N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number File No. 811-04415

COLLEGE RETIREMENT EQUITIES FUND

(Exact name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

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

New York, New York 10017-3206

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: March 31, 2012

Item 1. Schedule of Investments.

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2012

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
CORPORATE BONDS - 0.0%
FOOD & STAPLES RETAILING - 0.0%
$	800	i	Marfrig Alimentos S.A.	1.000	%	07/15/15	$	44
			TOTAL FOOD & STAPLES RETAILING					44
REAL ESTATE - 0.0%
	22,559		Kiwi Income Property Trust	8.950		12/20/14		20
			TOTAL REAL ESTATE					20
			TOTAL CORPORATE BONDS					64
			(Cost $63)

SHARES			COMPANY
COMMON STOCKS - 99.3%
AUTOMOBILES & COMPONENTS - 1.8%
	99,129		Actron Technology Corp	336
	34,200		Aisan Industry Co Ltd	364
	459,022	*	Aisin Seiki Co Ltd	16,325
	103,500	e	Akebono Brake Industry Co Ltd	597
	1,242,454	*,e	American Axle & Manufacturing Holdings, Inc	14,549
	88,854	*,e	Amerigon, Inc (Class A)	1,438
	226,975		Amtek Auto Ltd	594
	359,768		Amtek India Ltd	753
	44,900		APM Automotive Holdings BHD	67
	11,259	*	Asahi India Glass Ltd	13
	21,161		AtlasBX Co Ltd	460
	486,893	e	Autoliv, Inc	32,646
	71,600		Autometal S.A.	614
	2,903	*	Autoneum Holding AG.	164
	157,799		Bajaj Holdings and Investment Ltd	5,206
	649,649		Bayerische Motoren Werke AG.	58,440
	460		Bayerische Motoren Werke AG. (Preference)	27
	63,782		Bharat Forge Ltd	401
	839,984	*,e	BorgWarner, Inc	70,844
	112,152		Brembo S.p.A.	1,285
	814,238		Bridgestone Corp	19,913
	4,640,200	*,e	Brilliance China Automotive Holdings Ltd	5,026

1

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	795,500	*,e	Byd Co Ltd	$	2,232
	379,000	e	Calsonic Kansei Corp		2,328
	2,485,000	e	Chaowei Power Holdings Ltd		1,263
	2,251,513		Cheng Shin Rubber Industry Co Ltd		5,421
	1,817,000		China Motor Corp		1,780
	37,756		Cie Automotive Sa		283
	46,547		Compagnie Plastic-Omnium S.A.		1,350
	91,118	*	Continental AG.		8,602
	308,999		Cooper Tire & Rubber Co		4,703
	77,080		Dae Won Kang Up Co Ltd		345
	36,000		Daido Metal Co Ltd		453
	555,653	*,e	Daihatsu Motor Co Ltd		10,252
	1,904,402	e	DaimlerChrysler AG. (Reg)		114,836
	1,136,927		Dana Holding Corp		17,622
	171,500	*	Delphi Automotive plc		5,419
	1,182,220		Denso Corp		39,946
	203,000		Depo Auto Parts Ind Co Ltd		430
	9,600		Dong Ah Tire & Rubber Co Ltd		102
	5,649,600	e	Dongfeng Motor Group Co Ltd		10,241
	17,800		Dongyang Mechatronics Corp		219
	45,698	*	Dorman Products, Inc		2,312
	444,900		Double Coin Holdings Ltd		246
	1,853,600		Drb-Hicom BHD		1,527
	83,708	e	Drew Industries, Inc		2,286
	31,000	*,e	Eagle Industry Co Ltd		325
	46,757	e	ElringKlinger AG.		1,339
	53,982		Exedy Corp		1,549
	322,568		Exide Industries Ltd		944
	297,478	*	Exide Technologies		931
	96,679		Faurecia		2,609
	39,200		FCC Co Ltd		880
	793,155		Federal Corp		432
	187,667	*	Federal Mogul Corp (Class A)		3,230
	939,904	e	Fiat S.p.A.		5,526
	136,640		Fleetwood Corp Ltd		1,741
	19,268,218		Ford Motor Co		240,660
	118,704		Ford Otomotiv Sanayi AS		1,120
	64,030	*,e	Fuel Systems Solutions, Inc		1,675
	1,358,467	e	Fuji Heavy Industries Ltd		11,095
	67,797	*,e	Futaba Industrial Co Ltd		386
	5,920,000	e	Geely Automobile Holdings Ltd		2,323
	40,684,487	*	General Motors Co		0	^
	2,347,666	*,e	General Motors Co		60,218
	26,439,191	*	General Motors Co		0	^
	24,057,000	*	General Motors Co		0	^
	4,230,271	*,e	General Motors Co		0	^
	35,983,677	*	General Motors Co		0	^
	18,507,434	*	General Motors Co		0	^
	722,689	*,e	General Motors Co		0	^
	6,062,000	*	General Motors Co		0	^
	85,268,000	*,e	General Motors Co		0	^
	7,950,000	*	General Motors Co		0	^
	385,798		Gentex Corp		9,452
	4,013,542		GKN plc		13,240
	26,240		Global & Yuasa Battery Co Ltd		1,019
	1,037		Goodyear Lastikleri Turk AS.		30

2

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	817,278	*	Goodyear Tire & Rubber Co	$	9,170
	7,884	*	Grammer AG.		184
	2,076,950	e	Great Wall Motor Co Ltd		4,046
	3,850,766	e	Guangzhou Automobile Group Co Ltd		3,821
	130,230		Halla Climate Control Corp		2,545
	130,460		Hanil E-Wha Co Ltd		1,045
	117,180		Hankook Tire Co Ltd		4,349
	714,917		Harley-Davidson, Inc		35,088
	141,293		Hero Honda Motors Ltd		5,708
	38,400	*	HI-LEX CORP		711
	4,200	*	Hiroca Holdings Ltd		17
	2,999,538	e	Honda Motor Co Ltd		115,525
	72,436		Hu Lane Associate, Inc		132
	17,797		Hudaco Industries Ltd		244
	60,470		Hwa Shin Co Ltd		621
	107,071		Hyundai Mobis		27,177
	298,272		Hyundai Motor Co		61,593
	59,516		Hyundai Motor Co Ltd (2nd Preference)		3,699
	36,617		Hyundai Motor Co Ltd (Preference)		2,200
	23,800		Hyundai Wia Corp		2,922
	382,868		IMMSI S.p.A.		305
	1,786,586		Isuzu Motors Ltd		10,542
	289,500	*	Jinan Qingqi Motorcycle Co		83
	2,291,692		Johnson Controls, Inc		74,434
	331,896	e	Kayaba Industry Co Ltd		2,035
	156,700	e	Keihin Corp		2,932
	1,068,966		Kenda Rubber Industrial Co Ltd		1,251
	473,429		Kia Motors Corp		31,066
	166,000	e	Kinugawa Rubber Industrial Co Ltd		1,297
	70,196	*,e	Koito Manufacturing Co Ltd		1,142
	44,510		Kolao Holdings		425
	25,450	*	Kumho Tire Co, Inc		277
	62,290	e	Landi Renzo S.p.A.		170
	648,745		Lear Corp		30,160
	73,342		Leoni AG.		3,817
	89,698		Linamar Corp		1,937
	369,890	e	Magna International, Inc (Class A)		17,637
	390,271		Mahindra & Mahindra Ltd		5,365
	32,908		Mando Corp		4,849
	116,982	*	Martinrea International, Inc		1,243
	99,330		Maruti Udyog Ltd		2,633
	2,530,942	e	Mazda Motor Corp		4,483
	272,686		Michelin (C.G.D.E.) (Class B)		20,314
	1,188,000	e	Minth Group Ltd		1,377
	56,000		Mitsuba Corp		545
	2,874,376	*,e	Mitsubishi Motors Corp		3,285
	182,096	*	Modine Manufacturing Co		1,608
	131,000		Motherson Sumi Systems Ltd		479
	58,860		Motonic Corp		444
	49,263	*,e	Motorcar Parts of America, Inc		474
	5,478		MRF Ltd		1,069
	36,100		Musashi Seimitsu Industry Co Ltd		866
	553,217		Nan Kang Rubber Tire Co Ltd		866
	2,037		Nexen Corp		106
	41,427		Nexen Tire Corp		653
	383,613		NGK Spark Plug Co Ltd		5,517

3

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	403,096		NHK Spring Co Ltd	$	4,379
	11,800	e	Nidec-Tosok Corp		136
	105,851	e	Nifco, Inc		2,905
	65,000		Nippon Seiki Co Ltd		822
	5,951,744	e	Nissan Motor Co Ltd		63,993
	94,941	e	Nissan Shatai Co Ltd		997
	47,400		Nissin Kogyo Co Ltd		777
	87,126	*,e	NOK Corp		1,919
	91,057	e	Nokian Renkaat Oyj		4,437
	848,000	*,m	Norstar Founders Group Ltd		0	^
	24,910		Otokar Otobus Karoseri Sanayi AS		406
	1,887,582	e	Peugeot S.A.		30,416
	180,127	e	Piaggio & C S.p.A.		529
	238,962	e	Pirelli & C S.p.A.		2,843
	183,300	*	Plascar Participacoes Industriais S.A.		182
	228,581		Porsche AG.		13,490
	412,410		Press Kogyo Co Ltd		2,808
	533,600		Proton Holdings BHD		958
	2,948,731		PT Astra International Tbk		23,859
	2,810,500		PT Gajah Tunggal Tbk		822
	1,724,250		PT Multistrada Arah Sarana Tbk		117
	6,963		Pyeong Hwa Automotive Co Ltd		103
	5,878,000		Qingling Motors Co Ltd		1,752
	980,032		Renault S.A.		51,692
	191,086		Riken Corp		886
	15,340		S&T Daewoo Co Ltd		374
	55,920		S&T Dynamics Co Ltd		764
	52,563	*	SAF-Holland S.A.		444
	155,000	e	Sanden Corp		511
	50,100		Sanoh Industrial Co Ltd		429
	669,920		Sanyang Industry Co Ltd		455
	24,810		Sejong Industrial Co Ltd		266
	20,471	e	Shiloh Industries, Inc		195
	66,500	*	Showa Corp		552
	10,230		SL Corp		160
	7,139		Societe Fonciere Financiere et de Participations FFP		333
	59,256	e	Sogefi S.p.A.		170
	475,700		Somboon Advance Technology PCL		427
	178,713		Spartan Motors, Inc		945
	1,336,100		Sri Trang Agro-Industry PCL		905
	48,450	*	Ssangyong Motor Co		300
	116,005		Standard Motor Products, Inc		2,058
	186,195		Stanley Electric Co Ltd		2,982
	102,972	*,e	Stoneridge, Inc		1,018
	484,503		Sumitomo Rubber Industries, Inc		6,500
	9,500		Sundram Fasteners Ltd		10
	26,745		Sungwoo Hitech Co Ltd		300
	115,761		Superior Industries International, Inc		2,262
	349,353		Suzuki Motor Corp		8,418
	2,384,560		T RAD Co Ltd		9,898
	56,000		Ta Yih Industrial Co Ltd		109
	24,000		Tachi-S Co Ltd		475
	42,100	*,e	Takata Corp		1,128
	210,400		TAN Chong Motor Holdings BHD		308
	3,296,666		Tata Motors Ltd		17,830
	22,200		Teikoku Piston Ring Co Ltd		369

4

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	303,283	*	Tenneco, Inc	$	11,267
	142,440	*,e	Tesla Motors, Inc		5,304
	118,689	e	Thor Industries, Inc		3,746
	2,588,000		Tianneng Power International Ltd		1,506
	67,363		Tokai Rika Co Ltd		1,163
	50,500		Tokai Rubber Industries, Inc		641
	758,630		Tong Yang Industry Co Ltd		809
	80,500		Topre Corp		849
	27,810	*	Tower International, Inc		339
	246,000		Toyo Tire & Rubber Co Ltd		692
	74,670		Toyoda Gosei Co Ltd		1,472
	55,063	*,e	Toyota Boshoku Corp		654
	225,677		Toyota Industries Corp		6,875
	4,479,037	*	Toyota Motor Corp		194,892
	835,742	*	TRW Automotive Holdings Corp		38,820
	106,300		TS Tech Co Ltd		2,109
	14,700		Tube Investments Of India		40
	143,601		Tung Thih Electronic Co Ltd		331
	441,940		TVS Motor Co Ltd		356
	342,990	*	TYC Brother Industrial Co Ltd		164
	2,334,941		UMW Holdings BHD		5,581
	52,100		Unipres Corp		1,627
	154,312		Valeo S.A.		8,097
	275,483	*	Visteon Corp		14,601
	169,802		Volkswagen AG.		27,378
	70,709		Volkswagen AG. (Preference)		12,435
	112,221	*,e	Winnebago Industries, Inc		1,100
	2,206,000	e	Xinyi Glass Holdings Co Ltd		1,349
	206,272	e	Yamaha Motor Co Ltd		2,791
	515,000	e	Yokohama Rubber Co Ltd		3,744
	232,300	e	Yorozu Corp		5,099
	1,217,258		Yulon Motor Co Ltd		2,330
			TOTAL AUTOMOBILES & COMPONENTS		1,971,751
BANKS - 5.8%
	85,875		1st Source Corp		2,101
	96,952	*	1st United Bancorp, Inc		587
	1,066,030		77 Bank Ltd		4,728
	61,517	*	Aareal Bank AG.		1,243
	483,158		ABSA Group Ltd		9,836
	652,800		Affin Holdings BHD		646
	44,087,000	e	Agricultural Bank of China		18,907
	15,600		Aichi Bank Ltd		946
	1,646,291		Akbank TAS		6,464
	366,000		Akita Bank Ltd		1,203
	491,859		Albaraka Turk Katilim Bankasi AS		561
	22,194	e	Alliance Financial Corp		673
	1,107,700		Alliance Financial Group BHD		1,409
	1,063,920	*	Alpha Bank S.A.		1,401
	315,270	*,m	Amagerbanken AS		0	^
	102,213	*,e	Ameris Bancorp		1,343
	37,288	e	Ames National Corp		887
	121,154		Andhra Bank		283
	541,290	*,m	Anglo Irish Bank Corp plc		0	^
	323,000	e	Aomori Bank Ltd		1,001
	6,990,884	e	Aozora Bank Ltd		20,325

5

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	71,464	e	Apollo Residential Mortgage	$	1,314
	48,284	e	Arrow Financial Corp		1,178
	485,960		Associated Banc-Corp		6,784
	344,141	e	Astoria Financial Corp		3,393
	574,274		Asya Katilim Bankasi AS		632
	71,374		Attijariwafa Bank		3,068
	4,381,396		Australia & New Zealand Banking Group Ltd		105,698
	319,721	e	Awa Bank Ltd		1,967
	63,584	e	Banca Carige S.p.A.		83
	296,359	e	Banca Civica S.A.		700
	15,292,658		Banca Intesa S.p.A.		27,410
	4,292,669		Banca Intesa S.p.A. RSP		6,625
	16,147,264	e	Banca Monte dei Paschi di Siena S.p.A.		6,809
	462,734		Banca Popolare dell’Emilia Romagna Scrl		3,336
	104,164	*	Banca Popolare dell’Etruria e del Lazio		173
	5,569,426		Banca Popolare di Milano		3,099
	444,944		Banca Popolare di Sondrio SCARL		3,264
	42,565	e	Bancfirst Corp		1,854
	86,458	e	Banche Popolari Unite Scpa		366
	114,600		Banco ABC Brasil S.A.		834
	6,284,961		Banco Bilbao Vizcaya Argentaria S.A.		50,098
	421,541	*,e	Banco BPI S.A.		279
	2,981,546	*	Banco Bradesco S.A. (Preference)		52,087
	5,331,591	*,e	Banco Comercial Portugues S.A.		989
	66,900		Banco Daycoval S.A.		357
	32,927,261		Banco de Chile		5,199
	62,018		Banco de Credito e Inversiones		4,328
	1,598,900		Banco de Oro Universal Bank		2,469
	679,615	e	Banco de Sabadell S.A.		1,852
	264,341	*,e	Banco de Valencia S.A.		58
	69,816		Banco di Desio e della Brianza S.p.A.		274
	1,502,976		Banco do Brasil S.A.		21,366
	482,681		Banco do Estado do Rio Grande do Sul		5,209
	58,667	e	Banco Espirito Santo S.A.		107
	157,300		Banco Industrial e Comercial S.A.		620
	4,278,400	*	Banco Itau Holding Financeira S.A.		81,867
	117,193		Banco Latinoamericano de Exportaciones S.A. (Class E)		2,474
	53,700		Banco Panamericano S.A.		201
	48,639		Banco Pine S.A.		367
	167,803	e	Banco Popolare Scarl		318
	134,694	e	Banco Popular Espanol S.A.		484
	1,066,439		Banco Santander Brasil S.A.		9,815
	11,929,621		Banco Santander Central Hispano S.A.		91,739
	70,072,820		Banco Santander Chile S.A.		5,814
	295,222		BanColombia S.A.		4,643
	56,000		BanColombia S.A. (ADR)		3,621
	268,496		BanColombia S.A. (Preference)		4,297
	450,327	e	Bancorpsouth, Inc		6,066
	72,500		Bangkok Bank PCL		435
	56,200	*	Bangkok Bank PCL (ADR)		337
	1,820,100		Bangkok Bank PCL (Foreign)		11,454
	204,073	*	Banif SGPS S.A.		76
	27,142		Bank Handlowy w Warszawie S.A.		669
	166,128		Bank Hapoalim Ltd		616
	563,945		Bank Leumi Le-Israel		1,794
	441,194		Bank Millennium S.A.		625

6

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	215,951	e	Bank Mutual Corp	$	872
	2,022,900		Bank of Ayudhya PCL		1,801
	137,314,000		Bank of China Ltd		55,432
	22,540,372	e	Bank of Communications Co Ltd		17,034
	1,732,087		Bank of Cyprus Public Co Ltd		1,068
	1,051,392	e	Bank of East Asia Ltd		3,954
	74,499		Bank of Hawaii Corp		3,602
	135,836		Bank of India		966
	39,272,122	*	Bank of Ireland		6,511
	22,000		Bank of Iwate Ltd		998
	895,183		Bank of Kaohsiung		281
	24,138	e	Bank of Kentucky Financial Corp		621
	495,125	e	Bank of Kyoto Ltd		4,513
	27,917	e	Bank of Marin Bancorp		1,061
	972,658	e	Bank of Montreal		57,826
	3,190		Bank of Montreal		190
	238,000		Bank of Nagoya Ltd		858
	1,438,041	e	Bank of Nova Scotia		80,563
	35,300	*,e,m	Bank of Okinawa Ltd		1,581
	507,636	*,m	Bank of Queensland Ltd		3,842
	271,541		Bank of Saga Ltd		775
	112,504	e	Bank of the Ozarks, Inc		3,517
	2,143,111		Bank of the Philippine Islands		3,699
	84,300	e	Bank of the Ryukyus Ltd		1,148
	1,131,763		Bank of Yokohama Ltd		5,691
	170,404		Bank Pekao S.A.		8,496
	21,593,500		Bank Rakyat Indonesia		16,457
	103,684	e	BankFinancial Corp		686
	92,926	*,e	Bankia SAU		337
	21,260	e	Bankinter S.A.		112
	27,414	e	BankUnited		685
	90,953		Banner Corp		2,004
	4,300		Banque Cantonale Vaudoise		2,279
	39,445,601		Barclays plc		148,649
	2,349,423		BB&T Corp		73,748
	285,717	*,e	BBCN Bancorp, Inc		3,180
	760,558		Bendigo Bank Ltd		6,115
	143,333	*,e	Beneficial Mutual Bancorp, Inc		1,253
	76,045	e	Berkshire Hills Bancorp, Inc		1,743
	2,232,116		BNP Paribas		106,182
	12,494,037		BOC Hong Kong Holdings Ltd		34,478
	27,873	*,e	BofI Holding, Inc		476
	39,630		BOK Financial Corp		2,230
	340,607		Boston Private Financial Holdings, Inc		3,375
	15,427	*	BRE Bank S.A.		1,415
	29,125	e	Bridge Bancorp, Inc		611
	38,897	*,e	Bridge Capital Holdings		524
	423,106	e	Brookline Bancorp, Inc		3,965
	43,607	e	Bryn Mawr Bank Corp		979
	278,027		BS Financial Group		3,271
	6,885,396		Bumiputra-Commerce Holdings BHD		17,291
	38,288		Camden National Corp		1,346
	879,355	e	Canadian Imperial Bank of Commerce/Canada		67,213
	155,276	e	Canadian Western Bank		4,543
	152,855		Canara Bank		1,429

7

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	48,273	*,e	Cape Bancorp, Inc	$	385
	30,431	*,e	Capital Bank Corp		68
	73,354	e	Capital City Bank Group, Inc		546
	740,795		CapitalSource, Inc		4,889
	40,157		Capitec Bank Holdings Ltd		1,074
	407,713		Capitol Federal Financial		4,835
	121,662	e	Cardinal Financial Corp		1,375
	14,093	*,e	Cascade Bancorp		80
	311,721		Cathay General Bancorp		5,517
	52,069	e	Center Bancorp, Inc		522
	106,327	e	Centerstate Banks of Florida, Inc		868
	74,831	*,e	Central Pacific Financial Corp		969
	17,968	e	Century Bancorp, Inc		491
	6,044,890		Chang Hwa Commercial Bank		3,457
	14,782	e	Charter Financial Corp		132
	125,899	e	Chemical Financial Corp		2,951
	1,815,189	e	Chiba Bank Ltd		11,630
	48,800	*	Chiba Kogyo Bank Ltd		286
	20,553,000		China Citic Bank		12,361
	114,307,631		China Construction Bank		88,225
	12,941,270		China Development Financial Holding Corp		3,964
	8,507,122	e	China Merchants Bank Co Ltd		17,388
	11,348,300	e	China Minsheng Banking Corp Ltd		10,276
	14,630,417		Chinatrust Financial Holding Co		9,234
	10,766,000	*,e	Chongqing Rural Commercial Bank		5,149
	68,734	e	Chugoku Bank Ltd		933
	689,838	*,e	CIT Group, Inc		28,449
	64,890	e	Citizens & Northern Corp		1,298
	74,606	e	City Holding Co		2,590
	74,382		City National Corp		3,903
	138,638		City Union Bank Ltd		132
	44,490	e	Clifton Savings Bancorp, Inc		464
	47,763	e	CNB Financial Corp		798
	125,178	e	CoBiz, Inc		885
	181,995	e	Columbia Banking System, Inc		4,146
	83,088		Comdirect Bank AG.		961
	447,177		Comerica, Inc		14,471
	355,252		Commerce Bancshares, Inc		14,395
	1,002,399		Commercial International Bank		4,167
	464,879	*	Commerzbank AG.		1,177
	2,088,137	e	Commonwealth Bank of Australia		108,360
	184,574	e	Community Bank System, Inc		5,312
	53,555	e	Community Trust Bancorp, Inc		1,717
	93,193,381		CorpBanca S.A.		1,256
	654,000	*	Cosmos Bank Taiwan		197
	125,058		Credicorp Ltd (NY)		16,485
	564,625	e	Credit Agricole S.A.		3,516
	205,890		Credito Emiliano S.p.A.		975
	572,031	e	Criteria Caixacorp S.A.		2,228
	83,670		Cullen/Frost Bankers, Inc		4,869
	385,774	e	CVB Financial Corp		4,529
	534,600	e	Dah Sing Banking Group Ltd		529
	183,600		Dah Sing Financial Holdings Ltd		637
	662,879		Daishi Bank Ltd		2,335
	84,157	*	Danske Bank AS		1,430
	2,557,803		DBS Group Holdings Ltd		28,902

8

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	59,216		Dena Bank	$	105
	722,608	*	Development Credit Bank Ltd		637
	33,068		Dewan Housing Finance Corp Ltd		155
	1,125,208	*,e	Dexia		436
	203,390		DGB Financial Group Co Ltd		2,677
	2,090,892		Dhanalakshmi Bank Ltd		2,785
	158,256		Dime Community Bancshares		2,312
	7,173,245		DNB NOR Holding ASA		92,293
	607,451	*,e	Doral Financial Corp		935
	5,662,355		E.Sun Financial Holding Co Ltd		3,118
	58,448	*,e	Eagle Bancorp, Inc		978
	1,233,527		East West Bancorp, Inc		28,482
	873,460	*	EFG Eurobank Ergasias S.A.		724
	248,904		Ehime Bank Ltd		713
	359,000		Eighteenth Bank Ltd		1,139
	27,659	*	Encore Bancshares, Inc		563
	24,674	e	Enterprise Bancorp, Inc		406
	78,882	e	Enterprise Financial Services Corp		926
	54,019		Erste Bank der Oesterreichischen Sparkassen AG.		1,248
	55,588	e	ESB Financial Corp		802
	54,495		ESSA Bancorp, Inc		534
	2,514,136		Far Eastern International Bank		1,009
	36,606	e	Federal Agricultural Mortgage Corp (Class C)		831
	186,861		Federal Bank Ltd		1,566
	9,316	*	FIBI Holdings Ltd		133
	276,500		FIDEA Holdings Co Ltd		750
	5,673,351	e	Fifth Third Bancorp		79,711
	73,513		Financial Institutions, Inc		1,189
	90,716	e	First Bancorp (NC)		992
	2,309	*,e	First Bancorp (Puerto Rico)		10
	37,635	e	First Bancorp, Inc		558
	442,598	e	First Busey Corp		2,186
	8,417		First Citizens Bancshares, Inc (Class A)		1,538
	397,579		First Commonwealth Financial Corp		2,433
	60,067	e	First Community Bancshares, Inc		802
	40,300	e	First Connecticut Bancorp		532
	46,169	e	First Defiance Financial Corp		778
	300,488		First Financial Bancorp		5,198
	126,095	e	First Financial Bankshares, Inc		4,440
	55,186		First Financial Corp		1,752
	8,232,728		First Financial Holding Co Ltd		4,964
	104,682	e	First Financial Holdings, Inc		1,152
	2,442,374		First Horizon National Corp		25,352
	27,776		First International Bank Of Israel Ltd		301
	84,601	e	First Interstate Bancsystem, Inc		1,237
	100,494		First Merchants Corp		1,240
	328,823		First Midwest Bancorp, Inc		3,939
	499,700		First Niagara Financial Group, Inc		4,917
	29,664		First of Long Island Corp		786
	35,028	e	First Pactrust Bancorp, Inc		418
	306,915	*,e	First Republic Bank		10,110
	492,463		FirstMerit Corp		8,303
	635,916	*	Flagstar Bancorp, Inc		585
	132,024		Flushing Financial Corp		1,777
	534,288	e	FNB Corp		6,454
	57,721	e	Fox Chase Bancorp, Inc		750

9

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	54,654	*,e	Franklin Financial Corp	$	734
	440,000		Fukui Bank Ltd		1,397
	959,350		Fukuoka Financial Group, Inc		4,276
	323,609	e	Fulton Financial Corp		3,398
	56,240	e	Genworth MI Canada, Inc		1,248
	63,969	e	German American Bancorp, Inc		1,243
	1,638,921	*	Get Bank S.A.		1,033
	278,358	*	Getin Holding S.A.		213
	293,065	e	Glacier Bancorp, Inc		4,378
	63,002	e	Great Southern Bancorp, Inc		1,512
	218,206	*	Greek Postal Savings Bank		123
	6,124		Gruh Finance Ltd		77
	274,138		Grupo Aval Acciones y Valores		201
	3,187,189	e	Grupo Financiero Banorte S.A. de C.V.		14,195
	2,882,732	e	Grupo Financiero Inbursa S.A.		5,942
	838,203		Gunma Bank Ltd		4,503
	800,150		Hachijuni Bank Ltd		4,735
	42,733	*,e	Hampton Roads Bankshares, Inc		129
	453,950		Hana Financial Group, Inc		17,199
	333,265		Hancock Holding Co		11,834
	999,177	e	Hang Seng Bank Ltd		13,294
	216,469	*,e	Hanmi Financial Corp		2,191
	2,341,955		HDFC Bank Ltd		23,872
	72,183		Heartland Financial USA, Inc		1,252
	85,773	*,e	Heritage Commerce Corp		551
	74,938	e	Heritage Financial Corp		1,019
	188,000		Higashi-Nippon Bank Ltd		436
	362,331		Higo Bank Ltd		2,153
	104,493	e	Hiroshima Bank Ltd		479
	458,000		Hokkoku Bank Ltd		1,726
	425,000		Hokuetsu Bank Ltd		912
	212,806		Hokuhoku Financial Group, Inc		408
	95,393	e	Home Bancshares, Inc		2,538
	42,869		Home Capital Group, Inc		2,164
	77,407	e	Home Federal Bancorp, Inc		784
	50,500	*	Home Loan Servicing Solutions Ltd		704
	10,000	*	HomeStreet, Inc		278
	845,640		Hong Leong Bank BHD		3,481
	208,812		Hong Leong Credit BHD		838
	1,742,975		Housing Development Finance Corp		23,042
	17,600,036		HSBC Holdings plc		156,327
	7,121,551		Hua Nan Financial Holdings Co Ltd		4,089
	863,872		Hudson City Bancorp, Inc		6,315
	56,280	e	Hudson Valley Holding Corp		908
	12,730,455		Huntington Bancshares, Inc		82,111
	497,692		Hyakugo Bank Ltd		2,302
	496,000		Hyakujushi Bank Ltd		2,319
	112,178		IBERIABANK Corp		5,998
	744,006		ICICI Bank Ltd		12,904
	99,918	e	Independent Bank Corp		2,871
	44,800		Indian Overseas Bank		83
	128,856,166	e	Industrial & Commercial Bank of China		83,123
	213,990		Industrial Bank of Korea		2,604
	994,879		ING Vysya Bank Ltd		6,929
	211,148		International Bancshares Corp		4,466
	3,801,441		Investimentos Itau S.A. - PR		23,428

10

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	179,790	*	Investors Bancorp, Inc	$	2,700
	63,380	*	Israel Discount Bank Ltd		84
	41,236		Iyo Bank Ltd		366
	8,452		Jammu & Kashmir Bank Ltd		153
	94,640		Jeonbuk Bank		426
	944,939	e	Joyo Bank Ltd		4,342
	684,555		Juroku Bank Ltd		2,363
	144,684	*	Jyske Bank		4,584
	221,000		Kagoshima Bank Ltd		1,413
	420,535		Kansai Urban Banking Corp		643
	171,700	e	Kanto Tsukuba Bank Ltd		603
	168,595		Karnataka Bank Ltd		317
	12,505	*	Karur Vusya Bank Ltd		92
	473,000		Kasikornbank PCL		2,362
	91,400		Kasikornbank PCL - NVDR		456
	2,023,200		Kasikornbank PCL (Foreign)		10,269
	854,304		KB Financial Group, Inc		31,326
	176,724		KBC Groep NV		4,445
	72,724	e	Kearny Financial Corp		709
	977,000		Keiyo Bank Ltd		4,699
	4,541,266		Keycorp		38,601
	537,300		Kiatnakin Bank PCL		645
	1,218,000	*	King’s Town Bank		787
	1,421,000		Kiyo Holdings, Inc		2,121
	34,523	e	Komercni Banka AS		6,924
	1,137,280		Korea Exchange Bank		8,717
	3,937,600		Krung Thai Bank PCL		2,234
	94,163	e	Lakeland Bancorp, Inc		927
	82,583		Lakeland Financial Corp		2,150
	5,687		Lakshmi Vilas Bank Ltd		9
	41,486		Laurentian Bank of Canada		1,930
	880,498		LIC Housing Finance Ltd		4,554
	24,690	e	Liechtenstein Landesbank		1,012
	72,638,775	*	Lloyds TSB Group plc		39,089
	205,177		M&T Bank Corp		17,826
	130,550	e	MainSource Financial Group, Inc		1,573
	4,545,308		Malayan Banking BHD		13,167
	1,928,900		Malaysia Building Society		1,374
	3,360,089		Marfin Popular Bank Public Co Ltd		1,055
	236,378		MB Financial, Inc		4,962
	12,282,787		Mega Financial Holding Co Ltd		8,689
	26,874	e	Merchants Bancshares, Inc		757
	50,021	*,e	Meridian Interstate Bancorp, Inc		657
	1,777,821		Metropolitan Bank & Trust		3,625
	892,209	*,e	MGIC Investment Corp		4,425
	28,069	e	Midsouth Bancorp, Inc		382
	205,000		Mie Bank Ltd		495
	395,000		Minato Bank Ltd		737
	23,964,764	e	Mitsubishi UFJ Financial Group, Inc		120,264
	6,919,097		Mitsui Trust Holdings, Inc		22,283
	319,000		Miyazaki Bank Ltd		907
	207,044		Mizrahi Tefahot Bank Ltd		1,881
	25,470,543	e	Mizuho Financial Group, Inc		41,906
	65,326		Musashino Bank Ltd		2,255
	381,928		Nanto Bank Ltd		1,806
	2,620,798		National Australia Bank Ltd		66,904

11

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	326,495	e	National Bank of Canada	$	25,980
	640,198	*	National Bank of Greece S.A.		1,659
	38,789	e	National Bankshares, Inc		1,168
	280,400		National Finance PCL		305
	574,387		National Penn Bancshares, Inc		5,083
	96,839		National Societe Generale Bank SAE		468
	550,170		Natixis		2,120
	167,847		NBT Bancorp, Inc		3,706
	285,186		Nedbank Group Ltd		6,106
	699,135	e	New York Community Bancorp, Inc		9,725
	748,185		Nishi-Nippon City Bank Ltd		2,119
	76,728	*,f	NOMOS-BANK (GDR) (purchased 04/19/11, cost $1,195)		1,112
	373,635	e	Nordea Bank AB		3,398
	69,804	e	Northfield Bancorp, Inc		993
	457,025		Northwest Bancshares, Inc		5,804
	52,218		OceanFirst Financial Corp		744
	362,163	*	Ocwen Financial Corp		5,661
	491,000		Ogaki Kyoritsu Bank Ltd		1,773
	326,000		Oita Bank Ltd		1,044
	377,208		Old National Bancorp		4,956
	43,241	*,e	OmniAmerican Bancorp, Inc		837
	166,852	e	Oriental Financial Group, Inc		2,019
	259,391		Oritani Financial Corp		3,808
	33,779	e	Orrstown Financial Services, Inc		296
	325,559		OTP Bank		5,657
	1,306,551		Oversea-Chinese Banking Corp		9,274
	30,803	*,e	Pacific Capital Bancorp		1,405
	68,813		Pacific Continental Corp		648
	212,292		PacWest Bancorp		5,159
	716,885		Paragon Group of Cos plc		2,179
	11,100		Parana Banco S.A.		80
	51,135	e	Park National Corp		3,537
	136,008	*	Park Sterling Bank		653
	18,087	e	Penns Woods Bancorp, Inc		739
	72,612	*	Pennsylvania Commerce Bancorp, Inc		849
	65,159	e	Peoples Bancorp, Inc		1,143
	684,293	e	People’s United Financial, Inc		9,060
	429,240	*	Philippine National Bank		751
	576,775	e	Piccolo Credito Valtellinese Scarl		1,356
	130,797	*,e	Pinnacle Financial Partners, Inc		2,400
	2,947,471	*	Piraeus Bank S.A.		1,162
	1,643,569		PNC Financial Services Group, Inc		105,994
	1,634,467	*,e	Popular, Inc		3,351
	1,253,569		Powszechna Kasa Oszczednosci Bank Polski S.A.		13,550
	236,723		PrivateBancorp, Inc		3,591
	213,366		Prosperity Bancshares, Inc		9,772
	241,573	e	Provident Financial Services, Inc		3,510
	163,461	e	Provident New York Bancorp		1,383
	7,786,000		PT Bank Bukopin Tbk		561
	15,165,500		PT Bank Central Asia Tbk		13,272
	4,237,735		PT Bank Danamon Indonesia Tbk		2,135
	13,684,500		PT Bank Jabar Banten Tbk		1,663
	12,087,848		PT Bank Mandiri Persero Tbk		9,071
	12,450,550		PT Bank Negara Indonesia		5,456
	6,481,000		PT Bank Tabungan Negara Tbk		852
	78,946		Public Bank BHD		352

12

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,930,311		Public Bank BHD (Foreign)	$	8,654
	18,510		Punjab & Sind Bank		27
	987,584	e	Radian Group, Inc		4,296
	90,996	e	Raiffeisen International Bank Holding AG.		3,221
	6,487,001		Regions Financial Corp		42,749
	138,998		Renasant Corp		2,263
	67,057	e	Republic Bancorp, Inc (Class A)		1,604
	2,180,840		Resona Holdings, Inc		10,088
	696,780		RHB Capital BHD		1,753
	479,000		Rizal Commercial Banking Corp		468
	115,538		Rockville Financial, Inc		1,346
	40,384	e	Roma Financial Corp		395
	5,200	*,m	Roskilde Bank		0	^
	135,601	e	Royal Bank of Canada		7,872
	2,273,108	e	Royal Bank of Canada (Toronto)		131,744
	9,622,684	*	Royal Bank of Scotland Group plc		4,253
	123,683	e	S&T Bancorp, Inc		2,683
	48,595	e	S.Y. Bancorp, Inc		1,127
	90,173	e	Sandy Spring Bancorp, Inc		1,638
	212,000		San-In Godo Bank Ltd		1,683
	428,700		Sapporo Hokuyo Holdings, Inc		1,589
	4,188,642		Sberbank of Russian Federation (ADR)		53,872
	75,519		SCBT Financial Corp		2,470
	393,916	*,e	Seacoast Banking Corp of Florida		693
	521,916		Security Bank Corp		1,742
	774,388		Sekerbank TAS		435
	1,469,300	e	Senshu Ikeda Holdings, Inc		2,041
	240,100	e	Seven Bank Ltd		527
	489,000		Shiga Bank Ltd		2,932
	350,000		Shikoku Bank Ltd		1,314
	12,200		Shimizu Bank Ltd		482
	729,392		Shinhan Financial Group Co Ltd		28,257
	4,390,823		Shinsei Bank Ltd		5,780
	1,309,559	e	Shizuoka Bank Ltd		13,521
	2,423,800		Siam Commercial Bank PCL		11,291
	63,071	e	Sierra Bancorp		620
	265,683	*	Signature Bank		16,749
	97,808		Simmons First National Corp (Class A)		2,526
	8,155,820		SinoPac Financial Holdings Co Ltd		2,949
	4,871,189	e	Skandinaviska Enskilda Banken AB (Class A)		34,616
	1,233,675		Societe Generale		36,199
	986,430		South Indian Bank Ltd		479
	98,331	e	Southside Bancshares, Inc		2,173
	113,421	*,e	Southwest Bancorp, Inc		1,046
	199,113	e	Sparebanken Midt-Norge		1,280
	3,808		St Galler Kantonalbank		1,603
	1,832,475		Standard Bank Group Ltd		26,634
	5,602,561		Standard Chartered plc		139,905
	48,874		Standard Chartered plc (Hong Kong)		1,221
	119,385	*,e	State Bank & Trust Co		2,090
	10,927		State Bank of Bikaner & Jaip		87
	72,547		State Bank of India Ltd		2,986
	39,826	f	State Bank of India Ltd (GDR) (purchased 08/27/09, cost $3,801)		3,277
	2,543		State Bank of Travancore		29
	102,954		StellarOne Corp		1,222
	143,917	e	Sterling Bancorp		1,380

13

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	108,027	*,e	Sterling Financial Corp	$	2,256
	42,380		Suffolk Bancorp		550
	3,109,571	e	Sumitomo Mitsui Financial Group, Inc		102,920
	213,205	*,e	Sun Bancorp, Inc		753
	1,245,941		SunTrust Banks, Inc		30,114
	450,678		Suruga Bank Ltd		4,624
	893,523		Susquehanna Bancshares, Inc		8,828
	229,677	*	SVB Financial Group		14,777
	685,952	e	Svenska Handelsbanken (A Shares)		21,869
	1,877,747	e	Swedbank AB (A Shares)		29,191
	91,803		Sydbank AS		1,673
	181,279		Syndicate Bank		395
	2,137,494	e	Synovus Financial Corp		4,382
	2,899,800	*	Ta Chong Bank Co Ltd		1,155
	2,048,762	*	Taichung Commercial Bank		650
	7,306,111		Taishin Financial Holdings Co Ltd		2,933
	3,640,453	*	Taiwan Business Bank		1,143
	6,671,273	*	Taiwan Cooperative Financial Holding		4,182
	49,198	*,e	Taylor Capital Group, Inc		706
	3,174,860		TCF Financial Corp		37,749
	64,079		Territorial Bancorp, Inc		1,334
	217,523	*	Texas Capital Bancshares, Inc		7,531
	118,936	*,e	TFS Financial Corp		1,130
	151,909	*,e	The Bancorp, Inc		1,525
	879,300		Tisco Bank PCL		1,182
	168,000		Tochigi Bank Ltd		627
	290,000		Toho Bank Ltd		993
	41,500		Tokyo Tomin Bank Ltd		503
	300,300		Tomony Holdings, Inc		1,464
	38,262	e	Tompkins Trustco, Inc		1,533
	1,542,880	e	Toronto-Dominion Bank		130,954
	491,000		Towa Bank Ltd		571
	92,859	e	TowneBank		1,253
	68,503	e	Trico Bancshares		1,193
	422,273	e	Trustco Bank Corp NY		2,411
	255,085	e	Trustmark Corp		6,372
	4,243,393		Turkiye Garanti Bankasi AS		16,820
	781,764		Turkiye Halk Bankasi AS		5,593
	2,214,274		Turkiye Is Bankasi (Series C)		5,462
	1,142,731		Turkiye Sinai Kalkinma Bankasi AS.		1,437
	1,320,023		Turkiye Vakiflar Bankasi Tao		2,506
	502,463		UCO Bank		779
	183,793		UMB Financial Corp		8,222
	525,460	e	Umpqua Holdings Corp		7,125
	4,654,066	*,e	UniCredit S.p.A		23,307
	31,330		Union Bank of Israel		115
	541,000	*	Union Bank Of Taiwan		187
	97,261	e	Union Bankshares Corp		1,362
	192,311	e	United Bankshares, Inc		5,550
	158,307	*,e	United Community Banks, Inc		1,543
	70,876		United Financial Bancorp, Inc		1,121
	891,679		United Overseas Bank Ltd		13,022
	68,868	e	Univest Corp of Pennsylvania		1,156
	12,171,690		US Bancorp		385,599
	362,245		UTI Bank Ltd		8,154
	21,814		Valiant Holding		2,682

14

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	292,587	e	Valley National Bancorp	$	3,789
	207,246		ViewPoint Financial Group		3,187
	436,660		Vijaya Bank		501
	129,657	*	Virginia Commerce Bancorp		1,138
	2,288,566	f	VTB Bank OJSC (GDR) (purchased 05/26/10, cost $13,806)		10,325
	45,193	*,e	Walker & Dunlop, Inc		569
	66,883		Washington Banking Co		924
	172,128	e	Washington Federal, Inc		2,895
	57,536	e	Washington Trust Bancorp, Inc		1,389
	333,504		Webster Financial Corp		7,561
	29,040,831		Wells Fargo & Co		991,454
	92,446		WesBanco, Inc		1,862
	89,806	e	West Bancorporation, Inc		897
	85,327	*	West Coast Bancorp		1,614
	119,797		Westamerica Bancorporation		5,750
	337,825	*	Western Alliance Bancorp		2,861
	122,631	e	Westfield Financial, Inc		970
	4,184,013		Westpac Banking Corp		94,972
	308,919	*	Wilshire Bancorp, Inc		1,492
	139,398		Wing Hang Bank Ltd		1,388
	173,415	e	Wintrust Financial Corp		6,206
	524,740		Woori Finance Holdings Co Ltd		6,060
	32,948	e	WSFS Financial Corp		1,351
	27,000		Yachiyo Bank Ltd		665
	227,000	e	Yamagata Bank Ltd		1,080
	65,905		Yamaguchi Financial Group, Inc		601
	237,000		Yamanashi Chuo Bank Ltd		1,056
	1,582,007	*	Yapi ve Kredi Bankasi		3,197
	293,426	e	Zions Bancorporation		6,297
			TOTAL BANKS		6,256,790
CAPITAL GOODS - 8.6%
	1,370,518		3M Co		122,264
	226,375		A.O. Smith Corp		10,176
	370,708	*,e	A123 Systems, Inc		415
	131,929		Aalberts Industries NV		2,728
	73,914	e	Aaon, Inc		1,492
	188,197	e	AAR Corp		3,435
	558,472		ABB Ltd		11,429
	107,084	e	Abengoa S.A.		1,957
	40,001		ABG Shipyard Ltd		299
	3,776,992		Aboitiz Equity Ventures Inc		4,415
	547,000		AcBel Polytech, Inc		320
	167,915	*,e	Accuride Corp		1,459
	319,000		ACES Electronic Co Ltd		621
	109,785	e	Aceto Corp		1,042
	34,951	e	ACS Actividades Cons y Servicios S.A.		894
	142,970		Acter Co Ltd		658
	362,580	*,e	Active Power, Inc		283
	315,945		Actuant Corp (Class A)		9,159
	186,705		Acuity Brands, Inc		11,731
	314,205		Adani Enterprises Ltd		1,884
	56,609		Aditya Birla Nuvo Ltd		1,050
	168,000		Advan Co Ltd		1,603
	49,000		Advanced Ceramic X Corp		151
	481,650	*	Aecom Technology Corp		10,775

15

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	157,187		Aecon Group, Inc	$	2,082
	156,155	*,e	Aegion Corp		2,784
	104,129	*,e	Aerovironment, Inc		2,792
	36,526		AFG Arbonia-Forster Hldg		823
	15,100	e	AG Growth International Inc		631
	1,241,746	*	AGCO Corp		58,623
	129,999		Aica Kogyo Co Ltd		1,873
	40,500		Aichi Corp		185
	75,000		Aida Engineering Ltd		434
	94,766	*,e	Air Lease Corp		2,281
	213,256		Aircastle Ltd		2,610
	126,857	*	Akfen Holding AS.		718
	50,601	e	Alamo Group, Inc		1,521
	226,239		Alarko Holding AS		533
	130,895		Albany International Corp (Class A)		3,004
	202,831		Alesco Corp Ltd		338
	34,816	e	Alfa Laval AB		716
	581,709	e	Alfa S.A. de C.V. (Class A)		8,367
	5,387,000		Alliance Global Group, Inc		1,584
	310,740		Alliant Techsystems, Inc		15,574
	28,092		Allied Electronics Corp Ltd		88
	164,679		Allied Electronics Corp Ltd (Preference)		517
	24,862		Alstom Projects India Ltd		173
	215,228		Alstom RGPT		8,401
	45,950		Alstom T&D India Ltd		169
	113,377	*	Altra Holdings, Inc		2,177
	1,026,025		Amada Co Ltd		6,968
	80,700		Amano Corp		755
	3,104		Amara Raja Batteries Ltd		18
	65,272	*,e	Ameresco, Inc		884
	55,467	*	American Railcar Industries, Inc		1,304
	57,322	e	American Science & Engineering, Inc		3,843
	169,280	*,e	American Superconductor Corp		697
	43,103	e	American Woodmark Corp		776
	674,971		Ametek, Inc		32,743
	50,214		Ampco-Pittsburgh Corp		1,011
	34,000	*	Amrep Corp		0	^
	255,000		Amtek Engineering Ltd		145
	75,884	e	Andritz AG.		7,428
	3,360,000	*	Apac Resources Ltd		152
	136,547		Apogee Enterprises, Inc		1,768
	236,650		Applied Industrial Technologies, Inc		9,733
	71,878	e	Arcadis NV		1,503
	50,708	e	Argan, Inc		813
	56,244		Armstrong World Industries, Inc		2,743
	488,020	*	ArvinMeritor, Inc		3,938
	73,200	e	Asahi Diamond Industrial Co Ltd		865
	1,833,205		Asahi Glass Co Ltd		15,715
	84,626		Aselsan Elektronik Sanayi Ve Ticaret AS		504
	2,411,086		Ashok Leyland Ltd		1,438
	1,508,917		Ashtead Group plc		6,249
	1,300,955	e	Assa Abloy AB (Class B)		40,757
	204,869		Astaldi S.p.A.		1,631
	78,965	*	Astec Industries, Inc		2,881
	46,191	*	Astronics Corp		1,615

16

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	321,016		Asunaro Aoki Construction Co Ltd	$	1,745
	363,868	e	Atlas Copco AB (A Shares)		8,803
	93,560		Atlas Copco AB (B Shares)		2,017
	125,992	*	ATS Automation Tooling Systems, Inc		1,128
	757,103		Ausdrill Ltd		3,313
	107,833		Ausenco Ltd		487
	1,253,451		Austal Ltd		2,444
	57,652	e	Austin Engineering Ltd		301
	524,814		Aveng Ltd		2,674
	3,204,000		AviChina Industry & Technology Co		1,469
	54,259		AZZ, Inc		2,802
	33,087		B&B Tools AB		297
	454,317	*	Babcock & Wilcox Co		11,699
	57,933	e	Badger Meter, Inc		1,969
	6,436,591		BAE Systems plc		30,892
	979,347		Balfour Beatty plc		4,465
	172,121		Bando Chemical Industries Ltd		645
	86,000		Baoye Group Co Ltd		49
	279,928		Barloworld Ltd		3,648
	224,411		Barnes Group, Inc		5,904
	122,565		Basil Read Holdings Ltd		252
	8,405	e	Bauer AG.		258
	16,802	e	BayWa AG.		639
	619,741	*	BE Aerospace, Inc		28,799
	51,554	*	BE Group AB		199
	57	*	Beacon Power Corp		0	^
	179,602	*,e	Beacon Roofing Supply, Inc		4,627
	1,425,400	e	Beijing Enterprises Holdings Ltd		8,689
	55,124	e	Bekaert S.A.		1,777
	236,287		Belden CDT, Inc		8,958
	7,321		BEML Ltd		94
	242,800		Benalec Holdings BHD		92
	4,194,800		Berjaya Corp BHD		1,300
	39,902	*	Berliner Communications, Inc		135
	801,000		BES Engineering Corp		229
	528,759		Besalco S.A.		1,028
	908,178		Bharat Heavy Electricals		4,588
	10,415		BHI Co Ltd		242
	431,333		Bidvest Group Ltd		10,128
	17,968	*	Biesse S.p.A.		86
	95,895		Bilfinger Berger AG.		8,995
	83,838	e	Bird Construction Income Fund		1,261
	178,545	*,e	Blount International, Inc		2,978
	3,000		Blue Star Ltd		11
	587,825		Boart Longyear Group		2,546
	11,644	*	Bobst Group AG.		348
	479,889		Bodycote plc		2,966
	5,278,041		Boeing Co		392,528
	183,000		Boer Power Holdings Ltd		73
	2,807,035	e	Bombardier, Inc		11,651
	251,082		Boskalis Westminster		9,426
	5,073		Bossard Holding AG.		791
	233,581	e	Bouygues S.A.		7,123
	220,739		Bradken Ltd		1,961
	245,306		Brady Corp (Class A)		7,936
	60,419		Brenntag AG.		7,398

17

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	260,643	e	Briggs & Stratton Corp	$	4,673
	370,611	*,e	Broadwind Energy, Inc		174
	19,502		Bucher Industries AG.		4,134
	16,806		Budimex S.A.		463
	205,510	*,e	Builders FirstSource, Inc		869
	68,000		Bunka Shutter Co Ltd		247
	262,981		Bunzl plc		4,229
	50,376		Burckhardt Compression Holding AG.		13,803
	955,546	e	CAE, Inc		9,800
	47,128	*	CAI International, Inc		857
	963,583	*,e	Capstone Turbine Corp		983
	39,345		Carbone Lorraine		1,395
	207,373		Cardno Ltd		1,498
	107,327	e	Cargotec Corp (B Shares)		4,099
	596,171		Carillion plc		2,846
	289,617		Carlisle Cos, Inc		14,458
	26,137	*	Carraro S.p.A.		75
	36,508	e	Cascade Corp		1,830
	3,490,367		Caterpillar, Inc		371,794
	997,000		Central Glass Co Ltd		4,389
	9,491		CENTROTEC Sustainable AG.		166
	103,260	e	Ceradyne, Inc		3,362
	123,517	*	Cersanit Krasnystaw S.A.		170
	97,000		Champion Building Materials Co Ltd		50
	218,500	*	Changchai Co Ltd		89
	60,239	*	Changs Ascending Enterprise Co Ltd		188
			Changsha Zoomlion Heavy Industry Science and Technology
	4,194,699	e	Development Co Ltd		5,578
	124,409	*	Chart Industries, Inc		9,123
	260,372		Chemring Group plc		1,699
	348,000		Chen Hsong Holdings		114
	212,000	*	Chengdu Putian Telecom Cable Co Ltd		21
	1,121,844		Chicago Bridge & Iron Co NV (ADR)		48,452
	1,104,350		Chien Kuo Construction Co Ltd		608
	1,642,000	e	China Automation Group Ltd		437
	11,215,000	e	China Communications Construction Co Ltd		11,299
	5,804,000	*	China Daye Non-Ferrous Metals Mining Ltd		322
	570,000		China Electric Manufacturing Corp		390
	3,854,000	*	China Energine International Holdings Ltd		142
	531,050	*	China Fangda Group Co Ltd		180
	3,660,000	e	China High Speed Transmission Equipment Group Co Ltd		1,960
	1,192,570		China International Marine Containers Co Ltd (Class B)		1,644
	3,178,000	e	China Railway Construction Corp		1,981
	6,493,000	e	China Railway Group Ltd		2,088
	277,000		China Singyes Solar Technologies Holdings Ltd		142
	4,309,500	e	China South Locomotive and Rolling Stock Corp		2,943
	2,402,000	e	China State Construction International Holdings Ltd		2,243
	68,000		China Steel Structure Co Ltd		70
	182,380	*	China Textile Machinery		83
	604,928	e	Chiyoda Corp		7,752
	14,600	*	Chiyoda Integre Co Ltd		182
	5,840,000		Chongqing Machinery & Electric Co Ltd		1,092
	2,463		Chosun Refractories Co Ltd		142
	36,000		Chudenko Corp		369
	94,989	e	Chugai Ro Co Ltd		327
	845,000		Chung Hsin Electric & Machinery Manufacturing Corp		486

18

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	25,300		Churchill Corp	$	388
	22,600		Cia Providencia Industria e Comercio S.A.		83
	970,131		Cintra Concesiones de Infraestructuras de Transporte S.A.		11,142
	1,057,043	e	CIR-Compagnie Industriali Riunite S.p.A.		1,496
	69,803		CIRCOR International, Inc		2,322
	1,854,814	e	Citic Pacific Ltd		3,127
	10,157,000	*	Citic Resources Holdings Ltd		1,730
	19,694		CJ Corp		1,483
	179,600		CKD Corp		1,433
	148,029		Clal Industries and Investments		551
	253,013	e	Clarcor, Inc		12,420
	346,736		Clough Ltd		302
	159,762	*	CNH Global NV		6,343
	572,966		Coastal Contracts BHD		373
	843,354		Cobham plc		3,093
	459,368		Cofide S.p.A.		317
	34,689	*,e	Coleman Cable, Inc		337
	287,075	*	Colfax Corp		10,117
	81,192	*	Columbus McKinnon Corp		1,323
	201,792		Comfort Systems USA, Inc		2,202
	108,937	*	Commercial Vehicle Group, Inc		1,330
	1,987,385		Compagnie de Saint-Gobain		88,671
	7,985		Compagnie d’Entreprises CFE		509
	179,300	e	COMSYS Holdings Corp		1,951
	55,224	*,e	Concentric AB		446
	4,903	e	Construcciones y Auxiliar de Ferrocarriles S.A.		2,660
	1,081,000		Continental Engineering Corp		416
	1,115,713		Cookson Group plc		12,323
	492,898		Cooper Industries plc		31,521
	948,131	e	Cosco Corp Singapore Ltd		881
	1,452,000		Cosco International Holdings Ltd		628
	26,885		Cosel Co Ltd		376
	81,631	e	Costain Group plc		287
	35,858	e	Cramo Oyj (Series B)		513
	187,208		Crane Co		9,080
	855,441		Crompton Greaves Ltd		2,315
	1,053,000		CSBC Corp Taiwan		861
	678,922		CSR Ltd		1,268
	1,634,000		CTCI Corp		2,709
	135,237		Cubic Corp		6,394
	1,000,869		Cummins, Inc		120,144
	214,598		Curtiss-Wright Corp		7,942
	661,000		DA CIN Construction Co Ltd		437
	93,690	*	Daekyung Machinery & Engr Co		211
	48,076		Daelim Industrial Co		5,219
	137,885	*	Daewoo Engineering & Construction Co Ltd		1,245
	47,138		Daewoo International Corp		1,498
	141,631		Daewoo Shipbuilding & Marine Engineering Co Ltd		3,796
	118,500		Daifuku Co Ltd		693
	134,641		Daihen Corp		486
	143,280		Daiichi Jitsugyo Co Ltd		714
	347,122	e	Daikin Industries Ltd		9,524
	69,000		Daiwa Industries Ltd		358
	190,200		Dalian Refrigeration Co Ltd		109
	2,494,711		Danaher Corp		139,704
	46,272	e	Danieli & Co S.p.A.		1,268

19

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	53,258		Danieli & Co S.p.A. (RSP)	$	792
	193,508		DCC plc		4,791
	94,237	*	Deceuninck NV		173
	133,322		Decmil Group Ltd		392
	827,380		Deere & Co		66,935
	8,909		Delek Group Ltd		1,763
	42,000		Denyo Co Ltd		523
	83,652	*	Deutz AG.		558
	2,813,850		Dialog Group BHD		1,995
	3,160,000	*	Dickson Group Holdings Ltd		49
	155,007	*	DigitalGlobe, Inc		2,068
	34,306		Discount Investment Corp		191
	270,400		DMCI Holdings, Inc		341
	205,039	*	Dogan Sirketler Grubu Holdings		97
	4,470		Dohwa Consulting Engineers Co Ltd		48
	519,771		Donaldson Co, Inc		18,571
	8,330		Dong Yang Gang Chul Co Ltd		19
	590,800	e	Dongfang Electric Co Ltd		1,435
	26,169		Dongkuk Structures & Construction Co Ltd		104
	34,703		Doosan Corp		4,637
	24,330	*	Doosan Engine Co Ltd		268
	57,400		Doosan Heavy Industries and Construction Co Ltd		3,232
	166,160	*	Doosan Infracore Co Ltd		3,211
	100,376	e	Douglas Dynamics, Inc		1,380
	656,542		Dover Corp		41,323
	40,881	e	Ducommun, Inc		486
	42,472		Duerr AG.		2,703
	144,669	e	Duro Felguera S.A.		940
	56,614	*,e	DXP Enterprises, Inc		2,462
	194,684	*,e	Dycom Industries, Inc		4,548
	84,315	e	Dynamic Materials Corp		1,780
	176,000		Dynapack International Technology Corp		958
	423,900		Dynasty Ceramic PCL		897
	1,687		e Tec E&C Ltd		76
	1,736,330		Eaton Corp		86,521
	531,828		Ebara Corp		1,924
	15,696		Eczacibasi Yatirim Holding		49
	3,287		Eicher Motors Ltd		129
	26,981	e	Eiffage S.A.		1,042
	16,901		Elbit Systems Ltd		660
	1,307		Electra Israel Ltd		116
	62,023		Electrosteel Castings Ltd		25
	337,111		EMCOR Group, Inc		9,345
	1,521,025		Emeco Holdings Ltd		1,705
	1,710,902		Emerson Electric Co		89,275
	939,545		Empresa Brasileira de Aeronautica S.A.		7,535
	629,601		Empresas COPEC S.A.		10,503
	180,000	*	Empresas ICA SAB de C.V. (ADR)		1,368
	3,390,700	*,e	Empresas ICA Sociedad Controladora S.A. de C.V.		6,456
	73,082	e	Encore Wire Corp		2,173
	165,495	*,e	Energy Recovery, Inc		381
	267,756	*	EnerSys		9,278
	50,943		ENG Electric Co Ltd		135
	2,835,754		Engineers India Ltd		14,140
	802,313		Enka Insaat ve Sanayi AS		2,554
	98,793	*,e	EnPro Industries, Inc		4,060

20

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	96,000	*	Enric Energy Equipment Holdings Ltd	$	53
	1,150		Entrepose Contracting		120
	4,140,000	*	Era Holdings Global Ltd		450
	168,076	e	ESCO Technologies, Inc		6,180
	258,803		Escorts Ltd		349
	73,388	*,e	Essex Rental Corp		280
	119,055	*	Esterline Technologies Corp		8,508
	95,300		Eucatex S.A. Industria e Comercio		437
	1,322,551	e	European Aeronautic Defence and Space Co		54,161
	1,336,000		EVA Precision Industrial Holdings Ltd		248
	499,526	e	Exelis, Inc		6,254
	48,131		Fabryka Kotlow Rafako S.A.		149
	7,419		Faiveley S.A.		515
	226,803	*	Fanuc Ltd		40,624
	7,923,311		Far Eastern Textile Co Ltd		9,189
	987,544	e	Fastenal Co		53,426
	245,962	*,e	Federal Signal Corp		1,368
	546,738		Fenner plc		3,791
	769,941		Ferreyros S.A.		892
	2,203,232	*	FIAT Industrial S.p.A.		23,511
	1,062,680	e	Finmeccanica S.p.A.		5,754
	188,539		Finning International, Inc		5,192
	1,860,000		First Tractor Co		1,875
	181,377	*,e	Flow International Corp		729
	169,043		Flowserve Corp		19,526
	79,460	e	FLSmidth & Co AS		5,599
	1,053,205		Fluor Corp		63,234
	4,031		FMS Enterprises Migun Ltd		69
	71,277	e	Fomento de Construcciones y Contratas S.A.		1,591
	122,236		Forge Group Ltd		857
	102,179		Forjas Taurus S.A. (Preference)		120
	918,429	*	Fortune Brands Home & Security, Inc		20,270
	523,000		Fortune Electric Co Ltd		266
	290,100		Foshan Electrical and Lighting Co Ltd		224
	38	*	Foster Wheeler AG.		1
	142,380		Franklin Electric Co, Inc		6,987
	1,163,099		Fraser and Neave Ltd		6,204
	87,700	e	Freightcar America, Inc		1,972
	41,635		Frigoglass S.A.		273
	401,942		FSP Technology, Inc		380
	183,200	*,e	Fudo Tetra Corp		349
	537,040	*,e	FuelCell Energy, Inc		843
	196,302	*,e	Fuji Electric Holdings Co Ltd		518
	75,296		Fuji Machine Manufacturing Co Ltd		1,509
	546,978		Fujikura Ltd		1,844
	137,000		Fujitec Co Ltd		909
	160,039	*	Furmanite Corp		1,027
	413,000	*	Furukawa Co Ltd		401
	787,762		Furukawa Electric Co Ltd		2,111
	40,019	*	Futaba Corp/Chiba		574
	306,000		G Shank Enterprise Co Ltd		179
	668,000	*	Gallant Venture Ltd		165
	121,688	e	Galliford Try plc		1,215
	272,100	e	Gamesa Corp Tecnologica S.A.		865
	2,717,900		Gamuda BHD		3,233
	358,197		Gardner Denver, Inc		22,574

21

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	124,991		GATX Corp	$	5,037
	68,566		GEA Group AG.		2,365
	67,059		Geberit AG.		14,012
	478,567	*,e	GenCorp, Inc		3,398
	133,444	*,e	Generac Holdings, Inc		3,276
	139,093	*	General Cable Corp		4,045
	805,528		General Dynamics Corp		59,110
	42,513,059		General Electric Co		853,237
	88,251	*,e	GeoEye, Inc		2,124
	9,103		Georg Fischer AG.		4,164
	9,873		Gesco AG.		861
	171,765	*	Gibraltar Industries, Inc		2,602
	292,221		Giken Seisakusho Co, Inc		1,558
	64,584	*	Gildemeister AG.		1,265
	61,859	*,e	Global Power Equipment Group, Inc		1,713
	430,000		Globe Union Industrial Corp		307
	81,756		Glory Ltd		1,793
	388,000		Good Friend International Holdings, Inc		204
	406,028		Goodrich Corp		50,932
	58,789	e	Gorman-Rupp Co		1,715
	163,545		Graco, Inc		8,678
	341,696	*	GrafTech International Ltd		4,080
	325,509		Grafton Group plc		1,355
	47,905		Graham Corp		1,049
	152,660		Grana y Montero S.A.		501
	166,419		Granite Construction, Inc		4,783
	52,211		Granite Hacarmel Investments Ltd		75
	9,950		Graphite India Ltd		16
	341,832	e	Great Lakes Dredge & Dock Corp		2,468
	22,415		Greaves Cotton Ltd		39
	90,981	*,e	Greenbrier Cos, Inc		1,801
	277,394		Griffon Corp		2,968
	21,188	e	Grontmij NV (ADR)		158
	149,813		Group Five Ltd		571
	841,537		Grupo Carso S.A. de C.V. (Series A1)		2,638
	52,185		GS Engineering & Construction Corp		4,609
	10,060		GS Global Corp		113
	207,065	e	GS Yuasa Corp		1,145
	332,800	e	Guangzhou Shipyard International Co Ltd		314
	312,604	e	GWA International Ltd		696
	119,675	*	H&E Equipment Services, Inc		2,264
	1,193,000	e	Haitian International Holdings Ltd		1,333
	140,616	e	Haldex AB		922
	6,670		Halla Engineering & Construction Corp		78
	3,357		Hamon & CIE S.A.		80
	549,140		Hangzhou Steam Turbine Co		713
	39,530	*	Hanjin Heavy Industries & Construction Co Ltd		662
	47,280		Hanjin Heavy Industries & Construction Holdings Co Ltd		347
	498,395		Hanwa Co Ltd		2,274
	734,700		HAP Seng Consolidated BHD		406
	1,798,000		Harbin Power Equipment		1,885
	10,800	e	Harmonic Drive Systems, Inc		272
	148,506		Harsco Corp		3,484
	152,843		Havells India Ltd		1,716
	12,945		Haw Par Corp Ltd		62
	3,390		HEG Ltd		14

22

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	162,232	e	Heico Corp	$	8,369
	259,276	*,e	Heidelberger Druckmaschinen		520
	19,209		Heijmans NV (ADR)		223
	167,708		Hellenic Technodomiki Tev S.A.		268
	4,403,800		Hemaraj Land and Development PCL		402
	2,804,000		Henderson Investment Ltd		213
	14,164	*,m	Hexa Tradex Ltd		10
	384,634	*	Hexcel Corp		9,235
	80,825		Hexpol AB (Series B)		2,747
	46,600		Hibiya Engineering Ltd		513
	306,659	e	Hills Industries Ltd		341
	1,195,866		Hindustan Construction Co		602
	276,577	e	Hino Motors Ltd		2,018
	27,000		Hisaka Works Ltd		299
	233,000	*	Hitachi Cable Ltd		661
	26,034	e	Hitachi Construction Machinery Co Ltd		582
	68,300		Hitachi Koki Co Ltd		628
	1,190,899	e	Hitachi Zosen Corp		1,562
	243,560		Hiwin Technologies Corp		2,754
	4,838,000		HKC Holdings Ltd		262
	1,201		HNK Machine Tool Co Ltd		20
	4,600		Hochtief AG.		278
	446,735		Hock Seng Lee BHD		229
	11,552		Homag Group AG.		174
	7,950,853		Honeywell International, Inc		485,400
	159,000		Hong Leong Asia Ltd		246
	624,387		Hopewell Holdings		1,715
	41,500		Hoshizaki Electric Co Ltd		984
	77,000		Hosokawa Micron Corp		456
	82,934	e	Houston Wire & Cable Co		1,152
	911,000		HUA ENG Wire & Cable		257
	243,400		Huangshi Dongbei Electrical Appliance Co Ltd		146
	95,837		Hubbell, Inc (Class B)		7,531
	21,947		Huber & Suhner AG.		1,031
	77,797	*	Huntington Ingalls		3,131
	24,970	*,e	Hurco Cos, Inc		705
	2,490,961		Hutchison Whampoa Ltd		24,910
	17,644		Hy-Lok Corp		319
	26,020		Hyundai Corp		623
	117,676		Hyundai Development Co		2,590
	5,551		Hyundai Elevator Co Ltd		566
	96,726		Hyundai Engineering & Construction Co Ltd		6,914
	82,779		Hyundai Heavy Industries		23,557
	15,633		Hyundai Mipo Dockyard		1,887
	5,839	*	Hyunjin Materials Co Ltd		55
	61,300		Idec Corp		608
	135,310		IDEX Corp		5,701
	394,887	*	Ihlas Holding		239
	205,838	*	II-VI, Inc		4,868
	1,701,559		IJM Corp BHD		3,135
	31,410		Iljin Electric Co Ltd		145
	1,557,542		Illinois Tool Works, Inc		88,967
	21,470		IMARKETKOREA, Inc		371
	563,480		IMI plc		8,762
	13,459		Implenia AG.		461
	389,975	e	Impregilo S.p.A.		1,557

23

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	15,792	*	IMS-Intl Metal Service	$	227
	103,440	e	Imtech NV		3,308
	35,010		Inaba Denki Sangyo Co Ltd		1,053
	114,037		Inabata & Co Ltd		794
	1,410,212	*,m	Indiabulls Infrastructure and Power Ltd		214
	37,430	e	Indus Holding AG.		1,155
	334,603		Industrea Ltd		354
	6,809		Industria Macchine Automatiche S.p.A.		127
	39,000		Industrias Romi S.A.		128
	23,051		Indutrade AB		716
	996		Ingersoll-Rand India Ltd		9
	2,243,458	e	Ingersoll-Rand plc		92,767
	69,096	e	Insteel Industries, Inc		840
	2,925,000	*	Interchina Holdings Co		186
	151,117	*,e	Interline Brands, Inc		3,266
	89,272		Interpump Group S.p.A.		761
	307,875		Interserve plc		1,432
	4,571,173		Invensys plc		14,560
	154,600		Iochpe-Maxion S.A.		3,048
	271,886		IRB Infrastructure Developers Ltd		995
	251,000	e	Iseki & Co Ltd		643
	233,000		I-Sheng Electric Wire & Cable Co Ltd		385
	7,068,941		Ishikawajima-Harima Heavy Industries Co Ltd		17,969
	1,650,000		Italian-Thai Development PCL		189
	2,562,677		Itochu Corp		28,079
	531,468		ITT Corp		12,192
	687,880		IVRCL Infrastructures & Projects Ltd		891
	417,000		Iwatani International Corp		1,397
	554,960	*	Jacobs Engineering Group, Inc		24,624
	9,905	*	Jain Irrigation Systems Ltd		10
	198,102		Jain Irrigation Systems Ltd		382
	1,343,537		Jaiprakash Associates Ltd		2,153
	106,604		Japan Pulp & Paper Co Ltd		383
	377,443	e	Japan Steel Works Ltd		2,605
	1,237,000	*	Jaya Holdings Ltd		564
	79,000	*	Jenn Feng New Energy Co Ltd		45
	151,000	m	JFE Shoji Holdings, Inc		785
	342,294	e	JGC Corp		10,682
	2,660,000	e	Jiangsu Rongsheng Heavy Industry Group Co Ltd		704
	460,000		Jingwei Textile Machinery		257
	6,772		Jinsung T.E.C.		73
	120,855		John Bean Technologies Corp		1,958
	2,329,500	e	Johnson Electric Holdings Ltd		1,453
	899,250		Joy Global, Inc		66,095
	651,191		JS Group Corp		13,709
	893,877		JTEKT Corp		10,820
	847,000	e	Juki Corp		1,851
	48,503		Jungheinrich AG.		1,588
	9,921	*	JVM Co Ltd		379
	6,986		Kaba Holding AG.		2,702
	91,546	*,e	Kadant, Inc		2,181
	367,434	e	Kajima Corp		1,122
	8,178		Kalpataru Power Transmission Ltd		17
	103,723	e	Kaman Corp		3,521
	330,000		Kandenko Co Ltd		1,609
	554,000	*,e	Kanematsu Corp		666

24

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	23,600		Katakura Industries Co Ltd	$	218
	830,000	e	Kato Works Co Ltd		3,976
	23,000		Kaulin Manufacturing Co Ltd		18
	1,120,640	e	Kawasaki Heavy Industries Ltd		3,463
	134,801	e	Kaydon Corp		3,439
	2,531,312		KBR, Inc		89,988
	16,390		KCC Corp		4,736
	8,053		KCC Engineering & Construction Co Ltd		209
	66,866	e	KCI Konecranes Oyj		1,757
	21,660		Keangnam Enterprises Ltd		177
	10,039		KEC International Ltd		13
	25,000	e	Keihan Electric Railway Co Ltd		119
	70,433		Keller Group plc		498
	10,657		Kendrion NV		279
	185,050		Kenmec Mechanical Engineering Co Ltd		82
	291,082		Kennametal, Inc		12,962
	84,810		Kentz Corp Ltd		664
	1,589,700	*	Kepler Weber S.A.		244
	3,294,707		Keppel Corp Ltd		28,795
	73,094	*,e	KEYW Holding Corp		566
	46,099	*	KHD Humboldt Wedag International AG.		375
	76,693		Kier Group plc		1,388
	115,937		Kinden Corp		898
	278,000		King Slide Works Co Ltd		1,681
	171,151		Kingspan Group plc		1,778
	49,000		Kinik Co		78
	91,000		Kinki Sharyo Co Ltd		348
	125,000		Kitz Corp		548
	132,944	e	Kloeckner & Co AG.		1,927
	1,880,418		KOC Holding AS		7,644
	1,654,163	e	Komatsu Ltd		47,565
	3,249		Komax Holding AG.		341
	80,690		Komori Corp		699
	24,587		Kone Oyj (Class B)		1,369
	307,328		Koninklijke BAM Groep NV		1,444
	602,746		Koninklijke Philips Electronics NV		12,233
	14,708	*	Koor Industries Ltd		244
	72,525	*	Kopex S.A.		527
	69,870		Korea Aerospace Industries Ltd		1,793
	19,580		Korea Electric Terminal Co Ltd		371
	180,852	*,e	Kratos Defense & Security Solutions, Inc		966
	14,777	e	Krones AG.		742
	112,000	*	KS Energy Services Ltd		86
	235		KSB AG.		148
	549,707	e	Kubota Corp		5,321
	33,668	*	KUKA AG.		723
	13,000		Kumho Electric Co Ltd		291
	84,761	*	Kumho Industrial Co Ltd		507
	14,610	e	Kurita Water Industries Ltd		360
	28,270		Kuroda Electric Co Ltd		313
	67,000		Kyosan Electric Manufacturing Co Ltd		289
	111,600		Kyowa Exeo Corp		1,008
	69,000		Kyudenko Corp		406
	502,885		L-3 Communications Holdings, Inc		35,589
	1,074		Lakshmi Machine Works Ltd		33
	1,686,616	*	Lanco Infratech Ltd		602

25

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	344,992		Larsen & Toubro Ltd	$	8,865
	339,076		Lavendon Group plc		656
	20,037	e	Lawson Products, Inc		303
	95,250	*,e	Layne Christensen Co		2,119
	57,516		LB Foster Co (Class A)		1,640
	41,657		Legrand S.A.		1,534
	140,465		Leighton Holdings Ltd		3,092
	221,570		Lennox International, Inc		8,929
	380,000	e	Leoch International Technology Ltd		95
	160,809		LG Corp		9,244
	13,364		LG Hausys Ltd		886
	65,860		LG International Corp		2,990
	414,511		Lincoln Electric Holdings, Inc		18,786
	80,310		Lindab International AB		641
	53,032	e	Lindsay Manufacturing Co		3,514
	7,287		LISI		611
	38,476	*	LMI Aerospace, Inc		700
	597,696		Lockheed Martin Corp		53,709
	159,000		Longwell Co		212
	5,487,000	e	Lonking Holdings Ltd		1,930
	1,719,936	*,e	Lonrho plc		352
	23,516		LS Cable Ltd		1,663
	19,425		LS Industrial Systems Co Ltd		1,128
	78,944	e	LSI Industries, Inc		579
	134,000	*	Luoyang Glass Co Ltd		29
	22,700	*	Lupatech S.A.		65
	66,461	*	Lydall, Inc		677
	14,260		Mabuchi Motor Co Ltd		651
	171,653		MACA Ltd		472
	1,769,454		Macmahon Holdings Ltd		1,579
	345,000	e	Maeda Corp		1,522
	157,000		Maeda Road Construction Co Ltd		1,958
	156,247		Maire Tecnimont S.p.A.		132
	128,748	e	Makino Milling Machine Co Ltd		1,114
	107,311	*,e	Makita Corp		4,356
	653,649		Malaysia Marine and Heavy Engineering Sdn BHD		1,174
	2,224,300		Malaysian Resources Corp BHD		1,382
	94,318		MAN AG.		12,555
	15,414	*,e	Manitou BF S.A.		364
	205,475	e	Manitowoc Co, Inc		2,848
	483,900		Marcopolo S.A.		2,479
	3,932,636		Marubeni Corp		28,599
	3,837,405		Masco Corp		51,306
	220,308	*	Mastec, Inc		3,985
	44,000		Max Co Ltd		554
	99,965	*	MAX India Ltd		331
	608,301		Meggitt plc		3,933
	236,000	e	Meidensha Corp		863
	571,748		Melrose plc		3,868
	7,309,000	e	Metallurgical Corp of China Ltd		1,640
	57,520		Metka S.A.		552
	58,934	e	Met-Pro Corp		622
	488,784	e	Metso Oyj		20,887
	119,805	*,e	Meyer Burger Technology AG.		1,958
	47,536	*	Michael Baker Corp		1,134
	70,203		Micron Machinery Co Ltd		2,120

26

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	73,102	*,e	Middleby Corp	$	7,396
	56,268		Miller Industries, Inc		952
	178,400		Mills Estruturas e Servicos de		2,277
	1,352,598	e	Minebea Co Ltd		5,955
	123,600	e	Miraito Holdings Corp		902
	550,350		Mirle Automation Corp		452
	127,700	e	MISUMI Group, Inc		3,121
	2,913,299	e	Mitsubishi Corp		68,177
	1,918,190		Mitsubishi Electric Corp		17,129
	3,539,932		Mitsubishi Heavy Industries Ltd		17,249
	81,000		Mitsubishi Kakoki Kaisha Ltd		165
	109,700		Mitsuboshi Belting Co Ltd		609
	3,344,397	e	Mitsui & Co Ltd		55,197
	936,401	e	Mitsui Engineering & Shipbuilding Co Ltd		1,640
	158,000	e	Mitsui Matsushima Co Ltd		336
	34,700		Miura Co Ltd		903
	3,087,174		MMC Corp BHD		2,841
	1,361,266	e	Monadelphous Group Ltd		33,782
	212,994	*	Moog, Inc (Class A)		9,135
	748,196		Morgan Crucible Co plc		3,855
	70,334		Morgan Sindall plc		763
	130,000	e	Mori Seiki Co Ltd		1,344
	172,307		Mota Engil SGPS S.A.		280
	188,964		MSC Industrial Direct Co (Class A)		15,737
	81,373		MTU Aero Engines Holding AG.		6,555
	564,466		Mudajaya Group BHD		528
	6,515		Muehlbauer Holding AG. & Co KGaA		217
	205,244		Mueller Industries, Inc		9,328
	665,919		Mueller Water Products, Inc (Class A)		2,218
	591,400		Muhibbah Engineering M BHD		242
	673,510	*,e	Murray & Roberts Holdings Ltd		2,477
	93,130	*,e	MYR Group, Inc		1,663
	151,210	e	Nabtesco Corp		3,131
	32,721		Nacco Industries, Inc (Class A)		3,808
	338,332		Nachi-Fujikoshi Corp		1,963
	96,910		Nagarjuna Construction Co		107
	256,400		Nagase & Co Ltd		3,187
	42,300	e	Namura Shipbuilding Co Ltd		185
	18,269	e	National Presto Industries, Inc		1,386
	3,396		Nava Bharat Ventures Ltd		14
	258,231	*	Navistar International Corp		10,445
	8,259		NCC AB		173
	142,106		NCC AB (B Shares)		2,988
	114,341	*	NCI Building Systems, Inc		1,316
	22,900		NEC Capital Solutions Ltd		380
	24,700	e	NEC Networks & System Integration Corp		353
	454,351		Neo-Neon Holdings Ltd		84
	30,704	e	Nexans S.A.		2,074
	189,050		NGK Insulators Ltd		2,723
	125,456	e	Nibe Industrier AB (Series B)		2,002
	243,179		Nichias Corp		1,350
	8,000		Nichiden Corp		215
	73,500		Nichiha Corp		914
	52,570	e	Nidec Corp		4,806
	234,000		Nippo Corp		2,604
	155,000		Nippon Carbon Co Ltd		438

27

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	79,000		Nippon Densetsu Kogyo Co Ltd	$	784
	80,000		Nippon Koei Co Ltd		279
	139,000	e	Nippon Road Co Ltd		591
	93,730	e	Nippon Sharyo Ltd		388
	309,356	e	Nippon Sheet Glass Co Ltd		478
	64,800	e	Nippon Signal Co Ltd		407
	106,000		Nippon Steel Trading Co Ltd		346
	224,889	e	Nippon Thompson Co Ltd		1,428
	435,000		Nishimatsu Construction Co Ltd		1,023
	18,000		Nishio Rent All Co Ltd		240
	192,000		Nisshinbo Industries, Inc		1,830
	63,000		Nissin Electric Co Ltd		383
	48,855		Nitta Corp		900
	321,000	*,e	Nitto Boseki Co Ltd		1,266
	59,529		Nitto Kogyo Corp		782
	13,973		Nitto Kohki Co Ltd		310
	24,460		NK Co Ltd		107
	31,000	e	NKT Holding AS		1,418
	65,337	*,e	NN, Inc		533
	1,253,772		Noble Group Ltd		1,377
	51,800	*,e	Nordex AG.		313
	313,075		Nordson Corp		17,066
	231,919		Noritake Co Ltd		707
	37,200		Noritz Corp		710
	25,326	*	NORMA Group		626
	448,829		Northrop Grumman Corp		27,414
	38,501	*,e	Northwest Pipe Co		818
	256,335		NRW Holdings Ltd		1,107
	667,482		NSK Ltd		5,197
	3,693,497		NTN Corp		15,782
	1,926,803		NWS Holdings Ltd		2,959
	28,038		Obara Corp		383
	284,809		Obayashi Corp		1,247
	56,625		Obrascon Huarte Lain S.A.		1,686
	342,484	*	OC Oerlikon Corp AG.		3,036
	4,295		OHB AG.		77
	132,300	e	Oiles Corp		2,620
	187,641		Okuma Holdings, Inc		1,567
	221,000		Okumura Corp		871
	6,291	*,e	Omega Flex, Inc		80
	13,600		Onoken Co Ltd		117
	133,924		Orascom Construction Industries		5,804
	272,057	*,e	Orbital Sciences Corp		3,578
	91,000		Organo Corp		616
	140,550	*	Orion Marine Group, Inc		1,016
	80,466		Orkla ASA		637
	82,184		Ormat Industries		432
	103,400		OSG Corp		1,576
	145,091	*	Oshkosh Truck Corp		3,362
	916,000	e	Otto Marine Ltd		93
	125,100	e	Outotec Oyj		6,344
	2,832,387	*	Owens Corning, Inc		102,051
	1,396,032		Paccar, Inc		65,376
	17,261	e	Palfinger AG.		435
	397,905		Pall Corp		23,727
	5,631,000		Pan-United Corp Ltd		2,354

28

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,424,797	e	Parker Hannifin Corp	$	120,467
	45,015		PBG S.A.		563
	221,257		Peab AB (Series B)		1,130
	263,792		Pentair, Inc		12,559
	418,500	e	Penta-Ocean Construction Co Ltd		1,340
	114,331	e	Perini Corp		1,781
	11,097		Pfeiffer Vacuum Technology AG.		1,258
	107,000		Phihong Technology Co Ltd		153
	76,336	*,e	Pike Electric Corp		628
	15,495	*	Pinguely-Haulotte		178
	479,452	*	Pipavav Shipyard Ltd		752
	36,004		Pkc Group Oyj		825
	4,743		Plasson		125
	71,937	*,e	PMFG, Inc		1,080
	1,580,804		Polimex Mostostal S.A.		695
	896,800		Polyplex PCL		459
	104,689	*,e	Polypore International, Inc		3,681
	13,910		Ponsse Oy		149
	49,400	*	Powell Industries, Inc		1,692
	16,050		Powercom Co Ltd		11
	79,764	*,e	PowerSecure International, Inc		483
	215,931		Praj Industries Ltd		340
	1,157,659		Precision Castparts Corp		200,159
	13,968		Preformed Line Products Co		915
	236,403	e	Primoris Services Corp		3,797
	155,600	*,e	Promotora y Operadora de Infraestructura SAB de C.V.		687
	3,440,000		Prosperity International Holdings HK Ltd		169
	18,800	*	Proto Labs, Inc		641
	58,502		Prysmian S.p.A.		1,029
	6,215,000		PT AKR Corporindo Tbk		2,926
	82,105,500	*	PT Bakrie and Brothers Tbk		450
	564,500		PT Hexindo Adiperkasa Tbk		699
	6,269,000		PT Pembangunan Perumahan Tbk		431
	1,400,000		PT Surya Semesta Internusa Tbk		156
	6,879,616		PT United Tractors Tbk		24,874
	6,576,000		PT Wijaya Karya		655
	751,670		Punj Lloyd Ltd		813
	77,305	*,e	Pursuit Dynamics plc		106
	1,504,636		QinetiQ plc		3,833
	149,639	e	Quanex Building Products Corp		2,638
	591,663	*	Quanta Services, Inc		12,366
	3,656		R Stahl AG.		129
	180,320	e	Ramirent Oyj		1,575
	166,400		Randon Participacoes S.A.		1,072
	4,546		Rational AG.		1,064
	310,464		Raubex Group Ltd		526
	69,559		Raven Industries, Inc		4,244
	1,187,347		Raytheon Co		62,668
	83,765	*	RBC Bearings, Inc		3,864
	46,350		Rechi Precision Co Ltd		47
	156,504		Regal-Beloit Corp		10,259
	351,114		Reunert Ltd		3,209
	50,465		Rexel S.A.		1,113
	355,963		Rheinmetall AG.		21,076
	281,537		Rich Development Co Ltd		138
	3,762	*	Rieter Holding AG.		643

29

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	156,774		Robbins & Myers, Inc	$	8,160
	340,042		Rockwell Automation, Inc		27,101
	680,178		Rockwell Collins, Inc		39,151
	10,181		Rockwool International AS (B Shares)		976
	2,814,160		Rolls-Royce Group plc		36,559
	1,540,401	e	Roper Industries, Inc		152,746
	6,612		Rosenbauer International AG.		341
	331,000		Rotary Engineering Ltd		187
	119,627		Rotork plc		3,923
	277,567	*	RSC Holdings, Inc		6,270
	122,917	*,e	Rush Enterprises, Inc (Class A)		2,608
	152,133	e	Russel Metals, Inc		4,085
	299,000	e	Ryobi Ltd		1,141
	18,470		S&T Holdings Co Ltd		193
	150,660		Saab AB (Class B)		2,812
	170,356	e	Sacyr Vallehermoso S.A.		517
	733,273		Safran S.A.		26,949
	32,013	e	Saft Groupe S.A.		1,038
	409,950		Salfacorp S.A.		1,095
	195,114		Samsung Corp		13,685
	53,972		Samsung Engineering Co Ltd		11,535
	302,116		Samsung Heavy Industries Co Ltd		10,106
	45,416		Samsung Techwin Co Ltd		2,735
	273,000		San Shing Fastech Corp		426
	903,242		Sandvik AB		13,033
	70,000		Sanki Engineering Co Ltd		379
	331,000	*	Sankyo-Tateyama Holdings, Inc		580
	413,000		Sanwa Shutter Corp		1,618
	1,687,000	e	Sany Heavy Equipment International		1,276
	91,000		Sanyo Denki Co Ltd		560
	541,000	e	Sasebo Heavy Industries Co Ltd		905
	334,921	*,e	SatCon Technology Corp		121
	87,319		Sauer-Danfoss, Inc		4,104
	66,052		Scania AB (B Shares)		1,374
	7,376		Schindler Holding AG.		887
	5,855		Schindler Holding AG. (Reg)		700
	41,890	*	Schneider Electric Infrastructure Ltd		55
	528,956		Schneider Electric S.A.		34,605
	31,839		Schouw & Co		697
	991		Schweiter Technologies AG.		572
	1,725		Seaboard Corp		3,365
	43,010		SeaCube Container Leasing Ltd		740
	21,000		SEC Carbon Ltd		84
	214,800		Sedgman Ltd		551
	124,000		Seika Corp		375
	112,000		Sekisui Jushi Corp		1,121
	2,680,248	e	SembCorp Industries Ltd		11,251
	2,618,273		SembCorp Marine Ltd		10,970
	14,545		Semperit AG. Holding		624
	946,950		Senior plc		3,029
	69,881	*	Sensata Technologies Holding BV		2,340
	8,477		Seoul Marine Co Ltd		45
	156,402		Severfield-Rowen plc		451
	50,220		Sewon Cellontech Co Ltd		169
	71,709	*,e	SGL Carbon AG.		3,284
	385,308	*	SGSB Group Co Ltd		178
	144,200	*	Shanghai Automation Instrumentation Co Ltd		77

30

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	471,800		Shanghai Diesel Engine Co Ltd	$	427
	5,022,000	e	Shanghai Electric Group Co Ltd		2,563
	746,600	*	Shanghai Erfangji Co Ltd		255
	347,800	*	Shanghai Highly Group Co Ltd		180
	799,400		Shanghai Industrial Holdings Ltd		2,466
	218,200	*	Shanghai Lingyun Industries Development Co Ltd		94
	131,800		Shanghai Material Trading Co Ltd		70
	426,020		Shanghai Mechanical and Electrical Industry Co Ltd		417
	1,414,000		Shanghai Prime Machinery Co Ltd		233
	501,900		Shanghai Waigaoqiao Free Trade Zone Development Co Ltd		307
	197,425	*	Shaw Group, Inc		6,260
	342,823		ShenMao Technology, Inc		482
	645,000		Shihlin Electric & Engineering Corp		710
	472,107		Shikun & Binui Ltd		823
	32,800		Shima Seiki Manufacturing Ltd		630
	283,933	e	Shimizu Corp		1,143
	184,000		Shin Zu Shing Co Ltd		494
	124,000	e	Shinko Electric Co Ltd		271
	338,590		Shinmaywa Industries Ltd		1,692
	98,000		Shinsho Corp		232
	21,400	e	SHO-BOND Holdings Co Ltd		530
	1,008,500		Siemens AG.		101,701
	54,647		Siemens India Ltd		814
	817,853		SIG plc		1,537
	262,950		Silitech Technology Corp		606
	6,423,371		Sime Darby BHD		20,443
	173,216		Simpson Manufacturing Co, Inc		5,586
	13,047,000		Singamas Container Holdings Ltd		3,875
	1,309,916		Singapore Technologies Engineering Ltd		3,388
	51,729	*	Singulus Technologies		185
	1,965,100		Sino Thai Engineering & Construction PCL		898
	449,007		Sintex Industries Ltd		759
	102,400		Sintokogio Ltd		1,146
	45,338		SK Corp		5,912
	391,240		SK Networks Co Ltd		3,614
	692,681		Skanska AB (B Shares)		11,998
	1,371,740	e	SKF AB (B Shares)		33,481
	6,197		SKF India Ltd		84
	303,161		SM Investments Corp		4,670
	27,777		SMC Corp		4,445
	5,531,356		Smiths Group plc		93,102
	219,661		Snap-On, Inc		13,393
	238,400	e	SNC-Lavalin Group, Inc		9,544
	538,016		SOCAM Development Ltd		574
	162,300		Sodick Co Ltd		895
	5,772,386	e	Sojitz Holdings Corp		10,372
	6,876		Solar Holdings AS (B Shares)		379
	58,976		Solaria Energia y Medio Ambiente S.A.		57
	1,107,389	e	Sonae SPGS S.A.		658
	753,938		Speedy Hire plc		332
	103,224		Spirax-Sarco Engineering plc		3,451
	574,325	*	Spirit Aerosystems Holdings, Inc (Class A)		14,048
	429,225		SPX Corp		33,278
	19,891		SRV Group plc		112
	25,990	*	Ssangyong Engineering & Construction Co Ltd		154
	62,143		Standex International Corp		2,560

31

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	916,338		Stanley Works	$	70,521
	76,723		Stefanutti Stocks Holdings Ltd		120
	98,462	*	Sterling Construction Co, Inc		960
	64,036	e	Strabag SE		1,948
	32,049		STX Corp Co Ltd		390
	13,890		STX Engine Co Ltd		210
	6,290		STX Enpaco Co Ltd		36
	2,115,000	e	STX OSV Holdings Ltd		2,972
	58,750		STX Shipbuilding Co Ltd		743
	5,472		Sulzer AG.		778
	301,000		Sumikin Bussan Corp		818
	2,429,568	e	Sumitomo Corp		35,318
	1,006,253		Sumitomo Electric Industries Ltd		13,933
	1,720,628		Sumitomo Heavy Industries Ltd		9,628
	102,000		Sumitomo Precision Products Co Ltd		607
	83,335		Sun Hydraulics Corp		2,180
	28,990	*	Sung Jin Geotec Co Ltd		336
	13,371		Sung Kwang Bend Co Ltd		274
	373,000		Sunonwealth Electric Machine Industry Co Ltd		276
	148,000		Sunspring Metal Corp		163
	145,668	e	Superior Plus Corp		1,087
	857,478	*	Suzlon Energy Ltd		425
	329,000	e	SWCC Showa Holdings Co Ltd		316
	366,287		Swisslog Holding AG.		353
	1,810,370		Ta Ya Electric Wire & Cable		506
	143,000	e	Tadano Ltd		1,038
	10,658	*	Taewoong Co Ltd		283
	126,200		Taeyoung Engineering & Construction		630
	88,130	*	Taihan Electric Wire Co Ltd		276
	40,000	e	Taihei Dengyo Kaisha Ltd		327
	69,000		Taihei Kogyo Co Ltd		376
	108,000	e	Taikisha Ltd		2,223
	797,166		Taisei Corp		2,086
	1,247,468		Taiwan Glass Industrial Corp		1,406
	101,000	e	Takaoka Electric Manufacturing Co Ltd		314
	145,929		Takara Standard Co Ltd		1,081
	77,400	e	Takasago Thermal Engineering Co Ltd		605
	90,000	e	Takuma Co Ltd		452
	80,284	e	TAL International Group, Inc		2,947
	234,420	*,e	Taser International, Inc		1,017
	2,552,315		Tat Hong Holdings Ltd		1,890
	51,000	e	Tatsuta Electric Wire and Cable Co Ltd		308
	6,183,833		Teco Electric and Machinery Co Ltd		4,265
	79,241	*,e	Tecumseh Products Co (Class A)		319
	308,321	*,e	Teledyne Technologies, Inc		19,440
	98,599	e	Tennant Co		4,338
	290,889	*,e	Terex Corp		6,545
	42,057	e	Textainer Group Holdings Ltd		1,426
	4,269,154		Textron, Inc		118,811
	75,064	e	Thales S.A.		2,811
	22,707		Thermax Ltd		206
	36,847	*,e	Thermon Group Holdings		753
	141,193	e	THK Co Ltd		2,892
	153,903	*	Thomas & Betts Corp		11,067
	1,360,000	*	Tianjin Development Hldgs		624
	868,828	e	Timken Co		44,084

32

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	164,617	e	Titan International, Inc	$	3,893
	56,501	*	Titan Machinery, Inc		1,593
	22,703	*	TK Corp		600
	381,000	e	Toa Corp/Tokyo		746
	17,900		Tocalo Co Ltd		358
	360,000		Toda Corp		1,210
	49,000		Toenec Corp		285
	50,000		Tokai Corp		241
	57,000		Tokyo Energy & Systems, Inc		337
	155,540		Tokyu Construction Co Ltd		398
	52,920		Tong-Tai Machine & Tool Co Ltd		54
	147,625		Topco Technologies Corp		376
	23,000		Torishima Pump Manufacturing Co Ltd		315
	128,801		Toro Co		9,159
	112,942	e	Toromont Industries Ltd		2,619
	491,964	e	Toshiba Machine Co Ltd		2,510
	111,000		Toshiba Plant Systems & Services Corp		1,284
	55,202		Totetsu Kogyo Co Ltd		590
	82,297	e	Toto Ltd		622
	380,000	e	Toyo Construction Co Ltd		401
	51,000	e	Toyo Electric Manufacturing Co Ltd		202
	548,957		Toyo Engineering Corp		2,637
	42,300	e	Toyo Tanso Co Ltd		1,607
	444,301		Toyota Tsusho Corp		9,117
	777,000		Tradewinds Corp BHD		203
	9,926	*	Trakcja-Tiltra S.A.		4
	248,000		Trakya Cam Sanayi AS		386
	173,858	*	TransDigm Group, Inc		20,126
	345,528	e	Travis Perkins plc		5,971
	480,881		Trelleborg AB (B Shares)		5,021
	39,981		Trevi Finanziaria S.p.A.		237
	61,220	*,e	Trex Co, Inc		1,964
	173,718	*	Trimas Corp		3,890
	419,111		Trinity Industries, Inc		13,810
	171,976		Triumph Group, Inc		10,776
	22,831		Triveni Turbine Ltd		21
	34,962		Trusco Nakayama Corp		715
	347,000		Tsubakimoto Chain Co		2,152
	127,000	e	Tsugami Corp		1,465
	32,000		Tsukishima Kikai Co Ltd		284
	692,000	e	Tuan Sing Holdings Ltd		168
	36,514	e	Twin Disc, Inc		953
	5,691,053		Tyco International Ltd		319,723
	176,830		Ultra Electronics Holdings		4,950
	11,700		Union Tool Co		219
	256,000		United Engineers Ltd		514
	634,727	e	United Group Ltd		8,696
	471,000		United Integrated Services Co Ltd		546
	263,816	*,e	United Rentals, Inc		11,315
	2,339,124		United Technologies Corp		194,007
	77,662	e	Universal Forest Products, Inc		2,678
	75,257	e	Uponor Oyj		864
	852,230		URS Corp		36,237
	356,049	*,e	USG Corp		6,124
	1,581,785		Ushio, Inc		22,407
	9,185		Uster Technologies AG.		472

33

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	9,104,000	*	UURG Corp Ltd	$	192
	14,066	e	Vacon plc		750
	272,722	*,e	Valence Technology, Inc		220
	287,030		Vallourec		18,189
	94,452		Valmont Industries, Inc		11,090
	21,656	*,e	Vestas Wind Systems AS		220
	84,496		Vicor Corp		676
	605,953		Vinci S.A.		31,574
	3,080,000	*	Vitar International Holdings Ltd		222
	62,886	e	Volex plc		259
	136,975		Voltas Ltd		302
	1,907,478		Volvo AB (B Shares)		27,787
	91,793	*,e	Von Roll Holding AG.		285
	11,041		Vossloh AG.		1,090
	178,329		W.W. Grainger, Inc		38,307
	254,027	*	Wabash National Corp		2,629
	567,826	*	WABCO Holdings, Inc		34,342
	53,650		Wacker Construction Equipment AG.		956
	280,300		Wafangdian Bearing Co Ltd		187
	36,138	e	Wajax Income Fund		1,764
	4,293,150		Walsin Lihwa Corp		1,371
	1,277		Walter Meier AG.		311
	25,339	e	Wartsila Oyj (B Shares)		956
	110,559		Watsco, Inc		8,186
	139,235		Watts Water Technologies, Inc (Class A)		5,674
	63,631	*	Wavin NV		886
	124,000		Ways Technical Corp Ltd		467
	1,867,000		WCT Berhad		1,490
	248,880		Wei Mon Industry Co Ltd		140
	660,000	e	Weichai Power Co Ltd		3,090
	163,515	e	Weir Group plc		4,613
	198,520		Well Shin Technology Co Ltd		298
	104,702		Wendel		8,951
	200,099	*	WESCO International, Inc		13,068
	248,096	e	Westinghouse Air Brake Technologies Corp		18,699
	54,805	*,e	Westport Innovations, Inc		2,248
	3,708,576	e	Wienerberger AG.		43,452
	169,568		Wilson Bayly Holmes-Ovcon Ltd		2,878
	4,134,308		Wolseley plc		157,959
	267,302		Woodward Governor Co		11,449
	46,207		Wooree ETI Co Ltd		203
	45,521	*,e	Xerium Technologies, Inc		294
	490,748		Xylem, Inc		13,618
	36,000		Yahagi Construction Co Ltd		188
	148,300		Yamazen Corp		1,241
	4,387,370		Yangzijiang Shipbuilding		4,646
	89,689		Yazicilar Holding AS		628
	160,240	e	YIT Oyj		3,443
	43,000		Yokogawa Bridge Holdings Corp		300
	25,935		Young Poong Precision Corp		287
	1,828,000	*	Yuanda China Holdings Ltd		253
	572,000	e	Yuasa Trading Co Ltd		999
	548,000		Yungtay Engineering Co Ltd		878
	53,000		Yurtec Corp		284
	12,100		Yushin Precision Equipment Co Ltd		243
	59,590	e	Zardoya Otis S.A.		772

34

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	13,399		Zehnder Group AG.	$	992
	1,868,000	e	Zhuzhou CSR Times Electric Co Ltd		4,779
	106,120		Zodiac S.A.		11,041
	39,309	e	Zumtobel AG.		555
			TOTAL CAPITAL GOODS		9,264,650
COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
	40,787		Aangpanneforeningen AB (B Shares)		846
	271,349		ABM Industries, Inc		6,594
	233,376	*,e	Acacia Research (Acacia Technologies)		9,741
	241,394	*,e	ACCO Brands Corp		2,996
	29,793		Adcorp Holdings Ltd		107
	1,469,169	e	Adecco S.A.		76,949
	132,471		Administaff, Inc		4,059
	94,471	*	Advisory Board Co		8,372
	22,200		Aeon Delight Co Ltd		468
	814,616	e	Aggreko plc		29,334
	17,447	e	Akka Technologies S.A.		546
	84,025		American Banknote S.A.		1,264
	114,482	e	American Ecology Corp		2,489
	146,001	*,e	American Reprographics Co		787
	70,123	e	Asahi Holdings, Inc		1,519
	16,650,000	*	Asia Energy Logistics Group Ltd		303
	29,000	e	Assystem		652
	42,954	*,e	AT Cross Co		517
	240,440		Atkins WS plc		2,827
	176,026	e	Avery Dennison Corp		5,304
	537,502		Babcock International Group		6,856
	45,742	e	Barrett Business Services, Inc		907
	20,666	e	Bertrandt AG.		1,559
	159,150	e	BFI Canada Ltd		3,458
	296,699		Blue Label Telecoms Ltd		266
	1,331,997		Brambles Ltd		9,800
	271,958		Brink’s Co		6,492
	13,466		Brunel International		594
	40,566	e	Bureau Veritas S.A.		3,572
	12,237		BWT AG.		224
	297,452		Cabcharge Australia Ltd		1,863
	110,530		Campbell Brothers Ltd		7,728
	349,811		Cape plc		2,308
	475,571		Capita Group plc		5,578
	143,895	*,e	Casella Waste Systems, Inc (Class A)		896
	153,892	*,e	CBIZ, Inc		973
	49,819	e	CDI Corp		893
	203,884	*,e	Cenveo, Inc		689
	12,420		Cewe Color Holding AG.		521
	3,933,000	e	China Everbright International Ltd		1,851
	304,429		Cintas Corp		11,909
	227,491	*,e	Clean Harbors, Inc		15,317
	138,000		Cleanaway Co Ltd		988
	2,271	e	Compx International, Inc		32
	50,914	*,e	Consolidated Graphics, Inc		2,304
	59,800		Contax Participacoes S.A.		674
	338,645	*,e	Coolbrands International, Inc		833
	420,734	*,e	Copart, Inc		10,969
	195,296		Corporate Executive Board Co		8,400

35

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	294,222	*	Corrections Corp of America	$	8,035
	99,103	*,e	CoStar Group, Inc		6,843
	44,974	e	Courier Corp		522
	305,925		Covanta Holding Corp		4,965
	43,347	*,e	CRA International, Inc		1,093
	711,102	e	Dai Nippon Printing Co Ltd		7,318
	46,000		Daiseki Co Ltd		855
	353,071		Davis Service Group plc		2,948
	149,614		De La Rue plc		2,155
	203,385	e	Deluxe Corp		4,763
	114,315	e	Derichebourg		380
	122,328	*	Dolan Media Co		1,114
	583,782	*	Downer EDI Ltd		2,440
	135,668		Dun & Bradstreet Corp		11,495
	55,698		Duskin Co Ltd		1,114
	2,775,000	*	Eastern Media International Corp		366
	4,723,515		Edenred		142,172
	66,398	*	Encore Capital Group, Inc		1,497
	464,518	*,e	EnergySolutions, Inc		2,276
	86,699	*,e	EnerNOC, Inc		624
	150		en-japan, Inc		173
	109,479	e	Ennis, Inc		1,732
	352,414		Equifax, Inc		15,598
	1,086,237		Experian Group Ltd		16,944
	80,924	*	Exponent, Inc		3,926
	18,430	*	Fiera Milano S.p.A.		95
	1,158,000	*,e	Fook Woo Group Holdings Ltd		204
	55,352	*	Franklin Covey Co		521
	164,229	*	FTI Consulting, Inc		6,162
	142,200	*,e	Fuel Tech, Inc		776
	15,463,000	*	Fung Choi Media Group Ltd		1,580
	74,264		G & K Services, Inc (Class A)		2,540
	33,485	*	Gategroup Holding AG.		1,228
	30,400		Genivar Income Fund		801
	250,071	*	Geo Group, Inc		4,754
	9,568		GL Events		204
	64,408	*	GP Strategies Corp		1,127
	1,085,238		Group 4 Securicor plc		4,728
	3,716		Groupe CRIT		82
	60,817	e	Gunnebo AB		309
	1,857,256		Hays plc		2,513
	263,417		Healthcare Services Group		5,603
	98,559	e	Heidrick & Struggles International, Inc		2,171
	19,150	*,e	Heritage-Crystal Clean, Inc		382
	220,027	e	Herman Miller, Inc		5,052
	114,923	*,e	Hill International, Inc		452
	176,614	e	HNI Corp		4,901
	496,261		Homeserve plc		1,854
	127,325	*,e	Hudson Highland Group, Inc		685
	96,978	*,e	Huron Consulting Group, Inc		3,642
	110,351	*	ICF International, Inc		2,800
	587,017	*	ICO Global Communications Holdings Ltd		1,532
	140,849	*	IHS, Inc (Class A)		13,190
	96,467	*,e	Innerworkings, Inc		1,124
	203,811		Interface, Inc (Class A)		2,843
	33,448	e	Intersections, Inc		427

36

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	173,914		Intertek Group plc	$	6,987
	254,990		Intrum Justitia AB		4,239
	5,513	*	Ipek Dogal Enerji Kaynaklari Ve Uretim AS		8
	115,034	*	Ipek Matbacilik Sanayi Ve Ticaret AS		178
	446,466		Iron Mountain, Inc		12,858
	353,238		ITE Group plc		1,254
	76,926	*	KAR Auction Services, Inc		1,247
	103,828	e	Kelly Services, Inc (Class A)		1,660
	24,370		KEPCO Plant Service & Engineering Co Ltd		887
	149,280	*,e	Kforce, Inc		2,224
	614,800		K-Green Trust		486
	149,731	e	Kimball International, Inc (Class B)		1,035
	231,046		Knoll, Inc		3,845
	107,500		Kokuyo Co Ltd		806
	251,020	*,e	Korn/Ferry International		4,205
	158,000		Kyodo Printing Co Ltd		438
	519,000		L&K Engineering Co Ltd		603
	57,598	e	Lassila & Tikanoja Oyj		847
	149,124		Loomis AB		2,130
	263,272	e	Manpower, Inc		12,471
	34,962		Matsuda Sangyo Co Ltd		574
	93,844		McGrath RentCorp		3,013
	99,850		McMillan Shakespeare Ltd		1,142
	181,250		Mears Group plc		742
	41,900		Meitec Corp		848
	157,979	*,e	Metalico, Inc		675
	391,101	e	Michael Page International plc		3,011
	111,888		Mine Safety Appliances Co		4,596
	1,166,197		Mineral Resources Ltd		14,653
	74,143	*	Mistras Group, Inc		1,766
	904,014	e	Mitie Group		4,042
	36,472		Mitsubishi Pencil Co Ltd		638
	6,900		Mitsubishi Research Institute, Inc		156
	147,644	*,e	Mobile Mini, Inc		3,118
	70,560	e	Morneau Sobeco Income Fund		824
	126,083		Moshi Moshi Hotline, Inc		1,263
	48,003	e	Multi-Color Corp		1,081
	43,500		Multiplus S.A.		896
	225,384	*,e	Navigant Consulting, Inc		3,135
	89,313		Newalta, Inc		1,342
	641,690	*	Nielsen Holdings NV		19,341
	6,000		Nihon M&A Center, Inc		159
	6,200		Nippon Kanzai Co Ltd		112
	40,460	e	Nissha Printing Co Ltd		533
	29,681	e	NL Industries, Inc		442
	277,571	*,e	Odyssey Marine Exploration, Inc		860
	134,000		Okamura Corp		934
	148,737	*,e	On Assignment, Inc		2,598
	22,768		Oyo Corp		276
	189,700	e	Park24 Co Ltd		2,565
	348		Pasona Group, Inc		307
	176		Pilot Corp		338
	494,382	e	Pitney Bowes, Inc		8,691
	115,666	*	Portfolio Recovery Associates, Inc		8,296
	49,138	e	Poyry Oyj		394
	131,251		Proffice AB		508

37

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	234,073	e	Programmed Maintenance Services Ltd	$	612
	87,300		PRONEXUS, Inc		457
	43,924	e	Prosegur Cia de Seguridad S.A.		2,575
	116,857	e	Quad		1,624
	509,416	e	R.R. Donnelley & Sons Co		6,312
	184,502	e	Randstad Holdings NV		6,971
	899,543		Regus plc		1,637
	2,528,130	*	Rentokil Initial plc		3,459
	1,445,825		Republic Services, Inc		44,184
	181,132	e	Resources Connection, Inc		2,545
	93,015	e	Ritchie Bros Auctioneers, Inc		2,216
	422,248	e	Robert Half International, Inc		12,794
	257,427		Rollins, Inc		5,478
	359,718		RPS Group plc		1,366
	41,107	*	RPX Corp		697
	24,138		S1 Corp (Korea)		1,125
	362,035		SAI Global Ltd (New)		1,874
	168,522	e	Salmat Ltd		410
	24,952		Sato Corp		352
	50,555		Schawk, Inc (Class A)		632
	73,811	*,e	School Specialty, Inc		261
	8,750	e	Seche Environnement S.A.		374
	246,078		Secom Co Ltd		12,126
	290,833	e	Securitas AB (B Shares)		2,804
	437,945	e	Seek Ltd		3,209
	415,473		Serco Group plc		3,609
	6,448		SGS S.A.		12,539
	967,354		Shanks Group plc		1,531
	31,800	*	Shenzhen Dongjiang Environmental Co Ltd		127
	246,205	e	Skilled Group Ltd		598
	80,665		Societe BIC S.A.		8,097
	274,300		Sohgo Security Services Co Ltd		3,268
	169,844		Sporton International, Inc		393
	539,916		Spotless Group Ltd		1,316
	80,163	*,e	Standard Parking Corp		1,643
	81,004	e	Stantec, Inc		2,583
	335,185	e	Steelcase, Inc (Class A)		3,218
	335,072	*	Stericycle, Inc		28,025
	134,838		Sthree plc		723
	188,174	*,e	SYKES Enterprises, Inc		2,973
	207,000		Taiwan Secom Co Ltd		430
	3,796,530		Taiwan-Sogo Shinkong Security Corp		3,631
	75,930	*,e	Team, Inc		2,350
	69,969		Teleperformance		2,000
	33,400	e	Temp Holdings Co Ltd		315
	316,109	*	Tetra Tech, Inc		8,333
	486,000		Tianjin Capital Environmental Protection Group Co Ltd		129
	50,691	*,e	TMS International Corp		613
	10,300	e	Tokyu Community Corp		326
	226,254	e	Tomra Systems ASA		1,849
	100,300		Toppan Forms Co Ltd		923
	846,944	e	Toppan Printing Co Ltd		6,660
	316,691		Towers Watson & Co		20,924
	134,430	e	Transcontinental, Inc		1,681
	629,877		Transfield Services Ltd		1,618
	2,344,216	*	Transpacific Industries Group Ltd		1,901

38

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	79,236	*,e	TRC Cos, Inc	$	484
	277,842	*	TrueBlue, Inc		4,968
	67,000	e	Uchida Yoko Co Ltd		214
	55,438		Unifirst Corp		3,412
	200,120		United Stationers, Inc		6,210
	83,406		USG People NV		839
	735,324	*,e	Verisk Analytics, Inc		34,538
	97,929		Viad Corp		1,903
	27,187	e	VSE Corp		674
	483,382		Waste Connections, Inc		15,724
	1,325,959	e	Waste Management, Inc		46,356
	7,100	*,e	Weathernews, Inc		207
	420,000		WHK Group Ltd		362
	123,508	e	WSP Group plc		501
	167,816		Yem Chio Co Ltd		162
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		1,089,009
CONSUMER DURABLES & APPAREL - 1.9%
	1,492,000	e	361 Degrees International Ltd		454
	8,672		Accell Group		188
	158,140		Adidas-Salomon AG.		12,357
	86,000		Advanced International Multitech Co Ltd		114
	42,342		Aksa Akrilik Kimya Sanayii		113
	2,299,795		Alok Industries Ltd		885
	58,100		Alpine Electronics, Inc		790
	592,940		Altek Corp		547
	21,085		Altinyildiz Mensucat ve Konfeksiyon Fabrikalari AS		349
	197,721		Amer Sports Oyj (A Shares)		2,585
	184,285	e	American Greetings Corp (Class A)		2,827
	1,251,000	e	Anta Sports Products Ltd		1,301
	174,714		Arab Cotton Ginning		82
	340,326		Arcelik AS		1,524
	93,991	*,e	Arctic Cat, Inc		4,026
	43,600		Arezzo Industria e Comercio S.A.		758
	54,600		Arnest One Corp		611
	52,500	e	Aruze Corp		1,179
	614,520	*	Arvind Ltd		994
	255,341	*	Ascena Retail Group, Inc		11,317
	135,000	*	Asia Optical Co, Inc		127
	20,451	e	Asics Corp		234
	216,000		Atsugi Co Ltd		277
	138,095		Avgol Industries 1953 Ltd		116
	45,150		AVY Precision Technology, Inc		99
	50,191	*	Bang & Olufsen AS (B Shares)		658
	1,336,099	*	Barratt Developments plc		3,014
	9,040		Basic House Co Ltd		151
	72,290		Bata India Ltd		1,091
	288,313	*	Beazer Homes USA, Inc		937
	2,722,000	*	Beijing Properties Holdings Ltd		149
	166,385		Bellway plc		2,180
	44,433	e	Beneteau S.A.		540
	74,403	e	Benetton Group S.p.A.		450
	190,275	*	Berkeley Group Holdings plc		4,019
	272,227	e	Billabong International Ltd		787
	25,660		Bjoern Borg AB		193
	25,717		Blyth, Inc		1,924

39

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	57,989		Bombay Dyeing & Manufacturing Co Ltd	$	661
	45,692		Bombay Rayon Fashions Ltd		223
	9,754,000	e	Bosideng International Holdings Ltd		3,057
	324,428	e	Bovis Homes Group plc		2,506
	295,762		Brookfield Incorporacoes S.A.		945
	407,973		Brunswick Corp		10,505
	1,435,539		Burberry Group plc		34,416
	165,983	e	BWG Homes ASA		356
	137,853	*	C Mahendra Exports Ltd		366
	249,526	e	Callaway Golf Co		1,687
	77,800		Camargo Correa Desenvolvimento Imobiliario S.A.		197
	191,842	*	Carter’s, Inc		9,548
	27,531	e	Casio Computer Co Ltd		198
	27,541	*	Cavco Industries, Inc		1,283
	38,765	e	Cherokee, Inc		442
	15,744,000		Chigo Holding Ltd		429
	4,397,400	e	China Dongxiang Group Co		726
	380,816		China Great Star International Ltd		521
	3,848,000		China Haidian Holdings Ltd		496
	836,000	e	China Lilang Ltd		892
	25,900		Chofu Seisakusho Co Ltd		605
	126,975		Christian Dior S.A.		19,505
	165,000	*,e	Clarion Co Ltd		444
	46,248	*,e	Clarus Corp		428
	28,500		Cleanup Corp		233
	1,906,013		Coach, Inc		147,297
	45,543	e	Columbia Sportswear Co		2,161
	628,289		Compagnie Financiere Richemont S.A.		39,381
	1,134,700	e	Consorcio ARA, S.A. de C.V.		383
	9,548,000	*	Coolpoint Energy Ltd		131
	36,300		Corona Corp		553
	621,400	*,e	Corp GEO S.A. de C.V. (Series B)		972
	332,000		Costin New Materials Group		148
	479,171	*	CROCS, Inc		10,024
	48,632		CSS Industries, Inc		946
	396,281		Cyrela Brazil Realty S.A.		3,506
	30,200		Daidoh Ltd		257
	103,807	*,e	Deckers Outdoor Corp		6,545
	7,972,000	*	Dejin Resources Group Co Ltd		65
	156,250	*	Delclima		123
	199,570		De’Longhi S.p.A.		2,467
	29,183	*,e	Delta Apparel, Inc		480
	420,500	*,e	Desarrolladora Homex S.A. de C.V.		1,311
	54,590		Descente Ltd		342
	36,133		Dorel Industries, Inc (Class B)		1,031
	2,570,229	e	DR Horton, Inc		38,990
	55,022	e	Duni AB		505
	48,760		Eclat Textile Co Ltd		112
	11,270		Elco Holdings Ltd		68
	705,739	e	Electrolux AB (Series B)		14,915
	248,000		Embry Holdings Ltd		151
	96,255	e	Ethan Allen Interiors, Inc		2,437
	455,200		Even Construtora e Incorporadora S.A.		1,753
	434,000		Evergreen International Holdin		129
	207,000		Ez Tec Empreendimentos e Participacoes S.A.		2,551
	201,000		Feng TAY Enterprise Co Ltd		193

40

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	138		Fields Corp	$	229
	6,646		Fila Korea Ltd		504
	751,899	*	Fisher & Paykel Appliances Holdings Ltd		306
	55,300		Fiyta Holdings Ltd		60
	1,805		Forbo Holding AG.		1,317
	742,220		Formosa Taffeta Co Ltd		720
	155,860		Forus S.A.		606
	194,306	*	Fossil, Inc		25,645
	21,291	e	Foster Electric Co Ltd		315
	175,000		France Bed Holdings Co Ltd		364
	80,000	e	Fujitsu General Ltd		605
	25,100		Funai Electric Co Ltd		564
	164,144	*,e	Furniture Brands International, Inc		276
	1,080,700		Gafisa S.A.		2,546
	593,530	*,e	Garmin Ltd		27,866
	22,408		Genius Electronic Optical Co Ltd		227
	113,353	e	Geox S.p.A.		371
	62,766		Gerry Weber International AG.		2,408
	348,149		Giant Manufacturing Co Ltd		1,537
	64,683	*,e	G-III Apparel Group Ltd		1,838
	83,556	e	Gildan Activewear, Inc		2,299
	1,497,682		Gitanjali Gems Ltd		9,513
	944,637		Glorious Sun Enterprises Ltd		322
	470,000	e	Goodbaby International Holding		165
	167,900		Grendene S.A.		911
	94,528	e	GUD Holdings Ltd		806
	1,432,000	e	Gunze Ltd		4,196
	985,000	*,e	Haier Electronics Group Co Ltd		1,118
	8,300		Hajime Construction Co Ltd		221
	26,640		Handsome Co Ltd		783
	235,220	*	Hanesbrands, Inc		6,948
	60,559		Hansae Co Ltd		429
	30,580		Hanssem Co Ltd		598
	372,883		Harman International Industries, Inc		17,455
	185,365		Hasbro, Inc		6,807
	1,873,500	*	Haseko Corp		1,526
	12,720		Hefei Meiling Co Ltd		6
	75,600		Heiwa Corp		1,520
	83,700		Helbor Empreendimentos S.A.		1,266
	188,064	*,e	Helen of Troy Ltd		6,396
	743,000	*	Hisense Kelon Electrical Holdings Co Ltd		165
	430,783	*,e	Hovnanian Enterprises, Inc (Class A)		1,055
	4,900	e	Hugo Boss AG.		564
	329,488	e	Husqvarna AB (B Shares)		1,988
	11,066		IC Companys AS		232
	292,649	*	Iconix Brand Group, Inc		5,086
	47,239		Indesit Co S.p.A.		295
	274,300	*	Inpar S.A.		380
	442,000	e	International Taifeng Holdings Ltd		165
	113,751	*,e	iRobot Corp		3,101
	171,909	e	Jakks Pacific, Inc		3,000
	67,000		Japan Vilene Co Ltd		311
	99,000		Japan Wool Textile Co Ltd		772
	4,473,253	e	Jarden Corp		179,959
	87,382		JBF Industries Ltd		190
	203,699	*	Jinshan Development & Construction Co Ltd		86

41

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	127,638	e	JM AB	$	2,364
	77,900		Johnson Health Tech Co Ltd		242
	18,337	*	Johnson Outdoors, Inc		350
	374,083		Jones Apparel Group, Inc		4,699
	148,200	*,e	JVC KENWOOD Holdings, Inc		661
	869,319	e	KB Home		7,737
	52,123	*	Kenneth Cole Productions, Inc (Class A)		839
	9,000		Kinko Optical Co Ltd		14
	563,500		Konka Group Co Ltd		141
	106,845	*,e	K-Swiss, Inc (Class A)		438
	462,000		Kurabo Industries Ltd		902
	591,000		Kwong Fong Industries		276
	1,555		Kyungbang Ltd		157
	329,160		LAN FA Textile		118
	246,001	*,e	La-Z-Boy, Inc		3,680
	588,000		Le Saunda Holdings		211
	90,400		Lealea Enterprise Co Ltd		38
	335,614	*,e	Leapfrog Enterprises, Inc		2,806
	325,713	e	Leggett & Platt, Inc		7,495
	806,536	e	Lennar Corp (Class A)		21,922
	184,677		LG Electronics, Inc		13,538
	22,070		LG Fashion Corp		778
	2,035,500	e	Li Ning Co Ltd		2,167
	1,888,500		Li Peng Enterprise Co Ltd		661
	75,373	*	Libbey, Inc		975
	42,623	e	Lifetime Brands, Inc		479
	417,605	*,e	Liz Claiborne, Inc		5,579
	42,412	*,e	Lululemon Athletica, Inc		3,167
	553,600		Luthai Textile Co Ltd		482
	97,609	e	Luxottica Group S.p.A.		3,527
	292,179		LVMH Moet Hennessy Louis Vuitton S.A.		50,279
	69,518	*	M/I Homes, Inc		859
	93,314	*	Maidenform Brands, Inc		2,101
	8,907		Maisons France Confort		282
	479,000		Makalot Industrial Co Ltd		1,429
	537,600	e	Man Wah Holdings Ltd		315
	52,522		Marcolin S.p.A		274
	6,442	*,b	Mariella Burani S.p.A.		0	^
	47,808	e	Marine Products Corp		284
	8,300	e	Mars Engineering Corp		184
	1,967,433	e	Matsushita Electric Industrial Co Ltd		18,346
	728,480		Mattel, Inc		24,521
	151,907	e	MDC Holdings, Inc		3,918
	804,000		Meike International Holdings Ltd		48
	294,000		Meiloon Industrial Co		114
	528,000		Merida Industry Co Ltd		1,697
	134,844	*	Meritage Homes Corp		3,649
	114,000		Merry Electronics Co Ltd		190
	92,100	*	Michael Kors Holdings Ltd		4,291
	5,768,000	*	Ming Fung Jewellery Group Ltd		359
	65,000		Mitsui Home Co Ltd		353
	186,000		Mizuno Corp		1,034
	435,000		Modern Internasional Tbk		135
	217,817	*	Mohawk Industries, Inc		14,487
	71,874		Movado Group, Inc		1,765
	565,898		MRV Engenharia e Participacoes S.A.		4,015

42

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	285,822		Namco Bandai Holdings, Inc	$	4,146
	62,918	e	New Wave Group AB (B Shares)		325
	712,620	e	Newell Rubbermaid, Inc		12,692
	87,907		Nexity		2,784
	21,300		Nidec Copal Corp		280
	635,250		Nien Hsing Textile Co Ltd		454
	1,623,610		Nike, Inc (Class B)		176,064
	255,335	e	Nikon Corp		7,842
	206,253	*	Nobia AB		972
	21,900		Noritsu Koki Co Ltd		114
	34,675	*	NVR, Inc		25,185
	928,531		Onward Kashiyama Co Ltd		7,583
	29,362		Oriental Weavers		105
	56,689		Oxford Industries, Inc		2,881
	874,017		Pace plc		1,045
	894,637		Pacific Textile Holdings Ltd		599
	198,000		PanaHome Corp		1,353
	218,180	e	Pandora AS		2,531
	4,773,926		PDG Realty S.A.		16,502
	402,000	*,m	Peace Mark Holdings Ltd		0	^
	1,569,000	e	Peak Sport Products Co Ltd		380
	15,000		Pegas Nonwovens S.A.		355
	48,685	*,e	Perry Ellis International, Inc		909
	727,476		Persimmon plc		7,457
	361,919		Phillips-Van Heusen Corp		32,330
	363,100	*,e	Pioneer Corp		1,871
	10,424,857		Playmates Holdings Ltd		4,036
	461,895		Polaris Industries, Inc		33,326
	71,428	*	Poltrona Frau S.p.A.		95
	192,027		Pool Corp		7,186
	661,000	e	Ports Design Ltd		970
	2,687,230		Pou Chen Corp		2,340
	1,552,000		Prime Success International Group Ltd		2,130
	3,707,747	*	Pulte Homes, Inc		32,814
	627,093	*	Quiksilver, Inc		2,533
	267,001		Rajesh Exports Ltd		689
	275,857	e	Ralph Lauren Corp		48,090
	130,103		Raymond Ltd		1,084
	328,515	*,e	Redrow plc		677
	128,200		Restoque Comercio e Confeccoes de Roupas S.A.		2,648
	25,316		RG Barry Corp		309
	5,028	e	Rinnai Corp		364
	30,800		Rodobens Negocios Imobiliarios S.A.		186
	4,575	*	Rodriguez Group		24
	26,300		Roland Corp		280
	223,520		Rossi Residencial S.A.		1,207
	1,040,000		Royale Furniture Holdings Ltd		355
	626,962		Ruentex Industries Ltd		1,231
	174,800	e	Ryland Group, Inc		3,370
	540,834		S Kumars Nationwide Ltd		351
	6,482		Sabaf S.p.A.		110
	42,644	*	Safilo Group S.p.A.		270
	55,774	*	Salvatore Ferragamo Italia S.p.A		1,156
	269,000		Sampo Corp		76
	1,227,000		Samson Holding Ltd		166
	3,112,500	*,e	Samsonite International		5,666

43

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	36,276		Sangetsu Co Ltd	$	960
	36,227		Sankyo Co Ltd		1,783
	144,000		Sanyo Electric Taiwan Co Ltd		151
	125,000	e	Sanyo Shokai Ltd		340
	220,507	*,e	Sealy Corp		445
	29,959	e	SEB S.A.		2,491
	684,812	e	Sega Sammy Holdings, Inc		14,403
	132,000		Seiko Holdings Corp		320
	1,507,430		Seiren Co Ltd		10,063
	2,283,054		Sekisui Chemical Co Ltd		19,890
	1,703,971		Sekisui House Ltd		16,825
	192,500	*	Shanghai Haixin Group Co		82
	1,659,311	e	Sharp Corp		12,222
	996,000	e	Shenzhou International Group Holdings Ltd		1,916
	54,304	e	Shimano, Inc		3,283
	221,000		Shinkong Textile Co Ltd		307
	143,863	*,e	Skechers U.S.A., Inc (Class A)		1,830
	35,800	*,e	Skullcandy, Inc		567
	33,185	e	Skyline Corp		254
	2,637,251	e	Skyworth Digital Holdings Ltd		1,235
	231,387	*	Smith & Wesson Holding Corp		1,793
	876,666		Socovesa S.A.		470
	34,341	*,e	SodaStream International Ltd		1,157
	1,619,184	*,e	Sony Corp		33,870
	29,424		SRF Ltd		143
	13,300		SRI Sports Ltd		161
	196,982	*,e	ST Dupont S.A.		121
	386,146	*,e	Standard-Pacific Corp		1,722
	19,000		Star Comgistic Capital Co Ltd		12
	1,438,353	*,e	Steinhoff International Holdings Ltd		5,162
	33,731	*	Steinway Musical Instruments, Inc		843
	846,500		Stella International Holdings Ltd		2,057
	174,962	*,e	Steven Madden Ltd		7,480
	110,550	e	Sturm Ruger & Co, Inc		5,428
	341,454	e	Sumitomo Forestry Co Ltd		3,117
	40,983	*	Summer Infant, Inc		246
	282,000		Sunny Optical Technology Group Co Ltd		104
	83,113		Swatch Group AG.		38,208
	244,949		Swatch Group AG. Reg		19,653
	121,000	*,e	Sxl		327
	97,000		Tainan Enterprises Co Ltd		124
	180,000		Taiwan Paiho Ltd		141
	20,400		Taiwan Sakura Corp		12
	114,893		Takamatsu Corp		1,795
	47,400	e	Tamron Co Ltd		1,536
	2,017,138	*	Tatung Co Ltd		588
	10,736,566	*	Taylor Woodrow plc		8,855
	1,346,000		TCL Multimedia Technology Holdings Ltd		687
	21,500	*	Technos S.A.		206
	3,760,117	e	Techtronic Industries Co		5,091
	284,600		Tecnisa S.A.		1,536
	628,965	*	Tempur-Pedic International, Inc		53,103
	43,305		Ten Cate NV		1,505
	378,000		Texhong Textile Group Ltd		107
	1,242,000	e	Texwinca Holdings Ltd		1,513
	106,700	*	Thomson		292

44

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	9	*,m	Thomson (Non-Reg)	$	0	^
	342,422		Titan Industries Ltd		1,536
	48,508	*	TK Chemical Corp		118
	11,213	e	Tod’s S.p.A.		1,261
	15,630		Token Corp		605
	851,450	*	Toll Brothers, Inc		20,426
	133,941	*,e	TomTom NV		618
	72,168		Tomy Co Ltd		529
	16,400		Touei Housing Corp		174
	2,331,676		Toyobo Co Ltd		3,334
	30,017		Trigano S.A.		517
	1,198,000		Trinity Ltd		986
	27,700		Trisul S.A.		39
	169,026	*	True Religion Apparel, Inc		4,631
	1,622,200	*	Tsann Kuen China Enterprise Co Ltd		242
	158,300	e	TSI Holdings Co Ltd		1,002
	17,056		TTK Prestige Ltd		985
	1,890,771		Tupperware Corp		120,064
	1,305,991		Turk Sise ve Cam Fabrikalari AS		2,484
	172,515	*,e	Under Armour, Inc (Class A)		16,216
	76,453	*	Unifi, Inc		739
	624,000	*	Unitika Ltd		393
	66,644	*	Universal Electronics, Inc		1,332
	2,303,515	*,e	Urbi Desarrollos Urbanos S.A. de C.V		2,758
	295	*	Vardhman Special Steels Ltd		0	^
	5,436		Vardhman Textiles Ltd		21
	76,609	*,e	Vera Bradley, Inc		2,313
	201,118		Vestel Beyaz Esya Sanayi ve Ticaret AS		251
	179,066	*	Vestel Elektronik Sanayi		224
	510,919		VF Corp		74,584
	996,299		Victory City International Hldgs Ltd		98
	78,694		Videocon Industries Ltd		265
	259,205		VIP Industries Ltd		509
	148,627	e	Wacoal Holdings Corp		1,765
	207,258	*	Warnaco Group, Inc		12,104
	131,500	e	Weiqiao Textile Co		68
	2,602,000		Welling Holding Ltd		405
	32,167	e	Weyco Group, Inc		762
	409,275		Whirlpool Corp		31,457
	28,254	*	Whirlpool of India Ltd		110
	226,512		Wolverine World Wide, Inc		8,422
	160,780	*	Woongjin Chemical Co Ltd		125
	94,350		Woongjin Coway Co Ltd		3,137
	155,160		Wuxi Little Swan Co Ltd		193
	2,643,500	e	XTEP International Holdings		1,200
	20,350		Yamaha Corp		213
	98,000		YGM Trading Ltd		317
	22,000		Young Optics, Inc		88
	44,890		Youngone Corp		859
	10,670		Youngone Holdings Co Ltd		536
	1,078,614	e	Yue Yuen Industrial Holdings		3,793
	82,229	*,e	Zagg, Inc		874
	87,570		Zeng Hsing Industrial Co Ltd		342
	10,000	*	Zhonglu Co Ltd		6
	22,260		Zig Sheng Industrial Co Ltd		9
			TOTAL CONSUMER DURABLES & APPAREL		2,055,922

45

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
CONSUMER SERVICES - 2.0%
	202,053	*	888 Holdings plc	$	205
	15,456		Accor S.A.		552
	2,873		Accordia Golf Co Ltd		2,177
	130,920		Advtech Ltd		115
	124,695	*	AFC Enterprises		2,115
	711,000	e	Ajisen China Holdings Ltd		940
	929,600		Alsea SAB de C.V.		1,322
	255,000		Ambassador Hotel		324
	85,401	e	Ambassadors Group, Inc		457
	81,784	*,e	American Public Education, Inc		3,108
	205,156		Ameristar Casinos, Inc		3,822
	164,900		Anhanguera Educacional Participacoes S.A.		1,987
	613,603	*	Apollo Group, Inc (Class A)		23,710
	52,569	*,e	Archipelago Learning, Inc		585
	553,748	e	Aristocrat Leisure Ltd		1,730
	65,522	*	Ascent Media Corp (Series A)		3,098
	58,300	*,e	Atom Corp		231
	11,229		Autogrill S.p.A.		119
	142,451	*,e	Bally Technologies, Inc		6,660
	95,899	e	Benesse Corp		4,780
	30,694		Benihana, Inc		401
	1,467,372		Berjaya Sports Toto BHD		2,095
	106,365	e	BETFAIR Group Ltd		1,477
	91,432		Betsson AB (Series B)		2,688
	95,462	*,e	BJ’s Restaurants, Inc		4,807
	143,701		Bob Evans Farms, Inc		5,420
	212,135	*,e	Boyd Gaming Corp		1,663
	76,423	*,e	Bravo Brio Restaurant Group, Inc		1,525
	70,618	*,e	Bridgepoint Education, Inc		1,748
	731,876	e	Brinker International, Inc		20,163
	73,656	*,e	Buffalo Wild Wings, Inc		6,680
	122,900	*	Caesars Entertainment Corp		1,811
	494,000		Cafe de Coral Holdings Ltd		1,374
	71,927	*	Cambium Learning Group, Inc		191
	106,764	*	Capella Education Co		3,838
	132,127	*	Career Education Corp		1,065
	65,309	*,e	Caribou Coffee Co, Inc		1,217
	2,501,060		Carnival Corp		80,234
	1,359,715		Carnival plc		43,455
	51,076	*	Carrols Restaurant Group, Inc		779
	98,138		CBRL Group, Inc		5,476
	104,877		CEC Entertainment, Inc		3,976
	1,850,000		Central Plaza Hotel PCL		772
	1,514,040		Century City International		109
	259,357	*,e	Cheesecake Factory		7,622
	5,796,000	*	China LotSynergy Holdings Ltd		84
	4,480,000		China Travel International Inv HK		917
	107,178	*	Chipotle Mexican Grill, Inc (Class A)		44,800
	59,964	e	Choice Hotels International, Inc		2,239
	55,861		Churchill Downs, Inc		3,123
	11,133		Cie des Alpes		247
	66,425	e	City Lodge Hotels Ltd		686
	30,919	*,e	Club Mediterranee S.A.		656
	36,394	*	Codere S.A.		338

46

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	163,420	*,e	Coinstar, Inc	$	10,385
	75,000	e	Colowide Co Ltd		552
	4,086,605		Compass Group plc		42,842
	125,992	e	Consumers’ Waterheater Income Fund		1,250
	690,106	*,e	Corinthian Colleges, Inc		2,857
	63,279		Cox & Kings India Ltd		202
	2,888		Credu Corp		105
	294,105	e	Crown Ltd		2,654
	9,000	e	Daisyo Corp		107
	993,853		Darden Restaurants, Inc		50,846
	547,942	*,e	Denny’s Corp		2,214
	180,863		DeVry, Inc		6,126
	68,151		Dignity plc		885
	62,385	*	DineEquity, Inc		3,094
	156,793	e	Domino’s Pizza UK & IRL plc		1,083
	307,663		Domino’s Pizza, Inc		11,168
	84,200		Doutor Nichires Holdings Co Ltd		1,109
	63,962	e	Dunkin Brands Group, Inc		1,926
	752,272		Echo Entertainment Group Ltd		3,430
	64,127	*,e	Education Management Corp		878
	482,747		Educomp Solutions Ltd		1,828
	683,877	*	Egyptian for Tourism Resorts		130
	67,227		EIH Ltd		113
	23,174		Einstein Noah Restaurant Group, Inc		346
	1,459,631	*	Enjoy S.A.		332
	700,399	*	Enterprise Inns plc		661
	84,800		Estacio Participacoes S.A.		915
	31,247	*	Euro Disney SCA		213
	60,901		Everonn Education Ltd		312
	52,055		Famous Brands Ltd		339
	331,560		First Hotel		225
	165,389	e	Flight Centre Ltd		3,769
	51,337		Formosa International Hotels Corp		729
	48,000		Fortuna Entertainment Group NV		256
	97,000	e	Fuji Kyuko Co Ltd		590
	69,000	*	Fujita Kanko, Inc		259
	456,473	*,e	Galaxy Entertainment Group Ltd		1,255
	139,058	*,e	Gaylord Entertainment Co		4,283
	2,891,715		Genting BHD		10,237
	1,456,000	*	Genting Hong Kong Ltd		568
	4,086,328	*,e	Genting International plc		5,545
	4,866,000		Golden Resorts Group Ltd		495
	109,953	*,e	Grand Canyon Education, Inc		1,953
	16,230		Grand Korea Leisure Co Ltd		314
	100,815	*	Great Canadian Gaming Corp		815
	550,984		Greene King plc		4,520
	663,000	e	GuocoLeisure Ltd		333
	851,487		H&R Block, Inc		14,024
	9,577		Hana Tour Service, Inc		381
	246,086		Hillenbrand, Inc		5,648
	45,400	e	HIS Co Ltd		1,388
	12,227		Hotel Leela Venture Ltd		8
	456,000		Hotel Properties Ltd		711
	72,720		Hotel Shilla Co Ltd		3,100
	254,050	*	Huangshan Tourism Development Co Ltd		322
	328,063	*	Hurtigruten Group ASA		222

47

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	127,293	*	Hyatt Hotels Corp	$	5,438
	6,500		Ichibanya Co Ltd		196
	245,919		Indian Hotels Co Ltd		308
	169,547		Intercontinental Hotels Group plc		3,939
	488,957		International Game Technology		8,210
	114,790		International Speedway Corp (Class A)		3,185
	160,058	e	Interval Leisure Group, Inc		2,785
	154,029		Intralot S.A.-Integrated Lottery Systems & Services		147
	246,227		Invocare Ltd		2,045
	114,011	*,e	Isle of Capri Casinos, Inc		805
	245,640	*,e	ITT Educational Services, Inc		16,247
	174,634	*	Jack in the Box, Inc		4,186
	214,753	*	Jamba, Inc		445
	465,240		Jollibee Foods Corp		1,269
	65,031	*	Jubilant Foodworks Ltd		1,502
	100,736	*,e	K12, Inc		2,380
	130,810		Kangwon Land, Inc		2,906
	15,650	e	Kappa Create Co Ltd		336
	142,900		KFC Holdings Malaysia BHD		175
	23,300	e	Kisoji Co Ltd		453
	805,000		Kosmopolito Hotels International Ltd		136
	288,763	*,e	Krispy Kreme Doughnuts, Inc		2,108
	108,186	*	Kroton Educacional S.A.		1,576
	4,996		Kuoni Reisen Holding		1,836
	12,400	e	Kura Corp		198
	22,800	e	Kyoritsu Maintenance Co Ltd		480
	2,263,055		Ladbrokes plc		5,793
	356,500		Landmarks BHD		117
	3,088,490		Las Vegas Sands Corp		177,804
	139,891	*	Leofoo Development Co		91
	166,282	*,e	Life Time Fitness, Inc		8,409
	89,317		Lincoln Educational Services Corp		706
	10,220	*	Lotte Tour Development Co Ltd		130
	145,412	e	Lottomatica S.p.A.		2,761
	43,561	*,e	Luby’s, Inc		264
	68,343	e	Mac-Gray Corp		1,034
	518,017		Macquarie Leisure Trust Group		596
	108,362		Marcus Corp		1,360
	571,157		Marriott International, Inc (Class A)		21,618
	61,492	*,e	Marriott Vacations Worldwide Corp		1,753
	1,449,693		Marston’s plc		2,275
	319,400		Masterskill Education Group BHD		115
	15,300	e	Matsuya Foods Co Ltd		303
	113,934		Matthews International Corp (Class A)		3,605
	3,855,167		McDonald’s Corp		378,192
	16,957	e	McDonald’s Holdings Co Japan Ltd		450
	7,858		MegaStudy Co Ltd		810
	1,068,213	e	Melco International Development		1,020
	51,371	*,e	Melco PBL Entertainment Macau Ltd (ADR)		699
	2,000,000	e	MGM China Holdings Ltd		3,651
	604,674	*	MGM Mirage		8,236
	214,220		Millennium & Copthorne Hotels plc		1,646
	6,246,000		Minor International PCL (Foreign)		2,894
	341,881	*	Mitchells & Butlers plc		1,479
	3,421		Modetour Network, Inc		91
	51,545	*	Monarch Casino & Resort, Inc		531

48

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	94,183	*,e	Morgans Hotel Group Co	$	466
	36,300		MOS Food Services, Inc		688
	176,931	*	Multimedia Games, Inc		1,939
	1,164,000		NagaCorp Ltd		529
	32,007		National American University Holdings, Inc		202
	213,261		Navitas Ltd		786
	105,012	*	NH Hoteles S.A.		383
	81,466	*,e	O’Charleys, Inc		802
	14,300		Ohsho Food Service Corp		346
	136,091		OPAP S.A.		1,322
	17,637		Orascom Development Holding AG.		342
	14,894	*	Orbis S.A.		209
	31,581	e	Oriental Land Co Ltd		3,388
	3,920,796	*	Orient-Express Hotels Ltd (Class A)		39,992
	395,000	e	Overseas Union Enterprise Ltd		739
	395	e	Pacific Golf Group International Holdings KK		268
	128,144		Paddy Power plc		8,071
	768,436		Paliburg Holdings Ltd		225
	179,110	*	Panera Bread Co (Class A)		28,822
	127,975	*	Papa John’s International, Inc		4,820
	10,603		Paradise Co Ltd		82
	4,325,356		PartyGaming plc		10,735
	50,672	*,e	Peet’s Coffee & Tea, Inc		3,735
	609,656	*	Penn National Gaming, Inc		26,203
	141,689		PF Chang’s China Bistro, Inc		5,600
	801,500		Philweb Corp		311
	6,428		Pierre & Vacances		210
	249,189	*,e	Pinnacle Entertainment, Inc		2,868
	57,326		Plenus Co Ltd		1,038
	152,263		Prommethean World plc		180
	235,500		QSR Brands BHD		492
	793,666	e	Raffles Education Corp Ltd		291
	207,089		Rank Group plc		428
	55,346	*,e	Red Lion Hotels Corp		454
	83,852	*,e	Red Robin Gourmet Burgers, Inc		3,118
	737,000		Regal Hotels International Holdings Ltd		255
	285,017	e	Regis Corp		5,253
	4,523,800		Resorts World BHD		5,795
	39,400	e	Resorttrust, Inc		642
	275,981		Restaurant Group plc		1,307
	19,420,000	e	Rexcapital Financial Holdings Ltd		1,726
	100,634	*	Rezidor Hotel Group AB		362
	19,200	e	Ringer Hut Co Ltd		248
	87,400	e	Round One Corp		578
	694,847		Royal Caribbean Cruises Ltd		20,449
	33,700		Royal Holdings Co Ltd		381
	316,735	*,e	Ruby Tuesday, Inc		2,892
	194,358	*,e	Ruth’s Chris Steak House, Inc		1,475
	40,000		Saizeriya Co Ltd		645
	16,020,961		Sands China Ltd		62,556
	226,903	*	Scientific Games Corp (Class A)		2,646
	835,093		Service Corp International		9,403
	1,418,000		Shanghai Jin Jiang International Hotels Group Co Ltd		199
	224,984		Shanghai Jinjiang International Hotels Development Co Ltd		299
	107,249		Shanghai Jinjiang International Travel Co Ltd		110
	1,192,929	e	Shangri-La Asia Ltd		2,617

49

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,859		Shinsegae Food Co Ltd	$	200
	250,981	*	Shuffle Master, Inc		4,417
	2,020,498		SITC International Co Ltd		633
	162,475		Six Flags Entertainment Corp		7,599
	2,851,239		SJM Holdings Ltd		5,811
	28,447		SkiStar AB (Series B)		347
	616,346		Sky City Entertainment Group Ltd		1,988
	2,680,000	*,e	SMI Corp Ltd		86
	54,499	*	Snai S.p.A.		113
	85,768		Sodexho Alliance S.A.		7,042
	77,742	e	Sol Melia S.A.		528
	246,726	*,e	Sonic Corp		1,895
	399,440		Sotheby’s (Class A)		15,714
	49,682	e	Speedway Motorsports, Inc		928
	889,542	*	Spirit Pub Co plc		875
	657,911	e	Sportingbet plc		398
	6,400	e	St Marc Holdings Co Ltd		254
	674,000		Stamford Land Corp Ltd		298
	370	e	Starbucks Coffee Japan Ltd		220
	4,411,141		Starbucks Corp		246,539
	898,418		Starwood Hotels & Resorts Worldwide, Inc		50,680
	5,150	*	Steak N Shake Co		2,075
	62,885	*	Steiner Leisure Ltd		3,071
	304,207	e	Stewart Enterprises, Inc (Class A)		1,846
	47,541	e	Strayer Education, Inc		4,482
	126,629		Sun International Ltd		1,378
	147,786		Tabcorp Holdings Ltd		417
	924,807		Tattersall’s Ltd		2,369
	243,960		Texas Roadhouse, Inc (Class A)		4,059
	1,151,609	e	Thomas Cook Group plc		415
	285,486	e	Tim Hortons, Inc (Toronto)		15,272
	11,712	*	Tipp24 SE		612
	537,000		Tokyo Dome Corp		1,855
	210,000		Tokyotokeiba Co Ltd		323
	6,000		Toridoll.corp		72
	91,614	*	Town Sports International Holdings, Inc		1,157
	166,714	*,e	TUI AG.		1,239
	515,194		TUI Travel plc		1,617
	74,385		Unibet Group plc (ADR)		2,085
	143,658	e	Universal Technical Institute, Inc		1,895
	140,501	e	Vail Resorts, Inc		6,077
	28,900	e	WATAMI Co Ltd		620
	191,295	e	Weight Watchers International, Inc		14,766
	477,445		Wendy’s		2,392
	169,632		Wetherspoon (J.D.) plc		1,116
	37,234		Whitbread plc		1,098
	1,732,709		William Hill plc		7,243
	90,081	*	WMS Industries, Inc		2,138
	30,000	*	Wowprime Corp		488
	1,013,124		Wyndham Worldwide Corp		47,120
	2,243,590	e	Wynn Macau Ltd		6,557
	112,144		Wynn Resorts Ltd		14,005
	335,000		YBM Sisa.com, Inc		1,947
	50,000		Yomiuri Land Co Ltd		162
	536	e	Yoshinoya D&C Co Ltd		694
	3,194,238		Yum! Brands, Inc		227,366

50

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	6,694	*	Zee Learn Ltd	$	2
	92,700	e	Zensho Co Ltd		1,139
			TOTAL CONSUMER SERVICES		2,211,945
DIVERSIFIED FINANCIALS - 5.0%
	164,363		3i Group plc		563
	33,714		ABC Arbitrage		323
	2,668,485		Aberdeen Asset Management plc		10,971
	32,527		Ackermans & Van Haaren		2,755
	1,398	*	Acom Co Ltd		31
	172,106		Administradora de Fondos de Pensiones Provida S.A.		901
	302,536	e	Advance America Cash Advance Centers, Inc		3,174
	106,771	e	Aeon Credit Service Co Ltd		1,690
	27,800		Aeon Credit Service M BHD		81
	778,303		Aeon Thana Sinsap Thailand PCL		750
	3,189,800		Aeon Thana Sinsap Thailand Pcl (ADR)		3,076
	417,470	*,e	Affiliated Managers Group, Inc		46,677
	1,498,310		African Bank Investments Ltd		7,795
	172,943	e	AGF Management Ltd		2,684
	191,350	*,e	Aiful Corp		401
	68,377	e	Aker ASA (A Shares)		2,237
	66,177	*	Altamir Amboise		651
	1,448,977	*	American Capital Ltd		12,563
	4,278,139		American Express Co		247,533
	1,193,933		Ameriprise Financial, Inc		68,209
	2,291,805		AMMB Holdings BHD		4,730
	1,102,670	e	Apollo Investment Corp		7,906
	397,433	e	Apollo Management LP		5,675
	897,520	g	ARA Asset Management Ltd		1,093
	559,636	e	Ares Capital Corp		9,150
	252,210	e	Artio Global Investors, Inc		1,203
	765,360		Ashmore Group plc		4,501
	558,871		Australian Stock Exchange Ltd		19,218
	22,472		Avanza AB		632
	340,587		Ayala Corp		3,228
	2,215	*	Ayala Corp Preferred		0	^
	394,923		Azimut Holding S.p.A.		4,291
	5,332		Bajaj Auto Finance Ltd		85
	127,934		Banca Generali S.p.A		1,716
	17,510		Banca IFIS S.p.A.		107
	319,925		Banca Profilo S.p.A.		128
	53,061,338		Bank of America Corp		507,797
	3,507,910		Bank of New York Mellon Corp		84,646
	45,128		Bank Sarasin & Compagnie AG.		1,415
	377,838	e	BGC Partners, Inc (Class A)		2,792
	60,986		BinckBank NV		662
	467,165	e	BlackRock Kelso Capital Corp		4,588
	244,608		BlackRock, Inc		50,120
	7,504,419		Blackstone Group LP		119,620
	4,154,603		BM&F Bovespa S.A.		25,581
	28,946,648		Bolsa de Valores de Colombia		557
	30,597		Bolsa de Valores de Lima S.A.		109
	905,300		Bolsa Mexicana de Valores S.A. de C.V.		1,828
	109,186		Bolsas y Mercados Espanoles		2,800
	31,677	*	Boursorama		265
	997,251		Brait S.A.		2,709

51

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	370,861	e	Brewin Dolphin Holdings plc	$	1,050
	416,871	*,e	Broadpoint Securities Group, Inc		567
	81,634		BT Investment Management Ltd		187
	85,021	*	Bure Equity AB		225
	373,600		Bursa Malaysia BHD		901
	133,603	e	Calamos Asset Management, Inc (Class A)		1,752
	3,489	e	California First National Bancorp		54
	40,432		Canaccord Capital, Inc		326
	99,782	*,e	Canaccord Financial, Inc		830
	1,919,018		Capital One Financial Corp		106,966
	1,652,521		Capital Securities Corp		643
	15,960		Capital Southwest Corp		1,509
	143,579	e	Cash America International, Inc		6,882
	142,542		CBOE Holdings, Inc		4,051
	109,101		Century Leasing System, Inc		2,215
	264,844		CETIP S.A.-Balcao Organizado de Ativos e Derivativos		4,396
	1,458,889		Challenger Financial Services Group Ltd		5,746
	2,030,972		Charles Schwab Corp		29,185
	1,353,000		China Bills Finance Corp		589
	2,982,000	e	China Everbright Ltd		4,527
	3,540,000	*	China Financial International Investments Ltd		222
	140,000	e	China Merchants China Direct Investments Ltd		207
	3,236		Cholamandalam DBS Finance Ltd		12
	202,349	e	CI Financial Corp		4,613
	425,039	*	Citadel Capital Corp		218
	278,500	*,e	CITIC Securities Co Ltd		560
	12,079,883		Citigroup, Inc		441,520
	194,520		Close Brothers Group plc		2,444
	143,059		CME Group, Inc		41,391
	71,553	e	Cohen & Steers, Inc		2,283
	1,462,200	e	Compartamos SAB de C.V.		1,654
	157,312		Compass Diversified Trust		2,327
	961,275	*	Concord Securities Corp		244
	750,986		Coronation Fund Managers Ltd		2,788
	23,722		Corp Financiera Alba		1,032
	128,064		Corp Financiera Colombiana S.A.		2,437
	493,872	*	Cowen Group, Inc		1,338
	15,967	*	Creades AB		317
	27,489	*	Credit Acceptance Corp		2,777
	1,628,000	e	Credit China Holdings Ltd		206
	482,368		Credit Saison Co Ltd		9,835
	2,426,298		Credit Suisse Group		69,154
	27,398		DAB Bank AG.		145
	322,391		Daewoo Securities Co Ltd		3,780
	64,400		Daishin Securities Co Ltd		634
	50,210		Daishin Securities Co Ltd PF		308
	1,419,235	*,e	Daiwa Securities Group, Inc		5,655
	72,816	e	Davis & Henderson Income Fund		1,351
	216,751	*	DeA Capital S.p.A.		395
	21,586	*,e	Deerfield Capital Corp		134
	1,503,982		Deutsche Bank AG.		74,882
	15,825	e	Deutsche Beteiligungs AG.		359
	241,730		Deutsche Boerse AG.		16,276
	12,177	e	Diamond Hill Investment Group, Inc		897
	6,036,530		Discover Financial Services		201,258
	171,862	*,e	Dollar Financial Corp		3,243

52

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	75,250		Dongbu Securities Co Ltd	$	327
	116,971		Duff & Phelps Corp		1,818
	105,680	*	Dundee Corp		2,648
	968,154	*	E*Trade Financial Corp		10,601
	41,398		East Capital Explorer AB		349
	221,410		Eaton Vance Corp		6,328
	759,500		ECM Libra Financial Group BHD		196
	105,492		Edelweiss Capital Ltd		57
	72,240		EFG International		704
	795,687		Egypt Kuwait Holding Co		912
	508,477		Egyptian Financial Group-Hermes Holding		1,152
	21,043	*	Elron Electronic Industries		98
	58,932		Epoch Holding Corp		1,407
	78,275	*	Eugene Investment & Securities Co Ltd		252
	4,195	e	Eurazeo		214
	108,781		Evercore Partners, Inc (Class A)		3,162
	271,275	e	Exor S.p.A.		6,849
	253,820	*	Ezcorp, Inc (Class A)		8,238
	639,466		F&C Asset Management plc		684
	645,000	*,e	Far East Horizon Ltd		516
	218,106	*	FBR Capital Markets Corp		561
	147,360	e	Federated Investors, Inc (Class B)		3,302
	12,000	e	Fidus Investment Corp		168
	290,437	e	Fifth Street Finance Corp		2,835
	10,038		Fimalac		393
	338,951	*,e	Financial Engines, Inc		7,579
	155,738	*	First Cash Financial Services, Inc		6,680
	320,415	*,e	First Marblehead Corp		391
	3,708,000		First Pacific Co		4,112
	4,954,618	e	FirstRand Ltd		15,333
	407,684		FlexiGroup Ltd		974
	515,685		Franklin Resources, Inc		63,960
	23,886	e	Friedman Billings Ramsey Group, Inc (Class A)		530
	12,744,029		Fubon Financial Holding Co Ltd		14,384
	15,685,344	*	Fuhwa Financial Holdings Co Ltd		8,188
	45,900		Fuyo General Lease Co Ltd		1,635
	13,700	*	FX Alliance, Inc		215
	70,494	e	FXCM, Inc		916
	11,610	e	Gain Capital Holdings, Inc		58
	26,577		GAMCO Investors, Inc (Class A)		1,318
	117	e	GCA Savvian Group Corp		125
	4,412,000		Get Nice Holdings Ltd		191
	286,274	e	GFI Group, Inc		1,076
	34,414		Gimv NV		1,755
	121,400	e	Gladstone Capital Corp		985
	137,107	e	Gladstone Investment Corp		1,038
	19,448		Gluskin Sheff + Associates, Inc		291
	162,166		GMP Capital, Inc		1,219
	3,256,679		Goldman Sachs Group, Inc		405,033
	34,716	e	Golub Capital BDC, Inc		530
	68,827	*,e	Green Dot Corp		1,825
	49,497	e	Greenhill & Co, Inc		2,160
	64,556		Groupe Bruxelles Lambert S.A.		4,999
	883	*	Groupe Bruxelles Lambert S.A. - STR VVPR		0	^
	10,117,111		Guinness Peat Group plc		4,228
	568,000	e	Guotai Junan International Hol		172

53

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	744,463		Haci Omer Sabanci Holding AS	$	3,201
	84,290		Hanwha Securities Co		367
	293,213		Hargreaves Lansdown plc		2,286
	127,228	*,e	Harris & Harris Group, Inc		528
	78,863		Hellenic Exchanges S.A.		314
	1,376,440		Henderson Group plc		2,810
	306,640	e	Hercules Technology Growth Capital, Inc		3,398
	336,370	*,e	HFF, Inc (Class A)		5,540
	248,900		Hitachi Capital Corp		3,729
	8,930	*	HMC Investment Securities Co Ltd		118
	864,382	e	Hong Kong Exchanges and Clearing Ltd		14,548
	1,194,000		Hongkong Chinese Ltd		196
	391,747		Hyundai Securities Co		3,669
	36,200	e	IBJ Leasing Co Ltd		945
	683,157		ICAP plc		4,293
	51,800	e	Ichiyoshi Securities Co Ltd		367
	1,775,432		IFCI Ltd		1,458
	676,397		IG Group Holdings plc		4,870
	164,658	e	IGM Financial, Inc		7,668
	87,314	*,e	Imperial Holdings, Inc		233
	167,436		India Infoline Ltd		220
	399,978		Indiabulls Financial Services Ltd		1,624
	18,736		Indiabulls Securities Ltd		3
	207,394		Industrivarden AB		3,082
	1,829,637		Infrastructure Development Finance Co Ltd		4,848
	9,962,830	*	ING Groep NV		82,971
	95,612	e	Interactive Brokers Group, Inc (Class A)		1,625
	173,061		Interbolsa S.A.		231
	991,767	*	IntercontinentalExchange, Inc		136,289
	9,896	f	Intergroup Financial Services Corp (purchased 08/18/10, cost $265)		327
	1,114,024		Intermediate Capital Group plc		5,160
	87,893	*	International Assets Holding Corp		1,855
	345,122		International Personal Finance plc		1,481
	153,941	*,e	Internet Capital Group, Inc		1,378
	1,222,064		Invesco Ltd		32,592
	305,543		Investec Ltd		1,883
	92,704		Investec plc		567
	172,948	*,e	Investment Technology Group, Inc		2,068
	429,482		Investor AB (B Shares)		9,524
	653,570		IOOF Holdings Ltd		3,915
	11,971	*	Is Finansal Kiralama AS.		8
	150,823		Is Yatirim Menkul Degerler AS		158
	1,500,000	e	iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker		2,082
	191,348	e	iShares MSCI Canada Index Fund		5,423
	968,850		iShares MSCI EAFE Index Fund		53,190
	426,457		iShares MSCI Emerging Markets		18,312
	169,415	e	iShares Russell 2000 Index Fund		14,036
	387,000		Jaccs Co Ltd		1,391
	165,917	*,e	Jafco Co Ltd		4,070
	4,499,801	e	Janus Capital Group, Inc		40,093
	8,823,000	*,a,e	Japan Asia Investment Co Ltd		7,960
	1,560,500	e	Japan Securities Finance Co Ltd		9,143
	215,720	e	Jefferies Group, Inc		4,064
	7,320,000	*	Jia Sheng Holdings Ltd		316
	2,071,273		Jih Sun Financial Holdings Co Ltd		647
	95,571		JMP Group, Inc		705

54

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	18,209,177	e	JPMorgan Chase & Co	$	837,258
	300,878	e	JSE Ltd		3,120
	615,611		Julius Baer Group Ltd		24,857
	343,120		Julius Baer Holding AG.		4,998
	510,298		Jupiter Investment Management Group Ltd		2,033
	846,000	e	K1 Ventures Ltd		68
	113,800	e	kabu.com Securities Co Ltd		434
	9,920,000	*	Kai Yuan Holdings Ltd		262
	79,360	*	Kardan NV		131
	15,075		KAS Bank NV		171
	43,613	*	KBC Ancora		442
	139,777	e	KBW, Inc		2,586
	4,147,526		KGI Securities Co Ltd		1,755
	382,392		Kinnevik Investment AB (Series B)		8,896
	32,029		KIWOOM Securities Co Ltd		2,009
	472,948	*,e	Knight Capital Group, Inc (Class A)		6,087
	77,186	e	Kohlberg Capital Corp		533
	530		Korea Development Financing Corp		10
	67,850		Korea Investment Holdings Co Ltd		2,707
	404,793		Kotak Mahindra Bank Ltd		4,336
	82,410	*	KTB Securities Co Ltd		179
	47,580		Kyobo Securities Co		232
	429,719	*,e	Ladenburg Thalmann Financial Services, Inc		765
	180,721		Lazard Ltd (Class A)		5,161
	227,015		Legg Mason, Inc		6,341
	536,738		Leucadia National Corp		14,009
	315,819		London Stock Exchange Group plc		5,227
	110,891	*	LPL Investment Holdings, Inc		4,207
	91,563		Lundbergs AB (B Shares)		3,149
	453,496	*	Macquarie Group Ltd		13,720
	11,800		Mahindra & Mahindra Financial Services		156
	85,586	e	Main Street Capital Corp		2,108
	18,149,735		Man Group plc		39,196
	437,886		Manappuram General Finance & Leasing Ltd		262
	82,100	*,e	Manning & Napier, Inc		1,207
	863,086	*	Marfin Investment Group S.A		331
	170,391		MarketAxess Holdings, Inc		6,354
	35,312		Marlin Business Services Corp		532
	93,300		Marusan Securities Co Ltd		425
	1,973,000		Masterlink Securities Corp		692
	148,400	e	Matsui Securities Co Ltd		965
	195,450		Maybank Kim Eng Securities Thailand PCL		96
	302,036	e	MCG Capital Corp		1,284
	58,791		Medallion Financial Corp		656
	2,394,967		Mediobanca S.p.A.		14,066
	75,975		Medley Capital Corp		856
	241,284	*	Meritz finance Holdings Co Ltd		615
	577,470		Meritz Securities Co Ltd		461
	5,609,000		Metro Pacific Investments Corp		541
	396,000		MIN XIN Holdings Ltd		207
	29,741		Mirae Asset Securities Co Ltd		1,044
	110,597		Mitsubishi UFJ Lease & Finance Co Ltd		4,890
	97,693		MLP AG.		868
	29,305	e	Monex Beans Holdings, Inc		6,471
	708,753		Moody’s Corp		29,839
	4,268,269		Morgan Stanley		83,829

55

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	323,149	*	MSCI, Inc (Class A)	$	11,895
	1,531,700	*	Mulpha International BHD		210
	1,297,600		Multi-Purpose Holdings BHD		1,171
	94,286	e	MVC Capital, Inc		1,238
	608,573	*	Nasdaq Stock Market, Inc		15,762
	100,313		Nelnet, Inc (Class A)		2,599
	111,080	*,e	Netspend Holdings, Inc		862
	34,319		New Mountain Finance Corp		472
	97,420	*,e	NewStar Financial, Inc		1,083
	96,888		NGP Capital Resources Co		635
	76,683		NH Investment & Securities Co Ltd		435
	39,914	e	Nicholas Financial, Inc		526
	4,789,972	*	Nomura Holdings, Inc		21,350
	52,000		Nomura Topix Exchange Traded Fund		549
	85,170		Nordnet AB (Series B)		303
	21,904,308		Norte Grande S.A.		289
	666,195		Northern Trust Corp		31,611
	796,765		NYSE Euronext		23,911
	245,000		Okasan Holdings, Inc		1,042
	341,574	e	OKO Bank (Class A)		3,785
	97,781		Onex Corp		3,599
	44,677	e	Oppenheimer Holdings, Inc		775
	28,675		Oresund Investment AB		462
	366,000	*	Orient Corp		415
	295,312	*,e	ORIX Corp		28,372
	342	e	Osaka Securities Exchange Co Ltd		1,901
	703,000		OSK Holdings BHD		391
	8,372		Pargesa Holding S.A.		602
	29,146		Partners Group		5,686
	1,239,600		Pearl Oriental Innovation Ltd		106
	196,536		PennantPark Investment Corp		2,044
	517,000	*,m	Peregrine Investment Holdings		0	^
	99,241	e	Perpetual Trustees Australia Ltd		2,619
	174,200		Phatra Capital PCL		186
	223,591	*,e	PHH Corp		3,459
	14,900		Philippine Stock Exchange, Inc		132
	90,923	*,e	Pico Holdings, Inc		2,132
	197,124	*,e	Pinetree Capital Ltd		271
	378,585		Pioneers Holding		240
	79,526	*	Piper Jaffray Cos		2,117
	271,967	e	Platinum Asset Mangement Ltd		1,148
	492,677		Power Finance Corp Ltd		1,786
	153,283	e	PowerShares QQQ Trust Series		10,354
	1,795,640		President Securities Corp		974
	474,927	e	Prospect Capital Corp		5,215
	243,246		Provident Financial plc		4,460
	1,889,000		PT Clipan Finance Indonesia Tbk		105
	480,000		Public Financial Holdings Ltd		195
	36,545	e	Pzena Investment Management, Inc (Class A)		214
	222,529		Quest Capital Corp		364
	63,963		Rathbone Brothers		1,304
	43,136	e	Ratos AB (B Shares)		599
	467,389		Raymond James Financial, Inc		17,074
	145,671		Reliance Capital Ltd		1,122
	1,044,938		Remgro Ltd		18,183
	99,247	*	RHJ International		586

56

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	34,418		Ricoh Leasing Co Ltd	$	802
	688,000	*	Rising Development Holdings		89
	1,739,778		RMB Holdings Ltd		7,102
	442,130		Rural Electrification Corp Ltd		1,780
	83,774	*,e	Safeguard Scientifics, Inc		1,441
	75,329		Samsung Card Co		2,625
	80,636		Samsung Securities Co Ltd		4,067
	118,242		Sanders Morris Harris Group, Inc		782
	40,000	*	Sawada Holdings Co Ltd		301
	15,488	*,e	SBI Holdings, Inc		1,478
	109,869		Schroders plc		2,777
	599,662	e	SEI Investments Co		12,407
	5	*,m	SFCG Co Ltd		0	^
	385,000		Shenyin Wanguo HK Ltd		112
	2,790		Shinyoung Securities Co Ltd		77
	154,664		Shriram Transport Finance Co Ltd		1,819
	1,012,849		Singapore Exchange Ltd		5,602
	126,570		SK Securities Co Ltd		148
	89,650	*	SKS Microfinance Pvt Ltd		209
	2,473,246		SLM Corp		38,978
	200,442	*,e	SNS Reaal		512
	108,670		Solar Capital Ltd		2,398
	38,641	e	Solar Senior Capital Ltd		623
	1,080	*	Sparx Group Co Ltd		101
	101,066	e	SPDR S&P MidCap 400 ETF Trust		18,260
	1,054,160	e	SPDR Trust Series 1		148,341
	63,868	e	Sprott, Inc		397
	409,246		SREI Infrastructure Finance Ltd		208
	2,364,720		State Street Corp		107,595
	236,746	*	Stifel Financial Corp		8,958
	4,620,000	*	Sun Innovation Holdings Ltd		108
	2,677		Sundaram Finance Ltd		34
	402,388		Suramericana de Inversiones S.A.		7,017
	11,691		Swissquote Group Holding S.A.		452
	199,393	e	SWS Group, Inc		1,141
	853,272	e	T Rowe Price Group, Inc		55,719
	498,000		Ta Chong Securities Co Ltd		151
	2,005,300		Ta Enterprise BHD		376
	294,337		Tai Fook Securities Group Ltd		101
	90,000		Taiwan Acceptance Corp		188
	170,000	*	Takagi Securities Co Ltd		249
	624,000	*	Tanrich Financial Holdings Ltd		43
	1,140		Tata Investment Corp Ltd		10
	542,428	e	TD Ameritrade Holding Corp		10,708
	293,064		Tetragon Financial Group Ltd		2,080
	34,427	e	THL Credit, Inc		443
	127,127		TICC Capital Corp		1,238
	177,019		TMX Group, Inc		7,951
	448,680		Tokai Tokyo Securities Co Ltd		1,692
	61,642		Tong Yang Investment Bank		300
	94,000		Transpac Industrial Holdings Ltd		142
	90,075	e	Triangle Capital Corp		1,779
	300,696		Tullett Prebon plc		1,684
	1,055,915	*	UBS A.G.		14,804
	8,092,244	*	UBS AG. (Switzerland)		113,411
	5,500		Union Financiere de France BQE S.A.		160

57

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,088,565		UOB-Kay Hian Holdings Ltd	$	1,465
	142,337	*	Uranium Participation Corp		813
	844,000	e	Value Partners Group Ltd		513
	7,233		Verwalt & Privat-Bank AG.		614
	24,998	*	Virtus Investment Partners, Inc		2,144
	57,405		Vontobel Holding AG.		1,456
	103,050	*	Vostok Nafta Investment Ltd		486
	239,520		Waddell & Reed Financial, Inc (Class A)		7,763
	103,260		Walter Investment Management Corp		2,329
	56,996		Warsaw Stock Exchange		752
	3,107,368		Waterland Financial Holdings		1,072
	25,828		Westwood Holdings Group, Inc		1,000
	21,880		Woori Financial Co Ltd		310
	161,423		Woori Investment & Securities Co Ltd		1,869
	59,188	*,e	World Acceptance Corp		3,625
			TOTAL DIVERSIFIED FINANCIALS		5,481,899
ENERGY - 10.3%
	181,667		Aban Offshore Ltd		1,544
	326,363	*,e	Abraxas Petroleum Corp		1,018
	29,544	*,e	Acergy S.A.		783
	24,985,227		Adaro Energy Tbk		5,279
	226,307	*	Advantage Oil & Gas Ltd		760
	348,364	*,m	AET&D Holdings No 1 Ptd Ltd		0	^
	8,403,685	*	Afren plc		17,967
	202,420		Aker Kvaerner ASA		3,428
	273,100		Alam Maritim Resources BHD		65
	394,330		Alliance Holdings GP LP		17,173
	100,715	e	Alon USA Energy, Inc		911
	820,425	*	Alpha Natural Resources, Inc		12,479
	129,419	e	AltaGas Income Trust		4,016
	90,273		AMEC plc		1,602
	1,104,678	*,e	Amerisur Resources plc		455
	73,253	*,e	Amyris Biotechnologies, Inc		379
	3,057,638		Anadarko Petroleum Corp		239,535
	89,000	*	Angle Energy, Inc		503
	226,605	e	Anglo Pacific Group plc		1,140
	184,000		Anhui Tianda Oil Pipe Co Ltd		32
	1,276,000		Anton Oilfield Services Group		184
	51,300		AOC Holdings, Inc		305
	1,833,871		Apache Corp		184,194
	35,742	e	APCO Argentina, Inc		2,437
	99,047	*,e	Approach Resources, Inc		3,660
	219,538	*,e	Aquila Resources Ltd		1,139
	229,062	e	ARC Energy Trust		5,259
	378,104	e	Arch Coal, Inc		4,049
	129,801	*,e	Archer Ltd		323
	217,627	*,e	Athabasca Oil Sands Corp		2,420
	194,623	*,e	ATP Oil & Gas Corp		1,430
	349,903	*	Atwood Oceanics, Inc		15,707
	559,305	*	Aurelian Oil & Gas plc		179
	460,113	*,e	Aurora Oil and Gas Ltd		1,812
	1,090,024		Australian Worldwide Exploration Ltd		2,259
	1,568,440	*	Bahamas Petroleum Co plc		270
	1,539,175		Baker Hughes, Inc		64,553
	114,392	*,e	Bandanna Energy Ltd		92

58

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,656,200		Bangchak Petroleum PCL	$	1,273
	303,626	*	Bankers Petroleum Ltd		1,254
	254,950		Banpu PCL		5,038
	8,200		Banpu PCL (ADR)		161
	98,127	*,e	Basic Energy Services, Inc		1,703
	552,316	e	Baytex Energy Trust		28,678
	343,136	*,m	Beach Energy Ltd		523
	2,745,090	e	Beach Petroleum Ltd		4,182
	144,000	*,e	Bellatrix Exploration Ltd		759
	232,665		Berry Petroleum Co (Class A)		10,965
	6,457,912		BG Group plc		149,737
	273,529		Bharat Petroleum Corp Ltd		3,755
	224,544	*,e	Bill Barrett Corp		5,840
	117,699	*,e	Birchcliff Energy Ltd		855
	362,400	*,e	BlackPearl Resources, Inc		1,533
	174,000	*	BNK Petroleum, Inc		286
	37,900	*	Bonanza Creek Energy, Inc		828
	106,857	e	Bonavista Energy Trust		2,164
	35,302	e	Bonterra Oil & Gas Ltd		1,725
	517,045	*,e	Borders & Southern Petroleum plc		566
	54,344	e	Bourbon S.A.		1,618
	330,000		Boustead Singapore Ltd		228
	766,894	*	BowLeven plc		1,229
	13,941,203		BP plc		103,824
	1,094,902		BP plc (ADR)		49,271
	392,141	*,e	BPZ Energy, Inc		1,580
			Brasil Ecodiesel Industria e Comercio de Biocombustiveis e Oleos
	205,000	*	Vegetais S.A.		48
	3,155,000	e	Brightoil Petroleum Holdings Ltd		786
	144,579		Bristow Group, Inc		6,901
	1,102,100	*	Bumi Armada BHD		1,586
	477,107	e	BW Offshore Ltd		636
	74,400	*,e	C&C Energia Ltd		579
	60,020	*,e	C&J Energy Services, Inc		1,068
	789,127		Cabot Oil & Gas Corp		24,597
	1,061,768		Cairn Energy plc		5,500
	95,184	*	Cairn India Ltd		625
	543,920	*,e	Cal Dive International, Inc		1,795
	109,886		Calfrac Well Services Ltd		3,074
	328,701	*,e	Callon Petroleum Co		2,068
	48,488		Caltex Australia Ltd		698
	325,034	*	Cam Finanziaria S.p.A.		152
	338,255	e	Cameco Corp		7,261
	1,141,772	*	Cameron International Corp		60,320
	109,300	e	Canadian Energy Services & Technology Corp		1,288
	1,240,820		Canadian Natural Resources Ltd (Canada)		41,126
	1,376,165	e	Canadian Oil Sands Trust		29,029
	174,584	e	Canyon Services Group, Inc		2,128
	553,614		Capital Product Partners LP		4,490
	52,284	e	CARBO Ceramics, Inc		5,513
	150,925	*	Carrizo Oil & Gas, Inc		4,265
	21,363		CAT Oil AG.		178
	116,911	*,e	Celtic Exploration Ltd		1,704
	3,042,894		Cenovus Energy, Inc		109,362
	2,238,023	e	Cenovus Energy, Inc (Toronto)		80,550
	137,400	*	Cequence Energy Ltd		182

59

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	13,100	*	Ceres, Inc	$	209
	139,949	*,e	Chariot Oil & Gas Ltd		443
	720,011	*,e	Cheniere Energy, Inc		10,786
	1,492,051		Chesapeake Energy Corp		34,571
	9,449,253		Chevron Corp		1,013,338
	462,000		China Aviation Oil Singapore Corp Ltd		430
	8,052,000		China Coal Energy Co		9,031
	2,858,000		China Oilfield Services Ltd		4,111
	1,846,000	*	China Qinfa Group Ltd		424
	6,815,799		China Shenhua Energy Co Ltd		28,829
	633,000	e	China Suntien Green Energy Cor		117
	362,279	*	Chinook Energy Inc		527
	330,178		Cimarex Energy Co		24,919
	1,090,997	*,e	Circle Oil plc		371
	23,454	*,e	Clayton Williams Energy, Inc		1,863
	188,240	*,e	Clean Energy Fuels Corp		4,006
	319,549	*	Cloud Peak Energy, Inc		5,090
	53,308,000		CNOOC Ltd		109,120
	1,055,319		Coal India Ltd		7,131
	2,586,086	*	Cobalt International Energy, Inc		77,660
	1,541,008	*	Cockatoo Coal Ltd		608
	15,020	*	Compagnie Generale de Geophysique S.A.		446
	192,586	*,e	Comstock Resources, Inc		3,049
	2,151,867	*	Concho Resources, Inc		219,663
	1,507,757	*	Connacher Oil and Gas Ltd		1,451
	4,798,115		ConocoPhillips		364,705
	608,483		Consol Energy, Inc		20,749
	80,979	*	Contango Oil & Gas Co		4,770
	341,328	*,e	Continental Resources, Inc		29,293
	293,002	e	Core Laboratories NV		38,550
	223,388	*,e	Corridor Resources, Inc		188
	218,570	e	Cosmo Oil Co Ltd		610
	1,229,384	*,e	Cove Energy plc		4,213
	2,837,837	e	Crescent Point Energy Corp		122,168
	134,628	*	Crew Energy, Inc		1,285
	47,788	*,e	Crimson Exploration, Inc		198
	53,942		CropEnergies AG.		364
	250,125		Crosstex Energy, Inc		3,537
	572,716	*	CVR Energy, Inc		15,320
	606,128	*	Dart Energy Ltd		189
	30,430	*	Dawson Geophysical Co		1,045
	269,100		Dayang Enterprise Holdings BHD		180
	113,500	*	Deep Sea Supply plc		256
	668,838	*	Deep Yellow Ltd		73
	61,516		Delek US Holdings, Inc		954
	8,061,166	*	Denbury Resources, Inc		146,955
	395,408	*	Denison Mines Corp		614
	74,095	*	Det Norske Oljeselskap ASA		1,147
	1,003,623	*	Devon Energy Corp		71,378
	236,337	e	DHT Maritime, Inc		227
	245,268	e	Diamond Offshore Drilling, Inc		16,372
	1,475,354	*,e	DNO International ASA		2,618
	25,653	*	Dockwise Ltd		529
	2,558,199	e	Dragon Oil plc		25,569
	276,620	*	Dresser-Rand Group, Inc		12,832
	140,104	*,e	Dril-Quip, Inc		9,110

60

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,600,000	*	Dynamic Energy Holdings Ltd	$	22
	9,454,092		Ecopetrol S.A.		28,729
	69,045	e	Ecopetrol S.A. (ADR)		4,218
	3,091,918		El Paso Corp		91,366
	151,015	*	Electromagnetic GeoServices AS		446
	72,711	e	Enbridge Income Fund		1,560
	1,138,810	e	Enbridge, Inc		44,230
	713,023	e	EnCana Corp		14,004
	283,164	*,e	Endeavour International Corp		3,355
	165,718		Enerflex Ltd		1,861
	159,369		Energen Corp		7,833
	218,341	*,e	Energy Partners Ltd		3,627
	1,015,023	*,e	Energy Resources of Australia Ltd		1,361
	375,768		Energy Transfer Partners LP		17,627
	374,761	*,e	Energy XXI Bermuda Ltd		13,533
	164,576	e	Enerplus Resources Fund		3,686
	3,240,020		ENI S.p.A.		75,930
	1,717,723	*	Enquest plc (London)		3,464
	877,212		Ensco International plc (ADR)		46,431
	323,793	e	Ensign Energy Services, Inc		4,840
	640,233		EOG Resources, Inc		71,130
	411,185		Equitable Resources, Inc		19,823
	161,153		ERG S.p.A.		1,429
	362,390	*,e	Essar Energy plc		901
	245,700		Esso Malaysia BHD		286
	5,636		Esso SA Francaise		553
	2,520,000		Esso Thailand PCL		1,046
	105,932	e	Etablissements Maurel et Prom		1,865
	27,368	f	Eurasia Drilling Co Ltd (GDR) (purchased 10/06/10, cost $677)		756
	30,174	*	Euronav NV		274
	62,482	*	Evolution Petroleum Corp		581
	936,788	e	EXCO Resources, Inc		6,211
	57,226		Exmar NV		494
	252,713	*,e	Exterran Holdings, Inc		3,333
	19,372,893	e	Exxon Mobil Corp		1,680,211
	1,657,000	e	Ezion Holdings Ltd		1,299
	697,200	e	Ezra Holdings Ltd		639
	226,096	*	Fairborne Energy Ltd		499
	134,810	*	Falkland Oil & Gas Ltd		139
	190,854	*,e	Faroe Petroleum plc		511
	62,990	*	Flint Energy Services Ltd		1,574
	1,131,008	*	FMC Technologies, Inc		57,025
	250,069	*	Forest Oil Corp		3,031
	1,910,580		Formosa Petrochemical Corp		5,973
	102,305		Fred Olsen Energy ASA		4,016
	128,392	e	Freehold Royalty Trust		2,522
	189,011	e	Frontline Ltd		1,453
	74,818	e	Frontline Ltd (Norway)		573
	7,430		Fugro NV		530
	207,365	*	FX Energy, Inc		1,128
	124,007	*	Galleon Energy, Inc		274
	25,396		Galp Energia SGPS S.A.		418
	82,000	*,e	Gasfrac Energy Services, Inc		617
	228,832	*	Gastar Exploration Ltd		684
	9,186,203		Gazprom OAO (ADR)		112,346
	55,485	e	Gazpromneft OAO (ADR)		1,485

61

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,815,000	*	Genesis Energy Holdings Ltd	$	152
	44,441	*,e	Geokinetics, Inc		78
	81,150	*,e	Georesources, Inc		2,657
	43,679	*,e	Gevo, Inc		401
	85,000	e	Gibson Energy, Inc		1,796
	66,826	*,e	Global Geophysical Services, Inc		709
	94,078	*	Gloucester Coal Ltd		794
	298,753	*,e	GMX Resources, Inc		379
	195,256	e	Golar LNG Ltd		7,429
	94,149	*,e	Goodrich Petroleum Corp		1,791
	47,943		Great Eastern Shipping Co Ltd		230
	73,587	*,e	Green Plains Renewable Energy, Inc		794
	187,077	*	Grupa Lotos S.A.		1,637
	99,259		GS Holdings Corp		5,710
	276,456	*	Guildford Coal Ltd		202
	89,633	e	Gulf Island Fabrication, Inc		2,624
	1,203,698	*,e	Gulf Keystone Petroleum Ltd		5,061
	120,713	*	Gulfmark Offshore, Inc		5,548
	170,523	*	Gulfport Energy Corp		4,966
	251,544	*	Gulfsands Petroleum plc		593
	9,521	e	Hallador Petroleum Co		84
	3,202,320		Halliburton Co		106,285
	1,857		Hankook Shell Oil Co Ltd		352
	74,919	*	Hardy Oil & Gas plc		184
	52,072		Hargreaves Services plc		998
	127,032	*,e	Harvest Natural Resources, Inc		899
	385,480	*,e	Heckmann Corp		1,661
	750,642	*	Helix Energy Solutions Group, Inc		13,361
	163,908		Hellenic Petroleum S.A.		1,271
	645,641		Helmerich & Payne, Inc		34,832
	571,007	*,e	Hercules Offshore, Inc		2,701
	276,005	e	Heritage Oil Ltd		619
	1,217,509		Hess Corp		71,772
	235,849		Hindustan Oil Exploration		519
	59,700		Hindustan Petroleum Corp Ltd		356
	1,196,908		Holly Corp		38,481
	1,549,000	*	Honghua Group Ltd		227
	1,394,691	*,e	Horizon Oil Ltd		463
	133,660	*	Hornbeck Offshore Services, Inc		5,618
	64,153	e	Houston American Energy Corp		335
	7,700	*	HRT Participacoes em Petroleo SA		2,667
	294,575		Hunting PLC		4,464
	951,982	e	Husky Energy, Inc		24,223
	641,195	*,e	Hyperdynamics Corp		827
	92,925	e	Idemitsu Kosan Co Ltd		9,298
	817,306	e	Imperial Oil Ltd		37,135
	1,017,418		Inner Mongolia Yitai Coal Co		5,447
	1,819		Inpex Holdings, Inc		12,368
	712,937	*	ION Geophysical Corp		4,598
	37,725,200		IRPC PCL		5,721
	5,237	*,e	Isramco, Inc		457
	102,353		Itochu Enex Co Ltd		607
	628,773	*,e	Ivanhoe Energy, Inc		681
	202,618	*,e	James River Coal Co		1,037
	3,200	e	Japan Drilling Co Ltd		102
	8,554		Japan Petroleum Exploration Co		401

62

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	8,078	*	Jerusalem Oil Exploration	$	153
	233,085		JKX Oil & Gas plc		597
	745,065		John Wood Group plc		8,543
	1,919,761		JX Holdings, Inc		11,978
	58,000		Kanto Natural Gas Development Ltd		302
	239,287	*	Karoon Gas Australia Ltd		1,618
	1,007,300		Kencana Petroleum BHD		1,037
	551,549	*,e	Key Energy Services, Inc		8,521
	164,720	e	Keyera Facilities Income Fund		6,794
	597,184	e	Kinder Morgan, Inc		23,081
	24,300	*,e	KiOR, Inc (Class A)		325
	84,231	e	Knightsbridge Tankers Ltd		1,211
	1,148,425		KNM Group BHD		313
	2,255,384	*,e	Kodiak Oil & Gas Corp		22,464
	646,628	*,e	Kosmos Energy LLC		8,561
	215,106	*,e	Kvaerner ASA		612
	108,968	*,e	L&L Energy, Inc		267
	1,177,061	*	Laredo Petroleum Holdings, Inc		27,590
	168,000	*	Legacy Oil & Gas, Inc		1,560
	373,336		Linc Energy Ltd		445
	24,800		Longview Oil Corp		244
	39,416		Lubelski Wegiel Bogdanka S.A.		1,613
	312,347		Lufkin Industries, Inc		25,191
	961,675		LUKOIL (ADR)		58,036
	38,973	*,e	Lundin Petroleum AB		836
	434,192	*,e	Magnum Hunter Resources Corp		2,783
	4,120,961		Marathon Oil Corp		130,634
	1,358,595		Marathon Petroleum Corp		58,909
	222,505		Maridive & Oil Services SAE		297
	898,478	*,e	Matador Resources Co		9,838
	43,583	e	Matrix Composites & Engineering Ltd		161
	111,556	*,e	Matrix Service Co		1,563
	105,932	*	Maurel & Prom Nigeria		292
	978,351	*	McDermott International, Inc		12,533
	395,058	*,e	McMoRan Exploration Co		4,227
	117,608	*	MEG Energy Corp		4,535
	79,071		Melrose Resources plc		156
	364,800	e	Miclyn Express Offshore Ltd		846
	64,714	*	Midnight Oil Exploration Ltd		322
	2,470,000	e	MIE Holdings Corp		805
	231,160	*,e	Miller Petroleum, Inc		975
	44,342	*,e	Mitcham Industries, Inc		996
	33,800		Mitsuuroko Co Ltd		217
	40,600	e	Modec, Inc		845
	68,893	*,e	MOL Hungarian Oil and Gas plc		5,748
	527,574	*	Molopo Energy Ltd		359
	12,743,117	*	Mongolia Energy Co ltd		1,067
	129,559		Motor Oil Hellas Corinth Refineries S.A.		1,054
	191,498	e	Mullen Group Ltd		4,024
	763,754		Murphy Oil Corp		42,976
	1,398,150	*	Nabors Industries Ltd		24,454
	482,904	*	Nagarjuna Oil Refinery Ltd		61
	200,800	e	NAL Oil & Gas Trust		1,600
	38,680	*	Naphtha Israel Petroleum Corp Ltd		151
	1,816,639		National Oilwell Varco, Inc		144,368
	55,455	*	Natural Gas Services Group, Inc		732

63

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	111,843	*	Nautical Petroleum plc	$	567
	536,893	e	Neste Oil Oyj		6,610
	314,706	*,e	New Brazil Holding ASA		243
	761,355		New Zealand Oil & Gas Ltd		481
	296,933	*	Newfield Exploration Co		10,298
	994,000		Newocean Energy Holdings Ltd		211
	350,465	*,e	Newpark Resources, Inc		2,870
	768,660		Nexen, Inc		14,095
	1,117,197	*	Nexus Energy Ltd		257
	40,810	e	Niko Resources Ltd		1,436
	59,200	e	Nippon Gas Co Ltd		940
	674,916		Noble Energy, Inc		65,993
	198,765	e	Nordic American Tanker Shipping		3,156
	237,837	e	Northern Offshore Ltd		517
	249,366	*,e	Northern Oil And Gas, Inc		5,172
	282,500	*,e	Norwegian Energy Co AS		388
	362,337	f	NovaTek OAO (GDR) (purchased 04/24/08, cost $37,132)		49,242
	231,779	*,e	NuVista Energy Ltd		857
	234,689	*,e	Oasis Petroleum, Inc		7,235
	6,432,915		Occidental Petroleum Corp		612,606
	383,476		Oceaneering International, Inc		20,666
	2,562,777	*	OGX Petroleo e Gas Participacoes S.A.		21,199
	1,207,942	*	Oil Refineries Ltd		710
	181,566	*	Oil States International, Inc		14,173
	135,461		OMV AG.		4,818
	90,700	*	Open Range Energy Corp		109
	216,191	*	Ophir Energy plc		1,753
	1,412,883		Origin Energy Ltd		19,550
	164,700	*	OSX Brasil S.A.		1,471
	110,862	e	Overseas Shipholding Group, Inc		1,400
	20,855	*	OYO Geospace Corp		2,197
	796,920	*,e	PA Resources AB		206
	213,362	*,e	Pacific Asia Petroleum, Inc		213
	25,459		Pacific Rubiales Energy Corp		741
	758,114		Pacific Rubiales Energy Corp (Toronto)		22,148
	999,773	*	Paladin Resources Ltd		1,908
	28,288	e	Panhandle Oil and Gas, Inc (Class A)		834
	159,561		Paramount Energy Trust		120
	62,089	*,e	Paramount Resources Ltd (Class A)		1,785
	490,576	*	Parker Drilling Co		2,929
	172,115	e	Parkland Income Fund		2,316
	137,256	e	Pason Systems, Inc		1,932
	520,138	*,e	Patriot Coal Corp		3,246
	675,234		Patterson-UTI Energy, Inc		11,675
	9,093		Paz Oil Co Ltd		1,247
	559,744		Peabody Energy Corp		16,210
	372,368	e	Pembina Pipeline Income Fund		10,520
	301,995	e	Pengrowth Energy Trust		2,831
	176,980	e	Penn Virginia Corp		805
	685,712	e	Penn West Energy Trust		13,399
	389,200	*	Perdana Petroleum BHD		80
	112,239	e	PetroBakken Energy Ltd		1,869
	252,635	*	Petrobank Energy & Resources Ltd		4,007
	1,342,758		Petrofac Ltd		37,421
	650,672	e	Petroleo Brasileiro S.A (ADR)		16,631
	5,579,898		Petroleo Brasileiro S.A.		74,278

64

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	413,000		Petroleo Brasileiro S.A. (ADR)	$	10,969
	7,585,366		Petroleo Brasileiro S.A. (Preference)		97,027
	124,457	*	Petroleum Development Corp		4,616
	295,990	*	Petroleum Geo-Services ASA		4,334
	137,511	e	Petrominerales Ltd		2,557
	724,000		Petronas Dagangan BHD		4,480
	563,223	e	Petroplus Holdings AG.		131
	221,617	*,e	Petroquest Energy, Inc		1,361
	181,002	e	Peyto Energy Trust		2,972
	74,273	*,e	PHI, Inc		1,719
	235,674	*	Pioneer Drilling Co		2,074
	474,891		Pioneer Natural Resources Co		52,993
	332,134	*	Plains Exploration & Production Co		14,166
	363,491	*,e	Polarcus Ltd		361
	3,608,966		Polish Oil & Gas Co		4,691
	505,441	*	Polski Koncern Naftowy Orlen S.A.		6,075
	646,258	*	Precision Drilling Trust		6,492
	978,406	*	Premier Oil plc		6,147
	134,898	e	ProEx Energy Ltd		1,352
	541,208	e	ProSafe ASA		4,307
	697,800	e	Provident Energy Trust		8,423
	6,907,000	*	PT Benakat Petroleum Energy		151
	21,149,000		PT Bumi Resources Tbk		5,427
	7,693,000	*	PT Delta Dunia Petroindo Tbk		513
	3,973,500		PT Elnusa		100
	55,650,600	*	PT Energi Mega Persada Tbk		1,116
	655,500		PT Harum Energy Indonesia Tbk		586
	1,505,000		PT Indika Energy Tbk		416
	1,201,500		PT Indo Tambangraya Megah		5,722
	2,639,500		PT Medco Energi Internasional Tbk		621
	201,000		PT Resource Alam Indonesia Tbk		155
	9,935,134		PT Tambang Batubara Bukit Asam Tbk		22,293
	1,619,069		PTT Exploration & Production PCL		9,166
	1,832,750		PTT PCL		21,029
	27,500		PTT PCL (ADR)		316
	395,563		Questar Market Resources, Inc		12,065
	375,067	*	Questerre Energy Corp		274
	254,695	*,e	Quicksilver Resources, Inc		1,284
	362,739		Range Resources Corp		21,090
	61,600	*	Refinaria de Petroleos de Manguinhos S.A.		42
	925,323		Refineria La Pampilla S.A. Relapasa		368
	2,088,044		Reliance Industries Ltd		30,787
	16,600	*	Renewable Energy Group, Inc		172
	775,439	*,e	Rentech, Inc		1,613
	633,126		Repsol YPF S.A.		15,916
	178,618	*,e	Resolute Energy Corp		2,033
	144,250	*,e	Rex Energy Corp		1,541
	42,729	*	Rex Stores Corp		1,312
	26,669	*	RigNet, Inc		468
	1,872,584	*	Roc Oil Co Ltd		780
	3,397,785	*,e	Rockhopper Exploration plc		17,867
	433,692	*	Rosetta Resources, Inc		21,147
	2,444,544	f	Rosneft Oil Co (GDR) (purchased 02/11/10, cost $17,281)		17,375
	528,689	*	Rowan Cos, Inc		17,410
	5,998,350		Royal Dutch Shell plc (A Shares)		209,799
	4,040,067		Royal Dutch Shell plc (B Shares)		142,281

65

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	198,604	e	RPC, Inc	$	2,107
	2,476,000	*	Ruifeng Petroleum Chemical Holdings Ltd		59
	1,824,571		Saipem S.p.A.		94,267
	333,802	*	Salamander Energy plc		1,148
	582,367	*	San Leon Energy plc		93
	109,000		San-Ai Oil Co Ltd		568
	37,900	*	Sanchez Energy Corp		851
	965,519	*,e	SandRidge Energy, Inc		7,560
	370,165		Santos Ltd		5,466
	250,000		SapuraCrest Petroleum BHD		400
	1,080,106	*	Saras S.p.A.		1,445
	1,124,473		Sasol Ltd		54,558
	177,438	*	Savanna Energy Services Corp		1,395
	18,489		SBM Offshore NV		378
	5,861,042		Schlumberger Ltd		409,863
	15,236		Schoeller-Bleckmann Oilfield Equipment AG.		1,404
	569,500	*	Scomi Group BHD		49
	104,674	*,e	Scorpio Tankers, Inc		739
	147,383		SEACOR Holdings, Inc		14,116
	271,383	e	SeaDrill Ltd		10,190
	100,500	*,e	Secure Energy Services, Inc		793
	173,433	*	SemGroup Corp		5,054
	788,020	*	Senex Energy Ltd		857
	50	*	Serval Integrated Energy Services		0	^
	334,447	*	Sevan Drilling AS.		445
	164,800		Shandong Molong Petroleum Machinery Co Ltd		107
	80,853	e	ShawCor Ltd		2,545
	1,522,500		Shengli Oil&Gas Pipe Holdings Ltd		179
	51,200		Shinko Plantech Co Ltd		438
	177,403	e	Ship Finance International Ltd		2,714
	153,747		Showa Shell Sekiyu KK		986
	132,800		Siamgas & Petrochemicals PCL		66
	85,000		Sinanen Co Ltd		372
	208,000	e	Sinopec Kantons Holdings Ltd		129
	97,414		SK Energy Co Ltd		14,297
	11,450		SK Gas Co Ltd		660
	276,994	*	Soco International plc		1,312
	77,702		S-Oil Corp		7,703
	225,577	*,e	Solazyme, Inc		3,300
	168,771	*	Songa Offshore SE		596
	446,700	*	Southern Pacific Resource Corp		734
	122,600	*	SouthGobi Resources Ltd		814
	1,303,747	*	Southwestern Energy Co		39,895
	2,196,264		Spectra Energy Corp		69,292
	109,222	*,e	Sprott Resource Corp		439
	281,195		St. Mary Land & Exploration Co		19,900
	1,497,467		Statoil ASA		40,644
	206,508	*	Sterling Energy plc		129
	166,518	*	Sterling International Enterprises Ltd		31
	339,064	*	Stone Energy Corp		9,694
	1,780,000		Straits Asia Resources Ltd		3,305
	3,038,274	e	Suncor Energy, Inc		99,270
	2,134,351		Suncor Energy, Inc (NY)		69,793
	414,045	e	Sunoco, Inc		15,796
	591,014	*	Superior Energy Services		15,579
	2,057,669		Surgutneftegaz (ADR)		20,183

66

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	339,700	e	Surgutneftegaz (ADR) (London)	$	3,336
	1,861,000	*,e	Swiber Holdings Ltd		995
	167,377	*,e	Swift Energy Co		4,859
	315,649	*,e	Syntroleum Corp		305
	1,317,845		Talisman Energy, Inc		16,568
	107,428		Targa Resources Investments, Inc		4,883
	492,536	e	Tatneft (GDR)		20,136
	322,955	e	Technip S.A.		38,136
	34,540	e	Tecnicas Reunidas S.A.		1,437
	114,863	e	Teekay Corp		3,991
	175,344	e	Teekay Tankers Ltd (Class A)		1,064
	112,764	e	Tenaris S.A.		2,153
	124,683	*,e	Tesco Corp		1,769
	720,840	*	Tesoro Corp		19,347
	492,893	*,e	Tetra Technologies, Inc		4,643
	227,110		TGS Nopec Geophysical Co ASA		6,237
	3,632,100		Thai Oil PCL		8,543
	115,027		Tidewater, Inc		6,214
	2,800,000	*	Titan Petrochemicals Group Ltd		101
	134,616	f	TMK OAO (GDR) (purchased 06/17/10, cost $2,135)		1,806
	1,011,931		TonenGeneral Sekiyu KK		9,359
	72,800		Total Energy Services, Inc		1,171
	2,138,717	e	Total S.A.		109,245
	90,886	*	Tourmaline Oil Corp		2,009
	162,000		Toyo Kanetsu K K		362
	842,137	e	TransCanada Corp		36,161
	91,700	*,e	TransGlobe Energy Corp		1,111
	622,780		Transocean Ltd		34,066
	403,200		Transocean Ltd		22,024
	165,599	*,e	Triangle Petroleum Corp		1,143
	303,186	e	Trican Well Service Ltd		4,453
	73,580	e	Trilogy Energy Corp		1,945
	167,266		Trinidad Drilling Ltd		1,087
	5,528,205		Tullow Oil plc		135,118
	202,240		Tupras Turkiye Petrol Rafine		5,171
	132,154		Turcas Petrolculuk AS		200
	514,879	*	UK Coal plc		136
	344,624	*,e	Ultra Petroleum Corp		7,799
	486,800		Ultrapar Participacoes S.A.		10,667
	64,226	*	Union Drilling, Inc		357
	92,266	*	Unit Corp		3,945
	6,770,000	*,e	United Energy Group Ltd		1,160
	260,128	*,e	Uranerz Energy Corp		656
	306,244	*,e	Uranium Energy Corp		1,194
	650,654	e	Uranium One, Inc		1,807
	363,495	*,e	Uranium Resources, Inc		331
	438,484	*,e	Ur-Energy, Inc		535
	478,601	*,e	USEC, Inc		507
	395,083	*,e	Vaalco Energy, Inc		3,734
	2,715,321		Valero Energy Corp		69,974
	93,859	*	Valiant Petroleum plc		784
	658,256	*,e	Vantage Drilling Co		1,053
	201,232	*	Venoco, Inc		2,181
	218,400	e	Veresen, Inc		3,319
	169,573	e	Vermilion Energy Trust		7,822
	176,282	*,e	Voyager Oil & Gas, Inc		428

67

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	272,001	e	W&T Offshore, Inc	$	5,734
	638,400		Wah Seong Corp BHD		432
	376,580	*	Warren Resources, Inc		1,228
	1,814,357	*	Weatherford International Ltd		27,379
	117,713	*,e	West Siberian Resources Ltd (GDR)		1,300
	366,214	e	Western Refining, Inc		6,892
	44,511	*,e	Westmoreland Coal Co		497
	243,809	*,e	White Energy Co Ltd		99
	81,300	*	Whitecap Resources, Inc		721
	55,650	e	Whitehaven Coal Ltd		326
	272,769	*	Whiting Petroleum Corp		14,811
	396,301	*	Willbros Group, Inc		1,284
	3,252,951		Williams Cos, Inc		100,223
	408,183		Woodside Petroleum Ltd		14,752
	282,592		World Fuel Services Corp		11,586
	663,903		WorleyParsons Ltd		19,670
	634,303	*	WPX Energy, Inc		11,424
	204,128	*,e	Xcite Energy Ltd		380
	421,571	*,e	Xenolith Resources Ltd		721
	5,088,000	e	Yanzhou Coal Mining Co Ltd		11,039
	36,800	e	Zargon Energy Trust		533
	118,463	*,e	Zion Oil & Gas, Inc		313
			TOTAL ENERGY		11,125,031
FOOD & STAPLES RETAILING - 1.6%
	137,809	e	Aeon Co Ltd		1,815
	9,400		Ain Pharmaciez Inc		507
	372,659		Alimentation Couche Tard, Inc		12,236
	457,050		Almacenes Exito S.A.		6,640
	94,591	e	Andersons, Inc		4,606
	31,379		Arcs Co Ltd		583
	5,715	e	Arden Group, Inc (Class A)		519
	28,786		Axfood AB		1,035
	124,000		Beijing Jingkelong Co Ltd		111
	151,455		BIM Birlesik Magazalar AS		5,748
	39,862		Bizim Toptan Satis Magazalari AS		545
	12,492		Blue Square-Israel Ltd		48
	2,904,065		Booker Group plc		3,915
	68,000	*	Brazil Pharma S.A.		399
	251,174		Carrefour S.A.		6,020
	151,119		Casey’s General Stores, Inc		8,381
	185,180		Casino Guichard Perrachon S.A.		18,256
	16,600		Cawachi Ltd		395
	2,192,249		Centros Comerciales Sudamericanos S.A.		14,511
	51,199	*	Chefs’ Warehouse Holdings, Inc		1,185
	2,172,300	e	China Resources Enterprise		7,585
	141,506		Cia Brasileira de Distribuicao Grupo Pao de Acucar		6,744
	126,300		Circle K Sunkus Co Ltd		2,713
	18,660		Cocokara Fine Holdings, Inc		589
	30,030		Colruyt S.A.		1,206
	471,700	*,e	Controladora Comercial Mexicana S.A. de C.V.		923
	8,000		Cosmos Pharmaceutical Corp		404
	2,248,747		Costco Wholesale Corp		204,186
	4,070,500		CP Seven Eleven PCL		8,643
	8,400		Create SD Holdings Co Ltd		214
	3,571,934		CVS Corp		160,023

68

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,900		Daikokutenbussaan Co Ltd	$	159
	52,511		Delhaize Group		2,762
	3,475,947	*	Distribuidora Internacional de Alimentacion S.A.		17,228
	10,381		Dongsuh Co, Inc		305
	35,473		E-Mart Co Ltd		7,816
	49,470		Empire Co Ltd		2,857
	102,691		Eurocash S.A.		1,157
	96,074		FamilyMart Co Ltd		4,072
	108,951	*,e	Fresh Market, Inc		5,224
	651,864		Fyffes plc		376
	61,441	e	George Weston Ltd		3,901
	14,520	e	Growell Holdings Co Ltd		415
	80,938	e	Hakon Invest AB		1,404
	235,282		Harris Teeter Supermarkets, Inc		9,435
	68,967		Heiwado Co Ltd		932
	3,993,410	e	Heng Tai Consumables Group Ltd		162
	3,032	*	Indiabulls Wholesale Service		0	^
	58,723	e	Ingles Markets, Inc (Class A)		1,036
	5,600		Itochu-Shokuhin Co Ltd		207
	84,741		Izumiya Co Ltd		460
	1,794,984		J Sainsbury plc		8,933
	310,036		Jean Coutu Group PJC, Inc		4,383
	1,236,106		Jeronimo Martins SGPS S.A.		25,178
	66,300		Kasumi Co Ltd		445
	41,700		Kato Sangyo Co Ltd		827
	25,754		Kesko Oyj (B Shares)		835
	3,369,479		Koninklijke Ahold NV		46,688
	3,356,951		Kroger Co		81,339
	56,659		Lawson, Inc		3,569
	997,000		Lianhua Supermarket Holdings Co Ltd		1,131
	28,100	e	Liquor Stores Income Fund		495
	131,396	e	Loblaw Cos Ltd		4,482
	431,269	e,f	Magnit OAO (GDR) (purchased 05/26/10, cost $9,116)		12,561
	123,746		Majestic Wine plc		818
	73,879		MARR S.p.A.		834
	43,233		Maruetsu, Inc		163
	171,276		Massmart Holdings Ltd		3,623
	93,666	e	Matsumotokiyoshi Holdings Co Ltd		2,036
	822,922		Metcash Ltd		3,665
	283,742		Metro AG.		10,972
	234,809	e	Metro, Inc		12,521
	32,639	*	Migros Ticaret AS		298
	15,500		Ministop Co Ltd		300
	47,668		Nash Finch Co		1,355
	65,419	e	North West Co Fund		1,466
	136,533	f	O’Key Group S.A. (GDR) (purchased 11/02/10, cost $1,327)		1,241
	28,000		Okuwa Co Ltd		400
	1,898,220	e	Olam International Ltd		3,567
	145,736	*	Pantry, Inc		1,896
	504,662		Pick’n Pay Holdings Ltd		1,243
	308,568		Pick’n Pay Stores Ltd		1,751
	857,320		President Chain Store Corp		4,783
	74,150		Pricesmart, Inc		5,399
	570,500		PT Sumber Alfaria Trijaya Tbk		314
	336,072		Raia Drogasil S.A.		3,268
	197,477		Rallye S.A.		7,417

69

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	14,694		Rami Levi Chain Stores Hashikma Marketing 2006 Ltd	$	512
	5,562,127	*,e	Rite Aid Corp		9,678
	72,900	*	Roundy’s, Inc		780
	21,879		Ryoshoku Ltd		561
	14,000		S Foods, Inc		113
	1,291,076	e	Safeway, Inc		26,093
	10,200		San-A Co Ltd		387
	1,866,319		Seven & I Holdings Co Ltd		55,653
	533,000	*	Sheng Siong Group Ltd		208
	328,274	e	Shoppers Drug Mart Corp		14,415
	665,447		Shoprite Holdings Ltd		11,926
	101,941		Shufersal Ltd		371
	208,300		Siam Makro PCL		2,416
	39,453	e	Sligro Food Group NV		1,282
	300,176		Spar Group Ltd		4,538
	119,805	e	Spartan Stores, Inc		2,171
	43,000	e	Sugi Pharmacy Co Ltd		1,315
	2,632,000	*,e	Sun Art Retail Group Ltd		3,570
	45,300	e	Sundrug Co Ltd		1,404
	815,214	e	Supervalu, Inc		4,655
	35,218	*	Susser Holdings Corp		904
	1,083,541	e	Sysco Corp		32,355
	127,000		Taiwan TEA Corp		66
	6,364,456		Tesco plc		33,592
	672,991		Total Produce plc		404
	49,688		Tsuruha Holdings, Inc		2,938
	202,811	*	United Natural Foods, Inc		9,463
	330,200		UNY Co Ltd		3,599
	74,700		Valor Co Ltd		1,248
	31,219		Village Super Market (Class A)		986
	6,254,452		Walgreen Co		209,462
	11,748,721		Wal-Mart de Mexico S.A. de C.V. (Series V)		39,543
	4,934,660		Wal-Mart Stores, Inc		302,001
	60,945		Weis Markets, Inc		2,657
	1,304,235		Wesfarmers Ltd		40,612
	816,769		Whole Foods Market, Inc		67,955
	5,235,410		WM Morrison Supermarkets plc		24,957
	1,595,541		Woolworths Ltd		42,967
	955,149	*	Wumart Stores, Inc		2,106
	2,178	*,f	X 5 Retail Group NV (GDR) (purchased 01/19/12, cost $57)		50
	8,600		Yaoko Co Ltd		285
	85,600		Yokohama Reito Co Ltd		667
			TOTAL FOOD & STAPLES RETAILING		1,761,654
FOOD, BEVERAGE & TOBACCO - 5.6%
	37,756		AarhusKarlshamn AB		1,193
	323,209		Afgri Ltd		268
	95,862	*	AGV Products Corp		33
	619,181	e	Ajinomoto Co, Inc		7,788
	20,160	e	Alico, Inc		466
	147,642		Alicorp S.A.		388
	14,816		Alliance Grain Traders, Inc		228
	322,617	*,e	Alliance One International, Inc		1,216
	6,080,284	e	Altria Group, Inc		187,698
	30,484		Amsterdam Commodities NV		501
	275,356		Anadolu Efes Biracilik Ve Malt Sanayii AS		3,855

70

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,974	*	Anheuser-Busch InBev NV	$	0	^
	234,116	e	Anheuser-Busch InBev NV (ADR)		17,025
	87,339	*	Annie’s, Inc		3,043
	76,655	*	AquaChile S.A.		64
	2,272,571		Archer Daniels Midland Co		71,950
	20,300		Ariake Japan Co Ltd		391
	45,019		Aryzta AG.		2,224
	927,661		Asahi Breweries Ltd		20,615
	33,065	e	Asian Bamboo AG.		512
	1,227,624	e	Asian Citrus Holdings Ltd		835
	246,400		Asiatic Development BHD		766
	1,692,574		Associated British Foods plc		33,050
	72,561		Astral Foods Ltd		1,182
	16,936		Atria Group plc		129
	771,000		Ausnutria Dairy Corp Ltd		145
	201,919		Austevoll Seafood ASA		774
	368,661	*	Australian Agricultural Co Ltd		500
	669,140		AVI Ltd		4,051
	195,029	e	B&G Foods, Inc (Class A)		4,390
	866,895		Bajaj Hindusthan Ltd		529
	37,197		Bakkafrost P		249
	179,659		Balrampur Chini Mills Ltd		202
	3,949	*	Baron de Ley		236
	1,825		Barry Callebaut AG.		1,828
	590,331		Beam, Inc		34,576
	217,000		Besunyen Holdings		20
	14,822		Binggrae Co Ltd		740
	344,500	e	Biostime Internatonal Holdings Ltd		888
	91,948	*,e	Black Earth Farming Ltd		181
	7,145		Bonduelle S.C.A.		702
	37,765	*,e	Boston Beer Co, Inc (Class A)		4,033
	6,400		Britannia Industries Ltd		75
	228,300		British American Tobacco Malaysia BHD		4,223
	3,184,694		British American Tobacco plc		160,428
	1,379,532	e	Britvic plc		8,491
	240,406		Brown-Forman Corp (Class B)		20,047
	612,199		Bunge Ltd		41,899
	462,657		C&C Group plc		2,382
	46,757	e	Calavo Growers, Inc		1,252
	19,200	e	Calbee, Inc		980
	101,283	e	Cal-Maine Foods, Inc		3,875
	501,831	e	Campbell Soup Co		16,987
	22,351		Campofrio Alimentacion S.A.		191
	80,341	e	Carlsberg AS (Class B)		6,665
	187,500		Carlsberg Brewery-Malay BHD		630
	82,161		Casa Grande S.A.		539
	266,019	*,e	Central European Distribution Corp		1,359
	141,584		Cermaq ASA		1,865
	4,637,200		Charoen Pokphand Foods PCL		5,607
	2,638,700	e	China Agri-Industries Holdings Ltd		1,743
	592,000		China Corn Oil Co Ltd		261
	840,000	e	China Green Holdings Ltd		262
	1,273,500	e	China Huiyuan Juice Group Ltd		398
	2,012,100		China Mengniu Dairy Co Ltd		5,913
	365,292	*,e	China Minzhong Food Corp Ltd		291
	1,551,000	*,e	China Modern Dairy Holdings		444

71

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	23,321		China Ocean Resources Co Ltd	$	104
	5,760,000		China Starch Holdings Ltd		215
	1,580,000		China Tontine Wines Group Ltd		177
	2,087,000	e	China Yurun Food Group Ltd		2,973
	191,919	*,e	Chiquita Brands International, Inc		1,687
	265,804		Cia Cervecerias Unidas S.A.		4,180
	1,480,926	*	Cia Pesquera Camanchaca S.A.		118
	15,682		CJ CheilJedang Corp		4,648
	67,016		Clover Industries Ltd		128
	34,523		Coca Cola Hellenic Bottling Co S.A.		661
	373,893		Coca-Cola Amatil Ltd		4,830
	27,151		Coca-Cola Bottling Co Consolidated		1,703
	71,700		Coca-Cola Central Japan Co Ltd		931
	10,193,920		Coca-Cola Co		754,452
	5,252,361		Coca-Cola Enterprises, Inc		150,217
	547,375		Coca-Cola Femsa S.A. de C.V.		5,815
	104,132		Coca-Cola Icecek AS		1,330
	53,767		Coca-Cola West Japan Co Ltd		947
	1,466,000	e	Cofco International Ltd		1,417
	2,366,439	e	ConAgra Foods, Inc		62,143
	850,044	*	Constellation Brands, Inc (Class A)		20,053
	551,174	e	Consumer Staples Select Sector SPDR Fund		18,784
	23,549		Copeinca ASA		172
	2,105,928		Corn Products International, Inc		121,407
	559,974		Cosan SA Industria e Comercio		10,418
	172,100	*	Cott Corp		1,135
	42,965	*,e	Craft Brewers Alliance, Inc		329
	88,800	e	CSM		1,595
	503,000		DaChan Food Asia Ltd		99
	2,160		Dae Han Flour Mills Co Ltd		289
	11,260		Daesang Corp		156
	312,610	e	Dairy Crest Group plc		1,666
	1,298,000	*,e	Daqing Dairy Holdings Ltd		281
	758,402	*	Darling International, Inc		13,211
	398,971	e	Davide Campari-Milano S.p.A.		2,716
	944,650	*	Dean Foods Co		11,440
	248,652		Devro plc		1,216
	3,705,376		Diageo plc		89,210
	488,981	e	Diamond Foods, Inc		11,159
	141,389	*,e	Dole Food Co, Inc		1,411
	4,594		Dongwon F&B Co Ltd		297
	5,708		Dongwon Industries Co Ltd		948
	508,752	e	Dr Pepper Snapple Group, Inc		20,457
	17,900		Dydo Drinco, Inc		715
	1,214,000	e	Dynasty Fine Wines Group Ltd		241
	28,958	e	East Asiatic Co Ltd AS		848
	156,267	*	Ebro Puleva S.A.		3,034
	688,158	e	Embotelladoras Arca SAB de C.V.		3,284
	3,565,492		Empresas Iansa S.A.		296
	87,464	e	Ezaki Glico Co Ltd		1,052
	46,308	*,e	Farmer Bros Co		504
	645,000	e	First Resources Ltd		981
	301,021		Flowers Foods, Inc		6,132
	3,799,114	e	Fomento Economico Mexicano S.A. de C.V.		31,278
	196,130		Fresh Del Monte Produce, Inc		4,480
	76,373		Fuji Oil Co Ltd		1,090

72

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	23,832		Fujicco Co Ltd	$	291
	150,000	*	Fujiya Co Ltd		332
	1,297,168	*,e	Futuris Corp Ltd		310
	1,640,575		General Mills, Inc		64,721
	301,200		GFPT PCL		100
	292,922		Glanbia plc		2,172
	7,994,000		Global Bio-Chem Technology Group Co Ltd		1,561
	1,018,000	*	Global Sweeteners Holdings Ltd		107
	3,608,000		GMG Global Ltd		415
	44,536		Gokul Refoils & Solvent Ltd		68
	22,611,074		Golden Agri-Resources Ltd		14,129
	4,864,412		Goodman Fielder Ltd		3,450
	963,472		GrainCorp Ltd		9,065
	857,863		Great Wall Enterprise Co		881
	352,521	*,e	Green Mountain Coffee Roasters, Inc		16,512
	536,154		Greencore Group plc		654
	207,082		Greggs plc		1,724
	10,494		Griffin Land & Nurseries, Inc (Class A)		277
	1,398,126		Groupe Danone		97,527
	622,900	*	Gruma SAB de C.V.		1,674
	2,187,328	e	Grupo Bimbo S.A. de C.V. (Series A)		5,102
	290,200		Grupo Herdez SAB de C.V.		601
	1,927,101		Grupo Modelo S.A. (Series C)		13,437
	721,842		H.J. Heinz Co		38,655
	257,838	*	Hain Celestial Group, Inc		11,296
	437,500		Hap Seng Plantations Holdings BHD		440
	103,348		Harim & Co Ltd		498
	122,353		Heineken Holding NV		5,729
	157,864		Heineken NV		8,774
	1,148,424		Hershey Co		70,433
	790,000		Hey Song Corp		1,002
	21,910		Hite Holdings Co Ltd		219
	43,508		HKScan Oyj		310
	24,200	e	Hokuto Corp		511
	261,743	e	Hormel Foods Corp		7,727
	175,552	e	House Foods Corp		3,010
	250,500		IJM Plantations BHD		270
	297,050	e	Illovo Sugar Ltd		981
	51,577	e	Imperial Sugar Co		242
	1,820,024		Imperial Tobacco Group plc		73,831
	2,104,277		InBev NV		153,252
	2,208,978	*,e	Indofood Agri Resources Ltd		2,735
	4,715,976		IOI Corp BHD		8,228
	4,139,487		ITC Ltd		18,430
	152,100	e	Ito En Ltd		2,738
	188,000		Itoham Foods, Inc		712
	68,492		J&J Snack Foods Corp		3,593
	243,710		J.M. Smucker Co		19,828
	6,934		Japan Tobacco, Inc		39,250
	959,021		JBS S.A.		3,940
	9,846		Jinro Distillers Co Ltd		109
	205,000		J-Oil Mills, Inc		591
	23,600		JT International BHD		51
	588,125	*	Juhayna Food Industries		430
	95,773	e	Kagome Co Ltd		1,875
	94,200		Keck Seng Malaysia BHD		126

73

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	450,440		Kellogg Co	$	24,157
	63,444	*	Kernel Holding S.A.		1,384
	63,422		Kerry Group plc (Class A)		2,933
	20,200		KEY Coffee, Inc		364
	1,911,000		Khon Kaen Sugar Industry PCL		878
	36,560	e	Kikkoman Corp		425
	812,000		Kingway Brewery Holdings Ltd		313
	792,058	e	Kirin Brewery Co Ltd		10,313
	130,008		Koninklijke Wessanen NV		454
	1,027		Kook Soon Dang Brewery Co Ltd		8
	5,915,669		Kraft Foods, Inc (Class A)		224,855
	288,510		KT&G Corp		20,472
	1,283,073		Kuala Lumpur Kepong BHD		10,320
	2,129,508		Kulim Malaysia BHD		2,909
	318,010		Kwality Dairy India Ltd		232
	2,596		KWS Saat AG.		585
	71,522	e	Lancaster Colony Corp		4,753
	182,901		Lance, Inc		4,728
	4,219	e	Laurent-Perrier		453
	21,826		Leroy Seafood Group ASA		360
	342,987		Lien Hwa Industrial Corp		225
	22,994	*,e	Lifeway Foods, Inc		213
	32,674	e	Limoneira Co		552
	228		Lindt & Spruengli AG.		732
	164		Lindt & Spruengli AG. (Reg)		6,104
	1,641,065		Lorillard, Inc		212,485
	1,362		Lotte Chilsung Beverage Co Ltd		1,465
	854		Lotte Confectionery Co Ltd		1,254
	1,411		Lotte Samkang Co Ltd		590
	24,000		M Dias Branco S.A.		628
	61,697		Maeil Dairy Industry Co Ltd		804
	169,879		Maple Leaf Foods, Inc		2,025
	316,000		Marfrig Alimentos S.A.		1,991
	232,317		Marudai Food Co Ltd		903
	929,000	e	Maruha Nichiro Holdings, Inc		1,631
	239,421		McCormick & Co, Inc		13,032
	49,819		McLeod Russel India Ltd		265
	1,435,226		Mead Johnson Nutrition Co		118,377
	79,800	e	Megmilk Snow Brand Co Ltd		1,492
	14,281	e	MEIJI Holdings Co Ltd		626
	11,500	e	Meito Sangyo Co Ltd		144
	404,000	e	Mewah International, Inc		171
	43,056	e	Mgp Ingredients, Inc		232
	134,753	*,f	MHP SA (GDR) (purchased 01/07/11, cost $2,139)		1,887
	58,100	e	Mikuni Coca-Cola Bottling Co Ltd		497
	79,600		Minerva S.A.		308
	124,000	e	Mitsui Sugar Co Ltd		416
	402,019		Molson Coors Brewing Co (Class B)		18,191
	1,002,074	*	Monster Beverage Corp		62,219
	236,302		Morinaga & Co Ltd		548
	259,000		Morinaga Milk Industry Co Ltd		1,019
	95,189	*	Morpol ASA		151
	108,500		MSM Malaysia Holdings BHD		180
	16,956		Muhak Co Ltd		171
	1,728,489		Multiexport Foods S.A.		508
	36,000		Nagatanien Co Ltd		397

74

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	46,000		Namchow Chemical Industrial Ltd	$	48
	919		Namyang Dairy Products Co Ltd		595
	48,389		National Beverage Corp		776
	1,985		Naturex		140
	4,648,191		Nestle S.A.		292,448
	723,000	e	Nichirei Corp		3,408
	152,000		Nippon Beet Sugar Manufacturing Co Ltd		338
	272,000		Nippon Flour Mills Co Ltd		1,252
	40,594		Nippon Meat Packers, Inc		518
	797,866	e	Nippon Suisan Kaisha Ltd		2,726
	156,000	e	Nisshin Oillio Group Ltd		646
	46,308	e	Nisshin Seifun Group, Inc		563
	44,324	e	Nissin Food Products Co Ltd		1,659
	10,073		Nong Shim Co Ltd		2,026
	5,256		Nong Shim Holdings Co Ltd		244
	54,068		Nutreco Holding NV		3,887
	1,534,000	*	Oceanus Group Ltd		101
	158,840	*	Omega Protein Corp		1,209
	4,153		Orion Corp		2,926
	75,525		Osem Investments Ltd		1,168
	4,915		Ottogi Corp		676
	2,463,166	e	Pacific Andes International Holdings Ltd		184
	4,773,604		PAN Fish ASA		2,464
	5,594,587		PepsiCo, Inc		371,201
	1,180,471		Perdigao S.A.		23,280
	359,869		Pernod-Ricard S.A.		37,626
	21,222		Pescanova S.A.		672
	324,000		Petra Foods Ltd		626
	354,451	*	PGG Wrightson Ltd		114
	1,900		Philip Morris CR		1,186
	10,863,377		Philip Morris International, Inc		962,604
	242,838	*,e	Pilgrim’s Pride Corp		1,812
	56,539		Pinar SUT Mamulleri Sanayii AS		590
	49,237	*	Post Holdings, Inc		1,621
	647,320		PPB Group BHD		3,566
	6,675,162	*,e	Premier Foods plc		1,734
	504,000	e	Prima Meat Packers Ltd		941
	58,763	*,e	Primo Water		115
	903,624		PT Astra Agro Lestari Tbk		2,316
	29,053,500		PT Bakrie Sumatera Plantations Tbk		936
	2,761,000		PT Bisi International		260
	7,247,000		PT BW Plantation Tbk		1,308
	14,538,500		PT Charoen Pokphand Indonesia Tbk		4,383
	869,000		PT Gudang Garam Tbk		5,234
	9,545,600		PT Indofood Sukses Makmur Tbk		5,072
	1,919,500		PT Japfa Comfeed Indonesia Tbk		867
	5,207,500		PT Perusahaan Perkebunan London Sumatra Indonesia Tbk		1,640
	2,057,500		PT Sampoerna Agro Tbk		803
	2,768,500		PT Tunas Baru Lampung Tbk		191
	131,700		Q.P. Corp		1,945
	852,700		QL Resources BHD		905
	19,517		Radico Khaitan Ltd		51
	199,864	e	Raisio plc (V Shares)		656
	503,797	*	Ralcorp Holdings, Inc		37,326
	833,359		REI Agro Ltd		200
	1,088,246	e	Remy Cointreau S.A.		110,574

75

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,008,374		Reynolds American, Inc	$	41,787
	21,970		Royal UNIBREW AS		1,533
	82,634		Ruchi Soya Industries Ltd		148
	137,858		SABMiller plc		5,536
	8,263		Sajo Industries Co Ltd		382
	42,355		Sakata Seed Corp		589
	3,692	*	Samyang Corp		150
	3,477		Samyang Corp		228
	4,615		Samyang Genex Co Ltd		231
	214,540		San Miguel Corp		569
	87,366	e	Sanderson Farms, Inc		4,633
	49,700		Sao Martinho S.A.		637
	449,000	e	Sapporo Holdings Ltd		1,665
	192,689	e	Saputo, Inc		8,347
	2,403,792		Sara Lee Corp		51,754
	40,996	*,e	Seneca Foods Corp		1,080
	370,100	*	Shanghai Dajiang Group		123
	99,000		Showa Sangyo Co Ltd		311
	929,268		Shree Renuka Sugars Ltd		577
	16,700		Silla Co Ltd		210
	12,471		Sipef S.A		1,172
	97,400		SLC Agricola S.A.		1,040
	271,323	*,e	Smart Balance, Inc		1,793
	868,850	*	Smithfield Foods, Inc		19,141
	2,626		Societa per la Bonifica dei Terreni Ferraresi e Imprese Agricole S.p.A.		69
	329,002	*,e	SOS Cuetara S.A.		187
	747,255		Souza Cruz S.A.		11,462
	957,000		Standard Foods Corp		3,269
	435,608	*,e	Star Scientific, Inc		1,429
	43,408		Strauss Group Ltd		531
	258,848		Suedzucker AG.		8,241
	398,000	e	Super Coffeemix Manufacturing Ltd		573
	331,434		Swedish Match AB		13,189
	80,328	*,e	Synutra International, Inc		472
	18,540		Taisun Enterprise Co Ltd		10
	78,000		Taiyen Biotech Co Ltd		59
	241,000	e	Takara Holdings, Inc		1,647
	157,149		Tassal Group Ltd		214
	156,384	*	TAT Konserve		218
	429,835		Tata Tea Ltd		947
	1,318,956		Tate & Lyle plc		14,875
	416,400		TH Plantations BHD		388
	41,700		Thai Union Frozen Products PCL		95
	1,084,800		Thai Union Frozen Products PCL (Foreign)		2,489
	467,400		Thai Vegetable Oil PCL		303
	445,413		Tiger Brands Ltd		15,658
	3,078,000	e	Tingyi Cayman Islands Holding Corp		8,891
	156,834		Tongaat Hulett Ltd		2,126
	94,220	e	Tootsie Roll Industries, Inc		2,159
	77,942		Toyo Suisan Kaisha Ltd		2,027
	98,400		Tradewinds Malaysia BHD		308
	905,617	e	Treasury Wine Estates Ltd		3,858
	173,120	*	TreeHouse Foods, Inc		10,301
	9,130		TS Corp		168
	548,000	e	Tsingtao Brewery Co Ltd		2,964
	1,879,688		Tyson Foods, Inc (Class A)		35,996

76

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	228,773		Ulker Biskuvi Sanayi AS	$	724
	2,554,414		Unilever NV		86,912
	195,000	e	Unilever NV (ADR)		6,636
	2,649,190		Unilever plc		87,403
	7,221,297		Uni-President Enterprises Corp		10,022
	3,747		United International Enterprises		547
	5,400		United Malacca BHD		13
	1,619,076		United Spirits Ltd		19,248
	119,691	e	Universal Corp		5,578
	1,086,740		Universal Robina		1,597
	151,000		Ve Wong Corp		110
	189,648	e	Vector Group Ltd		3,360
	6,104	e	Vilmorin & Cie		660
	634,745		Vina Concha Y Toro S.A.		1,455
	99,802		Viscofan S.A.		4,469
	1,266,000		Vitasoy International Holdings Ltd		981
	343,084		Viterra, Inc		5,472
	2,369		Vranken - Pommery Monopole		83
	8,824,000	e	Want Want China Holdings Ltd		9,873
	272,000		Wei Chuan Food Corp		303
	253,243	*	Westway Group, Inc		1,466
	1,911,588	e	Wilmar International Ltd		7,485
	504,000	*	Xiwang Sugar Holdings Co Ltd		68
	18,392	e	Yakult Honsha Co Ltd		634
	278,942	e	Yamazaki Baking Co Ltd		4,008
	320,000		Yantai North Andre Juice Co		12
	1,490,000		YASHILI INTERNATIONAL		240
	47,500		Yonekyu Corp		428
	378,554		Zeder Investments Ltd		128
			TOTAL FOOD, BEVERAGE & TOBACCO		6,006,617
HEALTH CARE EQUIPMENT & SERVICES - 3.1%
	89,221	*,e	Abaxis, Inc		2,599
	144,448	*,e	Abiomed, Inc		3,205
	160,092	*,e	Accretive Health, Inc		3,197
	256,213	*	Accuray, Inc		1,809
	2,215,311	e	Aetna, Inc		111,120
	237,884	*	AGFA-Gevaert NV		549
	62,626	*	AGFA-Gevaert NV Bruessel		0	^
	110,173	*,e	Air Methods Corp		9,613
	100,658		Alfresa Holdings Corp		4,799
	267,222	*	Align Technology, Inc		7,362
	106,692	*,e	Alliance Imaging, Inc		160
	511,184	*,e	Allscripts Healthcare Solutions, Inc		8,486
	74,445	*	Almost Family, Inc		1,936
	223,298	*,e	Alphatec Holdings, Inc		529
	250,541	*,e	Amedisys, Inc		3,623
	519,945	*	Amerigroup Corp		34,982
	1,198,891		AmerisourceBergen Corp		47,572
	172,800		Amil Participacoes S.A.		1,799
	157,664	*,e	AMN Healthcare Services, Inc		955
	101,232	e	Amplifon S.p.A.		523
	150,124	*	Amsurg Corp		4,200
	50,458		Analogic Corp		3,408
	46,761	*	Andor Technology Ltd		382
	164,476	*	Angiodynamics, Inc		2,015

77

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	205,206		Ansell Ltd	$	3,168
	330,954	*,e	Antares Pharma, Inc		1,069
	23,582		Apollo Hospitals Enterprise Ltd		296
	46,310		Arseus NV		758
	182,579	*	Arthrocare Corp		4,902
	23,500		As One Corp		521
	11,600	*,e	Asahi Intecc Co Ltd		292
	73,586		Assisted Living Concepts, Inc (A Shares)		1,222
	148,162	*,e	athenahealth, Inc		10,982
	64,746	*,e	AtriCure, Inc		644
	5,936		Atrion Corp		1,248
	6,887		Audika		119
	2,108,200		Bangkok Chain Hospital PCL		520
	229,148		Bard (C.R.), Inc		22,621
	4,338,419		Baxter International, Inc		259,351
	364,666		Becton Dickinson & Co		28,316
	119,504	*,e	Biolase Technology, Inc		324
	97,544	*,e	Bio-Reference Labs, Inc		2,293
	168,610	*,e	BioScrip, Inc		1,145
	2,474,000	*	Biosensors International Group Ltd		2,964
	18,900		BML, Inc		481
	5,523,321	*	Boston Scientific Corp		33,029
	159,157	*,e	Brookdale Senior Living, Inc		2,979
	497,600		Bumrungrad Hospital PCL		862
	106,216	e	Cantel Medical Corp		2,665
	119,192	*,e	Capital Senior Living Corp		1,101
	1,496,208		Cardinal Health, Inc		64,502
	165,213	*	CardioNet, Inc		509
	61,514	*,e	Cardiovascular Systems, Inc		569
	595,067	*	CareFusion Corp		15,430
	56,923		Carl Zeiss Meditec AG.		1,382
	2,311	*,e	Carmat		372
	192,568	*	Catalyst Health Solutions, Inc		12,272
	100,156	e	Celesio AG.		1,813
	259,604	*	Centene Corp		12,713
	788,731	*	Cerner Corp		60,070
	191,259	*,e	Cerus Corp		769
	24,343	*	CHA Bio & Diostech Co Ltd		217
	109,309	e	Chemed Corp		6,851
	50,442	*,e	Chindex International, Inc		479
	1,201,904		Cigna Corp		59,194
	123,417	e	CML Healthcare Income Fund		1,312
	82,093	e	Cochlear Ltd		5,259
	44,332	e	Coloplast AS (Class B)		7,684
	4,360		Coltene Holding AG.		150
	246,855	*	Community Health Systems, Inc		5,490
	146,539	e	Compagnie Generale d’Optique Essilor International S.A.		13,065
	70,289		Computer Programs & Systems, Inc		3,973
	124,462	*,e	Conceptus, Inc		1,790
	132,989		Conmed Corp		3,972
	338,842		Cooper Cos, Inc		27,687
	37,963	*	Corvel Corp		1,514
	243,696		Coventry Health Care, Inc		8,668
	1,218,239		Covidien plc		66,613
	26,100		Cremer S.A.		267
	114,009	*	Cross Country Healthcare, Inc		571

78

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	91,908	*	Cruz Blanca Salud S.A.	$	102
	153,328	*	CryoLife, Inc		808
	26,930	*	Curexo, Inc		219
	155,533	*	Cyberonics, Inc		5,930
	55,618	*,e	Cynosure, Inc (Class A)		993
	707,136	*	DaVita, Inc		63,762
	191,057	*,e	Delcath Systems, Inc		600
	587,097	e	Dentsply International, Inc		23,560
	267,325	*,e	DexCom, Inc		2,788
	325,500		Diagnosticos da America S.A.		2,498
	39,752	e	DiaSorin S.p.A.		1,158
	19,510	e	Draegerwerk AG.		2,185
	6,111		Draegerwerk AG. & Co KGaA		583
	70,972	*	DynaVox, Inc		219
	692,661	*	Edwards Lifesciences Corp		50,377
	176,764	e	Elekta AB (B Shares)		8,948
	123,643	*,e	Emeritus Corp		2,184
	206,508	*,e	Endologix, Inc		3,025
	62,385		Ensign Group, Inc		1,694
	26,239	*,e	ePocrates, Inc		225
	37,068	*,e	Exactech, Inc		588
	112,607	*,e	EXamWorks, Inc		1,399
	50,000		Excelsior Medical Co Ltd		106
	1,939,401	*	Express Scripts, Inc		105,077
	487,900		Faber Group BHD		261
	839,528	e	Fisher & Paykel Healthcare Corp		1,542
	183,941	*	Five Star Quality Care, Inc		627
	116,807		Fleury S.A.		1,542
	81,549	*	Fortis Healthcare Ltd		160
	291,680		Fresenius Medical Care AG.		20,648
	166,496		Fresenius SE		17,073
	10,390	e	Galenica AG.		6,791
	130,289	*	Gen-Probe, Inc		8,652
	120,916	*,e	Gentiva Health Services, Inc		1,057
	565,242	e	Getinge AB (B Shares)		16,093
	22,928	*	Given Imaging Ltd		431
	279,565	e	GN Store Nord		2,993
	16,660,212	*	Golden Meditech Co Ltd		2,121
	127,439	*,e	Greatbatch, Inc		3,125
	49,200		Green Hospital Supply, Inc		1,009
	29,000	*	Greenway Medical Technologies		443
	111,842	*	Haemonetics Corp		7,793
	125,440	*,e	Hanger Orthopedic Group, Inc		2,742
	173,522	*,e	Hansen Medical, Inc		521
	303,900		Hartalega Holdings BHD		791
	479,998		HCA Holdings, Inc		11,875
	683,292	*	Health Management Associates, Inc (Class A)		4,592
	550,467	*	Health Net, Inc		21,865
	805,023	*	Healthsouth Corp		16,487
	110,649	*,e	HealthStream, Inc		2,566
	165,496	*,e	Healthways, Inc		1,218
	46,090	*,e	HeartWare International, Inc		3,028
	336,030	*	Henry Schein, Inc		25,431
	538,446		Hill-Rom Holdings, Inc		17,989
	884,453		Hitachi Medical Corp		11,798
	395,071	*,e	HMS Holdings Corp		12,330

79

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	38,200		Hogy Medical Co Ltd	$	1,707
	2,012,006	*	Hologic, Inc		43,359
	1,119,861		Humana, Inc		103,565
	51,172	*,e	ICU Medical, Inc		2,516
	241,961	*,e	Idexx Laboratories, Inc		21,159
	49,382		Immunodiagnostic Systems Holdings plc		241
	181,297	*,e	Insulet Corp		3,470
	116,375	*,e	Integra LifeSciences Holdings Corp		4,037
	242,105	*	Intuitive Surgical, Inc		131,160
	203,762		Invacare Corp		3,376
	232,507	*	Inverness Medical Innovations, Inc		6,048
	37,015		Ion Beam Applications		312
	68,663	*,e	IPC The Hospitalist Co, Inc		2,534
	78,033	*,e	IRIS International, Inc		1,054
	93,000	e	Jeol Ltd		275
	32,413	e	Kensey Nash Corp		948
	208,992	*,e	Kindred Healthcare, Inc		1,806
	58,187	*,e	K-Kitz, Inc		141
	271,100		Kossan Rubber Industries		297
	678,700		KPJ Healthcare BHD		1,142
	161,859	*	Laboratory Corp of America Holdings		14,817
	36,206		Landauer, Inc		1,920
	434,500		Latexx Partners BHD		199
	58,298	*	LHC Group, Inc		1,080
	2,551,774		Life Healthcare Group Holdings Pte Ltd		8,325
	128,756	*	LifePoint Hospitals, Inc		5,078
	166,903		Lincare Holdings, Inc		4,319
	4,475	*	LVL Medical Groupe S.A.		81
	112,803	*	Magellan Health Services, Inc		5,506
	140,614	*,e	MAKO Surgical Corp		5,927
	7,500		Mani, Inc		272
	281,779		Masimo Corp		6,588
	6,157	*	Mauna Kea Technologies		104
	1,438,243	e	McKesson Corp		126,235
	223,430	*	MedAssets, Inc		2,940
	1,313,305	*	Medco Health Solutions, Inc		92,325
	62,903		Medica		1,031
	106,291	*,e	Medical Action Industries, Inc		608
	148,778		Mediceo Paltac Holdings Co Ltd		1,936
	85,909	*,e	Medidata Solutions, Inc		2,289
	1,882,760	e	Medtronic, Inc		73,785
	212,581	*,e	Merge Healthcare, Inc		1,244
	164,958	e	Meridian Bioscience, Inc		3,197
	154,885	*,e	Merit Medical Systems, Inc		1,924
	174		Message Co Ltd		521
	167,576	*	Metropolitan Health Networks, Inc		1,570
	185,000		Microlife Corp		313
	719,000		Microport Scientific Corp		337
	3,990,000		Mingyuan Medicare Development Co Ltd		113
	102,078		Miraca Holdings, Inc		3,998
	130,431	*	MModal, Inc		1,376
	170,020	*	Molina Healthcare, Inc		5,718
	48,947	*	MWI Veterinary Supply, Inc		4,307
	23,136		Nagaileben Co Ltd		346
	7,900		Nakanishi, Inc		839
	39,030	e	National Healthcare Corp		1,778

80

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,974		National Research Corp	$	171
	196,456	*,e	Natus Medical, Inc		2,344
	93,701	*	Neogen Corp		3,661
	362,071	*,e	Neoprobe Corp		1,188
	1,562,521	e	Network Healthcare Holdings Ltd		2,902
	198,400		Nichii Gakkan Co		2,666
	59,200		Nihon Kohden Corp		1,592
	77,767	e	Nikkiso Co Ltd		818
	116,332	e	Nipro Corp		865
	166,087		Nobel Biocare Holding AG.		2,076
	253,947	*	NuVasive, Inc		4,276
	177,528	*,e	NxStage Medical, Inc		3,421
	160,400		Odontoprev S.A.		2,724
	7,200		Olympus Corp		118
	190,854	e	Omnicare, Inc		6,789
	130,518	*	Omnicell, Inc		1,985
	125,241		OPG Groep NV		1,969
	69,976		Opto Circuits India Ltd		276
	194,578	*,e	OraSure Technologies, Inc		2,236
	244,497	*,e	Oriola-KD Oyj (B Shares)		609
	37,628		Orpea		1,331
	110,791	*	Orthofix International NV		4,164
	9,784	*	Osstem Implant Co Ltd		97
	248,632	e	Owens & Minor, Inc		7,561
	52,264		Pacific Hospital Supply Co Ltd		156
	82,677	*,e	Palomar Medical Technologies, Inc		772
	19,700		Paramount Bed Holdings Co Ltd		581
	278,651		Patterson Cos, Inc		9,307
	180,409	*	Pediatrix Medical Group, Inc		13,417
	13,425	m	Pharmaniaga BHD		20
	128,687	*,e	PharMerica Corp		1,600
	16,926		Phonak Holding AG.		1,881
	302,000	*	Pihsiang Machinery Manufacturing Co Ltd		368
	1,405,004	e	Primary Health Care Ltd		4,165
	4,400		Profarma Distribuidora de Produtos Farmaceuticos S.A.		23
	77,986	*,e	Providence Service Corp		1,210
	337,103	*,e	PSS World Medical, Inc		8,542
	8,484	*	PZ Cormay S.A.		33
	193,652	e	Quality Systems, Inc		8,468
	731,689		Quest Diagnostics, Inc		44,743
	109,454	*,e	Quidel Corp		2,011
	128,130	*,e	RadNet, Inc		407
	340,000	e	Raffles Medical Group Ltd		628
	271,146		Ramsay Health Care Ltd		5,495
	362,301	*	Resmed, Inc		11,199
	173,859		Rhoen Klinikum AG.		3,490
	64,062	*,e	Rockwell Medical Technologies, Inc		606
	377,701	*	RTI Biologics, Inc		1,398
	560,779		Ryman Healthcare Ltd		1,420
	20,066	e	Sartorius AG.		1,272
	7,556		Sartorius Stedim Biotech		531
	574,522		Selcuk Ecza Deposu Ticaret ve Sanayi AS		578
	174,373	*,e	Select Medical Holdings Corp		1,341
	3,982,000	e	Shandong Weigao Group Medical Polymer Co Ltd		4,564
	376,600	*	Shanghai Pharmaceuticals Holding Co Ltd		604
	119,978		Shenzhen Accord Pharmaceutical Co Ltd		231

81

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,794,255		Sigma Pharmaceuticals Ltd	$	1,830
	1,274,800	e	Sinopharm Group Co		3,566
	194,971	*	Sirona Dental Systems, Inc		10,049
	238,877	*,e	Skilled Healthcare Group, Inc (Class A)		1,830
	161,646		Smith & Nephew plc		1,638
	231,892	*,e	Solta Medical, Inc		703
	256	e	So-net M3, Inc		932
	390,549		Sonic Healthcare Ltd		5,065
	342,858	*	Sorin S.p.A.		642
	133,684	*	Spectranetics Corp		1,390
	2,417,225		St. Jude Medical, Inc		107,107
	79,000		St. Shine Optical Co Ltd		1,027
	186,146	*,e	Staar Surgical Co		2,016
	176,078	*,e	Stereotaxis, Inc		114
	231,847		STERIS Corp		7,331
	8,659		Stratec Biomedical Systems AG.		358
	4,962	e	Straumann Holding AG.		844
	1,124,060		Stryker Corp		62,363
	231,188	*	Sun Healthcare Group, Inc		1,581
	227,910	*,e	Sunrise Senior Living, Inc		1,440
	1,420,600		Supermax Corp BHD		872
	68,158	*	SurModics, Inc		1,048
	91,754	e	Suzuken Co Ltd		2,838
	841,513	*	SXC Health Solutions Corp		63,080
	122,983	*	SXC Health Solutions Corp (Toronto)		9,240
	194,521	*,e	Symmetry Medical, Inc		1,375
	93,333	*,e	Synergetics USA, Inc		607
	113,959		Synergy Healthcare plc		1,547
	12,181	e,g	Synthes, Inc 144A		2,113
	25,263	e	Sysmex Corp		1,026
	147,021	*	Team Health Holdings, Inc		3,023
	63,854		Teleflex, Inc		3,905
	123,700	*	Tempo Participacoes S.A.		325
	1,147,857	*,e	Tenet Healthcare Corp		6,095
	138,416	e	Terumo Corp		6,651
	243,663	*	Thoratec Corp		8,214
	122,400	e	Toho Pharmaceutical Co Ltd		2,183
	625,400		Top Glove Corp BHD		922
	40,625	*,e	Tornier BV		1,044
	33,678	*,e	Transcend Services, Inc		988
	362,000		Trauson Holdings Co Ltd		126
	77,945	*,e	Triple-S Management Corp (Class B)		1,801
	209,856	*,e	Unilife Corp		852
	525,616		United Drug plc		1,488
	5,828,490		UnitedHealth Group, Inc		343,531
	153,861		Universal American Corp		1,659
	246,029		Universal Health Services, Inc (Class B)		10,311
	85,474	*,e	Uroplasty, Inc		257
	72,326	e	US Physical Therapy, Inc		1,667
	96,900	*,e	Vanguard Health Systems, Inc		955
	586,440	*,e	Varian Medical Systems, Inc		40,441
	72,667	*	Vascular Solutions, Inc		784
	287,027	*	VCA Antech, Inc		6,662
	40,200	e	VITAL KSK Holdings, Inc		343
	205,527	*,e	Volcano Corp		5,827
	290,290	*	WellCare Health Plans, Inc		20,866

82

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,472,682		WellPoint, Inc	$	108,684
	131,075	e	West Pharmaceutical Services, Inc		5,575
	6,557	*,e	William Demant Holding		613
	167,054	*,e	Wright Medical Group, Inc		3,227
	27,853	e	Young Innovations, Inc		861
	88,703	*,e	Zeltiq Aesthetics, Inc		547
	601,677		Zimmer Holdings, Inc		38,676
	123,051	*,e	Zoll Medical Corp		11,398
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		3,363,540
HOUSEHOLD & PERSONAL PRODUCTS - 1.6%
	6,266		Able C&C Co Ltd		245
	27,700	*	Aderans Co Ltd		316
	5,491		Amorepacific Corp		5,811
	32,244	*	Atrium Innovations Inc		371
	782,209		Avon Products, Inc		15,144
	2,004,000	*,e	BaWang International Group Holding Ltd		231
	220,563		Beiersdorf AG.		14,390
	175,513	*,e	Central Garden and Pet Co (Class A)		1,690
	72,320		China King-highway Holdings Lt		170
	716,032		Church & Dwight Co, Inc		35,222
	380,054		Clorox Co		26,129
	1,957,961	e	Colgate-Palmolive Co		191,449
	327,722		Dabur India Ltd		686
	138	e	Dr Ci:Labo Co Ltd		638
	134,769	*	Elizabeth Arden, Inc		4,714
	5,491		Emami Ltd		44
	233,962	*	Energizer Holdings, Inc		17,355
	1,839,795		Estee Lauder Cos (Class A)		113,957
	72,500	e	Fancl Corp		976
	77,514	e	Female Health Co		420
	158,000		Grape King Industrial Co		257
	94,306	*	Harbinger Group, Inc		489
	1,098,500	e	Hengan International Group Co Ltd		11,081
	38,943		Henkel KGaA		2,430
	940,307	e	Henkel KGaA (Preference)		68,909
	2,331,252		Herbalife Ltd		160,437
	1,433,428		Hindustan Lever Ltd		11,542
	367,625		Hypermarcas S.A.		2,588
	7,152		Inter Parfums S.A.		203
	60,370	e	Inter Parfums, Inc		947
	557,404	e	Kao Corp		14,699
	911,068		Kimberly-Clark Corp		67,319
	2,174,937		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		4,830
	34,000		Kobayashi Pharmaceutical Co Ltd		1,703
	14,880		Korea Kolmar Co Ltd		118
	41,500	e	Kose Corp		942
	16,939		LG Household & Health Care Ltd		8,909
	331,000	e	Lion Corp		1,900
	50,401		L’Oreal S.A.		6,221
	465,600		Magic Holdings international Ltd		172
	63,379		Mandom Corp		1,592
	295,056		Mcbride plc		581
	61,912	*,e	Medifast, Inc		1,081
	239,082		Microbio Co Ltd		300
	12,200	e	Milbon Co Ltd		351

83

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	229,838		Natura Cosmeticos S.A.	$	4,999
	39,983	*,e	Nature’s Sunshine Products, Inc		641
	6,392	m	Nirma Ltd		32
	416,721		Nu Skin Enterprises, Inc (Class A)		24,132
	46,663	*	Nutraceutical International Corp		679
	1,628,000	e	NVC Lighting Holdings Ltd		605
	21,645	e	Oil-Dri Corp of America		461
	58,742	e	Oriflame Cosmetics S.A.		2,266
	6,442		Pacific Corp		1,499
	20,800		Pigeon Corp		776
	116,700	e	Pola Orbis Holdings, Inc		3,492
	260,353	*,e	Prestige Brands Holdings, Inc		4,551
	10,556,007		Procter & Gamble Co		709,469
	3,398,000		PT Unilever Indonesia Tbk		7,433
	267,059		PZ Cussons plc		1,280
	1,999,648		Reckitt Benckiser Group plc		113,136
	44,799	*	Revlon, Inc (Class A)		773
	929,000		Ruinian International Ltd		299
	45,631		Schiff Nutrition International, Inc		561
	159,511	e	Shiseido Co Ltd		2,762
	67,157	*	Spectrum Brands, Inc		2,348
	125,705	e	Uni-Charm Corp		6,636
	28,398	*,e	USANA Health Sciences, Inc		1,060
	750,000	e	Vinda International Holdings Ltd		1,160
	92,753		WD-40 Co		4,206
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,694,815
INSURANCE - 3.6%
	3,424,142	e	ACE Ltd		250,647
	226,737	e	Admiral Group plc		4,305
	1,298,286	*	Aegon NV		7,217
	2,255,468		Aflac, Inc		103,729
	16,900,607		AIA Group Ltd		62,044
	13,511	*	Aksigorta AS		14
	22,483	*,e	Alleghany Corp		7,399
	912,379		Allianz AG.		108,894
	415,589		Allied World Assurance Co Holdings Ltd		28,539
	2,641,863		Allstate Corp		86,970
	88,520	*	Alm Brand AS		182
	400,552	e	American Equity Investment Life Holding Co		5,115
	631,390		American Financial Group, Inc		24,359
	652,124	*,e	American International Group, Inc		20,105
	10,796		American National Insurance Co		783
	64,442	*	American Safety Insurance Holdings Ltd		1,215
	72,705	*	Amerisafe, Inc		1,799
	724,416		Amlin plc		3,823
	3,308,996		AMP Ltd		14,820
	116,252	e	Amtrust Financial Services, Inc		3,125
	257,614		Anadolu Hayat Emeklilik AS		556
	450,254		Anadolu Sigorta		245
	1,460,859		AON Corp		71,670
	34,497		April Group		639
	729,696	*	Arch Capital Group Ltd		27,174
	115,891	e	Argo Group International Holdings Ltd		3,462
	175,859		Arthur J. Gallagher & Co		6,285
	819,323		Aspen Insurance Holdings Ltd		22,892

84

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	330,919		Assicurazioni Generali S.p.A.	$	5,137
	158,572		Assurant, Inc		6,422
	1,050,299	e	Assured Guaranty Ltd		17,351
	996,644		Aviva plc		5,290
	3,060,971	e	AXA S.A.		50,797
	2,028,774	e	Axis Capital Holdings Ltd		67,294
	4,146		Bajaj Finserv Ltd		50
	34,182	e	Baldwin & Lyons, Inc (Class B)		765
	29,807		Baloise Holding AG.		2,400
	1,261,396		Beazley plc		2,815
	57	*	Berkshire Hathaway, Inc		6,948
	6,532,868	*	Berkshire Hathaway, Inc (Class B)		530,142
	181,800		Brazil Insurance Participco		1,942
	185,906		Brown & Brown, Inc		4,421
	9,410,492		Cathay Financial Holding Co Ltd		10,739
	868,061		Catlin Group Ltd		5,643
	104,000		Central Reinsurance Co Ltd		43
	147,946		Chesnara plc		443
	1,162,908	*	China Insurance International Holdings Co Ltd		2,277
	11,839,419	e	China Life Insurance Co Ltd		30,751
	3,407,040		China Life Insurance Co Ltd (Taiwan)		3,321
	3,302,400		China Pacific Insurance Group Co Ltd		10,274
	717,948		Chubb Corp		49,617
	32,543	*	CIG Pannonia Life Insurance plc		62
	233,453	e	Cincinnati Financial Corp		8,056
	166,714	*,e	Citizens, Inc (Class A)		1,647
	44,726		Clal Insurance		668
	44,385		CNA Financial Corp		1,302
	268,538		CNP Assurances		4,191
	1,110,599	*,e	Conseco, Inc		8,640
	1,167,732	e	Corp Mapfre S.A.		3,762
	114,696	e	Crawford & Co (Class B)		562
	17,271	e	Dai-ichi Mutual Life Insurance Co		24,128
	193,525		Delphi Financial Group, Inc (Class A)		8,664
	13,780		Delta Lloyd NV		242
	586,455		Discovery Holdings Ltd		3,854
	32,451	e	Donegal Group, Inc (Class A)		444
	125,104		Dongbu Insurance Co Ltd		5,412
	90,057	*,e	eHealth, Inc		1,469
	31,083	e	EMC Insurance Group, Inc		624
	140,276	e	Employers Holdings, Inc		2,484
	63,390		Endurance Specialty Holdings Ltd		2,577
	26,987	*	Enstar Group Ltd		2,671
	69,397		Erie Indemnity Co (Class A)		5,409
	31,901		Euler Hermes S.A.		2,506
	506,558		Everest Re Group Ltd		46,867
	19,720		Fairfax Financial Holdings Ltd		7,959
	29,619		FBD Holdings plc		359
	68,912		FBL Financial Group, Inc (Class A)		2,322
	987,436		Fidelity National Title Group, Inc (Class A)		17,803
	536,300		First American Financial Corp		8,919
	239,371	e	Flagstone Reinsurance Holdings Ltd		1,884
	223,352	*	Fondiaria-Sai S.p.A RSP		159
	466,302	*,e	Fondiaria-Sai S.p.A.		664
	14,041	*	Fortegra Financial Corp		117
	2,540,180		Fortis		5,587

85

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,157,506	*	Genworth Financial, Inc (Class A)	$	17,950
	189,608	e	Gjensidige Forsikring BA		2,239
	786,885	e	Great-West Lifeco, Inc		19,360
	109,809	*	Greenlight Capital Re Ltd (Class A)		2,705
	62,909		Grupo Catalana Occidente S.A.		1,093
	74,870	*	Hallmark Financial Services		591
	204,979	e	Hannover Rueckversicherung AG.		12,180
	103,515		Hanover Insurance Group, Inc		4,257
	38,500	*	Hanwha Non-Life Insurance Co Ltd		244
	11,401		Harel Insurance Investments & Finances Ltd		394
	45,763	e	Harleysville Group, Inc		2,641
	885,491		Hartford Financial Services Group, Inc		18,666
	168,702		HCC Insurance Holdings, Inc		5,258
	11,329		Helvetia Holding AG.		4,201
	153,948	*,e	Hilltop Holdings, Inc		1,292
	537,318		Hiscox Ltd		3,405
	261,979		Horace Mann Educators Corp		4,616
	86,640		Hyundai Marine & Fire Insurance Co Ltd		2,495
	32,550	e	Independence Holding Co		324
	85,134		Industrial Alliance Insurance and Financial Services, Inc		2,610
	49,610		Infinity Property & Casualty Corp		2,596
	224,727	e	ING Canada, Inc		13,525
	2,286,194		Insurance Australia Group Ltd		8,072
	175,485	e	Jardine Lloyd Thompson Group plc		1,960
	17,666	e	Kansas City Life Insurance Co		569
	79,531		Kemper Corp		2,408
	220,610		Korea Life Insurance Co Ltd		1,460
	147,175		Korean Reinsurance Co		1,775
	399,624		Lancashire Holdings Ltd		5,020
	21,649,492		Legal & General Group plc		45,281
	163,935		Liberty Holdings Ltd		1,936
	47,850		LIG Insurance Co Ltd		1,102
	478,319		Lincoln National Corp		12,608
	503,915		Loews Corp		20,091
	29,280	*	Lotte Non-Life Insurance Co Ltd		160
	293,810		Maiden Holdings Ltd		2,644
	2,030,164	e	Manulife Financial Corp		27,498
	15,246	*	Markel Corp		6,845
	3,284,620		Marsh & McLennan Cos, Inc		107,703
	1,103,985	e	Max Capital Group Ltd		25,370
	245,087	*,e	MBIA, Inc		2,402
	340,172		Meadowbrook Insurance Group, Inc		3,174
	698,101		Mediolanum S.p.A.		3,320
	29,995	*	Menorah Mivtachim Holdings Ltd		233
	42,478		Mercury General Corp		1,858
	133,875		Meritz Fire & Marine Insurance Co Ltd		1,526
	3,963,763		Metlife, Inc		148,047
	1,534,550		Metropolitan Holdings Ltd		3,543
	352,760		Migdal Insurance Holdings Ltd		544
	1,668,697	*,e	Milano Assicurazioni S.p.A.		531
	1,590,894		Millea Holdings, Inc		44,038
	418,136		Mitsui Sumitomo Insurance Group Holdings, Inc		8,651
	239,935	e	Montpelier Re Holdings Ltd		4,636
	263,315		Muenchener Rueckver AG.		39,708
	181,524	*	National Financial Partners Corp		2,748
	37,320	e	National Interstate Corp		955

86

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	12,308		National Western Life Insurance Co (Class A)	$	1,685
	57,046	*,e	Navigators Group, Inc		2,695
	644,500	e	NKSJ Holdings, Inc		14,520
	1,058,288		Old Mutual plc		2,687
	360,191		Old Republic International Corp		3,800
	133,410		OneBeacon Insurance Group Ltd (Class A)		2,056
	480,144		PartnerRe Ltd		32,597
	420,507	*,e	Phoenix Cos, Inc		1,030
	157,252		Phoenix Group Holdings		1,421
	79,180		Phoenix Holdings Ltd		191
	3,900,500	e	PICC Property & Casualty Co Ltd		4,650
	3,167,500	e	Ping An Insurance Group Co of China Ltd		23,940
	140,894		Platinum Underwriters Holdings Ltd		5,143
	157,131		Porto Seguro S.A.		1,732
	761,333	e	Power Corp Of Canada		20,181
	518,820	e	Power Financial Corp		15,261
	110,551		Powszechny Zaklad Ubezpieczen S.A.		11,560
	269,160	*,e	Premafin Finanziaria S.p.A.		101
	117,994		Presidential Life Corp		1,349
	121,817		Primerica, Inc		3,071
	1,848,872		Principal Financial Group		54,560
	158,672		ProAssurance Corp		13,981
	987,411		Progressive Corp		22,888
	448,887		Protective Life Corp		13,296
	4,881,375		Prudential Financial, Inc		309,430
	6,209,480		Prudential plc		74,405
	88,425,000	*	PT Panin Life Tbk		1,375
	2,378,687		QBE Insurance Group Ltd		34,907
	153,361		Reinsurance Group of America, Inc (Class A)		9,120
	515,992		RenaissanceRe Holdings Ltd		39,076
	3,671,632		Resolution Ltd		15,340
	72,011		RLI Corp		5,159
	1,018,947		RMI Holdings		2,285
	4,881,282	e	Royal & Sun Alliance Insurance Group plc		8,169
	49,680		Safety Insurance Group, Inc		2,069
	318,031	e	Sampo Oyj (A Shares)		9,190
	64,319		Samsung Fire & Marine Insurance Co Ltd		12,142
	103,662		Samsung Life Insurance Co Ltd		9,062
	3,883,871		Sanlam Ltd		16,831
	44,084		Santam Ltd		925
	25,554		Schweizerische National-Versicherungs-Gesellschaft		1,012
	368,748		SCOR		9,967
	86,308	e	SeaBright Insurance Holdings, Inc		785
	218,083	e	Selective Insurance Group, Inc		3,840
	16,173,195	*	Shin Kong Financial Holding Co Ltd		5,167
	265,000		Shinkong Insurance Co Ltd		173
	67,296	e	Societa Cattolica di Assicurazioni SCRL		1,361
	165,438		Sony Financial Holdings, Inc		2,952
	268,806		St. James’s Place plc		1,520
	73,025		Stancorp Financial Group, Inc		2,990
	1,437,791		Standard Life plc		5,284
	83,776	e	State Auto Financial Corp		1,224
	106,627	e	Stewart Information Services Corp		1,515
	452,748	e	Storebrand ASA		2,292
	164,200		Sul America SA		1,538
	937,390	e	Sun Life Financial, Inc		22,245

87

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,769,467		Suncorp-Metway Ltd	$	24,155
	24,665		Swiss Life Holding		2,935
	1,496,164		Swiss Re Ltd		95,545
	449,962		Symetra Financial Corp		5,188
	895,700	e	T&D Holdings, Inc		10,458
	663,000		Taiwan Fire & Marine Insurance Co		499
	1,573,000		Taiwan Life Insurance Co Ltd		1,021
	166,460		Tong Yang Life Insurance		2,109
	16,901	*	Topdanmark AS		2,941
	413,495	e	Torchmark Corp		20,613
	148,432	e	Tower Group, Inc		3,329
	261,178		Tower Ltd		357
	1,229,489		Travelers Cos, Inc		72,786
	10,054		TrygVesta AS		568
	2,870,613	*,a,e	Unipol Gruppo Finanziario S.p.A.		896
	1,821,299	*,a,e	Unipol S.p.A.		330
	56,392	*,e	United America Indemnity Ltd		1,099
	85,454		United Fire & Casualty Co		1,529
	158,520	e	Universal Insurance Holdings, Inc		617
	1,150,267		UnumProvident Corp		28,159
	1,192,181	e	Validus Holdings Ltd		36,898
	47,726		Vittoria Assicurazioni S.p.A.		309
	487,997	e	W.R. Berkley Corp		17,626
	9,205	e	White Mountains Insurance Group Ltd		4,618
	30,130		Wiener Staedtische Allgemeine Versicherung AG.		1,329
	3,272,196		XL Capital Ltd		70,974
	38,080		Yapi Kredi Sigorta AS		328
	228,210		Zurich Financial Services AG.		61,338
			TOTAL INSURANCE		3,862,260
MATERIALS - 6.3%
	182,212	e	A. Schulman, Inc		4,923
	9,467		Acerinox S.A.		122
	488,925		ACHEM Technology Corp		256
	327,000		Achilles Corp		467
	105,581		Adana Cimento		239
	113,600		ADEKA Corp		1,084
	1,229,247		Adelaide Brighton Ltd		3,702
	380,922		Aditya Birla Minerals Ltd		282
	29,781	*,e	Advanced Metallurgical Group NV		342
	47,153	*	Advansa Sasa Polyester Sanayi AS		40
	149,556		Aeci Ltd		1,839
	27,671		Aekyung Petrochemical Co Ltd		784
	23,620	*	AEP Industries, Inc		822
	170,297		African Barrick Gold Ltd		1,047
	307,658	*,e	African Minerals Ltd		2,727
	163,870	e	African Oxygen Ltd		404
	134,202		African Rainbow Minerals Ltd		3,183
	89		Afyon Cimento Sanayi TAS		4
	128,159		Agnico-Eagle Mines Ltd		4,271
	444,699		Agrium, Inc (Toronto)		38,382
	138,000		Aichi Steel Corp		717
	128,743	e	Air Liquide		17,169
	847,562	e	Air Products & Chemicals, Inc		77,806
	107,311		Air Water, Inc		1,393
	686,482	e	Airgas, Inc		61,076

88

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	177,363	e	AK Steel Holding Corp	$	1,341
	117,826		Akcansa Cimento AS		564
	24,506		Akzo Nobel NV		1,448
	387,670	e	Alamos Gold, Inc		7,116
	228,531		Albemarle Corp		14,608
	23,678	*	Alchemia S.A.		47
	1,700,420	e	Alcoa, Inc		17,038
	75,500	*	Alexco Resource Corp		530
	252,675	*	Alkane Resources Ltd		384
	174,200		Allegheny Technologies, Inc		7,172
	264,629	*	Allied Gold Mining plc		503
	242,775	*,e	Allied Nevada Gold Corp		7,897
	174,690		Altri SGPS S.A.		266
	531,807		Alumina Ltd		683
	6,294,000	e	Aluminum Corp of China Ltd		3,008
	10,883	*,f	AMAG Austria Metall AG.(purchased 02/29/12, cost $276)		277
	1,123,391		Ambuja Cements Ltd		3,802
	98,029	e	AMCOL International Corp		2,891
	1,198,423		Amcor Ltd		9,243
	90,305	e	American Vanguard Corp		1,959
	192,075	*	Ampella Mining Ltd		200
	2,677,000		AMVIG Holdings Ltd		1,452
	264,482		Anadolu Cam Sanayii AS		450
	311,300	*	Anatolia Minerals Development Ltd		2,650
	4,146,720	e	Angang New Steel Co Ltd		2,667
	1,772,777		Anglo American plc (London)		66,450
	80,684	e	Anglo Platinum Ltd		5,635
	752,975		AngloGold Ashanti Ltd		27,788
	1,941,304	e	Anhui Conch Cement Co Ltd		6,161
	158,000		ANN JOO Resources BHD		107
	1,945,699		Antofagasta plc		35,956
	175,515		APERAM		3,255
	107,134		Aptargroup, Inc		5,868
	621,585	e	Aquarius Platinum Ltd		1,445
	398,802	*,e	Arafura Resources Ltd		128
	494,047	e	ArcelorMittal		9,458
	297,516	*,e	Argonaut Gold, Inc		2,535
	286,194		Arkema		26,690
	2,762,352	e	Asahi Kasei Corp		17,146
	94,000		Asahi Organic Chemicals Industry Co Ltd		253
	1,522,168		Ashland, Inc		92,944
	2,367,000		Asia Cement China Holdings Corp		1,190
	7,650		Asia Cement Co Ltd		322
	4,497,923		Asia Cement Corp		5,493
	203,750		Asia Polymer		266
	31,184		Asian Paints Ltd		1,984
	251,681	*	Aspire Mining Ltd		80
	85,107		Associated Cement Co Ltd		2,272
	117,935	*	Aston Resources Pty Ltd		1,183
	677,200	*	Atlas Consolidated Mining & Development		283
	1,035,045	e	Atlas Iron Ltd		3,103
	119,700	*	Augusta Resource Corp		328
	186,194	*	Aura Minerals, Inc		192
	31,249		Auriga Industries (Class B)		414
	221,111	*	Aurizon Mines Ltd		1,082
	125,200	*,e	Avalon Rare Metals, Inc		375

89

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,078,275	*	Avion Gold Corp	$	1,103
	231,192		Avocet Mining plc		685
	619,315		AZ Electronic Materials S.A.		2,866
	868,835	*	B2Gold Corp		3,728
	9,549		Bagfas Bandirma Gubre Fabrik		938
	138,547	e	Balchem Corp		4,191
	1,087,562	e	Ball Corp		46,635
	264,598		Ballarpur Industries Ltd		133
	243,100	*	Banro Corp		1,126
	948,094		Barrick Gold Corp		41,223
	2,654,635	e	Barrick Gold Corp (Canada)		115,373
	1,637,074		BASF AG.		143,145
	3,038		BASF India Ltd		30
	759,728	*,e	Bathurst Resources Ltd		588
	59,397		Baticim Bati Anadolu Cimento Sanayii AS		258
	5,096		Bayer CropScience Ltd		80
	2,169,000	e	BBMG Corp		1,826
	751,278	*	Beadell Resources Ltd		524
	168,070	e	Bemis Co, Inc		5,427
	49,361		Berger Paints India Ltd		103
	4,152,639		BHP Billiton Ltd		149,701
	2,455,227		BHP Billiton plc		75,246
	228,328		Billerud AB		2,115
	6,473,794	*	BlueScope Steel Ltd		2,661
	1,630	*	BNG Steel Co Ltd		19
	531,467	e	Boise, Inc		4,363
	426,996		Boliden AB		6,716
	287,103		Bolu Cimento Sanayii		256
	547,085		Boral Ltd		2,293
	10,943	*	Borusan Mannesmann Boru Sanayi		159
	5,862,759	*	Boryszew S.A.		1,413
	316,193		Bradespar S.A.		6,038
	221,028		Braskem S.A.		1,750
	57,896	*	Brockman Resources Ltd		150
	97,494	*	Brush Engineered Materials, Inc		2,801
	492,479		Buckeye Technologies, Inc		16,730
	136,550		Bursa Cimento		381
	102,997	*	Buzzi Unicem S.p.A.		1,206
	55,006		Buzzi Unicem S.p.A. RSP		326
	7,600		C Uyemura & Co Ltd		299
	176,304		Cabot Corp		7,525
	530,882	*,e	Calgon Carbon Corp		8,287
	138,168	*,e	Canfor Corp		1,635
	105,600		Canfor Pulp Products, Inc		1,592
	98,430		CAP S.A.		4,185
	82,550		Capro Corp		1,799
	372,811	*	Capstone Mining Corp		1,058
	71,094		Carpenter Technology Corp		3,713
	93,652		Cascades, Inc		394
	73,921	*,e	Castle (A.M.) & Co		935
	54,144		CCL Industries		1,981
	448,958		Celanese Corp (Series A)		20,733
	121,103		Cementir S.p.A.		278
	568,035		Cementos Argos S.A.		3,529
	70,977	*	Cementos Pacasmayo SAA (ADR)		816
	15,268	*	Cementos Portland Valderrivas S.A.		143

90

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	25,586,476	*,e	Cemex S.A. de C.V.	$	19,719
	1,353,317	*	Centamin plc		1,492
	356,210		Centerra Gold, Inc		5,539
	248,453	*,e	Century Aluminum Co		2,206
	103,882		Century Textile & Industries Ltd		753
	664,635		CF Industries Holdings, Inc		121,396
	401,166		Chambal Fertilizers & Chemicals Ltd		608
	27,164	e	Chase Corp		428
	61,513		Cheil Industries, Inc		5,214
	491,797	*	Chemtura		8,351
	1,704,560		Cheng Loong Corp		697
	1,013,520		Chia Hsin Cement Corp		469
	710,000		Chiho-Tiande Group Ltd		375
	2,830,000		China BlueChemical Ltd		2,144
	59,000		China General Plastics Corp		23
	2,342,000		China Glass Holdings Ltd		399
	194,000		China Hi-ment Corp		290
	670,000	*	China Manmade Fibers Corp		250
	354,240		China Metal Products		245
	10,826,300	e	China Metal Recycling Holdings Ltd		13,257
	4,994,000	*	China Mining Resources Group Ltd		73
	2,056,000	e	China Molybdenum Co Ltd		872
	10,581,722	e	China National Building Material Co Ltd		13,356
	646,000		China Nickel Resources Holding Co Ltd		56
	5,790,500		China Petrochemical Development Corp		6,574
	1,488,000	*,e	China Precious Metal Resources Holdings Co Ltd		254
	1,422,000	*,e	China Rare Earth Holdings Ltd		405
	3,758,000	e	China Resources Cement Holdings Ltd		2,780
	458,000		China Sanjiang Fine Chemicals		151
	3,743,000	e	China Shanshui Cement Group Ltd		2,961
	193,000		China Steel Chemical Corp		919
	14,482,550		China Steel Corp		14,796
	819,500		China Sunshine Paper Holdings Co Ltd		100
	937,000		China Synthetic Rubber Corp		926
	6,700,000	*	China Timber Resources Group Ltd		220
	663,000	e	China Vanadium Titano-Magnetite Mining Co Ltd		154
	568,000		China XLX Fertiliser Ltd		156
	4,367,600	e	China Zhongwang Holdings Ltd		1,569
	496,000	*	Chongqing Iron & Steel Co Ltd		88
	1,108,668		Christian Hansen Holding		28,776
	2,722,000	e	Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd		955
	111,000		Chuetsu Pulp & Paper Co Ltd		245
	77,000		Chugoku Marine Paints Ltd		473
	1,083,910		Chun Yuan Steel		473
	1,344,720		Chung Hung Steel Corp		474
	169,950		Chung Hwa Pulp Corp		64
	358,752		Cia de Minas Buenaventura S.A. (ADR) (Series B)		14,461
	463,786	*	Cia Minera Atacocha S.A.		141
	214,200		Cia Minera Autlan SAB de C.V.		237
	994,836		Cia Siderurgica Nacional S.A.		9,385
	112,930	*	Ciech S.A.		599
	8,297	e	Ciments Francais S.A.		594
	15,045	e	Cimpor Cimentos de Portugal S.A.		100
	193,178		Cimsa Cimento Sanayi Ve Tica		975
	1,108,000	*	Citic Dameng Holdings		162
	4,161,921	*	Clariant AG.		57,410

91

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,984		Clariant Chemicals India Ltd	$	38
	100,721	*,e	Clearwater Paper Corp		3,345
	1,895,540		Cleveland-Cliffs, Inc		131,285
	198,500	*,e	Cline Mining Corp		301
	36,418	*	CNK International Co Ltd		58
	686,938	*,e	Coal of Africa Ltd		659
	474,343	*	Coeur d’Alene Mines Corp		11,261
	128,700	*	Colossus Minerals, Inc		706
	188,618		Commercial Metals Co		2,795
	86,132	*	Companhia Vale do Rio Doce		0	^
	314,600		Companhia Vale do Rio Doce (ADR)		7,340
	94,529		Compass Minerals International, Inc		6,782
	141,700		Confab Industrial S.A.		453
	129,100	*	Copper Mountain Mining Corp		545
	292,148		Corp Aceros Arequipa S.A.		299
	748,000		CPMC Holdings Ltd		447
	149,128		CRH plc		3,050
	1,001,819		Croda International plc		33,741
	234,800	*	Cronus Resources Ltd		1,747
	1,091,202	*	Crown Holdings, Inc		40,189
	374,600		CSC Steel Holdings BHD		171
	1,803,480		CSG Holding Co Ltd		1,375
	87,312,000	*	CST Mining Group Ltd		1,160
	140,972	*	Cudeco Ltd		508
	1,087,262		Cytec Industries, Inc		66,095
	314,000	*	Da Ming International Holdings Ltd		57
	32,950		Daehan Steel Co Ltd		272
	349,000	e	Dai Nippon Toryo Co Ltd		407
	965,309		Daicel Chemical Industries Ltd		6,253
	582,626	e	Daido Steel Co Ltd		4,066
	91,000		Daiken Corp		315
	150,857		Dainichiseika Color & Chemicals Manufacturing Co Ltd		711
	986,845	e	Dainippon Ink and Chemicals, Inc		2,008
	107,872		Daio Paper Corp		645
	90,000		Daiso Co Ltd		290
	21,638		DC Chemical Co Ltd		4,409
	16,565		Deepak Fertilizers & Petrochemicals Corp Ltd		49
	42,807	e	Deltic Timber Corp		2,709
	658,405		Denki Kagaku Kogyo KK		2,657
	162,532	*	Detour Gold Corp		4,053
	498,515	*	Discovery Metals Ltd		826
	430,942		Domtar Corp		41,103
	28,380	*	Dongbu HiTek Co Ltd		257
	23,360		Dongbu Steel Co Ltd		135
	5,478		Dongil Industries Co Ltd		282
	67,414		Dongjin Semichem Co Ltd		233
	125,948		Dongkuk Industries Co Ltd		481
	44,270		Dongkuk Steel Mill Co Ltd		849
	2,506,000	e	Dongyue Group		2,302
	5,572,967	e	Dow Chemical Co		193,048
	457,000	e	Dowa Holdings Co Ltd		3,066
	654,072	e	DRDGOLD Ltd		479
	1,180,298		DS Smith plc		3,382
	518,448		DSM NV		30,013
	3,306,049		Du Pont (E.I.) de Nemours & Co		174,890
	858,540	e	DuluxGroup Ltd		2,656

92

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	138,400	*	Dundee Precious Metals, Inc	$	1,263
	233,447		Eagle Materials, Inc		8,112
	24,400		Earth Chemical Co Ltd		866
	1,210,485	*	Eastern Platinum Ltd		485
	735,672	e	Eastman Chemical Co		38,027
	101,421	*	Eco Oro Minerals Corp		275
	1,026,523		Ecolab, Inc		63,357
	1,045		EG Corp		53
	2,735	*	Egyptian Financial & Industrial Co		5
	15,074		EID Parry India Ltd		56
	447,802		El Ezz Steel Co		524
	896,550		Eldorado Gold Corp		12,314
	176,642	*	Elemental Minerals Ltd		216
	784,918		Elementis plc		2,317
	1,685,104		Empresas CMPC S.A.		7,217
	10,760	*	EMS-Chemie Holding AG.		2,037
	359,700	*	Endeavour Mining Corp		804
	153,139	*	Endeavour Mining Corp (ADR)		352
	238,900	*	Endeavour Silver Corp		2,263
	1,512,616		Eregli Demir ve Celik Fabrikalari TAS		2,990
	944,994		Eternal Chemical Co Ltd		825
	137,200		Eternit S.A.		695
	132,223	*	Eugene Corp		439
	1,996,679		Eurasian Natural Resources Corp		18,966
	655,700		Evergreen Fibreboard BHD		205
	543,400		Everlight Chemical Industrial Corp		372
	547,694	*	Evolution Mining Ltd		988
	37,413	*	Evraz Highveld Steel and Vanadium Ltd		132
	96,100	*	Exeter Newco		578
	112,100	*	Exeter Resource Corp		309
	628,050		Feng Hsin Iron & Steel Co		1,108
	116,300		Ferbasa-Ferro Ligas DA Bahia		720
	598,291		Ferrexpo plc		2,927
	732,015	*	Ferro Corp		4,348
	90,100	*	Fertilizantes Heringer S.A.		615
	254,459		Fibria Celulose S.A.		2,091
	3,039,493		Filtrona plc		23,112
	234,600	*	First Majestic Silver Corp		3,904
	658,987		First Quantum Minerals Ltd		12,566
	1,457,651	e	Fletcher Building Ltd		8,056
	2,291,521	*	Flinders Mines Ltd		714
	209,277	*,e	Flotek Industries, Inc		2,516
	239,227		FMC Corp		25,325
	5,437,615	*	Focus Minerals Ltd		287
	28,690	*	Foosung Co Ltd		175
	5,140,733		Formosa Chemicals & Fibre Corp		15,061
	6,999,091		Formosa Plastics Corp		20,663
	405,000		Formosan Rubber Group, Inc		285
	1,153,120		Formosan Union Chemical		852
	6,706,090	e	Fortescue Metals Group Ltd		40,468
	13,900	*	Fortress Paper Ltd		400
	164,400	*	Fortuna Silver Mines, Inc		742
	3,411,200		Fosun International		2,035
	14,300		FP Corp		902
	227,433	*	Franco-Nevada Corp		9,780
	5,134,747		Freeport-McMoRan Copper & Gold, Inc (Class B)		195,326

93

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,694,883		Fresnillo plc	$	43,460
	378,000	*	Froch Enterprise Co Ltd		156
	49,245		Frutarom Industries Ltd		482
	27,453		Fuchs Petrolub AG.		1,446
	48,446		Fuchs Petrolub AG. (Preference)		2,711
	1,351,000		Fufeng Group Ltd		589
	53,652		Fuji Seal International, Inc		1,022
	18,700		Fujimi, Inc		234
	387,000	e	Furukawa-Sky Aluminum Corp		1,250
	11,615,800	e	Fushan International Energy Group Ltd		3,939
	86,113	e	FutureFuel Corp		946
	10,974,800	*	G J Steel PCL		56
	5,146,900	*	G Steel PCL		77
	300,002	*	Gabriel Resources Ltd		1,411
	423,705	*,e	Gammon Gold, Inc		3,776
	247,983	*	Gem Diamonds Ltd		1,085
	264,799	*,e	General Moly, Inc		887
	1,308,412	*,e	Georgia Gulf Corp		45,637
	1,217,702		Gerdau S.A. Preference		11,647
	997,589	*,e	Gindalbie Metals Ltd		643
	12,936		Givaudan S.A.		12,467
	257,390	e	Glatfelter		4,062
	477,200	*	Gleichen Resources Ltd		957
	595,244	e	Glencore International AG.		3,715
	255,322	e	Globe Specialty Metals, Inc		3,797
	64,844	*	Gloria Material Technology Corp		69
	175,000	e	Godo Steel Ltd		451
	78,783		Godrej Industries Ltd		401
	1,042,842		Gold Fields Ltd		14,407
	147,109	*	Gold One International Ltd		73
	111,379	e	Gold Resource Corp		2,708
	855,336		Goldcorp, Inc		38,554
	80,160	*,e	Golden Minerals Co		676
	1,010,145	*,e	Golden Star Resources Ltd		1,879
	421,338	*	Golden Star Resources Ltd (Toronto)		807
	4,106,418		Goldsun Development & Construction Co Ltd		1,683
	348		Goltas Cimento		11
	2,791,000		Grand Pacific Petrochemical		1,298
	828,998	e	Grange Resources Ltd		574
	618,901	*	Graphic Packaging Holding Co		3,416
	8,136		Grasim Industries Ltd		419
	605,755	*	Great Basin Gold Ltd		425
	148,000		Great China Metal Industry		201
	197,748	*,b,e	Great Southern Ltd		0	^
	539,000	*	Greatview Aseptic Packaging Co		283
	59,770		Greif, Inc (Class A)		3,342
	21,372,543	*	G-Resources Group Ltd		1,308
	345,565	e	Grupo Empresarial Ence S.A.		860
	5,116,849		Grupo Mexico S.A. de C.V. (Series B)		16,142
	221,700	*	Grupo Simec SAB de C.V.		696
	341,652	*	Gryphon Minerals Ltd		381
	18,400	*	GSE Holding, Inc		242
	26,092	*	Gubre Fabrikalari TAS		177
	41,946		Gujarat Flourochemicals		421
	94,398		Gujarat Mineral Development Corp Ltd		337
	24,544		Gujarat Narmada Valley Fertilizers Co Ltd		39

94

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	457,304		Gujarat NRE Coke Ltd	$	198
	35,509		Gujarat State Fertilisers & Chemicals Ltd		295
	72,000		Gun-Ei Chemical Industry Co Ltd		185
	3,179,452	*,e	Gunns Ltd		527
	1,584	*	Gunns Ltd (Forest)		74
	433		Gurit Holding AG.		248
	105,742	*	Guyana Goldfields, Inc		363
	16,372		H&R WASAG AG.		327
	279,695		H.B. Fuller Co		9,182
	2,488	*	Hadera Paper Ltd		100
	54,038	*,e	Hanfeng Evergreen, Inc		151
	9,860		Hanil Cement Manufacturing		416
	12,080		Hansol Chemical Co Ltd		194
	23,750		Hansol Paper Co		170
	120,955		Hanwha Chemical Corp		2,873
	91,967		Hanwha Corp		2,652
	551,027		Harmony Gold Mining Co Ltd		6,029
	152,124	*	Harry Winston Diamond Corp		2,239
	35,706	e	Hawkins, Inc		1,328
	63,717	e	Haynes International, Inc		4,036
	305,955	*,e	Headwaters, Inc		1,279
	1,510,968	e	Hecla Mining Co		6,981
	15,174		HeidelbergCement AG.		916
	1,888,000	e	Hidili Industry International Development Ltd		671
	523,732	*	High River Gold Mines Ltd		630
	360,499		Highland Gold Mining Ltd		763
	124,473		Hill & Smith Holdings plc		667
	1,612,546		Hindalco Industries Ltd		4,094
	136,991	e	Hitachi Chemical Co Ltd		2,486
	25,329		Hitachi Metals Ltd		317
	325,920	*	Ho Tung Chemical Corp		196
	403,862		Hochschild Mining plc		3,003
	59,645		Hoganas AB (Class B)		2,180
	409,929	e	Hokuetsu Paper Mills Ltd		2,739
	61,149		Holcim Ltd		3,980
	61,607	e	Holmen AB (B Shares)		1,693
	20,691		Honam Petrochemical Corp		6,151
	2,436,000	*	Honbridge Holdings Ltd		351
	166,264	*,e	Horsehead Holding Corp		1,894
	49,000		Hsin Kuang Steel Co Ltd		36
	2,863,000	e	Huabao International Holdings Ltd		1,871
	615,800	*	Hubei Sanonda Co Ltd		213
	38,250		Huchems Fine Chemical Corp		721
	240,726		HudBay Minerals, Inc		2,640
	185,874		Huhtamaki Oyj		2,702
	41,870	*	Hulamin Ltd		42
	1,648,000	*,e	Hunan Non-Ferrous Metal Ltd		512
	699,064		Huntsman Corp		9,794
	31,457		Hyosung Corp		1,669
	47,649		Hyundai Hysco		1,690
	78,868		Hyundai Steel Co		7,114
	603,159		IAMGOLD Corp		8,030
	955,233		Iluka Resources Ltd		17,714
	680,102		Imdex Ltd		2,153
	36,615	e	Imerys S.A.		2,229
	628,481		Impala Platinum Holdings Ltd		12,412

95

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	100,900	*	Imperial Metals Corp	$	1,687
	418,990		Impexmetal S.A.		593
	4,306,103		Incitec Pivot Ltd		14,116
	252,595	e	Independence Group NL		1,038
	131,393		India Cements Ltd		287
	816,810	*	Indophil Resources NL		365
	535,700		Indorama Ventures PCL (ADR)		656
	2,092,078		Indorama Ventures PCL (Foreign)		2,560
	280,900	*,e	Industrias CH SAB de C.V.		1,346
	216,860	e	Industrias Penoles S.A. de C.V.		10,516
	37,560		Inmet Mining Corp		2,124
	128,314		Innophos Holdings, Inc		6,431
	91,188	*	Innospec, Inc		2,770
	994,363	*	Integra Mining Ltd		531
	127,290	e	International Flavors & Fragrances, Inc		7,459
	1,890,820		International Paper Co		66,368
	93,505	*,e	International Tower Hill Mines Ltd		401
	536,118	*	Intrepid Mines Ltd		406
	83,917	*,e	Intrepid Potash, Inc		2,042
	406,602		Inversiones Argos S.A.		3,877
	1,354,000	*	IRC Ltd		203
	1,041,000	*,e	Ishihara Sangyo Kaisha Ltd		1,062
	1,333,273	*	Ispat Industries Ltd		329
	628,610		Israel Chemicals Ltd		7,262
	1,739		Israel Corp Ltd		1,188
	33,510		ISU Chemical Co Ltd		820
	187,784	e	Italcementi S.p.A.		1,303
	244,471		Italcementi S.p.A. RNC		794
	13,638		Italmobiliare S.p.A.		315
	32,726		Italmobiliare S.p.A. RSP		459
	223,213	*	Ivanhoe Australia Ltd		352
	356,222	*,e	Ivanhoe Mines Ltd		5,603
	34,318	*	Izmir Demir Celik Sanayi AS		90
	348,779	*,e	Jaguar Mining, Inc		1,629
	115,800	*,e	Jaguar Mining, Inc (Toronto)		546
	200,618		JAI Corp Ltd		343
	388,173		James Hardie Industries NV		3,102
	438,828	*	Jastrzebska Spolka Weglowa S.A.		13,343
	93,645		JFE Holdings, Inc		2,036
	2,359,000	e	Jiangxi Copper Co Ltd		5,426
	99,092		Jindal Saw Ltd		339
	518,919		Jindal Steel & Power Ltd		5,554
	218,000	*	Jinshan Gold Mines, Inc		1,075
	192,490		Johnson Matthey plc		7,260
	13,900		JSP Corp		209
	354,427	e	JSR Corp		7,191
	202,845		JSW Steel Ltd		2,873
	398,992	*	Jupiter Mines Ltd		89
	116,808		K&S AG.		6,109
	2,265,222	*,e	Kagara Zinc Ltd		400
	62,583	e	Kaiser Aluminum Corp		2,958
	243,811	e	Kaneka Corp		1,479
	1,137,406	*	Kangaroo Resources Ltd		159
	312,837	e	Kansai Paint Co Ltd		3,172
	56,000	e	Kanto Denka Kogyo Co Ltd		208
	188,772	*	Kapstone Paper and Packaging Corp		3,719

96

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	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)		23
	384		Kartonsan Karton Sanayi		41
	106,960		Kazakhmys plc		1,557
	100,500	*	Keegan Resources, Inc		381
	160,674	e	Kemira Oyj		2,131
	13,651		Kemrock Industries & Exports Ltd		130
	307,084		KGHM Polska Miedz S.A.		14,159
	734,400		Kian JOO CAN Factory BHD		485
	237,208	e	Kingsgate Consolidated Ltd		1,575
	205,539	*	Kingsrose Mining Ltd		289
	1,611,319		Kinross Gold Corp		15,751
	1,038,500		Kinsteel BHD		165
	118,138	*	Kirkland Lake Gold, Inc		1,708
	18,320		KISCO Corp		444
	15,288		KISWIRE Ltd		578
	636,965		Klabin S.A.		2,945
	536,911		KME Group S.p.A.		228
	25,634	e	KMG Chemicals, Inc		463
	54,000		Koatsu Gas Kogyo Co Ltd		332
	2,278,382	*	Kobe Steel Ltd		3,726
	8,750		Kolon Corp		200
	42,734		Kolon Industries, Inc		2,829
	2,330		Kolon Industries, Inc (Preference)		38
	437		Konya Cimento Sanayii		65
	123,257		Koppers Holdings, Inc		4,753
	18,744		Korea Kumho Petrochemical		2,360
	3,109		Korea Petrochemical Ind Co Ltd		281
	18,174		Korea Zinc Co Ltd		6,273
	333,580		Koza Altin Isletmeleri AS		6,334
	15,672	*	Koza Anadolu Metal Madencilik Isletmeleri AS		28
	15,672	*	Koza Anadolu Metal Madencilik Isletmeleri AS (New)		27
	71,640		KP Chemical Corp		978
	3,822		KPX Chemical Co Ltd		199
	189,527	*	Kraton Polymers LLC		5,036
	163,901	e	Kronos Worldwide, Inc		4,088
	155,000	e	Krosaki Harima Corp		501
	6,691		Kukdo Chemical Co Ltd		299
	199,918	e	Kumba Iron Ore Ltd		13,742
	184,408	e	Kumba Resources Ltd		4,774
	54,000		Kumiai Chemical Industry Co Ltd		207
	783,639		Kuraray Co Ltd		11,145
	163,000		Kureha CORP		787
	21,200	e	Kyoei Steel Ltd		431
	3,550,742	*,e	La Seda de Barcelona S.A. (Class B)		123
	41,800	*	Labrador Iron Mines Holdings Ltd		192
	754,920		Lafarge Malayan Cement BHD		1,776
	612,876		Lafarge S.A.		29,208
	495,100	*,e	Lake Shore Gold Corp		511
	109,891	*,e	Landec Corp		718
	1,244,956		Lanxess AG.		102,825
	960,000		Lee & Man Holding Ltd		719
	6,388,000	e	Lee & Man Paper Manufacturing Ltd		2,984
	1,775,319		LEE Chang Yung Chem IND Corp		2,832
	14,069	e	Lenzing AG.		1,526
	1,426,000	*	Lepanto Consolidated Mining		53

97

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	78,976		LG Chem Ltd	$	25,856
	12,672		LG Chem Ltd (Preference)		1,301
	141,411		Linde AG.		25,367
	110,000		Lingbao Gold Co Ltd		53
	385,800		Lingui Development BHD		198
	81,000		Lintec Corp		1,658
	784,100		Lion Industries Corp BHD		351
	28,854		Lock & Lock Co Ltd		858
	137,345	*,e	London Mining plc		626
	853,000		Long Chen Paper Co Ltd		261
	16,859		Lonmin plc		276
	894,000		Loudong General Nice Resources China Holdings Ltd		70
	862,883	*	Louisiana-Pacific Corp		8,068
	121,889	*	LSB Industries, Inc		4,744
	4,660,000	e	Lumena Resources Corp		835
	752,681	*	Lundin Mining Corp		3,373
	1,271,818	*,e	Lynas Corp Ltd		1,452
	1,672,282		LyondellBasell Industries AF S.C.A		72,995
	1,126,532	*	Madeco S.A.		57
	14,285		Madras Cements Ltd		43
	61,469	*	MAG. Silver Corp		622
	4,905		Maharashtra Seamless Ltd		38
	252,833		Major Drilling Group International		4,195
	167	*,m	Managem (New)		32
	2,510		Managem		486
	135,077		Mardin Cimento Sanayii		517
	146,400	e	Martin Marietta Materials, Inc		12,536
	15,775		Maruichi Steel Tube Ltd		370
	3,561,427		Masisa S.A.		423
	440,640		Mayer Steel Pipe Corp		179
	14,532	e	Mayr-Melnhof Karton AG.		1,463
	408,464	*,e	McEwen Mining, Inc		1,814
	485,357		MeadWestvaco Corp		15,332
	201,124	e	Mechel Steel Group OAO (ADR)		1,806
	520,622	e	Medusa Mining Ltd		2,713
	2,964,930		Merafe Resources Ltd		329
	269,000	*,e	Mercator Minerals Ltd		361
	49,388	*,e	Metals USA Holdings Corp		712
	549,742	*	Metals X Ltd		133
	413,600		Metalurgica Gerdau S.A.		5,096
	129,500		Methanex Corp		4,217
	743,325	*	Metminco Ltd		112
	1,390,032		Mexichem SAB de C.V.		5,360
	959,000	e	Midas Holdings Ltd		290
	336,258	*,e	Midway Gold Corp		481
	48,700	*,e	Migao Corp		153
	502,229		Mincor Resources NL		355
	242,848	*	Minefinders Corp		3,401
	858,438	*,e	Minera Frisco SAB de C.V.		3,931
	171,357	*	Mineral Deposits Ltd		1,116
	83,464		Minerals Technologies, Inc		5,459
	3,448,000	*,e	Minmetals Resources Ltd		1,657
	15,860		Miquel y Costas & Miquel S.A.		429
	612,404	*,e	Mirabela Nickel Ltd		360
	2,001,417		Mitsubishi Chemical Holdings Corp		10,769
	330,143	e	Mitsubishi Gas Chemical Co, Inc		2,221

98

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,461,172		Mitsubishi Materials Corp	$	4,664
	400,000	e	Mitsubishi Paper Mills Ltd		397
	401,000		Mitsubishi Steel Manufacturing Co Ltd		1,381
	613,212	e	Mitsui Chemicals, Inc		1,870
	1,279,000	e	Mitsui Mining & Smelting Co Ltd		3,638
	286,500		Mitsui Mining Co Ltd		436
	191,533	e	Mittal Steel South Africa Ltd		1,399
	892,370		MMC Norilsk Nickel (ADR)		16,356
	275,400	*	MMX Mineracao e Metalicos S.A.		1,370
	220,910	*,e	Moly Mines Ltd		67
	206,467	*,e	Molycorp, Inc		6,985
	248,047		Mondi Ltd		2,332
	809,209		Mondi plc		7,643
	481,500	*,e	Mongolian Mining Corp		458
	7,011		Monnet Ispat & Energy Ltd		64
	3,756,588		Monsanto Co		299,625
	53,400		Moorim P&P Co Ltd		258
	1,131,696		Mosaic Co		62,571
	2,348,873		Mount Gibson Iron Ltd		2,730
	295,267	*	Mpact Ltd		683
	262,570	*,e	M-real Oyj (B Shares)		736
	1,482,925	*,e	Murchison Metals Ltd		715
	179,896	e	Myers Industries, Inc		2,654
	216,760	*	Mytilineos Holdings S.A.		786
	531,194	*,m	Nagarjuna Fertilizers & Chemicals		82
	33,830		Namhae Chemical Corp		313
	942,937		Nampak Ltd		2,852
	7,280,057		Nan Ya Plastics Corp		16,497
	961,860		Nantex Industry Co Ltd		882
	86,081		Neenah Paper, Inc		2,560
	505,053	*	Neo Material Technologies Inc		5,681
	66,200		Neturen Co Ltd		613
	541,937		Nevsun Resources Ltd		1,999
	601,527	*	New Gold, Inc		5,940
	220,650		New World Resources plc (A Shares)		1,508
	676,758		Newcrest Mining Ltd		20,815
	35,054		NewMarket Corp		6,569
	1,013,520		Newmont Mining Corp		51,963
	1,060,000	*	Newton Resources Ltd		103
	167,200	*	NGEx Resources, Inc		419
	1,233,000		Nickel Asia Corp		948
	118,585		Nihon Nohyaku Co Ltd		531
	66,874		Nihon Parkerizing Co Ltd		994
	116,000	e	Nihon Yamamura Glass Co Ltd		283
	3,077,000		Nine Dragons Paper Holdings Ltd		2,527
	115,000		Nippon Denko Co Ltd		565
	213,000		Nippon Kayaku Co Ltd		2,195
	197,000		Nippon Koshuha Steel Co Ltd		244
	1,138,000	e	Nippon Light Metal Co Ltd		1,828
	181,000	e	Nippon Metal Industry Co Ltd		168
	273,523	e	Nippon Paint Co Ltd		2,078
	70,953	e	Nippon Paper Group, Inc		1,481
	344,000		Nippon Shokubai Co Ltd		4,010
	182,000		Nippon Soda Co Ltd		842
	2,543,958	*,e	Nippon Steel Corp		7,056
	67,810		Nippon Synthetic Chemical Industry Co Ltd		419

99

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	192,000		Nippon Valqua Industries Ltd	$	542
	149,500	*	Nippon Yakin Kogyo Co Ltd		261
	183,600	e	Nissan Chemical Industries Ltd		1,735
	1,048,238	e	Nisshin Steel Co Ltd		1,776
	140,000		Nittetsu Mining Co Ltd		674
	309,752	e	Nitto Denko Corp		12,631
	353,921		NOF Corp		1,726
	178,866	e	Noranda Aluminium Holding Corp		1,783
	29,985	*	Norbord, Inc		346
	96,566		Norddeutsche Affinerie AG.		5,103
	35,141	*,e	Nordic Mines AB		248
	101,378	e	Norsk Hydro ASA		553
	155,822	*	North American Palladium Ltd		414
	13,010,000	*	North Mining Shares Co Ltd		443
	282,177	e	Northam Platinum Ltd		1,264
	77,963	*	Northern Dynasty Minerals		475
	205,853	*	Northern Iron Ltd		205
	302,140	*,e	Northland Resources S.A.		344
	249,149	*,e	Novagold Resources, Inc		1,788
	95,651	f	Novolipetsk Steel (GDR) (purchased 10/07/11, cost $2,447)		1,995
	366,587		Novozymes AS		10,703
	647,748		Nucor Corp		27,821
	436,670	e	Nufarm Ltd		2,180
	426,307	e	Nuplex Industries Ltd		897
	313,568	e	Nyrstar		2,613
	86,450	*	Nyrstar (Strip VVPR)		0	^
	124,000	*	Ocean Plastics Co Ltd		92
	540,800	*	OceanaGold Corp		1,453
	8,000		Ohara, Inc		93
	687,752	e	OJI Paper Co Ltd		3,336
	94,000		Okamoto Industries, Inc		361
	398,917		Olin Corp		8,676
	34,807	e	Olympic Steel, Inc		835
	142,707	*	OM Group, Inc		3,926
	350,588	e	OM Holdings Ltd		160
	48,314		Omnia Holdings Ltd		599
	174,610	*,e	Omnova Solutions, Inc		1,179
	3,490,811		OneSteel Ltd		4,509
	779,909		Orica Ltd		22,679
	11,200		Orient Paper & Industries Ltd		13
	479,000		Oriental Union Chemical Corp		620
	971		Orissa Minerals Development Co Ltd		652
	20,000	e	Osaka Steel Co Ltd		397
	543,389	*	Osisko Mining Corp		6,309
	331,507	*	Oswal Chemical & Fertilizers		247
	157,594	e	Outokumpu Oyj		331
	267,275	*	Owens-Illinois, Inc		6,238
	186,174		Oxiana Ltd		1,888
	188,507	e	Pacific Metals Co Ltd		1,043
	14,800		Pack Corp		252
	171,555		Packaging Corp of America		5,076
	43,771		Palabora Mining Co Ltd		901
	2,388,313		Pan African Resources plc		651
	240,097	e	Pan American Silver Corp		5,298
	739,446	*	Pan Australian Resources Ltd		2,330
	73,587		Papeles y Cartones de Europa S.A.		267

100

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	481,007	*,e	Paramount Gold and Silver Corp	$	1,087
	7,395	*	Park Elektrik Madencilik Sanayi Ve Ticaret AS		20
	544,263	*,e	Patagonia Gold plc		337
	719,485	*	Perilya Ltd		336
	577,688	*	Perseus Mining Ltd		1,407
	257,887		Peter Hambro Mining plc		2,302
	506,462	*	Petra Diamonds Ltd		1,419
	6,405,700		Petronas Chemicals Group BHD		14,100
	264,041	*,m	Pike River Coal Ltd		0	^
	862,967		PolyOne Corp		12,427
	7,560		Poongsan		168
	15,480		Poongsan Corp		414
	288,568	e	Portucel Empresa Produtora de Pasta e Papel S.A.		778
	104,160		POSCO		34,929
	4,880		POSCO M-Tech Co Ltd		326
	5,231		POSCO Refractories & Environment Co Ltd		662
	1,181,684		Potash Corp of Saskatchewan Toronto		53,951
	398,258		PPG Industries, Inc		38,153
	742,094		Praxair, Inc		85,074
	160,400	*	Premier Gold Mines Ltd		844
	303,300		Press Metal BHD		204
	80,500	*,e	Pretium Resources, Inc		1,151
	681,011		Pretoria Portland Cement Co Ltd		2,918
	34,154		Prism Cement Ltd		34
	4,496,000		PT Aneka Tambang Tbk		885
	2,327,500	*	PT Barito Pacific Tbk		201
	22,947,000	*	PT Darma Henwa Tbk		224
	4,392,500		PT Holcim Indonesia Tbk		1,237
	3,045,000	*	PT Indah Kiat Pulp and Paper Corp Tbk		386
	2,384,300		PT Indocement Tunggal Prakarsa Tbk		4,814
	26,554,000		PT International Nickel Indonesia Tbk		9,819
	8,368,500		PT Krakatau Steel Tbk		787
	3,255,500	*	PT Polychem Indonesia Tbk		195
	6,143,500		PT Semen Gresik Persero Tbk		8,248
	6,901,500		PT Timah Tbk		1,406
	2,252,287		PTT Global Chemical PCL		5,180
	178,800		PTT Global Chemical PCL (ADR)		411
	50,117		Quaker Chemical Corp		1,977
	78,900	*	Queenston Mining, Inc		354
	93,891		Rain Commodities Ltd		70
	17,540		Rallis India Ltd		42
	1,032,435		Ramelius Resources Ltd		914
	151,676		Randgold Resources Ltd		13,248
	111,504	e	Rautaruukki Oyj		1,171
	42,000		Recticel S.A.		341
	431,917	*	Regis Resources Ltd		1,827
	273,214		Reliance Steel & Aluminum Co		15,431
	384,767	e	Rengo Co Ltd		2,672
	623,231	*,e	Resolute Mining Ltd		1,162
	102,435	*,e	Revett Minerals, Inc		428
	161,353	*,e	Rex Minerals Ltd		226
	1,388,913		Rexam plc		9,512
	29,385		RHI AG.		744
	43,510	*	Rio Alto Mining Ltd		189
	1,121,125		Rio Tinto Ltd		76,052
	3,088,946		Rio Tinto plc		171,212

101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	55,423	e	Rio Tinto plc (ADR)	$	3,081
	185,115		Rock-Tenn Co (Class A)		12,506
	557,048	*	Rockwood Holdings, Inc		29,050
	673,700	*	Romarco Minerals, Inc		669
	113,794	*,e	Royal Bafokeng Platinum Ltd		897
	145,741		Royal Gold, Inc		9,505
	206,758		RPM International, Inc		5,415
	128,618	*,e	RTI International Metals, Inc		2,966
	349,400	*,e	Rubicon Minerals Corp		1,145
	19,393	e	Sa des Ciments Vicat		1,288
	195,500	*	Sabina Gold & Silver Corp		547
	7,659,040	*	Sahaviriya Steel Industries PCL		193
	122,000		Sakai Chemical Industry Co Ltd		471
	269,929		Sally Malay Mining Ltd		313
	4,244		Salzgitter AG.		233
	6,309		Sam Kwang Glass Ind Co Ltd		334
	3,514,000		Samling Global Ltd		340
	25,546		Samsung Fine Chemicals Co Ltd		1,231
	138,600		San Fang Chemical Industry Co Ltd		121
	414,800	*	San Gold Corp		603
	137,539	*	Sandfire Resources NL		1,125
	81,000		Sanyo Chemical Industries Ltd		541
	378,108	*,e	Sanyo Special Steel Co Ltd		2,062
	712,118	*,e	Sappi Ltd		2,639
	495,267	*	Saracen Mineral Holdings Ltd		288
	1,492,687	*,e	Sateri Holdings Ltd		416
	322,400		Satipel Industrial S.A.		2,033
	144,766	*	Schmolz + Bickenbach AG.		991
	50,004		Schnitzer Steel Industries, Inc (Class A)		1,995
	63,671		Schweitzer-Mauduit International, Inc		4,397
	122,527	e	Scotts Miracle-Gro Co (Class A)		6,636
	50,895	*,e	Seabridge Gold, Inc		1,017
	18,016		Seah Besteel Corp		757
	2,498		SeAH Holdings Corp		284
	6,300		SeAH Special Steel Co Ltd		151
	15,601		SeAH Steel Corp		1,459
	881,555		Sealed Air Corp		17,023
	787,000		Sekisui Plastics Co Ltd		2,885
	589,436		SEMAFO, Inc		3,144
	127,934	e	Semapa-Sociedade de Investimento e Gestao		943
	162,637	*,e	Senomyx, Inc		446
	194,542		Sensient Technologies Corp		7,393
	375,613	*	Sentula Mining Ltd		108
	93,931	e	Sequana		600
	479,744		Sesa Goa Ltd		1,833
	17,000		Sesoda Corp		20
	528,104	f	Severstal (GDR) (purchased 02/09/10, cost $7,683)		7,052
	908,900		Shandong Chenming Paper Holdings Ltd		428
	839,000		Shandong Chenming Paper Holdings Ltd		396
	246,300		Shanghai Yaohua Pilkington Glass Co Ltd		123
	201,000		Sheng Yu Steel Co Ltd		140
	396,100	e	Sherritt International Corp		2,160
	495,724		Sherwin-Williams Co		53,870
	218,000	*	Shihlin Paper Corp		351
	47,000		Shikoku Chemicals Corp		279
	465,627		Shin-Etsu Chemical Co Ltd		27,095

102

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	60,200		Shin-Etsu Polymer Co Ltd	$	316
	1,219,032		Shinkong Synthetic Fibers Corp		418
	259,000		Shiny Chemical Industrial Co Ltd		338
	3,738,000	e	Shougang Concord International Enterprises Co Ltd		219
	1,104,660	e	Showa Denko KK		2,529
	1,178		Shree Cement Ltd		74
	76,900		Siam Cement PCL (ADR)		884
	393,600		Siam Cement PCL (Foreign)		5,303
	53,000		Siam City Cement PCL		526
	49,044	*	Sidenor Steel Products Manufacturing Co S.A.		76
	199,850		Sigma-Aldrich Corp		14,601
	481,000		Sijia Group Co		148
	628		Sika AG.		1,358
	132,054		Silgan Holdings, Inc		5,837
	210,324	*	Silver Lake Resources Ltd		741
	224,174	*,e	Silver Standard Resources, Inc		3,376
	591,398	e	Silver Wheaton Corp		19,613
	444,224	e	Silvercorp Metals, Inc		3,060
	106,421		Sims Group Ltd		1,626
	8,240,000	*	Sino Union Energy Investment Group Ltd		552
	4,310,000	e	Sinochem Hong Kong Holding Ltd		1,046
	283,627	*,b,e	Sino-Forest Corp		3
	878,000		Sinon Corp		406
	16,938,600	e	Sinopec Shanghai Petrochemical Co Ltd		6,139
	39,035		SK Chemicals Co Ltd		2,207
	24,767		SKC Co Ltd		1,021
	1,134,595	*	Smurfit Kappa Group plc		10,348
	213,866	e	Sociedad Quimica y Minera de Chile S.A. (ADR)		12,548
	153,842		Sociedad Quimica y Minera de Chile S.A. (Class B)		9,045
	3,933		Societe Internationale de Plantations d’Heveas S.A.		433
	107,650		Soda Sanayii AS		220
	9,872		SODIFF Advanced Materials Co Ltd		602
	475,000		Solar Applied Materials Technology Co		695
	369,356		Solutia, Inc		10,320
	6,229		Solvay S.A.		738
	71,427	*	Sonae Industria SGPS S.A.		63
	15,770		Songwon Industrial Co Ltd		134
	158,161		Sonoco Products Co		5,251
	259,351		South Valley Cement		142
	385,000		Southeast Cement Co Ltd		151
	2,205,729		Southern Copper Corp (NY)		69,944
	136,427	*,e	Spartech Corp		666
	14,151	e	Ssab Svenskt Stal AB (Series A)		134
	55,490	*	Ssangyong Cement Industrial Co Ltd		248
	1,058,226	*,e	St Barbara Ltd		2,257
	17,200		ST Corp		213
	673,994		Steel Dynamics, Inc		9,800
	11,500		Stella Chemifa Corp		276
	31,438	e	Stepan Co		2,760
	360,313		Sterling Biotech Ltd		72
	2,665,913		Sterlite Industries India Ltd		5,774
	462,978	*,e	Stillwater Mining Co		5,852
	5,133		STO AG.		784
	598,638		Stora Enso Oyj (R Shares)		4,451
	87,300		STP & I PCL		88
	842,472	*	Sujana Towers Ltd		126

103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	782,221	e	Sumitomo Bakelite Co Ltd	$	4,140
	1,946,502	e	Sumitomo Chemical Co Ltd		8,355
	599,000	e	Sumitomo Light Metal Industries Ltd		604
	1,489,046		Sumitomo Metal Industries Ltd		3,038
	1,009,830		Sumitomo Metal Mining Co Ltd		14,321
	766,193	e	Sumitomo Osaka Cement Co Ltd		2,243
	106,000		Sumitomo Seika Chemicals Co Ltd		494
	24,712	e	Sumitomo Titanium Corp		952
	291,620	*,e	SunCoke Energy, Inc		4,144
	3,011,979	*	Sundance Resources Ltd		1,406
	1,489,000	e	SunVic Chemical Holdings Ltd		462
	84,088		Super Dragon Technology Co Ltd		85
	13,211		Supreme Industries Ltd		54
	217,363		Suzano Papel e Celulose S.A.		930
	537,048	e	Svenska Cellulosa AB (B Shares)		9,307
	169,183		Symrise AG.		4,895
	303,215		Syngenta AG.		104,482
	761,430		Synthos S.A.		1,538
	34,900	e	T Hasegawa Co Ltd		506
	1,536,200		TA Chen Stainless Pipe		860
	835		Taekwang Industrial Co Ltd		861
	129,200	*	Tahoe Resources, Inc		2,723
	2,028,553		Taiheiyo Cement Corp		4,521
	5,996,748		Taiwan Cement Corp		7,056
	1,258,500		Taiwan Fertilizer Co Ltd		3,276
	309,345		Taiwan Hon Chuan Enterprise Co Ltd		703
	27,000		Taiwan Prosperity Chemical Corp		77
	175,960		Taiwan Pulp & Paper Corp		67
	1,234,000	*	Taiwan Styrene Monomer		332
	19,700	e	Taiyo Ink Manufacturing Co Ltd		530
	205,560		Taiyo Nippon Sanso Corp		1,458
	157,000		Takasago International Corp		741
	90,000		Takiron Co Ltd		330
	629,202	*,e	Talvivaara Mining Co plc		2,446
	152,000	*	Tang Eng Iron Works Co Ltd		152
	146,629	*,e	Tanzanian Royalty Exploration Corp		763
	440,859	*	Taseko Mines Ltd		1,556
	1,091,044		Tata Steel Ltd		10,104
	2,370,800	*	Tata Steel Thailand PCL		68
	2,474,000	e	TCC International Holdings Ltd		944
	13,231		Technosemichem Co Ltd		419
	1,037,145		Teck Cominco Ltd		37,027
	10,979,412		Teijin Ltd		37,128
	41,100	e	Tenma Corp		480
	54,900		Tessenderlo Chemie NV		1,833
	90,424	e	Texas Industries, Inc		3,166
	56,372	*	Texas Petrochemicals, Inc		2,492
	704,955	*,e	Thompson Creek Metals Co, Inc		4,766
	280,081	*,e	Thompson Creek Metals Co, Inc (Toronto)		1,898
	211,000		Thye Ming Industrial Co Ltd		205
	40,612	e	ThyssenKrupp AG.		1,011
	1,230,000	e	Tiangong International Co Ltd		310
	666,795	*	Tiger Resources Ltd		257
	57,481	e	Tikkurila Oy		1,088
	140,101		Time Technoplast Ltd		153
	13,377	*	Tire Kutsan Oluklu Mukavva		9

104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	83,628		Titan Cement Co S.A.	$	1,543
	138,583	e	Titanium Metals Corp		1,879
	582,000		Toagosei Co Ltd		2,697
	40,000	e	Toda Kogyo Corp		290
	42,400	e	Toho Titanium Co Ltd		674
	169,000	e	Toho Zinc Co Ltd		768
	485,000		Tokai Carbon Co Ltd		2,602
	446,000	e	Tokuyama Corp		1,394
	134,100	e	Tokyo Ohka Kogyo Co Ltd		3,066
	152,796	e	Tokyo Rope Manufacturing Co Ltd		314
	135,200	e	Tokyo Steel Manufacturing Co Ltd		1,206
	1,317,750		Ton Yi Industrial Corp		698
	18,613	*	Tong Yang Major Corp		19
	435,594	e	Topy Industries Ltd		1,363
	1,081,434	e	Toray Industries, Inc		8,066
	732,722		Tosoh Corp		2,055
	351,000		Toyo Ink Manufacturing Co Ltd		1,449
	129,000		Toyo Kohan Co Ltd		531
	110,544		Toyo Seikan Kaisha Ltd		1,601
	1,555,500		TPI Polene PCL		715
	91,793	e	Tredegar Corp		1,798
	88,735		Troy Resources NL		422
	1,731,950		TSRC Corp		4,438
	122,685	*,e	Tubacex S.A.		332
	127,313	e	Tubos Reunidos S.A.		341
	815,676		Tung Ho Steel Enterprise Corp		831
	1,789,359		UBE Industries Ltd		4,892
	253,268		Uflex Ltd		571
	99,992		Ultra Tech Cement Ltd		2,973
	173,522		Umicore		9,564
	34,600	*	Uniao de Industrias Petroquimicas S.A.		6
	9,791		Unid Co Ltd		441
	8,930		Union Steel		134
	110,000	*	Unipetrol		1,027
	298,272		United Phosphorus Ltd		761
	12,851	*	United States Lime & Minerals, Inc		770
	227,281	e	United States Steel Corp		6,675
	619,000		Universal Cement Corp		302
	27,958	*	Universal Stainless & Alloy		1,194
	1,943,000		UPC Technology Corp		1,114
	474,896	e	UPM-Kymmene Oyj		6,468
	658,394	e,f	Uralkali (GDR) (purchased 04/30/10, cost $26,208)		24,802
	116,440	*,e	US Energy Corp Wyoming		368
	44,700	*	US Silica Holdings Inc		936
	48,850		Usha Martin Ltd		29
	1,885,250		USI Corp		1,863
	210,300		Usinas Siderurgicas de Minas Gerais S.A.		2,281
	564,162		Usinas Siderurgicas de Minas Gerais S.A. (Preference)		3,712
	2,479,494	*	Vale S.A.		58,271
	3,561,276		Vale S.A. (Preference)		80,884
	455,570		Valspar Corp		21,999
	216,390	e	Vedanta Resources plc		4,258
	26,628	*	Verbio AG.		126
	42,341	*,e	Verso Paper Corp		80
	465		Vetropack Holding AG.		913
	236,245		Victrex plc		5,100

105

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	812,300		Vinythai PCL	$	482
	124,807	*	Viohalco S.A.		533
	284,520	*,e	Vista Gold Corp		893
	282,339		Voestalpine AG.		9,522
	1,362,001		Volcan Cia Minera S.A.		1,890
	415,024	e	Vulcan Materials Co		17,734
	6,385	e	Wacker Chemie AG.		563
	1,557,435		Walter Energy, Inc		92,216
	213,359	e	Wausau Paper Corp		2,001
	177,248		Welspun-Gujarat Stahl Ltd		467
	2,818,000	e	West China Cement Ltd		595
	49,862	e	West Fraser Timber Co Ltd		2,305
	425,671	e	Western Areas NL		2,393
	281,372	e	Westlake Chemical Corp		18,230
	24,641	*,e	WHX Corp		356
	2,480,000		Winsway Coking Coal Holding Ltd		499
	244,910		Worthington Industries, Inc		4,697
	1,103,915	*	WR Grace & Co		63,806
	262,500		WTK Holdings BHD		129
	1,112,000	e	Xingda International Holdings Ltd		510
	1,118,000	e	Xinjiang Xinxin Mining Industry Co Ltd		314
	3,025,092		Xstrata plc		51,825
	1,324,868	e	Yamana Gold, Inc		20,668
	8,711	e	Yamato Kogyo Co Ltd		256
	353,201		Yara International ASA		16,837
	570,000		Yeun Chyang Industrial Co Ltd		358
	1,858,500		Yieh Phui Enterprise		683
	1,393,000	e	Yingde Gases		1,580
	446,000		Yip’s Chemical Holdings Ltd		321
	291,000		Yodogawa Steel Works Ltd		1,275
	50,460		Youlchon Chemical Co Ltd		362
	852,000	*	Youyuan International Holdings Ltd		203
	3,050,285		Yuen Foong Yu Paper Manufacturing Co Ltd		1,393
	1,341,500	*	Yukon-Nevada Gold Corp		437
	524,796		Yule Catto & Co plc		2,081
	59,000		Yung Chi Paint & Varnish Manufacturing Co Ltd		93
	13,331		Zaklady Azotowe Pulawy S.A.		425
	49,773	*	Zaklady Azotowe w Tarnowie-Moscicach S.A.		544
	37,487	*	Zaklady Chemiczne Police S.A.		128
	112,875	*	Zanaga Iron Ore Co Ltd		208
	540,512	e	Zeon Corp		5,053
	91,522		Zep, Inc		1,318
	1,418,500	e	Zhaojin Mining Industry Co Ltd		2,386
	64,123		Zignago Vetro S.p.A.		436
	10,491,000	e	Zijin Mining Group Co Ltd		4,172
	107,209	*,e	Zoltek Cos, Inc		1,214
	1,206		Zuari Industries Ltd		12
			TOTAL MATERIALS		6,781,664
MEDIA - 2.9%
	1,123,864		Aegis Group plc		3,320
	63,090		Agora S.A.		257
	78,010	e	AH Belo Corp (Class A)		381
	161,771	*	AMC Networks, Inc		7,220
	206,727	e	Antena 3 de Television S.A.		1,236
	572,956	e	APN News & Media Ltd		536

106

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	160,770	e	Arbitron, Inc	$	5,945
	170,172	e	Arnoldo Mondadori Editore S.p.A.		295
	5,931	*,e	Artprice.com		303
	40,900	e	Asatsu-DK, Inc		1,183
	118,300	e	Astral Media, Inc		5,756
	1,606,196	*,e	Austar United Communications Ltd		2,414
	44,759		Avex Group Holdings, Inc		541
	29,563	e	Axel Springer AG.		1,494
	123,500		BEC World PCL (ADR)		204
	1,481,900		BEC World PCL (Foreign)		2,448
	341,533	e	Belo (A.H.) Corp (Class A)		2,449
	4,120,600		Benpres Holdings Corp		527
	1,675	*	Besiktas Futbol Yatirimlari Sanayi ve Ticaret AS		7
	70,058	*	Borussia Dortmund GmbH & Co KGaA		236
	6,329,572		British Sky Broadcasting plc		68,475
	995,854		Cablevision Systems Corp (Class A)		14,619
	55,348		Cairo Communication S.p.A.		260
	76,494		Canal Plus		485
	4,120,049		CBS Corp (Class B)		139,711
	71,000	*,e	Central European Media Enterprises Ltd (Class A)		522
	149,694	*,e	Central European Media Enterprises Ltd (Class A) Nasdaq		1,063
	193,119	*	Charter Communications, Inc		12,253
	141,960		Cheil Communications, Inc		2,272
	131,484		Chime Communications plc		463
	496,315		Cinemark Holdings, Inc		10,894
	78,400	e	Cineplex Galaxy Income Fund		2,248
	215,084		Cineworld Group plc		747
	25,640		CJ CGV Co Ltd		600
	25,844	*	CJ E&M Corp		648
	64,470		Clear Channel Outdoor Holdings, Inc (Class A)		514
	18,982		Cogeco Cable, Inc		996
	14,542,584		Comcast Corp (Class A)		436,423
	6,400	e	COOKPAD, Inc		144
	158,157	*,e	Corus Entertainment, Inc		3,766
	144,040	*,e	Crown Media Holdings, Inc (Class A)		229
	33,222		CTS Eventim AG.		1,148
	127,609	*,e	Cumulus Media, Inc (Class A)		445
	652	e	CyberAgent, Inc		1,705
	132,174	*	Cyfrowy Polsat S.A.		595
	163,110		Daekyo Co Ltd		887
	97,800		Daiichikosho Co Ltd		1,920
	612,372	e	Daily Mail & General Trust		4,427
	390,942	*	Deccan Chronicle Holdings Ltd		265
	4,250,416	*	DEN Networks Ltd		8,823
	172,042	e	Dentsu, Inc		5,512
	8,074	*,e	Dial Global, Inc		19
	7,200	*,e	Digital Domain Media Group, Inc		41
	105,609	*,e	Digital Generation, Inc		1,078
	3,359,625	*	DIRECTV		165,764
	1,263,115	*	Discovery Communications, Inc (Class A)		63,914
	183,830	*	Discovery Communications, Inc (Class C)		8,618
	5,471,628		DISH Network Corp (Class A)		180,181
	772,072	*	Dogan Yayin Holding		356
	155,589	*,e	DreamWorks Animation SKG, Inc (Class A)		2,871
	80,662	*	EM.Sport Media AG.		187
	146,655	*,e	Eniro AB		344

107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	92,405	*,e	Entercom Communications Corp (Class A)	$	600
	213,710	e	Entravision Communications Corp (Class A)		365
	21,981	*	Eros International Media Ltd		78
	92,200	*,e	Eros International plc		361
	1,115,000	*	eSun Holdings Ltd		157
	80,089	e	Euromoney Institutional Investor plc		974
	283,050		Eutelsat Communications		10,469
	136,215	*	EW Scripps Co (Class A)		1,344
	1,157		Fenerbahce Sportif Hizmetleri Sanayi ve Ticaret AS		34
	37,327	*,e	Fisher Communications, Inc		1,147
	4,950		Fuji Television Network, Inc		8,546
	172,000	e	Gakken Co Ltd		354
	243		Galatasaray Sportif Sinai ve Ticari Yatirimlar AS		34
	1,177,310		Gannett Co, Inc		18,048
	215,592	e	Gestevision Telecinco S.A.		1,237
	31,291		GFK AG.		1,667
	1,360		GIIR, Inc		10
	51,972	*,e	Global Sources Ltd		320
	230,933	*,e	Gray Television, Inc		436
	247,560		Groupe Aeroplan, Inc		3,060
	3,367,327	e	Grupo Televisa S.A.		14,247
	174,408	e	Gruppo Editoriale L’Espresso S.p.A.		246
	28,226	e	Hakuhodo DY Holdings, Inc		1,783
	166,547	e	Harte-Hanks, Inc		1,507
	8,909	*	Hathway Cables and Datacom Pvt Ltd		29
	684,491	e	Havas S.A.		3,980
	51,624	*,e	Hi-Media S.A.		181
	32,496		Hot Telecommunication System Ltd		363
	242,999		Hurriyet Gazetecilik AS		161
	105,680	*	Hyundai Hy Communications & Network Co		291
	6,747	*	IBN18 Broadcast Ltd		4
	6,552,000	*	Imagi International Holdings Ltd		142
	461,167	*	Independent News & Media plc		132
	1,094,036		Informa plc		7,732
	6,346,164		Interpublic Group of Cos, Inc		72,410
	40,212		IPSOS		1,443
	9,655		Israel Land Development Co Ltd		73
	11,110,989		ITV plc		15,716
	12,757		Jagran Prakashan Ltd		25
	1,057,019	*,e	JC Decaux S.A.		32,302
	3,442,305	e	John Fairfax Holdings Ltd		2,591
	82,866		John Wiley & Sons, Inc (Class A)		3,944
	242,118	*	Journal Communications, Inc (Class A)		1,363
	2,646		Jupiter Telecommunications Co		2,650
	97,559	*	Juventus Football Club S.p.A.		27
	371,955	*	Kabel Deutschland Holding AG.		22,962
	28,981	e	Kadokawa Holdings, Inc		926
	10,569		Kinepolis		987
	119,668	*,e	Knology, Inc		2,178
	11,620	*	KT Skylife Co Ltd		255
	13,040	e	Lagardere S.C.A.		403
	95,185	*,e	Lamar Advertising Co (Class A)		3,085
	955,918	*	Liberty Global, Inc (Class A)		47,872
	446,559	*	Liberty Interactive LLC		39,364
	215,976	*	Lin TV Corp (Class A)		875
	181,693	*,e	Lions Gate Entertainment Corp		2,529

108

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	572,120	*,e	Live Nation, Inc	$	5,378
	76,875		M6-Metropole Television		1,389
	161,878	*	Madison Square Garden, Inc		5,536
	1,345,600		Major Cineplex Group PCL		784
	108,323	e	Martha Stewart Living Omnimedia, Inc (Class A)		413
	216,252	*,e	McClatchy Co (Class A)		625
	963,286		McGraw-Hill Cos, Inc		46,691
	454,600		MCOT PCL		420
	105,880	e	MDC Partners, Inc		1,177
	251,131	e	Mecom Group plc		724
	1,202,800		Media Chinese International Ltd		465
	77	*,e	Media General, Inc (Class A)		0	^
	1,725,500		Media Prima BHD		1,504
	1,173,379	e	Mediaset S.p.A.		3,234
	141,794	e	Meredith Corp		4,603
	5,505		Modern Times Group AB (B Shares)		303
	70,643	e	Morningstar, Inc		4,454
	598,443		Naspers Ltd (N Shares)		33,669
	352,251		National CineMedia, Inc		5,389
	161,717		Navneet Publications India		185
	1,289	*	Network 18 Media & Investments Ltd		1
	630,511	*	New York Times Co (Class A)		4,281
	4,913,329	e	News Corp (Class A)		96,743
	53,756	*,e	Nexstar Broadcasting Group, Inc (Class A)		447
	798,000	*	Next Media Ltd		62
	23,585		NRJ Group		207
	531,399		Omnicom Group, Inc		26,915
	830,000		Oriental Press Group		94
	78,565	e	Outdoor Channel Holdings, Inc		574
	423,839	e	PagesJaunes Groupe S.A.		1,380
	44,941	*,e	Pandora Media, Inc		459
	2,757,523		Pearson plc		51,398
	3,070,000		Phoenix Satellite Television Holdings Ltd		1,050
	1,772,000		Pico Far East Holdings Ltd		400
	432,257	*,e	Premiere AG.		1,197
	365,953	*,e	Promotora de Informaciones S.A.		279
	560,216		ProSiebenSat.1 Media AG.		14,397
	5,800		Proto Corp		191
	25,863,500		PT Bhakti Investama Tbk		1,033
	14,099,600		PT Global MediaCom Tbk		2,470
	357,000	*	PT Indosiar Karya Media Tbk		138
	8,104,500		PT Media Nusantara Citra Tbk		1,668
			PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS
	186,629	e	S.A.		635
	361,500		PT Surya Citra Media Tbk		318
	150,656	e	Publicis Groupe S.A.		8,306
	3,262		PubliGroupe AG.		484
	188,457	e	Publishing & Broadcasting Ltd		569
	93,336		Quebecor, Inc		3,601
	213,601	*,e	RCS MediaGroup S.p.A.		184
	90,854	e	REA Group Ltd		1,304
	45,641	*,e	ReachLocal, Inc		325
	3,355,856		Reed Elsevier NV		42,850
	6,488,595		Reed Elsevier plc		57,515
	332,178	e	Regal Entertainment Group (Class A)		4,518
	42,274	*,e	Rentrak Corp		960

109

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	179,041		Rightmove plc	$	4,155
	4,652		Roularta Media Group NV		98
	14,236	*,e	Saga Communications, Inc		510
	6,076	e	Sanoma-WSOY Oyj		78
	33,000		Saraiva S.A. Livreiros Editores		417
	119,150		SBS Media Holdings Co Ltd		381
	148,720	e	Schibsted ASA		5,525
	139,740		Scholastic Corp		4,930
	761,489	e	Scripps Networks Interactive (Class A)		37,077
	119,823		SES Global S.A.		2,974
	677,693	*,e	Shaw Communications, Inc (B Shares)		14,343
	104,000	e	Shochiku Co Ltd		982
	220,152		Sinclair Broadcast Group, Inc (Class A)		2,435
	468,000		Sing Tao News Corp Ltd		68
	398,038	e	Singapore Press Holdings Ltd		1,241
	781,000		SinoMedia Holding Ltd		399
	12,394,006	*,e	Sirius XM Radio, Inc		28,630
	284,203		Sky Network Television Ltd		1,206
	5,757	e	Sky Perfect Jsat Corp		2,548
	7,194	*	SM Entertainment Co		304
	226,403		Societe Television Francaise 1		2,772
	705,424		Southern Cross Media Group		971
	6,828	*	Spir Communication		200
	1,646,034	*	Stroer Out-of-Home Media AG.		27,792
	543,612		STW Communications Group Ltd		563
	86,404	*	T4F Entretenimento S.A.		790
	709,670	*	Telecom Italia Media S.p.A.		156
	797,947		Television Broadcasts Ltd		5,387
	841,467	e	Ten Network Holdings Ltd		704
	69,807	*	Tera Resource Co Ltd		117
	1,009,389	e	Thomson Corp		29,171
	393,542	e	Thomson Corp (Toronto)		11,379
	1,487,966	e	Time Warner Cable, Inc		121,269
	2,468,443		Time Warner, Inc		93,184
	296,000	e	Toei Animation Co Ltd		7,013
	406,885	e	Toei Co Ltd		2,100
	84,217	e	Toho Co Ltd		1,550
	22,600		Tohokushinsha Film Corp		193
	133,000		Tokyo Broadcasting System, Inc		1,992
	122,197		Torstar Corp		1,319
	1,725	*	Trabzonspor Sportif Yatirim ve TAS		14
	600,320	*	Trinity Mirror plc		360
	268		TV Asahi Corp		438
	1,992,100	e	TV Azteca S.A. de C.V.		1,250
	14,000		TV Tokyo Corp		183
	137,506		TVN S.A.		477
	347,294		United Business Media Ltd		3,479
	143,246	*	Usen Corp		146
	24,666	*,m	UTV Software Communications Ltd		525
	175,490	*,e	Valassis Communications, Inc		4,036
	8,329	e	Value Line, Inc		102
	5,175,766		Viacom, Inc (Class B)		245,642
	1,769,485	e	Virgin Media, Inc		44,202
	3,740,000	e	VODone Ltd		522
	8,569,562		Walt Disney Co		375,175
	7,965	e	Washington Post Co (Class B)		2,976

110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	332,885	e	West Australian Newspapers Holdings Ltd	$	1,348
	32,798		Wolters Kluwer NV		621
	44,810	*	Woongjin Holdings Co Ltd		221
	29,600		Woongjin Thinkbig Co Ltd		333
	106,208	e	World Wrestling Entertainment, Inc (Class A)		942
	5,776,240		WPP plc		78,979
	8,969,603	*,e	Yell Group plc		537
	4,008		Yellow Pages Income Fund		0	^
	717,278		ZEE Telefilms Ltd		1,784
	28,800		Zenrin Co Ltd		291
			TOTAL MEDIA		3,142,605
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.9%
	740		Abbott India Ltd		22
	7,658,612		Abbott Laboratories		469,396
	369,013		Abcam plc		2,061
	27,840	*	Ablynx NV		120
	197,180	*,e	Achillion Pharmaceuticals, Inc		1,889
	224,155	*	Acorda Therapeutics, Inc		5,951
	303,156		Acrux Ltd		1,253
	128,981		Actelion Ltd		4,715
	49,050	*,e	Active Biotech AB		345
	22,084	*,e	Acura Pharmaceuticals, Inc		76
	496,915		Adcock Ingram Holdings Ltd		3,803
	34,736	*,e	Aegerion Pharmaceuticals, Inc		480
	245,483	*,e	Affymax, Inc		2,882
	435,620	*	Affymetrix, Inc		1,860
	1,986,170		Agilent Technologies, Inc		88,404
	489,190	*,e	Akorn, Inc		5,724
	113,625	*,e	Albany Molecular Research, Inc		307
	1,354,639	*	Alexion Pharmaceuticals, Inc		125,792
	31,113	*	Algeta ASA		785
	46,188	*,e	Alimera Sciences, Inc		156
	7,470	e	ALK-Abello AS		558
	1,012,074	*,e	Alkermes PLC		18,774
	2,296,264	e	Allergan, Inc		219,132
	552,084	*,e	Allos Therapeutics, Inc		817
	164,132	*,e	Alnylam Pharmaceuticals, Inc		1,817
	130,547	*	AMAG Pharmaceuticals, Inc		2,080
	4,003,156	e	Amgen, Inc		272,175
	67,506	*,e	Amicus Therapeutics, Inc		356
	90,467	*,e	Ampio Pharmaceuticals, Inc		308
	348,207	*,e	Amylin Pharmaceuticals, Inc		8,691
	26,375	*,e	Anacor Pharmaceuticals, Inc		155
	70,313	*,e	Anthera Pharmaceuticals, Inc		155
	449,000		Apex Biotechnology Corp		1,206
	78,014	*,e	Ardea Biosciences, Inc		1,698
	571,167	*,e	Arena Pharmaceuticals, Inc		1,753
	677,460	*,e	Ariad Pharmaceuticals, Inc		10,806
	315,014	*	Arqule, Inc		2,208
	315,992	*	Array Biopharma, Inc		1,078
	53,000		ASKA Pharmaceutical Co Ltd		324
	381,175		Aspen Pharmacare Holdings Ltd		5,888
	455,339	e	Astellas Pharma, Inc		18,755
	421,195	*,e	Astex Pharmaceuticals		783
	575,718		AstraZeneca plc		25,590

111

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	706,376	e	AstraZeneca plc (ADR)	$	31,427
	209,884		Aurobindo Pharma Ltd		490
	239,304	*	Auxilium Pharmaceuticals, Inc		4,444
	526,964	*,e	AVANIR Pharmaceuticals, Inc		1,802
	309,839	*,e	AVEO Pharmaceuticals, Inc		3,845
	506,038	*,e	AVI BioPharma, Inc		779
	6,116		Bachem Holding AG.		256
	11,315	*	Basilea Pharmaceutica		635
	30,332	*	Bavarian Nordic AS		256
	4,999,011		Bayer AG.		351,575
	17,199,208	*	BB Bioventures L.P.		1,730
	12,840	*,e	BG Medicine, Inc		90
	45,387		Bilcare Ltd		157
	74,761		Biocon Ltd		350
	116,425	*,e	BioCryst Pharmaceuticals, Inc		562
	30,929		Biogaia AB (B Shares)		888
	1,478,735	*	Biogen Idec, Inc		186,276
	73,472	*,e	BioInvent International AB		189
	498,730	*	BioMarin Pharmaceuticals, Inc		17,082
	79,477	*	BioMimetic Therapeutics, Inc		196
	53,870	*	Bio-Rad Laboratories, Inc (Class A)		5,586
	393,478	*,e	Biosante Pharmaceuticals, Inc		268
	20,559	*,e	Biospecifics Technologies Corp		325
	247,808	*,e	Biota Holdings Ltd		258
	6,511		Biotest AG. (Preference)		388
	385,090	*	Biotie Therapies Oyj		236
	103,229	*,e	Biotime, Inc		455
	8,731,910	*	Bioton S.A.		281
	466,736		Biovail Corp		25,059
	412,536		Biovail Corp (Toronto)		22,123
	8,992,230	*	Biovitrum AB		30,452
	11,942		Boiron S.A.		404
	3,338,935		Bristol-Myers Squibb Co		112,689
	230,447	*	Bruker BioSciences Corp		3,528
	470,495	*	BTG plc		2,512
	31,972		Bukwang Pharmaceutical Co Ltd		377
	166,769	*,e	Cadence Pharmaceuticals, Inc		617
	294,549	*	Cambrex Corp		2,059
	87,661	*,e	Cardiome Pharma Corp		63
	2,274,728	*	Celgene Corp		176,337
	733,413	*,e	Cell Therapeutics, Inc		953
	185,463	*,e	Celldex Therapeutics, Inc		944
	133,683		Celltrion, Inc		4,364
	8,500	*	Cempra, Inc		64
	288,190	*	Cepheid, Inc		12,055
	162,408	*	Charles River Laboratories International, Inc		5,861
	220,279	*,e	Chelsea Therapeutics International, Inc		564
	10,300	*	ChemoCentryx, Inc		110
	67,000		China Chemical & Pharmaceutical Co Ltd		47
	238,000		China Medical System Holdings Ltd		174
	2,356,000		China Pharmaceutical Group Ltd		540
	1,494,000	e	China Shineway Pharmaceutical Group Ltd		2,272
	28,240		Chong Kun Dang Pharm Corp		462
	19,322		Choongwae Pharma Corp		283
	320,783		Chugai Pharmaceutical Co Ltd		5,943
	602,575		Cipla Ltd		3,610

112

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	855,117		Cipla Medpro South Africa Ltd	$	736
	5,306,000		CK Life Sciences International Holdings, Inc		300
	33,517	*	Clal Biotechnology Industries Ltd		133
	108,129	*,e	Cleveland Biolabs, Inc		266
	27,200	*,e	Clovis Oncology, Inc		692
	22,100		CMIC Co Ltd		368
	100,872	*,e	Codexis, Inc		368
	327,539	*,e	Columbia Laboratories, Inc		233
	306,093	*,e	Combinatorx, Inc		367
	59,052	*,e	Complete Genomics, Inc		166
	156,555	*,e	Corcept Therapeutics, Inc		615
	53,078	*	Cornerstone Therapeutics, Inc		316
	164,496	*	Covance, Inc		7,835
	918,889	e	CSL Ltd		34,218
	266,676	*,e	Cubist Pharmaceuticals, Inc		11,534
	318,273	*,e	Curis, Inc		1,534
	218,698	*,e	Cytori Therapeutics, Inc		545
	22,558		Daewoong Pharmaceutical Co Ltd		535
	783,078	e	Daiichi Sankyo Co Ltd		14,314
	242,925	e	Dainippon Sumitomo Pharma Co Ltd		2,586
	832,000		Dawnrays Pharmaceutical Holdings Ltd		218
	361,798	*,e	Dendreon Corp		3,855
	222,532	*,e	Depomed, Inc		1,393
	186,617	*	Deva Holding AS		229
	20,049	*	Devgen		147
	8,655		Dong-A Pharmaceutical Co Ltd		620
	170,865		Dr Reddy’s Laboratories Ltd		5,895
	362,435	*,e	Durect Corp		290
	114,362	*,e	Dusa Pharmaceuticals, Inc		716
	384,294	*,e	Dyax Corp		600
	553,502	*,e	Dynavax Technologies Corp		2,801
	10,329		Egis Gyogyszergyar Rt		686
			EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret
	415,853		AS		489
	273,263	e	Eisai Co Ltd		10,866
	41,585	*	Elan Corp plc		612
	334,325	*	Elan Corp plc (ADR)		5,018
	44,272		Elder Pharmaceuticals Ltd		289
	3,334,616		Eli Lilly & Co		134,285
	99,735	*	Emergent Biosolutions, Inc		1,596
	378,678	*	Endo Pharmaceuticals Holdings, Inc		14,666
	68,666	*	Endocyte, Inc		342
	155,960	*,e	Enzo Biochem, Inc		420
	176,743	*,e	Enzon Pharmaceuticals, Inc		1,209
	133		EPS Co Ltd		294
	196,557	*,e	eResearch Technology, Inc		1,537
	21,067		Eurofins Scientific		2,300
	128,488	*,e	Evolutec Group plc		125
	134,852	*	Evotec AG.		509
	221,455	*,e	Exact Sciences Corp		2,471
	549,304	*,e	Exelixis, Inc		2,845
	3,060,000	*	Extrawell Pharmaceutical Holdings Ltd		170
	283,522		FAES FARMA S.A.		586
	11,152		FDC Ltd		17
	48,133	*,e	Fluidigm Corp		757
	724,308	*	Forest Laboratories, Inc		25,126

113

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	40,252	*,e	Furiex Pharmaceuticals Inc	$	951
	132,000	e	Fuso Pharmaceutical Industries Ltd		365
	197,777	*,e	Galapagos NV		3,186
	52,839	*	Genmab AS		439
	69,220	*,e	Genomic Health, Inc		2,119
	2,009,900	*,e	Genomma Lab Internacional S.A. de C.V.		3,664
	126,587		Genus plc		2,581
	571,037	*,e	Geron Corp		965
	82,891		Gerresheimer AG.		3,626
	5,866,602	*	Gilead Sciences, Inc		286,584
	7,253,731		GlaxoSmithKline plc		162,163
	9,220	*,e	Golf Trust Of America, Inc		83
	6,768		Green Cross Corp		757
	262,668	e	Grifols S.A.		5,606
	78,050	*,e	GTx, Inc		301
	192,000		Guangzhou Pharmaceutical Co Ltd		174
	321,578	*,e	Halozyme Therapeutics, Inc		4,103
	25,910	*	Han All Pharmarceutical Co		205
	5,240		Handok Pharmaceuticals Co Ltd		57
	6,178	*	Hanmi Pharm Co Ltd		330
	95,097	*	Harvard Bioscience, Inc		373
	185,928	e	Hikma Pharmaceuticals plc		2,019
	54,631	e	Hisamitsu Pharmaceutical Co, Inc		2,594
	55,992	*	Hi-Tech Pharmacal Co, Inc		2,012
	10,700	*,e	Horizon Pharma, Inc		44
	408,285	*	Hospira, Inc		15,266
	1,992,000	e	Hua Han Bio-Pharmaceutical Holdings Ltd		400
	479,236	*,e	Human Genome Sciences, Inc		3,949
	315,865	*,e	Idenix Pharmaceuticals, Inc		3,092
	3,900		Il Dong Pharmaceutical Co Ltd		26
	679,680	*,e	Illumina, Inc		35,758
	2,924		Ilsung Pharmaceuticals Co Ltd		231
	18,415		Ilyang Pharmaceutical Co Ltd		458
	309,728	*,e	Immunogen, Inc		4,457
	274,062	*,e	Immunomedics, Inc		995
	301,485	*,e	Impax Laboratories, Inc		7,410
	352,053	*,e	Incyte Corp		6,795
	85,451	*,e	Infinity Pharmaceuticals, Inc		1,022
	116,810	*,e	Insmed, Inc		424
	53,810	*,e	Intercell AG.		195
	262,902	*,e	InterMune, Inc		3,857
	6,967		Ipca Laboratories Ltd		46
	68,154		Ipsen		1,864
	204,225	*,e	Ironwood Pharmaceuticals, Inc		2,718
	398,898	*,e	Isis Pharmaceuticals, Inc		3,498
	177,694	*,e	ISTA Pharmaceuticals, Inc		1,601
	132,230	*	Jazz Pharmaceuticals PLC		6,409
	19,000		JCR Pharmaceuticals Co Ltd		200
	16,630		Jeil Pharmaceutical Co		236
	8,498,386		Johnson & Johnson		560,554
	224,521		Kaken Pharmaceutical Co Ltd		2,834
	276,833	*,e	Keryx Biopharmaceuticals, Inc		1,379
	95,297		Kissei Pharmaceutical Co Ltd		1,870
	56,785	*	Komipharm International Co Ltd		428
	208,977	*,e	KV Pharmaceutical Co (Class A)		276
	171,970		Kwang Dong Pharmaceutical Co Ltd		613

114

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	60,336		Kyorin Co Ltd	$	1,147
	435,187		Kyowa Hakko Kogyo Co Ltd		4,859
	69,178	e	Laboratorios Almirall S.A.		603
	25,509	e	Laboratorios Farmaceuticos Rovi S.A		172
	59,962	*,e	Lannett Co, Inc		250
	742,256	*,e	Lexicon Pharmaceuticals, Inc		1,381
	18,990	*	LG Life Sciences Ltd		604
	413,514	*	Life Technologies Corp		20,188
	85,755	*,e	Ligand Pharmaceuticals, Inc (Class B)		1,368
	1,270,000		Lijun International Pharmaceutical Holding Ltd		278
	175,900		Livzon Pharmaceutical, Inc		416
	93,817		Lonza Group AG.		4,849
	146,681	*,e	Luminex Corp		3,425
	359,045		Lupin Ltd		3,731
	328,544	*,e	MannKind Corp		812
	100,379	*,e	MAP Pharmaceuticals, Inc		1,441
	118,928	e	Maxygen, Inc		683
	509,422		Meda AB (A Shares)		4,860
	348,890	*	Medicines Co		7,002
	319,533		Medicis Pharmaceutical Corp (Class A)		12,011
	8,205	*	Medipost Co Ltd		753
	158,186	*,e	Medivation, Inc		11,820
	28,097	*	Medivir AB		287
	33,455		Medtox Scientific, Inc		564
	14,154,920		Merck & Co, Inc		543,549
	235,042		Merck KGaA		26,010
	1,270	*	Merck Ltd		15
	134,450	*,e	Mesoblast Ltd		1,096
	119,707	*,e	Metabolix, Inc		339
	264,187	*	Mettler-Toledo International, Inc		48,809
	82,516		Mochida Pharmaceutical Co Ltd		975
	237,040	*,e	Momenta Pharmaceuticals, Inc		3,631
	29,508	*	Morphosys AG.		757
	22,167,242	*,a	MPM Bioventures II		3,536
	4,824,687	*	Mylan Laboratories, Inc		113,139
	243,206	*	Myriad Genetics, Inc		5,754
	293,480	*,e	Nabi Biopharmaceuticals		546
	441,182	*,e	Nektar Therapeutics		3,494
	75,139	*,e	Neostem, Inc		28
	395,090	*	Neurocrine Biosciences, Inc		3,149
	24,900	*,e	NewLink Genetics Corp		228
	38,000	e	Nichi-iko Pharmaceutical Co Ltd		839
	350,550		Nippon Chemiphar Co Ltd		1,933
	68,000		Nippon Shinyaku Co Ltd		841
	10,526	*,e	Novacea, Inc		111
	3,147,459		Novartis AG.		174,236
	1,554		Novartis India Ltd		23
	373,987	*,e	Novavax, Inc		471
	680,333	e	Novo Nordisk AS (Class B)		94,471
	443,672	*,e	NPS Pharmaceuticals, Inc		3,035
	66,394	*,e	Nymox Pharmaceutical Corp		534
	91,822	*,e	Obagi Medical Products, Inc		1,230
	47,555	*,e	OncoGenex Pharmaceutical, Inc		632
	115	*,e	OncoTherapy Science, Inc		193
	187,608	*,e	Oncothyreon, Inc		818
	99,995	e	Ono Pharmaceutical Co Ltd		5,571

115

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	319,962	*	Onyx Pharmaceuticals, Inc	$	12,056
	405,628	*,e	Opko Health, Inc		1,919
	185,351	*,e	Optimer Pharmaceuticals, Inc		2,576
	189,272		Orchid Chemicals & Pharmaceuticals Ltd		685
	415,063	*,e	Orexigen Therapeutics, Inc		1,702
	297,787	e	Orion Oyj (Class B)		5,887
	73,955	*,e	Osiris Therapeutics, Inc		379
	760,254		Otsuka Holdings KK		22,537
	137,685	*,e	Pacific Biosciences of California, Inc		471
	16,463	*,e	Pacira Pharmaceuticals, Inc		190
	157,644	e	Pain Therapeutics, Inc		566
	16,400	*	Paladin Labs, Inc		657
	204,968	*	Par Pharmaceutical Cos, Inc		7,938
	245,746	*	Parexel International Corp		6,628
	721,959	e	PDL BioPharma, Inc		4,584
	258,092	*,e	Peregrine Pharmaceuticals, Inc		139
	1,076,133		PerkinElmer, Inc		29,766
	472,978		Perrigo Co		48,863
	926		Pfizer Ltd		22
	47,763,937		Pfizer, Inc		1,082,331
	212,041	*,e	Pharmacyclics, Inc		5,886
	157,944	*,e	PharmAthene, Inc		280
	317,591	*,e	Pharmaxis Ltd		433
	35,706	*,e,f	Pharmstandard (GDR) (purchased 05/31/11, cost $841)		633
	193,000	*	Phytohealth Corp		260
	145,001		Piramal Healthcare Ltd		1,341
	136,979	*,e	Pozen, Inc		822
	162,200	*,e	Progenics Pharmaceuticals, Inc		1,606
	321,825	*	Pronova BioPharma AS		463
	8,107,000		PT Kalbe Farma Tbk		3,154
	49,639	*	Qiagen N.V.		773
	628,609	*,e	Qiagen N.V. (NASDAQ)		9,787
	289,200	*,e	Questcor Pharmaceuticals, Inc		10,880
	169,542		Ranbaxy Laboratories Ltd		1,560
	192,254	*,e	Raptor Pharmaceutical Corp		1,300
	274,286		Recordati S.p.A.		2,085
	233,378	*	Regeneron Pharmaceuticals, Inc		27,217
	16,679		Richter Gedeon Nyrt		2,861
	260,726	*	Rigel Pharmaceuticals, Inc		2,099
	80,430	*	RNL BIO Co Ltd		322
	967,711		Roche Holding AG.		168,411
	225,961		Rohto Pharmaceutical Co Ltd		2,824
	31,563	*,e	Sagent Pharmaceuticals		564
	276,284	*	Salix Pharmaceuticals Ltd		14,505
	227,412	*,e	Sangamo Biosciences, Inc		1,114
	1,778,877		Sanofi-Aventis		138,026
	367,890	*,e	Santarus, Inc		2,152
	72,969		Santen Pharmaceutical Co Ltd		3,120
	281,407	*,e	Savient Pharmaceuticals, Inc		613
	16,400	e	Sawai Pharmaceutical Co Ltd		1,740
	7,158		Schweizerhall Holding AG.		852
	139,312	*,e	Sciclone Pharmaceuticals, Inc		879
	378,985	*,e	Seattle Genetics, Inc		7,724
	7,554	*	Seegene, Inc		468
	160,700		Seikagaku Corp		1,797
	415,594	*,e	Sequenom, Inc		1,691

116

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	318,000		Shandong Luoxin Pharmacy Stock Co Ltd	$	258
	679,347	e	Shionogi & Co Ltd		9,432
	2,014,084		Shire Ltd		64,443
	197,552		Shire plc (ADR)		18,718
	5,155	*	Siegfried Holding AG.		530
	136,717	*,e	SIGA Technologies, Inc		459
	2,967,000	e	Sihuan Pharmaceutical Holdings		1,158
	5,080,000		Sino Biopharmaceutical		1,361
	4,254,176	*,a	Skyline Venture Fund II Ltd		244
	976,029	*	Skyline Venture Fund III Ltd		133
	346,610	*,e	Spectrum Pharmaceuticals, Inc		4,378
	98,539		Stada Arzneimittel AG.		3,234
	8,513	e	Stallergenes		510
	246,100		Standard Chemical & Pharma		211
	177,109		Strides Arcolab Ltd		2,041
	53,955	*,e	Sucampo Pharmaceuticals, Inc (Class A)		402
	127,373	*	Sun Pharmaceutical Industries Ltd		186
	628,974		Sun Pharmaceuticals Industries Ltd		7,038
	59,899	*,e	Sunesis Pharmaceuticals, Inc		172
	98,082	*,e	Synta Pharmaceuticals Corp		427
	10,800		Taiko Pharmaceutical Co Ltd		108
	44,800	e	Taisho Pharmaceutical Holdings Co Ltd		3,631
	46,400	e	Takara Bio, Inc		271
	1,267,375	e	Takeda Pharmaceutical Co Ltd		55,845
	224,800		Tanabe Seiyaku Co Ltd		3,165
	121,879	*	Targacept, Inc		624
	310,201		Tecan Group AG.		22,852
	112,867		Techne Corp		7,912
	543,420		Teva Pharmaceutical Industries Ltd		24,515
	5,181,487		Teva Pharmaceutical Industries Ltd (ADR)		233,478
	88,001	*,e	Theratechnologies, Inc		179
	271,908	*,e	Theravance, Inc		5,302
	1,396,387		Thermo Electron Corp		78,728
	37,897	*	ThromboGenics NV		1,260
	472,000		Tong Ren Tang Technologies Co Ltd		627
	15,800		Torii Pharmaceutical Co Ltd		297
	3,100		Torrent Pharmaceuticals Ltd		38
	9,900		Towa Pharmaceutical Co Ltd		493
	22,411	*,e	Transgene S.A.		316
	16,072	*,e,m	Trius Therapeutics, Inc		86
	64,633	e	Tsumura & Co		1,868
	75,274		TTY Biopharm Co Ltd		322
	598,319		UCB S.A.		25,825
	6,460		Unichem Laboratories Ltd		17
	13,440,000	*	United Gene High-Tech Group Ltd		128
	4,622,000	e	United Laboratories Ltd		2,300
	159,839	*	United Therapeutics Corp		7,533
	871,241	*	Vanda Pharmaceuticals, Inc		4,173
	445,681	*,e	Vectura Group plc		387
	12,700	*	Verastem, Inc		139
	562,797	*	Vertex Pharmaceuticals, Inc		23,080
	315,836	*,e	Vical, Inc		1,074
	6,635		Virbac S.A.		1,055
	373,794	*	Viropharma, Inc		11,240
	360,805	*,e	Vivus, Inc		8,068
	2,039,927	e	Warner Chilcott plc		34,291

117

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	285,624	*	Waters Corp	$	26,466
	2,254,901	*	Watson Pharmaceuticals, Inc		151,214
	528,000	*	Winteam Pharmaceutical Group Ltd		81
	53,870	*	Wockhardt Ltd		632
	151,750	*,e	Xenoport, Inc		683
	10,838		Yuhan Corp		1,130
	214,410	*	Yungjin Pharmaceutical Co Ltd		380
	170,000		YungShin Global Holding Corp		242
	215,313	*,e	Zeltia S.A.		463
	32,000		Zeria Pharmaceutical Co Ltd		572
	254,903	*,e	ZIOPHARM Oncology, Inc		1,376
	26,619	*,e	Zogenix, Inc		53
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		7,425,711
REAL ESTATE - 3.2%
	348,652		Abacus Property Group		716
	62,000		Able Chintai Holdings, Inc		323
	164,362		Acadia Realty Trust		3,705
	180,106		Acucap Properties Ltd		956
	7,237	*	Advance Residence Investment Corp		13,748
	26,255		Aeon Mall Co Ltd		613
	5,584		Affine S.A.		106
	91,780	*	Africa Israel Investments Ltd		370
	14,138	*	Africa Israel Properties Ltd		144
	51,200		AG Mortgage Investment Trust		1,011
	2,326,000	e	Agile Property Holdings Ltd		2,687
	66,393		Agree Realty Corp		1,499
	583,200		AIMS AMP Capital Industrial REIT		522
	59,965	*	Airport City Ltd		266
	55,500		Airport Facilities Co Ltd		261
	39,438		Akmerkez Gayrimenkul Yatirim Ortakligi AS		574
	8,100		Alexander’s, Inc		3,190
	172,228		Alexandria Real Estate Equities, Inc		12,595
	269,784		Aliansce Shopping Centers S.A.		2,535
	1,512,550	e	Allan Gray Property Trust		1,439
	16,898,693		Allco Commercial Real Estate Investment Trust		11,278
	27,817		Allied Properties Real Estate Investment Trust		723
	19,862		Allreal Holding AG.		3,245
	170,578		Alony Hetz Properties & Investments Ltd		817
	5,797	*	AL-ROV Israel Ltd		140
	6,102		Alrov Properties and Lodgings Ltd		109
	362,333		Alstria Office REIT-AG.		4,075
	1,942,800		Amata Corp PCL (Foreign)		1,052
	1,462,951		AMB Property Corp		52,696
	3,762,676	*	Amer Group Holding		449
	176,043		American Assets Trust,Inc		4,014
	371,002		American Campus Communities, Inc		16,591
	1,150,717		American Capital Agency Corp		33,992
	93,069		American Capital Mortgage, Inc		2,026
	3,409,995		American Tower Corp		214,898
	133,683		Amot Investments Ltd		349
	1,236,828	e	AMP NZ Office Trust		937
	520,704		Anant Raj Industries Ltd		599
	3,451,370		Annaly Capital Management, Inc		54,601
	505,968		Anworth Mortgage Asset Corp		3,329
	495,831		Apartment Investment & Management Co (Class A)		13,095

118

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	68,658		Apollo Commercial Real Estate Finance, Inc	$	1,075
	678,284	*	ARMOUR Residential REIT, Inc		4,578
	96,648	*	Arrowhead Properties Ltd		83
	125,451		Artis Real Estate Investment Trust		2,034
	719,000	f	Ascendas India Trust (purchased 05/31/11, cost $565)		475
	2,647,619		Ascendas Real Estate Investment Trust		4,259
	838,586		Ascott Residence Trust		711
	204,294		Ashford Hospitality Trust, Inc		1,841
	1,182,600		Asian Property Development PCL (Foreign)		234
	768,873	e	Aspen Group		394
	202,878		Associated Estates Realty Corp		3,315
	425,652		Atrium European Real Estate Ltd		2,092
	359,319		Australand Property Group		952
	36,227	*	AV Homes, Inc		441
	311,712		AvalonBay Communities, Inc		44,061
	7,401,923		Ayala Land, Inc		3,584
	9,247,920	m	Ayala Land, Inc (Preference)		22
	74,082		Babcock & Brown Japan Property Trust		202
	9,897,400	*	Bangkokland PCL		218
	1,583		Bayside Land Corp		319
	35,824		Befimmo SCA Sicafi		2,381
	3,200,000		Beijing Capital Land Ltd		905
	706,000		Beijing North Star Co		131
	3,893,950	*	Belle Corp		465
	1,301,413		Beni Stabili S.p.A.		808
	216,875		Big Yellow Group plc		985
	715,077		BioMed Realty Trust, Inc		13,572
	1,047		BLife Investment Corp		6,887
	81,831		Boardwalk Real Estate Investment Trust		4,685
	795,669		Boston Properties, Inc		83,537
	652,656		BR Malls Participacoes S.A.		8,506
	342,011		BR Properties S.A.		4,392
	223,111		Brandywine Realty Trust		2,561
	352,700		Brasil Brokers Participacoes S.A.		1,509
	123,483		BRE Properties, Inc (Class A)		6,242
	128,975		British Israel Investments Ltd		487
	694,089		British Land Co plc		5,328
	723,536		Brookfield Asset Management, Inc		22,828
	8,985	*	Brookfield Multiplex Group		698
	45,000		Brookfield Office Properties, Inc		785
	736,709	e	Brookfield Office Properties, Inc (Toronto)		12,815
	824,753		Bunnings Warehouse Property Trust		1,504
	12,150,000		C C Land Holdings Ltd		2,509
	90,089	*,e	CA Immobilien Anlagen AG.		1,031
	1,315,000	e	Cache Logistics Trust		1,047
	85,275		Calloway Real Estate Investment Trust		2,318
	1,191,840		Cambridge Industrial Trust		507
	232,843		Camden Property Trust		15,309
	115,376		Campus Crest Communities, Inc		1,345
	72,491		Canadian Apartment Properties REIT		1,636
	85,156		Canadian Real Estate Investment Trust		3,151
	5,037,974	e	CapitaCommercial Trust		4,891
	950,758		Capital & Counties Properties		2,920
	320,520		Capital Lease Funding, Inc		1,292
	2,322,362		Capital Property Fund		2,773
	1,473,404		CapitaLand Ltd		3,661

119

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,154,474		CapitaMall Trust	$	3,092
	1,473,480	e	CapitaMalls Asia Ltd		1,920
	904,600		CapitaMalls Malaysia Trust		408
	831,000		CapitaRetail China Trust		817
	312,604		Capstead Mortgage Corp		4,098
	390,998	e	Castellum AB		4,926
	1,923,000		Cathay Real Estate Development Co Ltd		896
	670,326		CBL & Associates Properties, Inc		12,683
	898,290	*	CBRE Group, Inc		17,930
	861,000	e	CDL Hospitality Trusts		1,190
	355,771		Cedar Shopping Centers, Inc		1,822
	1,367,000		Central China Real Estate Ltd		325
	98,000		Central Pattana PCL (Foreign)		146
	2,575	*,m	Centro Properties Group		0	^
	1,487,093	e	CFS Gandel Retail Trust		2,755
	953,000		CH Karnchang PCL		244
	1,024,129		Challenger Diversified Property Group		568
	4,542,636		Champion Real Estate Investment Trust		1,927
	646,633		Charter Hall Group		1,489
	52,524		Chatham Lodging Trust		667
	139,002		Chesapeake Lodging Trust		2,498
	5,700,198	m	Cheuk Nang Holdings Ltd		2,410
	1,676,607		Cheung Kong Holdings Ltd		21,682
	7,005,672		Chimera Investment Corp		19,826
	1,300,000		China Aoyuan Property Group Ltd		181
	2,092,000		China Chengtong Development Group Ltd		86
	7,939,800	e	China Overseas Land & Investment Ltd		15,056
	652,000	*	China Properties Group Ltd		197
	4,102,000	e	China Resources Land Ltd		7,092
	2,311,000	e	China SCE Property Holdings Ltd		521
	3,902,000	e	China South City Holdings Ltd		528
	2,130,520		China Vanke Co Ltd		2,539
	335,500	e	Chinese Estates Holdings Ltd		464
	205,030		Chong Hong Construction Co		469
	139,619		City Developments Ltd		1,261
	240,670		Citycon Oyj		806
	19,869		Cofinimmo		2,443
	185,994		Cogdell Spencer, Inc		789
	26,001	*	Colonia Real Estate AG.		116
	334,007		Colonial Properties Trust		7,258
	127,542		Colony Financial, Inc		2,089
	54,598		Cominar Real Estate Investment Trust		1,281
	5,288,897		Commonwealth Property Office Fund		5,399
	19,726	e	Consolidated-Tomoka Land Co		587
	91,624	e	Conwert Immobilien Invest AG.		1,105
	78,228		Coresite Realty		1,845
	14,599		Corio NV		770
	177,900		Corporate Office Properties Trust		4,129
	7,938,000	e	Country Garden Holdings Co Ltd		3,059
	387,411		Cousins Properties, Inc		2,937
	1,264		Crescendo Investment Corp		733
	268,463		CreXus Investment Corp		2,776
	12,510,642		CSI Properties Ltd		476
	588,034		CubeSmart		6,998
	492,774		CYS Investments, Inc		6,450
	1,379	e	DA Office Investment Corp		3,697

120

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARE			COMPANY	VALUE (000)
	75,100		Daibiru Corp	$	568
	715,000	e	Daikyo, Inc		1,951
	1,695,900		Daiman Development BHD		1,024
	96,265	e	Daito Trust Construction Co Ltd		8,693
	516,879		Daiwa House Industry Co Ltd		6,871
	2,945,458		DB RREEF Trust		2,662
	973,958		DCT Industrial Trust, Inc		5,746
	1,543,913		DDR Corp		22,541
	409,483		Delta Corp Ltd		553
	151,521	e	Derwent London plc		4,229
	65,937	e	Deutsche Euroshop AG.		2,327
	119,754		Deutsche Wohnen AG.		1,770
	211,507	e	Development Securities plc		540
	675,390		DiamondRock Hospitality Co		6,950
	71,333		DIC Asset AG.		699
	611,626	e	Digital Realty Trust, Inc		45,242
	8,781,478		DLF Ltd		34,765
	206,561		Douglas Emmett, Inc		4,712
	98,779		Douja Promotion Groupe Addoha S.A.		861
	423,507		Duke Realty Corp		6,073
	49,229		Dundee Real Estate Investment Trust		1,737
	231,579	e	DuPont Fabros Technology, Inc		5,662
	268,157		Dynex Capital, Inc		2,561
	1,169,800		Eastern & Oriental BHD		573
	118,225		EastGroup Properties, Inc		5,937
	333,228		Education Realty Trust, Inc		3,612
	663,724		Emira Property Fund		1,074
	2,268,426		Emlak Konut Gayrimenkul Yatiri		2,955
	3,704,666		Emperor International Holdings		649
	266,784		Entertainment Properties Trust		12,373
	172,655		Equity Lifestyle Properties, Inc		12,041
	209,062		Equity One, Inc		4,227
	898,373		Equity Residential		56,256
	106,496		Essex Property Trust, Inc		16,135
	24,341		Eurobank Properties Real Estate Investment Co		119
	125,665		Eurocommercial Properties NV		4,762
	8,236,000	e	Evergrande Real Estate Group		4,413
	99,199		Excel Trust, Inc		1,198
	48,300		Extendicare Real Estate Investment Trust		383
	486,877		Extra Space Storage, Inc		14,017
	394,792	e	Fabege AB		3,404
	5,380,500		Fantasia Holdings Group Co Ltd		604
	314,700		Farglory Land Development Co Ltd		635
	91,274	*	Fastighets AB Balder		449
	453,099		Federal Realty Investment Trust		43,855
	560,737	*	FelCor Lodging Trust, Inc		2,019
	17,839,000		Filinvest Land, Inc		536
	94,280		First Capital Realty, Inc		1,687
	404,703	*	First Industrial Realty Trust, Inc		4,998
	196,806		First Potomac Realty Trust		2,379
	585,000	e	First Real Estate Investment Trust		400
	39,010	*,e	FirstService Corp		1,196
	941,462		FKP Property Group		483
	11,080		Fonciere Des Regions		890
	1,063,754	*,e	Forest City Enterprises, Inc (Class A)		16,658

121

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARE			COMPANY	VALUE (000)
	142,059	*	Forestar Real Estate Group, Inc	$	2,186
	279,254		Franklin Street Properties Corp		2,960
	6,899,200	e	Franshion Properties China Ltd		1,777
	1,047,000		Frasers Centrepoint Trust		1,268
	217	*	Frontier Real Estate Investment Corp		1,781
	233	*,e	Fukuoka REIT Corp		1,675
	725	*	Future Mall Management Ltd		0	^
	137,120	e	GAGFAH S.A.		1,161
	150,838		Gazit Globe Ltd		1,561
	12,664		Gazit, Inc		256
	2,841	e	Gecina S.A.		297
	2,159,084		General Growth Properties, Inc		36,683
	69,900	*	General Shopping Brasil S.A.		461
	106,536		Getty Realty Corp		1,660
	40,018		Gladstone Commercial Corp		689
	542,347		Glimcher Realty Trust		5,543
	899,629	*	Global Logistic Properties		1,577
	267	e	Global One Real Estate Investment Corp		1,781
	4,153,000	*	Global-Estate Resorts, Inc		194
	76,340	*	Globe Trade Centre S.A.		165
	1,414,000	*,e	Glorious Property Holdings Ltd		225
	280,131	e,f	Gold Wheaton Gold Corp (GDR) (purchased 01/26/12, cost $1,330)		1,645
	34,280		Goldcrest Co Ltd		629
	1,181,032	e	Goodman Property Trust		1,001
	196,715		Government Properties Income Trust		4,743
	1,381,302		GPT Group (ASE)		4,469
	903,651		Grainger plc		1,513
	788,627		Great Eagle Holdings Ltd		2,237
	559,594		Great Portland Estates plc		3,221
	1,318,500		Greentown China Holdings Ltd		833
	2,634,811	e	Growthpoint Properties Ltd		6,873
	29,911	*	GSW Immobilien AG.		1,034
	8,776,400	e	Guangzhou Investment Co Ltd		1,743
	4,357,536	e	Guangzhou R&F Properties Co Ltd		5,200
	1,622,000		GZI Real Estate Investment Trust		842
	81,460		H&R Real Estate Investment Trust		1,932
	42,939		Hamborner AG.		435
	1,672,733		Hammerson plc		11,125
	133,622		Hang Lung Group Ltd		867
	3,481,071		Hang Lung Properties Ltd		12,794
	81		Hankyu Reit, Inc		388
	293,197		Hatteras Financial Corp		8,180
	1,192,911		HCP, Inc		47,072
	718,406		Health Care REIT, Inc		39,484
	315,644		Healthcare Realty Trust, Inc		6,944
	418,500		Heiwa Real Estate Co Ltd		1,145
	124,877		Helical Bar plc		379
	14,816		Heliopolis Housing		38
	2,261,098	e	Henderson Land Development Co Ltd		12,494
	628,781		Hersha Hospitality Trust		3,433
	439,000		Highwealth Construction Corp		764
	316,143		Highwoods Properties, Inc		10,534
	1,192,000		HKR International Ltd		444
	376,000	e	Ho Bee Investment Ltd		422
	234,144		Home Properties, Inc		14,285
	290,000		Hongkong Land Holdings Ltd		1,688

122

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARE			COMPANY	VALUE (000)
	1,246,000	e	Hopson Development Holdings Ltd	$	730
	1,163,103		Hospitality Properties Trust		30,787
	2,332,877		Host Marriott Corp		38,306
	419,243	*	Housing Development & Infrastruture Ltd		703
	58,847	*	Howard Hughes Corp		3,759
	120,976		HRPT Properties Trust		2,253
	915,815		Huaku Development Co Ltd		2,326
	154,000		Huang Hsiang Construction Co		300
	84,960		Hudson Pacific Properties		1,285
	290,431		Hufvudstaden AB (Series A)		3,071
	83,200	e	Hulic Co Ltd		1,010
	299,000		Hung Ching Development Co		142
	565,362		Hung Poo Real Estate Development Corp		606
	952,000		Hung Sheng Construction Co Ltd		475
	125,769		Hyprop Investments Ltd		943
	419,976		Hysan Development Co Ltd		1,683
	48,647	e	Icade		4,342
	1,237,490		IGB Corp BHD		1,119
	78,500		Iguatemi Empresa de Shopping Centers S.A.		1,806
	20,000	e	Iida Home Max		171
	1,452,000		IJM Land BHD		1,037
	374,491	e	Immobiliare Grande Distribuzione		456
	258,915		IMMOFINANZ Immobilien Anlagen AG.		941
	478,038		Indiabulls Real Estate Ltd		601
	309	e	Industrial & Infrastructure Fund Investment Corp		1,687
	122,941		Industrial Buildings Corp		192
	6,975,328		ING Office Fund		4,597
	408,631		Inland Real Estate Corp		3,625
	167,083		InnVest Real Estate Investment Trust		881
	1,827		Intershop Holdings		668
	9,356		Intervest Offices		255
	417,946		Invesco Mortgage Capital, Inc		7,377
	314,920		Investors Real Estate Trust		2,422
	1,100,963		Is Gayrimenkul Yatirim Ortakligi AS		736
	321,673	*	iStar Financial, Inc		2,332
	181,317	*	IVG Immobilien AG.		580
	85,506	*	IVR Prime Urban Developers Ltd		86
	801	*	Japan Excellent, Inc		4,107
	265	*	Japan Logistics Fund Inc		2,249
	1,451		Japan Prime Realty Investment Corp		4,186
	262	*	Japan Real Estate Investment Corp		2,310
	1,565		Japan Rental Housing Investments, Inc		699
	3,019	*	Japan Retail Fund Investment Corp		4,492
	52,000		Jereissati Participacoes S.A.		55
	74,422		Jerusalem Economy Ltd		527
	316,200		JHSF Participacoes S.A.		1,038
	972,050		Jiangsu Future Land Co Ltd		563
	1,015		Joint Reit Investment Corp		4,269
	181,517		Jones Lang LaSalle, Inc		15,122
	5,024	*	JW Construction Holding S.A.		10
	1,385,282		K Wah International Holdings Ltd		508
	3,020,000	*,e	Kaisa Group Holdings Ltd		609
	228,480		KEE TAI Properties Co Ltd		127
	1,566		Kenedix Realty Investment Corp		5,762
	2,972	*	Kenedix, Inc		586
	102,184	e	Kennedy-Wilson Holdings, Inc		1,379

123

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARE			COMPANY	VALUE (000)
	3,851,546	e	Keppel Land Ltd	$	10,656
	2,423,140	e	Kerry Properties Ltd		10,956
	58,900	e	Killam Properties, Inc		725
	259,457		Kilroy Realty Corp		12,093
	1,394,373		Kimco Realty Corp		26,856
	109,000		Kindom Construction Co		76
	453,600		King’s Town Construction Co Ltd		403
	252,237		Kite Realty Group Trust		1,329
	1,011,059	e	Kiwi Income Property Trust		882
	4,563,278		KLCC Property Holdings BHD		5,064
	35,790		Klepierre		1,242
	6,824	*	Klovern AB		140
	244,124		Klovern AB		926
	3,125,130		Kowloon Development Co Ltd		3,134
	981,799	e	K-REIT Asia		754
	203,954		Kungsleden AB		1,418
	470,000	*	Kuoyang Construction Co Ltd		208
	4,494,500	e	KWG Property Holding Ltd		2,601
	37,423,000		Lai Fung Holdings Ltd		700
	11,088,250	*	Lai Sun Development		179
	600,362		Land Securities Group plc		6,939
	425,373		LaSalle Hotel Properties		11,970
	39,110	*	LC Corp S.A.		18
	1,727		Leasinvest Real Estate SCA		156
	540,455		Lend Lease Corp Ltd		4,193
	186,011	*,e	Leopalace21 Corp		637
	581,140		Lexington Corporate Properties Trust		5,224
	109,653		Liberty International plc		581
	192,072		Liberty Property Trust		6,861
	3,578,260	e	Link Real Estate Investment Trust		13,315
	2,015,000		Lippo-Mapletree Indonesia Retail Trust		649
	220,000		Liu Chong Hing Investment		226
	650,727		London & Stamford Property plc		1,149
	867,000		Long Bon International Co Ltd		438
	2,188,500	e	Longfor Properties Co Ltd		3,076
	1,782,000		LPN Development PCL		896
	1,063,800		LPN Development PCL (ADR)		535
	63,700		LPS Brasil Consultoria de Imoveis S.A.		1,293
	211,653		LTC Properties, Inc		6,773
	397,140		Macerich Co		22,935
	145,311		Mack-Cali Realty Corp		4,188
	846,932		Macquarie CountryWide Trust		2,775
	4,701,189		Macquarie Goodman Group		3,375
	2,250,590		Macquarie MEAG Prime REIT		1,146
	655,484	e	Macquarie Office Trust		2,098
	203,427	*	Maguire Properties, Inc		476
	1,505,000		Mah Sing Group BHD		1,018
	35,779	*,e,m	Mapeley Ltd		116
	2,070,000	e	Mapletree Commercial Trust		1,443
	2,832,016	e	Mapletree Industrial Trust		2,476
	1,846,523	e	Mapletree Logistics Trust		1,389
	500,793		Medical Properties Trust, Inc		4,647
	13,590	*	Medinet Nasr Housing		36
	27,014,800	f	Megaworld Corp (purchased 12/09/10, cost $1,309)		1,234
	15,693		Melisron Ltd		279
	42,916	e	Mercialys S.A		1,518

124

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARE			COMPANY	VALUE (000)
	338,350		Metric Property Investments plc	$	502
	1,688,039		MFA Mortgage Investments, Inc		12,610
	401	e	MID Reit, Inc		1,096
	196,543		Mid-America Apartment Communities, Inc		13,174
	1,792,929	e	Midland Holdings Ltd		946
	2,658,000		Minmetals Land Ltd		311
	3,096,729		Mirvac Group		3,765
	305,051		Mission West Properties, Inc		3,008
	1,259,837		Mitsubishi Estate Co Ltd		22,654
	1,670,322		Mitsui Fudosan Co Ltd		32,255
	7,956		Mobimo Holding AG.		1,942
	179,076		Monmouth Real Estate Investment Corp (Class A)		1,744
	38,521		Morguard Real Estate Investment Trust		640
	1,892		Mori Hills REIT Investment Corp		7,569
	423		Mori Trust Sogo Reit, Inc		3,744
	180,596		Multiplan Empreendimentos Imobiliarios S.A.		4,219
	383,600		Naim Holdings BHD		235
	129,610		National Health Investors, Inc		6,322
	515,370		National Retail Properties, Inc		14,013
	1,718,000	*	Neo-China Land Group Holdings Ltd		315
	4,856,666		New World China Land Ltd		1,210
	10,021,114	e	New World Development Ltd		12,066
	438,126		Newcastle Investment Corp		2,751
	72,762		Nieuwe Steen Investments NV		851
	248		Nippon Accommodations Fund, Inc		1,604
	258	e	Nippon Building Fund, Inc		2,456
	61,385	*	Nitsba Holdings 1995 Ltd		521
	294,729	e	Nomura Real Estate Holdings, Inc		5,240
	587		Nomura Real Estate Office Fund, Inc		3,504
	376		Nomura Real Estate Residential Fund, Inc		1,935
	33,869		Northern Property Real Estate Investment Trust		1,059
	381,648		NorthStar Realty Finance Corp		2,065
	535,190	e	Norwegian Property ASA		835
	187,935		NRDC Acquisition Corp		2,263
	1,225	e	NTT Urban Development Corp		1,003
	470,155		Omega Healthcare Investors, Inc		9,996
	65,924		One Liberty Properties, Inc		1,206
	411	*	Orix JREIT, Inc		1,921
	1,634,000		Pacific Century Premium Developments Ltd		384
	16,872,000	*	Pakuwon Jati Tbk PT		378
	825,654	*	Palm Hills Developments SAE		240
	140,920		Paramount Corp BHD		74
	585,000		Parkway Life Real Estate Investment Trust		837
	89,686		Parkway Properties, Inc		940
	1,062,115		Parque Arauco S.A		2,152
	358,802	*	Parsvnath Developers Ltd		396
	37,994	*	Patrizia Immobilien AG.		253
	369,637		PAZ Corp S.A.		218
	196,921		Pebblebrook Hotel Trust		4,446
	229,778		Pennsylvania Real Estate Investment Trust		3,509
	202,484		Pennymac Mortgage Investment Trust		3,780
	1,114,000		Perennial China Retail Trust		461
	560,995		Phoenix Mills Ltd		2,310
	282,790	e	Piedmont Office Realty Trust, Inc		5,020
	815,080	*,e	Pirelli & C Real Estate S.p.A.		165
	366,954		Plum Creek Timber Co, Inc		15,251

125

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,077,000	e	Poly Hong Kong Investment Ltd	$	1,433
	7,091,160		Polytec Asset Holdings Ltd		785
	225,786		Post Properties, Inc		10,580
	376,680		Potlatch Corp		11,805
	952,000		Powerlong Real Estate Holdings Ltd		172
	539	*	Premier Investment Co		2,171
	1,331,880		Prestige Estates Projects Ltd		2,624
	1,936,400		Preuksa Real Estate PCL (Foreign)		948
	63,916		Primaris Retail Real Estate Investment Trust		1,387
	140,736		Primary Health Properties plc		713
	48,165	*	Prime Office REIT-AG.		287
	588,600		Prince Housing & Development Corp		445
	1,679		Property & Building Corp		68
	2,339,000		Prosperity REIT		548
	132,618		PS Business Parks, Inc		8,692
	87,189		PSP Swiss Property AG.		7,745
	8,067,500	*	PT Agung Podomoro Land Tbk		309
	27,259,000		PT Alam Sutera Realty Tbk		1,847
	61,632,500		PT Bakrieland Development Tbk		829
	10,609,000		PT Ciputra Development Tbk		838
	4,321,000		PT Ciputra Property Tbk		345
	9,451,500	*	PT Intiland Development Tbk		332
	41,056,000	*	PT Kawasan Industri Jababeka Tbk		875
	42,021,913		PT Lippo Karawaci Tbk		3,677
	26,270,500	*	PT Sentul City Tbk		719
	8,361,000		PT Summarecon Agung Tbk		1,440
	655,823		Public Storage, Inc		90,615
	2,003,815	f	Puravankara Projects Ltd (purchased 01/21/08, cost $7,383)		2,680
	11,151,800		Quality House PCL		650
	758,306	*	Quintain Estates & Development plc		467
	284,533		Radium Life Tech Co Ltd		232
	158,934		RAIT Investment Trust		790
	224,406		Ramco-Gershenson Properties		2,742
	918,088		Raven Russia Ltd		943
	758,858		Rayonier, Inc		33,458
	91,859	*	Realia Business S.A.		115
	209,425		Realty Income Corp		8,111
	3,064,590		Redefine Income Fund Ltd		3,189
	311,440		Redwood Trust, Inc		3,488
	29,649,000		Regal Real Estate Investment Trust		7,489
	318,419		Regency Centers Corp		14,163
	13,100		Relo Holdings, Inc		384
	18,058,500	e	Renhe Commercial Holdings Co Ltd		1,257
	379,699		Resilient Property Income Fund Ltd		1,914
	276,066		Resource Capital Corp		1,488
	1,784,000		Richfield Group Holdings Ltd		87
	456,876		RioCan Real Estate Investment Trust		12,381
	104,834		RLJ Lodging Trust		1,953
	2,842,300		Robinsons Land Corp		1,094
	99,515	*	Rouse Properties, Inc		1,347
	586,973		Ruentex Development Co Ltd		867
	2,611,288		S.A. Corporate Real Estate Fund		1,100
	1,268,000		Sabana Shari’ah Compliant Industrial REIT		964
	332,871		Sabra Healthcare REIT, Inc		5,472
	11,637		Sankei Building Co Ltd		103
	25,461,932		Sansiri PCL		1,615

126

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	50,276		Saul Centers, Inc	$	2,029
	259,035		Savills plc		1,565
	166,970		SC Global Developments Ltd		142
	266,301		Segro plc		1,001
	580,176		Senior Housing Properties Trust		12,793
	617,545		Shaftesbury plc		4,865
	542,840		Shanghai Jinqiao Export Processing Zone Development Co Ltd		355
	72,000		Shanghai Lujiazui Finance & Trade Zone Development Co Ltd		66
	21,738,000	e	Shanghai Real Estate Ltd		1,094
	650,000		Shanghai Zendai Property Ltd		12
	4,328,000	e	Shenzhen Investment Ltd		943
	4,370,500	e	Shimao Property Holdings Ltd		4,673
	693,450	*	Shining Building Business Co Ltd		645
	138,300	e	Shoei Co Ltd		568
	7,438,305	e	Shui On Land Ltd		3,008
	3,074,000		Silver Grant International		662
	1,696,427		Simon Property Group, Inc		247,135
	14,000		Singapore Land Ltd		67
	2,047,984	e	Sino Land Co		3,284
	2,132,000	*	Sinolink Worldwide Holdings Ltd		176
	7,354,729	e	Sino-Ocean Land Holdings Ltd		3,493
	2,065,346		Sinpas Gayrimenkul Yatirim Ortakligi AS		1,569
	677,800		Sinyi Realty Co		1,085
	66,083		Six of October Development & Investment		182
	511,832		SL Green Realty Corp		39,693
	2,464,662		SM Development Corp		392
	6,715,452		SM Prime Holdings		2,643
	706,270		Sobha Developers Ltd		4,614
	12,896		Societe de la Tour Eiffel		749
	14,383	e	Societe Immobiliere de Location pour l’Industrie et le Commerce		1,587
	4,225,500	e	Soho China Ltd		3,068
	36,000		Sonae Sierra Brasil S.A.		570
	598,571	*,e	Songbird Estates plc		1,091
	98,000		Soundwill Holdings Ltd		138
	122,999		Sovran Self Storage, Inc		6,129
	105,244	*,e	Sparkassen Immobilien AG.		631
	3,114,929		SPG Land Holdings Ltd		627
	538,218		Sponda Oyj		2,218
	329,661		ST Modwen Properties plc		975
	106,805	*,e	St. Joe Co		2,030
	62,847		STAG Industrial, Inc		877
	597,036		Starwood Property Trust, Inc		12,550
	3,688,604		Stockland Trust Group		11,247
	720,360	*	Strategic Hotels & Resorts, Inc		4,740
	23,870		Sumitomo Real Estate Sales Co Ltd		1,122
	1,040,222	e	Sumitomo Realty & Development Co Ltd		25,331
	107,243		Summit Hotel Properties, Inc		813
	103,299		Sun Communities, Inc		4,476
	2,944,587	e	Sun Hung Kai Properties Ltd		36,640
	1,321,000	*	Sunac China Holdings Ltd		392
	2,604,190		Sunlight Real Estate Investment Trust		802
	640,256	*	Sunstone Hotel Investors, Inc		6,236
	2,913,000		Suntec Real Estate Investment Trust		2,898
	1,704,952		Sunteck Realty Ltd		12,712
	1,014,794	*	Sunway BHD		872
	1,731,100		Sunway Real Estate Investment		707

127

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,637,700		Supalai PCL	$	2,348
	1,608,114	e	Swire Pacific Ltd (Class A)		18,025
	380,690	*	Swire Properties Ltd		946
	88,111		Swiss Prime Site AG.		7,322
	116,139		Sycom Property Fund		382
	1,256,600		TA Global BHD		119
	72,555	*,e	TAG Tegernsee Immobilien und Beteiligungs AG.		676
	391,741	*	Taiwan Land Development Corp		164
	1,171,148	*	Talaat Moustafa Group		802
	420,394		Tanger Factory Outlet Centers, Inc		12,498
	594,784		Taubman Centers, Inc		43,390
	126,602		Technopolis plc		670
	55,143	*	Tejon Ranch Co		1,579
	42,922		Terreno Realty Corp		614
	745,000	e	Thomas Properties Group, Inc		3,420
	1,316,800		Ticon Industrial Connection PCL		556
	106,800		TOC Co Ltd		603
	28,400		Toho Real Estate Co Ltd		181
	1,358,982	*	Tokyo Tatemono Co Ltd		5,563
	2,904,329		Tokyu Land Corp		14,330
	28,000		Tokyu Livable, Inc		292
	297	*,e	Tokyu REIT, Inc		1,573
	148,000		Tomson Group Ltd		33
	951		Top REIT Inc		5,514
	218,242		Torunlar Gayrimenkul Yatirim Ortakligi AS		659
	9,077		Tosei Corp		3,618
	942,200		Two Harbors Investment Corp		9,554
	842,085		UDR, Inc		22,492
	924,130	*	UEM Land Holdings BHD		677
	45,876		UMH Properties, Inc		503
	34,383		Unibail		6,879
	387,956		Unite Group plc		1,222
	7,038,878	*	Unitech Corporate Parks plc		3,603
	21,899,425		Unitech Ltd		12,339
	1,034,637		United Overseas Land Ltd		3,902
	6,069	*	United Urban Investment Corp		6,940
	61,259		Universal Health Realty Income Trust		2,428
	456,300	*	UOA Development BHD		209
	91,014		Urstadt Biddle Properties, Inc (Class A)		1,797
	25,284		Vastned Retail NV		1,328
	1,162,380		Ventas, Inc		66,372
	7,557,000		Vista Land & Lifescapes, Inc		678
	639,121		Vornado Realty Trust		53,814
	182,555		Vukile Property Fund Ltd		363
	117,890		Wallenstam Byggnads AB (B Shares)		1,146
	21,911		Warehouses De Pauw SCA		1,170
	266,005		Washington Real Estate Investment Trust		7,900
	192,818		Weingarten Realty Investors		5,096
	2,332		Wereldhave Belgium NV		218
	29,839		Wereldhave NV		2,369
	6,815,962		Westfield Group		62,490
	6,371,078		Westfield Retail Trust		17,065
	2,920,823		Weyerhaeuser Co		64,024
	4,476,413	e	Wharf Holdings Ltd		24,409
	1,106,763		Wheelock & Co Ltd		3,348
	413,097	e	Wheelock Properties S Ltd		621

128

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	27,832		Whitestone REIT	$	363
	85,638	e	Wihlborgs Fastigheter AB		1,210
	720,267		Wing Tai Holdings Ltd		735
	99,012		Winthrop Realty Trust		1,148
	234,615		Workspace Group plc		883
	2,257,000	e	Yanlord Land Group Ltd		2,272
	1,197,000	*	Ying Li International Real Estate Ltd		343
	13,059		YNH Property BHD		8
	1,133,600	*	YTL Land & Development BHD		386
	538,000		Yuzhou Properties Co		119
	4,410,800	*	Zhong An Real Estate Ltd		557
	550,000	*	Zhuguang Holdings Group Co Ltd		58
	56,590	*	Zueblin Immobilien Holding AG.		158
			TOTAL REAL ESTATE		3,472,905
RETAILING - 3.8%
	164,729	*,e	1-800-FLOWERS.COM, Inc (Class A)		499
	215,573	e	Aaron’s, Inc		5,583
	3,401	e	ABC-Mart, Inc		128
	309,347	e	Abercrombie & Fitch Co (Class A)		15,347
	374,500		Advance Auto Parts, Inc		33,170
	396,984	*	Aeropostale, Inc		8,583
	46,100		Alpen Co Ltd		922
	1,544,507	*	Amazon.com, Inc		312,778
	3,184,747		American Eagle Outfitters, Inc		54,746
	33,470	*	America’s Car-Mart, Inc		1,472
	276,204	*	Ann Taylor Stores Corp		7,911
	50,200		AOKI Holdings, Inc		947
	137,441		Aoyama Trading Co Ltd		2,924
	95,746		ARB Corp Ltd		913
	35,800		Arc Land Sakamoto Co Ltd		679
	17,200	e	Asahi Co Ltd		310
	114,335	*,e	Asbury Automotive Group, Inc		3,087
	26,400	e	ASKUL Corp		465
	262,650	*,e	ASOS plc		7,497
	76,634	*	Audiovox Corp (Class A)		1,039
	274,000		Aurora Corp		485
	59,131		Autobacs Seven Co Ltd		2,853
	224,583		Automotive Holdings Group		555
	106,182	*,e	Autonation, Inc		3,643
	176,226	*	Autozone, Inc		65,521
	90,900		B2W Companhia Global Do Varejo		413
	113,214	*,e	Barnes & Noble, Inc		1,500
	50,661		BasicNet S.p.A		147
	266,016	e	Bebe Stores, Inc		2,455
	1,869,460	*	Bed Bath & Beyond, Inc		122,954
	6,350,600	e	Belle International Holdings Ltd		11,429
	31,300		Belluna Co Ltd		255
	2,151,398		Best Buy Co, Inc		50,945
	66,000	*	Best Denki Co Ltd		163
	37,787		Beter BED Holding NV		852
	804	e	BIC CAMERA, Inc		427
	96,646		Big 5 Sporting Goods Corp		758
	421,806	*	Big Lots, Inc		18,146
	66,273		Bilia AB (A Shares)		1,309
	47,166	*,e	Blue Nile, Inc		1,556

129

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	95,171	*	Body Central Corp	$	2,762
	3,182,000	e	Bonjour Holdings Ltd		471
	64,842	e	Bon-Ton Stores, Inc		599
	1,287,000	e	Boshiwa International Holding		278
	4,465	*	Boyner Buyuk Magazacilik		8
	178,852	e	Brown Shoe Co, Inc		1,651
	107,864	e	Buckle, Inc		5,167
	52,597	*,e	Build-A-Bear Workshop, Inc		276
	90,682		Byggmax Group AB		582
	169,658	*,e	Cabela’s, Inc		6,472
	124,182		Canadian Tire Corp Ltd		8,025
	133,906		Canon Marketing Japan, Inc		1,727
	369,670	*	Carmax, Inc		12,809
	42,504	e	Carpetright plc		466
	10,585		Cashbuild Ltd		174
	168,640	*	Casual Male Retail Group, Inc		567
	110,131	e	Cato Corp (Class A)		3,044
	71,294	*	CDON Group AB		609
	66,675	e	CFAO S.A.		2,866
	21,270		Charles Voegele Holding AG.		463
	509,004	*,e	Charming Shoppes, Inc		3,003
	573,606	e	Chico’s FAS, Inc		8,661
	157,842	*	Children’s Place Retail Stores, Inc		8,156
	1,249,000	*,e	China ZhengTong Auto Services Holdings Ltd		1,255
	94,100	e	Chiyoda Co Ltd		1,890
	375,000	e	Chow Sang Sang Holding		969
	147,531		Christopher & Banks Corp		274
	198,200		Cia Hering		5,119
	59,474	*,e	Citi Trends, Inc		682
	3,813		CJ O Shopping Co Ltd		874
	49,700	e	Clas Ohlson AB (B Shares)		787
	707,751		Clicks Group Ltd		4,132
	312,554	*,e	Coldwater Creek, Inc		363
	281,292	*,e	Collective Brands, Inc		5,530
	145,018	*,e	Conn’s, Inc		2,226
	56,890		Core-Mark Holding Co, Inc		2,329
	79,530	*,e	Cost Plus, Inc		1,424
	730,000	e	Dah Chong Hong Holdings Ltd		775
	112,300	*,e	Daiei, Inc		366
	689,705	e	David Jones Ltd		1,732
	347,600		DCM Japan Holdings Co Ltd		2,761
	5,779,443		Debenhams plc		7,472
	37,103		Delek Automotive Systems Ltd		305
	16,274		Delticom AG.		1,734
	45,422		Destination Maternity Corp		844
	346,008		Dick’s Sporting Goods, Inc		16,636
	10,224,735		Dickson Concepts International Ltd		5,632
	30,350		D’ieteren S.A.		1,414
	74,808	e	Dillard’s, Inc (Class A)		4,714
	70,073	*	Dogus Otomotiv Servis ve Ticaret AS		203
	816,963	*	Dollar General Corp		37,744
	592,936	*	Dollar Tree, Inc		56,027
	154,417		Dollarama, Inc		7,202
	61,500		Don Quijote Co Ltd		2,239
	11,300		Doshisha Co Ltd		325
	29,936	e	Douglas Holding AG.		1,334

130

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	16,541,832	*,e	DSG International plc	$	4,937
	288,193		DSW, Inc (Class A)		15,784
	26,965	*	Dufry Group		3,524
	137,474		Dunelm Group plc		1,141
	95,483	e	EDION Corp		673
	156,600		El Puerto de Liverpool SAB de C.V.		1,288
	326,000		E-LIFE MALL Corp		697
	4,030,000	e	Emperor Watch & Jewellery Ltd		638
	431,675		Empresas Hites S.A.		358
	277,791		Empresas La Polar S.A.		181
	2,110,203	e	Esprit Holdings Ltd		4,261
	3,912	*	Etam Developpement S.A.		74
	722,269	e	Expedia, Inc		24,153
	311,771		Express Parent LLC		7,788
	318,481	e	Family Dollar Stores, Inc		20,153
	1,260,468		Far Eastern Department Stores Co Ltd		1,618
	61,089		Fast Retailing Co Ltd		14,016
	249,451		Finish Line, Inc (Class A)		5,293
	2,106,805		Foot Locker, Inc		65,416
	312,659		Foschini Ltd		5,047
	54,239		Fourlis Holdings S.A.		100
	97,100	*,e	Francesca’s Holdings Corp		3,069
	148,668	e	Fred’s, Inc (Class A)		2,172
	24,400	e	Fuji Co Ltd		545
	3,250,000	b,e	Game Group plc		52
	1,524,473	e	GameStop Corp (Class A)		33,295
	619,417	e	Gap, Inc		16,192
	93,586	*	Genesco, Inc		6,705
	723,403		Genuine Parts Co		45,394
	799	e	Geo Corp		945
	3,676,377		Giordano International Ltd		2,825
	339,359		GNC Holdings, Inc		11,840
	1,310,900	e	Golden Eagle Retail Group Ltd		3,358
	464,000		Goldlion Holdings Ltd		194
	21,600		Golf & Co Ltd		82
	16,908,408	e	GOME Electrical Appliances Holdings Ltd		3,484
	22,926	*,e	Gordmans Stores, Inc		504
	110,597	e	Group 1 Automotive, Inc		6,212
	107,700	*,e	Groupon, Inc		1,979
	165,100	e	Grupo Elektra S.A. de C.V.		15,559
	316,500	*,e	Grupo Famsa SAB de C.V.		257
	9,488		GS Home Shopping, Inc		943
	110,539		Guess?, Inc		3,454
	15,840	e	Gulliver International Co Ltd		626
	1,048		GwangjuShinsegae Co Ltd		189
	93,500		Hai-O Enterprise BHD		67
	279,278		Halfords Group plc		1,388
	124,825	e	Hankyu Department Stores, Inc		1,086
	813,017	e	Harvey Norman Holdings Ltd		1,695
	80,526		Haverty Furniture Cos, Inc		894
	38,588	*	Hellenic Duty Free Shops S.A.		402
	3,576,700	e	Hengdeli Holdings Ltd		1,519
	1,213,949	e	Hennes & Mauritz AB (B Shares)		43,883
	76,957	*,e	HHgregg, Inc		876
	107,856	*	Hibbett Sports, Inc		5,884
	27,401		Hikari Tsushin, Inc		809

131

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	6,059,738		Home Depot, Inc	$	304,865
	4,737,123		Home Product Center PCL		2,135
	1,084,145		Home Retail Group		1,978
	16,226	*,e	HomeAway, Inc		412
	20,620	e	Honeys Co Ltd		382
	293,618	e	Hot Topic, Inc		2,980
	614,000		Hotai Motor Co Ltd		4,973
	162,532		HSN, Inc		6,181
	32,030		Hyundai Department Store Co Ltd		4,923
	39,640		Hyundai H&S Co Ltd		531
	8,582		Hyundai Home Shopping Network Corp		1,019
	463,179		Imperial Holdings Ltd		9,385
	1,081,054	e	Inchcape plc		6,504
	282,741		Inditex S.A.		27,058
	14,492	*	Interpark Corp		73
	1,911,500	e	Intime Department Store Group Co Ltd		2,394
	281,387	e	Isetan Mitsukoshi Holdings Ltd		3,323
	578,000	e	IT Ltd		337
	74,800		Izumi Co Ltd		1,414
	375,466		J Front Retailing Co Ltd		2,108
	42,687		Jardine Cycle & Carriage Ltd		1,642
	132,204	e	JB Hi-Fi Ltd		1,502
	1,105,596	e	JC Penney Co, Inc		39,171
	351,715		JD Group Ltd		2,270
	76,508		John Menzies plc		734
	108,650	*	JOS A Bank Clothiers, Inc		5,477
	62,000		Joshin Denki Co Ltd		613
	203,234		JUMBO S.A.		993
	253,486	e	KappAhl Holding AB		268
	66,187	e	Keiyo Co Ltd		416
	733,322		Kesa Electricals plc		821
	5,852,032	e	Kingfisher plc		28,712
	142,492	*,e	Kirkland’s, Inc		2,306
	849,807		Kohl’s Corp		42,516
	27,400	e	Kohnan Shoji Co Ltd		435
	26,200	e	Kojima Co Ltd		156
	55,600	e	Komeri Co Ltd		1,589
	60,863	e	K’s Holdings Corp		1,965
	844,750	e	L’ Occitane International S.A.		2,003
	13,195		LES Enphants Co Ltd		16
	295,104		Lewis Group Ltd		2,934
	21,479,077	e	Li & Fung Ltd		49,156
	1,916,322	*	Liberty Media Holding Corp (Interactive A)		36,583
	1,797,002		Lifestyle International Holdings Ltd		4,578
	1,655,483		Limited Brands, Inc		79,463
	83,285	e	Lithia Motors, Inc (Class A)		2,182
	589,297	*	LKQ Corp		18,368
	426,914		Lojas Americanas S.A.		4,023
	168,249		Lojas Renner S.A.		5,779
	501,440		Lookers plc		501
	29,790		Lotte Midopa Co Ltd		390
	19,966		Lotte Shopping Co Ltd		6,256
	5,478,902	e	Lowe’s Companies, Inc		171,928
	894,000	e	Luk Fook Holdings International Ltd		2,715
	87,690	*,e	Lumber Liquidators, Inc		2,202
	3,579,489		Macy’s, Inc		142,213

132

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	133,000	*	Magazine Luiza S.A.	$	871
	87,520	*,e	MarineMax, Inc		720
	1,307,609	e	Marks & Spencer Group plc		7,925
	1,116,097	e	Marui Co Ltd		9,357
	37,800	*,e	Matsuya Co Ltd		340
	16,329	*,e	Mattress Firm Holding Corp		619
	39,700		Megane TOP Co Ltd		454
	47,030		Mekonomen AB		1,511
	238,227		Men’s Wearhouse, Inc		9,236
	1,124,004		Mercuries & Associates Ltd		1,183
	877,157	*	MFI Furniture plc		1,745
	482	*	Midas, Inc		6
	44,325		Mobilezone Holding AG.		503
	121,965		Monro Muffler, Inc		5,060
	104,217	e	Mothercare plc		276
	569,246		Mr Price Group Ltd		7,010
	5,333,505	e	Myer Holdings Ltd		12,977
	217,333		N Brown Group plc		806
	13,000		Nafco Co Ltd		228
	341,000		National Petroleum Co Ltd		417
	52,771	*	NET Holding AS		48
	186,644	*,e	NetFlix, Inc		21,471
	1,755,075		New Carphone Warehouse plc		4,216
	1,033,000	e	New World Department Store China Ltd		669
	91,931	*	New York & Co, Inc		343
	438,680		Next plc		20,915
	24,143		NFI Empik Media & Fasion S.A.		77
	94,000		Nice Holdings, Inc		293
	77,100	e	Nishimatsuya Chain Co Ltd		631
	40,500		Nissen Holdings Co Ltd		218
	4,777		Nitori Co Ltd		432
	658,297		Nordstrom, Inc		36,680
	129,412	e	Nutri/System, Inc		1,453
	1,906,238	*,e	Ocado Ltd		3,483
	1,066,211	*	Office Depot, Inc		3,678
	1,392,776	*	OfficeMax, Inc		7,967
	148,499	*,e	Orbitz Worldwide, Inc		453
	4,537	*	Orchard Supply Hardware Stores Corp		94
	569,450	*	O’Reilly Automotive, Inc		52,019
	526,000	e	Oriental Watch Holdings		224
	24,371		OrotonGroup Ltd		211
	331,000	e	OSIM International Ltd		334
	12,100		Otsuka Kagu Ltd		131
	53,142	*,e	Overstock.com, Inc		278
	2,640,077		Pacific Brands Ltd		1,668
	259,136	*,e	Pacific Sunwear Of California, Inc		456
	5,950		Pal Co Ltd		225
	69,800		Paltac Corp		1,006
	150,000		Pantaloon Retail India Ltd		450
	112,982	e	Parco Co Ltd		1,094
	36,800		Paris Miki, Inc		257
	555,660		Parkson Holdings BHD		974
	1,965,000	e	Parkson Retail Group Ltd		2,255
	4,488,000	e	PCD Stores Ltd		637
	1,765,064	*	Pendragon plc		381
	178,363	e	Penske Auto Group, Inc		4,393

133

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	210,812		PEP Boys - Manny Moe & Jack	$	3,145
	81,167	e	PetMed Express, Inc		1,005
	648,308		Petsmart, Inc		37,096
	516,283	*	Pier 1 Imports, Inc		9,386
	20,270		Point, Inc		748
	2,118,000	*	Pou Sheng International Holdings Ltd		268
	45,347		PPR		7,802
	80,287	e	Praktiker Bau- und Heimwerkermaerkte AG.		197
	129,816		Premier Investments Ltd		754
	201,252	*	Priceline.com, Inc		144,398
	614,500		PT ACE Hardware Indonesia Tbk		299
	198,500	*	PT Indomobil Sukses Internasional Tbk		328
	459,500		PT Mitra Adiperkasa Tbk		319
	3,330,500		PT Ramayana Lestari Sentosa Tbk		286
	375,652	e	RadioShack Corp		2,337
	6,966	*,e	Rakuten, Inc		7,302
	65,637		Reitmans Canada Ltd		1,003
	26,076	e	Reject Shop Ltd		327
	228,022		Rent-A-Center, Inc		8,608
	694,400		Robinson Department Store PCL		1,153
	357,600		Robinson Department Store PCL (ADR)		594
	183,763		RONA, Inc		1,730
	1,613,477		Ross Stores, Inc		93,743
	57,089	*,e	Rue21, Inc		1,675
	54,500		Ryohin Keikaku Co Ltd		2,823
	1,352,000	e	SA SA International Holdings Ltd		785
	552,582		SACI Falabella		5,334
	517,364	*,e	Saks, Inc		6,007
	935,316	*,e	Sally Beauty Holdings, Inc		23,196
	394,400	e	Sanrio Co Ltd		15,403
	61,228	*,e	Sears Holdings Corp		4,056
	304,234	*	Select Comfort Corp		9,854
	71,600		Senshukai Co Ltd		506
	25,250	*	Seobu Truck Terminal Co Ltd		497
	59,900	e	Shimachu Co Ltd		1,414
	24,045		Shimamura Co Ltd		2,700
	16,600	e	Shimojima Co Ltd		220
	10,237		Shinsegae Co Ltd		2,159
	1,071		Shinsegae International Co Ltd		99
	1,442,000		Shirble Department Stores		134
	35,617	*,e	Shoe Carnival, Inc		1,148
	116,523	*,e	Shutterfly, Inc		3,651
	980,000		Sichuan Xinhua Winshare Chainstore Co Ltd		518
	1,863,866		Signet Jewelers Ltd		88,124
	577,000	e	Silver base Group Holdings Ltd		401
	207,500	e	Sonic Automotive, Inc (Class A)		3,716
	17,994	*,e	Sourceforge, Inc		260
	4,224,000	e	Sparkle Roll Group Ltd		381
	417,190	*	Sports Direct International plc		1,926
	161,403	e	Stage Stores, Inc		2,621
	4,605,804		Staples, Inc		74,522
	65,900	e	Start Today Co Ltd		1,217
	427,982	e	Statoil Fuel & Retail ASA		2,727
	143,058		Stein Mart, Inc		944
	41,674	e	Stockmann Oyj Abp (B Share)		898
	372,001	e	Super Cheap Auto Group Ltd		2,941

134

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	484,551	*	Super Group Ltd	$	870
	35,840	*,e	SuperGroup plc		353
	50,539	*	Systemax, Inc		852
	1,924,795	e	Takashimaya Co Ltd		16,071
	36,569		Takihyo Co Ltd		204
	55,005		Takkt AG.		851
	295,016	*,e	Talbots, Inc		894
	6,182,136		Target Corp		360,233
	27,900	*,e	Teavana Holdings, Inc		550
	181	e	Telepark Corp		302
	7,064,605		Test-Rite International Co		4,883
	405,153		Tiffany & Co		28,008
	5,003,502		TJX Companies, Inc		198,689
	19,706	*	Tom Tailor Holding AG.		351
	431,251		Tractor Supply Co		39,054
	1,143		Trent Ltd		21
	433,048	*,e	TripAdvisor, Inc		15,447
	703,545		Truworths International Ltd		7,417
	198,000		Tsann Kuen Enterprise Co Ltd		474
	175,603		Tsutsumi Jewelry Co Ltd		4,674
	179,835	*	Tuesday Morning Corp		691
	247,513		Ulta Salon Cosmetics & Fragrance, Inc		22,992
	1,162,199		United Arrows Ltd		24,382
	825,097	*	Urban Outfitters, Inc		24,019
	54,490	*,e	US Auto Parts Network, Inc		197
	55,975		USS Co Ltd		5,693
	3,749		Valora Holding AG.		858
	164,367	*,e	Valuevision International, Inc (Class A)		340
	104,394	*	Vitamin Shoppe, Inc		4,615
	158,765		Warehouse Group Ltd		363
	85,840	*	West Marine, Inc		1,028
	471,193	*,e	Wet Seal, Inc (Class A)		1,626
	404,885		WH Smith plc		3,529
	175,700		Williams-Sonoma, Inc		6,585
	8,018	e	Winmark Corp		465
	1,743,634		Woolworths Holdings Ltd		10,957
	137,041	e	Wotif.com Holdings Ltd		653
	85,600		Xebio Co Ltd		2,285
	130,266	e	Yamada Denki Co Ltd		8,181
	21,500		Yellow Hat Ltd		357
	105,380	*,e	Yoox S.p.A		1,673
	118,615	*,e	Zale Corp		367
	347,000	e	Zhongsheng Group Holdings Ltd		690
	3,016	*	zooplus AG.		167
	84,366	*,e	Zumiez, Inc		3,046
			TOTAL RETAILING		4,055,884
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.5%
	195,387	*,e	Advanced Energy Industries, Inc		2,563
	1,655,946	*	Advanced Micro Devices, Inc		13,281
	14,551,016		Advanced Semiconductor Engineering, Inc		14,767
	83,293		Advanced Wireless Semiconductor Co		84
	1,486,212	e	Advantest Corp		23,716
	128,831	e	Aixtron AG.		2,227
	139,000		Alcor Micro Corp		240
	544,000		ALI Corp		885

135

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	86,538	*,e	Alpha & Omega Semiconductor Lt	$	832
	1,014,571		Altera Corp		40,400
	26,422	*	Aminologics Co Ltd		76
	477,405	*,e	Amkor Technology, Inc		2,934
	41,629	*,e	Amtech Systems, Inc		347
	248,831	*,e	Anadigics, Inc		590
	1,177,732	e	Analog Devices, Inc		47,580
	3,631,859		Applied Materials, Inc		45,180
	241,277	*,e	Applied Micro Circuits Corp		1,674
	180,788		Ardentec Corp		140
	1,910,416	e	ARM Holdings plc		18,024
	10,331	*	Asia Pacific Systems, Inc		119
	126,731	e	ASM International NV		4,879
	501,262	e	ASM Pacific Technology		7,341
	819,857		ASML Holding NV		41,076
	1,278,417	*	Atmel Corp		12,605
	157,463	*	ATMI, Inc		3,669
	50,764	*	Atto Co Ltd		374
	230,450		AUK Corp		647
	22,793		Austriamicrosystems AG.		1,625
	2,899,852		Avago Technologies Ltd		113,007
	476,179	*	Axcelis Technologies, Inc		819
	5,100	e	Axell Corp		121
	144,480	*,e	AXT, Inc		917
	54,725		BE Semiconductor Industries NV		416
	382,000		Bright Led Electronics Corp		309
	1,802,768		Broadcom Corp (Class A)		70,849
	364,069		Brooks Automation, Inc		4,489
	142,860		Cabot Microelectronics Corp		5,554
	48,309		Capella Microsystems Taiwan, Inc		247
	319,074	*,e	Cavium Networks, Inc		9,872
	70,328	e	Centrotherm Photovoltaics AG.		923
	93,172	*,e	Ceva, Inc		2,116
	11,538	*,e,m	China Energy Savings Technology, Inc		0	^
	1,148,000		Chipbond Technology Corp		1,493
	376,160	*,e	Cirrus Logic, Inc		8,953
	127,162	e	Cohu, Inc		1,446
	1,436,000		Comtec Solar Systems Group Ltd		211
	299,760	*,e	Cree, Inc		9,481
	444,056		CSR plc		1,631
	140,391	*	Cymer, Inc		7,020
	731,361		Cypress Semiconductor Corp		11,431
	322,616	e	Dainippon Screen Manufacturing Co Ltd		2,930
	115,874		DelSolar Co Ltd		79
	105,209	*,e	Dialog Semiconductor plc		2,567
	143,947	*	Diodes, Inc		3,337
	37,372	e	Disco Corp		2,081
	97,878	*	DSP Group, Inc		652
	20,897	*	Duksan Hi-Metal Co Ltd		431
	111,864		Edison Opto Corp		234
	846,000		Elan Microelectronics Corp		1,092
	11,000		Elite Advanced Laser Corp		19
	252,000		Elite Semiconductor Memory Technology, Inc		237
	12,506		ELK Corp		142
	26,414		Elmos Semiconductor AG.		303
	155,100	*,b,m	Elpida Memory, Inc		2

136

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	209,571		eMemory Technology, Inc	$	541
	767,250	*	Entegris, Inc		7,166
	334,522	*,e	Entropic Communications, Inc		1,950
	8,127		Eo Technics Co Ltd		185
	192,000	*	Episil Technologies, Inc		73
	963,578		Epistar Corp		2,465
	292,000	*	E-Ton Solar Tech Co Ltd		152
	859,997		Etron Technology, Inc		293
	11,667		Eugene Technology Co Ltd		388
	164,960	*	Exar Corp		1,386
	341,144	*	Fairchild Semiconductor International, Inc		5,015
	339,101		Faraday Technology Corp		540
	58,100		Ferrotec		606
	159,173	*,e	First Solar, Inc		3,987
	1,472,000		Forhouse Corp		964
	185,210	*,e	Formfactor, Inc		1,033
	353,000		Formosa Advanced Technologies Co Ltd		377
	262,000		Formosa Epitaxy, Inc		246
	1,281,622	*,e	Freescale Semiconductor Holdings Ltd		19,724
	146,553	*	FSI International, Inc		717
	3,000	e	Furuya Metal Co Ltd		131
	10,236,000	e	GCL Poly Energy Holdings Ltd		2,846
	23,213	*	GemVax & Kael Co Ltd		799
	249,910	*	Genesis Photonics, Inc		346
	26,150		Giga Solar Materials Corp		261
	248,850		Gintech Energy Corp		279
	172,000		Global Mixed Mode Technology, Inc		665
	117,000		Global Unichip Corp		443
	433,000		Greatek Electronics, Inc		367
	169,606		Green Energy Technology, Inc		205
	90,827	*,e	GSI Technology, Inc		385
	582,050	*,e	GT Solar International, Inc		4,814
	780,600		Hana Microelectronics PCL		554
	10,654		Hana Micron, Inc		102
	32,950		Hanmi Semiconductor Co Ltd		175
	8,940		Hansol LCD, Inc		192
	134,637		Harvatek Corp		93
	2,992,000	*	Heng Xin China Holdings Ltd		259
	139,605	*	Hittite Microwave Corp		7,582
	458,000		Holtek Semiconductor, Inc		554
	225,862		Huga Optotech, Inc		116
	1,082,340		Hynix Semiconductor, Inc		27,989
	4,668	*	ICD Co Ltd		117
	24,010		Iljin Display Co Ltd		257
	2,888,271	*	Imagination Technologies Group plc		31,598
	1,667,446		Infineon Technologies AG.		17,042
	1,752,377	*	Inotera Memories, Inc		524
	85,438	*,e	Inphi Corp		1,212
	635,371	*	Integrated Device Technology, Inc		4,543
	42,000	*	Integrated Memory Logic Ltd		152
	120,897	*	Integrated Silicon Solution, Inc		1,349
	23,383,337		Intel Corp		657,306
	31,400	*,e	Intermolecular, Inc		195
	185,280	*	International Rectifier Corp		4,274
	336,847		Intersil Corp (Class A)		3,773
	635,648	*	IQE plc		297

137

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	161,000		ITE Technology, Inc	$	152
	110,632	*	IXYS Corp		1,460
	31,816	*	Jusung Engineering Co Ltd		273
	20,841		KC Tech Co Ltd		96
	1,857,000		King Yuan Electronics Co Ltd		703
	319,669		Kinsus Interconnect Technology Corp		1,028
	1,279,560		Kla-Tencor Corp		69,634
	3,161		Koh Young Technology, Inc		75
	119,399		Kontron AG.		997
	268,413	*	Kopin Corp		1,092
	462,227	*,e	Kulicke & Soffa Industries, Inc		5,745
	1,152,169	*,e	Lam Research Corp		51,410
	742,201	*	Lattice Semiconductor Corp		4,772
	292,726		Lextar Electronics Corp		334
	640,856		Linear Technology Corp		21,597
	142,000		Lingsen Precision Industries Ltd		91
	2,837,629	*	LSI Logic Corp		24,631
	295,677	*,e	LTX-Credence Corp		2,126
	16,088	*	Lumens Co Ltd		92
	19,000		Macroblock, Inc		80
	4,465,640		Macronix International		1,669
	1,557,873	*	Marvell Technology Group Ltd		24,505
	1,659,538		Maxim Integrated Products, Inc		47,446
	68,129	*,e	MaxLinear, Inc		379
	1,379,227		MediaTek, Inc		13,248
	21,800	*,e	Megachips Corp		434
	49,379		Melexis NV		870
	13,057		Melfas, Inc		241
	43,233	*	Mellanox Technologies Ltd		1,782
	607,063	*,e	MEMC Electronic Materials, Inc		2,192
	359,829		Micrel, Inc		3,692
	512,834	e	Microchip Technology, Inc		19,077
	7,611,687	*	Micron Technology, Inc		61,655
	43,259		Micronas Semiconductor Holdings, Inc		488
	344,957	*	Microsemi Corp		7,396
	21,900		Mimasu Semiconductor Industry Co Ltd		210
	132,715	*,e	Mindspeed Technologies, Inc		845
	201,355	*	MIPS Technologies, Inc		1,095
	55,100		Mitsui High-Tec, Inc		330
	286,743		MKS Instruments, Inc		8,468
	129,835	*,e	Monolithic Power Systems, Inc		2,554
	1,271,000	*	Mosel Vitelic, Inc		178
	124,650	*,e	MoSys, Inc		495
	395,026		Motech Industries, Inc		661
	37,000		MPI Corp		93
	677,356		MStar Semiconductor, Inc		4,150
	103,377	*,e	Nanometrics, Inc		1,914
	384,551	*	Nanya Technology Corp		41
	1,098,400	*,e	NEC Electronics Corp		7,705
	345,277		Neo Solar Power Corp		272
	16,406		NEPES Corp		295
	169,803	e	Nordic Semiconductor ASA		600
	854,826		Novatek Microelectronics Corp Ltd		2,612
	198,547	*	Novellus Systems, Inc		9,909
	15,300	e	NPC, Inc		83
	21,573	*,e	NVE Corp		1,143

138

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,664,232	*	Nvidia Corp	$	25,613
	379,144	*,e	Omnivision Technologies, Inc		7,583
	5,162,526	*	ON Semiconductor Corp		46,514
	1,366,000		Opto Technology Corp		672
	897,000	*	Orient Semiconductor Electronics Ltd		140
	50,000		Orise Technology Co Ltd		63
	24,728	*	Osung LST Co Ltd		238
	263,000		Pan Jit International, Inc		135
	120,674	*,e	PDF Solutions, Inc		1,017
	112,125	*,e	Pericom Semiconductor Corp		907
	246,547		Phison Electronics Corp		2,109
	267,487	*,e	Photronics, Inc		1,779
	131,300		Pixart Imaging, Inc		345
	163,167	*	PLX Technology, Inc		656
	624,034	*	PMC - Sierra, Inc		4,512
	113,354		Power Integrations, Inc		4,208
	1,461,401	*	Powerchip Semiconductor Corp		55
	915,725		Powertech Technology, Inc		1,782
	925,000		Radiant Opto-Electronics Corp		4,131
	457,827	*	Rambus, Inc		2,953
	150,890		Raydium Semiconductor Corp		469
	986,467		Realtek Semiconductor Corp		1,808
	1,240,000		Regent Manner International Ltd		373
	660,465	*,e	Renewable Energy Corp AS		391
	2,664,056	*	RF Micro Devices, Inc		13,267
	1,390,661		Richtek Technology Corp		8,632
	142,701		Rohm Co Ltd		7,081
	4,294	*,e	Roth & Rau AG.		97
	75,562	*,e	Rubicon Technology, Inc		788
	157,664	*	Rudolph Technologies, Inc		1,752
	234,496		Samsung Electronics Co Ltd		264,524
	31,991		Samsung Electronics Co Ltd (Preference)		22,491
	3,358		San Chih Semiconductor Co		4
	155,000	e	Sanken Electric Co Ltd		743
	321,000		SDI Corp		314
	26,657,000	*,e	Semiconductor Manufacturing International		1,319
	256,620	*	Semtech Corp		7,303
	35,115		Seoul Semiconductor Co Ltd		737
	42,000	*	Shibaura Mechatronics Corp		128
	90,000		Shindengen Electric Manufacturing Co Ltd		427
	297,000	e	Shinko Electric Industries		2,929
	5,710		Shinsung Holdings Co Ltd		19
	124,472	*,e	Sigma Designs, Inc		645
	36,340	*	Signetics Corp		113
	233,000		Sigurd Microelectronics Corp		193
	158,190	*	Silex Systems Ltd		614
	491,802	*	Silicon Image, Inc		2,892
	1,350,000		Silicon Integrated Systems Corp		538
	111,158	*,e	Silicon Laboratories, Inc		4,780
	10,655		Silicon Works Co Ltd		320
	3,693,031		Siliconware Precision Industries Co		4,497
	98,101		Simm Tech Co Ltd		1,243
	549,750		Sino-American Silicon Products, Inc		961
	4,900,000	*	Sino-Tech International Holdings Ltd		44
	65,000		Sitronix Technology Corp		88
	75,584		Skymedi Corp		192

139

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	974,536	*	Skyworks Solutions, Inc	$	26,946
	148,621	*,e	SOITEC		858
	2,160,000	e	Solargiga Energy Holdings Ltd		211
	155,450		Solartech Energy Corp		178
	119,379	e	Solarworld AG.		377
	401,000		Sonix Technology Co Ltd		664
	186,418	*,e	Spansion, Inc		2,271
	89,431	*	Standard Microsystems Corp		2,314
	674,453		STMicroelectronics NV		5,522
	162,767	*,e	STR Holdings, Inc		788
	37,592		STS Semiconductor & Telecommunications		306
	123,984	*,e	Sumco Corp		1,526
	1,407,000		Sunplus Technology Co Ltd		495
	213,095	*,e	SunPower Corp		1,360
	45,189	*,e	Supertex, Inc		817
	25,119	*,e	Suss Microtec AG.		361
	315,305		TA-I Technology Co Ltd		210
	529,000		Taiwan Semiconductor Co Ltd		292
	45,694,667		Taiwan Semiconductor Manufacturing Co Ltd		131,371
	133,800		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		2,044
	667,700		Taiwan Surface Mounting Technology Co Ltd		1,538
	431,000		Tekcore Co Ltd		242
	1,919,861	*	Teradyne, Inc		32,426
	210,913	*,e	Tessera Technologies, Inc		3,638
	5,539,048		Texas Instruments, Inc		186,167
	385,002		Tokyo Electron Ltd		22,201
	115,400		Tokyo Seimitsu Co Ltd		2,412
	729,860		Topco Scientific Co Ltd		1,341
	8,610	*	Toptec Co Ltd		141
	274,015	*	Tower Semiconductor Ltd		237
	248,508		Transcend Information, Inc		720
	646,703	*	Triquint Semiconductor, Inc		4,459
	1,746,000	e	Trony Solar Holdings Co Ltd.		173
	811,000		Tyntek Corp		346
	89,219	*,e	Ultra Clean Holdings		673
	173,553	*	Ultratech, Inc		5,030
	54,200	*,e	Ulvac, Inc		599
	971,100		Unisem M BHD		467
	28,330,022		United Microelectronics Corp		13,799
	408,029		Unity Opto Technology Co Ltd		474
	402,000		Vanguard International Semiconductor Corp		174
	175,393	*,e	Veeco Instruments, Inc		5,016
	1,311,000	*	Via Technologies, Inc		846
	256,750		Visual Photonics Epitaxy Co Ltd		476
	96,163	*	Volterra Semiconductor Corp		3,309
	293,550		Wafer Works Corp		234
	703,000		Walton Advanced Engineering, Inc		236
	644,000		Weltrend Semiconductor		350
	540,737		Win Semiconductors Corp		836
	2,108,000	*	Winbond Electronics Corp		393
	194,201	*	Wolfson Microelectronics plc		583
	32,630	*	Woongjin Energy Co Ltd		204
	807,586		Xilinx, Inc		29,420
	105,069		XinTec, Inc		100
	41,383		Youngtek Electronics Corp		114
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		2,744,418

140

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
SOFTWARE & SERVICES - 7.2%
	225,849	*,e	Accelrys, Inc	$	1,802
	3,019,633	e	Accenture plc		194,766
	233	*	Access Co Ltd		93
	159,316	*	ACI Worldwide, Inc		6,416
	53,284	*,e	Active Network, Inc		897
	1,223,716	e	Activision Blizzard, Inc		15,688
	185,463	*,e	Actuate Corp		1,165
	354,406	*	Acxiom Corp		5,203
	2,080,738	*	Adobe Systems, Inc		71,390
	127,025	*	Advent Software, Inc		3,252
	16,197		Ahnlab, Inc		1,620
	526,365	*	Akamai Technologies, Inc		19,318
	1,718,000	e	Alibaba.com Ltd		2,917
	629,448	*,e	Alliance Data Systems Corp		79,285
	307,376		Alpha Systems, Inc		4,473
	58,777		Alten		1,876
	122,277	*,e	Altran Technologies S.A.		766
	641,024	e	Amadeus IT Holding S.A.		12,109
	643,045	*	Amdocs Ltd		20,307
	96,320	*	American Software, Inc (Class A)		826
	185,643	*,e	Ancestry.com, Inc		4,222
	40,900	*,e	Angie’s List, Inc		773
	372,951	*	Ansys, Inc		24,249
	1,325,794	*,e	AOL, Inc		25,150
	264,387		Argo Graphics, Inc		3,640
	262,697	*	Ariba, Inc		8,593
	792,166	*	Aspen Technology, Inc		16,263
	136,505		Asseco Poland S.A.		2,191
	19,000	*	Astro Corp		33
	268,264		Atos Origin S.A.		15,472
	1,389,487	*	Autodesk, Inc		58,803
	1,535,181		Automatic Data Processing, Inc		84,727
	423,135		Aveva Group plc		11,230
	30,100	*	AVG Technologies NV		450
	4,275	*	Axway Software S.A.		103
	99,589	*	Baidu, Inc (ADR)		14,517
	67,070	*,e	Bankrate, Inc		1,660
	41,300	*	Bazaarvoice, Inc		820
	43,257		Bechtle AG.		1,928
	17,800	*	Bit-isle, Inc		190
	257,275		Blackbaud, Inc		8,549
	730,962	*,e	Blinkx plc		711
	2,004,663	*	BMC Software, Inc		80,507
	38,568	e	Booz Allen Hamilton Holding Co		657
	140,328	*	Bottomline Technologies, Inc		3,921
	21,900	*	Brightcove, Inc		543
	332,552		Broadridge Financial Solutions, Inc		7,951
	89,100	*,e	BroadSoft, Inc		3,408
	100,769	*,e	Buongiorno S.p.A.		187
	1,395,816		CA, Inc		38,469
	123,830	*	CACI International, Inc (Class A)		7,713
	1,005,892	*	Cadence Design Systems, Inc		11,910
	117,904	*,e	Callidus Software, Inc		921
	109,424		Cap Gemini S.A.		4,898

141

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	65,086		Capcom Co Ltd	$	1,492
	16,200	*,e	Carbonite, Inc		178
	230,960	*	Cardtronics, Inc		6,063
	507,532	e	carsales.com.au Ltd		2,924
	39,097	e	Cass Information Systems, Inc		1,562
	11,598		Cegid Group		254
	396,444	*,e	CGI Group, Inc		8,836
	66,944	*	Check Point Software Technologies		4,274
	336,000	*	China Cyber Port International Co Ltd		21
	1,060,000	*	Chinasoft International Ltd		324
	25,000		Chinese Gamer International Corp		85
	257,773	*	Ciber, Inc		1,093
	929,776	*	Citrix Systems, Inc		73,369
	55,620	*,m	Clinical Data, Inc		53
	3,557		CMC Ltd		69
	1,206,707	*,e	Cognizant Technology Solutions Corp (Class A)		92,856
	236,313	*	Commvault Systems, Inc		11,731
	372,406		Companhia Brasileira de Meios de Pagamento		12,626
	193,562		Computacenter plc		1,368
	901,249		Computer Sciences Corp		26,983
	65,569	*,e	Computer Task Group, Inc		1,005
	390,501		Computershare Ltd		3,645
	587,556	*	Compuware Corp		5,400
	128,921	*,e	comScore, Inc		2,758
	178,141	*,e	Concur Technologies, Inc		10,222
	113,794	*,e	Constant Contact, Inc		3,390
	445,540	*,e	Convergys Corp		5,948
	49,397	*,e	Convio, Inc		764
	61,572		Core Projects & Technologies Ltd		341
	45,471	*,e	Cornerstone OnDemand, Inc		993
	582,869		CSE Global Ltd		384
	432,647	e	CSG Ltd		288
	136,002	*,e	CSG Systems International, Inc		2,059
	85,653		Cupid plc		281
	225,423		Customers Ltd		215
	155,252		Cyberlink Corp		485
	38,050		Daou Technology, Inc		442
	58,094	e	Dassault Systemes S.A.		5,350
	17,205		Daum Communications		1,807
	161,459	*,e	DealerTrack Holdings, Inc		4,886
	98,591	*,e	Deltek, Inc		1,051
	82,391	*,e	Demand Media, Inc		597
	109,368	e	Dena Co Ltd		3,029
	10,040		Devoteam S.A.		177
	350,407	*,e	Dice Holdings, Inc		3,269
	892	*	Digital Garage, Inc		2,336
	206,775	*,e	Digital River, Inc		3,869
	29,941	*,e	DMRC Corp		837
	21,551		Dragonfly GF Co Ltd		463
	386,626		DST Systems, Inc		20,967
	48,000		DTS Corp		630
	11,080	*	DuzonBIzon Co Ltd		83
	72		Dwango Co Ltd		105
	34,440	*,e	Dynamics Research Corp		332
	610,346		Earthlink, Inc		4,877
	6,888,794	*	eBay, Inc		254,128

142

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	126,618	e	Ebix, Inc	$	2,932
	46,003	*,e	Echo Global Logistics, Inc		741
	19,472		Econocom Group		437
	93,000	*	EDB Business Partner ASA		215
	1,732,822	*	Electronic Arts, Inc		28,557
	18,335	*,e	Ellie Mae, Inc		205
	191,471	e	Ementor ASA		2,311
	8,883		Engineering Ingegneria Informatica S.p.A.		250
	74,390	*	Envestnet, Inc		931
	8,400	*	EPAM Systems, Inc		172
	146,911		EPIQ Systems, Inc		1,778
	17,189	*	ePlus, Inc		550
	318,347	*	Equinix, Inc		50,124
	214,026	*,e	Euronet Worldwide, Inc		4,471
	15,675		Exact Holding NV		370
	3,508	*,e	ExactTarget, Inc		91
	60,980	*	ExlService Holdings, Inc		1,673
	123,717	e	Factset Research Systems, Inc		12,253
	188,552		Fair Isaac Corp		8,277
	149,731	*	FalconStor Software, Inc		560
	915,965		Fidelity National Information Services, Inc		30,337
	75,581		Fidessa Group plc		2,001
	31,893		Financial Technologies India Ltd		429
	156,587	*	First American Corp		2,556
	538,474	*	Fiserv, Inc		37,365
	106,169	*	FleetCor Technologies, Inc		4,116
	55,867	e	Forrester Research, Inc		1,810
	1,241,495	*	Fortinet, Inc		34,327
	13,369	*,e	FriendFinder Networks, Inc		18
	125,728	e	F-Secure Oyj		335
	44,100		FUJI SOFT, Inc		848
	206		Future Architect, Inc		87
	97,000		Gamania Digital Entertainment Co Ltd		107
	13,393	*	GameHi Co Ltd		94
	567,803	*	GameLoft		3,532
	2,048	*	Gamevil, Inc		132
	410,735	*	Gartner, Inc		17,514
	339,006	*,e	Genpact Ltd		5,526
	617,254		Geodesic Information Systems Ltd		607
	141,205	*,e,m	Gerber Scientific, Inc		0	^
	55,397	*,e	GFI Informatique		200
	256,121	*,e	Global Cash Access, Inc		1,998
	374,945		Global Payments, Inc		17,799
	75,303		Glodyne Technoserve Ltd		528
	179,634	*,e	Glu Mobile, Inc		871
	217,400		GMO internet, Inc		1,094
	51	*	GMO Payment Gateway, Inc		210
	1,312,099	*	Google, Inc (Class A)		841,370
	32,000		Gourmet Navigator, Inc		345
	350,000	*,e	Gravity Co Ltd (ADR)		962
	589,948	*,e	Gree, Inc		14,864
	61,222	e	Groupe Steria SCA		1,393
	52,025	*,e	Guidance Software, Inc		575
	33,500	*	Guidewire Software, Inc		1,031
	134,899	*,e	Hackett Group, Inc		805
	31,308		HCL Infosystems Ltd		28

143

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	249,466		HCL Technologies Ltd	$	2,363
	158,105		Heartland Payment Systems, Inc		4,560
	425,165		Hexaware Technologies Ltd		977
	3,495,000	*	Hi Sun Technology China Ltd		580
	123,286	*,e	Higher One Holdings, Inc		1,843
	67,702		HIQ International AB		397
	1,154,640		IAC/InterActiveCorp		56,681
	121,928	*,e	iGate Corp		2,044
	35,357	*,e	Imperva, Inc		1,384
	173,782	e	Indra Sistemas S.A.		2,131
	38,934	e	Industrial & Financial Systems		611
	423,093		Ines Corp		3,386
	286,612	*	Informatica Corp		15,162
	351,900		Information Development Co		2,184
	36,800		Information Services International-Dentsu Ltd		297
	177,726	*,e	Infospace, Inc		2,277
	748,759		Infosys Technologies Ltd		42,047
	6,220	*	Infraware, Inc		64
	7,000		Insyde Software Corp		35
	54,953	*	Interactive Intelligence, Inc		1,677
	206,515	*	Internap Network Services Corp		1,516
	4,850,306		International Business Machines Corp		1,012,016
	91,000		International Games System Co Ltd		554
	135	e	Internet Initiative Japan, Inc		486
	1,381,326		Intuit, Inc		83,059
	148,273		Iress Market Technology Ltd		1,075
	255,860		IT Holdings Corp		3,010
	34,121	e	Itochu Techno-Science Corp		1,528
	184,329	e	j2 Global, Inc		5,287
	431,874		Jack Henry & Associates, Inc		14,736
	2,506		JCEntertainment Corp		76
	214,275	*	JDA Software Group, Inc		5,888
	58,600	*	Jive Software, Inc		1,591
	122,400	e	Kakaku.com, Inc		3,206
	118,556	*	Kenexa Corp		3,704
	59,231		Keynote Systems, Inc		1,170
	2,704,000	e	Kingdee International Software Group Co Ltd		653
	904,000	e	Kingsoft Corp Ltd		402
	147,640	*,e	KIT Digital, Inc		1,063
	202,690	*	Knot, Inc		1,903
	602,517	e	Konami Corp		17,255
	45,619	*	KT Hitel Co Ltd		250
	615,592		Lender Processing Services, Inc		16,005
	260,512	*,e	Limelight Networks, Inc		857
	112,777	*,e	LinkedIn Corp		11,502
	291,910	*,e	Lionbridge Technologies		841
	127,263	*,e	Liquidity Services, Inc		5,701
	238,967	*,e	Liveperson, Inc		4,007
	3,895,519		LogicaCMG plc		6,207
	85,780	*,e	LogMeIn, Inc		3,022
	108,852	*,e	LoopNet, Inc		2,044
	69,845		MacDonald Dettwiler & Associates Ltd		3,180
	75,200	e	Macromill, Inc		714
	18,295	*,e,f	Mail.ru (GDR) (purchased 06/17/11, cost $650)		721
	128,051	*	Manhattan Associates, Inc		6,086
	126,217	e	Mantech International Corp (Class A)		4,349

144

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	87,002	e	Marchex, Inc (Class B)	$	388
	528,994		Mastercard, Inc (Class A)		222,463
	78,244		Matrix IT Ltd		382
	197,655		MAXIMUS, Inc		8,039
	426,994	*	Mentor Graphics Corp		6,345
	469,317		Micro Focus International plc		3,548
	581,212	*	Micros Systems, Inc		32,135
	35,898,682	e	Microsoft Corp		1,157,732
	49,119	*	MicroStrategy, Inc (Class A)		6,877
	15,830	*	Millennial Media, Inc		372
	344,052		Misys plc		1,972
	86	e	Mixi Inc		224
	194,094	e	ModusLink Global Solutions, Inc		1,048
	61,156	*	MoneyGram International, Inc		1,101
	645,347		Moneysupermarket.com Group plc		1,309
	1,409,427	*	Monitise plc		868
	160,717	*	Monotype Imaging Holdings, Inc		2,395
	270,746	*	Monster Worldwide, Inc		2,640
	195,809	*,e	Motricity, Inc		215
	167,103	*,e	Move, Inc		1,623
	107		MTI Ltd		152
	48,248	*	Myriad Group AG.		211
	3,850,000	*	Nan Hai Corp Ltd		14
	33,837	*,e	NCI, Inc (Class A)		216
	26,779		NCsoft		7,104
	42,200		NEC Fielding Ltd		551
	9,038		Nemetschek AG.		374
	15,903	*	Neowiz Games Corp		493
	57,626		Net Entertainment NE AB		555
	166,000	e	NET One Systems Co Ltd		2,034
	247,500		NetDragon Websoft, Inc		147
	207,155	*	Netscout Systems, Inc		4,214
	115,301	*,e	NetSuite, Inc		5,798
	289,670	*	NeuStar, Inc (Class A)		10,790
	470,000	*	Nexon Co Ltd		8,188
	51,577		NHN Corp		11,838
	261,797		NIC, Inc		3,176
	66,584	*	Nice Systems Ltd		2,622
	75,900		Nihon Unisys Ltd		534
	31,800		NIIT Ltd		34
	17,491		NIIT Technologies Ltd		94
	212,464	e	Nintendo Co Ltd		32,270
	46,100	e	Nippon System Development Co Ltd		427
	330,302	e	Nomura Research Institute Ltd		8,253
	60,300		NS Solutions Corp		1,170
	2,004	e	NTT Data Corp		7,100
	1,475,103	*	Nuance Communications, Inc		37,733
	6,300	e	OBIC Business Consultants Ltd		304
	9,290	e	Obic Co Ltd		1,889
	94,546	*	Open Text Corp		5,781
	101,080	*,e	OpenTable, Inc		4,091
	360,132	*	Openwave Systems, Inc		817
	209,010	e	Opera Software ASA		1,405
	57,640		Opnet Technologies, Inc		1,672
	20,889,228		Oracle Corp		609,130
	82,091		Oracle Corp Japan		3,127

145

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	58,921		Otsuka Corp	$	4,800
	417,700		Pacific Online		190
	587,016	*	Parametric Technology Corp		16,401
	18,600		Patni Computer Systems Ltd		180
	882,798		Paychex, Inc		27,358
	206,942		PC Home Online		1,170
	275,000		PCA Corp		3,273
	85,883	e	Pegasystems, Inc		3,277
	153,842	*,e	Perficient, Inc		1,848
	201,102		Playtech Ltd		1,172
	96,454		POSDATA Co Ltd		664
	80,953	*,e	PRG-Schultz International, Inc		509
	331,700	*	Progress Software Corp		7,835
	90,153	*,e	PROS Holdings, Inc		1,686
			PSI AG. Gesellschaft Fuer Produkte und Systeme der
	14,123		Informationstechnologie		318
	32,231	*,e	QAD, Inc (Class A)		422
	328,409	*	QLIK Technologies, Inc		10,509
	35,831	*,e	Quepasa Corp		159
	323,693	*	Quest Software, Inc		7,532
	209,612	*,e	QuinStreet, Inc		2,199
	520,904	*,e	Rackspace Hosting, Inc		30,103
	84,078		RealNetworks, Inc		836
	119,305	*,e	RealPage, Inc		2,287
	1,705,568	*	Red Hat, Inc		102,146
	601,800		Redecard S.A.		11,687
	88,193		Redflex Holdings Ltd		187
	5,378		Reply S.p.A.		126
	39,274	*,e	Responsys, Inc		470
	20,509	*	Retalix Ltd		377
	131,891		Rolta India Ltd		243
	57,686	*,e	Rosetta Stone, Inc		595
	304,039	*	Rovi Corp		9,896
	125,073	*,e	Saba Software, Inc		1,227
	2,168,595		Sage Group plc		10,382
	1,803,816	*,e	SAIC, Inc		23,810
	574,484	*	Salesforce.com, Inc		88,763
	2,104,900		Samart Corp PCL		628
	2,119,740		SAP AG.		148,055
	422,139		Sapient Corp		5,256
	726,568	*	Satyam Computer Services Ltd		1,150
	20,016		SBSi Co Ltd		191
	56,891	*	Sciquest, Inc		867
	118,461		SDL plc		1,403
	112,360	*,e	Seachange International, Inc		874
	290,856	*,e	ServiceSource International LLC		4,502
	356,630		Shanghai Baosight Software Co Ltd		396
	9,379	e	SimCorp AS		1,645
	289		Simplex Technology, Inc		95
	23,461		SK C&C Co Ltd		2,321
	14,948	*	SK Communications Co Ltd		162
	192,326	*,e	Smith Micro Software, Inc		448
	176,410		SMS Management & Technology Ltd		1,049
	88,702		Software AG.		3,322
	108,540		Soft-World International Corp		245
	5,000	*,e	Sohu.com, Inc		276

146

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	297,451	*	SolarWinds, Inc	$	11,496
	197,913		Solera Holdings, Inc		9,082
	499,873		Sonda S.A.		1,489
	151		So-net Entertainment Corp		554
	5,679		Sopra Group S.A.		359
	113,237	*,e	Sourcefire, Inc		5,450
	84,000		Springsoft, Inc		131
	33,259	*,e	SPS Commerce, Inc		894
	202,016	e	Square Enix Co Ltd		4,260
	54,056	*,e	SRS Labs, Inc		376
	95,996	*	SS&C Technologies Holdings, Inc		2,240
	43,097	e	Stamps.com, Inc		1,202
	21,956	*	Stream Global Services, Inc		72
	71,070		Sumisho Computer Systems Corp		1,129
	197,350	*	SupportSoft, Inc		622
	8,485		Sword Group		155
	7,663,260	*	Symantec Corp		143,303
	104,644	*	Synchronoss Technologies, Inc		3,340
	613,954	*	Synopsys, Inc		18,824
	66,048	e	Syntel, Inc		3,699
	465	e	Systena Corp		345
	356,000		Systex Corp		392
	288,481	*,e	TA Indigo Holding Corp		1,526
	570,330	*	Take-Two Interactive Software, Inc		8,775
	181,400	*	Taleo Corp (Class A)		8,332
	43,219	*	Tangoe, Inc		813
	816,281		Tata Consultancy Services Ltd		18,736
	52,065	*,e	TechTarget, Inc		361
	135,800	e	Tecmo Koei Holdings Co Ltd		1,081
	330,361	*	Telecity Group plc		3,896
	180,588	*,e	TeleCommunication Systems, Inc (Class A)		502
	135,570	*,e	TeleNav, Inc		952
	165,513	*,e	TeleTech Holdings, Inc		2,665
	125,915	*,e	Temenos Group AG.		2,332
	1,706,700	e	Tencent Holdings Ltd		47,642
	367,505	*	Teradata Corp		25,045
	3,275		Tessi S.A.		355
	263,602	*,e	THQ, Inc		148
	755,223	*	TIBCO Software, Inc		23,034
	174,915	e	Tietoenator Oyj		3,286
	674,679	*	TiVo, Inc		8,089
	22,900		TKC		500
	104,530	*,e	TNS, Inc		2,271
	1,356,298		Total System Services, Inc		31,290
	145,100		Totvus S.A.		2,679
	59,257	*	TradeDoubler AB		279
	59,400		Trans Cosmos, Inc/Japan		914
	1,279,999		Travelsky Technology Ltd		673
	70,970	*,e	Travelzoo, Inc		1,632
	104,451	*	Trend Micro, Inc		3,232
	116,852	*,e	Tyler Technologies, Inc		4,488
	153,338	*	Ubisoft Entertainment		1,132
	101,460	*	Ultimate Software Group, Inc		7,435
	291,139	*,e	Unisys Corp		5,741
	36,234	e	Unit 4 Agresso NV		1,052
	93,379	e	United Internet AG.		1,760

147

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	382,568		United Online, Inc	$	1,871
	308,750	*	Valueclick, Inc		6,095
	223,090	*	Vantiv, Inc		4,379
	157,605	*	Vasco Data Security International		1,701
	750,200	*	VeriFone Systems, Inc		38,913
	81,635	*	Verint Systems, Inc		2,644
	283		VeriSign Japan KK		105
	603,474		VeriSign, Inc		23,137
	136,917	e	VirnetX Holding Corp		3,276
	62,334	*	Virtusa Corp		1,077
	2,289,594		Visa, Inc (Class A)		270,172
	107,944	*,e	VistaPrint Ltd		4,172
	1,035,498	*	VMware, Inc (Class A)		116,359
	113,018	*	Vocus, Inc		1,497
	339,629	*,e	Wave Systems Corp		632
	157,006	*,e	WebMD Health Corp (Class A)		4,016
	205,104	*	Websense, Inc		4,326
	109,335	*	Website Pros, Inc		1,578
	17,589	*	Webzen, Inc		213
	10,306		WeMade Entertainment Co Ltd		821
	2,602,814		Western Union Co		45,810
	761,290		Wipro Ltd		6,575
	133,557		Wirecard AG.		2,546
	151,182	*	Wright Express Corp		9,786
	367,427	*	Xchanging plc		557
	12,165		XING AG.		892
	8,990	e	Yahoo! Japan Corp		2,920
	4,397,983	*	Yahoo!, Inc		66,937
	194,084	*,e	Yandex NV		5,215
	299,600		YTL E-Solutions BHD		82
	19,700	*	Zillow, Inc		701
	287,395	*,e	Zix Corp		836
	477,262	*	Zynga, Inc		6,276
			TOTAL SOFTWARE & SERVICES		7,833,863
TECHNOLOGY HARDWARE & EQUIPMENT - 6.6%
	161,074	*,e	3D Systems Corp		3,792
	32,449	*	3S Korea Co Ltd		586
	120,606	*,e	5N Plus, Inc		440
	1,240,000		AAC Acoustic Technologies Holdings, Inc		3,377
	23,847		Aastra Technologies Ltd		514
	755,000		Ability Enterprise Co Ltd		759
	1,887,292		Accton Technology Corp		1,149
	3,311,174		Acer, Inc		4,406
	13,934		Acme Electronics Corp		28
	144,067	*,e	Acme Packet, Inc		3,965
	232,000	*	A-DATA Technology Co Ltd		290
	243,800		Adlink Technology, Inc		357
	339,214		Adtran, Inc		10,580
	52,403	*	ADVA AG. Optical Networking		375
	717,775		Advantech Co Ltd		2,497
	114,346	*	Agilysys, Inc		1,028
	18,500		Aiphone Co Ltd		353
	1,799,813	*,e	Alcatel S.A.		4,103
	688,000		Alpha Networks, Inc		587
	340,300	e	Alps Electric Co Ltd		3,028

148

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	449,229		Amphenol Corp (Class A)	$	26,850
	2,513,949		AmTRAN Technology Co Ltd		1,988
	76,132	*	Anaren, Inc		1,397
	143,213		Anixter International, Inc		10,387
	254,000	e	Anritsu Corp		3,349
	122,000		APCB, Inc		93
	4,898,970	*	Apple, Inc		2,936,786
	174,266		Arcadyan Technology Corp		255
	29,841	*,e	Archos		323
	74,000	*	Arima Communications Corp		61
	40,800		Arisawa Manufacturing Co Ltd		164
	563,535	*	Arris Group, Inc		6,368
	558,110	*	Arrow Electronics, Inc		23,424
	377,218	*,e	Aruba Networks, Inc		8,404
	33,812		Ascom Holding AG.		325
	103,323		Asia Vital Components Co Ltd		70
	139,000		ASROCK, Inc		568
	1,391,701		Asustek Computer, Inc		13,178
	118,000		Aten International Co Ltd		232
	14,022,853		AU Optronics Corp		6,455
	45,629	*	Audiocodes Ltd		122
	19,295		Austria Technologie & Systemtechnik AG.		236
	292,000		AV Tech Corp		996
	3,368,741		Avermedia Technologies		3,181
	118,257	*,e	Avid Technology, Inc		1,301
	616,953	*	Avnet, Inc		22,451
	126,960		AVX Corp		1,683
	76,317	*,e	AX Holding Corp		850
	110,421	e	Axis Communications AB		2,985
	49,966	*,e	Balda AG.		415
	28,421		Barco NV		2,054
	62,516	e	Bel Fuse, Inc (Class B)		1,105
	324,572	*	Benchmark Electronics, Inc		5,352
	1,565,000		Benq Corp		376
	94,783		Black Box Corp		2,418
	204,280	*,e	Bookham, Inc		805
	453,645	*,e	Brightpoint, Inc		3,652
	1,832,000	*	Broad Intelligence International Pharmaceutical Holdings Ltd		373
	770,038	*	Brocade Communications Systems, Inc		4,428
	402,478		Brother Industries Ltd		5,499
	287,400	*,e	Bull S.A.		1,112
	1,818,500	*,e	BYD Electronic International Co Ltd		550
	1,889,400		CalComp Electronics Thailand PCL		171
	137,236	*,e	Calix Networks, Inc		1,171
	1,194,716	*	Cando Corp		397
	26,400	*	Canon Electronics, Inc		679
	2,154,725		Canon, Inc		103,073
	3,525,000		Career Technology Co Ltd		5,681
	1,035,943		Catcher Technology Co Ltd		7,343
	266,000		Catic Shenzhen Holdings Ltd		107
	281,085	*	Celestica, Inc		2,702
	37,029	*	Ceragon Networks Ltd		348
	126,670		Chang Wah Electromaterials, Inc		379
	159,378	*	Checkpoint Systems, Inc		1,798
	454,431		Cheng Uei Precision Industry Co Ltd		1,090
	54,000		Chenming Mold Industry Corp		43

149

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	984,054		Chicony Electronics Co Ltd	$	1,936
	984,779		Chimei Materials Technology Corp		1,192
	3,714,000		China Aerospace International Holdings Ltd		316
	1,434,000	e	China All Access Holdings Ltd		294
	1,105,000	e	China High Precision Automation Group Ltd		382
	2,325,000	*	China ITS Holdings Co Ltd		354
	3,472,000		China Wireless Technologies Ltd		577
	628,000		Chin-Poon Industrial Co		575
	567,840		Chroma ATE, Inc		1,454
	2,513,000	*	Chunghwa Picture Tubes Ltd		161
	260,382	*,e	Ciena Corp		4,216
	28,110,574		Cisco Systems, Inc		594,539
	294,384		Citizen Watch Co Ltd		1,877
	563,212		Clevo Co		929
	2,783,000	*	CMC Magnetics Corp		501
	127,800	*,e	CMK Corp		718
	218,400		Cognex Corp		9,251
	123,165	*	Coherent, Inc		7,184
	1,280,299	e	Comba Telecom Systems Holdings Ltd		710
	28,162	e	Communications Systems, Inc		370
	469,000		Compal Communications, Inc		820
	9,336,648		Compal Electronics, Inc		10,499
	778,000	*	Compeq Manufacturing Co		348
	111,388	e	Comtech Telecommunications Corp		3,629
	1,974,000		Coretronic Corp		1,825
	5,716,214		Corning, Inc		80,484
	201,000		Coxon Precise Industrial Co Ltd		312
	229,459	*	Cray, Inc		1,680
	16,824	*	CrucialTec Co Ltd		178
	144,173		CTS Corp		1,517
	75,000		CyberPower Systems, Inc		143
	315,000		CyberTAN Technology, Inc		315
	132,620		Daeduck Electronics Co		1,314
	56,450		Daeduck GDS Co Ltd		604
	7,800	e	Dai-ichi Seiko Co Ltd		214
	771,000		Daiwabo Co Ltd		1,726
	143,577	e	Daktronics, Inc		1,276
	902,000		Darfon Electronics Corp		684
	324,193	e	DataTec Ltd		1,865
	487,416		Daxon Technology, Inc		317
	324,000		DBA Telecommunication Asia Holdings Ltd		167
	122,258		DDi Corp		1,492
	5,897,268	*	Dell, Inc		97,895
	925,700		Delta Electronics Thai PCL		781
	2,580,964		Delta Electronics, Inc		7,597
	82,000		Denki Kogyo Co Ltd		418
	103,143	e	Diebold, Inc		3,973
	103,957	*	Digi International, Inc		1,142
	2,358,000		Digital China Holdings Ltd		4,691
	9,063	*	Digital Multimedia Technologies S.p.A.		230
	7,173	*	Digitech Systems Co Ltd		66
	263,368		Diploma plc		1,896
	744,000		D-Link Corp		556
	231,125	*	Dolby Laboratories, Inc (Class A)		8,797
	240,702	*	Dot Hill Systems Corp		363
	68,073	*,e	DTS, Inc		2,057

150

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	683,753		Dynamic Electronics Co Ltd	$	295
	320,900		Eastern Communications Co Ltd		132
	135,146	*,e	Echelon Corp		599
	100,210	*	EchoStar Corp (Class A)		2,820
	16,971		Eizo Nanao Corp		364
	72,970	e	Electro Rent Corp		1,343
	123,682	e	Electro Scientific Industries, Inc		1,856
	840,109	e	Electrocomponents plc		3,337
	221,694	*	Electronics for Imaging, Inc		3,685
	739,938		Elite Material Co Ltd		688
	1,821,000	*	Elitegroup Computer Systems Co Ltd		484
	288,300	*,e	Eltek ASA		210
	70,648	*,e	eMagin Corp		230
	9,190,560	*	EMC Corp		274,614
	101,192	*,e	EMCORE Corp		483
	339,784	*	Emulex Corp		3,527
	12,700	e	Enplas Corp		326
	168,900		Entire Technology Co Ltd		282
	3,115,601		Ericsson (LM) (B Shares)		32,238
	32,407		Esprinet S.p.A.		168
	364,970		Everlight Electronics Co Ltd		769
	25,964		EVS Broadcast Equipment S.A.		1,347
	31,663	*	Exfo Electro Optical Engineering, Inc		222
	638,458	*,e	Extreme Networks, Inc		2,445
	367,824	*	F5 Networks, Inc		49,641
	79,743	*,e	Fabrinet		1,412
	65,198	*	FARO Technologies, Inc		3,803
	111,000	*	FDK Corp		119
	183,383	*,e	FEI Co		9,006
	373,488	*,e	Finisar Corp		7,526
	127,000	*	Firich Enterprises Co Ltd		179
	320,183		FLEXium Interconnect, Inc		1,301
	254,841		Flir Systems, Inc		6,450
	222,183		Flytech Technology Co Ltd		547
	3,565,462	*,e	Foxconn International Holdings Ltd		2,539
	906,646		Foxconn Technology Co Ltd		3,769
	1,232,782	e	Fuji Folms Holdings Corp		29,181
	2,584,146	e	Fujitsu Ltd		13,718
	222,438		Fulltech Fiber Glass Corp		198
	28,700		Furuno Electric Co Ltd		143
	175,233	*,e	Fusion-io, Inc		4,978
	247,153		G Tech Optoelectronics Corp		871
	123,486	e	Gemalto NV		8,154
	384,913		Gemtek Technology Corp		346
	92,368		GeoVision, Inc		438
	693,000		Getac Technology Corp		656
	20,000	*	Giantplus Technology Co Ltd		6
	1,895,000		Gigabyte Technology Co Ltd		1,596
	228,986		Gigastorage Corp		192
	40,103	*	Gilat Satellite Networks Ltd		161
	694,748		Global Brands Manufacture Ltd		381
	90,649	*	Globecomm Systems, Inc		1,313
	492,000		Gold Circuit Electronics Ltd		136
	924,000		Great Wall Technology Co Ltd		215
	114,029	*,e	GSI Group, Inc		1,375
	27,198		Hakuto Co Ltd		271

151

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	517,868		Halma plc	$	3,154
	20,834	e	Hamamatsu Photonics KK		793
	847,838		Hannstar Board Corp		463
	3,468,000	*	HannStar Display Corp		330
	443,239	*	Harmonic, Inc		2,424
	319,061	e	Harris Corp		14,383
	313,690	*	Harris Stratex Networks, Inc (Class A)		885
	11,584,748		Hewlett-Packard Co		276,065
	74,835		Hexagon AB (B Shares)		1,453
	1,370,889		High Tech Computer Corp		27,993
	2,367,878	*	Himachal Futuristic Communications		544
	9,100		Hioki EE Corp		175
	529,000		Hi-P International Ltd		416
	25,266	e	Hirose Electric Co Ltd		2,669
	26,030		Hitachi High-Technologies Corp		625
	862,000		Hitachi Kokusai Electric, Inc		7,952
	19,933,737	e	Hitachi Ltd		128,970
	616,000		Holystone Enterprise Co Ltd		612
	17,776,650		Hon Hai Precision Industry Co, Ltd		69,207
	58,195		Horiba Ltd		2,009
	80,900	e	Hosiden Corp		594
	171,660	*	Hoya Corp		3,876
	95,654		Humax Co Ltd		869
	205,333	*	Ibiden Co Ltd		5,310
	155,000	*	Ichia Technologies, Inc		90
	236,000		I-Chiun Precision Industry Co Ltd		178
	10,700	e	Icom, Inc		260
	428,000		ICP Electronics, Inc		616
	134,100	*	IdeiasNet S.A.		209
	27,360		Iljin Materials Co Ltd		388
	161,035	*,e	Imation Corp		997
	125,596	*,e	Immersion Corp		686
	3,370		Inficon Holding AG.		745
	407,201	*,e	Infinera Corp		3,306
	404,000		Infortrend Technology, Inc		355
	53,808		Ingenico		2,605
	252,848	*	Ingram Micro, Inc (Class A)		4,693
	6,428,243	*	InnoLux Display Corp		3,007
	275,253	*	Insight Enterprises, Inc		6,036
	9,560,000		Inspur International Ltd		306
	179,351	e	InterDigital, Inc		6,252
	7,059		Interflex Co Ltd		356
	225,590	*	Intermec, Inc		1,744
	97,526	*,e	Intevac, Inc		829
	15,834		INTOPS Co Ltd		249
	37,800	*,e	InvenSense, Inc		684
	2,393,356		Inventec Co Ltd		1,055
	82,027	*	IPG Photonics Corp		4,270
	841,325		ITEQ Corp		984
	111,550	*	Itron, Inc		5,065
	35,730		Ituran Location and Control Ltd		482
	145,078	*,e	Ixia		1,812
	39,159		J Touch Corp		57
	2,090,643	e	Jabil Circuit, Inc		52,517
	213,000		Japan Aviation Electronics Industry Ltd		1,856
	18,900		Japan Cash Machine Co Ltd		183

152

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	45,000		Japan Digital Laboratory Co Ltd	$	484
	55,535	e	Japan Radio Co Ltd		134
	1,488,500		JCY International BHD		564
	3,956,474	*,e	JDS Uniphase Corp		57,329
	91,595	*	Jenoptik AG.		684
	59,701		Jentech Precision Industrial Co Ltd		198
	153,528	*	Jess-Link Products Co Ltd		160
	1,266,000	e	Ju Teng International Holdings Ltd		327
	3,586,693	*,e	Juniper Networks, Inc		82,064
	27,600		Kaga Electronics Co Ltd		290
	5,839	e	Kapsch TrafficCom AG.		495
	199,739	*,e	Kemet Corp		1,870
	27,466		Keyence Corp		6,503
	5,950		KH Vatec Co Ltd		42
	1,134,200	e	Kingboard Chemical Holdings Ltd		3,967
	625,000	e	Kingboard Laminates Holdings Ltd		296
	2,318,000		Kinpo Electronics		567
	42,000		Koa Corp		450
	1,162,850	e	Konica Minolta Holdings, Inc		10,261
	101,073		Kudelski S.A.		723
	65,119	*,e	KVH Industries, Inc		684
	505,000		KYE Systems Corp		205
	220,944		Kyocera Corp		20,437
	401,022		Laird Group plc		1,380
	132,462		Largan Precision Co Ltd		2,623
	68,901	*	LeCroy Corp		716
	1,243		LEM Holding S.A.		681
	13,110,300		Lenovo Group Ltd		11,827
	849,414	e	Lexmark International, Inc (Class A)		28,235
	10,401		LG Innotek Co Ltd		908
	559,452		LG.Philips LCD Co Ltd		13,120
	434,000	*,e	LionGold Corp Ltd		370
	1,749,058		LITE-ON IT Corp		1,856
	655,000		Lite-On Semiconductor Corp		381
	5,791,510		Lite-On Technology Corp		7,018
	88,391		Littelfuse, Inc		5,542
	231,377	*,e	Logitech International S.A.		1,802
	42,281	*	Loral Space & Communications, Inc		3,366
	69,000		Lotes Co Ltd		191
	173,250		Lumax International Corp Ltd		378
	19,000		Macnica, Inc		462
	145,000		Marubun Corp		737
	7,300	e	Maruwa Co Ltd		326
	109,502	*,e	Maxwell Technologies, Inc		2,007
	60,644	*,e	Measurement Specialties, Inc		2,044
	32,800		Meiko Electronics Co		484
	12,100		Melco Holdings, Inc		306
	120,454	*,e	Mercury Computer Systems, Inc		1,596
	35,601	*,e	Meru Networks, Inc		144
	148,319		Methode Electronics, Inc		1,376
	78,824	*	Micronic Laser Systems AB		145
	1,854,000		Micro-Star International Co Ltd		911
	52,775	*,e	Microvision, Inc		144
	514,000		MIN AIK Technology Co Ltd		1,255
	2,096,000		Mitac International		836
	1,000		Mitsui Knowledge Industry Co Ltd		171

153

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	229,300		Mitsumi Electric Co Ltd	$	2,001
	1,042,483	e	Molex, Inc		29,315
	699,923	*	Motorola Mobility Holdings, Inc		27,465
	1,003,994		Motorola, Inc		51,033
	61,766		MTS Systems Corp		3,279
	49,996	*,e	Multi-Fineline Electronix, Inc		1,372
	437,281	e	Murata Manufacturing Co Ltd		26,090
	234,850		Nan Ya Printed Circuit Board Corp		516
	458,000	*	Nanjing Panda Electronics		101
	145,475		National Instruments Corp		4,149
	251,661	*	NCR Corp		5,464
	414,382	*	NEC Corp		872
	18,200		NEC Mobiling Ltd		630
	20,198	*,e	NeoPhotonics Corp Ltd		96
	67,884	e	Neopost S.A.		4,369
	460,480	*	Net Insight AB		139
	2,100,684	*	NetApp, Inc		94,048
	169,590	*	Netgear, Inc		6,478
	76,000		Newmax Technology Co Ltd		149
	252,579	*	Newport Corp		4,476
	68,026	e	Nichicon Corp		828
	24,200		Nidec Copal Electronics Corp		142
	52,000		Nidec Sankyo Corp		314
	53,800		Nihon Dempa Kogyo Co Ltd		816
	19,800		Nippon Ceramic Co Ltd		338
	254,000	e	Nippon Chemi-Con Corp		1,023
	806,604	e	Nippon Electric Glass Co Ltd		7,098
	31,000		Nohmi Bosai Ltd		213
	2,857,879	e	Nokia Oyj		15,635
	27,459		Nolato AB (B Shares)		292
	1,985		Nortel Networks Netas Telekomunikasyon AS		162
	124,713	*	Novatel Wireless, Inc		418
	40,611	*,e	Numerex Corp		397
	233,584	*,e	OCZ Technology Group, Inc		1,630
	997,000	*	Oki Electric Industry Co Ltd		1,524
	490,153		Omron Corp		10,615
	1,240,000	*	O-Net Communications Group		366
	90,900	*	Oplink Communications, Inc		1,554
	220,457	*,e	OpNext, Inc		342
	77,000	e	Osaki Electric Co Ltd		769
	119,899	*	OSI Systems, Inc		7,350
	806,990		Pan-International Industrial		782
	80,106	e	Park Electrochemical Corp		2,422
	17,447	*	Parrot S.A.		482
	31,546		Partron Co Ltd		368
	188,000	*	PAX Global Technology Ltd		32
	50,347	e	PC Connection, Inc		414
	839	e	PC-Tel, Inc		6
	4,210,217		Pegatron Technology Corp		6,590
	1,050		Phoenix Mecano AG.		622
	214,822		Plantronics, Inc		8,649
	217,511	*	Plexus Corp		7,611
	535,648	*	Polycom, Inc		10,215
	21,100		Positivo Informatica S.A.		82
	262,828	*,e	Power-One, Inc		1,196
	114,409	*,e	Powerwave Technologies, Inc		235

154

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	510,657		Premier Farnell plc	$	1,758
	61,845		Primax Electronics Ltd		43
	994,000		Prime View International Co Ltd		1,305
	54,996	*	Procera Networks, Inc		1,230
	486,050	*	QLogic Corp		8,632
	9,445,547		Qualcomm, Inc		642,486
	3,248,532		Quanta Computer, Inc		8,534
	427,000		Quanta Storage, Inc		328
	1,089,628	*,e	Quantum Corp		2,855
	119,126	*,e	Rackable Systems, Inc		1,153
	81,339	*	Radisys Corp		602
	155,281	*,e	RealD, Inc		2,096
	37,087		Redington India Ltd		64
	90,423		Renishaw plc		1,925
	79,940	e	Richardson Electronics Ltd		958
	558,228	e	Ricoh Co Ltd		5,486
	54,348		Rimage Corp		544
	37,700		Riso Kagaku Corp		624
	3,588,000	*	Ritek		625
	433,309	*	Riverbed Technology, Inc		12,167
	116,005	*,e	Rofin-Sinar Technologies, Inc		3,059
	61,729	*,e	Rogers Corp		2,392
	11,200		Roland DG Corp		135
	40,400	e	Ryosan Co Ltd		814
	32,700	e	Ryoyo Electro Corp		374
	42,150		Sam Young Electronics Co Ltd		361
	78,052		Samsung Electro-Mechanics Co Ltd		6,906
	42,696		Samsung SDI Co Ltd		5,172
	1,830,750	*	SanDisk Corp		90,787
	158,413	*	Sandvine Corp		249
	370,026	*	Sanmina-SCI Corp		4,237
	33,200		Sanshin Electronics Co Ltd		280
	107,336	*	Scansource, Inc		4,006
	162,811	*,e	SCM Microsystems, Inc		340
	436,570	e	Seagate Technology, Inc		11,766
	41,660	e	Seiko Epson Corp		590
	155,000		Senao International Co Ltd		726
	132,000		Sercomm Corp		202
	12,421		SFA Engineering Corp		587
	308,800	*	Shanghai Potevio Co Ltd		160
	20,700	*,m	Shenzhen SEG Co Ltd		8
	133,100	*	Shijiazhuang Baoshi Electronic Glass Co Ltd		99
	143,289		Shimadzu Corp		1,304
	23,200		Shinko Shoji Co Ltd		203
	273,066	*,e	ShoreTel, Inc		1,551
	535,000	*	Shuttle, Inc		189
	37,711	*	Sierra Wireless, Inc		279
	18,600		Siix Corp		287
	1,576,000	e	SIM Technology Group Ltd		114
	362,739		Simplo Technology Co Ltd		2,749
	678,000		Sinbon Electronics Co Ltd		545
	15,658		Sindoh Co Ltd		732
	1,242,000	*	Sintek Photronic Corp		612
	389,000		Sirtec International Co Ltd		622
	86,000	e	SMK Corp		301
	7,363		SNU Precision Co Ltd		64

155

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	823,140	*	Sonus Networks, Inc	$	2,387
	275,241		Spectris plc		7,941
	1,071,287		Spirent Communications plc		2,750
	53,100		Star Micronics Co Ltd		530
	145,608	*,e	STEC, Inc		1,375
	330,286		Sterlite Technologies Ltd		255
	83,080	*,e	Stratasys, Inc		3,034
	238,000		Sunrex Technology Corp		161
	105,979	*	Super Micro Computer, Inc		1,850
	14,356		Suprema, Inc		174
	633,000		Supreme Electronics Co Ltd		406
	656,686	*	SVA Electron Co Ltd		262
	79,939	e	Sycamore Networks, Inc		1,418
	199,844	*	Symmetricom, Inc		1,153
	140,889	*,e	Synaptics, Inc		5,144
	246,000		Syncmold Enterprise Corp		345
	138,151	*,e	SYNNEX Corp		5,269
	1,914,198		Synnex Technology International Corp		4,766
	165,972		Taiflex Scientific Co Ltd		205
	263,160		Taiwan PCB Techvest Co Ltd		336
	132,803	e	Taiyo Yuden Co Ltd		1,433
	82,000	e	Tamura Corp		229
	1,031,000		TCL Communication Technology Holdings Ltd		462
	200,316	e	TDK Corp		11,480
	113,039	*	Tech Data Corp		6,133
	164,558	e	Technitrol, Inc		413
	978,975		Tellabs, Inc		3,965
	111,280		Test Research, Inc		155
	402,000		Thinking Electronic Industrial Co Ltd		414
	8,745		Thrane & Thrane AS		598
	66,737		TKH Group NV		1,814
	107,000	*,e	Toko, Inc		356
	135,105	e	Tokyo Denpa Co Ltd		705
	151,625		Tong Hsing Electronic Industries Ltd		536
	81,100	e	Topcon Corp		544
	66,618		Topoint Technology Co Ltd		47
	11,910,371	e	Toshiba Corp		52,897
	179,000		Toshiba TEC Corp		712
	35,900	e	Toyo Corp/Chuo-ku		391
	119,450	*	TPK Holding Co Ltd		1,945
	2,558,000	e	Tpv Technology Ltd		610
	478,097	*	Trimble Navigation Ltd		26,018
	1,209,832		Tripod Technology Corp		4,077
	2,674,000		Truly International Holdings		479
	346,668		TT electronics plc		902
	244,249	*	TTM Technologies, Inc		2,806
	512,039		TXC Corp		812
	23,700	*,e	Ubiquiti Networks, Inc		750
	13,164	*	U-Blox AG.		650
	211,200		Uchi Technologies BHD		84
	15,742		Uju Electronics Co Ltd		357
	160,000	*	Uniden Corp		646
	1,635,756		Unimicron Technology Corp		2,040
	253,937		Unitech Printed Circuit Board Corp		121
	153,491	*,e	Universal Display Corp		5,607
	25		V Technology Co Ltd		89

156

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	405,795		Venture Corp Ltd	$	2,758
	36,183	*,e	Veraz Networks, Inc		31
	146,101	*	Viasat, Inc		7,044
	11,882	*,e	Viasystems Group, Inc		226
	1,863,876	*	Vishay Intertechnology, Inc		22,665
	50,209	*,e	Vishay Precision Group, Inc		745
	1,576,000	*	VST Holdings Ltd		379
	286,900	e	Vtech Holdings Ltd		3,682
	478	e	Wacom Co Ltd		1,004
	44,042		Wah Hong Industrial Corp		84
	1,643,767		Wah Lee Industrial Corp		2,363
	476,769		Walsin Technology Corp		146
	1,016,000		Wasion Group Holdings Ltd		473
	637,350		Weikeng Industrial Co Ltd		557
	209,863	*	Westell Technologies, Inc		489
	1,597,027	*	Western Digital Corp		66,101
	232,500		Wi-Lan, Inc		1,205
	42,020		Wincor Nixdorf AG.		2,069
	1,882,962		Wintek Corp		1,465
	4,866,496		Wistron Corp		7,371
	183,347		Wistron NeWeb Corp		406
	1,585,283		WPG Holdings Co Ltd		2,170
	948,642		WT Microelectronics Co Ltd		1,417
	308,000	*	WUS Printed Circuit Co Ltd		137
	4,700,072		Xerox Corp		37,976
	111,933	*	X-Rite, Inc		508
	218,217		Xyratex Ltd		3,472
	15,750	*,b,m	Ya Hsin Industrial Co Ltd		0	^
	19,001,000		Yageo Corp		5,731
	81,293		Yamatake Corp		1,806
	176,203	e	Yaskawa Electric Corp		1,669
	468,085	e	Yokogawa Electric Corp		4,775
	141,000		Young Fast Optoelectronics Co Ltd		349
	87,780	*	Zebra Technologies Corp (Class A)		3,615
	229,000		Zinwell Corp		278
	839,147	e	ZTE Corp		2,262
	115,765	*	Zygo Corp		2,266
	411,000		Zyxel Communications		264
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		7,109,811
TELECOMMUNICATION SERVICES - 2.8%
	12,152	*	012 Smile.Communications Ltd		115
	250,400	*,e	8x8, Inc		1,052
	90,377		AboveNet, Inc		7,483
	2,198,700		Advanced Info Service PCL		13,104
	160,071	e,f	AFK Sistema (GDR) (purchased 03/30/07, cost $2,772)		3,154
	179,790	e	Alaska Communications Systems Group, Inc		554
	80,865		Allied Technologies Ltd		566
	67,498,260	e	America Movil S.A. de C.V. (Series L)		84,044
	24,337,079		AT&T, Inc		760,047
	41,029		Atlantic Tele-Network, Inc		1,492
	529,603	*,e	Avanti Communications Group plc		2,202
	1,308,000	*,e	Axtel SAB de CV		439
	514,363	e	BCE, Inc		20,596
	313,559		Belgacom S.A.		10,085
	109,345	e	Bell Aliant Regional Communications Income Fund		2,993

157

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,993,365		Bezeq Israeli Telecommunication Corp Ltd	$	3,295
	1,415,941		Bharti Airtel Ltd		9,400
	14,524	*,e	Boingo Wireless, Inc		176
	744,262		Brasil Telecom S.A. (Preference)		3,983
	18,650,445		BT Group plc		67,560
	6,585,155		Cable & Wireless plc		3,405
	3,595,286		Cable & Wireless Worldwide		1,955
	125,471	*,e	Cbeyond Communications, Inc		1,004
	41,452		Cellcom Israel Ltd		532
	2,896,910		CenturyTel, Inc		111,966
	4,818,921	e	China Communications Services Corp Ltd		2,329
	9,986,390		China Mobile Hong Kong Ltd		109,966
	21,489,889		China Telecom Corp Ltd		11,858
	10,851,601	e	China Unicom Ltd		18,261
	509,933	*	Chorus Ltd		1,545
	5,423,337		Chunghwa Telecom Co Ltd		16,724
	818,925	*,e	Cincinnati Bell, Inc		3,292
	1,320,000	e	Citic 1616 Holdings Ltd		265
	3,282,000	*	Citic 21CN Co Ltd		203
	697,000		City Telecom (HK) Ltd		447
	441,169	*,e	Clearwire Corp (Class A)		1,006
	178,622	*,e	Cogent Communications Group, Inc		3,408
	495,746	*	Colt Telecom Group S.A.		831
	219,926	e	Consolidated Communications Holdings, Inc		4,317
	1,748,382	*	Crown Castle International Corp		93,259
	4,257,020		Deutsche Telekom AG.		51,289
	8,876,400		Digi.Com BHD		11,767
	95,949		Drillisch AG.		1,151
	6,161	e	eAccess Ltd		1,380
	39,273		Egyptian Co for Mobile Services		1,170
	243,138	e	Elisa Oyj (Series A)		5,831
	206,875		Empresa Nacional de Telecomunicaciones S.A.		4,181
	84,411	*,e	Fairpoint Communications, Inc		317
	4,143,019		Far EasTone Telecommunications Co Ltd		8,515
	2,865,736		France Telecom S.A.		42,501
	310,105	e	Freenet AG.		5,015
	8,496,194	e	Frontier Communications Corp		35,429
	195,390	*,e	General Communication, Inc (Class A)		1,704
	380,921	*,e	Globalstar, Inc		267
	45,700		Globe Telecom, Inc		1,207
	21,308		Hellenic Telecommunications Organization S.A.		91
	39,925	e	HickoryTech Corp		413
	428,243	*,e	HKT Trust and HKT Ltd		333
	4,884,651	e	Hutchison Telecommunications Hong Kong Holdings Ltd		2,071
	232,981	*	Idea Cellular Ltd		452
	176,380	e	IDT Corp (Class B)		1,647
	172,388		iiNET Ltd		542
	2,810	e	Iliad S.A.		387
	119,433	*,e	inContact, Inc		666
	616,438		Inmarsat plc		4,544
	8,299	*	Internet Gold-Golden Lines Ltd		57
	178,497	*,e	Iridium Communications, Inc		1,564
	7,278,500		Jasmine International PCL		660
	279,401	*	Jazztel plc		1,814
	1,125,721		Kcom Group plc		1,324
	4,008	e	KDDI Corp		26,078

158

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	161,000		Keppel Telecommunications & Transportation Ltd	$	159
	134,032		KT Corp		3,719
	305,737	*,e	Leap Wireless International, Inc		2,669
	1,650,763	*	Level 3 Communications, Inc		42,474
	298,396		LG Telecom Ltd		1,796
	62,377	e	Lumos Networks Corp		671
	118,984		M2 Telecommunications Group Ltd		446
	489,804		Magyar Telekom		1,283
	253,702	*	Mahanagar Telephone Nigam		136
	59,600		Manitoba Telecom Services, Inc		2,088
	241,078		Maroc Telecom		3,914
	3,563,900		Maxis BHD		7,090
	1,416,914	*	MetroPCS Communications, Inc		12,781
	54,418	e	Millicom International Cellular S.A.		6,171
	924,859		Mobile TeleSystems (ADR)		16,962
	508,809		MobileOne Ltd		1,029
	2,876		Mobistar S.A.		143
	3,157,255	e	MTN Group Ltd		55,673
	640,645	*	Netia S.A.		1,319
	190,200	*	Neutral Tandem, Inc		2,318
	819,322	*,e	NII Holdings, Inc (Class B)		15,002
	1,235,589		Nippon Telegraph & Telephone Corp		56,002
	76,100		NTELOS Holdings Corp		1,575
	9,845	e	NTT DoCoMo, Inc		16,373
	4,005,036	*	Orascom Telecom Holding SAE		2,725
	3,651,841	*	Orascom Telecom Media And Technology Holding SAE		877
	80,248	*	Orbcomm, Inc		309
	154,947		Partner Communications		1,192
	9,362,161		PCCW Ltd		3,355
	91,812		Philippine Long Distance Telephone Co		5,775
	98,828	e	Portugal Telecom SGPS S.A.		537
	246,542	*,e	Premiere Global Services, Inc		2,229
	31,249,500	*	PT Bakrie Telecom Tbk		872
	2,033,500		PT Excelcomindo Pratama		1,123
	1,569,176		PT Indosat Tbk		869
	13,878,521		PT Telekomunikasi Indonesia Tbk (Series B)		10,639
	109,837	*	QSC AG.		317
	815,236		Reliance Communication Ventures Ltd		1,344
	517,622	e	Rogers Communications, Inc (Class B)		20,550
	349,645	e	Rostelecom (ADR)		10,333
	787,957		Royal KPN NV		8,670
	891,592	*	SBA Communications Corp (Class A)		45,302
	104,225		Shenandoah Telecom Co		1,162
	6,113,773		Singapore Telecommunications Ltd		15,348
	288,459	*	SK Broadband Co Ltd		888
	75,851		SK Telecom Co Ltd		9,376
	1,155,531	e	SmarTone Telecommunications Holding Ltd		2,375
	949,093		Softbank Corp		28,256
	267,811	e	Sonaecom - SGPS S.A.		434
	8,328,734	*,e	Sprint Nextel Corp		23,737
	1,449,321	e	StarHub Ltd		3,573
	47,721	e	SureWest Communications		1,076
	7,233	e	Swisscom AG.		2,925
	2,511,443		Taiwan Mobile Co Ltd		7,657
	873,727	e	TalkTalk Telecom Group plc		1,907
	924,890	*	Tata Teleservices Maharashtra Ltd		266

159

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,093,614	e	TDC AS	$	15,251
	150,513		Tele Norte Leste Participacoes S.A.		2,144
	646,994		Tele Norte Leste Participacoes S.A. (Preference)		7,386
	509,873		Tele2 AB (B Shares)		10,413
	4,153,999		Telecom Corp of New Zealand Ltd		8,260
	552,313		Telecom Egypt		1,295
	6,790,153		Telecom Italia RSP		6,667
	10,223,929		Telecom Italia S.p.A.		12,169
	56,073		Telecom Plus plc		621
	580,517		Telefonica Brasil S.A.		17,965
	227,407	e	Telefonica O2 Czech Republic AS		4,772
	2,279,031		Telefonica S.A.		37,391
	35,186		Telekom Austria AG.		410
	2,291,800		Telekom Malaysia BHD		3,989
	1,464,827		Telekomunikacja Polska S.A.		8,059
	89,696		Telemar Norte Leste S.A.		2,354
	80,636		Telenet Group Holding NV		3,335
	926,910		Telenor ASA		17,207
	1,042,534	e	Telephone & Data Systems, Inc		24,135
	1,426,429		TeliaSonera AB		9,952
	369,903		Telkom S.A. Ltd		1,159
	13,057,336		Telstra Corp Ltd		44,474
	83,906		TELUS Corp		4,869
	221,527	e	TELUS Corp, non-voting shares		12,604
	398,400	*	Thaicom PCL		201
	1,518,063		Tim Participacoes S.A.		9,688
	3,773,600	*	Time dotCom BHD		832
	4,211,600		TM International BHD		7,156
	1,707,500		Tower Bersama Infrastructure		552
	155,812	*,e	Towerstream Corp		740
	377,993	e	TPG Telecom Ltd		699
	486,822	*	True Corp PCL		58
	17,567		Tulip Telecom Ltd		32
	878,659		Turk Telekomunikasyon AS		3,827
	1,045,539		Turkcell Iletisim Hizmet AS		5,332
	415,603	*	tw telecom inc (Class A)		9,210
	123,989	*	US Cellular Corp		5,075
	165,617		USA Mobility, Inc		2,307
	12,024,064		Verizon Communications, Inc		459,680
	1,350,146		Vivendi Universal S.A.		24,794
	703,696		Vodacom Group Pty Ltd		9,930
	59,214,905		Vodafone Group plc		163,335
	687,738		Vodafone Group plc (ADR)		19,030
	971,721	*	Vonage Holdings Corp		2,147
	909,281	e	Windstream Corp		10,648
	444,544	*	Ziggo NV		13,868
			TOTAL TELECOMMUNICATION SERVICES		3,067,093
TRANSPORTATION - 1.9%
	367,143		Abertis Infraestructuras S.A.		6,254
	272,473	*	AER Lingus		341
	25,754	e	Aeroports de Paris		2,115
	53,088	*,e	Air Berlin plc		168
	7,630,600	e	Air China Ltd		5,285
	178,969	*,e	Air France-KLM		1,017
	395,479		Air New Zealand Ltd		275

160

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	215,156	*,e	Air Transport Services Group, Inc	$	1,246
	2,024,700		AirAsia BHD		2,281
	367,846	*	Alaska Air Group, Inc		13,176
	198,760		Alexander & Baldwin, Inc		9,630
	571,052		All America Latina Logistica S.A.		2,831
	2,067,324	e	All Nippon Airways Co Ltd		6,247
	58,028	e	Allegiant Travel Co		3,163
	52,978		Amerco, Inc		5,590
	624,000	e	Anhui Expressway Co		344
	1,161,719		Ansaldo STS S.p.A.		11,531
	1,110		AP Moller - Maersk AS (Class A)		8,193
	2,529		AP Moller - Maersk AS (Class B)		19,591
	123,933		Arkansas Best Corp		2,331
	744,353		Asciano Group		3,787
	165,040	*	Asiana Airlines		1,026
	101,387	*	Atlas Air Worldwide Holdings, Inc		4,989
	870,091		Auckland International Airport Ltd		1,753
	1,392,198		Australian Infrastructure Fund		3,289
	97,690	e	Autostrada Torino-Milano S.p.A.		672
	387,892		Autostrade S.p.A.		6,441
	406,480	*,e	Avis Budget Group, Inc		5,752
	61,165	e	Baltic Trading Ltd		254
	989,200		Bangkok Expressway PCL		693
	331,000	*	Bangkok Metro PCL		7
	764,664		BBA Aviation plc		2,620
	2,937,600		Beijing Capital International Airport Co Ltd		1,701
	241,515	e	Brisa-Auto Estradas de Portugal S.A.		859
	888,546		Canadian National Railway Co		70,615
	455,683	e	Canadian Pacific Railway Ltd		34,588
	1,621,773	e	Cathay Pacific Airways Ltd		3,005
	240,240		Cebu Air, Inc		376
	157,959		Celadon Group, Inc		2,456
	14,613		Celebi Hava Servisi		155
	2,955	e	Central Japan Railway Co		24,403
	640,200		CH Robinson Worldwide, Inc		41,927
	3,167,337		China Airlines		1,278
	1,728,321	e	China Merchants Holdings International Co Ltd		5,788
	25,491,800	*,e	China Shipping Container Lines Co Ltd		8,815
	2,991,300	e	China Shipping Development Co Ltd		2,078
	2,896,000	*,e	China Southern Airlines Co Ltd		1,383
	254,000		Chinese Maritime Transport Ltd		379
	2,200,348		Cia de Concessoes Rodoviarias		17,815
	13,380		Clarkson plc		281
	2,353,631		ComfortDelgro Corp Ltd		2,921
	16,776		Compagnie Maritime Belge S.A.		399
	8,170,245		Compania SudAmericana de Vapores S.A.		1,070
	93,382		Con-Way, Inc		3,045
	204,635		Copa Holdings S.A. (Class A)		16,207
	4,612,475	e	COSCO Holdings		2,925
	3,302,000		COSCO Pacific Ltd		4,998
	212,233	e	Costamare, Inc		2,922
	18,270	*,e	Covenant Transportation Group, Inc		58
	6,916,628		CSX Corp		148,846
	447,000		CWT Ltd		459
	30,517	e	D/S Norden		911
	173,000	*,e	Daiichi Chuo Kisen Kaisha		251

161

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	892,050		Dazhong Transportation Group Co Ltd	$	429
	2,969,483	*	Delta Air Lines, Inc		29,428
	319,528		Deutsche Lufthansa AG.		4,468
	1,060,098		Deutsche Post AG.		20,406
	6,299		Dfds AS		366
	113,202	*,e	Dollar Thrifty Automotive Group, Inc		9,159
	140,597		DSV AS		3,201
	248,841	*,e	Eagle Bulk Shipping, Inc		483
	641,925		East Japan Railway Co		40,524
	296,305	e	easyJet plc		2,305
	286,100		EcoRodovias Infraestrutura e Logistica S.A.		2,500
	2,091,572		Eva Airways Corp		1,288
	4,795,407		Evergreen Marine Corp Tawain Ltd		3,302
	369,131	*,e	Excel Maritime Carriers Ltd		738
	380,612	e	Expeditors International Washington, Inc		17,702
	1,777,383		FedEx Corp		163,448
	77,000		First Steamship Co Ltd		115
	807,971		Firstgroup plc		3,065
	12,314	e	Flughafen Wien AG.		480
	9,603		Flughafen Zuerich AG.		3,717
	139,774		Forward Air Corp		5,125
	27,401		Fraport AG. Frankfurt Airport Services Worldwide		1,716
	315,528		Freightways Ltd		1,021
	307,000	e	Fukuyama Transporting Co Ltd		1,674
	6,917		Gateway Distriparks Ltd		21
	642,491	*,e	Gemina S.p.A.		551
	109,713	*,e	Genco Shipping & Trading Ltd		698
	158,698	*	Genesee & Wyoming, Inc (Class A)		8,662
	25,599	f	Globaltrans Investment plc (GDR) (purchased 07/05/10, cost $397)		438
	16,995		GLOVIS Co Ltd		3,061
	97,098		Go-Ahead Group plc		1,936
	104,494		Gol Linhas Aereas Inteligentes S.A.		698
	433,000	e	Golden Ocean Group Ltd		394
	819,717	e	Grindrod Ltd		1,615
	518,961		Groupe Eurotunnel S.A.		4,510
	19,300	*	Grupo Aeromexico SAB de C.V.		35
	205,100	*	Grupo Aeroportuario del Centro Norte Sab de C.V.		413
	974,891	e	Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		3,603
	463,200		Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		3,189
	303,560		Guangdong Provincial Expressway Development Co Ltd		95
	1,214,000		GZI Transportation Ltd		606
	132,000		Hainan Meilan International Airport Co Ltd		90
	48,356	e	Hamburger Hafen und Logistik AG.		1,629
	91,750		Hanjin Shipping Co Ltd		1,274
	37,170		Hanjin Shipping Holdings Co Ltd		263
	4,330		Hanjin Transportation Co Ltd		83
	211,145	*	Hawaiian Holdings, Inc		1,104
	198,834		Heartland Express, Inc		2,875
	664,996	*	Hertz Global Holdings, Inc		10,002
	68,300	e	Hitachi Transport System Ltd		1,245
	72,400	e	Hong Kong Aircraft Engineerg		984
	7,585		Hopewell Highway Infrastructure Ltd		4
	159,071	*	Hub Group, Inc (Class A)		5,731
	7,528,294	e	Hutchison Port Holdings Trust		5,759
	49,520		Hyundai Merchant Marine Co Ltd		1,343
	107,757	e	Iino Kaiun Kaisha Ltd		490

162

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	744,166	*,e	International Consolidated Airlines	$	2,142
	1,094,850		International Container Term Services, Inc		1,672
	21,122	e	International Shipholding Corp		488
	20,753		Irish Continental Group plc		437
	952,248		J.B. Hunt Transport Services, Inc		51,774
	52,855	e	Japan Airport Terminal Co Ltd		697
	200,802	*	Jet Airways India Ltd		1,290
	1,108,127	*,e	JetBlue Airways Corp		5,419
	2,196,000	e	Jiangsu Express		2,123
	166,000		Jinzhou Port Co Ltd		79
	99,500		Julio Simoes Logistica S.A.		610
	488,083		Kamigumi Co Ltd		4,053
	845,247	*	Kansas City Southern Industries, Inc		60,596
	3,268,632	*,e	Kawasaki Kisen Kaisha Ltd		7,266
	358,963	e	Keihin Electric Express Railway Co Ltd		3,143
	440,104	e	Keio Corp		3,158
	203,128		Keisei Electric Railway Co Ltd		1,575
	1,210,487	e	Kintetsu Corp		4,612
	19,200		Kintetsu World Express, Inc		671
	306,721	*	Kirby Corp		20,179
	242,023		Knight Transportation, Inc		4,274
	67,199		Koninklijke Vopak NV		3,873
	13,321	*	Korea Express Co Ltd		940
	68,987		Korean Air Lines Co Ltd		3,047
	42,137		Kuehne & Nagel International AG.		5,701
	193,335		Lan Airlines S.A.		5,683
	226,825	e	Landstar System, Inc		13,092
	393,700	*	LLX Logistica S.A.		731
	145,092		Localiza Rent A Car		2,671
	42,200	*	Log-in Logistica Intermodal S.A.		185
	515,893	*	Macquarie Atlas Roads Group		911
	93,286		Mainfreight Ltd		734
	166,500		Malaysia Airports Holdings BHD		318
	344,500	*	Malaysian Airline System BHD		151
	246,800		Malaysian Bulk Carriers BHD		138
	101,074		Marten Transport Ltd		2,231
	102,000		Maruzen Showa Unyu Co Ltd		329
	346,609		Mercator Lines Ltd		172
	556,453		Mermaid Marine Australia Ltd		1,882
	1,263,000		MISC BHD		2,220
	83,556	e	Mitsubishi Logistics Corp		994
	1,048,758	e	Mitsui OSK Lines Ltd		4,603
	207,610		Mitsui-Soko Co Ltd		890
	2,501,608		MTR Corp		8,962
	485,700		Mundra Port and Special Economic Zone Ltd		1,233
	1,059,375		National Express Group plc		4,082
	947,658	e	Neptune Orient Lines Ltd		1,068
	669,134		Nippon Express Co Ltd		2,626
	130,000	e	Nippon Konpo Unyu Soko Co Ltd		1,604
	2,361,348	e	Nippon Yusen Kabushiki Kaisha		7,481
	568,714		Nishi-Nippon Railroad Co Ltd		2,674
	96,000		Nissin Corp		255
	777,984		Norfolk Southern Corp		51,215
	290,118	*	Northgate plc		979
	27,912	*	Norwegian Air Shuttle AS		529

163

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	75,378	f	Novorossiysk Commercial Sea Port (GDR) (purchased 11/03/10, cost $687)	$	570
	473,763	e	Odakyu Electric Railway Co Ltd		4,480
	83,075	e	Oesterreichische Post AG.		2,892
	401,529	*	Old Dominion Freight Line		19,141
	724,476	e	Orient Overseas International Ltd		5,156
	270,448	*,e	Pacer International, Inc		1,709
	2,203,290	e	Pacific Basin Shipping Ltd		1,195
	18,886	*	Panalpina Welttransport Holding AG.		2,019
	37,084	*	Park-Ohio Holdings Corp		744
	27,231	*,e	Patriot Transportation Holding, Inc		634
	654,700		Pos Malaysia & Services Holdings BHD		585
	550,600		Precious Shipping PCL		284
	12,753,500	*	PT Berlian Laju Tanker Tbk		273
	14,684,000	*	PT Garuda Indonesia Tbk		996
	1,157,000		PT Jasa Marga Tbk		653
	4,544,000		PT Trada Maritime Tbk		467
	4,994,822	*	Qantas Airways Ltd		9,253
	1,329,402		QR National Ltd		5,148
	112,566	*	Quality Distribution, Inc		1,551
	478,053		Qube Logistics Holdings Ltd		828
	80,976	*	RailAmerica, Inc		1,738
	176,401	*,e	Republic Airways Holdings, Inc		871
	362,000		Road King Infrastructure		236
	53,384	*	Roadrunner Transportation Services Holdings, Inc		926
	46,434		Ryanair Holdings plc		278
	66,287	e	Ryanair Holdings plc (ADR)		2,405
	131,457		Ryder System, Inc		6,941
	618,000		Sagami Railway Co Ltd		1,936
	98,981	*,e	Saia, Inc		1,684
	96	*,m	SAir Group		0	^
	388,000		Sankyu, Inc		1,528
	131,300		Santos Brasil Participacoes S.A.		2,302
	232,067	*,e	SAS AB		293
	29,200		Sebang Co Ltd		413
	401,287		Seino Holdings Corp		2,914
	207,000		Senko Co Ltd		834
	443,300		Shandong Airlines Co Ltd		685
	310,560	m	Shanghai Jinjiang International Investment Holdings Co		240
	141,400		Shenzhen Chiwan Petroleum		140
	259,100	m	Shenzhen Chiwan Wharf Holdings Ltd		305
	876,000	e	Shenzhen Expressway Co Ltd		362
	19,820,000	e	Shenzhen International Holdings		1,379
	94,000		Shibusawa Warehouse Co Ltd		291
	438,000		Shih Wei Navigation Co Ltd		415
	345,000	*	Shinwa Kaiun Kaisha Ltd		562
	1,886,500		Shun TAK Holdings Ltd		761
	480,000		Sincere Navigation		476
	318,005		Singapore Airlines Ltd		2,727
	992,000		Singapore Airport Terminal Services Ltd		1,966
	2,898,419		Singapore Post Ltd		2,351
	2,662,000	e	Sinotrans Ltd		498
	2,700,000	e	Sinotrans Shipping Ltd		646
	38,332		Sixt AG.		822
	35,748		Sixt AG. (Preference)		663
	147,527	*	Skymark Airlines, Inc		1,272

164

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	228,426	e	Skywest, Inc	$	2,524
	1,186,048	e	SMRT Corp Ltd		1,638
	11,065,075	*	Sociedad Matriz SAAM S.A.		1,427
	193,589		Societa Iniziative Autostradali e Servizi S.p.A.		1,482
	2,370,614		Southwest Airlines Co		19,534
	3,715,935	*	SpiceJet Ltd		1,719
	142,153	*,e	Spirit Airlines, Inc		2,853
	848,496		Stagecoach Group plc		3,462
	394,593	e	Stobart Group Ltd		809
	55,693	e	Stolt-Nielsen S.A.		1,054
	73,400	*,e	Student Transportation, Inc		519
	115,390		STX Pan Ocean Co Ltd		805
	227,767		Sumitomo Warehouse Co Ltd		1,179
	556,825	*	Swift Transportation Co, Inc		6,426
	537,287		Sydney Airport		1,599
	516,000		T.Join Transportation Co		583
	214,000		Taiwan Navigation Co Ltd		237
	101,070		Tam S.A. (Preference)		2,519
	21,181,700		Tanayong PCL		515
	432,352	*	TAV Havalimanlari Holding AS		2,158
	55,000		Tegma Gestao Logistica		919
	331,100		Thai Airways International PCL		276
	69,700		Thoresen Thai Agencies PCL		45
	415,500	*	Tianjin Marine Shipping Co Ltd		118
	4,626,000		Tianjin Port Development Holdings Ltd		642
	379,000	*,e	Tiger Airways Holdings Ltd		232
	274,572		TNT Express NV		3,393
	468,565		TNT NV		2,894
	778,534	e	Tobu Railway Co Ltd		4,137
	2,052,170	e	Tokyu Corp		9,751
	1,024,731	e	Toll Holdings Ltd		6,249
	53,200		TPI-Triunfo Participacoes e Investimentos S.A.		262
	127,702	e,f	TransContainer OAO (GDR) (purchased 03/30/11, cost $1,355)		1,388
	175,040		TransForce, Inc		2,948
	981,138		Transurban Group		5,686
	521,037	*	Turk Hava Yollari		761
	3,150,461	*	UAL Corp		67,735
	95,532	*,e	Ultrapetrol Bahamas Ltd		191
	1,279,300		U-Ming Marine Transport Corp		2,209
	2,934,247		Union Pacific Corp		315,373
	3,180,217		United Parcel Service, Inc (Class B)		256,707
	38,023		Universal Truckload Services, Inc		573
	905,075	*,e	US Airways Group, Inc		6,870
	706,546	e	UTI Worldwide, Inc		12,174
	67,336	*,m	Virgin Australia Holdings Ltd		0	^
	67,336	*	Virgin Australia Holdings Ltd		32
	11,668		VTG AG.		228
	88,027	*,e	Vueling Airlines S.A.		584
	1,271,057		Wan Hai Lines Ltd		729
	197,740		Werner Enterprises, Inc		4,916
	118,402	*,e	Wesco Aircraft Holdings, Inc		1,918
	416,092	e	West Japan Railway Co		16,746
	168,472		Wincanton plc		188
	390,500		Wisdom Marine Lines Co Ltd		591
	6,850,000		Xiamen International Port Co Ltd		910
	334,857		Yamato Transport Co Ltd		5,201

165

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,962,415		Yang Ming Marine Transport	$	1,049
	20,400		Yusen Air & Sea Service Co Ltd		322
	5,360,000	e	Zhejiang Expressway Co Ltd		4,007
	40,279	*,e	Zipcar, Inc		597
			TOTAL TRANSPORTATION		2,119,360
UTILITIES - 3.3%
	140,685	e	A2A S.p.A.		113
	3,135,231		Aboitiz Power Corp		2,476
	93,675	e	Acciona S.A.		6,530
	1,657,445	e	ACEA S.p.A.		10,539
	1,989,446	*,e	AES Corp		26,002
	5,797,082		AES Gener S.A.		3,554
	165,144		AES Tiete S.A.		2,515
	460,631		AGL Energy Ltd		7,041
	374,981	e	AGL Resources, Inc		14,707
	42,810	*	Akenerji Elektrik Uretim AS		52
	22,453		Alerion Industries S.p.A.		121
	368,503	e	Algonquin Power & Utilities Corp		2,143
	146,239		Allete, Inc		6,067
	476,464		Alliant Energy Corp		20,640
	385,149		Ameren Corp		12,548
	2,080,213		American Electric Power Co, Inc		80,255
	102,630	e	American States Water Co		3,709
	1,320,624		American Water Works Co, Inc		44,941
	411,426	e	APA Group		2,179
	228,827	e	Aqua America, Inc		5,101
	29,456	e	Artesian Resources Corp		553
	83,177		Ascopiave S.p.A.		126
	85,139		Atco Ltd		5,970
	60,604		Athens Water Supply & Sewage Co S.A.		337
	449,399	e	Atlantic Power Corp		6,220
	142,834	e	Atlantic Power Corp (Toronto)		1,975
	143,522		Atmos Energy Corp		4,515
	6,524,000	*	AVIC International Holding HK Ltd		210
	321,692		Avista Corp		8,229
	1,602,085		Babcock & Brown Wind Partners		397
	5,004,000	*,e	Beijing Enterprises Water Group Ltd		1,143
	72,135	*	BF Utilities Ltd		548
	2,324,000	*	Binhai Investment Co Ltd		126
	8,432	*	BKW S.A.		303
	166,208		Black Hills Corp		5,573
	45,395	*	Boralex, Inc		371
	61,358	*,e	Cadiz, Inc		564
	158,094		California Water Service Group		2,879
	6,135,234	*	Calpine Corp		105,587
	185,252	e	Canadian Utilities Ltd		12,083
	64,500	e	Capital Power Corp		1,519
	5,071,643	e	Centerpoint Energy, Inc		100,013
	532,710		Centrais Eletricas Brasileiras S.A.		5,002
	496,024		Centrais Eletricas Brasileiras S.A. (Preference)		6,443
	16,900		Centrais Eletricas de Santa Catarina S.A.		377
	57,765		Central Vermont Public Service Corp		2,033
	12,213,295		Centrica plc		61,830
	11,094		CESC Ltd		59
	324,531		CEZ AS		13,943

166

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	59,222	e	CH Energy Group, Inc	$	3,952
	244,853		Challenger Infrastructure Fund		299
	58,993		Chesapeake Utilities Corp		2,426
	477,791	e	Cheung Kong Infrastructure Holdings Ltd		2,908
	5,316,000		China Gas Holdings Ltd		2,556
	2,890,000	e	China Longyuan Power Group Corp		2,427
	5,300,000	*	China Oil and Gas Group Ltd		519
	5,113,000	e	China Power International Development Ltd		1,122
	8,540,000	*	China Power New Energy Development Co Ltd		368
	1,832,000	e	China Resources Gas Group Ltd		3,508
	2,476,599		China Resources Power Holdings Co		4,588
	2,302,000	e	China Water Affairs Group Ltd		795
	10,740,000	*	China WindPower Group Ltd		477
	1,067,442		Chubu Electric Power Co, Inc		19,295
	292,391	e	Chugoku Electric Power Co, Inc		5,446
	300,073		Cia de Saneamento Basico do Estado de Sao Paulo		11,451
	162,800		Cia de Saneamento de Minas Gerais-COPASA		3,797
	56,445		Cia de Transmissao de Energia Electrica Paulista		1,932
	581,037		Cia Energetica de Minas Gerais		13,881
	226,971		Cia Energetica de Sao Paulo (Class B)		4,561
	65,400		Cia Energetica do Ceara		1,428
	160,719		Cia Paranaense de Energia		3,764
	302,310	e	Cleco Corp		11,987
	2,764,822		CLP Holdings Ltd		23,845
	1,114,310	e	CMS Energy Corp		24,515
	10,163,941		Colbun S.A.		2,902
	34,129	e	Connecticut Water Service, Inc		965
	695,689		Consolidated Edison, Inc		40,642
	96,062	e	Consolidated Water Co, Inc		760
	1,128,062	*	Contact Energy Ltd		4,376
	312,240		CPFL Energia S.A.		4,695
	12,006,000	e	Datang International Power Generation Co Ltd		4,240
	1,424,770		Dominion Resources, Inc		72,962
	827,686		Drax Group plc		7,208
	920,319		DTE Energy Co		50,645
	2,135,520	e	DUET Group		4,031
	6,256,159	e	Duke Energy Corp		131,442
	3,808,764		E.ON AG.		91,247
	9,160		E1 Corp		437
	3,278,590		Edison International		139,373
	3,518	*	Edison S.p.A.		4
	122,467		EDP - Energias do Brasil S.A.		2,810
	156,994	*,e	EDP Renovaveis S.A.		780
	240,829		El Paso Electric Co		7,825
	264,641	e	Electric Power Development Co		7,197
	151,015		Electricite de France		3,448
	310,500		Electricity Generating PCL		936
	416,152		Eletropaulo Metropolitana de Sao Paulo S.A.		8,754
	52,549		Elia System Operator S.A.		2,225
	255,424		Empire District Electric Co		5,198
	716,454		Empresa Electrica del Norte Grande S.A.		1,979
	5,739,125		Empresa Nacional de Electricidad S.A.		10,331
	134,668		Enagas		2,593
	206,686		Enea S.A.		1,134
	187,079	e	Enel Green Power S.p.A		356
	8,646,003		Enel S.p.A.		31,259

167

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,271,064		Energias de Portugal S.A.	$	15,332
	1,024,060	*	Energy World Corp Ltd		833
	19,345,700		Enersis S.A.		7,844
	318,263	e	Entergy Corp		21,387
	2,012,376		Envestra Ltd		1,615
	1,613,639	e	Epure International Ltd		767
	196,100		Equatorial Energia S.A.		1,472
	48,270	e	EVN AG.		649
	5,589,933		Exelon Corp		219,181
			Federal Grid Co Unified Energy System JSC (ADR) (purchased
	425,000	f	03/07/12, cost $2,488)		2,286
	99,359		Fersa Energias Renovables S.A.		66
	2,298,200	*	First Gen Corp		724
	720,760		First Philippine Holdings Corp		1,090
	2,159,076		FirstEnergy Corp		98,432
	193,540	e	Fortis, Inc		6,261
	394,924		Fortum Oyj		9,589
	620,411		GAIL India Ltd		4,583
	1,520,295		Gas Natural SDG S.A.		24,301
	1,323,442		Gaz de France		34,209
	102,938	e	Genie Energy Ltd		995
	555,300		Glow Energy PCL		1,107
	2,096,438	*	GMR Infrastructure Ltd		1,277
	216,085		Great Plains Energy, Inc		4,380
	140,000		Great Taipei Gas Co Ltd		89
	42,390	*	Greentech Energy Systems		119
	10,588,000	e	Guangdong Investments Ltd		7,390
	2,770		Gujarat Gas Co Ltd		21
	194,239		Gujarat State Petronet Ltd		292
	2,353,042	*	GVK Power & Infrastructure Ltd		805
	677,601	e	Hastings Diversified Utilities Fund		1,487
	216,040		Hawaiian Electric Industries, Inc		5,477
	1,067,178	e	Hera S.p.A.		1,523
	237,695		Hokkaido Electric Power Co, Inc		3,496
	135,073		Hokuriku Electric Power Co		2,446
	5,661,686		Hong Kong & China Gas Ltd		14,526
	1,428,788		Hong Kong Electric Holdings Ltd		10,504
	1,137,130	*	Huadian Energy Co Ltd		316
	8,302,000	e	Huaneng Power International, Inc		4,537
	723,000	e	Hyflux Ltd		862
	2,843,343		Iberdrola S.A.		16,147
	225,471		Idacorp, Inc		9,271
	60,000	*	IDGC Holding JSC (ADR)		1,290
	30,672		Indraprastha Gas Ltd		229
	863,863	e	Infratil Ltd		1,338
	159,451	e	Innergex Renewable Energy, Inc		1,677
	124,739		Integrys Energy Group, Inc		6,610
	488,301		Interconexion Electrica S.A.		3,088
	1,798,783	e	International Power plc		11,652
	661,907		Inversiones Aguas Metropolitanas S.A.		1,118
	554,950		Iride S.p.A.		475
	325,098		ITC Holdings Corp		25,013
	135	e	Japan Wind Development Co Ltd		117
	198,772	e	Just Energy Income Fund		2,750
	1,482,525	e	Kansai Electric Power Co, Inc		22,985
	8,877		Korea District Heating Corp		409

168

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	323,010	*	Korea Electric Power Corp	$	6,370
	29,392		Korea Gas Corp		1,120
	22,828	*	KSK Energy Ventures Ltd		25
	559,299	e	Kyushu Electric Power Co, Inc		7,985
	136,078		Laclede Group, Inc		5,310
	86,300		Light S.A.		1,227
	78,100	e	Macquarie Power & Infrastructure Income Fund		325
	260,400	*,e	Magma Energy Corp		159
	383,107		Manila Electric Co		2,342
	2,199,000		Manila Water Co, Inc		1,191
	418,524		MDU Resources Group, Inc		9,371
	88,596		MGE Energy, Inc		3,933
	59,914	e	Middlesex Water Co		1,132
	20,800	*	MPX Energia S.A.		539
	190,027		National Fuel Gas Co		9,144
	8,637,353		National Grid plc		87,055
	203,589		New Jersey Resources Corp		9,074
	1,367,923		NextEra Energy, Inc		83,553
	3,090,524		NiSource, Inc		75,254
	881,105		Northeast Utilities		32,707
	93,859	e	Northland Power Income Fund		1,622
	105,463		Northwest Natural Gas Co		4,788
	201,346		NorthWestern Corp		7,140
	548,519	*,e	NRG Energy, Inc		8,595
	199,954		NSTAR		9,724
	1,353,205		NTPC Ltd		4,328
	4,210,416		NV Energy, Inc		67,872
	50,489	e	Oest Elektrizitatswirts AG. (Class A)		1,537
	456,765		OGE Energy Corp		24,437
	95,000		Okinawa Electric Power Co, Inc		3,932
	384,655		Oneok, Inc		31,411
	69,934	e	Ormat Technologies, Inc		1,409
	3,970,406		Osaka Gas Co Ltd		15,937
	140,372	e	Otter Tail Corp		3,046
	543,034		Pennon Group plc		6,180
	795,779		Pepco Holdings, Inc		15,032
	1,143,000		Petronas Gas BHD		6,288
	1,693,191	e	PG&E Corp		73,501
	299,792		Piedmont Natural Gas Co, Inc		9,315
	789,886	e	Pinnacle West Capital Corp		37,836
	323,784		PNM Resources, Inc		5,925
	11,070,850		PNOC Energy Development Corp		1,549
	946,786		Polska Grupa Energetyczna S.A.		5,871
	366,943		Portland General Electric Co		9,166
	1,723,916		Power Grid Corp of India Ltd		3,663
	2,586,153		PPL Corp		73,085
	1,094,361		Progress Energy, Inc		58,121
	26,613,500		PT Perusahaan Gas Negara		11,089
	326,827		PTC India Ltd		393
	153,669		Public Power Corp		688
	1,468,490		Public Service Enterprise Group, Inc		44,950
	266,200		Puncak Niaga Holding BHD		122
	7,260		Pusan City Gas Co Ltd		119
	703,969		Questar Corp		13,558
	1,804,500		Ratchaburi Electricity Generating Holding PCL		2,414
	56,869		Red Electrica de Espana		2,783

169

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	263,414		Redes Energeticas Nacionais S.A.	$	798
	257,963		Reliance Energy Ltd		2,973
	795,504	*	Reliance Power Ltd		1,831
	5,022,251	*,e	RRI Energy, Inc		10,446
	43,385		Rubis		2,537
	1,631,562		RusHydro (ADR)		5,978
	907,321		RWE AG.		43,328
	299		RWE AG. (Preference)		13
	9,368		Samchully Co Ltd		785
	182,924	e	SCANA Corp		8,343
	1,107,254		Scottish & Southern Energy plc		23,546
	23,693	e	Sechilienne-Sidec		406
	851,602		Sempra Energy		51,062
	229,334		Severn Trent plc		5,664
	153,750	e	Shikoku Electric Power Co, Inc		4,338
	116,000		Shizuoka Gas Co Ltd		832
	54,333	e	SJW Corp		1,310
	711,800		Snam Rete Gas S.p.A.		3,423
	119,119		South Jersey Industries, Inc		5,961
	2,835,083		Southern Co		127,380
	246,480		Southwest Gas Corp		10,535
	2,917,863		SP AusNet		3,251
	2,411,228	g	Spark Infrastructure Group		3,731
	208,136		Suez Environnement S.A.		3,193
	1,214,450		Taiwan Cogeneration Corp		1,010
	1,422,824		Tata Power Co Ltd		2,823
	2,644,366		Tauron Polska Energia S.A.		4,320
	342,533	e	TECO Energy, Inc		6,011
	3,726,518		Tenaga Nasional BHD		7,816
	47,811		Terna Energy S.A.		109
	5,107,292		Terna Rete Elettrica Nazionale S.p.A.		20,512
	3,045,800		Thai Tap Water Supply PCL		592
	99,391	*,e	Theolia S.A.		139
	519,208	e	Toho Gas Co Ltd		3,065
	922,198		Tohoku Electric Power Co, Inc		10,548
	2,233,406	*,e	Tokyo Electric Power Co, Inc		5,660
	4,896,585		Tokyo Gas Co Ltd		23,108
	1,176,000		Towngas China Co Ltd		853
	196,920		Tractebel Energia S.A.		3,530
	377,060	e	TransAlta Corp		7,069
	176,715		UGI Corp		4,815
	201,649		UIL Holdings Corp		7,009
	190,350		Unisource Energy Corp		6,961
	505,229		United Utilities Group plc		4,861
	43,680		Unitil Corp		1,172
	197,848	e	Utilities Select Sector SPDR Fund		6,935
	80,100		Valener, Inc		1,234
	499,848		Vector Ltd		1,062
	130,050		Vectren Corp		3,779
	269,511		Veolia Environnement		4,466
	377,259	e	Westar Energy, Inc		10,537
	200,084		WGL Holdings, Inc		8,143
	779,616		Wisconsin Energy Corp		27,427
	5,373,744		Xcel Energy, Inc		142,243
	1,266,000		Xinao Gas Holdings Ltd		4,389
	1,090		YESCO Co Ltd		25

170

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	54,365	e	York Water Co	$	941
	8,663,325		YTL Corp BHD		5,064
	4,703,290		YTL Power International BHD		2,847
	1,808,530		Zhejiang Southeast Electric Power Co (Class B)		890
	354,478	*	Zorlu Enerji Elektrik Uretim AS		349
			TOTAL UTILITIES		3,580,421
			TOTAL COMMON STOCKS		107,479,618
			(Cost $94,053,989)
PREFERRED STOCKS - 0.1%
DIVERSIFIED FINANCIALS - 0.0%
	319,300		Daishin Securities Co Ltd Pref 2		1,883
			TOTAL DIVERSIFIED FINANCIALS		1,883
FOOD, BEVERAGE & TOBACCO - 0.1%
	1,318,476	*	Ambev Cia De Bebidas Das		54,568
			TOTAL FOOD, BEVERAGE & TOBACCO		54,568
			TOTAL PREFERRED STOCKS		56,451
			(Cost $30,656)
RIGHTS / WARRANTS - 0.0%
BANKS - 0.0%
	65,386		Banco Panamericano S.A.		30
	134,694	e,m	Banco Popular Espanol S.A.		7
	82,709	m	Bank of Queensland Ltd		89
			TOTAL BANKS		126
CAPITAL GOODS - 0.0%
	242,887		Gamuda Berhad		102
	13,548		IJM Corp BHD - Warrants		9
	228,994		Murray & Roberts Holdings Ltd		300
			TOTAL CAPITAL GOODS		411
CONSUMER DURABLES & APPAREL - 0.0%
	22,275	m	BWG Homes ASA		3
			TOTAL CONSUMER DURABLES & APPAREL		3
CONSUMER SERVICES - 0.0%
	1	m	Berjaya Corp BHD		0	^
			TOTAL CONSUMER SERVICES		0	^
ENERGY - 0.0%
	123,722	e	Etablissements Maurel et Prom CW14		49
	45,556	e,m	Magnum Hunter Resources Corp		0	^
			TOTAL ENERGY		49
FOOD, BEVERAGE & TOBACCO - 0.0%
	453,600	m	Xiwang Sugar Holdings Co Ltd		1
			TOTAL FOOD, BEVERAGE & TOBACCO		1
HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	1,300,000	m	EnteroMedics, Inc		91
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		91

171

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	RATE	MATURITY DATE	VALUE (000)
MATERIALS - 0.0%
	1,558		Kinross Gold Corp			$	1
	157,594	e,m	Outokumpu Oyj				908
	696	m	Sahaviriya Steel Industries PCL				0	^
			TOTAL MATERIALS				909
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	78,480		Sanofi-Aventis S.A.				106
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				106
REAL ESTATE - 0.0%
	228,007	m	Cheuk Nang Holdings Ltd				0	^
	4,761,352	m	GPT Group				0	^
	66,140		IJM Land BHD - CW13				17
	24,524	m	Nieuwe Steen Investments NV				0	^
			TOTAL REAL ESTATE				17
			TOTAL RIGHTS / WARRANTS				1,713
			(Cost $1,185)

PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 5.8%
TREASURY DEBT - 0.4%
$	19,200,000		United States Treasury Bill	0.012	%	04/05/12	19,200
	61,500,000		United States Treasury Bill	0.020		04/19/12	61,499
	35,800,000		United States Treasury Bill	0.040		05/03/12	35,799
	41,900,000		United States Treasury Bill	0.010		05/10/12	41,898
	4,300,000		United States Treasury Bill	0.046		05/17/12	4,300
	18,890,000		United States Treasury Bill	0.083		05/24/12	18,888
	103,350,000		United States Treasury Bill	0.045		05/31/12	103,341
	13,000,000		United States Treasury Bill	0.045		06/14/12	12,998
	69,800,000		United States Treasury Bill	0.060		06/21/12	69,790
	70,200,000		United States Treasury Bill	0.081		06/28/12	70,188
	11,500,000		United States Treasury Bill	0.060		07/19/12	11,497
	7,000,000		United States Treasury Bill	0.098		09/20/12	6,996
			TOTAL TREASURY DEBT				456,394
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 5.4%
REPURCHASE AGREEMENTS - 5.0%
	712,238,000	o	Barclays Capital	0.050-0.120		04/02/12	712,238
	377,000,000	p	BNP	0.050		04/02/12	377,000
	902,000,000	q	Calyon	0.060		04/02/12	902,000
	260,000,000	r	Citigroup	0.070		04/02/12	260,000
	660,000,000	s	CSFB	0.030-0.080		04/02/12	660,000
	150,000,000	t	HSBC	0.060		04/02/12	150,000
	562,000,000	u	Merrill Lynch	0.050		04/02/12	562,000
	890,000,000	v	Royal Bank of Scotland	0.060		04/02/12	890,000
	891,582,000	w	UBS Warburg	0.050-0.070		04/02/12	891,582
			TOTAL REPURCHASE AGREEMENTS				5,404,820
VARIABLE RATE SECURITY - 0.4%
	58,000,000	i	American Express Credit Account Master	0.540		10/15/12	58,089
	51,000,000	i	Chase Issuance Trust 2007	0.600		06/15/12	51,004
	16,832,581	i	Granite Master Issuer plc 2006	0.560		12/20/50	16,139
	13,309,470	i	Granite Master Issuer plc 2007	0.490		12/20/50	12,761

172

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	7,292,531	i	Medallion Trust Series 2005	0.650	%	08/22/36	$	7,082
	20,995,806	i	Nelnet Student Loan Trust 2006	0.650		11/23/18		20,976
	20,431,457	i	Nelnet Student Loan Trust 2007	0.720		09/25/18		20,380
	15,232,750	i	Puma Global Mortgage Backed Trust	0.680		02/21/38		14,725
	170,000,000	i	SLM Student Loan Trust 2007	0.750		01/25/19		163,651
	36,372,958	i	SLM Student Loan Trust 2008	0.910		10/25/16		36,245
			TOTAL VARIABLE RATE SECURITY					401,052
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED					5,805,872
			TOTAL SHORT-TERM INVESTMENTS					6,262,266
			(Cost $6,269,252)
			TOTAL INVESTMENTS - 105.2%					113,800,112
			(Cost $100,355,145)
			OTHER ASSETS & LIABILITIES, NET - (5.2)%					(5,574,064	)
			NET ASSETS - 100.0%				$	108,226,048
			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
	*		Non-income producing.
	^		Amount represents less than $1,000.
	a		Affiliated holding.
	b		In bankruptcy
	e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $5,554,300,000.
	f		Restricted security. At 3/31/2012, the aggregate value of these securities amounted to $149,307,000 or 0.1% of net assets.
	g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At March 31, 2012 the aggregate value of these securities amounted to $6,937,000 or 0.0% of net assets.
	i		Floating or variable rate security. Coupon rate reflects the rate at period end.
	m		Indicates a security that has been deemed illiquid.
	o		Agreement with Barclays Capital, 0.05%-0.12% dated 3/31/12 to be repurchased at $712,241,000 on 04/02/12, collateralized by U.S. Government Agencies Securities valued at $726,483,000.
	p		Agreement with BNP, 0.05% dated 03/31/12 to be repurchased at $377,002,000 on 04/02/12, collateralized by U.S. Government Agencies Securities valued at $384,540,000.
	q		Agreement with Calyon, 0.06% dated 03/31/12 to be repurchased at $902,005,000 on 04/02/12, collateralized by U.S. Government Agencies Securities valued at $920,040,000.
	r		Agreement with Citigroup, 0.07% dated 03/31/12 to be repurchased at $260,002,000 on 04/02/12, collateralized by U.S. Government Agencies Securities valued at $265,200,000.
	s		Agreement with CSFB, 0.03-0.08% dated 03/31/12 to be repurchased at $660,004,000 on 04/02/12, collateralized by U.S. Government Agencies Securities valued at $673,209,000.
	t		Agreement with HSBC, 0.06% dated 03/31/12 to be repurchased at $150,001,000 on 04/02/12, collateralized by U.S. Government Agencies Securities valued at $153,002,000.
	u		Agreement with Merrill Lynch, 0.05% dated 03/31/12 to be repurchased at $562,003,000 on 04/02/12, collateralized by U.S. Government Agencies Securities valued at $573,240,000.
	v		Agreement with Royal Bank of Scotland, 0.06% dated 03/31/12 to be repurchased at $890,004,000 on 04/02/12, collateralized by U.S. Government Agencies Securities valued at $907,803,000.
	w		Agreement with UBS Warburg, 0.05-0.07% dated 03/31/12 to be repurchased at $891,586,000 on 04/02/12, collateralized by U.S. Government Agencies Securities valued at $909,414,000.
			Cost amounts are in thousands.

173

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
SUMMARY OF MARKET VALUES BY COUNTRY (unaudited)
March 31, 2012

COUNTRY	VALUE (000)		% OF TOTAL PORTFOLIO
DOMESTIC
UNITED STATES	$	81,282,360		71.4	%
TOTAL DOMESTIC		81,282,360		71.4
FOREIGN
ARGENTINA		2,436		0.0
AUSTRALIA		1,618,544		1.4
AUSTRIA		95,056		0.1
BAHAMAS		270		0.0
BELGIUM		276,992		0.3
BERMUDA		45,564		0.0
BRAZIL		1,103,582		1.0
CAMBODIA		529		0.0
CANADA		2,869,666		2.5
CAYMAN ISLANDS		2,172		0.0
CHILE		136,346		0.1
CHINA		1,251,478		1.1
COLOMBIA		73,084		0.1
CYPRUS		2,123		0.0
CZECH REPUBLIC		28,606		0.0
DENMARK		230,465		0.2
EGYPT		23,512		0.0
FAROE ISLANDS		249		0.0
FINLAND		141,932		0.1
FRANCE		1,769,096		1.6
GERMANY		2,036,956		1.8
GIBRALTAR		10,735		0.0
GREECE		25,189		0.0
GUERNSEY, C.I.		3,024		0.0
HONG KONG		717,653		0.6
HUNGARY		16,296		0.0
INDIA		616,295		0.6
INDONESIA		250,198		0.2
IRELAND		292,576		0.3
ISRAEL		309,126		0.3
ITALY		484,014		0.4
JAPAN		4,724,322		4.2
JERSEY, C.I.		15,293		0.0
KAZAKHSTAN		18,966		0.0
KOREA, REPUBLIC OF		1,180,632		1.0
LIECHTENSTEIN		1,626		0.0
LUXEMBOURG		26,358		0.0
MACAU		69,114		0.1
MALAYSIA		264,239		0.2

174

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COUNTRY	VALUE (000)		% OF TOTAL PORTFOLIO
MEXICO	$	385,763		0.3	%
MONACO		739		0.0
MONGOLIA		458		0.0
MOROCCO		8,361		0.0
NETHERLANDS		953,813		0.9
NEW ZEALAND		39,933		0.1
NORWAY		254,223		0.2
PANAMA		18,681		0.0
PERU		40,219		0.0
PHILIPPINES		62,464		0.1
POLAND		115,223		0.1
PORTUGAL		49,512		0.1
PUERTO RICO		2,736		0.0
RUSSIA		467,786		0.4
SINGAPORE		289,382		0.3
SOUTH AFRICA		577,085		0.5
SPAIN		379,532		0.3
SWEDEN		543,457		0.5
SWITZERLAND		1,628,138		1.4
TAIWAN		932,962		0.8
THAILAND		186,405		0.2
TURKEY		122,514		0.1
UKRAINE		3,271		0.0
UNITED ARAB EMIRATES		25,930		0.0
UNITED KINGDOM		4,694,643		4.1
VIRGIN ISLANDS, BRITISH		208		0.0
TOTAL FOREIGN		32,517,752		28.6
TOTAL PORTFOLIO	$	113,800,112		100.0	%

175

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2012

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 98.5%
AUSTRALIA - 2.4%
	147,671		AGL Energy Ltd	$	2,257
	795,449		Alumina Ltd		1,021
	356,398		Amcor Ltd		2,749
	994,372		AMP Ltd		4,453
	37,219	e	APA Group		197
	205,341		Asciano Group		1,045
	3,500,000	*,e	Austar United Communications Ltd		5,260
	805,786		Australia & New Zealand Banking Group Ltd		19,439
	54,640		Australian Stock Exchange Ltd		1,879
	49,424		Bendigo Bank Ltd		397
	1,083,741		BHP Billiton Ltd		39,068
	758,880		BlueScope Steel Ltd		312
	98,985		Boral Ltd		415
	348,857		Brambles Ltd		2,567
	18,168		Caltex Australia Ltd		261
	6,001		Campbell Brothers Ltd		419
	246,552		CFS Gandel Retail Trust		457
	181,230		Coca-Cola Amatil Ltd		2,341
	5,081	e	Cochlear Ltd		326
	500,634		Commonwealth Bank of Australia		25,979
	5,000,000		Commonwealth Property Office Fund		5,104
	145,435		Computershare Ltd		1,358
	60,517		Crown Ltd		546
	146,197		CSL Ltd		5,444
	799,457	e	David Jones Ltd		2,008
	655,269		DB RREEF Trust		592
	66,488	e	DuluxGroup Ltd		206
	92,883		Echo Entertainment Group Ltd		423
	2,846,612	e	Fortescue Metals Group Ltd		17,178
	237,608		GPT Group (ASE)		769
	70,569	e	Harvey Norman Holdings Ltd		147
	37,449		Iluka Resources Ltd		694
	319,118		Incitec Pivot Ltd		1,046
	632,114		Insurance Australia Group Ltd		2,232
	293,551	e	John Fairfax Holdings Ltd		221
	46,760	e	Leighton Holdings Ltd		1,029
	192,531		Lend Lease Corp Ltd		1,494
	152,761	*	Lynas Corp Ltd		175
	907,527		Macquarie Goodman Group		652
	118,382		Macquarie Group Ltd		3,581
	104,703		Metcash Ltd		466
	1,100,458		Mirvac Group		1,338
	1,000,000	e	Myer Holdings Ltd		2,433
	1,086,357		National Australia Bank Ltd		27,733

176

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	234,380		Newcrest Mining Ltd	$	7,209
	349,707		OneSteel Ltd		452
	116,226		Orica Ltd		3,380
	363,808		Origin Energy Ltd		5,034
	115,957		Oxiana Ltd		1,176
	148,627	*	Qantas Airways Ltd		275
	446,302		QBE Insurance Group Ltd		6,550
	152,724		QR National Ltd		591
	211,616		Ramsay Health Care Ltd		4,288
	280,103	e	Rio Tinto Ltd		19,001
	287,888		Santos Ltd		4,251
	22,012	e	Sims Group Ltd		336
	33,054	e	Sonic Healthcare Ltd		429
	188,724		SP AusNet		210
	823,608		Stockland Trust Group		2,511
	458,083		Suncorp-Metway Ltd		3,995
	69,180		Sydney Airport		206
	92,365		Tabcorp Holdings Ltd		260
	177,838		Tattersall’s Ltd		456
	1,593,302		Telstra Corp Ltd		5,427
	253,667		Toll Holdings Ltd		1,547
	368,188		Transurban Group		2,134
	362,615		Wesfarmers Ltd		11,291
	4,761,466		Westfield Group		43,654
	1,335,092		Westfield Retail Trust		3,576
	975,780		Westpac Banking Corp		22,149
	210,283		Woodside Petroleum Ltd		7,600
	371,840		Woolworths Ltd		10,013
	39,144		WorleyParsons Ltd		1,160
			TOTAL AUSTRALIA		356,872
AUSTRIA - 0.1%
	40,000	e	Andritz AG.		3,915
	19,633		Erste Bank der Oesterreichischen Sparkassen AG.		454
	52,387		IMMOFINANZ Immobilien Anlagen AG.		191
	7,044		Oest Elektrizitatswirts AG. (Class A)		214
	110,000	e	Oesterreichische Post AG.		3,829
	15,957		OMV AG.		568
	5,038	e	Raiffeisen International Bank Holding AG.		178
	32,002		Telekom Austria AG.		373
	10,918		Voestalpine AG.		368
	3,818		Wiener Staedtische Allgemeine Versicherung AG.		168
	913,416	e	Wienerberger AG.		10,702
			TOTAL AUSTRIA		20,960
BELGIUM - 0.9%
	31,925	*	Anheuser-Busch InBev NV		0	^
	196,500	e	Anheuser-Busch InBev NV (ADR)		14,289
	1,425	e	Bekaert S.A.		46
	15,381		Belgacom S.A.		495
	7,336		Colruyt S.A.		295
	9,994		Delhaize Group		526

177

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	218,214		Fortis	$	480
	7,781		Groupe Bruxelles Lambert S.A.		603
	477	*	Groupe Bruxelles Lambert S.A. - STR VVPR		0	^
	981,783		InBev NV		71,502
	15,943		KBC Groep NV		401
	2,869		Mobistar S.A.		143
	5,989		Solvay S.A.		709
	647,213		UCB S.A.		27,935
	174,970		Umicore		9,644
			TOTAL BELGIUM		127,068
BERMUDA - 0.0%
	85,400		Validus Holdings Ltd		2,643
			TOTAL BERMUDA		2,643
BRAZIL - 0.6%
	480,000		Banco do Brasil S.A.		6,824
	350,000		Banco do Estado do Rio Grande do Sul		3,777
	250,000		Banco Itau Holding Financeira S.A.		4,784
	727,820		BM&F Bovespa S.A.		4,481
	100,000		Cia de Saneamento Basico do Estado de Sao Paulo		3,816
	23,506		Companhia Vale do Rio Doce (ADR)		548
	250,000		EDP - Energias do Brasil S.A.		5,735
	170,000		Eletropaulo Metropolitana de Sao Paulo S.A.		3,576
	300,000		Light S.A.		4,265
	1,150,000		Marcopolo S.A.		5,890
	650,000		MRV Engenharia e Participacoes S.A.		4,611
	2,049,700	*	OGX Petroleo e Gas Participacoes S.A.		16,955
	2,291,240		PDG Realty S.A.		7,920
	100,000		Perdigao S.A.		1,972
	1,008,720		Tim Participacoes S.A.		6,438
			TOTAL BRAZIL		81,592
CANADA - 3.9%
	63,478		Agnico-Eagle Mines Ltd		2,115
	238,836		Agrium, Inc (Toronto)		20,614
	40,720		Alimentation Couche Tard, Inc		1,337
	89,828	e	ARC Energy Trust		2,062
	94,905	*,e	Athabasca Oil Sands Corp		1,055
	217,536		Bank of Montreal		12,933
	1,275		Bank of Montreal		76
	370,852	e	Bank of Nova Scotia		20,776
	293,050		Barrick Gold Corp		12,742
	790,595		Barrick Gold Corp (Canada)		34,360
	34,217	e	Baytex Energy Trust		1,777
	210,826	e	BCE, Inc		8,442
	22,114		Bell Aliant Regional Communications Income Fund		605
	94,575	*	Biovail Corp (Toronto)		5,072
	555,173	e	Bombardier, Inc		2,304
	41,813	e	Bonavista Energy Trust		847
	185,936		Brookfield Asset Management, Inc		5,866
	98,215	e	CAE, Inc		1,007

178

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	143,844	e	Cameco Corp	$	3,088
	134,984	e	Canadian Imperial Bank of Commerce/Canada		10,317
	342,616		Canadian National Railway Co		27,228
	411,143		Canadian Natural Resources Ltd (Canada)		13,627
	154,123	e	Canadian Oil Sands Trust		3,251
	185,678	e	Canadian Pacific Railway Ltd		14,094
	27,425		Canadian Tire Corp Ltd		1,772
	29,251		Canadian Utilities Ltd		1,908
	261,394		Cenovus Energy, Inc		9,394
	347,231		Cenovus Energy, Inc (Toronto)		12,497
	48,767		Centerra Gold, Inc		758
	385,664	*,e	CGI Group, Inc		8,595
	58,082	e	CI Financial Corp		1,324
	379,394	e	Crescent Point Energy Corp		16,333
	119,900		Dollarama, Inc		5,592
	216,079		Eldorado Gold Corp		2,968
	12,442		Empire Co Ltd		719
	249,463		Enbridge, Inc		9,689
	263,552	e	EnCana Corp		5,176
	64,517	e	Enerplus Resources Fund		1,445
	6,746		Fairfax Financial Holdings Ltd		2,723
	59,673		Finning International, Inc		1,643
	161,094		First Quantum Minerals Ltd		3,072
	62,602	e	Fortis, Inc		2,025
	43,320		Franco-Nevada Corp		1,863
	17,650	e	George Weston Ltd		1,121
	44,893	e	Gildan Activewear, Inc		1,236
	270,607		Goldcorp, Inc		12,198
	96,468	e	Great-West Lifeco, Inc		2,373
	23,738		H&R Real Estate Investment Trust		563
	114,595	e	Husky Energy, Inc		2,916
	133,467		IAMGOLD Corp		1,777
	42,003	e	IGM Financial, Inc		1,956
	100,489	e	Imperial Oil Ltd		4,566
	37,081		Industrial Alliance Insurance and Financial Services, Inc		1,137
	41,652	e	ING Canada, Inc		2,507
	17,561		Inmet Mining Corp		993
	87,075	*,e	Ivanhoe Mines Ltd		1,370
	389,507		Kinross Gold Corp		3,807
	43,130	e	Loblaw Cos Ltd		1,471
	3,246	e	Lululemon Athletica, Inc		242
	79,567	e	Magna International, Inc (Class A)		3,794
	150,000	e	Manitoba Telecom Services, Inc		5,254
	637,535	e	Manulife Financial Corp		8,635
	36,810	*	MEG Energy Corp		1,419
	34,714		Metro, Inc		1,851
	54,376	e	National Bank of Canada		4,327
	125,642	*	New Gold, Inc		1,241
	186,346		Nexen, Inc		3,417
	18,386	e	Niko Resources Ltd		647
	31,402		Onex Corp		1,156
	22,733	*	Open Text Corp		1,390

179

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	101,677	*	Osisko Mining Corp	$	1,180
	86,010		Pacific Rubiales Energy Corp (Toronto)		2,513
	40,720	e	Pan American Silver Corp		899
	48,861	e	Pembina Pipeline Income Fund		1,380
	104,288	e	Pengrowth Energy Trust		978
	156,496	e	Penn West Energy Trust		3,058
	100,000	e	Petrominerales Ltd		1,860
	295,857		Potash Corp of Saskatchewan Toronto		13,508
	118,102	e	Power Corp Of Canada		3,131
	83,749	e	Power Financial Corp		2,464
	425,250	*	Precision Drilling Trust		4,272
	61,696	e	ProEx Energy Ltd		619
	42,915		RioCan Real Estate Investment Trust		1,163
	32,611	e	Ritchie Bros Auctioneers, Inc		777
	145,894	e	Rogers Communications, Inc (Class B)		5,792
	698,354	e	Royal Bank of Canada (Toronto)		40,475
	47,744		Saputo, Inc		2,068
	127,400	e	Shaw Communications, Inc (B Shares)		2,696
	75,690	e	Shoppers Drug Mart Corp		3,324
	118,121	e	Silver Wheaton Corp		3,917
	55,189	e	SNC-Lavalin Group, Inc		2,209
	215,039	e	Sun Life Financial, Inc		5,103
	680,137		Suncor Energy, Inc		22,222
	373,149		Talisman Energy, Inc		4,691
	198,415	e	Teck Cominco Ltd		7,084
	20,252		TELUS Corp		1,175
	51,743	e	TELUS Corp, non-voting shares		2,944
	147,734	e	Thomson Corp (Toronto)		4,272
	56,170		Tim Hortons, Inc (Toronto)		3,005
	106,018		TMX Group, Inc		4,762
	490,945	e	Toronto-Dominion Bank		41,670
	36,421	*	Tourmaline Oil Corp		805
	71,299	e	TransAlta Corp		1,337
	236,215	e	TransCanada Corp		10,143
	200,000	e	Trican Well Service Ltd		2,938
	28,111	e	Vermilion Energy Trust		1,297
	129,751		Viterra, Inc		2,070
	252,012	e	Yamana Gold, Inc		3,931
			TOTAL CANADA		586,187
CHILE - 0.0%
	300,000		Empresa Nacional de Telecomunicaciones S.A.		6,063
			TOTAL CHILE		6,063
CHINA - 0.4%
	794,000	e	Agricultural Bank of China		341
	22,700	*	Baidu, Inc (ADR)		3,309
	2,708,700	e	Bank of Communications Co Ltd		2,047
	3,000,000	*,e	Brilliance China Automotive Holdings Ltd		3,249
	1,122,000		China Aoyuan Property Group Ltd		156
	1,119,500	e	China Merchants Bank Co Ltd		2,288
	4,000,000	e	China Metal Recycling Holdings Ltd		4,898

180

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	900,000	e	China National Building Material Co Ltd	$	1,136
	14,608,000	e	China Shipping Development Co Ltd		10,147
	3,930,000		CNOOC Ltd		8,045
	209,000	*,e	Glorious Property Holdings Ltd		33
	3,300,000	e	Great Wall Motor Co Ltd		6,428
	6,877,000	e	Industrial & Commercial Bank of China		4,436
	180,000	e	Ping An Insurance Group Co of China Ltd		1,360
	2,117,024	e	Sino-Ocean Land Holdings Ltd		1,005
	1,650,000	e	Yanlord Land Group Ltd		1,661
	1,400,000	e	Zhaojin Mining Industry Co Ltd		2,355
			TOTAL CHINA		52,894
CZECH REPUBLIC - 0.0%
	140,000		CEZ AS		6,015
			TOTAL CZECH REPUBLIC		6,015
DENMARK - 0.4%
	54		AP Moller - Maersk AS (Class A)		399
	120		AP Moller - Maersk AS (Class B)		930
	10,530	e	Carlsberg AS (Class B)		873
	1,194,875		Christian Hansen Holding		31,013
	2,207		Coloplast AS (Class B)		383
	55,270		Danske Bank AS		939
	20,257		DSV AS		461
	140,000	e	H Lundbeck AS		2,814
	103,446	e	Novo Nordisk AS (Class B)		14,364
	37,834		Novozymes AS		1,105
	724,511	e	TDC AS		5,278
	30,000	*	Topdanmark AS		5,221
	2,442		TrygVesta AS		138
	18,616	*,e	Vestas Wind Systems AS		189
	2,221	*,e	William Demant Holding		208
			TOTAL DENMARK		64,315
FINLAND - 0.2%
	13,213	e	Elisa Oyj (Series A)		317
	481,176	e	Fortum Oyj		11,683
	6,588	e	Kesko Oyj (B Shares)		214
	15,323	e	Kone Oyj (Class B)		853
	12,617	e	Metso Oyj		539
	12,237	e	Neste Oil Oyj		151
	291,164	e	Nokia Oyj		1,593
	10,535	e	Nokian Renkaat Oyj		513
	214,277	e	OKO Bank (Class A)		2,374
	214,898	e	Orion Oyj (Class B)		4,249
	140,800	e	Outotec Oyj		7,141
	41,611	e	Sampo Oyj (A Shares)		1,202
	8,392	e	Sanoma-WSOY Oyj		107
	57,538		Stora Enso Oyj (R Shares)		428
	51,659	e	UPM-Kymmene Oyj		704
	16,580	e	Wartsila Oyj (B Shares)		625
			TOTAL FINLAND		32,693

181

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
FRANCE - 3.8%
	14,267		Accor S.A.	$	509
	3,270	e	Aeroports de Paris		268
	20,660		Air Liquide		2,755
	228,011	*,e	Alcatel S.A.		520
	100,261		Alstom RGPT		3,913
	223,164		Arkema		20,812
	354,225		Atos Origin S.A.		20,430
	164,159		AXA S.A.		2,724
	891,706		BNP Paribas		42,419
	9,773	e	Bouygues S.A.		298
	5,027	e	Bureau Veritas S.A.		443
	14,532		Cap Gemini S.A.		651
	59,863		Carrefour S.A.		1,435
	5,469		Casino Guichard Perrachon S.A.		539
	2,834		Christian Dior S.A.		435
	14,358		CNP Assurances		224
	626,424		Compagnie de Saint-Gobain		27,949
	14,067	*	Compagnie Generale de Geophysique S.A.		418
	1	*	Compagnie Generale de Geophysique-Veritas (ADR)		0	^
	19,794		Compagnie Generale d’Optique Essilor International S.A.		1,765
	93,868	e	Credit Agricole S.A.		584
	5,951	e	Dassault Systemes S.A.		548
	2,703,023		Edenred		81,357
	78,800	e	Eiffage S.A.		3,044
	25,296		Electricite de France		577
	170,000	e	Etablissements Maurel et Prom		2,994
	2,974		Eurazeo		151
	6,790		Eutelsat Communications		251
	2,504		Fonciere Des Regions		201
	113,484		France Telecom S.A.		1,683
	772,700	*	GameLoft		4,807
	131,315		Gaz de France		3,394
	2,005	e	Gecina S.A.		210
	591,095		Groupe Danone		41,232
	27,957		Groupe Eurotunnel S.A.		243
	2,077		Icade		185
	852		Iliad S.A.		117
	3,294		Imerys S.A.		201
	732,883	*,e	JC Decaux S.A.		22,397
	9,526		Klepierre		331
	186,020		Lafarge S.A.		8,865
	5,923		Lagardere S.C.A.		183
	17,014		Legrand S.A.		626
	16,757		L’Oreal S.A.		2,068
	106,634		LVMH Moet Hennessy Louis Vuitton S.A.		18,350
	12,759		Michelin (C.G.D.E.) (Class B)		950
	90,804		Natixis		350
	3,022	e	Neopost S.A.		195
	69,895		Pernod-Ricard S.A.		7,308
	233,706	e	Peugeot S.A.		3,766

182

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	6,527		PPR	$	1,123
	7,538	e	Publicis Groupe S.A.		416
	505,549		Remy Cointreau S.A.		51,368
	18,703		Renault S.A.		987
	668,555	e	Rexel S.A.		14,742
	17,486		Safran S.A.		643
	440,488		Sanofi-Aventis		34,178
	47,398		Schneider Electric S.A.		3,101
	16,420		SCOR		444
	62,843		Societe BIC S.A.		6,308
	379,230		Societe Generale		11,128
	6,279		Societe Television Francaise 1		77
	4,901		Sodexho Alliance S.A.		402
	15,471		Suez Environnement S.A.		237
	373,575		Technip S.A.		44,114
	9,212	e	Thales S.A.		345
	384,732	e	Total S.A.		19,652
	8,616		Unibail		1,724
	106,000		Valeo S.A.		5,562
	245,303		Vallourec		15,545
	18,926		Veolia Environnement		314
	43,334		Vinci S.A.		2,258
	119,878		Vivendi Universal S.A.		2,201
	56,652		Wendel		4,843
			TOTAL FRANCE		557,387
GERMANY - 4.3%
	10,869		Adidas-Salomon AG.		849
	437,525		Allianz AG.		52,219
	2,024	e	Axel Springer AG.		102
	597,380		BASF AG.		52,235
	1,162,185		Bayer AG.		81,735
	285,763		Bayerische Motoren Werke AG.		25,706
	535		Bayerische Motoren Werke AG. (Preference)		32
	277,734		Beiersdorf AG.		18,119
	136,117		Brenntag AG.		16,666
	8,089		Celesio AG.		146
	371,705		Commerzbank AG.		941
	46,163	*	Continental AG.		4,358
	1,082,087	e	DaimlerChrysler AG. (EUR)		65,250
	177,364		Deutsche Bank AG.		8,831
	19,305		Deutsche Boerse AG.		1,300
	22,459		Deutsche Lufthansa AG.		314
	83,985		Deutsche Post AG.		1,617
	277,298		Deutsche Telekom AG.		3,341
	1,074,723		E.ON AG.		25,747
	3,477		Fraport AG. Frankfurt Airport Services Worldwide		218
	218,049		Fresenius Medical Care AG.		15,436
	11,024		Fresenius SE		1,130
	9,422		GEA Group AG.		325
	5,861		Hannover Rueckversicherung AG.		348
	13,885		HeidelbergCement AG.		838

183

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	12,879		Henkel KGaA	$	804
	17,639	e	Henkel KGaA (Preference)		1,293
	2,051		Hochtief AG.		124
	51,500	e	Hugo Boss AG.		5,930
	106,711		Infineon Technologies AG.		1,091
	17,157		K&S AG.		897
	243,221	*	Kabel Deutschland Holding AG.		15,015
	411,578		Lanxess AG.		33,993
	21,869		Linde AG.		3,923
	132,066		MAN AG.		17,580
	3,357		Merck KGaA		371
	12,398		Metro AG.		479
	73,000		MTU Aero Engines Holding AG.		5,881
	110,336		Muenchener Rueckver AG.		16,639
	60,000		Norddeutsche Affinerie AG.		3,171
	70,079		Porsche AG.		4,136
	305,409		ProSiebenSat.1 Media AG.		7,849
	70,878		Rheinmetall AG.		4,197
	411,769		RWE AG.		19,664
	2,991		RWE AG. (Preference)		132
	3,776		Salzgitter AG.		207
	931,665		SAP AG.		65,073
	203,672		Siemens AG.		20,539
	198,790	*	Stroer Out-of-Home Media AG.		3,356
	136,233		Suedzucker AG.		4,337
	35,775	e	ThyssenKrupp AG.		891
	5,876	e	United Internet AG.		111
	20,500		Volkswagen AG.		3,305
	74,131		Volkswagen AG. (Preference)		13,037
	851	e	Wacker Chemie AG.		75
			TOTAL GERMANY		631,903
GIBRALTAR - 0.0%
	1,400,000		PartyGaming plc		3,475
			TOTAL GIBRALTAR		3,475
GREECE - 0.0%
	389,781		Capital Product Partners LP		3,161
	17,809		Coca Cola Hellenic Bottling Co S.A.		341
	162,767	e	Costamare, Inc		2,241
	12,268		Hellenic Telecommunications Organization S.A.		52
	77,026	*	National Bank of Greece S.A.		200
	19,794		OPAP S.A.		192
			TOTAL GREECE		6,187
HONG KONG - 1.1%
	9,351,300		AIA Group Ltd		34,330
	17,758	e	ASM Pacific Technology		260
	138,276	e	Bank of East Asia Ltd		520
	4,539,948		BOC Hong Kong Holdings Ltd		12,528
	14,000,000	e	Bosideng International Holdings Ltd		4,388
	105,237	e	Cathay Pacific Airways Ltd		195

184

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	622,111		Cheung Kong Holdings Ltd	$	8,045
	41,661	e	Cheung Kong Infrastructure Holdings Ltd		254
	6,500,000	e	China Resources Cement Holdings Ltd		4,809
	1,000,000	e	Chow Sang Sang Holding		2,583
	502,456	e	CLP Holdings Ltd		4,333
	210,121	e	Esprit Holdings Ltd		424
	190,504		First Pacific Co		211
	187,728	*,e	Foxconn International Holdings Ltd		134
	110,000	*,e	Galaxy Entertainment Group Ltd		303
	215,927		Hang Lung Group Ltd		1,401
	1,163,337		Hang Lung Properties Ltd		4,276
	359,870	e	Hang Seng Bank Ltd		4,788
	307,005		Henderson Land Development Co Ltd		1,696
	7,538	*	HKT Trust and HKT Ltd		6
	1,508,690	e	Hong Kong & China Gas Ltd		3,871
	293,279		Hong Kong Electric Holdings Ltd		2,156
	245,785	e	Hong Kong Exchanges and Clearing Ltd		4,137
	49,403		Hopewell Holdings		136
	479,700		Hutchison Port Holdings Trust		367
	708,416		Hutchison Whampoa Ltd		7,084
	55,294		Hysan Development Co Ltd		222
	2,000,000	e	iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker		2,776
	100,000		Jardine Matheson Holdings Ltd		5,009
	1,524,427		Kerry Properties Ltd		6,892
	5,460,638	e	Li & Fung Ltd		12,497
	51,500		Lifestyle International Holdings Ltd		131
	202,568	e	Link Real Estate Investment Trust		754
	432,915		MTR Corp		1,551
	1,614,594		New World Development Ltd		1,944
	340,668		Noble Group Ltd		374
	121,398		NWS Holdings Ltd		186
	19,864		Orient Overseas International Ltd		141
	346,749		PCCW Ltd		124
	13,155,000	e	Rexcapital Financial Holdings Ltd		1,169
	5,907,000	*,e	Samsonite International		10,752
	2,424,000	e	Shanghai Real Estate Ltd		122
	123,345		Shangri-La Asia Ltd		271
	258,964	e	Sino Land Co		415
	77,120	*,b,e	Sino-Forest Corp		1
	146,000		SJM Holdings Ltd		298
	393,904	e	Sun Hung Kai Properties Ltd		4,901
	160,793		Swire Pacific Ltd (Class A)		1,802
	67,156	*	Swire Properties Ltd		167
	1,067,662	e	Wharf Holdings Ltd		5,822
	81,780		Wheelock & Co Ltd		247
	15,196	e	Wing Hang Bank Ltd		151
	66,089		Yue Yuen Industrial Holdings		232
			TOTAL HONG KONG		162,186
INDIA - 0.3%
	2,189,562	*	DEN Networks Ltd		4,545
	1,530,483		Dhanalakshmi Bank Ltd		2,039

185

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	2,733,624		DLF Ltd	$	10,822
	16,968	*,e	Essar Energy plc		42
	787,416		Geodesic Information Systems Ltd		775
	910,700	*	Hathway Cables and Datacom Pvt Ltd		2,943
	400,070		ING Vysya Bank Ltd		2,787
	350,000		ITC Ltd		1,558
	454,322		LIC Housing Finance Ltd		2,350
	765,751		Prestige Estates Projects Ltd		1,509
	779,738	f	Puravankara Projects Ltd (purchased 11/26/07, cost $2,222)		1,043
	215,510		Sobha Developers Ltd		1,408
	1,039,619		Sunteck Realty Ltd		7,751
	11,134,353		Unitech Ltd		6,273
	393,046		United Spirits Ltd		4,673
	5,466	e	Vedanta Resources plc		108
			TOTAL INDIA		50,626
INDONESIA - 0.2%
	7,879,000		Bank Rakyat Indonesia		6,005
	416,563		PT Astra International Tbk		3,371
	12,000,000		PT Bank Negara Indonesia		5,258
	5,001,000		PT Harum Energy Indonesia Tbk		4,468
	5,933,300		PT Tambang Batubara Bukit Asam Tbk		13,313
			TOTAL INDONESIA		32,415
IRELAND - 1.0%
	147,992	*,m	Anglo Irish Bank Corp plc		0	^
	63,820		CRH plc		1,305
	6,125	e	CRH plc (Ireland)		125
	46,888	*	Elan Corp plc		690
	490	*	Elan Corp plc (ADR)		7
	59,466	e	James Hardie Industries NV		475
	13,746		Kerry Group plc (Class A)		636
	135,500		Paddy Power plc		8,535
	15,748	*	Ryanair Holdings plc		94
	1,703,380		Shire Ltd		54,502
	187,235		Shire plc (ADR)		17,740
	994,147	*,e	Smurfit Kappa Group plc		9,067
	3,678,885		WPP plc		50,302
	417,121		XL Capital Ltd		9,047
			TOTAL IRELAND		152,525
ISRAEL - 0.5%
	57,432		Bank Hapoalim Ltd		213
	65,220		Bank Leumi Le-Israel		207
	87,327		Bezeq Israeli Telecommunication Corp Ltd		144
	1,115		Cellcom Israel Ltd		14
	70,000	*	Check Point Software Technologies		4,469
	250		Delek Group Ltd		49
	1,340		Elbit Systems Ltd		52
	22,797		Israel Chemicals Ltd		263
	123		Israel Corp Ltd		84
	42,434	*	Israel Discount Bank Ltd		57

186

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	6,605		Mizrahi Tefahot Bank Ltd	$	60
	2,536	*	Nice Systems Ltd		100
	1,710		Partner Communications		13
	48,896		Teva Pharmaceutical Industries Ltd		2,206
	1,336,803		Teva Pharmaceutical Industries Ltd (ADR)		60,236
			TOTAL ISRAEL		68,167
ITALY - 1.0%
	62,000	e	A2A S.p.A.		50
	228,506		ACEA S.p.A.		1,453
	115,758		Assicurazioni Generali S.p.A.		1,797
	11,239		Autogrill S.p.A.		119
	29,573		Autostrade S.p.A.		491
	66,456	e	Banca Carige S.p.A.		87
	885,986		Banca Intesa S.p.A.		1,588
	96,435		Banca Intesa S.p.A. RSP		149
	354,456		Banca Monte dei Paschi di Siena S.p.A.		149
	67,596	e	Banche Popolari Unite Scpa		287
	119,528	e	Banco Popolare Scarl		227
	1,018,777		De’Longhi S.p.A.		12,596
	85,972	e	Enel Green Power S.p.A		163
	341,935		Enel S.p.A.		1,236
	590,535		ENI S.p.A.		13,839
	6,999		Exor S.p.A.		177
	75,515	*	FIAT Industrial S.p.A.		806
	75,594	e	Fiat S.p.A.		444
	36,457	e	Finmeccanica S.p.A.		197
	836,409	e	Lottomatica S.p.A.		15,880
	11,846	e	Luxottica Group S.p.A.		428
	64,598		Mediaset S.p.A.		178
	46,592		Mediobanca S.p.A.		274
	552,581	e	Pirelli & C S.p.A.		6,574
	14,331		Prysmian S.p.A.		252
	1,295,779		Saipem S.p.A.		66,947
	83,468		Snam Rete Gas S.p.A.		402
	317,475		Telecom Italia RSP		312
	759,972		Telecom Italia S.p.A.		905
	62,203		Terna Rete Elettrica Nazionale S.p.A.		250
	1,452,526		UniCredit S.p.A		7,274
	774,699	*,e	Yoox S.p.A		12,300
			TOTAL ITALY		147,831
JAPAN - 8.1%
	2,100	e	ABC-Mart, Inc		79
	3,390		Advance Residence Investment Corp		6,440
	662,043	e	Advantest Corp		10,564
	223,909	e	Aeon Co Ltd		2,950
	9,403	e	Aeon Credit Service Co Ltd		149
	9,300		Aeon Mall Co Ltd		217
	12,000		Air Water, Inc		156
	467,542		Aisin Seiki Co Ltd		16,628
	50,529	e	Ajinomoto Co, Inc		636

187

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	4,757		Alfresa Holdings Corp	$	227
	62,435	e	All Nippon Airways Co Ltd		189
	316,744		Amada Co Ltd		2,151
	6,274,448	e	Aozora Bank Ltd		18,242
	63,307		Asahi Breweries Ltd		1,407
	266,773		Asahi Glass Co Ltd		2,287
	460,834		Asahi Kasei Corp		2,860
	11,300	e	Asics Corp		129
	129,941	e	Astellas Pharma, Inc		5,352
	24,653	e	Bank of Kyoto Ltd		225
	366,971		Bank of Yokohama Ltd		1,845
	25,883	e	Benesse Corp		1,290
	600,804		Bridgestone Corp		14,693
	204,585		Brother Industries Ltd		2,795
	539,897		Canon, Inc		25,827
	160,000	e	Capcom Co Ltd		3,667
	28,723	e	Casio Computer Co Ltd		207
	560	e	Central Japan Railway Co		4,625
	295,323	e	Chiba Bank Ltd		1,892
	228,000	e	Chiyoda Corp		2,922
	312,766		Chubu Electric Power Co, Inc		5,653
	82,558		Chugai Pharmaceutical Co Ltd		1,529
	13,100		Chugoku Bank Ltd		178
	175,653	e	Chugoku Electric Power Co, Inc		3,272
	19,842		Citizen Watch Co Ltd		127
	7,471		Coca-Cola West Japan Co Ltd		132
	121,343	e	Cosmo Oil Co Ltd		339
	211,355	e	Credit Saison Co Ltd		4,309
	69,076	e	Dai Nippon Printing Co Ltd		711
	22,630		Daicel Chemical Industries Ltd		147
	32,698	e	Daido Steel Co Ltd		228
	88,290	e	Daihatsu Motor Co Ltd		1,629
	3,085	e	Dai-ichi Mutual Life Insurance Co		4,310
	120,397	e	Daiichi Sankyo Co Ltd		2,201
	29,146	e	Daikin Industries Ltd		800
	19,563	e	Dainippon Sumitomo Pharma Co Ltd		208
	72,111	e	Daito Trust Construction Co Ltd		6,512
	59,856		Daiwa House Industry Co Ltd		796
	127,300	e	Daiwa Securities Group, Inc		507
	31,100	e	Dena Co Ltd		861
	56,676		Denki Kagaku Kogyo KK		229
	305,945	e	Denso Corp		10,338
	21,855	e	Dentsu, Inc		700
	3,939	*,e	Digital Garage, Inc		10,316
	104,852		East Japan Railway Co		6,619
	31,217	e	Eisai Co Ltd		1,241
	72,293	e	Electric Power Development Co		1,966
	5,300	*,m	Elpida Memory, Inc		0	^
	162,344		FamilyMart Co Ltd		6,880
	101,443		Fanuc Ltd		18,170
	42,218		Fast Retailing Co Ltd		9,686
	39,300	e	FCC Co Ltd		883

188

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	41,822	e	Fuji Electric Holdings Co Ltd	$	110
	245,684	e	Fuji Folms Holdings Corp		5,816
	74,342	e	Fuji Heavy Industries Ltd		607
	547		Fuji Television Network, Inc		944
	381,991	e	Fujitsu Ltd		2,028
	60,167		Fukuoka Financial Group, Inc		268
	77,805		Furukawa Electric Co Ltd		209
	41,700	e	Gree, Inc		1,051
	44,110	e	GS Yuasa Corp		244
	29,879		Gunma Bank Ltd		161
	31,842		Hachijuni Bank Ltd		188
	2,935	e	Hakuhodo DY Holdings, Inc		185
	5,037	e	Hamamatsu Photonics KK		192
	97,582	e	Hino Motors Ltd		712
	3,687	e	Hirose Electric Co Ltd		389
	37,744	e	Hiroshima Bank Ltd		173
	7,700	e	Hisamitsu Pharmaceutical Co, Inc		366
	12,552	e	Hitachi Chemical Co Ltd		228
	8,422	e	Hitachi Construction Machinery Co Ltd		188
	23,500		Hitachi High-Technologies Corp		564
	200,000		Hitachi Kokusai Electric, Inc		1,845
	6,427,685	e	Hitachi Ltd		41,587
	236,000		Hitachi Medical Corp		3,148
	51,000	e	Hitachi Metals Ltd		639
	152,284	e	Hokkaido Electric Power Co, Inc		2,240
	94,446		Hokuhoku Financial Group, Inc		181
	130,131	e	Hokuriku Electric Power Co		2,357
	1,301,168	e	Honda Motor Co Ltd		50,113
	113,953		Hoya Corp		2,573
	88,566	e	Ibiden Co Ltd		2,290
	34,747	e	Idemitsu Kosan Co Ltd		3,477
	783		Inpex Holdings, Inc		5,324
	144,181	e	Isetan Mitsukoshi Holdings Ltd		1,703
	6,974,378	e	Ishikawajima-Harima Heavy Industries Co Ltd		17,728
	1,128,169		Isuzu Motors Ltd		6,657
	1,265,123		Itochu Corp		13,862
	103,562	e	Itochu Techno-Science Corp		4,636
	19,652		Iyo Bank Ltd		175
	299,050		J Front Retailing Co Ltd		1,679
	182,000		Japan Aviation Electronics Industry Ltd		1,585
	16,500		Japan Petroleum Exploration Co		774
	77		Japan Prime Realty Investment Corp		222
	119		Japan Real Estate Investment Corp		1,049
	193		Japan Retail Fund Investment Corp		287
	224,560	e	Japan Steel Works Ltd		1,550
	1,576		Japan Tobacco, Inc		8,921
	103,804		JFE Holdings, Inc		2,257
	205,978	e	JGC Corp		6,428
	48,624		Joyo Bank Ltd		223
	299,723		JS Group Corp		6,310
	22,453	e	JSR Corp		456
	36,203		JTEKT Corp		438

189

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	211		Jupiter Telecommunications Co	$	211
	825,200		JX Holdings, Inc		5,149
	102,372	e	Kajima Corp		313
	29,852		Kamigumi Co Ltd		248
	33,900	e	Kaneka Corp		206
	348,874	e	Kansai Electric Power Co, Inc		5,409
	25,480	e	Kansai Paint Co Ltd		258
	40,753	e	Kao Corp		1,075
	510,212	e	Kawasaki Heavy Industries Ltd		1,577
	378,723	e	Kawasaki Kisen Kaisha Ltd		842
	1,077	e	KDDI Corp		7,008
	199,022	e	Keihin Electric Express Railway Co Ltd		1,743
	219,310	e	Keio Corp		1,573
	32,426		Keisei Electric Railway Co Ltd		251
	13,293		Keyence Corp		3,147
	11,795	e	Kikkoman Corp		137
	16,131		Kinden Corp		125
	386,914	e	Kintetsu Corp		1,474
	259,849		Kirin Brewery Co Ltd		3,383
	848,084	*	Kobe Steel Ltd		1,387
	7,000	e	Koito Manufacturing Co Ltd		114
	266,022		Komatsu Ltd		7,649
	107,173	e	Konami Corp		3,069
	152,113	e	Konica Minolta Holdings, Inc		1,342
	89,158		Kubota Corp		863
	50,787		Kuraray Co Ltd		722
	8,645	e	Kurita Water Industries Ltd		213
	56,012		Kyocera Corp		5,181
	32,045		Kyowa Hakko Kogyo Co Ltd		358
	228,484	e	Kyushu Electric Power Co, Inc		3,262
	21,151		Lawson, Inc		1,332
	3,016		Mabuchi Motor Co Ltd		138
	37,436	e	Makita Corp		1,520
	1,381,072	e	Marubeni Corp		10,043
	16,709	e	Marui Co Ltd		140
	5,496		Maruichi Steel Tube Ltd		129
	226,555	e	Matsushita Electric Industrial Co Ltd		2,113
	493,150	*,e	Mazda Motor Corp		874
	4,900	e	McDonald’s Holdings Co Japan Ltd		130
	17,812		Mediceo Paltac Holdings Co Ltd		232
	5,249	e	MEIJI Holdings Co Ltd		230
	765,264		Millea Holdings, Inc		21,183
	17,000		Miraca Holdings, Inc		666
	989,219		Mitsubishi Chemical Holdings Corp		5,323
	622,295	e	Mitsubishi Corp		14,563
	837,814		Mitsubishi Electric Corp		7,481
	426,705		Mitsubishi Estate Co Ltd		7,673
	47,160	e	Mitsubishi Gas Chemical Co, Inc		317
	991,150		Mitsubishi Heavy Industries Ltd		4,830
	14,262		Mitsubishi Logistics Corp		169
	379,293		Mitsubishi Materials Corp		1,211
	468,130	*,e	Mitsubishi Motors Corp		535

190

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	5,069,554	e	Mitsubishi UFJ Financial Group, Inc	$	25,441
	7,210		Mitsubishi UFJ Lease & Finance Co Ltd		319
	1,070,504	e	Mitsui & Co Ltd		17,668
	209,087	e	Mitsui Chemicals, Inc		638
	391,137		Mitsui Fudosan Co Ltd		7,553
	1,742,099	e	Mitsui OSK Lines Ltd		7,646
	178,007	e	Mitsui Sumitomo Insurance Group Holdings, Inc		3,683
	1,955,749		Mitsui Trust Holdings, Inc		6,299
	8,354,456	e	Mizuho Financial Group, Inc		13,745
	314,920	e	Murata Manufacturing Co Ltd		18,789
	30,900	e	Nabtesco Corp		640
	315,506		Namco Bandai Holdings, Inc		4,577
	198,615	*	NEC Corp		418
	54,700	*,e	NEC Electronics Corp		384
	53,179		NGK Insulators Ltd		766
	18,988		NGK Spark Plug Co Ltd		273
	18,738		NHK Spring Co Ltd		204
	39,906	e	Nidec Corp		3,648
	90,381	e	Nikon Corp		2,776
	50,758	e	Nintendo Co Ltd		7,709
	124		Nippon Building Fund, Inc		1,180
	45,184	e	Nippon Electric Glass Co Ltd		398
	105,441		Nippon Express Co Ltd		414
	12,944	e	Nippon Meat Packers, Inc		165
	11,787	e	Nippon Paper Group, Inc		246
	97,507	e	Nippon Sheet Glass Co Ltd		151
	1,235,884	e	Nippon Steel Corp		3,428
	360,130		Nippon Telegraph & Telephone Corp		16,323
	965,408	e	Nippon Yusen Kabushiki Kaisha		3,058
	50,721		Nishi-Nippon City Bank Ltd		144
	1,741,343	e	Nissan Motor Co Ltd		18,723
	22,618	e	Nisshin Seifun Group, Inc		275
	84,321	e	Nisshin Steel Co Ltd		143
	7,735	e	Nissin Food Products Co Ltd		290
	2,806		Nitori Co Ltd		254
	20,437		Nitto Denko Corp		833
	110,600	e	NKSJ Holdings, Inc		2,492
	13,051	e	NOK Corp		287
	1,864,163		Nomura Holdings, Inc		8,309
	11,474		Nomura Real Estate Holdings, Inc		204
	73		Nomura Real Estate Office Fund, Inc		436
	12,564	e	Nomura Research Institute Ltd		314
	502,000		Nomura Topix Exchange Traded Fund		5,301
	33,911		NSK Ltd		264
	3,250,948		NTN Corp		13,891
	157	e	NTT Data Corp		556
	5,645	e	NTT DoCoMo, Inc		9,388
	145		NTT Urban Development Corp		119
	80,259		Obayashi Corp		351
	235,398	e	Odakyu Electric Railway Co Ltd		2,226
	103,797	e	OJI Paper Co Ltd		504
	4,500		Olympus Corp		74

191

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	75,102	e	Omron Corp	$	1,626
	80,398	e	Ono Pharmaceutical Co Ltd		4,479
	3,003		Oracle Corp Japan		114
	43,817	e	Oriental Land Co Ltd		4,700
	225,051	*,e	ORIX Corp		21,622
	238,981		Osaka Gas Co Ltd		959
	16,500		OSG Corp		251
	1,987		Otsuka Corp		162
	175,500	e	Otsuka Holdings KK		5,203
	806,900	e	Park24 Co Ltd		10,911
	2,833		Rakuten, Inc		2,970
	240,230	e	Resona Holdings, Inc		1,111
	77,581	e	Ricoh Co Ltd		762
	10,499	e	Rinnai Corp		759
	20,924		Rohm Co Ltd		1,038
	4,080		Sankyo Co Ltd		201
	3,400	e	Sanrio Co Ltd		133
	9,156		Santen Pharmaceutical Co Ltd		391
	1,622		SBI Holdings, Inc		155
	62,334	e	Secom Co Ltd		3,072
	635,643		Sega Sammy Holdings, Inc		13,369
	9,883	e	Seiko Epson Corp		140
	671,951		Sekisui Chemical Co Ltd		5,854
	62,920		Sekisui House Ltd		621
	467,881		Seven & I Holdings Co Ltd		13,952
	42,300		Seven Bank Ltd		93
	150,106	e	Sharp Corp		1,106
	112,919	e	Shikoku Electric Power Co, Inc		3,186
	28,982		Shimadzu Corp		264
	1,697		Shimamura Co Ltd		191
	5,581	e	Shimano, Inc		337
	72,062	e	Shimizu Corp		290
	84,800		Shin-Etsu Chemical Co Ltd		4,934
	110,649		Shinsei Bank Ltd		146
	37,173	e	Shionogi & Co Ltd		516
	27,685	e	Shiseido Co Ltd		479
	196,301	e	Shizuoka Bank Ltd		2,027
	181,654	e	Showa Denko KK		416
	22,973	e	Showa Shell Sekiyu KK		147
	6,688	e	SMC Corp		1,070
	367,360		Softbank Corp		10,937
	151,836	e	Sojitz Holdings Corp		273
	358,702	e	Sony Corp		7,503
	21,700		Sony Financial Holdings, Inc		387
	81,499	e	Square Enix Co Ltd		1,719
	17,515		Stanley Electric Co Ltd		280
	321,600		Start Today Co Ltd		5,939
	14,276	*,e	Sumco Corp		176
	192,883	e	Sumitomo Chemical Co Ltd		828
	419,963	e	Sumitomo Corp		6,105
	149,676		Sumitomo Electric Industries Ltd		2,073
	68,625		Sumitomo Heavy Industries Ltd		384

192

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	2,035,400		Sumitomo Metal Industries Ltd	$	4,152
	114,264		Sumitomo Metal Mining Co Ltd		1,620
	1,115,879	e	Sumitomo Mitsui Financial Group, Inc		36,933
	310,396		Sumitomo Realty & Development Co Ltd		7,559
	420,763		Sumitomo Rubber Industries, Inc		5,645
	479,654	e	Suruga Bank Ltd		4,922
	8,587		Suzuken Co Ltd		266
	56,322		Suzuki Motor Corp		1,357
	21,200	e	Sysmex Corp		861
	203,700	e	T&D Holdings, Inc		2,378
	728,000		Taiheiyo Cement Corp		1,623
	124,743		Taisei Corp		326
	58,400	*,e	Taisho Pharmaceutical Holdings Co Ltd		4,733
	31,357		Taiyo Nippon Sanso Corp		222
	110,718		Takashimaya Co Ltd		925
	334,348	e	Takeda Pharmaceutical Co Ltd		14,733
	368,100		Tamron Co Ltd		11,927
	80,181		Tanabe Seiyaku Co Ltd		1,129
	44,927	e	TDK Corp		2,575
	3,060,613		Teijin Ltd		10,350
	52,276	e	Terumo Corp		2,512
	61,376	e	THK Co Ltd		1,257
	322,878	e	Tobu Railway Co Ltd		1,716
	14,075	e	Toho Co Ltd		259
	51,000	e	Toho Gas Co Ltd		301
	270,515	e	Tohoku Electric Power Co, Inc		3,094
	169,160	*,e	Tokyo Electric Power Co, Inc		429
	50,210		Tokyo Electron Ltd		2,895
	302,624		Tokyo Gas Co Ltd		1,428
	394,852	e	Tokyu Corp		1,876
	52,414		Tokyu Land Corp		259
	106,626		TonenGeneral Sekiyu KK		986
	68,427	e	Toppan Printing Co Ltd		538
	677,764	e	Toray Industries, Inc		5,055
	1,987,481	e	Toshiba Corp		8,827
	961,647		Tosoh Corp		2,697
	34,681	e	Toto Ltd		262
	18,339		Toyo Seikan Kaisha Ltd		265
	40,099		Toyo Suisan Kaisha Ltd		1,043
	7,797	e	Toyoda Gosei Co Ltd		154
	8,000	e	Toyota Boshoku Corp		95
	44,861		Toyota Industries Corp		1,367
	1,407,648		Toyota Motor Corp		61,250
	26,294		Toyota Tsusho Corp		540
	8,028	e	Trend Micro, Inc		248
	558,000	e	Tsugami Corp		6,435
	100,974	e	Tsumura & Co		2,919
	349,932		UBE Industries Ltd		957
	88,151	e	Uni-Charm Corp		4,653
	835,300		United Arrows Ltd		17,523
	317,984		Ushio, Inc		4,504
	41,653		USS Co Ltd		4,236

193

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	40,800	e	West Japan Railway Co	$	1,642
	5,058	e	Yahoo! Japan Corp		1,643
	11,777	e	Yakult Honsha Co Ltd		406
	6,349	e	Yamada Denki Co Ltd		399
	15,666		Yamaguchi Financial Group, Inc		143
	11,888		Yamaha Corp		124
	31,283		Yamaha Motor Co Ltd		423
	5,300	e	Yamato Kogyo Co Ltd		156
	49,055		Yamato Transport Co Ltd		762
	14,553	e	Yamazaki Baking Co Ltd		209
	27,384	e	Yaskawa Electric Corp		259
	26,910	*,e	Yokogawa Electric Corp		275
			TOTAL JAPAN		1,200,121
JERSEY, C.I. - 0.0%
	8,983		Randgold Resources Ltd		785
			TOTAL JERSEY, C.I.		785
KAZAKHSTAN - 0.0%
	12,661		Eurasian Natural Resources Corp		120
			TOTAL KAZAKHSTAN		120
KOREA, REPUBLIC OF - 0.5%
	210,000		Daewoo Shipbuilding & Marine Engineering Co Ltd		5,629
	110,000		Dongbu Insurance Co Ltd		4,759
	232,960		Hanwha Chemical Corp		5,533
	140,000		Hanwha Corp		4,038
	38,580		Hynix Semiconductor, Inc		998
	48,797		Hyundai Motor Co		10,077
	27,000		Hyundai Steel Co		2,435
	150,000		Kangwon Land, Inc		3,332
	113,131		KB Financial Group, Inc		4,148
	120,780		Kia Motors Corp		7,926
	15,000	*	Korea Kumho Petrochemical		1,888
	10,838		LG Chem Ltd		3,548
	40,000		LS Cable Ltd		2,829
	31,000	*	Mando Corp		4,568
	11,650		Samsung Electronics Co Ltd		13,142
	170,000		Samsung Heavy Industries Co Ltd		5,686
			TOTAL KOREA, REPUBLIC OF		80,536
LUXEMBOURG - 0.0%
	84,971		ArcelorMittal		1,627
	1,128,000	e	L’ Occitane International S.A.		2,675
	7,527	e	Millicom International Cellular S.A.		854
	28,912		SES Global S.A.		718
	46,727		Tenaris S.A.		892
			TOTAL LUXEMBOURG		6,766
MACAU - 0.3%
	10,598,400	e	Sands China Ltd		41,383

194

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	138,800	e	Wynn Macau Ltd	$	406
			TOTAL MACAU		41,789
MALAYSIA - 0.0%
	1,151,800		Public Bank BHD		5,131
	33,959		YNH Property BHD		21
			TOTAL MALAYSIA		5,152
MEXICO - 0.1%
	200,000		Alfa S.A. de C.V. (Class A)		2,877
	692,753		Fresnillo plc		17,763
			TOTAL MEXICO		20,640
NETHERLANDS - 1.4%
	163,101	*	Aegon NV		907
	23,171		Akzo Nobel NV		1,369
	42,826		ASML Holding NV		2,146
	6,129		Boskalis Westminster		230
	199,159		Chicago Bridge & Iron Co NV (ADR)		8,602
	34,455	*	CNH Global NV		1,368
	5,541		Corio NV		292
	5,733		Delta Lloyd NV		101
	8,012		DSM NV		464
	488,600		European Aeronautic Defence and Space Co		20,009
	6,573		Fugro NV		469
	10,857		Heineken Holding NV		508
	24,846		Heineken NV		1,381
	3,502,251	*	ING Groep NV		29,167
	376,426		Koninklijke Ahold NV		5,216
	99,534		Koninklijke Philips Electronics NV		2,020
	3,517		Koninklijke Vopak NV		203
	22,306	*	Qiagen N.V.		347
	10,821	e	Randstad Holdings NV		409
	209,776		Reed Elsevier NV		2,679
	1,789,169		Royal Dutch Shell plc (A Shares)		62,578
	651,499		Royal Dutch Shell plc (B Shares)		22,944
	140,468		Royal KPN NV		1,546
	15,580		SBM Offshore NV		319
	35,198		TNT Express NV		435
	375,019		Unilever NV		12,760
	145,000		Unilever NV (ADR)		4,934
	29,343		Wolters Kluwer NV		556
	719,246	*	Ziggo NV		22,437
			TOTAL NETHERLANDS		206,396
NEW ZEALAND - 0.0%
	122,946		Auckland International Airport Ltd		248
	46,739	*	Contact Energy Ltd		181
	88,514	e	Fletcher Building Ltd		489
	77,676		Sky City Entertainment Group Ltd		251
	259,467		Telecom Corp of New Zealand Ltd		516

195

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
			TOTAL NEW ZEALAND	$	1,685
NORWAY - 0.2%
	7,643		Aker Kvaerner ASA		129
	1,790,281		DNB NOR Holding ASA		23,034
	11,008	e	Gjensidige Forsikring BA		130
	91,979	e	Norsk Hydro ASA		502
	76,506	e	Orkla ASA		606
	30,061	e	SeaDrill Ltd		1,129
	110,763		Statoil ASA		3,006
	276,979		Telenor ASA		5,142
	18,768		Yara International ASA		895
			TOTAL NORWAY		34,573
PHILIPPINES - 0.1%
	10,195,901	m	Ayala Land, Inc (Preference)		24
	3,771,610		Metropolitan Bank & Trust		7,690
			TOTAL PHILIPPINES		7,714
POLAND - 0.0%
	120,789		KGHM Polska Miedz S.A.		5,569
			TOTAL POLAND		5,569
PORTUGAL - 0.3%
	55,470	e	Banco Espirito Santo S.A.		101
	23,082	e	Cimpor Cimentos de Portugal S.A.		154
	12,382	*	EDP Renovaveis S.A.		62
	98,684		Energias de Portugal S.A.		287
	19,168		Galp Energia SGPS S.A.		315
	2,061,795	*	Jeronimo Martins SGPS S.A.		41,996
	58,908		Portugal Telecom SGPS S.A.		320
			TOTAL PORTUGAL		43,235
RUSSIA - 0.0%
	225,000	*	Sberbank of Russian Federation (ADR)		2,894
			TOTAL RUSSIA		2,894
SINGAPORE - 0.7%
	224,473		Ascendas Real Estate Investment Trust		361
	3,800,000		CapitaCommercial Trust		3,689
	880,082		CapitaLand Ltd		2,187
	715,362		CapitaMall Trust		1,027
	120,000		CapitaMalls Asia Ltd		156
	165,868		City Developments Ltd		1,498
	165,028		ComfortDelgro Corp Ltd		205
	87,584	e	Cosco Corp Singapore Ltd		81
	1,125,025		DBS Group Holdings Ltd		12,712
	146,034	*	Flextronics International Ltd		1,056
	81,103		Fraser and Neave Ltd		433
	544,384	*,e	Genting International plc		739
	6,222,800	*	Global Logistic Properties		10,907

196

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	8,596,497		Golden Agri-Resources Ltd	$	5,372
	514,000	e	Hotel Properties Ltd		802
	183,082		Jardine Cycle & Carriage Ltd		7,044
	1,198,326		Keppel Corp Ltd		10,473
	2,184,000		Keppel Land Ltd		6,042
	26,000		K-Green Trust		20
	78,465	e	Neptune Orient Lines Ltd		88
	130,155	e	Olam International Ltd		245
	486,699		Oversea-Chinese Banking Corp		3,455
	786,609		SembCorp Industries Ltd		3,302
	360,857	e	SembCorp Marine Ltd		1,512
	150,492		Singapore Airlines Ltd		1,290
	266,560	e	Singapore Exchange Ltd		1,474
	502,963	e	Singapore Press Holdings Ltd		1,568
	459,896		Singapore Technologies Engineering Ltd		1,189
	2,571,704		Singapore Telecommunications Ltd		6,456
	52,274	e	StarHub Ltd		129
	308,022		United Overseas Bank Ltd		4,498
	1,563,965		United Overseas Land Ltd		5,899
	170,230	e	Wilmar International Ltd		667
	169,000	e	Yangzijiang Shipbuilding		179
			TOTAL SINGAPORE		96,755
SOUTH AFRICA - 0.1%
	1,500,000		Life Healthcare Group Holdings Pte Ltd		4,894
	220,000		Mr Price Group Ltd		2,709
	110,000		Sasol Ltd		5,337
			TOTAL SOUTH AFRICA		12,940
SPAIN - 0.5%
	34,079		Abertis Infraestructuras S.A.		580
	2,423		Acciona S.A.		169
	11,083	e	Acerinox S.A.		143
	14,390	e	ACS Actividades Cons y Servicios S.A.		368
	870,947		Amadeus IT Holding S.A.		16,452
	410,267		Banco Bilbao Vizcaya Argentaria S.A.		3,270
	171,773	e	Banco de Sabadell S.A.		468
	95,391	e	Banco Popular Espanol S.A.		343
	834,337		Banco Santander Central Hispano S.A.		6,416
	42,253	*,e	Bankia SAU		153
	26,014	e	Bankinter S.A.		137
	39,440		Cintra Concesiones de Infraestructuras de Transporte S.A.		453
	74,210	e	Corp Mapfre S.A.		239
	77,346	e	Criteria Caixacorp S.A.		301
	2,605,680	*,e	Distribuidora Internacional de Alimentacion S.A.		12,915
	10,136		Enagas		195
	4,778	e	Fomento de Construcciones y Contratas S.A.		107
	18,045		Gas Natural SDG S.A.		289
	12,747	e	Grifols S.A.		272
	398,013		Iberdrola S.A.		2,260
	125,678		Inditex S.A.		12,027
	8,218	e	Indra Sistemas S.A.		101

197

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	5,839		Red Electrica de Espana	$	286
	75,660		Repsol YPF S.A.		1,902
	413,677		Telefonica S.A.		6,787
	14,638	e	Zardoya Otis S.A.		190
			TOTAL SPAIN		66,823
SWEDEN - 0.7%
	34,713		Alfa Laval AB		714
	16,319		Assa Abloy AB (Class B)		511
	66,556	e	Atlas Copco AB (A Shares)		1,610
	38,233		Atlas Copco AB (B Shares)		824
	1,010,178	*	Biovitrum AB		3,421
	213,703		Boliden AB		3,361
	250,000	e	Castellum AB		3,150
	23,774	e	Electrolux AB (Series B)		502
	296,617		Ericsson (LM) (B Shares)		3,069
	19,797	e	Getinge AB (B Shares)		564
	508,811		Hennes & Mauritz AB (B Shares)		18,393
	330,573		Hexagon AB (B Shares)		6,420
	5,086	e	Holmen AB (B Shares)		140
	41,426	e	Husqvarna AB (B Shares)		250
	5,908		Industrivarden AB		88
	470,800		Intrum Justitia AB		7,827
	45,149		Investor AB (B Shares)		1,001
	11,097		Kinnevik Investment AB (Series B)		258
	11,556	*,e	Lundin Petroleum AB		248
	2,327		Modern Times Group AB (B Shares)		128
	288,675	e	Nordea Bank AB		2,625
	10,290		Ratos AB (B Shares)		143
	605,957		Sandvik AB		8,744
	32,245		Scania AB (B Shares)		671
	29,744		Securitas AB (B Shares)		287
	145,356	e	Skandinaviska Enskilda Banken AB (Class A)		1,033
	40,019		Skanska AB (B Shares)		693
	160,402		SKF AB (B Shares)		3,915
	16,426	e	Ssab Svenskt Stal AB (Series A)		155
	56,928	e	Svenska Cellulosa AB (B Shares)		986
	48,480	e	Svenska Handelsbanken (A Shares)		1,546
	67,244	e	Swedbank AB (A Shares)		1,045
	423,979		Swedish Match AB		16,872
	30,834		Tele2 AB (B Shares)		630
	218,146		TeliaSonera AB		1,522
	330,000		Trelleborg AB (B Shares)		3,446
	123,656		Volvo AB (B Shares)		1,801
			TOTAL SWEDEN		98,593
SWITZERLAND - 2.8%
	167,734		ABB Ltd		3,433
	10,242		Actelion Ltd		374
	316,205		Adecco S.A.		16,562
	8,439		Aryzta AG.		417
	4,812		Baloise Holding AG.		388

198

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	83		Barry Callebaut AG.	$	83
	442,983		Compagnie Financiere Richemont S.A.		27,766
	738,436		Credit Suisse Group		21,047
	3,964		Geberit AG.		828
	791		Givaudan S.A.		762
	71,940	e	Glencore International AG.		449
	24,290		Holcim Ltd		1,581
	10,739		Julius Baer Group Ltd		434
	10,584		Julius Baer Holding AG.		154
	5,346		Kuehne & Nagel International AG.		723
	81		Lindt & Spruengli AG.		260
	10		Lindt & Spruengli AG. (Reg)		372
	79,765		Lonza Group AG.		4,122
	1,530,412		Nestle S.A.		96,288
	1,159,669		Novartis AG.		64,197
	2,479		Pargesa Holding S.A.		178
	736		Partners Group		144
	4,737		Phonak Holding AG.		526
	279,311		Roche Holding AG.		48,609
	2,623		Schindler Holding AG.		316
	1,027		Schindler Holding AG. (Reg)		123
	505		SGS S.A.		982
	103		Sika AG.		223
	66,604		STMicroelectronics NV		545
	790	*	Straumann Holding AG.		134
	1,192		Sulzer AG.		169
	3,284		Swatch Group AG.		1,510
	2,987		Swatch Group AG. Reg		240
	3,137		Swiss Life Holding		373
	511,788		Swiss Re Ltd		32,683
	2,343	e	Swisscom AG.		947
	173,190		Syngenta AG.		59,678
	6,170	g	Synthes, Inc 144A		1,070
	432,900	*,e	Temenos Group AG.		8,018
	17,971		Transocean Ltd		982
	617,714	*	UBS AG. (Switzerland)		8,657
	24,569		Zurich Financial Services AG.		6,604
			TOTAL SWITZERLAND		412,951
TAIWAN - 0.4%
	1,000,000		Catcher Technology Co Ltd		7,089
	613,000		Cleanaway Co Ltd		4,387
	2,311,740		Hon Hai Precision Industry Co, Ltd		9,000
	1,762,000		King Slide Works Co Ltd		10,656
	1,200,000		Taiwan Mobile Co Ltd		3,659
	360,000		Taiwan Semiconductor Manufacturing Co Ltd		1,035
	400,000		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		6,112
	2,058,230		TSRC Corp		5,274
	8,800,000		United Microelectronics Corp		4,286
			TOTAL TAIWAN		51,498

199

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
THAILAND - 0.3%
	850,000		Bangkok Bank PCL (ADR)	$	5,103
	5,538,000		Bank of Ayudhya PCL - NVDR		4,851
	269,437		Banpu PCL		5,325
	4,227,800		Charoen Pokphand Foods PCL		5,112
	1,157,000		Kasikornbank PCL - NVDR		5,777
	7,600,000		Krung Thai Bank PCL		4,311
	1,701,654	*	PTT Global Chemical PCL		3,914
	633,000		PTT PCL		7,263
			TOTAL THAILAND		41,656
TURKEY - 0.1%
	500,000		Ford Otomotiv Sanayi AS		4,716
	200,000		Koza Altin Isletmeleri AS		3,798
	930,000		Tofas Turk Otomobil Fabrik		3,981
	1,025,936		Turk Telekomunikasyon AS		4,469
			TOTAL TURKEY		16,964
UKRAINE - 0.1%
	569,454	*,f	MHP SA (GDR) (purchased 01/07/12, cost $9,881)		7,973
			TOTAL UKRAINE		7,973
UNITED KINGDOM - 8.6%
	95,351		3i Group plc		327
	14,627	*,e	Acergy S.A.		387
	18,642	e	Admiral Group plc		354
	2,400,000	*	Afren plc		5,131
	1,291,971	e	Aggreko plc		46,523
	17,925		AMEC plc		318
	449,761		Anglo American plc (London)		16,859
	1,263,601		Antofagasta plc		23,351
	70,181		ARM Holdings plc		662
	2,467,900		Ashtead Group plc		10,221
	246,329	*,e	ASOS plc		7,031
	263,386		Associated British Foods plc		5,143
	135,869		AstraZeneca plc		6,039
	1,122,234	*,e	Avanti Communications Group plc		4,667
	562,461		Aveva Group plc		14,928
	279,619		Aviva plc		1,484
	2,086,906		AZ Electronic Materials S.A.		9,657
	18,191		Babcock International Group		232
	335,091		BAE Systems plc		1,608
	67,470		Balfour Beatty plc		308
	13,517,130		Barclays plc		50,939
	3,796,206		BG Group plc		88,021
	450,689		BHP Billiton plc		13,812
	5,130,100	*,e	Blinkx plc		4,991
	5,014,327		BP plc		37,343
	1,472		BP plc (ADR)		66
	698,925		British American Tobacco plc		35,208
	634,874		British Land Co plc		4,873
	1,496,951		British Sky Broadcasting plc		16,194
	9,105,268		BT Group plc		32,983

200

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	316,257		Bunzl plc	$	5,086
	593,822		Burberry Group plc		14,236
	31,886		Capita Group plc		374
	800,000	e	Carillion plc		3,819
	9,238		Carnival plc		295
	5,479,155		Centrica plc		27,738
	54,579		Cobham plc		200
	185,616		Compass Group plc		1,946
	750,000	*	Cove Energy plc		2,570
	539,608		Croda International plc		18,174
	1,590,584		Diageo plc		38,295
	204,695		Ensco International plc (ADR)		10,835
	257,464		Experian Group Ltd		4,016
	83,652		GKN plc		276
	1,884,465		GlaxoSmithKline plc		42,129
	132,831		Group 4 Securicor plc		579
	71,895		Hammerson plc		478
	7,124,637		HSBC Holdings plc		63,283
	55,418		ICAP plc		348
	1,996,481	*	Imagination Technologies Group plc		21,842
	240,000		IMI plc		3,732
	491,559		Imperial Tobacco Group plc		19,941
	21,730		Inmarsat plc		160
	27,141		Intercontinental Hotels Group plc		631
	70,215	*	International Consolidated Airlines		202
	410,718	e	International Power plc		2,661
	8,319		Intertek Group plc		334
	41,045		Invensys plc		131
	47,795		Investec plc		292
	189,846		ITV plc		269
	119,157		J Sainsbury plc		593
	11,582		Johnson Matthey plc		437
	11,128		Kazakhmys plc		162
	122,856		Kingfisher plc		603
	75,922		Land Securities Group plc		878
	11,904,592		Legal & General Group plc		24,899
	50,829		Liberty International plc		269
	3,138,300	*	Lloyds TSB Group plc		1,689
	235,251		London Stock Exchange Group plc		3,893
	8,378		Lonmin plc		137
	173,687		Man Group plc		375
	82,404	e	Marks & Spencer Group plc		499
	40,290		Meggitt plc		261
	540,000		Mondi plc		5,100
	8,407,850	*	Monitise plc		5,178
	445,253		National Grid plc		4,488
	2,552,423	e	New Carphone Warehouse plc		6,132
	309,566		New World Resources plc (A Shares)		2,116
	378,413		Next plc		18,042
	536,780		Old Mutual plc		1,363
	1,215,358		Pearson plc		22,653
	23,179		Petrofac Ltd		646

201

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	2,688,869		Prudential plc	$	32,219
	241,644		Reckitt Benckiser Group plc		13,672
	283,209		Reed Elsevier plc		2,510
	76,895		Resolution Ltd		321
	86,820		Rexam plc		595
	1,221,993		Rio Tinto plc		67,732
	85,400	e	Rio Tinto plc (ADR)		4,747
	1,228,459	*	Rockhopper Exploration plc		6,460
	1,506,668		Rolls-Royce Group plc		19,573
	347,735	e	Royal & Sun Alliance Insurance Group plc		582
	1,707,002	*	Royal Bank of Scotland Group plc		754
	69,541		SABMiller plc		2,793
	132,931		Sage Group plc		636
	12,022		Schroders plc		304
	92,359		Scottish & Southern Energy plc		1,964
	71,523		Segro plc		269
	48,511	e	Serco Group plc		421
	23,385		Severn Trent plc		578
	88,055		Smith & Nephew plc		892
	371,152		Smiths Group plc		6,247
	180,000	e	Spectris plc		5,194
	2,093,328		Standard Chartered plc		52,274
	225,263		Standard Life plc		828
	24,103		Tate & Lyle plc		272
	613,673	*	Telecity Group plc		7,237
	670,066		Tesco plc		3,537
	53,747		TUI Travel plc		169
	3,188,503		Tullow Oil plc		77,932
	191,900		Ultra Electronics Holdings		5,372
	246,799		Unilever plc		8,142
	3,631,384	*	Unitech Corporate Parks plc		1,859
	67,499		United Utilities Group plc		649
	175,000		Victrex plc		3,778
	530,758		Virgin Media, Inc		13,258
	20,058,772		Vodafone Group plc		55,329
	10,979	e	Weir Group plc		310
	17,285		Whitbread plc		510
	900,000	e	William Hill plc		3,762
	211,705		WM Morrison Supermarkets plc		1,009
	739,389		Wolseley plc		28,250
	879,993		Xstrata plc		15,076
	2,471,170		Yule Catto & Co plc		9,800
			TOTAL UNITED KINGDOM		1,282,761
UNITED STATES - 52.1%
	66,440		3M Co		5,927
	77,500		A.O. Smith Corp		3,483
	859,523		Abbott Laboratories		52,680
	37,662		Abercrombie & Fitch Co (Class A)		1,868
	264,595		Accenture plc		17,066
	678,624		ACE Ltd		49,675
	457,588		Activision Blizzard, Inc		5,866

202

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	295,884	*	Adobe Systems, Inc	$	10,152
	74,921		Advance Auto Parts, Inc		6,636
	17,899	*	Advanced Micro Devices, Inc		144
	1,842	*	Aecom Technology Corp		41
	134,113	*	AES Corp		1,753
	216,199		Aetna, Inc		10,845
	248,082		Aflac, Inc		11,409
	110,406	*	AGCO Corp		5,212
	122,629	*	Agilent Technologies, Inc		5,458
	22,326		Air Products & Chemicals, Inc		2,049
	17,759		Airgas, Inc		1,580
	5,913	*	Akamai Technologies, Inc		217
	31,259		Alcoa, Inc		313
	121,189		Alexion Pharmaceuticals, Inc		11,254
	235,417	*	Alkermes PLC		4,367
	645		Alleghany Corp		212
	3,165		Allegheny Technologies, Inc		130
	203,883		Allergan, Inc		19,457
	199,497	*,e	Alliance Data Systems Corp		25,129
	50,467		Alliant Energy Corp		2,186
	19,380		Allied World Assurance Co Holdings Ltd		1,331
	1,223	*	Allscripts Healthcare Solutions, Inc		20
	162,975		Allstate Corp		5,365
	70,168	*	Alpha Natural Resources, Inc		1,067
	10,072		Altera Corp		401
	588,371		Altria Group, Inc		18,163
	104,661	*	Amazon.com, Inc		21,195
	60,159		AMB Property Corp		2,167
	1,154	*	AMC Networks, Inc		52
	3,779	*	Amdocs Ltd		119
	18,102		Ameren Corp		590
	3,334		American Eagle Outfitters, Inc		57
	59,334		American Electric Power Co, Inc		2,289
	100,536		American Express Co		5,817
	86,600		American Financial Group, Inc		3,341
	15,444	*	American International Group, Inc		476
	204,812		American Tower Corp		12,907
	217,736		American Water Works Co, Inc		7,410
	55,942		Ameriprise Financial, Inc		3,196
	135,069		AmerisourceBergen Corp		5,360
	36,175		Ametek, Inc		1,755
	631,208		Amgen, Inc		42,916
	13,953		Amphenol Corp (Class A)		834
	488,099		Anadarko Petroleum Corp		38,238
	87,567		Analog Devices, Inc		3,538
	356,112	e	Annaly Capital Management, Inc		5,634
	10,110	*	Annie’s, Inc		352
	179,297	*	AON Corp		8,796
	348,723		Apache Corp		35,026
	37,593	*	Apollo Group, Inc (Class A)		1,452
	632,100	*	Apple, Inc		378,925
	102,726		Applied Materials, Inc		1,278

203

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	207,952		Arch Capital Group Ltd	$	7,744
	6,511		Arch Coal, Inc		70
	117,234		Archer Daniels Midland Co		3,712
	116,829	*	Arrow Electronics, Inc		4,903
	314,769		Ashland, Inc		19,220
	11,927		Assurant, Inc		483
	85,400		Assured Guaranty Ltd		1,411
	3,242,259		AT&T, Inc		101,256
	31,485	*	Autodesk, Inc		1,333
	121,566	e	Autoliv, Inc		8,151
	162,126		Automatic Data Processing, Inc		8,948
	1,375	*,e	Autonation, Inc		47
	28,182	*	Autozone, Inc		10,478
	759,774		Avago Technologies Ltd		29,608
	8,614		AvalonBay Communities, Inc		1,218
	3,220		Avery Dennison Corp		97
	23,311	*	Avnet, Inc		848
	35,466		Avon Products, Inc		687
	422,794		Axis Capital Holdings Ltd		14,024
	56,057	*	Babcock & Wilcox Co		1,443
	263,673		Baker Hughes, Inc		11,058
	33,162		Ball Corp		1,422
	4,827,300		Bank of America Corp		46,197
	59,849		Bank of New York Mellon Corp		1,444
	4,884		Bard (C.R.), Inc		482
	546,503		Baxter International, Inc		32,670
	136,102		BB&T Corp		4,272
	23,183		Beam, Inc		1,358
	32,661		Becton Dickinson & Co		2,536
	264,663	*	Bed Bath & Beyond, Inc		17,407
	140,491	*	Berkshire Hathaway, Inc (Class B)		11,401
	142,043		Best Buy Co, Inc		3,364
	86,713	*	Biogen Idec, Inc		10,923
	380	*	Bio-Rad Laboratories, Inc (Class A)		39
	31,962		BlackRock, Inc		6,549
	889,154		Blackstone Group LP		14,173
	202,809	*	BMC Software, Inc		8,145
	639,965		Boeing Co		47,594
	39,020	*,e	BorgWarner, Inc		3,291
	177,859		Boston Properties, Inc		18,673
	125,251	*	Boston Scientific Corp		749
	245,000		Brinker International, Inc		6,750
	316,289		Bristol-Myers Squibb Co		10,675
	50,659		Broadcom Corp (Class A)		1,991
	94,504	e	Brookfield Office Properties, Inc (Toronto)		1,644
	11,267		Brown-Forman Corp (Class B)		940
	20,390		Bunge Ltd		1,395
	254,564		CA, Inc		7,016
	108,404		Cablevision Systems Corp (Class A)		1,591
	120,354		Cabot Oil & Gas Corp		3,751
	97,000	*	CACI International, Inc (Class A)		6,042
	16,938	*	Calpine Corp		291

204

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	137,618	*	Cameron International Corp	$	7,270
	6,259	e	Campbell Soup Co		212
	240,162		Capital One Financial Corp		13,387
	171,899		Cardinal Health, Inc		7,411
	204,372	*	CareFusion Corp		5,299
	11,394	*	Carmax, Inc		395
	14,354		Carnival Corp		460
	214,970		Caterpillar, Inc		22,899
	24,311	*	CBRE Group, Inc		485
	708,541		CBS Corp (Class B)		24,027
	12,643		Celanese Corp (Series A)		584
	206,303	*	Celgene Corp		15,993
	1,352,054		Centerpoint Energy, Inc		26,662
	156,433		CenturyTel, Inc		6,046
	148,017		Cerner Corp		11,273
	86,416		CF Industries Holdings, Inc		15,784
	5,242		CH Robinson Worldwide, Inc		343
	130,000	*	Charles River Laboratories International, Inc		4,692
	175,780		Charles Schwab Corp		2,526
	33,386		Chesapeake Energy Corp		774
	1,329,504		Chevron Corp		142,576
	1,884,013	e	Chimera Investment Corp		5,332
	1,002	*	Chipotle Mexican Grill, Inc (Class A)		419
	182,512		Chubb Corp		12,613
	341,364		Church & Dwight Co, Inc		16,792
	210,134		Cigna Corp		10,349
	11,690		Cimarex Energy Co		882
	8,965		Cincinnati Financial Corp		309
	3,741		Cintas Corp		146
	4,073,699		Cisco Systems, Inc		86,159
	100,369	*	CIT Group, Inc		4,139
	884,104		Citigroup, Inc		32,314
	42,801	*	Citrix Systems, Inc		3,377
	60,000		Clean Harbors, Inc		4,040
	107,395		Cleveland-Cliffs, Inc		7,438
	17,764		Clorox Co		1,221
	3,977		CME Group, Inc		1,151
	96,449		Coach, Inc		7,454
	174,027	*	Cobalt International Energy, Inc		5,226
	1,210,805		Coca-Cola Co		89,612
	531,289		Coca-Cola Enterprises, Inc		15,195
	15,192	*	Cognizant Technology Solutions Corp (Class A)		1,169
	95,687		Colgate-Palmolive Co		9,356
	1,098,349		Comcast Corp (Class A)		32,961
	87,790		Comcast Corp (Special Class A)		2,591
	37,556		Comerica, Inc		1,215
	83,130		Computer Sciences Corp		2,489
	197,114		ConAgra Foods, Inc		5,176
	177,217	*	Concho Resources, Inc		18,090
	395,340		ConocoPhillips		30,050
	258,956		Consol Energy, Inc		8,830
	89,678		Consolidated Edison, Inc		5,239

205

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	5,383	*	Constellation Brands, Inc (Class A)	$	127
	21,910	*,e	Continental Resources, Inc		1,880
	931		Con-Way, Inc		30
	136,678		Cooper Industries plc		8,741
	235,102		Corn Products International, Inc		13,554
	117,054		Corning, Inc		1,648
	247,273		Costco Wholesale Corp		22,452
	6,144	*	Covance, Inc		293
	115,259	*	Coventry Health Care, Inc		4,100
	89,851		Covidien plc		4,913
	999		Crane Co		48
	5,340	*,e	Cree, Inc		169
	46,991	*	Crown Castle International Corp		2,506
	560,641	*	Crown Holdings, Inc		20,648
	518,994		CSX Corp		11,169
	118,975		Cummins, Inc		14,282
	896,502		CVS Corp		40,163
	341,285		Cytec Industries, Inc		20,747
	325,431		Dana Holding Corp		5,044
	717,454		Danaher Corp		40,177
	113,336		Darden Restaurants, Inc		5,798
	215,238	*	DaVita, Inc		19,408
	63,447		Deere & Co		5,133
	908,850	*	Dell, Inc		15,087
	47,292	*	Delta Air Lines, Inc		469
	563,203	*	Denbury Resources, Inc		10,267
	47,554		Dentsply International, Inc		1,908
	40,196		Devon Energy Corp		2,859
	23,772	e	Diamond Offshore Drilling, Inc		1,587
	1,639		Dick’s Sporting Goods, Inc		79
	31,073	e	Digital Realty Trust, Inc		2,299
	97,385	e	Dillard’s, Inc (Class A)		6,137
	446,103	*	DIRECTV		22,011
	640,317		Discover Financial Services		21,348
	468,961	*	Discovery Communications, Inc (Class A)		23,729
	22,072	*	Discovery Communications, Inc (Class C)		1,035
	795,447		DISH Network Corp (Class A)		26,194
	1,658	*	Dolby Laboratories, Inc (Class A)		63
	183,384	*	Dollar General Corp		8,472
	117,499	*	Dollar Tree, Inc		11,103
	89,199		Dominion Resources, Inc		4,568
	28,080		Domtar Corp		2,678
	2,274		Douglas Emmett, Inc		52
	29,874		Dover Corp		1,880
	1,258,978		Dow Chemical Co		43,611
	532,372		DR Horton, Inc		8,076
	31,581	e	Dr Pepper Snapple Group, Inc		1,270
	113,747		DSW, Inc (Class A)		6,230
	55,254		DTE Energy Co		3,041
	210,615		Du Pont (E.I.) de Nemours & Co		11,142
	455,930		Duke Energy Corp		9,579
	20,321		Duke Realty Corp		291

206

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,591		Dun & Bradstreet Corp	$	135
	63,980	*	E*Trade Financial Corp		701
	106,199		East West Bancorp, Inc		2,452
	31,424		Eastman Chemical Co		1,624
	61,916		Eaton Corp		3,085
	3,660		Eaton Vance Corp		105
	760,813	*	eBay, Inc		28,066
	607	*	EchoStar Corp (Class A)		17
	372,447		Ecolab, Inc		22,987
	42,188		Edison International		1,793
	210,915	*	Edwards Lifesciences Corp		15,340
	443,547		El Paso Corp		13,107
	30,287	*	Electronic Arts, Inc		499
	164,018		Eli Lilly & Co		6,605
	929,886	*	EMC Corp		27,785
	84,663		Emerson Electric Co		4,418
	2,346		Energen Corp		115
	2,214	*	Energizer Holdings, Inc		164
	18,985		Entergy Corp		1,276
	70,834		EOG Resources, Inc		7,870
	6,417		Equifax, Inc		284
	39,260		Equitable Resources, Inc		1,893
	28,225		Equity Residential		1,767
	10,000	e	Essex Property Trust, Inc		1,515
	173,456		Estee Lauder Cos (Class A)		10,744
	46,472		Everest Re Group Ltd		4,300
	4,031	*	ExactTarget, Inc		105
	927,102		Exelon Corp		36,352
	34,650	e	Expedia, Inc		1,159
	27,921		Expeditors International Washington, Inc		1,299
	120,000	*	Express Parent LLC		2,998
	165,605	*	Express Scripts, Inc		8,972
	2,093,239	d	Exxon Mobil Corp		181,547
	12,774	*	F5 Networks, Inc		1,724
	35,382		Family Dollar Stores, Inc		2,239
	42,992		Fastenal Co		2,326
	100,000	*	Federal Mogul Corp (Class A)		1,721
	21,845		Federal Realty Investment Trust		2,114
	154,897		FedEx Corp		14,244
	260,000	*	Ferro Corp		1,544
	28,757		Fidelity National Information Services, Inc		952
	117,231		Fidelity National Title Group, Inc (Class A)		2,114
	390,845		Fifth Third Bancorp		5,491
	2,660	*,e	First Solar, Inc		67
	106,483		FirstEnergy Corp		4,854
	27,661	*	Fiserv, Inc		1,919
	4,853		Flir Systems, Inc		123
	10,444		Flowserve Corp		1,206
	72,095		Fluor Corp		4,329
	2,221		FMC Corp		235
	150,900		FMC Technologies, Inc		7,608
	372,000		Foot Locker, Inc		11,551

207

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,750,689		Ford Motor Co	$	21,866
	51,898	*	Forest Laboratories, Inc		1,800
	1,614	*	Fossil, Inc		213
	34,713		Franklin Resources, Inc		4,305
	643,157		Freeport-McMoRan Copper & Gold, Inc (Class B)		24,466
	380,139	e	Frontier Communications Corp		1,585
	273,496	e	GameStop Corp (Class A)		5,973
	30,959		Gap, Inc		809
	42,781	e	Garmin Ltd		2,009
	29,035		General Dynamics Corp		2,131
	4,139,002		General Electric Co		83,070
	56,082		General Growth Properties, Inc		953
	401,434		General Mills, Inc		15,837
	18,159,000	*	General Motors Co		0	^
	26,439,985	*	General Motors Co		0	^
	4,461,000	*	General Motors Co		0	^
	18,106,794	*,e	General Motors Co		0	^
	19,417,463	*	General Motors Co		0	^
	69,850,000	*	General Motors Co		0	^
	530,757	*	General Motors Co		0	^
	203,854	*	General Motors Co		5,229
	29,845,445	*	General Motors Co		0	^
	13,592,224	*	General Motors Co		0	^
	61,921,000	*,e	General Motors Co		0	^
	25,327		Genuine Parts Co		1,589
	154,422	*	Genworth Financial, Inc (Class A)		1,285
	135,000	*	Georgia Gulf Corp		4,709
	810,475	*	Gilead Sciences, Inc		39,592
	1,562		Global Payments, Inc		74
	416,248		Goldman Sachs Group, Inc		51,769
	104,567		Goodrich Corp		13,117
	33,022	*	Goodyear Tire & Rubber Co		370
	194,880	*	Google, Inc (Class A)		124,965
	4,037	*,e	Green Mountain Coffee Roasters, Inc		189
	200,000	*,e	GT Solar International, Inc		1,654
	1,039		Guess?, Inc		32
	41,940		H&R Block, Inc		691
	1		H.B. Fuller Co		0	^
	151,116		H.J. Heinz Co		8,092
	412,936		Halliburton Co		13,705
	31,092		Harley-Davidson, Inc		1,526
	3,926		Harris Corp		177
	13,041		Hartford Financial Services Group, Inc		275
	10,189		Hasbro, Inc		374
	5,511		HCA Holdings, Inc		136
	30,158		HCP, Inc		1,190
	31,027		Health Care REIT, Inc		1,705
	2,198	*	Health Net, Inc		87
	322,265	*	Healthsouth Corp		6,600
	39,419		Helmerich & Payne, Inc		2,127
	4,597	*	Henry Schein, Inc		348
	184,467		Herbalife Ltd		12,695

208

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	68,775		Hershey Co	$	4,218
	8,563	*	Hertz Global Holdings, Inc		129
	90,731		Hess Corp		5,349
	1,693,599		Hewlett-Packard Co		40,358
	69,125		Holly Corp		2,222
	352,237	*	Hologic, Inc		7,591
	713,875		Home Depot, Inc		35,915
	1,114,955		Honeywell International, Inc		68,068
	4,571		Hormel Foods Corp		135
	179,828	*	Hospira, Inc		6,724
	206,343		Host Marriott Corp		3,388
	599	*,e	Hovnanian Enterprises, Inc (Class A)		1
	49,483		Hudson City Bancorp, Inc		362
	154,817		Humana, Inc		14,317
	1,195,812		Huntington Bancshares, Inc		7,713
	1,501	*	Huntington Ingalls		60
	81,651		Huntsman Corp		1,144
	283,903		IAC/InterActiveCorp		13,937
	1,386	*	IHS, Inc (Class A)		130
	155,197		Illinois Tool Works, Inc		8,865
	186,792	*,e	Illumina, Inc		9,827
	52,211		Ingersoll-Rand plc		2,159
	2,375		Integrys Energy Group, Inc		126
	1,926,083		Intel Corp		54,142
	192,702	*	IntercontinentalExchange, Inc		26,481
	656,240		International Business Machines Corp		136,924
	2,640		International Flavors & Fragrances, Inc		155
	25,562		International Game Technology		429
	89,382		International Paper Co		3,137
	1,174,512		Interpublic Group of Cos, Inc		13,401
	139,744		Intuit, Inc		8,403
	10,699	*	Intuitive Surgical, Inc		5,796
	107,731		Invesco Ltd		2,873
	4,702		Iron Mountain, Inc		135
	1,399,475	e	iShares MSCI Canada Index Fund		39,661
	2,277,400		iShares MSCI EAFE Index Fund		125,029
	1,792,078	e	iShares MSCI Japan Index Fund		18,243
	20,000	*,e	ITT Educational Services, Inc		1,323
	39,465		J.B. Hunt Transport Services, Inc		2,146
	3,709		J.M. Smucker Co		302
	303,000		Jabil Circuit, Inc		7,611
	12,396	*	Jacobs Engineering Group, Inc		550
	518,992		Janus Capital Group, Inc		4,624
	769,888		Jarden Corp		30,973
	4,965		JC Penney Co, Inc		176
	70,000	*	JDS Uniphase Corp		1,014
	570,575		Johnson & Johnson		37,635
	199,553		Johnson Controls, Inc		6,481
	789		Jones Lang LaSalle, Inc		66
	119,136		Joy Global, Inc		8,757
	1,713,461		JPMorgan Chase & Co		78,785
	694,836	*	Juniper Networks, Inc		15,898

209

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	83,257	*	Kansas City Southern Industries, Inc	$	5,969
	1,399	e	KB Home		12
	500,717		KBR, Inc		17,800
	18,721		Kellogg Co		1,004
	50,000		Kennametal, Inc		2,227
	209,986		Keycorp		1,785
	67,527		Kimberly-Clark Corp		4,990
	31,236	e	Kimco Realty Corp		602
	2,836	e	Kinder Morgan Management LLC		212
	62,555	e	Kinder Morgan, Inc		2,418
	999	*	Kirby Corp		66
	130,642		Kla-Tencor Corp		7,109
	82,078		Kohl’s Corp		4,106
	44,419	*	Kosmos Energy LLC		588
	1,075,898		Kraft Foods, Inc (Class A)		40,895
	572,203		Kroger Co		13,865
	13,898		L-3 Communications Holdings, Inc		984
	5,253	*	Laboratory Corp of America Holdings		481
	8,960	*	Lam Research Corp		400
	999		Landstar System, Inc		58
	258,138	*	Laredo Petroleum Holdings, Inc		6,051
	347,053		Las Vegas Sands Corp		19,980
	1,039	*,e	Leap Wireless International, Inc		9
	127,268		Lear Corp		5,917
	4,278		Legg Mason, Inc		120
	4,215		Leggett & Platt, Inc		97
	2,821	e	Lennar Corp (Class A)		77
	6,618		Leucadia National Corp		173
	226,790	*	Level 3 Communications, Inc		5,835
	119,380		Lexmark International, Inc (Class A)		3,968
	41,887	*	Liberty Global, Inc (Class A)		2,098
	5,997	*	Liberty Global, Inc (Series C)		287
	22,235	*	Liberty Interactive LLC		1,960
	191,372	*	Liberty Media Holding Corp (Interactive A)		3,653
	8,212		Liberty Property Trust		293
	146,637	*	Life Technologies Corp		7,159
	580,201		Limited Brands, Inc		27,850
	2,098		Lincare Holdings, Inc		54
	15,899		Lincoln National Corp		419
	30,403		Linear Technology Corp		1,025
	57,937		Lockheed Martin Corp		5,206
	20,263		Loews Corp		808
	284,074		Lorillard, Inc		36,782
	149,033		Lowe’s Companies, Inc		4,677
	56,839	*	LSI Logic Corp		493
	70,221		LyondellBasell Industries AF S.C.A		3,065
	3,731		M&T Bank Corp		324
	35,306		Macerich Co		2,039
	579,946		Macy’s, Inc		23,041
	1	*	Madison Square Garden, Inc		0	^
	7,097		Manpower, Inc		336
	278,146		Marathon Oil Corp		8,817

210

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	92,568		Marathon Petroleum Corp	$	4,014
	14,499		Marriott International, Inc (Class A)		549
	580	*	Marriott Vacations Worldwide Corp		17
	336,400		Marsh & McLennan Cos, Inc		11,031
	7,153	e	Martin Marietta Materials, Inc		613
	206,906	*	Marvell Technology Group Ltd		3,255
	744,861		Masco Corp		9,959
	58,093		Mastercard, Inc (Class A)		24,430
	52,541		Mattel, Inc		1,769
	189,387		Maxim Integrated Products, Inc		5,415
	3,813		McCormick & Co, Inc		208
	202,834	*	McDermott International, Inc		2,598
	323,203		McDonald’s Corp		31,706
	216,130		McGraw-Hill Cos, Inc		10,476
	96,609		McKesson Corp		8,479
	679		MDC Holdings, Inc		18
	10,778		MDU Resources Group, Inc		241
	185,172		Mead Johnson Nutrition Co		15,273
	19,428		MeadWestvaco Corp		614
	79,095	*	Medco Health Solutions, Inc		5,560
	111,423		Medtronic, Inc		4,367
	1,569,885		Merck & Co, Inc		60,284
	450,440		Metlife, Inc		16,824
	12,786	*	MetroPCS Communications, Inc		115
	7,657	*	Mettler-Toledo International, Inc		1,415
	10,233	*	MGM Mirage		139
	6,217	e	Microchip Technology, Inc		231
	1,143,395	*	Micron Technology, Inc		9,261
	4,740,971		Microsoft Corp		152,896
	11,835	*	Millennial Media, Inc		278
	51,925	*	Mohawk Industries, Inc		3,454
	5,001		Molson Coors Brewing Co (Class B)		226
	294,318		Monsanto Co		23,475
	43,481		Monster Beverage Corp		2,700
	16,934		Moody’s Corp		713
	473,190		Morgan Stanley		9,293
	46,282		Mosaic Co		2,559
	18,006	*	Motorola Mobility Holdings, Inc		707
	49,383		Motorola, Inc		2,510
	773		MSC Industrial Direct Co (Class A)		64
	46,668		Murphy Oil Corp		2,626
	511,025	*	Mylan Laboratories, Inc		11,983
	28,686	*	Nabors Industries Ltd		502
	3,912	*	Nasdaq Stock Market, Inc		101
	201,360		National Oilwell Varco, Inc		16,002
	1,239	*	Navistar International Corp		50
	67,971	*	NetApp, Inc		3,043
	13,337	*,e	NetFlix, Inc		1,534
	50,000	*	NeuStar, Inc (Class A)		1,863
	28,562	e	New York Community Bancorp, Inc		397
	39,223		Newell Rubbermaid, Inc		699
	4,413	*	Newfield Exploration Co		153

211

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	24,923		Newmont Mining Corp	$	1,278
	85,590		News Corp (Class A)		1,685
	14,278		News Corp (Class B)		285
	38,961		NextEra Energy, Inc		2,380
	2,805	*	Nielsen Holdings NV		84
	302,520	*	NII Holdings, Inc (Class B)		5,539
	186,471		Nike, Inc (Class B)		20,221
	145,271		NiSource, Inc		3,537
	100,557		Noble Corp		3,768
	149,210		Noble Energy, Inc		14,590
	215,646		Nordstrom, Inc		12,016
	40,043		Norfolk Southern Corp		2,636
	59,777		Northeast Utilities		2,219
	20,363		Northern Trust Corp		966
	7,963		Northrop Grumman Corp		486
	208,441	*	NRG Energy, Inc		3,266
	13,832		NSTAR		673
	118,990		Nu Skin Enterprises, Inc (Class A)		6,891
	157,408	*	Nuance Communications, Inc		4,027
	32,912		Nucor Corp		1,414
	19,807	*	Nvidia Corp		305
	9,692	*	NVR, Inc		7,040
	8,529		NYSE Euronext		256
	850,346		Occidental Petroleum Corp		80,978
	5,907		Omnicare, Inc		210
	36,137		Omnicom Group, Inc		1,830
	18,054		Oneok, Inc		1,474
	3,209,513		Oracle Corp		93,589
	73,980	*	O’Reilly Automotive, Inc		6,758
	423,543	*	Orient-Express Hotels Ltd (Class A)		4,320
	437	e	Overseas Shipholding Group, Inc		6
	177,121	*	Owens Corning, Inc		6,382
	10,404	*	Owens-Illinois, Inc		243
	449,709		Paccar, Inc		21,060
	49,804		Pall Corp		2,970
	12,275	*	Panera Bread Co (Class A)		1,975
	78,227		Parker Hannifin Corp		6,614
	148,879		PartnerRe Ltd		10,107
	9,322		Patterson Cos, Inc		311
	23,556		Paychex, Inc		730
	36,595		Peabody Energy Corp		1,060
	10,817		Pentair, Inc		515
	66,084		People’s United Financial, Inc		875
	97,919		Pepco Holdings, Inc		1,850
	684,514		PepsiCo, Inc		45,417
	226,128		PerkinElmer, Inc		6,255
	92,449		Perrigo Co		9,551
	266,822		Petsmart, Inc		15,267
	6,567,339		Pfizer, Inc		148,816
	245,009		PG&E Corp		10,636
	1,296,354		Philip Morris International, Inc		114,870
	46,466		Pinnacle West Capital Corp		2,226

212

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	21,359		Pioneer Natural Resources Co	$	2,383
	17,139	e	Pitney Bowes, Inc		301
	54,075	*	Plains Exploration & Production Co		2,306
	16,965		Plum Creek Timber Co, Inc		705
	205,597		PNC Financial Services Group, Inc		13,259
	100,511		PPG Industries, Inc		9,629
	231,021		PPL Corp		6,529
	57,265		Praxair, Inc		6,565
	142,461		Precision Castparts Corp		24,632
	14,076	*	Priceline.com, Inc		10,100
	112,256		Principal Financial Group		3,313
	40,000		ProAssurance Corp		3,524
	924,135		Procter & Gamble Co		62,111
	98,377		Progress Energy, Inc		5,225
	18,725		Progressive Corp		434
	706,133		Prudential Financial, Inc		44,762
	70,000	*	PSS World Medical, Inc		1,774
	383,307		Public Service Enterprise Group, Inc		11,733
	43,401		Public Storage, Inc		5,997
	583,362	*	Pulte Homes, Inc		5,163
	1,076,867		Qualcomm, Inc		73,248
	10,600	*	Quanta Services, Inc		222
	8,072		Quest Diagnostics, Inc		494
	97,372		Questar Corp		1,875
	14,222		Questar Market Resources, Inc		434
	78	e	R.R. Donnelley & Sons Co		1
	30,530	e	RadioShack Corp		190
	160,747	*	Ralcorp Holdings, Inc		11,910
	15,658		Ralph Lauren Corp		2,730
	15,580		Range Resources Corp		906
	43,235		Rayonier, Inc		1,906
	163,992		Raytheon Co		8,656
	65,841	*	Red Hat, Inc		3,943
	6,299		Regency Centers Corp		280
	882,017		Regions Financial Corp		5,812
	153,788		RenaissanceRe Holdings Ltd		11,646
	93,000		Rent-A-Center, Inc		3,511
	464,452		Republic Services, Inc		14,194
	163,349		Reynolds American, Inc		6,769
	11,501	*	Rite Aid Corp		20
	7,249		Robert Half International, Inc		220
	2,172		Rock-Tenn Co (Class A)		147
	35,038		Rockwell Automation, Inc		2,793
	220,672		Rockwell Collins, Inc		12,702
	28,215	*	Rockwood Holdings, Inc		1,471
	129,221		Roper Industries, Inc		12,814
	238,045		Ross Stores, Inc		13,830
	1	*	Rouse Properties, Inc		0	^
	199,472	*	Rowan Cos, Inc		6,569
	65,826		Royal Caribbean Cruises Ltd		1,937
	14,424	*	RRI Energy, Inc		30
	1,058		Ryder System, Inc		56

213

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	19,001	e	Safeway, Inc	$	384
	39,016	*	SAIC, Inc		515
	21,748	*	Salesforce.com, Inc		3,360
	425,575	*	SanDisk Corp		21,104
	610,224		Sara Lee Corp		13,138
	12,665	*	SBA Communications Corp (Class A)		643
	9,320		SCANA Corp		425
	793,629		Schlumberger Ltd		55,498
	316,584		Scripps Networks Interactive (Class A)		15,415
	13,880	*	SEACOR Holdings, Inc		1,329
	124,121		Seagate Technology, Inc		3,345
	5,266		Sealed Air Corp		102
	1,355	e	Sears Holdings Corp		90
	6,870		SEI Investments Co		142
	292,101		Sempra Energy		17,514
	101,074	*	Sensata Technologies Holding BV		3,384
	300,000		Service Corp International		3,378
	1,559	*	Shaw Group, Inc		49
	24,876		Sherwin-Williams Co		2,703
	10,784		Sigma-Aldrich Corp		788
	251,796		Simon Property Group, Inc		36,682
	122,286	*,e	Sirius XM Radio, Inc		283
	12,382		SL Green Realty Corp		960
	70,003		SLM Corp		1,103
	433,107	*	Smithfield Foods, Inc		9,541
	57,262		Sotheby’s (Class A)		2,253
	397,816		Southern Co		17,874
	5,925		Southwest Airlines Co		49
	100,135	*	Southwestern Energy Co		3,064
	806,100		SPDR Trust Series 1		113,434
	51,763		Spectra Energy Corp		1,633
	155,000	*	Spirit Aerosystems Holdings, Inc (Class A)		3,791
	744,554	*	Sprint Nextel Corp		2,122
	3,889		SPX Corp		302
	1,789	*,e	St. Joe Co		34
	29,915		St. Jude Medical, Inc		1,326
	132,268		Stanley Works		10,179
	1,274,331		Staples, Inc		20,619
	411,744		Starbucks Corp		23,012
	84,654		Starwood Hotels & Resorts Worldwide, Inc		4,775
	311,478		State Street Corp		14,172
	43,000		Steel Dynamics, Inc		625
	20,241	*	Stericycle, Inc		1,693
	106,688		Stryker Corp		5,919
	1,218	*,e	SunCoke Energy, Inc		17
	33,585		Sunoco, Inc		1,281
	16,575		SunTrust Banks, Inc		401
	4,786	*	Superior Energy Services		126
	56,800	e	Supervalu, Inc		324
	1,056,286	*	Symantec Corp		19,753
	19,534	*	Synopsys, Inc		599
	7,422		Synovus Financial Corp		15

214

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	30,172		Sysco Corp	$	901
	10,053		T Rowe Price Group, Inc		657
	1,002,798		Target Corp		58,433
	43,945		Taubman Centers, Inc		3,206
	67,600		TCF Financial Corp		804
	62,439		TD Ameritrade Holding Corp		1,233
	730		Techne Corp		51
	27,292		Telephone & Data Systems, Inc		632
	7,395	*	Tempur-Pedic International, Inc		624
	9,262	*	Tenet Healthcare Corp		49
	16,492	*	Teradata Corp		1,124
	163,000	*	Teradyne, Inc		2,753
	842,189		Texas Instruments, Inc		28,306
	32,838		Textron, Inc		914
	326,318	*	Thermo Electron Corp		18,398
	6,110		Tiffany & Co		422
	172,520		Time Warner Cable, Inc		14,060
	40,114		Time Warner, Inc		1,514
	106,233		Timken Co		5,390
	584,206		TJX Companies, Inc		23,199
	76,541	*	Toll Brothers, Inc		1,836
	41,616		Torchmark Corp		2,075
	84,174		Total System Services, Inc		1,942
	156,143		Transocean Ltd		8,541
	32,540		Travelers Cos, Inc		1,926
	55,000		Trinity Industries, Inc		1,812
	21,958	*	TripAdvisor, Inc		783
	43,655	*	TRW Automotive Holdings Corp		2,028
	77,311		Tupperware Corp		4,909
	84,367		Tyco Electronics Ltd		3,101
	1,134,585		Tyco International Ltd		63,741
	110,654		Tyson Foods, Inc (Class A)		2,119
	333,754	*	UAL Corp		7,176
	12,509	*	Ultra Petroleum Corp		283
	477,357		Union Pacific Corp		51,306
	367,778		United Parcel Service, Inc (Class B)		29,687
	5,032	e	United States Steel Corp		148
	101,844		United Technologies Corp		8,447
	1,172,544		UnitedHealth Group, Inc		69,110
	1,790		Universal Health Services, Inc (Class B)		75
	221,738		UnumProvident Corp		5,428
	4,503	*	Urban Outfitters, Inc		131
	59,531	*	URS Corp		2,531
	1,789,879		US Bancorp		56,703
	359	*	US Cellular Corp		15
	184,840		Valero Energy Corp		4,763
	25,210	*	Vantiv, Inc		495
	17,541	*	Varian Medical Systems, Inc		1,210
	64,411		Ventas, Inc		3,678
	30,000	*	VeriFone Systems, Inc		1,556
	8,509		VeriSign, Inc		326
	49,016	*	Verisk Analytics, Inc		2,302

215

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,190,970		Verizon Communications, Inc	$	45,531
	6,804	*	Vertex Pharmaceuticals, Inc		279
	29,035		VF Corp		4,239
	911,969		Viacom, Inc (Class B)		43,282
	220,250		Visa, Inc (Class A)		25,990
	200,000	*	Vishay Intertechnology, Inc		2,432
	222,882	*	VMware, Inc (Class A)		25,045
	78,385		Vornado Realty Trust		6,600
	19,670	e	Vulcan Materials Co		840
	53,809		W.R. Berkley Corp		1,944
	18,333		W.W. Grainger, Inc		3,938
	92,217	*	WABCO Holdings, Inc		5,577
	447,201		Walgreen Co		14,977
	484,466		Wal-Mart Stores, Inc		29,649
	891,635		Walt Disney Co		39,036
	355,605		Walter Energy, Inc		21,055
	98,329	*	Warner Chilcott plc		1,653
	145	e	Washington Post Co (Class B)		54
	13,899		Waste Management, Inc		486
	4,739	*	Waters Corp		439
	350,849	*	Watson Pharmaceuticals, Inc		23,528
	57,974	*	Weatherford International Ltd		875
	18,880	*	WellCare Health Plans, Inc		1,357
	139,562		WellPoint, Inc		10,300
	3,696,291		Wells Fargo & Co		126,191
	118,994	*	Western Digital Corp		4,925
	399,884		Western Union Co		7,038
	23,000		Westinghouse Air Brake Technologies Corp		1,734
	176,757	*	Westway Group, Inc		1,023
	17,581		Weyerhaeuser Co		385
	37,563		Whirlpool Corp		2,887
	3,611	*	Whiting Petroleum Corp		196
	70,362		Whole Foods Market, Inc		5,854
	414,853		Williams Cos, Inc		12,782
	22,318		Willis Group Holdings plc		781
	19,002	e	Windstream Corp		223
	80,912		Wisconsin Energy Corp		2,846
	50,976	*	WPX Energy, Inc		918
	354,831	*	WR Grace & Co		20,509
	150,000		Wyndham Worldwide Corp		6,976
	2,532		Wynn Resorts Ltd		316
	1,132,452		Xcel Energy, Inc		29,976
	804,509		Xerox Corp		6,500
	36,381		Xilinx, Inc		1,325
	14,112		Xylem, Inc		392
	515,634	*	Yahoo!, Inc		7,848
	435,813		Yum! Brands, Inc		31,021
	49,493	*	Zimmer Holdings, Inc		3,181
			TOTAL UNITED STATES		7,756,008
			TOTAL COMMON STOCKS		14,652,901
			(Cost $13,081,875)

216

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	RATE	MATURITY DATE	VALUE (000)
RIGHTS / WARRANTS - 0.0%
AUSTRALIA - 0.0%
	681,005	m	GPT Group			$	0	^
			TOTAL AUSTRALIA				0	^
FRANCE - 0.0%
	59,520		Sanofi-Aventis S.A.				80
			TOTAL FRANCE				80
MALAYSIA - 0.0%
	51,780		IJM Land BHD - CW13				13
			TOTAL MALAYSIA				13
SPAIN - 0.0%
	54,342	e,m	Banco Popular Espanol S.A.				3
			TOTAL SPAIN				3
			TOTAL RIGHTS / WARRANTS				96
			(Cost $155)

PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 8.1%
TREASURY DEBT - 1.2%
$	11,200,000		United States Treasury Bill	0.048-0.056	%	04/05/12	11,200
	23,700,000		United States Treasury Bill	0.045-0.065		04/12/12	23,700
	3,400,000		United States Treasury Bill	0.071		04/19/12	3,400
	43,800,000		United States Treasury Bill	0.051		05/10/12	43,798
	46,400,000		United States Treasury Bill	0.035-0.050		05/17/12	46,397
	24,800,000		United States Treasury Bill	0.083		05/24/12	24,797
	2,075,000		United States Treasury Bill	0.084		06/07/12	2,075
	3,600,000		United States Treasury Bill	0.042		06/14/12	3,599
	7,265,000		United States Treasury Bill	0.040-0.075		06/28/12	7,264
	13,500,000		United States Treasury Bill	0.090		08/02/12	13,495
			TOTAL TREASURY DEBT				179,725
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 6.9%
REPURCHASE AGREEMENTS - 6.4%
	322,000,000	o	Barclays Capital	0.050-0.080		04/02/12	322,000
	82,000,000	p	BNP	0.050		04/02/12	82,000
	108,000,000	q	Calyon	0.060		04/02/12	108,000
	23,000,000	r	ING	0.060		04/02/12	23,000
	97,000,000	s	Merrill Lynch	0.050		04/02/12	97,000
	73,000,000	t	Morgan Stanley	0.090		04/02/12	73,000
	90,000,000	u	Royal Bank of Scotland	0.060		04/02/12	90,000
	3,000,000	v	Societe Generale	0.100		04/02/12	3,000
	161,000,000	w	UBS Warburg	0.050-0.070		04/02/12	161,000
			TOTAL REPURCHASE AGREEMENTS				959,000

217

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
VARIABLE RATE SECURITY - 0.5%
$	11,000,000	i	American Express Credit Account Master	0.540	%	10/15/12	$	11,017
	9,000,000	i	Chase Issuance Trust 2007	0.600		06/15/12		9,001
	2,740,186	i	Granite Master Issuer plc 2006	0.560		12/20/50		2,627
	2,348,730	i	Granite Master Issuer plc 2007	0.490		12/20/50		2,252
	1,389,054	i	Medallion Trust Series 2005	0.650		08/22/36		1,349
	3,738,979	i	Nelnet Student Loan Trust 2006	0.650		11/23/18		3,736
	2,270,162	i	Nelnet Student Loan Trust 2007	0.720		09/25/18		2,264
	2,577,850	i	Puma Global Mortgage Backed Trust	0.680		02/21/38		2,492
	30,000,000	i	SLM Student Loan Trust 2007	0.750		01/25/19		28,880
	6,767,062	i	SLM Student Loan Trust 2008	0.910		10/25/16		6,743
			TOTAL VARIABLE RATE SECURITY					70,361
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED					1,029,361
			TOTAL SHORT-TERM INVESTMENTS					1,209,086
			(Cost $1,210,306)
			TOTAL INVESTMENTS - 106.6%					15,862,083
			(Cost $14,292,336)
			OTHER ASSETS & LIABILITIES, NET - (6.6)%					(976,906	)
			NET ASSETS - 100.0%				$	14,885,177
			Abbreviation(s):
	ADR		American Depositary Receipt
	NVDR		Non Voting Depository Receipt
	REIT		Real Estate Investment Trust
	SPDR		Standard & Poor’s Depository Receipts
	*		Non-income producing.
	b		In bankruptcy.
	d		All or a portion of those securities have been segregated by the custodian to cover margin or other requirements on open futures transactions.
	e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $984,761,000.
	f		Restricted security. As of 3/31/2012, the aggregate value of these securities amounted to $9,016,000 or 0.1% of net assets.
	g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At 3/31/2012, the aggregate value of these securities amounted to $1,070,000 or 0.0% of net assets.
	i		Floating or variable rate security. Coupon rate reflects the rate at period end.
	m		Indicates a security that has been deemed illiquid.
	o		Agreement with Barclays Capital, 0.05-0.08% dated 03/31/12 to be repurchased at $322,002,000 on 04/02/12, collateralized by U.S. Government Agencies Securities valued at $328,440,000.
	p		Agreement with BNP, 0.05% dated 03/31/12 to be repurchased at $82,000,000 on 04/02/12, collateralized by U.S. Government Agencies Securities valued at $83,640,000.
	q		Agreement with Calyon, 0.06% dated 03/31/12 to be repurchased at $108,001,000 on 04/02/12, collateralized by U.S. Government Agencies Securities valued at $110,160,000.
	r		Agreement with ING, 0.06% dated 03/31/12 to be repurchased at $23,000,000 on 04/02/12, collateralized by U.S. Government Agencies Securities valued at $23,464,000.
	s		Agreement with Merril Lynch, 0.05% dated 03/31/12 to be repurchased at $97,000,000 on 04/02/12, collateralized by U.S. Government Agencies Securities valued at $98,940,000.
	t		Agreement with Morgan Stanley, 0.09% dated 03/31/12 to be repurchased at $73,001,000 on 04/02/12, collateralized by U.S. Government Agencies Securities valued at $74,460,000.
	u		Agreement with Royal Bank of Scotland, 0.06% dated 03/31/12 to be repurchased at $90,000,000 on 04/02/12, collateralized by U.S. Government Agencies Securities valued at $91,804,000.
	v		Agreement with Societe Generale, 0.1% dated 03/31/12 to be repurchased at $3,000,000 on 04/02/12, collateralized by U.S. Government Agencies Securities valued at $3,060,000.
	w		Agreement with UBS, 0.05-0.07% dated 03/31/12 to be repurchased at $161,001,000 on 04/02/12, collateralized by U.S. Government Agencies Securities valued at $164,220,000.
			Cost amounts are in thousands.

218

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
March 31, 2012

SECTOR	VALUE (000)			% OF NET ASSETS
FINANCIALS	$	2,684,657			18.0	%
INFORMATION TECHNOLOGY		2,089,475			14.0
CONSUMER DISCRETIONARY		1,963,575			13.2
INDUSTRIALS		1,633,362			11.0
ENERGY		1,525,012			10.3
HEALTH CARE		1,428,176			9.6
CONSUMER STAPLES		1,390,418			9.4
MATERIALS		1,103,026			7.4
TELECOMMUNICATION SERVICES		421,924			2.8
UTILITIES		413,372			2.8
SHORT - TERM INVESTMENTS		1,209,086			8.1
OTHER ASSETS & LIABILITIES, NET		(976,906	)		(6.6	)
NET ASSETS	$	14,885,177			100.0	%

219

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2012

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 98.9%
AUTOMOBILES & COMPONENTS - 0.9%
	829,547	*,e	BorgWarner, Inc	$	69,964
	43,700	*	Delphi Automotive plc		1,381
	2,088,802		Ford Motor Co		26,089
	142,294		Gentex Corp		3,486
	393,181	*	Goodyear Tire & Rubber Co		4,411
	235,532		Harley-Davidson, Inc		11,560
	171,111		Johnson Controls, Inc		5,558
	55,353	*,e	Tesla Motors, Inc		2,061
	2,900	*	Visteon Corp		154
			TOTAL AUTOMOBILES & COMPONENTS		124,664
BANKS - 0.1%
	42,487		Hudson City Bancorp, Inc		311
	333,167		People’s United Financial, Inc		4,411
	343,243		Wells Fargo & Co		11,718
			TOTAL BANKS		16,440
CAPITAL GOODS - 8.9%
	625,476		3M Co		55,799
	57,642	*	Aecom Technology Corp		1,289
	2,348		Alliant Techsystems, Inc		118
	160,315		Ametek, Inc		7,777
	2,269		Armstrong World Industries, Inc		111
	117,180	*	Babcock & Wilcox Co		3,017
	163,253	*	BE Aerospace, Inc		7,586
	1,635,242		Boeing Co		121,613
	5,375		Carlisle Cos, Inc		268
	1,631,908		Caterpillar, Inc		173,831
	412,873		Chicago Bridge & Iron Co NV (ADR)		17,832
	254,016	*	CNH Global NV		10,084
	107,587		Cooper Industries plc		6,880
	522,969		Cummins, Inc		62,777
	547,455		Danaher Corp		30,657
	685,595		Deere & Co		55,465
	323,522		Donaldson Co, Inc		11,559
	144,705		Dover Corp		9,108
	128,909		Eaton Corp		6,424
	749,318		Emerson Electric Co		39,099
	293,938		Fastenal Co		15,902
	50,645		Flowserve Corp		5,850
	173,737		Fluor Corp		10,431
	194,316		Gardner Denver, Inc		12,246
	21,788	*	General Cable Corp		634
	50,912		Goodrich Corp		6,386

220

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	65,045		Graco, Inc	$	3,451
	7,400	*	GrafTech International Ltd		88
	7,215		Harsco Corp		169
	2,181,410		Honeywell International, Inc		133,176
	74,030		IDEX Corp		3,119
	415,301		Illinois Tool Works, Inc		23,722
	246,935		Ingersoll-Rand plc		10,211
	68,949	*	Jacobs Engineering Group, Inc		3,059
	407,693		Joy Global, Inc		29,965
	307,218		KBR, Inc		10,922
	172,909		Kennametal, Inc		7,700
	51,766		Lennox International, Inc		2,086
	205,631		Lincoln Electric Holdings, Inc		9,319
	295,323		Lockheed Martin Corp		26,538
	123,358		Manitowoc Co, Inc		1,710
	360,004		Masco Corp		4,813
	43,544		MSC Industrial Direct Co (Class A)		3,626
	36,854	*	Navistar International Corp		1,491
	60,482		Nordson Corp		3,297
	364,325		Paccar, Inc		17,061
	115,756		Pall Corp		6,903
	369,489		Parker Hannifin Corp		31,240
	38,176	*,e	Polypore International, Inc		1,342
	529,916		Precision Castparts Corp		91,622
	143,857		Rockwell Automation, Inc		11,465
	146,071		Rockwell Collins, Inc		8,408
	544,918		Roper Industries, Inc		54,035
	11,427		Snap-On, Inc		697
	17,196	*	Spirit Aerosystems Holdings, Inc (Class A)		421
	15,133		SPX Corp		1,173
	361,744		Stanley Works		27,840
	180,717		Textron, Inc		5,029
	9,816	*	Thomas & Betts Corp		706
	256,660		Timken Co		13,023
	29,900		Toro Co		2,126
	85,924	*	TransDigm Group, Inc		9,947
	212,400		Tyco International Ltd		11,933
	877,335		United Technologies Corp		72,766
	23,525		Valmont Industries, Inc		2,762
	122,462		W.W. Grainger, Inc		26,306
	67,262	*	WABCO Holdings, Inc		4,068
	88,403	*	WESCO International, Inc		5,774
	87,949		Westinghouse Air Brake Technologies Corp		6,629
			TOTAL CAPITAL GOODS		1,364,481
COMMERCIAL & PROFESSIONAL SERVICES - 0.9%
	6,855		Avery Dennison Corp		207
	373,264	*	Copart, Inc		9,731
	8,000		Covanta Holding Corp		130
	49,251		Dun & Bradstreet Corp		4,173
	6,768		Equifax, Inc		300
	49,252	*	IHS, Inc (Class A)		4,612

221

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	154,755		Iron Mountain, Inc	$	4,457
	4,208	*	KAR Auction Services, Inc		68
	1,298,989	*	Nielsen Holdings NV		39,152
	266,744		Robert Half International, Inc		8,082
	175,680	*	Stericycle, Inc		14,693
	177,944		Towers Watson & Co		11,757
	590,126	*	Verisk Analytics, Inc		27,718
	440,324		Waste Connections, Inc		14,324
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		139,404
CONSUMER DURABLES & APPAREL - 2.3%
	1,032,752		Burberry Group plc		24,759
	850,180		Coach, Inc		65,702
	38,557	*,e	Deckers Outdoor Corp		2,431
	192,071	*	Fossil, Inc		25,350
	7,368	*,e	Garmin Ltd		346
	93,404	*	Hanesbrands, Inc		2,759
	44,981		Harman International Industries, Inc		2,106
	121,414		Hasbro, Inc		4,458
	461,138		Jarden Corp		18,552
	106,980	e	Leggett & Platt, Inc		2,462
	257,449		Mattel, Inc		8,666
	39,900	*	Michael Kors Holdings Ltd		1,859
	930,668		Nike, Inc (Class B)		100,922
	23,837		Phillips-Van Heusen Corp		2,129
	119,890		Polaris Industries, Inc		8,650
	253,649		Ralph Lauren Corp		44,219
	225,636	*	Tempur-Pedic International, Inc		19,050
	313,211		Tupperware Corp		19,888
	36,287	*,e	Under Armour, Inc (Class A)		3,411
			TOTAL CONSUMER DURABLES & APPAREL		357,719
CONSUMER SERVICES - 3.9%
	110,908	*	Apollo Group, Inc (Class A)		4,285
	44,231	*	Bally Technologies, Inc		2,068
	479,716		Brinker International, Inc		13,216
	119,913	*	Chipotle Mexican Grill, Inc (Class A)		50,124
	2,133	e	Choice Hotels International, Inc		80
	259,703		Darden Restaurants, Inc		13,286
	54,731		DeVry, Inc		1,854
	23,700	e	Dunkin Brands Group, Inc		714
	178,926		H&R Block, Inc		2,947
	2,400	*	Hyatt Hotels Corp		103
	153,666		International Game Technology		2,580
	26,580	*,e	ITT Educational Services, Inc		1,758
	1,374,033		Las Vegas Sands Corp		79,103
	393,275		Marriott International, Inc (Class A)		14,885
	27,863	*,e	Marriott Vacations Worldwide Corp		794
	1,463,861		McDonald’s Corp		143,606
	64,536	*	MGM Mirage		879
	709,663	*	Orient-Express Hotels Ltd (Class A)		7,239
	28,923	*	Panera Bread Co (Class A)		4,654

222

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	74,054		Royal Caribbean Cruises Ltd	$	2,179
	3,571,400		Sands China Ltd		13,945
	2,235,916		Starbucks Corp		124,966
	194,463		Starwood Hotels & Resorts Worldwide, Inc		10,970
	154,719	e	Weight Watchers International, Inc		11,943
	63,673		Wynn Resorts Ltd		7,951
	1,133,877		Yum! Brands, Inc		80,709
			TOTAL CONSUMER SERVICES		596,838
DIVERSIFIED FINANCIALS - 3.3%
	37,050	*	Affiliated Managers Group, Inc		4,143
	1,450,746		American Express Co		83,940
	126,190		BlackRock, Inc		25,856
	2,394,482		Blackstone Group LP		38,168
	49,490		CBOE Holdings, Inc		1,407
	1,044,105		Charles Schwab Corp		15,004
	787,505		Discover Financial Services		26,255
	125,825		Eaton Vance Corp		3,596
	79,256		e Federated Investors, Inc (Class B)		1,776
	295,428		Franklin Resources, Inc		36,642
	153,405		Goldman Sachs Group, Inc		19,079
	23,857	*,e	Green Dot Corp		633
	26,462	e	Greenhill & Co, Inc		1,155
	406,148	*	IntercontinentalExchange, Inc		55,813
	2,220,750	e	iShares Russell 1000 Growth Index Fund		146,746
	110,558		Lazard Ltd (Class A)		3,158
	31,289	*	LPL Investment Holdings, Inc		1,187
	411,273		Moody’s Corp		17,315
	119,761	*	MSCI, Inc (Class A)		4,408
	365,965	*	Nasdaq Stock Market, Inc		9,478
	87,473		NYSE Euronext		2,625
	145,302		SEI Investments Co		3,006
	258,936		T Rowe Price Group, Inc		16,909
	218,145		TD Ameritrade Holding Corp		4,306
	86,077		Waddell & Reed Financial, Inc (Class A)		2,790
			TOTAL DIVERSIFIED FINANCIALS		525,395
ENERGY - 8.2%
	188,595	*	Alpha Natural Resources, Inc		2,869
	479,891		Anadarko Petroleum Corp		37,595
	364,784		Apache Corp		36,639
	12,420	e	Arch Coal, Inc		133
	12,230	*	Atwood Oceanics, Inc		549
	172,443		Baker Hughes, Inc		7,232
	208,280		Cabot Oil & Gas Corp		6,492
	180,014	*	Cameron International Corp		9,510
	19,118	e	CARBO Ceramics, Inc		2,016
	407,745		Cenovus Energy, Inc		14,654
	324,324		Chevron Corp		34,781
	24,354		Cimarex Energy Co		1,838
	155,951	*	Cobalt International Energy, Inc		4,683
	568,100	*	Concho Resources, Inc		57,992

223

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	225,929		Consol Energy, Inc	$	7,704
	41,752	*,e	Continental Resources, Inc		3,583
	45,470		Core Laboratories NV		5,982
	140,273	e	Crescent Point Energy Corp		6,039
	890,035	*	Denbury Resources, Inc		16,225
	31,802	e	Diamond Offshore Drilling, Inc		2,123
	79,524	*	Dresser-Rand Group, Inc		3,689
	721,332		El Paso Corp		21,315
	312,081		EOG Resources, Inc		34,672
	52,495		Equitable Resources, Inc		2,531
	135,146	e	EXCO Resources, Inc		896
	5,321,330	d	Exxon Mobil Corp		461,519
	239,575	*	FMC Technologies, Inc		12,079
	83,769	*	Forest Oil Corp		1,015
	1,062,253		Halliburton Co		35,256
	161,018		Helmerich & Payne, Inc		8,687
	303,096		Holly Corp		9,745
	116,289		e Kinder Morgan, Inc		4,495
	30,050	*	Kosmos Energy LLC		398
	11,800	*	Laredo Petroleum Holdings, Inc		277
	204,541	*	McDermott International, Inc		2,620
	244,757		Murphy Oil Corp		13,772
	1,146,920		National Oilwell Varco, Inc		91,146
	77,350	*	Newfield Exploration Co		2,682
	35,358		Noble Energy, Inc		3,457
	539,225		Occidental Petroleum Corp		51,350
	108,194		Oceaneering International, Inc		5,831
	42,943	*	Oil States International, Inc		3,352
	18,605		Patterson-UTI Energy, Inc		322
	269,889		Peabody Energy Corp		7,816
	99,193		Pioneer Natural Resources Co		11,069
	138,322		Questar Market Resources, Inc		4,219
	7,745	*,e	Quicksilver Resources, Inc		39
	160,201		Range Resources Corp		9,314
	22,705	*	Rowan Cos, Inc		748
	69,622	e	RPC, Inc		739
	408,722	*,e	SandRidge Energy, Inc		3,200
	1,875,956		Schlumberger Ltd		131,186
	346,812	*	Southwestern Energy Co		10,612
	51,250		St. Mary Land & Exploration Co		3,627
	283,833		Suncor Energy, Inc		9,274
	245,704		Suncor Energy, Inc (NY)		8,035
	149,433	*	Superior Energy Services		3,939
	3,600		Tidewater, Inc		194
	432,500		Tullow Oil plc		10,571
	152,452	*	Ultra Petroleum Corp		3,450
	117,001	*	Whiting Petroleum Corp		6,353
			TOTAL ENERGY		1,254,130
FOOD & STAPLES RETAILING - 2.1%
	822,984		Costco Wholesale Corp		74,727
	1,765,422		Kroger Co		42,776

224

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	677,674		Sysco Corp	$	20,235
	861,489		Walgreen Co		28,851
	2,194,079		Wal-Mart Stores, Inc		134,278
	167,543		Whole Foods Market, Inc		13,940
			TOTAL FOOD & STAPLES RETAILING		314,807
FOOD, BEVERAGE & TOBACCO - 5.6%
	1,973,100		Altria Group, Inc		60,910
	19,159	*	Annie’s, Inc		667
	15,800	*,e	Boston Beer Co, Inc (Class A)		1,687
	87,159		Brown-Forman Corp (Class B)		7,268
	37,565		Bunge Ltd		2,571
	133,877	e	Campbell Soup Co		4,532
	2,657,822		Coca-Cola Co		196,706
	787,288		Coca-Cola Enterprises, Inc		22,516
	295,647		ConAgra Foods, Inc		7,764
	279,774		Corn Products International, Inc		16,129
	220,670	e	Dr Pepper Snapple Group, Inc		8,873
	110,750		Flowers Foods, Inc		2,256
	479,850		General Mills, Inc		18,930
	122,474	*,e	Green Mountain Coffee Roasters, Inc		5,737
	187,356		H.J. Heinz Co		10,033
	113,029		Hershey Co		6,932
	143,603		Hormel Foods Corp		4,239
	229,318		Kellogg Co		12,298
	177,268		Lorillard, Inc		22,953
	90,344		McCormick & Co, Inc		4,917
	356,692		Mead Johnson Nutrition Co		29,420
	232,896	*	Monster Beverage Corp		14,461
	1,635,976		PepsiCo, Inc		108,547
	3,230,078		Philip Morris International, Inc		286,217
	101,903		Reynolds American, Inc		4,223
	484,114		Sara Lee Corp		10,423
			TOTAL FOOD, BEVERAGE & TOBACCO		871,209
HEALTH CARE EQUIPMENT & SERVICES - 4.6%
	297,500		Aetna, Inc		14,923
	152,843	*	Allscripts Healthcare Solutions, Inc		2,537
	28,049	*	Amerigroup Corp		1,887
	767,105		AmerisourceBergen Corp		30,439
	85,387		Bard (C.R.), Inc		8,429
	804,334		Baxter International, Inc		48,083
	218,067		Becton Dickinson & Co		16,933
	78,654	*	Brookdale Senior Living, Inc		1,472
	556,844		Cardinal Health, Inc		24,006
	75,539	*	CareFusion Corp		1,959
	42,196	*	Catalyst Health Solutions, Inc		2,689
	758,570	*	Cerner Corp		57,773
	167,349		Cigna Corp		8,242
	73,551		Cooper Cos, Inc		6,010
	537,093		Covidien plc		29,368
	268,401	*	DaVita, Inc		24,202

225

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	56,185		Dentsply International, Inc	$	2,255
	251,620	*	Edwards Lifesciences Corp		18,300
	751,786	*	Express Scripts, Inc		40,732
	47,791	*	Gen-Probe, Inc		3,174
	70,197		HCA Holdings, Inc		1,737
	242,415	*	Health Management Associates, Inc (Class A)		1,629
	48,650	*	Henry Schein, Inc		3,682
	142,444		Hill-Rom Holdings, Inc		4,759
	85,616	*	Idexx Laboratories, Inc		7,487
	207,168	*	Intuitive Surgical, Inc		112,232
	99,887	*	Laboratory Corp of America Holdings		9,144
	88,616		Lincare Holdings, Inc		2,293
	507,931		McKesson Corp		44,580
	440,411	*	Medco Health Solutions, Inc		30,961
	920,660		Medtronic, Inc		36,081
	131,801		Patterson Cos, Inc		4,402
	47,976	*	Pediatrix Medical Group, Inc		3,568
	143,995		Quest Diagnostics, Inc		8,805
	152,436	*	Resmed, Inc		4,712
	55,587	*	Sirona Dental Systems, Inc		2,865
	437,794		St. Jude Medical, Inc		19,399
	312,526		Stryker Corp		17,339
	61,524	*	SXC Health Solutions Corp		4,612
	29,156	*	Tenet Healthcare Corp		155
	55,166	*	Thoratec Corp		1,860
	254,073		UnitedHealth Group, Inc		14,975
	90,065		Universal Health Services, Inc (Class B)		3,775
	174,624	*	Varian Medical Systems, Inc		12,042
	167,700		WellPoint, Inc		12,376
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		708,883
HOUSEHOLD & PERSONAL PRODUCTS - 1.5%
	428,843		Avon Products, Inc		8,302
	133,050		Church & Dwight Co, Inc		6,545
	5,327		Clorox Co		366
	439,603		Colgate-Palmolive Co		42,984
	1,216,450		Estee Lauder Cos (Class A)		75,347
	831,055		Herbalife Ltd		57,193
	343,085		Kimberly-Clark Corp		25,351
	68,500		Nu Skin Enterprises, Inc (Class A)		3,967
	186,431		Procter & Gamble Co		12,530
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		232,585
INSURANCE - 0.2%
	152,019		ACE Ltd		11,128
	218,469		Aflac, Inc		10,047
	34,497		Erie Indemnity Co (Class A)		2,689
	9,345		Validus Holdings Ltd		289
			TOTAL INSURANCE		24,153
MATERIALS - 4.7%
	211,234		Air Products & Chemicals, Inc		19,391

226

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	78,254		Airgas, Inc	$	6,962
	17,407	e	AK Steel Holding Corp		132
	234,105		Albemarle Corp		14,964
	105,794		Allegheny Technologies, Inc		4,356
	87,913	*	Allied Nevada Gold Corp		2,860
	226,116		Ashland, Inc		13,807
	489,538		Ball Corp		20,991
	214,712		Barrick Gold Corp		9,336
	43,638		Carpenter Technology Corp		2,279
	155,731		Celanese Corp (Series A)		7,192
	149,689		CF Industries Holdings, Inc		27,341
	289,149		Cleveland-Cliffs, Inc		20,026
	64,927		Compass Minerals International, Inc		4,658
	155,452	*	Crown Holdings, Inc		5,725
	925,800		Du Pont (E.I.) de Nemours & Co		48,974
	345,213		Eastman Chemical Co		17,844
	901,032		Ecolab, Inc		55,611
	71,515		FMC Corp		7,571
	1,637,488		Freeport-McMoRan Copper & Gold, Inc (Class B)		62,289
	42,160		Huntsman Corp		591
	80,133		International Flavors & Fragrances, Inc		4,696
	581,100		International Paper Co		20,397
	56,522	*	Intrepid Potash, Inc		1,375
	23,647	e	Kronos Worldwide, Inc		590
	136,800		Lanxess AG.		11,299
	23,085		LyondellBasell Industries AF S.C.A		1,008
	21,314	e	Martin Marietta Materials, Inc		1,825
	54,737	*,e	Molycorp, Inc		1,852
	1,925,066		Monsanto Co		153,542
	274,672		Mosaic Co		15,187
	99,620		Packaging Corp of America		2,948
	228,857		PPG Industries, Inc		21,925
	302,431		Praxair, Inc		34,671
	8,600		Reliance Steel & Aluminum Co		486
	69,049		Rock-Tenn Co (Class A)		4,665
	193,517	*	Rockwood Holdings, Inc		10,092
	54,165		Royal Gold, Inc		3,533
	5,112		Schnitzer Steel Industries, Inc (Class A)		204
	38,928	e	Scotts Miracle-Gro Co (Class A)		2,108
	89,468		Sherwin-Williams Co		9,722
	121,446		Sigma-Aldrich Corp		8,873
	48,366		Silgan Holdings, Inc		2,138
	119,723		Solutia, Inc		3,345
	171,466		Southern Copper Corp (NY)		5,437
	265,163		Steel Dynamics, Inc		3,855
	48,904		Titanium Metals Corp		663
	10,738		Valspar Corp		519
	247,043		Walter Energy, Inc		14,627
	4,566	e	Westlake Chemical Corp		296
	364,036	*	WR Grace & Co		21,041
			TOTAL MATERIALS		715,819

227

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
MEDIA - 3.6%
	53,171	*	AMC Networks, Inc	$	2,373
	216,539		Cablevision Systems Corp (Class A)		3,179
	1,407,937		CBS Corp (Class B)		47,743
	54,870	*	Charter Communications, Inc		3,482
	2,663,537		Comcast Corp (Class A)		79,932
	1,605,982	*	DIRECTV		79,238
	1,075,999	*	Discovery Communications, Inc (Class A)		54,446
	1,055,133		DISH Network Corp (Class A)		34,746
	2,388,259		Interpublic Group of Cos, Inc		27,250
	46,183		John Wiley & Sons, Inc (Class A)		2,198
	12,926	*,e	Lamar Advertising Co (Class A)		419
	276,305	*	Liberty Global, Inc (Class A)		13,837
	374,385		McGraw-Hill Cos, Inc		18,146
	23,067		Morningstar, Inc		1,454
	280,241		Omnicom Group, Inc		14,194
	9,500	*,e	Pandora Media, Inc		97
	20,191	e	Regal Entertainment Group (Class A)		275
	195,536		Scripps Networks Interactive (Class A)		9,521
	3,934,037	*	Sirius XM Radio, Inc		9,088
	176,982	e	Thomson Corp		5,115
	319,149		Time Warner Cable, Inc		26,011
	1,297,385		Viacom, Inc (Class B)		61,573
	278,375		Virgin Media, Inc		6,954
	1,324,529		Walt Disney Co		57,988
			TOTAL MEDIA		559,259
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.2%
	1,797,304		Abbott Laboratories		110,157
	1,171,997		Agilent Technologies, Inc		52,165
	1,003,069	*	Alexion Pharmaceuticals, Inc		93,145
	122,251	*	Alkermes PLC		2,268
	1,303,637		Allergan, Inc		124,405
	133,733	*,e	Amylin Pharmaceuticals, Inc		3,338
	646,813	*	Biogen Idec, Inc		81,479
	110,562	*	BioMarin Pharmaceuticals, Inc		3,787
	270,588		Biovail Corp		14,528
	91,533	*	Bruker BioSciences Corp		1,401
	643,480	*	Celgene Corp		49,883
	55,752	*	Charles River Laboratories International, Inc		2,012
	60,335	*	Covance, Inc		2,874
	131,458	*,e	Dendreon Corp		1,401
	337,295		Eli Lilly & Co		13,583
	116,182	*	Endo Pharmaceuticals Holdings, Inc		4,500
	2,276,004	*	Gilead Sciences, Inc		111,182
	140,323	*	Hospira, Inc		5,247
	174,526	*,e	Human Genome Sciences, Inc		1,438
	600,949	*,e	Illumina, Inc		31,616
	557,443		Johnson & Johnson		36,769
	18,220	*	Life Technologies Corp		890
	32,042	*	Mettler-Toledo International, Inc		5,920
	1,242,829	*	Mylan Laboratories, Inc		29,144

228

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	82,810	*	Myriad Genetics, Inc	$	1,959
	231,999	e	Novo Nordisk AS (Class B)		32,215
	217,494		Perrigo Co		22,469
	451,700		Pfizer, Inc		10,236
	96,621	*	Regeneron Pharmaceuticals, Inc		11,268
	36,830		Techne Corp		2,582
	347,100		Teva Pharmaceutical Industries Ltd (ADR)		15,640
	101,300		Thermo Electron Corp		5,711
	46,816	*	United Therapeutics Corp		2,206
	181,738	*	Vertex Pharmaceuticals, Inc		7,453
	755,182		Warner Chilcott plc		12,695
	91,352	*	Waters Corp		8,465
	426,142	*	Watson Pharmaceuticals, Inc		28,577
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		944,608
REAL ESTATE - 1.5%
	974,545		American Tower Corp		61,416
	87,612		Apartment Investment & Management Co (Class A)		2,314
	119,161		Boston Properties, Inc		12,511
	56,742		Camden Property Trust		3,731
	291,249	*	CBRE Group, Inc		5,814
	24,141		Corporate Office Properties Trust		560
	106,478	e	Digital Realty Trust, Inc		7,876
	13		Duke Realty Corp		0	^
	19,618		Equity Residential		1,228
	18,128	e	Essex Property Trust, Inc		2,747
	46,907		Federal Realty Investment Trust		4,540
	32,088		Jones Lang LaSalle, Inc		2,673
	50,628		Macerich Co		2,924
	97,341		Plum Creek Timber Co, Inc		4,045
	131,873		Public Storage, Inc		18,221
	121,320		Rayonier, Inc		5,349
	448,931		Simon Property Group, Inc		65,401
	11,482		UDR, Inc		307
	153,387		Ventas, Inc		8,758
	21,928		Vornado Realty Trust		1,846
	155,701		Weyerhaeuser Co		3,413
			TOTAL REAL ESTATE		215,674
RETAILING - 6.8%
	125,182		Aaron’s, Inc		3,242
	75,270		Abercrombie & Fitch Co (Class A)		3,734
	157,803		Advance Auto Parts, Inc		13,977
	1,445,405	*	Amazon.com, Inc		292,708
	20,760	*,e	Autonation, Inc		712
	93,864	*	Autozone, Inc		34,899
	741,349	*	Bed Bath & Beyond, Inc		48,759
	245,779	*	Big Lots, Inc		10,573
	41,162	*	Carmax, Inc		1,426
	762,004		Chico’s FAS, Inc		11,506
	93,879		Dick’s Sporting Goods, Inc		4,514
	283,831	*	Dollar General Corp		13,113

229

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	430,694	*	Dollar Tree, Inc	$	40,697
	264,490		DSW, Inc (Class A)		14,486
	56,692	e	Expedia, Inc		1,896
	121,918		Family Dollar Stores, Inc		7,715
	240,996		Foot Locker, Inc		7,483
	201,813		Genuine Parts Co		12,664
	187,046		GNC Holdings, Inc		6,526
	32,200	*,e	Groupon, Inc		592
	63,298		Guess?, Inc		1,978
	2,328,146		Home Depot, Inc		117,129
	5,600	*,e	HomeAway, Inc		142
	214,733		Kohl’s Corp		10,743
	562,737		Limited Brands, Inc		27,011
	143,880	*	LKQ Corp		4,485
	518,031		Macy’s, Inc		20,581
	66,862	*,e	NetFlix, Inc		7,692
	424,181		Nordstrom, Inc		23,635
	287,538	*	O’Reilly Automotive, Inc		26,267
	465,139		Petsmart, Inc		26,615
	104,808	*	Priceline.com, Inc		75,200
	803,414		Ross Stores, Inc		46,678
	84,910	*	Sally Beauty Holdings, Inc		2,106
	230,101		Target Corp		13,408
	127,313		Tiffany & Co		8,801
	1,761,698		TJX Companies, Inc		69,957
	153,819		Tractor Supply Co		13,930
	56,692	*	TripAdvisor, Inc		2,022
	102,878		Ulta Salon Cosmetics & Fragrance, Inc		9,556
	119,854	*,e	Urban Outfitters, Inc		3,489
	54,525		Williams-Sonoma, Inc		2,044
			TOTAL RETAILING		1,044,691
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.0%
	612,744	*	Advanced Micro Devices, Inc		4,914
	457,708		Altera Corp		18,226
	630,818		Analog Devices, Inc		25,485
	93,937		Applied Materials, Inc		1,169
	426,871	*	Atmel Corp		4,209
	692,666		Avago Technologies Ltd		26,993
	534,422		Broadcom Corp (Class A)		21,003
	928	*,e	Cree, Inc		29
	153,785		Cypress Semiconductor Corp		2,404
	59,351	*,e	First Solar, Inc		1,487
	29,110	*,e	Freescale Semiconductor Holdings Ltd		448
	67,531		Intersil Corp (Class A)		756
	451,083		Kla-Tencor Corp		24,548
	150,502	*	Lam Research Corp		6,715
	227,022		Linear Technology Corp		7,651
	1,331,439	*	LSI Logic Corp		11,557
	865,145		Maxim Integrated Products, Inc		24,734
	100,204	*	MEMC Electronic Materials, Inc		362
	189,884	e	Microchip Technology, Inc		7,064

230

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	720,843	*	Nvidia Corp	$	11,094
	443,316	*	ON Semiconductor Corp		3,994
	12,500	*	PMC - Sierra, Inc		90
	38,294	*	Silicon Laboratories, Inc		1,647
	240,640	*	Skyworks Solutions, Inc		6,654
	728,400	*	Teradyne, Inc		12,303
	2,032,686		Texas Instruments, Inc		68,318
	264,793		Xilinx, Inc		9,646
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		303,500
SOFTWARE & SERVICES - 17.8%
	1,161,400		Accenture plc		74,910
	1,912,416	*	Adobe Systems, Inc		65,615
	169,372	*	Akamai Technologies, Inc		6,216
	268,133	*	Alliance Data Systems Corp		33,774
	356,691	*	Amdocs Ltd		11,264
	91,520	*	Ansys, Inc		5,951
	96,262	*	Ariba, Inc		3,149
	937,348	*	Autodesk, Inc		39,669
	498,141		Automatic Data Processing, Inc		27,492
	316,917	*	Baidu, Inc (ADR)		46,197
	164,105	*	BMC Software, Inc		6,590
	11,100	e	Booz Allen Hamilton Holding Co		189
	114,319		Broadridge Financial Solutions, Inc		2,733
	263,853	*	Cadence Design Systems, Inc		3,124
	187,407	*	Citrix Systems, Inc		14,788
	546,501	*	Cognizant Technology Solutions Corp (Class A)		42,053
	173,017	*	Compuware Corp		1,590
	5,640		DST Systems, Inc		306
	1,116,083	*	eBay, Inc		41,172
	331,406	*	Electronic Arts, Inc		5,462
	46,693	*	Equinix, Inc		7,352
	7,613	*	ExactTarget, Inc		198
	42,896	e	Factset Research Systems, Inc		4,248
	114,673	*	Fiserv, Inc		7,957
	16,105	*	FleetCor Technologies, Inc		624
	119,524	*	Fortinet, Inc		3,305
	96,955	*	Gartner, Inc		4,134
	105,693	*	Genpact Ltd		1,723
	79,802		Global Payments, Inc		3,788
	610,552	*	Google, Inc (Class A)		391,510
	587,000	*,e	Gree, Inc		14,790
	362,200		IAC/InterActiveCorp		17,780
	105,446	*	Informatica Corp		5,578
	1,772,656		International Business Machines Corp		369,866
	2,581,580		Intuit, Inc		155,230
	93,314		Lender Processing Services, Inc		2,426
	9,752	*	LinkedIn Corp		995
	241,796		Mastercard, Inc (Class A)		101,685
	80,859	*	Micros Systems, Inc		4,471
	14,891,954		Microsoft Corp		480,265
	22,428	*	Millennial Media, Inc		527

231

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	252,294	*	NeuStar, Inc (Class A)	$	9,398
	1,595,899	*	Nuance Communications, Inc		40,823
	6,028,594		Oracle Corp		175,794
	296,351		Paychex, Inc		9,184
	298,832	*	Rackspace Hosting, Inc		17,270
	1,086,736	*	Red Hat, Inc		65,085
	112,582	*	Rovi Corp		3,665
	100,529	*	SAIC, Inc		1,327
	425,342	*	Salesforce.com, Inc		65,720
	517,412		SAP AG.		36,139
	68,544		Solera Holdings, Inc		3,145
	1,594,371	*	Symantec Corp		29,815
	9,848	*	Synopsys, Inc		302
	219,971	*	Teradata Corp		14,991
	459,981	*	TIBCO Software, Inc		14,029
	47,617	*	Vantiv, Inc		935
	104,499	*	VeriFone Systems, Inc		5,420
	227,945		VeriSign, Inc		8,739
	1,115,380		Visa, Inc (Class A)		131,616
	92,701	*,e	VistaPrint Ltd		3,583
	582,777	*	VMware, Inc (Class A)		65,487
	57,981	*,e	WebMD Health Corp (Class A)		1,483
	630,284		Western Union Co		11,093
	448,909	*	Zynga, Inc		5,903
			TOTAL SOFTWARE & SERVICES		2,731,642
TECHNOLOGY HARDWARE & EQUIPMENT - 11.7%
	51,947	*,e	Acme Packet, Inc		1,430
	165,804		Amphenol Corp (Class A)		9,910
	1,910,401	*	Apple, Inc		1,145,229
	190,204	*	Arrow Electronics, Inc		7,983
	83,104	*	Ciena Corp		1,345
	2,779,421	*	Dell, Inc		46,138
	57,169	*	Dolby Laboratories, Inc (Class A)		2,176
	4,985,961	*	EMC Corp		148,981
	80,857	*	F5 Networks, Inc		10,912
	159,184		Flir Systems, Inc		4,029
	9,300	*,e	Fusion-io, Inc		264
	31,803	e	Harris Corp		1,434
	29,795	*	IPG Photonics Corp		1,551
	520,517		Jabil Circuit, Inc		13,074
	225,908	*	JDS Uniphase Corp		3,273
	2,551,546	*	Juniper Networks, Inc		58,379
	93,054		National Instruments Corp		2,654
	122,346	*	NCR Corp		2,656
	366,721	*	NetApp, Inc		16,418
	313,821	*	Polycom, Inc		5,985
	85,221	*	QLogic Corp		1,514
	4,066,309		Qualcomm, Inc		276,590
	153,011	*	Riverbed Technology, Inc		4,297
	174,700	*	SanDisk Corp		8,663
	301,400		Seagate Technology, Inc		8,123

232

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	122,244	*	Trimble Navigation Ltd	$	6,653
	53,760	*	Zebra Technologies Corp (Class A)		2,214
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,791,875
TELECOMMUNICATION SERVICES - 0.4%
	121,210	*,e	Clearwire Corp (Class A)		276
	289,522	*	Crown Castle International Corp		15,443
	16,000	*	Level 3 Communications, Inc		412
	276,337	*	MetroPCS Communications, Inc		2,493
	148,458	*	NII Holdings, Inc (Class B)		2,718
	112,987	*	SBA Communications Corp (Class A)		5,741
	138,331	*	tw telecom inc (Class A)		3,065
	733,140		Verizon Communications, Inc		28,028
	299,645	e	Windstream Corp		3,509
	142,042	*	Ziggo NV		4,431
			TOTAL TELECOMMUNICATION SERVICES		66,116
TRANSPORTATION - 1.7%
	165,046		CH Robinson Worldwide, Inc		10,809
	4,550		Con-Way, Inc		148
	24,302		Copa Holdings S.A. (Class A)		1,925
	2,151,401		CSX Corp		46,298
	506,761	*	Delta Air Lines, Inc		5,022
	211,706		Expeditors International Washington, Inc		9,846
	322,483		FedEx Corp		29,656
	244,281	*	Hertz Global Holdings, Inc		3,674
	169,902		J.B. Hunt Transport Services, Inc		9,238
	82,047	*	Kansas City Southern Industries, Inc		5,882
	102,782	*	Kirby Corp		6,762
	77,282		Landstar System, Inc		4,461
	97,746		Ryder System, Inc		5,161
	146,131		Southwest Airlines Co		1,204
	281,509	*	UAL Corp		6,052
	138,504		Union Pacific Corp		14,886
	1,172,030		United Parcel Service, Inc (Class B)		94,606
	90,829		UTI Worldwide, Inc		1,565
			TOTAL TRANSPORTATION		257,195
UTILITIES - 0.0%
	6,272		Aqua America, Inc		140
	50,877		ITC Holdings Corp		3,914
	13,095		National Fuel Gas Co		630
	6,328		Oneok, Inc		517
			TOTAL UTILITIES		5,201
			TOTAL COMMON STOCKS		15,166,288
			(Cost $11,760,076)

233

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
SHORT-TERM INVESTMENTS - 2.8%
TREASURY DEBT - 0.8%
	$14,600,000		United States Treasury Bill	0.045-0.075	%	04/12/12	$	14,600
	11,400,000		United States Treasury Bill	0.071-0.085		04/19/12		11,400
	12,000,000		United States Treasury Bill	0.050		04/26/12		12,000
	53,100,000		United States Treasury Bill	0.051-0.091		05/10/12		53,096
	8,000,000		United States Treasury Bill	0.050		05/17/12		7,999
	13,800,000		United States Treasury Bill	0.061-0.076		06/07/12		13,798
	1,200,000		United States Treasury Bill	0.060		06/21/12		1,200
	9,000,000		United States Treasury Bill	0.050		07/12/12		8,998
			TOTAL TREASURY DEBT					123,091
SHARES			COMPANY
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.0%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.0%
			TIAA-CREF Short Term Lending Portfolio of the State Street
	311,481,234	a,c	Navigator Securities Lending Trust					311,481
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES					311,481
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED					311,481
			TOTAL SHORT-TERM INVESTMENTS					434,572
			(Cost $434,572)
			TOTAL INVESTMENTS - 101.7%					15,600,860
			(Cost $12,194,648)
			OTHER ASSETS & LIABILITIES, NET - (1.7)%					(262,935	)
			NET ASSETS - 100.0%				$	15,337,925
			Abbreviation(s):
	ADR		American Depositary Receipt
	*		Non-income producing.
	^		Amount represents less than $1,000.
	a		Affiliated holding.
	c		Investments made with cash collateral received from securites on loan.
	d		All or a portion of those securities have been segregated by the custodian to cover margin or other requirements on open futures transactions.
	e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $304,257,000.
			Cost amounts are in thousands.

234

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

COLLEGE RETIREMENT EQUITIES FUND
EQUITY INDEX ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2012

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 99.8%
AUTOMOBILES & COMPONENTS - 0.9%
	51,119	*	American Axle & Manufacturing Holdings, Inc	$	599
	15,097	*	Amerigon, Inc (Class A)		244
	65,947	e	Autoliv, Inc		4,422
	83,499	*,e	BorgWarner, Inc		7,042
	45,804		Cooper Tire & Rubber Co		697
	110,265		Dana Holding Corp		1,709
	87,300	*	Delphi Automotive plc		2,759
	7,682	*	Dorman Products, Inc		389
	16,941		Drew Industries, Inc		463
	58,919	*	Exide Technologies		184
	13,635	*	Federal Mogul Corp (Class A)		235
	2,840,500		Ford Motor Co		35,479
	14,261	*,e	Fuel Systems Solutions, Inc		373
	578,451	*	General Motors Co		14,837
	109,188		Gentex Corp		2,675
	180,426	*	Goodyear Tire & Rubber Co		2,024
	179,291		Harley-Davidson, Inc		8,800
	515,088		Johnson Controls, Inc		16,731
	79,404		Lear Corp		3,691
	36,302	*	Modine Manufacturing Co		321
	9,067	*,e	Motorcar Parts of America, Inc		87
	30,024		Spartan Motors, Inc		159
	16,669		Standard Motor Products, Inc		296
	20,247	*	Stoneridge, Inc		200
	17,815		Superior Industries International, Inc		348
	46,120	*	Tenneco, Inc		1,713
	43,162	*,e	Tesla Motors, Inc		1,607
	33,978		Thor Industries, Inc		1,072
	5,700	*	Tower International, Inc		69
	77,381	*	TRW Automotive Holdings Corp		3,594
	38,775	*	Visteon Corp		2,055
	24,826	*,e	Winnebago Industries, Inc		243
			TOTAL AUTOMOBILES & COMPONENTS		115,117
BANKS - 3.2%
	11,459		1st Source Corp		280
	17,104	*	1st United Bancorp, Inc		103
	3,251		Alliance Financial Corp		99
	18,171	*	Ameris Bancorp		239
	4,648	e	Ames National Corp		111
	8,700		Apollo Residential Mortgage		160
	6,923	e	Arrow Financial Corp		169
	130,985		Associated Banc-Corp		1,829
	66,701	e	Astoria Financial Corp		658

235

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	5,016		Bancfirst Corp	$	218
	21,466		Banco Latinoamericano de Exportaciones S.A. (Class E)		453
	73,283	e	Bancorpsouth, Inc		987
	41,404		Bank Mutual Corp		167
	36,026		Bank of Hawaii Corp		1,742
	4,416		Bank of Kentucky Financial Corp		114
	3,864	e	Bank of Marin Bancorp		147
	22,826		Bank of the Ozarks, Inc		714
	17,629		BankFinancial Corp		117
	25,535	e	BankUnited		638
	12,480		Banner Corp		275
	528,398		BB&T Corp		16,586
	57,116	*	BBCN Bancorp, Inc		636
	23,421	*	Beneficial Mutual Bancorp, Inc		205
	10,481		Berkshire Hills Bancorp, Inc		240
	5,599	*	BofI Holding, Inc		96
	21,305		BOK Financial Corp		1,199
	59,217		Boston Private Financial Holdings, Inc		587
	4,741		Bridge Bancorp, Inc		99
	7,190	*,e	Bridge Capital Holdings		97
	54,590		Brookline Bancorp, Inc		512
	8,337		Bryn Mawr Bank Corp		187
	5,527		Camden National Corp		194
	8,819	*	Cape Bancorp, Inc		70
	9,158	e	Capital City Bank Group, Inc		68
	184,376		CapitalSource, Inc		1,217
	128,335		Capitol Federal Financial		1,522
	18,053		Cardinal Financial Corp		204
	61,647		Cathay General Bancorp		1,091
	9,768		Center Bancorp, Inc		98
	16,756		Centerstate Banks of Florida, Inc		137
	11,577	*,e	Central Pacific Financial Corp		150
	2,883		Century Bancorp, Inc		79
	18,856		Chemical Financial Corp		442
	150,892	*	CIT Group, Inc		6,223
	6,398		Citizens & Northern Corp		128
	12,921	e	City Holding Co		449
	35,413		City National Corp		1,858
	10,007		Clifton Savings Bancorp, Inc		104
	6,672		CNB Financial Corp		111
	21,290		CoBiz, Inc		151
	31,348		Columbia Banking System, Inc		714
	152,119		Comerica, Inc		4,923
	59,084		Commerce Bancshares, Inc		2,394
	28,981		Community Bank System, Inc		834
	11,562		Community Trust Bancorp, Inc		371
	42,027		Cullen/Frost Bankers, Inc		2,446
	67,239	e	CVB Financial Corp		789
	19,824		Dime Community Bancshares		290
	96,753	*,e	Doral Financial Corp		149
	12,747	*	Eagle Bancorp, Inc		213
	116,790		East West Bancorp, Inc		2,697

236

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	6,100	*	Encore Bancshares, Inc	$	124
	4,559	e	Enterprise Bancorp, Inc		75
	11,656		Enterprise Financial Services Corp		137
	8,385		ESB Financial Corp		121
	12,436		ESSA Bancorp, Inc		122
	7,387		Federal Agricultural Mortgage Corp (Class C)		168
	697,023		Fifth Third Bancorp		9,793
	7,979		Financial Institutions, Inc		129
	9,860		First Bancorp (NC)		108
	6,485		First Bancorp, Inc		96
	58,052		First Busey Corp		287
	4,158		First Citizens Bancshares, Inc (Class A)		760
	84,375		First Commonwealth Financial Corp		516
	12,139		First Community Bancshares, Inc		162
	6,200	e	First Connecticut Bancorp		82
	7,726		First Defiance Financial Corp		130
	44,691		First Financial Bancorp		773
	26,120	e	First Financial Bankshares, Inc		920
	8,954		First Financial Corp		284
	12,966		First Financial Holdings, Inc		143
	202,896		First Horizon National Corp		2,106
	9,546		First Interstate Bancsystem, Inc		140
	19,481		First Merchants Corp		240
	57,533		First Midwest Bancorp, Inc		689
	263,698		First Niagara Financial Group, Inc		2,595
	4,191		First of Long Island Corp		111
	6,248		First Pactrust Bancorp, Inc		74
	56,357	*	First Republic Bank		1,856
	82,846		FirstMerit Corp		1,397
	150,505	*	Flagstar Bancorp, Inc		138
	19,779		Flushing Financial Corp		266
	96,816		FNB Corp		1,170
	11,394		Fox Chase Bancorp, Inc		148
	10,443	*	Franklin Financial Corp		140
	152,821		Fulton Financial Corp		1,605
	8,476		German American Bancorp, Inc		165
	56,600		Glacier Bancorp, Inc		846
	7,809		Great Southern Bancorp, Inc		187
	7,762	*,e	Hampton Roads Bankshares, Inc		24
	58,181		Hancock Holding Co		2,066
	14,111	*	Hanmi Financial Corp		143
	10,342		Heartland Financial USA, Inc		179
	15,254	*	Heritage Commerce Corp		98
	11,990		Heritage Financial Corp		163
	18,696	e	Home Bancshares, Inc		498
	12,641		Home Federal Bancorp, Inc		128
	10,000	*	Home Loan Servicing Solutions Ltd		139
	359,334		Hudson City Bancorp, Inc		2,627
	11,015		Hudson Valley Holding Corp		178
	664,830		Huntington Bancshares, Inc		4,288
	22,391		IBERIABANK Corp		1,197
	17,904	e	Independent Bank Corp		514

237

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	40,567		International Bancshares Corp	$	858
	37,852	*	Investors Bancorp, Inc		569
	14,732		Kearny Financial Corp		144
	728,383		Keycorp		6,191
	15,205		Lakeland Bancorp, Inc		150
	12,420		Lakeland Financial Corp		323
	94,845		M&T Bank Corp		8,240
	11,504		MainSource Financial Group, Inc		139
	41,491		MB Financial, Inc		871
	3,784		Merchants Bancshares, Inc		107
	7,250	*	Meridian Interstate Bancorp, Inc		95
	142,224	*,e	MGIC Investment Corp		705
	3,556		Midsouth Bancorp, Inc		48
	5,351	e	National Bankshares, Inc		161
	101,297		National Penn Bancshares, Inc		896
	27,027		NBT Bancorp, Inc		597
	331,783	e	New York Community Bancorp, Inc		4,615
	14,313	e	Northfield Bancorp, Inc		204
	81,183		Northwest Bancshares, Inc		1,031
	10,808		OceanFirst Financial Corp		154
	72,765	*	Ocwen Financial Corp		1,137
	76,288		Old National Bancorp		1,002
	9,164	*	OmniAmerican Bancorp, Inc		177
	33,903		Oriental Financial Group, Inc		410
	45,254		Oritani Financial Corp		664
	3,841		Orrstown Financial Services, Inc		34
	2,800	*,e	Pacific Capital Bancorp		128
	14,467		Pacific Continental Corp		136
	27,050		PacWest Bancorp		657
	11,191	e	Park National Corp		774
	22,441	*	Park Sterling Bank		108
	2,964		Penns Woods Bancorp, Inc		121
	10,509	*	Pennsylvania Commerce Bancorp, Inc		123
	6,808		Peoples Bancorp, Inc		119
	278,935		People’s United Financial, Inc		3,693
	25,469	*	Pinnacle Financial Partners, Inc		467
	402,012		PNC Financial Services Group, Inc		25,926
	772,337	*	Popular, Inc		1,583
	45,847		PrivateBancorp, Inc		695
	35,938		Prosperity Bancshares, Inc		1,646
	45,191		Provident Financial Services, Inc		657
	30,181		Provident New York Bancorp		255
	128,881	e	Radian Group, Inc		561
	1,056,990		Regions Financial Corp		6,966
	19,501		Renasant Corp		317
	6,104	e	Republic Bancorp, Inc (Class A)		146
	22,920		Rockville Financial, Inc		267
	7,271		Roma Financial Corp		71
	20,998	e	S&T Bancorp, Inc		455
	8,198	e	S.Y. Bancorp, Inc		190
	18,232		Sandy Spring Bancorp, Inc		331
	9,604		SCBT Financial Corp		314

238

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	55,743	*	Seacoast Banking Corp of Florida	$	98
	8,919		Sierra Bancorp		88
	34,819	*	Signature Bank		2,195
	13,207		Simmons First National Corp (Class A)		341
	11,606		Southside Bancshares, Inc		256
	14,769	*	Southwest Bancorp, Inc		136
	24,453	*	State Bank & Trust Co		428
	16,183		StellarOne Corp		192
	27,752		Sterling Bancorp		266
	20,641	*	Sterling Financial Corp		431
	7,140		Suffolk Bancorp		93
	29,193	*	Sun Bancorp, Inc		103
	410,984		SunTrust Banks, Inc		9,933
	147,939		Susquehanna Bancshares, Inc		1,462
	32,913	*	SVB Financial Group		2,118
	597,443	e	Synovus Financial Corp		1,225
	8,851	*,e	Taylor Capital Group, Inc		127
	122,960		TCF Financial Corp		1,462
	9,400		Territorial Bancorp, Inc		196
	31,378	*	Texas Capital Bancshares, Inc		1,086
	52,101	*	TFS Financial Corp		495
	16,995	*	The Bancorp, Inc		171
	7,054	e	Tompkins Trustco, Inc		283
	17,850	e	TowneBank		241
	9,919	e	Trico Bancshares		173
	62,026		Trustco Bank Corp NY		354
	49,168	e	Trustmark Corp		1,228
	24,801		UMB Financial Corp		1,109
	91,424		Umpqua Holdings Corp		1,240
	14,087		Union Bankshares Corp		197
	38,221	e	United Bankshares, Inc		1,103
	15,882	*,e	United Community Banks, Inc		155
	15,445		United Financial Bancorp, Inc		244
	12,704		Univest Corp of Pennsylvania		213
	1,467,313		US Bancorp		46,484
	140,740	e	Valley National Bancorp		1,823
	26,270		ViewPoint Financial Group		404
	14,744	*	Virginia Commerce Bancorp		129
	7,900	*	Walker & Dunlop, Inc		100
	12,184		Washington Banking Co		168
	86,794		Washington Federal, Inc		1,460
	10,818		Washington Trust Bancorp, Inc		261
	52,669		Webster Financial Corp		1,194
	3,749,579		Wells Fargo & Co		128,011
	19,012		WesBanco, Inc		383
	11,970		West Bancorporation, Inc		120
	14,484	*	West Coast Bancorp		274
	21,501		Westamerica Bancorporation		1,032
	61,660	*	Western Alliance Bancorp		522
	23,121		Westfield Financial, Inc		183
	44,266	*	Wilshire Bancorp, Inc		214
	26,249	e	Wintrust Financial Corp		939

239

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	4,467		WSFS Financial Corp	$	183
	139,772		Zions Bancorporation		3,000
			TOTAL BANKS		393,379
CAPITAL GOODS - 8.4%
	541,837		3M Co		48,338
	29,148		A.O. Smith Corp		1,310
	101,877	*,e	A123 Systems, Inc		114
	13,279	e	Aaon, Inc		268
	29,552		AAR Corp		539
	30,986	*	Accuride Corp		269
	17,815		Aceto Corp		169
	62,960	*	Active Power, Inc		49
	52,376		Actuant Corp (Class A)		1,518
	31,651		Acuity Brands, Inc		1,989
	90,136	*	Aecom Technology Corp		2,016
	28,439	*	Aegion Corp		507
	14,335	*	Aerovironment, Inc		384
	71,219	*	AGCO Corp		3,362
	26,678	*,e	Air Lease Corp		642
	43,373		Aircastle Ltd		531
	4,490		Alamo Group, Inc		135
	23,047		Albany International Corp (Class A)		529
	23,985		Alliant Techsystems, Inc		1,202
	18,705	*	Altra Holdings, Inc		359
	13,776	*	Ameresco, Inc		187
	7,032	*	American Railcar Industries, Inc		165
	7,536		American Science & Engineering, Inc		505
	35,994	*,e	American Superconductor Corp		148
	8,518		American Woodmark Corp		153
	123,000		Ametek, Inc		5,967
	8,632		Ampco-Pittsburgh Corp		174
	25,458		Apogee Enterprises, Inc		330
	32,556		Applied Industrial Technologies, Inc		1,339
	5,631		Argan, Inc		90
	16,319		Armstrong World Industries, Inc		796
	73,192	*	ArvinMeritor, Inc		591
	15,638	*	Astec Industries, Inc		570
	7,762	*	Astronics Corp		271
	10,559		AZZ, Inc		545
	90,144	*	Babcock & Wilcox Co		2,321
	13,564	e	Badger Meter, Inc		461
	37,827		Barnes Group, Inc		995
	74,030	*	BE Aerospace, Inc		3,440
	35,044	*	Beacon Roofing Supply, Inc		903
	36,981		Belden CDT, Inc		1,402
	8,617	*	Berliner Communications, Inc		29
	35,059	*	Blount International, Inc		585
	563,336		Boeing Co		41,896
	37,869		Brady Corp (Class A)		1,225
	39,839	e	Briggs & Stratton Corp		714
	71,104	*,e	Broadwind Energy, Inc		33

240

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	22,099	*,e	Builders FirstSource, Inc	$	93
	9,868	*	CAI International, Inc		179
	177,093	*,e	Capstone Turbine Corp		181
	46,691		Carlisle Cos, Inc		2,331
	7,045		Cascade Corp		353
	491,412		Caterpillar, Inc		52,346
	19,382		Ceradyne, Inc		631
	21,260	*	Chart Industries, Inc		1,559
	76,040		Chicago Bridge & Iron Co NV (ADR)		3,284
	12,832		CIRCOR International, Inc		427
	38,968		Clarcor, Inc		1,913
	19,959	*	CNH Global NV		792
	6,482	*	Coleman Cable, Inc		63
	34,683	*	Colfax Corp		1,222
	12,813	*	Columbus McKinnon Corp		209
	33,040		Comfort Systems USA, Inc		360
	18,507	*	Commercial Vehicle Group, Inc		226
	124,177		Cooper Industries plc		7,941
	38,179		Crane Co		1,852
	12,848		Cubic Corp		607
	149,543		Cummins, Inc		17,951
	35,284		Curtiss-Wright Corp		1,306
	418,559		Danaher Corp		23,439
	320,533		Deere & Co		25,931
	26,753	*	DigitalGlobe, Inc		357
	116,994		Donaldson Co, Inc		4,180
	14,128	e	Douglas Dynamics, Inc		194
	140,993		Dover Corp		8,874
	7,637		Ducommun, Inc		91
	5,160	*	DXP Enterprises, Inc		224
	22,876	*	Dycom Industries, Inc		534
	12,440		Dynamic Materials Corp		263
	257,797		Eaton Corp		12,846
	50,074		EMCOR Group, Inc		1,388
	570,689		Emerson Electric Co		29,780
	15,305		Encore Wire Corp		455
	25,675	*,e	Energy Recovery, Inc		59
	37,162	*	EnerSys		1,288
	15,889	*	EnPro Industries, Inc		653
	20,938		ESCO Technologies, Inc		770
	13,418	*,e	Essex Rental Corp		51
	22,100	*	Esterline Technologies Corp		1,579
	139,194		Exelis, Inc		1,743
	224,724		Fastenal Co		12,157
	50,117	*	Federal Signal Corp		279
	26,655	*	Flow International Corp		107
	42,235		Flowserve Corp		4,879
	131,109		Fluor Corp		7,873
	117,473	*	Fortune Brands Home & Security, Inc		2,593
	19,315		Franklin Electric Co, Inc		948
	12,439		Freightcar America, Inc		280
	89,877	*,e	FuelCell Energy, Inc		141

241

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	25,764	*	Furmanite Corp	$	165
	39,732		Gardner Denver, Inc		2,504
	35,871		GATX Corp		1,446
	42,477	*,e	GenCorp, Inc		302
	18,874	*	Generac Holdings, Inc		463
	40,126	*	General Cable Corp		1,167
	252,662		General Dynamics Corp		18,541
	8,084,154		General Electric Co		162,250
	16,043	*	GeoEye, Inc		386
	20,138	*	Gibraltar Industries, Inc		305
	12,250	*	Global Power Equipment Group, Inc		339
	94,487		Goodrich Corp		11,852
	12,953		Gorman-Rupp Co		378
	46,150		Graco, Inc		2,449
	93,433	*	GrafTech International Ltd		1,116
	12,308		Graham Corp		269
	26,732		Granite Construction, Inc		768
	44,924		Great Lakes Dredge & Dock Corp		324
	15,067	*	Greenbrier Cos, Inc		298
	37,869		Griffon Corp		405
	21,180	*	H&E Equipment Services, Inc		401
	61,544		Harsco Corp		1,444
	31,872	e	Heico Corp		1,644
	74,803	*	Hexcel Corp		1,796
	598,799		Honeywell International, Inc		36,558
	12,024		Houston Wire & Cable Co		167
	45,393		Hubbell, Inc (Class B)		3,567
	35,859	*	Huntington Ingalls		1,443
	4,796	*	Hurco Cos, Inc		135
	62,789		IDEX Corp		2,645
	39,772	*	II-VI, Inc		941
	339,353		Illinois Tool Works, Inc		19,384
	243,148		Ingersoll-Rand plc		10,054
	10,094		Insteel Industries, Inc		123
	27,412	*	Interline Brands, Inc		592
	69,597		ITT Corp		1,597
	96,369	*	Jacobs Engineering Group, Inc		4,277
	20,027		John Bean Technologies Corp		324
	79,748		Joy Global, Inc		5,861
	9,545	*	Kadant, Inc		227
	21,747		Kaman Corp		738
	25,042		Kaydon Corp		639
	115,976		KBR, Inc		4,124
	62,712		Kennametal, Inc		2,793
	14,447	*,e	KEYW Holding Corp		112
	24,942	*,e	Kratos Defense & Security Solutions, Inc		133
	79,754		L-3 Communications Holdings, Inc		5,644
	3,000		Lawson Products, Inc		45
	13,874	*	Layne Christensen Co		309
	7,262		LB Foster Co (Class A)		207
	37,224		Lennox International, Inc		1,500
	65,044		Lincoln Electric Holdings, Inc		2,948

242

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	10,010		Lindsay Manufacturing Co	$	663
	6,398	*	LMI Aerospace, Inc		116
	201,879		Lockheed Martin Corp		18,141
	12,960		LSI Industries, Inc		95
	12,907	*	Lydall, Inc		132
	99,971		Manitowoc Co, Inc		1,386
	276,648		Masco Corp		3,698
	43,578	*	Mastec, Inc		788
	10,825		Met-Pro Corp		114
	7,039	*	Michael Baker Corp		168
	14,602	*	Middleby Corp		1,477
	7,280		Miller Industries, Inc		123
	32,829	*	Moog, Inc (Class A)		1,408
	33,838		MSC Industrial Direct Co (Class A)		2,818
	28,928		Mueller Industries, Inc		1,315
	118,277		Mueller Water Products, Inc (Class A)		394
	13,261	*	MYR Group, Inc		237
	4,424		Nacco Industries, Inc (Class A)		515
	3,938	e	National Presto Industries, Inc		299
	54,812	*	Navistar International Corp		2,217
	19,754	*	NCI Building Systems, Inc		227
	12,459	*	NN, Inc		102
	46,455		Nordson Corp		2,532
	197,761		Northrop Grumman Corp		12,079
	8,845	*	Northwest Pipe Co		188
	44,747	*	Orbital Sciences Corp		588
	19,593	*	Orion Marine Group, Inc		142
	69,175	*	Oshkosh Truck Corp		1,603
	94,991	*	Owens Corning, Inc		3,423
	278,702		Paccar, Inc		13,052
	88,975		Pall Corp		5,306
	114,637		Parker Hannifin Corp		9,693
	76,198		Pentair, Inc		3,628
	20,289		Perini Corp		316
	12,323	*	Pike Electric Corp		101
	13,529	*,e	PMFG, Inc		203
	29,527	*,e	Polypore International, Inc		1,038
	5,761	*	Powell Industries, Inc		197
	12,071	*	PowerSecure International, Inc		73
	109,327		Precision Castparts Corp		18,904
	1,801		Preformed Line Products Co		118
	19,995	e	Primoris Services Corp		321
	3,700	*	Proto Labs, Inc		126
	28,579		Quanex Building Products Corp		504
	162,009	*	Quanta Services, Inc		3,386
	13,791		Raven Industries, Inc		841
	270,449		Raytheon Co		14,274
	16,219	*	RBC Bearings, Inc		748
	29,618		Regal-Beloit Corp		1,941
	29,287		Robbins & Myers, Inc		1,524
	109,940		Rockwell Automation, Inc		8,762
	116,117		Rockwell Collins, Inc		6,684

243

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	71,848		Roper Industries, Inc	$	7,124
	50,633	*	RSC Holdings, Inc		1,144
	24,579	*	Rush Enterprises, Inc (Class A)		522
	40,673	*,e	SatCon Technology Corp		15
	8,467		Sauer-Danfoss, Inc		398
	240		Seaboard Corp		468
	8,300		SeaCube Container Leasing Ltd		143
	55,138	*	Shaw Group, Inc		1,748
	31,950		Simpson Manufacturing Co, Inc		1,030
	44,614		Snap-On, Inc		2,720
	83,416	*	Spirit Aerosystems Holdings, Inc (Class A)		2,040
	37,552		SPX Corp		2,911
	11,927		Standex International Corp		491
	127,640		Stanley Works		9,823
	12,518	*	Sterling Construction Co, Inc		122
	15,189		Sun Hydraulics Corp		397
	15,435		TAL International Group, Inc		567
	44,785	*	Taser International, Inc		194
	10,545	*	Tecumseh Products Co (Class A)		42
	28,168	*	Teledyne Technologies, Inc		1,776
	14,645		Tennant Co		644
	83,491	*	Terex Corp		1,879
	7,088	e	Textainer Group Holdings Ltd		240
	208,523		Textron, Inc		5,803
	7,771	*	Thermon Group Holdings		159
	40,166	*	Thomas & Betts Corp		2,888
	66,676		Timken Co		3,383
	32,571	e	Titan International, Inc		770
	11,613	*	Titan Machinery, Inc		327
	22,572		Toro Co		1,605
	37,710	*	TransDigm Group, Inc		4,365
	13,203	*,e	Trex Co, Inc		424
	19,750	*	Trimas Corp		442
	61,064		Trinity Industries, Inc		2,012
	28,842		Triumph Group, Inc		1,807
	6,504	e	Twin Disc, Inc		170
	357,409		Tyco International Ltd		20,079
	45,976	*,e	United Rentals, Inc		1,972
	697,677		United Technologies Corp		57,866
	14,766		Universal Forest Products, Inc		509
	60,216		URS Corp		2,560
	58,472	*,e	USG Corp		1,006
	47,033	*,e	Valence Technology, Inc		38
	16,747		Valmont Industries, Inc		1,966
	12,845		Vicor Corp		103
	42,855		W.W. Grainger, Inc		9,206
	52,045	*	Wabash National Corp		539
	51,712	*	WABCO Holdings, Inc		3,128
	22,186		Watsco, Inc		1,643
	23,144		Watts Water Technologies, Inc (Class A)		943
	32,103	*	WESCO International, Inc		2,097
	35,290		Westinghouse Air Brake Technologies Corp		2,660

244

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	46,990		Woodward Governor Co	$	2,013
	5,984	*	Xerium Technologies, Inc		39
	139,194		Xylem, Inc		3,863
			TOTAL CAPITAL GOODS		1,009,497
COMMERCIAL & PROFESSIONAL SERVICES - 0.9%
	37,566		ABM Industries, Inc		913
	32,312	*	Acacia Research (Acacia Technologies)		1,349
	46,006	*	ACCO Brands Corp		571
	16,355		Administaff, Inc		501
	12,765	*	Advisory Board Co		1,131
	14,202		American Ecology Corp		309
	26,021	*	American Reprographics Co		140
	7,698	*	AT Cross Co		93
	81,325		Avery Dennison Corp		2,450
	6,166		Barrett Business Services, Inc		122
	35,828		Brink’s Co		855
	19,056	*	Casella Waste Systems, Inc (Class A)		119
	41,673	*,e	CBIZ, Inc		263
	7,981		CDI Corp		143
	38,005	*,e	Cenveo, Inc		128
	87,464		Cintas Corp		3,422
	35,102	*	Clean Harbors, Inc		2,363
	8,210	*	Consolidated Graphics, Inc		372
	61,340	*,e	Coolbrands International, Inc		151
	88,658	*	Copart, Inc		2,311
	27,057		Corporate Executive Board Co		1,164
	82,362	*	Corrections Corp of America		2,249
	19,267	*	CoStar Group, Inc		1,330
	6,267		Courier Corp		73
	92,927		Covanta Holding Corp		1,508
	8,400	*	CRA International, Inc		212
	37,676		Deluxe Corp		882
	23,101	*	Dolan Media Co		210
	37,542		Dun & Bradstreet Corp		3,181
	11,162	*	Encore Capital Group, Inc		252
	67,718	*	EnergySolutions, Inc		332
	20,747	*,e	EnerNOC, Inc		149
	17,307		Ennis, Inc		274
	94,166		Equifax, Inc		4,168
	11,236	*	Exponent, Inc		545
	9,375	*	Franklin Covey Co		88
	32,036	*	FTI Consulting, Inc		1,202
	12,288	*	Fuel Tech, Inc		67
	15,088		G & K Services, Inc (Class A)		516
	49,785	*	Geo Group, Inc		946
	12,104	*	GP Strategies Corp		212
	49,713		Healthcare Services Group		1,057
	14,300		Heidrick & Struggles International, Inc		315
	3,302	*	Heritage-Crystal Clean, Inc		66
	43,782		Herman Miller, Inc		1,005
	17,074	*	Hill International, Inc		67

245

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	33,809		HNI Corp	$	938
	24,166	*	Hudson Highland Group, Inc		130
	16,505	*	Huron Consulting Group, Inc		620
	13,014	*	ICF International, Inc		330
	114,792	*	ICO Global Communications Holdings Ltd		300
	37,578	*	IHS, Inc (Class A)		3,519
	22,974	*,e	Innerworkings, Inc		268
	38,561		Interface, Inc (Class A)		538
	6,998		Intersections, Inc		89
	127,601		Iron Mountain, Inc		3,675
	21,500	*	KAR Auction Services, Inc		349
	20,372	e	Kelly Services, Inc (Class A)		326
	21,985	*	Kforce, Inc		328
	18,600		Kimball International, Inc (Class B)		129
	35,963		Knoll, Inc		598
	34,304	*	Korn/Ferry International		575
	63,464		Manpower, Inc		3,006
	17,708		McGrath RentCorp		569
	39,317	*	Metalico, Inc		168
	21,996		Mine Safety Appliances Co		904
	13,300	*	Mistras Group, Inc		317
	28,189	*	Mobile Mini, Inc		595
	8,734		Multi-Color Corp		197
	40,393	*	Navigant Consulting, Inc		562
	62,400	*	Nielsen Holdings NV		1,881
	4,943		NL Industries, Inc		74
	50,328	*,e	Odyssey Marine Exploration, Inc		156
	25,372	*	On Assignment, Inc		443
	139,284	e	Pitney Bowes, Inc		2,449
	13,016	*	Portfolio Recovery Associates, Inc		934
	19,286	e	Quad		268
	158,991	e	R.R. Donnelley & Sons Co		1,970
	240,647		Republic Services, Inc		7,353
	32,857		Resources Connection, Inc		462
	112,120		Robert Half International, Inc		3,397
	50,683		Rollins, Inc		1,079
	7,412	*	RPX Corp		126
	10,767		Schawk, Inc (Class A)		135
	14,249	*,e	School Specialty, Inc		50
	12,140	*	Standard Parking Corp		249
	54,705		Steelcase, Inc (Class A)		525
	65,956	*	Stericycle, Inc		5,516
	31,978	*	SYKES Enterprises, Inc		505
	13,336	*	Team, Inc		413
	47,935	*	Tetra Tech, Inc		1,264
	9,816	*	TMS International Corp		119
	43,886		Towers Watson & Co		2,900
	13,579	*	TRC Cos, Inc		83
	37,265	*	TrueBlue, Inc		666
	11,503		Unifirst Corp		708
	36,394		United Stationers, Inc		1,129
	90,567	*	Verisk Analytics, Inc		4,254

246

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	15,178		Viad Corp	$	295
	2,793		VSE Corp		69
	83,921		Waste Connections, Inc		2,730
	360,208		Waste Management, Inc		12,592
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		113,600
CONSUMER DURABLES & APPAREL - 1.4%
	30,538	e	American Greetings Corp (Class A)		468
	9,523	*	Arctic Cat, Inc		408
	45,763	*	Ascena Retail Group, Inc		2,028
	58,119	*	Beazer Homes USA, Inc		189
	4,923		Blyth, Inc		368
	60,835		Brunswick Corp		1,567
	51,179	e	Callaway Golf Co		346
	37,626	*	Carter’s, Inc		1,873
	4,557	*	Cavco Industries, Inc		212
	5,581	e	Cherokee, Inc		64
	31,639	*	Clarus Corp		293
	222,939		Coach, Inc		17,230
	9,339	e	Columbia Sportswear Co		443
	64,294	*	CROCS, Inc		1,345
	5,480		CSS Industries, Inc		107
	29,784	*,e	Deckers Outdoor Corp		1,878
	4,329	*	Delta Apparel, Inc		71
	215,214		DR Horton, Inc		3,265
	18,783	e	Ethan Allen Interiors, Inc		476
	39,142	*	Fossil, Inc		5,166
	34,198	*,e	Furniture Brands International, Inc		57
	82,384	*,e	Garmin Ltd		3,868
	13,268	*	G-III Apparel Group Ltd		377
	73,677	*	Hanesbrands, Inc		2,176
	53,605		Harman International Industries, Inc		2,509
	90,667		Hasbro, Inc		3,329
	23,782	*	Helen of Troy Ltd		809
	49,581	*,e	Hovnanian Enterprises, Inc (Class A)		121
	54,965	*	Iconix Brand Group, Inc		955
	18,236	*,e	iRobot Corp		497
	24,481	e	Jakks Pacific, Inc		427
	71,707		Jarden Corp		2,885
	3,583	*	Johnson Outdoors, Inc		68
	66,643		Jones Apparel Group, Inc		837
	58,687	e	KB Home		522
	6,203	*	Kenneth Cole Productions, Inc (Class A)		100
	19,366	*,e	K-Swiss, Inc (Class A)		79
	39,237	*	La-Z-Boy, Inc		587
	34,167	*	Leapfrog Enterprises, Inc		286
	109,499	e	Leggett & Platt, Inc		2,520
	122,890	e	Lennar Corp (Class A)		3,340
	12,366	*	Libbey, Inc		160
	7,210		Lifetime Brands, Inc		81
	71,814	*,e	Liz Claiborne, Inc		959
	16,303	*	M/I Homes, Inc		202

247

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	17,427	*	Maidenform Brands, Inc	$	392
	8,407	e	Marine Products Corp		50
	262,506		Mattel, Inc		8,836
	29,150		MDC Holdings, Inc		752
	24,046	*	Meritage Homes Corp		651
	41,600	*	Michael Kors Holdings Ltd		1,938
	43,299	*	Mohawk Industries, Inc		2,880
	12,667		Movado Group, Inc		311
	221,507		Newell Rubbermaid, Inc		3,945
	272,081		Nike, Inc (Class B)		29,505
	4,055	*	NVR, Inc		2,945
	10,106		Oxford Industries, Inc		514
	8,860	*	Perry Ellis International, Inc		165
	43,642		Phillips-Van Heusen Corp		3,899
	48,524		Polaris Industries, Inc		3,501
	38,375		Pool Corp		1,436
	256,906	*	Pulte Homes, Inc		2,274
	107,027	*	Quiksilver, Inc		432
	47,710		Ralph Lauren Corp		8,317
	6,477		RG Barry Corp		79
	35,106		Ryland Group, Inc		677
	47,340	*,e	Sealy Corp		96
	27,339	*,e	Skechers U.S.A., Inc (Class A)		348
	7,200	*,e	Skullcandy, Inc		114
	7,407		Skyline Corp		57
	52,271	*	Smith & Wesson Holding Corp		405
	70,229	*,e	Standard-Pacific Corp		313
	4,356	*	Steinway Musical Instruments, Inc		109
	26,200	*	Steven Madden Ltd		1,120
	14,503	e	Sturm Ruger & Co, Inc		712
	8,138	*	Summer Infant, Inc		49
	50,128	*	Tempur-Pedic International, Inc		4,232
	109,135	*	Toll Brothers, Inc		2,618
	19,300	*	True Religion Apparel, Inc		529
	47,753		Tupperware Corp		3,032
	27,184	*,e	Under Armour, Inc (Class A)		2,555
	10,905	*	Unifi, Inc		105
	11,370	*	Universal Electronics, Inc		227
	15,069	*,e	Vera Bradley, Inc		455
	66,632		VF Corp		9,727
	32,732	*	Warnaco Group, Inc		1,912
	5,214		Weyco Group, Inc		124
	57,906		Whirlpool Corp		4,450
	38,905		Wolverine World Wide, Inc		1,446
	15,230	*,e	Zagg, Inc		162
			TOTAL CONSUMER DURABLES & APPAREL		173,944
CONSUMER SERVICES - 2.3%
	18,260	*	AFC Enterprises		310
	14,656		Ambassadors Group, Inc		78
	13,862	*,e	American Public Education, Inc		527
	24,907		Ameristar Casinos, Inc		464

248

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	87,271	*	Apollo Group, Inc (Class A)	$	3,372
	5,600	*	Archipelago Learning, Inc		62
	10,098	*	Ascent Media Corp (Series A)		478
	33,030	*	Bally Technologies, Inc		1,544
	10,282		Benihana, Inc		134
	17,427	*	BJ’s Restaurants, Inc		877
	24,666		Bob Evans Farms, Inc		930
	35,903	*,e	Boyd Gaming Corp		281
	14,947	*	Bravo Brio Restaurant Group, Inc		298
	14,051	*,e	Bridgepoint Education, Inc		348
	65,006		Brinker International, Inc		1,791
	13,602	*	Buffalo Wild Wings, Inc		1,234
	27,800	*	Caesars Entertainment Corp		410
	12,339	*	Cambium Learning Group, Inc		33
	12,593	*	Capella Education Co		453
	46,334	*	Career Education Corp		373
	5,895	*	Caribou Coffee Co, Inc		110
	323,451		Carnival Corp		10,376
	8,099	*	Carrols Restaurant Group, Inc		124
	17,289		CBRL Group, Inc		965
	15,042		CEC Entertainment, Inc		570
	46,024	*,e	Cheesecake Factory		1,353
	23,322	*	Chipotle Mexican Grill, Inc (Class A)		9,749
	21,525	e	Choice Hotels International, Inc		804
	9,609		Churchill Downs, Inc		537
	23,500	*,e	Coinstar, Inc		1,493
	59,209	*	Corinthian Colleges, Inc		245
	104,522		Darden Restaurants, Inc		5,347
	75,312	*	Denny’s Corp		304
	51,986		DeVry, Inc		1,761
	11,939	*	DineEquity, Inc		592
	47,224		Domino’s Pizza, Inc		1,714
	18,900	e	Dunkin Brands Group, Inc		569
	30,412	*,e	Education Management Corp		416
	4,221		Einstein Noah Restaurant Group, Inc		63
	27,229	*	Gaylord Entertainment Co		839
	24,016	*	Grand Canyon Education, Inc		427
	228,332		H&R Block, Inc		3,762
	47,975		Hillenbrand, Inc		1,101
	33,800	*	Hyatt Hotels Corp		1,444
	230,043		International Game Technology		3,862
	22,405		International Speedway Corp (Class A)		622
	34,104		Interval Leisure Group, Inc		593
	15,534	*	Isle of Capri Casinos, Inc		110
	21,273	*,e	ITT Educational Services, Inc		1,407
	39,870	*	Jack in the Box, Inc		956
	47,403	*	Jamba, Inc		98
	18,366	*,e	K12, Inc		434
	39,822	*	Krispy Kreme Doughnuts, Inc		291
	298,947		Las Vegas Sands Corp		17,210
	31,445	*	Life Time Fitness, Inc		1,590
	17,103		Lincoln Educational Services Corp		135

249

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	13,766	*	Luby’s, Inc	$	84
	8,861		Mac-Gray Corp		134
	14,891		Marcus Corp		187
	197,861		Marriott International, Inc (Class A)		7,489
	19,786	*	Marriott Vacations Worldwide Corp		564
	23,085		Matthews International Corp (Class A)		730
	790,878		McDonald’s Corp		77,584
	262,267	*	MGM Mirage		3,572
	8,692	*	Monarch Casino & Resort, Inc		90
	23,956	*	Morgans Hotel Group Co		119
	20,438	*	Multimedia Games, Inc		224
	5,638		National American University Holdings, Inc		36
	14,289	*,e	O’Charleys, Inc		141
	78,277	*	Orient-Express Hotels Ltd (Class A)		798
	21,333	*	Panera Bread Co (Class A)		3,433
	14,983	*	Papa John’s International, Inc		564
	8,992	*,e	Peet’s Coffee & Tea, Inc		663
	51,627	*	Penn National Gaming, Inc		2,219
	18,084		PF Chang’s China Bistro, Inc		715
	48,180	*	Pinnacle Entertainment, Inc		555
	9,873	*	Red Lion Hotels Corp		81
	11,853	*	Red Robin Gourmet Burgers, Inc		441
	44,951		Regis Corp		828
	101,674		Royal Caribbean Cruises Ltd		2,992
	50,005	*	Ruby Tuesday, Inc		457
	26,831	*	Ruth’s Chris Steak House, Inc		204
	49,874	*	Scientific Games Corp (Class A)		582
	183,181		Service Corp International		2,063
	44,601	*	Shuffle Master, Inc		785
	31,480	e	Six Flags Entertainment Corp		1,472
	45,772	*	Sonic Corp		352
	51,448		Sotheby’s (Class A)		2,024
	9,984		Speedway Motorsports, Inc		187
	570,253		Starbucks Corp		31,870
	147,494		Starwood Hotels & Resorts Worldwide, Inc		8,320
	958	*	Steak N Shake Co		386
	11,970	*	Steiner Leisure Ltd		584
	68,986	e	Stewart Enterprises, Inc (Class A)		419
	9,323	e	Strayer Education, Inc		879
	42,904		Texas Roadhouse, Inc (Class A)		714
	16,126	*	Town Sports International Holdings, Inc		204
	15,190		Universal Technical Institute, Inc		200
	27,599		Vail Resorts, Inc		1,194
	22,133	e	Weight Watchers International, Inc		1,708
	241,251		Wendy’s		1,209
	43,711	*	WMS Industries, Inc		1,037
	117,938		Wyndham Worldwide Corp		5,485
	49,584		Wynn Resorts Ltd		6,192
	353,395		Yum! Brands, Inc		25,154
			TOTAL CONSUMER SERVICES		283,894

250

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
DIVERSIFIED FINANCIALS - 6.0%
	36,918		Advance America Cash Advance Centers, Inc	$	387
	39,037	*	Affiliated Managers Group, Inc		4,365
	270,566	*	American Capital Ltd		2,346
	801,599		American Express Co		46,381
	171,441		Ameriprise Financial, Inc		9,794
	149,594		Apollo Investment Corp		1,073
	167,701		Ares Capital Corp		2,742
	21,300	e	Artio Global Investors, Inc		102
	8,180,983		Bank of America Corp		78,292
	946,475		Bank of New York Mellon Corp		22,837
	58,435	e	BGC Partners, Inc (Class A)		432
	54,667		BlackRock Kelso Capital Corp		537
	65,468		BlackRock, Inc		13,414
	77,753	*	Broadpoint Securities Group, Inc		106
	16,951		Calamos Asset Management, Inc (Class A)		222
	380,272		Capital One Financial Corp		21,196
	2,167		Capital Southwest Corp		205
	22,738		Cash America International, Inc		1,090
	39,930		CBOE Holdings, Inc		1,135
	798,896		Charles Schwab Corp		11,480
	2,214,277		Citigroup, Inc		80,932
	51,189		CME Group, Inc		14,811
	12,285	e	Cohen & Steers, Inc		392
	30,640		Compass Diversified Trust		453
	50,765	*	Cowen Group, Inc		138
	5,106	*	Credit Acceptance Corp		516
	9,816	*	Deerfield Capital Corp		61
	1,420		Diamond Hill Investment Group, Inc		105
	414,926		Discover Financial Services		13,834
	33,079	*	Dollar Financial Corp		624
	21,313		Duff & Phelps Corp		331
	191,552	*	E*Trade Financial Corp		2,097
	92,658		Eaton Vance Corp		2,648
	10,984		Epoch Holding Corp		262
	14,946		Evercore Partners, Inc (Class A)		434
	36,390	*	Ezcorp, Inc (Class A)		1,181
	39,284	*	FBR Capital Markets Corp		101
	69,691	e	Federated Investors, Inc (Class B)		1,562
	62,757	e	Fifth Street Finance Corp		613
	29,176	*,e	Financial Engines, Inc		652
	23,334	*	First Cash Financial Services, Inc		1,001
	58,259	*	First Marblehead Corp		71
	110,286		Franklin Resources, Inc		13,679
	5,142	e	Friedman Billings Ramsey Group, Inc (Class A)		114
	17,300	e	FXCM, Inc		225
	7,000	e	Gain Capital Holdings, Inc		35
	6,584		GAMCO Investors, Inc (Class A)		327
	54,396		GFI Group, Inc		205
	15,081		Gladstone Capital Corp		122
	15,921		Gladstone Investment Corp		121
	393,954		Goldman Sachs Group, Inc		48,995
	5,889	e	Golub Capital BDC, Inc		90

251

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	16,998	*,e	Green Dot Corp	$	451
	22,433	e	Greenhill & Co, Inc		979
	16,757	*	Harris & Harris Group, Inc		70
	33,744		Hercules Technology Growth Capital, Inc		374
	22,560	*	HFF, Inc (Class A)		372
	13,505	*	Imperial Holdings, Inc		36
	30,361		Interactive Brokers Group, Inc (Class A)		516
	55,957	*	IntercontinentalExchange, Inc		7,690
	13,392	*	International Assets Holding Corp		283
	32,107	*	Internet Capital Group, Inc		287
	346,461		Invesco Ltd		9,240
	34,884	*	Investment Technology Group, Inc		417
	32,000	e	iShares Russell 2000 Index Fund		2,651
	50,823	e	iShares Russell 3000 Index Fund		4,233
	137,373		Janus Capital Group, Inc		1,224
	102,327	e	Jefferies Group, Inc		1,928
	11,011		JMP Group, Inc		81
	3,027,329		JPMorgan Chase & Co		139,197
	26,819	e	KBW, Inc		496
	73,616	*	Knight Capital Group, Inc (Class A)		947
	15,310		Kohlberg Capital Corp		106
	73,441	*,e	Ladenburg Thalmann Financial Services, Inc		131
	84,822		Lazard Ltd (Class A)		2,423
	113,921		Legg Mason, Inc		3,182
	148,551		Leucadia National Corp		3,877
	26,205	*	LPL Investment Holdings, Inc		994
	15,412	e	Main Street Capital Corp		380
	2,900	*	Manning & Napier, Inc		43
	21,429		MarketAxess Holdings, Inc		799
	6,533		Marlin Business Services Corp		98
	64,585		MCG Capital Corp		274
	9,981		Medallion Financial Corp		111
	7,998		Medley Capital Corp		90
	152,732		Moody’s Corp		6,430
	1,172,927		Morgan Stanley		23,035
	91,923	*	MSCI, Inc (Class A)		3,384
	17,411		MVC Capital, Inc		229
	94,841	*	Nasdaq Stock Market, Inc		2,456
	20,204		Nelnet, Inc (Class A)		523
	23,100	*,e	Netspend Holdings, Inc		179
	5,367		New Mountain Finance Corp		74
	21,889	*	NewStar Financial, Inc		243
	12,077		NGP Capital Resources Co		79
	7,402	e	Nicholas Financial, Inc		98
	166,517		Northern Trust Corp		7,901
	198,629		NYSE Euronext		5,961
	7,363		Oppenheimer Holdings, Inc		128
	35,056		PennantPark Investment Corp		365
	41,814	*,e	PHH Corp		647
	17,372	*	Pico Holdings, Inc		407
	13,978	*	Piper Jaffray Cos		372
	75,446	e	Prospect Capital Corp		828

252

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	9,591		Pzena Investment Management, Inc (Class A)	$	56
	83,531		Raymond James Financial, Inc		3,051
	21,125	*	Safeguard Scientifics, Inc		363
	8,937		Sanders Morris Harris Group, Inc		59
	110,255		SEI Investments Co		2,281
	400,986		SLM Corp		6,320
	28,070		Solar Capital Ltd		620
	6,100		Solar Senior Capital Ltd		98
	136,000		SPDR Trust Series 1		19,138
	383,476		State Street Corp		17,448
	40,347	*	Stifel Financial Corp		1,527
	37,258		SWS Group, Inc		213
	196,827		T Rowe Price Group, Inc		12,853
	167,448		TD Ameritrade Holding Corp		3,305
	6,653		THL Credit, Inc		86
	20,926		TICC Capital Corp		204
	20,596	e	Triangle Capital Corp		407
	4,394	*	Virtus Investment Partners, Inc		377
	67,558		Waddell & Reed Financial, Inc (Class A)		2,190
	21,153	e	Walter Investment Management Corp		477
	3,869		Westwood Holdings Group, Inc		150
	10,829	*,e	World Acceptance Corp		663
			TOTAL DIVERSIFIED FINANCIALS		714,073
ENERGY - 10.4%
	70,225	*,e	Abraxas Petroleum Corp		219
	9,171		Alon USA Energy, Inc		83
	172,068	*	Alpha Natural Resources, Inc		2,617
	13,406	*,e	Amyris Biotechnologies, Inc		69
	379,656		Anadarko Petroleum Corp		29,742
	292,223		Apache Corp		29,351
	6,580	e	APCO Argentina, Inc		449
	19,956	*,e	Approach Resources, Inc		737
	154,928	e	Arch Coal, Inc		1,659
	33,846	*,e	ATP Oil & Gas Corp		249
	44,174	*	Atwood Oceanics, Inc		1,983
	330,952		Baker Hughes, Inc		13,880
	18,593	*	Basic Energy Services, Inc		323
	39,652		Berry Petroleum Co (Class A)		1,869
	35,237	*	Bill Barrett Corp		917
	7,300	*	Bonanza Creek Energy, Inc		160
	90,573	*,e	BPZ Energy, Inc		365
	27,721		Bristow Group, Inc		1,323
	9,000	*,e	C&J Energy Services, Inc		160
	158,122		Cabot Oil & Gas Corp		4,929
	79,978	*	Cal Dive International, Inc		264
	27,753	*	Callon Petroleum Co		175
	185,991	*	Cameron International Corp		9,826
	14,570	e	CARBO Ceramics, Inc		1,536
	29,745	*	Carrizo Oil & Gas, Inc		841
	117,249	*	Cheniere Energy, Inc		1,756
	501,766		Chesapeake Energy Corp		11,626

253

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	1,532,251		Chevron Corp	$	164,318
	64,690		Cimarex Energy Co		4,882
	4,602	*,e	Clayton Williams Energy, Inc		366
	37,262	*,e	Clean Energy Fuels Corp		793
	46,507	*	Cloud Peak Energy, Inc		741
	92,972	*	Cobalt International Energy, Inc		2,792
	36,545	*,e	Comstock Resources, Inc		579
	78,411	*	Concho Resources, Inc		8,004
	1,012,047		ConocoPhillips		76,926
	173,265		Consol Energy, Inc		5,908
	9,289	*	Contango Oil & Gas Co		547
	31,765	*,e	Continental Resources, Inc		2,726
	34,938		Core Laboratories NV		4,597
	15,591	*	Crimson Exploration, Inc		65
	37,807		Crosstex Energy, Inc		535
	67,340	*	CVR Energy, Inc		1,801
	4,728	*	Dawson Geophysical Co		162
	7,530		Delek US Holdings, Inc		117
	308,251	*	Denbury Resources, Inc		5,619
	321,030	*	Devon Energy Corp		22,832
	38,961	e	DHT Maritime, Inc		37
	51,948	e	Diamond Offshore Drilling, Inc		3,468
	59,365	*	Dresser-Rand Group, Inc		2,754
	26,285	*	Dril-Quip, Inc		1,709
	584,057		El Paso Corp		17,259
	28,282	*,e	Endeavour International Corp		335
	53,820		Energen Corp		2,645
	21,960	*	Energy Partners Ltd		365
	56,747	*	Energy XXI Bermuda Ltd		2,049
	204,494		EOG Resources, Inc		22,719
	102,738		Equitable Resources, Inc		4,953
	11,704	*	Evolution Petroleum Corp		109
	111,561	e	EXCO Resources, Inc		740
	55,293	*	Exterran Holdings, Inc		729
	3,754,904	d	Exxon Mobil Corp		325,662
	183,806	*	FMC Technologies, Inc		9,267
	85,352	*	Forest Oil Corp		1,034
	39,564	e	Frontline Ltd		304
	36,931	*	FX Energy, Inc		201
	54,404	*	Gastar Exploration Ltd		163
	7,921	*,e	Geokinetics, Inc		14
	15,376	*	Georesources, Inc		503
	3,300	*,e	Gevo, Inc		30
	14,135	*	Global Geophysical Services, Inc		150
	104,374	*,e	GMX Resources, Inc		133
	31,274	e	Golar LNG Ltd		1,190
	20,317	*,e	Goodrich Petroleum Corp		386
	20,962	*	Green Plains Renewable Energy, Inc		226
	9,089		Gulf Island Fabrication, Inc		266
	18,061	*	Gulfmark Offshore, Inc		830
	34,632	*	Gulfport Energy Corp		1,008
	696,253		Halliburton Co		23,110

254

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	29,621	*	Harvest Natural Resources, Inc	$	210
	70,305	*,e	Heckmann Corp		303
	81,706	*	Helix Energy Solutions Group, Inc		1,454
	72,674		Helmerich & Payne, Inc		3,921
	87,818	*	Hercules Offshore, Inc		415
	229,736		Hess Corp		13,543
	145,720		Holly Corp		4,685
	23,446	*	Hornbeck Offshore Services, Inc		985
	14,150	e	Houston American Energy Corp		74
	130,217	*,e	Hyperdynamics Corp		168
	100,154	*	ION Geophysical Corp		646
	823	*,e	Isramco, Inc		72
	27,417	*,e	James River Coal Co		140
	95,985	*	Key Energy Services, Inc		1,483
	130,214	e	Kinder Morgan, Inc		5,033
	7,900	*,e	KiOR, Inc (Class A)		106
	18,775		Knightsbridge Tankers Ltd		270
	195,747	*,e	Kodiak Oil & Gas Corp		1,950
	24,954	*	Kosmos Energy LLC		330
	12,300	*,e	L&L Energy, Inc		30
	15,300	*	Laredo Petroleum Holdings, Inc		359
	22,968		Lufkin Industries, Inc		1,852
	98,229	*,e	Magnum Hunter Resources Corp		630
	542,638		Marathon Oil Corp		17,202
	270,119		Marathon Petroleum Corp		11,712
	10,300	*	Matador Resources Co		113
	23,922	*	Matrix Service Co		335
	176,324	*	McDermott International, Inc		2,259
	78,067	*,e	McMoRan Exploration Co		835
	31,904	*,e	Miller Petroleum, Inc		135
	7,684	*	Mitcham Industries, Inc		173
	147,218		Murphy Oil Corp		8,284
	217,056	*	Nabors Industries Ltd		3,796
	322,805		National Oilwell Varco, Inc		25,654
	5,226	*	Natural Gas Services Group, Inc		69
	101,438	*	Newfield Exploration Co		3,518
	69,901	*,e	Newpark Resources, Inc		572
	134,406		Noble Energy, Inc		13,142
	37,402	e	Nordic American Tanker Shipping		594
	48,403	*,e	Northern Oil And Gas, Inc		1,004
	45,751	*,e	Oasis Petroleum, Inc		1,411
	619,477		Occidental Petroleum Corp		58,993
	82,172		Oceaneering International, Inc		4,428
	39,049	*	Oil States International, Inc		3,048
	31,318	e	Overseas Shipholding Group, Inc		396
	3,307	*	OYO Geospace Corp		348
	37,088	*,e	Pacific Asia Petroleum, Inc		37
	5,367		Panhandle Oil and Gas, Inc (Class A)		158
	96,030	*	Parker Drilling Co		573
	82,202	*,e	Patriot Coal Corp		513
	119,282		Patterson-UTI Energy, Inc		2,062
	205,078		Peabody Energy Corp		5,939

255

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	35,015	e	Penn Virginia Corp	$	159
	16,488	*	Petroleum Development Corp		612
	43,261	*,e	Petroquest Energy, Inc		266
	9,723	*	PHI, Inc		225
	42,944	*	Pioneer Drilling Co		378
	94,060		Pioneer Natural Resources Co		10,496
	108,164	*	Plains Exploration & Production Co		4,613
	132,552		Questar Market Resources, Inc		4,043
	86,019	*,e	Quicksilver Resources, Inc		434
	121,181		Range Resources Corp		7,045
	167,304	*	Rentech, Inc		348
	35,433	*,e	Resolute Energy Corp		403
	36,039	*,e	Rex Energy Corp		385
	6,400	*	Rex Stores Corp		196
	4,515	*	RigNet, Inc		79
	40,850	*	Rosetta Resources, Inc		1,992
	96,528	*	Rowan Cos, Inc		3,179
	49,925	e	RPC, Inc		530
	7,400	*	Sanchez Energy Corp		166
	317,094	*,e	SandRidge Energy, Inc		2,483
	1,034,291		Schlumberger Ltd		72,329
	19,383	*	Scorpio Tankers, Inc		137
	16,143		SEACOR Holdings, Inc		1,546
	31,863	*	SemGroup Corp		928
	34,031	e	Ship Finance International Ltd		521
	8,338	*,e	Solazyme, Inc		122
	263,405	*	Southwestern Energy Co		8,060
	493,023		Spectra Energy Corp		15,555
	47,139		St. Mary Land & Exploration Co		3,336
	36,323	*	Stone Energy Corp		1,038
	88,549		Sunoco, Inc		3,378
	117,034	*	Superior Energy Services		3,085
	32,148	*	Swift Energy Co		933
	49,984	*,e	Syntroleum Corp		48
	12,700		Targa Resources Investments, Inc		577
	32,878		Teekay Corp		1,143
	32,183	e	Teekay Tankers Ltd (Class A)		195
	23,351	*	Tesco Corp		331
	108,582	*,e	Tesoro Corp		2,914
	61,337	*	Tetra Technologies, Inc		578
	38,204		Tidewater, Inc		2,064
	46,549	*,e	Triangle Petroleum Corp		321
	117,937	*	Ultra Petroleum Corp		2,669
	10,127	*	Union Drilling, Inc		56
	29,837	*	Unit Corp		1,276
	49,078	*	Uranerz Energy Corp		124
	76,523	*,e	Uranium Energy Corp		298
	13,262	*,e	Uranium Resources, Inc		12
	80,628	*,e	Ur-Energy, Inc		98
	132,574	*,e	USEC, Inc		141
	48,465	*	Vaalco Energy, Inc		458
	431,477		Valero Energy Corp		11,119

256

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	169,150	*,e	Vantage Drilling Co	$	271
	22,450	*	Venoco, Inc		243
	34,077	*,e	Voyager Oil & Gas, Inc		83
	26,733		W&T Offshore, Inc		564
	67,894	*	Warren Resources, Inc		221
	41,000	e	Western Refining, Inc		772
	7,723	*	Westmoreland Coal Co		86
	89,390	*	Whiting Petroleum Corp		4,854
	29,621	*	Willbros Group, Inc		96
	446,175		Williams Cos, Inc		13,747
	54,207		World Fuel Services Corp		2,222
	148,725	*	WPX Energy, Inc		2,679
	18,939	*,e	Zion Oil & Gas, Inc		50
			TOTAL ENERGY		1,251,038
FOOD & STAPLES RETAILING - 2.0%
	13,080		Andersons, Inc		637
	837		Arden Group, Inc (Class A)		76
	29,235		Casey’s General Stores, Inc		1,621
	7,700	*	Chefs’ Warehouse Holdings, Inc		178
	332,917		Costco Wholesale Corp		30,229
	1,031,615		CVS Corp		46,216
	21,250	*,e	Fresh Market, Inc		1,019
	37,448		Harris Teeter Supermarkets, Inc		1,502
	8,163		Ingles Markets, Inc (Class A)		144
	432,445		Kroger Co		10,478
	10,977		Nash Finch Co		312
	16,292	*	Pantry, Inc		212
	13,557		Pricesmart, Inc		987
	445,462	*	Rite Aid Corp		775
	14,600	*	Roundy’s, Inc		156
	203,527	e	Safeway, Inc		4,113
	18,527		Spartan Stores, Inc		336
	165,275	e	Supervalu, Inc		944
	5,570	*	Susser Holdings Corp		143
	442,709		Sysco Corp		13,219
	36,743	*	United Natural Foods, Inc		1,714
	4,652		Village Super Market (Class A)		147
	696,498		Walgreen Co		23,326
	1,352,613		Wal-Mart Stores, Inc		82,780
	8,834		Weis Markets, Inc		385
	118,108		Whole Foods Market, Inc		9,827
			TOTAL FOOD & STAPLES RETAILING		231,476
FOOD, BEVERAGE & TOBACCO - 5.3%
	2,319	e	Alico, Inc		54
	68,179	*	Alliance One International, Inc		257
	1,597,571		Altria Group, Inc		49,317
	513,914		Archer Daniels Midland Co		16,271
	37,577		B&G Foods, Inc (Class A)		846
	117,473		Beam, Inc		6,879
	6,724	*,e	Boston Beer Co, Inc (Class A)		718

257

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	78,041		Brown-Forman Corp (Class B)	$	6,508
	110,705		Bunge Ltd		7,577
	7,129	e	Calavo Growers, Inc		191
	10,929	e	Cal-Maine Foods, Inc		418
	135,203	e	Campbell Soup Co		4,577
	53,541	*,e	Central European Distribution Corp		274
	31,603	*	Chiquita Brands International, Inc		278
	4,202		Coca-Cola Bottling Co Consolidated		264
	1,505,903		Coca-Cola Co		111,451
	231,992		Coca-Cola Enterprises, Inc		6,635
	312,873		ConAgra Foods, Inc		8,216
	141,361	*	Constellation Brands, Inc (Class A)		3,335
	57,268		Corn Products International, Inc		3,302
	7,653	*	Craft Brewers Alliance, Inc		59
	88,594	*	Darling International, Inc		1,543
	140,023	*	Dean Foods Co		1,696
	16,103	e	Diamond Foods, Inc		367
	27,600	*,e	Dole Food Co, Inc		275
	169,553	e	Dr Pepper Snapple Group, Inc		6,818
	5,320	*,e	Farmer Bros Co		58
	85,492		Flowers Foods, Inc		1,741
	27,866		Fresh Del Monte Produce, Inc		636
	487,157		General Mills, Inc		19,218
	92,988	*,e	Green Mountain Coffee Roasters, Inc		4,356
	2,482		Griffin Land & Nurseries, Inc (Class A)		66
	246,187		H.J. Heinz Co		13,183
	27,245	*	Hain Celestial Group, Inc		1,194
	116,332		Hershey Co		7,135
	105,226		Hormel Foods Corp		3,106
	8,158	e	Imperial Sugar Co		38
	11,326		J&J Snack Foods Corp		594
	87,000		J.M. Smucker Co		7,078
	188,539		Kellogg Co		10,111
	1,260,235		Kraft Foods, Inc (Class A)		47,902
	14,250	e	Lancaster Colony Corp		947
	36,396		Lance, Inc		941
	3,603	*,e	Lifeway Foods, Inc		33
	6,464	e	Limoneira Co		109
	102,064		Lorillard, Inc		13,215
	100,117		McCormick & Co, Inc		5,449
	154,798		Mead Johnson Nutrition Co		12,768
	9,066		Mgp Ingredients, Inc		49
	99,012		Molson Coors Brewing Co (Class B)		4,480
	106,354	*	Monster Beverage Corp		6,604
	5,604		National Beverage Corp		90
	15,084	*	Omega Protein Corp		115
	1,204,876		PepsiCo, Inc		79,943
	1,356,713		Philip Morris International, Inc		120,219
	45,390	*,e	Pilgrim’s Pride Corp		339
	21,173	*	Post Holdings, Inc		697
	9,350	*,e	Primo Water		18
	42,347	*	Ralcorp Holdings, Inc		3,137

258

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	256,391		Reynolds American, Inc	$	10,625
	17,484		Sanderson Farms, Inc		927
	447,735		Sara Lee Corp		9,640
	7,792	*	Seneca Foods Corp		205
	53,670	*	Smart Balance, Inc		355
	125,524	*	Smithfield Foods, Inc		2,765
	69,350	*,e	Star Scientific, Inc		227
	14,223	*,e	Synutra International, Inc		84
	18,654	e	Tootsie Roll Industries, Inc		427
	26,938	*	TreeHouse Foods, Inc		1,603
	230,318		Tyson Foods, Inc (Class A)		4,411
	18,707	e	Universal Corp		872
	35,109	e	Vector Group Ltd		622
			TOTAL FOOD, BEVERAGE & TOBACCO		636,458
HEALTH CARE EQUIPMENT & SERVICES - 4.3%
	15,924	*	Abaxis, Inc		464
	27,756	*,e	Abiomed, Inc		616
	30,836	*,e	Accretive Health, Inc		616
	52,299	*	Accuray, Inc		369
	270,407		Aetna, Inc		13,564
	8,631	*	Air Methods Corp		753
	47,580	*	Align Technology, Inc		1,311
	18,580	*	Alliance Imaging, Inc		28
	145,378	*	Allscripts Healthcare Solutions, Inc		2,413
	7,268	*	Almost Family, Inc		189
	39,818	*	Alphatec Holdings, Inc		94
	21,596	*	Amedisys, Inc		312
	32,663	*	Amerigroup Corp		2,198
	197,849		AmerisourceBergen Corp		7,851
	30,580	*	AMN Healthcare Services, Inc		185
	25,648	*	Amsurg Corp		718
	10,953		Analogic Corp		740
	18,523	*	Angiodynamics, Inc		227
	92,275	*,e	Antares Pharma, Inc		298
	20,843	*	Arthrocare Corp		560
	17,166		Assisted Living Concepts, Inc (A Shares)		285
	25,682	*,e	athenahealth, Inc		1,904
	10,854	*	AtriCure, Inc		108
	1,039		Atrion Corp		218
	64,525		Bard (C.R.), Inc		6,370
	435,403		Baxter International, Inc		26,029
	166,598		Becton Dickinson & Co		12,936
	22,022	*,e	Biolase Technology, Inc		60
	18,346	*,e	Bio-Reference Labs, Inc		431
	31,488	*	BioScrip, Inc		214
	1,149,568	*	Boston Scientific Corp		6,874
	74,076	*	Brookdale Senior Living, Inc		1,387
	18,628		Cantel Medical Corp		467
	15,384	*	Capital Senior Living Corp		142
	265,985		Cardinal Health, Inc		11,467
	18,454	*	CardioNet, Inc		57

259

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	9,837	*,e	Cardiovascular Systems, Inc	$	91
	164,978	*	CareFusion Corp		4,278
	32,577	*	Catalyst Health Solutions, Inc		2,076
	39,667	*	Centene Corp		1,942
	108,462	*	Cerner Corp		8,261
	28,816	*,e	Cerus Corp		116
	16,152		Chemed Corp		1,012
	8,056	*	Chindex International, Inc		77
	213,264		Cigna Corp		10,503
	72,212	*	Community Health Systems, Inc		1,606
	7,737		Computer Programs & Systems, Inc		437
	25,681	*,e	Conceptus, Inc		369
	22,053		Conmed Corp		659
	34,815		Cooper Cos, Inc		2,845
	6,016	*	Corvel Corp		240
	110,716		Coventry Health Care, Inc		3,938
	376,397		Covidien plc		20,582
	22,090	*	Cross Country Healthcare, Inc		111
	27,223	*	CryoLife, Inc		143
	22,734	*	Cyberonics, Inc		867
	5,493	*	Cynosure, Inc (Class A)		98
	71,147	*	DaVita, Inc		6,415
	29,659	*,e	Delcath Systems, Inc		93
	107,747		Dentsply International, Inc		4,324
	51,238	*	DexCom, Inc		534
	7,198	*	DynaVox, Inc		22
	87,257	*	Edwards Lifesciences Corp		6,346
	23,206	*	Emeritus Corp		410
	42,117	*	Endologix, Inc		617
	10,891		Ensign Group, Inc		296
	4,100	*,e	ePocrates, Inc		35
	4,898	*	Exactech, Inc		78
	20,845	*,e	EXamWorks, Inc		259
	370,620	*	Express Scripts, Inc		20,080
	24,001	*	Five Star Quality Care, Inc		82
	35,041	*	Gen-Probe, Inc		2,327
	22,160	*	Gentiva Health Services, Inc		194
	19,254	*	Greatbatch, Inc		472
	18,549	*	Haemonetics Corp		1,292
	25,502	*	Hanger Orthopedic Group, Inc		557
	32,412	*,e	Hansen Medical, Inc		97
	86,994		HCA Holdings, Inc		2,152
	197,006	*	Health Management Associates, Inc (Class A)		1,324
	69,494	*	Health Net, Inc		2,760
	71,500	*	Healthsouth Corp		1,464
	12,083	*	HealthStream, Inc		280
	28,116	*	Healthways, Inc		207
	9,160	*,e	HeartWare International, Inc		602
	69,502	*	Henry Schein, Inc		5,260
	49,054		Hill-Rom Holdings, Inc		1,639
	62,121	*	HMS Holdings Corp		1,939
	200,085	*	Hologic, Inc		4,312

260

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	128,079		Humana, Inc	$	11,845
	9,095	*	ICU Medical, Inc		447
	43,803	*	Idexx Laboratories, Inc		3,831
	34,069	*	Insulet Corp		652
	16,250	*	Integra LifeSciences Holdings Corp		564
	30,088	*	Intuitive Surgical, Inc		16,300
	23,110		Invacare Corp		383
	65,672	*	Inverness Medical Innovations, Inc		1,708
	11,925	*,e	IPC The Hospitalist Co, Inc		440
	12,955	*	IRIS International, Inc		175
	8,260		Kensey Nash Corp		242
	38,766	*	Kindred Healthcare, Inc		335
	75,460	*	Laboratory Corp of America Holdings		6,908
	8,629		Landauer, Inc		458
	11,927	*	LHC Group, Inc		221
	40,314	*	LifePoint Hospitals, Inc		1,590
	72,282		Lincare Holdings, Inc		1,871
	23,696	*	Magellan Health Services, Inc		1,157
	24,243	*,e	MAKO Surgical Corp		1,022
	38,810		Masimo Corp		907
	192,502		McKesson Corp		16,896
	33,286	*	MedAssets, Inc		438
	304,773	*	Medco Health Solutions, Inc		21,426
	9,627	*	Medical Action Industries, Inc		55
	14,224	*	Medidata Solutions, Inc		379
	813,576		Medtronic, Inc		31,885
	38,200	*,e	Merge Healthcare, Inc		223
	31,965		Meridian Bioscience, Inc		619
	29,037	*	Merit Medical Systems, Inc		361
	31,344	*	Metropolitan Health Networks, Inc		294
	24,036	*	MModal, Inc		254
	21,513	*	Molina Healthcare, Inc		723
	9,533	*	MWI Veterinary Supply, Inc		839
	6,756		National Healthcare Corp		308
	19,956	*	Natus Medical, Inc		238
	18,486	*	Neogen Corp		722
	66,756	*,e	Neoprobe Corp		219
	30,456	*	NuVasive, Inc		513
	33,986	*	NxStage Medical, Inc		655
	86,850		Omnicare, Inc		3,089
	24,067	*	Omnicell, Inc		366
	30,922	*	OraSure Technologies, Inc		355
	14,876	*	Orthofix International NV		559
	48,567		Owens & Minor, Inc		1,477
	12,302	*	Palomar Medical Technologies, Inc		115
	79,206		Patterson Cos, Inc		2,645
	35,351	*	Pediatrix Medical Group, Inc		2,629
	23,814	*	PharMerica Corp		296
	8,598	*	Providence Service Corp		133
	41,924	*	PSS World Medical, Inc		1,062
	29,676		Quality Systems, Inc		1,298
	118,730		Quest Diagnostics, Inc		7,260

261

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	21,781	*,e	Quidel Corp	$	400
	23,354	*,e	RadNet, Inc		74
	116,858	*	Resmed, Inc		3,612
	12,187	*,e	Rockwell Medical Technologies, Inc		115
	38,631	*	RTI Biologics, Inc		143
	34,640	*,e	Select Medical Holdings Corp		266
	42,129	*	Sirona Dental Systems, Inc		2,171
	15,881	*	Skilled Healthcare Group, Inc (Class A)		122
	44,003	*	Solta Medical, Inc		133
	21,581	*	Spectranetics Corp		224
	249,528		St. Jude Medical, Inc		11,057
	26,141	*	Staar Surgical Co		283
	16,786	*	Stereotaxis, Inc		11
	45,845		STERIS Corp		1,450
	237,874		Stryker Corp		13,197
	19,029	*	Sun Healthcare Group, Inc		130
	40,216	*,e	Sunrise Senior Living, Inc		254
	13,627	*	SurModics, Inc		209
	47,188	*	SXC Health Solutions Corp		3,537
	32,497	*	Symmetry Medical, Inc		230
	16,509	*	Synergetics USA, Inc		107
	20,027	*	Team Health Holdings, Inc		412
	30,710		Teleflex, Inc		1,878
	367,275	*	Tenet Healthcare Corp		1,950
	43,318	*	Thoratec Corp		1,460
	7,882	*	Tornier BV		203
	4,824	*,e	Transcend Services, Inc		142
	14,800	*	Triple-S Management Corp (Class B)		342
	37,485	*,e	Unilife Corp		152
	825,806		UnitedHealth Group, Inc		48,672
	23,233		Universal American Corp		250
	69,358		Universal Health Services, Inc (Class B)		2,907
	15,919	*,e	Uroplasty, Inc		48
	8,422		US Physical Therapy, Inc		194
	23,000	*	Vanguard Health Systems, Inc		227
	89,160	*	Varian Medical Systems, Inc		6,148
	12,709	*	Vascular Solutions, Inc		137
	66,310	*	VCA Antech, Inc		1,539
	39,957	*,e	Volcano Corp		1,133
	32,075	*	WellCare Health Plans, Inc		2,306
	263,264		WellPoint, Inc		19,429
	26,348		West Pharmaceutical Services, Inc		1,121
	28,863	*	Wright Medical Group, Inc		558
	4,290		Young Innovations, Inc		133
	1,700	*,e	Zeltiq Aesthetics, Inc		10
	138,078		Zimmer Holdings, Inc		8,876
	17,148	*	Zoll Medical Corp		1,588
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		518,102
HOUSEHOLD & PERSONAL PRODUCTS - 2.0%
	327,248		Avon Products, Inc		6,336
	46,305	*	Central Garden and Pet Co (Class A)		446

262

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	106,968		Church & Dwight Co, Inc	$	5,262
	100,687		Clorox Co		6,922
	372,632		Colgate-Palmolive Co		36,436
	17,426	*	Elizabeth Arden, Inc		610
	52,776	*	Energizer Holdings, Inc		3,915
	170,046		Estee Lauder Cos (Class A)		10,533
	11,623	e	Female Health Co		63
	7,067	*	Harbinger Group, Inc		37
	91,346		Herbalife Ltd		6,286
	12,258		Inter Parfums, Inc		192
	298,829		Kimberly-Clark Corp		22,080
	9,661	*,e	Medifast, Inc		169
	5,868	*,e	Nature’s Sunshine Products, Inc		94
	38,826		Nu Skin Enterprises, Inc (Class A)		2,248
	8,067	*	Nutraceutical International Corp		117
	3,981		Oil-Dri Corp of America		85
	38,233	*	Prestige Brands Holdings, Inc		668
	2,127,699		Procter & Gamble Co		143,003
	9,587	*	Revlon, Inc (Class A)		165
	9,325		Schiff Nutrition International, Inc		115
	11,963	*	Spectrum Brands, Inc		418
	6,878	*,e	USANA Health Sciences, Inc		257
	11,364		WD-40 Co		515
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		246,972
INSURANCE - 3.6%
	257,107		ACE Ltd		18,819
	354,989		Aflac, Inc		16,326
	10,766	*	Alleghany Corp		3,543
	28,991		Allied World Assurance Co Holdings Ltd		1,991
	396,548		Allstate Corp		13,054
	46,461	e	American Equity Investment Life Holding Co		593
	61,424		American Financial Group, Inc		2,370
	335,080	*	American International Group, Inc		10,331
	4,964		American National Insurance Co		360
	7,468	*	American Safety Insurance Holdings Ltd		141
	13,065	*	Amerisafe, Inc		323
	17,807	e	Amtrust Financial Services, Inc		479
	251,787		AON Corp		12,353
	101,080	*	Arch Capital Group Ltd		3,764
	21,131		Argo Group International Holdings Ltd		631
	84,896		Arthur J. Gallagher & Co		3,034
	54,260		Aspen Insurance Holdings Ltd		1,516
	73,810		Assurant, Inc		2,989
	141,003		Assured Guaranty Ltd		2,329
	98,218		Axis Capital Holdings Ltd		3,258
	4,897		Baldwin & Lyons, Inc (Class B)		110
	1,334,328	*	Berkshire Hathaway, Inc (Class B)		108,280
	84,688		Brown & Brown, Inc		2,014
	209,762		Chubb Corp		14,497
	108,469		Cincinnati Financial Corp		3,743
	32,879	*,e	Citizens, Inc (Class A)		325

263

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	19,762		CNA Financial Corp	$	580
	170,071	*	Conseco, Inc		1,323
	14,025	e	Crawford & Co (Class B)		69
	36,264		Delphi Financial Group, Inc (Class A)		1,624
	9,364		Donegal Group, Inc (Class A)		128
	17,698	*,e	eHealth, Inc		289
	4,503		EMC Insurance Group, Inc		90
	34,055		Employers Holdings, Inc		603
	31,116		Endurance Specialty Holdings Ltd		1,265
	4,920	*	Enstar Group Ltd		487
	21,144		Erie Indemnity Co (Class A)		1,648
	33,466		Everest Re Group Ltd		3,096
	9,829		FBL Financial Group, Inc (Class A)		331
	171,742		Fidelity National Title Group, Inc (Class A)		3,097
	77,697		First American Financial Corp		1,292
	40,236		Flagstone Reinsurance Holdings Ltd		317
	377,648	*	Genworth Financial, Inc (Class A)		3,142
	20,683	*	Greenlight Capital Re Ltd (Class A)		509
	7,438	*	Hallmark Financial Services		59
	32,699		Hanover Insurance Group, Inc		1,345
	10,427		Harleysville Group, Inc		602
	338,501		Hartford Financial Services Group, Inc		7,136
	87,439		HCC Insurance Holdings, Inc		2,725
	20,059	*	Hilltop Holdings, Inc		168
	29,235		Horace Mann Educators Corp		515
	5,951	e	Independence Holding Co		59
	10,619		Infinity Property & Casualty Corp		556
	2,078		Kansas City Life Insurance Co		67
	39,343		Kemper Corp		1,191
	233,947		Lincoln National Corp		6,167
	237,462		Loews Corp		9,468
	34,934		Maiden Holdings Ltd		314
	7,378	*	Markel Corp		3,312
	418,179		Marsh & McLennan Cos, Inc		13,712
	69,338		Max Capital Group Ltd		1,593
	112,430	*,e	MBIA, Inc		1,102
	42,189		Meadowbrook Insurance Group, Inc		394
	17,944		Mercury General Corp		785
	621,472		Metlife, Inc		23,211
	47,771		Montpelier Re Holdings Ltd		923
	36,167	*	National Financial Partners Corp		548
	9,917		National Interstate Corp		254
	1,551		National Western Life Insurance Co (Class A)		212
	8,338	*	Navigators Group, Inc		394
	195,723		Old Republic International Corp		2,065
	20,220		OneBeacon Insurance Group Ltd (Class A)		312
	51,773		PartnerRe Ltd		3,515
	98,653	*	Phoenix Cos, Inc		242
	28,637		Platinum Underwriters Holdings Ltd		1,045
	13,808		Presidential Life Corp		158
	21,424		Primerica, Inc		540
	243,784		Principal Financial Group		7,194

264

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	22,204		ProAssurance Corp	$	1,956
	477,045		Progressive Corp		11,058
	65,519		Protective Life Corp		1,941
	367,158		Prudential Financial, Inc		23,273
	56,415		Reinsurance Group of America, Inc (Class A)		3,355
	39,604		RenaissanceRe Holdings Ltd		2,999
	12,489		RLI Corp		895
	11,015		Safety Insurance Group, Inc		459
	14,868		SeaBright Insurance Holdings, Inc		135
	40,400		Selective Insurance Group, Inc		711
	35,995		Stancorp Financial Group, Inc		1,474
	9,480		State Auto Financial Corp		139
	12,744	e	Stewart Information Services Corp		181
	51,687		Symetra Financial Corp		596
	79,519		Torchmark Corp		3,964
	31,231		Tower Group, Inc		701
	304,878		Travelers Cos, Inc		18,048
	12,914	*	United America Indemnity Ltd		252
	17,338		United Fire & Casualty Co		310
	10,064		Universal Insurance Holdings, Inc		39
	234,134		UnumProvident Corp		5,732
	58,995		Validus Holdings Ltd		1,826
	84,224		W.R. Berkley Corp		3,042
	4,478		White Mountains Insurance Group Ltd		2,247
	236,648		XL Capital Ltd		5,133
			TOTAL INSURANCE		429,412
MATERIALS - 4.0%
	24,943		A. Schulman, Inc		674
	5,113	*	AEP Industries, Inc		178
	161,979		Air Products & Chemicals, Inc		14,870
	58,464		Airgas, Inc		5,202
	84,458	e	AK Steel Holding Corp		639
	69,587		Albemarle Corp		4,448
	801,888		Alcoa, Inc		8,035
	81,466		Allegheny Technologies, Inc		3,354
	68,161	*	Allied Nevada Gold Corp		2,217
	18,051		AMCOL International Corp		532
	18,079		American Vanguard Corp		392
	50,149		Aptargroup, Inc		2,747
	60,252		Ashland, Inc		3,679
	21,090		Balchem Corp		638
	125,914		Ball Corp		5,400
	80,502		Bemis Co, Inc		2,599
	76,383		Boise, Inc		627
	14,781	*	Brush Engineered Materials, Inc		425
	31,123		Buckeye Technologies, Inc		1,057
	50,868		Cabot Corp		2,171
	45,612	*	Calgon Carbon Corp		712
	33,678		Carpenter Technology Corp		1,759
	11,808	*,e	Castle (A.M.) & Co		149
	118,461		Celanese Corp (Series A)		5,471

265

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	39,702	*,e	Century Aluminum Co	$	353
	49,555		CF Industries Holdings, Inc		9,051
	5,158		Chase Corp		81
	73,547	*	Chemtura		1,249
	21,602	*	Clearwater Paper Corp		717
	110,374		Cleveland-Cliffs, Inc		7,645
	64,083	*	Coeur d’Alene Mines Corp		1,521
	86,134		Commercial Metals Co		1,277
	25,270		Compass Minerals International, Inc		1,813
	116,848	*	Crown Holdings, Inc		4,304
	38,318		Cytec Industries, Inc		2,329
	9,014		Deltic Timber Corp		570
	31,420		Domtar Corp		2,997
	895,890		Dow Chemical Co		31,034
	708,553		Du Pont (E.I.) de Nemours & Co		37,483
	33,735		Eagle Materials, Inc		1,172
	108,038		Eastman Chemical Co		5,584
	229,072		Ecolab, Inc		14,138
	66,070	*	Ferro Corp		392
	38,825	*,e	Flotek Industries, Inc		467
	54,612		FMC Corp		5,781
	722,222		Freeport-McMoRan Copper & Gold, Inc (Class B)		27,473
	14,460		FutureFuel Corp		159
	51,402	*,e	General Moly, Inc		172
	25,535	*	Georgia Gulf Corp		891
	35,119		Glatfelter		554
	47,286		Globe Specialty Metals, Inc		703
	21,606	e	Gold Resource Corp		525
	21,448	*,e	Golden Minerals Co		181
	245,426	*	Golden Star Resources Ltd		456
	122,089	*	Graphic Packaging Holding Co		674
	26,849		Greif, Inc (Class A)		1,501
	36,079		H.B. Fuller Co		1,184
	6,809	e	Hawkins, Inc		253
	9,402		Haynes International, Inc		596
	54,162	*	Headwaters, Inc		226
	214,218	e	Hecla Mining Co		990
	33,599	*	Horsehead Holding Corp		383
	145,355		Huntsman Corp		2,036
	16,427		Innophos Holdings, Inc		823
	18,027	*	Innospec, Inc		548
	59,727		International Flavors & Fragrances, Inc		3,500
	330,657		International Paper Co		11,607
	40,015	*	Intrepid Potash, Inc		974
	65,101	*,e	Jaguar Mining, Inc		304
	11,905	e	Kaiser Aluminum Corp		563
	32,261	*	Kapstone Paper and Packaging Corp		636
	4,800		KMG Chemicals, Inc		87
	16,539		Koppers Holdings, Inc		638
	24,388	*	Kraton Polymers LLC		648
	14,288	e	Kronos Worldwide, Inc		356
	14,893	*	Landec Corp		97

266

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	101,464	*	Louisiana-Pacific Corp	$	949
	13,887	*	LSB Industries, Inc		540
	239,332		LyondellBasell Industries AF S.C.A		10,447
	34,945	e	Martin Marietta Materials, Inc		2,993
	97,313	*,e	McEwen Mining, Inc		432
	126,929		MeadWestvaco Corp		4,010
	8,652	*,e	Metals USA Holdings Corp		125
	60,363	*,e	Midway Gold Corp		86
	14,800		Minerals Technologies, Inc		968
	42,981	*,e	Molycorp, Inc		1,454
	408,816		Monsanto Co		32,608
	210,215		Mosaic Co		11,623
	23,791		Myers Industries, Inc		351
	11,726		Neenah Paper, Inc		349
	6,813		NewMarket Corp		1,277
	368,379		Newmont Mining Corp		18,887
	16,993		Noranda Aluminium Holding Corp		169
	240,123		Nucor Corp		10,313
	63,038		Olin Corp		1,371
	9,331	e	Olympic Steel, Inc		224
	23,303	*	OM Group, Inc		641
	32,453	*	Omnova Solutions, Inc		219
	123,223	*	Owens-Illinois, Inc		2,876
	79,420		Packaging Corp of America		2,350
	90,889	*,e	Paramount Gold and Silver Corp		205
	71,742		PolyOne Corp		1,033
	119,875		PPG Industries, Inc		11,484
	231,279		Praxair, Inc		26,514
	9,804		Quaker Chemical Corp		387
	55,860		Reliance Steel & Aluminum Co		3,155
	18,123	*	Revett Minerals, Inc		76
	52,434		Rock-Tenn Co (Class A)		3,542
	52,353	*	Rockwood Holdings, Inc		2,730
	44,744		Royal Gold, Inc		2,918
	98,223		RPM International, Inc		2,572
	23,200	*,e	RTI International Metals, Inc		535
	16,575		Schnitzer Steel Industries, Inc (Class A)		661
	13,962		Schweitzer-Mauduit International, Inc		964
	34,625	e	Scotts Miracle-Gro Co (Class A)		1,875
	143,206		Sealed Air Corp		2,765
	30,735	*	Senomyx, Inc		84
	38,347		Sensient Technologies Corp		1,457
	67,242		Sherwin-Williams Co		7,307
	92,651		Sigma-Aldrich Corp		6,769
	37,804		Silgan Holdings, Inc		1,671
	93,627		Solutia, Inc		2,616
	76,188		Sonoco Products Co		2,529
	131,695		Southern Copper Corp (NY)		4,176
	25,932	*	Spartech Corp		127
	165,292		Steel Dynamics, Inc		2,403
	5,500		Stepan Co		483
	87,444	*	Stillwater Mining Co		1,105

267

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	56,972	*,e	SunCoke Energy, Inc	$	810
	17,319	e	Texas Industries, Inc		606
	10,121	*	Texas Petrochemicals, Inc		447
	117,009	*	Thompson Creek Metals Co, Inc		791
	65,998		Titanium Metals Corp		895
	19,671		Tredegar Corp		385
	1,357	*	United States Lime & Minerals, Inc		81
	110,404	e	United States Steel Corp		3,243
	4,623	*	Universal Stainless & Alloy		197
	21,458	*	US Energy Corp Wyoming		68
	9,000	*	US Silica Holdings Inc		188
	73,237		Valspar Corp		3,537
	11,300	*,e	Verso Paper Corp		21
	82,408	*,e	Vista Gold Corp		259
	98,368	e	Vulcan Materials Co		4,204
	46,839		Walter Energy, Inc		2,773
	37,679		Wausau Paper Corp		353
	15,532	e	Westlake Chemical Corp		1,006
	4,506	*	WHX Corp		65
	46,555		Worthington Industries, Inc		893
	56,274	*	WR Grace & Co		3,253
	15,316		Zep, Inc		221
	27,713	*	Zoltek Cos, Inc		314
			TOTAL MATERIALS		479,686
MEDIA - 3.3%
	13,486		AH Belo Corp (Class A)		66
	41,954	*	AMC Networks, Inc		1,872
	20,466		Arbitron, Inc		757
	72,008		Belo (A.H.) Corp (Class A)		516
	167,818		Cablevision Systems Corp (Class A)		2,464
	508,870		CBS Corp (Class B)		17,256
	27,491	*,e	Central European Media Enterprises Ltd (Class A) Nasdaq		195
	43,790	*	Charter Communications, Inc		2,778
	70,211		Cinemark Holdings, Inc		1,541
	28,047		Clear Channel Outdoor Holdings, Inc (Class A)		224
	2,102,208		Comcast Corp (Class A)		63,086
	13,062	*,e	Crown Media Holdings, Inc (Class A)		21
	17,373	*,e	Cumulus Media, Inc (Class A)		61
	3,997	*,e	Dial Global, Inc		9
	20,194	*	Digital Generation, Inc		206
	537,483	*	DIRECTV		26,519
	202,192	*	Discovery Communications, Inc (Class A)		10,231
	153,317		DISH Network Corp (Class A)		5,049
	54,653	*,e	DreamWorks Animation SKG, Inc (Class A)		1,008
	18,269	*,e	Entercom Communications Corp (Class A)		119
	38,482	e	Entravision Communications Corp (Class A)		66
	21,197	*	EW Scripps Co (Class A)		209
	5,404	*	Fisher Communications, Inc		166
	184,081	e	Gannett Co, Inc		2,822
	8,856	*	Global Sources Ltd		55
	37,922	*,e	Gray Television, Inc		72

268

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	33,505		Harte-Hanks, Inc	$	303
	376,254		Interpublic Group of Cos, Inc		4,293
	33,375		John Wiley & Sons, Inc (Class A)		1,588
	42,642	*	Journal Communications, Inc (Class A)		240
	23,300	*	Knology, Inc		424
	43,505	*,e	Lamar Advertising Co (Class A)		1,410
	210,781	*	Liberty Global, Inc (Class A)		10,556
	87,981	*	Liberty Interactive LLC		7,756
	29,608	*	Lin TV Corp (Class A)		120
	40,329	*,e	Lions Gate Entertainment Corp		561
	108,249	*,e	Live Nation, Inc		1,018
	45,616	*	Madison Square Garden, Inc		1,560
	29,313	e	Martha Stewart Living Omnimedia, Inc (Class A)		112
	45,516	*,e	McClatchy Co (Class A)		132
	214,598		McGraw-Hill Cos, Inc		10,402
	19,518	e	MDC Partners, Inc		217
	26,535	e	Meredith Corp		861
	16,901		Morningstar, Inc		1,066
	40,500		National CineMedia, Inc		620
	104,815	*	New York Times Co (Class A)		712
	1,653,649		News Corp (Class A)		32,559
	7,914	*	Nexstar Broadcasting Group, Inc (Class A)		66
	213,171		Omnicom Group, Inc		10,797
	11,051		Outdoor Channel Holdings, Inc		81
	12,300	*,e	Pandora Media, Inc		126
	7,422	*	ReachLocal, Inc		53
	60,087	e	Regal Entertainment Group (Class A)		817
	7,217	*	Rentrak Corp		164
	2,741	*	Saga Communications, Inc		98
	22,736		Scholastic Corp		802
	69,106		Scripps Networks Interactive (Class A)		3,365
	34,573		Sinclair Broadcast Group, Inc (Class A)		382
	2,997,389	*,e	Sirius XM Radio, Inc		6,924
	285,406	e	Thomson Corp		8,248
	243,182		Time Warner Cable, Inc		19,819
	761,503		Time Warner, Inc		28,747
	38,340	*,e	Valassis Communications, Inc		882
	420,270		Viacom, Inc (Class B)		19,946
	219,160		Virgin Media, Inc		5,475
	1,366,524		Walt Disney Co		59,825
	3,529	e	Washington Post Co (Class B)		1,318
	18,692	e	World Wrestling Entertainment, Inc (Class A)		166
			TOTAL MEDIA		381,979
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.1%
	1,184,715		Abbott Laboratories		72,611
	38,651	*	Achillion Pharmaceuticals, Inc		370
	29,951	*	Acorda Therapeutics, Inc		795
	6,188	*,e	Acura Pharmaceuticals, Inc		21
	5,695	*	Aegerion Pharmaceuticals, Inc		79
	30,064	*	Affymax, Inc		353
	56,476	*	Affymetrix, Inc		241

269

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	264,050		Agilent Technologies, Inc	$	11,753
	50,321	*	Akorn, Inc		589
	17,349	*	Albany Molecular Research, Inc		47
	140,856	*	Alexion Pharmaceuticals, Inc		13,080
	4,887	*,e	Alimera Sciences, Inc		17
	70,988	*	Alkermes PLC		1,317
	231,640		Allergan, Inc		22,105
	63,430	*	Allos Therapeutics, Inc		94
	35,380	*,e	Alnylam Pharmaceuticals, Inc		392
	16,995	*	AMAG Pharmaceuticals, Inc		271
	608,075		Amgen, Inc		41,344
	12,703	*,e	Amicus Therapeutics, Inc		67
	15,482	*,e	Ampio Pharmaceuticals, Inc		53
	109,982	*,e	Amylin Pharmaceuticals, Inc		2,745
	12,511	*,e	Anthera Pharmaceuticals, Inc		28
	17,761	*	Ardea Biosciences, Inc		386
	148,696	*,e	Arena Pharmaceuticals, Inc		456
	119,817	*	Ariad Pharmaceuticals, Inc		1,911
	40,003	*	Arqule, Inc		280
	33,623	*	Array Biopharma, Inc		115
	44,629	*	Astex Pharmaceuticals		83
	36,727	*	Auxilium Pharmaceuticals, Inc		682
	129,479	*,e	AVANIR Pharmaceuticals, Inc		443
	27,927	*	AVEO Pharmaceuticals, Inc		347
	98,905	*,e	AVI BioPharma, Inc		152
	22,254	*,e	BioCryst Pharmaceuticals, Inc		107
	184,445	*	Biogen Idec, Inc		23,235
	84,714	*	BioMarin Pharmaceuticals, Inc		2,901
	8,360	*	BioMimetic Therapeutics, Inc		21
	15,217	*	Bio-Rad Laboratories, Inc (Class A)		1,578
	71,471	*,e	Biosante Pharmaceuticals, Inc		49
	2,885	*	Biospecifics Technologies Corp		46
	16,168	*,e	Biotime, Inc		71
	1,302,096		Bristol-Myers Squibb Co		43,946
	64,623	*	Bruker BioSciences Corp		989
	28,637	*,e	Cadence Pharmaceuticals, Inc		106
	20,927	*	Cambrex Corp		146
	336,291	*	Celgene Corp		26,070
	128,007	*,e	Cell Therapeutics, Inc		166
	43,891	*,e	Celldex Therapeutics, Inc		223
	49,716	*	Cepheid, Inc		2,080
	39,385	*	Charles River Laboratories International, Inc		1,421
	50,100	*,e	Chelsea Therapeutics International, Inc		128
	17,313	*,e	Cleveland Biolabs, Inc		43
	8,100	*	Clovis Oncology, Inc		206
	19,275	*	Codexis, Inc		70
	56,439	*,e	Columbia Laboratories, Inc		40
	51,595	*,e	Combinatorx, Inc		62
	7,924	*,e	Complete Genomics, Inc		22
	19,348	*,e	Corcept Therapeutics, Inc		76
	5,072	*	Cornerstone Therapeutics, Inc		30
	46,271	*	Covance, Inc		2,204

270

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	45,663	*	Cubist Pharmaceuticals, Inc	$	1,975
	47,886	*,e	Curis, Inc		231
	47,980	*,e	Cytori Therapeutics, Inc		119
	119,216	*,e	Dendreon Corp		1,270
	40,825	*	Depomed, Inc		256
	50,131	*	Durect Corp		40
	18,782	*,e	Dusa Pharmaceuticals, Inc		118
	69,074	*	Dyax Corp		108
	140,378	*,e	Dynavax Technologies Corp		710
	778,710		Eli Lilly & Co		31,359
	16,293	*	Emergent Biosolutions, Inc		261
	89,664	*	Endo Pharmaceuticals Holdings, Inc		3,473
	11,335	*	Endocyte, Inc		56
	18,855	*	Enzo Biochem, Inc		51
	31,349	*,e	Enzon Pharmaceuticals, Inc		214
	35,238	*	eResearch Technology, Inc		276
	44,787	*	Exact Sciences Corp		500
	115,674	*,e	Exelixis, Inc		599
	4,820	*,e	Fluidigm Corp		76
	206,110	*	Forest Laboratories, Inc		7,150
	7,338	*	Furiex Pharmaceuticals Inc		173
	14,823	*,e	Genomic Health, Inc		454
	88,925	*,e	Geron Corp		150
	598,586	*	Gilead Sciences, Inc		29,242
	14,714	*,e	GTx, Inc		57
	68,771	*,e	Halozyme Therapeutics, Inc		878
	16,723	*	Harvard Bioscience, Inc		66
	8,540	*	Hi-Tech Pharmacal Co, Inc		307
	126,136	*	Hospira, Inc		4,716
	144,582	*,e	Human Genome Sciences, Inc		1,191
	49,303	*,e	Idenix Pharmaceuticals, Inc		483
	93,634	*,e	Illumina, Inc		4,926
	54,113	*,e	Immunogen, Inc		779
	54,649	*,e	Immunomedics, Inc		198
	49,816	*	Impax Laboratories, Inc		1,224
	67,377	*,e	Incyte Corp		1,300
	14,237	*	Infinity Pharmaceuticals, Inc		170
	19,213	*	Insmed, Inc		70
	43,943	*,e	InterMune, Inc		645
	45,536	*,e	Ironwood Pharmaceuticals, Inc		606
	74,058	*	Isis Pharmaceuticals, Inc		649
	19,803	*,e	ISTA Pharmaceuticals, Inc		178
	16,809	*	Jazz Pharmaceuticals PLC		815
	2,089,374		Johnson & Johnson		137,816
	53,997	*,e	Keryx Biopharmaceuticals, Inc		269
	38,103	*,e	KV Pharmaceutical Co (Class A)		50
	7,363	*	Lannett Co, Inc		31
	154,334	*,e	Lexicon Pharmaceuticals, Inc		287
	136,670	*	Life Technologies Corp		6,672
	14,627	*	Ligand Pharmaceuticals, Inc (Class B)		233
	31,134	*	Luminex Corp		727
	55,893	*,e	MannKind Corp		138

271

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	16,568	*,e	MAP Pharmaceuticals, Inc	$	238
	16,427		Maxygen, Inc		94
	41,466	*	Medicines Co		832
	47,245		Medicis Pharmaceutical Corp (Class A)		1,776
	27,156	*,e	Medivation, Inc		2,029
	5,876		Medtox Scientific, Inc		99
	2,352,747		Merck & Co, Inc		90,346
	25,691	*,e	Metabolix, Inc		73
	24,299	*	Mettler-Toledo International, Inc		4,489
	34,069	*	Momenta Pharmaceuticals, Inc		522
	332,461	*	Mylan Laboratories, Inc		7,796
	65,398	*	Myriad Genetics, Inc		1,547
	40,164	*	Nabi Biopharmaceuticals		75
	87,448	*,e	Nektar Therapeutics		693
	19,348	*,e	Neostem, Inc		7
	37,513	*	Neurocrine Biosciences, Inc		299
	69,550	*,e	Novavax, Inc		88
	62,195	*	NPS Pharmaceuticals, Inc		425
	15,169	*,e	Nymox Pharmaceutical Corp		122
	12,855	*	Obagi Medical Products, Inc		172
	7,745	*	OncoGenex Pharmaceutical, Inc		103
	31,842	*,e	Oncothyreon, Inc		139
	48,332	*	Onyx Pharmaceuticals, Inc		1,821
	90,703	*,e	Opko Health, Inc		429
	38,666	*,e	Optimer Pharmaceuticals, Inc		537
	23,670	*	Orexigen Therapeutics, Inc		97
	12,630	*,e	Osiris Therapeutics, Inc		65
	26,111	*,e	Pacific Biosciences of California, Inc		89
	24,948		Pain Therapeutics, Inc		90
	26,028	*	Par Pharmaceutical Cos, Inc		1,008
	46,620	*	Parexel International Corp		1,257
	115,867		PDL BioPharma, Inc		736
	39,629	*,e	Peregrine Pharmaceuticals, Inc		21
	86,372		PerkinElmer, Inc		2,389
	62,979		Perrigo Co		6,506
	6,022,735		Pfizer, Inc		136,476
	35,539	*,e	Pharmacyclics, Inc		987
	25,992	*,e	PharmAthene, Inc		46
	15,548	*	Pozen, Inc		93
	15,641	*	Progenics Pharmaceuticals, Inc		155
	178,940	*,e	Qiagen N.V. (NASDAQ)		2,786
	40,523	*,e	Questcor Pharmaceuticals, Inc		1,524
	24,692	*,e	Raptor Pharmaceutical Corp		167
	55,800	*	Regeneron Pharmaceuticals, Inc		6,507
	52,596	*	Rigel Pharmaceuticals, Inc		423
	5,222	*,e	Sagent Pharmaceuticals		93
	44,827	*	Salix Pharmaceuticals Ltd		2,353
	45,925	*,e	Sangamo Biosciences, Inc		225
	40,020	*	Santarus, Inc		234
	60,281	*,e	Savient Pharmaceuticals, Inc		131
	28,586	*	Sciclone Pharmaceuticals, Inc		180
	72,220	*,e	Seattle Genetics, Inc		1,472

272

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	87,069	*,e	Sequenom, Inc	$	354
	26,901	*,e	SIGA Technologies, Inc		90
	47,540	*,e	Spectrum Pharmaceuticals, Inc		600
	6,322	*	Sucampo Pharmaceuticals, Inc (Class A)		47
	11,524	*	Synta Pharmaceuticals Corp		50
	21,017	*	Targacept, Inc		108
	28,521		Techne Corp		1,999
	53,148	*,e	Theravance, Inc		1,036
	289,600		Thermo Electron Corp		16,329
	39,512	*	United Therapeutics Corp		1,862
	26,661	*	Vanda Pharmaceuticals, Inc		128
	156,727	*	Vertex Pharmaceuticals, Inc		6,427
	72,979	*,e	Vical, Inc		248
	60,661	*	Viropharma, Inc		1,824
	67,691	*,e	Vivus, Inc		1,514
	128,177		Warner Chilcott plc		2,155
	70,145	*	Waters Corp		6,500
	95,597	*	Watson Pharmaceuticals, Inc		6,411
	22,676	*,e	Xenoport, Inc		102
	54,772	*,e	ZIOPHARM Oncology, Inc		296
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		852,546
REAL ESTATE - 3.3%
	30,272	e	Acadia Realty Trust		682
	9,800	e	AG Mortgage Investment Trust		193
	10,360	e	Agree Realty Corp		234
	1,574	e	Alexander’s, Inc		620
	46,674		Alexandria Real Estate Equities, Inc		3,413
	349,724		AMB Property Corp		12,597
	24,506		American Assets Trust,Inc		559
	56,588		American Campus Communities, Inc		2,531
	226,212		American Capital Agency Corp		6,682
	13,500		American Capital Mortgage, Inc		294
	301,104		American Tower Corp		18,975
	721,734	e	Annaly Capital Management, Inc		11,418
	96,360		Anworth Mortgage Asset Corp		634
	90,448		Apartment Investment & Management Co (Class A)		2,389
	21,000		Apollo Commercial Real Estate Finance, Inc		329
	126,835	*,e	ARMOUR Residential REIT, Inc		856
	47,063		Ashford Hospitality Trust, Inc		424
	38,683		Associated Estates Realty Corp		632
	7,072	*	AV Homes, Inc		86
	71,599		AvalonBay Communities, Inc		10,121
	116,685		BioMed Realty Trust, Inc		2,215
	111,472		Boston Properties, Inc		11,703
	101,192		Brandywine Realty Trust		1,162
	55,761		BRE Properties, Inc (Class A)		2,819
	59,973		Camden Property Trust		3,943
	23,300	e	Campus Crest Communities, Inc		272
	54,804		Capital Lease Funding, Inc		221
	59,367		Capstead Mortgage Corp		778
	113,740	e	CBL & Associates Properties, Inc		2,152

273

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	223,662	*	CBRE Group, Inc	$	4,465
	62,638	e	Cedar Shopping Centers, Inc		321
	10,703	e	Chatham Lodging Trust		136
	24,872	e	Chesapeake Lodging Trust		447
	757,920		Chimera Investment Corp		2,145
	39,627		Cogdell Spencer, Inc		168
	66,987		Colonial Properties Trust		1,456
	25,359	e	Colony Financial, Inc		415
	4,977	e	Consolidated-Tomoka Land Co		148
	15,000		Coresite Realty		354
	54,562	e	Corporate Office Properties Trust		1,266
	80,554	e	Cousins Properties, Inc		611
	44,020		CreXus Investment Corp		455
	82,463		CubeSmart		981
	84,256	e	CYS Investments, Inc		1,103
	189,300		DCT Industrial Trust, Inc		1,117
	170,033	e	DDR Corp		2,482
	131,313		DiamondRock Hospitality Co		1,351
	81,795	e	Digital Realty Trust, Inc		6,050
	105,519	e	Douglas Emmett, Inc		2,407
	192,154		Duke Realty Corp		2,755
	45,206	e	DuPont Fabros Technology, Inc		1,105
	41,887		Dynex Capital, Inc		400
	20,779		EastGroup Properties, Inc		1,044
	69,927		Education Realty Trust, Inc		758
	35,904	e	Entertainment Properties Trust		1,665
	23,332		Equity Lifestyle Properties, Inc		1,627
	40,925	e	Equity One, Inc		828
	223,532		Equity Residential		13,998
	26,554	e	Essex Property Trust, Inc		4,023
	27,824	e	Excel Trust, Inc		336
	71,827	e	Extra Space Storage, Inc		2,068
	47,543		Federal Realty Investment Trust		4,602
	102,427	*,e	FelCor Lodging Trust, Inc		369
	62,210	*	First Industrial Realty Trust, Inc		768
	38,591		First Potomac Realty Trust		467
	104,902	*	Forest City Enterprises, Inc (Class A)		1,643
	29,389	*	Forestar Real Estate Group, Inc		452
	56,329	e	Franklin Street Properties Corp		597
	431,127		General Growth Properties, Inc		7,325
	18,098	e	Getty Realty Corp		282
	6,667	e	Gladstone Commercial Corp		115
	82,965		Glimcher Realty Trust		848
	24,781		Government Properties Income Trust		597
	56,136	e	Hatteras Financial Corp		1,566
	309,882		HCP, Inc		12,228
	162,345		Health Care REIT, Inc		8,922
	55,374		Healthcare Realty Trust, Inc		1,218
	104,583		Hersha Hospitality Trust		571
	54,288		Highwoods Properties, Inc		1,809
	36,266		Home Properties, Inc		2,213
	94,278		Hospitality Properties Trust		2,496

274

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	524,013		Host Marriott Corp	$	8,604
	16,459	*	Howard Hughes Corp		1,051
	55,294		HRPT Properties Trust		1,030
	21,800		Hudson Pacific Properties		330
	64,150		Inland Real Estate Corp		569
	87,900		Invesco Mortgage Capital, Inc		1,551
	74,579	e	Investors Real Estate Trust		574
	71,105	*,e	iStar Financial, Inc		516
	32,173		Jones Lang LaSalle, Inc		2,681
	16,390	e	Kennedy-Wilson Holdings, Inc		221
	52,216	e	Kilroy Realty Corp		2,434
	312,567		Kimco Realty Corp		6,020
	35,097	e	Kite Realty Group Trust		185
	65,968		LaSalle Hotel Properties		1,856
	87,513	e	Lexington Corporate Properties Trust		787
	88,122		Liberty Property Trust		3,148
	21,755		LTC Properties, Inc		696
	99,256		Macerich Co		5,732
	67,066	e	Mack-Cali Realty Corp		1,933
	37,179	*	Maguire Properties, Inc		87
	86,187		Medical Properties Trust, Inc		800
	267,655		MFA Mortgage Investments, Inc		1,999
	27,705		Mid-America Apartment Communities, Inc		1,857
	14,218		Mission West Properties, Inc		140
	31,123		Monmouth Real Estate Investment Corp (Class A)		303
	20,485		National Health Investors, Inc		999
	80,343		National Retail Properties, Inc		2,185
	79,679	e	Newcastle Investment Corp		500
	63,283		NorthStar Realty Finance Corp		342
	32,022	e	NRDC Acquisition Corp		386
	76,065	e	Omega Healthcare Investors, Inc		1,617
	6,398		One Liberty Properties, Inc		117
	26,223	e	Parkway Properties, Inc		275
	36,600		Pebblebrook Hotel Trust		826
	46,426		Pennsylvania Real Estate Investment Trust		709
	21,080		Pennymac Mortgage Investment Trust		394
	130,905		Piedmont Office Realty Trust, Inc		2,324
	120,633		Plum Creek Timber Co, Inc		5,014
	38,129		Post Properties, Inc		1,787
	30,874	e	Potlatch Corp		968
	13,382		PS Business Parks, Inc		877
	107,268		Public Storage, Inc		14,820
	41,823	e	RAIT Investment Trust		208
	29,459		Ramco-Gershenson Properties		360
	92,230		Rayonier, Inc		4,066
	101,037	e	Realty Income Corp		3,913
	60,300	e	Redwood Trust, Inc		675
	69,743		Regency Centers Corp		3,102
	48,367	e	Resource Capital Corp		261
	20,274		RLJ Lodging Trust		378
	16,171	*,e	Rouse Properties, Inc		219
	28,029		Sabra Healthcare REIT, Inc		461

275

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	6,582		Saul Centers, Inc	$	266
	120,382		Senior Housing Properties Trust		2,654
	225,237		Simon Property Group, Inc		32,812
	66,937	e	SL Green Realty Corp		5,191
	21,282		Sovran Self Storage, Inc		1,060
	49,920	*,e	St. Joe Co		949
	12,552	e	STAG Industrial, Inc		175
	72,400	e	Starwood Property Trust, Inc		1,522
	134,064	*	Strategic Hotels & Resorts, Inc		882
	16,200		Summit Hotel Properties, Inc		123
	23,544		Sun Communities, Inc		1,020
	89,758	*	Sunstone Hotel Investors, Inc		874
	64,882		Tanger Factory Outlet Centers, Inc		1,929
	42,522		Taubman Centers, Inc		3,102
	11,747	*	Tejon Ranch Co		336
	6,500		Terreno Realty Corp		93
	165,389		Two Harbors Investment Corp		1,677
	162,214		UDR, Inc		4,333
	6,794		UMH Properties, Inc		74
	10,285		Universal Health Realty Income Trust		408
	19,529		Urstadt Biddle Properties, Inc (Class A)		386
	193,757		Ventas, Inc		11,064
	139,893		Vornado Realty Trust		11,779
	49,089	e	Washington Real Estate Investment Trust		1,458
	92,487		Weingarten Realty Investors		2,444
	407,759		Weyerhaeuser Co		8,938
	6,173	e	Whitestone REIT		80
	24,416		Winthrop Realty Trust		283
			TOTAL REAL ESTATE		395,306
RETAILING - 4.1%
	14,742	*	1-800-FLOWERS.COM, Inc (Class A)		45
	61,275		Aaron’s, Inc		1,587
	67,299		Abercrombie & Fitch Co (Class A)		3,339
	57,625		Advance Auto Parts, Inc		5,104
	61,843	*	Aeropostale, Inc		1,337
	277,360	*	Amazon.com, Inc		56,167
	149,222		American Eagle Outfitters, Inc		2,565
	6,968	*	America’s Car-Mart, Inc		306
	39,729	*	Ann Taylor Stores Corp		1,138
	19,614	*	Asbury Automotive Group, Inc		530
	10,900	*	Audiovox Corp (Class A)		148
	31,301	*,e	Autonation, Inc		1,074
	20,083	*	Autozone, Inc		7,467
	23,047	*,e	Barnes & Noble, Inc		305
	23,033		Bebe Stores, Inc		213
	188,717	*	Bed Bath & Beyond, Inc		12,412
	225,182		Best Buy Co, Inc		5,332
	15,894		Big 5 Sporting Goods Corp		125
	54,783	*	Big Lots, Inc		2,357
	8,066	*,e	Blue Nile, Inc		266
	8,762	*	Body Central Corp		254

276

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	9,116	e	Bon-Ton Stores, Inc	$	84
	32,106	e	Brown Shoe Co, Inc		296
	19,480	e	Buckle, Inc		933
	10,668	*	Build-A-Bear Workshop, Inc		56
	31,259	*	Cabela’s, Inc		1,193
	168,507	*	Carmax, Inc		5,839
	32,976	*	Casual Male Retail Group, Inc		111
	21,208		Cato Corp (Class A)		586
	88,714	*	Charming Shoppes, Inc		523
	136,364		Chico’s FAS, Inc		2,059
	20,820	*	Children’s Place Retail Stores, Inc		1,076
	27,159		Christopher & Banks Corp		51
	12,866	*	Citi Trends, Inc		147
	46,768	*	Coldwater Creek, Inc		54
	48,995	*,e	Collective Brands, Inc		963
	12,208	*	Conn’s, Inc		187
	8,334		Core-Mark Holding Co, Inc		341
	14,401	*	Cost Plus, Inc		258
	7,524		Destination Maternity Corp		140
	72,153		Dick’s Sporting Goods, Inc		3,469
	25,912	e	Dillard’s, Inc (Class A)		1,633
	74,326	*	Dollar General Corp		3,434
	91,848	*	Dollar Tree, Inc		8,679
	16,500		DSW, Inc (Class A)		904
	71,991	e	Expedia, Inc		2,407
	41,844		Express Parent LLC		1,045
	91,780		Family Dollar Stores, Inc		5,808
	39,004		Finish Line, Inc (Class A)		828
	118,869		Foot Locker, Inc		3,691
	7,500	*	Francesca’s Holdings Corp		237
	29,664		Fred’s, Inc (Class A)		433
	108,324	e	GameStop Corp (Class A)		2,366
	266,695		Gap, Inc		6,971
	18,687	*	Genesco, Inc		1,339
	118,350		Genuine Parts Co		7,426
	16,735		GNC Holdings, Inc		584
	3,931	*	Gordmans Stores, Inc		86
	16,517		Group 1 Automotive, Inc		928
	30,800	*,e	Groupon, Inc		566
	47,951		Guess?, Inc		1,498
	16,062		Haverty Furniture Cos, Inc		178
	13,509	*,e	HHgregg, Inc		154
	20,590	*	Hibbett Sports, Inc		1,123
	1,215,931		Home Depot, Inc		61,174
	6,500	*,e	HomeAway, Inc		165
	36,184		Hot Topic, Inc		367
	30,139		HSN, Inc		1,146
	126,540		JC Penney Co, Inc		4,483
	19,864	*	JOS A Bank Clothiers, Inc		1,001
	13,001	*	Kirkland’s, Inc		210
	192,304		Kohl’s Corp		9,621
	453,658	*	Liberty Media Holding Corp (Interactive A)		8,660

277

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	188,193		Limited Brands, Inc	$	9,033
	20,412		Lithia Motors, Inc (Class A)		535
	110,420	*	LKQ Corp		3,442
	990,752		Lowe’s Companies, Inc		31,091
	16,815	*,e	Lumber Liquidators, Inc		422
	321,128		Macy’s, Inc		12,758
	16,477	*	MarineMax, Inc		136
	1,300	*,e	Mattress Firm Holding Corp		49
	35,909		Men’s Wearhouse, Inc		1,392
	22,581		Monro Muffler, Inc		937
	42,034	*,e	NetFlix, Inc		4,836
	13,306	*	New York & Co, Inc		50
	117,277		Nordstrom, Inc		6,535
	20,499		Nutri/System, Inc		230
	212,310	*	Office Depot, Inc		732
	64,982	*	OfficeMax, Inc		372
	23,547	*	Orbitz Worldwide, Inc		72
	1,270	*	Orchard Supply Hardware Stores Corp		26
	98,156	*	O’Reilly Automotive, Inc		8,967
	11,517	*,e	Overstock.com, Inc		60
	47,625	*,e	Pacific Sunwear Of California, Inc		84
	30,900		Penske Auto Group, Inc		761
	37,199		PEP Boys - Manny Moe & Jack		555
	6,350	e	PetMed Express, Inc		79
	86,299		Petsmart, Inc		4,938
	81,262	*	Pier 1 Imports, Inc		1,477
	37,923	*	Priceline.com, Inc		27,210
	78,808	e	RadioShack Corp		490
	48,714		Rent-A-Center, Inc		1,839
	177,252		Ross Stores, Inc		10,298
	11,225	*,e	Rue21, Inc		329
	88,313	*,e	Saks, Inc		1,025
	72,533	*	Sally Beauty Holdings, Inc		1,799
	29,536	*,e	Sears Holdings Corp		1,957
	42,172	*	Select Comfort Corp		1,366
	6,965	*	Shoe Carnival, Inc		224
	22,139	*,e	Shutterfly, Inc		694
	65,800		Signet Jewelers Ltd		3,111
	27,187	e	Sonic Automotive, Inc (Class A)		487
	3,181	*	Sourceforge, Inc		46
	30,798		Stage Stores, Inc		500
	539,841		Staples, Inc		8,735
	17,973		Stein Mart, Inc		119
	9,938	*	Systemax, Inc		168
	54,244	*,e	Talbots, Inc		164
	524,299		Target Corp		30,552
	5,400	*,e	Teavana Holdings, Inc		106
	97,585		Tiffany & Co		6,746
	586,228		TJX Companies, Inc		23,279
	54,506		Tractor Supply Co		4,936
	71,991	*	TripAdvisor, Inc		2,568
	21,617	*	Tuesday Morning Corp		83

278

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	34,631		Ulta Salon Cosmetics & Fragrance, Inc	$	3,217
	90,986	*,e	Urban Outfitters, Inc		2,649
	9,604	*	US Auto Parts Network, Inc		35
	31,872	*,e	Valuevision International, Inc (Class A)		66
	19,111	*	Vitamin Shoppe, Inc		845
	11,292	*	West Marine, Inc		135
	73,584	*	Wet Seal, Inc (Class A)		254
	80,479		Williams-Sonoma, Inc		3,016
	1,945		Winmark Corp		113
	24,636	*,e	Zale Corp		76
	17,544	*	Zumiez, Inc		634
			TOTAL RETAILING		489,022
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.6%
	29,482	*	Advanced Energy Industries, Inc		387
	466,383	*,e	Advanced Micro Devices, Inc		3,740
	11,245	*	Alpha & Omega Semiconductor Lt		108
	244,350		Altera Corp		9,730
	86,945	*,e	Amkor Technology, Inc		534
	7,247	*,e	Amtech Systems, Inc		60
	47,982	*	Anadigics, Inc		114
	226,802		Analog Devices, Inc		9,163
	1,003,000		Applied Materials, Inc		12,477
	51,846	*	Applied Micro Circuits Corp		360
	351,660	*	Atmel Corp		3,467
	24,963	*	ATMI, Inc		582
	145,541		Avago Technologies Ltd		5,672
	61,290	*	Axcelis Technologies, Inc		105
	23,951	*	AXT, Inc		152
	408,673		Broadcom Corp (Class A)		16,061
	52,087		Brooks Automation, Inc		642
	17,924		Cabot Microelectronics Corp		697
	36,515	*	Cavium Networks, Inc		1,130
	18,075	*	Ceva, Inc		410
	50,384	*,e	Cirrus Logic, Inc		1,199
	15,857		Cohu, Inc		180
	80,481	*,e	Cree, Inc		2,546
	23,525	*	Cymer, Inc		1,176
	128,589		Cypress Semiconductor Corp		2,010
	28,713	*	Diodes, Inc		666
	21,955	*	DSP Group, Inc		146
	105,554	*	Entegris, Inc		986
	59,143	*,e	Entropic Communications, Inc		345
	25,111	*	Exar Corp		211
	95,996	*	Fairchild Semiconductor International, Inc		1,411
	44,208	*,e	First Solar, Inc		1,107
	34,973	*	Formfactor, Inc		195
	31,290	*,e	Freescale Semiconductor Holdings Ltd		482
	12,025	*	FSI International, Inc		59
	13,134	*	GSI Technology, Inc		56
	94,807	*,e	GT Solar International, Inc		784
	22,180	*	Hittite Microwave Corp		1,205

279

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	15,509	*,e	Inphi Corp	$	220
	110,719	*	Integrated Device Technology, Inc		792
	19,660	*	Integrated Silicon Solution, Inc		219
	3,815,445		Intel Corp		107,253
	2,200	*	Intermolecular, Inc		14
	54,670	*	International Rectifier Corp		1,261
	94,162		Intersil Corp (Class A)		1,055
	16,725	*	IXYS Corp		221
	128,607		Kla-Tencor Corp		6,999
	50,517	*	Kopin Corp		206
	53,200	*	Kulicke & Soffa Industries, Inc		661
	94,102	*	Lam Research Corp		4,199
	90,159	*	Lattice Semiconductor Corp		580
	172,947		Linear Technology Corp		5,828
	463,465	*	LSI Logic Corp		4,023
	37,527	*	LTX-Credence Corp		270
	386,352	*	Marvell Technology Group Ltd		6,077
	226,036		Maxim Integrated Products, Inc		6,462
	12,640	*	MaxLinear, Inc		70
	172,909	*	MEMC Electronic Materials, Inc		624
	40,439		Micrel, Inc		415
	144,577	e	Microchip Technology, Inc		5,378
	661,530	*	Micron Technology, Inc		5,358
	65,939	*	Microsemi Corp		1,414
	24,281	*	Mindspeed Technologies, Inc		155
	39,820	*	MIPS Technologies, Inc		217
	38,788		MKS Instruments, Inc		1,145
	21,310	*	Monolithic Power Systems, Inc		419
	20,301	*,e	MoSys, Inc		81
	13,765	*	Nanometrics, Inc		255
	52,784	*	Novellus Systems, Inc		2,634
	3,184	*,e	NVE Corp		169
	452,420	*	Nvidia Corp		6,963
	42,750	*	Omnivision Technologies, Inc		855
	334,921	*	ON Semiconductor Corp		3,018
	17,237	*,e	PDF Solutions, Inc		145
	19,298	*	Pericom Semiconductor Corp		156
	46,544	*	Photronics, Inc		310
	26,715	*	PLX Technology, Inc		107
	173,538	*	PMC - Sierra, Inc		1,255
	22,028		Power Integrations, Inc		818
	74,010	*	Rambus, Inc		477
	209,504	*	RF Micro Devices, Inc		1,043
	11,027	*,e	Rubicon Technology, Inc		115
	20,900	*	Rudolph Technologies, Inc		232
	50,038	*	Semtech Corp		1,424
	27,850	*	Sigma Designs, Inc		144
	56,384	*	Silicon Image, Inc		332
	32,688	*	Silicon Laboratories, Inc		1,406
	143,829	*	Skyworks Solutions, Inc		3,977
	38,295	*	Spansion, Inc		466
	18,903	*	Standard Microsystems Corp		489

280

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	21,697	*,e	STR Holdings, Inc	$	105
	69,345	*,e	SunPower Corp		442
	8,595	*	Supertex, Inc		155
	138,239	*	Teradyne, Inc		2,335
	36,930	*	Tessera Technologies, Inc		637
	884,845		Texas Instruments, Inc		29,740
	121,131	*	Triquint Semiconductor, Inc		835
	17,159	*	Ultra Clean Holdings		129
	18,851	*	Ultratech, Inc		546
	31,233	*,e	Veeco Instruments, Inc		893
	18,190	*	Volterra Semiconductor Corp		626
	199,973		Xilinx, Inc		7,285
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		312,489
SOFTWARE & SERVICES - 9.3%
	38,595	*	Accelrys, Inc		308
	492,764		Accenture plc		31,783
	27,282	*	ACI Worldwide, Inc		1,099
	9,202	*,e	Active Network, Inc		155
	323,808		Activision Blizzard, Inc		4,151
	40,528	*	Actuate Corp		255
	62,110	*	Acxiom Corp		912
	381,125	*	Adobe Systems, Inc		13,076
	24,736	*	Advent Software, Inc		633
	143,070	*	Akamai Technologies, Inc		5,251
	39,116	*	Alliance Data Systems Corp		4,927
	138,680	*	Amdocs Ltd		4,380
	15,720	*	American Software, Inc (Class A)		135
	23,866	*,e	Ancestry.com, Inc		543
	8,000	*,e	Angie’s List, Inc		151
	70,574	*	Ansys, Inc		4,589
	80,190	*	AOL, Inc		1,521
	74,946	*	Ariba, Inc		2,451
	63,576	*	Aspen Technology, Inc		1,305
	173,236	*	Autodesk, Inc		7,331
	381,800		Automatic Data Processing, Inc		21,072
	7,000	*	AVG Technologies NV		105
	17,200	*,e	Bankrate, Inc		426
	8,300	*	Bazaarvoice, Inc		165
	35,258		Blackbaud, Inc		1,172
	126,136	*	BMC Software, Inc		5,066
	16,977	e	Booz Allen Hamilton Holding Co		289
	27,849	*	Bottomline Technologies, Inc		778
	4,700	*	Brightcove, Inc		117
	90,770		Broadridge Financial Solutions, Inc		2,170
	16,789	*,e	BroadSoft, Inc		642
	288,789		CA, Inc		7,959
	23,036	*	CACI International, Inc (Class A)		1,435
	201,713	*	Cadence Design Systems, Inc		2,388
	23,561	*,e	Callidus Software, Inc		184
	32,719	*	Cardtronics, Inc		859
	7,040		Cass Information Systems, Inc		281

281

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	52,926	*	Ciber, Inc	$	224
	142,733	*	Citrix Systems, Inc		11,263
	10,743	*,m	Clinical Data, Inc		10
	231,432	*	Cognizant Technology Solutions Corp (Class A)		17,809
	33,451	*	Commvault Systems, Inc		1,661
	116,063		Computer Sciences Corp		3,475
	11,045	*	Computer Task Group, Inc		169
	173,306	*	Compuware Corp		1,593
	24,577	*	comScore, Inc		526
	34,178	*,e	Concur Technologies, Inc		1,961
	21,930	*,e	Constant Contact, Inc		653
	80,273	*	Convergys Corp		1,072
	9,530	*	Convio, Inc		147
	8,741	*,e	Cornerstone OnDemand, Inc		191
	28,626	*	CSG Systems International, Inc		433
	30,663	*	DealerTrack Holdings, Inc		928
	13,498	*	Deltek, Inc		144
	6,000	*,e	Demand Media, Inc		44
	37,330	*	Dice Holdings, Inc		348
	29,296	*	Digital River, Inc		548
	5,437	*	DMRC Corp		152
	27,367		DST Systems, Inc		1,484
	7,224	*	Dynamics Research Corp		70
	82,942		Earthlink, Inc		663
	879,511	*	eBay, Inc		32,445
	23,473	e	Ebix, Inc		544
	7,871	*,e	Echo Global Logistics, Inc		127
	250,141	*	Electronic Arts, Inc		4,122
	15,051	*	Envestnet, Inc		188
	25,591		EPIQ Systems, Inc		310
	2,603	*	ePlus, Inc		83
	35,741	*	Equinix, Inc		5,627
	36,402	*	Euronet Worldwide, Inc		760
	13,663	*	ExlService Holdings, Inc		375
	34,865	e	Factset Research Systems, Inc		3,453
	30,409		Fair Isaac Corp		1,335
	22,225	*	FalconStor Software, Inc		83
	197,402		Fidelity National Information Services, Inc		6,538
	74,050	*	First American Corp		1,208
	108,079	*	Fiserv, Inc		7,500
	11,158	*	FleetCor Technologies, Inc		433
	11,266		Forrester Research, Inc		365
	91,175	*	Fortinet, Inc		2,521
	74,422	*	Gartner, Inc		3,173
	96,351	*	Genpact Ltd		1,571
	19,206	*,e,m	Gerber Scientific, Inc		0	^
	38,913	*	Global Cash Access, Inc		304
	60,916		Global Payments, Inc		2,892
	49,882	*,e	Glu Mobile, Inc		242
	191,772	*	Google, Inc (Class A)		122,973
	9,927	*	Guidance Software, Inc		110
	6,700	*	Guidewire Software, Inc		206

282

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	30,102	*	Hackett Group, Inc	$	180
	28,656		Heartland Payment Systems, Inc		826
	23,633	*,e	Higher One Holdings, Inc		353
	58,809		IAC/InterActiveCorp		2,887
	23,666	*,e	iGate Corp		397
	3,700	*,e	Imperva, Inc		145
	80,970	*	Informatica Corp		4,283
	23,086	*	Infospace, Inc		296
	9,285	*	Interactive Intelligence, Inc		283
	34,783	*	Internap Network Services Corp		255
	923,201		International Business Machines Corp		192,625
	231,027		Intuit, Inc		13,892
	34,679		j2 Global, Inc		995
	64,463		Jack Henry & Associates, Inc		2,199
	32,026	*	JDA Software Group, Inc		880
	11,700	*	Jive Software, Inc		318
	20,173	*	Kenexa Corp		630
	10,875		Keynote Systems, Inc		215
	27,331	*,e	KIT Digital, Inc		197
	19,259	*	Knot, Inc		181
	68,025		Lender Processing Services, Inc		1,769
	50,961	*,e	Limelight Networks, Inc		168
	6,825	*	LinkedIn Corp		696
	44,720	*	Lionbridge Technologies		129
	14,351	*	Liquidity Services, Inc		643
	40,701	*	Liveperson, Inc		683
	15,508	*,e	LogMeIn, Inc		546
	12,620	*,e	LoopNet, Inc		237
	15,963	*	Manhattan Associates, Inc		759
	18,418		Mantech International Corp (Class A)		635
	16,386	e	Marchex, Inc (Class B)		73
	81,737		Mastercard, Inc (Class A)		34,374
	25,522		MAXIMUS, Inc		1,038
	73,403	*	Mentor Graphics Corp		1,091
	60,589	*	Micros Systems, Inc		3,350
	5,656,624		Microsoft Corp		182,426
	6,006	*	MicroStrategy, Inc (Class A)		841
	33,165		ModusLink Global Solutions, Inc		179
	7,866	*	MoneyGram International, Inc		142
	27,277	*	Monotype Imaging Holdings, Inc		406
	95,930	*	Monster Worldwide, Inc		935
	27,889	*,e	Motricity, Inc		31
	29,335	*	Move, Inc		285
	7,188	*	NCI, Inc (Class A)		46
	28,739	*	Netscout Systems, Inc		585
	20,451	*	NetSuite, Inc		1,028
	55,861	*	NeuStar, Inc (Class A)		2,081
	48,579		NIC, Inc		589
	178,400	*	Nuance Communications, Inc		4,563
	17,950	*,e	OpenTable, Inc		726
	63,876	*	Openwave Systems, Inc		145
	11,138		Opnet Technologies, Inc		323

283

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	2,927,817		Oracle Corp	$	85,375
	90,859	*	Parametric Technology Corp		2,539
	243,091		Paychex, Inc		7,533
	12,459	e	Pegasystems, Inc		475
	20,679	*	Perficient, Inc		248
	14,513	*	PRG-Schultz International, Inc		91
	50,287	*	Progress Software Corp		1,188
	14,689	*	PROS Holdings, Inc		275
	3,320	*	QAD, Inc (Class A)		43
	53,768	*	QLIK Technologies, Inc		1,721
	23,100	*	Quepasa Corp		103
	47,293	*	Quest Software, Inc		1,101
	20,643	*	QuinStreet, Inc		217
	77,245	*	Rackspace Hosting, Inc		4,464
	18,038		RealNetworks, Inc		179
	22,836	*	RealPage, Inc		438
	145,439	*	Red Hat, Inc		8,710
	7,378	*	Responsys, Inc		88
	8,173	*,e	Rosetta Stone, Inc		84
	85,331	*	Rovi Corp		2,778
	18,173	*	Saba Software, Inc		178
	211,037	*	SAIC, Inc		2,786
	101,910	*	Salesforce.com, Inc		15,746
	83,759		Sapient Corp		1,043
	9,258	*	Sciquest, Inc		141
	21,571	*	Seachange International, Inc		168
	7,451	*,e	ServiceSource International LLC		115
	20,806	*	Smith Micro Software, Inc		48
	43,415	*	SolarWinds, Inc		1,678
	53,861		Solera Holdings, Inc		2,472
	20,938	*,e	Sourcefire, Inc		1,008
	6,377	*	SPS Commerce, Inc		171
	8,406	*	SRS Labs, Inc		58
	19,523	*	SS&C Technologies Holdings, Inc		455
	12,380		Stamps.com, Inc		345
	32,388	*	SupportSoft, Inc		102
	570,729	*	Symantec Corp		10,673
	20,217	*	Synchronoss Technologies, Inc		645
	111,101	*	Synopsys, Inc		3,406
	11,726		Syntel, Inc		657
	24,737	*	TA Indigo Holding Corp		131
	54,620	*	Take-Two Interactive Software, Inc		840
	30,543	*	Taleo Corp (Class A)		1,403
	6,100	*	Tangoe, Inc		115
	4,323	*	TechTarget, Inc		30
	29,873	*	TeleCommunication Systems, Inc (Class A)		83
	12,644	*	TeleNav, Inc		89
	19,317	*,e	TeleTech Holdings, Inc		311
	128,452	*	Teradata Corp		8,754
	48,928	*,e	THQ, Inc		27
	124,754	*	TIBCO Software, Inc		3,805
	92,801	*	TiVo, Inc		1,113

284

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	19,243	*	TNS, Inc	$	418
	121,982		Total System Services, Inc		2,814
	4,369	*,e	Travelzoo, Inc		100
	27,050	*,e	Tyler Technologies, Inc		1,039
	19,182	*	Ultimate Software Group, Inc		1,406
	32,818	*	Unisys Corp		647
	61,183		United Online, Inc		299
	62,276	*	Valueclick, Inc		1,229
	19,828	*	Vasco Data Security International		214
	76,311	*	VeriFone Systems, Inc		3,958
	14,384	*	Verint Systems, Inc		466
	127,769		VeriSign, Inc		4,899
	29,764	e	VirnetX Holding Corp		712
	11,849	*	Virtusa Corp		205
	398,497		Visa, Inc (Class A)		47,022
	33,510	*,e	VistaPrint Ltd		1,295
	64,647	*	VMware, Inc (Class A)		7,264
	11,624	*	Vocus, Inc		154
	60,808	*,e	Wave Systems Corp		113
	46,090	*,e	WebMD Health Corp (Class A)		1,179
	29,640	*	Websense, Inc		625
	22,635	*	Website Pros, Inc		327
	483,947		Western Union Co		8,517
	29,100	*	Wright Express Corp		1,884
	931,758	*	Yahoo!, Inc		14,181
	3,100	*	Zillow, Inc		110
	47,197	*	Zix Corp		137
	92,800	*	Zynga, Inc		1,220
			TOTAL SOFTWARE & SERVICES		1,117,359
TECHNOLOGY HARDWARE & EQUIPMENT - 7.7%
	32,404	*,e	3D Systems Corp		763
	41,025	*,e	Acme Packet, Inc		1,129
	49,633		Adtran, Inc		1,548
	18,766	*	Agilysys, Inc		169
	127,051		Amphenol Corp (Class A)		7,594
	14,600	*	Anaren, Inc		268
	21,570		Anixter International, Inc		1,564
	704,916	*	Apple, Inc		422,575
	94,272	*	Arris Group, Inc		1,065
	89,079	*	Arrow Electronics, Inc		3,739
	65,293	*,e	Aruba Networks, Inc		1,455
	24,879	*	Avid Technology, Inc		274
	115,335	*	Avnet, Inc		4,197
	34,410		AVX Corp		456
	15,077	*,e	AX Holding Corp		168
	7,316		Bel Fuse, Inc (Class B)		129
	46,204	*	Benchmark Electronics, Inc		762
	13,787		Black Box Corp		352
	52,612	*,e	Bookham, Inc		207
	53,964	*	Brightpoint, Inc		434
	362,901	*	Brocade Communications Systems, Inc		2,087

285

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	28,887	*,e	Calix Networks, Inc	$	246
	30,668	*	Checkpoint Systems, Inc		346
	70,799	*	Ciena Corp		1,146
	4,192,540		Cisco Systems, Inc		88,673
	32,766		Cognex Corp		1,388
	19,403	*	Coherent, Inc		1,132
	5,175		Communications Systems, Inc		68
	22,382	e	Comtech Telecommunications Corp		729
	1,187,054		Corning, Inc		16,714
	22,453	*	Cray, Inc		164
	23,637		CTS Corp		249
	22,322		Daktronics, Inc		198
	10,171		DDi Corp		124
	1,174,893	*	Dell, Inc		19,503
	47,853		Diebold, Inc		1,843
	18,652	*	Digi International, Inc		205
	41,327	*	Dolby Laboratories, Inc (Class A)		1,573
	44,988	*	Dot Hill Systems Corp		68
	15,044	*	DTS, Inc		455
	24,998	*	Echelon Corp		111
	28,785	*	EchoStar Corp (Class A)		810
	11,677		Electro Rent Corp		215
	17,062		Electro Scientific Industries, Inc		256
	39,428	*	Electronics for Imaging, Inc		655
	12,190	*,e	eMagin Corp		40
	1,565,521	*	EMC Corp		46,778
	8,777	*,e	EMCORE Corp		42
	65,177	*	Emulex Corp		677
	89,895	*	Extreme Networks, Inc		344
	61,700	*	F5 Networks, Inc		8,327
	15,539	*	Fabrinet		275
	12,851	*	FARO Technologies, Inc		750
	29,895	*	FEI Co		1,468
	65,242	*	Finisar Corp		1,315
	118,407		Flir Systems, Inc		2,997
	12,700	*,e	Fusion-io, Inc		361
	14,375	*	Globecomm Systems, Inc		208
	20,123	*	GSI Group, Inc		243
	85,574	*	Harmonic, Inc		468
	94,007	e	Harris Corp		4,238
	42,057	*	Harris Stratex Networks, Inc (Class A)		119
	1,514,629		Hewlett-Packard Co		36,094
	21,588	*	Imation Corp		134
	18,659	*	Immersion Corp		102
	88,583	*,e	Infinera Corp		719
	116,956	*	Ingram Micro, Inc (Class A)		2,171
	34,716	*	Insight Enterprises, Inc		761
	32,759	e	InterDigital, Inc		1,142
	45,111	*	Intermec, Inc		349
	14,156	*	Intevac, Inc		120
	7,800	*,e	InvenSense, Inc		141
	21,046	*	IPG Photonics Corp		1,095

286

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	31,091	*	Itron, Inc	$	1,412
	29,634	*	Ixia		370
	147,311		Jabil Circuit, Inc		3,700
	165,013	*	JDS Uniphase Corp		2,391
	401,021	*	Juniper Networks, Inc		9,175
	33,781	*	Kemet Corp		316
	10,929	*	KVH Industries, Inc		115
	12,911	*	LeCroy Corp		134
	60,595		Lexmark International, Inc (Class A)		2,014
	17,104		Littelfuse, Inc		1,072
	8,072	*	Loral Space & Communications, Inc		643
	22,942	*,e	Maxwell Technologies, Inc		421
	11,532	*	Measurement Specialties, Inc		389
	23,128	*	Mercury Computer Systems, Inc		306
	8,476	*,e	Meru Networks, Inc		34
	28,385		Methode Electronics, Inc		263
	7,538	*,e	Microvision, Inc		21
	103,296	e	Molex, Inc		2,905
	197,956	*	Motorola Mobility Holdings, Inc		7,768
	199,165		Motorola, Inc		10,124
	13,932		MTS Systems Corp		740
	9,079	*	Multi-Fineline Electronix, Inc		249
	69,482		National Instruments Corp		1,982
	122,276	*	NCR Corp		2,655
	6,600	*,e	NeoPhotonics Corp Ltd		31
	280,387	*	NetApp, Inc		12,553
	28,803	*	Netgear, Inc		1,100
	27,910	*	Newport Corp		495
	26,247	*	Novatel Wireless, Inc		88
	7,509	*,e	Numerex Corp		73
	58,785	*,e	OCZ Technology Group, Inc		410
	15,398	*	Oplink Communications, Inc		263
	39,024	*	OpNext, Inc		60
	14,702	*	OSI Systems, Inc		901
	18,452		Park Electrochemical Corp		558
	6,868		PC Connection, Inc		56
	37,039		Plantronics, Inc		1,491
	27,845	*	Plexus Corp		974
	135,032	*	Polycom, Inc		2,575
	53,353	*	Power-One, Inc		243
	18,766	*,e	Powerwave Technologies, Inc		38
	8,810	*	Procera Networks, Inc		197
	79,841	*	QLogic Corp		1,418
	1,272,534		Qualcomm, Inc		86,559
	171,155	*	Quantum Corp		448
	25,143	*,e	Rackable Systems, Inc		243
	15,185	*	Radisys Corp		112
	29,852	*,e	RealD, Inc		403
	11,626		Richardson Electronics Ltd		139
	7,282		Rimage Corp		73
	117,498	*	Riverbed Technology, Inc		3,299
	21,664	*	Rofin-Sinar Technologies, Inc		571

287

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	12,342	*	Rogers Corp	$	478
	180,113	*	SanDisk Corp		8,932
	61,646	*	Sanmina-SCI Corp		706
	22,159	*	Scansource, Inc		827
	28,820	*,e	SCM Microsystems, Inc		60
	31,292	*	ShoreTel, Inc		178
	165,491	*	Sonus Networks, Inc		480
	20,704	*,e	STEC, Inc		195
	15,369	*,e	Stratasys, Inc		561
	20,839	*	Super Micro Computer, Inc		364
	14,861		Sycamore Networks, Inc		264
	35,188	*	Symmetricom, Inc		203
	26,694	*,e	Synaptics, Inc		975
	16,588	*	SYNNEX Corp		633
	35,560	*	Tech Data Corp		1,929
	38,313		Technitrol, Inc		96
	277,614		Tellabs, Inc		1,124
	94,008	*	Trimble Navigation Ltd		5,116
	41,884	*	TTM Technologies, Inc		481
	2,000	*,e	Ubiquiti Networks, Inc		63
	29,474	*,e	Universal Display Corp		1,077
	27,617	*	Viasat, Inc		1,331
	3,408	*	Viasystems Group, Inc		65
	119,020	*	Vishay Intertechnology, Inc		1,447
	9,508	*	Vishay Precision Group, Inc		141
	40,762	*	Westell Technologies, Inc		95
	175,363	*	Western Digital Corp		7,258
	1,063,212		Xerox Corp		8,591
	25,096	*	X-Rite, Inc		114
	23,047		Xyratex Ltd		367
	41,665	*	Zebra Technologies Corp (Class A)		1,716
	12,959	*	Zygo Corp		254
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		909,975
TELECOMMUNICATION SERVICES - 2.5%
	46,463	*,e	8x8, Inc		195
	16,682		AboveNet, Inc		1,381
	39,332	e	Alaska Communications Systems Group, Inc		121
	4,514,120		AT&T, Inc		140,976
	7,918		Atlantic Tele-Network, Inc		288
	20,132	*	Cbeyond Communications, Inc		161
	467,409		CenturyTel, Inc		18,065
	168,115	*	Cincinnati Bell, Inc		676
	192,303	*,e	Clearwire Corp (Class A)		438
	35,274	*	Cogent Communications Group, Inc		673
	20,626	e	Consolidated Communications Holdings, Inc		405
	219,871	*	Crown Castle International Corp		11,728
	16,551	*,e	Fairpoint Communications, Inc		62
	762,890	e	Frontier Communications Corp		3,181
	38,028	*	General Communication, Inc (Class A)		332
	55,768	*,e	Globalstar, Inc		39
	10,686		HickoryTech Corp		110

288

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	10,513		IDT Corp (Class B)	$	98
	24,433	*	inContact, Inc		136
	33,317	*,e	Iridium Communications, Inc		292
	46,753	*,e	Leap Wireless International, Inc		408
	119,800	*	Level 3 Communications, Inc		3,082
	11,759		Lumos Networks Corp		127
	212,720	*	MetroPCS Communications, Inc		1,919
	25,073	*	Neutral Tandem, Inc		306
	128,973	*	NII Holdings, Inc (Class B)		2,361
	11,759		NTELOS Holdings Corp		243
	28,044	*	Orbcomm, Inc		108
	46,371	*	Premiere Global Services, Inc		419
	86,257	*	SBA Communications Corp (Class A)		4,383
	18,151		Shenandoah Telecom Co		202
	2,271,081	*	Sprint Nextel Corp		6,473
	11,067		SureWest Communications		250
	70,668		Telephone & Data Systems, Inc		1,636
	26,456	*,e	Towerstream Corp		126
	108,826	*	tw telecom inc (Class A)		2,412
	9,529	*	US Cellular Corp		390
	18,421		USA Mobility, Inc		257
	2,156,494		Verizon Communications, Inc		82,443
	95,787	*	Vonage Holdings Corp		212
	431,835	e	Windstream Corp		5,057
			TOTAL TELECOMMUNICATION SERVICES		292,171
TRANSPORTATION - 1.8%
	44,655	*	Air Transport Services Group, Inc		259
	55,016	*	Alaska Air Group, Inc		1,971
	30,756		Alexander & Baldwin, Inc		1,490
	9,924	e	Allegiant Travel Co		541
	6,973		Amerco, Inc		736
	19,331		Arkansas Best Corp		364
	19,165	*	Atlas Air Worldwide Holdings, Inc		943
	79,295	*	Avis Budget Group, Inc		1,122
	12,726	e	Baltic Trading Ltd		53
	16,346		Celadon Group, Inc		254
	126,992		CH Robinson Worldwide, Inc		8,317
	40,201		Con-Way, Inc		1,311
	23,678		Copa Holdings S.A. (Class A)		1,875
	838,893		CSX Corp		18,053
	644,364	*	Delta Air Lines, Inc		6,387
	22,195	*	Dollar Thrifty Automotive Group, Inc		1,796
	51,764	*,e	Eagle Bulk Shipping, Inc		100
	26,769	*,e	Excel Maritime Carriers Ltd		54
	162,491		Expeditors International Washington, Inc		7,557
	239,546		FedEx Corp		22,029
	22,919		Forward Air Corp		840
	20,776	*,e	Genco Shipping & Trading Ltd		132
	29,936	*	Genesee & Wyoming, Inc (Class A)		1,634
	40,654	*	Hawaiian Holdings, Inc		213
	38,365		Heartland Express, Inc		555

289

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	183,917	*	Hertz Global Holdings, Inc	$	2,766
	28,105	*	Hub Group, Inc (Class A)		1,013
	4,290		International Shipholding Corp		99
	70,799		J.B. Hunt Transport Services, Inc		3,849
	181,414	*,e	JetBlue Airways Corp		887
	82,727	*	Kansas City Southern Industries, Inc		5,931
	39,152	*	Kirby Corp		2,576
	42,524		Knight Transportation, Inc		751
	34,523		Landstar System, Inc		1,993
	10,239		Marten Transport Ltd		226
	252,697		Norfolk Southern Corp		16,635
	36,263	*	Old Dominion Freight Line		1,729
	31,042	*	Pacer International, Inc		196
	6,136	*	Park-Ohio Holdings Corp		123
	3,411	*	Patriot Transportation Holding, Inc		79
	11,331	*	Quality Distribution, Inc		156
	16,300	*	RailAmerica, Inc		350
	40,702	*,e	Republic Airways Holdings, Inc		201
	8,012	*	Roadrunner Transportation Services Holdings, Inc		139
	39,335		Ryder System, Inc		2,077
	9,635	*	Saia, Inc		164
	40,260		Skywest, Inc		445
	598,461		Southwest Airlines Co		4,931
	12,178	*	Spirit Airlines, Inc		244
	60,697	*	Swift Transportation Co, Inc		700
	254,115	*	UAL Corp		5,463
	18,066	*,e	Ultrapetrol Bahamas Ltd		36
	374,294		Union Pacific Corp		40,229
	559,638		United Parcel Service, Inc (Class B)		45,173
	3,884		Universal Truckload Services, Inc		58
	126,271	*,e	US Airways Group, Inc		958
	81,226		UTI Worldwide, Inc		1,400
	33,067		Werner Enterprises, Inc		822
	15,800	*	Wesco Aircraft Holdings, Inc		256
	7,765	*,e	Zipcar, Inc		115
			TOTAL TRANSPORTATION		221,356
UTILITIES - 3.4%
	502,487	*	AES Corp		6,568
	89,215		AGL Resources, Inc		3,499
	24,428		Allete, Inc		1,014
	81,807		Alliant Energy Corp		3,544
	183,716		Ameren Corp		5,985
	368,312		American Electric Power Co, Inc		14,209
	16,487		American States Water Co		596
	131,951		American Water Works Co, Inc		4,491
	104,679		Aqua America, Inc		2,333
	4,909	e	Artesian Resources Corp		92
	85,946	e	Atlantic Power Corp		1,189
	69,174		Atmos Energy Corp		2,176
	43,026		Avista Corp		1,101
	29,085		Black Hills Corp		975

290

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	8,402	*,e	Cadiz, Inc	$	77
	35,650		California Water Service Group		649
	291,009	*	Calpine Corp		5,008
	321,488		Centerpoint Energy, Inc		6,340
	10,819		Central Vermont Public Service Corp		381
	13,300		CH Energy Group, Inc		888
	8,826		Chesapeake Utilities Corp		363
	45,284		Cleco Corp		1,796
	188,036		CMS Energy Corp		4,137
	6,221		Connecticut Water Service, Inc		176
	223,583		Consolidated Edison, Inc		13,062
	10,306		Consolidated Water Co, Inc		82
	439,837		Dominion Resources, Inc		22,523
	127,357		DTE Energy Co		7,008
	1,016,012		Duke Energy Corp		21,346
	245,806		Edison International		10,449
	34,619		El Paso Electric Co		1,125
	35,476		Empire District Electric Co		722
	134,820		Entergy Corp		9,060
	638,921		Exelon Corp		25,052
	319,677		FirstEnergy Corp		14,574
	10,513		Genie Energy Ltd		102
	104,313		Great Plains Energy, Inc		2,114
	73,366		Hawaiian Electric Industries, Inc		1,860
	34,349		Idacorp, Inc		1,412
	59,780		Integrys Energy Group, Inc		3,168
	39,281		ITC Holdings Corp		3,022
	18,300		Laclede Group, Inc		714
	144,690		MDU Resources Group, Inc		3,240
	16,000		MGE Energy, Inc		710
	9,765		Middlesex Water Co		184
	62,943		National Fuel Gas Co		3,029
	31,721		New Jersey Resources Corp		1,414
	321,482		NextEra Energy, Inc		19,636
	208,593		NiSource, Inc		5,079
	134,366		Northeast Utilities		4,988
	18,551		Northwest Natural Gas Co		842
	27,832		NorthWestern Corp		987
	184,642	*	NRG Energy, Inc		2,893
	79,092		NSTAR		3,846
	176,210		NV Energy, Inc		2,841
	75,923		OGE Energy Corp		4,062
	81,923		Oneok, Inc		6,690
	13,917	e	Ormat Technologies, Inc		280
	29,407	e	Otter Tail Corp		638
	168,153		Pepco Holdings, Inc		3,176
	318,342		PG&E Corp		13,819
	56,777		Piedmont Natural Gas Co, Inc		1,764
	81,375		Pinnacle West Capital Corp		3,898
	64,221		PNM Resources, Inc		1,175
	58,032		Portland General Electric Co		1,450
	440,557		PPL Corp		12,450

291

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	RATE	MATURITY DATE	VALUE (000)
	225,868		Progress Energy, Inc			$	11,996
	387,499		Public Service Enterprise Group, Inc				11,861
	135,152		Questar Corp				2,603
	582,024	*	RRI Energy, Inc				1,211
	87,177		SCANA Corp				3,976
	182,086		Sempra Energy				10,918
	10,436		SJW Corp				252
	22,925		South Jersey Industries, Inc				1,147
	652,105		Southern Co				29,300
	34,400		Southwest Gas Corp				1,470
	163,004		TECO Energy, Inc				2,861
	85,402		UGI Corp				2,327
	38,476		UIL Holdings Corp				1,337
	27,775		Unisource Energy Corp				1,016
	11,594		Unitil Corp				311
	62,527		Vectren Corp				1,817
	86,960		Westar Energy, Inc				2,429
	38,842		WGL Holdings, Inc				1,581
	178,600		Wisconsin Energy Corp				6,283
	367,657		Xcel Energy, Inc				9,732
	9,006		York Water Co				156
			TOTAL UTILITIES				408,657
			TOTAL COMMON STOCKS				11,977,508
			(Cost $8,866,299)
RIGHTS / WARRANTS - 0.0%
ENERGY - 0.0%
	8,193	e,m	Magnum Hunter Resources Corp				0	^
			TOTAL ENERGY				0	^
			TOTAL RIGHTS / WARRANTS				0	^
			(Cost $0)

PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 3.0%
TREASURY DEBT - 0.1%
$	500,000	United States Treasury Bill	0.065	%	04/12/12	500
	1,000,000	United States Treasury Bill	0.071		04/19/12	1,000
	2,800,000	United States Treasury Bill	0.050		05/17/12	2,800
	5,200,000	United States Treasury Bill	0.060		06/21/12	5,199
	6,400,000	United States Treasury Bill	0.090		08/02/12	6,398
		TOTAL TREASURY DEBT				15,897

292

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.9%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.9%
			TIAA-CREF Short Term Lending Portfolio of the State
	349,189,556	a,c	Street Navigator Securities Lending Trust	$	349,190
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		349,190
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED		349,190
			TOTAL SHORT-TERM INVESTMENTS		365,087
			(Cost $365,087)
			TOTAL INVESTMENTS - 102.8%		12,342,595
			(Cost $9,231,386)
			OTHER ASSETS & LIABILITIES, NET - (2.8)%		(334,706	)
			NET ASSETS - 100.0%	$	12,007,889
			Abbreviation(s):
	ADR		American Depositary Receipt
	REIT		Real Estate Investment Trust
	SPDR		Standard & Poor’s Depository Receipts
	*		Non-income producing.
	^		Amount represents less than $1,000.
	a		Affiliated holding.
	c		Investments made with cash collateral received from securites on loan.
	d		All or a portion of those securities have been segregated by the custodian to cover margin or other requirements on open futures transactions.
	e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $339,369,000.
	m		Indicates a security that has been deemed illiquid.
			Cost amounts are in thousands.

293

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

COLLEGE RETIREMENT EQUITIES FUND
BOND MARKET ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2012

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
BANK LOAN OBLIGATIONS - 0.1%
CAPITAL GOODS - 0.0%
	$   4,937,500	i	TransDigm, Inc	4.000	%	02/14/17	$	4,934
			TOTAL CAPITAL GOODS					4,934
HEALTH CARE EQUIPMENT & SERVICES - 0.1%
	1,828,454	i	Fresenius US Finance I, Inc	3.500		09/10/14		1,826
	5,085,392	i	Fresenius US Finance I, Inc	3.500		09/10/14		5,077
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					6,903
			TOTAL BANK LOAN OBLIGATIONS					11,837
			(Cost $11,852)
BONDS - 98.1%
CORPORATE BONDS - 29.1%
AUTOMOBILES & COMPONENTS - 0.1%
	4,500,000		Ford Motor Co	7.450		07/16/31		5,501
	4,500,000	g	Hyundai Motor Manufacturer	4.500		04/15/15		4,743
			TOTAL AUTOMOBILES & COMPONENTS					10,244
BANKS - 6.3%
	7,750,000		Abbey National Treasury Services plc	4.000		04/27/16		7,689
	5,480,000	g	Akbank TAS	5.125		07/22/15		5,472
	4,500,000	g	Alfa Bond Issuance plc for OJSC Alfa Bank	7.875		09/25/17		4,642
	4,500,000	g	Alfa Bond Issuance plc for OJSC Alfa Bank	7.750		04/28/21		4,421
	4,500,000	g	Banco Bradesco S.A.	4.125		05/16/16		4,646
	4,750,000	g	Banco Bradesco S.A.	4.500		01/12/17		4,997
	5,395,000	g	Banco de Bogota S.A.	5.000		01/15/17		5,597
	7,580,000	g	Banco de Credito del Peru	4.750		03/16/16		7,807
	4,500,000		Banco de Oro Unibank, Inc	3.875		04/22/16		4,335
	2,700,000	g	Banco del Estado de Chile	3.875		02/08/22		2,680
	5,000,000	g	Banco do Brasil S.A.	5.875		01/26/22		5,145
	4,400,000	g,i	Banco Santander Chile	1.811		04/20/12		4,400
	7,255,000		BanColombia S.A.	5.950		06/03/21		7,681
	3,555,000		Bank of America Corp	4.875		01/15/13		3,634
	15,650,000		Bank of America Corp	3.625		03/17/16		15,623
	15,175,000		Bank of America Corp	3.750		07/12/16		15,251
	18,550,000		Bank of America Corp	5.300		03/15/17		19,358
	8,525,000		Bank of America Corp	6.000		09/01/17		9,285
	5,725,000		Bank of America Corp	5.750		12/01/17		6,140
	10,900,000		Bank of America Corp	5.875		02/07/42		10,841
	5,700,000		Bank of New York Mellon Corp	4.300		05/15/14		6,104
	2,250,000		Bank of New York Mellon Corp	1.200		02/20/15		2,253
	10,000,000		Bank of New York Mellon Corp	2.300		07/28/16		10,252
	4,125,000		Bank of New York Mellon Corp	5.450		05/15/19		4,769

294

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$   19,400,000	g	Bank of Nova Scotia	1.450	%	07/26/13	$	19,616
	37,700,000	g	Bank of Nova Scotia	1.650		10/29/15		38,303
	39,500,000	g	Bank of Nova Scotia	2.150		08/03/16		40,526
	5,850,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd	2.350		02/23/17		5,855
	3,750,000		Barclays Bank plc	5.200		07/10/14		3,974
	6,000,000		BB&T Corp	3.850		07/27/27		6,064
	4,330,000	g	BBVA Bancomer S.A.	4.500		03/10/16		4,460
	3,750,000		Capital One Bank USA NA	8.800		07/15/19		4,585
	5,000,000		Capital One Capital V	8.875		05/15/40		5,034
	7,300,000		Capital One Financial Corp	3.150		07/15/16		7,470
	8,075,000		Citigroup, Inc	6.000		12/13/13		8,555
	12,640,000		Citigroup, Inc	5.000		09/15/14		13,090
	6,000,000		Citigroup, Inc	4.750		05/19/15		6,317
	29,300,000		Citigroup, Inc	3.953		06/15/16		30,110
	15,275,000		Citigroup, Inc	4.450		01/10/17		16,001
	4,525,000		Citigroup, Inc	6.125		05/15/18		5,072
	3,150,000		Citigroup, Inc	4.500		01/14/22		3,162
	7,575,000		Citigroup, Inc	6.875		03/05/38		8,746
	3,825,000		Citigroup, Inc	8.125		07/15/39		4,957
	8,150,000		Citigroup, Inc	5.875		01/30/42		8,445
	45,000,000	g	Depfa ACS Bank	5.125		03/16/37		32,318
	3,500,000		Deutsche Bank AG	3.875		08/18/14		3,657
	6,400,000		Deutsche Bank AG	3.250		01/11/16		6,566
	5,980,000		Discover Bank	7.000		04/15/20		6,862
	3,500,000		Golden West Financial Corp	4.750		10/01/12		3,573
	4,600,000	g	HSBC Bank plc	3.500		06/28/15		4,804
	7,350,000	g	HSBC Bank plc	4.125		08/12/20		7,508
	7,000,000		HSBC Bank USA NA	4.625		04/01/14		7,356
	3,000,000	g,i	HSBC Capital Funding LP	4.610		12/30/49		2,888
	9,450,000		HSBC Holdings plc	4.000		03/30/22		9,367
	2,100,000		HSBC Holdings plc	6.500		09/15/37		2,357
	11,275,000		HSBC USA, Inc	2.375		02/13/15		11,352
	5,590,000	g	ICICI Bank Ltd	5.500		03/25/15		5,808
	4,500,000	g	ICICI Bank Ltd	4.750		11/25/16		4,477
	4,000,000		JP Morgan Chase Capital XXV	6.800		10/01/37		4,022
	2,595,000		JPMorgan Chase & Co	5.125		09/15/14		2,781
	7,220,000		JPMorgan Chase & Co	3.150		07/05/16		7,443
	12,500,000		JPMorgan Chase & Co	4.350		08/15/21		12,772
	5,325,000		JPMorgan Chase & Co	4.500		01/24/22		5,540
	3,025,000		JPMorgan Chase & Co	5.500		10/15/40		3,267
	9,125,000		JPMorgan Chase & Co	5.400		01/06/42		9,689
	4,250,000	i	Manufacturers & Traders Trust Co	5.629		12/01/21		4,157
	17,500,000	g	NIBC Bank NV	2.800		12/02/14		18,170
	12,750,000		Northern Trust Corp	4.625		05/01/14		13,716
	8,000,000		PNC Funding Corp	5.125		02/08/20		9,062
	4,250,000		PNC Funding Corp	3.300		03/08/22		4,204
	7,000,000		Rabobank Nederland NV	2.125		10/13/15		7,047
	4,900,000	g,i	Rabobank Nederland NV	11.000		12/30/49		6,223
	4,500,000	g	Shinhan Bank	4.125		10/04/16		4,654
	4,670,000	g	Shinhan Bank	4.375		07/27/17		4,921
	6,350,000		State Street Corp	4.300		05/30/14		6,806
	2,355,000	g	Sumitomo Mitsui Banking Corp	3.150		07/22/15		2,452
	9,000,000	g	Toronto-Dominion Bank	2.200		07/29/15		9,307

295

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$   5,495,000		Toronto-Dominion Bank	2.500	%	07/14/16	$	5,668
	26,500,000	g	Toronto-Dominion Bank	1.625		09/14/16		26,600
	10,000,000		Toronto-Dominion Bank	2.375		10/19/16		10,258
	70,000,000	g	Toronto-Dominion Bank	1.500		03/13/17		69,254
	4,500,000	g	Turkiye Garanti Bankasi AS.	6.250		04/20/21		4,534
	4,500,000	g	Turkiye Is Bankasi	5.100		02/01/16		4,511
	2,000,000		Union Bank of California NA	5.950		05/11/16		2,184
	5,000,000		US Bancorp	4.950		10/30/14		5,476
	1,925,000		USB Capital XIII Trust	6.625		12/15/39		1,943
	8,275,000		Wachovia Bank NA	4.800		11/01/14		8,869
	3,605,000		Wachovia Bank NA	4.875		02/01/15		3,886
	2,050,000		Wachovia Bank NA	5.850		02/01/37		2,249
	5,000,000		Wachovia Corp	4.875		02/15/14		5,283
	3,000,000		Wells Fargo & Co	4.375		01/31/13		3,092
	18,075,000		Wells Fargo & Co	2.625		12/15/16		18,481
	13,750,000		Wells Fargo & Co	3.500		03/08/22		13,536
	10,650,000		Wells Fargo Bank NA	4.750		02/09/15		11,424
	5,700,000		Westpac Banking Corp	3.000		08/04/15		5,900
			TOTAL BANKS					861,638
CAPITAL GOODS - 0.3%
	1,500,000		Black & Decker Corp	8.950		04/15/14		1,720
	8,000,000		Caterpillar, Inc	1.375		05/27/14		8,127
	3,000,000	g	CC Holdings GS V LLC	7.750		05/01/17		3,270
	3,800,000		CRH America, Inc	4.125		01/15/16		3,853
	5,000,000		Danaher Corp	1.300		06/23/14		5,080
	4,150,000		Danaher Corp	2.300		06/23/16		4,299
	4,000,000		Emerson Electric Co	4.500		05/01/13		4,163
	4,500,000	g	Empresas ICA SAB de C.V.	8.900		02/04/21		4,511
	3,300,000		General Electric Co	5.250		12/06/17		3,816
	4,500,000	g	Hyva Global BV	8.625		03/24/16		3,859
	3,300,000	g	Illinois Tool Works, Inc	4.875		09/15/41		3,559
	1,500,000		Kennametal, Inc	7.200		06/15/12		1,518
	4,245,000	g	Myriad International Holding BV	6.375		07/28/17		4,648
	1,000,000	g	Seagate HDD Cayman	7.000		11/01/21		1,075
	2,000,000		SPX Corp	6.875		09/01/17		2,190
	3,050,000		Tyco International Finance S.A.	6.000		11/15/13		3,289
	2,190,000		Tyco International Finance S.A.	4.125		10/15/14		2,342
			TOTAL CAPITAL GOODS					61,319
COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
	1,750,000		Corrections Corp of America	7.750		06/01/17		1,908
	32,500,000		European Investment Bank	1.125		04/15/15		32,722
	3,220,000	g	National Agricultural Cooperative Federation	4.250		01/28/16		3,346
	10,290,000		Republic Services, Inc	3.800		05/15/18		11,049
	5,810,000		Republic Services, Inc	6.200		03/01/40		6,929
	7,150,000		Waste Management, Inc	2.600		09/01/16		7,327
	9,040,000		Waste Management, Inc	6.125		11/30/39		11,001
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					74,282
CONSUMER DURABLES & APPAREL - 0.2%
	3,325,000	g	Grupo Aval Ltd	5.250		02/01/17		3,450
	3,000,000		Hanesbrands, Inc	8.000		12/15/16		3,300

296

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$   3,000,000		Phillips-Van Heusen Corp	7.375	%	05/15/20	$	3,307
	5,600,000		Whirlpool Corp	8.000		05/01/12		5,628
			TOTAL CONSUMER DURABLES & APPAREL					15,685
CONSUMER SERVICES - 0.3%
	2,000,000		DineEquity, Inc	9.500		10/30/18		2,190
	648,000	g	Knowledge Learning Corp, Inc	7.750		02/01/15		538
	2,000,000		Penn National Gaming, Inc	8.750		08/15/19		2,245
	11,650,000	g	SABMiller Holdings, Inc	3.750		01/15/22		11,852
	8,650,000	g	SABMiller Holdings, Inc	4.950		01/15/42		8,962
	6,375,000		Walt Disney Co	4.500		12/15/13		6,802
	9,000,000		Walt Disney Co	0.875		12/01/14		9,040
			TOTAL CONSUMER SERVICES					41,629
DIVERSIFIED FINANCIALS - 4.2%
	2,000,000		American Express Centurion Bank	6.000		09/13/17		2,341
	8,875,000		American Express Co	8.125		05/20/19		11,602
	7,700,000		American Express Credit Corp	2.800		09/19/16		7,911
	4,500,000	g	Banco Mercantil del Norte S.A.	4.375		07/19/15		4,657
	4,500,000	g	Bangkok Bank PCL	4.800		10/18/20		4,526
	11,275,000		Berkshire Hathaway, Inc	1.900		01/31/17		11,404
	7,250,000		BlackRock, Inc	3.500		12/10/14		7,763
	7,000,000		BlackRock, Inc	4.250		05/24/21		7,510
	5,000,000		Brookfield Asset Management, Inc	7.125		06/15/12		5,060
	3,700,000		Countrywide Financial Corp	6.250		05/15/16		3,856
	6,850,000		Credit Suisse	5.000		05/15/13		7,112
	8,250,000		Credit Suisse	5.500		05/01/14		8,846
	3,275,000		Credit Suisse	4.375		08/05/20		3,404
	3,000,000		Credit Suisse USA, Inc	4.875		01/15/15		3,236
	4,664,000		Eaton Vance Corp	6.500		10/02/17		5,310
	2,000,000		Ford Motor Credit Co LLC	7.500		08/01/12		2,030
	10,000,000		Ford Motor Credit Co LLC	4.250		02/03/17		10,108
	7,325,000		Ford Motor Credit Co LLC	5.000		05/15/18		7,588
	5,792,000		Ford Motor Credit Co LLC	5.875		08/02/21		6,247
	2,100,000		General Electric Capital Corp	2.800		01/08/13		2,136
	11,950,000		General Electric Capital Corp	1.875		09/16/13		12,139
	14,425,000		General Electric Capital Corp	5.500		06/04/14		15,690
	14,675,000		General Electric Capital Corp	2.150		01/09/15		14,990
	8,600,000		General Electric Capital Corp	5.300		02/11/21		9,314
	17,765,000		General Electric Capital Corp	4.650		10/17/21		18,908
	5,000,000		General Electric Capital Corp	6.150		08/07/37		5,662
	375,000		General Electric Capital Corp	6.875		01/10/39		463
	4,560,000	i	Goldman Sachs Capital II	5.793		06/01/43		3,129
	3,250,000		Goldman Sachs Group, Inc	5.450		11/01/12		3,324
	9,700,000		Goldman Sachs Group, Inc	4.750		07/15/13		10,042
	14,202,000		Goldman Sachs Group, Inc	3.625		02/07/16		14,198
	4,000,000		Goldman Sachs Group, Inc	6.150		04/01/18		4,315
	4,975,000		Goldman Sachs Group, Inc	7.500		02/15/19		5,684
	20,200,000		Goldman Sachs Group, Inc	5.750		01/24/22		20,781
	1,150,000		Goldman Sachs Group, Inc	6.450		05/01/36		1,113
	3,100,000		Goldman Sachs Group, Inc	6.750		10/01/37		3,029
	10,250,000		Goldman Sachs Group, Inc	6.250		02/01/41		10,123
	8,465,000		HSBC Finance Corp	4.750		07/15/13		8,776

297

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$   9,599,000		HSBC Finance Corp	6.676	%	01/15/21	$	10,246
	1,440,000	g	Hyundai Capital America	3.750		04/06/16		1,474
	1,800,000	g	Hyundai Capital Services, Inc	4.375		07/27/16		1,883
	2,750,000	g	Hyundai Capital Services, Inc	3.500		09/13/17		2,756
	3,750,000	g	International Lease Finance Corp	6.500		09/01/14		3,961
	2,325,000		International Lease Finance Corp	8.625		09/15/15		2,558
	13,450,000		International Lease Finance Corp	5.750		05/15/16		13,435
	3,200,000		International Lease Finance Corp	6.250		05/15/19		3,159
	4,500,000	g	Inversiones CMPC S.A.	4.750		01/19/18		4,715
	1,450,000		Jefferies Group, Inc	6.250		01/15/36		1,309
	7,440,000		John Deere Capital Corp	2.250		06/07/16		7,720
	1,500,000		John Deere Capital Corp	1.400		03/15/17		1,489
	7,550,000		John Deere Capital Corp	2.750		03/15/22		7,416
	4,150,000		Landwirtschaftliche Rentenbank	5.250		07/02/12		4,199
	5,000,000		Landwirtschaftliche Rentenbank	5.125		02/01/17		5,830
	7,650,000		Lloyds TSB Bank plc	4.200		03/28/17		7,707
	5,745,000	g	Lukoil International Finance BV	6.125		11/09/20		6,090
	4,500,000	g	Majapahit Holding BV	7.875		06/29/37		5,636
	4,000,000		MBNA Corp	6.125		03/01/13		4,140
	4,825,000		Merrill Lynch & Co, Inc	5.450		02/05/13		4,961
	4,675,000		Merrill Lynch & Co, Inc	6.400		08/28/17		5,098
	9,075,000		Merrill Lynch & Co, Inc	6.875		04/25/18		10,089
	9,150,000		Morgan Stanley	2.875		01/24/14		9,130
	14,775,000		Morgan Stanley	6.000		05/13/14		15,464
	3,925,000		Morgan Stanley	6.000		04/28/15		4,108
	8,350,000		Morgan Stanley	5.375		10/15/15		8,626
	9,125,000		Morgan Stanley	5.450		01/09/17		9,319
	14,800,000		Morgan Stanley	4.750		03/22/17		14,805
	4,775,000		Morgan Stanley	5.950		12/28/17		4,916
	4,975,000		Morgan Stanley	7.300		05/13/19		5,354
	3,415,000		Morgan Stanley	5.625		09/23/19		3,375
	3,500,000		NASDAQ OMX Group, Inc	4.000		01/15/15		3,627
	2,625,000		NASDAQ OMX Group, Inc	5.550		01/15/20		2,693
	3,415,000		National Rural Utilities Cooperative Finance Corp	2.625		09/16/12		3,447
	5,990,000		National Rural Utilities Cooperative Finance Corp	5.500		07/01/13		6,350
	3,800,000		National Rural Utilities Cooperative Finance Corp	10.375		11/01/18		5,511
	4,500,000	g	Odebrecht Finance Ltd	7.000		04/21/20		5,017
	7,050,000	g	Odebrecht Finance Ltd	6.000		04/05/23		7,327
	3,000,000	g	PTTEP Australia International Finance Pty Ltd	4.152		07/19/15		3,065
	7,650,000		Toyota Motor Credit Corp	2.050		01/12/17		7,764
	4,000,000		UBS AG.	2.250		01/28/14		4,016
	3,350,000	g	UBS AG.	1.875		01/23/15		3,374
	6,675,000		UBS AG.	4.875		08/04/20		6,937
	3,825,000	g	Waha Aerospace BV	3.925		07/28/20		3,962
			TOTAL DIVERSIFIED FINANCIALS					538,385
ENERGY - 3.1%
	7,950,000		Anadarko Petroleum Corp	5.950		09/15/16		9,166
	2,445,000		Anadarko Petroleum Corp	6.950		06/15/19		2,985
	2,145,000		Anadarko Petroleum Corp	6.450		09/15/36		2,483
	5,000,000		Apache Corp	5.100		09/01/40		5,459
	3,415,000	g	Baker Hughes, Inc	3.200		08/15/21		3,437
	21,565,000		BP Capital Markets plc	3.200		03/11/16		22,849

298

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$   6,700,000		BP Capital Markets plc	3.561	%	11/01/21	$	6,899
	3,250,000		Chesapeake Energy Corp	6.500		08/15/17		3,461
	3,690,000	h	Cimarex Energy Co	5.875		05/01/22		3,764
	1,000,000		Cloud Peak Energy Resources LLC	8.250		12/15/17		1,020
	2,000,000		Cloud Peak Energy Resources LLC	8.500		12/15/19		2,085
	9,725,000		ConocoPhillips	4.600		01/15/15		10,723
	7,600,000		ConocoPhillips	6.500		02/01/39		10,094
	2,075,000	g	Continental Resources, Inc	5.000		09/15/22		2,085
	6,800,000		Devon Energy Corp	5.600		07/15/41		7,651
	3,793,050		Dolphin Energy Ltd	5.888		06/15/19		4,106
	5,300,000	g	Dolphin Energy Ltd	5.500		12/15/21		5,585
	4,500,000	g	Empresa Nacional del Petroleo	6.250		07/08/19		5,142
	3,448,000	g	Empresa Nacional del Petroleo	4.750		12/06/21		3,573
	3,250,000		Enbridge Energy Partners LP	5.200		03/15/20		3,607
	1,525,000		EnCana Corp	6.625		08/15/37		1,660
	2,000,000		Encore Acquisition Co	9.500		05/01/16		2,200
	5,950,000		Enterprise Products Operating LLC	4.600		08/01/12		6,029
	4,000,000		Enterprise Products Operating LLC	5.600		10/15/14		4,418
	1,150,000		Enterprise Products Operating LLC	5.000		03/01/15		1,262
	4,260,000		Enterprise Products Operating LLC	6.500		01/31/19		5,056
	3,545,000		Enterprise Products Operating LLC	6.125		10/15/39		3,992
	4,105,000		Enterprise Products Operating LLC	5.950		02/01/41		4,573
	1,750,000		Enterprise Products Operating LLC	5.700		02/15/42		1,892
	2,325,000		EOG Resources, Inc	4.100		02/01/21		2,517
	3,000,000	g	Gaz Capital S.A.	5.092		11/29/15		3,143
	4,000,000		Gaz Capital S.A.	6.212		11/22/16		4,352
	700,000		Gaz Capital S.A.	6.510		03/07/22		763
	3,600,000		Hess Corp	8.125		02/15/19		4,649
	1,075,000		Hess Corp	6.000		01/15/40		1,231
	4,625,000		Hess Corp	5.600		02/15/41		5,029
	2,000,000		Kaneb Pipe Line Operating Partnership LP	5.875		06/01/13		2,081
	4,750,000	g	Korea National Oil Corp	3.125		04/03/17		4,740
	5,530,000		Marathon Petroleum Corp	3.500		03/01/16		5,761
	4,275,000		Marathon Petroleum Corp	5.125		03/01/21		4,650
	1,000,000		MarkWest Energy Partners LP	6.750		11/01/20		1,080
	2,475,000		Noble Holding International Ltd	3.450		08/01/15		2,606
	7,550,000		Noble Holding International Ltd	4.900		08/01/20		8,066
	4,570,000	g	Novatek Finance Ltd	6.604		02/03/21		5,051
	12,000,000		Occidental Petroleum Corp	1.750		02/15/17		12,133
	7,450,000		Occidental Petroleum Corp	4.100		02/01/21		8,149
	800,000		Pemex Project Funding Master Trust	5.750		03/01/18		900
	1,150,000		Pemex Project Funding Master Trust	6.625		06/15/35		1,311
	1,890,000		Pemex Project Funding Master Trust	6.625		06/15/38		2,155
	3,650,000	g	Pertamina PT	5.250		05/23/21		3,842
	1,750,000	g	Pertamina PT	6.500		05/27/41		1,890
	2,080,000		Petrobras International Finance Co	3.875		01/27/16		2,189
	4,500,000		Petrobras International Finance Co	7.875		03/15/19		5,552
	4,450,000		Petrobras International Finance Co	6.875		01/20/40		5,228
	6,050,000		Petrobras International Finance Co-Pifco	3.500		02/06/17		6,201
	2,900,000		Petroleos Mexicanos	8.000		05/03/19		3,668
	2,500,000		Petroleos Mexicanos	6.000		03/05/20		2,846
	4,000,000		Petroleos Mexicanos	5.500		01/21/21		4,410
	5,560,000	g	Petroleos Mexicanos	4.875		01/24/22		5,838

299

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$   2,710,000	g	Petroleos Mexicanos	6.500	%	06/02/41	$	3,049
	3,440,000		Petroleos Mexicanos	6.500		06/02/41		3,870
	3,960,000	g	Petroleum Co of Trinidad & Tobago Ltd	9.750		08/14/19		4,883
	7,400,000	g	Phillips 66	1.950		03/05/15		7,451
	6,125,000	g	Phillips 66	4.300		04/01/22		6,230
	3,000,000		Plains All American Pipeline LP	5.625		12/15/13		3,205
	10,650,000		Plains All American Pipeline LP	3.650		06/01/22		10,455
	2,674,000		Precision Drilling Trust	6.625		11/15/20		2,801
	700,000		Range Resources Corp	7.250		05/01/18		739
	3,335,000		Range Resources Corp	5.000		08/15/22		3,293
	3,454,304		Ras Laffan Liquefied Natural Gas Co Ltd	5.298		09/30/20		3,696
	3,000,000	g	Reliance Holdings USA	4.500		10/19/20		2,893
	6,100,000	g	Reliance Holdings USA	5.400		02/14/22		6,068
	15,900,000	g	Schlumberger Investment S.A.	3.300		09/14/21		16,109
	6,250,000		Shell International Finance BV	3.100		06/28/15		6,690
	7,620,000		Shell International Finance BV	4.300		09/22/19		8,639
	1,925,000		Shell International Finance BV	6.375		12/15/38		2,547
	3,464,000		Southwestern Energy Co	7.500		02/01/18		4,174
	2,800,000		Statoil ASA	2.900		10/15/14		2,949
	6,100,000		Total Capital International S.A.	1.500		02/17/17		5,936
	2,175,000		TransCanada Pipelines Ltd	4.000		06/15/13		2,262
	3,400,000		TransCanada Pipelines Ltd	5.850		03/15/36		4,017
	2,750,000	i	TransCanada Pipelines Ltd	6.350		05/15/67		2,842
	2,000,000		Vale Overseas Ltd	6.250		01/23/17		2,305
	2,875,000		Vale Overseas Ltd	4.375		01/11/22		2,888
	2,760,000		Vale Overseas Ltd	6.875		11/21/36		3,201
	4,650,000		Vale Overseas Ltd	6.875		11/10/39		5,432
	3,375,000		Valero Energy Corp	4.500		02/01/15		3,624
	3,325,000		Weatherford International Ltd	4.500		04/15/22		3,320
	5,000,000		XTO Energy, Inc	6.250		04/15/13		5,279
	4,400,000		XTO Energy, Inc	4.625		06/15/13		4,602
			TOTAL ENERGY					414,736
FOOD & STAPLES RETAILING - 0.3%
	5,690,000		CVS Caremark Corp	3.250		05/18/15		6,031
	10,500,000		CVS Caremark Corp	5.750		06/01/17		12,391
	795,000		CVS Caremark Corp	6.600		03/15/19		980
	3,800,000		Delhaize Group S.A.	5.875		02/01/14		4,086
	3,800,000		Delhaize Group S.A.	6.500		06/15/17		4,391
	1,500,000		Ingles Markets, Inc	8.875		05/15/17		1,624
	1,500,000		Kroger Co	6.200		06/15/12		1,516
	1,205,000		Kroger Co	5.000		04/15/13		1,256
	4,150,000		Kroger Co	2.200		01/15/17		4,216
	7,000,000		Safeway, Inc	3.400		12/01/16		7,259
	880,000		Stater Bros Holdings, Inc	7.750		04/15/15		899
	900,000		Stater Bros Holdings, Inc	7.375		11/15/18		975
	439,000		SuperValu, Inc	8.000		05/01/16		460
			TOTAL FOOD & STAPLES RETAILING					46,084
FOOD, BEVERAGE & TOBACCO - 1.0%
	6,300,000		Anheuser-Busch InBev Worldwide, Inc	2.875		02/15/16		6,645
	12,885,000		Anheuser-Busch InBev Worldwide, Inc	5.375		01/15/20		15,142
	6,400,000		Bottling Group LLC	6.950		03/15/14		7,175

300

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$   4,500,000	g	CCL Finance Ltd	9.500	%	08/15/14	$	5,060
	6,150,000		Coca-Cola Co	0.750		03/13/15		6,133
	18,750,000		Coca-Cola Co	1.800		09/01/16		19,149
	7,200,000		Coca-Cola Co	3.150		11/15/20		7,522
	7,600,000		Coca-Cola Co	3.300		09/01/21		7,907
	4,080,000		General Mills, Inc	5.200		03/17/15		4,540
	1,650,000	g	Grupo Bimbo SAB de C.V.	4.875		06/30/20		1,731
	3,875,000	g	Grupo Bimbo SAB de C.V.	4.500		01/25/22		3,946
	6,000,000		HJ Heinz Co	1.500		03/01/17		5,957
	2,530,000		Kraft Foods, Inc	6.125		02/01/18		3,036
	8,750,000		Kraft Foods, Inc	5.375		02/10/20		10,115
	8,105,000		Kraft Foods, Inc	6.500		02/09/40		9,974
	625,000		PepsiAmericas, Inc	4.375		02/15/14		665
	680,000		PepsiCo, Inc	7.900		11/01/18		914
	2,000,000	g	Pernod-Ricard S.A.	2.950		01/15/17		2,020
	9,475,000	g	Pernod-Ricard S.A.	4.450		01/15/22		9,611
	2,350,000	g	Pernod-Ricard S.A.	5.500		01/15/42		2,363
	2,900,000		Philip Morris International, Inc	4.875		05/16/13		3,041
	7,425,000		Philip Morris International, Inc	6.875		03/17/14		8,325
	1,600,000		Philip Morris International, Inc	6.375		05/16/38		1,989
			TOTAL FOOD, BEVERAGE & TOBACCO					142,960
HEALTH CARE EQUIPMENT & SERVICES - 0.5%
	3,900,000		Becton Dickinson and Co	1.750		11/08/16		3,946
	3,750,000		Boston Scientific Corp	4.500		01/15/15		4,023
	4,500,000	g	Fresenius Medical Care Capital Trust	5.750		02/15/21		4,658
	4,000,000	g	Fresenius Medical Care II	5.625		07/31/19		4,120
	4,560,000		HCA, Inc	6.500		02/15/20		4,788
	1,252,000		McKesson Corp	3.250		03/01/16		1,341
	5,000,000		Medtronic, Inc	4.750		09/15/15		5,596
	3,500,000		Quest Diagnostics, Inc	6.400		07/01/17		4,115
	6,225,000		Thermo Fisher Scientific, Inc	2.150		12/28/12		6,277
	1,695,000		Thermo Fisher Scientific, Inc	3.200		05/01/15		1,797
	1,750,000		Thermo Fisher Scientific, Inc	5.000		06/01/15		1,944
	12,280,000		Thermo Fisher Scientific, Inc	3.200		03/01/16		13,083
	6,125,000		Thermo Fisher Scientific, Inc	2.250		08/15/16		6,339
	2,560,000		Thermo Fisher Scientific, Inc	4.700		05/01/20		2,866
	3,300,000		Thermo Fisher Scientific, Inc	3.600		08/15/21		3,483
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					68,376
HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
	7,175,000		Clorox Co	3.800		11/15/21		7,251
	6,325,000		Ecolab, Inc	4.350		12/08/21		6,705
	2,620,000		Procter & Gamble Co	2.300		02/06/22		2,533
	4,975,000		Procter & Gamble Co	5.550		03/05/37		6,218
	3,000,000		Unilever Capital Corp	4.800		02/15/19		3,480
	2,000,000		Unilever Capital Corp	4.250		02/10/21		2,260
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					28,447
INSURANCE - 1.2%
	3,825,000		ACE INA Holdings, Inc	5.875		06/15/14		4,214
	2,155,000		Aetna, Inc	6.500		09/15/18		2,653
	1,925,000		Aetna, Inc	6.625		06/15/36		2,398

301

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$   5,375,000		Allstate Corp	7.450	%	05/16/19	$	6,741
	4,375,000		American Financial Group, Inc	9.875		06/15/19		5,348
	500,000		American International Group, Inc	3.650		01/15/14		509
	3,750,000		Chubb Corp	6.000		05/11/37		4,563
	1,390,000		CIGNA Corp	5.125		06/15/20		1,531
	6,900,000		CIGNA Corp	4.500		03/15/21		7,281
	7,600,000		Hartford Financial Services Group, Inc	4.000		03/30/15		7,858
	7,600,000		Hartford Financial Services Group, Inc	5.500		03/30/20		8,122
	3,725,000		Hartford Financial Services Group, Inc	6.625		03/30/40		3,847
	9,575,000		HCA, Inc	5.875		03/15/22		9,587
	2,800,000		Lincoln National Corp	7.000		06/15/40		3,288
	7,500,000		Markel Corp	5.350		06/01/21		7,820
	5,620,000		Metlife, Inc	5.000		06/15/15		6,216
	7,675,000		Metlife, Inc	6.750		06/01/16		9,118
	4,500,000		Metlife, Inc	5.700		06/15/35		5,234
	5,500,000	g	Principal Life Global Funding I	5.125		10/15/13		5,760
	5,000,000		Progressive Corp	3.750		08/23/21		5,322
	2,000,000		Prudential Financial, Inc	3.875		01/14/15		2,106
	8,050,000		Prudential Financial, Inc	7.375		06/15/19		9,951
	5,000,000		Prudential Financial, Inc	6.625		06/21/40		5,847
	7,000,000		Prudential Financial, Inc	6.200		11/15/40		7,874
	3,000,000	g	Prudential Funding LLC	6.750		09/15/23		3,222
	4,250,000		Travelers Cos, Inc	5.800		05/15/18		5,134
	1,150,000		Travelers Cos, Inc	5.900		06/02/19		1,392
	1,500,000		Unum Group	5.625		09/15/20		1,588
	1,800,000		WellPoint, Inc	5.875		06/15/17		2,102
	2,250,000		WellPoint, Inc	5.850		01/15/36		2,603
	7,000,000		Willis Group Holdings plc	4.125		03/15/16		7,115
	2,400,000		WR Berkley Corp	5.375		09/15/20		2,521
			TOTAL INSURANCE					158,865
MATERIALS - 1.7%
	3,385,000		3M Co	4.375		08/15/13		3,565
	4,150,000		3M Co	5.700		03/15/37		5,301
	4,600,000		Air Products & Chemicals, Inc	4.150		02/01/13		4,738
	6,630,000		Air Products & Chemicals, Inc	4.375		08/21/19		7,407
	1,125,000		Airgas, Inc	4.500		09/15/14		1,205
	1,000,000		Airgas, Inc	7.125		10/01/18		1,085
	4,000,000	g	Anglo American Capital plc	2.625		04/03/17		4,004
	2,150,000	g	Anglo American Capital plc	4.450		09/27/20		2,224
	6,540,000		AngloGold Ashanti Holdings plc	5.375		04/15/20		6,732
	1,860,000		ArcelorMittal	3.750		08/05/15		1,889
	3,750,000		ArcelorMittal	3.750		03/01/16		3,747
	3,500,000		ArcelorMittal	4.500		02/25/17		3,510
	2,085,000		ArcelorMittal	9.850		06/01/19		2,509
	2,950,000		ArcelorMittal	6.250		02/25/22		2,983
	1,015,000		Ball Corp	7.125		09/01/16		1,106
	355,000		Ball Corp	7.375		09/01/19		392
	4,000,000		Ball Corp	5.750		05/15/21		4,250
	1,365,000		Ball Corp	5.000		03/15/22		1,368
	12,100,000	g	Barrick Gold Corp	3.850		04/01/22		12,033
	7,175,000		Barrick North America Finance LLC	4.400		05/30/21		7,563
	2,500,000	g	Braskem Finance Ltd	5.750		04/15/21		2,617

302

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$   3,000,000		Celanese US Holdings LLC	6.625	%	10/15/18	$	3,195
	2,000,000		CF Industries, Inc	6.875		05/01/18		2,307
	3,175,000		CF Industries, Inc	7.125		05/01/20		3,782
	7,800,000		Cliffs Natural Resources, Inc	6.250		10/01/40		8,283
	5,600,000	g	Corp Nacional del Cobre de Chile-CODELCO	3.750		11/04/20		5,737
	5,100,000	g	Corp Nacional del Cobre de Chile-CODELCO	3.875		11/03/21		5,208
	2,770,000		Crown Americas LLC	6.250		02/01/21		2,978
	5,025,000		Domtar Corp	4.400		04/01/22		4,966
	7,734,000		Dow Chemical Co	4.125		11/15/21		7,956
	1,000,000		Eastman Chemical Co	5.500		11/15/19		1,112
	6,450,000		EI Du Pont de Nemours & Co	3.250		01/15/15		6,894
	6,000,000		EI Du Pont de Nemours & Co	4.625		01/15/20		6,861
	15,000,000		Freeport-McMoRan Copper & Gold, Inc	1.400		02/13/15		14,943
	1,800,000		Freeport-McMoRan Copper & Gold, Inc	3.550		03/01/22		1,729
	3,315,000	g	Fufeng Group Ltd	7.625		04/13/16		2,867
	1,500,000		Graphic Packaging International, Inc	9.500		06/15/17		1,665
	1,400,000		Greif, Inc	7.750		08/01/19		1,582
	4,250,000		International Paper Co	7.300		11/15/39		5,174
	5,900,000		International Paper Co	6.000		11/15/41		6,404
	3,000,000	g,h	LyondellBasell Industries NV	5.000		04/15/19		3,000
	1,950,000	g	LyondellBasell Industries NV	6.000		11/15/21		2,048
	3,000,000		Martin Marietta Materials, Inc	6.600		04/15/18		3,266
	7,650,000		Newmont Mining Corp	3.500		03/15/22		7,370
	3,825,000		Newmont Mining Corp	4.875		03/15/42		3,559
	5,050,000		Praxair, Inc	5.250		11/15/14		5,626
	7,350,000		Praxair, Inc	2.450		02/15/22		7,069
	7,500,000		Rio Tinto Finance USA Ltd	2.250		09/20/16		7,712
	2,000,000		Silgan Holdings, Inc	7.250		08/15/16		2,248
	5,000,000	g	Silgan Holdings, Inc	5.000		04/01/20		4,975
	3,140,000	g	Sociedad Quimica y Minera de Chile S.A.	5.500		04/21/20		3,412
	3,000,000		Solutia, Inc	7.875		03/15/20		3,518
	1,940,000		Teck Resources Ltd	6.000		08/15/40		2,043
	4,100,000		Teck Resources Ltd	5.200		03/01/42		3,890
	5,450,000	g	Xstrata Canada Financial Corp	4.950		11/15/21		5,709
			TOTAL MATERIALS					239,316
MEDIA - 1.0%
	1,000,000		AMC Entertainment, Inc	8.750		06/01/19		1,048
	3,750,000		CBS Corp	4.300		02/15/21		3,931
	1,960,000		CCO Holdings LLC	6.625		01/31/22		2,033
	1,388,000		Cinemark USA, Inc	8.625		06/15/19		1,541
	1,011,000		Comcast Cable Communications Holdings, Inc	8.375		03/15/13		1,084
	1,455,000		CSC Holdings LLC	8.500		04/15/14		1,619
	4,740,000		DIRECTV Holdings LLC	7.625		05/15/16		4,965
	7,000,000	g	DIRECTV Holdings LLC	2.400		03/15/17		6,938
	15,250,000	g	DIRECTV Holdings LLC	3.800		03/15/22		15,041
	11,050,000	g	DIRECTV Holdings LLC	5.150		03/15/42		10,765
	5,000,000		Grupo Televisa S.A.	6.000		05/15/18		5,765
	2,160,000		Lamar Media Corp	7.875		04/15/18		2,362
	1,850,000	g	Lamar Media Corp	5.875		02/01/22		1,882
	8,700,000		NBC Universal Media LLC	5.150		04/30/20		9,847
	11,930,000		NBC Universal Media LLC	4.375		04/01/21		12,779
	1,274,000		News America, Inc	7.250		05/18/18		1,541

303

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$   2,105,000		News America, Inc	7.625	%	11/30/28	$	2,427
	1,578,000		News America, Inc	6.550		03/15/33		1,732
	3,800,000		News America, Inc	6.200		12/15/34		4,214
	3,575,000		News America, Inc	6.650		11/15/37		4,167
	3,800,000		News America, Inc	6.900		08/15/39		4,503
	3,315,000		Nielsen Finance LLC	7.750		10/15/18		3,655
	2,100,000		Time Warner Cable, Inc	8.750		02/14/19		2,738
	9,675,000		Time Warner Cable, Inc	8.250		04/01/19		12,373
	5,000,000		Time Warner Cable, Inc	4.000		09/01/21		5,123
	3,000,000		Time Warner, Inc	3.150		07/15/15		3,177
	3,825,000		Time Warner, Inc	6.500		11/15/36		4,438
	5,000,000		Time Warner, Inc	5.375		10/15/41		5,253
	4,850,000		Viacom, Inc	1.250		02/27/15		4,845
	10,075,000		Viacom, Inc	2.500		12/15/16		10,312
			TOTAL MEDIA					152,098
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.6%
	3,975,000		Abbott Laboratories	5.300		05/27/40		4,596
	6,500,000	g	Aristotle Holding, Inc	2.100		02/12/15		6,580
	6,850,000	g	Aristotle Holding, Inc	3.900		02/15/22		6,924
	5,450,000		Johnson & Johnson	2.150		05/15/16		5,675
	4,000,000		Johnson & Johnson	5.850		07/15/38		5,171
	3,140,000		Life Technologies Corp	3.500		01/15/16		3,262
	4,115,000		Mead Johnson Nutrition Co	4.900		11/01/19		4,606
	2,750,000		Mead Johnson Nutrition Co	5.900		11/01/39		3,190
	7,750,000		Merck & Co, Inc	3.875		01/15/21		8,510
	1,500,000	g	Mylan, Inc	7.875		07/15/20		1,672
	1,750,000		NBTY, Inc	9.000		10/01/18		1,927
	3,750,000		Novartis Capital Corp	4.125		02/10/14		3,994
	15,775,000		Novartis Capital Corp	2.900		04/24/15		16,809
	3,230,000		Pfizer, Inc	5.350		03/15/15		3,652
	8,750,000		Sanofi-Aventis S.A.	2.625		03/29/16		9,162
	3,225,000		Schering-Plough Corp	6.550		09/15/37		4,407
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					90,137
REAL ESTATE - 0.7%
	1,485,000		AMB Property LP	7.625		08/15/14		1,652
	2,310,000		AMB Property LP	4.500		08/15/17		2,380
	3,750,000		Boston Properties LP	3.700		11/15/18		3,878
	2,000,000		Brandywine Operating Partnership LP	5.400		11/01/14		2,127
	1,525,000		Brandywine Operating Partnership LP	7.500		05/15/15		1,696
	7,000,000		Brandywine Operating Partnership LP	4.950		04/15/18		7,138
	3,965,000		Camden Property Trust	4.625		06/15/21		4,075
	6,800,000		Developers Diversified Realty Corp	4.750		04/15/18		7,044
	3,460,000		Developers Diversified Realty Corp	7.875		09/01/20		4,092
	255,000		Federal Realty Investment Trust	5.650		06/01/16		281
	700,000		Federal Realty Investment Trust	5.900		04/01/20		775
	6,450,000		Health Care REIT, Inc	3.625		03/15/16		6,546
	4,700,000		Health Care REIT, Inc	4.125		04/01/19		4,663
	2,775,000		Healthcare Realty Trust, Inc	5.750		01/15/21		2,840
	1,600,000		Highwoods Properties, Inc	5.850		03/15/17		1,700
	1,925,000		Kilroy Realty Corp	5.000		11/03/15		2,051
	3,250,000		Kilroy Realty LP	4.800		07/15/18		3,377

304

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$   840,000		Kimco Realty Corp	5.700	%	05/01/17	$	920
	4,000,000		National Retail Properties, Inc	5.500		07/15/21		4,165
	900,000		Nationwide Health Properties, Inc	6.250		02/01/13		932
	2,325,000		Regency Centers LP	5.250		08/01/15		2,504
	225,000		Regency Centers LP	5.875		06/15/17		252
	800,000		Simon Property Group LP	5.250		12/01/16		905
	4,150,000		Simon Property Group LP	2.800		01/30/17		4,249
	3,040,000		Simon Property Group LP	10.350		04/01/19		4,187
	7,900,000		Simon Property Group LP	3.375		03/15/22		7,619
	1,750,000	g,i	USB Realty Corp	1.719		12/30/49		1,328
	1,360,000		Ventas Realty LP	3.125		11/30/15		1,395
	1,850,000		Ventas Realty LP	4.250		03/01/22		1,798
	3,750,000		Washington Real Estate Investment Trust	4.950		10/01/20		3,917
	4,500,000	g	Yanlord Land Group Ltd	10.625		03/29/18		3,994
			TOTAL REAL ESTATE					94,480
RETAILING - 0.7%
	5,250,000	g	Ace Hardware Corp	9.125		06/01/16		5,526
	3,000,000		AmeriGas Partners LP	6.250		08/20/19		2,996
	2,000,000		Asbury Automotive Group, Inc	7.625		03/15/17		2,073
	2,500,000		AutoNation, Inc	5.500		02/01/20		2,538
	3,150,000		Limited Brands, Inc	7.000		05/01/20		3,512
	3,855,000		Limited Brands, Inc	5.625		02/15/22		3,889
	15,062,000		Macy’s Retail Holdings, Inc	5.900		12/01/16		17,284
	3,350,000		Macy’s Retail Holdings, Inc	3.875		01/15/22		3,360
	2,425,000		Nordstrom, Inc	4.000		10/15/21		2,580
	4,565,000		O’Reilly Automotive, Inc	4.625		09/15/21		4,812
	3,000,000	g	QVC, Inc	7.125		04/15/17		3,195
	2,000,000	g	QVC, Inc	7.500		10/01/19		2,195
	3,875,000		Staples, Inc	9.750		01/15/14		4,403
	10,650,000		Target Corp	2.900		01/15/22		10,526
	875,000		Wal-Mart Stores, Inc	3.000		02/03/14		915
	3,450,000		Wal-Mart Stores, Inc	3.250		10/25/20		3,611
	3,675,000		Wal-Mart Stores, Inc	5.000		10/25/40		4,068
	12,000,000		Wal-Mart Stores, Inc	5.625		04/15/41		14,524
			TOTAL RETAILING					92,007
SOFTWARE & SERVICES - 0.4%
	5,000,000	g	Fidelity National Information Services, Inc	5.000		03/15/22		4,925
	14,200,000		International Business Machines Corp	0.550		02/06/15		14,126
	4,030,000		International Business Machines Corp	1.950		07/22/16		4,136
	9,050,000		International Business Machines Corp	1.250		02/06/17		8,977
	3,655,000		Microsoft Corp	0.875		09/27/13		3,682
	8,825,000		Microsoft Corp	1.625		09/25/15		9,087
	3,925,000		Oracle Corp	3.750		07/08/14		4,200
	3,100,000		Oracle Corp	5.750		04/15/18		3,769
	3,750,000		Oracle Corp	3.875		07/15/20		4,128
	1,000,000		SunGard Data Systems, Inc	7.375		11/15/18		1,062
			TOTAL SOFTWARE & SERVICES					58,092
TECHNOLOGY HARDWARE & EQUIPMENT - 0.4%
	4,000,000		Amphenol Corp	4.750		11/15/14		4,345
	1,000,000		Brocade Communications Systems, Inc	6.875		01/15/20		1,103

305

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$   5,250,000		Hewlett-Packard Co	4.750	%	06/02/14	$	5,616
	3,500,000		Jabil Circuit, Inc	5.625		12/15/20		3,675
	2,212,000		L-3 Communications Corp	6.375		10/15/15		2,265
	9,500,000		L-3 Communications Corp	3.950		11/15/16		10,002
	2,000,000		L-3 Communications Corp	4.950		02/15/21		2,092
	4,000,000		NII Capital Corp	7.625		04/01/21		3,910
	3,600,000		Xerox Corp	8.250		05/15/14		4,065
	4,000,000		Xerox Corp	2.950		03/15/17		4,042
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					41,115
TELECOMMUNICATION SERVICES - 1.6%
	2,870,000		America Movil SAB de C.V.	2.375		09/08/16		2,905
	2,400,000		America Movil SAB de C.V.	5.000		03/30/20		2,669
	11,450,000		American Tower Corp	4.700		03/15/22		11,542
	2,500,000		AT&T, Inc	2.500		08/15/15		2,602
	20,750,000		AT&T, Inc	2.950		05/15/16		21,927
	2,000,000		AT&T, Inc	6.150		09/15/34		2,307
	11,500,000		AT&T, Inc	6.300		01/15/38		13,516
	4,500,000		Axiata SPV1 (Labuan) Ltd	5.375		04/28/20		4,746
	13,125,000		BellSouth Corp	5.200		09/15/14		14,445
	1,975,000		BellSouth Corp	6.550		06/15/34		2,255
	13,850,000		Cellco Partnership	8.500		11/15/18		19,016
	4,000,000	g	Deutsche Telekom International Finance BV	2.250		03/06/17		3,959
	4,000,000		Deutsche Telekom International Finance BV	8.750		06/15/30		5,498
	3,625,000	g	Deutsche Telekom International Finance BV	4.875		03/06/42		3,425
	7,400,000	g	Oi S.A.	5.750		02/10/22		7,613
	4,450,000	g	Qtel International Finance	4.750		02/16/21		4,600
	3,000,000		Qwest Communications International, Inc	7.125		04/01/18		3,203
	1,225,000		Sprint Nextel Corp	6.000		12/01/16		1,093
	3,075,000		Telecom Italia Capital S.A.	6.175		06/18/14		3,236
	4,825,000		Telecom Italia Capital S.A.	6.999		06/04/18		5,139
	4,275,000		Telecom Italia Capital S.A.	7.175		06/18/19		4,553
	21,100,000		Telefonica Emisiones SAU	3.992		02/16/16		21,002
	3,315,000	g	Telefonica Moviles Chile S.A.	2.875		11/09/15		3,312
	4,500,000		Telefonos de Mexico SAB de C.V.	5.500		11/15/19		5,097
	8,728,000	g	Telemar Norte Leste S.A.	5.500		10/23/20		8,972
	5,125,000		Verizon Communications, Inc	5.250		04/15/13		5,373
	1,250,000		Verizon Communications, Inc	6.100		04/15/18		1,505
	2,905,000		Verizon Communications, Inc	8.750		11/01/18		3,942
	3,100,000		Verizon Communications, Inc	8.950		03/01/39		4,791
	6,500,000		Verizon Virginia, Inc	4.625		03/15/13		6,745
	4,500,000	g	Vimpelcom Holdings	7.504		03/01/22		4,365
	1,862,000		Virgin Media Finance plc	9.500		08/15/16		2,099
	5,000,000		Virgin Media Finance plc	5.250		02/15/22		4,956
	5,400,000		Virgin Media Secured Finance plc	5.250		01/15/21		5,805
	735,000		Windstream Corp	8.125		09/01/18		786
			TOTAL TELECOMMUNICATION SERVICES					218,999
TRANSPORTATION - 0.7%
	5,730,000	g	Asciano Finance	5.000		04/07/18		5,918
	1,800,000	g	Asciano Finance Ltd	3.125		09/23/15		1,790
	2,840,000		Bristow Group, Inc	7.500		09/15/17		2,968
	5,000,000		Burlington Northern Santa Fe LLC	3.450		09/15/21		5,080

306

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$   7,650,000		Burlington Northern Santa Fe LLC	3.050	%	03/15/22	$	7,522
	3,475,000		Burlington Northern Santa Fe LLC	5.050		03/01/41		3,625
	12,900,000		Burlington Northern Santa Fe LLC	4.400		03/15/42		12,196
	3,000,000	g	DP World Ltd	6.850		07/02/37		2,895
	2,325,000		Embraer Overseas Ltd	6.375		01/15/20		2,560
	2,640,000		Kansas City Southern de Mexico S.A. de C.V.	8.000		02/01/18		2,930
	4,500,000		Kansas City Southern de Mexico S.A. de C.V.	6.625		12/15/20		4,860
	2,085,000		Kansas City Southern de Mexico S.A. de C.V.	6.125		06/15/21		2,244
	5,650,000	g	Kazakhstan Temir Zholy Finance BV	6.375		10/06/20		6,257
	2,500,000		Norfolk Southern Corp	5.750		01/15/16		2,892
	2,800,000		Norfolk Southern Corp	5.750		04/01/18		3,308
	6,750,000		Norfolk Southern Corp	3.000		04/01/22		6,636
	2,056,000		Norfolk Southern Corp	5.590		05/17/25		2,417
	3,500,000	g	Transnet Ltd	4.500		02/10/16		3,623
	5,578,000		Union Pacific Corp	4.163		07/15/22		6,027
	5,500,000		Union Pacific Corp	4.750		09/15/41		5,611
	7,750,000		United Parcel Service, Inc	3.125		01/15/21		8,118
			TOTAL TRANSPORTATION					99,477
UTILITIES - 3.0%
	3,630,000	g	Abu Dhabi National Energy Co	5.875		12/13/21		3,866
	2,500,000		AES Corp	7.750		03/01/14		2,700
	4,300,000		AES El Salvador Trust	6.750		02/01/16		4,343
	3,785,000	g	AES Gener S.A.	5.250		08/15/21		3,993
	2,250,000		AGL Capital Corp	5.250		08/15/19		2,548
	2,000,000		AGL Capital Corp	6.000		10/01/34		2,256
	8,435,000		Alliant Energy Corp	4.000		10/15/14		8,918
	1,667,000		Arizona Public Service Co	5.050		09/01/41		1,775
	5,500,000		Atmos Energy Corp	8.500		03/15/19		7,196
	2,000,000	g	Calpine Corp	7.500		02/15/21		2,135
	4,500,000		Carolina Power & Light Co	5.125		09/15/13		4,791
	4,750,000		Carolina Power & Light Co	5.300		01/15/19		5,585
	2,750,000		Carolina Power & Light Co	5.700		04/01/35		3,245
	2,100,000		CenterPoint Energy Houston Electric LLC	7.000		03/01/14		2,330
	3,670,000		CenterPoint Energy Resources Corp	4.500		01/15/21		3,911
	3,550,000		CenterPoint Energy Resources Corp	6.250		02/01/37		4,070
	7,500,000		CenterPoint Energy Resources Corp	5.850		01/15/41		8,538
	5,200,000	g	Centrais Eletricas Brasileiras S.A.	5.750		10/27/21		5,691
	9,000,000	g	CEZ AS.	4.250		04/03/22		8,951
	4,630,000	g	CEZ AS.	5.625		04/03/42		4,622
	3,075,000	g	China Resources Gas Group Ltd	4.500		04/05/22		3,022
	2,500,000		CMS Energy Corp	5.050		02/15/18		2,626
	2,500,000	g	Colbun S.A.	6.000		01/21/20		2,657
	2,075,000	g	Comision Federal de Electricidad	5.750		02/14/42		2,073
	5,860,000	g	Comision Federal Electricidad	4.875		05/26/21		6,212
	3,055,000		Commonwealth Edison Co	4.000		08/01/20		3,298
	4,200,000		Commonwealth Edison Co	5.900		03/15/36		5,096
	2,750,000		Connecticut Light & Power Co	5.500		02/01/19		3,224
	3,500,000		Consolidated Edison Co of New York, Inc	5.700		06/15/40		4,268
	4,250,000		Consolidated Natural Gas Co	5.000		12/01/14		4,668
	4,000,000		Dominion Resources, Inc	4.900		08/01/41		4,197
	7,150,000		Duke Energy Carolinas LLC	5.750		11/15/13		7,725
	1,400,000		Duke Energy Carolinas LLC	4.300		06/15/20		1,562

307

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$   2,000,000		Florida Power Corp	6.400	%	06/15/38	$	2,602
	3,500,000		FPL Group Capital, Inc	2.600		09/01/15		3,586
	5,000,000		Georgia Power Co	5.400		06/01/40		5,720
	5,000,000		Indiana Michigan Power Co	7.000		03/15/19		6,127
	3,855,000	g	Instituto Costarricense de Electricidad	6.950		11/10/21		4,048
	2,725,000		Integrys Energy Group, Inc	4.170		11/01/20		2,835
	3,350,000	g	Israel Electric Corp Ltd	6.700		02/10/17		3,453
	1,000,000	g	Kansas Gas & Electric	6.700		06/15/19		1,237
	2,815,000		Kinder Morgan Energy Partners LP	5.850		09/15/12		2,873
	6,650,000		Kinder Morgan Energy Partners LP	3.500		03/01/16		7,005
	2,825,000		Kinder Morgan Energy Partners LP	9.000		02/01/19		3,619
	6,430,000	g	KMG Finance Sub BV	6.375		04/09/21		7,102
	1,850,000	g	Korea Hydro & Nuclear Power Co Ltd	3.125		09/16/15		1,883
	7,150,000	g	Korea Hydro & Nuclear Power Co Ltd	4.750		07/13/21		7,411
	5,000,000		LG&E and KU Energy LLC	3.750		11/15/20		4,979
	5,950,000		Midamerican Energy Holdings Co	5.950		05/15/37		6,949
	4,000,000		National Fuel Gas Co	5.250		03/01/13		4,143
	2,800,000		Nevada Power Co	6.500		08/01/18		3,447
	3,500,000		Nevada Power Co	6.650		04/01/36		4,480
	3,335,000		Nevada Power Co	5.450		05/15/41		3,809
	2,850,000		Oncor Electric Delivery Co LLC	5.250		09/30/40		2,874
	8,400,000	g	Oncor Electric Delivery Co LLC	4.550		12/01/41		7,587
	4,075,000		ONEOK Partners LP	5.900		04/01/12		4,075
	5,250,000		Pacific Gas & Electric Co	8.250		10/15/18		6,950
	2,350,000		Pacific Gas & Electric Co	3.250		09/15/21		2,379
	2,750,000		PacifiCorp	6.000		01/15/39		3,396
	4,825,000		Pepco Holdings, Inc	2.700		10/01/15		4,913
	8,050,000	g	Perusahaan Listrik Negara PT	5.500		11/22/21		8,432
	6,750,000		PG&E Corp	5.750		04/01/14		7,356
	750,000		Potomac Electric Power Co	7.900		12/15/38		1,145
	2,000,000		PPL Electric Utilities Corp	3.000		09/15/21		2,008
	1,750,000		PPL Electric Utilities Corp	5.200		07/15/41		2,013
	3,825,000		Progress Energy, Inc	7.050		03/15/19		4,731
	2,000,000		Public Service Co of Colorado	7.875		10/01/12		2,072
	4,625,000		Public Service Co of Colorado	3.200		11/15/20		4,795
	8,800,000		Public Service Co of Oklahoma	5.150		12/01/19		9,882
	2,640,000		Public Service Electric & Gas Co	5.300		05/01/18		3,124
	5,000,000		Public Service Electric & Gas Co	3.500		08/15/20		5,291
	2,940,000		QEP Resources, Inc	5.375		10/01/22		2,914
	1,250,000		Questar Market Resources, Inc	6.875		03/01/21		1,381
	2,000,000		Sabine Pass LNG LP	7.250		11/30/13		2,110
	4,275,000		San Diego Gas & Electric Co	3.000		08/15/21		4,374
	3,100,000		San Diego Gas & Electric Co	3.950		11/15/41		2,998
	3,000,000		Sempra Energy	2.300		04/01/17		3,037
	4,000,000		Sempra Energy	6.000		10/15/39		4,803
	9,475,000		Southern California Edison Co	3.875		06/01/21		10,318
	2,000,000		Spectra Energy Capital LLC	6.250		02/15/13		2,089
	2,600,000		Veolia Environnement	5.250		06/03/13		2,710
	4,500,000		Virginia Electric and Power Co	4.750		03/01/13		4,665
	3,680,000		Virginia Electric and Power Co	2.950		01/15/22		3,643
	3,000,000		Williams Partners LP	3.800		02/15/15		3,188
	5,075,000		Williams Partners LP	4.000		11/15/21		5,128
	6,200,000		Williams Partners LP	6.300		04/15/40		7,207

308

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    3,000,000		Wisconsin Electric Power Co	5.625	%	05/15/33	$	3,574
	14,000,000	g	Wpd Investment Holdings Ltd	3.900		05/01/16		14,566
	4,000,000		Xcel Energy, Inc	4.800		09/15/41		4,199
			TOTAL UTILITIES					395,327
			TOTAL CORPORATE BONDS					3,943,698
			(Cost $3,738,334)
GOVERNMENT BONDS - 64.0%
AGENCY SECURITIES - 6.4%
	4,791,789		Cal Dive I- Title XI, Inc	4.930		02/01/27		5,362
	35,000,000		Citigroup Funding, Inc	1.875		10/22/12		35,323
	12,000,000		Citigroup Funding, Inc	2.250		12/10/12		12,167
	26,000,000	g,j	FDIC Structured Sale Guarantee	0.000		10/25/12		25,972
	9,750,000		Federal Farm Credit Bank (FFCB)	1.375		06/25/13		9,886
	15,000,000		Federal Home Loan Bank (FHLB)	1.875		06/21/13		15,292
	5,000,000		Federal Home Loan Mortgage Corp (FHLMC)	1.750		06/15/12		5,016
	80,000,000		FHLMC	0.750		03/28/13		80,403
	6,000,000		FHLMC	3.500		05/29/13		6,225
	18,350,000		FHLMC	2.500		04/23/14		19,141
	20,000,000		FHLMC	3.000		07/28/14		21,245
	314,315		FHLMC	5.750		12/15/18		321
	2,000,000		Federal National Mortgage Association (FNMA)	1.125		07/30/12		2,006
	10,000,000		FNMA	3.625		02/12/13		10,291
	20,500,000		FNMA	1.250		08/20/13		20,755
	24,500,000		FNMA	2.750		02/05/14		25,589
	76,000,000		FNMA	2.750		03/13/14		79,624
	25,500,000		FNMA	2.500		05/15/14		26,640
	23,500,000		FNMA	3.000		09/16/14		24,949
	35,000,000		FNMA	2.625		11/20/14		36,914
	20,571,937		AMAL Ltd	3.465		08/21/21		21,695
	15,000,000		General Electric Capital Corp	2.125		12/21/12		15,205
	7,000,000		General Electric Capital Corp	2.625		12/28/12		7,124
	54,875,000		GMAC, Inc	1.750		10/30/12		55,361
	21,800,000		GMAC, Inc	2.200		12/19/12		22,106
	2,477,208		National Credit Union Administration	1.840		10/07/20		2,506
	25,000,000	m	NCUA Guaranteed Notes	3.450		06/12/21		26,629
	1,196,016		Overseas Private Investment Corp	3.420		01/15/15		1,233
	19,941,655		Premier Aircraft Leasing	3.576		02/06/22		21,182
	25,000,000		Private Export Funding Corp	3.550		04/15/13		25,832
	10,000,000		Private Export Funding Corp	3.050		10/15/14		10,582
	7,000,000		Private Export Funding Corp	4.550		05/15/15		7,866
	15,000,000		Private Export Funding Corp	2.125		07/15/16		15,739
	17,000,000		Private Export Funding Corp	5.450		09/15/17		20,416
	10,000,000		Private Export Funding Corp	2.250		12/15/17		10,399
	10,000,000		Private Export Funding Corp	4.375		03/15/19		11,642
	35,000,000		Private Export Funding Corp	4.300		12/15/21		40,148
	3,863,429		Rowan Cos, Inc	3.525		05/01/20		4,116
	7,916,450		Rowan Cos, Inc	3.158		07/15/21		8,388
	39,000,000		State Street Corp	2.150		04/30/12		39,066
	3,362,500		Totem Ocean Trailer Express, Inc	4.514		12/18/19		3,622
	9,500,000		US Central Federal Credit Union	1.900		10/19/12		9,588

309

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    3,000,000		US Department of Housing and Urban Development	5.380	%	08/01/18	$	3,485
	18,400,000		Wells Fargo & Co	2.125		06/15/12		18,472
	5,000,000		Western Corporate Federal Credit Union	1.750		11/02/12		5,045
			TOTAL AGENCY SECURITIES					870,568
FOREIGN GOVERNMENT BONDS - 5.5%
	16,500,000	g	Bank of Montreal	2.850		06/09/15		17,390
	27,700,000	g	Bank of Montreal	2.625		01/25/16		29,048
	2,000,000	g	Barbados Government International Bond	7.000		08/04/22		2,020
	4,210,000		Brazilian Government International Bond	5.875		01/15/19		5,035
	9,124,000		Brazilian Government International Bond	4.875		01/22/21		10,328
	825,000		Brazilian Government International Bond	7.125		01/20/37		1,132
	4,500,000		Brazilian Government International Bond	5.625		01/07/41		5,186
	10,680,000	g	Caisse Centrale Desjardins du Quebec	2.550		03/24/16		11,123
	10,600,000	g	Caisse Centrale Desjardins du Quebec	1.600		03/06/17		10,502
	12,200,000		Canada Government International Bond	2.375		09/10/14		12,758
	25,275,000		Canada Government International Bond	0.875		02/14/17		24,969
	6,000,000	g	Canadian Imperial Bank of Commerce	2.000		02/04/13		6,072
	6,000,000	g	Canadian Imperial Bank of Commerce	2.600		07/02/15		6,274
	12,500,000	g	Canadian Imperial Bank of Commerce	2.750		01/27/16		13,167
	3,630,000		Chile Government International Bond	3.875		08/05/20		3,902
	2,675,000		Colombia Government International Bond	4.375		07/12/21		2,909
	4,500,000		Colombia Government International Bond	6.125		01/18/41		5,512
	3,350,000	g	Croatia Government International Bond	6.375		03/24/21		3,216
	2,350,000	g	Democratic Socialist Republic of Sri Lanka	7.400		01/22/15		2,485
	2,000,000	g	Dominican Republic International Bond	7.500		05/06/21		2,060
	5,208,000		Eksportfinans ASA	2.000		09/15/15		4,621
	4,000,000	g	El Salvador Government International Bond	7.625		02/01/41		3,996
	5,690,000	g	Eskom Holdings Ltd	5.750		01/26/21		5,975
	3,500,000		European Investment Bank	4.875		02/15/36		3,785
	15,350,000		Export Development Canada	2.250		05/28/15		16,119
	1,900,000		Export-Import Bank of Korea	5.125		06/29/20		2,036
	4,200,000		Export-Import Bank of Korea	4.375		09/15/21		4,235
	3,000,000		Federative Republic of Brazil	6.000		01/17/17		3,555
	2,866,667		Federative Republic of Brazil	8.000		01/15/18		3,421
	2,000,000		Hungary Government International Bond	4.750		02/03/15		1,880
	2,810,000		Hungary Government International Bond	6.375		03/29/21		2,571
	2,310,000		Hungary Government International Bond	7.625		03/29/41		2,091
	10,075,000		Israel Government International Bond	4.000		06/30/22		9,964
	4,400,000		Italy Government International Bond	5.375		06/12/17		4,513
	1,610,000		Italy Government International Bond	6.875		09/27/23		1,691
	18,750,000		KFW	2.625		01/25/22		18,584
	3,670,000	g	Korea Housing Finance Corp	3.500		12/15/16		3,738
	5,000,000	g	Lithuania Government International Bond	5.125		09/14/17		5,200
	3,060,000	g	Lithuania Government International Bond	6.625		02/01/22		3,389
	1,000,000		Mexico Government International Bond	5.625		01/15/17		1,156
	4,500,000		Mexico Government International Bond	3.625		03/15/22		4,601
	2,900,000		Mexico Government International Bond	6.750		09/27/34		3,726
	5,000,000		Mexico Government International Bond	6.050		01/11/40		6,025
	4,000,000		Mexico Government International Bond	4.750		03/08/44		3,920
	3,600,000	g	Namibia International Bonds	5.500		11/03/21		3,771
	9,250,000	g	National Bank of Canada	1.650		01/30/14		9,411
	10,000,000	g	Nederlandse Waterschapsbank NV	2.125		02/09/17		9,943

310

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    2,000,000		Panama Government International Bond	5.200	%	01/30/20	$	2,293
	4,500,000		Panama Government International Bond	6.700		01/26/36		5,918
	1,000,000		Peruvian Government International Bond	7.125		03/30/19		1,275
	1,200,000		Peruvian Government International Bond	7.350		07/21/25		1,639
	1,250,000		Peruvian Government International Bond	6.550		03/14/37		1,593
	2,500,000		Philippine Government International Bond	5.500		03/30/26		2,847
	2,000,000		Philippine Government International Bond	5.000		01/13/37		2,085
	4,500,000		Poland Government International Bond	3.875		07/16/15		4,728
	6,350,000		Poland Government International Bond	6.375		07/15/19		7,382
	10,667,000		Poland Government International Bond	5.125		04/21/21		11,392
	4,280,000		Poland Government International Bond	5.000		03/23/22		4,511
	13,825,000		Province of British Columbia Canada	2.850		06/15/15		14,709
	3,000,000		Province of Manitoba Canada	2.125		04/22/13		3,053
	20,000,000		Province of Manitoba Canada	1.375		04/28/14		20,317
	20,000,000		Province of New Brunswick Canada	2.750		06/15/18		21,043
	12,000,000		Province of Nova Scotia Canada	2.375		07/21/15		12,547
	27,400,000		Province of Ontario Canada	4.100		06/16/14		29,494
	24,250,000		Province of Ontario Canada	2.950		02/05/15		25,708
	35,525,000		Province of Ontario Canada	2.700		06/16/15		37,484
	24,000,000		Province of Ontario Canada	2.300		05/10/16		24,855
	10,000,000		Province of Ontario Canada	4.000		10/07/19		11,128
	8,880,000		Province of Ontario Canada	4.400		04/14/20		10,161
	2,250,000		Province of Quebec Canada	5.125		11/14/16		2,620
	8,835,000		Province of Quebec Canada	4.625		05/14/18		10,261
	22,500,000		Province of Quebec Canada	3.500		07/29/20		24,183
	20,000,000		Province of Quebec Canada	2.750		08/25/21		20,077
	6,000,000		Province of Quebec Canada	7.500		09/15/29		8,816
	3,000,000		Qatar Government International Bond	5.250		01/20/20		3,308
	2,500,000	g	Qatar Government International Bond	4.500		01/20/22		2,610
	920,000	g	Republic of Ghana	8.500		10/04/17		1,053
	2,700,000		Republic of Hungary	6.250		01/29/20		2,463
	4,230,000	g	Republic of Indonesia	4.875		05/05/21		4,584
	2,500,000	g	Republic of Indonesia	5.250		01/17/42		2,622
	1,850,000	g	Republic of Latvia	5.250		02/22/17		1,906
	3,466,667		Republic of Serbia	6.750		11/01/24		3,441
	4,500,000		Republic of Turkey	7.500		07/14/17		5,186
	4,200,000	g	Romanian Government International Bond	6.750		02/07/22		4,389
	7,000,000	g	Russian Foreign Bond - Eurobond	3.625		04/29/15		7,280
	3,900,000	g	Russian Foreign Bond - Eurobond	3.250		04/04/17		3,902
	3,375,000	g	Russian Foreign Bond - Eurobond	5.000		04/29/20		3,597
	2,230,000	g	Russian Foreign Bond - Eurobond	4.500		04/04/22		2,223
	3,670,000	g	Russian Foreign Bond - Eurobond	5.625		04/04/42		3,641
	4,502,000		South Africa Government International Bond	6.875		05/27/19		5,419
	3,500,000		South Africa Government International Bond	5.500		03/09/20		3,903
	4,500,000		South Africa Government International Bond	4.665		01/17/24		4,601
	1,600,000		South Africa Government International Bond	6.250		03/08/41		1,872
	3,700,000	g	Sri Lanka Government International Bond	6.250		10/04/20		3,681
	1,630,000	g	Sri Lanka Government International Bond	6.250		07/27/21		1,622
	7,680,000		Svensk Exportkredit AB	5.125		03/01/17		8,728
	4,450,000		Turkey Government International Bond	5.125		03/25/22		4,417
	2,180,000		United Mexican States	5.875		02/17/14		2,367
	3,500,000		United Mexican States	5.950		03/19/19		4,197
	500,000		United Mexican States	5.125		01/15/20		574

311

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    4,500,000		Uruguay Government International Bond	6.875	%	09/28/25	$	5,805
			TOTAL FOREIGN GOVERNMENT BONDS					740,515
MORTGAGE BACKED - 31.7%
	22,352,856		Federal Home Loan Mortgage Corp (FHLMC) (Interest Only)	4.000		06/15/34		2,306
	3,919,487	i	FHLMC	2.380		02/01/36		4,129
	5,642,333	i	FHLMC	2.571		07/01/36		5,992
	3,168,445	i	FHLMC	2.483		09/01/36		3,386
	2,871,600	i	FHLMC	2.540		09/01/36		3,091
	3,434,595	i	FHLMC	2.602		09/01/36		3,598
	3,725,981	i	FHLMC	2.645		09/01/36		3,944
	5,554,566	i	FHLMC	5.729		02/01/37		5,990
	8,226,322	i	FHLMC	2.887		03/01/37		8,788
	5,992,153	i	FHLMC	5.969		04/01/37		6,517
	344,449	i	FHLMC	5.748		05/01/37		372
	4,692,939	i	FHLMC	5.573		06/01/37		4,967
	4,985,555	i	FHLMC	5.221		08/01/37		5,333
	3,776,331	i	FHLMC	5.072		09/01/37		4,042
	17,036,953		FHLMC	5.500		08/01/39		18,760
	59,158		Federal Home Loan Mortgage Corp Gold (FGLMC)	7.000		07/01/13		61
	562,317		FGLMC	6.500		12/01/16		612
	4,177,643		FGLMC	5.000		09/01/18		4,509
	2,135,352		FGLMC	4.500		10/01/18		2,332
	1,357,836		FGLMC	4.500		11/01/18		1,483
	1,416,410		FGLMC	5.500		01/01/19		1,547
	543,603		FGLMC	4.000		06/01/19		580
	2,219,393		FGLMC	4.500		01/01/20		2,381
	1,872,482		FGLMC	4.500		07/01/20		2,037
	1,217,229		FGLMC	4.500		08/01/20		1,306
	206,265		FGLMC	7.000		10/01/20		242
	5,657,808		FGLMC	4.500		06/01/21		6,066
	16,504,332		FGLMC	4.500		06/01/21		17,695
	2,103,303		FGLMC	5.000		04/01/23		2,261
	37,882		FGLMC	7.000		05/01/23		43
	445,108		FGLMC	6.000		10/01/23		493
	404,849		FGLMC	6.000		11/01/23		449
	8,106,854		FGLMC	4.000		07/01/24		8,565
	2,700,893		FGLMC	4.500		09/01/24		2,883
	33,000,000	h	FGLMC	5.000		04/15/27		35,454
	95,803		FGLMC	8.000		01/01/31		115
	83,677		FGLMC	7.000		12/01/31		97
	140,089		FGLMC	7.000		12/01/31		163
	166,309		FGLMC	7.000		12/01/31		193
	6,440		FGLMC	7.000		01/01/32		7
	354,461		FGLMC	8.000		02/01/32		430
	3,913,990		FGLMC	4.500		07/01/33		4,161
	2,076,463		FGLMC	5.500		11/01/33		2,312
	9,389,489		FGLMC	5.500		12/01/33		10,284
	3,508,783		FGLMC	5.500		12/01/33		3,876
	15,586,792		FGLMC	7.000		12/01/33		18,184
	29,304,921	d	FGLMC	5.000		01/01/34		31,637
	6,728,636		FGLMC	5.000		05/01/34		7,264
	4,040,130		FGLMC	6.000		09/01/34		4,502

312

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    12,319,933		FGLMC	4.500	%	10/01/34	$	13,098
	1,024,400		FGLMC	5.500		12/01/34		1,124
	5,343,616		FGLMC	4.500		04/01/35		5,679
	1,636,464		FGLMC	6.000		05/01/35		1,825
	1,258,505		FGLMC	6.000		05/01/35		1,406
	2,484,340		FGLMC	6.000		05/01/35		2,766
	4,050,246		FGLMC	6.000		05/01/35		4,509
	1,893,199		FGLMC	6.000		05/01/35		2,112
	2,039,093		FGLMC	6.000		05/01/35		2,277
	6,273,393		FGLMC	7.000		05/01/35		7,319
	3,052,566		FGLMC	5.500		06/01/35		3,340
	12,731,066		FGLMC	5.500		06/01/35		13,936
	1,121,698		FGLMC	5.500		06/01/35		1,227
	1,381,893		FGLMC	5.500		06/01/35		1,512
	2,641,895		FGLMC	6.000		06/01/35		2,947
	8,550,766		FGLMC	4.500		08/01/35		9,083
	1,263,857		FGLMC	5.000		10/01/35		1,363
	436,661		FGLMC	6.500		11/01/35		495
	900,046		FGLMC	6.000		01/01/36		995
	2,275,001		FGLMC	5.000		02/01/36		2,454
	984,341		FGLMC	5.500		04/01/36		1,080
	484,082		FGLMC	6.500		05/01/36		543
	5,876,023		FGLMC	6.500		10/01/36		6,593
	10,887,783		FGLMC	5.500		04/01/37		11,851
	16,094,882		FGLMC	5.500		05/01/37		17,518
	6,792,449		FGLMC	6.000		08/01/37		7,548
	2,698,301		FGLMC	6.000		09/01/37		2,999
	4,079,761		FGLMC	6.500		11/01/37		4,577
	11,625,617		FGLMC	5.000		04/01/38		12,729
	8,147,428		FGLMC	6.000		11/01/38		8,996
	9,786,487		FGLMC	4.500		05/01/39		10,383
	14,040,192		FGLMC	4.000		06/01/39		14,694
	7,292,816		FGLMC	5.000		07/01/39		7,855
	10,897,638		FGLMC	6.000		07/01/39		12,185
	85,000,000	h	FGLMC	5.000		04/15/42		91,504
	21,813,045		FGLMC	4.500		11/01/40		23,763
	24,413,146		FGLMC	4.500		12/01/40		26,481
	143,000,000	h	FGLMC	4.500		04/15/42		151,625
	33,000,000	h	FGLMC	4.000		04/15/42		34,500
	36,012		Federal National Mortgage Association (FNMA)	5.000		06/01/13		38
	2,571,504		FNMA	4.440		07/01/13		2,637
	3,256,275		FNMA	4.754		10/01/13		3,265
	1,315,531		FNMA	4.777		02/01/14		1,375
	5,107,044		FNMA	4.440		04/01/14		5,362
	1,462,817		FNMA	4.563		01/01/15		1,554
	165,114		FNMA	7.500		02/01/15		176
	366,142		FNMA	7.500		04/01/15		391
	465,827		FNMA	7.500		04/01/15		497
	36,090		FNMA	6.500		03/01/16		40
	14,496		FNMA	6.500		04/01/16		16
	258,444		FNMA	6.500		10/01/16		285
	239,366		FNMA	6.500		11/01/16		264
	2,386,384		FNMA	5.000		12/01/17		2,590

313

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    704,242		FNMA	6.500	%	02/01/18	$	779
	1,891,009		FNMA	5.500		03/01/18		2,067
	385,136		FNMA	5.500		04/01/18		423
	4,500,698		FNMA	5.500		04/01/18		4,919
	631,255		FNMA	6.500		04/01/18		698
	155,305		FNMA	5.500		05/01/18		171
	7,675,760		FNMA	4.500		12/01/18		8,407
	210,408		FNMA	6.000		01/01/19		232
	53,149		FNMA	6.000		02/01/19		59
	4,475,668		FNMA	5.000		04/01/19		4,859
	2,110,363		FNMA	4.500		06/01/19		2,268
	3,005,305		FNMA	5.000		03/01/20		3,262
	1,851,586		FNMA	5.500		07/01/20		2,036
	1,039,318		FNMA	4.500		11/01/20		1,117
	2,927,518		FNMA	5.000		12/01/20		3,180
	4,729,268		FNMA	5.000		03/01/21		5,133
	2,793,307		FNMA	5.500		08/01/21		3,046
	2,333,933		FNMA	4.500		03/01/23		2,501
	95,351		FNMA	8.000		03/01/23		109
	22,000,000	h	FNMA	4.500		04/25/27		23,547
	4,284,164		FNMA	4.500		06/01/23		4,591
	5,427,184		FNMA	5.000		07/01/23		5,871
	4,290,444		FNMA	5.000		07/01/23		4,641
	2,472,467		FNMA	5.000		12/01/23		2,711
	736,419		FNMA	5.500		02/01/24		810
	6,191,372		FNMA	4.000		05/01/24		6,564
	1,474,782		FNMA	5.500		07/01/24		1,622
	236,682		FNMA	8.000		07/01/24		280
	2,730,966		FNMA	4.500		08/01/24		2,925
	1,951,984		FNMA	5.500		08/01/24		2,146
	13,189,233		FNMA	4.000		09/01/24		13,982
	22,000,000	h	FNMA	4.000		04/25/27		23,310
	6,497,016		FNMA	5.000		10/01/25		7,107
	53,696		FNMA	9.000		11/01/25		65
	37,000,000	h	FNMA	3.000		04/25/27		38,301
	3,754,703		FNMA	6.500		07/01/32		4,276
	251,664		FNMA	7.000		07/01/32		292
	240,748		FNMA	7.000		07/01/32		279
	4,689,669		FNMA	5.500		01/01/33		5,154
	3,201,421		FNMA	6.000		01/01/33		3,543
	659,538		FNMA	5.000		02/01/33		714
	5,493,378		FNMA	4.500		03/25/33		5,814
	2,482,995		FNMA	4.500		08/01/33		2,647
	3,146,307		FNMA	5.000		08/01/33		3,407
	4,580,268		FNMA	4.500		10/01/33		4,882
	712,683		FNMA	5.000		10/01/33		772
	1,425,092		FNMA	5.000		10/01/33		1,543
	2,896,608		FNMA	5.000		10/01/33		3,136
	5,433,792		FNMA	5.000		11/01/33		6,040
	498,751		FNMA	5.000		11/01/33		554
	21,478,802		FNMA	5.000		11/01/33		23,256
	4,957,444		FNMA	5.000		11/01/33		5,368
	491,138		FNMA	5.500		12/01/33		540

314

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$   1,511,398		FNMA	5.500	%	12/01/33	$	1,661
	4,550,383		FNMA	5.500		12/01/33		5,076
	7,654,824		FNMA	5.000		03/01/34		8,288
	1,163,213		FNMA	5.000		03/01/34		1,259
	1,015,685		FNMA	5.000		03/01/34		1,100
	2,951,555		FNMA	5.000		03/01/34		3,196
	905,792		FNMA	5.000		03/01/34		981
	4,144,209		FNMA	5.500		03/01/34		4,587
	7,831,421		FNMA	5.000		04/01/34		8,476
	28,555,647		FNMA	5.000		08/01/34		30,962
	4,709,388		FNMA	6.000		08/01/34		5,261
	1,580,856		FNMA	5.500		09/01/34		1,750
	2,060,268		FNMA	5.500		09/01/34		2,277
	1,736,680		FNMA	5.500		10/01/34		1,922
	1,400,944		FNMA	5.500		10/01/34		1,550
	1,687,882		FNMA	6.000		12/01/34		1,885
	2,868,071		FNMA	5.500		01/01/35		3,152
	31,313,423		FNMA	5.500		02/01/35		34,412
	2,529,484		FNMA	5.500		04/01/35		2,800
	3,062,495		FNMA	6.000		04/01/35		3,406
	7,561,159		FNMA	4.500		05/01/35		8,060
	11,407,095		FNMA	5.500		05/01/35		12,486
	4,003,816		FNMA	6.000		05/01/35		4,447
	1,829,724		FNMA	5.500		06/01/35		2,008
	608,731		FNMA	5.500		06/01/35		674
	556,316		FNMA	5.500		06/01/35		609
	1,458,796		FNMA	5.500		06/01/35		1,599
	3,165,211		FNMA	5.500		06/01/35		3,465
	111,995		FNMA	7.500		06/01/35		124
	1,386,967		FNMA	5.500		07/01/35		1,518
	1,975,480		FNMA	6.000		07/01/35		2,187
	4,336,272		FNMA	4.500		08/01/35		4,618
	6,674,632		FNMA	5.000		08/01/35		7,217
	7,094,177		FNMA	5.500		09/01/35		7,852
	6,827,065		FNMA	5.000		10/01/35		7,382
	3,487,886		FNMA	5.500		11/01/35		3,818
	3,949,408	i	FNMA	2.700		02/01/36		4,223
	6,723,492		FNMA	5.000		02/01/36		7,270
	13,805,648		FNMA	6.000		03/01/36		15,251
	1,865,324		FNMA	5.000		04/01/36		2,016
	1,663,627	i	FNMA	2.385		07/01/36		1,759
	2,989,260		FNMA	6.500		09/01/36		3,372
	4,892,503		FNMA	6.000		12/01/36		5,405
	180,873		FNMA	6.500		03/01/37		203
	5,164,203		FNMA	6.500		03/01/37		5,825
	3,648,746		FNMA	7.000		04/01/37		4,182
	2,147,321		FNMA	6.500		08/01/37		2,424
	6,169,368		FNMA	6.500		08/01/37		6,959
	2,401,680		FNMA	6.000		09/01/37		2,694
	3,232,394		FNMA	6.000		09/01/37		3,626
	3,798,299		FNMA	6.000		09/01/37		4,261
	4,398,730		FNMA	6.000		09/01/37		4,935
	4,903,870		FNMA	6.500		09/01/37		5,509

315

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$     569,192		FNMA	6.500	%	09/01/37	$	640
	2,541,330		FNMA	6.500		09/01/37		2,855
	5,639,389		FNMA	6.500		09/01/37		6,335
	5,298,436		FNMA	6.500		09/01/37		5,977
	8,559,892	i	FNMA	5.904		10/01/37		9,165
	1,924,778		FNMA	7.000		11/01/37		2,206
	465,452		FNMA	6.500		01/01/38		523
	89,023		FNMA	6.500		02/01/38		101
	755,859		FNMA	6.500		03/01/38		847
	366,534		FNMA	6.500		03/01/38		411
	2,808,936		FNMA	6.500		03/01/38		3,149
	2,720,958		FNMA	5.000		04/01/38		2,941
	309,000,000	h	FNMA	5.500		04/25/42		336,665
	266,000,000	h	FNMA	6.000		04/25/42		293,057
	25,000,000	h	FNMA	6.500		04/25/42		28,000
	5,909,855		FNMA	5.000		05/01/38		6,389
	11,165,345		FNMA	6.000		07/01/38		12,313
	4,591,370	i	FNMA	4.917		10/01/38		4,919
	20,617,212		FNMA	6.000		10/01/38		22,736
	7,361,842		FNMA	4.500		01/01/39		7,832
	4,761,985		FNMA	5.500		01/01/39		5,193
	4,294,162		FNMA	6.000		01/01/39		4,736
	5,993,569		FNMA	6.000		01/01/39		6,610
	8,382,064		FNMA	4.500		02/01/39		8,918
	13,542,137		FNMA	4.500		02/01/39		14,408
	4,543,338		FNMA	5.500		02/01/39		4,955
	8,973,713		FNMA	4.000		04/01/39		9,523
	9,155,709		FNMA	4.500		05/01/39		9,741
	10,332,016		FNMA	4.500		08/01/39		10,992
	31,000,000		FNMA	4.000		02/25/40		33,075
	447,000,000	h	FNMA	4.000		04/25/42		468,652
	220,000,000	h	FNMA	4.500		04/25/42		233,991
	225,000,000	h	FNMA	5.000		04/25/42		243,035
	36,738,835		FNMA	4.500		09/01/40		39,133
	66,796,043		FNMA	4.500		09/01/40		71,150
	16,823,326		FNMA	4.000		11/01/40		17,650
	29,921,563		FNMA	4.500		11/01/40		32,124
	26,416,646		FNMA	4.000		02/01/41		27,715
	203,000,000	h	FNMA	3.500		05/25/42		207,853
	16,899		Government National Mortgage Association (GNMA)	9.000		06/15/16		19
	3,731		GNMA	9.000		09/15/16		4
	6,826		GNMA	9.000		09/15/16		8
	10,612		GNMA	9.000		11/15/16		11
	7,494		GNMA	9.000		12/15/16		8
	3,308		GNMA	9.000		12/15/16		3
	67,114		GNMA	9.500		12/15/16		75
	32,616		GNMA	8.000		06/15/24		39
	56,465		GNMA	8.500		11/20/30		69
	66,007		GNMA	8.500		12/20/30		81
	2,512,739		GNMA	5.500		07/15/33		2,825
	1,223,411		GNMA	5.500		11/20/33		1,369
	4,599,147		GNMA	5.500		03/20/35		5,141
	2,607,804		GNMA	5.500		12/20/35		2,907

316

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    1,656,551		GNMA	6.000	%	10/20/36	$	1,870
	1,744,450		GNMA	6.000		01/20/37		1,970
	4,835,277		GNMA	6.000		02/20/37		5,459
	4,694,542		GNMA	6.000		12/15/37		5,300
	102,000,000	h	GNMA	5.000		04/15/42		112,646
	6,124,485		GNMA	5.000		04/15/38		6,771
	48,000,000	h	GNMA	5.500		04/15/42		53,640
	7,999,080		GNMA	5.500		07/15/38		8,949
	7,519,908		GNMA	5.500		07/20/38		8,366
	2,403,806		GNMA	6.000		08/15/38		2,714
	2,449,319		GNMA	6.000		08/20/38		2,758
	3,254,568		GNMA	6.500		11/20/38		3,728
	11,181,499		GNMA	4.500		03/15/39		12,200
	11,100,835		GNMA	4.500		05/15/39		12,112
	5,530,293		GNMA	5.000		06/15/39		6,151
	6,096,490		GNMA	5.000		06/15/39		6,781
	13,649,977		GNMA	4.500		07/20/39		14,857
	4,187,398		GNMA	5.000		07/20/39		4,617
	4,924,997		GNMA	4.000		08/15/39		5,296
	1,698,722		GNMA	4.000		11/20/39		1,810
	86,000,000	h	GNMA	4.500		04/15/42		93,565
	124,000,000	h	GNMA	4.000		04/15/42		133,067
	40,000,000	h	GNMA	6.000		04/15/42		45,137
	121,000,000	h	GNMA	4.500		04/20/42		131,606
	50,000,000	h	GNMA	5.000		04/20/42		55,062
	19,000,000	h	GNMA	3.500		04/15/42		19,799
	7,865,193		GNMA	6.500		01/15/44		8,605
			TOTAL MORTGAGE BACKED					4,302,665
MUNICIPAL BONDS - 0.9%
	2,000,000		Charlotte-Mecklenburg Hospital Authority	5.000		08/01/15		2,174
	15,000,000	h	City of New York NY	2.450		04/01/19		15,091
	10,000,000	h	City of New York NY	2.650		04/01/20		10,062
	13,000,000		Grant County Public Utility District No 2	5.630		01/01/27		15,076
	9,000,000		State of California	5.450		04/01/15		10,006
	11,370,000		State of California	5.950		04/01/16		13,028
	16,100,000		State of California	7.625		03/01/40		20,970
	15,250,000		State of Illinois	6.725		04/01/35		16,851
	15,000,000		UNM Sandoval Regional Medical Center	4.500		07/20/36		15,967
			TOTAL MUNICIPAL BONDS					119,225
U.S. TREASURY SECURITIES - 19.5%
	22,000,000		United States Treasury Bond	6.375		08/15/27		31,738
	49,175,000		United States Treasury Bond	5.250		02/15/29		64,388
	157,611,000		United States Treasury Bond	5.375		02/15/31		211,987
	677,000		United States Treasury Bond	4.500		02/15/36		826
	111,855,000		United States Treasury Bond	3.500		02/15/39		116,207
	44,135,000		United States Treasury Bond	4.375		05/15/41		53,059
	31,834,000		United States Treasury Bond	3.750		08/15/41		34,416
	90,592,000		United States Treasury Bond	3.125		11/15/41		86,898
	35,000,000		United States Treasury Bond	3.125		02/15/42		33,551
	20,534,800	k	United States Treasury Inflation Indexed Bonds	0.125		04/15/16		21,690
	16,650,000		United States Treasury Note	1.875		06/15/12		16,709

317

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$     5,410,000		United States Treasury Note	0.625	%	06/30/12	$	5,417
	30,000,000	d	United States Treasury Note	0.625		07/31/12		30,049
	6,477,000		United States Treasury Note	1.375		10/15/12		6,519
	102,500,000	d	United States Treasury Note	1.375		11/15/12		103,257
	24,690,000		United States Treasury Note	0.625		01/31/13		24,776
	30,940,000		United States Treasury Note	1.125		06/15/13		31,260
	1,575,000		United States Treasury Note	0.125		08/31/13		1,571
	25,195,000		United States Treasury Note	3.125		08/31/13		26,200
	81,829,000		United States Treasury Note	3.125		09/30/13		85,278
	3,835,000		United States Treasury Note	0.500		10/15/13		3,846
	2,230,000		United States Treasury Note	0.250		10/31/13		2,228
	62,337,000		United States Treasury Note	2.750		10/31/13		64,721
	68,179,000		United States Treasury Note	2.000		11/30/13		70,073
	45,365,000		United States Treasury Note	0.125		12/31/13		45,209
	5,575,000		United States Treasury Note	0.250		01/31/14		5,567
	15,000,000		United States Treasury Note	0.250		02/28/14		14,978
	41,116,500		United States Treasury Note	0.250		02/15/15		40,821
	320,000,000		United States Treasury Note	0.375		03/15/15		318,775
	19,897,000		United States Treasury Note	2.500		04/30/15		21,072
	79,421,000		United States Treasury Note	2.125		05/31/15		83,249
	12,717,000		United States Treasury Note	1.875		06/30/15		13,237
	15,952,000		United States Treasury Note	1.750		07/31/15		16,541
	18,485,000		United States Treasury Note	1.250		10/31/15		18,853
	9,800,000		United States Treasury Note	2.375		03/31/16		10,409
	8,000,000		United States Treasury Note	1.500		06/30/16		8,212
	68,903,000		United States Treasury Note	1.000		10/31/16		69,075
	10,000,000		United States Treasury Note	3.125		10/31/16		10,970
	60,480,000		United States Treasury Note	0.875		11/30/16		60,225
	300		United States Treasury Note	0.875		01/31/17		0	^
	70,180,700		United States Treasury Note	0.875		02/28/17		69,687
	20,000,000		United States Treasury Note	2.625		01/31/18		21,506
	92,420,000		United States Treasury Note	2.375		05/31/18		97,821
	125,000,000		United States Treasury Note	2.250		07/31/18		131,191
	53,365,000		United States Treasury Note	1.750		10/31/18		54,211
	29,000,000		United States Treasury Note	1.375		11/30/18		28,726
	5,625,000		United States Treasury Note	1.375		02/28/19		5,545
	319,500		United States Treasury Note	2.625		11/15/20		336
	245,872,000		United States Treasury Note	8.000		11/15/21		373,476
	6,772,600		United States Treasury Note	2.000		02/15/22		6,642
			TOTAL U.S. TREASURY SECURITIES					2,652,998
			TOTAL GOVERNMENT BONDS					8,685,971
			(Cost $8,379,356)
STRUCTURED ASSETS - 5.0%
ASSET BACKED - 1.8%
	85,000,000		AEP Texas Central Transition Funding LLC	1.976		06/01/21		84,349
			Series - 2012 1 (Class A2)
	4,950,000		AmeriCredit Automobile Receivables Trust	3.340		04/08/16		5,117
			Series - 2010 3 (Class C)
	5,350,000		AmeriCredit Automobile Receivables Trust	2.850		08/08/16		5,481
			Series - 2011 1 (Class C)

318

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$       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		1,495
			Series - 2010 5A (Class A)
	5,995,003	i	Bear Stearns Asset Backed Securities Trust	0.612		11/25/39		5,376
			Series - 2005 SD3 (Class 2A1)
	7,686,150	i	BNC Mortgage Loan Trust	0.342		05/25/37		6,955
			Series - 0 2 (Class A2)
	2,360,274	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		1,267
			Series - 2004 2 (Class 1M1)
	1,180,137	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		400
			Series - 2004 2 (Class 1M2)
	927,250	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		203
			Series - 2004 2 (Class 1B)
	2,606,277		CIT Group Home Equity Loan Trust	6.200		02/25/30		2,599
			Series - 2002 1 (Class AF6)
	682,305		CIT Group Home Equity Loan Trust	6.390		12/25/30		101
			Series - 2002 2 (Class MF2)
	1,616		CIT Group Home Equity Loan Trust	6.830		06/25/33		0	^
			Series - 2002 2 (Class BF)
	3,901,904		Citicorp Mortgage Securities, Inc	5.706		07/25/36		3,921
			Series - 2006 1 (Class A3)
	919,039	i	Countrywide Asset-Backed Certificates	0.652		05/25/36		878
			Series - 2004 AB2 (Class A3)
	3,583,729	i	Countrywide Asset-Backed Certificates	5.683		10/25/46		3,590
			Series - 2006 15 (Class A2)
	2,985,416	g	Credit-Based Asset Servicing and Securitization LLC	6.159		12/25/36		2,862
			Series - 2007 MX1 (Class A1)
	5,525,000	g,i	DB/UBS Mortgage Trust	5.557		11/10/46		5,751
			Series - 2011 LC1A (Class C)
	11,602,166	g	Flagstar Home Equity Loan Trust	5.781		01/25/35		11,024
			Series - 2007 1A (Class AF3)
	2,725,000		Ford Credit Auto Owner Trust	3.210		07/15/17		2,809
			Series - 2011 A (Class D)
	146,437		GMAC Commercial Mortgage Securities, Inc	5.590		10/25/29		146
			Series - 2006 HLTV (Class A3)
	2,600,000		GMAC Commercial Mortgage Securities, Inc	5.810		10/25/29		2,138
			Series - 2006 HLTV (Class A4)
	20,079,360		Lehman XS Trust	6.500		06/25/46		11,167
			Series - 2006 13 (Class 2A1)
	16,720,463	i	Lehman XS Trust	0.402		08/25/46		13,091
			Series - 2006 GP4 (Class 3A2A)
	2,378,609	i	Long Beach Mortgage Loan Trust	0.742		02/25/35		2,346
			Series - 2005 1 (Class M1)
	407,335	i	Morgan Stanley ABS Capital I	0.282		01/25/37		403
			Series - 2007 HE2 (Class A2A)
	2,886,016	i	Park Place Securities, Inc	1.187		09/25/34		2,580
			Series - 2004 WHQ1 (Class M1)
	41,583	i	Renaissance Home Equity Loan Trust	0.682		08/25/33		34
			Series - 2003 2 (Class A)
	8,025,000		Renaissance Home Equity Loan Trust	5.586		11/25/36		3,972
			Series - 2006 3 (Class AF3)

319

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$      417,149	i	Residential Asset Securities Corp	6.489	%	10/25/30	$	382
			Series - 2001 KS2 (Class AI6)
	2,521,650	i	Residential Asset Securities Corp	0.672		04/25/35		2,373
			Series - 2005 KS3 (Class M3)
	13,080,087		Residential Funding Mortgage Securities II, Inc	5.500		08/25/25		11,214
			Series - 2006 HI5 (Class A3)
	3,334,993		Residential Funding Mortgage Securities II, Inc	5.450		08/25/34		3,023
			Series - 2005 HI1 (Class A5)
	4,393,793		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36		4,187
			Series - 2006 HI3 (Class A3)
	2,500,000		Residential Funding Mortgage Securities II, Inc	6.010		02/25/36		2,325
			Series - 2006 HI1 (Class M1)
	350,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		294
			Series - 2006 HI1 (Class M2)
	1,485,873	i	Securitized Asset Backed Receivables LLC Trust	0.392		03/25/36		1,448
			Series - 2006 NC2 (Class A2)
	6,000,000	g	SLM Student Loan Trust	4.370		04/17/28		6,223
			Series - 2011 A (Class A2)
	2,000,000	g	SLM Student Loan Trust	3.740		02/15/29		2,019
			Series - 2011 B (Class A2)
	2,925,439	i	Soundview Home Equity Loan Trust	0.352		10/25/36		2,889
			Series - 2006 EQ1 (Class A2)
	1,573,872	i	Structured Asset Investment Loan Trust	0.642		05/25/35		1,505
			Series - 2005 4 (Class M1)
	7,196,468	i	Structured Asset Investment Loan Trust	0.522		12/25/35		7,060
			Series - 2005 10 (Class A5)
	8,585,000	g	Vornado DP LLC	5.280		09/13/28		9,196
			Series - 2010 VNO (Class C)
	1,202,048	g,m	Wachovia Amortization Controlled Heloc NIM	5.683		08/12/47		1,094
			Series - 2006 N1 (Class N1)
	2,521,101	g,i	Wachovia Loan Trust	0.602		05/25/35		1,958
			Series - 2005 SD1 (Class A)
	2,632,767	i	Wells Fargo Home Equity Trust	0.382		07/25/36		2,374
			Series - 2006 2 (Class A3)
	540,000		World Financial Network Credit Card Master Trust	5.200		04/15/19		581
			Series - 2010 A (Class M)
	5,000,000		World Financial Network Credit Card Master Trust	6.750		04/15/19		5,502
			Series - 2010 A (Class B)
			TOTAL ASSET BACKED					245,702
OTHER MORTGAGE BACKED - 3.2%
	5,915,000		Banc of America Commercial Mortgage, Inc	5.675		07/10/46		6,286
			Series - 2006 4 (Class AM)
	9,773,000	i	Banc of America Commercial Mortgage, Inc	5.664		04/10/49		10,754
			Series - 2007 2 (Class A4)
	2,040,000	g,i	Banc of America Large Loan, Inc	0.552		03/15/22		1,999
			Series - 2005 MIB1 (Class C)
	282,559		Bank of America Alternative Loan Trust	5.500		09/25/19		283
			Series - 2004 8 (Class 3A1)
	4,850,282		Bear Stearns Asset Backed Securities Trust	5.250		04/25/35		4,496
			Series - 2005 AC2 (Class 1A)

320

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$      3,570,153		Bear Stearns Commercial Mortgage Securities	5.201	%	12/11/38	$	4,014
			Series - 2006 PW14 (Class A4)
	6,800,000	i	Bear Stearns Commercial Mortgage Securities	5.582		09/11/41		7,242
			Series - 2006 PW13 (Class AM)
	6,375,000	i	Bear Stearns Commercial Mortgage Securities	5.568		10/12/41		6,825
			Series - 2006 T24 (Class AM)
	10,445,000	i	Bear Stearns Commercial Mortgage Securities	4.750		02/13/46		11,232
			Series - 2004 T16 (Class A6)
	1,290,000	i	Bear Stearns Commercial Mortgage Securities	5.694		06/11/50		1,469
			Series - 2007 PW17 (Class A4)
	2,695,000		Bear Stearns Commercial Mortgage Securities	5.700		06/11/50		3,075
			Series - 2007 PW18 (Class A4)
	2,000,000		Citicorp Mortgage Securities, Inc	5.750		11/25/36		2,012
			Series - 2006 6 (Class A2)
	3,018,341		Citicorp Mortgage Securities, Inc	6.000		05/25/37		3,042
			Series - 2007 4 (Class 1A7)
	1,633,321	g,i	Citigroup Commercial Mortgage Trust	0.382		04/15/22		1,549
			Series - 2007 FL3A (Class A2)
	5,625,000	g	Commercial Mortgage Pass Through Certificates	2.555		12/10/24		5,654
			Series - 2011 STRT (Class A)
	12,374,000	g	Commercial Mortgage Pass Through Certificates	2.365		02/10/29		12,460
			Series - 2012 9W57 (Class A)
	9,330,000	i	Commercial Mortgage Pass Through Certificates	5.650		12/10/49		9,620
			Series - 2007 C9 (Class AM)
	5,577,518		Countrywide Alternative Loan Trust	5.500		08/25/16		5,721
			Series - 2004 30CB (Class 1A15)
	4,646,963		Countrywide Home Loan Mortgage Pass Through Trust	5.250		02/25/16		4,632
			Series - 2005 6 (Class 1A10)
	2,439,686		Countrywide Home Loan Mortgage Pass Through Trust	5.250		05/25/35		2,392
			Series - 2005 12 (Class 1A5)
	1,167,332		Countrywide Home Loan Mortgage Pass Through Trust	5.500		09/25/35		1,174
			Series - 2005 J3 (Class 1A1)
	4,470,465	g,i	Credit Suisse Mortgage Capital Certificates	0.422		04/15/22		4,026
			Series - 2007 TF2A (Class A1)
	11,500,000	g	Credit Suisse Mortgage Capital Certificates	5.626		05/15/23		12,755
			Series - 2006 OMA (Class D)
	14,450,000	g	Credit Suisse Mortgage Capital Certificates	5.383		02/15/40		14,226
			Series - 2009 RR1 (Class A3C)
	3,700,000		CS First Boston Mortgage Securities Corp	4.052		05/15/38		3,779
			Series - 2003 C3 (Class B)
	3,591,599	g	DBUBS Mortgage Trust	3.742		11/10/46		3,818
			Series - 2011 LC1A (Class A1)
	4,952,028	i	GMAC Mortgage Corp Loan Trust	4.566		10/19/33		5,113
			Series - 2003 AR1 (Class A5)
	18,304,000	i	Greenwich Capital Commercial Funding Corp	5.883		07/10/38		19,054
			Series - 2006 GG7 (Class AM)
	19,762,248		Greenwich Capital Commercial Funding Corp	5.736		12/10/49		21,815
			Series - 2007 GG11 (Class A4)
	8,762,000	g	GS Mortgage Securities Corp II	5.148		08/10/43		9,399
			Series - 2010 C1 (Class B)
	4,670,000	g,i	GS Mortgage Securities Corp II	5.229		12/10/43		4,645
			Series - 2010 C2 (Class C)

321

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$  5,910,000	g,i	GS Mortgage Securities Corp II	5.229	%	12/10/43	$	6,339
			Series - 2010 C2 (Class B)
	1,280,000	g,i	HVB Mortgage Capital Corp	2.292		09/10/22		1,237
			Series - 2003 FL1A (Class J)
	3,540,721	i	Irwin Home Equity Corp	0.622		02/25/34		2,847
			Series - 2005 A (Class A3)
	1,013,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.422		02/15/20		991
			Series - 2006 FL1A (Class A2)
	2,193,104	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	7.675		10/12/37		2,234
			Series - 2002 CIB5 (Class S1)
	800,691	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	8.369		10/12/37		813
			Series - 2002 CIB5 (Class S2)
	11,025,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.440		05/15/45		11,809
			Series - 2006 LDP8 (Class AM)
	6,455,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.252		07/15/46		6,484
			Series - 2011 C4 (Class C)
	4,695,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.336		05/15/47		5,142
			Series - 2006 LDP9 (Class A3)
	1,400,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.816		06/15/49		1,534
			Series - 2007 LD11 (Class A4)
	1,798,953	i	JP Morgan Mortgage Trust	4.298		04/25/35		1,803
			Series - 2005 A2 (Class 5A1)
	7,500,000	i	LB-UBS Commercial Mortgage Trust	5.150		04/15/30		8,249
			Series - 2005 C2 (Class A5)
	5,425,000		LB-UBS Commercial Mortgage Trust	5.430		02/15/40		5,998
			Series - 2007 C2 (Class A3)
	20,307,000		LB-UBS Commercial Mortgage Trust	5.455		02/15/40		20,975
			Series - 2007 C1 (Class AM)
	2,594,000	i	LB-UBS Commercial Mortgage Trust	5.858		07/15/40		2,934
			Series - 2007 C6 (Class A4)
	2,285,983		MASTER Asset Securitization Trust	5.000		05/25/35		2,305
			Series - 2005 1 (Class 2A5)
	3,729,128	i	Merrill Lynch Mortgage Trust	5.107		07/12/38		3,945
			Series - 2005 CIP1 (Class AM)
	4,700,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.428		02/12/39		5,272
			Series - 2006 1 (Class A4)
	12,565,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.172		12/12/49		13,856
			Series - 2006 4 (Class A3)
	13,200,000	i	Morgan Stanley Capital I	5.447		02/12/44		14,764
			Series - 2007 HQ11 (Class A4)
	6,710,000		Morgan Stanley Capital I	5.364		03/15/44		7,358
			Series - 2007 IQ13 (Class A4)
	3,550,000	g,i	Morgan Stanley Capital I	5.255		09/15/47		3,244
			Series - 2011 C1 (Class D)
	6,560,000	g,i	Morgan Stanley Capital I	5.255		09/15/47		6,531
			Series - 2011 C1 (Class C)
	3,075,000	i	Morgan Stanley Capital I	5.544		11/12/49		3,303
			Series - 2007 T25 (Class AM)
	3,600,000	i	Nomura Asset Securities Corp	6.831		03/15/30		3,744
			Series - 1998 D6 (Class A2)
	6,714,000	g,i	RBSCF Trust	4.674		04/15/24		6,431
			Series - 2010 MB1 (Class D)
	14,868,569	i	Residential Accredit Loans, Inc	0.432		05/25/46		8,430
			Series - 2006 QO5 (Class 2A1)

322

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$      1,119,886	i	Structured Adjustable Rate Mortgage Loan Trust	0.622	%	03/25/35	$	1,081
			Series - 2005 6XS (Class A3)
	64,940	i	Wachovia Bank Commercial Mortgage Trust	4.957		08/15/35		65
			Series - 2003 C6 (Class A3)
	1,521,309		Wachovia Bank Commercial Mortgage Trust	5.246		12/15/43		1,547
			Series - 2007 C30 (Class A3)
	17,225,000		Wachovia Bank Commercial Mortgage Trust	5.383		12/15/43		16,150
			Series - 2007 C30 (Class AM)
	17,352,000	i	Wachovia Bank Commercial Mortgage Trust	5.968		06/15/45		19,083
			Series - 2006 C26 (Class AM)
	7,595,000		Wachovia Bank Commercial Mortgage Trust	5.500		04/15/47		8,168
			Series - 2007 C31 (Class A5)
	3,660,000		Wachovia Bank Commercial Mortgage Trust	5.339		11/15/48		3,744
			Series - 2006 C29 (Class AM)
	6,565,000	i	Wachovia Bank Commercial Mortgage Trust	5.899		02/15/51		7,196
			Series - 2007 C33 (Class A5)
	6,125,000	i	Wachovia Bank Commercial Mortgage Trust	5.899		02/15/51		6,786
			Series - 2007 C33 (Class A4)
	1,389,629		Wells Fargo Mortgage Backed Securities Trust	5.500		04/25/35		1,393
			Series - 2005 2 (Class 1A1)
	4,725,000	g,i	Wells Fargo Mortgage Backed Securities Trust	5.276		11/15/43		5,120
			Series - 2010 C1 (Class B)
			TOTAL OTHER MORTGAGE BACKED					433,466
			TOTAL STRUCTURED ASSETS					679,168
			(Cost $669,512)
			TOTAL BONDS					13,308,837
			(Cost $12,787,202)

SHARES			COMPANY
PREFERRED STOCKS - 0.0%
BANKS - 0.0%
	470,597	*	Federal Home Loan Mortgage Corp	8.375	12/30/49	654
	1,527,061	*	Federal National Mortgage Association	8.250	12/30/49	2,108
			TOTAL BANKS			2,762
			TOTAL PREFERRED STOCKS			2,762
			(Cost $49,942)

PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 21.9%
GOVERNMENT AGENCY DEBT - 0.2%
	$ 22,430,000	d	Federal Home Loan Mortgage Corp (FHLMC)	0.071	05/29/12	22,427
			TOTAL GOVERNMENT AGENCY DEBT			22,427
TREASURY DEBT - 21.7%
	2,200,000		United States Treasury Bill	0.012	04/05/12	2,200
	139,000,000	d	United States Treasury Bill	0.028	04/12/12	138,998
	527,885,000	d	United States Treasury Bill	0.031	04/19/12	527,870
	20,400,000	d	United States Treasury Bill	0.077	04/26/12	20,399

323

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$      150,000,000	d	United States Treasury Bill	0.027	%	05/03/12	$	149,995
	386,000,000	d	United States Treasury Bill	0.032		05/10/12		385,985
	75,500,000	d	United States Treasury Bill	0.029		05/17/12		75,498
	124,500,000	d	United States Treasury Bill	0.034		05/24/12		124,494
	160,840,000	d	United States Treasury Bill	0.048		05/31/12		160,825
	83,100,000	d	United States Treasury Bill	0.030		06/07/12		83,091
	304,000,000	d	United States Treasury Bill	0.030		06/14/12		303,963
	74,600,000	d	United States Treasury Bill	0.040-0.060		06/21/12		74,590
	167,800,000	d	United States Treasury Bill	0.040-0.070		06/28/12		167,772
	31,630,000	d	United States Treasury Bill	0.050		07/12/12		31,623
	210,000,000	d	United States Treasury Bill	0.061-0.103		07/19/12		209,950
	150,000,000	d	United States Treasury Bill	0.037		07/26/12		149,960
	68,000,000		United States Treasury Bill	0.116		08/16/12		67,972
	169,100,000		United States Treasury Bill	0.049		08/23/12		169,019
	107,000,000	d	United States Treasury Bill	0.076		10/18/12		106,923
			TOTAL TREASURY DEBT					2,951,127
			TOTAL SHORT-TERM INVESTMENTS					2,973,554
			(Cost $2,973,645)
			TOTAL INVESTMENTS - 120.1%					16,296,990
			(Cost $15,822,641)
			OTHER ASSETS & LIABILITIES, NET - (20.1)%					(2,731,598	)
			NET ASSETS - 100.0%				$	13,565,392
	*		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 collateral requirements on mortgage dollar rolls.
	g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At March 31, 2012 the aggregate value of these securities amounted to $1,262,660,000 or 9.3% of net assets.
	h		All or a portion of these securities were purchased on a delayed delivery basis.
	i		Floating or variable rate security. Coupon rate reflects the rate at period end.
	j		Zero coupon
	k		Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
	m		Indicates a security that has been deemed illiquid.
			Cost amounts are in thousands.

324

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

COLLEGE RETIREMENT EQUITIES FUND
INFLATION-LINKED BOND
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2012

PRINCIPAL			ISSUER	VALUE (000)
GOVERNMENT BONDS - 99.5%
U.S. TREASURY SECURITIES - 99.5%
		k	United States Treasury Inflation Indexed Bonds
	$    197,129,486		0.625%, 04/15/13	$	202,273
	339,342,420		1.875%, 07/15/13		357,158
	349,987,056		2.000%, 01/15/14		374,049
	236,985,744		1.250%, 04/15/14		251,353
	330,848,406		2.000%, 07/15/14		360,392
	300,196,683		1.625%, 01/15/15		327,097
	251,823,824		0.500%, 04/15/15		266,972
	283,830,540		1.875%, 07/15/15		316,560
	271,134,657		2.000%, 01/15/16		306,213
	408,539,846		0.125%, 04/15/16		431,520
	274,464,511		2.500%, 07/15/16		320,459
	254,552,742		2.375%, 01/15/17		298,165
	208,856,590		2.625%, 07/15/17		251,101
	231,559,290		1.625%, 01/15/18		266,112
	218,183,448		1.375%, 07/15/18		249,837
	215,866,110		2.125%, 01/15/19		258,331
	228,205,300		1.875%, 07/15/19		271,226
	258,129,789		1.375%, 01/15/20		296,466
	284,353,560		1.250%, 07/15/20		324,718
	394,143,449		1.125%, 01/15/21		443,658
	397,992,732		0.625%, 07/15/21		430,609
	204,449,518		0.125%, 01/15/22		209,305
	356,199,323		2.375%, 01/15/25		453,097
	270,420,995		2.000%, 01/15/26		331,414
	221,053,427		2.375%, 01/15/27		283,639
	216,251,820		1.750%, 01/15/28		257,897
	255,057,071		3.625%, 04/15/28		376,349
	205,732,542		2.500%, 01/15/29		271,535
	285,218,554		3.875%, 04/15/29		439,370
	82,047,811		3.375%, 04/15/32		124,918
	165,303,908		2.125%, 02/15/40		217,362
	233,783,910		2.125%, 02/15/41		308,284
	113,336,740		0.750%, 02/15/42		108,033
			TOTAL U.S. TREASURY SECURITIES		9,985,472
			TOTAL GOVERNMENT BONDS
			(Cost $8,728,238)		9,985,472

325

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

PRINCIPAL		ISSUER	VALUE (000)
SHORT-TERM INVESTMENTS - 0.1%
TREASURY DEBT - 0.1%
		United States Treasury Bill
$	9,000,000	0.050% 05/31/12	$	8,999
		TOTAL SHORT-TERM INVESTMENTS		8,999
		(Cost $8,999)
		TOTAL INVESTMENTS - 99.6%		9,994,471
		(Cost $8,737,237)
		OTHER ASSETS AND LIABILITIES, NET - 0.4%		42,125
		NET ASSETS - 100.0%	$	10,036,596
	k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
		Cost amounts are in thousands.

326

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

COLLEGE RETIREMENT EQUITIES FUND
SOCIAL CHOICE ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2012

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
BONDS - 37.9%
CORPORATE BONDS - 11.5%
AUTOMOBILES & COMPONENTS - 0.1%
	$   2,350,000		BorgWarner, Inc	4.625	%	09/15/20	$	2,512
	4,750,000		Johnson Controls, Inc	2.600		12/01/16		4,893
	3,250,000		Johnson Controls, Inc	5.000		03/30/20		3,655
			TOTAL AUTOMOBILES & COMPONENTS					11,060
BANKS - 2.2%
	3,400,000		Bank of New York Mellon Corp	4.300		05/15/14		3,641
	5,000,000		Bank of New York Mellon Corp	3.100		01/15/15		5,244
	4,750,000	e	Bank of New York Mellon Corp	1.200		02/20/15		4,756
	5,000,000		Bank of New York Mellon Corp	2.950		06/18/15		5,265
	5,000,000		Bank of New York Mellon Corp	2.300		07/28/16		5,126
	2,675,000		Bank of New York Mellon Corp	5.450		05/15/19		3,092
	6,120,000	e,g	Bank of Nova Scotia	1.450		07/26/13		6,188
	14,090,000	e,g	Bank of Nova Scotia	1.650		10/29/15		14,315
	9,800,000	g	Bank of Nova Scotia	2.150		08/03/16		10,055
	5,000,000		BB&T Corp	3.375		09/25/13		5,172
	19,500,000		BB&T Corp	2.150		03/22/17		19,443
	19,500,000		BB&T Corp	3.950		03/22/22		19,551
	5,000,000		BB&T Corp	3.850		07/27/27		5,053
	5,000,000		Capital One Bank USA NA	8.800		07/15/19		6,113
	3,500,000		Capital One Capital V	8.875		05/15/40		3,524
	4,750,000	i	Capital One Financial Corp	1.717		07/15/14		4,703
	6,500,000		Capital One Financial Corp	2.125		07/15/14		6,537
	7,250,000		Capital One Financial Corp	3.150		07/15/16		7,419
	8,800,000	g	Depfa ACS Bank	5.125		03/16/37		6,320
	2,375,000		Discover Bank	7.000		04/15/20		2,725
	8,750,000		First Horizon National Corp	5.375		12/15/15		9,296
	10,400,000		Manufacturers & Traders Trust Co	6.625		12/04/17		11,958
	4,644,000	i	Manufacturers & Traders Trust Co	5.585		12/28/20		4,505
	6,076,000	i	Manufacturers & Traders Trust Co	5.629		12/01/21		5,943
	5,000,000		Mercantile Bankshares Corp	4.625		04/15/13		5,170
	6,100,000		Northern Trust Corp	4.625		05/01/14		6,562
	5,000,000		PNC Funding Corp	3.625		02/08/15		5,315
	4,750,000	e	PNC Funding Corp	2.700		09/19/16		4,894
	5,000,000		PNC Funding Corp	5.125		02/08/20		5,664
	3,000,000		State Street Corp	4.300		05/30/14		3,215
	4,650,000	e	SVB Financial Group	5.375		09/15/20		5,029
	11,000,000	e,g	Toronto-Dominion Bank	1.625		09/14/16		11,041
	3,000,000		US Bancorp	4.950		10/30/14		3,286
	5,000,000	e	US Bancorp	2.875		11/20/14		5,212
	6,300,000		US Bancorp	3.000		03/15/22		6,205
	2,500,000		USB Capital XIII Trust	6.625		12/15/39		2,524
			TOTAL BANKS					240,061

327

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
CAPITAL GOODS - 0.4%
	$   2,500,000		3M Co	6.375	%	02/15/28	$	3,219
	5,000,000		Danaher Corp	1.300		06/23/14		5,079
	5,000,000		Danaher Corp	2.300		06/23/16		5,179
	1,800,000		Deere & Co	5.375		10/16/29		2,175
	4,340,000		Deere & Co	8.100		05/15/30		6,300
	6,000,000		Fluor Corp	3.375		09/15/21		6,027
	2,500,000	g	Illinois Tool Works, Inc	4.875		09/15/41		2,696
	3,150,000		Masco Corp	7.125		03/15/20		3,368
	5,155,000		Pall Corp	5.000		06/15/20		5,687
	3,300,000		Rockwell Collins, Inc	3.100		11/15/21		3,344
	5,000,000		Timken Co	6.000		09/15/14		5,453
			TOTAL CAPITAL GOODS					48,527
COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
	5,000,000		Howard Hughes Medical Institute	3.450		09/01/14		5,324
	4,750,000		Waste Management, Inc	2.600		09/01/16		4,867
	2,730,000		Waste Management, Inc	4.600		03/01/21		2,998
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					13,189
CONSUMER DURABLES & APPAREL - 0.1%
	9,750,000	g	Harley-Davidson Financial Services, Inc	2.700		03/15/17		9,673
	2,500,000		Whirlpool Corp	8.000		05/01/12		2,513
	1,100,000		Whirlpool Corp	8.600		05/01/14		1,234
			TOTAL CONSUMER DURABLES & APPAREL					13,420
CONSUMER SERVICES - 0.2%
	2,000,000		American National Red Cross	5.392		11/15/12		2,012
	4,000,000		American National Red Cross	5.567		11/15/17		4,203
	5,000,000		Andrew W Mellon Foundation	3.950		08/01/14		5,375
	1,250,000		McDonald’s Corp	5.000		02/01/19		1,456
	7,550,000		Nature Conservancy	6.300		07/01/19		9,044
	5,145,000		Salvation Army	5.637		09/01/26		5,693
			TOTAL CONSUMER SERVICES					27,783
DIVERSIFIED FINANCIALS - 0.9%
	1,675,000		American Express Co	7.000		03/19/18		2,056
	3,325,000		American Express Co	8.125		05/20/19		4,347
	9,500,000		American Express Credit Corp	2.375		03/24/17		9,515
	4,750,000	i	Berkshire Hathaway, Inc	1.203		08/15/14		4,813
	4,750,000		Berkshire Hathaway, Inc	2.200		08/15/16		4,920
	7,275,000		Berkshire Hathaway, Inc	1.900		01/31/17		7,358
	5,000,000		BlackRock, Inc	4.250		05/24/21		5,365
	9,500,000		Capital One Financial Corp	2.150		03/23/15		9,515
	1,000,000		Eaton Vance Corp	6.500		10/02/17		1,138
	5,000,000		Ford Motor Credit Co LLC	3.875		01/15/15		5,049
	5,900,000		Ford Motor Credit Co LLC	7.000		04/15/15		6,445
	8,600,000		Ford Motor Credit Co LLC	5.000		05/15/18		8,908
	3,500,000		Ford Motor Credit Co LLC	5.875		08/02/21		3,775

328

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    9,750,000		John Deere Capital Corp	1.250	%	12/02/14	$	9,876
	4,155,000		John Deere Capital Corp	2.250		06/07/16		4,311
	7,000,000		John Deere Capital Corp	2.750		03/15/22		6,875
			TOTAL DIVERSIFIED FINANCIALS					94,266
ENERGY - 0.8%
	5,500,000		Apache Corp	5.100		09/01/40		6,004
	1,750,000	e	Chesapeake Energy Corp	6.500		08/15/17		1,864
	1,500,000	e	Chesapeake Energy Corp	6.625		08/15/20		1,526
	2,630,000		Chesapeake Energy Corp	6.125		02/15/21		2,604
	4,145,000	e,g	Continental Resources, Inc	5.000		09/15/22		4,166
	2,500,000		Devon Energy Corp	6.300		01/15/19		3,051
	2,000,000		Devon Energy Corp	5.600		07/15/41		2,250
	5,000,000		EOG Resources, Inc	2.950		06/01/15		5,277
	3,000,000	e	EOG Resources, Inc	4.100		02/01/21		3,247
	5,000,000		EQT Corp	8.125		06/01/19		5,842
	4,750,000		EQT Corp	4.875		11/15/21		4,807
	2,500,000		Hess Corp	8.125		02/15/19		3,229
	3,000,000		Hess Corp	6.000		01/15/40		3,436
	2,000,000		Hess Corp	5.600		02/15/41		2,175
	1,526,000		Marathon Oil Corp	5.900		03/15/18		1,781
	2,500,000		Noble Energy, Inc	8.250		03/01/19		3,139
	2,825,000		Noble Holding International Ltd	2.500		03/15/17		2,848
	2,150,000		Noble Holding International Ltd	3.950		03/15/22		2,148
	5,725,000	g	Southwestern Energy Co	4.100		03/15/22		5,675
	5,000,000		Spectra Energy Capital LLC	5.650		03/01/20		5,616
	2,500,000		Tennessee Gas Pipeline Co	8.000		02/01/16		2,902
	5,000,000	g	Texas Eastern Transmission LP	4.125		12/01/20		5,262
	6,175,000		Weatherford International Ltd	4.500		04/15/22		6,166
	7,000,000		Weatherford International Ltd	5.950		04/15/42		6,950
			TOTAL ENERGY					91,965
FOOD & STAPLES RETAILING - 0.2%
	4,750,000		Kroger Co	2.200		01/15/17		4,825
	7,250,000		Safeway, Inc	3.400		12/01/16		7,518
	4,100,000		Safeway, Inc	3.950		08/15/20		4,066
	2,500,000		Sysco Corp	6.625		03/17/39		3,426
			TOTAL FOOD & STAPLES RETAILING					19,835
FOOD, BEVERAGE & TOBACCO - 0.4%
	5,900,000		Coca-Cola Enterprises, Inc	1.125		11/12/13		5,923
	1,100,000		General Mills, Inc	5.650		02/15/19		1,306
	7,650,000		HJ Heinz Co	2.000		09/12/16		7,796
	1,600,000	g	HJ Heinz Finance Co	7.125		08/01/39		2,035
	2,000,000		JM Smucker Co	3.500		10/15/21		2,026
	5,000,000	e	Kellogg Co	1.875		11/17/16		5,045
	2,500,000		Kellogg Co	4.150		11/15/19		2,691
	4,900,000		Kellogg Co	4.000		12/15/20		5,188
	5,000,000		Kraft Foods, Inc	2.625		05/08/13		5,096
	5,000,000		PepsiCo, Inc	2.500		05/10/16		5,228
	428,000		PepsiCo, Inc	7.900		11/01/18		575
			TOTAL FOOD, BEVERAGE & TOBACCO					42,909

329

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
HEALTH CARE EQUIPMENT & SERVICES - 0.2%
	$    4,000,000		Becton Dickinson & Co	5.000	%	05/15/19		$4,643
	2,000,000		Becton Dickinson & Co	6.000		05/15/39		2,416
	4,750,000		Becton Dickinson and Co	1.750		11/08/16		4,806
	3,500,000		Medtronic, Inc	4.750		09/15/15		3,918
	2,500,000		Medtronic, Inc	6.500		03/15/39		3,237
	5,000,000		Providence Health & Services	5.050		10/01/14		5,515
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					24,535
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	3,750,000		Clorox Co	3.800		11/15/21		3,790
	2,250,000		Ecolab, Inc	4.350		12/08/21		2,385
	5,000,000		Procter & Gamble Co	2.300		02/06/22		4,833
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					11,008
INSURANCE - 0.4%
	3,500,000		Cincinnati Financial Corp	6.125		11/01/34		3,592
	4,150,000		Lincoln National Corp	4.300		06/15/15		4,390
	2,000,000		Markel Corp	6.800		02/15/13		2,060
	2,500,000		Markel Corp	7.125		09/30/19		2,809
	7,500,000		Markel Corp	5.350		06/01/21		7,820
	5,300,000		Markel Corp	7.350		08/15/34		5,831
	2,500,000	g	Principal Life Global Funding I	5.125		10/15/13		2,618
	3,100,000		Progressive Corp	3.750		08/23/21		3,300
	5,000,000		Protective Life Corp	7.375		10/15/19		5,533
	2,000,000	e	Travelers Cos, Inc	5.900		06/02/19		2,422
			TOTAL INSURANCE					40,375
MATERIALS - 0.8%
	3,335,000		Air Products & Chemicals, Inc	4.375		08/21/19		3,726
	4,750,000		Air Products & Chemicals, Inc	3.000		11/03/21		4,782
	2,800,000		Airgas, Inc	4.500		09/15/14		2,999
	6,817,000	e	Alcoa, Inc	5.400		04/15/21		7,044
	1,000,000		Ball Corp	6.750		09/15/20		1,095
	2,275,000		Ball Corp	5.000		03/15/22		2,281
	4,000,000		Bemis Co, Inc	6.800		08/01/19		4,700
	1,750,000		Bemis Co, Inc	4.500		10/15/21		1,829
	4,500,000		Cliffs Natural Resources, Inc	4.800		10/01/20		4,637
	5,000,000		Cliffs Natural Resources, Inc	6.250		10/01/40		5,310
	10,000,000		Domtar Corp	4.400		04/01/22		9,882
	2,300,000		Eastman Chemical Co	5.500		11/15/19		2,557
	2,650,000		International Paper Co	7.300		11/15/39		3,226
	5,000,000		International Paper Co	6.000		11/15/41		5,427
	5,000,000		MeadWestvaco Corp	7.375		09/01/19		5,822
	5,000,000		Praxair, Inc	4.375		03/31/14		5,359
	2,500,000		Praxair, Inc	5.250		11/15/14		2,785
	5,000,000		Praxair, Inc	4.500		08/15/19		5,662
	4,875,000		Praxair, Inc	2.450		02/15/22		4,689
			TOTAL MATERIALS					83,812

330

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
MEDIA - 0.3%
	$    3,500,000		Time Warner Cable, Inc	3.500	%	02/01/15	$	3,707
	3,200,000		Time Warner Cable, Inc	8.750		02/14/19		4,172
	3,900,000		Time Warner Cable, Inc	8.250		04/01/19		4,988
	5,000,000		Time Warner Cable, Inc	4.125		02/15/21		5,194
	5,000,000		Time Warner Cable, Inc	4.000		09/01/21		5,123
	3,500,000		Time Warner Cable, Inc	6.550		05/01/37		4,053
	5,000,000		Time Warner Cable, Inc	5.500		09/01/41		5,238
	5,234,000		Time Warner Entertainment Co LP	10.150		05/01/12		5,271
			TOTAL MEDIA					37,746
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.3%
	3,100,000		Abbott Laboratories	2.700		05/27/15		3,264
	2,250,000		Gilead Sciences, Inc	4.400		12/01/21		2,362
	10,000,000	i	Johnson & Johnson	0.593		05/15/14		10,052
	4,600,000		Johnson & Johnson	2.150		05/15/16		4,790
	4,600,000		Johnson & Johnson	4.500		09/01/40		4,953
	8,080,000		Life Technologies Corp	3.500		01/15/16		8,393
	5,000,000		Merck & Co, Inc	2.250		01/15/16		5,189
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					39,003
REAL ESTATE - 0.5%
	1,000,000	e	AMB Property LP	7.625		08/15/14		1,113
	3,500,000		Boston Properties LP	3.700		11/15/18		3,620
	3,011,000		Federal Realty Investment Trust	6.000		07/15/12		3,048
	1,400,000		Federal Realty Investment Trust	5.900		04/01/20		1,549
	3,665,000		Health Care REIT, Inc	3.625		03/15/16		3,719
	9,500,000		Health Care REIT, Inc	4.125		04/01/19		9,424
	3,400,000		Healthcare Realty Trust, Inc	5.750		01/15/21		3,480
	2,500,000		Kilroy Realty Corp	5.000		11/03/15		2,664
	3,400,000		Kilroy Realty LP	4.800		07/15/18		3,533
	3,125,000		Simon Property Group LP	2.800		01/30/17		3,200
	4,500,000	e	Ventas Realty LP	4.250		03/01/22		4,373
	5,750,000		Washington Real Estate Investment Trust	5.125		03/15/13		5,875
	7,500,000		Washington Real Estate Investment Trust	4.950		10/01/20		7,834
			TOTAL REAL ESTATE					53,432
RETAILING - 0.3%
	5,000,000		AutoZone, Inc	5.750		01/15/15		5,539
	3,050,000		Macy’s Retail Holdings, Inc	5.900		12/01/16		3,500
	4,700,000		Macy’s Retail Holdings, Inc	3.875		01/15/22		4,714
	1,450,000	e	Nordstrom, Inc	4.000		10/15/21		1,543
	2,945,000		O’Reilly Automotive, Inc	4.625		09/15/21		3,105
	500,000		Staples, Inc	9.750		01/15/14		568
	4,350,000		Target Corp	1.125		07/18/14		4,394
	4,750,000	e	Target Corp	2.900		01/15/22		4,695
			TOTAL RETAILING					28,058
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	4,750,000		Intel Corp	1.950		10/01/16		4,892
	7,500,000		Texas Instruments, Inc	2.375		05/16/16		7,831
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					12,723

331

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
SOFTWARE & SERVICES - 0.3%
	$    5,000,000		Adobe Systems, Inc	3.250	%	02/01/15	$	5,283
	9,750,000		International Business Machines Corp	0.550		02/06/15		9,699
	8,055,000		International Business Machines Corp	1.950		07/22/16		8,266
	5,250,000		International Business Machines Corp	1.250		02/06/17		5,208
	3,550,000		Symantec Corp	2.750		09/15/15		3,698
			TOTAL SOFTWARE & SERVICES					32,154
TECHNOLOGY HARDWARE & EQUIPMENT - 0.4%
	4,750,000	i	Hewlett-Packard Co	2.024		09/19/14		4,785
	4,750,000		Hewlett-Packard Co	3.300		12/09/16		4,942
	12,825,000		Hewlett-Packard Co	2.600		09/15/17		12,817
	5,000,000		Xerox Corp	8.250		05/15/14		5,646
	9,750,000	i	Xerox Corp	1.318		05/16/14		9,675
	4,000,000	e	Xerox Corp	2.950		03/15/17		4,042
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					41,907
TELECOMMUNICATION SERVICES - 0.2%
	9,750,000		American Tower Corp	4.700		03/15/22		9,828
	4,750,000	e	American Tower REIT, Inc	5.900		11/01/21		5,236
	3,235,000		Sprint Nextel Corp	6.000		12/01/16		2,887
			TOTAL TELECOMMUNICATION SERVICES					17,951
TRANSPORTATION - 0.6%
	9,750,000		Burlington Northern Santa Fe LLC	3.050		03/15/22		9,587
	4,600,000		Burlington Northern Santa Fe LLC	5.050		03/01/41		4,798
	2,100,000		Burlington Northern Santa Fe LLC	4.950		09/15/41		2,141
	9,750,000		Burlington Northern Santa Fe LLC	4.400		03/15/42		9,218
	6,500,000		CSX Corp	4.750		05/30/42		6,304
	3,850,000		CSX Corp	4.400		03/01/43		3,607
	2,500,000		Norfolk Southern Corp	5.750		01/15/16		2,892
	5,000,000		Norfolk Southern Corp	3.250		12/01/21		5,033
	12,775,000		Norfolk Southern Corp	3.000		04/01/22		12,560
	2,500,000		Norfolk Southern Corp	5.590		05/17/25		2,940
	4,815,000		Norfolk Southern Corp	5.640		05/17/29		5,532
	1,360,000		United Parcel Service of America, Inc (Step Bond 8.375% until 04/01/20, 7.620% until 04/01/30)	8.375		04/01/30		1,916
	5,000,000		United Parcel Service, Inc	3.125		01/15/21		5,238
			TOTAL TRANSPORTATION					71,766
UTILITIES - 1.6%
	7,850,000		American Water Capital Corp	6.085		10/15/17		9,131
	1,667,000		Arizona Public Service Co	5.050		09/01/41		1,775
	2,000,000		Atmos Energy Corp	8.500		03/15/19		2,617
	5,000,000		CenterPoint Energy Houston Electric LLC	7.000		03/01/14		5,548
	2,000,000		CenterPoint Energy Resources Corp	5.850		01/15/41		2,277
	1,200,000		Connecticut Light & Power Co	5.500		02/01/19		1,407
	2,000,000		Connecticut Light & Power Co	5.750		03/01/37		2,277
	8,000,000		Detroit Edison Co	3.900		06/01/21		8,561
	5,000,000	i	DTE Energy Co	1.180		06/03/13		5,019
	2,738,456	g	Great River Energy	5.829		07/01/17		2,971

332

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$     850,000		Idaho Power Co	4.750	%	11/15/12	$	871
	5,000,000		Idaho Power Co	5.500		04/01/33		5,395
	2,500,000		Idaho Power Co	6.250		10/15/37		2,971
	7,500,000	g	International Transmission Co	4.450		07/15/13		7,723
	2,000,000		Laclede Gas Co	6.150		06/01/36		2,354
	6,000,000		Nevada Power Co	6.650		04/01/36		7,680
	3,335,000		Nevada Power Co	5.450		05/15/41		3,809
	5,000,000		Northeast Utilities	5.650		06/01/13		5,233
	10,000,000	i	Northeast Utilities	1.224		09/20/13		9,997
	1,500,000		Northwest Natural Gas Co	5.620		11/21/23		1,783
	1,600,000		NSTAR Electric Co	5.500		03/15/40		1,883
	5,000,000		Pacific Gas & Electric Co	8.250		10/15/18		6,619
	4,650,000		Pacific Gas & Electric Co	3.250		09/15/21		4,707
	4,750,000		Pacific Gas & Electric Co	5.800		03/01/37		5,675
	3,750,000		Pacific Gas & Electric Co	5.400		01/15/40		4,254
	9,750,000		PacifiCorp	2.950		02/01/22		9,612
	3,000,000		Pepco Holdings, Inc	2.700		10/01/15		3,055
	3,850,000		Portland General Electric Co	6.100		04/15/19		4,637
	630,000		Public Service Co of Colorado	4.750		08/15/41		683
	5,500,000		San Diego Gas & Electric Co	3.000		08/15/21		5,627
	620,000	e	San Diego Gas & Electric Co	6.000		06/01/39		801
	1,380,000		San Diego Gas & Electric Co	3.950		11/15/41		1,335
	10,000,000		Sempra Energy	2.300		04/01/17		10,122
	14,500,000	g	Topaz Solar Farms LLC	5.750		09/30/39		14,311
	5,000,000		Washington Gas Light Co	5.440		08/11/25		5,757
	5,725,000		Westar Energy, Inc	4.125		03/01/42		5,480
	1,000,000		Wisconsin Power & Light Co	5.000		07/15/19		1,146
			TOTAL UTILITIES					175,103
			TOTAL CORPORATE BONDS					1,272,588
			(Cost $1,209,881)
GOVERNMENT BONDS 24.1%
AGENCY SECURITIES - 3.2%
	7,360,188		Cal Dive I- Title XI, Inc	4.930		02/01/27		8,236
	8,462,236		COP I LLC	3.613		12/05/21		9,004
	5,500,000		Federal Home Loan Bank (FHLB)	5.000		11/17/17		6,589
	4,635,000		Federal Home Loan Mortgage Corp (FHLMC)	2.500		04/23/14		4,835
	3,000,000		FHLMC	3.500		05/29/13		3,113
	10,000,000		Federal National Mortgage Association (FNMA)	2.625		11/20/14		10,547
	6,400,000		FNMA	1.125		04/27/17		6,360
	3,000,000		FNMA	2.500		05/15/14		3,134
	2,000,000		FNMA	1.125		07/30/12		2,006
	6,000,000		FNMA	1.250		08/20/13		6,075
	8,299,582		Gate Capital Cayman Two	3.550		06/11/21		8,769
	4,000,000	j	Government Trust Certificate	0.000		04/01/21		3,026
	4,865,000	g	Montefiore Medical Center	3.896		05/20/27		5,255
	1,376,227		National Credit Union Administration	1.840		10/07/20		1,392
	2,750,000	m	NCUA Guaranteed Notes	3.450		06/12/21		2,929
	3,850,000	j	Overseas Private Investment Corp	0.000		07/12/14		4,033

333

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$     4,700,000	j	Overseas Private Investment Corp	0.000	%	07/12/14	$	5,296
	1,277,375	j	Overseas Private Investment Corp	0.000		12/14/14		1,326
	3,000,000	j	Overseas Private Investment Corp	0.000		12/14/14		3,479
	12,750,000	j	Overseas Private Investment Corp	0.000		11/17/16		12,784
	11,750,000	j	Overseas Private Investment Corp	0.000		11/17/16		11,650
	3,000,000		Overseas Private Investment Corp	1.900		04/30/18		2,929
	2,750,000	m	Overseas Private Investment Corp	1.300		06/15/19		2,719
	3,903,055		Overseas Private Investment Corp	5.142		12/15/23		4,636
	7,100,000		Overseas Private Investment Corp	2.290		09/15/26		7,144
	3,750,000		Overseas Private Investment Corp	2.040		12/15/26		3,718
	8,746,942		Overseas Private Investment Corp	4.440		02/27/27		9,764
	4,750,000		Overseas Private Investment Corp	2.930		05/15/30		4,657
	7,850,000		Overseas Private Investment Corp	3.040		05/15/30		7,777
	5,000,000		Overseas Private Investment Corp	3.430		05/15/30		5,055
	4,750,000		Overseas Private Investment Corp	4.010		05/15/30		5,135
	6,286,283		Premier Aircraft Leasing	3.576		02/06/22		6,677
	1,050,000		Private Export Funding Corp	4.550		05/15/15		1,180
	9,750,000		Private Export Funding Corp	2.125		07/15/16		10,230
	7,000,000		Private Export Funding Corp	1.375		02/15/17		7,032
	8,000,000		Private Export Funding Corp	2.250		12/15/17		8,319
	10,000,000		Private Export Funding Corp	4.375		03/15/19		11,642
	17,500,000		Private Export Funding Corp	4.300		12/15/21		20,074
	1,931,714		Rowan Cos, Inc	3.525		05/01/20		2,058
	5,034,070		Rowan Cos, Inc	3.158		07/15/21		5,334
	4,303,673		Tayarra Ltd	3.628		02/15/22		4,584
	4,217,530		Tricahue Leasing LLC	3.503		11/19/21		4,408
	5,250,000		United States Department of Housing and Urban Development	4.330		08/01/15		5,850
	3,894,000		United States Department of Housing and Urban Development	2.910		08/01/17		4,204
	10,750,000		United States Department of Housing and Urban Development	1.770		08/01/18		10,764
	10,000,000	e	US Central Federal Credit Union	1.900		10/19/12		10,092
	9,000,000		US Department of Housing and Urban Development	5.190		08/01/14		9,968
	1,900,000		US Department of Housing and Urban Development	2.200		08/01/15		1,988
	8,000,000		US Department of Housing and Urban Development	4.560		08/01/17		9,313
	5,007,000		US Department of Housing and Urban Development	5.380		08/01/18		5,817
	13,967,000		US Department of Housing and Urban Development	4.960		08/01/20		16,700
	13,500,000		US Department of Housing and Urban Development	5.050		08/01/21		16,010
	4,692,927	g	US Trade Funding Corp	4.260		11/15/14		4,889
	5,000,000		Western Corporate Federal Credit Union	1.750		11/02/12		5,045
			TOTAL AGENCY SECURITIES					355,550
FOREIGN GOVERNMENT BONDS - 2.4%
	5,000,000	g	Bank of Montreal	2.625		01/25/16		5,243
	4,000,000	g	Caisse Centrale Desjardins du Quebec	2.550		03/24/16		4,166
	3,750,000	g	Caisse Centrale Desjardins du Quebec	1.600		03/06/17		3,715
	3,900,000		Canada Government International Bond	2.375		09/10/14		4,078
	6,300,000	e	Canada Government International Bond	0.875		02/14/17		6,224
	9,000,000	g	Canadian Imperial Bank of Commerce	2.000		02/04/13		9,108
	7,000,000	e,g	Canadian Imperial Bank of Commerce	2.750		01/27/16		7,373
	24,750,000	e	Council of Europe Development Bank	1.500		01/15/15		25,056

334

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$     2,000,000		European Investment Bank	4.875	%	02/15/36	$	2,163
	14,500,000		Hydro Quebec	2.000		06/30/16		14,916
	6,082,000		Hydro Quebec	8.400		01/15/22		8,583
	11,250,000	i	India Government AID Bond	0.647		02/01/27		10,304
	2,850,000	e	Italy Government International Bond	5.375		06/12/17		2,923
	10,000,000		KFW	2.625		01/25/22		9,912
	3,145,000	e,g	National Bank of Canada	1.650		01/30/14		3,200
	7,500,000	g	National Bank of Canada	2.200		10/19/16		7,704
	9,750,000	e,g	Nederlandse Waterschapsbank NV	2.125		02/09/17		9,695
	4,000,000		Province of British Columbia Canada	2.850		06/15/15		4,256
	12,000,000		Province of British Columbia Canada	2.100		05/18/16		12,511
	2,000,000		Province of Manitoba Canada	2.125		04/22/13		2,035
	10,000,000		Province of Manitoba Canada	1.375		04/28/14		10,158
	10,000,000		Province of New Brunswick Canada	2.750		06/15/18		10,521
	5,000,000		Province of Nova Scotia Canada	2.375		07/21/15		5,228
	8,700,000		Province of Ontario Canada	4.100		06/16/14		9,365
	8,100,000	e	Province of Ontario Canada	2.950		02/05/15		8,587
	9,450,000		Province of Ontario Canada	2.700		06/16/15		9,971
	15,000,000		Province of Ontario Canada	2.300		05/10/16		15,534
	6,000,000		Province of Ontario Canada	4.000		10/07/19		6,677
	5,000,000		Province of Ontario Canada	4.400		04/14/20		5,721
	10,000,000		Province of Quebec Canada	3.500		07/29/20		10,748
	10,000,000	e	Province of Quebec Canada	2.750		08/25/21		10,039
	5,000,000		Province of Quebec Canada	7.500		09/15/29		7,346
			TOTAL FOREIGN GOVERNMENT BONDS					263,060
MORTGAGE BACKED - 12.2%
	3,273,583	i	Federal Home Loan Mortgage Corp (FHLMC)	5.969		04/01/37		3,560
	4,485,390	i	FHLMC	2.887		03/01/37		4,792
	2,482,815	i	FHLMC	5.221		08/01/37		2,656
	6,180,276		FHLMC	5.500		08/01/39		6,805
	3,539,558	i	FHLMC	5.072		09/01/37		3,788
	2,656,532	i	FHLMC	5.729		02/01/37		2,865
	2,015,214	i	FHLMC	2.380		02/01/36		2,123
	7,876,595		FHLMC (Interest Only)	4.000		06/15/34		813
	3,502,138	i	FHLMC	2.571		07/01/36		3,719
	1,239,776	i	FHLMC	2.645		09/01/36		1,312
	4,307,400	i	FHLMC	2.540		09/01/36		4,637
	1,105,874		Federal Home Loan Mortgage Corp Gold (FGLMC)	5.000		10/01/35		1,193
	833,867		FGLMC	4.500		09/01/35		886
	1,251,032		FGLMC	6.000		08/01/35		1,387
	96,816		FGLMC	6.500		05/01/36		109
	663,542		FGLMC	5.000		02/01/36		716
	481,497		FGLMC	4.500		12/01/35		511
	991,497		FGLMC	5.500		06/01/35		1,085
	332,404		FGLMC	6.000		05/01/35		370
	1,444,731		FGLMC	6.000		05/01/35		1,611
	894,912		FGLMC	6.000		05/01/35		997
	2,755,371		FGLMC	7.000		05/01/35		3,215
	1,329,068		FGLMC	6.000		05/01/35		1,481
	446,710		FGLMC	6.000		05/01/35		496
	984,198		FGLMC	6.500		10/01/36		1,104

335

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$     5,671,392		FGLMC	4.500	%	11/01/40	$	6,178
	43,000,000	h	FGLMC	5.000		04/15/42		46,291
	7,265,092		FGLMC	6.000		07/01/39		8,124
	9,000,000	h	FGLMC	4.000		04/15/42		9,409
	104,000,000	h	FGLMC	4.500		04/15/42		110,273
	6,357,549		FGLMC	4.500		12/01/40		6,896
	2,277,248		FGLMC	5.000		07/01/39		2,453
	3,448,531		FGLMC	6.000		02/01/38		3,856
	1,274,066		FGLMC	6.500		11/01/37		1,430
	1,445,518		FGLMC	6.000		09/01/37		1,606
	4,433,745		FGLMC	4.000		06/01/39		4,640
	1,223,311		FGLMC	4.500		05/01/39		1,298
	880,803		FGLMC	6.000		11/01/38		973
	732,144		FGLMC	6.000		05/01/35		815
	201,977		FGLMC	4.500		07/01/20		220
	693,092		FGLMC	4.500		01/01/20		744
	1,252,077		FGLMC	5.000		02/01/19		1,362
	1,543,039		FGLMC	4.500		06/01/21		1,654
	5,272,217		FGLMC	4.500		06/01/21		5,653
	171,888		FGLMC	7.000		10/01/20		202
	1,350,826		FGLMC	5.500		01/01/19		1,476
	2,132,426		FGLMC	4.500		10/01/18		2,329
	269,224		FGLMC	6.000		12/01/17		289
	146,446		FGLMC	6.500		12/01/16		159
	3,636,702		FGLMC	4.500		01/01/19		3,972
	2,996,457		FGLMC	4.500		11/01/18		3,273
	2,483,882		FGLMC	4.500		11/01/18		2,713
	1,057,770		FGLMC	4.500		03/01/23		1,130
	4,803,925		FGLMC	5.500		12/01/33		5,262
	2,911,755		FGLMC	5.500		09/01/33		3,217
	2,533,602		FGLMC	5.500		09/01/33		2,783
	781,503		FGLMC	5.500		12/01/34		857
	1,291,407		FGLMC	6.000		09/01/34		1,439
	6,848,831		FGLMC	7.000		12/01/33		7,990
	1,717,773		FGLMC	4.500		07/01/33		1,826
	2,523,243		FGLMC	4.000		07/01/24		2,666
	15,162		FGLMC	7.000		05/01/23		17
	675,760		FGLMC	5.000		04/01/23		726
	56,946		FGLMC	8.000		01/01/31		69
	5,000,000	h	FGLMC	5.000		04/15/27		5,372
	867,757		FGLMC	4.500		09/01/24		926
	7,659,583		Federal National Mortgage Association (FNMA)	4.000		10/01/35		8,080
	2,944,321		FNMA	5.000		08/01/35		3,184
	1,009,293	i	FNMA	2.700		02/01/36		1,079
	6,915,062		FNMA	5.500		10/01/35		7,653
	56,831		FNMA	7.500		06/01/35		63
	1,151,326		FNMA	5.500		06/01/35		1,274
	1,386,779		FNMA	4.500		08/01/35		1,477
	554,839		FNMA	6.000		07/01/35		614
	407,097		FNMA	6.500		02/01/36		462
	9,500,105	i	FNMA	5.844		01/01/37		10,255
	1,428,017		FNMA	6.000		12/01/36		1,577

336

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    2,582,101		FNMA	6.500	%	03/01/37	$	2,913
	667,054		FNMA	7.000		02/01/37		765
	2,522,390		FNMA	6.000		03/01/36		2,786
	906,781		FNMA	6.500		02/01/36		1,022
	1,494,630		FNMA	6.500		09/01/36		1,686
	982,568	i	FNMA	2.385		07/01/36		1,039
	1,676,643		FNMA	5.500		06/01/35		1,856
	6,383,784		FNMA	5.500		01/01/35		7,065
	437,599		FNMA	6.000		12/01/34		489
	430,547		FNMA	5.500		03/01/35		477
	1,684,809		FNMA	5.500		01/01/35		1,852
	33,986		FNMA	4.500		08/01/34		36
	32,416		FNMA	4.500		07/01/34		35
	45,422		FNMA	4.500		09/01/34		48
	1,084,671		FNMA	4.500		08/01/34		1,155
	940,533		FNMA	5.500		04/01/35		1,039
	269,061		FNMA	5.500		05/01/35		295
	261,016		FNMA	5.500		05/01/35		286
	2,288,708		FNMA	5.500		06/01/35		2,533
	1,945,103		FNMA	6.000		05/01/35		2,172
	1,145,297		FNMA	5.500		04/01/35		1,258
	1,163,883		FNMA	5.500		04/01/35		1,288
	425,300		FNMA	5.500		05/01/35		471
	2,218,012		FNMA	5.500		05/01/35		2,455
	1,823,801		FNMA	6.000		01/01/39		2,011
	1,429,316		FNMA	5.500		01/01/39		1,559
	2,690,803		FNMA	4.500		02/01/39		2,863
	1,378,508		FNMA	6.000		01/01/39		1,520
	55,000,000	h	FNMA	6.000		04/25/42		60,595
	44,000,000	h	FNMA	5.500		04/25/42		47,939
	2,364,932		FNMA	4.500		01/01/39		2,516
	1,763,684	i	FNMA	4.917		10/01/38		1,889
	3,263,168		FNMA	4.000		04/01/39		3,463
	64,000,000	h	FNMA	5.000		04/25/42		69,130
	156,000,000	h	FNMA	4.500		04/25/42		165,921
	30,000,000	h	FNMA	3.500		05/25/42		30,717
	8,411,663		FNMA	4.000		11/01/40		8,825
	3,343,102		FNMA	4.500		08/01/39		3,557
	4,484,377		FNMA	4.500		04/01/39		4,771
	123,000,000	h	FNMA	4.000		04/25/42		128,958
	10,500,000		FNMA	4.000		02/25/40		11,203
	201,513		FNMA	6.500		03/01/38		226
	1,286,614		FNMA	6.000		09/01/37		1,443
	2,356,462		FNMA	6.000		09/01/37		2,644
	1,057,385		FNMA	6.500		09/01/37		1,188
	1,731,640		FNMA	6.000		09/01/37		1,943
	571,238		FNMA	6.500		08/01/37		644
	729,749		FNMA	7.000		04/01/37		836
	2,034,803		FNMA	6.000		09/01/37		2,283
	946,763		FNMA	6.500		08/01/37		1,069
	490,598		FNMA	6.500		09/01/37		553
	23,715		FNMA	6.500		02/01/38		27

337

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    124,201		FNMA	6.500	%	01/01/38	$	140
	97,822		FNMA	6.500		03/01/38		110
	749,041		FNMA	6.500		03/01/38		840
	244,336		FNMA	6.500		09/01/37		275
	476,499		FNMA	6.500		09/01/37		535
	984,056		FNMA	7.000		11/01/37		1,128
	796,546	i	FNMA	5.904		10/01/37		853
	78,892		FNMA	4.500		07/01/34		84
	324,567		FNMA	4.500		11/01/20		349
	731,020		FNMA	5.000		03/01/20		793
	1,150,362		FNMA	5.000		03/01/21		1,249
	855,417		FNMA	5.000		12/01/20		929
	82,592		FNMA	4.500		03/01/19		89
	600,000		FNMA	4.000		02/25/19		641
	659,043		FNMA	4.500		06/01/19		708
	361,359		FNMA	4.500		05/01/19		388
	2,394,263		FNMA	5.500		08/01/21		2,611
	368,209		FNMA	5.500		02/01/24		405
	118,271		FNMA	5.000		01/01/24		130
	65,482		FNMA	8.000		07/01/24		77
	2,185,190		FNMA	4.000		05/01/24		2,317
	26,151		FNMA	8.000		03/01/23		30
	1,024,654		FNMA	4.500		03/01/23		1,098
	2,409,177		FNMA	5.000		07/01/23		2,606
	8,000,000	h	FNMA	4.500		04/25/27		8,563
	227,721		FNMA	6.000		02/01/19		251
	2,875,618		FNMA	4.530		10/01/14		3,057
	3,965,974		FNMA	4.265		06/01/14		4,172
	88,302		FNMA	6.500		10/01/16		97
	3,661		FNMA	8.500		11/01/14		4
	2,571,504		FNMA	4.440		07/01/13		2,637
	13,338		FNMA	5.000		06/01/13		14
	1,546,753		FNMA	4.562		05/01/14		1,632
	3,497,245		FNMA	4.020		08/01/13		3,596
	489,739		FNMA	6.500		04/01/17		541
	2,006,329		FNMA	5.000		12/01/18		2,195
	3,307,727		FNMA	5.500		11/01/18		3,637
	214,994		FNMA	6.000		01/01/19		237
	1,906,074		FNMA	5.000		01/01/19		2,085
	212,473		FNMA	6.500		02/01/18		235
	1,055,274		FNMA	5.000		12/01/17		1,145
	32,587		FNMA	5.500		05/01/18		36
	192,568		FNMA	5.500		04/01/18		212
	302,435		FNMA	5.000		03/01/34		327
	264,146		FNMA	5.000		03/01/34		286
	226,448		FNMA	5.000		03/01/34		245
	687,594		FNMA	5.000		03/01/34		744
	222,356		FNMA	5.500		12/01/33		244
	1,578,237		FNMA	5.500		11/01/33		1,761
	91,263		FNMA	7.000		01/01/34		106
	551,217		FNMA	5.500		12/01/33		606
	2,089,189		FNMA	5.000		04/01/34		2,261

338

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    31,982		FNMA	4.500	%	06/01/34	$	34
	36,612		FNMA	4.500		06/01/34		39
	147,473		FNMA	4.500		07/01/34		157
	136,733		FNMA	4.500		06/01/34		146
	31,102		FNMA	4.500		05/01/34		33
	618,288		FNMA	4.500		05/01/34		659
	26,741		FNMA	4.500		06/01/34		28
	31,379		FNMA	4.500		05/01/34		33
	1,909,395		FNMA	5.500		11/01/33		2,130
	176,307		FNMA	5.000		02/01/33		191
	1,167,393		FNMA	6.500		07/01/32		1,330
	726,296		FNMA	5.500		07/01/33		804
	2,746,689		FNMA	4.500		03/25/33		2,907
	6,594,617		FNMA	4.000		09/01/24		6,991
	1,643,252		FNMA	4.500		08/01/24		1,760
	24,000,000	h	FNMA	3.000		04/25/27		24,844
	42,000,000	h	FNMA	4.000		04/25/27		44,500
	1,058,688		FNMA	4.500		08/01/33		1,129
	1,062,287		FNMA	5.500		11/01/33		1,185
	1,172,842		FNMA	5.000		11/01/33		1,304
	1,499,343		FNMA	5.500		11/01/33		1,673
	1,473,123		FNMA	5.500		11/01/33		1,643
	274,565		FNMA	4.500		09/01/33		293
	786,577		FNMA	5.000		08/01/33		852
	614,519		FNMA	5.000		10/01/33		665
	834,597		FNMA	5.000		10/01/33		904
	652,990		Government National Mortgage Association (GNMA)	4.500		05/15/39		712
	4,001,880		GNMA	4.500		07/20/39		4,356
	1,307,680		GNMA	5.000		07/20/39		1,442
	3,494,219		GNMA	4.500		03/15/39		3,812
	1,006,196		GNMA	6.000		08/15/38		1,136
	1,024,907		GNMA	6.000		08/20/38		1,154
	1,627,284		GNMA	6.500		11/20/38		1,864
	38,000,000	h	GNMA	4.500		04/20/42		41,331
	20,000,000	h	GNMA	5.000		04/20/42		22,025
	6,000,000	h	GNMA	3.500		04/15/42		6,252
	10,000,000	h	GNMA	6.000		04/15/42		11,284
	1,582,328		GNMA	4.000		08/15/39		1,702
	42,000,000	h	GNMA	4.500		04/15/42		45,695
	44,000,000	h	GNMA	4.000		04/15/42		47,218
	11,091		GNMA	6.500		08/15/23		13
	188,657		GNMA	6.500		05/20/31		217
	711,252		GNMA	5.500		07/15/33		800
	38,517		GNMA	6.500		08/15/23		44
	50,126		GNMA	9.000		12/15/17		56
	6,917,256		GNMA	2.300		10/15/19		7,123
	34,042		GNMA	8.000		06/15/22		39
	15,000,000	h	GNMA	5.000		04/15/42		16,566
	1,863,637		GNMA	5.000		04/15/38		2,061
	22,000,000	h	GNMA	5.500		04/15/42		24,585
	2,420,703		GNMA	6.000		02/20/37		2,733
	443,629		GNMA	6.000		10/20/36		501

339

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    467,157		GNMA	6.000	%	01/20/37	$	527
	2,133,245		GNMA	5.500		02/15/37		2,387
			TOTAL MORTGAGE BACKED					1,349,011
MUNICIPAL BONDS - 1.8%
	5,600,000		American Municipal Power-Ohio, Inc	6.270		02/15/50		6,173
	4,500,000	g	Basin Electric Power Coop	6.127		06/01/41		4,797
	2,750,000	h	Broward County FL Water & Sewer Utility Revenue	1.350		10/01/16		2,750
	1,410,000	h	Broward County FL Water & Sewer Utility Revenue	1.910		10/01/18		1,410
	2,390,000		Charlotte-Mecklenburg Hospital Authority	5.000		08/01/15		2,598
	1,400,000		Chelan County Public Utility District No	1.398		07/01/14		1,409
	2,300,000		Chelan County Public Utility District No	1.867		07/01/15		2,330
	5,800,000		Chelan County Public Utility District No	2.655		07/01/17		5,979
	5,000,000		Chicago Metropolitan Water Reclamation District-Greater Chicago	5.720		12/01/38		6,205
	1,250,000		City & County of Honolulu, HI	6.114		07/01/29		1,361
	4,000,000		City of Dallas, TX	5.078		02/15/22		4,721
	1,500,000		City of Dallas, TX	5.195		02/15/35		1,737
	890,000		City of Eugene, OR	6.320		08/01/22		1,002
	5,000,000		City of New York, NY	4.500		06/01/15		5,384
	4,750,000		Clean Water Services	5.701		10/01/30		5,602
	5,000,000		Commonwealth of Massachusetts	5.456		12/01/39		6,018
	55,000		County of Harnett, NC	5.150		05/01/12		55
	1,750,000		County of Mercer, NJ	5.380		02/01/17		1,866
	4,000,000		Dallas County Hospital District	5.621		08/15/44		4,860
	1,680,000		Douglas County Public Utility District No 1 Wells Hydroelectric	5.112		09/01/18		1,843
	1,400,000		Elkhart Redevelopment District	5.500		06/15/18		1,470
	7,385,000		Fiscal Year 2005 Securitization Corp	4.760		08/15/19		8,163
	3,500,000		Grant County Public Utility District No 2	5.630		01/01/27		4,059
	1,900,000		Guadalupe Valley Electric Coop, Inc	5.671		10/01/32		1,774
	1,000,000		Kansas Development Finance Authority	4.592		05/01/14		1,063
	1,350,000		Kansas Development Finance Authority	4.722		05/01/15		1,480
	965,000	g	LL & P Wind Energy, Inc	5.217		12/01/12		965
	6,960,000		Massachusetts Housing Finance Agency	4.782		12/01/20		7,272
	5,400,000		Massachusetts St. Water Pollution Abatement	5.192		08/01/40		6,190
	3,000,000		Metropolitan Washington Airports Authority	5.690		10/01/30		3,273
	5,000,000		Metropolitan Water District of Southern California	6.250		07/01/39		5,540
	750,000		Metropolitan Water Reclamation District of Greater Chicago	2.229		12/01/16		777
	5,000,000		Mississippi Development Bank Special Obligation	5.320		07/01/14		5,334
	3,000,000		New York State Urban Development Corp	6.500		12/15/18		3,600
	2,500,000		Newport News Economic Development Authority	5.640		01/15/29		2,689
	4,750,000		Northern California Power Agency	4.320		07/01/24		4,758
	2,450,000		Ohio State Water Development Authority	4.879		12/01/34		2,742
	2,500,000		Oklahoma Capital Improvement Authority	5.180		07/01/14		2,760
	3,750,000		State of California	7.625		03/01/40		4,884
	5,000,000		State of Connecticut	5.090		10/01/30		5,500
	2,050,000		State of Hawaii	4.670		05/01/14		2,202
	5,000,000		State of Illinois	4.071		01/01/14		5,182
	5,570,000		State of Illinois	4.350		06/01/18		5,764
	5,000,000		State of Michigan	2.302		11/01/14		5,177
	4,505,000		State of Michigan	3.375		12/01/20		4,618

340

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
	$       2,500,000	State of Ohio	5.412	%	09/01/28	$	2,969
	3,050,000	State of Oregon	5.030		08/01/14		3,343
	3,265,000	State of Texas	4.900		08/01/20		3,627
	5,000,000	State of Texas	6.072		10/01/29		6,124
	3,715,000	State of Washington	5.050		01/01/18		3,796
	1,033,000	State of Wisconsin	5.700		05/01/26		1,197
	5,000,000	Tuolumne Wind Project Authority	6.918		01/01/34		5,817
	2,025,000	University Central Florida University Revenues	5.125		10/01/20		1,982
	4,900,000	UNM Sandoval Regional Medical Center	4.500		07/20/36		5,216
		TOTAL MUNICIPAL BONDS					199,407
U.S. TREASURY SECURITIES - 4.5%
	5,000,000	United States Treasury Bond	6.375		08/15/27		7,213
	20,000,000	United States Treasury Bond	5.250		02/15/29		26,188
	13,176,000	United States Treasury Bond	5.375		02/15/31		17,722
	24,282,500	United States Treasury Bond	3.875		08/15/40		26,859
	7,335,000	United States Treasury Bond	4.375		05/15/41		8,818
	44,275,000	United States Treasury Bond	3.750		08/15/41		47,865
	37,590,000	United States Treasury Bond	3.125		11/15/41		36,057
	4,275,000	United States Treasury Note	0.625		06/30/12		4,280
	1,400,000	United States Treasury Note	0.500		11/30/12		1,403
	4,500,000	United States Treasury Note	0.625		02/28/13		4,517
	15,000,000	United States Treasury Note	0.500		05/31/13		15,043
	2,325,000	United States Treasury Note	0.125		08/31/13		2,320
	2,595,000	United States Treasury Note	0.125		09/30/13		2,588
	2,670,000	United States Treasury Note	3.125		09/30/13		2,783
	34,100,000	United States Treasury Note	0.500		10/15/13		34,200
	9,725,000	United States Treasury Note	0.125		12/31/13		9,692
	20,660,000	United States Treasury Note	0.250		01/31/14		20,630
	22,395,000	United States Treasury Note	2.375		08/31/14		23,433
	41,837,500	United States Treasury Note	0.375		03/15/15		41,677
	3,631,000	United States Treasury Note	2.500		04/30/15		3,845
	17,895,000	United States Treasury Note	1.875		06/30/15		18,626
	25,225,000	United States Treasury Note	1.250		10/31/15		25,728
	11,325,000	United States Treasury Note	1.500		06/30/16		11,625
	8,095,000	United States Treasury Note	0.875		01/31/17		8,045
	48,117,500	United States Treasury Note	0.875		02/28/17		47,779
	3,905,000	United States Treasury Note	2.375		05/31/18		4,133
	4,622,000	United States Treasury Note	1.750		10/31/18		4,695
	2,178,000	United States Treasury Note	1.375		02/28/19		2,147
	21,000,000	United States Treasury Note	8.000		11/15/21		31,899
	4,194,600	United States Treasury Note	2.000		02/15/22		4,114
		TOTAL U.S. TREASURY SECURITIES					495,924
		TOTAL GOVERNMENT BONDS					2,662,952
		(Cost $2,572,175)
STRUCTURED ASSETS - 2.3%
ASSET BACKED - 0.8%
	10,000,000	AEP Texas Central Transition Funding LLC	1.976		06/01/21		9,923
		Series - 2012 1 (Class A2)

341

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$10,000,000		AEP Texas Central Transition Funding LLC	2.845	%	03/01/26	$	9,879
			Series - 2012 1 (Class A3)
	5,000,000		AmeriCredit Automobile Receivables Trust	2.850		08/08/16		5,123
			Series - 2011 1 (Class C)
	1,500,000	g	Avis Budget Rental Car Funding AESOP LLC	3.150		03/20/17		1,547
			Series - 2010 5A (Class A)
	1,557,130	i	Bear Stearns Asset Backed Securities Trust	0.612		11/25/39		1,396
			Series - 2005 SD3 (Class 2A1)
	1,998,399	i	BNC Mortgage Loan Trust	0.342		05/25/37		1,808
			Series - 0 2 (Class A2)
	3,501,139	i	Chase Funding Loan Acquisition Trust	1.097		06/25/34		2,458
			Series - 2004 OPT1 (Class M1)
	674,364	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		148
			Series - 2004 2 (Class 1B)
	1,172,757	i	Countrywide Asset-Backed Certificates	5.683		10/25/46		1,175
			Series - 2006 15 (Class A2)
	1	i	Countrywide Home Equity Loan Trust	0.462		02/15/29		0	^
			Series - 2004 B (Class 1A)
	1,682,689	g	Credit-Based Asset Servicing and Securitization LLC	6.159		12/25/36		1,613
			Series - 2007 MX1 (Class A1)
	1,715,000	g,i	DB/UBS Mortgage Trust	5.557		11/10/46		1,785
			Series - 2011 LC1A (Class C)
	5,569,040	g	Flagstar Home Equity Loan Trust	5.781		01/25/35		5,291
			Series - 2007 1A (Class AF3)
	1,500,000		Ford Credit Auto Owner Trust	3.210		07/15/17		1,546
			Series - 2011 A (Class D)
	78,404		GMAC Commercial Mortgage Securities, Inc	5.590		10/25/29		78
			Series - 2006 HLTV (Class A3)
	2,282,000		GMAC Commercial Mortgage Securities, Inc	5.810		10/25/29		1,877
			Series - 2006 HLTV (Class A4)
	7,154,714		Lehman XS Trust	6.500		06/25/46		3,979
			Series - 2006 13 (Class 2A1)
	5,696,436	i	Lehman XS Trust	0.402		08/25/46		4,460
			Series - 2006 GP4 (Class 3A2A)
	1,093,326	i	Long Beach Mortgage Loan Trust	0.742		02/25/35		1,078
			Series - 2005 1 (Class M1)
	134,068	i	Morgan Stanley ABS Capital I	0.282		01/25/37		133
			Series - 2007 HE2 (Class A2A)
	4,010,000		Renaissance Home Equity Loan Trust	5.586		11/25/36		1,985
			Series - 2006 3 (Class AF3)
	1,307,544		Residential Asset Mortgage Products, Inc	4.970		09/25/33		1,333
			Series - 2003 RZ5 (Class A7)
	885,737	i	Residential Asset Securities Corp	0.672		04/25/35		833
			Series - 2005 KS3 (Class M3)
	8,720,058		Residential Funding Mortgage Securities II, Inc	5.500		08/25/25		7,476
			Series - 2006 HI5 (Class A3)
	4,174,103		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36		3,978
			Series - 2006 HI3 (Class A3)
	2,000,000		Residential Funding Mortgage Securities II, Inc	6.010		02/25/36		1,860
			Series - 2006 HI1 (Class M1)

342

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$   200,000		Residential Funding Mortgage Securities II, Inc	6.060	%	02/25/36	$	168
			Series - 2006 HI1 (Class M2)
	1,470,621	i	Securitized Asset Backed Receivables LLC Trust	0.392		03/25/36		1,433
			Series - 2006 NC2 (Class A2)
	1,400,000	g	SLM Student Loan Trust	4.370		04/17/28		1,452
			Series - 2011 A (Class A2)
	1,750,000	g	SLM Student Loan Trust	3.740		02/15/29		1,766
			Series - 2011 B (Class A2)
	729,850	i	Soundview Home Equity Loan Trust	0.352		10/25/36		721
			Series - 2006 EQ1 (Class A2)
	1,011,213	i	Structured Asset Investment Loan Trust	0.642		05/25/35		967
			Series - 2005 4 (Class M1)
	1,933,751	i	Structured Asset Investment Loan Trust	0.522		12/25/35		1,897
			Series - 2005 10 (Class A5)
	2,750,000	g	Vornado DP LLC	5.280		09/13/28		2,946
			Series - 2010 VNO (Class C)
	879,547	g,m	Wachovia Amortization Controlled Heloc NIM	5.683		08/12/47		800
			Series - 2006 N1 (Class N1)
	1,307,238	g,i	Wachovia Loan Trust	0.602		05/25/35		1,015
			Series - 2005 SD1 (Class A)
	862,029	i	Wells Fargo Home Equity Trust	0.382		07/25/36		777
			Series - 2006 2 (Class A3)
			TOTAL ASSET BACKED					86,704
OTHER MORTGAGE BACKED - 1.5%
	535,000		Banc of America Commercial Mortgage, Inc	5.675		07/10/46		569
			Series - 2006 4 (Class AM)
	3,220,000	i	Banc of America Commercial Mortgage, Inc	5.664		04/10/49		3,543
			Series - 2007 2 (Class A4)
	411,733	g,i	Banc of America Large Loan, Inc	0.502		03/15/22		410
			Series - 2005 MIB1 (Class B)
	1,181,670	g,i	Banc of America Large Loan, Inc	0.552		03/15/22		1,158
			Series - 2005 MIB1 (Class C)
	184,000	g,i	Banc of America Large Loan, Inc	0.602		03/15/22		179
			Series - 2005 MIB1 (Class D)
	152,000	g,i	Banc of America Large Loan, Inc	0.642		03/15/22		148
			Series - 2005 MIB1 (Class E)
	965,410		Bank of America Alternative Loan Trust	5.500		09/25/19		966
			Series - 2004 8 (Class 3A1)
	1,293,409		Bear Stearns Asset Backed Securities Trust	5.250		04/25/35		1,199
			Series - 2005 AC2 (Class 1A)
	505,000		Bear Stearns Commercial Mortgage Securities	5.201		12/11/38		568
			Series - 2006 PW14 (Class A4)
	2,200,000	i	Bear Stearns Commercial Mortgage Securities	5.582		09/11/41		2,343
			Series - 2006 PW13 (Class AM)
	2,405,000	i	Bear Stearns Commercial Mortgage Securities	5.568		10/12/41		2,575
			Series - 2006 T24 (Class AM)
	2,655,000	i	Bear Stearns Commercial Mortgage Securities	4.750		02/13/46		2,855
			Series - 2004 T16 (Class A6)
	555,000	i	Bear Stearns Commercial Mortgage Securities	5.694		06/11/50		632
			Series - 2007 PW17 (Class A4)

343

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    895,000		Bear Stearns Commercial Mortgage Securities	5.700	%	06/11/50	$	1,021
			Series - 2007 PW18 (Class A4)
	450,000		Citicorp Mortgage Securities, Inc	5.750		11/25/36		453
			Series - 2006 6 (Class A2)
	686,090		Citicorp Mortgage Securities, Inc	6.000		05/25/37		691
			Series - 2007 4 (Class 1A7)
	406,170	g,i	Citigroup Commercial Mortgage Trust	0.382		04/15/22		385
			Series - 2007 FL3A (Class A2)
	1,750,000	g	Commercial Mortgage Pass Through Certificates	2.555		12/10/24		1,759
			Series - 2011 STRT (Class A)
	2,005,000	g	Commercial Mortgage Pass Through Certificates	2.365		02/10/29		2,019
			Series - 2012 9W57 (Class A)
	2,515,000	i	Commercial Mortgage Pass Through Certificates	5.650		12/10/49		2,593
			Series - 2007 C9 (Class AM)
	2,733,097		Countrywide Alternative Loan Trust	5.500		08/25/16		2,803
			Series - 2004 30CB (Class 1A15)
	1,638,539		Countrywide Home Loan Mortgage Pass Through Trust	5.250		02/25/16		1,633
			Series - 2005 6 (Class 1A10)
	1,955,769		Countrywide Home Loan Mortgage Pass Through Trust	4.750		09/25/18		2,027
			Series - 2003 35 (Class 1A1)
	859,921		Countrywide Home Loan Mortgage Pass Through Trust	5.250		05/25/35		843
			Series - 2005 12 (Class 1A5)
	395,112		Countrywide Home Loan Mortgage Pass Through Trust	5.500		09/25/35		397
			Series - 2005 J3 (Class 1A1)
	1,528,760	g,i	Credit Suisse Mortgage Capital Certificates	0.422		04/15/22		1,377
			Series - 2007 TF2A (Class A1)
	3,550,000	g	Credit Suisse Mortgage Capital Certificates	5.626		05/15/23		3,937
			Series - 2006 OMA (Class D)
	4,500,000	g	Credit Suisse Mortgage Capital Certificates	5.383		02/15/40		4,430
			Series - 2009 RR1 (Class A3C)
	1,210,000		CS First Boston Mortgage Securities Corp	4.052		05/15/38		1,236
			Series - 2003 C3 (Class B)
	3,591,599	g	DBUBS Mortgage Trust	3.742		11/10/46		3,818
			Series - 2011 LC1A (Class A1)
	1,537,897	i	GMAC Mortgage Corp Loan Trust	4.566		10/19/33		1,588
			Series - 2003 AR1 (Class A5)
	10,130,000	i	Greenwich Capital Commercial Funding Corp	5.883		07/10/38		10,545
			Series - 2006 GG7 (Class AM)
	2,750,000	g	GS Mortgage Securities Corp II	5.148		08/10/43		2,950
			Series - 2010 C1 (Class B)
	1,690,000	g,i	GS Mortgage Securities Corp II	5.229		12/10/43		1,681
			Series - 2010 C2 (Class C)
	2,535,000	g,i	GS Mortgage Securities Corp II	5.229		12/10/43		2,719
			Series - 2010 C2 (Class B)
	390,000	g,i	HVB Mortgage Capital Corp	2.292		09/10/22		377
			Series - 2003 FL1A (Class J)
	7,656,023	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.617		07/15/19		7,427
			Series - 2007 FL1A (Class A1)
	759,750	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.422		02/15/20		744
			Series - 2006 FL1A (Class A2)
	3,928,107	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.562		02/15/20		3,667
			Series - 2006 FL1A (Class D)

344

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$   1,453,209	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	7.675	%	10/12/37	$	1,480
			Series - 2002 CIB5 (Class S1)
	527,653	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	8.369		10/12/37		536
			Series - 2002 CIB5 (Class S2)
	3,375,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.440		05/15/45		3,615
			Series - 2006 LDP8 (Class AM)
	2,125,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.252		07/15/46		2,135
			Series - 2011 C4 (Class C)
	4,120,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.816		06/15/49		4,516
			Series - 2007 LD11 (Class A4)
	550,209	i	JP Morgan Mortgage Trust	4.298		04/25/35		551
			Series - 2005 A2 (Class 5A1)
	900,000	i	LB-UBS Commercial Mortgage Trust	5.150		04/15/30		990
			Series - 2005 C2 (Class A5)
	6,120,000		LB-UBS Commercial Mortgage Trust	5.424		02/15/40		6,861
			Series - 2007 C1 (Class A4)
	1,750,000		LB-UBS Commercial Mortgage Trust	5.430		02/15/40		1,935
			Series - 2007 C2 (Class A3)
	3,900,000		LB-UBS Commercial Mortgage Trust	5.455		02/15/40		4,028
			Series - 2007 C1 (Class AM)
	2,450,000	i	LB-UBS Commercial Mortgage Trust	5.858		07/15/40		2,771
			Series - 2007 C6 (Class A4)
	932,486		MASTER Asset Securitization Trust	5.000		05/25/35		940
			Series - 2005 1 (Class 2A5)
	1,645,209	i	Merrill Lynch Mortgage Trust	5.107		07/12/38		1,740
			Series - 2005 CIP1 (Class AM)
	4,040,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.172		12/12/49		4,455
			Series - 2006 4 (Class A3)
	6,300,000	i	Morgan Stanley Capital I	5.447		02/12/44		7,047
			Series - 2007 HQ11 (Class A4)
	710,000	g,i	Morgan Stanley Capital I	5.255		09/15/47		649
			Series - 2011 C1 (Class D)
	2,185,000	g,i	Morgan Stanley Capital I	5.255		09/15/47		2,175
			Series - 2011 C1 (Class C)
	850,000	i	Morgan Stanley Capital I	5.544		11/12/49		913
			Series - 2007 T25 (Class AM)
	6,000,000	i	Nomura Asset Securities Corp	6.831		03/15/30		6,240
			Series - 1998 D6 (Class A2)
	2,750,000	g	OBP Depositor LLC Trust	4.646		07/15/45		3,075
			Series - 2010 OBP (Class A)
	2,215,000	g,i	RBSCF Trust	4.674		04/15/24		2,122
			Series - 2010 MB1 (Class D)
	5,283,419	i	Residential Accredit Loans, Inc	0.432		05/25/46		2,995
			Series - 2006 QO5 (Class 2A1)
	379,789	i	Structured Adjustable Rate Mortgage Loan Trust	0.622		03/25/35		367
			Series - 2005 6XS (Class A3)
	21,647	i	Wachovia Bank Commercial Mortgage Trust	4.957		08/15/35		22
			Series - 2003 C6 (Class A3)
	471,449		Wachovia Bank Commercial Mortgage Trust	5.246		12/15/43		479
			Series - 2007 C30 (Class A3)
	3,390,000		Wachovia Bank Commercial Mortgage Trust	5.383		12/15/43		3,178
			Series - 2007 C30 (Class AM)

345

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$6,880,000	i	Wachovia Bank Commercial Mortgage Trust	5.968	%	06/15/45	$	7,566
			Series - 2006 C26 (Class AM)
	2,505,000		Wachovia Bank Commercial Mortgage Trust	5.500		04/15/47		2,694
			Series - 2007 C31 (Class A5)
	1,160,000		Wachovia Bank Commercial Mortgage Trust	5.339		11/15/48		1,187
			Series - 2006 C29 (Class AM)
	1,745,000	i	Wachovia Bank Commercial Mortgage Trust	5.899		02/15/51		1,913
			Series - 2007 C33 (Class A5)
	2,175,000	i	Wachovia Bank Commercial Mortgage Trust	5.899		02/15/51		2,410
			Series - 2007 C33 (Class A4)
	694,815		Wells Fargo Mortgage Backed Securities Trust	5.500		04/25/35		697
			Series - 2005 2 (Class 1A1)
			TOTAL OTHER MORTGAGE BACKED					162,547
			TOTAL STRUCTURED ASSETS					249,251
			(Cost $247,304)
			TOTAL BONDS					4,184,791
			(Cost $4,029,360)
SHARES			COMPANY
COMMON STOCKS - 60.4%
AUTOMOBILES & COMPONENTS - 1.4%
	34,600	*,e	Aisin Seiki Co Ltd					1,230
	81,409	*	American Axle & Manufacturing Holdings, Inc					953
	898	e	Autoliv, Inc					60
	127,203		Bayerische Motoren Werke AG.					11,443
	10,822		Bayerische Motoren Werke AG. (Preference)					643
	57,644	*,e	BorgWarner, Inc					4,862
	151,700	e	Denso Corp					5,126
	3,163,566		Ford Motor Co					39,513
	8,129	*,e	Fuel Systems Solutions, Inc					213
	203,430		Harley-Davidson, Inc					9,984
	361,780	e	Honda Motor Co Ltd					13,934
	816,059		Johnson Controls, Inc					26,506
	177,000	*,e	Mitsubishi Motors Corp					202
	38,400	*	Modine Manufacturing Co					339
	799,600	e	Nissan Motor Co Ltd					8,597
	87,680		Peugeot S.A.					1,413
	97,815		Pirelli & C S.p.A.					1,164
	95,046		Renault S.A.					5,013
	9,200		Stanley Electric Co Ltd					147
	48,870		Superior Industries International, Inc					955
	49,500		Suzuki Motor Corp					1,193
	118,543	*	Tenneco, Inc					4,404
	2,900	e	Toyoda Gosei Co Ltd					57
	34,900	e	Toyota Industries Corp					1,063
	77,972		Volkswagen AG. (Preference)					13,712
	102,500	e	Yamaha Motor Co Ltd					1,387
			TOTAL AUTOMOBILES & COMPONENTS					154,113

346

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
BANKS - 3.5%
	1,078	e	Arrow Financial Corp	$	26
	7,264		Associated Banc-Corp		101
	502,147		Australia & New Zealand Banking Group Ltd		12,114
	1,911,833		Banca Intesa S.p.A.		3,427
	766,621		Banca Intesa S.p.A. RSP		1,183
	880,132		Banco Bilbao Vizcaya Argentaria S.A.		7,016
	1,015,512		Banco Santander Central Hispano S.A.		7,809
	18,612		Bank of Hawaii Corp		900
	205,100	e	Bank of Nova Scotia		11,490
	1,286,316		Barclays plc		4,847
	1,064,370		BB&T Corp		33,411
	4,408		Bendigo Bank Ltd		35
	8,742		CapitalSource, Inc		58
	7,221		Capitol Federal Financial		86
	3,360		Cathay General Bancorp		59
	64,852	*,e	Citizens Republic Bancorp, Inc		1,012
	2,120		Columbia Banking System, Inc		48
	153,315		Comerica, Inc		4,961
	1,156		Commerce Bancshares, Inc		47
	301,281		Commonwealth Bank of Australia		15,634
	3,936		Community Bank System, Inc		113
	1,591		Cullen/Frost Bankers, Inc		93
	88,910	*	Danske Bank AS		1,511
	218,288		DNB NOR Holding ASA		2,809
	2,420		East West Bancorp, Inc		56
	1,353,842		Fifth Third Bancorp		19,021
	187,908		First Horizon National Corp		1,951
	7,421		First Niagara Financial Group, Inc		73
	5,385		FNB Corp		65
	2,590		Glacier Bancorp, Inc		39
	1,710		Hancock Holding Co		61
	323,200	e	Hang Seng Bank Ltd		4,300
	2,911,418		HSBC Holdings plc		25,860
	210,900		Hudson City Bancorp, Inc		1,542
	9,132		Huntington Bancshares, Inc		59
	1,147		International Bancshares Corp		24
	90,119		KBC Groep NV		2,267
	1,111,500		Keycorp		9,448
	153,669		M&T Bank Corp		13,351
	1,800		MB Financial, Inc		38
	1,746,800	e	Mitsubishi UFJ Financial Group, Inc		8,766
	3,311,900	e	Mizuho Financial Group, Inc		5,449
	403,419		National Australia Bank Ltd		10,299
	6,490		National Penn Bancshares, Inc		57
	1,500		NBT Bancorp, Inc		33
	139,542	e	New York Community Bancorp, Inc		1,941
	644,338	e	Nordea Bank AB		5,859
	19,938		Old National Bancorp		262
	600	e	Park National Corp		42

347

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	2,500	*	Pinnacle Financial Partners, Inc	$	46
	529,666		PNC Financial Services Group, Inc		34,158
	1,987,455	*	Popular, Inc		4,074
	53,363		Provident Financial Services, Inc		775
	1,137,744		Regions Financial Corp		7,498
	2,569		Rockville Financial, Inc		30
	250,810		Royal Bank of Canada (Toronto)		14,536
	5,806,276	*	Royal Bank of Scotland Group plc		2,566
	1,000		S&T Bancorp, Inc		22
	685,000		Shinsei Bank Ltd		902
	410,200	e	Shizuoka Bank Ltd		4,235
	1,200	*	Signature Bank		76
	221,278	e	Skandinaviska Enskilda Banken AB (Class A)		1,572
	328,241		Standard Chartered plc		8,197
	5,030		Susquehanna Bancshares, Inc		50
	26,013	*	SVB Financial Group		1,674
	244,510	e	Svenska Handelsbanken (A Shares)		7,795
	6,304		TCF Financial Corp		75
	150,111	e	Toronto-Dominion Bank		12,741
	1,700		Trustmark Corp		42
	3,150		Umpqua Holdings Corp		43
	636,738	*	UniCredit S.p.A		3,189
	1,467,446		US Bancorp		46,489
	5,844		Webster Financial Corp		132
	5,690	*	Western Alliance Bancorp		48
	629,923	e	Westpac Banking Corp		14,299
	1,110	e	Wintrust Financial Corp		40
	15,516		Zions Bancorporation		333
			TOTAL BANKS		385,290
CAPITAL GOODS - 5.0%
	511,431		3M Co		45,625
	5,700		A.O. Smith Corp		256
	9,214	*,e	A123 Systems, Inc		10
	40,150	e	ACS Actividades Cons y Servicios S.A.		1,027
	4,358		Actuant Corp (Class A)		126
	1,900	*	Aegion Corp		34
	75,930		Alfa Laval AB		1,562
	2,655	*,e	American Superconductor Corp		11
	442,434		Ametek, Inc		21,462
	4,300		Ampco-Pittsburgh Corp		87
	5,965		Apogee Enterprises, Inc		77
	3,036		Applied Industrial Technologies, Inc		125
	56,219	*	ArvinMeritor, Inc		454
	339,000	e	Asahi Glass Co Ltd		2,906
	51,800		Assa Abloy AB (Class B)		1,623
	10,969	*	Astec Industries, Inc		400
	126,814		Balfour Beatty plc		578
	120,801		Barnes Group, Inc		3,178
	2,120	*	Beacon Roofing Supply, Inc		55
	258		Belden CDT, Inc		10
	366,700	e	Bombardier, Inc		1,522

348

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	100,447	e	Bouygues S.A.	$	3,063
	1,300		Brady Corp (Class A)		42
	29,997	e	Briggs & Stratton Corp		538
	23,239	*,e	Builders FirstSource, Inc		98
	299,328		Bunzl plc		4,814
	8,500		CAE, Inc		87
	1,131	*	Chart Industries, Inc		83
	118,516		Cintra Concesiones de Infraestructuras de Transporte S.A.		1,361
	2,153		Clarcor, Inc		106
	1,734	*	Colfax Corp		61
	113,374		Compagnie de Saint-Gobain		5,058
	32,100		Cooper Industries plc		2,053
	241,660		Cummins, Inc		29,009
	26,300	e	Daikin Industries Ltd		722
	646,041		Danaher Corp		36,178
	405,664		Deere & Co		32,818
	2,541		Delek Group Ltd		503
	32,288		Dover Corp		2,032
	11,212		Ducommun, Inc		133
	341,115		Eaton Corp		16,998
	724,236		Emerson Electric Co		37,791
	1,885	*	EnerSys		65
	1,280	*	EnPro Industries, Inc		53
	1,450		ESCO Technologies, Inc		53
	124,993		Fastenal Co		6,762
	105,500	*	FIAT Industrial S.p.A.		1,126
	15,300	e	Finning International, Inc		421
	41,048		Fluor Corp		2,465
	26,280	e	Fomento de Construcciones y Contratas S.A.		587
	2,330		Gardner Denver, Inc		147
	1,473		GATX Corp		59
	15,000		GEA Group AG.		517
	11,391		Geberit AG.		2,380
	1,350	*	General Cable Corp		39
	48,876	*	Gibraltar Industries, Inc		741
	1,500		Gorman-Rupp Co		44
	71,827		Graco, Inc		3,811
	57,000	*	GrafTech International Ltd		681
	1,240		Granite Construction, Inc		36
	966	e	Heico Corp		50
	2,491	*	Hexcel Corp		60
	32,600	e	Hitachi Construction Machinery Co Ltd		729
	10,400		Hochtief AG.		629
	593,893		Illinois Tool Works, Inc		33,923
	74,873		Ingersoll-Rand plc		3,096
	2,300		Insteel Industries, Inc		28
	349,846		Invensys plc		1,114
	1,359	*	Jacobs Engineering Group, Inc		60
	2,187		Joy Global, Inc		161
	27,700		JS Group Corp		583
	7,600		JTEKT Corp		92
	159,000	e	Komatsu Ltd		4,572

349

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	380,797		Koninklijke Philips Electronics NV	$	7,729
	320,000	e	Kubota Corp		3,097
	6,983	*	Layne Christensen Co		155
	36,587		LB Foster Co (Class A)		1,043
	26,197		Lincoln Electric Holdings, Inc		1,187
	15,600	*,e	Makita Corp		633
	595,000	e	Marubeni Corp		4,327
	363,959		Masco Corp		4,866
	16,896	e	Metso Oyj		722
	750	*	Middleby Corp		76
	394,000		Mitsubishi Electric Corp		3,518
	1,721		MSC Industrial Direct Co (Class A)		143
	114,717	*	NCI Building Systems, Inc		1,320
	83,000	e	NGK Insulators Ltd		1,196
	28,000	e	Nidec Corp		2,560
	147,946		Nordson Corp		8,065
	86,000	e	NSK Ltd		670
	152,793		Orkla ASA		1,209
	134,416	*	Owens Corning, Inc		4,843
	281,636		Paccar, Inc		13,189
	52,309		Pall Corp		3,119
	724		Parker Hannifin Corp		61
	43,748		Pentair, Inc		2,083
	27,870	*,e	Polypore International, Inc		980
	190,495		Precision Castparts Corp		32,937
	35,452		Quanex Building Products Corp		625
	65,025	*	Quanta Services, Inc		1,359
	72,730		Rockwell Automation, Inc		5,797
	5,406		Rockwell Collins, Inc		311
	43,584		Roper Industries, Inc		4,322
	3,300	*	Rush Enterprises, Inc (Class A)		70
	236,880		Sandvik AB		3,418
	2,100		Sauer-Danfoss, Inc		99
	172,100		Scania AB (B Shares)		3,580
	182,088		Schneider Electric S.A.		11,912
	1,857,500		SembCorp Industries Ltd		7,797
	71,789	*	Sensata Technologies Holding BV		2,404
	98,000	e	Shimizu Corp		394
	2,998		Simpson Manufacturing Co, Inc		97
	66,100		Skanska AB (B Shares)		1,145
	27,000		SKF AB (B Shares)		659
	32,670		Smiths Group plc		550
	22,250		Snap-On, Inc		1,357
	204,348	*	Spirit Aerosystems Holdings, Inc (Class A)		4,998
	132,300		Sumitomo Electric Industries Ltd		1,832
	104,755		Tennant Co		4,609
	2,732		Timken Co		139
	1,716	*	TransDigm Group, Inc		199
	1,800	*,e	Trex Co, Inc		58
	395,211		Tyco International Ltd		22,203
	1,070		Universal Forest Products, Inc		37
	544		Valmont Industries, Inc		64

350

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	37,780	*,e	Vestas Wind Systems AS	$	384
	176,760		Vinci S.A.		9,211
	408,690		Volvo AB (B Shares)		5,953
	114,425		W.W. Grainger, Inc		24,580
	9,022	*	Wabash National Corp		93
	48,027	*	WABCO Holdings, Inc		2,905
	1,517		Watsco, Inc		112
	19,023	*	WESCO International, Inc		1,242
	49,151		Westinghouse Air Brake Technologies Corp		3,704
	131,715		Wolseley plc		5,033
	17,783	e	Zardoya Otis S.A.		230
			TOTAL CAPITAL GOODS		552,970
COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
	2,604		ABM Industries, Inc		63
	23,001	*	ACCO Brands Corp		285
	63,258		Adecco S.A.		3,313
	13,075		Aggreko plc		471
	190,700		Avery Dennison Corp		5,746
	176,302		Brambles Ltd		1,297
	2,370		Brink’s Co		57
	2,800		Bureau Veritas S.A.		247
	120,569		Capita Group plc		1,414
	2,000		CDI Corp		36
	2,394	*	Copart, Inc		62
	6,678		Corporate Executive Board Co		287
	3,144		Covanta Holding Corp		51
	218,000	e	Dai Nippon Printing Co Ltd		2,243
	18,020		Deluxe Corp		422
	73,870		Dun & Bradstreet Corp		6,259
	1,517		Equifax, Inc		67
	313,217		Experian Group Ltd		4,886
	2,000		Heidrick & Struggles International, Inc		44
	8,629		Herman Miller, Inc		198
	21,504		HNI Corp		597
	700	*	IHS, Inc (Class A)		66
	7,700		Intertek Group plc		309
	75,492		Iron Mountain, Inc		2,174
	2,980		Knoll, Inc		50
	3,300	*	Korn/Ferry International		55
	42,601		Manpower, Inc		2,018
	2,100	*	Mobile Mini, Inc		44
	19,264	e	Pitney Bowes, Inc		339
	34,400	e	Randstad Holdings NV		1,300
	144,390		Robert Half International, Inc		4,375
	54,900	e	Secom Co Ltd		2,705
	400		Societe BIC S.A.		40
	1,544	*	Standard Parking Corp		32
	44,676	*	Tetra Tech, Inc		1,178
	179,000	e	Toppan Printing Co Ltd		1,408
	1,400		United Stationers, Inc		43
	2,100		Viad Corp		41
	142,969		Waste Management, Inc		4,998
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		49,220

351

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
CONSUMER DURABLES & APPAREL - 0.9%
	18,048		Adidas-Salomon AG.	$	1,410
	4,859	e	American Greetings Corp (Class A)		74
	52,300		Burberry Group plc		1,254
	32,738	e	Callaway Golf Co		221
	1,557	*	Carter’s, Inc		78
	30,920		Christian Dior S.A.		4,750
	341	e	Columbia Sportswear Co		16
	111,473		Compagnie Financiere Richemont S.A.		6,987
	2,733	*,e	Deckers Outdoor Corp		172
	24,000	e	Electrolux AB (Series B)		507
	2,380	e	Ethan Allen Interiors, Inc		60
	11,700		Gildan Activewear, Inc		322
	1,769	*	Hanesbrands, Inc		52
	1,563	*	Iconix Brand Group, Inc		27
	1,990	*	Maidenform Brands, Inc		45
	442,900	e	Matsushita Electric Industrial Co Ltd		4,130
	513,609		Mattel, Inc		17,288
	1,009	*	Mohawk Industries, Inc		67
	23,800		Movado Group, Inc		584
	3,748		Newell Rubbermaid, Inc		67
	342,343		Nike, Inc (Class B)		37,124
	197,000	e	Nikon Corp		6,051
	21,393		Oxford Industries, Inc		1,087
	9,478	*	Perry Ellis International, Inc		177
	24,980		Phillips-Van Heusen Corp		2,232
	2,000		Pool Corp		75
	50,000		Sekisui Chemical Co Ltd		436
	81,000		Sekisui House Ltd		800
	132,000	e	Sharp Corp		972
	208,900	*,e	Sony Corp		4,370
	9,814	*	Tempur-Pedic International, Inc		829
	1,519	*	True Religion Apparel, Inc		42
	22,874		Tupperware Corp		1,452
	1,150	*,e	Under Armour, Inc (Class A)		108
	33,725		VF Corp		4,923
	1,872	*	Warnaco Group, Inc		109
	123,400	e	Yamaha Corp		1,292
			TOTAL CONSUMER DURABLES & APPAREL		100,190
CONSUMER SERVICES - 1.2%
	35,220	*	AFC Enterprises		597
	800	*,e	American Public Education, Inc		30
	5,100		Autogrill S.p.A.		54
	30,700	e	Benesse Corp		1,530
	1,710	*	BJ’s Restaurants, Inc		86
	7,343		Bob Evans Farms, Inc		277
	2,181		Brinker International, Inc		60
	1,171		CBRL Group, Inc		65

352

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	1,020		CEC Entertainment, Inc	$	39
	1,799	*,e	Cheesecake Factory		53
	154	*	Chipotle Mexican Grill, Inc (Class A)		64
	103,153	e	Choice Hotels International, Inc		3,852
	2,246	*,e	Coinstar, Inc		143
	514,283		Compass Group plc		5,392
	113,052		Darden Restaurants, Inc		5,784
	1,346	*	DineEquity, Inc		67
	3,400		Domino’s Pizza, Inc		123
	74,462	*	Gaylord Entertainment Co		2,293
	3,984	*	Jack in the Box, Inc		95
	317,129		Marriott International, Inc (Class A)		12,003
	541,573		McDonald’s Corp		53,128
	12,376	*,e	O’Charleys, Inc		122
	949	*	Panera Bread Co (Class A)		153
	1,300	*	Papa John’s International, Inc		49
	1,110	*,e	Peet’s Coffee & Tea, Inc		82
	2,433		PF Chang’s China Bistro, Inc		96
	11,375	*	Ruby Tuesday, Inc		104
	29,578	*	Sonic Corp		227
	728,034		Starbucks Corp		40,690
	134,327		Starwood Hotels & Resorts Worldwide, Inc		7,577
	607	e	Strayer Education, Inc		57
	9,100		Tim Hortons, Inc (Toronto)		487
	2,200		Universal Technical Institute, Inc		29
	6,203	e	Weight Watchers International, Inc		479
	10,500		Whitbread plc		310
	45,536		Wyndham Worldwide Corp		2,118
			TOTAL CONSUMER SERVICES		138,315
DIVERSIFIED FINANCIALS - 3.3%
	4,200	e	Aeon Credit Service Co Ltd		67
	211,373	*	American Capital Ltd		1,833
	831,980		American Express Co		48,138
	185,058		Ameriprise Financial, Inc		10,572
	3,458		Ares Capital Corp		57
	1,376,656		Bank of New York Mellon Corp		33,219
	149,037		BlackRock, Inc		30,538
	547,368		Capital One Financial Corp		30,510
	2,073		CBOE Holdings, Inc		59
	1,603,393		Charles Schwab Corp		23,041
	62,510		CME Group, Inc		18,086
	1,362	e	Cohen & Steers, Inc		43
	51,900		Deutsche Boerse AG.		3,495
	601,671		Discover Financial Services		20,060
	4,119	*	E*Trade Financial Corp		45
	34,040		Eaton Vance Corp		973
	51,550		Evercore Partners, Inc (Class A)		1,499
	250,966		Franklin Resources, Inc		31,127
	1,704	*,e	Green Dot Corp		45
	1,736	e	Greenhill & Co, Inc		76
	98,783	*	IntercontinentalExchange, Inc		13,575

353

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	1,750	*	International Assets Holding Corp	$	37
	416,535		Invesco Ltd		11,109
	3,030	*	Investment Technology Group, Inc		36
	9,972		Janus Capital Group, Inc		89
	1,570	e	KBW, Inc		29
	25,700		Kinnevik Investment AB (Series B)		598
	4,153	*	Knight Capital Group, Inc (Class A)		53
	99,297		Legg Mason, Inc		2,773
	19,050		Mitsubishi UFJ Lease & Finance Co Ltd		842
	94,335	*	Nasdaq Stock Market, Inc		2,443
	135,919	*	NewStar Financial, Inc		1,511
	1,120,800	*,e	Nomura Holdings, Inc		4,996
	240,401		Northern Trust Corp		11,407
	290,414		NYSE Euronext		8,715
	2,760	*	PHH Corp		43
	15,778	*	Safeguard Scientifics, Inc		271
	107,051		SEI Investments Co		2,215
	505,504		State Street Corp		23,000
	290,036		T Rowe Price Group, Inc		18,939
	16,754	e	Triangle Capital Corp		331
			TOTAL DIVERSIFIED FINANCIALS		356,495
ENERGY - 5.6%
	31,900	*	Acergy S.A.		845
	38,100		Aker Kvaerner ASA		645
	31,400		AMEC plc		557
	333,022		Apache Corp		33,449
	19,900	e	ARC Energy Trust		457
	235,018	*,e	ATP Oil & Gas Corp		1,727
	4,366	*	Atwood Oceanics, Inc		196
	2,112	*	Basic Energy Services, Inc		37
	854,626		BG Group plc		19,816
	8,300	e	Bonavista Energy Trust		168
	7,080	*	Cal Dive International, Inc		23
	214,719	*	Cameron International Corp		11,344
	24,454	e	CARBO Ceramics, Inc		2,579
	5,590	*	Carrizo Oil & Gas, Inc		158
	287,400		Cenovus Energy, Inc (Toronto)		10,344
	7,183	*	Cheniere Energy, Inc		108
	751,526		Chesapeake Energy Corp		17,413
	111,359		Cimarex Energy Co		8,404
	268,523	*,e	Clean Energy Fuels Corp		5,714
	5,145	*	Cobalt International Energy, Inc		155
	45,027	*	Compagnie Generale de Geophysique S.A.		1,338
	1,993	*,e	Comstock Resources, Inc		32
	2,731	*	Concho Resources, Inc		279
	46,605	*	Contango Oil & Gas Co		2,746
	934	*,e	Continental Resources, Inc		80
	163,000	e	Cosmo Oil Co Ltd		455
	21,100	e	Crescent Point Energy Corp		908
	190,536		Crosstex Energy, Inc		2,694
	124,890	*	CVR Energy, Inc		3,341

354

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	11,452	*	Dawson Geophysical Co	$	393
	486,380	*	Denbury Resources, Inc		8,867
	455,616	*	Devon Energy Corp		32,403
	2,499	*	Dresser-Rand Group, Inc		116
	930,912		El Paso Corp		27,509
	290,374		Enbridge, Inc		11,278
	11,000	e	Enerplus Resources Fund		246
	624,899		ENI S.p.A.		14,645
	307,389		EOG Resources, Inc		34,151
	343,498		Equitable Resources, Inc		16,560
	903	*	Exterran Holdings, Inc		12
	257,424	*	FMC Technologies, Inc		12,979
	16,800		Fugro NV		1,198
	140,158		Galp Energia SGPS S.A.		2,306
	16,840	*,e	GMX Resources, Inc		21
	47,986	*,e	Goodrich Petroleum Corp		913
	22,906		Gulf Island Fabrication, Inc		670
	65,116	*	Gulfmark Offshore, Inc		2,993
	108,787	*	Hercules Offshore, Inc		514
	419,855		Hess Corp		24,751
	159,117	*	Hornbeck Offshore Services, Inc		6,688
	16,000	e	Idemitsu Kosan Co Ltd		1,601
	670		Inpex Holdings, Inc		4,556
	38,515	*	ION Geophysical Corp		248
	4,180	*	Key Energy Services, Inc		64
	857	*,e	Kinder Morgan Management LLC		64
	9,058	*,e	Kodiak Oil & Gas Corp		90
	15,039		Lufkin Industries, Inc		1,213
	778,075		Marathon Oil Corp		24,665
	6,367	*	Matrix Service Co		89
	444,759		National Oilwell Varco, Inc		35,345
	3,769	*	Natural Gas Services Group, Inc		50
	126,731	e	Neste Oil Oyj		1,560
	148,046	*	Newfield Exploration Co		5,134
	252,677		Nexen, Inc		4,633
	125,262		Noble Corp		4,693
	303,809		Noble Energy, Inc		29,706
	14,826	*,e	Northern Oil And Gas, Inc		308
	2,078	*,e	Oasis Petroleum, Inc		64
	23,381		Oceaneering International, Inc		1,260
	16,241	*	Oil States International, Inc		1,268
	142,009		OMV AG.		5,051
	558,343		Origin Energy Ltd		7,726
	4,321	*	OYO Geospace Corp		455
	25,100		Pacific Rubiales Energy Corp (Toronto)		733
	116,848	*	Parker Drilling Co		698
	82,000	e	Penn West Energy Trust		1,602
	28,200		Petrofac Ltd		786
	37,146	*	Petroleum Development Corp		1,378
	68,060	*,e	Petroquest Energy, Inc		418
	87,693	*	Pioneer Drilling Co		772
	171,767		Pioneer Natural Resources Co		19,168

355

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	1,514	*	Plains Exploration & Production Co	$	65
	308,642		Questar Market Resources, Inc		9,414
	90,760	*,e	Quicksilver Resources, Inc		457
	107,336		Range Resources Corp		6,241
	769,765	*	Rentech, Inc		1,601
	314,475		Repsol YPF S.A.		7,905
	36,777	*,e	Rex Energy Corp		393
	13,890	*	Rosetta Resources, Inc		677
	64,322	e	RPC, Inc		682
	41,511		Saipem S.p.A.		2,145
	466,753		Santos Ltd		6,892
	894		SEACOR Holdings, Inc		86
	58,600	e	Showa Shell Sekiyu KK		376
	233,642	*	Southwestern Energy Co		7,149
	979,173		Spectra Energy Corp		30,893
	93,305		St. Mary Land & Exploration Co		6,603
	1,330		Statoil ASA		36
	414,704		Suncor Energy, Inc		13,550
	50,807		Sunoco, Inc		1,938
	51,787	*	Superior Energy Services		1,365
	458,500		Talisman Energy, Inc		5,764
	10,769		Technip S.A.		1,272
	159,456		Tenaris S.A.		3,045
	5,071	*	Tetra Technologies, Inc		48
	800		Tidewater, Inc		43
	158,000		TonenGeneral Sekiyu KK		1,461
	262,191		Tullow Oil plc		6,408
	135,014	*	Ultra Petroleum Corp		3,055
	41,805	*	Unit Corp		1,788
	3,500	e	Vermilion Energy Trust		161
	890,401	*	Weatherford International Ltd		13,436
	290,435	e	Western Refining, Inc		5,466
	105,778	*	Whiting Petroleum Corp		5,744
			TOTAL ENERGY		626,782
FOOD & STAPLES RETAILING - 0.8%
	156,800	e	Aeon Co Ltd		2,065
	179,256		Carrefour S.A.		4,296
	844		Casey’s General Stores, Inc		47
	12,176		Casino Guichard Perrachon S.A.		1,200
	5,000		Colruyt S.A.		201
	10,250		Delhaize Group		539
	177,850	*	Distribuidora Internacional de Alimentacion S.A.		881
	2,468		Harris Teeter Supermarkets, Inc		99
	172,768		J Sainsbury plc		860
	59,300		Jeronimo Martins SGPS S.A.		1,208
	6,988		Kesko Oyj (B Shares)		227
	302,457		Koninklijke Ahold NV		4,191
	238,990		Kroger Co		5,791
	9,800	e	Lawson, Inc		617
	35,900	e	Loblaw Cos Ltd		1,224
	57,100		Metcash Ltd		254

356

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	68,666		Metro AG.	$	2,655
	12,200		Metro, Inc		651
	221		Pricesmart, Inc		16
	372,221	e	Safeway, Inc		7,523
	128,700		Seven & I Holdings Co Ltd		3,838
	18,582		Spartan Stores, Inc		337
	853,753		Sysco Corp		25,493
	1,918,076		Tesco plc		10,124
	1,270	*	United Natural Foods, Inc		59
	81,810		Whole Foods Market, Inc		6,807
	152,243		WM Morrison Supermarkets plc		726
	250,972		Woolworths Ltd		6,758
			TOTAL FOOD & STAPLES RETAILING		88,687
FOOD, BEVERAGE & TOBACCO - 2.7%
	150,000	e	Ajinomoto Co, Inc		1,887
	29,818		Aryzta AG.		1,473
	191,588		Associated British Foods plc		3,741
	2,423	e	Calavo Growers, Inc		65
	317,327	e	Campbell Soup Co		10,741
	189,544		Coca Cola Hellenic Bottling Co S.A.		3,628
	72,900		Coca-Cola Amatil Ltd		942
	6,100		Coca-Cola West Japan Co Ltd		107
	37,233		ConAgra Foods, Inc		978
	5,450	*	Darling International, Inc		95
	1,010	e	Diamond Foods, Inc		23
	1,266	e	Dr Pepper Snapple Group, Inc		51
	2,100		Flowers Foods, Inc		43
	804,269		General Mills, Inc		31,728
	90,910	*,e	Green Mountain Coffee Roasters, Inc		4,258
	171,325		Groupe Danone		11,951
	469,591		H.J. Heinz Co		25,147
	2,100	*	Hain Celestial Group, Inc		92
	9,909		Hormel Foods Corp		292
	30,946		J.M. Smucker Co		2,518
	538,354		Kellogg Co		28,872
	28,997		Kerry Group plc (Class A)		1,341
	31,000	e	Kikkoman Corp		360
	1,185,040		Kraft Foods, Inc (Class A)		45,043
	3,503	e	Lancaster Colony Corp		233
	16,889		McCormick & Co, Inc		919
	57,440		Mead Johnson Nutrition Co		4,738
	3,800	e	MEIJI Holdings Co Ltd		166
	17,511	*	Monster Beverage Corp		1,087
	13,000	e	Nippon Meat Packers, Inc		166
	39,000	e	Nisshin Seifun Group, Inc		474
	14,500	e	Nissin Food Products Co Ltd		543
	851,767		PepsiCo, Inc		56,515
	29,100		Saputo, Inc		1,261
	590,596		Sara Lee Corp		12,716
	13,800		Suedzucker AG.		439
	11,428	e,h	Tootsie Roll Industries, Inc		262

357

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	393,114		Unilever NV	$	13,375
	525,513		Unilever plc		17,338
	81,300		Viterra, Inc		1,297
	42,800	e	Yakult Honsha Co Ltd		1,475
	6,000	e	Yamazaki Baking Co Ltd		86
			TOTAL FOOD, BEVERAGE & TOBACCO		288,466
HEALTH CARE EQUIPMENT & SERVICES - 2.0%
	2,108	*,e	Accretive Health, Inc		42
	512,719		Aetna, Inc		25,718
	2,548	*	Align Technology, Inc		70
	1,123	*	Amerigroup Corp		76
	10,800	*	Amsurg Corp		302
	629,168		Baxter International, Inc		37,612
	310,837		Becton Dickinson & Co		24,136
	3,075	*	Brookdale Senior Living, Inc		58
	42,005	*	Centene Corp		2,057
	7,109		Chemed Corp		446
	174,588		Cigna Corp		8,598
	9,815	*,e	Conceptus, Inc		141
	1,930		Coventry Health Care, Inc		69
	6,786	*	CryoLife, Inc		36
	17,387	*,e	Delcath Systems, Inc		55
	3,100	*	Gen-Probe, Inc		206
	12,050	*	Greatbatch, Inc		295
	730	*	Haemonetics Corp		51
	11,364	*	Health Management Associates, Inc (Class A)		76
	12,187	*	Henry Schein, Inc		922
	78,382		Hill-Rom Holdings, Inc		2,619
	3,907	*	HMS Holdings Corp		122
	93,320		Humana, Inc		8,630
	45,302	*	Idexx Laboratories, Inc		3,962
	1,200	*	Integra LifeSciences Holdings Corp		42
	2,446		Invacare Corp		40
	44,867	*	Inverness Medical Innovations, Inc		1,167
	6,078	*	LHC Group, Inc		113
	58,522	*	LifePoint Hospitals, Inc		2,308
	997	*	Magellan Health Services, Inc		49
	2,103	*,e	MAKO Surgical Corp		89
	1,760		Masimo Corp		41
	1,730	*	MedAssets, Inc		23
	292,241	*	Medco Health Solutions, Inc		20,544
	5,257	*	Medidata Solutions, Inc		140
	977,268		Medtronic, Inc		38,299
	45,847	*	Molina Healthcare, Inc		1,542
	8,672	*	MWI Veterinary Supply, Inc		763
	14,388	*	Natus Medical, Inc		172
	1,976	*	NuVasive, Inc		33
	2,364	*	NxStage Medical, Inc		45
	3,000	*	Omnicell, Inc		46
	7,475	*	OraSure Technologies, Inc		86
	5,635		Owens & Minor, Inc		171

358

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	5,380	*	Palomar Medical Technologies, Inc	$	50
	90,384		Patterson Cos, Inc		3,019
	2,500	*	PSS World Medical, Inc		63
	1,198		Quality Systems, Inc		52
	17,237	*	Resmed, Inc		533
	1,120	*	Sirona Dental Systems, Inc		58
	42,215		STERIS Corp		1,335
	4,400	e	Suzuken Co Ltd		136
	7,700	e	Sysmex Corp		313
	440,824		WellPoint, Inc		32,533
	2,100	*	Wright Medical Group, Inc		40
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		220,144
HOUSEHOLD & PERSONAL PRODUCTS - 2.0%
	249,577		Avon Products, Inc		4,832
	9,680		Beiersdorf AG.		632
	54,785		Clorox Co		3,766
	402,101		Colgate-Palmolive Co		39,317
	263,163		Estee Lauder Cos (Class A)		16,300
	210		Henkel KGaA		13
	156,880		Henkel KGaA (Preference)		11,497
	181,200	e	Kao Corp		4,778
	441,159		Kimberly-Clark Corp		32,597
	63,795		L’Oreal S.A.		7,874
	44,575	*,e	Medifast, Inc		778
	1,610		Nu Skin Enterprises, Inc (Class A)		93
	1,287,868		Procter & Gamble Co		86,558
	152,666		Reckitt Benckiser Group plc		8,638
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		217,673
INSURANCE - 3.6%
	428,670		ACE Ltd		31,379
	651,988		Aflac, Inc		29,985
	339	*	Alleghany Corp		112
	4,400	e	American Equity Investment Life Holding Co		56
	1,538,155		AMP Ltd		6,889
	58,127	*	Arch Capital Group Ltd		2,165
	3,203		Arthur J. Gallagher & Co		114
	126,789		Aspen Insurance Holdings Ltd		3,542
	421,903		Assicurazioni Generali S.p.A.		6,550
	112,933		Assurant, Inc		4,574
	9,623		Axis Capital Holdings Ltd		319
	897,901	*	Berkshire Hathaway, Inc (Class B)		72,865
	432,030		Chubb Corp		29,858
	450,599	e	Cincinnati Financial Corp		15,550
	142,760		CNP Assurances		2,228
	1,200	e	Dai-ichi Mutual Life Insurance Co		1,676
	2,054		Delphi Financial Group, Inc (Class A)		92
	37,351		Delta Lloyd NV		657
	1,400		Donegal Group, Inc (Class A)		19
	4,146	*	eHealth, Inc		68
	2,400		Employers Holdings, Inc		42

359

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	47,737		Endurance Specialty Holdings Ltd	$	1,941
	3,539		First American Financial Corp		59
	702,131	*	Genworth Financial, Inc (Class A)		5,842
	1,200		Harleysville Group, Inc		69
	3,500	*	Hilltop Holdings, Inc		29
	547,527		Insurance Australia Group Ltd		1,933
	1,916		Kemper Corp		58
	363,115		Lincoln National Corp		9,572
	5,262	*	Markel Corp		2,362
	4,850		Meadowbrook Insurance Group, Inc		45
	78,600	e	Mitsui Sumitomo Insurance Group Holdings, Inc		1,626
	123,177		Montpelier Re Holdings Ltd		2,380
	75,286		Muenchener Rueckver AG.		11,353
	59,105	*	National Financial Partners Corp		895
	700	*	Navigators Group, Inc		33
	3,256,923		Old Mutual plc		8,269
	733		PartnerRe Ltd		50
	436,156	*	Phoenix Cos, Inc		1,069
	56,579		Platinum Underwriters Holdings Ltd		2,065
	2,297		Primerica, Inc		58
	388,270		Principal Financial Group		11,458
	998,873		Progressive Corp		23,154
	26,747		Protective Life Corp		792
	569,234		Prudential Financial, Inc		36,084
	912,978		Prudential plc		10,940
	984		Reinsurance Group of America, Inc (Class A)		58
	749		RenaissanceRe Holdings Ltd		57
	1,421		RLI Corp		102
	1,522,946	e	Royal & Sun Alliance Insurance Group plc		2,549
	900		Safety Insurance Group, Inc		37
	6,001		SeaBright Insurance Holdings, Inc		54
	2,400		Selective Insurance Group, Inc		42
	5,540		Stancorp Financial Group, Inc		227
	1,244,153		Standard Life plc		4,573
	13,455	e	Stewart Information Services Corp		191
	169,853		Swiss Re Ltd		10,847
	177,900	e	T&D Holdings, Inc		2,077
	511,085		Travelers Cos, Inc		30,256
	800		TrygVesta AS		45
	143,862		W.R. Berkley Corp		5,196
	233,049		XL Capital Ltd		5,055
			TOTAL INSURANCE		402,242
MATERIALS - 3.9%
	66,358		Agnico-Eagle Mines Ltd		2,211
	20,600		Agrium, Inc (Toronto)		1,778
	87,628		Air Liquide		11,686
	304,680		Air Products & Chemicals, Inc		27,970
	21,000		Air Water, Inc		273
	6,480		Airgas, Inc		576
	19,300		Akzo Nobel NV		1,140
	1,144,312		Alcoa, Inc		11,466

360

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	75,375		Allegheny Technologies, Inc	$	3,103
	126,296	*	Allied Nevada Gold Corp		4,108
	1,251,717		Alumina Ltd		1,607
	128,690		AMCOL International Corp		3,795
	71,800		Amcor Ltd		554
	335,241		Antofagasta plc		6,195
	23,319		Aptargroup, Inc		1,277
	203,000	e	Asahi Kasei Corp		1,260
	40,985		Ball Corp		1,757
	116,110		BASF AG.		10,153
	99,179		Bemis Co, Inc		3,202
	102,756		Boliden AB		1,616
	19,400		Boral Ltd		81
	52,186		Buckeye Technologies, Inc		1,773
	1,160		Carpenter Technology Corp		61
	1,187		Celanese Corp (Series A)		55
	2,372	*	Clearwater Paper Corp		79
	166,221		Cleveland-Cliffs, Inc		11,512
	129,866	*	Coeur d’Alene Mines Corp		3,083
	115,751		Commercial Metals Co		1,715
	10,420		Compass Minerals International, Inc		748
	295,427		CRH plc		6,042
	17,000	e	Daido Steel Co Ltd		119
	4,674		Domtar Corp		446
	5,800		DSM NV		336
	2,936		Eastman Chemical Co		152
	487,139		Ecolab, Inc		30,066
	5,690	*	Ferro Corp		34
	156,723	e	Fletcher Building Ltd		866
	958,826	e	Fortescue Metals Group Ltd		5,786
	8,200	*,e	Franco-Nevada Corp		353
	72,620		Fresnillo plc		1,862
	74,210	*,e	General Moly, Inc		249
	1,052		Givaudan S.A.		1,014
	2,623		Globe Specialty Metals, Inc		39
	914		Greif, Inc (Class A)		51
	94,290		H.B. Fuller Co		3,095
	48,214		HeidelbergCement AG.		2,911
	50,000	e	Hitachi Metals Ltd		626
	3,600		Holmen AB (B Shares)		99
	900		Imerys S.A.		55
	50,500	e	Inmet Mining Corp		2,855
	23,190		Innophos Holdings, Inc		1,162
	1,763		International Flavors & Fragrances, Inc		103
	206,873		International Paper Co		7,261
	48,900	e	JSR Corp		992
	77,699		K&S AG.		4,063
	38,000	e	Kaneka Corp		230
	423,100		Kinross Gold Corp		4,136
	290,000	*,e	Kobe Steel Ltd		474
	2,112	*	Kraton Polymers LLC		56
	58,000	e	Kuraray Co Ltd		825

361

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	46,374		Linde AG.	$	8,319
	71,634		Lonmin plc		1,173
	102,400	*	Louisiana-Pacific Corp		958
	618,178		LyondellBasell Industries AF S.C.A		26,983
	673		Martin Marietta Materials, Inc		58
	29,695	*,e	McEwen Mining, Inc		132
	230,013		MeadWestvaco Corp		7,266
	26,544		Minerals Technologies, Inc		1,736
	297,500	e	Mitsubishi Chemical Holdings Corp		1,601
	48,000	e	Mitsubishi Gas Chemical Co, Inc		323
	120,960	e	Mitsui Chemicals, Inc		369
	2,100		Myers Industries, Inc		31
	2,220		Neenah Paper, Inc		66
	267,783		Newcrest Mining Ltd		8,236
	2,015,000	*,e	Nippon Steel Corp		5,589
	241,000	e	Nisshin Steel Co Ltd		408
	31,500	e	Nitto Denko Corp		1,284
	967,290		Norsk Hydro ASA		5,277
	31,650		Novozymes AS		924
	476,434		Nucor Corp		20,463
	1,370	*	OM Group, Inc		38
	46,342		Orica Ltd		1,348
	29,400	*	Osisko Mining Corp		341
	34,763	*	Owens-Illinois, Inc		811
	159,925		Oxiana Ltd		1,622
	3,815		PolyOne Corp		55
	115,400		Potash Corp of Saskatchewan Toronto		5,269
	319,678		Praxair, Inc		36,648
	1,380		Quaker Chemical Corp		54
	6,500		Randgold Resources Ltd		568
	43,300		Rexam plc		297
	8,241		Rock-Tenn Co (Class A)		557
	146,990		Royal Gold, Inc		9,587
	15,553		Salzgitter AG.		854
	850		Schnitzer Steel Industries, Inc (Class A)		34
	52,009		Sealed Air Corp		1,004
	92,200	e	Shin-Etsu Chemical Co Ltd		5,365
	217,076		Sigma-Aldrich Corp		15,860
	76,875	e	Sims Group Ltd		1,174
	10,200		Solvay S.A.		1,208
	117,186		Sonoco Products Co		3,891
	81,600	e	Ssab Svenskt Stal AB (Series A)		772
	600		Stepan Co		53
	49,061	*	Stillwater Mining Co		620
	334,517		Stora Enso Oyj (R Shares)		2,487
	360,000	e	Sumitomo Chemical Co Ltd		1,545
	1,477,000	e	Sumitomo Metal Industries Ltd		3,013
	358,000		Sumitomo Metal Mining Co Ltd		5,077
	145,090		Svenska Cellulosa AB (B Shares)		2,514
	4,300		Syngenta AG.		1,482
	42,000	e	Taiyo Nippon Sanso Corp		298
	219,300		Teck Cominco Ltd		7,829

362

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	74,000		Teijin Ltd	$	250
	74,966		Titanium Metals Corp		1,017
	305,000	e	Toray Industries, Inc		2,275
	41,000		Tosoh Corp		115
	117,300		Toyo Seikan Kaisha Ltd		1,699
	69,914		Tredegar Corp		1,370
	268,000	e	UBE Industries Ltd		733
	15,649		Umicore		863
	198,855	e	UPM-Kymmene Oyj		2,708
	49,905		Valspar Corp		2,410
	10,800		Wausau Paper Corp		101
	1,211	e	Westlake Chemical Corp		78
	300,696		Worthington Industries, Inc		5,767
	703,223		Xstrata plc		12,048
	309,400	e	Yamana Gold, Inc		4,827
	20,900		Yara International ASA		996
			TOTAL MATERIALS		431,920
MEDIA - 1.1%
	2,580		Arbitron, Inc		95
	152,210		British Sky Broadcasting plc		1,647
	199,065		Cablevision Systems Corp (Class A)		2,922
	4,766		Cinemark Holdings, Inc		105
	10,955		Clear Channel Outdoor Holdings, Inc (Class A)		87
	2,120	*	Digital Generation, Inc		22
	426,095	*	Discovery Communications, Inc (Class A)		21,560
	57,029	*	Discovery Communications, Inc (Class C)		2,673
	52,293	*,e	DreamWorks Animation SKG, Inc (Class A)		965
	22,935	*	Fisher Communications, Inc		705
	1,900	*	JC Decaux S.A.		58
	10,069		John Wiley & Sons, Inc (Class A)		479
	235,872	*	Journal Communications, Inc (Class A)		1,328
	15,813		Lagardere S.C.A.		488
	285,237	*	Liberty Global, Inc (Class A)		14,285
	1,406	*	Liberty Global, Inc (Series C)		67
	18,676	e	Martha Stewart Living Omnimedia, Inc (Class A)		71
	1,500		Modern Times Group AB (B Shares)		83
	213,630	*	New York Times Co (Class A)		1,450
	551,411		Pearson plc		10,278
	12,800		ProSiebenSat.1 Media AG.		329
	1,550		Scholastic Corp		55
	3,000		Societe Television Francaise 1		37
	200,961	e	Thomson Corp (Toronto)		5,810
	413,584		Time Warner Cable, Inc		33,707
	34,079	*,e	Valassis Communications, Inc		784
	315,358	e	Virgin Media, Inc		7,878
	20,820	e	Washington Post Co (Class B)		7,778
	46,200		Wolters Kluwer NV		875
	683,960		WPP plc		9,352
			TOTAL MEDIA		125,973

363

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.4%
	876,099		Abbott Laboratories	$	53,696
	1,969	*	Acorda Therapeutics, Inc		52
	17,804	*	Affymetrix, Inc		76
	333,819		Agilent Technologies, Inc		14,858
	94,231	*	Akorn, Inc		1,102
	21,606	*,e	Amylin Pharmaceuticals, Inc		539
	128,768	*	Ariad Pharmaceuticals, Inc		2,054
	7,946	*	Arqule, Inc		56
	167,180	e	Astellas Pharma, Inc		6,886
	13,554	*	Auxilium Pharmaceuticals, Inc		252
	278,768	*	Biogen Idec, Inc		35,116
	400	*	Bio-Rad Laboratories, Inc (Class A)		42
	47,562		Biovail Corp (Toronto)		2,551
	1,225,863		Bristol-Myers Squibb Co		41,373
	8,887	*,e	Cadence Pharmaceuticals, Inc		33
	9,467	*	Cambrex Corp		66
	53,984	*	Cepheid, Inc		2,258
	180,400	e	Chugai Pharmaceutical Co Ltd		3,342
	19,300	e	Dainippon Sumitomo Pharma Co Ltd		205
	23,000	e	Eisai Co Ltd		915
	116,996	*	Endo Pharmaceuticals Holdings, Inc		4,531
	4,664	*	Genomic Health, Inc		143
	29,826	*,e	Geron Corp		50
	776,869	*	Gilead Sciences, Inc		37,950
	916,615		GlaxoSmithKline plc		20,492
	4,270	*,e	Immunogen, Inc		62
	15,329	*,e	Immunomedics, Inc		56
	97,753	*,e	Incyte Corp		1,887
	1,285,374		Johnson & Johnson		84,783
	121,403	*	Life Technologies Corp		5,927
	1,663,229		Merck & Co, Inc		63,868
	8,809		Merck KGaA		975
	2,769	*	Momenta Pharmaceuticals, Inc		42
	243,310	*,e	Nektar Therapeutics		1,927
	83,237	*	Neurocrine Biosciences, Inc		663
	404,450		Novartis AG.		22,389
	122,745	e	Novo Nordisk AS (Class B)		17,044
	1,100	*	Onyx Pharmaceuticals, Inc		42
	170,097		PDL BioPharma, Inc		1,080
	27,366	*	Progenics Pharmaceuticals, Inc		271
	127,225		Roche Holding AG.		22,141
	78,461	*	Salix Pharmaceuticals Ltd		4,119
	38,313	*,e	Sangamo Biosciences, Inc		188
	7,000		Santen Pharmaceutical Co Ltd		299
	16,464	*,e	SIGA Technologies, Inc		55
	1,297	*	Synta Pharmaceuticals Corp		6
	220,900	e	Takeda Pharmaceutical Co Ltd		9,734
	3,990		Techne Corp		280
	3,140	*,e	Theravance, Inc		61
	1,800	e	Tsumura & Co		52
	6,479	*	United Therapeutics Corp		305
	2,960	*	Viropharma, Inc		89

364

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	88,049	*	Vivus, Inc	$	1,969
	68,756	*	Waters Corp		6,371
	10,632	*,e	Xenoport, Inc		48
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		475,371
REAL ESTATE - 1.9%
	58,900		Aeon Mall Co Ltd		1,376
	324,512		AMB Property Corp		11,689
	516,548		American Tower Corp		32,553
	1,001,223	e	Annaly Capital Management, Inc		15,839
	105,279		Boston Properties, Inc		11,053
	218,140		British Land Co plc		1,674
	752,000		CapitaMall Trust		1,079
	40,398	*	CBRE Group, Inc		806
	192,000		CFS Gandel Retail Trust		356
	41,945		Cogdell Spencer, Inc		178
	2,665		Colonial Properties Trust		58
	1,080	e	Corporate Office Properties Trust		25
	198,000	e	Daiwa House Industry Co Ltd		2,632
	2,200,199		DB RREEF Trust		1,988
	5,432	e	Douglas Emmett, Inc		124
	173,566		Duke Realty Corp		2,489
	1,000		EastGroup Properties, Inc		50
	5,348	e	Equity One, Inc		108
	11,912	e	Federal Realty Investment Trust		1,153
	286,038	*	First Industrial Realty Trust, Inc		3,533
	2,600	e	Franklin Street Properties Corp		28
	9,562	e	Gecina S.A.		999
	435,396		GPT Group (ASE)		1,409
	486,972		HCP, Inc		19,216
	54,071		Health Care REIT, Inc		2,972
	2,000		Healthcare Realty Trust, Inc		44
	687,813		Host Marriott Corp		11,294
	3,053		Jones Lang LaSalle, Inc		254
	2,723	e	Kilroy Realty Corp		127
	291,636		Land Securities Group plc		3,371
	4,206		LaSalle Hotel Properties		118
	59,200		Lend Lease Corp Ltd		459
	381,212		Liberty International plc		2,021
	49,180		Liberty Property Trust		1,757
	40,663		Macerich Co		2,348
	802,200		Macquarie Goodman Group		576
	9,064		Medical Properties Trust, Inc		84
	16,084		Mid-America Apartment Communities, Inc		1,078
	726,832		Mirvac Group		884
	305,810	e	Mitsui Fudosan Co Ltd		5,906
	2,630	e	Piedmont Office Realty Trust, Inc		47
	5,168	e	Post Properties, Inc		242
	700		PS Business Parks, Inc		46
	269,490	e	RAIT Investment Trust		1,339
	13,556		Regency Centers Corp		603
	462,184		Segro plc		1,736

365

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	290,490		Simon Property Group, Inc	$	42,319
	1,108,010		Stockland Trust Group		3,378
	20,745		Unibail		4,150
	47,418		Ventas, Inc		2,708
	160,650		Vornado Realty Trust		13,527
	3,131		Washington Real Estate Investment Trust		93
			TOTAL REAL ESTATE		213,896
RETAILING - 2.4%
	2,050		Aaron’s, Inc		53
	57,376		American Eagle Outfitters, Inc		986
	13,226	*	Ann Taylor Stores Corp		379
	41,473	*	Autozone, Inc		15,420
	900	*,e	Barnes & Noble, Inc		12
	173,990	*	Bed Bath & Beyond, Inc		11,443
	323,747		Best Buy Co, Inc		7,666
	810	*,e	Blue Nile, Inc		27
	1,200	e	Buckle, Inc		58
	11,600		Canadian Tire Corp Ltd		750
	57,629	*	Carmax, Inc		1,997
	28,728		Chico’s FAS, Inc		434
	2,648		Express Parent LLC		66
	12,500	e	Fast Retailing Co Ltd		2,868
	621		Finish Line, Inc (Class A)		13
	39,118		Foot Locker, Inc		1,215
	28,903	e	GameStop Corp (Class A)		631
	484,168		Gap, Inc		12,656
	1,053	*	Genesco, Inc		76
	309,785		Genuine Parts Co		19,439
	2,200		Haverty Furniture Cos, Inc		24
	259,489		Hennes & Mauritz AB (B Shares)		9,380
	36,848		HSN, Inc		1,401
	56,720		Inditex S.A.		5,428
	129,118	e	JC Penney Co, Inc		4,575
	417,700		Kingfisher plc		2,049
	304,407		Kohl’s Corp		15,229
	2,891,620	e	Li & Fung Ltd		6,618
	444,011	*	Liberty Media Holding Corp (Interactive A)		8,476
	4,443	*	LKQ Corp		138
	1,221,612		Lowe’s Companies, Inc		38,334
	110,511		Macy’s, Inc		4,391
	85,700		Marks & Spencer Group plc		519
	3,280		Men’s Wearhouse, Inc		127
	86,219		Nordstrom, Inc		4,804
	94,621	*	Office Depot, Inc		326
	1,510	*	O’Reilly Automotive, Inc		138
	10,103	*,e	Overstock.com, Inc		53
	28,951		Petsmart, Inc		1,657
	9,430	*	Pier 1 Imports, Inc		171
	29,641	e	RadioShack Corp		184
	1,292		Ross Stores, Inc		75
	5,240	*	Sally Beauty Holdings, Inc		130

366

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	1,800	*	Shoe Carnival, Inc	$	58
	1,065	*,e	Shutterfly, Inc		34
	661,620		Staples, Inc		10,705
	3,300		Stein Mart, Inc		22
	4,010	*,e	Talbots, Inc		12
	658,105		Target Corp		38,348
	43,291		Tiffany & Co		2,993
	862,065		TJX Companies, Inc		34,233
	1,220		Tractor Supply Co		111
	1,820		Ulta Salon Cosmetics & Fragrance, Inc		169
	13,577		Williams-Sonoma, Inc		509
	3,600	e	Yamada Denki Co Ltd		226
			TOTAL RETAILING		267,836
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.6%
	80,003	*	Advanced Energy Industries, Inc		1,050
	878,509	*,e	Advanced Micro Devices, Inc		7,046
	66,711		Analog Devices, Inc		2,695
	2,128,718		Applied Materials, Inc		26,481
	106,924		ASML Holding NV		5,357
	7,922		Cabot Microelectronics Corp		308
	1,100	*	Cymer, Inc		55
	2,699		Cypress Semiconductor Corp		42
	2,380	*	Diodes, Inc		55
	4,236	*	DSP Group, Inc		28
	114,773	*	Entegris, Inc		1,072
	7,010	*	GT Solar International, Inc		58
	7,300	*	Integrated Device Technology, Inc		52
	2,715,149		Intel Corp		76,323
	687		Intersil Corp (Class A)		8
	4,049	*	IXYS Corp		54
	60,054	*	Lattice Semiconductor Corp		386
	27,338	*	LTX-Credence Corp		197
	3,840		Micrel, Inc		39
	2,671	*	Microsemi Corp		57
	9,990	*	Mindspeed Technologies, Inc		64
	20,792		MKS Instruments, Inc		614
	504,430	*	Nvidia Corp		7,763
	2,006	*	Omnivision Technologies, Inc		40
	478,118	*	ON Semiconductor Corp		4,308
	1,300		Power Integrations, Inc		48
	4,329	*	Rambus, Inc		28
	62,756	*	RF Micro Devices, Inc		313
	21,400		Rohm Co Ltd		1,062
	9,021	*	Rudolph Technologies, Inc		100
	23,614	*	Sigma Designs, Inc		122
	67,220	*	Skyworks Solutions, Inc		1,859
	185,963		STMicroelectronics NV		1,523
	141,552	*,e	SunPower Corp		903
	195	*	Teradyne, Inc		3
	1,098,700		Texas Instruments, Inc		36,927
	6,991	*	Triquint Semiconductor, Inc		48

367

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	12,987	*	Ultratech, Inc	$	376
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		177,464
SOFTWARE & SERVICES - 4.5%
	616,722		Accenture plc		39,779
	499,142	*	Adobe Systems, Inc		17,126
	1,660	*	Advent Software, Inc		43
	4,609	*	Ansys, Inc		300
	3,260	*	AOL, Inc		62
	172,657	*	Autodesk, Inc		7,307
	120,509		Broadridge Financial Solutions, Inc		2,881
	426,167		CA, Inc		11,745
	5,437	*	Cadence Design Systems, Inc		64
	12,600	*,e	CGI Group, Inc		281
	435,726	*	Cognizant Technology Solutions Corp (Class A)		33,529
	47,900		Computershare Ltd		447
	113,310	*	Compuware Corp		1,041
	7,569	*	Convergys Corp		101
	2,200		Dassault Systemes S.A.		203
	94,949		Earthlink, Inc		759
	2,100		EPIQ Systems, Inc		25
	28,235	*	Equinix, Inc		4,445
	1,098		Factset Research Systems, Inc		109
	1,845		Fair Isaac Corp		81
	2,731	*	Fortinet, Inc		76
	1,909		Global Payments, Inc		91
	118,283	*	Google, Inc (Class A)		75,848
	2,815	*,e	Higher One Holdings, Inc		42
	83,898	*	Informatica Corp		4,438
	7,303	*	Infospace, Inc		93
	534,266		International Business Machines Corp		111,475
	437,242		Intuit, Inc		26,291
	1,740		j2 Global, Inc		50
	1,810	*	JDA Software Group, Inc		50
	24,152	*	Knot, Inc		227
	24,926	*	Liquidity Services, Inc		1,117
	47,222	e	Marchex, Inc (Class B)		211
	7,188		ModusLink Global Solutions, Inc		39
	1,488	*	NetSuite, Inc		75
	10,638	*	NeuStar, Inc (Class A)		396
	165,999		NIC, Inc		2,013
	10,700	e	Nomura Research Institute Ltd		267
	104	e	NTT Data Corp		369
	2,000	*	Open Text Corp		122
	2,107,884		Oracle Corp		61,466
	180,185	*	Rackspace Hosting, Inc		10,413
	148,559	*	Salesforce.com, Inc		22,954
	228,532		SAP AG.		15,962
	10,057	*	Seachange International, Inc		78
	2,149	*	SolarWinds, Inc		83
	867,245	*	Symantec Corp		16,217
	17,553	*	Ultimate Software Group, Inc		1,286

368

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	4,877	*	Unisys Corp	$	96
	1,817,753	*	Yahoo!, Inc		27,666
			TOTAL SOFTWARE & SERVICES		499,839
TECHNOLOGY HARDWARE & EQUIPMENT - 2.7%
	70,560	*,e	Acme Packet, Inc		1,942
	1,612		Adtran, Inc		50
	93,199	*,e	Aruba Networks, Inc		2,077
	11,531	*	Avid Technology, Inc		127
	24,158	*	Benchmark Electronics, Inc		398
	36,913	*,e	Bookham, Inc		145
	25,500		Brother Industries Ltd		348
	3,303	*,e	Calix Networks, Inc		28
	227,500		Canon, Inc		10,883
	3,110,877		Cisco Systems, Inc		65,795
	4,800		Cognex Corp		203
	909	*	Coherent, Inc		53
	136,007	*	Cray, Inc		996
	1,918,120	*	Dell, Inc		31,841
	4,840	*	Digi International, Inc		53
	3,605	*	DTS, Inc		109
	1,653,326	*	EMC Corp		49,401
	1,558	*	FEI Co		77
	85,335	*	Finisar Corp		1,720
	30,068	*	Flextronics International Ltd		217
	186,200	e	Fuji Folms Holdings Corp		4,408
	592,000	e	Fujitsu Ltd		3,143
	1,581,096		Hewlett-Packard Co		37,677
	28,400		Hexagon AB (B Shares)		552
	5,600		Hitachi High-Technologies Corp		135
	28,700	*,e	Ibiden Co Ltd		742
	10,802	*	Imation Corp		67
	11,854	*,e	Infinera Corp		96
	1,900	*	Ingram Micro, Inc (Class A)		35
	24,015	e	InterDigital, Inc		837
	22,664	*	Intevac, Inc		193
	26,731	*	IPG Photonics Corp		1,391
	1,920	*	Itron, Inc		87
	3,197		Jabil Circuit, Inc		80
	118,500	e	Konica Minolta Holdings, Inc		1,046
	31,300	e	Kyocera Corp		2,895
	40,640		Lexmark International, Inc (Class A)		1,351
	1,068		Littelfuse, Inc		67
	4,248	e	Molex, Inc		120
	107,013	*	Motorola Mobility Holdings, Inc		4,199
	438,385		Motorola, Inc		22,283
	14,300	e	Murata Manufacturing Co Ltd		853
	2,100		National Instruments Corp		60
	3,405	*	Netgear, Inc		130
	1,185,120		Nokia Oyj		6,484
	45,500		Omron Corp		985
	69,596	*	Oplink Communications, Inc		1,190

369

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	44,497		Plantronics, Inc	$	1,792
	1,420	*	Plexus Corp		50
	123,725	*	Polycom, Inc		2,359
	231,781	*,e	Power-One, Inc		1,055
	903,685	*	Quantum Corp		2,368
	112,997	*	Radisys Corp		836
	163,000	e	Ricoh Co Ltd		1,602
	2,500	*	Rofin-Sinar Technologies, Inc		66
	1,300	*	Scansource, Inc		49
	53,527	*,e	STEC, Inc		505
	6,268	*	Super Micro Computer, Inc		109
	8,445		Sycamore Networks, Inc		150
	20,433	*,e	Synaptics, Inc		746
	20,700	e	TDK Corp		1,186
	1,838	*	Tech Data Corp		100
	232,684		Tellabs, Inc		942
	41,423	*	Trimble Navigation Ltd		2,254
	13,773	*	TTM Technologies, Inc		158
	4,068	*,e	Universal Display Corp		149
	2,708	*	Vishay Precision Group, Inc		40
	2,547,438		Xerox Corp		20,583
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		294,668
TELECOMMUNICATION SERVICES - 1.4%
	805		AboveNet, Inc		67
	122,400		BCE, Inc		4,901
	808,199		CenturyTel, Inc		31,237
	161,417	*	Cincinnati Bell, Inc		649
	165,022	*	Crown Castle International Corp		8,802
	524,430		France Telecom S.A.		7,778
	1,561,009	e	Frontier Communications Corp		6,509
	894	e	KDDI Corp		5,817
	339,677	*	MetroPCS Communications, Inc		3,064
	2,950	*	Neutral Tandem, Inc		36
	180,834	*	NII Holdings, Inc (Class B)		3,311
	5,326	e	NTT DoCoMo, Inc		8,858
	219,990	e	Portugal Telecom SGPS S.A.		1,195
	69,400	e	Rogers Communications, Inc (Class B)		2,755
	13,176	*	SBA Communications Corp (Class A)		670
	89,700	e	Softbank Corp		2,671
	3,512,691	*	Sprint Nextel Corp		10,011
	20,557	e	Swisscom AG.		8,313
	2,598,797		Telecom Italia S.p.A.		3,093
	42,900		Telekom Austria AG.		500
	177,422		Telenor ASA		3,294
	699,891		TeliaSonera AB		4,883
	62,022	*	tw telecom inc (Class A)		1,374
	2,448	*	US Cellular Corp		100
	8,691,163		Vodafone Group plc		23,973
	842,198	e	Windstream Corp		9,862
			TOTAL TELECOMMUNICATION SERVICES		153,723

370

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
TRANSPORTATION - 1.5%
	182,643		Abertis Infraestructuras S.A.	$	3,111
	800		Allegiant Travel Co		43
	1,490		Arkansas Best Corp		28
	639,647		Auckland International Airport Ltd		1,289
	99,778		Autostrade S.p.A.		1,657
	95,000		Canadian National Railway Co		7,550
	25,000	e	Canadian Pacific Railway Ltd		1,898
	1,437,000	e	Cathay Pacific Airways Ltd		2,663
	205	e	Central Japan Railway Co		1,693
	54,363		CH Robinson Worldwide, Inc		3,560
	1,783		Con-Way, Inc		58
	1,162,997		CSX Corp		25,028
	134,669		Deutsche Lufthansa AG.		1,883
	534,498		Deutsche Post AG.		10,288
	58,500	e	East Japan Railway Co		3,693
	28,564		Expeditors International Washington, Inc		1,329
	5,413		Fraport AG. Frankfurt Airport Services Worldwide		339
	5,568	*	Genesee & Wyoming, Inc (Class A)		304
	5,334		Heartland Express, Inc		77
	66,237	*	International Consolidated Airlines		191
	1,861		International Shipholding Corp		43
	2,153		J.B. Hunt Transport Services, Inc		117
	153,000	*,e	Kawasaki Kisen Kaisha Ltd		340
	41,000	e	Keihin Electric Express Railway Co Ltd		359
	56,000	e	Keio Corp		402
	1,947	*	Kirby Corp		128
	900		Landstar System, Inc		52
	103,000	e	Mitsui OSK Lines Ltd		452
	1,559,197		MTR Corp		5,586
	407,177		Norfolk Southern Corp		26,805
	102,900	e	Odakyu Electric Railway Co Ltd		973
	9,835		Ryder System, Inc		519
	52,000	e	Singapore Airlines Ltd		446
	799,390		Southwest Airlines Co		6,587
	102,000	e	Tobu Railway Co Ltd		542
	228,000	e	Tokyu Corp		1,083
	108,231		Transurban Group		627
	558,117		United Parcel Service, Inc (Class B)		45,051
	105,100	e	Yamato Transport Co Ltd		1,633
			TOTAL TRANSPORTATION		158,427
UTILITIES - 2.6%
	44,200	e	A2A S.p.A.		35
	5,000		Acciona S.A.		349
	25,548		AGL Energy Ltd		391
	144,171		Alliant Energy Corp		6,245
	1,762		American Water Works Co, Inc		60
	164,256		Atmos Energy Corp		5,167
	176,186	*	Calpine Corp		3,032
	9,700	e	Canadian Utilities Ltd		633
	203,900		Centerpoint Energy, Inc		4,021

371

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	23,077		CH Energy Group, Inc	$	1,540
	3,130		Chesapeake Utilities Corp		129
	42,300	e	Chugoku Electric Power Co, Inc		788
	396,515		Cleco Corp		15,722
	881,500		CLP Holdings Ltd		7,602
	441,207		Consolidated Edison, Inc		25,775
	166,707	*	Contact Energy Ltd		647
	11,457		DTE Energy Co		630
	6,900	*	EDP Renovaveis S.A.		34
	2,474		Empire District Electric Co		50
	287,258		Enel Green Power S.p.A		546
	337,059		Energias de Portugal S.A.		980
	161,985		Gas Natural SDG S.A.		2,589
	2,100,675		Hong Kong & China Gas Ltd		5,390
	1,017,864		Iberdrola S.A.		5,780
	337,152		Idacorp, Inc		13,864
	1,026		Integrys Energy Group, Inc		54
	845,869		International Power plc		5,479
	7,871		ITC Holdings Corp		606
	33,619		Laclede Group, Inc		1,312
	4,056		MDU Resources Group, Inc		91
	67,199		MGE Energy, Inc		2,983
	1,088,320		National Grid plc		10,969
	25,454		New Jersey Resources Corp		1,134
	517,559		NextEra Energy, Inc		31,613
	590,674		NiSource, Inc		14,383
	170,797		Northeast Utilities		6,340
	20,077		Northwest Natural Gas Co		912
	103,339		NSTAR		5,025
	428,434		NV Energy, Inc		6,906
	54,813		Oest Elektrizitatswirts AG. (Class A)		1,668
	68,273		Oneok, Inc		5,575
	1,420	e	Ormat Technologies, Inc		29
	897,000	e	Osaka Gas Co Ltd		3,601
	844,017		Pepco Holdings, Inc		15,944
	454,543		PG&E Corp		19,732
	204,273		Piedmont Natural Gas Co, Inc		6,347
	1,185		Pinnacle West Capital Corp		57
	3,408		PNM Resources, Inc		62
	1,700		Portland General Electric Co		42
	455,571		Scottish & Southern Energy plc		9,688
	219,331		Sempra Energy		13,151
	6,800		Severn Trent plc		168
	23,900	e	Shikoku Electric Power Co, Inc		674
	30,331		SJW Corp		731
	354,000		Snam Rete Gas S.p.A.		1,702
	69,460		South Jersey Industries, Inc		3,476
	47,754		SP AusNet		53
	31,026	e	Suez Environnement S.A.		476
	2,793		TECO Energy, Inc		49
	179,100		Terna Rete Elettrica Nazionale S.p.A.		719
	722,790	e	Tokyo Gas Co Ltd		3,411

372

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	RATE	MATURITY DATE	VALUE (000)
	12,300	e	TransAlta Corp			$	231
	1,736		UGI Corp				47
	1,300		Unisource Energy Corp				48
	16,600		United Utilities Group plc				160
	1,884		Vectren Corp				55
	83,441		Veolia Environnement				1,383
	1,978		Westar Energy, Inc				55
	61,818		WGL Holdings, Inc				2,516
	22,672		Wisconsin Energy Corp				798
	63,441		Xcel Energy, Inc				1,679
			TOTAL UTILITIES				284,133
			TOTAL COMMON STOCKS				6,663,837
			(Cost $5,426,065)

SHARES			COMPANY
PREFERRED STOCKS - 0.0%
BANKS - 0.0%
	233,115	*	Federal Home Loan Mortgage Corp	324
	740,991	*	Federal National Mortgage Association	1,023
			TOTAL BANKS	1,347
			TOTAL PREFERRED STOCKS	1,347
			(Cost $24,353)

PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 14.6%
GOVERNMENT AGENCY DEBT - 0.4%
	$ 27,440,000	d	Federal Home Loan Mortgage Corp (FHLMC)	0.049	%	04/10/12	27,439
	10,765,000	d	FHLMC	0.066		05/29/12	10,764
	11,320,000	d	Federal National Mortgage Association (FNMA)	0.061		06/06/12	11,319
			TOTAL GOVERNMENT AGENCY DEBT				49,522
TREASURY DEBT - 9.6%
	13,650,000	d	United States Treasury Bill	0.058		04/05/12	13,650
	55,500,000	d	United States Treasury Bill	0.030		04/12/12	55,499
	132,325,000	d	United States Treasury Bill	0.031		04/19/12	132,321
	76,230,000	d	United States Treasury Bill	0.037		05/03/12	76,228
	128,790,000		United States Treasury Bill	0.009		05/10/12	128,782
	127,945,000	d	United States Treasury Bill	0.021		05/17/12	127,939
	87,100,000	d	United States Treasury Bill	0.033		05/31/12	87,092
	124,300,000	d	United States Treasury Bill	0.036		06/07/12	124,286
	34,000,000	d	United States Treasury Bill	0.030		06/14/12	33,996
	34,000,000	d	United States Treasury Bill	0.040		06/21/12	33,995
	152,000,000	d	United States Treasury Bill	0.050		06/28/12	151,974
	21,000,000	d	United States Treasury Bill	0.050		07/12/12	20,996
	20,000,000	d	United States Treasury Bill	0.037		07/26/12	19,995
	43,300,000	d	United States Treasury Bill	0.068		08/23/12	43,279
			TOTAL TREASURY DEBT				1,050,032

373

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 4.6%
GOVERNMENT AGENCY DEBT - 0.3%
	$ 30,000,000	Federal National Mortgage Association (FNMA)	0.100	%	05/21/12	$	29,996
		TOTAL GOVERNMENT AGENCY DEBT					29,996
TREASURY DEBT - 4.3%
	27,600,000	United States Treasury Bill	0.056		04/05/12		27,600
	44,000,000	United States Treasury Bill	0.065		04/12/12		43,999
	42,000,000	United States Treasury Bill	0.071		04/19/12		41,999
	35,000,000	United States Treasury Bill	0.100		04/26/12		34,998
	73,000,000	United States Treasury Bill	0.050		05/03/12		72,996
	53,035,000	United States Treasury Bill	0.070		05/10/12		53,032
	16,650,000	United States Treasury Bill	0.075		05/17/12		16,649
	20,000,000	United States Treasury Bill	0.083		05/24/12		19,998
	5,000,000	United States Treasury Bill	0.033		05/31/12		5,000
	15,000,000	United States Treasury Bill	0.041		06/14/12		14,998
	10,000,000	United States Treasury Bill	0.040		06/21/12		9,999
	82,000,000	United States Treasury Bill	0.062		06/28/12		81,986
	10,000,000	United States Treasury Bill	0.010		07/12/12		9,998
	30,000,000	United States Treasury Bill	0.010		07/26/12		29,992
	10,000,000	United States Treasury Note	0.750		05/31/12		10,010
	9,450,000	United States Treasury Note	0.375		08/31/12		9,459
		TOTAL TREASURY DEBT					482,713
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED					512,709
		TOTAL SHORT-TERM INVESTMENTS					1,612,263
		(Cost $1,612,289)
		TOTAL INVESTMENTS - 112.9%					12,462,238
		(Cost $11,092,067)
		OTHER ASSETS & LIABILITIES, NET - (12.9)%					(1,421,289	)
		NET ASSETS - 100.0%				$	11,040,949
		Abbreviation(s):
	REIT	Real Estate Investment Trust
	^	Amount represents less than $1,000.
	*	Non-income producing.
	d	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on mortgage dollar rolls.
	e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $514,232,000.
	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 March 31, 2012 the aggregate value of these securities amounted to $240,733,000 or 2.2% of net assets.
	h	All or a portion of these securities were purchased on a delayed delivery basis.
	i	Floating or variable rate security. Coupon rate reflects the rate at period end.
	j	Zero coupon
	m	Indicates a security that has been deemed illiquid.
		Cost amounts are in thousands.

374

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

COLLEGE RETIREMENT EQUITIES FUND
MONEY MARKET ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2012

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
SHORT-TERM INVESTMENTS - 99.6%
CERTIFICATE OF DEPOSIT - 3.0%
	$  46,780,000		Bank of Montreal	0.140	%	04/12/12	$	46,780
	40,000,000		Bank of Montreal	0.150		04/12/12		40,000
	30,000,000		Bank of Nova Scotia	0.180		05/10/12		30,000
	25,000,000		Bank of Nova Scotia	0.250		06/14/12		25,000
	30,000,000		Toronto-Dominion Bank	0.160		04/10/12		30,000
	25,000,000		Toronto-Dominion Bank	0.150		04/23/12		25,000
	48,900,000		Toronto-Dominion Bank	0.150		04/23/12		48,900
	50,000,000		Toronto-Dominion Bank	0.170		04/26/12		50,000
	40,000,000		Toronto-Dominion Bank	0.165		05/04/12		40,000
	30,000,000		Toronto-Dominion Bank	0.210		05/08/12		30,000
			TOTAL CERTIFICATE OF DEPOSIT					365,680
COMMERCIAL PAPER - 38.9%
	50,000,000		Australia & New Zealand Banking Group Ltd	0.185		05/29/12		49,985
	21,120,000		Australia & New Zealand Banking Group Ltd	0.185		05/30/12		21,114
	4,725,000		Bank of Nova Scotia	0.160		04/03/12		4,725
	10,000,000		Bank of Nova Scotia	0.180		04/04/12		10,000
	25,000,000		Bank of Nova Scotia	0.100		04/09/12		24,999
	23,188,000		Bank of Nova Scotia	0.105-0.120		04/12/12		23,187
	12,000,000		Bank of Nova Scotia	0.110		04/16/12		11,999
	25,000,000		Bank of Nova Scotia	0.115		04/17/12		24,999
	30,000,000		Bank of Nova Scotia	0.155		04/19/12		29,998
	20,000,000		Bank of Nova Scotia	0.120		05/01/12		19,998
	20,020,000		Bank of Nova Scotia	0.435		07/02/12		19,998
	20,000,000		Bank of Nova Scotia	0.435		07/03/12		19,978
	605,000		Bank of Nova Scotia	0.220		07/17/12		605
	25,000,000		Bank of Nova Scotia	0.370		08/06/12		24,967
	31,520,000		Bank of Nova Scotia	0.330		08/14/12		31,481
	30,800,000	y	Coca-Cola Co	0.110		04/05/12		30,800
	2,500,000	y	Coca-Cola Co	0.100		04/11/12		2,500
	25,000,000	y	Coca-Cola Co	0.110		04/20/12		24,999
	8,300,000	y	Coca-Cola Co	0.100		04/26/12		8,299
	6,000,000	y	Coca-Cola Co	0.140		05/03/12		5,999
	14,800,000	y	Coca-Cola Co	0.120		05/08/12		14,798
	31,870,000	y	Coca-Cola Co	0.160		05/17/12		31,863
	6,595,000	y	Coca-Cola Co	0.170		05/18/12		6,594
	25,000,000	y	Coca-Cola Co	0.150		05/23/12		24,995
	23,000,000	y	Coca-Cola Co	0.170		06/06/12		22,993
	20,000,000	y	Coca-Cola Co	0.150		06/08/12		19,994
	30,000,000	y	Coca-Cola Co	0.190		06/19/12		29,987
	20,000,000	y	Coca-Cola Co	0.180		07/09/12		19,990
	10,000,000	y	Coca-Cola Co	0.200		07/18/12		9,994
	23,443,000	y	Coca-Cola Co	0.215		08/01/12		23,426
	9,280,000	y	Coca-Cola Co	0.230		08/13/12		9,272
	10,000,000	y	Commonwealth Bank of Australia	0.240		04/02/12		10,000

375

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$  16,000,000	y	Commonwealth Bank of Australia	0.120	%	04/10/12	$	16,000
	4,940,000	y	Commonwealth Bank of Australia	0.210		04/12/12		4,940
	665,000	y	Commonwealth Bank of Australia	0.460		04/24/12		665
	2,665,000	y	Commonwealth Bank of Australia	0.215		04/26/12		2,665
	40,000,000	y	Commonwealth Bank of Australia	0.190		05/21/12		39,989
	22,000,000	y	Commonwealth Bank of Australia	0.200		06/05/12		21,992
	16,850,000	y	Fairway Finance LLC	0.130		04/05/12		16,850
	30,007,000	y	Fairway Finance LLC	0.150		04/09/12		30,006
	10,000,000	y	Fairway Finance LLC	0.155		04/10/12		10,000
	10,000,000	y	Fairway Finance LLC	0.155		04/13/12		9,999
	10,000,000	y	Fairway Finance LLC	0.160		04/24/12		9,999
	13,609,000	y	Fairway Finance LLC	0.150		04/26/12		13,608
	20,000,000	y	Fairway Finance LLC	0.260		05/01/12		19,996
	45,181,000	y	Fairway Finance LLC	0.210-0.260		05/02/12		45,172
	20,000,000	y	Fairway Finance LLC	0.130		05/03/12		19,998
	10,610,000	y	Fairway Finance LLC	0.150		05/14/12		10,608
	10,000,000	y	Fairway Finance LLC	0.160		05/16/12		9,998
	25,852,000	y	Fairway Finance LLC	0.160-0.170		05/22/12		25,846
	10,000,000		General Electric Capital Corp	0.280		04/10/12		9,999
	25,000,000		General Electric Capital Corp	0.160		05/23/12		24,994
	25,000,000		General Electric Capital Corp	0.310		07/17/12		24,977
	20,000,000		General Electric Capital Corp	0.230		07/30/12		19,985
	20,000,000		General Electric Capital Corp	0.300		08/10/12		19,978
	3,325,000		General Electric Capital Corp	0.300		08/13/12		3,321
	43,108,000		General Electric Capital Corp	3.500		08/13/12		43,568
	39,273,000		General Electric Capital Corp	2.800		01/08/13		39,963
	20,000,000		General Electric Co	0.150		06/20/12		19,993
	20,000,000		General Electric Co	0.150		06/25/12		19,993
	30,000,000		General Electric Co	0.150		06/27/12		29,989
	39,000,000		General Electric Co	0.140		06/29/12		38,987
	30,000,000	y	International Business Machines Corp	0.080		04/03/12		30,000
	33,600,000	y	Johnson & Johnson	0.050		04/03/12		33,600
	19,645,000	y	Johnson & Johnson	0.100		05/14/12		19,643
	46,000,000	y	Jupiter Securitization Co LLC	0.140-0.150		04/02/12		46,000
	5,000,000	y	Jupiter Securitization Co LLC	0.130		04/03/12		5,000
	16,000,000	y	Jupiter Securitization Co LLC	0.130		04/05/12		16,000
	28,500,000	y	Jupiter Securitization Co LLC	0.130		04/10/12		28,499
	15,628,000	y	Jupiter Securitization Co LLC	0.130		04/12/12		15,627
	34,094,000	y	Jupiter Securitization Co LLC	0.155		04/25/12		34,090
	1,100,000	y	Jupiter Securitization Co LLC	0.150		05/08/12		1,100
	45,000,000	y	Jupiter Securitization Co LLC	0.180		05/17/12		44,990
	47,000,000	y	Jupiter Securitization Co LLC	0.190		06/06/12		46,984
	15,000,000	y	Jupiter Securitization Co LLC	0.200		06/21/12		14,993
	10,000,000	y	Jupiter Securitization Co LLC	0.200		06/25/12		9,995
	7,000,000	y	Jupiter Securitization Co LLC	0.290		08/23/12		6,992
	19,000,000	y	Liberty Street Funding LLC	0.160		05/14/12		18,996
	5,500,000		Merck & Co, Inc	0.110		04/26/12		5,500
	66,825,000		Merck & Co, Inc	0.100-0.110		04/27/12		66,820
	25,000,000		Merck & Co, Inc	0.110		05/01/12		24,998
	50,000,000		Merck & Co, Inc	0.130		05/22/12		49,991
	18,000,000		National Australia Funding(Delaware)	0.140		04/02/12		18,000
	5,000,000		National Australia Funding(Delaware)	0.195		04/16/12		5,000
	9,100,000		National Australia Funding(Delaware)	0.165		05/01/12		9,099

376

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$  24,500,000		National Australia Funding(Delaware)	0.160	%	05/11/12	$	24,496
	5,400,000		National Australia Funding(Delaware)	0.250		06/04/12		5,398
	25,000,000		National Australia Funding(Delaware)	0.350		09/17/12		24,959
	20,000,000		National Australia Funding(Delaware)	0.345		09/18/12		19,967
	30,000,000	y	Nestle Capital Corp	0.110		05/08/12		29,997
	50,000,000	y	Nestle Capital Corp	0.110		05/10/12		49,994
	50,000,000	y	Nestle Capital Corp	0.110		05/14/12		49,993
	50,000,000	y	Nestle Capital Corp	0.130		06/18/12		49,986
	19,600,000	y	Nestle Capital Corp	0.130		06/19/12		19,594
	25,000,000	y	Nestle Capital Corp	0.140		06/22/12		24,992
	45,000,000	y	Nestle Capital Corp	0.160		07/13/12		44,979
	10,000,000		Novartis Finance Corp	0.130		04/03/12		10,000
	2,638,000		Novartis Finance Corp	0.130		04/04/12		2,638
	23,785,000		Novartis Finance Corp	0.130		04/05/12		23,785
	20,000,000		Novartis Finance Corp	0.090		04/09/12		20,000
	53,190,000		Novartis Finance Corp	0.140		05/09/12		53,182
	20,000,000		Novartis Finance Corp	0.200		08/09/12		19,986
	5,000,000	y	Old Line Funding LLC	0.210		04/04/12		5,000
	23,052,000	y	Old Line Funding LLC	0.190		04/10/12		23,051
	60,000,000	y	Old Line Funding LLC	0.210		04/16/12		59,995
	50,000,000	y	Old Line Funding LLC	0.210		04/24/12		49,993
	17,750,000	y	Old Line Funding LLC	0.160		05/01/12		17,748
	12,000,000	y	Old Line Funding LLC	0.210		05/04/12		11,998
	14,500,000	y	Old Line Funding LLC	0.250		05/07/12		14,496
	50,000,000	y	Old Line Funding LLC	0.210		05/21/12		49,983
	20,000,000	y	Old Line Funding LLC	0.240		06/04/12		19,991
	7,025,000	y	Old Line Funding LLC	0.180		06/05/12		7,023
	17,000,000	y	Old Line Funding LLC	0.240		06/08/12		16,992
	17,000,000	y	Old Line Funding LLC	0.240		07/03/12		16,989
	10,000,000		PACCAR Financial Corp	0.140		04/09/12		10,000
	20,640,000		PACCAR Financial Corp	0.140		04/26/12		20,638
	12,950,000		PACCAR Financial Corp	0.140		05/08/12		12,948
	5,300,000		PACCAR Financial Corp	0.150		06/12/12		5,298
	3,100,000		PACCAR Financial Corp	0.180		06/14/12		3,099
	27,000,000	y	Pfizer, Inc	0.080		04/10/12		26,999
	50,000,000	y	Pfizer, Inc	0.100		04/13/12		49,998
	10,000,000	y	Private Export Funding Corp	0.130		06/04/12		9,998
	9,000,000	y	Private Export Funding Corp	0.170		04/11/12		9,000
	15,000,000	y	Private Export Funding Corp	0.175		04/17/12		14,999
	75,000,000	y	Private Export Funding Corp	0.110		04/18/12		74,995
	30,000,000	y	Private Export Funding Corp	0.165		04/30/12		29,996
	15,000,000	y	Private Export Funding Corp	0.160		05/17/12		14,997
	32,000,000	y	Private Export Funding Corp	0.160-0.165		05/21/12		31,993
	15,000,000	y	Private Export Funding Corp	0.130		05/25/12		14,997
	45,000,000	y	Private Export Funding Corp	0.130-0.160		06/05/12		44,988
	17,700,000	y	Private Export Funding Corp	0.160		06/26/12		17,693
	22,000,000	y	Private Export Funding Corp	0.160		06/29/12		21,991
	7,000,000	y	Private Export Funding Corp	0.150		07/02/12		6,997
	10,000,000	y	Private Export Funding Corp	0.200		07/30/12		9,993
	12,000,000	y	Procter & Gamble Co	0.100		04/04/12		12,000
	40,000,000	y	Procter & Gamble Co	0.110		04/24/12		39,997
	5,250,000	y	Procter & Gamble Co	0.120		05/01/12		5,249
	20,000,000	y	Procter & Gamble Co	0.100		05/03/12		19,998

377

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$  44,620,000	y	Procter & Gamble Co	0.100-0.110	%	05/07/12	$	44,615
	32,000,000	y	Procter & Gamble Co	0.135		05/08/12		31,996
	40,000,000	y	Procter & Gamble Co	0.110		05/14/12		39,995
	26,870,000	y	Procter & Gamble Co	0.120		05/23/12		26,865
	19,000,000	y	Procter & Gamble Co	0.120		05/25/12		18,997
	12,000,000	y	Procter & Gamble Co	0.130		05/31/12		11,997
	25,000,000	y	Procter & Gamble Co	0.145		06/05/12		24,993
	2,250,000	y	Procter & Gamble Co	0.140		06/06/12		2,249
	24,700,000	y	Procter & Gamble Co	0.150		06/18/12		24,692
	25,000,000		Province of Ontario Canada	0.090		04/02/12		25,000
	2,445,000		Province of Ontario Canada	0.110		04/10/12		2,445
	49,000,000		Province of Ontario Canada	0.080-0.110		04/11/12		48,999
	15,597,000		Province of Ontario Canada	0.090-0.120		04/13/12		15,597
	13,565,000		Province of Ontario Canada	0.110		04/16/12		13,564
	6,695,000		Province of Ontario Canada	0.090		04/18/12		6,695
	1,935,000		Province of Ontario Canada	0.110		04/24/12		1,935
	64,722,000		Province of Ontario Canada	0.100-0.130		04/30/12		64,716
	10,000,000		Province of Ontario Canada	0.100		05/02/12		9,999
	19,600,000		Province of Ontario Canada	0.140		05/22/12		19,596
	4,150,000		Province of Ontario Canada	0.120		06/06/12		4,149
	11,948,000		Province of Ontario Canada	0.140		06/12/12		11,945
	11,539,000		Province of Ontario Canada	0.140		06/15/12		11,536
	25,000,000		Royal Bank of Canada	0.100		04/27/12		24,998
	13,000,000		Royal Bank of Canada	0.130		07/03/12		12,996
	28,000,000		Straight-A Funding LLC	0.180		04/03/12		27,996
	18,500,000		Straight-A Funding LLC	0.190		04/04/12		18,500
	28,759,000		Straight-A Funding LLC	0.190		04/05/12		28,758
	6,000,000		Straight-A Funding LLC	0.130		04/10/12		6,000
	11,353,000		Straight-A Funding LLC	0.190		04/10/12		11,352
	15,500,000		Straight-A Funding LLC	0.190		04/10/12		15,499
	28,000,000		Straight-A Funding LLC	0.190		04/11/12		27,999
	20,648,000		Straight-A Funding LLC	0.190		04/17/12		20,646
	24,000,000		Straight-A Funding LLC	0.190		04/18/12		23,998
	37,500,000		Straight-A Funding LLC	0.180		05/01/12		37,494
	12,700,000		Straight-A Funding LLC	0.180		05/07/12		12,698
	20,000,000		Straight-A Funding LLC	0.180		05/08/12		19,996
	9,000,000		Straight-A Funding LLC	0.120		05/17/12		8,999
	47,100,000		Straight-A Funding LLC	0.180		05/22/12		47,088
	6,280,000		Straight-A Funding LLC	0.180		05/25/12		6,278
	15,000,000		Straight-A Funding LLC	0.160		05/29/12		14,996
	19,000,000		Straight-A Funding LLC	0.180		06/01/12		18,994
	52,000,000		Straight-A Funding LLC	0.180		06/01/12		51,984
	30,000,000	y	Toronto-Dominion Holdings USA, Inc	0.110		04/24/12		29,998
	20,000,000	y	Toronto-Dominion Holdings USA, Inc	0.130		04/27/12		19,998
	15,000,000	y	Toronto-Dominion Holdings USA, Inc	0.130		05/16/12		14,998
	10,595,000	y	Toronto-Dominion Holdings USA, Inc	0.150		06/11/12		10,592
	18,000,000	y	Unilever Capital Corp	0.120		04/02/12		18,000
	20,500,000	y	Unilever Capital Corp	0.100		04/09/12		20,500
	7,850,000	y	Unilever Capital Corp	0.100		04/11/12		7,850
	30,000,000	y	Unilever Capital Corp	0.100		04/20/12		29,998
	11,500,000	y	Unilever Capital Corp	0.140		05/21/12		11,498
	30,000,000	y	Unilever Capital Corp	0.140		05/22/12		29,994
	6,570,000	y	Unilever Capital Corp	0.190		07/18/12		6,566

378

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$  13,420,000	y	Unilever Capital Corp	0.210	%	07/31/12	$	13,411
	10,000,000	y	Unilever Capital Corp	0.210		08/15/12		9,992
	8,000,000	y	Unilever Capital Corp	0.225		08/31/12		7,992
	50,000,000		US Bank NA	0.180		04/18/12		49,996
	15,000,000	y	Variable Funding Capital Co LLC	0.120		04/03/12		15,000
	45,000,000	y	Variable Funding Capital Co LLC	0.190		04/20/12		44,995
	25,500,000	y	Variable Funding Capital Co LLC	0.170		04/23/12		25,497
	50,000,000	y	Variable Funding Capital Co LLC	0.180		04/25/12		49,994
	25,000,000	y	Variable Funding Capital Co LLC	0.130		05/10/12		24,996
	31,110,000	y	Variable Funding Capital Co LLC	0.130		05/14/12		31,105
	25,050,000	y	Variable Funding Capital Co LLC	0.130		05/17/12		25,046
	40,000,000	y	Variable Funding Capital Co LLC	0.130		05/24/12		39,992
	20,500,000	y	Wal-Mart Stores, Inc	0.100-0.125		04/09/12		20,499
	45,000,000	y	Wal-Mart Stores, Inc	0.100		04/23/12		44,997
	20,000,000	y	Wal-Mart Stores, Inc	0.090		04/25/12		19,999
	37,000,000	y	Wal-Mart Stores, Inc	0.090		05/07/12		36,997
	25,000,000	y	Wal-Mart Stores, Inc	0.090		05/08/12		24,998
	21,000,000	y	Wal-Mart Stores, Inc	0.090		05/09/12		20,998
	5,000,000	y	Westpac Banking Corp	0.200		05/09/12		4,999
			TOTAL COMMERCIAL PAPER					4,657,936
GOVERNMENT AGENCY DEBT - 22.6%
	5,332,000		Federal Farm Credit Bank (FFCB)	0.090		05/30/12		5,331
	118,455,000		Federal Home Loan Bank (FHLB)	0.030-0.090		04/04/12		118,455
	50,000,000		FHLB	0.040		04/09/12		50,000
	50,000,000		FHLB	0.080		04/11/12		49,999
	15,000,000		FHLB	0.075		04/12/12		15,000
	25,000,000		FHLB	0.075		04/13/12		24,999
	6,387,000		FHLB	0.065		04/16/12		6,387
	49,800,000		FHLB	0.043		04/18/12		49,799
	100,885,000		FHLB	0.055-0.100		04/20/12		100,881
	85,875,000		FHLB	0.065-0.100		04/25/12		85,870
	55,156,000		FHLB	0.050-0.110		04/27/12		55,153
	27,000,000		FHLB	0.105		05/02/12		26,998
	96,900,000		FHLB	0.085-0.115		05/04/12		96,892
	56,624,000		FHLB	0.080-0.950		05/09/12		56,619
	122,115,000		FHLB	0.100-0.115		05/11/12		122,100
	9,700,000		FHLB	0.100		05/15/12		9,699
	120,980,000		FHLB	0.090-0.150		05/16/12		120,965
	95,760,000		FHLB	0.085-0.110		05/18/12		95,748
	66,700,000		FHLB	0.090		05/23/12		66,691
	18,950,000		FHLB	0.100		05/24/12		18,947
	47,800,000		FHLB	0.100-0.118		05/30/12		47,791
	16,400,000		FHLB	0.110		06/01/12		16,397
	7,567,000		FHLB	0.105		06/06/12		7,566
	30,600,000		FHLB	0.110-0.120		06/08/12		30,594
	10,000,000		FHLB	1.375		06/08/12		10,023
	50,000,000		FHLB	0.110		06/13/12		49,989
	10,500,000		FHLB	0.110		06/21/12		10,497
	62,000,000		FHLB	0.080-0.090		06/22/12		61,988
	1,000,000		FHLB	0.150		08/08/12		999
	2,800,000		FHLB	0.140		08/29/12		2,798
	7,718,000		FHLB	0.145		09/24/12		7,713

379

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
	$  38,830,000	Federal Home Loan Mortgage Corp (FHLMC)	0.030	%	04/02/12	$	38,830
	68,000,000	FHLMC	0.070-0.085		04/03/12		68,000
	33,210,000	FHLMC	0.085-0.110		04/16/12		33,209
	50,000,000	FHLMC	0.030		04/17/12		49,999
	17,500,000	FHLMC	0.085		04/23/12		17,499
	17,880,000	FHLMC	0.030		04/25/12		17,880
	17,940,000	FHLMC	0.090		04/27/12		17,939
	43,975,000	FHLMC	0.085-0.093		05/07/12		43,971
	7,200,000	FHLMC	0.100		05/09/12		7,199
	11,000,000	FHLMC	0.120		05/14/12		10,998
	44,535,000	FHLMC	0.160		05/18/12		44,529
	90,000,000	FHLMC	0.090		05/21/12		89,989
	70,877,000	FHLMC	0.100		05/29/12		70,866
	60,000,000	FHLMC	0.105-0.115		05/30/12		59,989
	15,300,000	FHLMC	0.100		06/04/12		15,297
	6,190,000	FHLMC	0.115		06/05/12		6,189
	10,250,000	FHLMC	0.095		06/06/12		10,248
	41,345,000	FHLMC	0.080-0.110		06/11/12		41,336
	59,197,000	FHLMC	0.095-0.100		06/19/12		59,184
	59,480,000	FHLMC	0.075-0.135		06/25/12		59,467
	23,392,000	FHLMC	0.130		07/02/12		23,384
	21,000,000	FHLMC	0.130		07/16/12		20,992
	37,643,000	FHLMC	0.150		08/14/12		37,622
	9,600,000	FHLMC	0.145		08/22/12		9,594
	23,340,000	FHLMC	0.140-0.155		09/04/12		23,325
	15,000,000	FHLMC	0.160		10/03/12		14,988
	8,575,000	Federal National Mortgage Association (FNMA)	0.025		04/04/12		8,575
	3,138,000	FNMA	0.090		04/11/12		3,138
	14,000,000	FNMA	0.075		04/16/12		14,000
	21,958,000	FNMA	0.080		04/17/12		21,957
	2,400,000	FNMA	0.150		04/18/12		2,400
	10,000,000	FNMA	0.115		05/01/12		9,999
	27,747,000	FNMA	0.090-0.130		05/02/12		27,744
	25,000,000	FNMA	0.150		05/03/12		24,997
	5,000,000	FNMA	0.090		05/04/12		5,000
	5,426,000	FNMA	0.130		05/09/12		5,425
	50,000,000	FNMA	0.095		05/14/12		49,994
	15,220,000	FNMA	0.850		05/16/12		15,218
	5,685,000	FNMA	0.090		05/21/12		5,684
	15,540,000	FNMA	0.120		05/23/12		15,537
	17,558,000	FNMA	0.075-0.090		05/30/12		17,556
	13,080,000	FNMA	0.150		06/01/12		13,077
	38,100,000	FNMA	0.105		06/06/12		38,093
	26,141,000	FNMA	0.011-0.135		06/27/12		26,133
	1,275,000	FNMA	0.180		07/02/12		1,274
	25,000,000	FNMA	0.110		07/16/12		24,992
	8,672,000	FNMA	0.135		08/01/12		8,668
	8,000,000	FNMA	0.150		08/16/12		7,995
	37,500,000	FNMA	0.140		09/05/12		37,477
		TOTAL GOVERNMENT AGENCY DEBT					2,700,344
TREASURY DEBT - 22.3%
	36,990,000	United States Treasury Bill	0.012		04/05/12		36,990

380

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$  200,000,000		United States Treasury Bill	0.020-0.099	%	04/19/12	$	199,994
	110,000,000		United States Treasury Bill	0.040-0.075		04/26/12		109,995
	93,000,000		United States Treasury Bill	0.051-0.092		05/03/12		92,994
	54,995,000		United States Treasury Bill	0.010-0.022		05/10/12		54,994
	34,500,000		United States Treasury Bill	0.100		05/17/12		34,496
	100,000,000		United States Treasury Bill	0.025-0.095		05/24/12		99,989
	85,000,000		United States Treasury Bill	0.032-0.088		06/07/12		84,989
	68,410,000		United States Treasury Bill	0.038-0.094		06/21/12		68,402
	104,400,000		United States Treasury Bill	0.048-0.078		06/28/12		104,385
	30,000,000		United States Treasury Bill	0.092		07/05/12		29,993
	26,200,000		United States Treasury Bill	0.058		07/12/12		26,196
	20,000,000		United States Treasury Bill	0.053		07/26/12		19,997
	20,000,000		United States Treasury Bill	0.104		08/02/12		19,993
	20,000,000		United States Treasury Bill	0.110		08/09/12		19,992
	46,800,000		United States Treasury Bill	0.112-0.122		08/16/12		46,780
	20,000,000		United States Treasury Bill	0.136		08/23/12		19,989
	26,000,000		United States Treasury Bill	0.128		09/06/12		25,985
	50,000,000		United States Treasury Bill	0.145		09/13/12		49,966
	24,280,000		United States Treasury Bill	0.131		09/20/12		24,265
	25,000,000		United States Treasury Note	1.375		04/15/12		25,012
	112,105,000		United States Treasury Note	1.000		04/30/12		112,181
	204,615,000		United States Treasury Note	1.375		05/15/12		204,936
	167,443,000		United States Treasury Note	0.750		05/31/12		167,607
	135,485,000		United States Treasury Note	1.875		06/15/12		135,973
	107,125,000		United States Treasury Note	0.625		06/30/12		107,264
	83,470,000		United States Treasury Note	1.500		07/15/12		83,803
	80,271,000		United States Treasury Note	0.625		07/31/12		80,404
	96,965,000		United States Treasury Note	1.750		08/15/12		97,546
	120,335,000		United States Treasury Note	0.375		08/31/12		120,449
	47,765,000		United States Treasury Note	0.375		09/30/12		47,818
	10,585,000		United States Treasury Note	1.375		10/15/12		10,653
	145,872,000		United States Treasury Note	0.375		10/31/12		146,067
	6,320,000		United States Treasury Note	1.375		11/15/12		6,369
	64,297,000		United States Treasury Note	0.500		11/30/12		64,447
	43,160,000		United States Treasury Note	1.125		12/15/12		43,454
	18,200,000		United States Treasury Note	0.625		12/31/12		18,257
	22,450,000		United States Treasury Note	0.625		01/31/13		22,526
			TOTAL TREASURY DEBT					2,665,150
VARIABLE RATE SECURITIES - 12.8%
	100,000,000	i	Federal Farm Credit Bank (FFCB)	0.095		01/28/13		99,913
	50,000,000	i	FFCB	0.240		02/01/13		49,992
	31,700,000	i	FFCB	0.256		03/15/13		31,691
	44,800,000	i	FFCB	0.230		03/28/13		44,800
	25,050,000	i	FFCB	0.252		06/12/13		25,053
	32,435,000	i	FFCB	0.302		06/26/13		32,459
	69,750,000	i	FFCB	0.612		08/19/13		69,701
	45,000,000	i	FFCB	0.205		08/26/13		44,969
	36,290,000	i	FFCB	0.350		08/26/13		36,285
	50,000,000	i	FFCB	0.250		09/23/13		49,985
	100,000,000	i	FFCB	0.370		09/23/13		99,994
	10,000,000	i	FFCB	0.290		10/15/13		9,986
	50,000,000	i	FFCB	0.390		11/01/13		50,000

381

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    45,000,000	i	Federal Home Loan Bank (FHLB)	0.205	%	07/02/12	$	45,000
	50,000,000	i	FHLB	0.210		07/20/12		50,000
	100,000,000	i	FHLB	0.330		02/22/13		100,000
	10,000,000	i	FHLB	0.245		03/06/13		10,001
	55,000,000	i	FHLB	0.330		03/08/13		54,997
	100,000,000	i	FHLB	0.340		08/16/13		100,000
	144,500,000	i	Federal Home Loan Mortgage Corp (FHLMC)	0.221		02/04/13		144,455
	22,070,000	i	FHLMC	0.193		05/06/13		22,058
	27,000,000	i	FHLMC	0.221		06/03/13		27,003
	17,000,000	i	FHLMC	0.211		11/04/13		17,001
	44,700,000	i	Federal National Mortgage Association (FNMA)	0.185		03/14/13		44,688
	80,290,000	i	FNMA	0.390		10/28/13		80,290
	50,000,000	i	Canadian Imperial Bank of Commerce	0.370		05/02/12		50,000
	50,000,000	i	Canadian Imperial Bank of Commerce	0.310		10/09/12		50,000
	90,000,000	i	Royal Bank of Canada	0.360		07/11/12		90,000
			TOTAL VARIABLE RATE SECURITIES					1,530,321
			TOTAL SHORT-TERM INVESTMENTS (Cost $11,919,431)					11,919,431
			TOTAL INVESTMENTS - 99.6% (Cost $11,919,431)					11,919,431
			OTHER ASSETS & LIABILITIES, NET - 0.4%					46,906
			NET ASSETS - 100.0%				$	11,966,337
		i	Floating or variable rate security. Coupon rate reflects the rate at period end.
		y	Security exempt from registration under Section 4(2) of the Securities Act of 1933 of which are deemed liquid. Such securities may be sold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At March 31, 2012, the aggregate value of these securities was $2,884,917,000, representing 24.1% of net assets.
			Cost amounts are in thousands.

382

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

Note 1—organization and significant accounting policies

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

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

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

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

Foreign currency transactions and translation: Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day using exchange rates obtained from an independent third party. 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.

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

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 spreads, etc.)

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

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

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

Exchange-traded equity securities, common and preferred stock: Equity securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Foreign investments are

383

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

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. For events affecting the value of foreign securities 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, excluding investments in registered investement companies, 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.

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 March 31, 2012, there were no material transfers between levels by the Accounts.

As of March 31, 2012, 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 March 31, 2012 (amounts are in thousands):

Account	Level 1		Level 2		Level 3		Total
Stock
Consumer discretionary*	$	9,785,494	$	3,651,119	$	52	$	13,436,665
Consumer staples*		6,629,685		2,892,103		—		9,521,788
Energy*		7,876,648		3,248,432		—		11,125,080
Financials*		11,998,688		7,072,962		—		19,071,650
Health care*		8,823,291		1,960,389		5,643		10,789,323
Industrials*		8,489,453		3,983,550		—		12,473,003
Information technology*		15,261,798		2,428,388		—		17,690,186
Materials*		3,146,513		3,636,057		3		6,782,573
Telecommunication services*		1,732,301		1,334,792		—		3,067,093
Utilities*		2,506,551		1,073,870		—		3,580,421
Corporate bonds		—		64		—		64
Short-term investments		—		6,262,266		—		6,262,266
Total	$	76,250,422	$	37,543,992	$	5,698	$	113,800,112
Global Equities
Australia	$	—	$	356,872	$	—	$	356,872
Canada		22,454		563,733		—		586,187
France *		80		557,387		—		557,467
Germany		—		631,903		—		631,903
Japan		—		1,200,121		—		1,200,121
Switzerland		—		412,951		—		412,951
United Kingdom*		28,907		1,253,854		—		1,282,761
United States		7,754,369		1,639		—		7,756,008
Other*		139,765		1,728,962		—		1,868,727
Short-term investments		—		1,209,086		—		1,209,086
Futures**		1,742		—		—		1,742
Total	$	7,947,317	$	7,916,508	$	—	$	15,863,825

384

Account	Level 1			Level 2		Level 3		Total
Growth
Consumer discretionary	$	2,644,466		$	38,705	$	—	$	2,683,171
Consumer staples		1,418,601			—		—		1,418,601
Energy		1,228,247			25,883		—		1,254,130
Financials		781,662			—		—		781,662
Health care*		1,621,276			32,216		—		1,653,492
Industrials *		1,761,080			—		—		1,761,080
Information technology*		4,776,087			50,929		—		4,827,016
Materials		704,521			11,298		—		715,819
Telecommunication services		61,685			4,431		—		66,116
Utilities		5,201			—		—		5,201
Short-term investments		311,481			123,091		—		434,572
Futures**		2,205			—		—		2,205
Total	$	15,316,512		$	286,553	$	—	$	15,603,065
Equity Index
Consumer discretionary	$	1,444,006		$	—	$	—	$	1,444,006
Consumer staples		1,114,906			—		—		1,114,906
Energy		1,251,038			—		—		1,251,038
Financials		1,932,170			—		—		1,932,170
Health care		1,370,648			—		—		1,370,648
Industrials		1,343,941			—		—		1,343,941
Information technology		2,340,285			—		—		2,340,285
Materials		479,686			—		—		479,686
Telecommunication services		292,171			—		—		292,171
Utilities		408,657			—		—		408,657
Short-term investments		349,190			15,897		—		365,087
Futures**		(11	)		—		—		(11	)
Total	$	12,326,687		$	15,897	$	—	$	12,342,584
Bond Market
Bank loan obligations	$	—		$	11,837	$	—	$	11,837
Corporate bonds		—			3,943,698		—		3,943,698
Government bonds		—			8,685,971		—		8,685,971
Structured assets		—			679,168		—		679,168
Preferred stocks		2,762			—		—		2,762
Short-term investments		—			2,973,554		—		2,973,554
Total	$	2,762		$	16,294,228	$	—	$	16,296,990
Social Choice
Consumer discretionary	$	622,256		$	164,172	$	—	$	786,428
Consumer staples		456,829			137,998		—		594,827
Energy		484,311			142,471		—		626,782
Financials		1,042,358			316,911		—		1,359,269
Health care		588,041			107,474		—		695,515
Industrials		576,949			183,668		—		760,617
Information technology		911,117			60,853		—		971,970
Materials		256,643			175,277		—		431,920
Telecommunication services		75,692			78,031		—		153,723
Utilities		217,988			66,145		—		284,133
Corporate bonds		—			1,272,588		—		1,272,588
Government		—			2,662,952		—		2,662,952
Structured assets		—			249,251		—		249,251
Short-term investments		—			1,612,263		—		1,612,263
Total	$	5,232,184		$	7,230,054	$	—	$	12,462,238

* Includes American Depositary Receipts at Level 1.

** Derivatives instruments are not reflected in the portfolio of investments.

385

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

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 its investment objectives. The Accounts 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 daily changes in the value of the futures contracts. Futures contracts are valued at the last sale price as of the close of the board of trade or exchange on which they are traded. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures, there is minimal counterparty credit risk to the Accounts since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange traded funds, guarantees the futures against default.

At March 31, 2012, the Accounts held the following open futures contracts (amounts are in thousands):

Account	Futures	Number of contracts ‡		Market value		Expiration date		Unrealized gain (loss)
Global Equities	CME E-mini S&P 500 Index		620	$	43,499		June 2012	$	1,742
Growth	CME E-mini S&P 500 Index		785		55,076		June 2012		2,205
Equity Index	CME E-mini S&P 500 Index		40		2,806		June 2012		(7	)
	CME E-mini S&P Mid-Cap 400 Index		5		496		June 2012		(2	)
	Russell 2000 Mini Index		3		248		June 2012		(2	)
					3,550				(11	)

‡ Number of contracts are not in thousands.

386

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

Note 4—affiliated investments

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, or its affiliates, are deemed to be affiliated companies. Information regarding transactions with affiliated companies is as follows (amounts are in thousands):

Issue	Value atDecember 31, 2011		Purchasecost		Salesproceeds		Realizedgain (loss)			Dividendincome		Withholdingexpense		Shares atMarch 31, 2012		†	Value atMarch 31, 2012
Stock Account
Japan Asia Investment Co Ltd	$	5,945	$	—	$	—	$	—		$	—	$	—		8,823,000		$	7,960
Jarden Corp		189,311		2,253		71,991		19,978			546		—		—	**		—
MPM Bioventures II		3,535		—		—		—			—		—		22,167,242			3,536
Skyline Venture Fund II Ltd		244		—		—		—			—		—		4,254,176			244
Stroer Out of Home Media AG.		53,978		250		29,321		(16,495	)		—		—		—	**		—
Unipol Gruppo Finanaziario S.p.A.		*		210		—		—			—		—		2,870,613			896
Unipol S.p.A.		*		—		—		—			—		—		1,821,299			330
Vanda Pharmaceuticals, Inc		6,855		—		2,601		(4,636	)		—		—		871,241			4,173
	$	259,868	$	2,713	$	103,913	$	(1,153	)	$	546	$	—				$	17,139
Growth Account
TIAA-CREF Short Term Lending Portfolio of the
State Street Navigator Securities Lending Trust	$	194,557	$	116,924	$	—	$	—		$	598	$	—		311,481,234		$	311,481
Equity Index Account
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	256,854	$	92,336	$	2,035	$	—		$	1,382	$	—		349,189,556		$	349,190

* Not an affiliate investment as of December 31, 2011

** Not an affiliate investment as of March 31, 2012

† Shares are not in thousands

387

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

Note 5 - investments

Securities lending: Certain Accounts may lend their securities to qualified institutional borrowers to earn additional income. An Account receives collateral (in the form of cash, Treasury securities, or other collateral permitted by applicable law) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of loaned securities during the period of the loan. Cash collateral received by an Account will generally be invested in high-quality short-term instruments or in one or more funds maintained by the securities lending agent for the purpose of investing cash collateral. In lending its securities, the Account bears the market risk with respect to the collateral investment as well as the securities loaned and also bears the risk that the counterparty may default on its obligations to the Accounts.

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

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

Treasury Inflation-Protected Securities: The Accounts (other than the Money MarketAccount) 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.

388

COLLEGE RETIREMENT EQUITIES FUND – Notes to Schedules of Investments (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 similar 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.

Net unrealized appreciation (depreciation): At March 31, 2012, 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	$	16,786,677	$	(3,341,710	)	$	13,444,967
Global Equities		1,924,808		(355,061	)		1,569,747
Growth		3,629,235		(223,023	)		3,406,212
Equity Index		4,226,205		(1,114,996	)		3,111,209
Bond Market		569,027		(94,678	)		474,349
Inflation-Linked Bond		1,263,360		(6,126	)		1,257,234
Social Choice		1,724,814		(354,643	)		1,370,171

389

Item 2. 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 quarterly reporting period.

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

Item 3. Exhibits.

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

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

SIGNATURES

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

	COLLEGE RETIREMENT EQUITIES FUND
Date: May 17, 2012	By:	/s/ Roger W. Ferguson, Jr.
		Roger W. Ferguson, Jr.
		President and Chief Executive Officer

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

Date: May 17, 2012	By:	/s/ Roger W. Ferguson, Jr.
		Roger W. Ferguson, Jr.
		President and Chief Executive Officer
		(principal executive officer)

Date: May 17, 2012	By:	/s/ Virginia M. Wilson
		Virginia M. Wilson
		Executive Vice President,
		Chief Financial Officer and
		Principal Accounting Officer
		(principal financial officer)

EXHIBIT LIST

Item 3. Exhibits.

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

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

EX-99.CERT

Exhibit 3(a)

CERTIFICATION

I, Roger W. Ferguson, Jr., certify that:

1. I have reviewed this report on Form N-Q 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 schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;

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 Registrant’s most recent fiscal quarter 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: May 17, 2012	By:	/s/ Roger W. Ferguson, Jr.
			Roger W. Ferguson, Jr.
			President and Chief Executive Officer
			(principal executive officer)

Exhibit 3(b)

CERTIFICATION

I, Virginia M. Wilson, certify that:

1. I have reviewed this report on Form N-Q 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 schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;

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 Registrant’s most recent fiscal quarter 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: May 17, 2012	By:	/s/ Virginia M. Wilson
		Virginia M. Wilson
		Executive Vice President,
		Chief Financial Officer and
		Principal Accounting Officer
		(principal financial officer)