewis Group Ltd		2,315
	10,737,345	e	Li & Fung Ltd		21,461
	1,960,917	*,e	Liberty Media Holding Corp (Interactive A)		32,885
	1,462,002	e	Lifestyle International Holdings Ltd		4,277
	2,122,343	e	Limited Brands, Inc		81,604
	88,585	e	Lithia Motors, Inc (Class A)		1,739
	426,163	*,e	LKQ Corp		11,119
	502,697		Lojas Americanas S.A.		4,880
	180,749		Lojas Renner S.A.		6,891
	664,140		Lookers plc		578
	29,790		Lotte Midopa Co Ltd		480
	13,709		Lotte Shopping Co Ltd		6,550
	4,730,343		Lowe’s Cos, Inc		110,264
	340,000	e	Luk Fook Holdings International Ltd		1,656
	95,936	*,e	Lumber Liquidators, Inc		2,437
	5,360,112		Macy’s, Inc		156,729
	44,600	*	Magazine Luiza S.A.		464
	90,850	*,e	MarineMax, Inc		796
	2,908,180		Marks & Spencer Group plc		16,859
	722,714		Marui Co Ltd		5,489
	37,800	*,e	Matsuya Co Ltd		207
	27,490	e	Medion AG.		520
	26,500	e	Megane TOP Co Ltd		318
	39,328		Mekonomen AB		1,365
	249,075	e	Men’s Wearhouse, Inc		8,394
	574,000		Mercuries & Associates Ltd		552
	607,200		Metro Holdings Ltd		389
	1,800,689	*	MFI Furniture plc		3,090
	482	*	Midas, Inc		3
	44,325		Mobilezone Holding AG.		496
	126,814	e	Monro Muffler, Inc		4,729
	104,217		Mothercare plc		666
	477,045		Mr Price Group Ltd		4,811
	1,018,053	e	Myer Holdings Ltd		2,890
	325,106	e	N Brown Group plc		1,372
	14,200		Nafco Co Ltd		247
	275,000		National Petroleum Co Ltd		388
	52,771	*	NET Holding AS.		50
	211,952	*,e	NetFlix, Inc		55,678
	4,214,478	*	New Carphone Warehouse plc		28,612

147

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	831,000	e	New World Department Store China Ltd	$	655
	83,431	*,e	New York & Co, Inc		413
	339,271		Next plc		12,676
	14,697		NFI Empik Media & Fasion S.A.		87
	94,000		Nice Holdings, Inc		189
	77,100		Nishimatsuya Chain Co Ltd		637
	84,300		Nissen Holdings Co Ltd		495
	3,235		Nitori Co Ltd		307
	2,238,288	e	Nordstrom, Inc		105,064
	114,492	e	Nutri/System, Inc		1,610
	3,343,679	*,e	Ocado Ltd		9,783
	1,534,000	*,e	Oceanus Group Ltd		288
	3,292,605	*,e	Office Depot, Inc		13,895
	1,417,049	*,e	OfficeMax, Inc		11,124
	121,389	*,e	Orbitz Worldwide, Inc		302
	510,859	*,e	O’Reilly Automotive, Inc		33,466
	1,500,000	e	OSIM International Ltd		1,827
	12,100	e	Otsuka Kagu Ltd		106
	61,871	*,e	Overstock.com, Inc		942
	1,289,280		Pacific Brands Ltd		966
	266,376	*,e	Pacific Sunwear Of California, Inc		695
	7,400		Pal Co Ltd		247
	47,200		Paltac Corp		853
	1,807,103		Pantaloon Retail India Ltd		12,442
	61,782	e	Parco Co Ltd		509
	36,800		Paris Miki, Inc		355
	580,405		Parkson Holdings BHD		1,159
	1,965,000	e	Parkson Retail Group Ltd		2,884
	5,814,000	e	PCD Stores Ltd		1,356
	860,666	*	Pendragon plc		325
	211,227	e	Penske Auto Group, Inc		4,803
	268,802	e	PEP Boys - Manny Moe & Jack		2,938
	96,366	e	PetMed Express, Inc		1,142
	1,563,137		Petsmart, Inc		70,920
	600,067	*,e	Pier 1 Imports, Inc		6,943
	22,840		Point, Inc		995
	1,688,000	*,e	Pou Sheng International Holdings Ltd		293
	61,558		PPR		10,964
	80,287		Praktiker Bau- und Heimwerkermaerkte AG.		681
	109,213		Premier Investments Ltd		714
	251,955	*	Priceline.com, Inc		128,983
	478,355		Prraneta Industries Ltd		826
	1,036,000		PT Ramayana Lestari Sentosa Tbk		94
	489,028	e	RadioShack Corp		6,509
	31,669	*	Rakuten, Inc		32,778
	99,637		Reitmans Canada Ltd		1,585
	32,182		Reject Shop Ltd		403
	312,855		Rent-A-Center, Inc		9,561
	156,745	*,e	RNB Retail and Brands AB		80
	516,100		Robinson Department Store PCL		535
	171,722		RONA, Inc		2,138
	540,165		Ross Stores, Inc		43,278

148

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	64,668	*,e	Rue21, Inc	$	2,102
	47,200	e	Ryohin Keikaku Co Ltd		2,261
	3,254,000	e	SA SA International Holdings Ltd		2,086
	587,670		SACI Falabella		6,187
	546,087	*,e	Saks, Inc		6,100
	287,298	*	Sally Beauty Holdings, Inc		4,913
	104,470	e	Sanrio Co Ltd		4,075
	73,092	*,e	Sears Holdings Corp		5,222
	367,918	*,e	Select Comfort Corp		6,615
	83,500		Senshukai Co Ltd		509
	19,641	*	Seobu Truck Terminal Co Ltd		276
	78,600		Shimachu Co Ltd		1,919
	7,732		Shimamura Co Ltd		737
	17,700	e	Shimojima Co Ltd		230
	10,693		Shinsegae Co Ltd		3,400
	792,000		Shirble Department Stores		160
	45,178	*,e	Shoe Carnival, Inc		1,362
	78,690		Shopper’s Stop Ltd		798
	171,129	*,e	Shutterfly, Inc		9,826
	517,000		Sichuan Xinhua Winshare Chainstore Co Ltd		281
	489,786	*,e	Signet Jewelers Ltd		22,927
	577,000		Silver base Group Holdings Ltd		597
	178,923	e	Sonic Automotive, Inc (Class A)		2,621
	17,994	*	Sourceforge, Inc		481
	1,992,000	e	Sparkle Roll Group Ltd		378
	252,082	*	Sports Direct International plc		956
	188,243		Stage Stores, Inc		3,162
	2,170,931	e	Staples, Inc		34,301
	60,000		Start Today Co Ltd		1,198
	181,135		STATOIL FUEL & RETAIL		1,749
	177,410		Stein Mart, Inc		1,710
	41,674	e	Stockmann Oyj Abp (B Share)		1,181
	17,150	*	Suny Electronic, Inc Ltd		180
	110,457		Super Cheap Auto Group Ltd		828
	3,462,100	*	Super Group Ltd		404
	38,311	*,e	SuperGroup plc		530
	27,071	*	Syms Corp		292
	45,939	e	Systemax, Inc		686
	1,116,939	e	Takashimaya Co Ltd		7,706
	36,569		Takihyo Co Ltd		191
	34,973		Takkt AG.		565
	5,459,992	*,a,e	Talbots, Inc		18,236
	6,994,111		Target Corp		328,093
	248	e	Telepark Corp		463
	8,161,605		Test-Rite International Co		6,552
	526,843	e	Tiffany & Co		41,368
	1,330,762	e	TJX Companies, Inc		69,905
	219,475		Topps Tiles plc		201
	300,058		Tractor Supply Co		20,068
	748		Trent Ltd		19
	604,318		Truworths International Ltd		6,557
	181,603		Tsutsumi Jewelry Co Ltd		4,362

149

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	199,297	*,e	Tuesday Morning Corp	$	927
	146,319	*,e	Ulta Salon Cosmetics & Fragrance, Inc		9,449
	1,135,399	e	United Arrows Ltd		23,998
	699,587	*,e	Urban Outfitters, Inc		19,693
	54,490	*	US Auto Parts Network, Inc		417
	45,745		USS Co Ltd		3,549
	7,220		Valora Holding AG.		2,216
	167,634	*	Valuevision International, Inc (Class A)		1,282
	118,058	*	Vitamin Shoppe, Inc		5,402
	158,765		Warehouse Group Ltd		457
	90,581	*,e	West Marine, Inc		939
	542,880	*,e	Wet Seal, Inc (Class A)		2,427
	422,787		WH Smith plc		3,326
	620,162	e	Williams-Sonoma, Inc		22,630
	8,018	e	Winmark Corp		347
	1,409,304		Woolworths Holdings Ltd		6,209
	137,041	e	Wotif.com Holdings Ltd		692
	41,500		Xebio Co Ltd		937
	142,986	e	Yamada Denki Co Ltd		11,650
	108,200		Yokohama Reito Co Ltd		729
	50,638	*,e	Yoox S.p.A		932
	118,615	*,e	Zale Corp		664
	1,508	*	zooplus AG.		213
	86,724	*,e	Zumiez, Inc		2,165
			TOTAL RETAILING		3,641,394
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.4%
	185,805	*	Advanced Analogic Technologies, Inc		1,125
	199,711	*	Advanced Energy Industries, Inc		2,954
	1,152,757	*	Advanced Micro Devices, Inc		8,058
	7,255,438		Advanced Semiconductor Engineering, Inc		8,000
	43,000		Advanced Wireless Semiconductor Co		54
	117,772	e	Advantest Corp		2,168
	518,382	e	Aixtron AG.		17,693
	120,000		Alcor Micro Corp		209
	446,000		ALI Corp		647
	89,778	*,e	Alpha & Omega Semiconductor Lt		1,190
	1,340,475		Altera Corp		62,131
	563,377	*	Amkor Technology, Inc		3,476
	35,429	*	Amtech Systems, Inc		731
	316,608	*	Anadigics, Inc		1,016
	1,580,134		Analog Devices, Inc		61,846
	232,000		Anpec Electronics Corp		234
	8,004,000	*	Apollo Solar Energy Technology Holdings Ltd		351
	4,376,950		Applied Materials, Inc		56,944
	269,801	*	Applied Micro Circuits Corp		2,390
	179,000		Ardentec Corp		161
	2,347,200		ARM Holdings plc		22,072
	7,602	*	Asia Pacific Systems, Inc		96
	111,531		ASM International NV		4,394
	488,503	e	ASM Pacific Technology		6,717

150

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	561,635		ASML Holding NV	$	20,716
	1,645,784	*	Atmel Corp		23,156
	168,726	*,e	ATMI, Inc		3,447
	26,630	*	Atto Co Ltd		154
	80,420		AUK Corp		325
	26,330	e	Austriamicrosystems AG.		1,304
	1,462,432		Avago Technologies Ltd		55,572
	450,417	*	Axcelis Technologies, Inc		739
	9,200	e	Axell Corp		188
	149,388	*,e	AXT, Inc		1,267
	32,055		BE Semiconductor Industries NV		279
	324,000		Bright Led Electronics Corp		307
	3,729,279		Broadcom Corp (Class A)		125,453
	375,093	*,e	Brooks Automation, Inc		4,074
	116,036	*,e	Cabot Microelectronics Corp		5,392
	46,000		Capella Microsystems Taiwan, Inc		251
	201,581	*,e	Cavium Networks, Inc		8,787
	46,877	*	Centrotherm Photovoltaics AG.		2,070
	98,041	*	Ceva, Inc		2,986
	11,538	*,e,m	China Energy Savings Technology, Inc		1
	6,815,000		China Resources Microelectronics Ltd		293
	385,000	*	Chipbond Technology Corp		550
	388,097	*,e	Cirrus Logic, Inc		6,171
	135,601		Cohu, Inc		1,778
	406,000		Comtec Solar Systems Group Ltd		164
	272,000	*	Contrel Technology Co Ltd		139
	211,474	*,e	Cree, Inc		7,103
	184,000	*	Crystalwise Technology, Inc		364
	355,450		CSR plc		1,768
	142,886	*,e	Cymer, Inc		7,074
	626,307		Cypress Semiconductor Corp		13,240
	353,616		Dainippon Screen Manufacturing Co Ltd		3,019
	99,090	*	DelSolar Co Ltd		124
	74,209	*,e	Dialog Semiconductor plc		1,354
	150,865	*,e	Diodes, Inc		3,938
	43,372	e	Disco Corp		2,750
	1,367	*	DMS Co Ltd		9
	158,504	*,e	DSP Group, Inc		1,379
	602,972	*	Duksan Hi-Metal Co Ltd		13,149
	477,000		Dynamic Electronics Co Ltd		267
	78,143		Edison Opto Corp		326
	660,000		Elan Microelectronics Corp		756
	11,000		Elite Advanced Laser Corp		31
	128,000		Elite Semiconductor Memory Technology, Inc		172
	7,781		ELK Corp		126
	11,722		Elmos Semiconductor AG.		178
	746,928	*,e	Elpida Memory, Inc		8,798
	149,571		eMemory Technology, Inc		366
	187,000		ENE Technology, Inc		202
	797,028	*,e	Entegris, Inc		8,066
	361,139	*,e	Entropic Communications, Inc		3,211
	8,127		Eo Technics Co Ltd		178

151

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	192,000	*	Episil Technologies, Inc	$	112
	1,003,578		Epistar Corp		2,989
	292,000	*	E-Ton Solar Tech Co Ltd		289
	689,000		Etron Technology, Inc		378
	6,244		Eugene Technology Co Ltd		106
	180,376	*,e	Exar Corp		1,142
	3,277,430	*	Fairchild Semiconductor International, Inc		54,766
	257,000		Faraday Technology Corp		390
	226,802	*,e	FEI Co		8,662
	49,300	e	Ferrotec		1,113
	194,633	*,e	First Solar, Inc		25,744
	678,000		Forhouse Corp		533
	207,203	*	Formfactor, Inc		1,877
	291,000		Formosa Advanced Technologies Co Ltd		368
	205,000		Formosa Epitaxy, Inc		203
	2,656,692	*,a,e	Freescale Semiconductor Holdings Ltd		48,857
	166,807	*,e	FSI International, Inc		457
	3,600	e	Furuya Metal Co Ltd		227
	10,380,000	e	GCL Poly Energy Holdings Ltd		5,405
	14,761	*	GemVax & Kael Co Ltd		462
	119,876	*	Genesis Photonics, Inc		339
	20,116		Giga Solar Materials Corp		445
	280,000		Gintech Energy Corp		690
	129,000		Global Mixed Mode Technology, Inc		552
	135,000		Global Unichip Corp		536
	807,000		Greatek Electronics, Inc		751
	80,000		Green Energy Technology, Inc		278
	95,498	*,e	GSI Technology, Inc		688
	713,998	*	GT Solar International, Inc		11,567
	7,244		Hana Micron, Inc		79
	56,670		Hanmi Semiconductor Co Ltd		373
	5,045		Hansol LCD, Inc		150
	85,000		Harvatek Corp		83
	328,000	*	Heng Xin China Holdings Ltd		56
	165,962	*,e	Hittite Microwave Corp		10,275
	360,000		Holtek Semiconductor, Inc		524
	178,855		Huga Optotech, Inc		174
	915,640		Hynix Semiconductor, Inc		21,634
	15,940	*	Iljin Display Co Ltd		135
	3,868,214		Infineon Technologies AG.		43,465
	2,234,377	*	Inotera Memories, Inc		693
	84,186	*,e	Inphi Corp		1,465
	699,541	*	Integrated Device Technology, Inc		5,498
	42,000	*	Integrated Memory Logic Ltd		169
	128,646	*,e	Integrated Silicon Solution, Inc		1,244
	23,323,587		Intel Corp		516,852
	133,452	*	International Rectifier Corp		3,733
	245,847	e	Intersil Corp (Class A)		3,159
	635,648	*	IQE plc		444
	132,000		ITE Technology, Inc		194
	110,869	*,e	IXYS Corp		1,661

152

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	20,265	*	Jusung Engineering Co Ltd	$	284
	11,464		KC Tech Co Ltd		73
	1,857,000	*	King Yuan Electronics Co Ltd		960
	335,669		Kinsus Interconnect Technology Corp		1,373
	563,504		Kla-Tencor Corp		22,811
	71,130		Kontron AG.		759
	295,175	*	Kopin Corp		1,390
	431,114	*,e	Kulicke & Soffa Industries, Inc		4,803
	17,044		L&F Co Ltd		285
	1,150,539	*,e	Lam Research Corp		50,946
	784,601	*,e	Lattice Semiconductor Corp		5,116
	90,000		Leadtrend Technology Corp		269
	240,124		Lextar Electronics Corp		316
	476,091		Linear Technology Corp		15,721
	142,000		Lingsen Precision Industries Ltd		110
	7,318,305	*	LSI Logic Corp		52,106
	263,621	*	LTX-Credence Corp		2,357
	13,952	*	Lumens Co Ltd		89
	19,000		Macroblock, Inc		77
	4,688,640		Macronix International		2,881
	3,055	*,e	Manz Automation AG.		146
	2,093,838	*,e	Marvell Technology Group Ltd		30,916
	1,274,912		Maxim Integrated Products, Inc		32,587
	68,129	*,e	MaxLinear, Inc		590
	1,235,227		MediaTek, Inc		13,454
	54,371		Melexis NV		995
	5,667		Melfas, Inc		164
	38,653	*	Mellanox Technologies Ltd		1,127
	441,139	*	MEMC Electronic Materials, Inc		3,763
	344,589		Micrel, Inc		3,646
	363,837	e	Microchip Technology, Inc		13,793
	17,548,761	*,e	Micron Technology, Inc		131,265
	43,259	*	Micronas Semiconductor Holdings, Inc		373
	19,100	e	Micronics Japan Co Ltd		177
	366,014	*	Microsemi Corp		7,503
	98,000		Mimasu Semiconductor Industry Co Ltd		1,158
	158,415	*,e	Mindspeed Technologies, Inc		1,267
	207,709	*,e	MIPS Technologies, Inc		1,435
	63,300		Mitsui High-Tec, Inc		322
	294,112	e	MKS Instruments, Inc		7,770
	128,892	*,e	Monolithic Power Systems, Inc		1,988
	895,000	*	Mosel Vitelic, Inc		283
	126,520	*,e	MoSys, Inc		727
	896,805		Motech Industries, Inc		3,482
	66,000	*	MPI Corp		261
	406,000	*	MStar Semiconductor, Inc		2,331
	143,510	*,e	Nanometrics, Inc		2,725
	1,563,918	*	Nanya Technology Corp		443
	471,453		National Semiconductor Corp		11,602
	279,277		Neo Solar Power Corp		524
	10,301		NEPES Corp		169

153

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	290,123	*,e	Netlogic Microsystems, Inc	$	11,727
	169,803	e	Nordic Semiconductor ASA		645
	623,826		Novatek Microelectronics Corp Ltd		2,015
	729,969	*,e	Novellus Systems, Inc		26,381
	15,300	e	NPC, Inc		311
	25,884	*,e	NVE Corp		1,513
	1,520,796	*	Nvidia Corp		24,234
	325,678	*,e	Omnivision Technologies, Inc		11,337
	7,295,099	*	ON Semiconductor Corp		76,380
	1,112,000		Opto Technology Corp		685
	743,000	*	Orient Semiconductor Electronics Ltd		179
	30,000		Orise Technology Co Ltd		56
	10,750	*	Osung LST Co Ltd		177
	127,000	*	Pan Jit International, Inc		144
	96,484	*,e	PDF Solutions, Inc		575
	119,240	*	Pericom Semiconductor Corp		1,066
	207,547		Phison Electronics Corp		1,181
	9,641	e	Phoenix Solar AG.		240
	277,306	*,e	Photronics, Inc		2,349
	135,000		Pixart Imaging, Inc		493
	169,647	*,e	PLX Technology, Inc		589
	699,797	*	PMC - Sierra, Inc		5,297
	122,356	e	Power Integrations, Inc		4,702
	14,181,201	*	Powerchip Semiconductor Corp		1,778
	790,296		Powertech Technology, Inc		2,660
	561,682	e	PV Crystalox Solar plc		232
	154,301	*,e	Q-Cells AG.		293
	467,620		Radiant Opto-Electronics Corp		1,516
	130,000		Ralink Technology Corp		413
	415,683	*,e	Rambus, Inc		6,102
	79,519		Raydium Semiconductor Corp		325
	455,908		Realtek Semiconductor Corp		882
	1,044,000		Regent Manner International Ltd		350
	40,187	*,e	Renewable Energy Corp AS		69
	3,180,588	*,e	RF Micro Devices, Inc		19,465
	166,661		Richtek Technology Corp		1,147
	137,520		Rohm Co Ltd		7,890
	69,524	*,e	Rubicon Technology, Inc		1,172
	168,390	*,e	Rudolph Technologies, Inc		1,803
	207,373		Samsung Electronics Co Ltd		161,176
	30,533		Samsung Electronics Co Ltd (Preference)		16,062
	3,000		San Chih Semiconductor Co		10
	195,000	e	Sanken Electric Co Ltd		1,150
	251,000		SDI Corp		301
	27,574,000	*,e	Semiconductor Manufacturing International		2,232
	271,976	*,e	Semtech Corp		7,436
	37,299		Seoul Semiconductor Co Ltd		1,023
	60,000	*	Shibaura Mechatronics Corp		239
	149,000		Shindengen Electric Manufacturing Co Ltd		702
	20,500	e	Shinkawa Ltd		166
	105,200	e	Shinko Electric Industries		992
	5,710		Shinsung Holdings Co Ltd		33

154

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	143,096	*,e	Sigma Designs, Inc	$	1,093
	233,000		Sigurd Microelectronics Corp		211
	158,190	*	Silex Systems Ltd		496
	564,961	*,e	Silicon Image, Inc		3,650
	1,077,000		Silicon Integrated Systems Corp		605
	85,802	*,e	Silicon Laboratories, Inc		3,540
	6,075		Silicon Works Co Ltd		160
	4,025,031		Siliconware Precision Industries Co		5,140
	10,168		Simm Tech Co Ltd		123
	657,000		Sino-American Silicon Products, Inc		2,174
	4,900,000	*	Sino-Tech International Holdings Ltd		88
	65,000		Sitronix Technology Corp		90
	75,584		Skymedi Corp		377
	556,218	*	Skyworks Solutions, Inc		12,782
	108,088	*,e	SOITEC		1,200
	1,755,000		Solargiga Energy Holdings Ltd		373
	63,000		Solartech Energy Corp		140
	119,379	e	Solarworld AG.		1,600
	36,168,511		Solomon Systech International Ltd		1,769
	322,000		Sonix Technology Co Ltd		677
	564,665	*,e	Spansion, Inc		10,881
	123,000		Sporton International, Inc		304
	98,336	*,e	Standard Microsystems Corp		2,654
	165,502		STMicroelectronics NV		1,647
	17,569	*	STS Semiconductor & Telecommunications		128
	86,887	*,e	Sumco Corp		1,471
	1,050,000	*	Sunplus Technology Co Ltd		597
	88,121	*,e	Sunpower Corp (Class A)		1,703
	49,414	*,e	Supertex, Inc		1,107
	25,119	*	Suss Microtec AG.		365
	233,000		TA-I Technology Co Ltd		245
	285,000		Taiwan Mask Corp		120
	376,000		Taiwan Semiconductor Co Ltd		292
	41,508,717		Taiwan Semiconductor Manufacturing Co Ltd		104,613
	247,000		Taiwan Surface Mounting Technology Co Ltd		738
	431,000	*	Tekcore Co Ltd		457
	1,063,881	*,e	Teradyne, Inc		15,745
	291,238	*	Tessera Technologies, Inc		4,992
	5,769,261		Texas Instruments, Inc		189,405
	390,000	*	ThaiLin Semiconductor Corp		191
	299,258		Tokyo Electron Ltd		16,364
	69,100	e	Tokyo Seimitsu Co Ltd		1,342
	415,000		Topco Scientific Co Ltd		683
	4,886	*	Toptec Co Ltd		93
	274,015	*	Tower Semiconductor Ltd		324
	260,508		Transcend Information, Inc		769
	687,913	*,e	Triquint Semiconductor, Inc		7,010
	797,000	*	Trony Solar Holdings Co Ltd.		350
	614,000		Tyntek Corp		384
	92,215	*,e	Ultra Clean Holdings		837
	136,818	*	Ultratech, Inc		4,157
	72,400		Ulvac, Inc		1,783

155

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	555,100		Unisem M BHD	$	293
	24,722,022		United Microelectronics Corp		12,315
	215,000		Unity Opto Technology Co Ltd		303
	1,282,743		Vanguard International Semiconductor Corp		670
	151,058	*	Varian Semiconductor Equipment Associates, Inc		9,281
	354,914	*,e	Veeco Instruments, Inc		17,181
	1,311,000	*	Via Technologies, Inc		1,588
	120,000		Visual Photonics Epitaxy Co Ltd		295
	109,070	*	Volterra Semiconductor Corp		2,690
	145,000	*	Wafer Works Corp		226
	558,000		Walton Advanced Engineering, Inc		277
	452,000		Weltrend Semiconductor		299
	394,734	*	Win Semiconductors Corp		508
	3,477,000	*	Winbond Electronics Corp		1,033
	159,582	*,e	Wolfson Microelectronics plc		438
	14,320	*	Woongjin Energy Co Ltd		174
	804,864		Xilinx, Inc		29,353
	95,150		XinTec, Inc		126
	41,000		Youngtek Electronics Corp		142
	208,835	*,e	Zoran Corp		1,754
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		2,726,746
SOFTWARE & SERVICES - 6.5%
	244,000		A8 Digital Music Holdings Ltd		55
	240,943	*	Accelrys, Inc		1,713
	3,222,322		Accenture plc		194,692
	319	*,e	Access Co Ltd		256
	213,168	*	ACI Worldwide, Inc		7,199
	1,658	*	Acotel Group S.p.A		75
	58,569	*	Active Network, Inc		1,031
	1,340,965	e	Activision Blizzard, Inc		15,662
	192,715	*	Actuate Corp		1,127
	393,838	*	Acxiom Corp		5,163
	1,792,296	*,e	Adobe Systems, Inc		56,368
	135,582	*	Advent Software, Inc		3,819
	11,315		Ahnlab, Inc		202
	640,738	*	Akamai Technologies, Inc		20,164
	1,768,000	e	Alibaba.com Ltd		2,828
	520,883	*	Alliance Data Systems Corp		48,999
	257,547		Alpha Systems, Inc		3,648
	67,613		Alten		2,690
	122,277	*,e	Altran Technologies S.A.		990
	979,961	*,e	Amadeus IT Holding S.A.		20,369
	1,614,543	*	Amdocs Ltd		49,066
	104,537		American Software, Inc (Class A)		869
	181,245	*	Ancestry.com, Inc		7,502
	406,186	*,e	Ansys, Inc		22,206
	3,409,469	*,e	AOL, Inc		67,712
	344,387		Argo Graphics, Inc		4,414
	189,972	*,e	Ariba, Inc		6,548
	503,010	*	Aspen Technology, Inc		8,642
	70,785		Asseco Poland S.A.		1,279

156

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	19,000	*	Astro Corp	$	40
	414,914	e	Atos Origin S.A.		23,438
	1,633,401	*	Autodesk, Inc		63,049
	1,685,556		Automatic Data Processing, Inc		88,795
	3,902,571	*	Autonomy Corp plc		106,898
	424,562	e	Aveva Group plc		11,688
	5,679	*	Axway Software S.A.		179
	80,967	*	Baidu, Inc (ADR)		11,346
	44,123		Bechtle AG.		1,976
	272,568		Blackbaud, Inc		7,556
	146,982	*	Blackboard, Inc		6,378
	368,457	*,e	Blinkx plc		710
	1,402,564	*	BMC Software, Inc		76,719
	44,943	*	Booz Allen Hamilton Holding Co		859
	144,626	*,e	Bottomline Technologies, Inc		3,574
	375,854		Broadridge Financial Solutions, Inc		9,047
	119,919	*,e	BroadSoft, Inc		4,573
	100,769	*	Buongiorno S.p.A.		205
	2,509,013		CA, Inc		57,306
	162,636	*,e	CACI International, Inc (Class A)		10,259
	1,215,013	*	Cadence Design Systems, Inc		12,831
	127,100	*,e	Callidus Software, Inc		744
	276,884	e	Cap Gemini S.A.		16,214
	1,163,786		Capcom Co Ltd		26,847
	280,823	*,e	Cardtronics, Inc		6,585
	345,760	e	carsales.com.au Ltd		1,748
	38,199	e	Cass Information Systems, Inc		1,442
	13,751		Cegid Group		428
	308,837	*	CGI Group, Inc		7,624
	72,905	*,e	Check Point Software Technologies		4,145
	241,000	*	China Cyber Port International Co Ltd		50
	5,715,000	*	China Metal Resources Holdings Ltd		155
	690,000	*	Chinasoft International Ltd		213
	22,000		Chinese Gamer International Corp		141
	273,515	*	Ciber, Inc		1,518
	896,637	*	Citrix Systems, Inc		71,731
	55,620	*,m	Clinical Data, Inc		53
	1,257		CMC Ltd		32
	1,179,385	*	Cognizant Technology Solutions Corp (Class A)		86,496
	256,068	*,e	Commvault Systems, Inc		11,382
	403,843		Companhia Brasileira de Meios de Pagamento		10,092
	228,598	e	Computacenter plc		1,761
	1,444,747	e	Computer Sciences Corp		54,843
	70,743	*,e	Computer Task Group, Inc		932
	462,724		Computershare Ltd		4,420
	661,036	*,e	Compuware Corp		6,452
	135,804	*,e	comScore, Inc		3,517
	186,848	*,e	Concur Technologies, Inc		9,355
	118,730	*,e	Constant Contact, Inc		3,013
	578,378	*,e	Convergys Corp		7,889
	51,347	*,e	Convio, Inc		555
	50,188		Core Projects & Technologies Ltd		332

157

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	47,689	*,e	Cornerstone OnDemand, Inc	$	842
	990,869		CSE Global Ltd		1,019
	686,562	e	CSG Ltd		737
	141,487	*	CSG Systems International, Inc		2,615
	221,500	*,e	CSK Holdings Corp		896
	126,976		Customers Ltd		102
	146,000		Cyberlink Corp		441
	19,560	*	Daea TI Co Ltd		40
	1,255	*	Danal Co Ltd		10
	47,900		Daou Technology, Inc		353
	72,187	e	Dassault Systemes S.A.		6,139
	15,538		Daum Communications		1,621
	168,958	*,e	DealerTrack Holdings, Inc		3,878
	107,749	*,e	Deltek, Inc		807
	31,869	*,e	Demand Media, Inc		432
	147,039	*,e	DemandTec, Inc		1,338
	115,851		Dena Co Ltd		4,982
	11,111		Devoteam S.A.		301
	267,948	*,e	Dice Holdings, Inc		3,623
	139	*,e	Digital Garage, Inc		568
	183,704	*,e	Digital River, Inc		5,908
	32,174	*,e	DMRC Corp		1,127
	16,313		Dragonfly GF Co Ltd		280
	316,922		DST Systems, Inc		16,733
	27,800		DTS Corp		271
	5,490	*	DuzonBIzon Co Ltd		50
	135	e	Dwango Co Ltd		313
	34,440	*	Dynamics Research Corp		470
	2,556	*,e	eAccess Ltd		1,146
	603,553	e	Earthlink, Inc		4,644
	3,697,298	*	eBay, Inc		119,312
	126,308	*,e	Ebix, Inc		2,406
	45,973	*,e	Echo Global Logistics, Inc		816
	12,320		Econocom Group		272
	93,000	*	EDB Business Partner ASA		238
	1,620,059	*,e	Electronic Arts, Inc		38,233
	18,335	*	Ellie Mae, Inc		105
	238,118	e	Ementor ASA		2,504
	5,898		Engineering Ingegneria Informatica S.p.A.		199
	80,231	*,e	Envestnet, Inc		1,191
	156,721	e	EPIQ Systems, Inc		2,229
	17,189	*,e	ePlus, Inc		454
	137,921	*	Equinix, Inc		13,933
	224,886	*	Euronet Worldwide, Inc		3,465
	21,656		Exact Holding NV		662
	69,839	*,e	ExlService Holdings, Inc		1,613
	34,186	*	Eyeblaster, Inc		750
	199,412	e	Factset Research Systems, Inc		20,404
	184,469		Fair Isaac Corp		5,571
	155,878	*,e	FalconStor Software, Inc		698
	1,063,617	e	Fidelity National Information Services, Inc		32,749
	66,899		Fidessa Group plc		2,080

158

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	16,712		Financial Technologies India Ltd	$	328
	183,723	*	First American Corp		3,070
	441,317	*,e	Fiserv, Inc		27,640
	43,190	*	FleetCor Technologies, Inc		1,280
	59,722	e	Forrester Research, Inc		1,968
	509,464	*	Fortinet, Inc		13,903
	13,469	*,e	FriendFinder Networks, Inc		55
	125,728	e	F-Secure Oyj		449
	46,400		FUJI SOFT, Inc		680
	538		Future Architect, Inc		242
	69,000		Gamania Digital Entertainment Co Ltd		113
	5,345	*	GameHi Co Ltd		57
	90,239	*,e	GameLoft		656
	1,091	*	Gamevil, Inc		33
	486,483	*	Gartner, Inc		19,600
	308,830	*,e	Genpact Ltd		5,324
	953,388		Geodesic Information Systems Ltd		1,506
	55,397	*	GFI Informatique		314
	320,896	*	Global Cash Access, Inc		1,020
	383,661		Global Payments, Inc		19,567
	61,179		Glodyne Technoserve Ltd		476
	171,792	*,e	Glu Mobile, Inc		905
	62,300	e	GMO internet, Inc		280
	1,414,488	*	Google, Inc (Class A)		716,269
	17,000	e	Gourmet Navigator, Inc		168
	350,000	*,e	Gravity Co Ltd (ADR)		546
	66,899	*,e	Gree, Inc		1,462
	16,986,543	*	G-Resources Group Ltd		1,381
	30,274		Groupe Steria SCA		892
	52,025	*,e	Guidance Software, Inc		424
	137,199	*,e	Hackett Group, Inc		698
	21,208		HCL Infosystems Ltd		42
	237,455		HCL Technologies Ltd		2,635
	168,183	e	Heartland Payment Systems, Inc		3,465
	199,397		Hexaware Technologies Ltd		312
	2,481,000	*,e	Hi Sun Technology China Ltd		704
	67,702		HIQ International AB		396
	1,298,930	*,e	IAC/InterActiveCorp		49,580
	131,064	e	iGate Corp		2,139
	519,452	e	Indra Sistemas S.A.		10,715
	46,734		Industrial & Financial Systems		877
	426,400		Ines Corp		2,861
	311,414	*	Informatica Corp		18,196
	351,900		Information Development Co		2,285
	18,000		Information Services International-Dentsu Ltd		111
	185,647	*,e	Infospace, Inc		1,693
	822,785		Infosys Technologies Ltd		53,679
	6,220	*	Infraware, Inc		45
	7,000		Insyde Software Corp		39
	86,400	*,e	Integral Systems, Inc		1,051
	57,809	*	Interactive Intelligence, Inc		2,026
	222,651	*,e	Internap Network Services Corp		1,636

159

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,774,281		International Business Machines Corp	$	819,027
	91,000		International Games System Co Ltd		459
	8,299	*	Internet Gold-Golden Lines Ltd		182
	217		Internet Initiative Japan, Inc		842
	1,537,613	*	Intuit, Inc		79,740
	189,619		Iress Market Technology Ltd		1,839
	121,260		IT Holdings Corp		1,078
	109,522	e	Itochu Techno-Science Corp		3,888
	193,618	*	j2 Global Communications, Inc		5,466
	367,933		Jack Henry & Associates, Inc		11,042
	2,506		JCEntertainment Corp		36
	197,535	*,e	JDA Software Group, Inc		6,102
	1,867	e	Kakaku.com, Inc		13,128
	120,568	*	Kenexa Corp		2,891
	63,084	e	Keynote Systems, Inc		1,365
	2,436,000		Kingdee International Software Group Co Ltd		1,313
	642,000		Kingsoft Corp Ltd		366
	151,696	*,e	KIT Digital, Inc		1,811
	148,387	*	Knot, Inc		1,476
	19,415		Konami Corp		460
	11,473	*	Korea Digital Communications Corp		12
	46,972		KPIT Cummins Infosystems Ltd		183
	36,444	*	KT Hitel Co Ltd		236
	861,509	*	Lawson Software, Inc		9,666
	590,408		Lender Processing Services, Inc		12,345
	278,954	*,e	Limelight Networks, Inc		1,272
	18,387	*,e	LinkedIn Corp		1,656
	306,175	*,e	Lionbridge Technologies		974
	133,203	*,e	Liquidity Services, Inc		3,145
	249,407	*,e	Liveperson, Inc		3,527
	3,378,689		LogicaCMG plc		7,270
	83,289	*,e	LogMeIn, Inc		3,212
	80,686	*	LoopNet, Inc		1,483
	70,325		MacDonald Dettwiler & Associates Ltd		3,984
	75,200	e	Macromill, Inc		777
	258,344	*	Magma Design Automation, Inc		2,064
	5,671	*,f	Mail.ru (GDR) (purchased 06/17/11, cost $193)		189
	150,890	*	Manhattan Associates, Inc		5,197
	116,582	e	Mantech International Corp (Class A)		5,179
	93,351	e	Marchex, Inc (Class B)		829
	540,767		Mastercard, Inc (Class A)		162,955
	111,419		Matrix IT Ltd		669
	105,755		MAXIMUS, Inc		8,749
	14,892		Meetic		323
	421,041	*	Mentor Graphics Corp		5,394
	19,740	e	Mercadolibre, Inc		1,566
	286,286		Micro Focus International plc		1,540
	506,989	*	Micros Systems, Inc		25,202
	39,382,558		Microsoft Corp		1,023,946
	86,613	*	MicroStrategy, Inc (Class A)		14,090
	344,052	e	Misys plc		2,321
	86	e	Mixi Inc		386

160

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	220,846	e	ModusLink Global Solutions, Inc	$	989
	405,048	*	MoneyGram International, Inc		1,345
	369,915		Moneysupermarket.com Group plc		604
	815,308	*	Monitise plc		393
	174,430	*	Monotype Imaging Holdings, Inc		2,465
	312,860	*,e	Monster Worldwide, Inc		4,587
	152,109	*,e	Motricity, Inc		1,176
	684,509	*,e	Move, Inc		1,499
	362		MTI Ltd		613
	1,250,000	*	Nan Hai Corp Ltd		6
	36,097	*	NCI, Inc (Class A)		820
	46,674		Ncsoft		12,752
	42,700		NEC Fielding Ltd		516
	13,975		Nemetschek AG.		668
	15,344	*	Neowiz Games Corp		762
	125,253	*	Ness Technologies, Inc		948
	33,617	e	Net Entertainment NE AB		320
	788	e	NET One Systems Co Ltd		1,516
	196,000		NetDragon Websoft, Inc		116
	241,261	*,e	Netscout Systems, Inc		5,040
	113,700	*,e	NetSuite, Inc		4,457
	34,857		NetVision Ltd		484
	249,475	*	NeuStar, Inc (Class A)		6,536
	51,961	*	NHN Corp		9,212
	263,827	e	NIC, Inc		3,551
	43,520	*	Nice Systems Ltd		1,573
	75,900		Nihon Unisys Ltd		454
	31,800		NIIT Ltd		39
	119,942		Nintendo Co Ltd		22,524
	46,100	e	Nippon System Development Co Ltd		388
	184,042	e	Nomura Research Institute Ltd		4,031
	25,700		NS Solutions Corp		502
	2,306		NTT Data Corp		7,664
	1,194,398	*,e	Nuance Communications, Inc		25,644
	6,950		OBIC Business Consultants Ltd		410
	10,030		Obic Co Ltd		1,875
	93,056	*	OnMobile Global Ltd		226
	62,225	*,e	Open Text Corp		3,989
	105,856	*,e	OpenTable, Inc		8,799
	395,644	*,e	Openwave Systems, Inc		906
	104,600		Opera Software ASA		659
	60,460		Opnet Technologies, Inc		2,475
	22,484,920		Oracle Corp		739,978
	49,491		Oracle Corp Japan		2,157
	27,768	e	ORC Software AB		370
	62,957	*,e	Ordina NV		304
	47,621		Otsuka Corp		2,965
	341,700		Pacific Online		176
	640,157	*	Parametric Technology Corp		14,679
	13,842		Patni Computer Systems Ltd		100
	976,751		Paychex, Inc		30,006
	27,000		PC Home Online		170

161

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	275,000		PCA Corp	$	3,433
	68,660	e	Pegasystems, Inc		3,196
	108,188	*	Perficient, Inc		1,110
	444,900		Philweb Corp		170
	201,102	e	Playtech Ltd		1,101
	93,779		Polaris Software Lab Ltd		378
	74,974	*	POSDATA Co Ltd		510
	80,953	*,e	PRG-Schultz International, Inc		579
	289,339	*	Progress Software Corp		6,982
	96,171	*,e	PROS Holdings, Inc		1,682
	14,123	e	PSI AG. Gesellschaft Fuer Produkte und Systeme der Informationstechnologie		415
	32,231	*,e	QAD, Inc (Class A)		329
	385,734	*,e	QLIK Technologies, Inc		13,138
	14,691	*	Quepasa Corp		107
	480,960	*,e	Quest Software, Inc		10,932
	125,904	*,e	QuinStreet, Inc		1,634
	365,001	*,e	Rackspace Hosting, Inc		15,600
	266,532	*	Radiant Systems, Inc		5,571
	162,120	*,e	RealD, Inc		3,792
	382,773	*	RealNetworks, Inc		1,301
	126,474	*,e	RealPage, Inc		3,348
	1,634,712	*,e	Red Hat, Inc		75,033
	458,700		Redecard S.A.		6,913
	88,193		Redflex Holdings Ltd		166
	71,733	e	Renaissance Learning, Inc		900
	20,675	*,e	RENREN,Inc (ADR)		183
	11,774		Reply S.p.A.		340
	41,940	*,e	Responsys, Inc		744
	20,509	*	Retalix Ltd		292
	102,540	*	RightNow Technologies, Inc		3,322
	81,924		Rolta India Ltd		237
	63,517	*,e	Rosetta Stone, Inc		1,025
	369,631	*	Rovi Corp		21,202
	257,245	*	S1 Corp		1,924
	127,013	*	Saba Software, Inc		1,147
	2,568,913		Sage Group plc		11,910
	1,304,793	*	SAIC, Inc		21,947
	458,233	*,e	Salesforce.com, Inc		68,268
	762,600		Samart Corp PCL		214
	1,028,762		SAP AG.		62,372
	446,015	e	Sapient Corp		6,704
	898,648	*	Satyam Computer Services Ltd		1,692
	192,310	*,e	SAVVIS, Inc		7,602
	13,672		SBSi Co Ltd		179
	59,593	*	Sciquest, Inc		1,018
	185,167		SDL plc		2,073
	41,298	*,e	ServiceSource International LLC		918
	200,330		Shanghai Baosight Software Co Ltd		270
	5,977		SimCorp AS		1,180
	405		Simplex Technology, Inc		168
	4,818	*,e	Sina Corp		502

162

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	20,531		SK C&C Co Ltd	$	2,510
	10,282	*	SK Communications Co Ltd		133
	151,582	*,e	Smith Micro Software, Inc		638
	168,678		SMS Management & Technology Ltd		1,143
	99,201		Software AG.		5,948
	83,000		Soft-World International Corp		332
	236,955	*,e	SolarWinds, Inc		6,194
	314,739		Solera Holdings, Inc		18,620
	401,990		Sonda S.A.		1,109
	182		So-net Entertainment Corp		769
	5,679		Sopra Group S.A.		488
	119,474	*,e	Sourcefire, Inc		3,551
	84,000		Springsoft, Inc		107
	35,219	*,e	SPS Commerce, Inc		627
	64,282	e	Square Enix Co Ltd		1,157
	300,084	*	SRA International, Inc (Class A)		9,279
	54,056	*,e	SRS Labs, Inc		518
	105,919	*,e	SS&C Technologies Holdings, Inc		2,105
	55,188	e	Stamps.com, Inc		736
	21,956	*	Stream Global Services, Inc		72
	511,181	*,e	SuccessFactors, Inc		15,029
	26,271	e	Sumisho Computer Systems Corp		454
	207,693	*,e	SupportSoft, Inc		997
	10,232		Sword Group		291
	7,439,692	*	Symantec Corp		146,710
	111,354	*,e	Synchronoss Technologies, Inc		3,533
	441,353	*	Synopsys, Inc		11,347
	101,713	e	Syntel, Inc		6,013
	276	*	Systena Corp		246
	267,000		Systex Corp		391
	236,185	*,e	TA Indigo Holding Corp		4,081
	359,022	*,e	Take-Two Interactive Software, Inc		5,486
	295,348	*,e	Taleo Corp (Class A)		10,937
	820,968		Tata Consultancy Services Ltd		21,811
	52,065	*,e	TechTarget, Inc		394
	45,800		Tecmo Koei Holdings Co Ltd		374
	233,076	*	Telecity Group plc		2,072
	310,354	*,e	TeleCommunication Systems, Inc (Class A)		1,499
	80,811	*,e	TeleNav, Inc		1,433
	210,216	*	TeleTech Holdings, Inc		4,431
	87,745	*,e	Temenos Group AG.		2,706
	1,951,200	e	Tencent Holdings Ltd		53,253
	1,143,373	*,e	Teradata Corp		68,831
	2,476,000	*	Thinsoft Holdings		255
	281,778	*,e	THQ, Inc		1,020
	365,436	*	TIBCO Software, Inc		10,605
	82,141	e	Tietoenator Oyj		1,390
	507,660	*,e	TiVo, Inc		5,224
	20,200		TKC		461
	111,452	*,e	TNS, Inc		1,850
	1,099,205	e	Total System Services, Inc		20,423

163

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	160,300		Totvus S.A.	$	2,958
	59,257	*,e	TradeDoubler AB		379
	69,100		Trans Cosmos, Inc/Japan		764
	1,061,000	e	Travelsky Technology Ltd		669
	50,476	*,e	Travelzoo, Inc		3,263
	48,982	*	Trend Micro, Inc		1,522
	134,505	*,e	Tyler Technologies, Inc		3,602
	60	*,e	Ubiquitous Corp		95
	119,763	*,e	Ubisoft Entertainment		1,201
	107,779	*,e	Ultimate Software Group, Inc		5,866
	306,776	*,e	Unisys Corp		7,884
	36,234	e	Unit 4 Agresso NV		1,310
	10,877	e	United Internet AG.		229
	571,105		United Online, Inc		3,444
	21,700		Universo Online S.A.		226
	2,000		Userjoy Technology Co Ltd		11
	7,616,000	*	UURG Corp Ltd		264
	342,633	*	Valueclick, Inc		5,688
	116,456	*,e	Vasco Data Security International		1,450
	483,525	*	VeriFone Systems, Inc		21,444
	87,163	*	Verint Systems, Inc		3,229
	283		VeriSign Japan KK		110
	573,842		VeriSign, Inc		19,201
	171,606	e	VirnetX Holding Corp		4,966
	67,354	*,e	Virtusa Corp		1,276
	2,040,921		Visa, Inc (Class A)		171,968
	189,196	*	VistaPrint Ltd		9,053
	1,057,148	*,e	VMware, Inc (Class A)		105,957
	72,610	*,e	Vocus, Inc		2,223
	365,255	*,e	Wave Systems Corp		1,030
	177,354	*,e	WebMD Health Corp (Class A)		8,084
	226,093	*,e	Websense, Inc		5,872
	116,183	*	Website Pros, Inc		1,431
	15,911	*	Webzen, Inc		113
	8,603		WeMade Entertainment Co Ltd		254
	3,998,929		Western Union Co		80,099
	670,449		Wipro Ltd		6,263
	133,557	e	Wirecard AG.		2,390
	166,766	*,e	Wright Express Corp		8,684
	286,066		Xchanging plc		482
	4,227	*	XING AG.		332
	19,248	e	Yahoo! Japan Corp		6,624
	6,255,060	*,e	Yahoo!, Inc		94,076
	3,747	*,e	Yandex NV		133
	260,500		YTL E-Solutions BHD		83
	97		Zappallas, Inc		117
	298,277	*,e	Zix Corp		1,145
			TOTAL SOFTWARE & SERVICES		7,310,876

164

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
TECHNOLOGY HARDWARE & EQUIPMENT - 5.6%
	123,800	*	5N Plus, Inc	$	1,154
	1,512,000	e	AAC Acoustic Technologies Holdings, Inc		3,538
	21,647		Aastra Technologies Ltd		425
	314,000		Ability Enterprise Co Ltd		434
	490,000		Accton Technology Corp		314
	12,005	*	ACE Digitech Co Ltd		199
	3,696,174		Acer, Inc		6,462
	10,000	*	Acme Electronics Corp		34
	223,225	*	Acme Packet, Inc		15,655
	111,000		A-DATA Technology Co Ltd		141
	156,000		Adlink Technology, Inc		322
	267,813		Adtran, Inc		10,367
	52,403	*	ADVA AG. Optical Networking		321
	651,978		Advantech Co Ltd		2,220
	138,988	*,e	Agilysys, Inc		1,159
	18,500		Aiphone Co Ltd		330
	3,464,391	*	Alcatel S.A.		19,992
	611,000		Alpha Networks, Inc		501
	342,500		Alps Electric Co Ltd		3,482
	34,161	*	Amper S.A.		173
	333,135		Amphenol Corp (Class A)		17,986
	1,098,000		AmTRAN Technology Co Ltd		939
	84,403	*	Anaren, Inc		1,794
	206,196		Anixter International, Inc		13,473
	169,000	e	Anritsu Corp		1,479
	122,000		APCB, Inc		135
	5,203,936	*	Apple, Inc		1,746,806
	157,000		Arcadyan Technology Corp		251
	40,800	e	Arisawa Manufacturing Co Ltd		232
	701,433	*	Arris Group, Inc		8,144
	537,384	*	Arrow Electronics, Inc		22,301
	2,125,000	*	Artel Solutions Group Holdings Ltd		48
	358,700	*	Aruba Networks, Inc		10,600
	33,812		Ascom Holding AG.		501
	93,931		Asia Vital Components Co Ltd		100
	100,000		ASROCK, Inc		412
	1,152,978		Asustek Computer, Inc		11,476
	80,000		Aten International Co Ltd		172
	11,037,853	*	AU Optronics Corp		7,569
	582,537	*	AU Optronics Corp (ADR)		4,008
	45,629	*	Audiocodes Ltd		240
	19,295		Austria Technologie & Systemtechnik AG.		371
	205,000		AV Tech Corp		736
	948,847	*	Avanzit S.A.		338
	3,870,741		Avermedia Technologies		4,952
	132,723	*,e	Avid Technology, Inc		2,501
	1,025,338	*	Avnet, Inc		32,688
	85,629		AVX Corp		1,305
	81,992	*	AX Holding Corp		1,488
	52,816	e	Axis Communications AB		1,073
	49,966	*	Balda AG.		661
	36,827		Barco NV		2,728
	66,080		Bel Fuse, Inc (Class B)		1,433
	26,400		Bematech S.A.		104

165

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	349,374	*,e	Benchmark Electronics, Inc	$	5,765
	1,664,120	*	Benq Corp		803
	189,228	*	BigBand Networks, Inc		411
	98,641		Black Box Corp		3,085
	278,864	*,e	Blue Coat Systems, Inc		6,096
	222,063	*,e	Bookham, Inc		1,492
	528,802	*,e	Brightpoint, Inc		4,289
	890,485	*	Brocade Communications Systems, Inc		5,753
	446,449		Brother Industries Ltd		6,604
	123,249	*,e	Bull S.A.		855
	1,897,500		BYD Electronic International Co Ltd		807
	1,680,600		CalComp Electronics Thailand PCL		179
	156,753	*,e	Calix Networks, Inc		3,264
	954,601	*	Cando Corp		818
	33,000		Canon Electronics, Inc		901
	1,371,131	e	Canon, Inc		65,220
	170,000		Career Technology Co Ltd		350
	2,307,943		Catcher Technology Co Ltd		14,611
	150,000	*	Catic Shenzhen Holdings Ltd		68
	262,985	*	Celestica, Inc		2,304
	704,000		Centron Telecom International Holdings Ltd		142
	37,029	*	Ceragon Networks Ltd		414
	61,000		Chang Wah Electromaterials, Inc		268
	243,000		Channel Well Technology Co Ltd		147
	196,439	*	Checkpoint Systems, Inc		3,512
	1,628,929		Cheng Uei Precision Industry Co Ltd		4,267
	54,000	*	Chenming Mold Industry Corp		89
	477,347		Chicony Electronics Co Ltd		926
	82,868	*	Chimei Materials Technology Co		86
	3,106,000		China Aerospace International Holdings Ltd		328
	1,156,000	e	China All Access Holdings Ltd		314
	2,962,000	*	China Energine International Holdings Ltd		191
	814,000	e	China High Precision Automation Group Ltd		639
	1,301,000	*	China ITS Holdings Co Ltd		515
	3,150,000	*	China Public Healthcare Holding Ltd		26
	1,448,000		China Wireless Technologies Ltd		292
	536,000		Chin-Poon Industrial Co		429
	493,000		Chroma ATE, Inc		1,572
	4,982,825	*	Chunghwa Picture Tubes Ltd		604
	333,102	*,e	Ciena Corp		6,122
	24,620,986		Cisco Systems, Inc		384,334
	269,973		Citizen Watch Co Ltd		1,616
	602,212		Clevo Co		1,172
	3,102,000	*	CMC Magnetics Corp		704
	53,700	*	CMK Corp		180
	245,338	e	Cognex Corp		8,692
	147,319	*,e	Coherent, Inc		8,142
	1,177,799	e	Comba Telecom Systems Holdings Ltd		1,245
	28,162		Communications Systems, Inc		505
	371,000		Compal Communications, Inc		464
	5,865,469		Compal Electronics, Inc		7,207
	472,000	*	Compeq Manufacturing Co		220

166

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	177,509		Comtech Telecommunications Corp	$	4,977
	1,066,800		Coretronic Corp		1,689
	4,635,571		Corning, Inc		84,137
	201,000		Coxon Precise Industrial Co Ltd		441
	231,588	*	Cray, Inc		1,482
	63,850		Creative Technology Ltd		156
	8,392	*	CrucialTec Co Ltd		140
	184,283	e	CTS Corp		1,782
	75,000		CyberPower Systems, Inc		302
	260,000		CyberTAN Technology, Inc		305
	44,370		Daeduck Electronics Co		380
	24,710		Daeduck GDS Co Ltd		204
	7,800		Dai-ichi Seiko Co Ltd		302
	423,000	e	Daiwabo Co Ltd		865
	155,954	e	Daktronics, Inc		1,683
	149,000		Darfon Electronics Corp		167
	6,864	*	Dasan Networks, Inc		40
	201,133	e	DataTec Ltd		1,147
	292,000	*	Daxon Technology, Inc		229
	228,000		DBA Telecommunication Asia Holdings Ltd		70
	137,284	e	DDi Corp		1,310
	7,275,914	*	Dell, Inc		121,290
	874,900		Delta Electronics Thai PCL		707
	2,220,964		Delta Electronics, Inc		8,182
	151,000		Denki Kogyo Co Ltd		665
	92,000		DFI, Inc		84
	112,530	*,e	DG FastChannel, Inc		3,607
	124,708	e	Diebold, Inc		3,867
	121,595	*	Digi International, Inc		1,581
	1,295,000	e	Digital China Holdings Ltd		2,103
	9,063	*,e	Digital Multimedia Technologies S.p.A.		275
	3,947		Digitech Systems Co Ltd		42
	371,074		Diploma plc		2,233
	627,000		D-Link Corp		575
	103,184	*,e	Dolby Laboratories, Inc (Class A)		4,381
	240,702	*	Dot Hill Systems Corp		684
	72,993	*,e	DTS, Inc		2,960
	320,900		Eastern Communications Co Ltd		155
	144,063	*,e	Echelon Corp		1,310
	282,345	*,e	EchoStar Corp (Class A)		10,286
	20,371		Eizo Nanao Corp		385
	95,000		Elec & Eltek International Co Ltd		361
	77,945	e	Electro Rent Corp		1,334
	104,286	*	Electro Scientific Industries, Inc		2,013
	702,271		Electrocomponents plc		3,071
	217,828	*,e	Electronics for Imaging, Inc		3,751
	294,000		Elite Material Co Ltd		280
	1,392,000		Elitegroup Computer Systems Co Ltd		425
	288,300	*	Eltek ASA		262
	70,648	*,e	eMagin Corp		429
	9,369,515	*	EMC Corp		258,131

167

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	422,909	*,e	EMCORE Corp	$	1,159
	72,956	*	EMS Technologies, Inc		2,405
	365,911	*	Emulex Corp		3,147
	13,500		Enplas Corp		193
	58,000		Entire Technology Co Ltd		171
	5,901,591		Ericsson (LM) (B Shares)		84,956
	32,407	e	Esprinet S.p.A.		204
	334,970		Everlight Electronics Co Ltd		902
	14,896		EVS Broadcast Equipment S.A.		1,008
	31,663	*	Exfo Electro Optical Engineering, Inc		243
	430,910	*,e	Extreme Networks, Inc		1,396
	396,581	*	F5 Networks, Inc		43,723
	85,779	*,e	Fabrinet		2,083
	71,215	*,e	FARO Technologies, Inc		3,119
	111,000	*	FDK Corp		172
	444,645	*,e	Finisar Corp		8,017
	127,000		Firich Enterprises Co Ltd		229
	40,000		FLEXium Interconnect, Inc		100
	300,255	e	Flir Systems, Inc		10,122
	153,000		Flytech Technology Co Ltd		448
	2,309,072	*,e	Foxconn International Holdings Ltd		1,019
	993,378		Foxconn Technology Co Ltd		4,131
	1,297,588		Fuji Folms Holdings Corp		40,471
	3,006,704		Fujitsu Ltd		17,186
	15,138	*	Fulltech Fiber Glass Corp		14
	28,700		Furuno Electric Co Ltd		157
	27,060	*,e	Fusion-io, Inc		814
	185,853	*	G Tech Optoelectronics Corp		694
	117,504	e	Gemalto NV		5,611
	374,000		Gemtek Technology Corp		410
	76,000		GeoVision, Inc		316
	139,013	*	Gerber Scientific, Inc		1,547
	531,000		Getac Technology Corp		255
	20,000	*	Giantplus Technology Co Ltd		9
	1,135,000		Gigabyte Technology Co Ltd		1,275
	109,988		Gigastorage Corp		146
	40,103	*	Gilat Satellite Networks Ltd		183
	527,000		Global Brands Manufacture Ltd		315
	94,671	*	Globecomm Systems, Inc		1,473
	492,000	*	Gold Circuit Electronics Ltd		206
	770,000		Great Wall Technology Co Ltd		320
	120,515	*	GSI Group, Inc		1,452
	54,900		Hakuto Co Ltd		545
	505,405		Halma plc		3,362
	93,416	e	Hamamatsu Photonics KK		4,039
	662,900		Hana Microelectronics PCL		503
	513,000		Hannstar Board Corp		281
	5,539,441	*	HannStar Display Corp		829
	470,674	*	Harmonic, Inc		3,403
	580,781		Harris Corp		26,170
	332,882	*	Harris Stratex Networks, Inc (Class A)		1,312
	12,913,687	e	Hewlett-Packard Co		470,059

168

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,036,967		High Tech Computer Corp	$	68,872
	1,555,187	*	Himachal Futuristic Communications		571
	10,200		Hioki EE Corp		204
	909,000		Hi-P International Ltd		742
	23,384	e	Hirose Electric Co Ltd		2,397
	155,230		Hitachi High-Technologies Corp		3,401
	85,000	*,e	Hitachi Kokusai Electric, Inc		706
	18,936,271	e	Hitachi Ltd		112,388
	200,000		HiTi Digital, Inc		217
	492,000		Holystone Enterprise Co Ltd		586
	13,555,613		Hon Hai Precision Industry Co, Ltd		46,670
	56,695	e	Horiba Ltd		1,838
	80,900	e	Hosiden Corp		736
	541,103	*	Hoya Corp		11,979
	29,154		Humax Co Ltd		250
	199,493	*	Hypercom Corp		1,961
	304,427	*,e	Ibiden Co Ltd		9,531
	31,000		Ichia Technologies, Inc		17
	168,000		I-Chiun Precision Industry Co Ltd		137
	12,200	e	Icom, Inc		314
	62,000		ICP Electronics, Inc		117
	109,200	*	IdeiasNet S.A.		257
	675,434	*	Imagination Technologies Group plc		4,095
	217,623	*,e	Imation Corp		2,054
	136,207	*,e	Immersion Corp		1,162
	6,000		Inficon Holding AG.		1,253
	477,218	*,e	Infinera Corp		3,298
	279,000		Infortrend Technology, Inc		408
	45,714	e	Ingenico		2,225
	294,557	*,e	Ingram Micro, Inc (Class A)		5,343
	6,030,243	*	InnoLux Display Corp		4,319
	248,970	*	Insight Enterprises, Inc		4,409
	5,530,000		Inspur International Ltd		296
	6,874	m	Intelligent Digital Integrated Security		113
	188,132	e	InterDigital, Inc		7,685
	7,059		Interflex Co Ltd		127
	250,442	*,e	Intermec, Inc		2,765
	147,264	*,e	Intevac, Inc		1,504
	15,834		INTOPS Co Ltd		265
	3,674,356		Inventec Co Ltd		1,923
	79,247	*,e	IPG Photonics Corp		5,762
	326,000		ITEQ Corp		469
	121,340	*	Itron, Inc		5,844
	59,212		Ituran Location and Control Ltd		839
	154,107	*	Ixia		1,973
	35,600	*	J Touch Corp		99
	1,197,324		Jabil Circuit, Inc		24,186
	114,000	e	Japan Aviation Electronics Industry Ltd		832
	18,900	e	Japan Cash Machine Co Ltd		162
	41,600		Japan Digital Laboratory Co Ltd		492
	127,535	e	Japan Radio Co Ltd		371

169

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,379,000		JCY International BHD	$	273
	4,542,637	*	JDS Uniphase Corp		75,680
	151,734	*	Jenoptik AG.		1,417
	24,000		Jentech Precision Industrial Co Ltd		106
	82,000		Jess-Link Products Co Ltd		138
	1,248,000	e	Ju Teng International Holdings Ltd		362
	3,226,458	*	Juniper Networks, Inc		101,633
	27,600		Kaga Electronics Co Ltd		297
	5,839	e	Kapsch TrafficCom AG.		523
	215,648	*	Kemet Corp		3,082
	41,307		Keyence Corp		11,728
	3,218		KH Vatec Co Ltd		32
	1,537,176		Kingboard Chemical Holdings Ltd		7,142
	1,882,000	*	Kinpo Electronics		599
	55,400		Koa Corp		651
	767,892		Konica Minolta Holdings, Inc		6,414
	46,641		Kudelski S.A.		722
	70,240	*,e	KVH Industries, Inc		747
	456,000		KYE Systems Corp		272
	223,184		Kyocera Corp		22,724
	358,327	*,e	L-1 Identity Solutions, Inc		4,210
	368,632		Laird Group plc		1,198
	228,544		Largan Precision Co Ltd		7,351
	69,512	*	LeCroy Corp		837
	8,494,300	e	Lenovo Group Ltd		4,883
	1,370,475	*	Lexmark International, Inc (Class A)		40,100
	11,503		LG Innotek Co Ltd		1,044
	440,612		LG.Philips LCD Co Ltd		12,298
	785,000		LITE-ON IT Corp		896
	478,000	*	Lite-On Semiconductor Corp		323
	4,435,334		Lite-On Technology Corp		5,855
	94,583	e	Littelfuse, Inc		5,554
	245,227	*,e	Logitech International S.A.		2,753
	2,494	*	LoJack Corp		11
	45,958	*	Loral Space & Communications, Inc		3,193
	18,000		Lotes Co Ltd		71
	232,000		Lumax International Corp Ltd		597
	27,100		Macnica, Inc		617
	35,000		Mag Layers Scientific-Technics Co Ltd		70
	145,000		Marubun Corp		720
	8,900	*	Maruwa Co Ltd		385
	116,271	*,e	Maxwell Technologies, Inc		1,882
	65,534	*	Measurement Specialties, Inc		2,340
	21,800	*,e	Megachips Corp		353
	14,600	e	Meiko Electronics Co		218
	15,400		Melco Holdings, Inc		394
	148,208	*	Mercury Computer Systems, Inc		2,769
	35,601	*,e	Meru Networks, Inc		428
	176,262		Methode Electronics, Inc		2,046
	644,000	*	Microelectronics Technology, Inc		337
	78,824	*	Micronic Laser Systems AB		189
	1,392,000		Micro-Star International Co Ltd		675

170

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	422,204	*,e	Microvision, Inc	$	515
	130	*	MidgardXXI, Inc		0	^
	110,000		MIN AIK Technology Co Ltd		280
	2,096,000		Mitac International		919
	111,500		Mitsumi Electric Co Ltd		1,105
	303,000		MOBI Development Co Ltd		62
	254,672	e	Molex, Inc		6,563
	97,993		Moser Baer India Ltd		86
	611,144	*	Motorola Mobility Holdings, Inc		13,470
	1,036,014	*	Motorola, Inc		47,698
	66,123		MTS Systems Corp		2,766
	67,255	*,e	Multi-Fineline Electronix, Inc		1,453
	326,371		Murata Manufacturing Co Ltd		21,821
	272,078		Nan Ya Printed Circuit Board Corp		1,036
	410,000	*	Nanjing Panda Electronics		110
	172,044		National Instruments Corp		5,108
	543,241	*	NCR Corp		10,262
	410,540	*	NEC Corp		937
	20,900		NEC Mobiling Ltd		706
	20,198	*,e	NeoPhotonics Corp Ltd		140
	21,776	e	Neopost S.A.		1,871
	460,480	*	Net Insight AB		228
	1,708,405	*	NetApp, Inc		90,170
	155,208	*,e	Netgear, Inc		6,786
	5,000		Netronix, Inc		8
	5,163	*	Network Equipment Technologies, Inc		11
	27,000		Newmax Technology Co Ltd		107
	246,769	*,e	Newport Corp		4,484
	68,026	e	Nichicon Corp		1,127
	46,200		Nidec Copal Electronics Corp		310
	52,000		Nidec Sankyo Corp		344
	21,500	e	Nihon Dempa Kogyo Co Ltd		302
	19,800		Nippon Ceramic Co Ltd		402
	235,000		Nippon Chemi-Con Corp		1,477
	700,104		Nippon Electric Glass Co Ltd		8,983
	31,000		Nohmi Bosai Ltd		184
	5,866,892	e	Nokia Oyj		37,846
	41,234		Nolato AB (B Shares)		422
	1,065		Nortel Networks Netas Telekomunikasyon AS.		95
	132,858	*,e	Novatel Wireless, Inc		728
	40,611	*,e	Numerex Corp		395
	213,052	*	OCZ Technology Group, Inc		1,704
	997,000	*	Oki Electric Industry Co Ltd		920
	147,746		Omron Corp		4,109
	370,000	*	O-Net Communications Group		141
	107,673	*,e	Oplink Communications, Inc		2,006
	220,457	*,e	OpNext, Inc		503
	284,366	*	Optimus S.A.		779
	80,248	*	Orbcomm, Inc		251
	34,000	e	Osaki Electric Co Ltd		345
	131,116	*	OSI Systems, Inc		5,638
	610,000		Pan-International Industrial		615

171

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	168,000		Paragon Technologies Co Ltd	$	236
	91,130	e	Park Electrochemical Corp		2,547
	25,040	*	Parrot S.A.		1,015
	15,734		Partron Co Ltd		269
	100,000	*	PAX Global Technology Ltd		31
	57,717	*,e	PC Connection, Inc		478
	839	*	PC-Tel, Inc		5
	2,208,217	*	Pegatron Technology Corp		2,294
	889		Phoenix Mecano AG.		684
	266,041	e	Plantronics, Inc		9,718
	163,815	*,e	Plexus Corp		5,702
	60,000		Plotech Co Ltd		41
	524,688	*,e	Polycom, Inc		33,737
	199,000		Portwell, Inc		179
	21,100		Positivo Informatica S.A.		97
	306,000		Power Quotient International Co Ltd		126
	520,772	*,e	Power-One, Inc		4,218
	742,210	*,e	Powerwave Technologies, Inc		2,190
	527,489		Premier Farnell plc		2,109
	48,646		Primax Electronics Ltd		46
	1,534,000	*	Prime View International Co Ltd		2,892
	46,976	*	Procera Networks, Inc		504
	14,000	*	Prosperity Dielectrics Co Ltd		12
	166,000		P-Two Industries, Inc		196
	483,722	*	QLogic Corp		7,701
	11,614,535		Qualcomm, Inc		659,588
	3,148,532		Quanta Computer, Inc		7,480
	273,000		Quanta Storage, Inc		245
	1,041,480	*,e	Quantum Corp		3,437
	126,721	*,e	Rackable Systems, Inc		2,180
	105,237	*,e	Radisys Corp		767
	19,447	*	Redington India Ltd		38
	98,977		Renishaw plc		2,785
	723,539	*	Research In Motion Ltd (Canada)		20,916
	99,110		Richardson Electronics Ltd		1,347
	1,698,979	e	Ricoh Co Ltd		18,847
	57,886	e	Rimage Corp		777
	78,000		Riso Kagaku Corp		1,294
	3,588,000	*	Ritek		993
	552,970	*	Riverbed Technology, Inc		21,892
	131,969	*	Rofin-Sinar Technologies, Inc		4,507
	71,637	*	Rogers Corp		3,310
	13,300		Roland DG Corp		179
	60,500		Ryosan Co Ltd		1,292
	32,700		Ryoyo Electro Corp		325
	24,000		Sam Young Electronics Co Ltd		255
	74,874		Samsung Electro-Mechanics Co Ltd		6,494
	42,748		Samsung SDI Co Ltd		6,578
	1,081,489	*	SanDisk Corp		44,882
	158,413	*	Sandvine Corp		379
	384,198	*	Sanmina-SCI Corp		3,969
	33,200		Sanshin Electronics Co Ltd		265

172

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	25,747		Scailex Corp Ltd	$	384
	142,361	*,e	Scansource, Inc		5,336
	179,611	*,e	SCM Microsystems, Inc		417
	32,000		Sea Sonic Electronics Co Ltd		45
	145,526	*	Seachange International, Inc		1,569
	6,730,072		Seagate Technology, Inc		108,759
	147,364	e	Seiko Epson Corp		2,554
	206,000		Senao International Co Ltd		928
	33,000	*	Sercomm Corp		51
	174,207		SFA Engineering Corp		8,704
	255,500	*	Shanghai Potevio Co Ltd		145
	20,700	*,m	Shenzhen SEG Co Ltd		8
	112,800	*	Shijiazhuang Baoshi Electronic Glass Co Ltd		86
	179,823		Shimadzu Corp		1,647
	25,400		Shinko Shoji Co Ltd		201
	195,299	*,e	ShoreTel, Inc		1,992
	434,000	*	Shuttle, Inc		226
	37,711	*	Sierra Wireless, Inc		439
	18,600	*,e	Siix Corp		285
	2,178,000	e	SIM Technology Group Ltd		236
	636,490		Simplo Technology Co Ltd		5,144
	543,000		Sinbon Electronics Co Ltd		462
	9,828		Sindoh Co Ltd		451
	447,000	*	Sintek Photronic Corp		337
	156,000		Sirtec International Co Ltd		284
	350,218	*,e	Smart Modular Technologies WWH, Inc		3,208
	61,300	*,e	Smart Technologies, Inc		340
	1,296,561	*,e	Smart Technologies, Inc (Class A)		7,390
	86,000		SMK Corp		377
	7,363		SNU Precision Co Ltd		86
	310,000	*	Solelytex Industrial Corp		150
	907,848	*,e	Sonus Networks, Inc		2,941
	239,022		Spectris plc		6,121
	935,920		Spirent Communications plc		2,242
	53,100	e	Star Micronics Co Ltd		629
	162,628	*,e	STEC, Inc		2,766
	255,641		Sterlite Technologies Ltd		297
	86,101	*,e	Stratasys, Inc		2,902
	205,000		Sunrex Technology Corp		190
	105,857	*,e	Super Micro Computer, Inc		1,703
	9,780		Suprema, Inc		71
	14,000		Supreme Electronics Co Ltd		11
	534,986	*	SVA Electron Co Ltd		245
	82,984	e	Sycamore Networks, Inc		1,846
	240,777	*,e	Symmetricom, Inc		1,404
	146,285	*,e	Synaptics, Inc		3,765
	183,000		Syncmold Enterprise Corp		315
	139,161	*,e	SYNNEX Corp		4,411
	1,540,198		Synnex Technology International Corp		3,745
	70,404		Taiflex Scientific Co Ltd		152
	378,000	*	Taiwan Chi Cheng Enterprise Co Ltd		203
	258,000		Taiwan PCB Techvest Co Ltd		284

173

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	158,803	e	Taiyo Yuden Co Ltd	$	2,067
	82,000	e	Tamura Corp		263
	871,000		TCL Communication Technology Holdings Ltd		694
	149,585		TDK Corp		8,251
	87,751	*,e	Tech Data Corp		4,290
	172,698	e	Technitrol, Inc		763
	320,629	*,e	Tekelec		2,927
	180,232		Telefonaktiebolaget Lm Ericsson (ADR)		2,592
	701,835		Tellabs, Inc		3,235
	104,000		Test Research, Inc		165
	174,000		Thinking Electronic Industrial Co Ltd		258
	10,525	e	Thrane & Thrane AS		554
	76,868		TKH Group NV		2,482
	107,000	*,e	Toko, Inc		267
	155,105	e	Tokyo Denpa Co Ltd		1,100
	91,000		Tong Hsing Electronic Industries Ltd		402
	81,100	e	Topcon Corp		459
	65,000		Topoint Technology Co Ltd		69
	4,939,238	e	Toshiba Corp		26,041
	399,000		Toshiba TEC Corp		1,742
	35,900		Toyo Corp/Chuo-ku		390
	206,000	*	TPK HOLDING CO Ltd		6,303
	1,452,000	e	Tpv Technology Ltd		733
	232,687	*	Trimble Navigation Ltd		9,224
	480,507		Tripod Technology Corp		1,998
	2,139,000		Truly International Holdings		312
	429,937		TT electronics plc		1,385
	259,264	*	TTM Technologies, Inc		4,153
	424,000		TXC Corp		743
	6,914	*	U-Blox AG.		328
	211,200		Uchi Technologies BHD		95
	12,364		Uju Electronics Co Ltd		260
	278,000	*	Uniden Corp		1,138
	1,712,756		Unimicron Technology Corp		3,058
	151,937	*	Unitech Printed Circuit Board Corp		90
	160,527	*,e	Universal Display Corp		5,633
	48		V Technology Co Ltd		376
	358,795		Venture Corp Ltd		2,496
	36,183	*,e	Veraz Networks, Inc		163
	156,469	*,e	Viasat, Inc		6,770
	11,882	*,e	Viasystems Group, Inc		267
	28,000	*	Viking Tech Corp		52
	2,128,931	*,e	Vishay Intertechnology, Inc		32,019
	53,838	*,e	Vishay Precision Group, Inc		909
	714,000	*	VST Holdings Ltd		159
	220,900	e	Vtech Holdings Ltd		2,619
	498		Wacom Co Ltd		582
	39,000		Wah Hong Industrial Corp		100
	1,643,767		Wah Lee Industrial Corp		3,057
	459,000	*	Walsin Technology Corp		221
	796,000	e	Wasion Group Holdings Ltd		375
	518,000		Weikeng Industrial Co Ltd		504

174

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	74,000		Wellypower Optronics Corp	$	76
	220,130	*	Westell Technologies, Inc		786
	2,159,100	*,e	Western Digital Corp		78,548
	220,800		Wi-Lan, Inc		1,781
	44,410		Wincor Nixdorf AG.		3,210
	1,883,000	*	Wintek Corp		2,510
	2,413,123		Wistron Corp		4,302
	179,000		Wistron NeWeb Corp		563
	5,070		Woojin, Inc		77
	3,556,000	*	World Wide Touch Technology Ho		248
	1,533,870		WPG Holdings Co Ltd		2,608
	290,000		WT Microelectronics Co Ltd		536
	235,000	*	WUS Printed Circuit Co Ltd		148
	7,197,723	e	Xerox Corp		74,928
	126,343	*,e	X-Rite, Inc		628
	168,266	*,e	Xyratex Ltd		1,726
	15,750	*,b,m	Ya Hsin Industrial Co Ltd		3
	1,523,000		Yageo Corp		694
	82,593		Yamatake Corp		1,842
	161,251		Yaskawa Electric Corp		1,810
	156,957	*,e	Yokogawa Electric Corp		1,340
	109,393		Young Fast Optoelectronics Co Ltd		684
	157,598	*	Zebra Technologies Corp (Class A)		6,646
	213,000		Zinwell Corp		323
	914,228	e	ZTE Corp		3,325
	93,511	*	Zygo Corp		1,236
	307,000	*	Zyxel Communications		255
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		6,206,976
TELECOMMUNICATION SERVICES - 3.3%
	12,152	*	012 Smile.Communications Ltd		315
	256,672	*,e	8x8, Inc		1,255
	96,452	e	AboveNet, Inc		6,796
	2,627,500		Advanced Info Service PCL		8,915
	148,752	f	AFK Sistema (GDR) (purchased 03/30/07, cost $2,602)		3,823
	193,335	e	Alaska Communications Systems Group, Inc		1,715
	43,496		Allied Technologies Ltd		375
	63,994,660	e	America Movil S.A. de C.V. (Series L)		86,357
	3,019,402	*	American Tower Corp (Class A)		158,004
	25,046,469		AT&T, Inc		786,709
	46,998		Atlantic Tele-Network, Inc		1,803
	96,883	*,e	Avanti Communications Group plc		577
	1,065,000	*	Axtel SAB de CV		589
	479,994	e	BCE, Inc		18,823
	18,613		Belgacom S.A.		663
	76,914		Bell Aliant Regional Communications Income Fund		2,290
	1,929,040		Bezeq Israeli Telecommunication Corp Ltd		4,884
	769,259		Bharti Airtel Ltd		6,811
	14,524	*,e	Boingo Wireless, Inc		132
	565,262		Brasil Telecom S.A. (Preference)		5,433
	20,400,791		BT Group plc		66,148
	10,326,495		Cable & Wireless plc		6,716

175

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	6,074,777		Cable & Wireless Worldwide	$	4,492
	117,265	*,e	Cbeyond Communications, Inc		1,551
	60,530		Cellcom Israel Ltd		1,689
	4,716,630		CenturyTel, Inc		190,692
	2,949,768		China Communications Services Corp Ltd		1,747
	9,234,890		China Mobile Hong Kong Ltd		85,975
	24,977,637		China Telecom Corp Ltd		16,306
	9,777,601	e	China Unicom Ltd		19,849
	5,719,318		Chunghwa Telecom Co Ltd		19,681
	1,050,027	*,e	Cincinnati Bell, Inc		3,486
	1,320,000		Citic 1616 Holdings Ltd		361
	2,896,000	*	Citic 21CN Co Ltd		321
	436,000	e	City Telecom (HK) Ltd		260
	498,636	*,e	Clearwire Corp (Class A)		1,885
	190,966	*,e	Cogent Communications Group, Inc		3,248
	508,479	*	Colt Telecom Group S.A.		1,167
	182,837	*,f,m	Comstar United Telesystems (GDR) (purchased 12/02/08, cost $953)		1,262
	172,037	e	Consolidated Communications Holdings, Inc		3,344
	984,925	*	Crown Castle International Corp		40,175
	7,386,573		Deutsche Telekom AG.		115,260
	607,900		Digi.Com BHD		5,849
	114,849		Drillisch AG.		1,336
	39,782		Egyptian Co for Mobile Services		864
	1,104		Elisa Oyj (Series A)		24
	206,094		Empresa Nacional de Telecomunicaciones S.A.		4,184
	101,931	*,e	Fairpoint Communications, Inc		939
	3,087,019		Far EasTone Telecommunications Co Ltd		4,927
	309,852	e	France Telecom S.A.		6,589
	250,860	e	Freenet AG.		3,476
	8,209,741	e	Frontier Communications Corp		66,253
	212,311	*	General Communication, Inc (Class A)		2,563
	163,740	*	Global Crossing Ltd		6,284
	380,921	*,e	Globalstar, Inc		469
	64,100		Globe Telecom, Inc		1,324
	1,889		Hellenic Telecommunications Organization S.A.		18
	39,925	*,e	HickoryTech Corp		474
	2,468,651	e	Hutchison Telecommunications Hong Kong Holdings Ltd		764
	626,252	*,e	ICO Global Communications Holdings Ltd (Class A)		1,735
	91,698	e	IDT Corp (Class B)		2,478
	232,991		iiNET Ltd		654
	149	e	Iliad S.A.		20
	135,636	*	inContact, Inc		644
	242,338		Inmarsat plc		2,163
	183,116	*,e	Iridium Communications, Inc		1,584
	1,807,800		Jasmine International PCL		172
	279,401	*,e	Jazztel plc		1,790
	1,267,484		Kcom Group plc		1,582
	5,211		KDDI Corp		37,493
	161,000		Keppel Telecommunications & Transportation Ltd		174
	184,002		KT Corp		7,016

176

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	379,479	*,e	Leap Wireless International, Inc	$	6,159
	17,110,369	*,e	Level 3 Communications, Inc		41,749
	548,166		LG Telecom Ltd		2,975
	115,389		M2 Telecommunications Group Ltd		407
	872,980		Magyar Telekom		2,805
	204,373	*	Mahanagar Telephone Nigam		197
	41,200	e	Manitoba Telecom Services, Inc		1,396
	226,885		Maroc Telecom		4,175
	3,961,500		Maxis BHD		7,194
	4,240,915	*	MetroPCS Communications, Inc		72,986
	103,724	e	Millicom International Cellular S.A.		10,867
	839,671		Mobile TeleSystems (ADR)		15,971
	508,809		MobileOne Ltd		1,049
	19,767		Mobistar S.A.		1,499
	2,863,306	e	MTN Group Ltd		60,999
	457,339	*	Netia S.A.		961
	150,055	*,e	Neutral Tandem, Inc		2,614
	1,049,235	*,e	NII Holdings, Inc (Class B)		44,467
	1,587,607		Nippon Telegraph & Telephone Corp		76,573
	136,828	e	NTELOS Holdings Corp		2,794
	14,581		NTT DoCoMo, Inc		26,041
	4,013,863	*	Orascom Telecom Holding SAE		2,744
	702,677	*,e	PAETEC Holding Corp		3,366
	144,760		Partner Communications		2,183
	8,498,043		PCCW Ltd		3,667
	113,587		Philippine Long Distance Telephone Co		6,118
	1,211,840	e	Portugal Telecom SGPS S.A.		11,913
	260,200	*	Premiere Global Services, Inc		2,076
	22,357,000	*	PT Bakrie Telecom Tbk		954
	1,986,000		PT Excelcomindo Pratama		1,426
	1,382,676		PT Indosat Tbk		824
	12,886,821		PT Telekomunikasi Indonesia Tbk (Series B)		11,097
	186,222	*	QSC AG.		811
	1,060,910		Reliance Communication Ventures Ltd		2,277
	456,397	e	Rogers Communications, Inc (Class B)		18,072
	3,100	e	Rostelecom (ADR)		126
	1,987,003		Royal KPN NV		28,901
	356,795	*	SBA Communications Corp (Class A)		13,626
	112,398	e	Shenandoah Telecom Co		1,913
	6,486,024	e	Singapore Telecommunications Ltd		16,718
	288,459	*	SK Broadband Co Ltd		1,096
	59,131		SK Telecom Co Ltd		8,945
	1,500,518	e	SmarTone Telecommunications Holding Ltd		2,236
	1,254,275		Softbank Corp		47,502
	252,616	e	Sonaecom - SGPS S.A.		556
	33,164,136	*,e	Sprint Nextel Corp		178,754
	1,341,681	e	StarHub Ltd		3,051
	45,421	e	SureWest Communications		759
	36,033		Swisscom AG.		16,519
	3,246,715		Taiwan Mobile Co Ltd		8,807
	569,409	e	TalkTalk Telecom Group plc		1,307
	455,019	*	Tata Teleservices Maharashtra Ltd		197

177

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,971,623	*	TDC A.S.	$	17,994
	195,313		Tele Norte Leste Participacoes S.A.		3,398
	359,880		Tele Norte Leste Participacoes S.A. (Preference)		5,523
	413,037		Tele2 AB (B Shares)		8,153
	1,882,108		Telecom Corp of New Zealand Ltd		3,836
	482,800		Telecom Egypt		1,211
	19,750,628		Telecom Italia RSP		22,977
	14,350,060		Telecom Italia S.p.A.		19,961
	108,428		Telecom Plus plc		1,157
	366,603		Telecomunicacoes de Sao Paulo S.A.		10,665
	9,455		Telecomunicacoes de Sao Paulo S.A. (ADR)		281
	167,407		Telefonica O2 Czech Republic AS		4,357
	2,373,613		Telefonica S.A.		57,972
	7,437,522	*,e	Telefonos de Mexico S.A. de C.V. (Series L)		6,162
	2,593		Telekom Austria AG.		33
	4,652,300		Telekom Malaysia BHD		6,094
	1,264,614		Telekomunikacja Polska S.A.		7,689
	58,196		Telemar Norte Leste S.A.		1,935
	76,894		Telenet Group Holding NV		3,659
	1,124,666		Telenor ASA		18,405
	506,042	e	Telephone & Data Systems, Inc		15,728
	868,737		TeliaSonera AB		6,373
	391,728		Telkom S.A. Ltd		2,132
	10,142,759		Telstra Corp Ltd		31,517
	63,165		TELUS Corp		3,478
	309,979	e	TELUS Corp, non-voting shares		16,334
	398,400	*	Thaicom PCL		112
	1,838,593		Tim Participacoes S.A.		8,895
	10,900	e	Tim Participacoes S.A. (ADR)		536
	1,747,300	*	Time dotCom BHD		430
	1,933,079	*,e	Tiscali S.p.A.		177
	3,530,400	*	TM International BHD		5,867
	141,275	*,e	Towerstream Corp		705
	377,993		TPG Telecom Ltd		684
	486,822	*	True Corp PCL		62
	17,567		Tulip Telecom Ltd		64
	851,091		Turk Telekomunikasyon AS		4,499
	1,037,652		Turkcell Iletisim Hizmet AS		5,600
	452,860	*,e	tw telecom inc (Class A)		9,297
	45,867	*	US Cellular Corp		2,221
	168,031	e	USA Mobility, Inc		2,564
	14,477,837	e	Verizon Communications, Inc		539,009
	832,175	e	Vodacom Group Pty Ltd		10,349
	60,533,848		Vodafone Group plc		160,513
	399,084		Vodafone Group plc (ADR)		10,664
	1,008,097	*,e	Vonage Holdings Corp		4,446
	1,511,193	e	Windstream Corp		19,585
			TOTAL TELECOMMUNICATION SERVICES		3,691,448

178

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
TRANSPORTATION - 2.0%
	242,644	e	Abertis Infraestructuras S.A.	$	5,415
	49,512	*,m	ACE Aviation Holdings, Inc (Class A)		586
	272,473	*	AER Lingus		290
	23,588		Aeroports de Paris		2,218
	53,088	*,e	Air Berlin plc		238
	156,600	*,e	Air Canada (Class A)		373
	6,606,600	e	Air China Ltd		6,878
	11,272	*,e	Air France-KLM		173
	385,925	e	Air New Zealand Ltd		359
	244,022	*	Air Transport Services Group, Inc		1,672
	1,877,500		AirAsia BHD		2,195
	535,200		Airports of Thailand PCL		628
	198,641	*	Alaska Air Group, Inc		13,599
	125,021		Alexander & Baldwin, Inc		6,021
	579,852		All America Latina Logistica S.A.		4,878
	742,672	e	All Nippon Airways Co Ltd		2,423
	61,581	e	Allegiant Travel Co		3,048
	42,665	*	Amerco, Inc		4,102
	1,009,658	*	AMR Corp		5,452
	624,000		Anhui Expressway Co		522
	98,713		Ansaldo STS S.p.A.		1,384
	616		AP Moller - Maersk AS (Class A)		5,103
	1,581		AP Moller - Maersk AS (Class B)		13,650
	131,647		Arkansas Best Corp		3,124
	2,057,248		Asciano Group		3,637
	104,790	*	Asiana Airlines		974
	139,389	*	Atlas Air Worldwide Holdings, Inc		8,295
	759,458	e	Auckland International Airport Ltd		1,402
	1,355,029		Australian Infrastructure Fund		2,801
	114,099		Autostrada Torino-Milano S.p.A.		1,671
	119,781		Autostrade S.p.A.		2,551
	431,332	*	Avis Budget Group, Inc		7,371
	128,314	*	Avis Europe plc		639
	61,165	e	Baltic Trading Ltd		351
	766,000		Bangkok Expressway PCL		446
	331,000	*	Bangkok Metro PCL		7
	738,849		BBA Aviation plc		2,583
	2,937,600	e	Beijing Capital International Airport Co Ltd		1,378
	290,512		Brisa-Auto Estradas de Portugal S.A.		1,772
	989,642	e	Canadian National Railway Co		79,155
	230,823		Canadian Pacific Railway Ltd		14,401
	3,322,713	e	Cathay Pacific Airways Ltd		7,730
	319,787		CCR SA		9,517
	327,240		Cebu Air, Inc		688
	131,641	*	Celadon Group, Inc		1,838
	14,613		Celebi Hava Servisi		242
	2,351		Central Japan Railway Co		18,482
	935,327	e	CH Robinson Worldwide, Inc		73,741
	2,910,127	*	China Airlines		1,981
	1,561,966	e	China Merchants Holdings International Co Ltd		6,060
	8,391,800	*,e	China Shipping Container Lines Co Ltd		2,852
	1,921,300	e	China Shipping Development Co Ltd		1,773
	4,966,000	*,e	China Southern Airlines Co Ltd		2,678
	216,000		Chinese Maritime Transport Ltd		373

179

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	23,960		Clarkson plc	$	479
	1,120,913		ComfortDelgro Corp Ltd		1,334
	19,416	e	Compagnie Maritime Belge S.A.		526
	1,735,551		Compania SudAmericana de Vapores S.A.		1,090
	6,929,217	e	ConnectEast Group		3,425
	1,170,993	e	Con-Way, Inc		45,446
	268,400		Copa Holdings S.A. (Class A)		17,913
	3,777,975	e	COSCO Holdings		2,970
	2,422,000		COSCO Pacific Ltd		4,276
	212,233	e	Costamare, Inc		3,595
	18,270	*	Covenant Transportation Group, Inc		142
	6,845,256		CSX Corp		179,483
	293,000	e	CWT Ltd		321
	30,517		D/S Norden		1,051
	173,000	*,e	Daiichi Chuo Kisen Kaisha		320
	106,000	e	Dalian Port PDA Co Ltd		38
	797,250		Dazhong Transportation Group Co Ltd		454
	3,522,539	*	Delta Air Lines, Inc		32,302
	831,321		Deutsche Lufthansa AG.		18,107
	674,276		Deutsche Post AG.		12,963
	3,785		Dfds AS		315
	121,994	*,e	Dollar Thrifty Automotive Group, Inc		8,996
	245,536		DSV AS		5,894
	365,917	*,e	Eagle Bulk Shipping, Inc		907
	519,812		East Japan Railway Co		29,770
	235,547	*	easyJet plc		1,359
	259,700		EcoRodovias Infraestrutura e Logistica S.A.		2,255
	1,892,520	*	Eva Airways Corp		1,934
	519,500		Evergreen International Storage & Transport Corp		446
	4,485,482	*	Evergreen Marine Corp Tawain Ltd		3,618
	301,831	*,e	Excel Maritime Carriers Ltd		936
	733,530		Expeditors International Washington, Inc		37,549
	15,000	*	Farglory F T Z Investment Holding Co Ltd		15
	1,041,671		FedEx Corp		98,802
	77,000		First Steamship Co Ltd		179
	686,959		Firstgroup plc		3,762
	14,355	e	Flughafen Wien AG.		731
	5,702		Flughafen Zuerich AG.		2,604
	35,161	*	Flybe Group plc		104
	125,807		Forward Air Corp		4,251
	83,169	e	Fraport AG. Frankfurt Airport Services Worldwide		6,682
	346,882		Freightways Ltd		920
	309,000	e	Fukuyama Transporting Co Ltd		1,646
	3,536,500	*	Garuda Indonesia		219
	6,917	*	Gateway Distriparks Ltd		20
	642,491	*,e	Gemina S.p.A.		658
	147,470	*,e	Genco Shipping & Trading Ltd		1,109
	165,023	*	Genesee & Wyoming, Inc (Class A)		9,677
	9,844	f	Globaltrans Investment plc (GDR) (purchased 07/05/10, cost $149)		183
	15,630		GLOVIS Co Ltd		2,528
	121,315		Go-Ahead Group plc		3,077

180

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	147,662		Gol Linhas Aereas Inteligentes S.A.	$	1,763
	433,000	e	Golden Ocean Group Ltd		442
	398,000	e	Goodpack Ltd		594
	591,694		Grindrod Ltd		1,221
	323,487		Groupe Eurotunnel S.A.		3,620
	225,400	*	Grupo Aeroportuario del Centro Norte Sab de C.V.		483
	976,391	e	Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		4,009
	311,100		Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		1,835
	158,800		Guangdong Provincial Expressway Development Co Ltd		60
	994,000		GZI Transportation Ltd		506
	122,000	*	Hainan Meilan International Airport Co Ltd		123
	92,470	e	Hamburger Hafen und Logistik AG.		4,018
	56,920		Hanjin Shipping Co Ltd		1,197
	41,840		Hanjin Shipping Holdings Co Ltd		497
	4,330		Hanjin Transportation Co Ltd		108
	211,409	*,e	Hawaiian Holdings, Inc		1,205
	248,743	e	Heartland Express, Inc		4,119
	1,356,223	*	Hertz Global Holdings, Inc		21,537
	72,300	e	Hitachi Transport System Ltd		1,239
	57,200		Hong Kong Aircraft Engineerg		830
	192,585		Hopewell Highway Infrastructure Ltd		126
	218,083	*	Hub Group, Inc (Class A)		8,213
	5,138,140	*,e	Hutchison Port Holdings Trust		4,341
	45,150		Hyundai Merchant Marine Co Ltd		1,343
	107,757	*,e	Iino Kaiun Kaisha Ltd		531
	894,660	*	International Consolidated Airlines		3,631
	186,800		International Container Term Services, Inc		217
	31,822	e	International Shipholding Corp		677
	27,900		Inui Steamship Co Ltd		138
	27,908		Irish Continental Group plc		635
	491,234	e	J.B. Hunt Transport Services, Inc		23,132
	52,855	e	Japan Airport Terminal Co Ltd		616
	62,367	*	Jet Airways India Ltd		671
	2,731,120	*,e	JetBlue Airways Corp		16,660
	3,744,000		Jiangsu Express		3,466
	110,000		Jinzhou Port Co Ltd		59
	83,200		Julio Simoes Logistica S.A.		613
	481,178		Kamigumi Co Ltd		4,496
	1,000,241	*,e	Kansas City Southern Industries, Inc		59,344
	1,799,393	e	Kawasaki Kisen Kaisha Ltd		6,291
	331,212	e	Keihin Electric Express Railway Co Ltd		2,388
	408,568	e	Keio Corp		2,253
	194,128		Keisei Electric Railway Co Ltd		1,149
	389,982	*	Kingfisher Airlines Ltd		351
	1,126,907	e	Kintetsu Corp		3,619
	19,900	e	Kintetsu World Express, Inc		654
	302,821	*,e	Kirby Corp		17,162
	263,035	e	Knight Transportation, Inc		4,469
	48,961		Koninklijke Vopak NV		2,398
	13,321	*	Korea Express Co Ltd		1,353
	57,113		Korean Air Lines Co Ltd		3,741

181

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	41,960		Kuehne & Nagel International AG.	$	6,375
	179,791		Lan Airlines S.A.		5,124
	246,519	e	Landstar System, Inc		11,458
	16,200	m	Lingkaran Trans Kota Holdings BHD		21
	301,700	*	LLX Logistica S.A.		928
	212,592		Localiza Rent A Car		3,801
	31,500	*	Log-in Logistica Intermodal S.A.		149
	429,766		Macquarie Airports		1,543
	515,893	*,e	Macquarie Atlas Roads Group		973
	186,729		Mainfreight Ltd		1,572
	65,500		Malaysia Airports Holdings BHD		140
	194,800		Malaysian Bulk Carriers BHD		137
	64,121		Marten Transport Ltd		1,385
	113,000		Maruzen Showa Unyu Co Ltd		368
	260,673		Mercator Lines Ltd		234
	244,550		Mermaid Marine Australia Ltd		840
	1,343,400		MISC BHD		3,272
	79,984		Mitsubishi Logistics Corp		900
	1,462,885		Mitsui OSK Lines Ltd		7,871
	225,610		Mitsui-Soko Co Ltd		885
	905,522		MTR Corp		3,221
	463,492		Mundra Port and Special Economic Zone Ltd		1,682
	581,710		National Express Group plc		2,366
	4,881,473	e	Neptune Orient Lines Ltd		6,105
	635,532		Nippon Express Co Ltd		2,575
	164,000		Nippon Konpo Unyu Soko Co Ltd		1,746
	4,339,610		Nippon Yusen Kabushiki Kaisha		16,124
	466,714		Nishi-Nippon Railroad Co Ltd		2,008
	96,000		Nissin Corp		242
	1,374,484		Norfolk Southern Corp		102,990
	340,167	*	Northgate plc		1,793
	27,912	*,e	Norwegian Air Shuttle AS		514
	57,129	f	Novorossiysk Commercial Sea Port (GDR) (purchased 08/04/10, cost $526)		513
	443,327	e	Odakyu Electric Railway Co Ltd		3,520
	86,139	e	Oesterreichische Post AG.		2,773
	209,725	*,e	Old Dominion Freight Line		7,823
	219,976		Orient Overseas International Ltd		1,422
	192,368	*,e	Pacer International, Inc		908
	2,203,290		Pacific Basin Shipping Ltd		1,262
	18,886	*	Panalpina Welttransport Holding AG.		2,598
	35,345	*	Park-Ohio Holdings Corp		747
	27,696	*,e	Patriot Transportation Holding, Inc		620
	10,200	*	Piraeus Port Authority		200
	2,924,100		PLUS Expressways BHD		4,376
	560,300		Pos Malaysia & Services Holdings BHD		612
	412,200		Precious Shipping PCL		199
	10,598,000	*	PT Berlian Laju Tanker Tbk		378
	375,500		PT Jasa Marga Tbk		159
	4,828,241	*	Qantas Airways Ltd		9,579
	1,796,650	*,e	QR National Ltd		6,538
	79,933	*,e	Quality Distribution, Inc		1,041

182

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	115,152	*,e	RailAmerica, Inc	$	1,727
	257,000	*	Regional Container Lines PCL		65
	166,904	*,e	Republic Airways Holdings, Inc		911
	204,000		Road King Infrastructure		156
	54,408	*	Roadrunner Transportation Services Holdings, Inc		820
	55,719		Ryanair Holdings plc		284
	378,609	e	Ryder System, Inc		21,524
	737,000	e	Sagami Railway Co Ltd		2,016
	99,816	*,e	Saia, Inc		1,692
	96	*,m	SAir Group		0	^
	388,000		Sankyu, Inc		1,814
	94,000		Santos Brasil Participacoes S.A.		1,696
	232,067	*,e	SAS AB		624
	15,820		Sebang Co Ltd		259
	294,000		Seino Holdings Corp		2,115
	116,000		Senko Co Ltd		394
	186,300		Shandong Airlines Co Ltd		264
	229,100	m	Shanghai Jinjiang International Investment Holdings Co		203
	109,200		Shenzhen Chiwan Petroleum		121
	218,200	m	Shenzhen Chiwan Wharf Holdings Ltd		301
	876,000	e	Shenzhen Expressway Co Ltd		499
	12,147,500		Shenzhen International Holdings		955
	114,000		Shibusawa Warehouse Co Ltd		369
	350,000		Shih Wei Navigation Co Ltd		477
	215,000		Shinwa Kaiun Kaisha Ltd		432
	1,676,000	e	Shun TAK Holdings Ltd		1,020
	480,000		Sincere Navigation		547
	603,919	e	Singapore Airlines Ltd		6,990
	926,000		Singapore Airport Terminal Services Ltd		1,962
	3,611,419		Singapore Post Ltd		3,411
	1,886,000		Sinotrans Ltd		448
	2,299,000	e	Sinotrans Shipping Ltd		681
	10,161	e	Sixt AG.		568
	23,494	e	Sixt AG. (Preference)		1,049
	18,927	*	Skymark Airlines, Inc		229
	245,027		Skywest, Inc		3,690
	1,051,000	e	SMRT Corp Ltd		1,652
	136,016		Societa Iniziative Autostradali e Servizi S.p.A.		1,558
	3,566,253	e	Southwest Airlines Co		40,727
	5,678,913	*	SpiceJet Ltd		4,190
	74,569	*,e	Spirit Airlines, Inc		894
	918,323		Stagecoach Group plc		3,765
	293,648		Stobart Group Ltd		683
	54,740	e	Stolt-Nielsen S.A.		1,248
	115,390		STX Pan Ocean Co Ltd		812
	228,767		Sumitomo Warehouse Co Ltd		1,037
	1,389,254	*,e	Swift Transportation Co, Inc		18,824
	479,000		T.Join Transportation Co		547
	141,000	*	Taiwan Navigation Co Ltd		158
	136,670		Tam S.A. (Preference)		2,934
	141,741	*	TAV Havalimanlari Holding AS		711
	44,600		Tegma Gestao Logistica		722

183

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,373,800		Thai Airways International PCL	$	2,250
	69,700		Thoresen Thai Agencies PCL		43
	372,600	*	Tianjin Marine Shipping Co Ltd		151
	2,714,000		Tianjin Port Development Holdings Ltd		518
	379,000	*,e	Tiger Airways Holdings Ltd		368
	745,340	*	TNT Express NV		7,730
	735,313		TNT NV		6,231
	697,380	e	Tobu Railway Co Ltd		2,935
	1,341,628		Tokyu Corp		5,578
	628,244	e	Toll Holdings Ltd		3,277
	40,700		TPI-Triunfo Participacoes e Investimentos S.A.		240
	72,039	f	TransContainer OAO (GDR) (purchased 03/30/11, cost $780)		860
	126,056	e	TransForce, Inc		1,961
	1,103,071	e	Transurban Group		6,195
	582,139	*	Turk Hava Yollari		1,524
	1,909,286	*,e	UAL Corp		43,207
	95,532	*,e	Ultrapetrol Bahamas Ltd		472
	565,300		U-Ming Marine Transport Corp		1,213
	2,388,602		Union Pacific Corp		249,370
	4,928,158	e	United Parcel Service, Inc (Class B)		359,411
	38,671	*,e	Universal Truckload Services, Inc		662
	841,541	*,e	US Airways Group, Inc		7,498
	922,583	e	UTI Worldwide, Inc		18,166
	67,336	*	Virgin Blue Holdings Ltd		20
	23,971		VTG AG.		630
	21,222	*	Vueling Airlines S.A.		277
	1,058,150	*	Wan Hai Lines Ltd		804
	255,225	e	Werner Enterprises, Inc		6,393
	538,300		West Japan Railway Co		21,015
	168,472	e	Wincanton plc		318
	271,000		Wisdom Marine Lines Co Ltd		417
	6,366,000		Xiamen International Port Co Ltd		1,140
	421,896	e	Yamato Transport Co Ltd		6,637
	1,784,014	*	Yang Ming Marine Transport		1,358
	121	*,e	YRC Worldwide, Inc		0	^
	23,200		Yusen Air & Sea Service Co Ltd		386
	5,256,000	e	Zhejiang Expressway Co Ltd		3,968
	44,179	*,e	Zipcar, Inc		902
			TOTAL TRANSPORTATION		2,262,754
UTILITIES - 3.3%
	10,106,088	e	A2A S.p.A.		15,741
	5,858,031		Aboitiz Power Corp		4,243
	231,369	e	Acciona S.A.		24,565
	1,703,447	e	ACEA S.p.A.		17,471
	2,975,766	*	AES Corp		37,911
	3,764,491		AES Gener S.A.		2,319
	159,844		AES Tiete S.A.		2,589
	824,669	e	AGL Energy Ltd		12,981
	272,998		AGL Resources, Inc		11,114
	42,810	*	Akenerji Elektrik Uretim AS		99

184

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	82,886		Alerion Industries S.p.A.	$	600
	205,525	e	Algonquin Power & Utilities Corp		1,217
	139,659		Allete, Inc		5,732
	625,014		Alliant Energy Corp		25,413
	701,634		Ameren Corp		20,235
	1,955,748		American Electric Power Co, Inc		73,693
	80,075		American States Water Co		2,775
	996,943		American Water Works Co, Inc		29,361
	909,997	e	APA Group		3,976
	274,729		Aqua America, Inc		6,039
	30,623		Artesian Resources Corp		552
	164,245		Ascopiave S.p.A.		369
	84,723		Atco Ltd		5,488
	42,859		Athens Water Supply & Sewage Co S.A.		286
	333,934	e	Atlantic Power Corp		5,082
	85,734	e	Atlantic Power Corp		1,299
	265,920		Atmos Energy Corp		8,842
	5,330,000	*	AVIC International Holding HK Ltd		223
	294,603	e	Avista Corp		7,568
	3,619,120	e	Babcock & Brown Wind Partners		1,360
	5,004,000	*,e	Beijing Enterprises Water Group Ltd		1,380
	53,703	*	BF Utilities Ltd		846
	1,900,000	*	Binhai Investment Co Ltd		122
	17,711		Bkw Fmb Energie AG.		1,091
	190,712		Black Hills Corp		5,739
	30,295	*	Boralex, Inc		249
	63,816	*,e	Cadiz, Inc		693
	168,435		California Water Service Group		3,151
	2,007,233	*,e	Calpine Corp		32,377
	156,777		Canadian Utilities Ltd		9,106
	104,100	e	Capital Power Corp		2,698
	6,948,821		Centerpoint Energy, Inc		134,460
	561,410		Centrais Eletricas Brasileiras S.A.		7,515
	504,324		Centrais Eletricas Brasileiras S.A. (Preference)		8,525
	8,700		Centrais Eletricas de Santa Catarina S.A.		228
	78,308		Central Vermont Public Service Corp		2,831
	7,132,133		Centrica plc		37,033
	6,060		CESC Ltd		41
	297,401		CEZ AS		15,311
	66,579	e	CH Energy Group, Inc		3,546
	244,853	e	Challenger Infrastructure Fund		267
	63,199	e	Chesapeake Utilities Corp		2,530
	379,459	e	Cheung Kong Infrastructure Holdings Ltd		1,974
	4,950,000	e	China Gas Holdings Ltd		1,991
	2,890,000	e	China Longyuan Power Group Corp		2,804
	4,560,000	*	China Oil and Gas Group Ltd		447
	4,647,000	e	China Power International Development Ltd		1,179
	7,140,000	*	China Power New Energy Development Co Ltd		479
	150,000	e	China Resources Gas Group Ltd		210
	2,376,599		China Resources Power Holdings Co		4,647
	2,743,848	e	China Water Affairs Group Ltd		989
	4,540,000	*	China WindPower Group Ltd		397

185

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,046,221		Chubu Electric Power Co, Inc	$	20,431
	208,581	e	Chugoku Electric Power Co, Inc		3,612
	202,773		Cia de Saneamento Basico do Estado de Sao Paulo		6,039
	107,000		Cia de Saneamento de Minas Gerais-COPASA		2,146
	53,545		Cia de Transmissao de Energia Electrica Paulista		1,722
	653,637		Cia Energetica de Minas Gerais		13,264
	258,271		Cia Energetica de Sao Paulo (Class B)		5,072
	51,500		Cia Energetica do Ceara		1,063
	279,319		Cia Paranaense de Energia		7,428
	316,575		Cleco Corp		11,033
	2,591,732		CLP Holdings Ltd		22,991
	1,209,110	e	CMS Energy Corp		23,807
	9,856,635		Colbun S.A.		2,803
	21,760	*,e	Conergy AG.		35
	36,643	e	Connecticut Water Service, Inc		937
	535,505	e	Consolidated Edison, Inc		28,510
	71,724	e	Consolidated Water Co, Inc		666
	2,209,399	e	Constellation Energy Group, Inc		83,870
	1,125,870	*,e	Contact Energy Ltd		5,003
	283,146		CPFL Energia S.A.		4,046
	10,030,000	e	Datang International Power Generation Co Ltd		3,414
	1,694,521		Dominion Resources, Inc		81,795
	224,090		DPL, Inc		6,759
	800,423		Drax Group plc		6,466
	793,466		DTE Energy Co		39,689
	1,651,261	e	DUET Group		3,016
	2,914,963		Duke Energy Corp		54,889
	543,679	*,e	Dynegy, Inc (Class A)		3,365
	1,771,944		E.ON AG.		50,366
	4,981		E1 Corp		246
	26,843	e	EDF Energies Nouvelles S.A.		1,534
	612,938	e	Edison International		23,751
	9,246,262	e	Edison S.p.A.		11,690
	99,467		EDP - Energias do Brasil S.A.		2,396
	1,676	*	EDP Renovaveis S.A.		11
	219,131		El Paso Electric Co		7,078
	132,837	e	Electric Power Development Co		3,591
	208,939	e	Electricite de France		8,191
	240,000		Electricity Generating PCL		726
	153,852		Eletropaulo Metropolitana de Sao Paulo S.A.		3,338
	72,761		Elia System Operator S.A.		3,107
	170,338	e	Empire District Electric Co		3,281
	51,785		Empresa Electrica del Norte Grande S.A.		146
	4,936,239		Empresa Nacional de Electricidad S.A.		9,369
	1,375	e	Enagas		33
	207,686		Enea S.A.		1,363
	4,735,403		Enel Green Power S.p.A		13,060
	19,052,144	e	Enel S.p.A.		124,490
	1,318,286		Energias de Portugal S.A.		4,678
	1,024,060	*,e	Energy World Corp Ltd		552
	19,892,873		Enersis S.A.		9,190
	373,387	e	Entergy Corp		25,495

186

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,105,059		Envestra Ltd	$	819
	79,902	*	EOS Russia AB		439
	732,000	e	Epure International Ltd		401
	135,000		Equatorial Energia S.A.		1,029
	48,270	e	EVN AG.		837
	2,710,908		Exelon Corp		116,135
	11,298,200	*	First Gen Corp		3,707
	411,910		First Philippine Holdings Corp		564
	2,726,329		FirstEnergy Corp		120,367
	197,196	e	Fortis, Inc		6,614
	2,350,236		Fortum Oyj		68,146
	775,422		GAIL India Ltd		7,669
	3,031,355	e	Gas Natural SDG S.A.		63,492
	1,733,651		Gaz de France		63,361
	613,100		Glow Energy PCL		1,000
	1,294,985	*	GMR Infrastructure Ltd		950
	71,029		Great Lakes Hydro Income Fund		1,695
	259,960	e	Great Plains Energy, Inc		5,389
	121,000		Great Taipei Gas Co Ltd		78
	63,156	*	Greentech Energy Systems		225
	4,134,000	e	Guangdong Investments Ltd		2,213
	158,643		Gujarat State Petronet Ltd		316
	2,453,976	*	GVK Power & Infrastructure Ltd		1,063
	633,668		Hastings Diversified Utilities Fund		1,077
	177,981		Hawaiian Electric Industries, Inc		4,282
	523,626		Hera S.p.A.		1,109
	127,006		Hokkaido Electric Power Co, Inc		2,113
	122,747	e	Hokuriku Electric Power Co		2,342
	3,795,118		Hong Kong & China Gas Ltd		8,634
	1,572,587		Hong Kong Electric Holdings Ltd		11,903
	943,830	*	Huadian Energy Co Ltd		326
	9,842,000	e	Huaneng Power International, Inc		5,209
	723,000	e	Hyflux Ltd		1,171
	37,253		Iberdrola Renovables		165
	615,591		Iberdrola S.A.		5,477
	215,031		Idacorp, Inc		8,494
	24,102		Indraprastha Gas Ltd		206
	1,094,284		Infratil Ltd		1,642
	71,823	e	Innergex Renewable Energy, Inc		743
	147,122		Integrys Energy Group, Inc		7,627
	627,753		Interconexion Electrica S.A.		4,564
	542,204		International Power plc		2,800
	515,982		Inversiones Aguas Metropolitanas S.A.		789
	554,950		Iride S.p.A.		998
	444,213		ITC Holdings Corp		31,881
	153	e	Japan Wind Development Co Ltd		190
	183,825	e	Just Energy Income Fund		2,708
	1,429,913		Kansai Electric Power Co, Inc		28,475
	7,112		Korea District Heating Corp		477
	353,300	*	Korea Electric Power Corp		9,385
	34,709		Korea Gas Corp		1,205
	26,537	*	KSK Energy Ventures Ltd		65

187

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	295,998		Kyushu Electric Power Co, Inc	$	5,330
	137,089	e	Laclede Group, Inc		5,186
	34,000		Macquarie Power & Infrastructure Income Fund		276
	260,400	*	Magma Energy Corp		192
	399,677		Manila Electric Co		2,533
	1,159,900		Manila Water Co, Inc		499
	668,684		MDU Resources Group, Inc		15,045
	109,273		MGE Energy, Inc		4,429
	64,754	e	Middlesex Water Co		1,203
	205,601		National Fuel Gas Co		14,968
	2,520,505		National Grid plc		24,812
	214,389	e	New Jersey Resources Corp		9,564
	1,709,738		NextEra Energy, Inc		98,242
	238,457	e	Nicor, Inc		13,053
	1,974,896		NiSource, Inc		39,992
	1,011,357	e	Northeast Utilities		35,569
	93,859	e	Northland Power Income Fund		1,564
	785,965		Northumbrian Water Group plc		5,243
	125,236	e	Northwest Natural Gas Co		5,652
	163,208		NorthWestern Corp		5,404
	1,559,644	*	NRG Energy, Inc		38,336
	280,874		NSTAR		12,915
	1,367,232		NTPC Ltd		5,726
	4,792,424		NV Energy, Inc		73,564
	3,557	e	Oest Elektrizitatswirts AG. (Class A)		155
	424,856		OGE Energy Corp		21,379
	95,200		Okinawa Electric Power Co, Inc		4,319
	360,973	e	Oneok, Inc		26,716
	74,788	e	Ormat Technologies, Inc		1,646
	3,763,963	e	Osaka Gas Co Ltd		14,277
	155,035		Otter Tail Corp		3,271
	48,400	e	Pampa Energia S.A. (ADR)		742
	21,339	e	Pennichuck Corp		613
	544,322		Pennon Group plc		6,096
	1,007,481		Pepco Holdings, Inc		19,777
	1,265,000		Petronas Gas BHD		5,543
	1,573,409		PG&E Corp		66,130
	388,560		Piedmont Natural Gas Co, Inc		11,758
	608,199		Pinnacle West Capital Corp		27,114
	373,365	e	PNM Resources, Inc		6,250
	11,173,450		PNOC Energy Development Corp		1,704
	1,337,617		Polska Grupa Energetyczna S.A.		11,699
	355,523		Portland General Electric Co		8,988
	1,665,854		Power Grid Corp of India Ltd		4,089
	3,813,956		PPL Corp		106,142
	1,244,531	e	Progress Energy, Inc		59,750
	17,274,500		PT Perusahaan Gas Negara		8,125
	143,525		PTC India Ltd		256
	30,773		Public Power Corp		441
	4,197,715		Public Service Enterprise Group, Inc		137,014
	222,700		Puncak Niaga Holding BHD		147
	3,120		Pusan City Gas Co Ltd		56

188

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	474,195		Questar Corp	$	8,398
	1,049,100		Ratchaburi Electricity Generating Holding PCL		1,427
	830	e	Red Electrica de Espana		50
	64,800		Redentor Energia S.A.		289
	321,168	e	Redes Energeticas Nacionais S.A.		1,154
	298,971		Reliance Energy Ltd		3,588
	848,611	*	Reliance Power Ltd		2,205
	397,200		Rojana Industrial Park PCL		127
	11,166,471	*	RRI Energy, Inc		43,103
	18,514		Rubis		2,344
	1,696,410	e	RusHydro (ADR)		8,161
	105,663		RWE AG.		5,870
	299		RWE AG. (Preference)		15
	5,486		Samchully Co Ltd		532
	213,455	e	SCANA Corp		8,404
	1,012,036		Scottish & Southern Energy plc		22,635
	23,693		Sechilienne-Sidec		588
	1,605,276		Sempra Energy		84,887
	167,322		Severn Trent plc		3,953
	209,733	e	Shikoku Electric Power Co, Inc		4,763
	75,000		Shizuoka Gas Co Ltd		425
	61,210	e	SJW Corp		1,484
	1,449,606		Snam Rete Gas S.p.A.		8,580
	127,578		South Jersey Industries, Inc		6,929
	3,888,609		Southern Co		157,021
	252,249		Southwest Gas Corp		9,739
	940,995		SP AusNet		954
	1,744,706	f,g	Spark Infrastructure Group (purchased 05/29/09, cost $1,669)		2,424
	188,596		Suez Environnement S.A.		3,758
	935,000		Taiwan Cogeneration Corp		642
	141,918		Tata Power Co Ltd		4,159
	2,385,546		Tauron Polska Energia S.A.		5,728
	408,833	e	TECO Energy, Inc		7,723
	3,727,593		Tenaga Nasional BHD		8,367
	47,811		Terna Energy S.A.		181
	557,201	e	Terna Rete Elettrica Nazionale S.p.A.		2,591
	2,361,200		Thai Tap Water Supply PCL		423
	134,875	*,e	Theolia S.A.		254
	24,395		Thessaloniki Water Supply & Sewage Co S.A.		163
	428,194	e	Toho Gas Co Ltd		2,317
	580,877	e	Tohoku Electric Power Co, Inc		8,382
	1,273,320	*	Tokyo Electric Power Co, Inc		5,155
	5,129,064		Tokyo Gas Co Ltd		23,149
	993,000		Towngas China Co Ltd		531
	199,732		Tractebel Energia S.A.		3,519
	286,632	e	TransAlta Corp		6,119
	466,483	e	UGI Corp		14,876
	256,724	e	UIL Holdings Corp		8,305
	201,403	e	Unisource Energy Corp		7,518
	476,690		United Utilities Group plc		4,585
	48,736	e	Unitil Corp		1,282
	218,975		Utilities Select Sector SPDR F		7,331

189

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	631,634		Vector Ltd	$	1,331
	151,460		Vectren Corp		4,220
	489,434		Veolia Environnement		13,789
	501,557	e	Westar Energy, Inc		13,497
	274,730		WGL Holdings, Inc		10,574
	981,836		Wisconsin Energy Corp		30,781
	4,000,171	e	Xcel Energy, Inc		97,204
	1,192,000		Xinao Gas Holdings Ltd		4,057
	1,090		YESCO Co Ltd		25
	58,996	e	York Water Co		976
	8,063,425		YTL Corp BHD		4,144
	2,798,890		YTL Power International BHD		2,040
	1,233,000		Zhejiang Southeast Electric Power Co (Class B)		641
	52,000		Zhengzhou Gas Co Ltd		86
	247,395	*	Zorlu Enerji Elektrik Uretim AS.		352
			TOTAL UTILITIES		3,652,436
			TOTAL COMMON STOCKS		110,904,375
			(Cost $95,461,851)
PREFERRED STOCKS - 0.0%
DIVERSIFIED FINANCIALS - 0.0%
	316,040		Daishin Securities Co Ltd Pref 2		2,309
			TOTAL DIVERSIFIED FINANCIALS		2,309
FOOD BEVERAGE & TOBACCO - 0.0%
	1,212,875	*	Ambev Cia De Bebidas Das		39,892
			TOTAL FOOD BEVERAGE & TOBACCO		39,892
			TOTAL PREFERRED STOCKS		42,201
			(Cost $23,664)
RIGHTS / WARRANTS - 0.0%
AUTOMOBILES & COMPONENTS - 0.0%
	940,194		General Motors Co		20,120
	940,194	e	General Motors Co		14,977
			TOTAL AUTOMOBILES & COMPONENTS		35,097
BANKS - 0.0%
	104,181	e	Banco Popular Espanol S.A.		8
	2,380,371	m	China Citic Bank Corp Ltd		264
	3,875,195		Criteria Caixacorp S.A.		292
			TOTAL BANKS		564
CAPITAL GOODS - 0.0%
	245,087		Gamuda Berhad		115
	6	m	GreenHunter Energy, Inc		0	^
	14,548		IJM Corp BHD - Warrants		12
	14,170	e,m	Zardoya Otis S.A.		11
			TOTAL CAPITAL GOODS		138

190

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
	20,240		WCT Berhad	$	5
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		5
CONSUMER DURABLES & APPAREL - 0.0%
	612,200	m	Delta Dunia Petroindo Tbk PT		8
			TOTAL CONSUMER DURABLES & APPAREL		8
DIVERSIFIED FINANCIALS - 0.0%
	110,672		Bure Equity AB		4
	2,244	m	CETIP S.A.-Balcao Organizado de Ativos e Derivativos		34
			TOTAL DIVERSIFIED FINANCIALS		38
ENERGY - 0.0%
	123,722	e	Etablissements Maurel et Prom CW14		81
			TOTAL ENERGY		81
FOOD & STAPLES RETAILING - 0.0%
	141,299	m	JBS S.A.		1
			TOTAL FOOD & STAPLES RETAILING		1
FOOD, BEVERAGE & TOBACCO - 0.0%
	9,850		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
INSURANCE - 0.0%
	146,464	e	Fondiaria-Sai S.p.A		367
	152,837	e	Fondiaria-Sai S.p.A		135
	953,581	e	Milano Assicurazioni SPA		277
			TOTAL INSURANCE		779
MATERIALS - 0.0%
	353,408	m	Indophil Resources NL		10
	2,339		Kinross Gold Corp		6
	267,285		Madeco S.A.		0	^
			TOTAL MATERIALS		16
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	270,021		FAES FARMA S.A.		39
	78,480		Sanofi-Aventis S.A.		189
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		228
REAL ESTATE - 0.0%
	4,761,352	m	GPT Group		0	^

191

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	RATE	MATURITY DATE	VALUE (000)
	66,140		IJM Land BHD - CW13			$	32
	571	m	LPS Brasil Consultoria de Imoveis S.A.				0	^
	122,437		SP Setia BHD				46
			TOTAL REAL ESTATE				78
RETAILING - 0.0%
	5,679	e	Axway Software S.A.				13
	3,073		BlueLinx Holdings, Inc				1
			TOTAL RETAILING				14
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
	174,087	m	Conergy AG.				118
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				118
TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
	104,597		Kingboard Chemical Holdings Ltd (CW)				54
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT				54
UTILITIES - 0.0%
	117,066	m	Rojana Industrial Park PCL				22
			TOTAL UTILITIES				22
			TOTAL RIGHTS / WARRANTS				37,258
			(Cost $51,216)

PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 5.6%
TREASURY DEBT - 0.0%
$	55,200,000	d	United States Treasury Bill	0.050	%	10/20/11	55,194
	7,000,000		United States Treasury Bill	0.065		12/22/11	6,997
			TOTAL TREASURY DEBT				62,191
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 5.6%
REPURCHASE AGREEMENTS - 4.9%
	546,521,000	n	Barclay Capital	0.010		07/01/11	546,521
	950,000,000	o	BNP	0.010		07/01/11	950,000
	725,000,000	p	Calyon	0.010		07/01/11	725,000
	100,000,000	q	Citigroup	0.010		07/01/11	100,000
	975,000,000	r	CSFB	0.010		07/01/11	975,000
	220,000,000	s	MF Global, Inc	0.010		07/01/11	220,000
	200,000,000	t	Morgan Stanley	0.001		07/01/11	200,000
	480,000,000	u	Nomura Securities	0.010		07/01/11	480,000
	405,000,000	v	RBC Capital Markets	0.005		07/01/11	405,000
	475,000,000	w	Royal Bank of Scotland	0.010		07/01/11	475,000
	110,000,000	x	Societe Generale	0.010		07/01/11	110,000
	230,000,000	y	UBS Warburg	0.010		07/01/11	230,000
			TOTAL REPURCHASE AGREEMENTS				5,416,521

192

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE		VALUE (000)
VARIABLE RATE SECURITY - 0.7% i
$	58,000,000	American Express Credit Account Master	0.490	%	10/15/12	$	58,167
	25,000,000	Bank One Issuance Trust	0.520		07/15/11		25,000
	43,525,000	Capital One Multi-Asset Execution Trust	0.580		08/15/11		43,528
	51,000,000	Chase Issuance Trust 2007	0.550		06/15/12		50,968
	13,869,263	GE Equipment Midticket LLC	0.490		11/14/11		13,866
	110,000,000	General Electric Cap Corp	0.600		09/28/11		110,110
	17,000,000	General Electric Cap Corp	0.720		11/21/11		17,012
	21,087,892	Granite Master Issuer plc 2006	0.530		12/20/50		19,970
	16,674,135	Granite Master Issuer plc 2007	0.460		12/20/50		15,790
	8,514,916	Medallion Trust Series 2005	0.430		08/22/36		8,235
	41,462,284	Nelnet Student Loan Trust 2006	0.420		11/23/18		41,392
	26,224,242	Nelnet Student Loan Trust 2007	0.500		09/25/18		26,136
	135,000,000	Permanent Master Issuer plc	0.750		10/15/33		134,357
	19,738,550	Puma Global Mortgage Backed Trust	0.460		02/21/38		18,426
	9,872,757	SLM Student Loan Trust 2006	0.450		01/25/19		9,871
	170,000,000	SLM Student Loan Trust 2007	0.470		01/25/19		164,440
	42,994,124	SLM Student Loan Trust 2008	0.620		10/25/16		43,097
	7,852,282	Wachovia Student Loan Trust 2005	0.460		04/25/17		7,852
		TOTAL VARIABLE RATE SECURITY					808,217
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED					6,224,738
		TOTAL SHORT-TERM INVESTMENTS					6,286,929
		(Cost $6,294,448)
		TOTAL INVESTMENTS - 105.3%					117,270,841
		(Cost $101,831,249)
		OTHER ASSETS & LIABILITIES, NET - (5.3)%					(5,867,740	)
		NET ASSETS - 100.0%				$	111,403,101
		Abbreviation(s):
	ADR	American Depositary Receipt
	ETF	Exchange Traded Fund
	GDR	Global Depositary Receipt
	NVDR	Non Voting Depository Receipt
	REIT	Real Estate Investment Trust
	SPDR	Standard & Poor’s Depository Receipts

193

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 6/30/2011, the value of these securities amounted to $203,466,000 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 June 30, 2011 the value of these securities amounted to $11,394,280 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	Agreement with Barclay’s Capital, 0.01% dated 06/30/11 to be repurchased at $546,521,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $557,451,000.
o	Agreement with BNP, 0.01% dated 06/30/11 to be repurchased at $950,000,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $969,000,000.
p	Agreement with Calyon, 0.01% dated 06/30/11 to be repurchased at $725,000,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $739,500,000.
q	Agreement with Citigroup, 0.01% dated 06/30/11 to be repurchased at $100,000,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $102,000,000.
r	Agreement with CSFB, 0.01% dated 06/30/11 to be repurchased at $975,000,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $994,502,000.
s	Agreement with MF Global, 0.01% dated 06/30/11 to be repurchased at $220,000,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $224,400,000.
t	Agreement with Morgan Stanley, 0.00% dated 06/30/11 to be repurchased at $200,000,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $204,000,000.
u	Agreement with Nomura Securities, 0.01% dated 06/30/11 to be repurchased at $480,000,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $484,011,000.
v	Agreement with RBC Capital Markets, 0.01% dated 06/30/11 to be repurchased at $405,000,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $413,100,000.
w	Agreement with Royal Bank of Scotland, 0.10% dated 06/30/11 to be repurchased at $475,000,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $484,502,000.
x	Agreement with Societe Generale, 0.01% dated 06/30/11 to be repurchased at $110,000,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $112,200,000.
y	Agreement with UBS Warburg, 0.01% dated 06/30/11 to be repurchased at $230,000,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $234,600,000.
	Cost amounts are in thousands.

194

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
SUMMARY OF MARKET VALUES BY COUNTRY (unaudited)
June 30, 2011

COUNTRY	VALUE (000)		% OF TOTAL PORTFOLIO
DOMESTIC
UNITED STATES	$	81,649,607		69.6	%
TOTAL DOMESTIC		81,649,607		69.6
FOREIGN
ARGENTINA		6,854		0.0
AUSTRALIA		1,746,059		1.5
AUSTRIA		163,908		0.1
BAHAMAS		390		0.0
BELGIUM		318,944		0.3
BERMUDA		70,267		0.1
BRAZIL		1,260,271		1.1
CAMBODIA		177		0.0
CANADA		3,223,455		2.8
CAYMAN ISLANDS		2,000		0.0
CHILE		117,525		0.1
CHINA		1,339,527		1.1
COLOMBIA		65,775		0.1
CYPRUS		3,335		0.0
CZECH REPUBLIC		35,573		0.0
DENMARK		216,420		0.2
EGYPT		24,144		0.0
FINLAND		239,757		0.2
FRANCE		2,394,203		2.1
GERMANY		2,185,240		1.9
GIBRALTAR		12,107		0.0
GREECE		45,189		0.0
GUERNSEY, C.I.		53,106		0.0
HONG KONG		657,487		0.6
HUNGARY		25,260		0.0
INDIA		696,477		0.6
INDONESIA		203,079		0.2
IRELAND		342,870		0.3
ISRAEL		114,179		0.1
ITALY		731,712		0.6
JAPAN		4,603,116		3.9
JERSEY, C.I.		1,208		0.0
KAZAKHSTAN		7,282		0.0
KOREA, REPUBLIC OF		1,255,009		1.1
LIECHTENSTEIN		2,192		0.0
LUXEMBOURG		25,258		0.0
MACAU		85,233		0.1
MALAYSIA		265,943		0.2
MEXICO		340,896		0.3

195

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COUNTRY	VALUE (000)		% OF TOTAL PORTFOLIO
MONACO	$	905		0.0	%
MOROCCO		10,403		0.0
NETHERLANDS		1,055,349		0.9
NEW ZEALAND		36,611		0.0
NORWAY		188,537		0.2
PANAMA		20,080		0.0
PERU		27,611		0.0
PHILIPPINES		56,479		0.0
POLAND		136,111		0.1
PORTUGAL		57,977		0.1
PUERTO RICO		8,676		0.0
RUSSIA		468,766		0.4
SINGAPORE		367,390		0.3
SOUTH AFRICA		576,693		0.5
SPAIN		550,427		0.5
SWEDEN		750,075		0.6
SWITZERLAND		2,470,842		2.1
TAIWAN		965,032		0.8
THAILAND		140,316		0.2
TURKEY		116,608		0.1
UKRAINE		4,049		0.0
UNITED ARAB EMIRATES		15,512		0.0
UNITED KINGDOM		4,714,885		4.0
VIRGIN ISLANDS, BRITISH		473		0.0
TOTAL FOREIGN		35,621,234		30.4
TOTAL PORTFOLIO	$	117,270,841		100.0	%

196

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2011

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 98.2%
ARGENTINA - 0.0%
	51,956	e	Tenaris S.A.	$	1,188
			TOTAL ARGENTINA		1,188
AUSTRALIA - 2.7%
	130,461		AGL Energy Ltd		2,054
	695,249		Alumina Ltd		1,592
	315,289		Amcor Ltd		2,443
	937,689		AMP Ltd		4,931
	18,259	e	Aristocrat Leisure Ltd		48
	527,819		Asciano Group		933
	664,722	*	Australia & New Zealand Banking Group Ltd		15,757
	51,878		Australian Stock Exchange Ltd		1,700
	42,002	e	Bendigo Bank Ltd		401
	1,289,050		BHP Billiton Ltd		60,922
	512,465		BlueScope Steel Ltd		667
	84,750	e	Boral Ltd		402
	399,826		Brambles Ltd		3,109
	15,927		Caltex Australia Ltd		202
	246,846	e	CFS Gandel Retail Trust		481
	1,224,031		Challenger Financial Services Group Ltd		6,448
	160,612		Coca-Cola Amatil Ltd		1,971
	33,075	e	Cochlear Ltd		2,560
	487,622		Commonwealth Bank of Australia		27,463
	137,920		Computershare Ltd		1,317
	55,014	e	Crown Ltd		529
	156,892	e	CSL Ltd		5,577
	24,322	e	CSR Ltd		76
	13,627	*,e	Dart Energy Ltd		9
	661,929	e	DB RREEF Trust		627
	80,605	e	DuluxGroup Ltd		244
	84,553	*	ECHO ENTERTAINMENT GROUP Ltd		373
	29,460		First Quantum Minerals Ltd		4,295
	291,508		Fortescue Metals Group Ltd		2,000
	136,837		Foster’s Group Ltd		756
	60,591	e	Goodman Fielder Ltd		69
	240,870		GPT Group (ASE)		819
	59,527	e	Harvey Norman Holdings Ltd		159
	29,597		Iluka Resources Ltd		535
	279,524		Incitec Pivot Ltd		1,164
	560,247		Insurance Australia Group Ltd		2,048
	51,240	*,e	James Hardie Industries NV		325
	263,997	e	John Fairfax Holdings Ltd		279
	40,761	e	Leighton Holdings Ltd		919
	180,989		Lend Lease Corp Ltd		1,748

197

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	119,298	*,e	Lynas Corp Ltd	$	253
	1,681,632	e	MacArthur Coal Ltd		19,838
	65,599		Macquarie Airports		236
	21,288	*,e	Macquarie Atlas Roads Group		40
	772,843	e	Macquarie Goodman Group		586
	111,210	*	Macquarie Group Ltd		3,752
	105,111		Metcash Ltd		469
	1,025,407	e	Mirvac Group		1,379
	207,946		Monadelphous Group Ltd		4,117
	1,294,894		National Australia Bank Ltd		35,799
	215,707		Newcrest Mining Ltd		8,740
	7,574	*,e	Nufarm Ltd		37
	385,880		OneSteel Ltd		771
	169,884		Orica Ltd		4,925
	320,477	e	Origin Energy Ltd		5,449
	104,721		Oxiana Ltd		1,490
	77,375	*,e	Paladin Resources Ltd		211
	1,952	e	Perpetual Trustees Australia Ltd		52
	130,164	*	Qantas Airways Ltd		258
	412,676		QBE Insurance Group Ltd		7,659
	119,381	*,e	QR National Ltd		434
	209,065	e	Ramsay Health Care Ltd		4,084
	422,147		Rio Tinto Ltd		37,786
	249,000		Santos Ltd		3,631
	18,905	e	Sims Group Ltd		359
	33,334	e	Sonic Healthcare Ltd		461
	175,802		SP AusNet		178
	735,182	e	Stockland Trust Group		2,697
	406,660		Suncorp-Metway Ltd		3,555
	79,938		Tabcorp Holdings Ltd		283
	151,840		Tattersall’s Ltd		392
	1,417,026		Telstra Corp Ltd		4,403
	225,033	e	Toll Holdings Ltd		1,174
	324,843	e	Transurban Group		1,824
	321,201		Wesfarmers Ltd		11,008
	10,733		Wesfarmers Ltd PPS		372
	3,897,604		Westfield Group		36,327
	3,819,477		Westfield Retail Trust		11,134
	847,917		Westpac Banking Corp		20,343
	184,764		Woodside Petroleum Ltd		8,151
	419,960		Woolworths Ltd		12,530
	34,124		WorleyParsons Ltd		1,039
			TOTAL AUSTRALIA		416,178
AUSTRIA - 0.3%
	40,000		Andritz AG.		4,124
	108,024	e	Erste Bank der Oesterreichischen Sparkassen AG.		5,658
	61,703	*,e	IMMOFINANZ Immobilien Anlagen AG		263
	9,455	e	Oest Elektrizitatswirts AG. (Class A)		412
	17,123		OMV AG.		748
	5,650	e	Raiffeisen International Bank Holding AG.		291
	35,813		Telekom Austria AG.		457

198

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	12,363	e	Voestalpine AG.	$	682
	5,293		Wiener Staedtische Allgemeine Versicherung AG.		291
	1,526,069		Wienerberger AG.		28,112
			TOTAL AUSTRIA		41,038
BELGIUM - 0.6%
	31,925	*	Anheuser-Busch InBev NV		0	^
	85,573	e	Bekaert S.A.		6,516
	44,879		Belgacom S.A.		1,599
	45,941		Colruyt S.A.		2,298
	11,117		Delhaize Group		834
	77,687	*,e	Dexia		242
	288,850		Fortis		782
	8,893		Groupe Bruxelles Lambert S.A.		790
	477	*	Groupe Bruxelles Lambert S.A. - STR VVPR		0	^
	829,406		InBev NV		48,137
	20,963		KBC Groep NV		823
	3,694		Mobistar S.A.		280
	2,350	e	Nationale A Portefeuille		167
	78,820		Solvay S.A.		12,169
	407,432	e	UCB S.A.		18,308
	12,523		Umicore		683
			TOTAL BELGIUM		93,628
BERMUDA - 0.0%
	22,380	e	Allied World Assurance Co Holdings Ltd		1,289
	66,100		Validus Holdings Ltd		2,046
			TOTAL BERMUDA		3,335
BRAZIL - 0.7%
	600,000		Banco do Estado do Rio Grande do Sul		6,882
	844,420		BM&FBOVESPA S.A.		5,589
	175,000	e	Braskem S.A. (ADR)		5,089
	180,000		Cia de Saneamento Basico do Estado de Sao Paulo		5,361
	217,229		Companhia Vale do Rio Doce (ADR)		6,940
	175,000		Cosan SA Industria e Comercio		2,758
	250,000		EDP - Energias do Brasil S.A.		6,023
	400,000		Localiza Rent A Car		7,151
	1,150,000		Marcopolo S.A.		5,158
	2,016,240		PDG Realty S.A.		11,356
	1,008,875		Petroleo Brasileiro S.A. (ADR)		34,161
	360,000		Satipel Industrial S.A.		3,047
	155,000		Telecomunicacoes de Sao Paulo S.A.		4,509
	1,200,000		Tim Participacoes S.A.		5,805
			TOTAL BRAZIL		109,829
CANADA - 4.4%
	54,882		Agnico-Eagle Mines Ltd		3,470
	120,697		Agrium, Inc (Toronto)		10,599
	41,433		Alimentation Couche Tard, Inc		1,208
	85,824	e	ARC Energy Trust		2,226
	83,887	*,e	Athabasca Oil Sands Corp		1,322

199

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	185,255	e	Bank of Montreal	$	11,784
	409,159	e	Bank of Nova Scotia		24,648
	438,708		Barrick Gold Corp		19,869
	825,481		Barrick Gold Corp (Canada)		37,480
	31,794	e	Baytex Energy Trust		1,738
	222,952	e	BCE, Inc		8,743
	21,030		Bell Aliant Regional Communications Income Fund		626
	94,954		Biovail Corp		4,937
	504,173		Bombardier, Inc		3,633
	37,802	e	Bonavista Energy Trust		1,120
	189,382		Brookfield Asset Management, Inc		6,301
	84,112	e	CAE, Inc		1,135
	129,896	e	Cameco Corp		3,426
	150,294	e	Canadian Imperial Bank of Commerce/Canada		11,867
	356,164		Canadian National Railway Co		28,487
	488,824	e	Canadian Natural Resources Ltd (Canada)		20,492
	151,933	e	Canadian Oil Sands Trust		4,384
	164,553		Canadian Pacific Railway Ltd		10,266
	25,788		Canadian Tire Corp Ltd		1,687
	29,818		Canadian Utilities Ltd		1,732
	39,785	e	Canadian Western Bank		1,271
	629,856		Cenovus Energy, Inc		23,772
	266,944		Cenovus Energy, Inc		10,053
	46,523		Centerra Gold, Inc		772
	522,251	*	CGI Group, Inc		12,893
	55,672	e	CI Financial Corp		1,322
	489,990	e	Crescent Point Energy Corp		22,644
	62,335	*,g,m	Crescent Point Energy Corp 144A		2,881
	172,972		Eldorado Gold Corp		2,552
	9,499		Empire Co Ltd		551
	287,896	e	Enbridge, Inc		9,361
	242,202	e	EnCana Corp		7,479
	61,895	e	Enerplus Resources Fund		1,954
	9,887	e	Ensign Energy Services, Inc		196
	7,008		Fairfax Financial Holdings Ltd		2,805
	59,497		Finning International, Inc		1,764
	57,193	e	Fortis, Inc		1,918
	40,995	e	Franco-Nevada Corp		1,530
	17,035		George Weston Ltd		1,235
	38,123		Gildan Activewear, Inc		1,344
	258,667		Goldcorp, Inc		12,512
	99,600	e	Great-West Lifeco, Inc		2,631
	91,901	e	Husky Energy, Inc		2,506
	120,869	e	IAMGOLD Corp		2,273
	41,245	e	IGM Financial, Inc		2,162
	103,265	e	Imperial Oil Ltd		4,810
	27,497		Industrial Alliance Insurance and Financial Services, Inc		1,143
	17,092		Inmet Mining Corp		1,230
	73,847	*	Ivanhoe Mines Ltd		1,866
	353,329		Kinross Gold Corp		5,580
	36,836	e	Loblaw Cos Ltd		1,488
	1,799	*,e	Lululemon Athletica, Inc		201

200

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	120,000		Magna International, Inc - Class A (NY)	$	6,485
	76,663	e	Magna International, Inc (Class A)		4,145
	1,000	e	Manitoba Telecom Services, Inc		34
	575,555	e	Manulife Financial Corp		10,193
	34,787	*	MEG Energy Corp		1,815
	36,429	e	Metro, Inc		1,813
	56,861	e	National Bank of Canada		4,612
	183,808		Nexen, Inc		4,143
	15,998	e	Niko Resources Ltd		999
	31,329		Onex Corp		1,214
	20,124	*,e	Open Text Corp		1,290
	96,229	*	Osisko Mining Corp		1,496
	32,791		Pan American Silver Corp		1,016
	92,021	e	Pengrowth Energy Trust		1,159
	156,647	e	Penn West Energy Trust		3,617
	26,700	e	PetroBakken Energy Ltd		367
	5,000	*	Petrobank Energy & Resources Ltd		73
	103,071	e	Petrominerales Ltd		3,025
	282,276		Potash Corp of Saskatchewan Toronto		16,121
	121,585	e	Power Corp Of Canada		3,390
	86,578	e	Power Financial Corp		2,670
	250,000	*	Precision Drilling Trust		3,590
	59,023	e	ProEx Energy Ltd		840
	12,257	e	Provident Energy Trust		110
	157,463	*	Research In Motion Ltd (Canada)		4,552
	39,915		RioCan Real Estate Investment Trust		1,074
	34,449	e	Ritchie Bros Auctioneers, Inc		949
	161,616	e	Rogers Communications, Inc (Class B)		6,400
	564,987	e	Royal Bank of Canada (Toronto)		32,296
	49,622	e	Saputo, Inc		2,393
	127,246	*,e	Shaw Communications, Inc (B Shares)		2,901
	13,800		Sherritt International Corp		88
	75,313	e	Shoppers Drug Mart Corp		3,100
	113,945		Silver Wheaton Corp		3,761
	79,781	*,e	Sino-Forest Corp		265
	52,887		SNC-Lavalin Group, Inc		3,229
	188,343	e	Sun Life Financial, Inc		5,673
	1,784,235		Suncor Energy, Inc		69,930
	330,744		Suncor Energy, Inc (NY)		12,932
	336,917		Talisman Energy, Inc		6,920
	186,479		Teck Cominco Ltd		9,478
	19,015		TELUS Corp		1,047
	51,371	e	TELUS Corp, non-voting shares		2,707
	149,525	*	Thompson Creek Metals Co, Inc		1,492
	123,668	e	Thomson Corp (Toronto)		4,643
	22,685		Tim Hortons, Inc		1,107
	57,257		Tim Hortons, Inc (Toronto)		2,796
	105,818	e	TMX Group, Inc		4,806
	376,204	e	Toronto-Dominion Bank		31,900
	31,042	*	Tourmaline Oil Corp		1,031
	72,318	e	TransAlta Corp		1,544
	228,481	e	TransCanada Corp		10,033

201

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	206,116	e	Trican Well Service Ltd	$	4,843
	25,189	e	Vermilion Energy Trust		1,332
	120,175		Viterra, Inc		1,306
	244,660		Yamana Gold, Inc		2,856
	160,508	e	Yellow Pages Income Fund		399
			TOTAL CANADA		683,879
CHILE - 0.0%
	300,000		Empresa Nacional de Telecomunicaciones S.A.		6,091
			TOTAL CHILE		6,091
CHINA - 0.6%
	2,400,000	e	Agile Property Holdings Ltd		3,735
	6,718,000	e	Agricultural Bank of China		3,547
	5,510,000	e	Air China Ltd		5,737
	18,230,600		Bank of China Ltd		8,923
	2,227,000	e	Bank of Communications Co Ltd		2,140
	334,448		BOC Hong Kong Holdings Ltd		974
	1,500,000	*	Brilliance China Automotive Holdings Ltd		1,700
			Changsha Zoomlion Heavy Industry Science and Technology
	14,760,200	e	Development Co Ltd		28,261
	1,015,000		China Aoyuan Property Group Ltd		177
	5,000,000	*,e	China Shipping Container Lines Co Ltd		1,699
	2,910,000		CNOOC Ltd		6,854
	189,000	e	Glorious Property Holdings Ltd		59
	2,300,000		Great Wall Motor Co Ltd		3,808
	10,221,000		Industrial & Commercial Bank of China		7,796
	5,338,300	e	KWG Property Holding Ltd		3,570
	17,536	*,e	RENREN,Inc (ADR)		155
	11,112,000	e	Shandong Weigao Group Medical Polymer Co Ltd		16,047
	7,411,365	e	Sino-Ocean Land Holdings Ltd		3,784
			TOTAL CHINA		98,966
COLOMBIA - 0.0%
	81,891		Pacific Rubiales Energy Corp (Toronto)		2,195
			TOTAL COLOMBIA		2,195
CYPRUS - 0.0%
	96,315		Bank of Cyprus Public Co Ltd		284
			TOTAL CYPRUS		284
DENMARK - 0.6%
	72		AP Moller - Maersk AS (Class A)		596
	135		AP Moller - Maersk AS (Class B)		1,165
	11,703		Carlsberg AS (Class B)		1,274
	763,542		Christian Hansen Holding		18,142
	2,548		Coloplast AS (Class B)		387
	151,155	*	Danske Bank AS		2,798
	94,597		DSV AS		2,271
	142,780		H Lundbeck AS		3,765
	422,139		Novo Nordisk AS (Class B)		52,886

202

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	6,001		Novozymes AS (B Shares)	$	978
	158,228	e	Pandora AS		4,971
	422,615	*	TDC A.S.		3,857
	30,672	*,e	Topdanmark AS		5,727
	2,869	e	TrygVesta AS		166
	26,562	*,e	Vestas Wind Systems AS		617
	2,564	*,e	William Demant Holding		232
			TOTAL DENMARK		99,832
FINLAND - 0.4%
	98,112		Elisa Oyj (Series A)		2,112
	719,736		Fortum Oyj		20,869
	65,000		KCI Konecranes Oyj		2,642
	7,143		Kesko Oyj (B Shares)		332
	38,582		Kone Oyj (Class B)		2,424
	86,564		Metso Oyj		4,921
	13,972	e	Neste Oil Oyj		219
	2,354,130		Nokia Oyj		15,186
	11,871		Nokian Renkaat Oyj		596
	215,074	e	OKO Bank (Class A)		2,782
	215,758		Orion Oyj (Class B)		5,565
	13,496	e	Outokumpu Oyj		179
	25,865		Outotec Oyj		1,472
	9,207	e	Rautaruukki Oyj		208
	54,703		Sampo Oyj (A Shares)		1,766
	8,802	e	Sanoma-WSOY Oyj		163
	514,100		Stora Enso Oyj (R Shares)		5,400
	57,068		UPM-Kymmene Oyj		1,044
	33,425	e	Wartsila Oyj (B Shares)		1,130
			TOTAL FINLAND		69,010
FRANCE - 4.6%
	148,969		Accor S.A.		6,665
	3,522,569		Accor Services		107,477
	4,246		Aeroports de Paris		399
	14,665	*,e	Air France-KLM		225
	27,156		Air Liquide		3,890
	1,453,846	*	Alcatel S.A.		8,390
	22,506	e	Alstom RGPT		1,386
	341,763		Arkema		35,152
	501,766		Atos Origin S.A.		28,343
	182,962		AXA S.A.		4,153
	650		BioMerieux		75
	224,881		BNP Paribas		17,340
	19,402		Bouygues S.A.		853
	13,053		Bureau Veritas S.A.		1,102
	19,059		Cap Gemini S.A.		1,116
	66,360	e	Carrefour S.A.		2,728
	6,078		Casino Guichard Perrachon S.A.		573
	3,508		Christian Dior S.A.		551
	19,124		CNP Assurances		416
	450,624		Compagnie de Saint-Gobain		29,208

203

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	15,762	*	Compagnie Generale de Geophysique S.A.	$	578
	1	*	Compagnie Generale de Geophysique-Veritas (ADR)		0	^
	26,099		Compagnie Generale d’Optique Essilor International S.A.		2,118
	102,139		Credit Agricole S.A.		1,534
	7,909	e	Dassault Systemes S.A.		673
	4,427	e	Eiffage S.A.		293
	32,512	e	Electricite de France		1,275
	591		Eramet		196
	3,322		Eurazeo		242
	8,118		Eutelsat Communications		365
	100,000		Faurecia		4,289
	3,379		Fonciere Des Regions		358
	133,731	e	France Telecom S.A.		2,844
	144,843		Gaz de France		5,294
	2,306		Gecina S.A.		322
	647,257		Groupe Danone		48,320
	32,764		Groupe Eurotunnel S.A.		367
	2,373		ICADE		292
	1,239	e	Iliad S.A.		166
	3,917		Imerys S.A.		276
	623,431	*	JC Decaux S.A.		20,005
	12,633		Klepierre		522
	21,990	e	Lafarge S.A.		1,401
	7,465		Lagardere S.C.A.		316
	16,815		Legrand S.A.		708
	19,327		L’Oreal S.A.		2,508
	125,354		LVMH Moet Hennessy Louis Vuitton S.A.		22,526
	3,982		M6-Metropole Television		92
	14,488		Michelin (C.G.D.E.) (Class B)		1,419
	94,855		Natixis		476
	4,021	e	Neopost S.A.		345
	19,566	e	Pernod-Ricard S.A.		1,930
	704,202	e	Peugeot S.A.		31,591
	7,357		PPR		1,310
	10,304	e	Publicis Groupe S.A.		575
	452,900		Remy Cointreau S.A.		38,093
	20,816		Renault S.A.		1,235
	245,000	e	Rexel S.A.		6,069
	22,862		Safran S.A.		976
	929,245		Sanofi-Aventis		74,750
	131,098		Schneider Electric S.A.		21,889
	18,408		SCOR		522
	3,944		Societe BIC S.A.		381
	1,065		Societe Des Autoroutes Paris-Rhin-Rhone		73
	66,594		Societe Generale		3,944
	7,310		Societe Television Francaise 1		133
	7,821		Sodexho Alliance S.A.		613
	16,975		Suez Environnement S.A.		338
	328,277		Technip S.A.		35,188
	12,203		Thales S.A.		526
	538,644		Total S.A.		31,141
	11,337		Unibail		2,619

204

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	256,900	e	Valeo S.A.	$	17,574
	458,065		Vallourec		55,844
	21,986		Veolia Environnement		619
	47,724		Vinci S.A.		3,063
	132,847		Vivendi Universal S.A.		3,703
	2,059		Wendel		253
			TOTAL FRANCE		705,114
GERMANY - 3.2%
	17,094		Adidas-Salomon AG.		1,355
	449,210	e	Aixtron AG.		15,332
	311,750		Allianz AG.		43,474
	2,470		Axel Springer AG.		122
	320,539		BASF AG.		31,420
	930,304		Bayer AG.		74,720
	107,694		Bayerische Motoren Werke AG.		10,754
	448		Bayerische Motoren Werke AG. (Preference)		28
	293,668		Beiersdorf AG.		19,080
	65,917	e	Brenntag AG.		7,667
	11,316		Celesio AG.		226
	258,355	*	Commerzbank AG.		1,113
	4,797	*	Continental AG.		505
	616,807		DaimlerChrysler AG. (EUR)		46,514
	71,169		Deutsche Bank AG.		4,200
	25,338		Deutsche Boerse AG.		1,924
	25,111		Deutsche Lufthansa AG.		547
	93,287		Deutsche Post AG.		1,793
	4,067	*	Deutsche Postbank AG.		134
	1,033,233		Deutsche Telekom AG.		16,123
	210,684		E.ON AG.		5,989
	3,961	e	Fraport AG. Frankfurt Airport Services Worldwide		318
	26,242		Fresenius Medical Care AG.		1,963
	13,861		Fresenius SE		1,447
	60,000		Fuchs Petrolub AG. (Preference)		3,339
	10,940		GEA Group AG.		392
	1,147	e	Hamburger Hafen und Logistik AG.		50
	7,777		Hannover Rueckversicherung AG.		404
	15,426		HeidelbergCement AG.		987
	14,307		Henkel KGaA		820
	119,577		Henkel KGaA (Preference)		8,315
	2,666		Hochtief AG.		223
	859,079		Infineon Technologies AG.		9,653
	18,818		K+S AG.		1,445
	156,772	*	Kabel Deutschland Holding AG.		9,657
	330,600		Kloeckner & Co AG.		9,959
	302,417		Lanxess AG.		24,807
	10,632		Linde AG.		1,865
	6,649	*	MAN SE		894
	4,075		Merck KGaA		443
	13,574		Metro AG.		822
	53,000		MTU Aero Engines Holding AG.		4,233

205

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	185,277		Muenchener Rueckver AG.	$	28,283
	14,811		Porsche AG.		1,175
	4,610	e	ProSiebenSat.1 Media AG.		131
	77,355		Rheinmetall AG.		6,843
	39,166		RWE AG.		2,176
	3,812		RWE AG. (Preference)		195
	4,442		Salzgitter AG.		339
	393,736		SAP AG.		23,872
	292,286		Siemens AG.		40,166
	851	e	Solarworld AG.		11
	172,429	*	Stroer Out-of-Home Media AG.		4,791
	7,268		Suedzucker AG.		259
	36,763		ThyssenKrupp AG.		1,910
	8,545	*	TUI AG.		93
	7,494	e	United Internet AG.		158
	2,515		Volkswagen AG.		463
	41,804		Volkswagen AG. (Preference)		8,645
	967		Wacker Chemie AG.		209
			TOTAL GERMANY		484,775
GIBRALTAR - 0.0%
	1,700,000	*	PartyGaming plc		4,087
			TOTAL GIBRALTAR		4,087
GREECE - 0.0%
	55,014	*	Alpha Bank S.A.		277
	23,905		Coca Cola Hellenic Bottling Co S.A.		642
	162,767		Costamare, Inc		2,758
	35,128	*	EFG Eurobank Ergasias S.A.		165
	4,318		Hellenic Petroleum S.A.		41
	20,067		Hellenic Telecommunications Organization S.A.		187
	36,466		Marfin Investment Group S.A		33
	99,687	*	National Bank of Greece S.A.		717
	52,125		OPAP S.A.		814
	14,221	*	Piraeus Bank S.A.		22
	10,736		Public Power Corp		154
	2,719		Titan Cement Co S.A.		66
			TOTAL GREECE		5,876
HONG KONG - 0.8%
	4,362,000	*	AIA Group Ltd		15,184
	14,058	e	ASM Pacific Technology		193
	138,005	e	Bank of East Asia Ltd		568
	83,237	e	Cathay Pacific Airways Ltd		194
	584,111		Cheung Kong Holdings Ltd		8,578
	31,661	e	Cheung Kong Infrastructure Holdings Ltd		165
	6,500,000	e	China Resources Cement Holdings Ltd		6,140
	10,170	e	Chinese Estates Holdings Ltd		17
	591,956		CLP Holdings Ltd		5,251
	276,131		Esprit Holdings Ltd		863
	2,209,200	*,e	Galaxy Entertainment Group Ltd		4,752
	202,927		Hang Lung Group Ltd		1,289

206

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	546,337		Hang Lung Properties Ltd	$	2,246
	277,470	e	Hang Seng Bank Ltd		4,439
	279,005	e	Henderson Land Development Co Ltd		1,804
	1,414,690		Hong Kong & China Gas Ltd		3,218
	372,779		Hong Kong Electric Holdings Ltd		2,822
	278,685	e	Hong Kong Exchanges and Clearing Ltd		5,868
	56,717		Hopewell Holdings		180
	363,700	*	Hutchison Port Holdings Trust		307
	303,416		Hutchison Whampoa Ltd		3,287
	45,294		Hysan Development Co Ltd		225
	64,927		Kerry Properties Ltd		314
	1,640,638		Li & Fung Ltd		3,279
	42,000	e	Lifestyle International Holdings Ltd		123
	205,842		Link Real Estate Investment Trust		703
	1,301,200	*	MGM China Holdings Ltd		2,394
	405,415		MTR Corp		1,442
	3,188,200		New World Development Ltd		4,840
	724	*	Newton Resources Ltd		0	^
	286,640	e	Noble Group Ltd		462
	130,887		NWS Holdings Ltd		175
	15,364		Orient Overseas International Ltd		99
	279,749		PCCW Ltd		121
	26,330,000		Rexcapital Financial Holdings Ltd		2,547
	33,140,500	e	Ruinian International Ltd		21,860
	2,192,000	e	Shanghai Real Estate Ltd		172
	101,270		Shangri-La Asia Ltd		249
	215,142		Sino Land Co		346
	113,000		SJM Holdings Ltd		269
	28,673,611		Solomon Systech International Ltd		1,402
	344,222		Sun Hung Kai Properties Ltd		5,032
	153,793		Swire Pacific Ltd (Class A)		2,264
	378,793		Wharf Holdings Ltd		2,642
	83,000		Wheelock & Co Ltd		334
	18,372		Wing Hang Bank Ltd		202
	5,000,000	e	Xinyi Glass Holdings Co Ltd		4,978
	52,589	e	Yue Yuen Industrial Holdings		167
			TOTAL HONG KONG		124,006
INDIA - 0.5%
	29,863		Bank of Baroda		585
	484,179		Bank of India		4,492
	35,020		Bharat Heavy Electricals		1,610
	590,000		Crompton Greaves Ltd		3,427
	675,371		Dabur India Ltd		1,725
	1,587,287	*	DEN Networks Ltd		3,105
	1,384,466		Dhanalakshmi Bank Ltd		3,639
	2,557,076		DLF Ltd		12,083
	199,312		Engineers India Ltd		1,225
	1,574,832		Geodesic Information Systems Ltd		2,488
	557,610	*	Hathway Cables and Datacom Pvt Ltd		1,539
	12,886		HDFC Bank Ltd		728
	3,822		ICICI Bank Ltd		94

207

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	89,112	e	Infosys Technologies Ltd (ADR)	$	5,813
	813,052		ITC Ltd		3,699
	200,000		Pantaloon Retail India Ltd		1,377
	760,625	f	Puravankara Projects Ltd (purchased 11/26/07, cost $2,194)		1,490
	60,361		Sobha Developers Ltd		351
	675,935		Sun Pharmaceuticals Industries Ltd		7,545
	339,989		Sun TV Network Ltd		2,646
	882,454		Sunteck Realty Ltd		5,914
	87,014		Tata Consultancy Services Ltd		2,312
	38,959		Tata Power Co Ltd		1,142
	5,484,238		Unitech Ltd		3,933
	7,590	e	Vedanta Resources plc		255
			TOTAL INDIA		73,217
INDONESIA - 0.3%
	12,045,000		Bank Rakyat Indonesia		9,162
	816,563		PT Astra International Tbk		6,070
	12,000,000		PT Bank Negara Indonesia		5,441
	5,001,000		PT Harum Energy Indonesia Tbk		5,583
	9,500,000		PT Indofood Sukses Makmur Tbk		6,386
	2,834,800		PT Tambang Batubara Bukit Asam Tbk		6,892
			TOTAL INDONESIA		39,534
IRELAND - 0.5%
	102,374		Accenture plc		6,185
	147,992	*,m	Anglo Irish Bank Corp plc		0	^
	70,980		CRH plc		1,573
	6,125		CRH plc (IRELAND)		137
	52,053	*	Elan Corp plc		597
	800	*	Elan Corp plc (ADR)		9
	18,102		Kerry Group plc (Class A)		746
	30,905		Ryanair Holdings plc		158
	1,500		Ryanair Holdings plc (ADR)		44
	1,304,880		Shire Ltd		40,799
	96,849		Shire plc (ADR)		9,124
	1,103,671	*	Smurfit Kappa Group plc		13,156
			TOTAL IRELAND		72,528
ISRAEL - 0.1%
	67,188	*	Bank Hapoalim Ltd		336
	75,280		Bank Leumi Le-Israel		356
	111,157		Bezeq Israeli Telecommunication Corp Ltd		281
	3,056		Cellcom Israel Ltd		85
	70,000	*	Check Point Software Technologies		3,980
	246		Delek Group Ltd		55
	1,455		Elbit Systems Ltd		69
	28,201		Israel Chemicals Ltd		450
	142		Israel Corp Ltd		155
	48,116	*	Israel Discount Bank Ltd		95
	14,241		Makhteshim-Agan Industries Ltd		80
	7,799		Mizrahi Tefahot Bank Ltd		83
	3,926	*	Nice Systems Ltd		142

208

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	5,259		Partner Communications	$	79
	59,095		Teva Pharmaceutical Industries Ltd		2,850
			TOTAL ISRAEL		9,096
ITALY - 1.2%
	3,300,601	e	A2A S.p.A.		5,141
	228,506		ACEA S.p.A.		2,344
	128,803		Assicurazioni Generali S.p.A.		2,715
	11,875	e	Autogrill S.p.A.		156
	32,897		Autostrade S.p.A.		701
	66,957	e	Banca Carige S.p.A.		152
	9,756,975		Banca Intesa S.p.A.		25,981
	102,146		Banca Intesa S.p.A. RSP		220
	263,798	e	Banca Monte dei Paschi di Siena S.p.A.		200
	18,602	e	Banca Popolare di Milano		44
	64,696	e	Banche Popolari Unite Scpa		364
	144,638		Banco Popolare Scarl		333
	7,368		Beni Stabili S.p.A. (Paris)		7
	332,000		De’Longhi S.p.A.		3,877
	1,180,100		Enel Green Power S.p.A		3,255
	1,837,542	e	Enel S.p.A.		12,007
	425,178		ENI S.p.A.		10,076
	7,370		Exor S.p.A.		231
	1,134,192	*	FIAT Industrial S.p.A.		14,649
	784,030	e	Fiat S.p.A.		8,615
	53,087		Finmeccanica S.p.A.		642
	2,895	e	Fondiaria-Sai S.p.A.		11
	3,331	e	Italcementi S.p.A.		31
	337,741		Lottomatica S.p.A.		6,551
	12,581		Luxottica Group S.p.A.		404
	77,290	e	Mediaset S.p.A.		363
	55,076		Mediobanca S.p.A.		558
	10,301	e	Mediolanum S.p.A.		48
	161,044		Parmalat S.p.A.		606
	11,033	*,e	Pirelli & C Real Estate S.p.A.		8
	476,286	e	Pirelli & C S.p.A.		5,150
	17,936	e	Prysmian S.p.A.		361
	1,241,261		Saipem S.p.A.		64,099
	13,407	*,e	Saras S.p.A.		29
	227,510		Snam Rete Gas S.p.A.		1,347
	380,468		Telecom Italia RSP		443
	864,261		Telecom Italia S.p.A.		1,202
	562,638	e	Terna Rete Elettrica Nazionale S.p.A.		2,616
	1,558,960		UniCredito Italiano S.p.A.		3,300
	34,384		Unipol Gruppo Finanziario S.p.A.		19
	286,000	*,e	Yoox S.p.A		5,265
			TOTAL ITALY		184,121
JAPAN - 7.4%
	36,000		77 Bank Ltd		157
	1,600		ABC-Mart, Inc		65
	970	*,e	Acom Co Ltd		16

209

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	4,924	*	Advance Residence Investment Corp	$	10,306
	19,942	e	Advantest Corp		367
	200,009	e	Aeon Co Ltd		2,414
	8,503		Aeon Credit Service Co Ltd		116
	8,600		Aeon Mall Co Ltd		208
	8,000		Air Water, Inc		96
	214,442		Aisin Seiki Co Ltd		8,298
	299,529		Ajinomoto Co, Inc		3,556
	5,757	e	Alfresa Holdings Corp		224
	48,435	e	All Nippon Airways Co Ltd		158
	601,744		Amada Co Ltd		4,627
	4,007,848	e	Aozora Bank Ltd		9,290
	53,307	e	Asahi Breweries Ltd		1,074
	232,773	e	Asahi Glass Co Ltd		2,724
	409,834		Asahi Kasei Corp		2,762
	9,000		Asics Corp		134
	115,341		Astellas Pharma, Inc		4,475
	79,653	e	Bank of Kyoto Ltd		733
	320,971		Bank of Yokohama Ltd		1,605
	49,753		Benesse Corp		2,137
	201,704	e	Bridgestone Corp		4,647
	75,100		Brother Industries Ltd		1,111
	3,200	*,e	Canon Marketing Japan, Inc		36
	363,997	e	Canon, Inc		17,314
	763,900	e	Capcom Co Ltd		17,622
	80,723	e	Casio Computer Co Ltd		570
	500		Central Japan Railway Co		3,931
	265,323		Chiba Bank Ltd		1,660
	441,000	e	Chiyoda Corp		5,083
	217,266		Chubu Electric Power Co, Inc		4,243
	158,058	e	Chugai Pharmaceutical Co Ltd		2,592
	37,100	e	Chugoku Bank Ltd		459
	89,253	e	Chugoku Electric Power Co, Inc		1,545
	14,442		Citizen Watch Co Ltd		86
	6,271	e	Coca-Cola West Japan Co Ltd		120
	188,343	e	Cosmo Oil Co Ltd		536
	316,455		Credit Saison Co Ltd		5,327
	103,076	e	Dai Nippon Printing Co Ltd		1,162
	15,630		Daicel Chemical Industries Ltd		103
	55,698		Daido Steel Co Ltd		373
	79,290	*,e	Daihatsu Motor Co Ltd		1,349
	772		Dai-ichi Mutual Life Insurance Co		1,083
	144,897		Daiichi Sankyo Co Ltd		2,831
	24,846		Daikin Industries Ltd		881
	27,000		Dainippon Ink and Chemicals, Inc		64
	17,463		Dainippon Sumitomo Pharma Co Ltd		166
	64,011		Daito Trust Construction Co Ltd		5,435
	51,856		Daiwa House Industry Co Ltd		654
	98,300	*,e	Daiwa Securities Group, Inc		433
	26,700		Dena Co Ltd		1,148
	167,676		Denki Kagaku Kogyo KK		808
	340,045		Denso Corp		12,647

210

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	17,655		Dentsu, Inc	$	523
	1,022	*,e	Digital Garage, Inc		4,173
	12,000		Dowa Holdings Co Ltd		74
	96,052		East Japan Railway Co		5,501
	46,217	e	Eisai Co Ltd		1,803
	15,739	e	Electric Power Development Co		425
	19,008	*,e	Elpida Memory, Inc		224
	6,444		FamilyMart Co Ltd		237
	73,843	*	Fanuc Ltd		12,348
	15,118		Fast Retailing Co Ltd		2,445
	35,900		FCC Co Ltd		861
	32,822	*,e	Fuji Electric Holdings Co Ltd		103
	284,884		Fuji Folms Holdings Corp		8,885
	370,342		Fuji Heavy Industries Ltd		2,878
	525		Fuji Television Network, Inc		777
	407,991		Fujitsu Ltd		2,332
	170,167		Fukuoka Financial Group, Inc		711
	203,805		Furukawa Electric Co Ltd		851
	120	e	Global One Real Estate Investment Corp		1,003
	220,500	*,e	Gree, Inc		4,820
	40,110	e	GS Yuasa Corp		268
	77,879		Gunma Bank Ltd		412
	79,842	e	Hachijuni Bank Ltd		449
	2,635		Hakuhodo DY Holdings, Inc		141
	63,937		Hamamatsu Photonics KK		2,764
	53,000		Hankyu Hanshin Holdings, Inc		210
	14,182		Hino Motors Ltd		83
	3,187		Hirose Electric Co Ltd		327
	61,744		Hiroshima Bank Ltd		269
	23,500	e	Hisamitsu Pharmaceutical Co, Inc		1,001
	11,152		Hitachi Chemical Co Ltd		221
	5,922	e	Hitachi Construction Machinery Co Ltd		133
	296,500		Hitachi High-Technologies Corp		6,496
	7,575,685	e	Hitachi Ltd		44,962
	44,000	e	Hitachi Metals Ltd		622
	42,682	e	Hokkaido Electric Power Co, Inc		710
	158,446		Hokuhoku Financial Group, Inc		314
	43,875	e	Hokuriku Electric Power Co		837
	1,149,368	e	Honda Motor Co Ltd		44,282
	100,753	*	Hoya Corp		2,231
	96,166	*,e	Ibiden Co Ltd		3,011
	103,247		Idemitsu Kosan Co Ltd		11,019
	601		Inpex Holdings, Inc		4,443
	128,681	*	Isetan Mitsukoshi Holdings Ltd		1,261
	1,478,178		Ishikawajima-Harima Heavy Industries Co Ltd		3,820
	189,169		Isuzu Motors Ltd		896
	3,200		Ito En Ltd		57
	1,241,423		Itochu Corp		12,912
	12,162	e	Itochu Techno-Science Corp		432
	49,652	e	Iyo Bank Ltd		457
	268,989	e	J Front Retailing Co Ltd		1,188
	9,300		Japan Petroleum Exploration Co		437

211

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	470	e	Japan Prime Realty Investment Corp	$	1,245
	151		Japan Real Estate Investment Corp		1,486
	158	*	Japan Retail Fund Investment Corp		243
	425,428		Japan Steel Works Ltd		2,916
	1,077		Japan Tobacco, Inc		4,157
	142,604		JFE Holdings, Inc		3,922
	237,978	e	JGC Corp		6,520
	124,624		Joyo Bank Ltd		524
	26,523		JS Group Corp		684
	19,153		JSR Corp		371
	243,203		JTEKT Corp		3,584
	218		Jupiter Telecommunications Co		244
	736,400		JX Holdings, Inc		4,953
	287,372	e	Kajima Corp		824
	880	e	Kakaku.com, Inc		6,188
	28,126		Kamigumi Co Ltd		263
	30,900		Kaneka Corp		203
	239,574		Kansai Electric Power Co, Inc		4,771
	22,480	e	Kansai Paint Co Ltd		205
	31,853		Kao Corp		838
	2,383,212		Kawasaki Heavy Industries Ltd		9,495
	339,817	e	Kawasaki Kisen Kaisha Ltd		1,188
	1,342		KDDI Corp		9,656
	156,722	e	Keihin Electric Express Railway Co Ltd		1,130
	196,310	e	Keio Corp		1,083
	91,426		Keisei Electric Railway Co Ltd		541
	10,685		Keyence Corp		3,034
	45,795	e	Kikkoman Corp		483
	14,131		Kinden Corp		121
	375,914	e	Kintetsu Corp		1,207
	232,849	e	Kirin Brewery Co Ltd		3,246
	756,084		Kobe Steel Ltd		1,719
	6,000	*	Koito Manufacturing Co Ltd		105
	411,822		Komatsu Ltd		12,858
	5,473		Konami Corp		130
	50,113		Konica Minolta Holdings, Inc		419
	68,158		Kubota Corp		605
	49,887		Kuraray Co Ltd		731
	8,897		Kurita Water Industries Ltd		265
	53,212		Kyocera Corp		5,418
	78,486	e	Kyowa Hakko Kogyo Co Ltd		749
	115,784		Kyushu Electric Power Co, Inc		2,085
	19,951		Lawson, Inc		1,047
	6,500	*,e	Leopalace21 Corp		9
	2,816		Mabuchi Motor Co Ltd		142
	18,336	*	Makita Corp		854
	1,301,072		Marubeni Corp		8,647
	13,809		Marui Co Ltd		105
	4,696		Maruichi Steel Tube Ltd		116
	181,955		Matsushita Electric Industrial Co Ltd		2,225
	1,439,150	e	Mazda Motor Corp		3,792
	3,900	e	McDonald’s Holdings Co Japan Ltd		99

212

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	15,912		Mediceo Paltac Holdings Co Ltd	$	141
	48,349		MEIJI Holdings Co Ltd		2,038
	42,664		Millea Holdings, Inc		1,194
	20,716		Minebea Co Ltd		111
	3,100		Miraca Holdings, Inc		126
	430,719		Mitsubishi Chemical Holdings Corp		3,052
	902,967		Mitsubishi Corp		22,554
	1,421,037		Mitsubishi Electric Corp		16,507
	375,705		Mitsubishi Estate Co Ltd		6,594
	39,160		Mitsubishi Gas Chemical Co, Inc		287
	1,408,150	e	Mitsubishi Heavy Industries Ltd		6,621
	11,262		Mitsubishi Logistics Corp		127
	1,572,293		Mitsubishi Materials Corp		4,954
	470,130	*,e	Mitsubishi Motors Corp		574
	5,766,754	e	Mitsubishi UFJ Financial Group, Inc		28,103
	6,120		Mitsubishi UFJ Lease & Finance Co Ltd		237
	1,627,904		Mitsui & Co Ltd		28,148
	280,087		Mitsui Chemicals, Inc		1,021
	42,875		Mitsui Engineering & Shipbuilding Co Ltd		94
	465,137		Mitsui Fudosan Co Ltd		8,011
	27,000		Mitsui Mining & Smelting Co Ltd		91
	120,499		Mitsui OSK Lines Ltd		648
	59,120		Mitsui Sumitomo Insurance Group Holdings, Inc		1,384
	2,627,749	e	Mitsui Trust Holdings, Inc		9,146
	7,184,498		Mizuho Financial Group, Inc		11,809
	296,872		Mizuho Trust & Banking Co Ltd		263
	48,920		Murata Manufacturing Co Ltd		3,271
	5,600		Nabtesco Corp		136
	11,106	e	Namco Bandai Holdings, Inc		134
	153,615	*	NEC Corp		351
	54,179		NGK Insulators Ltd		1,009
	15,988		NGK Spark Plug Co Ltd		221
	87,138		NHK Spring Co Ltd		891
	13,706	e	Nidec Corp		1,280
	78,681	e	Nikon Corp		1,861
	33,158		Nintendo Co Ltd		6,227
	154	e	Nippon Building Fund, Inc		1,505
	95,175		Nippon Electric Glass Co Ltd		1,221
	89,441		Nippon Express Co Ltd		362
	10,944		Nippon Meat Packers, Inc		157
	10,387	*,e	Nippon Paper Group, Inc		230
	80,507		Nippon Sheet Glass Co Ltd		250
	1,341,884	e	Nippon Steel Corp		4,353
	449,130		Nippon Telegraph & Telephone Corp		21,662
	869,408		Nippon Yusen Kabushiki Kaisha		3,231
	42,721		Nishi-Nippon City Bank Ltd		126
	6,000		Nissan Chemical Industries Ltd		66
	878,443		Nissan Motor Co Ltd		9,232
	60,618		Nisshin Seifun Group, Inc		758
	75,321		Nisshin Steel Co Ltd		144
	10,635	e	Nissin Food Products Co Ltd		387
	20,423		Nitori Co Ltd		1,938

213

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	30,937		Nitto Denko Corp	$	1,572
	153,834		NKSJ Holdings, Inc		1,015
	83,251	*	NOK Corp		1,427
	672,163	*	Nomura Holdings, Inc		3,317
	10,274		Nomura Real Estate Holdings, Inc		171
	91		Nomura Real Estate Office Fund, Inc		602
	12,610	e	Nomura Research Institute Ltd		276
	25,911		NSK Ltd		259
	1,733,948		NTN Corp		9,878
	330		NTT Data Corp		1,097
	5,042		NTT DoCoMo, Inc		9,005
	400		NTT Urban Development Corp		343
	210,259		Obayashi Corp		918
	320		Obic Co Ltd		60
	209,398	e	Odakyu Electric Railway Co Ltd		1,663
	87,797	e	OJI Paper Co Ltd		421
	27,012	e	Olympus Corp		911
	71,002		Omron Corp		1,974
	78,998		Ono Pharmaceutical Co Ltd		4,226
	14,417	e	Oriental Land Co Ltd		1,223
	407,759	*,e	ORIX Corp		39,663
	636,981	e	Osaka Gas Co Ltd		2,416
	1,687		Otsuka Corp		105
	14,700		Otsuka Holdings KK		389
	740,500	e	Park24 Co Ltd		7,699
	31,614	*,e	Rakuten, Inc		32,720
	192,130		Resona Holdings, Inc		904
	263,581	e	Ricoh Co Ltd		2,924
	124,599		Rinnai Corp		8,998
	20,324		Rohm Co Ltd		1,166
	3,180		Sankyo Co Ltd		164
	11,056		Santen Pharmaceutical Co Ltd		448
	11,000	e	Sapporo Holdings Ltd		45
	1,174	*	SBI Holdings, Inc		109
	55,334		Secom Co Ltd		2,653
	1,240,443		Sega Sammy Holdings, Inc		23,978
	7,683		Seiko Epson Corp		133
	465,951		Sekisui Chemical Co Ltd		3,981
	53,920		Sekisui House Ltd		502
	228,981		Seven & I Holdings Co Ltd		6,158
	664		Seven Bank Ltd		1,327
	113,106	*,e	Sharp Corp		1,032
	48,719	e	Shikoku Electric Power Co, Inc		1,106
	26,982		Shimadzu Corp		247
	1,297		Shimamura Co Ltd		124
	3,881	e	Shimano, Inc		214
	182,062	e	Shimizu Corp		759
	74,400		Shin-Etsu Chemical Co Ltd		3,988
	3,500	e	Shinko Electric Industries		33
	34,751	*	Shinko Securities Co Ltd		84
	172,649		Shinsei Bank Ltd		173
	63,473		Shionogi & Co Ltd		1,039

214

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY		VALUE (000)
	352,852		Tokyu Corp	$	1,467
	47,414		Tokyu Land Corp		201
	85,427		Toppan Printing Co Ltd		663
	408,764	e	Toray Industries, Inc		3,018
	2,700		Tosei Corp		843
	965,481		Toshiba Corp		5,090
	185,000		Toshiba Plant Systems & Services Corp		2,187
	953,647	e	Tosoh Corp		3,830
	28,681		Toto Ltd		223
	16,239		Toyo Seikan Kaisha Ltd		273
	37,099	e	Toyo Suisan Kaisha Ltd		878
	15,997		Toyoda Gosei Co Ltd		363
	7,200	e	Toyota Boshoku Corp		120
	39,661		Toyota Industries Corp		1,309
	910,548	*	Toyota Motor Corp		37,496
	22,394		Toyota Tsusho Corp		384
	5,728	*	Trend Micro, Inc		178
	7,574		Tsumura & Co		242
	309,932		UBE Industries Ltd		933
	92,951		Uni-Charm Corp		4,061
	464,500	e	United Arrows Ltd		9,818
	1,000		United Urban Investment Corp		1,152
	8,300		UNY Co Ltd		77
	356,684		Ushio, Inc		7,052
	1,303		USS Co Ltd		101
	36,000		West Japan Railway Co		1,405
	4,811	e	Yahoo! Japan Corp		1,656
	25,477	e	Yakult Honsha Co Ltd		737
	4,839		Yamada Denki Co Ltd		394
	45,666		Yamaguchi Financial Group, Inc		426
	9,388		Yamaha Corp		107
	42,983	*,e	Yamaha Motor Co Ltd		789
	39,000	e	Yamato Kogyo Co Ltd		1,215
	41,755	e	Yamato Transport Co Ltd		657
	11,553		Yamazaki Baking Co Ltd		155
	24,384		Yaskawa Electric Corp		274
	23,410	*,e	Yokogawa Electric Corp		200
	189,000		Zeon Corp		1,769
			TOTAL JAPAN		1,132,925
JERSEY, C.I. - 0.0%
	9,957	e	Randgold Resources Ltd		839
			TOTAL JERSEY, C.I.		839
KAZAKHSTAN - 0.0%
	16,077		Eurasian Natural Resources Corp		202
			TOTAL KAZAKHSTAN		202
KOREA, REPUBLIC OF - 1.2%
	100,000		Daewoo Shipbuilding & Marine Engineering Co Ltd		4,258
	80,000		Dongbu Insurance Co Ltd		4,177
	511,607	*	Duksan Hi-Metal Co Ltd		11,156

215

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	91,985		Shiseido Co Ltd	$	1,717
	173,301	e	Shizuoka Bank Ltd		1,593
	147,654		Showa Denko KK		306
	230,773	e	Showa Shell Sekiyu KK		2,143
	13,788		SMC Corp		2,486
	293,260		Softbank Corp		11,106
	131,536		Sojitz Holdings Corp		246
	332,402	*	Sony Corp		8,771
	21,800		Sony Financial Holdings, Inc		394
	3,999	e	Square Enix Co Ltd		72
	18,035		Stanley Electric Co Ltd		317
	137,900	e	Start Today Co Ltd		2,754
	12,376	*,e	Sumco Corp		210
	171,000		Sumitomo Bakelite Co Ltd		1,145
	163,883		Sumitomo Chemical Co Ltd		818
	375,063		Sumitomo Corp		5,102
	172,076	e	Sumitomo Electric Industries Ltd		2,510
	59,625	e	Sumitomo Heavy Industries Ltd		416
	2,683,400		Sumitomo Metal Industries Ltd		6,028
	148,464		Sumitomo Metal Mining Co Ltd		2,439
	759,979		Sumitomo Mitsui Financial Group, Inc		23,434
	566,256		Sumitomo Realty & Development Co Ltd		12,655
	317,963	e	Sumitomo Rubber Industries, Inc		3,848
	900		Sumitomo Titanium Corp		66
	459,654	e	Suruga Bank Ltd		4,007
	6,987		Suzuken Co Ltd		161
	117,522		Suzuki Motor Corp		2,649
	4,000		Sysmex Corp		150
	95,781		T&D Holdings, Inc		2,280
	35,000	e	Taiheiyo Cement Corp		74
	605,943	e	Taisei Corp		1,391
	193,411	e	Taisho Pharmaceutical Co Ltd		4,357
	28,357		Taiyo Nippon Sanso Corp		226
	99,718	e	Takashimaya Co Ltd		688
	286,748		Takeda Pharmaceutical Co Ltd		13,253
	23,081		Tanabe Seiyaku Co Ltd		386
	12,827	e	TDK Corp		708
	6,223,613		Teijin Ltd		27,433
	49,276		Terumo Corp		2,668
	64,876		THK Co Ltd		1,658
	283,878	e	Tobu Railway Co Ltd		1,195
	11,775		Toho Co Ltd		196
	163,000	e	Toho Gas Co Ltd		882
	125,315	e	Tohoku Electric Power Co, Inc		1,808
	13,000	e	Tokuyama Corp		65
	1,700		Tokyo Broadcasting System, Inc		21
	442,260	*,e	Tokyo Electric Power Co, Inc		1,790
	54,110		Tokyo Electron Ltd		2,959
	129,000		Tokyo Energy & Systems, Inc		732
	2,038,624		Tokyo Gas Co Ltd		9,201
	4,700		Tokyo Steel Manufacturing Co Ltd		50
	684,000	e	Tokyo Tatemono Co Ltd		2,496

216

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	232,960		Hanwha Chemical Corp	$	11,067
	20,000		Hyundai Department Store Co Ltd		3,256
	11,000		Hyundai Heavy Industries		4,591
	21,276		Hyundai Mobis		8,005
	187,097		Hyundai Motor Co		41,710
	55,000		Hyundai Steel Co		6,705
	260,000		Kangwon Land, Inc		6,980
	127,251		KB Financial Group, Inc		6,049
	583,880		Kia Motors Corp		39,720
	10,838		LG Chem Ltd		4,981
	5,695		LG Household & Health Care Ltd		2,448
	40,000		LS Cable Ltd		4,138
	4,822		Samsung Electronics Co Ltd		3,748
	23,472		Samsung Engineering Co Ltd		5,629
	120,000		Samsung Heavy Industries Co Ltd		5,378
	21,000		SFA Engineering Corp		1,049
	66,490		Shinhan Financial Group Co Ltd		3,180
	150,695		Silicon Works Co Ltd		3,965
			TOTAL KOREA, REPUBLIC OF		182,190
LUXEMBOURG - 0.1%
	94,335		ArcelorMittal		3,281
	3,265,250	*,e	L’ Occitane International S.A.		8,747
	9,878	e	Millicom International Cellular S.A.		1,035
	38,206		SES Global S.A.		1,073
			TOTAL LUXEMBOURG		14,136
MACAU - 0.2%
	12,885,700	*	Sands China Ltd		34,926
	110,000	e	Wynn Macau Ltd		360
			TOTAL MACAU		35,286
MALAYSIA - 0.1%
	3,680,000		AirAsia BHD		4,303
	1,300,000		Bumiputra-Commerce Holdings BHD		3,850
	431,384	*,e	Genting International plc		680
	1,151,800		Public Bank BHD		5,077
	30,659		YNH Property BHD		20
			TOTAL MALAYSIA		13,930
MEXICO - 0.1%
	200,000	e	Alfa S.A. de C.V. (Class A)		2,971
	37,960		America Movil S.A. de C.V. (ADR) (Series L)		2,045
	63,000	*	Fomento Economico Mexicano SAB de C.V. (ADR)		4,189
	221,303		Fresnillo plc		4,985
	2,160,800	*	Genomma Lab Internacional S.A. de C.V.		5,507
	4,000,000	*,e	Telefonos de Mexico S.A. de C.V. (Series L)		3,314
			TOTAL MEXICO		23,011

217

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
NETHERLANDS - 2.0%
	210,346	*	Aegon NV	$	1,433
	155,541		Akzo Nobel NV		9,827
	2,016	*,e	APERAM		65
	47,546		ASML Holding NV		1,754
	7,004		Boskalis Westminster		331
	195,000		Chicago Bridge & Iron Co NV		7,586
	50,000	*	CNH Global NV		1,933
	7,196		Corio NV		477
	9,687		DSM NV		629
	351,534	e	European Aeronautic Defence and Space Co		11,765
	8,627		Fugro NV		621
	14,569		Heineken Holding NV		746
	233,642		Heineken NV		14,062
	12,005,195	*	ING Groep NV		147,945
	262,700		ING Vysya Bank Ltd		2,018
	131,018		Koninklijke Ahold NV		1,762
	109,010		Koninklijke Philips Electronics NV		2,802
	4,346		Koninklijke Vopak NV		213
	171,405		LyondellBasell Industries AF S.C.A		6,603
	3,232	*	NIELSEN HOLDINGS B.V.		101
	29,678	*,e	Qiagen N.V.		569
	12,286		Randstad Holdings NV		568
	77,343		Reed Elsevier NV		1,039
	1,356,418	e	Royal Dutch Shell plc (A Shares)		48,266
	622,411		Royal Dutch Shell plc (B Shares)		22,211
	220,814		Royal KPN NV		3,212
	20,856		SBM Offshore NV		551
	101,074	*	Sensata Technologies Holding BV		3,805
	122,759	*	TNT Express NV		1,273
	121,373		TNT NV		1,028
	275,455		Unilever NV		9,041
	164,478		Unilever NV (ADR)		5,403
	31,894		Wolters Kluwer NV		707
			TOTAL NETHERLANDS		310,346
NEW ZEALAND - 0.0%
	107,371		Auckland International Airport Ltd		198
	40,927	*,e	Contact Energy Ltd		182
	76,056	e	Fletcher Building Ltd		544
	67,918	e	Sky City Entertainment Group Ltd		204
	256,851		Telecom Corp of New Zealand Ltd		523
			TOTAL NEW ZEALAND		1,651
NORWAY - 0.1%
	10,127	e	Aker Kvaerner ASA		202
	114,947		DNB NOR Holding ASA		1,601
	74,763	e	Frontline Ltd		1,102
	12,173		Gjensidige Forsikring BA		150
	100,264		Norsk Hydro ASA		768
	85,252		Orkla ASA		812
	500,000		PAN Fish ASA		401
	67,680	*,e	Renewable Energy Corp AS		116
	37,883	e	SeaDrill Ltd		1,332

218

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	122,983		Statoil ASA	$	3,113
	87,044		Telenor ASA		1,425
	20,983		Yara International ASA		1,179
			TOTAL NORWAY		12,201
PHILIPPINES - 0.1%
	7,000,000		Aboitiz Power Corp		5,070
	10,195,901	m	Ayala Land, Inc (Preference)		24
	3,771,610		Metropolitan Bank & Trust		6,101
			TOTAL PHILIPPINES		11,195
POLAND - 0.1%
	120,789		KGHM Polska Miedz S.A.		8,675
			TOTAL POLAND		8,675
PORTUGAL - 0.2%
	317,940	e	Banco Comercial Portugues S.A.		189
	58,070	e	Banco Espirito Santo S.A.		216
	14,525		Brisa-Auto Estradas de Portugal S.A.		89
	24,086	e	Cimpor Cimentos de Portugal S.A.		184
	19,686	*	EDP Renovaveis S.A.		130
	156,856		Energias de Portugal S.A.		557
	22,009	e	Galp Energia SGPS S.A.		525
	1,898,257		Jeronimo Martins SGPS S.A.		36,458
	80,414	e	Portugal Telecom SGPS S.A.		791
			TOTAL PORTUGAL		39,139
RUSSIA - 0.1%
	215,187	*,f	Pharmstandard (GDR) (purchased 10/08/10, cost $ 5,025)		4,930
	225,000	*	Sberbank Sponsored ADR		3,245
			TOTAL RUSSIA		8,175
SINGAPORE - 0.7%
	1,994,000	e	Allgreen Properties Ltd		2,602
	185,473		Ascendas Real Estate Investment Trust		308
	546,396		Avago Technologies Ltd		20,763
	833,082		CapitaLand Ltd		1,979
	664,974		CapitaMall Trust		1,014
	105,000		CapitaMalls Asia Ltd		126
	159,868	e	City Developments Ltd		1,357
	136,028		ComfortDelgro Corp Ltd		162
	78,584	e	Cosco Corp Singapore Ltd		125
	1,445,025		DBS Group Holdings Ltd		17,286
	166,511	*,e	Flextronics International Ltd		1,069
	66,103		Fraser and Neave Ltd		312
	119,000	*	Global Logistic Properties		200
	474,497		Golden Agri-Resources Ltd		264
	1,028,000		Hotel Properties Ltd		1,934
	254,945		Jardine Cycle & Carriage Ltd		8,947
	1,173,326		Keppel Corp Ltd		10,616
	51,000	e	Keppel Land Ltd		151

219

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	23,000	e	K-Green Trust	$	20
	70,465	e	Neptune Orient Lines Ltd		88
	1,218,318	e	Olam International Ltd		2,708
	682,957		Oversea-Chinese Banking Corp		5,217
	788,811		SembCorp Industries Ltd		3,212
	635,857	e	SembCorp Marine Ltd		2,752
	130,492		Singapore Airlines Ltd		1,510
	4,152		Singapore Airport Terminal Services Ltd		9
	249,560	e	Singapore Exchange Ltd		1,534
	472,963	e	Singapore Press Holdings Ltd		1,503
	643,896		Singapore Technologies Engineering Ltd		1,581
	2,404,704		Singapore Telecommunications Ltd		6,198
	46,274		StarHub Ltd		105
	363,989		United Overseas Bank Ltd		5,844
	1,057,965		United Overseas Land Ltd		4,296
	157,000	e	Wilmar International Ltd		695
	134,000	e	Yangzijiang Shipbuilding		160
			TOTAL SINGAPORE		106,647
SOUTH AFRICA - 0.2%
	400,000		Clicks Group Ltd		2,505
	102,071		Kumba Iron Ore Ltd		7,316
	370,000		Mr Price Group Ltd		3,732
	110,000		Sasol Ltd		5,803
	1,351,872		Woolworths Holdings Ltd		5,956
			TOTAL SOUTH AFRICA		25,312
SPAIN - 0.6%
	36,616	e	Abertis Infraestructuras S.A.		816
	3,249		Acciona S.A.		345
	12,803	e	Acerinox S.A.		233
	26,551	e	ACS Actividades Cons y Servicios S.A.		1,253
	539,774	*,e	Amadeus IT Holding S.A.		11,220
	619,474		Banco Bilbao Vizcaya Argentaria S.A.		7,272
	114,763	e	Banco de Sabadell S.A.		473
	10,286	e	Banco de Valencia S.A.		25
	101,450	e	Banco Popular Espanol S.A.		571
	2,791,829		Banco Santander Central Hispano S.A.		32,162
	36,361	e	Bankinter S.A.		247
	186,732	e	Bolsas y Mercados Espanoles		5,553
	50,168		Cintra Concesiones de Infraestructuras de Transporte S.A.		634
	96,707		Corp Mapfre S.A.		359
	110,004		Criteria Caixacorp S.A.		766
	14,671	e	Enagas		355
	4,865	e	Fomento de Construcciones y Contratas S.A.		148
	8,518	*,e	Gamesa Corp Tecnologica S.A.		69
	24,627	e	Gas Natural SDG S.A.		516
	14,850	e	Gestevision Telecinco S.A.		129
	17,836	e	Grifols S.A.		358
	98,818		Iberdrola Renovables		437
	430,977		Iberdrola S.A.		3,834
	73,176		Inditex S.A.		6,667

220

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	11,091	e	Indra Sistemas S.A.	$	229
	300,000	e	Laboratorios Almirall S.A.		3,210
	8,980	e	Red Electrica de Espana		542
	83,835	e	Repsol YPF S.A.		2,908
	4,294		Sacyr Vallehermoso S.A.		41
	550,989		Telefonica S.A.		13,457
	18,380	e	Zardoya Otis S.A.		270
			TOTAL SPAIN		95,099
SWEDEN - 1.1%
	44,553		Alfa Laval AB		961
	25,974	e	Assa Abloy AB (Class B)		698
	451,414		Atlas Copco AB (A Shares)		11,889
	50,414		Atlas Copco AB (B Shares)		1,189
	130,157		Autoliv, Inc		10,211
	3,224,184	*	Biovitrum AB		12,761
	217,208	e	Boliden AB		4,012
	26,485	e	Electrolux AB (Series B)		633
	2,146,249		Ericsson (LM) (B Shares)		30,896
	22,004	e	Getinge AB (B Shares)		592
	380,676	e	Hennes & Mauritz AB (B Shares)		13,126
	280,354	e	Hexagon AB (B Shares)		6,903
	5,782		Holmen AB (B Shares)		180
	48,091		Husqvarna AB (B Shares)		319
	6,997		Industrivarden AB		116
	58,852	e	Investor AB (B Shares)		1,350
	140,000		JM AB		3,302
	13,493		Kinnevik Investment AB (Series B)		300
	9,947	*	Lundin Petroleum AB		135
	3,124	e	Modern Times Group AB (B Shares)		207
	317,522		Nordea Bank AB		3,410
	12,532	e	Ratos AB (B Shares)		241
	481,269		Sandvik AB		8,432
	35,105		Scania AB (B Shares)		815
	39,923		Securitas AB (B Shares)		423
	699,895		Skandinaviska Enskilda Banken AB (Class A)		5,723
	51,462		Skanska AB (B Shares)		923
	172,267	e	SKF AB (B Shares)		4,988
	18,496	e	Ssab Svenskt Stal AB (Series A)		276
	3,912		Ssab Svenskt Stal AB (Series B)		51
	145,393		Svedbergs i Dalstorp AB		926
	62,993		Svenska Cellulosa AB (B Shares)		888
	234,161		Svenska Handelsbanken (A Shares)		7,220
	84,206		Swedbank AB (A Shares)		1,416
	174,784		Swedish Match AB		5,869
	40,239		Tele2 AB (B Shares)		794
	287,273		TeliaSonera AB		2,107
	20,751		Volvo AB (A Shares)		362
	1,157,776		Volvo AB (B Shares)		20,268
			TOTAL SWEDEN		164,912

221

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
SWITZERLAND - 4.2%
	191,829		ABB Ltd	$	4,984
	13,612		Actelion Ltd		672
	403,934		Adecco S.A.		25,927
	9,134		Aryzta AG.		491
	6,477		Baloise Holding AG.		668
	622		Bkw Fmb Energie AG.		38
	789,293		Compagnie Financiere Richemont S.A.		51,725
	1,241,247		Credit Suisse Group		48,374
	1,520,000		Dah Chong Hong Holdings Ltd		1,817
	10,112		Geberit AG.		2,399
	877		Givaudan S.A.		928
	52,086	*	Glencore International AG.		410
	26,974		Holcim Ltd		2,040
	38,054		ING Canada, Inc		2,186
	531,946		Julius Baer Group Ltd		21,974
	16,846		Julius Baer Holding AG.		277
	12,902		Kuehne & Nagel International AG.		1,960
	96		Lindt & Spruengli AG.		299
	12		Lindt & Spruengli AG. (Reg)		437
	11,945	*,e	Logitech International S.A.		134
	36,924		Lonza Group AG.		2,893
	1,473,879		Nestle S.A.		91,716
	8,342		Nobel Biocare Holding AG.		170
	2,106,691		Novartis AG.		129,114
	171,344		Novartis AG. (ADR)		10,471
	2,828		Pargesa Holding S.A.		262
	1,159,298		Philip Morris International, Inc		77,406
	6,181		Phonak Holding AG.		577
	9,000	*	Rieter Holding AG.		2,346
	242,471		Roche Holding AG.		40,595
	8,510		Schindler Holding AG.		1,035
	1,344		Schindler Holding AG. (Reg)		163
	1,122		SGS S.A.		2,131
	129		Sika AG.		311
	85,249		STMicroelectronics NV		849
	857		Straumann Holding AG.		207
	1,503		Sulzer AG.		245
	4,208		Swatch Group AG.		2,124
	2,898		Swatch Group AG. Reg		261
	3,932		Swiss Life Holding		645
	373,220	*	Swiss Re Ltd		20,957
	3,978		Swisscom AG.		1,824
	94,663		Syngenta AG.		31,992
	8,050		Synthes, Inc		1,416
	2,546,007	*	UBS AG. (Switzerland)		46,464
	19,012		Zurich Financial Services AG.		4,811
			TOTAL SWITZERLAND		638,725
TAIWAN - 0.4%
	1,000,000		Catcher Technology Co Ltd		6,331
	1,240,000		First Steamship Co Ltd		2,884
	450,000		Formosa Chemicals & Fibre Corp		1,679

222

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	167,728	*,e	Foxconn International Holdings Ltd	$	74
	674,250		High Tech Computer Corp		22,797
	1,331,400		Hon Hai Precision Industry Co, Ltd		4,584
	200,000		Largan Precision Co Ltd		6,433
	936,000	*	Prime View International Co Ltd		1,764
	1,259,000	*	Shining Building Business Co Ltd		1,937
	2,000,000		Taiwan Cement Corp		2,987
	1,662,300		TSRC Corp		4,905
			TOTAL TAIWAN		56,375
THAILAND - 0.2%
	4,538,000		Bank of Ayudhya PCL (ADR)		4,076
	219,437		Banpu PCL		5,127
	4,227,800		Charoen Pokphand Foods PCL		4,071
	1,157,000		Kasikornbank PCL - NVDR		4,651
	6,300,000		Krung Thai Bank PCL		3,871
	859,368		PTT Chemical PCL		4,129
	333,000		PTT PCL		3,643
			TOTAL THAILAND		29,568
TURKEY - 0.1%
	500,000		Ford Otomotiv Sanayi AS		4,300
	200,000		Koza Altin Isletmeleri AS		2,689
	930,000		Tofas Turk Otomobil Fabrik		4,241
	1,025,936		Turk Telekomunikasyon AS		5,424
			TOTAL TURKEY		16,654
UKRAINE - 0.1%
	484,856	*	MHP S.A (GDR)		8,000
			TOTAL UKRAINE		8,000
UNITED KINGDOM - 9.9%
	126,134		3i Group plc		570
	17,427	e	Acergy S.A.		446
	1,342,239		Admiral Group plc		35,795
	3,036,400	*	Afren plc		7,692
	816,889		Aggreko plc		25,309
	308,278		AMEC plc		5,387
	1,427,598		Anglo American plc (London)		70,800
	781,236		Antofagasta plc		17,483
	84,195		ARM Holdings plc		792
	211,200	*,e	ASOS plc		8,114
	562,225		Associated British Foods plc		9,782
	501,628		AstraZeneca plc		25,072
	5,203		AstraZeneca plc (ADR)		261
	4,271,629	*	Autonomy Corp plc		117,008
	237,600	*	Avanti Communications Group plc		1,415
	398,015		Aveva Group plc		10,957
	305,659		Aviva plc		2,152
	22,669		Babcock International Group		259
	380,271		BAE Systems plc		1,945
	88,178		Balfour Beatty plc		437

223

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	8,201,659		Barclays plc	$	33,645
	5,831	*	Berkeley Group Holdings plc		121
	3,832,844		BG Group plc		87,028
	617,191		BHP Billiton plc		24,252
	5,124,514		BP plc		37,732
	4,200		BP plc (ADR)		186
	913,153		British American Tobacco plc		40,043
	737,739		British Land Co plc		7,213
	71,653		British Sky Broadcasting plc		973
	8,367,801		BT Group plc		27,132
	27,005		Bunzl plc		338
	645,602		Burberry Group plc		15,013
	169,488		Cable & Wireless plc		110
	169,479		Cable & Wireless Worldwide		125
	3,695,561	*	Cairn Energy plc		24,645
	114,614		Capita Group plc		1,316
	27,673		Capital & Counties Properties		87
	600,000		Carillion plc		3,622
	11,415		Carnival plc		442
	6,177,771		Centrica plc		32,077
	95,830		Cobham plc		325
	295,423		Compass Group plc		2,849
	133,000		Croda International plc		4,028
	6,560		Delta Lloyd NV		156
	1,825,917		Diageo plc		37,356
	24,623		Drax Group plc		199
	9,706	*	Enquest plc		19
	16,640	*	Enquest plc		33
	303,948		Ensco International plc (ADR)		16,200
	19,730	*	Essar Energy plc		129
	353,788		Experian Group Ltd		4,507
	1,214		F&C Asset Management plc		1
	32,050		Firstgroup plc		176
	515,864		GlaxoSmithKline plc		11,057
	189,580		Greggs plc		1,611
	173,029		Group 4 Securicor plc		778
	78,112		Hammerson plc		604
	92,698	e	Home Retail Group		244
	7,364,480		HSBC Holdings plc		73,016
	837,536		ICAP plc		6,352
	1,971,225	*	Imagination Technologies Group plc		11,950
	240,000		IMI plc		4,057
	1,209,009		Imperial Tobacco Group plc		40,251
	28,907		Inmarsat plc		258
	336,640		Intercontinental Hotels Group plc		6,891
	1,049,638	*	International Consolidated Airlines		4,260
	268,156		International Power plc		1,385
	9,913		Intertek Group plc		314
	262,382		Invensys plc		1,357
	56,877		Investec plc		462
	233,314	*	ITV plc		268
	132,204		J Sainsbury plc		700

224

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	13,540		Johnson Matthey plc	$	428
	13,539		Kazakhmys plc		300
	148,795		Kingfisher plc		639
	42,281		Ladbrokes plc		103
	98,834		Land Securities Group plc		1,352
	13,795,293		Legal & General Group plc		26,134
	66,804		Liberty International plc		429
	3,571,239	*	Lloyds TSB Group plc		2,806
	21,122		London Stock Exchange Group plc		360
	10,023		Lonmin plc		234
	232,143		Man Group plc		883
	99,804		Marks & Spencer Group plc		579
	759,200		Meggitt plc		4,644
	540,000		Mondi plc		5,375
	3,168,500	*	Monitise plc		1,526
	500,832		National Grid plc		4,930
	7,477,790	*	New Carphone Warehouse plc		50,766
	309,566	e	New World Resources plc (A Shares)		4,546
	45,232		Next plc		1,690
	2,274,223	*,e	Ocado Ltd		6,654
	696,763		Old Mutual plc		1,492
	1,738,763		Pearson plc		32,893
	26,004		Petrofac Ltd		632
	2,767,819		Prudential plc		31,959
	865,273		Reckitt Benckiser Group plc		47,791
	76,564		Reed Elsevier plc		697
	96,771		Resolution Ltd		456
	96,358		Rexam plc		592
	1,407,916		Rio Tinto plc		101,661
	72,500	e	Rio Tinto plc (ADR)		5,243
	242,100	*	Rockhopper Exploration plc		1,045
	376,807		Rolls-Royce Group plc		3,902
	446,161		Royal & Sun Alliance Insurance Group plc		965
	1,902,410	*	Royal Bank of Scotland Group plc		1,177
	79,842		SABMiller plc		2,914
	170,950		Sage Group plc		793
	167,735		Schroders plc		4,165
	175,080		Scottish & Southern Energy plc		3,916
	94,049		Segro plc		472
	81,477		Serco Group plc		723
	52,893		Severn Trent plc		1,250
	164,612		Smith & Nephew plc		1,764
	715,446		Smiths Group plc		13,800
	180,000		Spectris plc		4,609
	678,314		Standard Chartered plc		17,818
	291,228		Standard Life plc		984
	19,361		TalkTalk Telecom Group plc		44
	1,275,854		Tesco plc		8,243
	20,159		Thomas Cook Group plc		43
	61,093	e	TUI Travel plc		220
	2,908,312		Tullow Oil plc		57,916
	193,384		Unilever plc		6,240

225

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	5,221,508	*	Unitech Corporate Parks plc	$	1,844
	88,253		United Utilities Group plc		849
	18,285,676		Vodafone Group plc		48,488
	4,500		Vodafone Group plc (ADR)		120
	68,246		Weir Group plc		2,330
	22,604		Whitbread plc		586
	240,044		WM Morrison Supermarkets plc		1,148
	681,825		Wolseley plc		22,256
	2,873,394		WPP plc		35,997
	1,398,924		Xstrata plc		30,812
	765,700		Yule Catto & Co plc		2,795
			TOTAL UNITED KINGDOM		1,527,591
UNITED STATES - 47.5%
	101,057		3M Co		9,585
	195,000		A.O. Smith Corp		8,249
	80,000		Aaron’s, Inc		2,261
	385,146		Abbott Laboratories		20,266
	89,244		Abercrombie & Fitch Co (Class A)		5,972
	666,938		ACE Ltd		43,899
	60,000	*	Acme Packet, Inc		4,208
	19,916		Activision Blizzard, Inc		233
	234,264	*	Adobe Systems, Inc		7,368
	76,033		Advance Auto Parts, Inc		4,447
	20,229	*	Advanced Micro Devices, Inc		141
	46,360	*	Aeropostale, Inc		811
	174,366	*	AES Corp		2,221
	1,598,958		Aetna, Inc		70,498
	244,440		Aflac, Inc		11,410
	31,326	*	AGCO Corp		1,546
	78,520	*	Agilent Technologies, Inc		4,013
	25,985		Air Products & Chemicals, Inc		2,484
	3,123		Airgas, Inc		219
	24,058	*	Akamai Technologies, Inc		757
	201,230		Alcoa, Inc		3,192
	48,144	*	Alexion Pharmaceuticals, Inc		2,264
	3,154		Allegheny Technologies, Inc		200
	82,651		Allergan, Inc		6,881
	176,012	*	Alliance Data Systems Corp		16,557
	55,255		Alliant Energy Corp		2,247
	18,959		Alliant Techsystems, Inc		1,352
	262,726		Allstate Corp		8,021
	57,548	*	Alpha Natural Resources, Inc		2,615
	124,824		Altera Corp		5,786
	580,159		Altria Group, Inc		15,322
	57,747	*	Amazon.com, Inc		11,809
	67,341		AMB Property Corp		2,414
	43,846		Ameren Corp		1,265
	167,700	*	American Axle & Manufacturing Holdings, Inc		1,908
	13,448		American Eagle Outfitters, Inc		171
	60,970		American Electric Power Co, Inc		2,297
	141,396		American Express Co		7,310

226

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	89,000		American Financial Group, Inc	$	3,176
	18,583	*	American International Group, Inc		545
	192,100	*	American Tower Corp (Class A)		10,053
	223,385		American Water Works Co, Inc		6,578
	69,980	*	Amerigroup Corp		4,931
	115,804		Ameriprise Financial, Inc		6,680
	138,268		AmerisourceBergen Corp		5,724
	39,934		Ametek, Inc		1,793
	498,235	*	Amgen, Inc		29,072
	33,526		Amphenol Corp (Class A)		1,810
	405,549		Anadarko Petroleum Corp		31,130
	187,635		Analog Devices, Inc		7,344
	25,000		Anixter International, Inc		1,634
	400,153		Annaly Capital Management, Inc		7,219
	496,000	*	AOL, Inc		9,851
	57,742		AON Corp		2,962
	294,422		Apache Corp		36,329
	6,255		Apartment Investment & Management Co (Class A)		160
	45,445	*	Apollo Group, Inc (Class A)		1,985
	179,885		Apollo Management LP		3,094
	575,151	*	Apple, Inc		193,062
	429,279		Applied Materials, Inc		5,585
	2,770		Aqua America, Inc		61
	217,284	*	Arch Capital Group Ltd		6,936
	26,952		Arch Coal, Inc		719
	108,069		Archer Daniels Midland Co		3,258
	133,102	*	Arrow Electronics, Inc		5,524
	58,804		Arthur J. Gallagher & Co		1,678
	479,943		Ashland, Inc		31,014
	60,961		Assurant, Inc		2,211
	2,636,749		AT&T, Inc		82,820
	57,254	*	Autodesk, Inc		2,210
	147,459		Automatic Data Processing, Inc		7,768
	42,811	*	Autozone, Inc		12,623
	22,666		AvalonBay Communities, Inc		2,910
	3,603		Avery Dennison Corp		139
	60,758	*	Avnet, Inc		1,937
	45,449		Avon Products, Inc		1,273
	591,094		Axis Capital Holdings Ltd		18,300
	62,257	*	Babcock & Wilcox Co		1,725
	274,907		Baker Hughes, Inc		19,947
	66,474		Ball Corp		2,557
	2,808,021		Bank of America Corp		30,776
	66,117		Bank of New York Mellon Corp		1,694
	43,836		Bard (C.R.), Inc		4,816
	332,195		Baxter International, Inc		19,828
	25,250		BB&T Corp		678
	59,597		Becton Dickinson & Co		5,135
	74,195	*	Bed Bath & Beyond, Inc		4,331
	92,711	*	Berkshire Hathaway, Inc (Class B)		7,175
	105,648		Best Buy Co, Inc		3,318
	54,688	*	Biogen Idec, Inc		5,847

227

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	120,197		BlackRock, Inc	$	23,055
	536,174		Blackstone Group LP		8,879
	252,937	*	BMC Software, Inc		13,836
	464,924		Boeing Co		34,372
	52,110	*	BorgWarner, Inc		4,210
	105,742		Boston Properties, Inc		11,225
	162,983	*	Boston Scientific Corp		1,126
	301,907		Bristol-Myers Squibb Co		8,743
	86,488		Broadcom Corp (Class A)		2,909
	5,710	*	Brookfield Properties Corp		56
	82,953	e	Brookfield Properties Corp (Toronto)		1,602
	13,227		Brown-Forman Corp (Class B)		988
	2,813		Bucyrus International, Inc (Class A)		258
	23,346		Bunge Ltd		1,610
	335,239		CA, Inc		7,657
	119,154		Cablevision Systems Corp (Class A)		4,315
	45,600		Cabot Corp		1,818
	61,156		Cabot Oil & Gas Corp		4,055
	83,776	*	Calpine Corp		1,351
	2,700		Camden Property Trust		172
	86,278	*	Cameron International Corp		4,339
	21,224	e	Campbell Soup Co		733
	229,298		Capital One Financial Corp		11,848
	187,533		Cardinal Health, Inc		8,518
	30,500	*	Career Education Corp		645
	227,664	*	CareFusion Corp		6,186
	12,959	*	Carmax, Inc		429
	109,620		Carnival Corp		4,125
	225,515		Caterpillar, Inc		24,008
	77,022	*	CB Richard Ellis Group, Inc (Class A)		1,934
	580,788		CBS Corp (Class B)		16,547
	130,310		Celanese Corp (Series A)		6,947
	265,608	*	Celgene Corp		16,021
	1,615,429		Centerpoint Energy, Inc		31,258
	485,984		CenturyTel, Inc		19,648
	27,975	*,e	Cephalon, Inc		2,235
	87,964	*,e	Cerner Corp		5,375
	192,120		CF Industries Holdings, Inc		27,218
	99,441		CH Robinson Worldwide, Inc		7,840
	4,427	*	Charles River Laboratories International, Inc		180
	676,546		Charles Schwab Corp		11,129
	24,148		Chesapeake Energy Corp		717
	1,067,361		Chevron Corp		109,768
	124,000		Chico’s FAS, Inc		1,889
	1,900,000		Chimera Investment Corp		6,574
	6,770	*,e	ChinaCache International Holdings Ltd. (ADR)		63
	1,067	*	Chipotle Mexican Grill, Inc (Class A)		329
	205,748		Chubb Corp		12,882
	134,910		Church & Dwight Co, Inc		5,469
	184,050		Cigna Corp		9,466
	13,457		Cimarex Energy Co		1,210
	12,558		Cincinnati Financial Corp		366

228

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	4,710		Cintas Corp	$	156
	3,180,098		Cisco Systems, Inc		49,641
	107,817	*	CIT Group, Inc		4,772
	1,826,242		Citigroup, Inc		76,044
	44,355	*	Citrix Systems, Inc		3,548
	79,557		Cleveland-Cliffs, Inc		7,355
	43,705		Clorox Co		2,947
	35,240		CME Group, Inc		10,276
	255,256		Coach, Inc		16,319
	98,647	*	Cobalt International Energy, Inc		1,345
	1,419,853		Coca-Cola Co		95,541
	270,341		Coca-Cola Enterprises, Inc		7,889
	40,537	*	Cognizant Technology Solutions Corp (Class A)		2,973
	124,760		Colgate-Palmolive Co		10,905
	1,059,952		Comcast Corp (Class A)		26,859
	87,390	e	Comcast Corp (Special Class A)		2,117
	19,644		Comerica, Inc		679
	338,372		Computer Sciences Corp		12,845
	93,613		ConAgra Foods, Inc		2,416
	223,077	*	Concho Resources, Inc		20,490
	301,620		ConocoPhillips		22,679
	89,897		Consol Energy, Inc		4,358
	11,904		Consolidated Edison, Inc		634
	226,614	*	Constellation Brands, Inc (Class A)		4,718
	182,420		Constellation Energy Group, Inc		6,925
	144,158	e	Consumer Staples Select Sector SPDR Fund		4,502
	16,373	*,e	Continental Resources, Inc		1,063
	24,549		Con-Way, Inc		953
	64,200		Cooper Cos, Inc		5,087
	171,532		Cooper Industries plc		10,235
	190,242		Corn Products International, Inc		10,517
	254,177		Corning, Inc		4,613
	199,763		Costco Wholesale Corp		16,229
	6,692	*	Covance, Inc		397
	30,710	*	Coventry Health Care, Inc		1,120
	116,001		Covidien plc		6,175
	3,451	*,e	Cree, Inc		116
	48,507	*	Crown Castle International Corp		1,979
	409,041	*	Crown Holdings, Inc		15,880
	249,860		Crude Carriers Corp		3,361
	799,566		CSX Corp		20,965
	135,071		Cummins, Inc		13,978
	766,671		CVS Corp		28,811
	413,377		Cytec Industries, Inc		23,641
	402,100	*	Dana Holding Corp		7,358
	527,399		Danaher Corp		27,947
	243,374		Darden Restaurants, Inc		12,110
	105,038	*	DaVita, Inc		9,097
	10,872	*	Deckers Outdoor Corp		958
	148,915		Deere & Co		12,278
	612,144	*	Dell, Inc		10,204
	28,913	*	Delta Air Lines, Inc		265

229

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	697,358	*	Denbury Resources, Inc	$	13,947
	42,374		Dentsply International, Inc		1,614
	6,737		Developers Diversified Realty Corp		95
	34,409	*	Devon Energy Corp		2,712
	3,661		DeVry, Inc		216
	23,360	e	Diamond Offshore Drilling, Inc		1,645
	67,385	e	Dillard’s, Inc (Class A)		3,513
	491,095	*	DIRECTV		24,957
	758,597		Discover Financial Services		20,293
	1,117	*	Discovery Communications, Inc (Class A)		46
	9,262	*	Discovery Communications, Inc (Class C)		339
	210,446		DISH Network Corp (Class A)		6,454
	12,579	*	Dolby Laboratories, Inc (Class A)		534
	3,537	*	Dollar General Corp		120
	47,690	*	Dollar Tree, Inc		3,177
	93,120		Dominion Resources, Inc		4,495
	31,980		Domtar Corporation		3,029
	30,898		Dover Corp		2,095
	974,123		Dow Chemical Co		35,069
	278,343		DR Horton, Inc		3,207
	157,051		Dr Pepper Snapple Group, Inc		6,585
	113,747	*,e	DSW, Inc (Class A)		5,757
	57,731		DTE Energy Co		2,888
	148,019		Du Pont (E.I.) de Nemours & Co		8,000
	121,520		Duke Energy Corp		2,288
	21,624		Duke Realty Corp		303
	2,674		Dun & Bradstreet Corp		202
	4,940	*,e	Dynegy, Inc (Class A)		31
	4,461,573	*	E*Trade Financial Corp		61,570
	93,900		East West Bancorp, Inc		1,898
	85,090		Eastman Chemical Co		8,685
	109,531		Eaton Corp		5,635
	6,324		Eaton Vance Corp		191
	238,779	*	eBay, Inc		7,705
	168,538		Ecolab, Inc		9,502
	11,533		Edison International		447
	299,880	*	Edwards Lifesciences Corp		26,143
	287,071		El Paso Corp		5,799
	18,506	*	Electronic Arts, Inc		437
	203,550		Eli Lilly & Co		7,639
	1,479,240	*	EMC Corp		40,753
	115,944		Emerson Electric Co		6,522
	110,295	*	Endo Pharmaceuticals Holdings, Inc		4,431
	58,400		Endurance Specialty Holdings Ltd		2,414
	3,457		Energen Corp		195
	80,139	*	Energizer Holdings, Inc		5,799
	3,050	*	EnerSys		105
	16,377		Entergy Corp		1,118
	191,022		EOG Resources, Inc		19,971
	22,151		Equifax, Inc		769
	14,129		Equitable Resources, Inc		742
	111,677		Equity Residential		6,701

230

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	10,000		Essex Property Trust, Inc	$	1,353
	35,857		Estee Lauder Cos (Class A)		3,772
	26,000	*	Esterline Technologies Corp		1,986
	2,270	*	Etrion Corp		2
	42,684		Everest Re Group Ltd		3,489
	372,261		Exelon Corp		15,948
	50,924		Expedia, Inc		1,476
	33,180		Expeditors International Washington, Inc		1,698
	523,076	*	Express Scripts, Inc		28,236
	3,000	*,e	Exterran Holdings, Inc		59
	1,764,519		Exxon Mobil Corp		143,598
	2,971	*	F5 Networks, Inc		328
	210,400	*	Fairchild Semiconductor International, Inc		3,516
	51,034		Family Dollar Stores, Inc		2,682
	9,674	e	Fastenal Co		348
	32,700	*,e	Federal Home Loan Mortgage Corp		11
	124,712	*	Federal Mogul Corp (Class A)		2,847
	53,500	*,e	Federal National Mortgage Association		18
	27,607		Federal Realty Investment Trust		2,352
	91,683		FedEx Corp		8,697
	603,297	*	Ferro Corp		8,108
	44,941		Fidelity National Information Services, Inc		1,384
	22,635		Fidelity National Title Group, Inc (Class A)		356
	252,615		Fifth Third Bancorp		3,221
	42,907	*	Finisar Corp		774
	4,625	*	First American Corp		77
	4,625		First American Financial Corp		72
	79,503		First Horizon National Corp		758
	2,843	*,e	First Solar, Inc		376
	86,474		FirstEnergy Corp		3,818
	24,780	*	Fiserv, Inc		1,552
	63,553		Flir Systems, Inc		2,142
	10,552		Flowserve Corp		1,160
	53,550		Fluor Corp		3,463
	3,861		FMC Corp		332
	201,519	*	FMC Technologies, Inc		9,026
	1,213,453	*	Ford Motor Co		16,734
	3,000	*	Forest City Enterprises, Inc (Class A)		56
	233,103	*	Forest Laboratories, Inc		9,170
	34,416		Fortune Brands, Inc		2,195
	7,826	*	Fossil, Inc		921
	26,706	*,e	Foster Wheeler AG.		811
	65,768		Franklin Resources, Inc		8,635
	598,290		Freeport-McMoRan Copper & Gold, Inc (Class B)		31,650
	119,040	*,e	Freescale Semiconductor Holdings Ltd		2,189
	3,095,748	e	Frontier Communications Corp		24,983
	492	*,e	FTI Consulting, Inc		19
	43	*	Furiex Pharmaceuticals Inc		1
	319,892	*,e	GameStop Corp (Class A)		8,532
	188,889		Gap, Inc		3,419
	6,982	e	Garmin Ltd		231
	36,554		General Dynamics Corp		2,724

231

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	3,579,783		General Electric Co	$	67,516
	15,531		General Growth Properties, Inc		259
	293,876		General Mills, Inc		10,938
	69,850,000	*,m	General Motors Co		0	^
	18,159,000	*,m	General Motors Co		0	^
	18,106,794	*,e,m	General Motors Co		0	^
	26,439,985	*,m	General Motors Co		0	^
	29,845,445	*,m	General Motors Co		0	^
	19,417,463	*,m	General Motors Co		0	^
	4,461,000	*,m	General Motors Co		0	^
	208,666	*	General Motors Co		6,335
	61,921,000	*,e,m	General Motors Co		0	^
	13,592,224	*,m	General Motors Co		0	^
	530,757	*,m	General Motors Co		0	^
	14,159		Genuine Parts Co		770
	16,691	*	Genworth Financial, Inc (Class A)		172
	98,000	*	Georgia Gulf Corp		2,366
	973,754	*	Gilead Sciences, Inc		40,323
	237,413		Goldman Sachs Group, Inc		31,597
	217,067		Goodrich Corp		20,730
	32,970	*	Goodyear Tire & Rubber Co		553
	190,424	*	Google, Inc (Class A)		96,426
	4,600	*	Green Mountain Coffee Roasters, Inc		411
	204,814		H&R Block, Inc		3,285
	1		H.B. Fuller Co		0	^
	178,133		H.J. Heinz Co		9,491
	310,537		Halliburton Co		15,837
	200,000	*	Hanesbrands, Inc		5,710
	69,148	*	Hansen Natural Corp		5,598
	8,547		Harley-Davidson, Inc		350
	30,848		Harris Corp		1,390
	4,100		Harsco Corp		134
	85,287		Hartford Financial Services Group, Inc		2,249
	13,628		Hasbro, Inc		599
	266,550	*	HCA Holdings, Inc		8,796
	31,618		HCP, Inc		1,160
	8,729		Health Care REIT, Inc		458
	76,103	*	Health Net, Inc		2,442
	325,000	*	Healthsouth Corp		8,531
	42,343		Helmerich & Payne, Inc		2,800
	9,494	*	Henry Schein, Inc		680
	138,078		Herbalife Ltd		7,959
	78,863		Hershey Co		4,483
	39,740	*	Hertz Global Holdings, Inc		631
	127,303		Hess Corp		9,517
	1,282,731		Hewlett-Packard Co		46,691
	356,090	*	Hologic, Inc		7,182
	391,274		Home Depot, Inc		14,172
	948,124		Honeywell International, Inc		56,498
	85,281		Hormel Foods Corp		2,542
	142,564	*	Hospira, Inc		8,078
	210,021		Host Marriott Corp		3,560

232

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	90,320		Hudson City Bancorp, Inc	$	740
	238,907	*	Human Genome Sciences, Inc		5,863
	137,325		Humana, Inc		11,060
	1,686,984		Huntington Bancshares, Inc		11,067
	2,511	*,e	Huntington Ingalls		87
	218,000		Huntsman Corp		4,109
	177,668	*	IAC/InterActiveCorp		6,782
	2,197	*	IHS, Inc (Class A)		183
	241,176		Illinois Tool Works, Inc		13,624
	37,986	*	Illumina, Inc		2,855
	22,356		Ingersoll-Rand plc		1,015
	4,227		Integrys Energy Group, Inc		219
	1,916,913		Intel Corp		42,478
	190,217	*	IntercontinentalExchange, Inc		23,722
	542,892		International Business Machines Corp		93,132
	26,632		International Flavors & Fragrances, Inc		1,711
	32,766		International Game Technology		576
	76,439		International Paper Co		2,279
	740,948		Interpublic Group of Cos, Inc		9,262
	214,350	*	Intuit, Inc		11,116
	18,994	*	Intuitive Surgical, Inc		7,068
	45,719		Invesco Ltd		1,070
	7,024		Iron Mountain, Inc		239
	300,000	e	iShares MSCI Canada Index Fund		9,501
	1,995,000		iShares MSCI EAFE Index Fund		119,979
	1,792,078	e	iShares MSCI Japan Index Fund		18,691
	16,136	*,e	ITT Educational Services, Inc		1,262
	14,694		ITT Industries, Inc		866
	40,795		J.B. Hunt Transport Services, Inc		1,921
	16,437		J.M. Smucker Co		1,256
	107,380	*	Jacobs Engineering Group, Inc		4,644
	578,249		Jarden Corp		19,955
	45,627		JC Penney Co, Inc		1,576
	601,113	*	JDS Uniphase Corp		10,015
	7,647		Jefferies Group, Inc		156
	7,348		John Bean Technologies Corp		142
	538,626		Johnson & Johnson		35,829
	351,901		Johnson Controls, Inc		14,660
	170,870		Joy Global, Inc		16,274
	1,750,935		JPMorgan Chase & Co		71,683
	131,569	*	Juniper Networks, Inc		4,144
	62,277	*	Kansas City Southern Industries, Inc		3,695
	402,090		KBR, Inc		15,156
	87,748		Kellogg Co		4,854
	50,000		Kennametal, Inc		2,111
	204,427		Keycorp		1,703
	22,454		Kimberly-Clark Corp		1,495
	33,448		Kimco Realty Corp		623
	4,588	*,e	Kinder Morgan Management LLC		301
	121,882	e	Kinder Morgan, Inc		3,502
	108,390	*	Kinetic Concepts, Inc		6,247
	87,423		Kla-Tencor Corp		3,539

233

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	270,029		Kohl’s Corp	$	13,504
	699,719		Kraft Foods, Inc (Class A)		24,651
	534,435		Kroger Co		13,254
	31,537		L-3 Communications Holdings, Inc		2,758
	36,322	*	Laboratory Corp of America Holdings		3,516
	146,957	*	Lam Research Corp		6,507
	262,286	*	Las Vegas Sands Corp		11,071
	127,181		Lear Corp (New)		6,802
	8,586		Legg Mason, Inc		281
	4,965		Leggett & Platt, Inc		121
	34,537		Lender Processing Services, Inc		722
	11,028		Leucadia National Corp		376
	16,722	*	Level 3 Communications, Inc		41
	166,680	*	Lexmark International, Inc (Class A)		4,877
	2,303	*	Liberty Global, Inc (Class A)		104
	7,493	*	Liberty Global, Inc (Series C)		320
	3	*	Liberty Media Corp - Starz		0	^
	160,303	*	Liberty Media Holding Corp (Interactive A)		2,688
	10,772	e	Liberty Property Trust		351
	168,423	*	Life Technologies Corp		8,769
	535,237		Limited Brands, Inc		20,580
	105,746		Lincoln National Corp		3,013
	75,307		Linear Technology Corp		2,487
	675	*,e	LinkedIn Corp		61
	84,804		Lockheed Martin Corp		6,867
	29,210		Loews Corp		1,229
	287,011		Lorillard, Inc		31,247
	253,292		Lowe’s Cos, Inc		5,904
	35,150	*	LSI Logic Corp		250
	10,447		Lubrizol Corp		1,403
	5,793		M&T Bank Corp		509
	35,458		Macerich Co		1,897
	862,131		Macy’s, Inc		25,210
	1	*	Madison Square Garden, Inc		0	^
	4,335		Manpower, Inc		233
	250,560		Marathon Oil Corp		13,200
	40,958		Marriott International, Inc (Class A)		1,454
	171,146		Marsh & McLennan Cos, Inc		5,338
	18,260		Marshall & Ilsley Corp		146
	1,633	e	Martin Marietta Materials, Inc		131
	287,076	*	Marvell Technology Group Ltd		4,239
	611,866		Masco Corp		7,361
	42,885		Mastercard, Inc (Class A)		12,923
	78,467		Mattel, Inc		2,157
	308,708		Maxim Integrated Products, Inc		7,891
	58,206		McCormick & Co, Inc		2,885
	178,625	*	McDermott International, Inc		3,539
	338,206		McDonald’s Corp		28,518
	114,870		McGraw-Hill Cos, Inc		4,814
	62,721		McKesson Corp		5,247
	36,517		MDU Resources Group, Inc		822
	191,837		Mead Johnson Nutrition Co		12,959

234

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	24,082		MeadWestvaco Corp	$	802
	44,125	*	Medco Health Solutions, Inc		2,494
	140,476		Medtronic, Inc		5,413
	15,819	*	MEMC Electronic Materials, Inc		135
	816,798		Merck & Co, Inc		28,825
	853,090		Metlife, Inc		37,426
	111,895	*	MetroPCS Communications, Inc		1,926
	3,869,479	*	MF Global Holdings Ltd		29,950
	11,266	*	MGM Mirage		149
	10,577	e	Microchip Technology, Inc		401
	1,667,460	*	Micron Technology, Inc		12,473
	5,112,248		Microsoft Corp		132,917
	3,252	*	Mohawk Industries, Inc		195
	5,897		Molson Coors Brewing Co (Class B)		264
	367,059		Monsanto Co		26,626
	247,056		Moody’s Corp		9,475
	276,531		Morgan Stanley		6,363
	71,427		Mosaic Co		4,838
	19,239	*	Motorola Mobility Holdings, Inc		424
	52,494	*	Motorola, Inc		2,417
	35,582		Murphy Oil Corp		2,336
	616,915	*	Mylan Laboratories, Inc		15,219
	953	*	Myriad Genetics, Inc		22
	62,225	*	Nabors Industries Ltd		1,533
	7,925	*	Nasdaq Stock Market, Inc		201
	180,486		National Oilwell Varco, Inc		14,116
	13,104		National Semiconductor Corp		322
	11,100	*	Navistar International Corp		627
	37,441	*	NetApp, Inc		1,976
	29,826	*	NetFlix, Inc		7,835
	36,770		New York Community Bancorp, Inc		551
	293,992		Newell Rubbermaid, Inc		4,639
	7,368	*	Newfield Exploration Co		501
	27,874		Newmont Mining Corp		1,504
	66,512		News Corp (Class A)		1,177
	15,898		News Corp (Class B)		287
	68,480		NextEra Energy, Inc		3,935
	311,641	*	NII Holdings, Inc (Class B)		13,207
	31,233		Nike, Inc (Class B)		2,810
	90,938		NiSource, Inc		1,841
	77,828		Noble Corp		3,067
	147,024		Noble Energy, Inc		13,178
	203,151		Nordstrom, Inc		9,536
	122,410		Norfolk Southern Corp		9,172
	42,624		Northeast Utilities		1,499
	17,209		Northern Trust Corp		791
	39,707		Northrop Grumman Corp		2,754
	146,700	*	Novellus Systems, Inc		5,302
	299,460	*	NRG Energy, Inc		7,360
	30,299		NSTAR		1,393
	378,751		Nu Skin Enterprises, Inc (Class A)		14,222
	189,460	*	Nuance Communications, Inc		4,068

235

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	11,890		Nucor Corp	$	490
	30,976	*	Nvidia Corp		494
	17,557	*	NVR, Inc		12,737
	14,691		NYSE Euronext		503
	908,835		Occidental Petroleum Corp		94,556
	10,400	*	Office Depot, Inc		44
	44,970		Old Republic International Corp		528
	6,922		Omnicare, Inc		221
	84,812		Omnicom Group, Inc		4,085
	540,000	*	ON Semiconductor Corp		5,654
	30,480		Oneok, Inc		2,256
	2,437,728		Oracle Corp		80,225
	2,303		Oracle Corp Japan		100
	5,113	*	O’Reilly Automotive, Inc		335
	796,024	*	Orient-Express Hotels Ltd (Class A)		8,557
	10,822	*	Owens-Illinois, Inc		279
	419,831		Paccar, Inc		21,449
	45,549		Pall Corp		2,561
	10,900	*	Panera Bread Co (Class A)		1,370
	128,058		Parker Hannifin Corp		11,492
	221,089		PartnerRe Ltd		15,222
	9,647		Patterson Cos, Inc		317
	10,761		Patterson-UTI Energy, Inc		340
	51,940		Paychex, Inc		1,596
	46,141		Peabody Energy Corp		2,718
	75,000	*	Penn National Gaming, Inc		3,026
	10,920		Pentair, Inc		441
	73,147		People’s United Financial, Inc		983
	75,063		Pepco Holdings, Inc		1,473
	973,715		PepsiCo, Inc		68,579
	225,857		PerkinElmer, Inc		6,078
	82,995		Perrigo Co		7,293
	19,992	*	PetroHawk Energy Corp		493
	339,131		Petsmart, Inc		15,386
	5,627,013		Pfizer, Inc		115,917
	178,900		PG&E Corp		7,519
	5,984		Pharmaceutical Product Development, Inc		161
	40,000	*	Pharmasset, Inc		4,488
	48,556		Pinnacle West Capital Corp		2,165
	66,660		Pioneer Natural Resources Co		5,971
	22,675	e	Pitney Bowes, Inc		521
	96,653	*	Plains Exploration & Production Co		3,684
	17,641		Plum Creek Timber Co, Inc		715
	249,109		PNC Financial Services Group, Inc		14,849
	20,391		Polo Ralph Lauren Corp (Class A)		2,704
	115,932		PPG Industries, Inc		10,525
	170,746		PPL Corp		4,752
	38,199		Praxair, Inc		4,140
	188,412		Precision Castparts Corp		31,022
	7,514	*	Priceline.com, Inc		3,847
	156,686		Principal Financial Group		4,766
	898,094		Procter & Gamble Co		57,093

236

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	85,617		Progress Energy, Inc	$	4,110
	36,672		Progressive Corp		784
	849,684		Prudential Financial, Inc		54,032
	213,077	*	PSS World Medical, Inc		5,968
	445,903		Public Service Enterprise Group, Inc		14,554
	34,424		Public Storage, Inc		3,925
	133,366	*	Pulte Homes, Inc		1,022
	1,114,630		Qualcomm, Inc		63,299
	11,509	*	Quanta Services, Inc		232
	9,294		Quest Diagnostics, Inc		549
	106,698		Questar Corp		1,890
	113,304		Questar Market Resources, Inc		4,740
	11,828		R.R. Donnelley & Sons Co		232
	40,330	e	RadioShack Corp		537
	7,844	*	Ralcorp Holdings, Inc		679
	13,450		Range Resources Corp		746
	9,513		Raven Industries, Inc		530
	50,313		Rayonier, Inc		3,288
	84,233		Raytheon Co		4,199
	30,307	*	Red Hat, Inc		1,391
	7,698		Regency Centers Corp		338
	296,727		Regions Financial Corp		1,840
	10,800		Reinsurance Group of America, Inc (Class A)		657
	12,000		Reliance Steel & Aluminum Co		596
	214,489		RenaissanceRe Holdings Ltd		15,004
	417,064		Republic Services, Inc		12,866
	83,805		Reynolds American, Inc		3,105
	4,783		Robert Half International, Inc		129
	2,459		Rock-Tenn Co (Class A)		163
	29,239		Rockwell Automation, Inc		2,537
	173,506		Rockwell Collins, Inc		10,704
	155,516		Roper Industries, Inc		12,954
	163,092		Ross Stores, Inc		13,067
	199,885	*	Rowan Cos, Inc		7,758
	82,554	*,e	Royal Caribbean Cruises Ltd		3,107
	57,316	*	RRI Energy, Inc		221
	104,567		Safeway, Inc		2,444
	121,260	*	SAIC, Inc		2,040
	4,292	*	Salesforce.com, Inc		639
	165,200	*	SanDisk Corp		6,856
	86,560		Sara Lee Corp		1,644
	11,052	*	SBA Communications Corp (Class A)		422
	11,912	e	SCANA Corp		469
	751,200		Schlumberger Ltd		64,905
	65,450		Schnitzer Steel Industries, Inc (Class A)		3,770
	30,203		Scripps Networks Interactive (Class A)		1,476
	19,880		SEACOR Holdings, Inc		1,987
	4,088,172		Seagate Technology, Inc		66,065
	5,855		Sealed Air Corp		139
	1,585	*,e	Sears Holdings Corp		113
	7,706		SEI Investments Co		173
	351,591		Sempra Energy		18,592

237

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	36,917		Sherwin-Williams Co	$	3,096
	22,625		Sigma-Aldrich Corp		1,660
	183,611		Simon Property Group, Inc		21,340
	135,372	*,e	Sirius XM Radio, Inc		296
	27,832		SL Green Realty Corp		2,306
	75,251		SLM Corp		1,265
	435,000	*	Smithfield Foods, Inc		9,513
	194,462		Sotheby’s (Class A)		8,460
	535,083		Southern Co		21,606
	6,329		Southwest Airlines Co		72
	102,276	*	Southwestern Energy Co		4,386
	1,359,500	e	SPDR Trust Series 1		179,412
	72,565		Spectra Energy Corp		1,989
	112,928	*	Spirit Aerosystems Holdings, Inc (Class A)		2,484
	2,279,639	*	Sprint Nextel Corp		12,287
	1,843		SPX Corp		152
	98,091		St. Jude Medical, Inc		4,677
	5,897		Stanley Works		425
	515,366		Staples, Inc		8,143
	171,926		Starbucks Corp		6,789
	76,697		Starwood Hotels & Resorts Worldwide, Inc		4,298
	169,962		State Street Corp		7,664
	27,303	*	Stericycle, Inc		2,433
	108,448		Stryker Corp		6,365
	4,193		Sunoco, Inc		175
	175	*,e	Sunpower Corp (Class A)		3
	230,336		SunTrust Banks, Inc		5,943
	56,800	e	Supervalu, Inc		534
	1,261,937	*	Symantec Corp		24,885
	8,220	*	Synopsys, Inc		211
	77,235		Sysco Corp		2,408
	16,317		T Rowe Price Group, Inc		985
	351,441		Target Corp		16,486
	43,230		Taubman Centers, Inc		2,559
	93,455		TD Ameritrade Holding Corp		1,823
	24,300		Telephone & Data Systems, Inc		755
	74,341	*	Teradata Corp		4,475
	81,750	*	Teradyne, Inc		1,210
	719,045		Texas Instruments, Inc		23,605
	417,742		Textron, Inc		9,863
	347,116	*	Thermo Electron Corp		22,350
	29,876		Tiffany & Co		2,346
	230,428		Time Warner Cable, Inc		17,983
	40,771		Time Warner, Inc		1,483
	106,233		Timken Co		5,354
	188,371		TJX Companies, Inc		9,895
	4,918	*	Toll Brothers, Inc		102
	252,626	e	TonenGeneral Sekiyu KK		3,107
	32,366		Torchmark Corp		2,076
	49,176		Toro Co		2,975
	77,120		Total System Services, Inc		1,433
	54,204		TransDigm Group, Inc		4,943

238

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	20,021		Transocean Ltd	$	1,307
	42,704		Travelers Cos, Inc		2,493
	176,981	*	TRW Automotive Holdings Corp		10,447
	124,711		Tupperware Corp		8,412
	331,115	e	Tyco Electronics Ltd		12,172
	788,690		Tyco International Ltd		38,985
	249,193		Tyson Foods, Inc (Class A)		4,839
	234,988	*	UAL Corp		5,318
	13,324	*	Ultra Petroleum Corp		610
	376,015		Union Pacific Corp		39,256
	20,890	*,e	Unisys Corp		537
	671,114		United Parcel Service, Inc (Class B)		48,945
	4,914	e	United States Steel Corp		226
	145,416		United Technologies Corp		12,871
	1,045,905		UnitedHealth Group, Inc		53,948
	194,153		UnumProvident Corp		4,947
	7,937	*	Urban Outfitters, Inc		223
	36,058	*	URS Corp		1,613
	1,789,132		US Bancorp		45,640
	154,952		Valero Energy Corp		3,962
	346,954	*	Vanda Pharmaceuticals, Inc		2,477
	28,267	*	Varian Medical Systems, Inc		1,979
	123,710	*,e	Veeco Instruments, Inc		5,989
	24,551		Ventas, Inc		1,294
	109,043	*	VeriFone Systems, Inc		4,836
	42,043		VeriSign, Inc		1,407
	41,684	*	Verisk Analytics, Inc		1,443
	1,357,081		Verizon Communications, Inc		50,524
	11,058	*	Vertex Pharmaceuticals, Inc		575
	31,858		VF Corp		3,459
	1,021,090		Viacom, Inc (Class B)		52,076
	61,535		Virgin Media, Inc		1,842
	85,541		Visa, Inc (Class A)		7,208
	301,118	*	Vishay Intertechnology, Inc		4,529
	586,600	*	Visteon Corp		40,130
	190,798	*	VMware, Inc (Class A)		19,124
	80,090		Vornado Realty Trust		7,463
	4,493	e	Vulcan Materials Co		173
	7,399		W.R. Berkley Corp		240
	18,548		W.W. Grainger, Inc		2,850
	73,648	*	WABCO Holdings, Inc		5,086
	85,205		Walgreen Co		3,618
	490,282		Wal-Mart Stores, Inc		26,054
	1,349,266		Walt Disney Co		52,676
	424,205		Walter Energy, Inc		49,123
	635,265		Warner Chilcott plc		15,329
	3,877	e	Washington Post Co (Class B)		1,624
	169,381		Waste Management, Inc		6,313
	45,935	*	Waters Corp		4,398
	750,086	*	Watson Pharmaceuticals, Inc		51,553
	82,132	*	Weatherford International Ltd		1,540
	44,000		Weight Watchers International, Inc		3,322

239

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	26,980	*	WellCare Health Plans, Inc	$	1,387
	414,703		WellPoint, Inc		32,666
	4,151,408		Wells Fargo & Co		116,488
	25,000		Westar Energy, Inc		673
	127,872	*	Western Digital Corp		4,652
	485,554		Western Union Co		9,726
	42,400	e	Westlake Chemical Corp		2,201
	176,757	*	Westway Group, Inc		857
	21,932		Weyerhaeuser Co		479
	56,756		Whirlpool Corp		4,615
	300		White Mountains Insurance Group Ltd		126
	26,624	*	Whiting Petroleum Corp		1,515
	98,356		Whole Foods Market, Inc		6,241
	324,597		Williams Cos, Inc		9,819
	145,300		Williams-Sonoma, Inc		5,302
	22,620	e	Willis Group Holdings plc		930
	26,443	e	Windstream Corp		343
	89,242		Wisconsin Energy Corp		2,798
	113,200	*	WMS Industries, Inc		3,478
	217,096	*	WR Grace & Co		9,906
	2,862		Wynn Resorts Ltd		411
	458,365		Xcel Energy, Inc		11,138
	1,048,435		Xerox Corp		10,914
	50,971		Xilinx, Inc		1,859
	444,940		XL Capital Ltd		9,780
	1,032,461	*	Yahoo!, Inc		15,528
	209,000		Yum! Brands, Inc		11,545
	53,469	*	Zimmer Holdings, Inc		3,379
	34,526		Zions Bancorporation		829
			TOTAL UNITED STATES		7,293,473
VIRGIN ISLANDS, BRITISH - 0.0%
	180,479	e	Arcos Dorados Holdings, Inc		3,806
			TOTAL VIRGIN ISLANDS, BRITISH		3,806
			TOTAL COMMON STOCKS		15,087,870
			(Cost $13,176,722)
RIGHTS / WARRANTS - 0.2%
AUSTRALIA - 0.0%
	681,005	m	GPT Group		0	^
			TOTAL AUSTRALIA		0	^
FRANCE - 0.0%
	59,520	e	Sanofi-Aventis S.A.		143
			TOTAL FRANCE		143
ITALY - 0.0%
	2,895	e	Fondiaria-Sai S.p.A		7
			TOTAL ITALY		7

240

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY				VALUE (000)
MALAYSIA - 0.0%
	51,780		IJM Land BHD				$	25
			TOTAL MALAYSIA					25
SPAIN - 0.0%
	60,401	e	Banco Popular Espanol S.A.					4
	110,004		Criteria Caixacorp S.A.					8
	11,789	e,m	Zardoya Otis S.A.					9
			TOTAL SPAIN					21
UNITED STATES - 0.2%
	759		American International Group, Inc					8
	968,947		General Motors Co					15,435
	968,947		General Motors Co					20,735
			TOTAL UNITED STATES					36,178
			TOTAL RIGHTS / WARRANTS					36,374
			(Cost $51,347)
PRINCIPAL			ISSUER	RATE		MATURITY DATE
SHORT-TERM INVESTMENTS - 7.3%
TREASURY DEBT - 1.2%
$	32,800,000		United States Treasury Bill	0.085	%	07/14/11		32,799
	8,600,000		United States Treasury Bill	0.100		08/25/11		8,599
	10,000,000		United States Treasury Bill	0.125		09/15/11		10,000
	27,700,000		United States Treasury Bill	0.050		10/20/11		27,697
	50,000,000		United States Treasury Bill	0.065		11/10/11		49,989
	50,000,000		United States Treasury Bill	0.065		12/22/11		49,978
			TOTAL TREASURY DEBT					179,062
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 6.1%
REPURCHASE AGREEMENTS - 5.2%
	27,868,000	n	Barclay Capital	0.010		7/01/11		27,868
	150,000,000	o	BNP	0.010		7/01/11		150,000
	100,000,000	p	Calyon	0.010		7/01/11		100,000
	37,000,000	q	Citigroup	0.010		7/01/11		37,000
	133,000,000	r	CSFB	0.010		7/01/11		133,000
	35,000,000	s	Merrill Lynch	0.005		7/01/11		35,000
	80,000,000	t	MF Global, Inc	0.010		7/01/11		80,000
	30,000,000	u	Morgan Stanley	0.001		7/01/11		30,000
	85,000,000	v	Nomura Securities	0.010		7/01/11		85,000
	41,000,000	w	Societe Generale	0.010		7/01/11		41,000
	73,000,000	x	UBS Warburg	0.010		7/01/11		73,000
			TOTAL REPURCHASE AGREEMENTS					791,868
VARIABLE RATE SECURITY - 0.9%
	11,000,000		American Express Credit Account Master	0.490		10/15/12		11,032
	5,000,000		Bank One Issuance Trust	0.520		07/15/11		5,000

241

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
$	8,000,000	Capital One Multi-Asset Execution Trust	0.580	%	08/15/11	$	8,001
	9,000,000	Chase Issuance Trust 2007	0.550		06/15/12		8,994
	2,844,977	GE Equipment Midticket LLC	0.490		11/14/11		2,844
	20,000,000	General Electric Cap Corp	0.600		09/28/11		20,020
	3,000,000	General Electric Cap Corp	0.720		11/21/11		3,002
	3,432,911	Granite Master Issuer plc 2006	0.530		12/20/50		3,251
	2,942,494	Granite Master Issuer plc 2007	0.450		12/20/50		2,787
	1,621,889	Medallion Trust Series 2005	0.430		08/22/36		1,569
	7,383,694	Nelnet Student Loan Trust 2006	0.420		11/23/18		7,371
	2,913,805	Nelnet Student Loan Trust 2007	0.500		09/25/18		2,904
	25,000,000	Permanent Master Issuer plc	0.750		10/15/33		24,881
	3,340,370	Puma Global Mortgage Backed Trust	0.460		02/21/38		3,118
	1,862,784	SLM Student Loan Trust 2006	0.450		01/25/19		1,862
	30,000,000	SLM Student Loan Trust 2007	0.470		01/25/19		29,019
	7,998,907	SLM Student Loan Trust 2008	0.620		10/25/16		8,018
	1,349,962	Wachovia Student Loan Trust 2005	0.460		04/25/17		1,350
		TOTAL VARIABLE RATE SECURITY					145,023
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED					936,891
		TOTAL SHORT-TERM INVESTMENTS					1,115,953
		(Cost $1,117,256)
		TOTAL INVESTMENTS - 105.7%					16,240,197
		(Cost $14,345,325)
		OTHER ASSETS & LIABILITIES, NET - (5.7)%					(874,329	)
		NET ASSETS - 100.0%				$	15,365,868
		Abbreviation(s):
	ADR	American Depositary Receipt
	GDR	Global Depositary Receipt
	NVDR	Non Voting Depository Receipt
	SPDR	Standard & Poor’s Depository Receipts
	*	Non-income producing.
	^	Amount represents less than $1,000.
	e	All or a portion of these securities are out on loan.
	f	Restricted security. At 6/30/2011, the value of these securities amounted to $6,420,000 or 0.0% 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 June 30, 2011 the value of these securities amounted to $2,881,000 or 0.0% of net assets.
	m	Indicates a security that has been deemed illiquid.
	n	Agreement with Barclays Capital, 0.01% dated 06/30/11 to be repurchased at $27,868,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $28,425,000.
	o	Agreement with BNP, 0.01% dated 06/30/11 to be repurchased at $150,000,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $153,000,000.
	p	Agreement with Calyon, 0.01% dated 06/30/11 to be repurchased at $100,000,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $102,000,000.
	q	Agreement with Citgroup, 0.01% dated 06/30/11 to be repurchased at $37,000,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $37,740,000.
	r	Agreement with CSFB, 0.01% dated 06/30/11 to be repurchased at $133,000,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $135,661,000.
	s	Agreement with Merrill Lynch, 0.01% dated 06/30/11 to be repurchased at $35,000,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $35,700,000.
	t	Agreement with MF Global, 0.01% dated 06/30/11 to be repurchased at $80,000,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $81,600,000.
	u	Agreement with Morgan Stanley, 0.00% dated 06/30/11 to be repurchased at $30,000,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $30,600,000.
	v	Agreement with Nomura Securities, 0.01% dated 06/30/11 to be repurchased at $85,000,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $86,700,000.
	w	Agreement with Societe Generale, 0.01% dated 06/30/11 to be repurchased at $41,000,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $41,820,000.
	x	Agreement with UBS Warburg, 0.01% dated 06/30/11 to be repurchased at $73,000,000 on 07/01/11, collateralized by U.S. Government Agencies Securities valued at $74,460,000.
		Cost amounts are in thousands.

242

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
June 30, 2011

SECTOR	VALUE (000)			% OF NET ASSETS
FINANCIALS	$	2,995,053			19.5	%
INFORMATION TECHNOLOGY		1,927,008			12.5
CONSUMER DISCRETIONARY		1,856,480			12.1
INDUSTRIALS		1,783,359			11.6
ENERGY		1,584,520			10.3
HEALTH CARE		1,518,923			9.9
CONSUMER STAPLES		1,312,855			8.5
MATERIALS		1,304,455			8.5
TELECOMMUNICATION SERVICES		460,564			3.0
UTILITIES		381,027			2.5
SHORT - TERM INVESTMENTS		1,115,953			7.3
OTHER ASSETS & LIABILITIES, NET		(874,329	)		(5.7	)
NET ASSETS	$	15,365,868			100.0	%

243

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2011

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 99.2%
AUTOMOBILES & COMPONENTS - 1.5%
	228,342	*	BorgWarner, Inc	$	18,448
	420,700	*	Federal Mogul Corp (Class A)		9,605
	3,216,929	*	Ford Motor Co		44,362
	148,780		Gentex Corp		4,498
	918,827	*	Goodyear Tire & Rubber Co		15,409
	252,903		Harley-Davidson, Inc		10,361
	29,900		Hyundai Mobis		11,250
	1,497,698		Johnson Controls, Inc		62,393
	230,100		Lear Corp (New)		12,306
	55,353	*	Tesla Motors, Inc		1,612
	374,823	*	TRW Automotive Holdings Corp		22,125
			TOTAL AUTOMOBILES & COMPONENTS		212,369
BANKS - 0.1%
	42,487		Hudson City Bancorp, Inc		348
	72,867		People’s United Financial, Inc		979
	371,149		Wells Fargo & Co		10,414
			TOTAL BANKS		11,741
CAPITAL GOODS - 10.2%
	678,183		3M Co		64,325
	57,642	*	Aecom Technology Corp		1,576
	2,348		Alliant Techsystems, Inc		167
	170,226		Ametek, Inc		7,643
	2,269		Armstrong World Industries, Inc		103
	126,997	*	Babcock & Wilcox Co		3,519
	99,253	*	BE Aerospace, Inc		4,051
	1,231,970		Boeing Co		91,080
	79,587		Bucyrus International, Inc (Class A)		7,295
	5,375		Carlisle Cos, Inc		265
	1,199,697		Caterpillar, Inc		127,719
	3,693,820		Changsha Zoomlion Heavy Industry Science and Technology Development Co Ltd		7,073
	367,541		Chicago Bridge & Iron Co NV		14,297
	292,100	*	CNH Global NV		11,290
	120,534		Cooper Industries plc		7,192
	483,869		Cummins, Inc		50,076
	1,202,656		Danaher Corp		63,729
	809,129		Deere & Co		66,713
	82,272		Donaldson Co, Inc		4,992
	356,160		Dover Corp		24,148
	236,604		Eaton Corp		12,173

244

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	1,753,844		Emerson Electric Co	$	98,654
	318,594		Fastenal Co		11,466
	54,932		Flowserve Corp		6,036
	188,391		Fluor Corp		12,181
	181,638		Gardner Denver, Inc		15,267
	109,094	*	General Cable Corp		4,645
	526,451		Goodrich Corp		50,276
	65,045		Graco, Inc		3,295
	7,215		Harsco Corp		235
	1,454,575		Honeywell International, Inc		86,678
	80,193		IDEX Corp		3,677
	455,172		Illinois Tool Works, Inc		25,713
	283,788		Ingersoll-Rand plc		12,887
	378,150		Joy Global, Inc		36,015
	430,318		KBR, Inc		16,219
	178,209		Kennametal, Inc		7,522
	57,704		Lennox International, Inc		2,485
	65,049		Lincoln Electric Holdings, Inc		2,332
	269,484		Lockheed Martin Corp		21,820
	141,085		Manitowoc Co, Inc		2,376
	386,869		Masco Corp		4,655
	46,405		MSC Industrial Direct Co (Class A)		3,077
	44,415	*	Navistar International Corp		2,508
	65,547		Nordson Corp		3,595
	395,011		Paccar, Inc		20,181
	125,680		Pall Corp		7,067
	325,289		Parker Hannifin Corp		29,191
	42,229	*	Polypore International, Inc		2,865
	711,492		Precision Castparts Corp		117,148
	155,956		Rockwell Automation, Inc		13,531
	166,510		Rockwell Collins, Inc		10,272
	515,224		Roper Industries, Inc		42,918
	11,427		Snap-On, Inc		714
	17,196	*	Spirit Aerosystems Holdings, Inc (Class A)		378
	15,133		SPX Corp		1,251
	22,717		Textron, Inc		536
	9,816	*	Thomas & Betts Corp		529
	426,485		Timken Co		21,495
	33,396		Toro Co		2,020
	53,989		TransDigm Group, Inc		4,923
	212,400		Tyco International Ltd		10,499
	1,320,163		United Technologies Corp		116,848
	23,525		Valmont Industries, Inc		2,268
	128,219		W.W. Grainger, Inc		19,701
	72,923	*	WABCO Holdings, Inc		5,036
	22,003	*	WESCO International, Inc		1,190
	52,149		Westinghouse Air Brake Technologies Corp		3,427
			TOTAL CAPITAL GOODS		1,437,028

245

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
	6,855		Avery Dennison Corp	$	265
	66,505	*	Copart, Inc		3,099
	8,000		Covanta Holding Corp		132
	55,829		Dun & Bradstreet Corp		4,217
	6,768		Equifax, Inc		235
	51,885	*	IHS, Inc (Class A)		4,328
	194,804		Iron Mountain, Inc		6,641
	4,208	*	KAR Auction Services, Inc		80
	75,057	*	NIELSEN HOLDINGS B.V.		2,339
	162,621		Robert Half International, Inc		4,396
	182,883	*	Stericycle, Inc		16,298
	12,785		Towers Watson & Co		840
	111,033	*	Verisk Analytics, Inc		3,844
	440,776		Waste Connections, Inc		13,986
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		60,700
CONSUMER DURABLES & APPAREL - 2.0%
	1,582,667		Burberry Group plc		36,804
	318,569		Coach, Inc		20,366
	41,794	*	Deckers Outdoor Corp		3,684
	230,837	*	Fossil, Inc		27,174
	7,368		Garmin Ltd		243
	101,939	*	Hanesbrands, Inc		2,910
	49,824		Harman International Industries, Inc		2,270
	133,118		Hasbro, Inc		5,848
	933,727		Jarden Corp		32,223
	116,112		Leggett & Platt, Inc		2,831
	173,440		LVMH Moet Hennessy Louis Vuitton S.A.		31,167
	279,108		Mattel, Inc		7,673
	586,850		Nike, Inc (Class B)		52,805
	107,737		Phillips-Van Heusen Corp		7,054
	34,995		Polaris Industries, Inc		3,890
	67,871		Polo Ralph Lauren Corp (Class A)		9,000
	75,635	*	Tempur-Pedic International, Inc		5,130
	490,447		Tupperware Corp		33,081
	39,348	*	Under Armour, Inc (Class A)		3,042
			TOTAL CONSUMER DURABLES & APPAREL		287,195
CONSUMER SERVICES - 3.2%
	130,369	*	Apollo Group, Inc (Class A)		5,695
	44,231	*	Bally Technologies, Inc		1,799
	748,616		Brinker International, Inc		18,311
	115,323	*	Chipotle Mexican Grill, Inc (Class A)		35,541
	2,133		Choice Hotels International, Inc		71
	151,309		Darden Restaurants, Inc		7,529
	60,436		DeVry, Inc		3,574
	194,076		H&R Block, Inc		3,113
	168,542		International Game Technology		2,963
	30,332	*	ITT Educational Services, Inc		2,373
	1,713,726	*	Las Vegas Sands Corp		72,336
	300,636		Marriott International, Inc (Class A)		10,670
	1,121,261		McDonald’s Corp		94,546
	1,797,200	*	MGM China Holdings Ltd		3,307
	83,948	*	MGM Mirage		1,109

246

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	761,376	*	Orient-Express Hotels Ltd (Class A)	$	8,185
	32,495	*	Panera Bread Co (Class A)		4,083
	81,331	*	Royal Caribbean Cruises Ltd		3,061
	3,748,100	*	Sands China Ltd		10,159
	2,466,207		Starbucks Corp		97,392
	210,747		Starwood Hotels & Resorts Worldwide, Inc		11,810
	163,853		Weight Watchers International, Inc		12,365
	85,611		Wynn Resorts Ltd		12,289
	502,052		Yum! Brands, Inc		27,733
			TOTAL CONSUMER SERVICES		450,014
DIVERSIFIED FINANCIALS - 3.8%
	117,719	*	Affiliated Managers Group, Inc		11,943
	686,955		American Express Co		35,515
	321,900		Ameriprise Financial, Inc		18,567
	248,637		BlackRock, Inc		47,691
	384,605		Blackstone Group LP		6,369
	56,818		CBOE Holdings, Inc		1,398
	2,375,812		Charles Schwab Corp		39,082
	113,757		CME Group, Inc		33,170
	58,305		Discover Financial Services		1,560
	125,825		Eaton Vance Corp		3,804
	79,256		Federated Investors, Inc (Class B)		1,889
	247,020		Franklin Resources, Inc		32,431
	23,857	*	Green Dot Corp		811
	31,669		Greenhill & Co, Inc		1,704
	427,982	*	IntercontinentalExchange, Inc		53,374
	2,670,750		iShares Russell 1000 Growth Index Fund		162,596
	119,926		Lazard Ltd (Class A)		4,449
	31,289	*	LPL Investment Holdings, Inc		1,070
	457,972		Moody’s Corp		17,563
	129,870	*	MSCI, Inc (Class A)		4,894
	16,065	*	Nasdaq Stock Market, Inc		406
	87,473		NYSE Euronext		2,998
	160,749		SEI Investments Co		3,618
	280,642		T Rowe Price Group, Inc		16,934
	246,219		TD Ameritrade Holding Corp		4,804
	412,141		Waddell & Reed Financial, Inc (Class A)		14,981
			TOTAL DIVERSIFIED FINANCIALS		523,621
ENERGY - 10.4%
	137,314	*	Alpha Natural Resources, Inc		6,240
	703,100		Anadarko Petroleum Corp		53,970
	324,384		Apache Corp		40,026
	24,650		Arch Coal, Inc		657
	12,230	*	Atwood Oceanics, Inc		540
	186,925		Baker Hughes, Inc		13,563
	126,501	*	Brigham Exploration Co		3,786
	112,945		Cabot Oil & Gas Corp		7,489
	195,189	*	Cameron International Corp		9,816
	20,724		CARBO Ceramics, Inc		3,377
	831,161		Cenovus Energy, Inc		31,302

247

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	278,122		Chevron Corp	$	28,602
	27,554		Cimarex Energy Co		2,478
	119,251	*	Cobalt International Energy, Inc		1,625
	956,065	*	Concho Resources, Inc		87,816
	244,873		Consol Energy, Inc		11,871
	45,291	*	Continental Resources, Inc		2,940
	49,290		Core Laboratories NV		5,498
	1,161,875		Crescent Point Energy Corp		53,694
	1,423,995	*	Denbury Resources, Inc		28,480
	35,084		Diamond Offshore Drilling, Inc		2,470
	86,194	*	Dresser-Rand Group, Inc		4,633
	782,079		El Paso Corp		15,798
	290,081		EOG Resources, Inc		30,328
	65,233		Equitable Resources, Inc		3,426
	152,113		EXCO Resources, Inc		2,685
	5,084,830	d	Exxon Mobil Corp		413,804
	259,540	*	FMC Technologies, Inc		11,625
	96,478	*	Forest Oil Corp		2,577
	115,394		Frontier Oil Corp		3,728
	1,210,453		Halliburton Co		61,733
	95,518		Helmerich & Payne, Inc		6,316
	47,582		Holly Corp		3,302
	125,948		Kinder Morgan, Inc		3,618
	30,050	*	Kosmos Energy LLC		510
	221,640	*	McDermott International, Inc		4,391
	31,957		Murphy Oil Corp		2,098
	715,940		National Oilwell Varco, Inc		55,994
	83,820	*	Newfield Exploration Co		5,701
	38,347		Noble Energy, Inc		3,437
	570,925		Occidental Petroleum Corp		59,399
	117,262		Oceaneering International, Inc		4,749
	46,525	*	Oil States International, Inc		3,718
	18,605		Patterson-UTI Energy, Inc		588
	292,518		Peabody Energy Corp		17,232
	271,843	*	PetroHawk Energy Corp		6,706
	621,749		Petroleo Brasileiro S.A. (ADR)		21,052
	102,368		Pioneer Natural Resources Co		9,169
	149,932		Questar Market Resources, Inc		6,272
	7,745	*	Quicksilver Resources, Inc		114
	171,319		Range Resources Corp		9,508
	22,705	*	Rowan Cos, Inc		881
	46,415		RPC, Inc		1,139
	442,809	*	SandRidge Energy, Inc		4,720
	2,733,176		Schlumberger Ltd		236,145
	375,923	*	Southwestern Energy Co		16,120
	55,573		St. Mary Land & Exploration Co		4,084
	486,504		Suncor Energy, Inc (NY)		19,022
	86,014	*	Superior Energy Services		3,195
	432,500		Tullow Oil plc		8,613
	163,536	*	Ultra Petroleum Corp		7,490
	126,817	*	Whiting Petroleum Corp		7,217
			TOTAL ENERGY		1,479,077

248

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
FOOD & STAPLES RETAILING - 1.8%
	4,731	*	BJ’s Wholesale Club, Inc	$	238
	1,081,548		Costco Wholesale Corp		87,864
	926,722		Kroger Co		22,983
	630,774		Sysco Corp		19,668
	933,878		Walgreen Co		39,652
	1,452,179		Wal-Mart Stores, Inc		77,169
	167,058		Whole Foods Market, Inc		10,600
			TOTAL FOOD & STAPLES RETAILING		258,174
FOOD, BEVERAGE & TOBACCO - 5.3%
	2,026,700		Altria Group, Inc		53,525
	94,469		Brown-Forman Corp (Class B)		7,056
	40,712		Bunge Ltd		2,807
	143,151		Campbell Soup Co		4,946
	2,930,322		Coca-Cola Co		197,182
	1,957,362		Coca-Cola Enterprises, Inc		57,116
	55,647		ConAgra Foods, Inc		1,436
	66,590		Corn Products International, Inc		3,681
	239,190		Dr Pepper Snapple Group, Inc		10,029
	120,833		Flowers Foods, Inc		2,663
	519,390		General Mills, Inc		19,333
	132,749	*	Green Mountain Coffee Roasters, Inc		11,849
	203,056		H.J. Heinz Co		10,819
	232,048	*	Hansen Natural Corp		18,784
	122,591		Hershey Co		6,969
	78,703		Hormel Foods Corp		2,346
	365,805		InBev NV		21,230
	245,584		Kellogg Co		13,586
	131,268		Lorillard, Inc		14,291
	97,980		McCormick & Co, Inc		4,857
	40,434		Mead Johnson Nutrition Co		2,731
	1,707,076		PepsiCo, Inc		120,230
	2,459,417		Philip Morris International, Inc		164,215
	110,541		Reynolds American, Inc		4,096
	524,714		Sara Lee Corp		9,964
			TOTAL FOOD, BEVERAGE & TOBACCO		765,741
HEALTH CARE EQUIPMENT & SERVICES - 4.8%
	297,500		Aetna, Inc		13,117
	165,592	*	Allscripts Healthcare Solutions, Inc		3,216
	31,526	*	Amerigroup Corp		2,222
	500,197		AmerisourceBergen Corp		20,708
	92,496		Bard (C.R.), Inc		10,162
	722,527		Baxter International, Inc		43,128
	236,234		Becton Dickinson & Co		20,356
	91,495	*	Brookdale Senior Living, Inc		2,219
	304,969		Cardinal Health, Inc		13,852
	75,539	*	CareFusion Corp		2,052
	45,982	*	Catalyst Health Solutions, Inc		2,567
	704,816	*	Cerner Corp		43,071

249

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	167,349		Cigna Corp	$	8,607
	122,751		Cooper Cos, Inc		9,727
	288,571		Covidien plc		15,361
	213,231	*	DaVita, Inc		18,468
	68,566		Dentsply International, Inc		2,611
	556,701	*	Edwards Lifesciences Corp		48,533
	14,123	*	Emdeon, Inc		185
	911,486	*	Express Scripts, Inc		49,201
	54,320	*	Gen-Probe, Inc		3,756
	85,048	*	HCA Holdings, Inc		2,807
	266,830	*	Health Management Associates, Inc (Class A)		2,876
	54,746	*	Henry Schein, Inc		3,919
	57,244		Hill-Rom Holdings, Inc		2,636
	798,315	*	Hologic, Inc		16,102
	62,116	*	Idexx Laboratories, Inc		4,818
	277,485	*	Intuitive Surgical, Inc		103,254
	164,297	*	Kinetic Concepts, Inc		9,468
	108,257	*	Laboratory Corp of America Holdings		10,478
	106,526		Lincare Holdings, Inc		3,118
	385,877		McKesson Corp		32,279
	432,111	*	Medco Health Solutions, Inc		24,423
	996,556		Medtronic, Inc		38,397
	49,801		Patterson Cos, Inc		1,638
	52,004	*	Pediatrix Medical Group, Inc		3,754
	152,864		Quest Diagnostics, Inc		9,034
	161,788	*	Resmed, Inc		5,007
	60,257	*	Sirona Dental Systems, Inc		3,200
	351,194		St. Jude Medical, Inc		16,745
	335,811		Stryker Corp		19,709
	64,862	*	SXC Health Solutions Corp		3,822
	29,156	*	Tenet Healthcare Corp		182
	61,627	*	Thoratec Corp		2,023
	254,073		UnitedHealth Group, Inc		13,105
	97,641		Universal Health Services, Inc (Class B)		5,031
	184,496	*	Varian Medical Systems, Inc		12,918
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		683,862
HOUSEHOLD & PERSONAL PRODUCTS - 1.4%
	464,793		Avon Products, Inc		13,014
	94,050		Church & Dwight Co, Inc		3,813
	8,378		Clorox Co		565
	476,534		Colgate-Palmolive Co		41,654
	678,457		Estee Lauder Cos (Class A)		71,367
	424,972		Herbalife Ltd		24,495
	370,013		Kimberly-Clark Corp		24,628
	201,655		Procter & Gamble Co		12,819
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		192,355
INSURANCE - 0.4%
	297,719		ACE Ltd		19,597
	387,969		Aflac, Inc		18,110
	262,055		Axis Capital Holdings Ltd		8,113

250

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	29,897		Erie Indemnity Co (Class A)	$	2,114
	354,062		Metlife, Inc		15,533
	9,345		Validus Holdings Ltd		289
			TOTAL INSURANCE		63,756
MATERIALS - 6.4%
	226,788		Air Products & Chemicals, Inc		21,676
	87,841		Airgas, Inc		6,152
	17,407		AK Steel Holding Corp		274
	240,933		Albemarle Corp		16,673
	114,714		Allegheny Technologies, Inc		7,281
	96,454	*	Allied Nevada Gold Corp		3,412
	267,509		Anglo American plc (London)		13,267
	347,626		Ashland, Inc		22,464
	515,086		Ball Corp		19,811
	214,712		Barrick Gold Corp		9,724
	47,292		Carpenter Technology Corp		2,728
	363,183		Celanese Corp (Series A)		19,361
	280,537		CF Industries Holdings, Inc		39,744
	312,470		Cleveland-Cliffs, Inc		28,888
	536,875		Companhia Vale do Rio Doce (ADR)		17,153
	34,727		Compass Minerals International, Inc		2,989
	173,113	*	Crown Holdings, Inc		6,720
	761,577		Dow Chemical Co		27,417
	1,003,571		Du Pont (E.I.) de Nemours & Co		54,242
	279,135		Eastman Chemical Co		28,491
	248,894		Ecolab, Inc		14,033
	77,540		FMC Corp		6,670
	2,012,076		Freeport-McMoRan Copper & Gold, Inc (Class B)		106,440
	40,519		Huntsman Corp		764
	85,508		International Flavors & Fragrances, Inc		5,493
	357,294		International Paper Co		10,655
	56,522	*	Intrepid Potash, Inc		1,837
	23,647		Kronos Worldwide, Inc		744
	136,800		Lanxess AG.		11,222
	69,133		Lubrizol Corp		9,282
	23,085		LyondellBasell Industries AF S.C.A		889
	23,920		Martin Marietta Materials, Inc		1,913
	60,566	*	Molycorp, Inc		3,698
	2,154,175		Monsanto Co		156,263
	297,772		Mosaic Co		20,168
	140,231		Nalco Holding Co		3,900
	99,620		Packaging Corp of America		2,788
	439,813		PPG Industries, Inc		39,931
	326,236		Praxair, Inc		35,361
	8,600		Reliance Steel & Aluminum Co		427
	74,863		Rock-Tenn Co (Class A)		4,966
	70,192	*	Rockwood Holdings, Inc		3,881
	58,721		Royal Gold, Inc		3,439
	5,112		Schnitzer Steel Industries, Inc (Class A)		294
	47,664		Scotts Miracle-Gro Co (Class A)		2,446
	96,996		Sherwin-Williams Co		8,135

251

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	131,607		Sigma-Aldrich Corp	$	9,657
	53,496		Silgan Holdings, Inc		2,192
	131,999	*	Solutia, Inc		3,016
	181,779		Southern Copper Corp (NY)		5,975
	172,275		Steel Dynamics, Inc		2,799
	30,447		Temple-Inland, Inc		905
	59,704		Titanium Metals Corp		1,094
	10,738		Valspar Corp		387
	590,180		Walter Energy, Inc		68,343
	4,566		Westlake Chemical Corp		237
	287,961	*	WR Grace & Co		13,140
			TOTAL MATERIALS		911,851
MEDIA - 3.6%
	234,805		Cablevision Systems Corp (Class A)		8,502
	768,020		CBS Corp (Class B)		21,881
	62,543	*	Charter Communications, Inc		3,394
	1,946,022		Comcast Corp (Class A)		49,312
	1,453,105	*	DIRECTV		73,847
	301,097	*	Discovery Communications, Inc (Class A)		12,333
	162,383		DISH Network Corp (Class A)		4,980
	5,102,713		Interpublic Group of Cos, Inc		63,784
	50,387		John Wiley & Sons, Inc (Class A)		2,621
	12,926	*	Lamar Advertising Co (Class A)		354
	265,021	*	Liberty Global, Inc (Class A)		11,937
	271,009		McGraw-Hill Cos, Inc		11,358
	26,387		Morningstar, Inc		1,604
	1,345,581		News Corp (Class A)		23,817
	303,136		Omnicom Group, Inc		14,599
	20,191		Regal Entertainment Group (Class A)		249
	101,136		Scripps Networks Interactive (Class A)		4,944
	4,163,595	*	Sirius XM Radio, Inc		9,118
	191,771		Thomson Corp		7,203
	363,519		Time Warner Cable, Inc		28,369
	1,273,758		Viacom, Inc (Class B)		64,962
	342,792		Virgin Media, Inc		10,260
	2,123,138		Walt Disney Co		82,886
			TOTAL MEDIA		512,314
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.3%
	1,575,404		Abbott Laboratories		82,898
	1,037,254	*	Agilent Technologies, Inc		53,013
	501,906	*	Alexion Pharmaceuticals, Inc		23,605
	1,420,343		Allergan, Inc		118,245
	151,149	*	Amylin Pharmaceuticals, Inc		2,019
	586,132	*	Biogen Idec, Inc		62,669
	119,847	*	BioMarin Pharmaceuticals, Inc		3,261
	91,533	*	Bruker BioSciences Corp		1,864
	922,330	*	Celgene Corp		55,635
	55,752	*	Charles River Laboratories International, Inc		2,266
	64,707	*	Covance, Inc		3,842
	272,050	*	Dendreon Corp		10,730

252

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	361,399		Eli Lilly & Co	$	13,563
	314,825	*	Endo Pharmaceuticals Holdings, Inc		12,647
	1,266,562	*	Gilead Sciences, Inc		52,448
	152,179	*	Hospira, Inc		8,622
	501,697	*	Human Genome Sciences, Inc		12,312
	501,530	*	Illumina, Inc		37,690
	602,380		Johnson & Johnson		40,070
	215,762	*	Life Technologies Corp		11,235
	113,869	*	Mettler-Toledo International, Inc		19,206
	1,170,054	*	Mylan Laboratories, Inc		28,865
	98,593	*	Myriad Genetics, Inc		2,239
	200,472		Perrigo Co		17,615
	1,547,273		Pfizer, Inc		31,874
	114,862		Pharmaceutical Product Development, Inc		3,083
	40,169	*	Pharmasset, Inc		4,507
	74,910	*	Regeneron Pharmaceuticals, Inc		4,248
	211,788		Shire plc (ADR)		19,953
	39,780		Techne Corp		3,316
	101,300	*	Thermo Electron Corp		6,523
	211,779		UCB S.A.		9,516
	55,883	*	United Therapeutics Corp		3,079
	200,148	*	Vertex Pharmaceuticals, Inc		10,406
	768,026		Warner Chilcott plc		18,532
	99,849	*	Waters Corp		9,560
	1,455,373	*	Watson Pharmaceuticals, Inc		100,028
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		901,184
REAL ESTATE - 1.0%
	87,612		Apartment Investment & Management Co (Class A)		2,237
	129,173		Boston Properties, Inc		13,713
	54,632		Camden Property Trust		3,476
	685,800	*	CB Richard Ellis Group, Inc (Class A)		17,221
	24,141		Corporate Office Properties Trust		751
	102,834		Digital Realty Trust, Inc		6,353
	13		Duke Realty Corp		0	^
	78,076		Equity Residential		4,685
	19,626		Essex Property Trust, Inc		2,655
	50,832		Federal Realty Investment Trust		4,330
	36,938		Jones Lang LaSalle, Inc		3,483
	50,628		Macerich Co		2,709
	105,499		Plum Creek Timber Co, Inc		4,277
	142,941		Public Storage, Inc		16,296
	87,678		Rayonier, Inc		5,730
	435,684		Simon Property Group, Inc		50,639
	11,482		UDR, Inc		282
	166,247		Ventas, Inc		8,763
	21,928		Vornado Realty Trust		2,043
	168,650		Weyerhaeuser Co		3,687
			TOTAL REAL ESTATE		153,330

253

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
RETAILING - 5.6%
	297,982		Aaron’s, Inc	$	8,421
	243,783		Abercrombie & Fitch Co (Class A)		16,314
	87,448		Advance Auto Parts, Inc		5,115
	1,260,353	*	Amazon.com, Inc		257,730
	23,860	*	Autonation, Inc		874
	77,322	*	Autozone, Inc		22,798
	445,946	*	Bed Bath & Beyond, Inc		26,030
	28,146	*	Big Lots, Inc		933
	41,162	*	Carmax, Inc		1,361
	768,817		Chico’s FAS, Inc		11,709
	267,097	*	Dick’s Sporting Goods, Inc		10,270
	106,853	*	Dollar General Corp		3,621
	261,148	*	Dollar Tree, Inc		17,398
	21,590	*	DSW, Inc (Class A)		1,093
	123,020		Expedia, Inc		3,566
	133,429		Family Dollar Stores, Inc		7,013
	46,432		Genuine Parts Co		2,526
	69,985		Guess ?, Inc		2,944
	1,223,780		Home Depot, Inc		44,324
	262,391		Kohl’s Corp		13,122
	826,828		Limited Brands, Inc		31,792
	150,516	*	LKQ Corp		3,927
	851,288		Macy’s, Inc		24,892
	144,453	*	NetFlix, Inc		37,946
	455,501		Nordstrom, Inc		21,381
	147,306	*	O’Reilly Automotive, Inc		9,650
	946,395		Petsmart, Inc		42,938
	99,158	*	Priceline.com, Inc		50,762
	308,231		Ross Stores, Inc		24,695
	94,850	*	Sally Beauty Holdings, Inc		1,622
	643,079		Target Corp		30,167
	138,055		Tiffany & Co		10,840
	419,912		TJX Companies, Inc		22,058
	188,482		Tractor Supply Co		12,606
	48,978	*	Ulta Salon Cosmetics & Fragrance, Inc		3,163
	130,982	*	Urban Outfitters, Inc		3,687
	453,485		Williams-Sonoma, Inc		16,548
			TOTAL RETAILING		805,836
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.7%
	664,045	*	Advanced Micro Devices, Inc		4,642
	568,908		Altera Corp		26,369
	656,014		Analog Devices, Inc		25,676
	93,937		Applied Materials, Inc		1,222
	462,481	*	Atmel Corp		6,507
	846,850		Avago Technologies Ltd		32,180
	977,886		Broadcom Corp (Class A)		32,896
	8,903	*	Cree, Inc		299
	185,515		Cypress Semiconductor Corp		3,922
	193,841	*	First Solar, Inc		25,639
	604,932	*	Freescale Semiconductor Holdings Ltd		11,125
	67,531		Intersil Corp (Class A)		868
	347,782		Kla-Tencor Corp		14,078

254

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	350,861	*	Lam Research Corp	$	15,536
	246,042		Linear Technology Corp		8,124
	197,439	*	LSI Logic Corp		1,406
	679,404		Maxim Integrated Products, Inc		17,366
	147,687	*	MEMC Electronic Materials, Inc		1,260
	205,790		Microchip Technology, Inc		7,801
	1,325,200	*	Micron Technology, Inc		9,912
	256,258		National Semiconductor Corp		6,307
	353,800	*	Novellus Systems, Inc		12,786
	648,543	*	Nvidia Corp		10,335
	2,212,055	*	ON Semiconductor Corp		23,160
	12,500	*	PMC - Sierra, Inc		95
	48,829	*	Silicon Laboratories, Inc		2,015
	198,640	*	Skyworks Solutions, Inc		4,565
	728,400	*	Teradyne, Inc		10,780
	1,077,998		Texas Instruments, Inc		35,391
	80,741	*	Varian Semiconductor Equipment Associates, Inc		4,961
	255,700	*	Veeco Instruments, Inc		12,378
	286,974		Xilinx, Inc		10,466
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		380,067
SOFTWARE & SERVICES - 15.5%
	1,511,008		Accenture plc		91,295
	548,593	*	Adobe Systems, Inc		17,253
	395,817	*	Akamai Technologies, Inc		12,456
	212,855	*	Alliance Data Systems Corp		20,023
	417,752	*	Amadeus IT Holding S.A.		8,683
	356,691	*	Amdocs Ltd		10,840
	95,303	*	Ansys, Inc		5,210
	104,423	*	Ariba, Inc		3,599
	1,669,978	*	Autodesk, Inc		64,461
	536,477		Automatic Data Processing, Inc		28,262
	179,703	*	Baidu, Inc (ADR)		25,181
	194,972	*	BMC Software, Inc		10,665
	11,100	*	Booz Allen Hamilton Holding Co		212
	123,127		Broadridge Financial Solutions, Inc		2,964
	282,255	*	Cadence Design Systems, Inc		2,981
	450,017	*	Check Point Software Technologies		25,583
	482,674	*	Citrix Systems, Inc		38,614
	328,778	*	Cognizant Technology Solutions Corp (Class A)		24,113
	173,017	*	Compuware Corp		1,689
	5,640		DST Systems, Inc		298
	679,941	*	eBay, Inc		21,942
	359,401	*	Electronic Arts, Inc		8,482
	50,642	*	Equinix, Inc		5,116
	50,101		Factset Research Systems, Inc		5,126
	124,341	*	Fiserv, Inc		7,787
	16,105	*	FleetCor Technologies, Inc		477
	129,524	*	Fortinet, Inc		3,535
	105,110	*	Gartner, Inc		4,235
	105,693	*	Genpact Ltd		1,822
	89,560		Global Payments, Inc		4,568

255

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	683,881	*	Google, Inc (Class A)	$	346,303
	241,800	*	IAC/InterActiveCorp		9,230
	113,195	*	Informatica Corp		6,614
	1,827,056		International Business Machines Corp		313,430
	2,315,763	*	Intuit, Inc		120,095
	93,314		Lender Processing Services, Inc		1,951
	9,752	*	LinkedIn Corp		879
	115,914		Mastercard, Inc (Class A)		34,930
	121,812		Mercadolibre, Inc		9,665
	85,624	*	Micros Systems, Inc		4,256
	11,009,578		Microsoft Corp		286,250
	78,954	*	NeuStar, Inc (Class A)		2,069
	1,318,847	*	Nuance Communications, Inc		28,316
	7,738,879		Oracle Corp		254,687
	327,044		Paychex, Inc		10,047
	111,275	*	Rackspace Hosting, Inc		4,756
	1,671,771	*	Red Hat, Inc		76,734
	120,206	*	Rovi Corp		6,895
	100,529	*	SAIC, Inc		1,691
	144,689	*	Salesforce.com, Inc		21,556
	72,734		Solera Holdings, Inc		4,303
	1,657,518	*	Symantec Corp		32,686
	9,848	*	Synopsys, Inc		253
	182,462	*	Teradata Corp		10,984
	179,421	*	TIBCO Software, Inc		5,207
	96,499	*	VeriFone Systems, Inc		4,280
	186,072		VeriSign, Inc		6,226
	875,542		Visa, Inc (Class A)		73,773
	47,001	*	VistaPrint Ltd		2,249
	504,086	*	VMware, Inc (Class A)		50,525
	63,475	*	WebMD Health Corp (Class A)		2,893
	680,372		Western Union Co		13,628
			TOTAL SOFTWARE & SERVICES		2,204,833
TECHNOLOGY HARDWARE & EQUIPMENT - 9.9%
	131,137	*	Acme Packet, Inc		9,197
	190,333		Amphenol Corp (Class A)		10,276
	1,907,741	*	Apple, Inc		640,372
	132,804	*	Arrow Electronics, Inc		5,511
	99,536	*	Ciena Corp		1,829
	341,817		Corning, Inc		6,204
	2,442,279	*	Dell, Inc		40,713
	57,169	*	Dolby Laboratories, Inc (Class A)		2,427
	4,339,290	*	EMC Corp		119,548
	207,812	*	F5 Networks, Inc		22,911
	155,000	*	Finisar Corp		2,795
	172,486		Flir Systems, Inc		5,815
	293,548		Harris Corp		13,227
	262,620		Hewlett-Packard Co		9,559
	29,795	*	IPG Photonics Corp		2,166
	171,979		Jabil Circuit, Inc		3,474
	821,947	*	JDS Uniphase Corp		13,694

256

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	2,686,431	*	Juniper Networks, Inc	$	84,623
	93,054		National Instruments Corp		2,763
	660,045	*	NCR Corp		12,468
	1,127,337	*	NetApp, Inc		59,501
	658,496	*	Polycom, Inc		42,341
	99,891	*	QLogic Corp		1,590
	4,168,704		Qualcomm, Inc		236,740
	165,845	*	Riverbed Technology, Inc		6,566
	174,700	*	SanDisk Corp		7,250
	591,800		Seagate Technology, Inc		9,563
	1,137,809		Telefonaktiebolaget Lm Ericsson (ADR)		16,362
	129,414	*	Trimble Navigation Ltd		5,130
	178,488	*	Zebra Technologies Corp (Class A)		7,527
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,402,142
TELECOMMUNICATION SERVICES - 1.0%
	1,190,726	*	American Tower Corp (Class A)		62,312
	121,210	*	Clearwire Corp (Class A)		458
	310,428	*	Crown Castle International Corp		12,662
	1,011,793	*	MetroPCS Communications, Inc		17,413
	161,023	*	NII Holdings, Inc (Class B)		6,824
	124,826	*	SBA Communications Corp (Class A)		4,767
	143,031	*	tw telecom inc (Class A)		2,936
	691,040		Verizon Communications, Inc		25,728
	299,645		Windstream Corp		3,883
			TOTAL TELECOMMUNICATION SERVICES		136,983
TRANSPORTATION - 1.9%
	169,564	*	AMR Corp		916
	176,961		CH Robinson Worldwide, Inc		13,952
	4,550		Con-Way, Inc		177
	27,349		Copa Holdings S.A. (Class A)		1,825
	2,106,632		CSX Corp		55,235
	549,543	*	Delta Air Lines, Inc		5,039
	227,186		Expeditors International Washington, Inc		11,630
	22,888		FedEx Corp		2,171
	264,360	*	Hertz Global Holdings, Inc		4,198
	95,257		J.B. Hunt Transport Services, Inc		4,486
	391,558	*	Kansas City Southern Industries, Inc		23,231
	41,082	*	Kirby Corp		2,328
	54,882		Landstar System, Inc		2,551
	97,746		Ryder System, Inc		5,557
	146,131		Southwest Airlines Co		1,669
	307,086	*	UAL Corp		6,949
	342,033		Union Pacific Corp		35,708
	1,315,730		United Parcel Service, Inc (Class B)		95,956
	90,829		UTI Worldwide, Inc		1,788
			TOTAL TRANSPORTATION		275,366

257

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES		COMPANY	RATE	MATURITY DATE	VALUE (000)
UTILITIES - 0.0%
	15,301	Aqua America, Inc			$	336
	55,152	ITC Holdings Corp				3,958
	13,095	National Fuel Gas Co				953
	8,709	Oneok, Inc				645
		TOTAL UTILITIES				5,892
		TOTAL COMMON STOCKS				14,115,431
		(Cost $11,491,988)

PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 0.7%
TREASURY DEBT - 0.7%
$	63,080,000	United States Treasury Bill	0.085	%	07/14/11		63,078
	11,900,000	United States Treasury Bill	0.050		08/04/11		11,899
	3,400,000	United States Treasury Bill	0.100		08/25/11		3,399
	5,000,000	United States Treasury Bill	0.125		09/15/11		5,000
	13,050,000	United States Treasury Bill	0.050		10/20/11		13,049
		TOTAL TREASURY DEBT					96,425
		TOTAL SHORT-TERM INVESTMENTS					96,425
		(Cost $96,424)
		TOTAL INVESTMENTS - 99.9%					14,211,856
		(Cost $11,588,412)
		OTHER ASSETS & LIABILITIES, NET - 0.1%					18,164
		NET ASSETS - 100.0%				$	14,230,020
		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.

258

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
SUMMARY OF MARKET VALUES BY COUNTRY (unaudited)
June 30, 2011

COUNTRY	VALUE (000)		% OF TOTAL PORTFOLIO
DOMESTIC
UNITED STATES	$	13,440,488		94.6	%
TOTAL DOMESTIC		13,440,488		94.6
FOREIGN
ARGENTINA		9,665		0.1
BELGIUM		30,747		0.2
BERMUDA		2,538		0.0
BRAZIL		38,206		0.3
CANADA		120,945		0.8
CHINA		32,254		0.2
FRANCE		31,167		0.2
GERMANY		11,222		0.1
GUERNSEY, C.I.		10,840		0.1
HONG KONG		3,307		0.0
IRELAND		111,248		0.8
ISRAEL		25,583		0.2
KOREA, REPUBLIC OF		11,250		0.1
MACAU		10,159		0.1
MEXICO		5,975		0.0
NETHERLANDS		34,313		0.2
PANAMA		1,825		0.0
SINGAPORE		32,180		0.2
SPAIN		8,683		0.1
SWEDEN		16,362		0.1
SWITZERLAND		164,215		1.2
UNITED KINGDOM		58,684		0.4
TOTAL FOREIGN		771,368		5.4
TOTAL PORTFOLIO	$	14,211,856		100.0	%

259

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

COLLEGE RETIREMENT EQUITIES FUND
EQUITY INDEX ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2011

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 99.7%
AUTOMOBILES & COMPONENTS - 1.1%
	51,119	*	American Axle & Manufacturing Holdings, Inc	$	582
	15,097	*	Amerigon, Inc (Class A)		262
	65,947		Autoliv, Inc		5,174
	85,599	*	BorgWarner, Inc		6,916
	45,804		Cooper Tire & Rubber Co		906
	110,265	*	Dana Holding Corp		2,018
	7,682	*	Dorman Products, Inc		304
	16,941		Drew Industries, Inc		419
	58,919	*	Exide Technologies		450
	13,635	*	Federal Mogul Corp (Class A)		311
	2,851,800	*	Ford Motor Co		39,325
	14,261	*	Fuel Systems Solutions, Inc		356
	581,751	*	General Motors Co		17,662
	109,188		Gentex Corp		3,301
	187,626	*	Goodyear Tire & Rubber Co		3,146
	181,591		Harley-Davidson, Inc		7,440
	520,888		Johnson Controls, Inc		21,700
	81,404		Lear Corp (New)		4,353
	36,302	*	Modine Manufacturing Co		558
	9,067	*	Motorcar Parts of America, Inc		136
	30,024		Spartan Motors, Inc		162
	11,969		Standard Motor Products, Inc		182
	20,247	*	Stoneridge, Inc		298
	22,715		Superior Industries International, Inc		502
	46,120	*	Tenneco, Inc		2,033
	39,362	*	Tesla Motors, Inc		1,147
	33,978		Thor Industries, Inc		980
	5,700	*	Tower International, Inc		101
	77,381	*	TRW Automotive Holdings Corp		4,568
	38,775	*	Visteon Corp		2,653
	24,826	*	Winnebago Industries, Inc		240
			TOTAL AUTOMOBILES & COMPONENTS		128,185
BANKS - 3.1%
	11,459		1st Source Corp		238
	17,104	*	1st United Bancorp, Inc		106
	17,560		Abington Bancorp, Inc		183
	3,251		Alliance Financial Corp		99
	18,171	*	Ameris Bancorp		161
	4,648		Ames National Corp		84
	6,722		Arrow Financial Corp		164
	135,185		Associated Banc-Corp		1,879

260

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	66,701		Astoria Financial Corp	$	853
	5,016		Bancfirst Corp		194
	21,466		Banco Latinoamericano de Exportaciones S.A. (Class E)		372
	2,914		Bancorp Rhode Island, Inc		132
	64,583		Bancorpsouth, Inc		801
	41,404		Bank Mutual Corp		152
	37,626		Bank of Hawaii Corp		1,750
	4,416		Bank of Kentucky Financial Corp		98
	3,864		Bank of Marin Bancorp		137
	11,413		Bank of the Ozarks, Inc		594
	17,629		BankFinancial Corp		149
	25,535		BankUnited		678
	12,480		Banner Corp		218
	533,398		BB&T Corp		14,316
	23,421	*	Beneficial Mutual Bancorp, Inc		192
	10,481		Berkshire Hills Bancorp, Inc		235
	5,599	*	BofI Holding, Inc		81
	21,305		BOK Financial Corp		1,167
	59,217		Boston Private Financial Holdings, Inc		390
	4,741		Bridge Bancorp, Inc		101
	7,190	*	Bridge Capital Holdings		80
	48,082		Brookline Bancorp, Inc		446
	8,337		Bryn Mawr Bank Corp		169
	5,527		Camden National Corp		181
	8,819	*	Cape Bancorp, Inc		88
	9,158		Capital City Bank Group, Inc		94
	246,176		CapitalSource, Inc		1,588
	128,335		Capitol Federal Financial		1,509
	18,053		Cardinal Financial Corp		198
	61,647		Cathay General Bancorp		1,010
	9,768	*	Center Bancorp, Inc		102
	27,645	*	Center Financial		176
	16,756		Centerstate Banks of Florida, Inc		116
	11,577	*	Central Pacific Financial Corp		162
	2,883		Century Bancorp, Inc		76
	18,856		Chemical Financial Corp		354
	153,392	*	CIT Group, Inc		6,789
	6,398		Citizens & Northern Corp		96
	12,921		City Holding Co		427
	36,913		City National Corp		2,003
	10,007		Clifton Savings Bancorp, Inc		110
	6,672		CNB Financial Corp		93
	21,290		CoBiz, Inc		139
	31,348		Columbia Banking System, Inc		540
	136,608		Comerica, Inc		4,723
	60,171		Commerce Bancshares, Inc		2,587
	28,981		Community Bank System, Inc		718
	11,562		Community Trust Bancorp, Inc		320
	40,627		Cullen/Frost Bankers, Inc		2,310
	67,239		CVB Financial Corp		622
	17,535	m	Danvers Bancorp, Inc		382
	19,824		Dime Community Bancshares		288

261

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	96,753	*	Doral Financial Corp	$	190
	12,747	*	Eagle Bancorp, Inc		170
	116,790		East West Bancorp, Inc		2,360
	6,100	*	Encore Bancshares, Inc		73
	4,559		Enterprise Bancorp, Inc		69
	11,656		Enterprise Financial Services Corp		158
	8,385		ESB Financial Corp		108
	12,436		ESSA Bancorp, Inc		154
	7,387		Federal Agricultural Mortgage Corp (Class C)		163
	706,423		Fifth Third Bancorp		9,007
	7,979		Financial Institutions, Inc		131
	9,860		First Bancorp (NC)		101
	6,485		First Bancorp, Inc		96
	58,052		First Busey Corp		307
	4,158		First Citizens Bancshares, Inc (Class A)		778
	84,375		First Commonwealth Financial Corp		484
	12,139		First Community Bancshares, Inc		170
	7,726	*	First Defiance Financial Corp		113
	44,691		First Financial Bancorp		746
	26,820		First Financial Bankshares, Inc		924
	8,954		First Financial Corp		293
	12,966		First Financial Holdings, Inc		116
	202,896		First Horizon National Corp		1,936
	9,546		First Interstate Bancsystem, Inc		141
	19,481		First Merchants Corp		174
	57,533		First Midwest Bancorp, Inc		707
	232,398		First Niagara Financial Group, Inc		3,069
	4,191		First of Long Island Corp		117
	6,248		First Pactrust Bancorp, Inc		93
	56,357	*	First Republic Bank		1,819
	92,546		FirstMerit Corp		1,528
	150,505	*	Flagstar Bancorp, Inc		179
	19,779		Flushing Financial Corp		257
	96,816		FNB Corp		1,002
	11,394		Fox Chase Bancorp, Inc		154
	10,443	*	Franklin Financial Corp		126
	152,821		Fulton Financial Corp		1,637
	8,476		German American Bancorp, Inc		141
	56,600		Glacier Bancorp, Inc		763
	7,809		Great Southern Bancorp, Inc		148
	7,762	*	Hampton Roads Bankshares, Inc		77
	63,181		Hancock Holding Co		1,957
	112,891	*	Hanmi Financial Corp		121
	10,342		Heartland Financial USA, Inc		150
	15,254	*	Heritage Commerce Corp		78
	11,990		Heritage Financial Corp		155
	14,896		Home Bancshares, Inc		352
	12,641		Home Federal Bancorp, Inc		139
	365,634		Hudson City Bancorp, Inc		2,995
	10,014		Hudson Valley Holding Corp		193
	664,830		Huntington Bancshares, Inc		4,361
	22,391		IBERIABANK Corp		1,291

262

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	17,904		Independent Bank Corp	$	470
	40,567		International Bancshares Corp		679
	37,852	*	Investors Bancorp, Inc		537
	14,732		Kearny Financial Corp		134
	728,383		Keycorp		6,067
	14,481		Lakeland Bancorp, Inc		145
	12,420		Lakeland Financial Corp		276
	82,445		M&T Bank Corp		7,251
	11,504		MainSource Financial Group, Inc		95
	406,126		Marshall & Ilsley Corp		3,237
	41,491		MB Financial, Inc		798
	3,784		Merchants Bancshares, Inc		93
	7,250	*	Meridian Interstate Bancorp, Inc		99
	149,324	*	MGIC Investment Corp		888
	3,556		Midsouth Bancorp, Inc		48
	25,640	*	Nara Bancorp, Inc		208
	5,351		National Bankshares, Inc		134
	101,297		National Penn Bancshares, Inc		803
	27,027		NBT Bancorp, Inc		598
	331,783		New York Community Bancorp, Inc		4,974
	14,313		Northfield Bancorp, Inc		201
	90,683		Northwest Bancshares, Inc		1,141
	10,808		OceanFirst Financial Corp		140
	57,265	*	Ocwen Financial Corp		731
	76,288		Old National Bancorp		824
	9,164	*	OmniAmerican Bancorp, Inc		137
	33,903		Oriental Financial Group, Inc		437
	45,254		Oritani Financial Corp		579
	3,841		Orrstown Financial Services, Inc		101
	3,333	*	Pacific Capital Bancorp		106
	14,467		Pacific Continental Corp		132
	22,250		PacWest Bancorp		458
	11,191		Park National Corp		737
	22,441	*	Park Sterling Bank		111
	2,964		Penns Woods Bancorp, Inc		102
	10,509	*	Pennsylvania Commerce Bancorp, Inc		120
	6,808		Peoples Bancorp, Inc		77
	273,907		People’s United Financial, Inc		3,682
	25,469	*	Pinnacle Financial Partners, Inc		396
	112,879	*	PMI Group, Inc		121
	402,912		PNC Financial Services Group, Inc		24,018
	772,337	*	Popular, Inc		2,132
	45,847		PrivateBancorp, Inc		633
	35,938		Prosperity Bancshares, Inc		1,575
	45,191		Provident Financial Services, Inc		647
	30,181		Provident New York Bancorp		252
	102,881		Radian Group, Inc		435
	965,490		Regions Financial Corp		5,986
	19,501		Renasant Corp		283
	6,104		Republic Bancorp, Inc (Class A)		121
	22,920		Rockville Financial, Inc		227
	7,271		Roma Financial Corp		76

263

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	20,998		S&T Bancorp, Inc	$	390
	8,198		S.Y. Bancorp, Inc		191
	18,232		Sandy Spring Bancorp, Inc		328
	9,604		SCBT Financial Corp		275
	55,743	*	Seacoast Banking Corp of Florida		84
	8,919		Sierra Bancorp		101
	32,119	*	Signature Bank		1,837
	13,207		Simmons First National Corp (Class A)		339
	11,606		Southside Bancshares, Inc		230
	14,769	*	Southwest Bancorp, Inc		145
	10,282		State Bancorp, Inc		137
	24,453	*	State Bank & Trust Co		400
	16,183		StellarOne Corp		196
	27,752		Sterling Bancorp		263
	75,734		Sterling Bancshares, Inc		618
	20,641	*	Sterling Financial Corp		332
	7,140		Suffolk Bancorp		100
	29,193	*	Sun Bancorp, Inc		107
	410,984		SunTrust Banks, Inc		10,603
	102,135		Susquehanna Bancshares, Inc		817
	32,913	*	SVB Financial Group		1,965
	597,443		Synovus Financial Corp		1,243
	7,584	*	Taylor Capital Group, Inc		62
	122,960		TCF Financial Corp		1,697
	9,400		Territorial Bancorp, Inc		195
	31,378	*	Texas Capital Bancshares, Inc		810
	64,501		TFS Financial Corp		624
	16,995	*	The Bancorp, Inc		178
	7,054		Tompkins Trustco, Inc		277
	8,003		Tower Bancorp, Inc		219
	17,850		TowneBank		239
	9,919		Trico Bancshares		145
	62,026		Trustco Bank Corp NY		304
	49,168		Trustmark Corp		1,151
	24,801		UMB Financial Corp		1,039
	91,424		Umpqua Holdings Corp		1,058
	14,087		Union Bankshares Corp		172
	33,421		United Bankshares, Inc		818
	15,882	*	United Community Banks, Inc		168
	15,445		United Financial Bancorp, Inc		238
	12,704		Univest Corp of Pennsylvania		199
	1,474,913		US Bancorp		37,626
	130,458		Valley National Bancorp		1,776
	26,270		ViewPoint Financial Group		363
	14,744	*	Virginia Commerce Bancorp		87
	7,900	*	Walker & Dunlop, Inc		105
	12,184		Washington Banking Co		161
	86,794		Washington Federal, Inc		1,426
	10,818		Washington Trust Bancorp, Inc		248
	52,669		Webster Financial Corp		1,107
	3,765,779		Wells Fargo & Co		105,669
	19,012		WesBanco, Inc		374

264

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	11,970		West Bancorporation, Inc	$	105
	14,484	*	West Coast Bancorp		243
	24,101		Westamerica Bancorporation		1,187
	49,360	*	Western Alliance Bancorp		350
	23,121		Westfield Financial, Inc		188
	44,266	*	Wilshire Bancorp, Inc		130
	26,249		Wintrust Financial Corp		845
	4,467		WSFS Financial Corp		177
	139,772		Zions Bancorporation		3,356
			TOTAL BANKS		356,660
CAPITAL GOODS - 8.7%
	32,404	*	3D Systems Corp		639
	544,037		3M Co		51,602
	29,148		A.O. Smith Corp		1,233
	72,977	*	A123 Systems, Inc		388
	13,280		Aaon, Inc		290
	29,552		AAR Corp		801
	30,986	*	Accuride Corp		391
	17,815		Aceto Corp		120
	62,960	*	Active Power, Inc		154
	52,376		Actuant Corp (Class A)		1,405
	33,751		Acuity Brands, Inc		1,883
	79,536	*	Aecom Technology Corp		2,175
	14,335	*	Aerovironment, Inc		507
	71,219	*	AGCO Corp		3,515
	26,678	*	Air Lease Corp		648
	43,373		Aircastle Ltd		552
	4,490		Alamo Group, Inc		106
	23,047		Albany International Corp (Class A)		608
	25,585		Alliant Techsystems, Inc		1,825
	18,705	*	Altra Holdings, Inc		449
	13,776	*	Ameresco, Inc		195
	7,032	*	American Railcar Industries, Inc		165
	7,536		American Science & Engineering, Inc		603
	37,094	*	American Superconductor Corp		335
	8,518		American Woodmark Corp		148
	7,062		Ameron International Corp		464
	123,000		Ametek, Inc		5,523
	8,632		Ampco-Pittsburgh Corp		202
	25,458		Apogee Enterprises, Inc		326
	32,556		Applied Industrial Technologies, Inc		1,159
	5,631	*	Argan, Inc		57
	16,319		Armstrong World Industries, Inc		743
	73,192	*	ArvinMeritor, Inc		1,174
	15,638	*	Astec Industries, Inc		578
	7,057	*	Astronics Corp		217
	10,559		AZZ, Inc		484
	90,144	*	Babcock & Wilcox Co		2,498
	13,564		Badger Meter, Inc		502
	37,827		Barnes Group, Inc		938
	74,030	*	BE Aerospace, Inc		3,021

265

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	35,044	*	Beacon Roofing Supply, Inc	$	800
	36,981		Belden CDT, Inc		1,289
	8,617	*	Berliner Communications, Inc		68
	35,059	*	Blount International, Inc		612
	565,636		Boeing Co		41,816
	37,869		Brady Corp (Class A)		1,214
	39,839		Briggs & Stratton Corp		791
	71,104	*	Broadwind Energy, Inc		103
	57,920		Bucyrus International, Inc (Class A)		5,309
	22,099	*	Builders FirstSource, Inc		48
	9,868	*	CAI International, Inc		204
	237,793	*	Capstone Turbine Corp		364
	46,691		Carlisle Cos, Inc		2,299
	8,145		Cascade Corp		387
	492,112		Caterpillar, Inc		52,391
	19,382	*	Ceradyne, Inc		756
	23,060	*	Chart Industries, Inc		1,245
	76,040		Chicago Bridge & Iron Co NV		2,958
	12,832		CIRCOR International, Inc		550
	38,968		Clarcor, Inc		1,842
	19,959	*	CNH Global NV		771
	6,482	*	Coleman Cable, Inc		95
	23,883	*	Colfax Corp		592
	12,813	*	Columbus McKinnon Corp		230
	33,040		Comfort Systems USA, Inc		351
	18,507	*	Commercial Vehicle Group, Inc		263
	126,277		Cooper Industries plc		7,535
	38,179		Crane Co		1,886
	12,848		Cubic Corp		655
	150,243		Cummins, Inc		15,550
	35,284		Curtiss-Wright Corp		1,142
	413,059		Danaher Corp		21,888
	321,333		Deere & Co		26,495
	26,753	*	DigitalGlobe, Inc		680
	58,497		Donaldson Co, Inc		3,550
	14,128		Douglas Dynamics, Inc		223
	142,893		Dover Corp		9,688
	7,637		Ducommun, Inc		157
	5,160	*	DXP Enterprises, Inc		131
	32,076	*	Dycom Industries, Inc		524
	12,440		Dynamic Materials Corp		279
	257,797		Eaton Corp		13,264
	50,074	*	EMCOR Group, Inc		1,468
	575,489		Emerson Electric Co		32,371
	15,305		Encore Wire Corp		371
	62,216	*	Ener1, Inc		68
	25,675	*	Energy Recovery, Inc		84
	37,162	*	EnerSys		1,279
	15,889	*	EnPro Industries, Inc		764
	20,938		ESCO Technologies, Inc		771
	13,418	*	Essex Rental Corp		88
	22,100	*	Esterline Technologies Corp		1,688

266

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	225,624		Fastenal Co	$	8,119
	50,117		Federal Signal Corp		329
	26,655	*	Flow International Corp		95
	43,235		Flowserve Corp		4,751
	133,509		Fluor Corp		8,632
	56,935	*	Force Protection, Inc		283
	19,315		Franklin Electric Co, Inc		907
	12,439	*	Freightcar America, Inc		315
	89,877	*	FuelCell Energy, Inc		118
	25,764	*	Furmanite Corp		205
	39,732		Gardner Denver, Inc		3,339
	35,871		GATX Corp		1,332
	42,477	*	GenCorp, Inc		273
	18,874	*	Generac Holdings, Inc		366
	40,126	*	General Cable Corp		1,709
	254,362		General Dynamics Corp		18,955
	8,119,354		General Electric Co		153,131
	16,043	*	GeoEye, Inc		600
	20,138	*	Gibraltar Industries, Inc		228
	12,250	*	Global Power Equipment Group, Inc		325
	95,587		Goodrich Corp		9,129
	12,954		Gorman-Rupp Co		427
	46,150		Graco, Inc		2,338
	93,433	*	GrafTech International Ltd		1,894
	12,308		Graham Corp		251
	26,732		Granite Construction, Inc		656
	44,924		Great Lakes Dredge & Dock Corp		251
	15,267	*	Greenbrier Cos, Inc		302
	37,869	*	Griffon Corp		382
	21,180	*	H&E Equipment Services, Inc		296
	61,544		Harsco Corp		2,006
	31,872		Heico Corp		1,745
	74,803	*	Hexcel Corp		1,637
	593,599		Honeywell International, Inc		35,373
	12,024		Houston Wire & Cable Co		187
	46,993		Hubbell, Inc (Class B)		3,052
	38,859	*	Huntington Ingalls		1,341
	4,796	*	Hurco Cos, Inc		154
	62,789		IDEX Corp		2,879
	39,772	*	II-VI, Inc		1,018
	341,453		Illinois Tool Works, Inc		19,290
	248,148		Ingersoll-Rand plc		11,268
	28,439	*	Insituform Technologies, Inc (Class A)		596
	10,094		Insteel Industries, Inc		127
	27,412	*	Interline Brands, Inc		504
	141,294		ITT Industries, Inc		8,326
	96,369	*	Jacobs Engineering Group, Inc		4,168
	20,027		John Bean Technologies Corp		387
	79,748		Joy Global, Inc		7,595
	9,545	*	Kadant, Inc		301
	21,747		Kaman Corp		771
	25,042		Kaydon Corp		935

267

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	115,976		KBR, Inc	$	4,370
	62,712		Kennametal, Inc		2,647
	14,447	*	KEYW Holding Corp		179
	18,237	*	Kratos Defense & Security Solutions, Inc		222
	81,254		L-3 Communications Holdings, Inc		7,106
	3,000		Lawson Products, Inc		59
	13,874	*	Layne Christensen Co		421
	7,262		LB Foster Co (Class A)		239
	37,224		Lennox International, Inc		1,603
	65,044		Lincoln Electric Holdings, Inc		2,332
	10,010		Lindsay Manufacturing Co		689
	6,398	*	LMI Aerospace, Inc		156
	219,179		Lockheed Martin Corp		17,747
	12,960		LSI Industries, Inc		103
	12,907	*	Lydall, Inc		154
	100,971		Manitowoc Co, Inc		1,700
	276,648		Masco Corp		3,328
	43,578	*	Mastec, Inc		859
	10,825		Met-Pro Corp		123
	7,039	*	Michael Baker Corp		149
	14,602	*	Middleby Corp		1,373
	7,280		Miller Industries, Inc		136
	36,229	*	Moog, Inc (Class A)		1,577
	33,838		MSC Industrial Direct Co (Class A)		2,244
	28,928		Mueller Industries, Inc		1,097
	156,277		Mueller Water Products, Inc (Class A)		622
	13,261	*	MYR Group, Inc		310
	4,424		Nacco Industries, Inc (Class A)		428
	3,938		National Presto Industries, Inc		400
	54,812	*	Navistar International Corp		3,095
	19,754	*	NCI Building Systems, Inc		225
	12,459	*	NN, Inc		186
	52,555		Nordson Corp		2,883
	224,061		Northrop Grumman Corp		15,539
	8,845	*	Northwest Pipe Co		231
	44,747	*	Orbital Sciences Corp		754
	19,593	*	Orion Marine Group, Inc		184
	69,175	*	Oshkosh Truck Corp		2,002
	86,991	*	Owens Corning, Inc		3,249
	281,102		Paccar, Inc		14,363
	88,975		Pall Corp		5,003
	124,137		Parker Hannifin Corp		11,140
	76,198		Pentair, Inc		3,075
	20,289		Perini Corp		389
	12,323	*	Pike Electric Corp		109
	13,529	*	PMFG, Inc		269
	29,527	*	Polypore International, Inc		2,003
	5,761	*	Powell Industries, Inc		210
	12,071	*	PowerSecure International, Inc		87
	109,827		Precision Castparts Corp		18,083
	1,801		Preformed Line Products Co		128
	19,995		Primoris Services Corp		258

268

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	28,579		Quanex Building Products Corp	$	468
	162,009	*	Quanta Services, Inc		3,273
	13,791		Raven Industries, Inc		768
	272,749		Raytheon Co		13,597
	16,219	*	RBC Bearings, Inc		612
	29,618		Regal-Beloit Corp		1,978
	31,387		Robbins & Myers, Inc		1,659
	109,940		Rockwell Automation, Inc		9,538
	117,917		Rockwell Collins, Inc		7,274
	73,248		Roper Industries, Inc		6,102
	50,633	*	RSC Holdings, Inc		606
	24,579	*	Rush Enterprises, Inc (Class A)		468
	91,073	*	SatCon Technology Corp		218
	10,467	*	Sauer-Danfoss, Inc		527
	240		Seaboard Corp		580
	8,300		SeaCube Container Leasing Ltd		143
	55,138	*	Shaw Group, Inc		1,666
	31,950		Simpson Manufacturing Co, Inc		954
	44,614		Snap-On, Inc		2,787
	83,416	*	Spirit Aerosystems Holdings, Inc (Class A)		1,835
	37,552		SPX Corp		3,104
	11,927		Standex International Corp		366
	124,240		Stanley Works		8,951
	12,518	*	Sterling Construction Co, Inc		172
	10,126		Sun Hydraulics Corp		484
	15,435		TAL International Group, Inc		533
	44,785	*	Taser International, Inc		204
	10,545	*	Tecumseh Products Co (Class A)		108
	28,168	*	Teledyne Technologies, Inc		1,419
	14,645		Tennant Co		585
	83,491	*	Terex Corp		2,375
	7,088		Textainer Group Holdings Ltd		218
	208,523		Textron, Inc		4,923
	7,771	*	Thermon Group Holdings		93
	40,166	*	Thomas & Betts Corp		2,163
	66,676		Timken Co		3,360
	32,571		Titan International, Inc		790
	11,613	*	Titan Machinery, Inc		334
	24,372		Toro Co		1,475
	39,010		TransDigm Group, Inc		3,557
	19,671		Tredegar Corp		361
	13,203	*	Trex Co, Inc		323
	19,750	*	Trimas Corp		489
	61,064		Trinity Industries, Inc		2,130
	14,421		Triumph Group, Inc		1,436
	6,504		Twin Disc, Inc		251
	359,009		Tyco International Ltd		17,746
	45,976	*	United Rentals, Inc		1,168
	700,677		United Technologies Corp		62,016
	14,766		Universal Forest Products, Inc		354
	60,216	*	URS Corp		2,694
	51,472	*	USG Corp		738

269

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	47,033	*	Valence Technology, Inc	$	55
	16,747		Valmont Industries, Inc		1,614
	12,845		Vicor Corp		208
	43,555		W.W. Grainger, Inc		6,692
	56,245	*	Wabash National Corp		527
	51,712	*	WABCO Holdings, Inc		3,571
	22,186		Watsco, Inc		1,508
	23,144		Watts Water Technologies, Inc (Class A)		820
	32,103	*	WESCO International, Inc		1,736
	36,890		Westinghouse Air Brake Technologies Corp		2,424
	46,990		Woodward Governor Co		1,638
	5,984	*	Xerium Technologies, Inc		111
			TOTAL CAPITAL GOODS		1,008,883
COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
	37,566		ABM Industries, Inc		877
	32,312	*	Acacia Research (Acacia Technologies)		1,186
	46,006	*	ACCO Brands Corp		361
	16,355		Administaff, Inc		484
	13,465	*	Advisory Board Co		779
	14,202		American Ecology Corp		243
	26,021	*	American Reprographics Co		184
	20,202	*	APAC Customer Services, Inc		108
	7,698	*	AT Cross Co		88
	85,225		Avery Dennison Corp		3,292
	6,166		Barrett Business Services, Inc		88
	35,828		Brink’s Co		1,069
	19,056	*	Casella Waste Systems, Inc (Class A)		116
	41,673	*	CBIZ, Inc		307
	7,981		CDI Corp		106
	38,005	*	Cenveo, Inc		243
	96,664		Cintas Corp		3,193
	18,501	*	Clean Harbors, Inc		1,910
	8,210	*	Consolidated Graphics, Inc		451
	61,340	*	Coolbrands International, Inc		345
	46,629	*	Copart, Inc		2,173
	27,057		Corporate Executive Board Co		1,181
	82,362	*	Corrections Corp of America		1,783
	19,267	*	CoStar Group, Inc		1,142
	6,267		Courier Corp		69
	92,927		Covanta Holding Corp		1,532
	8,400	*	CRA International, Inc		228
	37,676		Deluxe Corp		931
	23,101	*	Dolan Media Co		196
	38,942		Dun & Bradstreet Corp		2,942
	67,718		EnergySolutions, Inc		335
	20,747	*	EnerNOC, Inc		327
	17,307		Ennis, Inc		301
	97,566		Equifax, Inc		3,386
	11,236	*	Exponent, Inc		489
	9,375	*	Franklin Covey Co		91
	35,136	*	FTI Consulting, Inc		1,333

270

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	12,288	*	Fuel Tech, Inc	$	81
	15,088		G & K Services, Inc (Class A)		511
	49,785	*	Geo Group, Inc		1,147
	12,104	*	GP Strategies Corp		165
	49,713		Healthcare Services Group		808
	14,300		Heidrick & Struggles International, Inc		324
	3,302	*	Heritage-Crystal Clean, Inc		63
	43,782		Herman Miller, Inc		1,192
	23,633	*	Higher One Holdings, Inc		447
	17,074	*	Hill International, Inc		98
	33,809		HNI Corp		849
	24,166	*	Hudson Highland Group, Inc		129
	16,505	*	Huron Consulting Group, Inc		499
	13,014	*	ICF International, Inc		330
	37,578	*	IHS, Inc (Class A)		3,135
	22,974	*	Innerworkings, Inc		192
	38,561		Interface, Inc (Class A)		747
	6,998		Intersections, Inc		127
	140,801		Iron Mountain, Inc		4,800
	21,500	*	KAR Auction Services, Inc		407
	20,372	*	Kelly Services, Inc (Class A)		336
	21,985	*	Kforce, Inc		288
	18,600		Kimball International, Inc (Class B)		120
	35,963		Knoll, Inc		722
	34,304	*	Korn/Ferry International		754
	8,335	*	M&F Worldwide Corp		215
	63,464		Manpower, Inc		3,404
	17,708		McGrath RentCorp		497
	39,317	*	Metalico, Inc		232
	21,996		Mine Safety Appliances Co		821
	13,300	*	Mistras Group, Inc		215
	28,189	*	Mobile Mini, Inc		597
	8,734		Multi-Color Corp		216
	40,393	*	Navigant Consulting, Inc		424
	63,500	*	NIELSEN HOLDINGS B.V.		1,979
	50,328	*	Odyssey Marine Exploration, Inc		158
	25,372	*	On Assignment, Inc		249
	145,984		Pitney Bowes, Inc		3,356
	19,286		Quad		749
	158,991		R.R. Donnelley & Sons Co		3,118
	245,547		Republic Services, Inc		7,576
	32,857		Resources Connection, Inc		396
	115,720		Robert Half International, Inc		3,128
	50,683		Rollins, Inc		1,033
	7,412	*	RPX Corp		208
	10,767		Schawk, Inc (Class A)		178
	14,249	*	School Specialty, Inc		205
	42,038	*	Spherion Corp		382
	12,140	*	Standard Parking Corp		194
	54,705		Steelcase, Inc (Class A)		623
	65,856	*	Stericycle, Inc		5,869
	31,978	*	SYKES Enterprises, Inc		688

271

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	13,336	*	Team, Inc	$	322
	47,935	*	Tetra Tech, Inc		1,079
	9,816	*	TMS International Corp		128
	43,886		Towers Watson & Co		2,884
	13,579	*	TRC Cos, Inc		85
	37,265	*	TrueBlue, Inc		540
	11,503		Unifirst Corp		646
	36,394		United Stationers, Inc		1,289
	90,967	*	Verisk Analytics, Inc		3,149
	15,178		Viad Corp		338
	2,793		VSE Corp		70
	87,021		Waste Connections, Inc		2,761
	363,008		Waste Management, Inc		13,530
	12,744	*	WCA Waste Corp		73
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		115,744
CONSUMER DURABLES & APPAREL - 1.4%
	30,538		American Greetings Corp (Class A)		734
	9,523	*	Arctic Cat, Inc		128
	45,763	*	Ascena Retail Group, Inc		1,558
	91,719	*	Beazer Homes USA, Inc		311
	4,923		Blyth, Inc		248
	68,735		Brunswick Corp		1,402
	51,179		Callaway Golf Co		318
	37,626	*	Carter’s, Inc		1,157
	4,557	*	Cavco Industries, Inc		205
	5,581		Cherokee, Inc		96
	10,839	*	Clarus Corp		85
	224,839		Coach, Inc		14,374
	9,339		Columbia Sportswear Co		592
	68,094	*	CROCS, Inc		1,753
	5,480		CSS Industries, Inc		115
	29,784	*	Deckers Outdoor Corp		2,625
	4,329	*	Delta Apparel, Inc		74
	215,214		DR Horton, Inc		2,479
	207,506	*	Eastman Kodak Co		743
	18,783		Ethan Allen Interiors, Inc		400
	117,473		Fortune Brands, Inc		7,490
	40,042	*	Fossil, Inc		4,714
	34,198	*	Furniture Brands International, Inc		142
	82,384		Garmin Ltd		2,721
	13,268	*	G-III Apparel Group Ltd		457
	73,677	*	Hanesbrands, Inc		2,103
	53,605		Harman International Industries, Inc		2,443
	93,167		Hasbro, Inc		4,093
	23,782	*	Helen of Troy Ltd		821
	49,581	*	Hovnanian Enterprises, Inc (Class A)		119
	54,965	*	Iconix Brand Group, Inc		1,330
	18,236	*	iRobot Corp		644
	24,481	*	Jakks Pacific, Inc		451
	71,707		Jarden Corp		2,475
	3,583	*	Johnson Outdoors, Inc		61

272

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	66,643		Jones Apparel Group, Inc	$	723
	58,687		KB Home		574
	6,203	*	Kenneth Cole Productions, Inc (Class A)		77
	19,366	*	K-Swiss, Inc (Class A)		206
	39,237	*	La-Z-Boy, Inc		387
	34,167	*	Leapfrog Enterprises, Inc		144
	109,499		Leggett & Platt, Inc		2,670
	122,890		Lennar Corp (Class A)		2,230
	12,366	*	Libbey, Inc		201
	7,210		Lifetime Brands, Inc		85
	75,614	*	Liz Claiborne, Inc		405
	16,303	*	M/I Homes, Inc		200
	17,427	*	Maidenform Brands, Inc		482
	8,407	*	Marine Products Corp		56
	266,306		Mattel, Inc		7,322
	29,150		MDC Holdings, Inc		718
	24,046	*	Meritage Homes Corp		542
	43,299	*	Mohawk Industries, Inc		2,598
	12,667		Movado Group, Inc		217
	221,507		Newell Rubbermaid, Inc		3,495
	273,281		Nike, Inc (Class B)		24,591
	4,555	*	NVR, Inc		3,305
	10,106		Oxford Industries, Inc		341
	8,860	*	Perry Ellis International, Inc		224
	43,642		Phillips-Van Heusen Corp		2,857
	24,262		Polaris Industries, Inc		2,697
	45,710		Polo Ralph Lauren Corp (Class A)		6,062
	38,375		Pool Corp		1,144
	256,906	*	Pulte Homes, Inc		1,968
	107,027	*	Quiksilver, Inc		503
	6,477		RG Barry Corp		73
	35,106		Ryland Group, Inc		580
	47,340	*	Sealy Corp		120
	27,339	*	Skechers U.S.A., Inc (Class A)		396
	7,407		Skyline Corp		130
	52,271	*	Smith & Wesson Holding Corp		157
	70,229	*	Standard-Pacific Corp		235
	4,356	*	Steinway Musical Instruments, Inc		112
	26,200	*	Steven Madden Ltd		983
	14,503		Sturm Ruger & Co, Inc		318
	8,138	*	Summer Infant, Inc		66
	52,328	*	Tempur-Pedic International, Inc		3,549
	30,416	*	Timberland Co (Class A)		1,307
	109,135	*	Toll Brothers, Inc		2,263
	19,300	*	True Religion Apparel, Inc		561
	47,753		Tupperware Corp		3,221
	27,184	*	Under Armour, Inc (Class A)		2,102
	10,905	*	Unifi, Inc		150
	11,370	*	Universal Electronics, Inc		287
	12,069	*	Vera Bradley, Inc		461
	66,632		VF Corp		7,234
	32,732	*	Warnaco Group, Inc		1,710

273

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	5,214		Weyco Group, Inc	$	128
	57,906		Whirlpool Corp		4,709
	38,905		Wolverine World Wide, Inc		1,624
			TOTAL CONSUMER DURABLES & APPAREL		158,961
CONSUMER SERVICES - 2.2%
	18,260	*	AFC Enterprises		300
	14,656		Ambassadors Group, Inc		129
	13,862	*	American Public Education, Inc		617
	24,907		Ameristar Casinos, Inc		591
	92,271	*	Apollo Group, Inc (Class A)		4,029
	5,600	*	Archipelago Learning, Inc		55
	10,098	*	Ascent Media Corp (Series A)		535
	33,030	*	Bally Technologies, Inc		1,344
	10,282	*	Benihana, Inc		108
	17,427	*	BJ’s Restaurants, Inc		912
	24,666		Bob Evans Farms, Inc		863
	35,903	*	Boyd Gaming Corp		312
	14,947	*	Bravo Brio Restaurant Group, Inc		365
	14,051	*	Bridgepoint Education, Inc		351
	65,006		Brinker International, Inc		1,590
	13,602	*	Buffalo Wild Wings, Inc		902
	14,693	*	California Pizza Kitchen, Inc		271
	12,339	*	Cambium Learning Group, Inc		42
	12,593	*	Capella Education Co		527
	50,534	*	Career Education Corp		1,069
	5,895	*	Caribou Coffee Co, Inc		78
	326,451		Carnival Corp		12,284
	8,099	*	Carrols Restaurant Group, Inc		85
	17,289		CBRL Group, Inc		853
	17,642		CEC Entertainment, Inc		708
	46,024	*	Cheesecake Factory		1,444
	23,822	*	Chipotle Mexican Grill, Inc (Class A)		7,342
	21,525		Choice Hotels International, Inc		718
	9,609		Churchill Downs, Inc		433
	23,500	*	Coinstar, Inc		1,282
	83,309	*	Corinthian Colleges, Inc		355
	104,522		Darden Restaurants, Inc		5,201
	75,312	*	Denny’s Corp		292
	48,586		DeVry, Inc		2,873
	11,939	*	DineEquity, Inc		624
	47,224	*	Domino’s Pizza, Inc		1,192
	30,412	*	Education Management Corp		728
	4,221		Einstein Noah Restaurant Group, Inc		63
	27,229	*	Gaylord Entertainment Co		817
	24,016	*	Grand Canyon Education, Inc		341
	235,532		H&R Block, Inc		3,777
	47,975		Hillenbrand, Inc		1,135
	33,800	*	Hyatt Hotels Corp		1,380
	230,043		International Game Technology		4,044
	22,405		International Speedway Corp (Class A)		637
	34,104	*	Interval Leisure Group, Inc		467

274

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	15,534	*	Isle of Capri Casinos, Inc	$	137
	22,473	*	ITT Educational Services, Inc		1,758
	39,870	*	Jack in the Box, Inc		908
	47,403	*	Jamba, Inc		101
	18,366	*	K12, Inc		609
	39,822	*	Krispy Kreme Doughnuts, Inc		379
	298,547	*	Las Vegas Sands Corp		12,602
	31,445	*	Life Time Fitness, Inc		1,255
	17,103		Lincoln Educational Services Corp		293
	13,766	*	Luby’s, Inc		76
	8,861		Mac-Gray Corp		137
	14,891		Marcus Corp		147
	212,861		Marriott International, Inc (Class A)		7,554
	23,085		Matthews International Corp (Class A)		927
	11,950	*	McCormick & Schmick’s Seafood Restaurants, Inc		103
	794,378		McDonald’s Corp		66,981
	262,267	*	MGM Mirage		3,465
	8,692	*	Monarch Casino & Resort, Inc		91
	23,956	*	Morgans Hotel Group Co		172
	20,438	*	Multimedia Games, Inc		93
	5,638		National American University Holdings, Inc		53
	14,289	*	O’Charleys, Inc		104
	78,277	*	Orient-Express Hotels Ltd (Class A)		841
	22,233	*	Panera Bread Co (Class A)		2,794
	18,183	*	Papa John’s International, Inc		605
	8,992	*	Peet’s Coffee & Tea, Inc		519
	54,127	*	Penn National Gaming, Inc		2,183
	18,084		PF Chang’s China Bistro, Inc		728
	48,180	*	Pinnacle Entertainment, Inc		718
	7,085	*	Pre-Paid Legal Services, Inc		471
	9,873	*	Red Lion Hotels Corp		78
	11,853	*	Red Robin Gourmet Burgers, Inc		431
	44,951		Regis Corp		689
	101,674	*	Royal Caribbean Cruises Ltd		3,827
	50,005	*	Ruby Tuesday, Inc		539
	26,831	*	Ruth’s Chris Steak House, Inc		151
	49,874	*	Scientific Games Corp (Class A)		516
	183,181		Service Corp International		2,140
	44,601	*	Shuffle Master, Inc		417
	26,280		Six Flags Entertainment Corp		984
	45,772	*	Sonic Corp		487
	51,448		Sotheby’s (Class A)		2,238
	9,984		Speedway Motorsports, Inc		142
	573,153		Starbucks Corp		22,634
	149,294		Starwood Hotels & Resorts Worldwide, Inc		8,366
	958	*	Steak N Shake Co		375
	11,970	*	Steiner Leisure Ltd		547
	68,986		Stewart Enterprises, Inc (Class A)		504
	10,323		Strayer Education, Inc		1,305
	42,904		Texas Roadhouse, Inc (Class A)		752
	16,126	*	Town Sports International Holdings, Inc		123
	15,190		Universal Technical Institute, Inc		300

275

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	27,599		Vail Resorts, Inc	$	1,276
	22,133		Weight Watchers International, Inc		1,670
	241,251		Wendy’s/Arby’s Group, Inc (Class A)		1,223
	43,711	*	WMS Industries, Inc		1,343
	131,838		Wyndham Worldwide Corp		4,436
	60,484		Wynn Resorts Ltd		8,682
	356,395		Yum! Brands, Inc		19,687
			TOTAL CONSUMER SERVICES		256,731
DIVERSIFIED FINANCIALS - 6.2%
	36,918		Advance America Cash Advance Centers, Inc		254
	39,037	*	Affiliated Managers Group, Inc		3,960
	270,566	*	American Capital Ltd		2,687
	809,199		American Express Co		41,835
	185,441		Ameriprise Financial, Inc		10,696
	149,594		Apollo Investment Corp		1,527
	147,601		Ares Capital Corp		2,372
	21,300		Artio Global Investors, Inc		241
	7,757,683		Bank of America Corp		85,024
	941,975		Bank of New York Mellon Corp		24,134
	58,435		BGC Partners, Inc (Class A)		452
	54,667		BlackRock Kelso Capital Corp		490
	70,368		BlackRock, Inc		13,497
	77,753	*	Broadpoint Securities Group, Inc		159
	16,951		Calamos Asset Management, Inc (Class A)		246
	351,872		Capital One Financial Corp		18,181
	2,167		Capital Southwest Corp		200
	22,738		Cash America International, Inc		1,316
	40,430		CBOE Holdings, Inc		995
	766,790		Charles Schwab Corp		12,614
	2,223,377		Citigroup, Inc		92,581
	51,089		CME Group, Inc		14,897
	12,285		Cohen & Steers, Inc		407
	30,640		Compass Diversified Trust		505
	84,065	*	Cowen Group, Inc		316
	5,106	*	Credit Acceptance Corp		431
	9,816	*	Deerfield Capital Corp		67
	1,420		Diamond Hill Investment Group, Inc		115
	418,826		Discover Financial Services		11,204
	33,079	*	Dollar Financial Corp		716
	21,313		Duff & Phelps Corp		273
	206,552	*	E*Trade Financial Corp		2,850
	92,658		Eaton Vance Corp		2,801
	11,162	*	Encore Capital Group, Inc		343
	10,984		Epoch Holding Corp		196
	14,946		Evercore Partners, Inc (Class A)		498
	36,390	*	Ezcorp, Inc (Class A)		1,295
	39,284	*	FBR Capital Markets Corp		134
	69,691		Federated Investors, Inc (Class B)		1,661
	51,357		Fifth Street Finance Corp		596
	29,176	*	Financial Engines, Inc		756
	23,334	*	First Cash Financial Services, Inc		980

276

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	58,259	*	First Marblehead Corp	$	103
	110,886		Franklin Resources, Inc		14,558
	5,142		Friedman Billings Ramsey Group, Inc (Class A)		161
	17,300		FXCM, Inc		172
	7,000	*	Gain Capital Holdings, Inc		48
	6,584		GAMCO Investors, Inc (Class A)		305
	54,396		GFI Group, Inc		250
	15,081		Gladstone Capital Corp		139
	15,921		Gladstone Investment Corp		114
	396,354		Goldman Sachs Group, Inc		52,752
	5,889		Golub Capital BDC, Inc		88
	16,998	*	Green Dot Corp		578
	22,433		Greenhill & Co, Inc		1,207
	16,757	*	Harris & Harris Group, Inc		86
	33,744		Hercules Technology Growth Capital, Inc		355
	22,560	*	HFF, Inc (Class A)		340
	13,505	*	Imperial Holdings, Inc		137
	30,361		Interactive Brokers Group, Inc (Class A)		475
	57,157	*	IntercontinentalExchange, Inc		7,128
	13,392	*	International Assets Holding Corp		324
	32,107	*	Internet Capital Group, Inc		393
	353,561		Invesco Ltd		8,273
	34,884	*	Investment Technology Group, Inc		489
	49,823		iShares Russell 3000 Index Fund		3,950
	137,373		Janus Capital Group, Inc		1,297
	98,527		Jefferies Group, Inc		2,010
	11,011		JMP Group, Inc		77
	3,054,229		JPMorgan Chase & Co		125,040
	26,819		KBW, Inc		502
	73,616	*	Knight Capital Group, Inc (Class A)		811
	15,310	*	Kohlberg Capital Corp		122
	73,441	*	Ladenburg Thalmann Financial Services, Inc		101
	84,822		Lazard Ltd (Class A)		3,147
	113,921		Legg Mason, Inc		3,732
	148,551		Leucadia National Corp		5,066
	26,205	*	LPL Investment Holdings, Inc		896
	15,412		Main Street Capital Corp		292
	21,429		MarketAxess Holdings, Inc		537
	6,533	*	Marlin Business Services Corp		83
	64,585		MCG Capital Corp		393
	9,981		Medallion Financial Corp		97
	7,998		Medley Capital Corp		94
	125,909	*	MF Global Holdings Ltd		975
	152,732		Moody’s Corp		5,857
	1,170,027		Morgan Stanley		26,923
	91,923	*	MSCI, Inc (Class A)		3,464
	17,411		MVC Capital, Inc		230
	94,841	*	Nasdaq Stock Market, Inc		2,399
	20,204		Nelnet, Inc (Class A)		446
	23,100	*	Netspend Holdings, Inc		231
	5,367	*	New Mountain Finance Corp		68
	21,889	*	NewStar Financial, Inc		234

277

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	12,077		NGP Capital Resources Co	$	99
	7,402	*	Nicholas Financial, Inc		88
	166,317		Northern Trust Corp		7,644
	201,629		NYSE Euronext		6,910
	7,363		Oppenheimer Holdings, Inc		208
	30,987		optionsXpress Holdings, Inc		517
	35,056		PennantPark Investment Corp		393
	41,814	*	PHH Corp		858
	17,372	*	Pico Holdings, Inc		504
	13,978	*	Piper Jaffray Cos		403
	13,016	*	Portfolio Recovery Associates, Inc		1,104
	32,274	*	Primus Guaranty Ltd		169
	75,446		Prospect Capital Corp		763
	9,591		Pzena Investment Management, Inc (Class A)		54
	75,031		Raymond James Financial, Inc		2,412
	21,125	*	Safeguard Scientifics, Inc		399
	8,937		Sanders Morris Harris Group, Inc		71
	115,255		SEI Investments Co		2,594
	407,286		SLM Corp		6,846
	28,070		Solar Capital Ltd		693
	6,100		Solar Senior Capital Ltd		109
	145,000		SPDR Trust Series 1		19,137
	385,876		State Street Corp		17,399
	40,347	*	Stifel Financial Corp		1,447
	37,258		SWS Group, Inc		223
	198,927		T Rowe Price Group, Inc		12,003
	167,448		TD Ameritrade Holding Corp		3,267
	6,653		THL Credit, Inc		86
	20,926		TICC Capital Corp		201
	14,296		Triangle Capital Corp		264
	4,394	*	Virtus Investment Partners, Inc		267
	67,558		Waddell & Reed Financial, Inc (Class A)		2,456
	3,869		Westwood Holdings Group, Inc		147
	12,929	*	World Acceptance Corp		848
			TOTAL DIVERSIFIED FINANCIALS		722,634
ENERGY - 11.5%
	70,225	*	Abraxas Petroleum Corp		269
	9,171		Alon USA Energy, Inc		103
	174,368	*	Alpha Natural Resources, Inc		7,923
	13,406	*	Amyris Biotechnologies, Inc		377
	380,956		Anadarko Petroleum Corp		29,242
	293,523		Apache Corp		36,218
	6,580		APCO Argentina, Inc		572
	16,856	*	Approach Resources, Inc		382
	125,528		Arch Coal, Inc		3,347
	33,846	*	ATP Oil & Gas Corp		518
	44,174	*	Atwood Oceanics, Inc		1,949
	332,852		Baker Hughes, Inc		24,152
	18,593	*	Basic Energy Services, Inc		585
	39,652		Berry Petroleum Co (Class A)		2,107
	35,237	*	Bill Barrett Corp		1,633

278

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	80,973	*	BPZ Energy, Inc	$	266
	89,197	*	Brigham Exploration Co		2,670
	27,721		Bristow Group, Inc		1,414
	80,461		Cabot Oil & Gas Corp		5,335
	79,978	*	Cal Dive International, Inc		478
	27,753	*	Callon Petroleum Co		195
	188,091	*	Cameron International Corp		9,459
	14,570		CARBO Ceramics, Inc		2,374
	29,745	*	Carrizo Oil & Gas, Inc		1,242
	54,349	*	Cheniere Energy, Inc		498
	503,366		Chesapeake Energy Corp		14,945
	1,541,851		Chevron Corp		158,563
	64,690		Cimarex Energy Co		5,817
	4,602	*	Clayton Williams Energy, Inc		276
	37,262	*	Clean Energy Fuels Corp		490
	46,507	*	Cloud Peak Energy, Inc		991
	83,572	*	Cobalt International Energy, Inc		1,139
	60,400	*	Complete Production Services, Inc		2,015
	36,545	*	Comstock Resources, Inc		1,052
	79,511	*	Concho Resources, Inc		7,303
	1,082,247		ConocoPhillips		81,373
	173,265		Consol Energy, Inc		8,400
	9,289	*	Contango Oil & Gas Co		543
	29,565	*	Continental Resources, Inc		1,919
	34,938		Core Laboratories NV		3,897
	15,591	*	Crimson Exploration, Inc		55
	37,807		Crosstex Energy, Inc		450
	67,340	*	CVR Energy, Inc		1,658
	7,528	*	Dawson Geophysical Co		257
	7,530		Delek US Holdings, Inc		118
	308,251	*	Denbury Resources, Inc		6,165
	323,830	*	Devon Energy Corp		25,521
	38,961		DHT Maritime, Inc		149
	53,448		Diamond Offshore Drilling, Inc		3,763
	61,165	*	Dresser-Rand Group, Inc		3,288
	26,285	*	Dril-Quip, Inc		1,783
	588,957		El Paso Corp		11,897
	28,282	*	Endeavour International Corp		426
	55,520		Energen Corp		3,137
	21,960	*	Energy Partners Ltd		325
	56,747	*	Energy XXI Bermuda Ltd		1,885
	206,594		EOG Resources, Inc		21,599
	102,738		Equitable Resources, Inc		5,396
	11,704	*	Evolution Petroleum Corp		83
	111,561		EXCO Resources, Inc		1,969
	48,293	*	Exterran Holdings, Inc		958
	3,778,304	d	Exxon Mobil Corp		307,477
	184,006	*	FMC Technologies, Inc		8,242
	85,352	*	Forest Oil Corp		2,280
	80,549		Frontier Oil Corp		2,603
	39,564		Frontline Ltd		583
	47,331	*	FX Energy, Inc		416

279

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	54,404	*	Gastar Exploration Ltd	$	187
	90,020		General Maritime Corp		122
	7,921	*	Geokinetics, Inc		62
	15,376	*	Georesources, Inc		346
	3,300	*	Gevo, Inc		52
	14,135	*	Global Geophysical Services, Inc		252
	79,950	*	Global Industries Ltd		438
	46,474	*	GMX Resources, Inc		207
	28,774		Golar LNG Ltd		1,004
	20,317	*	Goodrich Petroleum Corp		374
	20,962	*	Green Plains Renewable Energy, Inc		226
	9,089		Gulf Island Fabrication, Inc		293
	19,261	*	Gulfmark Offshore, Inc		851
	29,832	*	Gulfport Energy Corp		886
	700,553		Halliburton Co		35,728
	29,621	*	Harvest Natural Resources, Inc		327
	81,706	*	Helix Energy Solutions Group, Inc		1,353
	72,674		Helmerich & Payne, Inc		4,805
	87,818	*	Hercules Offshore, Inc		484
	231,236		Hess Corp		17,287
	34,558		Holly Corp		2,398
	18,746	*	Hornbeck Offshore Services, Inc		516
	14,150		Houston American Energy Corp		257
	119,917	*	Hyperdynamics Corp		516
	100,154	*	ION Geophysical Corp		947
	823	*	Isramco, Inc		54
	27,417	*	James River Coal Co		571
	95,985	*	Key Energy Services, Inc		1,728
	130,714		Kinder Morgan, Inc		3,755
	18,775		Knightsbridge Tankers Ltd		414
	145,947	*	Kodiak Oil & Gas Corp		842
	15,554	*	Kosmos Energy LLC		264
	12,300	*	L&L Energy, Inc		63
	22,968		Lufkin Industries, Inc		1,976
	81,929	*	Magnum Hunter Resources Corp		554
	545,238		Marathon Oil Corp		28,723
	23,922	*	Matrix Service Co		320
	176,324	*	McDermott International, Inc		3,493
	78,067	*	McMoRan Exploration Co		1,443
	31,904	*	Miller Petroleum, Inc		204
	7,684	*	Mitcham Industries, Inc		133
	147,218		Murphy Oil Corp		9,666
	220,856	*	Nabors Industries Ltd		5,442
	323,905		National Oilwell Varco, Inc		25,333
	11,326	*	Natural Gas Services Group, Inc		183
	102,838	*	Newfield Exploration Co		6,995
	69,901	*	Newpark Resources, Inc		634
	134,506		Noble Energy, Inc		12,056
	37,402		Nordic American Tanker Shipping		851
	48,403	*	Northern Oil And Gas, Inc		1,072
	45,751	*	Oasis Petroleum, Inc		1,358
	622,377		Occidental Petroleum Corp		64,752

280

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	84,472		Oceaneering International, Inc	$	3,421
	37,449	*	Oil States International, Inc		2,993
	19,618		Overseas Shipholding Group, Inc		529
	3,307	*	OYO Geospace Corp		331
	37,088	*	Pacific Asia Petroleum, Inc		49
	5,367		Panhandle Oil and Gas, Inc (Class A)		158
	96,030	*	Parker Drilling Co		562
	69,102	*	Patriot Coal Corp		1,538
	119,282		Patterson-UTI Energy, Inc		3,771
	206,878		Peabody Energy Corp		12,187
	35,015		Penn Virginia Corp		463
	232,914	*	PetroHawk Energy Corp		5,746
	16,488	*	Petroleum Development Corp		493
	43,261	*	Petroquest Energy, Inc		304
	9,723	*	PHI, Inc		211
	42,944	*	Pioneer Drilling Co		654
	88,660		Pioneer Natural Resources Co		7,941
	108,164	*	Plains Exploration & Production Co		4,123
	135,152		Questar Market Resources, Inc		5,653
	94,119	*	Quicksilver Resources, Inc		1,389
	122,881		Range Resources Corp		6,820
	167,304	*	Rentech, Inc		177
	35,433	*	Resolute Energy Corp		573
	26,939	*	Rex Energy Corp		277
	6,400	*	Rex Stores Corp		106
	4,515	*	RigNet, Inc		77
	40,850	*	Rosetta Resources, Inc		2,105
	96,528	*	Rowan Cos, Inc		3,746
	33,284		RPC, Inc		817
	304,794	*	SandRidge Energy, Inc		3,249
	1,038,891		Schlumberger Ltd		89,760
	19,383	*	Scorpio Tankers, Inc		194
	16,143		SEACOR Holdings, Inc		1,614
	31,863	*	SemGroup Corp		818
	34,031		Ship Finance International Ltd		613
	8,338	*	Solazyme, Inc		192
	93,776		Southern Union Co		3,765
	267,605	*	Southwestern Energy Co		11,475
	501,923		Spectra Energy Corp		13,758
	48,939		St. Mary Land & Exploration Co		3,596
	36,323	*	Stone Energy Corp		1,104
	93,049		Sunoco, Inc		3,881
	59,956	*	Superior Energy Services		2,227
	32,148	*	Swift Energy Co		1,198
	49,984	*	Syntroleum Corp		73
	12,700		Targa Resources Investments, Inc		425
	32,878		Teekay Corp		1,015
	32,183		Teekay Tankers Ltd (Class A)		303
	23,351	*	Tesco Corp		453
	108,582	*	Tesoro Corp		2,488
	61,337	*	Tetra Technologies, Inc		781
	40,104		Tidewater, Inc		2,158

281

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	32,149	*	Triangle Petroleum Corp	$	208
	116,837	*	Ultra Petroleum Corp		5,351
	10,127	*	Union Drilling, Inc		104
	29,837	*	Unit Corp		1,818
	49,078	*	Uranerz Energy Corp		148
	76,523	*	Uranium Energy Corp		234
	74,262	*	Uranium Resources, Inc		124
	80,628	*	Ur-Energy, Inc		129
	93,574	*	USEC, Inc		313
	48,465	*	Vaalco Energy, Inc		292
	436,277		Valero Energy Corp		11,156
	169,150	*	Vantage Drilling Co		308
	22,450	*	Venoco, Inc		286
	34,077	*	VOYAGER OIL & GAS		101
	26,733		W&T Offshore, Inc		698
	67,894	*	Warren Resources, Inc		259
	41,000	*	Western Refining, Inc		741
	7,723	*	Westmoreland Coal Co		137
	89,390	*	Whiting Petroleum Corp		5,087
	41,121	*	Willbros Group, Inc		351
	450,475		Williams Cos, Inc		13,627
	54,207		World Fuel Services Corp		1,948
	18,939	*	Zion Oil & Gas, Inc		113
			TOTAL ENERGY		1,333,198
FOOD & STAPLES RETAILING - 1.9%
	13,080		Andersons, Inc		553
	837		Arden Group, Inc (Class A)		77
	41,570	*	BJ’s Wholesale Club, Inc		2,093
	29,235		Casey’s General Stores, Inc		1,286
	334,517		Costco Wholesale Corp		27,176
	1,041,815		CVS Corp		39,152
	16,350	*	Fresh Market, Inc		632
	8,163		Ingles Markets, Inc (Class A)		135
	464,445		Kroger Co		11,518
	10,977		Nash Finch Co		393
	16,292	*	Pantry, Inc		306
	13,557		Pricesmart, Inc		695
	445,462	*	Rite Aid Corp		592
	33,448		Ruddick Corp		1,456
	271,027		Safeway, Inc		6,334
	18,527		Spartan Stores, Inc		362
	165,275		Supervalu, Inc		1,555
	5,570	*	Susser Holdings Corp		88
	446,609		Sysco Corp		13,925
	36,743	*	United Natural Foods, Inc		1,568
	4,652		Village Super Market (Class A)		129
	700,798		Walgreen Co		29,756
	1,358,613		Wal-Mart Stores, Inc		72,198
	8,834		Weis Markets, Inc		360
	113,608		Whole Foods Market, Inc		7,208
	41,829	*	Winn-Dixie Stores, Inc		353
			TOTAL FOOD & STAPLES RETAILING		219,900

282

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
FOOD, BEVERAGE & TOBACCO - 5.0%
	2,319		Alico, Inc	$	59
	68,179	*	Alliance One International, Inc		220
	1,602,871		Altria Group, Inc		42,332
	488,514		Archer Daniels Midland Co		14,730
	37,577		B&G Foods, Inc (Class A)		775
	6,724	*	Boston Beer Co, Inc (Class A)		602
	78,441		Brown-Forman Corp (Class B)		5,859
	110,705		Bunge Ltd		7,633
	7,129		Calavo Growers, Inc		150
	10,929		Cal-Maine Foods, Inc		349
	135,903		Campbell Soup Co		4,695
	53,541	*	Central European Distribution Corp		600
	31,603	*	Chiquita Brands International, Inc		411
	4,202		Coca-Cola Bottling Co Consolidated		284
	1,512,603		Coca-Cola Co		101,782
	248,992		Coca-Cola Enterprises, Inc		7,266
	312,873		ConAgra Foods, Inc		8,075
	141,361	*	Constellation Brands, Inc (Class A)		2,943
	57,268		Corn Products International, Inc		3,166
	7,653	*	Craft Brewers Alliance, Inc		66
	88,594	*	Darling International, Inc		1,568
	140,023	*	Dean Foods Co		1,718
	16,103		Diamond Foods, Inc		1,229
	27,600	*	Dole Food Co, Inc		373
	169,553		Dr Pepper Snapple Group, Inc		7,109
	5,320		Farmer Bros Co		54
	85,493		Flowers Foods, Inc		1,884
	27,866		Fresh Del Monte Produce, Inc		743
	488,857		General Mills, Inc		18,196
	94,088	*	Green Mountain Coffee Roasters, Inc		8,398
	2,482		Griffin Land & Nurseries, Inc (Class A)		81
	246,487		H.J. Heinz Co		13,134
	27,245	*	Hain Celestial Group, Inc		909
	51,477	*	Hansen Natural Corp		4,167
	7,067	*	Harbinger Group, Inc		43
	70,305	*	Heckmann Corp		425
	116,432		Hershey Co		6,619
	105,226		Hormel Foods Corp		3,137
	8,158		Imperial Sugar Co		163
	11,326		J&J Snack Foods Corp		565
	88,800		J.M. Smucker Co		6,788
	188,439		Kellogg Co		10,424
	1,241,635		Kraft Foods, Inc (Class A)		43,744
	14,250		Lancaster Colony Corp		867
	36,396		Lance, Inc		787
	3,603	*	Lifeway Foods, Inc		40
	6,464		Limoneira Co		146
	110,064		Lorillard, Inc		11,983
	102,217		McCormick & Co, Inc		5,067

283

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	156,498		Mead Johnson Nutrition Co	$	10,572
	9,066		Mgp Ingredients, Inc		79
	102,012		Molson Coors Brewing Co (Class B)		4,564
	5,604		National Beverage Corp		82
	15,084	*	Omega Protein Corp		208
	1,210,176		PepsiCo, Inc		85,233
	1,361,513		Philip Morris International, Inc		90,908
	37,600	*	Pilgrim’s Pride Corp		203
	9,350	*	Primo Water		135
	42,347	*	Ralcorp Holdings, Inc		3,666
	256,691		Reynolds American, Inc		9,510
	17,484		Sanderson Farms, Inc		835
	447,735		Sara Lee Corp		8,502
	7,792	*	Seneca Foods Corp		199
	53,670	*	Smart Balance, Inc		278
	111,924	*	Smithfield Foods, Inc		2,448
	92,450	*	Star Scientific, Inc		416
	14,223	*	Synutra International, Inc		140
	18,111		Tootsie Roll Industries, Inc		530
	26,938	*	TreeHouse Foods, Inc		1,471
	230,318		Tyson Foods, Inc (Class A)		4,473
	18,707		Universal Corp		705
	33,438		Vector Group Ltd		595
			TOTAL FOOD, BEVERAGE & TOBACCO		578,110
HEALTH CARE EQUIPMENT & SERVICES - 4.4%
	15,924	*	Abaxis, Inc		434
	27,756	*	Abiomed, Inc		450
	30,836	*	Accretive Health, Inc		888
	52,299	*	Accuray, Inc		419
	290,607		Aetna, Inc		12,813
	8,631	*	Air Methods Corp		645
	47,580	*	Align Technology, Inc		1,085
	4,887	*	Alimera Sciences, Inc		40
	18,580	*	Alliance Imaging, Inc		71
	145,378	*	Allscripts Healthcare Solutions, Inc		2,823
	7,268	*	Almost Family, Inc		199
	39,818	*	Alphatec Holdings, Inc		139
	21,596	*	Amedisys, Inc		575
	9,851	*	American Dental Partners, Inc		128
	34,263	*	Amerigroup Corp		2,415
	209,849		AmerisourceBergen Corp		8,688
	30,580	*	AMN Healthcare Services, Inc		254
	25,648	*	Amsurg Corp		670
	10,953		Analogic Corp		576
	18,523	*	Angiodynamics, Inc		264
	54,175	*	Antares Pharma, Inc		120
	20,843	*	Arthrocare Corp		698
	17,166		Assisted Living Concepts, Inc (A Shares)		288
	25,682	*	athenahealth, Inc		1,056
	10,854	*	AtriCure, Inc		140
	1,039		Atrion Corp		206

284

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	65,625		Bard (C.R.), Inc	$	7,210
	436,603		Baxter International, Inc		26,061
	167,498		Becton Dickinson & Co		14,433
	21,482	*	Biolase Technology, Inc		110
	18,346	*	Bio-Reference Labs, Inc		383
	31,488	*	BioScrip, Inc		204
	1,169,568	*	Boston Scientific Corp		8,082
	74,076	*	Brookdale Senior Living, Inc		1,796
	12,419		Cantel Medical Corp		334
	15,384	*	Capital Senior Living Corp		143
	268,485		Cardinal Health, Inc		12,195
	18,454	*	CardioNet, Inc		98
	9,837	*	Cardiovascular Systems, Inc		143
	147,978	*	CareFusion Corp		4,021
	32,577	*	Catalyst Health Solutions, Inc		1,818
	24,036	*	CBaySystems Holdings Ltd		311
	39,667	*	Centene Corp		1,409
	108,762	*	Cerner Corp		6,645
	28,816	*	Cerus Corp		86
	18,052		Chemed Corp		1,183
	8,056	*	Chindex International, Inc		110
	207,164		Cigna Corp		10,654
	72,212	*	Community Health Systems, Inc		1,854
	9,637		Computer Programs & Systems, Inc		612
	25,681	*	Conceptus, Inc		300
	22,053	*	Conmed Corp		628
	23,514	*	Continucare Corp		145
	34,815		Cooper Cos, Inc		2,759
	6,016	*	Corvel Corp		282
	114,216	*	Coventry Health Care, Inc		4,165
	379,497		Covidien plc		20,201
	22,090	*	Cross Country Healthcare, Inc		168
	27,223	*	CryoLife, Inc		152
	19,734	*	Cyberonics, Inc		552
	5,493	*	Cynosure, Inc (Class A)		66
	73,647	*	DaVita, Inc		6,379
	49,659	*	Delcath Systems, Inc		256
	107,747		Dentsply International, Inc		4,103
	51,238	*	DexCom, Inc		742
	7,198	*	DynaVox, Inc		55
	87,757	*	Edwards Lifesciences Corp		7,651
	21,300	*	Emdeon, Inc		279
	23,206	*	Emeritus Corp		493
	34,017	*	Endologix, Inc		316
	10,891		Ensign Group, Inc		331
	4,100	*	ePocrates, Inc		76
	4,898	*	Exactech, Inc		88
	20,845	*	EXamWorks, Inc		529
	408,620	*	Express Scripts, Inc		22,058
	24,001	*	Five Star Quality Care, Inc		139
	37,341	*	Gen-Probe, Inc		2,582
	22,160	*	Gentiva Health Services, Inc		462

285

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	19,254	*	Greatbatch, Inc	$	516
	20,349	*	Haemonetics Corp		1,310
	25,502	*	Hanger Orthopedic Group, Inc		624
	32,412	*	Hansen Medical, Inc		111
	98,994	*	HCA Holdings, Inc		3,267
	197,006	*	Health Management Associates, Inc (Class A)		2,124
	69,494	*	Health Net, Inc		2,230
	71,500	*	Healthsouth Corp		1,877
	52,495	*	Healthspring, Inc		2,421
	12,083	*	HealthStream, Inc		160
	28,116	*	Healthways, Inc		427
	9,160	*	HeartWare International, Inc		679
	71,002	*	Henry Schein, Inc		5,083
	49,054		Hill-Rom Holdings, Inc		2,258
	22,307	*	HMS Holdings Corp		1,715
	200,085	*	Hologic, Inc		4,036
	129,479		Humana, Inc		10,428
	9,095	*	ICU Medical, Inc		397
	43,803	*	Idexx Laboratories, Inc		3,397
	55,460	*	Immucor, Inc		1,132
	34,069	*	Insulet Corp		755
	16,250	*	Integra LifeSciences Holdings Corp		777
	30,088	*	Intuitive Surgical, Inc		11,196
	23,110		Invacare Corp		767
	65,672	*	Inverness Medical Innovations, Inc		2,405
	11,925	*	IPC The Hospitalist Co, Inc		553
	12,955	*	IRIS International, Inc		129
	8,260	*	Kensey Nash Corp		208
	38,766	*	Kindred Healthcare, Inc		832
	49,419	*	Kinetic Concepts, Inc		2,848
	79,660	*	Laboratory Corp of America Holdings		7,710
	8,629		Landauer, Inc		531
	11,927	*	LHC Group, Inc		275
	40,314	*	LifePoint Hospitals, Inc		1,575
	78,082		Lincare Holdings, Inc		2,285
	25,596	*	Magellan Health Services, Inc		1,401
	24,243	*	MAKO Surgical Corp		721
	38,810		Masimo Corp		1,152
	193,002		McKesson Corp		16,145
	33,286	*	MedAssets, Inc		445
	11,469	*	Medcath Corp		156
	306,173	*	Medco Health Solutions, Inc		17,305
	9,627	*	Medical Action Industries, Inc		78
	14,224	*	Medidata Solutions, Inc		340
	819,376		Medtronic, Inc		31,570
	38,200	*	Merge Healthcare, Inc		199
	31,965		Meridian Bioscience, Inc		771
	29,037	*	Merit Medical Systems, Inc		522
	30,372	*	Metropolitan Health Networks, Inc		145
	21,513	*	Molina Healthcare, Inc		583
	9,533	*	MWI Veterinary Supply, Inc		770
	6,756		National Healthcare Corp		335

286

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	19,956	*	Natus Medical, Inc	$	302
	18,486	*	Neogen Corp		836
	66,756	*	Neoprobe Corp		222
	30,456	*	NuVasive, Inc		1,001
	33,986	*	NxStage Medical, Inc		708
	90,050		Omnicare, Inc		2,872
	24,067	*	Omnicell, Inc		375
	30,922	*	OraSure Technologies, Inc		264
	14,876	*	Orthofix International NV		632
	48,567		Owens & Minor, Inc		1,675
	12,302	*	Palomar Medical Technologies, Inc		139
	79,206		Patterson Cos, Inc		2,605
	36,851	*	Pediatrix Medical Group, Inc		2,660
	23,814	*	PharMerica Corp		304
	8,598	*	Providence Service Corp		109
	41,924	*	PSS World Medical, Inc		1,174
	15,188		Quality Systems, Inc		1,326
	120,530		Quest Diagnostics, Inc		7,123
	21,781	*	Quidel Corp		330
	23,354	*	RadNet, Inc		103
	116,858	*	Resmed, Inc		3,617
	12,187	*	Rockwell Medical Technologies, Inc		156
	38,631	*	RTI Biologics, Inc		105
	14,756	*	Rural		254
	34,640	*	Select Medical Holdings Corp		307
	36,229	*	Sirona Dental Systems, Inc		1,924
	15,881	*	Skilled Healthcare Group, Inc (Class A)		150
	44,003	*	Solta Medical, Inc		121
	12,040	*	SonoSite, Inc		423
	21,581	*	Spectranetics Corp		134
	251,828		St. Jude Medical, Inc		12,007
	26,141	*	Staar Surgical Co		139
	16,786	*	Stereotaxis, Inc		59
	45,845		STERIS Corp		1,604
	239,974		Stryker Corp		14,084
	19,029	*	Sun Healthcare Group, Inc		153
	51,216	*	Sunrise Senior Living, Inc		488
	13,627	*	SurModics, Inc		151
	47,188	*	SXC Health Solutions Corp		2,780
	32,497	*	Symmetry Medical, Inc		291
	16,509	*	Synergetics USA, Inc		91
	9,221	*	Synovis Life Technologies, Inc		161
	20,027	*	Team Health Holdings, Inc		451
	30,710		Teleflex, Inc		1,875
	367,275	*	Tenet Healthcare Corp		2,292
	43,318	*	Thoratec Corp		1,422
	7,882	*	Tornier BV		212
	4,824	*	Transcend Services, Inc		142
	14,800	*	Triple-S Management Corp (Class B)		322
	37,485	*	Unilife Corp		194
	829,406		UnitedHealth Group, Inc		42,782
	23,233		Universal American Corp		254

287

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	69,358		Universal Health Services, Inc (Class B)	$	3,574
	15,919	*	Uroplasty, Inc		119
	8,422		US Physical Therapy, Inc		208
	89,660	*	Varian Medical Systems, Inc		6,278
	12,709	*	Vascular Solutions, Inc		158
	66,310	*	VCA Antech, Inc		1,406
	39,957	*	Volcano Corp		1,290
	32,075	*	WellCare Health Plans, Inc		1,649
	281,164		WellPoint, Inc		22,148
	26,348		West Pharmaceutical Services, Inc		1,153
	28,863	*	Wright Medical Group, Inc		433
	4,290		Young Innovations, Inc		122
	146,878	*	Zimmer Holdings, Inc		9,283
	17,148	*	Zoll Medical Corp		972
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		524,310
HOUSEHOLD & PERSONAL PRODUCTS - 2.0%
	330,948		Avon Products, Inc		9,267
	46,305	*	Central Garden and Pet Co (Class A)		470
	109,668		Church & Dwight Co, Inc		4,446
	102,087		Clorox Co		6,885
	374,232		Colgate-Palmolive Co		32,712
	17,426	*	Elizabeth Arden, Inc		506
	54,076	*	Energizer Holdings, Inc		3,913
	85,023		Estee Lauder Cos (Class A)		8,944
	11,623		Female Health Co		58
	91,346		Herbalife Ltd		5,265
	12,258		Inter Parfums, Inc		282
	300,729		Kimberly-Clark Corp		20,017
	9,661	*	Medifast, Inc		229
	5,868	*	Nature’s Sunshine Products, Inc		114
	38,826		Nu Skin Enterprises, Inc (Class A)		1,458
	8,067	*	Nutraceutical International Corp		124
	3,981		Oil-Dri Corp of America		85
	38,233	*	Prestige Brands Holdings, Inc		491
	2,136,999		Procter & Gamble Co		135,848
	9,587	*	Revlon, Inc (Class A)		161
	9,325		Schiff Nutrition International, Inc		104
	11,963	*	Spectrum Brands, Inc		383
	6,878	*	USANA Health Sciences, Inc		215
	14,064		WD-40 Co		549
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		232,526
INSURANCE - 3.7%
	258,307		ACE Ltd		17,002
	358,789		Aflac, Inc		16,748
	4,966	*	Alleghany Corp		1,654
	28,991		Allied World Assurance Co Holdings Ltd		1,669
	400,248		Allstate Corp		12,220
	46,461		American Equity Investment Life Holding Co		591
	61,424		American Financial Group, Inc		2,192
	338,480	*	American International Group, Inc		9,924

288

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	4,964		American National Insurance Co	$	385
	7,468	*	American Safety Insurance Holdings Ltd		143
	13,065	*	Amerisafe, Inc		296
	17,807		Amtrust Financial Services, Inc		406
	253,787		AON Corp		13,019
	101,080	*	Arch Capital Group Ltd		3,226
	21,131		Argo Group International Holdings Ltd		628
	85,496		Arthur J. Gallagher & Co		2,440
	54,260		Aspen Insurance Holdings Ltd		1,396
	73,810		Assurant, Inc		2,677
	141,003		Assured Guaranty Ltd		2,300
	91,618		Axis Capital Holdings Ltd		2,836
	4,897		Baldwin & Lyons, Inc (Class B)		113
	1,339,228	*	Berkshire Hathaway, Inc (Class B)		103,644
	89,288		Brown & Brown, Inc		2,291
	223,962		Chubb Corp		14,022
	112,169		Cincinnati Financial Corp		3,273
	32,879	*	Citizens, Inc (Class A)		224
	19,762		CNA Financial Corp		574
	170,071	*	Conseco, Inc		1,345
	14,025		Crawford & Co (Class B)		99
	36,264		Delphi Financial Group, Inc (Class A)		1,059
	9,364		Donegal Group, Inc (Class A)		120
	17,698	*	eHealth, Inc		236
	4,503		EMC Insurance Group, Inc		86
	34,055		Employers Holdings, Inc		571
	31,116		Endurance Specialty Holdings Ltd		1,286
	4,920	*	Enstar Group Ltd		514
	21,144		Erie Indemnity Co (Class A)		1,495
	35,166		Everest Re Group Ltd		2,875
	9,829		FBL Financial Group, Inc (Class A)		316
	178,542		Fidelity National Title Group, Inc (Class A)		2,810
	77,697		First American Financial Corp		1,216
	40,236		Flagstone Reinsurance Holdings Ltd		339
	10,330	*	Fpic Insurance Group, Inc		431
	379,148	*	Genworth Financial, Inc (Class A)		3,898
	20,683	*	Greenlight Capital Re Ltd (Class A)		544
	7,438	*	Hallmark Financial Services		59
	32,699		Hanover Insurance Group, Inc		1,233
	10,427		Harleysville Group, Inc		325
	338,501		Hartford Financial Services Group, Inc		8,926
	87,439		HCC Insurance Holdings, Inc		2,754
	33,859	*	Hilltop Holdings, Inc		299
	29,235		Horace Mann Educators Corp		456
	5,411	*	Independence Holding Co		56
	10,619		Infinity Property & Casualty Corp		580
	2,078		Kansas City Life Insurance Co		65
	239,847		Lincoln National Corp		6,833
	242,662		Loews Corp		10,214
	34,934		Maiden Holdings Ltd		318
	7,378	*	Markel Corp		2,928
	418,379		Marsh & McLennan Cos, Inc		13,049

289

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	74,338		Max Capital Group Ltd	$	1,658
	118,930	*	MBIA, Inc		1,034
	42,189		Meadowbrook Insurance Group, Inc		418
	20,644		Mercury General Corp		815
	628,672		Metlife, Inc		27,581
	54,871		Montpelier Re Holdings Ltd		988
	36,167	*	National Financial Partners Corp		417
	9,917		National Interstate Corp		227
	1,551		National Western Life Insurance Co (Class A)		247
	10,438	*	Navigators Group, Inc		491
	195,723		Old Republic International Corp		2,300
	20,220		OneBeacon Insurance Group Ltd (Class A)		271
	51,773		PartnerRe Ltd		3,565
	98,653	*	Phoenix Cos, Inc		243
	28,637		Platinum Underwriters Holdings Ltd		952
	13,808		Presidential Life Corp		144
	26,124		Primerica, Inc		574
	247,684		Principal Financial Group		7,535
	23,604	*	ProAssurance Corp		1,652
	502,045		Progressive Corp		10,734
	65,519		Protective Life Corp		1,515
	367,158		Prudential Financial, Inc		23,349
	56,415		Reinsurance Group of America, Inc (Class A)		3,433
	39,604		RenaissanceRe Holdings Ltd		2,770
	14,489		RLI Corp		897
	11,015		Safety Insurance Group, Inc		463
	14,868		SeaBright Insurance Holdings, Inc		147
	40,400		Selective Insurance Group, Inc		657
	35,995		Stancorp Financial Group, Inc		1,519
	9,480		State Auto Financial Corp		165
	12,744		Stewart Information Services Corp		128
	51,687		Symetra Financial Corp		694
	60,013		Torchmark Corp		3,849
	31,231		Tower Group, Inc		744
	47,478		Transatlantic Holdings, Inc		2,327
	320,678		Travelers Cos, Inc		18,721
	12,914	*	United America Indemnity Ltd		286
	17,338		United Fire & Casualty Co		301
	39,343		Unitrin, Inc		1,167
	10,064		Universal Insurance Holdings, Inc		47
	240,234		UnumProvident Corp		6,121
	58,995		Validus Holdings Ltd		1,826
	87,424		W.R. Berkley Corp		2,836
	5,268		White Mountains Insurance Group Ltd		2,213
	236,648		XL Capital Ltd		5,202
			TOTAL INSURANCE		426,451
MATERIALS - 4.5%
	24,943		A. Schulman, Inc		628
	5,113	*	AEP Industries, Inc		149
	162,179		Air Products & Chemicals, Inc		15,502
	64,964		Airgas, Inc		4,550

290

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	84,458		AK Steel Holding Corp	$	1,331
	71,187		Albemarle Corp		4,926
	801,888		Alcoa, Inc		12,718
	81,466		Allegheny Technologies, Inc		5,171
	68,161	*	Allied Nevada Gold Corp		2,411
	18,051		AMCOL International Corp		689
	18,079		American Vanguard Corp		234
	52,149		Aptargroup, Inc		2,729
	17,411		Arch Chemicals, Inc		600
	60,252		Ashland, Inc		3,893
	21,090		Balchem Corp		923
	128,514		Ball Corp		4,943
	80,502		Bemis Co, Inc		2,719
	76,383		Boise, Inc		595
	14,781	*	Brush Engineered Materials, Inc		546
	31,123		Buckeye Technologies, Inc		840
	50,868		Cabot Corp		2,028
	45,612	*	Calgon Carbon Corp		775
	33,678		Carpenter Technology Corp		1,943
	11,808	*	Castle (A.M.) & Co		196
	120,361		Celanese Corp (Series A)		6,416
	39,702	*	Century Aluminum Co		621
	54,755		CF Industries Holdings, Inc		7,757
	5,158		Chase Corp		86
	73,547	*	Chemtura		1,339
	8,801	*	Clearwater Paper Corp		601
	104,374		Cleveland-Cliffs, Inc		9,649
	69,583	*	Coeur d’Alene Mines Corp		1,688
	86,134		Commercial Metals Co		1,236
	25,270		Compass Minerals International, Inc		2,175
	119,448	*	Crown Holdings, Inc		4,637
	38,318		Cytec Industries, Inc		2,191
	9,014		Deltic Timber Corp		484
	31,420		Domtar Corporation		2,976
	900,090		Dow Chemical Co		32,404
	702,653		Du Pont (E.I.) de Nemours & Co		37,979
	33,735		Eagle Materials, Inc		940
	55,819		Eastman Chemical Co		5,697
	183,072		Ecolab, Inc		10,322
	66,070	*	Ferro Corp		888
	38,825	*	Flotek Industries, Inc		331
	56,112		FMC Corp		4,827
	725,322		Freeport-McMoRan Copper & Gold, Inc (Class B)		38,371
	14,460	*	FutureFuel Corp		175
	84,902	*	General Moly, Inc		379
	25,535	*	Georgia Gulf Corp		616
	35,119		Glatfelter		540
	47,286		Globe Specialty Metals, Inc		1,060
	21,606	*	Gold Resource Corp		539
	9,348	*	Golden Minerals Co		166
	196,126	*	Golden Star Resources Ltd		431
	15,502	*	Graham Packaging Co, Inc		391

291

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	122,089	*	Graphic Packaging Holding Co	$	664
	26,849		Greif, Inc (Class A)		1,746
	36,079		H.B. Fuller Co		881
	6,809		Hawkins, Inc		247
	9,402		Haynes International, Inc		582
	54,162	*	Headwaters, Inc		170
	214,218	*	Hecla Mining Co		1,647
	33,599	*	Horsehead Holding Corp		448
	145,355		Huntsman Corp		2,740
	16,427		Innophos Holdings, Inc		802
	18,027	*	Innospec, Inc		606
	61,427		International Flavors & Fragrances, Inc		3,946
	334,557		International Paper Co		9,975
	40,015	*	Intrepid Potash, Inc		1,300
	65,101	*	Jaguar Mining, Inc		311
	11,905		Kaiser Aluminum Corp		650
	32,261	*	Kapstone Paper and Packaging Corp		535
	4,800		KMG Chemicals, Inc		81
	16,539		Koppers Holdings, Inc		627
	24,388	*	Kraton Polymers LLC		955
	14,288		Kronos Worldwide, Inc		449
	14,893	*	Landec Corp		98
	101,464	*	Louisiana-Pacific Corp		826
	16,187	*	LSB Industries, Inc		695
	50,770		Lubrizol Corp		6,817
	239,732		LyondellBasell Industries AF S.C.A		9,234
	34,945		Martin Marietta Materials, Inc		2,795
	131,629		MeadWestvaco Corp		4,385
	8,652	*	Metals USA Holdings Corp		129
	60,363	*	Midway Gold Corp		118
	14,800		Minerals Technologies, Inc		981
	42,981	*	Molycorp, Inc		2,624
	410,316		Monsanto Co		29,765
	208,415		Mosaic Co		14,117
	23,791		Myers Industries, Inc		245
	106,157		Nalco Holding Co		2,952
	11,726		Neenah Paper, Inc		250
	7,413		NewMarket Corp		1,265
	370,179		Newmont Mining Corp		19,980
	4,943		NL Industries, Inc		91
	16,993	*	Noranda Aluminium Holding Corp		257
	242,723		Nucor Corp		10,005
	63,038		Olin Corp		1,428
	9,331		Olympic Steel, Inc		257
	23,303	*	OM Group, Inc		947
	32,453	*	Omnova Solutions, Inc		226
	127,123	*	Owens-Illinois, Inc		3,281
	79,420		Packaging Corp of America		2,223
	90,889	*	Paramount Gold and Silver Corp		296
	71,742		PolyOne Corp		1,110
	121,075		PPG Industries, Inc		10,992
	237,479		Praxair, Inc		25,741

292

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	9,804		Quaker Chemical Corp	$	422
	55,860		Reliance Steel & Aluminum Co		2,773
	18,123	*	Revett Minerals, Inc		82
	46,734		Rock-Tenn Co (Class A)		3,100
	52,353	*	Rockwood Holdings, Inc		2,895
	41,544		Royal Gold, Inc		2,433
	98,223		RPM International, Inc		2,261
	23,200	*	RTI International Metals, Inc		890
	16,575		Schnitzer Steel Industries, Inc (Class A)		955
	13,962		Schweitzer-Mauduit International, Inc		784
	34,625		Scotts Miracle-Gro Co (Class A)		1,777
	123,206		Sealed Air Corp		2,931
	30,735	*	Senomyx, Inc		158
	38,347		Sensient Technologies Corp		1,422
	71,242		Sherwin-Williams Co		5,975
	95,751		Sigma-Aldrich Corp		7,026
	37,804		Silgan Holdings, Inc		1,549
	93,627	*	Solutia, Inc		2,139
	76,188		Sonoco Products Co		2,708
	130,301		Southern Copper Corp (NY)		4,283
	25,932	*	Spartech Corp		158
	165,292		Steel Dynamics, Inc		2,686
	5,500		Stepan Co		390
	78,944	*	Stillwater Mining Co		1,738
	21,697	*	STR Holdings, Inc		324
	83,185		Temple-Inland, Inc		2,474
	17,319		Texas Industries, Inc		721
	10,121	*	Texas Petrochemicals, Inc		397
	117,009	*	Thompson Creek Metals Co, Inc		1,168
	65,998		Titanium Metals Corp		1,209
	1,357	*	United States Lime & Minerals, Inc		56
	110,404		United States Steel Corp		5,083
	4,623	*	Universal Stainless & Alloy		216
	21,458	*	US Energy Corp Wyoming		92
	79,913	*	US Gold Corp		482
	76,637		Valspar Corp		2,764
	11,300	*	Verso Paper Corp		30
	52,408	*	Vista Gold Corp		148
	98,368		Vulcan Materials Co		3,789
	47,739		Walter Energy, Inc		5,528
	37,679		Wausau Paper Corp		254
	15,532		Westlake Chemical Corp		806
	4,506	*	WHX Corp		69
	46,555		Worthington Industries, Inc		1,075
	56,274	*	WR Grace & Co		2,568
	15,230	*	Zagg, Inc		204
	15,316		Zep, Inc		289
	19,213	*	Zoltek Cos, Inc		202
			TOTAL MATERIALS		513,926

293

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
MEDIA - 3.2%
	13,486		AH Belo Corp (Class A)	$	100
	20,466		Arbitron, Inc		846
	72,008	*	Belo (A.H.) Corp (Class A)		542
	167,818		Cablevision Systems Corp (Class A)		6,077
	512,170		CBS Corp (Class B)		14,592
	27,491	*	Central European Media Enterprises Ltd (Class A) Nasdaq		543
	40,590	*	Charter Communications, Inc		2,202
	56,411		Cinemark Holdings, Inc		1,168
	28,047	*	Clear Channel Outdoor Holdings, Inc (Class A)		356
	2,111,608		Comcast Corp (Class A)		53,509
	13,062	*	Crown Media Holdings, Inc (Class A)		25
	17,373	*	Cumulus Media, Inc (Class A)		61
	598,983	*	DIRECTV		30,440
	213,192	*	Discovery Communications, Inc (Class A)		8,732
	153,317		DISH Network Corp (Class A)		4,702
	54,653	*	DreamWorks Animation SKG, Inc (Class A)		1,099
	18,269	*	Entercom Communications Corp (Class A)		159
	38,482	*	Entravision Communications Corp (Class A)		71
	21,197	*	EW Scripps Co (Class A)		205
	5,404	*	Fisher Communications, Inc		161
	184,081		Gannett Co, Inc		2,636
	8,856	*	Global Sources Ltd		81
	11,057	*	Global Traffic Network, Inc		127
	37,922	*	Gray Television, Inc		100
	33,505		Harte-Hanks, Inc		272
	16,105	*	interCLICK, Inc		128
	376,254		Interpublic Group of Cos, Inc		4,703
	33,375		John Wiley & Sons, Inc (Class A)		1,736
	42,642	*	Journal Communications, Inc (Class A)		220
	23,300	*	Knology, Inc		346
	43,505	*	Lamar Advertising Co (Class A)		1,191
	186,281	*	Liberty Global, Inc (Class A)		8,390
	54,468	*	Liberty Media Corp - Capital (Series A)		4,671
	40,282	*	Liberty Media Corp - Starz		3,031
	29,608	*	Lin TV Corp (Class A)		144
	40,329	*	Lions Gate Entertainment Corp		267
	108,249	*	Live Nation, Inc		1,242
	45,616	*	Madison Square Garden, Inc		1,256
	29,313	*	Martha Stewart Living Omnimedia, Inc (Class A)		127
	45,516	*	McClatchy Co (Class A)		128
	233,198		McGraw-Hill Cos, Inc		9,773
	19,518		MDC Partners, Inc		352
	26,535		Meredith Corp		826
	16,901		Morningstar, Inc		1,027
	40,500		National CineMedia, Inc		685
	104,815	*	New York Times Co (Class A)		914
	1,757,249		News Corp (Class A)		31,103
	7,914	*	Nexstar Broadcasting Group, Inc (Class A)		65
	215,271		Omnicom Group, Inc		10,367
	11,051		Outdoor Channel Holdings, Inc		76
	29,358		Primedia, Inc		207
	7,422	*	ReachLocal, Inc		155
	60,087		Regal Entertainment Group (Class A)		742

294

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	7,217	*	Rentrak Corp	$	128
	2,741	*	Saga Communications, Inc		101
	22,736		Scholastic Corp		605
	69,106		Scripps Networks Interactive (Class A)		3,378
	34,573		Sinclair Broadcast Group, Inc (Class A)		380
	2,997,389	*	Sirius XM Radio, Inc		6,564
	288,806		Thomson Corp		10,848
	257,482		Time Warner Cable, Inc		20,094
	819,903		Time Warner, Inc		29,820
	38,340	*	Valassis Communications, Inc		1,162
	447,870		Viacom, Inc (Class B)		22,841
	247,660		Virgin Media, Inc		7,412
	1,447,224		Walt Disney Co		56,501
	39,735	*	Warner Music Group Corp		327
	3,829		Washington Post Co (Class B)		1,604
	3,997	*	Westwood One, Inc		21
	18,692		World Wrestling Entertainment, Inc (Class A)		178
			TOTAL MEDIA		374,642
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.1%
	1,189,915		Abbott Laboratories		62,613
	30,051	*	Achillion Pharmaceuticals, Inc		224
	29,951	*	Acorda Therapeutics, Inc		968
	6,188	*	Acura Pharmaceuticals, Inc		24
	5,695	*	Aegerion Pharmaceuticals, Inc		90
	30,064	*	Affymax, Inc		207
	56,476	*	Affymetrix, Inc		448
	266,450	*	Agilent Technologies, Inc		13,618
	50,321	*	Akorn, Inc		352
	17,349	*	Albany Molecular Research, Inc		83
	140,756	*	Alexion Pharmaceuticals, Inc		6,620
	70,988	*	Alkermes, Inc		1,320
	233,340		Allergan, Inc		19,426
	63,430	*	Allos Therapeutics, Inc		136
	27,380	*	Alnylam Pharmaceuticals, Inc		257
	16,995	*	AMAG Pharmaceuticals, Inc		320
	711,775	*	Amgen, Inc		41,531
	12,703	*	Amicus Therapeutics, Inc		75
	15,482	*	Ampio Pharmaceuticals, Inc		121
	105,182	*	Amylin Pharmaceuticals, Inc		1,405
	12,511	*	Anthera Pharmaceuticals, Inc		102
	12,961	*	Ardea Biosciences, Inc		330
	148,696	*	Arena Pharmaceuticals, Inc		202
	101,217	*	Ariad Pharmaceuticals, Inc		1,147
	40,003	*	Arqule, Inc		250
	33,623	*	Array Biopharma, Inc		75
	36,727	*	Auxilium Pharmaceuticals, Inc		720
	96,279	*	AVANIR Pharmaceuticals, Inc		323
	20,327	*	AVEO Pharmaceuticals, Inc		419
	98,905	*	AVI BioPharma, Inc		141
	22,254	*	BioCryst Pharmaceuticals, Inc		85
	187,545	*	Biogen Idec, Inc		20,052

295

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	84,714	*	BioMarin Pharmaceuticals, Inc	$	2,305
	8,360	*	BioMimetic Therapeutics, Inc		43
	15,217	*	Bio-Rad Laboratories, Inc (Class A)		1,816
	102,871	*	Biosante Pharmaceuticals, Inc		283
	2,885	*	Biospecifics Technologies Corp		65
	16,168	*	Biotime, Inc		83
	1,306,296		Bristol-Myers Squibb Co		37,830
	64,623	*	Bruker BioSciences Corp		1,316
	28,637	*	Cadence Pharmaceuticals, Inc		263
	34,601	*	Caliper Life Sciences, Inc		281
	20,927	*	Cambrex Corp		97
	354,391	*	Celgene Corp		21,377
	128,007	*	Cell Therapeutics, Inc		202
	24,391	*	Celldex Therapeutics, Inc		87
	58,202	*	Cephalon, Inc		4,650
	45,716	*	Cepheid, Inc		1,584
	44,185	*	Charles River Laboratories International, Inc		1,796
	50,100	*	Chelsea Therapeutics International, Inc		256
	17,313	*	Cleveland Biolabs, Inc		59
	19,275	*	Codexis, Inc		186
	56,439	*	Columbia Laboratories, Inc		174
	51,595	*	Combinatorx, Inc		123
	7,924	*	Complete Genomics, Inc		121
	19,348	*	Corcept Therapeutics, Inc		77
	5,072	*	Cornerstone Therapeutics, Inc		45
	48,271	*	Covance, Inc		2,866
	45,663	*	Cubist Pharmaceuticals, Inc		1,643
	47,886	*	Curis, Inc		171
	47,980	*	Cytori Therapeutics, Inc		230
	112,916	*	Dendreon Corp		4,453
	56,725	*	Depomed, Inc		464
	50,131	*	Durect Corp		102
	18,782	*	Dusa Pharmaceuticals, Inc		117
	69,074	*	Dyax Corp		137
	88,678	*	Dynavax Technologies Corp		244
	782,710		Eli Lilly & Co		29,375
	16,293	*	Emergent Biosolutions, Inc		367
	89,664	*	Endo Pharmaceuticals Holdings, Inc		3,602
	11,335	*	Endocyte, Inc		162
	18,855	*	Enzo Biochem, Inc		80
	43,349	*	Enzon Pharmaceuticals, Inc		436
	35,238	*	eResearch Technology, Inc		224
	44,787	*	Exact Sciences Corp		385
	97,774	*	Exelixis, Inc		876
	4,820	*	Fluidigm Corp		81
	219,010	*	Forest Laboratories, Inc		8,616
	7,338	*	Furiex Pharmaceuticals Inc		131
	11,423	*	Genomic Health, Inc		319
	88,925	*	Geron Corp		357
	602,586	*	Gilead Sciences, Inc		24,953
	14,714	*	GTx, Inc		70
	59,871	*	Halozyme Therapeutics, Inc		414

296

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	16,723	*	Harvard Bioscience, Inc	$	89
	6,140	*	Hi-Tech Pharmacal Co, Inc		178
	128,336	*	Hospira, Inc		7,272
	144,582	*	Human Genome Sciences, Inc		3,548
	41,403	*	Idenix Pharmaceuticals, Inc		207
	95,834	*	Illumina, Inc		7,202
	54,113	*	Immunogen, Inc		660
	54,649	*	Immunomedics, Inc		222
	49,816	*	Impax Laboratories, Inc		1,085
	67,377	*	Incyte Corp		1,276
	14,237	*	Infinity Pharmaceuticals, Inc		118
	36,185	*	Inhibitex, Inc		142
	19,213	*	Insmed, Inc		230
	37,443	*	InterMune, Inc		1,342
	38,336	*	Ironwood Pharmaceuticals, Inc		603
	74,058	*	Isis Pharmaceuticals, Inc		678
	19,803	*	ISTA Pharmaceuticals, Inc		151
	16,809	*	Jazz Pharmaceuticals, Inc		561
	2,098,674		Johnson & Johnson		139,604
	10,294	*	Kendle International, Inc		155
	53,997	*	Keryx Biopharmaceuticals, Inc		255
	38,103	*	KV Pharmaceutical Co (Class A)		104
	7,363	*	Lannett Co, Inc		37
	154,334	*	Lexicon Pharmaceuticals, Inc		272
	139,770	*	Life Technologies Corp		7,278
	14,627	*	Ligand Pharmaceuticals, Inc (Class B)		175
	31,134	*	Luminex Corp		651
	55,893	*	MannKind Corp		212
	16,568	*	MAP Pharmaceuticals, Inc		265
	16,427		Maxygen, Inc		90
	41,466	*	Medicines Co		685
	47,245		Medicis Pharmaceutical Corp (Class A)		1,803
	27,156	*	Medivation, Inc		582
	5,876		Medtox Scientific, Inc		103
	2,362,947		Merck & Co, Inc		83,388
	25,691	*	Metabolix, Inc		183
	24,599	*	Mettler-Toledo International, Inc		4,149
	75,576	*	Micromet, Inc		434
	34,069	*	Momenta Pharmaceuticals, Inc		663
	332,461	*	Mylan Laboratories, Inc		8,202
	72,298	*	Myriad Genetics, Inc		1,642
	40,164	*	Nabi Biopharmaceuticals		216
	87,448	*	Nektar Therapeutics		636
	19,348	*	Neostem, Inc		29
	37,513	*	Neurocrine Biosciences, Inc		302
	69,550	*	Novavax, Inc		140
	62,195	*	NPS Pharmaceuticals, Inc		588
	15,169	*	Nymox Pharmaceutical Corp		127
	12,855	*	Obagi Medical Products, Inc		121
	7,745	*	OncoGenex Pharmaceutical, Inc		132
	31,842	*	Oncothyreon, Inc		293
	48,332	*	Onyx Pharmaceuticals, Inc		1,706

297

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	69,903	*	Opko Health, Inc	$	258
	31,166	*	Optimer Pharmaceuticals, Inc		371
	23,670	*	Orexigen Therapeutics, Inc		38
	12,630	*	Osiris Therapeutics, Inc		98
	26,111	*	Pacific Biosciences of California, Inc		305
	24,948		Pain Therapeutics, Inc		97
	26,028	*	Par Pharmaceutical Cos, Inc		858
	46,620	*	Parexel International Corp		1,098
	115,867		PDL BioPharma, Inc		680
	39,629	*	Peregrine Pharmaceuticals, Inc		74
	86,372		PerkinElmer, Inc		2,324
	61,479		Perrigo Co		5,402
	6,048,935		Pfizer, Inc		124,608
	81,377		Pharmaceutical Product Development, Inc		2,184
	35,539	*	Pharmacyclics, Inc		371
	28,515	*	Pharmasset, Inc		3,199
	25,992	*	PharmAthene, Inc		76
	15,548	*	Pozen, Inc		65
	15,641	*	Progenics Pharmaceuticals, Inc		112
	178,940	*	Qiagen N.V.		3,403
	45,923	*	Questcor Pharmaceuticals, Inc		1,107
	24,692	*	Raptor Pharmaceutical Corp		153
	55,800	*	Regeneron Pharmaceuticals, Inc		3,164
	52,596	*	Rigel Pharmaceuticals, Inc		482
	5,222	*	Sagent Pharmaceuticals		141
	44,827	*	Salix Pharmaceuticals Ltd		1,785
	45,925	*	Sangamo Biosciences, Inc		270
	40,020	*	Santarus, Inc		135
	60,281	*	Savient Pharmaceuticals, Inc		452
	28,586	*	Sciclone Pharmaceuticals, Inc		173
	72,220	*	Seattle Genetics, Inc		1,482
	87,069	*	Sequenom, Inc		657
	26,901	*	SIGA Technologies, Inc		262
	47,540	*	Spectrum Pharmaceuticals, Inc		440
	6,322	*	Sucampo Pharmaceuticals, Inc (Class A)		26
	44,629	*	SuperGen, Inc		133
	11,524	*	Synta Pharmaceuticals Corp		58
	21,017	*	Targacept, Inc		443
	30,021		Techne Corp		2,503
	53,148	*	Theravance, Inc		1,180
	293,400	*	Thermo Electron Corp		18,893
	39,512	*	United Therapeutics Corp		2,177
	26,661	*	Vanda Pharmaceuticals, Inc		190
	159,027	*	Vertex Pharmaceuticals, Inc		8,268
	44,579	*	Vical, Inc		184
	60,661	*	Viropharma, Inc		1,122
	62,291	*	Vivus, Inc		507
	113,377		Warner Chilcott plc		2,736
	70,145	*	Waters Corp		6,716
	91,397	*	Watson Pharmaceuticals, Inc		6,282
	22,676	*	Xenoport, Inc		161
	54,772	*	ZIOPHARM Oncology, Inc		335
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		818,702

298

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
REAL ESTATE - 3.0%
	30,272		Acadia Realty Trust	$	615
	10,360		Agree Realty Corp		231
	1,574		Alexander’s, Inc		625
	47,974		Alexandria Real Estate Equities, Inc		3,714
	326,824		AMB Property Corp		11,713
	24,506		American Assets Trust,Inc		550
	51,788		American Campus Communities, Inc		1,840
	96,312		American Capital Agency Corp		2,804
	614,634		Annaly Capital Management, Inc		11,088
	96,360		Anworth Mortgage Asset Corp		724
	90,448		Apartment Investment & Management Co (Class A)		2,309
	13,700		Apollo Commercial Real Estate Finance, Inc		221
	38,135	*	ARMOUR Residential REIT, Inc		280
	36,163		Ashford Hospitality Trust, Inc		450
	38,683		Associated Estates Realty Corp		629
	67,499		AvalonBay Communities, Inc		8,667
	7,072	*	Avatar Holdings, Inc		108
	99,685		BioMed Realty Trust, Inc		1,918
	111,472		Boston Properties, Inc		11,834
	101,192		Brandywine Realty Trust		1,173
	57,661		BRE Properties, Inc (Class A)		2,876
	54,073		Camden Property Trust		3,440
	23,300		Campus Crest Communities, Inc		302
	54,804		Capital Lease Funding, Inc		269
	59,367		Capstead Mortgage Corp		796
	223,662	*	CB Richard Ellis Group, Inc (Class A)		5,616
	113,740		CBL & Associates Properties, Inc		2,062
	41,738		Cedar Shopping Centers, Inc		215
	10,703		Chatham Lodging Trust		172
	24,872		Chesapeake Lodging Trust		424
	757,920		Chimera Investment Corp		2,622
	39,627		Cogdell Spencer, Inc		237
	66,987		Colonial Properties Trust		1,367
	25,359		Colony Financial, Inc		458
	4,977		Consolidated-Tomoka Land Co		142
	15,000		Coresite Realty		246
	54,562		Corporate Office Properties Trust		1,697
	67,154		Cousins Properties, Inc		573
	44,020		CreXus Investment Corp		489
	69,256		Cypress Sharpridge Investments, Inc		887
	189,300		DCT Industrial Trust, Inc		990
	156,133		Developers Diversified Realty Corp		2,201
	131,313		DiamondRock Hospitality Co		1,409
	72,895		Digital Realty Trust, Inc		4,503
	94,119		Douglas Emmett, Inc		1,872
	192,154		Duke Realty Corp		2,692
	45,206		DuPont Fabros Technology, Inc		1,139
	31,087		Dynex Capital, Inc		301
	20,779		EastGroup Properties, Inc		883

299

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	56,527		Education Realty Trust, Inc	$	484
	35,904		Entertainment Properties Trust		1,677
	19,332		Equity Lifestyle Properties, Inc		1,207
	40,925		Equity One, Inc		763
	225,532		Equity Residential		13,531
	24,854		Essex Property Trust, Inc		3,362
	11,724		Excel Trust, Inc		129
	71,827		Extra Space Storage, Inc		1,532
	47,643		Federal Realty Investment Trust		4,058
	102,427	*	FelCor Lodging Trust, Inc		546
	62,210	*	First Industrial Realty Trust, Inc		712
	38,591		First Potomac Realty Trust		591
	104,902	*	Forest City Enterprises, Inc (Class A)		1,959
	29,389	*	Forestar Real Estate Group, Inc		483
	56,329		Franklin Street Properties Corp		727
	431,127		General Growth Properties, Inc		7,196
	18,098		Getty Realty Corp		457
	6,667		Gladstone Commercial Corp		116
	82,965		Glimcher Realty Trust		788
	24,781		Government Properties Income Trust		670
	56,136		Hatteras Financial Corp		1,585
	312,882		HCP, Inc		11,480
	138,343		Health Care REIT, Inc		7,253
	61,674		Healthcare Realty Trust, Inc		1,272
	104,583		Hersha Hospitality Trust		583
	54,288		Highwoods Properties, Inc		1,799
	30,266		Home Properties, Inc		1,843
	94,278		Hospitality Properties Trust		2,286
	524,013		Host Marriott Corp		8,882
	16,459	*	Howard Hughes Corp		1,070
	55,294		HRPT Properties Trust		1,429
	14,600		Hudson Pacific Properties		227
	64,150		Inland Real Estate Corp		566
	55,500		Invesco Mortgage Capital, Inc		1,173
	61,579		Investors Real Estate Trust		533
	71,105	*	iStar Financial, Inc		577
	32,173		Jones Lang LaSalle, Inc		3,034
	16,390		Kennedy-Wilson Holdings, Inc		201
	45,316		Kilroy Realty Corp		1,790
	312,567		Kimco Realty Corp		5,826
	35,097		Kite Realty Group Trust		175
	65,968		LaSalle Hotel Properties		1,738
	87,513		Lexington Corporate Properties Trust		799
	88,122		Liberty Property Trust		2,871
	21,755		LTC Properties, Inc		605
	101,156		Macerich Co		5,412
	67,066		Mack-Cali Realty Corp		2,209
	37,179	*	Maguire Properties, Inc		106
	86,187		Medical Properties Trust, Inc		991
	267,655		MFA Mortgage Investments, Inc		2,152
	27,705		Mid-America Apartment Communities, Inc		1,869
	14,218		Mission West Properties, Inc		125

300

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	20,723		Monmouth Real Estate Investment Corp (Class A)	$	175
	20,485		National Health Investors, Inc		910
	66,326		National Retail Properties, Inc		1,626
	96,591		Nationwide Health Properties, Inc		4,000
	67,279	*	Newcastle Investment Corp		389
	63,283		NorthStar Realty Finance Corp		255
	32,022		NRDC Acquisition Corp		345
	76,065		Omega Healthcare Investors, Inc		1,598
	6,398		One Liberty Properties, Inc		99
	16,523		Parkway Properties, Inc		282
	36,600		Pebblebrook Hotel Trust		739
	46,426		Pennsylvania Real Estate Investment Trust		729
	21,080		Pennymac Mortgage Investment Trust		349
	96,205		Piedmont Office Realty Trust, Inc		1,962
	126,033		Plum Creek Timber Co, Inc		5,109
	38,129		Post Properties, Inc		1,554
	30,874		Potlatch Corp		1,089
	15,582		PS Business Parks, Inc		859
	110,068		Public Storage, Inc		12,548
	65,770		RAIT Investment Trust		138
	29,459		Ramco-Gershenson Properties		365
	61,487		Rayonier, Inc		4,018
	98,037		Realty Income Corp		3,283
	60,300		Redwood Trust, Inc		912
	69,743		Regency Centers Corp		3,067
	48,367		Resource Capital Corp		306
	20,274		RLJ Lodging Trust		352
	19,029		Sabra Healthcare REIT, Inc		318
	6,582		Saul Centers, Inc		259
	108,382		Senior Housing Properties Trust		2,537
	227,037		Simon Property Group, Inc		26,388
	61,937		SL Green Realty Corp		5,133
	21,282		Sovran Self Storage, Inc		873
	49,920	*	St. Joe Co		1,040
	12,552		STAG Industrial, Inc		154
	72,400		Starwood Property Trust, Inc		1,485
	134,064	*	Strategic Hotels & Resorts, Inc		949
	16,200		Summit Hotel Properties, Inc		184
	16,244		Sun Communities, Inc		606
	89,758	*	Sunstone Hotel Investors, Inc		832
	62,182		Tanger Factory Outlet Centers, Inc		1,665
	42,522		Taubman Centers, Inc		2,517
	11,747	*	Tejon Ranch Co		401
	6,500		Terreno Realty Corp		111
	68,189		Two Harbors Investment Corp		733
	145,214		UDR, Inc		3,565
	6,794		UMH Properties, Inc		73
	10,285		Universal Health Realty Income Trust		411
	19,529		Urstadt Biddle Properties, Inc (Class A)		354
	82,463		U-Store-It Trust		868
	121,979		Ventas, Inc		6,430
	140,993		Vornado Realty Trust		13,137

301

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	21,009		Walter Investment Management Corp	$	466
	49,089		Washington Real Estate Investment Trust		1,596
	92,487		Weingarten Realty Investors		2,327
	412,759		Weyerhaeuser Co		9,023
	6,173		Whitestone REIT		79
	24,416		Winthrop Realty Trust		292
			TOTAL REAL ESTATE		347,686
RETAILING - 3.7%
	14,742	*	1-800-FLOWERS.COM, Inc (Class A)		46
	34,292	*	99 Cents Only Stores		694
	61,275		Aaron’s, Inc		1,732
	67,299		Abercrombie & Fitch Co (Class A)		4,504
	61,525		Advance Auto Parts, Inc		3,599
	61,843	*	Aeropostale, Inc		1,082
	278,260	*	Amazon.com, Inc		56,900
	149,222		American Eagle Outfitters, Inc		1,903
	6,968	*	America’s Car-Mart, Inc		230
	39,729	*	Ann Taylor Stores Corp		1,037
	19,614	*	Asbury Automotive Group, Inc		363
	10,900	*	Audiovox Corp (Class A)		82
	31,301	*	Autonation, Inc		1,146
	20,483	*	Autozone, Inc		6,039
	23,047		Barnes & Noble, Inc		382
	23,033		Bebe Stores, Inc		141
	192,917	*	Bed Bath & Beyond, Inc		11,261
	242,282		Best Buy Co, Inc		7,610
	15,894		Big 5 Sporting Goods Corp		125
	57,683	*	Big Lots, Inc		1,912
	10,366	*	Blue Nile, Inc		456
	8,762	*	Body Central Corp		206
	9,116		Bon-Ton Stores, Inc/the		89
	32,106		Brown Shoe Co, Inc		342
	19,480		Buckle, Inc		832
	10,668	*	Build-A-Bear Workshop, Inc		69
	31,259	*	Cabela’s, Inc		849
	173,107	*	Carmax, Inc		5,725
	32,976	*	Casual Male Retail Group, Inc		137
	21,208		Cato Corp (Class A)		611
	112,714	*	Charming Shoppes, Inc		469
	136,364		Chico’s FAS, Inc		2,077
	20,820	*	Children’s Place Retail Stores, Inc		926
	27,159		Christopher & Banks Corp		156
	12,866	*	Citi Trends, Inc		194
	46,768	*	Coldwater Creek, Inc		65
	48,995	*	Collective Brands, Inc		720
	12,208	*	Conn’s, Inc		106
	8,334	*	Core-Mark Holding Co, Inc		298
	14,401	*	Cost Plus, Inc		144
	7,524		Destination Maternity Corp		150
	72,153	*	Dick’s Sporting Goods, Inc		2,774
	25,912		Dillard’s, Inc (Class A)		1,351

302

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	74,326	*	Dollar General Corp	$	2,519
	94,848	*	Dollar Tree, Inc		6,319
	16,500	*	DSW, Inc (Class A)		835
	148,483		Expedia, Inc		4,305
	30,344		Express Parent LLC		661
	93,680		Family Dollar Stores, Inc		4,924
	39,004		Finish Line, Inc (Class A)		835
	118,869		Foot Locker, Inc		2,824
	29,664		Fred’s, Inc (Class A)		428
	108,324	*	GameStop Corp (Class A)		2,889
	309,095		Gap, Inc		5,595
	18,687	*	Genesco, Inc		974
	120,450		Genuine Parts Co		6,552
	16,735	*	GNC Holdings, Inc		365
	3,931	*	Gordmans Stores, Inc		68
	19,717		Group 1 Automotive, Inc		812
	47,951		Guess ?, Inc		2,017
	16,062		Haverty Furniture Cos, Inc		185
	13,509	*	hhgregg, Inc		181
	20,590	*	Hibbett Sports, Inc		838
	1,233,231		Home Depot, Inc		44,669
	36,184		Hot Topic, Inc		269
	30,139	*	HSN, Inc		992
	126,540		JC Penney Co, Inc		4,371
	19,864	*	JOS A Bank Clothiers, Inc		993
	13,001	*	Kirkland’s, Inc		156
	222,404		Kohl’s Corp		11,122
	460,658	*	Liberty Media Holding Corp (Interactive A)		7,725
	203,893		Limited Brands, Inc		7,840
	20,412		Lithia Motors, Inc (Class A)		401
	110,420	*	LKQ Corp		2,881
	1,006,252		Lowe’s Cos, Inc		23,456
	16,815	*	Lumber Liquidators, Inc		427
	321,128		Macy’s, Inc		9,390
	16,477	*	MarineMax, Inc		144
	40,609		Men’s Wearhouse, Inc		1,369
	22,581		Monro Muffler, Inc		842
	40,134	*	NetFlix, Inc		10,543
	32,006	*	New York & Co, Inc		158
	124,877		Nordstrom, Inc		5,862
	20,499		Nutri/System, Inc		288
	212,310	*	Office Depot, Inc		896
	64,982	*	OfficeMax, Inc		510
	23,547	*	Orbitz Worldwide, Inc		59
	106,456	*	O’Reilly Automotive, Inc		6,974
	11,517	*	Overstock.com, Inc		175
	47,625	*	Pacific Sunwear Of California, Inc		124
	30,900		Penske Auto Group, Inc		703
	37,199		PEP Boys - Manny Moe & Jack		407
	17,550		PetMed Express, Inc		208
	88,599		Petsmart, Inc		4,020
	81,262	*	Pier 1 Imports, Inc		940

303

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	37,923	*	Priceline.com, Inc	$	19,414
	85,208		RadioShack Corp		1,134
	48,714		Rent-A-Center, Inc		1,489
	90,026		Ross Stores, Inc		7,213
	11,225	*	Rue21, Inc		365
	88,313	*	Saks, Inc		986
	72,533	*	Sally Beauty Holdings, Inc		1,240
	29,636	*	Sears Holdings Corp		2,117
	42,272	*	Select Comfort Corp		760
	6,965	*	Shoe Carnival, Inc		210
	22,139	*	Shutterfly, Inc		1,271
	65,800	*	Signet Jewelers Ltd		3,080
	27,187		Sonic Automotive, Inc (Class A)		398
	3,181	*	Sourceforge, Inc		85
	30,798		Stage Stores, Inc		517
	546,141		Staples, Inc		8,629
	17,973		Stein Mart, Inc		173
	9,938		Systemax, Inc		148
	54,244	*	Talbots, Inc		181
	527,699		Target Corp		24,754
	97,585		Tiffany & Co		7,662
	295,514		TJX Companies, Inc		15,523
	56,006		Tractor Supply Co		3,746
	21,617	*	Tuesday Morning Corp		101
	34,631	*	Ulta Salon Cosmetics & Fragrance, Inc		2,236
	93,986	*	Urban Outfitters, Inc		2,646
	9,604	*	US Auto Parts Network, Inc		74
	31,872	*	Valuevision International, Inc (Class A)		244
	19,111	*	Vitamin Shoppe, Inc		875
	11,292	*	West Marine, Inc		117
	73,584	*	Wet Seal, Inc (Class A)		329
	80,479		Williams-Sonoma, Inc		2,937
	1,945		Winmark Corp		84
	24,636	*	Zale Corp		138
	17,544	*	Zumiez, Inc		438
			TOTAL RETAILING		423,888
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.7%
	25,828	*	Advanced Analogic Technologies, Inc		156
	29,482	*	Advanced Energy Industries, Inc		436
	466,383	*	Advanced Micro Devices, Inc		3,260
	11,245	*	Alpha & Omega Semiconductor Lt		149
	246,850		Altera Corp		11,441
	86,945	*	Amkor Technology, Inc		536
	7,247	*	Amtech Systems, Inc		150
	47,982	*	Anadigics, Inc		154
	229,602		Analog Devices, Inc		8,987
	1,009,500		Applied Materials, Inc		13,133
	51,846	*	Applied Micro Circuits Corp		459
	351,660	*	Atmel Corp		4,948
	24,963	*	ATMI, Inc		510
	146,441		Avago Technologies Ltd		5,565

304

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	116,290	*	Axcelis Technologies, Inc	$	191
	23,951	*	AXT, Inc		203
	410,373		Broadcom Corp (Class A)		13,804
	52,087	*	Brooks Automation, Inc		566
	20,424	*	Cabot Microelectronics Corp		949
	36,515	*	Cavium Networks, Inc		1,592
	18,075	*	Ceva, Inc		551
	50,384	*	Cirrus Logic, Inc		801
	15,857		Cohu, Inc		208
	83,781	*	Cree, Inc		2,814
	23,525	*	Cymer, Inc		1,165
	128,589		Cypress Semiconductor Corp		2,718
	28,713	*	Diodes, Inc		749
	21,955	*	DSP Group, Inc		191
	105,554	*	Entegris, Inc		1,068
	59,143	*	Entropic Communications, Inc		526
	25,111	*	Exar Corp		159
	95,996	*	Fairchild Semiconductor International, Inc		1,604
	29,895	*	FEI Co		1,142
	44,208	*	First Solar, Inc		5,847
	48,673	*	Formfactor, Inc		441
	31,290	*	Freescale Semiconductor Holdings Ltd		575
	46,425	*	FSI International, Inc		127
	13,134	*	GSI Technology, Inc		95
	94,807	*	GT Solar International, Inc		1,536
	23,980	*	Hittite Microwave Corp		1,485
	15,509	*	Inphi Corp		270
	124,419	*	Integrated Device Technology, Inc		978
	19,660	*	Integrated Silicon Solution, Inc		190
	4,058,945		Intel Corp		89,945
	54,670	*	International Rectifier Corp		1,529
	94,162		Intersil Corp (Class A)		1,210
	16,725	*	IXYS Corp		251
	128,607		Kla-Tencor Corp		5,206
	50,517	*	Kopin Corp		238
	53,200	*	Kulicke & Soffa Industries, Inc		593
	96,402	*	Lam Research Corp		4,269
	90,159	*	Lattice Semiconductor Corp		588
	172,947		Linear Technology Corp		5,711
	463,465	*	LSI Logic Corp		3,300
	37,527	*	LTX-Credence Corp		335
	388,652	*	Marvell Technology Group Ltd		5,738
	226,036		Maxim Integrated Products, Inc		5,777
	12,640	*	MaxLinear, Inc		109
	172,909	*	MEMC Electronic Materials, Inc		1,475
	40,439		Micrel, Inc		428
	144,577		Microchip Technology, Inc		5,481
	661,530	*	Micron Technology, Inc		4,948
	65,939	*	Microsemi Corp		1,352
	24,281	*	Mindspeed Technologies, Inc		194
	39,820	*	MIPS Technologies, Inc		275
	38,788		MKS Instruments, Inc		1,025

305

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	28,410	*	Monolithic Power Systems, Inc	$	438
	20,301	*	MoSys, Inc		117
	13,765	*	Nanometrics, Inc		261
	190,433		National Semiconductor Corp		4,687
	52,264	*	Netlogic Microsystems, Inc		2,113
	69,684	*	Novellus Systems, Inc		2,518
	3,184	*	NVE Corp		186
	459,720	*	Nvidia Corp		7,326
	42,750	*	Omnivision Technologies, Inc		1,488
	334,921	*	ON Semiconductor Corp		3,507
	17,237	*	PDF Solutions, Inc		103
	19,298	*	Pericom Semiconductor Corp		173
	46,544	*	Photronics, Inc		394
	26,715	*	PLX Technology, Inc		93
	173,538	*	PMC - Sierra, Inc		1,314
	22,028		Power Integrations, Inc		847
	80,610	*	Rambus, Inc		1,183
	209,504	*	RF Micro Devices, Inc		1,282
	11,027	*	Rubicon Technology, Inc		186
	20,900	*	Rudolph Technologies, Inc		224
	50,038	*	Semtech Corp		1,368
	27,850	*	Sigma Designs, Inc		213
	56,384	*	Silicon Image, Inc		364
	35,788	*	Silicon Laboratories, Inc		1,477
	143,829	*	Skyworks Solutions, Inc		3,305
	38,295	*	Spansion, Inc		738
	18,903	*	Standard Microsystems Corp		510
	29,345	*	Sunpower Corp (Class A)		567
	8,595	*	Supertex, Inc		193
	138,239	*	Teradyne, Inc		2,046
	36,930	*	Tessera Technologies, Inc		633
	889,145		Texas Instruments, Inc		29,190
	121,131	*	Triquint Semiconductor, Inc		1,234
	17,159	*	Ultra Clean Holdings		156
	18,851	*	Ultratech, Inc		573
	57,764	*	Varian Semiconductor Equipment Associates, Inc		3,549
	31,233	*	Veeco Instruments, Inc		1,512
	18,190	*	Volterra Semiconductor Corp		449
	203,373		Xilinx, Inc		7,417
	42,064	*	Zoran Corp		353
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		316,693
SOFTWARE & SERVICES - 8.8%
	38,595	*	Accelrys, Inc		274
	485,564		Accenture plc		29,338
	27,282	*	ACI Worldwide, Inc		921
	9,202	*	Active Network, Inc		162
	323,808		Activision Blizzard, Inc		3,782
	40,528	*	Actuate Corp		237
	62,110	*	Acxiom Corp		814
	388,725	*	Adobe Systems, Inc		12,226
	24,736	*	Advent Software, Inc		697

306

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	143,070	*	Akamai Technologies, Inc	$	4,502
	39,116	*	Alliance Data Systems Corp		3,680
	148,580	*	Amdocs Ltd		4,515
	15,720		American Software, Inc (Class A)		131
	23,866	*	Ancestry.com, Inc		988
	70,574	*	Ansys, Inc		3,858
	80,190	*	AOL, Inc		1,593
	74,946	*	Ariba, Inc		2,583
	63,576	*	Aspen Technology, Inc		1,092
	176,436	*	Autodesk, Inc		6,810
	389,400		Automatic Data Processing, Inc		20,514
	35,258		Blackbaud, Inc		977
	27,255	*	Blackboard, Inc		1,183
	137,236	*	BMC Software, Inc		7,507
	16,977	*	Booz Allen Hamilton Holding Co		324
	24,349	*	Bottomline Technologies, Inc		602
	96,770		Broadridge Financial Solutions, Inc		2,329
	16,789	*	BroadSoft, Inc		640
	293,689		CA, Inc		6,708
	23,036	*	CACI International, Inc (Class A)		1,453
	201,713	*	Cadence Design Systems, Inc		2,130
	23,561	*	Callidus Software, Inc		138
	32,719	*	Cardtronics, Inc		767
	6,400		Cass Information Systems, Inc		242
	52,926	*	Ciber, Inc		294
	144,133	*	Citrix Systems, Inc		11,531
	10,743	*,m	Clinical Data, Inc		10
	232,932	*	Cognizant Technology Solutions Corp (Class A)		17,083
	33,451	*	Commvault Systems, Inc		1,487
	119,163		Computer Sciences Corp		4,523
	11,045	*	Computer Task Group, Inc		145
	173,306	*	Compuware Corp		1,691
	24,577	*	comScore, Inc		637
	34,178	*	Concur Technologies, Inc		1,711
	21,930	*	Constant Contact, Inc		557
	80,273	*	Convergys Corp		1,095
	9,530	*	Convio, Inc		103
	8,741	*	Cornerstone OnDemand, Inc		154
	28,626	*	CSG Systems International, Inc		529
	30,663	*	DealerTrack Holdings, Inc		704
	13,498	*	Deltek, Inc		101
	6,000	*	Demand Media, Inc		81
	25,056	*	DemandTec, Inc		228
	37,330	*	Dice Holdings, Inc		505
	29,296	*	Digital River, Inc		942
	5,437	*	DMRC Corp		190
	27,367		DST Systems, Inc		1,445
	7,224	*	Dynamics Research Corp		99
	82,942		Earthlink, Inc		638
	882,411	*	eBay, Inc		28,475
	23,473	*	Ebix, Inc		447
	7,871	*	Echo Global Logistics, Inc		140

307

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	255,141	*	Electronic Arts, Inc	$	6,021
	15,051	*	Envestnet, Inc		224
	25,591		EPIQ Systems, Inc		364
	2,603	*	ePlus, Inc		69
	35,741	*	Equinix, Inc		3,611
	36,402	*	Euronet Worldwide, Inc		561
	13,663	*	ExlService Holdings, Inc		316
	6,182	*	Eyeblaster, Inc		136
	35,965		Factset Research Systems, Inc		3,680
	36,209		Fair Isaac Corp		1,094
	22,225	*	FalconStor Software, Inc		100
	201,002		Fidelity National Information Services, Inc		6,189
	84,150	*	First American Corp		1,406
	112,579	*	Fiserv, Inc		7,051
	11,158	*	FleetCor Technologies, Inc		331
	11,266		Forrester Research, Inc		371
	86,075	*	Fortinet, Inc		2,349
	74,422	*	Gartner, Inc		2,998
	96,351	*	Genpact Ltd		1,661
	38,913	*	Global Cash Access, Inc		124
	63,116		Global Payments, Inc		3,219
	32,682	*	Glu Mobile, Inc		172
	192,672	*	Google, Inc (Class A)		97,566
	9,927	*	Guidance Software, Inc		81
	30,102	*	Hackett Group, Inc		153
	28,656		Heartland Payment Systems, Inc		590
	61,509	*	IAC/InterActiveCorp		2,348
	23,666		iGate Corp		386
	80,970	*	Informatica Corp		4,731
	23,086	*	Infospace, Inc		211
	11,404	*	Integral Systems, Inc		139
	9,285	*	Interactive Intelligence, Inc		325
	34,783	*	Internap Network Services Corp		256
	927,301		International Business Machines Corp		159,079
	231,627	*	Intuit, Inc		12,012
	34,679	*	j2 Global Communications, Inc		979
	64,463		Jack Henry & Associates, Inc		1,935
	32,026	*	JDA Software Group, Inc		989
	20,173	*	Kenexa Corp		484
	10,875		Keynote Systems, Inc		235
	27,331	*	KIT Digital, Inc		326
	19,259	*	Knot, Inc		192
	125,981	*	Lawson Software, Inc		1,414
	68,025		Lender Processing Services, Inc		1,422
	50,961	*	Limelight Networks, Inc		232
	6,825	*	LinkedIn Corp		615
	44,720	*	Lionbridge Technologies		142
	14,351	*	Liquidity Services, Inc		339
	40,701	*	Liveperson, Inc		576
	15,508	*	LogMeIn, Inc		598
	19,220	*	LoopNet, Inc		353
	51,504	*	Magma Design Automation, Inc		412

308

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	19,563	*	Manhattan Associates, Inc	$	674
	18,418		Mantech International Corp (Class A)		818
	16,386		Marchex, Inc (Class B)		146
	82,137		Mastercard, Inc (Class A)		24,751
	12,761		MAXIMUS, Inc		1,056
	73,403	*	Mentor Graphics Corp		940
	62,689	*	Micros Systems, Inc		3,116
	5,681,324		Microsoft Corp		147,715
	6,606	*	MicroStrategy, Inc (Class A)		1,075
	33,165		ModusLink Global Solutions, Inc		149
	62,930	*	MoneyGram International, Inc		209
	27,277	*	Monotype Imaging Holdings, Inc		385
	95,930	*	Monster Worldwide, Inc		1,406
	27,889	*	Motricity, Inc		216
	117,341	*	Move, Inc		257
	7,188	*	NCI, Inc (Class A)		163
	25,316	*	Ness Technologies, Inc		192
	28,739	*	Netscout Systems, Inc		600
	20,451	*	NetSuite, Inc		802
	55,861	*	NeuStar, Inc (Class A)		1,464
	48,579		NIC, Inc		654
	178,400	*	Nuance Communications, Inc		3,830
	17,950	*	OpenTable, Inc		1,492
	63,876	*	Openwave Systems, Inc		146
	11,138		Opnet Technologies, Inc		456
	2,948,917		Oracle Corp		97,050
	90,859	*	Parametric Technology Corp		2,083
	249,991		Paychex, Inc		7,680
	12,459		Pegasystems, Inc		580
	20,679	*	Perficient, Inc		212
	14,513	*	PRG-Schultz International, Inc		104
	50,287	*	Progress Software Corp		1,213
	14,689	*	PROS Holdings, Inc		257
	3,320	*	QAD, Inc (Class A)		34
	53,768	*	QLIK Technologies, Inc		1,831
	47,293	*	Quest Software, Inc		1,075
	20,643	*	QuinStreet, Inc		268
	77,245	*	Rackspace Hosting, Inc		3,301
	30,780	*	Radiant Systems, Inc		643
	29,852	*	RealD, Inc		698
	72,153	*	RealNetworks, Inc		245
	22,836	*	RealPage, Inc		604
	147,839	*	Red Hat, Inc		6,786
	10,418		Renaissance Learning, Inc		131
	7,378	*	Responsys, Inc		131
	17,574	*	RightNow Technologies, Inc		569
	8,173	*	Rosetta Stone, Inc		132
	87,131	*	Rovi Corp		4,998
	41,988	*	S1 Corp		314
	18,173	*	Saba Software, Inc		164
	228,237	*	SAIC, Inc		3,839
	102,510	*	Salesforce.com, Inc		15,273

309

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	83,759		Sapient Corp	$	1,259
	34,086	*	SAVVIS, Inc		1,347
	9,258	*	Sciquest, Inc		158
	7,451	*	ServiceSource International LLC		166
	20,806	*	Smith Micro Software, Inc		88
	43,415	*	SolarWinds, Inc		1,135
	53,861		Solera Holdings, Inc		3,186
	20,938	*	Sourcefire, Inc		622
	6,377	*	SPS Commerce, Inc		113
	34,788	*	SRA International, Inc (Class A)		1,076
	8,406	*	SRS Labs, Inc		81
	19,523	*	SS&C Technologies Holdings, Inc		388
	12,380		Stamps.com, Inc		165
	60,325	*	SuccessFactors, Inc		1,774
	32,388	*	SupportSoft, Inc		155
	582,429	*	Symantec Corp		11,485
	20,217	*	Synchronoss Technologies, Inc		641
	115,201	*	Synopsys, Inc		2,962
	11,726		Syntel, Inc		693
	24,737	*	TA Indigo Holding Corp		427
	54,620	*	Take-Two Interactive Software, Inc		835
	30,543	*	Taleo Corp (Class A)		1,131
	4,323	*	TechTarget, Inc		33
	29,873	*	TeleCommunication Systems, Inc (Class A)		144
	12,644	*	TeleNav, Inc		224
	26,717	*	TeleTech Holdings, Inc		563
	128,452	*	Teradata Corp		7,733
	48,928	*	THQ, Inc		177
	128,754	*	TIBCO Software, Inc		3,736
	92,801	*	TiVo, Inc		955
	19,243	*	TNS, Inc		319
	127,282		Total System Services, Inc		2,365
	4,369	*	Travelzoo, Inc		282
	27,050	*	Tyler Technologies, Inc		724
	20,982	*	Ultimate Software Group, Inc		1,142
	32,818	*	Unisys Corp		843
	61,183		United Online, Inc		369
	62,276	*	Valueclick, Inc		1,034
	19,828	*	Vasco Data Security International		247
	68,288	*	VeriFone Systems, Inc		3,029
	14,384	*	Verint Systems, Inc		533
	130,969		VeriSign, Inc		4,382
	29,764		VirnetX Holding Corp		861
	11,849	*	Virtusa Corp		225
	400,397		Visa, Inc (Class A)		33,737
	33,510	*	VistaPrint Ltd		1,603
	64,847	*	VMware, Inc (Class A)		6,500
	11,624	*	Vocus, Inc		356
	60,808	*	Wave Systems Corp		171
	46,090	*	WebMD Health Corp (Class A)		2,101
	33,540	*	Websense, Inc		871
	22,635	*	Website Pros, Inc		279

310

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	483,847		Western Union Co	$	9,691
	31,100	*	Wright Express Corp		1,619
	997,158	*	Yahoo!, Inc		14,997
	47,197	*	Zix Corp		181
			TOTAL SOFTWARE & SERVICES		1,005,269
TECHNOLOGY HARDWARE & EQUIPMENT - 6.3%
	41,025	*	Acme Packet, Inc		2,877
	49,633		Adtran, Inc		1,921
	18,766	*	Agilysys, Inc		157
	133,451		Amphenol Corp (Class A)		7,205
	14,600	*	Anaren, Inc		310
	21,570		Anixter International, Inc		1,409
	707,916	*	Apple, Inc		237,626
	94,272	*	Arris Group, Inc		1,094
	89,079	*	Arrow Electronics, Inc		3,697
	65,293	*	Aruba Networks, Inc		1,929
	24,879	*	Avid Technology, Inc		469
	115,335	*	Avnet, Inc		3,677
	34,410		AVX Corp		524
	15,077	*	AX Holding Corp		274
	7,316		Bel Fuse, Inc (Class B)		159
	49,204	*	Benchmark Electronics, Inc		812
	24,403	*	BigBand Networks, Inc		53
	13,787		Black Box Corp		431
	32,159	*	Blue Coat Systems, Inc		703
	47,012	*	Bookham, Inc		316
	53,964	*	Brightpoint, Inc		438
	362,901	*	Brocade Communications Systems, Inc		2,344
	28,887	*	Calix Networks, Inc		601
	30,668	*	Checkpoint Systems, Inc		548
	70,799	*	Ciena Corp		1,301
	4,210,940		Cisco Systems, Inc		65,732
	32,766		Cognex Corp		1,161
	19,403	*	Coherent, Inc		1,072
	5,175		Communications Systems, Inc		93
	22,382		Comtech Telecommunications Corp		628
	1,201,654		Corning, Inc		21,809
	22,453	*	Cray, Inc		144
	23,637		CTS Corp		229
	22,322		Daktronics, Inc		241
	10,171		DDi Corp		97
	1,254,593	*	Dell, Inc		20,914
	20,194	*	DG FastChannel, Inc		647
	50,953		Diebold, Inc		1,580
	18,652	*	Digi International, Inc		242
	41,327	*	Dolby Laboratories, Inc (Class A)		1,755
	44,988	*	Dot Hill Systems Corp		128
	15,044	*	DTS, Inc		610
	24,998	*	Echelon Corp		227
	28,785	*	EchoStar Corp (Class A)		1,049
	11,677		Electro Rent Corp		200

311

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	23,062	*	Electro Scientific Industries, Inc	$	445
	39,428	*	Electronics for Imaging, Inc		679
	12,190	*	eMagin Corp		74
	1,575,221	*	EMC Corp		43,397
	69,009	*	EMCORE Corp		189
	10,542	*	EMS Technologies, Inc		348
	65,177	*	Emulex Corp		561
	89,895	*	Extreme Networks, Inc		291
	61,700	*	F5 Networks, Inc		6,802
	15,539	*	Fabrinet		377
	12,851	*	FARO Technologies, Inc		563
	70,142	*	Finisar Corp		1,265
	118,407		Flir Systems, Inc		3,991
	19,206	*	Gerber Scientific, Inc		214
	14,375	*	Globecomm Systems, Inc		224
	20,123	*	GSI Group, Inc		242
	85,574	*	Harmonic, Inc		619
	97,507		Harris Corp		4,394
	42,057	*	Harris Stratex Networks, Inc (Class A)		166
	1,656,729		Hewlett-Packard Co		60,305
	34,885	*	Hypercom Corp		343
	21,588	*	Imation Corp		204
	18,659	*	Immersion Corp		159
	88,583	*	Infinera Corp		612
	124,656	*	Ingram Micro, Inc (Class A)		2,261
	34,716	*	Insight Enterprises, Inc		615
	34,659		InterDigital, Inc		1,416
	45,111	*	Intermec, Inc		498
	14,156	*	Intevac, Inc		145
	21,046	*	IPG Photonics Corp		1,530
	31,091	*	Itron, Inc		1,497
	29,634	*	Ixia		379
	147,311		Jabil Circuit, Inc		2,976
	173,713	*	JDS Uniphase Corp		2,894
	405,621	*	Juniper Networks, Inc		12,776
	33,781	*	Kemet Corp		483
	10,929	*	KVH Industries, Inc		116
	63,078	*	L-1 Identity Solutions, Inc		741
	12,911	*	LeCroy Corp		155
	60,595	*	Lexmark International, Inc (Class A)		1,773
	17,104		Littelfuse, Inc		1,004
	8,072	*	Loral Space & Communications, Inc		561
	22,942	*	Maxwell Technologies, Inc		371
	11,532	*	Measurement Specialties, Inc		412
	23,128	*	Mercury Computer Systems, Inc		432
	8,476	*	Meru Networks, Inc		102
	28,385		Methode Electronics, Inc		330
	60,310	*	Microvision, Inc		74
	103,296		Molex, Inc		2,662
	199,756	*	Motorola Mobility Holdings, Inc		4,403
	230,365	*	Motorola, Inc		10,606
	13,932		MTS Systems Corp		583

312

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	9,079	*	Multi-Fineline Electronix, Inc	$	196
	69,482		National Instruments Corp		2,063
	122,276	*	NCR Corp		2,310
	6,600	*	NeoPhotonics Corp Ltd		46
	281,587	*	NetApp, Inc		14,862
	28,803	*	Netgear, Inc		1,259
	27,910	*	Newport Corp		507
	26,247	*	Novatel Wireless, Inc		144
	7,509	*	Numerex Corp		73
	38,785	*	OCZ Technology Group, Inc		310
	15,398	*	Oplink Communications, Inc		287
	39,024	*	OpNext, Inc		89
	28,044	*	Orbcomm, Inc		88
	14,702	*	OSI Systems, Inc		632
	18,452		Park Electrochemical Corp		516
	6,868	*	PC Connection, Inc		57
	37,039		Plantronics, Inc		1,353
	31,345	*	Plexus Corp		1,091
	67,516	*	Polycom, Inc		4,341
	53,353	*	Power-One, Inc		432
	144,935	*	Powerwave Technologies, Inc		428
	8,810	*	Procera Networks, Inc		95
	86,041	*	QLogic Corp		1,370
	1,273,334		Qualcomm, Inc		72,312
	171,155	*	Quantum Corp		565
	25,143	*	Rackable Systems, Inc		432
	15,185	*	Radisys Corp		111
	11,626		Richardson Electronics Ltd		158
	7,282		Rimage Corp		98
	117,498	*	Riverbed Technology, Inc		4,652
	26,164	*	Rofin-Sinar Technologies, Inc		894
	12,342	*	Rogers Corp		570
	182,513	*	SanDisk Corp		7,574
	61,646	*	Sanmina-SCI Corp		637
	22,159	*	Scansource, Inc		831
	28,820	*	SCM Microsystems, Inc		67
	21,571	*	Seachange International, Inc		233
	31,292	*	ShoreTel, Inc		319
	50,305	*	Smart Modular Technologies WWH, Inc		461
	165,491	*	Sonus Networks, Inc		536
	31,304	*	STEC, Inc		532
	18,069	*	Stratasys, Inc		609
	20,839	*	Super Micro Computer, Inc		335
	14,861		Sycamore Networks, Inc		331
	35,188	*	Symmetricom, Inc		205
	26,694	*	Synaptics, Inc		687
	16,588	*	SYNNEX Corp		526
	35,560	*	Tech Data Corp		1,739
	38,313		Technitrol, Inc		169
	50,795	*	Tekelec		464
	277,614		Tellabs, Inc		1,280
	94,008	*	Trimble Navigation Ltd		3,726

313

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	41,884	*	TTM Technologies, Inc	$	671
	30,674	*	Universal Display Corp		1,076
	27,617	*	Viasat, Inc		1,195
	3,408	*	Viasystems Group, Inc		77
	119,020	*	Vishay Intertechnology, Inc		1,790
	9,508	*	Vishay Precision Group, Inc		160
	40,762	*	Westell Technologies, Inc		146
	175,363	*	Western Digital Corp		6,380
	1,063,212		Xerox Corp		11,068
	25,096	*	X-Rite, Inc		125
	23,047	*	Xyratex Ltd		236
	44,665	*	Zebra Technologies Corp (Class A)		1,884
	12,959	*	Zygo Corp		171
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		726,273
TELECOMMUNICATION SERVICES - 2.8%
	46,463	*	8x8, Inc		227
	18,382		AboveNet, Inc		1,295
	39,332		Alaska Communications Systems Group, Inc		349
	311,104	*	American Tower Corp (Class A)		16,280
	4,534,020		AT&T, Inc		142,413
	7,918		Atlantic Tele-Network, Inc		304
	20,132	*	Cbeyond Communications, Inc		266
	459,060		CenturyTel, Inc		18,560
	168,115	*	Cincinnati Bell, Inc		558
	136,503	*	Clearwire Corp (Class A)		516
	35,274	*	Cogent Communications Group, Inc		600
	20,626		Consolidated Communications Holdings, Inc		401
	222,271	*	Crown Castle International Corp		9,066
	16,551	*	Fairpoint Communications, Inc		152
	762,890		Frontier Communications Corp		6,157
	38,028	*	General Communication, Inc (Class A)		459
	23,031	*	Global Crossing Ltd		884
	55,768	*	Globalstar, Inc		69
	10,686	*	HickoryTech Corp		127
	114,792	*	ICO Global Communications Holdings Ltd (Class A)		318
	10,513		IDT Corp (Class B)		284
	24,433	*	inContact, Inc		116
	33,317	*	Iridium Communications, Inc		288
	46,753	*	Leap Wireless International, Inc		759
	1,307,010	*	Level 3 Communications, Inc		3,189
	212,720	*	MetroPCS Communications, Inc		3,661
	25,073	*	Neutral Tandem, Inc		437
	128,973	*	NII Holdings, Inc (Class B)		5,466
	23,518		NTELOS Holdings Corp		480
	89,041	*	PAETEC Holding Corp		427
	46,371	*	Premiere Global Services, Inc		370
	89,057	*	SBA Communications Corp (Class A)		3,401
	18,151		Shenandoah Telecom Co		309
	2,271,081	*	Sprint Nextel Corp		12,241
	11,067		SureWest Communications		185
	65,013		Telephone & Data Systems, Inc		2,021

314

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	26,456	*	Towerstream Corp	$	132
	114,426	*	tw telecom inc (Class A)		2,349
	11,829	*	US Cellular Corp		573
	18,421		USA Mobility, Inc		281
	2,165,994		Verizon Communications, Inc		80,640
	95,787	*	Vonage Holdings Corp		422
	390,177		Windstream Corp		5,057
			TOTAL TELECOMMUNICATION SERVICES		322,089
TRANSPORTATION - 2.0%
	44,655	*	Air Transport Services Group, Inc		306
	27,508	*	Alaska Air Group, Inc		1,883
	30,756		Alexander & Baldwin, Inc		1,481
	12,324		Allegiant Travel Co		610
	6,973	*	Amerco, Inc		670
	258,366	*	AMR Corp		1,395
	19,331		Arkansas Best Corp		459
	19,165	*	Atlas Air Worldwide Holdings, Inc		1,141
	79,295	*	Avis Budget Group, Inc		1,355
	12,726		Baltic Trading Ltd		73
	16,346	*	Celadon Group, Inc		228
	126,692		CH Robinson Worldwide, Inc		9,988
	40,201		Con-Way, Inc		1,560
	23,678		Copa Holdings S.A. (Class A)		1,580
	844,293		CSX Corp		22,137
	644,364	*	Delta Air Lines, Inc		5,909
	22,195	*	Dollar Thrifty Automotive Group, Inc		1,637
	51,764	*	Eagle Bulk Shipping, Inc		128
	26,769	*	Excel Maritime Carriers Ltd		83
	162,491		Expeditors International Washington, Inc		8,318
	242,146		FedEx Corp		22,968
	22,919		Forward Air Corp		774
	20,776	*	Genco Shipping & Trading Ltd		156
	29,936	*	Genesee & Wyoming, Inc (Class A)		1,755
	40,654	*	Hawaiian Holdings, Inc		232
	47,565		Heartland Express, Inc		788
	183,917	*	Hertz Global Holdings, Inc		2,921
	32,305	*	Hub Group, Inc (Class A)		1,217
	4,290		International Shipholding Corp		91
	70,799		J.B. Hunt Transport Services, Inc		3,334
	181,414	*	JetBlue Airways Corp		1,107
	82,727	*	Kansas City Southern Industries, Inc		4,908
	41,752	*	Kirby Corp		2,367
	48,724		Knight Transportation, Inc		828
	36,723		Landstar System, Inc		1,707
	10,239		Marten Transport Ltd		221
	270,397		Norfolk Southern Corp		20,261
	36,263	*	Old Dominion Freight Line		1,353
	31,042	*	Pacer International, Inc		147
	6,136	*	Park-Ohio Holdings Corp		130
	3,411	*	Patriot Transportation Holding, Inc		76
	11,331	*	Quality Distribution, Inc		148

315

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	24,900	*	RailAmerica, Inc	$	374
	40,702	*	Republic Airways Holdings, Inc		222
	8,012	*	Roadrunner Transportation Services Holdings, Inc		121
	39,335		Ryder System, Inc		2,236
	9,635	*	Saia, Inc		163
	40,260		Skywest, Inc		606
	603,861		Southwest Airlines Co		6,896
	12,178	*	Spirit Airlines, Inc		146
	60,697	*	Swift Transportation Co, Inc		822
	254,115	*	UAL Corp		5,751
	18,066	*	Ultrapetrol Bahamas Ltd		89
	375,494		Union Pacific Corp		39,202
	559,938		United Parcel Service, Inc (Class B)		40,835
	3,884	*	Universal Truckload Services, Inc		67
	126,271	*	US Airways Group, Inc		1,125
	81,226		UTI Worldwide, Inc		1,599
	33,067		Werner Enterprises, Inc		828
	7,765	*	Zipcar, Inc		158
			TOTAL TRANSPORTATION		229,670
UTILITIES - 3.4%
	502,487	*	AES Corp		6,401
	59,868		AGL Resources, Inc		2,437
	24,428		Allete, Inc		1,003
	85,307		Alliant Energy Corp		3,469
	183,716		Ameren Corp		5,298
	368,912		American Electric Power Co, Inc		13,901
	16,487		American States Water Co		571
	131,951		American Water Works Co, Inc		3,887
	104,679		Aqua America, Inc		2,301
	4,909		Artesian Resources Corp		88
	45,246		Atlantic Power Corp		689
	69,174		Atmos Energy Corp		2,300
	43,026		Avista Corp		1,105
	29,085		Black Hills Corp		875
	8,402	*	Cadiz, Inc		91
	35,650		California Water Service Group		667
	267,409	*	Calpine Corp		4,313
	321,488		Centerpoint Energy, Inc		6,221
	10,819		Central Vermont Public Service Corp		391
	13,300		CH Energy Group, Inc		708
	8,826		Chesapeake Utilities Corp		353
	48,184		Cleco Corp		1,679
	188,036		CMS Energy Corp		3,702
	6,221		Connecticut Water Service, Inc		159
	220,183		Consolidated Edison, Inc		11,723
	10,306		Consolidated Water Co, Inc		96
	142,412		Constellation Energy Group, Inc		5,406
	440,937		Dominion Resources, Inc		21,285
	89,390		DPL, Inc		2,696
	129,557		DTE Energy Co		6,480
	1,019,512		Duke Energy Corp		19,197

316

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	75,150	*	Dynegy, Inc (Class A)	$	465
	248,706		Edison International		9,637
	34,619		El Paso Electric Co		1,118
	35,476		Empire District Electric Co		683
	136,320		Entergy Corp		9,308
	507,078		Exelon Corp		21,724
	320,177		FirstEnergy Corp		14,136
	104,313		Great Plains Energy, Inc		2,162
	73,366		Hawaiian Electric Industries, Inc		1,765
	37,849		Idacorp, Inc		1,495
	59,780		Integrys Energy Group, Inc		3,099
	39,281		ITC Holdings Corp		2,819
	18,300		Laclede Group, Inc		692
	144,690		MDU Resources Group, Inc		3,256
	18,500		MGE Energy, Inc		750
	9,765		Middlesex Water Co		181
	58,843		National Fuel Gas Co		4,284
	31,721		New Jersey Resources Corp		1,415
	321,582		NextEra Energy, Inc		18,478
	35,013		Nicor, Inc		1,917
	208,593		NiSource, Inc		4,224
	134,366		Northeast Utilities		4,726
	21,251		Northwest Natural Gas Co		959
	27,832		NorthWestern Corp		922
	184,642	*	NRG Energy, Inc		4,539
	79,192		NSTAR		3,641
	176,210		NV Energy, Inc		2,705
	75,923		OGE Energy Corp		3,820
	81,923		Oneok, Inc		6,064
	13,917		Ormat Technologies, Inc		306
	29,407		Otter Tail Corp		620
	3,531		Pennichuck Corp		102
	168,153		Pepco Holdings, Inc		3,301
	304,142		PG&E Corp		12,783
	55,118		Piedmont Natural Gas Co, Inc		1,668
	83,675		Pinnacle West Capital Corp		3,730
	64,221		PNM Resources, Inc		1,075
	58,032		Portland General Electric Co		1,467
	442,057		PPL Corp		12,302
	224,268		Progress Energy, Inc		10,767
	387,399		Public Service Enterprise Group, Inc		12,645
	135,152		Questar Corp		2,394
	582,024	*	RRI Energy, Inc		2,247
	87,177		SCANA Corp		3,432
	183,386		Sempra Energy		9,697
	10,436		SJW Corp		253
	22,925		South Jersey Industries, Inc		1,245
	640,005		Southern Co		25,844
	34,400		Southwest Gas Corp		1,328
	163,004		TECO Energy, Inc		3,079
	85,402		UGI Corp		2,723
	38,476		UIL Holdings Corp		1,245

317

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES		COMPANY	VALUE (000)
	27,775	Unisource Energy Corp	$	1,037
	11,594	Unitil Corp		305
	62,527	Vectren Corp		1,742
	86,960	Westar Energy, Inc		2,340
	38,842	WGL Holdings, Inc		1,495
	178,800	Wisconsin Energy Corp		5,605
	370,557	Xcel Energy, Inc		9,005
	9,006	York Water Co		149
		TOTAL UTILITIES		396,407
		TOTAL COMMON STOCKS		11,537,538
		(Cost $8,970,528)
		TOTAL INVESTMENTS - 99.7%		11,537,538
		(Cost $8,970,528)
		OTHER ASSETS & LIABILITIES, NET - 0.3%		35,499
		NET ASSETS - 100.0%	$	11,573,037
		Abbreviation(s):
	REIT	Real Estate Investment Trust
	SPDR	Standard & Poor’s Depository Receipts
	*	Non-income producing.
	d	All or a portion of these securities have been segregated by the custodian to cover margin requirements on open futures contracts.
	m	Indicates a security that has been deemed illiquid.
		Cost amounts are in thousands.

318

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

COLLEGE RETIREMENT EQUITIES FUND
BOND MARKET ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2011

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
BANK LOAN OBLIGATIONS - 0.1%
CAPITAL GOODS - 0.0%
$	4,975,000	i	TransDigm, Inc	4.000	%	02/14/17	$	4,983
			TOTAL CAPITAL GOODS					4,983
COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
	4,264,577	i,m	JohnsonDiversey, Inc	4.000		11/24/15		4,262
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					4,262
HEALTH CARE EQUIPMENT & SERVICES - 0.1%
	5,117,077	i	Fresenius US Finance I, Inc	3.500		09/10/14		5,105
	1,839,846	i	Fresenius US Finance I, Inc	3.500		09/10/14		1,835
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					6,940
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	804,572	i	Mylan, Inc	3.563		10/02/14		808
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					808
			TOTAL BANK LOAN OBLIGATIONS					16,993
			(Cost $16,986)
BONDS - 98.1%
CORPORATE BONDS - 27.8%
AUTOMOBILES & COMPONENTS - 0.1%
	4,500,000		Ford Motor Co	7.450		07/16/31		5,102
	4,500,000	g	Hyundai Motor Manufacturer	4.500		04/15/15		4,695
	2,940,000	g	Kia Motors Corp	3.630		06/14/16		2,908
			TOTAL AUTOMOBILES & COMPONENTS					12,705
BANKS - 3.0%
	5,480,000	g	Akbank TAS	5.130		07/22/15		5,453
	4,500,000	g	Alfa Bond Issuance plc for OJSC Alfa Bank	7.880		09/25/17		4,725
	4,500,000	g	Alfa Bond Issuance plc for OJSC Alfa Bank	7.750		04/28/21		4,540
	4,500,000	g	Banco Bradesco S.A.	4.130		05/16/16		4,528
	7,580,000	g	Banco de Credito del Peru	4.750		03/16/16		7,504
	4,500,000		Banco de Oro Unibank, Inc	3.880		04/22/16		4,304
	4,500,000	g	Banco do Brasil S.A.	5.380		01/15/21		4,388
	5,000,000	g	Banco do Brasil S.A.	5.880		01/26/22		4,945
	4,400,000	g,i	Banco Santander Chile	1.520		04/20/12		4,404
	3,500,000	g	BanColombia S.A.	4.250		01/12/16		3,518
	3,270,000		BanColombia S.A.	6.130		07/26/20		3,315
	4,905,000	g	BanColombia S.A.	5.950		06/03/21		4,979

319

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	4,520,000		Bank of America	4.880	%	09/15/12	$	4,711
	8,525,000		Bank of America Corp	6.000		09/01/17		9,173
	37,700,000	g	Bank of Nova Scotia	1.650		10/29/15		37,053
	1,250,000	i	BB&T Capital Trust IV	6.820		06/12/57		1,266
	6,000,000		BB&T Corp	3.850		07/27/27		6,197
	4,330,000	g	BBVA Bancomer S.A.	4.500		03/10/16		4,406
	45,000,000	g	Depfa ACS Bank	5.130		03/16/37		31,274
	3,500,000		Deutsche Bank AG	3.880		08/18/14		3,679
	5,980,000		Discover Bank	7.000		04/15/20		6,642
	4,700,000		First Horizon National Corp	5.380		12/15/15		5,000
	3,500,000		Golden West Financial Corp	4.750		10/01/12		3,664
	4,600,000	g	HSBC Bank plc	3.500		06/28/15		4,720
	7,350,000	g	HSBC Bank plc	4.130		08/12/20		7,115
	7,000,000		HSBC Bank USA NA	4.630		04/01/14		7,462
	3,000,000	g,i	HSBC Capital Funding LP	4.610		12/30/49		2,900
	2,100,000		HSBC Holdings plc	6.500		09/15/37		2,167
	5,590,000	g	ICICI Bank Ltd	5.500		03/25/15		5,870
	4,500,000	g	ICICI Bank Ltd	4.750		11/25/16		4,490
	4,000,000		JP Morgan Chase Capital XXV	6.800		10/01/37		3,956
	2,950,000		JPMorgan Chase & Co	4.650		06/01/14		3,169
	2,595,000		JPMorgan Chase & Co	5.130		09/15/14		2,804
	6,000,000		JPMorgan Chase & Co	3.400		06/24/15		6,160
	3,750,000		JPMorgan Chase & Co	3.450		03/01/16		3,820
	19,825,000		JPMorgan Chase & Co	3.150		07/05/16		19,946
	25,570,000		JPMorgan Chase & Co	4.250		10/15/20		25,016
	3,025,000		JPMorgan Chase & Co	5.500		10/15/40		3,008
	4,250,000	i	Manufacturers & Traders Trust Co	5.630		12/01/21		4,205
	12,750,000		Northern Trust Corp	4.630		05/01/14		13,924
	8,000,000		PNC Funding Corp	5.130		02/08/20		8,566
	4,500,000	g	Shinhan Bank	4.130		10/04/16		4,582
	2,355,000	g	Sumitomo Mitsui Banking Corp	3.150		07/22/15		2,409
	4,500,000	g	Turkiye Garanti Bankasi AS.	6.250		04/20/21		4,365
	4,500,000	g	Turkiye Is Bankasi	5.100		02/01/16		4,443
	2,000,000		Union Bank of California NA	5.950		05/11/16		2,187
	5,000,000		US Bancorp	4.950		10/30/14		5,471
	1,925,000		USB Capital XIII Trust	6.630		12/15/39		1,979
	5,000,000		Wachovia	4.880		02/15/14		5,319
	5,125,000		Wachovia Bank NA	5.300		10/15/11		5,193
	8,275,000		Wachovia Bank NA	4.800		11/01/14		8,845
	3,605,000		Wachovia Bank NA	4.880		02/01/15		3,871
	2,050,000		Wachovia Bank NA	5.850		02/01/37		2,064
	3,000,000		Wells Fargo & Co	4.380		01/31/13		3,149
	10,650,000		Wells Fargo & Co	4.750		02/09/15		11,391
	14,020,000		Wells Fargo & Co	3.680		06/15/16		14,403
	9,200,000		Wells Fargo & Co	4.600		04/01/21		9,251
	5,700,000		Westpac Banking Corp	3.000		08/04/15		5,762
	3,000,000		Zions Bancorporation	7.750		09/23/14		3,289
			TOTAL BANKS					396,939
CAPITAL GOODS - 0.8%
	2,000,000		Alliant Techsystems, Inc	6.750		04/01/16		2,040
	1,500,000		Black & Decker Corp	8.950		04/15/14		1,775
	8,000,000		Caterpillar, Inc	1.380		05/27/14		8,032

320

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	5,200,000		Caterpillar, Inc	5.200	%	05/27/41	$	5,200
	3,800,000		CRH America, Inc	4.130		01/15/16		3,888
	5,000,000		Danaher Corp	1.300		06/23/14		4,996
	4,150,000		Danaher Corp	2.300		06/23/16		4,147
	4,000,000		Emerson Electric Co	4.500		05/01/13		4,259
	4,500,000	g	Empresas ICA SAB de C.V.	8.900		02/04/21		4,680
	3,300,000		General Electric Co	5.250		12/06/17		3,656
	3,515,000		Goodrich Corp	6.130		03/01/19		4,022
	1,500,000		Goodrich Corp	4.880		03/01/20		1,583
	2,125,000		ITT Corp	4.900		05/01/14		2,318
	1,500,000		Kennametal, Inc	7.200		06/15/12		1,582
	2,500,000		Lockheed Martin Corp	4.120		03/14/13		2,639
	4,245,000	g	Myriad International Holding BV	6.380		07/28/17		4,585
	9,800,000		Pentair, Inc	5.000		05/15/21		9,786
	3,040,000	g	Sigma Alimentos S.A.	5.630		04/14/18		3,101
	2,000,000	g	SPX Corp	6.880		09/01/17		2,140
	3,050,000		Tyco International Finance S.A.	6.000		11/15/13		3,372
	2,190,000		Tyco International Finance S.A.	4.130		10/15/14		2,330
	4,970,000		United Technologies Corp	5.400		05/01/35		5,202
	1,075,000		United Technologies Corp	6.050		06/01/36		1,208
	3,525,000		United Technologies Corp	5.700		04/15/40		3,776
	9,400,000		Valmont Industries, Inc	6.630		04/20/20		10,293
			TOTAL CAPITAL GOODS					100,610
COMMERCIAL & PROFESSIONAL SERVICES - 0.2%
	1,750,000		Corrections Corp of America	7.750		06/01/17		1,905
	3,220,000	g	National Agricultural Cooperative Federation	4.250		01/28/16		3,298
	5,810,000		Republic Services, Inc	6.200		03/01/40		6,100
	3,615,000		Republic Services, Inc	5.700		05/15/41		3,529
	3,270,000	g	VIP Finance Ireland Ltd	6.490		02/02/16		3,368
	9,040,000		Waste Management, Inc	6.130		11/30/39		9,461
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					27,661
CONSUMER DURABLES & APPAREL - 0.1%
	3,000,000		Hanesbrands, Inc	8.000		12/15/16		3,203
	5,500,000	g	Harley-Davidson Financial Services, Inc	3.880		03/15/16		5,594
	3,000,000		Phillips-Van Heusen Corp	7.380		05/15/20		3,210
	5,600,000		Whirlpool Corp	8.000		05/01/12		5,917
	2,075,000		Xerox Corp	4.500		05/15/21		2,052
			TOTAL CONSUMER DURABLES & APPAREL					19,976
CONSUMER SERVICES - 0.1%
	2,000,000	g	DineEquity, Inc	9.500		10/30/18		2,170
	648,000	g	Knowledge Learning Corp, Inc	7.750		02/01/15		636
	5,340,000		McDonald’s Corp	3.500		07/15/20		5,336
	2,000,000		Penn National Gaming, Inc	8.750		08/15/19		2,175
	3,500,000	g	Transnet Ltd	4.500		02/10/16		3,612
	6,375,000		Walt Disney Co	4.500		12/15/13		6,919
			TOTAL CONSUMER SERVICES					20,848
DIVERSIFIED FINANCIALS - 5.7%
	7,750,000		Abbey National Treasury Services plc	4.000		04/27/16		7,690
	2,550,000		American Express Co	7.000		03/19/18		3,001

321

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	8,875,000		American Express Co	8.130	%	05/20/19	$	11,252
	7,500,000		American General Finance Corp	6.900		12/15/17		6,881
	3,550,000		Ameriprise Financial, Inc	5.300		03/15/20		3,805
	4,500,000		AXIATA SPV1 LABUAN Ltd	5.380		04/28/20		4,634
	4,500,000	g	Banco Mercantil del Norte S.A.	4.380		07/19/15		4,573
	4,500,000	g	Bangkok Bank PCL	4.800		10/18/20		4,261
	22,240,000		Bank of America Corp	3.630		03/17/16		22,304
	18,550,000		Bank of America Corp	5.300		03/15/17		19,120
	5,725,000		Bank of America Corp	5.750		12/01/17		6,087
	5,700,000		Bank of New York Mellon Corp	4.300		05/15/14		6,161
	4,125,000		Bank of New York Mellon Corp	5.450		05/15/19		4,575
	8,067,000	g	Banque PSA Finance	3.380		04/04/14		8,234
	3,750,000		Barclays Bank plc	5.200		07/10/14		4,057
	7,250,000		BlackRock, Inc	3.500		12/10/14		7,641
	7,000,000		BlackRock, Inc	4.250		05/24/21		6,884
	3,200,000	g	BM&FBOVESPA S.A.	5.500		07/16/20		3,314
	5,000,000		Brookfield Asset Management, Inc	7.130		06/15/12		5,268
	3,750,000		Capital One Bank USA NA	8.800		07/15/19		4,602
	5,000,000		Capital One Capital V	8.880		05/15/40		5,157
	5,150,000		Capital One Financial Corp	5.700		09/15/11		5,202
	3,000,000	g	CC Holdings GS V LLC	7.750		05/01/17		3,248
	8,075,000		Citigroup, Inc	6.000		12/13/13		8,780
	12,640,000		Citigroup, Inc	5.000		09/15/14		13,246
	20,300,000		Citigroup, Inc	3.950		06/15/16		20,781
	4,525,000		Citigroup, Inc	6.130		05/15/18		4,983
	12,875,000		Citigroup, Inc	5.380		08/09/20		13,436
	7,575,000		Citigroup, Inc	6.880		03/05/38		8,430
	3,825,000		Citigroup, Inc	8.130		07/15/39		4,786
	3,700,000		Countrywide Financial Corp	6.250		05/15/16		3,899
	6,850,000		Credit Suisse	5.000		05/15/13		7,312
	8,250,000		Credit Suisse	5.500		05/01/14		9,061
	3,275,000		Credit Suisse	4.380		08/05/20		3,202
	4,725,000		Credit Suisse AG.	5.400		01/14/20		4,783
	3,000,000		Credit Suisse USA, Inc	4.880		01/15/15		3,235
	7,400,000		Daimler Finance North America LLC	5.750		09/08/11		7,467
	2,250,000		Eaton Vance Corp	6.500		10/02/17		2,598
	2,000,000		Ford Motor Credit Co LLC	7.500		08/01/12		2,093
	4,165,000		Franklin Resources, Inc	3.130		05/20/15		4,337
	5,000,000	g	FUEL Trust	3.980		06/15/16		4,959
	2,100,000		General Electric Capital Corp	2.800		01/08/13		2,153
	11,950,000		General Electric Capital Corp	1.880		09/16/13		12,086
	21,200,000		General Electric Capital Corp	5.500		06/04/14		23,311
	13,750,000		General Electric Capital Corp	2.950		05/09/16		13,826
	30,215,000		General Electric Capital Corp	4.380		09/16/20		29,869
	8,600,000		General Electric Capital Corp	5.300		02/11/21		8,949
	5,000,000		General Electric Capital Corp	6.150		08/07/37		5,186
	375,000		General Electric Capital Corp	6.880		01/10/39		425
	4,900,000	i	Goldman Sachs Capital II	5.790		12/30/49		3,920
	3,250,000		Goldman Sachs Group, Inc	5.700		09/01/12		3,417
	9,700,000		Goldman Sachs Group, Inc	4.750		07/15/13		10,240
	1,550,000		Goldman Sachs Group, Inc	3.700		08/01/15		1,578
	12,902,000		Goldman Sachs Group, Inc	3.630		02/07/16		13,042
	4,000,000		Goldman Sachs Group, Inc	6.150		04/01/18		4,353

322

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	4,975,000		Goldman Sachs Group, Inc	7.500	%	02/15/19	$	5,789
	1,150,000		Goldman Sachs Group, Inc	6.450		05/01/36		1,110
	3,100,000		Goldman Sachs Group, Inc	6.750		10/01/37		3,100
	10,250,000		Goldman Sachs Group, Inc	6.250		02/01/41		10,334
	2,380,000	g	Gruposura Finance	5.700		05/18/21		2,374
	8,465,000		HSBC Finance Corp	4.750		07/15/13		8,964
	9,599,000	g	HSBC Finance Corp	6.680		01/15/21		9,849
	1,440,000	g	Hyundai Capital America	3.750		04/06/16		1,445
	1,800,000	g	Hyundai Capital Services, Inc	4.380		07/27/16		1,846
	3,750,000	g	International Lease Finance Corp	6.500		09/01/14		3,975
	2,325,000		International Lease Finance Corp	8.630		09/15/15		2,520
	6,810,000		International Lease Finance Corp	5.750		05/15/16		6,706
	3,200,000		International Lease Finance Corp	6.250		05/15/19		3,127
	3,700,000		International Lease Finance Corp	8.250		12/15/20		3,996
	4,500,000	g	Inversiones CMPC S.A.	4.750		01/19/18		4,496
	8,500,000		Jefferies Group, Inc	5.130		04/13/18		8,517
	1,450,000		Jefferies Group, Inc	6.250		01/15/36		1,352
	7,440,000		John Deere Capital Corp	2.250		06/07/16		7,434
	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		4,034
	4,500,000	g	Majapahit Holding BV	7.880		06/29/37		5,164
	4,000,000		MBNA Corp	6.130		03/01/13		4,283
	4,825,000		Merrill Lynch & Co, Inc	5.450		02/05/13		5,118
	4,675,000		Merrill Lynch & Co, Inc	6.400		08/28/17		5,103
	9,075,000		Merrill Lynch & Co, Inc	6.880		04/25/18		10,041
	14,775,000		Morgan Stanley	6.000		05/13/14		16,092
	3,925,000		Morgan Stanley	6.000		04/28/15		4,255
	8,350,000		Morgan Stanley	5.380		10/15/15		8,926
	9,250,000		Morgan Stanley	3.800		04/29/16		9,143
	9,125,000		Morgan Stanley	5.450		01/09/17		9,650
	4,775,000		Morgan Stanley	5.950		12/28/17		5,133
	4,975,000		Morgan Stanley	7.300		05/13/19		5,642
	3,415,000		Morgan Stanley	5.630		09/23/19		3,504
	16,800,000		Morgan Stanley	5.750		01/25/21		17,000
	708,000		NASDAQ OMX Group, Inc	2.500		08/15/13		711
	3,500,000		NASDAQ OMX Group, Inc	4.000		01/15/15		3,540
	2,625,000		NASDAQ OMX Group, Inc	5.550		01/15/20		2,617
	3,415,000		National Rural Utilities Cooperative Finance Corp	2.610		09/16/12		3,493
	5,990,000		National Rural Utilities Cooperative Finance Corp	5.500		07/01/13		6,526
	3,800,000		National Rural Utilities Cooperative Finance Corp	10.380		11/01/18		5,263
	3,750,000		Nomura Holdings, Inc	4.130		01/19/16		3,798
	4,500,000	g	Odebrecht Finance Ltd	7.000		04/21/20		4,950
	4,500,000	g	Odebrecht Finance Ltd	6.000		04/05/23		4,472
	4,500,000	g	PTTEP Australia International Finance Pty Ltd	4.150		07/19/15		4,625
	7,000,000		Rabobank Nederland NV	2.130		10/13/15		6,934
	4,900,000	g,i	Rabobank Nederland NV	11.000		12/30/49		6,252
	5,645,000	g	RCI Banque S.A.	3.400		04/11/14		5,749
	6,350,000		State Street Corp	4.300		05/30/14		6,867
	4,000,000		UBS AG.	2.250		01/28/14		4,042
	6,675,000		UBS AG.	4.880		08/04/20		6,751
	4,275,000	g	Waha Aerospace BV	3.930		07/28/20		4,328
	1,800,000	g	WT Finance Aust Pty Ltd	5.130		11/15/14		1,961
			TOTAL DIVERSIFIED FINANCIALS					700,595

323

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
ENERGY - 3.1%
$	2,000,000		AmeriGas Partners LP	7.130	%	05/20/16	$	2,060
	5,450,000		Anadarko Petroleum Corp	5.950		09/15/16		6,134
	2,400,000		Anadarko Petroleum Corp	6.380		09/15/17		2,751
	2,310,000		Anadarko Petroleum Corp	8.700		03/15/19		2,944
	2,145,000		Anadarko Petroleum Corp	6.450		09/15/36		2,238
	5,000,000		Apache Corp	5.100		09/01/40		4,803
	1,000,000		Arch Coal, Inc	8.750		08/01/16		1,085
	5,900,000		Baker Hughes, Inc	6.500		11/15/13		6,634
	1,500,000		Baker Hughes, Inc	5.130		09/15/40		1,453
	4,725,000		BP Capital Markets plc	3.130		03/10/12		4,807
	21,565,000		BP Capital Markets plc	3.200		03/11/16		21,933
	7,750,000		Burlington Resources Finance Co	7.200		08/15/31		9,416
	3,250,000		Chesapeake Energy Corp	6.500		08/15/17		3,437
	7,000,000		Chevron Corp	3.450		03/03/12		7,147
	1,000,000		Cloud Peak Energy Resources LLC	8.250		12/15/17		1,070
	2,000,000		Cloud Peak Energy Resources LLC	8.500		12/15/19		2,163
	9,725,000		ConocoPhillips	4.600		01/15/15		10,741
	7,600,000		ConocoPhillips	6.500		02/01/39		8,878
	3,976,200		Dolphin Energy Ltd	5.890		06/15/19		4,284
	4,500,000		Drummond Co, Inc	7.380		02/15/16		4,624
	4,500,000	g	Empresa Nacional del Petroleo	6.250		07/08/19		4,871
	2,000,000	g	Empresa Nacional del Petroleo	5.250		08/10/20		2,028
	3,250,000		Enbridge Energy Partners LP	5.200		03/15/20		3,446
	1,525,000		EnCana Corp	6.630		08/15/37		1,639
	2,000,000		Encore Acquisition Co	9.500		05/01/16		2,223
	5,950,000		Enterprise Products Operating LLC	4.600		08/01/12		6,180
	4,000,000		Enterprise Products Operating LLC	5.600		10/15/14		4,444
	1,150,000		Enterprise Products Operating LLC	5.000		03/01/15		1,252
	4,260,000		Enterprise Products Operating LLC	6.500		01/31/19		4,880
	3,545,000		Enterprise Products Operating LLC	6.130		10/15/39		3,605
	4,105,000		Enterprise Products Operating LLC	5.950		02/01/41		4,077
	2,325,000		EOG Resources, Inc	4.100		02/01/21		2,296
	3,000,000	g	Gaz Capital S.A.	5.090		11/29/15		3,128
	4,000,000		Gaz Capital S.A.	6.210		11/22/16		4,333
	4,500,000		Gaz Capital S.A.	6.510		03/07/22		4,770
	3,600,000		Hess Corp	8.130		02/15/19		4,555
	1,075,000		Hess Corp	6.000		01/15/40		1,113
	4,625,000		Hess Corp	5.600		02/15/41		4,521
	2,000,000		Kaneb Pipe Line Operating Partnership LP	5.880		06/01/13		2,141
	6,430,000	g	KMG Finance Sub BV	6.380		04/09/21		6,807
	9,070,000	g	Lukoil International Finance BV	6.130		11/09/20		9,353
	2,000,000		Lyondell Chemical Co	11.000		05/01/18		2,240
	5,530,000	g	Marathon Petroleum Corp	3.500		03/01/16		5,669
	4,275,000	g	Marathon Petroleum Corp	5.130		03/01/21		4,395
	1,000,000		MarkWest Energy Partners LP	6.750		11/01/20		1,020
	720,000		Niska Gas Storage US	8.880		03/15/18		756
	2,475,000		Noble Holding International Ltd	3.450		08/01/15		2,562
	7,550,000		Noble Holding International Ltd	4.900		08/01/20		7,848
	4,570,000	g	Novatek Finance Ltd	6.600		02/03/21		4,776
	7,450,000		Occidental Petroleum Corp	4.100		02/01/21		7,588
	1,500,000		Peabody Energy Corp	7.380		11/01/16		1,695

324

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	800,000		Pemex Project Funding Master Trust	5.750	%	03/01/18	$	877
	1,150,000		Pemex Project Funding Master Trust	6.630		06/15/35		1,212
	1,890,000		Pemex Project Funding Master Trust	6.630		06/15/38		1,982
	3,650,000	g	Pertamina PT	5.250		05/23/21		3,676
	1,750,000	g	Pertamina PT	6.500		05/27/41		1,733
	2,080,000		Petrobras International Finance Co	3.880		01/27/16		2,118
	4,500,000		Petrobras International Finance Co	7.880		03/15/19		5,449
	4,450,000		Petrobras International Finance Co	6.880		01/20/40		4,738
	2,900,000		Petroleos Mexicanos	8.000		05/03/19		3,576
	2,500,000		Petroleos Mexicanos	6.000		03/05/20		2,744
	4,000,000		Petroleos Mexicanos	5.500		01/21/21		4,194
	1,740,000	g	Petroleos Mexicanos	6.500		06/02/41		1,765
	3,960,000	g	Petroleum Co of Trinidad & Tobago Ltd	9.750		08/14/19		4,782
	3,000,000		Plains All American Pipeline LP	5.630		12/15/13		3,279
	8,200,000		Plains All American Pipeline LP	5.000		02/01/21		8,338
	2,674,000		Precision Drilling Trust	6.630		11/15/20		2,707
	4,500,000	g	PTTEP Canada International Finance Ltd	5.690		04/05/21		4,485
	700,000		Range Resources Corp	7.250		05/01/18		742
	3,613,064		Ras Laffan Liquefied Natural Gas Co Ltd	5.300		09/30/20		3,848
	3,000,000	g	Reliance Holdings USA	4.500		10/19/20		2,803
	4,025,000	g	Rockies Express Pipeline LLC	6.250		07/15/13		4,319
	7,500,000	g	Schlumberger Norge AS.	4.200		01/15/21		7,583
	7,500,000	g	Schlumberger Oilfield UK plc	4.200		01/15/21		7,583
	3,750,000		SEACOR Holdings, Inc	7.380		10/01/19		4,117
	6,250,000		Shell International Finance BV	3.100		06/28/15		6,532
	7,620,000		Shell International Finance BV	4.300		09/22/19		8,003
	1,925,000		Shell International Finance BV	6.380		12/15/38		2,232
	3,464,000		Southwestern Energy Co	7.500		02/01/18		3,940
	2,800,000		Statoil ASA	2.900		10/15/14		2,938
	2,175,000		TransCanada Pipelines Ltd	4.000		06/15/13		2,297
	3,400,000		TransCanada Pipelines Ltd	5.850		03/15/36		3,550
	2,750,000	i	TransCanada Pipelines Ltd	6.350		05/15/67		2,764
	2,000,000		Vale Overseas Ltd	6.250		01/23/17		2,262
	2,760,000		Vale Overseas Ltd	6.880		11/21/36		2,997
	4,650,000		Vale Overseas Ltd	6.880		11/10/39		5,054
	3,375,000		Valero Energy Corp	4.500		02/01/15		3,603
	4,290,000		Valero Energy Corp	6.130		02/01/20		4,714
	5,430,000		Weatherford Bermuda Holdings Ltd	5.130		09/15/20		5,544
	5,000,000		XTO Energy, Inc	6.250		04/15/13		5,474
	4,400,000		XTO Energy, Inc	4.630		06/15/13		4,724
			TOTAL ENERGY					384,091
FOOD & STAPLES RETAILING - 0.3%
	5,690,000		CVS Caremark Corp	3.250		05/18/15		5,905
	10,500,000		CVS Caremark Corp	5.750		06/01/17		11,793
	795,000		CVS Caremark Corp	6.600		03/15/19		923
	3,800,000		Delhaize Group S.A.	5.880		02/01/14		4,169
	3,800,000		Delhaize Group S.A.	6.500		06/15/17		4,381
	1,500,000		Ingles Markets, Inc	8.880		05/15/17		1,605
	1,500,000		Kroger Co	6.200		06/15/12		1,576
	1,205,000		Kroger Co	5.000		04/15/13		1,284
	1,600,000		Kroger Co	6.400		08/15/17		1,874
	775,000		Kroger Co	6.800		12/15/18		921

325

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	880,000		Stater Brothers Holdings	7.750	%	04/15/15	$	911
	900,000	g	Stater Brothers Holdings	7.380		11/15/18		934
	439,000		SuperValu, Inc	8.000		05/01/16		448
			TOTAL FOOD & STAPLES RETAILING					36,724
FOOD, BEVERAGE & TOBACCO - 1.1%
	6,300,000		Anheuser-Busch InBev Worldwide, Inc	2.880		02/15/16		6,419
	9,510,000		Anheuser-Busch InBev Worldwide, Inc	5.380		01/15/20		10,476
	7,175,000		Anheuser-Busch InBev Worldwide, Inc	5.000		04/15/20		7,707
	2,500,000		Anheuser-Busch InBev Worldwide, Inc	6.380		01/15/40		2,845
	6,400,000		Bottling Group LLC	6.950		03/15/14		7,337
	4,500,000	g	CCL Finance Ltd	9.500		08/15/14		5,203
	7,200,000		Coca-Cola Co	3.150		11/15/20		6,912
	4,000,000		Coca-Cola Enterprises, Inc	4.250		03/01/15		4,354
	7,250,000		Dr Pepper Snapple Group, Inc	2.350		12/21/12		7,393
	3,775,000		Dr Pepper Snapple Group, Inc	6.120		05/01/13		4,101
	4,080,000		General Mills, Inc	5.200		03/17/15		4,544
	1,750,000		General Mills, Inc	5.650		02/15/19		1,976
	1,650,000	g	Grupo Bimbo SAB de C.V.	4.880		06/30/20		1,656
	2,400,000		Kellogg Co	4.000		12/15/20		2,396
	2,530,000		Kraft Foods, Inc	6.130		02/01/18		2,911
	8,750,000		Kraft Foods, Inc	5.380		02/10/20		9,565
	8,105,000		Kraft Foods, Inc	6.500		02/09/40		9,003
	2,025,000		PepsiAmericas, Inc	5.750		07/31/12		2,137
	625,000		PepsiAmericas, Inc	4.380		02/15/14		676
	4,800,000		PepsiCo, Inc	0.880		10/25/13		4,797
	17,750,000		PepsiCo, Inc	2.500		05/10/16		17,939
	680,000		PepsiCo, Inc	7.900		11/01/18		876
	2,900,000		Philip Morris International, Inc	4.880		05/16/13		3,111
	7,425,000		Philip Morris International, Inc	6.880		03/17/14		8,525
	1,600,000		Philip Morris International, Inc	6.380		05/16/38		1,813
	1,000,000		Smithfield Foods, Inc	10.000		07/15/14		1,160
			TOTAL FOOD, BEVERAGE & TOBACCO					135,832
HEALTH CARE EQUIPMENT & SERVICES - 0.5%
	3,750,000		Boston Scientific Corp	4.500		01/15/15		3,954
	1,817,000		CHS/Community Health Systems	8.880		07/15/15		1,872
	2,000,000		DaVita, Inc	6.380		11/01/18		2,025
	4,500,000	g	Fresenius Medical Care Capital Trust	5.750		02/15/21		4,410
	4,259,000	o	HCA, Inc	9.630		11/15/16		4,530
	2,000,000		Healthsouth Corp	7.250		10/01/18		2,085
	3,852,000		McKesson Corp	3.250		03/01/16		3,972
	5,000,000		Medtronic, Inc	4.750		09/15/15		5,553
	4,450,000		Medtronic, Inc	4.450		03/15/20		4,652
	3,500,000		Quest Diagnostics, Inc	6.400		07/01/17		4,038
	6,225,000		Thermo Fisher Scientific, Inc	2.150		12/28/12		6,339
	1,695,000		Thermo Fisher Scientific, Inc	3.200		05/01/15		1,762
	1,750,000		Thermo Fisher Scientific, Inc	5.000		06/01/15		1,932
	12,280,000		Thermo Fisher Scientific, Inc	3.200		03/01/16		12,647
	2,560,000		Thermo Fisher Scientific, Inc	4.700		05/01/20		2,696
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					62,467

326

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
$	4,490,000	g	Hypermarcas S.A.	6.500	%	04/20/21	$	4,484
	4,975,000		Procter & Gamble Co	5.550		03/05/37		5,319
	3,000,000		Unilever Capital Corp	4.800		02/15/19		3,288
	2,000,000		Unilever Capital Corp	4.250		02/10/21		2,082
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					15,173
INSURANCE - 1.2%
	3,825,000		ACE INA Holdings, Inc	5.880		06/15/14		4,277
	2,155,000		Aetna, Inc	6.500		09/15/18		2,515
	1,925,000		Aetna, Inc	6.630		06/15/36		2,144
	1,525,000		Aflac, Inc	6.900		12/17/39		1,596
	5,375,000		Allstate Corp	7.450		05/16/19		6,396
	4,375,000		American Financial Group, Inc	9.880		06/15/19		5,441
	500,000		American International Group, Inc	3.650		01/15/14		510
	3,750,000		Chubb Corp	6.000		05/11/37		3,933
	1,390,000		CIGNA Corp	5.130		06/15/20		1,468
	6,900,000		CIGNA Corp	4.500		03/15/21		6,890
	5,200,000		Genworth Financial, Inc	7.200		02/15/21		5,204
	7,600,000		Hartford Financial Services Group, Inc	4.000		03/30/15		7,834
	7,600,000		Hartford Financial Services Group, Inc	5.500		03/30/20		7,834
	3,725,000		Hartford Financial Services Group, Inc	6.630		03/30/40		3,800
	2,800,000		Lincoln National Corp	7.000		06/15/40		3,157
	7,500,000		Markel Corp	5.350		06/01/21		7,354
	3,000,000		Metlife, Inc	5.380		12/15/12		3,173
	5,620,000		Metlife, Inc	5.000		06/15/15		6,132
	7,675,000		Metlife, Inc	6.750		06/01/16		8,933
	2,500,000		Metlife, Inc	5.700		06/15/35		2,507
	2,000,000		Metlife, Inc	5.880		02/06/41		2,010
	5,500,000	g	Principal Life Global Funding I	5.130		10/15/13		5,880
	2,000,000		Prudential Financial, Inc	5.100		09/20/14		2,174
	8,050,000		Prudential Financial, Inc	7.380		06/15/19		9,547
	5,000,000		Prudential Financial, Inc	6.630		06/21/40		5,398
	7,000,000		Prudential Financial, Inc	6.200		11/15/40		7,153
	3,000,000	g	Prudential Funding LLC	6.750		09/15/23		3,382
	4,250,000		Travelers Cos, Inc	5.800		05/15/18		4,762
	1,150,000		Travelers Cos, Inc	5.900		06/02/19		1,277
	1,500,000		Unum Group	5.630		09/15/20		1,571
	4,902,000		WellPoint, Inc	6.380		01/15/12		5,055
	1,800,000		WellPoint, Inc	5.880		06/15/17		2,058
	2,250,000		WellPoint, Inc	5.850		01/15/36		2,295
	7,000,000		Willis Group Holdings plc	4.130		03/15/16		7,137
	2,400,000		WR Berkley Corp	5.380		09/15/20		2,429
			TOTAL INSURANCE					153,226
MATERIALS - 1.8%
	3,385,000		3M Co	4.380		08/15/13		3,655
	4,150,000		3M Co	5.700		03/15/37		4,555
	4,500,000	g	Adaro Indonesia PT	7.630		10/22/19		4,995
	4,600,000		Air Products & Chemicals, Inc	4.150		02/01/13		4,830
	6,630,000		Air Products & Chemicals, Inc	4.380		08/21/19		6,927
	1,125,000		Airgas, Inc	4.500		09/15/14		1,205
	1,000,000		Airgas, Inc	7.130		10/01/18		1,080
	7,000,000		Alcoa, Inc	5.400		04/15/21		7,022

327

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	4,500,000	g	ALROSA Finance S.A.	7.750	%	11/03/20	$	4,894
	6,540,000		AngloGold Ashanti Holdings plc	5.380		04/15/20		6,439
	1,860,000		ArcelorMittal	3.750		08/05/15		1,902
	3,750,000		ArcelorMittal	3.750		02/01/16		3,792
	2,085,000		ArcelorMittal	9.850		06/01/19		2,643
	8,370,000		ArcelorMittal	7.000		10/15/39		8,463
	7,400,000		ArcelorMittal	6.750		03/01/41		7,335
	1,015,000		Ball Corp	7.130		09/01/16		1,106
	355,000		Ball Corp	7.380		09/01/19		388
	4,000,000		Ball Corp	5.750		05/15/21		4,010
	10,000,000	g	Barrick North America Finance LLC	4.400		05/30/21		9,953
	2,000,000	g	Braskem SA	7.000		05/07/20		2,180
	3,000,000		Celanese US Holdings LLC	6.630		10/15/18		3,165
	1,990,000	g,i	Cemex SAB de C.V.	5.250		09/30/15		1,920
	4,500,000	g	Cemex SAB de C.V.	9.500		12/14/16		4,653
	1,930,000	g	Cemex SAB de C.V.	9.000		01/11/18		1,964
	2,000,000		CF Industries, Inc	6.880		05/01/18		2,268
	3,175,000		CF Industries, Inc	7.130		05/01/20		3,695
	4,175,000	g	China Liansu Group Holdings Ltd	7.880		05/13/16		4,071
	7,800,000		Cliffs Natural Resources, Inc	6.250		10/01/40		7,697
	1,000,000		Clorox Co	3.550		11/01/15		1,042
	5,600,000	g	Corp Nacional del Cobre de Chile-CODELCO	3.750		11/04/20		5,320
	2,770,000	g	Crown Americas LLC	6.250		02/01/21		2,798
	1,000,000		Eastman Chemical Co	5.500		11/15/19		1,072
	6,450,000		EI Du Pont de Nemours & Co	3.250		01/15/15		6,758
	6,000,000		EI Du Pont de Nemours & Co	4.630		01/15/20		6,341
	2,350,000	g	Fibria Overseas Finance Ltd	6.750		05/04/20		2,462
	4,500,000		Fibria Overseas Finance Ltd	7.500		05/04/20		4,899
	3,315,000	g	Fufeng Group Ltd	7.630		04/13/16		3,124
	1,250,000	g	Georgia Gulf Corp	9.000		01/15/17		1,331
	5,000,000	g	Georgia-Pacific LLC	5.400		11/01/20		5,095
	1,500,000		Graphic Packaging International, Inc	9.500		06/15/17		1,643
	1,400,000		Greif, Inc	7.750		08/01/19		1,512
	2,775,000	g	Hyundai Steel Co	4.630		04/21/16		2,850
	4,250,000		International Paper Co	7.300		11/15/39		4,624
	3,000,000		Martin Marietta Materials, Inc	6.600		04/15/18		3,333
	3,955,000	g	Nalco Co	6.630		01/15/19		4,054
	4,500,000	g	POSCO	4.250		10/28/20		4,239
	4,600,000	g	POSCO	5.250		04/14/21		4,649
	5,050,000		Praxair, Inc	5.250		11/15/14		5,673
	10,115,000		Rio Tinto Finance USA Ltd	3.500		11/02/20		9,679
	2,000,000		Silgan Holdings, Inc	7.250		08/15/16		2,110
	6,450,000	g	Sinochem Corp	6.300		11/12/40		6,391
	3,140,000	g	Sociedad Quimica y Minera de Chile S.A.	5.500		04/21/20		3,237
	3,000,000		Solutia, Inc	7.880		03/15/20		3,210
	4,500,000	g	Suzano Trading Ltd	5.880		01/23/21		4,372
	1,940,000		Teck Resources Ltd	6.000		08/15/40		1,903
			TOTAL MATERIALS					220,528
MEDIA - 1.1%
	3,000,000		AMC Entertainment, Inc	8.750		06/01/19		3,165
	3,750,000		CBS Corp	4.300		02/15/21		3,661
	1,388,000		Cinemark USA, Inc	8.630		06/15/19		1,520

328

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	1,011,000		Comcast Cable Communications Holdings, Inc	8.380	%	03/15/13	$	1,132
	6,500,000		Comcast Corp	5.650		06/15/35		6,367
	3,475,000		Comcast Corp	6.400		03/01/40		3,719
	1,455,000		CSC Holdings LLC	8.500		04/15/14		1,611
	13,150,000		DIRECTV Holdings LLC	3.500		03/01/16		13,573
	4,740,000		DIRECTV Holdings LLC	7.630		05/15/16		5,167
	3,000,000		DIRECTV Holdings LLC	6.000		08/15/40		3,042
	5,000,000		Grupo Televisa S.A.	6.000		05/15/18		5,436
	1,970,000		Interpublic Group of Cos, Inc	6.250		11/15/14		2,182
	375,000		Lamar Media Corp	6.630		08/15/15		379
	2,160,000		Lamar Media Corp	7.880		04/15/18		2,263
	8,700,000	g	NBC Universal, Inc	5.150		04/30/20		9,186
	11,930,000	g	NBC Universal, Inc	4.380		04/01/21		11,805
	1,274,000		News America, Inc	7.250		05/18/18		1,513
	4,350,000	g	News America, Inc	4.500		02/15/21		4,293
	2,105,000		News America, Inc	7.630		11/30/28		2,502
	1,578,000		News America, Inc	6.550		03/15/33		1,687
	3,800,000		News America, Inc	6.200		12/15/34		3,881
	3,575,000		News America, Inc	6.650		11/15/37		3,831
	3,800,000		News America, Inc	6.900		08/15/39		4,185
	3,315,000	g	Nielsen Finance LLC	7.750		10/15/18		3,481
	2,100,000		Time Warner Cable, Inc	8.750		02/14/19		2,676
	9,675,000		Time Warner Cable, Inc	8.250		04/01/19		12,066
	3,000,000		Time Warner, Inc	3.150		07/15/15		3,103
	3,825,000		Time Warner, Inc	6.500		11/15/36		4,078
	3,875,000		Viacom, Inc	4.380		09/15/14		4,162
			TOTAL MEDIA					125,666
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.0%
	3,975,000		Abbott Laboratories	5.300		05/27/40		3,993
	1,700,000		Agilent Technologies, Inc	2.500		07/15/13		1,731
	9,575,000		Amgen, Inc	3.450		10/01/20		9,130
	9,575,000		Amgen, Inc	4.100		06/15/21		9,499
	6,170,000		Eli Lilly & Co	3.550		03/06/12		6,305
	8,750,000		Gilead Sciences, Inc	4.500		04/01/21		8,764
	3,750,000		GlaxoSmithKline Capital, Inc	5.650		05/15/18		4,277
	5,450,000		Johnson & Johnson	2.150		05/15/16		5,463
	4,000,000		Johnson & Johnson	5.850		07/15/38		4,409
	3,140,000		Life Technologies Corp	3.500		01/15/16		3,212
	4,115,000		Mead Johnson Nutrition Co	4.900		11/01/19		4,342
	2,750,000		Mead Johnson Nutrition Co	5.900		11/01/39		2,852
	7,750,000		Merck & Co, Inc	3.880		01/15/21		7,693
	1,500,000	g	Mylan, Inc	7.880		07/15/20		1,646
	1,750,000	g	NBTY, Inc	9.000		10/01/18		1,846
	3,750,000		Novartis Capital Corp	4.130		02/10/14		4,041
	15,775,000		Novartis Capital Corp	2.900		04/24/15		16,412
	2,715,000		Novartis Capital Corp	4.400		04/24/20		2,867
	3,230,000		Pfizer, Inc	5.350		03/15/15		3,642
	8,750,000		Sanofi-Aventis S.A.	2.630		03/29/16		8,909
	3,225,000		Schering-Plough Corp	6.550		09/15/37		3,808
	3,000,000	g	Valeant Pharmaceuticals International	6.750		10/01/17		2,940
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					117,781

329

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
REAL ESTATE - 0.6%
$	4,500,000	g	Agile Property Holdings Ltd	8.880	%	04/28/17	$	4,579
	1,485,000		AMB Property LP	7.630		08/15/14		1,692
	2,310,000		AMB Property LP	4.500		08/15/17		2,311
	2,000,000		Brandywine Operating Partnership LP	5.400		11/01/14		2,141
	1,525,000		Brandywine Operating Partnership LP	7.500		05/15/15		1,749
	7,000,000		Brandywine Operating Partnership LP	4.950		04/15/18		7,097
	3,965,000		Camden Property Trust	4.630		06/15/21		3,908
	6,800,000		Developers Diversified Realty Corp	4.750		04/15/18		6,703
	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		279
	700,000		Federal Realty Investment Trust	5.900		04/01/20		767
	2,780,000		HCP, Inc	3.750		02/01/16		2,827
	5,000,000		Health Care REIT, Inc	3.630		03/15/16		5,032
	2,775,000		Healthcare Realty Trust, Inc	5.750		01/15/21		2,834
	1,600,000		Highwoods Properties, Inc	5.850		03/15/17		1,746
	1,925,000		Kilroy Realty Corp	5.000		11/03/15		2,006
	3,250,000		Kilroy Realty LP	4.800		07/15/18		3,195
	840,000		Kimco Realty Corp	5.700		05/01/17		931
	4,000,000		National Retail Properties, Inc	5.500		07/15/21		3,914
	900,000		Nationwide Health Properties, Inc	6.250		02/01/13		957
	2,325,000		Regency Centers LP	5.250		08/01/15		2,528
	225,000		Regency Centers LP	5.880		06/15/17		249
	800,000		Simon Property Group LP	5.250		12/01/16		879
	3,040,000		Simon Property Group LP	10.350		04/01/19		4,208
	1,000,000		Simon Property Group LP	4.380		03/01/21		984
	1,750,000	g,i	USB Realty Corp	6.090		12/30/49		1,527
	3,750,000		Washington Real Estate Investment Trust	4.950		10/01/20		3,814
	4,500,000	g	Yanlord Land Group Ltd	10.630		03/29/18		4,635
			TOTAL REAL ESTATE					77,459
RETAILING - 0.7%
	5,250,000	g	Ace Hardware Corp	9.130		06/01/16		5,578
	2,000,000		Asbury Automotive Group, Inc	7.630		03/15/17		1,985
	2,000,000	g	Ferrellgas Partners LP	6.500		05/01/21		1,890
	8,810,000		Gap, Inc	5.950		04/12/21		8,464
	3,900,000		Home Depot, Inc	5.880		12/16/36		3,991
	7,850,000		Home Depot, Inc	5.950		04/01/41		8,084
	4,500,000	g	Hyva Global BV	8.630		03/24/16		4,523
	3,150,000		Limited Brands, Inc	7.000		05/01/20		3,315
	14,062,000		Macy’s Retail Holdings, Inc	5.900		12/01/16		15,785
	8,050,000		O’Reilly Automotive, Inc	4.880		01/14/21		8,089
	1,000,000	g	QVC, Inc	7.130		04/15/17		1,050
	2,000,000	g	QVC, Inc	7.500		10/01/19		2,120
	3,875,000		Staples, Inc	9.750		01/15/14		4,613
	875,000		Wal-Mart Stores, Inc	3.000		02/03/14		921
	3,450,000		Wal-Mart Stores, Inc	3.250		10/25/20		3,282
	3,675,000		Wal-Mart Stores, Inc	5.000		10/25/40		3,460
			TOTAL RETAILING					77,150

330

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
$	3,838,000		Analog Devices, Inc	5.000	%	07/01/14	$	4,227
	2,250,000	g	Broadcom Corp	1.500		11/01/13		2,255
	5,350,000	g	Broadcom Corp	2.380		11/01/15		5,297
	2,150,000		National Semiconductor Corp	3.950		04/15/15		2,286
	9,150,000		Texas Instruments, Inc	2.380		05/16/16		9,153
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					23,218
SOFTWARE & SERVICES - 0.3%
	7,325,000		International Business Machines Corp	1.000		08/05/13		7,346
	3,655,000		Microsoft Corp	0.880		09/27/13		3,661
	10,625,000		Microsoft Corp	1.630		09/25/15		10,513
	3,925,000		Oracle Corp	3.750		07/08/14		4,208
	3,100,000		Oracle Corp	5.750		04/15/18		3,548
	3,750,000	g	Oracle Corp	3.880		07/15/20		3,726
	3,000,000		SunGard Data Systems, Inc	7.380		11/15/18		3,000
			TOTAL SOFTWARE & SERVICES					36,002
TECHNOLOGY HARDWARE & EQUIPMENT - 0.5%
	4,000,000		Amphenol Corp	4.750		11/15/14		4,358
	1,000,000		Brocade Communications Systems, Inc	6.880		01/15/20		1,078
	7,525,000		Hewlett-Packard Co	4.250		02/24/12		7,706
	1,660,000		Hewlett-Packard Co	4.500		03/01/13		1,758
	5,250,000		Hewlett-Packard Co	4.750		06/02/14		5,729
	9,150,000		Hewlett-Packard Co	2.650		06/01/16		9,189
	1,225,000		Hewlett-Packard Co	3.750		12/01/20		1,191
	3,500,000		Jabil Circuit, Inc	5.630		12/15/20		3,430
	7,150,000		Juniper Networks, Inc	3.100		03/15/16		7,285
	4,450,000		L-3 Communications Corp	6.380		10/15/15		4,571
	2,255,000		L-3 Communications Corp	5.200		10/15/19		2,335
	2,000,000		L-3 Communications Corp	4.950		02/15/21		1,996
	4,000,000		NII Capital Corp	7.630		04/01/21		4,180
	3,000,000	g	Pinafore LLC	9.000		10/01/18		3,233
	3,600,000		Xerox Corp	8.250		05/15/14		4,224
	5,000,000		Xerox Corp	4.250		02/15/15		5,324
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					67,587
TELECOMMUNICATION SERVICES - 1.9%
	2,400,000		America Movil SAB de C.V.	5.000		03/30/20		2,504
	4,000,000		America Movil SAB de C.V.	6.130		03/30/40		4,181
	2,500,000		AT&T, Inc	2.500		08/15/15		2,533
	20,750,000		AT&T, Inc	2.950		05/15/16		21,015
	2,000,000		AT&T, Inc	6.150		09/15/34		2,071
	11,500,000		AT&T, Inc	6.300		01/15/38		12,178
	3,886,000		AT&T, Inc	5.350		09/01/40		3,683
	13,125,000		BellSouth Corp	5.200		09/15/14		14,460
	1,975,000		BellSouth Corp	6.550		06/15/34		2,125
	13,850,000		Cellco Partnership	8.500		11/15/18		17,985
	4,000,000		Deutsche Telekom International Finance BV	8.750		06/15/30		5,279
	8,500,000		France Telecom S.A.	2.130		09/16/15		8,486
	4,500,000	g	Globo Comunicacao e Participacoes S.A.	6.250		12/30/49		4,714
	2,500,000	g	Indosat Palapa Co	7.380		07/29/20		2,775
	2,000,000		Intelsat Jackson Holdings Ltd	11.250		06/15/16		2,120
	3,500,000	g	MTS International Funding Ltd	8.630		06/22/20		3,994
	5,150,000	g	Qtel International Finance	4.750		02/16/21		5,021
	3,000,000		Qwest Communications International, Inc	7.130		04/01/18		3,221

331

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	3,000,000		Qwest Corp	8.880	%	03/15/12	$	3,158
	1,225,000		Sprint Nextel Corp	6.000		12/01/16		1,223
	3,075,000		Telecom Italia Capital S.A.	6.180		06/18/14		3,309
	2,825,000		Telecom Italia Capital S.A.	7.000		06/04/18		3,090
	6,275,000		Telecom Italia Capital S.A.	7.180		06/18/19		6,928
	21,100,000		Telefonica Emisiones SAU	3.990		02/16/16		21,343
	7,465,000		Telefonica Emisiones SAU	5.130		04/27/20		7,400
	4,750,000		Telefonica Emisiones SAU	5.460		02/16/21		4,822
	3,315,000	g	Telefonica Moviles Chile S.A.	2.880		11/09/15		3,256
	4,500,000		Telefonos de Mexico SAB de C.V.	5.500		11/15/19		4,744
	8,728,000	g	Telemar Norte Leste S.A.	5.500		10/23/20		8,619
	5,125,000		Verizon Communications, Inc	5.250		04/15/13		5,503
	1,250,000		Verizon Communications, Inc	5.500		02/15/18		1,390
	2,905,000		Verizon Communications, Inc	8.750		11/01/18		3,780
	3,100,000		Verizon Communications, Inc	8.950		03/01/39		4,376
	6,650,000		Verizon Communications, Inc	6.000		04/01/41		6,944
	6,500,000		Verizon Virginia, Inc	4.630		03/15/13		6,855
	4,500,000	g	Vimpelcom Holdings	7.500		03/01/22		4,505
	4,500,000		Virgin Media Finance plc	9.500		08/15/16		5,085
	5,400,000	g	Virgin Media Secured Finance plc	5.250		01/15/21		5,750
	735,000		Windstream Corp	8.130		09/01/18		779
			TOTAL TELECOMMUNICATION SERVICES					231,204
TRANSPORTATION - 0.8%
	5,730,000	g	Asciano Finance	5.000		04/07/18		5,882
	2,000,000	g	Bombardier, Inc	7.750		03/15/20		2,250
	2,840,000		Bristow Group, Inc	7.500		09/15/17		2,975
	3,750,000		Burlington Northern Santa Fe Corp	6.750		07/15/11		3,756
	2,400,000		Burlington Northern Santa Fe Corp	6.150		05/01/37		2,601
	7,000,000		Burlington Northern Santa Fe Corp	5.750		05/01/40		7,211
	4,700,000		CSX Corp	5.500		04/15/41		4,586
	7,000,000		Delta Air Lines, Inc	5.300		04/15/19		7,000
	2,325,000		Embraer Overseas Ltd	6.380		01/15/20		2,534
	1,000,000	g	Hertz Corp	7.500		10/15/18		1,030
	2,640,000		Kansas City Southern de Mexico S.A. de C.V.	8.000		02/01/18		2,864
	4,500,000	g	Kansas City Southern de Mexico S.A. de C.V.	6.630		12/15/20		4,680
	2,085,000	g	Kansas City Southern de Mexico S.A. de C.V.	6.130		06/15/21		2,085
	5,650,000	g	Kazakhstan Temir Zholy Finance BV	6.380		10/06/20		6,034
	2,500,000		Norfolk Southern Corp	5.750		01/15/16		2,843
	2,800,000		Norfolk Southern Corp	5.750		04/01/18		3,170
	2,056,000		Norfolk Southern Corp	5.590		05/17/25		2,221
	4,250,000	g	TAM CAPITAL 3,Inc	8.380		06/03/21		4,303
	1,500,000		Union Pacific Corp	6.500		04/15/12		1,566
	5,578,000	g	Union Pacific Corp	4.160		07/15/22		5,522
	7,750,000		United Parcel Service, Inc	3.130		01/15/21		7,361
			TOTAL TRANSPORTATION					82,474
UTILITIES - 2.6%
	2,500,000		AES Corp	7.750		03/01/14		2,700
	4,300,000		AES El Salvador Trust	6.750		02/01/16		4,365
	2,250,000		AGL Capital Corp	5.250		08/15/19		2,414
	2,000,000		AGL Capital Corp	6.000		10/01/34		2,010
	8,435,000		Alliant Energy Corp	4.000		10/15/14		8,874

332

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$      5,500,000		Atmos Energy Corp	8.500	%	03/15/19	$	7,015
	2,000,000	g	Calpine Corp	7.500		02/15/21		2,040
	4,500,000		Carolina Power & Light Co	5.130		09/15/13		4,897
	4,750,000		Carolina Power & Light Co	5.300		01/15/19		5,302
	2,750,000		Carolina Power & Light Co	5.700		04/01/35		2,871
	2,100,000		CenterPoint Energy Houston Electric LLC	7.000		03/01/14		2,401
	3,670,000	g	CenterPoint Energy Resources Corp	4.500		01/15/21		3,696
	3,550,000		CenterPoint Energy Resources Corp	6.250		02/01/37		3,704
	7,500,000	g	CenterPoint Energy Resources Corp	5.850		01/15/41		7,638
	2,500,000		CMS Energy Corp	5.050		02/15/18		2,569
	4,375,000	g	Colbun S.A.	6.000		01/21/20		4,587
	1,860,000	g	Comision Federal Electricidad	4.880		05/26/21		1,857
	3,055,000		Commonwealth Edison Co	4.000		08/01/20		3,026
	4,200,000		Commonwealth Edison Co	5.900		03/15/36		4,402
	2,750,000		Connecticut Light & Power Co	5.500		02/01/19		3,092
	3,500,000		Consolidated Edison Co of New York, Inc	5.700		06/15/40		3,696
	3,500,000		Consolidated Natural Gas Co	6.250		11/01/11		3,563
	4,250,000		Consolidated Natural Gas Co	5.000		12/01/14		4,687
	10,900,000		Dominion Resources, Inc	4.450		03/15/21		11,107
	900,000	g	Dubai Electricity & Water Authority	8.500		04/22/15		1,000
	3,600,000	g	Dubai Electricity & Water Authority	7.380		10/21/20		3,704
	7,150,000		Duke Energy Carolinas LLC	5.750		11/15/13		7,932
	1,400,000		Duke Energy Carolinas LLC	4.300		06/15/20		1,452
	2,500,000	g	Empresa Electrica del Norte Grande S.A.	5.630		01/15/21		2,568
	2,000,000		Florida Power Corp	6.400		06/15/38		2,311
	3,500,000		FPL Group Capital, Inc	2.600		09/01/15		3,484
	5,000,000		Georgia Power Co	5.400		06/01/40		5,022
	6,170,000		Great Plains Energy, Inc	4.850		06/01/21		6,190
	5,000,000		Indiana Michigan Power Co	7.000		03/15/19		5,963
	2,725,000		Integrys Energy Group, Inc	4.170		11/01/20		2,655
	1,000,000	g	Kansas Gas & Electric	6.700		06/15/19		1,156
	2,460,000	g	Kazatomprom	6.250		05/20/15		2,645
	5,000,000	g	Kentucky Utilities Co	3.750		11/15/20		4,713
	2,815,000		Kinder Morgan Energy Partners LP	5.850		09/15/12		2,966
	6,650,000		Kinder Morgan Energy Partners LP	3.500		03/01/16		6,847
	2,825,000		Kinder Morgan Energy Partners LP	9.000		02/01/19		3,623
	3,850,000		Kinder Morgan Energy Partners LP	6.500		09/01/39		3,998
	1,850,000	g	Korea Hydro & Nuclear Power Co Ltd	3.130		09/16/15		1,830
	5,950,000		Midamerican Energy Holdings Co	5.950		05/15/37		6,258
	4,000,000		National Fuel Gas Co	5.250		03/01/13		4,237
	2,800,000		Nevada Power Co	6.500		08/01/18		3,275
	3,500,000		Nevada Power Co	6.650		04/01/36		4,041
	3,250,000		Nevada Power Co	5.380		09/15/40		3,205
	3,335,000		Nevada Power Co	5.450		05/15/41		3,316
	2,850,000		Oncor Electric Delivery Co LLC	5.250		09/30/40		2,727
	4,075,000		ONEOK Partners LP	5.900		04/01/12		4,227
	5,250,000		Pacific Gas & Electric Co	8.250		10/15/18		6,739
	2,750,000		PacifiCorp	6.000		01/15/39		3,036
	4,825,000		Pepco Holdings, Inc	2.700		10/01/15		4,850
	6,750,000		PG&E Corp	5.750		04/01/14		7,451
	750,000		Potomac Electric Power Co	7.900		12/15/38		1,014
	3,825,000		Progress Energy, Inc	7.050		03/15/19		4,588
	2,000,000		Public Service Co of Colorado	7.880		10/01/12		2,172

333

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$      4,625,000		Public Service Co of Colorado	3.200	%	11/15/20	$	4,388
	8,800,000		Public Service Co of Oklahoma	5.150		12/01/19		9,349
	2,640,000		Public Service Electric & Gas Co	5.300		05/01/18		2,953
	5,000,000		Public Service Electric & Gas Co	3.500		08/15/20		4,882
	1,250,000		Questar Market Resources, Inc	6.880		03/01/21		1,319
	2,000,000		Sabine Pass LNG LP	7.250		11/30/13		2,050
	3,100,000		San Diego Gas & Electric Co	5.350		05/15/40		3,183
	4,000,000		Sempra Energy	6.000		10/15/39		4,214
	9,475,000		Southern California Edison Co	3.880		06/01/21		9,457
	2,000,000		Spectra Energy Capital LLC	6.250		02/15/13		2,155
	2,600,000		Veolia Environnement	5.250		06/03/13		2,788
	4,500,000		Virginia Electric and Power Co	4.750		03/01/13		4,780
	3,000,000		Williams Partners LP	3.800		02/15/15		3,142
	5,350,000		Williams Partners LP	5.250		03/15/20		5,633
	6,200,000		Williams Partners LP	6.300		04/15/40		6,428
	3,000,000		Wisconsin Electric Power Co	5.630		05/15/33		3,137
	14,000,000	g	Wpd Investment Holdings Ltd	3.900		05/01/16		14,367
	4,500,000	g	Xinao Gas Holdings Ltd	6.000		05/13/21		4,422
			TOTAL UTILITIES					322,355
			TOTAL CORPORATE BONDS					3,448,271
			(Cost $3,308,402)
GOVERNMENT BONDS - 64.2%
AGENCY SECURITIES - 10.2%
			Federal Farm Credit Bank (FFCB)
	7,250,000		FFCB	5.380		07/18/11		7,268
	9,750,000		FFCB	1.380		06/25/13		9,928
			Federal Home Loan Bank (FHLB)
	3,000,000		FHLB	3.630		09/16/11		3,023
	15,000,000		FHLB	1.880		06/21/13		15,403
			Federal Home Loan Mortgage Corp (FHLMC)
	5,000,000		FHLMC	1.750		06/15/12		5,068
	80,000,000		FHLMC	0.750		03/28/13		80,410
	6,000,000		FHLMC	3.500		05/29/13		6,345
	18,350,000		FHLMC	2.500		04/23/14		19,163
	20,000,000		FHLMC	3.000		07/28/14		21,166
	638,477		FHLMC	5.750		12/15/18		660
	24,346,277		FHLMC	4.000		06/15/34		3,124
			Federal National Mortgage Association (FNMA)
	2,000,000		FNMA	1.130		07/30/12		2,017
	10,000,000		FNMA	3.630		02/12/13		10,502
	20,500,000		FNMA	1.250		08/20/13		20,780
	24,500,000		FNMA	2.750		02/05/14		25,762
	76,000,000		FNMA	2.750		03/13/14		79,948
	25,500,000		FNMA	2.500		05/15/14		26,619
	23,500,000		FNMA	3.000		09/16/14		24,948
	35,000,000		FNMA	2.630		11/20/14		36,705
	21,938,762		AMAL Ltd	3.470	%	08/21/21		22,235
	28,000,000		Bank of America Corp	2.380		06/22/12		28,573
	5,003,443		Cal Dive I- Title XI, Inc	4.930		02/01/27		5,300
	4,000,000		CitiBank NA	1.380		08/10/11		4,005

334

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$      34,000,000		Citigroup Funding, Inc	2.000	%	03/30/12	$	34,479
	40,000,000		Citigroup Funding, Inc	1.880		10/22/12		40,778
	12,000,000		Citigroup Funding, Inc	2.250		12/10/12		12,303
	45,500,000		Citigroup, Inc	2.130		04/30/12		46,217
	26,000,000	g,j	FDIC Structured Sale Guarantee	0.000		10/25/12		25,610
	61,500,000		General Electric Capital Corp	2.250		03/12/12		62,384
	37,400,000		General Electric Capital Corp	2.200		06/08/12		38,093
	15,000,000		General Electric Capital Corp	2.130		12/21/12		15,358
	7,000,000		General Electric Capital Corp	2.630		12/28/12		7,212
	54,875,000		GMAC, Inc	1.750		10/30/12		55,807
	61,800,000		GMAC, Inc	2.200		12/19/12		63,369
	23,000,000		JPMorgan Chase & Co	3.130		12/01/11		23,282
	10,000,000		KeyBank NA	3.200		06/15/12		10,281
	30,000,000		Morgan Stanley	2.250		03/13/12		30,425
	25,000,000	m	NCUA Guaranteed Notes	3.450		06/12/21		24,485
	10,000,000		New York Community Bank	3.000		12/16/11		10,132
	1,594,688		Overseas Private Investment Corp	3.420		01/15/15		1,661
	22,832,256		Premier Aircraft Leasing	3.580		02/06/22		23,285
	13,000,000		Private Export Funding Corp	4.900		12/15/11		13,282
	25,000,000		Private Export Funding Corp	3.550		04/15/13		26,328
	10,000,000		Private Export Funding Corp	3.050		10/15/14		10,603
	7,000,000		Private Export Funding Corp	4.550		05/15/15		7,795
	15,000,000		Private Export Funding Corp	2.130		07/15/16		14,986
	17,000,000		Private Export Funding Corp	5.450		09/15/17		19,781
	10,000,000		Private Export Funding Corp	2.250		12/15/17		9,814
	10,000,000		Private Export Funding Corp	4.380		03/15/19		10,831
	35,000,000		Private Export Funding Corp	4.300		12/15/21		36,683
	4,090,743		Rowan Cos, Inc	3.530		05/01/20		4,239
	8,749,870		Rowan Cos, Inc	3.160		07/15/21		8,926
	8,797,456		San Clemente Leasing LLC	3.590		08/27/21		8,971
	6,500,000		Sovereign Bancorp, Inc	2.750		01/17/12		6,586
	4,000,000		Sovereign Bancorp, Inc	2.500		06/15/12		4,081
	39,000,000		State Street Corp	2.150		04/30/12		39,622
	3,572,656		Totem Ocean Trailer Express, Inc	4.510		12/18/19		3,820
	15,000,000		US Bancorp	2.250		03/13/12		15,214
	9,500,000		US Central Federal Credit Union	1.900		10/19/12		9,669
	3,000,000		US Department of Housing and Urban Development	5.380		08/01/18		3,446
	18,400,000		Wells Fargo & Co	2.130		06/15/12		18,712
	5,000,000		Western Corporate Federal Credit Union	1.750		11/02/12		5,079
			TOTAL AGENCY SECURITIES					1,262,581
FOREIGN GOVERNMENT BONDS - 5.6%
	16,500,000	g	Bank of Montreal	2.850		06/09/15		17,095
	27,700,000	g	Bank of Montreal	2.630		01/25/16		28,187
	2,000,000	g	Barbados Government International Bond	7.000		08/04/22		2,065
	4,210,000		Brazilian Government International Bond	5.880		01/15/19		4,873
	6,920,000		Brazilian Government International Bond	4.880		01/22/21		7,401
	825,000		Brazilian Government International Bond	7.130		01/20/37		1,019
	4,500,000		Brazilian Government International Bond	5.630		01/07/41		4,624
	10,680,000	g	Caisse Centrale Desjardins du Quebec	2.550		03/24/16		10,753
	12,200,000		Canada Government International Bond	2.380		09/10/14		12,695
	2,500,000	g	Canadian Imperial Bank of Commerce	2.000		02/04/13		2,547
	6,000,000	g	Canadian Imperial Bank of Commerce	2.600		07/02/15		6,148

335

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$      12,500,000	g	Canadian Imperial Bank of Commerce	2.750	%	01/27/16	$	12,789
	6,300,000		Chile Government International Bond	3.880		08/05/20		6,338
	4,500,000		Colombia Government International Bond	6.130		01/18/41		4,894
	4,500,000	g	Commonwealth of the Bahamas	6.950		11/20/29		4,860
	15,000,000		Council of Europe Development Bank	2.750		02/10/15		15,688
	4,370,000	g	Croatia Government International Bond	6.630		07/14/20		4,627
	3,350,000	g	Croatia Government International Bond	6.380		03/24/21		3,484
	2,350,000	g	Democratic Socialist Republic of Sri Lanka	7.400		01/22/15		2,559
	4,500,000	g	Dominican Republic International Bond	7.500		05/06/21		4,680
	4,660,000		Eksportfinans ASA	5.000		02/14/12		4,791
	10,290,000		Eksportfinans ASA	2.000		09/15/15		10,262
	9,400,000	g	El Salvador Government International Bond	7.630		02/01/41		9,635
	7,690,000	g	Eskom Holdings Ltd	5.750		01/26/21		7,959
	3,500,000		European Investment Bank	4.880		02/15/36		3,608
	15,350,000		Export Development Canada	2.250		05/28/15		15,819
	5,000,000		Export-Import Bank of Korea	5.130		06/29/20		5,060
	5,395,000		Federative Republic of Brazil	6.000		01/17/17		6,304
	3,344,444		Federative Republic of Brazil	8.000		01/15/18		4,022
	2,810,000		Hungary Government International Bond	6.380		03/29/21		2,965
	6,160,000		Hungary Government International Bond	7.630		03/29/41		6,645
	4,400,000		Italy Government International Bond	5.380		06/12/17		4,776
	3,640,000		Jamaica Government International Bond	8.000		06/24/19		3,886
	4,150,000		Landwirtschaftliche Rentenbank	5.250		07/02/12		4,351
	5,000,000		Landwirtschaftliche Rentenbank	5.130		02/01/17		5,712
	5,000,000	g	Lithuania Government International Bond	5.130		09/14/17		5,155
	850,000	g	Lithuania Government International Bond	6.130		03/09/21		903
	1,000,000		Mexico Government International Bond	5.630		01/15/17		1,137
	2,900,000		Mexico Government International Bond	6.750		09/27/34		3,371
	5,000,000		Mexico Government International Bond	6.050		01/11/40		5,320
	9,250,000	g	National Bank of Canada	1.650		01/30/14		9,381
	2,000,000		Panama Government International Bond	5.200		01/30/20		2,194
	4,500,000		Panama Government International Bond	6.700		01/26/36		5,310
	1,000,000		Peruvian Government International Bond	7.130		03/30/19		1,203
	1,200,000		Peruvian Government International Bond	7.350		07/21/25		1,466
	1,250,000		Peruvian Government International Bond	6.550		03/14/37		1,394
	8,000,000		Philippine Government International Bond	5.500		03/30/26		8,210
	4,500,000		Poland Government International Bond	3.880		07/16/15		4,653
	8,385,000		Poland Government International Bond	6.380		07/15/19		9,580
	10,667,000		Poland Government International Bond	5.130		04/21/21		11,027
	3,044,000	g	Portugal Government International Bond	3.500		03/25/15		2,336
	13,825,000		Province of British Columbia Canada	2.850		06/15/15		14,500
	4,500,000	g	Province of Buenos Aires Argentina	10.880		01/26/21		4,244
	2,000,000	g	Province of Cordoba	12.380		08/17/17		2,090
	7,400,000		Province of Manitoba Canada	5.000		02/15/12		7,607
	3,000,000		Province of Manitoba Canada	2.130		04/22/13		3,081
	20,000,000		Province of Manitoba Canada	1.380		04/28/14		20,185
	20,000,000		Province of New Brunswick Canada	2.750		06/15/18		19,727
	12,000,000		Province of Nova Scotia Canada	2.380		07/21/15		12,298
	27,400,000		Province of Ontario Canada	4.100		06/16/14		29,676
	24,250,000		Province of Ontario Canada	2.950		02/05/15		25,428
	35,525,000		Province of Ontario Canada	2.700		06/16/15		36,860
	24,000,000		Province of Ontario Canada	2.300		05/10/16		24,123
	10,000,000		Province of Ontario Canada	4.000		10/07/19		10,390

336

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$      13,000,000		Province of Ontario Canada	4.400	%	04/14/20	$	13,788
	2,250,000		Province of Quebec Canada	5.130		11/14/16		2,565
	8,835,000		Province of Quebec Canada	4.630		05/14/18		9,748
	22,500,000		Province of Quebec Canada	3.500		07/29/20		22,279
	6,000,000		Province of Quebec Canada	7.500		09/15/29		8,022
	3,000,000		Qatar Government International Bond	5.250		01/20/20		3,198
	2,700,000		Republic of Hungary	6.250		01/29/20		2,851
	4,230,000	g	Republic of Indonesia	4.880		05/05/21		4,330
	3,000,000	g	Republic of Latvia	5.250		06/16/21		2,963
	2,250,000	g	Republic of Lithuania	6.750		01/15/15		2,486
	3,600,000		Republic of Serbia	6.750		11/01/24		3,618
	4,500,000		Republic of Turkey	7.500		07/14/17		5,288
	4,500,000		Republic of Turkey	6.000		01/14/41		4,388
	7,000,000	g	Russian Foreign Bond - Eurobond	3.630		04/29/15		7,193
	3,500,000	g	Russian Foreign Bond - Eurobond	5.000		04/29/20		3,618
	1,940,000	g	Senegal Goverment International Bond	8.750		05/13/21		1,996
	4,502,000		South Africa Government International Bond	6.880		05/27/19		5,369
	3,500,000		South Africa Government International Bond	5.500		03/09/20		3,824
	1,600,000		South Africa Government International Bond	6.250		03/08/41		1,716
	3,700,000	g	Sri Lanka Government International Bond	6.250		10/04/20		3,700
	7,680,000		Svensk Exportkredit AB	5.130		03/01/17		8,694
	9,000,000	g	Toronto-Dominion Bank	2.200		07/29/15		9,120
	3,500,000	g	Ukraine Government International Bond	6.880		09/23/15		3,614
	4,000,000	g	Ukraine Government International Bond	6.250		06/17/16		3,995
	3,500,000	g	Ukraine Government International Bond	7.750		09/23/20		3,631
	2,180,000		United Mexican States	5.880		02/17/14		2,417
	3,500,000		United Mexican States	5.950		03/19/19		4,016
	500,000		United Mexican States	5.130		01/15/20		540
	4,500,000		Uruguay Government International Bond	6.880		09/28/25		5,468
			TOTAL FOREIGN GOVERNMENT BONDS					690,405
MORTGAGE BACKED - 30.8%
			Federal Home Loan Mortgage Corp (FHLMC)
	4,674,236	i	FHLMC	2.510		02/01/36		4,900
	5,865,115	i	FHLMC	4.110		07/01/36		6,178
	4,255,618	i	FHLMC	2.820		09/01/36		4,457
	3,314,010	i	FHLMC	4.610		09/01/36		3,477
	4,125,213	i	FHLMC	5.790		09/01/36		4,367
	3,686,299	i	FHLMC	5.920		09/01/36		3,917
	7,452,224	i	FHLMC	5.730		02/01/37		8,033
	9,375,065	i	FHLMC	5.000		03/01/37		9,894
	7,722,198	i	FHLMC	5.930		04/01/37		8,358
	467,823	i	FHLMC	5.740		05/01/37		505
	5,697,042	i	FHLMC	5.580		06/01/37		6,051
	5,482,712	i	FHLMC	5.620		08/01/37		5,840
	4,644,160	i	FHLMC	5.350		09/01/37		4,940
	21,029,131		FHLMC	5.500		08/01/39		22,919
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	112,937		FGLMC	7.000		07/01/13		119
	769,228		FGLMC	6.500		12/01/16		832
	5,600,969		FGLMC	5.000		09/01/18		6,053
	2,792,603		FGLMC	4.500		10/01/18		2,985
	1,688,281		FGLMC	4.500		11/01/18		1,804

337

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$      1,640,572		FGLMC	5.500	%	01/01/19	$	1,791
	786,414		FGLMC	4.000		06/01/19		832
	3,129,709		FGLMC	4.500		01/01/20		3,344
	2,429,073		FGLMC	4.500		07/01/20		2,595
	1,613,397		FGLMC	4.500		08/01/20		1,724
	242,508		FGLMC	7.000		10/01/20		281
	22,679,230		FGLMC	4.500		06/01/21		24,218
	7,286,027		FGLMC	4.500		06/01/21		7,781
	2,834,891		FGLMC	5.000		04/01/23		3,040
	44,126		FGLMC	7.000		05/01/23		51
	578,663		FGLMC	6.000		10/01/23		638
	493,482		FGLMC	6.000		11/01/23		544
	11,271,371		FGLMC	4.000		07/01/24		11,767
	3,767,931		FGLMC	4.500		09/01/24		3,997
	33,000,000	h	FGLMC	5.000		07/15/41		35,351
	117,787		FGLMC	8.000		01/01/31		140
	72,009		FGLMC	7.000		11/01/31		84
	169,425		FGLMC	7.000		12/01/31		197
	85,206		FGLMC	7.000		12/01/31		99
	142,061		FGLMC	7.000		12/01/31		165
	6,533		FGLMC	7.000		01/01/32		8
	362,466		FGLMC	8.000		02/01/32		431
	5,162,962		FGLMC	4.500		07/01/33		5,387
	2,478,870		FGLMC	5.500		11/01/33		2,725
	11,866,758		FGLMC	5.500		12/01/33		12,917
	3,689,834		FGLMC	5.500		12/01/33		4,016
	17,907,689		FGLMC	7.000		12/01/33		20,774
	37,326,494		FGLMC	5.000		01/01/34		39,874
	7,448,918		FGLMC	5.000		05/01/34		7,953
	4,915,211		FGLMC	6.000		09/01/34		5,436
	16,680,912		FGLMC	4.500		10/01/34		17,404
	1,170,304		FGLMC	5.500		12/01/34		1,273
	6,601,156		FGLMC	4.500		04/01/35		6,883
	2,426,551		FGLMC	6.000		05/01/35		2,689
	1,517,626		FGLMC	6.000		05/01/35		1,682
	2,114,863		FGLMC	6.000		05/01/35		2,339
	2,631,266		FGLMC	6.000		05/01/35		2,914
	4,564,559		FGLMC	6.000		05/01/35		5,046
	2,734,720		FGLMC	6.000		05/01/35		3,023
	7,008,961		FGLMC	7.000		05/01/35		8,131
	1,416,955		FGLMC	5.500		06/01/35		1,542
	1,137,701		FGLMC	5.500		06/01/35		1,237
	3,287,833		FGLMC	5.500		06/01/35		3,576
	14,541,740		FGLMC	5.500		06/01/35		15,821
	2,909,260		FGLMC	6.000		06/01/35		3,219
	11,272,378		FGLMC	4.500		08/01/35		11,738
	1,353,834		FGLMC	5.000		10/01/35		1,444
	443,649		FGLMC	6.500		11/01/35		503
	1,463,586		FGLMC	6.000		01/01/36		1,613
	2,958,737		FGLMC	5.000		02/01/36		3,157
	1,228,214		FGLMC	5.500		04/01/36		1,336
	1,042,168		FGLMC	6.500		05/01/36		1,176
	7,295,297		FGLMC	6.500		10/01/36		8,234

338

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$      13,488,399		FGLMC	5.500	%	04/01/37	$	14,604
	20,637,917		FGLMC	5.500		05/01/37		22,344
	8,250,095		FGLMC	6.000		08/01/37		9,114
	3,313,661		FGLMC	6.000		09/01/37		3,661
	4,668,164		FGLMC	6.500		11/01/37		5,264
	15,144,718		FGLMC	5.000		04/01/38		16,167
	10,854,082		FGLMC	6.000		11/01/38		11,935
	12,521,659		FGLMC	4.500		05/01/39		12,966
	16,662,635		FGLMC	4.000		06/01/39		16,704
	9,062,541		FGLMC	5.000		07/01/39		9,637
	13,081,203		FGLMC	6.000		07/01/39		14,509
	85,000,000	h	FGLMC	5.000		07/15/41		90,180
	23,160,714		FGLMC	4.500		11/01/40		24,112
	25,611,007		FGLMC	4.500		12/01/40		26,623
	115,000,000	h	FGLMC	4.500		07/15/41		118,791
			Federal National Mortgage Association (FNMA)
	31,000,000	h	FNMA	3.500		08/25/41		29,566
	74,274		FNMA	5.000		06/01/13		78
	2,616,854		FNMA	4.440		07/01/13		2,740
	3,390,522		FNMA	4.760		10/01/13		3,491
	1,341,312		FNMA	4.780		02/01/14		1,427
	5,196,242		FNMA	4.440		04/01/14		5,512
	1,493,033		FNMA	4.560		01/01/15		1,601
	208,572		FNMA	7.500		02/01/15		228
	574,482		FNMA	7.500		04/01/15		628
	464,640		FNMA	7.500		04/01/15		497
	48,636		FNMA	6.500		03/01/16		55
	18,312		FNMA	6.500		04/01/16		21
	420,292		FNMA	6.500		10/01/16		460
	309,296		FNMA	6.500		11/01/16		339
	3,246,019		FNMA	5.000		12/01/17		3,509
	882,882		FNMA	6.500		02/01/18		967
	2,315,902		FNMA	5.500		03/01/18		2,519
	5,664,400		FNMA	5.500		04/01/18		6,162
	484,767		FNMA	5.500		04/01/18		526
	699,693		FNMA	6.500		04/01/18		766
	174,655		FNMA	5.500		05/01/18		190
	9,557,531		FNMA	4.500		12/01/18		10,227
	291,471		FNMA	6.000		01/01/19		319
	63,217		FNMA	6.000		02/01/19		69
	5,642,447		FNMA	5.000		04/01/19		6,105
	2,816,794		FNMA	4.500		06/01/19		3,013
	3,924,012		FNMA	5.000		03/01/20		4,242
	2,090,540		FNMA	5.500		07/01/20		2,288
	1,345,041		FNMA	4.500		11/01/20		1,439
	3,973,367		FNMA	5.000		12/01/20		4,297
	5,995,018		FNMA	5.000		03/01/21		6,480
	3,558,262		FNMA	5.500		08/01/21		3,862
	3,839,405		FNMA	4.500		03/01/23		4,082
	100,533		FNMA	8.000		03/01/23		118
	8,690,987		FNMA	4.500		06/01/23		9,240
	8,736,420		FNMA	5.000		07/01/23		9,384
	7,169,867		FNMA	5.000		07/01/23		7,701

339

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$      3,169,576		FNMA	5.000	%	12/01/23	$	3,418
	930,400		FNMA	5.500		02/01/24		1,015
	11,646,600		FNMA	4.000		05/01/24		12,160
	1,801,132		FNMA	5.500		07/01/24		1,965
	275,229		FNMA	8.000		07/01/24		322
	3,468,943		FNMA	4.500		08/01/24		3,686
	2,433,142		FNMA	5.500		08/01/24		2,654
	16,424,130		FNMA	4.000		09/01/24		17,149
	37,000,000	h	FNMA	4.000		07/25/41		38,538
	22,000,000	h	FNMA	4.500		07/25/41		23,320
	8,204,442		FNMA	5.000		10/01/25		8,833
	61,018		FNMA	9.000		11/01/25		72
	4,535,778		FNMA	6.500		07/01/32		5,162
	245,106		FNMA	7.000		07/01/32		283
	616,121		FNMA	7.000		07/01/32		712
	5,640,258		FNMA	5.500		01/01/33		6,142
	4,863,999		FNMA	6.000		01/01/33		5,341
	838,516		FNMA	5.000		02/01/33		896
	6,463,252		FNMA	4.500		03/25/33		6,830
	3,389,388		FNMA	4.500		08/01/33		3,539
	3,741,070		FNMA	5.000		08/01/33		3,998
	6,160,819		FNMA	4.500		10/01/33		6,433
	3,605,240		FNMA	5.000		10/01/33		3,853
	2,096,840		FNMA	5.000		10/01/33		2,241
	1,024,064		FNMA	5.000		10/01/33		1,094
	27,926,389		FNMA	5.000		11/01/33		29,846
	568,677		FNMA	5.000		11/01/33		608
	6,429,830		FNMA	5.000		11/01/33		6,872
	6,042,211		FNMA	5.000		11/01/33		6,458
	5,173,802		FNMA	5.500		12/01/33		5,674
	652,777		FNMA	5.500		12/01/33		711
	1,930,056		FNMA	5.500		12/01/33		2,102
	1,480,106		FNMA	5.000		03/01/34		1,582
	3,755,774		FNMA	5.000		03/01/34		4,014
	1,289,856		FNMA	5.000		03/01/34		1,379
	9,853,094		FNMA	5.000		03/01/34		10,531
	1,161,364		FNMA	5.000		03/01/34		1,241
	4,642,018		FNMA	5.500		03/01/34		5,068
	9,812,505		FNMA	5.000		04/01/34		10,483
	36,951,820		FNMA	5.000		08/01/34		39,508
	5,711,437		FNMA	6.000		08/01/34		6,336
	2,639,225		FNMA	5.500		09/01/34		2,881
	1,961,268		FNMA	5.500		09/01/34		2,141
	1,716,599		FNMA	5.500		10/01/34		1,874
	1,770,224		FNMA	5.500		10/01/34		1,933
	1,892,133		FNMA	6.000		12/01/34		2,093
	3,518,723		FNMA	5.500		01/01/35		3,830
	39,246,894		FNMA	5.500		02/01/35		42,737
	2,752,253		FNMA	5.500		04/01/35		3,005
	3,689,537		FNMA	6.000		04/01/35		4,077
	9,878,131		FNMA	4.500		05/01/35		10,315
	12,982,227		FNMA	5.500		05/01/35		14,117
	4,454,914		FNMA	6.000		05/01/35		4,922

340

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$      2,175,168		FNMA	5.500	%	06/01/35	$	2,367
	1,606,736		FNMA	5.500		06/01/35		1,748
	3,210,402		FNMA	5.500		06/01/35		3,491
	564,105		FNMA	5.500		06/01/35		613
	619,402		FNMA	5.500		06/01/35		676
	113,233		FNMA	7.500		06/01/35		132
	1,406,596		FNMA	5.500		07/01/35		1,530
	2,130,208		FNMA	6.000		07/01/35		2,351
	5,604,213		FNMA	4.500		08/01/35		5,839
	7,705,988		FNMA	5.000		08/01/35		8,227
	8,578,463		FNMA	5.500		09/01/35		9,366
	8,845,771		FNMA	5.000		10/01/35		9,444
	4,539,548		FNMA	5.500		11/01/35		4,936
	4,365,889	i	FNMA	2.380		02/01/36		4,588
	8,520,385		FNMA	5.000		02/01/36		9,097
	16,683,494		FNMA	6.000		03/01/36		18,387
	2,713,533		FNMA	5.000		04/01/36		2,890
	1,939,367	i	FNMA	6.040		07/01/36		2,014
	3,376,244		FNMA	6.500		09/01/36		3,830
	6,144,622		FNMA	6.000		12/01/36		6,772
	6,096,852		FNMA	6.500		03/01/37		6,916
	219,070		FNMA	6.500		03/01/37		248
	4,113,232		FNMA	7.000		04/01/37		4,734
	7,574,352		FNMA	6.500		08/01/37		8,591
	2,422,799		FNMA	6.500		08/01/37		2,751
	4,475,429		FNMA	6.000		09/01/37		4,987
	5,047,230		FNMA	6.000		09/01/37		5,624
	2,816,158		FNMA	6.000		09/01/37		3,138
	3,749,320		FNMA	6.000		09/01/37		4,178
	6,961,121		FNMA	6.500		09/01/37		7,887
	6,549,144		FNMA	6.500		09/01/37		7,429
	3,248,301		FNMA	6.500		09/01/37		3,680
	5,584,408		FNMA	6.500		09/01/37		6,327
	820,128		FNMA	6.500		09/01/37		930
	10,489,829	i	FNMA	5.880		10/01/37		11,136
	2,238,387		FNMA	7.000		11/01/37		2,576
	530,850		FNMA	6.500		01/01/38		601
	214,397		FNMA	6.500		02/01/38		243
	3,241,182		FNMA	6.500		03/01/38		3,673
	370,278		FNMA	6.500		03/01/38		420
	1,090,412		FNMA	6.500		03/01/38		1,236
	3,745,920		FNMA	5.000		04/01/38		3,986
	7,126,425		FNMA	5.000		05/01/38		7,584
	14,106,283		FNMA	6.000		07/01/38		15,520
	25,000,000	h	FNMA	6.500		08/25/41		28,234
	6,165,045	i	FNMA	4.940		10/01/38		6,581
	25,533,846		FNMA	6.000		10/01/38		28,093
	10,065,732		FNMA	4.500		01/01/39		10,442
	6,221,153		FNMA	5.500		01/01/39		6,734
	7,152,327		FNMA	6.000		01/01/39		7,862
	5,577,218		FNMA	6.000		01/01/39		6,131
	10,621,995		FNMA	4.500		02/01/39		11,019

341

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	18,694,807		FNMA	4.500	%	02/01/39	$	19,393
	6,140,285		FNMA	5.500		02/01/39		6,646
	9,921,014		FNMA	4.000		04/01/39		9,957
	16,044,057		FNMA	4.500		05/01/39		16,628
	12,783,702		FNMA	4.500		08/01/39		13,249
	31,000,000		FNMA	4.000		02/25/40		30,499
	46,000,000	h	FNMA	4.000		07/25/41		46,000
	418,000,000	h	FNMA	5.500		07/25/41		451,964
	245,000,000	h	FNMA	6.000		07/25/41		269,117
	80,253,448		FNMA	4.500		09/01/40		83,148
	54,250,859		FNMA	4.500		09/01/40		56,207
	19,602,187		FNMA	4.000		11/01/40		19,630
	31,897,649		FNMA	4.500		11/01/40		33,049
	91,000,000	h	FNMA	4.500		07/25/41		94,142
	171,000,000	h	FNMA	5.000		07/25/41		181,688
			Government National Mortgage Association (GNMA)
	19,482		GNMA	9.000		06/15/16		22
	4,216		GNMA	9.000		09/15/16		4
	7,868		GNMA	9.000		09/15/16		9
	11,923		GNMA	9.000		11/15/16		12
	3,732		GNMA	9.000		12/15/16		4
	8,423		GNMA	9.000		12/15/16		9
	81,155		GNMA	9.500		12/15/16		94
	34,928		GNMA	8.000		06/15/24		41
	60,962		GNMA	8.500		11/20/30		74
	69,338		GNMA	8.500		12/20/30		84
	2,974,315		GNMA	5.500		07/15/33		3,293
	1,411,141		GNMA	5.500		11/20/33		1,562
	5,349,080		GNMA	5.500		03/20/35		5,919
	3,149,224		GNMA	5.500		12/20/35		3,482
	2,027,499		GNMA	6.000		10/20/36		2,249
	2,160,273		GNMA	6.000		01/20/37		2,396
	6,050,850		GNMA	6.000		02/20/37		6,702
	5,961,689		GNMA	6.000		12/15/37		6,649
	8,087,799		GNMA	5.000		04/15/38		8,777
	165,000,000	h	GNMA	5.000		07/15/41		178,716
	48,000,000	h	GNMA	5.500		07/15/41		52,815
	10,154,907		GNMA	5.500		07/15/38		11,186
	9,174,080		GNMA	5.500		07/20/38		10,094
	2,912,479		GNMA	6.000		08/15/38		3,247
	3,007,104		GNMA	6.000		08/20/38		3,326
	3,938,683		GNMA	6.500		11/20/38		4,447
	11,938,377		GNMA	4.500		03/15/39		12,650
	13,723,621		GNMA	4.500		05/15/39		14,541
	6,500,727		GNMA	5.000		06/15/39		7,083
	5,750,157		GNMA	5.000		06/15/39		6,265
	15,113,886		GNMA	4.500		07/20/39		15,949
	4,807,872		GNMA	5.000		07/20/39		5,228
	5,541,156		GNMA	4.000		08/15/39		5,656
	1,781,829		GNMA	4.000		11/20/39		1,869
	163,000,000	h	GNMA	4.500		07/15/41		172,016
	40,000,000	h	GNMA	6.000		07/15/41		44,562

342

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	50,000,000	h	GNMA	5.000	%	07/20/41	$	54,227
	130,000,000	h	GNMA	4.000		07/15/41		132,417
	43,000,000	h	GNMA	4.500		07/20/41		45,251
	10,179,986		GNMA	6.230		09/15/43		10,753
	7,916,665		GNMA	6.500		01/15/44		8,599
	3,326,738		National Credit Union Administration	1.840		10/07/20		3,364
			TOTAL MORTGAGE BACKED					3,821,271
MUNICIPAL BONDS - 0.6%
	2,000,000		Charlotte-Mecklenburg Hospital Authority	5.000		08/01/15		2,154
	13,000,000		Grant County Public Utility District No 2	5.630		01/01/27		13,478
	13,000,000		Long Island Power Authority	5.850		05/01/41		12,611
	16,100,000		State of California	7.630		03/01/40		18,534
	15,250,000		State of Illinois	6.730		04/01/35		15,241
	15,000,000		UNM Sandoval Regional Medical Center	4.500		07/20/36		14,293
			TOTAL MUNICIPAL BONDS					76,311
U.S. TREASURY SECURITIES - 17.0%
	345,372,000		United States Treasury Bond	8.000		11/15/21		491,777
	22,000,000		United States Treasury Bond	6.380		08/15/27		28,490
	49,175,000		United States Treasury Bond	5.250		02/15/29		56,743
	111,861,000		United States Treasury Bond	5.380		02/15/31		131,105
	677,000		United States Treasury Bond	4.500		02/15/36		700
	91,855,000		United States Treasury Bond	3.500		02/15/39		78,880
	51,070,000		United States Treasury Bond	3.880		08/15/40		46,761
	38,780,000		United States Treasury Bond	4.750		02/15/41		41,222
	25,000,000		United States Treasury Bond	4.380		05/15/41		24,961
	11,329,100	k	United States Treasury Inflation Indexed Bonds	2.000		01/15/16		12,591
	16,650,000		United States Treasury Note	1.880		06/15/12		16,911
	5,410,000		United States Treasury Note	0.630		06/30/12		5,431
	6,477,000		United States Treasury Note	1.380		10/15/12		6,566
	102,500,000		United States Treasury Note	1.380		11/15/12		103,977
	24,690,000		United States Treasury Note	0.630		01/31/13		24,787
	30,940,000		United States Treasury Note	1.130		06/15/13		31,340
	8,435,000		United States Treasury Note	0.750		08/15/13		8,480
	25,195,000		United States Treasury Note	3.130		08/31/13		26,614
	12,650,000		United States Treasury Note	0.750		09/15/13		12,710
	81,829,000		United States Treasury Note	3.130		09/30/13		86,560
	3,835,000		United States Treasury Note	0.500		10/15/13		3,829
	62,337,000		United States Treasury Note	2.750		10/31/13		65,454
	68,179,000		United States Treasury Note	2.000		11/30/13		70,448
	6,467,000		United States Treasury Note	2.250		05/31/14		6,741
	10,000		United States Treasury Note	0.750		06/15/14		10
	22,415,000		United States Treasury Note	2.130		11/30/14		23,249
	45,524,000		United States Treasury Note	2.500		04/30/15		47,743
	147,421,000		United States Treasury Note	2.130		05/31/15		152,397
	37,717,000		United States Treasury Note	1.880		06/30/15		38,601
	70,952,000		United States Treasury Note	1.750		07/31/15		72,155
	100,332,500		United States Treasury Note	1.250		09/30/15		99,682
	18,485,000		United States Treasury Note	1.250		10/31/15		18,329
	300,000		United States Treasury Note	2.630		02/29/16		314
	9,900,000		United States Treasury Note	2.250		03/31/16		10,182
	9,800,000		United States Treasury Note	2.380		03/31/16		10,139

343

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	97,660,000		United States Treasury Note	1.750	%	05/31/16	$	97,812
	10,000,000		United States Treasury Note	3.130		10/31/16		10,630
	7,300,000		United States Treasury Note	2.880		03/31/18		7,520
	92,420,000		United States Treasury Note	2.380		05/31/18		91,929
	319,500		United States Treasury Note	2.630		11/15/20		308
	31,456,000		United States Treasury Note	3.130		05/15/21		31,368
	25,000,000	j	United States Treasury Strip Principal	0.000		08/15/27		12,537
			TOTAL U.S. TREASURY SECURITIES					2,107,983
			TOTAL GOVERNMENT BONDS					7,958,551
			(Cost $7,739,167)
STRUCTURED ASSETS - 6.1%
ASSET BACKED - 1.5%
	4,950,000		AmeriCredit Automobile Receivables Trust	3.340		04/08/16		5,024
			Series - 2010 3 (Class C)
	5,350,000		AmeriCredit Automobile Receivables Trust	2.850		08/08/16		5,347
			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)
	1,450,000	g	Avis Budget Rental Car Funding AESOP LLC	3.150		03/20/17		1,466
			Series - 2010 5A (Class A)
	2,360,274	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		1,370
			Series - 2004 2 (Class 1M1)
	1,180,137	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		532
			Series - 2004 2 (Class 1M2)
	927,250	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		254
			Series - 2004 2 (Class 1B)
	2,963,126		CIT Group Home Equity Loan Trust	6.200		02/25/30		2,997
			Series - 2002 1 (Class AF6)
	682,305		CIT Group Home Equity Loan Trust	6.390		12/25/30		109
			Series - 2002 2 (Class MF2)
	8,444		CIT Group Home Equity Loan Trust	6.830		06/25/33		0^
			Series - 2002 2 (Class BF)
	9,142,581		Citicorp Mortgage Securities, Inc	5.710		07/25/36		9,197
			Series - 2006 1 (Class A3)
	2,078,609		Citicorp Mortgage Securities, Inc	5.560		09/25/36		2,084
			Series - 2006 2 (Class A3)
	1,153,380	i	Countrywide Asset-Backed Certificates	0.670		05/25/36		1,079
			Series - 2004 AB2 (Class A3)
	6,029,226	i	Countrywide Asset-Backed Certificates	5.680		10/25/46		5,886
			Series - 2006 15 (Class A2)
	614,106	i	Countrywide Home Equity Loan Trust	0.410		02/15/29		391
			Series - 2004 B (Class 1A)
	3,699,127	g	Credit-Based Asset Servicing and Securitization LLC	6.160		12/25/36		3,611
			Series - 2007 MX1 (Class A1)
	1,420,000	g,i	DB/UBS Mortgage Trust	5.470		11/10/46		1,470
			Series - 2011 LC1A (Class B)
	5,525,000	g,i	DB/UBS Mortgage Trust	5.730		11/10/46		5,279
			Series - 2011 LC1A (Class C)
	16,432,229	g	Flagstar Home Equity Loan Trust	5.780		01/25/35		15,418
			Series - 2007 1A (Class AF3)

344

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	$	2,760
			Series - 2011 A (Class D)
	1,492,909		GMAC Commercial Mortgage Securities, Inc	5.590		10/25/29		1,463
			Series - 2006 HLTV (Class A3)
	2,600,000		GMAC Commercial Mortgage Securities, Inc	5.810		10/25/29		2,083
			Series - 2006 HLTV (Class A4)
	508		HFC Home Equity Loan Asset Backed Certificates	5.910		03/20/36		1
			Series - 2007 1 (Class A1F)
	3,540,721	i	Irwin Home Equity Corp	0.570		02/25/34		3,023
			Series - 2005 A (Class A3)
	22,732,565		Lehman XS Trust	6.500		06/25/46		13,125
			Series - 2006 13 (Class 2A1)
	1,666,254	i	Morgan Stanley ABS Capital I	0.270		01/25/37		1,622
			Series - 2007 HE2 (Class A2A)
	2,886,016	i	Park Place Securities, Inc	0.820		09/25/34		2,614
			Series - 2004 WHQ1 (Class M1)
	44,144	i	Renaissance Home Equity Loan Trust	0.630		08/25/33		41
			Series - 2003 2 (Class A)
	8,025,000		Renaissance Home Equity Loan Trust	5.590		11/25/36		3,876
			Series - 2006 3 (Class AF3)
	9,169,572	i	Residential Asset Mortgage Products, Inc	0.810		11/25/34		7,453
			Series - 2004 RS11 (Class M1)
	490,838	i	Residential Asset Securities Corp	6.490		10/25/30		438
			Series - 2001 KS2 (Class AI6)
	2,676,134	i	Residential Asset Securities Corp	0.620		04/25/35		2,378
			Series - 2005 KS3 (Class M3)
	1,935,468		Residential Funding Mortgage Securities II, Inc	5.520		04/25/21		1,911
			Series - 2006 HI5 (Class A2)
	13,500,000		Residential Funding Mortgage Securities II, Inc	5.500		08/25/25		11,622
			Series - 2006 HI5 (Class A3)
	3,923,161		Residential Funding Mortgage Securities II, Inc	5.450		08/25/34		3,164
			Series - 2005 HI1 (Class A5)
	5,540,459		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36		5,201
			Series - 2006 HI3 (Class A3)
	2,500,000		Residential Funding Mortgage Securities II, Inc	6.010		02/25/36		2,198
			Series - 2006 HI1 (Class M1)
	350,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		275
			Series - 2006 HI1 (Class M2)
	26,714,650		Residential Funding Mortgage Securities II, Inc	5.440		09/25/36		24,154
			Series - 2006 HI4 (Class A3)
	2,971,354	i	Securitized Asset Backed Receivables LLC Trust	0.340		03/25/36		2,804
			Series - 2006 NC2 (Class A2)
	6,000,000	g,m	SLM Student Loan Trust	4.370		04/17/28		6,217
			Series - 2011 A (Class A2)
	2,000,000	g,m	SLM Student Loan Trust	3.740		02/15/29		1,999
			Series - 2011 B (Class A2)
	8,404,831	i	Soundview Home Equity Loan Trust	0.300		10/25/36		8,220
			Series - 2006 EQ1 (Class A2)
	8,585,000	g	Vornado DP LLC	5.280		09/13/28		8,141
			Series - 2010 VNO (Class C)
	1,365,594	g,m	Wachovia Amortization Controlled Heloc NIM	5.680		08/12/47		1,127
			Series - 2006 N1 (Class N1)
	2,916,490	g,i	Wachovia Loan Trust	0.550		05/25/35		2,355
			Series - 2005 SD1 (Class A)

345

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	3,289,443	i	Wells Fargo Home Equity Trust	0.330	%	07/25/36	$	2,890
			Series - 2006 2 (Class A3)
	540,000		World Financial Network Credit Card Master Trust	5.200		04/15/19		575
			Series - 2010 A (Class M)
	5,000,000		World Financial Network Credit Card Master Trust	6.750		04/15/19		5,495
			Series - 2010 A (Class B)
			TOTAL ASSET BACKED					190,739
OTHER MORTGAGE BACKED - 4.6%
	7,314,000	i	Banc of America Commercial Mortgage, Inc	4.770		07/10/43		6,609
			Series - 2005 3 (Class AJ)
	6,410,000		Banc of America Commercial Mortgage, Inc	5.360		10/10/45		6,866
			Series - 2006 6 (Class A4)
	10,500,000		Banc of America Commercial Mortgage, Inc	5.680		07/10/46		10,434
			Series - 2006 4 (Class AM)
	9,773,000	i	Banc of America Commercial Mortgage, Inc	5.820		04/10/49		10,559
			Series - 2007 2 (Class A4)
	326,674		Bank of America Alternative Loan Trust	5.500		09/25/19		326
			Series - 2004 8 (Class 3A1)
	5,312,809		Bear Stearns Asset Backed Securities Trust	5.250		04/25/35		4,758
			Series - 2005 AC2 (Class 1A)
	3,570,153		Bear Stearns Commercial Mortgage Securities	5.200		12/11/38		3,843
			Series - 2006 PW14 (Class A4)
	6,800,000	i	Bear Stearns Commercial Mortgage Securities	5.580		09/11/41		6,904
			Series - 2006 PW13 (Class AM)
	6,375,000	i	Bear Stearns Commercial Mortgage Securities	5.570		10/12/41		6,317
			Series - 2006 T24 (Class AM)
	725,000	i	Bear Stearns Commercial Mortgage Securities	4.980		07/11/42		777
			Series - 2004 PWR5 (Class A5)
	10,445,000	i	Bear Stearns Commercial Mortgage Securities	4.750		02/13/46		11,169
			Series - 2004 T16 (Class A6)
	1,290,000	i	Bear Stearns Commercial Mortgage Securities	5.690		06/11/50		1,401
			Series - 2007 PW17 (Class A4)
	2,695,000		Bear Stearns Commercial Mortgage Securities	5.700		06/11/50		2,929
			Series - 2007 PW18 (Class A4)
	2,874,504		Chase Mortgage Finance Corp	5.500		10/25/35		2,842
			Series - 2005 S2 (Class A24)
	9,330,000	i	Commercial Mortgage Pass Through Certificates	5.650		12/10/49		9,214
			Series - 2007 C9 (Class AM)
	4,724,000	i	Commercial Mortgage Pass Through Certificates	6.010		12/10/49		5,189
			Series - 2007 C9 (Class A4)
	6,402,440		Countrywide Alternative Loan Trust	5.500		08/25/16		6,295
			Series - 2004 30CB (Class 1A15)
	5,458,984		Countrywide Home Loan Mortgage Pass Through Trust	5.250		02/25/16		5,190
			Series - 2005 6 (Class 1A10)
	3,308,466		Countrywide Home Loan Mortgage Pass Through Trust	5.250		05/25/35		3,255
			Series - 2005 12 (Class 1A5)
	2,259,526		Countrywide Home Loan Mortgage Pass Through Trust	5.500		09/25/35		2,236
			Series - 2005 J3 (Class 1A1)
	5,096,554	g,i	Credit Suisse Mortgage Capital Certificates	0.370		04/15/22		4,728
			Series - 2007 TF2A (Class A1)
	14,450,000	g	Credit Suisse Mortgage Capital Certificates	5.380		02/15/40		13,979
			Series - 2009 RR1 (Class A3C)

346

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	3,700,000		CS First Boston Mortgage Securities Corp	4.050	%	05/15/38	$	3,793
			Series - 2003 C3 (Class B)
	9,863,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		10,715
			Series - 2005 C5 (Class A4)
	2,710,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		2,594
			Series - 2005 C5 (Class AJ)
	790,650		First Horizon Asset Securities, Inc	5.500		11/25/33		792
			Series - 2003 9 (Class 1A4)
	6,523,402	i	GMAC Mortgage Corp Loan Trust	4.560		10/19/33		6,577
			Series - 2003 AR1 (Class A5)
	28,454,000	i	Greenwich Capital Commercial Funding Corp	5.890		07/10/38		29,237
			Series - 2006 GG7 (Class AM)
	15,180,000		Greenwich Capital Commercial Funding Corp	5.440		03/10/39		16,284
			Series - 2007 GG9 (Class A4)
	22,572,248		Greenwich Capital Commercial Funding Corp	5.740		12/10/49		24,222
			Series - 2007 GG11 (Class A4)
	6,410,000	i	GS Mortgage Securities Corp II	5.550		04/10/38		6,966
			Series - 2006 GG6 (Class A4)
	14,435,000		GS Mortgage Securities Corp II	5.560		11/10/39		15,642
			Series - 2006 GG8 (Class A4)
	8,762,000	g	GS Mortgage Securities Corp II	5.150		08/10/43		8,659
			Series - 2010 C1 (Class B)
	4,670,000	g,i	GS Mortgage Securities Corp II	5.400		12/10/43		4,472
			Series - 2010 C2 (Class C)
	5,910,000	g,i	GS Mortgage Securities Corp II	5.400		12/10/43		5,867
			Series - 2010 C2 (Class B)
	2,567,131	i	GSR Mortgage Loan Trust	2.800		01/25/36		2,419
			Series - 2006 AR1 (Class 2A2)
	1,209,141	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.370		02/15/20		1,173
			Series - 2006 FL1A (Class A2)
	1,290,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.070		11/15/43		1,278
			Series - 2010 C2 (Class B)
	2,500,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.720		11/15/43		2,431
			Series - 2010 C2 (Class C)
	11,025,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.440		05/15/45		11,187
			Series - 2006 LDP8 (Class AM)
	9,690,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.480		05/15/45		8,855
			Series - 2006 LDP8 (Class AJ)
	6,455,000	g,i,m	JP Morgan Chase Commercial Mortgage Securities Corp	5.250		07/15/46		5,985
			Series - 2011 C4 (Class C)
	14,695,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.340		05/15/47		15,647
			Series - 2006 LDP9 (Class A3)
	5,102,186		JP Morgan Chase Commercial Mortgage Securities Corp	5.440		06/12/47		5,453
			Series - 2007 CB18 (Class A4)
	10,400,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.820		06/15/49		11,216
			Series - 2007 LD11 (Class A4)
	3,170,799	i	JP Morgan Mortgage Trust	4.290		04/25/35		3,137
			Series - 2005 A2 (Class 5A1)
	3,774,000		LB-UBS Commercial Mortgage Trust	4.740		02/15/30		4,032
			Series - 2005 C1 (Class A4)
	7,500,000	i	LB-UBS Commercial Mortgage Trust	5.150		04/15/30		8,100
			Series - 2005 C2 (Class A5)

347

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	$	18,861
			Series - 2007 C1 (Class A4)
	12,325,000		LB-UBS Commercial Mortgage Trust	5.430		02/15/40		13,136
			Series - 2007 C2 (Class A3)
	12,800,000		LB-UBS Commercial Mortgage Trust	5.460		02/15/40		12,440
			Series - 2007 C1 (Class AM)
	2,594,000	i	LB-UBS Commercial Mortgage Trust	5.860		07/15/40		2,814
			Series - 2007 C6 (Class A4)
	3,506,422		MASTR Asset Securitization Trust	5.000		05/25/35		3,523
			Series - 2005 1 (Class 2A5)
	3,729,128	i	Merrill Lynch Mortgage Trust	5.110		07/12/38		3,866
			Series - 2005 CIP1 (Class AM)
	2,500,000	i	Merrill Lynch Mortgage Trust	5.860		05/12/39		2,764
			Series - 2006 C1 (Class A4)
	4,700,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.610		02/12/39		5,129
			Series - 2006 1 (Class A4)
	12,565,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.170		12/12/49		13,394
			Series - 2006 4 (Class A3)
	13,200,000	i	Morgan Stanley Capital I	5.450		02/12/44		14,211
			Series - 2007 HQ11 (Class A4)
	6,710,000		Morgan Stanley Capital I	5.360		03/15/44		7,120
			Series - 2007 IQ13 (Class A4)
	3,000,000	g,i	Morgan Stanley Capital I	5.260		09/15/47		3,079
			Series - 2011 C1 (Class B)
	9,770,000	g,i	Morgan Stanley Capital I	5.420		09/15/47		9,289
			Series - 2011 C1 (Class C)
	6,760,000	g,i	Morgan Stanley Capital I	5.420		09/15/47		6,150
			Series - 2011 C1 (Class D)
	3,075,000	i	Morgan Stanley Capital I	5.540		11/12/49		3,129
			Series - 2007 T25 (Class AM)
	3,075,000		Morgan Stanley Capital I	4.770		07/15/56		2,984
			Series - 0 IQ9 (Class AJ)
	6,714,000	g,i	RBSCF Trust	4.830		04/15/24		6,943
			Series - 2010 MB1 (Class D)
	8,811,794		Residential Accredit Loans, Inc	6.000		06/25/36		5,450
			Series - 2006 QS7 (Class A3)
	9,021,519	i	Residential Accredit Loans, Inc	0.380		05/25/46		5,662
			Series - 2006 QO5 (Class 2A1)
	5,353,972	i	Residential Funding Mortgage Securities I, Inc	3.000		08/25/35		4,753
			Series - 2005 SA3 (Class 2A1)
	1,763,634	i	Structured Adjustable Rate Mortgage Loan Trust	0.570		03/25/35		1,696
			Series - 2005 6XS (Class A3)
	11,928	i	Structured Adjustable Rate Mortgage Loan Trust	5.620		07/25/36		12
			Series - 2006 6 (Class 2A1)
	9,530,000		Wachovia Bank Commercial Mortgage Trust	5.380		12/15/43		8,617
			Series - 2007 C30 (Class AM)
	22,102,000	i	Wachovia Bank Commercial Mortgage Trust	6.170		06/15/45		22,920
			Series - 2006 C26 (Class AM)
	3,225,000	i	Wachovia Bank Commercial Mortgage Trust	5.820		05/15/46		3,039
			Series - 2007 C34 (Class AM)
	7,595,000		Wachovia Bank Commercial Mortgage Trust	5.500		04/15/47		7,960
			Series - 2007 C31 (Class A5)
	3,660,000		Wachovia Bank Commercial Mortgage Trust	5.340		11/15/48		3,614
			Series - 2006 C29 (Class AM)

348

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	23,255,000	i	Wachovia Bank Commercial Mortgage Trust	5.370	%	11/15/48	$	19,648
			Series - 2006 C29 (Class AJ)
	6,125,000	i	Wachovia Bank Commercial Mortgage Trust	6.100		02/15/51		6,664
			Series - 2007 C33 (Class A4)
	6,565,000	i	Wachovia Bank Commercial Mortgage Trust	6.100		02/15/51		7,075
			Series - 2007 C33 (Class A5)
	2,980,335	i	Wells Fargo Mortgage Backed Securities Trust	5.400		03/25/36		2,991
			Series - 2006 AR1 (Class 2A2)
	4,725,000	g,i	Wells Fargo Mortgage Backed Securities Trust	5.280		10/15/57		4,814
			Series - 2010 C1 (Class B)
			TOTAL OTHER MORTGAGE BACKED					576,300
			TOTAL STRUCTURED ASSETS					767,039
			(Cost $758,911)
			TOTAL BONDS					12,173,861
			(Cost $11,806,480)

SHARES			COMPANY
PREFERRED STOCKS - 0.0%
BANKS - 0.0%
	470,597	*	Federal Home Loan Mortgage Corp	8.380	12/30/49	1,388
	1,527,061	*	Federal National Mortgage Association	8.250	12/30/49	3,283
			TOTAL BANKS			4,671
			TOTAL PREFERRED STOCKS			4,671
			(Cost $49,941)

PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 17.0%
GOVERNMENT AGENCY DEBT - 11.8%
		Federal Home Loan Bank (FHLB)
$	95,822,000	FHLB	0.020	07/05/11	95,822
	10,500,000	FHLB	0.040	07/06/11	10,500
	172,000,000	FHLB	0.030	07/11/11	171,999
	203,011,000	FHLB	0.010	07/12/11	203,010
	203,000,000	FHLB	0.035	07/13/11	202,997
	50,000,000	FHLB	0.020	07/15/11	50,000
	95,482,000	FHLB	0.010	07/18/11	95,481
	41,491,000	FHLB	0.020	07/19/11	41,491
	175,579,000	FHLB	0.020	07/20/11	175,577
	51,235,000	FHLB	0.020	07/21/11	51,234
	50,000,000	FHLB	0.020	08/02/11	49,999
		Federal Home Loan Mortgage Corp (FHLMC)
	70,150,000	FHLMC	0.020	07/11/11	70,150
	35,700,000	FHLMC	0.030	07/13/11	35,700
	50,000,000	FHLMC	0.050	07/27/11	49,998
	100,000,000	FHLMC	0.040	08/01/11	99,997
	21,300,000	FHLMC	0.050	08/08/11	21,299
		Federal National Mortgage Association (FNMA)
	27,238,000	FNMA	0.040	07/25/11	27,237
	10,000,000	FNMA	0.055	08/10/11	9,999
		TOTAL GOVERNMENT AGENCY DEBT			1,462,490

349

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
TREASURY DEBT - 5.2%
$	288,000,000	United States Treasury Bill	0.051	%	07/14/11	$	287,993
	50,000,000	United States Treasury Bill	0.083		08/18/11		49,994
	50,000,000	United States Treasury Bill	0.096		09/15/11		49,998
	50,000,000	United States Treasury Bill	0.065		11/10/11		49,989
	100,000,000	United States Treasury Bill	0.050		11/25/11		99,970
	12,000,000	United States Treasury Bill	0.301		12/15/11		11,996
	100,000,000	United States Treasury Bill	0.076		12/22/11		99,958
		TOTAL TREASURY DEBT					649,898
		TOTAL SHORT-TERM INVESTMENTS					2,112,388
		(Cost $2,112,381)
		TOTAL INVESTMENTS - 115.2%					14,307,913
		(Cost $13,985,788)
		OTHER ASSETS & LIABILITIES, NET - (15.2)%					(1,884,775)
		NET ASSETS - 100.0%				$	12,423,138
	*	Non-income producing.
	^	Amount represents less than $1,000.
	g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At June 30, 2011 the value of these securities amounted to $1,025,664,000 or 8.3% of net assets.
	h	These securities were purchased on a delayed delivery basis.
	i	Floating or variable rate security. Coupon rate reflects the rate at period end.
	j	Zero coupon
	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.

350

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

COLLEGE RETIREMENT EQUITIES FUND
INFLATION-LINKED BOND ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2011

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
GOVERNMENT BONDS - 99.0%
U.S. TREASURY SECURITIES - 99.0%
$	341,257,475	k	United States Treasury Inflation Indexed Bonds	3.000	%	07/15/12	$	356,081
	197,712,806	k	United States Treasury Inflation Indexed Bonds	0.630		04/15/13		203,536
	352,724,070	k	United States Treasury Inflation Indexed Bonds	1.880		07/15/13		374,769
	347,244,891	k	United States Treasury Inflation Indexed Bonds	2.000		01/15/14		374,102
	235,129,037	k	United States Treasury Inflation Indexed Bonds	1.250		04/15/14		249,439
	313,941,458	k	United States Treasury Inflation Indexed Bonds	2.000		07/15/14		342,368
	297,847,009	k	United States Treasury Inflation Indexed Bonds	1.630		01/15/15		323,071
	223,911,922	k	United States Treasury Inflation Indexed Bonds	0.500		04/15/15		233,533
	281,606,472	k	United States Treasury Inflation Indexed Bonds	1.880		07/15/15		310,515
	269,009,480	k	United States Treasury Inflation Indexed Bonds	2.000		01/15/16		298,979
	194,266,090	k	United States Treasury Inflation Indexed Bonds	0.130		04/15/16		198,652
	272,317,142	k	United States Treasury Inflation Indexed Bonds	2.500		07/15/16		311,633
	229,478,759	k	United States Treasury Inflation Indexed Bonds	2.380		01/15/17		261,785
	223,495,580	k	United States Treasury Inflation Indexed Bonds	2.630		07/15/17		259,988
	229,746,287	k	United States Treasury Inflation Indexed Bonds	1.630		01/15/18		252,649
	216,474,900	k	United States Treasury Inflation Indexed Bonds	1.380		07/15/18		235,044
	214,174,895	k	United States Treasury Inflation Indexed Bonds	2.130		01/15/19		243,356
	232,737,310	k	United States Treasury Inflation Indexed Bonds	1.880		07/15/19		260,284
	256,107,666	k	United States Treasury Inflation Indexed Bonds	1.380		01/15/20		274,636
	276,973,648	k	United States Treasury Inflation Indexed Bonds	1.250		07/15/20		292,986
	330,411,390	k	United States Treasury Inflation Indexed Bonds	1.130		01/15/21		343,112
	387,406,204	k	United States Treasury Inflation Indexed Bonds	2.380		01/15/25		445,275
	268,301,411	k	United States Treasury Inflation Indexed Bonds	2.000		01/15/26		293,161
	219,322,467	k	United States Treasury Inflation Indexed Bonds	2.380		01/15/27		250,096
	202,966,703	k	United States Treasury Inflation Indexed Bonds	1.750		01/15/28		212,386
	282,253,476	k	United States Treasury Inflation Indexed Bonds	3.630		04/15/28		371,671
	195,218,584	k	United States Treasury Inflation Indexed Bonds	2.500		01/15/29		226,728
	299,399,931	k	United States Treasury Inflation Indexed Bonds	3.880		04/15/29		410,248
	87,739,261	k	United States Treasury Inflation Indexed Bonds	3.380		04/15/32		116,069
	164,009,601	k	United States Treasury Inflation Indexed Bonds	2.130		02/15/40		178,476
	121,161,220	k	United States Treasury Inflation Indexed Bonds	2.130		02/15/41		131,640
			TOTAL U.S. TREASURY SECURITIES					8,636,268
			TOTAL GOVERNMENT BONDS					8,636,268
			(Cost $7,918,663)

351

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

		VALUE (000)
	TOTAL INVESTMENTS - 99.0%	$	8,636,268
	(Cost $7,918,663)
	OTHER ASSETS & LIABILITIES, NET - 1.0%		85,757
	NET ASSETS - 100.0%	$	8,722,025
k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
	Cost amounts are in thousands.

352

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

COLLEGE RETIREMENT EQUITIES FUND
SOCIAL CHOICE ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2011

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
BONDS - 39.3%
CORPORATE BONDS - 8.7%
AUTOMOBILES & COMPONENTS - 0.1%
$	2,350,000		BorgWarner, Inc	4.630	%	09/15/20	$	2,395
	3,250,000		Johnson Controls, Inc	5.000		03/30/20		3,453
			TOTAL AUTOMOBILES & COMPONENTS					5,848
BANKS - 1.3%
	14,090,000	g	Bank of Nova Scotia	1.650		10/29/15		13,849
	5,000,000		BB&T Corp	3.380		09/25/13		5,212
	5,000,000		BB&T Corp	3.850		07/27/27		5,164
	6,900,000		Comerica, Inc	3.000		09/16/15		6,955
	8,800,000	g	Depfa ACS Bank	5.130		03/16/37		6,116
	2,375,000		Discover Bank	7.000		04/15/20		2,638
	8,750,000		First Horizon National Corp	5.380		12/15/15		9,309
	5,000,000		First Niagara Financial Group, Inc	6.750		03/19/20		5,511
	3,000,000		First Union National Bank of Florida	6.180		02/15/36		3,326
	1,500,000		M&I Marshall & Ilsley Bank	5.300		09/08/11		1,509
	10,400,000		Manufacturers & Traders Trust Co	6.630		12/04/17		11,945
	4,644,000	i	Manufacturers & Traders Trust Co	5.590		12/28/20		4,591
	6,076,000	i	Manufacturers & Traders Trust Co	5.630		12/01/21		6,012
	5,000,000		Mercantile Bankshares Corp	4.630		04/15/13		5,247
	1,250,000		Mercantile-Safe Deposit & Trust Co	5.700		11/15/11		1,272
	6,100,000		Northern Trust Corp	4.630		05/01/14		6,662
	5,000,000		PNC Funding Corp	3.630		02/08/15		5,266
	5,000,000		PNC Funding Corp	5.130		02/08/20		5,353
	4,650,000	e	SVB Financial Group	5.380		09/15/20		4,672
	4,900,000		US Bancorp	2.000		06/14/13		5,006
	3,000,000		US Bancorp	4.950		10/30/14		3,283
	5,000,000		US Bancorp	2.880		11/20/14		5,236
	2,500,000		USB Capital XIII Trust	6.630		12/15/39		2,570
	1,370,000		Wachovia Bank NA	4.880		02/01/15		1,471
	5,000,000		Webster Bank	5.880		01/15/13		5,137
	5,000,000		Wells Fargo & Co	4.750		02/09/15		5,348
	4,000,000		Zions Bancorporation	7.750		09/23/14		4,386
			TOTAL BANKS					143,046
CAPITAL GOODS - 0.4%
	8,200,000		Caterpillar, Inc	1.380		05/27/14		8,233
	5,330,000		Caterpillar, Inc	5.200		05/27/41		5,331
	5,000,000		Danaher Corp	1.300		06/23/14		4,997
	5,000,000		Danaher Corp	2.300		06/23/16		4,996
	1,800,000		Deere & Co	5.380		10/16/29		1,909

353

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	4,340,000		Deere & Co	8.100	%	05/15/30	$	5,914
	5,155,000		Pall Corp	5.000		06/15/20		5,321
	5,000,000		Pentair, Inc	5.000		05/15/21		4,993
	5,000,000		Timken Co	6.000		09/15/14		5,529
			TOTAL CAPITAL GOODS					47,223
COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
	5,000,000		Howard Hughes Medical Institute	3.450		09/01/14		5,320
	2,730,000		Waste Management, Inc	4.600		03/01/21		2,786
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					8,106
CONSUMER DURABLES & APPAREL - 0.3%
	7,500,000	g	Harley-Davidson Financial Services, Inc	3.880		03/15/16		7,628
	3,150,000		Masco Corp	7.130		03/15/20		3,224
	2,500,000		Whirlpool Corp	8.000		05/01/12		2,641
	1,100,000		Whirlpool Corp	8.600		05/01/14		1,282
	9,750,000	i	Xerox Corp	1.080		05/16/14		9,797
	2,500,000		Xerox Corp	4.500		05/15/21		2,473
			TOTAL CONSUMER DURABLES & APPAREL					27,045
CONSUMER SERVICES - 0.3%
	2,000,000		American National Red Cross	5.390		11/15/12		2,022
	4,000,000		American National Red Cross	5.570		11/15/17		3,982
	5,000,000		Andrew W Mellon Foundation	3.950		08/01/14		5,385
	1,250,000		McDonald’s Corp	5.000		02/01/19		1,389
	4,000,000		McDonald’s Corp	3.500		07/15/20		3,997
	7,550,000		Nature Conservancy	6.300		07/01/19		8,505
	5,145,000		Salvation Army	5.640		09/01/26		5,237
			TOTAL CONSUMER SERVICES					30,517
DIVERSIFIED FINANCIALS - 0.7%
	1,675,000		American Express Co	7.000		03/19/18		1,971
	3,325,000		American Express Co	8.130		05/20/19		4,215
	2,200,000		Ameriprise Financial, Inc	5.300		03/15/20		2,358
	3,400,000		Bank of New York Mellon Corp	4.300		05/15/14		3,675
	5,000,000		Bank of New York Mellon Corp	3.100		01/15/15		5,209
	5,000,000		Bank of New York Mellon Corp	2.950		06/18/15		5,161
	2,675,000		Bank of New York Mellon Corp	5.450		05/15/19		2,967
	5,000,000		BlackRock, Inc	4.250		05/24/21		4,917
	5,000,000		Capital One Bank USA NA	8.800		07/15/19		6,136
	3,500,000		Capital One Capital V	8.880		05/15/40		3,610
	4,000,000		Capital One Financial Corp	5.700		09/15/11		4,040
	5,900,000		Ford Motor Credit Co LLC	7.000		04/15/15		6,373
	4,950,000		Ford Motor Credit Co LLC	5.000		05/15/18		4,933
	1,940,000		Franklin Resources, Inc	3.130		05/20/15		2,020
	4,155,000		John Deere Capital Corp	2.250		06/07/16		4,152
	7,000,000		NASDAQ OMX Group, Inc	2.500		08/15/13		7,026
	3,000,000		State Street Corp	4.300		05/30/14		3,244
			TOTAL DIVERSIFIED FINANCIALS					72,007

354

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
ENERGY - 0.6%
$	5,000,000		Apache Corp	5.250	%	04/15/13	$	5,387
	5,500,000		Apache Corp	5.100		09/01/40		5,283
	1,750,000		Chesapeake Energy Corp	6.500		08/15/17		1,851
	1,500,000		Chesapeake Energy Corp	6.630		08/15/20		1,579
	2,630,000		Chesapeake Energy Corp	6.130		02/15/21		2,663
	2,500,000		Devon Energy Corp	6.300		01/15/19		2,940
	5,000,000		Diamond Offshore Drilling, Inc	4.880		07/01/15		5,442
	5,000,000		EOG Resources, Inc	2.950		06/01/15		5,148
	3,000,000		EOG Resources, Inc	4.100		02/01/21		2,963
	5,000,000		EQT Corp	8.130		06/01/19		6,116
	2,500,000		Hess Corp	8.130		02/15/19		3,163
	4,000,000		Hess Corp	6.000		01/15/40		4,140
	2,000,000		Hess Corp	5.600		02/15/41		1,955
	1,526,000		Marathon Oil Corp	5.900		03/15/18		1,729
	1,870,000	g	Marathon Petroleum Corp	3.500		03/01/16		1,917
	2,500,000		Noble Energy, Inc	8.250		03/01/19		3,197
	5,000,000		SEACOR Holdings, Inc	7.380		10/01/19		5,489
	1,325,000		Weatherford Bermuda Holdings Ltd	5.130		09/15/20		1,353
			TOTAL ENERGY					62,315
FOOD & STAPLES RETAILING - 0.1%
	4,100,000		Safeway, Inc	3.950		08/15/20		3,987
	2,500,000		Sysco Corp	6.630		03/17/39		3,064
			TOTAL FOOD & STAPLES RETAILING					7,051
FOOD, BEVERAGE & TOBACCO - 0.3%
	5,900,000		Coca-Cola Enterprises, Inc	1.130		11/12/13		5,894
	1,100,000		General Mills, Inc	5.650		02/15/19		1,242
	1,600,000	g	HJ Heinz Finance Co	7.130		08/01/39		1,900
	2,500,000		Kellogg Co	4.150		11/15/19		2,577
	4,900,000		Kellogg Co	4.000		12/15/20		4,893
	5,000,000		Kraft Foods, Inc	2.630		05/08/13		5,144
	5,000,000		Kraft Foods, Inc	6.500		02/09/40		5,554
	2,500,000		PepsiCo, Inc	0.880		10/25/13		2,499
	5,000,000		PepsiCo, Inc	2.500		05/10/16		5,053
	428,000		PepsiCo, Inc	7.900		11/01/18		552
			TOTAL FOOD, BEVERAGE & TOBACCO					35,308
HEALTH CARE EQUIPMENT & SERVICES - 0.2%
	4,000,000		Becton Dickinson & Co	5.000		05/15/19		4,369
	2,000,000		Becton Dickinson & Co	6.000		05/15/39		2,219
	3,500,000		Medtronic, Inc	4.750		09/15/15		3,887
	2,650,000		Medtronic, Inc	4.450		03/15/20		2,771
	2,500,000		Medtronic, Inc	6.500		03/15/39		2,967
	5,000,000		Providence Health & Services	5.050		10/01/14		5,466
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					21,679
INSURANCE - 0.4%
	2,500,000		Aflac, Inc	6.900		12/17/39		2,616
	3,500,000		Cincinnati Financial Corp	6.130		11/01/34		3,391
	3,400,000	e	Genworth Financial, Inc	7.200		02/15/21		3,402
	4,150,000		Lincoln National Corp	4.300		06/15/15		4,370

355

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	2,000,000		Markel Corp	6.800	%	02/15/13	$	2,143
	2,500,000		Markel Corp	7.130		09/30/19		2,855
	7,500,000		Markel Corp	5.350		06/01/21		7,354
	5,300,000		Markel Corp	7.350		08/15/34		5,924
	2,500,000	g	Principal Life Global Funding I	5.130		10/15/13		2,673
	3,000,000		Progressive Corp	6.380		01/15/12		3,095
	5,000,000		Protective Life Corp	7.380		10/15/19		5,685
	2,000,000		Travelers Cos, Inc	5.900		06/02/19		2,221
			TOTAL INSURANCE					45,729
MATERIALS - 0.5%
	2,500,000		3M Co	6.380		02/15/28		2,892
	3,335,000		Air Products & Chemicals, Inc	4.380		08/21/19		3,485
	2,800,000		Airgas, Inc	4.500		09/15/14		2,998
	3,650,000		Alcoa, Inc	5.400		04/15/21		3,661
	1,000,000		Ball Corp	6.750		09/15/20		1,061
	1,144,000		Bemis Co, Inc	4.880		04/01/12		1,176
	1,000,000		Bemis Co, Inc	5.650		08/01/14		1,100
	4,000,000		Bemis Co, Inc	6.800		08/01/19		4,608
	5,000,000		Cliffs Natural Resources, Inc	6.250		10/01/40		4,934
	2,300,000		Eastman Chemical Co	5.500		11/15/19		2,466
	2,650,000		International Paper Co	7.300		11/15/39		2,883
	5,000,000		MeadWestvaco Corp	7.380		09/01/19		5,591
	5,000,000		Praxair, Inc	4.380		03/31/14		5,401
	2,500,000		Praxair, Inc	5.250		11/15/14		2,808
	5,000,000		Praxair, Inc	4.500		08/15/19		5,312
			TOTAL MATERIALS					50,376
MEDIA - 0.3%
	3,500,000		Time Warner Cable, Inc	3.500		02/01/15		3,651
	3,200,000		Time Warner Cable, Inc	8.750		02/14/19		4,077
	3,900,000		Time Warner Cable, Inc	8.250		04/01/19		4,864
	5,000,000		Time Warner Cable, Inc	5.000		02/01/20		5,195
	5,000,000		Time Warner Cable, Inc	4.130		02/15/21		4,833
	3,500,000		Time Warner Cable, Inc	6.550		05/01/37		3,718
	5,234,000		Time Warner Entertainment Co LP	10.150		05/01/12		5,630
			TOTAL MEDIA					31,968
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.4%
	3,100,000		Abbott Laboratories	2.700		05/27/15		3,223
	2,500,000		Agilent Technologies, Inc	2.500		07/15/13		2,545
	4,900,000		Gilead Sciences, Inc	4.500		04/01/21		4,908
	10,000,000	i	Johnson & Johnson	0.350		05/15/14		10,023
	4,600,000	e	Johnson & Johnson	2.150		05/15/16		4,611
	4,600,000		Johnson & Johnson	4.500		09/01/40		4,210
	8,080,000		Life Technologies Corp	3.500		01/15/16		8,264
	5,000,000		Merck & Co, Inc	2.250		01/15/16		5,018
	5,000,000		Merck & Co, Inc	3.880		01/15/21		4,963
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					47,765

356

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
REAL ESTATE - 0.4%
$	1,000,000		AMB Property LP	7.630	%	08/15/14	$	1,139
	3,080,000		Boston Properties LP	4.130		05/15/21		2,942
	5,000,000		Brandywine Operating Partnership LP	7.500		05/15/15		5,735
	1,400,000		Federal Realty Investment Trust	5.900		04/01/20		1,534
	3,490,000		HCP, Inc	3.750		02/01/16		3,549
	5,500,000		Health Care REIT, Inc	3.630		03/15/16		5,535
	3,400,000		Healthcare Realty Trust, Inc	5.750		01/15/21		3,473
	2,500,000		Kilroy Realty Corp	5.000		11/03/15		2,606
	3,400,000		Kilroy Realty LP	4.800		07/15/18		3,343
	3,000,000		Washington Real Estate Investment Trust	5.130		03/15/13		3,084
	1,330,000		Washington Real Estate Investment Trust	5.350		05/01/15		1,443
	7,500,000		Washington Real Estate Investment Trust	4.950		10/01/20		7,627
			TOTAL REAL ESTATE					42,010
RETAILING - 0.2%
	5,000,000		AutoZone, Inc	5.750		01/15/15		5,577
	3,750,000		Gap, Inc	5.950		04/12/21		3,603
	3,050,000		Macy’s Retail Holdings, Inc	5.900		12/01/16		3,424
	5,095,000		O’Reilly Automotive, Inc	4.880		01/14/21		5,120
	500,000		Staples, Inc	9.750		01/15/14		595
			TOTAL RETAILING					18,319
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	7,500,000		Texas Instruments, Inc	2.380		05/16/16		7,502
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					7,502
SOFTWARE & SERVICES - 0.1%
	5,000,000		Adobe Systems, Inc	3.250		02/01/15		5,210
	5,000,000		International Business Machines Corp	1.000		08/05/13		5,014
	3,550,000		Symantec Corp	2.750		09/15/15		3,517
			TOTAL SOFTWARE & SERVICES					13,741
TECHNOLOGY HARDWARE & EQUIPMENT - 0.2%
	666,000		Cisco Systems, Inc	2.900		11/17/14		701
	1,955,000		Hewlett-Packard Co	4.500		03/01/13		2,070
	3,750,000	e	Hewlett-Packard Co	2.650		06/01/16		3,766
	2,030,000		Hewlett-Packard Co	3.750		12/01/20		1,974
	5,000,000		Xerox Corp	8.250		05/15/14		5,867
	2,500,000		Xerox Corp	4.250		02/15/15		2,662
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					17,040
TELECOMMUNICATION SERVICES - 0.0%
	1,265,000		Sprint Capital Corp	8.380		03/15/12		1,316
	3,235,000		Sprint Nextel Corp	6.000		12/01/16		3,231
			TOTAL TELECOMMUNICATION SERVICES					4,547
TRANSPORTATION - 0.6%
	1,440,000		CSX Corp	6.150		05/01/37		1,542
	4,600,000		CSX Corp	5.500		04/15/41		4,488
	10,312,000		Delta Air Lines, Inc	7.110		09/18/11		10,427
	2,500,000		Delta Air Lines, Inc	7.710		09/18/11		2,525

357

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	5,000,000	e	Delta Air Lines, Inc	6.420	%	07/02/12	$	5,150
	8,550,000		Delta Air Lines, Inc	5.300		04/15/19		8,550
	2,500,000		FedEx Corp	7.380		01/15/14		2,853
	2,500,000		Norfolk Southern Corp	5.750		01/15/16		2,843
	5,000,000		Norfolk Southern Corp	5.900		06/15/19		5,733
	2,500,000		Norfolk Southern Corp	5.590		05/17/25		2,701
	4,815,000		Norfolk Southern Corp	5.640		05/17/29		5,108
	10,000,000	g	Southwest Airlines Co	10.500		12/15/11		10,383
			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		1,823
	5,000,000		United Parcel Service, Inc	3.130		01/15/21		4,748
			TOTAL TRANSPORTATION					68,874
UTILITIES - 1.1%
	2,000,000		Atmos Energy Corp	8.500		03/15/19		2,551
	5,000,000		CenterPoint Energy Houston Electric LLC	7.000		03/01/14		5,717
	2,000,000	g	CenterPoint Energy Resources Corp	5.850		01/15/41		2,037
	2,000,000		Connecticut Light & Power	5.750		03/01/37		2,077
	1,200,000		Connecticut Light & Power Co	5.500		02/01/19		1,349
	8,000,000		Detroit Edison Co	3.900		06/01/21		7,962
	5,000,000	i	DTE Energy Co	0.960		06/03/13		5,013
	3,245,677	g	Great River Energy	5.830		07/01/17		3,599
	850,000		Idaho Power Co	4.750		11/15/12		892
	5,000,000		Idaho Power Co	5.500		04/01/33		5,050
	2,500,000		Idaho Power Co	6.250		10/15/37		2,782
	7,500,000	g	International Transmission Co	4.450		07/15/13		7,833
	4,900,000		Kentucky Utilities Co	3.250		11/01/20		4,687
	2,000,000		Laclede Gas Co	6.150		06/01/36		2,141
	6,000,000		Nevada Power Co	6.650		04/01/36		6,927
	1,000,000		Nevada Power Co	5.380		09/15/40		986
	3,335,000		Nevada Power Co	5.450		05/15/41		3,316
	2,000,000		Nicor, Inc	6.580		02/15/28		2,153
	5,000,000		Northeast Utilities	5.650		06/01/13		5,378
	1,500,000		Northwest Natural Gas Co	5.620		11/21/23		1,613
	1,600,000		NSTAR Electric Co	5.500		03/15/40		1,654
	5,000,000		Pacific Gas & Electric Co	8.250		10/15/18		6,418
	4,750,000		Pacific Gas & Electric Co	5.800		03/01/37		4,879
	3,750,000		Pacific Gas & Electric Co	5.400		01/15/40		3,639
	3,000,000		Pepco Holdings, Inc	2.700		10/01/15		3,016
	3,850,000		Portland General Electric Co	6.100		04/15/19		4,467
	2,500,000		PPL Electric Utilities Corp	6.250		05/15/39		2,816
	620,000		San Diego Gas & Electric Co	6.000		06/01/39		696
	1,380,000		San Diego Gas & Electric Co	5.350		05/15/40		1,417
	5,000,000		Spectra Energy Capital LLC	5.650		03/01/20		5,396
	2,500,000		Tennessee Gas Pipeline Co	8.000		02/01/16		3,022
	5,000,000	g	Texas Eastern Transmission LP	4.130		12/01/20		4,948
	5,000,000		Washington Gas Light Co	5.440		08/11/25		5,514
	1,000,000		Wisconsin Power & Light Co	5.000		07/15/19		1,093
			TOTAL UTILITIES					123,038
			TOTAL CORPORATE BONDS					931,054
			(Cost $886,199)

358

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
GOVERNMENT BONDS 28.1%
AGENCY SECURITIES - 3.9%
			Federal Home Loan Bank (FHLB)
	$    5,500,000		FHLB	5.000	%	11/17/17	$	6,318
			Federal Home Loan Mortgage Corp (FHLMC)
	4,635,000		FHLMC	2.500		04/23/14		4,840
	8,579,028		FHLMC	4.000		06/15/34		1,101
	25,000,000		FHLMC	0.750		03/28/13		25,128
	3,000,000		FHLMC	3.500		05/29/13		3,173
			Federal National Mortgage Association (FNMA)
	13,500,000		FNMA	3.000		09/16/14		14,332
	10,000,000		FNMA	2.630		11/20/14		10,487
	3,000,000		FNMA	2.500		05/15/14		3,132
	2,000,000		FNMA	1.130		07/30/12		2,017
	6,000,000		FNMA	1.250		08/20/13		6,082
	22,636,414		AMAL Ltd	3.470		08/21/21		22,942
	7,685,288		Cal Dive I- Title XI, Inc	4.930		02/01/27		8,140
	9,000,199		COP I LLC	3.610		12/05/21		9,468
	6,703,282		COP I LLC	3.650		12/05/21		6,865
	11,000,000	g,j	FDIC Structured Sale Guarantee	0.000		10/25/12		10,835
	8,864,162		Gate Capital Cayman Two	3.550		06/11/21		9,018
	4,000,000	j	Government Trust Certificate	0.000		04/01/21		2,622
	12,000,000	i	India Government AID Bond	0.370		02/01/27		11,126
	4,500,000		KeyBank NA	3.200		06/15/12		4,626
	5,000,000	g	Montefiore Medical Center	3.900		05/20/27		5,024
	14,500,000	m	NCUA Guaranteed Notes	3.450		06/12/21		14,201
	4,500,000		New York Community Bank	3.000		12/16/11		4,559
	330,434		Overseas Private Investment Corp	5.410		12/15/11		332
	3,850,000	j	Overseas Private Investment Corp	0.000		07/12/14		3,959
	4,700,000	j	Overseas Private Investment Corp	0.000		07/12/14		5,199
	4,500,000	j	Overseas Private Investment Corp	0.000		12/14/14		4,475
	3,000,000	j	Overseas Private Investment Corp	0.000		12/14/14		3,333
	6,201,563		Overseas Private Investment Corp	3.420		01/15/15		6,459
	3,584,322		Overseas Private Investment Corp	3.740		04/15/15		3,746
	4,133,075		Overseas Private Investment Corp	5.140		12/15/23		4,583
	9,057,885		Overseas Private Investment Corp	4.440		02/27/27		9,273
	5,000,000		Overseas Private Investment Corp	3.430		05/15/30		4,671
	4,750,000	m	Overseas Private Investment Corp	4.010		05/15/30		4,721
	9,420,589		Premier Aircraft Leasing	3.580		02/06/22		9,607
	1,050,000		Private Export Funding Corp	4.550		05/15/15		1,169
	9,750,000		Private Export Funding Corp	2.130		07/15/16		9,741
	8,000,000		Private Export Funding Corp	2.250		12/15/17		7,851
	10,000,000		Private Export Funding Corp	4.380		03/15/19		10,831
	17,500,000		Private Export Funding Corp	4.300		12/15/21		18,341
	2,045,372		Rowan Cos, Inc	3.530		05/01/20		2,120
	5,564,042		Rowan Cos, Inc	3.160		07/15/21		5,676
	9,153,752		San Clemente Leasing LLC	3.590		08/27/21		9,334

359

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$      8,050,000		State Street Corp	2.150	%	04/30/12	$	8,178
	4,570,857		Tayarra Ltd	3.630		02/15/22		4,675
	4,488,756		Tricahue Leasing LLC	3.500		11/19/21		4,549
	10,000,000		US Central Federal Credit Union	1.900		10/19/12		10,178
	9,000,000		US Department of Housing and Urban Development	5.190		08/01/14		10,133
	1,900,000		US Department of Housing and Urban Development	2.200		08/01/15		1,942
	8,000,000		US Department of Housing and Urban Development	4.560		08/01/17		8,993
	5,007,000		US Department of Housing and Urban Development	5.380		08/01/18		5,752
	13,967,000		US Department of Housing and Urban Development	4.960		08/01/20		15,491
	13,500,000	e	US Department of Housing and Urban Development	5.050		08/01/21		14,886
	5,797,422	g	US Trade Funding Corp	4.260		11/15/14		6,064
	5,000,000		Wells Fargo & Co	2.130		06/15/12		5,085
	5,000,000		Western Corporate Federal Credit Union	1.750		11/02/12		5,079
			TOTAL AGENCY SECURITIES					412,462
FOREIGN GOVERNMENT BONDS - 2.2%
	14,350,000	e,g	Bank of Montreal	2.630		01/25/16		14,603
	4,000,000	g	Caisse Centrale Desjardins du Quebec	2.550		03/24/16		4,028
	3,900,000		Canada Government International Bond	2.380		09/10/14		4,058
	1,250,000	g	Canadian Imperial Bank of Commerce	2.000		02/04/13		1,273
	7,000,000	g	Canadian Imperial Bank of Commerce	2.750		01/27/16		7,162
	24,750,000	e	Council of Europe Development Bank	1.500		01/15/15		24,883
	8,500,000		Council of Europe Development Bank	2.750		02/10/15		8,890
	2,750,000		Eksportfinans ASA	5.000		02/14/12		2,827
	2,000,000		European Investment Bank	4.880		02/15/36		2,062
	14,500,000		Hydro Quebec	2.000		06/30/16		14,286
	6,082,000		Hydro Quebec	8.400		01/15/22		8,389
	5,000,000	g	International Finance Facility for Immunisation	5.000		11/14/11		5,085
	2,850,000	e	Italy Government International Bond	5.380		06/12/17		3,094
	3,145,000	e,g	National Bank of Canada	1.650		01/30/14		3,190
	4,000,000		Province of British Columbia Canada	2.850		06/15/15		4,195
	12,000,000		Province of British Columbia Canada	2.100		05/18/16		12,057
	5,000,000	e	Province of Manitoba Canada	5.000		02/15/12		5,140
	2,000,000		Province of Manitoba Canada	2.130		04/22/13		2,054
	10,000,000		Province of Manitoba Canada	1.380		04/28/14		10,093
	10,000,000		Province of New Brunswick Canada	2.750		06/15/18		9,863
	5,000,000		Province of Nova Scotia Canada	2.380		07/21/15		5,124
	10,000,000		Province of Ontario Canada	2.630		01/20/12		10,122
	8,700,000		Province of Ontario Canada	4.100		06/16/14		9,423
	8,100,000		Province of Ontario Canada	2.950		02/05/15		8,494
	9,450,000		Province of Ontario Canada	2.700		06/16/15		9,805
	15,000,000	e	Province of Ontario Canada	2.300		05/10/16		15,077
	6,000,000		Province of Ontario Canada	4.000		10/07/19		6,234
	5,000,000		Province of Ontario Canada	4.400		04/14/20		5,303
	10,000,000	e	Province of Quebec Canada	3.500		07/29/20		9,902
	5,000,000		Province of Quebec Canada	7.500		09/15/29		6,685
			TOTAL FOREIGN GOVERNMENT BONDS					233,401
MORTGAGE BACKED - 12.3%
			Federal Home Loan Mortgage Corp (FHLMC)
	4,218,727	i	FHLMC	5.930		04/01/37		4,566
	5,111,740	i	FHLMC	5.000		03/01/37		5,394

360

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$      2,730,401	i	FHLMC	5.620	%	08/01/37	$	2,909
	7,628,467		FHLMC	5.500		08/01/39		8,314
	4,352,974	i	FHLMC	5.350		09/01/37		4,630
	3,640,417	i	FHLMC	4.110		07/01/36		3,835
	2,403,270	i	FHLMC	2.510		02/01/36		2,519
	1,416,007	i	FHLMC	2.820		09/01/36		1,483
	3,564,107	i	FHLMC	5.730		02/01/37		3,842
	4,971,015	i	FHLMC	4.610		09/01/36		5,215
			Federal Home Loan Mortgage Corp Gold (FGLMC)
	7,364,133		FGLMC	5.000		09/01/35		7,857
	3,703,726		FGLMC	4.500		09/01/35		3,857
	3,494,052		FGLMC	4.500		09/01/35		3,638
	1,184,605		FGLMC	5.000		10/01/35		1,264
	13,526,145		FGLMC	5.500		04/01/36		14,706
	862,965		FGLMC	5.000		02/01/36		921
	619,714		FGLMC	4.500		12/01/35		645
	1,217,076		FGLMC	4.500		09/01/35		1,267
	443,266		FGLMC	6.000		05/01/35		491
	1,601,020		FGLMC	6.000		05/01/35		1,770
	908,544		FGLMC	6.000		05/01/35		1,005
	562,032		FGLMC	6.000		05/01/35		621
	1,271,950		FGLMC	6.000		08/01/35		1,404
	1,277,488		FGLMC	5.500		06/01/35		1,390
	3,078,443		FGLMC	7.000		05/01/35		3,571
	208,434		FGLMC	6.500		05/01/36		235
	8,720,802		FGLMC	6.000		07/01/39		9,672
	2,829,861		FGLMC	5.000		07/01/39		3,009
	9,011,985		FGLMC	4.500		06/01/39		9,332
	43,000,000	h	FGLMC	5.000		07/15/41		45,620
	40,000,000	h	FGLMC	4.500		07/15/41		41,319
	6,669,490		FGLMC	4.500		12/01/40		6,933
	6,021,786		FGLMC	4.500		11/01/40		6,269
	5,261,885		FGLMC	4.000		06/01/39		5,275
	1,457,818		FGLMC	6.500		11/01/37		1,644
	1,775,176		FGLMC	6.000		09/01/37		1,961
	1,221,918		FGLMC	6.500		10/01/36		1,379
	3,845,790		FGLMC	6.000		02/01/38		4,265
	1,565,207		FGLMC	4.500		05/01/39		1,621
	1,173,414		FGLMC	6.000		11/01/38		1,290
	5,567,911		FGLMC	5.000		04/01/38		5,944
	202,090		FGLMC	7.000		10/01/20		234
	262,014		FGLMC	4.500		07/01/20		280
	977,374		FGLMC	4.500		01/01/20		1,044
	7,244,754		FGLMC	4.500		06/01/21		7,736
	910,808		FGLMC	5.000		04/01/23		977
	1,731,524		FGLMC	4.500		03/01/23		1,838
	1,987,098		FGLMC	4.500		06/01/21		2,122
	1,518,551		FGLMC	5.000		02/01/19		1,643
	2,683,506		FGLMC	4.500		10/01/18		2,868
	348,403		FGLMC	6.000		12/01/17		379
	200,333		FGLMC	6.500		12/01/16		217
	3,118,093		FGLMC	4.500		11/01/18		3,333

361

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$      1,650,305		FGLMC	5.500	%	01/01/19	$	1,801
	4,338,888		FGLMC	4.500		01/01/19		4,637
	3,725,679		FGLMC	4.500		11/01/18		3,982
	17,661		FGLMC	7.000		05/01/23		20
	2,266,383		FGLMC	5.000		05/01/34		2,420
	7,465,299		FGLMC	5.000		01/01/34		7,975
	7,868,633		FGLMC	7.000		12/01/33		9,128
	1,571,122		FGLMC	6.000		09/01/34		1,738
	1,564,148		FGLMC	6.000		05/01/35		1,730
	742,945		FGLMC	6.000		05/01/35		821
	892,811		FGLMC	5.500		12/01/34		971
	6,071,364		FGLMC	5.500		12/01/33		6,609
	5,000,000	h	FGLMC	5.000		07/15/41		5,356
	1,210,580		FGLMC	4.500		09/01/24		1,284
	3,508,193		FGLMC	4.000		07/01/24		3,662
	70,013		FGLMC	8.000		01/01/31		83
	3,438,632		FGLMC	5.500		09/01/33		3,743
	3,471,232		FGLMC	5.500		09/01/33		3,778
	2,265,922		FGLMC	4.500		07/01/33		2,364
			Federal National Mortgage Association (FNMA)
	8,094,807		FNMA	5.500		10/01/35		8,838
	3,632,702		FNMA	5.000		10/01/35		3,878
	2,559,468		FNMA	5.000		02/01/36		2,733
	1,115,727	i	FNMA	2.380		02/01/36		1,172
	8,648,063		FNMA	4.000		10/01/35		8,749
	1,792,278		FNMA	4.500		08/01/35		1,867
	598,296		FNMA	6.000		07/01/35		660
	4,909,685		FNMA	5.000		09/01/35		5,273
	3,399,274		FNMA	5.000		08/01/35		3,629
	412,108		FNMA	6.500		02/01/36		467
	736,940		FNMA	7.000		02/01/37		848
	11,643,613	i	FNMA	5.840		01/01/37		12,516
	822,646		FNMA	7.000		04/01/37		947
	3,048,426		FNMA	6.500		03/01/37		3,458
	1,793,484		FNMA	6.000		12/01/36		1,977
	3,048,193		FNMA	6.000		03/01/36		3,359
	917,795		FNMA	6.500		02/01/36		1,041
	1,688,122		FNMA	6.500		09/01/36		1,915
	1,145,424	i	FNMA	6.040		07/01/36		1,190
	57,459		FNMA	7.500		06/01/35		67
	437,190		FNMA	5.500		03/01/35		477
	2,067,025		FNMA	5.500		01/01/35		2,250
	1,613,687		FNMA	5.500		04/01/35		1,762
	1,230,280		FNMA	5.500		04/01/35		1,342
	7,077,456		FNMA	5.500		01/01/35		7,727
	1,241,332		FNMA	4.500		08/01/34		1,295
	51,269		FNMA	4.500		08/01/34		53
	490,553		FNMA	6.000		12/01/34		543
	46,523		FNMA	4.500		09/01/34		49
	1,722,345		FNMA	5.500		04/01/35		1,880
	2,674,228		FNMA	5.500		06/01/35		2,920
	2,652,734		FNMA	6.000		05/01/35		2,943

362

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$      1,356,245		FNMA	5.500	%	06/01/35	$	1,481
	1,802,584		FNMA	5.500		06/01/35		1,968
	272,915		FNMA	5.500		05/01/35		298
	2,782,949		FNMA	5.500		05/01/35		3,038
	7,902,898		FNMA	4.500		05/01/35		8,252
	343,700		FNMA	5.500		05/01/35		374
	685,302		FNMA	5.500		05/01/35		748
	701,329		FNMA	6.500		08/01/37		796
	4,136,388		FNMA	4.500		08/01/39		4,287
	20,308,933		FNMA	4.500		05/01/39		21,048
	10,500,000		FNMA	4.000		02/25/40		10,330
	9,375,207		FNMA	6.000		09/01/39		10,306
	6,128,222		FNMA	4.500		04/01/39		6,351
	3,409,863		FNMA	4.500		02/01/39		3,537
	1,790,394		FNMA	6.000		01/01/39		1,968
	3,607,641		FNMA	4.000		04/01/39		3,621
	10,015,075		FNMA	4.500		02/01/39		10,389
	36,000,000	h	FNMA	4.000		07/25/41		36,000
	9,765,859		FNMA	4.500		11/01/40		10,118
	47,000,000	h	FNMA	5.000		07/25/41		49,938
	37,000,000	h	FNMA	4.500		07/25/41		38,278
	9,801,093		FNMA	4.000		11/01/40		9,815
	55,000,000	h	FNMA	6.000		07/25/41		60,414
	80,000,000	h	FNMA	5.500		07/25/41		86,500
	16,497,422		FNMA	4.500		09/01/40		17,093
	22,900,605		FNMA	4.500		09/01/40		23,727
	2,176,403		FNMA	6.000		01/01/39		2,392
	606,404		FNMA	6.500		09/01/37		688
	1,305,210		FNMA	6.500		09/01/37		1,479
	352,055		FNMA	6.500		09/01/37		399
	609,057		FNMA	6.500		09/01/37		690
	2,008,565		FNMA	6.000		09/01/37		2,238
	2,397,551		FNMA	6.000		09/01/37		2,672
	1,068,223		FNMA	6.500		08/01/37		1,213
	1,508,656		FNMA	6.000		09/01/37		1,681
	2,703,873		FNMA	6.000		09/01/37		3,013
	976,137	i	FNMA	5.880		10/01/37		1,036
	2,368,180	i	FNMA	4.940		10/01/38		2,528
	290,705		FNMA	6.500		03/01/38		329
	1,867,287		FNMA	5.500		01/01/39		2,021
	3,233,535		FNMA	4.500		01/01/39		3,354
	98,821		FNMA	6.500		03/01/38		112
	141,651		FNMA	6.500		01/01/38		160
	1,144,391		FNMA	7.000		11/01/37		1,317
	864,305		FNMA	6.500		03/01/38		979
	57,113		FNMA	6.500		02/01/38		65
	42,016		FNMA	4.500		07/01/34		44
	98,262		FNMA	4.500		03/01/19		105
	600,000		FNMA	4.000		02/25/19		633
	879,654		FNMA	4.500		06/01/19		941
	421,039		FNMA	4.500		05/01/19		450

363

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$      270,860		FNMA	6.000	%	02/01/19	$	297
	2,481,695		FNMA	5.000		12/01/18		2,683
	4,152,008		FNMA	5.500		11/01/18		4,517
	257,463		FNMA	6.000		01/01/19		282
	2,222,467		FNMA	5.000		01/01/19		2,408
	954,489		FNMA	5.000		03/01/20		1,032
	3,878,177		FNMA	5.000		07/01/23		4,165
	27,572		FNMA	8.000		03/01/23		32
	465,200		FNMA	5.500		02/01/24		507
	148,847		FNMA	5.000		01/01/24		161
	1,685,592		FNMA	4.500		03/01/23		1,792
	1,161,012		FNMA	5.000		12/01/20		1,256
	420,041		FNMA	4.500		11/01/20		449
	3,049,939		FNMA	5.500		08/01/21		3,310
	1,458,248		FNMA	5.000		03/01/21		1,576
	36,647		FNMA	5.500		05/01/18		40
	13,568		FNMA	7.000		04/01/12		14
	149		FNMA	7.500		10/01/11		0	^
	2,616,854		FNMA	4.440		07/01/13		2,740
	27,509		FNMA	5.000		06/01/13		29
	725		FNMA	7.500		10/01/11		1
	165		FNMA	7.500		08/01/11		0	^
	10,000,000	h	FNMA	3.500		12/01/41		9,538
	16		FNMA	7.500		10/01/11		0	^
	32		FNMA	7.500		09/01/11		0	^
	3,577,631		FNMA	4.020		08/01/13		3,739
	1,435,410		FNMA	5.000		12/01/17		1,552
	620,474		FNMA	6.500		04/01/17		679
	242,384		FNMA	5.500		04/01/18		263
	266,369		FNMA	6.500		02/01/18		292
	143,601		FNMA	6.500		10/01/16		157
	4,033,083		FNMA	4.270		06/01/14		4,270
	1,572,865		FNMA	4.560		05/01/14		1,676
	4,811		FNMA	8.500		11/01/14		5
	2,923,608		FNMA	4.530		10/01/14		3,122
	4,110,565		FNMA	4.000		05/01/24		4,292
	335,449		FNMA	5.000		03/01/34		359
	874,945		FNMA	5.000		03/01/34		935
	290,341		FNMA	5.000		03/01/34		310
	15,087,550		FNMA	5.000		03/01/34		16,125
	384,828		FNMA	5.000		03/01/34		411
	295,537		FNMA	5.500		12/01/33		322
	1,676,002		FNMA	5.500		11/01/33		1,825
	92,583		FNMA	7.000		01/01/34		107
	703,905		FNMA	5.500		12/01/33		767
	2,617,682		FNMA	5.000		04/01/34		2,796
	193,453		FNMA	4.500		06/01/34		202
	39,935		FNMA	4.500		06/01/34		42
	120,405		FNMA	4.500		07/01/34		126
	150,138		FNMA	4.500		07/01/34		157
	44,730		FNMA	4.500		06/01/34		47
	44,795		FNMA	4.500		05/01/34		47

364

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$      666,326		FNMA	4.500	%	05/01/34	$	695
	39,146		FNMA	4.500		06/01/34		41
	43,987		FNMA	4.500		05/01/34		46
	1,949,662		FNMA	5.500		11/01/33		2,123
	1,410,240		FNMA	6.500		07/01/32		1,605
	11,964,811		FNMA	5.000		10/01/25		12,881
	3,231,626		FNMA	4.500		03/25/33		3,415
	224,151		FNMA	5.000		02/01/33		240
	8,000,000	h	FNMA	4.500		07/25/41		8,480
	2,087,301		FNMA	4.500		08/01/24		2,218
	76,147		FNMA	8.000		07/01/24		89
	73,000,000	h	FNMA	4.000		07/25/41		76,034
	8,212,065		FNMA	4.000		09/01/24		8,574
	740,680		FNMA	5.500		07/01/33		807
	1,320,847		FNMA	5.500		11/01/33		1,438
	1,375,700		FNMA	5.000		11/01/33		1,470
	1,713,020		FNMA	5.500		11/01/33		1,865
	1,645,988		FNMA	5.500		11/01/33		1,792
	883,011		FNMA	5.000		10/01/33		944
	935,268		FNMA	5.000		08/01/33		1,000
	1,445,152		FNMA	4.500		08/01/33		1,509
	1,038,774		FNMA	5.000		10/01/33		1,110
	280,845		FNMA	4.500		09/01/33		294
			Government National Mortgage Association (GNMA)
	807,272		GNMA	4.500		05/15/39		855
	4,431,067		GNMA	4.500		07/20/39		4,676
	1,501,448		GNMA	5.000		07/20/39		1,633
	1,258,309		GNMA	6.000		08/20/38		1,392
	1,969,342		GNMA	6.500		11/20/38		2,223
	3,730,743		GNMA	4.500		03/15/39		3,953
	1,780,291		GNMA	4.000		08/15/39		1,817
	29,000,000	h	GNMA	4.000		07/15/41		29,539
	22,000,000	h	GNMA	4.500		07/20/41		23,152
	4,886,941		GNMA	6.230		09/15/43		5,162
	71,000,000	h	GNMA	4.500		07/15/41		74,927
	10,000,000	h	GNMA	6.000		07/15/41		11,141
	20,000,000	h	GNMA	5.000		07/20/41		21,691
	1,219,118		GNMA	6.000		08/15/38		1,359
	11,625		GNMA	6.500		08/15/23		13
	212,997		GNMA	6.500		05/20/31		241
	841,905		GNMA	5.500		07/15/33		932
	61,761		GNMA	9.000		12/15/17		70
	38,160		GNMA	8.000		06/15/22		45
	40,384		GNMA	6.500		08/15/23		46
	542,969		GNMA	6.000		10/20/36		602
	2,461,060		GNMA	5.000		04/15/38		2,671
	31,000,000	h	GNMA	5.000		07/15/41		33,577
	22,000,000	h	GNMA	5.500		07/15/41		24,207
	578,513		GNMA	6.000		01/20/37		642
	2,881,355		GNMA	5.500		02/15/37		3,175
	3,029,259		GNMA	6.000		02/20/37		3,355
	1,848,188		National Credit Union Administration	1.840		10/07/20		1,869
			TOTAL MORTGAGE BACKED					1,321,783

365

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
MUNICIPAL BONDS - 1.6%
$	1,760,000		Allegheny County Redevelopment Authority	5.000	%	09/01/11	$	1,769
	5,600,000		American Municipal Power-Ohio, Inc	6.270		02/15/50		5,609
	570,000		Atlanta Urban Residential Finance Authority	5.070		12/01/11		579
	4,500,000	g	Basin Electric Power Coop	6.130		06/01/41		4,230
	2,390,000		Charlotte-Mecklenburg Hospital Authority	5.000		08/01/15		2,574
			Chicago Metropolitan Water Reclamation District-Greater
	5,000,000		Chicago	5.720		12/01/38		5,193
	1,250,000		City & County of Honolulu HI	6.110		07/01/29		1,286
	4,000,000		City of Dallas TX	5.080		02/15/22		4,263
	1,500,000		City of Dallas TX	5.200		02/15/35		1,476
	925,000		City of Eugene OR	6.320		08/01/22		997
	5,000,000		City of New York NY	4.500		06/01/15		5,322
	1,055,000	j	City of Oakland CA	0.000		12/15/11		1,034
	4,750,000		Clean Water Services	5.700		10/01/30		5,037
	5,000,000		Commonwealth of Massachusetts	5.460		12/01/39		5,129
	55,000		County of Harnett NC	5.150		05/01/12		55
	2,050,000		County of Mercer NJ	5.380		02/01/17		2,153
	4,000,000		Dallas County Hospital District	5.620		08/15/44		4,129
	1,680,000		Douglas County Public Utility District No 1 Wells Hydroelectric	5.110		09/01/18		1,758
	1,400,000		Elkhart Redevelopment District	5.500		06/15/18		1,501
	7,980,000		Fiscal Year 2005 Securitization Corp	4.760		08/15/19		8,554
	3,500,000		Grant County Public Utility District No 2	5.630		01/01/27		3,629
	1,900,000		Guadalupe Valley Electric Coop, Inc	5.670		10/01/32		1,622
	1,000,000		Kansas Development Finance Authority	4.590		05/01/14		1,064
	1,350,000		Kansas Development Finance Authority	4.720		05/01/15		1,464
	1,880,000	g	LL & P Wind Energy, Inc	5.220		12/01/12		1,879
	7,270,000		Massachusetts Housing Finance Agency	4.780		12/01/20		7,234
	5,400,000		Massachusetts St. Water Pollution Abatement	5.190		08/01/40		5,426
	3,000,000		Metropolitan Washington Airports Authority	5.690		10/01/30		3,000
	5,000,000		Metropolitan Water District of Southern California	6.250		07/01/39		5,137
	5,000,000		Mississippi Development Bank Special Obligation	5.320		07/01/14		5,333
	1,095,000		New York State Environmental Facilities Corp	4.900		12/15/11		1,113
	3,000,000		New York State Urban Development Corp	6.500		12/15/18		3,388
	2,500,000		Newport News Economic Development Authority	5.640		01/15/29		2,505
	2,450,000		Ohio State Water Development Authority	4.880		12/01/34		2,389
	2,500,000		Oklahoma Capital Improvement Authority	5.180		07/01/14		2,789
	3,750,000		State of California	7.630		03/01/40		4,317
	5,000,000		State of Connecticut	5.090		10/01/30		4,873
	2,050,000		State of Hawaii	4.670		05/01/14		2,213
	5,000,000		State of Illinois	4.070		01/01/14		5,167
	5,570,000		State of Illinois	4.350		06/01/18		5,375
	5,750,000		State of Michigan	4.600		11/01/11		5,821
	5,000,000		State of Michigan	2.300		11/01/14		5,047
	2,500,000		State of Ohio	5.410		09/01/28		2,589
	3,050,000		State of Oregon	5.030		08/01/14		3,365
	3,265,000		State of Texas	4.900		08/01/20		3,416
	5,000,000		State of Texas	6.070		10/01/29		5,346
	4,240,000		State of Washington	5.050		01/01/18		4,314

366

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$      1,033,000		State of Wisconsin	5.700	%	05/01/26	$	1,100
	5,000,000		Tuolumne Wind Project Authority	6.920		01/01/34		5,168
	2,025,000		University Central Fl University Revenues	5.130		10/01/20		1,810
	4,900,000		UNM Sandoval Regional Medical Center	4.500		07/20/36		4,669
			TOTAL MUNICIPAL BONDS					175,210
U.S. TREASURY SECURITIES - 8.1%
	86,143,000		United States Treasury Bond	8.000		11/15/21		122,660
	5,000,000		United States Treasury Bond	6.380		08/15/27		6,475
	20,000,000		United States Treasury Bond	5.250		02/15/29		23,078
	13,176,000		United States Treasury Bond	5.380		02/15/31		15,443
	35,800,000		United States Treasury Bond	3.500		02/15/39		30,743
	34,282,500		United States Treasury Bond	3.880		08/15/40		31,390
	11,480,500		United States Treasury Bond	4.750		02/15/41		12,203
	42,254,000		United States Treasury Note	1.000		12/31/11		42,437
	12,750,000		United States Treasury Note	0.880		02/29/12		12,812
	4,275,000		United States Treasury Note	0.630		06/30/12		4,292
	36,625,000		United States Treasury Note	1.380		11/15/12		37,153
	1,400,000		United States Treasury Note	0.500		11/30/12		1,403
	14,280,000		United States Treasury Note	1.130		12/15/12		14,441
	4,500,000		United States Treasury Note	0.630		02/28/13		4,517
	19,750,000		United States Treasury Note	0.500		05/31/13		19,771
	2,670,000		United States Treasury Note	3.130		09/30/13		2,824
	34,100,000		United States Treasury Note	0.500		10/15/13		34,047
	34,030,000		United States Treasury Note	2.250		05/31/14		35,474
	4,100,000		United States Treasury Note	0.750		06/15/14		4,095
	22,395,000		United States Treasury Note	2.380		08/31/14		23,433
	17,585,000		United States Treasury Note	2.130		11/30/14		18,239
	14,631,000		United States Treasury Note	2.500		04/30/15		15,344
	17,895,000		United States Treasury Note	1.880		06/30/15		18,314
	74,579,500		United States Treasury Note	1.250		09/30/15		74,096
	106,225,000		United States Treasury Note	1.250		10/31/15		105,329
	41,025,000		United States Treasury Note	2.250		03/31/16		42,195
	42,650,000		United States Treasury Note	1.750		05/31/16		42,717
	15,000,000		United States Treasury Note	1.500		06/30/16		14,817
	3,905,000		United States Treasury Note	2.380		05/31/18		3,884
	41,685,000		United States Treasury Note	2.630		11/15/20		40,148
	19,800,000		United States Treasury Note	3.130		05/15/21		19,744
			TOTAL U.S. TREASURY SECURITIES					873,518
			TOTAL GOVERNMENT BONDS					3,016,374
			(Cost $2,947,312)
STRUCTURED ASSETS - 2.5%
ASSET BACKED - 0.7%
	5,000,000		AmeriCredit Automobile Receivables Trust	2.850		08/08/16		4,997
			Series - 2011 1 (Class C)
	1,500,000	g	Avis Budget Rental Car Funding AESOP LLC	3.150		03/20/17		1,516
			Series - 2010 5A (Class A)
	3,501,139	i	Chase Funding Loan Acquisition Trust	0.760		06/25/34		2,845
			Series - 2004 OPT1 (Class M1)

367

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$      674,364	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700	%	02/25/35	$	185
			Series - 2004 2 (Class 1B)
	1,973,034	i	Countrywide Asset-Backed Certificates	5.680		10/25/46		1,926
			Series - 2006 15 (Class A2)
	558,278	i	Countrywide Home Equity Loan Trust	0.410		02/15/29		355
			Series - 2004 B (Class 1A)
	2,084,962	g	Credit-Based Asset Servicing and Securitization LLC	6.160		12/25/36		2,035
			Series - 2007 MX1 (Class A1)
	335,000	g,i	DB/UBS Mortgage Trust	5.470		11/10/46		347
			Series - 2011 LC1A (Class B)
	1,715,000	g,i	DB/UBS Mortgage Trust	5.730		11/10/46		1,639
			Series - 2011 LC1A (Class C)
	7,887,470	g	Flagstar Home Equity Loan Trust	5.780		01/25/35		7,400
			Series - 2007 1A (Class AF3)
	1,500,000		Ford Credit Auto Owner Trust	3.210		07/15/17		1,520
			Series - 2011 A (Class D)
	799,324		GMAC Commercial Mortgage Securities, Inc	5.590		10/25/29		783
			Series - 2006 HLTV (Class A3)
	2,282,000		GMAC Commercial Mortgage Securities, Inc	5.810		10/25/29		1,828
			Series - 2006 HLTV (Class A4)
	252		HFC Home Equity Loan Asset Backed Certificates	5.910		03/20/36		0	^
			Series - 2007 1 (Class A1F)
	8,100,109		Lehman XS Trust	6.500		06/25/46		4,677
			Series - 2006 13 (Class 2A1)
	548,422	i	Morgan Stanley ABS Capital I	0.270		01/25/37		534
			Series - 2007 HE2 (Class A2A)
	4,010,000		Renaissance Home Equity Loan Trust	5.590		11/25/36		1,937
			Series - 2006 3 (Class AF3)
	1,662,513		Residential Asset Mortgage Products, Inc	4.970		09/25/33		1,688
			Series - 2003 RZ5 (Class A7)
	940,000	i	Residential Asset Securities Corp	0.620		04/25/35		835
			Series - 2005 KS3 (Class M3)
	1,383,308		Residential Funding Mortgage Securities II, Inc	5.520		04/25/21		1,366
			Series - 2006 HI5 (Class A2)
	9,000,000		Residential Funding Mortgage Securities II, Inc	5.500		08/25/25		7,748
			Series - 2006 HI5 (Class A3)
	5,263,436		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36		4,941
			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		157
			Series - 2006 HI1 (Class M2)
	16,028,790		Residential Funding Mortgage Securities II, Inc	5.440		09/25/36		14,492
			Series - 2006 HI4 (Class A3)
	973,069	i	Securitized Asset Backed Receivables LLC Trust	0.340		03/25/36		918
			Series - 2006 NC2 (Class A2)
	1,400,000	g,m	SLM Student Loan Trust	4.370		04/17/28		1,451
			Series - 2011 A (Class A2)
	1,750,000	g,m	SLM Student Loan Trust	3.740		02/15/29		1,749
			Series - 2011 B (Class A2)

368

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$      2,096,871	i	Soundview Home Equity Loan Trust	0.300	%	10/25/36	$	2,051
			Series - 2006 EQ1 (Class A2)
	2,750,000	g	Vornado DP LLC	5.280		09/13/28		2,608
			Series - 2010 VNO (Class C)
	999,215	g,m	Wachovia Amortization Controlled Heloc NIM	5.680		08/12/47		824
			Series - 2006 N1 (Class N1)
	1,512,254	g,i	Wachovia Loan Trust	0.550		05/25/35		1,221
			Series - 2005 SD1 (Class A)
	1,077,040	i	Wells Fargo Home Equity Trust	0.330		07/25/36		946
			Series - 2006 2 (Class A3)
			TOTAL ASSET BACKED					79,278
OTHER MORTGAGE BACKED - 1.8%
	2,415,000	i	Banc of America Commercial Mortgage, Inc	4.770		07/10/43		2,182
			Series - 2005 3 (Class AJ)
	1,875,000		Banc of America Commercial Mortgage, Inc	5.360		10/10/45		2,009
			Series - 2006 6 (Class A4)
	950,000		Banc of America Commercial Mortgage, Inc	5.680		07/10/46		944
			Series - 2006 4 (Class AM)
	3,220,000	i	Banc of America Commercial Mortgage, Inc	5.820		04/10/49		3,479
			Series - 2007 2 (Class A4)
	1,116,134		Bank of America Alternative Loan Trust	5.500		09/25/19		1,114
			Series - 2004 8 (Class 3A1)
	1,416,749		Bear Stearns Asset Backed Securities Trust	5.250		04/25/35		1,269
			Series - 2005 AC2 (Class 1A)
	505,000		Bear Stearns Commercial Mortgage Securities	5.200		12/11/38		544
			Series - 2006 PW14 (Class A4)
	2,200,000	i	Bear Stearns Commercial Mortgage Securities	5.580		09/11/41		2,234
			Series - 2006 PW13 (Class AM)
	2,405,000	i	Bear Stearns Commercial Mortgage Securities	5.570		10/12/41		2,383
			Series - 2006 T24 (Class AM)
	2,655,000	i	Bear Stearns Commercial Mortgage Securities	4.750		02/13/46		2,839
			Series - 2004 T16 (Class A6)
	555,000	i	Bear Stearns Commercial Mortgage Securities	5.690		06/11/50		603
			Series - 2007 PW17 (Class A4)
	895,000		Bear Stearns Commercial Mortgage Securities	5.700		06/11/50		973
			Series - 2007 PW18 (Class A4)
	877,359		Chase Mortgage Finance Corp	5.500		10/25/35		867
			Series - 2005 S2 (Class A24)
	2,515,000	i	Commercial Mortgage Pass Through Certificates	5.650		12/10/49		2,484
			Series - 2007 C9 (Class AM)
	720,000	i	Commercial Mortgage Pass Through Certificates	6.010		12/10/49		791
			Series - 2007 C9 (Class A4)
	3,137,326		Countrywide Alternative Loan Trust	5.500		08/25/16		3,085
			Series - 2004 30CB (Class 1A15)
	1,924,861		Countrywide Home Loan Mortgage Pass Through Trust	5.250		02/25/16		1,830
			Series - 2005 6 (Class 1A10)
	2,643,020		Countrywide Home Loan Mortgage Pass Through Trust	4.750		09/25/18		2,718
			Series - 2003 35 (Class 1A1)
	1,166,142		Countrywide Home Loan Mortgage Pass Through Trust	5.250		05/25/35		1,147
			Series - 2005 12 (Class 1A5)

369

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$      764,792		Countrywide Home Loan Mortgage Pass Through Trust	5.500	%	09/25/35	$	757
			Series - 2005 J3 (Class 1A1)
	1,742,863	g,i	Credit Suisse Mortgage Capital Certificates	0.370		04/15/22		1,617
			Series - 2007 TF2A (Class A1)
	4,500,000	g	Credit Suisse Mortgage Capital Certificates	5.380		02/15/40		4,353
			Series - 2009 RR1 (Class A3C)
	1,210,000		CS First Boston Mortgage Securities Corp	4.050		05/15/38		1,240
			Series - 2003 C3 (Class B)
	2,462,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		2,675
			Series - 2005 C5 (Class A4)
	900,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		862
			Series - 2005 C5 (Class AJ)
	2,025,901	i	GMAC Mortgage Corp Loan Trust	4.560		10/19/33		2,043
			Series - 2003 AR1 (Class A5)
	15,430,000	i	Greenwich Capital Commercial Funding Corp	5.890		07/10/38		15,854
			Series - 2006 GG7 (Class AM)
	7,495,000		Greenwich Capital Commercial Funding Corp	5.440		03/10/39		8,040
			Series - 2007 GG9 (Class A4)
	7,190,000		Greenwich Capital Commercial Funding Corp	5.740		12/10/49		7,715
			Series - 2007 GG11 (Class A4)
	1,875,000	i	GS Mortgage Securities Corp II	5.550		04/10/38		2,038
			Series - 2006 GG6 (Class A4)
	3,205,000		GS Mortgage Securities Corp II	5.560		11/10/39		3,473
			Series - 2006 GG8 (Class A4)
	2,750,000	g	GS Mortgage Securities Corp II	5.150		08/10/43		2,718
			Series - 2010 C1 (Class B)
	1,690,000	g,i	GS Mortgage Securities Corp II	5.400		12/10/43		1,618
			Series - 2010 C2 (Class C)
	2,535,000	g,i	GS Mortgage Securities Corp II	5.400		12/10/43		2,517
			Series - 2010 C2 (Class B)
	840,492	i	GSR Mortgage Loan Trust	2.800		01/25/36		792
			Series - 2006 AR1 (Class 2A2)
	906,856	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.370		02/15/20		880
			Series - 2006 FL1A (Class A2)
	380,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.070		11/15/43		376
			Series - 2010 C2 (Class B)
	775,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.720		11/15/43		754
			Series - 2010 C2 (Class C)
	3,375,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.440		05/15/45		3,425
			Series - 2006 LDP8 (Class AM)
	800,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.480		05/15/45		731
			Series - 2006 LDP8 (Class AJ)
	2,125,000	g,i,m	JP Morgan Chase Commercial Mortgage Securities Corp	5.250		07/15/46		1,970
			Series - 2011 C4 (Class C)
	4,380,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.340		05/15/47		4,664
			Series - 2006 LDP9 (Class A3)
	2,265,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.440		06/12/47		2,421
			Series - 2007 CB18 (Class A4)
	4,120,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.820		06/15/49		4,443
			Series - 2007 LD11 (Class A4)
	969,788	i	JP Morgan Mortgage Trust	4.290		04/25/35		960
			Series - 2005 A2 (Class 5A1)

370

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$      1,125,000		LB-UBS Commercial Mortgage Trust	4.740	%	02/15/30	$	1,202
			Series - 2005 C1 (Class A4)
	900,000	i	LB-UBS Commercial Mortgage Trust	5.150		04/15/30		972
			Series - 2005 C2 (Class A5)
	6,120,000		LB-UBS Commercial Mortgage Trust	5.420		02/15/40		6,596
			Series - 2007 C1 (Class A4)
	3,975,000		LB-UBS Commercial Mortgage Trust	5.430		02/15/40		4,236
			Series - 2007 C2 (Class A3)
	4,100,000		LB-UBS Commercial Mortgage Trust	5.460		02/15/40		3,985
			Series - 2007 C1 (Class AM)
	2,450,000	i	LB-UBS Commercial Mortgage Trust	5.860		07/15/40		2,658
			Series - 2007 C6 (Class A4)
	1,430,321		MASTR Asset Securitization Trust	5.000		05/25/35		1,437
			Series - 2005 1 (Class 2A5)
	5,800,000	i	Merrill Lynch Mortgage Trust	5.390		11/12/37		6,344
			Series - 2005 CKI1 (Class A6)
	1,645,209	i	Merrill Lynch Mortgage Trust	5.110		07/12/38		1,706
			Series - 2005 CIP1 (Class AM)
	1,300,000	i	Merrill Lynch Mortgage Trust	5.860		05/12/39		1,437
			Series - 2006 C1 (Class A4)
	4,040,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.170		12/12/49		4,307
			Series - 2006 4 (Class A3)
	6,300,000	i	Morgan Stanley Capital I	5.450		02/12/44		6,782
			Series - 2007 HQ11 (Class A4)
	940,000	g,i	Morgan Stanley Capital I	5.260		09/15/47		965
			Series - 2011 C1 (Class B)
	3,185,000	g,i	Morgan Stanley Capital I	5.420		09/15/47		3,028
			Series - 2011 C1 (Class C)
	1,710,000	g,i	Morgan Stanley Capital I	5.420		09/15/47		1,556
			Series - 2011 C1 (Class D)
	850,000	i	Morgan Stanley Capital I	5.540		11/12/49		865
			Series - 2007 T25 (Class AM)
	1,010,000		Morgan Stanley Capital I	4.770		07/15/56		980
			Series - 0 IQ9 (Class AJ)
	2,750,000	g	OBP DEPOSITOR LLC TRUST	4.650		07/15/45		2,854
			Series - 2010 OBP (Class A)
	2,215,000	g,i	RBSCF Trust	4.830		04/15/24		2,291
			Series - 2010 MB1 (Class D)
	3,102,560		Residential Accredit Loans, Inc	6.000		06/25/36		1,919
			Series - 2006 QS7 (Class A3)
	3,179,834	i	Residential Accredit Loans, Inc	0.380		05/25/46		1,996
			Series - 2006 QO5 (Class 2A1)
	1,851,548	i	Residential Funding Mortgage Securities I, Inc	3.000		08/25/35		1,644
			Series - 2005 SA3 (Class 2A1)
	598,104	i	Structured Adjustable Rate Mortgage Loan Trust	0.570		03/25/35		575
			Series - 2005 6XS (Class A3)
	4,040	i	Structured Adjustable Rate Mortgage Loan Trust	5.620		07/25/36		4
			Series - 2006 6 (Class 2A1)
	3,390,000		Wachovia Bank Commercial Mortgage Trust	5.380		12/15/43		3,065
			Series - 2007 C30 (Class AM)
	6,880,000	i	Wachovia Bank Commercial Mortgage Trust	6.170		06/15/45		7,135
			Series - 2006 C26 (Class AM)

371

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$      1,060,000	i	Wachovia Bank Commercial Mortgage Trust	5.820	%	05/15/46	$	999
			Series - 2007 C34 (Class AM)
	2,505,000		Wachovia Bank Commercial Mortgage Trust	5.500		04/15/47		2,625
			Series - 2007 C31 (Class A5)
	1,160,000		Wachovia Bank Commercial Mortgage Trust	5.340		11/15/48		1,145
			Series - 2006 C29 (Class AM)
	6,385,000	i	Wachovia Bank Commercial Mortgage Trust	5.370		11/15/48		5,395
			Series - 2006 C29 (Class AJ)
	2,175,000	i	Wachovia Bank Commercial Mortgage Trust	6.100		02/15/51		2,366
			Series - 2007 C33 (Class A4)
	1,745,000	i	Wachovia Bank Commercial Mortgage Trust	6.100		02/15/51		1,881
			Series - 2007 C33 (Class A5)
	1,051,072	i	Wells Fargo Mortgage Backed Securities Trust	5.400		03/25/36		1,055
			Series - 2006 AR1 (Class 2A2)
			TOTAL OTHER MORTGAGE BACKED					198,436
			TOTAL STRUCTURED ASSETS					277,714
			(Cost $276,225)
			TOTAL BONDS					4,225,142
			(Cost $4,109,736)

SHARES			COMPANY
COMMON STOCKS - 59.9%
AUTOMOBILES & COMPONENTS - 1.4%
	24,300		Aisin Seiki Co Ltd	940
	93,201	*	American Axle & Manufacturing Holdings, Inc	1,061
	127,203		Bayerische Motoren Werke AG.	12,702
	10,771		Bayerische Motoren Werke AG. (Preference)	685
	51,856	*	BorgWarner, Inc	4,189
	130,600		Denso Corp	4,857
	2,559,823	*	Ford Motor Co	35,301
	8,129	*,e	Fuel Systems Solutions, Inc	203
	189,806		Harley-Davidson, Inc	7,776
	305,980		Honda Motor Co Ltd	11,788
	743,208		Johnson Controls, Inc	30,962
	38,400	*	Modine Manufacturing Co	590
	612,300		Nissan Motor Co Ltd	6,435
	57,840		Peugeot S.A.	2,595
	97,815		Pirelli & C S.p.A.	1,058
	95,046		Renault S.A.	5,639
	48,870		Superior Industries International, Inc	1,081
	112,093	*	Tenneco, Inc	4,940
	25,000		Toyota Industries Corp	825
	77,972		Volkswagen AG. (Preference)	16,124
	102,500	*	Yamaha Motor Co Ltd	1,883
			TOTAL AUTOMOBILES & COMPONENTS	151,634

372

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
BANKS - 3.3%
	7,264		Associated Banc-Corp	$	101
	429,947	*	Australia & New Zealand Banking Group Ltd		10,192
	1,911,833		Banca Intesa S.p.A.		5,091
	766,621		Banca Intesa S.p.A. RSP		1,653
	864,692		Banco Bilbao Vizcaya Argentaria S.A.		10,150
	209,409		Banco Comercial Portugues S.A.		125
	993,906		Banco Santander Central Hispano S.A.		11,450
	17,096		Bank of Hawaii Corp		795
	194,500		Bank of Nova Scotia		11,717
	616		Barclays plc		3
	921,931		BB&T Corp		24,744
	3,237		Capitol Federal Financial		38
	3,360		Cathay General Bancorp		55
	559,724	*,e	Citizens Republic Bancorp, Inc		386
	2,120	e	Columbia Banking System, Inc		37
	132,285		Comerica, Inc		4,573
	1,101		Commerce Bancshares, Inc		47
	301,281		Commonwealth Bank of Australia		16,968
	2,000		Community Bank System, Inc		50
	700		Cullen/Frost Bankers, Inc		40
	73,010	*	Danske Bank AS		1,351
	371,719	*	Dexia		1,157
	172,388		DNB NOR Holding ASA		2,402
	2,420		East West Bancorp, Inc		49
	1,247,900		Fifth Third Bancorp		15,911
	170,376		First Horizon National Corp		1,625
	6,029		First Niagara Financial Group, Inc		80
	2,590		Glacier Bancorp, Inc		35
	1,710		Hancock Holding Co		53
	275,400		Hang Seng Bank Ltd		4,405
	2,408,118		HSBC Holdings plc		23,875
	223,540		Hudson City Bancorp, Inc		1,831
	1,147		International Bancshares Corp		19
	90,119		KBC Groep NV		3,536
	914,651		Keycorp		7,619
	137,449		M&T Bank Corp		12,089
	225,479	e	Marshall & Ilsley Corp		1,797
	1,800		MB Financial, Inc		35
	1,558,700		Mitsubishi UFJ Financial Group, Inc		7,596
	3,311,900		Mizuho Financial Group, Inc		5,444
	344,419		National Australia Bank Ltd		9,522
	6,490		National Penn Bancshares, Inc		51
	1,500		NBT Bancorp, Inc		33
	175,361	e	New York Community Bancorp, Inc		2,628
	567,438		Nordea Bank AB		6,094
	19,938		Old National Bancorp		215
	600	e	Park National Corp		40
	27,943		People’s United Financial, Inc		376
	2,500	*	Pinnacle Financial Partners, Inc		39
	29,650	*	PMI Group, Inc		32
	510,028		PNC Financial Services Group, Inc		30,402
	1,940,770	*	Popular, Inc		5,357

373

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	48,979		Provident Financial Services, Inc	$	701
	39,760	e	Radian Group, Inc		168
	1,065,455		Regions Financial Corp		6,606
	244,110		Royal Bank of Canada (Toronto)		13,954
	3,701,376	*	Royal Bank of Scotland Group plc		2,290
	1,000	e	S&T Bancorp, Inc		19
	685,000		Shinsei Bank Ltd		685
	410,200		Shizuoka Bank Ltd		3,772
	1,200	*	Signature Bank		69
	155,678		Skandinaviska Enskilda Banken AB (Class A)		1,273
	291,341		Standard Chartered plc		7,653
	6,990		Sterling Bancshares, Inc		57
	5,030	e	Susquehanna Bancshares, Inc		40
	23,595	*	SVB Financial Group		1,409
	244,510		Svenska Handelsbanken (A Shares)		7,539
	2,400	e	TCF Financial Corp		33
	122,211		Toronto-Dominion Bank		10,363
	1,700	e	Trustmark Corp		40
	3,150		Umpqua Holdings Corp		36
	2,122,460		UniCredito Italiano S.p.A.		4,493
	1,477,363		US Bancorp		37,687
	2,724		Webster Financial Corp		57
	5,690	*	Western Alliance Bancorp		40
	591,023		Westpac Banking Corp		14,180
	1,110	e	Wintrust Financial Corp		36
	15,516		Zions Bancorporation		373
			TOTAL BANKS		357,486
CAPITAL GOODS - 5.3%
	473,101		3M Co		44,875
	5,700		A.O. Smith Corp		241
	31,650		ACS Actividades Cons y Servicios S.A.		1,494
	2,100		Actuant Corp (Class A)		56
	66,830		Alfa Laval AB		1,441
	2,655	*	American Superconductor Corp		24
	422,364		Ametek, Inc		18,964
	4,300		Ampco-Pittsburgh Corp		101
	5,965		Apogee Enterprises, Inc		76
	1,440		Applied Industrial Technologies, Inc		51
	57,264	*	ArvinMeritor, Inc		919
	291,000		Asahi Glass Co Ltd		3,405
	35,700		Assa Abloy AB (Class B)		960
	10,969	*	Astec Industries, Inc		406
	81,414		Balfour Beatty plc		404
	109,330		Barnes Group, Inc		2,712
	2,120	*	Beacon Roofing Supply, Inc		48
	333,800		Bombardier, Inc		2,405
	82,347		Bouygues S.A.		3,621
	1,300		Brady Corp (Class A)		42
	26,790		Briggs & Stratton Corp		532
	23,239	*,e	Builders FirstSource, Inc		50
	295,728		Bunzl plc		3,703

374

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	448,498		Caterpillar, Inc	$	47,746
	118,516		Cintra Concesiones de Infraestructuras de Transporte S.A.		1,498
	1,100		Clarcor, Inc		52
	100,374		Compagnie de Saint-Gobain		6,507
	27,671		Cooper Industries plc		1,651
	223,631		Cummins, Inc		23,144
	26,300		Daikin Industries Ltd		932
	639,774		Danaher Corp		33,902
	378,399		Deere & Co		31,199
	2,341		Delek Group Ltd		526
	27,716		Dover Corp		1,879
	300,673		Eaton Corp		15,470
	1,740	*	EMCOR Group, Inc		51
	661,442		Emerson Electric Co		37,206
	1,280	*	EnPro Industries, Inc		62
	1,450		ESCO Technologies, Inc		53
	59,100	*	Fanuc Ltd		9,883
	34,300	e	Fastenal Co		1,234
	3,800		Finning International, Inc		113
	39,671		Fluor Corp		2,565
	23,380		Fomento de Construcciones y Contratas S.A.		713
	2,330		Gardner Denver, Inc		196
	8,591		Geberit AG.		2,038
	1,350	*	General Cable Corp		57
	48,876	*	Gibraltar Industries, Inc		553
	1,500		Gorman-Rupp Co		49
	63,837		Graco, Inc		3,234
	51,754	*	GrafTech International Ltd		1,049
	1,240		Granite Construction, Inc		30
	32,600		Hitachi Construction Machinery Co Ltd		731
	6,000		Hochtief AG.		501
	589,979		Illinois Tool Works, Inc		33,327
	61,417		Ingersoll-Rand plc		2,789
	1,900	*	Insituform Technologies, Inc (Class A)		40
	2,300		Insteel Industries, Inc		29
	336,346		Invensys plc		1,740
	27,700		JS Group Corp		714
	119,400		Komatsu Ltd		3,728
	358,097		Koninklijke Philips Electronics NV		9,203
	288,000		Kubota Corp		2,555
	6,983	*	Layne Christensen Co		212
	36,587		LB Foster Co (Class A)		1,204
	24,220		Lincoln Electric Holdings, Inc		868
	11,900	*	Makita Corp		555
	267,000		Marubeni Corp		1,774
	347,539		Masco Corp		4,181
	12,396		Metso Oyj		705
	750	*	Middleby Corp		71
	323,000		Mitsubishi Electric Corp		3,751
	900		MSC Industrial Direct Co (Class A)		60
	114,717	*	NCI Building Systems, Inc		1,307
	83,000		NGK Insulators Ltd		1,546

375

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	28,000		Nidec Corp	$	2,614
	134,820		Nordson Corp		7,395
	86,000		NSK Ltd		859
	45,000		NWS Holdings Ltd		60
	74,893		Orkla ASA		713
	80,096	*	Owens Corning, Inc		2,992
	235,632		Paccar, Inc		12,038
	45,396		Pall Corp		2,553
	37,515		Pentair, Inc		1,514
	32,969	*	Polypore International, Inc		2,237
	176,741		Precision Castparts Corp		29,101
	34,002		Quanex Building Products Corp		557
	77,762	*	Quanta Services, Inc		1,571
	62,526		Rockwell Automation, Inc		5,425
	37,308		Roper Industries, Inc		3,108
	3,300	*	Rush Enterprises, Inc (Class A)		63
	175,680		Sandvik AB		3,078
	2,100	*	Sauer-Danfoss, Inc		106
	157,500		Scania AB (B Shares)		3,656
	91,044		Schneider Electric S.A.		15,202
	1,792,500		SembCorp Industries Ltd		7,299
	43,912	*	Sensata Technologies Holding BV		1,653
	98,000		Shimizu Corp		408
	1,310		Simpson Manufacturing Co, Inc		39
	41,300		Skanska AB (B Shares)		740
	3,270		Smiths Group plc		63
	20,075		Snap-On, Inc		1,254
	187,768	*	Spirit Aerosystems Holdings, Inc (Class A)		4,131
	93,600		Sumitomo Electric Industries Ltd		1,365
	312		TAL International Group, Inc		11
	99,430		Tennant Co		3,970
	1,480		Timken Co		75
	69,914		Tredegar Corp		1,283
	1,800	*,e	Trex Co, Inc		44
	393,151		Tyco International Ltd		19,433
	1,070		Universal Forest Products, Inc		26
	37,780	*	Vestas Wind Systems AS		877
	165,360		Vinci S.A.		10,613
	341,990		Volvo AB (B Shares)		5,987
	114,769		W.W. Grainger, Inc		17,635
	41,532	*	WABCO Holdings, Inc		2,868
	730		Watsco, Inc		50
	17,580	*	WESCO International, Inc		951
	44,700		Westinghouse Air Brake Technologies Corp		2,938
	131,715		Wolseley plc		4,299
	14,175		Zardoya Otis S.A.		208
			TOTAL CAPITAL GOODS		564,775
COMMERCIAL & PROFESSIONAL SERVICES - 0.5%
	23,001	*	ACCO Brands Corp		181
	41,858		Adecco S.A.		2,687
	10,400		Aggreko plc		322

376

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	164,413		Avery Dennison Corp	$	6,351
	127,102		Brambles Ltd		988
	2,370		Brink’s Co		71
	120,569		Capita Group plc		1,385
	2,000		CDI Corp		27
	5,300		Corporate Executive Board Co		231
	188,000		Dai Nippon Printing Co Ltd		2,119
	18,020		Deluxe Corp		445
	72,846		Dun & Bradstreet Corp		5,502
	291,317		Experian Group Ltd		3,711
	2,000		Heidrick & Struggles International, Inc		45
	8,629		Herman Miller, Inc		235
	23,219	e	HNI Corp		583
	700	*	IHS, Inc (Class A)		58
	65,186		Iron Mountain, Inc		2,222
	2,980		Knoll, Inc		60
	3,300	*	Korn/Ferry International		73
	36,748		Manpower, Inc		1,972
	2,100	*	Mobile Mini, Inc		44
	36,720	e	Pitney Bowes, Inc		844
	77,540		R.R. Donnelley & Sons Co		1,521
	15,200		Randstad Holdings NV		703
	123,940		Robert Half International, Inc		3,350
	53,100		Secom Co Ltd		2,546
	5,810		Steelcase, Inc (Class A)		66
	44,676	*	Tetra Tech, Inc		1,005
	179,000		Toppan Printing Co Ltd		1,389
	1,400		United Stationers, Inc		50
	2,100		Viad Corp		47
	207,266		Waste Management, Inc		7,725
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		48,558
CONSUMER DURABLES & APPAREL - 0.9%
	3,048		Adidas-Salomon AG.		242
	2,700		American Greetings Corp (Class A)		65
	45,900		Burberry Group plc		1,067
	32,738		Callaway Golf Co		204
	28,420		Christian Dior S.A.		4,466
	165,529		Coach, Inc		10,582
	341	e	Columbia Sportswear Co		22
	80,073		Compagnie Financiere Richemont S.A.		5,247
	2,733	*	Deckers Outdoor Corp		241
	2,380	e	Ethan Allen Interiors, Inc		51
	1,436	*	Fossil, Inc		169
	7,100		Gildan Activewear, Inc		250
	1,300		Hasbro, Inc		57
	293	*	Iconix Brand Group, Inc		7
	6,710	e	KB Home		66
	1,990	*	Maidenform Brands, Inc		55
	339,400		Matsushita Electric Industrial Co Ltd		4,151
	503,599		Mattel, Inc		13,844

377

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	23,800		Movado Group, Inc	$	407
	360,698		Nike, Inc (Class B)		32,456
	197,000		Nikon Corp		4,659
	22,800		Oxford Industries, Inc		770
	30,030		Phillips-Van Heusen Corp		1,966
	2,000		Pool Corp		60
	44,000		Sekisui Chemical Co Ltd		376
	81,000		Sekisui House Ltd		754
	132,000	*	Sharp Corp		1,205
	173,100	*	Sony Corp		4,566
	9,700	*	Tempur-Pedic International, Inc		658
	400	*	Timberland Co (Class A)		17
	1,780	*	True Religion Apparel, Inc		52
	20,265		Tupperware Corp		1,367
	1,150	*,e	Under Armour, Inc (Class A)		89
	41,224		VF Corp		4,475
	970	*	Warnaco Group, Inc		51
	4,391		Whirlpool Corp		357
	123,400		Yamaha Corp		1,407
			TOTAL CONSUMER DURABLES & APPAREL		96,478
CONSUMER SERVICES - 1.1%
	35,220	*	AFC Enterprises		579
	800	*	American Public Education, Inc		36
	30,700		Benesse Corp		1,320
	1,710	*	BJ’s Restaurants, Inc		90
	7,343		Bob Evans Farms, Inc		257
	1,020		CEC Entertainment, Inc		41
	95,076		Choice Hotels International, Inc		3,172
	1,200	*,e	Coinstar, Inc		65
	480,983		Compass Group plc		4,638
	111,517		Darden Restaurants, Inc		5,549
	900		DeVry, Inc		53
	1,346	*	DineEquity, Inc		70
	3,400	*	Domino’s Pizza, Inc		86
	69,691	*,e	Gaylord Entertainment Co		2,091
	1,810	*	Jack in the Box, Inc		41
	291,754		Marriott International, Inc (Class A)		10,354
	669,921		McDonald’s Corp		56,489
	12,376	*	O’Charleys, Inc		90
	530	*	Panera Bread Co (Class A)		67
	1,300	*	Papa John’s International, Inc		43
	1,110	*,e	Peet’s Coffee & Tea, Inc		64
	930	e	PF Chang’s China Bistro, Inc		37
	6,040	*	Ruby Tuesday, Inc		65
	29,578	*	Sonic Corp		314
	599,510		Starbucks Corp		23,675
	124,901		Starwood Hotels & Resorts Worldwide, Inc		6,999
	190	e	Strayer Education, Inc		24
	2,200		Universal Technical Institute, Inc		43
	960		Vail Resorts, Inc		44
	6,510		Weight Watchers International, Inc		491

378

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	29,105		Wyndham Worldwide Corp	$	979
	85,600		Yum! Brands, Inc		4,729
			TOTAL CONSUMER SERVICES		122,595
DIVERSIFIED FINANCIALS - 3.0%
	217,737	*	American Capital Ltd		2,162
	808,325		American Express Co		41,791
	175,671		Ameriprise Financial, Inc		10,133
	1,159,627		Bank of New York Mellon Corp		29,710
	131,499		BlackRock, Inc		25,223
	535,903		Capital One Financial Corp		27,690
	1,407,337		Charles Schwab Corp		23,151
	53,782		CME Group, Inc		15,681
	41,143		Deutsche Boerse AG.		3,124
	605,996		Discover Financial Services		16,210
	31,220		Eaton Vance Corp		944
	51,550	e	Evercore Partners, Inc (Class A)		1,718
	238,862		Franklin Resources, Inc		31,359
	570	e	Greenhill & Co, Inc		31
	83,871	*	IntercontinentalExchange, Inc		10,460
	1,750	*	International Assets Holding Corp		42
	418,596		Invesco Ltd		9,795
	3,030	*	Investment Technology Group, Inc		42
	3,510		Janus Capital Group, Inc		33
	1,570		KBW, Inc		29
	84,613		Legg Mason, Inc		2,772
	454,885	*	MF Global Holdings Ltd		3,521
	81,929	*	Nasdaq Stock Market, Inc		2,073
	133,016	*	NewStar Financial, Inc		1,421
	863,100	*	Nomura Holdings, Inc		4,259
	207,483		Northern Trust Corp		9,536
	260,365		NYSE Euronext		8,923
	7,510	*	PHH Corp		154
	15,778	*	Safeguard Scientifics, Inc		298
	92,049		SEI Investments Co		2,072
	497,483		State Street Corp		22,432
	255,882		T Rowe Price Group, Inc		15,440
			TOTAL DIVERSIFIED FINANCIALS		322,229
ENERGY - 6.1%
	325,046		Apache Corp		40,106
	218,947	*,e	ATP Oil & Gas Corp		3,352
	4,366	*	Atwood Oceanics, Inc		193
	706,010		BG Group plc		16,031
	2,730	*	Brigham Exploration Co		82
	108,819		Cabot Oil & Gas Corp		7,216
	135,202	*	Cairn Energy plc		902
	7,080	*	Cal Dive International, Inc		42
	193,317	*	Cameron International Corp		9,722
	21,895		CARBO Ceramics, Inc		3,568
	5,590	*	Carrizo Oil & Gas, Inc		233
	269,200		Cenovus Energy, Inc		10,160

379

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	670,518		Chesapeake Energy Corp	$	19,908
	110,102		Cimarex Energy Co		9,900
	258,739	*,e	Clean Energy Fuels Corp		3,402
	38,527	*	Compagnie Generale de Geophysique S.A.		1,412
	48,215	*	Complete Production Services, Inc		1,608
	9,953	*	Concho Resources, Inc		914
	43,560	*	Contango Oil & Gas Co		2,546
	103,000		Cosmo Oil Co Ltd		293
	184,621		Crosstex Energy, Inc		2,197
	82,168	*,e	CVR Energy, Inc		2,023
	6,000	*	Dawson Geophysical Co		205
	418,680	*	Denbury Resources, Inc		8,374
	419,784	*	Devon Energy Corp		33,083
	214,686	e	Diamond Offshore Drilling, Inc		15,116
	1,400	*	Dresser-Rand Group, Inc		75
	831,538		El Paso Corp		16,797
	288,074		Enbridge, Inc		9,367
	575,299		ENI S.p.A.		13,634
	261,322		EOG Resources, Inc		27,321
	350,471		Equitable Resources, Inc		18,407
	4,429	*,e	Exterran Holdings, Inc		88
	217,086	*	FMC Technologies, Inc		9,723
	12,700		Fugro NV		915
	128,458		Galp Energia SGPS S.A.		3,064
	164,944	*	Global Industries Ltd		904
	16,840	*,e	GMX Resources, Inc		75
	47,478	*,e	Goodrich Petroleum Corp		874
	22,906		Gulf Island Fabrication, Inc		739
	58,674	*	Gulfmark Offshore, Inc		2,593
	374,826		Hess Corp		28,022
	151,299	*,e	Hornbeck Offshore Services, Inc		4,161
	1,300		Idemitsu Kosan Co Ltd		139
	670		Inpex Holdings, Inc		4,953
	49,728	*	ION Geophysical Corp		470
	4,180	*	Key Energy Services, Inc		75
	35	*,e	Kinder Morgan Management LLC		2
	12,938		Lufkin Industries, Inc		1,113
	697,138		Marathon Oil Corp		36,725
	440,339		National Oilwell Varco, Inc		34,438
	101,331		Neste Oil Oyj		1,590
	145,045	*	Newfield Exploration Co		9,866
	245,777		Nexen, Inc		5,540
	119,405	e	Noble Corp		4,706
	289,705		Noble Energy, Inc		25,966
	5,623	*,e	Northern Oil And Gas, Inc		125
	21,736		Oceaneering International, Inc		880
	14,886	*	Oil States International, Inc		1,190
	133,109		OMV AG.		5,815
	516,508		Origin Energy Ltd		8,782
	4,321	*	OYO Geospace Corp		432
	116,560	*	Parker Drilling Co		682
	51,500		Penn West Energy Trust		1,189

380

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	228,895	*	PetroHawk Energy Corp	$	5,647
	32,190	*,e	Petroleum Development Corp		963
	67,500	*,e	Petroquest Energy, Inc		474
	86,690	*	Pioneer Drilling Co		1,321
	169,511		Pioneer Natural Resources Co		15,183
	280,478		Questar Market Resources, Inc		11,732
	104,726	*	Quicksilver Resources, Inc		1,546
	91,308		Range Resources Corp		5,068
	769,765	*,e	Rentech, Inc		816
	293,175		Repsol YPF S.A.		10,169
	36,777	*,e	Rex Energy Corp		378
	13,890	*	Rosetta Resources, Inc		716
	10,704	e	RPC, Inc		263
	19,311		Saipem S.p.A.		997
	439,137		Santos Ltd		6,403
	400		SEACOR Holdings, Inc		40
	92,225		SeaDrill Ltd		3,243
	229,704	*	Southwestern Energy Co		9,850
	1,115,375		Spectra Energy Corp		30,572
	82,840		St. Mary Land & Exploration Co		6,087
	360,004		Suncor Energy, Inc		14,110
	48,703		Sunoco, Inc		2,031
	442,000		Talisman Energy, Inc		9,079
	6,769		Technip S.A.		726
	126,056		Tenaris S.A.		2,882
	800	e	Tidewater, Inc		43
	191,691		Tullow Oil plc		3,817
	117,970	*	Ultra Petroleum Corp		5,403
	41,805	*	Unit Corp		2,547
	808,745	*	Weatherford International Ltd		15,164
	256,884	*,e	Western Refining, Inc		4,642
	93,910	*	Whiting Petroleum Corp		5,344
			TOTAL ENERGY		651,281
FOOD & STAPLES RETAILING - 0.8%
	114,200		Aeon Co Ltd		1,378
	179,256		Carrefour S.A.		7,369
	1,300		Casey’s General Stores, Inc		57
	3,876		Casino Guichard Perrachon S.A.		365
	10,250		Delhaize Group		769
	46,668		J Sainsbury plc		247
	54,500		Jeronimo Martins SGPS S.A.		1,047
	6,988		Kesko Oyj (B Shares)		325
	216,057		Koninklijke Ahold NV		2,905
	324,205		Kroger Co		8,040
	9,800		Lawson, Inc		514
	31,000		Loblaw Cos Ltd		1,252
	58,366		Metro AG.		3,535
	8,100		Metro, Inc		403
	1,400		Ruddick Corp		61
	416,801		Safeway, Inc		9,741
	89,900		Seven & I Holdings Co Ltd		2,418

381

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	18,582		Spartan Stores, Inc	$	363
	879,356		Sysco Corp		27,419
	1,655,276		Tesco plc		10,695
	1,270	*	United Natural Foods, Inc		54
	54,543		Whole Foods Market, Inc		3,461
	2,600	*	Winn-Dixie Stores, Inc		22
	28,443		WM Morrison Supermarkets plc		136
	158,072		Woolworths Ltd		4,716
			TOTAL FOOD & STAPLES RETAILING		87,292
FOOD, BEVERAGE & TOBACCO - 2.5%
	97,000		Ajinomoto Co, Inc		1,152
	25,518		Aryzta AG.		1,371
	160,488		Associated British Foods plc		2,792
	342,552	e	Campbell Soup Co		11,835
	189,544		Coca Cola Hellenic Bottling Co S.A.		5,091
	81,324		ConAgra Foods, Inc		2,099
	5,450	*	Darling International, Inc		96
	1,010	e	Diamond Foods, Inc		77
	2,100	e	Flowers Foods, Inc		46
	749,368		General Mills, Inc		27,891
	78,445	*	Green Mountain Coffee Roasters, Inc		7,002
	169,225		Groupe Danone		12,633
	350,868		H.J. Heinz Co		18,694
	2,100	*	Hain Celestial Group, Inc		70
	12,910	*	Hansen Natural Corp		1,045
	19,174		Hormel Foods Corp		572
	39,375		J.M. Smucker Co		3,010
	451,163		Kellogg Co		24,958
	24,897		Kerry Group plc (Class A)		1,026
	31,000		Kikkoman Corp		327
	1,152,986		Kraft Foods, Inc (Class A)		40,620
	2,677	e	Lancaster Colony Corp		163
	21,747		McCormick & Co, Inc		1,078
	28,500		Nisshin Seifun Group, Inc		356
	10,900		Nissin Food Products Co Ltd		397
	866,867		PepsiCo, Inc		61,054
	1,876	*	Ralcorp Holdings, Inc		162
	22,200		Saputo, Inc		1,071
	582,262		Sara Lee Corp		11,057
	11,095	e	Tootsie Roll Industries, Inc		325
	890	*	TreeHouse Foods, Inc		49
	390,614		Unilever NV		12,820
	361,651		Unilever plc		11,669
	68,900		Viterra, Inc		749
	40,900		Yakult Honsha Co Ltd		1,183
			TOTAL FOOD, BEVERAGE & TOBACCO		264,540
HEALTH CARE EQUIPMENT & SERVICES - 1.9%
	478,977		Aetna, Inc		21,118
	10,800	*	Amsurg Corp		282
	594,946		Baxter International, Inc		35,513

382

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	320,749		Becton Dickinson & Co	$	27,639
	39,170	*	Centene Corp		1,392
	9,990		Chemed Corp		655
	153,834		Cigna Corp		7,912
	2,310	*	Conceptus, Inc		27
	1,930	*	Coventry Health Care, Inc		70
	3,100	*	Gen-Probe, Inc		214
	12,050	*	Greatbatch, Inc		323
	730	*	Haemonetics Corp		47
	5,210	*	Health Management Associates, Inc (Class A)		56
	16,830	*	Henry Schein, Inc		1,205
	71,929		Hill-Rom Holdings, Inc		3,312
	760	*	HMS Holdings Corp		58
	100,596		Humana, Inc		8,102
	39,913	*,e	Idexx Laboratories, Inc		3,096
	1,200	*	Integra LifeSciences Holdings Corp		57
	4,500		Invacare Corp		149
	48,070	*	Inverness Medical Innovations, Inc		1,760
	29,553	*	Kinetic Concepts, Inc		1,703
	50,210	*	LifePoint Hospitals, Inc		1,962
	1,760		Masimo Corp		52
	1,730	*	MedAssets, Inc		23
	209,707	*	Medco Health Solutions, Inc		11,853
	926,509		Medtronic, Inc		35,699
	41,520	*	Molina Healthcare, Inc		1,126
	8,672	*	MWI Veterinary Supply, Inc		700
	69,800		Olympus Corp		2,355
	3,000	*	Omnicell, Inc		47
	8,337		Owens & Minor, Inc		288
	1,888	*	Palomar Medical Technologies, Inc		21
	78,813		Patterson Cos, Inc		2,592
	2,500	*	PSS World Medical, Inc		70
	22,842	*,e	Resmed, Inc		707
	1,120	*	Sirona Dental Systems, Inc		59
	40,359		STERIS Corp		1,412
	451,147		WellPoint, Inc		35,537
	2,100	*	Wright Medical Group, Inc		32
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		209,225
HOUSEHOLD & PERSONAL PRODUCTS - 1.8%
	254,286		Avon Products, Inc		7,120
	9,680		Beiersdorf AG.		629
	69,468		Clorox Co		4,685
	302,966		Colgate-Palmolive Co		26,482
	39,694		Estee Lauder Cos (Class A)		4,175
	155		Henkel KGaA		9
	156,880		Henkel KGaA (Preference)		10,909
	82,007		Herbalife Ltd		4,727
	181,200		Kao Corp		4,765
	434,428		Kimberly-Clark Corp		28,916
	63,795		L’Oreal S.A.		8,279
	1,610		Nu Skin Enterprises, Inc (Class A)		60

383

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	1,291,894		Procter & Gamble Co	$	82,125
	152,666		Reckitt Benckiser Group plc		8,432
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		191,313
INSURANCE - 3.3%
	323,198		ACE Ltd		21,273
	590,554		Aflac, Inc		27,567
	777	*	Alleghany Corp		259
	4,400		American Equity Investment Life Holding Co		56
	1,442,131		AMP Ltd		7,584
	59,094	*	Arch Capital Group Ltd		1,886
	1,500		Arthur J. Gallagher & Co		43
	126,789		Aspen Insurance Holdings Ltd		3,262
	421,903		Assicurazioni Generali S.p.A.		8,895
	96,941		Assurant, Inc		3,516
	18,354		Axis Capital Holdings Ltd		568
	840,494	*	Berkshire Hathaway, Inc (Class B)		65,047
	435,146		Chubb Corp		27,244
	402,055	e	Cincinnati Financial Corp		11,732
	128,560		CNP Assurances		2,799
	26,101		Delta Lloyd NV		620
	1,400	e	Donegal Group, Inc (Class A)		18
	2,400		Employers Holdings, Inc		40
	49,047		Endurance Specialty Holdings Ltd		2,027
	8,696		Everest Re Group Ltd		711
	617,347	*	Genworth Financial, Inc (Class A)		6,346
	1,200		Harleysville Group, Inc		37
	3,500	*	Hilltop Holdings, Inc		31
	418,327		Insurance Australia Group Ltd		1,529
	353,531		Lincoln National Corp		10,072
	5,014	*	Markel Corp		1,990
	4,850		Meadowbrook Insurance Group, Inc		48
	32,100		Mitsui Sumitomo Insurance Group Holdings, Inc		751
	116,855		Montpelier Re Holdings Ltd		2,103
	66,386		Muenchener Rueckver AG.		10,134
	55,212	*,e	National Financial Partners Corp		637
	700	*	Navigators Group, Inc		33
	2,927,223		Old Mutual plc		6,266
	6,698		PartnerRe Ltd		461
	405,332	*	Phoenix Cos, Inc		997
	53,051		Platinum Underwriters Holdings Ltd		1,763
	335,900		Principal Financial Group		10,218
	700	*	ProAssurance Corp		49
	874,151		Progressive Corp		18,689
	27,412		Protective Life Corp		634
	475,757		Prudential Financial, Inc		30,254
	849,978		Prudential plc		9,815
	700	e	RLI Corp		43
	1,347,546		Royal & Sun Alliance Insurance Group plc		2,915
	900		Safety Insurance Group, Inc		38
	2,400		Selective Insurance Group, Inc		39
	5,540		Stancorp Financial Group, Inc		234

384

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	1,110,653		Standard Life plc	$	3,754
	154,753	*	Swiss Re Ltd		8,690
	88,990		T&D Holdings, Inc		2,118
	509,088		Travelers Cos, Inc		29,722
	127,869		W.R. Berkley Corp		4,148
	213,122		XL Capital Ltd		4,684
			TOTAL INSURANCE		354,389
MATERIALS - 4.3%
	57,558		Agnico-Eagle Mines Ltd		3,639
	20,600		Agrium, Inc (Toronto)		1,809
	87,628		Air Liquide		12,554
	307,860		Air Products & Chemicals, Inc		29,425
	21,000		Air Water, Inc		253
	6,480		Airgas, Inc		454
	19,300		Akzo Nobel NV		1,219
	1,136,280		Alcoa, Inc		18,022
	66,030		Allegheny Technologies, Inc		4,191
	115,692	*	Allied Nevada Gold Corp		4,092
	1,087,717		Alumina Ltd		2,491
	122,822		AMCOL International Corp		4,687
	312,441		Antofagasta plc		6,992
	21,600		Aptargroup, Inc		1,131
	1,400		Arch Chemicals, Inc		48
	203,000		Asahi Kasei Corp		1,368
	37,644		Ball Corp		1,448
	89,010		BASF AG.		8,725
	86,309		Bemis Co, Inc		2,916
	372,433		BlueScope Steel Ltd		485
	13,556		Boliden AB		250
	52,800		Buckeye Technologies, Inc		1,425
	1,160		Carpenter Technology Corp		67
	1,186	*	Clearwater Paper Corp		81
	157,324		Cleveland-Cliffs, Inc		14,545
	146,100	*	Coeur d’Alene Mines Corp		3,544
	110,909		Commercial Metals Co		1,592
	10,420		Compass Minerals International, Inc		897
	295,427		CRH plc		6,548
	5,992		Domtar Corporation		568
	5,800		DSM NV		376
	900		Eastman Chemical Co		92
	377,192		Ecolab, Inc		21,266
	5,690	*	Ferro Corp		76
	129,749		Fletcher Building Ltd		928
	872,026		Fortescue Metals Group Ltd		5,983
	42,065		Fresnillo plc		948
	74,210	*,e	General Moly, Inc		331
	1,052		Givaudan S.A.		1,113
	84,077		H.B. Fuller Co		2,053
	41,614		HeidelbergCement AG.		2,661
	30,000		Hitachi Metals Ltd		424
	2,400		Holmen AB (B Shares)		75

385

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	49,200		Inmet Mining Corp	$	3,540
	22,086		Innophos Holdings, Inc		1,078
	1,000		International Flavors & Fragrances, Inc		64
	206,873		International Paper Co		6,169
	48,900		JSR Corp		948
	77,699		K+S AG.		5,966
	38,000		Kaneka Corp		250
	381,800		Kinross Gold Corp		6,029
	58,000		Kuraray Co Ltd		850
	46,374		Linde AG.		8,136
	58,934		Lonmin plc		1,375
	121,887	*	Louisiana-Pacific Corp		992
	55,925		Lubrizol Corp		7,509
	472,418		LyondellBasell Industries AF S.C.A		18,198
	102,901		MacArthur Coal Ltd		1,214
	231,590		MeadWestvaco Corp		7,714
	24,336		Minerals Technologies, Inc		1,613
	297,500		Mitsubishi Chemical Holdings Corp		2,108
	48,000		Mitsubishi Gas Chemical Co, Inc		352
	120,960		Mitsui Chemicals, Inc		441
	2,100		Myers Industries, Inc		22
	43,294		Nalco Holding Co		1,204
	2,220		Neenah Paper, Inc		47
	249,083		Newcrest Mining Ltd		10,093
	1,793,000		Nippon Steel Corp		5,817
	212,000		Nisshin Steel Co Ltd		405
	31,500		Nitto Denko Corp		1,601
	830,690		Norsk Hydro ASA		6,359
	6,330		Novozymes AS (B Shares)		1,031
	414,559		Nucor Corp		17,089
	1,370	*	OM Group, Inc		56
	439,577		OneSteel Ltd		878
	43,142		Orica Ltd		1,251
	34,763	*	Owens-Illinois, Inc		897
	144,425		Oxiana Ltd		2,055
	94,500		Potash Corp of Saskatchewan Toronto		5,397
	314,717		Praxair, Inc		34,112
	1,380		Quaker Chemical Corp		59
	30,024		Rautaruukki Oyj		679
	15,189		Rock-Tenn Co (Class A)		1,008
	152,560	e	Royal Gold, Inc		8,935
	13,953		Salzgitter AG.		1,064
	850		Schnitzer Steel Industries, Inc (Class A)		49
	52,009		Sealed Air Corp		1,237
	92,200		Shin-Etsu Chemical Co Ltd		4,942
	201,544		Sigma-Aldrich Corp		14,789
	53,495		Sims Group Ltd		1,017
	10,200		Solvay S.A.		1,575
	105,431		Sonoco Products Co		3,746
	67,100		Ssab Svenskt Stal AB (Series A)		1,002
	600		Stepan Co		43
	44,488	*	Stillwater Mining Co		979

386

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	309,517		Stora Enso Oyj (R Shares)	$	3,250
	360,000		Sumitomo Chemical Co Ltd		1,798
	1,291,000		Sumitomo Metal Industries Ltd		2,900
	331,000		Sumitomo Metal Mining Co Ltd		5,438
	121,590		Svenska Cellulosa AB (B Shares)		1,714
	42,000		Taiyo Nippon Sanso Corp		334
	198,900		Teck Cominco Ltd		10,109
	74,000		Teijin Ltd		326
	68,329	e	Titanium Metals Corp		1,252
	305,000		Toray Industries, Inc		2,252
	41,000		Tosoh Corp		165
	117,300		Toyo Seikan Kaisha Ltd		1,975
	268,000		UBE Industries Ltd		807
	15,649		Umicore		854
	375,904	e	United States Steel Corp		17,308
	183,155		UPM-Kymmene Oyj		3,351
	56,795	*,e	US Gold Corp		342
	45,540		Valspar Corp		1,642
	112,777	e	Vulcan Materials Co		4,345
	10,800		Wausau Paper Corp		73
	260,642		Worthington Industries, Inc		6,021
	665,023		Xstrata plc		14,647
	264,700		Yamana Gold, Inc		3,090
	8,300		Yamato Kogyo Co Ltd		258
	20,900		Yara International ASA		1,174
			TOTAL MATERIALS		461,201
MEDIA - 1.1%
	1,380		Arbitron, Inc		57
	81,510		British Sky Broadcasting plc		1,107
	209,579		Cablevision Systems Corp (Class A)		7,589
	4,766		Cinemark Holdings, Inc		99
	426,216	*	Discovery Communications, Inc (Class A)		17,458
	55,452	*	Discovery Communications, Inc (Class C)		2,027
	48,307	*	DreamWorks Animation SKG, Inc (Class A)		971
	22,077	*	Fisher Communications, Inc		658
	9,947		John Wiley & Sons, Inc (Class A)		517
	226,343	*	Journal Communications, Inc (Class A)		1,170
	11,413		Lagardere S.C.A.		483
	276,683	*,e	Liberty Global, Inc (Class A)		12,462
	195,819	*,e	New York Times Co (Class A)		1,708
	551,411		Pearson plc		10,431
	1,550	e	Scholastic Corp		41
	171,061		Thomson Corp (Toronto)		6,422
	404,062		Time Warner Cable, Inc		31,534
	38,064	*,e	Valassis Communications, Inc		1,153
	311,054	e	Virgin Media, Inc		9,310
	18,736	e	Washington Post Co (Class B)		7,849
	25,400		Wolters Kluwer NV		563
	683,960		WPP plc		8,569
	239,700		Yellow Pages Income Fund		596
			TOTAL MEDIA		122,774

387

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.5%
	940,559		Abbott Laboratories	$	49,491
	17,804	*	Affymetrix, Inc		141
	318,094	*	Agilent Technologies, Inc		16,258
	94,231	*	Akorn, Inc		660
	353,798		Allergan, Inc		29,454
	11,418	*	Amylin Pharmaceuticals, Inc		153
	122,112	*,e	Ariad Pharmaceuticals, Inc		1,384
	167,180		Astellas Pharma, Inc		6,487
	13,508	*,e	Auxilium Pharmaceuticals, Inc		265
	298,915	*	Biogen Idec, Inc		31,960
	400	*	Bio-Rad Laboratories, Inc (Class A)		48
	34,162		Biovail Corp		1,776
	1,392,724		Bristol-Myers Squibb Co		40,333
	50,897	*	Cepheid, Inc		1,763
	171,400		Chugai Pharmaceutical Co Ltd		2,811
	118,891	*	Endo Pharmaceuticals Holdings, Inc		4,776
	29,826	*,e	Geron Corp		120
	851,935	*	Gilead Sciences, Inc		35,278
	888,880		GlaxoSmithKline plc		19,052
	4,270	*,e	Immunogen, Inc		52
	104,026	*,e	Incyte Corp		1,970
	1,262,999		Johnson & Johnson		84,014
	130,876	*	Life Technologies Corp		6,815
	1,644,511		Merck & Co, Inc		58,034
	6,209		Merck KGaA		675
	235,303	*	Nektar Therapeutics		1,711
	83,237	*	Neurocrine Biosciences, Inc		670
	361,295		Novartis AG.		22,143
	122,745		Novo Nordisk AS (Class B)		15,377
	1,100	*	Onyx Pharmaceuticals, Inc		39
	152,451		PDL BioPharma, Inc		895
	39,797	*	Pharmasset, Inc		4,465
	73,809	*	Pozen, Inc		310
	27,366	*,e	Progenics Pharmaceuticals, Inc		196
	121,925		Roche Holding AG.		20,413
	72,210	*	Salix Pharmaceuticals Ltd		2,876
	19,327	*,e	Sangamo Biosciences, Inc		114
	2,800		Santen Pharmaceutical Co Ltd		114
	1,297	*,e	Synta Pharmaceuticals Corp		7
	199,600		Takeda Pharmaceutical Co Ltd		9,225
	2,390		Techne Corp		199
	3,140	*	Theravance, Inc		70
	11,024	*	United Therapeutics Corp		607
	88,049	*,e	Vivus, Inc		717
	65,002	*	Waters Corp		6,223
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		480,141

388

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
REAL ESTATE - 1.7%
	55,900		Aeon Mall Co Ltd	$	1,354
	276,398		AMB Property Corp		9,906
	1,500		American Campus Communities, Inc		53
	1,229,029		Annaly Capital Management, Inc		22,171
	95,822		Boston Properties, Inc		10,172
	195,440		British Land Co plc		1,911
	320,000		CapitaMall Trust		488
	139,998	*	CB Richard Ellis Group, Inc (Class A)		3,515
	1,080		Corporate Office Properties Trust		34
	198,000		Daiwa House Industry Co Ltd		2,498
	2,000,999		DB RREEF Trust		1,896
	24,718	e	Digital Realty Trust, Inc		1,527
	2,780		Douglas Emmett, Inc		55
	183,147		Duke Realty Corp		2,566
	1,000		EastGroup Properties, Inc		43
	2,600	e	Equity One, Inc		48
	11,054		Federal Realty Investment Trust		942
	276,111	*	First Industrial Realty Trust, Inc		3,161
	1,144	*	Forest City Enterprises, Inc (Class A)		21
	2,600		Franklin Street Properties Corp		34
	620,224		General Growth Properties, Inc		10,352
	297,596		GPT Group (ASE)		1,012
	434,069		HCP, Inc		15,926
	72,815		Health Care REIT, Inc		3,818
	2,000		Healthcare Realty Trust, Inc		41
	602,986		Host Marriott Corp		10,221
	2,160		Jones Lang LaSalle, Inc		204
	1,340		Kilroy Realty Corp		53
	279,836		Land Securities Group plc		3,828
	1,880		LaSalle Hotel Properties		50
	348,312		Liberty International plc		2,235
	44,728	e	Liberty Property Trust		1,457
	36,619		Macerich Co		1,959
	4,400		Medical Properties Trust, Inc		51
	14,820		Mid-America Apartment Communities, Inc		1,000
	321,032		Mirvac Group		432
	305,810		Mitsui Fudosan Co Ltd		5,268
	5,168		Post Properties, Inc		211
	700		PS Business Parks, Inc		39
	808,472		RAIT Investment Trust		1,698
	11,900		Regency Centers Corp		523
	423,884		Segro plc		2,125
	272,154		Simon Property Group, Inc		31,631
	987,410		Stockland Trust Group		3,622
	18,945		Unibail		4,377
	38,235		Ventas, Inc		2,015
	135,806		Vornado Realty Trust		12,654
	1,500		Washington Real Estate Investment Trust		49
			TOTAL REAL ESTATE		179,246
RETAILING - 2.1%
	2,050		Aaron’s, Inc		58
	2,050		Advance Auto Parts, Inc		120
	83,950		American Eagle Outfitters, Inc		1,070

389

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	10,610	*	Ann Taylor Stores Corp	$	277
	45,815	*	Autozone, Inc		13,509
	900		Barnes & Noble, Inc		15
	172,635	*	Bed Bath & Beyond, Inc		10,077
	289,374		Best Buy Co, Inc		9,089
	810	*	Blue Nile, Inc		36
	4,363	e	Bon-Ton Stores, Inc/the		42
	1,200	e	Buckle, Inc		51
	8,200		Canadian Tire Corp Ltd		536
	50,476	*	Carmax, Inc		1,669
	52,582		Chico’s FAS, Inc		801
	3,400		Christopher & Banks Corp		20
	12,500		Fast Retailing Co Ltd		2,022
	2,586		Finish Line, Inc (Class A)		55
	51,032		Foot Locker, Inc		1,213
	31,240	*,e	GameStop Corp (Class A)		833
	473,986		Gap, Inc		8,579
	285,917		Genuine Parts Co		15,554
	2,200		Haverty Furniture Cos, Inc		25
	212,789		Hennes & Mauritz AB (B Shares)		7,337
	109,700		Home Retail Group		288
	36,700	*	HSN, Inc		1,208
	56,720		Inditex S.A.		5,168
	129,084		JC Penney Co, Inc		4,459
	380,300		Kingfisher plc		1,634
	291,488		Kohl’s Corp		14,577
	2,871,620		Li & Fung Ltd		5,739
	412,406	*	Liberty Media Holding Corp (Interactive A)		6,916
	242,300		Limited Brands, Inc		9,316
	2,500	*	LKQ Corp		65
	1,193,973		Lowe’s Cos, Inc		27,831
	101,698		Macy’s, Inc		2,974
	3,280		Men’s Wearhouse, Inc		111
	94,376		Nordstrom, Inc		4,430
	78,565	*	Office Depot, Inc		332
	99,751	*,e	Orbitz Worldwide, Inc		248
	800	*	O’Reilly Automotive, Inc		52
	10,103	*,e	Overstock.com, Inc		154
	32,862		Petsmart, Inc		1,491
	9,430	*	Pier 1 Imports, Inc		109
	29,641	e	RadioShack Corp		395
	5,240	*	Sally Beauty Holdings, Inc		90
	1,800	*	Shoe Carnival, Inc		54
	597,161		Staples, Inc		9,435
	3,300		Stein Mart, Inc		32
	4,010	*,e	Talbots, Inc		13
	688,060		Target Corp		32,277
	38,755		Tiffany & Co		3,043
	410,862		TJX Companies, Inc		21,582
	1,220		Tractor Supply Co		82
	1,820	*	Ulta Salon Cosmetics & Fragrance, Inc		118
	11,490		Williams-Sonoma, Inc		419
			TOTAL RETAILING		227,630

390

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.5%
	80,003	*	Advanced Energy Industries, Inc	$	1,183
	769,561	*	Advanced Micro Devices, Inc		5,379
	93,138		Analog Devices, Inc		3,645
	1,995,890		Applied Materials, Inc		25,967
	106,924		ASML Holding NV		3,944
	7,922	*	Cabot Microelectronics Corp		368
	1,100	*	Cymer, Inc		54
	2,380	*	Diodes, Inc		62
	76,949	*	Entegris, Inc		779
	7,010	*	GT Solar International, Inc		114
	7,300	*	Integrated Device Technology, Inc		57
	2,780,708		Intel Corp		61,620
	4,049	*	IXYS Corp		61
	60,054	*	Lattice Semiconductor Corp		392
	27,338	*	LTX-Credence Corp		244
	3,840		Micrel, Inc		41
	22,650		MKS Instruments, Inc		598
	478,038	*	Nvidia Corp		7,618
	479,006	*	ON Semiconductor Corp		5,015
	1,300	e	Power Integrations, Inc		50
	21,351	*	RF Micro Devices, Inc		131
	15,400		Rohm Co Ltd		884
	9,021	*	Rudolph Technologies, Inc		97
	16,682	*	Sigma Designs, Inc		127
	62,740	*	Skyworks Solutions, Inc		1,442
	65,663		STMicroelectronics NV		654
	97,575	*,e	Sunpower Corp (Class A)		1,886
	32,611	*,e	Sunpower Corp (Class B)		542
	4,270	*	Teradyne, Inc		63
	1,140,611		Texas Instruments, Inc		37,446
	10,500	*	Ultratech, Inc		319
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		160,782
SOFTWARE & SERVICES - 4.0%
	627,576		Accenture plc		37,918
	490,795	*	Adobe Systems, Inc		15,436
	1,660	*	Advent Software, Inc		47
	4,609	*,e	Ansys, Inc		252
	152,044	*	Autodesk, Inc		5,869
	9,500	*	Blackboard, Inc		412
	103,131		Broadridge Financial Solutions, Inc		2,482
	398,173		CA, Inc		9,094
	370,762	*	Cognizant Technology Solutions Corp (Class A)		27,192
	95,888	*	Compuware Corp		936
	3,620	*	Convergys Corp		49
	91,830		Earthlink, Inc		707
	2,100		EPIQ Systems, Inc		30
	26,663	*	Equinix, Inc		2,693
	570		Factset Research Systems, Inc		58

391

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	3,656	*	Fortinet, Inc	$	100
	900		Global Payments, Inc		46
	122,921	*	Google, Inc (Class A)		62,244
	76,290	*	Informatica Corp		4,458
	558,507		International Business Machines Corp		95,812
	342,940	*	Intuit, Inc		17,784
	1,740	*	j2 Global Communications, Inc		49
	1,810	*	JDA Software Group, Inc		56
	24,926	*	Liquidity Services, Inc		589
	40,415	e	Marchex, Inc (Class B)		359
	14,350	*	NeuStar, Inc (Class A)		376
	165,999		NIC, Inc		2,234
	104		NTT Data Corp		346
	1,880,572		Oracle Corp		61,889
	166,065	*	Rackspace Hosting, Inc		7,098
	104,998	*	Salesforce.com, Inc		15,643
	212,640		SAP AG.		12,892
	851,855	*	Symantec Corp		16,798
	15,133	*	Ultimate Software Group, Inc		824
	2,370	*,e	Unisys Corp		61
	1,734,049	*	Yahoo!, Inc		26,080
			TOTAL SOFTWARE & SERVICES		428,913
TECHNOLOGY HARDWARE & EQUIPMENT - 2.6%
	64,538	*	Acme Packet, Inc		4,526
	65,416	*	Aruba Networks, Inc		1,933
	11,531	*,e	Avid Technology, Inc		217
	20,420	*	Benchmark Electronics, Inc		337
	36,913	*,e	Bookham, Inc		248
	223,500		Canon, Inc		10,631
	3,147,786		Cisco Systems, Inc		49,136
	4,800		Cognex Corp		170
	129,390	*	Cray, Inc		828
	1,858,444	*	Dell, Inc		30,980
	2,120	*,e	DG FastChannel, Inc		68
	3,605	*	DTS, Inc		146
	1,422,705	*	EMC Corp		39,196
	76,433	*	Finisar Corp		1,378
	15,984	*	Flextronics International Ltd		103
	74,500		Fuji Folms Holdings Corp		2,324
	592,000		Fujitsu Ltd		3,384
	1,283,107		Hewlett-Packard Co		46,706
	28,700	*	Ibiden Co Ltd		899
	6,100	*	Infinera Corp		42
	1,900	*	Ingram Micro, Inc (Class A)		34
	22,232	e	InterDigital, Inc		908
	22,664	*	Intevac, Inc		231
	13,253	*	IPG Photonics Corp		964
	1,920	*	Itron, Inc		92
	118,500		Konica Minolta Holdings, Inc		990
	27,700		Kyocera Corp		2,820
	43,645	*	Lexmark International, Inc (Class A)		1,277

392

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	1,068		Littelfuse, Inc	$	63
	2,200	e	Molex, Inc		57
	73,803	*	Motorola Mobility Holdings, Inc		1,627
	407,354	*	Motorola, Inc		18,754
	2,100		National Instruments Corp		62
	1,910	*	Netgear, Inc		84
	1,185,120		Nokia Oyj		7,645
	30,400		Omron Corp		845
	69,596	*	Oplink Communications, Inc		1,297
	40,673		Plantronics, Inc		1,486
	1,420	*	Plexus Corp		49
	57,360	*	Polycom, Inc		3,688
	210,352	*,e	Power-One, Inc		1,704
	872,171	*	Quantum Corp		2,878
	112,997	*	Radisys Corp		824
	109,100	*	Research In Motion Ltd (Canada)		3,154
	163,000		Ricoh Co Ltd		1,808
	2,500	*	Rofin-Sinar Technologies, Inc		85
	1,300	*	Scansource, Inc		49
	5,918	*	Seachange International, Inc		64
	28,831	*	Smart Modular Technologies WWH, Inc		264
	54,795	*,e	STEC, Inc		932
	6,268	*	Super Micro Computer, Inc		101
	8,445		Sycamore Networks, Inc		188
	17,463	*,e	Synaptics, Inc		449
	20,700		TDK Corp		1,142
	3,600	*	Tech Data Corp		176
	217,465		Tellabs, Inc		1,003
	37,576	*	Trimble Navigation Ltd		1,490
	11,800	*	TTM Technologies, Inc		189
	2,300	*,e	Universal Display Corp		81
	2,292,010		Xerox Corp		23,860
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		276,666
TELECOMMUNICATION SERVICES - 1.8%
	513,840	*	American Tower Corp (Class A)		26,889
	107,000		BCE, Inc		4,196
	711,517		CenturyTel, Inc		28,767
	161,417	*	Cincinnati Bell, Inc		536
	158,692	*	Crown Castle International Corp		6,473
	434,230		France Telecom S.A.		9,233
	1,634,758		Frontier Communications Corp		13,192
	894		KDDI Corp		6,432
	333,554	*	MetroPCS Communications, Inc		5,740
	2,950	*	Neutral Tandem, Inc		51
	177,913	*	NII Holdings, Inc (Class B)		7,540
	4,926		NTT DoCoMo, Inc		8,798
	219,990		Portugal Telecom SGPS S.A.		2,163
	54,500		Rogers Communications, Inc (Class B)		2,158
	12,564	*	SBA Communications Corp (Class A)		480
	50,700		Softbank Corp		1,920
	3,610,332	*	Sprint Nextel Corp		19,460

393

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	20,557		Swisscom AG.	$	9,424
	2,598,797		Telecom Italia S.p.A.		3,615
	35,000		Telekom Austria AG.		447
	118,822		Telenor ASA		1,945
	485,994		TeliaSonera AB		3,565
	62,269	*	tw telecom inc (Class A)		1,278
	2,448	*	US Cellular Corp		119
	8,691,163		Vodafone Group plc		23,046
	819,839	e	Windstream Corp		10,625
			TOTAL TELECOMMUNICATION SERVICES		198,092
TRANSPORTATION - 1.8%
	173,946		Abertis Infraestructuras S.A.		3,882
	800		Allegiant Travel Co		40
	1,490		Arkansas Best Corp		35
	639,647		Auckland International Airport Ltd		1,181
	89,378		Autostrade S.p.A.		1,903
	79,000		Canadian National Railway Co		6,319
	14,500		Canadian Pacific Railway Ltd		905
	1,201,000		Cathay Pacific Airways Ltd		2,794
	205		Central Japan Railway Co		1,612
	28,110		CH Robinson Worldwide, Inc		2,216
	1,119,156		CSX Corp		29,343
	411,879	*	Delta Air Lines, Inc		3,777
	134,669		Deutsche Lufthansa AG.		2,933
	493,298		Deutsche Post AG.		9,483
	44,000		East Japan Railway Co		2,520
	26,179		Expeditors International Washington, Inc		1,340
	303,670		FedEx Corp		28,804
	1,613		Fraport AG. Frankfurt Airport Services Worldwide		130
	4,700	*	Genesee & Wyoming, Inc (Class A)		276
	2,200	e	Heartland Express, Inc		36
	66,237	*	International Consolidated Airlines		269
	1,100		J.B. Hunt Transport Services, Inc		52
	58,048	*	Kansas City Southern Industries, Inc		3,444
	153,000		Kawasaki Kisen Kaisha Ltd		535
	41,000		Keihin Electric Express Railway Co Ltd		296
	46,000		Keio Corp		254
	1,100	*	Kirby Corp		62
	900		Landstar System, Inc		42
	61,000		Mitsui OSK Lines Ltd		328
	1,477,197		MTR Corp		5,254
	397,952		Norfolk Southern Corp		29,818
	95,900		Odakyu Electric Railway Co Ltd		761
	9,835		Ryder System, Inc		559
	765,498		Southwest Airlines Co		8,741
	49,137		TNT NV		416
	61,000		Tobu Railway Co Ltd		257
	215,000		Tokyu Corp		894
	88,331		Transurban Group		496
	535,362		United Parcel Service, Inc (Class B)		39,045
	105,100		Yamato Transport Co Ltd		1,653
			TOTAL TRANSPORTATION		192,705

394

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
UTILITIES - 2.6%
	5,000		Acciona S.A.	$	531
	149,699		Alliant Energy Corp		6,087
	154,309		Atmos Energy Corp		5,131
	197,092	*	Calpine Corp		3,179
	7,100		Canadian Utilities Ltd		412
	289,986		Centerpoint Energy, Inc		5,611
	22,260		CH Energy Group, Inc		1,186
	19,900		Chugoku Electric Power Co, Inc		345
	393,869		Cleco Corp		13,726
	804,500		CLP Holdings Ltd		7,137
	448,184		Consolidated Edison, Inc		23,861
	166,707	*	Contact Energy Ltd		741
	24,039		DTE Energy Co		1,202
	251,458		Enel Green Power S.p.A		694
	275,459		Energias de Portugal S.A.		978
	161,985		Gas Natural SDG S.A.		3,393
	1,929,675		Hong Kong & China Gas Ltd		4,390
	987,020		Iberdrola S.A.		8,781
	329,147		Idacorp, Inc		13,001
	749,969		International Power plc		3,873
	12,040		ITC Holdings Corp		864
	30,844		Laclede Group, Inc		1,167
	1,800		MDU Resources Group, Inc		41
	67,199		MGE Energy, Inc		2,724
	1,088,320		National Grid plc		10,714
	13,270		New Jersey Resources Corp		592
	502,132		NextEra Energy, Inc		28,852
	103,323		Nicor, Inc		5,657
	686,326		NiSource, Inc		13,898
	194,900		Northeast Utilities		6,855
	12,740		Northwest Natural Gas Co		575
	81,478		NSTAR		3,746
	442,404		NV Energy, Inc		6,791
	54,813		Oest Elektrizitatswirts AG. (Class A)		2,386
	53,397		Oneok, Inc		3,952
	1,420	e	Ormat Technologies, Inc		31
	897,000		Osaka Gas Co Ltd		3,402
	783,258		Pepco Holdings, Inc		15,375
	301,011		PG&E Corp		12,651
	185,238		Piedmont Natural Gas Co, Inc		5,605
	1,700		Portland General Electric Co		43
	394,877		PPL Corp		10,989
	15,203	e	SCANA Corp		599
	455,571		Scottish & Southern Energy plc		10,189
	201,367		Sempra Energy		10,648
	10,700		Shikoku Electric Power Co, Inc		243
	30,331		SJW Corp		735
	317,700		Snam Rete Gas S.p.A.		1,880
	61,735		South Jersey Industries, Inc		3,353

395

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	RATE	MATURITY DATE	VALUE (000)
	3,065		SP AusNet			$	3
	10,826		Suez Environnement S.A.				216
	179,100		Terna Rete Elettrica Nazionale S.p.A.				833
	722,790		Tokyo Gas Co Ltd				3,262
	6,500		TransAlta Corp				139
	67,641		Veolia Environnement				1,906
	47,867		WGL Holdings, Inc				1,842
	36,192		Wisconsin Energy Corp				1,135
	53,751		Xcel Energy, Inc				1,306
			TOTAL UTILITIES				279,458
			TOTAL COMMON STOCKS				6,429,403
			(Cost $5,166,072)
PREFERRED STOCKS - 0.0%
BANKS - 0.0%
	233,115	*	Federal Home Loan Mortgage Corp				688
	740,991	*	Federal National Mortgage Association				1,593
			TOTAL BANKS				2,281
			TOTAL PREFERRED STOCKS				2,281
			(Cost $24,353)
RIGHTS / WARRANTS - 0.0%
CAPITAL GOODS - 0.0%
	14,175	m	Zardoya Otis S.A.				11
			TOTAL CAPITAL GOODS				11
			TOTAL RIGHTS / WARRANTS				11
			(Cost $9)

PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 8.0%
GOVERNMENT AGENCY DEBT - 0.2%
		Federal National Mortgage Association (FNMA)
	$   19,700,000	FNMA	0.110	%	08/15/11	19,697
		TOTAL GOVERNMENT AGENCY DEBT				19,697
TREASURY DEBT - 6.2%
	50,000,000	United States Treasury Bill	0.085	%	07/14/11	49,998
	60,500,000	United States Treasury Bill	0.090		07/21/11	60,497
	65,600,000	United States Treasury Bill	0.105		07/28/11	65,595
	83,500,000	United States Treasury Bill	0.050		08/04/11	83,495
	179,000,000	United States Treasury Bill	0.045		08/25/11	178,977
	3,400,000	United States Treasury Bill	0.096		09/15/11	3,400
	30,000,000	United States Treasury Bill	0.093		09/22/11	29,998
	28,000,000	United States Treasury Bill	0.046		09/29/11	27,999
	18,300,000	United States Treasury Bill	0.050		10/06/11	18,298
	17,000,000	United States Treasury Bill	0.055		10/20/11	16,998
	22,700,000	United States Treasury Bill	0.096		10/27/11	22,697
	28,370,000	United States Treasury Bill	0.065		11/03/11	28,366
	10,000,000	United States Treasury Bill	0.085		11/10/11	9,998
	9,000,000	United States Treasury Bill	0.105		11/25/11	8,997
	6,500,000	United States Treasury Bill	0.301		12/15/11	6,498
	50,000,000	United States Treasury Bill	0.065		12/22/11	49,979
		TOTAL TREASURY DEBT				661,790
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 1.6%
GOVERNMENT AGENCY DEBT - 0.2%
		Federal Home Loan Bank (FHLB)
	5,000,000	FHLB	0.045		07/12/11	5,000
	20,000,000	FHLB	0.060		08/03/11	19,999
		TOTAL GOVERNMENT AGENCY DEBT				24,999

396

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE		VALUE (000)
TREASURY DEBT - 1.4%
	$      30,000,000	United States Treasury Bill	0.001	%	08/25/11	$	29,996
	6,000,000	United States Treasury Bill	0.001		09/22/11		6,000
	17,700,000	United States Treasury Bill	0.001		11/10/11		17,696
	16,000,000	United States Treasury Bill	0.001		11/25/11		15,995
	10,000,000	United States Treasury Bill	0.000		12/22/11		9,996
	10,000,000	United States Treasury Bill	0.145		12/15/11		9,996
	10,000,000	United States Treasury Bill	0.081		09/01/11		10,000
	25,000,000	United States Treasury Bill	0.140		09/08/11		25,000
	16,800,000	United States Treasury Bill	0.055		10/13/11		16,798
	10,000,000	United States Treasury Bill	0.010		12/08/11		9,997
		TOTAL TREASURY DEBT					151,474
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED					176,473
		TOTAL SHORT-TERM INVESTMENTS					857,960
		(Cost $857,927)
		TOTAL INVESTMENTS - 107.2%					11,514,797
		(Cost $10,158,097)
		OTHER ASSETS & LIABILITIES, NET - (7.2)%					(777,047)
		NET ASSETS - 100.0%				$	10,737,750
	*	Non-income producing.
	^	Amount represents less than $1,000.
	e	All or a portion of these securities are out on loan.
	g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At June 30, 2011 the value of these securities amounted to $174,541,000 or 1.6% of net assets.
	h	These securities were purchased on a delayed delivery basis.
	i	Floating or variable rate security. Coupon rate reflects the rate at period end.
	j	Zero coupon
	m	Indicates a security that has been deemed illiquid.
		Cost amounts are in thousands.

397

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

COLLEGE RETIREMENT EQUITIES FUND
MONEY MARKET ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2011

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
SHORT-TERM INVESTMENTS - 100.0%
BANKER’S ACCEPTANCES - 0.0%
	$       580,000	JPMorgan Chase Bank NA	0.210	%	10/17/11	$	580
	2,083,000	JPMorgan Chase Bank NA	0.240		11/17/11		2,081
		TOTAL BANKER’S ACCEPTANCES					2,661
CERTIFICATE OF DEPOSIT - 6.3%
	50,000,000	Bank of Montreal	0.120		07/07/11		50,000
	30,000,000	Bank of Montreal	0.120		08/04/11		30,000
	30,000,000	Bank of Nova Scotia	0.200		07/19/11		30,000
	50,000,000	Bank of Nova Scotia	0.190		07/28/11		50,000
	50,000,000	Bank of Nova Scotia	0.200		08/05/11		50,000
	20,000,000	Bank of Nova Scotia	0.190		09/02/11		20,000
	20,000,000	Bank of Nova Scotia	0.160		09/19/11		20,000
	25,000,000	Barclays Bank PLC	0.410		12/13/11		25,000
	30,000,000	BNP Paribas	0.330		08/04/11		30,000
	14,985,000	BNP Paribas	0.350		08/08/11		14,985
	50,000,000	BNP Paribas	0.310		09/01/11		50,000
	10,000,000	BNP Paribas	0.470		11/01/11		10,002
	30,000,000	Canadian Imperial Bank of Commerce	0.240		08/04/11		30,000
	50,000,000	Deutsche Bank AG	0.310		08/01/11		50,000
	50,000,000	Deutsche Bank AG	0.200		08/18/11		50,000
	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
	44,500,000	Toronto-Dominion Bank	0.150		07/21/11		44,500
	50,000,000	Toronto-Dominion Bank	0.170		08/15/11		50,000
	45,000,000	Toronto-Dominion Bank	0.170		08/18/11		45,000
	37,000,000	Toronto-Dominion Bank	0.170		08/23/11		37,000
		TOTAL CERTIFICATE OF DEPOSIT					746,487
COMMERCIAL PAPER - 44.3%
	36,900,000	Abbott Laboratories	0.165		07/12/11		36,898
	33,000,000	Abbott Laboratories	0.160		07/18/11		32,998
	30,000,000	Abbott Laboratories	0.120		07/26/11		29,998
	12,340,000	Abbott Laboratories	0.140		08/01/11		12,339
	13,440,000	Abbott Laboratories	0.120		08/23/11		13,438
	7,300,000	Australia & New Zealand Banking Group Ltd	0.330		08/10/11		7,297
	10,000,000	Australia & New Zealand Banking Group Ltd	0.165		09/02/11		9,997
	40,000,000	Australia & New Zealand Banking Group Ltd	0.305		09/07/11		39,977
	4,440,000	Australia & New Zealand Banking Group Ltd	0.235		11/23/11		4,436
	30,000,000	Bank of Montreal	0.150		08/22/11		29,994
	20,000,000	Bank of Nova Scotia	0.195		07/08/11		19,999
	10,000,000	Bank of Nova Scotia	0.100		07/26/11		9,999
	15,000,000	Bank of Nova Scotia	0.180		07/29/11		14,998
	5,000,000	Bank of Nova Scotia	0.150		08/09/11		4,999

398

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
	$   38,585,000	Bank of Nova Scotia	0.125	%	08/16/11	$	38,579
	10,000,000	Bank of Nova Scotia	0.140		08/29/11		9,998
	10,620,000	Bank of Nova Scotia	0.180		09/02/11		10,617
	20,000,000	Bank of Nova Scotia	0.165		09/26/11		19,992
	22,455,000	Barclays US Funding Corp	0.270		07/05/11		22,454
	40,000,000	Barclays US Funding Corp	0.270		07/21/11		39,994
	10,000,000	Barclays US Funding Corp	0.260		07/25/11		9,998
	25,000,000	Barclays US Funding Corp	0.235		09/12/11		24,988
	7,000,000	BNP Paribas Finance, Inc	0.270		07/05/11		7,000
	23,340,000	BNP Paribas Finance, Inc	0.305		08/19/11		23,330
	18,000,000	BNP Paribas Finance, Inc	0.250		09/19/11		17,990
	20,000,000	BNP Paribas Finance, Inc	0.240		09/23/11		19,989
	25,000,000	BNP Paribas Finance, Inc	0.230		10/03/11		24,985
	26,175,000	Coca-Cola Co	0.200		07/06/11		26,174
	25,000,000	Coca-Cola Co	0.200		07/19/11		24,998
	22,055,000	Coca-Cola Co	0.195		07/20/11		22,053
	46,020,000	Coca-Cola Co	0.240		08/03/11		46,010
	36,000,000	Coca-Cola Co	0.170		08/22/11		35,991
	8,393,000	Coca-Cola Co	0.135		08/23/11		8,391
	16,000,000	Coca-Cola Co	0.215		08/24/11		15,995
	10,000,000	Coca-Cola Co	0.130		08/26/11		9,998
	8,750,000	Coca-Cola Co	0.120		08/30/11		8,748
	15,000,000	Coca-Cola Co	0.140		09/07/11		14,996
	5,216,000	Coca-Cola Co	0.155		09/09/11		5,214
	15,795,000	Coca-Cola Co	0.130		09/14/11		15,791
	20,000,000	Coca-Cola Co	0.160		09/16/11		19,993
	45,200,000	Coca-Cola Co	0.150		09/20/11		45,184
	4,770,000	Coca-Cola Co	0.180		11/03/11		4,767
	7,700,000	Colgate-Palmolive Co	0.070		07/07/11		7,700
	10,000,000	Colgate-Palmolive Co	0.060		07/21/11		10,000
	7,165,000	Colgate-Palmolive Co	0.080		07/22/11		7,165
	2,100,000	Commonwealth Bank of Australia	0.150		07/05/11		2,100
	15,000,000	Commonwealth Bank of Australia	0.205		07/12/11		14,999
	25,000,000	Commonwealth Bank of Australia	0.150		08/08/11		24,996
	25,000,000	Commonwealth Bank of Australia	0.190		08/18/11		24,994
	89,700,000	Commonwealth Bank of Australia	0.170		08/25/11		89,675
	30,000,000	Credit Agricole North America, Inc	0.180		07/01/11		30,000
	25,000,000	Credit Agricole North America, Inc	0.245		07/14/11		24,998
	20,000,000	Credit Agricole North America, Inc	0.240		07/27/11		19,997
	20,000,000	Deutsche Bank Financial, Inc	0.230		07/08/11		19,999
	30,000,000	Deutsche Bank Financial, Inc	0.210		07/22/11		29,996
	24,655,000	Fairway Finance LLC	0.130		07/08/11		24,654
	20,000,000	Fairway Finance LLC	0.160		07/13/11		19,999
	21,804,000	Fairway Finance LLC	0.130		07/14/11		21,803
	24,835,000	Fairway Finance LLC	0.205		07/19/11		24,832
	32,000,000	Fairway Finance LLC	0.170		07/22/11		31,997
	12,084,000	Fairway Finance LLC	0.135		07/27/11		12,083
	12,141,000	Fairway Finance LLC	0.140		08/08/11		12,139
	9,098,000	Fairway Finance LLC	0.180		08/19/11		9,096
	47,763,000	Fairway Finance LLC	0.170		09/06/11		47,748
	25,015,000	Fairway Finance LLC	0.170		09/07/11		25,007
	49,200,000	Falcon Asset Securitization Co LLC	0.150		07/19/11		49,196
	10,000,000	Falcon Asset Securitization Co LLC	0.140		07/22/11		9,999

399

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    20,000,000	Falcon Asset Securitization Co LLC	0.130	%	08/02/11	$	19,998
	36,250,000	Falcon Asset Securitization Co LLC	0.150		08/04/11		36,245
	45,000,000	Falcon Asset Securitization Co LLC	0.150		08/09/11		44,993
	24,000,000	Falcon Asset Securitization Co LLC	0.160		08/11/11		23,996
	19,350,000	Falcon Asset Securitization Co LLC	0.150		08/16/11		19,346
	16,000,000	Falcon Asset Securitization Co LLC	0.170		08/24/11		15,996
	45,000,000	Falcon Asset Securitization Co LLC	0.170		09/08/11		44,985
	20,000,000	General Electric Capital Corp	0.250		07/06/11		19,999
	40,000,000	General Electric Capital Corp	0.230		07/12/11		39,997
	12,000,000	General Electric Capital Corp	0.120		07/14/11		11,999
	40,000,000	General Electric Capital Corp	0.240		07/28/11		39,993
	50,000,000	General Electric Capital Corp	0.100		08/02/11		49,995
	40,000,000	General Electric Capital Corp	0.120		09/22/11		39,989
	22,000,000	General Electric Capital Corp	0.120		09/27/11		21,994
	20,000,000	General Electric Capital Corp	0.190		10/11/11		19,989
	30,000,000	General Electric Co	0.130		07/01/11		30,000
	25,000,000	General Electric Co	0.130		09/28/11		24,992
	6,050,000	International Business Machines Corp	0.070		07/12/11		6,050
	16,000,000	International Business Machines Corp	0.070		07/18/11		15,999
	50,000,000	Johnson & Johnson	0.210		07/06/11		49,998
	9,000,000	Johnson & Johnson	0.200		07/13/11		8,999
	10,000,000	Johnson & Johnson	0.180		07/26/11		9,999
	21,249,000	Johnson & Johnson	0.170		08/03/11		21,245
	8,911,000	Johnson & Johnson	0.220		09/06/11		8,907
	20,000,000	Johnson & Johnson	0.120		09/07/11		19,995
	40,000,000	JPMorgan Chase & Co	0.100		07/11/11		39,999
	20,000,000	JPMorgan Chase & Co	0.100		07/12/11		19,999
	25,000,000	JPMorgan Chase & Co	0.150		07/13/11		24,999
	20,000,000	JPMorgan Chase & Co	0.070		08/22/11		19,998
	20,000,000	Jupiter Securitization Co LLC	0.150		07/20/11		19,998
	18,400,000	Jupiter Securitization Co LLC	0.140		07/21/11		18,399
	15,000,000	Jupiter Securitization Co LLC	0.170		08/16/11		14,997
	42,425,000	Jupiter Securitization Co LLC	0.170		08/17/11		42,416
	19,000,000	Jupiter Securitization Co LLC	0.170		08/22/11		18,995
	25,000,000	Jupiter Securitization Co LLC	0.170		09/08/11		24,992
	52,525,000	Lloyds TSB Bank plc	0.275		07/01/11		52,524
	25,000,000	Lloyds TSB Bank plc	0.180		07/12/11		24,999
	16,500,000	Lloyds TSB Bank plc	0.205		07/19/11		16,498
	20,000,000	Lloyds TSB Bank plc	0.235		08/09/11		19,995
	1,285,000	Merck & Co, Inc	0.100		08/15/11		1,285
	25,000,000	Merck & Co, Inc	0.100		08/30/11		24,996
	10,000,000	National Australia Funding (Delaware)	0.190		07/11/11		9,999
	5,000,000	National Australia Funding (Delaware)	0.150		08/01/11		4,999
	25,000,000	National Australia Funding (Delaware)	0.155		09/02/11		24,993
	50,000,000	National Australia Funding(Delaware)	0.255		07/01/11		49,999
	8,000,000	National Australia Funding(Delaware)	0.200		07/06/11		8,000
	20,000,000	National Australia Funding(Delaware)	0.120		07/12/11		19,999
	5,900,000	National Australia Funding(Delaware)	0.165		09/01/11		5,898
	25,000,000	National Australia Funding(Delaware)	0.160		09/13/11		24,992
	15,000,000	National Australia Funding(Delaware)	0.200		10/05/11		14,992
	6,400,000	Nestle Capital Corp	0.225		07/08/11		6,400
	45,550,000	Nestle Capital Corp	0.265		07/13/11		45,546
	10,000,000	Nestle Capital Corp	0.200		07/14/11		9,999

400

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    10,000,000	Nestle Capital Corp	0.200	%	08/02/11	$	9,998
	40,000,000	Nestle Capital Corp	0.120		08/09/11		39,995
	20,750,000	Nestle Capital Corp	0.190		08/10/11		20,746
	48,415,000	Nestle Capital Corp	0.120		08/15/11		48,408
	15,600,000	Nestle Capital Corp	0.160		08/24/11		15,596
	10,000,000	Nestle Capital Corp	0.110		08/30/11		9,998
	18,345,000	Nestle Capital Corp	0.180		09/09/11		18,339
	25,000,000	Nestle Capital Corp	0.120		09/12/11		24,994
	10,000,000	Nestle Capital Corp	0.205		09/26/11		9,995
	22,000,000	Nestle Capital Corp	0.240		10/03/11		21,986
	14,200,000	Novartis Finance Corp	0.245		07/14/11		14,199
	30,500,000	Novartis Finance Corp	0.260		08/08/11		30,491
	30,000,000	Novartis Finance Corp	0.230		09/09/11		29,987
	10,000,000	Novartis Finance Corp	0.260		10/11/11		9,993
	50,000,000	Old Line Funding LLC	0.210		07/05/11		49,998
	16,028,000	Old Line Funding LLC	0.220		07/07/11		16,027
	11,900,000	Old Line Funding LLC	0.130		07/08/11		11,900
	30,000,000	Old Line Funding LLC	0.130		07/12/11		29,999
	25,000,000	Old Line Funding LLC	0.160		07/19/11		24,998
	12,750,000	Old Line Funding LLC	0.200		07/25/11		12,748
	17,012,000	Old Line Funding LLC	0.180		08/10/11		17,009
	20,000,000	Old Line Funding LLC	0.170		08/22/11		19,995
	25,024,000	Old Line Funding LLC	0.170		09/13/11		25,015
	37,700,000	Old Line Funding LLC	0.170		09/20/11		37,686
	45,000,000	Old Line Funding LLC	0.170		09/21/11		44,982
	10,000,000	Private Export Funding Corp	0.390		07/05/11		10,000
	15,000,000	Private Export Funding Corp	0.400		07/06/11		14,999
	25,000,000	Private Export Funding Corp	0.245		07/08/11		24,999
	40,000,000	Private Export Funding Corp	0.245		07/15/11		39,996
	25,000,000	Private Export Funding Corp	0.260		07/25/11		24,996
	20,000,000	Private Export Funding Corp	0.190		08/11/11		19,996
	20,000,000	Private Export Funding Corp	0.120		09/19/11		19,995
	30,000,000	Private Export Funding Corp	0.150		10/04/11		29,988
	12,550,000	Private Export Funding Corp	0.150		10/06/11		12,545
	25,000,000	Private Export Funding Corp	0.150		10/24/11		24,988
	23,000,000	Private Export Funding Corp	0.150		10/27/11		22,989
	51,000,000	Private Export Funding Corp	0.170		11/15/11		50,964
	15,000,000	Private Export Funding Corp	0.200		12/01/11		14,987
	29,500,000	Procter & Gamble International Funding S.C.A	0.080		07/05/11		29,500
	31,550,000	Procter & Gamble International Funding S.C.A	0.085		07/06/11		31,550
	4,050,000	Procter & Gamble International Funding S.C.A	0.080		07/12/11		4,050
	25,000,000	Procter & Gamble International Funding S.C.A	0.080		07/14/11		24,999
	30,000,000	Procter & Gamble International Funding S.C.A	0.090		07/15/11		29,999
	30,000,000	Procter & Gamble International Funding S.C.A	0.080		07/19/11		29,999
	14,600,000	Procter & Gamble International Funding S.C.A	0.085		07/20/11		14,599
	25,000,000	Province of Ontario Canada	0.080		07/29/11		24,998
	49,600,000	Province of Ontario Canada	0.110		08/03/11		49,595
	25,000,000	Province of Ontario Canada	0.100		09/30/11		24,994
	28,100,000	Province of Ontario Canada	0.120		10/25/11		28,089
	35,000,000	Rabobank USA Financial Corp	0.270		07/05/11		34,999
	50,000,000	Rabobank USA Financial Corp	0.300		08/03/11		49,992
	25,000,000	Rabobank USA Financial Corp	0.265		08/05/11		24,994
	30,000,000	Rabobank USA Financial Corp	0.350		08/15/11		29,988

401

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    30,150,000	Rabobank USA Financial Corp	0.340	%	09/06/11	$	30,131
	20,000,000	Rabobank USA Financial Corp	0.345		09/08/11		19,987
	27,685,000	Royal Bank of Canada	0.250		08/15/11		27,676
	29,000,000	Sheffield Receivables Corp	0.170		07/08/11		28,999
	20,000,000	Sheffield Receivables Corp	0.160		07/18/11		19,998
	10,000,000	Sheffield Receivables Corp	0.200		07/19/11		9,999
	10,000,000	Sheffield Receivables Corp	0.160		07/26/11		9,999
	20,000,000	Sheffield Receivables Corp	0.140		07/28/11		19,998
	20,000,000	Sheffield Receivables Corp	0.150		08/09/11		19,997
	33,000,000	Sheffield Receivables Corp	0.140		08/16/11		32,994
	22,000,000	Sheffield Receivables Corp	0.180		08/18/11		21,995
	25,000,000	Sheffield Receivables Corp	0.180		08/30/11		24,993
	9,000,000	Straight-A Funding LLC	0.200		07/06/11		9,000
	29,339,000	Straight-A Funding LLC	0.200		07/06/11		29,338
	15,000,000	Straight-A Funding LLC	0.200		07/07/11		15,000
	13,500,000	Straight-A Funding LLC	0.200		07/08/11		13,499
	10,000,000	Straight-A Funding LLC	0.200		07/11/11		9,999
	20,000,000	Straight-A Funding LLC	0.200		07/12/11		19,999
	45,000,000	Straight-A Funding LLC	0.190		07/18/11		44,996
	19,000,000	Straight-A Funding LLC	0.160		07/26/11		18,998
	19,000,000	Straight-A Funding LLC	0.190		08/01/11		18,997
	5,003,000	Straight-A Funding LLC	0.170		08/05/11		5,002
	25,000,000	Straight-A Funding LLC	0.170		08/09/11		24,995
	24,500,000	Straight-A Funding LLC	0.170		08/09/11		24,495
	18,500,000	Straight-A Funding LLC	0.170		08/10/11		18,497
	20,687,000	Straight-A Funding LLC	0.170		08/10/11		20,683
	35,500,000	Straight-A Funding LLC	0.170		08/12/11		35,493
	14,257,000	Straight-A Funding LLC	0.160		08/22/11		14,254
	48,230,000	Straight-A Funding LLC	0.160		09/02/11		48,216
	25,000,000	Toronto-Dominion Holdings USA, Inc	0.150		07/15/11		24,999
	15,000,000	Toronto-Dominion Holdings USA, Inc	0.150		07/29/11		14,998
	20,000,000	Toronto-Dominion Holdings USA, Inc	0.130		08/11/11		19,997
	20,000,000	Toronto-Dominion Holdings USA, Inc	0.150		09/29/11		19,993
	25,000,000	Variable Funding Capital Co LLC	0.340		07/05/11		24,999
	25,000,000	Variable Funding Capital Co LLC	0.160		07/06/11		24,999
	41,700,000	Variable Funding Capital Co LLC	0.160		07/08/11		41,699
	45,000,000	Variable Funding Capital Co LLC	0.200		07/14/11		44,997
	70,048,000	Variable Funding Capital Co LLC	0.195		07/20/11		70,040
	20,000,000	Variable Funding Capital Co LLC	0.150		07/22/11		19,998
	10,000,000	Variable Funding Capital Co LLC	0.150		07/28/11		9,999
	10,000,000	Variable Funding Capital Co LLC	0.150		08/02/11		9,999
	20,000,000	Wal-Mart Stores, Inc	0.070		07/11/11		20,000
	20,000,000	Wal-Mart Stores, Inc	0.070		07/13/11		20,000
	25,000,000	Wal-Mart Stores, Inc	0.080		07/19/11		24,999
	40,000,000	Wal-Mart Stores, Inc	0.080		07/26/11		39,998
	4,655,000	Westpac Banking Corp	0.260		07/05/11		4,655
	20,000,000	Westpac Banking Corp	0.190		07/25/11		19,997
	18,000,000	Westpac Banking Corp	0.195		08/01/11		17,997
	30,000,000	Westpac Banking Corp	0.240		08/02/11		29,994
	36,431,000	Westpac Banking Corp	0.300		08/08/11		36,419
	25,000,000	Westpac Banking Corp	0.230		08/19/11		24,992
	31,745,000	Westpac Banking Corp	0.210		09/06/11		31,733
	9,100,000	Westpac Banking Corp	0.350		09/07/11		9,094

402

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    5,800,000	Westpac Banking Corp	0.250	%	09/15/11	$	5,797
	8,000,000	Westpac Banking Corp	0.250		10/06/11		7,995
		TOTAL COMMERCIAL PAPER					5,290,842
FOREIGN GOVERNMENT BONDS - 0.1%
	17,600,000	Province of Ontario Canada	2.630		01/20/12		17,810
		TOTAL FOREIGN GOVERNMENT BONDS					17,810
GOVERNMENT AGENCY DEBT - 29.1%
		Federal Farm Credit Bank (FFCB)
	325,000	FFCB	0.100		09/07/11		325
	4,500,000	FFCB	0.100		11/15/11		4,498
		Federal Home Loan Bank (FHLB)
	40,000,000	FHLB	0.080		07/01/11		40,000
	8,315,000	FHLB	0.030		07/06/11		8,315
	34,377,000	FHLB	0.060		07/13/11		34,376
	20,000,000	FHLB	0.045		07/14/11		20,000
	78,520,000	FHLB	0.040		07/15/11		78,519
	39,600,000	FHLB	0.450		07/20/11		39,599
	51,971,000	FHLB	0.050		07/22/11		51,969
	39,200,000	FHLB	0.050		07/27/11		39,199
	112,705,000	FHLB	0.050		07/29/11		112,699
	11,000,000	FHLB	0.060		08/02/11		10,999
	82,765,000	FHLB	0.040		08/05/11		82,760
	57,400,000	FHLB	0.070		08/10/11		57,395
	51,000,000	FHLB	0.070		08/12/11		50,996
	179,300,000	FHLB	0.065		08/17/11		179,282
	60,126,000	FHLB	0.030		08/19/11		60,121
	21,750,000	FHLB	0.070		08/23/11		21,748
	114,480,000	FHLB	0.075		08/24/11		114,466
	148,995,000	FHLB	0.030		08/26/11		148,977
	50,000,000	FHLB	0.090		08/30/11		49,993
	1,285,000	FHLB	0.055		08/31/11		1,285
	17,900,000	FHLB	0.085		09/06/11		17,897
	17,000,000	FHLB	0.090		09/07/11		16,997
	108,980,000	FHLB	0.080		09/09/11		108,965
	50,000,000	FHLB	0.075		09/14/11		49,992
	19,035,000	FHLB	0.040		09/19/11		19,033
	73,515,000	FHLB	0.050		09/23/11		73,506
	6,500,000	FHLB	0.100		10/14/11		6,498
		Federal Home Loan Mortgage Corp (FHLMC)
	4,660,000	FHLMC	0.215		07/08/11		4,660
	46,049,000	FHLMC	0.025		07/11/11		46,048
	83,670,000	FHLMC	0.035		07/18/11		83,668
	8,350,000	FHLMC	0.085		07/20/11		8,350
	20,000,000	FHLMC	0.040		07/22/11		20,000
	62,204,000	FHLMC	0.050		07/25/11		62,202
	10,300,000	FHLMC	0.510		07/27/11		10,300
	31,156,000	FHLMC	0.055		08/01/11		31,154
	28,025,000	FHLMC	0.070		08/08/11		28,023
	46,465,000	FHLMC	0.080		08/10/11		46,461
	60,000,000	FHLMC	0.075		08/11/11		59,995
	11,738,000	FHLMC	0.080		08/15/11		11,737

403

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    34,841,000	FHLMC	0.085	%	08/22/11	$	34,837
	125,000,000	FHLMC	0.075		08/29/11		124,984
	10,209,000	FHLMC	0.620		09/01/11		10,208
	11,850,000	FHLMC	0.050		09/06/11		11,848
	1,620,000	FHLMC	0.070		09/12/11		1,620
	24,980,000	FHLMC	0.050		09/19/11		24,976
	42,100,000	FHLMC	0.055		09/26/11		42,094
	75,000,000	FHLMC	0.070		09/27/11		74,986
	50,000,000	FHLMC	0.100		10/06/11		49,987
	3,600,000	FHLMC	0.075		10/11/11		3,599
	10,000,000	FHLMC	0.070		10/12/11		9,998
	5,400,000	FHLMC	0.070		10/18/11		5,399
	6,720,000	FHLMC	0.070		10/19/11		6,719
	2,500,000	FHLMC	0.290		11/04/11		2,497
		Federal National Mortgage Association (FNMA)
	50,310,000	FNMA	0.065		07/07/11		50,309
	116,150,000	FNMA	0.205		07/13/11		116,145
	20,000,000	FNMA	0.040		07/18/11		20,000
	56,848,000	FNMA	0.165		07/20/11		56,846
	72,081,000	FNMA	0.040		07/21/11		72,079
	75,000,000	FNMA	0.050		07/25/11		74,997
	80,629,000	FNMA	0.045		07/27/11		80,626
	907,000	FNMA	0.100		08/03/11		907
	44,948,000	FNMA	0.040		08/08/11		44,944
	34,250,000	FNMA	0.070		08/10/11		34,247
	4,080,000	FNMA	0.085		08/17/11		4,080
	13,400,000	FNMA	0.075		08/22/11		13,399
	32,075,000	FNMA	0.075		08/24/11		32,071
	167,465,000	FNMA	0.065		08/31/11		167,442
	45,810,000	FNMA	0.040		09/07/11		45,806
	35,360,000	FNMA	0.050		09/13/11		35,356
	32,400,000	FNMA	0.045		09/14/11		32,396
	67,015,000	FNMA	0.040		09/15/11		67,009
	10,000,000	FNMA	0.050		09/19/11		9,999
	67,835,000	FNMA	0.070		09/21/11		67,822
	6,830,000	FNMA	0.055		09/22/11		6,829
	3,823,000	FNMA	0.100		09/28/11		3,822
	40,205,000	FNMA	0.065		10/03/11		40,196
	4,800,000	FNMA	0.100		10/04/11		4,799
	16,555,000	FNMA	0.070		10/12/11		16,552
	26,697,000	FNMA	0.100		10/26/11		26,687
	15,195,000	FNMA	0.105		11/23/11		15,189
	15,285,000	FNMA	0.110		12/07/11		15,278
		TOTAL GOVERNMENT AGENCY DEBT					3,472,591
TREASURY DEBT - 13.6%
	10,000,000	United States Treasury Bill	0.136		07/07/11		10,000
	48,530,000	United States Treasury Bill	0.177		07/14/11		48,527
	25,000,000	United States Treasury Bill	0.181		07/21/11		24,997
	25,000,000	United States Treasury Bill	0.153		08/18/11		24,995
	50,000,000	United States Treasury Bill	0.153		08/25/11		49,988
	52,000,000	United States Treasury Bill	0.155		09/01/11		51,986
	35,000,000	United States Treasury Bill	0.055		10/06/11		34,995

404

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    41,600,000		United States Treasury Bill	0.065	%	10/13/11	$	41,590
	53,840,000		United States Treasury Bill	0.156		10/20/11		53,824
	57,670,000		United States Treasury Bill	0.075		11/10/11		57,652
	168,815,000		United States Treasury Bill	0.090		11/17/11		168,742
	58,860,000		United States Treasury Bill	0.096		11/25/11		58,836
	44,710,000		United States Treasury Bill	0.085		12/01/11		44,692
	9,750,000		United States Treasury Bill	0.065		12/08/11		9,747
	25,000,000		United States Treasury Bill	0.078		12/22/11		24,991
	20,000,000		United States Treasury Bill	0.105		12/29/11		19,989
	32,000,000		United States Treasury Note	1.000		07/31/11		32,020
	26,000,000		United States Treasury Note	1.000		08/31/11		26,031
	101,650,000		United States Treasury Note	1.000		09/30/11		101,851
	149,195,000		United States Treasury Note	1.000		10/31/11		149,609
	158,245,000		United States Treasury Note	0.750		11/30/11		158,614
	121,815,000		United States Treasury Note	1.130		12/15/11		122,321
	52,025,000		United States Treasury Note	1.130		01/15/12		52,298
	104,685,000		United States Treasury Note	0.880		01/31/12		105,075
	41,000,000		United States Treasury Note	1.380		02/15/12		41,274
	55,085,000		United States Treasury Note	0.880		02/29/12		55,321
	3,745,000		United States Treasury Note	1.000		03/31/12		3,766
	50,000,000		United States Treasury Note	0.750		05/31/12		50,212
			TOTAL TREASURY DEBT					1,623,943
VARIABLE RATE NOTES - 6.6%
			Federal Farm Credit Bank (FFCB)
	45,000,000	i	FFCB	0.260		07/15/11		45,000
	90,000,000	i	FFCB	0.150		02/13/12		89,997
			Federal Home Loan Bank (FHLB)
	120,000,000	i	FHLB	0.090		07/11/11		119,999
	100,000,000	i	FHLB	0.270		08/12/11		100,000
	120,000,000	i	FHLB	0.160		01/13/12		119,997
			Federal Home Loan Mortgage Corp (FHLMC)
	27,400,000	i	FHLMC	0.220		11/07/11		27,405
	151,500,000	i	FHLMC	0.070		11/09/11		151,460
	100,000,000	i	FHLMC	0.240		01/09/12		100,040
	40,000,000	i	Royal Bank of Canada	0.290		01/27/12		40,014
			TOTAL VARIABLE RATE NOTES					793,912
			TOTAL SHORT-TERM INVESTMENTS					11,948,246
			(Cost $11,948,246)
			TOTAL INVESTMENTS - 100.0%					11,948,246
			(Cost $11,948,246)
			OTHER ASSETS & LIABILITIES, NET - 0.0%					4,549
			NET ASSETS - 100.0%				$	11,952,795
	i		Floating or variable rate security. Coupon rate reflects the rate at period end.
			Cost amounts are in thousands.

405

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

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

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification of principal executive officer and principal financial officer

SIGNATURES

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

		COLLEGE RETIREMENT EQUITIES FUND
Date:	August 12, 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:	August 12, 2011	By:	/s/ Roger W. Ferguson, Jr.
			Roger W. Ferguson, Jr.
			President and Chief Executive Officer
			(principal executive officer)

Date:	August 12, 2011	By:	/s/ Virginia M. Wilson
			Virginia M. Wilson
			Executive Vice President, Chief Financial Officer
			and Principal Accounting Officer
			(principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification of principal executive officer and principal financial officer

EX-99.CERT

Exhibit 12(a)(2)(i)

CERTIFICATION

I, Roger W. Ferguson, Jr., certify that:

1. I have reviewed this report on Form N-CSR of the College Retirement Equities Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	August 12, 2011	By:	/s/ Roger W. Ferguson, Jr.
			Roger W. Ferguson, Jr.
			President and Chief Executive Officer
			(principal executive officer)

Exhibit 12(a)(2)(ii)

CERTIFICATION

I, Virginia M. Wilson, certify that:

1. I have reviewed this report on Form N-CSR of the College Retirement Equities Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	August 12, 2011	By:	/s/ Virginia M. Wilson
			Virginia M. Wilson
			Executive Vice President, Chief Financial Officer
			and Principal Accounting Officer
			(principal financial officer)

EX-99.906 CERT

Exhibit 12(b)

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of the College Retirement Equities Fund does hereby certify, to such officer’s knowledge, that:

The report on Form N-CSR of the College Retirement Equities Fund (the “Fund”) dated ended June 30, 2011 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Dated:	August 12, 2011	By:	/s/ Roger W. Ferguson, Jr.
			Roger W. Ferguson, Jr.
			President and Chief Executive Officer
			(principal executive officer)

Date:	August 12, 2011	By:	/s/ Virginia M. Wilson
			Virginia M. Wilson
			Executive Vice President, Chief Financial Officer
			and Principal Accounting Officer
			(principal financial officer)