N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number File No. 811-04415

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: June 30, 2012

Item 1. Reports to Stockholders.

2012 Semiannual Report
College Retirement Equities Fund
June 30, 2012
Contents
Understanding your CREF report	2
Information for CREF participants	3
About the accounts’ benchmarks	4
Important information about expenses	6
Account performance
CREF Stock Account	7
CREF Global Equities Account	10
CREF Growth Account	13
CREF Equity Index Account	16
CREF Bond Market Account	19
CREF Inflation-Linked Bond Account	22
CREF Social Choice Account	24
CREF Money Market Account	27
Summary portfolios of investments	30
Financial statements (unaudited)
Statements of assets and liabilities	62
Statements of operations	64
Statements of changes in net assets	66
Financial highlights	72
Notes to financial statements	80
Board renewal of the investment management agreement	94
How to reach us	Inside back cover

Understanding your CREF report

This semiannual report contains information about the eight CREF accounts and describes the accounts’ results for the six months ended June 30, 2012. The report contains three main sections:
•	The account performance section compares each account’s investment returns with those of its benchmark index.
•	The summary portfolios of investments list the industries and types of securities in which each account had investments as of June 30, 2012.
•	The financial statements provide detailed information about the operations and financial condition of each account.

          The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. The risks of investing in the CREF accounts vary from account to account; to see the risks of investing in an individual account, please refer to the latest CREF prospectus.

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

2 2012 Semiannual Report § College Retirement Equities Fund

Information for CREF participants

Portfolio holdings

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

Proxy voting

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

Contacting TIAA-CREF

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

Account management

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

College Retirement Equities Fund § 2012 Semiannual Report 3

About the accounts’ benchmarks

CREF Stock Account

The account’s composite benchmark is a weighted average of two indexes: the Russell 3000^® Index, which measures the performance of the broad U.S. stock market, and the MSCI All Country World ex USA Investable Market Index, which measures the performance of large-, mid- and small-cap stocks in 44 developed and emerging market nations throughout the world, excluding the United States.

CREF Global Equities Account

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

CREF Growth Account

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

CREF Equity Index Account

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

CREF Bond Market Account

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

CREF Inflation-Linked Bond Account

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

4 2012 Semiannual Report § College Retirement Equities Fund

About the accounts’ benchmarks

CREF Social Choice Account

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

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

In March 2012, Barclays Capital changed its name to Barclays.

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

College Retirement Equities Fund § 2012 Semiannual Report 5

Important information about expenses

All participants in the CREF accounts incur ongoing costs, including management fees and other account expenses.

          The expense examples that appear on the performance pages are intended to help you understand your ongoing costs (in U.S. dollars) and do not reflect transactional costs incurred by the account for buying and selling securities. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other variable annuity accounts and mutual funds. Participants in the CREF accounts do not incur a sales charge for purchases or other distributions.

          The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (January 1, 2012–June 30, 2012).

Actual expenses

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

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

Hypothetical example for comparison purposes

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

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

6 2012 Semiannual Report § College Retirement Equities Fund

CREF Stock Account

Performance for the six months ended June 30, 2012

The CREF Stock Account returned 7.87% for the period, compared with the 7.43% return of its composite benchmark, a weighted average of the Russell 3000^® Index and the MSCI All Country World ex USA Investable Market Index. For the one-year period ended June 30, 2012, the account returned –2.71%, versus –2.02% for its composite index.

          Global stock prices climbed sharply during the first quarter of 2012, as investor confidence was bolstered by positive U.S. economic data and signs that the European debt crisis was easing. However, stocks retreated in the second quarter on renewed concerns about Europe and slowing global growth.

          Despite the second quarter decline, the U.S. stock market gained 9.32% for the six-month period, as measured by the Russell 3000 Index, outpacing foreign issues by a considerable margin. The MSCI All Country World ex USA Investable Market Index, which measures stock performance in 44 developed and emerging market nations, earned 2.93% in dollar terms. A rising dollar reduced returns for U.S. investors; the index gained 4.03% in terms of local currencies.

The account surpasses its benchmark

While the account lagged the broad U.S. stock market due to its sizable allocation to foreign stocks, it outperformed the composite benchmark by nearly half a percentage point for the reporting period. The account’s return was lifted by numerous favorable stock choices. These included overweights in consumer products maker Jarden, Discover Financial Services and Apple. Underweights in Procter & Gamble and Exxon Mobil also aided relative performance.

          These positive effects were partly offset by detractors from performance, such as overweight holdings in three energy companies: Occidental Petroleum, Concho Resources and Crescent Point Energy. Underweights in Bank of America and Verizon also trimmed returns slightly.

          The account’s returns may sometimes diverge from the returns of its benchmark index more than would be expected. This divergence may be the result of the account’s fair value pricing adjustments or of the timing of foreign currency valuations.

          Many foreign exchanges close for trading before the account’s accumulation unit value (AUV) is calculated (generally 4 p.m. ET). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the account’s benchmark. These changes are, however, taken into account to value the account’s portfolio holdings at the time the AUV is calculated.

College Retirement Equities Fund § 2012 Semiannual Report 7

CREF Stock Account

Performance as of June 30, 2012
		Total return						Average annual total return
	Inception date	6 months			1 year			5 years			10 years
CREF Stock Account	7/31/1952		7.87	%		–2.71	%		–1.26	%		5.50	%
CREF Stock Composite Benchmark*	—		7.43			–2.02			–1.11			5.69
Broad market index
Russell 3000® Index	—		9.32			3.84			0.39			5.81

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

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

* On June 30, 2012, the CREF Stock Composite Benchmark consisted of: 70.0% Russell 3000 Index and 30.0% MSCI All Country World ex USA Investable Market Index. The account’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.

Expense example

Six months ended June 30, 2012
CREF Stock Account	Beginning account value (1/1/12		)	Ending account value (6/30/12		)	Expenses paid during period (1/1/12–6/30/12		† )
Actual return		$1,000.00			$1,078.68			$2.48
5% annual hypothetical return		1,000.00			1,022.48			2.41

^† “Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2012. The account’s annualized six-month expense ratio for that period was 0.48%.

For more information about this expense example, please see page 6.

8 2012 Semiannual Report § College Retirement Equities Fund

CREF Stock Account

Portfolio composition
Sector	% of net assets as of 6/30/2012
Financials		17.6
Information technology		15.7
Consumer discretionary		12.5
Industrials		11.3
Health care		10.6
Energy		9.6
Consumer staples		9.3
Materials		6.0
Utilities		3.5
Telecommunication services		3.3
Short-term investments		5.6
Other assets & liabilities, net		–5.0
Total		100.0

Holdings by company size
Market capitalization	% of equity investments as of 6/30/2012
More than $50 billion		36.2
More than $15 billion–$50 billion		26.2
More than $2 billion–$15 billion		28.6
$2 billion or less		9.0
Total		100.0
Holdings by country
	% of portfolio investments as of 6/30/2012
United States		66.1
United Kingdom		4.4
Japan		4.3
Canada		2.5
Germany		1.6
France		1.5
Australia		1.5
Switzerland		1.4
57 other nations		11.3
Short-term investments		5.4
Total		100.0

College Retirement Equities Fund § 2012 Semiannual Report 9

CREF Global Equities Account

Performance for the six months ended June 30, 2012

The CREF Global Equities Account returned 8.09% for the period, compared with the 5.91% return of its benchmark, the MSCI World Index. For the one-year period ended June 30, 2012, the account returned –4.81%, versus –4.98% for the index.

          The MSCI World Index gained 11.56% in the first quarter of 2012, as encouraging economic data bolstered investor confidence. However, global stocks gave back 5.07% in the second quarter, on signs of slowing worldwide economic growth and renewed worries about Europe’s sovereign debt problems.

          A stronger dollar, relative to the euro and yen, reduced returns for U.S. investors. In terms of local currencies, the MSCI index earned 6.45% for the six months.

          U.S. stocks, which made up more than half of the benchmark’s total market capitalization at period-end, drove results, climbing 9.1%. The European segment earned 2.4%, constrained by underperformance in Spain, France and Italy. Strong performance in the Pacific segment, including Japan, helped that region gain 4.2%.

Strong stock selection drives outperformance

The account outpaced its benchmark index by more than two percentage points due to numerous successful stock choices, including overweight holdings in Apple, biotechnology company Gilead Sciences, French industrial giant Alstom and Dutch financial firm ING. An out-of-benchmark investment in Rémy Cointreau aided results as well.

          These positive contributors were partly offset by detractors from relative performance. Chief among these were overweight positions in British drug maker Shire and technology bellwether Hewlett-Packard. Nonbenchmark holdings in Israeli pharmaceutical company Teva and Japanese e-commerce vendor Start Today further reduced the account’s relative returns. An underweight in Bank of America also trimmed results slightly.

          The account’s returns may sometimes diverge from the returns of its benchmark index more than would be expected. This divergence may be the result of the account’s fair value pricing adjustments or of the timing of foreign currency valuations.

          Many foreign exchanges close for trading before the account’s accumulation unit value (AUV) is calculated (generally 4 p.m. ET). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the account’s benchmark. These changes are, however, taken into account to value its portfolio holdings at the time the account’s AUV is calculated.

10 2012 Semiannual Report § College Retirement Equities Fund

CREF Global Equities Account

Performance as of June 30, 2012

Total return

Average annual total return

Inception date

6 months

1 year

5 years

10 years

CREF Global Equities Account

5/1/1992

8.09

%

–4.81

%

–2.77

%

5.01

%

MSCI World Index

—

5.91

–4.98

–2.96

5.18

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

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

Expense example

Six months ended June 30, 2012
CREF Global Equities Account	Beginning account value (1/1/12		)	Ending account value (6/30/12		)	Expenses paid during period (1/1/12–6/30/12		* )
Actual return	$	1,000.00		$	1,080.94		$	2.69
5% annual hypothetical return		1,000.00			1,022.28			2.61

*	“Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2012. The account’s annualized six-month expense ratio for that period was 0.52%.
For more information about this expense example, please see page 6.

College Retirement Equities Fund § 2012 Semiannual Report 11

CREF Global Equities Account

Portfolio composition
Sector	% of net assets as of 6/30/2012
Financials	17.7
Information technology	13.9
Consumer discretionary	13.1
Health care	10.7
Industrials	10.5
Consumer staples	10.4
Energy	9.7
Materials	6.5
Telecommunication services	3.3
Utilities	2.8
Short-term investments	6.0
Other assets & liabilities, net	–4.6
Total	100.0

Holdings by company size
Market capitalization	% of equity investments as of 6/30/2012
More than $50 billion	40.0
More than $15 billion–$50 billion	31.4
More than $2 billion–$15 billion	26.2
$2 billion or less	2.4
Total	100.0
Holdings by country
	% of portfolio investments as of 6/30/2012
United States	52.5
United Kingdom	7.9
Japan	7.6
Canada	3.7
Germany	3.2
France	2.9
Switzerland	2.6
Australia	2.3
36 other nations	11.6
Short-term investments	5.7
Total	100.0

12 2012 Semiannual Report § College Retirement Equities Fund

CREF Growth Account

Performance for the six months ended June 30, 2012

The CREF Growth Account returned 10.36% for the period, compared with the 10.08% return of its benchmark, the Russell 1000^® Growth Index. For the one-year period ended June 30, 2012, the account returned 5.03%, versus 5.76% for the index.

          U.S. stocks got off to a strong start in the first quarter of 2012, climbing 12.87%, as measured by the Russell 3000^® Index. The rally was driven by positive U.S. economic data and easing concerns about the European sovereign debt crisis. In the second quarter, however, the market lost 3.15% on signs of slowing domestic growth and renewed worries about Europe. Nonetheless, U.S. stocks finished the first half of the year with a gain of 9.32%.

          For the six-month period, large-cap growth issues outperformed the broad U.S. market. They also outpaced smaller companies in the growth category; small-cap stocks rose 8.81%, while mid-cap issues returned 8.10%. (Returns by investment style and capitalization size are based on the Russell indexes.)
          For the ten years ended June 30, 2012, the Russell 1000 Growth Index posted an average annual return of 6.03%, topping the 5.81% average return of the Russell 3000 Index.

Technology lifts the benchmark

Eight of the benchmark’s nine industry sectors registered positive returns for the period, and five scored double-digit advances. Technology, the benchmark’s largest sector, in terms of market capitalization at period-end, also made the largest contribution to the benchmark’s rise; it gained 15.8%. Strong results from the sizable health care, consumer discretionary and consumer staples sectors also helped; they returned 16.1%, 11.8% and 10.2%, respectively. Together, these four sectors made up nearly two-thirds of the index on June 30, 2012.

          The only loss came from the energy sector, which fell 4.1% as a result of falling oil and natural gas prices.

          The account produced a double-digit gain and outpaced its benchmark on the strength of several favorable stock selections. These included overweight investments in Walt Disney, Alexion Pharmaceuticals and online retailer Amazon. Underweight positions in Exxon Mobil and McDonald’s, both of which lagged the benchmark during the period, aided returns as well.
          These positive contributions to relative performance were partly offset by the negative effects of other holdings, including overweights in Google, oil and gas drilling equipment provider National Oilwell Varco and biotechnology firm Gilead Sciences. An out-of-benchmark position in Japanese social networking provider Gree also trimmed results slightly.

College Retirement Equities Fund § 2012 Semiannual Report 13

CREF Growth Account

Performance as of June 30, 2012
			Total return						Average annual total return
	Inception date		6 months			1 year			5 years			10 years
CREF Growth Account		4/29/1994		10.36	%		5.03	%		2.56	%		5.36	%
Russell 1000® Growth Index		—		10.08			5.76			2.87			6.03

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

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

Expense example

Six months ended June 30, 2012
CREF Growth Account	Beginning account value (1/1/12		)	Ending account value (6/30/12		)	Expenses paid during period (1/1/12–6/30/12		* )
Actual return	$	1,000.00		$	1,103.55		$	2.46
5% annual hypothetical return		1,000.00			1,022.53			2.36

* “Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2012. The account’s annualized six-month expense ratio for that period was 0.47%.

For more information about this expense example, please see page 6.

14 2012 Semiannual Report § College Retirement Equities Fund

CREF Growth Account

Portfolio composition
Sector	% of net assets as of 6/30/2012
Information technology		32.6
Consumer discretionary		18.2
Health care		12.6
Industrials		11.1
Consumer staples		10.2
Financials		5.4
Materials		4.1
Energy		3.7
Telecommunication services		1.6
Utilities		0.1
Short-term investments		1.7
Other assets & liabilities, net		–1.3
Total		100.0

Holdings by company size
Market capitalization	% of equity investments as of 6/30/2012
More than $50 billion		45.8
More than $15 billion–$50 billion		27.6
More than $2 billion–$15 billion		26.3
$2 billion or less		0.3
Total		100.0

College Retirement Equities Fund § 2012 Semiannual Report 15

CREF Equity Index Account

Performance for the six months ended June 30, 2012

The CREF Equity Index Account returned 9.12% for the period, compared with the 9.32% return of its benchmark, the Russell 3000^® Index. For the one-year period ended June 30, 2012, the account returned 3.47%, versus 3.84% for the index.

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

          For the first quarter of 2012, U.S. stocks, as measured by the Russell 3000 Index, gained 12.87%. The rally was driven by positive U.S. economic data and easing concerns about the European sovereign debt crisis. However, stocks lost 3.15% in the second quarter on signs that growth was slowing, as well as on renewed worries about the fiscal health of Greece, Spain and other European nations. Despite the second quarter decline, stocks finished the first half of the year with a strong gain.

          For the six months, large-cap stocks rose 9.38%, while small- and mid-cap issues returned 8.53% and 7.97%, respectively. Growth stocks within the Russell 3000 outperformed value issues, 9.98% to 8.64%. (Returns by investment style and market capitalization are based on the Russell indexes.)

Three largest sectors drive the benchmark’s advance

For the period, eight of the nine industry sectors of the Russell 3000 generated positive returns, with four achieving double-digit gains. The biggest contributions to performance came from the benchmark’s three largest sectors—technology, financial services and consumer discretionary—which rose 11.9%, 13.6% and 13.0%, respectively. Together, these three sectors made up nearly half of the benchmark’s total market capitalization at period-end. Solid contributions from health care (up 12.8%) and producer durables (up 7.3%) also boosted the benchmark’s return.

          Energy, down 3.2%, was the only sector in the benchmark to post a loss for the period. Energy stocks struggled due to falling oil and natural gas prices.

          Three of the five largest stocks in the Russell 3000 Index scored exceptional gains for the six-month period. Apple led the way, rising 44.2%, followed by Microsoft and General Electric, which climbed 19.4% and 18.4%, respectively. In contrast, IBM (up 7.2%) and Exxon Mobil (up 2.2%) trailed the market.

16 2012 Semiannual Report § College Retirement Equities Fund

CREF Equity Index Account

Performance as of June 30, 2012
			Total return						Average annual total return
	Inception date		6 months			1 year			5 years			10 years
CREF Equity Index Account		4/29/1994		9.12	%		3.47	%		0.03	%		5.40	%
Russell 3000 Index		—		9.32			3.84			0.39			5.81

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

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

Expense example
Six months ended June 30, 2012
CREF Equity Index Account	Beginning account value (1/1/12		)	Ending account value (6/30/12		)	Expenses paid during period (1/1/12–6/30/12		* )
Actual return		$1,000.00			$1,091.21			$2.18
5% annual hypothetical return		1,000.00			1,022.77			2.11

* “Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2012. The account’s annualized six-month expense ratio for that period was 0.42%.

For more information about this expense example, please see page 6.

College Retirement Equities Fund § 2012 Semiannual Report 17

CREF Equity Index Account

Portfolio composition
Sector	% of net assets as of 6/30/2012
Information technology	18.9
Financials	16.1
Consumer discretionary	11.9
Health care	11.9
Industrials	11.0
Energy	9.8
Consumer staples	9.7
Materials	3.9
Utilities	3.7
Telecommunication services	2.8
Short-term investments	3.3
Other assets & liabilities, net	–3.0
Total	100.0

Holdings by company size
Market capitalization	% of equity investments as of 6/30/2012
More than $50 billion	42.6
More than $15 billion–$50 billion	24.9
More than $2 billion–$15 billion	25.1
$2 billion or less	7.4
Total	100.0

18 2012 Semiannual Report § College Retirement Equities Fund

CREF Bond Market Account

Performance for the six months ended June 30, 2012

The CREF Bond Market Account returned 2.84% for the period, compared with the 2.37% return of its benchmark, the Barclays U.S. Aggregate Bond Index. For the one-year period ended June 30, 2012, the account returned 7.14%, versus 7.47% for the index.

          During the first quarter of 2012, the U.S. economy appeared to gain momentum. The Federal Reserve continued its large-scale purchases of government bonds, seeking to lower long-term interest rates, and investors were encouraged by solid growth in gross domestic product in the fourth quarter of 2011 and an uptick in job creation. At the same time, Europe seemed to be making progress in addressing its sovereign debt problems. Stocks rallied, bond prices fell, and the broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index, returned just 0.30% for the quarter.

          In April and May, however, global growth slowed, and many investors sought relative safety in fixed-income investments, particularly U.S. Treasury securities. That helped to push bond prices higher. As a result, the benchmark rose 2.06% for the second quarter.

Corporate securities benefit from investor uncertainty

In the changing market environment, the lower volatility and potentially higher yields of corporate bonds attracted some investors. The 4.7% gain of corporate securities, which represented one-fifth of the benchmark’s total market capitalization at period-end, led the returns of other major fixed-income sectors for the six-month period. The small commercial mortgage-backed sector rose 4.4%, while U.S. mortgage-backed securities, comprising nearly one-third of the benchmark, returned 1.7%.

          U.S. Treasury securities, the benchmark’s largest sector, lagged with a 1.5% return for the period. The yield on 10-year Treasuries fell from 1.89% at year-end 2011 to 1.67% six months later.

          With corporate bonds outpacing Treasuries for the six months, the account’s long-standing overweight position in corporate securities helped it to surpass the benchmark for the period. This outperformance was generated in the first quarter of 2012, when overweights in both investment-grade and high-yield corporate bonds boosted returns. An overweight in commercial mortgage-backed securities—and successful security selections in that sector—along with a nonbenchmark investment in Canadian covered bonds, also aided results.

          This outperformance was partly offset when the account lagged the benchmark slightly in the second quarter because of an underweight position in well-performing Treasury securities.

College Retirement Equities Fund § 2012 Semiannual Report 19

CREF Bond Market Account

Performance as of June 30, 2012
			Total return						Average annual total return
	Inception date		6 months			1 year			5 years			10 years
CREF Bond Market Account		3/1/1990		2.84	%		7.14	%		5.98	%		5.18	%
Barclays U.S. Aggregate Bond Index		—		2.37			7.47			6.79			5.63

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

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

Expense example
Six months ended June 30, 2012
CREF Bond Market Account	Beginning account value (1/1/12		)	Ending account value (6/30/12		)	Expenses paid during period (1/1/12–6/30/12		* )
Actual return		$1,000.00			$1,028.44			$2.27
5% annual hypothetical return		1,000.00			1,022.63			2.26

* “Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2012. The account’s annualized six-month expense ratio for that period was 0.45%.

For more information about this expense example, please see page 6.

20 2012 Semiannual Report § College Retirement Equities Fund

CREF Bond Market Account

Portfolio composition
	% of net assets as of 6/30/2012
Mortgage-backed securities†		31.2
Corporate bonds		22.1
U.S. Treasury securities		18.0
Foreign government & corporate bonds denominated in U.S. dollars		16.4
U.S. agency securities		4.6
Asset-backed securities		2.8
Commercial mortgage-backed securities		2.6
Municipal bonds		1.6
Bank loan obligations		0.1
Short-term investments		22.7
Other assets & liabilities, net		–22.1
Total		100.0

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

Holdings by maturity
	% of fixed-income investments
	(excluding short-term investments) as of 6/30/2012
Less than 1 year		5.4
1–3 years		27.8
3–5 years		28.9
5–10 years		25.2
Over 10 years		12.7
Total		100.0
Holdings by credit quality‡
	% of fixed-income investments
	(excluding short-term investments) as of 6/30/2012
Aaa/AAA		60.2
Aa/AA		7.3
A/A		15.5
Baa/BBB		13.4
Ba/BB		2.3
B/B		0.6
Below B/B		0.4
Non-rated		0.3
Total		100.0

^‡ Credit quality ratings are based on the Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

College Retirement Equities Fund § 2012 Semiannual Report 21

CREF Inflation-Linked Bond Account

Performance for the six months ended June 30, 2012

The CREF Inflation-Linked Bond Account returned 3.66% for the period, compared with the 4.04% return of its benchmark, the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L). For the one-year period ended June 30, 2012, the account returned 11.18%, versus 11.66% for the index.

          From January to April, triple-digit oil prices pushed overall inflation up. In May, however, the U.S. economy showed signs of slowing, and energy prices started to recede. The Consumer Price Index ended the six-month period just 1.7% higher than it had been one year earlier, compared with 3.0% in December 2011.

          To jump-start the sluggish economy, the Federal Reserve announced it would maintain its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) within a range of 0% to 0.25% until late 2014. Seeking to lower long-term interest rates, the Fed extended its program of buying longer-term U.S. Treasury securities, while selling its shorter-term holdings.

TIPS outshine the broad bond market

TIPS returned just 0.86% for the first quarter of 2012, when the U.S. economy appeared to gain momentum and investors favored stocks and other riskier securities. In the second quarter, the benchmark earned 3.15%, as slowing growth triggered a stock sell-off and many investors turned to the relative safety of U.S. Treasury securities, including TIPS.
          Although the Fed continued to project only modest price increases for the foreseeable future, the prospect of higher future inflation attracted some investors to TIPS. As a result, the return of the TIPS index for the period topped the 2.37% gain of the broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index. For the ten years ended June 30, 2012, the average annual return of TIPS was 7.23%, compared with 5.63% for the aggregate index.
          For the first half of 2012, the account trailed the TIPS index partly because the account’s return includes a deduction for expenses, while the benchmark’s does not. Because the account’s portfolio is similar to that of its benchmark index, the above discussion of the benchmark’s performance also applies to the performance of the account.

          During the period, the account’s managers kept the account’s duration—a measure of its sensitivity to interest rate changes—close to that of the TIPS index. This strategy helped the account’s risk and reward characteristics more closely resemble those of its benchmark.

22 2012 Semiannual Report § College Retirement Equities Fund

CREF Inflation-Linked Bond Account

Performance as of June 30, 2012
			Total return						Average annual total return
	Inception date		6 months			1 year			5 years			10 years
CREF Inflation-Linked Bond Account		5/1/1997		3.66	%		11.18	%		7.91	%		6.74	%
Barclays U.S. Treasury Inflation Protected Securities Index (Series-L)		—		4.04			11.66			8.44			7.23

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

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

Expense example

Six months ended June 30, 2012
CREF Inflation-Linked Bond Account	Beginning account value (1/1/12		)	Ending account value (6/30/12		)	Expenses paid during period (1/1/12–6/30/12		* )
Actual return		$1,000.00			$1,036.64			$2.28
5% annual hypothetical return		1,000.00			1,022.63			2.26

* “Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2012. The account’s annualized six-month expense ratio for that period was 0.45%.

For more information about this expense example, please see page 6.

Portfolio composition
	% of net assets as of 6/30/2012
U.S. Treasury securities		98.8
Short-term investments		0.6
Other assets & liabilities, net		0.6
Total		100.0

Holdings by maturity
	% of fixed-income investments
	(excluding short-term investments) as of 6/30/2012
Less than 1 year		0.5
1–3 years		18.4
3–5 years		18.3
5–10 years		29.9
Over 10 years		32.9
Total		100.0

College Retirement Equities Fund § 2012 Semiannual Report 23

CREF Social Choice Account

Performance for the six months ended June 30, 2012

The CREF Social Choice Account returned 4.65% for the period, compared with the 5.79% return of its composite benchmark, a weighted average of the Russell 3000^® Index, the MSCI EAFE+Canada Index and the Barclays U.S. Aggregate Bond Index. For the one-year period ended June 30, 2012, the account returned 2.16%, versus 3.28% for its composite index. The account screens investments according to social criteria, while the benchmark does not.

          Because of its social screens, the account did not invest in a number of stocks and bonds that were included in its composite benchmark. The account’s underperformance for the six-month period resulted in part from its exclusion of a number of well-performing stocks. These included Apple (up 44.2%), Bank of America (up 47.5%), AT&T (up 21.4%) and Microsoft (up 19.4%). Avoiding Toyota and Belgium-based Anheuser-Busch Inbev further reduced the account’s results.
          In contrast, relative performance was helped by the exclusion of five mega-cap energy companies: Exxon Mobil, Chevron, Schlumberger, Royal Dutch Shell and France’s Total. During the six months covered by this report, energy stocks were hampered by falling oil and natural gas prices.

Quantitative modeling techniques help mitigate risks

To compensate for the account’s exclusion of some stocks, its managers use quantitative (mathematical) modeling and other techniques in an attempt to closely match, to the extent possible, the investment characteristics of the portfolio to those of its composite benchmark. One such method is to overweight or underweight specific stocks relative to the benchmark.
          During the period, the account’s return was adversely affected by overweight positions in technology companies Hewlett-Packard, Dell, Google and Finland’s Nokia. Partly offsetting these detractors were overweight holdings in Swiss Reinsurance, women’s apparel retailer TJX Companies, biotechnology firm Biogen Idec and global drug manufacturer Novo Nordisk.

Bonds boost relative performance

For the six months, the account’s fixed-income segment registered a positive return, outpacing the Barclays aggregate index. The biggest contributions to this outperformance came from overweight positions—and successful security selections—among municipal bonds, commercial mortgage-backed securities and asset-backed securities. These favorable effects were partly offset by an underweight holding in U.S. Treasury securities, which rallied in the second quarter on concerns about the sustainability of the economic recovery.

24 2012 Semiannual Report § College Retirement Equities Fund

CREF Social Choice Account

Performance as of June 30, 2012
			Total return						Average annual total return
	Inception date		6 months			1 year			5 years			10 years
CREF Social Choice Account		3/1/1990		4.65	%		2.16	%		2.44	%		5.53	%
CREF Social Choice
Composite Benchmark*		—		5.79			3.28			2.54			5.66
Broad market index
Russell 3000 Index		—		9.32			3.84			0.39			5.81

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

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

* On June 30, 2012, the CREF Social Choice Composite Benchmark consisted of: 47.0% Russell 3000 Index; 40.0% Barclays U.S. Aggregate Bond Index; and 13.0% MSCI EAFE+Canada Index. The account’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.

Expense example

Six months ended June 30, 2012
CREF Social Choice Account	Beginning account value (1/1/12		)	Ending account value (6/30/12		)	Expenses paid during period (1/1/12–6/30/12		† )
Actual return		$1,000.00			$1,046.53			$2.29
5% annual hypothetical return		1,000.00			1,022.63			2.26

^† “Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2012. The account’s annualized six-month expense ratio for that period was 0.45%.

For more information about this expense example, please see page 6.

College Retirement Equities Fund § 2012 Semiannual Report 25

CREF Social Choice Account

Portfolio composition
	% of net assets as of 6/30/2012
Equities		60.2
Long-term bonds		38.3
Short-term investments		12.2
Other assets & liabilities, net		–10.7
Total		100.0

Holdings by maturity
	% of fixed-income investments
	(excluding short-term investments) as of 6/30/2012
Less than 1 year		5.7
1–3 years		23.9
3–5 years		31.8
5–10 years		24.6
Over 10 years		14.0
Total		100.0

Holdings by company size
Market capitalization	% of equity investments as of 6/30/2012
More than $50 billion		24.4
More than $15 billion–$50 billion		42.8
More than $2 billion–$15 billion		29.6
$2 billion or less		3.2
Total		100.0

26 2012 Semiannual Report § College Retirement Equities Fund

CREF Money Market Account

Performance for the six months ended June 30, 2012

The CREF Money Market Account returned 0.00% for the period, compared with the 0.01% return of the iMoneyNet Money Fund Report Averages™—All Taxable, a simple average of over 1,000 taxable money market funds. The iMoneyNet average is not an index, and its returns reflect the deduction of expenses charged by the funds included in the average.
          During the first quarter of 2012, the U.S. economy appeared to gain momentum. At the same time, Europe seemed to make progress in addressing its sovereign debt problems. In April and May, however, growth slowed in many nations, igniting fears of a worldwide recession.

          To bolster the flagging economy, the Federal Reserve announced it would maintain its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) within a range of 0% to 0.25% until late 2014. Seeking to lower long-term interest rates, the Fed extended its program of buying longer-term U.S. Treasury securities, while selling its shorter-term holdings, through 2012.

Treasury and LIBOR yields move in opposite directions

As the supply of short-term U.S. Treasury securities increased, their yields rose. The yield on three-month Treasuries went from 0.02% at year-end 2011 to 0.09% six months later.
          Despite the fact that many money market funds left the European credit market, LIBOR yields fell, as banks found alternative financing through the European Central Bank. (LIBOR, an indication of the interest rates that banks expect to pay to other banks for loans on the London market, is the most widely used benchmark for short-term rates.) The yield on three-month LIBOR declined from 0.58% to 0.46%. At period-end, investigations by U.S. and British regulators called LIBOR into question as a reliable indicator of money market conditions.

          In pursuit of relative value and to comply with SEC regulations, the account maintained more than half of its portfolio in U.S. Treasury and agency securities. For additional yield, it continued to buy U.S. government floating-rate securities with two-year maturities and participated in repurchase agreements. Avoiding Europe, the account made selective investments in top-tier Canadian and Australian banks. On June 26, 2012, the account’s weighted average maturity was 53 days, versus 45 days for the average iMoneyNet fund.

          In the low interest rate environment, part or all of the account’s 12b-1 distribution fees and/or administrative fees were voluntarily withheld by TIAA (waived) to prevent the account’s yield from being negative.

College Retirement Equities Fund § 2012 Semiannual Report 27

CREF Money Market Account

Net annualized yield for the 7 days ended June 26, 2012*

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

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

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

Performance as of June 30, 2012
			Total return						Average annual total return
	Inception date		6 months			1 year			5 years			10 years
CREF Money Market Account†		4/1/1988		0.00	%		0.00	%		0.99	%		1.74	%
iMoneyNet Money Fund Report
Averages—All Taxable‡		—		0.01			0.02			0.91			1.60

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

An investment in the CREF Money Market Account is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. As with any investment, you can lose money by investing in this account.

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

†

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

‡

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

28 2012 Semiannual Report § College Retirement Equities Fund

CREF Money Market Account

Expense example

Six months ended June 30, 2012
CREF Money Market Account	Beginning account value (1/1/12		)	Ending account value (6/30/12		)	Expenses paid during period (1/1/12–6/30/12		§ )
Actual return		$1,000.00			$1,000.00			$0.75
5% annual hypothetical return		1,000.00			1,024.12			0.75

^§ “Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2012. The account’s annualized six-month expense ratio for that period was 0.15%. The expense charges of the account reflect a voluntary waiver. Without this waiver, the expenses of the account would have been higher and its performance lower.

For more information about this expense example, please see page 6.

Portfolio composition
	% of net assets as of 6/30/2012
Commercial paper		41.1
U.S. government agency securities		21.2
U.S. Treasury securities		19.0
Floating rate securities, government		14.2
Certificates of deposit		3.4
Other assets & liabilities, net		1.1
Total		100.0

College Retirement Equities Fund § 2012 Semiannual Report 29

Summary portfolio of investments (unaudited)

CREF Stock Account § June 30, 2012

	Principal		Issuer		Value (000)		% of net assets
BONDS
CORPORATE BONDS
FOOD & STAPLES RETAILING					$	40		0.0	%
REAL ESTATE						20		0.0
			TOTAL CORPORATE BONDS	(Cost $63)		60		0.0
GOVERNMENT BONDS
U.S. TREASURY SECURITIES						302		0.0
			TOTAL GOVERNMENT BONDS	(Cost $304)		302		0.0
			TOTAL BONDS	(Cost $367)		362		0.0
EQUITY LINKED NOTES
BANKS						1,043		0.0
			TOTAL EQUITY LINKED NOTES	(Cost $1,058)		1,043		0.0
	Shares		Company
COMMON STOCKS
AUTOMOBILES & COMPONENTS						1,635,309		1.6
BANKS
	10,997,004		US Bancorp			353,664		0.4
	27,766,643		Wells Fargo & Co			928,517		0.9
			Other			4,697,333		4.6
						5,979,514		5.9
CAPITAL GOODS
	5,290,494		Boeing Co			393,084		0.4
	40,902,270		General Electric Co			852,403		0.8
	7,590,623		Honeywell International, Inc			423,860		0.4
			Other			6,630,936		6.5
						8,300,283		8.1
COMMERCIAL & PROFESSIONAL SERVICES						974,862		1.0
CONSUMER DURABLES & APPAREL
	3,766,627	a	Jarden Corp			158,274		0.2
			Other			1,561,733		1.5
						1,720,007		1.7
CONSUMER SERVICES
	3,574,052		McDonald’s Corp			316,411		0.3
			Other			1,761,963		1.7
						2,078,374		2.0
DIVERSIFIED FINANCIALS
	15,879,631		Citigroup, Inc			435,261		0.4
	8,823,000	*,a,e	Japan Asia Investment Co Ltd			6,687		0.0
	15,912,756		JPMorgan Chase & Co			568,563		0.6
			Other			3,736,058		3.7
						4,746,569		4.7

30 2012 Semiannual Report § College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments (unaudited)	continued
CREF Stock Account § June 30, 2012

	Shares		Company	Value (000)		% of net assets
ENERGY
	8,665,885		Chevron Corp	$	914,251		0.9	%
	18,417,735		Exxon Mobil Corp		1,576,006		1.6
	6,334,003		Occidental Petroleum Corp		543,267		0.6
	6,030,887		Schlumberger Ltd		391,465		0.3
			Other		6,352,047		6.2
					9,777,036		9.6
FOOD & STAPLES RETAILING
	5,065,251		Wal-Mart Stores, Inc		353,149		0.4
			Other		1,348,886		1.3
					1,702,035		1.7
FOOD, BEVERAGE & TOBACCO
	9,633,631		Altria Group, Inc		332,842		0.3
	10,000,954		Coca-Cola Co		781,975		0.8
	6,254,691		PepsiCo, Inc		441,956		0.5
	10,034,434		Philip Morris International, Inc		875,605		0.9
			Other		3,636,230		3.6
					6,068,608		6.1
HEALTH CARE EQUIPMENT & SERVICES
	5,602,228		UnitedHealth Group, Inc		327,730		0.3
			Other		2,833,407		2.8
					3,161,137		3.1
HOUSEHOLD & PERSONAL PRODUCTS
	10,016,379		Procter & Gamble Co		613,503		0.5
			Other		977,329		1.0
					1,590,832		1.5
INSURANCE
	6,636,365	*	Berkshire Hathaway, Inc (Class B)		553,008		0.6
	248,864	*,a,e	Fondiaria-Sai S.p.A.		296		0.0
			Other		3,028,116		2.9
					3,581,420		3.5
MATERIALS
	3,621,450		Monsanto Co		299,784		0.3
			Other		5,794,580		5.7
					6,094,364		6.0
MEDIA
	16,742,385		Comcast Corp (Class A)		535,254		0.5
	1,350,378	*,a	Stroer Out-of-Home Media AG.		13,281		0.0
	10,526,739		Walt Disney Co		510,547		0.5
			Other		2,144,659		2.2
					3,203,741		3.2

See notes to financial statements College Retirement Equities Fund § 2012 Semiannual Report 31

Summary portfolio of investments (unaudited)	continued
CREF Stock Account § June 30, 2012

	Shares		Company	Value (000)		% of net assets
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	9,331,525		Abbott Laboratories	$	601,603		0.6	%
	4,983,591		Bayer AG.		359,114		0.4
	11,103,159	e	Johnson & Johnson		750,129		0.7
	11,282,316		Merck & Co, Inc		471,037		0.5
	22,167,242	*,a	MPM Bioventures II		3,846		0.0
	45,379,734		Pfizer, Inc		1,043,734		1.0
	4,254,176	*,a	Skyline Venture Fund II Ltd		246		0.0
	583,879	*,a,e	Vanda Pharmaceuticals, Inc		2,569		0.0
			Other		4,361,964		4.3
					7,594,242		7.5
REAL ESTATE					3,518,524		3.5
RETAILING
	1,405,107	*	Amazon.com, Inc		320,856		0.3
	6,981,376		Home Depot, Inc		369,943		0.4
	5,947,032		Target Corp		346,058		0.4
			Other		2,970,861		2.9
					4,007,718		4.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	23,914,632		Intel Corp		637,325		0.6
			Other		1,710,491		1.7
					2,347,816		2.3
SOFTWARE & SERVICES
	1,297,293	*	Google, Inc (Class A)		752,521		0.8
	4,591,775		International Business Machines Corp		898,059		0.9
	35,566,643		Microsoft Corp		1,087,984		1.1
	21,557,771		Oracle Corp		640,266		0.7
	2,612,980		Visa, Inc (Class A)		323,043		0.3
			Other		3,672,690		3.5
					7,374,563		7.3
TECHNOLOGY HARDWARE & EQUIPMENT
	4,838,024	*	Apple, Inc		2,825,406		2.8
	27,564,277		Cisco Systems, Inc		473,279		0.5
	8,951,484		Qualcomm, Inc		498,419		0.5
			Other		2,387,804		2.3
					6,184,908		6.1
TELECOMMUNICATION SERVICES
	24,930,079		AT&T, Inc		889,007		0.9
	11,523,935		Verizon Communications, Inc		512,124		0.5
			Other		1,953,145		1.9
					3,354,276		3.3

32 2012 Semiannual Report § College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments (unaudited)	continued
CREF Stock Account § June 30, 2012

	Shares	Company		Value (000)			% of net assets
TRANSPORTATION
	2,933,339	Union Pacific Corp		$	349,977			0.4	%
		Other			1,782,530			1.7
					2,132,507			2.1
UTILITIES					3,552,456			3.5
		TOTAL COMMON STOCKS	(Cost $94,067,090)		100,681,101			99.3
PREFERRED STOCKS
DIVERSIFIED FINANCIALS					1,713			0.0
FOOD, BEVERAGE & TOBACCO					56,444			0.1
		TOTAL PREFERRED STOCKS	(Cost $37,339)		58,157			0.1
RIGHTS/WARRANTS
BANKS					32			0.0
CAPITAL GOODS					118			0.0
CONSUMER DURABLES & APPAREL					0	^		0.0
CONSUMER SERVICES					17			0.0
DIVERSIFIED FINANCIALS					8			0.0
ENERGY					659			0.0
FOOD & STAPLES RETAILING					75			0.0
HEALTH CARE EQUIPMENT & SERVICES					1,275			0.0
MATERIALS					434			0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					114			0.0
REAL ESTATE					104			0.0
		TOTAL RIGHTS/WARRANTS	(Cost $886)		2,836			0.0
	Principal	Issuer
SHORT-TERM INVESTMENTS
TREASURY DEBT					402,812			0.4

See notes to financial statements College Retirement Equities Fund § 2012 Semiannual Report 33

Summary portfolio of investments (unaudited)	concluded
CREF Stock Account § June 30, 2012

	Principal		Issuer		Value (000)			% of net assets
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
REPURCHASE AGREEMENTS
	$638,000,000	n	Barclays	0.150%, 07/02/12	$	638,000			0.6	%
	910,000,000	o	Calyon	0.150%, 07/02/12		910,000			0.9
	380,000,000	p	Citigroup	0.160%, 07/02/12		380,000			0.4
	598,000,000	q	CSFB	0.150%, 07/02/12		598,000			0.6
	617,000,000	r	Deutsche Bank	0.150%, 07/02/12		617,000			0.6
	645,000,000	s	Royal Bank of Scotland	0.150%, 07/02/12		645,000			0.6
	774,000,000	t	UBS Warburg	0.140%, 07/02/12		774,000			0.8
			Other			420,000			0.4
						4,982,000			4.9
VARIABLE RATE SECURITY						337,299			0.3
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						5,319,299			5.2
			TOTAL SHORT-TERM INVESTMENTS	(Cost $5,724,041)		5,722,111			5.6
			TOTAL PORTFOLIO	(Cost $99,830,781)		106,465,610			105.0
			OTHER ASSETS & LIABILITIES, NET			(5,068,377	)		(5.0	)
			NET ASSETS		$	101,397,233			100.0	%

*	Non-income producing.
^	Amount represents less than $1,000.
a	Affiliated Holding.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $5,382,171,000.
n	Agreement with Barclays, 0.15% dated 6/29/12 to be repurchased at $638,000,000 on 7/02/12, collateralized by U.S. Treasury Securities valued at $650,760,000.
o	Agreement with Calyon, 0.15% dated 6/29/12 to be repurchased at $910,000,000 on 7/02/12, collateralized by U.S. Treasury Securities valued at $928,200,000.
p	Agreement with Citigroup, 0.16% dated 6/29/12 to be repurchased at $380,000,000 on 7/02/12, collateralized by U.S. Treasury Securities valued at $387,600,000.
q	Agreement with CSFB, 0.15% dated 6/29/12 to be repurchased at $598,000,000 on 7/02/12, collateralized by U.S. Treasury Securities valued at $609,962,000.
r	Agreement with Deutsche Bank, 0.15% dated 6/29/12 to be repurchased at $617,000,000 on 7/02/12, collateralized by U.S. Treasury Securities valued at $629,340,000.
s	Agreement with Royal Bank of Scotland, 0.15% dated 6/29/12 to be repurchased at $645,000,000 on 7/02/12, collateralized by U.S. Treasury Securities valued at $657,902,000.
t	Agreement with UBS Warburg, 0.14% dated 6/29/12 to be repurchased at $774,000,000 on 7/02/12, collateralized by U.S. Treasury Securities valued at $789,480,000.
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 6/30/12, the aggregate value of restricted securities amounted to $145,285,000 or 0.1% of net assets.
At 6/30/12, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $6,400,000 or 0.0% of net assets.
Cost amounts are in thousands.
For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.

34 2012 Semiannual Report § College Retirement Equities Fund See notes to financial statements

Summary of market values by country (unaudited)

CREF Stock Account § June 30, 2012

Country	Value (000)		% of total portfolio
DOMESTIC
UNITED STATES	$	75,684,287		71.5	%
TOTAL DOMESTIC		75,684,287		71.5
FOREIGN
ARGENTINA		1,781		0.0
AUSTRALIA		1,556,710		1.5
AUSTRIA		103,374		0.1
BAHAMAS		228		0.0
BELGIUM		285,837		0.3
BERMUDA		39,456		0.0
BRAZIL		898,981		0.8
CAMBODIA		1,242		0.0
CANADA		2,614,774		2.5
CAYMAN ISLANDS		1,578		0.0
CHILE		132,790		0.1
CHINA		1,223,224		1.1
COLOMBIA		108,950		0.1
CYPRUS		1,777		0.0
CZECH REPUBLIC		23,278		0.0
DENMARK		254,891		0.2
EGYPT		21,639		0.0
FAROE ISLANDS		338		0.0
FINLAND		109,242		0.1
FRANCE		1,647,660		1.5
GERMANY		1,693,058		1.6
GIBRALTAR		1,625		0.0
GREECE		28,699		0.0
GUERNSEY, C.I.		2,908		0.0
HONG KONG		723,379		0.7
HUNGARY		13,509		0.0
INDIA		573,185		0.5
INDONESIA		235,690		0.2
IRELAND		237,010		0.2
ISLE OF MAN		3,424		0.0
ISRAEL		345,538		0.3

Country	Value (000)		% of total portfolio
ITALY	$	414,933		0.4	%
JAPAN		4,567,100		4.3
JERSEY, C.I.		12,592		0.0
KOREA, REPUBLIC OF		1,137,090		1.1
LIECHTENSTEIN		1,331		0.0
LUXEMBOURG		22,766		0.0
MACAU		45,569		0.0
MALAYSIA		245,268		0.2
MEXICO		400,795		0.4
MONACO		1,027		0.0
MOROCCO		6,074		0.0
NETHERLANDS		955,686		0.9
NEW ZEALAND		48,709		0.0
NIGERIA		1,043		0.0
NORWAY		216,640		0.2
PANAMA		15,463		0.0
PERU		38,580		0.0
PHILIPPINES		85,445		0.1
POLAND		106,828		0.1
PORTUGAL		41,097		0.0
PUERTO RICO		2,033		0.0
RUSSIA		406,957		0.4
SINGAPORE		289,459		0.3
SOUTH AFRICA		565,611		0.5
SPAIN		403,851		0.4
SWEDEN		521,581		0.5
SWITZERLAND		1,486,712		1.4
TAIWAN		852,994		0.8
THAILAND		186,115		0.2
TURKEY		137,741		0.1
UKRAINE		3,962		0.0
UNITED ARAB EMIRATES		20,772		0.0
UNITED KINGDOM		4,653,724		4.4
TOTAL FOREIGN		30,781,323		28.5
TOTAL PORTFOLIO	$	106,465,610		100.0	%

See notes to financial statements College Retirement Equities Fund § 2012 Semiannual Report 35

Summary portfolio of investments (unaudited)

CREF Global Equities Account § June 30, 2012

Shares		Company	Value (000)		% of net assets
COMMON STOCKS
AUSTRALIA			$	330,435		2.4	%
AUSTRIA				20,701		0.0
BELGIUM
	793,977	InBev NV		62,598		0.5
		Other		67,571		0.5
				130,169		1.0
BERMUDA				2,658		0.0
BRAZIL				15,372		0.2
CANADA				547,012		3.6
CHINA				28,868		0.1
COLOMBIA				2,010		0.0
DENMARK				75,983		0.5
FINLAND				24,138		0.1
FRANCE
	2,150,543	Edenred		60,966		0.4
		Other		362,076		2.9
				423,042		3.3
GERMANY
	1,060,084	Bayer AG.		76,389		0.6
		Other		399,117		2.8
				475,506		3.4
GREECE				473		0.0
HONG KONG				165,876		1.2
INDIA				69,107		0.5
INDONESIA				13,400		0.1
IRELAND				111,314		0.8
ISLE OF MAN				1,766		0.0
ISRAEL
	1,673,544	Teva Pharmaceutical Industries Ltd (ADR)		66,005		0.5
		Other		6,512		0.0
				72,517		0.5
ITALY				141,256		1.2
JAPAN
	1,789,348	Toyota Motor Corp		72,222		0.5
		Other		1,047,307		7.2
				1,119,529		7.7
JERSEY, C.I.				796		0.0

36 2012 Semiannual Report § College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments (unaudited)	continued
CREF Global Equities Account § June 30, 2012

Shares		Company	Value (000)		% of net assets
KOREA, REPUBLIC OF			$	51,751		0.3	%
LUXEMBOURG				3,563		0.0
MACAU				28,167		0.2
MALAYSIA				5,027		0.0
MEXICO				28,762		0.2
NETHERLANDS
	2,132,450	Royal Dutch Shell plc (A Shares)		71,849		0.5
		Other		159,254		1.1
				231,103		1.6
NEW ZEALAND				1,567		0.0
NORWAY				33,401		0.2
PHILIPPINES				8,348		0.1
PORTUGAL				18,942		0.1
RUSSIA				4,599		0.0
SINGAPORE				89,737		0.4
SOUTH AFRICA				24,573		0.1
SPAIN				101,898		0.8
SWEDEN				108,491		0.7
SWITZERLAND
	1,782,403	Nestle S.A.		106,370		0.8
	1,082,476	Novartis AG.		60,523		0.4
	195,573	Syngenta AG.		66,950		0.5
		Other		149,780		1.1
				383,623		2.8
TAIWAN				33,604		0.3
THAILAND				36,249		0.2
TURKEY				28,970		0.3
UKRAINE				6,589		0.1
UNITED KINGDOM
	3,675,246	BG Group plc		75,238		0.5
	7,096,414	HSBC Holdings plc		62,532		0.5
	1,198,558	Rio Tinto plc		56,960		0.4
	2,508,264	Tullow Oil plc		57,972		0.4
	20,695,650	Vodafone Group plc		58,170		0.4
		Other		846,136		5.8
				1,157,008		8.0

See notes to financial statements College Retirement Equities Fund § 2012 Semiannual Report 37

Summary portfolio of investments (unaudited)	continued
CREF Global Equities Account § June 30, 2012

Shares			Company		Value (000)		% of net assets
UNITED STATES
	813,705		ACE Ltd		$	60,320		0.4	%
	852,390		Amgen, Inc			62,259		0.5
	635,164	*	Apple, Inc			370,936		2.7
	3,616,797		AT&T, Inc			128,975		0.9
	775,637		Boeing Co			57,630		0.4
	1,471,198		Chevron Corp			155,211		1.1
	4,829,590		Cisco Systems, Inc			82,924		0.6
	904,365		Coca-Cola Co			70,712		0.5
	2,298,992	d	Exxon Mobil Corp			196,725		1.4
	4,425,223		General Electric Co			92,222		0.7
	180,730	*	Google, Inc (Class A)			104,836		0.8
	1,264,462		Home Depot, Inc			67,004		0.5
	1,060,885		Honeywell International, Inc			59,240		0.4
	3,226,729		Intel Corp			85,992		0.6
	616,777		International Business Machines Corp			120,629		0.9
	2,319,408		iShares MSCI EAFE Index Fund			115,878		0.8
	1,019,407		Johnson & Johnson			68,871		0.5
	1,568,210		JPMorgan Chase & Co			56,032		0.4
	1,785,899		Merck & Co, Inc			74,561		0.5
	5,190,831		Microsoft Corp			158,788		1.1
	795,019		Occidental Petroleum Corp			68,189		0.5
	3,160,006		Oracle Corp			93,852		0.7
	1,037,426		PepsiCo, Inc			73,305		0.5
	6,737,717		Pfizer, Inc			154,968		1.1
	1,375,619		Philip Morris International, Inc			120,036		0.9
	1,149,948		Procter & Gamble Co			70,434		0.5
	726,544	e	SPDR Trust Series 1			99,006		0.7
	1,164,123		Target Corp			67,740		0.5
	1,202,229		Tyco International Ltd			63,538		0.5
	464,583		Union Pacific Corp			55,429		0.4
	1,180,968		UnitedHealth Group, Inc			69,087		0.5
	1,860,192		US Bancorp			59,824		0.4
	3,693,718		Wells Fargo & Co			123,518		0.9
			Other			4,382,313		31.8
						7,690,984		55.6
			TOTAL COMMON STOCKS	(Cost $13,192,881)		13,848,884		98.6
RIGHTS/WARRANTS
AUSTRALIA						7		0.0
CANADA						82		0.0
MALAYSIA						13		0.0
SPAIN						34		0.0
UNITED STATES						438		0.0
			TOTAL RIGHTS/WARRANTS	(Cost $434)		574		0.0

38 2012 Semiannual Report § College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments (unaudited)	concluded
CREF Global Equities Account § June 30, 2012

Principal			Issuer		Value (000)			% of net assets
SHORT-TERM INVESTMENTS
TREASURY DEBT					$	169,616			1.2	%
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
REPURCHASE AGREEMENTS
	$117,000,000	n	Barclays	0.150%, 07/02/12		117,000			0.8
	92,000,000	o	Calyon	0.150%, 07/02/12		92,000			0.7
	130,000,000	p	UBS Warburg	0.140%, 07/02/12		130,000			0.9
			Other			268,707			1.9
						607,707			4.3
VARIABLE RATE SECURITY						59,275			0.5
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						666,982			4.8
			TOTAL SHORT-TERM INVESTMENTS	(Cost $836,929)		836,598			6.0
			TOTAL PORTFOLIO	(Cost $14,030,244)		14,686,056			104.6
			OTHER ASSETS & LIABILITIES, NET			(642,446	)		(4.6	)
			NET ASSETS		$	14,043,610			100.0	%

Abbreviation(s):
ADR	American Depositary Receipt
SPDR	Standard & Poor’s Depository Receipts
*	Non-income producing.
d	All or a portion of these securities have been segregated by the custodian to cover margin 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 $655,625,000.
n	Agreement with Barclays, 0.15% dated 6/29/12 to be repurchased at $117,000,000 on 7/02/12, collateralized by U.S. Treasury Securities valued at $119,340,000.
o	Agreement with Calyon, 0.15% dated 6/29/12 to be repurchased at $92,000,000 on 7/02/12, collateralized by U.S. Treasury Securities valued at $93,840,000.
p	Agreement with UBS Warburg, 0.14% dated 6/29/12 to be repurchased at $130,000,000 on 7/02/12, collateralized by U.S. Treasury Securities valued at $132,600,000.
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 6/30/12, the aggregate value of restricted securities amounted to $7,506,000 or 0.1% of net assets. Cost amounts are in thousands.
For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.

See notes to financial statements College Retirement Equities Fund § 2012 Semiannual Report 39

Summary of market values by sector (unaudited)

CREF Global Equities Account § June 30, 2012

Sector	Value (000)			% of net assets
FINANCIALS	$	2,508,115			17.7	%
INFORMATION TECHNOLOGY		1,950,294			13.9
CONSUMER DISCRETIONARY		1,833,809			13.1
HEALTH CARE		1,502,446			10.7
INDUSTRIALS		1,472,105			10.5
CONSUMER STAPLES		1,465,078			10.4
ENERGY		1,360,944			9.7
MATERIALS		910,508			6.5
TELECOMMUNICATION SERVICES		457,548			3.3
UTILITIES		388,611			2.8
SHORT-TERM INVESTMENTS		836,598			6.0
OTHER ASSETS & LIABILITIES, NET		(642,446	)		(4.6	)
NET ASSETS	$	14,043,610			100.0	%

40 2012 Semiannual Report § College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments (unaudited)

CREF Growth Account § June 30, 2012

Shares			Company	Value (000)		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	41,747		0.3	%
BANKS					1,142		0.0
CAPITAL GOODS
	1,876,765		Boeing Co		139,443		1.0
	1,152,669		Caterpillar, Inc		97,872		0.7
	2,054,065		Honeywell International, Inc		114,698		0.8
	586,428		Precision Castparts Corp		96,462		0.7
			Other		719,095		4.8
					1,167,570		8.0
COMMERCIAL & PROFESSIONAL SERVICES					132,850		1.0
CONSUMER DURABLES & APPAREL
	1,057,467		Nike, Inc (Class B)		92,825		0.6
			Other		201,380		1.4
					294,205		2.0
CONSUMER SERVICES
	1,445,147		McDonald’s Corp		127,939		0.9
	2,453,205		Starbucks Corp		130,805		0.9
	1,134,761		Yum! Brands, Inc		73,101		0.5
			Other		206,095		1.4
					537,940		3.7
DIVERSIFIED FINANCIALS
	2,220,750	e	iShares Russell 1000 Growth Index Fund		140,417		1.1
			Other		342,270		2.2
					482,687		3.3
ENERGY
	2,440,995		Schlumberger Ltd		158,446		1.1
			Other		375,144		2.6
					533,590		3.7
FOOD & STAPLES RETAILING
	1,874,868		Wal-Mart Stores, Inc		130,716		0.9
			Other		157,121		1.1
					287,837		2.0
FOOD, BEVERAGE & TOBACCO
	2,434,749		Altria Group, Inc		84,121		0.6
	2,763,422		Coca-Cola Co		216,072		1.6
	936,649		Mead Johnson Nutrition Co		75,409		0.6
	1,891,237		PepsiCo, Inc		133,635		0.9
	3,112,909		Philip Morris International, Inc		271,631		1.8
			Other		228,838		1.5
					1,009,706		7.0
HEALTH CARE EQUIPMENT & SERVICES
	216,503	*	Intuitive Surgical, Inc		119,896		0.8
			Other		533,418		3.7
					653,314		4.5
HOUSEHOLD & PERSONAL PRODUCTS					185,112		1.3

See notes to financial statements College Retirement Equities Fund § 2012 Semiannual Report 41

Summary portfolio of investments (unaudited)	continued
CREF Growth Account § June 30, 2012

Shares			Company	Value (000)		% of net assets
INSURANCE				$	42,216		0.3	%
MATERIALS
	1,843,270		Monsanto Co		152,586		1.1
			Other		449,448		3.0
					602,034		4.1
MEDIA
	3,741,844		Comcast Corp (Class A)		119,627		0.9
	2,214,950	*	DIRECTV		108,134		0.7
	2,732,675		Walt Disney Co		132,534		1.0
			Other		378,726		2.5
					739,021		5.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	2,444,853		Abbott Laboratories		157,619		1.0
	1,016,645	*	Alexion Pharmaceuticals, Inc		100,952		0.8
	1,095,705		Allergan, Inc		101,429		0.7
	1,036,865		Amgen, Inc		75,733		0.5
	633,011	*	Biogen Idec, Inc		91,394		0.6
	1,869,218	*	Gilead Sciences, Inc		95,853		0.7
	1,094,070		Johnson & Johnson		73,915		0.5
			Other		477,702		3.2
					1,174,597		8.0
REAL ESTATE
	1,209,617		American Tower Corp		84,563		0.6
	559,590		Simon Property Group, Inc		87,105		0.6
			Other		89,301		0.6
					260,969		1.8
RETAILING
	1,211,614	*	Amazon.com, Inc		276,672		1.9
	2,503,991		Home Depot, Inc		132,687		1.0
	1,969,678		TJX Companies, Inc		84,558		0.6
			Other		545,680		3.6
					1,039,597		7.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	4,964,130		Intel Corp		132,294		1.0
			Other		190,349		1.2
					322,643		2.2
SOFTWARE & SERVICES
	1,224,983		Accenture plc		73,609		0.5
	3,190,809	*	eBay, Inc		134,046		0.9
	605,283	*	Google, Inc (Class A)		351,108		2.4
	1,762,093		International Business Machines Corp		344,631		2.4
	2,622,995		Intuit, Inc		155,675		1.1
	369,808		Mastercard, Inc (Class A)		159,058		1.1
	14,972,725		Microsoft Corp		458,015		3.1
	6,715,345		Oracle Corp		199,445		1.4
	1,639,949		Visa, Inc (Class A)		202,748		1.4
			Other		691,706		4.7
					2,770,041		19.0

42 2012 Semiannual Report § College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments (unaudited)	concluded
CREF Growth Account § June 30, 2012

Shares			Company		Value (000)			% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	1,989,435	*,d	Apple, Inc		$	1,161,830			8.0	%
	5,691,253	*	EMC Corp			145,867			1.0
	3,550,323		Qualcomm, Inc			197,682			1.4
			Other			153,362			1.0
						1,658,741			11.4
TELECOMMUNICATION SERVICES
	4,181,956		Verizon Communications, Inc			185,845			1.4
			Other			44,813			0.2
						230,658			1.6
TRANSPORTATION
	669,091		Union Pacific Corp			79,830			0.6
	1,263,530		United Parcel Service, Inc (Class B)			99,516			0.6
			Other			140,046			0.9
						319,392			2.1
UTILITIES						11,721			0.1
			TOTAL COMMON STOCKS	(Cost $12,139,072)		14,499,330			99.6
Principal			Issuer
SHORT-TERM INVESTMENTS
TREASURY DEBT						77,588			0.5
Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	171,882,826	a,c	TIAA-CREF Short Term Lending Portfolio of the
			State Street Navigator Securities Lending Trust			171,883			1.2
						171,883			1.2
			TOTAL SHORT-TERM INVESTMENTS	(Cost $249,470)		249,471			1.7
			TOTAL PORTFOLIO	(Cost $12,388,542)		14,748,801			101.3
			OTHER ASSETS & LIABILITIES, NET			(182,065	)		(1.3	)
			NET ASSETS		$	14,566,736			100.0	%

*	Non-income producing.
a	Affiliated holding.
c	Investments made with cash collateral received from securites on loan.
d	All or a portion of these 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 $171,329,000.

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

Cost amounts are in thousands.

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

See notes to financial statements College Retirement Equities Fund § 2012 Semiannual Report 43

Summary portfolio of investments (unaudited)

CREF Equity Index Account § June 30, 2012

Shares			Company	Value (000)		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	98,044		0.8	%
BANKS
	1,446,510		US Bancorp		46,520		0.5
	3,743,402		Wells Fargo & Co		125,180		1.2
			Other		216,517		1.6
					388,217		3.3
CAPITAL GOODS
	530,981		3M Co		47,576		0.4
	571,948		Boeing Co		42,495		0.5
	8,090,632		General Electric Co		168,608		1.5
	696,516		United Technologies Corp		52,607		0.6
			Other		629,473		5.3
					940,759		8.3
COMMERCIAL & PROFESSIONAL SERVICES					109,045		0.9
CONSUMER DURABLES & APPAREL					155,337		1.3
CONSUMER SERVICES
	776,002		McDonald’s Corp		68,700		0.7
			Other		195,499		1.6
					264,199		2.3
DIVERSIFIED FINANCIALS
	764,623		American Express Co		44,508		0.4
	8,219,889		Bank of America Corp		67,239		0.7
	2,230,189		Citigroup, Inc		61,129		0.5
	2,906,920		JPMorgan Chase & Co		103,865		1.0
			Other		345,004		2.8
					621,745		5.4
ENERGY
	1,506,379		Chevron Corp		158,922		1.5
	965,563		ConocoPhillips		53,955		0.6
	3,573,346	d	Exxon Mobil Corp		305,770		2.7
	622,328		Occidental Petroleum Corp		53,376		0.6
	1,019,515		Schlumberger Ltd		66,176		0.7
			Other		491,447		3.7
					1,129,646		9.8
FOOD & STAPLES RETAILING
	978,474		CVS Corp		45,724		0.4
	1,290,521		Wal-Mart Stores, Inc		89,975		0.9
			Other		102,133		0.8
					237,832		2.1

44 2012 Semiannual Report § College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments (unaudited)	continued
CREF Equity Index Account § June 30, 2012

Shares			Company	Value (000)		% of net assets
FOOD, BEVERAGE & TOBACCO
	1,553,811		Altria Group, Inc	$	53,684		0.5	%
	1,483,165		Coca-Cola Co		115,969		0.9
	1,349,055		Kraft Foods, Inc (Class A)		52,102		0.6
	1,194,227		PepsiCo, Inc		84,384		0.7
	1,302,393		Philip Morris International, Inc		113,646		1.0
			Other		224,260		1.9
					644,045		5.6
HEALTH CARE EQUIPMENT & SERVICES
	792,201		UnitedHealth Group, Inc		46,345		0.5
			Other		448,846		3.8
					495,191		4.3
HOUSEHOLD & PERSONAL PRODUCTS
	2,093,505		Procter & Gamble Co		128,227		1.1
			Other		105,395		0.9
					233,622		2.0
INSURANCE
	1,357,533	*	Berkshire Hathaway, Inc (Class B)		113,122		1.1
			Other		309,938		2.6
					423,060		3.7
MATERIALS					450,396		3.9
MEDIA
	2,051,514		Comcast Corp (Class A)		65,586		0.7
	1,365,991		Walt Disney Co		66,250		0.7
			Other		252,502		2.0
					384,338		3.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,199,837		Abbott Laboratories		77,354		0.7
	593,892		Amgen, Inc		43,377		0.5
	1,289,765		Bristol-Myers Squibb Co		46,367		0.4
	2,097,223		Johnson & Johnson		141,689		1.3
	2,322,596		Merck & Co, Inc		96,969		0.8
	5,718,079		Pfizer, Inc		131,517		1.2
			Other		342,252		2.7
					879,525		7.6
REAL ESTATE					422,799		3.7
RETAILING
	276,673	*	Amazon.com, Inc		63,178		0.6
	1,173,014		Home Depot, Inc		62,157		0.6
			Other		352,419		2.9
					477,754		4.1

See notes to financial statements College Retirement Equities Fund § 2012 Semiannual Report 45

Summary portfolio of investments (unaudited)	continued
CREF Equity Index Account § June 30, 2012

Shares			Company		Value (000)			% of net assets
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	3,838,075		Intel Corp		$	102,286			1.0	%
			Other			179,995			1.4
						282,281			2.4
SOFTWARE & SERVICES
	197,659	*	Google, Inc (Class A)			114,657			1.1
	832,344		International Business Machines Corp			162,790			1.5
	5,737,899		Microsoft Corp			175,521			1.6
	2,917,796		Oracle Corp			86,659			0.9
	400,176		Visa, Inc (Class A)			49,474			0.5
			Other			492,882			3.7
						1,081,983			9.3
TECHNOLOGY HARDWARE & EQUIPMENT
	713,896	*	Apple, Inc			416,914			3.7
	4,090,437		Cisco Systems, Inc			70,233			0.7
	1,309,116		Qualcomm, Inc			72,891			0.7
			Other			258,292			2.1
						818,330			7.2
TELECOMMUNICATION SERVICES
	4,477,094		AT&T, Inc			159,654			1.5
	2,169,249		Verizon Communications, Inc			96,402			0.8
			Other			69,425			0.5
						325,481			2.8
TRANSPORTATION
	363,889		Union Pacific Corp			43,416			0.4
	554,370		United Parcel Service, Inc (Class B)			43,662			0.3
			Other			136,149			1.1
						223,227			1.8
UTILITIES						429,653			3.7
			TOTAL COMMON STOCKS	(Cost $8,912,974)		11,516,509			99.7
RIGHTS/WARRANTS
BANKS						6			0.0
ENERGY						0	^		0.0
			TOTAL RIGHTS/WARRANTS	(Cost $0)		6			0.0
Principal			Issuer
SHORT-TERM INVESTMENTS
TREASURY DEBT						16,977			0.1

46 2012 Semiannual Report § College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments (unaudited)	concluded
CREF Equity Index Account § June 30, 2012

	Shares		Company		Value (000)			% of net assets
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	369,290,601	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		$	369,291			3.2	%
						369,291			3.2
			TOTAL SHORT-TERM INVESTMENTS	(Cost $386,268)		386,268			3.3
			TOTAL PORTFOLIO	(Cost $9,299,242)		11,902,783			103.0
			OTHER ASSETS & LIABILITIES, NET			(348,392	)		(3.0	)
			NET ASSETS		$	11,554,391			100.0	%

*	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 these securities have been segregated by the custodian to cover margin or other requirements on open futures transactions.
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

The aggregate value of securities on loan is $368,582,000.

Cost amounts are in thousands.

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

See notes to financial statements College Retirement Equities Fund § 2012 Semiannual Report 47

Summary portfolio of investments (unaudited)

CREF Bond Market Account § June 30, 2012

Principal			Issuer			Value (000)		% of net assets
BANK LOAN OBLIGATIONS
CAPITAL GOODS						$	4,915		0.0	%
HEALTH CARE EQUIPMENT & SERVICES							6,851		0.1
			TOTAL BANK LOAN OBLIGATIONS		(Cost $11,796)		11,766		0.1
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS							10,368		0.1
BANKS
	$70,000,000	g	Toronto-Dominion Bank	1.500%, 03/13/17			70,602		0.5
			Other				680,262		4.9
							750,864		5.4
CAPITAL GOODS							130,466		0.8
COMMERCIAL & PROFESSIONAL SERVICES							92,511		0.8
CONSUMER DURABLES & APPAREL							12,626		0.1
CONSUMER SERVICES							140,059		1.0
DIVERSIFIED FINANCIALS							685,609		5.0
ENERGY							486,020		3.7
FOOD & STAPLES RETAILING							36,616		0.3
FOOD, BEVERAGE & TOBACCO							144,512		1.1
HEALTH CARE EQUIPMENT & SERVICES							89,944		0.5
HOUSEHOLD & PERSONAL PRODUCTS							29,598		0.2
INSURANCE							153,785		1.1
MATERIALS							234,136		1.6
MEDIA							171,806		1.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							86,214		0.6
REAL ESTATE							99,723		0.7
RETAILING							99,102		0.7
SOFTWARE & SERVICES
	88,000,000		International Business Machines Corp	0.750%, 05/11/15			87,866		0.6
			Other				58,420		0.4
							146,286		1.0
TECHNOLOGY HARDWARE & EQUIPMENT							36,375		0.4
TELECOMMUNICATION SERVICES							217,693		1.5
TRANSPORTATION							106,774		0.7
UTILITIES							410,782		2.9
			TOTAL CORPORATE BONDS		(Cost $4,131,553)		4,371,869		31.3

48 2012 Semiannual Report § College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments (unaudited) continued

CREF Bond Market Account § June 30, 2012

Principal			Issuer			Value (000)		% of net assets
GOVERNMENT BONDS
AGENCY SECURITIES
	$129,000,000		Private Export Funding Corp	2.125%–5.450%, 04/15/13–12/15/21		$	144,198		1.1	%
	76,000,000		Federal National Mortgage Association (FNMA)		2.750%, 03/13/14		79,083		0.6
			Other				444,877		3.1
							668,158		4.8
FOREIGN GOVERNMENT BONDS							986,403		7.0
MORTGAGE BACKED
	85,000,000	h	Federal Home Loan Mortgage Corp Gold (FGLMC)		5.000%, 07/15/42		91,362		0.7
	143,000,000	h	FGLMC	4.500%, 07/15/42			152,720		1.1
	422,245,200		FGLMC	3.500%–8.000%, 07/01/13–07/15/42			459,137		3.4
	442,000,000	h	Federal National Mortgage Association (FNMA)		4.000%, 07/25/42		470,385		3.4
	309,000,000	h	FNMA	5.500%, 07/25/42			337,051		2.4
	266,000,000	h	FNMA	6.000%, 07/25/42			292,309		2.1
	62,385,987		FNMA	4.500%, 09/01/40			67,143		0.5
	216,000,000	h	FNMA	3.500%, 07/25/42			227,036		1.6
	178,000,000	h	FNMA	4.500%, 07/25/42			190,933		1.4
	277,000,000	h	FNMA	5.000%, 07/25/42			299,766		2.2
	775,437,271	i	FNMA	2.385%–9.000%, 06/01/13–07/25/42			842,432		5.6
	102,000,000		Government National Mortgage Association (GNMA)		5.000%, 07/15/42		112,232		0.8
	128,000,000		GNMA	4.500%, 07/15/42			139,940		1.0
	161,000,000		GNMA	4.000%, 07/15/42			175,817		1.3
	121,000,000		GNMA	4.500%, 07/20/42			133,005		1.0
	269,468,092		GNMA	3.500%–9.500%, 06/15/16–01/15/44			298,187		2.2
			Other				80,374		0.5
							4,369,829		31.2
MUNICIPAL BONDS							219,813		1.6

See notes to financial statements College Retirement Equities Fund § 2012 Semiannual Report 49

Summary portfolio of investments (unaudited) continued

CREF Bond Market Account § June 30, 2012

Principal			Issuer			Value (000)		% of net assets
U.S. TREASURY SECURITIES
	$  49,175,000		United States Treasury Bond	5.250%, 02/15/29		$	69,367		0.5	%
	183,561,000		United States Treasury Bond	5.375%, 02/15/31			267,483		1.9
	111,855,000		United States Treasury Bond	3.500%, 02/15/39			129,437		0.9
	72,459,000		United States Treasury Bond	3.000%, 05/15/42			75,890		0.6
	100,000,000		United States Treasury Note	0.375%, 09/30/12			100,059		0.7
	62,500,000	d	United States Treasury Note	1.375%, 11/15/12			62,778		0.5
	62,337,000		United States Treasury Note	2.750%, 10/31/13			64,365		0.5
	68,179,000		United States Treasury Note	2.000%, 11/30/13			69,817		0.5
	79,421,000		United States Treasury Note	2.125%, 05/31/15			83,318		0.6
	187,425,000		United States Treasury Note	0.375%, 06/15/15			187,264		1.3
	68,903,000		United States Treasury Note	1.000%, 10/31/16			69,953		0.5
	60,480,000		United States Treasury Note	0.875%, 11/30/16			61,080		0.4
	123,217,000		United States Treasury Note	0.750%, 06/30/17			123,342		0.9
	92,420,000		United States Treasury Note	2.375%, 05/31/18			100,131		0.7
	125,000,000		United States Treasury Note	2.250%, 07/31/18			134,561		1.0
	234,872,000		United States Treasury Note	8.000%, 11/15/21			368,712		2.6
	345,662,500		United States Treasury Note	0.125%–3.125%, 01/31/13–05/15/22			355,375		2.5
			Other				162,829		1.4
							2,485,761		18.0
			TOTAL GOVERNMENT BONDS		(Cost $8,350,390)		8,729,964		62.6
STRUCTURED ASSETS
ASSET BACKED
	90,000,000		AEP Texas Central Transition Funding LLC		1.976%, 06/01/21		92,000		0.7
			Series 2012-1 (Class A2)
			Other				300,480		2.1
							392,480		2.8
OTHER MORTGAGE BACKED							359,457		2.6
			TOTAL STRUCTURED ASSETS		(Cost $738,900)		751,937		5.4
			TOTAL BONDS		(Cost $13,220,843)		13,853,770		99.3
Shares			Company
PREFERRED STOCKS
BANKS							3,510		0.0
			TOTAL PREFERRED STOCKS		(Cost $49,942)		3,510		0.0
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
	$100,000,000	d	Federal Home Loan Bank (FHLB)	0.017%, 07/11/12			99,997		0.7
	65,770,000	d	FHLB	0.010%, 07/05/12			65,769		0.5
	61,028,000	d	FHLB	0.064%–0.067%, 08/29/12			61,024		0.4
			Other				49,994		0.4
							276,784		2.0

50 2012 Semiannual Report § College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments (unaudited) concluded

CREF Bond Market Account § June 30, 2012

Principal			Issuer			Value (000)			% of net assets
TREASURY DEBT
	$180,530,000	d	United States Treasury Bill	0.003%–0.028%, 07/12/12		$	180,526			1.3	%
	309,000,000	d	United States Treasury Bill	0.006%–0.029%, 07/19/12			308,989			2.2
	355,400,000	d	United States Treasury Bill	0.005%–0.023%, 07/26/12			355,386			2.4
	91,800,000	d	United States Treasury Bill	0.029%–0.038%, 08/02/12			91,794			0.7
	110,400,000	d	United States Treasury Bill	0.030%–0.038%, 08/09/12			110,389			0.8
	350,000,000	d	United States Treasury Bill	0.030%–0.031%, 08/16/12			349,961			2.4
	255,500,000	d	United States Treasury Bill	0.011%–0.049%, 08/23/12			255,477			1.8
	100,000,000	d	United States Treasury Bill	0.062%, 08/30/12			99,992			0.7
	274,765,000	d	United States Treasury Bill	0.048%–0.062%, 09/06/12			274,731			2.0
	232,956,000	d	United States Treasury Bill	0.066%, 09/13/12			232,919			1.7
	124,800,000	d	United States Treasury Bill	0.079%, 09/20/12			124,780			0.9
	104,800,000	d	United States Treasury Bill	0.075%–0.078%, 09/27/12			104,779			0.7
	71,100,000		United States Treasury Bill	0.078%, 10/11/12			71,082			0.5
	132,775,000	d	United States Treasury Bill	0.028%–0.090%, 10/18/12			132,733			1.0
	200,000,000		United States Treasury Bill	0.110%, 11/15/12			199,915			1.4
			Other				30,013			0.2
							2,923,466			20.7
			TOTAL SHORT-TERM INVESTMENTS		(Cost $3,200,225)		3,200,250			22.7
			TOTAL PORTFOLIO		(Cost $16,482,806)		17,069,296			122.1
			OTHER ASSETS & LIABILITIES, NET				(3,092,619	)		(22.1	)
			NET ASSETS			$	13,976,677			100.0	%

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 6/30/2012, the aggregate value of these securities amounted to $1,350,291,000 or 9.7% 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.

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

Cost amounts are in thousands.

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

See notes to financial statements College Retirement Equities Fund § 2012 Semiannual Report 51

Portfolio of investments (unaudited)

CREF Inflation-Linked Bond Account § June 30, 2012

Principal			Issuer			Value (000)	% of net assets
GOVERNMENT BONDS
U.S. TREASURY SECURITIES
	$    6,911,658	k	United States Treasury Inflation Indexed Bonds	0.625%, 04/15/13	$	6,923	0.1	%
	344,476,763	k	United States Treasury Inflation Indexed Bonds	1.875%, 07/15/13		352,766	3.4
	355,283,060	k	United States Treasury Inflation Indexed Bonds	2.000%, 01/15/14		368,884	3.5
	240,570,804	k	United States Treasury Inflation Indexed Bonds	1.250%, 04/15/14		248,371	2.4
	335,853,839	k	United States Treasury Inflation Indexed Bonds	2.000%, 07/15/14		355,874	3.4
	304,739,216	k	United States Treasury Inflation Indexed Bonds	1.625%, 01/15/15		323,833	3.1
	255,633,280	k	United States Treasury Inflation Indexed Bonds	0.500%, 04/15/15		265,419	2.5
	288,125,208	k	United States Treasury Inflation Indexed Bonds	1.875%, 07/15/15		313,336	3.0
	275,235,419	k	United States Treasury Inflation Indexed Bonds	2.000%, 01/15/16		304,522	2.9
	447,555,032	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/16		465,842	4.4
	278,617,394	k	United States Treasury Inflation Indexed Bonds	2.500%, 07/15/16		318,952	3.0
	258,403,390	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/17		298,213	2.8
	201,512,367	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/17		212,721	2.0
	212,017,640	k	United States Treasury Inflation Indexed Bonds	2.625%, 07/15/17		251,837	2.4
	235,063,289	k	United States Treasury Inflation Indexed Bonds	1.625%, 01/15/18		268,229	2.6
	221,484,288	k	United States Treasury Inflation Indexed Bonds	1.375%, 07/15/18		252,856	2.4
	219,131,975	k	United States Treasury Inflation Indexed Bonds	2.125%, 01/15/19		262,188	2.5
	231,658,200	k	United States Treasury Inflation Indexed Bonds	1.875%, 07/15/19		277,067	2.6
	262,036,107	k	United States Treasury Inflation Indexed Bonds	1.375%, 01/15/20		304,658	2.9
	288,657,760	k	United States Treasury Inflation Indexed Bonds	1.250%, 07/15/20		335,159	3.2
	400,108,748	k	United States Treasury Inflation Indexed Bonds	1.125%, 01/15/21		460,438	4.4
	404,016,808	k	United States Treasury Inflation Indexed Bonds	0.625%, 07/15/21		449,974	4.3
	245,965,411	k	United States Treasury Inflation Indexed Bonds	0.125%, 01/15/22		260,243	2.5
	361,588,293	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/25		476,195	4.5
	274,510,962	k	United States Treasury Inflation Indexed Bonds	2.000%, 01/15/26		350,323	3.3
	218,693,277	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/27		293,459	2.8
	219,524,183	k	United States Treasury Inflation Indexed Bonds	1.750%, 01/15/28		275,040	2.6
	258,916,001	k	United States Treasury Inflation Indexed Bonds	3.625%, 04/15/28		399,438	3.8
	208,845,095	k	United States Treasury Inflation Indexed Bonds	2.500%, 01/15/29		289,821	2.8
	289,534,279	k	United States Treasury Inflation Indexed Bonds	3.875%, 04/15/29		467,824	4.4
	83,288,671	k	United States Treasury Inflation Indexed Bonds	3.375%, 04/15/32		134,173	1.3
	167,804,237	k	United States Treasury Inflation Indexed Bonds	2.125%, 02/15/40		238,177	2.3
	237,319,245	k	United States Treasury Inflation Indexed Bonds	2.125%, 02/15/41		338,699	3.2
	154,250,625	k	United States Treasury Inflation Indexed Bonds	0.750%, 02/15/42		161,806	1.5
						10,383,260	98.8
			TOTAL GOVERNMENT BONDS	(Cost $8,985,151)		10,383,260	98.8

52 2012 Semiannual Report § College Retirement Equities Fund See notes to financial statements

Portfolio of investments (unaudited)	concluded
CREF Inflation-Linked Bond Account § June 30, 2012

	Principal	Issuer				Value (000)	% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
	$   4,630,000	Federal Home Loan Bank (FHLB)		0.117%, 09/19/12	$	4,629	0.1	%
						4,629	0.1
TREASURY DEBT
	16,170,000	United States Treasury Bill		0.028%, 07/19/12		16,170	0.2
	3,685,000	United States Treasury Bill		0.042%, 08/09/12		3,685	0.0
	24,565,000	United States Treasury Bill		0.081%, 09/20/12		24,561	0.2
	11,755,000	United States Treasury Bill	0.075%–0.091%, 09/27/12			11,752	0.1
						56,168	0.5
		TOTAL SHORT-TERM INVESTMENTS		(Cost $60,796)		60,797	0.6
		TOTAL PORTFOLIO		(Cost $9,045,947)		10,444,057	99.4
		OTHER ASSETS & LIABILITIES, NET				63,046	0.6
		NET ASSETS			$	10,507,103	100.0	%

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

See notes to financial statements College Retirement Equities Fund § 2012 Semiannual Report 53

Summary portfolio of investments (unaudited)

CREF Social Choice Account § June 30, 2012

	Principal	Issuer				Value (000)	% of net assets
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS					$	11,140	0.1	%
BANKS						194,866	1.8
CAPITAL GOODS						51,934	0.5
COMMERCIAL & PROFESSIONAL SERVICES						15,907	0.1
CONSUMER DURABLES & APPAREL						10,830	0.1
CONSUMER SERVICES						28,064	0.3
DIVERSIFIED FINANCIALS						154,307	1.4
ENERGY						123,715	1.1
FOOD & STAPLES RETAILING						12,186	0.1
FOOD, BEVERAGE & TOBACCO						42,150	0.4
HEALTH CARE EQUIPMENT & SERVICES						25,117	0.2
HOUSEHOLD & PERSONAL PRODUCTS						10,931	0.0
INSURANCE						30,074	0.2
MATERIALS						74,666	0.7
MEDIA						40,643	0.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						39,650	0.4
REAL ESTATE						39,982	0.4
RETAILING						36,681	0.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						12,810	0.1
SOFTWARE & SERVICES						28,491	0.3
TECHNOLOGY HARDWARE & EQUIPMENT						24,160	0.3
TELECOMMUNICATION SERVICES						18,393	0.2
TRANSPORTATION						74,546	0.8
UTILITIES						193,527	1.8
		TOTAL CORPORATE BONDS		(Cost $1,216,736)		1,294,770	12.0
GOVERNMENT BONDS
AGENCY SECURITIES
	$113,106,421	Overseas Private
		Investment Corp	0.000%–5.142%, 07/12/14–05/15/30			117,843	1.1
		Other				262,752	2.4
						380,595	3.5
FOREIGN GOVERNMENT BONDS						416,335	3.9

54 2012 Semiannual Report § College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments (unaudited)	continued
CREF Social Choice Account § June 30, 2012

	Principal		Issuer				Value (000)	% of net assets
MORTGAGE BACKED
	$  42,000,000	h	Federal National Mortgage Association (FNMA)		4.000%, 07/25/27	$	44,664	0.4	%
	42,000,000	h	FNMA		3.500%, 07/25/42		44,146	0.4
	123,000,000	h	FNMA		4.000%, 07/25/42		130,899	1.2
	126,000,000	h	FNMA		4.500%, 07/25/42		135,155	1.3
	64,000,000	h	FNMA		5.000%, 07/25/42		69,260	0.6
	44,000,000	h	FNMA		5.500%, 07/25/42		47,994	0.5
	55,000,000	h	FNMA		6.000%, 07/25/42		60,440	0.6
	210,419,011	i	FNMA	2.385%–8.500%, 06/01/13–11/01/40			228,137	2.1
	79,000,000	h	Government National Mortgage Association (GNMA)		4.000%, 07/15/42		86,270	0.8
	72,000,000	h	GNMA		4.500%, 07/15/42		78,716	0.7
	38,000,000	h	GNMA		4.500%, 07/20/42		41,770	0.4
			Other				269,116	2.5
							1,236,567	11.5
MUNICIPAL BONDS							227,658	2.1
U.S. TREASURY SECURITIES
	44,275,000		United States Treasury Bond		3.750%, 08/15/41		53,393	0.5
	47,132,000		United States Treasury Bond		3.125%, 02/15/42		50,623	0.5
	221,760,400		United States Treasury Note	0.125%–3.125%, 11/30/12–06/30/19			224,537	2.0
			Other				28,997	0.3
							357,550	3.3
			TOTAL GOVERNMENT BONDS		(Cost $2,521,820)		2,618,705	24.3
STRUCTURED ASSETS
ASSET BACKED							82,882	0.8
OTHER MORTGAGE BACKED							132,581	1.2
			TOTAL STRUCTURED ASSETS		(Cost $211,488)		215,463	2.0
			TOTAL BONDS		(Cost $3,950,044)		4,128,938	38.3
	Shares		Company
COMMON STOCKS
AUTOMOBILES & COMPONENTS							121,508	1.1
BANKS
	1,361,026		US Bancorp				43,771	0.4
			Other				317,348	2.9
							361,119	3.3
CAPITAL GOODS
	494,871		3M Co				44,341	0.4
			Other				484,571	4.6
							528,912	5.0
COMMERCIAL & PROFESSIONAL SERVICES							52,389	0.5
CONSUMER DURABLES & APPAREL							89,237	0.8

See notes to financial statements College Retirement Equities Fund § 2012 Semiannual Report 55

Summary portfolio of investments (unaudited)	continued
CREF Social Choice Account § June 30, 2012

Shares			Company	Value (000)		% of net assets
CONSUMER SERVICES
	595,733		McDonald’s Corp	$	52,740		0.5	%
			Other		87,486		0.8
					140,226		1.3
DIVERSIFIED FINANCIALS
	763,041		American Express Co		44,416		0.4
			Other		283,738		2.7
					328,154		3.1
ENERGY					570,161		5.3
FOOD & STAPLES RETAILING					91,088		0.9
FOOD, BEVERAGE & TOBACCO
	1,188,820		Kraft Foods, Inc (Class A)		45,912		0.4
	857,662		PepsiCo, Inc		60,602		0.6
			Other		190,556		1.7
					297,070		2.7
HEALTH CARE EQUIPMENT & SERVICES
	953,308		Medtronic, Inc		36,922		0.4
			Other		149,738		1.3
					186,660		1.7
HOUSEHOLD & PERSONAL PRODUCTS
	385,277		Colgate-Palmolive Co		40,107		0.4
	1,289,262		Procter & Gamble Co		78,967		0.7
			Other		89,429		0.8
					208,503		1.9
INSURANCE
	879,757	*	Berkshire Hathaway, Inc (Class B)		73,310		0.7
			Other		288,935		2.7
					362,245		3.4
MATERIALS					427,317		4.0
MEDIA					146,660		1.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	897,260		Abbott Laboratories		57,846		0.5
	1,235,781		Bristol-Myers Squibb Co		44,426		0.4
	754,860	*	Gilead Sciences, Inc		38,709		0.4
	1,276,850		Johnson & Johnson		86,264		0.8
	1,615,664		Merck & Co, Inc		67,454		0.6
			Other		215,400		2.0
					510,099		4.7
REAL ESTATE
	259,885	e	Simon Property Group, Inc		40,454		0.4
			Other		203,516		1.8
					243,970		2.2

56 2012 Semiannual Report § College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments (unaudited)	continued
CREF Social Choice Account § June 30, 2012

Shares			Company		Value (000)		% of net assets
RETAILING					$	259,317		2.4	%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	2,538,832		Intel Corp			67,660		0.6
			Other			100,898		1.0
						168,558		1.6
SOFTWARE & SERVICES
	128,129	*	Google, Inc (Class A)			74,324		0.7
	484,367		International Business Machines Corp			94,733		0.9
	2,116,588		Oracle Corp			62,863		0.6
			Other			240,744		2.1
						472,664		4.3
TECHNOLOGY HARDWARE & EQUIPMENT
	3,145,547		Cisco Systems, Inc			54,009		0.5
	1,630,608	*	EMC Corp			41,793		0.4
	705,032		Qualcomm, Inc			39,256		0.4
			Other			152,740		1.4
						287,798		2.7
TELECOMMUNICATION SERVICES						149,049		1.4
TRANSPORTATION
	538,354		United Parcel Service, Inc (Class B)			42,401		0.4
			Other			132,598		1.2
						174,999		1.6
UTILITIES						308,888		2.9
			TOTAL COMMON STOCKS	(Cost $5,655,919)		6,486,591		60.2
PREFERRED STOCKS
BANKS						1,714		0.0
			TOTAL PREFERRED STOCKS	(Cost $24,353)		1,714		0.0
RIGHTS/WARRANTS
CAPITAL GOODS						10		0.0
ENERGY						220		0.0
			TOTAL RIGHTS/WARRANTS	(Cost $227)		230		0.0

See notes to financial statements College Retirement Equities Fund § 2012 Semiannual Report 57

Summary portfolio of investments (unaudited)	concluded
CREF Social Choice Account § June 30, 2012

Principal			Issuer			Value (000)			% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT						$	2,521			0.0	%
TREASURY DEBT
	$263,000,000	d	United States Treasury Bill	0.003%–0.012%, 07/12/12			262,995			2.4
	84,150,000	d	United States Treasury Bill	0.014%–0.029%, 07/19/12			84,148			0.8
	50,000,000	d	United States Treasury Bill	0.037%, 08/09/12			49,995			0.5
	59,300,000	d	United States Treasury Bill	0.017%–0.049%, 08/23/12			59,294			0.6
	55,400,000	d	United States Treasury Bill	0.059%–0.062%, 09/06/12			55,393			0.5
	71,615,000	d	United States Treasury Bill	0.066%–0.078%, 09/13/12			71,604			0.7
	76,900,000	d	United States Treasury Bill	0.054%, 09/20/12			76,888			0.7
	48,800,000	d	United States Treasury Bill	0.077%, 09/27/12			48,790			0.4
	100,000,000		United States Treasury Bill	0.092%, 10/18/12			99,969			0.9
	88,700,000		United States Treasury Bill	0.103%, 11/15/12			88,662			0.8
	43,000,000	d	United States Treasury Bill	0.132%, 12/13/12			42,972			0.4
			Other				35,328			0.3
							976,038			9.0
VARIABLE NOTES							10,040			0.1
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
TREASURY DEBT
	50,000,000		United States Treasury Bill	0.086%, 10/04/12			49,989			0.5
	50,000,000		United States Treasury Bill	0.071%–0.075%, 09/27/12			49,990			0.5
	49,000,000		United States Treasury Bill	0.049%–0.065%, 09/13/12			48,992			0.4
			Other				175,812			1.7
							324,783			3.1
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED							324,783			3.1
	TOTAL SHORT-TERM INVESTMENTS				(Cost $1,313,335)		1,313,382			12.2
TOTAL PORTFOLIO					(Cost $10,943,878)		11,930,855			110.7
OTHER ASSETS & LIABILITIES, NET							(1,153,141	)		(10.7	)
NET ASSETS						$	10,777,714			100.0	%

*	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 $336,091,000.
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.

At 6/30/2012, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 which may be resold in transactions exempt from registration to qualified institutional buyers amounted to $257,208,000 or 2.4% of net assets.

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

Cost amounts are in thousands.

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

58 2012 Semiannual Report § College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments (unaudited)

CREF Money Market Account § June 30, 2012

	Principal		Issuer			Value (000)		% of net assets
SHORT-TERM INVESTMENTS
CERTIFICATE OF DEPOSIT
	$277,200,000		Toronto-Dominion Bank	0.140%–0.210%, 07/12/12–09/18/12		$	277,200		2.3	%
			Other				126,708		1.1
							403,908		3.4
COMMERCIAL PAPER
	50,500,000		Australia & New Zealand Banking Group Ltd	0.180%–0.200%, 08/06/12			50,491		0.4
	127,810,000		Bank of Nova Scotia	0.140%–0.435%, 07/02/12–09/17/12			127,782		1.1
	308,218,000	y	Coca-Cola Co	0.150%–0.255%, 07/06/12–11/05/12			308,120		2.6
	230,038,000	y	Fairway Finance LLC	0.170%–0.210%, 07/10/12–09/18/12			229,991		1.9
	150,706,000		General Electric Capital Corp	0.230%–3.500%, 07/17/12–01/08/13			151,307		1.3
	65,250,000	y	Johnson & Johnson	0.110%–0.140%, 07/09/12			65,248		0.5
	69,145,000	y	Johnson & Johnson	0.145%–0.150%, 07/23/12			69,139		0.6
	153,573,000	y	Liberty Street Funding LLC	0.150%–0.230%, 07/05/12–09/24/12			153,536		1.3
	51,995,000	y	National Australia Funding (Delaware)	0.200%, 08/07/12			51,984		0.4
	59,520,000	y	Nestle Capital Corp	0.150%, 07/30/12			59,513		0.5
	52,000,000	y	Nestle Capital Corp	0.120%–0.130%, 08/02/12			51,994		0.4
	209,547,000	y	Old Line Funding LLC	0.180%–0.240%, 07/03/12–09/25/12			209,473		1.8
	66,615,000	y	Private Export Funding Corp	0.170%–0.310%, 09/07/12			66,588		0.6
	236,720,000	y	Private Export Funding Corp	0.150%–0.256%, 07/02/12–11/26/12			236,613		2.0
	159,150,000	y	Procter & Gamble Co	0.120%–0.150%, 07/16/12–09/12/12			159,121		1.3
	242,460,000		Province of British Columbia Canada	0.110%–0.220%, 07/09/12–10/18/12			242,404		2.0
	155,294,000		Province of Ontario Canada	0.120%–0.165%, 07/10/12–09/21/12			155,265		1.3
	55,000,000		Province of Quebec Canada	0.170%, 09/05/12			54,983		0.5
	375,162,000		Straight-A Funding LLC	0.140%–0.180%, 07/02/12–09/25/12			375,089		3.1
	197,250,000	y	Unilever Capital Corp	0.150%–0.225%, 07/18/12–10/04/12			197,202		1.6
	55,460,000	y	Variable Funding Capital Co LLC		0.200%, 07/25/12		55,453		0.5
	153,520,000	y	Variable Funding Capital Co LLC	0.160%–0.200%, 07/05/12–08/08/12			153,502		1.3
	59,150,000	y	Wal-Mart Stores, Inc	0.140%–0.150%, 08/06/12			59,141		0.5
	216,535,000	y	Wal-Mart Stores, Inc	0.120%–0.140%, 07/10/12–07/31/12			216,520		1.8
			Other				1,421,652		11.8
							4,922,111		41.1
GOVERNMENT AGENCY DEBT
	90,457,000		Federal Home Loan Bank (FHLB)	0.075%–0.115%, 07/13/12			90,454		0.8
	125,022,000		FHLB	0.085%–0.110%, 07/18/12			125,016		1.0
	113,870,000		FHLB	0.085%–0.150%, 08/08/12			113,857		1.0
	66,498,000		FHLB	0.095%–0.120%, 08/10/12			66,490		0.6
	57,350,000		FHLB	0.080%–0.095%, 08/15/12			57,344		0.5
	139,350,000		FHLB	0.090%–0.120%, 08/17/12			139,331		1.2
	115,000,000		FHLB	0.095%–0.125%, 08/22/12			114,982		1.0
	59,443,000		FHLB	0.105%–0.120%, 08/24/12			59,433		0.5
	96,650,000		FHLB	0.100%–0.140%, 08/29/12			96,633		0.8
	513,729,000		FHLB	0.100%–1.625%, 07/05/12–01/04/13			513,779		4.2
	100,000,000		Federal Home Loan Mortgage Corp (FHLMC)	0.100%–0.130%, 08/13/12			99,986		0.8
	476,543,000		FHLMC	0.060%–0.175%, 07/02/12–02/04/13			476,397		4.0

See notes to financial statements College Retirement Equities Fund § 2012 Semiannual Report 59

Summary portfolio of investments (unaudited)	continued
CREF Money Market Account § June 30, 2012

	Principal		Issuer			Value (000)		% of net assets
GOVERNMENT AGENCY DEBT—continued
	$ 80,000,000		Federal National Mortgage Association (FNMA)	0.224%, 06/20/14		$	79,973		0.7	%
	484,486,000		FNMA	0.090%–0.180%, 07/02/12–01/07/13			484,352		4.0
			Other				16,997		0.1
							2,535,024		21.2
TREASURY DEBT
	66,800,000		United States Treasury Bill	0.105%–0.122%, 08/16/12			66,790		0.6
	70,000,000		United States Treasury Bill	0.086%–0.136%, 08/23/12			69,989		0.6
	80,000,000		United States Treasury Bill	0.083%–0.128%, 09/06/12			79,984		0.7
	96,500,000		United States Treasury Bill	0.113%–0.145%, 09/13/12			96,474		0.8
	86,030,000		United States Treasury Bill	0.098%–0.131%, 09/20/12			86,008		0.7
	80,000,000		United States Treasury Bill	0.083%–0.108%, 09/27/12			79,981		0.7
	62,845,000		United States Treasury Bill	0.109%–0.113%, 10/04/12			62,826		0.5
	52,700,000		United States Treasury Bill	0.123%–0.143%, 10/18/12			52,678		0.4
	420,365,000		United States Treasury Bill	0.053%–0.152%, 07/05/12–02/07/13			420,248		3.5
	83,470,000		United States Treasury Note	1.500%, 07/15/12			83,514		0.7
	80,271,000		United States Treasury Note	0.625%, 07/31/12			80,304		0.7
	96,965,000		United States Treasury Note	1.750%, 08/15/12			97,157		0.8
	150,335,000		United States Treasury Note	0.375%, 08/31/12			150,392		1.3
	109,585,000		United States Treasury Note	1.375%, 10/15/12			109,974		0.9
	145,872,000		United States Treasury Note	0.375%, 10/31/12			145,984		1.2
	79,790,000		United States Treasury Note	1.375%, 11/15/12			80,153		0.7
	109,297,000		United States Treasury Note	0.500%, 11/30/12			109,452		0.9
	67,910,000		United States Treasury Note	1.125%, 12/15/12			68,208		0.6
	64,050,000		United States Treasury Note	0.625%, 01/31/13			64,212		0.5
	63,925,000		United States Treasury Note	0.625%, 02/28/13			64,105		0.5
	206,045,000		United States Treasury Note	0.375%–1.375%, 09/30/12–04/30/13			207,056		1.7
							2,275,489		19.0
VARIABLE RATE SECURITIES
	100,000,000	i	Federal Farm Credit Bank (FFCB)	0.186%, 01/28/13			99,940		0.8
	69,750,000	i	FFCB	0.612%, 08/19/13			69,710		0.6
	100,000,000	i	FFCB	0.370%, 09/23/13			99,995		0.8
	91,000,000	i	FFCB	0.250%, 02/10/14			90,970		0.8
	425,275,000	i	FFCB	0.213%–0.612%, 02/01/13–04/16/14			425,229		3.6
	100,000,000	i	Federal Home Loan Bank (FHLB)	0.330%, 02/22/13			100,000		0.8
	55,000,000	i	FHLB	0.330%, 03/08/13			54,998		0.5
	100,000,000	i	FHLB	0.340%, 08/16/13			100,000		0.8
	144,500,000	i	Federal Home Loan Mortgage Corp (FHLMC)	0.189%, 02/04/13			144,468		1.2
	80,290,000	i	Federal National Mortgage Association (FNMA)	0.390%, 10/28/13			80,290		0.7
	90,000,000	i	Royal Bank of Canada	0.360%, 07/11/12			90,000		0.7
			Other				348,792		2.9
							1,704,392		14.2
			TOTAL SHORT-TERM INVESTMENTS		(Cost $11,840,924)		11,840,924		98.9

60 2012 Semiannual Report § College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments (unaudited)	concluded
CREF Money Market Account § June 30, 2012

		Value (000)		% of net assets
TOTAL PORTFOLIO	(Cost $11,840,924)	$	11,840,924		98.9	%
OTHER ASSETS & LIABILITIES, NET			126,525		1.1
NET ASSETS		$	11,967,449		100.0	%

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. Such securities are deemed liquid and may be sold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At 6/30/2012, the aggregate value of these securities was $3,041,177,000 or 25.4% of net assets.
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
Cost amounts are in thousands.
For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.

See notes to financial statements College Retirement Equities Fund § 2012 Semiannual Report 61

Statements of assets and liabilities (unaudited)

College Retirement Equities Fund § June 30, 2012

												Inflation-Linked
		Stock		Global Equities		Growth		Equity Index		Bond Market		Bond		Social Choice		Money Market
(amounts in thousands, except accumulation unit value)		Account		Account		Account		Account		Account		Account		Account		Account
ASSETS
Unaffiliated issuers*†		$	106,280,411	$	14,686,056	$	14,576,918	$	11,533,492	$	17,069,296	$	10,444,057	$	11,930,855	$	11,840,924
Affiliated issuers‡			185,199		—		171,883		369,291		—		—		—		—
Total portfolio investments, at value		$	106,465,610	$	14,686,056	$	14,748,801	$	11,902,783	$	17,069,296	$	10,444,057	$	11,930,855	$	11,840,924
Cash			—		31		72		76		49,595		12,935		21,892		107,517
Cash — foreign^			31,913		2,079		—		—		—		—		703		—
Dividends and interest receivable			204,858		31,363		14,155		16,969		86,840		62,093		41,280		5,877
Receivable from securities transactions			1,681,881		84,192		87,823		6,822		167,757		—		95,184		—
Receivable for delayed delivery securities			—		—		—		—		20,570		—		7,318		—
Due from affiliates			—		5,950		3,753		2,373		5,794		5,059		8,209		14,090
Receivable for variation margin on open futures contracts			—		1,311		806		274		—		—		—		—
Other			8,524		854		2,335		1,322		688		664		1,477		785
Total assets			108,392,786		14,811,836		14,857,745		11,930,619		17,400,540		10,524,808		12,106,918		11,969,193
LIABILITIES
Payable for collateral for securities loaned			5,209,820		667,304		171,883		369,291		—		—		347,294		—
Payable for securities transactions			1,573,417		98,581		116,979		5,179		202,343		16,094		90,533		—
Payable for delayed delivery securities			—		—		—		—		3,219,491		—		889,582		—
Due to affiliates			90,168		419		364		249		329		247		258		119
Overdraft payable			111,172		—		—		—		—		—		—		—
Other			10,976		1,922		1,783		1,509		1,700		1,364		1,537		1,625
Total liabilities			6,995,553		768,226		291,009		376,228		3,423,863		17,705		1,329,204		1,744
NET ASSETS:
Accumulation Fund		$	90,733,966	$	13,774,829	$	14,359,165	$	11,350,292	$	13,723,066	$	10,239,830	$	10,510,237	$	11,753,300
Annuity Funds			10,663,267		268,781		207,571		204,099		253,611		267,273		267,477		214,149
Total net assets		$	101,397,233	$	14,043,610	$	14,566,736	$	11,554,391	$	13,976,677	$	10,507,103	$	10,777,714	$	11,967,449
Accumulation units outstanding			367,188		144,178		179,815		111,388		128,022		148,527		71,462		460,308
Accumulation unit value		$	247.10	$	95.54	$	79.86	$	101.90	$	107.19	$	68.94	$	147.07	$	25.53
*	Includes securities loaned of:	$	5,382,171	$	655,625	$	171,329	$	368,582	$	—	$	—	$	336,091	$	—
†	Portfolio investments; unaffiliated issuers cost:	$	99,657,097	$	14,030,244	$	12,216,659	$	8,929,951	$	16,482,806	$	9,045,947	$	10,943,878	$	11,840,924
‡	Portfolio investments; affiliated issuers cost:	$	173,684	$	—	$	171,883	$	369,291	$	—	$	—	$	—	$	—
^	Foreign cash, cost:	$	31,967	$	2,078	$	—	$	—	$	—	$	—	$	705	$	—

62 2012 Semiannual Report § College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund § 2012 Semiannual Report 63

Statements of operations (unaudited)

College Retirement Equities Fund § For the period ended June 30, 2012

														Inflation-Linked
	Stock			Global Equities			Growth			Equity Index		Bond Market		Bond		Social Choice			Money Market
(amounts in thousands)	Account			Account			Account			Account		Account		Account		Account			Account
INVESTMENT INCOME
Dividends:
Unaffiliated issuers*	$	1,286,005		$	206,694		$	99,650		$	116,828	$	—	$	—	$	85,875		$	—
Affiliated issuers		546			—			1,436			2,828		—		—		—			—
Interest		111			46			32			4		191,506		202,283		56,458			9,270
Income from securities lending		46,191			7,360			—			—		—		—		2,342			—
Other		2			1			—			—		68		—		—			—
Total income		1,332,855			214,101			101,118			119,660		191,574		202,283		144,675			9,270
EXPENSES
Administrative		130,718			17,874			18,623			14,652		17,517		13,197		13,762			15,371
Investment advisory		70,555			12,355			8,646			4,155		6,375		4,731		5,473			4,156
Distribution		44,326			6,060			6,287			4,961		5,914		4,454		4,656			5,206
Mortality and expense risk charges		2,565			352			362			285		339		254		268			300
Total expenses		248,164			36,641			33,918			24,053		30,145		22,636		24,159			25,033
Less: Expenses withheld by TIAA		—			—			—			—		—		—		—			15,763
Net expenses		248,164			36,641			33,918			24,053		30,145		22,636		24,159			9,270
Net investment income (loss)		1,084,691			177,460			67,200			95,607		161,429		179,647		120,516			—
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments:
Unaffiliated issuers		2,179,881			189,626			598,060			91,243		180,898		27,492		187,919			3
Affiliated issuers		2,039			—			—			—		—		—		—			—
Futures transactions		1,011			129			(2,173	)		1,824		—		—		—			—
Foreign currency transactions		(6,678	)		(666	)		13			—		—		—		(85	)		—
Net realized gain (loss) on total investments		2,176,253			189,089			595,900			93,067		180,898		27,492		187,834			3
Change in unrealized appreciation (depreciation) on:
Portfolio investments:
Unaffiliated issuers		4,298,949			694,331			706,307			785,188		40,408		158,189		171,859			—
Affiliated issuers		58,528			—			—			—		—		—		—			—
Futures transactions		—			1,831			1,145			172		—		—		—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		(1,501	)		(377	)		(22	)		—		—		—		(135	)		—
Net change in unrealized appreciation (depreciation) on total investments		4,355,976			695,785			707,430			785,360		40,408		158,189		171,724			—
Net realized and unrealized gain (loss) on total investments		6,532,229			884,874			1,303,330			878,427		221,306		185,681		359,558			3
Net increase (decrease) in net assets from operations	$	7,616,920		$	1,062,334		$	1,370,530		$	974,034	$	382,735	$	365,328	$	480,074		$	3
*   Net of foreign withholding taxes of unaffiliated issuers:	$	57,258		$	12,686		$	435		$	49	$	—	$	—	$	3,037		$	—

64 2012 Semiannual Report § College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund § 2012 Semiannual Report 65

Statements of changes in net assets

College Retirement Equities Fund § For the period or year ended

	Stock Account						Global Equities Account						Growth Account
(amounts in thousands except accumulation units)	June 30, 2012			December 31, 2011			June 30, 2012			December 31, 2011			June 30, 2012			December 31, 2011
	(unaudited		)				(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)	$	1,084,691		$	1,821,029		$	177,460		$	250,155		$	67,200		$	120,744
Net realized gain (loss) on total investments		2,176,253			7,240,060			189,089			704,712			595,900			804,799
Net change in unrealized appreciation (depreciation) on total investments		4,355,976			(14,116,853	)		695,785			(2,073,287	)		707,430			(763,157	)
Net increase (decrease) in net assets from operations		7,616,920			(5,055,764	)		1,062,334			(1,118,420	)		1,370,530			162,386
FROM PARTICIPANT TRANSACTIONS
Premiums		2,164,654			6,348,491			486,802			1,197,297			506,528			1,084,372
Net transfers between CREF Accounts		(517,521	)		(1,690,508	)		(60,170	)		(270,686	)		28,422			(208,892	)
Annuity payments		(608,930	)		(1,324,535	)		(13,031	)		(28,493	)		(9,578	)		(18,932	)
Withdrawals and death benefits		(4,040,691	)		(10,194,774	)		(590,577	)		(1,454,574	)		(594,250	)		(1,293,545	)
Net increase (decrease) from participant transactions		(3,002,488	)		(6,861,326	)		(176,976	)		(556,456	)		(68,878	)		(436,997	)
Net increase (decrease) in net assets		4,614,432			(11,917,090	)		885,358			(1,674,876	)		1,301,652			(274,611	)
NET ASSETS
Beginning of period		96,782,801			108,699,891			13,158,252			14,833,128			13,265,084			13,539,695
End of period	$	101,397,233		$	96,782,801		$	14,043,610		$	13,158,252		$	14,566,736		$	13,265,084
ACCUMULATION UNITS:
Units purchased		8,715,910			26,438,098			5,075,717			12,654,924			6,353,956			14,829,587
Units sold / transferred		(18,645,904	)		(50,143,050	)		(6,827,661	)		(18,371,101	)		(7,273,979	)		(20,762,145	)
Outstanding:
Beginning of period		377,117,724			400,822,676			145,930,004			151,646,181			180,735,263			186,667,821
End of period		367,187,730			377,117,724			144,178,060			145,930,004			179,815,240			180,735,263

66 2012 Semiannual Report § College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund § 2012 Semiannual Report 67

Statements of changes in net assets continued

College Retirement Equities Fund § For the period or year ended

	Equity Index Account						Bond Market Account						Inflation-Linked Bond Account
(amounts in thousands except accumulation units)	June 30, 2012			December 31, 2011			June 30, 2012			December 31, 2011			June 30, 2012			December 31, 2011
	(unaudited		)				(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)	$	95,607		$	168,763		$	161,429		$	361,817		$	179,647		$	360,510
Net realized gain (loss) on total investments		93,067			153,629			180,898			227,370			27,492			35,457
Net change in unrealized appreciation (depreciation) on total investments		785,360			(251,137	)		40,408			253,556			158,189			686,958
Net increase (decrease) in net assets from operations		974,034			71,255			382,735			842,743			365,328			1,082,925
FROM PARTICIPANT TRANSACTIONS
Premiums		422,376			1,012,763			602,609			1,459,554			517,110			1,253,414
Net transfers between CREF Accounts		(20,385	)		(142,872	)		353,756			606,066			294,853			843,766
Annuity payments		(9,279	)		(18,920	)		(10,597	)		(21,556	)		(10,677	)		(20,663	)
Withdrawals and death benefits		(504,107	)		(1,192,126	)		(720,518	)		(1,666,585	)		(609,807	)		(1,385,968	)
Net increase (decrease) from participant transactions		(111,395	)		(341,155	)		225,250			377,479			191,479			690,549
Net increase (decrease) in net assets		862,639			(269,900	)		607,985			1,220,222			556,807			1,773,474
NET ASSETS
Beginning of period		10,691,752			10,961,652			13,368,692			12,148,470			9,950,296			8,176,822
End of period	$	11,554,391		$	10,691,752		$	13,976,677		$	13,368,692		$	10,507,103		$	9,950,296
ACCUMULATION UNITS:
Units purchased		4,189,148			10,764,731			5,699,598			14,500,362			7,602,278			19,955,145
Units sold / transferred		(5,261,233	)		(14,350,219	)		(3,591,962	)		(10,857,014	)		(4,922,375	)		(9,468,225	)
Outstanding:
Beginning of period		112,460,225			116,045,713			125,914,713			122,271,365			145,846,674			135,359,754
End of period		111,388,140			112,460,225			128,022,349			125,914,713			148,526,577			145,846,674

68 2012 Semiannual Report § College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund § 2012 Semiannual Report 69

Statements of changes in net assets concluded

College Retirement Equities Fund § For the period or year ended

	Social Choice Account						Money Market Account
(amounts in thousands except accumulation units)	June 30, 2012			December 31, 2011			June 30, 2012			December 31, 2011
	(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)	$	120,516		$	231,028		$	—		$	108
Net realized gain (loss) on total investments		187,834			395,554			3			1
Net change in unrealized appreciation (depreciation) on total investments		171,724			(441,635	)		—			—
Net increase (decrease) in net assets from operations		480,074			184,947			3			109
FROM PARTICIPANT TRANSACTIONS
Premiums		348,590			812,961			2,332,739			3,506,339
Net transfers between CREF Accounts		23,306			(1,640	)		(102,261	)		864,766
Annuity payments		(12,058	)		(25,302	)		(10,549	)		(23,603	)
Withdrawals and death benefits		(397,486	)		(874,204	)		(2,651,569	)		(4,002,210	)
Net increase (decrease) from participant transactions		(37,648	)		(88,185	)		(431,640	)		345,292
Net increase (decrease) in net assets		442,426			96,762			(431,637	)		345,401
NET ASSETS
Beginning of period		10,335,288			10,238,526			12,399,086			12,053,685
End of period	$	10,777,714		$	10,335,288		$	11,967,449		$	12,399,086
ACCUMULATION UNITS:
Units purchased		2,372,706			5,799,453			91,359,935			137,282,002
Units sold / transferred		(2,590,832	)		(6,345,210	)		(107,975,977	)		(123,121,054	)
Outstanding:
Beginning of period		71,680,170			72,225,927			476,924,201			462,763,253
End of period		71,462,044			71,680,170			460,308,159			476,924,201

70 2012 Semiannual Report § College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund § 2012 Semiannual Report 71

Financial highlights

College Retirement Equities Fund § For the period or year ended

	Stock Account
	6/30/12			12/31/11			12/31/10			12/31/09			12/31/08			12/31/07
	(unaudited)
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	3.196		$	5.308		$	4.506		$	4.251		$	5.339		$	4.754
Expenses (a)		0.595			1.151			1.006			0.849			1.113			0.992
Net investment income (loss) (a)		2.601			4.157			3.500			3.402			4.226			3.762
Net realized and unrealized gain (loss) on total investments		15.412			(16.066	)		29.246			47.129			(107.993	)		15.589
Net change in accumulation unit value		18.013			(11.909	)		32.746			50.531			(103.767	)		19.351
Accumulation unit value:
Beginning of period		229.091			241.000			208.254			157.723			261.490			242.139
End of period	$	247.104		$	229.091		$	241.000		$	208.254		$	157.723		$	261.490
TOTAL RETURN (b)		7.87	%(c)		(4.94	)%		15.72	%		32.04	%		(39.68	)%		7.99	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.48	%(d)		0.48	%		0.47	%		0.49	%		0.64	%		0.52	%
Net investment income (loss)		2.12	%(d)		1.73	%		1.63	%		1.97	%		1.95	%		1.44	%
SUPPLEMENTAL DATA
Portfolio turnover rate		33	%(c)		56	%		61	%		58	%		53	%		49	%
Accumulation units outstanding at the end of period (e)		367			377			401			418			424			448
Accumulation fund net assets (e)	$	90,734		$	86,395		$	96,598		$	87,141		$	66,931		$	117,078
Net assets at the end of period (e)	$	101,397		$	96,783		$	108,700		$	98,509		$	76,505		$	134,560

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

72 2012 Semiannual Report § College Retirement Equities Fund See notes to financial statements

Financial highlights	continued
College Retirement Equities Fund § For the period or year ended

	Global Equities Account
	6/30/12			12/31/11			12/31/10			12/31/09			12/31/08			12/31/07
	(unaudited)
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	1.446		$	2.131		$	1.888		$	1.862		$	2.587		$	2.069
Expenses (a)		0.247			0.490			0.432			0.374			0.462			0.409
Net investment income (loss) (a)		1.199			1.641			1.456			1.488			2.125			1.660
Net realized and unrealized gain (loss) on total investments		5.955			(9.051	)		8.987			19.648			(49.181	)		8.522
Net change in accumulation unit value		7.154			(7.410	)		10.443			21.136			(47.056	)		10.182
Accumulation unit value:
Beginning of period		88.386			95.796			85.353			64.217			111.273			101.091
End of period	$	95.540		$	88.386		$	95.796		$	85.353		$	64.217		$	111.273
TOTAL RETURN (b)		8.09	%(c)		(7.74	)%		12.24	%		32.91	%		(42.29	)%		10.07	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.52	%(d)		0.52	%		0.50	%		0.53	%		0.68	%		0.56	%
Net investment income (loss)		2.53	%(d)		1.74	%		1.69	%		2.11	%		2.34	%		1.53	%
SUPPLEMENTAL DATA
Portfolio turnover rate		40	%(c)		78	%		81	%		59	%		76	%		108	%
Accumulation units outstanding at the end of period (e)		144			146			152			155			147			153
Accumulation fund net assets (e)	$	13,775		$	12,898		$	14,527		$	13,205		$	9,429		$	17,039
Net assets at the end of period (e)	$	14,044		$	13,158		$	14,833		$	13,490		$	9,652		$	17,461

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

See notes to financial statements College Retirement Equities Fund § 2012 Semiannual Report 73

Financial highlights	continued
College Retirement Equities Fund § For the period or year ended

	Growth Account
	6/30/12			12/31/11			12/31/10			12/31/09			12/31/08			12/31/07
	(unaudited)
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	0.552		$	0.979		$	0.907		$	0.836		$	0.740		$	0.694
Expenses (a)		0.185			0.333			0.293			0.249			0.316			0.272
Net investment income (loss) (a)		0.367			0.646			0.614			0.587			0.424			0.422
Net realized and unrealized gain (loss) on total investments		7.122			0.202			8.706			16.058			(30.509	)		10.416
Net change in accumulation unit value		7.489			0.848			9.320			16.645			(30.085	)		10.838
Accumulation unit value:
Beginning of period		72.366			71.518			62.198			45.553			75.638			64.800
End of period	$	79.855		$	72.366		$	71.518		$	62.198		$	45.553		$	75.638
TOTAL RETURN (b)		10.36	%(c)		1.19	%		14.98	%		36.54	%		(39.78	)%		16.73	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.47	%(d)		0.46	%		0.46	%		0.48	%		0.69	%		0.55	%
Net investment income (loss)		0.93	%(d)		0.88	%		0.96	%		1.14	%		0.68	%		0.60	%
SUPPLEMENTAL DATA
Portfolio turnover rate		39	%(c)		57	%		77	%		81	%		82	%		127	%
Accumulation units outstanding at the end of period (e)		180			181			187			190			178			181
Accumulation fund net assets (e)	$	14,359		$	13,079		$	13,350		$	11,842		$	8,098		$	13,666
Net assets at the end of period (e)	$	14,567		$	13,265		$	13,540		$	12,013		$	8,222		$	13,883

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

74 2012 Semiannual Report § College Retirement Equities Fund See notes to financial statements

Financial highlights	continued
College Retirement Equities Fund § For the period or year ended

	Equity Index Account
	6/30/12			12/31/11			12/31/10			12/31/09			12/31/08			12/31/07
	(unaudited)
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	1.049		$	1.832		$	1.613		$	1.470		$	1.823		$	1.806
Expenses (a)		0.211			0.390			0.343			0.288			0.429			0.383
Net investment income (loss) (a)		0.838			1.442			1.270			1.182			1.394			1.423
Net realized and unrealized gain (loss) on total investments		7.680			(0.825	)		11.830			16.176			(38.771	)		3.050
Net change in accumulation unit value		8.518			0.617			13.100			17.358			(37.377	)		4.473
Accumulation unit value:
Beginning of period		93.381			92.764			79.664			62.306			99.683			95.210
End of period	$	101.899		$	93.381		$	92.764		$	79.664		$	62.306		$	99.683
TOTAL RETURN (b)		9.12	%(c)		0.66	%		16.45	%		27.86	%		(37.50	)%		4.70	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.42	%(d)		0.41	%		0.42	%		0.43	%		0.59	%		0.47	%
Net investment income (loss)		1.68	%(d)		1.53	%		1.54	%		1.77	%		1.67	%		1.39	%
SUPPLEMENTAL DATA
Portfolio turnover rate		3	%(c)		5	%		8	%		5	%		7	%		9	%
Accumulation units outstanding at the end of period (e)		111			112			116			116			113			113
Accumulation fund net assets (e)	$	11,350		$	10,502		$	10,765		$	9,253		$	7,030		$	11,225
Net assets at the end of period (e)	$	11,554		$	10,692		$	10,962		$	9,426		$	7,174		$	11,474

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

See notes to financial statements College Retirement Equities Fund § 2012 Semiannual Report 75

Financial highlights	continued
College Retirement Equities Fund § For the period or year ended

	Bond Market Account
	6/30/12			12/31/11			12/31/10			12/31/09			12/31/08			12/31/07
	(unaudited)
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	1.483		$	3.341		$	3.470		$	3.818		$	4.241		$	4.260
Expenses (a)		0.233			0.439			0.422			0.399			0.416			0.315
Net investment income (loss) (a)		1.250			2.902			3.048			3.419			3.825			3.945
Net realized and unrealized gain (loss) on total investments		1.715			3.876			3.096			2.556			(2.777	)		0.806
Net change in accumulation unit value		2.965			6.778			6.144			5.975			1.048			4.751
Accumulation unit value:
Beginning of period		104.228			97.450			91.306			85.331			84.283			79.532
End of period	$	107.193		$	104.228		$	97.450		$	91.306		$	85.331		$	84.283
TOTAL RETURN (b)		2.84	%(c)		6.96	%		6.73	%		7.00	%		1.24	%		5.97	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.45	%(d)		0.44	%		0.44	%		0.45	%		0.61	%		0.51	%
Net investment income (loss)		2.39	%(d)		2.88	%		3.19	%		3.88	%		4.53	%		4.86	%
SUPPLEMENTAL DATA
Portfolio turnover rate		177	%(c)(e)		261	%(e)		230	%(e)		185	%(e)		125	%		174	%
Accumulation units outstanding at the end of period (f)		128			126			122			113			100			89
Accumulation fund net assets (f)	$	13,723		$	13,124		$	11,915		$	10,296		$	8,520		$	7,494
Net assets at the end of period (f)	$	13,977		$	13,369		$	12,148		$	10,512		$	8,711		$	7,680

(a)	Based on average units outstanding.
(b)	Based on per accumulation unit data.
(c)	Not annualized for periods less than one year.
(d)	Annualized for periods of less than one year.
(e)	The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ending June 30, 2012, December 31, 2011, December 31, 2010 and December 31, 2009 were 61%, 62%, 62% and 96%, respectively.
(f)	Millions

76 2012 Semiannual Report § College Retirement Equities Fund See notes to financial statements

Financial highlights	continued
College Retirement Equities Fund § For the period or year ended

	Inflation-Linked Bond Account
	6/30/12			12/31/11			12/31/10			12/31/09			12/31/08			12/31/07
	(unaudited)
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	1.343		$	2.817		$	1.596		$	0.974		$	2.700		$	2.618
Expenses (a)		0.150			0.272			0.254			0.241			0.249			0.186
Net investment income (loss) (a)		1.193			2.545			1.342			0.733			2.451			2.432
Net realized and unrealized gain (loss) on total investments		1.248			5.187			1.929			4.119			(3.367	)		2.695
Net change in accumulation unit value		2.441			7.732			3.271			4.852			(0.916	)		5.127
Accumulation unit value:
Beginning of period		66.502			58.770			55.499			50.647			51.563			46.436
End of period	$	68.943		$	66.502		$	58.770		$	55.499		$	50.647		$	51.563
TOTAL RETURN (b)		3.66	%(c)		13.16	%		5.89	%		9.58	%		(1.78	)%		11.04	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.45	%(d)		0.43	%		0.44	%		0.45	%		0.58	%		0.50	%
Net investment income (loss)		3.55	%(d)		4.05	%		2.33	%		1.38	%		4.69	%		5.00	%
SUPPLEMENTAL DATA
Portfolio turnover rate		5	%(c)		13	%		15	%		11	%		19	%		13	%
Accumulation units outstanding at the end of period (e)		149			146			135			134			116			91
Accumulation fund net assets (e)	$	10,240		$	9,699		$	7,955		$	7,453		$	5,871		$	4,668
Net assets at the end of period (e)	$	10,507		$	9,950		$	8,177		$	7,665		$	6,060		$	4,830

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

See notes to financial statements College Retirement Equities Fund § 2012 Semiannual Report 77

Financial highlights	continued
College Retirement Equities Fund § For the period or year ended

	Social Choice Account
	6/30/12			12/31/11			12/31/10			12/31/09			12/31/08			12/31/07
	(unaudited		)
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	1.969		$	3.732		$	3.618		$	3.517		$	4.191		$	4.165
Expenses (a)		0.329			0.619			0.561			0.488			0.600			0.492
Net investment income (loss) (a)		1.640			3.113			3.057			3.029			3.591			3.673
Net realized and unrealized gain (loss) on total investments		4.899			(0.595	)		11.683			19.530			(34.439	)		2.371
Net change in accumulation unit value		6.539			2.518			14.740			22.559			(30.848	)		6.044
Accumulation unit value:
Beginning of period		140.535			138.017			123.277			100.718			131.566			125.522
End of period	$	147.074		$	140.535		$	138.017		$	123.277		$	100.718		$	131.566
TOTAL RETURN (b)		4.65	%(c)		1.82	%		11.95	%		22.41	%		(23.45	)%		4.81	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.45	%(d)		0.44	%		0.44	%		0.45	%		0.61	%		0.48	%
Net investment income (loss)		2.26	%(d)		2.22	%		2.39	%		2.81	%		3.02	%		2.81	%
SUPPLEMENTAL DATA
Portfolio turnover rate		82	%(c)(e)		122	%(e)		98	%(e)		85	%(e)		77	%		60	%
Accumulation units outstanding at the end of period (f)		71			72			72			68			66			68
Accumulation fund net assets (f)	$	10,510		$	10,074		$	9,968		$	8,430		$	6,685		$	8,917
Net assets at the end of period (f)	$	10,778		$	10,335		$	10,239		$	8,673		$	6,891		$	9,197

(a)	Based on average units outstanding.
(b)	Based on per accumulation unit data.
(c)	Not annualized for periods less than one year.
(d)	Annualized for periods of less than one year.
(e)	The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ending June 30, 2012, December 31, 2011, December 31, 2010 and December 31, 2009 were 32%, 45%, 40% and 49%, respectively.
(f)	Millions

78 2012 Semiannual Report § College Retirement Equities Fund See notes to financial statements

Financial highlights	concluded
College Retirement Equities Fund § For the period or year ended

	Money Market Account
	6/30/12			12/31/11			12/31/10			12/31/09			12/31/08			12/31/07
	(unaudited)
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	0.020		$	0.044		$	0.062		$	0.164		$	0.700		$	1.258
Expenses (a)		0.020			0.044			0.062			0.104			0.124			0.092
Net investment income (loss) (a)		0.000			0.000			0.000			0.060			0.576			1.166
Net realized and unrealized gain (loss) on total investments		0.000			0.001			0.000			(0.031	)		0.032			(0.004	)
Net change in accumulation unit value		0.000			0.001			0.000			0.029			0.608			1.162
Accumulation unit value:
Beginning of period		25.534			25.533			25.533			25.504			24.896			23.734
End of period	$	25.534		$	25.534		$	25.533		$	25.533		$	25.504		$	24.896
TOTAL RETURN (b)		0.00	%(c)		0.00	%		0.00	%		0.11	%		2.44	%		4.90	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.42	%(d)		0.41	%		0.41	%		0.43	%		0.56	%		0.45	%
Expenses net of TIAA withholding		0.15	%(d)		0.17	%		0.24	%		0.41	%		0.56	%		0.45	%
Net investment income (loss)		0.00	%(d)		0.00	%		0.00	%		0.21	%		2.25	%		4.79	%
SUPPLEMENTAL DATA
Accumulation units outstanding at the end of period (e)		460			477			463			512			582			469
Accumulation fund net assets (e)	$	11,753		$	12,178		$	11,816		$	13,070		$	14,846		$	11,670
Net assets at the end of period (e)	$	11,967		$	12,399		$	12,054		$	13,327		$	15,133		$	11,922

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

See notes to financial statements College Retirement Equities Fund § 2012 Semiannual Report 79

Notes to financial statements (unaudited)

College Retirement Equities Fund

Note 1—organization and significant accounting policies

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

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Accumulation Unit Value (“AUV”) for financial reporting purposes may differ from the AUV for processing transactions. The AUV for financial reporting purposes includes security and participant transactions through the date of the report. Total return is computed based on the AUV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Accounts.

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

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

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

80 2012 Semiannual Report § College Retirement Equities Fund

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. The effect of changes in foreign currency exchange rates on realized and unrealized security gains and losses is reflected as a component of security gains and losses.

Income taxes: CREF is taxed as a life insurance company under Subchapter L of the Internal Revenue Code. CREF should incur no federal income tax liability. Under the rules of taxation applicable to life insurance companies, CREF’s Accumulation and Annuity Funds for participants will generally be treated as life insurance reserves; therefore, any increase in such reserves will be deductible. Management has analyzed the Accounts’ tax positions taken for all open federal income tax years (2007–2011) and has concluded that no provision for federal income tax is required in the Accounts’ financial statements.

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

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

New Accounting Pronouncements: In April 2011, the Financial Accounting Standards Board (“FASB”) adopted Accounting Standards Update (“ASU”) 2011-03, Reconsideration of Effective Control for Repurchase Agreements. ASU 2011-03 amends ASC 860, Transfers and Servicing in relation to the accounting for repurchase agreements and other agreements that both entitle and obligate a transferor to repurchase or redeem the financial assets before their maturity. ASU 2011-03 eliminates the collateral maintenance provision that an entity may use to determine whether a transfer of securities in a repurchase agreement or other agreement is accounted for as a sale or a secured borrowing. ASU 2011-03 applies to the first interim or annual period beginning on or after December 15, 2011. Management has evaluated the implications of this guidance and has determined that the new requirements do not have a material impact to the Accounts’ financial statements.

In May 2011, FASB adopted ASU No. 2011-04, Fair Value Measurement (Topic 820), Amendments to Achieve Common Fair Value Measurement and Disclosure

College Retirement Equities Fund § 2012 Semiannual Report 81

Notes to financial statements (unaudited)

Requirements in U.S. GAAP and IFRS. The ASU converges the guidance of both entities on fair value measurements and disclosures. ASU 2011-04 requires additional disclosures around transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy. The ASU applies to interim or annual periods beginning after December 15, 2011. Management has evaluated the implications of this guidance and has determined that the new requirements do not have a material impact to the Accounts’ financial statements and notes disclosures.

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 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.

82 2012 Semiannual Report § College Retirement Equities Fund

continued

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 June 30, 2012, there were no material transfers between levels by the Accounts.

As of June 30, 2012, 100% of the value of investments in the Inflation-Linked Bond and Money Market Accounts was valued based on Level 2 inputs.

College Retirement Equities Fund § 2012 Semiannual Report 83

Notes to financial statements (unaudited)

The following is a summary of the inputs used to value the remaining Accounts’ investments as of June 30, 2012 (amounts are in thousands):

Account	Level 1		Level 2		Level 3		Total
Stock
Consumer discretionary*	$	9,273,935	$	3,365,309	$	—	$	12,639,244
Consumer staples*		6,434,871		2,987,966		—		9,422,837
Energy*		6,829,235		2,948,460		—		9,777,695
Financials*		11,036,855		6,798,295		20		17,835,170
Health care*		8,681,453		2,068,119		7,197		10,756,769
Industrials*		7,718,545		3,684,060		—		11,402,605
Information technology*		13,727,411		2,179,876		—		15,907,287
Materials*		2,837,855		3,256,879		64		6,094,798
Telecommunication services		1,997,253		1,357,023		—		3,354,276
Utilities		2,508,709		1,043,747		—		3,552,456
Corporate bonds		—		60		—		60
Government bonds		—		302		—		302
Short-term investments*		—		5,722,111		—		5,722,111
Total	$	71,046,122	$	35,412,207	$	7,281	$	106,465,610
Global Equities
Australia	$	—	$	330,442	$	—	$	330,442
Canada		17,927		529,167		—		547,094
France		—		423,042		—		423,042
Germany		—		475,506		—		475,506
Japan		—		1,119,529		—		1,119,529
Switzerland		—		383,623		—		383,623
United Kingdom*		18,014		1,138,994		—		1,157,008
United States		7,687,067		4,355		—		7,691,422
Other*		112,931		1,608,861		—		1,721,792
Short-term investments		—		836,598		—		836,598
Futures**		1,831		—		—		1,831
Total	$	7,837,770	$	6,850,117	$	—	$	14,687,887
Growth
Consumer discretionary	$	2,617,854	$	34,656	$	—	$	2,652,510
Consumer staples		1,477,702		4,953		—		1,482,655
Energy		488,937		44,653		—		533,590
Financials		787,014		—		—		787,014
Health care*		1,784,992		42,919		—		1,827,911
Industrials*		1,605,324		14,488		—		1,619,812
Information technology*		4,741,159		10,266		—		4,751,425
Materials		602,034		—		—		602,034
Telecommunication services		226,131		4,527		—		230,658
Utilities		11,721		—		—		11,721
Short-term investments		171,883		77,588		—		249,471
Futures**		1,126		—		—		1,126
Total	$	14,515,877	$	234,050	$	—	$	14,749,927

84 2012 Semiannual Report § College Retirement Equities Fund

continued

Account	Level 1		Level 2		Level 3		Total
Equity Index
Consumer discretionary	$	1,379,672	$	—	$	—	$	1,379,672
Consumer staples		1,115,499		—		—		1,115,499
Energy		1,129,646		—		—		1,129,646
Financials		1,855,826		—		—		1,855,826
Health care		1,374,716		—		—		1,374,716
Industrials		1,273,031		—		—		1,273,031
Information technology		2,182,595		—		—		2,182,595
Materials		450,396		—		—		450,396
Telecommunication services		325,481		—		—		325,481
Utilities		429,653		—		—		429,653
Short-term investments		369,291		16,977		—		386,268
Futures**		348		—		—		348
Total	$	11,886,154	$	16,977	$	—	$	11,903,131
Bond Market
Bank loan obligations	$	—	$	11,766	$	—	$	11,766
Corporate bonds		—		4,371,869		—		4,371,869
Government bonds		—		8,729,964		—		8,729,964
Structured assets		—		751,937		—		751,937
Preferred stocks		3,510		—		—		3,510
Short-term investments		—		3,200,250		—		3,200,250
Total	$	3,510	$	17,065,786	$	—	$	17,069,296
Social Choice
Consumer discretionary	$	600,019	$	156,930	$	—	$	756,949
Consumer staples		458,602		138,060		—		596,662
Energy		427,575		142,806		—		570,381
Financials		981,659		315,541		—		1,297,200
Health care		579,521		117,238		—		696,759
Industrials		569,030		187,279		—		756,309
Information technology		878,095		50,926		—		929,021
Materials		255,712		171,605		—		427,317
Telecommunication services		78,707		70,342		—		149,049
Utilities		244,234		64,654		—		308,888
Corporate bonds		—		1,294,770		—		1,294,770
Government bonds		—		2,618,705		—		2,618,705
Structured assets		—		215,463		—		215,463
Short-term investments		—		1,313,382		—		1,313,382
Total	$	5,073,154	$	6,857,701	$	—	$	11,930,855

*	Includes American Depositary Receipts at Level 1.
**	Derivatives instruments are not reflected in the summary portfolio of investments.

College Retirement Equities Fund § 2012 Semiannual Report 85

Notes to financial statements (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.

At June 30, 2012, the following Accounts have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities (amounts in thousands):

	Asset derivatives				Liabilities derivatives
Derivative contracts	Location		Fair value amount		Location	Fair value amount
Global Equities Account
Equity contracts		Futures*	$	1,831		$—
Growth Account
Equity contracts		Futures*		1,126		—
Equity Index Account
Equity contracts		Futures*		348		—

* The fair value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected on the accompanying Statements of Assets and Liabilities is only the receivable for variation margin on open futures contracts.

For the period ended June 30, 2012, the effect of derivative contracts on the Accounts Statements of Operations was as follows (amounts in thousands):

Derivative contracts	Location	Realized gain (loss)			Change in unrealized appreciation (depreciation)
Stock Account
Equity contract	Futures transactions	$	1,011		$	—
Global Equities Account
Equity contracts	Futures transactions		129			1,831
Growth Account
Equity contracts	Futures transactions		(2,173	)		1,145
Equity Index Account
Equity contracts	Futures transactions		1,824			172

Futures contracts: Certain Accounts are subject to equity price risk in the normal course of pursuing their 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. Daily changes in the value of such

86 2012 Semiannual Report § College Retirement Equities Fund

continued

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. During the period ended June 30, 2012, the Stock Account, the Global Equities Account, the Growth Account, and the Equity Index Account had exposure to futures contracts, based on underlying notional values, generally between 0% and 1% of net assets.

At June 30, 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		771		$	52,289	September 2012	$	1,831
Growth	CME E-mini S&P 500 Index		474			32,147	September 2012		1,126
Equity Index	CME E-mini S&P 500 Index		121			8,206	September 2012		264
	CME E-mini S&P Mid-Cap 400 Index		34			3,194	September 2012		75
	Russell 2000 Mini Index		4			318	September 2012		9
					$	11,718		$	348

‡ Number of contracts are not in thousands.

Note 4—investment adviser and affiliates

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

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

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

College Retirement Equities Fund § 2012 Semiannual Report 87

Notes to financial statements (unaudited)

For the period ended June 30, 2012, TIAA withheld (“waived”) a portion of the distribution Rule 12b-1 and administrative expenses for the Money Market Account, totaling $15,763,000. The withholding of expenses is voluntary in nature and can be discontinued at any time. Any expenses waived after October 1, 2010 are subject to possible recovery by TIAA from the Account for three years after the waiver. TIAA may recover from the Account a portion of the amounts waived at such time as the Account’s daily yield would be positive absent the effect of the waiver, and in such event the amount of recovery on any day will be approximately 25% of the Account’s yield (net of all expenses) on that day.

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

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

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

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

Issue	Value at December 31, 2011			Purchase cost			Sales proceeds			Realized gain (loss)				Dividend income			Withholding expense			Shares at June 30, 2012†		Value at June 30, 2012
Stock Account
Fondiaria-Sai S.p.A.		$	*		$	—		$	246		$	(867	)		$	—		$	—		248,864		$	296
Japan Asia Investment Co Ltd			5,945			—			—			—				—			—		8,823,000			6,687
Jarden Corp			189,311			9,068			107,564			30,370				546			—		3,766,627			158,274
MPM Bioventures II			3,535			—			—			—				—			—		22,167,242			3,846
Skyline Venture Fund II Ltd			244			—			—			—				—			—		4,254,176			246
Stroer Out of Home Media AG.			53,978			250			33,269			(20,660	)			—			—		1,350,378			13,281
Vanda Pharmaceuticals, Inc			6,855			—			3,847			(6,804	)			—			—		583,879			2,569
		$	259,868		$	9,318		$	144,926		$	2,039			$	546		$	—				$	185,199
Growth Account
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Trust		$	194,557		$	136,936		$	159,610		$	—			$	1,436		$	—		171,882,826		$	171,883
Equity Index Account
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Trust		$	256,854		$	132,367		$	19,930		$	—			$	2,828		$	—		369,290,601		$	369,291

*	Not an affiliate investment as of December 31, 2011
†	Shares are not in thousands

88 2012 Semiannual Report § College Retirement Equities Fund College Retirement Equities Fund § 2012 Semiannual Report 89

Notes to financial statements (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. The value of the loaned securities and the liability to return the cash collateral received are reflected in the Statements of Assets and Liabilities. Securities lending income consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the lending agent. Such income is reflected separately in the Statements of Operations. In lending its securities, an 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 Account.

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

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

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

90 2012 Semiannual Report  §  College Retirement Equities Fund

continued

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.

Equity-linked notes: Equity-linked notes are debt securities issued by banks or broker-dealers and are designed to offer a return linked to an underlying security or market index. Equity-linked notes are structured with a defined maturity date. When the note matures, the issuer will pay to, or receive from the Account, the difference between the nominal value of the underlying instrument at the time of purchase and that instrument’s value at maturity. The Account will record a realized gain or loss on the transaction. The note is valued daily and any change in the value of the note is reflected in net unrealized gains and losses. Investments in equity-linked notes involve the same risks associated with a direct investment in the underlying security or index that the note seeks to replicate. In addition, there is also counterparty risk associated with these investments because the Account is relying on the creditworthiness of such counterparty and has no rights under an equity-linked note against the issuer of the underlying security. As of June 30, 2012, the CREF Stock Account is a party to an equity-linked note in order to gain exposure to certain equity markets.

Net unrealized appreciation (depreciation): At June 30, 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	$	12,084,979	$	(5,450,150	)	$	6,634,829
Global Equities		1,303,895		(648,083	)		655,812
Growth		2,636,568		(276,309	)		2,360,259
Equity Index		3,847,651		(1,244,110	)		2,603,541
Bond Market		666,989		(80,499	)		586,490
Inflation-Linked Bond		1,400,371		(2,261	)		1,398,110
Social Choice		1,406,023		(419,046	)		986,977

College Retirement Equities Fund  §  2012 Semiannual Report 91

Notes to financial statements (unaudited)

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Accounts for the period ended June 30, 2012, were as follows (amounts are in thousands):

	Stock Account		Global Equities Account		Growth Account
Purchases
Non-Government	$	33,907,632	$	5,621,453	$	5,567,303
Government		300		—		—
Total Purchases	$	33,907,932	$	5,621,453	$	5,567,303
Sales
Non-Government	$	36,234,005	$	5,692,881	$	5,547,937
Government		—		—		—
Total Sales	$	36,234,005	$	5,692,881	$	5,547,937

	Equity Index Account		Bond Market Account		Inflation-Linked Bond Account		Social Choice Account
Purchases
Non-Government	$	372,481	$	2,937,938	$	—	$	1,788,134
Government		—		21,656,700		790,726		7,106,562
Total Purchases	$	372,481	$	24,594,638	$	790,726	$	8,894,696
Sales
Non-Government	$	368,190	$	1,973,744	$	—	$	1,250,781
Government		—		21,865,513		516,371		7,487,059
Total Sales	$	368,190	$	23,839,257	$	516,371	$	8,737,840

Note 6—line of credit

Each of the Accounts, except the Money Market Account, participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of participant withdrawals. Certain affiliated accounts and mutual funds, each of which is managed by TCIM, or an affiliate of TCIM, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts at a specified rate of interest. The Accounts are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended June 30, 2012, there were no borrowings under this credit facility by the Accounts.

92 2012 Semiannual Report  §  College Retirement Equities Fund

concluded

Note 7—indemnification

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

College Retirement Equities Fund  §  2012 Semiannual Report 93

Board renewal of the investment
management agreement (unaudited)

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

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

Overview of the process

The Board held a meeting on March 29, 2012, at which it considered the annual renewal of the Agreement with respect to each applicable Account using its previously established process for reviewing the Agreement. As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee worked with TCIM and legal counsel to the Trustees to develop guidelines and specific requests relating to the types of information to be provided to the Committee and to the Board in connection with the proposed contract renewals, and then helped evaluate the information provided in response to those guidelines. The Operations Committee reviewed such guidelines and requests in consultation with TCIM representatives and input from other Trustees, legal counsel to the Trustees and legal counsel to TCIM and the Accounts, and then evaluated the information produced in accordance with those guidelines and requests.

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

94 2012 Semiannual Report § College Retirement Equities Fund

Among other matters, the Operations Committee, following its consultations with others as noted above, confirmed or established various guidelines regarding the preparation of reports to be provided to the Board with respect to each Account by the Global Fiduciary Review unit of Lipper, Inc. (“Lipper”). Lipper is an independent provider of investment company data that is widely recognized as a leading source of independent data used by independent directors and trustees of investment companies during their advisory contract review processes.

Based on guidelines provided by the Operations Committee on behalf of the Board, Lipper produced, among other information, extensive performance and expense comparison data regarding each Account, including data relating to each Account’s management fee rates, total expense ratios, short-term and long-term investment performance and, as applicable, brokerage commission costs and portfolio turnover rates. Lipper also compared certain of this data for each Account against a universe of investment companies and against a more selective peer group of mutual funds that underlie variable products with similar investment objectives and strategies, each of which was selected by Lipper, and, in the case of the investment performance data, against one or more appropriate broad-based benchmark indices. In each case, Lipper summarized the methodologies employed by it to provide the data contained in its reports. In addition, Lipper represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board perform its review. Lipper also represented that it (and not TCIM) had identified the selected comparative peer groups and universes of funds that underlie variable products and that it did so in a manner that was not intended to produce biased results for its clients.

In advance of the Board meeting held on March 29, 2012, legal counsel for the Trustees requested on behalf of the Board, and TCIM provided, extensive information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Account. In addition to the data provided by Lipper as described above, this information included, but was not limited to, the following: (1) further information relating to each Account’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service, and a narrative analysis of the performance of each Account that had underperformed its Lipper peer group or (with respect to the Equity Index Account only) benchmark by a specified amount over a three-year period, together with an explanation of any events that had had a material impact on the Account’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Account’s investment management costs under the Agreement to the fee rates of any other comparable accounts managed by TCIM or its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to TCIM or its affiliates due to their relationship with the Accounts;

College Retirement Equities Fund  §  2012 Semiannual Report 95

Board renewal of the investment management agreement (unaudited)

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

In considering whether to renew the Agreement with respect to each Account, the Board, with assistance from its Operations Committee, reviewed various factors with respect to the Account, including: (1) the nature, extent and quality of services provided or to be provided by TCIM to the Account; (2) the Account’s investment performance; (3) the costs of the services provided to the Account and CREF’s at-cost expense structure; (4) fees charged by other advisers for managing similar accounts and funds that underlie variable products; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the Account’s assets grow; (6) whether the at-cost expense structure reflects any such economies of scale for the benefit of Account investors; (7) comparisons of services and fee rates with any contracts entered into by TCIM or its affiliates with other clients to whom TCIM or its affiliates provide comparable services; and (8) any other benefits derived or anticipated to be derived by TCIM or its affiliates from their relationship with the Account. As a general matter, the Board viewed these factors in their totality, with no single factor being the principal factor in determining whether to renew the Agreement.

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

The Board received and considered Account-specific information and made its renewal determinations on an Account-by-Account basis. In deciding whether to renew the Agreement for each Account, each Trustee may have accorded different weight to different factors, and thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Account. At its meeting on March 29, 2012, the Board voted unanimously to renew the Agreement for each Account. Set forth below are certain general factors the Board considered for all of the Accounts, followed by a summary of certain specific factors the Board considered for each particular Account.

96 2012 Semiannual Report § College Retirement Equities Fund

continued

The nature, extent and quality of services

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

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

Investment performance

The Board considered the investment performance of each Account, as applicable, over the periods indicated in the Account-by-Account synopsis below. The Board considered each Account’s performance as compared to its peer group, peer universe and benchmark index. In this regard, the Board considered that the performance of most Accounts generally compared favorably to their benchmarks (after considering the effect of expenses incurred to operate the Accounts) and, with some exceptions, the Accounts ranked in the top three performance quintiles versus their peer groups and universes of mutual funds that underlie variable products. (For additional detail regarding each Account’s performance, see the Account-by-Account synopsis below.) The Board considered that, in those cases in which an Account had underperformed its benchmark, peer group or peer universe of mutual funds that underlie variable products for an extended period of time, TCIM had represented that it had taken or was planning to implement affirmative remedial actions that are reasonably designed to enhance the Account’s investment performance or TCIM had represented that no remedial actions were necessary. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Account was within an acceptable range or that appropriate remedial actions had been or were being implemented.

College Retirement Equities Fund § 2012 Semiannual Report 97

Board renewal of the investment management agreement (unaudited)

Cost and profitability

The Board considered the amounts charged by TCIM to each Account during 2011, including investment advisory costs paid to TCIM, expressed in dollar terms and as a percentage of assets, as well as a reconciliation and analysis of those expenses. The Board considered that TCIM charges expenses “at cost” and these charges are adjusted at least quarterly to reflect the actual expenses incurred with respect to each Account during the most recent quarter. The Board considered the rationale for TCIM’s anticipated costs in providing services to CREF and considered whether these anticipated costs are reasonable in relation to the nature and quality of services provided by TCIM. In considering TCIM’s profitability, the Board noted that TCIM provides its services on an at cost basis under the arrangement outlined in the Agreement.

During its review, the Board noted its ongoing efforts to examine the level of personnel and other resources available to TCIM for its portfolio management functions so as to assess whether sufficient resources are being devoted to these functions.

Fees charged by other advisers

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

Economies of scale

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

98 2012 Semiannual Report § College Retirement Equities Fund

continued

Fee comparison with other clients of TCIM’s affiliates

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

Other benefits

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

Account-by-account factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Account. If an Account is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Lipper. All time periods referenced below ended as of December 31, 2011. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest rating category.

College Retirement Equities Fund § 2012 Semiannual Report 99

Board renewal of the investment management agreement (unaudited)

CREF Stock Account
•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.14% of average daily net assets for 2012.
•	The Account’s pro forma management costs (including investment management and administrative costs) and total costs are in the 1st quintile of its group of comparable funds selected by Lipper for expense comparison purposes (“Expense Group”) and in the universe of comparable funds identified by Lipper for expense comparison purposes (“Expense Universe”).
•	For the one-, two-, three-, four- and five-year periods, the Account was in the 4th, 4th, 5th, 3rd and 2nd quintiles of its group of comparable funds identified by Lipper for performance comparison reasons (“Performance Group”), respectively. For the one-, two-, three-, four-, five- and ten-year periods, the Account was in the 4th quintile of the universe of comparable funds identified by Lipper for performance comparison purposes (“Performance Universe”).
•	The Account received an Overall Morningstar Rating of 4 stars.
CREF Global Equities Account
•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.17% of average daily net assets for 2012.
•	The Account’s pro forma management costs (including investment management and administrative costs) and total costs are in the 1st quintile of its Expense Group and Expense Universe.
•	For the one-, two-, three-, four- and five-year periods, the Account was in the 1st, 4th, 5th, 4th and 5th quintiles of its Performance Group, respectively. For the one-, two-, three-, four-, five and ten-year periods, the Account was in the 3rd, 4th, 4th, 4th, 4th and 3rd quintiles of its Performance Universe, respectively.
•	The Account received an Overall Morningstar Rating of 3 stars.
CREF Growth Account
•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.12% of average daily net assets for 2012.
•	The Account’s pro forma management costs (including investment management and administrative costs) and total costs are in the 1st quintile of its Expense Group and Expense Universe.
•	For the one-, two-, three-, four-, five- and ten-year periods, the Account was in the 1st, 2nd, 2nd, 2nd, 1st and 3rd quintiles of its Performance Group, respectively. For the one-, two-, three-, four-, five and ten-year periods, the Account was in the 1st, 2nd, 2nd, 2nd, 1st, and 4th quintiles of its Performance Universe, respectively.
•	The Account received an Overall Morningstar Rating of 4 stars.

100 2012 Semiannual Report § College Retirement Equities Fund

continued

CREF Equity Index Account
•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.075% of average daily net assets for 2012.
•	The Account’s pro forma management costs (including investment management and administrative costs) are in the 3rd and 2nd quintiles of its Expense Group and Expense Universe, respectively, and its total costs are in the 2nd quintile of its Expense Group and Expense Universe.
•	For the one-, two-, three-, four-, five and ten-year periods, the Account was in the 1st, 2nd, 3rd, 2nd, 3rd and 4th quintiles of its Performance Universe, respectively.
•	For the one-, three-, five- and ten-year periods, the Account’s relative gross performance (meaning the Account’s performance without any reductions for fees or expenses) as compared to its benchmark, the Russell 3000® Index, was +4, +10, +8 and +5 basis points, respectively.
•	The Account received an Overall Morningstar Rating of 3 stars.
CREF Bond Market Account
•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.095% of average daily net assets for 2012.
•	The Account’s pro forma management costs (including investment management and administrative costs) and total costs are in the 1st quintile of its Expense Group and Expense Universe.
•	For the one-, two-, three-, four-, five- and ten-year periods, the Account was in the 1st, 2nd, 5th, 4th, 4th and 3rd quintiles of its Performance Group, respectively. For the one-, two-, three-, four-, five and ten-year periods, the Account was in the 2nd, 2nd, 4th, 4th, 4th and 3rd quintiles of its Performance Universe, respectively.
•	The Account received an Overall Morningstar Rating of 3 stars.
CREF Inflation-Linked Bond Account
•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.095% of average daily net assets for 2012.
•	The Account’s pro forma management costs (including investment management and administrative costs) and total costs are in the 1st quintile of its Expense Group and Expense Universe.
•	For the one-, two-, three-, four-, five- and ten-year periods, the Account was in the 1st, 2nd, 2nd, 2nd, 2nd and 2nd quintiles of its Performance Group, respectively. For the one-, two-, three-, four-, five and ten-year periods, the Account was in the 1st, 2nd, 2nd, 2nd, 2nd and 1st quintiles of its Performance Universe, respectively.
•	The Account received an Overall Morningstar Rating of 3 stars.

College Retirement Equities Fund § 2012 Semiannual Report 101

Board renewal of the investment
management agreement (unaudited) concluded

CREF Social Choice Account
•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.105% of average daily net assets for 2012.
•	The Account’s pro forma management costs (including investment management and administrative costs) and total costs are in the 1st quintile of its Expense Group and Expense Universe.
•	For the one-, two-, three-, four-, five- and ten-year periods, the Account was in the 1st, 1st, 2nd, 2nd, 2nd and 2nd quintiles of its Performance Group, respectively. For the one-, two-, three-, four-, five and ten-year periods, the Account was in the 2nd, 1st, 2nd, 2nd, 3rd and 3rd quintiles of its Performance Universe, respectively.
•	The Account received an Overall Morningstar Rating of 3 stars.
CREF Money Market Account
•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.065% of average daily net assets for 2012.
•	The Account’s pro forma management costs (including investment management and administrative costs) and total costs are in the 5th quintile of its Expense Group and Expense Universe.
•	For the one-, two-, three-, four-, five- and ten-year periods, the Account was in the 3rd, 3rd, 4th, 3rd, 3rd and 2nd quintiles of its Performance Group, respectively. For the one-, two-, three-, four-, five and ten-year periods, the Account was in the 3rd, 3rd, 3rd, 3rd, 3rd and 2nd quintiles of its Performance Universe, respectively.
•	These performance results reflect the voluntary waiver of certain expenses to keep the Account’s yield from being negative.
•	Money market accounts are not rated by Morningstar.

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

102 2012 Semiannual Report § College Retirement Equities Fund

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How to reach us

TIAA-CREF website

Account performance, personal account

information and transactions, product

descriptions, and information about

investment choices and income options

tiaa-cref.org

24 hours a day, 7 days a week

Automated telephone service

Check account performance and accumulation

balances, change allocations, transfer funds

and verify credited premiums

800 842-2252

24 hours a day, 7 days a week

National contact center

Retirement saving and planning, income

options and payments, beneficiary services

and tax reporting

800 842-2252

8 a.m. to 10 p.m. ET, Monday–Friday

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

Planning and service center

TIAA-CREF mutual funds

800 223-1200

8 a.m. to 10 p.m. ET, Monday–Friday

Insurance planning center

After-tax annuities and life insurance

For an existing policy or contract

800 223-1200

To apply for a new policy or contract

877 825-0411

8 a.m. to 8 p.m. ET, Monday–Friday

For the hearing- or
speech-impaired

800 842-2755

8 a.m. to 10 p.m. ET, Monday–Friday

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

TIAA-CREF brokerage services

Self-directed brokerage accounts for investing

in stocks, bonds and mutual funds

800 927-3059

8 a.m. to 7 p.m. ET, Monday–Friday

TIAA-CREF Trust Company, FSB

Asset management, trust administration,

estate planning, planned giving and

endowment management

888 842-9001

9 a.m. to 6 p.m. ET, Monday–Friday

Advisor services

888 842-0318

8 a.m. to 7:30 p.m. ET, Monday–Friday

You should carefully consider the investment objectives, risks, charges and expenses of any account before investing. For a prospectus that contains this and other important information, please visit tiaa-cref.org, or call 877 518-9161. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any

banking service or activity, and may lose value. TIAA-CREF Brokerage Services is a division of TIAA-CREF Individual & Institutional Services, LLC. TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Insurance and annuity products are issued by TIAA-CREF Life Insurance Company, New York, NY. TIAA-CREF Trust Company, FSB provides trust services.

©2012 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017-3206.

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Item 2. Code of Ethics.

Not Applicable.

Item 3. Audit Committee Financial Expert.

Not Applicable.

Item 4. Principal Accountant Fees and Services.

Not Applicable.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2012

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
BONDS - 0.0%
CORPORATE BONDS - 0.0%
FOOD & STAPLES RETAILING - 0.0%
$	800	i	Marfrig Alimentos S.A.	1.000	%	07/15/15	$	40
			TOTAL FOOD & STAPLES RETAILING					40
REAL ESTATE - 0.0%
	22,559		Kiwi Income Property Trust	8.950		12/20/14		20
			TOTAL REAL ESTATE					20
			TOTAL CORPORATE BONDS					60
			(Cost $63)
GOVERNMENT BONDS 0.0%
U.S. TREASURY SECURITIES - 0.0%
	300,000		United States Treasury Note	1.750		05/15/22		302
			TOTAL U.S. TREASURY SECURITIES					302
			TOTAL GOVERNMENT BONDS					302
			(Cost $304)
			TOTAL BONDS					362
			(Cost $367)
EQUITY LINKED NOTES - 0.0%
BANKS - 0.0%
	14,899,365	m	Deutsche Bank, First Bank of Nigeria plc	0.000		04/04/18		1,043
			TOTAL BANKS					1,043
			TOTAL EQUITY LINKED NOTES					1,043
			(Cost $1,058)

1

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 99.3%
AUTOMOBILES & COMPONENTS - 1.6%
	99,129		Actron Technology Corp	$	277
	34,200		Aisan Industry Co Ltd		317
	523,922	*	Aisin Seiki Co Ltd		17,514
	103,500	e	Akebono Brake Industry Co Ltd		497
	41,437		Allison Transmission Holdings, Inc		728
	1,235,914	*,e	American Axle & Manufacturing Holdings, Inc		12,965
	109,300	*	Amerigon, Inc (Class A)		1,256
	211,675		Amtek Auto Ltd		405
	359,768		Amtek India Ltd		672
	44,900		APM Automotive Holdings BHD		67
	11,259	*	Asahi India Glass Ltd		12
	21,161		AtlasBX Co Ltd		464
	207,625	e	Autoliv, Inc		11,349
	187,052	*,e	Autoliv, Inc (ADR)		10,234
	71,600		Autometal S.A.		529
	5,249	*	Autoneum Holding AG.		239
	150,293		Bajaj Holdings and Investment Ltd		4,266
	639,515		Bayerische Motoren Werke AG.		46,280
	460		Bayerische Motoren Werke AG. (Preference)		23
	87,562		Bharat Forge Ltd		473
	599,270	*,e	BorgWarner, Inc		39,306
	43,807		Brembo S.p.A.		436
	865,438	e	Bridgestone Corp		19,874
	6,784,200	*,e	Brilliance China Automotive Holdings Ltd		5,996
	724,900	*,e	Byd Co Ltd		1,391
	562,000		Calsonic Kansei Corp		3,058
	2,485,000	e	Chaowei Power Holdings Ltd		1,263
	2,238,513		Cheng Shin Rubber Industry Co Ltd		5,668
	484,000		China Motor Corp		443
	37,756		Cie Automotive Sa		259
	74,468		Compagnie Plastic-Omnium S.A.		1,870
	105,439		Continental AG.		8,789
	296,714	e	Cooper Tire & Rubber Co		5,204
	94,880		Dae Won Kang Up Co Ltd		453
	36,000	e	Daido Metal Co Ltd		388
	607,653	*	Daihatsu Motor Co Ltd		10,638
	1,000,688		Daimler AG. (Reg)		44,970
	917,051		Dana Holding Corp		11,747
	635,581	*,e	Delphi Automotive plc		16,207
	855,578		Denso Corp		29,236
	203,000		Depo Auto Parts Ind Co Ltd		442
	9,600		Dong Ah Tire & Rubber Co Ltd		98
	4,640,500	e	Dongfeng Motor Group Co Ltd		7,253
	17,800		Dongyang Mechatronics Corp		205
	92,491	*,e	Dorman Products, Inc		2,321
	308,900		Double Coin Holdings Ltd		173
	2,274,800		Drb-Hicom BHD		1,822
	70,059	e	Drew Industries, Inc		1,951
	31,000	*,e	Eagle Industry Co Ltd		287
	46,757	e	ElringKlinger AG.		1,116

2

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	38,882		Exedy Corp	$	848
	245,242		Exide Industries Ltd		603
	332,177	*,e	Exide Technologies		1,116
	96,503	e	Faurecia		1,605
	39,200		FCC Co Ltd		658
	793,155		Federal Corp		402
	150,473	*	Federal Mogul Corp (Class A)		1,655
	461,687	e	Fiat S.p.A.		2,328
	146,424		Fleetwood Corp Ltd		1,773
	13,567,734		Ford Motor Co		130,115
	151,608		Ford Otomotiv Sanayi AS		1,376
	57,923	*,e	Fuel Systems Solutions, Inc		967
	936,467		Fuji Heavy Industries Ltd		7,587
	67,797	*,e	Futaba Industrial Co Ltd		356
	5,370,000	e	Geely Automobile Holdings Ltd		1,904
	40,684,487	*	General Motors Co		0	^
	1,948,820	*	General Motors Co		38,431
	24,057,000	*	General Motors Co		0	^
	4,230,271	*,e	General Motors Co		0	^
	26,439,191	*	General Motors Co		0	^
	6,062,000	*	General Motors Co		0	^
	35,983,677	*	General Motors Co		0	^
	7,950,000	*	General Motors Co		0	^
	722,689	*,e	General Motors Co		0	^
	18,507,434	*	General Motors Co		0	^
	85,268,000	*,e	General Motors Co		0	^
	385,996		Gentex Corp		8,056
	4,875,146		GKN plc		13,822
	26,240		Global & Yuasa Battery Co Ltd		1,067
	1,037		Goodyear Lastikleri Turk AS.		32
	660,213	*	Goodyear Tire & Rubber Co		7,797
	7,884		Grammer AG.		138
	2,789,450	e	Great Wall Motor Co Ltd		5,624
	3,278,766		Guangzhou Automobile Group Co Ltd		2,756
	114,160		Halla Climate Control Corp		2,436
	130,460		Hanil E-Wha Co Ltd		1,079
	114,420		Hankook Tire Co Ltd		4,563
	874,157		Harley-Davidson, Inc		39,975
	86,440		Hero Honda Motors Ltd		3,354
	4,200	*	Hiroca Holdings Ltd		15
	2,322,797		Honda Motor Co Ltd		81,055
	72,436		Hu Lane Associate, Inc		122
	17,797		Hudaco Industries Ltd		248
	21,260		Hwa Shin Co Ltd		206
	119,037		Hyundai Mobis		28,854
	300,711		Hyundai Motor Co		61,734
	57,035		Hyundai Motor Co Ltd (2nd Preference)		3,747
	35,000		Hyundai Motor Co Ltd (Preference)		2,048
	29,193		Hyundai Wia Corp		4,361
	250,133		IMMSI S.p.A.		130
	2,057,586		Isuzu Motors Ltd		11,021
	289,500	*	Jinan Qingqi Motorcycle Co		85

3

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,182,925		Johnson Controls, Inc	$	60,489
	355,896	e	Kayaba Industry Co Ltd		1,602
	186,700		Keihin Corp		2,767
	1,412,966		Kenda Rubber Industrial Co Ltd		1,647
	555,670		Kia Motors Corp		36,624
	58,000	e	Kinugawa Rubber Industrial Co Ltd		385
	78,196	*	Koito Manufacturing Co Ltd		1,096
	44,510		Kolao Holdings		545
	72,810	*	Kumho Tire Co, Inc		986
	62,290	e	Landi Renzo S.p.A.		107
	636,290		Lear Corp		24,007
	85,606		Leoni AG.		3,266
	89,698		Linamar Corp		1,737
	400,322	e	Magna International, Inc (Class A)		15,811
	441,879		Mahindra & Mahindra Ltd		5,647
	30,583		Mando Corp		4,565
	145,382	*	Martinrea International, Inc		1,142
	67,923		Maruti Udyog Ltd		1,431
	7,259,842	*,e	Mazda Motor Corp		9,886
	35,240		Metair Investments Ltd		100
	597,696		Michelin (C.G.D.E.) (Class B)		39,105
	1,188,000	e	Minth Group Ltd		1,289
	47,000		Mitsuba Corp		331
	2,408,376	*,e	Mitsubishi Motors Corp		2,429
	190,949	*,e	Modine Manufacturing Co		1,323
	58,860		Motonic Corp		358
	6,168		MRF Ltd		1,114
	27,000		Musashi Seimitsu Industry Co Ltd		518
	508,217		Nan Kang Rubber Tire Co Ltd		713
	2,037		Nexen Corp		111
	41,427		Nexen Tire Corp		737
	319,613		NGK Spark Plug Co Ltd		4,222
	377,696	*	NHK Spring Co Ltd		4,079
	11,800	e	Nidec-Tosok Corp		97
	105,851	e	Nifco, Inc		2,559
	78,000		Nippon Seiki Co Ltd		801
	4,619,404		Nissan Motor Co Ltd		43,865
	94,941		Nissan Shatai Co Ltd		1,010
	47,400		Nissin Kogyo Co Ltd		651
	159,426	*	NOK Corp		3,404
	87,490	e	Nokian Renkaat Oyj		3,324
	848,000	*,m	Norstar Founders Group Ltd		0	^
	24,910		Otokar Otobus Karoseri Sanayi AS		415
	41,000	*	Pacific Industrial Co Ltd		251
	271,848	e	Peugeot S.A.		2,681
	180,127	e	Piaggio & C S.p.A.		451
	248,048	e	Pirelli & C S.p.A.		2,616
	183,300		Plascar Participacoes Industriais S.A.		75
	94,260	e	Porsche AG.		4,689
	411,410		Press Kogyo Co Ltd		2,109
	28,035,500		PT Astra International Tbk		20,668
	2,810,500		PT Gajah Tunggal Tbk		688

4

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,724,250		PT Multistrada Arah Sarana Tbk	$	96
	59,763		Pyeong Hwa Automotive Co Ltd		1,017
	7,958,000		Qingling Motors Co Ltd		1,916
	886,107	e	Renault S.A.		35,384
	116,000		Riken Corp		470
	15,340		S&T Daewoo Co Ltd		273
	55,920		S&T Dynamics Co Ltd		645
	52,563	*,e	SAF-Holland S.A.		296
	155,000		Sanden Corp		549
	27,700		Sanoh Industrial Co Ltd		228
	669,920		Sanyang Industry Co Ltd		437
	24,810		Sejong Industrial Co Ltd		294
	348,000		Selamat Sempurna Tbk PT		75
	22,556		Shiloh Industries, Inc		259
	154,300	*	Showa Corp		1,325
	10,230		SL Corp		191
	7,139	e	Societe Fonciere Financiere et de Participations FFP		229
	59,256	e	Sogefi S.p.A.		145
	475,700		Somboon Advance Technology PCL		422
	132,682	e	Spartan Motors, Inc		695
	1,336,100		Sri Trang Agro-Industry PCL		600
	48,450	*	Ssangyong Motor Co		238
	85,903	e	Standard Motor Products, Inc		1,210
	196,895		Stanley Electric Co Ltd		3,058
	102,322	*,e	Stoneridge, Inc		697
	552,603		Sumitomo Rubber Industries, Inc		7,198
	9,500		Sundram Fasteners Ltd		9
	26,745		Sungwoo Hitech Co Ltd		329
	118,198		Superior Industries International, Inc		1,935
	264,153		Suzuki Motor Corp		5,424
	2,289,653		T RAD Co Ltd		8,015
	56,000		Ta Yih Industrial Co Ltd		107
	24,000		Tachi-S Co Ltd		447
	15,400	*	Taiho Kogyo Co Ltd		195
	42,100	*	Takata Corp		915
	210,400		TAN Chong Motor Holdings BHD		299
	3,050,313		Tata Motors Ltd		13,366
	22,200		Teikoku Piston Ring Co Ltd		371
	312,012	*	Tenneco, Inc		8,368
	197,749	*,e	Tesla Motors, Inc		6,188
	106,762		Thor Industries, Inc		2,926
	2,588,000	e	Tianneng Power International Ltd		1,380
	150,363		Tokai Rika Co Ltd		2,490
	50,500		Tokai Rubber Industries, Inc		552
	758,630		Tong Yang Industry Co Ltd		739
	80,500		Topre Corp		778
	27,273	*	Tower International, Inc		286
	441,000		Toyo Tire & Rubber Co Ltd		1,494
	88,770		Toyoda Gosei Co Ltd		2,046
	59,263	*,e	Toyota Boshoku Corp		720
	169,193		Toyota Industries Corp		4,851
	6,178,037	*	Toyota Motor Corp		249,359

5

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	623,011	*	TRW Automotive Holdings Corp	$	22,902
	106,300		TS Tech Co Ltd		1,949
	14,700		Tube Investments Of India		38
	143,601		Tung Thih Electronic Co Ltd		302
	441,940		TVS Motor Co Ltd		291
	342,990	*	TYC Brother Industrial Co Ltd		138
	3,027,341		UMW Holdings BHD		8,757
	52,000		Unipres Corp		1,359
	151,603	e	Valeo S.A.		6,263
	260,186	*	Visteon Corp		9,757
	186,532		Volkswagen AG.		28,187
	55,490		Volkswagen AG. (Preference)		8,791
	609,680	*	WABCO Holdings, Inc		32,270
	127,634	*,e	Winnebago Industries, Inc		1,301
	2,206,000	e	Xinyi Glass Holdings Co Ltd		1,190
	245,772	e	Yamaha Motor Co Ltd		2,353
	515,000		Yokohama Rubber Co Ltd		3,885
	247,300	e	Yorozu Corp		4,060
	1,113,258		Yulon Motor Co Ltd		1,977
			TOTAL AUTOMOBILES & COMPONENTS		1,635,309
BANKS - 5.9%
	80,243	e	1st Source Corp		1,813
	105,897	*,e	1st United Bancorp, Inc		658
	1,411,030		77 Bank Ltd		5,808
	61,517	*	Aareal Bank AG.		1,014
	386,136		ABSA Group Ltd		6,690
	27,382	e	Access National Corp		359
	652,800		Affin Holdings BHD		689
	42,759,000	e	Agricultural Bank of China		17,318
	9,600		Aichi Bank Ltd		459
	2,411,494		Akbank TAS		8,841
	821,285		Albaraka Turk Katilim Bankasi AS		505
	22,185	e	Alliance Financial Corp		762
	1,281,000		Alliance Financial Group BHD		1,690
	1,083,188	*	Alpha Bank S.A.		1,717
	315,270	*,m	Amagerbanken AS		0	^
	28,900	e	American National Bankshares, Inc		681
	120,911	*,e	Ameris Bancorp		1,523
	36,973	e	Ames National Corp		850
	152,554		Andhra Bank		325
	541,290	*,m	Anglo Irish Bank Corp plc		0	^
	323,000		Aomori Bank Ltd		991
	5,868,884	e	Aozora Bank Ltd		13,976
	161,447	e	Apollo Residential Mortgage		3,113
	48,051	e	Arrow Financial Corp		1,161
	272,387		Associated Banc-Corp		3,593
	378,386	e	Astoria Financial Corp		3,708
	364,741	*	Asya Katilim Bankasi AS		366
	66,448		Attijariwafa Bank		2,548
	4,654,773		Australia & New Zealand Banking Group Ltd		106,036
	319,721		Awa Bank Ltd		2,040

6

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,202,946	e	Banca Carige S.p.A.	$	1,914
	296,359	e	Banca Civica S.A.		590
	13,135,807	e	Banca Intesa S.p.A.		18,695
	3,596,821	e	Banca Intesa S.p.A. RSP		4,095
	7,438,450	e	Banca Monte dei Paschi di Siena S.p.A.		1,854
	635,779		Banca Popolare dell’Emilia Romagna Scrl		3,431
	5,815,020	e	Banca Popolare di Milano		2,767
	444,944		Banca Popolare di Sondrio SCARL		2,715
	41,538	e	Bancfirst Corp		1,741
	153,245		Banche Popolari Unite Scpa		501
	131,600		Banco ABC Brasil S.A.		626
	5,532,181		Banco Bilbao Vizcaya Argentaria S.A.		39,507
	421,541	*,e	Banco BPI S.A.		288
	3,391,946		Banco Bradesco S.A. (Preference)		50,563
	5,251,395	*,e	Banco Comercial Portugues S.A.		653
	53,817		Banco Davivienda S.A.		664
	81,800		Banco Daycoval S.A.		384
	28,852,768		Banco de Chile		4,078
	62,018		Banco de Credito e Inversiones		3,859
	3,016,575		Banco de Oro Universal Bank		4,561
	403,550	e	Banco de Sabadell S.A.		784
	1,337,776		Banco do Brasil S.A.		13,008
	454,381		Banco do Estado do Rio Grande do Sul		3,212
	340,773		Banco Espirito Santo S.A.		233
	157,300		Banco Industrial e Comercial S.A.		446
	3,973,300	*	Banco Itau Holding Financeira S.A.		55,964
	102,433		Banco Latinoamericano de Exportaciones S.A. (Class E)		2,195
	53,700		Banco Panamericano S.A.		136
	48,639		Banco Pine S.A.		308
	315,527	e	Banco Popolare Scarl		424
	198,331	e	Banco Popular Espanol S.A.		449
	1,144,139		Banco Santander Brasil S.A.		8,773
	13,638,280		Banco Santander Central Hispano S.A.		90,221
	82,177,370		Banco Santander Chile S.A.		6,128
	351,892		BanColombia S.A.		5,325
	56,000	e	BanColombia S.A. (ADR)		3,463
	242,975		BanColombia S.A. (Preference)		3,788
	459,994	e	Bancorpsouth, Inc		6,679
	72,500		Bangkok Bank PCL		441
	139,800		Bangkok Bank PCL (ADR)		851
	1,754,300		Bangkok Bank PCL (Foreign)		11,536
	1,344	*	Bank Gospodarki Zywnosciowej S.A.		29
	22,302		Bank Handlowy w Warszawie S.A.		542
	212,262		Bank Hapoalim Ltd		655
	560,599		Bank Leumi Le-Israel		1,370
	235,638		Bank Millennium S.A.		262
	186,298	e	Bank Mutual Corp		822
	2,022,900		Bank of Ayudhya PCL		1,923
	84,669		Bank of Baroda		1,118
	144,869,000		Bank of China Ltd		55,648
	20,879,372	e	Bank of Communications Co Ltd		14,171
	4,116,927		Bank of Cyprus Public Co Ltd		1,468

7

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,155,192	e	Bank of East Asia Ltd	$	4,164
	60,483		Bank of Hawaii Corp		2,779
	144,720		Bank of India		904
	37,816,800	*	Bank of Ireland		4,778
	29,200		Bank of Iwate Ltd		1,182
	895,183		Bank of Kaohsiung		254
	23,933	e	Bank of Kentucky Financial Corp		638
	521,125	e	Bank of Kyoto Ltd		3,948
	27,704	e	Bank of Marin Bancorp		1,025
	3,090	e	Bank of Montreal		171
	994,459	e	Bank of Montreal (Toronto)		54,954
	213,000		Bank of Nagoya Ltd		657
	1,701,507	e	Bank of Nova Scotia		88,142
	35,200		Bank of Okinawa Ltd		1,506
	499,392	e	Bank of Queensland Ltd		3,417
	271,541		Bank of Saga Ltd		675
	107,585		Bank of the Ozarks, Inc		3,236
	2,359,091		Bank of the Philippine Islands		4,195
	92,600		Bank of the Ryukyus Ltd		1,154
	1,242,763		Bank of Yokohama Ltd		5,876
	183,235		Bank Pekao S.A.		8,358
	15,697,000		Bank Rakyat Indonesia		10,751
	95,506	e	BankFinancial Corp		719
	139,908	*,e	Bankia SAU		164
	742,636	e	Bankinter S.A.		2,562
	20,987		BankUnited		495
	81,014		Banner Corp		1,775
	4,632		Banque Cantonale Vaudoise		2,455
	13,532	e	Bar Harbor Bankshares		487
	39,595,138		Barclays plc		101,175
	1,989,574		BB&T Corp		61,378
	303,714	*	BBCN Bancorp, Inc		3,307
	613,004		Bendigo Bank Ltd		4,685
	134,592	*,e	Beneficial Mutual Bancorp, Inc		1,161
	10,811	*,e	Berkshire Bancorp, Inc		95
	81,947	e	Berkshire Hills Bancorp, Inc		1,803
	160,800		BIMB Holdings Bhd		157
	2,612,579		BNP Paribas		100,727
	10,829,037		BOC Hong Kong Holdings Ltd		33,337
	31,101	*,e	BofI Holding, Inc		615
	32,335		BOK Financial Corp		1,882
	285,068		Boston Private Financial Holdings, Inc		2,546
	14,516	*	BRE Bank S.A.		1,298
	34,832	e	Bridge Bancorp, Inc		822
	36,637	*,e	Bridge Capital Holdings		592
	434,188	e	Brookline Bancorp, Inc		3,843
	42,748	e	Bryn Mawr Bank Corp		901
	235,087		BS Financial Group		2,628
	29,823	*	BSB Bancorp, Inc		380
	6,797,296		Bumiputra-Commerce Holdings BHD		16,289
	9,631		C&F Financial Corp		387
	30,715		Camden National Corp		1,125

8

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	836,392	e	Canadian Imperial Bank of Commerce/Canada	$	58,862
	132,676	e	Canadian Western Bank		3,443
	125,430		Canara Bank		935
	46,754	*,e	Cape Bancorp, Inc		388
	30,431	*,e	Capital Bank Corp		69
	72,921	e	Capital City Bank Group, Inc		537
	601,640	e	CapitalSource, Inc		4,043
	65,270		Capitec Bank Holdings Ltd		1,699
	213,996		Capitol Federal Financial		2,542
	113,607	e	Cardinal Financial Corp		1,395
	14,093	*,e	Cascade Bancorp		84
	303,818	e	Cathay General Bancorp		5,016
	51,554	e	Center Bancorp, Inc		580
	105,073	e	Centerstate Banks of Florida, Inc		751
	150,000		Central Bank Of India		222
	119,666	*,e	Central Pacific Financial Corp		1,690
	17,869	e	Century Bancorp, Inc		531
	5,617,890		Chang Hwa Commercial Bank		2,994
	14,590	e	Charter Financial Corp		141
	142,354	e	Chemical Financial Corp		3,061
	982,189		Chiba Bank Ltd		5,900
	48,800	*	Chiba Kogyo Bank Ltd		265
	12,905,000		China Citic Bank		6,671
	131,393,631		China Construction Bank		90,776
	20,755,870		China Development Financial Holding Corp		4,952
	11,251,622	e	China Merchants Bank Co Ltd		21,334
	15,934,300	e	China Minsheng Banking Corp Ltd		14,269
	16,596,422		Chinatrust Financial Holding Co		9,580
	11,106,000	e	Chongqing Rural Commercial Bank		4,532
	112,734		Chugoku Bank Ltd		1,469
	630,005	*,e	CIT Group, Inc		22,453
	59,050		Citizens & Northern Corp		1,125
	164,162	*	Citizens Republic Bancorp, Inc		2,812
	70,917	e	City Holding Co		2,389
	59,987		City National Corp		2,914
	44,129	e	Clifton Savings Bancorp, Inc		459
	47,897	e	CNB Financial Corp		781
	124,583	e	CoBiz, Inc		780
	241,607		Columbia Banking System, Inc		4,547
	83,088	e	Comdirect Bank AG.		751
	431,760		Comerica, Inc		13,259
	144,763		Commerce Bancshares, Inc		5,486
	1,129,679		Commercial International Bank		4,906
	1,139,262	*	Commerzbank AG.		1,935
	2,035,229	e	Commonwealth Bank of Australia		111,459
	179,984	e	Community Bank System, Inc		4,881
	50,396	e	Community Trust Bancorp, Inc		1,688
	11,400		Corp Bank		86
	124,146,023		CorpBanca S.A.		1,567
	654,000	*	Cosmos Bank Taiwan		178
	134,226		Credicorp Ltd (NY)		16,898
	32,543	e	Credit Agricole Nord de France		556

9

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	638,707	e	Credit Agricole S.A.	$	2,818
	205,890		Credito Emiliano S.p.A.		752
	5,725	*	Crescent Financial Bancshares, Inc		26
	484,531	e	Criteria Caixacorp S.A.		1,578
	68,515		Cullen/Frost Bankers, Inc		3,939
	339,046	e	CVB Financial Corp		3,950
	534,600		Dah Sing Banking Group Ltd		487
	321,600		Dah Sing Financial Holdings Ltd		1,007
	733,879		Daishi Bank Ltd		2,207
	131,949	*	Danske Bank AS		1,835
	2,563,803		DBS Group Holdings Ltd		28,319
	59,216		Dena Bank		106
	722,608	*	Development Credit Bank Ltd		558
	33,068		Dewan Housing Finance Corp Ltd		99
	1,520,530	*,e	Dexia		250
	176,280		DGB Financial Group Co Ltd		2,156
	2,090,892		Dhanalakshmi Bank Ltd		2,043
	149,587		Dime Community Bancshares		1,988
	6,669,276		DNB NOR Holding ASA		66,316
	474,505	*,e	Doral Financial Corp		712
	4,948,355		E.Sun Financial Holding Co Ltd		2,562
	75,291	*,e	Eagle Bancorp, Inc		1,186
	1,306,950		East West Bancorp, Inc		30,661
	868,487	*	EFG Eurobank Ergasias S.A.		826
	246,000		Eighteenth Bank Ltd		648
	31,187	*	Encore Bancshares, Inc		643
	23,957	e	Enterprise Bancorp, Inc		393
	84,242	e	Enterprise Financial Services Corp		923
	286,739		Erste Bank der Oesterreichischen Sparkassen AG.		5,446
	51,700	e	ESB Financial Corp		682
	52,551	e	ESSA Bancorp, Inc		567
	74,280	*	EverBank Financial Corp		807
	2,514,136		Far Eastern International Bank		966
	67,946	e	Farmers National Banc Corp		423
	36,096	e	Federal Agricultural Mortgage Corp (Class C)		947
	186,861		Federal Bank Ltd		1,515
	9,316	*	FIBI Holdings Ltd		114
	31,468	e	Fidelity Southern Corp		272
	6,478,503		Fifth Third Bancorp		86,812
	71,729		Financial Institutions, Inc		1,211
	90,162	e	First Bancorp (NC)		802
	284,512	*	First Bancorp (Puerto Rico)		1,127
	37,558	e	First Bancorp, Inc		638
	420,603	e	First Busey Corp		2,031
	78,933	*,e	First California Financial Group, Inc		543
	6,716		First Citizens Bancshares, Inc (Class A)		1,119
	396,692	e	First Commonwealth Financial Corp		2,670
	59,383	e	First Community Bancshares, Inc		857
	83,937	e	First Connecticut Bancorp		1,133
	45,707		First Defiance Financial Corp		782
	9,104	*,e	First Federal Bancshares of Arkansas, Inc		74
	346,814		First Financial Bancorp		5,542

10

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	132,066	e	First Financial Bankshares, Inc	$	4,564
	51,481		First Financial Corp		1,493
	11,031,728		First Financial Holding Co Ltd		6,479
	100,510	e	First Financial Holdings, Inc		1,077
	60,466	*,e	First Financial Northwest, Inc		491
	2,242,383		First Horizon National Corp		19,397
	27,776		First International Bank Of Israel Ltd		274
	86,961	e	First Interstate Bancsystem, Inc		1,238
	101,679	e	First Merchants Corp		1,267
	373,809		First Midwest Bancorp, Inc		4,104
	441,634		First Niagara Financial Group, Inc		3,378
	28,665	e	First of Long Island Corp		830
	39,534	e	First Pactrust Bancorp, Inc		469
	310,277	*	First Republic Bank		10,425
	507,728		FirstMerit Corp		8,388
	111,706	e	Flushing Financial Corp		1,522
	529,553		FNB Corp		5,756
	36,585	*,e	FNB United Corp		475
	54,976		Fox Chase Bancorp, Inc		794
	53,358	*	Franklin Financial Corp		878
	755,350		Fukuoka Financial Group, Inc		2,950
	263,383		Fulton Financial Corp		2,631
	56,240	e	Genworth MI Canada, Inc		1,019
	62,886	e	German American Bancorp, Inc		1,289
	1,135,723	*	Get Bank S.A.		614
	278,358	*	Getin Holding S.A.		146
	276,518		Glacier Bancorp, Inc		4,283
	56,835	e	Great Southern Bancorp, Inc		1,567
	32,511	*,e	Greene County Bancshares, Inc		54
	6,124		Gruh Finance Ltd		79
	997,559		Grupo Aval Acciones y Valores		641
	4,279,589	e	Grupo Financiero Banorte S.A. de C.V.		22,184
	2,864,732	e	Grupo Financiero Inbursa S.A.		6,513
	279,734	*,e	Guaranty Bancorp		590
	410,203		Gunma Bank Ltd		1,941
	455,150		Hachijuni Bank Ltd		2,366
	443,610		Hana Financial Group, Inc		14,181
	337,930		Hancock Holding Co		10,287
	987,877	e	Hang Seng Bank Ltd		13,581
	241,185	*,e	Hanmi Financial Corp		2,528
	2,489,163		HDFC Bank Ltd		25,353
	66,207	e	Heartland Financial USA, Inc		1,589
	109,798	*	Heritage Commerce Corp		714
	61,591	e	Heritage Financial Corp		902
	31,662	e	Heritage Financial Group		407
	73,585	*,e	Heritage Oaks Bancorp		410
	188,000		Higashi-Nippon Bank Ltd		409
	223,331		Higo Bank Ltd		1,187
	4,737	*,e	Hingham Institution for Savings		286
	47,300		Hiroshima Bank Ltd		171
	384,000		Hokkoku Bank Ltd		1,512
	440,000		Hokuetsu Bank Ltd		864

11

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	78,500		Hokuhoku Financial Group, Inc	$	127
	25,681	*,e	Home Bancorp, Inc		440
	95,017	e	Home Bancshares, Inc		2,906
	42,869		Home Capital Group, Inc		1,902
	72,718		Home Federal Bancorp, Inc		763
	50,304	e	Home Loan Servicing Solutions Ltd		674
	18,789	*	HomeStreet, Inc		601
	746,940		Hong Leong Bank BHD		2,933
	187,612		Hong Leong Credit BHD		727
	9,327	e	Horizon Bancorp		245
	1,796,151		Housing Development Finance Corp		21,180
	23,627,113		HSBC Holdings plc		208,198
	6,717,551		Hua Nan Financial Holdings Co Ltd		3,735
	680,917		Hudson City Bancorp, Inc		4,337
	55,482		Hudson Valley Holding Corp		1,004
	11,369,839	e	Huntington Bancshares, Inc		72,767
	510,692		Hyakugo Bank Ltd		2,134
	514,000		Hyakujushi Bank Ltd		2,038
	110,879		IBERIABANK Corp		5,594
	699,623		ICICI Bank Ltd		11,364
	29,576	e	ICICI Bank Ltd (ADR)		959
	96,131	e	Independent Bank Corp		2,808
	44,800		Indian Overseas Bank		67
	139,891,166	e	Industrial & Commercial Bank of China		78,421
	208,900		Industrial Bank of Korea		2,354
	994,879		ING Vysya Bank Ltd		6,562
	199,176		International Bancshares Corp		3,888
	4,357,735		Investimentos Itau S.A. - PR		18,442
	163,920	*	Investors Bancorp, Inc		2,474
	1,015,998	*	Israel Discount Bank Ltd		1,056
	114,569	*,m	Itausa-Investimentos Itau S.A. (ADR)		479
	64,236		Iyo Bank Ltd		513
	13,022		Jammu & Kashmir Bank Ltd		233
	90,464		Jeonbuk Bank		371
	1,000,939		Joyo Bank Ltd		4,555
	683,555		Juroku Bank Ltd		2,218
	93,344	*	Jyske Bank		2,519
	355,000		Kagoshima Bank Ltd		2,151
	346,535		Kansai Urban Banking Corp		445
	175,200		Kanto Tsukuba Bank Ltd		630
	168,595		Karnataka Bank Ltd		286
	12,505	*	Karur Vusya Bank Ltd		96
	473,000		Kasikornbank PCL		2,439
	261,300		Kasikornbank PCL - NVDR		1,347
	1,943,700		Kasikornbank PCL (Foreign)		10,200
	918,414		KB Financial Group, Inc		30,002
	143,739		KBC Groep NV		3,040
	76,556	e	Kearny Financial Corp		742
	975,000		Keiyo Bank Ltd		4,523
	2,093,773		Keycorp		16,206
	34,279		K-Fed Bancorp		507
	537,300		Kiatnakin Bank PCL		613

12

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,218,000	*	King’s Town Bank	$	721
	1,419,000		Kiyo Holdings, Inc		2,067
	28,941		Komercni Banka AS		5,049
	962,130		Korea Exchange Bank		6,894
	3,767,900		Krung Thai Bank PCL		1,928
	101,983	e	Lakeland Bancorp, Inc		1,073
	88,707		Lakeland Financial Corp		2,380
	5,687		Lakshmi Vilas Bank Ltd		8
	69,286		Laurentian Bank of Canada		3,164
	915,363		LIC Housing Finance Ltd		4,453
	23,333	e	Liechtenstein Landesbank		836
	61,557,836	*	Lloyds TSB Group plc		30,072
	161,289	e	M&T Bank Corp		13,318
	92,622		MainSource Financial Group, Inc		1,096
	4,894,808		Malayan Banking BHD		13,463
	1,928,900		Malaysia Building Society		1,395
	2,881,144	*	Marfin Popular Bank Public Co Ltd		309
	213,395		MB Financial, Inc		4,597
	22,542,787		Mega Financial Holding Co Ltd		16,724
	28,992	*,e	Mercantile Bank Corp		535
	23,564	e	Merchants Bancshares, Inc		649
	47,424	*	Meridian Interstate Bancorp, Inc		660
	58,579	*,e	MetroCorp Bancshares, Inc		625
	1,783,871		Metropolitan Bank & Trust		3,937
	785,985	*,e	MGIC Investment Corp		2,264
	19,460	e	Middleburg Financial Corp		331
	30,637	e	Midsouth Bancorp, Inc		431
	23,606	e	MidWestOne Financial Group, Inc		508
	128,000		Mie Bank Ltd		286
	393,000		Minato Bank Ltd		673
	27,546,964		Mitsubishi UFJ Financial Group, Inc		131,974
	6,399,097		Mitsui Trust Holdings, Inc		19,124
	318,000		Miyazaki Bank Ltd		800
	209,524		Mizrahi Tefahot Bank Ltd		1,635
	31,690,743		Mizuho Financial Group, Inc		53,533
	62,426		Musashino Bank Ltd		1,838
	494,928		Nanto Bank Ltd		2,170
	15,196	*,e	NASB Financial, Inc		302
	2,827,385		National Australia Bank Ltd		68,868
	390,873	e	National Bank of Canada		27,938
	1,500,384	*	National Bank of Greece S.A.		2,633
	38,484	e	National Bankshares, Inc		1,159
	632,125		National Penn Bancshares, Inc		6,049
	102,768		National Societe Generale Bank SAE		499
	85,948	*	Nationstar Mortgage Holdings, Inc		1,850
	614,868		Natixis		1,656
	158,341	e	NBT Bancorp, Inc		3,419
	524,476		Nedbank Group Ltd		11,186
	568,338	e	New York Community Bancorp, Inc		7,121
	188,829		Nishi-Nippon City Bank Ltd		458
	125,452	*,f	NOMOS-BANK (GDR) (purchased 04/19/11, cost $1,820)		1,510

13

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	724,415		Nordea Bank AB	$	6,243
	64,077	e	Northfield Bancorp, Inc		910
	23,797		Northrim BanCorp, Inc		511
	365,004		Northwest Bancshares, Inc		4,274
	48,759	e	OceanFirst Financial Corp		700
	756,013	*	Ocwen Financial Corp		14,198
	481,000		Ogaki Kyoritsu Bank Ltd		1,626
	373,000		Oita Bank Ltd		1,218
	358,008		Old National Bancorp		4,300
	41,596	*,e	OmniAmerican Bancorp, Inc		891
	159,128	e	Oriental Financial Group, Inc		1,763
	288,999		Oritani Financial Corp		4,159
	255,326		OTP Bank		4,060
	1,611,551		Oversea-Chinese Banking Corp		11,269
	18,619	*,e	Pacific Capital Bancorp		851
	67,144		Pacific Continental Corp		596
	39,572	*,e	Pacific Mercantile Bancorp		273
	194,281	e	PacWest Bancorp		4,599
	690,127		Paragon Group of Cos plc		1,809
	11,100		Parana Banco S.A.		71
	43,392	e	Park National Corp		3,027
	126,846	*	Park Sterling Bank		597
	30,519	e	Peapack Gladstone Financial Corp		473
	17,954	e	Penns Woods Bancorp, Inc		715
	75,021	*	Pennsylvania Commerce Bancorp, Inc		902
	57,131	e	Peoples Bancorp, Inc		1,256
	23,163	*,e	Peoples Federal Bancshares, Inc		387
	482,276	e	People’s United Financial, Inc		5,599
	429,240	*	Philippine National Bank		740
	796,339		Piccolo Credito Valtellinese Scarl		1,179
	128,677	*,e	Pinnacle Financial Partners, Inc		2,510
	2,935,548	*	Piraeus Bank S.A.		961
	1,538,905		PNC Financial Services Group, Inc		94,042
	123,417	*,e	Popular, Inc		2,050
	1,272,777		Powszechna Kasa Oszczednosci Bank Polski S.A.		13,263
	43,527	*,e	Preferred Bank		581
	248,099		PrivateBancorp, Inc		3,662
	226,318		Prosperity Bancshares, Inc		9,512
	30,331		Provident Financial Holdings, Inc		350
	235,245	e	Provident Financial Services, Inc		3,611
	150,190	e	Provident New York Bancorp		1,140
	13,267,500		PT Bank Bukopin Tbk		900
	14,827,500		PT Bank Central Asia Tbk		11,597
	4,237,735		PT Bank Danamon Indonesia Tbk		2,722
	14,716,000		PT Bank Jabar Banten Tbk		1,458
	14,433,348		PT Bank Mandiri Persero Tbk		11,199
	13,020,550		PT Bank Negara Indonesia		5,354
	6,481,000		PT Bank Tabungan Negara Tbk		900
	78,946		Public Bank BHD		343
	1,693,211		Public Bank BHD (Foreign)		7,359
	18,510		Punjab & Sind Bank		23
	722,477	e	Radian Group, Inc		2,377

14

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	133,615	e	Raiffeisen International Bank Holding AG.	$	4,375
	11,794,868		Regions Financial Corp		79,615
	114,956		Renasant Corp		1,806
	64,716	e	Republic Bancorp, Inc (Class A)		1,440
	2,023,140		Resona Holdings, Inc		8,334
	807,480		RHB Capital BHD		1,891
	673,800		Rizal Commercial Banking Corp		705
	117,947		Rockville Financial, Inc		1,365
	40,928	e	Roma Financial Corp		349
	5,200	*,m	Roskilde Bank		0	^
	135,601	e	Royal Bank of Canada		6,945
	2,313,328	e	Royal Bank of Canada (Toronto)		118,518
	8,843,526	*	Royal Bank of Scotland Group plc		29,956
	161,067	e	S&T Bancorp, Inc		2,975
	46,138	e	S.Y. Bancorp, Inc		1,105
	86,727		Sandy Spring Bancorp, Inc		1,561
	212,000		San-In Godo Bank Ltd		1,495
	428,700		Sapporo Hokuyo Holdings, Inc		1,329
	4,340,639		Sberbank of Russian Federation (ADR)		46,971
	76,365	e	SCBT Financial Corp		2,692
	302,925	*,e	Seacoast Banking Corp of Florida		457
	567,616		Security Bank Corp		1,929
	774,388		Sekerbank TAS		438
	1,634,400	e	Senshu Ikeda Holdings, Inc		2,197
	292,500		Seven Bank Ltd		751
	487,000		Shiga Bank Ltd		2,666
	806,962		Shinhan Financial Group Co Ltd		28,290
	4,534,823		Shinsei Bank Ltd		5,517
	1,286,559		Shizuoka Bank Ltd		13,238
	39,112		SI Financial Group, Inc		450
	2,198,300		Siam Commercial Bank PCL		10,287
	62,471	e	Sierra Bancorp		618
	146,615	*	Signature Bank		8,939
	92,843	e	Simmons First National Corp (Class A)		2,159
	7,997,820		SinoPac Financial Holdings Co Ltd		3,032
	3,495,289		Skandinaviska Enskilda Banken AB (Class A)		22,700
	1,023,901		Societe Generale		24,010
	73,750	e	Southside Bancshares, Inc		1,658
	117,574	*,e	Southwest Bancorp, Inc		1,106
	220,447	e	Sparebanken Midt-Norge		1,190
	3,945		St Galler Kantonalbank		1,392
	1,821,601		Standard Bank Group Ltd		24,694
	6,103,893		Standard Chartered plc		132,595
	85,574	e	Standard Chartered plc (Hong Kong)		1,905
	144,230	*	State Bank & Trust Co		2,187
	10,927		State Bank of Bikaner & Jaip		76
	78,347		State Bank of India Ltd		3,056
	77,487	f	State Bank of India Ltd (GDR) (purchased 10/19/10, cost $6,297)		6,028
	2,543		State Bank of Travancore		24
	119,171		StellarOne Corp		1,487
	165,920	e	Sterling Bancorp		1,656

15

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	101,013	*,e	Sterling Financial Corp	$	1,908
	42,007	*	Suffolk Bancorp		545
	2,971,871		Sumitomo Mitsui Financial Group, Inc		98,175
	156,544	*,e	Sun Bancorp, Inc		423
	1,947,424		SunTrust Banks, Inc		47,186
	466,678		Suruga Bank Ltd		4,780
	798,195		Susquehanna Bancshares, Inc		8,221
	70,651	*	SVB Financial Group		4,149
	796,568		Svenska Handelsbanken (A Shares)		26,188
	2,317,975		Swedbank AB (A Shares)		36,517
	91,803		Sydbank AS		1,488
	181,279		Syndicate Bank		350
	1,970,397	e	Synovus Financial Corp		3,901
	2,137,800	*	Ta Chong Bank Co Ltd		666
	2,048,762	*	Taichung Commercial Bank		649
	7,009,111		Taishin Financial Holdings Co Ltd		2,712
	3,640,453	*	Taiwan Business Bank		1,059
	5,719,273	*	Taiwan Cooperative Financial Holding		3,402
	58,454	*,e	Taylor Capital Group, Inc		958
	3,194,278		TCF Financial Corp		36,670
	61,662		Territorial Bancorp, Inc		1,404
	226,875	*	Texas Capital Bancshares, Inc		9,163
	97,781	*	TFS Financial Corp		934
	1,342,800		Thanachart Capital PCL		1,227
	171,099	*	The Bancorp, Inc		1,617
	1,032,100		Tisco Bank PCL		1,267
	126,000		Tochigi Bank Ltd		398
	452,000		Toho Bank Ltd		1,278
	41,500		Tokyo Tomin Bank Ltd		417
	219,100		Tomony Holdings, Inc		875
	35,001	e	Tompkins Trustco, Inc		1,319
	1,569,321	e	Toronto-Dominion Bank		122,820
	491,000		Towa Bank Ltd		488
	98,659	e	TowneBank		1,381
	14,311	*	Tree.com, Inc		164
	74,168	e	Trico Bancshares		1,142
	532,886	e	Trustco Bank Corp NY		2,910
	238,689		Trustmark Corp		5,843
	5,158,387		Turkiye Garanti Bankasi AS		20,306
	1,030,730		Turkiye Halk Bankasi AS		8,087
	2,126,490		Turkiye Is Bankasi (Series C)		5,662
	1,571,255		Turkiye Sinai Kalkinma Bankasi AS.		1,603
	929,209		Turkiye Vakiflar Bankasi Tao		1,937
	502,463		UCO Bank		722
	170,806	e	UMB Financial Corp		8,750
	553,878	e	Umpqua Holdings Corp		7,289
	3,683,718	*,e	UniCredit S.p.A		13,967
	31,330		Union Bank of Israel		91
	541,000	*	Union Bank Of Taiwan		184
	95,010		Union Bankshares Corp		1,373
	209,577	e	United Bankshares, Inc		5,424
	188,328	*,e	United Community Banks, Inc		1,614

16

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	67,915	e	United Financial Bancorp, Inc	$	977
	1,294,679	e	United Overseas Bank Ltd		19,225
	66,849	e	Univest Corp of Pennsylvania		1,105
	10,997,004		US Bancorp		353,664
	365,742		UTI Bank Ltd		6,729
	23,284		Valiant Holding		2,612
	248,689	e	Valley National Bancorp		2,636
	214,172	e	ViewPoint Financial Group		3,350
	436,660		Vijaya Bank		459
	105,849	*,e	Virginia Commerce Bancorp		892
	2,183,540	f	VTB Bank OJSC (GDR) (purchased 10/19/10, cost $13,806)		7,756
	50,785	*,e	Walker & Dunlop, Inc		653
	66,180		Washington Banking Co		920
	140,663		Washington Federal, Inc		2,376
	56,861	e	Washington Trust Bancorp, Inc		1,386
	18,764	*,e	Waterstone Financial, Inc		71
	289,165		Webster Financial Corp		6,263
	27,766,643		Wells Fargo & Co		928,517
	89,672	e	WesBanco, Inc		1,906
	74,830	e	West Bancorporation, Inc		712
	83,347	*	West Coast Bancorp		1,638
	105,089	e	Westamerica Bancorporation		4,959
	355,396	*,e	Western Alliance Bancorp		3,326
	138,169	e	Westfield Financial, Inc		1,009
	4,441,042	e	Westpac Banking Corp		96,976
	421,284	*,e	Wilshire Bancorp, Inc		2,309
	173,898	e	Wing Hang Bank Ltd		1,691
	177,329	e	Wintrust Financial Corp		6,295
	680,670		Woori Finance Holdings Co Ltd		7,503
	38,334		WSFS Financial Corp		1,549
	29,600		Yachiyo Bank Ltd		578
	235,000		Yamagata Bank Ltd		1,001
	83,905		Yamaguchi Financial Group, Inc		740
	314,000		Yamanashi Chuo Bank Ltd		1,231
	1,508,462	*	Yapi ve Kredi Bankasi		3,103
	238,906		Zions Bancorporation		4,640
			TOTAL BANKS		5,979,514
CAPITAL GOODS - 8.1%
	1,392,643		3M Co		124,781
	228,789		A.O. Smith Corp		11,185
	458,781	*,e	A123 Systems, Inc		578
	131,929		Aalberts Industries NV		2,054
	70,749	e	Aaon, Inc		1,334
	148,024	e	AAR Corp		1,995
	670,972		ABB Ltd		10,956
	180,711	e	Abengoa S.A.		2,395
	40,001		ABG Shipyard Ltd		272
	3,774,322		Aboitiz Equity Ventures Inc		4,404
	547,000		AcBel Polytech, Inc		316
	225,057	*,e	Accuride Corp		1,350

17

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	199,000		ACES Electronic Co Ltd	$	278
	108,986		Aceto Corp		984
	102,629	e	ACS Actividades Cons y Servicios S.A.		2,198
	142,970		Acter Co Ltd		597
	301,592		Actuant Corp (Class A)		8,191
	211,551	e	Acuity Brands, Inc		10,770
	274,488		Adani Enterprises Ltd		1,103
	45,276		Aditya Birla Nuvo Ltd		656
	168,000		Advan Co Ltd		1,711
	49,000		Advanced Ceramic X Corp		148
	445,766	*	Aecom Technology Corp		7,333
	174,287		Aecon Group, Inc		2,020
	147,125	*,e	Aegion Corp		2,632
	101,161	*,e	Aerovironment, Inc		2,662
	20,168		AFG Arbonia-Forster Hldg		366
	15,100	e	AG Growth International Inc		544
	1,122,518	*,e	AGCO Corp		51,333
	129,999		Aica Kogyo Co Ltd		1,956
	40,500		Aichi Corp		182
	162,500		Aida Engineering Ltd		1,022
	120,037	*,e	Air Lease Corp		2,328
	209,595	e	Aircastle Ltd		2,526
	83,000	*	Airtac International Group		478
	126,857	*	Akfen Holding AS.		656
	33,732	e	Alamo Group, Inc		1,058
	226,239		Alarko Holding AS		512
	105,277	e	Albany International Corp (Class A)		1,970
	184,519	e	Alesco Corp Ltd		370
	277,191		Alfa Laval AB		4,750
	888,174	e	Alfa S.A. de C.V. (Class A)		14,198
	5,944,400		Alliance Global Group, Inc		1,641
	156,087		Alliant Techsystems, Inc		7,893
	28,092		Allied Electronics Corp Ltd		79
	164,679		Allied Electronics Corp Ltd (Preference)		453
	24,862		Alstom Projects India Ltd		176
	266,157	e	Alstom RGPT		8,421
	41,890		Alstom T&D India Ltd		147
	100,465	e	Altra Holdings, Inc		1,585
	1,498,025		Amada Co Ltd		8,864
	129,400		Amano Corp		1,103
	3,104		Amara Raja Batteries Ltd		17
	74,959	*,e	Ameresco, Inc		894
	47,295	*,e	American Railcar Industries, Inc		1,282
	58,075	e	American Science & Engineering, Inc		3,278
	158,081	*,e	American Superconductor Corp		743
	47,734	e	American Woodmark Corp		816
	774,605		Ametek, Inc		38,660
	50,228		Ampco-Pittsburgh Corp		921
	34,000	*	Amrep Corp		0	^
	255,000		Amtek Engineering Ltd		126
	12,963		Andritz AG.		667

18

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,360,000	*	Apac Resources Ltd	$	125
	119,799	*,e	API Technologies Corp		441
	107,253		Apogee Enterprises, Inc		1,723
	218,551		Applied Industrial Technologies, Inc		8,054
	71,878	e	Arcadis NV		1,572
	54,505	e	Argan, Inc		762
	58,183		Armstrong World Industries, Inc		2,860
	379,772	*,e	ArvinMeritor, Inc		1,982
	73,200		Asahi Diamond Industrial Co Ltd		841
	1,983,205	e	Asahi Glass Co Ltd		13,379
	84,626		Aselsan Elektronik Sanayi Ve Ticaret AS		526
	1,971,286		Ashok Leyland Ltd		884
	1,308,543		Ashtead Group plc		5,341
	1,189,506		Assa Abloy AB (Class B)		33,218
	204,680		Astaldi S.p.A.		1,302
	74,439	*,e	Astec Industries, Inc		2,284
	43,418	*	Astronics Corp		1,226
	321,016		Asunaro Aoki Construction Co Ltd		1,641
	335,566		Atlas Copco AB (A Shares)		7,222
	83,006		Atlas Copco AB (B Shares)		1,582
	108,119	*	ATS Automation Tooling Systems, Inc		992
	670,341		Ausdrill Ltd		2,376
	110,245	e	Ausenco Ltd		408
	1,253,451		Austal Ltd		2,089
	57,652	e	Austin Engineering Ltd		256
	546,591		Aveng Ltd		2,395
	3,304,000	e	AviChina Industry & Technology Co		1,100
	51,446		AZZ, Inc		3,152
	33,087		B&B Tools AB		265
	411,802	*	Babcock & Wilcox Co		10,089
	6,653,399		BAE Systems plc		30,164
	1,259,018		Balfour Beatty plc		5,887
	172,121		Bando Chemical Industries Ltd		652
	226,000		Baoye Group Co Ltd		107
	298,442		Barloworld Ltd		2,959
	224,304		Barnes Group, Inc		5,448
	122,565		Basil Read Holdings Ltd		184
	8,405	e	Bauer AG.		200
	16,802	e	BayWa AG.		616
	649,331	*	BE Aerospace, Inc		28,350
	51,554	e	BE Group AB		145
	57	*	Beacon Power Corp		0	^
	169,681	*,e	Beacon Roofing Supply, Inc		4,279
	945,900		Beijing Enterprises Holdings Ltd		5,707
	59,448	e	Bekaert S.A.		1,473
	249,765		Belden CDT, Inc		8,330
	7,321		BEML Ltd		50
	242,800		Benalec Holdings BHD		89
	1,880,300		Berjaya Corp BHD		468
	801,000		BES Engineering Corp		194
	528,759		Besalco S.A.		940
	1,284,734		Bharat Heavy Electricals		5,402

19

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	10,415		BHI Co Ltd	$	230
	546,484		Bidvest Group Ltd		12,203
	91,838	e	Bird Construction Income Fund		1,285
	181,220	*,e	Blount International, Inc		2,655
	3,000		Blue Star Ltd		9
	58,459	*,e	Bluelinx Holdings, Inc		137
	587,825		Boart Longyear Group		1,752
	12,265	*	Bobst Group AG.		337
	599,033		Bodycote plc		3,131
	5,290,494		Boeing Co		393,084
	968,000		Boer Power Holdings Ltd		327
	1,966,824	e	Bombardier, Inc		7,766
	166,122		Boskalis Westminster		5,482
	6,040		Bossard Holding AG.		787
	205,455	e	Bouygues S.A.		5,513
	220,739	e	Bradken Ltd		1,186
	226,366		Brady Corp (Class A)		6,227
	69,836	e	Brenntag AG.		7,729
	246,065	e	Briggs & Stratton Corp		4,304
	19,000		Bucher Industries AG.		3,035
	16,806		Budimex S.A.		277
	180,824	*,e	Builders FirstSource, Inc		857
	112,000		Bunka Shutter Co Ltd		484
	423,730		Bunzl plc		6,926
	55,521		Burckhardt Compression Holding AG.		14,261
	963,904		CAE, Inc		9,364
	45,867	*,e	CAI International, Inc		912
	1,045,441	*,e	Capstone Turbine Corp		1,056
	36,289		Carbone Lorraine		909
	206,987	e	Cardno Ltd		1,614
	57,564	e	Cargotec Corp (B Shares)		1,323
	596,171		Carillion plc		2,583
	329,737		Carlisle Cos, Inc		17,483
	34,080	e	Cascade Corp		1,603
	3,064,173		Caterpillar, Inc		260,179
	101,900		CB Industrial Product Holding BHD		82
	887,000		Central Glass Co Ltd		3,447
	9,491	e	CENTROTEC Sustainable AG.		156
	95,917		Ceradyne, Inc		2,460
	123,517	*	Cersanit Krasnystaw S.A.		94
	97,000		Champion Building Materials Co Ltd		36
	218,500		Changchai Co Ltd		95
	5,122,299	e	Changsha Zoomlion Heavy Industry Science and Technology Development Co Ltd		6,588
	120,459	*	Chart Industries, Inc		8,283
	260,372		Chemring Group plc		1,121
	348,000		Chen Hsong Holdings		104
	212,000	*	Chengdu Putian Telecom Cable Co Ltd		19
	1,284,954		Chicago Bridge & Iron Co NV		48,777
	1,104,350		Chien Kuo Construction Co Ltd		505
	819,000	e	China Automation Group Ltd		197
	8,303,000	e	China Communications Construction Co Ltd		7,370

20

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,804,000	*	China Daye Non-Ferrous Metals Mining Ltd	$	264
	570,000		China Electric Manufacturing Corp		388
	3,854,000	*	China Energine International Holdings Ltd		116
	531,050	*	China Fangda Group Co Ltd		162
	1,566,000	e	China High Speed Transmission Equipment Group Co Ltd		492
	2,081,012		China International Marine Containers Co Ltd (Class B)		2,661
	403,000	e	China National Materials Co Ltd		126
	4,450,000	e	China Railway Construction Corp		3,731
	8,102,000	e	China Railway Group Ltd		3,421
	562,400		China Singyes Solar Technologies Holdings Ltd		212
	9,971,500	e	China South Locomotive and Rolling Stock Corp		7,827
	2,494,000	e	China State Construction International Holdings Ltd		2,367
	145,000		China Steel Structure Co Ltd		151
	182,380	*	China Textile Machinery		80
	494,000		Chip Eng Seng Corp Ltd		157
	297,928	e	Chiyoda Corp		3,650
	14,600	*	Chiyoda Integre Co Ltd		167
	5,840,000		Chongqing Machinery & Electric Co Ltd		795
	2,463		Chosun Refractories Co Ltd		130
	36,000		Chudenko Corp		365
	94,989		Chugai Ro Co Ltd		293
	1,374,000		Chung Hsin Electric & Machinery Manufacturing Corp		779
	25,300		Churchill Corp		298
	662,796		Cintra Concesiones de Infraestructuras de Transporte S.A.		7,475
	548,239	e	CIR-Compagnie Industriali Riunite S.p.A.		541
	65,709	e	CIRCOR International, Inc		2,240
	2,825,814	e	Citic Pacific Ltd		4,313
	10,157,000	*	Citic Resources Holdings Ltd		1,688
	42,099		CJ Corp		2,957
	103,100		CKD Corp		719
	160,753		Clal Industries and Investments		474
	243,203	e	Clarcor, Inc		11,713
	346,736		Clough Ltd		265
	310,191	*	CNH Global NV		12,054
	708,466		Coastal Contracts BHD		423
	4,321,233		Cobham plc		15,743
	459,368		Cofide S.p.A.		216
	34,935	e	Coleman Cable, Inc		304
	71,625	*,e	Colfax Corp		1,975
	110,297	*,e	Columbus McKinnon Corp		1,664
	194,405	e	Comfort Systems USA, Inc		1,948
	103,466	*,e	Commercial Vehicle Group, Inc		892
	1,659,216		Compagnie de Saint-Gobain		61,307
	7,985		Compagnie d’Entreprises CFE		425
	179,100		COMSYS Holdings Corp		2,107
	55,224		Concentric AB		412
	4,752		Construcciones y Auxiliar de Ferrocarriles S.A.		2,209
	1,081,000		Continental Engineering Corp		381
	715,191		Cookson Group plc		6,618
	481,133	e	Cooper Industries plc		32,804

21

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,019,131	e	Cosco Corp Singapore Ltd	$	800
	1,452,000	e	Cosco International Holdings Ltd		560
	26,885		Cosel Co Ltd		377
	91,657	e	Costain Group plc		307
	14,203	*	CPI Aerostructures, Inc		156
	35,858	e	Cramo Oyj (Series B)		449
	80,941		Crane Co		2,945
	820,541		Crompton Greaves Ltd		1,792
	1,053,000		CSBC Corp Taiwan		827
	678,922	e	CSR Ltd		980
	684,000		CTCI Corp		1,281
	129,604		Cubic Corp		6,231
	996,920		Cummins, Inc		96,612
	207,146		Curtiss-Wright Corp		6,432
	661,000		DA CIN Construction Co Ltd		442
	47,178		Daelim Industrial Co		3,771
	126,215	*	Daewoo Engineering & Construction Co Ltd		976
	47,138		Daewoo International Corp		1,370
	134,731		Daewoo Shipbuilding & Marine Engineering Co Ltd		3,136
	293,000		Daifuku Co Ltd		1,846
	134,641		Daihen Corp		457
	121,280		Daiichi Jitsugyo Co Ltd		608
	587,722		Daikin Industries Ltd		16,552
	69,000		Daiwa Industries Ltd		331
	190,200		Dalian Refrigeration Co Ltd		108
	2,490,529		Danaher Corp		129,707
	42,911	e	Danieli & Co S.p.A.		895
	108,870		Danieli & Co S.p.A. (RSP)		1,244
	185,825		DCC plc		4,307
	94,237	*	Deceuninck NV		103
	133,322		Decmil Group Ltd		366
	788,980		Deere & Co		63,805
	9,303		Delek Group Ltd		1,385
	53,600		Denyo Co Ltd		685
	105,282	*	Deutz AG.		536
	2,813,850		Dialog Group BHD		2,098
	3,160,000	*	Dickson Group Holdings Ltd		36
	130,942	*	DigitalGlobe, Inc		1,985
	34,306		Discount Investment Corp		57
	1,601,030		DMCI Holdings, Inc		2,175
	738,308	*	Dogan Sirketler Grubu Holdings		328
	4,470		Dohwa Consulting Engineers Co Ltd		38
	321,576		Donaldson Co, Inc		10,731
	8,330		Dong Yang Gang Chul Co Ltd		18
	520,800	e	Dongfang Electric Co Ltd		1,068
	26,169		Dongkuk Structures & Construction Co Ltd		87
	28,486		Doosan Corp		3,257
	24,330	*	Doosan Engine Co Ltd		229
	63,843		Doosan Heavy Industries and Construction Co Ltd		3,243
	137,810	*	Doosan Infracore Co Ltd		2,245
	126,054	e	Douglas Dynamics, Inc		1,796
	502,929		Dover Corp		26,962

22

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	47,588		Duerr AG.	$	2,936
	144,057	e	Duro Felguera S.A.		792
	54,618	*,e	DXP Enterprises, Inc		2,266
	139,264	*,e	Dycom Industries, Inc		2,592
	71,194	e	Dynamic Materials Corp		1,234
	297,000		Dynapack International Technology Corp		1,633
	423,900		Dynasty Ceramic PCL		687
	1,687		e Tec E&C Ltd		59
	22,868	e	Eastern Co		369
	1,070,145	e	Eaton Corp		42,410
	531,828		Ebara Corp		2,059
	15,696		Eczacibasi Yatirim Holding		59
	56,447	*,e	Edgen Group, Inc		424
	640,472	*	Edwards Group Ltd (ADR)		5,098
	3,287		Eicher Motors Ltd		118
	91,799		Eiffage S.A.		2,967
	19,123		Elbit Systems Ltd		659
	2,620		Electra Israel Ltd		197
	18,143		Electrosteel Castings Ltd		6
	323,669		EMCOR Group, Inc		9,004
	1,764,731		Emeco Holdings Ltd		1,594
	2,426,687		Emerson Electric Co		113,035
	1,087,445		Empresa Brasileira de Aeronautica S.A.		7,233
	603,479		Empresas COPEC S.A.		8,906
	1,726,500	*,e	Empresas ICA Sociedad Controladora S.A. de C.V.		3,032
	68,970	e	Encore Wire Corp		1,847
	208,279	*,e	Energy Recovery, Inc		500
	261,579	*	EnerSys		9,174
	50,943		ENG Electric Co Ltd		90
	2,835,754		Engineers India Ltd		11,341
	1,051,925		Enka Insaat ve Sanayi AS		2,827
	20,028	*,e	Enphase Energy, Inc		125
	79,840	*,e	EnPro Industries, Inc		2,984
	96,000		Enric Energy Equipment Holdings Ltd		52
	148,300	e	ESCO Technologies, Inc		5,404
	169,862		Escorts Ltd		210
	125,952	*	Esterline Technologies Corp		7,853
	95,300		Eucatex S.A. Industria e Comercio		339
	1,308,771	e	European Aeronautic Defence and Space Co		46,449
	1,336,000		EVA Precision Industrial Holdings Ltd		110
	228,830		Exelis, Inc		2,256
	48,131		Fabryka Kotlow Rafako S.A.		106
	7,419		Faiveley S.A.		395
	205,803	*	Fanuc Ltd		33,830
	7,044,226		Far Eastern Textile Co Ltd		7,491
	814,137	e	Fastenal Co		32,818
	255,593	*,e	Federal Signal Corp		1,493
	612,659		Fenner plc		3,474
	1,605,189		Ferreyros S.A.		1,373
	2,205,796		FIAT Industrial S.p.A.		21,712

23

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	370,411	e	Finmeccanica S.p.A.	$	1,498
	201,278		Finning International, Inc		4,682
	1,180,000	e	First Tractor Co		956
	178,237	*	Flow International Corp		561
	275,242	e	Flowserve Corp		31,584
	79,460	e	FLSmidth & Co AS		4,347
	838,766		Fluor Corp		41,385
	74,737	e	Fomento de Construcciones y Contratas S.A.		956
	141,665	e	Forge Group Ltd		641
	102,179		Forjas Taurus S.A. (Preference)		117
	923,287	*,e	Fortune Brands Home & Security, Inc		20,562
	523,000		Fortune Electric Co Ltd		245
	290,100		Foshan Electrical and Lighting Co Ltd		226
	155,918		Franklin Electric Co, Inc		7,972
	1,227,099		Fraser and Neave Ltd		6,833
	96,125	e	Freightcar America, Inc		2,208
	41,635		Frigoglass S.A.		223
	401,942		FSP Technology, Inc		384
	183,200	*,e	Fudo Tetra Corp		308
	525,266	*,e	FuelCell Energy, Inc		530
	1,122,302	*	Fuji Electric Holdings Co Ltd		2,738
	74,696		Fuji Machine Manufacturing Co Ltd		1,323
	459,978		Fujikura Ltd		1,377
	111,000		Fujitec Co Ltd		708
	143,894	*	Furmanite Corp		699
	413,000	*	Furukawa Co Ltd		371
	854,762	*	Furukawa Electric Co Ltd		2,022
	40,019	*	Futaba Corp/Chiba		625
	306,000		G Shank Enterprise Co Ltd		155
	668,000	*,e	Gallant Venture Ltd		152
	146,051	e	Galliford Try plc		1,448
	272,100	e	Gamesa Corp Tecnologica S.A.		487
	3,109,300		Gamuda BHD		3,453
	122,611		Gardner Denver, Inc		6,487
	111,735		GATX Corp		4,302
	49,918		GEA Group AG.		1,330
	72,532		Geberit AG.		14,309
	517,085	*,e	GenCorp, Inc		3,366
	138,402	*,e	Generac Holdings, Inc		3,330
	124,516	*	General Cable Corp		3,230
	831,999		General Dynamics Corp		54,879
	40,902,270		General Electric Co		852,403
	70,944	*	GeoEye, Inc		1,098
	9,356		Georg Fischer AG.		3,231
	7,479		Gesco AG.		568
	178,961	*,e	Gibraltar Industries, Inc		1,858
	292,221		Giken Seisakusho Co, Inc		1,601
	178,753	e	Gildemeister AG.		2,821
	69,938	e	Global Power Equipment Group, Inc		1,527
	430,000		Globe Union Industrial Corp		286
	82,056		Glory Ltd		1,712
	1,674,323	*	GMR Infrastructure Ltd		760

24

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	388,000		Good Friend International Holdings, Inc	$	170
	442,038		Goodrich Corp		56,095
	54,847	e	Gorman-Rupp Co		1,634
	165,882		Graco, Inc		7,644
	303,745	*	GrafTech International Ltd		2,931
	319,651	e	Grafton Group plc		1,133
	41,590	e	Graham Corp		774
	303,765		Grana y Montero S.A.		940
	155,018		Granite Construction, Inc		4,048
	9,950		Graphite India Ltd		16
	215,659		Great Lakes Dredge & Dock Corp		1,536
	22,415		Greaves Cotton Ltd		28
	84,286	*,e	Greenbrier Cos, Inc		1,482
	263,936	e	Griffon Corp		2,265
	58,821	*	Grontmij (ADR)		190
	149,813	e	Group Five Ltd		417
	746,037		Grupo Carso S.A. de C.V. (Series A1)		2,422
	46,711		GS Engineering & Construction Corp		3,158
	10,060		GS Global Corp		111
	125,065	e	GS Yuasa Corp		572
	98,800	e	Guangzhou Shipyard International Co Ltd		70
	312,604	e	GWA International Ltd		676
	147,310	*,e	H&E Equipment Services, Inc		2,214
	1,193,000	e	Haitian International Holdings Ltd		1,189
	55,224	e	Haldex AB		248
	6,670		Halla Engineering & Construction Corp		59
	3,357		Hamon & CIE S.A.		67
	791,688		Hangzhou Steam Turbine Co		815
	39,530	*	Hanjin Heavy Industries & Construction Co Ltd		494
	47,280		Hanjin Heavy Industries & Construction Holdings Co Ltd		300
	497,395		Hanwa Co Ltd		1,895
	734,700		HAP Seng Consolidated BHD		419
	2,078,000		Harbin Power Equipment		1,691
	42,578	e	Hardinge, Inc		387
	10,800	e	Harmonic Drive Systems, Inc		244
	107,975		Harsco Corp		2,201
	204,968		Havells India Ltd		2,156
	12,945	e	Haw Par Corp Ltd		62
	193,914	e	Heico Corp		7,664
	259,276	*,e	Heidelberger Druckmaschinen		362
	167,708		Hellenic Technodomiki Tev S.A.		233
	4,403,800		Hemaraj Land and Development PCL		422
	2,804,000		Henderson Investment Ltd		204
	12,064	*	Hexa Tradex Ltd		8
	382,176	*	Hexcel Corp		9,856
	26,000		Hibiya Engineering Ltd		296
	364,665	e	Hills Industries Ltd		397
	1,195,866		Hindustan Construction Co		442
	501,577	*	Hino Motors Ltd		3,630
	27,000		Hisaka Works Ltd		260
	233,000	*	Hitachi Cable Ltd		517
	247,734	e	Hitachi Construction Machinery Co Ltd		4,679

25

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	68,300		Hitachi Koki Co Ltd	$	574
	1,046,899		Hitachi Zosen Corp		1,283
	241,560		Hiwin Technologies Corp		2,481
	4,838,000		HKC Holdings Ltd		179
	1,201		HNK Machine Tool Co Ltd		17
	5,881		Hochtief AG.		285
	446,735		Hock Seng Lee BHD		224
	11,552		Homag Group AG.		179
	7,590,623		Honeywell International, Inc		423,860
	159,000	e	Hong Leong Asia Ltd		205
	636,387		Hopewell Holdings		1,822
	46,400		Hoshizaki Electric Co Ltd		1,174
	79,000		Hosokawa Micron Corp		416
	75,641	e	Houston Wire & Cable Co		827
	911,000		HUA ENG Wire & Cable		244
	189,400		Huangshi Dongbei Electrical Appliance Co Ltd		123
	92,738		Hubbell, Inc (Class B)		7,228
	22,118		Huber & Suhner AG.		909
	107,409	*	Huntington Ingalls		4,322
	24,717	*	Hurco Cos, Inc		506
	2,673,961		Hutchison Whampoa Ltd		23,194
	17,644		Hy-Lok Corp		324
	26,020		Hyundai Corp		492
	149,766		Hyundai Development Co		3,204
	95,044		Hyundai Engineering & Construction Co Ltd		5,465
	86,542		Hyundai Heavy Industries		19,747
	14,400		Hyundai Mipo Dockyard		1,506
	5,839	*	Hyunjin Materials Co Ltd		39
	61,300		Idec Corp		561
	116,628		IDEX Corp		4,546
	669,019	*	Ihlas Holding		431
	196,461	*	II-VI, Inc		3,275
	1,661,007		IJM Corp BHD		2,643
	31,410		Iljin Electric Co Ltd		121
	2,088,189		Illinois Tool Works, Inc		110,444
	66,180		IMARKETKOREA,Inc		1,227
	153,666		IMI plc		2,007
	28,039		Implenia AG.		881
	389,975	e	Impregilo S.p.A.		1,669
	28,640	*	IMS-Intl Metal Service		301
	103,332	e	Imtech NV		2,467
	38,010		Inaba Denki Sangyo Co Ltd		1,095
	119,837		Inabata & Co Ltd		754
	1,410,212	*,m	Indiabulls Infrastructure and Power Ltd		196
	44,983	e	Indus Holding AG.		1,235
	338,131		Industrea Ltd		449
	6,809		Industria Macchine Automatiche S.p.A.		115
	39,000		Industrias Romi S.A.		116
	25,770		Indutrade AB		706
	996		Ingersoll-Rand India Ltd		9
	2,364,941		Ingersoll-Rand plc		99,753
	68,995	e	Insteel Industries, Inc		769

26

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,925,000	*	Interchina Holdings Co	$	181
	143,148	*	Interline Brands, Inc		3,589
	89,272	e	Interpump Group S.p.A.		679
	307,190		Interserve plc		1,505
	12,963,563		Invensys plc		45,181
	175,500		Iochpe-Maxion S.A.		2,045
	271,886		IRB Infrastructure Developers Ltd		624
	529,000	e	Iseki & Co Ltd		1,357
	296,000		I-Sheng Electric Wire & Cable Co Ltd		443
	7,572,941		Ishikawajima-Harima Heavy Industries Co Ltd		16,198
	1,650,000		Italian-Thai Development PCL		162
	2,953,177		Itochu Corp		31,040
	226,718		ITT Corp		3,990
	687,880		IVRCL Infrastructures & Projects Ltd		657
	496,000		Iwatani International Corp		1,936
	506,578	*	Jacobs Engineering Group, Inc		19,179
	198,102		Jain Irrigation Systems Ltd		297
	9,905	*	Jain Irrigation Systems Ltd (DVR)		7
	1,251,669		Jaiprakash Associates Ltd		1,669
	106,604		Japan Pulp & Paper Co Ltd		373
	405,443		Japan Steel Works Ltd		2,239
	1,322,000	*	Jaya Holdings Ltd		629
	79,000	*	Jenn Feng New Energy Co Ltd		31
	151,000	*	JFE Shoji Trade Corp		670
	944,700		JG Summit Holdings (Series B)		786
	281,294		JGC Corp		8,155
	3,955,000	e	Jiangsu Rongsheng Heavy Industry Group Co Ltd		929
	460,000		Jingwei Textile Machinery		246
	6,772		Jinsung T.E.C.		66
	107,459		John Bean Technologies Corp		1,458
	1,993,000	e	Johnson Electric Holdings Ltd		1,221
	885,728		Joy Global, Inc		50,247
	769,591		JS Group Corp		16,242
	846,477		JTEKT Corp		8,764
	179,000	e	Juki Corp		301
	44,263	e	Jungheinrich AG.		1,290
	9,921	*	JVM Co Ltd		345
	6,649		Kaba Holding AG.		2,526
	88,848	*	Kadant, Inc		2,083
	193,434		Kajima Corp		568
	8,178		Kalpataru Power Transmission Ltd		12
	98,432	e	Kaman Corp		3,045
	125,000	*	Kamei Corp		1,303
	27,000	*	Kanamoto Co Ltd		305
	314,000		Kandenko Co Ltd		1,481
	554,000	*,e	Kanematsu Corp		624
	23,600		Katakura Industries Co Ltd		212
	100,000	e	Kato Works Co Ltd		513
	271,000		Kaulin Manufacturing Co Ltd		201
	1,540,640		Kawasaki Heavy Industries Ltd		4,225
	121,222	e	Kaydon Corp		2,593
	1,260,034		KBR, Inc		31,135

27

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	14,336		KCC Corp	$	3,514
	8,053		KCC Engineering & Construction Co Ltd		184
	66,866	e	KCI Konecranes Oyj		1,758
	10,039		KEC International Ltd		10
	25,000	e	Keihan Electric Railway Co Ltd		120
	89,524		Keller Group plc		506
	10,657		Kendrion NV		227
	185,050		Kenmec Mechanical Engineering Co Ltd		67
	200,440	e	Kennametal, Inc		6,645
	250,107		Kentz Corp Ltd		1,485
	1,589,700	*	Kepler Weber S.A.		182
	3,510,707		Keppel Corp Ltd		28,761
	67,355	*,e	KEYW Holding Corp		676
	46,099	*	KHD Humboldt Wedag International AG.		287
	47,073		Kier Group plc		928
	122,937		Kinden Corp		805
	192,000		King Slide Works Co Ltd		1,093
	171,151		Kingspan Group plc		1,386
	49,000		Kinik Co		69
	50,000		Kinki Sharyo Co Ltd		180
	125,000		Kitz Corp		535
	132,944	e	Kloeckner & Co AG.		1,363
	1,372,265		KOC Holding AS		5,254
	19,790		Kolon Engineering & Construction Co Ltd		80
	1,721,963		Komatsu Ltd		41,106
	4,536		Komax Holding AG.		344
	80,690		Komori Corp		564
	45,213		Kone Oyj (Class B)		2,731
	307,328	e	Koninklijke BAM Groep NV		864
	1,964,398		Koninklijke Philips Electronics NV		38,710
	14,708	*	Koor Industries Ltd		125
	72,525	*	Kopex S.A.		393
	112,930		Korea Aerospace Industries Ltd		2,924
	19,580		Korea Electric Terminal Co Ltd		377
	140,120	*,e	Kratos Defense & Security Solutions, Inc		818
	17,605	e	Krones AG.		889
	112,000	*	KS Energy Services Ltd		76
	235		KSB AG.		125
	436,707		Kubota Corp		4,036
	33,668	*	KUKA AG.		758
	5,000		Kumho Electric Co Ltd		81
	84,761	*	Kumho Industrial Co Ltd		457
	51,010		Kurita Water Industries Ltd		1,180
	85,270		Kuroda Electric Co Ltd		974
	98,200	*	Kyokuto Kaihatsu Kogyo Co Ltd		907
	67,000		Kyosan Electric Manufacturing Co Ltd		286
	111,600		Kyowa Exeo Corp		1,137
	54,000		Kyudenko Corp		333
	363,402		L-3 Communications Holdings, Inc		26,895
	1,074		Lakshmi Machine Works Ltd		31
	2,259,104	*	Lanco Infratech Ltd		613
	453,533		Larsen & Toubro Ltd		11,455

28

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,154	e	Lawson Products, Inc	$	11
	93,965	*	Layne Christensen Co		1,944
	55,772		LB Foster Co (Class A)		1,596
	81,833	e	Legrand S.A.		2,777
	150,945	e	Leighton Holdings Ltd		2,542
	266,755		Lennox International, Inc		12,439
	380,000	e	Leoch International Technology Ltd		68
	159,467		LG Corp		7,746
	13,364		LG Hausys Ltd		773
	67,620		LG International Corp		2,109
	543,851		Lincoln Electric Holdings, Inc		23,815
	80,310		Lindab International AB		496
	47,672	e	Lindsay Manufacturing Co		3,094
	6,718		LISI		398
	36,239	*	LMI Aerospace, Inc		630
	561,989		Lockheed Martin Corp		48,938
	159,000		Longwell Co		164
	3,040,000	e	Lonking Holdings Ltd		735
	1,719,936	*,e	Lonrho plc		180
	23,516		LS Cable Ltd		1,777
	19,425		LS Industrial Systems Co Ltd		1,110
	78,142		LSI Industries, Inc		556
	134,000	*	Luoyang Glass Co Ltd		27
	61,039	*,e	Lydall, Inc		825
	11,460		Mabuchi Motor Co Ltd		457
	174,021	e	MACA Ltd		404
	2,228,010		Macmahon Holdings Ltd		1,327
	345,000		Maeda Corp		1,596
	184,000		Maeda Road Construction Co Ltd		2,307
	156,247		Maire Tecnimont S.p.A.		130
	128,748	e	Makino Milling Machine Co Ltd		786
	170,611	*	Makita Corp		5,985
	489,749		Malaysia Marine and Heavy Engineering Sdn BHD		823
	2,224,300		Malaysian Resources Corp BHD		1,240
	97,080		MAN AG.		9,929
	15,414		Manitou BF S.A.		269
	204,209	e	Manitowoc Co, Inc		2,389
	617,200		Marcopolo S.A.		2,781
	4,293,636		Marubeni Corp		28,608
	3,277,860		Masco Corp		45,464
	212,928	*,e	Mastec, Inc		3,202
	44,000		Max Co Ltd		520
	99,965	*	MAX India Ltd		345
	656,304		Meggitt plc		3,971
	236,000		Meidensha Corp		891
	21,000	*,e	Meiwa Corp		172
	571,207		Melrose plc		3,334
	5,009,000	e	Metallurgical Corp of China Ltd		1,078
	68,352		Metka S.A.		590
	54,877	e	Met-Pro Corp		505
	483,017		Metso Oyj		16,654
	125,999	*,e	Meyer Burger Technology AG.		1,955

29

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	45,414	*	Michael Baker Corp	$	1,185
	70,003		Micron Machinery Co Ltd		1,848
	69,272	*	Middleby Corp		6,900
	74,111	e	Miller Industries, Inc		1,181
	350,500		Mills Estruturas e Servicos de		4,816
	1,352,000	e	Minebea Co Ltd		5,388
	138,900		Miraito Holdings Corp		991
	448,350		Mirle Automation Corp		322
	102,400	e	MISUMI Group, Inc		2,413
	2,641,799		Mitsubishi Corp		53,402
	1,551,190		Mitsubishi Electric Corp		12,978
	3,726,932		Mitsubishi Heavy Industries Ltd		15,151
	109,700		Mitsuboshi Belting Co Ltd		522
	3,400,097		Mitsui & Co Ltd		50,525
	2,411,000		Mitsui Engineering & Shipbuilding Co Ltd		3,475
	707,000	e	Mitsui Matsushima Co Ltd		1,154
	31,600		Miura Co Ltd		841
	3,019,274		MMC Corp BHD		2,492
	1,581,014	e	Monadelphous Group Ltd		35,738
	15,900	*	MonotaRO Co Ltd		354
	177,709	*,e	Moog, Inc (Class A)		7,348
	869,925		Morgan Crucible Co plc		3,805
	70,334		Morgan Sindall plc		654
	130,000	e	Mori Seiki Co Ltd		1,132
	175,770		Mota Engil SGPS S.A.		229
	182,819	*,e	MRC Global, Inc		3,890
	124,082		MSC Industrial Direct Co (Class A)		8,134
	82,640		MTU Aero Engines Holding AG.		6,082
	726,166		Mudajaya Group BHD		629
	3,356		Muehlbauer Holding AG. & Co KGaA		93
	186,165		Mueller Industries, Inc		7,929
	708,929	e	Mueller Water Products, Inc (Class A)		2,453
	591,400		Muhibbah Engineering M BHD		192
	902,504	*,e	Murray & Roberts Holdings Ltd		2,740
	75,214	*,e	MYR Group, Inc		1,283
	46,910		Nabtesco Corp		1,046
	31,395		Nacco Industries, Inc (Class A)		3,650
	217,332		Nachi-Fujikoshi Corp		925
	96,910		Nagarjuna Construction Co		80
	152,000		Nagase & Co Ltd		1,892
	86,500		Namura Shipbuilding Co Ltd		285
	17,191	e	National Presto Industries, Inc		1,199
	3,396		Nava Bharat Ventures Ltd		11
	284,093	*,e	Navistar International Corp		8,060
	8,259		NCC AB		148
	141,881		NCC AB (B Shares)		2,553
	139,485	*	NCI Building Systems, Inc		1,511
	23,200		NEC Capital Solutions Ltd		290
	24,700	e	NEC Networks & System Integration Corp		391
	454,351		Neo-Neon Holdings Ltd		62
	30,704	e	Nexans S.A.		1,191
	219,050		NGK Insulators Ltd		2,426

30

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	115,926	e	Nibe Industrier AB (Series B)	$	1,586
	242,179		Nichias Corp		1,248
	8,000		Nichiden Corp		221
	73,500		Nichiha Corp		816
	37,670		Nidec Corp		2,864
	92,000		Nippo Corp		1,019
	155,000		Nippon Carbon Co Ltd		381
	83,000		Nippon Densetsu Kogyo Co Ltd		829
	128,000		Nippon Koei Co Ltd		455
	188,000		Nippon Road Co Ltd		767
	93,730	e	Nippon Sharyo Ltd		326
	1,210,000	e	Nippon Sheet Glass Co Ltd		1,333
	64,800		Nippon Signal Co Ltd		422
	65,000		Nippon Steel Trading Co Ltd		183
	223,889	e	Nippon Thompson Co Ltd		1,068
	648,000		Nishimatsu Construction Co Ltd		1,242
	18,000		Nishio Rent All Co Ltd		219
	192,000		Nisshinbo Industries, Inc		1,467
	63,000		Nissin Electric Co Ltd		422
	24,300		Nitta Corp		378
	246,000	*,e	Nitto Boseki Co Ltd		771
	36,300		Nitto Kogyo Corp		614
	13,973		Nitto Kohki Co Ltd		286
	24,460		NK Co Ltd		83
	31,000	e	NKT Holding AS		1,007
	59,178	*	NN, Inc		604
	1,063,227		Noble Group Ltd		950
	51,800	*,e	Nordex AG.		195
	314,867		Nordson Corp		16,150
	249,919		Noritake Co Ltd		655
	37,200		Noritz Corp		709
	25,326		NORMA Group		556
	34,745	*,e	Nortek, Inc		1,739
	339,582		Northrop Grumman Corp		21,662
	41,277	*	Northwest Pipe Co		1,001
	256,335		NRW Holdings Ltd		803
	877,482		NSK Ltd		5,686
	3,203,075		NTN Corp		10,083
	2,139,028		NWS Holdings Ltd		3,128
	27,738		Obara Corp		343
	341,809		Obayashi Corp		1,501
	102,391		Obrascon Huarte Lain S.A.		2,118
	648,358		OC Oerlikon Corp AG.		5,388
	4,295		OHB AG.		70
	132,300		Oiles Corp		2,715
	281,641	e	Okuma Holdings, Inc		1,912
	221,000		Okumura Corp		798
	6,089	*,e	Omega Flex, Inc		73
	13,600		Onoken Co Ltd		109
	136,202		Orascom Construction Industries		5,685
	221,242	*,e	Orbital Sciences Corp		2,858
	91,000		Organo Corp		581

31

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	121,674	*,e	Orion Marine Group, Inc	$	847
	137,821		Orkla ASA		1,000
	82,184		Ormat Industries		417
	112,600		OSG Corp		1,620
	119,065	*	Oshkosh Truck Corp		2,494
	1,374,000	e	Otto Marine Ltd		99
	124,827	e	Outotec Oyj		5,703
	3,044,591	*	Owens Corning, Inc		86,893
	805,501		Paccar, Inc		31,568
	463,600	*	Pacific Century Premium Developments Ltd		84
	20,679	e	Palfinger AG.		473
	377,547		Pall Corp		20,693
	5,631,000		Pan-United Corp Ltd		2,572
	1,373,465		Parker Hannifin Corp		105,592
	9,428	*,e	Patrick Industries, Inc		120
	221,257	e	Peab AB (Series B)		1,104
	235,136	e	Pentair, Inc		9,001
	340,500	e	Penta-Ocean Construction Co Ltd		943
	126,038	e	Perini Corp		1,597
	22,505		Pfeiffer Vacuum Technology AG.		2,297
	49,388	*	Pgt, Inc		150
	107,000		Phihong Technology Co Ltd		114
	64,815	*,e	Pike Electric Corp		500
	15,495	*	Pinguely-Haulotte		107
	603,843	*	Pipavav Shipyard Ltd		915
	41,976		Pkc Group Oyj		647
	4,743		Plasson		111
	90,597	*,e	PMFG, Inc		708
	1,580,804		Polimex Mostostal S.A.		358
	896,800		Polyplex PCL		426
	345,502	*,e	Polypore International, Inc		13,955
	13,910		Ponsse Oy		120
	31,577	*	Powell Industries, Inc		1,180
	16,050		Powercom Co Ltd		8
	215,931		Praj Industries Ltd		229
	1,140,324		Precision Castparts Corp		187,572
	11,288		Preformed Line Products Co		654
	220,923		Primoris Services Corp		2,651
	3,440,000		Prosperity International Holdings HK Ltd		150
	18,473	*,e	Proto Labs, Inc		531
	73,892		Prysmian S.p.A.		1,102
	6,215,000		PT AKR Corporindo Tbk		2,323
	564,500		PT Hexindo Adiperkasa Tbk		549
	7,888,000		PT Pembangunan Perumahan Tbk		517
	4,778,500		PT Surya Semesta Internusa Tbk		505
	6,340,264		PT United Tractors Tbk		14,588
	7,843,500		PT Wijaya Karya		886
	751,670		Punj Lloyd Ltd		663
	1,593,731		QinetiQ plc		3,934
	140,739	e	Quanex Building Products Corp		2,516
	506,581	*	Quanta Services, Inc		12,193
	3,656		R Stahl AG.		124

32

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	165,619	e	Ramirent Oyj	$	1,357
	361,200		Randon Participacoes S.A.		1,619
	4,546	e	Rational AG.		1,084
	310,464		Raubex Group Ltd		508
	66,402		Raven Industries, Inc		4,621
	1,061,301		Raytheon Co		60,059
	80,876	*	RBC Bearings, Inc		3,825
	46,350		Rechi Precision Co Ltd		39
	152,631		Regal-Beloit Corp		9,503
	222,071	e	Reunert Ltd		1,850
	574,480		Rexel S.A.		9,813
	118,747	*,e	Rexnord Corp		2,380
	339,577		Rheinmetall AG.		16,693
	281,537		Rich Development Co Ltd		133
	3,762		Rieter Holding AG.		559
	202,413		Robbins & Myers, Inc		8,465
	231,825		Rockwell Automation, Inc		15,314
	341,001		Rockwell Collins, Inc		16,828
	10,181		Rockwool International AS (B Shares)		937
	2,914,468		Rolls-Royce Group plc		39,281
	1,598,523		Roper Industries, Inc		157,582
	4,235		Rosenbauer International AG.		218
	331,000		Rotary Engineering Ltd		136
	124,363		Rotork plc		3,846
	129,394	*,e	Rush Enterprises, Inc (Class A)		2,116
	161,233	e	Russel Metals, Inc		3,977
	298,000		Ryobi Ltd		954
	18,470		S&T Holdings Co Ltd		167
	161,588		Saab AB (Class B)		2,747
	521,578		Safran S.A.		19,370
	32,013		Saft Groupe S.A.		768
	533,199		Salfacorp S.A.		1,104
	206,601		Samsung Corp		11,932
	57,528		Samsung Engineering Co Ltd		9,128
	308,046		Samsung Heavy Industries Co Ltd		10,201
	44,366		Samsung Techwin Co Ltd		3,022
	328,000		San Shing Fastech Corp		482
	1,439,930		Sandvik AB		18,467
	70,000		Sanki Engineering Co Ltd		383
	331,000		Sankyo-Tateyama Holdings, Inc		535
	627,000		Sanwa Shutter Corp		2,719
	1,687,000	e	Sany Heavy Equipment International		911
	97,000		Sanyo Denki Co Ltd		623
	165,000	e	Sasebo Heavy Industries Co Ltd		189
	86,940		Sauer-Danfoss, Inc		3,037
	168,192		Scania AB (B Shares)		2,882
	11,084		Schindler Holding AG.		1,239
	7,164		Schindler Holding AG. (Reg)		808
	41,890	*	Schneider Electric Infrastructure Ltd		56
	637,609		Schneider Electric S.A.		35,441
	31,839		Schouw & Co		645
	1,046		Schweiter Technologies AG.		525

33

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,665	*	Seaboard Corp	$	3,551
	39,540	e	SeaCube Container Leasing Ltd		675
	243,969		Sedgman Ltd		350
	80,000		Seika Corp		228
	134,000		Sekisui Jushi Corp		1,394
	2,707,248		SembCorp Industries Ltd		11,081
	1,938,273	e	SembCorp Marine Ltd		7,399
	13,224		Semperit AG. Holding		483
	944,403		Senior plc		2,782
	69,881	*	Sensata Technologies Holding BV		1,871
	8,477		Seoul Marine Co Ltd		38
	159,684		Severfield-Rowen plc		387
	47,673	e	SGL Carbon AG.		1,866
	385,308	*	SGSB Group Co Ltd		172
	144,200	*	Shanghai Automation Instrumentation Co Ltd		81
	754,880		Shanghai Diesel Engine Co Ltd		462
	4,406,000	e	Shanghai Electric Group Co Ltd		1,805
	746,600	*	Shanghai Erfangji Co Ltd		276
	605,800	*	Shanghai Highly Group Co Ltd		326
	1,609,400		Shanghai Industrial Holdings Ltd		4,274
	218,200	*	Shanghai Lingyun Industries Development Co Ltd		104
	131,800	*	Shanghai Material Trading Co Ltd		71
	426,020		Shanghai Mechanical and Electrical Industry Co Ltd		459
	1,414,000		Shanghai Prime Machinery Co Ltd		193
	438,400		Shanghai Waigaoqiao Free Trade Zone Development Co Ltd		298
	165,502	*	Shaw Group, Inc		4,520
	342,823		ShenMao Technology, Inc		431
	645,000		Shihlin Electric & Engineering Corp		761
	256,179		Shikun & Binui Ltd		362
	32,800		Shima Seiki Manufacturing Ltd		515
	149,933	e	Shimizu Corp		520
	184,000		Shin Zu Shing Co Ltd		508
	124,000	e	Shinko Electric Co Ltd		254
	541,590		Shinmaywa Industries Ltd		2,685
	115,000		Shinsho Corp		265
	25,500	e	SHO-BOND Holdings Co Ltd		740
	560,800		Siam Future Development PCL		142
	667,354		Siemens AG.		56,076
	54,647		Siemens India Ltd		722
	6,307	e	SIFCO Industries, Inc		145
	817,853		SIG plc		1,244
	71,950		Silitech Technology Corp		159
	6,477,671		Sime Darby BHD		20,269
	153,863		Simpson Manufacturing Co, Inc		4,540
	4,986,000		Singamas Container Holdings Ltd		1,087
	1,933,916	e	Singapore Technologies Engineering Ltd		4,768
	1,965,100		Sino Thai Engineering & Construction PCL		891
	421,507		Sintex Industries Ltd		468
	61,800		Sintokogio Ltd		620
	42,288		SK Corp		4,968
	163,510		SK Networks Co Ltd		1,250

34

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	76,924		Skanska AB (B Shares)	$	1,179
	1,830,994	e	SKF AB (B Shares)		36,093
	6,197		SKF India Ltd		68
	387,041		SM Investments Corp		6,735
	30,677		SMC Corp		5,319
	4,722,918		Smiths Group plc		75,006
	282,656		Snap-On, Inc		17,595
	282,796		SNC-Lavalin Group, Inc		10,594
	438,016		SOCAM Development Ltd		425
	154,000		Sodick Co Ltd		827
	5,862,686	e	Sojitz Holdings Corp		9,700
	8,617		Solar Holdings AS (B Shares)		467
	1,107,389	e	Sonae SPGS S.A.		578
	753,938		Speedy Hire plc		286
	108,440		Spirax-Sarco Engineering plc		3,380
	587,704	*	Spirit Aerosystems Holdings, Inc (Class A)		14,005
	581,722		SPX Corp		37,998
	25,990	*	Ssangyong Engineering & Construction Co Ltd		117
	58,776	e	Standex International Corp		2,502
	707,668		Stanley Works		45,546
	76,723		Stefanutti Stocks Holdings Ltd		100
	102,033	*	Sterling Construction Co, Inc		1,043
	53,234	e	Strabag SE		1,224
	117,849		STX Corp Co Ltd		1,021
	99,430		STX Engine Co Ltd		918
	6,290		STX Enpaco Co Ltd		24
	2,356,000	e	STX OSV Holdings Ltd		2,814
	107,450		STX Shipbuilding Co Ltd		998
	7,106		Sulzer AG.		842
	264,000		Sumikin Bussan Corp		666
	2,517,568		Sumitomo Corp		35,225
	1,410,153		Sumitomo Electric Industries Ltd		17,572
	647,628		Sumitomo Heavy Industries Ltd		2,916
	43,000		Sumitomo Precision Products Co Ltd		236
	77,813		Sun Hydraulics Corp		1,890
	28,990	*	Sung Jin Geotec Co Ltd		264
	13,371		Sung Kwang Bend Co Ltd		228
	373,000		Sunonwealth Electric Machine Industry Co Ltd		265
	148,000		Sunspring Metal Corp		151
	145,668	e	Superior Plus Corp		868
	922,421	*	Suzlon Energy Ltd		311
	675,000	e	SWCC Showa Holdings Co Ltd		612
	490,857		Swisslog Holding AG.		468
	26,512		Sypris Solutions, Inc		185
	1,350,370		Ta Ya Electric Wire & Cable		330
	143,000		Tadano Ltd		1,063
	10,658	*	Taewoong Co Ltd		195
	92,400		Taeyoung Engineering & Construction		371
	88,130	*	Taihan Electric Wire Co Ltd		233
	116,000		Taihei Dengyo Kaisha Ltd		792
	69,000		Taihei Kogyo Co Ltd		332
	61,200		Taikisha Ltd		1,277

35

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	885,166		Taisei Corp	$	2,373
	1,129,468		Taiwan Glass Industrial Corp		958
	101,000	e	Takaoka Electric Manufacturing Co Ltd		225
	145,929		Takara Standard Co Ltd		1,128
	146,600		Takasago Thermal Engineering Co Ltd		1,141
	90,000	e	Takuma Co Ltd		431
	107,116	e	TAL International Group, Inc		3,587
	212,487	*,e	Taser International, Inc		1,113
	2,171,315		Tat Hong Holdings Ltd		1,703
	51,000	e	Tatsuta Electric Wire and Cable Co Ltd		326
	2,615,833		Teco Electric and Machinery Co Ltd		1,704
	319,116	*	Teledyne Technologies, Inc		19,674
	115,352	e	Tennant Co		4,608
	256,235	*	Terex Corp		4,569
	44,203	e	Textainer Group Holdings Ltd		1,631
	3,821,992		Textron, Inc		95,053
	185,932	e	Thales S.A.		6,143
	22,707		Thermax Ltd		196
	54,576	*,e	Thermon Group Holdings		1,130
	272,393		THK Co Ltd		5,150
	1,360,000	*	Tianjin Development Hldgs		695
	929,420		Timken Co		42,558
	158,567	e	Titan International, Inc		3,890
	62,278	*,e	Titan Machinery, Inc		1,891
	22,703	*	TK Corp		483
	381,000		Toa Corp/Tokyo		707
	17,900		Tocalo Co Ltd		281
	360,000		Toda Corp		1,122
	70,000		Toenec Corp		370
	148,300		Tokai Corp		720
	57,000		Tokyo Energy & Systems, Inc		269
	96,060		Tokyu Construction Co Ltd		204
	52,920		Tong-Tai Machine & Tool Co Ltd		46
	193,625		Topco Technologies Corp		463
	23,000		Torishima Pump Manufacturing Co Ltd		231
	94,701		Toro Co		6,941
	100,342		Toromont Industries Ltd		2,163
	461,964		Toshiba Machine Co Ltd		2,407
	111,000		Toshiba Plant Systems & Services Corp		1,318
	55,202		Totetsu Kogyo Co Ltd		634
	106,297		Toto Ltd		793
	380,000	e	Toyo Construction Co Ltd		360
	51,000	e	Toyo Electric Manufacturing Co Ltd		179
	498,957		Toyo Engineering Corp		2,170
	13,800	e	Toyo Tanso Co Ltd		434
	539,601		Toyota Tsusho Corp		10,315
	777,000		Tradewinds Corp BHD		180
	9,926	*	Trakcja-Tiltra S.A.		3
	189,362		Trakya Cam Sanayi AS		255
	194,798	*	TransDigm Group, Inc		26,161
	371,779	e	Travis Perkins plc		5,661
	489,965		Trelleborg AB (B Shares)		4,521

36

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	39,981	e	Trevi Finanziaria S.p.A.	$	222
	56,407	*,e	Trex Co, Inc		1,697
	191,358	*,e	Trimas Corp		3,846
	396,149		Trinity Industries, Inc		9,896
	70,830		Triumph Group, Inc		3,986
	22,831		Triveni Turbine Ltd		18
	42,362		Trusco Nakayama Corp		863
	185,000		Tsubakimoto Chain Co		1,073
	70,000	e	Tsugami Corp		494
	32,000		Tsukishima Kikai Co Ltd		280
	692,000	e	Tuan Sing Holdings Ltd		155
	32,945	e	Twin Disc, Inc		609
	5,394,388		Tyco International Ltd		285,093
	176,401		Ultra Electronics Holdings		4,397
	11,700		Union Tool Co		177
	256,000	e	United Engineers Ltd		445
	547,434	e	United Group Ltd		7,010
	620,000		United Integrated Services Co Ltd		590
	151,164	*,e	United Rentals, Inc		5,146
	2,505,006		United Technologies Corp		189,203
	84,452		Universal Forest Products, Inc		3,292
	75,257	e	Uponor Oyj		676
	590,287	e	URS Corp		20,589
	343,560	*,e	USG Corp		6,545
	2,073,585		Ushio, Inc		25,701
	9,104,000	*	UURG Corp Ltd		100
	16,180	e	Vacon plc		692
	183,115	e	Vallourec		7,482
	120,833		Valmont Industries, Inc		14,617
	265,242	*,e	Vestas Wind Systems AS		1,471
	83,117	e	Vicor Corp		577
	878,687		Vinci S.A.		41,066
	3,080,000	*	Vitar International Holdings Ltd		192
	95,808	e	Volex plc		375
	136,975		Voltas Ltd		259
	1,822,395		Volvo AB (B Shares)		20,836
	91,793	*,e	Von Roll Holding AG.		188
	7,555		Vossloh AG.		636
	169,677		W.W. Grainger, Inc		32,449
	240,894	*	Wabash National Corp		1,595
	54,486		Wacker Construction Equipment AG.		722
	280,300		Wafangdian Bearing Co Ltd		200
	47,338	e	Wajax Income Fund		2,240
	3,820,150		Walsin Lihwa Corp		1,068
	1,448		Walter Meier AG.		332
	33,420	e	Wartsila Oyj (B Shares)		1,095
	110,717		Watsco, Inc		8,171
	132,252		Watts Water Technologies, Inc (Class A)		4,409
	13,000		Ways Technical Corp Ltd		33
	1,238,000		WCT Berhad		942
	248,880		Wei Mon Industry Co Ltd		128
	681,000	e	Weichai Power Co Ltd		2,720

37

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	63,699	e	Weir Group plc	$	1,531
	198,520		Well Shin Technology Co Ltd		279
	87,974		Wendel		6,514
	195,200	*,e	WESCO International, Inc		11,234
	190,272		Westinghouse Air Brake Technologies Corp		14,843
	63,705	*,e	Westport Innovations, Inc		2,340
	4,972,332	e	Wienerberger AG.		46,825
	12,926	*	Willis Lease Finance Corp		159
	177,828		Wilson Bayly Holmes-Ovcon Ltd		2,816
	3,903,312		Wolseley plc		145,487
	269,245		Woodward Governor Co		10,619
	26,127		Wooree ETI Co Ltd		106
	30,493		XP Power Ltd		552
	447,034		Xylem, Inc		11,252
	36,000		Yahagi Construction Co Ltd		155
	71,400		Yamazen Corp		555
	8,313,370	e	Yangzijiang Shipbuilding		6,667
	89,689		Yazicilar Holding AS		600
	160,240	e	YIT Oyj		2,722
	66,000		Yokogawa Bridge Holdings Corp		449
	25,935		Young Poong Precision Corp		226
	1,828,000		Yuanda China Holdings Ltd		203
	530,000		Yuasa Trading Co Ltd		958
	548,000		Yungtay Engineering Co Ltd		923
	53,000		Yurtec Corp		204
	12,100		Yushin Precision Equipment Co Ltd		229
	69,209	e	Zardoya Otis S.A.		769
	12,160		Zehnder Group AG.		727
	602,000	e	Zhuzhou CSR Times Electric Co Ltd		1,654
	64,527		Zodiac S.A.		6,564
	120,603		Zumtobel AG.		1,251
			TOTAL CAPITAL GOODS		8,300,283
COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
	62,008		Aangpanneforeningen AB (B Shares)		1,201
	221,667		ABM Industries, Inc		4,336
	249,499	*	Acacia Research (Acacia Technologies)		9,291
	543,347	*,e	ACCO Brands Corp		5,618
	63,973		Acorn Energy, Inc		532
	29,793		Adcorp Holdings Ltd		99
	1,415,018	e	Adecco S.A.		62,926
	118,233		Administaff, Inc		3,198
	179,784	*	Advisory Board Co		8,916
	64,300		Aeon Delight Co Ltd		1,476
	838,626	e	Aggreko plc		27,273
	14,124	e	Akka Technologies S.A.		391
	121,425		American Banknote S.A.		1,814
	131,681		American Ecology Corp		2,336
	164,008	*,e	American Reprographics Co		825
	16,650,000	*	Asia Energy Logistics Group Ltd		256
	60,338	*	Asset Acceptance Capital Corp		410

38

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	27,388	e	Assystem	$	450
	37,823	e	Asta Funding, Inc		354
	39,557	*,e	AT Cross Co		390
	248,816		Atkins WS plc		2,688
	133,403		Avery Dennison Corp		3,647
	666,819		Babcock International Group		8,931
	44,989	e	Barrett Business Services, Inc		951
	16,665	e	Bertrandt AG.		1,248
	169,350	e	BFI Canada Ltd		3,209
	99,515		Bilfinger Berger AG.		8,111
	60,400		Black Diamond Group Ltd		1,353
	296,699		Blue Label Telecoms Ltd		218
	1,465,975		Brambles Ltd		9,298
	224,408		Brink’s Co		5,202
	17,111		Brunel International		678
	44,356	e	Bureau Veritas S.A.		3,946
	15,824		BWT AG.		255
	355,035		Cabcharge Australia Ltd		1,830
	145,219	e	Campbell Brothers Ltd		8,141
	401,802		Cape plc		1,659
	595,543		Capita Group plc		6,120
	101,561	*,e	Casella Waste Systems, Inc (Class A)		594
	133,728	*,e	CBIZ, Inc		794
	49,105		CDI Corp		805
	31,487		Ceco Environmental Corp		249
	201,923	*,e	Cenveo, Inc		390
	11,302		Cewe Color Holding AG.		414
	3,121,000	e	China Everbright International Ltd		1,481
	284,760		Cintas Corp		10,995
	122,915	*	Clean Harbors, Inc		6,935
	138,000		Cleanaway Co Ltd		938
	2,271	e	Compx International, Inc		29
	54,152	*	Consolidated Graphics, Inc		1,573
	119,800		Contax Participacoes S.A.		1,318
	494,488	*,e	Coolbrands International, Inc		1,251
	445,809	*	Copart, Inc		10,561
	186,898		Corporate Executive Board Co		7,640
	273,127		Corrections Corp of America		8,044
	43,056	e	Courier Corp		570
	266,947		Covanta Holding Corp		4,578
	40,666	*	CRA International, Inc		597
	658,102		Dai Nippon Printing Co Ltd		5,156
	46,000	e	Daiseki Co Ltd		800
	352,537		Davis Service Group plc		2,764
	135,370		De La Rue plc		2,152
	191,837		Deluxe Corp		4,784
	114,315	e	Derichebourg		277
	115,331	*	Dolan Media Co		776
	583,782	*	Downer EDI Ltd		1,888
	127,832		Dun & Bradstreet Corp		9,098
	55,698		Duskin Co Ltd		1,060

39

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,775,000	*	Eastern Media International Corp	$	292
	3,673,267	e	Edenred		104,135
	83,264	*,e	Encore Capital Group, Inc		2,466
	598,515	*,e	EnergySolutions, Inc		1,011
	106,487	*,e	EnerNOC, Inc		771
	96,610	e	Ennis, Inc		1,486
	474,257		Equifax, Inc		22,100
	1,157,507		Experian Group Ltd		16,330
	76,866	*	Exponent, Inc		4,061
	1,158,000	*,m	Fook Woo Group Holdings Ltd		101
	58,331	*	Franklin Covey Co		597
	174,532	*,e	FTI Consulting, Inc		5,018
	15,463,000	*	Fung Choi Media Group Ltd		1,367
	77,366		G & K Services, Inc (Class A)		2,413
	33,485		Gategroup Holding AG.		949
	36,400		Genivar Income Fund		799
	260,187	*	Geo Group, Inc		5,911
	9,568		GL Events		180
	60,191	*,e	GP Strategies Corp		1,112
	1,185,178		Group 4 Securicor plc		5,180
	60,817	e	Gunnebo AB		252
	1,857,256		Hays plc		2,145
	251,669		Healthcare Services Group		4,877
	127,027	e	Heidrick & Struggles International, Inc		2,223
	25,857	*,e	Heritage-Crystal Clean, Inc		423
	213,659	e	Herman Miller, Inc		3,957
	110,804	*	Hill International, Inc		355
	165,743		HNI Corp		4,268
	537,212	e	Homeserve plc		1,313
	126,989	*	Hudson Highland Group, Inc		530
	94,479	*	Huron Consulting Group, Inc		2,990
	82,154	*	ICF International, Inc		1,959
	547,716	*,e	ICO Global Communications Holdings Ltd		614
	145,152	*	IHS, Inc (Class A)		15,637
	117,609	*,e	Innerworkings, Inc		1,591
	221,497		Interface, Inc		3,019
	35,760	e	Intersections, Inc		567
	185,154		Intertek Group plc		7,757
	210,618		Intrum Justitia AB		3,068
	106,080	*	Ipek Matbacilik Sanayi Ve Ticaret AS		227
	429,678		Iron Mountain, Inc		14,162
	504,656		ITE Group plc		1,528
	68,280	*	KAR Auction Services, Inc		1,174
	99,712	e	Kelly Services, Inc (Class A)		1,287
	24,370		KEPCO Plant Service & Engineering Co Ltd		1,028
	120,186	*,e	Kforce, Inc		1,618
	614,800		K-Green Trust		484
	135,836	e	Kimball International, Inc (Class B)		1,046
	222,031		Knoll, Inc		2,980
	203,200		Kokuyo Co Ltd		1,515
	234,421	*	Korn/Ferry International		3,364
	158,000		Kyodo Printing Co Ltd		402

40

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	519,000		L&K Engineering Co Ltd	$	563
	107,434		Loomis AB		1,325
	196,475		Manpower, Inc		7,201
	31,662		Matsuda Sangyo Co Ltd		470
	89,980		McGrath RentCorp		2,384
	99,609		McMillan Shakespeare Ltd		1,211
	180,533		Mears Group plc		747
	41,900		Meitec Corp		888
	141,129	*,e	Metalico, Inc		310
	391,101		Michael Page International plc		2,292
	115,941		Mine Safety Appliances Co		4,665
	1,133,604		Mineral Resources Ltd		10,516
	57,453	*,e	Mistras Group, Inc		1,510
	848,603		Mitie Group		3,461
	36,472		Mitsubishi Pencil Co Ltd		632
	6,900	e	Mitsubishi Research Institute, Inc		156
	155,973	*,e	Mobile Mini, Inc		2,246
	94,760	e	Morneau Sobeco Income Fund		1,070
	129,483		Moshi Moshi Hotline, Inc		1,334
	50,372		Multi-Color Corp		1,120
	143,900		Multiplus S.A.		3,379
	192,246	*,e	Navigant Consulting, Inc		2,430
	89,313		Newalta, Inc		1,148
	562,397	*,e	Nielsen Holdings NV		14,746
	11,000		Nihon M&A Center, Inc		335
	6,200		Nippon Kanzai Co Ltd		113
	40,460	e	Nissha Printing Co Ltd		455
	29,302	e	NL Industries, Inc		365
	260,563	*,e	Odyssey Marine Exploration, Inc		975
	147,000		Okamura Corp		1,107
	158,412	*	On Assignment, Inc		2,528
	46,068		Oyo Corp		515
	189,700		Park24 Co Ltd		2,802
	224		Pasona Group, Inc		156
	27,200		PayPoint plc		300
	224		Pilot Corp		415
	456,643	e	Pitney Bowes, Inc		6,836
	112,218	*,e	Portfolio Recovery Associates, Inc		10,241
	53,475	e	Poyry Oyj		282
	131,251		Proffice AB		435
	231,619	e	Programmed Maintenance Services Ltd		577
	87,300		PRONEXUS, Inc		547
	52,323	e	Prosegur Cia de Seguridad S.A.		2,682
	120,540	e	Quad		1,733
	438,397	e	R.R. Donnelley & Sons Co		5,160
	97,272		Randstad Holdings NV		2,868
	1,631,672		Regus plc		2,306
	2,528,130		Rentokil Initial plc		2,914
	888,386		Republic Services, Inc		23,507
	178,979		Resources Connection, Inc		2,201
	97,015	e	Ritchie Bros Auctioneers, Inc		2,079
	407,112		Robert Half International, Inc		11,631

41

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	309,221		Rollins, Inc	$	6,917
	361,006		RPS Group plc		1,181
	129,471	*	RPX Corp		1,858
	65,138		S1 Corp (Korea)		3,280
	294,117	e	SAI Global Ltd (New)		1,443
	54,452		Sato Corp		807
	46,500	e	Schawk, Inc (Class A)		591
	4,550		Seche Environnement S.A.		118
	204,778		Secom Co Ltd		9,391
	254,432		Securitas AB (B Shares)		1,978
	665,600	e	Seek Ltd		4,361
	439,178		Serco Group plc		3,688
	6,882		SGS S.A.		12,904
	647,682		Shanks Group plc		775
	17,800	*	Shenzhen Dongjiang Environmental Co Ltd		76
	417,384		Skilled Group Ltd		1,020
	73,126		Societe BIC S.A.		7,554
	208,000		Sohgo Security Services Co Ltd		2,823
	169,844		Sporton International, Inc		411
	538,624		Spotless Group Ltd		1,411
	79,471	*,e	Standard Parking Corp		1,710
	83,704	e	Stantec, Inc		2,384
	353,352	e	Steelcase, Inc (Class A)		3,191
	305,948	*	Stericycle, Inc		28,046
	134,838		Sthree plc		563
	307,615	*,e	SYKES Enterprises, Inc		4,910
	207,000		Taiwan Secom Co Ltd		451
	498,000		Taiwan-Sogo Shinkong Security Corp		502
	72,157	*,e	Team, Inc		2,250
	69,969		Teleperformance		1,547
	33,400	e	Temp Holdings Co Ltd		405
	293,503	*	Tetra Tech, Inc		7,655
	486,000		Tianjin Capital Environmental Protection Group Co Ltd		117
	46,003	*,e	TMS International Corp		459
	10,300		Tokyu Community Corp		343
	255,527		Tomra Systems ASA		2,173
	165,000		Toppan Forms Co Ltd		1,408
	1,442,944	e	Toppan Printing Co Ltd		9,639
	281,005		Towers Watson & Co		16,832
	134,430	e	Transcontinental, Inc		1,227
	629,877		Transfield Services Ltd		1,180
	1,408,477	*	Transpacific Industries Group Ltd		1,059
	71,826	*,e	TRC Cos, Inc		437
	258,784	*	TrueBlue, Inc		4,006
	156,000		Uchida Yoko Co Ltd		521
	53,718	e	Unifirst Corp		3,425
	172,110		United Stationers, Inc		4,638
	83,406		USG People NV		600
	5,046	*,m	Veripos, Inc		2
	1,006,643	*	Verisk Analytics, Inc		49,587
	78,118	e	Viad Corp		1,562

42

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	22,210	e	VSE Corp	$	528
	23,737	*	WageWorks, Inc		358
	439,804		Waste Connections, Inc		13,159
	1,157,536	e	Waste Management, Inc		38,662
	7,100	e	Weathernews, Inc		228
	680,000		WHK Group Ltd		586
	107,420		WSP Group plc		729
	644,816		Yem Chio Co Ltd		600
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		974,862
CONSUMER DURABLES & APPAREL - 1.7%
	1,492,000	e	361 Degrees International Ltd		337
	18,768		Accell Group		353
	190,719		Adidas-Salomon AG.		13,670
	86,000		Advanced International Multitech Co Ltd		107
	17,402		Agabang&Company		217
	42,342		Aksa Akrilik Kimya Sanayii		99
	2,299,795		Alok Industries Ltd		733
	151,900		Alpine Electronics, Inc		1,816
	592,940		Altek Corp		381
	197,280		Amer Sports Oyj (A Shares)		2,250
	154,750	e	American Greetings Corp (Class A)		2,262
	3,207,000	e	Anta Sports Products Ltd		1,955
	543,767		Arcelik AS		2,752
	72,391	*,e	Arctic Cat, Inc		2,647
	68,600		Arezzo Industria e Comercio S.A.		1,021
	54,600		Arnest One Corp		693
	52,500	e	Aruze Corp		1,096
	844,950	*	Arvind Ltd		1,127
	310,181	*	Ascena Retail Group, Inc		5,776
	135,000	*	Asia Optical Co, Inc		147
	32,651		Asics Corp		414
	424,000		Atsugi Co Ltd		521
	138,095		Avgol Industries 1953 Ltd		94
	45,150		AVY Precision Technology, Inc		74
	60,198	*	Bang & Olufsen AS (B Shares)		648
	1,336,099	*	Barratt Developments plc		2,922
	9,040		Basic House Co Ltd		87
	41,634	e	Bassett Furniture Industries, Inc		429
	72,290		Bata India Ltd		1,129
	655,960	*,e	Beazer Homes USA, Inc		2,132
	2,722,000	*	Beijing Properties Holdings Ltd		141
	195,097		Bellway plc		2,558
	44,433	e	Beneteau S.A.		430
	190,126	*	Berkeley Group Holdings plc		4,206
	505,842	e,m	Billabong International Ltd		564
	512,000		Billion Industrial Holdings Ltd		272
	25,660		Bjoern Borg AB		121
	57,613	e	Blyth, Inc		1,991
	57,989		Bombay Dyeing & Manufacturing Co Ltd		561
	45,692		Bombay Rayon Fashions Ltd		196
	4,618,000		Bosideng International Holdings Ltd		1,199

43

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	314,846		Bovis Homes Group plc	$	2,328
	398,262		Brookfield Incorporacoes S.A.		656
	393,124		Brunswick Corp		8,735
	1,296,380		Burberry Group plc		26,992
	74,780		BWG Homes ASA		139
	260,243	e	Callaway Golf Co		1,538
	77,800		Camargo Correa Desenvolvimento Imobiliario S.A.		209
	181,721	*	Carter’s, Inc		9,559
	389,331	*,e	Casio Computer Co Ltd		2,553
	26,329	*	Cavco Industries, Inc		1,350
	45,573		Cherokee, Inc		635
	2,296,000	e	Chigo Holding Ltd		59
	3,557,400	e	China Dongxiang Group Co		324
	8,029		China Great Star International Ltd		9
	3,848,000	e	China Haidian Holdings Ltd		415
	836,000	e	China Lilang Ltd		577
	26,100		Chofu Seisakusho Co Ltd		595
	128,880		Christian Dior S.A.		17,724
	22,600		Cia Providencia Industria e Comercio S.A.		71
	323,000	*,e	Clarion Co Ltd		750
	77,906	*,e	Clarus Corp		736
	48,100		Cleanup Corp		329
	1,516,469		Coach, Inc		88,683
	44,067	e	Columbia Sportswear Co		2,363
	779,566		Compagnie Financiere Richemont S.A.		42,806
	1,134,700	e	Consorcio ARA, S.A. de C.V.		378
	9,548,000	*	Coolpoint Energy Ltd		98
	26,900		Corona Corp		355
	1,422,000	*,e	Corp GEO S.A. de C.V. (Series B)		1,608
	332,000		Costin New Materials Group		142
	475,086	*	CROCS, Inc		7,673
	51,784		CSS Industries, Inc		1,064
	33,066		Culp, Inc		339
	902,181		Cyrela Brazil Realty S.A.		6,648
	30,200		Daidoh Ltd		213
	57,683	*,e	Deckers Outdoor Corp		2,539
	156,250	*	Delclima		80
	186,863		De’Longhi S.p.A.		1,799
	23,138	*,e	Delta Apparel, Inc		316
	267,200	*,e	Desarrolladora Homex S.A. de C.V.		685
	54,590		Descente Ltd		326
	41,333		Dorel Industries, Inc (Class B)		1,096
	2,681,395		DR Horton, Inc		49,284
	50,378		Duni AB		412
	166,760		Eclat Textile Co Ltd		390
	915,440	e	Electrolux AB (Series B)		18,218
	248,000		Embry Holdings Ltd		117
	90,915	e	Ethan Allen Interiors, Inc		1,812
	529,200		Even Construtora e Incorporadora S.A.		1,802
	434,000	e	Evergreen International Holdin		97
	207,000		Ez Tec Empreendimentos e Participacoes S.A.		2,125
	2,713,980	*	Fabricato S.A.		141

44

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	201,000		Feng TAY Enterprise Co Ltd	$	195
	138		Fields Corp		240
	488,108	*,e	Fifth & Pacific Cos, Inc		5,237
	11,884		Fila Korea Ltd		812
	1,178,824	*	Fisher & Paykel Appliances Holdings Ltd		517
	55,300		Fiyta Holdings Ltd		53
	16,573		Flexsteel Industries, Inc		328
	2,637		Forbo Holding AG.		1,509
	800,220		Formosa Taffeta Co Ltd		723
	110,000		Forus S.A.		439
	88,591	*	Fossil, Inc		6,781
	21,291		Foster Electric Co Ltd		348
	175,000		France Bed Holdings Co Ltd		367
	80,000		Fujitsu General Ltd		604
	50,500		Funai Electric Co Ltd		763
	580,000		Gafisa S.A.		759
	562,074	*,e	Garmin Ltd		21,522
	50,408		Genius Electronic Optical Co Ltd		404
	113,353	e	Geox S.p.A.		251
	57,286		Gerry Weber International AG.		2,369
	529,149		Giant Manufacturing Co Ltd		2,451
	65,412	*,e	G-III Apparel Group Ltd		1,550
	102,115	e	Gildan Activewear, Inc		2,813
	319,552		Gitanjali Gems Ltd		1,727
	964,637		Glorious Sun Enterprises Ltd		299
	32,000	*,e	Goldwin, Inc		200
	470,000		Goodbaby International Holding		138
	184,900		Grendene S.A.		967
	94,528	e	GUD Holdings Ltd		837
	1,656,000		Gunze Ltd		4,539
	1,316,000	*,e	Haier Electronics Group Co Ltd		1,589
	13,500		Hajime Construction Co Ltd		392
	26,640		Handsome Co Ltd		600
	349,139	*,e	Hanesbrands, Inc		9,682
	60,559		Hansae Co Ltd		552
	30,580		Hanssem Co Ltd		495
	280,958		Harman International Industries, Inc		11,126
	185,068	e	Hasbro, Inc		6,268
	1,873,500	*	Haseko Corp		1,375
	12,720		Hefei Meiling Co Ltd		6
	50,600		Heiwa Corp		948
	278,500		Helbor Empreendimentos S.A.		1,187
	181,962	*,e	Helen of Troy Ltd		6,167
	743,000	*	Hisense Kelon Electrical Holdings Co Ltd		136
	35,148	*,e	Hooker Furniture Corp		414
	412,958	*,e	Hovnanian Enterprises, Inc (Class A)		1,198
	17,362	e	Hugo Boss AG.		1,720
	325,966		Husqvarna AB (B Shares)		1,537
	48,150	*	Huvis Corp		412
	11,066		IC Companys AS		184
	300,777	*,e	Iconix Brand Group, Inc		5,255
	47,239		Indesit Co S.p.A.		198

45

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	274,300	*	Inpar S.A.	$	205
	910,000	e	International Taifeng Holdings Ltd		223
	124,494	*,e	iRobot Corp		2,758
	187,413	e	Jakks Pacific, Inc		3,000
	61,000		Japan Vilene Co Ltd		261
	99,000		Japan Wool Textile Co Ltd		701
	3,766,627	a	Jarden Corp		158,274
	203,699	*	Jinshan Development & Construction Co Ltd		95
	134,094	e	JM AB		2,370
	77,900		Johnson Health Tech Co Ltd		188
	28,358	*	Johnson Outdoors, Inc		584
	351,851	e	Jones Apparel Group, Inc		3,364
	148,200	*,e	JVC KENWOOD Holdings, Inc		516
	461,462	e	KB Home		4,522
	45,828	*	Kenneth Cole Productions, Inc (Class A)		690
	9,000		Kinko Optical Co Ltd		13
	1,043,500		Konka Group Co Ltd		314
	104,425	*,e	K-Swiss, Inc (Class A)		322
	470,000		Kurabo Industries Ltd		821
	591,000		Kwong Fong Industries		263
	1,555		Kyungbang Ltd		127
	329,160		LAN FA Textile		96
	154,200	*	Lao Feng Xiang Co Ltd		298
	186,959	*	La-Z-Boy, Inc		2,298
	588,000		Le Saunda Holdings		187
	90,400		Lealea Enterprise Co Ltd		32
	246,054	*	Leapfrog Enterprises, Inc		2,525
	276,959	e	Leggett & Platt, Inc		5,852
	788,554	e	Lennar Corp (Class A)		24,374
	138,636		LG Electronics, Inc		7,470
	22,070		LG Fashion Corp		555
	978,500	e	Li Ning Co Ltd		551
	1,888,500		Li Peng Enterprise Co Ltd		559
	71,811	*,e	Libbey, Inc		1,104
	37,747	e	Lifetime Brands, Inc		471
	652,000		Luthai Textile Co Ltd		552
	157,322		Luxottica Group S.p.A.		5,493
	299,860		LVMH Moet Hennessy Louis Vuitton S.A.		45,636
	73,840	*,e	M/I Homes, Inc		1,279
	85,476	*,e	Maidenform Brands, Inc		1,703
	7,434		Maisons France Confort		188
	569,000		Makalot Industrial Co Ltd		1,652
	537,600	e	Man Wah Holdings Ltd		223
	25,012		Marcolin S.p.A		149
	6,442	*,b	Mariella Burani S.p.A.		0	^
	48,739	e	Marine Products Corp		296
	8,300		Mars Engineering Corp		184
	1,979,733		Matsushita Electric Industrial Co Ltd		16,184
	566,559	e	Mattel, Inc		18,379
	180,938	e	MDC Holdings, Inc		5,911
	804,000		Meike International Holdings Ltd		39
	211,000		Merida Industry Co Ltd		770

46

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	122,696	*,e	Meritage Homes Corp	$	4,164
	114,000		Merry Electronics Co Ltd		150
	503,344	*,e	Michael Kors Holdings Ltd		21,060
	3,120,000	*	Ming Fung Jewellery Group Ltd		163
	30,400	*	Misawa Homes Co Ltd		496
	65,000		Mitsui Home Co Ltd		353
	193,000		Mizuno Corp		1,034
	856,500		Modern Internasional Tbk		289
	278,176	*	Mohawk Industries, Inc		19,425
	75,253		Movado Group, Inc		1,883
	453,598		MRV Engenharia e Participacoes S.A.		2,100
	296,822		Namco Bandai Holdings, Inc		4,070
	62,918	e	New Wave Group AB (B Shares)		232
	439,015		Newell Rubbermaid, Inc		7,964
	37,366	e	Nexity		891
	21,300		Nidec Copal Corp		212
	635,250		Nien Hsing Textile Co Ltd		416
	1,806,511		Nike, Inc (Class B)		158,576
	283,635		Nikon Corp		8,634
	206,253	*,e	Nobia AB		625
	21,900		Noritsu Koki Co Ltd		105
	44,793	*	NVR, Inc		38,074
	950,531		Onward Kashiyama Co Ltd		7,194
	29,362		Oriental Weavers		87
	82,755		Oxford Industries, Inc		3,699
	894,637		Pacific Textile Holdings Ltd		549
	208,000		PanaHome Corp		1,307
	216,471	e	Pandora AS		2,032
	2,790,926		PDG Realty S.A.		4,877
	402,000	*,m	Peace Mark Holdings Ltd		0	^
	1,569,000	e	Peak Sport Products Co Ltd		266
	15,000		Pegas Nonwovens S.A.		320
	46,013	*,e	Perry Ellis International, Inc		955
	726,400		Persimmon plc		6,954
	33,190	*	Pharmicell Co Ltd		173
	626,208	e	Phillips-Van Heusen Corp		48,713
	363,100	*,e	Pioneer Corp		1,285
	10,424,857		Playmates Holdings Ltd		4,866
	376,053		Polaris Industries, Inc		26,880
	71,428	*	Poltrona Frau S.p.A.		86
	180,131		Pool Corp		7,288
	661,000	e	Ports Design Ltd		691
	2,909,230		Pou Chen Corp		2,494
	392,200	e	Prada S.p.A		2,647
	1,336,000	e	Prime Success International Group Ltd		1,363
	2,616,732	*	Pulte Homes, Inc		27,999
	466,839	*,e	Quiksilver, Inc		1,088
	267,001		Rajesh Exports Ltd		643
	281,306		Ralph Lauren Corp		39,400
	130,103		Raymond Ltd		943
	328,515	*	Redrow plc		623
	578,300		Restoque Comercio e Confeccoes de Roupas S.A.		2,960

47

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	25,368		RG Barry Corp	$	345
	7,728		Rinnai Corp		533
	30,800		Rodobens Negocios Imobiliarios S.A.		169
	4,575	*	Rodriguez Group		15
	26,300		Roland Corp		220
	282,980		Rossi Residencial S.A.		695
	1,170,000		Royale Furniture Holdings Ltd		208
	1,290,962		Ruentex Industries Ltd		2,154
	187,671	e	Ryland Group, Inc		4,801
	540,834		S Kumars Nationwide Ltd		336
	6,482		Sabaf S.p.A.		81
	42,644	*,e	Safilo Group S.p.A.		252
	116,335	e	Salvatore Ferragamo Italia S.p.A		2,427
	269,000		Sampo Corp		82
	1,227,000		Samson Holding Ltd		147
	3,943,400	e	Samsonite International		6,666
	36,276		Sangetsu Co Ltd		898
	77,493		Sankyo Co Ltd		3,782
	144,000		Sanyo Electric Taiwan Co Ltd		132
	125,000		Sanyo Shokai Ltd		401
	180,797	*,e	Sealy Corp		334
	29,959	e	SEB S.A.		1,859
	124,824	e	Sega Sammy Holdings, Inc		2,539
	132,000	*	Seiko Holdings Corp		417
	1,412,030		Seiren Co Ltd		10,126
	1,966,054		Sekisui Chemical Co Ltd		18,266
	1,735,971		Sekisui House Ltd		16,391
	192,500	*	Shanghai Haixin Group Co		79
	836,311	e	Sharp Corp		4,261
	1,064,000	e	Shenzhou International Group Holdings Ltd		1,851
	105,704	e	Shimano, Inc		6,930
	221,000		Shinkong Textile Co Ltd		300
	174,000	*,f	Sitoy Group Holdings Ltd (purchased 11/30/11, cost $138)		78
	186,406	*,e	Skechers U.S.A., Inc (Class A)		3,797
	61,187	*,e	Skullcandy, Inc		866
	3,107,251	e	Skyworth Digital Holdings Ltd		1,392
	241,119	*	Smith & Wesson Holding Corp		2,004
	876,666		Socovesa S.A.		380
	34,341	*,e	SodaStream International Ltd		1,407
	1,214,584	*	Sony Corp		17,368
	29,424		SRF Ltd		109
	13,300		SRI Sports Ltd		164
	196,982	*,e	ST Dupont S.A.		103
	426,482	*,e	Standard-Pacific Corp		2,640
	19,000		Star Comgistic Capital Co Ltd		9
	3,279,326	*,e	Steinhoff International Holdings Ltd		9,913
	27,647	*	Steinway Musical Instruments, Inc		677
	677,000	e	Stella International Holdings Ltd		1,678
	151,611	*,e	Steven Madden Ltd		4,814
	109,409	e	Sturm Ruger & Co, Inc		4,393
	329,654	e	Sumitomo Forestry Co Ltd		2,958

48

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,103,000		Sunny Optical Technology Group Co Ltd	$	376
	45,400		Swatch Group AG.		17,944
	208,767		Swatch Group AG. Reg		14,524
	121,000	*,e	Sxl		249
	97,000		Tainan Enterprises Co Ltd		96
	363,000		Tainan Spinning Co Ltd		154
	180,000		Taiwan Paiho Ltd		122
	20,400		Taiwan Sakura Corp		10
	114,893		Takamatsu Corp		1,976
	58,600	e	Tamron Co Ltd		1,948
	1,834,138	*	Tatung Co Ltd		394
	4,742,886		Taylor Woodrow plc		3,558
	1,840,000		TCL Multimedia Technology Holdings Ltd		1,000
	13,300		Technos S.A.		122
	4,000,617	e	Techtronic Industries Co		5,080
	346,400		Tecnisa S.A.		1,273
	366,272	*,e	Tempur-Pedic International, Inc		8,567
	43,161		Ten Cate NV		1,152
	378,000		Texhong Textile Group Ltd		142
	1,316,000	e	Texwinca Holdings Ltd		1,248
	276,921	*,e	Thomson		661
	9	*,m	Thomson (Non-Reg)		0	^
	504,261		Titan Industries Ltd		2,030
	48,508	*	TK Chemical Corp		86
	36,462	e	Tod’s S.p.A.		3,657
	6,640		Token Corp		268
	867,554	*,e	Toll Brothers, Inc		25,792
	133,941	*,e	TomTom NV		542
	72,168		Tomy Co Ltd		472
	16,400		Touei Housing Corp		171
	1,127,676		Toyobo Co Ltd		1,561
	24,985		Trigano S.A.		294
	1,198,000		Trinity Ltd		759
	27,700		Trisul S.A.		34
	165,349		True Religion Apparel, Inc		4,792
	1,622,200	*	Tsann Kuen China Enterprise Co Ltd		231
	226,100	e	TSI Holdings Co Ltd		1,114
	17,056		TTK Prestige Ltd		944
	79,094	*,e	Tumi Holdings, Inc		1,384
	747,110		Tupperware Corp		40,912
	464,131		Turk Sise ve Cam Fabrikalari AS		761
	232,213	*,e	Under Armour, Inc (Class A)		21,939
	105,030	*	UNICASA Industria de Moveis S.A.		837
	50,371	*,e	Unifi, Inc		571
	624,000	*	Unitika Ltd		339
	61,426	*	Universal Electronics, Inc		809
	798,479	*	Urbi Desarrollos Urbanos S.A. de C.V		767
	5,436		Vardhman Textiles Ltd		22
	74,692	*,e	Vera Bradley, Inc		1,574
	201,118		Vestel Beyaz Esya Sanayi ve Ticaret AS		281
	179,066	*	Vestel Elektronik Sanayi		207
	521,612		VF Corp		69,609

49

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	996,299		Victory City International Hldgs Ltd	$	100
	259,205		VIP Industries Ltd		388
	148,627		Wacoal Holdings Corp		1,763
	205,250	*	Warnaco Group, Inc		8,740
	131,500	e	Weiqiao Textile Co		49
	2,602,000		Welling Holding Ltd		424
	31,707	e	Weyco Group, Inc		735
	424,297		Whirlpool Corp		25,950
	28,254	*	Whirlpool of India Ltd		102
	248,108	e	Wolverine World Wide, Inc		9,622
	160,780	*	Woongjin Chemical Co Ltd		104
	69,960		Woongjin Coway Co Ltd		2,184
	155,160		Wuxi Little Swan Co Ltd		159
	2,643,500	e	XTEP International Holdings		929
	34,150		Yamaha Corp		351
	171,000	e	YGM Trading Ltd		402
	22,000		Young Optics, Inc		78
	44,890		Youngone Corp		1,242
	10,670		Youngone Holdings Co Ltd		596
	1,213,114	e	Yue Yuen Industrial Holdings		3,814
	85,421	*,e	Zagg, Inc		932
	115,835		Zeng Hsing Industrial Co Ltd		404
	10,000	*	Zhonglu Co Ltd		7
	24,867		Zig Sheng Industrial Co Ltd		8
			TOTAL CONSUMER DURABLES & APPAREL		1,720,007
CONSUMER SERVICES - 2.0%
	214,100	*,e	7 Days Group Holdings Ltd (ADR)		2,261
	202,053	*,e	888 Holdings plc		201
	6,400		Abril Educacao S.A.		89
	26,451		Accor S.A.		829
	3,275		Accordia Golf Co Ltd		2,166
	130,920		Advtech Ltd		91
	118,102	*	AFC Enterprises		2,733
	70,504	*	Ainsworth Game Technology Ltd		153
	711,000	e	Ajisen China Holdings Ltd		495
	1,906,350	e	Alsea SAB de C.V.		2,547
	255,000		Ambassador Hotel		255
	77,539	*,e	American Public Education, Inc		2,481
	192,451	e	Ameristar Casinos, Inc		3,420
	187,500		Anhanguera Educacional Participacoes S.A.		2,390
	472,828	*	Apollo Group, Inc (Class A)		17,112
	780,427	e	Aristocrat Leisure Ltd		2,225
	61,320	*	Ascent Media Corp (Series A)		3,173
	58,300	*,e	Atom Corp		258
	20,206		Autogrill S.p.A.		183
	117,454	*	Bally Technologies, Inc		5,480
	87,699		Benesse Corp		3,927
	42,779	e	Benihana, Inc		689
	1,436,772		Berjaya Sports Toto BHD		1,951
	106,365	e	BETFAIR Group Ltd		1,248
	74,070		Betsson AB (Series B)		2,211

50

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	90,662	*	BJ’s Restaurants, Inc	$	3,445
	17,871,700	*	Bloomberry Resorts Corp		4,034
	45,730	*,e	Bluegreen Corp		227
	134,409		Bob Evans Farms, Inc		5,403
	207,893	*,e	Boyd Gaming Corp		1,497
	69,471	*	Bravo Brio Restaurant Group, Inc		1,239
	64,958	*,e	Bridgepoint Education, Inc		1,416
	607,686		Brinker International, Inc		19,367
	70,233	*,e	Buffalo Wild Wings, Inc		6,085
	163,725	*,e	Caesars Entertainment Corp		1,866
	530,000		Cafe de Coral Holdings Ltd		1,418
	101,981	*,e	Capella Education Co		3,545
	311,647	*	Career Education Corp		2,085
	78,039	*,e	Caribou Coffee Co, Inc		1,007
	3,340,275		Carnival Corp		114,471
	1,395,907		Carnival plc		47,727
	58,921		Carriage Services, Inc		490
	59,515	*	Carrols Restaurant Group, Inc		354
	73,233		CBRL Group, Inc		4,599
	116,716	e	CEC Entertainment, Inc		4,245
	1,850,000		Central Plaza Hotel PCL		733
	1,514,040		Century City International		105
	217,954	*	Cheesecake Factory		6,966
	5,796,000	*	China LotSynergy Holdings Ltd		69
	4,480,000		China Travel International Inv HK		834
	137,702	*,e	Chipotle Mexican Grill, Inc (Class A)		52,320
	38,625	e	Choice Hotels International, Inc		1,542
	67,316		Churchill Downs, Inc		3,957
	11,133		Cie des Alpes		180
	66,425	e	City Lodge Hotels Ltd		690
	30,919	*,e	Club Mediterranee S.A.		530
	22,467	*	Codere S.A.		108
	232,457	*,e	Coinstar, Inc		15,961
	19,067	e	Collectors Universe		280
	75,000	e	Colowide Co Ltd		590
	4,368,963		Compass Group plc		45,861
	125,992	e	Consumers’ Waterheater Income Fund		1,137
	512,985	*,e	Corinthian Colleges, Inc		1,483
	63,279		Cox & Kings India Ltd		150
	2,888		Credu Corp		93
	464,364		Crown Ltd		4,061
	9,000	e	Daisyo Corp		116
	379,406	e	Darden Restaurants, Inc		19,209
	521,320	*,e	Denny’s Corp		2,315
	160,656		DeVry, Inc		4,976
	78,208		Dignity plc		989
	58,920	*,e	DineEquity, Inc		2,630
	156,793		Domino’s Pizza UK & IRL plc		1,264
	300,489		Domino’s Pizza, Inc		9,288
	77,100		Doutor Nichires Holdings Co Ltd		989
	170,956	e	Dunkin Brands Group, Inc		5,871
	487,553	e	Echo Entertainment Group Ltd		2,150

51

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	135,109	*,e	Education Management Corp	$	939
	142,747		Educomp Solutions Ltd		436
	683,877	*	Egyptian for Tourism Resorts		127
	67,227		EIH Ltd		97
	23,128	e	Einstein Noah Restaurant Group, Inc		406
	1,459,631		Enjoy S.A.		267
	700,399	*	Enterprise Inns plc		719
	84,800		Estacio Participacoes S.A.		1,026
	31,247	*,e	Euro Disney SCA		155
	63,585		Famous Brands Ltd		490
	58,057	*	Fiesta Restaurant Group, Inc		768
	331,560		First Hotel		204
	188,401	e	Flight Centre Ltd		3,683
	79,337		Formosa International Hotels Corp		850
	48,000		Fortuna Entertainment Group NV		220
	11,751		Frisch’s Restaurants, Inc		333
	94,000		Fuji Kyuko Co Ltd		549
	69,000	*	Fujita Kanko, Inc		228
	2,276,473	*,e	Galaxy Entertainment Group Ltd		5,727
	144,923	*,e	Gaylord Entertainment Co		5,588
	2,838,215		Genting BHD		8,476
	2,799,000	*,e	Genting Hong Kong Ltd		920
	3,260,428	e	Genting International plc		3,663
	6,934,000	e	Golden Resorts Group Ltd		658
	147,763	*,e	Grand Canyon Education, Inc		3,094
	40,500		Grand Korea Leisure Co Ltd		841
	70,615	*	Great Canadian Gaming Corp		630
	537,864		Greene King plc		4,643
	663,000	e	GuocoLeisure Ltd		314
	775,939		H&R Block, Inc		12,400
	9,577		Hana Tour Service, Inc		376
	222,167		Hillenbrand, Inc		4,083
	45,700		HIS Co Ltd		1,625
	172,000		Holiday Entertainment Co Ltd		289
	12,227		Hotel Leela Venture Ltd		7
	456,000		Hotel Properties Ltd		687
	68,624		Hotel Shilla Co Ltd		3,359
	254,050	*	Huangshan Tourism Development Co Ltd		311
	328,063	*	Hurtigruten Group ASA		205
	105,451	*	Hyatt Hotels Corp		3,919
	6,500	e	Ichibanya Co Ltd		191
	23,856	*,e	Ignite Restaurant Group, Inc		432
	245,919		Indian Hotels Co Ltd		274
	195,595		Intercontinental Hotels Group plc		4,709
	431,836	e	International Game Technology		6,801
	103,303		International Speedway Corp (Class A)		2,704
	174,999		Interval Leisure Group, Inc		3,327
	154,029		Intralot S.A.-Integrated Lottery Systems & Services		174
	191,803		Invocare Ltd		1,591
	76,949	*,e	Isle of Capri Casinos, Inc		475
	149,848	*,e	ITT Educational Services, Inc		9,103
	164,446	*	Jack in the Box, Inc		4,585

52

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	212,258	*	Jamba, Inc	$	416
	448,040		Jollibee Foods Corp		1,111
	65,031	*	Jubilant Foodworks Ltd		1,369
	96,093	*,e	K12, Inc		2,239
	218,170		Kangwon Land, Inc		4,660
	15,650	e	Kappa Create Co Ltd		339
	142,900		KFC Holdings Malaysia BHD		172
	26,800		Kisoji Co Ltd		540
	1,615,000		Kosmopolito Hotels International Ltd		297
	208,492	*	Krispy Kreme Doughnuts, Inc		1,332
	108,186	*	Kroton Educacional S.A.		1,565
	4,996		Kuoni Reisen Holding		1,529
	12,400	e	Kura Corp		177
	22,800	e	Kyoritsu Maintenance Co Ltd		487
	2,259,876		Ladbrokes plc		5,568
	356,500	*	Landmarks BHD		102
	1,718,168		Las Vegas Sands Corp		74,723
	139,891	*	Leofoo Development Co		79
	159,575	*,e	Life Time Fitness, Inc		7,422
	88,355	e	Lincoln Educational Services Corp		574
	219,046	e	Lottomatica S.p.A.		4,228
	74,348	*	Luby’s, Inc		498
	67,423		Mac-Gray Corp		950
	518,017		Macquarie Leisure Trust Group		681
	79,109		Marcus Corp		1,089
	710,765		Marriott International, Inc (Class A)		27,862
	113,270	*	Marriott Vacations Worldwide Corp		3,509
	1,448,058		Marston’s plc		2,358
	319,400		Masterskill Education Group BHD		90
	8,700		Matsuya Foods Co Ltd		163
	107,128	e	Matthews International Corp (Class A)		3,481
	3,574,052		McDonald’s Corp		316,411
	28,457	e	McDonald’s Holdings Co Japan Ltd		801
	7,858		MegaStudy Co Ltd		538
	1,068,213	e	Melco International Development		864
	123,476	*,e	Melco PBL Entertainment Macau Ltd (ADR)		1,422
	2,414,400	e	MGM China Holdings Ltd		3,702
	497,695	*	MGM Mirage		5,554
	225,427		Millennium & Copthorne Hotels plc		1,693
	9,228,800		Minor International PCL (Foreign)		4,155
	283,810	*	Mitchells & Butlers plc		1,115
	5,208		Modetour Network, Inc		91
	44,424	*	Monarch Casino & Resort, Inc		406
	98,713	*,e	Morgans Hotel Group Co		464
	35,600		MOS Food Services, Inc		695
	84,236	*	MTR Gaming Group, Inc		400
	111,694	*,e	Multimedia Games, Inc		1,564
	2,778,000		NagaCorp Ltd		1,242
	9,979	*,e	Nathan’s Famous, Inc		294
	32,007		National American University Holdings, Inc		138
	213,261	e	Navitas Ltd		953
	105,012	*	NH Hoteles S.A.		273

53

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	14,300		Ohsho Food Service Corp	$	347
	152,588		OPAP S.A.		955
	17,637		Orascom Development Holding AG.		281
	35,021	*	Orbis S.A.		426
	105,881		Oriental Land Co Ltd		12,107
	3,614,160	*,e	Orient-Express Hotels Ltd (Class A)		30,251
	395,000	e	Overseas Union Enterprise Ltd		672
	395		Pacific Golf Group International Holdings KK		300
	127,646		Paddy Power plc		8,333
	506,436		Paliburg Holdings Ltd		153
	167,844	*	Panera Bread Co (Class A)		23,404
	112,006	*	Papa John’s International, Inc		5,328
	44,108		Paradise Co Ltd		533
	940,659		PartyGaming plc		1,625
	49,055	*,e	Peet’s Coffee & Tea, Inc		2,945
	1,241,651	*	Penn National Gaming, Inc		55,365
	961,800		Philweb Corp		290
	6,428	e	Pierre & Vacances		116
	230,869	*,e	Pinnacle Entertainment, Inc		2,221
	27,600		Plenus Co Ltd		530
	64,427	*,e	Premier Exhibitions, Inc		174
	235,500		QSR Brands BHD		492
	793,666	e	Raffles Education Corp Ltd		244
	129,361		Rank Group plc		238
	53,455	*,e	Red Lion Hotels Corp		462
	82,594	*,e	Red Robin Gourmet Burgers, Inc		2,520
	737,000		Regal Hotels International Holdings Ltd		272
	242,152	e	Regis Corp		4,349
	4,288,100		Resorts World BHD		4,894
	94,000		Resorttrust, Inc		1,569
	275,981		Restaurant Group plc		1,280
	9,050,000	e	Rexcapital Financial Holdings Ltd		648
	100,634	*	Rezidor Hotel Group AB		350
	19,200	e	Ringer Hut Co Ltd		255
	87,400		Round One Corp		467
	353,503		Royal Caribbean Cruises Ltd		9,202
	33,700	e	Royal Holdings Co Ltd		397
	261,177	*,e	Ruby Tuesday, Inc		1,779
	139,293	*,e	Ruth’s Chris Steak House, Inc		919
	40,000	e	Saizeriya Co Ltd		634
	11,938,561		Sands China Ltd		38,407
	228,138	*,e	Scientific Games Corp (Class A)		1,951
	542,580		Service Corp International		6,712
	2,318,000	e	Shanghai Jin Jiang International Hotels Group Co Ltd		310
	561,584		Shanghai Jinjiang International Hotels Development Co Ltd		713
	107,249		Shanghai Jinjiang International Travel Co Ltd		118
	1,518,929		Shangri-La Asia Ltd		2,918
	2,859		Shinsegae Food Co Ltd		210
	318,091	*	Shuffle Master, Inc		4,390
	209,275		Six Flags Entertainment Corp		11,339

54

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	7,517,239		SJM Holdings Ltd	$	14,086
	28,447		SkiStar AB (Series B)		288
	319,337		Sky City Entertainment Group Ltd		872
	2,680,000	*	SMI Corp Ltd		60
	54,499	*	Snai S.p.A.		64
	85,482		Sodexho Alliance S.A.		6,656
	77,742	e	Sol Melia S.A.		453
	256,075	*,e	Sonic Corp		2,566
	351,329		Sotheby’s (Class A)		11,720
	46,859	e	Speedway Motorsports, Inc		792
	889,542		Spirit Pub Co plc		707
	1,140,088		Sportingbet plc		547
	6,400		St Marc Holdings Co Ltd		239
	1,011,000		Stamford Land Corp Ltd		449
	370	e	Starbucks Coffee Japan Ltd		226
	4,329,401	e	Starbucks Corp		230,844
	1,571,106		Starwood Hotels & Resorts Worldwide, Inc		83,331
	4,901	*	Steak N Shake Co		1,894
	56,884	*	Steiner Leisure Ltd		2,640
	285,692	e	Stewart Enterprises, Inc (Class A)		2,040
	44,699	e	Strayer Education, Inc		4,873
	136,149		Sun International Ltd		1,488
	220,545		Tabcorp Holdings Ltd		665
	1,198,483		Tattersall’s Ltd		3,230
	233,017		Texas Roadhouse, Inc (Class A)		4,294
	1,151,609	e	Thomas Cook Group plc		270
	393,667	e	Tim Hortons, Inc (Toronto)		20,752
	12,723	*	Tipp24 SE		639
	536,000		Tokyo Dome Corp		1,591
	210,000		Tokyotokeiba Co Ltd		290
	18,100		Toridoll.corp		255
	83,252	*	Town Sports International Holdings, Inc		1,106
	166,714	*,e	TUI AG.		997
	543,943		TUI Travel plc		1,446
	73,348		Unibet Group plc (ADR)		1,860
	149,817		Universal Technical Institute, Inc		2,024
	141,309	e	Vail Resorts, Inc		7,077
	28,900	e	WATAMI Co Ltd		613
	191,222	e	Weight Watchers International, Inc		9,859
	400,020		Wendy’s		1,888
	176,913	e	Wetherspoon (J.D.) plc		1,183
	119,156		Whitbread plc		3,789
	1,729,560		William Hill plc		7,670
	230,870	*	WMS Industries, Inc		4,606
	50,000		Wowprime Corp		744
	812,608		Wyndham Worldwide Corp		42,857
	3,035,190	e	Wynn Macau Ltd		7,162
	601,842		Wynn Resorts Ltd		62,423
	335,000		YBM Sisa.com, Inc		1,825
	50,000		Yomiuri Land Co Ltd		155
	536		Yoshinoya D&C Co Ltd		706
	3,157,566		Yum! Brands, Inc		203,410
	92,700	e	Zensho Co Ltd		1,160
			TOTAL CONSUMER SERVICES		2,078,374

55

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
DIVERSIFIED FINANCIALS - 4.7%
	235,154		3i Group plc	$	727
	33,714		ABC Arbitrage		282
	1,250,494		Aberdeen Asset Management plc		5,093
	32,527		Ackermans & Van Haaren		2,557
	1,398	*	Acom Co Ltd		28
	172,106		Administradora de Fondos de Pensiones Provida S.A.		952
	210,471	e	Aeon Credit Service Co Ltd		3,904
	27,800		Aeon Credit Service M BHD		100
	778,303		Aeon Thana Sinsap Thailand PCL		827
	3,689,800		Aeon Thana Sinsap Thailand Pcl (ADR)		3,921
	719,375	*	Affiliated Managers Group, Inc		78,736
	1,756,092		African Bank Investments Ltd		7,816
	178,743	e	AGF Management Ltd		1,977
	191,350	*,e	Aiful Corp		390
	62,586	e	Aker ASA (A Shares)		1,736
	34,800		Alaris Royalty Corp		721
	65,795		Altamir Amboise		499
	1,452,036	*	American Capital Ltd		14,622
	4,804,371		American Express Co		279,663
	1,214,667		Ameriprise Financial, Inc		63,479
	2,330,905		AMMB Holdings BHD		4,641
	1,041,402		Apollo Investment Corp		7,998
	379,007	e	Apollo Management LP		4,700
	950,520	f,g	ARA Asset Management Ltd (purchased 09/10/09, cost $683)		1,076
	507,000		Ares Capital Corp		8,092
	242,774	e	Artio Global Investors, Inc		850
	933,982		Ashmore Group plc		5,109
	12,981	*,m	Asia Pacific Investment Partners Limited		92
	13,323		Aurelius AG.		481
	450,008		Australian Stock Exchange Ltd		13,813
	22,472		Avanza AB		463
	315,987		Ayala Corp		3,539
	2,215	*	Ayala Corp Preferred		0	^
	393,892	e	Azimut Holding S.p.A.		4,044
	5,332		Bajaj Auto Finance Ltd		88
	166,917	e	Banca Generali S.p.A		1,921
	17,510		Banca IFIS S.p.A.		111
	319,925		Banca Profilo S.p.A.		108
	30,069,051		Bank of America Corp		245,965
	3,059,369		Bank of New York Mellon Corp		67,153
	45,128		Bank Sarasin & Compagnie AG.		1,272
	394,139	e	BGC Partners, Inc (Class A)		2,314
	162,073		BinckBank NV		1,317
	430,153	e	BlackRock Kelso Capital Corp		4,198
	285,109		BlackRock, Inc		48,417
	7,688,772		Blackstone Group LP		100,492
	3,042,711		BM&F Bovespa S.A.		15,528

56

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	37,984,234		Bolsa de Valores de Colombia	$	601
	30,597		Bolsa de Valores de Lima S.A.		103
	1,651,300	e	Bolsa Mexicana de Valores S.A. de C.V.		3,257
	86,119	e	Bolsas y Mercados Espanoles		1,733
	31,677	*	Boursorama		204
	1,089,005	*	Brait S.A.		3,469
	374,954		Brewin Dolphin Holdings plc		809
	181,634		BT Investment Management Ltd		331
	144,957	*	BTG Pactual Participations Ltd		2,122
	85,021		Bure Equity AB		284
	218,100		Bursa Malaysia BHD		426
	128,320		Calamos Asset Management, Inc (Class A)		1,469
	5,267	e	California First National Bancorp		83
	99,782	e	Canaccord Financial, Inc		539
	3,811,632		Capital One Financial Corp		208,344
	1,614,521		Capital Securities Corp		544
	14,201		Capital Southwest Corp		1,460
	119,125	e	Cash America International, Inc		5,246
	194,712		CBOE Holdings, Inc		5,390
	141,801		Century Leasing System, Inc		2,659
	279,944		CETIP S.A.-Balcao Organizado de Ativos e Derivativos		3,498
	1,287,000		Chailease Holding Co Ltd		1,880
	1,465,600		Challenger Financial Services Group Ltd		4,922
	2,316,274	e	Charles Schwab Corp		29,949
	3,433,000		China Bills Finance Corp		1,456
	1,392,000	e	China Everbright Ltd		1,989
	3,540,000	*	China Financial International Investments Ltd		210
	140,000	e	China Merchants China Direct Investments Ltd		182
	3,236		Cholamandalam DBS Finance Ltd		10
	241,789	e	CI Financial Corp		5,244
	425,039	*	Citadel Capital Corp		225
	1,187,000	*,e	CITIC Securities Co Ltd		2,521
	15,879,631		Citigroup, Inc		435,261
	194,520		Close Brothers Group plc		2,272
	116,419		CME Group, Inc		31,213
	68,553	e	Cohen & Steers, Inc		2,366
	1,209,700	e	Compartamos SAB de C.V.		1,426
	961,275	*	Concord Securities Corp		200
	792,156	e	Coronation Fund Managers Ltd		2,682
	23,722		Corp Financiera Alba		793
	125,803		Corp Financiera Colombiana S.A.		2,138
	362,841	*,e	Cowen Group, Inc		965
	20,490	*	Creades AB		341
	30,361	*,e	Credit Acceptance Corp		2,563
	1,953,600	e	Credit China Holdings Ltd		148
	234,468		Credit Saison Co Ltd		5,213
	2,191,914		Credit Suisse Group		40,106
	27,398		DAB Bank AG.		113
	220,361		Daewoo Securities Co Ltd		2,050
	64,400		Daishin Securities Co Ltd		476
	50,210		Daishin Securities Co Ltd PF		285
	1,564,235	*,e	Daiwa Securities Group, Inc		5,895

57

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	72,816	e	Davis & Henderson Income Fund	$	1,239
	184,096	*	DeA Capital S.p.A.		300
	19,805	*,e	Deerfield Capital Corp		146
	1,940,697		Deutsche Bank AG.		70,046
	19,443	e	Deutsche Beteiligungs AG.		384
	170,476		Deutsche Boerse AG.		9,197
	13,076	e	Diamond Hill Investment Group, Inc		1,024
	6,146,106		Discover Financial Services		212,532
	161,885	*	Dollar Financial Corp		2,984
	53,250		Dongbu Securities Co Ltd		173
	111,991		Duff & Phelps Corp		1,624
	88,780	*	Dundee Corp		1,978
	1,000,359	*	E*Trade Financial Corp		8,043
	41,398		East Capital Explorer AB		285
	195,444	e	Eaton Vance Corp		5,267
	759,500		ECM Libra Financial Group BHD		196
	105,492		Edelweiss Capital Ltd		60
	72,240	e	EFG International		402
	913,525		Egypt Kuwait Holding Co		1,071
	431,597	*	Egyptian Financial Group-Hermes Holding		739
	113,100	*	Element Financial Corp		599
	57,516		Epoch Holding Corp		1,310
	78,275	*	Eugene Investment & Securities Co Ltd		193
	6,722		Eurazeo		259
	143,530	e	Evercore Partners, Inc (Class A)		3,357
	250,060	e	Exor S.p.A.		5,376
	237,626	*	Ezcorp, Inc (Class A)		5,575
	639,466		F&C Asset Management plc		832
	1,624,000		Far East Horizon Ltd		1,150
	206,730	*,e	FBR Capital Markets Corp		573
	145,551	e	Federated Investors, Inc (Class B)		3,180
	40,315	e	Fidus Investment Corp		612
	305,190	e	Fifth Street Finance Corp		3,046
	10,038	e	Fimalac		398
	358,615	*,e	Financial Engines, Inc		7,692
	131,125	*	First Cash Financial Services, Inc		5,267
	241,593	*,e	First Marblehead Corp		283
	2,796,000		First Pacific Co		2,900
	21,344	*	Firsthand Technology Value Fund, Inc		377
	6,016,468	e	FirstRand Ltd		19,474
	429,964		FlexiGroup Ltd		1,149
	499,545		Franklin Resources, Inc		55,445
	28,557	e	Friedman Billings Ramsey Group, Inc (Class A)		620
	14,408,029		Fubon Financial Holding Co Ltd		14,582
	15,356,344	*	Fuhwa Financial Holdings Co Ltd		7,036
	43,300		Fuyo General Lease Co Ltd		1,366
	20,156	*,e	FX Alliance, Inc		317
	70,234	e	FXCM, Inc		826
	52,729	e	Gain Capital Holdings, Inc		263
	24,827	e	GAMCO Investors, Inc (Class A)		1,102
	117	e	GCA Savvian Group Corp		104
	4,412,000		Get Nice Holdings Ltd		166

58

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	265,009	e	GFI Group, Inc	$	943
	35,317	e	Gimv NV		1,609
	138,769	e	Gladstone Capital Corp		1,095
	127,216	e	Gladstone Investment Corp		940
	29,248		Gluskin Sheff + Associates, Inc		380
	78,466	e	GMP Capital, Inc		431
	2,248,879		Goldman Sachs Group, Inc		215,578
	52,614	e	Golub Capital BDC, Inc		794
	110,761	*,e	Green Dot Corp		2,450
	109,903	e	Greenhill & Co, Inc		3,918
	64,556		Groupe Bruxelles Lambert S.A.		4,382
	883	*	Groupe Bruxelles Lambert S.A. - STR VVPR		0	^
	9,437	*	Grupo de Inversiones Suramericana S.A.		172
	70,379	*	GSV Capital Corp		655
	56,870	*	GT Capital Holdings, Inc		682
	8,017,111		Guinness Peat Group plc		2,968
	568,000	e	Guotai Junan International Hol		208
	1,123,121		Haci Omer Sabanci Holding AS		4,729
	84,290		Hanwha Securities Co		305
	642,263		Hargreaves Lansdown plc		5,333
	125,695	*,e	Harris & Harris Group, Inc		478
	78,863		Hellenic Exchanges S.A.		269
	1,376,440		Henderson Group plc		2,203
	287,433	e	Hercules Technology Growth Capital, Inc		3,260
	341,855	*,e	HFF, Inc (Class A)		4,765
	224,000		Hitachi Capital Corp		3,749
	8,930		HMC Investment Securities Co Ltd		104
	956,882	e	Hong Kong Exchanges and Clearing Ltd		13,768
	1,194,000		Hongkong Chinese Ltd		191
	23,065	e	Horizon Technology Finance Corp		380
	160,617		Hyundai Securities Co		1,206
	19,800		IBJ Leasing Co Ltd		494
	602,159		ICAP plc		3,187
	51,800		Ichiyoshi Securities Co Ltd		295
	2,732,212		IFCI Ltd		1,984
	541,334		IG Group Holdings plc		4,069
	170,663	e	IGM Financial, Inc		6,712
	167,436		India Infoline Ltd		185
	418,928		Indiabulls Financial Services Ltd		1,735
	18,736		Indiabulls Securities Ltd		3
	212,985		Industrivarden AB		2,744
	2,427,357		Infrastructure Development Finance Co Ltd		5,989
	10,440,359	*	ING Groep NV		69,993
	94,061	e	Interactive Brokers Group, Inc (Class A)		1,385
	179,983	*	Interbolsa S.A.		232
	732,801	*	IntercontinentalExchange, Inc		99,646
	19,024	f	Intergroup Financial Services Corp (purchased 08/18/10, cost $566)		581
	1,110,067		Intermediate Capital Group plc		4,705
	82,505	*,e	International Assets Holding Corp		1,596
	434,475		International Personal Finance plc		1,633
	142,445	*,e	Internet Capital Group, Inc		1,318

59

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,255,133		Invesco Ltd	$	28,366
	272,222		Investec Ltd		1,604
	127,799		Investec plc		746
	197,506	*,e	Investment Technology Group, Inc		1,817
	540,860		Investor AB (B Shares)		10,327
	493,570		IOOF Holdings Ltd		3,090
	13,736	*	Is Finansal Kiralama AS.		7
	165,905		Is Yatirim Menkul Degerler AS		144
	1,500,000	e	iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker		1,953
	2,339,914	e	iShares MSCI Canada Index Fund		60,463
	1,018,786	e	iShares MSCI EAFE Index Fund		50,899
	457,331		iShares MSCI Emerging Markets		17,923
	165,111	e	iShares Russell 2000 Index Fund		13,151
	28,100	*	J Trust Co Ltd		242
	319,000		Jaccs Co Ltd		1,019
	165,917	*	Jafco Co Ltd		3,236
	270,691		Janus Capital Group, Inc		2,117
	8,823,000	*,a,e	Japan Asia Investment Co Ltd		6,688
	1,560,500		Japan Securities Finance Co Ltd		8,011
	175,418	e	Jefferies Group, Inc		2,279
	7,320,000	*	Jia Sheng Holdings Ltd		296
	2,071,273		Jih Sun Financial Holdings Co Ltd		596
	68,084		JMP Group, Inc		421
	15,912,756		JPMorgan Chase & Co		568,563
	190,218	e	JSE Ltd		1,749
	149,091		Julius Baer Group Ltd		5,406
	341,286		Julius Baer Holding AG.		3,810
	795,764		Jupiter Investment Management Group Ltd		2,692
	846,000		K1 Ventures Ltd		89
	113,800	e	kabu.com Securities Co Ltd		348
	9,920,000	*	Kai Yuan Holdings Ltd		263
	79,360	*	Kardan NV		46
	15,075		KAS Bank NV		134
	43,613	*,e	KBC Ancora		381
	132,617	e	KBW, Inc		2,182
	393,301		Kinnevik Investment AB (Series B)		7,894
	24,134		KIWOOM Securities Co Ltd		1,297
	387,836	*	Knight Capital Group, Inc (Class A)		4,631
	116,181	e	Kohlberg Capital Corp		843
	54,140		Korea Investment Holdings Co Ltd		1,815
	417,241		Kotak Mahindra Bank Ltd		4,462
	82,410	*	KTB Securities Co Ltd		153
	47,580		Kyobo Securities Co		194
	425,602	*,e	Ladenburg Thalmann Financial Services, Inc		655
	183,722		Lazard Ltd (Class A)		4,775
	184,869		Legg Mason, Inc		4,875
	487,452		Leucadia National Corp		10,368
	517,384		London Stock Exchange Group plc		8,168
	148,015	*	LPL Financial Holdings, Inc		4,998
	92,868		Lundbergs AB (B Shares)		2,813
	471,894	*	Macquarie Group Ltd		12,743

60

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	11,800		Mahindra & Mahindra Financial Services	$	138
	86,292	e	Main Street Capital Corp		2,088
	15,306,821		Man Group plc		18,316
	437,886		Manappuram General Finance & Leasing Ltd		248
	70,081		Manning & Napier, Inc		997
	863,086	*	Marfin Investment Group S.A		261
	194,891		MarketAxess Holdings, Inc		5,192
	39,390		Marlin Business Services Corp		646
	93,300		Marusan Securities Co Ltd		336
	1,973,000		Masterlink Securities Corp		595
	148,400		Matsui Securities Co Ltd		867
	195,450		Maybank Kim Eng Securities Thailand PCL		82
	466,393	e	MCG Capital Corp		2,145
	63,344		Medallion Financial Corp		673
	1,982,056		Mediobanca S.p.A.		8,741
	115,630	e	Medley Capital Corp		1,392
	241,284	*	Meritz finance Holdings Co Ltd		510
	577,470		Meritz Securities Co Ltd		416
	11,304,000		Metro Pacific Investments Corp		1,126
	20,202		MicroFinancial, Inc		164
	396,000		MIN XIN Holdings Ltd		216
	26,571		Mirae Asset Securities Co Ltd		729
	143,587		Mitsubishi UFJ Lease & Finance Co Ltd		5,973
	100,098		MLP AG.		639
	21,279	e	Monex Beans Holdings, Inc		3,502
	838,739		Moody’s Corp		30,656
	11,327,627		Morgan Stanley		165,270
	327,766	*	MSCI, Inc (Class A)		11,151
	1,531,700	*	Mulpha International BHD		199
	1,066,600		Multi-Purpose Holdings BHD		1,115
	89,227		MVC Capital, Inc		1,155
	612,446	*	Narodowy Fundusz Inwestycyjny Midas S.A.		105
	149,955		Nasdaq Stock Market, Inc		3,399
	92,342		Nelnet, Inc (Class A)		2,124
	114,053	*,e	Netspend Holdings, Inc		1,048
	53,575		New Mountain Finance Corp		760
	94,378	*,e	NewStar Financial, Inc		1,223
	83,137		NGP Capital Resources Co		589
	76,683		NH Investment & Securities Co Ltd		345
	39,415	e	Nicholas Financial, Inc		505
	4,755,472		Nomura Holdings, Inc		17,779
	135,675	e	Nordnet AB (Series B)		393
	21,904,308		Norte Grande S.A.		214
	807,256		Northern Trust Corp		37,150
	417,885		NYSE Euronext		10,689
	4,337,866		NZX Ltd		4,705
	363,000		Okasan Holdings, Inc		1,431
	326,720		OKO Bank (Class A)		3,813
	98,814		Onex Corp		3,837
	39,990		Oppenheimer Holdings, Inc		629
	28,675		Oresund Investment AB		376
	366,000	*,e	Orient Corp		473

61

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	467,633	*,e	ORIX Corp	$	43,581
	342	e	Osaka Securities Exchange Co Ltd		1,931
	720,575		OSK Holdings BHD		320
	10,046		Pargesa Holding S.A.		598
	32,979		Partners Group		5,865
	1,239,600		Pearl Oriental Innovation Ltd		84
	195,693		PennantPark Investment Corp		2,025
	517,000	*,m	Peregrine Investment Holdings		0	^
	99,241	e	Perpetual Trustees Australia Ltd		2,350
	174,200		Phatra Capital PCL		175
	288,304	*,e	PHH Corp		5,040
	38,080		Philippine Stock Exchange, Inc		326
	87,332	*,e	Pico Holdings, Inc		1,957
	378,585	*	Pioneers Holding		263
	89,226	*,e	Piper Jaffray Cos		2,091
	271,967	e	Platinum Asset Mangement Ltd		1,093
	588,169		Power Finance Corp Ltd		1,897
	129,890		PowerShares QQQ Trust Series		8,334
	1,795,640		President Securities Corp		904
	646,261	e	Prospect Capital Corp		7,361
	207,435		Provident Financial plc		3,950
	1,889,000		PT Clipan Finance Indonesia Tbk		82
	37,797	e	Pzena Investment Management, Inc (Class A)		167
	66,954		Rathbone Brothers		1,300
	386,319	e	Ratos AB (B Shares)		3,668
	479,997		Raymond James Financial, Inc		16,435
	11,494	*,e	Regional Management Corp		189
	120,456		Reliance Capital Ltd		782
	1,080,310		Remgro Ltd		17,408
	43,504	*	Resource America, Inc (Class A)		278
	99,247	*	RHJ International		446
	43,818		Ricoh Leasing Co Ltd		985
	1,671,036		RMB Holdings Ltd		7,148
	426,111		Rural Electrification Corp Ltd		1,472
	80,566	*	Safeguard Scientifics, Inc		1,247
	125,849		Samsung Card Co		3,532
	82,773		Samsung Securities Co Ltd		3,586
	77,178	e	Sanders Morris Harris Group, Inc		671
	40,000	*	Sawada Holdings Co Ltd		232
	7,318	*,e	SBI Holdings, Inc		544
	98,983		Schroders plc		2,075
	601,182		SEI Investments Co		11,958
	5	*,m	SFCG Co Ltd		0	^
	385,000		Shenyin Wanguo HK Ltd		127
	2,790		Shinyoung Securities Co Ltd		71
	152,875		Shriram Transport Finance Co Ltd		1,458
	1,624,849	e	Singapore Exchange Ltd		8,163
	126,570		SK Securities Co Ltd		134
	1,910,410	e	SLM Corp		30,013
	200,442	*,e	SNS Reaal		273
	108,110	e	Solar Capital Ltd		2,407
	42,484	e	Solar Senior Capital Ltd		718

62

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,080	*	Sparx Group Co Ltd	$	91
	102,007	e	SPDR S&P MidCap 400 ETF Trust		17,474
	1,039,429	e	SPDR Trust Series 1		141,643
	63,868		Sprott, Inc		311
	409,246		SREI Infrastructure Finance Ltd		180
	2,652,236		State Street Corp		118,396
	219,074	*	Stifel Financial Corp		6,769
	4,620,000	*	Sun Innovation Holdings Ltd		67
	2,677		Sundaram Finance Ltd		31
	491,062		Suramericana de Inversiones S.A.		8,510
	11,691		Swissquote Group Holding S.A.		331
	190,806	e	SWS Group, Inc		1,017
	1,073,924		T Rowe Price Group, Inc		67,614
	2,005,300		Ta Enterprise BHD		359
	294,337		Tai Fook Securities Group Ltd		109
	90,000		Taiwan Acceptance Corp		201
	170,000	*	Takagi Securities Co Ltd		213
	1,140		Tata Investment Corp Ltd		10
	20,288		TCP Capital Corp		293
	616,955	e	TD Ameritrade Holding Corp		10,488
	273,540		Tetragon Financial Group Ltd		2,022
	55,218	e	THL Credit, Inc		744
	139,960	e	TICC Capital Corp		1,358
	169,365		TMX Group, Inc		7,719
	448,680		Tokai Tokyo Securities Co Ltd		1,617
	61,642		Tong Yang Investment Bank		223
	159,333		Transpac Industrial Holdings Ltd		179
	153,628	e	Triangle Capital Corp		3,500
	300,696		Tullett Prebon plc		1,341
	888,459		UBS A.G.		10,404
	7,845,507		UBS AG. (Switzerland)		91,809
	1,107,565		UOB-Kay Hian Holdings Ltd		1,377
	142,337	*	Uranium Participation Corp		770
	844,000	e	Value Partners Group Ltd		412
	6,383	e	Verwalt & Privat-Bank AG.		495
	24,327	*,e	Virtus Investment Partners, Inc		1,970
	57,305		Vontobel Holding AG.		1,131
	103,050	*	Vostok Nafta Investment Ltd		443
	173,887		Waddell & Reed Financial, Inc (Class A)		5,265
	105,521		Walter Investment Management Corp		2,473
	69,119		Warsaw Stock Exchange		794
	3,107,368		Waterland Financial Holdings		1,052
	26,325	e	Westwood Holdings Group, Inc		981
	310,037	*,e	WisdomTree Investments, Inc		2,037
	21,880		Woori Financial Co Ltd		297
	372,533		Woori Investment & Securities Co Ltd		3,654
	42,249	*,e	World Acceptance Corp		2,780
	1,206	*,m	Zuari Holdings Ltd		7
			TOTAL DIVERSIFIED FINANCIALS		4,746,569

63

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
ENERGY - 9.6%
	151,121		Aban Offshore Ltd	$	1,063
	295,140	*,e	Abraxas Petroleum Corp		941
	50,461	e	Acergy S.A.		999
	7,851		Adams Resources & Energy, Inc		329
	24,672,227		Adaro Energy Tbk		3,856
	463,507	*	Advantage Oil & Gas Ltd		1,366
	8,766,103	*	Afren plc		14,250
	123,082	e	Aker Kvaerner ASA		1,746
	273,100	*	Alam Maritim Resources BHD		46
	392,946		Alliance Holdings GP LP		16,299
	100,180	e	Alon USA Energy, Inc		848
	916,474	*	Alpha Natural Resources, Inc		7,982
	133,019	e	AltaGas Income Trust		3,782
	59,413		AMEC plc		937
	1,104,678	*,e	Amerisur Resources plc		581
	102,049	*,e	Amyris Biotechnologies, Inc		452
	2,371,028		Anadarko Petroleum Corp		156,962
	89,000	*	Angle Energy, Inc		283
	261,268	e	Anglo Pacific Group plc		1,002
	184,000		Anhui Tianda Oil Pipe Co Ltd		28
	1,276,000		Anton Oilfield Services Group		211
	51,300		AOC Holdings, Inc		209
	1,443,163		Apache Corp		126,840
	34,408	e	APCO Argentina, Inc		621
	108,559	*,e	Approach Resources, Inc		2,773
	219,538	*,e	Aquila Resources Ltd		683
	219,654	e	ARC Energy Trust		4,941
	915,982	e	Arch Coal, Inc		6,311
	129,801	*,e	Archer Ltd		234
	255,077	*	Athabasca Oil Corp		2,806
	180,443	*,e	ATP Oil & Gas Corp		610
	276,515	*	Atwood Oceanics, Inc		10,463
	559,305	*	Aurelian Oil & Gas plc		125
	522,361	*,e	Aurora Oil and Gas Ltd		1,686
	1,890,752		Australian Worldwide Exploration Ltd		2,625
	1,568,440	*,e	Bahamas Petroleum Co plc		228
	1,685,039	e	Baker Hughes, Inc		69,255
	114,392	*,e	Bandanna Energy Ltd		41
	1,656,200		Bangchak Petroleum PCL		1,184
	303,626	*	Bankers Petroleum Ltd		531
	206,800		Banpu PCL		2,939
	8,200		Banpu PCL (ADR)		117
	125,940	*,e	Basic Energy Services, Inc		1,300
	356,874	e	Baytex Energy Trust		15,034
	3,328,176	e	Beach Petroleum Ltd		3,241
	144,000	*	Bellatrix Exploration Ltd		448
	223,594		Berry Petroleum Co (Class A)		8,868
	6,581,914		BG Group plc		134,741
	224,894		Bharat Petroleum Corp Ltd		3,004
	199,472	*,e	Bill Barrett Corp		4,273
	117,699	*,e	Birchcliff Energy Ltd		647
	362,400	*,e	BlackPearl Resources, Inc		1,071

64

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	234,000	*,e	BNK Petroleum, Inc	$	154
	31,092		Bolt Technology Corp		467
	56,954	*,e	Bonanza Creek Energy, Inc		947
	221,650	e	Bonavista Energy Trust		3,466
	34,402	e	Bonterra Oil & Gas Ltd		1,546
	517,045	*,e	Borders & Southern Petroleum plc		485
	54,344	e	Bourbon S.A.		1,313
	403,000		Boustead Singapore Ltd		295
	267,703	*	BowLeven plc		245
	14,338,903		BP plc		95,758
	1,347,029		BP plc (ADR)		54,609
	376,596	*,e	BPZ Energy, Inc		953
	4,313,000	e	Brightoil Petroleum Holdings Ltd		852
	154,098		Bristow Group, Inc		6,267
	2,155,900		Bumi Armada BHD		2,729
	190,044	*,e	Buru Energy Ltd		618
	477,107	e	BW Offshore Ltd		519
	85,000	*,e	C&C Energia Ltd		463
	182,226	*,e	C&J Energy Services, Inc		3,371
	867,302		Cabot Oil & Gas Corp		34,172
	951,787		Cairn Energy plc		3,963
	603,835	*	Cairn India Ltd		3,354
	547,076	*,e	Cal Dive International, Inc		1,587
	117,186	e	Calfrac Well Services Ltd		2,623
	195,226	*,e	Callon Petroleum Co		832
	185,266		Caltex Australia Ltd		2,588
	325,034	*	Cam Finanziaria S.p.A.		124
	391,722	e	Cameco Corp		8,607
	819,647	*	Cameron International Corp		35,007
	762,000	*	Canacol Energy Ltd		341
	112,500	e	Canadian Energy Services & Technology Corp		1,082
	1,387,511		Canadian Natural Resources Ltd (Canada)		37,219
	1,415,108	e	Canadian Oil Sands Trust		27,410
	227,784	e	Canyon Services Group, Inc		2,226
	922,414		Capital Product Partners LP		6,973
	43,282	e	CARBO Ceramics, Inc		3,321
	145,953	*,e	Carrizo Oil & Gas, Inc		3,431
	21,363	e	CAT Oil AG.		135
	200,800	*	CCX Carvao da Colombia S.A.		450
	116,911	*	Celtic Exploration Ltd		1,581
	2,825,203	e	Cenovus Energy, Inc		89,841
	2,402,574	e	Cenovus Energy, Inc (Toronto)		76,389
	137,400	*,e	Cequence Energy Ltd		130
	12,877	*,e	Ceres, Inc		117
	139,949	*,e	Chariot Oil & Gas Ltd		225
	521,045	*,e	Cheniere Energy, Inc		7,680
	1,250,016	e	Chesapeake Energy Corp		23,250
	8,665,885		Chevron Corp		914,251
	316,000		China Aviation Oil Singapore Corp Ltd		248
	8,077,000		China Coal Energy Co		6,706

65

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,812,000		China Oilfield Services Ltd	$	4,083
	2,268,000	*	China Qinfa Group Ltd		303
	6,580,299		China Shenhua Energy Co Ltd		23,283
	2,751,000	e	China Suntien Green Energy Cor		484
	278,133		Cimarex Energy Co		15,331
	1,090,997	*,e	Circle Oil plc		288
	22,216	*,e	Clayton Williams Energy, Inc		1,075
	244,605	*,e	Clean Energy Fuels Corp		3,791
	254,271	*	Cloud Peak Energy, Inc		4,300
	53,408,000		CNOOC Ltd		107,677
	1,085,382		Coal India Ltd		6,786
	2,360,848	*	Cobalt International Energy, Inc		55,480
	601,089	*,e	Cockatoo Coal Ltd		118
	78,092	*	Compagnie Generale de Geophysique S.A.		2,020
	198,603	*,e	Comstock Resources, Inc		3,261
	2,037,527	*	Concho Resources, Inc		173,434
	1,098,757	*	Connacher Oil and Gas Ltd		513
	4,059,022		ConocoPhillips		226,818
	398,882		Consol Energy, Inc		12,062
	80,739	*	Contango Oil & Gas Co		4,780
	372,952	*,e	Continental Resources, Inc		24,846
	206,683		Core Laboratories NV		23,955
	207,570		Cosmo Oil Co Ltd		528
	4,711,998	*	Cove Energy plc		19,778
	26,213	*,e	CREDO Petroleum Corp		379
	2,826,506	e	Crescent Point Energy Corp		105,498
	134,628	*	Crew Energy, Inc		760
	76,108	*,e	Crimson Exploration, Inc		349
	49,052		CropEnergies AG.		292
	236,907	e	Crosstex Energy, Inc		3,317
	221,357	*,e	CVR Energy, Inc		5,884
	489,815	*	CVR Energy, Inc (Contingent value right)		0	^
	606,128	*,e	Dart Energy Ltd		113
	35,550	*	Dawson Geophysical Co		847
	269,100		Dayang Enterprise Holdings BHD		163
	113,500	*	Deep Sea Supply plc		200
	99,299		Delek US Holdings, Inc		1,747
	8,291,941	*	Denbury Resources, Inc		125,291
	395,408	*	Denison Mines Corp		528
	74,095	*	Det Norske Oljeselskap ASA		987
	825,474	*	Devon Energy Corp		47,869
	259,422	e	Diamond Offshore Drilling, Inc		15,340
	1,424,270	*,e	DNO International ASA		1,649
	61,201	*,e	Dockwise Ltd		1,013
	2,409,211	e	Dragon Oil plc		20,519
	227,765	*	Dresser-Rand Group, Inc		10,145
	370,962	*,e	Drillsearch Energy Ltd		384
	155,298	*	Dril-Quip, Inc		10,186
	1,600,000	*	Dynamic Energy Holdings Ltd		15
	11,161,302		Ecopetrol S.A.		31,206
	75,392	e	Ecopetrol S.A. (ADR)		4,206
	151,015	*,e	Electromagnetic GeoServices AS		334

66

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	79,011	e	Enbridge Income Fund	$	1,748
	984,702	e	Enbridge, Inc		39,326
	780,128	e	EnCana Corp		16,245
	163,182	*,e	Endeavour International Corp		1,371
	169,518		Enerflex Ltd		1,782
	135,033		Energen Corp		6,094
	769,200	*	Energy Earth PCL		117
	187,076	*	Energy Partners Ltd		3,162
	1,132,626	*,e	Energy Resources of Australia Ltd		1,866
	358,347		Energy Transfer Partners LP		15,835
	383,487	e	Energy XXI Bermuda Ltd		11,999
	161,413	e	Enerplus Resources Fund		2,074
	5,008,158		ENI S.p.A.		106,399
	2,075,777	*	Enquest plc (London)		3,510
	424,073	e	Ensco plc		19,919
	320,593	e	Ensign Energy Services, Inc		4,409
	817,990		EOG Resources, Inc		73,709
	398,432		Equitable Resources, Inc		21,368
	342,822	e	ERG S.p.A.		2,169
	541,435	*,e	Essar Energy plc		1,039
	5,564		Esso SA Francaise		420
	616,900		Esso Thailand PCL		196
	105,932	e	Etablissements Maurel et Prom		1,534
	52,612	f	Eurasia Drilling Co Ltd (GDR) (purchased 10/06/10, cost $1,400)		1,342
	30,174	*	Euronav NV		207
	55,781	*	Evolution Petroleum Corp		465
	2,281,407	e	EXCO Resources, Inc		17,316
	60,841		Exmar NV		448
	287,208	*,e	Exterran Holdings, Inc		3,662
	18,417,735		Exxon Mobil Corp		1,576,006
	708,000	e	Ezion Holdings Ltd		522
	858,200	e	Ezra Holdings Ltd		731
	165,896	*,e	Fairborne Energy Ltd		235
	376,933	*	Falkland Oil & Gas Ltd		514
	414,873	*,e	Faroe Petroleum plc		965
	882,743	*	FMC Technologies, Inc		34,630
	55,837	*,e	Forbes Energy Services Ltd		262
	486,243	*,e	Forest Oil Corp		3,564
	1,831,580		Formosa Petrochemical Corp		4,989
	81,257	*,e	Forum Energy Technologies, Inc		1,600
	107,042		Fred Olsen Energy ASA		3,832
	125,392	e	Freehold Royalty Trust		2,271
	319,756	e	Frontline Ltd		1,458
	74,818	e	Frontline Ltd (Norway)		342
	12,472		Fugro NV		757
	193,633	*,e	FX Energy, Inc		1,152
	187,532		Galp Energia SGPS S.A.		2,378
	82,000	*,e	Gasfrac Energy Services, Inc		249
	85,614	*	GasLog Ltd		869
	229,555	*	Gastar Exploration Ltd		443
	9,520,321		Gazprom OAO (ADR)		90,399

67

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	71,575	e	Gazpromneft OAO (ADR)	$	1,650
	4,815,000	*	Genesis Energy Holdings Ltd		118
	80,115	*,e	Georesources, Inc		2,933
	95,589	*,e	Gevo, Inc		475
	133,000	e	Gibson Energy, Inc		2,691
	65,810	*,e	Global Geophysical Services, Inc		403
	94,078	e,m	Gloucester Coal Ltd		341
	65,211	e	Golar LNG Ltd		2,458
	79,953		Golar LNG Ltd (Norway)		3,051
	93,418	*,e	Goodrich Petroleum Corp		1,295
	47,943		Great Eastern Shipping Co Ltd		215
	84,616	*,e	Green Plains Renewable Energy, Inc		528
	153,587	*	Grupa Lotos S.A.		1,293
	82,573		GS Holdings Corp		3,810
	255,407	*	Guide Exploration Ltd		409
	276,456	*,e	Guildford Coal Ltd		156
	61,872	e	Gulf Island Fabrication, Inc		1,745
	1,184,092	*,e	Gulf Keystone Petroleum Ltd		3,036
	134,309	*	Gulfmark Offshore, Inc		4,572
	223,575	*	Gulfport Energy Corp		4,612
	251,544	*,e	Gulfsands Petroleum plc		335
	259,706	*,e	Halcon Resources Corp		2,452
	16,600	e	Hallador Petroleum Co		141
	2,373,801		Halliburton Co		67,392
	1,857		Hankook Shell Oil Co Ltd		347
	74,919	*	Hardy Oil & Gas plc		141
	60,419		Hargreaves Services plc		725
	149,793	*,e	Harvest Natural Resources, Inc		1,281
	522,624	*,e	Heckmann Corp		1,767
	719,420	*	Helix Energy Solutions Group, Inc		11,806
	162,800		Hellenic Petroleum S.A.		972
	524,572		Helmerich & Payne, Inc		22,808
	708,875	*	Hercules Offshore, Inc		2,509
	276,005	e	Heritage Oil Ltd		533
	850,461		Hess Corp		36,953
	190,900	*	Hibiscus Petroleum BHD		91
	1,888,000	e	Hidili Industry International Development Ltd		529
	737,000	e	Hilong Holding Ltd		172
	235,849		Hindustan Oil Exploration		562
	96,900		Hindustan Petroleum Corp Ltd		582
	56,269	*	Hoegh LNG Holdings Ltd		423
	827,600		Holly Corp		29,322
	1,549,000		Honghua Group Ltd		246
	1,394,691	*,e	Horizon Oil Ltd		415
	144,974	*	Hornbeck Offshore Services, Inc		5,622
	448,400	*	HRT Participacoes em Petroleo SA		1,398
	267,879		Hunting plc		3,034
	961,969	e	Husky Energy, Inc		24,047
	44,025		Idemitsu Kosan Co Ltd		3,949
	776,201	e	Imperial Oil Ltd		32,471
	1,015,618		Inner Mongolia Yitai Coal Co		5,766
	2,750		Inpex Holdings, Inc		15,445

68

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	555,148	*,e	ION Geophysical Corp	$	3,658
	30,748,000		IRPC PCL		3,497
	5,180	*,e	Isramco, Inc		570
	449,500	*	Ithaca Energy, Inc		702
	102,353		Itochu Enex Co Ltd		579
	504,773	*,e	Ivanhoe Energy, Inc		240
	3,200	e	Japan Drilling Co Ltd		99
	10,854		Japan Petroleum Exploration Co		413
	18,950	*	Jerusalem Oil Exploration		320
	163,487		JKX Oil & Gas plc		258
	764,835		John Wood Group plc		8,249
	1,592,261		JX Holdings, Inc		8,207
	59,000		Kanto Natural Gas Development Ltd		304
	239,287	*	Karoon Gas Australia Ltd		1,005
	649,779	*	Key Energy Services, Inc		4,938
	164,720	e	Keyera Facilities Income Fund		6,857
	2,188,368		Kinder Morgan, Inc		70,509
	97,756	*,e	KiOR, Inc (Class A)		875
	82,569	e	Knightsbridge Tankers Ltd		672
	1,148,425		KNM Group BHD		257
	3,314,219	*,e	Kodiak Oil & Gas Corp		27,210
	572,921	*,e	Kosmos Energy LLC		6,331
	215,106		Kvaerner ASA		483
	1,345,246	*,e	Laredo Petroleum Holdings, Inc		27,981
	168,000	*	Legacy Oil & Gas, Inc		927
	373,336	e	Linc Energy Ltd		269
	52,400		Longview Oil Corp		374
	45,076		Lubelski Wegiel Bogdanka S.A.		1,656
	322,550		Lufkin Industries, Inc		17,521
	992,339		LUKOIL (ADR)		55,609
	106,806	*	Lundin Petroleum AB		1,999
	22,700	*	Lupatech S.A.		43
	615,382	*,e	Magnum Hunter Resources Corp		2,572
	2,943,372		Marathon Oil Corp		75,262
	1,591,013		Marathon Petroleum Corp		71,468
	222,505		Maridive & Oil Services SAE		252
	858,629	*,e	Matador Resources Co		9,222
	43,583	e	Matrix Composites & Engineering Ltd		80
	94,411	*	Matrix Service Co		1,072
	105,932	*	Maurel & Prom Nigeria		239
	152,731	*,e	Maverick Drilling & Exploration Ltd		193
	1,277,812	*	McDermott International, Inc		14,235
	441,950	*,e	McMoRan Exploration Co		5,600
	110,262	*	MEG Energy Corp		3,952
	262,328	e	Miclyn Express Offshore Ltd		548
	64,714	*	Midnight Oil Exploration Ltd		195
	89,615	*,e	Midstates Petroleum Co, Inc		870
	2,470,000	e	MIE Holdings Corp		603
	121,217	*,e	Miller Petroleum, Inc		606
	43,484	*,e	Mitcham Industries, Inc		738
	53,600		Mitsuuroko Co Ltd		363

69

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	21,800	e	Modec, Inc	$	422
	69,763	e	MOL Hungarian Oil and Gas plc		5,052
	527,574	*	Molopo Energy Ltd		298
	9,503,117	*	Mongolia Energy Co ltd		510
	137,536		Motor Oil Hellas Corinth Refineries S.A.		941
	217,898	e	Mullen Group Ltd		4,668
	475,688		Murphy Oil Corp		23,922
	560,586	*,e	Nabors Industries Ltd		8,072
	482,904	*	Nagarjuna Oil Refinery Ltd		57
	48,350	*	Naphtha Israel Petroleum Corp Ltd		152
	2,035,085		National Oilwell Varco, Inc		131,141
	66,470	*	Natural Gas Services Group, Inc		985
	111,843	*	Nautical Petroleum plc		805
	28,450	e	Neste Oil Oyj		320
	314,706	*	New Brazil Holding ASA		204
	804,295		New Zealand Oil & Gas Ltd		537
	255,006	*	Newfield Exploration Co		7,474
	994,000		Newocean Energy Holdings Ltd		211
	371,788	*,e	Newpark Resources, Inc		2,194
	752,729	e	Nexen, Inc		12,746
	4,131,670	*	Nexus Energy Ltd		474
	66,600	e	Niko Resources Ltd		878
	784,685		Noble Energy, Inc		66,557
	191,293	e	Nordic American Tanker Shipping		2,596
	163,404	e	Northern Offshore Ltd		249
	235,352	*,e	Northern Oil And Gas, Inc		3,752
	568,996	*,e	Norwegian Energy Co AS		451
	387,823	f	NovaTek OAO (GDR) (purchased 10/31/08, cost $40,268)		41,411
	219,379	*	NuVista Energy Ltd		774
	297,512	*,e	Oasis Petroleum, Inc		7,194
	6,334,003		Occidental Petroleum Corp		543,267
	454,135		Oceaneering International, Inc		21,735
	2,244,177	*	OGX Petroleo e Gas Participacoes S.A.		6,145
	1,207,942	*	Oil Refineries Ltd		596
	113,305	*	Oil States International, Inc		7,501
	322,383		OMV AG.		10,139
	305,614	*	Ophir Energy plc		2,774
	1,492,181		Origin Energy Ltd		18,792
	151,706	e	Overseas Shipholding Group, Inc		1,685
	26,739	*	OYO Geospace Corp		2,406
	796,920	*,e	PA Resources AB		129
	48,943		Pacific Rubiales Energy Corp		1,038
	1,176,603	e	Pacific Rubiales Energy Corp (Toronto)		24,917
	995,999	*,e	Paladin Resources Ltd		1,302
	29,436	e	Panhandle Oil and Gas, Inc (Class A)		887
	62,089	*,e	Paramount Resources Ltd (Class A)		1,493
	190,100	*,e	Parex Resources, Inc		881
	511,466	*,e	Parker Drilling Co		2,307
	163,615	e	Parkland Income Fund		2,288
	149,856	e	Pason Systems, Inc		2,190
	694,161	*,e	Patriot Coal Corp		847

70

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	541,650		Patterson-UTI Energy, Inc	$	7,886
	6,083		Paz Oil Co Ltd		690
	152,224	*	PDC Energy, Inc		3,733
	693,462		Peabody Energy Corp		17,004
	479,282	e	Pembina Pipeline Income Fund		12,249
	452,920	e	Pengrowth Energy Trust		2,874
	298,550		Penn Virginia Corp		2,191
	662,791	e	Penn West Energy Trust		8,893
	389,200	*	Perdana Petroleum BHD		79
	111,600	e	PetroBakken Energy Ltd		1,347
	138,700	*	Petrobank Energy & Resources Ltd		1,473
	1,230,993		Petrofac Ltd		26,869
	5,177,976		Petroleo Brasileiro S.A.		48,725
	448,000		Petroleo Brasileiro S.A. (ADR)		8,409
	7,159,866		Petroleo Brasileiro S.A. (Preference)		65,057
	311,415		Petroleum Geo-Services ASA		3,806
	137,511	e	Petrominerales Ltd		1,553
	622,700		Petronas Dagangan BHD		4,155
	210,032	*,e	Petroquest Energy, Inc		1,050
	194,202	e	Peyto Energy Trust		3,670
	61,231	*,e	PHI, Inc		1,703
	263,200	*	Philex Petroleum Corp		290
	1,590,227	*,e	Phillips 66		52,859
	264,329	*,e	Pioneer Drilling Co		2,107
	785,019		Pioneer Natural Resources Co		69,247
	284,883	*	Plains Exploration & Production Co		10,022
	363,491	*,e	Polarcus Ltd		253
	3,300,406		Polish Oil & Gas Co		4,117
	465,959	*	Polski Koncern Naftowy Orlen S.A.		5,249
	138,900	e	Poseidon Concepts Corp		1,701
	721,481	*	Precision Drilling Trust		4,911
	1,011,633	*	Premier Oil plc		5,375
	148,660	e	ProEx Energy Ltd		2,931
	599,059	e	ProSafe ASA		4,349
	265,000	*	PT ABM Investama Tbk		105
	6,907,000	*	PT Benakat Petroleum Energy		135
	10,874,000		PT Bumi Resources Tbk		1,303
	10,930,000	*	PT Delta Dunia Petroindo Tbk		466
	43,789,500	*	PT Energi Mega Persada Tbk		677
	1,260,500		PT Harum Energy Indonesia Tbk		774
	6,733,000		PT Indika Energy Tbk		1,349
	1,473,000		PT Indo Tambangraya Megah		5,704
	1,644,500		PT Medco Energi Internasional Tbk		318
	201,000		PT Resource Alam Indonesia Tbk		91
	11,158,134		PT Tambang Batubara Bukit Asam Tbk		17,582
	2,383,969		PTT Exploration & Production PCL		12,707
	1,956,850		PTT PCL		20,045
	27,500		PTT PCL (ADR)		282
	342,496		Questar Market Resources, Inc		10,265
	463,745	*,e	Quicksilver Resources, Inc		2,513
	423,124		Range Resources Corp		26,179
	308,610	*	Red Fork Energy Ltd		235

71

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	245,600	*	Refinaria de Petroleos de Manguinhos S.A.	$	109
	1,156,654		Refineria La Pampilla S.A. Relapasa		269
	1,861,980		Reliance Industries Ltd		24,798
	35,504	*,e	Renewable Energy Group, Inc		264
	846,639	*,e	Rentech, Inc		1,744
	678,484		Repsol YPF S.A.		10,907
	199,169	*,e	Resolute Energy Corp		1,906
	171,173	*,e	Rex Energy Corp		1,919
	23,164	*	Rex Stores Corp		452
	46,286	*,e	RigNet, Inc		805
	1,755,492	*	Roc Oil Co Ltd		573
	2,759,640	*	Rockhopper Exploration plc		11,149
	486,488	*	Rosetta Resources, Inc		17,825
	2,398,289	f	Rosneft Oil Co (GDR) (purchased 02/11/10, cost $16,860)		15,106
	487,290	*	Rowan Cos PLC		15,754
	6,518,466		Royal Dutch Shell plc (A Shares)		219,626
	4,341,669		Royal Dutch Shell plc (B Shares)		151,627
	145,027	e	RPC, Inc		1,724
	2,476,000	*	Ruifeng Petroleum Chemical Holdings Ltd		45
	161,470	*	RusPetro plc		342
	1,466,846		Saipem S.p.A.		65,325
	333,027	*	Salamander Energy plc		894
	582,367	*	San Leon Energy plc		81
	109,000		San-Ai Oil Co Ltd		490
	41,971	*,e	Sanchez Energy Corp		873
	924,648	*,e	SandRidge Energy, Inc		6,186
	455,047		Santos Ltd		5,012
	5,619,300	*	Sapurakencana Petroleum BHD		3,893
	404,937	*	Saras S.p.A.		395
	67,005	*,e	Saratoga Resources, Inc		394
	1,134,238		Sasol Ltd		47,845
	213,338		Savanna Energy Services Corp		1,601
	30,979		SBM Offshore NV		429
	6,030,887		Schlumberger Ltd		391,465
	15,236		Schoeller-Bleckmann Oilfield Equipment AG.		1,235
	569,500	*	Scomi Group BHD		41
	160,736	*,e	Scorpio Tankers, Inc		1,027
	68,728		SEACOR Holdings, Inc		6,143
	310,375	e	SeaDrill Ltd		11,070
	100,500	*,e	Secure Energy Services, Inc		757
	171,535	*	SemGroup Corp		5,477
	909,254	*,e	Senex Energy Ltd		669
	50	*	Serval Integrated Energy Services		0	^
	334,447	*,e	Sevan Drilling AS.		299
	219,200		Shandong Molong Petroleum Machinery Co Ltd		70
	103,553	e	ShawCor Ltd		3,748
	1,522,500		Shengli Oil&Gas Pipe Holdings Ltd		111
	75,800		Shinko Plantech Co Ltd		658
	180,983	e	Ship Finance International Ltd		2,829
	87,747	e	Showa Shell Sekiyu KK		539
	132,800		Siamgas & Petrochemicals PCL		61

72

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	94,000		Sinanen Co Ltd	$	396
	8,240,000	*	Sino Union Energy Investment Group Ltd		637
	584,000		Sinopec Kantons Holdings Ltd		422
	120,207		SK Energy Co Ltd		14,726
	11,450		SK Gas Co Ltd		649
	276,994	*	Soco International plc		1,260
	92,954		S-Oil Corp		7,496
	302,098	*,e	Solazyme, Inc		4,199
	168,771	*	Songa Offshore SE		403
	446,700	*	Southern Pacific Resource Corp		557
	109,200	*	SouthGobi Resources Ltd		413
	1,887,398	*	Southwestern Energy Co		60,265
	2,587,568		Spectra Energy Corp		75,195
	125,822	*,e	Sprott Resource Corp		491
	220,524		St. Mary Land & Exploration Co		10,830
	1,581,021		Statoil ASA		37,705
	166,518	*	Sterling International Enterprises Ltd		9
	215,160	*	Stone Energy Corp		5,452
	1,676,000	e	Straits Asia Resources Ltd		1,835
	3,292,533	e	Suncor Energy, Inc		95,209
	2,298,740		Suncor Energy, Inc (NY)		66,549
	982,123	e	Sunoco, Inc		46,651
	660,784	*	Superior Energy Services		13,368
	89,300	*	Surge Energy, Inc		646
	2,210,303	e	Surgutneftegaz (ADR)		18,401
	339,700	e	Surgutneftegaz (ADR) (London)		2,833
	1,783,000	*,e	Swiber Holdings Ltd		814
	179,028	*	Swift Energy Co		3,332
	139,407	*,e	Synergy Resources Corp		429
	70,300	*	TAG Oil Ltd		509
	1,589,571		Talisman Energy, Inc		18,220
	150,278		Targa Resources Investments, Inc		6,417
	500,494	e	Tatneft (GDR)		16,899
	313,478		Technip S.A.		32,669
	254,563	e	Tecnicas Reunidas S.A.		10,645
	110,472	e	Teekay Corp		3,235
	349,685	e	Teekay Tankers Ltd (Class A)		1,595
	91,898		Tenaris S.A.		1,616
	142,803	*,e	Tesco Corp		1,714
	585,323	*	Tesoro Corp		14,610
	561,501	*,e	Tetra Technologies, Inc		4,004
	53,878	*,e	TGC Industries, Inc		523
	252,661		TGS Nopec Geophysical Co ASA		6,822
	1,865,100		Thai Oil PCL		3,362
	97,933		Tidewater, Inc		4,540
	2,800,000	*	Titan Petrochemicals Group Ltd		89
	126,863	f	TMK OAO (GDR) (purchased 06/17/10, cost $1,967)		1,529
	692,931	e	TonenGeneral Sekiyu KK		6,161
	70,500		Total Energy Services, Inc		996
	2,056,917	e	Total S.A.		92,580
	100,460	*	Tourmaline Oil Corp		2,652
	162,000		Toyo Kanetsu K K		337

73

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	799,359	e	TransCanada Corp	$	33,502
	214,400	*	TransGlobe Energy Corp		1,908
	442,659		Transocean Ltd		19,850
	697,294		Transocean Ltd		31,190
	174,761	*,e	Triangle Petroleum Corp		975
	213,586	e	Trican Well Service Ltd		2,465
	73,580	e	Trilogy Energy Corp		1,700
	344,966		Trinidad Drilling Ltd		1,969
	4,804,857		Tullow Oil plc		111,053
	199,355		Tupras Turkiye Petrol Rafine		4,276
	132,154		Turcas Petrolculuk AS		180
	361,700		Twin Butte Energy Ltd		860
	294,157	*,e	Ultra Petroleum Corp		6,786
	574,000		Ultrapar Participacoes S.A.		12,917
	63,632	*,e	Union Drilling, Inc		285
	91,409	*	Unit Corp		3,372
	242,256	*,e	Uranerz Energy Corp		351
	311,267	*,e	Uranium Energy Corp		713
	650,654	e	Uranium One, Inc		1,655
	324,738	*	Vaalco Energy, Inc		2,802
	2,104,946		Valero Energy Corp		50,834
	103,295	*	Valiant Petroleum plc		615
	1,184,600	*	Vanguarda Agro S.A.		224
	857,805	*,e	Vantage Drilling Co		1,287
	151,603	*,e	Venoco, Inc		1,518
	55,474	*	Verbio AG.		167
	213,200	e	Veresen, Inc		2,532
	273,028	e	Vermilion Energy Trust		12,328
	173,504	*,e	Voyager Oil & Gas, Inc		305
	128,602	e	W&T Offshore, Inc		1,968
	1,438,400		Wah Seong Corp BHD		856
	336,247	*,e	Warren Resources, Inc		807
	1,900,163	*	Weatherford International Ltd		23,999
	117,713	*,e	West Siberian Resources Ltd (GDR)		1,073
	113,800	*	Western Energy Services Corp		639
	360,696	e	Western Refining, Inc		8,033
	53,900	*	Westfire Energy Ltd		216
	41,088	*,e	Westmoreland Coal Co		331
	242,127	*,e	White Energy Co Ltd		79
	155,600	*	Whitecap Resources, Inc		1,027
	497,466		Whitehaven Coal Ltd		2,139
	229,228	*	Whiting Petroleum Corp		9,426
	435,271	*,e	Willbros Group, Inc		2,812
	4,219,481		Williams Cos, Inc		121,605
	465,718		Woodside Petroleum Ltd		14,924
	98,964		World Fuel Services Corp		3,764
	534,376		WorleyParsons Ltd		13,876
	508,503	*,e	WPX Energy, Inc		8,228
	204,128	*,e	Xcite Energy Ltd		242
	421,571	*,e	Xenolith Resources Ltd		290
	6,606,000	e	Yanzhou Coal Mining Co Ltd		10,410
	36,800	e	Zargon Energy Trust		313
	93,977	*,e	ZaZa Energy Corp		425
			TOTAL ENERGY		9,777,036

74

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
FOOD & STAPLES RETAILING - 1.7%
	210,109		Aeon Co Ltd	$	2,619
	11,900		Ain Pharmaciez Inc		718
	378,754		Alimentation Couche Tard, Inc		16,540
	532,645		Almacenes Exito S.A.		8,825
	103,183	e	Andersons, Inc		4,402
	36,379		Arcs Co Ltd		777
	4,438	e	Arden Group, Inc (Class A)		387
	28,786		Axfood AB		915
	124,000		Beijing Jingkelong Co Ltd		92
	158,805		BIM Birlesik Magazalar AS		6,556
	109,625		Bizim Toptan Satis Magazalari AS		1,533
	12,492		Blue Square-Israel Ltd		28
	3,169,391		Booker Group plc		4,524
	396,768		Brazil Pharma S.A.		2,124
	294,064	e	Carrefour S.A.		5,430
	149,402		Casey’s General Stores, Inc		8,813
	162,484		Casino Guichard Perrachon S.A.		14,282
	16,600		Cawachi Ltd		365
	2,245,942		Centros Comerciales Sudamericanos S.A.		12,393
	61,178	*,e	Chefs’ Warehouse Holdings, Inc		1,104
	2,495,500		China Resources Enterprise		7,456
	147,506		Cia Brasileira de Distribuicao Grupo Pao de Acucar		5,875
	41,760		Cocokara Fine Holdings, Inc		1,384
	35,240		Colruyt S.A.		1,572
	9,900		Cosmos Pharmaceutical Corp		657
	1,994,098		Costco Wholesale Corp		189,439
	9,108,000		CP Seven Eleven PCL		10,251
	8,400		Create SD Holdings Co Ltd		233
	3,170,148		CVS Corp		148,141
	5,900	e	Daikokutenbussaan Co Ltd		153
	112,182		Delhaize Group		4,109
	2,438,120	*	Distribuidora Internacional de Alimentacion S.A.		11,463
	16,441		Dongsuh Co, Inc		452
	28,718		E-Mart Co Ltd		6,303
	56,988		Empire Co Ltd		3,004
	49,623		Eurocash S.A.		613
	237,474		FamilyMart Co Ltd		10,869
	103,034	*,e	Fresh Market, Inc		5,526
	63,850		George Weston Ltd		3,627
	206,532		Greggs plc		1,632
	16,120	e	Growell Holdings Co Ltd		558
	112,073	e	Hakon Invest AB		1,651
	215,680		Harris Teeter Supermarkets, Inc		8,841
	40,500		Heiwado Co Ltd		552
	3,993,410	e	Heng Tai Consumables Group Ltd		100
	3,032	*	Indiabulls Wholesale Service		1
	49,266		Ingles Markets, Inc (Class A)		790
	5,600		Itochu-Shokuhin Co Ltd		209
	138,741		Izumiya Co Ltd		699
	4,032,623		J Sainsbury plc		19,059

75

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	227,936		Jean Coutu Group PJC, Inc	$	3,367
	1,027,162		Jeronimo Martins SGPS S.A.		17,366
	52,100		Kasumi Co Ltd		358
	41,700		Kato Sangyo Co Ltd		839
	29,397	e	Kesko Oyj (B Shares)		769
	3,217,473		Koninklijke Ahold NV		39,856
	3,240,102		Kroger Co		75,138
	93,059		Lawson, Inc		6,508
	143,000	e	Lianhua Supermarket Holdings Co Ltd		137
	28,100	e	Liquor Stores Income Fund		519
	140,961	e	Loblaw Cos Ltd		4,486
	570,333	e,f	Magnit OAO (GDR) (purchased 05/26/10, cost $14,487)		17,236
	130,847		Majestic Wine plc		933
	73,535		MARR S.p.A.		687
	43,233		Maruetsu, Inc		157
	145,249		Massmart Holdings Ltd		3,007
	99,666	e	Matsumotokiyoshi Holdings Co Ltd		2,210
	1,188,693	e	Metcash Ltd		4,118
	362,343	e	Metro AG.		10,566
	235,661	e	Metro, Inc		12,067
	32,746	*	Migros Ticaret AS		325
	15,500		Ministop Co Ltd		269
	44,617	e	Nash Finch Co		958
	82,219	e	North West Co Fund		1,757
	128,646	f	O’Key Group S.A. (GDR) (purchased 12/06/11, cost $1,095)		997
	28,000		Okuwa Co Ltd		370
	645,810	e	Olam International Ltd		935
	144,900	*	Pantry, Inc		2,130
	569,651	e	Pick’n Pay Holdings Ltd		1,324
	449,472		Pick’n Pay Stores Ltd		2,417
	1,337,320		President Chain Store Corp		7,135
	71,174	e	Pricesmart, Inc		4,805
	754,000		PT Sumber Alfaria Trijaya Tbk		386
	666,500		Puregold Price Club, Inc		430
	469,272		Raia Drogasil S.A.		4,731
	196,135		Rallye S.A.		5,604
	7,417		Rami Levi Chain Stores Hashikma Marketing 2006 Ltd		213
	4,087,120	*	Rite Aid Corp		5,722
	132,609	e	Roundy‚s, Inc		1,354
	21,779		Ryoshoku Ltd		552
	23,500		S Foods, Inc		209
	388,971	e	Safeway, Inc		7,060
	10,200		San-A Co Ltd		388
	1,986,219		Seven & I Holdings Co Ltd		59,875
	533,000		Sheng Siong Group Ltd		181
	248,315	e	Shoppers Drug Mart Corp		10,012
	826,765		Shoprite Holdings Ltd		15,264
	101,941		Shufersal Ltd		247
	43,792	e	Sligro Food Group NV		1,139
	242,111		Spar Group Ltd		3,373
	82,792	e	Spartan Stores, Inc		1,501

76

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	49,300		Sugi Pharmacy Co Ltd	$	1,617
	2,743,000	e	Sun Art Retail Group Ltd		3,023
	45,300		Sundrug Co Ltd		1,475
	931,945	e	Supervalu, Inc		4,828
	38,312	*	Susser Holdings Corp		1,424
	1,017,782		Sysco Corp		30,340
	474,000		Taiwan TEA Corp		234
	11,474,872		Tesco plc		55,766
	672,991		Total Produce plc		341
	49,688		Tsuruha Holdings, Inc		3,090
	196,906	*	United Natural Foods, Inc		10,802
	446,100		UNY Co Ltd		4,886
	56,600	e	Valor Co Ltd		935
	36,222		Village Super Market (Class A)		1,180
	4,692,753		Walgreen Co		138,812
	10,453,321		Wal-Mart de Mexico S.A. de C.V. (Series V)		28,015
	5,065,251		Wal-Mart Stores, Inc		353,149
	39,022		Weis Markets, Inc		1,737
	1,383,035		Wesfarmers Ltd		42,572
	846,625		Whole Foods Market, Inc		80,700
	2,000,638		WM Morrison Supermarkets plc		8,348
	1,693,079		Woolworths Ltd		46,607
	861,149	*	Wumart Stores, Inc		1,751
	2,178	*,f	X 5 Retail Group NV (GDR) (purchased 01/19/12, cost $57)		50
	8,600		Yaoko Co Ltd		300
	54,000		Yokohama Reito Co Ltd		420
			TOTAL FOOD & STAPLES RETAILING		1,702,035
FOOD, BEVERAGE & TOBACCO - 6.1%
	37,921		AarhusKarlshamn AB		1,302
	323,209		Afgri Ltd		229
	95,862	*	AGV Products Corp		32
	722,181		Ajinomoto Co, Inc		10,051
	17,871	e	Alico, Inc		546
	328,667		Alicorp S.A.		863
	14,816		Alliance Grain Traders, Inc		199
	304,712	*,e	Alliance One International, Inc		1,054
	9,633,631		Altria Group, Inc		332,842
	32,297	e	Amsterdam Commodities NV		493
	281,416		Anadolu Efes Biracilik Ve Malt Sanayii AS		3,604
	2,974	*	Anheuser-Busch InBev NV		0	^
	291,402		Anheuser-Busch InBev NV (ADR)		23,210
	118,137	*,e	Annie’s, Inc		4,945
	76,655	*	AquaChile S.A.		53
	2,239,569		Archer Daniels Midland Co		66,112
	20,300		Ariake Japan Co Ltd		424
	25,064		Aryzta AG.		1,248
	647,161		Asahi Breweries Ltd		13,904
	32,559		Asian Bamboo AG.		313
	1,227,624		Asian Citrus Holdings Ltd		696

77

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	303,200		Asiatic Development BHD	$	896
	1,543,648		Associated British Foods plc		31,060
	78,651		Astral Foods Ltd		1,087
	16,936		Atria Group plc		108
	771,000	m	Ausnutria Dairy Corp Ltd		73
	200,030		Austevoll Seafood ASA		842
	311,861	*,e	Australian Agricultural Co Ltd		359
	811,405		AVI Ltd		4,974
	185,055	e	B&G Foods, Inc (Class A)		4,922
	866,895		Bajaj Hindusthan Ltd		464
	45,173		Bakkafrost P		338
	179,659		Balrampur Chini Mills Ltd		168
	1,974		Barry Callebaut AG.		1,796
	894,332		Beam, Inc		55,887
	217,000		Besunyen Holdings		21
	14,822		Binggrae Co Ltd		932
	344,500	e	Biostime Internatonal Holdings Ltd		903
	91,948	*	Black Earth Farming Ltd		120
	7,145		Bonduelle S.C.A.		601
	29,565	*,e	Boston Beer Co, Inc (Class A)		3,577
	6,400		Britannia Industries Ltd		61
	208,200		British American Tobacco Malaysia BHD		3,687
	3,431,640		British American Tobacco plc		174,465
	1,380,590		Britvic plc		7,140
	284,830		Brown-Forman Corp (Class B)		27,586
	726,791	e	Bunge Ltd		45,599
	638,093		C&C Group plc		2,742
	44,620	e	Calavo Growers, Inc		1,141
	19,200		Calbee, Inc		1,206
	89,549	e	Cal-Maine Foods, Inc		3,501
	308,083	e	Campbell Soup Co		10,284
	22,351		Campofrio Alimentacion S.A.		171
	40,609		Carlsberg AS (Class B)		3,205
	187,500		Carlsberg Brewery-Malay BHD		714
	82,161		Casa Grande S.A.		401
	248,629	*,e	Central European Distribution Corp		711
	140,748		Cermaq ASA		1,856
	959,000		Changshouhua Food Co Ltd		499
	5,656,300		Charoen Pokphand Foods PCL		6,913
	2,483,700	e	China Agri-Industries Holdings Ltd		1,370
	840,000	e	China Green Holdings Ltd		190
	1,273,500	e	China Huiyuan Juice Group Ltd		456
	1,666,000		China Mengniu Dairy Co Ltd		4,412
	365,292	*,e	China Minzhong Food Corp Ltd		169
	1,551,000	*,e	China Modern Dairy Holdings		366
	5,760,000		China Starch Holdings Ltd		173
	1,580,000		China Tontine Wines Group Ltd		152
	1,762,000	e	China Yurun Food Group Ltd		1,556
	168,450	*,e	Chiquita Brands International, Inc		842
	157,490		Cia Cervecerias Unidas S.A.		1,975
	1,480,926	*	Cia Pesquera Camanchaca S.A.		87
	11,247		CJ CheilJedang Corp		3,213

78

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	67,016		Clover Industries Ltd	$	112
	52,380		Coca Cola Hellenic Bottling Co S.A.		928
	348,118		Coca-Cola Amatil Ltd		4,784
	26,961		Coca-Cola Bottling Co Consolidated		1,733
	63,900	e	Coca-Cola Central Japan Co Ltd		832
	10,000,954		Coca-Cola Co		781,975
	1,797,956		Coca-Cola Enterprises, Inc		50,415
	543,375	e	Coca-Cola Femsa S.A. de C.V.		7,106
	142,855		Coca-Cola Icecek AS		2,217
	66,067		Coca-Cola West Japan Co Ltd		1,152
	1,575,434		ConAgra Foods, Inc		40,851
	708,927	*,e	Constellation Brands, Inc (Class A)		19,184
	525,620	e	Consumer Staples Select Sector SPDR Fund		18,276
	41,112	e	Copeinca ASA		290
	670,274		Cosan SA Industria e Comercio		10,342
	194,900	*	Cott Corp		1,593
	42,386	*,e	Craft Brewers Alliance, Inc		347
	88,800	e	CSM		1,638
	503,000		DaChan Food Asia Ltd		94
	2,160		Dae Han Flour Mills Co Ltd		205
	60,740		Daesang Corp		943
	185,753		Dairy Crest Group plc		962
	1,298,000	*,e,m	Daqing Dairy Holdings Ltd		141
	605,718	*	Darling International, Inc		9,988
	398,971	e	Davide Campari-Milano S.p.A.		2,779
	3,149,113	*	DE Master Blenders 1753 NV		35,508
	1,406,272	*	Dean Foods Co		23,949
	303,237		Devro plc		1,439
	4,009,651		Diageo plc		103,349
	83,872	e	Diamond Foods, Inc		1,496
	129,883	*,e	Dole Food Co, Inc		1,140
	4,594		Dongwon F&B Co Ltd		270
	5,708		Dongwon Industries Co Ltd		1,056
	391,939	e	Dr Pepper Snapple Group, Inc		17,147
	18,100		Dydo Drinco, Inc		788
	1,214,000	e	Dynasty Fine Wines Group Ltd		200
	25,524		East Asiatic Co Ltd AS		625
	104,971	*	Ebro Puleva S.A.		1,807
	912,058	e	Embotelladoras Arca SAB de C.V.		5,301
	3,565,492		Empresas Iansa S.A.		254
	87,464	e	Ezaki Glico Co Ltd		990
	34,728	*,e	Farmer Bros Co		276
	1,116,000	e	First Resources Ltd		1,707
	302,514		Flowers Foods, Inc		7,027
	3,204,114	e	Fomento Economico Mexicano S.A. de C.V.		28,590
	146,898		Fresh Del Monte Produce, Inc		3,448
	76,373		Fuji Oil Co Ltd		998
	35,832		Fujicco Co Ltd		434
	150,000	*,e	Fujiya Co Ltd		416
	1,975,283		General Mills, Inc		76,127
	301,200		GFPT PCL		91
	311,381		Glanbia plc		2,301

79

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	7,994,000	e	Global Bio-Chem Technology Group Co Ltd	$	1,160
	1,018,000	*	Global Sweeteners Holdings Ltd		64
	3,608,000		GMG Global Ltd		351
	32,446		Gokul Refoils & Solvent Ltd		44
	21,355,074	e	Golden Agri-Resources Ltd		11,405
	3,390,590		Goodman Fielder Ltd		1,916
	698,219		GrainCorp Ltd		6,836
	857,863		Great Wall Enterprise Co		808
	352,033	*,e	Green Mountain Coffee Roasters, Inc		7,667
	869,671		Greencore Group plc		1,028
	11,592		Griffin Land & Nurseries, Inc (Class A)		324
	1,521,335		Groupe Danone		94,546
	622,900	*,e	Gruma SAB de C.V.		1,529
	2,251,528	e	Grupo Bimbo S.A. de C.V. (Series A)		5,528
	290,200		Grupo Herdez SAB de C.V.		667
	1,690,001	e	Grupo Modelo S.A. (Series C)		14,944
	689,772		H.J. Heinz Co		37,510
	198,461	*	Hain Celestial Group, Inc		10,923
	225,000		Hap Seng Plantations Holdings BHD		204
	98,254		Harim & Co Ltd		375
	130,157		Heineken Holding NV		5,830
	171,867		Heineken NV		8,962
	1,179,180		Hershey Co		84,936
	790,000		Hey Song Corp		1,000
	639,823	*	Hillshire Brands Co		18,548
	29,910		Hite Holdings Co Ltd		247
	43,508	e	HKScan Oyj		209
	24,200		Hokuto Corp		483
	226,764	e	Hormel Foods Corp		6,898
	153,752		House Foods Corp		2,613
	250,500		IJM Plantations BHD		256
	319,050		Illovo Sugar Ltd		1,103
	2,340,234		Imperial Tobacco Group plc		90,165
	1,721,780		InBev NV		135,747
	674,978	e	Indofood Agri Resources Ltd		774
	1,244,616		Ingredion, Inc		61,633
	77,020	*	Inventure Foods, Inc		485
	4,563,776		IOI Corp BHD		7,502
	4,579,081		ITC Ltd		21,323
	170,200	e	Ito En Ltd		3,189
	188,000		Itoham Foods, Inc		747
	67,114		J&J Snack Foods Corp		3,966
	169,314		J.M. Smucker Co		12,787
	2,012,800		Japan Tobacco, Inc		59,631
	1,689,921	*	JBS S.A.		5,074
	28,490	*,e	John B. Sanfilippo & Son, Inc		509
	204,000		J-Oil Mills, Inc		614
	14,600		JT International BHD		32
	588,125		Juhayna Food Industries		466
	122,373		Kagome Co Ltd		2,482
	43,800		Keck Seng Malaysia BHD		54
	440,525		Kellogg Co		21,731

80

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	105,835	*	Kernel Holding S.A.	$	1,946
	104,306		Kerry Group plc (Class A)		4,573
	20,200		KEY Coffee, Inc		373
	2,170,900		Khon Kaen Sugar Industry PCL		873
	52,560	e	Kikkoman Corp		650
	812,000		Kingway Brewery Holdings Ltd		268
	430,358	e	Kirin Brewery Co Ltd		5,072
	130,008	e	Koninklijke Wessanen NV		381
	1,027		Kook Soon Dang Brewery Co Ltd		7
	6,289,380		Kraft Foods, Inc (Class A)		242,896
	253,886		KT&G Corp		17,999
	1,086,173		Kuala Lumpur Kepong BHD		7,893
	1,374,000		Kulim Malaysia BHD		2,042
	2,596		KWS Saat AG.		675
	67,627	e	Lancaster Colony Corp		4,816
	169,820		Lance, Inc		4,285
	26,470		Leroy Seafood Group ASA		473
	342,987		Lien Hwa Industrial Corp		210
	22,775	e	Lifeway Foods, Inc		236
	32,347	e	Limoneira Co		525
	294		Lindt & Spruengli AG.		909
	121		Lindt & Spruengli AG. (Reg)		4,444
	1,715,543		Lorillard, Inc		226,366
	1,362		Lotte Chilsung Beverage Co Ltd		1,747
	854		Lotte Confectionery Co Ltd		1,167
	2,611		Lotte Samkang Co Ltd		1,217
	36,000		M Dias Branco S.A.		1,058
	40,447		Maeil Dairy Industry Co Ltd		731
	153,079	e	Maple Leaf Foods, Inc		1,761
	181,000		Marfrig Alimentos S.A.		842
	226,317		Marudai Food Co Ltd		866
	1,004,000		Maruha Nichiro Holdings, Inc		1,589
	243,537	e	McCormick & Co, Inc		14,771
	49,819		McLeod Russel India Ltd		267
	1,676,050	e	Mead Johnson Nutrition Co		134,939
	55,700	e	Megmilk Snow Brand Co Ltd		981
	18,981		MEIJI Holdings Co Ltd		872
	11,500	e	Meito Sangyo Co Ltd		148
	404,000	e	Mewah International, Inc		135
	174,235	*,f	MHP SA (GDR) (purchased 01/07/11, cost $2,679)		2,016
	58,100		Mikuni Coca-Cola Bottling Co Ltd		502
	79,600		Minerva S.A.		336
	124,000	e	Mitsui Sugar Co Ltd		401
	193,679	e	Molson Coors Brewing Co (Class B)		8,059
	1,006,531	*	Monster Beverage Corp		71,665
	236,302		Morinaga & Co Ltd		536
	259,000		Morinaga Milk Industry Co Ltd		991
	95,189	*,e	Morpol ASA		133
	299,900		MSM Malaysia Holdings BHD		503
	16,956		Muhak Co Ltd		167
	1,728,489		Multiexport Foods S.A.		411
	46,000		Namchow Chemical Industrial Ltd		45

81

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	919		Namyang Dairy Products Co Ltd	$	619
	41,475		National Beverage Corp		620
	4,812		Naturex		285
	4,965,194		Nestle S.A.		296,312
	947,000		Nichirei Corp		4,662
	231,000		Nippon Beet Sugar Manufacturing Co Ltd		503
	283,000		Nippon Flour Mills Co Ltd		1,243
	56,594		Nippon Meat Packers, Inc		749
	314,766	e	Nippon Suisan Kaisha Ltd		854
	308,000		Nisshin Oillio Group Ltd		1,299
	63,808		Nisshin Seifun Group, Inc		747
	26,224	e	Nissin Food Products Co Ltd		997
	6,573		Nong Shim Co Ltd		1,188
	5,256		Nong Shim Holdings Co Ltd		234
	65,835		Nutreco Holding NV		4,591
	189,141	*	Omega Protein Corp		1,392
	4,581		Orion Corp		3,795
	80,050		Osem Investments Ltd		1,098
	4,915		Ottogi Corp		703
	2,463,166	e	Pacific Andes International Holdings Ltd		148
	7,365,280		PAN Fish ASA		5,243
	6,254,691		PepsiCo, Inc		441,956
	887,571		Perdigao S.A.		13,430
	452,090	e	Pernod-Ricard S.A.		48,343
	24,641		Pescanova S.A.		674
	708,000		Petra Foods Ltd		1,397
	354,451	*	PGG Wrightson Ltd		82
	1,400		Philip Morris CR		779
	10,034,434		Philip Morris International, Inc		875,605
	319,668	*,e	Pilgrim’s Pride Corp		2,286
	56,539		Pinar SUT Mamulleri Sanayii AS		474
	101,389	*	Post Holdings, Inc		3,118
	570,320		PPB Group BHD		2,876
	273,490	*,e	Premier Foods plc		367
	20,700		Premium Brands Holdings Corp		373
	450,000		Prima Meat Packers Ltd		810
	436,724		PT Astra Agro Lestari Tbk		943
	2,761,000		PT Bisi International		234
	3,839,500		PT BW Plantation Tbk		588
	16,104,000		PT Charoen Pokphand Indonesia Tbk		5,950
	823,700		PT Gudang Garam Tbk		5,442
	11,861,600		PT Indofood Sukses Makmur Tbk		6,169
	1,919,500		PT Japfa Comfeed Indonesia Tbk		1,015
	8,306,000		PT Perusahaan Perkebunan London Sumatra Indonesia Tbk		2,385
	2,324,500		PT Sampoerna Agro Tbk		742
	2,768,500		PT Tunas Baru Lampung Tbk		155
	131,700	e	Q.P. Corp		2,000
	852,700		QL Resources BHD		846
	19,517		Radico Khaitan Ltd		41
	429,507	*	Ralcorp Holdings, Inc		28,665
	833,359		REI Agro Ltd		140

82

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	915,097		Remy Cointreau S.A.	$	100,538
	804,440	e	Reynolds American, Inc		36,095
	276,500		Rimbunan Sawit BHD		90
	23,363		Royal UNIBREW AS		1,482
	82,634		Ruchi Soya Industries Ltd		133
	463,791		SABMiller plc		18,608
	8,263		Sajo Industries Co Ltd		382
	42,355		Sakata Seed Corp		572
	3,692	*	Samyang Corp		151
	4,615		Samyang Genex Co Ltd		214
	3,477		Samyang Holdings Corp		149
	368,180		San Miguel Corp		1,002
	84,875	e	Sanderson Farms, Inc		3,889
	57,500		Sao Martinho S.A.		591
	499,000		Sapporo Holdings Ltd		1,607
	237,079	e	Saputo, Inc		9,857
	34,616	*,e	Seneca Foods Corp		931
	370,100	*	Shanghai Dajiang Group		116
	158,000		Showa Sangyo Co Ltd		514
	929,268		Shree Renuka Sugars Ltd		532
	16,700		Silla Co Ltd		221
	12,403	e	Sipef S.A		898
	97,400		SLC Agricola S.A.		969
	253,608	*,e	Smart Balance, Inc		2,381
	596,901	*	Smithfield Foods, Inc		12,911
	2,626		Societa per la Bonifica dei Terreni Ferraresi e Imprese Agricole S.p.A.		123
	889,077	*,e	SOS Cuetara S.A.		366
	849,955		Souza Cruz S.A.		12,475
	307,000		Standard Foods Corp		889
	538,853	*,e	Star Scientific, Inc		2,457
	43,408		Strauss Group Ltd		422
	295,639		Suedzucker AG.		10,488
	455,000	e	Super Coffeemix Manufacturing Ltd		756
	626,630		Swedish Match AB		25,257
	79,544	*,e	Synutra International, Inc		430
	18,540		Taisun Enterprise Co Ltd		9
	78,000		Taiyen Biotech Co Ltd		57
	241,000		Takara Holdings, Inc		1,554
	224,013		Tassal Group Ltd		307
	156,384	*	TAT Konserve		184
	250,835		Tata Tea Ltd		524
	2,943,736		Tate & Lyle plc		29,896
	416,400		TH Plantations BHD		301
	103,660		Thai Union Frozen Products PCL(Foreign)		236
	467,400		Thai Vegetable Oil PCL		322
	493,000		Tibet 5100 Water Resources Holdings Ltd		95
	260,371	e	Tiger Brands Ltd		7,821
	2,638,000	e	Tingyi Cayman Islands Holding Corp		6,797
	169,461		Tongaat Hulett Ltd		2,593
	87,879	e	Tootsie Roll Industries, Inc		2,097
	154,942		Toyo Suisan Kaisha Ltd		4,132

83

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	98,400		Tradewinds Malaysia BHD	$	279
	965,911		Treasury Wine Estates Ltd		4,328
	153,605	*	TreeHouse Foods, Inc		9,568
	9,130		TS Corp		158
	810,000	e	Tsingtao Brewery Co Ltd		4,629
	1,168,853	e	Tyson Foods, Inc (Class A)		22,010
	228,773		Ulker Biskuvi Sanayi AS		878
	2,659,967		Unilever NV		88,857
	195,000		Unilever NV (ADR)		6,503
	2,193,288		Unilever plc		73,637
	2,072,000		Uni-President China Holdings Ltd		1,933
	7,204,297		Uni-President Enterprises Corp		11,614
	4,819		United International Enterprises		672
	5,400		United Malacca BHD		13
	1,973,385		United Spirits Ltd		24,304
	117,006	e	Universal Corp		5,421
	1,941,430		Universal Robina		2,911
	151,000		Ve Wong Corp		99
	187,721	e	Vector Group Ltd		3,195
	6,887	e	Vilmorin & Cie		730
	841,818		Vina Concha Y Toro S.A.		1,647
	67,431		Viscofan S.A.		2,898
	1,402,000		Vitasoy International Holdings Ltd		1,178
	351,174		Viterra, Inc		5,571
	2,369		Vranken - Pommery Monopole		65
	8,865,000		Want Want China Holdings Ltd		10,963
	414,000		Wei Chuan Food Corp		420
	462,927	*,e	Westway Group, Inc		2,773
	1,703,188	e	Wilmar International Ltd		4,911
	1,618,000	e	Xiwang Sugar Holdings Co Ltd		154
	136,592	e	Yakult Honsha Co Ltd		5,349
	86,942		Yamazaki Baking Co Ltd		1,139
	2,200,000		Yantai North Andre Juice Co		80
	1,490,000	e	YASHILI INTERNATIONAL		231
	47,300		Yonekyu Corp		466
	378,554		Zeder Investments Ltd		131
			TOTAL FOOD, BEVERAGE & TOBACCO		6,068,608
HEALTH CARE EQUIPMENT & SERVICES - 3.1%
	83,533	*,e	Abaxis, Inc		3,091
	124,821	*,e	Abiomed, Inc		2,848
	123,249	*	Acadia Healthcare Co, Inc		2,162
	289,997	*,e	Accretive Health, Inc		3,178
	262,241	*,e	Accuray, Inc		1,794
	237,146	e	Advanced Medical Solutions Group plc		241
	1,167,775		Aetna, Inc		45,275
	237,884	*	AGFA-Gevaert NV		389
	62,626	*	AGFA-Gevaert NV Bruessel		0	^
	114,749	*	Air Methods Corp		11,274
	106,258		Alfresa Holdings Corp		5,645
	307,650	*	Align Technology, Inc		10,294

84

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	454,495	*	Allscripts Healthcare Solutions, Inc	$	4,968
	54,863	*,e	Almost Family, Inc		1,226
	223,459	*	Alphatec Holdings, Inc		411
	184,846	*,e	Amedisys, Inc		2,301
	154,421	*	Amerigroup Corp		10,178
	953,028		AmerisourceBergen Corp		37,502
	159,600		Amil Participacoes S.A.		1,597
	148,480	*,e	AMN Healthcare Services, Inc		880
	101,232		Amplifon S.p.A.		473
	117,497	*,e	Amsurg Corp		3,523
	58,403		Analogic Corp		3,621
	55,948	*	Andor Technology Ltd		329
	159,184	*	Angiodynamics, Inc		1,912
	61,968	*	Anika Therapeutics, Inc		842
	186,199		Ansell Ltd		2,531
	337,563	*,e	Antares Pharma, Inc		1,229
	23,582		Apollo Hospitals Enterprise Ltd		261
	46,052		Arseus NV		813
	180,185	*,e	Arthrocare Corp		5,276
	11,600		Asahi Intecc Co Ltd		304
	68,594		Assisted Living Concepts, Inc (A Shares)		975
	138,217	*,e	athenahealth, Inc		10,943
	54,609	*,e	AtriCure, Inc		525
	5,978		Atrion Corp		1,225
	2,108,200		Bangkok Chain Hospital PCL		644
	270,987		Bard (C.R.), Inc		29,115
	3,647,629		Baxter International, Inc		193,871
	335,612		Becton Dickinson & Co		25,087
	91,061	*,e	Bio-Reference Labs, Inc		2,393
	163,797	*	BioScrip, Inc		1,217
	1,132,000	*,e	Biosensors International Group Ltd		1,023
	18,900		BML, Inc		472
	4,801,939	*	Boston Scientific Corp		27,227
	130,785	*	Brookdale Senior Living, Inc		2,320
	497,600		Bumrungrad Hospital PCL		1,102
	79,855		Cantel Medical Corp		2,176
	108,085	*,e	Capital Senior Living Corp		1,146
	2,293,312		Cardinal Health, Inc		96,319
	69,314	*,e	Cardiovascular Systems, Inc		679
	556,669	*	CareFusion Corp		14,295
	56,791		Carl Zeiss Meditec AG.		1,370
	2,311	*,e	Carmat		323
	82,015	*,e	Catalyst Health Solutions, Inc		7,663
	47,940	e	Celesio AG.		785
	242,807	*,e	Centene Corp		7,323
	880,300	*	Cerner Corp		72,766
	194,611	*,e	Cerus Corp		646
	49,659	*	CHA Bio & Diostech Co Ltd		399
	77,057	e	Chemed Corp		4,657
	49,123	*,e	Chindex International, Inc		481
	1,101,374		Cigna Corp		48,460
	135,017	e	CML Healthcare Income Fund		1,273

85

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	86,685	e	Cochlear Ltd	$	5,887
	79,626	e	Coloplast AS (Class B)		14,317
	220,872	*	Community Health Systems, Inc		6,191
	340,952		Compagnie Generale d’Optique Essilor International S.A.		31,674
	48,122		Computer Programs & Systems, Inc		2,753
	115,786	*,e	Conceptus, Inc		2,295
	117,778		Conmed Corp		3,259
	358,443		Cooper Cos, Inc		28,589
	36,016	*,e	Corvel Corp		1,765
	352,864		Coventry Health Care, Inc		11,218
	1,367,928		Covidien plc		73,184
	26,100		Cremer S.A.		216
	112,985	*	Cross Country Healthcare, Inc		494
	91,908		Cruz Blanca Salud S.A.		97
	120,880	*	CryoLife, Inc		632
	26,930	*	Curexo, Inc		172
	151,571	*	Cyberonics, Inc		6,812
	63,721	*,e	Cynosure, Inc (Class A)		1,348
	451,081	*	DaVita, Inc		44,301
	324,831	e	Dentsply International, Inc		12,282
	34,407	*,e	Derma Sciences, Inc		328
	253,484	*	DexCom, Inc		3,285
	298,400		Diagnosticos da America S.A.		1,963
	39,752	e	DiaSorin S.p.A.		1,158
	19,439	e	Draegerwerk AG.		1,920
	4,927		Draegerwerk AG. & Co KGaA		437
	611,668	*	Edwards Lifesciences Corp		63,185
	66,437		Elekta AB (B Shares)		3,036
	114,737	*,e	Emeritus Corp		1,931
	204,339	*	Endologix, Inc		3,155
	65,060		Ensign Group, Inc		1,839
	431,857	*,e	EnteroMedics, Inc		1,490
	68,274	*,e	ePocrates, Inc		548
	35,375	*,e	Exactech, Inc		593
	114,151	*,e	EXamWorks, Inc		1,510
	50,000		Excelsior Medical Co Ltd		100
	3,437,286	*	Express Scripts Holding Co		191,904
	108,400		Extendicare Real Estate Investment Trust		775
	487,900		Faber Group BHD		241
	710,451	e	Fisher & Paykel Healthcare Corp		1,124
	291,431	*	Five Star Quality Care, Inc		895
	152,907		Fleury S.A.		1,941
	81,549	*	Fortis Healthcare Ltd		149
	299,977		Fresenius Medical Care AG.		21,187
	110,345		Fresenius SE		11,425
	10,364	e	Galenica AG.		6,593
	73,134	*	Gen-Probe, Inc		6,012
	219,498	*,e	Gentiva Health Services, Inc		1,521
	549,666		Getinge AB (B Shares)		13,640
	65,000		Ginko International Co Ltd		680
	22,928	*	Given Imaging Ltd		365
	492,543		GN Store Nord		5,954

86

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	16,660,212	*	Golden Meditech Co Ltd	$	1,770
	123,392	*	Greatbatch, Inc		2,802
	49,000		Green Hospital Supply, Inc		1,181
	43,705	*,e	Greenway Medical Technologies		713
	119,376	*	Haemonetics Corp		8,847
	139,894	*,e	Hanger Orthopedic Group, Inc		3,587
	176,143	*,e	Hansen Medical, Inc		400
	607,800		Hartalega Holdings BHD		772
	758,737		HCA Holdings, Inc		23,088
	610,050	*	Health Management Associates, Inc (Class A)		4,789
	253,309	*	Health Net, Inc		6,148
	842,005	*	Healthsouth Corp		19,585
	117,125	*,e	HealthStream, Inc		3,045
	139,945	*,e	Healthways, Inc		1,117
	52,395	*,e	HeartWare International, Inc		4,653
	491,754	*	Henry Schein, Inc		38,598
	212,744		Hill-Rom Holdings, Inc		6,563
	849,453		Hitachi Medical Corp		11,968
	323,524	*	HMS Holdings Corp		10,777
	38,200		Hogy Medical Co Ltd		1,743
	1,407,332	*,e	Hologic, Inc		25,388
	952,210		Humana, Inc		73,739
	46,862	*	ICU Medical, Inc		2,501
	243,814	*,e	Idexx Laboratories, Inc		23,438
	43,268		Immunodiagnostic Systems Holdings plc		210
	175,848	*	Insulet Corp		3,758
	98,156	*	Integra LifeSciences Holdings Corp		3,649
	38,556	*	Integramed America, Inc		534
	254,002	*	Intuitive Surgical, Inc		140,664
	148,473	e	Invacare Corp		2,291
	202,806	*,e	Inverness Medical Innovations, Inc		3,943
	25,315		Ion Beam Applications		134
	60,452	*,e	IPC The Hospitalist Co, Inc		2,740
	74,923	*,e	IRIS International, Inc		847
	93,000	*,e	Jeol Ltd		232
	288,338	*	Kindred Healthcare, Inc		2,834
	271,100		Kossan Rubber Industries		276
	1,318,500		KPJ Healthcare BHD		2,451
	171,936	*	Laboratory Corp of America Holdings		15,923
	35,341		Landauer, Inc		2,026
	434,500		Latexx Partners BHD		201
	54,691	*,e	LHC Group, Inc		928
	2,426,211		Life Healthcare Group Holdings Pte Ltd		9,253
	114,575	*,e	LifePoint Hospitals, Inc		4,695
	222,553	e	Lincare Holdings, Inc		7,571
	108,073	*	Magellan Health Services, Inc		4,899
	299,940	*,e	MAKO Surgical Corp		7,681
	7,500		Mani, Inc		267
	290,904		Masimo Corp		6,510
	6,157	*	Mauna Kea Technologies		73
	1,596,652		McKesson Corp		149,686
	286,895	*,e	MedAssets, Inc		3,859

87

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	80,790		Medica	$	1,289
	62,700		Medical Facilities Corp		818
	301,578		Mediceo Paltac Holdings Co Ltd		4,272
	81,970	*	Medidata Solutions, Inc		2,678
	8,972	*	Mediware Information Systems		131
	1,886,951		Medtronic, Inc		73,082
	212,773	*,e	Merge Healthcare, Inc		608
	154,702	e	Meridian Bioscience, Inc		3,165
	172,434	*,e	Merit Medical Systems, Inc		2,381
	174	e	Message Co Ltd		553
	159,762	*,e	Metropolitan Health Networks, Inc		1,529
	185,000		Microlife Corp		301
	719,000		Microport Scientific Corp		307
	157,078		Miraca Holdings, Inc		6,522
	137,758	*,e	MModal, Inc		1,788
	174,708	*	Molina Healthcare, Inc		4,099
	48,165	*	MWI Veterinary Supply, Inc		4,950
	23,136		Nagaileben Co Ltd		340
	37,321	e	National Healthcare Corp		1,688
	9,287	e	National Research Corp		486
	176,598	*,e	Natus Medical, Inc		2,052
	89,226	*	Neogen Corp		4,122
	344,835	*,e	Neoprobe Corp		1,283
	1,844,322		Network Healthcare Holdings Ltd		3,612
	197,800		Nichii Gakkan Co		1,831
	59,200		Nihon Kohden Corp		1,807
	77,767		Nikkiso Co Ltd		817
	138,732	e	Nipro Corp		872
	166,087	e	Nobel Biocare Holding AG.		1,720
	240,631	*	NuVasive, Inc		6,102
	176,521	*,e	NxStage Medical, Inc		2,958
	361,600		Odontoprev S.A.		1,836
	881,600	*,e	Olympus Corp		14,286
	158,778		Omnicare, Inc		4,959
	148,893	*	Omnicell, Inc		2,180
	125,067		OPG Groep NV		1,539
	139,239		Opto Circuits India Ltd		386
	179,872	*	OraSure Technologies, Inc		2,022
	244,497	*,e	Oriola-KD Oyj (B Shares)		603
	37,628		Orpea		1,301
	116,997	*	Orthofix International NV		4,826
	9,784	*	Osstem Implant Co Ltd		138
	234,915	e	Owens & Minor, Inc		7,195
	52,264		Pacific Hospital Supply Co Ltd		158
	83,309	*,e	Palomar Medical Technologies, Inc		708
	19,700		Paramount Bed Holdings Co Ltd		606
	254,149		Patterson Cos, Inc		8,761
	36,553	*,e	PDI, Inc		301
	166,795	*	Pediatrix Medical Group, Inc		11,432
	4,189		Pharmaniaga BHD		13
	104,674	*	PharMerica Corp		1,143
	20,594		Phonak Holding AG.		1,992

88

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	48,433	*,e	PhotoMedex, Inc	$	588
	302,000	*	Pihsiang Machinery Manufacturing Co Ltd		359
	2,087,611	e	Primary Health Care Ltd		6,354
	48,400		Profarma Distribuidora de Produtos Farmaceuticos S.A.		243
	67,079	*	Providence Service Corp		920
	1,300	*,e	Psc, Inc		157
	466,805	*	PSS World Medical, Inc		9,798
	8,484	*	PZ Cormay S.A.		28
	148,772	e	Quality Systems, Inc		4,093
	396,683	e	Quest Diagnostics, Inc		23,761
	103,683	*,e	Quidel Corp		1,626
	295,000	e	Raffles Medical Group Ltd		516
	433,398		Ramsay Health Care Ltd		10,070
	231,714	*	Resmed, Inc		7,229
	190,368		Rhoen Klinikum AG.		4,559
	38,793	*,e	Rochester Medical Corp		417
	89,034	*,e	Rockwell Medical Technologies, Inc		829
	364,550	*	RTI Biologics, Inc		1,371
	558,550		Ryman Healthcare Ltd		1,551
	20,142		Sartorius AG.		1,335
	7,556		Sartorius Stedim Biotech		554
	574,522		Selcuk Ecza Deposu Ticaret ve Sanayi AS		570
	140,681	*,e	Select Medical Holdings Corp		1,422
	2,390,000	e	Shandong Weigao Group Medical Polymer Co Ltd		2,668
	811,200	e	Shanghai Pharmaceuticals Holding Co Ltd		1,020
	162,678		Shenzhen Accord Pharmaceutical Co Ltd		384
	3,001,452		Sigma Pharmaceuticals Ltd		1,888
	1,094,000	e	Sinopharm Group Co		3,041
	169,822	*	Sirona Dental Systems, Inc		7,644
	275,374	*	Skilled Healthcare Group, Inc (Class A)		1,729
	227,792		Smith & Nephew plc		2,278
	238,497	*,e	Solta Medical, Inc		699
	256	e	So-net M3, Inc		1,225
	427,258		Sonic Healthcare Ltd		5,588
	342,858	*	Sorin S.p.A.		746
	130,093	*	Spectranetics Corp		1,486
	1,970,538		St. Jude Medical, Inc		78,644
	79,000		St. Shine Optical Co Ltd		884
	175,188	*	Staar Surgical Co		1,361
	216,427		STERIS Corp		6,789
	8,659		Stratec Biomedical Systems AG.		385
	7,411	e	Straumann Holding AG.		1,090
	1,065,812		Stryker Corp		58,726
	163,529	*,e	Sun Healthcare Group, Inc		1,369
	213,765	*,e	Sunrise Senior Living, Inc		1,558
	523,600		Supermax Corp BHD		343
	87,389	*	SurModics, Inc		1,512
	130,754		Suzuken Co Ltd		4,414
	1,134,812	*,e	SXC Health Solutions Corp		112,585
	122,374	*	SXC Health Solutions Corp (Toronto)		12,153
	138,751	*,e	Symmetry Medical, Inc		1,190
	119,319		Synergy Healthcare plc		1,686

89

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	29,263		Sysmex Corp	$	1,157
	146,376	*	Team Health Holdings, Inc		3,526
	52,085		Teleflex, Inc		3,172
	123,700	*	Tempo Participacoes S.A.		271
	1,032,538	*,e	Tenet Healthcare Corp		5,411
	156,316		Terumo Corp		6,424
	156,259	*	Thoratec Corp		5,247
	136,100	e	Toho Pharmaceutical Co Ltd		2,762
	14,700	*	Tokai Corp (GIFU)		338
	625,400		Top Glove Corp BHD		1,029
	56,060	*,e	Tornier BV		1,257
	362,000		Trauson Holdings Co Ltd		145
	72,259	*,e	Triple-S Management Corp (Class B)		1,321
	278,385	*,e	Unilife Corp		941
	537,981		United Drug plc		1,412
	5,602,228		UnitedHealth Group, Inc		327,730
	139,305		Universal American Corp		1,467
	219,077		Universal Health Services, Inc (Class B)		9,455
	67,741	e	US Physical Therapy, Inc		1,723
	11,996	e	Utah Medical Products, Inc		402
	118,976	*,e	Vanguard Health Systems, Inc		1,058
	464,600	*	Varian Medical Systems, Inc		28,234
	68,487	*,e	Vascular Solutions, Inc		860
	253,675	*	VCA Antech, Inc		5,576
	65,500	e	VITAL KSK Holdings, Inc		616
	24,393	*,e	Vocera Communications, Inc		653
	196,064	*,e	Volcano Corp		5,617
	289,631	*	WellCare Health Plans, Inc		15,350
	1,381,532		WellPoint, Inc		88,128
	126,236		West Pharmaceutical Services, Inc		6,374
	8,664	*,e	William Demant Holding		779
	159,654	*,e	Wright Medical Group, Inc		3,409
	23,433		Young Innovations, Inc		808
	63,003	*,e	Zeltiq Aesthetics, Inc		353
	794,960		Zimmer Holdings, Inc		51,164
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		3,161,137
HOUSEHOLD & PERSONAL PRODUCTS - 1.5%
	11,707		Able C&C Co Ltd		588
	27,700	*	Aderans Co Ltd		340
	6,338		Amorepacific Corp		5,892
	32,244	*	Atrium Innovations Inc		347
	993,324		Avon Products, Inc		16,102
	2,004,000	*,e	BaWang International Group Holding Ltd		157
	605,429		Beiersdorf AG.		39,248
	162,602	*,e	Central Garden and Pet Co (Class A)		1,771
	656,157		Church & Dwight Co, Inc		36,397
	353,238		Clorox Co		25,596
	2,606,119		Colgate-Palmolive Co		271,297
	12,590		Cosmax, Inc		280
	327,722		Dabur India Ltd		675
	138	e	Dr Ci:Labo Co Ltd		471

90

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	130,773	*	Elizabeth Arden, Inc	$	5,075
	5,491		Emami Ltd		49
	215,163	*	Energizer Holdings, Inc		16,191
	1,593,354		Estee Lauder Cos (Class A)		86,232
	72,500		Fancl Corp		905
	78,586	e	Female Health Co		461
	2,898	*	Genic Co Ltd		126
	16,084		Godrej Consumer Products Ltd		167
	454,000		Grape King Industrial Co		859
	188,959	*,e	Harbinger Group, Inc		1,472
	974,000		Hengan International Group Co Ltd		9,488
	66,409		Henkel KGaA		3,685
	835,041		Henkel KGaA (Preference)		55,485
	1,747,441	e	Herbalife Ltd		84,454
	1,418,891		Hindustan Lever Ltd		11,587
	433,725		Hypermarcas S.A.		2,563
	7,867		Inter Parfums S.A.		201
	54,746		Inter Parfums, Inc		945
	17,813		JW Shinyak Corp		114
	507,404		Kao Corp		13,993
	945,316		Kimberly-Clark Corp		79,189
	2,150,137		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		4,225
	34,000		Kobayashi Pharmaceutical Co Ltd		1,891
	14,880		Korea Kolmar Co Ltd		149
	41,500		Kose Corp		982
	17,909		LG Household & Health Care Ltd		9,662
	347,000	e	Lion Corp		1,904
	92,872		L’Oreal S.A.		10,867
	465,600		Magic Holdings international Ltd		164
	72,279		Mandom Corp		1,837
	311,152		Mcbride plc		604
	70,145	*,e	Medifast, Inc		1,380
	375,082		Microbio Co Ltd		468
	12,200		Milbon Co Ltd		373
	240,238		Natura Cosmeticos S.A.		5,622
	43,221	e	Nature’s Sunshine Products, Inc		653
	281,619	e	Nu Skin Enterprises, Inc (Class A)		13,208
	46,202	*	Nutraceutical International Corp		705
	2,584,000	e	NVC Lighting Holdings Ltd		492
	21,478	e	Oil-Dri Corp of America		470
	28,048	e	Orchids Paper Products Co		496
	87,883	e	Oriflame Cosmetics S.A.		2,947
	9,059		Pacific Corp		2,614
	20,800		Pigeon Corp		911
	109,200		Pola Orbis Holdings, Inc		3,376
	225,368	*	Prestige Brands Holdings, Inc		3,563
	599,000	e	Prince Frog International Holdings Ltd		216
	10,016,379		Procter & Gamble Co		613,503
	3,146,000		PT Unilever Indonesia Tbk		7,716
	363,182	e	PZ Cussons plc		1,798
	2,007,757		Reckitt Benckiser Group plc		106,124
	41,019	*,e	Revlon, Inc (Class A)		584

91

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	929,000		Ruinian International Ltd	$	207
	45,126		Schiff Nutrition International, Inc		810
	91,411		Shiseido Co Ltd		1,442
	87,657	*	Spectrum Brands, Inc		2,855
	123,205		Uni-Charm Corp		7,013
	25,929	*,e	USANA Health Sciences, Inc		1,066
	750,000	e	Vinda International Holdings Ltd		1,120
	88,594	e	WD-40 Co		4,413
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,590,832
INSURANCE - 3.5%
	3,461,601	e	ACE Ltd		256,608
	151,026	e	Admiral Group plc		2,817
	347,952		Aegon NV		1,614
	1,191,810		Aflac, Inc		50,759
	16,001,007		AIA Group Ltd		55,268
	13,511		Aksigorta AS		14
	20,949	*	Alleghany Corp		7,117
	993,073		Allianz AG.		99,888
	394,610		Allied World Assurance Co Holdings Ltd		31,360
	1,528,756		Allstate Corp		53,644
	88,520	*	Alm Brand AS		179
	313,536	e	American Equity Investment Life Holding Co		3,452
	633,667		American Financial Group, Inc		24,859
	963,055	*,e	American International Group, Inc		30,904
	9,830		American National Insurance Co		701
	60,840	*	American Safety Insurance Holdings Ltd		1,141
	76,706	*	Amerisafe, Inc		1,991
	724,416		Amlin plc		4,022
	3,535,657		AMP Ltd		14,069
	92,475	e	Amtrust Financial Services, Inc		2,747
	257,614		Anadolu Hayat Emeklilik AS		592
	450,254		Anadolu Sigorta		217
	1,713,001		Aon plc		80,134
	34,475		April Group		490
	621,175	*,e	Arch Capital Group Ltd		24,654
	121,265		Argo Group International Holdings Ltd		3,549
	192,602		Arthur J. Gallagher & Co		6,755
	656,427	e	Aspen Insurance Holdings Ltd		18,971
	417,878		Assicurazioni Generali S.p.A.		5,666
	116,231		Assurant, Inc		4,049
	279,034		Assured Guaranty Ltd		3,934
	1,212,706		Aviva plc		5,193
	3,762,111	e	AXA S.A.		50,295
	1,643,005		Axis Capital Holdings Ltd		53,480
	4,146		Bajaj Finserv Ltd		51
	36,939	e	Baldwin & Lyons, Inc (Class B)		858
	33,410		Baloise Holding AG.		2,207
	115,500		Bangkok Life Assurance PCL		172
	299,300		Bangkok Life Assurance PCL (ADR)		446
	1,208,417		Beazley plc		2,612
	55	*	Berkshire Hathaway, Inc		6,872

92

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	6,636,365	*	Berkshire Hathaway, Inc (Class B)	$	553,008
	342,000		Brazil Insurance Participco		3,039
	155,348		Brown & Brown, Inc		4,236
	8,781,492		Cathay Financial Holding Co Ltd		8,714
	883,230		Catlin Group Ltd		5,894
	104,000		Central Reinsurance Co Ltd		43
	189,301		Chesnara plc		520
	1,239,308	*	China Insurance International Holdings Co Ltd		2,018
	12,197,419		China Life Insurance Co Ltd		32,122
	3,671,040		China Life Insurance Co Ltd (Taiwan)		3,474
	3,592,600		China Pacific Insurance Group Co Ltd		11,724
	632,530		Chubb Corp		46,061
	22,369	*	CIG Pannonia Life Insurance plc		31
	205,425	e	Cincinnati Financial Corp		7,821
	153,439	*,e	Citizens, Inc (Class A)		1,496
	26,645		Clal Insurance		264
	859,845		ClearView Wealth Ltd		407
	34,730		CNA Financial Corp		963
	302,291	e	CNP Assurances		3,692
	1,020,012		Conseco, Inc		7,956
	1,362,391	e	Corp Mapfre S.A.		2,772
	113,531	e	Crawford & Co (Class B)		464
	19,535		Dai-ichi Mutual Life Insurance Co		22,624
	21,752		Delta Lloyd NV		303
	431,060		Discovery Holdings Ltd		2,745
	32,118		Donegal Group, Inc (Class A)		427
	144,424		Dongbu Insurance Co Ltd		5,332
	24,431		Eastern Insurance Holdings, Inc		415
	83,247	*	eHealth, Inc		1,341
	26,575		EMC Insurance Group, Inc		537
	132,727	e	Employers Holdings, Inc		2,394
	55,665		Endurance Specialty Holdings Ltd		2,133
	33,203	*	Enstar Group Ltd		3,285
	43,488		Erie Indemnity Co (Class A)		3,114
	34,348		Euler Hermes S.A.		2,223
	363,801		Everest Re Group Ltd		37,650
	19,668		Fairfax Financial Holdings Ltd		7,788
	49,379		FBD Holdings plc		505
	44,934		FBL Financial Group, Inc (Class A)		1,259
	922,404		Fidelity National Title Group, Inc (Class A)		17,766
	540,190		First American Financial Corp		9,162
	191,986	e	Flagstone Reinsurance Holdings Ltd		1,538
	58,742	*,e	Fondiaria-Sai S.p.A RSP		36
	248,864	*,a,e	Fondiaria-Sai S.p.A.		296
	14,041	*	Fortegra Financial Corp		112
	2,237,387		Fortis		4,443
	761,573	*	Genworth Financial, Inc (Class A)		4,311
	137,650	e	Gjensidige Forsikring BA		1,604
	774,714		Great-West Lifeco, Inc		16,794
	113,365	*	Greenlight Capital Re Ltd (Class A)		2,882
	57,430		Grupo Catalana Occidente S.A.		819
	58,266	*	Hallmark Financial Services		454

93

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	209,723	e	Hannover Rueckversicherung AG.	$	12,493
	64,982		Hanover Insurance Group, Inc		2,543
	38,500	*	Hanwha Non-Life Insurance Co Ltd		202
	11,401		Harel Insurance Investments & Finances Ltd		348
	732,607	e	Hartford Financial Services Group, Inc		12,916
	129,982		HCC Insurance Holdings, Inc		4,081
	15,437		Helvetia Holding AG.		4,670
	144,615	*,e	Hilltop Holdings, Inc		1,491
	578,579		Hiscox Ltd		3,874
	28,621	e	Homeowners Choice, Inc		504
	246,356		Horace Mann Educators Corp		4,306
	265,970		Hyundai Marine & Fire Insurance Co Ltd		6,930
	32,267	e	Independence Holding Co		318
	127,501		Industrial Alliance Insurance and Financial Services, Inc		3,064
	45,813		Infinity Property & Casualty Corp		2,642
	203,491		ING Canada, Inc		12,670
	2,478,935		Insurance Australia Group Ltd		8,891
	2,934	e	Investors Title Co		167
	169,523	e	Jardine Lloyd Thompson Group plc		1,863
	17,209	e	Kansas City Life Insurance Co		606
	65,299		Kemper Corp		2,008
	517,300		Korea Life Insurance Co Ltd		2,917
	114,595		Korean Reinsurance Co		1,123
	412,458		Lancashire Holdings Ltd		5,154
	23,162,265		Legal & General Group plc		46,308
	166,604		Liberty Holdings Ltd		1,771
	107,930		LIG Insurance Co Ltd		2,239
	420,512		Lincoln National Corp		9,197
	402,374		Loews Corp		16,461
	29,280	*	Lotte Non-Life Insurance Co Ltd		130
	191,491		Maiden Holdings Ltd		1,662
	2,116,343	e	Manulife Financial Corp		23,053
	12,466	*	Markel Corp		5,506
	2,804,315		Marsh & McLennan Cos, Inc		90,383
	1,571,763	e	Max Capital Group Ltd		36,701
	188,651	*,e	MBIA, Inc		2,039
	324,195	e	Meadowbrook Insurance Group, Inc		2,850
	882,615	e	Mediolanum S.p.A.		3,112
	29,995	*	Menorah Mivtachim Holdings Ltd		175
	34,029		Mercury General Corp		1,418
	160,075		Meritz Fire & Marine Insurance Co Ltd		1,580
	5,845,300		Metlife, Inc		180,328
	1,428,631		Metropolitan Holdings Ltd		3,151
	352,760		Migdal Insurance Holdings Ltd		414
	990,563	*	Milano Assicurazioni S.p.A.		342
	1,154,578		Millea Holdings, Inc		28,972
	453,436		Mitsui Sumitomo Insurance Group Holdings, Inc		7,933
	196,414	e	Montpelier Re Holdings Ltd		4,182
	353,410		Muenchener Rueckver AG.		49,868
	159,581	*,e	National Financial Partners Corp		2,138
	27,689	e	National Interstate Corp		736
	12,080	e	National Western Life Insurance Co (Class A)		1,714

94

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	43,074	*	Navigators Group, Inc	$	2,156
	211,500		NKSJ Holdings, Inc		4,502
	1,244,834		Old Mutual plc		2,961
	334,231		Old Republic International Corp		2,771
	140,850	e	OneBeacon Insurance Group Ltd (Class A)		1,834
	322,331		PartnerRe Ltd		24,391
	415,397	*,e	Phoenix Cos, Inc		768
	114,293		Phoenix Group Holdings		859
	79,180		Phoenix Holdings Ltd		152
	3,698,500		PICC Property & Casualty Co Ltd		4,207
	3,502,500	e	Ping An Insurance Group Co of China Ltd		28,321
	130,569		Platinum Underwriters Holdings Ltd		4,975
	139,131		Porto Seguro S.A.		1,185
	768,277	e	Power Corp Of Canada		18,050
	495,022	e	Power Financial Corp		12,374
	125,484		Powszechny Zaklad Ubezpieczen S.A.		12,619
	128,363	e	Presidential Life Corp		1,262
	211,524		Primerica, Inc		5,654
	2,743,114		Principal Financial Group		71,952
	41,309		ProAssurance Corp		3,680
	801,974	e	Progressive Corp		16,705
	477,777		Protective Life Corp		14,051
	5,183,943		Prudential Financial, Inc		251,058
	6,526,631		Prudential plc		75,676
	88,425,000	*	PT Panin Life Tbk		1,140
	2,487,851		QBE Insurance Group Ltd		34,384
	136,882		Reinsurance Group of America, Inc (Class A)		7,284
	416,976		RenaissanceRe Holdings Ltd		31,694
	2,129,004		Resolution Ltd		6,549
	90,219		RLI Corp		6,153
	989,352		RMI Holdings		2,107
	3,938,049		Royal & Sun Alliance Insurance Group plc		6,685
	47,915		Safety Insurance Group, Inc		1,947
	85,922		Sampo Oyj (A Shares)		2,229
	65,568		Samsung Fire & Marine Insurance Co Ltd		13,011
	89,274		Samsung Life Insurance Co Ltd		7,295
	3,552,011		Sanlam Ltd		15,596
	44,084		Santam Ltd		887
	26,812		Schweizerische National-Versicherungs-Gesellschaft		944
	153,603		SCOR		3,724
	85,332	e	SeaBright Insurance Holdings, Inc		759
	204,567	e	Selective Insurance Group, Inc		3,562
	16,434,195	*	Shin Kong Financial Holding Co Ltd		4,780
	460,000		Shinkong Insurance Co Ltd		308
	67,296		Societa Cattolica di Assicurazioni SCRL		803
	501,638		Sony Financial Holdings, Inc		8,188
	268,806		St. James’s Place plc		1,412
	57,338		Stancorp Financial Group, Inc		2,131
	2,356,952		Standard Life plc		8,630
	62,592	e	State Auto Financial Corp		879
	116,924	e	Stewart Information Services Corp		1,795
	452,748		Storebrand ASA		1,774

95

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	141,550		Sul America SA	$	1,099
	965,418	e	Sun Life Financial, Inc		21,004
	3,078,477		Suncorp-Metway Ltd		25,724
	23,310		Swiss Life Holding		2,197
	1,471,048		Swiss Re Ltd		92,737
	386,399		Symetra Financial Corp		4,876
	689,400		T&D Holdings, Inc		7,344
	503,000		Taiwan Fire & Marine Insurance Co		344
	924,000		Taiwan Life Insurance Co Ltd		519
	166,460		Tong Yang Life Insurance		1,556
	14,889	*	Topdanmark AS		2,553
	407,935		Torchmark Corp		20,621
	137,039	e	Tower Group, Inc		2,860
	1,432,340		Travelers Cos, Inc		91,441
	11,842		TrygVesta AS		666
	13,499	*,e	Unipol Gruppo Finanziario S.p.A		305
	18,212	*,e	Unipol Gruppo Finanziario S.p.A (Priv)		205
	52,725	*,e	United America Indemnity Ltd		1,068
	78,641		United Fire & Casualty Co		1,677
	111,079	e	Universal Insurance Holdings, Inc		379
	696,162		UnumProvident Corp		13,318
	978,449	e	Validus Holdings Ltd		31,340
	50,607		Vittoria Assicurazioni S.p.A.		282
	490,909		W.R. Berkley Corp		19,106
	7,492	e	White Mountains Insurance Group Ltd		3,909
	33,141		Wiener Staedtische Allgemeine Versicherung AG.		1,340
	2,761,877		XL Capital Ltd		58,110
	38,080		Yapi Kredi Sigorta AS		372
	221,778		Zurich Financial Services AG.		50,149
			TOTAL INSURANCE		3,581,420
MATERIALS - 6.0%
	220,706	e	A. Schulman, Inc		4,381
	18,143	e	Acerinox S.A.		203
	754,925		ACHEM Technology Corp		389
	214,000		Achilles Corp		283
	33,131	*,e	ADA-ES, Inc		841
	105,581		Adana Cimento		196
	113,600		ADEKA Corp		986
	1,225,421	e	Adelaide Brighton Ltd		4,020
	380,922		Aditya Birla Minerals Ltd		186
	29,781	*,e	Advanced Metallurgical Group NV		252
	47,153	*	Advansa Sasa Polyester Sanayi AS		32
	149,556		Aeci Ltd		1,464
	6,963		Aekyung Petrochemical Co Ltd		168
	18,957	*	AEP Industries, Inc		826
	170,297		African Barrick Gold Ltd		1,035
	335,770	*,e	African Minerals Ltd		1,668
	163,870	e	African Oxygen Ltd		366
	164,869		African Rainbow Minerals Ltd		3,360
	89		Afyon Cimento Sanayi TAS		4
	148,979		Agnico-Eagle Mines Ltd		6,035

96

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	428,279	e	Agrium, Inc (Toronto)	$	37,957
	138,000		Aichi Steel Corp		557
	282,934	e	Air Liquide		32,347
	673,149	e	Air Products & Chemicals, Inc		54,343
	119,311		Air Water, Inc		1,447
	387,611		Airgas, Inc		32,563
	439,900	e	AK Steel Holding Corp		2,582
	117,826		Akcansa Cimento AS		471
	197,103		Akzo Nobel NV		9,277
	294,570	e	Alamos Gold, Inc		4,600
	198,331	e	Albemarle Corp		11,828
	23,678	*	Alchemia S.A.		39
	1,374,855	e	Alcoa, Inc		12,030
	75,500	*	Alexco Resource Corp		333
	252,675	*,e	Alkane Resources Ltd		209
	137,235		Allegheny Technologies, Inc		4,376
	319,139	*	Allied Gold Mining plc		702
	244,936	*	Allied Nevada Gold Corp		6,951
	385,604	*	Alpek SAB de C.V.		865
	174,690		Altri SGPS S.A.		232
	736,820		Alumina Ltd		604
	6,246,000	e	Aluminum Corp of China Ltd		2,715
	39,952	f	AMAG Austria Metall AG.(purchased 02/29/12, cost $918)		878
	1,123,391		Ambuja Cements Ltd		3,525
	95,584		AMCOL International Corp		2,706
	1,285,889		Amcor Ltd		9,387
	136,724	e	American Vanguard Corp		3,636
	192,075	*,e	Ampella Mining Ltd		101
	3,657,000		AMVIG Holdings Ltd		1,619
	264,482		Anadolu Cam Sanayii AS		387
	598,700	*	Anatolia Minerals Development Ltd		3,240
	2,078,720	e	Angang New Steel Co Ltd		1,152
	1,482,656		Anglo American plc (London)		48,728
	78,946	e	Anglo Platinum Ltd		4,702
	857,450		AngloGold Ashanti Ltd		29,285
	2,713,804	e	Anhui Conch Cement Co Ltd		7,467
	158,000		ANN JOO Resources BHD		84
	2,011,982		Antofagasta plc		34,417
	207,842	e	APERAM		2,744
	92,144		Aptargroup, Inc		4,704
	621,585	e	Aquarius Platinum Ltd		456
	73,202	*,e	Arabian American Development Co		709
	544,999	e	ArcelorMittal		8,338
	128,100	*,e	Argonaut Gold, Inc		966
	127,020		Arkema		8,328
	4,581,456	*	Arrium Ltd		4,132
	75,723	e	Asahi Holdings, Inc		1,534
	2,864,352		Asahi Kasei Corp		15,527
	94,000		Asahi Organic Chemicals Industry Co Ltd		236
	1,760,191		Ashland, Inc		121,999
	2,367,000	e	Asia Cement China Holdings Corp		1,063
	7,650		Asia Cement Co Ltd		289
	5,039,923		Asia Cement Corp		6,380

97

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	48,300		Asia Plastic Recycling Holding Ltd	$	128
	203,750		Asia Polymer		217
	33,313		Asian Paints Ltd		2,325
	251,681	*	Aspire Mining Ltd		40
	117,769		Associated Cement Co Ltd		2,688
	52,201	e	Assore Ltd		1,909
	677,200	*	Atlas Consolidated Mining & Development		291
	1,055,042		Atlas Iron Ltd		2,222
	187,200	*	Augusta Resource Corp		316
	17,276	e	Auriga Industries (Class B)		209
	421,511	*	Aurizon Mines Ltd		1,913
	125,200	*,e	Avalon Rare Metals, Inc		189
	521,200	*	Avion Gold Corp		233
	231,192		Avocet Mining plc		327
	661,566		AZ Electronic Materials S.A.		2,977
	868,835	*	B2Gold Corp		2,611
	5,899		Bagfas Bandirma Gubre Fabrik		565
	135,443	e	Balchem Corp		4,417
	898,002	e	Ball Corp		36,863
	264,598		Ballarpur Industries Ltd		99
	243,100	*	Banro Corp		891
	671,238		Barrick Gold Corp		25,218
	2,858,480	e	Barrick Gold Corp (Canada)		107,674
	1,484,335		BASF AG.		103,212
	3,038		BASF India Ltd		31
	759,728	*,e	Bathurst Resources Ltd		301
	59,397		Baticim Bati Anadolu Cimento Sanayii AS		219
	5,096		Bayer CropScience Ltd		77
	1,893,500	e	BBMG Corp		1,335
	39,382	*	BC Iron Ltd		105
	751,278	*	Beadell Resources Ltd		486
	134,972		Bemis Co, Inc		4,230
	49,361		Berger Paints India Ltd		122
	4,681,654		BHP Billiton Ltd		152,492
	3,463,442		BHP Billiton plc		98,439
	220,072	e	Billerud AB		2,038
	6,624,401	*	BlueScope Steel Ltd		2,060
	1,630	*	BNG Steel Co Ltd		15
	475,120	e	Boise, Inc		3,126
	49,014		Boliden AB		684
	604,758	e	Boral Ltd		1,843
	10,943		Borusan Mannesmann Boru Sanayi		170
	5,862,759	*	Boryszew S.A.		1,064
	303,193		Bradespar S.A.		4,972
	179,428		Braskem S.A.		1,195
	74,858		Brush Engineered Materials, Inc		1,724
	160,773		Buckeye Technologies, Inc		4,580
	136,550		Bursa Cimento		360
	102,997	e	Buzzi Unicem S.p.A.		969
	55,006		Buzzi Unicem S.p.A. RSP		251
	9,700		C Uyemura & Co Ltd		367
	309,502		Cabot Corp		12,597

98

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	497,375	*	Calgon Carbon Corp	$	7,073
	279,700	e	Canexus Corp		2,192
	138,168	*,e	Canfor Corp		1,648
	90,900		Canfor Pulp Products, Inc		960
	93,043		CAP S.A.		3,436
	549,962	*,e	Cape Lambert Resources Ltd		180
	82,550		Capro Corp		1,224
	372,811	*	Capstone Mining Corp		817
	61,423		Carpenter Technology Corp		2,938
	119,852		Cascades, Inc		494
	60,669	*,e	Castle (A.M.) & Co		644
	51,744		CCL Industries		1,898
	450,697		Celanese Corp (Series A)		15,603
	81,180		Cementir S.p.A.		152
	754,447		Cementos Argos S.A.		2,962
	101,357	*	Cementos Pacasmayo SAA (ADR)		1,027
	15,268	*	Cementos Portland Valderrivas S.A.		78
	24,729,476	*,e	Cemex S.A. de C.V.		16,629
	1,353,317	*	Centamin plc		1,475
	347,645		Centerra Gold, Inc		2,431
	220,501	*,e	Century Aluminum Co		1,616
	103,882		Century Textile & Industries Ltd		581
	734,652		CF Industries Holdings, Inc		142,331
	401,166		Chambal Fertilizers & Chemicals Ltd		527
	26,863	e	Chase Corp		355
	58,652		Cheil Industries, Inc		5,175
	477,980	*	Chemtura		6,931
	2,326,560		Cheng Loong Corp		880
	1,013,520		Chia Hsin Cement Corp		463
	710,000		Chiho-Tiande Group Ltd		377
	5,814,000		China BlueChemical Ltd		3,325
	59,000		China General Plastics Corp		19
	882,000		China Glass Holdings Ltd		116
	280,000		China Hi-ment Corp		458
	670,000	*	China Manmade Fibers Corp		205
	354,240		China Metal Products		219
	5,712,500	e	China Metal Recycling Holdings Ltd		4,247
	4,994,000	*	China Mining Resources Group Ltd		73
	7,296,278	e	China National Building Material Co Ltd		7,971
	646,000		China Nickel Resources Holding Co Ltd		49
	5,163,500		China Petrochemical Development Corp		4,371
	1,488,000	*,e	China Precious Metal Resources Holdings Co Ltd		249
	1,422,000	e	China Rare Earth Holdings Ltd		375
	3,004,000	e	China Resources Cement Holdings Ltd		1,763
	1,450,000	e	China Sanjiang Fine Chemicals		373
	2,881,000		China Shanshui Cement Group Ltd		1,988
	193,000		China Steel Chemical Corp		883
	14,595,550		China Steel Corp		13,739
	819,500		China Sunshine Paper Holdings Co Ltd		94
	937,000		China Synthetic Rubber Corp		878
	6,700,000	*,e	China Timber Resources Group Ltd		239
	663,000	e	China Vanadium Titano-Magnetite Mining Co Ltd		109

99

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	568,000		China XLX Fertiliser Ltd	$	138
	4,701,200	e	China Zhongwang Holdings Ltd		1,812
	496,000	*,e	Chongqing Iron & Steel Co Ltd		68
	1,269,103		Christian Hansen Holding		32,699
	5,775,000	e	Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd		1,657
	202,000		Chuetsu Pulp & Paper Co Ltd		384
	77,000		Chugoku Marine Paints Ltd		372
	1,370,910		Chun Yuan Steel		565
	1,344,720		Chung Hung Steel Corp		366
	169,950		Chung Hwa Pulp Corp		53
	324,198		Cia de Minas Buenaventura S.A. (ADR) (Series B)		12,313
	463,786	*	Cia Minera Atacocha S.A.		78
	214,200	e	Cia Minera Autlan SAB de C.V.		232
	854,136		Cia Siderurgica Nacional S.A.		4,839
	112,930	*	Ciech S.A.		707
	8,297		Ciments Francais S.A.		503
	34,312		Cimpor Cimentos de Portugal S.A.		134
	193,178		Cimsa Cimento Sanayi Ve Tica		894
	1,108,000		Citic Dameng Holdings		119
	3,389,650		Clariant AG.		33,498
	2,984		Clariant Chemicals India Ltd		33
	87,937	*,e	Clearwater Paper Corp		3,000
	1,604,256		Cleveland-Cliffs, Inc		79,074
	198,500	*,e	Cline Mining Corp		156
	466,704	*	Coeur d’Alene Mines Corp		8,195
	128,700	*	Colossus Minerals, Inc		448
	154,684		Commercial Metals Co		1,955
	86,132	*	Companhia Vale do Rio Doce		0	^
	313,100		Companhia Vale do Rio Doce (ADR)		6,215
	88,450	e	Compass Minerals International, Inc		6,747
	129,100	*	Copper Mountain Mining Corp		424
	409,024		Corp Aceros Arequipa S.A.		256
	7,010	*	Cosmochemical Co Ltd		72
	2,454,000		CPMC Holdings Ltd		1,506
	147,391		CRH plc		2,824
	655,268		Croda International plc		23,282
	120,700	*,e	Cronus Resources Ltd		781
	797,374	*	Crown Holdings, Inc		27,501
	374,600		CSC Steel Holdings BHD		149
	1,803,480		CSG Holding Co Ltd		1,214
	25,040,000	*	CST Mining Group Ltd		399
	140,972	*,e	Cudeco Ltd		465
	1,989,243		Cytec Industries, Inc		116,649
	314,000		Da Ming International Holdings Ltd		49
	280,000	e	Dai Nippon Toryo Co Ltd		311
	1,112,309		Daicel Chemical Industries Ltd		6,842
	344,626		Daido Steel Co Ltd		2,148
	149,000		Daiken Corp		407
	142,857		Dainichiseika Color & Chemicals Manufacturing Co Ltd		622
	1,041,845		Dainippon Ink and Chemicals, Inc		2,032
	213,872		Daio Paper Corp		1,349

100

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	138,000		Daiso Co Ltd	$	417
	20,639		DC Chemical Co Ltd		4,130
	16,565		Deepak Fertilizers & Petrochemicals Corp Ltd		40
	40,399		Deltic Timber Corp		2,463
	689,405		Denki Kagaku Kogyo KK		2,410
	162,532	*	Detour Gold Corp		3,274
	498,515	*,e	Discovery Metals Ltd		726
	397,368		Domtar Corp		30,482
	23,360		Dongbu Steel Co Ltd		94
	5,478		Dongil Industries Co Ltd		228
	67,414		Dongjin Semichem Co Ltd		225
	67,948		Dongkuk Industries Co Ltd		235
	40,600		Dongkuk Steel Mill Co Ltd		551
	3,180,000	e	Dongyue Group		1,496
	3,433,247		Dow Chemical Co		108,147
	456,000	e	Dowa Holdings Co Ltd		2,828
	654,072		DRDGOLD Ltd		429
	1,295,987		DS Smith plc		2,992
	509,063		DSM NV		25,097
	2,712,243	e	Du Pont (E.I.) de Nemours & Co		137,158
	1,087,285	e	DuluxGroup Ltd		3,376
	138,400	*	Dundee Precious Metals, Inc		833
	235,363		Eagle Materials, Inc		8,788
	24,300		Earth Chemical Co Ltd		890
	1,252,485	*	Eastern Platinum Ltd		265
	707,322		Eastman Chemical Co		35,628
	157,321	*	Eco Oro Minerals Corp		269
	1,126,050	e	Ecolab, Inc		77,168
	4,810		EG Corp		288
	2,735	*	Egyptian Financial & Industrial Co		5
	15,074		EID Parry India Ltd		48
	447,802		El Ezz Steel Co		529
	941,516		Eldorado Gold Corp		11,597
	176,642	*	Elemental Minerals Ltd		118
	1,171,344		Elementis plc		3,651
	1,458,264		Empresas CMPC S.A.		5,817
	11,407	*	EMS-Chemie Holding AG.		2,081
	102,300	*,e	Endeavour Mining Corp		223
	153,139	*	Endeavour Mining Corp (ADR)		331
	239,000	*,e	Endeavour Silver Corp		1,932
	1,181,981		Eregli Demir ve Celik Fabrikalari TAS		1,318
	842,994		Eternal Chemical Co Ltd		635
	162,200		Eternit S.A.		887
	701,659		Eurasian Natural Resources Corp		4,579
	655,700		Evergreen Fibreboard BHD		181
	543,400		Everlight Chemical Industrial Corp		336
	547,694	*	Evolution Mining Ltd		832
	284,795		Evraz plc		1,168
	96,100	*	Exeter Newco		397
	178,900	*,e	Exeter Resource Corp		297
	732,050		Feng Hsin Iron & Steel Co		1,233
	116,300		Ferbasa-Ferro Ligas DA Bahia		654

101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	840,290		Ferrexpo plc	$	2,845
	345,726	*,e	Ferro Corp		1,660
	288,600	*	Fertilizantes Heringer S.A.		1,792
	279,759		Fibria Celulose S.A.		2,073
	3,241,772		Filtrona plc		24,316
	234,600	*	First Majestic Silver Corp		3,387
	879,109		First Quantum Minerals Ltd		15,543
	1,992,349	e	Fletcher Building Ltd		9,430
	198,852	*,e	Flotek Industries, Inc		1,857
	878,498	e	FMC Corp		46,982
	5,437,615	*	Focus Minerals Ltd		207
	28,690	*	Foosung Co Ltd		133
	4,874,403		Formosa Chemicals & Fibre Corp		12,915
	5,658,331		Formosa Plastics Corp		15,249
	405,000		Formosan Rubber Group, Inc		270
	1,116,120		Formosan Union Chemical		760
	6,161,509	e	Fortescue Metals Group Ltd		31,483
	13,900	*	Fortress Paper Ltd		248
	164,400	*,e	Fortuna Silver Mines, Inc		562
	4,793,200		Fosun International		2,511
	14,300		FP Corp		887
	212,543	*,e	Franco-Nevada Corp		9,612
	4,045,064		Freeport-McMoRan Copper & Gold, Inc (Class B)		137,815
	1,837,762		Fresnillo plc		42,096
	58,655		Frutarom Industries Ltd		552
	27,453		Fuchs Petrolub AG.		1,406
	48,446		Fuchs Petrolub AG. (Preference)		2,660
	1,351,000	e	Fufeng Group Ltd		513
	53,652	e	Fuji Seal International, Inc		1,024
	18,700		Fujimi, Inc		278
	323,000	e	Furukawa-Sky Aluminum Corp		977
	14,561,800	e	Fushan International Energy Group Ltd		3,797
	72,009	e	FutureFuel Corp		757
	10,974,800	*	G J Steel PCL		45
	5,146,900	*	G Steel PCL		60
	359,670	*,e	Gabriel Resources Ltd		548
	423,705	*,e	Gammon Gold, Inc		3,404
	208,211	*	Gem Diamonds Ltd		641
	245,001	*,e	General Moly, Inc		769
	1,577,673	e	Georgia Gulf Corp		40,499
	1,035,802		Gerdau S.A. (Preference)		9,128
	997,589	*,e	Gindalbie Metals Ltd		457
	28,082		Givaudan S.A.		27,562
	268,501		Glatfelter		4,395
	477,200	*	Gleichen Resources Ltd		773
	725,209	e	Glencore International AG.		3,363
	258,914	e	Globe Specialty Metals, Inc		3,477
	279,844	*	Gloria Material Technology Corp		255
	414,000		Godo Steel Ltd		937
	78,783		Godrej Industries Ltd		345
	1,084,250		Gold Fields Ltd		13,791
	191,147	*	Gold Reserve, Inc		667

102

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	107,950	e	Gold Resource Corp	$	2,806
	858,826		Goldcorp, Inc		32,334
	95,349	*,e	Golden Minerals Co		430
	1,152,652	*,e	Golden Star Resources Ltd		1,337
	363,238	*	Golden Star Resources Ltd (Toronto)		421
	4,106,418		Goldsun Development & Construction Co Ltd		1,465
	348		Goltas Cimento		11
	805,000		Grand Pacific Petrochemical		357
	1,242,017	e	Grange Resources Ltd		672
	1,793,049	*,e	Graphic Packaging Holding Co		9,862
	9,424		Grasim Industries Ltd		447
	605,755	*	Great Basin Gold Ltd		411
	148,000		Great China Metal Industry		183
	197,748	*,e	Great Southern Ltd		0	^
	539,000	*	Greatview Aseptic Packaging Co		284
	41,441		Greif, Inc (Class A)		1,699
	21,372,543	*	G-Resources Group Ltd		1,209
	298,736	e	Grupo Empresarial Ence S.A.		577
	7,430,849	e	Grupo Mexico S.A. de C.V. (Series B)		22,054
	221,700	*	Grupo Simec SAB de C.V.		693
	341,652	*,e	Gryphon Minerals Ltd		240
	28,607	*,e	GSE Holding, Inc		302
	26,092	*	Gubre Fabrikalari TAS		184
	41,946		Gujarat Flourochemicals		302
	94,398		Gujarat Mineral Development Corp Ltd		317
	24,544		Gujarat Narmada Valley Fertilizers Co Ltd		38
	457,304		Gujarat NRE Coke Ltd		154
	35,509		Gujarat State Fertilisers & Chemicals Ltd		268
	72,000		Gun-Ei Chemical Industry Co Ltd		187
	3,179,452	*,e,m	Gunns Ltd		521
	1,584	*,m	Gunns Ltd (Forest)		69
	433		Gurit Holding AG.		210
	105,742	*	Guyana Goldfields, Inc		242
	16,372	e	H&R WASAG AG.		294
	240,245		H.B. Fuller Co		7,376
	2,488	*	Hadera Paper Ltd		100
	9,860		Hanil Cement Manufacturing		279
	12,080		Hansol Chemical Co Ltd		179
	23,750		Hansol Paper Co		166
	107,655		Hanwha Chemical Corp		2,018
	114,547		Hanwha Corp		2,848
	537,172		Harmony Gold Mining Co Ltd		5,020
	172,524	*	Harry Winston Diamond Corp		1,957
	35,765	e	Hawkins, Inc		1,366
	61,001		Haynes International, Inc		3,107
	344,878	*	Headwaters, Inc		1,776
	1,219,261	e	Hecla Mining Co		5,792
	25,239		HeidelbergCement AG.		1,212
	63,645	e	Hexpol AB (Series B)		2,170
	487,432	*	High River Gold Mines Ltd		551
	444,305	e	Highland Gold Mining Ltd		738

103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	124,473		Hill & Smith Holdings plc	$	625
	2,241,972		Hindalco Industries Ltd		4,875
	143,991		Hitachi Chemical Co Ltd		2,268
	37,329		Hitachi Metals Ltd		446
	325,920	*	Ho Tung Chemical Corp		182
	341,683		Hochschild Mining plc		2,524
	55,190		Hoganas AB (Class B)		1,755
	499,429	e	Hokuetsu Paper Mills Ltd		2,678
	372,962		Holcim Ltd		20,664
	65,829		Holmen AB (B Shares)		1,792
	20,049		Honam Petrochemical Corp		4,214
	2,436,000	*	Honbridge Holdings Ltd		220
	159,173	*,e	Horsehead Holding Corp		1,585
	49,000		Hsin Kuang Steel Co Ltd		35
	2,822,000	e	Huabao International Holdings Ltd		1,404
	615,800	*	Hubei Sanonda Co Ltd		227
	38,250		Huchems Fine Chemical Corp		760
	324,926		HudBay Minerals, Inc		2,505
	221,215		Huhtamaki Oyj		3,287
	41,870	*	Hulamin Ltd		31
	1,648,000	*,e	Hunan Non-Ferrous Metal Ltd		507
	826,052		Huntsman Corp		10,689
	29,676		Hyosung Corp		1,435
	67,549		Hyundai Hysco		2,435
	89,797		Hyundai Steel Co		6,685
	539,939	e	IAMGOLD Corp		6,385
	1,757,284		Iluka Resources Ltd		20,740
	805,764	e	Imdex Ltd		1,475
	79,455		Imerys S.A.		4,051
	644,296	e	Impala Platinum Holdings Ltd		10,698
	99,900	*	Imperial Metals Corp		911
	418,990		Impexmetal S.A.		411
	3,671,905		Incitec Pivot Ltd		10,848
	283,406	e	Independence Group NL		1,014
	131,393		India Cements Ltd		206
	816,810	*	Indophil Resources NL		287
	535,700		Indorama Ventures PCL (ADR)		469
	1,595,578		Indorama Ventures PCL (Foreign)		1,382
	331,700	*	Industrias CH SAB de C.V.		1,485
	248,055	e	Industrias Penoles S.A. de C.V.		10,682
	36,702		Inmet Mining Corp		1,504
	88,254		Innophos Holdings, Inc		4,983
	86,068	*	Innospec, Inc		2,548
	994,363	*	Integra Mining Ltd		401
	130,377		International Flavors & Fragrances, Inc		7,145
	1,516,979		International Paper Co		43,856
	93,505	*,e	International Tower Hill Mines Ltd		264
	536,118	*,e	Intrepid Mines Ltd		287
	79,197	*	Intrepid Potash, Inc		1,803
	464,075		Inversiones Argos S.A.		4,295
	210,707		Inversiones Argos S.A. (Preference)		1,891
	1,354,000	*,e	IRC Ltd		149

104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	441,000	*,e	Ishihara Sangyo Kaisha Ltd	$	389
	1,333,273	*	Ispat Industries Ltd		257
	1,628,389		Israel Chemicals Ltd		18,017
	1,931		Israel Corp Ltd		1,092
	38,630		ISU Chemical Co Ltd		756
	96,712	e	Italcementi S.p.A.		474
	279,684		Italcementi S.p.A. RNC		653
	11,079		Italmobiliare S.p.A.		173
	23,499		Italmobiliare S.p.A. RSP		251
	223,213	*	Ivanhoe Australia Ltd		139
	486,678	*,e	Ivanhoe Mines Ltd		4,799
	34,318	*	Izmir Demir Celik Sanayi AS		101
	115,800	*,e	Jaguar Mining, Inc (Toronto)		135
	200,618		JAI Corp Ltd		204
	509,146		James Hardie Industries NV		4,198
	453,093	*	Jastrzebska Spolka Weglowa S.A.		13,672
	186,545		JFE Holdings, Inc		3,122
	3,292,000	e	Jiangxi Copper Co Ltd		7,330
	99,092		Jindal Saw Ltd		237
	504,147		Jindal Steel & Power Ltd		4,290
	218,000	*	Jinshan Gold Mines, Inc		687
	327,182		Johnson Matthey plc		11,347
	13,900		JSP Corp		202
	359,327		JSR Corp		6,235
	108,167		JSW Steel Ltd		1,326
	398,992	*	Jupiter Mines Ltd		66
	120,887		K&S AG.		5,534
	2,571,394	*,b,e,m	Kagara Zinc Ltd		26
	77,303	e	Kaiser Aluminum Corp		4,007
	264,811	e	Kaneka Corp		1,465
	1,137,406	*	Kangaroo Resources Ltd		94
	398,837	e	Kansai Paint Co Ltd		4,274
	56,000	e	Kanto Denka Kogyo Co Ltd		178
	152,249	*	Kapstone Paper and Packaging Corp		2,413
	465,357		Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class A)		332
	1,847,240		Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class D)		1,025
	384		Kartonsan Karton Sanayi		53
	949,600	*	Katanga Mining Ltd		616
	262,498		Kazakhmys plc		2,976
	218,100	*	Keegan Resources, Inc		653
	160,391	e	Kemira Oyj		1,881
	13,651		Kemrock Industries & Exports Ltd		121
	275,268		KGHM Polska Miedz S.A.		12,047
	734,400		Kian JOO CAN Factory BHD		505
	290,062	e	Kingsgate Consolidated Ltd		1,451
	395,439		Kingsrose Mining Ltd		468
	1,586,880		Kinross Gold Corp		12,953
	1,038,500		Kinsteel BHD		145
	89,638	*	Kirkland Lake Gold, Inc		965

105

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	18,320		KISCO Corp	$	354
	15,288		KISWIRE Ltd		437
	733,465		Klabin S.A.		3,323
	340,087		KME Group S.p.A.		128
	35,063		KMG Chemicals, Inc		676
	54,000		Koatsu Gas Kogyo Co Ltd		334
	2,494,382	*	Kobe Steel Ltd		3,001
	20,480		Kolon Corp		440
	42,734		Kolon Industries, Inc		2,645
	2,330		Kolon Industries, Inc (Preference)		37
	437		Konya Cimento Sanayii		77
	117,703		Koppers Holdings, Inc		4,002
	16,041		Korea Kumho Petrochemical		1,709
	3,109		Korea Petrochemical Ind Co Ltd		198
	20,815		Korea Zinc Co Ltd		7,081
	416,128		Koza Altin Isletmeleri AS		8,045
	218,575	*	Koza Anadolu Metal Madencilik Isletmeleri AS		468
	63,140		KP Chemical Corp		744
	3,822		KPX Chemical Co Ltd		161
	178,139	*,e	Kraton Polymers LLC		3,903
	48,240	e	Kronos Worldwide, Inc		762
	57,000	e	Krosaki Harima Corp		139
	6,691		Kukdo Chemical Co Ltd		265
	190,250	e	Kumba Iron Ore Ltd		12,826
	178,930	e	Kumba Resources Ltd		4,178
	54,000	e	Kumiai Chemical Industry Co Ltd		229
	799,639		Kuraray Co Ltd		10,363
	163,000		Kureha CORP		722
	21,200		Kyoei Steel Ltd		389
	3,876	*	La Seda de Barcelona S.A.		5
	41,800	*	Labrador Iron Mines Holdings Ltd		102
	718,220		Lafarge Malayan Cement BHD		1,658
	1,053,470	e	Lafarge S.A.		47,046
	495,100	*,e	Lake Shore Gold Corp		443
	106,651	*,e	Landec Corp		913
	863,592		Lanxess AG.		54,652
	1,632,000		Lee & Man Holding Ltd		835
	4,402,000	e	Lee & Man Paper Manufacturing Ltd		1,780
	621,319		LEE Chang Yung Chem IND Corp		1,002
	14,069		Lenzing AG.		1,161
	1,426,000	*	Lepanto Consolidated Mining		50
	89,374		LG Chem Ltd		23,137
	11,483		LG Chem Ltd (Preference)		898
	94,207		Linde AG.		14,672
	460,000		Lingbao Gold Co Ltd		193
	385,800		Lingui Development BHD		193
	81,000		Lintec Corp		1,448
	784,100		Lion Industries Corp BHD		303
	434,000	*,e	LionGold Corp Ltd		432
	28,854		Lock & Lock Co Ltd		855
	137,345	*,e	London Mining plc		422
	853,000		Long Chen Paper Co Ltd		223

106

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	28,739	e	Lonmin plc	$	350
	1,072,800		Loudong General Nice Resources China Holdings Ltd		58
	624,870	*	Louisiana-Pacific Corp		6,799
	104,085	*,e	LSB Industries, Inc		3,217
	752,681	*	Lundin Mining Corp		3,120
	1,392,383	*,e	Lynas Corp Ltd		1,232
	1,355,285		LyondellBasell Industries AF S.C.A		54,577
	1,126,532		Madeco S.A.		43
	14,285		Madras Cements Ltd		41
	112,269	*	MAG. Silver Corp		988
	4,905		Maharashtra Seamless Ltd		29
	242,533		Major Drilling Group International		2,804
	3,087		Managem		548
	135,077		Mardin Cimento Sanayii		418
	117,623	e	Martin Marietta Materials, Inc		9,271
	19,875		Maruichi Steel Tube Ltd		428
	4,342,227		Masisa S.A.		438
	18,697	e	Mayr-Melnhof Karton AG.		1,718
	851,124	*,e	McEwen Mining, Inc		2,562
	507,350	e	MeadWestvaco Corp		14,586
	121,624	e	Mechel Steel Group OAO (ADR)		784
	221,455	e	Medusa Mining Ltd		1,105
	2,964,930		Merafe Resources Ltd		291
	646,300	*,e	Mercator Minerals Ltd		349
	43,054	*,e	Metals USA Holdings Corp		685
	549,742	*	Metals X Ltd		82
	324,900		Metalurgica Gerdau S.A.		3,581
	206,900		Methanex Corp		5,763
	743,325	*	Metminco Ltd		76
	1,792,128		Mexichem SAB de C.V.		7,702
	43,900	*	Midas Gold Corp		104
	959,000	e	Midas Holdings Ltd		215
	393,137	*,e	Midway Gold Corp		546
	499,229	e	Mincor Resources NL		333
	931,238	*,e	Minera Frisco SAB de C.V.		3,921
	87,261	*	Mineral Deposits Ltd		392
	71,061		Minerals Technologies, Inc		4,532
	3,656,000	*	Minmetals Resources Ltd		1,545
	16,831		Miquel y Costas & Miquel S.A.		439
	612,404	*,e	Mirabela Nickel Ltd		165
	1,666,917		Mitsubishi Chemical Holdings Corp		7,348
	759,143		Mitsubishi Gas Chemical Co, Inc		4,316
	1,982,172		Mitsubishi Materials Corp		5,748
	400,000	*,e	Mitsubishi Paper Mills Ltd		398
	458,000		Mitsubishi Steel Manufacturing Co Ltd		1,167
	711,212		Mitsui Chemicals, Inc		1,781
	851,000	e	Mitsui Mining & Smelting Co Ltd		1,867
	286,500		Mitsui Mining Co Ltd		377
	154,920		Mittal Steel South Africa Ltd		996
	741,399		MMC Norilsk Nickel (ADR)		12,309
	164,200	*	MMX Mineracao e Metalicos S.A.		478
	270,184	*,e	Molycorp, Inc		5,822

107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	362,727		Mondi Ltd	$	3,097
	859,845		Mondi plc		7,365
	7,011		Monnet Ispat & Energy Ltd		48
	3,621,450		Monsanto Co		299,784
	53,400		Moorim P&P Co Ltd		188
	1,060,637		Mosaic Co		58,080
	2,542,379		Mount Gibson Iron Ltd		2,272
	295,267		Mpact Ltd		626
	262,570	*,e	M-real Oyj (B Shares)		668
	432,570	*,e	Murchison Metals Ltd		211
	175,737		Myers Industries, Inc		3,016
	226,637	*	Mytilineos Holdings S.A.		706
	531,194	*,m	Nagarjuna Fertilizers & Chemicals		75
	33,830		Namhae Chemical Corp		259
	1,068,163		Nampak Ltd		3,272
	7,224,057		Nan Ya Plastics Corp		13,018
	961,860		Nantex Industry Co Ltd		865
	127,002	e	Neenah Paper, Inc		3,390
	78,400		Neturen Co Ltd		626
	546,937		Nevsun Resources Ltd		1,778
	651,077	*	New Gold, Inc		6,210
	30,300	*,e	New Japan Chemical Co Ltd		234
	152,404		New World Resources plc (A Shares)		774
	559,044		Newcrest Mining Ltd		13,010
	14,501		NewMarket Corp		3,141
	1,069,659		Newmont Mining Corp		51,889
	1,060,000	*	Newton Resources Ltd		53
	167,200	*	NGEx Resources, Inc		325
	1,301,000		Nickel Asia Corp		927
	126,585		Nihon Nohyaku Co Ltd		561
	59,874		Nihon Parkerizing Co Ltd		927
	175,000	e	Nihon Yamamura Glass Co Ltd		392
	2,886,000		Nine Dragons Paper Holdings Ltd		1,634
	115,000	e	Nippon Denko Co Ltd		436
	213,000		Nippon Kayaku Co Ltd		2,005
	197,000		Nippon Koshuha Steel Co Ltd		224
	679,000		Nippon Light Metal Co Ltd		876
	273,523	e	Nippon Paint Co Ltd		2,224
	80,153	e	Nippon Paper Group, Inc		1,272
	313,000		Nippon Shokubai Co Ltd		3,788
	182,000		Nippon Soda Co Ltd		733
	2,938,958	*	Nippon Steel Corp		6,666
	67,810		Nippon Synthetic Chemical Industry Co Ltd		421
	191,000		Nippon Valqua Industries Ltd		526
	561,500	*	Nippon Yakin Kogyo Co Ltd		804
	183,600		Nissan Chemical Industries Ltd		1,796
	151,021		Nisshin Steel Co Ltd		212
	148,000		Nittetsu Mining Co Ltd		596
	340,452		Nitto Denko Corp		14,587
	344,921		NOF Corp		1,723
	215,264	e	Noranda Aluminium Holding Corp		1,714
	29,985	*	Norbord, Inc		390

108

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	95,693		Norddeutsche Affinerie AG.	$	4,621
	35,141	*	Nordic Mines AB		38
	166,010		Norsk Hydro ASA		749
	155,822	*,e	North American Palladium Ltd		318
	13,010,000	*	North Mining Shares Co Ltd		455
	269,910	e	Northam Platinum Ltd		772
	77,963	*	Northern Dynasty Minerals		182
	205,853	*,e	Northern Iron Ltd		197
	337,432	*,e	Northern Star Resources Ltd		268
	606,364	*,e	Northland Resources S.A.		520
	299,949	*,e	Novagold Resources, Inc		1,573
	70,405	f	Novolipetsk Steel (GDR) (purchased 10/07/11, cost $1,874)		1,155
	440,767		Novozymes AS		11,430
	646,285		Nucor Corp		24,494
	436,670	e	Nufarm Ltd		2,281
	403,934	e	Nuplex Industries Ltd		813
	286,648	e	Nyrstar		1,636
	86,450	*	Nyrstar (Strip VVPR)		0	^
	124,000	*	Ocean Plastics Co Ltd		86
	540,800	*	OceanaGold Corp		1,036
	8,000		Ohara, Inc		81
	814,752		OJI Paper Co Ltd		3,122
	41,000	*	Okabe Co Ltd		244
	94,000		Okamoto Industries, Inc		359
	382,217		Olin Corp		7,985
	34,667	e	Olympic Steel, Inc		569
	177,549	*	OM Group, Inc		3,373
	350,588	e	OM Holdings Ltd		145
	48,314		Omnia Holdings Ltd		626
	161,562	*,e	Omnova Solutions, Inc		1,218
	499,622		Orica Ltd		12,726
	11,200		Orient Paper & Industries Ltd		11
	682,000		Oriental Union Chemical Corp		829
	971		Orissa Minerals Development Co Ltd		579
	20,000		Osaka Steel Co Ltd		362
	651,212	*	Osisko Mining Corp		4,477
	1,303,126	e	Outokumpu Oyj		1,268
	533,255	*	Owens-Illinois, Inc		10,222
	178,776		Oxiana Ltd		1,459
	188,507		Pacific Metals Co Ltd		776
	14,800		Pack Corp		252
	369,590		Packaging Corp of America		10,437
	43,771	e	Palabora Mining Co Ltd		690
	2,329,426		Pan African Resources plc		566
	398,562	e	Pan American Silver Corp		6,745
	869,637	*	Pan Australian Resources Ltd		2,478
	85,539		Papeles y Cartones de Europa S.A.		211
	474,333	*,e	Paramount Gold and Silver Corp		1,138
	87,812		Park Elektrik Madencilik Sanayi Ve Ticaret AS		244
	544,263	*,e	Patagonia Gold plc		213
	525,146	*,e	Perilya Ltd		139

109

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	577,688	*,e	Perseus Mining Ltd	$	1,482
	281,873		Peter Hambro Mining plc		2,019
	506,462	*	Petra Diamonds Ltd		956
	4,018,900		Petronas Chemicals Group BHD		8,236
	264,041	*,m	Pike River Coal Ltd		0	^
	1,181,271		PolyOne Corp		16,160
	7,560		Poongsan		140
	29,410		Poongsan Corp		706
	406,266	e	Portucel Empresa Produtora de Pasta e Papel S.A.		990
	109,739		POSCO		35,133
	48,800		POSCO M-Tech Co Ltd		268
	5,231		POSCO Refractories & Environment Co Ltd		624
	1,260,763		Potash Corp of Saskatchewan Toronto		55,107
	968,410		PPG Industries, Inc		102,768
	527,663		Praxair, Inc		57,373
	160,400	*,e	Premier Gold Mines Ltd		693
	303,300		Press Metal BHD		177
	96,000	*,e	Pretium Resources, Inc		1,331
	681,011		Pretoria Portland Cement Co Ltd		2,228
	34,154		Prism Cement Ltd		30
	2,486,000		PT Aneka Tambang Tbk		358
	2,327,500	*	PT Barito Pacific Tbk		125
	22,947,000	*	PT Darma Henwa Tbk		134
	4,709,500		PT Holcim Indonesia Tbk		1,225
	3,045,000	*	PT Indah Kiat Pulp and Paper Corp Tbk		342
	4,242,300		PT Indocement Tunggal Prakarsa Tbk		7,907
	3,277,000		PT International Nickel Indonesia Tbk		943
	8,368,500		PT Krakatau Steel Tbk		674
	3,255,500	*	PT Polychem Indonesia Tbk		130
	4,797,100		PT Semen Gresik Persero Tbk		5,822
	6,901,500		PT Timah Tbk		1,026
	2,512,387		PTT Global Chemical PCL		4,428
	178,800		PTT Global Chemical PCL (ADR)		315
	48,219	e	Quaker Chemical Corp		2,228
	622,209	*,f,m	Qualipak International Holdings Ltd		64
	144,200	*	Queenston Mining, Inc		484
	93,891		Rain Commodities Ltd		58
	102,400	*	Rainy River Resources Ltd		406
	17,540		Rallis India Ltd		44
	332,357		Ramelius Resources Ltd		166
	109,552		Randgold Resources Ltd		9,836
	111,504	e	Rautaruukki Oyj		703
	42,000		Recticel S.A.		264
	390,640	*	Regis Resources Ltd		1,575
	319,228		Reliance Steel & Aluminum Co		16,121
	272,767		Rengo Co Ltd		1,703
	296,150	*,e	Resolute Forest Products		3,429
	2,197,802	*	Resolute Mining Ltd		3,060
	97,792	*,e	Revett Minerals, Inc		322
	161,353	*	Rex Minerals Ltd		132
	1,597,081		Rexam plc		10,541
	61,450	e	RHI AG.		1,433

110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	81,738	*	Rio Alto Mining Ltd	$	319
	959,899		Rio Tinto Ltd		56,353
	3,181,064		Rio Tinto plc		151,176
	56,623	e	Rio Tinto plc (ADR)		2,707
	168,065		Rock-Tenn Co (Class A)		9,168
	405,901		Rockwood Holdings, Inc		18,002
	673,700	*	Romarco Minerals, Inc		351
	81,850	*,e	Royal Bafokeng Platinum Ltd		536
	154,815	e	Royal Gold, Inc		12,138
	294,501		RPC Group plc		1,792
	186,288		RPM International, Inc		5,067
	134,530	*,e	RTI International Metals, Inc		3,044
	349,400	*,e	Rubicon Minerals Corp		1,067
	21,220	e	Sa des Ciments Vicat		1,028
	195,500	*	Sabina Gold & Silver Corp		382
	7,659,040	*	Sahaviriya Steel Industries PCL		160
	209,000		Sakai Chemical Industry Co Ltd		704
	269,929		Sally Malay Mining Ltd		171
	7,103		Salzgitter AG.		292
	6,309		Sam Kwang Glass Ind Co Ltd		313
	25,546		Samsung Fine Chemicals Co Ltd		1,350
	138,600		San Fang Chemical Industry Co Ltd		110
	414,800	*	San Gold Corp		379
	239,713	*	Sandfire Resources NL		1,779
	81,000		Sanyo Chemical Industries Ltd		515
	139,000	*	Sanyo Special Steel Co Ltd		603
	655,885	*,e	Sappi Ltd		2,205
	495,267	*	Saracen Mineral Holdings Ltd		284
	969,687	e	Sateri Holdings Ltd		209
	292,100		Satipel Industrial S.A.		1,546
	208,763	e	Schmolz + Bickenbach AG.		960
	102,295		Schnitzer Steel Industries, Inc (Class A)		2,866
	59,194		Schweitzer-Mauduit International, Inc		4,033
	114,835	e	Scotts Miracle-Gro Co (Class A)		4,722
	54,595	*	Seabridge Gold, Inc		795
	39,716		Seah Besteel Corp		1,333
	2,498		SeAH Holdings Corp		217
	15,601		SeAH Steel Corp		1,250
	1,755,184		Sealed Air Corp		27,100
	832,000		Sekisui Plastics Co Ltd		2,980
	819,836		SEMAFO, Inc		3,761
	126,421	e	Semapa-Sociedade de Investimento e Gestao		790
	198,619		Sensient Technologies Corp		7,295
	375,613	*	Sentula Mining Ltd		83
	27,948	e	Sequana		61
	762,012		Sesa Goa Ltd		2,643
	17,000		Sesoda Corp		18
	478,323	e,f	Severstal (GDR) (purchased 03/11/10, cost $7,211)		5,646
	839,000	e	Shandong Chenming Paper Holdings Ltd		340
	1,212,000		Shandong Chenming Paper Holdings Ltd (Class B)		532
	311,900	*	Shanghai Chlor-Alkali Chemical Co Ltd		162
	246,300		Shanghai Yaohua Pilkington Glass Co Ltd		122

111

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	201,000		Sheng Yu Steel Co Ltd	$	130
	665,360	e	Sherritt International Corp		3,202
	520,269		Sherwin-Williams Co		68,858
	218,000	*	Shihlin Paper Corp		297
	47,000		Shikoku Chemicals Corp		269
	495,627		Shin-Etsu Chemical Co Ltd		27,293
	60,200		Shin-Etsu Polymer Co Ltd		279
	1,855,032		Shinkong Synthetic Fibers Corp		536
	259,000		Shiny Chemical Industrial Co Ltd		321
	3,738,000	e	Shougang Concord International Enterprises Co Ltd		169
	1,159,660		Showa Denko KK		2,253
	120,000		Siam Cement PCL		1,203
	139,600		Siam Cement PCL (ADR)		1,399
	400,400		Siam Cement PCL (Foreign)		4,594
	228,476		Sigma-Aldrich Corp		16,891
	481,000		Sijia Group Co		135
	690		Sika AG.		1,332
	133,059		Silgan Holdings, Inc		5,680
	210,324	*	Silver Lake Resources Ltd		609
	141,142	*,e	Silver Standard Resources, Inc		1,589
	436,785	e	Silver Wheaton Corp		11,742
	436,424	e	Silvercorp Metals, Inc		2,418
	122,513		Sims Group Ltd		1,213
	2,278,000	e	Sinochem Hong Kong Holding Ltd		354
	283,627	*,e	Sino-Forest Corp		3
	878,000		Sinon Corp		389
	8,137,400	e	Sinopec Shanghai Petrochemical Co Ltd		2,398
	1,366,171	*,e	Sirius Minerals plc		332
	18,392		SK Chemicals Co Ltd		935
	24,767		SKC Co Ltd		964
	485,435		Smurfit Kappa Group plc		3,266
	112,839		Sociedad Quimica y Minera de Chile S.A. (ADR)		6,282
	213,553		Sociedad Quimica y Minera de Chile S.A. (Class B)		11,911
	3,208		Societe Internationale de Plantations d’Heveas S.A.		274
	220,542		Soda Sanayii AS		376
	9,872		SODIFF Advanced Materials Co Ltd		358
	475,000		Solar Applied Materials Technology Co		647
	332,452		Solutia, Inc		9,325
	17,589		Solvay S.A.		1,737
	15,770		Songwon Industrial Co Ltd		136
	130,271		Sonoco Products Co		3,928
	259,351		South Valley Cement		149
	385,000		Southeast Cement Co Ltd		153
	1,941,655	e	Southern Copper Corp (NY)		61,182
	123,063	*	Spartech Corp		636
	26,951	e	Ssab Svenskt Stal AB (Series A)		224
	55,490	*	Ssangyong Cement Industrial Co Ltd		219
	1,174,920	*,e	St Barbara Ltd		2,142
	17,200		ST Corp		194
	456,150		Steel Dynamics, Inc		5,360
	11,500	e	Stella Chemifa Corp		202
	30,779		Stepan Co		2,899

112

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	360,313		Sterling Biotech Ltd	$	43
	2,630,931		Sterlite Industries India Ltd		4,915
	482,185	*,e	Stillwater Mining Co		4,118
	4,828		STO AG.		702
	619,790	e	Stora Enso Oyj (R Shares)		3,816
	87,300		STP & I PCL		76
	782,221	e	Sumitomo Bakelite Co Ltd		3,658
	1,580,502		Sumitomo Chemical Co Ltd		4,858
	1,572,000	e	Sumitomo Light Metal Industries Ltd		1,648
	1,785,046		Sumitomo Metal Industries Ltd		2,945
	617,830		Sumitomo Metal Mining Co Ltd		6,962
	766,193	e	Sumitomo Osaka Cement Co Ltd		2,545
	61,000		Sumitomo Seika Chemicals Co Ltd		243
	24,712	e	Sumitomo Titanium Corp		760
	277,741	*,e	SunCoke Energy, Inc		4,069
	3,011,979	*	Sundance Resources Ltd		1,026
	84,088		Super Dragon Technology Co Ltd		66
	13,211		Supreme Industries Ltd		53
	87		Suzano Papel e Celulose S.A.		0	^
	660,309		Svenska Cellulosa AB (B Shares)		9,907
	171,108		Symrise AG.		5,215
	303,034		Syngenta AG.		103,736
	1,364,714		Synthos S.A.		2,445
	1,536,200		TA Chen Stainless Pipe		837
	1,135		Taekwang Industrial Co Ltd		834
	108,675	*,e	Tahoe Resources, Inc		1,510
	123,100	*	Tahoe Resources, Inc (Toronto)		1,701
	1,028,174		Taiheiyo Cement Corp		2,361
	5,690,748		Taiwan Cement Corp		6,806
	1,431,500		Taiwan Fertilizer Co Ltd		3,308
	309,345		Taiwan Hon Chuan Enterprise Co Ltd		697
	155,000		Taiwan Prosperity Chemical Corp		375
	175,960		Taiwan Pulp & Paper Corp		55
	1,234,000	*	Taiwan Styrene Monomer		268
	19,700	e	Taiyo Ink Manufacturing Co Ltd		495
	208,560		Taiyo Nippon Sanso Corp		1,219
	124,000		Takasago International Corp		619
	102,000		Takiron Co Ltd		342
	501,788	*,e	Talvivaara Mining Co plc		1,353
	152,000	*	Tang Eng Iron Works Co Ltd		148
	146,629	*,e	Tanzanian Royalty Exploration Corp		598
	258,359	*	Taseko Mines Ltd		695
	1,135,861		Tata Steel Ltd		9,071
	2,370,800	*	Tata Steel Thailand PCL		59
	13,231		Technosemichem Co Ltd		356
	1,046,436		Teck Cominco Ltd		32,408
	10,323,412		Teijin Ltd		31,426
	36,800		Tenma Corp		392
	52,912	e	Tessenderlo Chemie NV		1,350
	90,676	e	Texas Industries, Inc		3,537
	55,123	*	Texas Petrochemicals, Inc		2,037
	214,881	*,e	Thompson Creek Metals Co, Inc (Toronto)		688

113

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	211,000		Thye Ming Industrial Co Ltd	$	187
	69,298		ThyssenKrupp AG.		1,129
	2,942,000		Tiangong International Co Ltd		587
	666,795	*	Tiger Resources Ltd		180
	74,561		Tikkurila Oy		1,271
	140,101		Time Technoplast Ltd		121
	13,377	*	Tire Kutsan Oluklu Mukavva		8
	91,356		Titan Cement Co S.A.		1,606
	112,454	e	Titanium Metals Corp		1,272
	581,000		Toagosei Co Ltd		2,273
	40,000	e	Toda Kogyo Corp		215
	42,400	e	Toho Titanium Co Ltd		460
	169,000	e	Toho Zinc Co Ltd		669
	485,000		Tokai Carbon Co Ltd		2,139
	1,230,000	e	Tokuyama Corp		3,038
	143,500		Tokyo Ohka Kogyo Co Ltd		3,196
	152,796	e	Tokyo Rope Manufacturing Co Ltd		288
	135,200		Tokyo Steel Manufacturing Co Ltd		800
	1,317,750		Ton Yi Industrial Corp		705
	18,613	*	Tong Yang Major Corp		15
	434,594		Topy Industries Ltd		1,242
	1,291,434		Toray Industries, Inc		8,806
	1,747,722		Tosoh Corp		4,766
	479,000		Toyo Ink Manufacturing Co Ltd		1,756
	129,000		Toyo Kohan Co Ltd		461
	182,144		Toyo Seikan Kaisha Ltd		2,211
	1,555,500		TPI Polene PCL		572
	88,110	e	Tredegar Corp		1,283
	243,320		Troy Resources NL		978
	879,850		TSRC Corp		2,181
	122,685	*,e	Tubacex S.A.		248
	127,313	e	Tubos Reunidos S.A.		257
	1,048,676		Tung Ho Steel Enterprise Corp		1,026
	1,859,359		UBE Industries Ltd		4,325
	253,268		Uflex Ltd		504
	20,305	*	UFP Technologies, Inc		343
	99,992		Ultra Tech Cement Ltd		2,724
	392,376		Umicore		18,142
	34,600	*	Uniao de Industrias Petroquimicas S.A.		4
	9,791		Unid Co Ltd		302
	110,000	*	Unipetrol		934
	298,272		United Phosphorus Ltd		675
	9,825	*	United States Lime & Minerals, Inc		459
	185,001	e	United States Steel Corp		3,811
	619,000		Universal Cement Corp		271
	25,725	*	Universal Stainless & Alloy		1,057
	854,000		UPC Technology Corp		465
	1,543,787		UPM-Kymmene Oyj		17,464
	642,208	e,f	Uralkali (GDR) (purchased 06/30/10, cost $25,995)		24,736
	198,209	*,e	US Antimony Corp		801
	95,657	*,e	US Silica Holdings Inc		1,077
	48,850		Usha Martin Ltd		26

114

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,167,250		USI Corp	$	1,962
	438,462		Usinas Siderurgicas de Minas Gerais S.A. (Preference)		1,380
	2,586,294		Vale S.A.		51,674
	3,996,976		Vale S.A. (Preference)		77,930
	496,167		Valspar Corp		26,044
	295	*	Vardhman Special Steels Ltd		0	^
	219,351	e	Vedanta Resources plc		3,144
	477		Vetropack Holding AG.		838
	236,245		Victrex plc		4,717
	812,300		Vinythai PCL		467
	124,807	*	Viohalco S.A.		363
	261,732	*,e	Vista Gold Corp		762
	223,378	e	Voestalpine AG.		5,933
	847,179		Volcan Cia Minera S.A.		954
	328,091	e	Vulcan Materials Co		13,028
	7,645	e	Wacker Chemie AG.		527
	1,660,251		Walter Energy, Inc		73,317
	167,779	e	Wausau Paper Corp		1,632
	177,248		Welspun-Gujarat Stahl Ltd		379
	2,818,000		West China Cement Ltd		556
	46,262	e	West Fraser Timber Co Ltd		2,334
	424,701	e	Western Areas NL		1,786
	260,235	e	Westlake Chemical Corp		13,600
	24,410	*,e	WHX Corp		329
	1,137,000	e	Winsway Coking Coal Holding Ltd		207
	208,983		Worthington Industries, Inc		4,278
	1,124,572	*	WR Grace & Co		56,735
	262,500		WTK Holdings BHD		103
	2,487,000	e	Xingda International Holdings Ltd		822
	1,118,000	e	Xinjiang Xinxin Mining Industry Co Ltd		229
	1,944,321		Xstrata plc		24,447
	121,000	*	Xxentria Technology Materials Corp		244
	992,199	e	Yamana Gold, Inc		15,310
	12,811		Yamato Kogyo Co Ltd		357
	393,574		Yara International ASA		17,223
	570,000		Yeun Chyang Industrial Co Ltd		309
	1,858,500		Yieh Phui Enterprise		568
	1,993,000	e	Yingde Gases		1,824
	446,000	e	Yip’s Chemical Holdings Ltd		287
	291,000		Yodogawa Steel Works Ltd		1,123
	50,460		Youlchon Chemical Co Ltd		345
	852,000		Youyuan International Holdings Ltd		166
	3,256,285		Yuen Foong Yu Paper Manufacturing Co Ltd		1,355
	1,171,000	*	Yukon-Nevada Gold Corp		391
	350,178		Yule Catto & Co plc		798
	115,000		Yung Chi Paint & Varnish Manufacturing Co Ltd		192
	13,331		Zaklady Azotowe Pulawy S.A.		406
	59,573	*	Zaklady Azotowe w Tarnowie-Moscicach S.A.		682
	26,954	*	Zaklady Chemiczne Police S.A.		83
	383,512	e	Zeon Corp		2,921
	86,719	e	Zep, Inc		1,191

115

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,345,500	e	Zhaojin Mining Industry Co Ltd	$	1,769
	81,343		Zignago Vetro S.p.A.		491
	8,595,000	e	Zijin Mining Group Co Ltd		2,924
	99,471	*,e	Zoltek Cos, Inc		898
	1,206		Zuari Industries Ltd		3
			TOTAL MATERIALS		6,094,364
	MEDIA - 3.2%
	1,123,864		Aegis Group plc		2,847
	89,560		Agora S.A.		283
	241,260		Aimia, Inc		3,211
	153,947	*	AMC Networks, Inc		5,473
	206,086	e	Antena 3 de Television S.A.		885
	572,956	e	APN News & Media Ltd		389
	154,682	e	Arbitron, Inc		5,414
	170,172	e	Arnoldo Mondadori Editore S.p.A.		191
	5,931	*,e	Artprice.com		189
	40,900		Asatsu-DK, Inc		1,151
	114,900		Astral Media, Inc		5,512
	44,759		Avex Group Holdings, Inc		661
	133,175	e	Axel Springer AG.		5,722
	9,630	*,e	Beasley Broadcasting Group, Inc		57
	2,772,400		BEC World PCL (Foreign)		4,443
	341,165	e	Belo (A.H.) Corp (Class A)		2,197
	4,120,600		Benpres Holdings Corp		585
	1,675	*	Besiktas Futbol Yatirimlari Sanayi ve Ticaret AS		5
	70,058	*	Borussia Dortmund GmbH & Co KGaA		216
	7,620,141		British Sky Broadcasting plc		83,074
	387,809		Cablevision Systems Corp (Class A)		5,154
	75,883		Cairo Communication S.p.A.		255
	134,168		Canal Plus		723
	84,776	*,e	Carmike Cinemas, Inc		1,242
	4,333,448		CBS Corp (Class B)		142,050
	71,000	*,e	Central European Media Enterprises Ltd (Class A)		381
	180,585	*,e	Nasdaq		917
	357,716	*	Charter Communications, Inc		25,351
	124,620		Cheil Communications, Inc		1,990
	131,484		Chime Communications plc		322
	282,365		Cinemark Holdings, Inc		6,452
	78,400	e	Cineplex Galaxy Income Fund		2,358
	273,867		Cineworld Group plc		884
	25,640		CJ CGV Co Ltd		584
	25,844	*	CJ E&M Corp		605
	50,527	e	Clear Channel Outdoor Holdings, Inc (Class A)		304
	22,982		Cogeco Cable, Inc		1,046
	16,742,385		Comcast Corp (Class A)		535,254
	6,400	*,e	COOKPAD, Inc		179
	160,657	*,e	Corus Entertainment, Inc		3,617
	138,313	*,e	Crown Media Holdings, Inc (Class A)		242
	35,826		CTS Eventim AG.		1,078
	205,961	*,e	Cumulus Media, Inc (Class A)		620

116

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	907	e	CyberAgent, Inc	$	2,330
	172,447	*	Cyfrowy Polsat S.A.		757
	163,110		Daekyo Co Ltd		801
	95,400		Daiichikosho Co Ltd		1,918
	3,674	*,e	Daily Journal Corp		315
	735,552	e	Daily Mail & General Trust		4,882
	4,250,416	*	DEN Networks Ltd		7,442
	185,242		Dentsu, Inc		5,491
	6,451	*,e	Dial Global, Inc		21
	40,245	*,e	Digital Domain Media Group, Inc		252
	114,185	*,e	Digital Generation, Inc		1,412
	3,508,526	*	DIRECTV		171,286
	837,669	*	Discovery Communications, Inc (Class A)		45,234
	182,830	*	Discovery Communications, Inc (Class C)		9,158
	4,447,399		DISH Network Corp (Class A)		126,973
	772,072	*	Dogan Yayin Holding		287
	134,900	*,e	DreamWorks Animation SKG, Inc (Class A)		2,571
	80,662	*	EM.Sport Media AG.		153
	146,655	*,e	Eniro AB		177
	91,385	*,e	Entercom Communications Corp (Class A)		550
	209,232	e	Entravision Communications Corp (Class A)		253
	21,981	*	Eros International Media Ltd		67
	1,115,000	*	eSun Holdings Ltd		135
	87,347		Euromoney Institutional Investor plc		1,022
	243,503		Eutelsat Communications		7,491
	113,592	*,e	EW Scripps Co (Class A)		1,092
	1,157		Fenerbahce Sportif Hizmetleri Sanayi ve Ticaret AS		35
	40,306	*	Fisher Communications, Inc		1,206
	4,040		Fuji Television Network, Inc		6,945
	143,000	e	Gakken Co Ltd		306
	243		Galatasaray Sportif Sinai ve Ticari Yatirimlar AS		8
	1,239,746		Gannett Co, Inc		18,261
	215,592	e	Gestevision Telecinco S.A.		1,048
	31,291		GFK AG.		1,552
	1,360		GIIR, Inc		8
	68,485	*,e	Global Sources Ltd		452
	5,242,727	e	Grupo Televisa S.A.		22,563
	174,408		Gruppo Editoriale L’Espresso S.p.A.		134
	30,306		Hakuhodo DY Holdings, Inc		2,011
	160,968	e	Harte-Hanks, Inc		1,471
	8,909	*	Hathway Cables and Datacom Pvt Ltd		29
	646,973	e	Havas S.A.		2,957
	37,854		Hot Telecommunication System Ltd		293
	242,999	*	Hurriyet Gazetecilik AS		121
	105,680	*	Hyundai Hy Communications & Network Co		291
	6,747	*	IBN18 Broadcast Ltd		3
	6,552,000	*	Imagi International Holdings Ltd		87
	461,167	*,e	Independent News & Media plc		117
	989,274		Informa plc		5,903
	5,507,090		Interpublic Group of Cos, Inc		59,752
	46,964	e	IPSOS		1,382
	9,655		Israel Land Development Co Ltd		65

117

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	10,494,731		ITV plc	$	12,628
	12,757		Jagran Prakashan Ltd		20
	950,565	e	JC Decaux S.A.		20,962
	3,808,555	e	John Fairfax Holdings Ltd		2,185
	67,213		John Wiley & Sons, Inc (Class A)		3,293
	172,384	*,e	Journal Communications, Inc (Class A)		889
	2,105		Jupiter Telecommunications Co		2,146
	97,559	*	Juventus Football Club S.p.A.		23
	324,692	*	Kabel Deutschland Holding AG.		20,235
	18,981	e	Kadokawa Holdings, Inc		520
	10,944		Kinepolis		933
	132,745	*	Knology, Inc		2,611
	33,000	*	KT Skylife Co Ltd		660
	21,050	e	Lagardere S.C.A.		588
	120,579	*,e	Lamar Advertising Co (Class A)		3,449
	968,332	*	Liberty Global, Inc (Class A)		48,058
	380,392	*	Liberty Interactive LLC		33,440
	202,492	*	Lin TV Corp (Class A)		612
	313,954	*,e	Lions Gate Entertainment Corp		4,628
	638,551	*	Live Nation, Inc		5,862
	181,961		M6-Metropole Television		2,392
	161,905	*	Madison Square Garden, Inc		6,062
	644,400		Major Cineplex Group PCL		355
	107,177	e	Martha Stewart Living Omnimedia, Inc (Class A)		364
	193,419	*,e	McClatchy Co (Class A)		426
	742,034		McGraw-Hill Cos, Inc		33,392
	454,600		MCOT PCL		399
	101,691	e	MDC Partners, Inc		1,153
	214,033	e	Mecom Group plc		231
	1,202,800		Media Chinese International Ltd		451
	77	*,e	Media General, Inc (Class A)		0	^
	1,725,500		Media Prima BHD		1,203
	978,655	e	Mediaset S.p.A.		1,714
	144,687	e	Meredith Corp		4,621
	8,071	e	Modern Times Group AB (B Shares)		374
	65,956		Morningstar, Inc		3,815
	646,207		Naspers Ltd (N Shares)		34,515
	329,375		National CineMedia, Inc		4,997
	161,717		Navneet Publications India		165
	1,289	*	Network 18 Media & Investments Ltd		1
	750,152	*,e	New York Times Co (Class A)		5,851
	4,893,797	e	News Corp (Class A)		109,083
	44,539	*,e	Nexstar Broadcasting Group, Inc (Class A)		300
	23,585		NRJ Group		157
	557,537		Omnicom Group, Inc		27,096
	830,000		Oriental Press Group		87
	78,060		Outdoor Channel Holdings, Inc		571
	397,165	e	PagesJaunes Groupe S.A.		864
	182,517	*,e	Pandora Media, Inc		1,984
	2,276,350		Pearson plc		45,167
	3,070,000	e	Phoenix Satellite Television Holdings Ltd		909
	1,822,000		Pico Far East Holdings Ltd		447

118

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	505,230	*,e	Premiere AG.	$	1,836
	365,953	*,e	Promotora de Informaciones S.A.		179
	476,422		ProSiebenSat.1 Media AG.		10,680
	5,800		Proto Corp		173
	33,655,000		PT Bhakti Investama Tbk		1,452
	100		PT Global MediaCom Tbk		0	^
	48,500	*	PT Indosiar Karya Media Tbk		29
	33,065,000	*,m	PT MNC Sky Vision Tbk		5,351
	341,489	e	PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		1,013
	456,500		PT Surya Citra Media Tbk		464
	110,746	e	Publicis Groupe S.A.		5,065
	4,043		PubliGroupe AG.		606
	188,457	e	Publishing & Broadcasting Ltd		654
	98,436		Quebecor, Inc		3,545
	213,601	*,e	RCS MediaGroup S.p.A.		142
	117,559	e	REA Group Ltd		1,655
	35,717	*,e	ReachLocal, Inc		393
	60,186	*,e	Reading International, Inc		326
	3,008,124		Reed Elsevier NV		34,318
	7,172,595		Reed Elsevier plc		57,489
	1,018,624	e	Regal Entertainment Group (Class A)		14,016
	38,316	*	Rentrak Corp		791
	215,547		Rightmove plc		5,386
	4,652		Roularta Media Group NV		81
	14,326	*	Saga Communications, Inc		532
	24,038		Salem Communications		131
	103,738	e	Sanoma-WSOY Oyj		915
	56,500		Saraiva S.A. Livreiros Editores		624
	119,150		SBS Media Holdings Co Ltd		437
	115,860	e	Schibsted ASA		3,764
	134,191	e	Scholastic Corp		3,779
	1,257,625		Scripps Networks Interactive (Class A)		71,509
	138,801		SES Global S.A.		3,282
	545,690	*,e	Shaw Communications, Inc (B Shares)		10,312
	104,000	e	Shochiku Co Ltd		1,020
	179,746	e	Sinclair Broadcast Group, Inc (Class A)		1,628
	513,938	e	Singapore Press Holdings Ltd		1,588
	990,000		SinoMedia Holding Ltd		387
	10,628,225	*,e	Sirius XM Radio, Inc		19,662
	498,542		Sky Network Television Ltd		1,934
	5,729		Sky Perfect Jsat Corp		2,581
	15,502	*	SM Entertainment Co		660
	149,536	e	Societe Television Francaise 1		1,194
	1,410,471		Southern Cross Media Group		1,750
	2,734	*	Spir Communication		68
	1,350,378	*,a	Stroer Out-of-Home Media AG.		13,281
	613,718		STW Communications Group Ltd		594
	102,704		T4F Entretenimento S.A.		851
	709,670	*	Telecom Italia Media S.p.A.		145
	846,947		Television Broadcasts Ltd		5,904
	1,157,017	e,m	Ten Network Holdings Ltd		603

119

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	69,807	*	Tera Resource Co Ltd	$	87
	898,787		Thomson Corp		25,570
	436,039	e	Thomson Corp (Toronto)		12,407
	1,484,910		Time Warner Cable, Inc		121,911
	2,755,776		Time Warner, Inc		106,097
	296,000		Toei Animation Co Ltd		6,678
	415,885	e	Toei Co Ltd		1,972
	91,717	e	Toho Co Ltd		1,587
	22,600		Tohokushinsha Film Corp		179
	156,100		Tokyo Broadcasting System, Inc		1,921
	122,197		Torstar Corp		1,139
	1,725	*	Trabzonspor Sportif Yatirim ve TAS		11
	268		TV Asahi Corp		402
	1,992,100	e	TV Azteca S.A. de C.V.		1,335
	16,800		TV Tokyo Corp		195
	69,757		TVN S.A.		184
	347,294		United Business Media Ltd		3,182
	143,246	*,e	Usen Corp		133
	170,241	*,e	Valassis Communications, Inc		3,703
	8,329	e	Value Line, Inc		99
	3,536,315		Viacom, Inc (Class B)		166,278
	2,133,577	e	Virgin Media, Inc		52,038
	4,114,000	e	VODone Ltd		341
	10,526,739		Walt Disney Co		510,547
	5,515	e	Washington Post Co (Class B)		2,062
	500,064	e	West Australian Newspapers Holdings Ltd		902
	54,300		Wolters Kluwer NV		863
	44,810	*	Woongjin Holdings Co Ltd		225
	60,660		Woongjin Thinkbig Co Ltd		530
	98,804	e	World Wrestling Entertainment, Inc (Class A)		773
	4,668,032		WPP plc		56,669
	4,998	*	YG Entertainment, Inc		230
	891,152		ZEE Telefilms Ltd		2,357
	28,800		Zenrin Co Ltd		284
			TOTAL MEDIA		3,203,741
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.5%
	18,156	*,e	AB Science S.A.		222
	9,331,525		Abbott Laboratories		601,603
	393,884		Abcam plc		2,572
	27,840	*	Ablynx NV		100
	221,849	*,e	Achillion Pharmaceuticals, Inc		1,375
	230,849	*	Acorda Therapeutics, Inc		5,439
	193,705		Acrux Ltd		840
	107,159		Actelion Ltd		4,408
	49,050	*,e	Active Biotech AB		273
	20,264	*,e	Acura Pharmaceuticals, Inc		64
	496,915		Adcock Ingram Holdings Ltd		3,653
	80,629	*,e	Aegerion Pharmaceuticals, Inc		1,197
	202,635	*,e	Affymax, Inc		2,610
	342,641	*,e	Affymetrix, Inc		1,607

120

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	130,372	*,e	Agenus, Inc	$	683
	1,928,469		Agilent Technologies, Inc		75,673
	476,849	*,e	Akorn, Inc		7,520
	1,408,179	*	Alexion Pharmaceuticals, Inc		139,832
	41,275	*	Algeta ASA		1,183
	8,779		ALK-Abello AS		521
	746,116	*	Alkermes PLC		12,662
	1,965,981		Allergan, Inc		181,991
	588,021	*,e	Allos Therapeutics, Inc		1,053
	168,997	*,e	Alnylam Pharmaceuticals, Inc		1,972
	154,319	*,e	AMAG Pharmaceuticals, Inc		2,377
	3,687,022		Amgen, Inc		269,300
	100,807	*,e	Amicus Therapeutics, Inc		554
	79,469	*,e	Ampio Pharmaceuticals, Inc		404
	358,828	*,e	Amylin Pharmaceuticals, Inc		10,130
	52,639	*,e	Anacor Pharmaceuticals, Inc		342
	579,000		Apex Biotechnology Corp		1,446
	922,177	*,e	Arena Pharmaceuticals, Inc		9,203
	349,199	*	Ariad Pharmaceuticals, Inc		6,010
	308,753	*,e	Arqule, Inc		1,831
	309,718	*,e	Array Biopharma, Inc		1,075
	52,000		ASKA Pharmaceutical Co Ltd		311
	438,951		Aspen Pharmacare Holdings Ltd		6,764
	570,539		Astellas Pharma, Inc		24,898
	394,727	*,e	Astex Pharmaceuticals		825
	650,378		AstraZeneca plc		29,064
	772,369	e	AstraZeneca plc (ADR)		34,563
	209,884		Aurobindo Pharma Ltd		417
	275,873	*	Auxilium Pharmaceuticals, Inc		7,418
	490,082	*,e	AVANIR Pharmaceuticals, Inc		1,921
	205,131	*,e	AVEO Pharmaceuticals, Inc		2,494
	6,116		Bachem Holding AG.		219
	11,315	*	Basilea Pharmaceutica		536
	30,332	*,e	Bavarian Nordic AS		258
	4,983,591		Bayer AG.		359,114
	17,199,208	*	BB Bioventures L.P.		2,821
	39,039	*,e	BG Medicine, Inc		272
	74,761		Biocon Ltd		319
	186,739	*,e	BioCryst Pharmaceuticals, Inc		743
	150,813	*,e	BioDelivery Sciences International, Inc		676
	30,803		Biogaia AB (B Shares)		716
	1,556,007	*	Biogen Idec, Inc		224,656
	73,472	*,e	BioInvent International AB		58
	994,415	*,e	BioMarin Pharmaceuticals, Inc		39,359
	47,960	*	Bio-Rad Laboratories, Inc (Class A)		4,796
	20,307	*,e	Biospecifics Technologies Corp		381
	411,499	*,e	Biota Holdings Ltd		292
	6,511		Biotest AG. (Preference)		309
	385,090	*	Biotie Therapies Oyj		181
	106,779	*,e	Biotime, Inc		491
	8,731,910	*	Bioton S.A.		183
	353,637		Biovail Corp (Toronto)		15,863

121

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	8,911,505	*	Biovitrum AB	$	30,378
	11,865		Boiron S.A.		309
	4,282,294		Bristol-Myers Squibb Co		153,948
	242,438	*	Bruker BioSciences Corp		3,227
	498,521	*	BTG plc		3,188
	31,972		Bukwang Pharmaceutical Co Ltd		323
	224,599	*,e	Cadence Pharmaceuticals, Inc		802
	261,006	*,e	Cambrex Corp		2,456
	1,648,070	*	Celgene Corp		105,740
	271,373	*,e	Celldex Therapeutics, Inc		1,408
	173,436		Celltrion, Inc		4,637
	8,868	*,e	Cempra, Inc		83
	254,173	*,e	Cepheid, Inc		11,374
	132,454	*	Charles River Laboratories International, Inc		4,339
	11,193	*,e	ChemoCentryx, Inc		168
	67,000		China Chemical & Pharmaceutical Co Ltd		41
	357,000	e	China Medical System Holdings Ltd		155
	1,252,000	e	China Pharmaceutical Group Ltd		316
	450,000	e	China Shineway Pharmaceutical Group Ltd		655
	28,240		Chong Kun Dang Pharm Corp		508
	19,322		Choongwae Pharma Corp		228
	327,583	e	Chugai Pharmaceutical Co Ltd		6,210
	606,109		Cipla Ltd		3,453
	980,937		Cipla Medpro South Africa Ltd		889
	5,560,000		CK Life Sciences International Holdings, Inc		289
	33,517	*	Clal Biotechnology Industries Ltd		102
	35,477	*	Clavis Pharma ASA		312
	64,638	*,e	Clovis Oncology, Inc		1,401
	22,100		CMIC Co Ltd		334
	121,905	*,e	Codexis, Inc		456
	143,774	*,e	Corcept Therapeutics, Inc		646
	52,768	*	Cornerstone Therapeutics, Inc		334
	78,617	*,e	Coronado Biosciences, Inc		397
	143,552	*	Covance, Inc		6,869
	961,887		CSL Ltd		39,016
	249,051	*,e	Cubist Pharmaceuticals, Inc		9,442
	44,232	*,e	Cumberland Pharmaceuticals, Inc		286
	318,173	*,e	Curis, Inc		1,718
	194,745	*,e	Cytori Therapeutics, Inc		526
	22,558		Daewoong Pharmaceutical Co Ltd		482
	770,578		Daiichi Sankyo Co Ltd		12,993
	257,125	e	Dainippon Sumitomo Pharma Co Ltd		2,627
	832,000		Dawnrays Pharmaceutical Holdings Ltd		200
	609,996	*,e	Dendreon Corp		4,514
	204,725	*,e	Depomed, Inc		1,165
	186,617	*	Deva Holding AS		225
	163,975	*,e	Discovery Laboratories, Inc		380
	8,655		Dong-A Pharmaceutical Co Ltd		638
	168,499		Dr Reddy’s Laboratories Ltd		4,997
	113,134	*,e	Dusa Pharmaceuticals, Inc		591
	371,341	*,e	Dyax Corp		791

122

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	643,654	*,e	Dynavax Technologies Corp	$	2,781
	12,229		Egis Gyogyszergyar Rt		794
	95,153		EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		100
	293,663		Eisai Co Ltd		12,860
	291,585	*	Elan Corp plc		4,276
	411,280	*	Elan Corp plc (ADR)		6,001
	2,656,534		Eli Lilly & Co		113,992
	91,617	*	Emergent Biosolutions, Inc		1,388
	283,558	*	Endo Pharmaceuticals Holdings, Inc		8,785
	110,128	*,e	Endocyte, Inc		905
	5,745	*,e	Enzo Biochem, Inc		10
	171,680	*,e	Enzon Pharmaceuticals, Inc		1,179
	133		EPS Co Ltd		365
	184,605	*	eResearch Technology, Inc		1,475
	22,905		Eurofins Scientific		2,844
	128,488	*,e	Evolutec Group plc		135
	134,852	*	Evotec AG.		366
	205,398	*	Exact Sciences Corp		2,202
	553,264	*,e	Exelixis, Inc		3,060
	3,060,000	*	Extrawell Pharmaceutical Holdings Ltd		190
	382,484	e	FAES FARMA S.A.		592
	11,152		FDC Ltd		15
	98,064	*,e	Fluidigm Corp		1,475
	862,238	*	Forest Laboratories, Inc		30,170
	35,682	*,e	Furiex Pharmaceuticals Inc		748
	132,000	e	Fuso Pharmaceutical Industries Ltd		383
	197,178	*,e	Galapagos NV		3,094
	61,302	*	Genmab AS		613
	62,475	*	Genomic Health, Inc		2,087
	6,645,944	*,e	Genomma Lab Internacional S.A. de C.V.		13,143
	124,030	e	Genus plc		2,414
	589,660	*,e	Geron Corp		1,014
	86,717		Gerresheimer AG.		4,082
	5,810,307	*	Gilead Sciences, Inc		297,953
	7,290,228		GlaxoSmithKline plc		165,590
	21,700	*,e	Golf Trust Of America, Inc		158
	6,768		Green Cross Corp		885
	275,120	*,e	Grifols S.A.		6,970
	98,717	*,e	GTx, Inc		348
	344,000	e	Guangzhou Pharmaceutical Co Ltd		620
	330,417	*,e	Halozyme Therapeutics, Inc		2,927
	25,910	*	Han All Pharmarceutical Co		159
	5,240		Handok Pharmaceuticals Co Ltd		50
	6,178	*	Hanmi Pharm Co Ltd		360
	92,970	*,e	Harvard Bioscience, Inc		351
	185,928		Hikma Pharmaceuticals plc		1,901
	58,931	e	Hisamitsu Pharmaceutical Co, Inc		2,900
	65,309	*	Hi-Tech Pharmacal Co, Inc		2,116
	77,784	*,e	Horizon Pharma, Inc		555
	220,868	*	Hospira, Inc		7,726
	3,720,000	e	Hua Han Bio-Pharmaceutical Holdings Ltd		674

123

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	315,931	*,e	Human Genome Sciences, Inc	$	4,148
	345,858	*,e	Idenix Pharmaceuticals, Inc		3,562
	3,900		Il Dong Pharmaceutical Co Ltd		22
	644,589	*,e	Illumina, Inc		26,035
	2,924		Ilsung Pharmaceuticals Co Ltd		204
	18,415		Ilyang Pharmaceutical Co Ltd		383
	284,304	*,e	ImmunoCellular Therapeutics Ltd		1,066
	303,211	*,e	Immunogen, Inc		5,088
	265,789	*,e	Immunomedics, Inc		949
	248,415	*	Impax Laboratories, Inc		5,035
	157,401	*,e	Incyte Corp		3,573
	77,542	*,e	Infinity Pharmaceuticals, Inc		1,051
	53,810	*,e	Intercell AG.		133
	274,782	*,e	InterMune, Inc		3,284
	17,937		Ipca Laboratories Ltd		115
	37,753	e	Ipsen		937
	279,432	*,e	Ironwood Pharmaceuticals, Inc		3,851
	374,938	*,e	Isis Pharmaceuticals, Inc		4,499
	330,245	*,e	Jazz Pharmaceuticals plc		14,864
	19,000		JCR Pharmaceuticals Co Ltd		183
	16,630		Jeil Pharmaceutical Co		293
	11,103,159	e	Johnson & Johnson		750,129
	223,521		Kaken Pharmaceutical Co Ltd		3,135
	273,217	*,e	Keryx Biopharmaceuticals, Inc		492
	94,997		Kissei Pharmaceutical Co Ltd		1,695
	56,785	*	Komipharm International Co Ltd		420
	171,970		Kwang Dong Pharmaceutical Co Ltd		627
	122,336		Kyorin Co Ltd		2,580
	477,187	e	Kyowa Hakko Kogyo Co Ltd		4,915
	71,099	e	Laboratorios Almirall S.A.		509
	25,509	e	Laboratorios Farmaceuticos Rovi S.A		166
	57,640	*	Lannett Co, Inc		244
	771,035	*,e	Lexicon Pharmaceuticals, Inc		1,735
	18,990	*	LG Life Sciences Ltd		572
	328,892	*	Life Technologies Corp		14,797
	77,070	*,e	Ligand Pharmaceuticals, Inc (Class B)		1,306
	1,270,000		Lijun International Pharmaceutical Holding Ltd		345
	175,900		Livzon Pharmaceutical, Inc		435
	88,934		Lonza Group AG.		3,700
	157,051	*	Luminex Corp		3,846
	433,902		Lupin Ltd		4,193
	418,661	*,e	MannKind Corp		959
	100,139	*,e	MAP Pharmaceuticals, Inc		1,500
	110,264		Maxygen, Inc		657
	508,037		Meda AB (A Shares)		4,843
	296,950	*	Medicines Co		6,812
	297,556		Medicis Pharmaceutical Corp (Class A)		10,161
	75,000	*	Medigen Biotechnology Corp		162
	8,205	*	Medipost Co Ltd		666
	139,757	*	Medivation, Inc		12,774
	28,097	*	Medivir AB		270

124

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	30,552	e	Medtox Scientific, Inc	$	824
	3,236		Medy-Tox, Inc		169
	11,282,316		Merck & Co, Inc		471,037
	205,975		Merck KGaA		20,570
	1,270	*	Merck Ltd		13
	56,234	*,e	Merrimack Pharmaceuticals, Inc		409
	164,481	*,e	Mesoblast Ltd		1,056
	171,399	*	Mettler-Toledo International, Inc		26,713
	82,516		Mochida Pharmaceutical Co Ltd		950
	223,944	*,e	Momenta Pharmaceuticals, Inc		3,028
	29,508	*	Morphosys AG.		659
	22,167,242	*,a	MPM Bioventures II		3,846
	1,900,524	*	Mylan Laboratories, Inc		40,614
	139,985	*	Myriad Genetics, Inc		3,327
	106,122	*,e	Nabi Biopharmaceuticals		168
	418,648	*,e	Nektar Therapeutics		3,378
	373,803	*,e	Neurocrine Biosciences, Inc		2,957
	58,578	*,e	NewLink Genetics Corp		877
	38,000		Nichi-iko Pharmaceutical Co Ltd		838
	255,550		Nippon Chemiphar Co Ltd		1,368
	68,000		Nippon Shinyaku Co Ltd		854
	44,982	*,e	Novacea, Inc		279
	3,356,589		Novartis AG.		187,671
	1,554		Novartis India Ltd		21
	401,624	*,e	Novavax, Inc		627
	764,547		Novo Nordisk AS (Class B)		110,887
	319,927	*,e	NPS Pharmaceuticals, Inc		2,755
	104,672	*,e	Obagi Medical Products, Inc		1,598
	118,979	*,e	Omeros Corp		1,190
	48,228	*,e	OncoGenex Pharmaceutical, Inc		648
	613	*,e	OncoTherapy Science, Inc		989
	196,047	*,e	Oncothyreon, Inc		918
	106,595		Ono Pharmaceutical Co Ltd		6,698
	410,921	*,e	Onyx Pharmaceuticals, Inc		27,306
	391,562	*,e	Opko Health, Inc		1,801
	171,250	*,e	Optimer Pharmaceuticals, Inc		2,658
	335,002		Orchid Chemicals & Pharmaceuticals Ltd		714
	482,094	*,e	Orexigen Therapeutics, Inc		2,671
	359,612	e	Orion Oyj (Class B)		6,811
	70,029	*,e	Osiris Therapeutics, Inc		768
	495,154		Otsuka Holdings KK		15,199
	191,627	*,e	Pacific Biosciences of California, Inc		416
	68,645	*,e	Pacira Pharmaceuticals, Inc		1,101
	152,145	e	Pain Therapeutics, Inc		714
	27,100	*	Paladin Labs, Inc		1,283
	231,158	*	Par Pharmaceutical Cos, Inc		8,354
	251,307	*	Parexel International Corp		7,094
	697,267	e	PDL BioPharma, Inc		4,623
	1,842,684		PerkinElmer, Inc		47,541
	414,183		Perrigo Co		48,845
	45,379,734		Pfizer, Inc		1,043,734
	263,246	*,e	Pharmacyclics, Inc		14,376

125

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	418,234	*,e	Pharmaxis Ltd	$	443
	35,706	*,e,f	Pharmstandard (GDR) (purchased 05/31/11, cost $841)		509
	193,000	*	Phytohealth Corp		265
	114,671		Piramal Healthcare Ltd		1,089
	145,859	*,e	Pozen, Inc		910
	131,842	*,e	Progenics Pharmaceuticals, Inc		1,289
	335,735		Pronova BioPharma AS		564
	14,517,000		PT Kalbe Farma Tbk		5,871
	65,642	*	Qiagen N.V.		1,099
	559,738	*,e	Qiagen N.V. (NASDAQ)		9,348
	276,951	*,e	Questcor Pharmaceuticals, Inc		14,745
	186,898		Ranbaxy Laboratories Ltd		1,658
	207,494	*,e	Raptor Pharmaceutical Corp		1,160
	273,689		Recordati S.p.A.		1,952
	201,334	*	Regeneron Pharmaceuticals, Inc		22,996
	112,283	*	Repligen Corp		483
	55,148	*,e	Repros Therapeutics, Inc		501
	16,602		Richter Gedeon Nyrt		2,740
	263,604	*,e	Rigel Pharmaceuticals, Inc		2,452
	80,430	*	RNL BIO Co Ltd		276
	995,982		Roche Holding AG.		172,039
	114,000		Rohto Pharmaceutical Co Ltd		1,468
	38,821	*,e	Sagent Pharmaceuticals		702
	113,193	*	Salix Pharmaceuticals Ltd		6,162
	204,174	*,e	Sangamo Biosciences, Inc		1,127
	1,929,663		Sanofi-Aventis		146,077
	343,934	*	Santarus, Inc		2,438
	84,769		Santen Pharmaceutical Co Ltd		3,484
	18,600	e	Sawai Pharmaceutical Co Ltd		2,001
	4,722		Schweizerhall Holding AG.		548
	210,303	*,e	Sciclone Pharmaceuticals, Inc		1,474
	356,902	*,e	Seattle Genetics, Inc		9,062
	7,554	*	Seegene, Inc		346
	153,800		Seikagaku Corp		1,507
	418,005	*,e	Sequenom, Inc		1,697
	318,000		Shandong Luoxin Pharmacy Stock Co Ltd		224
	1,040,247		Shionogi & Co Ltd		14,144
	1,241,853		Shire Ltd		35,728
	173,552		Shire plc (ADR)		14,993
	7,336		Siegfried Holding AG.		874
	133,602	*,e	SIGA Technologies, Inc		383
	3,229,000	e	Sihuan Pharmaceutical Holdings		1,180
	6,424,000	e	Sino Biopharmaceutical		2,330
	4,254,176	*,a	Skyline Venture Fund II Ltd		246
	976,029	*	Skyline Venture Fund III Ltd		284
	346,350	*,e	Spectrum Pharmaceuticals, Inc		5,389
	85,918		Stada Arzneimittel AG.		2,629
	5,318		Stallergenes		298
	246,100		Standard Chemical & Pharma		201
	441,522	*	Starpharma Holdings Ltd		625
	215,009		Strides Arcolab Ltd		2,876

126

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	52,702	*,e	Sucampo Pharmaceuticals, Inc (Class A)	$	370
	127,373	*	Sun Pharmaceutical Industries Ltd		169
	696,756		Sun Pharmaceuticals Industries Ltd		7,988
	93,356	*,e	Sunesis Pharmaceuticals, Inc		268
	8,932	*,e	Supernus Pharmaceuticals, Inc		84
	33,966	*,e	Synageva BioPharma Corp		1,378
	218,307	*,e	Synergy Pharmaceuticals, Inc		1,037
	125,989	*,e	Synta Pharmaceuticals Corp		689
	53,900		Taisho Pharmaceutical Holdings Co Ltd		4,558
	46,400		Takara Bio, Inc		239
	1,134,175		Takeda Pharmaceutical Co Ltd		51,494
	784,500		Tanabe Seiyaku Co Ltd		11,281
	134,741	*,e	Targacept, Inc		579
	194,427		Tecan Group AG.		13,417
	101,715		Techne Corp		7,547
	608,365		Teva Pharmaceutical Industries Ltd		23,980
	6,679,887		Teva Pharmaceutical Industries Ltd (ADR)		263,455
	236,088	*,e	Theravance, Inc		5,246
	1,214,539		Thermo Electron Corp		63,047
	298,917	*,e	Threshold Pharmaceuticals, Inc		2,212
	37,897	*	ThromboGenics NV		1,026
	709,000		Tong Ren Tang Technologies Co Ltd		1,149
	28,100		Torii Pharmaceutical Co Ltd		615
	3,100		Torrent Pharmaceuticals Ltd		33
	9,900		Towa Pharmaceutical Co Ltd		555
	22,411	*,e	Transgene S.A.		211
	141,674	*,e,m	Trius Therapeutics, Inc		816
	163,133		Tsumura & Co		4,320
	145,274		TTY Biopharm Co Ltd		566
	954,698	e	UCB S.A.		48,227
	6,460		Unichem Laboratories Ltd		15
	13,440,000	*	United Gene High-Tech Group Ltd		47
	867,500	e	United Laboratories Ltd		363
	82,316	*	United Therapeutics Corp		4,065
	583,879	*,a,e	Vanda Pharmaceuticals, Inc		2,569
	451,745	*,e	Vectura Group plc		543
	80,700	*,e	Ventrus Biosciences, Inc		345
	14,648	*,e	Verastem, Inc		149
	710,382	*	Vertex Pharmaceuticals, Inc		39,725
	295,972	*,e	Vical, Inc		1,065
	6,080	e	Virbac S.A.		1,005
	12,806	*	ViroMed Co Ltd		249
	863,694	*,e	Viropharma, Inc		20,470
	375,692	*,e	Vivus, Inc		10,722
	3,144,692		Warner Chilcott plc		56,353
	288,623	*	Waters Corp		22,937
	1,401,516	*	Watson Pharmaceuticals, Inc		103,698
	528,000		Winteam Pharmaceutical Group Ltd		86
	53,870	*	Wockhardt Ltd		905
	150,140	*,e	Xenoport, Inc		907
	436,658	*,e	XOMA Corp		1,310
	10,603		Yuhan Corp		1,240

127

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	214,410	*	Yungjin Pharmaceutical Co Ltd	$	301
	170,000		YungShin Global Holding Corp		235
	215,313	*,e	Zeltia S.A.		351
	32,000		Zeria Pharmaceutical Co Ltd		537
	238,355	*,e	ZIOPHARM Oncology, Inc		1,418
	134,991	*,e	Zogenix, Inc		335
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		7,594,242
REAL ESTATE - 3.5%
	348,652		Abacus Property Group		732
	165,308		Acadia Realty Trust		3,832
	198,366		Acucap Properties Ltd		1,043
	6,728	*	Advance Residence Investment Corp		13,079
	91,555		Aeon Mall Co Ltd		1,951
	104,295	*	Africa Israel Investments Ltd		307
	14,138	*	Africa Israel Properties Ltd		102
	73,865		AG Mortgage Investment Trust		1,587
	2,134,000	e	Agile Property Holdings Ltd		2,781
	75,205		Agree Realty Corp		1,664
	657,200		AIMS AMP Capital Industrial REIT		625
	59,965	*	Airport City Ltd		261
	57,500		Airport Facilities Co Ltd		258
	39,438		Akmerkez Gayrimenkul Yatirim Ortakligi AS		423
	7,602		Alexander’s, Inc		3,277
	153,584		Alexandria Real Estate Equities, Inc		11,169
	342,084		Aliansce Shopping Centers S.A.		2,947
	1,716,680	e	Allan Gray Property Trust		1,554
	15,968,693		Allco Commercial Real Estate Investment Trust		12,643
	35,217		Allied Properties Real Estate Investment Trust		1,003
	24,971		Allreal Holding AG.		3,636
	160,186		Alony Hetz Properties & Investments Ltd		656
	5,797	*	AL-ROV Israel Ltd		108
	6,102		Alrov Properties and Lodgings Ltd		89
	355,487		Alstria Office REIT-AG.		3,764
	3,066,000		Amata Corp PCL (Foreign)		1,523
	1,562,686		AMB Property Corp		51,928
	3,762,676	*	Amer Group Holding		410
	121,289		American Assets Trust,Inc		2,941
	190,868		American Campus Communities, Inc		8,585
	1,523,549		American Capital Agency Corp		51,206
	161,538		American Capital Mortgage, Inc		3,858
	660,315	*	American Realty Capital Trust, Inc		7,211
	2,811,902		American Tower Corp		196,580
	132,091		Amot Investments Ltd		284
	1,245,792		AMP NZ Office Trust		934
	520,704		Anant Raj Industries Ltd		452
	14,511		ANF Immobilier		612
	2,947,643		Annaly Capital Management, Inc		49,461
	501,490		Anworth Mortgage Asset Corp		3,536
	294,661		Apartment Investment & Management Co (Class A)		7,965
	125,637		Apollo Commercial Real Estate Finance, Inc		2,019
	28,268		Ares Commercial Real Estate Corp		494

128

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	705,536	*	ARMOUR Residential REIT, Inc	$	5,016
	96,648		Arrowhead Properties Ltd		73
	138,151		Artis Real Estate Investment Trust		2,225
	719,000	f	Ascendas India Trust (purchased 05/31/11, cost $565)		433
	3,100,619	e	Ascendas Real Estate Investment Trust		5,289
	838,586		Ascott Residence Trust		722
	196,474		Ashford Hospitality Trust, Inc		1,656
	1,182,600		Asian Property Development PCL (Foreign)		276
	782,112		Aspen Group		317
	195,877		Associated Estates Realty Corp		2,928
	425,652		Atrium European Real Estate Ltd		1,998
	359,319		Australand Property Group		914
	61,377	*	AV Homes, Inc		895
	342,311		AvalonBay Communities, Inc		48,430
	8,430,223		Ayala Land, Inc		4,348
	9,247,920	m	Ayala Land, Inc (Preferred A)		22
	8,497,223	*	Ayala Land, Inc (Preferred B)		20
	74,082		Babcock & Brown Japan Property Trust		219
	9,897,400	*	Bangkokland PCL		226
	1,561		Bayside Land Corp		292
	21,022		Befimmo SCA Sicafi		1,194
	3,452,000	e	Beijing Capital Land Ltd		1,031
	1,194,000	e	Beijing North Star Co		218
	3,893,950	*	Belle Corp		488
	1,301,413		Beni Stabili S.p.A.		564
	216,875		Big Yellow Group plc		986
	199,449		BioMed Realty Trust, Inc		3,726
	843		BLife Investment Corp		5,887
	81,831		Boardwalk Real Estate Investment Trust		4,711
	827,108		Boston Properties, Inc		89,634
	765,356		BR Malls Participacoes S.A.		8,764
	834,311		BR Properties S.A.		9,845
	182,883		Brandywine Realty Trust		2,257
	541,600		Brasil Brokers Participacoes S.A.		1,761
	108,069		BRE Properties, Inc (Class A)		5,406
	759,418		British Land Co plc		6,081
	633,799		Brookfield Asset Management, Inc		20,986
	8,985	*	Brookfield Multiplex Group		672
	45,000	e	Brookfield Office Properties, Inc		784
	753,797	e	Brookfield Office Properties, Inc (Toronto)		13,194
	492,659		Bunnings Warehouse Property Trust		944
	12,444,188	e	C C Land Holdings Ltd		3,025
	111,543		CA Immobilien Anlagen AG.		1,117
	1,486,000		Cache Logistics Trust		1,235
	89,975		Calloway Real Estate Investment Trust		2,475
	1,191,840		Cambridge Industrial Trust		539
	123,108		Camden Property Trust		8,331
	113,059		Campus Crest Communities, Inc		1,175
	95,791		Canadian Apartment Properties REIT		2,237
	85,156		Canadian Real Estate Investment Trust		3,401
	5,023,974		CapitaCommercial Trust		5,053
	1,012,482		Capital & Counties Properties		3,328
	249,514		Capital Lease Funding, Inc		1,035
	2,635,334		Capital Property Fund		3,228

129

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,699,404		CapitaLand Ltd	$	3,664
	2,372,474		CapitaMall Trust		3,594
	1,134,480	e	CapitaMalls Asia Ltd		1,415
	904,600		CapitaMalls Malaysia Trust		448
	880,000		CapitaRetail China Trust		912
	342,259		Capstead Mortgage Corp		4,761
	352,813		Castellum AB		4,267
	3,447,000		Cathay Real Estate Development Co Ltd		1,575
	200,954		CBL & Associates Properties, Inc		3,927
	957,576	*,e	CBRE Group, Inc		15,666
	1,686,000		CDL Hospitality Trusts		2,608
	227,822		Cedar Shopping Centers, Inc		1,150
	1,367,000		Central China Real Estate Ltd		354
	98,000		Central Pattana PCL (Foreign)		145
	2,575	*,m	Centro Properties Group		0	^
	970,638		Centro Retail Australia (REIT)		1,970
	1,597,717		CFS Gandel Retail Trust		3,189
	953,000		CH Karnchang PCL		215
	1,095,889		Challenger Diversified Property Group		619
	6,885,636	e	Champion Real Estate Investment Trust		2,867
	643,244		Charter Hall Group		1,506
	125,000		Chartwell Seniors Housing Real Estate Investment Trust		1,191
	51,342		Chatham Lodging Trust		733
	190,198		Chesapeake Lodging Trust		3,275
	5,795,201		Cheuk Nang Holdings Ltd		2,276
	1,754,607		Cheung Kong Holdings Ltd		21,663
	6,312,098		Chimera Investment Corp		14,897
	2,003,000		China Aoyuan Property Group Ltd		271
	2,092,000		China Chengtong Development Group Ltd		78
	8,879,800	e	China Overseas Land & Investment Ltd		20,912
	652,000	*	China Properties Group Ltd		223
	3,876,000	e	China Resources Land Ltd		8,015
	2,311,000		China SCE Property Holdings Ltd		526
	3,902,000	e	China South City Holdings Ltd		573
	2,059,220		China Vanke Co Ltd		2,715
	335,500	e	Chinese Estates Holdings Ltd		389
	205,030		Chong Hong Construction Co		448
	182,619		City Developments Ltd		1,628
	240,670		Citycon Oyj		681
	21,485		Cofinimmo		2,394
	26,001	*	Colonia Real Estate AG.		90
	370,123		Colonial Properties Trust		8,195
	203,769		Colony Financial, Inc		3,525
	64,398		Cominar Real Estate Investment Trust		1,518
	6,244,388		Commonwealth Property Office Fund		6,509
	19,520	e	Consolidated-Tomoka Land Co		562
	91,624	e	Conwert Immobilien Invest AG.		1,008
	135,335		Coresite Realty		3,494
	19,750		Corio NV		870
	154,450		Corporate Office Properties Trust		3,631
	6,560,082	e	Country Garden Holdings Co Ltd		2,605
	355,046		Cousins Properties, Inc		2,752

130

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,859		Crescendo Investment Corp	$	1,083
	289,870		CreXus Investment Corp		2,948
	24,000		Crombie Real Estate Investment Trust		347
	12,860,642		CSI Properties Ltd		567
	539,675		CubeSmart		6,298
	603,754		CYS Investments, Inc		8,314
	1,651	e	DA Office Investment Corp		4,357
	75,100		Daibiru Corp		576
	715,000		Daikyo, Inc		1,886
	1,845,900		Daiman Development BHD		1,062
	103,965		Daito Trust Construction Co Ltd		9,855
	698,879		Daiwa House Industry Co Ltd		9,914
	3,344,930		DB RREEF Trust		3,201
	1,031,659		DCT Industrial Trust, Inc		6,499
	1,328,117		DDR Corp		19,444
	409,483		Delta Corp Ltd		494
	155,299		Derwent London plc		4,515
	71,294	e	Deutsche Euroshop AG.		2,528
	126,680		Deutsche Wohnen AG.		2,130
	172,389		Development Securities plc		380
	700,931		DiamondRock Hospitality Co		7,149
	57,214	e	DIC Asset AG.		494
	450,886	e	Digital Realty Trust, Inc		33,848
	10,992,165		DLF Ltd		39,507
	186,734		Douglas Emmett, Inc		4,314
	70,776		Douja Promotion Groupe Addoha S.A.		544
	576,183		Duke Realty Corp		8,435
	45,700		Dundee International Real Estate Investment Trust		446
	56,394		Dundee Real Estate Investment Trust		2,115
	228,132		DuPont Fabros Technology, Inc		6,515
	181,831		Dynex Capital, Inc		1,887
	1,169,800		Eastern & Oriental BHD		520
	142,416		EastGroup Properties, Inc		7,591
	388,737		Education Realty Trust, Inc		4,307
	663,724		Emira Property Fund		1,036
	2,551,885		Emlak Konut Gayrimenkul Yatiri		3,140
	2,590,666		Emperor International Holdings		497
	263,774		Entertainment Properties Trust		10,844
	165,001		Equity Lifestyle Properties, Inc		11,380
	202,554		Equity One, Inc		4,294
	989,157		Equity Residential		61,684
	60,933		Essex Property Trust, Inc		9,379
	24,341		Eurobank Properties Real Estate Investment Co		117
	119,525		Eurocommercial Properties NV		4,135
	7,845,000	e	Evergrande Real Estate Group		4,063
	125,303		Excel Trust, Inc		1,499
	221,194		Extra Space Storage, Inc		6,769
	381,496		Fabege AB		2,993
	5,380,500		Fantasia Holdings Group Co Ltd		583
	314,700		Farglory Land Development Co Ltd		560
	91,274	*	Fastighets AB Balder		415

131

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	378,232		Federal Realty Investment Trust	$	39,370
	480,211	*	FelCor Lodging Trust, Inc		2,257
	409,700		Fibra Uno Administracion S.A. de C.V.		843
	17,839,000		Filinvest Land, Inc		544
	111,980	e	First Capital Realty, Inc		2,018
	448,306	*	First Industrial Realty Trust, Inc		5,658
	189,582		First Potomac Realty Trust		2,231
	585,000		First Real Estate Investment Trust		424
	39,010	*,e	FirstService Corp		1,091
	941,462	e	FKP Property Group		369
	12,425		Fonciere Des Regions		893
	1,222,436	*	Forest City Enterprises, Inc (Class A)		17,848
	146,956	*,e	Forestar Real Estate Group, Inc		1,883
	266,974		Franklin Street Properties Corp		2,825
	5,955,200	e	Franshion Properties China Ltd		1,809
	1,128,000	e	Frasers Centrepoint Trust		1,489
	241	*,e	Frontier Real Estate Investment Corp		1,933
	232	*	Fukuoka REIT Corp		1,597
	137,120	*,e	GAGFAH S.A.		1,312
	199,992		Gazit Globe Ltd		1,936
	14,926		Gazit, Inc		257
	4,376	e	Gecina S.A.		390
	2,149,417		General Growth Properties, Inc		38,883
	69,900	*	General Shopping Brasil S.A.		336
	95,351		Getty Realty Corp		1,826
	40,725		Gladstone Commercial Corp		678
	582,572		Glimcher Realty Trust		5,954
	1,101,629	*	Global Logistic Properties		1,834
	267		Global One Real Estate Investment Corp		1,732
	4,153,000	*	Global-Estate Resorts, Inc		179
	183,223	*	Globe Trade Centre S.A.		352
	2,722,000	*,e	Glorious Property Holdings Ltd		482
	121,358	e,f	Gold Wheaton Gold Corp (GDR) (purchased 03/04/12, cost $568)		523
	34,280		Goldcrest Co Ltd		530
	955,711	e	Goodman Property Trust		762
	222,575		Government Properties Income Trust		5,035
	915,045		GPT Group (ASE)		3,095
	975,275		Grainger plc		1,392
	166,957	*	Gramercy Capital Corp		417
	683,627		Great Eagle Holdings Ltd		1,760
	930,294		Great Portland Estates plc		5,743
	210,400	*	Greattown Holdings Ltd		79
	1,318,500	e	Greentown China Holdings Ltd		1,385
	3,328,460		Growthpoint Properties Ltd		9,371
	96,305	e	GSW Immobilien AG.		3,292
	19,676,400	e	Guangzhou Investment Co Ltd		4,838
	4,091,536	e	Guangzhou R&F Properties Co Ltd		5,448
	4,440	*	Gyrodyne Co of America, Inc		508
	1,622,000	e	GZI Real Estate Investment Trust		783
	76,014		H&R Real Estate Investment Trust		1,829
	42,939		Hamborner AG.		377

132

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,249,392		Hammerson plc	$	15,622
	280,622		Hang Lung Group Ltd		1,735
	3,665,071		Hang Lung Properties Ltd		12,537
	195		Hankyu Reit, Inc		884
	1,147,680		Hansteen Holdings plc		1,296
	122,646		Hatteras Financial Corp		3,508
	1,069,529		HCP, Inc		47,220
	690,601		Health Care REIT, Inc		40,262
	319,627		Healthcare Realty Trust, Inc		7,620
	567,500		Heiwa Real Estate Co Ltd		1,328
	124,877		Helical Bar plc		361
	14,816		Heliopolis Housing		39
	1,978,098		Henderson Land Development Co Ltd		10,997
	791,872		Hersha Hospitality Trust		4,181
	489,000		Highwealth Construction Corp		770
	287,747		Highwoods Properties, Inc		9,683
	1,192,000		HKR International Ltd		443
	376,000	e	Ho Bee Investment Ltd		347
	174,931		Home Properties, Inc		10,734
	290,000		Hongkong Land Holdings Ltd		1,673
	1,246,000	e	Hopson Development Holdings Ltd		740
	861,915		Hospitality Properties Trust		21,350
	2,172,625		Host Marriott Corp		34,371
	656,570	*	Housing Development & Infrastruture Ltd		1,031
	58,834	*	Howard Hughes Corp		3,627
	107,811		HRPT Properties Trust		2,061
	762,211		Huaku Development Co Ltd		1,862
	154,000		Huang Hsiang Construction Co		305
	132,735		Hudson Pacific Properties		2,311
	270,212		Hufvudstaden AB (Series A)		2,897
	99,400	e,m	Hulic Co Ltd		1,649
	565,362		Hung Poo Real Estate Development Corp		477
	952,000		Hung Sheng Construction Co Ltd		480
	150,879		Hyprop Investments Ltd		1,146
	540,976		Hysan Development Co Ltd		2,062
	17,000	e	Icade		1,286
	1,390	*	Ichigo Real Estate Investment Corp		641
	1,237,490		IGB Corp BHD		1,052
	58,300		Iguatemi Empresa de Shopping Centers S.A.		1,205
	20,000	e	Iida Home Max		182
	1,452,000		IJM Land BHD		1,013
	460,434		Immobiliare Grande Distribuzione		377
	1,509,230	e	IMMOFINANZ Immobilien Anlagen AG.		4,802
	478,038		Indiabulls Real Estate Ltd		530
	419		Industrial & Infrastructure Fund Investment Corp		2,707
	122,941		Industrial Buildings Corp		142
	1,738,655	e	ING Office Fund		4,852
	292,226		Inland Real Estate Corp		2,449
	130,983		InnVest Real Estate Investment Trust		605
	1,940		Intershop Holdings		666
	9,356	e	Intervest Offices		230
	458,011		Invesco Mortgage Capital, Inc		8,400

133

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	437,452		Investors Real Estate Trust	$	3,456
	1,100,963		Is Gayrimenkul Yatirim Ortakligi AS		695
	313,722	*	iStar Financial, Inc		2,024
	181,317	*,e	IVG Immobilien AG.		361
	85,506	*	IVR Prime Urban Developers Ltd		64
	915	e	Japan Excellent, Inc		4,565
	4,004	*	Japan Hotel REIT Investment Corp		1,066
	265	*	Japan Logistics Fund Inc		2,350
	1,356	e	Japan Prime Realty Investment Corp		3,817
	294	*	Japan Real Estate Investment Corp		2,696
	1,778		Japan Rental Housing Investments, Inc		850
	3,805	*	Japan Retail Fund Investment Corp		6,036
	52,000		Jereissati Participacoes S.A.		38
	63,666		Jerusalem Economy Ltd		305
	316,200		JHSF Participacoes S.A.		945
	972,050		Jiangsu Future Land Co Ltd		599
	1,185		Joint Reit Investment Corp		5,030
	274,961		Jones Lang LaSalle, Inc		19,349
	2,690,282	e	K Wah International Holdings Ltd		1,061
	3,020,000	*,e	Kaisa Group Holdings Ltd		600
	228,480		KEE TAI Properties Co Ltd		119
	1,825		Kenedix Realty Investment Corp		5,901
	2,972	*	Kenedix, Inc		431
	130,246	e	Kennedy-Wilson Holdings, Inc		1,825
	3,486,546	e	Keppel Land Ltd		8,972
	2,484,640	e	Kerry Properties Ltd		10,692
	58,900	e	Killam Properties, Inc		760
	95,427		Kilroy Realty Corp		4,620
	1,426,099		Kimco Realty Corp		27,139
	109,000		Kindom Construction Co		66
	453,600		King’s Town Construction Co Ltd		393
	199,263		Kite Realty Group Trust		994
	1,170,979	e	Kiwi Income Property Trust		981
	4,413,278		KLCC Property Holdings BHD		6,475
	41,291		Klepierre		1,357
	151,149		Klovern AB		495
	4,116	*,e	Klovern AB (Pref)		84
	110,636	*	Korea Real Estate Investment Trust Co		132
	3,125,130		Kowloon Development Co Ltd		3,173
	981,799	e	K-REIT Asia		830
	203,954		Kungsleden AB		1,035
	470,000	*	Kuoyang Construction Co Ltd		196
	6,536,000	e	KWG Property Holding Ltd		4,180
	74,846,000		Lai Fung Holdings Ltd		1,342
	11,088,250	*	Lai Sun Development		163
	355,093		Land Securities Group plc		4,114
	410,972		LaSalle Hotel Properties		11,976
	39,110	*	LC Corp S.A.		15
	1,727		Leasinvest Real Estate SCA		142
	660,369		Lend Lease Corp Ltd		4,911
	186,011	*,e	Leopalace21 Corp		626
	448,303		Lexington Corporate Properties Trust		3,797

134

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	143,214		Liberty International plc	$	723
	141,746		Liberty Property Trust		5,222
	3,661,260		Link Real Estate Investment Trust		15,007
	2,015,000	e	Lippo-Mapletree Indonesia Retail Trust		639
	650,727		London & Stamford Property plc		1,139
	867,000		Long Bon International Co Ltd		353
	2,077,000	e	Longfor Properties Co Ltd		3,276
	1,782,000		LPN Development PCL		977
	2,045,100		LPN Development PCL (ADR)		1,121
	63,700		LPS Brasil Consultoria de Imoveis S.A.		1,062
	198,481		LTC Properties, Inc		7,201
	450,471		Macerich Co		26,600
	299,086		Mack-Cali Realty Corp		8,694
	369,288	e	Macquarie CountryWide Trust		1,257
	1,021,527		Macquarie Goodman Group		3,868
	2,260,590		Macquarie MEAG Prime REIT		1,190
	1,505,000		Mah Sing Group BHD		978
	35,779	*,e,m	Mapeley Ltd		114
	1,359,000	e	Mapletree Commercial Trust		1,055
	2,841,016		Mapletree Industrial Trust		2,722
	1,846,523	e	Mapletree Logistics Trust		1,436
	514,514		Medical Properties Trust, Inc		4,950
	13,590	*	Medinet Nasr Housing		38
	42,887,800	f	Megaworld Corp (purchased 12/09/10, cost $2,116)		2,247
	19,346		Melisron Ltd		326
	42,916	e	Mercialys S.A		799
	338,350		Metric Property Investments plc		453
	445,149		MFA Mortgage Investments, Inc		3,512
	883		MID Reit, Inc		2,238
	105,407		Mid-America Apartment Communities, Inc		7,193
	1,792,929		Midland Holdings Ltd		875
	2,658,000		Minmetals Land Ltd		325
	2,504,303		Mirvac Group		3,291
	303,519		Mission West Properties, Inc		2,616
	1,215,837		Mitsubishi Estate Co Ltd		21,813
	1,472,322		Mitsui Fudosan Co Ltd		28,567
	11,946		Mobimo Holding AG.		2,760
	218,921		Monmouth Real Estate Investment Corp (Class A)		2,566
	38,521		Morguard Real Estate Investment Trust		643
	1,877		Mori Hills REIT Investment Corp		8,112
	422		Mori Trust Sogo Reit, Inc		3,701
	178,296		Multiplan Empreendimentos Imobiliarios S.A.		4,364
	383,600		Naim Holdings BHD		211
	89,146		National Health Investors, Inc		4,539
	137,919		National Retail Properties, Inc		3,902
	1,718,000	*	Neo-China Land Group Holdings Ltd		337
	5,442,666		New World China Land Ltd		2,233
	10,027,003		New World Development Ltd		11,815
	64,065		New York Mortgage Trust, Inc		452
	72,762	e	Nieuwe Steen Investments NV		621
	248		Nippon Accommodations Fund, Inc		1,606
	281	e	Nippon Building Fund, Inc		2,717

135

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	61,826	*	Nitsba Holdings 1995 Ltd	$	445
	76,529		Nomura Real Estate Holdings, Inc		1,401
	428		Nomura Real Estate Office Fund, Inc		2,414
	380	*	Nomura Real Estate Residential Fund, Inc		1,949
	33,869		Northern Property Real Estate Investment Trust		1,095
	512,413		NorthStar Realty Finance Corp		2,675
	28,100		NorthWest Healthcare Properties Real Estate Investment Trust		362
	609,888		Norwegian Property ASA		836
	179,617		NRDC Acquisition Corp		2,166
	4,079		NTT Urban Development Corp		3,300
	400,244		Omega Healthcare Investors, Inc		9,005
	60,555		One Liberty Properties, Inc		1,140
	411	*	Orix JREIT, Inc		1,847
	825,654	*	Palm Hills Developments SAE		266
	140,920		Paramount Corp BHD		78
	585,000		Parkway Life Real Estate Investment Trust		871
	79,376		Parkway Properties, Inc		908
	1,514,555		Parque Arauco S.A		2,691
	358,802	*	Parsvnath Developers Ltd		398
	37,994	*	Patrizia Immobilien AG.		212
	346,500		Pavilion Real Estate Investment Trust		133
	369,637		PAZ Corp S.A.		184
	195,407		Pebblebrook Hotel Trust		4,555
	215,788		Pennsylvania Real Estate Investment Trust		3,233
	245,432		Pennymac Mortgage Investment Trust		4,842
	1,114,000	e	Perennial China Retail Trust		416
	577,614		Phoenix Mills Ltd		1,846
	232,257		Piedmont Office Realty Trust, Inc		3,997
	815,080	*,e	Pirelli & C Real Estate S.p.A.		130
	373,111		Plum Creek Timber Co, Inc		14,813
	3,037,000	e	Poly Hong Kong Investment Ltd		1,655
	7,091,160		Polytec Asset Holdings Ltd		685
	87,309		Post Properties, Inc		4,274
	340,546		Potlatch Corp		10,877
	2,639,000		Powerlong Real Estate Holdings Ltd		413
	1,194	*	Premier Investment Co		4,196
	1,281,880		Prestige Estates Projects Ltd		2,706
	287,500		Preuksa Real Estate PCL		144
	1,936,400		Preuksa Real Estate PCL (Foreign)		968
	98,516		Primaris Retail Real Estate Investment Trust		2,280
	153,753		Primary Health Properties plc		771
	48,165		Prime Office REIT-AG.		198
	1,024,600		Prince Housing & Development Corp		695
	1,679		Property & Building Corp		54
	2,462,000		Prosperity REIT		564
	117,437		PS Business Parks, Inc		7,953
	91,118		PSP Swiss Property AG.		8,041
	8,067,500		PT Agung Podomoro Land Tbk		299
	33,100,000		PT Alam Sutera Realty Tbk		1,740
	11,515,000		PT Ciputra Development Tbk		805
	4,321,000		PT Ciputra Property Tbk		301

136

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	9,451,500	*	PT Intiland Development Tbk	$	347
	63,155,000	*	PT Kawasan Industri Jababeka Tbk		1,261
	58,680,213		PT Lippo Karawaci Tbk		5,030
	4,876,500		PT Modernland Realty Tbk		226
	16,872,000	*	PT Pakuwon Jati Tbk		351
	37,811,500	*	PT Sentul City Tbk		938
	11,072,000		PT Summarecon Agung Tbk		1,924
	671,372		Public Storage, Inc		96,953
	2,003,815	f	Puravankara Projects Ltd (purchased 01/21/08, cost $7,383)		2,355
	21,150,725		Quality House PCL		1,156
	874,031	*	Quintain Estates & Development plc		519
	745,533		Radium Life Tech Co Ltd		533
	167,579		RAIT Investment Trust		774
	178,302		Ramco-Gershenson Properties		2,241
	982,307	e	Raven Russia Ltd		886
	501,446		Rayonier, Inc		22,515
	91,859	*	Realia Business S.A.		58
	178,511		Realty Income Corp		7,456
	3,040,138		Redefine Income Fund Ltd		3,187
	294,511		Redwood Trust, Inc		3,675
	29,649,000		Regal Real Estate Investment Trust		6,928
	408,090		Regency Centers Corp		19,413
	13,100		Relo Holdings, Inc		443
	12,675,500	e	Renhe Commercial Holdings Co Ltd		523
	379,699		Resilient Property Income Fund Ltd		2,004
	301,066		Resource Capital Corp		1,605
	102,932		Retail Properties of America, Inc		1,000
	1,784,000		Richfield Group Holdings Ltd		82
	456,218		RioCan Real Estate Investment Trust		12,413
	425,628		RLJ Lodging Trust		7,717
	4,556,900		Robinsons Land Corp		1,893
	143,075	*	Rouse Properties, Inc		1,939
	686,973		Ruentex Development Co Ltd		1,062
	2,611,288		S.A. Corporate Real Estate Fund		1,091
	1,293,000		Sabana Shari’ah Compliant Industrial REIT		998
	288,956		Sabra Healthcare REIT, Inc		4,944
	265,259		Saf Gayrimenkul Yatirim Ortakligi AS.		133
	25,461,932		Sansiri PCL		1,708
	47,751		Saul Centers, Inc		2,047
	278,948		Savills plc		1,532
	166,970	e	SC Global Developments Ltd		129
	317,941		Segro plc		1,083
	35,639	*	Select Income REIT		847
	216,817		Senior Housing Properties Trust		4,839
	400,099		Shaftesbury plc		3,230
	542,840		Shanghai Jinqiao Export Processing Zone Development Co Ltd		371
	72,000		Shanghai Lujiazui Finance & Trade Zone Development Co Ltd		79
	24,843,429	e	Shanghai Real Estate Ltd		1,085
	650,000	*	Shanghai Zendai Property Ltd		10

137

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	510,000	e	Shell Electric MFG	$	461
	4,328,000	e	Shenzhen Investment Ltd		1,027
	2,734,500	e	Shimao Property Holdings Ltd		4,238
	693,450	*	Shining Building Business Co Ltd		586
	42,200	e	Shoei Co Ltd		232
	7,438,305	e	Shui On Land Ltd		3,048
	3,074,000		Silver Grant International		572
	1,839,655		Simon Property Group, Inc		286,361
	14,000	e	Singapore Land Ltd		62
	1,717,984		Sino Land Co		2,609
	2,132,000	*	Sinolink Worldwide Holdings Ltd		139
	5,849,229	e	Sino-Ocean Land Holdings Ltd		2,931
	2,306,846		Sinpas Gayrimenkul Yatirim Ortakligi AS		1,589
	538,800		Sinyi Realty Co		770
	66,083		Six of October Development & Investment		185
	519,545		SL Green Realty Corp		41,688
	1,310,908		SM Development Corp		192
	12,082,715		SM Prime Holdings		3,745
	233,416		Sobha Developers Ltd		1,431
	14,068	e	Societe de la Tour Eiffel		703
	14,383	e	Societe Immobiliere de Location pour l’Industrie et le Commerce		1,363
	4,113,500	e	Soho China Ltd		3,157
	44,600		Sonae Sierra Brasil S.A.		651
	340,726	*,e	Songbird Estates plc		587
	98,000		Soundwill Holdings Ltd		148
	137,265		Sovran Self Storage, Inc		6,876
	138,100		SP Setia BHD		163
	104,260		Sparkassen Immobilien AG.		566
	3,004,929		SPG Land Holdings Ltd		650
	550,917		Sponda Oyj		2,063
	324,844		ST Modwen Properties plc		858
	87,629	*,e	St. Joe Co		1,385
	88,634		STAG Industrial, Inc		1,292
	770,363		Starwood Property Trust, Inc		16,416
	4,102,867	e	Stockland Trust Group		13,022
	694,062	*	Strategic Hotels & Resorts, Inc		4,484
	23,870		Sumitomo Real Estate Sales Co Ltd		1,162
	1,537,222		Sumitomo Realty & Development Co Ltd		37,810
	109,235		Summit Hotel Properties, Inc		914
	98,136		Sun Communities, Inc		4,342
	3,540,587		Sun Hung Kai Properties Ltd		42,094
	1,321,000	e	Sunac China Holdings Ltd		559
	2,604,190		Sunlight Real Estate Investment Trust		880
	628,176	*	Sunstone Hotel Investors, Inc		6,904
	2,913,000		Suntec Real Estate Investment Trust		3,120
	1,704,952		Sunteck Realty Ltd		10,741
	1,014,794	*	Sunway BHD		739
	1,731,100		Sunway Real Estate Investment		743
	4,637,700		Supalai PCL		2,541
	1,711,614	e	Swire Pacific Ltd (Class A)		19,908
	380,690		Swire Properties Ltd		1,146

138

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	63,045		Swiss Prime Site AG.	$	5,259
	144,139		Sycom Property Fund		431
	1,256,600		TA Global BHD		111
	237,864	e	TAG Tegernsee Immobilien und Beteiligungs AG.		2,234
	391,741	*	Taiwan Land Development Corp		153
	1,067,535	*	Talaat Moustafa Group		772
	417,483		Tanger Factory Outlet Centers, Inc		13,380
	579,624		Taubman Centers, Inc		44,724
	150,714	e	Technopolis plc		619
	52,186	*	Tejon Ranch Co		1,494
	46,584		Terreno Realty Corp		704
	864,100	e	Thomas Properties Group, Inc		4,701
	1,316,800		Ticon Industrial Connection PCL		534
	106,800		TOC Co Ltd		614
	28,400		Toho Real Estate Co Ltd		161
	1,358,982	*	Tokyo Tatemono Co Ltd		5,128
	3,268,329		Tokyu Land Corp		16,223
	28,000		Tokyu Livable, Inc		304
	317	*	Tokyu REIT, Inc		1,555
	148,000		Tomson Group Ltd		31
	240		Top REIT Inc		1,342
	8,873		Tosei Corp		3,541
	1,031,479		Two Harbors Investment Corp		10,686
	828,759		UDR, Inc		21,415
	1,385,530	*	UEM Land Holdings BHD		917
	50,480		UMH Properties, Inc		542
	37,026	e	Unibail		6,821
	371,901		Unite Group plc		1,126
	7,038,878	*	Unitech Corporate Parks plc		3,424
	37,013,843		Unitech Ltd		14,679
	1,115,637		United Overseas Land Ltd		4,373
	6,061		United Urban Investment Corp		6,528
	67,224		Universal Health Realty Income Trust		2,792
	456,300	*	UOA Development BHD		218
	85,342		Urstadt Biddle Properties, Inc (Class A)		1,687
	48,886	*	Vakif Gayrimenkul Yatirim Ortakligi AS.		92
	25,284		Vastned Retail NV		987
	1,399,519		Ventas, Inc		88,338
	9,709,000		Vista Land & Lifescapes, Inc		972
	579,048		Vornado Realty Trust		48,628
	271,734		Vukile Property Fund Ltd		565
	129,220		Wallenstam Byggnads AB (B Shares)		1,256
	21,911		Warehouses De Pauw SCA		1,169
	247,228		Washington Real Estate Investment Trust		7,034
	287,190		Weingarten Realty Investors		7,565
	2,332		Wereldhave Belgium NV		223
	29,839		Wereldhave NV		1,917
	29,015	*	Western Asset Mortgage Capital Corp		566
	5,523,727		Westfield Group		54,085
	6,435,901		Westfield Retail Trust		18,878
	3,221,492		Weyerhaeuser Co		72,033
	5,651,413		Wharf Holdings Ltd		31,427

139

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,806,763		Wheelock & Co Ltd	$	6,865
	333,097	e	Wheelock Properties S Ltd		454
	34,495		Whitestone REIT		476
	85,638		Wihlborgs Fastigheter AB		1,151
	720,267		Wing Tai Holdings Ltd		763
	107,362		Winthrop Realty Trust		1,306
	294,296		Workspace Group plc		1,073
	2,257,000	e	Yanlord Land Group Ltd		2,212
	1,197,000	*	Ying Li International Real Estate Ltd		303
	13,059		YNH Property BHD		8
	1,133,600	*	YTL Land & Development BHD		357
	645,600		Yuzhou Properties Co		138
	4,410,800	*	Zhong An Real Estate Ltd		504
	550,000	*	Zhuguang Holdings Group Co Ltd		40
	56,590	*	Zueblin Immobilien Holding AG.		198
			TOTAL REAL ESTATE		3,518,524
RETAILING - 4.0%
	138,534	*,e	1-800-FLOWERS.COM, Inc (Class A)		483
	198,190		Aaron’s, Inc		5,611
	5,701	e	ABC-Mart, Inc		213
	398,724		Abercrombie & Fitch Co (Class A)		13,612
	438,126	e	Advance Auto Parts, Inc		29,889
	383,624	*	Aeropostale, Inc		6,840
	46,100	e	Alpen Co Ltd		902
	1,405,107	*	Amazon.com, Inc		320,856
	3,340,860		American Eagle Outfitters, Inc		65,915
	30,984	*	America’s Car-Mart, Inc		1,204
	262,160	*	Ann Taylor Stores Corp		6,682
	79,100		AOKI Holdings, Inc		1,664
	178,241		Aoyama Trading Co Ltd		3,659
	95,746		ARB Corp Ltd		896
	14,000	e	Arc Land Sakamoto Co Ltd		220
	17,200	e	Asahi Co Ltd		284
	105,652	*	Asbury Automotive Group, Inc		2,503
	26,400		ASKUL Corp		301
	350,962	*,e	ASOS plc		9,776
	70,793	*	Audiovox Corp (Class A)		660
	274,000		Aurora Corp		409
	59,031		Autobacs Seven Co Ltd		2,891
	224,583		Automotive Holdings Group		572
	96,436	*,e	Autonation, Inc		3,402
	191,141	*	Autozone, Inc		70,181
	90,900		B2W Companhia Global Do Varejo		265
	124,075	*,e	Barnes & Noble, Inc		2,042
	50,661		BasicNet S.p.A		136
	288,133	e	Bebe Stores, Inc		1,691
	1,412,155	*	Bed Bath & Beyond, Inc		87,271
	6,015,600	e	Belle International Holdings Ltd		10,306
	51,400		Belluna Co Ltd		407
	3,110,826	e	Best Buy Co, Inc		65,203
	66,000	*	Best Denki Co Ltd		120

140

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	37,787		Beter BED Holding NV	$	736
	1,063	e	BIC CAMERA, Inc		531
	92,058	e	Big 5 Sporting Goods Corp		696
	209,993	*	Big Lots, Inc		8,566
	65,145		Bilia AB (A Shares)		877
	52,715	*,e	Blue Nile, Inc		1,566
	106,460	*,e	Body Central Corp		958
	3,182,000	e	Bonjour Holdings Ltd		465
	108,295	e	Bon-Ton Stores, Inc		846
	1,287,000	e	Boshiwa International Holding		279
	4,465	*	Boyner Buyuk Magazacilik		8
	112,540	*	Brick Ltd		454
	184,065	e	Brown Shoe Co, Inc		2,376
	104,834	e	Buckle, Inc		4,148
	82,945		Byggmax Group AB		409
	196,907	*	Cabela’s, Inc		7,445
	10,965	*,e	CafePress, Inc		163
	136,118		Canadian Tire Corp Ltd		9,209
	198,806		Canon Marketing Japan, Inc		2,530
	316,007	*	Carmax, Inc		8,197
	60,978	*,e	Carpetright plc		647
	10,585		Cashbuild Ltd		177
	164,912	*	Casual Male Retail Group, Inc		599
	103,597		Cato Corp (Class A)		3,156
	71,294	*	CDON Group AB		424
	94,833	e	CFAO S.A.		4,489
	8,855		Charles Voegele Holding AG.		137
	254,850	e	Chico’s FAS, Inc		3,782
	104,798	*	Children’s Place Retail Stores, Inc		5,222
	1,371,500	*,e	China ZhengTong Auto Services Holdings Ltd		729
	89,700		Chiyoda Co Ltd		1,940
	110,000	*	Chori Co Ltd		147
	673,000	e	Chow Sang Sang Holding		1,314
	11,912,200	*,e	Chow Tai Fook Jewellery Group Ltd		14,866
	245,400		Cia Hering		4,655
	67,329	*,e	Citi Trends, Inc		1,040
	3,813		CJ O Shopping Co Ltd		602
	88,141	e	Clas Ohlson AB (B Shares)		1,230
	738,612		Clicks Group Ltd		4,862
	15,138	*	Coldwater Creek, Inc		8
	223,236	*,e	Collective Brands, Inc		4,782
	91,013	*,e	Conn’s, Inc		1,347
	45,445		Core-Mark Holding Co, Inc		2,188
	1,759,000	e	Dah Chong Hong Holdings Ltd		1,583
	112,300	*,e	Daiei, Inc		355
	689,705	e	David Jones Ltd		1,844
	347,200		DCM Japan Holdings Co Ltd		2,465
	3,757,971		Debenhams plc		5,103
	37,103		Delek Automotive Systems Ltd		242
	7,562		Delticom AG.		498
	53,902	e	Destination Maternity Corp		1,164

141

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	814,767	e	Dick’s Sporting Goods, Inc	$	39,109
	10,224,735		Dickson Concepts International Ltd		5,516
	30,350		D’ieteren S.A.		1,263
	67,086	e	Dillard’s, Inc (Class A)		4,272
	171,903		Dogus Otomotiv Servis ve Ticaret AS		532
	612,364	*	Dollar General Corp		33,307
	1,283,452	*	Dollar Tree, Inc		69,050
	153,617	e	Dollarama, Inc		9,231
	70,800	e	Don Quijote Co Ltd		2,438
	11,300		Doshisha Co Ltd		313
	29,936		Douglas Holding AG.		1,180
	15,997,135	*,e	DSG International plc		4,600
	303,263		DSW, Inc (Class A)		16,498
	28,782	*	Dufry Group		3,489
	158,476		Dunelm Group plc		1,295
	95,483	e	EDION Corp		479
	171,100	e	El Puerto de Liverpool SAB de C.V.		1,440
	326,000		E-LIFE MALL Corp		713
	4,030,000	e	Emperor Watch & Jewellery Ltd		370
	431,675		Empresas Hites S.A.		315
	277,791		Empresas La Polar S.A.		175
	1,794,300	e	Esprit Holdings Ltd		2,324
	665,419	e	Expedia, Inc		31,987
	1,428,308		Express Parent LLC		25,952
	253,672		Family Dollar Stores, Inc		16,864
	1,164,468		Far Eastern Department Stores Co Ltd		1,098
	31,489		Fast Retailing Co Ltd		6,301
	264,642	e	Finish Line, Inc (Class A)		5,534
	1,891,706		Foot Locker, Inc		57,848
	387,514		Foschini Ltd		6,080
	185,814	*,e	Francesca’s Holdings Corp		5,019
	150,534	e	Fred’s, Inc (Class A)		2,302
	24,400		Fuji Co Ltd		532
	3,250,000	b,e,m	Game Group plc		51
	738,267	e	GameStop Corp (Class A)		13,555
	1,056,419		Gap, Inc		28,904
	92,898	*	Genesco, Inc		5,588
	795,870		Genuine Parts Co		47,951
	429	e	Geo Corp		478
	3,824,377	e	Giordano International Ltd		2,728
	349,941		GNC Holdings, Inc		13,718
	1,023,900	e	Golden Eagle Retail Group Ltd		2,097
	464,000		Goldlion Holdings Ltd		192
	14,356,408	e	GOME Electrical Appliances Holdings Ltd		1,921
	29,892	*	Gordmans Stores, Inc		493
	92,510	e	Group 1 Automotive, Inc		4,219
	107,075	*,e	Groupon, Inc		1,138
	316,500	*,e	Grupo Famsa SAB de C.V.		293
	9,488		GS Home Shopping, Inc		802
	175,938	e	Guess?, Inc		5,343
	5,870	e	Gulliver International Co Ltd		189
	1,048		GwangjuShinsegae Co Ltd		189

142

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	93,500		Hai-O Enterprise BHD	$	65
	279,278		Halfords Group plc		1,003
	146,825	e	Hankyu Department Stores, Inc		1,472
	868,961	e	Harvey Norman Holdings Ltd		1,747
	80,240	e	Haverty Furniture Cos, Inc		896
	38,588	*	Hellenic Duty Free Shops S.A.		277
	6,148,700	e	Hengdeli Holdings Ltd		1,964
	1,283,047	e	Hennes & Mauritz AB (B Shares)		46,054
	58,808	*,e	HHgregg, Inc		665
	101,010	*	Hibbett Sports, Inc		5,829
	27,401	e	Hikari Tsushin, Inc		1,213
	6,981,376		Home Depot, Inc		369,943
	1,084,145	e	Home Retail Group		1,440
	59,450	*,e	HomeAway, Inc		1,292
	20,620	e	Honeys Co Ltd		388
	152,922	e	Hot Topic, Inc		1,482
	340,000		Hotai Motor Co Ltd		2,217
	145,557		HSN, Inc		5,873
	21,650		Hyundai Department Store Co Ltd		2,706
	63,630		Hyundai H&S Co Ltd		926
	8,582		Hyundai Home Shopping Network Corp		840
	384,181		Imperial Holdings Ltd		8,109
	1,081,054		Inchcape plc		5,612
	369,956		Inditex S.A.		38,241
	14,492	*	Interpark Corp		73
	5,461,500	e	Intime Department Store Group Co Ltd		5,400
	983,987		Isetan Mitsukoshi Holdings Ltd		10,454
	578,000	e	IT Ltd		253
	80,800		Izumi Co Ltd		1,620
	537,066		J Front Retailing Co Ltd		2,700
	105,687	e	Jardine Cycle & Carriage Ltd		3,895
	132,204	e	JB Hi-Fi Ltd		1,208
	1,912,304	e	JC Penney Co, Inc		44,576
	102,409		JD Group Ltd		540
	7,000	*	Jin Co Ltd		125
	82,532		John Menzies plc		775
	104,201	*	JOS A Bank Clothiers, Inc		4,424
	55,000	e	Joshin Denki Co Ltd		551
	193,762		JUMBO S.A.		748
	253,486	e	KappAhl Holding AB		184
	43,387	e	Keiyo Co Ltd		270
	733,322		Kesa Electricals plc		569
	4,142,186		Kingfisher plc		18,685
	117,323	*,e	Kirkland’s, Inc		1,320
	680,527		Kohl’s Corp		30,957
	27,400	e	Kohnan Shoji Co Ltd		362
	26,200	e	Kojima Co Ltd		99
	41,000		Komeri Co Ltd		1,077
	114,200	*	Konaka Co Ltd		1,282
	60,863	e	K’s Holdings Corp		1,779
	13,195		LES Enphants Co Ltd		12
	305,204		Lewis Group Ltd		2,630

143

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	28,187,777	e	Li & Fung Ltd	$	54,579
	1,774,026	*	Liberty Media Holding Corp (Interactive A)		31,560
	2,114,502		Lifestyle International Holdings Ltd		4,659
	1,281,664		Limited Brands, Inc		54,509
	79,977		Lithia Motors, Inc (Class A)		1,843
	713,825	*,e	LKQ Corp		23,842
	533,163		Lojas Americanas S.A.		3,517
	162,349		Lojas Renner S.A.		4,555
	501,440		Lookers plc		495
	29,790		Lotte Midopa Co Ltd		353
	24,395		Lotte Shopping Co Ltd		6,670
	4,783,735		Lowe’s Companies, Inc		136,049
	1,162,000	e	Luk Fook Holdings International Ltd		2,438
	104,121	*,e	Lumber Liquidators, Inc		3,518
	4,107,010		Macy’s, Inc		141,076
	114,500		Magazine Luiza S.A.		536
	787,000	e	Maoye International Holdings Ltd		145
	81,689	*,e	MarineMax, Inc		777
	1,429,726		Marks & Spencer Group plc		7,291
	1,003,997		Marui Co Ltd		7,679
	37,800	*,e	Matsuya Co Ltd		339
	40,740	*,e	Mattress Firm Holding Corp		1,235
	143,600		MBM Resources BHD		136
	39,700		Megane TOP Co Ltd		435
	48,544		Mekonomen AB		1,487
	193,888		Men’s Wearhouse, Inc		5,456
	1,124,004		Mercuries & Associates Ltd		849
	877,157		MFI Furniture plc		1,752
	70,933		Mobilezone Holding AG.		705
	114,944	e	Monro Muffler, Inc		3,821
	104,217	e	Mothercare plc		325
	560,712	e	Mr Price Group Ltd		7,687
	5,134,905	e	Myer Holdings Ltd		8,542
	217,333		N Brown Group plc		834
	13,000		Nafco Co Ltd		227
	341,000		National Petroleum Co Ltd		363
	52,771	*	NET Holding AS		46
	203,407	*,e	NetFlix, Inc		13,927
	1,418,000	e	New World Department Store China Ltd		766
	144,231	*	New York & Co, Inc		502
	514,501		Next plc		25,834
	24,143		NFI Empik Media & Fasion S.A.		76
	94,000		Nice Holdings, Inc		251
	77,100	e	Nishimatsuya Chain Co Ltd		640
	40,500		Nissen Holdings Co Ltd		193
	27,727		Nitori Co Ltd		2,622
	821,634		Nordstrom, Inc		40,827
	129,868	e	Nutri/System, Inc		1,501
	406,238	*,e	Ocado Ltd		496
	1,238,820	*,e	Office Depot, Inc		2,676
	2,106,780	*,e	OfficeMax, Inc		10,660
	137,292	*,e	Orbitz Worldwide, Inc		501

144

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	8,880	*,e	Orchard Supply Hardware Stores Corp	$	148
	608,445	*	O’Reilly Automotive, Inc		50,969
	526,000	e	Oriental Watch Holdings		141
	24,371		OrotonGroup Ltd		183
	787,000		OSIM International Ltd		753
	22,900		Otsuka Kagu Ltd		234
	53,631	*,e	Overstock.com, Inc		371
	2,413,212		Pacific Brands Ltd		1,245
	198,400		Padini Holdings Bhd		116
	5,950		Pal Co Ltd		285
	79,900		Paltac Corp		1,107
	150,000		Pantaloon Retail India Ltd		490
	61,782		Parco Co Ltd		616
	36,800		Paris Miki, Inc		224
	605,760		Parkson Holdings BHD		878
	2,086,500	e	Parkson Retail Group Ltd		1,864
	4,488,000	e	PCD Stores Ltd		422
	2,137,451	*	Pendragon plc		493
	157,803	e	Penske Auto Group, Inc		3,352
	222,344	e	PEP Boys - Manny Moe & Jack		2,201
	11,710	*,e	Perfumania Holdings, Inc		97
	75,959	e	PetMed Express, Inc		924
	824,177		Petsmart, Inc		56,192
	454,247		Pier 1 Imports, Inc		7,463
	20,270		Point, Inc		698
	2,118,000	*	Pou Sheng International Holdings Ltd		173
	51,037		PPR		7,274
	131,514		Premier Investments Ltd		629
	209,975	*	Priceline.com, Inc		139,533
	1,510,000		PT ACE Hardware Indonesia Tbk		818
	1,365,000		PT Indomobil Sukses Internasional Tbk		1,026
	860,000		PT Mitra Adiperkasa Tbk		660
	4,330,500		PT Ramayana Lestari Sentosa Tbk		437
	514,692	e	RadioShack Corp		1,976
	955,900	*	Rakuten, Inc		9,883
	71,637		Reitmans Canada Ltd		859
	80,269	e	Reject Shop Ltd		756
	240,454		Rent-A-Center, Inc		8,113
	694,400		Robinson Department Store PCL		1,371
	714,200		Robinson Department Store PCL (ADR)		1,410
	182,763		RONA, Inc		1,937
	1,170,262		Ross Stores, Inc		73,106
	56,554	*,e	Rue21, Inc		1,427
	27,300		Ryohin Keikaku Co Ltd		1,484
	1,352,000	e	SA SA International Holdings Ltd		857
	782,244		SACI Falabella		7,250
	516,682	*,e	Saks, Inc		5,503
	1,017,315	*	Sally Beauty Holdings, Inc		26,186
	597,500	e	Sanrio Co Ltd		21,784
	48,965	*,e	Sears Holdings Corp		2,923
	296,367	*	Select Comfort Corp		6,200
	48,600	e	Senshukai Co Ltd		314

145

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	25,250	*	Seobu Truck Terminal Co Ltd	$	535
	20,300	*	Seria Co Ltd		325
	59,900		Shimachu Co Ltd		1,311
	18,945		Shimamura Co Ltd		2,189
	16,600		Shimojima Co Ltd		195
	11,342		Shinsegae Co Ltd		2,090
	4,259		Shinsegae International Co Ltd		326
	1,442,000		Shirble Department Stores		134
	56,307		Shoe Carnival, Inc		1,210
	141,417	*,e	Shutterfly, Inc		4,340
	1,159,000	e	Sichuan Xinhua Winshare Chainstore Co Ltd		501
	2,467,014	e	Signet Jewelers Ltd		108,573
	2,221,000	e	Silver base Group Holdings Ltd		904
	164,850	e	Sonic Automotive, Inc (Class A)		2,254
	17,514	*,e	Sourceforge, Inc		347
	276,523	*	Sports Direct International plc		1,326
	128,281	e	Stage Stores, Inc		2,350
	1,422,091		Staples, Inc		18,558
	65,900	e	Start Today Co Ltd		921
	113,748	e	Stein Mart, Inc		904
	67,705	e	Stockmann Oyj Abp (B Share)		1,369
	390,539	e	Super Cheap Auto Group Ltd		2,886
	598,761	*	Super Group Ltd		1,116
	35,840	*,e	SuperGroup plc		187
	35,350	*,e	Systemax, Inc		418
	2,489,995		Takashimaya Co Ltd		19,138
	36,569		Takihyo Co Ltd		191
	52,643		Takkt AG.		655
	248,654	*,e	Talbots, Inc		627
	5,947,032		Target Corp		346,058
	29,656	*,e	Teavana Holdings, Inc		401
	181	e	Telepark Corp		347
	7,064,605		Test-Rite International Co		4,847
	505,403		Tiffany & Co		26,761
	45,262	*	Tilly’s, Inc		726
	5,343,594		TJX Companies, Inc		229,401
	19,706		Tom Tailor Holding AG.		321
	289,550		Tractor Supply Co		24,050
	290,956	*	Trade Me Ltd		871
	1,143		Trent Ltd		20
	355,770	*	TripAdvisor, Inc		15,899
	685,770		Truworths International Ltd		7,525
	327,000		Tsann Kuen Enterprise Co Ltd		697
	175,603		Tsutsumi Jewelry Co Ltd		4,270
	177,875	*	Tuesday Morning Corp		763
	257,800		Ulta Salon Cosmetics & Fragrance, Inc		24,073
	1,425,999		United Arrows Ltd		35,651
	693,291	*,e	Urban Outfitters, Inc		19,128
	53,902	*,e	US Auto Parts Network, Inc		225
	70,095		USS Co Ltd		7,563
	3,749		Valora Holding AG.		698

146

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	81,505	*,e	Vitacost.com, Inc	$	481
	123,444	*	Vitamin Shoppe, Inc		6,781
	158,765		Warehouse Group Ltd		319
	63,824	*,e	West Marine, Inc		750
	359,889	*,e	Wet Seal, Inc (Class A)		1,137
	403,760		WH Smith plc		3,447
	134,942		Williams-Sonoma, Inc		4,719
	7,915	e	Winmark Corp		463
	2,006,442		Woolworths Holdings Ltd		12,360
	137,041	e	Wotif.com Holdings Ltd		596
	83,500		Xebio Co Ltd		1,910
	42,956		Yamada Denki Co Ltd		2,199
	21,500		Yellow Hat Ltd		365
	88,180	*,e	Yoox S.p.A		1,276
	866,000	e	Zhongsheng Group Holdings Ltd		1,059
	3,016	*	zooplus AG.		99
	80,968	*,e	Zumiez, Inc		3,206
			TOTAL RETAILING		4,007,718
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.3%
	241,836	*,e	Advanced Energy Industries, Inc		3,245
	1,684,257	*	Advanced Micro Devices, Inc		9,651
	7,518,016		Advanced Semiconductor Engineering, Inc		6,171
	83,293		Advanced Wireless Semiconductor Co		91
	1,193,012	e	Advantest Corp		18,650
	128,831	e	Aixtron AG.		1,846
	139,000		Alcor Micro Corp		229
	544,000		ALI Corp		628
	93,199	*,e	Alpha & Omega Semiconductor Lt		853
	877,044		Altera Corp		29,679
	26,422	*	Aminologics Co Ltd		63
	348,875	*,e	Amkor Technology, Inc		1,703
	247,417	*,e	Anadigics, Inc		448
	1,057,117		Analog Devices, Inc		39,822
	3,094,073		Applied Materials, Inc		35,458
	248,902	*,e	Applied Micro Circuits Corp		1,424
	433,788		Ardentec Corp		291
	1,151,142	e	ARM Holdings plc		9,120
	10,331	*	Asia Pacific Systems, Inc		123
	126,463	e	ASM International NV		4,804
	371,562	e	ASM Pacific Technology		4,749
	751,734		ASML Holding NV		38,606
	1,120,027	*	Atmel Corp		7,504
	124,870	*,e	ATMI, Inc		2,569
	395,764	*	Atto Co Ltd		2,463
	92,910		AUK Corp		185
	29,291		Austriamicrosystems AG.		1,964
	252,594	*,e	AuthenTec, Inc		1,094
	2,985,833		Avago Technologies Ltd		107,191
	510,034	*	Axcelis Technologies, Inc		612
	5,100	e	Axell Corp		94
	153,584	*,e	AXT, Inc		607

147

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	60,123		BE Semiconductor Industries NV	$	440
	382,000		Bright Led Electronics Corp		253
	2,369,298		Broadcom Corp (Class A)		80,082
	399,813	e	Brooks Automation, Inc		3,774
	87,829		Cabot Microelectronics Corp		2,565
	48,309		Capella Microsystems Taiwan, Inc		261
	307,209	*,e	Cavium Networks, Inc		8,602
	13,192	e	Centrotherm Photovoltaics AG.		39
	132,756	*,e	Ceva, Inc		2,338
	11,538	*,e,m	China Energy Savings Technology, Inc		0	^
	840,000		Chipbond Technology Corp		1,134
	297,376	*	Cirrus Logic, Inc		8,886
	97,776	e	Cohu, Inc		993
	1,436,000	*	Comtec Solar Systems Group Ltd		181
	274,292	*,e	Cree, Inc		7,041
	402,277	e	CSR plc		1,391
	146,722	*	Cymer, Inc		8,649
	696,550		Cypress Semiconductor Corp		9,208
	272,616		Dainippon Screen Manufacturing Co Ltd		1,998
	115,874		DelSolar Co Ltd		60
	319,709	*,e	Dialog Semiconductor plc		5,804
	147,036	*	Diodes, Inc		2,760
	40,272	e	Disco Corp		2,281
	28,380	*	Dongbu HiTek Co Ltd		186
	90,065	*	DSP Group, Inc		571
	20,687	*	Duksan Hi-Metal Co Ltd		445
	111,864		Edison Opto Corp		194
	488,000		Elan Microelectronics Corp		727
	11,000		Elite Advanced Laser Corp		14
	252,000		Elite Semiconductor Memory Technology, Inc		220
	12,506		ELK Corp		123
	22,174	e	Elmos Semiconductor AG.		183
	155,100	*,m	Elpida Memory, Inc		0	^
	209,571		eMemory Technology, Inc		449
	794,079	*	Entegris, Inc		6,781
	386,051	*,e	Entropic Communications, Inc		2,177
	8,127		Eo Technics Co Ltd		245
	192,000	*	Episil Technologies, Inc		66
	848,578		Epistar Corp		1,886
	292,000	*	E-Ton Solar Tech Co Ltd		147
	859,997		Etron Technology, Inc		291
	17,500		Eugene Technology Co Ltd		288
	151,757	*,e	Exar Corp		1,238
	308,097	*	Fairchild Semiconductor International, Inc		4,344
	339,101		Faraday Technology Corp		473
	68,000		Ferrotec		424
	321,080	*,e	First Solar, Inc		4,835
	878,000		Forhouse Corp		487
	203,571	*,e	Formfactor, Inc		1,317
	353,000		Formosa Advanced Technologies Co Ltd		295
	523,000		Formosa Epitaxy, Inc		395
	786,419	*,e	Freescale Semiconductor Holdings Ltd		8,061

148

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	145,133	*,e	FSI International, Inc	$	521
	3,000	e	Furuya Metal Co Ltd		119
	9,932,000	e	GCL Poly Energy Holdings Ltd		2,196
	29,927	*	GemVax & Kael Co Ltd		950
	249,910	*	Genesis Photonics, Inc		238
	26,150		Giga Solar Materials Corp		288
	446,850		Gintech Energy Corp		546
	58,000	*	Global Lighting Technologies, Inc		81
	172,000		Global Mixed Mode Technology, Inc		568
	117,000		Global Unichip Corp		413
	194,561		Green Energy Technology, Inc		172
	89,642	*,e	GSI Technology, Inc		425
	505,132	*,e	GT Solar International, Inc		2,667
	780,600		Hana Microelectronics PCL		469
	10,654		Hana Micron, Inc		82
	32,950		Hanmi Semiconductor Co Ltd		170
	8,940		Hansol LCD, Inc		103
	134,637		Harvatek Corp		76
	2,992,000	*	Heng Xin China Holdings Ltd		137
	140,973	*	Hittite Microwave Corp		7,207
	458,000		Holtek Semiconductor, Inc		495
	225,862		Huga Optotech, Inc		96
	1,012,650		Hynix Semiconductor, Inc		21,383
	14,602	*	ICD Co Ltd		246
	24,010		Iljin Display Co Ltd		316
	3,196,266	*	Imagination Technologies Group plc		23,419
	1,607,450		Infineon Technologies AG.		10,880
	1,752,377	*	Inotera Memories, Inc		411
	96,493	*,e	Inphi Corp		915
	628,922	*	Integrated Device Technology, Inc		3,535
	42,000	*	Integrated Memory Logic Ltd		167
	124,123	*	Integrated Silicon Solution, Inc		1,252
	23,914,632		Intel Corp		637,325
	52,441	*,e	Intermolecular, Inc		406
	366,226	*,e	International Rectifier Corp		7,321
	680,276		Intersil Corp (Class A)		7,245
	635,648	*	IQE plc		276
	161,000		ITE Technology, Inc		144
	112,465	*	IXYS Corp		1,256
	31,816	*	Jusung Engineering Co Ltd		209
	20,841		KC Tech Co Ltd		71
	1,857,000		King Yuan Electronics Co Ltd		883
	319,669		Kinsus Interconnect Technology Corp		882
	695,826		Kla-Tencor Corp		34,269
	10,973		Koh Young Technology, Inc		251
	139,995		Kontron AG.		864
	283,342	*,e	Kopin Corp		975
	5,389	*,e	Kulicke & Soffa Industries, Inc		48
	814,888	*,e	Lam Research Corp		30,754
	665,361	*	Lattice Semiconductor Corp		2,508
	292,726		Lextar Electronics Corp		305
	620,476		Linear Technology Corp		19,440

149

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	142,000		Lingsen Precision Industries Ltd	$	78
	655,000		Lite-On Semiconductor Corp		330
	2,892,366	*	LSI Logic Corp		18,424
	192,552	*,e	LTX-Credence Corp		1,290
	16,088	*	Lumens Co Ltd		82
	22,326	*,e	MA-COM Technology Solutions		413
	19,000		Macroblock, Inc		82
	3,646,640		Macronix International		1,157
	1,350,348		Marvell Technology Group Ltd		15,232
	217,209	*,e	Mattson Technology, Inc		380
	1,320,065		Maxim Integrated Products, Inc		33,846
	83,927	*,e	MaxLinear, Inc		416
	1,392,227		MediaTek, Inc		12,859
	21,800	*,e	Megachips Corp		457
	46,633		Melexis NV		724
	13,057		Melfas, Inc		207
	45,237	*	Mellanox Technologies Ltd		3,209
	1,214,619	*,e	MEMC Electronic Materials, Inc		2,636
	341,645	e	Micrel, Inc		3,256
	519,803	e	Microchip Technology, Inc		17,195
	5,619,853	*	Micron Technology, Inc		35,461
	43,259		Micronas Semiconductor Holdings, Inc		378
	333,654	*	Microsemi Corp		6,169
	46,600		Mimasu Semiconductor Industry Co Ltd		402
	118,167	*,e	Mindspeed Technologies, Inc		291
	183,405	*,e	MIPS Technologies, Inc		1,223
	31,800		Mitsui High-Tec, Inc		172
	285,613		MKS Instruments, Inc		8,263
	125,690	*,e	Monolithic Power Systems, Inc		2,497
	121,641	*,e	MoSys, Inc		394
	244,026		Motech Industries, Inc		339
	37,000		MPI Corp		77
	578,356		MStar Semiconductor, Inc		3,901
	139,019	*,e	Nanometrics, Inc		2,135
	384,551	*	Nanya Technology Corp		33
	578,277		Neo Solar Power Corp		458
	16,406		NEPES Corp		280
	235,058	e	Nordic Semiconductor ASA		714
	834,826		Novatek Microelectronics Corp Ltd		2,587
	25	*	Nuflare Technology, Inc		158
	20,610	*,e	NVE Corp		1,108
	1,454,468	*	Nvidia Corp		20,101
	228,696	*,e	Omnivision Technologies, Inc		3,055
	4,557,384	*	ON Semiconductor Corp		32,357
	1,366,000		Opto Technology Corp		589
	897,000	*	Orient Semiconductor Electronics Ltd		126
	50,000		Orise Technology Co Ltd		50
	24,728	*	Osung LST Co Ltd		184
	263,000		Pan Jit International, Inc		107
	32,000	*	Parade Technologies Ltd		429
	93,042	*,e	PDF Solutions, Inc		918
	110,663	*	Pericom Semiconductor Corp		996

150

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	149,547		Phison Electronics Corp	$	1,214
	251,523	*,e	Photronics, Inc		1,534
	131,300		Pixart Imaging, Inc		380
	161,820	*,e	PLX Technology, Inc		1,028
	558,905	*	PMC - Sierra, Inc		3,432
	144,394		Power Integrations, Inc		5,386
	1,461,401	*	Powerchip Semiconductor Corp		27
	800,725		Powertech Technology, Inc		1,564
	142,826	*,e	QuickLogic Corp		358
	707,000		Radiant Opto-Electronics Corp		3,593
	489,173	*,e	Rambus, Inc		2,808
	2,171,467		Realtek Semiconductor Corp		3,983
	1,529,000		Regent Manner International Ltd		341
	660,465	*,e	Renewable Energy Corp AS		245
	2,704,524	*	RF Micro Devices, Inc		11,494
	869,661		Richtek Technology Corp		5,160
	148,901		Rohm Co Ltd		5,738
	4,294	*,e	Roth & Rau AG.		95
	68,556	*,e	Rubicon Technology, Inc		699
	151,296	*	Rudolph Technologies, Inc		1,319
	254,142		Samsung Electronics Co Ltd		269,133
	31,119		Samsung Electronics Co Ltd (Preference)		20,543
	3,358		San Chih Semiconductor Co		4
	155,000	*,e	Sanken Electric Co Ltd		611
	321,000		SDI Corp		233
	11,805,000	*,e	Semiconductor Manufacturing International		393
	241,066	*	Semtech Corp		5,863
	47,001		Seoul Semiconductor Co Ltd		1,026
	90,000		Shindengen Electric Manufacturing Co Ltd		308
	327,800	e	Shinko Electric Industries		2,618
	5,710		Shinsung Holdings Co Ltd		16
	123,099	*,e	Sigma Designs, Inc		785
	36,340	*	Signetics Corp		105
	233,000		Sigurd Microelectronics Corp		177
	186,983	*	Silex Systems Ltd		618
	492,420	*,e	Silicon Image, Inc		2,039
	1,350,000		Silicon Integrated Systems Corp		452
	113,159	*,e	Silicon Laboratories, Inc		4,289
	10,655		Silicon Works Co Ltd		273
	5,844,031		Siliconware Precision Industries Co		6,144
	98,101		Simm Tech Co Ltd		1,000
	453,750		Sino-American Silicon Products, Inc		714
	4,900,000	*	Sino-Tech International Holdings Ltd		44
	65,000		Sitronix Technology Corp		77
	75,584		Skymedi Corp		106
	895,498	*	Skyworks Solutions, Inc		24,510
	148,621	*,e	SOITEC		544
	2,160,000	e	Solargiga Energy Holdings Ltd		170
	155,450		Solartech Energy Corp		152
	119,379	e	Solarworld AG.		210
	401,000		Sonix Technology Co Ltd		602
	210,144	*,e	Spansion, Inc		2,307

151

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	93,115	*	Standard Microsystems Corp	$	3,435
	565,256	e	STMicroelectronics NV		3,076
	109,424	*,e	STR Holdings, Inc		499
	37,592		STS Semiconductor & Telecommunications		200
	144,984	*,e	Sumco Corp		1,319
	1,407,000		Sunplus Technology Co Ltd		422
	356,524	*,e	SunPower Corp		1,715
	42,281	*	Supertex, Inc		797
	25,119	*	Suss Microtec AG.		289
	315,305		TA-I Technology Co Ltd		204
	529,000		Taiwan Semiconductor Co Ltd		259
	50,072,667		Taiwan Semiconductor Manufacturing Co Ltd		137,072
	746,700		Taiwan Surface Mounting Technology Co Ltd		1,521
	431,000		Tekcore Co Ltd		239
	2,055,356	*	Teradyne, Inc		28,898
	225,107	e	Tessera Technologies, Inc		3,460
	4,039,481		Texas Instruments, Inc		115,893
	195,641		Tokyo Electron Ltd		9,175
	76,600		Tokyo Seimitsu Co Ltd		1,363
	729,860		Topco Scientific Co Ltd		1,256
	8,610	*	Toptec Co Ltd		110
	274,015	*	Tower Semiconductor Ltd		190
	214,508		Transcend Information, Inc		598
	732,068	*	Triquint Semiconductor, Inc		4,026
	1,746,000	e	Trony Solar Holdings Co Ltd.		142
	811,000		Tyntek Corp		298
	109,623	*	Ultra Clean Holdings		705
	164,072	*,e	Ultratech, Inc		5,168
	54,200	e	Ulvac, Inc		502
	971,100		Unisem M BHD		420
	20,539,022		United Microelectronics Corp		8,942
	408,029		Unity Opto Technology Co Ltd		411
	820,000		Vanguard International Semiconductor Corp		383
	168,647	*,e	Veeco Instruments, Inc		5,795
	1,311,000	*	Via Technologies, Inc		491
	256,750		Visual Photonics Epitaxy Co Ltd		408
	131,255	*,e	Volterra Semiconductor Corp		3,078
	293,550		Wafer Works Corp		205
	703,000		Walton Advanced Engineering, Inc		211
	540,737		Win Semiconductors Corp		684
	3,587,000	*	Winbond Electronics Corp		545
	193,814	*	Wolfson Microelectronics plc		598
	32,630	*	Woongjin Energy Co Ltd		156
	718,482		Xilinx, Inc		24,119
	105,069		XinTec, Inc		69
	99,383		Youngtek Electronics Corp		267
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		2,347,816
SOFTWARE & SERVICES - 7.3%
	231,202	*,e	Accelrys, Inc		1,870
	3,335,281		Accenture plc		200,417
	233	*	Access Co Ltd		171

152

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	147,298	*	ACI Worldwide, Inc	$	6,512
	149,549	*,e	Active Network, Inc		2,302
	1,039,476		Activision Blizzard, Inc		12,463
	204,437	*	Actuate Corp		1,417
	363,582	*	Acxiom Corp		5,494
	2,106,258	*	Adobe Systems, Inc		68,180
	119,120	*	Advent Software, Inc		3,229
	4,984		Ahnlab, Inc		485
	518,368	*	Akamai Technologies, Inc		16,458
	640,237	*,e	Alliance Data Systems Corp		86,432
	307,347		Alpha Systems, Inc		4,137
	48,829	e	Alten		1,356
	122,277	*,e	Altran Technologies S.A.		539
	392,821		Amadeus IT Holding S.A.		8,322
	587,575	*,e	Amdocs Ltd		17,463
	99,584	*	American Software, Inc (Class A)		792
	170,365	*,e	Ancestry.com, Inc		4,690
	134,316	*,e	Angie’s List, Inc		2,128
	309,138	*	Ansys, Inc		19,510
	917,451	*,e	AOL, Inc		25,762
	264,387		Argo Graphics, Inc		3,546
	265,432	*	Ariba, Inc		11,881
	797,580	*	Aspen Technology, Inc		18,464
	136,505		Asseco Poland S.A.		2,006
	19,000	*	Astro Corp		26
	331,679		Atos Origin S.A.		19,835
	1,195,088	*	Autodesk, Inc		41,816
	1,656,356		Automatic Data Processing, Inc		92,193
	437,835		Aveva Group plc		11,179
	30,171	*,e	AVG Technologies NV		393
	4,275		Axway Software S.A.		77
	60,495		Babylon Ltd		543
	29,368	*	Baidu, Inc (ADR)		3,377
	169,710	*,e	Bankrate, Inc		3,121
	39,463	*,e	Bazaarvoice, Inc		718
	42,937	e	Bechtle AG.		1,584
	17,800	*,e	Bit-isle, Inc		161
	250,140		Blackbaud, Inc		6,421
	730,962	*,e	Blinkx plc		470
	166,525	*	Blucora, Inc		2,052
	1,372,491	*	BMC Software, Inc		58,578
	32,011	e	Booz Allen Hamilton Holding Co		489
	141,348	*	Bottomline Technologies, Inc		2,551
	21,784	*,e	Brightcove, Inc		332
	331,329		Broadridge Financial Solutions, Inc		7,047
	100,480	*,e	BroadSoft, Inc		2,910
	1,246,424		CA, Inc		33,766
	113,808	*,e	CACI International, Inc (Class A)		6,262
	734,910	*,e	Cadence Design Systems, Inc		8,077
	122,711	*,e	Callidus Software, Inc		611
	259,861		Cap Gemini S.A.		9,564
	387,086		Capcom Co Ltd		8,101

153

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	40,628	*,e	Carbonite, Inc	$	363
	194,716	*	Cardtronics, Inc		5,882
	507,011	e	carsales.com.au Ltd		3,134
	39,006	e	Cass Information Systems, Inc		1,570
	11,598		Cegid Group		220
	532,892	*,e	CGI Group, Inc		12,808
	66,944	*	Check Point Software Technologies		3,320
	293,000	*	China Cyber Port International Co Ltd		9
	1,060,000	*	Chinasoft International Ltd		253
	25,000		Chinese Gamer International Corp		72
	305,267	*,e	Ciber, Inc		1,316
	1,002,116	*	Citrix Systems, Inc		84,118
	55,620	*,m	Clinical Data, Inc		53
	3,557		CMC Ltd		54
	1,210,213	*	Cognizant Technology Solutions Corp (Class A)		72,613
	5,010	*	Com2uSCorp		181
	228,380	*	Commvault Systems, Inc		11,321
	462,987		Companhia Brasileira de Meios de Pagamento		13,619
	210,785		Computacenter plc		993
	780,366		Computer Sciences Corp		19,369
	63,081	*	Computer Task Group, Inc		946
	413,105		Computershare Ltd		3,158
	519,720	*	Compuware Corp		4,828
	130,873	*,e	comScore, Inc		2,154
	80,173	*,e	Concur Technologies, Inc		5,460
	109,750	*,e	Constant Contact, Inc		1,962
	498,320	e	Convergys Corp		7,360
	61,572		Core Projects & Technologies Ltd		330
	124,977	*,e	Cornerstone OnDemand, Inc		2,976
	99,247	*	CoStar Group, Inc		8,059
	582,869		CSE Global Ltd		366
	432,647	e	CSG Ltd		350
	140,123	*	CSG Systems International, Inc		2,421
	109,023		Cupid plc		334
	53,283	*	CUROCOM Co Ltd		141
	126,976	e,m	Customers Ltd		164
	155,252		Cyberlink Corp		453
	38,050		Daou Technology, Inc		412
	60,415	e	Dassault Systemes S.A.		5,668
	17,205		Daum Communications		1,547
	170,538	*,e	DealerTrack Holdings, Inc		5,135
	90,134	*,e	Deltek, Inc		1,045
	130,238	*,e	Demand Media, Inc		1,459
	24,539	*,e	Demandware, Inc		581
	132,989		Dena Co Ltd		3,500
	10,040	e	Devoteam S.A.		108
	340,670	*,e	Dice Holdings, Inc		3,199
	824		Digital Garage, Inc		1,770
	158,347	*	Digital River, Inc		2,632
	34,530		DMRC Corp		886
	21,551		Dragonfly GF Co Ltd		313
	394,173		DST Systems, Inc		21,408

154

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	27,300		DTS Corp	$	345
	11,080	*	DuzonBIzon Co Ltd		76
	167	e	Dwango Co Ltd		217
	919,083		Earthlink, Inc		6,838
	183,976	*	EasyLink Services International Corp		1,332
	6,305,731	*	eBay, Inc		264,904
	107,190	e	Ebix, Inc		2,138
	21,618		Econocom Group		458
	781,196	*	Electronic Arts, Inc		9,648
	77,673	*,e	Ellie Mae, Inc		1,398
	175,610	e	Ementor ASA		1,546
	8,740		Engineering Ingegneria Informatica S.p.A.		288
	74,475	*	Envestnet, Inc		894
	18,242	*,e	Envivio, Inc		117
	74,509	*	EPAM Systems, Inc		1,266
	117,099	e	EPIQ Systems, Inc		1,434
	17,041	*	ePlus, Inc		551
	234,633	*	Equinix, Inc		41,213
	210,225	*,e	Euronet Worldwide, Inc		3,599
	19,693	e	Exact Holding NV		431
	35,586	*,e	ExactTarget, Inc		778
	86,467	*	ExlService Holdings, Inc		2,131
	1,061,867	*,e	Facebook, Inc		33,045
	124,599	e	Factset Research Systems, Inc		11,580
	173,820		Fair Isaac Corp		7,349
	148,104	*,e	FalconStor Software, Inc		387
	1,251,135		Fidelity National Information Services, Inc		42,639
	85,444		Fidessa Group plc		2,078
	31,893		Financial Technologies India Ltd		424
	428,033	*	First American Corp		7,837
	550,750	*	Fiserv, Inc		39,775
	299,849	*	FleetCor Technologies, Inc		10,507
	52,339		Forrester Research, Inc		1,772
	1,167,324	*	Fortinet, Inc		27,105
	125,728	e	F-Secure Oyj		229
	43,800		FUJI SOFT, Inc		733
	206		Future Architect, Inc		82
	97,000		Gamania Digital Entertainment Co Ltd		98
	13,393	*	GameHi Co Ltd		118
	163,139	*,e	GameLoft		1,019
	4,843	*	Gamevil, Inc		379
	618,730	*	Gartner, Inc		26,636
	334,820	*,e	Genpact Ltd		5,568
	617,254		Geodesic Information Systems Ltd		410
	141,205	*,e,m	Gerber Scientific, Inc		0	^
	55,397		GFI Informatique		186
	303,894	*,e	Global Cash Access, Inc		2,191
	378,921		Global Payments, Inc		16,381
	75,303		Glodyne Technoserve Ltd		563
	181,649	*,e	Glu Mobile, Inc		1,008
	62,300		GMO internet, Inc		327
	10,200	*,e	GMO Payment Gateway, Inc		201

155

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,265		Golfzon Co Ltd	$	267
	1,297,293	*	Google, Inc (Class A)		752,521
	35,200		Gourmet Navigator, Inc		400
	350,000	*,e	Gravity Co Ltd (ADR)		612
	91,948	*,e	Gree, Inc		1,829
	63,532		Groupe Steria SCA		984
	55,401	*,e	Guidance Software, Inc		527
	71,722	*,e	Guidewire Software, Inc		2,017
	14,999		Haansoft, Inc		145
	115,216	*,e	Hackett Group, Inc		642
	31,308		HCL Infosystems Ltd		23
	183,818		HCL Technologies Ltd		1,579
	157,592		Heartland Payment Systems, Inc		4,740
	461,555		Hexaware Technologies Ltd		1,066
	3,495,000	*,e	Hi Sun Technology China Ltd		417
	119,004	*,e	Higher One Holdings, Inc		1,454
	67,702		HIQ International AB		361
	1,183,241		IAC/InterActiveCorp		53,956
	121,181	*,e	iGate Corp		2,063
	39,360	*,e	Imperva, Inc		1,134
	147,335	e	Indra Sistemas S.A.		1,372
	43,581		Industrial & Financial Systems		682
	425,393		Ines Corp		2,848
	35,923	*,e	Infoblox, Inc		824
	289,311	*	Informatica Corp		12,255
	351,900		Information Development Co		2,307
	36,800		Information Services International-Dentsu Ltd		304
	649,676		Infosys Technologies Ltd		29,453
	6,220	*	Infraware, Inc		54
	82,329	*	Innodata Isogen, Inc		563
	1,416,325	*	Innovation Group plc		422
	7,000		Insyde Software Corp		32
	53,015	*,e	Interactive Intelligence, Inc		1,496
	203,270	*	Internap Network Services Corp		1,323
	4,591,775		International Business Machines Corp		898,059
	91,000		International Games System Co Ltd		446
	135		Internet Initiative Japan, Inc		571
	1,482,813	e	Intuit, Inc		88,005
	195,591	*,e	Ipass, Inc		466
	148,273	e	Iress Market Technology Ltd		999
	255,260		IT Holdings Corp		3,056
	70,921		Itochu Techno-Science Corp		3,423
	173,152	e	j2 Global, Inc		4,575
	225,755		Jack Henry & Associates, Inc		7,793
	7,374		JCEntertainment Corp		238
	230,701	*	JDA Software Group, Inc		6,850
	58,305	*,e	Jive Software, Inc		1,224
	47,400	e	Kakaku.com, Inc		1,608
	116,195	*	Kenexa Corp		3,373
	53,765		Keynote Systems, Inc		798
	2,704,000	e	Kingdee International Software Group Co Ltd		509
	904,000		Kingsoft Corp Ltd		405

156

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	193,888	*,e	KIT Digital, Inc	$	832
	135,302	*,e	Knot, Inc		1,200
	116,231	*	Kofax plc		457
	702,217	e	Konami Corp		15,911
	45,619	*	KT Hitel Co Ltd		209
	450,869		Lender Processing Services, Inc		11,398
	235,712	*,e	Limelight Networks, Inc		691
	255,848	*,e	LinkedIn Corp		27,189
	245,441	*,e	Lionbridge Technologies		773
	126,365	*	Liquidity Services, Inc		6,469
	236,131	*	Liveperson, Inc		4,501
	2,314,250		LogicaCMG plc		3,849
	88,747	*,e	LogMeIn, Inc		2,709
	12,723	*,m	Lotto24		39
	70,145		MacDonald Dettwiler & Associates Ltd		4,026
	75,200	e	Macromill, Inc		800
	55,065	*,e	magicJack VocalTec Ltd		1,046
	96,617	*,e,f	Mail.ru (GDR) (purchased 07/25/11, cost $3,832)		3,290
	121,109	*,e	Manhattan Associates, Inc		5,536
	98,925	e	Mantech International Corp (Class A)		2,322
	85,184	e	Marchex, Inc (Class B)		308
	81,338	*	Market Leader, Inc		413
	516,432		Mastercard, Inc (Class A)		222,123
	78,244		Matrix IT Ltd		331
	37,052	*,e	Mattersight Corp		296
	185,518		MAXIMUS, Inc		9,601
	47,350	*,e	MeetMe, Inc		111
	389,202	*	Mentor Graphics Corp		5,838
	15,298	e	Mercadolibre, Inc		1,160
	491,869		Micro Focus International plc		4,095
	561,520	*	Micros Systems, Inc		28,750
	35,566,643		Microsoft Corp		1,087,984
	99,944	*	MicroStrategy, Inc (Class A)		12,979
	46,547	*,e	Millennial Media, Inc		614
	86	e	Mixi Inc		149
	191,924		ModusLink Global Solutions, Inc		574
	111,592	*,e	MoneyGram International, Inc		1,629
	681,279		Moneysupermarket.com Group plc		1,337
	1,779,127	*	Monitise plc		919
	155,901	*,e	Monotype Imaging Holdings, Inc		2,614
	605,805	*,e	Monster Worldwide, Inc		5,149
	154,514	*,e	Move, Inc		1,408
	107	e	MTI Ltd		121
	48,248	*	Myriad Group AG.		152
	1,250,000	*	Nan Hai Corp Ltd		6
	2,809	*	NCI, Inc (Class A)		11
	35,873		NCsoft		8,606
	22,400		NEC Fielding Ltd		280
	9,038		Nemetschek AG.		336
	15,903	*	Neowiz Games Corp		312
	5,740	*	Neowiz Internet Corp		76
	62,466		Net Entertainment NE AB		637

157

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	286,200		NET One Systems Co Ltd	$	3,821
	247,500		NetDragon Websoft, Inc		218
	198,616	*,e	Netscout Systems, Inc		4,288
	53,776	*,e	NetSuite, Inc		2,945
	273,103	*,e	NeuStar, Inc (Class A)		9,122
	545,700	*	Nexon Co Ltd		10,683
	57,408		NHN Corp		12,592
	287,172		NIC, Inc		3,647
	61,110	*	Nice Systems Ltd		2,238
	75,900		Nihon Unisys Ltd		558
	31,800		NIIT Ltd		24
	17,491		NIIT Technologies Ltd		90
	158,464		Nintendo Co Ltd		18,506
	46,100		Nippon System Development Co Ltd		377
	315,802		Nomura Research Institute Ltd		6,949
	23,300		NS Solutions Corp		400
	1,936		NTT Data Corp		5,942
	1,333,038	*,e	Nuance Communications, Inc		31,753
	6,300		OBIC Business Consultants Ltd		339
	9,290		Obic Co Ltd		1,783
	74,621	*	Open Text Corp		3,739
	103,458	*,e	OpenTable, Inc		4,657
	218,116	e	Opera Software ASA		1,543
	56,582	e	Opnet Technologies, Inc		1,505
	21,557,771		Oracle Corp		640,266
	44,391		Oracle Corp Japan		1,911
	58,421		Otsuka Corp		4,974
	417,700		Pacific Online		148
	587,877	*	Parametric Technology Corp		12,322
	887,055		Paychex, Inc		27,862
	206,942		PC Home Online		1,173
	275,000		PCA Corp		3,543
	68,073	e	Pegasystems, Inc		2,245
	171,205	*,e	Perficient, Inc		1,923
	48,502	*	Pervasive Software, Inc		363
	563,198		Playtech Ltd		3,045
	96,454		POSDATA Co Ltd		616
	80,919	*,e	PRG-Schultz International, Inc		643
	335,564	*,e	Progress Software Corp		7,003
	23,224	*,e	Proofpoint, Inc		394
	86,568	*,e	PROS Holdings, Inc		1,456
	14,123		PSI AG. Gesellschaft Fuer Produkte und Systeme der Informationstechnologie		283
	31,976	*,e	QAD, Inc (Class A)		455
	367,254	*	QLIK Technologies, Inc		8,124
	283,540	*	Quest Software, Inc		7,897
	215,678	*,e	QuinStreet, Inc		1,997
	325,599	*	Rackspace Hosting, Inc		14,307
	83,105	e	RealNetworks, Inc		718
	132,923	*,e	RealPage, Inc		3,078
	1,392,180	*,e	Red Hat, Inc		78,630

158

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	779,900		Redecard S.A.	$	12,756
	129,662		Redflex Holdings Ltd		280
	5,378		Reply S.p.A.		119
	187,658	*,e	Responsys, Inc		2,274
	24,168	*	Retalix Ltd		480
	131,891		Rolta India Ltd		191
	37,284	*,e	Rosetta Stone, Inc		516
	278,962	*	Rovi Corp		5,473
	115,824	*,e	Saba Software, Inc		1,075
	2,197,082		Sage Group plc		9,562
	716,516		SAIC, Inc		8,684
	590,793	*	Salesforce.com, Inc		81,683
	2,387,000		Samart Corp PCL		700
	1,840,185		SAP AG.		108,967
	34,748	*,e	Sapiens International Corp NV		125
	454,423		Sapient Corp		4,576
	1,238,511	*	Satyam Computer Services Ltd		1,762
	20,016		SBSi Co Ltd		224
	94,577	*,e	Sciquest, Inc		1,699
	122,550		SDL plc		1,234
	133,036	*,e	Seachange International, Inc		1,095
	1,133	*	ServiceNow, Inc		28
	432,333	*,e	ServiceSource International LLC		5,988
	239,630		Shanghai Baosight Software Co Ltd		279
	10,145		SimCorp AS		1,749
	289		Simplex Technology, Inc		100
	30,625		SK C&C Co Ltd		2,867
	14,948	*	SK Communications Co Ltd		108
	157,417		SMS Management & Technology Ltd		832
	93,157		Software AG.		2,894
	108,540		Soft-World International Corp		289
	5,000	*,e	Sohu.com, Inc		223
	384,379	*	SolarWinds, Inc		16,744
	191,358	e	Solera Holdings, Inc		7,997
	583,936		Sonda S.A.		1,643
	405		So-net Entertainment Corp		1,606
	8,792		Sopra Group S.A.		448
	110,641	*,e	Sourcefire, Inc		5,687
	28,990	*,e	Spark Networks, Inc		150
	24,802	*,e,m	Splunk, Inc		697
	84,000		Springsoft, Inc		112
	39,500	*,e	SPS Commerce, Inc		1,200
	176,316	e	Square Enix Co Ltd		2,777
	51,240	*,e	SRS Labs, Inc		461
	129,616	*	SS&C Technologies Holdings, Inc		3,240
	53,430	e	Stamps.com, Inc		1,318
	81,670		Sumisho Computer Systems Corp		1,187
	640,000		SUNeVision Holdings Ltd		111
	195,719	*	SupportSoft, Inc		624
	5,030,115	*	Symantec Corp		73,490
	24,476	*,e	Synacor, Inc		335
	104,509	*,e	Synchronoss Technologies, Inc		1,930

159

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	427,914	*	Synopsys, Inc	$	12,593
	71,385		Syntel, Inc		4,333
	543		Systena Corp		431
	356,000		Systex Corp		364
	303,618	*	TA Indigo Holding Corp		1,330
	288,721	*	Take-Two Interactive Software, Inc		2,731
	115,584	*,e	Tangoe, Inc		2,463
	888,906		Tata Consultancy Services Ltd		20,513
	53,401	*	TechTarget, Inc		269
	205,300		Tecmo Koei Holdings Co Ltd		1,725
	373,983	*	Telecity Group plc		4,713
	65,503	*	TeleNav, Inc		402
	99,130	*,e	TeleTech Holdings, Inc		1,586
	95,326	*	Temenos Group AG.		1,576
	2,070,200	e	Tencent Holdings Ltd		61,136
	559,339	*	Teradata Corp		40,278
	3,275		Tessi S.A.		296
	940,473	*	TIBCO Software, Inc		28,139
	178,749	e	Tietoenator Oyj		2,856
	701,746	*,e	TiVo, Inc		5,803
	23,100		TKC		477
	97,359	*,e	TNS, Inc		1,747
	1,320,834		Total System Services, Inc		31,608
	141,400		Totvus S.A.		2,724
	59,257		TradeDoubler AB		145
	78,000	*	Trans Cosmos, Inc/Japan		1,060
	1,279,999		Travelsky Technology Ltd		667
	44,826	*,e	Travelzoo, Inc		1,018
	88,251	*	Trend Micro, Inc		2,600
	120,562	*	Tyler Technologies, Inc		4,865
	251,365	*	Ubisoft Entertainment		1,685
	102,896	*,e	Ultimate Software Group, Inc		9,170
	294,898	*,e	Unisys Corp		5,765
	36,234	e	Unit 4 Agresso NV		923
	27,496		United Internet AG.		473
	337,086	e	United Online, Inc		1,423
	359,556	*,e	Unwired Planet, Inc		827
	306,403	*	Valueclick, Inc		5,022
	254,878	*	Vantiv, Inc		5,936
	138,828	*,e	Vasco Data Security International		1,136
	659,820	*	VeriFone Systems, Inc		21,833
	79,628	*,e	Verint Systems, Inc		2,350
	283		VeriSign Japan KK		155
	906,087		VeriSign, Inc		39,478
	155,286	*,e	VirnetX Holding Corp		5,474
	70,703	*,e	Virtusa Corp		944
	2,612,980		Visa, Inc (Class A)		323,043
	186,125	*,e	VistaPrint Ltd		6,012
	769,075	*	VMware, Inc (Class A)		70,017
	160,889	*,e	Vocus, Inc		2,993
	279,312	*,e	WebMD Health Corp (Class A)		5,729
	158,516	*,e	Websense, Inc		2,969

160

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	129,945	*	Website Pros, Inc	$	2,381
	17,589	*	Webzen, Inc		161
	20,612		WeMade Entertainment Co Ltd		1,014
	2,034,609		Western Union Co		34,263
	754,528		Wipro Ltd		5,450
	139,645	e	Wirecard AG.		2,708
	144,324	*	Wright Express Corp		8,908
	286,066	*	Xchanging plc		453
	4,227	e	XING AG.		247
	14,907		Yahoo! Japan Corp		4,826
	4,437,632	*	Yahoo!, Inc		70,248
	194,084	*,e	Yandex NV		3,697
	31,285	*,e	Yelp, Inc		711
	299,600		YTL E-Solutions BHD		70
	18,972	*,e	Zillow, Inc		733
	270,191	*,e	Zix Corp		702
	434,535	*,e	Zynga, Inc		2,364
			TOTAL SOFTWARE & SERVICES		7,374,563
TECHNOLOGY HARDWARE & EQUIPMENT - 6.1%
	162,822	*,e	3D Systems Corp		5,559
	55,933	*	3S Korea Co Ltd		822
	61,400	*,e	5N Plus, Inc		120
	1,774,000		AAC Acoustic Technologies Holdings, Inc		5,163
	1,056,000		Ability Enterprise Co Ltd		970
	1,887,292		Accton Technology Corp		1,080
	2,904,174		Acer, Inc		3,031
	13,934		Acme Electronics Corp		23
	150,259	*,e	Acme Packet, Inc		2,802
	232,000	*	A-DATA Technology Co Ltd		300
	243,800		Adlink Technology, Inc		296
	328,857		Adtran, Inc		9,928
	150,750	*	ADVA AG. Optical Networking		783
	739,775		Advantech Co Ltd		2,460
	112,336	*,e	Agilysys, Inc		974
	49,300		Ai Holdings Corp		268
	21,500		Aiphone Co Ltd		431
	1,881,126	*,e	Alcatel S.A.		3,096
	688,000		Alpha Networks, Inc		515
	339,700		Alps Electric Co Ltd		2,399
	7,099	*,e	Ambient Corp		39
	504,556		Amphenol Corp (Class A)		27,710
	2,513,949		AmTRAN Technology Co Ltd		2,037
	53,491	*	Anaren, Inc		1,048
	108,592		Anixter International, Inc		5,761
	304,000	e	Anritsu Corp		3,446
	388,000		APCB, Inc		270
	4,838,024	*	Apple, Inc		2,825,406
	605,266		Arcadyan Technology Corp		702
	29,841	*,e	Archos		161
	74,000	*	Arima Communications Corp		42
	485,104	*	Arris Group, Inc		6,748

161

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	351,634	*	Arrow Electronics, Inc	$	11,537
	414,748	*,e	Aruba Networks, Inc		6,242
	33,812		Ascom Holding AG.		243
	103,323		Asia Vital Components Co Ltd		53
	174,000		ASROCK, Inc		684
	1,788,701		Asustek Computer, Inc		16,441
	118,000		Aten International Co Ltd		215
	8,780,853		AU Optronics Corp		3,568
	27,335	*,e	Audience, Inc		527
	19,295		Austria Technologie & Systemtechnik AG.		200
	254,000		AV Tech Corp		795
	3,115,741		Avermedia Technologies		2,463
	110,954	*,e	Avid Technology, Inc		824
	494,985	*	Avnet, Inc		15,275
	112,758		AVX Corp		1,205
	27,235		Aware, Inc		176
	76,320	*,e	AX Holding Corp		462
	112,136	e	Axis Communications AB		2,444
	54,139	e	Badger Meter, Inc		2,033
	138,300	e	Balda AG.		843
	30,933		Barco NV		1,569
	60,417	e	Bel Fuse, Inc (Class B)		1,064
	308,235	*,e	Benchmark Electronics, Inc		4,300
	2,325,000		Benq Corp		550
	79,768	e	Black Box Corp		2,289
	217,027	*,e	Bookham, Inc		660
	353,300	*,e	Brightpoint, Inc		1,911
	2,732,000		Broad Intelligence International Pharmaceutical Holdings Ltd		518
	593,600	*	Brocade Communications Systems, Inc		2,926
	593,378		Brother Industries Ltd		6,794
	123,249	*,e	Bull S.A.		366
	1,818,500	e	BYD Electronic International Co Ltd		368
	164,521	*,e	CalAmp Corp		1,206
	1,889,400		CalComp Electronics Thailand PCL		153
	255,118	*,e	Calix Networks, Inc		2,097
	26,400	*	Canon Electronics, Inc		555
	2,125,325	e	Canon, Inc		84,823
	4,317,000		Career Technology Co Ltd		7,090
	1,864,943		Catcher Technology Co Ltd		12,588
	266,000		Catic Shenzhen Holdings Ltd		100
	315,485	*	Celestica, Inc		2,293
	46,260	*	Ceragon Networks Ltd		409
	91,670		Chang Wah Electromaterials, Inc		203
	159,492	*,e	Checkpoint Systems, Inc		1,389
	437,431		Cheng Uei Precision Industry Co Ltd		873
	54,000		Chenming Mold Industry Corp		47
	1,326,054		Chicony Electronics Co Ltd		2,462
	984,779		Chimei Materials Technology Corp		1,037
	3,714,000		China Aerospace International Holdings Ltd		291
	1,434,000	e	China All Access Holdings Ltd		303
	2,325,000	*	China ITS Holdings Co Ltd		362

162

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,472,000		China Wireless Technologies Ltd	$	583
	1,517,000		Chin-Poon Industrial Co		1,422
	567,840		Chroma ATE, Inc		1,296
	2,513,000	*	Chunghwa Picture Tubes Ltd		93
	1,416,779	*,e	Ciena Corp		23,193
	27,564,277		Cisco Systems, Inc		473,279
	385,384		Citizen Watch Co Ltd		2,260
	521,212		Clevo Co		757
	2,783,000	*	CMC Magnetics Corp		482
	223,000	*	CMK Corp		942
	214,051		Cognex Corp		6,775
	110,919	*	Coherent, Inc		4,803
	1,280,299	e	Comba Telecom Systems Holdings Ltd		538
	469,000		Compal Communications, Inc		497
	5,352,648		Compal Electronics, Inc		4,957
	778,000		Compeq Manufacturing Co		312
	106,409		Comtech Telecommunications Corp		3,041
	807,128	*	Comverse Technology, Inc		4,697
	2,179,000		Coretronic Corp		2,046
	6,005,114		Corning, Inc		77,646
	201,000		Coxon Precise Industrial Co Ltd		314
	136,918	*,e	Cray, Inc		1,654
	16,824	*	CrucialTec Co Ltd		124
	129,754	e	CTS Corp		1,222
	75,000		CyberPower Systems, Inc		129
	315,000		CyberTAN Technology, Inc		245
	132,620		Daeduck Electronics Co		1,399
	65,770		Daeduck GDS Co Ltd		790
	7,800	e	Dai-ichi Seiko Co Ltd		136
	678,000		Daiwabo Co Ltd		1,271
	135,747	e	Daktronics, Inc		938
	266,000		Darfon Electronics Corp		226
	92,955	*	Datalink Corp		888
	324,193		DataTec Ltd		1,854
	487,416		Daxon Technology, Inc		216
	492,000		DBA Telecommunication Asia Holdings Ltd		308
	3,972,112	*	Dell, Inc		49,731
	925,700		Delta Electronics Thai PCL		624
	3,516,964		Delta Electronics, Inc		10,796
	82,000		Denki Kogyo Co Ltd		428
	58,337		Dialight plc		952
	109,250		Diebold, Inc		4,032
	106,897	*	Digi International, Inc		1,095
	1,908,000		Digital China Holdings Ltd		3,362
	9,063	*	Digital Multimedia Technologies S.p.A.		190
	7,173	*	Digitech Systems Co Ltd		76
	262,737		Diploma plc		1,835
	744,000		D-Link Corp		479
	267,565	*	Dolby Laboratories, Inc (Class A)		11,050
	62,940	*	DTS, Inc		1,641
	320,900		Eastern Communications Co Ltd		129
	136,044	*,e	Echelon Corp		473

163

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	94,586	*	EchoStar Corp (Class A)	$	2,499
	42,371		Eizo Nanao Corp		850
	89,882		Electro Rent Corp		1,459
	93,074	e	Electro Scientific Industries, Inc		1,100
	816,215		Electrocomponents plc		2,623
	197,425	*,e	Electronics for Imaging, Inc		3,208
	1,034,938		Elite Material Co Ltd		973
	2,784,000	*	Elitegroup Computer Systems Co Ltd		1,157
	293,299	*	Eltek ASA		195
	10,154,463	*	EMC Corp		260,259
	369,173	*,e	Emulex Corp		2,658
	12,700	e	Enplas Corp		332
	168,900		Entire Technology Co Ltd		301
	3,242,054	e	Ericsson (LM) (B Shares)		29,664
	32,407		Esprinet S.p.A.		131
	364,970		Everlight Electronics Co Ltd		627
	20,929		EVS Broadcast Equipment S.A.		987
	31,663	*	Exfo Electro Optical Engineering, Inc		160
	347,457	*,e	Extreme Networks, Inc		1,195
	453,918	*	F5 Networks, Inc		45,192
	82,382	*,e	Fabrinet		1,034
	62,811	*,e	FARO Technologies, Inc		2,643
	111,000	*,e	FDK Corp		116
	146,580	*	FEI Co		7,012
	374,507	*,e	Finisar Corp		5,603
	127,000	*	Firich Enterprises Co Ltd		163
	178,183		FLEXium Interconnect, Inc		726
	251,826		Flir Systems, Inc		4,911
	222,183		Flytech Technology Co Ltd		504
	2,798,462	*,e	Foxconn International Holdings Ltd		1,022
	872,646		Foxconn Technology Co Ltd		3,177
	1,465,382		Fuji Folms Holdings Corp		27,763
	2,800,146		Fujitsu Ltd		13,401
	222,438		Fulltech Fiber Glass Corp		115
	28,700		Furuno Electric Co Ltd		127
	253,992	*,e	Fusion-io, Inc		5,306
	247,153		G Tech Optoelectronics Corp		738
	128,896		Gemalto NV		9,258
	384,913		Gemtek Technology Corp		346
	92,368		GeoVision, Inc		360
	319,000		Getac Technology Corp		270
	20,000	*	Giantplus Technology Co Ltd		6
	1,895,000		Gigabyte Technology Co Ltd		1,819
	228,986		Gigastorage Corp		194
	40,103	*	Gilat Satellite Networks Ltd		127
	694,748		Global Brands Manufacture Ltd		300
	94,958	*,e	Globecomm Systems, Inc		963
	492,000		Gold Circuit Electronics Ltd		107
	532,000		Great Wall Technology Co Ltd		96
	156,616	*	GSI Group, Inc		1,795
	31,398		Hakuto Co Ltd		311
	528,027		Halma plc		3,456

164

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	19,234		Hamamatsu Photonics KK	$	653
	1,023,838	*	Hannstar Board Corp		496
	7,386,000	*	HannStar Display Corp		525
	500,110	*,e	Harmonic, Inc		2,130
	290,076		Harris Corp		12,140
	279,539	*	Harris Stratex Networks, Inc (Class A)		783
	10,738,852		Hewlett-Packard Co		215,958
	42,410	e	Hexagon AB (B Shares)		728
	1,176,889		High Tech Computer Corp		15,538
	2,367,878	*	Himachal Futuristic Communications		482
	9,100		Hioki EE Corp		163
	323,000		Hi-P International Ltd		209
	29,266	e	Hirose Electric Co Ltd		2,897
	27,930		Hitachi High-Technologies Corp		688
	1,002,000		Hitachi Kokusai Electric, Inc		7,894
	20,318,737		Hitachi Ltd		125,282
	616,000		Holystone Enterprise Co Ltd		543
	14,991,650		Hon Hai Precision Industry Co, Ltd		45,328
	46,695		Horiba Ltd		1,640
	80,900	e	Hosiden Corp		516
	154,820	*	Hoya Corp		3,411
	13,090		Humax Co Ltd		113
	128,533	*	Ibiden Co Ltd		2,328
	155,000	*	Ichia Technologies, Inc		79
	236,000		I-Chiun Precision Industry Co Ltd		153
	10,700		Icom, Inc		263
	62,000		ICP Electronics, Inc		102
	134,100	*	IdeiasNet S.A.		120
	27,360		Iljin Materials Co Ltd		267
	123,560	*,e	Imation Corp		730
	117,291	*,e	Immersion Corp		660
	4,166		Inficon Holding AG.		848
	399,287	*,e	Infinera Corp		2,731
	404,000		Infortrend Technology, Inc		273
	53,718		Ingenico		2,608
	192,727	*	Ingram Micro, Inc (Class A)		3,367
	5,898,243	*	InnoLux Display Corp		2,459
	232,963	*,e	Insight Enterprises, Inc		3,921
	4,345,000		Inspur International Ltd		127
	168,643	e	InterDigital, Inc		4,977
	7,059		Interflex Co Ltd		369
	282,087	*,e	Intermec, Inc		1,749
	97,320	*,e	Intevac, Inc		732
	15,834		INTOPS Co Ltd		245
	135,729	*,e	InvenSense, Inc		1,534
	2,573,356		Inventec Co Ltd		838
	80,970	*,e	IPG Photonics Corp		3,529
	931,325		ITEQ Corp		1,037
	98,449	*	Itron, Inc		4,060
	35,730		Ituran Location and Control Ltd		396
	156,236	*,e	Ixia		1,878
	39,159		J Touch Corp		38

165

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,181,511		Jabil Circuit, Inc	$	24,020
	213,000		Japan Aviation Electronics Industry Ltd		1,870
	18,900		Japan Cash Machine Co Ltd		156
	57,700		Japan Digital Laboratory Co Ltd		613
	55,535	*	Japan Radio Co Ltd		126
	2,518,900		JCY International BHD		1,230
	3,297,662	*	JDS Uniphase Corp		36,274
	100,765		Jenoptik AG.		640
	59,701		Jentech Precision Industrial Co Ltd		174
	153,528	*	Jess-Link Products Co Ltd		147
	3,240,000	e	Ju Teng International Holdings Ltd		929
	2,129,834	*	Juniper Networks, Inc		34,738
	44,800		Kaga Electronics Co Ltd		482
	7,429		Kapsch TrafficCom AG.		555
	187,037	*,e	Kemet Corp		1,124
	36,598	*	Key Tronic Corp		302
	31,521		Keyence Corp		7,797
	5,950		KH Vatec Co Ltd		37
	1,114,700	e	Kingboard Chemical Holdings Ltd		2,171
	286,000		Kingboard Laminates Holdings Ltd		106
	2,318,000		Kinpo Electronics		507
	42,000		Koa Corp		400
	1,489,350		Konica Minolta Holdings, Inc		11,733
	71,425		Kudelski S.A.		544
	60,337	*	KVH Industries, Inc		754
	505,000		KYE Systems Corp		176
	235,844		Kyocera Corp		20,410
	368,632		Laird Group plc		1,083
	120,462		Largan Precision Co Ltd		2,519
	61,227	*,e	LeCroy Corp		873
	1,243		LEM Holding S.A.		631
	11,042,300		Lenovo Group Ltd		9,423
	786,164		Lexmark International, Inc (Class A)		20,896
	10,900		LG Innotek Co Ltd		861
	298,722		LG.Philips LCD Co Ltd		5,640
	1,749,058		LITE-ON IT Corp		1,714
	4,990,510		Lite-On Technology Corp		6,286
	112,929		Littelfuse, Inc		6,425
	231,377	*,e	Logitech International S.A.		2,504
	60,675		Loral Space & Communications, Inc		4,086
	69,000		Lotes Co Ltd		170
	173,250		Lumax International Corp Ltd		380
	19,000		Macnica, Inc		427
	145,000		Marubun Corp		634
	7,300	e	Maruwa Co Ltd		246
	102,784	*,e	Maxwell Technologies, Inc		674
	57,164	*	Measurement Specialties, Inc		1,858
	37,600	*	Meiko Electronics Co		368
	12,100		Melco Holdings, Inc		264
	126,443	*,e	Mercury Computer Systems, Inc		1,635
	11,589	e	Mesa Laboratories, Inc		539
	139,948	e	Methode Electronics, Inc		1,191

166

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	78,824	*,e	Micronic Laser Systems AB	$	155
	2,799,000		Micro-Star International Co Ltd		1,474
	590,000		MIN AIK Technology Co Ltd		1,458
	2,096,000		Mitac International		704
	1,000		Mitsui Knowledge Industry Co Ltd		174
	111,500		Mitsumi Electric Co Ltd		791
	582,879	e	Molex, Inc		13,954
	802,783		Motorola, Inc		38,622
	59,966	e	MTS Systems Corp		2,312
	35,871	*	Multi-Fineline Electronix, Inc		884
	382,281		Murata Manufacturing Co Ltd		20,108
	149,850		Nan Ya Printed Circuit Board Corp		255
	458,000		Nanjing Panda Electronics		98
	147,883		National Instruments Corp		3,972
	397,200	*	NCR Corp		9,028
	645,382	*	NEC Corp		1,004
	18,200	e	NEC Mobiling Ltd		720
	84,377	*,e	Neonode, Inc		519
	74,633	*,e	NeoPhotonics Corp Ltd		369
	67,431	e	Neopost S.A.		3,598
	2,190,802	*	NetApp, Inc		69,711
	159,997	*	Netgear, Inc		5,521
	76,000		Newmax Technology Co Ltd		118
	189,187	*,e	Newport Corp		2,274
	68,026		Nichicon Corp		662
	24,200		Nidec Copal Electronics Corp		141
	52,000		Nidec Sankyo Corp		270
	53,800		Nihon Dempa Kogyo Co Ltd		664
	19,800		Nippon Ceramic Co Ltd		320
	183,000	*,e	Nippon Chemi-Con Corp		527
	1,383,604		Nippon Electric Glass Co Ltd		8,264
	31,000		Nohmi Bosai Ltd		204
	3,121,096	e	Nokia Oyj		6,367
	39,334		Nolato AB (B Shares)		380
	1,985		Nortel Networks Netas Telekomunikasyon AS		219
	40,166	*,e	Numerex Corp		374
	268,924	*,e	OCZ Technology Group, Inc		1,425
	997,000	*	Oki Electric Industry Co Ltd		1,614
	566,553		Omron Corp		12,006
	1,240,000		O-Net Communications Group		330
	75,645	*,e	Oplink Communications, Inc		1,023
	77,000		Osaki Electric Co Ltd		661
	108,832	*	OSI Systems, Inc		6,893
	831,754		Pace plc		1,358
	806,990		Pan-International Industrial		797
	82,082		Park Electrochemical Corp		2,124
	279,241	*,e	Parkervision, Inc		665
	17,447	*	Parrot S.A.		514
	41,009		Partron Co Ltd		434
	188,000	*	PAX Global Technology Ltd		29
	34,875		PC Connection, Inc		370
	67,803		PC-Tel, Inc		439

167

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,969,217		Pegatron Technology Corp	$	2,598
	194,192		Plantronics, Inc		6,486
	219,857	*	Plexus Corp		6,200
	413,374	*	Polycom, Inc		4,349
	21,100		Positivo Informatica S.A.		59
	240,575	*,e	Power-One, Inc		1,087
	510,657		Premier Farnell plc		1,384
	61,845		Primax Electronics Ltd		49
	860,000		Prime View International Co Ltd		953
	72,295	*,e	Procera Networks, Inc		1,757
	481,000	*	PT Erajaya Swasembada Tbk		97
	437,688	*	QLogic Corp		5,992
	8,951,484		Qualcomm, Inc		498,419
	5,704,532		Quanta Computer, Inc		15,319
	427,000		Quanta Storage, Inc		299
	1,321,930	*	Quantum Corp		2,684
	131,006	*,e	Rackable Systems, Inc		841
	83,112	*,e	Radisys Corp		522
	158,526	*,e	RealD, Inc		2,372
	37,087		Redington India Ltd		51
	95,648		Renishaw plc		2,102
	54,063	e	Richardson Electronics Ltd		667
	609,228	e	Ricoh Co Ltd		5,142
	21,000		Riso Kagaku Corp		367
	3,588,000	*	Ritek		517
	647,668	*	Riverbed Technology, Inc		10,460
	114,677	*	Rofin-Sinar Technologies, Inc		2,171
	60,048	*	Rogers Corp		2,379
	11,200		Roland DG Corp		130
	40,400		Ryosan Co Ltd		792
	32,700		Ryoyo Electro Corp		334
	32,150		Sam Young Electronics Co Ltd		233
	82,434		Samsung Electro-Mechanics Co Ltd		7,723
	47,833		Samsung SDI Co Ltd		6,406
	1,348,233	*	SanDisk Corp		49,184
	158,413	*	Sandvine Corp		202
	441,166	*,e	Sanmina-SCI Corp		3,613
	33,200		Sanshin Electronics Co Ltd		237
	6,022	*	Sapphire Technology Co Ltd		258
	110,406	*	Scansource, Inc		3,383
	513,770		Seagate Technology, Inc		12,706
	205,660	e	Seiko Epson Corp		2,087
	402,000		Senao International Co Ltd		1,393
	735,000		Sercomm Corp		1,112
	12,421		SFA Engineering Corp		595
	308,800	*	Shanghai Potevio Co Ltd		171
	20,700	*,m	Shenzhen SEG Co Ltd		8
	133,100	*	Shijiazhuang Baoshi Electronic Glass Co Ltd		106
	284,289		Shimadzu Corp		2,460
	23,200		Shinko Shoji Co Ltd		187
	231,891	*,e	ShoreTel, Inc		1,016
	64,711	*	Sierra Wireless, Inc		584

168

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	42,700		Siix Corp	$	521
	1,576,000	e	SIM Technology Group Ltd		88
	475,739		Simplo Technology Co Ltd		3,286
	678,000		Sinbon Electronics Co Ltd		540
	15,658		Sindoh Co Ltd		875
	1,242,000	*	Sintek Photronic Corp		557
	389,000		Sirtec International Co Ltd		552
	86,000	e	SMK Corp		285
	7,363		SNU Precision Co Ltd		52
	890,420	*	Sonus Networks, Inc		1,914
	274,462		Spectris plc		6,598
	1,445,326		Spirent Communications plc		3,643
	53,100		Star Micronics Co Ltd		515
	157,279	*,e	STEC, Inc		1,227
	330,286		Sterlite Technologies Ltd		188
	79,346	*,e	Stratasys, Inc		3,932
	238,000		Sunrex Technology Corp		118
	108,702	*,e	Super Micro Computer, Inc		1,724
	14,356		Suprema, Inc		164
	14,000		Supreme Electronics Co Ltd		8
	656,686	*	SVA Electron Co Ltd		252
	82,050	e	Sycamore Networks, Inc		1,191
	179,252	*	Symmetricom, Inc		1,074
	124,952	*,e	Synaptics, Inc		3,577
	246,000		Syncmold Enterprise Corp		372
	100,397	*,e	SYNNEX Corp		3,463
	2,147,198		Synnex Technology International Corp		5,255
	165,972		Taiflex Scientific Co Ltd		247
	263,160		Taiwan PCB Techvest Co Ltd		291
	132,803	e	Taiyo Yuden Co Ltd		1,306
	82,000	e	Tamura Corp		212
	2,618,000		TCL Communication Technology Holdings Ltd		849
	141,116		TDK Corp		5,745
	51,213	*	Tech Data Corp		2,467
	750,000	*	Tech Pro Technology Development Ltd		291
	6,181	e	Technitrol, Inc		12
	1,951,003		Tellabs, Inc		6,497
	62,057		Telular Corp		573
	29,091		Tessco Technologies, Inc		641
	111,280		Test Research, Inc		173
	251,000		Thinking Electronic Industrial Co Ltd		230
	69,234		TKH Group NV		1,487
	107,000	*,e	Toko, Inc		335
	135,105	e	Tokyo Denpa Co Ltd		557
	151,625		Tong Hsing Electronic Industries Ltd		495
	81,100	e	Topcon Corp		593
	66,618		Topoint Technology Co Ltd		38
	11,429,371		Toshiba Corp		43,504
	490,000		Toshiba TEC Corp		1,848
	35,900		Toyo Corp/Chuo-ku		384
	190,688		TPK Holding Co Ltd		2,425
	2,558,000	e	Tpv Technology Ltd		520

169

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	658,049	*	Trimble Navigation Ltd	$	30,277
	499,832		Tripod Technology Corp		1,421
	2,496,000		Truly International Holdings		358
	297,055		TT electronics plc		710
	211,298	*	TTM Technologies, Inc		1,988
	512,039		TXC Corp		743
	38,292	*,e	Ubiquiti Networks, Inc		546
	13,164		U-Blox AG.		543
	211,200		Uchi Technologies BHD		80
	15,742		Uju Electronics Co Ltd		309
	83,000	*	Uniden Corp		222
	1,390,756		Unimicron Technology Corp		1,592
	253,937		Unitech Printed Circuit Board Corp		94
	146,501	*,e	Universal Display Corp		5,265
	342,795		Venture Corp Ltd		2,128
	142,775	*,e	Viasat, Inc		5,393
	11,639	*,e	Viasystems Group, Inc		198
	1,737,171	*	Vishay Intertechnology, Inc		16,382
	47,377	*,e	Vishay Precision Group, Inc		661
	34,000	*	Vivotek, Inc		100
	1,674,000		VST Holdings Ltd		293
	219,800	e	Vtech Holdings Ltd		2,625
	478	e	Wacom Co Ltd		1,071
	44,042		Wah Hong Industrial Corp		69
	1,643,767		Wah Lee Industrial Corp		2,081
	476,769		Walsin Technology Corp		117
	1,016,000		Wasion Group Holdings Ltd		402
	637,350		Weikeng Industrial Co Ltd		523
	207,641	*	Westell Technologies, Inc		494
	1,719,003	*	Western Digital Corp		52,395
	192,500		Wi-Lan, Inc		947
	42,020	e	Wincor Nixdorf AG.		1,494
	1,588,962		Wintek Corp		880
	2,515,496		Wistron Corp		3,105
	659,347		Wistron NeWeb Corp		1,371
	1,585,283		WPG Holdings Co Ltd		1,867
	1,072,642		WT Microelectronics Co Ltd		1,458
	308,000	*	WUS Printed Circuit Co Ltd		147
	4,194,642		Xerox Corp		33,012
	15,750	*,b,m	Ya Hsin Industrial Co Ltd		0	^
	9,415,000		Yageo Corp		2,778
	81,293		Yamatake Corp		1,666
	193,203	e	Yaskawa Electric Corp		1,472
	474,485		Yokogawa Electric Corp		4,905
	141,000		Young Fast Optoelectronics Co Ltd		322
	71,262	*	Zebra Technologies Corp (Class A)		2,448
	927,000	*	Zhen Ding Technology Holding Ltd		2,903
	229,000		Zinwell Corp		247
	839,147	e	ZTE Corp		1,637
	109,344	*	Zygo Corp		1,953
	1,409,000		Zyxel Communications		727
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		6,184,908

170

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
TELECOMMUNICATION SERVICES - 3.3%
	12,152	*	012 Smile.Communications Ltd	$	37
	250,664	*,e	8x8, Inc		1,053
	117,451	e	AboveNet, Inc		9,866
	2,686,500		Advanced Info Service PCL		15,719
	154,284	f	AFK Sistema (GDR) (purchased 03/30/07, cost $2,607)		2,894
	80,865	e	Allied Technologies Ltd		481
	70,521,760	e	America Movil S.A. de C.V. (Series L)		91,934
	24,930,079		AT&T, Inc		889,007
	34,189	e	Atlantic Tele-Network, Inc		1,153
	550,833	*,e	Avanti Communications Group plc		2,776
	1,308,000	*,e	Axtel SAB de CV		292
	522,560	e	BCE, Inc		21,547
	229,435		Belgacom S.A.		6,524
	144,506	e	Bell Aliant Regional Communications Income Fund		3,624
	2,622,350		Bezeq Israeli Telecommunication Corp Ltd		2,790
	1,406,794		Bharti Airtel Ltd		7,745
	57,799	*,e	Boingo Wireless, Inc		672
	19,235,079		BT Group plc		63,736
	5,411,336		Cable & Wireless plc		2,521
	3,593,690		Cable & Wireless Worldwide		2,133
	100,763	*,e	Cbeyond Communications, Inc		682
	69,526		Cellcom Israel Ltd		431
	2,102,340		CenturyTel, Inc		83,021
	4,928,921	e	China Communications Services Corp Ltd		2,450
	10,262,890		China Mobile Hong Kong Ltd		112,661
	20,779,889		China Telecom Corp Ltd		9,121
	7,107,601	e	China Unicom Ltd		8,938
	509,933	*,e	Chorus Ltd		1,289
	4,769,337		Chunghwa Telecom Co Ltd		15,009
	762,452	*,e	Cincinnati Bell, Inc		2,836
	1,320,000	e	Citic 1616 Holdings Ltd		241
	3,282,000	*	Citic 21CN Co Ltd		163
	436,000		City Telecom (HK) Ltd		82
	627,629	*,e	Clearwire Corp (Class A)		703
	171,380	*	Cogent Communications Group, Inc		3,299
	509,273	*	Colt Telecom Group S.A.		998
	174,636	e	Consolidated Communications Holdings, Inc		2,585
	1,419,973	*	Crown Castle International Corp		83,296
	3,798,731		Deutsche Telekom AG.		41,632
	6,165,200		Digi.Com BHD		8,280
	77,644		Drillisch AG.		744
	11,937	e	eAccess Ltd		2,337
	25,050	e	Elisa Oyj (Series A)		504
	172,374		Empresa Nacional de Telecomunicaciones S.A.		3,223
	82,832	*,e	Fairpoint Communications, Inc		509
	6,621,019		Far EasTone Telecommunications Co Ltd		14,405
	3,129,840	e	France Telecom S.A.		41,152
	290,785	e	Freenet AG.		4,226
	2,252,816	e	Frontier Communications Corp		8,628

171

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	151,269	*,e	General Communication, Inc (Class A)	$	1,257
	75,900		Globe Telecom, Inc		2,016
	31,423	*,e	Hawaiian Telcom Holdco, Inc		613
	303,920		Hellenic Telecommunications Organization S.A.		772
	59,950	e	HickoryTech Corp		666
	244,959	e	HKT Trust and HKT Ltd		192
	6,524,651		Hutchison Telecommunications Hong Kong Holdings Ltd		3,041
	232,981	*	Idea Cellular Ltd		318
	156,096	e	IDT Corp (Class B)		1,531
	172,388	e	iiNET Ltd		546
	4,795	e	Iliad S.A.		694
	166,665	*,e	inContact, Inc		835
	256,519		Inmarsat plc		1,980
	176,447	*,e	Iridium Communications, Inc		1,581
	12,324,600		Jasmine International PCL		1,198
	279,401	*	Jazztel plc		1,586
	1,188,015		Kcom Group plc		1,328
	4,448		KDDI Corp		28,694
	172,022		KT Corp		4,566
	267,306	*,e	Leap Wireless International, Inc		1,719
	2,556,261	*,e	Level 3 Communications, Inc		56,621
	276,446		LG Telecom Ltd		1,347
	57,838	e	Lumos Networks Corp		547
	122,177		M2 Telecommunications Group Ltd		423
	421,385		Magyar Telekom		831
	253,702	*	Mahanagar Telephone Nigam		108
	76,800		Manitoba Telecom Services, Inc		2,501
	191,760		Maroc Telecom		2,434
	2,439,300		Maxis BHD		4,923
	1,507,814	*	MetroPCS Communications, Inc		9,122
	55,827	e	Millicom International Cellular S.A.		5,269
	836,352		Mobile TeleSystems (ADR)		14,385
	508,809		MobileOne Ltd		1,032
	20,365		Mobistar S.A.		697
	3,086,363	e	MTN Group Ltd		53,446
	781,847	*	Netia S.A.		1,391
	194,157	*	Neutral Tandem, Inc		2,559
	417,741	*,e	NII Holdings, Inc (Class B)		4,273
	1,034,589		Nippon Telegraph & Telephone Corp		48,243
	108,588		NTELOS Holdings Corp		2,047
	10,251		NTT DoCoMo, Inc		17,058
	263,682		Oi S.A.		1,241
	2,035,390		Oi S.A.(Pref)		8,360
	4,005,036	*	Orascom Telecom Holding SAE		2,042
	3,921,603	*	Orascom Telecom Media And Technology Holding SAE		958
	131,249	*	Orbcomm, Inc		428
	108,076		Partner Communications		438
	8,581,161		PCCW Ltd		3,165
	63,612		Philippine Long Distance Telephone Co		4,033
	1,127,523	e	Portugal Telecom SGPS S.A.		4,938
	230,649	*,e	Premiere Global Services, Inc		1,935

172

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	63,763	e	Primus Telecommunications Group, Inc	$	993
	2,257,000		PT Excelcomindo Pratama		1,489
	1,181,676		PT Indosat Tbk		550
	20,374,521		PT Telekomunikasi Indonesia Tbk (Series B)		17,801
	109,837		QSC AG.		305
	676,015		Reliance Communication Ventures Ltd		776
	439,591	e	Rogers Communications, Inc (Class B)		15,937
	335,704	*,e	Rostelecom (ADR)		7,429
	1,694,476	e	Royal KPN NV		16,203
	1,822,366	*	SBA Communications Corp (Class A)		103,966
	103,064	e	Shenandoah Telecom Co		1,403
	7,201,773		Singapore Telecommunications Ltd		18,860
	288,459	*	SK Broadband Co Ltd		740
	28,430		SK Telecom Co Ltd		3,111
	1,084,889	e	SmarTone Telecommunications Holding Ltd		2,106
	1,262,693	*	Softbank Corp		47,002
	267,811	e	Sonaecom - SGPS S.A.		445
	9,882,147	*,e	Sprint Nextel Corp		32,216
	939,321		StarHub Ltd		2,546
	54,511		SureWest Communications		1,149
	12,159		Swisscom AG.		4,899
	2,773,443		Taiwan Mobile Co Ltd		9,172
	1,811,099	e	TalkTalk Telecom Group plc		5,407
	924,890	*	Tata Teleservices Maharashtra Ltd		236
	2,845,390		TDC AS		19,774
	417,636		Tele2 AB (B Shares)		6,471
	4,784,087		Telecom Corp of New Zealand Ltd		9,109
	434,272		Telecom Egypt		953
	7,213,437		Telecom Italia RSP		5,846
	10,313,525		Telecom Italia S.p.A.		10,191
	648,117		Telefonica Brasil S.A.		16,128
	165,800		Telefonica O2 Czech Republic AS		3,165
	4,058,703		Telefonica S.A.		53,426
	59,267		Telekom Austria AG.		583
	2,346,100		Telekom Malaysia BHD		4,194
	1,597,475		Telekomunikacja Polska S.A.		7,466
	45,815		Telenet Group Holding NV		2,005
	980,530		Telenor ASA		16,393
	313,592	e	Telephone & Data Systems, Inc		6,676
	1,588,248		TeliaSonera AB		10,147
	292,932		Telkom S.A. Ltd		683
	14,095,909		Telstra Corp Ltd		53,408
	94,731		TELUS Corp		5,689
	227,719	e	TELUS Corp, non-voting shares		13,324
	398,400	*	Thaicom PCL		185
	1,560,363		Tim Participacoes S.A.		8,670
	754,720		Time dotCom BHD		861
	3,318,900		TM International BHD		5,745
	1,861,500		Tower Bersama Infrastructure		652
	159,885	*,e	Towerstream Corp		663
	765,679	e	TPG Telecom Ltd		1,377
	2,345,822	*	True Corp PCL		285

173

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	17,567		Tulip Telecom Ltd	$	37
	1,555,825		Turk Telekomunikasyon AS		6,367
	1,056,773		Turkcell Iletisim Hizmet AS		5,359
	3,865,545	*,e	tw telecom inc (Class A)		99,190
	82,806	*,e	US Cellular Corp		3,198
	118,533		USA Mobility, Inc		1,524
	11,523,935		Verizon Communications, Inc		512,124
	1,690,825		Vivendi Universal S.A.		31,417
	504,470		Vodacom Group Pty Ltd		5,746
	62,258,565		Vodafone Group plc		174,994
	1,308,733		Vodafone Group plc (ADR)		36,880
	751,171	*,e	Vonage Holdings Corp		1,510
	862,504	e	Windstream Corp		8,332
	530,613	*	Ziggo NV		16,911
			TOTAL TELECOMMUNICATION SERVICES		3,354,276
TRANSPORTATION - 2.1%
	8,666	*,m	Abertis Infraestructuras S.A.		117
	462,744		Abertis Infraestructuras S.A. (Continuous)		6,254
	53,042	e	Aeroports de Paris		4,012
	53,088	*,e	Air Berlin plc		121
	4,946,600	e	Air China Ltd		2,937
	178,969	*,e	Air France-KLM		855
	507,237		Air New Zealand Ltd		350
	202,843	*,e	Air Transport Services Group, Inc		1,055
	1,494,100		AirAsia BHD		1,691
	388,050	*,e	Alaska Air Group, Inc		13,931
	245,740		Alexander & Baldwin Holdings, Inc		13,086
	523,352		All America Latina Logistica S.A.		2,210
	4,023,324	e	All Nippon Airways Co Ltd		11,398
	55,107	*	Allegiant Travel Co		3,840
	51,080		Amerco, Inc		4,596
	624,000	e	Anhui Expressway Co		277
	115,165	e	Ansaldo STS S.p.A.		820
	1,147		AP Moller - Maersk AS (Class A)		7,139
	2,583		AP Moller - Maersk AS (Class B)		16,938
	116,270	e	Arkansas Best Corp		1,465
	819,303		Asciano Group		3,680
	165,040	*	Asiana Airlines		1,083
	110,758	*	Atlas Air Worldwide Holdings, Inc		4,819
	1,244,828		Auckland International Airport Ltd		2,441
	1,534,350		Australian Infrastructure Fund		3,795
	125,336	e	Autostrada Torino-Milano S.p.A.		779
	431,044	e	Autostrade S.p.A.		5,502
	394,220	*	Avis Budget Group, Inc		5,992
	989,200		Bangkok Expressway PCL		759
	331,000	*	Bangkok Metro PCL		6
	762,371		BBA Aviation plc		2,441
	11,423,600		Beijing Capital International Airport Co Ltd		6,980
	241,515		Brisa-Auto Estradas de Portugal S.A.		775
	986,481		Canadian National Railway Co		83,426
	529,302		Canadian Pacific Railway Ltd		38,846

174

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,514,773		Cathay Pacific Airways Ltd	$	2,456
	240,240		Cebu Air, Inc		394
	138,249		Celadon Group, Inc		2,265
	14,613		Celebi Hava Servisi		128
	3,288		Central Japan Railway Co		25,896
	699,021		CH Robinson Worldwide, Inc		40,914
	2,686,337		China Airlines		1,216
	2,118,321	e	China Merchants Holdings International Co Ltd		6,480
	12,188,800	*,e	China Shipping Container Lines Co Ltd		2,961
	1,813,300	e	China Shipping Development Co Ltd		855
	5,630,000	e	China Southern Airlines Co Ltd		2,499
	254,000		Chinese Maritime Transport Ltd		316
	1,868,248		Cia de Concessoes Rodoviarias		15,190
	13,380		Clarkson plc		271
	3,341,631	e	ComfortDelgro Corp Ltd		4,092
	26,408		Compagnie Maritime Belge S.A.		587
	8,170,245		Compania SudAmericana de Vapores S.A.		974
	123,440	e	Con-Way, Inc		4,457
	160,860		Copa Holdings S.A. (Class A)		13,268
	3,602,975	e	COSCO Holdings		1,617
	6,458,000		COSCO Pacific Ltd		8,861
	360,433		Costamare, Inc		5,010
	6,915,705		CSX Corp		154,635
	528,000		CWT Ltd		499
	30,517		D/S Norden		810
	173,000	*,e	Daiichi Chuo Kisen Kaisha		198
	892,050		Dazhong Transportation Group Co Ltd		446
	3,649,265	*	Delta Air Lines, Inc		39,959
	228,994		Deutsche Lufthansa AG.		2,647
	962,943		Deutsche Post AG.		17,038
	6,580	e	Dfds AS		314
	111,499	*,e	Dollar Thrifty Automotive Group, Inc		9,027
	174,246		DSV AS		3,455
	642,025		East Japan Railway Co		40,314
	515,520		easyJet plc		4,296
	54,447	*,e	Echo Global Logistics, Inc		1,038
	371,200		EcoRodovias Infraestrutura e Logistica S.A.		2,988
	1,847,572		Eva Airways Corp		1,134
	294,000		Evergreen International Storage & Transport Corp		147
	2,232,522		Evergreen Marine Corp Tawain Ltd		1,215
	343,308		Expeditors International Washington, Inc		13,303
	1,910,067		FedEx Corp		174,981
	77,000		First Steamship Co Ltd		88
	806,970		Firstgroup plc		2,848
	12,314	e	Flughafen Wien AG.		487
	8,711		Flughafen Zuerich AG.		3,060
	159,112		Forward Air Corp		5,134
	29,556		Fraport AG. Frankfurt Airport Services Worldwide		1,591
	315,528		Freightways Ltd		962
	331,000	e	Fukuyama Transporting Co Ltd		1,802
	6,917		Gateway Distriparks Ltd		17
	642,491	*	Gemina S.p.A.		495

175

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	105,796	*,e	Genco Shipping & Trading Ltd	$	323
	153,392	*	Genesee & Wyoming, Inc (Class A)		8,105
	93,169	f	Globaltrans Investment plc (GDR) (purchased 07/05/10, cost $1,662)		1,683
	17,564		GLOVIS Co Ltd		3,361
	104,578		Go-Ahead Group plc		1,974
	162,206		Gol Linhas Aereas Inteligentes S.A.		720
	433,000	e	Golden Ocean Group Ltd		283
	819,717	e	Grindrod Ltd		1,354
	454,371		Groupe Eurotunnel S.A.		3,693
	19,300	*	Grupo Aeromexico SAB de C.V.		30
	205,100	e	Grupo Aeroportuario del Centro Norte Sab de C.V.		422
	872,091	e	Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		3,451
	481,800	e	Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		3,766
	303,560		Guangdong Provincial Expressway Development Co Ltd		98
	1,214,000	e	GZI Transportation Ltd		600
	132,000		Hainan Meilan International Airport Co Ltd		77
	48,254	e	Hamburger Hafen und Logistik AG.		1,232
	119,890		Hanjin Shipping Co Ltd		1,550
	22,140		Hanjin Shipping Holdings Co Ltd		117
	4,330		Hanjin Transportation Co Ltd		72
	871,000	*	Hankyu Hanshin Holdings, Inc		4,399
	192,531	*,e	Hawaiian Holdings, Inc		1,253
	188,099		Heartland Express, Inc		2,692
	1,091,766	*	Hertz Global Holdings, Inc		13,975
	68,300		Hitachi Transport System Ltd		1,263
	7,585		Hopewell Highway Infrastructure Ltd		4
	139,783	*	Hub Group, Inc (Class A)		5,060
	7,991,294		Hutchison Port Holdings Trust		5,712
	54,520		Hyundai Merchant Marine Co Ltd		1,201
	107,757		Iino Kaiun Kaisha Ltd		514
	809,694	*	International Consolidated Airlines		2,032
	1,811,140		International Container Term Services, Inc		3,179
	20,876	e	International Shipholding Corp		394
	20,753		Irish Continental Group plc		399
	838,091		J.B. Hunt Transport Services, Inc		49,950
	52,855	e	Japan Airport Terminal Co Ltd		645
	200,802	*	Jet Airways India Ltd		1,386
	934,685	*,e	JetBlue Airways Corp		4,954
	2,010,000	e	Jiangsu Express		1,892
	166,000		Jinzhou Port Co Ltd		71
	99,500		Julio Simoes Logistica S.A.		467
	498,083		Kamigumi Co Ltd		3,962
	749,098		Kansas City Southern Industries, Inc		52,107
	1,209,438	*,e	Kawasaki Kisen Kaisha Ltd		2,402
	393,963	e	Keihin Electric Express Railway Co Ltd		3,584
	484,104		Keio Corp		3,509
	414,128		Keisei Electric Railway Co Ltd		3,498
	161,000		Keppel Telecommunications & Transportation Ltd		142
	1,336,487	e	Kintetsu Corp		5,329
	19,200		Kintetsu World Express, Inc		614

176

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	143,464	*,e	Kirby Corp	$	6,754
	221,977		Knight Transportation, Inc		3,549
	109,707		Koninklijke Vopak NV		7,037
	43,884		Korean Air Lines Co Ltd		1,947
	45,973		Kuehne & Nagel International AG.		4,871
	375,239		Lan Airlines S.A.		9,856
	263,515		Landstar System, Inc		13,629
	25,506	*	Latam Airlines Group S.A. (ADR)		665
	393,700	*	LLX Logistica S.A.		433
	168,092		Localiza Rent A Car		2,540
	42,200	*	Log-in Logistica Intermodal S.A.		151
	515,893	*	Macquarie Atlas Roads Group		794
	129,173		Mainfreight Ltd		995
	281,800		Malaysia Airports Holdings BHD		495
	344,500	*	Malaysian Airline System BHD		119
	246,800		Malaysian Bulk Carriers BHD		124
	110,431	e	Marten Transport Ltd		2,348
	102,000		Maruzen Showa Unyu Co Ltd		321
	529,728		Mermaid Marine Australia Ltd		1,541
	973,100		MISC BHD		1,422
	98,556		Mitsubishi Logistics Corp		1,042
	931,358		Mitsui OSK Lines Ltd		3,357
	123,610		Mitsui-Soko Co Ltd		452
	2,723,608		MTR Corp		9,350
	458,550		Mundra Port and Special Economic Zone Ltd		1,001
	850,975		National Express Group plc		2,860
	1,009,658	e	Neptune Orient Lines Ltd		891
	2,047,134		Nippon Express Co Ltd		8,453
	139,600		Nippon Konpo Unyu Soko Co Ltd		1,775
	2,332,606	e	Nippon Yusen Kabushiki Kaisha		6,169
	150,000		Nissin Corp		427
	617,069		Norfolk Southern Corp		44,287
	208,713	*	Northgate plc		678
	27,912	*	Norwegian Air Shuttle AS		509
	148,800		Obrascon Huarte Lain Brasil S.A.		1,322
	524,763	e	Odakyu Electric Railway Co Ltd		5,217
	85,935		Oesterreichische Post AG.		2,886
	393,167	*	Old Dominion Freight Line		17,020
	512,976		Orient Overseas International Ltd		2,516
	132,975	*	Pacer International, Inc		721
	2,203,290	e	Pacific Basin Shipping Ltd		948
	18,886	*,e	Panalpina Welttransport Holding AG.		1,697
	34,400	*	Park-Ohio Holdings Corp		655
	27,530	*,e	Patriot Transportation Holding, Inc		648
	654,700		Pos Malaysia & Services Holdings BHD		585
	550,600		Precious Shipping PCL		251
	12,753,500	*,m	PT Berlian Laju Tanker Tbk		0	^
	392,000		PT Citra Marga Nusaphala Persada Tbk		82
	17,298,500	*	PT Garuda Indonesia Tbk		1,316
	5,022,000		PT Jasa Marga Tbk		2,909
	7,139,000		PT Trada Maritime Tbk		665
	1,656,706	*	Qantas Airways Ltd		1,841

177

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,510,336		QR National Ltd	$	5,291
	73,362	*	Quality Distribution, Inc		814
	565,506		Qube Logistics Holdings Ltd		905
	73,897	*	RailAmerica, Inc		1,788
	65,673	*,e	Rand Logistics, Inc		558
	183,957	*,e	Republic Airways Holdings, Inc		1,021
	479,000		Road King Infrastructure		308
	43,592	*,e	Roadrunner Transportation Services Holdings, Inc		736
	46,434		Ryanair Holdings plc		235
	69,796	e	Ryanair Holdings plc (ADR)		2,122
	113,910		Ryder System, Inc		4,102
	618,000		Sagami Railway Co Ltd		2,053
	93,589	*,e	Saia, Inc		2,049
	96	*,m	SAir Group		0	^
	388,000		Sankyu, Inc		1,388
	162,600		Santos Brasil Participacoes S.A.		2,477
	451,108	*,e	SAS AB		356
	29,200		Sebang Co Ltd		374
	412,287		Seino Holdings Corp		2,762
	285,000		Senko Co Ltd		1,256
	499,600		Shandong Airlines Co Ltd		609
	310,560	m	Shanghai Jinjiang International Investment Holdings Co		255
	141,400		Shenzhen Chiwan Petroleum		168
	259,100	m	Shenzhen Chiwan Wharf Holdings Ltd		328
	876,000	e	Shenzhen Expressway Co Ltd		321
	22,047,500		Shenzhen International Holdings		1,362
	94,000		Shibusawa Warehouse Co Ltd		275
	438,000		Shih Wei Navigation Co Ltd		398
	118,000	*	Shinwa Kaiun Kaisha Ltd		170
	1,886,500	e	Shun TAK Holdings Ltd		656
	480,000		Sincere Navigation		433
	364,005	e	Singapore Airlines Ltd		3,002
	1,473,000		Singapore Airport Terminal Services Ltd		3,133
	1,880,419	e	Singapore Post Ltd		1,569
	2,662,000		Sinotrans Ltd		436
	2,700,000		Sinotrans Shipping Ltd		635
	1,402,000		SITC International Co Ltd		373
	38,219		Sixt AG.		641
	35,748		Sixt AG. (Preference)		540
	125,327	*	Skymark Airlines, Inc		818
	229,055	e	Skywest, Inc		1,496
	1,186,048	e	SMRT Corp Ltd		1,587
	11,065,075	*	Sociedad Matriz SAAM S.A.		1,193
	193,589	e	Societa Iniziative Autostradali e Servizi S.p.A.		1,364
	2,079,439		Southwest Airlines Co		19,172
	5,322,571	*	SpiceJet Ltd		3,210
	218,934	*	Spirit Airlines, Inc		4,260
	579,736		Stagecoach Group plc		2,420
	443,997	e	Stobart Group Ltd		785
	51,449		Stolt-Nielsen S.A.		867
	73,400	*,e	Student Transportation, Inc		490
	94,590		STX Pan Ocean Co Ltd		376

178

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	291,767		Sumitomo Warehouse Co Ltd	$	1,390
	381,313	*	Swift Transportation Co, Inc		3,603
	791,840		Sydney Airport		2,360
	516,000		T.Join Transportation Co		573
	214,000		Taiwan Navigation Co Ltd		223
	21,181,700		Tanayong PCL		522
	651,546		TAV Havalimanlari Holding AS		3,510
	55,000		Tegma Gestao Logistica		835
	1,445,300		Thai Airways International PCL		989
	69,700		Thoresen Thai Agencies PCL		35
	415,500	*	Tianjin Marine Shipping Co Ltd		111
	4,626,000	e	Tianjin Port Development Holdings Ltd		543
	580,000	*,e	Tiger Airways Holdings Ltd		321
	264,576		TNT Express NV		3,104
	493,710		TNT NV		2,040
	850,534	e	Tobu Railway Co Ltd		4,472
	1,289,170		Tokyu Corp		6,069
	1,069,439	e	Toll Holdings Ltd		4,397
	53,200		TPI-Triunfo Participacoes e Investimentos S.A.		199
	188,064	f	TransContainer OAO (GDR) (purchased 03/30/11, cost $2,006)		2,163
	169,940		TransForce, Inc		2,784
	1,094,341		Transurban Group		6,392
	1,756,394	*	Turk Hava Yollari		3,097
	2,721,365	*,e	UAL Corp		66,211
	1,279,300		U-Ming Marine Transport Corp		2,046
	2,933,339		Union Pacific Corp		349,977
	3,240,827		United Parcel Service, Inc (Class B)		255,247
	31,077		Universal Truckload Services, Inc		470
	639,563	*,e	US Airways Group, Inc		8,525
	614,937		UTI Worldwide, Inc		8,984
	67,336	*	Virgin Australia Holdings Ltd		27
	67,336	*,m	Virgin Australia Int Holdings		0	^
	11,668		VTG AG.		179
	62,434	*,e	Vueling Airlines S.A.		353
	1,042,128	*	Wah Nam International Holdings Ltd		75
	1,065,057		Wan Hai Lines Ltd		526
	158,363		Werner Enterprises, Inc		3,783
	90,605	*,e	Wesco Aircraft Holdings, Inc		1,153
	446,092		West Japan Railway Co		18,351
	390,500		Wisdom Marine Lines Co Ltd		547
	5,872,000	e	Xiamen International Port Co Ltd		596
	64,498	*,e	XPO Logistics, Inc		1,084
	320,757		Yamato Transport Co Ltd		5,165
	1,423,415		Yang Ming Marine Transport		642
	20,400		Yusen Air & Sea Service Co Ltd		276
	2,666,000		Zhejiang Expressway Co Ltd		1,769
	100,566	*,e	Zipcar, Inc		1,180
			TOTAL TRANSPORTATION		2,132,507

179

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
UTILITIES - 3.5%
	1,610,254	e	A2A S.p.A.	$	864
	4,938,831		Aboitiz Power Corp		4,018
	20,935		Acciona S.A.		1,251
	1,124,991	e	ACEA S.p.A.		6,696
	265,587		Actelios S.p.A.		284
	2,702,440	*	AES Corp		34,672
	3,748,688		AES Gener S.A.		2,161
	198,144		AES Tiete S.A.		2,820
	348,364	*,m	AET&D Holdings No 1 Ptd Ltd		0	^
	563,008	e	AGL Energy Ltd		8,556
	152,548		AGL Resources, Inc		5,911
	1,754,566		Aguas Andinas S.A.		1,086
	42,810	*	Akenerji Elektrik Uretim AS		52
	22,453		Alerion Industries S.p.A.		99
	362,003	e	Algonquin Power & Utilities Corp		2,340
	160,699		Allete, Inc		6,717
	471,434		Alliant Energy Corp		21,483
	527,454		Ameren Corp		17,691
	61,141	*,e	American DG Energy, Inc		139
	1,454,359		American Electric Power Co, Inc		58,029
	118,388	e	American States Water Co		4,686
	1,332,638		American Water Works Co, Inc		45,683
	627,465	e	APA Group		3,221
	184,936	e	Aqua America, Inc		4,616
	32,469	e	Artesian Resources Corp		699
	83,177		Ascopiave S.p.A.		86
	95,439	e	Atco Ltd		6,776
	422,334	e	Atlantic Power Corp		5,410
	148,334	e	Atlantic Power Corp (Toronto)		1,897
	116,675		Atmos Energy Corp		4,092
	6,524,000	*	AVIC International Holding HK Ltd		208
	310,489		Avista Corp		8,290
	1,579,580	*,e	Babcock & Brown Wind Partners		368
	5,004,000	e	Beijing Enterprises Water Group Ltd		945
	72,135	*	BF Utilities Ltd		549
	2,324,000	*	Binhai Investment Co Ltd		121
	19,553		BKW S.A.		655
	160,113		Black Hills Corp		5,151
	45,395	*	Boralex, Inc		380
	60,971	*,e	Cadiz, Inc		440
	148,381	e	California Water Service Group		2,741
	7,726,865	*	Calpine Corp		127,570
	149,965	e	Canadian Utilities Ltd		9,788
	98,600		Capital Power Corp		2,303
	8,050,803	e	Centerpoint Energy, Inc		166,410
	891,310		Centrais Eletricas Brasileiras S.A.		6,324
	478,224		Centrais Eletricas Brasileiras S.A. (Preference)		4,648
	16,900		Centrais Eletricas de Santa Catarina S.A.		342
	11,646,933		Centrica plc		58,234
	57,964		CESC Ltd		303
	362,036	e	CEZ AS		12,511
	56,943		CH Energy Group, Inc		3,741
	244,853	e	Challenger Infrastructure Fund		329

180

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	57,377		Chesapeake Utilities Corp	$	2,509
	795,791		Cheung Kong Infrastructure Holdings Ltd		4,818
	5,316,000	e	China Gas Holdings Ltd		2,671
	3,136,000	e	China Longyuan Power Group Corp		2,071
	5,300,000	*	China Oil and Gas Group Ltd		504
	6,602,000	e	China Power International Development Ltd		1,742
	8,540,000	*,e	China Power New Energy Development Co Ltd		347
	858,000	e	China Resources Gas Group Ltd		1,486
	3,256,599		China Resources Power Holdings Co		6,727
	2,302,000	e	China Water Affairs Group Ltd		561
	5,250,000	e	China WindPower Group Ltd		189
	1,215,442		Chubu Electric Power Co, Inc		19,709
	331,291		Chugoku Electric Power Co, Inc		5,464
	256,073		Cia de Saneamento Basico do Estado de Sao Paulo		9,817
	73,900		Cia de Saneamento de Minas Gerais-COPASA		1,600
	61,245		Cia de Transmissao de Energia Electrica Paulista		1,955
	818,846		Cia Energetica de Minas Gerais		15,301
	400,771		Cia Energetica de Sao Paulo (Class B)		7,323
	65,400		Cia Energetica do Ceara		1,253
	151,419		Cia Paranaense de Energia		3,332
	238,063		Cleco Corp		9,958
	2,953,322		CLP Holdings Ltd		25,100
	1,077,480		CMS Energy Corp		25,321
	17,208,336		Colbun S.A.		4,771
	34,236	e	Connecticut Water Service, Inc		992
	526,212		Consolidated Edison, Inc		32,725
	65,655	e	Consolidated Water Co, Inc		544
	1,457,778	*	Contact Energy Ltd		5,640
	356,840		CPFL Energia S.A.		4,513
	10,902,000	e	Datang International Power Generation Co Ltd		4,314
	25,541	e	Delta Natural Gas Co, Inc		555
	1,578,866		Dominion Resources, Inc		85,259
	1,582,365		Drax Group plc		13,920
	788,112		DTE Energy Co		46,759
	2,062,221	e	DUET Group		3,907
	10,188,245		Duke Energy Corp		234,941
	4,200,127		E.ON AG.		90,761
	9,160		E1 Corp		386
	3,835,260		Edison International		177,189
	385,901		EDP - Energias do Brasil S.A.		2,477
	230,700		El Paso Electric Co		7,650
	106,141		Electric Power Development Co		2,789
	419,477	e	Electricite de France		9,333
	310,500		Electricity Generating PCL		1,129
	154,552		Eletropaulo Metropolitana de Sao Paulo S.A.		1,950
	57,835		Elia System Operator S.A.		2,378
	248,939		Empire District Electric Co		5,253
	974,300		Empresa Electrica del Norte Grande S.A.		2,317
	6,019,720		Empresa Nacional de Electricidad S.A.		10,208
	650,859	e	Enagas		11,876
	376,314	*,e	Endesa S.A.		6,608
	226,611		Enea S.A.		1,082

181

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,454,472		Enel Green Power S.p.A	$	2,305
	10,950,376	e	Enel S.p.A.		35,357
	3,976,388		Energias de Portugal S.A.		9,407
	1,024,060	*,e	Energy World Corp Ltd		393
	24,279,360		Enersis S.A.		9,135
	262,886		Entergy Corp		17,847
	2,234,597	e	Envestra Ltd		1,804
	1,344,639	e	Epure International Ltd		611
	196,100		Equatorial Energia S.A.		1,465
	48,270		EVN AG.		621
	4,116,614		Exelon Corp		154,867
	425,000	f	Federal Grid Co Unified Energy System JSC (ADR) (purchased 03/07/12, cost $2,488)		1,147
	2,298,200	*	First Gen Corp		965
	720,760		First Philippine Holdings Corp		1,296
	1,756,587		FirstEnergy Corp		86,406
	218,415	e	Fortis, Inc		6,927
	268,590		Fortum Oyj		5,101
	604,549		GAIL India Ltd		3,840
	1,849,646		Gas Natural SDG S.A.		23,749
	1,564,192		Gaz de France		37,303
	88,405		Genie Energy Ltd		687
	631,000		Glow Energy PCL		1,239
	176,239		Great Plains Energy, Inc		3,773
	140,000		Great Taipei Gas Co Ltd		90
	42,390	*	Greentech Energy Systems		82
	7,320,000	e	Guangdong Investments Ltd		5,299
	2,770		Gujarat Gas Co Ltd		15
	194,239		Gujarat State Petronet Ltd		245
	2,353,042	*	GVK Power & Infrastructure Ltd		651
	558,645	e	Hastings Diversified Utilities Fund		1,378
	147,746		Hawaiian Electric Industries, Inc		4,214
	1,214,038	e	Hera S.p.A.		1,710
	520,795		Hokkaido Electric Power Co, Inc		6,731
	169,073		Hokuriku Electric Power Co		2,633
	4,488,854		Hong Kong & China Gas Ltd		9,536
	1,563,788		Hong Kong Electric Holdings Ltd		11,735
	1,137,130	*	Huadian Energy Co Ltd		333
	11,676,000	e	Huaneng Power International, Inc		8,829
	723,000	e	Hyflux Ltd		774
	6,566,326		Iberdrola S.A.		31,001
	184,767		Idacorp, Inc		7,775
	60,000	*	IDGC Holding JSC (ADR)		928
	30,672		Indraprastha Gas Ltd		132
	943,235	e	Infratil Ltd		1,536
	156,051	e	Innergex Renewable Energy, Inc		1,583
	122,019	e	Integrys Energy Group, Inc		6,939
	499,961		Interconexion Electrica S.A.		3,253
	668,800		International Power plc		4,373
	711,107		Inversiones Aguas Metropolitanas S.A.		1,191
	554,950	e	Iride S.p.A.		219
	498,231		Isagen S.A. ESP		685

182

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	82,763		ITC Holdings Corp	$	5,703
	196,172	e	Just Energy Income Fund		2,154
	1,024,971		Kansai Electric Power Co, Inc		12,292
	8,877		Korea District Heating Corp		434
	355,910	*	Korea Electric Power Corp		8,019
	31,142		Korea Gas Corp		1,109
	22,828	*	KSK Energy Ventures Ltd		22
	529,899		Kyushu Electric Power Co, Inc		6,286
	133,272	e	Laclede Group, Inc		5,306
	93,500		Light S.A.		1,154
	78,100		Macquarie Power & Infrastructure Income Fund		308
	337,200	*,e	Magma Energy Corp		151
	530,437		Manila Electric Co		3,204
	1,428,200		Manila Water Co, Inc		832
	358,959		MDU Resources Group, Inc		7,757
	84,724		MGE Energy, Inc		4,007
	59,629	e	Middlesex Water Co		1,133
	161,000	*	MPX Energia S.A.		2,469
	140,547		National Fuel Gas Co		6,603
	8,921,661		National Grid plc		94,552
	156,810		New Jersey Resources Corp		6,838
	1,163,796	e	NextEra Energy, Inc		80,081
	2,290,630		NiSource, Inc		56,693
	1,772,649		Northeast Utilities		68,796
	93,859	e	Northland Power Income Fund		1,645
	99,914		Northwest Natural Gas Co		4,756
	201,720		NorthWestern Corp		7,403
	462,564	*	NRG Energy, Inc		8,030
	1,311,332		NTPC Ltd		3,767
	637,832		NV Energy, Inc		11,213
	55,379		Oest Elektrizitatswirts AG. (Class A)		1,269
	357,247		OGE Energy Corp		18,502
	88,700		Okinawa Electric Power Co, Inc		2,875
	729,557		Oneok, Inc		30,868
	64,699	e	Ormat Technologies, Inc		1,384
	4,473,406		Osaka Gas Co Ltd		18,742
	133,175	e	Otter Tail Corp		3,046
	567,414		Pennon Group plc		6,792
	293,172	e	Pepco Holdings, Inc		5,737
	822,400		Petronas Gas BHD		4,679
	1,208,032	e	PG&E Corp		54,688
	299,025		Piedmont Natural Gas Co, Inc		9,626
	653,039	e	Pinnacle West Capital Corp		33,788
	427,257		PNM Resources, Inc		8,349
	10,134,850		PNOC Energy Development Corp		1,456
	1,039,260		Polska Grupa Energetyczna S.A.		6,085
	352,704		Portland General Electric Co		9,403
	2,000,146		Power Grid Corp of India Ltd		4,092
	1,670,867		PPL Corp		46,467
	1,078,923		Progress Energy, Inc		64,919
	25,606,000		PT Perusahaan Gas Negara		9,694
	387,827		PTC India Ltd		454

183

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	153,669		Public Power Corp	$	363
	1,121,704		Public Service Enterprise Group, Inc		36,455
	266,200	*	Puncak Niaga Holding BHD		109
	7,260		Pusan City Gas Co Ltd		117
	385,781		Questar Corp		8,047
	2,104,500		Ratchaburi Electricity Generating Holding PCL		2,904
	60,247	e	Red Electrica de Espana		2,629
	245,107	e	Redes Energeticas Nacionais S.A.		649
	238,125		Reliance Energy Ltd		2,405
	765,273	*	Reliance Power Ltd		1,476
	5,806,188	*	RRI Energy, Inc		9,929
	48,299		Rubis		2,490
	1,484,334		RusHydro (ADR)		3,562
	601,697		RWE AG.		24,606
	299	e	RWE AG. (Preference)		11
	9,368		Samchully Co Ltd		721
	223,027		SCANA Corp		10,670
	174,257		Scottish & Southern Energy plc		3,801
	23,693	e	Sechilienne-Sidec		334
	767,723	e	Sempra Energy		52,881
	246,188		Severn Trent plc		6,382
	143,950		Shikoku Electric Power Co, Inc		3,060
	116,000		Shizuoka Gas Co Ltd		774
	51,552	e	SJW Corp		1,238
	1,135,481		Snam Rete Gas S.p.A.		5,087
	114,377	e	South Jersey Industries, Inc		5,830
	3,431,791		Southern Co		158,892
	237,486		Southwest Gas Corp		10,366
	4,155,605	e	SP AusNet		4,355
	3,395,547	f,g	Spark Infrastructure Group (purchased 05/29/09, cost $4,073)		5,324
	437,930		Suez Environnement S.A.		4,709
	1,443,450		Taiwan Cogeneration Corp		935
	1,443,502		Tata Power Co Ltd		2,731
	1,419,621		Tauron Polska Energia S.A.		1,952
	278,625		TECO Energy, Inc		5,032
	80,468		Telecom Plus plc		1,074
	3,572,418		Tenaga Nasional BHD		7,613
	47,811		Terna Energy S.A.		83
	684,121	e	Terna Rete Elettrica Nazionale S.p.A.		2,472
	4,535,500		Thai Tap Water Supply PCL		941
	590,208		Toho Gas Co Ltd		3,663
	399,698	*	Tohoku Electric Power Co, Inc		4,016
	1,805,206	*,e	Tokyo Electric Power Co, Inc		3,494
	5,469,585		Tokyo Gas Co Ltd		27,955
	1,176,000		Towngas China Co Ltd		850
	237,720		Tractebel Energia S.A.		4,397
	373,823	e	TransAlta Corp		6,334
	144,580		UGI Corp		4,255
	191,823		UIL Holdings Corp		6,879
	1,034,168		United Utilities Group plc		10,955
	55,408	e	Unitil Corp		1,468

184

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	193,723		UNS Energy Corp	$	7,441
	188,675	e	Utilities Select Sector SPDR Fund		6,979
	77,800		Valener, Inc		1,168
	433,488		Vector Ltd		932
	104,180		Vectren Corp		3,075
	274,204	e	Veolia Environnement		3,472
	425,785		Westar Energy, Inc		12,752
	192,890		WGL Holdings, Inc		7,667
	716,262	e	Wisconsin Energy Corp		28,342
	4,578,102		Xcel Energy, Inc		130,064
	2,776,000		Xinao Gas Holdings Ltd		9,799
	1,090		YESCO Co Ltd		24
	52,651	e	York Water Co		942
	10,356,826		YTL Corp BHD		6,627
	4,718,690		YTL Power International BHD		2,628
	1,453,400		Zhejiang Southeast Electric Power Co (Class B)		776
	629,253	*	Zorlu Enerji Elektrik Uretim AS		376
			TOTAL UTILITIES		3,552,456
			TOTAL COMMON STOCKS		100,681,101
			(Cost $94,067,090)

SHARES			COMPANY
PREFERRED STOCKS - 0.1%
DIVERSIFIED FINANCIALS - 0.0%
	319,300		Daishin Securities Co Ltd Pref 2	1,713
			TOTAL DIVERSIFIED FINANCIALS	1,713
FOOD, BEVERAGE & TOBACCO - 0.1%
	1,466,576	*	Ambev Cia De Bebidas Das	56,444
			TOTAL FOOD, BEVERAGE & TOBACCO	56,444
			TOTAL PREFERRED STOCKS	58,157
			(Cost $37,339)
RIGHTS / WARRANTS - 0.0%
BANKS - 0.0%
	42,733		Hampton Roads Bankshares, Inc	32
	42,733		Hampton Roads Bankshares, Inc (2nd Entitlements)	0	^
			TOTAL BANKS	32
CAPITAL GOODS - 0.0%
	242,887		Gamuda Berhad	78
	4,000		IJM Corp BHD - Warrants	2
	872	m	Jinsung T.E.C.	1
	67,670		Zardoya Otis S.A.	37
			TOTAL CAPITAL GOODS	118

185

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
CONSUMER DURABLES & APPAREL - 0.0%
	41,480	m	C C Land Holdings Ltd	$	0	^
			TOTAL CONSUMER DURABLES & APPAREL		0	^
CONSUMER SERVICES - 0.0%
	243	m	Galatasaray Sportif Sinai ve Ticari Yatirimlar AS.		17
			TOTAL CONSUMER SERVICES		17
DIVERSIFIED FINANCIALS - 0.0%
	5,228	m	Woori Financial Co Ltd		8
			TOTAL DIVERSIFIED FINANCIALS		8
ENERGY - 0.0%
	123,722	e	Etablissements Maurel et Prom CW14		39
	204,803		Kinder Morgan, Inc		442
	45,556	e,m	Magnum Hunter Resources Corp		0	^
	254,316	e	Repsol YPF S.A.		178
			TOTAL ENERGY		659
FOOD & STAPLES RETAILING - 0.0%
	228,285		Cencosud S.A.		75
			TOTAL FOOD & STAPLES RETAILING		75
HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	1,000,000	m	EnteroMedics, Inc		1,260
	60,780		Hartalega Holdings BHD		15
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		1,275
MATERIALS - 0.0%
	1,715,633	m	G Steel PCL		0	^
	474,378	e	Ivanhoe Mines Ltd		429
	1,558		Kinross Gold Corp		1
	35,141		Nordic Mines AB		4
			TOTAL MATERIALS		434
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	78,480		Sanofi-Aventis S.A.		111
	4,032,000		United Gene High-Tech Group Ltd		3
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		114
REAL ESTATE - 0.0%
	45,998	m	Globe Trade Centre S.A.		88
	4,761,352	m	GPT Group		0	^
	66,140		IJM Land BHD - CW13		16
	24,524	m	Nieuwe Steen Investments NV		0	^
			TOTAL REAL ESTATE		104
			TOTAL RIGHTS / WARRANTS		2,836
			(Cost $886)

186

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

PRINCIPAL			ISSUER		RATE		MATURITY DATE	VALUE (000)
SHORT-TERM INVESTMENTS - 5.6%
TREASURY DEBT - 0.4%
$	5,150,000		United States Treasury Bill		0.060	%	07/12/12	$	5,150
	50,900,000		United States Treasury Bill	0.045-0.060			07/19/12		50,899
	33,800,000		United States Treasury Bill		0.086		08/09/12		33,797
	209,500,000		United States Treasury Bill	0.048-0.057			08/23/12		209,484
	11,400,000		United States Treasury Bill		0.081		09/06/12		11,398
	52,000,000		United States Treasury Bill		0.070		09/13/12		51,992
	7,000,000		United States Treasury Bill		0.098		09/20/12		6,999
	33,100,000		United States Treasury Bill		0.105		09/27/12		33,093
			TOTAL TREASURY DEBT						402,812
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 5.2%
REPURCHASE AGREEMENTS - 4.9%
	638,000,000	n	Barclay		0.150		07/02/12		638,000
	910,000,000	o	Calyon		0.150		07/02/12		910,000
	380,000,000	p	Citigroup		0.160		07/02/12		380,000
	598,000,000	q	CSFB		0.150		07/02/12		598,000
	617,000,000	r	Deutsche Bank		0.150		07/02/12		617,000
	269,000,000	s	Merrill Lynch		0.150		07/02/12		269,000
	645,000,000	t	Royal Bank of Scotland		0.150		07/02/12		645,000
	151,000,000	u	Societe Generale		0.150		07/02/12		151,000
	774,000,000	v	UBS Warburg		0.140		07/02/12		774,000
			TOTAL REPURCHASE AGREEMENTS						4,982,000
VARIABLE RATE SECURITY - 0.3%
	58,000,000		American Express Credit Account Master		0.540		10/15/12		58,048
	15,855,334		Granite Master Issuer plc 2006		0.340		12/20/50		15,242
	12,536,764		Granite Master Issuer plc 2007		0.440		12/20/50		12,052
	6,936,476		Medallion Trust Series 2005		0.510		08/22/36		6,739
	13,036,675		Nelnet Student Loan Trust 2006		0.510		11/23/18		13,032
	17,545,206		Nelnet Student Loan Trust 2007		0.720		09/25/18		17,524
	14,241,500		Puma Global Mortgage Backed Trust		0.540		02/21/38		13,615
	170,000,000		SLM Student Loan Trust 2007		0.510		01/25/19		167,228
	33,930,445		SLM Student Loan Trust 2008		0.820		10/25/16		33,819
			TOTAL VARIABLE RATE SECURITY						337,299
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						5,319,299
			TOTAL SHORT-TERM INVESTMENTS						5,722,111
			(Cost $5,724,041)
			TOTAL INVESTMENTS - 105.0%						106,465,610
			(Cost $99,830,781)
			OTHER ASSETS & LIABILITIES, NET - (5.0)%						(5,068,377	)
			NET ASSETS - 100.0%					$	101,397,233

187

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

	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 $5,382,171,000.
f	Restricted security. At 6/30/2012, the aggregate value of these securities amounted to $145,285,000 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 June 30, 2012 the aggregate value of these securities amounted to $6,400,000 or 0.0% of net assets.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
m	Indicates a security that has been deemed illiquid.
n	Agreement with Barclay, 0.15% dated 06/29/12 to be repurchased at $638,000,000 on 07/02/12, collateralized by U.S. Treasury Securities valued at $650,760,000.
o	Agreement with Calyon, 0.15% dated 06/29/12 to be repurchased at $910,000,000 on 07/02/12, collateralized by U.S. Treasury Securities valued at $928,200,000.
p	Agreement with Citigroup, 0.16% dated 06/29/12 to be repurchased at $380,000,000 on 07/02/12, collateralized by U.S. Treasury Securities valued at $387,600,000.
q	Agreement with CSFB, 0.15% dated 06/29/12 to be repurchased at $598,000,000 on 07/02/12, collateralized by U.S. Treasury Securities valued at $609,962,000.
r	Agreement with Deutsche Bank, 0.15% dated 06/29/12 to be repurchased at $617,000,000 on 07/02/12, collateralized by U.S. Treasury Securities valued at $629,340,000.
s	Agreement Merrill Lynch, 0.15% dated 06/29/12 to be repurchased at $269,000,000 on 07/02/12, collateralized by U.S. Treasury Securities valued at $274,380,000.
t	Agreement with Royal Bank of Scotland, 0.15% dated 06/29/12 to be repurchased at $645,000,000 on 07/02/12, collateralized by U.S. Treasury Securities valued at $657,902,000.
u	Agreement Societe Generale, 0.15% dated 06/29/12 to be repurchased at $151,000,000 on 07/02/12, collateralized by U.S. Treasury Securities valued at $154,020,000.
v	Agreement with UBS Warburg, 0.14% dated 06/29/12 to be repurchased at $774,000,000 on 07/02/12, collateralized by U.S. Treasury Securities valued at $789,480,000.
	Cost amounts are in thousands.

188

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
SUMMARY OF MARKET VALUES BY COUNTRY (unaudited)
June 30, 2012

COUNTRY	VALUE (000)		% OF TOTAL PORTFOLIO
DOMESTIC
UNITED STATES	$	75,684,287		71.5	%
TOTAL DOMESTIC		75,684,287		71.5
FOREIGN
ARGENTINA		1,781		0.0
AUSTRALIA		1,556,710		1.5
AUSTRIA		103,374		0.1
BAHAMAS		228		0.0
BELGIUM		285,837		0.3
BERMUDA		39,456		0.0
BRAZIL		898,981		0.8
CAMBODIA		1,242		0.0
CANADA		2,614,774		2.5
CAYMAN ISLANDS		1,578		0.0
CHILE		132,790		0.1
CHINA		1,223,224		1.1
COLOMBIA		108,950		0.1
CYPRUS		1,777		0.0
CZECH REPUBLIC		23,278		0.0
DENMARK		254,891		0.2
EGYPT		21,639		0.0
FAROE ISLANDS		338		0.0
FINLAND		109,242		0.1
FRANCE		1,647,660		1.5
GERMANY		1,693,058		1.6
GIBRALTAR		1,625		0.0
GREECE		28,699		0.0
GUERNSEY, C.I.		2,908		0.0
HONG KONG		723,379		0.7
HUNGARY		13,509		0.0
INDIA		573,185		0.5
INDONESIA		235,690		0.2
IRELAND		237,010		0.2
ISLE OF MAN		3,424		0.0
ISRAEL		345,538		0.3
ITALY		414,933		0.4
JAPAN		4,567,100		4.3
JERSEY, C.I.		12,592		0.0
KOREA, REPUBLIC OF		1,137,090		1.1
LIECHTENSTEIN		1,331		0.0
LUXEMBOURG		22,766		0.0
MACAU		45,569		0.0
MALAYSIA		245,268		0.2

189

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COUNTRY	VALUE (000)		% OF TOTAL PORTFOLIO
MEXICO	$	400,795		0.4	%
MONACO		1,027		0.0
MOROCCO		6,074		0.0
NETHERLANDS		955,686		0.9
NEW ZEALAND		48,709		0.0
NIGERIA		1,043		0.0
NORWAY		216,640		0.2
PANAMA		15,463		0.0
PERU		38,580		0.0
PHILIPPINES		85,445		0.1
POLAND		106,828		0.1
PORTUGAL		41,097		0.0
PUERTO RICO		2,033		0.0
RUSSIA		406,957		0.4
SINGAPORE		289,459		0.3
SOUTH AFRICA		565,611		0.5
SPAIN		403,851		0.4
SWEDEN		521,581		0.5
SWITZERLAND		1,486,712		1.4
TAIWAN		852,994		0.8
THAILAND		186,115		0.2
TURKEY		137,741		0.1
UKRAINE		3,962		0.0
UNITED ARAB EMIRATES		20,772		0.0
UNITED KINGDOM		4,653,724		4.4
TOTAL FOREIGN		30,781,323		28.5
TOTAL PORTFOLIO	$	106,465,610		100.0	%

190

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2012

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 98.6%
AUSTRALIA - 2.4%
	159,130		AGL Energy Ltd	$	2,418
	800,945		Alumina Ltd		657
	356,590		Amcor Ltd		2,603
	1,002,431		AMP Ltd		3,989
	45,049		APA Group		231
	349,707	*	Arrium Ltd		315
	207,490		Asciano Group		932
	812,854		Australia & New Zealand Banking Group Ltd		18,517
	54,819		Australian Stock Exchange Ltd		1,683
	50,434		Bendigo Bank Ltd		385
	1,207,401		BHP Billiton Ltd		39,328
	758,880	*	BlueScope Steel Ltd		236
	100,989	e	Boral Ltd		308
	357,545		Brambles Ltd		2,268
	18,575		Caltex Australia Ltd		259
	6,121		Campbell Brothers Ltd		343
	86,035		Centro Retail Australia (REIT)		175
	258,903		CFS Gandel Retail Trust		517
	182,590		Coca-Cola Amatil Ltd		2,509
	5,208	e	Cochlear Ltd		354
	503,151		Commonwealth Bank of Australia		27,555
	5,000,000		Commonwealth Property Office Fund		5,212
	146,400		Computershare Ltd		1,119
	61,166		Crown Ltd		535
	146,458		CSL Ltd		5,941
	799,457	e	David Jones Ltd		2,138
	647,315		DB RREEF Trust		619
	66,488		DuluxGroup Ltd		206
	99,933		Echo Entertainment Group Ltd		441
	2,859,273	e	Fortescue Metals Group Ltd		14,610
	219,839		GPT Group (ASE)		744
	70,569	e	Harvey Norman Holdings Ltd		142
	38,343		Iluka Resources Ltd		453
	320,905		Incitec Pivot Ltd		948
	636,776		Insurance Australia Group Ltd		2,284
	302,136	e	John Fairfax Holdings Ltd		173
	47,094		Leighton Holdings Ltd		793
	193,760		Lend Lease Corp Ltd		1,441
	152,761	*,e	Lynas Corp Ltd		135
	193,361		Macquarie Goodman Group		732
	117,569		Macquarie Group Ltd		3,175
	106,294		Metcash Ltd		368
	1,107,546		Mirvac Group		1,455
	1,000,000	e	Myer Holdings Ltd		1,664

191

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,091,503		National Australia Bank Ltd	$	26,586
	235,089		Newcrest Mining Ltd		5,471
	117,012		Orica Ltd		2,980
	365,177		Origin Energy Ltd		4,599
	116,821		Oxiana Ltd		953
	152,154	*	Qantas Airways Ltd		169
	450,761		QBE Insurance Group Ltd		6,230
	156,450		QR National Ltd		548
	211,901		Ramsay Health Care Ltd		4,924
	260,578		Rio Tinto Ltd		15,298
	288,780		Santos Ltd		3,180
	22,012	e	Sims Group Ltd		218
	33,477	e	Sonic Healthcare Ltd		438
	214,387		SP AusNet		225
	828,574		Stockland Trust Group		2,630
	459,945		Suncorp-Metway Ltd		3,843
	69,180		Sydney Airport		206
	94,695		Tabcorp Holdings Ltd		286
	180,904		Tattersall’s Ltd		488
	1,599,066		Telstra Corp Ltd		6,059
	255,184		Toll Holdings Ltd		1,049
	370,941		Transurban Group		2,167
	363,864		Wesfarmers Ltd		11,200
	3,695,061		Westfield Group		36,180
	1,341,261		Westfield Retail Trust		3,934
	981,698		Westpac Banking Corp		21,437
	29,800		Whitehaven Coal Ltd		128
	211,161		Woodside Petroleum Ltd		6,767
	373,691		Woolworths Ltd		10,287
	40,242		WorleyParsons Ltd		1,045
			TOTAL AUSTRALIA		330,435
AUSTRIA - 0.0%
	83,891		Andritz AG.		4,314
	21,267	*	Erste Bank der Oesterreichischen Sparkassen AG.		404
	52,387		IMMOFINANZ Immobilien Anlagen AG.		167
	7,264		Oest Elektrizitatswirts AG. (Class A)		166
	170,000		Oesterreichische Post AG.		5,709
	15,062	e	OMV AG.		474
	5,212	e	Raiffeisen International Bank Holding AG.		171
	32,630		Telekom Austria AG.		321
	11,158	e	Voestalpine AG.		296
	3,986		Wiener Staedtische Allgemeine Versicherung AG.		161
	904,573	e	Wienerberger AG.		8,518
			TOTAL AUSTRIA		20,701
BELGIUM - 1.0%
	31,925	*	Anheuser-Busch InBev NV		0	^
	219,289		Anheuser-Busch InBev NV (ADR)		17,466
	15,560		Belgacom S.A.		443
	7,491		Colruyt S.A.		334
	10,116		Delhaize Group		371

192

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	224,921		Fortis	$	447
	7,781		Groupe Bruxelles Lambert S.A.		528
	477	*	Groupe Bruxelles Lambert S.A. - STR VVPR		0	^
	793,977		InBev NV		62,598
	16,307		KBC Groep NV		345
	2,869		Mobistar S.A.		98
	6,114		Solvay S.A.		604
	2,936		Telenet Group Holding NV		128
	728,717	e	UCB S.A.		36,811
	216,196		Umicore		9,996
			TOTAL BELGIUM		130,169
BERMUDA - 0.0%
	83,000		Validus Holdings Ltd		2,658
			TOTAL BERMUDA		2,658
BRAZIL - 0.2%
	200,000		Cia de Saneamento de Minas Gerais-COPASA		4,331
	23,506		Companhia Vale do Rio Doce (ADR)		467
	1,000,000		Klabin S.A.		4,531
	850,000		Marcopolo S.A.		3,830
	808,000	*	OGX Petroleo e Gas Participacoes S.A.		2,213
			TOTAL BRAZIL		15,372
CANADA - 3.6%
	61,315		Agnico-Eagle Mines Ltd		2,484
	198,135	e	Agrium, Inc (Toronto)		17,560
	40,920		Alimentation Couche Tard, Inc		1,787
	90,528	e	ARC Energy Trust		2,036
	102,185	*	Athabasca Oil Corp		1,124
	1,275	e	Bank of Montreal		70
	219,427		Bank of Montreal (Toronto)		12,125
	374,854	e	Bank of Nova Scotia		19,418
	247,140		Barrick Gold Corp		9,285
	792,695		Barrick Gold Corp (Canada)		29,859
	31,493	e	Baytex Energy Trust		1,327
	213,834	e	BCE, Inc		8,817
	28,411		Bell Aliant Regional Communications Income Fund		712
	97,139	*	Biovail Corp (Toronto)		4,357
	538,725		Bombardier, Inc		2,127
	47,696	e	Bonavista Energy Trust		746
	189,058		Brookfield Asset Management, Inc		6,260
	102,326		CAE, Inc		994
	143,253	e	Cameco Corp		3,148
	189,080	e	Canadian Imperial Bank of Commerce/Canada		13,307
	343,616	e	Canadian National Railway Co		29,059
	418,992		Canadian Natural Resources Ltd (Canada)		11,239
	159,137	e	Canadian Oil Sands Trust		3,082
	156,078		Canadian Pacific Railway Ltd		11,455
	27,625		Canadian Tire Corp Ltd		1,869
	17,850		Canadian Utilities Ltd		1,165
	190,000		Cenovus Energy, Inc		6,042

193

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	354,975	e	Cenovus Energy, Inc (Toronto)	$	11,286
	51,418		Centerra Gold, Inc		360
	384,248	*,e	CGI Group, Inc		9,235
	60,399	e	CI Financial Corp		1,310
	261,645	e	Crescent Point Energy Corp		9,766
	119,900	e	Dollarama, Inc		7,205
	223,795		Eldorado Gold Corp		2,757
	12,019		Empire Co Ltd		633
	244,745	e	Enbridge, Inc		9,774
	259,043		EnCana Corp		5,394
	71,881	e	Enerplus Resources Fund		923
	6,477		Fairfax Financial Holdings Ltd		2,565
	58,748		Finning International, Inc		1,366
	159,062		First Quantum Minerals Ltd		2,812
	65,338	e	Fortis, Inc		2,072
	40,881	e	Franco-Nevada Corp		1,849
	18,833		George Weston Ltd		1,070
	43,104	e	Gildan Activewear, Inc		1,188
	274,709		Goldcorp, Inc		10,342
	91,463		Great-West Lifeco, Inc		1,983
	20,171		H&R Real Estate Investment Trust		485
	118,083	e	Husky Energy, Inc		2,952
	143,368	e	IAMGOLD Corp		1,695
	42,203	e	IGM Financial, Inc		1,660
	103,032	e	Imperial Oil Ltd		4,310
	35,474		Industrial Alliance Insurance and Financial Services, Inc		853
	39,563		ING Canada, Inc		2,463
	16,870		Inmet Mining Corp		691
	91,085	*,e	Ivanhoe Mines Ltd		898
	391,907		Kinross Gold Corp		3,199
	45,810	e	Loblaw Cos Ltd		1,458
	42,415	e	Lululemon Athletica, Inc		2,529
	80,846	e	Magna International, Inc (Class A)		3,193
	150,000	e	Manitoba Telecom Services, Inc		4,886
	629,247	e	Manulife Financial Corp		6,854
	37,210	*	MEG Energy Corp		1,334
	114,914		Metro, Inc		5,884
	54,167	e	National Bank of Canada		3,872
	133,886	*	New Gold, Inc		1,277
	184,294	e	Nexen, Inc		3,121
	31,602		Onex Corp		1,227
	22,933	*	Open Text Corp		1,149
	119,886	*	Osisko Mining Corp		824
	57,675	e	Pan American Silver Corp		976
	76,749	e	Pembina Pipeline Income Fund		1,962
	146,088	e	Pengrowth Energy Trust		927
	157,496	e	Penn West Energy Trust		2,113
	298,291		Potash Corp of Saskatchewan Toronto		13,038
	121,577		Power Corp Of Canada		2,856
	77,899	e	Power Financial Corp		1,947
	75,250	*	Precision Drilling Trust		512
	68,520	e	ProEx Energy Ltd		1,351

194

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	44,283		RioCan Real Estate Investment Trust	$	1,205
	32,911	e	Ritchie Bros Auctioneers, Inc		705
	144,108	e	Rogers Communications, Inc (Class B)		5,225
	699,066	e	Royal Bank of Canada (Toronto)		35,815
	43,772	e	Saputo, Inc		1,820
	132,843	e	Shaw Communications, Inc (B Shares)		2,510
	74,529	e	Shoppers Drug Mart Corp		3,005
	118,821		Silver Wheaton Corp		3,194
	57,773		SNC-Lavalin Group, Inc		2,164
	211,984		Sun Life Financial, Inc		4,612
	1,008,803		Suncor Energy, Inc		29,171
	368,294		Talisman Energy, Inc		4,222
	195,239	e	Teck Cominco Ltd		6,046
	20,773		TELUS Corp		1,247
	52,043	e	TELUS Corp, non-voting shares		3,045
	139,222	e	Thomson Corp (Toronto)		3,962
	55,172		Tim Hortons, Inc (Toronto)		2,908
	106,990		TMX Group, Inc		4,876
	493,412	e	Toronto-Dominion Bank		38,616
	40,458	*	Tourmaline Oil Corp		1,068
	92,019	e	TransAlta Corp		1,559
	307,615	e	TransCanada Corp		12,893
	200,000	e	Trican Well Service Ltd		2,308
	26,121	e	Vermilion Energy Trust		1,179
	130,151		Viterra, Inc		2,065
	243,172	e	Yamana Gold, Inc		3,752
			TOTAL CANADA		547,012
CHINA - 0.1%
	794,000	e	Agricultural Bank of China		322
	2,708,700	e	Bank of Communications Co Ltd		1,838
	1,122,000		China Aoyuan Property Group Ltd		152
	1,119,500	e	China Merchants Bank Co Ltd		2,123
	4,000,000	*,e	China Metal Recycling Holdings Ltd		2,973
	2,000,000	*,e	China South Locomotive and Rolling Stock Corp		1,570
	3,930,000		CNOOC Ltd		7,923
	87,584	e	Cosco Corp Singapore Ltd		69
	209,000	*,e	Glorious Property Holdings Ltd		37
	6,877,000	e	Industrial & Commercial Bank of China		3,855
	791,000		Intime Department Store Group Co Ltd		782
	180,000	e	Ping An Insurance Group Co of China Ltd		1,455
	2,117,024	e	Sino-Ocean Land Holdings Ltd		1,061
	100,100		Tencent Holdings Ltd		2,956
	169,000	e	Yangzijiang Shipbuilding		135
	1,650,000	*,e	Yanlord Land Group Ltd		1,617
			TOTAL CHINA		28,868
COLOMBIA - 0.0%
	94,938	e	Pacific Rubiales Energy Corp (Toronto)		2,010
			TOTAL COLOMBIA		2,010

195

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
DENMARK - 0.5%
	55		AP Moller - Maersk AS (Class A)	$	342
	123		AP Moller - Maersk AS (Class B)		807
	10,759		Carlsberg AS (Class B)		849
	643,995		Christian Hansen Holding		16,593
	2,236		Coloplast AS (Class B)		402
	56,680	*	Danske Bank AS		788
	20,640		DSV AS		409
	140,000		H Lundbeck AS		2,893
	285,107		Novo Nordisk AS (Class B)		41,351
	38,472		Novozymes AS		998
	725,684		TDC AS		5,043
	30,000	*	Topdanmark AS		5,144
	2,442	e	TrygVesta AS		137
	2,525	*,e	William Demant Holding		227
			TOTAL DENMARK		75,983
FINLAND - 0.1%
	13,213	e	Elisa Oyj (Series A)		266
	149,046		Fortum Oyj		2,830
	6,808	e	Kesko Oyj (B Shares)		178
	15,631		Kone Oyj (Class B)		944
	12,748		Metso Oyj		440
	12,237	e	Neste Oil Oyj		138
	299,714	e	Nokia Oyj		611
	10,752		Nokian Renkaat Oyj		408
	14,725	e	OKO Bank (Class A)		172
	214,898	e	Orion Oyj (Class B)		4,070
	251,100	e	Outotec Oyj		11,473
	42,512		Sampo Oyj (A Shares)		1,103
	57,538	e	Stora Enso Oyj (R Shares)		354
	52,800		UPM-Kymmene Oyj		597
	16,917	e	Wartsila Oyj (B Shares)		554
			TOTAL FINLAND		24,138
FRANCE - 3.3%
	14,423		Accor S.A.		452
	3,014	e	Aeroports de Paris		228
	51,361	e	Air Liquide		5,872
	233,690	*,e	Alcatel S.A.		385
	20,712	e	Alstom RGPT		655
	53,325		Arkema		3,496
	349,855	*	Atos Origin S.A.		20,922
	168,320	e	AXA S.A.		2,250
	886,352		BNP Paribas		34,173
	10,045		Bouygues S.A.		270
	5,129	e	Bureau Veritas S.A.		456
	14,851		Cap Gemini S.A.		547
	61,106	e	Carrefour S.A.		1,128
	5,523		Casino Guichard Perrachon S.A.		485
	2,949		Christian Dior S.A.		406
	14,789	*,e	CNP Assurances		181
	619,962	e	Compagnie de Saint-Gobain		22,907

196

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	14,067	*	Compagnie Generale de Geophysique S.A.	$	364
	20,340		Compagnie Generale d’Optique Essilor International S.A.		1,889
	95,021	*,e	Credit Agricole S.A.		419
	6,324	e	Dassault Systemes S.A.		593
	2,150,543		Edenred		60,966
	25,859	e	Electricite de France		575
	3,241		Eurazeo		125
	7,055		Eutelsat Communications		217
	2,504		Fonciere Des Regions		180
	117,453	e	France Telecom S.A.		1,544
	772,700	*	GameLoft		4,828
	134,008		Gaz de France		3,196
	2,005	e	Gecina S.A.		179
	585,549		Groupe Danone		36,390
	29,167		Groupe Eurotunnel S.A.		237
	2,150	e	Icade		163
	1,221	e	Iliad S.A.		177
	3,402		Imerys S.A.		173
	808,623	e	JC Decaux S.A.		17,832
	9,735		Klepierre		320
	183,417	e	Lafarge S.A.		8,191
	6,169		Lagardere S.C.A.		172
	17,660	e	Legrand S.A.		600
	17,270		L’Oreal S.A.		2,021
	107,177		LVMH Moet Hennessy Louis Vuitton S.A.		16,311
	166,744		Michelin (C.G.D.E.) (Class B)		10,909
	90,804		Natixis		245
	70,247	e	Pernod-Ricard S.A.		7,512
	12,475	e	Peugeot S.A.		123
	6,688		PPR		953
	7,849	e	Publicis Groupe S.A.		359
	357,206		Remy Cointreau S.A.		39,245
	19,130		Renault S.A.		764
	674,344	e	Rexel S.A.		11,518
	21,145		Safran S.A.		785
	393,940		Sanofi-Aventis		29,822
	50,025		Schneider Electric S.A.		2,781
	16,758		SCOR		406
	62,843		Societe BIC S.A.		6,492
	269,446	*	Societe Generale		6,318
	5,091		Sodexho Alliance S.A.		396
	16,061		Suez Environnement S.A.		173
	333,483		Technip S.A.		34,754
	9,408	e	Thales S.A.		311
	214,654	e	Total S.A.		9,661
	8,808		Unibail		1,623
	10,615		Vallourec		434
	19,329		Veolia Environnement		245
	44,312		Vinci S.A.		2,071
	126,642		Vivendi Universal S.A.		2,353
	1,728		Wendel		128
	1,825		Zodiac S.A.		186
			TOTAL FRANCE		423,042

197

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
GERMANY - 3.4%
	11,302		Adidas-Salomon AG.	$	810
	477,070		Allianz AG.		47,986
	2,024	e	Axel Springer AG.		87
	517,383		BASF AG.		35,976
	1,060,084		Bayer AG.		76,389
	283,948		Bayerische Motoren Werke AG.		20,549
	535		Bayerische Motoren Werke AG. (Preference)		26
	277,950		Beiersdorf AG.		18,019
	96,161	e	Brenntag AG.		10,642
	8,435	e	Celesio AG.		138
	380,094	*	Commerzbank AG.		646
	46,332		Continental AG.		3,862
	331,418		Daimler AG. (Reg)		14,894
	537,165		Deutsche Bank AG.		19,388
	19,709		Deutsche Boerse AG.		1,063
	22,459		Deutsche Lufthansa AG.		260
	85,733		Deutsche Post AG.		1,517
	283,257		Deutsche Telekom AG.		3,104
	1,043,204		E.ON AG.		22,543
	3,577		Fraport AG. Frankfurt Airport Services Worldwide		193
	215,754		Fresenius Medical Care AG.		15,238
	11,787		Fresenius SE		1,220
	9,595		GEA Group AG.		256
	5,975		Hannover Rueckversicherung AG.		356
	14,188		HeidelbergCement AG.		681
	13,146		Henkel KGaA		730
	18,007		Henkel KGaA (Preference)		1,196
	1,760	*	Hochtief AG.		85
	93,810	e	Hugo Boss AG.		9,294
	108,968		Infineon Technologies AG.		738
	17,521		K&S AG.		802
	241,054	*	Kabel Deutschland Holding AG.		15,022
	238,151		Lanxess AG.		15,071
	27,226		Linde AG.		4,240
	129,456		MAN AG.		13,240
	3,488		Merck KGaA		348
	12,679	e	Metro AG.		370
	73,000		MTU Aero Engines Holding AG.		5,373
	110,724		Muenchener Rueckver AG.		15,624
	60,000		Norddeutsche Affinerie AG.		2,898
	15,407	e	Porsche AG.		766
	305,777		ProSiebenSat.1 Media AG.		6,855
	70,878		Rheinmetall AG.		3,484
	36,917		RWE AG.		1,510
	3,154	e	RWE AG. (Preference)		117
	3,907		Salzgitter AG.		161
	774,038		SAP AG.		45,835
	83,161		Siemens AG.		6,988

198

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	136,407		Suedzucker AG.	$	4,839
	36,603		ThyssenKrupp AG.		596
	5,876		United Internet AG.		101
	26,562		Volkswagen AG.		4,014
	121,868		Volkswagen AG. (Preference)		19,307
	851	e	Wacker Chemie AG.		59
			TOTAL GERMANY		475,506
GREECE - 0.0%
	19,469	*	Coca Cola Hellenic Bottling Co S.A.		345
	20,492		OPAP S.A.		128
			TOTAL GREECE		473
HONG KONG - 1.2%
	10,518,300		AIA Group Ltd		36,331
	17,758	e	ASM Pacific Technology		227
	127,276	e	Bank of East Asia Ltd		459
	2,570,448		BOC Hong Kong Holdings Ltd		7,913
	105,237	e	Cathay Pacific Airways Ltd		171
	596,111		Cheung Kong Holdings Ltd		7,360
	42,661		Cheung Kong Infrastructure Holdings Ltd		258
	7,063,200	*,e	Chow Tai Fook Jewellery Group Ltd		8,814
	496,956		CLP Holdings Ltd		4,224
	210,121	e	Esprit Holdings Ltd		272
	190,504		First Pacific Co		198
	187,728	*,e	Foxconn International Holdings Ltd		69
	126,000	*,e	Galaxy Entertainment Group Ltd		317
	217,927		Hang Lung Group Ltd		1,348
	1,151,337		Hang Lung Properties Ltd		3,938
	360,870	e	Hang Seng Bank Ltd		4,961
	309,005		Henderson Land Development Co Ltd		1,718
	1,804	e	HKT Trust and HKT Ltd		1
	1,558,859		Hong Kong & China Gas Ltd		3,312
	295,279		Hong Kong Electric Holdings Ltd		2,216
	247,185	e	Hong Kong Exchanges and Clearing Ltd		3,557
	49,403		Hopewell Holdings		141
	489,700		Hutchison Port Holdings Trust		350
	667,416		Hutchison Whampoa Ltd		5,789
	57,294		Hysan Development Co Ltd		218
	2,000,000	e	iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker		2,604
	100,000		Jardine Matheson Holdings Ltd		4,871
	1,525,927		Kerry Properties Ltd		6,566
	11,065,338	e	Li & Fung Ltd		21,425
	46,000		Lifestyle International Holdings Ltd		101
	158,568		Link Real Estate Investment Trust		650
	405,915		MTR Corp		1,393
	1,633,895		New World Development Ltd		1,925
	348,668		Noble Group Ltd		312
	124,805		NWS Holdings Ltd		182
	19,864		Orient Overseas International Ltd		97
	279,749		PCCW Ltd		103
	5,641,200		Samsonite International		9,536

199

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	2,770,286	e	Shanghai Real Estate Ltd	$	121
	137,345		Shangri-La Asia Ltd		264
	262,964		Sino Land Co		399
	77,120	*,e	Sino-Forest Corp		1
	170,000		SJM Holdings Ltd		319
	628,904		Sun Hung Kai Properties Ltd		7,477
	143,293		Swire Pacific Ltd (Class A)		1,667
	67,156		Swire Properties Ltd		202
	1,945,662		Wharf Holdings Ltd		10,820
	83,780		Wheelock & Co Ltd		318
	15,696	e	Wing Hang Bank Ltd		153
	66,089		Yue Yuen Industrial Holdings		208
			TOTAL HONG KONG		165,876
INDIA - 0.5%
	2,189,562	*	DEN Networks Ltd		3,834
	1,530,483		Dhanalakshmi Bank Ltd		1,495
	4,473,518		DLF Ltd		16,078
	787,416		Geodesic Information Systems Ltd		524
	741,410	*	Hathway Cables and Datacom Pvt Ltd		2,384
	1,764,100		Infrastructure Development Finance Co Ltd		4,353
	400,070		ING Vysya Bank Ltd		2,639
	350,000		ITC Ltd		1,630
	326,698		Larsen & Toubro Ltd		8,251
	454,322		LIC Housing Finance Ltd		2,210
	765,751		Prestige Estates Projects Ltd		1,616
	779,738	f	Puravankara Projects Ltd (purchased 11/26/07, cost $2,222)		917
	400,000		Sun Pharmaceuticals Industries Ltd		4,586
	1,039,619		Sunteck Realty Ltd		6,549
	13,325,151		Unitech Ltd		5,285
	542,207		United Spirits Ltd		6,678
	5,466	e	Vedanta Resources plc		78
			TOTAL INDIA		69,107
INDONESIA - 0.1%
	7,879,000		Bank Rakyat Indonesia		5,396
	12,000,000		PT Bank Negara Indonesia		4,934
	5,001,000		PT Harum Energy Indonesia Tbk		3,070
			TOTAL INDONESIA		13,400
IRELAND - 0.8%
	147,992	*,m	Anglo Irish Bank Corp plc		0	^
	65,362		CRH plc		1,252
	6,125		CRH plc (Ireland)		118
	47,968	*	Elan Corp plc		704
	490	*	Elan Corp plc (ADR)		7
	60,392		James Hardie Industries NV		498
	14,276		Kerry Group plc (Class A)		626
	135,500		Paddy Power plc		8,845
	15,748	*	Ryanair Holdings plc		80
	543		Ryanair Holdings plc (ADR)		16
	1,489,840		Shire Ltd		42,863

200

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	167,609		Shire plc (ADR)	$	14,480
	3,360,413		WPP plc		40,795
	48,950		XL Capital Ltd		1,030
			TOTAL IRELAND		111,314
ISLE OF MAN - 0.0%
	3,631,384	*	Unitech Corporate Parks plc		1,766
			TOTAL ISLE OF MAN		1,766
ISRAEL - 0.5%
	59,527		Bank Hapoalim Ltd		184
	68,398	*	Bank Leumi Le-Israel		167
	92,648		Bezeq Israeli Telecommunication Corp Ltd		99
	70,000	*	Check Point Software Technologies		3,471
	250		Delek Group Ltd		37
	1,340		Elbit Systems Ltd		46
	23,261		Israel Chemicals Ltd		257
	132		Israel Corp Ltd		75
	6,605	*	Mizrahi Tefahot Bank Ltd		52
	3,188	*	Nice Systems Ltd		117
	50,927		Teva Pharmaceutical Industries Ltd		2,007
	1,673,544		Teva Pharmaceutical Industries Ltd (ADR)		66,005
			TOTAL ISRAEL		72,517
ITALY - 1.2%
	228,506		ACEA S.p.A.		1,360
	118,344		Assicurazioni Generali S.p.A.		1,605
	11,239		Autogrill S.p.A.		102
	31,746		Autostrade S.p.A.		405
	907,811		Banca Intesa S.p.A.		1,292
	96,435		Banca Intesa S.p.A. RSP		110
	389,785	e	Banca Monte dei Paschi di Siena S.p.A.		97
	69,328		Banche Popolari Unite Scpa		227
	123,235	*,e	Banco Popolare Scarl		165
	782,477		De’Longhi S.p.A.		7,534
	89,750		Enel Green Power S.p.A		142
	356,281		Enel S.p.A.		1,150
	1,619,695		ENI S.p.A.		34,411
	7,283		Exor S.p.A.		157
	81,849		FIAT Industrial S.p.A.		806
	82,986	*,e	Fiat S.p.A.		418
	37,754	*,e	Finmeccanica S.p.A.		153
	711,009	e	Lottomatica S.p.A.		13,723
	12,079		Luxottica Group S.p.A.		422
	67,085	e	Mediaset S.p.A.		117
	47,733		Mediobanca S.p.A.		211
	303,107	e	Pirelli & C S.p.A.		3,197
	1,053,900	e	Prada S.p.A		7,112
	14,746		Prysmian S.p.A.		220
	1,154,316		Saipem S.p.A.		51,407
	86,809		Snam Rete Gas S.p.A.		389
	323,861		Telecom Italia RSP		262

201

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	780,142		Telecom Italia S.p.A.	$	771
	65,936		Terna Rete Elettrica Nazionale S.p.A.		238
	1,482,664	*	UniCredit S.p.A		5,622
	513,699	*,e	Yoox S.p.A		7,431
			TOTAL ITALY		141,256
JAPAN - 7.7%
	2,100	e	ABC-Mart, Inc		79
	3,390		Advance Residence Investment Corp		6,590
	744,543	e	Advantest Corp		11,639
	228,209	e	Aeon Co Ltd		2,844
	9,803	e	Aeon Credit Service Co Ltd		182
	10,000		Aeon Mall Co Ltd		213
	12,000		Air Water, Inc		145
	258,942		Aisin Seiki Co Ltd		8,656
	54,529		Ajinomoto Co, Inc		759
	4,957		Alfresa Holdings Corp		263
	69,435	e	All Nippon Airways Co Ltd		197
	319,744		Amada Co Ltd		1,892
	442,000		Anritsu Corp		5,010
	6,274,448		Aozora Bank Ltd		14,942
	191,107		Asahi Breweries Ltd		4,106
	274,773	e	Asahi Glass Co Ltd		1,854
	469,834		Asahi Kasei Corp		2,547
	12,700		Asics Corp		161
	133,241		Astellas Pharma, Inc		5,814
	26,653	e	Bank of Kyoto Ltd		202
	375,971		Bank of Yokohama Ltd		1,778
	26,383		Benesse Corp		1,181
	605,704	e	Bridgestone Corp		13,910
	206,485		Brother Industries Ltd		2,364
	547,897	e	Canon, Inc		21,867
	30,923	e	Casio Computer Co Ltd		203
	572		Central Japan Railway Co		4,505
	300,323		Chiba Bank Ltd		1,804
	149,000	e	Chiyoda Corp		1,826
	249,266		Chubu Electric Power Co, Inc		4,042
	84,258	e	Chugai Pharmaceutical Co Ltd		1,597
	14,100		Chugoku Bank Ltd		184
	110,453		Chugoku Electric Power Co, Inc		1,822
	20,842		Citizen Watch Co Ltd		122
	7,771		Coca-Cola West Japan Co Ltd		136
	123,343		Cosmo Oil Co Ltd		314
	212,655		Credit Saison Co Ltd		4,728
	73,076		Dai Nippon Printing Co Ltd		573
	23,630		Daicel Chemical Industries Ltd		145
	34,698		Daido Steel Co Ltd		216
	89,290		Daihatsu Motor Co Ltd		1,563
	3,125		Dai-ichi Mutual Life Insurance Co		3,619
	125,297		Daiichi Sankyo Co Ltd		2,113
	86,446		Daikin Industries Ltd		2,435
	20,863		Dainippon Sumitomo Pharma Co Ltd		213

202

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	19,711		Daito Trust Construction Co Ltd	$	1,868
	64,856		Daiwa House Industry Co Ltd		920
	140,300	e	Daiwa Securities Group, Inc		529
	32,100		Dena Co Ltd		845
	61,676		Denki Kagaku Kogyo KK		216
	309,545		Denso Corp		10,578
	23,055		Dentsu, Inc		683
	3,524	*,e	Digital Garage, Inc		7,571
	107,352		East Japan Railway Co		6,741
	33,117		Eisai Co Ltd		1,450
	73,193		Electric Power Development Co		1,923
	5,300	*,m	Elpida Memory, Inc		0	^
	209,544		FamilyMart Co Ltd		9,591
	102,743		Fanuc Ltd		16,889
	16,618		Fast Retailing Co Ltd		3,325
	39,300		FCC Co Ltd		659
	44,822	e	Fuji Electric Holdings Co Ltd		109
	409,584		Fuji Folms Holdings Corp		7,760
	79,342		Fuji Heavy Industries Ltd		643
	3,547		Fuji Television Network, Inc		6,097
	1,144,991		Fujitsu Ltd		5,480
	66,167		Fukuoka Financial Group, Inc		258
	83,805		Furukawa Electric Co Ltd		198
	41,700	e	Gree, Inc		829
	47,110	e	GS Yuasa Corp		216
	31,879		Gunma Bank Ltd		151
	33,842		Hachijuni Bank Ltd		176
	2,935		Hakuhodo DY Holdings, Inc		195
	5,637		Hamamatsu Photonics KK		191
	73,000		Hankyu Hanshin Holdings, Inc		369
	97,582		Hino Motors Ltd		706
	3,887	e	Hirose Electric Co Ltd		385
	10,592		Hiroshima Bank Ltd		38
	8,200	e	Hisamitsu Pharmaceutical Co, Inc		404
	13,452		Hitachi Chemical Co Ltd		212
	8,822	e	Hitachi Construction Machinery Co Ltd		167
	23,500		Hitachi High-Technologies Corp		579
	200,000		Hitachi Kokusai Electric, Inc		1,576
	6,461,685		Hitachi Ltd		39,842
	236,000		Hitachi Medical Corp		3,325
	51,000	e	Hitachi Metals Ltd		609
	67,284		Hokkaido Electric Power Co, Inc		870
	26,000		Hokuhoku Financial Group, Inc		42
	61,831	e	Hokuriku Electric Power Co		963
	1,312,768	e	Honda Motor Co Ltd		45,810
	117,253		Hoya Corp		2,583
	45,066		Ibiden Co Ltd		816
	2,300		Ichigo Real Estate Investment Corp		1,060
	34,747		Idemitsu Kosan Co Ltd		3,117
	799		Inpex Holdings, Inc		4,488
	145,481		Isetan Mitsukoshi Holdings Ltd		1,546
	3,635,378		Ishikawajima-Harima Heavy Industries Co Ltd		7,776

203

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	433,169		Isuzu Motors Ltd	$	2,320
	630,670		Itochu Corp		6,629
	103,562		Itochu Techno-Science Corp		4,998
	20,652		Iyo Bank Ltd		165
	302,050		J Front Retailing Co Ltd		1,518
	182,000		Japan Aviation Electronics Industry Ltd		1,598
	16,600		Japan Petroleum Exploration Co		632
	83	e	Japan Prime Realty Investment Corp		234
	126		Japan Real Estate Investment Corp		1,155
	220		Japan Retail Fund Investment Corp		349
	224,560		Japan Steel Works Ltd		1,240
	322,000		Japan Tobacco, Inc		9,539
	107,204		JFE Holdings, Inc		1,794
	76,978		JGC Corp		2,232
	54,624		Joyo Bank Ltd		249
	416,223		JS Group Corp		8,784
	23,753		JSR Corp		412
	37,403		JTEKT Corp		387
	244		Jupiter Telecommunications Co		249
	841,500		JX Holdings, Inc		4,337
	108,372		Kajima Corp		318
	31,852		Kamigumi Co Ltd		253
	33,900		Kaneka Corp		187
	278,974		Kansai Electric Power Co, Inc		3,346
	27,480	e	Kansai Paint Co Ltd		294
	44,553		Kao Corp		1,229
	519,212		Kawasaki Heavy Industries Ltd		1,424
	268,917	*,e	Kawasaki Kisen Kaisha Ltd		534
	1,083		KDDI Corp		6,986
	203,022	e	Keihin Electric Express Railway Co Ltd		1,847
	223,310		Keio Corp		1,619
	34,426		Keisei Electric Railway Co Ltd		291
	13,585		Keyence Corp		3,361
	12,795	e	Kikkoman Corp		158
	16,131		Kinden Corp		106
	398,914	e	Kintetsu Corp		1,591
	269,849	e	Kirin Brewery Co Ltd		3,180
	867,084		Kobe Steel Ltd		1,043
	8,000		Koito Manufacturing Co Ltd		112
	349,822		Komatsu Ltd		8,351
	6,073	e	Konami Corp		138
	155,613		Konica Minolta Holdings, Inc		1,226
	93,158		Kubota Corp		861
	53,287		Kuraray Co Ltd		691
	9,445		Kurita Water Industries Ltd		218
	57,112		Kyocera Corp		4,942
	33,045	e	Kyowa Hakko Kogyo Co Ltd		340
	150,184		Kyushu Electric Power Co, Inc		1,782
	21,651		Lawson, Inc		1,514
	3,016		Mabuchi Motor Co Ltd		120
	38,236	e	Makita Corp		1,341
	1,393,072		Marubeni Corp		9,282

204

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	18,609		Marui Co Ltd	$	142
	5,496		Maruichi Steel Tube Ltd		118
	187,055		Matsushita Electric Industrial Co Ltd		1,529
	3,337,250	*,e	Mazda Motor Corp		4,544
	5,400	e	McDonald’s Holdings Co Japan Ltd		152
	19,012		Mediceo Paltac Holdings Co Ltd		269
	5,149		MEIJI Holdings Co Ltd		236
	770,564		Millea Holdings, Inc		19,336
	17,500		Miraca Holdings, Inc		727
	999,219		Mitsubishi Chemical Holdings Corp		4,405
	632,795		Mitsubishi Corp		12,791
	851,814		Mitsubishi Electric Corp		7,127
	435,705		Mitsubishi Estate Co Ltd		7,817
	49,160		Mitsubishi Gas Chemical Co, Inc		279
	1,013,150		Mitsubishi Heavy Industries Ltd		4,119
	14,262		Mitsubishi Logistics Corp		151
	387,293		Mitsubishi Materials Corp		1,123
	497,130	*,e	Mitsubishi Motors Corp		501
	5,760,454		Mitsubishi UFJ Financial Group, Inc		27,598
	7,510		Mitsubishi UFJ Lease & Finance Co Ltd		312
	1,083,404		Mitsui & Co Ltd		16,099
	216,087		Mitsui Chemicals, Inc		541
	398,137		Mitsui Fudosan Co Ltd		7,725
	145,499		Mitsui OSK Lines Ltd		525
	178,307		Mitsui Sumitomo Insurance Group Holdings, Inc		3,120
	1,978,749		Mitsui Trust Holdings, Inc		5,914
	7,922,956		Mizuho Financial Group, Inc		13,384
	316,520		Murata Manufacturing Co Ltd		16,649
	8,100	e	Nabtesco Corp		181
	315,106		Namco Bandai Holdings, Inc		4,321
	217,615	*	NEC Corp		339
	6,800	*	Nexon Co Ltd		133
	55,179		NGK Insulators Ltd		611
	20,988		NGK Spark Plug Co Ltd		277
	19,638		NHK Spring Co Ltd		212
	40,706		Nidec Corp		3,095
	92,881		Nikon Corp		2,827
	31,958		Nintendo Co Ltd		3,732
	132		Nippon Building Fund, Inc		1,276
	49,184		Nippon Electric Glass Co Ltd		294
	111,441		Nippon Express Co Ltd		460
	13,944		Nippon Meat Packers, Inc		185
	12,587	e	Nippon Paper Group, Inc		200
	18,000	e	Nippon Sheet Glass Co Ltd		20
	1,273,884		Nippon Steel Corp		2,889
	353,430		Nippon Telegraph & Telephone Corp		16,481
	555,308	e	Nippon Yusen Kabushiki Kaisha		1,469
	56,721		Nishi-Nippon City Bank Ltd		138
	1,759,743		Nissan Motor Co Ltd		16,710
	24,118		Nisshin Seifun Group, Inc		282
	84,321		Nisshin Steel Co Ltd		118
	8,235	e	Nissin Food Products Co Ltd		313

205

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	2,956		Nitori Co Ltd	$	279
	21,637		Nitto Denko Corp		927
	113,400		NKSJ Holdings, Inc		2,414
	13,951		NOK Corp		298
	1,670,663		Nomura Holdings, Inc		6,246
	12,274		Nomura Real Estate Holdings, Inc		225
	73		Nomura Real Estate Office Fund, Inc		412
	13,064		Nomura Research Institute Ltd		287
	36,911		NSK Ltd		239
	3,740,948		NTN Corp		11,776
	167		NTT Data Corp		513
	5,756		NTT DoCoMo, Inc		9,578
	145		NTT Urban Development Corp		117
	83,259		Obayashi Corp		366
	240,398	e	Odakyu Electric Railway Co Ltd		2,390
	104,797		OJI Paper Co Ltd		402
	17,900	*,e	Olympus Corp		290
	76,602		Omron Corp		1,623
	80,898		Ono Pharmaceutical Co Ltd		5,084
	3,003		Oracle Corp Japan		129
	44,217		Oriental Land Co Ltd		5,056
	255,821	e	ORIX Corp		23,841
	248,981		Osaka Gas Co Ltd		1,043
	106,300		OSG Corp		1,529
	1,987		Otsuka Corp		169
	184,700		Otsuka Holdings KK		5,669
	806,900		Park24 Co Ltd		11,916
	288,600		Rakuten, Inc		2,984
	254,130		Resona Holdings, Inc		1,047
	78,581	e	Ricoh Co Ltd		663
	10,799	e	Rinnai Corp		745
	21,724		Rohm Co Ltd		837
	4,180		Sankyo Co Ltd		204
	190,200	e	Sanrio Co Ltd		6,934
	9,556		Santen Pharmaceutical Co Ltd		393
	1,850		SBI Holdings, Inc		137
	63,934		Secom Co Ltd		2,932
	303,743		Sega Sammy Holdings, Inc		6,178
	10,483	e	Seiko Epson Corp		106
	674,951		Sekisui Chemical Co Ltd		6,271
	64,920		Sekisui House Ltd		613
	473,281		Seven & I Holdings Co Ltd		14,267
	48,000		Seven Bank Ltd		123
	319,106	e	Sharp Corp		1,626
	66,319	e	Shikoku Electric Power Co, Inc		1,410
	30,982		Shimadzu Corp		268
	1,797		Shimamura Co Ltd		208
	6,281	e	Shimano, Inc		412
	75,062		Shimizu Corp		261
	87,800		Shin-Etsu Chemical Co Ltd		4,835
	115,649		Shinsei Bank Ltd		141
	39,373		Shionogi & Co Ltd		535
	30,485		Shiseido Co Ltd		481

206

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	197,301		Shizuoka Bank Ltd	$	2,030
	12,000		Shoei Co Ltd		66
	189,654		Showa Denko KK		368
	22,973	e	Showa Shell Sekiyu KK		141
	7,088		SMC Corp		1,229
	373,760		Softbank Corp		13,913
	162,436		Sojitz Holdings Corp		269
	218,602		Sony Corp		3,126
	23,000		Sony Financial Holdings, Inc		375
	81,499	e	Square Enix Co Ltd		1,284
	18,615		Stanley Electric Co Ltd		289
	14,276	*,e	Sumco Corp		130
	198,883		Sumitomo Chemical Co Ltd		611
	428,363		Sumitomo Corp		5,994
	155,376		Sumitomo Electric Industries Ltd		1,936
	73,625		Sumitomo Heavy Industries Ltd		331
	2,057,400		Sumitomo Metal Industries Ltd		3,394
	118,264		Sumitomo Metal Mining Co Ltd		1,333
	1,025,479		Sumitomo Mitsui Financial Group, Inc		33,877
	489,396		Sumitomo Realty & Development Co Ltd		12,037
	422,163		Sumitomo Rubber Industries, Inc		5,499
	251,654		Suruga Bank Ltd		2,577
	9,087		Suzuken Co Ltd		307
	60,522		Suzuki Motor Corp		1,243
	21,700		Sysmex Corp		858
	208,000		T&D Holdings, Inc		2,216
	797,000		Taiheiyo Cement Corp		1,830
	131,743		Taisei Corp		353
	58,400	e	Taisho Pharmaceutical Holdings Co Ltd		4,939
	33,357		Taiyo Nippon Sanso Corp		195
	112,718		Takashimaya Co Ltd		866
	340,148		Takeda Pharmaceutical Co Ltd		15,443
	423,000		Tamron Co Ltd		14,062
	81,881		Tanabe Seiyaku Co Ltd		1,177
	86,927		TDK Corp		3,539
	3,741,613		Teijin Ltd		11,390
	52,476		Terumo Corp		2,157
	62,076		THK Co Ltd		1,174
	330,878	e	Tobu Railway Co Ltd		1,740
	14,475	e	Toho Co Ltd		250
	55,000		Toho Gas Co Ltd		341
	167,115	*,e	Tohoku Electric Power Co, Inc		1,679
	179,860	*	Tokyo Electric Power Co, Inc		348
	51,410		Tokyo Electron Ltd		2,411
	1,544,624		Tokyo Gas Co Ltd		7,895
	402,852		Tokyu Corp		1,896
	56,414		Tokyu Land Corp		280
	108,626	e	TonenGeneral Sekiyu KK		966
	73,427	e	Toppan Printing Co Ltd		491
	687,764		Toray Industries, Inc		4,690
	2,017,481		Toshiba Corp		7,679
	963,647		Tosoh Corp		2,628
	36,681		Toto Ltd		273

207

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	19,639		Toyo Seikan Kaisha Ltd	$	238
	41,099		Toyo Suisan Kaisha Ltd		1,096
	8,497		Toyoda Gosei Co Ltd		196
	8,000	*,e	Toyota Boshoku Corp		97
	45,161		Toyota Industries Corp		1,295
	1,789,348		Toyota Motor Corp		72,222
	27,894		Toyota Tsusho Corp		533
	8,728		Trend Micro, Inc		257
	101,274		Tsumura & Co		2,682
	357,932		UBE Industries Ltd		833
	89,151		Uni-Charm Corp		5,075
	887,700		United Arrows Ltd		22,193
	318,484		Ushio, Inc		3,948
	1,833		USS Co Ltd		198
	42,100		West Japan Railway Co		1,732
	5,161	e	Yahoo! Japan Corp		1,671
	77,577	e	Yakult Honsha Co Ltd		3,038
	7,249		Yamada Denki Co Ltd		371
	17,666		Yamaguchi Financial Group, Inc		156
	13,288		Yamaha Corp		137
	33,083		Yamaha Motor Co Ltd		317
	5,300		Yamato Kogyo Co Ltd		148
	50,155		Yamato Transport Co Ltd		808
	14,553		Yamazaki Baking Co Ltd		191
	28,384	e	Yaskawa Electric Corp		216
	28,610		Yokogawa Electric Corp		296
			TOTAL JAPAN		1,119,529
JERSEY, C.I. - 0.0%
	8,866		Randgold Resources Ltd		796
			TOTAL JERSEY, C.I.		796
KOREA, REPUBLIC OF - 0.3%
	110,000		Daewoo Shipbuilding & Marine Engineering Co Ltd		2,560
	110,000		Dongbu Insurance Co Ltd		4,061
	149,300		Hotel Shilla Co Ltd		7,307
	38,580	*	Hynix Semiconductor, Inc		815
	28,797		Hyundai Motor Co		5,912
	27,000		Hyundai Steel Co		2,010
	113,131		KB Financial Group, Inc		3,696
	60,780		Kia Motors Corp		4,006
	100,000		Korea Investment Holdings Co Ltd		3,352
	13,900		Samsung Electronics Co Ltd		14,720
	100,000		Samsung Heavy Industries Co Ltd		3,312
			TOTAL KOREA, REPUBLIC OF		51,751
LUXEMBOURG - 0.0%
	90,818	e	ArcelorMittal		1,389
	7,023		Millicom International Cellular S.A.		663
	28,430		SES Global S.A.		672
	47,717		Tenaris S.A.		839
			TOTAL LUXEMBOURG		3,563

208

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
MACAU - 0.2%
	8,651,600		Sands China Ltd	$	27,832
	142,000	e	Wynn Macau Ltd		335
			TOTAL MACAU		28,167
MALAYSIA - 0.0%
	1,151,800		Public Bank BHD		5,006
	33,959		YNH Property BHD		21
			TOTAL MALAYSIA		5,027
MEXICO - 0.2%
	350,000		Alfa S.A. de C.V. (Class A)		5,595
	686,574		Fresnillo plc		15,727
	940,956	*,e	Genomma Lab Internacional S.A. de C.V.		1,861
	630,900		Grupo Modelo S.A. (Series C)		5,579
			TOTAL MEXICO		28,762
NETHERLANDS - 1.6%
	166,981		Aegon NV		774
	23,672		Akzo Nobel NV		1,114
	43,012		ASML Holding NV		2,209
	6,129		Boskalis Westminster		202
	5,799		Corio NV		255
	1,377,123	*	DE Master Blenders 1753 NV		15,528
	5,733		Delta Lloyd NV		80
	8,325		DSM NV		410
	706,389	e	European Aeronautic Defence and Space Co		25,070
	6,711		Fugro NV		407
	51,655		Gemalto NV		3,710
	10,967		Heineken Holding NV		491
	23,846		Heineken NV		1,243
	2,559,320	*	ING Groep NV		17,158
	612,529		Koninklijke Ahold NV		7,588
	101,675		Koninklijke Philips Electronics NV		2,004
	3,651		Koninklijke Vopak NV		234
	22,777	*	Qiagen N.V.		381
	11,070	e	Randstad Holdings NV		327
	211,153		Reed Elsevier NV		2,409
	2,132,450		Royal Dutch Shell plc (A Shares)		71,849
	840,787		Royal Dutch Shell plc (B Shares)		29,363
	1,196,357	e	Royal KPN NV		11,440
	15,580	*	SBM Offshore NV		216
	35,198		TNT Express NV		413
	378,479		Unilever NV		12,643
	29,660		Wolters Kluwer NV		472
	725,177	*	Ziggo NV		23,113
			TOTAL NETHERLANDS		231,103
NEW ZEALAND - 0.0%
	122,946		Auckland International Airport Ltd		241
	48,309	*	Contact Energy Ltd		187

209

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	89,983		Fletcher Building Ltd	$	426
	77,676		Sky City Entertainment Group Ltd		212
	262,972		Telecom Corp of New Zealand Ltd		501
			TOTAL NEW ZEALAND		1,567
NORWAY - 0.2%
	7,643		Aker Kvaerner ASA		109
	2,296,351		DNB NOR Holding ASA		22,834
	11,496		Gjensidige Forsikring BA		134
	94,014		Norsk Hydro ASA		424
	78,145		Orkla ASA		567
	31,929	e	SeaDrill Ltd		1,139
	113,088		Statoil ASA		2,697
	278,570		Telenor ASA		4,657
	1,523	*,m	Veripos, Inc		1
	19,180		Yara International ASA		839
			TOTAL NORWAY		33,401
PHILIPPINES - 0.1%
	10,195,901	m	Ayala Land, Inc (Preferred A)		24
	3,771,610		Metropolitan Bank & Trust		8,324
			TOTAL PHILIPPINES		8,348
PORTUGAL - 0.1%
	108,194	*	Banco Espirito Santo S.A.		74
	23,863	*	Cimpor Cimentos de Portugal S.A.		93
	100,823		Energias de Portugal S.A.		239
	19,628		Galp Energia SGPS S.A.		249
	1,065,943		Jeronimo Martins SGPS S.A.		18,022
	60,398	e	Portugal Telecom SGPS S.A.		265
			TOTAL PORTUGAL		18,942
RUSSIA - 0.0%
	425,000		Sberbank of Russian Federation (ADR)		4,599
			TOTAL RUSSIA		4,599
SINGAPORE - 0.4%
	238,473		Ascendas Real Estate Investment Trust		407
	3,800,000		CapitaCommercial Trust		3,822
	886,082		CapitaLand Ltd		1,911
	728,362		CapitaMall Trust		1,103
	125,000		CapitaMalls Asia Ltd		156
	166,868		City Developments Ltd		1,487
	170,028		ComfortDelgro Corp Ltd		208
	1,132,025		DBS Group Holdings Ltd		12,504
	281,604	*	Flextronics International Ltd		1,746
	83,103		Fraser and Neave Ltd		463
	557,384	e	Genting International plc		626
	6,243,800	*	Global Logistic Properties		10,394
	8,611,497		Golden Agri-Resources Ltd		4,599
	514,000	e	Hotel Properties Ltd		775
	109,082		Jardine Cycle & Carriage Ltd		4,020

210

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,201,326		Keppel Corp Ltd	$	9,842
	1,509,000		Keppel Land Ltd		3,883
	26,000		K-Green Trust		21
	78,465	*,e	Neptune Orient Lines Ltd		69
	133,155	e	Olam International Ltd		193
	490,699		Oversea-Chinese Banking Corp		3,431
	788,609		SembCorp Industries Ltd		3,228
	362,857	e	SembCorp Marine Ltd		1,385
	151,492	e	Singapore Airlines Ltd		1,249
	267,560	e	Singapore Exchange Ltd		1,344
	511,963	e	Singapore Press Holdings Ltd		1,581
	462,896		Singapore Technologies Engineering Ltd		1,141
	2,582,704		Singapore Telecommunications Ltd		6,764
	52,274		StarHub Ltd		142
	310,022		United Overseas Bank Ltd		4,604
	1,565,965		United Overseas Land Ltd		6,139
	173,230	e	Wilmar International Ltd		500
			TOTAL SINGAPORE		89,737
SOUTH AFRICA - 0.1%
	900,000		African Bank Investments Ltd		4,006
	2,283,700		Life Healthcare Group Holdings Pte Ltd		8,709
	220,000	e	Mr Price Group Ltd		3,016
	110,000		Sasol Ltd		4,640
	310,000		Standard Bank Group Ltd		4,202
			TOTAL SOUTH AFRICA		24,573
SPAIN - 0.8%
	938	*,m	Abertis Infraestructuras S.A.		13
	32,688		Abertis Infraestructuras S.A. (Continuous)		442
	2,423		Acciona S.A.		145
	11,083	e	Acerinox S.A.		124
	14,721	e	ACS Actividades Cons y Servicios S.A.		315
	871,574		Amadeus IT Holding S.A.		18,465
	1,585,344	e	Banco Bilbao Vizcaya Argentaria S.A.		11,321
	161,738	e	Banco de Sabadell S.A.		314
	102,774	e	Banco Popular Espanol S.A.		232
	2,568,895		Banco Santander Central Hispano S.A.		16,994
	44,107	*,e	Bankia SAU		52
	40,667		Cintra Concesiones de Infraestructuras de Transporte S.A.		459
	74,210	e	Corp Mapfre S.A.		151
	78,201	e	Criteria Caixacorp S.A.		255
	2,587,711	*,e	Distribuidora Internacional de Alimentacion S.A.		12,167
	10,501		Enagas		192
	19,725		Gas Natural SDG S.A.		253
	13,427	*,e	Grifols S.A.		340
	1,450,655		Iberdrola S.A.		6,849
	124,697		Inditex S.A.		12,889
	95,000		Prosegur Cia de Seguridad S.A.		4,869
	6,070	e	Red Electrica de Espana		265
	77,307		Repsol YPF S.A.		1,243
	1,016,934		Telefonica S.A.		13,386

211

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	14,638	e	Zardoya Otis S.A.	$	163
			TOTAL SPAIN		101,898
SWEDEN - 0.7%
	35,400		Alfa Laval AB		607
	17,819		Assa Abloy AB (Class B)		498
	67,974		Atlas Copco AB (A Shares)		1,463
	39,058		Atlas Copco AB (B Shares)		744
	214,232		Boliden AB		2,989
	250,000		Castellum AB		3,023
	24,026		Electrolux AB (Series B)		478
	4,938		Elekta AB (B Shares)		226
	303,451		Ericsson (LM) (B Shares)		2,776
	20,247		Getinge AB (B Shares)		502
	501,165		Hennes & Mauritz AB (B Shares)		17,989
	330,846	e	Hexagon AB (B Shares)		5,679
	5,086		Holmen AB (B Shares)		138
	41,426		Husqvarna AB (B Shares)		195
	5,908		Industrivarden AB		76
	470,800		Intrum Justitia AB		6,858
	46,184		Investor AB (B Shares)		882
	11,546		Kinnevik Investment AB (Series B)		232
	12,010	*	Lundin Petroleum AB		225
	2,472	e	Modern Times Group AB (B Shares)		114
	294,312		Nordea Bank AB		2,536
	10,827	e	Ratos AB (B Shares)		103
	286,893		Sandvik AB		3,679
	32,918		Scania AB (B Shares)		564
	29,744		Securitas AB (B Shares)		231
	148,314		Skandinaviska Enskilda Banken AB (Class A)		963
	38,704		Skanska AB (B Shares)		593
	393,005	e	SKF AB (B Shares)		7,747
	16,426	e	Ssab Svenskt Stal AB (Series A)		137
	58,124		Svenska Cellulosa AB (B Shares)		872
	49,473		Svenska Handelsbanken (A Shares)		1,626
	68,966		Swedbank AB (A Shares)		1,086
	899,652		Swedish Match AB		36,261
	31,167		Tele2 AB (B Shares)		483
	222,755		TeliaSonera AB		1,423
	330,000		Trelleborg AB (B Shares)		3,045
	126,664		Volvo AB (B Shares)		1,448
			TOTAL SWEDEN		108,491
SWITZERLAND - 2.8%
	172,527		ABB Ltd		2,817
	10,479		Actelion Ltd		431
	312,231		Adecco S.A.		13,885
	8,615		Aryzta AG.		429
	4,925		Baloise Holding AG.		325
	159		Banque Cantonale Vaudoise		84
	89		Barry Callebaut AG.		81
	100,000		Clariant AG.		988

212

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	439,634		Compagnie Financiere Richemont S.A.	$	24,140
	213,131		Credit Suisse Group		3,900
	4,004		Geberit AG.		790
	808		Givaudan S.A.		793
	74,877	e	Glencore International AG.		347
	23,806		Holcim Ltd		1,319
	11,178		Julius Baer Group Ltd		405
	11,095		Julius Baer Holding AG.		124
	5,460		Kuehne & Nagel International AG.		578
	89		Lindt & Spruengli AG.		275
	10		Lindt & Spruengli AG. (Reg)		367
	47,508		Lonza Group AG.		1,977
	1,782,403		Nestle S.A.		106,370
	1,082,476		Novartis AG.		60,523
	2,566		Pargesa Holding S.A.		153
	736		Partners Group		131
	4,845		Phonak Holding AG.		469
	278,177		Roche Holding AG.		48,050
	2,671		Schindler Holding AG.		299
	1,086		Schindler Holding AG. (Reg)		122
	516		SGS S.A.		968
	108		Sika AG.		209
	68,013	e	STMicroelectronics NV		370
	834	e	Straumann Holding AG.		123
	1,240		Sulzer AG.		147
	3,350		Swatch Group AG.		1,324
	3,084		Swatch Group AG. Reg		215
	3,216		Swiss Life Holding		303
	2,622		Swiss Prime Site AG.		219
	455,433		Swiss Re Ltd		28,711
	2,391		Swisscom AG.		963
	195,573		Syngenta AG.		66,950
	625,589		UBS AG. (Switzerland)		7,321
	24,890		Zurich Financial Services AG.		5,628
			TOTAL SWITZERLAND		383,623
TAIWAN - 0.3%
	1,000,000		Catcher Technology Co Ltd		6,750
	613,000		Cleanaway Co Ltd		4,166
	981,000		King Slide Works Co Ltd		5,582
	1,200,000		Taiwan Mobile Co Ltd		3,968
	1,360,000		Taiwan Semiconductor Manufacturing Co Ltd		3,723
	400,000	e	Taiwan Semiconductor Manufacturing Co Ltd (ADR)		5,584
	8,800,000		United Microelectronics Corp		3,831
			TOTAL TAIWAN		33,604
THAILAND - 0.2%
	850,000		Bangkok Bank PCL (ADR)		5,171
	5,538,000		Bank of Ayudhya PCL - NVDR		5,188
	269,437		Banpu PCL		3,830
	2,227,800		Charoen Pokphand Foods PCL		2,723
	1,157,000		Kasikornbank PCL - NVDR		5,966

213

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	7,600,000		Krung Thai Bank PCL	$	3,888
	1,701,654		PTT Global Chemical PCL		2,999
	633,000		PTT PCL		6,484
			TOTAL THAILAND		36,249
TURKEY - 0.3%
	2,368,000		Enka Insaat ve Sanayi AS		6,363
	500,000		Ford Otomotiv Sanayi AS		4,539
	400,000		Koza Altin Isletmeleri AS		7,733
	1,177,700		TAV Havalimanlari Holding AS		6,344
	930,000		Tofas Turk Otomobil Fabrik		3,991
			TOTAL TURKEY		28,970
UKRAINE - 0.1%
	569,454	*,f	MHP SA (GDR) (purchased 01/07/11, cost $9,881)		6,589
			TOTAL UKRAINE		6,589
UNITED KINGDOM - 8.0%
	97,637		3i Group plc		302
	46,124		Aberdeen Asset Management plc		188
	15,232	*,e	Acergy S.A.		301
	19,085		Admiral Group plc		356
	2,400,000	*	Afren plc		3,901
	1,096,117	e	Aggreko plc		35,646
	18,256		AMEC plc		288
	370,965		Anglo American plc (London)		12,192
	1,250,539		Antofagasta plc		21,392
	73,389		ARM Holdings plc		581
	3,494,250		Ashtead Group plc		14,261
	229,723	*,e	ASOS plc		6,399
	584,143		Associated British Foods plc		11,754
	136,915		AstraZeneca plc		6,118
	1,122,234	*,e	Avanti Communications Group plc		5,655
	562,461		Aveva Group plc		14,361
	286,259		Aviva plc		1,226
	2,086,906		AZ Electronic Materials S.A.		9,391
	18,930		Babcock International Group		254
	341,936		BAE Systems plc		1,550
	68,913		Balfour Beatty plc		322
	12,553,174		Barclays plc		32,076
	3,675,246		BG Group plc		75,238
	454,631		BHP Billiton plc		12,922
	5,130,100	*,e	Blinkx plc		3,302
	4,406,110		BP plc		29,425
	1,072		BP plc (ADR)		43
	695,415		British American Tobacco plc		35,355
	636,798		British Land Co plc		5,099
	1,583,454		British Sky Broadcasting plc		17,263
	9,046,678		BT Group plc		29,976
	316,557		Bunzl plc		5,174
	587,178		Burberry Group plc		12,225
	33,692		Capita Group plc		346

214

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	9,798		Carnival plc	$	335
	5,420,889		Centrica plc		27,104
	3,402,422		Cobham plc		12,395
	189,617		Compass Group plc		1,990
	750,000	*	Cove Energy plc		3,148
	522,500		Croda International plc		18,565
	10,627	*	Delphi Automotive plc		271
	1,577,374		Diageo plc		40,657
	32,964		Ensco plc		1,548
	12,661		Eurasian Natural Resources Corp		83
	17,205		Evraz plc		71
	259,573		Experian Group Ltd		3,662
	85,262		GKN plc		242
	1,876,263		GlaxoSmithKline plc		42,618
	135,784		Group 4 Securicor plc		593
	72,652		Hammerson plc		505
	7,096,414		HSBC Holdings plc		62,532
	56,608		ICAP plc		300
	1,974,086	*	Imagination Technologies Group plc		14,464
	257,280		IMI plc		3,361
	458,978		Imperial Tobacco Group plc		17,684
	22,718		Inmarsat plc		175
	27,765		Intercontinental Hotels Group plc		668
	73,082	*	International Consolidated Airlines		183
	413,937		International Power plc		2,707
	8,649		Intertek Group plc		362
	892,812		Invensys plc		3,112
	48,979		Investec plc		286
	193,634		ITV plc		233
	121,744		J Sainsbury plc		575
	11,549		Johnson Matthey plc		400
	11,128		Kazakhmys plc		126
	128,003		Kingfisher plc		577
	77,571		Land Securities Group plc		899
	11,825,460		Legal & General Group plc		23,642
	52,024		Liberty International plc		263
	3,240,546	*	Lloyds TSB Group plc		1,583
	236,157		London Stock Exchange Group plc		3,728
	8,378	e	Lonmin plc		102
	177,357		Man Group plc		212
	86,016		Marks & Spencer Group plc		439
	41,076		Meggitt plc		249
	540,000		Mondi plc		4,625
	8,407,850	*,e	Monitise plc		4,345
	452,873		National Grid plc		4,799
	395,544		Next plc		19,861
	480,371		Old Mutual plc		1,142
	910,344		Pearson plc		18,063
	23,712		Petrofac Ltd		518
	2,667,339		Prudential plc		30,928
	194,975		Reckitt Benckiser Group plc		10,306
	65,796		Reed Elsevier plc		527

215

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	79,309		Resolution Ltd	$	244
	88,618		Rexam plc		585
	1,198,558		Rio Tinto plc		56,960
	84,220	e	Rio Tinto plc (ADR)		4,027
	1,228,459	*,e	Rockhopper Exploration plc		4,963
	1,491,810		Rolls-Royce Group plc		20,106
	355,714		Royal & Sun Alliance Insurance Group plc		604
	192,041	*	Royal Bank of Scotland Group plc		650
	71,613		SABMiller plc		2,873
	134,334		Sage Group plc		585
	12,022		Schroders plc		252
	94,355		Scottish & Southern Energy plc		2,058
	73,210		Segro plc		249
	49,562		Serco Group plc		416
	23,866		Severn Trent plc		619
	90,079		Smith & Nephew plc		901
	371,980		Smiths Group plc		5,908
	180,000		Spectris plc		4,327
	2,085,353		Standard Chartered plc		45,300
	230,386		Standard Life plc		844
	24,567		Tate & Lyle plc		250
	893,073	*	Telecity Group plc		11,255
	687,506		Tesco plc		3,341
	53,747		TUI Travel plc		143
	2,508,264		Tullow Oil plc		57,972
	191,900		Ultra Electronics Holdings		4,784
	525,292		Unilever plc		17,636
	68,887		United Utilities Group plc		730
	175,000		Victrex plc		3,494
	497,116	e	Virgin Media, Inc		12,125
	20,695,650		Vodafone Group plc		58,170
	11,436	e	Weir Group plc		275
	97,668		Whitbread plc		3,105
	900,000		William Hill plc		3,991
	227,084		WM Morrison Supermarkets plc		948
	731,065		Wolseley plc		27,249
	510,925		Xstrata plc		6,424
			TOTAL UNITED KINGDOM		1,157,008
UNITED STATES - 55.6%
	114,498		3M Co		10,259
	77,500		A.O. Smith Corp		3,789
	849,103		Abbott Laboratories		54,742
	49,936		Abercrombie & Fitch Co (Class A)		1,705
	690,666		Accenture plc		41,502
	813,705		ACE Ltd		60,320
	489,667		Activision Blizzard, Inc		5,871
	258,500	*	Adobe Systems, Inc		8,368
	92,169		Advance Auto Parts, Inc		6,288
	63,979	*	Advanced Micro Devices, Inc		367
	1,842	*	Aecom Technology Corp		30
	114,958	*	AES Corp		1,475

216

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	190,323		Aetna, Inc	$	7,379
	50,554	*	Affiliated Managers Group, Inc		5,533
	83,027		Aflac, Inc		3,536
	120,351	*	AGCO Corp		5,504
	113,506		Agilent Technologies, Inc		4,454
	38,019		Air Products & Chemicals, Inc		3,069
	68,811		Airgas, Inc		5,781
	18,829	*	Akamai Technologies, Inc		598
	9,612		Albemarle Corp		573
	113,038		Alcoa, Inc		989
	188,982	*	Alexion Pharmaceuticals, Inc		18,766
	1,351	*	Alleghany Corp		459
	10,239		Allegheny Technologies, Inc		327
	209,562		Allergan, Inc		19,399
	151,326	*,e	Alliance Data Systems Corp		20,429
	58,450		Alliant Energy Corp		2,663
	19,380		Allied World Assurance Co Holdings Ltd		1,540
	1,223	*	Allscripts Healthcare Solutions, Inc		14
	126,980		Allstate Corp		4,456
	84,875	*	Alpha Natural Resources, Inc		739
	35,011		Altera Corp		1,185
	389,028		Altria Group, Inc		13,441
	105,724	*	Amazon.com, Inc		24,142
	107,252		AMB Property Corp		3,564
	1,154	*	AMC Networks, Inc		41
	3,779	*	Amdocs Ltd		112
	62,098		Ameren Corp		2,083
	62,800	e	American Capital Agency Corp		2,111
	3,334		American Eagle Outfitters, Inc		66
	80,586		American Electric Power Co, Inc		3,215
	346,365		American Express Co		20,162
	63,900		American Financial Group, Inc		2,507
	62,912	*	American International Group, Inc		2,019
	269,933		American Tower Corp		18,871
	74,061		American Water Works Co, Inc		2,539
	59,839		Ameriprise Financial, Inc		3,127
	45,794		AmerisourceBergen Corp		1,802
	58,530		Ametek, Inc		2,921
	852,390		Amgen, Inc		62,259
	43,964		Amphenol Corp (Class A)		2,414
	359,696		Anadarko Petroleum Corp		23,812
	78,445		Analog Devices, Inc		2,955
	228,993		Annaly Capital Management, Inc		3,842
	10,110	*,e	Annie’s, Inc		423
	9,694	*	Ansys, Inc		612
	171,890		Aon plc		8,041
	221,703		Apache Corp		19,485
	23,946	*	Apollo Group, Inc (Class A)		867
	635,164	*	Apple, Inc		370,936
	201,077		Applied Materials, Inc		2,304
	62,580	*	Arch Capital Group Ltd		2,484
	234,436		Archer Daniels Midland Co		6,921

217

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	97,149	*	Arrow Electronics, Inc	$	3,187
	174,619		Ashland, Inc		12,103
	18,330		Assurant, Inc		639
	3,616,797		AT&T, Inc		128,975
	48,374	*	Autodesk, Inc		1,693
	21,283	e	Autoliv, Inc		1,163
	61,720		Automatic Data Processing, Inc		3,435
	1,375	*,e	Autonation, Inc		48
	34,101	*	Autozone, Inc		12,521
	549,706		Avago Technologies Ltd		19,734
	15,631		AvalonBay Communities, Inc		2,211
	11,080		Avery Dennison Corp		303
	34,431	*	Avnet, Inc		1,063
	67,120		Avon Products, Inc		1,088
	320,813		Axis Capital Holdings Ltd		10,442
	2,258	*	Babcock & Wilcox Co		55
	397,041		Baker Hughes, Inc		16,318
	56,167		Ball Corp		2,306
	4,870,075		Bank of America Corp		39,837
	149,058		Bank of New York Mellon Corp		3,272
	31,686		Bard (C.R.), Inc		3,404
	682,760		Baxter International, Inc		36,289
	187,687		BB&T Corp		5,790
	303,158		Beam, Inc		18,944
	34,688		Becton Dickinson & Co		2,593
	210,729	*	Bed Bath & Beyond, Inc		13,023
	367,116	*	Berkshire Hathaway, Inc (Class B)		30,592
	144,280		Best Buy Co, Inc		3,024
	104,607	*	Biogen Idec, Inc		15,103
	50,000	*	BioMarin Pharmaceuticals, Inc		1,979
	380	*	Bio-Rad Laboratories, Inc (Class A)		38
	39,650		BlackRock, Inc		6,733
	947,082		Blackstone Group LP		12,378
	81,577	*	BMC Software, Inc		3,482
	775,637		Boeing Co		57,630
	40,877	*,e	BorgWarner, Inc		2,681
	132,517		Boston Properties, Inc		14,361
	234,620	*	Boston Scientific Corp		1,330
	39,900		Brinker International, Inc		1,272
	352,058		Bristol-Myers Squibb Co		12,657
	211,539		Broadcom Corp (Class A)		7,150
	95,504	e	Brookfield Office Properties, Inc (Toronto)		1,672
	17,124		Brown-Forman Corp (Class B)		1,658
	51,181		Bunge Ltd		3,211
	36,242		CA, Inc		982
	32,589		Cablevision Systems Corp (Class A)		433
	201,959		Cabot Oil & Gas Corp		7,957
	97,000	*,e	CACI International, Inc (Class A)		5,337
	74,772	*	Calpine Corp		1,235
	45,082	*	Cameron International Corp		1,926
	20,295		Campbell Soup Co		677
	275,517		Capital One Financial Corp		15,060

218

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	151,951		Cardinal Health, Inc	$	6,382
	60,085	*	CareFusion Corp		1,543
	13,000		Carlisle Cos, Inc		689
	28,208	*	Carmax, Inc		732
	1,211,077		Carnival Corp		41,504
	230,552		Caterpillar, Inc		19,576
	47,159	*	CBRE Group, Inc		772
	520,275		CBS Corp (Class B)		17,055
	17,029		Celanese Corp (Series A)		590
	110,535	*	Celgene Corp		7,092
	1,883,836		Centerpoint Energy, Inc		38,939
	202,790		CenturyTel, Inc		8,008
	209,568	*	Cerner Corp		17,323
	76,426		CF Industries Holdings, Inc		14,807
	17,314		CH Robinson Worldwide, Inc		1,013
	130,000	*	Charles River Laboratories International, Inc		4,259
	255,218		Charles Schwab Corp		3,300
	54,348	*	Charter Communications, Inc		3,852
	70,642	e	Chesapeake Energy Corp		1,314
	1,471,198		Chevron Corp		155,211
	100,000		Chicago Bridge & Iron Co NV		3,796
	9,979	*	Chipotle Mexican Grill, Inc (Class A)		3,792
	38,783		Chubb Corp		2,824
	374,868		Church & Dwight Co, Inc		20,794
	326,000	*,e	Ciena Corp		5,337
	151,568		Cigna Corp		6,669
	8,860		Cimarex Energy Co		488
	20,671		Cincinnati Financial Corp		787
	77,023		Cintas Corp		2,974
	4,829,590		Cisco Systems, Inc		82,924
	20,716	*	CIT Group, Inc		738
	1,486,590		Citigroup, Inc		40,747
	55,398	*	Citrix Systems, Inc		4,650
	60,000		Clean Harbors, Inc		3,385
	225,931		Cleveland-Cliffs, Inc		11,136
	13,283		Clorox Co		962
	8,728		CME Group, Inc		2,340
	82,736		CMS Energy Corp		1,944
	182,592		Coach, Inc		10,678
	38,148	*	Cobalt International Energy, Inc		896
	904,365		Coca-Cola Co		70,712
	427,299		Coca-Cola Enterprises, Inc		11,981
	37,813	*	Cognizant Technology Solutions Corp (Class A)		2,269
	187,480		Colgate-Palmolive Co		19,517
	1,651,164		Comcast Corp (Class A)		52,788
	88,490		Comcast Corp (Special Class A)		2,779
	52,457		Comerica, Inc		1,611
	72,190		Computer Sciences Corp		1,792
	227,322		ConAgra Foods, Inc		5,895
	197,243	*	Concho Resources, Inc		16,789
	467,625		ConocoPhillips		26,131
	24,072		Consol Energy, Inc		728

219

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	39,947		Consolidated Edison, Inc	$	2,484
	18,327	*	Constellation Brands, Inc (Class A)		496
	27,681	*	Continental Resources, Inc		1,844
	931		Con-Way, Inc		34
	34,370		Cooper Industries plc		2,343
	20,158		Core Laboratories NV		2,336
	478,330		Corning, Inc		6,185
	433,919		Costco Wholesale Corp		41,222
	1,199	*	Covance, Inc		57
	125,583		Coventry Health Care, Inc		3,992
	138,126		Covidien plc		7,390
	999		Crane Co		36
	13,986	*,e	Cree, Inc		359
	68,127	*	Crown Castle International Corp		3,996
	488,154	*	Crown Holdings, Inc		16,836
	589,907		CSX Corp		13,190
	114,809		Cummins, Inc		11,126
	924,422		CVS Corp		43,198
	250,285		Cytec Industries, Inc		14,677
	607,202		Dana Holding Corp		7,778
	821,005		Danaher Corp		42,758
	13,597		Darden Restaurants, Inc		688
	89,089	*	DaVita, Inc		8,750
	76,078		Deere & Co		6,152
	950,879	*	Dell, Inc		11,905
	62,994	*	Delta Air Lines, Inc		690
	551,444	*	Denbury Resources, Inc		8,332
	40,474	e	Dentsply International, Inc		1,530
	68,602		Devon Energy Corp		3,978
	30,033	e	Diamond Offshore Drilling, Inc		1,776
	118,286		Dick’s Sporting Goods, Inc		5,678
	39,191	e	Digital Realty Trust, Inc		2,942
	97,385	e	Dillard’s, Inc (Class A)		6,202
	387,117	*	DIRECTV		18,899
	394,215		Discover Financial Services		13,632
	389,414	*	Discovery Communications, Inc (Class A)		21,028
	22,272	*	Discovery Communications, Inc (Class C)		1,116
	544,374		DISH Network Corp (Class A)		15,542
	25,963	*	Dolby Laboratories, Inc (Class A)		1,072
	173,099	*	Dollar General Corp		9,415
	194,502	*	Dollar Tree, Inc		10,464
	131,770		Dominion Resources, Inc		7,116
	30,380		Domtar Corp		2,330
	2,274		Douglas Emmett, Inc		53
	24,580		Dover Corp		1,318
	913,002		Dow Chemical Co		28,760
	144,396		DR Horton, Inc		2,654
	35,008		Dr Pepper Snapple Group, Inc		1,532
	113,747		DSW, Inc (Class A)		6,188
	66,137		DTE Energy Co		3,924
	241,835		Du Pont (E.I.) de Nemours & Co		12,230
	1,882,267		Duke Energy Corp		43,405

220

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	70,049		Duke Realty Corp	$	1,025
	5,013		Dun & Bradstreet Corp		357
	63,980	*	E*Trade Financial Corp		514
	118,199		East West Bancorp, Inc		2,773
	56,375		Eastman Chemical Co		2,840
	72,574	e	Eaton Corp		2,876
	12,819	e	Eaton Vance Corp		345
	1,148,960	*	eBay, Inc		48,268
	607	*	EchoStar Corp (Class A)		16
	570,816		Ecolab, Inc		39,118
	166,592		Edison International		7,697
	23,423	*	Edwards Lifesciences Corp		2,420
	34,676	*	Electronic Arts, Inc		428
	226,497		Eli Lilly & Co		9,719
	860,123	*	EMC Corp		22,045
	438,260		Emerson Electric Co		20,414
	7,852		Energen Corp		354
	6,955	*	Energizer Holdings, Inc		523
	32,117		Entergy Corp		2,180
	188,357		EOG Resources, Inc		16,973
	80,615		Equifax, Inc		3,757
	19,936	*	Equinix, Inc		3,502
	21,685		Equitable Resources, Inc		1,163
	50,827	e	Equity Residential		3,170
	120,750		Estee Lauder Cos (Class A)		6,535
	23,983		Everest Re Group Ltd		2,482
	191,864		Exelon Corp		7,218
	91,265		Expedia, Inc		4,387
	22,450		Expeditors International Washington, Inc		870
	194,283	*	Express Scripts Holding Co		10,847
	2,298,992	d	Exxon Mobil Corp		196,725
	34,945	*	F5 Networks, Inc		3,479
	57,152	*,e	Facebook, Inc		1,779
	39,089		Family Dollar Stores, Inc		2,599
	34,836		Fastenal Co		1,404
	26,464		Federal Realty Investment Trust		2,755
	226,744		FedEx Corp		20,772
	67,014		Fidelity National Information Services, Inc		2,284
	125,062		Fidelity National Title Group, Inc (Class A)		2,409
	239,655		Fifth Third Bancorp		3,211
	9,185	*	First Republic Bank		309
	990	*,e	First Solar, Inc		15
	147,338		FirstEnergy Corp		7,248
	46,919	*	Fiserv, Inc		3,388
	15,949		Flir Systems, Inc		311
	20,503		Flowserve Corp		2,353
	39,082		Fluor Corp		1,928
	55,053		FMC Corp		2,944
	38,114	*	FMC Technologies, Inc		1,495
	469,475		Foot Locker, Inc		14,357
	2,213,220		Ford Motor Co		21,225
	111,785	*	Forest Laboratories, Inc		3,911

221

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	63,900	*	Fortune Brands Home & Security, Inc	$	1,423
	5,464	*	Fossil, Inc		418
	45,830		Franklin Resources, Inc		5,087
	408,193		Freeport-McMoRan Copper & Gold, Inc (Class B)		13,907
	132,869	e	Frontier Communications Corp		509
	66,804	e	GameStop Corp (Class A)		1,227
	87,391		Gap, Inc		2,391
	55,450	e	Garmin Ltd		2,123
	51,512		General Dynamics Corp		3,398
	4,425,223		General Electric Co		92,222
	87,777		General Growth Properties, Inc		1,588
	635,376		General Mills, Inc		24,487
	530,757	*	General Motors Co		0	^
	18,106,794	*,e	General Motors Co		0	^
	19,417,463	*	General Motors Co		0	^
	83,062	*	General Motors Co		1,638
	69,850,000	*	General Motors Co		0	^
	26,439,985	*	General Motors Co		0	^
	4,461,000	*	General Motors Co		0	^
	18,159,000	*	General Motors Co		0	^
	61,921,000	*,e	General Motors Co		0	^
	13,592,224	*	General Motors Co		0	^
	29,845,445	*	General Motors Co		0	^
	32,961		Genuine Parts Co		1,986
	60,479	*	Genworth Financial, Inc (Class A)		342
	100,000		Georgia Gulf Corp		2,567
	874,612	*	Gilead Sciences, Inc		44,850
	1,562		Global Payments, Inc		68
	393,694		Goldman Sachs Group, Inc		37,740
	13,335		Goodrich Corp		1,692
	24,907	*	Goodyear Tire & Rubber Co		294
	180,730	*	Google, Inc (Class A)		104,836
	13,578	*,e	Green Mountain Coffee Roasters, Inc		296
	1,039	e	Guess?, Inc		32
	31,055		H&R Block, Inc		496
	33,961		H.J. Heinz Co		1,847
	341,131		Halliburton Co		9,685
	75,455		Harley-Davidson, Inc		3,450
	12,098		Harris Corp		506
	44,449		Hartford Financial Services Group, Inc		784
	18,461		Hasbro, Inc		625
	18,872		HCA Holdings, Inc		574
	60,847		HCP, Inc		2,686
	46,960		Health Care REIT, Inc		2,738
	2,198	*	Health Net, Inc		53
	27,919		Helmerich & Payne, Inc		1,214
	20,775	*	Henry Schein, Inc		1,631
	205,578		Herbalife Ltd		9,935
	41,828		Hershey Co		3,013
	57,588	*	Hertz Global Holdings, Inc		737
	83,973		Hess Corp		3,649

222

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,621,106		Hewlett-Packard Co	$	32,600
	295,425		Hillshire Brands Co		8,564
	83,073		Holly Corp		2,943
	46,202	*	Hologic, Inc		833
	1,264,462		Home Depot, Inc		67,004
	1,060,885		Honeywell International, Inc		59,240
	15,063		Hormel Foods Corp		458
	27,958	*	Hospira, Inc		978
	113,482		Host Marriott Corp		1,795
	599	*,e	Hovnanian Enterprises, Inc (Class A)		2
	82,745		Hudson City Bancorp, Inc		527
	139,970		Humana, Inc		10,839
	374,152		Huntington Bancshares, Inc		2,395
	1,501	*	Huntington Ingalls		60
	72,479		Huntsman Corp		938
	190,163		IAC/InterActiveCorp		8,671
	7,632	*	IHS, Inc (Class A)		822
	484,507		Illinois Tool Works, Inc		25,626
	83,157	*,e	Illumina, Inc		3,359
	104,383		Ingersoll-Rand plc		4,403
	136,498		Ingredion, Inc		6,759
	12,608		Integrys Energy Group, Inc		717
	3,226,729		Intel Corp		85,992
	172,149	*	IntercontinentalExchange, Inc		23,409
	616,777		International Business Machines Corp		120,629
	8,746		International Flavors & Fragrances, Inc		479
	46,786		International Game Technology		737
	86,915		International Paper Co		2,513
	550,690		Interpublic Group of Cos, Inc		5,975
	132,509		Intuit, Inc		7,864
	13,391	*	Intuitive Surgical, Inc		7,416
	143,643		Invesco Ltd		3,246
	13,950		Iron Mountain, Inc		460
	1,403,800	e	iShares MSCI Canada Index Fund		36,274
	2,319,408		iShares MSCI EAFE Index Fund		115,878
	1,792,078	e	iShares MSCI Japan Index Fund		16,863
	20,800	*,e	ITT Educational Services, Inc		1,264
	43,246		J.B. Hunt Transport Services, Inc		2,577
	11,982		J.M. Smucker Co		905
	263,000		Jabil Circuit, Inc		5,347
	22,487	*	Jacobs Engineering Group, Inc		851
	688,242		Jarden Corp		28,920
	16,672	e	JC Penney Co, Inc		389
	655,000	*	JDS Uniphase Corp		7,205
	1,019,407		Johnson & Johnson		68,871
	250,540		Johnson Controls, Inc		6,943
	789		Jones Lang LaSalle, Inc		56
	158,215		Joy Global, Inc		8,975
	1,568,210		JPMorgan Chase & Co		56,032
	92,224	*	Juniper Networks, Inc		1,504
	51,711		Kansas City Southern Industries, Inc		3,597
	1,399	e	KB Home		14

223

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	179,953		KBR, Inc	$	4,447
	37,186		Kellogg Co		1,834
	50,000		Kennametal, Inc		1,657
	103,842		Keycorp		804
	97,353		Kimberly-Clark Corp		8,155
	62,914	e	Kimco Realty Corp		1,197
	9,654	*,e	Kinder Morgan Management LLC		709
	184,462		Kinder Morgan, Inc		5,943
	999	*	Kirby Corp		47
	103,648		Kla-Tencor Corp		5,105
	275,000	*,e	Kodiak Oil & Gas Corp		2,258
	25,521		Kohl’s Corp		1,161
	1,329,553		Kraft Foods, Inc (Class A)		51,347
	387,221		Kroger Co		8,980
	21,205		L-3 Communications Holdings, Inc		1,569
	12,410	*	Laboratory Corp of America Holdings		1,149
	19,038	*	Lam Research Corp		718
	999		Landstar System, Inc		52
	260,252		Las Vegas Sands Corp		11,318
	1,039	*,e	Leap Wireless International, Inc		7
	13,388		Legg Mason, Inc		353
	15,064		Leggett & Platt, Inc		318
	2,821	e	Lennar Corp (Class A)		87
	22,452		Leucadia National Corp		477
	15,218	*	Level 3 Communications, Inc		337
	100,000		Lexmark International, Inc (Class A)		2,658
	61,164	*	Liberty Global, Inc (Class A)		3,036
	6,397	*	Liberty Global, Inc (Series C)		305
	22,793	*	Liberty Interactive LLC		2,004
	58,992	*	Liberty Media Holding Corp (Interactive A)		1,049
	17,045	e	Liberty Property Trust		628
	39,776	*	Life Technologies Corp		1,790
	275,404		Limited Brands, Inc		11,713
	2,098	e	Lincare Holdings, Inc		71
	36,204		Lincoln National Corp		792
	24,805		Linear Technology Corp		777
	4,577	*	LinkedIn Corp		486
	78,550		Lockheed Martin Corp		6,840
	43,899		Loews Corp		1,796
	221,740		Lorillard, Inc		29,259
	490,273		Lowe’s Companies, Inc		13,943
	130,557	*	LSI Logic Corp		832
	113,299		LyondellBasell Industries AF S.C.A		4,563
	12,062		M&T Bank Corp		996
	45,570		Macerich Co		2,691
	413,023		Macy’s, Inc		14,187
	8,318		Manpower, Inc		305
	327,882		Marathon Oil Corp		8,384
	148,376		Marathon Petroleum Corp		6,665
	56,063		Marriott International, Inc (Class A)		2,198
	269,081		Marsh & McLennan Cos, Inc		8,672

224

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	5,921	e	Martin Marietta Materials, Inc	$	467
	93,241	*	Marvell Technology Group Ltd		1,052
	84,430		Masco Corp		1,171
	85,312		Mastercard, Inc (Class A)		36,694
	77,798		Mattel, Inc		2,524
	101,869		Maxim Integrated Products, Inc		2,612
	12,705		McCormick & Co, Inc		771
	4,517	*	McDermott International, Inc		50
	259,342		McDonald’s Corp		22,960
	217,185		McGraw-Hill Cos, Inc		9,773
	167,382		McKesson Corp		15,692
	679	e	MDC Holdings, Inc		22
	18,979		MDU Resources Group, Inc		410
	250,468		Mead Johnson Nutrition Co		20,165
	17,868		MeadWestvaco Corp		514
	190,322		Medtronic, Inc		7,371
	1,785,899		Merck & Co, Inc		74,561
	799,501		Metlife, Inc		24,665
	33,801	*	MetroPCS Communications, Inc		205
	8,657	*	Mettler-Toledo International, Inc		1,349
	37,677	*	MGM Mirage		420
	15,500	*	Michael Kors Holdings Ltd		648
	20,818	e	Microchip Technology, Inc		689
	1,263,794	*	Micron Technology, Inc		7,975
	5,190,831		Microsoft Corp		158,788
	12,771	*	Mohawk Industries, Inc		892
	15,492		Molson Coors Brewing Co (Class B)		645
	328,147		Monsanto Co		27,164
	58,916	*	Monster Beverage Corp		4,195
	21,740		Moody’s Corp		795
	789,881		Morgan Stanley		11,524
	62,470		Mosaic Co		3,421
	69,290		Motorola, Inc		3,334
	773		MSC Industrial Direct Co (Class A)		51
	30,625		Murphy Oil Corp		1,540
	327,418	*	Mylan Laboratories, Inc		6,997
	49,275	*	Nabors Industries Ltd		710
	13,515		Nasdaq Stock Market, Inc		306
	235,014		National Oilwell Varco, Inc		15,144
	1,239	*	Navistar International Corp		35
	133,486	*	NetApp, Inc		4,248
	20,957	*,e	NetFlix, Inc		1,435
	50,000	*	NeuStar, Inc (Class A)		1,670
	59,840	e	New York Community Bancorp, Inc		750
	30,161		Newell Rubbermaid, Inc		547
	14,013	*	Newfield Exploration Co		411
	61,787		Newmont Mining Corp		2,997
	208,507		News Corp (Class A)		4,648
	47,902		News Corp (Class B)		1,079
	109,888		NextEra Energy, Inc		7,561
	13,613	*	Nielsen Holdings NV		357
	19,943	*,e	NII Holdings, Inc (Class B)		204

225

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	362,117		Nike, Inc (Class B)	$	31,787
	126,977		NiSource, Inc		3,143
	119,610		Noble Corp		3,891
	48,446		Noble Energy, Inc		4,109
	162,709		Nordstrom, Inc		8,085
	58,897		Norfolk Southern Corp		4,227
	100,972		Northeast Utilities		3,919
	50,531		Northern Trust Corp		2,325
	25,466		Northrop Grumman Corp		1,624
	41,320	*	NRG Energy, Inc		717
	176,332	*	Nuance Communications, Inc		4,200
	66,325		Nucor Corp		2,514
	190,000		NV Energy, Inc		3,340
	66,593	*	Nvidia Corp		920
	16,374	*	NVR, Inc		13,918
	27,373		NYSE Euronext		700
	795,019		Occidental Petroleum Corp		68,189
	14,091		Omnicare, Inc		440
	46,229		Omnicom Group, Inc		2,247
	50,296		Oneok, Inc		2,128
	40,000	*	Onyx Pharmaceuticals, Inc		2,658
	3,160,006		Oracle Corp		93,852
	84,476	*	O’Reilly Automotive, Inc		7,077
	523,543	*	Orient-Express Hotels Ltd (Class A)		4,382
	437	e	Overseas Shipholding Group, Inc		5
	309,639	*	Owens Corning, Inc		8,837
	21,403	*	Owens-Illinois, Inc		410
	52,803		Paccar, Inc		2,069
	20,432		Pall Corp		1,120
	8,740	*	Panera Bread Co (Class A)		1,219
	96,367		Parker Hannifin Corp		7,409
	49,558		PartnerRe Ltd		3,750
	15,583		Patterson Cos, Inc		537
	47,696		Paychex, Inc		1,498
	56,731		Peabody Energy Corp		1,391
	70,000	*	Penn National Gaming, Inc		3,121
	17,827	e	Pentair, Inc		682
	54,143		People’s United Financial, Inc		629
	33,155		Pepco Holdings, Inc		649
	1,037,426		PepsiCo, Inc		73,305
	2,171		PerkinElmer, Inc		56
	98,682		Perrigo Co		11,638
	250,862		Petsmart, Inc		17,104
	6,737,717		Pfizer, Inc		154,968
	50,804		PG&E Corp		2,300
	1,375,619		Philip Morris International, Inc		120,036
	234,384	*	Phillips 66		7,791
	87,987		Phillips-Van Heusen Corp		6,844
	55,478		Pinnacle West Capital Corp		2,870
	38,744		Pioneer Natural Resources Co		3,418
	32,934	e	Pitney Bowes, Inc		493

226

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	13,232	*	Plains Exploration & Production Co	$	466
	28,581		Plum Creek Timber Co, Inc		1,135
	55,976		PNC Financial Services Group, Inc		3,421
	17,500		Polaris Industries, Inc		1,251
	120,005		PPG Industries, Inc		12,735
	72,125		PPL Corp		2,006
	66,362		Praxair, Inc		7,216
	87,815		Precision Castparts Corp		14,445
	14,121	*	Priceline.com, Inc		9,384
	161,460		Principal Financial Group		4,235
	40,000		ProAssurance Corp		3,564
	1,149,948		Procter & Gamble Co		70,434
	120,276		Progress Energy, Inc		7,237
	61,599		Progressive Corp		1,283
	540,224		Prudential Financial, Inc		26,163
	74,866		Public Service Enterprise Group, Inc		2,433
	54,199		Public Storage, Inc		7,827
	6,502	*	Pulte Homes, Inc		69
	801,394		Qualcomm, Inc		44,622
	26,274	*	Quanta Services, Inc		632
	19,779		Quest Diagnostics, Inc		1,185
	27,009		Questar Market Resources, Inc		809
	78	e	R.R. Donnelley & Sons Co		1
	19,106	*	Rackspace Hosting, Inc		840
	30,530	e	RadioShack Corp		117
	30,452	*	Ralcorp Holdings, Inc		2,032
	21,710		Ralph Lauren Corp		3,041
	143,700		Range Resources Corp		8,891
	25,510		Rayonier, Inc		1,145
	361,523		Raytheon Co		20,459
	80,176	*	Red Hat, Inc		4,528
	12,725		Regency Centers Corp		605
	7,767	*	Regeneron Pharmaceuticals, Inc		887
	317,434		Regions Financial Corp		2,143
	77,404		RenaissanceRe Holdings Ltd		5,883
	93,000		Rent-A-Center, Inc		3,138
	61,188		Republic Services, Inc		1,619
	89,659		Reynolds American, Inc		4,023
	11,501	*	Rite Aid Corp		16
	17,758		Robert Half International, Inc		507
	7,624		Rock-Tenn Co (Class A)		416
	15,089		Rockwell Automation, Inc		997
	15,270		Rockwell Collins, Inc		754
	105,370		Roper Industries, Inc		10,387
	250,334		Ross Stores, Inc		15,638
	18,907	*	Rowan Cos PLC		611
	60,609		Royal Caribbean Cruises Ltd		1,578
	14,424	*	RRI Energy, Inc		25
	1,058		Ryder System, Inc		38
	37,853	e	Safeway, Inc		687
	59,726		SAIC, Inc		724

227

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	31,665	*	Salesforce.com, Inc	$	4,378
	291,652	*	SanDisk Corp		10,639
	69,839	*	SBA Communications Corp (Class A)		3,984
	31,343		SCANA Corp		1,499
	742,045		Schlumberger Ltd		48,166
	422,766		Scripps Networks Interactive (Class A)		24,038
	184,977		Seagate Technology, Inc		4,574
	18,788		Sealed Air Corp		290
	3,616	*,e	Sears Holdings Corp		216
	17,985		SEI Investments Co		358
	180,992		Sempra Energy		12,467
	110,618	*,e	Sensata Technologies Holding BV		2,962
	400,000		Service Corp International		4,948
	810	*	ServiceNow, Inc		20
	1,559	*	Shaw Group, Inc		43
	61,846		Sherwin-Williams Co		8,185
	23,130		Sigma-Aldrich Corp		1,710
	291,277		Simon Property Group, Inc		45,340
	398,326	*,e	Sirius XM Radio, Inc		737
	18,871		SL Green Realty Corp		1,514
	55,465		SLM Corp		871
	210,000	*	Smithfield Foods, Inc		4,542
	70,262		Sotheby’s (Class A)		2,344
	370,062		Southern Co		17,134
	19,137		Southwest Airlines Co		176
	60,848	*	Southwestern Energy Co		1,943
	726,544	e	SPDR Trust Series 1		99,006
	102,052		Spectra Energy Corp		2,966
	783,245	*	Sprint Nextel Corp		2,553
	28,293		SPX Corp		1,848
	1,789	*,e	St. Joe Co		28
	333,037		St. Jude Medical, Inc		13,291
	84,180		Stanley Works		5,418
	108,636		Staples, Inc		1,418
	345,682		Starbucks Corp		18,432
	79,332		Starwood Hotels & Resorts Worldwide, Inc		4,208
	455,453		State Street Corp		20,331
	19,134	*	Stericycle, Inc		1,754
	49,143		Stryker Corp		2,708
	1,218	*,e	SunCoke Energy, Inc		18
	149,929		Sunoco, Inc		7,122
	139,929		SunTrust Banks, Inc		3,390
	95,618	*	Superior Energy Services		1,934
	11,741	e	Supervalu, Inc		61
	20,000	*	SXC Health Solutions Corp		1,984
	18,548	*	SXC Health Solutions Corp (Toronto)		1,842
	685,613	*	Symantec Corp		10,017
	29,942	*	Synopsys, Inc		881
	7,422		Synovus Financial Corp		15
	73,393		Sysco Corp		2,188
	28,860		T Rowe Price Group, Inc		1,817
	1,164,123		Target Corp		67,740

228

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,079	e	Taubman Centers, Inc	$	83
	67,600		TCF Financial Corp		776
	79,382		TD Ameritrade Holding Corp		1,350
	730		Techne Corp		54
	1,892		Telephone & Data Systems, Inc		40
	9,262	*	Tenet Healthcare Corp		49
	57,606	*	Teradata Corp		4,148
	169,000	*	Teradyne, Inc		2,376
	233,977		Texas Instruments, Inc		6,713
	83,737		Textron, Inc		2,082
	423,699		Thermo Electron Corp		21,994
	43,950	*	TIBCO Software, Inc		1,315
	15,700		Tiffany & Co		831
	9,157	*	Tilly’s, Inc		147
	116,850		Time Warner Cable, Inc		9,593
	111,640		Time Warner, Inc		4,298
	119,363		Timken Co		5,466
	487,152		TJX Companies, Inc		20,913
	82,671	*	Toll Brothers, Inc		2,458
	49,858		Torchmark Corp		2,520
	91,069		Total System Services, Inc		2,179
	29,057		Tractor Supply Co		2,413
	10,206	*	TransDigm Group, Inc		1,371
	18,764		Transocean Ltd		841
	50,000		Transocean Ltd		2,237
	61,010		Travelers Cos, Inc		3,895
	54,737	*	Trimble Navigation Ltd		2,518
	19,958	*	TripAdvisor, Inc		892
	51,139	*	TRW Automotive Holdings Corp		1,880
	121,311		Tupperware Corp		6,643
	116,228		Tyco Electronics Ltd		3,709
	1,202,229		Tyco International Ltd		63,538
	63,392		Tyson Foods, Inc (Class A)		1,194
	122,998	*,e	UAL Corp		2,993
	24,703		UDR, Inc		638
	19,417		Ulta Salon Cosmetics & Fragrance, Inc		1,813
	23,350	*,e	Ultra Petroleum Corp		539
	464,583		Union Pacific Corp		55,429
	318,259		United Parcel Service, Inc (Class B)		25,066
	15,796	e	United States Steel Corp		325
	124,538		United Technologies Corp		9,406
	1,180,968		UnitedHealth Group, Inc		69,087
	1,790		Universal Health Services, Inc (Class B)		77
	89,059		UnumProvident Corp		1,704
	13,162	*	Urban Outfitters, Inc		363
	53,373		URS Corp		1,862
	1,860,192		US Bancorp		59,824
	359	*	US Cellular Corp		14
	229,034		Valero Energy Corp		5,531
	14,527	*	Varian Medical Systems, Inc		883
	85,021		Ventas, Inc		5,367

229

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	29,271	*	VeriFone Systems, Inc	$	969
	67,844	*	VeriSign, Inc		2,956
	56,949	*	Verisk Analytics, Inc		2,805
	1,230,759		Verizon Communications, Inc		54,695
	43,659	*	Vertex Pharmaceuticals, Inc		2,441
	32,261		VF Corp		4,305
	431,893		Viacom, Inc (Class B)		20,308
	203,113		Visa, Inc (Class A)		25,111
	200,000	*	Vishay Intertechnology, Inc		1,886
	70,499	*	VMware, Inc (Class A)		6,418
	27,602		Vornado Realty Trust		2,318
	15,927		Vulcan Materials Co		633
	62,070		W.R. Berkley Corp		2,416
	20,492		W.W. Grainger, Inc		3,919
	320,432		Walgreen Co		9,478
	619,101		Wal-Mart Stores, Inc		43,164
	941,030		Walt Disney Co		45,640
	364,804		Walter Energy, Inc		16,110
	433,887	*	Warner Chilcott plc		7,775
	463	e	Washington Post Co (Class B)		173
	46,499		Waste Management, Inc		1,553
	11,338	*	Waters Corp		901
	256,647	*	Watson Pharmaceuticals, Inc		18,989
	114,494	*	Weatherford International Ltd		1,446
	23,900	*	WellCare Health Plans, Inc		1,267
	199,964		WellPoint, Inc		12,756
	3,693,718		Wells Fargo & Co		123,518
	160,897	*	Western Digital Corp		4,904
	117,625		Western Union Co		1,981
	233,448		Weyerhaeuser Co		5,220
	46,683		Whirlpool Corp		2,855
	12,263	*	Whiting Petroleum Corp		504
	65,354		Whole Foods Market, Inc		6,230
	319,154		Williams Cos, Inc		9,198
	18,094		Willis Group Holdings plc		660
	63,614	e	Windstream Corp		615
	91,323		Wisconsin Energy Corp		3,614
	3,710	*	WPX Energy, Inc		60
	23,900	*	WR Grace & Co		1,206
	205,809		Wyndham Worldwide Corp		10,854
	16,984		Wynn Resorts Ltd		1,762
	1,718,462		Xcel Energy, Inc		48,821
	187,532		Xerox Corp		1,476
	56,552		Xilinx, Inc		1,898
	27,638		Xylem, Inc		696
	220,313	*	Yahoo!, Inc		3,488
	593,513		Yum! Brands, Inc		38,234
	73,969		Zimmer Holdings, Inc		4,761
			TOTAL UNITED STATES		7,690,984
			TOTAL COMMON STOCKS		13,848,884
			(Cost $13,192,881)

230

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	RATE	MATURITY DATE	VALUE (000)
RIGHTS / WARRANTS - 0.0%
AUSTRALIA - 0.0%
	6,295		Echo Entertainment Group Ltd			$	7
	681,005	m	GPT Group				0	^
			TOTAL AUSTRALIA				7
CANADA - 0.0%
	91,085	e	Ivanhoe Mines Ltd				82
			TOTAL CANADA				82
MALAYSIA - 0.0%
	51,780		IJM Land BHD - CW13				13
			TOTAL MALAYSIA				13
SPAIN - 0.0%
	42,874		Repsol YPF S.A.				30
	8,047		Zardoya Otis S.A.				4
			TOTAL SPAIN				34
UNITED STATES - 0.0%
	202,652		Kinder Morgan, Inc				438
			TOTAL UNITED STATES				438
			TOTAL RIGHTS / WARRANTS				574
			(Cost $434)

PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 6.0%
TREASURY DEBT - 1.2%
$	13,375,000		United States Treasury Bill	0.058-0.080		%	07/12/12	13,375
	19,100,000		United States Treasury Bill		0.045		07/19/12	19,100
	20,955,000		United States Treasury Bill	0.076-0.078			07/26/12	20,954
	18,400,000		United States Treasury Bill	0.057-0.090			08/02/12	18,399
	44,000,000		United States Treasury Bill		0.048		08/23/12	43,997
	16,300,000		United States Treasury Bill	0.068-0.081			09/06/12	16,298
	30,700,000		United States Treasury Bill		0.105		09/13/12	30,695
	6,800,000		United States Treasury Bill		0.080		09/27/12	6,798
			TOTAL TREASURY DEBT					169,616
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 4.8%
REPURCHASE AGREEMENTS - 4.3%
	117,000,000	o	Barclay		0.150		07/02/12	117,000

231

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

PRINCIPAL			ISSUER		RATE		MATURITY DATE	VALUE (000)
$	43,000,000	p	BNP		0.130	%	07/02/12	$	43,000
	92,000,000	q	Calyon		0.150		07/02/12		92,000
	51,000,000	r	CSFB		0.150		07/02/12		51,000
	14,707,000	s	HSBC	0.150-0.180			07/02/12		14,707
	20,000,000	t	ING		0.150		07/02/12		20,000
	30,000,000	u	Merrill Lynch		0.150		07/02/12		30,000
	55,000,000	v	Royal Bank of Scotland		0.150		07/02/12		55,000
	55,000,000	w	Societe Generale		0.150		07/02/12		55,000
	130,000,000	x	UBS Warburg		0.140		07/02/12		130,000
			TOTAL REPURCHASE AGREEMENTS						607,707
VARIABLE RATE SECURITY - 0.5%
	11,000,000	i	American Express Credit Account Master		0.540		10/15/12		11,009
	2,581,099	i	Granite Master Issuer plc 2006		0.340		12/20/50		2,481
	2,212,370	i	Granite Master Issuer plc 2007		0.440		12/20/50		2,127
	1,321,234	i	Medallion Trust Series 2005		0.510		08/22/36		1,283
	2,321,600	i	Nelnet Student Loan Trust 2006		0.510		11/23/18		2,321
	1,949,467	i	Nelnet Student Loan Trust 2007		0.720		09/25/18		1,947
	2,410,100	i	Puma Global Mortgage Backed Trust		0.540		02/21/38		2,304
	30,000,000	i	SLM Student Loan Trust 2007		0.510		01/25/19		29,511
	6,312,641	i	SLM Student Loan Trust 2008		0.820		10/25/16		6,292
			TOTAL VARIABLE RATE SECURITY						59,275
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						666,982
			TOTAL SHORT-TERM INVESTMENTS						836,598
			(Cost $836,929)
			TOTAL INVESTMENTS - 104.6%						14,686,056
			(Cost $14,030,244)
			OTHER ASSETS & LIABILITIES, NET - (4.6)%						(642,446	)
			NET ASSETS - 100.0%					$	14,043,610

	Abbreviation(s):
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
NVDR	Non Voting Depositary Receipt
REIT	Real Estate Investment Trust
SPDR	Standard & Poor’s Depository Receipts
*	Non-income producing.
^	Amount represents less than $1,000.
d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures transactions.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $655,625,000.
f	Restricted security. As of 6/30/2012, the aggregate value of these securities amounted to $7,506,000 or 0.1% 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 Barclay, 0.15% dated 06/29/12 to be repurchased at $117,000,000 on 07/02/12, collateralized by U.S. Treasury Securities valued at $119,340,000.
p	Agreement with BNP, 0.13% dated 06/29/12 to be repurchased at $43,000,000 on 07/02/12, collateralized by U.S. Treasury Securities valued at $43,860,000.
q	Agreement with Calyon, 0.15% dated 06/29/12 to be repurchased at $92,000,000 on 07/02/12, collateralized by U.S. Treasury Securities valued at $93,840,000.
r	Agreement with CSFB, 0.15%-0.18% dated 06/29/12 to be repurchased at $51,000,000 on 07/02/12, collateralized by U.S. Treasury Securities valued at $52,023,000.
s	Agreement with HSBC, 0.15% dated 06/29/12 to be repurchased at $14,707,000 on 07/02/12, collateralized by U.S. Treasury Securities valued at $15,001,000.
t	Agreement with ING, 0.15% dated 06/29/12 to be repurchased at $20,000,000 on 07/02/12, collateralized by U.S. Treasury Securities valued at $20,406,000.
u	Agreement with Merrill Lynch, 0.15% dated 06/29/12 to be repurchased at $30,000,000 on 07/02/12, collateralized by U.S. Treasury Securities valued at $30,600,000.
v	Agreement with Royal Bank of Scotland, 0.15% dated 06/29/12 to be repurchased at $55,000,000 on 07/02/12, collateralized by U.S. Treasury Securities valued at $56,102,000.
w	Agreement with Societe, Generale, 0.15% dated 06/29/12 to be repurchased at $55,000,000 on 07/02/12, collateralized by U.S. Treasury Securities valued at $56,100,000.
x	Agreement with UBS Warburg, 0.14% dated 06/29/12 to be repurchased at $130,000,000 on 07/02/12, collateralized by U.S. Treasury Securities valued at $132,600,000.
	Cost amounts are in thousands.

232

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
June 30, 2012

SECTOR	VALUE (000)			% OF NET ASSETS
FINANCIALS	$	2,508,115			17.7	%
INFORMATION TECHNOLOGY		1,950,294			13.9
CONSUMER DISCRETIONARY		1,833,809			13.1
HEALTH CARE		1,502,446			10.7
INDUSTRIALS		1,472,105			10.5
CONSUMER STAPLES		1,465,078			10.4
ENERGY		1,360,944			9.7
MATERIALS		910,508			6.5
TELECOMMUNICATION SERVICES		457,548			3.3
UTILITIES		388,611			2.8
SHORT - TERM INVESTMENTS		836,598			6.0
OTHER ASSETS & LIABILITIES, NET		(642,446	)		(4.6	)
NET ASSETS	$	14,043,610			100.0	%

233

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2012

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 99.6%
AUTOMOBILES & COMPONENTS - 0.3%
	22,780		Allison Transmission Holdings, Inc	$	400
	99,617	*,e	BorgWarner, Inc		6,534
	285,220	*	Delphi Automotive plc		7,274
	122,031		Gentex Corp		2,547
	208,253	*	Goodyear Tire & Rubber Co		2,459
	201,858		Harley-Davidson, Inc		9,230
	262,944	*,e	Tesla Motors, Inc		8,228
	2,669	*	Visteon Corp		100
	93,995	*	WABCO Holdings, Inc		4,975
			TOTAL AUTOMOBILES & COMPONENTS		41,747
BANKS - 0.0%
	60,068		People’s United Financial, Inc		697
	7,303	*	Signature Bank		445
			TOTAL BANKS		1,142
CAPITAL GOODS - 8.0%
	551,832		3M Co		49,445
	189,315		Ametek, Inc		9,449
	18,396		Armstrong World Industries, Inc		904
	184,480	*	Babcock & Wilcox Co		4,520
	249,833	*	BE Aerospace, Inc		10,908
	1,876,765		Boeing Co		139,443
	4,947		Carlisle Cos, Inc		262
	1,152,669		Caterpillar, Inc		97,872
	366,673		Chicago Bridge & Iron Co NV (ADR)		13,918
	169,600	*	CNH Global NV		6,591
	8,179	*	Colfax Corp		225
	95,342		Cooper Industries plc		6,500
	547,369		Cummins, Inc		53,045
	174,125		Danaher Corp		9,068
	614,240		Deere & Co		49,673
	318,322		Donaldson Co, Inc		10,622
	537,358		Emerson Electric Co		25,030
	408,228	e	European Aeronautic Defence and Space Co		14,488
	257,237		Fastenal Co		10,369
	43,389		Flowserve Corp		4,979
	222,330		Fluor Corp		10,970
	22,963	*	Fortune Brands Home & Security, Inc		511
	6,173	*	General Cable Corp		160
	109,429		Goodrich Corp		13,887
	51,856		Graco, Inc		2,390
	2,054,065		Honeywell International, Inc		114,698
	93,737		Hubbell, Inc (Class B)		7,306

234

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	18,427		IDEX Corp	$	718
	351,041		Illinois Tool Works, Inc		18,567
	211,248		Ingersoll-Rand plc		8,910
	19,006		ITT Corp		335
	354,353		Joy Global, Inc		20,102
	105,000		KBR, Inc		2,595
	162,700		Kennametal, Inc		5,394
	45,617		Lennox International, Inc		2,127
	277,314		Lincoln Electric Holdings, Inc		12,144
	401,543		Lockheed Martin Corp		34,966
	92,379	e	Manitowoc Co, Inc		1,081
	305,461		Masco Corp		4,238
	12,027	*	MRC Global, Inc		256
	102,544		MSC Industrial Direct Co (Class A)		6,722
	115,182		Nordson Corp		5,908
	71,922		Paccar, Inc		2,819
	99,263		Pall Corp		5,441
	379,948		Parker Hannifin Corp		29,209
	40,445	*,e	Polypore International, Inc		1,634
	586,428		Precision Castparts Corp		96,462
	123,285		Rockwell Automation, Inc		8,144
	125,046		Rockwell Collins, Inc		6,171
	466,637		Roper Industries, Inc		46,001
	9,045		Snap-On, Inc		563
	15,826	*	Spirit Aerosystems Holdings, Inc (Class A)		377
	11,903		SPX Corp		778
	136,747		Stanley Works		8,801
	15,478		Textron, Inc		385
	279,603		Timken Co		12,803
	27,518		Toro Co		2,017
	118,800	*	TransDigm Group, Inc		15,955
	108,114		Triumph Group, Inc		6,084
	212,400		Tyco International Ltd		11,225
	81,402	*	United Rentals, Inc		2,771
	908,106		United Technologies Corp		68,589
	50,025		Valmont Industries, Inc		6,052
	152,964		W.W. Grainger, Inc		29,253
	77,000	*	WESCO International, Inc		4,431
	126,449		Westinghouse Air Brake Technologies Corp		9,864
	17,669		Xylem, Inc		445
			TOTAL CAPITAL GOODS		1,167,570
COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
	42,820		Cintas Corp		1,653
	41,282	*	Clean Harbors, Inc		2,329
	425,389	*	Copart, Inc		10,077
	141,613		Covanta Holding Corp		2,429
	28,699		Dun & Bradstreet Corp		2,043
	94,158		Equifax, Inc		4,388
	42,291	*	IHS, Inc (Class A)		4,556
	125,194		Iron Mountain, Inc		4,126
	666,009	*	Nielsen Holdings NV		17,463

235

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	112,153	e	Pitney Bowes, Inc	$	1,679
	125,415		Robert Half International, Inc		3,583
	170,593		Rollins, Inc		3,816
	163,524	*	Stericycle, Inc		14,991
	168,200		Towers Watson & Co		10,075
	799,193	*	Verisk Analytics, Inc		39,368
	343,364		Waste Connections, Inc		10,274
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		132,850
CONSUMER DURABLES & APPAREL - 2.0%
	106,672	*	Ascena Retail Group, Inc		1,986
	1,112,678		Burberry Group plc		23,167
	42,073	*	Carter’s, Inc		2,213
	443,185		Coach, Inc		25,917
	22,073	*,e	Deckers Outdoor Corp		971
	17,550		DR Horton, Inc		323
	47,434	*	Fossil, Inc		3,631
	6,781	*,e	Garmin Ltd		260
	82,466	*	Hanesbrands, Inc		2,287
	95,062		Hasbro, Inc		3,220
	476,973		Jarden Corp		20,041
	229,158		Mattel, Inc		7,434
	293,462	*	Michael Kors Holdings Ltd		12,278
	1,057,467		Nike, Inc (Class B)		92,825
	3,930	*	NVR, Inc		3,341
	175,668		Phillips-Van Heusen Corp		13,665
	143,399		Polaris Industries, Inc		10,250
	280,838		Ralph Lauren Corp		39,335
	54,425	*	Tempur-Pedic International, Inc		1,273
	300,064		Tupperware Corp		16,432
	33,756	*,e	Under Armour, Inc (Class A)		3,189
	76,185		VF Corp		10,167
			TOTAL CONSUMER DURABLES & APPAREL		294,205
CONSUMER SERVICES - 3.7%
	95,608	*	Apollo Group, Inc (Class A)		3,460
	34,357	*	Bally Technologies, Inc		1,603
	63,334		Brinker International, Inc		2,018
	52,135	*	Chipotle Mexican Grill, Inc (Class A)		19,809
	1,964		Choice Hotels International, Inc		78
	109,706		Darden Restaurants, Inc		5,554
	70,662		Dunkin Brands Group, Inc		2,427
	153,259		H&R Block, Inc		2,449
	131,392		International Game Technology		2,069
	22,806	*,e	ITT Educational Services, Inc		1,385
	490,540		Las Vegas Sands Corp		21,334
	413,850		Marriott International, Inc (Class A)		16,223
	1,445,147		McDonald’s Corp		127,939
	691,889	*	Orient-Express Hotels Ltd (Class A)		5,791
	61,423	*	Panera Bread Co (Class A)		8,565
	4,638	*	Penn National Gaming, Inc		207
	3,571,400	e	Sands China Ltd		11,489

236

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	2,453,205		Starbucks Corp	$	130,805
	819,627		Starwood Hotels & Resorts Worldwide, Inc		43,473
	150,166	e	Weight Watchers International, Inc		7,743
	126,805		Wyndham Worldwide Corp		6,688
	421,613		Wynn Resorts Ltd		43,730
	1,134,761		Yum! Brands, Inc		73,101
			TOTAL CONSUMER SERVICES		537,940
DIVERSIFIED FINANCIALS - 3.3%
	158,498	*	Affiliated Managers Group, Inc		17,348
	1,246,531		American Express Co		72,561
	284,323		Ameriprise Financial, Inc		14,859
	146,291		BlackRock, Inc		24,842
	2,208,313		Blackstone Group LP		28,862
	97,599		Capital One Financial Corp		5,335
	65,626		CBOE Holdings, Inc		1,817
	853,800		Discover Financial Services		29,524
	101,444	e	Eaton Vance Corp		2,734
	62,450	e	Federated Investors, Inc (Class B)		1,365
	124,976		Franklin Resources, Inc		13,871
	402,678	*	IntercontinentalExchange, Inc		54,756
	2,220,750	e	iShares Russell 1000 Growth Index Fund		140,417
	94,756		Lazard Ltd (Class A)		2,463
	40,585		Leucadia National Corp		863
	40,001	*	LPL Financial Holdings, Inc		1,351
	1,137,268		Moody’s Corp		41,567
	102,673	*	MSCI, Inc (Class A)		3,493
	124,615		SEI Investments Co		2,479
	316,836		T Rowe Price Group, Inc		19,948
	73,698		Waddell & Reed Financial, Inc (Class A)		2,232
			TOTAL DIVERSIFIED FINANCIALS		482,687
ENERGY - 3.7%
	55,800		Anadarko Petroleum Corp		3,694
	11,256	*	Atwood Oceanics, Inc		426
	178,250		Cabot Oil & Gas Corp		7,023
	164,421	*	Cameron International Corp		7,022
	16,399	e	CARBO Ceramics, Inc		1,258
	106,168	*	Cheniere Energy, Inc		1,565
	92,900		Chevron Corp		9,801
	195,582	*	Cobalt International Energy, Inc		4,596
	232,766	*	Concho Resources, Inc		19,813
	35,757	*	Continental Resources, Inc		2,382
	42,200		Core Laboratories NV		4,891
	140,273	e	Crescent Point Energy Corp		5,236
	556,309	*	Denbury Resources, Inc		8,406
	64,262	*	Dresser-Rand Group, Inc		2,862
	483,811		EOG Resources, Inc		43,597
	205,211	*	FMC Technologies, Inc		8,050
	37,848	e	Golar LNG Ltd		1,427
	261,054		Halliburton Co		7,411
	22,933		Helmerich & Payne, Inc		997

237

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	173,552		Holly Corp	$	6,149
	488,059		Kinder Morgan, Inc		15,725
	61,484	*	Kosmos Energy LLC		679
	10,860	*,e	Laredo Petroleum Holdings, Inc		226
	165,100		Murphy Oil Corp		8,303
	861,346		National Oilwell Varco, Inc		55,506
	34,299		Noble Energy, Inc		2,909
	346,450		Occidental Petroleum Corp		29,715
	286,294		Oceaneering International, Inc		13,702
	36,853	*	Oil States International, Inc		2,440
	89,242		Pioneer Natural Resources Co		7,872
	140,938		Range Resources Corp		8,720
	54,780	e	RPC, Inc		651
	2,440,995		Schlumberger Ltd		158,446
	8,214		SEACOR Holdings, Inc		734
	111,901	*	Southwestern Energy Co		3,573
	43,946		St. Mary Land & Exploration Co		2,158
	1,191,532		Suncor Energy, Inc		34,456
	245,704		Suncor Energy, Inc (NY)		7,113
	207,757		Sunoco, Inc		9,868
	214,700		Tullow Oil plc		4,962
	68,128	*	Whiting Petroleum Corp		2,801
	543,620		Williams Cos, Inc		15,667
	19,930		World Fuel Services Corp		758
			TOTAL ENERGY		533,590
FOOD & STAPLES RETAILING - 2.0%
	528,362		Costco Wholesale Corp		50,194
	370,205		CVS Corp		17,300
	23,887	*	Fresh Market, Inc		1,281
	1,714,554		Kroger Co		39,761
	28,693	e	Safeway, Inc		521
	269,518		Sysco Corp		8,034
	1,874,868		Wal-Mart Stores, Inc		130,716
	419,954		Whole Foods Market, Inc		40,030
			TOTAL FOOD & STAPLES RETAILING		287,837
FOOD, BEVERAGE & TOBACCO - 7.0%
	2,434,749		Altria Group, Inc		84,121
	19,159	*,e	Annie’s, Inc		802
	15,800	*,e	Boston Beer Co, Inc (Class A)		1,912
	116,959		Brown-Forman Corp (Class B)		11,327
	188,577		Campbell Soup Co		6,295
	2,763,422		Coca-Cola Co		216,072
	689,727		Coca-Cola Enterprises, Inc		19,340
	227,200		ConAgra Foods, Inc		5,891
	439,235	*	DE Master Blenders 1753 NV		4,953
	137,468	*	Dean Foods Co		2,341
	186,369		Dr Pepper Snapple Group, Inc		8,154
	101,927		Flowers Foods, Inc		2,368
	440,487		General Mills, Inc		16,976
	104,894	*,e	Green Mountain Coffee Roasters, Inc		2,285

238

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	173,143		H.J. Heinz Co	$	9,416
	473,192		Hershey Co		34,084
	87,847	*	Hillshire Brands Co		2,547
	254,611		Hormel Foods Corp		7,745
	234,189		Ingredion, Inc		11,597
	196,507		Kellogg Co		9,694
	80,152		Kraft Foods, Inc (Class A)		3,095
	284,780		Lorillard, Inc		37,577
	115,232		McCormick & Co, Inc		6,989
	936,649		Mead Johnson Nutrition Co		75,409
	253,179	*	Monster Beverage Corp		18,026
	1,891,237		PepsiCo, Inc		133,635
	3,112,909		Philip Morris International, Inc		271,631
	120,872		Reynolds American, Inc		5,424
			TOTAL FOOD, BEVERAGE & TOBACCO		1,009,706
HEALTH CARE EQUIPMENT & SERVICES - 4.5%
	297,500		Aetna, Inc		11,534
	29,611	*	Amerigroup Corp		1,952
	695,005		AmerisourceBergen Corp		27,348
	120,155		Bard (C.R.), Inc		12,909
	731,076		Baxter International, Inc		38,856
	164,475		Becton Dickinson & Co		12,295
	544,423		Cardinal Health, Inc		22,866
	43,954	*	Catalyst Health Solutions, Inc		4,107
	815,856	*	Cerner Corp		67,439
	71,523		Cooper Cos, Inc		5,705
	235,599		Covidien plc		12,605
	254,835	*	DaVita, Inc		25,027
	54,951		Dentsply International, Inc		2,078
	302,256	*	Edwards Lifesciences Corp		31,223
	1,039,913	*	Express Scripts Holding Co		58,058
	38,462	*	Gen-Probe, Inc		3,162
	343,048		HCA Holdings, Inc		10,439
	85,589	*	Henry Schein, Inc		6,718
	202,016	*	Idexx Laboratories, Inc		19,420
	216,503	*	Intuitive Surgical, Inc		119,896
	85,579	*	Laboratory Corp of America Holdings		7,925
	57,952	e	Lincare Holdings, Inc		1,972
	635,688		McKesson Corp		59,596
	55,347		Medtronic, Inc		2,144
	75,161		Patterson Cos, Inc		2,591
	16,316		Quest Diagnostics, Inc		977
	283,536	*	Resmed, Inc		8,846
	11,281	*	Sirona Dental Systems, Inc		508
	211,669		St. Jude Medical, Inc		8,448
	198,860		Stryker Corp		10,957
	166,878	*	SXC Health Solutions Corp		16,556
	26,834	*	Tenet Healthcare Corp		141
	50,771	*	Thoratec Corp		1,705
	254,073		UnitedHealth Group, Inc		14,863
	4,817		Universal Health Services, Inc (Class B)		208

239

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	156,008	*	Varian Medical Systems, Inc	$	9,481
	184,563		WellPoint, Inc		11,773
	15,326		Zimmer Holdings, Inc		986
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		653,314
HOUSEHOLD & PERSONAL PRODUCTS - 1.3%
	293,447		Avon Products, Inc		4,757
	274,280		Church & Dwight Co, Inc		15,214
	4,903		Clorox Co		355
	421,490		Colgate-Palmolive Co		43,878
	874,173		Estee Lauder Cos (Class A)		47,309
	489,789		Herbalife Ltd		23,672
	442,939		Kimberly-Clark Corp		37,105
	49,079		Nu Skin Enterprises, Inc (Class A)		2,302
	171,760		Procter & Gamble Co		10,520
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		185,112
INSURANCE - 0.3%
	152,019		ACE Ltd		11,269
	16,088		Allied World Assurance Co Holdings Ltd		1,279
	24,147		Aon plc		1,130
	13,254	*	Arch Capital Group Ltd		526
	103,035		Arthur J. Gallagher & Co		3,613
	9,005		Brown & Brown, Inc		246
	23,709		Erie Indemnity Co (Class A)		1,698
	17,733		Hanover Insurance Group, Inc		694
	375,949		Marsh & McLennan Cos, Inc		12,117
	146,760		Travelers Cos, Inc		9,369
	8,601		Validus Holdings Ltd		275
			TOTAL INSURANCE		42,216
MATERIALS - 4.1%
	136,600		Airgas, Inc		11,476
	187,837		Albemarle Corp		11,203
	76,216	*	Allied Nevada Gold Corp		2,163
	19,417		Aptargroup, Inc		991
	193,913		Ashland, Inc		13,440
	466,891		Ball Corp		19,165
	214,712		Barrick Gold Corp		8,067
	5,529		Carpenter Technology Corp		265
	133,477		Celanese Corp (Series A)		4,621
	179,177		CF Industries Holdings, Inc		34,714
	76,687		Compass Minerals International, Inc		5,850
	33,567	*	Crown Holdings, Inc		1,158
	814,286		Du Pont (E.I.) de Nemours & Co		41,178
	352,995		Eastman Chemical Co		17,780
	976,660		Ecolab, Inc		66,931
	121,829		FMC Corp		6,515
	469,538		Freeport-McMoRan Copper & Gold, Inc (Class B)		15,997
	509,400		Huntsman Corp		6,592
	68,687		International Flavors & Fragrances, Inc		3,764
	206,000		International Paper Co		5,955

240

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	25,652	*	Intrepid Potash, Inc	$	584
	18,117		LyondellBasell Industries AF S.C.A		730
	18,236	e	Martin Marietta Materials, Inc		1,437
	16,162	*,e	Molycorp, Inc		348
	1,843,270		Monsanto Co		152,586
	7,593		NewMarket Corp		1,645
	106,135	*	Owens-Illinois, Inc		2,035
	78,707		Packaging Corp of America		2,223
	260,053		PPG Industries, Inc		27,597
	259,193		Praxair, Inc		28,182
	8,318		Rock-Tenn Co (Class A)		454
	66,446		Rockwood Holdings, Inc		2,947
	49,850		Royal Gold, Inc		3,908
	44,493		RPM International, Inc		1,210
	31,501	e	Scotts Miracle-Gro Co (Class A)		1,295
	255,583		Sherwin-Williams Co		33,826
	104,132		Sigma-Aldrich Corp		7,698
	42,304		Silgan Holdings, Inc		1,806
	104,387		Solutia, Inc		2,928
	449,947		Southern Copper Corp (NY)		14,178
	46,395		Steel Dynamics, Inc		545
	15,692	*	Tahoe Resources, Inc		218
	221,154		Valspar Corp		11,608
	184,944		Walter Energy, Inc		8,167
	4,203	e	Westlake Chemical Corp		220
	313,861	*	WR Grace & Co		15,834
			TOTAL MATERIALS		602,034
MEDIA - 5.1%
	46,450	*	AMC Networks, Inc		1,651
	23,017		Cablevision Systems Corp (Class A)		306
	1,400,377		CBS Corp (Class B)		45,904
	43,412	*	Charter Communications, Inc		3,077
	99,899		Cinemark Holdings, Inc		2,283
	3,741,844		Comcast Corp (Class A)		119,627
	2,214,950	*	DIRECTV		108,134
	560,615	*	Discovery Communications, Inc (Class A)		30,273
	1,104,654		DISH Network Corp (Class A)		31,538
	2,613,948		Interpublic Group of Cos, Inc		28,361
	19,194		John Wiley & Sons, Inc (Class A)		940
	57,842	*,e	Lamar Advertising Co (Class A)		1,654
	230,540	*	Liberty Global, Inc (Class A)		11,442
	49,745	*	Liberty Interactive LLC		4,373
	517,347		McGraw-Hill Cos, Inc		23,281
	21,230		Morningstar, Inc		1,228
	1,120,752		News Corp (Class A)		24,982
	240,152		Omnicom Group, Inc		11,671
	88,388	*,e	Pandora Media, Inc		961
	20,191	e	Regal Entertainment Group (Class A)		278
	904,791		Scripps Networks Interactive (Class A)		51,446
	3,370,553	*,e	Sirius XM Radio, Inc		6,236
	418,847		Time Warner Cable, Inc		34,387

241

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	1,204,605		Viacom, Inc (Class B)	$	56,641
	238,343	e	Virgin Media, Inc		5,813
	2,732,675		Walt Disney Co		132,534
			TOTAL MEDIA		739,021
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.0%
	2,444,853		Abbott Laboratories		157,619
	1,426,594		Agilent Technologies, Inc		55,981
	1,016,645	*	Alexion Pharmaceuticals, Inc		100,952
	1,095,705		Allergan, Inc		101,429
	1,036,865		Amgen, Inc		75,733
	123,079	*	Amylin Pharmaceuticals, Inc		3,475
	144,051	*	Ariad Pharmaceuticals, Inc		2,479
	633,011	*	Biogen Idec, Inc		91,394
	475,489	*	BioMarin Pharmaceuticals, Inc		18,820
	1,814,845		Bristol-Myers Squibb Co		65,244
	72,461	*	Bruker BioSciences Corp		964
	650,436	*	Celgene Corp		41,732
	31,285	*	Charles River Laboratories International, Inc		1,025
	3,866	*	Covance, Inc		185
	349,121		Eli Lilly & Co		14,981
	97,514	*	Endo Pharmaceuticals Holdings, Inc		3,021
	1,869,218	*	Gilead Sciences, Inc		95,853
	160,622	*,e	Human Genome Sciences, Inc		2,109
	540,664	*,e	Illumina, Inc		21,837
	83,624	*,e	Incyte Corp		1,898
	1,094,070		Johnson & Johnson		73,915
	13,272	*	Life Technologies Corp		597
	31,521	*	Medivation, Inc		2,881
	27,465	*	Mettler-Toledo International, Inc		4,280
	1,186,132	*	Mylan Laboratories, Inc		25,348
	76,213	*	Myriad Genetics, Inc		1,812
	295,921		Novo Nordisk AS (Class B)		42,919
	313,414	*	Onyx Pharmaceuticals, Inc		20,826
	215,922		Perrigo Co		25,464
	451,700		Pfizer, Inc		10,389
	67,117	*	Regeneron Pharmaceuticals, Inc		7,666
	50,456	*	Salix Pharmaceuticals Ltd		2,747
	31,779		Techne Corp		2,358
	347,100		Teva Pharmaceutical Industries Ltd (ADR)		13,690
	40,234	*	United Therapeutics Corp		1,987
	270,112	*	Vertex Pharmaceuticals, Inc		15,105
	919,029		Warner Chilcott plc		16,469
	145,552	*	Waters Corp		11,567
	511,501	*	Watson Pharmaceuticals, Inc		37,846
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		1,174,597
REAL ESTATE - 1.8%
	6,484		American Campus Communities, Inc		292
	1,209,617		American Tower Corp		84,563
	82,435		Apartment Investment & Management Co (Class A)		2,228
	80,021		Boston Properties, Inc		8,672

242

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	18,874		BRE Properties, Inc (Class A)	$	944
	52,566		Camden Property Trust		3,557
	284,992	*	CBRE Group, Inc		4,662
	95,725	e	Digital Realty Trust, Inc		7,186
	29,641		Equity Lifestyle Properties, Inc		2,044
	18,055		Equity Residential		1,126
	30,598	e	Essex Property Trust, Inc		4,710
	56,790		Extra Space Storage, Inc		1,738
	43,573		Federal Realty Investment Trust		4,536
	25,450		HCP, Inc		1,124
	22,532		Home Properties, Inc		1,383
	68,100		Jones Lang LaSalle, Inc		4,793
	4,600		Kilroy Realty Corp		223
	33,581		Mid-America Apartment Communities, Inc		2,292
	140,273		Plum Creek Timber Co, Inc		5,569
	19,285		Post Properties, Inc		944
	123,970		Public Storage, Inc		17,902
	88,825		Rayonier, Inc		3,988
	47,082		Regency Centers Corp		2,240
	559,590		Simon Property Group, Inc		87,105
	80,573		Tanger Factory Outlet Centers, Inc		2,582
	15,849		Taubman Centers, Inc		1,223
	149,499		Weyerhaeuser Co		3,343
			TOTAL REAL ESTATE		260,969
RETAILING - 7.1%
	47,090		Aaron’s, Inc		1,333
	246,003		Advance Auto Parts, Inc		16,782
	1,211,614	*	Amazon.com, Inc		276,672
	282,879		American Eagle Outfitters, Inc		5,581
	15,333	*,e	Autonation, Inc		541
	101,583	*	Autozone, Inc		37,298
	606,064	*	Bed Bath & Beyond, Inc		37,455
	280,828	*	Big Lots, Inc		11,455
	31,717	*	Carmax, Inc		823
	287,386		Chico’s FAS, Inc		4,265
	255,018		Dick’s Sporting Goods, Inc		12,241
	345,594	*	Dollar General Corp		18,797
	1,081,410	*	Dollar Tree, Inc		58,179
	215,421		DSW, Inc (Class A)		11,719
	48,494		Expedia, Inc		2,331
	130,366		Family Dollar Stores, Inc		8,667
	79,983		Foot Locker, Inc		2,446
	263,156		Gap, Inc		7,200
	242,869		Genuine Parts Co		14,632
	64,331		GNC Holdings, Inc		2,522
	29,635	*,e	Groupon, Inc		315
	2,503,991		Home Depot, Inc		132,687
	24,928	*,e	HomeAway, Inc		542
	15,906		Kohl’s Corp		724
	69,249	*	Liberty Media Holding Corp (Interactive A)		1,232
	318,900		Limited Brands, Inc		13,563

243

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	124,687	*	LKQ Corp	$	4,165
	371,786		Lowe’s Companies, Inc		10,574
	423,266		Macy’s, Inc		14,539
	47,079	*,e	NetFlix, Inc		3,223
	406,697		Nordstrom, Inc		20,209
	350,847	*	O’Reilly Automotive, Inc		29,390
	571,075		Petsmart, Inc		38,936
	55,748	*	Priceline.com, Inc		37,046
	944,586		Ross Stores, Inc		59,008
	126,184	*	Sally Beauty Holdings, Inc		3,248
	225,232		Target Corp		13,106
	94,007		Tiffany & Co		4,978
	13,990	*	Tilly’s, Inc		225
	1,969,678		TJX Companies, Inc		84,558
	202,446		Tractor Supply Co		16,815
	71,065	*	TripAdvisor, Inc		3,176
	130,779		Ulta Salon Cosmetics & Fragrance, Inc		12,212
	92,727	*	Urban Outfitters, Inc		2,558
	46,592		Williams-Sonoma, Inc		1,629
			TOTAL RETAILING		1,039,597
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.2%
	569,344	*	Advanced Micro Devices, Inc		3,262
	299,116		Altera Corp		10,122
	223,113		Analog Devices, Inc		8,405
	46,969	*	Atmel Corp		315
	717,311		Avago Technologies Ltd		25,751
	1,040,996		Broadcom Corp (Class A)		35,186
	84,793		Cypress Semiconductor Corp		1,121
	26,791	*,e	Freescale Semiconductor Holdings Ltd		275
	4,964,130		Intel Corp		132,294
	321,700		Kla-Tencor Corp		15,844
	58,600	*	Lam Research Corp		2,212
	194,578		Linear Technology Corp		6,096
	1,628,065	*	LSI Logic Corp		10,371
	554,125		Maxim Integrated Products, Inc		14,208
	162,792	e	Microchip Technology, Inc		5,385
	429,534	*	Nvidia Corp		5,936
	32,114	*	Silicon Laboratories, Inc		1,217
	243,924	*	Skyworks Solutions, Inc		6,676
	747,888	*	Teradyne, Inc		10,515
	668,319		Texas Instruments, Inc		19,174
	246,593		Xilinx, Inc		8,278
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		322,643
SOFTWARE & SERVICES - 19.0%
	1,224,983		Accenture plc		73,609
	2,238,139	*	Adobe Systems, Inc		72,449
	145,110	*	Akamai Technologies, Inc		4,607
	260,860	*	Alliance Data Systems Corp		35,216
	356,691	*	Amdocs Ltd		10,601
	78,523	*	Ansys, Inc		4,956

244

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	18,602	*	AOL, Inc	$	522
	82,519	*	Ariba, Inc		3,694
	961,931	*	Autodesk, Inc		33,658
	549,679		Automatic Data Processing, Inc		30,595
	91,033	*	Baidu, Inc (ADR)		10,467
	140,263	*	BMC Software, Inc		5,986
	108,413		Broadridge Financial Solutions, Inc		2,306
	17,586		CA, Inc		476
	229,763	*	Cadence Design Systems, Inc		2,525
	160,604	*	Citrix Systems, Inc		13,481
	723,157	*	Cognizant Technology Solutions Corp (Class A)		43,389
	26,970	*	Compuware Corp		251
	39,579	*	Concur Technologies, Inc		2,695
	5,191		DST Systems, Inc		282
	3,190,809	*	eBay, Inc		134,046
	41,772	*	Equinix, Inc		7,337
	683,132	*,e	Facebook, Inc		21,259
	39,479		Factset Research Systems, Inc		3,669
	98,359	*	Fiserv, Inc		7,103
	42,293	*	FleetCor Technologies, Inc		1,482
	113,532	*	Fortinet, Inc		2,636
	742,583	*	Gartner, Inc		31,968
	83,468	*	Genpact Ltd		1,388
	68,383		Global Payments, Inc		2,956
	605,283	*	Google, Inc (Class A)		351,108
	371,893		IAC/InterActiveCorp		16,958
	90,419	*	Informatica Corp		3,830
	1,762,093		International Business Machines Corp		344,631
	2,622,995		Intuit, Inc		155,675
	75,822		Jack Henry & Associates, Inc		2,617
	157,114		Lender Processing Services, Inc		3,972
	53,778	*	LinkedIn Corp		5,715
	369,808		Mastercard, Inc (Class A)		159,058
	69,356	*	Micros Systems, Inc		3,551
	14,972,725		Microsoft Corp		458,015
	27,220	*	NetSuite, Inc		1,491
	242,137	*	NeuStar, Inc (Class A)		8,087
	1,647,988	*	Nuance Communications, Inc		39,255
	6,715,345		Oracle Corp		199,445
	262,475		Paychex, Inc		8,244
	94,805	*	Rackspace Hosting, Inc		4,166
	1,121,557	*	Red Hat, Inc		63,346
	24,248	*	Rovi Corp		476
	79,267		SAIC, Inc		961
	436,232	*	Salesforce.com, Inc		60,313
	173,368		SAP AG.		10,266
	1,618	*	ServiceNow, Inc		40
	53,578	*	SolarWinds, Inc		2,334
	60,415		Solera Holdings, Inc		2,525
	13,491	*,e, m	Splunk, Inc		379
	45,741	*	Symantec Corp		668
	9,064	*	Synopsys, Inc		267

245

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	240,271	*	Teradata Corp	$	17,302
	460,011	*	TIBCO Software, Inc		13,764
	120,919		Total System Services, Inc		2,894
	34,390	*	Vantiv, Inc		801
	93,487	*	VeriFone Systems, Inc		3,093
	210,265		VeriSign, Inc		9,161
	1,639,949		Visa, Inc (Class A)		202,748
	412,600	*	VMware, Inc (Class A)		37,563
	539,850		Western Union Co		9,091
	114,351	*,e	Zynga, Inc		622
			TOTAL SOFTWARE & SERVICES		2,770,041
TECHNOLOGY HARDWARE & EQUIPMENT - 11.4%
	47,809	*,e	Acme Packet, Inc		892
	141,643		Amphenol Corp (Class A)		7,779
	1,989,435	*,d	Apple, Inc		1,161,830
	174,200	*	Arrow Electronics, Inc		5,716
	3,020,820		Cisco Systems, Inc		51,867
	1,130,785	*	Dell, Inc		14,157
	126,857	*	Dolby Laboratories, Inc (Class A)		5,239
	9,086	*	EchoStar Corp (Class A)		240
	5,691,253	*	EMC Corp		145,867
	142,457	*	F5 Networks, Inc		14,183
	113,271		Flir Systems, Inc		2,209
	58,588	*,e	Fusion-io, Inc		1,224
	27,245		Harris Corp		1,140
	27,622	*,e	IPG Photonics Corp		1,204
	397,011		Jabil Circuit, Inc		8,071
	316,729	*	Juniper Networks, Inc		5,166
	253,802		Motorola, Inc		12,210
	77,634		National Instruments Corp		2,085
	137,916	*	NCR Corp		3,135
	214,540	*	NetApp, Inc		6,827
	3,550,323		Qualcomm, Inc		197,682
	131,065	*	Riverbed Technology, Inc		2,117
	108,682	*	Trimble Navigation Ltd		5,000
	82,860	*	Western Digital Corp		2,526
	10,916	*	Zebra Technologies Corp (Class A)		375
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,658,741
TELECOMMUNICATION SERVICES - 1.6%
	387,231	*	Crown Castle International Corp		22,715
	72,628	*	Level 3 Communications, Inc		1,609
	169,510	*	SBA Communications Corp (Class A)		9,671
	130,751	*	tw telecom inc (Class A)		3,355
	4,181,956		Verizon Communications, Inc		185,845
	303,925	e	Windstream Corp		2,936
	142,042	*	Ziggo NV		4,527
			TOTAL TELECOMMUNICATION SERVICES		230,658
TRANSPORTATION - 2.1%
	226,246		CH Robinson Worldwide, Inc		13,242

246

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	RATE	MATURITY DATE	VALUE (000)
	199,661		Con-Way, Inc			$	7,210
	22,366		Copa Holdings S.A. (Class A)				1,845
	1,128,132		CSX Corp				25,225
	472,046	*	Delta Air Lines, Inc				5,169
	334,047		Expeditors International Washington, Inc				12,944
	404,497		FedEx Corp				37,056
	608,865	*	Hertz Global Holdings, Inc				7,793
	78,138		J.B. Hunt Transport Services, Inc				4,657
	74,583		Kansas City Southern Industries, Inc				5,188
	32,536	*	Kirby Corp				1,532
	89,182		Landstar System, Inc				4,612
	97,746		Ryder System, Inc				3,520
	118,659		Southwest Airlines Co				1,094
	368,233	*,e	UAL Corp				8,959
	669,091		Union Pacific Corp				79,830
	1,263,530		United Parcel Service, Inc (Class B)				99,516
			TOTAL TRANSPORTATION				319,392
UTILITIES - 0.1%
	13,778		Aqua America, Inc				344
	43,695		ITC Holdings Corp				3,011
	180,550		Oneok, Inc				7,639
	34,847		Questar Corp				727
			TOTAL UTILITIES				11,721
			TOTAL COMMON STOCKS				14,499,330
			(Cost $12,139,072)

PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 1.7%
TREASURY DEBT - 0.5%
$	11,600,000	United States Treasury Bill		0.057	%	08/23/12	11,599
	22,100,000	United States Treasury Bill	0.068-0.088			09/06/12	22,097
	6,200,000	United States Treasury Bill		0.070		09/13/12	6,199
	37,700,000	United States Treasury Bill	0.080-0.110			09/27/12	37,693
		TOTAL TREASURY DEBT					77,588

SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.2%
	171,882,826	a,c	TIAA-CREF Short Term Lending Portfolio of the State
			Street Navigator Securities Lending Trust		171,883
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		171,883
			TOTAL SHORT-TERM INVESTMENTS		249,471
			(Cost $249,470)
			TOTAL INVESTMENTS - 101.3%		14,748,801
			(Cost $12,388,542)
			OTHER ASSETS & LIABILITIES, NET - (1.3)%	$	(182,065	)
			NET ASSETS - 100.0%	$	14,566,736
			Abbreviation(s):
	ADR		American Depositary Receipt
	*		Non-income producing.
	a		Affiliated holding.
	c		Investments made with cash collateral received from securites on loan.
	d		All or a portion of these 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 $171,329,000.
	m		Indicates a security that has been deemed illiquid.
			Cost amounts are in thousands.

247

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

COLLEGE RETIREMENT EQUITIES FUND
EQUITY INDEX ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2012

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 99.7%
AUTOMOBILES & COMPONENTS - 0.8%
	19,682		Allison Transmission Holdings, Inc	$	346
	51,119	*	American Axle & Manufacturing Holdings, Inc		536
	27,497	*	Amerigon, Inc (Class A)		316
	87,437	*,e	BorgWarner, Inc		5,735
	45,804		Cooper Tire & Rubber Co		803
	110,265		Dana Holding Corp		1,412
	250,536	*	Delphi Automotive plc		6,388
	18,492	*	Dorman Products, Inc		464
	16,941		Drew Industries, Inc		472
	58,919	*	Exide Technologies		198
	13,635	*	Federal Mogul Corp (Class A)		150
	2,861,177		Ford Motor Co		27,439
	13,714	*,e	Fuel Systems Solutions, Inc		229
	584,896	*	General Motors Co		11,534
	109,188		Gentex Corp		2,279
	184,702	*	Goodyear Tire & Rubber Co		2,181
	176,709		Harley-Davidson, Inc		8,081
	519,514		Johnson Controls, Inc		14,395
	77,470		Lear Corp		2,923
	36,302	*	Modine Manufacturing Co		252
	4,154		Shiloh Industries, Inc		48
	30,024		Spartan Motors, Inc		157
	16,669		Standard Motor Products, Inc		235
	20,247	*	Stoneridge, Inc		138
	17,815		Superior Industries International, Inc		292
	46,120	*	Tenneco, Inc		1,237
	49,932	*,e	Tesla Motors, Inc		1,562
	33,978		Thor Industries, Inc		931
	5,700	*	Tower International, Inc		60
	77,381	*	TRW Automotive Holdings Corp		2,845
	40,138	*	Visteon Corp		1,505
	50,019	*	WABCO Holdings, Inc		2,648
	24,826	*,e	Winnebago Industries, Inc		253
			TOTAL AUTOMOBILES & COMPONENTS		98,044
BANKS - 3.3%
	11,459		1st Source Corp		259
	17,104	*	1st United Bancorp, Inc		106
	5,520		Access National Corp		72
	3,251		Alliance Financial Corp		112
	5,882	e	American National Bankshares, Inc		139
	18,171	*	Ameris Bancorp		229
	4,648	e	Ames National Corp		107
	18,000		Apollo Residential Mortgage		347

248

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	6,923	e	Arrow Financial Corp	$	167
	130,985		Associated Banc-Corp		1,728
	66,701	e	Astoria Financial Corp		654
	5,016		Bancfirst Corp		210
	21,466		Banco Latinoamericano de Exportaciones S.A. (Class E)		460
	73,283		Bancorpsouth, Inc		1,064
	41,404		Bank Mutual Corp		183
	38,126		Bank of Hawaii Corp		1,752
	4,416	e	Bank of Kentucky Financial Corp		118
	3,864		Bank of Marin Bancorp		143
	22,826	e	Bank of the Ozarks, Inc		687
	17,629		BankFinancial Corp		133
	25,535		BankUnited		602
	12,480		Banner Corp		273
	3,044	e	Bar Harbor Bankshares		110
	531,598		BB&T Corp		16,400
	57,116	*	BBCN Bancorp, Inc		622
	23,421	*	Beneficial Mutual Bancorp, Inc		202
	16,854		Berkshire Hills Bancorp, Inc		371
	5,599	*	BofI Holding, Inc		111
	21,305		BOK Financial Corp		1,240
	59,217		Boston Private Financial Holdings, Inc		529
	4,741	e	Bridge Bancorp, Inc		112
	7,190	*,e	Bridge Capital Holdings		116
	54,590		Brookline Bancorp, Inc		483
	8,337		Bryn Mawr Bank Corp		176
	6,191	*	BSB Bancorp, Inc		79
	2,500		C&F Financial Corp		100
	5,527		Camden National Corp		202
	8,819	*,e	Cape Bancorp, Inc		73
	9,158	e	Capital City Bank Group, Inc		67
	177,657		CapitalSource, Inc		1,194
	128,335		Capitol Federal Financial		1,525
	22,480		Cardinal Financial Corp		276
	61,647		Cathay General Bancorp		1,018
	9,768		Center Bancorp, Inc		110
	16,756		Centerstate Banks of Florida, Inc		120
	16,733	*,e	Central Pacific Financial Corp		236
	2,883		Century Bancorp, Inc		86
	18,856		Chemical Financial Corp		405
	153,338	*	CIT Group, Inc		5,465
	9,568		Citizens & Northern Corp		182
	30,246	*	Citizens Republic Bancorp, Inc		518
	12,921	e	City Holding Co		435
	35,413		City National Corp		1,720
	10,007		Clifton Savings Bancorp, Inc		104
	6,672		CNB Financial Corp		109
	21,290		CoBiz, Inc		133
	31,348		Columbia Banking System, Inc		590
	150,256		Comerica, Inc		4,614
	59,084		Commerce Bancshares, Inc		2,239
	28,981	e	Community Bank System, Inc		786

249

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	11,562	e	Community Trust Bancorp, Inc	$	387
	42,027		Cullen/Frost Bankers, Inc		2,416
	67,239	e	CVB Financial Corp		783
	23,810		Dime Community Bancshares		316
	96,753	*	Doral Financial Corp		145
	12,747	*	Eagle Bancorp, Inc		201
	111,043		East West Bancorp, Inc		2,605
	6,100	*	Encore Bancshares, Inc		126
	4,559	e	Enterprise Bancorp, Inc		75
	11,656		Enterprise Financial Services Corp		128
	8,385	e	ESB Financial Corp		111
	12,436		ESSA Bancorp, Inc		134
	16,542	*	EverBank Financial Corp		180
	14,022	e	Farmers National Banc Corp		87
	7,387		Federal Agricultural Mortgage Corp (Class C)		194
	6,717		Fidelity Southern Corp		58
	696,477		Fifth Third Bancorp		9,333
	7,979		Financial Institutions, Inc		135
	9,860		First Bancorp (NC)		88
	54,501	*	First Bancorp (Puerto Rico)		216
	6,485	e	First Bancorp, Inc		110
	58,052		First Busey Corp		280
	16,444	*	First California Financial Group, Inc		113
	4,123		First Citizens Bancshares, Inc (Class A)		687
	84,375		First Commonwealth Financial Corp		568
	12,139		First Community Bancshares, Inc		175
	13,926	e	First Connecticut Bancorp		188
	7,726		First Defiance Financial Corp		132
	44,691		First Financial Bancorp		714
	26,120	e	First Financial Bankshares, Inc		903
	8,954		First Financial Corp		260
	12,966		First Financial Holdings, Inc		139
	12,796	*	First Financial Northwest, Inc		104
	197,967		First Horizon National Corp		1,712
	9,546		First Interstate Bancsystem, Inc		136
	19,481		First Merchants Corp		243
	57,533		First Midwest Bancorp, Inc		632
	263,698		First Niagara Financial Group, Inc		2,017
	5,749		First of Long Island Corp		167
	6,248	e	First Pactrust Bancorp, Inc		74
	77,940	*	First Republic Bank		2,619
	82,846		FirstMerit Corp		1,369
	23,200		Flushing Financial Corp		316
	106,793		FNB Corp		1,161
	7,261	*,e	FNB United Corp		94
	11,394		Fox Chase Bancorp, Inc		165
	10,443	*	Franklin Financial Corp		172
	152,821		Fulton Financial Corp		1,527
	8,476		German American Bancorp, Inc		174
	56,600		Glacier Bancorp, Inc		877
	7,809	e	Great Southern Bancorp, Inc		215
	55,830	*	Guaranty Bancorp		118

250

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	58,181		Hancock Holding Co	$	1,771
	23,963	*	Hanmi Financial Corp		251
	10,342		Heartland Financial USA, Inc		248
	15,254	*	Heritage Commerce Corp		99
	11,990	e	Heritage Financial Corp		176
	6,199		Heritage Financial Group		80
	14,409	*,e	Heritage Oaks Bancorp		80
	939	*,e	Hingham Institution for Savings		57
	5,389	*,e	Home Bancorp, Inc		92
	18,696	e	Home Bancshares, Inc		572
	12,641		Home Federal Bancorp, Inc		133
	10,000	e	Home Loan Servicing Solutions Ltd		134
	3,494	*	HomeStreet, Inc		112
	2,726	e	Horizon Bancorp		72
	392,635		Hudson City Bancorp, Inc		2,501
	11,015		Hudson Valley Holding Corp		199
	664,830		Huntington Bancshares, Inc		4,255
	22,391		IBERIABANK Corp		1,130
	17,904	e	Independent Bank Corp		523
	40,567		International Bancshares Corp		792
	33,889	*	Investors Bancorp, Inc		511
	14,732		Kearny Financial Corp		143
	728,383		Keycorp		5,638
	7,275		K-Fed Bancorp		108
	20,622		Lakeland Bancorp, Inc		217
	12,420		Lakeland Financial Corp		333
	96,572		M&T Bank Corp		7,974
	15,363		MainSource Financial Group, Inc		182
	41,491		MB Financial, Inc		894
	6,437	*,e	Mercantile Bank Corp		119
	3,784		Merchants Bancshares, Inc		104
	7,250	*	Meridian Interstate Bancorp, Inc		101
	11,922	*,e	MetroCorp Bancshares, Inc		127
	142,224	*,e	MGIC Investment Corp		410
	4,068		Middleburg Financial Corp		69
	3,556	e	Midsouth Bancorp, Inc		50
	5,257		MidWestOne Financial Group, Inc		113
	2,927	*	NASB Financial, Inc		58
	5,351	e	National Bankshares, Inc		161
	101,297		National Penn Bancshares, Inc		969
	14,584	*	Nationstar Mortgage Holdings, Inc		314
	27,027		NBT Bancorp, Inc		584
	331,783	e	New York Community Bancorp, Inc		4,156
	14,313	e	Northfield Bancorp, Inc		203
	4,751		Northrim BanCorp, Inc		102
	81,183		Northwest Bancshares, Inc		951
	10,808		OceanFirst Financial Corp		155
	80,790	*	Ocwen Financial Corp		1,517
	76,288		Old National Bancorp		916
	9,164	*	OmniAmerican Bancorp, Inc		196
	33,903		Oriental Financial Group, Inc		376
	40,271		Oritani Financial Corp		579

251

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	2,800	*	Pacific Capital Bancorp	$	128
	14,467		Pacific Continental Corp		128
	7,850	*	Pacific Mercantile Bancorp		54
	27,050		PacWest Bancorp		640
	10,731	e	Park National Corp		748
	22,441	*	Park Sterling Bank		106
	6,595	e	Peapack Gladstone Financial Corp		102
	2,964	e	Penns Woods Bancorp, Inc		118
	10,509	*	Pennsylvania Commerce Bancorp, Inc		126
	6,808		Peoples Bancorp, Inc		150
	4,902	*,e	Peoples Federal Bancshares, Inc		82
	273,155		People’s United Financial, Inc		3,170
	25,469	*	Pinnacle Financial Partners, Inc		497
	403,370		PNC Financial Services Group, Inc		24,650
	77,233	*	Popular, Inc		1,283
	8,859	*,e	Preferred Bank		118
	45,847		PrivateBancorp, Inc		677
	35,938		Prosperity Bancshares, Inc		1,510
	7,003		Provident Financial Holdings, Inc		81
	45,191		Provident Financial Services, Inc		694
	30,181		Provident New York Bancorp		229
	110,376	e	Radian Group, Inc		363
	1,076,498		Regions Financial Corp		7,266
	19,501		Renasant Corp		306
	6,104	e	Republic Bancorp, Inc (Class A)		136
	22,920		Rockville Financial, Inc		265
	7,271	e	Roma Financial Corp		62
	20,998	e	S&T Bancorp, Inc		388
	8,198	e	S.Y. Bancorp, Inc		196
	18,232		Sandy Spring Bancorp, Inc		328
	11,445		SCBT Financial Corp		403
	55,743	*	Seacoast Banking Corp of Florida		84
	7,907		SI Financial Group, Inc		91
	8,919	e	Sierra Bancorp		88
	36,419	*	Signature Bank		2,220
	13,207	e	Simmons First National Corp (Class A)		307
	12,186	e	Southside Bancshares, Inc		274
	14,769	*	Southwest Bancorp, Inc		139
	24,453	*	State Bank & Trust Co		371
	16,183		StellarOne Corp		202
	27,752		Sterling Bancorp		277
	20,641	*	Sterling Financial Corp		390
	7,140	*	Suffolk Bancorp		93
	29,193	*	Sun Bancorp, Inc		79
	410,690		SunTrust Banks, Inc		9,951
	147,939		Susquehanna Bancshares, Inc		1,524
	33,751	*	SVB Financial Group		1,982
	597,443	e	Synovus Financial Corp		1,183
	12,643	*,e	Taylor Capital Group, Inc		207
	122,960		TCF Financial Corp		1,412
	9,400		Territorial Bancorp, Inc		214
	29,620	*	Texas Capital Bancshares, Inc		1,196

252

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	61,768	*	TFS Financial Corp	$	590
	16,995	*	The Bancorp, Inc		161
	7,054	e	Tompkins Trustco, Inc		266
	18,385	e	TowneBank		257
	9,919	e	Trico Bancshares		153
	72,196		Trustco Bank Corp NY		394
	49,168		Trustmark Corp		1,204
	24,801		UMB Financial Corp		1,271
	85,518		Umpqua Holdings Corp		1,125
	14,087		Union Bankshares Corp		204
	38,221	e	United Bankshares, Inc		989
	31,617	*,e	United Community Banks, Inc		271
	15,445		United Financial Bancorp, Inc		222
	12,704		Univest Corp of Pennsylvania		210
	1,446,510		US Bancorp		46,520
	147,776	e	Valley National Bancorp		1,566
	26,270		ViewPoint Financial Group		411
	20,684	*	Virginia Commerce Bancorp		174
	7,900	*	Walker & Dunlop, Inc		102
	12,184		Washington Banking Co		169
	81,549		Washington Federal, Inc		1,377
	10,818		Washington Trust Bancorp, Inc		264
	52,669		Webster Financial Corp		1,141
	3,743,402		Wells Fargo & Co		125,180
	19,012		WesBanco, Inc		404
	11,970		West Bancorporation, Inc		114
	14,484	*	West Coast Bancorp		285
	23,601	e	Westamerica Bancorporation		1,114
	59,188	*	Western Alliance Bancorp		554
	23,121		Westfield Financial, Inc		169
	44,266	*	Wilshire Bancorp, Inc		243
	27,726		Wintrust Financial Corp		984
	5,884		WSFS Financial Corp		238
	139,772		Zions Bancorporation		2,714
			TOTAL BANKS		388,217
CAPITAL GOODS - 8.3%
	530,981		3M Co		47,576
	29,148		A.O. Smith Corp		1,425
	101,877	*,e	A123 Systems, Inc		128
	13,279	e	Aaon, Inc		250
	29,552		AAR Corp		398
	30,986	*	Accuride Corp		186
	17,815		Aceto Corp		161
	52,376		Actuant Corp (Class A)		1,423
	31,651		Acuity Brands, Inc		1,611
	86,169	*	Aecom Technology Corp		1,417
	28,439	*	Aegion Corp		509
	14,335	*	Aerovironment, Inc		377
	74,189	*	AGCO Corp		3,393
	49,377	*,e	Air Lease Corp		957
	43,373		Aircastle Ltd		523

253

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	4,490		Alamo Group, Inc	$	141
	23,047		Albany International Corp (Class A)		431
	25,266		Alliant Techsystems, Inc		1,278
	18,705		Altra Holdings, Inc		295
	13,776	*	Ameresco, Inc		164
	7,032	*	American Railcar Industries, Inc		191
	7,536		American Science & Engineering, Inc		425
	35,994	*,e	American Superconductor Corp		169
	8,518		American Woodmark Corp		146
	123,000		Ametek, Inc		6,139
	8,632		Ampco-Pittsburgh Corp		158
	24,223	*,e	API Technologies Corp		89
	25,458		Apogee Enterprises, Inc		409
	32,556		Applied Industrial Technologies, Inc		1,200
	5,631		Argan, Inc		79
	16,319		Armstrong World Industries, Inc		802
	73,192	*	ArvinMeritor, Inc		382
	15,638	*	Astec Industries, Inc		480
	7,762	*	Astronics Corp		219
	10,559		AZZ, Inc		647
	90,144	*	Babcock & Wilcox Co		2,209
	39,660		Barnes Group, Inc		963
	74,030	*	BE Aerospace, Inc		3,232
	35,044	*	Beacon Roofing Supply, Inc		884
	34,599		Belden CDT, Inc		1,154
	35,059	*	Blount International, Inc		514
	17,407	*	Bluelinx Holdings, Inc		41
	571,948		Boeing Co		42,495
	37,869		Brady Corp (Class A)		1,042
	39,839	e	Briggs & Stratton Corp		697
	33,815	*,e	Builders FirstSource, Inc		160
	9,868	*	CAI International, Inc		196
	274,193	*,e	Capstone Turbine Corp		277
	46,691		Carlisle Cos, Inc		2,476
	7,045		Cascade Corp		331
	498,090		Caterpillar, Inc		42,292
	19,168		Ceradyne, Inc		492
	23,760	*	Chart Industries, Inc		1,634
	74,182		Chicago Bridge & Iron Co NV		2,816
	12,832		CIRCOR International, Inc		437
	38,968		Clarcor, Inc		1,877
	21,101	*	CNH Global NV		820
	6,482		Coleman Cable, Inc		56
	38,377	*	Colfax Corp		1,058
	12,813	*	Columbus McKinnon Corp		193
	33,040		Comfort Systems USA, Inc		331
	18,507	*	Commercial Vehicle Group, Inc		160
	121,480		Cooper Industries plc		8,283
	4,761	*	CPI Aerostructures, Inc		52
	38,179		Crane Co		1,389
	12,848		Cubic Corp		618
	146,737		Cummins, Inc		14,219

254

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	35,284		Curtiss-Wright Corp	$	1,096
	438,793		Danaher Corp		22,852
	303,700		Deere & Co		24,559
	26,753	*	DigitalGlobe, Inc		406
	113,848		Donaldson Co, Inc		3,799
	14,128	e	Douglas Dynamics, Inc		201
	140,993		Dover Corp		7,559
	6,613	*	DXP Enterprises, Inc		274
	25,816	*	Dycom Industries, Inc		480
	12,440		Dynamic Materials Corp		216
	4,594		Eastern Co		74
	257,876	e	Eaton Corp		10,220
	11,908	*	Edgen Group, Inc		90
	50,074		EMCOR Group, Inc		1,393
	561,469		Emerson Electric Co		26,152
	15,305		Encore Wire Corp		410
	25,675	*,e	Energy Recovery, Inc		62
	37,162	*	EnerSys		1,303
	15,889	*	EnPro Industries, Inc		594
	20,938		ESCO Technologies, Inc		763
	23,350	*	Esterline Technologies Corp		1,456
	139,194		Exelis, Inc		1,372
	226,019		Fastenal Co		9,110
	50,117	*	Federal Signal Corp		293
	26,655	*	Flow International Corp		84
	41,708		Flowserve Corp		4,786
	129,217		Fluor Corp		6,376
	117,473	*	Fortune Brands Home & Security, Inc		2,616
	18,245		Franklin Electric Co, Inc		933
	12,439		Freightcar America, Inc		286
	89,877	*,e	FuelCell Energy, Inc		91
	25,764	*	Furmanite Corp		125
	39,732		Gardner Denver, Inc		2,102
	35,871		GATX Corp		1,381
	42,477	*	GenCorp, Inc		277
	18,874	*	Generac Holdings, Inc		454
	40,126	*	General Cable Corp		1,041
	242,634		General Dynamics Corp		16,004
	8,090,632		General Electric Co		168,608
	15,468	*	GeoEye, Inc		239
	20,138	*	Gibraltar Industries, Inc		209
	12,250	e	Global Power Equipment Group, Inc		268
	95,640		Goodrich Corp		12,137
	12,953		Gorman-Rupp Co		386
	46,150		Graco, Inc		2,127
	93,433	*	GrafTech International Ltd		902
	12,308		Graham Corp		229
	29,395		Granite Construction, Inc		768
	44,924		Great Lakes Dredge & Dock Corp		320
	15,067	*	Greenbrier Cos, Inc		265
	37,869		Griffon Corp		325
	21,180	*	H&E Equipment Services, Inc		318

255

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	8,389		Hardinge, Inc	$	76
	61,544		Harsco Corp		1,254
	39,839	e	Heico Corp		1,574
	74,803	*	Hexcel Corp		1,929
	594,917		Honeywell International, Inc		33,220
	12,024	e	Houston Wire & Cable Co		131
	45,393		Hubbell, Inc (Class B)		3,538
	37,789	*	Huntington Ingalls		1,521
	4,796	*	Hurco Cos, Inc		98
	62,789		IDEX Corp		2,448
	39,772	*	II-VI, Inc		663
	325,059		Illinois Tool Works, Inc		17,191
	227,999		Ingersoll-Rand plc		9,617
	10,094		Insteel Industries, Inc		113
	24,916	*	Interline Brands, Inc		625
	69,597		ITT Corp		1,225
	98,521	*	Jacobs Engineering Group, Inc		3,730
	20,027		John Bean Technologies Corp		272
	80,876		Joy Global, Inc		4,588
	9,545	*	Kadant, Inc		224
	21,747		Kaman Corp		673
	25,042		Kaydon Corp		536
	113,401		KBR, Inc		2,802
	61,060		Kennametal, Inc		2,024
	14,447	*,e	KEYW Holding Corp		145
	24,942	*,e	Kratos Defense & Security Solutions, Inc		146
	74,364		L-3 Communications Holdings, Inc		5,504
	13,874	*	Layne Christensen Co		287
	7,262		LB Foster Co (Class A)		208
	38,988		Lennox International, Inc		1,818
	63,965		Lincoln Electric Holdings, Inc		2,801
	10,010	e	Lindsay Manufacturing Co		650
	6,398	*	LMI Aerospace, Inc		111
	199,117		Lockheed Martin Corp		17,339
	12,960		LSI Industries, Inc		92
	12,907	*	Lydall, Inc		175
	99,971	e	Manitowoc Co, Inc		1,170
	272,388		Masco Corp		3,778
	43,578	*	Mastec, Inc		655
	10,825		Met-Pro Corp		100
	7,039	*	Michael Baker Corp		184
	14,602	*	Middleby Corp		1,455
	7,280		Miller Industries, Inc		116
	34,691	*	Moog, Inc (Class A)		1,434
	17,106	*	MRC Global, Inc		364
	34,768		MSC Industrial Direct Co (Class A)		2,279
	21,466		Mueller Industries, Inc		914
	118,277		Mueller Water Products, Inc (Class A)		409
	13,261	*	MYR Group, Inc		226
	4,424		Nacco Industries, Inc (Class A)		514
	3,938	e	National Presto Industries, Inc		275
	46,747	*	Navistar International Corp		1,326

256

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	19,754	*	NCI Building Systems, Inc	$	214
	12,459	*	NN, Inc		127
	47,425		Nordson Corp		2,432
	6,024	*,e	Nortek, Inc		301
	191,980		Northrop Grumman Corp		12,246
	8,845	*	Northwest Pipe Co		215
	44,747	*	Orbital Sciences Corp		578
	19,593	*	Orion Marine Group, Inc		136
	69,175	*	Oshkosh Truck Corp		1,449
	93,019	*	Owens Corning, Inc		2,655
	275,631		Paccar, Inc		10,802
	88,975		Pall Corp		4,877
	114,637		Parker Hannifin Corp		8,813
	76,198	e	Pentair, Inc		2,917
	24,600		Perini Corp		312
	12,323	*	Pike Electric Corp		95
	13,529	*,e	PMFG, Inc		106
	35,438	*,e	Polypore International, Inc		1,431
	5,761	*	Powell Industries, Inc		215
	110,965		Precision Castparts Corp		18,253
	1,801		Preformed Line Products Co		104
	19,995		Primoris Services Corp		240
	3,700	*,e	Proto Labs, Inc		106
	28,579	e	Quanex Building Products Corp		511
	159,563	*	Quanta Services, Inc		3,841
	13,791		Raven Industries, Inc		960
	254,501		Raytheon Co		14,402
	16,219	*	RBC Bearings, Inc		767
	29,618		Regal-Beloit Corp		1,844
	21,768	*	Rexnord Corp		436
	29,287		Robbins & Myers, Inc		1,225
	108,971		Rockwell Automation, Inc		7,199
	111,391		Rockwell Collins, Inc		5,497
	72,001		Roper Industries, Inc		7,098
	24,579	*	Rush Enterprises, Inc (Class A)		402
	8,467		Sauer-Danfoss, Inc		296
	240	*	Seaboard Corp		512
	8,300		SeaCube Container Leasing Ltd		142
	51,148	*	Shaw Group, Inc		1,397
	31,950		Simpson Manufacturing Co, Inc		943
	44,614		Snap-On, Inc		2,777
	90,789	*	Spirit Aerosystems Holdings, Inc (Class A)		2,164
	37,552		SPX Corp		2,453
	11,927		Standex International Corp		508
	128,315		Stanley Works		8,258
	12,518	*	Sterling Construction Co, Inc		128
	15,189		Sun Hydraulics Corp		369
	8,737		Sypris Solutions, Inc		61
	21,485		TAL International Group, Inc		720
	44,785	*	Taser International, Inc		235
	28,168	*	Teledyne Technologies, Inc		1,737
	14,645		Tennant Co		585

257

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	83,491	*	Terex Corp	$	1,489
	7,088	e	Textainer Group Holdings Ltd		262
	211,407		Textron, Inc		5,258
	10,410	*,e	Thermon Group Holdings		216
	66,676		Timken Co		3,053
	32,571	e	Titan International, Inc		799
	11,613	*,e	Titan Machinery, Inc		353
	22,572		Toro Co		1,654
	39,014	*	TransDigm Group, Inc		5,240
	13,203	*,e	Trex Co, Inc		397
	24,820	*	Trimas Corp		499
	61,064		Trinity Industries, Inc		1,525
	38,084		Triumph Group, Inc		2,143
	6,504	e	Twin Disc, Inc		120
	353,546		Tyco International Ltd		18,685
	70,844	*,e	United Rentals, Inc		2,412
	696,516		United Technologies Corp		52,607
	14,766		Universal Forest Products, Inc		576
	57,668		URS Corp		2,011
	58,472	*,e	USG Corp		1,114
	17,556		Valmont Industries, Inc		2,124
	12,845		Vicor Corp		89
	43,945		W.W. Grainger, Inc		8,403
	52,045	*	Wabash National Corp		345
	22,186		Watsco, Inc		1,637
	23,144		Watts Water Technologies, Inc (Class A)		772
	33,347	*	WESCO International, Inc		1,919
	35,993		Westinghouse Air Brake Technologies Corp		2,808
	4,376	*	Willis Lease Finance Corp		54
	52,887		Woodward Governor Co		2,086
	139,194		Xylem, Inc		3,504
			TOTAL CAPITAL GOODS		940,759
COMMERCIAL & PROFESSIONAL SERVICES - 0.9%
	41,289		ABM Industries, Inc		808
	37,820	*	Acacia Research (Acacia Technologies)		1,408
	87,875	*	ACCO Brands Corp		909
	13,021		Acorn Energy, Inc		108
	16,355		Administaff, Inc		442
	25,530	*	Advisory Board Co		1,266
	14,202		American Ecology Corp		252
	26,021	*	American Reprographics Co		131
	12,860	*	Asset Acceptance Capital Corp		87
	8,882		Asta Funding, Inc		83
	7,698	*	AT Cross Co		76
	79,016		Avery Dennison Corp		2,160
	6,166		Barrett Business Services, Inc		130
	35,828		Brink’s Co		830
	19,056	*	Casella Waste Systems, Inc (Class A)		111
	41,673	*,e	CBIZ, Inc		248
	7,981		CDI Corp		131
	38,005	*,e	Cenveo, Inc		73

258

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	83,968		Cintas Corp	$	3,242
	36,298	*	Clean Harbors, Inc		2,048
	8,210	*	Consolidated Graphics, Inc		239
	85,446	*,e	Coolbrands International, Inc		216
	80,516	*	Copart, Inc		1,907
	27,057		Corporate Executive Board Co		1,106
	76,892		Corrections Corp of America		2,264
	6,267		Courier Corp		83
	83,398		Covanta Holding Corp		1,430
	8,400	*	CRA International, Inc		123
	37,676		Deluxe Corp		940
	23,101	*	Dolan Media Co		155
	37,183		Dun & Bradstreet Corp		2,646
	16,926	*	Encore Capital Group, Inc		501
	67,718	*,e	EnergySolutions, Inc		114
	20,747	*,e	EnerNOC, Inc		150
	17,307		Ennis, Inc		266
	93,656		Equifax, Inc		4,365
	11,236	*	Exponent, Inc		594
	9,375	*	Franklin Covey Co		96
	32,036	*	FTI Consulting, Inc		921
	15,088		G & K Services, Inc (Class A)		471
	46,889	*	Geo Group, Inc		1,065
	12,104	*	GP Strategies Corp		224
	49,713		Healthcare Services Group		963
	14,300		Heidrick & Struggles International, Inc		250
	5,613	*,e	Heritage-Crystal Clean, Inc		92
	43,782		Herman Miller, Inc		811
	17,074	*	Hill International, Inc		55
	33,809		HNI Corp		871
	24,166	*	Hudson Highland Group, Inc		101
	16,505	*	Huron Consulting Group, Inc		522
	14,961	*	ICF International, Inc		357
	114,792	*	ICO Global Communications Holdings Ltd		129
	38,396	*	IHS, Inc (Class A)		4,136
	22,974	*,e	Innerworkings, Inc		311
	44,922		Interface, Inc		612
	6,998		Intersections, Inc		111
	117,434		Iron Mountain, Inc		3,871
	21,500	*	KAR Auction Services, Inc		370
	20,372		Kelly Services, Inc (Class A)		263
	21,985	*	Kforce, Inc		296
	25,171		Kimball International, Inc (Class B)		194
	35,963		Knoll, Inc		483
	34,304	*	Korn/Ferry International		492
	62,295		Manpower, Inc		2,283
	17,708		McGrath RentCorp		469
	39,317	*	Metalico, Inc		86
	21,996		Mine Safety Appliances Co		885
	13,300	*	Mistras Group, Inc		350
	28,189	*	Mobile Mini, Inc		406
	8,734		Multi-Color Corp		194

259

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	40,393	*	Navigant Consulting, Inc	$	511
	92,217	*	Nielsen Holdings NV		2,418
	4,943		NL Industries, Inc		62
	50,328	*,e	Odyssey Marine Exploration, Inc		188
	33,022	*	On Assignment, Inc		527
	133,197	e	Pitney Bowes, Inc		1,994
	13,016	*	Portfolio Recovery Associates, Inc		1,188
	19,286		Quad		277
	137,806	e	R.R. Donnelley & Sons Co		1,622
	231,437		Republic Services, Inc		6,125
	32,857		Resources Connection, Inc		404
	112,120		Robert Half International, Inc		3,203
	50,683		Rollins, Inc		1,134
	16,511	*	RPX Corp		237
	10,767		Schawk, Inc (Class A)		137
	–	*,e	School Specialty, Inc		0	^
	12,140	*	Standard Parking Corp		261
	54,705		Steelcase, Inc (Class A)		494
	64,951	*	Stericycle, Inc		5,954
	31,978	*	SYKES Enterprises, Inc		510
	15,368	*	Team, Inc		479
	47,935	*	Tetra Tech, Inc		1,250
	9,816	*	TMS International Corp		98
	46,448		Towers Watson & Co		2,782
	13,579	*	TRC Cos, Inc		83
	36,370	*	TrueBlue, Inc		563
	11,503		Unifirst Corp		733
	31,063		United Stationers, Inc		837
	112,125	*	Verisk Analytics, Inc		5,524
	15,178		Viad Corp		304
	2,793		VSE Corp		66
	4,634	*	WageWorks, Inc		70
	94,121		Waste Connections, Inc		2,816
	353,615		Waste Management, Inc		11,812
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		109,045
CONSUMER DURABLES & APPAREL - 1.3%
	29,617	e	American Greetings Corp (Class A)		433
	9,523	*	Arctic Cat, Inc		348
	91,526	*	Ascena Retail Group, Inc		1,704
	8,829		Bassett Furniture Industries, Inc		91
	76,302	*,e	Beazer Homes USA, Inc		248
	7,843	e	Blyth, Inc		271
	68,196		Brunswick Corp		1,515
	51,179	e	Callaway Golf Co		302
	37,626	*	Carter’s, Inc		1,979
	4,557	*	Cavco Industries, Inc		234
	5,581		Cherokee, Inc		78
	31,639	*	Clarus Corp		299
	219,388		Coach, Inc		12,829
	9,339	e	Columbia Sportswear Co		501
	68,785	*	CROCS, Inc		1,111

260

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	5,480		CSS Industries, Inc	$	113
	6,895		Culp, Inc		71
	29,784	*,e	Deckers Outdoor Corp		1,311
	4,329	*	Delta Apparel, Inc		59
	212,202		DR Horton, Inc		3,900
	18,783	e	Ethan Allen Interiors, Inc		374
	78,988	*,e	Fifth & Pacific Cos, Inc		848
	3,461		Flexsteel Industries, Inc		68
	41,666	*	Fossil, Inc		3,189
	82,384	*,e	Garmin Ltd		3,154
	13,268	*	G-III Apparel Group Ltd		314
	73,677	*	Hanesbrands, Inc		2,043
	53,605		Harman International Industries, Inc		2,123
	88,192		Hasbro, Inc		2,987
	23,782	*	Helen of Troy Ltd		806
	7,853	*	Hooker Furniture Corp		93
	102,875	*,e	Hovnanian Enterprises, Inc (Class A)		298
	54,965	*,e	Iconix Brand Group, Inc		960
	21,039	*,e	iRobot Corp		466
	24,481	e	Jakks Pacific, Inc		392
	61,707		Jarden Corp		2,593
	3,583	*	Johnson Outdoors, Inc		74
	66,643	e	Jones Apparel Group, Inc		637
	58,687	e	KB Home		575
	6,203	*	Kenneth Cole Productions, Inc (Class A)		93
	19,366	*,e	K-Swiss, Inc (Class A)		60
	39,237	*	La-Z-Boy, Inc		482
	34,167	*	Leapfrog Enterprises, Inc		351
	106,800		Leggett & Platt, Inc		2,257
	122,890	e	Lennar Corp (Class A)		3,799
	16,013	*	Libbey, Inc		246
	7,210		Lifetime Brands, Inc		90
	16,303	*	M/I Homes, Inc		282
	17,427	*	Maidenform Brands, Inc		347
	8,407	e	Marine Products Corp		51
	260,103		Mattel, Inc		8,439
	29,150	e	MDC Holdings, Inc		952
	22,694	*	Meritage Homes Corp		770
	63,961	*	Michael Kors Holdings Ltd		2,676
	43,299	*	Mohawk Industries, Inc		3,024
	12,667		Movado Group, Inc		317
	221,507		Newell Rubbermaid, Inc		4,018
	275,967		Nike, Inc (Class B)		24,223
	3,863	*	NVR, Inc		3,284
	10,106		Oxford Industries, Inc		452
	8,860	*	Perry Ellis International, Inc		184
	53,300		Phillips-Van Heusen Corp		4,146
	48,524		Polaris Industries, Inc		3,468
	36,161		Pool Corp		1,463
	256,906	*	Pulte Homes, Inc		2,749
	107,027	*	Quiksilver, Inc		249
	47,058		Ralph Lauren Corp		6,591

261

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	6,477		RG Barry Corp	$	88
	35,106	e	Ryland Group, Inc		898
	47,340	*,e	Sealy Corp		88
	27,339	*,e	Skechers U.S.A., Inc (Class A)		557
	12,508	*,e	Skullcandy, Inc		177
	52,271	*	Smith & Wesson Holding Corp		434
	83,238	*,e	Standard-Pacific Corp		515
	4,356	*	Steinway Musical Instruments, Inc		107
	30,111	*	Steven Madden Ltd		956
	14,503	e	Sturm Ruger & Co, Inc		582
	50,128	*	Tempur-Pedic International, Inc		1,172
	109,135	*	Toll Brothers, Inc		3,245
	19,300		True Religion Apparel, Inc		559
	16,316	*,e	Tumi Holdings, Inc		286
	42,641		Tupperware Corp		2,335
	28,977	*,e	Under Armour, Inc (Class A)		2,738
	10,905	*	Unifi, Inc		124
	11,370	*	Universal Electronics, Inc		150
	15,069	*,e	Vera Bradley, Inc		318
	66,632		VF Corp		8,892
	31,228	*	Warnaco Group, Inc		1,330
	5,214		Weyco Group, Inc		121
	57,906		Whirlpool Corp		3,542
	38,752		Wolverine World Wide, Inc		1,503
	15,230	*,e	Zagg, Inc		166
			TOTAL CONSUMER DURABLES & APPAREL		155,337
CONSUMER SERVICES - 2.3%
	18,260	*	AFC Enterprises		423
	13,862	*,e	American Public Education, Inc		444
	24,907		Ameristar Casinos, Inc		443
	78,707	*	Apollo Group, Inc (Class A)		2,848
	9,987	*	Ascent Media Corp (Series A)		517
	33,030	*	Bally Technologies, Inc		1,541
	10,282	e	Benihana, Inc		166
	18,782	*	BJ’s Restaurants, Inc		714
	9,987	*,e	Bluegreen Corp		50
	22,385		Bob Evans Farms, Inc		900
	37,877	*	Boyd Gaming Corp		273
	14,947	*	Bravo Brio Restaurant Group, Inc		267
	14,051	*,e	Bridgepoint Education, Inc		306
	57,602		Brinker International, Inc		1,836
	14,166	*	Buffalo Wild Wings, Inc		1,227
	27,800	*,e	Caesars Entertainment Corp		317
	12,593	*	Capella Education Co		438
	46,334	*	Career Education Corp		310
	16,070	*,e	Caribou Coffee Co, Inc		207
	317,506		Carnival Corp		10,881
	12,748		Carriage Services, Inc		106
	8,099	*	Carrols Restaurant Group, Inc		48
	14,608		CBRL Group, Inc		917
	15,042		CEC Entertainment, Inc		547

262

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	46,024	*	Cheesecake Factory	$	1,471
	23,733	*	Chipotle Mexican Grill, Inc (Class A)		9,017
	21,525		Choice Hotels International, Inc		859
	9,609		Churchill Downs, Inc		565
	23,500	*,e	Coinstar, Inc		1,614
	3,869	e	Collectors Universe		57
	59,209	*,e	Corinthian Colleges, Inc		171
	98,248		Darden Restaurants, Inc		4,974
	75,312	*	Denny’s Corp		334
	50,888		DeVry, Inc		1,576
	11,939	*	DineEquity, Inc		533
	46,919		Domino’s Pizza, Inc		1,450
	57,083		Dunkin Brands Group, Inc		1,960
	21,777	*,e	Education Management Corp		151
	4,221		Einstein Noah Restaurant Group, Inc		74
	11,999	*	Fiesta Restaurant Group, Inc		159
	2,428		Frisch’s Restaurants, Inc		69
	23,715	*	Gaylord Entertainment Co		914
	30,359	*	Grand Canyon Education, Inc		636
	228,332		H&R Block, Inc		3,648
	47,975		Hillenbrand, Inc		882
	33,800	*	Hyatt Hotels Corp		1,256
	4,863	*,e	Ignite Restaurant Group, Inc		88
	225,240		International Game Technology		3,548
	22,405		International Speedway Corp (Class A)		587
	33,777		Interval Leisure Group, Inc		642
	15,534	*	Isle of Capri Casinos, Inc		96
	18,743	*,e	ITT Educational Services, Inc		1,139
	39,870	*	Jack in the Box, Inc		1,112
	47,403	*	Jamba, Inc		93
	18,366	*,e	K12, Inc		428
	39,822	*	Krispy Kreme Doughnuts, Inc		254
	303,442		Las Vegas Sands Corp		13,197
	32,744	*	Life Time Fitness, Inc		1,523
	17,103		Lincoln Educational Services Corp		111
	13,766	*	Luby’s, Inc		92
	8,861		Mac-Gray Corp		125
	14,891		Marcus Corp		205
	196,233		Marriott International, Inc (Class A)		7,692
	19,786	*	Marriott Vacations Worldwide Corp		613
	23,085		Matthews International Corp (Class A)		750
	776,002		McDonald’s Corp		68,700
	296,888	*	MGM Mirage		3,313
	8,692	*	Monarch Casino & Resort, Inc		79
	23,956	*	Morgans Hotel Group Co		113
	17,243	*	MTR Gaming Group, Inc		82
	20,438	*	Multimedia Games, Inc		286
	2,018	*	Nathan’s Famous, Inc		60
	5,638		National American University Holdings, Inc		24
	78,277	*	Orient-Express Hotels Ltd (Class A)		655
	21,333	*	Panera Bread Co (Class A)		2,975
	14,983	*	Papa John’s International, Inc		713

263

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	10,099	*,e	Peet’s Coffee & Tea, Inc	$	606
	50,416	*	Penn National Gaming, Inc		2,248
	48,180	*	Pinnacle Entertainment, Inc		463
	21,234	*,e	Premier Exhibitions, Inc		57
	9,873	*	Red Lion Hotels Corp		85
	11,853	*	Red Robin Gourmet Burgers, Inc		362
	44,951	e	Regis Corp		807
	111,785		Royal Caribbean Cruises Ltd		2,910
	50,005	*	Ruby Tuesday, Inc		341
	26,831	*	Ruth’s Chris Steak House, Inc		177
	49,874	*	Scientific Games Corp (Class A)		426
	165,818		Service Corp International		2,051
	44,601	*	Shuffle Master, Inc		615
	30,384		Six Flags Entertainment Corp		1,646
	45,772	*	Sonic Corp		459
	51,448		Sotheby’s (Class A)		1,716
	9,984		Speedway Motorsports, Inc		169
	577,720		Starbucks Corp		30,804
	150,829		Starwood Hotels & Resorts Worldwide, Inc		8,000
	958	*	Steak N Shake Co		370
	11,970	*	Steiner Leisure Ltd		556
	68,986	e	Stewart Enterprises, Inc (Class A)		493
	9,323	e	Strayer Education, Inc		1,016
	42,904		Texas Roadhouse, Inc (Class A)		791
	16,126	*	Town Sports International Holdings, Inc		214
	15,190		Universal Technical Institute, Inc		205
	27,599	e	Vail Resorts, Inc		1,382
	20,124	e	Weight Watchers International, Inc		1,038
	230,986		Wendy’s		1,090
	43,711	*	WMS Industries, Inc		872
	111,352		Wyndham Worldwide Corp		5,873
	60,884		Wynn Resorts Ltd		6,315
	351,611		Yum! Brands, Inc		22,651
			TOTAL CONSUMER SERVICES		264,199
DIVERSIFIED FINANCIALS - 5.4%
	38,978	*	Affiliated Managers Group, Inc		4,266
	254,072	*	American Capital Ltd		2,559
	764,623		American Express Co		44,508
	167,051		Ameriprise Financial, Inc		8,730
	149,594		Apollo Investment Corp		1,149
	167,701		Ares Capital Corp		2,677
	21,300	e	Artio Global Investors, Inc		75
	8,219,889		Bank of America Corp		67,239
	910,707		Bank of New York Mellon Corp		19,989
	75,948		BGC Partners, Inc (Class A)		446
	54,667	e	BlackRock Kelso Capital Corp		534
	97,240		BlackRock, Inc		16,513
	16,951		Calamos Asset Management, Inc (Class A)		194
	436,767		Capital One Financial Corp		23,874
	2,167		Capital Southwest Corp		223
	22,738		Cash America International, Inc		1,001

264

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	66,839		CBOE Holdings, Inc	$	1,850
	820,091		Charles Schwab Corp		10,604
	2,230,189		Citigroup, Inc		61,129
	50,891		CME Group, Inc		13,644
	14,207	e	Cohen & Steers, Inc		490
	50,765	*	Cowen Group, Inc		135
	5,989	*	Credit Acceptance Corp		506
	9,816	*,e	Deerfield Capital Corp		72
	1,990		Diamond Hill Investment Group, Inc		156
	405,032		Discover Financial Services		14,006
	33,079	*	Dollar Financial Corp		610
	21,313		Duff & Phelps Corp		309
	216,676	*	E*Trade Financial Corp		1,742
	91,544	e	Eaton Vance Corp		2,467
	10,984		Epoch Holding Corp		250
	21,903		Evercore Partners, Inc (Class A)		512
	36,390	*	Ezcorp, Inc (Class A)		854
	39,284	*	FBR Capital Markets Corp		109
	69,691	e	Federated Investors, Inc (Class B)		1,523
	7,094	e	Fidus Investment Corp		108
	62,757	e	Fifth Street Finance Corp		626
	35,325	*,e	Financial Engines, Inc		758
	23,334	*	First Cash Financial Services, Inc		937
	58,259	*,e	First Marblehead Corp		68
	1,504	*	Firsthand Technology Value Fund, Inc		27
	107,910		Franklin Resources, Inc		11,977
	5,142	e	Friedman Billings Ramsey Group, Inc (Class A)		112
	4,229	*	FX Alliance, Inc		66
	17,300	e	FXCM, Inc		203
	7,000	e	Gain Capital Holdings, Inc		35
	6,584		GAMCO Investors, Inc (Class A)		292
	54,396		GFI Group, Inc		194
	15,081		Gladstone Capital Corp		119
	15,921		Gladstone Investment Corp		118
	375,649		Goldman Sachs Group, Inc		36,009
	10,597	e	Golub Capital BDC, Inc		160
	16,998	*,e	Green Dot Corp		376
	22,433	e	Greenhill & Co, Inc		800
	14,431	*	GSV Capital Corp		134
	16,757	*	Harris & Harris Group, Inc		64
	38,185		Hercules Technology Growth Capital, Inc		433
	22,560	*	HFF, Inc (Class A)		314
	4,930	e	Horizon Technology Finance Corp		81
	30,361		Interactive Brokers Group, Inc (Class A)		447
	55,972	*	IntercontinentalExchange, Inc		7,611
	12,794	*	International Assets Holding Corp		248
	32,107	*	Internet Capital Group, Inc		297
	342,435		Invesco Ltd		7,739
	34,884	*	Investment Technology Group, Inc		321
	36,000	e	iShares Russell 2000 Index Fund		2,867
	50,823	e	iShares Russell 3000 Index Fund		4,085
	140,813		Janus Capital Group, Inc		1,101

265

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	105,291	e	Jefferies Group, Inc	$	1,368
	11,011		JMP Group, Inc		68
	2,906,920		JPMorgan Chase & Co		103,865
	26,819	e	KBW, Inc		441
	73,616	*	Knight Capital Group, Inc (Class A)		879
	15,310	e	Kohlberg Capital Corp		111
	73,441	*,e	Ladenburg Thalmann Financial Services, Inc		113
	87,189		Lazard Ltd (Class A)		2,266
	107,590		Legg Mason, Inc		2,837
	148,276		Leucadia National Corp		3,154
	38,545	*	LPL Financial Holdings, Inc		1,302
	17,209		Main Street Capital Corp		416
	10,552		Manning & Napier, Inc		150
	27,836		MarketAxess Holdings, Inc		742
	6,533		Marlin Business Services Corp		107
	64,585		MCG Capital Corp		297
	9,981		Medallion Financial Corp		106
	12,771		Medley Capital Corp		154
	7,162		MicroFinancial, Inc		58
	150,373		Moody’s Corp		5,496
	1,176,627		Morgan Stanley		17,166
	91,923	*	MSCI, Inc (Class A)		3,127
	17,411		MVC Capital, Inc		225
	88,875		Nasdaq Stock Market, Inc		2,015
	20,204		Nelnet, Inc (Class A)		465
	23,100	*,e	Netspend Holdings, Inc		212
	5,367		New Mountain Finance Corp		76
	21,889	*	NewStar Financial, Inc		284
	12,077		NGP Capital Resources Co		86
	7,402	e	Nicholas Financial, Inc		95
	166,517		Northern Trust Corp		7,663
	194,468		NYSE Euronext		4,974
	7,363		Oppenheimer Holdings, Inc		116
	43,579		PennantPark Investment Corp		451
	41,814	*,e	PHH Corp		731
	17,372	*	Pico Holdings, Inc		389
	13,978	*	Piper Jaffray Cos		328
	92,946	e	Prospect Capital Corp		1,059
	9,591		Pzena Investment Management, Inc (Class A)		42
	86,796		Raymond James Financial, Inc		2,972
	4,005	*,e	Regional Management Corp		66
	9,098	*	Resource America, Inc (Class A)		58
	21,125	*	Safeguard Scientifics, Inc		327
	15,805	e	Sanders Morris Harris Group, Inc		138
	110,255		SEI Investments Co		2,193
	372,531		SLM Corp		5,852
	28,070		Solar Capital Ltd		625
	6,100		Solar Senior Capital Ltd		103
	175,000		SPDR Trust Series 1		23,846
	373,091		State Street Corp		16,655
	40,347	*	Stifel Financial Corp		1,247
	37,258		SWS Group, Inc		199

266

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	198,760		T Rowe Price Group, Inc	$	12,514
	3,999		TCP Capital Corp		58
	177,302		TD Ameritrade Holding Corp		3,014
	6,653		THL Credit, Inc		90
	29,067	e	TICC Capital Corp		282
	20,596	e	Triangle Capital Corp		469
	4,394	*	Virtus Investment Partners, Inc		356
	67,558		Waddell & Reed Financial, Inc (Class A)		2,046
	21,153		Walter Investment Management Corp		496
	3,869		Westwood Holdings Group, Inc		144
	44,981	*	WisdomTree Investments, Inc		296
	9,005	*,e	World Acceptance Corp		593
			TOTAL DIVERSIFIED FINANCIALS		621,745
ENERGY - 9.8%
	70,225	*,e	Abraxas Petroleum Corp		224
	1,730		Adams Resources & Energy, Inc		73
	9,171		Alon USA Energy, Inc		78
	172,068	*	Alpha Natural Resources, Inc		1,499
	13,406	*,e	Amyris Biotechnologies, Inc		59
	381,450		Anadarko Petroleum Corp		25,252
	298,484		Apache Corp		26,234
	6,580	e	APCO Argentina, Inc		119
	21,957	*,e	Approach Resources, Inc		561
	157,891	e	Arch Coal, Inc		1,088
	52,556	*,e	ATP Oil & Gas Corp		178
	44,174	*	Atwood Oceanics, Inc		1,672
	334,552		Baker Hughes, Inc		13,750
	23,122	*,e	Basic Energy Services, Inc		239
	39,652		Berry Petroleum Co (Class A)		1,573
	35,237	*,e	Bill Barrett Corp		755
	6,457		Bolt Technology Corp		97
	7,300	*	Bonanza Creek Energy, Inc		121
	90,573	*,e	BPZ Energy, Inc		229
	27,721		Bristow Group, Inc		1,127
	31,882	*,e	C&J Energy Services, Inc		590
	160,214		Cabot Oil & Gas Corp		6,312
	79,978	*	Cal Dive International, Inc		232
	27,753	*	Callon Petroleum Co		118
	186,999	*	Cameron International Corp		7,987
	14,570	e	CARBO Ceramics, Inc		1,118
	29,745	*	Carrizo Oil & Gas, Inc		699
	142,541	*,e	Cheniere Energy, Inc		2,101
	505,890	e	Chesapeake Energy Corp		9,410
	1,506,379		Chevron Corp		158,922
	64,690		Cimarex Energy Co		3,566
	4,602	*,e	Clayton Williams Energy, Inc		223
	50,466	*,e	Clean Energy Fuels Corp		782
	46,507	*	Cloud Peak Energy, Inc		786
	140,665	*	Cobalt International Energy, Inc		3,306
	36,545	*,e	Comstock Resources, Inc		600
	79,401	*	Concho Resources, Inc		6,759

267

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	965,563		ConocoPhillips	$	53,955
	173,265		Consol Energy, Inc		5,240
	9,289	*	Contango Oil & Gas Co		550
	33,208	*	Continental Resources, Inc		2,212
	5,548	*,e	CREDO Petroleum Corp		80
	15,591	*,e	Crimson Exploration, Inc		72
	30,807		Crosstex Energy, Inc		431
	12,800	*	CVR Energy, Inc		340
	67,340	*	CVR Energy, Inc (Contingent value right)		0	^
	4,479	*	Dawson Geophysical Co		107
	7,530		Delek US Holdings, Inc		132
	300,252	*	Denbury Resources, Inc		4,537
	312,459	*	Devon Energy Corp		18,119
	52,496	e	Diamond Offshore Drilling, Inc		3,104
	57,836	*	Dresser-Rand Group, Inc		2,576
	30,642	*	Dril-Quip, Inc		2,010
	28,282	*,e	Endeavour International Corp		238
	55,035		Energen Corp		2,484
	21,960	*	Energy Partners Ltd		371
	60,385		Energy XXI Bermuda Ltd		1,889
	205,883		EOG Resources, Inc		18,552
	100,514		Equitable Resources, Inc		5,391
	11,704	*	Evolution Petroleum Corp		98
	101,047	e	EXCO Resources, Inc		767
	55,293	*	Exterran Holdings, Inc		705
	3,573,346	d	Exxon Mobil Corp		305,770
	182,708	*	FMC Technologies, Inc		7,168
	11,631	*,e	Forbes Energy Services Ltd		55
	84,539	*	Forest Oil Corp		620
	16,394	*	Forum Energy Technologies, Inc		323
	39,564	e	Frontline Ltd		180
	36,931	*	FX Energy, Inc		220
	17,507	*	GasLog Ltd		178
	54,404	*	Gastar Exploration Ltd		105
	15,376	*	Georesources, Inc		563
	15,467	*,e	Gevo, Inc		77
	14,135	*	Global Geophysical Services, Inc		87
	31,274	e	Golar LNG Ltd		1,179
	20,317	*	Goodrich Petroleum Corp		282
	20,962	*,e	Green Plains Renewable Energy, Inc		131
	11,124		Gulf Island Fabrication, Inc		314
	20,444	*	Gulfmark Offshore, Inc		696
	42,673	*	Gulfport Energy Corp		880
	53,307	*,e	Halcon Resources Corp		503
	704,604		Halliburton Co		20,003
	29,621	*,e	Harvest Natural Resources, Inc		253
	101,502	*,e	Heckmann Corp		343
	81,706	*	Helix Energy Solutions Group, Inc		1,341
	72,674		Helmerich & Payne, Inc		3,160
	108,718	*	Hercules Offshore, Inc		385
	229,736		Hess Corp		9,982
	154,526		Holly Corp		5,475

268

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	25,222	*	Hornbeck Offshore Services, Inc	$	978
	100,154	*	ION Geophysical Corp		660
	823	*,e	Isramco, Inc		91
	115,752	*	Key Energy Services, Inc		880
	378,078		Kinder Morgan, Inc		12,182
	20,784	*,e	KiOR, Inc (Class A)		186
	18,775	e	Knightsbridge Tankers Ltd		153
	195,747	*,e	Kodiak Oil & Gas Corp		1,607
	53,500	*	Kosmos Energy LLC		591
	15,300	*,e	Laredo Petroleum Holdings, Inc		318
	25,668		Lufkin Industries, Inc		1,394
	119,084	*,e	Magnum Hunter Resources Corp		498
	542,377		Marathon Oil Corp		13,869
	260,157		Marathon Petroleum Corp		11,686
	10,300	*	Matador Resources Co		111
	23,922	*	Matrix Service Co		272
	176,324	*	McDermott International, Inc		1,964
	78,067	*,e	McMoRan Exploration Co		989
	18,666	*	Midstates Petroleum Co, Inc		181
	31,904	*,e	Miller Petroleum, Inc		160
	7,684	*	Mitcham Industries, Inc		130
	147,081		Murphy Oil Corp		7,397
	217,056	*	Nabors Industries Ltd		3,126
	325,105		National Oilwell Varco, Inc		20,949
	9,713	*	Natural Gas Services Group, Inc		144
	101,438	*	Newfield Exploration Co		2,973
	69,901	*	Newpark Resources, Inc		412
	136,127		Noble Energy, Inc		11,546
	37,402	e	Nordic American Tanker Shipping		508
	48,403	*,e	Northern Oil And Gas, Inc		772
	60,964	*,e	Oasis Petroleum, Inc		1,474
	622,328		Occidental Petroleum Corp		53,376
	82,172		Oceaneering International, Inc		3,933
	39,049	*	Oil States International, Inc		2,585
	25,757	e	Overseas Shipholding Group, Inc		286
	4,918	*	OYO Geospace Corp		443
	5,367		Panhandle Oil and Gas, Inc (Class A)		162
	96,030	*	Parker Drilling Co		433
	82,202	*,e	Patriot Coal Corp		100
	119,282		Patterson-UTI Energy, Inc		1,737
	22,888	*	PDC Energy, Inc		561
	207,042		Peabody Energy Corp		5,077
	35,015		Penn Virginia Corp		257
	43,261	*,e	Petroquest Energy, Inc		216
	9,723	*	PHI, Inc		270
	478,723	*	Phillips 66		15,913
	42,944	*	Pioneer Drilling Co		342
	94,060		Pioneer Natural Resources Co		8,297
	98,805	*	Plains Exploration & Production Co		3,476
	136,144		Questar Market Resources, Inc		4,080
	92,768	*,e	Quicksilver Resources, Inc		503

269

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	123,665		Range Resources Corp	$	7,651
	167,304	*	Rentech, Inc		345
	35,433	*,e	Resolute Energy Corp		339
	36,039	*,e	Rex Energy Corp		404
	6,400	*	Rex Stores Corp		125
	9,601	*	RigNet, Inc		167
	40,850	*	Rosetta Resources, Inc		1,497
	96,528	*	Rowan Cos PLC		3,121
	49,925	e	RPC, Inc		594
	7,400	*,e	Sanchez Energy Corp		154
	373,618	*,e	SandRidge Energy, Inc		2,500
	13,465	*,e	Saratoga Resources, Inc		79
	1,019,515		Schlumberger Ltd		66,176
	29,347	*	Scorpio Tankers, Inc		188
	16,143		SEACOR Holdings, Inc		1,443
	31,863	*	SemGroup Corp		1,017
	34,031	e	Ship Finance International Ltd		532
	24,842	*,e	Solazyme, Inc		345
	266,693	*	Southwestern Energy Co		8,516
	498,329		Spectra Energy Corp		14,481
	49,022		St. Mary Land & Exploration Co		2,407
	36,323	*	Stone Energy Corp		920
	81,065		Sunoco, Inc		3,851
	120,353	*	Superior Energy Services		2,435
	32,148	*	Swift Energy Co		598
	28,111	*	Synergy Resources Corp		87
	21,292		Targa Resources Investments, Inc		909
	27,666		Teekay Corp		810
	48,134	e	Teekay Tankers Ltd (Class A)		219
	23,351	*	Tesco Corp		280
	108,582	*	Tesoro Corp		2,710
	61,337	*	Tetra Technologies, Inc		437
	10,963	*	TGC Industries, Inc		106
	38,204		Tidewater, Inc		1,771
	46,549	*,e	Triangle Petroleum Corp		260
	117,937	*,e	Ultra Petroleum Corp		2,721
	10,127	*	Union Drilling, Inc		45
	36,980	*	Unit Corp		1,364
	49,078	*,e	Uranerz Energy Corp		71
	76,523	*,e	Uranium Energy Corp		175
	48,465	*	Vaalco Energy, Inc		418
	421,928		Valero Energy Corp		10,190
	169,150	*,e	Vantage Drilling Co		254
	22,450	*	Venoco, Inc		225
	34,077	*,e	Voyager Oil & Gas, Inc		60
	26,733		W&T Offshore, Inc		409
	67,894	*	Warren Resources, Inc		163
	41,735	e	Western Refining, Inc		929
	7,723	*,e	Westmoreland Coal Co		62
	89,390	*	Whiting Petroleum Corp		3,676
	29,621	*	Willbros Group, Inc		191
	475,213		Williams Cos, Inc		13,696

270

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	54,207		World Fuel Services Corp	$	2,061
	151,612	*	WPX Energy, Inc		2,453
	19,733	*,e	ZaZa Energy Corp		89
			TOTAL ENERGY		1,129,646
FOOD & STAPLES RETAILING - 2.1%
	14,244		Andersons, Inc		608
	837		Arden Group, Inc (Class A)		73
	29,235		Casey’s General Stores, Inc		1,725
	7,700	*	Chefs’ Warehouse Holdings, Inc		139
	330,798		Costco Wholesale Corp		31,426
	978,474		CVS Corp		45,724
	21,250	*	Fresh Market, Inc		1,140
	33,356		Harris Teeter Supermarkets, Inc		1,367
	8,163		Ingles Markets, Inc (Class A)		131
	428,377		Kroger Co		9,934
	10,977		Nash Finch Co		236
	16,292	*	Pantry, Inc		239
	13,557		Pricesmart, Inc		915
	505,498	*	Rite Aid Corp		708
	14,600	e	Roundy’s, Inc		149
	183,872	e	Safeway, Inc		3,337
	18,527		Spartan Stores, Inc		336
	165,275	e	Supervalu, Inc		856
	5,570	*	Susser Holdings Corp		207
	444,125		Sysco Corp		13,239
	36,743	*	United Natural Foods, Inc		2,016
	6,413		Village Super Market (Class A)		209
	662,169		Walgreen Co		19,587
	1,290,521		Wal-Mart Stores, Inc		89,975
	8,834		Weis Markets, Inc		393
	138,095		Whole Foods Market, Inc		13,163
			TOTAL FOOD & STAPLES RETAILING		237,832
FOOD, BEVERAGE & TOBACCO - 5.6%
	2,319		Alico, Inc		71
	68,179	*,e	Alliance One International, Inc		236
	1,553,811		Altria Group, Inc		53,684
	3,728	*,e	Annie’s, Inc		156
	502,983		Archer Daniels Midland Co		14,849
	37,577	e	B&G Foods, Inc (Class A)		1,000
	117,473		Beam, Inc		7,341
	5,917	*,e	Boston Beer Co, Inc (Class A)		716
	76,285		Brown-Forman Corp (Class B)		7,388
	111,486		Bunge Ltd		6,995
	9,305	e	Calavo Growers, Inc		238
	10,929	e	Cal-Maine Foods, Inc		427
	133,322		Campbell Soup Co		4,450
	53,541	*,e	Central European Distribution Corp		153
	31,603	*,e	Chiquita Brands International, Inc		158
	4,202		Coca-Cola Bottling Co Consolidated		270
	1,483,165		Coca-Cola Co		115,969

271

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	228,905		Coca-Cola Enterprises, Inc	$	6,418
	312,641		ConAgra Foods, Inc		8,107
	120,264	*	Constellation Brands, Inc (Class A)		3,254
	7,653	*	Craft Brewers Alliance, Inc		63
	88,594	*	Darling International, Inc		1,461
	447,735	*	DE Master Blenders 1753 NV		5,048
	140,023	*	Dean Foods Co		2,385
	16,103	e	Diamond Foods, Inc		287
	27,600	*,e	Dole Food Co, Inc		242
	161,709		Dr Pepper Snapple Group, Inc		7,075
	5,320	*	Farmer Bros Co		42
	85,492		Flowers Foods, Inc		1,986
	27,620		Fresh Del Monte Produce, Inc		648
	490,847		General Mills, Inc		18,918
	105,274	*,e	Green Mountain Coffee Roasters, Inc		2,293
	2,482		Griffin Land & Nurseries, Inc (Class A)		69
	244,248		H.J. Heinz Co		13,282
	27,245	*	Hain Celestial Group, Inc		1,500
	114,534		Hershey Co		8,250
	89,547	*	Hillshire Brands Co		2,596
	102,534		Hormel Foods Corp		3,119
	57,268		Ingredion, Inc		2,836
	10,713	*	Inventure Foods, Inc		67
	11,326		J&J Snack Foods Corp		669
	85,533		J.M. Smucker Co		6,459
	5,780	*	John B. Sanfilippo & Son, Inc		103
	184,600		Kellogg Co		9,106
	1,349,055		Kraft Foods, Inc (Class A)		52,102
	14,250		Lancaster Colony Corp		1,015
	33,835		Lance, Inc		854
	3,603	e	Lifeway Foods, Inc		37
	6,464	e	Limoneira Co		105
	99,656		Lorillard, Inc		13,150
	101,273		McCormick & Co, Inc		6,142
	155,998		Mead Johnson Nutrition Co		12,559
	97,904		Molson Coors Brewing Co (Class B)		4,074
	108,688	*	Monster Beverage Corp		7,739
	5,604		National Beverage Corp		84
	15,084	*	Omega Protein Corp		111
	1,194,227		PepsiCo, Inc		84,384
	1,302,393		Philip Morris International, Inc		113,646
	45,390	*,e	Pilgrim’s Pride Corp		325
	21,173	*	Post Holdings, Inc		651
	42,347	*	Ralcorp Holdings, Inc		2,826
	251,372		Reynolds American, Inc		11,279
	17,484	e	Sanderson Farms, Inc		801
	7,792	*	Seneca Foods Corp		210
	53,670	*	Smart Balance, Inc		504
	122,861	*	Smithfield Foods, Inc		2,657
	110,286	*,e	Star Scientific, Inc		503
	14,223	*	Synutra International, Inc		77
	18,653	e	Tootsie Roll Industries, Inc		445

272

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	26,938	*	TreeHouse Foods, Inc	$	1,678
	222,098		Tyson Foods, Inc (Class A)		4,182
	18,707	e	Universal Corp		867
	35,109	e	Vector Group Ltd		598
	9,381	*	Westway Group, Inc		56
			TOTAL FOOD, BEVERAGE & TOBACCO		644,045
HEALTH CARE EQUIPMENT & SERVICES - 4.3%
	15,924	*	Abaxis, Inc		589
	27,756	*,e	Abiomed, Inc		633
	17,443	*	Acadia Healthcare Co, Inc		306
	43,084	*,e	Accretive Health, Inc		472
	52,299	*	Accuray, Inc		358
	265,283		Aetna, Inc		10,285
	9,811	*	Air Methods Corp		964
	54,705	*	Align Technology, Inc		1,830
	145,378	*	Allscripts Healthcare Solutions, Inc		1,589
	7,268	*	Almost Family, Inc		162
	39,818	*	Alphatec Holdings, Inc		73
	21,596	*,e	Amedisys, Inc		269
	36,997	*	Amerigroup Corp		2,438
	193,161		AmerisourceBergen Corp		7,601
	30,580	*	AMN Healthcare Services, Inc		181
	25,648	*	Amsurg Corp		769
	10,953		Analogic Corp		679
	18,523	*	Angiodynamics, Inc		222
	8,891	*	Anika Therapeutics, Inc		121
	90,626	*,e	Antares Pharma, Inc		330
	20,843	*	Arthrocare Corp		610
	17,166		Assisted Living Concepts, Inc (A Shares)		244
	27,327	*,e	athenahealth, Inc		2,163
	10,854	*	AtriCure, Inc		104
	1,039		Atrion Corp		213
	64,466		Bard (C.R.), Inc		6,926
	420,369		Baxter International, Inc		22,343
	154,798		Becton Dickinson & Co		11,571
	18,346	*,e	Bio-Reference Labs, Inc		482
	31,488	*	BioScrip, Inc		234
	1,091,151	*	Boston Scientific Corp		6,187
	74,076	*	Brookdale Senior Living, Inc		1,314
	18,628		Cantel Medical Corp		508
	21,051	*	Capital Senior Living Corp		223
	264,307		Cardinal Health, Inc		11,101
	9,837	*,e	Cardiovascular Systems, Inc		96
	164,978	*	CareFusion Corp		4,237
	38,611	*	Catalyst Health Solutions, Inc		3,608
	39,667	*	Centene Corp		1,196
	110,620	*	Cerner Corp		9,145
	28,816	*,e	Cerus Corp		96
	16,152	e	Chemed Corp		976
	8,056	*	Chindex International, Inc		79

273

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	216,710		Cigna Corp	$	9,535
	69,450	*	Community Health Systems, Inc		1,947
	9,537		Computer Programs & Systems, Inc		546
	25,681	*,e	Conceptus, Inc		509
	22,053		Conmed Corp		610
	36,172		Cooper Cos, Inc		2,885
	6,016	*	Corvel Corp		295
	109,130		Coventry Health Care, Inc		3,469
	368,279		Covidien plc		19,703
	22,090	*	Cross Country Healthcare, Inc		97
	27,223	*	CryoLife, Inc		142
	22,734	*	Cyberonics, Inc		1,022
	5,493	*	Cynosure, Inc (Class A)		116
	71,147	*	DaVita, Inc		6,987
	107,747	e	Dentsply International, Inc		4,074
	7,513	*,e	Derma Sciences, Inc		72
	50,790	*	DexCom, Inc		658
	87,257	*	Edwards Lifesciences Corp		9,014
	23,206	*,e	Emeritus Corp		391
	42,117	*	Endologix, Inc		650
	13,113		Ensign Group, Inc		371
	20,936	*,e	EnteroMedics, Inc		72
	13,740	*,e	ePocrates, Inc		110
	4,898	*	Exactech, Inc		82
	20,845	*	EXamWorks, Inc		276
	614,961	*	Express Scripts Holding Co		34,333
	24,001	*	Five Star Quality Care, Inc		74
	35,041	*	Gen-Probe, Inc		2,880
	22,160	*	Gentiva Health Services, Inc		154
	19,254	*	Greatbatch, Inc		437
	6,213	*,e	Greenway Medical Technologies		101
	19,281	*	Haemonetics Corp		1,429
	25,502	*	Hanger Orthopedic Group, Inc		654
	32,412	*,e	Hansen Medical, Inc		74
	125,573		HCA Holdings, Inc		3,821
	197,006	*	Health Management Associates, Inc (Class A)		1,546
	63,559	*	Health Net, Inc		1,543
	71,500	*	Healthsouth Corp		1,663
	14,864	*	HealthStream, Inc		386
	28,116	*	Healthways, Inc		224
	10,804	*,e	HeartWare International, Inc		959
	68,617	*	Henry Schein, Inc		5,386
	49,054		Hill-Rom Holdings, Inc		1,513
	65,676	*	HMS Holdings Corp		2,188
	200,085	*	Hologic, Inc		3,610
	124,589		Humana, Inc		9,648
	9,095	*	ICU Medical, Inc		485
	43,803	*	Idexx Laboratories, Inc		4,211
	36,536	*	Insulet Corp		781
	16,089	*	Integra LifeSciences Holdings Corp		598
	6,683	*	Integramed America, Inc		93
	30,088	*	Intuitive Surgical, Inc		16,662

274

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	23,110		Invacare Corp	$	357
	64,014	*	Inverness Medical Innovations, Inc		1,244
	11,925	*	IPC The Hospitalist Co, Inc		540
	12,955	*	IRIS International, Inc		146
	38,766	*	Kindred Healthcare, Inc		381
	75,460	*	Laboratory Corp of America Holdings		6,988
	8,629		Landauer, Inc		495
	11,927	*	LHC Group, Inc		202
	37,223	*	LifePoint Hospitals, Inc		1,525
	65,929	e	Lincare Holdings, Inc		2,243
	23,696	*	Magellan Health Services, Inc		1,074
	27,393	*,e	MAKO Surgical Corp		702
	38,810		Masimo Corp		869
	179,799		McKesson Corp		16,856
	44,883	*	MedAssets, Inc		604
	17,100	*	Medidata Solutions, Inc		559
	792,018		Medtronic, Inc		30,675
	38,200	*,e	Merge Healthcare, Inc		109
	31,965	e	Meridian Bioscience, Inc		654
	29,037	*	Merit Medical Systems, Inc		401
	31,344	*	Metropolitan Health Networks, Inc		300
	28,078	*,e	MModal, Inc		364
	21,513	*	Molina Healthcare, Inc		505
	9,533	*	MWI Veterinary Supply, Inc		980
	8,081	e	National Healthcare Corp		366
	1,866		National Research Corp		98
	19,956	*	Natus Medical, Inc		232
	18,486	*	Neogen Corp		854
	66,756	*,e	Neoprobe Corp		248
	33,067	*	NuVasive, Inc		839
	37,870	*	NxStage Medical, Inc		635
	86,850		Omnicare, Inc		2,712
	24,067	*	Omnicell, Inc		352
	36,642	*	OraSure Technologies, Inc		412
	14,876	*	Orthofix International NV		614
	48,567		Owens & Minor, Inc		1,488
	12,302	*	Palomar Medical Technologies, Inc		105
	71,157		Patterson Cos, Inc		2,453
	7,109	*	PDI, Inc		59
	37,651	*	Pediatrix Medical Group, Inc		2,581
	23,814	*	PharMerica Corp		260
	9,836	*,e	PhotoMedex, Inc		120
	8,598	*	Providence Service Corp		118
	41,924	*	PSS World Medical, Inc		880
	29,676		Quality Systems, Inc		816
	118,617		Quest Diagnostics, Inc		7,105
	21,781	*,e	Quidel Corp		342
	108,952	*	Resmed, Inc		3,399
	7,696	*	Rochester Medical Corp		83
	12,187	*,e	Rockwell Medical Technologies, Inc		113
	38,631	*	RTI Biologics, Inc		145
	31,477	*	Select Medical Holdings Corp		318

275

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	42,129	*	Sirona Dental Systems, Inc	$	1,896
	15,881	*	Skilled Healthcare Group, Inc (Class A)		100
	44,003	*	Solta Medical, Inc		129
	26,592	*	Spectranetics Corp		304
	239,615		St. Jude Medical, Inc		9,563
	26,141	*	Staar Surgical Co		203
	44,285		STERIS Corp		1,389
	236,412		Stryker Corp		13,026
	19,029	*	Sun Healthcare Group, Inc		159
	40,216	*,e	Sunrise Senior Living, Inc		293
	13,627	*	SurModics, Inc		236
	52,688	*,e	SXC Health Solutions Corp		5,227
	32,497	*	Symmetry Medical, Inc		279
	20,027	*	Team Health Holdings, Inc		482
	30,710		Teleflex, Inc		1,871
	316,767	*	Tenet Healthcare Corp		1,660
	44,951	*	Thoratec Corp		1,509
	11,480	*,e	Tornier BV		257
	14,800	*	Triple-S Management Corp (Class B)		271
	57,226	*,e	Unilife Corp		193
	792,201		UnitedHealth Group, Inc		46,345
	28,773		Universal American Corp		303
	69,358		Universal Health Services, Inc (Class B)		2,993
	8,422		US Physical Therapy, Inc		214
	2,349		Utah Medical Products, Inc		79
	23,000	*	Vanguard Health Systems, Inc		204
	87,752	*	Varian Medical Systems, Inc		5,333
	12,709	*	Vascular Solutions, Inc		160
	66,310	*	VCA Antech, Inc		1,457
	5,028	*,e	Vocera Communications, Inc		135
	39,957	*	Volcano Corp		1,145
	32,075	*	WellCare Health Plans, Inc		1,700
	252,693		WellPoint, Inc		16,119
	26,348		West Pharmaceutical Services, Inc		1,330
	28,863	*,e	Wright Medical Group, Inc		616
	4,290		Young Innovations, Inc		148
	12,908	*,e	Zeltiq Aesthetics, Inc		72
	134,522		Zimmer Holdings, Inc		8,658
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		495,191
HOUSEHOLD & PERSONAL PRODUCTS - 2.0%
	327,248		Avon Products, Inc		5,305
	46,305	*	Central Garden and Pet Co (Class A)		504
	106,151		Church & Dwight Co, Inc		5,888
	99,351		Clorox Co		7,199
	364,372		Colgate-Palmolive Co		37,931
	17,747	*	Elizabeth Arden, Inc		689
	49,897	*	Energizer Holdings, Inc		3,755
	174,666		Estee Lauder Cos (Class A)		9,453
	11,623	e	Female Health Co		68
	20,617	*,e	Harbinger Group, Inc		161
	89,168		Herbalife Ltd		4,309

276

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	12,258		Inter Parfums, Inc	$	212
	299,438		Kimberly-Clark Corp		25,084
	9,661	*,e	Medifast, Inc		190
	5,868		Nature’s Sunshine Products, Inc		89
	41,386		Nu Skin Enterprises, Inc (Class A)		1,941
	8,067	*	Nutraceutical International Corp		123
	3,981		Oil-Dri Corp of America		87
	4,547		Orchids Paper Products Co		80
	38,233	*	Prestige Brands Holdings, Inc		604
	2,093,505		Procter & Gamble Co		128,227
	9,587	*	Revlon, Inc (Class A)		136
	9,325		Schiff Nutrition International, Inc		167
	17,518	*	Spectrum Brands, Inc		571
	6,878	*,e	USANA Health Sciences, Inc		283
	11,364		WD-40 Co		566
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		233,622
INSURANCE - 3.7%
	257,107		ACE Ltd		19,059
	355,867		Aflac, Inc		15,156
	12,914	*	Alleghany Corp		4,388
	27,778		Allied World Assurance Co Holdings Ltd		2,208
	374,420		Allstate Corp		13,138
	46,461	e	American Equity Investment Life Holding Co		512
	61,424		American Financial Group, Inc		2,410
	491,991	*	American International Group, Inc		15,788
	4,964		American National Insurance Co		354
	7,468	*	American Safety Insurance Holdings Ltd		140
	13,065	*	Amerisafe, Inc		339
	17,807	e	Amtrust Financial Services, Inc		529
	251,640		Aon plc		11,772
	103,465	*	Arch Capital Group Ltd		4,107
	21,131		Argo Group International Holdings Ltd		619
	89,396		Arthur J. Gallagher & Co		3,135
	54,260		Aspen Insurance Holdings Ltd		1,568
	65,382		Assurant, Inc		2,278
	122,889		Assured Guaranty Ltd		1,733
	83,728		Axis Capital Holdings Ltd		2,725
	6,904		Baldwin & Lyons, Inc (Class B)		160
	1,357,533	*	Berkshire Hathaway, Inc (Class B)		113,122
	89,066		Brown & Brown, Inc		2,429
	206,103		Chubb Corp		15,008
	111,579		Cincinnati Financial Corp		4,248
	32,879	*,e	Citizens, Inc (Class A)		321
	19,762		CNA Financial Corp		548
	162,070		Conseco, Inc		1,264
	14,025		Crawford & Co (Class B)		57
	9,364		Donegal Group, Inc (Class A)		124
	4,850		Eastern Insurance Holdings, Inc		82
	17,698	*	eHealth, Inc		285
	4,503		EMC Insurance Group, Inc		91
	31,204		Employers Holdings, Inc		563

277

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	31,116		Endurance Specialty Holdings Ltd	$	1,192
	6,491	*	Enstar Group Ltd		642
	21,144		Erie Indemnity Co (Class A)		1,514
	39,815		Everest Re Group Ltd		4,120
	9,829		FBL Financial Group, Inc (Class A)		275
	171,742		Fidelity National Title Group, Inc (Class A)		3,308
	80,939		First American Financial Corp		1,373
	40,236		Flagstone Reinsurance Holdings Ltd		322
	377,648	*	Genworth Financial, Inc (Class A)		2,137
	20,683	*	Greenlight Capital Re Ltd (Class A)		526
	7,438	*	Hallmark Financial Services		58
	34,492		Hanover Insurance Group, Inc		1,350
	338,501		Hartford Financial Services Group, Inc		5,968
	84,201		HCC Insurance Holdings, Inc		2,644
	30,002	*	Hilltop Holdings, Inc		309
	5,748		Homeowners Choice, Inc		101
	29,235		Horace Mann Educators Corp		511
	5,951	e	Independence Holding Co		59
	10,619		Infinity Property & Casualty Corp		612
	862		Investors Title Co		49
	2,078	e	Kansas City Life Insurance Co		73
	39,343		Kemper Corp		1,210
	218,155		Lincoln National Corp		4,771
	237,462		Loews Corp		9,715
	34,934		Maiden Holdings Ltd		303
	7,378	*	Markel Corp		3,259
	417,952		Marsh & McLennan Cos, Inc		13,471
	65,416		Max Capital Group Ltd		1,527
	112,430	*,e	MBIA, Inc		1,215
	42,189		Meadowbrook Insurance Group, Inc		371
	20,342		Mercury General Corp		848
	643,972		Metlife, Inc		19,867
	38,114	e	Montpelier Re Holdings Ltd		811
	35,464	*	National Financial Partners Corp		475
	9,917		National Interstate Corp		264
	1,551		National Western Life Insurance Co (Class A)		220
	8,338	*	Navigators Group, Inc		417
	195,723		Old Republic International Corp		1,623
	20,220		OneBeacon Insurance Group Ltd (Class A)		263
	49,344		PartnerRe Ltd		3,734
	98,653	*	Phoenix Cos, Inc		183
	28,637		Platinum Underwriters Holdings Ltd		1,091
	13,808		Presidential Life Corp		136
	35,780		Primerica, Inc		956
	229,355		Principal Financial Group		6,016
	23,371		ProAssurance Corp		2,082
	466,529		Progressive Corp		9,718
	64,541		Protective Life Corp		1,898
	356,642		Prudential Financial, Inc		17,272
	56,415		Reinsurance Group of America, Inc (Class A)		3,002
	39,604		RenaissanceRe Holdings Ltd		3,010
	16,141		RLI Corp		1,101

278

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	11,015		Safety Insurance Group, Inc	$	448
	14,868		SeaBright Insurance Holdings, Inc		132
	40,400		Selective Insurance Group, Inc		703
	35,995		Stancorp Financial Group, Inc		1,338
	9,480		State Auto Financial Corp		133
	12,744	e	Stewart Information Services Corp		196
	59,563		Symetra Financial Corp		752
	75,122		Torchmark Corp		3,797
	28,710		Tower Group, Inc		599
	297,089		Travelers Cos, Inc		18,966
	12,914	*	United America Indemnity Ltd		262
	17,338		United Fire & Casualty Co		370
	10,064		Universal Insurance Holdings, Inc		34
	218,285		UnumProvident Corp		4,176
	72,700		Validus Holdings Ltd		2,329
	84,224		W.R. Berkley Corp		3,278
	4,478		White Mountains Insurance Group Ltd		2,336
	236,648		XL Capital Ltd		4,979
			TOTAL INSURANCE		423,060
MATERIALS - 3.9%
	24,943		A. Schulman, Inc		495
	6,725	*,e	ADA-ES, Inc		171
	5,113	*	AEP Industries, Inc		223
	161,900		Air Products & Chemicals, Inc		13,070
	52,484		Airgas, Inc		4,409
	84,458	e	AK Steel Holding Corp		496
	68,023		Albemarle Corp		4,057
	811,261		Alcoa, Inc		7,099
	81,466		Allegheny Technologies, Inc		2,598
	68,161	*	Allied Nevada Gold Corp		1,934
	18,051		AMCOL International Corp		511
	20,501		American Vanguard Corp		545
	50,149		Aptargroup, Inc		2,560
	15,246	*,e	Arabian American Development Co		148
	60,168		Ashland, Inc		4,170
	21,090		Balchem Corp		688
	119,517		Ball Corp		4,906
	78,588		Bemis Co, Inc		2,463
	76,383		Boise, Inc		503
	14,781		Brush Engineered Materials, Inc		340
	31,123		Buckeye Technologies, Inc		887
	48,545		Cabot Corp		1,976
	45,612	*	Calgon Carbon Corp		649
	33,678		Carpenter Technology Corp		1,611
	11,808	*,e	Castle (A.M.) & Co		125
	118,461		Celanese Corp (Series A)		4,101
	39,702	*	Century Aluminum Co		291
	50,250		CF Industries Holdings, Inc		9,735
	5,158	e	Chase Corp		68
	73,547	*	Chemtura		1,066
	19,978	*	Clearwater Paper Corp		682

279

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	108,906		Cleveland-Cliffs, Inc	$	5,368
	68,043	*	Coeur d’Alene Mines Corp		1,195
	86,134		Commercial Metals Co		1,089
	25,270		Compass Minerals International, Inc		1,928
	113,742	*	Crown Holdings, Inc		3,923
	35,121		Cytec Industries, Inc		2,059
	9,014		Deltic Timber Corp		550
	27,533		Domtar Corp		2,112
	911,458		Dow Chemical Co		28,712
	715,495		Du Pont (E.I.) de Nemours & Co		36,184
	33,735		Eagle Materials, Inc		1,260
	105,334		Eastman Chemical Co		5,306
	198,486		Ecolab, Inc		13,602
	66,070	*	Ferro Corp		317
	38,825	*,e	Flotek Industries, Inc		363
	104,720		FMC Corp		5,600
	724,811		Freeport-McMoRan Copper & Gold, Inc (Class B)		24,693
	14,460	e	FutureFuel Corp		152
	51,402	*,e	General Moly, Inc		161
	25,535		Georgia Gulf Corp		655
	35,119		Glatfelter		575
	47,286		Globe Specialty Metals, Inc		635
	37,237	*	Gold Reserve, Inc		130
	21,606	e	Gold Resource Corp		562
	21,448	*,e	Golden Minerals Co		97
	219,041	*,e	Golden Star Resources Ltd		254
	122,089	*	Graphic Packaging Holding Co		671
	24,459		Greif, Inc (Class A)		1,003
	6,559	*	GSE Holding, Inc		69
	36,749		H.B. Fuller Co		1,128
	6,809	e	Hawkins, Inc		260
	9,402		Haynes International, Inc		479
	54,162	*	Headwaters, Inc		279
	214,218	e	Hecla Mining Co		1,018
	33,599	*	Horsehead Holding Corp		335
	145,355		Huntsman Corp		1,881
	16,427		Innophos Holdings, Inc		927
	18,027	*	Innospec, Inc		534
	61,486		International Flavors & Fragrances, Inc		3,369
	330,393		International Paper Co		9,551
	40,015	*	Intrepid Potash, Inc		911
	14,023	e	Kaiser Aluminum Corp		727
	32,261	*	Kapstone Paper and Packaging Corp		511
	4,800		KMG Chemicals, Inc		93
	16,539		Koppers Holdings, Inc		562
	24,388	*	Kraton Polymers LLC		534
	14,288	e	Kronos Worldwide, Inc		226
	14,893	*	Landec Corp		127
	101,464	*	Louisiana-Pacific Corp		1,104
	13,887	*	LSB Industries, Inc		429
	241,481		LyondellBasell Industries AF S.C.A		9,724
	34,945	e	Martin Marietta Materials, Inc		2,754

280

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	150,503	*,e	McEwen Mining, Inc	$	453
	128,841		MeadWestvaco Corp		3,704
	8,652	*	Metals USA Holdings Corp		138
	60,363	*,e	Midway Gold Corp		84
	13,589		Minerals Technologies, Inc		867
	50,412	*,e	Molycorp, Inc		1,086
	407,661		Monsanto Co		33,747
	225,019		Mosaic Co		12,322
	23,791		Myers Industries, Inc		408
	11,726		Neenah Paper, Inc		313
	6,813		NewMarket Corp		1,476
	370,898		Newmont Mining Corp		17,991
	25,216		Noranda Aluminium Holding Corp		201
	242,523		Nucor Corp		9,191
	63,038		Olin Corp		1,317
	8,985		Olympic Steel, Inc		148
	23,303	*	OM Group, Inc		443
	32,453	*	Omnova Solutions, Inc		245
	126,112	*	Owens-Illinois, Inc		2,418
	74,848		Packaging Corp of America		2,114
	90,889	*,e	Paramount Gold and Silver Corp		218
	71,742		PolyOne Corp		981
	116,306		PPG Industries, Inc		12,342
	228,503		Praxair, Inc		24,845
	9,804		Quaker Chemical Corp		453
	56,307		Reliance Steel & Aluminum Co		2,844
	55,110	*	Resolute Forest Products		638
	18,123	*,e	Revett Minerals, Inc		60
	54,046		Rock-Tenn Co (Class A)		2,948
	52,353		Rockwood Holdings, Inc		2,322
	47,154		Royal Gold, Inc		3,697
	98,223		RPM International, Inc		2,672
	23,200	*	RTI International Metals, Inc		525
	19,399		Schnitzer Steel Industries, Inc (Class A)		544
	11,976		Schweitzer-Mauduit International, Inc		816
	32,453	e	Scotts Miracle-Gro Co (Class A)		1,334
	143,206		Sealed Air Corp		2,211
	38,347		Sensient Technologies Corp		1,408
	66,324		Sherwin-Williams Co		8,778
	92,473		Sigma-Aldrich Corp		6,837
	37,804		Silgan Holdings, Inc		1,614
	93,627		Solutia, Inc		2,626
	76,188		Sonoco Products Co		2,297
	126,623		Southern Copper Corp (NY)		3,990
	25,932	*	Spartech Corp		134
	165,292		Steel Dynamics, Inc		1,942
	6,453		Stepan Co		608
	94,371	*	Stillwater Mining Co		806
	56,972	*,e	SunCoke Energy, Inc		835
	61,033	*,e	Tahoe Resources, Inc		848
	17,319	e	Texas Industries, Inc		676
	10,121	*	Texas Petrochemicals, Inc		374

281

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	65,998		Titanium Metals Corp	$	746
	19,671		Tredegar Corp		286
	4,092	*	UFP Technologies, Inc		69
	1,357	*	United States Lime & Minerals, Inc		63
	110,404	e	United States Steel Corp		2,274
	4,623	*	Universal Stainless & Alloy		190
	41,575	*	US Antimony Corp		168
	9,000	*,e	US Silica Holdings Inc		101
	71,121		Valspar Corp		3,733
	82,408	*,e	Vista Gold Corp		240
	98,368		Vulcan Materials Co		3,906
	46,839		Walter Energy, Inc		2,068
	37,679		Wausau Paper Corp		367
	15,532	e	Westlake Chemical Corp		812
	4,506	*	WHX Corp		61
	41,959		Worthington Industries, Inc		859
	56,274	*	WR Grace & Co		2,839
	15,316		Zep, Inc		210
	27,713	*,e	Zoltek Cos, Inc		250
			TOTAL MATERIALS		450,396
MEDIA - 3.4%
	42,531	*	AMC Networks, Inc		1,512
	20,466		Arbitron, Inc		716
	71,065		Belo (A.H.) Corp (Class A)		458
	153,456		Cablevision Systems Corp (Class A)		2,039
	13,386	*	Carmike Cinemas, Inc		196
	495,064		CBS Corp (Class B)		16,228
	27,491	*,e	Central European Media Enterprises Ltd (Class A) Nasdaq		140
	37,166	*	Charter Communications, Inc		2,634
	83,274		Cinemark Holdings, Inc		1,903
	28,047		Clear Channel Outdoor Holdings, Inc (Class A)		169
	2,051,514		Comcast Corp (Class A)		65,586
	13,062	*,e	Crown Media Holdings, Inc (Class A)		23
	36,647	*,e	Cumulus Media, Inc (Class A)		110
	772	*,e	Daily Journal Corp		66
	8,428	*,e	Digital Domain Media Group, Inc		53
	20,194	*,e	Digital Generation, Inc		250
	500,088	*	DIRECTV		24,414
	194,728	*	Discovery Communications, Inc (Class A)		10,515
	153,317		DISH Network Corp (Class A)		4,377
	54,653	*,e	DreamWorks Animation SKG, Inc (Class A)		1,042
	18,269	*,e	Entercom Communications Corp (Class A)		110
	38,482		Entravision Communications Corp (Class A)		47
	21,197	*	EW Scripps Co (Class A)		204
	5,404	*	Fisher Communications, Inc		162
	179,105		Gannett Co, Inc		2,638
	8,856	*	Global Sources Ltd		58
	33,505		Harte-Hanks, Inc		306
	339,042		Interpublic Group of Cos, Inc		3,679
	33,375		John Wiley & Sons, Inc (Class A)		1,635
	42,642	*	Journal Communications, Inc (Class A)		220

282

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	23,300	*	Knology, Inc	$	458
	58,933	*,e	Lamar Advertising Co (Class A)		1,685
	200,350	*	Liberty Global, Inc (Class A)		9,943
	82,873	*	Liberty Interactive LLC		7,285
	29,608	*	Lin TV Corp (Class A)		89
	59,685	*,e	Lions Gate Entertainment Corp		880
	108,249	*	Live Nation, Inc		994
	45,616	*	Madison Square Garden, Inc		1,708
	29,313	e	Martha Stewart Living Omnimedia, Inc (Class A)		100
	45,516	*,e	McClatchy Co (Class A)		100
	214,434		McGraw-Hill Cos, Inc		9,650
	19,518	e	MDC Partners, Inc		221
	26,535	e	Meredith Corp		848
	18,294		Morningstar, Inc		1,058
	40,500		National CineMedia, Inc		614
	104,815	*	New York Times Co (Class A)		818
	1,599,731		News Corp (Class A)		35,657
	7,914	*	Nexstar Broadcasting Group, Inc (Class A)		53
	208,160		Omnicom Group, Inc		10,117
	11,051		Outdoor Channel Holdings, Inc		81
	77,967	*,e	Pandora Media, Inc		848
	7,422	*	ReachLocal, Inc		82
	12,373	*	Reading International, Inc		67
	60,087	e	Regal Entertainment Group (Class A)		827
	7,217	*	Rentrak Corp		149
	2,741	*	Saga Communications, Inc		102
	19,984		Scholastic Corp		563
	64,773		Scripps Networks Interactive (Class A)		3,683
	34,573		Sinclair Broadcast Group, Inc (Class A)		313
	2,954,427	*,e	Sirius XM Radio, Inc		5,466
	285,406		Thomson Corp		8,120
	238,676		Time Warner Cable, Inc		19,595
	733,071		Time Warner, Inc		28,223
	32,675	*,e	Valassis Communications, Inc		711
	403,021		Viacom, Inc (Class B)		18,950
	212,326	e	Virgin Media, Inc		5,179
	1,365,991		Walt Disney Co		66,250
	3,249	e	Washington Post Co (Class B)		1,215
	18,692	e	World Wrestling Entertainment, Inc (Class A)		146
			TOTAL MEDIA		384,338
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.6%
	1,199,837		Abbott Laboratories		77,354
	38,651	*,e	Achillion Pharmaceuticals, Inc		240
	29,951	*	Acorda Therapeutics, Inc		706
	6,188	*,e	Acura Pharmaceuticals, Inc		19
	16,553	*	Aegerion Pharmaceuticals, Inc		246
	30,064	*	Affymax, Inc		387
	56,476	*	Affymetrix, Inc		265
	17,407	*	Agenus, Inc		91
	264,050		Agilent Technologies, Inc		10,361
	44,535	*	Akorn, Inc		702

283

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	146,689	*	Alexion Pharmaceuticals, Inc	$	14,566
	93,543	*	Alkermes PLC		1,587
	231,745		Allergan, Inc		21,453
	63,430	*	Allos Therapeutics, Inc		114
	35,380	*,e	Alnylam Pharmaceuticals, Inc		413
	16,995	*	AMAG Pharmaceuticals, Inc		262
	593,892		Amgen, Inc		43,377
	22,849	*,e	Amicus Therapeutics, Inc		126
	15,482	*,e	Ampio Pharmaceuticals, Inc		79
	124,396	*	Amylin Pharmaceuticals, Inc		3,512
	11,354	*	Anacor Pharmaceuticals, Inc		74
	148,696	*,e	Arena Pharmaceuticals, Inc		1,484
	128,917	*	Ariad Pharmaceuticals, Inc		2,219
	40,003	*	Arqule, Inc		237
	67,523	*	Array Biopharma, Inc		234
	72,935	*	Astex Pharmaceuticals		152
	36,727	*	Auxilium Pharmaceuticals, Inc		988
	119,462	*,e	AVANIR Pharmaceuticals, Inc		468
	27,927	*,e	AVEO Pharmaceuticals, Inc		340
	8,246	*,e	BG Medicine, Inc		58
	38,747	*,e	BioCryst Pharmaceuticals, Inc		154
	15,220	*,e	BioDelivery Sciences International, Inc		68
	184,303	*	Biogen Idec, Inc		26,609
	93,223	*	BioMarin Pharmaceuticals, Inc		3,690
	15,217	*	Bio-Rad Laboratories, Inc (Class A)		1,522
	2,885	*	Biospecifics Technologies Corp		54
	16,168	*,e	Biotime, Inc		74
	1,289,765		Bristol-Myers Squibb Co		46,367
	70,932	*	Bruker BioSciences Corp		944
	47,523	*,e	Cadence Pharmaceuticals, Inc		170
	20,927	*	Cambrex Corp		197
	336,146	*	Celgene Corp		21,566
	43,891	*,e	Celldex Therapeutics, Inc		228
	49,716	*	Cepheid, Inc		2,225
	39,385	*	Charles River Laboratories International, Inc		1,290
	4,506	*,e	ChemoCentryx, Inc		68
	10,510	*,e	Clovis Oncology, Inc		228
	19,275	*,e	Codexis, Inc		72
	32,316	*,e	Corcept Therapeutics, Inc		145
	5,072	*	Cornerstone Therapeutics, Inc		32
	10,237	*,e	Coronado Biosciences, Inc		52
	46,088	*	Covance, Inc		2,205
	48,456	*	Cubist Pharmaceuticals, Inc		1,837
	8,942	*,e	Cumberland Pharmaceuticals, Inc		58
	59,363	*,e	Curis, Inc		321
	47,980	*,e	Cytori Therapeutics, Inc		130
	119,216	*,e	Dendreon Corp		882
	40,825	*	Depomed, Inc		232
	34,683	*	Discovery Laboratories, Inc		80
	18,782	*,e	Dusa Pharmaceuticals, Inc		98
	69,074	*	Dyax Corp		147
	140,378	*,e	Dynavax Technologies Corp		606

284

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	782,389		Eli Lilly & Co	$	33,572
	19,838	*	Emergent Biosolutions, Inc		301
	89,664	*	Endo Pharmaceuticals Holdings, Inc		2,778
	22,769	*,e	Endocyte, Inc		187
	31,349	*	Enzon Pharmaceuticals, Inc		215
	35,238	*	eResearch Technology, Inc		282
	44,787	*	Exact Sciences Corp		480
	115,674	*,e	Exelixis, Inc		640
	15,551	*,e	Fluidigm Corp		234
	203,023	*	Forest Laboratories, Inc		7,104
	7,338	*	Furiex Pharmaceuticals Inc		154
	14,823	*	Genomic Health, Inc		495
	88,925	*,e	Geron Corp		153
	580,467	*	Gilead Sciences, Inc		29,765
	6,376	*,e	Golf Trust Of America, Inc		46
	14,714	*	GTx, Inc		52
	68,771	*,e	Halozyme Therapeutics, Inc		609
	16,723	*	Harvard Bioscience, Inc		63
	8,540	*	Hi-Tech Pharmacal Co, Inc		277
	16,867	*,e	Horizon Pharma, Inc		120
	126,136	*	Hospira, Inc		4,412
	144,582	*,e	Human Genome Sciences, Inc		1,898
	57,409	*,e	Idenix Pharmaceuticals, Inc		591
	93,481	*,e	Illumina, Inc		3,776
	30,850	*	ImmunoCellular Therapeutics Ltd		116
	58,769	*,e	Immunogen, Inc		986
	54,649	*,e	Immunomedics, Inc		195
	49,816	*	Impax Laboratories, Inc		1,010
	73,354	*,e	Incyte Corp		1,665
	14,237	*,e	Infinity Pharmaceuticals, Inc		193
	49,640	*,e	InterMune, Inc		593
	57,510	*,e	Ironwood Pharmaceuticals, Inc		792
	74,058	*,e	Isis Pharmaceuticals, Inc		889
	31,607	*,e	Jazz Pharmaceuticals plc		1,423
	2,097,223		Johnson & Johnson		141,689
	53,997	*,e	Keryx Biopharmaceuticals, Inc		97
	7,363	*	Lannett Co, Inc		31
	154,334	*,e	Lexicon Pharmaceuticals, Inc		347
	136,670	*	Life Technologies Corp		6,149
	14,627	*	Ligand Pharmaceuticals, Inc (Class B)		248
	31,134	*	Luminex Corp		762
	86,613	*,e	MannKind Corp		198
	16,568	*,e	MAP Pharmaceuticals, Inc		248
	16,427		Maxygen, Inc		98
	41,466	*	Medicines Co		951
	47,245		Medicis Pharmaceutical Corp (Class A)		1,613
	27,534	*	Medivation, Inc		2,517
	5,876		Medtox Scientific, Inc		158
	2,322,596		Merck & Co, Inc		96,969
	11,316	*,e	Merrimack Pharmaceuticals, Inc		82
	24,261	*	Mettler-Toledo International, Inc		3,781
	34,069	*	Momenta Pharmaceuticals, Inc		461

285

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	327,160	*	Mylan Laboratories, Inc	$	6,991
	65,398	*	Myriad Genetics, Inc		1,555
	87,448	*,e	Nektar Therapeutics		706
	51,178	*	Neurocrine Biosciences, Inc		405
	9,891	*,e	NewLink Genetics Corp		148
	9,215	*	Novacea, Inc		57
	69,550	*,e	Novavax, Inc		108
	62,195	*	NPS Pharmaceuticals, Inc		535
	12,855	*	Obagi Medical Products, Inc		196
	17,474	*,e	Omeros Corp		175
	7,745	*,e	OncoGenex Pharmaceutical, Inc		104
	61,474	*,e	Oncothyreon, Inc		288
	48,332	*	Onyx Pharmaceuticals, Inc		3,212
	90,703	*,e	Opko Health, Inc		417
	38,666	*,e	Optimer Pharmaceuticals, Inc		600
	48,470	*	Orexigen Therapeutics, Inc		269
	12,630	*,e	Osiris Therapeutics, Inc		139
	26,111	*,e	Pacific Biosciences of California, Inc		57
	14,382	*	Pacira Pharmaceuticals, Inc		231
	24,948		Pain Therapeutics, Inc		117
	28,130	*	Par Pharmaceutical Cos, Inc		1,017
	46,620	*	Parexel International Corp		1,316
	106,509	e	PDL BioPharma, Inc		706
	86,372		PerkinElmer, Inc		2,228
	70,263		Perrigo Co		8,286
	5,718,079		Pfizer, Inc		131,517
	40,141	*,e	Pharmacyclics, Inc		2,192
	15,548	*	Pozen, Inc		97
	22,810	*	Progenics Pharmaceuticals, Inc		223
	178,940	*,e	Qiagen N.V. (NASDAQ)		2,988
	40,523	*,e	Questcor Pharmaceuticals, Inc		2,157
	37,364	*,e	Raptor Pharmaceutical Corp		209
	59,007	*	Regeneron Pharmaceuticals, Inc		6,740
	23,464	*	Repligen Corp		101
	11,221	*,e	Repros Therapeutics, Inc		102
	52,596	*	Rigel Pharmaceuticals, Inc		489
	5,222	*,e	Sagent Pharmaceuticals		94
	44,827	*	Salix Pharmaceuticals Ltd		2,440
	45,925	*,e	Sangamo Biosciences, Inc		254
	40,020	*	Santarus, Inc		284
	43,039	*,e	Sciclone Pharmaceuticals, Inc		302
	72,220	*,e	Seattle Genetics, Inc		1,834
	87,069	*,e	Sequenom, Inc		354
	26,901	*,e	SIGA Technologies, Inc		77
	47,540	*,e	Spectrum Pharmaceuticals, Inc		740
	6,322	*	Sucampo Pharmaceuticals, Inc (Class A)		44
	21,433	*,e	Sunesis Pharmaceuticals, Inc		62
	7,001	*	Synageva BioPharma Corp		284
	31,480	*	Synergy Pharmaceuticals, Inc		150
	28,613	*,e	Synta Pharmaceuticals Corp		157
	21,017	*	Targacept, Inc		90
	28,521		Techne Corp		2,116

286

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	49,146	*,e	Theravance, Inc	$	1,092
	280,399		Thermo Electron Corp		14,556
	34,985	*	Threshold Pharmaceuticals, Inc		259
	18,970	*,m	Trius Therapeutics, Inc		109
	39,384	*	United Therapeutics Corp		1,945
	26,661	*	Vanda Pharmaceuticals, Inc		117
	9,108	*,e	Ventrus Biosciences, Inc		39
	4,381	*	Verastem, Inc		45
	161,189	*	Vertex Pharmaceuticals, Inc		9,014
	72,979	*,e	Vical, Inc		263
	54,700	*	Viropharma, Inc		1,296
	74,791	*,e	Vivus, Inc		2,135
	128,177		Warner Chilcott plc		2,297
	70,145	*	Waters Corp		5,574
	97,368	*	Watson Pharmaceuticals, Inc		7,204
	22,676	*,e	Xenoport, Inc		137
	51,247	*,e	XOMA Corp		154
	54,772	*,e	ZIOPHARM Oncology, Inc		326
	29,473	*,e	Zogenix, Inc		73
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		879,525
REAL ESTATE - 3.7%
	33,340		Acadia Realty Trust		773
	11,872	e	AG Mortgage Investment Trust		255
	10,360		Agree Realty Corp		229
	1,574		Alexander’s, Inc		679
	47,428		Alexandria Real Estate Equities, Inc		3,449
	351,724		AMB Property Corp		11,688
	24,259		American Assets Trust,Inc		588
	58,930		American Campus Communities, Inc		2,651
	226,212	e	American Capital Agency Corp		7,603
	27,579	e	American Capital Mortgage, Inc		659
	121,124	*,e	American Realty Capital Trust, Inc		1,323
	305,804		American Tower Corp		21,380
	721,734		Annaly Capital Management, Inc		12,111
	104,198		Anworth Mortgage Asset Corp		735
	101,848		Apartment Investment & Management Co (Class A)		2,753
	21,000	e	Apollo Commercial Real Estate Finance, Inc		337
	5,944	e	Ares Commercial Real Estate Corp		104
	126,835	*,e	ARMOUR Residential REIT, Inc		902
	45,071		Ashford Hospitality Trust, Inc		380
	38,683	e	Associated Estates Realty Corp		578
	7,072	*	AV Homes, Inc		103
	72,699		AvalonBay Communities, Inc		10,285
	116,685		BioMed Realty Trust, Inc		2,180
	114,441		Boston Properties, Inc		12,402
	109,374		Brandywine Realty Trust		1,350
	58,646		BRE Properties, Inc (Class A)		2,933
	61,235		Camden Property Trust		4,144
	23,300		Campus Crest Communities, Inc		242
	54,804	e	Capital Lease Funding, Inc		227
	62,121		Capstead Mortgage Corp		864

287

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	113,740	e	CBL & Associates Properties, Inc	$	2,222
	250,372	*	CBRE Group, Inc		4,097
	62,638	e	Cedar Shopping Centers, Inc		316
	10,703		Chatham Lodging Trust		153
	24,872		Chesapeake Lodging Trust		428
	757,920		Chimera Investment Corp		1,789
	66,987		Colonial Properties Trust		1,483
	25,359	e	Colony Financial, Inc		439
	4,977	e	Consolidated-Tomoka Land Co		143
	15,000		Coresite Realty		387
	54,562	e	Corporate Office Properties Trust		1,283
	80,554		Cousins Properties, Inc		624
	51,575		CreXus Investment Corp		525
	93,780		CubeSmart		1,094
	84,256	e	CYS Investments, Inc		1,160
	189,300	e	DCT Industrial Trust, Inc		1,193
	170,033	e	DDR Corp		2,489
	131,313		DiamondRock Hospitality Co		1,339
	84,695	e	Digital Realty Trust, Inc		6,358
	105,519		Douglas Emmett, Inc		2,437
	203,927		Duke Realty Corp		2,985
	45,206	e	DuPont Fabros Technology, Inc		1,291
	41,887	e	Dynex Capital, Inc		435
	21,692		EastGroup Properties, Inc		1,156
	69,927		Education Realty Trust, Inc		775
	35,904		Entertainment Properties Trust		1,476
	31,491		Equity Lifestyle Properties, Inc		2,172
	40,925	e	Equity One, Inc		868
	229,571		Equity Residential		14,316
	26,875	e	Essex Property Trust, Inc		4,137
	27,824		Excel Trust, Inc		333
	78,727	e	Extra Space Storage, Inc		2,409
	49,143		Federal Realty Investment Trust		5,115
	102,427	*	FelCor Lodging Trust, Inc		481
	67,857	*	First Industrial Realty Trust, Inc		856
	38,591		First Potomac Realty Trust		454
	108,468	*	Forest City Enterprises, Inc (Class A)		1,584
	29,389	*	Forestar Real Estate Group, Inc		376
	56,329	e	Franklin Street Properties Corp		596
	403,501		General Growth Properties, Inc		7,299
	18,098	e	Getty Realty Corp		347
	6,667	e	Gladstone Commercial Corp		111
	106,365		Glimcher Realty Trust		1,087
	28,458		Government Properties Income Trust		644
	34,683	*,e	Gramercy Capital Corp		87
	911	*,e	Gyrodyne Co of America, Inc		104
	71,728	e	Hatteras Financial Corp		2,051
	309,882		HCP, Inc		13,681
	164,182		Health Care REIT, Inc		9,572
	62,374		Healthcare Realty Trust, Inc		1,487
	131,578		Hersha Hospitality Trust		695
	56,490		Highwoods Properties, Inc		1,901

288

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	37,183		Home Properties, Inc	$	2,282
	94,278		Hospitality Properties Trust		2,335
	549,227		Host Marriott Corp		8,689
	20,901	*	Howard Hughes Corp		1,288
	60,803		HRPT Properties Trust		1,163
	27,463		Hudson Pacific Properties		478
	64,150		Inland Real Estate Corp		538
	87,900		Invesco Mortgage Capital, Inc		1,612
	74,579	e	Investors Real Estate Trust		589
	71,105	*,e	iStar Financial, Inc		459
	33,460		Jones Lang LaSalle, Inc		2,355
	26,989	e	Kennedy-Wilson Holdings, Inc		378
	52,216	e	Kilroy Realty Corp		2,528
	312,567		Kimco Realty Corp		5,948
	35,097		Kite Realty Group Trust		175
	65,968		LaSalle Hotel Properties		1,922
	87,513	e	Lexington Corporate Properties Trust		741
	84,513	e	Liberty Property Trust		3,113
	24,755		LTC Properties, Inc		898
	101,262		Macerich Co		5,980
	67,066		Mack-Cali Realty Corp		1,950
	102,587		Medical Properties Trust, Inc		987
	267,655		MFA Mortgage Investments, Inc		2,112
	31,305		Mid-America Apartment Communities, Inc		2,136
	14,218		Mission West Properties, Inc		123
	31,123		Monmouth Real Estate Investment Corp (Class A)		365
	20,485		National Health Investors, Inc		1,043
	81,480		National Retail Properties, Inc		2,305
	12,951		New York Mortgage Trust, Inc		91
	101,983	e	NorthStar Realty Finance Corp		532
	32,022	e	NRDC Acquisition Corp		386
	80,717	e	Omega Healthcare Investors, Inc		1,816
	6,398		One Liberty Properties, Inc		120
	26,223		Parkway Properties, Inc		300
	40,071		Pebblebrook Hotel Trust		934
	45,188		Pennsylvania Real Estate Investment Trust		677
	31,980		Pennymac Mortgage Investment Trust		631
	130,905		Piedmont Office Realty Trust, Inc		2,253
	123,533		Plum Creek Timber Co, Inc		4,904
	41,348		Post Properties, Inc		2,024
	30,874		Potlatch Corp		986
	14,049		PS Business Parks, Inc		951
	108,920		Public Storage, Inc		15,730
	41,823	e	RAIT Investment Trust		193
	35,302		Ramco-Gershenson Properties		444
	93,415		Rayonier, Inc		4,194
	105,037	e	Realty Income Corp		4,387
	60,300	e	Redwood Trust, Inc		753
	69,743		Regency Centers Corp		3,318
	60,606	e	Resource Capital Corp		323
	56,079		Retail Properties of America, Inc		545
	81,349		RLJ Lodging Trust		1,475

289

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	16,171	*,e	Rouse Properties, Inc	$	219
	28,029		Sabra Healthcare REIT, Inc		480
	6,582		Saul Centers, Inc		282
	6,836	*,e	Select Income REIT		162
	124,150	e	Senior Housing Properties Trust		2,771
	231,553		Simon Property Group, Inc		36,045
	68,406		SL Green Realty Corp		5,489
	21,282		Sovran Self Storage, Inc		1,066
	49,920	*,e	St. Joe Co		789
	18,598		STAG Industrial, Inc		271
	88,626	e	Starwood Property Trust, Inc		1,889
	134,064	*	Strategic Hotels & Resorts, Inc		866
	22,677		Summit Hotel Properties, Inc		190
	23,544	e	Sun Communities, Inc		1,042
	89,758	*	Sunstone Hotel Investors, Inc		986
	70,595		Tanger Factory Outlet Centers, Inc		2,263
	44,830		Taubman Centers, Inc		3,459
	11,747	*	Tejon Ranch Co		336
	10,412		Terreno Realty Corp		157
	24,399		Thomas Properties Group, Inc		133
	165,389		Two Harbors Investment Corp		1,713
	188,706		UDR, Inc		4,876
	6,794		UMH Properties, Inc		73
	10,285		Universal Health Realty Income Trust		427
	19,529		Urstadt Biddle Properties, Inc (Class A)		386
	220,633		Ventas, Inc		13,926
	141,093		Vornado Realty Trust		11,849
	49,089	e	Washington Real Estate Investment Trust		1,397
	92,487		Weingarten Realty Investors		2,436
	5,974	*,e	Western Asset Mortgage Capital Corp		116
	407,759		Weyerhaeuser Co		9,117
	6,173	e	Whitestone REIT		85
	24,416		Winthrop Realty Trust		297
			TOTAL REAL ESTATE		422,799
RETAILING - 4.1%
	14,742	*	1-800-FLOWERS.COM, Inc (Class A)		51
	59,378		Aaron’s, Inc		1,681
	64,852		Abercrombie & Fitch Co (Class A)		2,214
	56,359		Advance Auto Parts, Inc		3,845
	61,843	*	Aeropostale, Inc		1,103
	276,673	*	Amazon.com, Inc		63,178
	149,222		American Eagle Outfitters, Inc		2,944
	6,968	*	America’s Car-Mart, Inc		271
	37,641	*	Ann Taylor Stores Corp		959
	19,614	*	Asbury Automotive Group, Inc		465
	10,900	*	Audiovox Corp (Class A)		102
	26,872	*,e	Autonation, Inc		948
	29,004	*	Autozone, Inc		10,649
	23,047	*,e	Barnes & Noble, Inc		379
	23,033		Bebe Stores, Inc		135
	178,357	*	Bed Bath & Beyond, Inc		11,022

290

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	207,694		Best Buy Co, Inc	$	4,353
	15,894		Big 5 Sporting Goods Corp		120
	50,822	*	Big Lots, Inc		2,073
	10,661	*,e	Blue Nile, Inc		317
	8,762	*	Body Central Corp		79
	9,116	e	Bon-Ton Stores, Inc		71
	32,106	e	Brown Shoe Co, Inc		414
	21,122	e	Buckle, Inc		836
	34,762	*	Cabela’s, Inc		1,314
	3,823	*,e	CafePress, Inc		57
	173,276	*	Carmax, Inc		4,495
	32,976	*	Casual Male Retail Group, Inc		120
	21,208		Cato Corp (Class A)		646
	130,733		Chico’s FAS, Inc		1,940
	18,517	*	Children’s Place Retail Stores, Inc		923
	12,866	*	Citi Trends, Inc		199
	46,617	*	Collective Brands, Inc		999
	12,208	*,e	Conn’s, Inc		181
	8,334		Core-Mark Holding Co, Inc		401
	10,433		Destination Maternity Corp		225
	71,204		Dick’s Sporting Goods, Inc		3,418
	22,481	e	Dillard’s, Inc (Class A)		1,432
	140,673	*	Dollar General Corp		7,651
	176,696	*	Dollar Tree, Inc		9,506
	25,085		DSW, Inc (Class A)		1,365
	66,797		Expedia, Inc		3,211
	68,225		Express Parent LLC		1,240
	73,774		Family Dollar Stores, Inc		4,904
	39,004		Finish Line, Inc (Class A)		816
	115,838		Foot Locker, Inc		3,542
	26,617	*,e	Francesca’s Holdings Corp		719
	29,664		Fred’s, Inc (Class A)		454
	100,932	e	GameStop Corp (Class A)		1,853
	231,166		Gap, Inc		6,325
	18,687	*	Genesco, Inc		1,124
	118,350		Genuine Parts Co		7,130
	51,477		GNC Holdings, Inc		2,018
	3,931	*	Gordmans Stores, Inc		65
	17,052		Group 1 Automotive, Inc		778
	30,800	*,e	Groupon, Inc		327
	47,951	e	Guess?, Inc		1,456
	16,062		Haverty Furniture Cos, Inc		179
	13,509	*,e	HHgregg, Inc		153
	20,590	*	Hibbett Sports, Inc		1,188
	1,173,014		Home Depot, Inc		62,157
	24,363	*,e	HomeAway, Inc		530
	36,184	e	Hot Topic, Inc		351
	28,823		HSN, Inc		1,163
	121,911	e	JC Penney Co, Inc		2,842
	21,133	*	JOS A Bank Clothiers, Inc		897
	13,001	*	Kirkland’s, Inc		146
	185,731		Kohl’s Corp		8,449

291

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	426,539	*	Liberty Media Holding Corp (Interactive A)	$	7,588
	184,218		Limited Brands, Inc		7,835
	16,330		Lithia Motors, Inc (Class A)		376
	112,596	*	LKQ Corp		3,761
	917,543		Lowe’s Companies, Inc		26,094
	21,092	*,e	Lumber Liquidators, Inc		713
	316,537		Macy’s, Inc		10,873
	16,477	*	MarineMax, Inc		157
	8,386	*,e	Mattress Firm Holding Corp		254
	39,013		Men’s Wearhouse, Inc		1,098
	22,581		Monro Muffler, Inc		751
	42,034	*,e	NetFlix, Inc		2,878
	13,306	*	New York & Co, Inc		46
	117,277		Nordstrom, Inc		5,827
	20,499	e	Nutri/System, Inc		237
	212,310	*	Office Depot, Inc		459
	64,982	*	OfficeMax, Inc		329
	23,547	*	Orbitz Worldwide, Inc		86
	1,270	*	Orchard Supply Hardware Stores Corp		21
	96,595	*	O’Reilly Automotive, Inc		8,092
	11,517	*,e	Overstock.com, Inc		80
	30,900	e	Penske Auto Group, Inc		656
	37,199	e	PEP Boys - Manny Moe & Jack		368
	15,450	e	PetMed Express, Inc		188
	83,480		Petsmart, Inc		5,692
	73,840		Pier 1 Imports, Inc		1,213
	38,016	*	Priceline.com, Inc		25,262
	78,808	e	RadioShack Corp		303
	45,460		Rent-A-Center, Inc		1,534
	172,917		Ross Stores, Inc		10,802
	11,225	*,e	Rue21, Inc		283
	85,217	*,e	Saks, Inc		908
	116,447	*	Sally Beauty Holdings, Inc		2,997
	27,541	*,e	Sears Holdings Corp		1,644
	42,172	*	Select Comfort Corp		882
	10,447		Shoe Carnival, Inc		225
	27,118	*,e	Shutterfly, Inc		832
	65,800		Signet Jewelers Ltd		2,896
	29,758	e	Sonic Automotive, Inc (Class A)		407
	3,181	*	Sourceforge, Inc		63
	26,435		Stage Stores, Inc		484
	528,058		Staples, Inc		6,891
	17,973		Stein Mart, Inc		143
	9,938	*,e	Systemax, Inc		117
	54,244	*,e	Talbots, Inc		137
	504,799		Target Corp		29,374
	5,400	*,e	Teavana Holdings, Inc		73
	97,585		Tiffany & Co		5,167
	6,790	*	Tilly’s, Inc		109
	565,681		TJX Companies, Inc		24,285
	54,999		Tractor Supply Co		4,568
	63,171	*	TripAdvisor, Inc		2,823

292

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	21,617	*	Tuesday Morning Corp	$	93
	48,024		Ulta Salon Cosmetics & Fragrance, Inc		4,484
	81,376	*	Urban Outfitters, Inc		2,245
	9,604	*	US Auto Parts Network, Inc		40
	16,534	*	Vitacost.com, Inc		98
	22,533	*	Vitamin Shoppe, Inc		1,238
	11,292	*	West Marine, Inc		133
	73,584	*	Wet Seal, Inc (Class A)		233
	68,687		Williams-Sonoma, Inc		2,402
	1,945		Winmark Corp		114
	17,544	*,e	Zumiez, Inc		695
			TOTAL RETAILING		477,754
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.4%
	29,482	*	Advanced Energy Industries, Inc		396
	480,660	*	Advanced Micro Devices, Inc		2,754
	11,245	*	Alpha & Omega Semiconductor Lt		103
	244,761		Altera Corp		8,283
	73,037	*,e	Amkor Technology, Inc		356
	47,982	*,e	Anadigics, Inc		87
	227,700		Analog Devices, Inc		8,577
	979,117		Applied Materials, Inc		11,221
	51,846	*	Applied Micro Circuits Corp		297
	351,660	*	Atmel Corp		2,356
	24,963	*	ATMI, Inc		513
	33,948	*	AuthenTec, Inc		147
	183,074		Avago Technologies Ltd		6,572
	61,290	*	Axcelis Technologies, Inc		74
	23,951	*	AXT, Inc		95
	418,912		Broadcom Corp (Class A)		14,159
	52,087		Brooks Automation, Inc		492
	17,924		Cabot Microelectronics Corp		524
	36,308	*,e	Cavium Networks, Inc		1,017
	18,075	*	Ceva, Inc		318
	50,384	*,e	Cirrus Logic, Inc		1,505
	15,857		Cohu, Inc		161
	88,620	*,e	Cree, Inc		2,275
	23,525	*	Cymer, Inc		1,387
	122,394		Cypress Semiconductor Corp		1,618
	28,713	*	Diodes, Inc		539
	21,955	*	DSP Group, Inc		139
	105,554	*	Entegris, Inc		901
	59,143	*,e	Entropic Communications, Inc		334
	25,111	*	Exar Corp		205
	95,996	*	Fairchild Semiconductor International, Inc		1,354
	44,208	*,e	First Solar, Inc		666
	34,973	*	Formfactor, Inc		226
	38,914	*,e	Freescale Semiconductor Holdings Ltd		399
	30,933	*,e	FSI International, Inc		111
	13,134	*	GSI Technology, Inc		62
	94,807	*,e	GT Solar International, Inc		501
	25,280	*	Hittite Microwave Corp		1,292

293

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	15,509	*,e	Inphi Corp	$	147
	110,719	*	Integrated Device Technology, Inc		622
	19,660	*	Integrated Silicon Solution, Inc		198
	3,838,075		Intel Corp		102,286
	10,099	*	Intermolecular, Inc		78
	54,670	*,e	International Rectifier Corp		1,093
	94,162		Intersil Corp (Class A)		1,003
	16,725	*	IXYS Corp		187
	128,607		Kla-Tencor Corp		6,334
	50,517	*	Kopin Corp		174
	153,484	*	Lam Research Corp		5,792
	90,159	*	Lattice Semiconductor Corp		340
	172,947		Linear Technology Corp		5,418
	447,590	*	LSI Logic Corp		2,851
	37,527	*	LTX-Credence Corp		251
	4,431	*	MA-COM Technology Solutions		82
	358,491		Marvell Technology Group Ltd		4,044
	44,020	*	Mattson Technology, Inc		77
	223,022		Maxim Integrated Products, Inc		5,718
	12,640	*	MaxLinear, Inc		63
	172,909	*	MEMC Electronic Materials, Inc		375
	40,439		Micrel, Inc		385
	145,335	e	Microchip Technology, Inc		4,808
	756,136	*	Micron Technology, Inc		4,771
	65,939	*	Microsemi Corp		1,219
	24,281	*,e	Mindspeed Technologies, Inc		60
	39,820	*	MIPS Technologies, Inc		266
	38,788		MKS Instruments, Inc		1,122
	21,310	*	Monolithic Power Systems, Inc		423
	20,301	*,e	MoSys, Inc		66
	18,167	*	Nanometrics, Inc		279
	3,184	*,e	NVE Corp		171
	472,164	*	Nvidia Corp		6,525
	42,750	*,e	Omnivision Technologies, Inc		571
	346,536	*	ON Semiconductor Corp		2,460
	17,237	*	PDF Solutions, Inc		170
	19,298	*	Pericom Semiconductor Corp		174
	46,544	*	Photronics, Inc		284
	26,715	*	PLX Technology, Inc		170
	173,538	*	PMC - Sierra, Inc		1,066
	22,028		Power Integrations, Inc		822
	29,857	*,e	QuickLogic Corp		75
	84,186	*,e	Rambus, Inc		483
	209,504	*	RF Micro Devices, Inc		890
	11,027	*,e	Rubicon Technology, Inc		112
	20,900	*	Rudolph Technologies, Inc		182
	50,038	*	Semtech Corp		1,217
	27,850	*	Sigma Designs, Inc		178
	56,384	*	Silicon Image, Inc		233
	32,688	*	Silicon Laboratories, Inc		1,239
	143,829	*	Skyworks Solutions, Inc		3,937
	38,295	*	Spansion, Inc		420

294

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	18,903	*	Standard Microsystems Corp	$	697
	21,697	*,e	STR Holdings, Inc		99
	35,781	*	SunPower Corp		172
	8,595	*	Supertex, Inc		162
	142,774	*	Teradyne, Inc		2,007
	36,930		Tessera Technologies, Inc		568
	873,675		Texas Instruments, Inc		25,066
	121,131	*	Triquint Semiconductor, Inc		666
	17,159	*	Ultra Clean Holdings		110
	18,851	*	Ultratech, Inc		594
	31,233	*,e	Veeco Instruments, Inc		1,073
	18,190	*	Volterra Semiconductor Corp		427
	199,973		Xilinx, Inc		6,713
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		282,281
SOFTWARE & SERVICES - 9.3%
	38,595	*	Accelrys, Inc		312
	494,379		Accenture plc		29,707
	30,248	*	ACI Worldwide, Inc		1,337
	29,457	*,e	Active Network, Inc		453
	323,808		Activision Blizzard, Inc		3,882
	40,528	*	Actuate Corp		281
	62,110	*	Acxiom Corp		938
	382,477	*	Adobe Systems, Inc		12,381
	24,736	*	Advent Software, Inc		671
	138,575	*	Akamai Technologies, Inc		4,400
	38,484	*	Alliance Data Systems Corp		5,195
	128,971	*	Amdocs Ltd		3,833
	15,720	*	American Software, Inc (Class A)		125
	23,501	*,e	Ancestry.com, Inc		647
	27,450	*,e	Angie’s List, Inc		435
	70,483	*	Ansys, Inc		4,448
	71,841	*	AOL, Inc		2,017
	74,946	*	Ariba, Inc		3,355
	71,278	*	Aspen Technology, Inc		1,650
	176,436	*	Autodesk, Inc		6,173
	381,800		Automatic Data Processing, Inc		21,251
	7,000	*	AVG Technologies NV		91
	35,339	*,e	Bankrate, Inc		650
	8,300	*,e	Bazaarvoice, Inc		151
	35,258		Blackbaud, Inc		905
	30,473	*	Blucora, Inc		375
	124,623	*	BMC Software, Inc		5,319
	16,977	e	Booz Allen Hamilton Holding Co		259
	27,849	*	Bottomline Technologies, Inc		503
	4,700	*,e	Brightcove, Inc		72
	95,422		Broadridge Financial Solutions, Inc		2,030
	20,308	*,e	BroadSoft, Inc		588
	271,049		CA, Inc		7,343
	20,259	*,e	CACI International, Inc (Class A)		1,115
	209,812	*	Cadence Design Systems, Inc		2,306
	23,561	*,e	Callidus Software, Inc		117

295

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	8,488	*,e	Carbonite, Inc	$	76
	32,719	*	Cardtronics, Inc		988
	7,040		Cass Information Systems, Inc		283
	52,926	*	Ciber, Inc		228
	142,733	*	Citrix Systems, Inc		11,981
	10,743	*,m	Clinical Data, Inc		10
	232,543	*	Cognizant Technology Solutions Corp (Class A)		13,953
	33,451	*	Commvault Systems, Inc		1,658
	118,719		Computer Sciences Corp		2,947
	11,045	*	Computer Task Group, Inc		166
	173,306	*	Compuware Corp		1,610
	24,577	*	comScore, Inc		405
	34,178	*	Concur Technologies, Inc		2,328
	21,930	*,e	Constant Contact, Inc		392
	89,018		Convergys Corp		1,315
	25,908	*,e	Cornerstone OnDemand, Inc		617
	19,733	*	CoStar Group, Inc		1,602
	28,626	*	CSG Systems International, Inc		495
	32,566	*	DealerTrack Holdings, Inc		981
	13,498	*	Deltek, Inc		156
	22,760	*,e	Demand Media, Inc		255
	5,143	*,e	Demandware, Inc		122
	37,330	*	Dice Holdings, Inc		351
	29,296	*	Digital River, Inc		487
	5,437		DMRC Corp		140
	26,145		DST Systems, Inc		1,420
	82,942		Earthlink, Inc		617
	23,712	*	EasyLink Services International Corp		172
	884,308	*	eBay, Inc		37,150
	23,473	e	Ebix, Inc		468
	245,797	*	Electronic Arts, Inc		3,036
	16,307	*	Ellie Mae, Inc		294
	15,051	*	Envestnet, Inc		181
	5,877	*,e	Envivio, Inc		38
	4,600	*	EPAM Systems, Inc		78
	25,591		EPIQ Systems, Inc		313
	2,603	*	ePlus, Inc		84
	36,582	*	Equinix, Inc		6,426
	36,402	*	Euronet Worldwide, Inc		623
	7,315	*	ExactTarget, Inc		160
	17,988	*	ExlService Holdings, Inc		443
	321,719	*,e	Facebook, Inc		10,012
	34,865		Factset Research Systems, Inc		3,240
	26,950		Fair Isaac Corp		1,139
	22,225	*	FalconStor Software, Inc		58
	191,511		Fidelity National Information Services, Inc		6,527
	81,517	*	First American Corp		1,493
	105,750	*	Fiserv, Inc		7,637
	37,123	*	FleetCor Technologies, Inc		1,301
	11,266		Forrester Research, Inc		381
	99,834	*	Fortinet, Inc		2,318
	73,416	*	Gartner, Inc		3,161

296

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	96,351	*	Genpact Ltd	$	1,602
	19,206	*,e,m	Gerber Scientific, Inc		0	^
	51,313	*	Global Cash Access, Inc		370
	60,916		Global Payments, Inc		2,633
	49,882	*,e	Glu Mobile, Inc		277
	197,659	*	Google, Inc (Class A)		114,657
	9,927	*	Guidance Software, Inc		94
	14,724	*,e	Guidewire Software, Inc		414
	30,102	*	Hackett Group, Inc		168
	28,656		Heartland Payment Systems, Inc		862
	23,633	*,e	Higher One Holdings, Inc		289
	58,207		IAC/InterActiveCorp		2,654
	23,666	*	iGate Corp		403
	7,359	*,e	Imperva, Inc		212
	5,964	*	Infoblox, Inc		137
	82,708	*	Informatica Corp		3,504
	16,757	*	Innodata Isogen, Inc		115
	11,116	*	Interactive Intelligence, Inc		314
	34,783	*	Internap Network Services Corp		226
	832,344		International Business Machines Corp		162,790
	224,169		Intuit, Inc		13,304
	41,039	*,e	Ipass, Inc		98
	34,679	e	j2 Global, Inc		916
	66,573		Jack Henry & Associates, Inc		2,298
	32,026	*	JDA Software Group, Inc		951
	11,700	*,e	Jive Software, Inc		246
	20,173	*	Kenexa Corp		586
	10,875		Keynote Systems, Inc		161
	27,331	*,e	KIT Digital, Inc		117
	19,259	*	Knot, Inc		171
	65,087		Lender Processing Services, Inc		1,645
	50,961	*,e	Limelight Networks, Inc		149
	47,263	*	LinkedIn Corp		5,023
	44,720	*	Lionbridge Technologies		141
	17,773	*	Liquidity Services, Inc		910
	40,701	*	Liveperson, Inc		776
	15,508	*	LogMeIn, Inc		473
	11,258	*	magicJack VocalTec Ltd		214
	15,963	*	Manhattan Associates, Inc		730
	18,418	e	Mantech International Corp (Class A)		432
	16,386	e	Marchex, Inc (Class B)		59
	17,156	*	Market Leader, Inc		87
	82,794		Mastercard, Inc (Class A)		35,611
	7,271	*	Mattersight Corp		58
	25,522		MAXIMUS, Inc		1,321
	23,100	*,e	MeetMe, Inc		54
	73,403	*	Mentor Graphics Corp		1,101
	60,589	*	Micros Systems, Inc		3,102
	5,737,899		Microsoft Corp		175,521
	6,468	*	MicroStrategy, Inc (Class A)		840
	8,300	*	Millennial Media, Inc		109
	33,165		ModusLink Global Solutions, Inc		99

297

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	16,742	*	MoneyGram International, Inc	$	244
	27,277	*	Monotype Imaging Holdings, Inc		457
	95,930	*,e	Monster Worldwide, Inc		815
	29,335	*	Move, Inc		267
	28,739	*	Netscout Systems, Inc		620
	23,872	*,e	NetSuite, Inc		1,307
	51,981	*	NeuStar, Inc (Class A)		1,736
	48,579		NIC, Inc		617
	184,404	*	Nuance Communications, Inc		4,393
	17,950	*,e	OpenTable, Inc		808
	11,138		Opnet Technologies, Inc		296
	2,917,796		Oracle Corp		86,659
	90,859	*	Parametric Technology Corp		1,904
	247,664		Paychex, Inc		7,779
	12,459	e	Pegasystems, Inc		411
	20,679	*	Perficient, Inc		232
	9,472	*	Pervasive Software, Inc		71
	14,513	*	PRG-Schultz International, Inc		115
	50,287	*	Progress Software Corp		1,049
	4,536	*	Proofpoint, Inc		77
	14,689	*	PROS Holdings, Inc		247
	3,320	*	QAD, Inc (Class A)		47
	65,002	*	QLIK Technologies, Inc		1,438
	44,391	*	Quest Software, Inc		1,236
	20,643	*,e	QuinStreet, Inc		191
	83,238	*	Rackspace Hosting, Inc		3,657
	18,038		RealNetworks, Inc		156
	27,469	*,e	RealPage, Inc		636
	147,339	*	Red Hat, Inc		8,322
	27,251	*,e	Responsys, Inc		330
	8,173	*,e	Rosetta Stone, Inc		113
	85,331	*	Rovi Corp		1,674
	18,173	*	Saba Software, Inc		169
	217,031		SAIC, Inc		2,630
	105,902	*	Salesforce.com, Inc		14,642
	93,643		Sapient Corp		943
	13,766	*	Sciquest, Inc		247
	21,571	*	Seachange International, Inc		178
	38,121	*,e	ServiceSource International LLC		528
	46,540	*	SolarWinds, Inc		2,027
	53,861		Solera Holdings, Inc		2,251
	22,394	*	Sourcefire, Inc		1,151
	8,175	*,e	Spark Networks, Inc		42
	11,818	*,e,m	Splunk, Inc		332
	8,010	*	SPS Commerce, Inc		243
	8,406	*	SRS Labs, Inc		76
	25,703	*	SS&C Technologies Holdings, Inc		643
	12,380		Stamps.com, Inc		305
	32,388	*	SupportSoft, Inc		103
	550,414	*	Symantec Corp		8,042
	5,117	*	Synacor, Inc		70
	20,217	*	Synchronoss Technologies, Inc		373

298

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	111,101	*	Synopsys, Inc	$	3,270
	11,627		Syntel, Inc		706
	24,737	*	TA Indigo Holding Corp		108
	59,506	*	Take-Two Interactive Software, Inc		563
	23,016	*,e	Tangoe, Inc		490
	4,323	*	TechTarget, Inc		22
	12,644	*	TeleNav, Inc		78
	19,317	*	TeleTech Holdings, Inc		309
	128,452	*	Teradata Corp		9,250
	124,754	*	TIBCO Software, Inc		3,733
	92,801	*	TiVo, Inc		767
	19,243	*	TNS, Inc		345
	121,982		Total System Services, Inc		2,919
	4,369	*,e	Travelzoo, Inc		99
	24,748	*	Tyler Technologies, Inc		999
	20,377	*	Ultimate Software Group, Inc		1,816
	32,818	*	Unisys Corp		642
	61,183		United Online, Inc		258
	63,876	*	Unwired Planet, Inc		147
	62,276	*	Valueclick, Inc		1,021
	30,006	*	Vantiv, Inc		699
	19,828	*	Vasco Data Security International		162
	82,056	*	VeriFone Systems, Inc		2,715
	16,436	*,e	Verint Systems, Inc		485
	121,458		VeriSign, Inc		5,292
	32,131	*,e	VirnetX Holding Corp		1,133
	11,849	*	Virtusa Corp		158
	400,176		Visa, Inc (Class A)		49,474
	31,879	*,e	VistaPrint Ltd		1,030
	67,563	*	VMware, Inc (Class A)		6,151
	15,521	*	Vocus, Inc		289
	41,422	*,e	WebMD Health Corp (Class A)		850
	29,640	*	Websense, Inc		555
	26,004	*	Website Pros, Inc		476
	473,750		Western Union Co		7,978
	29,100	*	Wright Express Corp		1,796
	931,758	*	Yahoo!, Inc		14,750
	6,421	*	Yelp, Inc		146
	3,100	*,e	Zillow, Inc		120
	47,197	*	Zix Corp		123
	92,800	*,e	Zynga, Inc		505
			TOTAL SOFTWARE & SERVICES		1,081,983
TECHNOLOGY HARDWARE & EQUIPMENT - 7.2%
	32,404	*,e	3D Systems Corp		1,106
	44,402	*,e	Acme Packet, Inc		828
	49,633		Adtran, Inc		1,498
	18,766	*	Agilysys, Inc		163
	126,015		Amphenol Corp (Class A)		6,921
	14,600	*	Anaren, Inc		286
	21,570		Anixter International, Inc		1,144
	713,896	*	Apple, Inc		416,914

299

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	92,646	*	Arris Group, Inc	$	1,289
	85,185	*	Arrow Electronics, Inc		2,795
	85,572	*,e	Aruba Networks, Inc		1,288
	4,841	*,e	Audience, Inc		93
	24,879	*	Avid Technology, Inc		185
	110,749	*	Avnet, Inc		3,418
	34,410		AVX Corp		368
	9,650		Aware, Inc		62
	15,077	*,e	AX Holding Corp		91
	13,564	e	Badger Meter, Inc		509
	7,316		Bel Fuse, Inc (Class B)		129
	46,204	*	Benchmark Electronics, Inc		645
	13,787		Black Box Corp		396
	52,612	*,e	Bookham, Inc		160
	53,964	*	Brightpoint, Inc		292
	350,572	*	Brocade Communications Systems, Inc		1,728
	21,514	*	CalAmp Corp		158
	28,887	*,e	Calix Networks, Inc		237
	30,668	*	Checkpoint Systems, Inc		267
	75,431	*,e	Ciena Corp		1,235
	4,090,437		Cisco Systems, Inc		70,233
	32,766		Cognex Corp		1,037
	19,403	*	Coherent, Inc		840
	19,075		Comtech Telecommunications Corp		545
	166,546	*	Comverse Technology, Inc		969
	1,159,207		Corning, Inc		14,990
	28,033	*	Cray, Inc		339
	23,637		CTS Corp		223
	22,322		Daktronics, Inc		154
	11,133	*	Datalink Corp		106
	1,125,729	*	Dell, Inc		14,094
	47,853		Diebold, Inc		1,766
	18,652	*	Digi International, Inc		191
	39,772	*	Dolby Laboratories, Inc (Class A)		1,643
	15,044	*	DTS, Inc		392
	24,998	*,e	Echelon Corp		87
	28,785	*	EchoStar Corp (Class A)		760
	11,677		Electro Rent Corp		190
	17,062		Electro Scientific Industries, Inc		202
	39,428	*	Electronics for Imaging, Inc		641
	1,597,886	*	EMC Corp		40,954
	65,177	*	Emulex Corp		469
	89,895	*	Extreme Networks, Inc		309
	61,456	*	F5 Networks, Inc		6,119
	15,539	*	Fabrinet		195
	12,851	*	FARO Technologies, Inc		541
	29,895	*	FEI Co		1,430
	69,390	*,e	Finisar Corp		1,038
	118,407		Flir Systems, Inc		2,309
	51,681	*,e	Fusion-io, Inc		1,080
	14,375	*	Globecomm Systems, Inc		146
	20,123	*	GSI Group, Inc		231

300

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	85,574	*	Harmonic, Inc	$	365
	88,732		Harris Corp		3,713
	42,057	*	Harris Stratex Networks, Inc (Class A)		118
	1,509,714		Hewlett-Packard Co		30,360
	21,588	*	Imation Corp		128
	18,659	*	Immersion Corp		105
	88,583	*,e	Infinera Corp		606
	116,956	*	Ingram Micro, Inc (Class A)		2,043
	34,716	*	Insight Enterprises, Inc		584
	32,759	e	InterDigital, Inc		967
	45,111	*	Intermec, Inc		280
	14,156	*	Intevac, Inc		106
	28,033	*,e	InvenSense, Inc		317
	24,446	*,e	IPG Photonics Corp		1,066
	31,091	*	Itron, Inc		1,282
	29,634	*	Ixia		356
	142,635		Jabil Circuit, Inc		2,900
	176,416	*	JDS Uniphase Corp		1,941
	404,685	*	Juniper Networks, Inc		6,600
	33,781	*	Kemet Corp		203
	7,812	*	Key Tronic Corp		64
	10,929	*	KVH Industries, Inc		137
	12,911	*	LeCroy Corp		184
	55,449		Lexmark International, Inc (Class A)		1,474
	17,104		Littelfuse, Inc		973
	8,072		Loral Space & Communications, Inc		544
	22,942	*,e	Maxwell Technologies, Inc		150
	11,532	*	Measurement Specialties, Inc		375
	23,128	*	Mercury Computer Systems, Inc		299
	1,988		Mesa Laboratories, Inc		92
	28,385		Methode Electronics, Inc		242
	104,638	e	Molex, Inc		2,505
	223,045		Motorola, Inc		10,731
	13,932		MTS Systems Corp		537
	9,079	*	Multi-Fineline Electronix, Inc		224
	69,482		National Instruments Corp		1,866
	122,276	*	NCR Corp		2,779
	17,608	*,e	Neonode, Inc		108
	6,600	*,e	NeoPhotonics Corp Ltd		33
	279,323	*	NetApp, Inc		8,888
	28,803	*	Netgear, Inc		994
	27,910	*	Newport Corp		335
	7,509	*,e	Numerex Corp		70
	58,785	*,e	OCZ Technology Group, Inc		312
	15,398	*	Oplink Communications, Inc		208
	14,702	*	OSI Systems, Inc		931
	18,452		Park Electrochemical Corp		478
	56,204	*,e	Parkervision, Inc		134
	6,868		PC Connection, Inc		73
	13,367		PC-Tel, Inc		86
	34,900		Plantronics, Inc		1,166
	27,845	*	Plexus Corp		785

301

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	135,032	*	Polycom, Inc	$	1,421
	53,353	*,e	Power-One, Inc		241
	16,952	*,e	Procera Networks, Inc		412
	79,841	*	QLogic Corp		1,093
	1,309,116		Qualcomm, Inc		72,891
	171,155	*	Quantum Corp		347
	25,143	*,e	Rackable Systems, Inc		161
	15,185	*	Radisys Corp		95
	37,752	*,e	RealD, Inc		565
	11,626		Richardson Electronics Ltd		143
	120,998	*	Riverbed Technology, Inc		1,954
	21,664	*	Rofin-Sinar Technologies, Inc		410
	12,342	*	Rogers Corp		489
	185,981	*	SanDisk Corp		6,785
	61,646	*	Sanmina-SCI Corp		505
	22,159	*	Scansource, Inc		679
	31,292	*	ShoreTel, Inc		137
	165,491	*	Sonus Networks, Inc		356
	27,036	*	STEC, Inc		211
	15,369	*,e	Stratasys, Inc		762
	20,839	*	Super Micro Computer, Inc		331
	14,861		Sycamore Networks, Inc		216
	35,188	*	Symmetricom, Inc		211
	26,694	*,e	Synaptics, Inc		764
	19,931	*	SYNNEX Corp		687
	30,951	*	Tech Data Corp		1,491
	277,614		Tellabs, Inc		924
	12,947		Telular Corp		120
	3,883		Tessco Technologies, Inc		86
	95,550	*	Trimble Navigation Ltd		4,396
	41,884	*	TTM Technologies, Inc		394
	6,700	*,e	Ubiquiti Networks, Inc		95
	29,474	*,e	Universal Display Corp		1,059
	27,617	*	Viasat, Inc		1,043
	3,408	*	Viasystems Group, Inc		58
	115,954	*	Vishay Intertechnology, Inc		1,093
	9,508	*	Vishay Precision Group, Inc		133
	40,762	*	Westell Technologies, Inc		97
	179,504	*	Western Digital Corp		5,471
	1,028,752		Xerox Corp		8,096
	41,665	*	Zebra Technologies Corp (Class A)		1,432
	12,959	*	Zygo Corp		231
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		818,330
TELECOMMUNICATION SERVICES - 2.8%
	46,463	*,e	8x8, Inc		195
	16,682		AboveNet, Inc		1,401
	4,477,094		AT&T, Inc		159,654
	7,918		Atlantic Tele-Network, Inc		267
	12,079	*,e	Boingo Wireless, Inc		140
	20,132	*	Cbeyond Communications, Inc		136
	467,188		CenturyTel, Inc		18,449

302

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	168,115	*,e	Cincinnati Bell, Inc	$	625
	268,714	*,e	Clearwire Corp (Class A)		301
	35,274	*	Cogent Communications Group, Inc		679
	20,626	e	Consolidated Communications Holdings, Inc		305
	223,713	*	Crown Castle International Corp		13,123
	16,551	*,e	Fairpoint Communications, Inc		102
	762,890	e	Frontier Communications Corp		2,922
	38,028	*	General Communication, Inc (Class A)		316
	7,568	*,e	Hawaiian Telcom Holdco, Inc		148
	10,686		HickoryTech Corp		119
	10,513		IDT Corp (Class B)		103
	24,433	*	inContact, Inc		122
	33,317	*	Iridium Communications, Inc		299
	46,753	*,e	Leap Wireless International, Inc		301
	124,143	*	Level 3 Communications, Inc		2,750
	11,759		Lumos Networks Corp		111
	232,390	*	MetroPCS Communications, Inc		1,406
	25,073	*	Neutral Tandem, Inc		330
	128,973	*,e	NII Holdings, Inc (Class B)		1,319
	11,759		NTELOS Holdings Corp		222
	28,044	*	Orbcomm, Inc		91
	46,371	*	Premiere Global Services, Inc		389
	9,204	e	Primus Telecommunications Group, Inc		143
	92,557	*	SBA Communications Corp (Class A)		5,280
	18,151		Shenandoah Telecom Co		247
	2,280,035	*	Sprint Nextel Corp		7,433
	11,067		SureWest Communications		233
	70,668		Telephone & Data Systems, Inc		1,505
	26,456	*,e	Towerstream Corp		110
	108,591	*	tw telecom inc (Class A)		2,786
	9,529	*	US Cellular Corp		368
	18,421		USA Mobility, Inc		237
	2,169,249		Verizon Communications, Inc		96,402
	119,221	*	Vonage Holdings Corp		240
	431,835	e	Windstream Corp		4,172
			TOTAL TELECOMMUNICATION SERVICES		325,481
TRANSPORTATION - 1.8%
	44,655	*	Air Transport Services Group, Inc		232
	55,016	*	Alaska Air Group, Inc		1,975
	30,756		Alexander & Baldwin Holdings, Inc		1,638
	12,324	*	Allegiant Travel Co		859
	6,973		Amerco, Inc		627
	19,331		Arkansas Best Corp		244
	19,165	*	Atlas Air Worldwide Holdings, Inc		834
	79,295	*	Avis Budget Group, Inc		1,205
	16,346		Celadon Group, Inc		268
	125,834		CH Robinson Worldwide, Inc		7,365
	42,760		Con-Way, Inc		1,544
	24,978		Copa Holdings S.A. (Class A)		2,060
	793,334		CSX Corp		17,739
	648,035	*	Delta Air Lines, Inc		7,096

303

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	21,462	*	Dollar Thrifty Automotive Group, Inc	$	1,738
	11,118	*,e	Echo Global Logistics, Inc		212
	162,491		Expeditors International Washington, Inc		6,297
	240,946		FedEx Corp		22,073
	22,919		Forward Air Corp		740
	20,776	*,e	Genco Shipping & Trading Ltd		63
	30,893	*	Genesee & Wyoming, Inc (Class A)		1,632
	40,654	*,e	Hawaiian Holdings, Inc		265
	38,365		Heartland Express, Inc		549
	185,631	*	Hertz Global Holdings, Inc		2,376
	28,105	*	Hub Group, Inc (Class A)		1,017
	4,290		International Shipholding Corp		81
	68,664		J.B. Hunt Transport Services, Inc		4,092
	181,414	*,e	JetBlue Airways Corp		961
	83,991		Kansas City Southern Industries, Inc		5,842
	40,950	*	Kirby Corp		1,928
	42,524		Knight Transportation, Inc		680
	35,888		Landstar System, Inc		1,856
	10,239		Marten Transport Ltd		218
	248,774		Norfolk Southern Corp		17,855
	36,263	*	Old Dominion Freight Line		1,570
	31,042	*	Pacer International, Inc		168
	6,136	*	Park-Ohio Holdings Corp		117
	3,411	*	Patriot Transportation Holding, Inc		80
	16,337	*	Quality Distribution, Inc		181
	16,300	*	RailAmerica, Inc		394
	13,497	*,e	Rand Logistics, Inc		115
	40,702	*	Republic Airways Holdings, Inc		226
	8,012	*	Roadrunner Transportation Services Holdings, Inc		135
	39,335		Ryder System, Inc		1,416
	12,063	*	Saia, Inc		264
	40,260		Skywest, Inc		263
	586,521		Southwest Airlines Co		5,408
	26,263	*	Spirit Airlines, Inc		511
	60,697	*	Swift Transportation Co, Inc		574
	254,115	*,e	UAL Corp		6,183
	363,889		Union Pacific Corp		43,416
	554,370		United Parcel Service, Inc (Class B)		43,662
	3,884		Universal Truckload Services, Inc		59
	126,271	*,e	US Airways Group, Inc		1,683
	81,226		UTI Worldwide, Inc		1,187
	33,067		Werner Enterprises, Inc		790
	15,800	*,e	Wesco Aircraft Holdings, Inc		201
	13,238	*,e	XPO Logistics, Inc		222
	20,515	*,e	Zipcar, Inc		241
			TOTAL TRANSPORTATION		223,227
UTILITIES - 3.7%
	489,737	*	AES Corp		6,284
	89,215		AGL Resources, Inc		3,457
	28,545		Allete, Inc		1,193
	85,307		Alliant Energy Corp		3,887

304

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	183,716		Ameren Corp	$	6,162
	19,531	*,e	American DG Energy, Inc		44
	368,312		American Electric Power Co, Inc		14,696
	16,487		American States Water Co		653
	131,951		American Water Works Co, Inc		4,522
	104,679		Aqua America, Inc		2,613
	4,909	e	Artesian Resources Corp		106
	85,946	e	Atlantic Power Corp		1,101
	69,174		Atmos Energy Corp		2,426
	43,026		Avista Corp		1,149
	30,522		Black Hills Corp		982
	8,402	*,e	Cadiz, Inc		61
	35,650		California Water Service Group		658
	301,900	*	Calpine Corp		4,984
	321,488		Centerpoint Energy, Inc		6,645
	13,300		CH Energy Group, Inc		874
	8,826		Chesapeake Utilities Corp		386
	46,444		Cleco Corp		1,943
	188,955		CMS Energy Corp		4,440
	6,221		Connecticut Water Service, Inc		180
	223,655		Consolidated Edison, Inc		13,909
	10,306		Consolidated Water Co, Inc		85
	5,331	e	Delta Natural Gas Co, Inc		116
	438,004		Dominion Resources, Inc		23,653
	130,057		DTE Energy Co		7,716
	1,022,639		Duke Energy Corp		23,582
	249,206		Edison International		11,513
	30,616		El Paso Electric Co		1,015
	33,239		Empire District Electric Co		701
	135,353		Entergy Corp		9,189
	650,753		Exelon Corp		24,482
	319,677		FirstEnergy Corp		15,725
	10,513		Genie Energy Ltd		82
	104,313		Great Plains Energy, Inc		2,233
	73,366		Hawaiian Electric Industries, Inc		2,092
	34,656		Idacorp, Inc		1,458
	59,780		Integrys Energy Group, Inc		3,400
	39,281		ITC Holdings Corp		2,707
	18,300		Laclede Group, Inc		729
	144,429		MDU Resources Group, Inc		3,121
	19,400		MGE Energy, Inc		918
	9,765		Middlesex Water Co		186
	55,740		National Fuel Gas Co		2,619
	31,721		New Jersey Resources Corp		1,383
	318,523		NextEra Energy, Inc		21,918
	209,429		NiSource, Inc		5,183
	239,290		Northeast Utilities		9,287
	20,412		Northwest Natural Gas Co		972
	27,832		NorthWestern Corp		1,021
	174,135	*	NRG Energy, Inc		3,023
	176,210		NV Energy, Inc		3,098
	75,923		OGE Energy Corp		3,932

305

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	161,659		Oneok, Inc	$	6,839
	13,917	e	Ormat Technologies, Inc		298
	29,407		Otter Tail Corp		673
	168,153		Pepco Holdings, Inc		3,291
	322,404		PG&E Corp		14,595
	57,382		Piedmont Natural Gas Co, Inc		1,847
	81,375		Pinnacle West Capital Corp		4,210
	60,937		PNM Resources, Inc		1,191
	58,032		Portland General Electric Co		1,547
	443,094		PPL Corp		12,322
	225,868		Progress Energy, Inc		13,590
	387,317		Public Service Enterprise Group, Inc		12,588
	135,152		Questar Corp		2,819
	582,024	*	RRI Energy, Inc		995
	87,177		SCANA Corp		4,171
	182,798		Sempra Energy		12,591
	10,436		SJW Corp		251
	22,925		South Jersey Industries, Inc		1,168
	663,439		Southern Co		30,718
	34,400		Southwest Gas Corp		1,502
	163,004		TECO Energy, Inc		2,944
	85,402		UGI Corp		2,513
	38,476		UIL Holdings Corp		1,380
	11,594		Unitil Corp		307
	27,775		UNS Energy Corp		1,067
	62,331		Vectren Corp		1,840
	89,565		Westar Energy, Inc		2,682
	38,842		WGL Holdings, Inc		1,544
	175,945		Wisconsin Energy Corp		6,962
	371,457		Xcel Energy, Inc		10,553
	9,006	e	York Water Co		161
			TOTAL UTILITIES		429,653
			TOTAL COMMON STOCKS		11,516,509
			(Cost $8,912,974)
RIGHTS / WARRANTS - 0.0%
BANKS - 0.0%
	7,762		Hampton Roads Bankshares, Inc		6
	7,762		Hampton Roads Bankshares, Inc (2nd entitlements)		0	^
			TOTAL BANKS		6
ENERGY - 0.0%
	8,193	e,m	Magnum Hunter Resources Corp		0	^
			TOTAL ENERGY		0	^
			TOTAL RIGHTS / WARRANTS		6
			(Cost $0)

306

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

PRINCIPAL		ISSUER		RATE		MATURITY DATE	VALUE (000)
SHORT-TERM INVESTMENTS - 3.3%
TREASURY DEBT - 0.1%
$	1,800,000	United States Treasury Bill	0.045-0.060		%	07/19/12	$	1,800
	2,080,000	United States Treasury Bill	0.055-0.060			08/02/12		2,080
	3,800,000	United States Treasury Bill		0.048		08/23/12		3,800
	800,000	United States Treasury Bill		0.081		09/06/12		800
	8,500,000	United States Treasury Bill	0.080-0.110			09/27/12		8,497
		TOTAL TREASURY DEBT						16,977

SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.2%
	369,290,601	a,c	TIAA-CREF Short Term Lending Portfolio of the State
			Street Navigator Securities Lending Trust		369,291
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		369,291
			TOTAL SHORT-TERM INVESTMENTS		386,268
			(Cost $386,268)
			TOTAL INVESTMENTS - 103.0%		11,902,783
			(Cost $9,299,242)
			OTHER ASSETS & LIABILITIES, NET - (3.0)%		(348,392	)
			NET ASSETS - 100.0%	$	11,554,391

	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 these 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 $368,582,000.
m	Indicates a security that has been deemed illiquid.
	Cost amounts are in thousands.

307

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

COLLEGE RETIREMENT EQUITIES FUND
BOND MARKET ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2012

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
BANK LOAN OBLIGATIONS - 0.1%
CAPITAL GOODS - 0.0%
$	4,925,000	i	TransDigm, Inc	4.000	%	02/14/17	$	4,915
			TOTAL CAPITAL GOODS					4,915
HEALTH CARE EQUIPMENT & SERVICES - 0.1%
	1,817,062	i	Fresenius US Finance I, Inc, Term Loan D2	3.500		09/10/14		1,812
	5,053,707	i	Fresenius US Finance I, Inc, Term Loan D1	3.500		09/10/14		5,039
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					6,851
			TOTAL BANK LOAN OBLIGATIONS					11,766
			(Cost $11,796)
BONDS - 99.3%
CORPORATE BONDS - 31.3%
AUTOMOBILES & COMPONENTS - 0.1%
	4,500,000		Ford Motor Co	7.450		07/16/31		5,636
	4,500,000	g	Hyundai Motor Manufacturer	4.500		04/15/15		4,732
			TOTAL AUTOMOBILES & COMPONENTS					10,368
BANKS - 5.4%
	7,750,000		Abbey National Treasury Services plc	4.000		04/27/16		7,636
	5,480,000	g	Akbank TAS	5.125		07/22/15		5,583
	4,500,000	g	Alfa Bond Issuance plc for OJSC Alfa Bank	7.875		09/25/17		4,529
	4,500,000	g	Alfa Bond Issuance plc for OJSC Alfa Bank	7.750		04/28/21		4,400
	4,750,000	g	Banco Bradesco S.A.	4.500		01/12/17		4,949
	2,850,000	g,h	Banco Davivienda S.A.	5.875		07/09/22		2,856
	5,395,000	g	Banco de Bogota S.A.	5.000		01/15/17		5,692
	7,580,000	g	Banco de Credito del Peru	4.750		03/16/16		7,788
	4,500,000		Banco de Oro Unibank, Inc	3.875		04/22/16		4,449
	2,700,000	g	Banco del Estado de Chile	3.875		02/08/22		2,746
	5,000,000	g	Banco do Brasil S.A.	5.875		01/26/22		5,132
	7,255,000		BanColombia S.A.	5.950		06/03/21		7,745
	3,555,000		Bank of America Corp	4.875		01/15/13		3,614
	15,650,000		Bank of America Corp	3.625		03/17/16		15,722
	15,175,000		Bank of America Corp	3.750		07/12/16		15,298
	18,550,000		Bank of America Corp	5.300		03/15/17		19,313
	8,525,000		Bank of America Corp	6.000		09/01/17		9,200
	5,725,000		Bank of America Corp	5.750		12/01/17		6,110
	10,900,000		Bank of America Corp	5.875		02/07/42		11,940
	6,250,000		Bank of New York Mellon Corp	1.969		06/20/17		6,323
	5,850,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd	2.350		02/23/17		5,979
	6,000,000		BB&T Corp	3.850		07/27/27		6,013
	4,330,000	g	BBVA Bancomer S.A.	4.500		03/10/16		4,352
	3,750,000		Capital One Bank USA NA	8.800		07/15/19		4,723

308

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	5,000,000		Capital One Capital V	8.875	%	05/15/40	$	5,081
	7,300,000		Capital One Financial Corp	3.150		07/15/16		7,560
	8,075,000		Citigroup, Inc	6.000		12/13/13		8,486
	12,640,000		Citigroup, Inc	5.000		09/15/14		12,957
	6,000,000		Citigroup, Inc	4.750		05/19/15		6,298
	29,300,000		Citigroup, Inc	3.953		06/15/16		30,023
	17,225,000		Citigroup, Inc	4.450		01/10/17		18,056
	4,525,000		Citigroup, Inc	6.125		05/15/18		5,053
	5,100,000		Citigroup, Inc	5.375		08/09/20		5,511
	14,400,000	h	Citigroup, Inc	4.500		01/14/22		14,873
	7,575,000		Citigroup, Inc	6.875		03/05/38		9,266
	3,825,000		Citigroup, Inc	8.125		07/15/39		5,104
	8,150,000		Citigroup, Inc	5.875		01/30/42		8,901
	5,300,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA	3.375		01/19/17		5,455
	45,000,000	g	Depfa ACS Bank	5.125		03/16/37		31,342
	3,500,000		Deutsche Bank AG	3.875		08/18/14		3,644
	6,400,000		Deutsche Bank AG	3.250		01/11/16		6,587
	5,980,000		Discover Bank	7.000		04/15/20		6,960
	3,500,000		Golden West Financial Corp	4.750		10/01/12		3,534
	4,600,000	g	HSBC Bank plc	3.500		06/28/15		4,810
	7,350,000	g	HSBC Bank plc	4.125		08/12/20		7,661
	7,000,000		HSBC Bank USA NA	4.625		04/01/14		7,297
	3,000,000	g,i	HSBC Capital Funding LP	4.610		12/30/49		2,834
	5,250,000		HSBC Holdings plc	4.000		03/30/22		5,452
	2,100,000		HSBC Holdings plc	6.500		09/15/37		2,330
	11,275,000		HSBC USA, Inc	2.375		02/13/15		11,404
	5,590,000	g	ICICI Bank Ltd	5.500		03/25/15		5,724
	4,500,000	g	ICICI Bank Ltd	4.750		11/25/16		4,460
	4,000,000		JP Morgan Chase Capital XXV	6.800		10/01/37		4,000
	2,595,000		JPMorgan Chase & Co	5.125		09/15/14		2,757
	7,220,000		JPMorgan Chase & Co	3.150		07/05/16		7,425
	12,500,000		JPMorgan Chase & Co	4.350		08/15/21		13,193
	9,500,000		JPMorgan Chase & Co	4.500		01/24/22		10,234
	3,025,000		JPMorgan Chase & Co	5.500		10/15/40		3,337
	9,125,000		JPMorgan Chase & Co	5.400		01/06/42		10,019
	3,000,000	g	Korea Exchange Bank	3.125		06/26/17		2,993
	4,250,000	i	Manufacturers & Traders Trust Co	5.629		12/01/21		4,245
	17,500,000	g	NIBC Bank NV	2.800		12/02/14		18,156
	8,000,000		PNC Funding Corp	5.125		02/08/20		9,252
	4,250,000		PNC Funding Corp	3.300		03/08/22		4,334
	4,900,000	g,i	Rabobank Nederland NV	11.000		12/30/49		6,164
	4,500,000	g	Shinhan Bank	4.125		10/04/16		4,737
	4,670,000	g	Shinhan Bank	4.375		07/27/17		4,981
	2,355,000	g	Sumitomo Mitsui Banking Corp	3.150		07/22/15		2,473
	9,000,000	g	Toronto-Dominion Bank	2.200		07/29/15		9,366
	5,495,000		Toronto-Dominion Bank	2.500		07/14/16		5,693
	26,500,000	g	Toronto-Dominion Bank	1.625		09/14/16		26,992
	10,000,000		Toronto-Dominion Bank	2.375		10/19/16		10,269
	70,000,000	g	Toronto-Dominion Bank	1.500		03/13/17		70,602
	4,500,000	g	Turkiye Garanti Bankasi AS.	6.250		04/20/21		4,590
	4,500,000	g	Turkiye Is Bankasi	5.100		02/01/16		4,511
	7,100,000		Union Bank NA	2.125		06/16/17		7,101
	2,000,000		Union Bank of California NA	5.950		05/11/16		2,234

309

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	5,700,000		UnionBanCal Corp	3.500	%	06/18/22	$	5,757
	5,000,000		US Bancorp	4.950		10/30/14		5,438
	5,800,000		US Bancorp	1.650		05/15/17		5,842
	1,925,000		USB Capital XIII Trust	6.625		12/15/39		1,941
	1,980,000		Wachovia Bank NA	4.800		11/01/14		2,110
	2,050,000		Wachovia Bank NA	5.850		02/01/37		2,373
	5,000,000		Wachovia Corp	4.875		02/15/14		5,248
	3,000,000		Wells Fargo & Co	4.375		01/31/13		3,066
	12,500,000		Wells Fargo & Co	1.500		07/01/15		12,509
	18,075,000		Wells Fargo & Co	2.100		05/08/17		18,115
	13,750,000		Wells Fargo & Co	3.500		03/08/22		14,148
	5,700,000		Westpac Banking Corp	3.000		08/04/15		5,904
			TOTAL BANKS					750,864
CAPITAL GOODS - 0.8%
	5,000,000		Caterpillar Financial Services Corp	1.100		05/29/15		5,028
	8,000,000		Caterpillar, Inc	1.375		05/27/14		8,102
	14,450,000		Caterpillar, Inc	0.950		06/26/15		14,503
	12,050,000		Caterpillar, Inc	1.500		06/26/17		12,067
	3,000,000	g	CC Holdings GS V LLC	7.750		05/01/17		3,251
	3,800,000		CRH America, Inc	4.125		01/15/16		3,863
	5,000,000		Danaher Corp	1.300		06/23/14		5,052
	4,150,000		Danaher Corp	2.300		06/23/16		4,333
	8,000,000		Deere & Co	2.600		06/08/22		7,986
	7,650,000		Deere & Co	3.900		06/09/42		7,600
	4,000,000		Emerson Electric Co	4.500		05/01/13		4,127
	3,500,000	g	Empresas ICA SAB de C.V.	8.900		02/04/21		3,334
	3,300,000		General Electric Co	5.250		12/06/17		3,853
	4,500,000	g	Hyva Global BV	8.625		03/24/16		3,825
	4,245,000	g	Myriad International Holding BV	6.375		07/28/17		4,678
	1,000,000		Seagate HDD Cayman	7.000		11/01/21		1,078
	2,000,000		SPX Corp	6.875		09/01/17		2,180
	3,050,000		Tyco International Finance S.A.	6.000		11/15/13		3,277
	2,190,000		Tyco International Finance S.A.	4.125		10/15/14		2,364
	14,125,000		United Technologies Corp	1.200		06/01/15		14,289
	8,950,000		United Technologies Corp	1.800		06/01/17		9,140
	5,950,000		United Technologies Corp	4.500		06/01/42		6,536
			TOTAL CAPITAL GOODS					130,466
COMMERCIAL & PROFESSIONAL SERVICES - 0.8%
	6,775,000	g,h	ADT Corp	2.250		07/15/17		6,807
	5,675,000	g,h	ADT Corp	3.500		07/15/22		5,694
	1,750,000		Corrections Corp of America	7.750		06/01/17		1,894
	32,500,000		European Investment Bank	1.125		04/15/15		32,778
	3,220,000	g	National Agricultural Cooperative Federation	4.250		01/28/16		3,391
	10,290,000		Republic Services, Inc	3.800		05/15/18		11,008
	5,375,000		Republic Services, Inc	3.550		06/01/22		5,433
	5,810,000		Republic Services, Inc	6.200		03/01/40		6,990
	7,150,000		Waste Management, Inc	2.600		09/01/16		7,337
	9,040,000		Waste Management, Inc	6.125		11/30/39		11,179
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					92,511

310

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
CONSUMER DURABLES & APPAREL - 0.1%
$	3,325,000	g	Grupo Aval Ltd	5.250	%	02/01/17	$	3,483
	3,000,000		Hanesbrands, Inc	8.000		12/15/16		3,304
	3,000,000		Phillips-Van Heusen Corp	7.375		05/15/20		3,322
	2,425,000		Xerox Corp	4.500		05/15/21		2,517
			TOTAL CONSUMER DURABLES & APPAREL					12,626
CONSUMER SERVICES - 1.0%
	2,000,000		DineEquity, Inc	9.500		10/30/18		2,190
	41,925,000		GlaxoSmithKline Capital plc	0.750		05/08/15		41,920
	11,850,000		GlaxoSmithKline Capital plc	1.500		05/08/17		11,872
	2,000,000		Penn National Gaming, Inc	8.750		08/15/19		2,215
	11,650,000	g	SABMiller Holdings, Inc	3.750		01/15/22		12,389
	8,650,000	g	SABMiller Holdings, Inc	4.950		01/15/42		9,574
	40,000,000		Stanford University	4.013		05/01/42		44,093
	6,375,000		Walt Disney Co	4.500		12/15/13		6,750
	9,000,000		Walt Disney Co	0.875		12/01/14		9,056
			TOTAL CONSUMER SERVICES					140,059
DIVERSIFIED FINANCIALS - 5.0%
	1,500,000	g	Ajecorp BV	6.500		05/14/22		1,541
	2,000,000		American Express Centurion Bank	6.000		09/13/17		2,362
	8,875,000		American Express Co	8.125		05/20/19		11,818
	17,175,000		American Express Credit Corp	1.750		06/12/15		17,370
	7,700,000		American Express Credit Corp	2.800		09/19/16		8,032
	4,500,000	g	Banco Mercantil del Norte S.A.	4.375		07/19/15		4,635
	4,500,000	g	Bangkok Bank PCL	4.800		10/18/20		4,589
	2,250,000		Bank of New York Mellon Corp	1.200		02/20/15		2,262
	12,975,000		Bank of New York Mellon Corp	2.300		07/28/16		13,387
	4,125,000		Bank of New York Mellon Corp	5.450		05/15/19		4,865
	11,275,000		Berkshire Hathaway, Inc	1.900		01/31/17		11,498
	7,250,000		BlackRock, Inc	3.500		12/10/14		7,690
	15,000,000		BlackRock, Inc	1.375		06/01/15		15,107
	7,000,000		BlackRock, Inc	4.250		05/24/21		7,655
	5,700,000		BlackRock, Inc	3.375		06/01/22		5,784
	3,700,000		Countrywide Financial Corp	6.250		05/15/16		3,851
	6,850,000		Credit Suisse	5.000		05/15/13		7,064
	8,250,000		Credit Suisse	5.500		05/01/14		8,746
	3,000,000		Credit Suisse	3.500		03/23/15		3,110
	3,275,000		Credit Suisse	4.375		08/05/20		3,506
	9,125,000		Diageo Investment Corp	2.875		05/11/22		9,374
	3,000,000		Diageo Investment Corp	4.250		05/11/42		3,175
	2,000,000		Ford Motor Credit Co LLC	7.500		08/01/12		2,008
	6,660,000		Ford Motor Credit Co LLC	4.250		02/03/17		6,981
	3,340,000		Ford Motor Credit Co LLC	6.625		08/15/17		3,799
	7,325,000		Ford Motor Credit Co LLC	5.000		05/15/18		7,778
	5,792,000		Ford Motor Credit Co LLC	5.875		08/02/21		6,444
	2,100,000		General Electric Capital Corp	2.800		01/08/13		2,125
	11,950,000		General Electric Capital Corp	1.875		09/16/13		12,075
	14,425,000		General Electric Capital Corp	5.500		06/04/14		15,548
	14,675,000		General Electric Capital Corp	2.150		01/09/15		14,922
	17,000,000		General Electric Capital Corp	1.625		07/02/15		17,002
	18,250,000		General Electric Capital Corp	5.300		02/11/21		20,484
	22,265,000		General Electric Capital Corp	4.650		10/17/21		24,726

311

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	5,000,000		General Electric Capital Corp	6.150	%	08/07/37	$	5,907
	375,000		General Electric Capital Corp	6.875		01/10/39		484
	4,560,000	i	Goldman Sachs Capital II	4.000		06/01/43		3,087
	3,250,000		Goldman Sachs Group, Inc	5.450		11/01/12		3,297
	19,240,000		Goldman Sachs Group, Inc	3.300		05/03/15		19,237
	4,000,000		Goldman Sachs Group, Inc	6.150		04/01/18		4,336
	4,975,000		Goldman Sachs Group, Inc	7.500		02/15/19		5,674
	11,275,000		Goldman Sachs Group, Inc	5.750		01/24/22		11,902
	1,150,000		Goldman Sachs Group, Inc	6.450		05/01/36		1,122
	3,100,000		Goldman Sachs Group, Inc	6.750		10/01/37		3,038
	10,250,000		Goldman Sachs Group, Inc	6.250		02/01/41		10,688
	8,465,000		HSBC Finance Corp	4.750		07/15/13		8,738
	9,599,000		HSBC Finance Corp	6.676		01/15/21		10,393
	1,440,000	g	Hyundai Capital America, Inc	3.750		04/06/16		1,493
	1,800,000	g	Hyundai Capital Services, Inc	4.375		07/27/16		1,892
	2,750,000	g	Hyundai Capital Services, Inc	3.500		09/13/17		2,773
	3,750,000	g	International Lease Finance Corp	6.500		09/01/14		3,956
	2,325,000		International Lease Finance Corp	8.625		09/15/15		2,569
	13,450,000		International Lease Finance Corp	5.750		05/15/16		13,646
	3,200,000		International Lease Finance Corp	5.875		04/01/19		3,203
	4,500,000	g	Inversiones CMPC S.A.	4.750		01/19/18		4,682
	5,050,000	g	Inversiones CMPC S.A.	4.500		04/25/22		4,998
	1,450,000		Jefferies Group, Inc	6.250		01/15/36		1,305
	22,650,000		John Deere Capital Corp	0.875		04/17/15		22,675
	7,500,000		John Deere Capital Corp	0.950		06/29/15		7,512
	7,440,000		John Deere Capital Corp	2.250		06/07/16		7,712
	1,500,000		John Deere Capital Corp	1.400		03/15/17		1,504
	7,550,000		John Deere Capital Corp	2.750		03/15/22		7,588
	18,750,000		KFW	2.625		01/25/22		19,337
	4,150,000		Landwirtschaftliche Rentenbank	5.250		07/02/12		4,150
	5,000,000		Landwirtschaftliche Rentenbank	5.125		02/01/17		5,856
	5,745,000	g	Lukoil International Finance BV	6.125		11/09/20		6,025
	4,500,000	g	Majapahit Holding BV	7.875		06/29/37		5,445
	4,000,000		MBNA Corp	6.125		03/01/13		4,109
	4,825,000		Merrill Lynch & Co, Inc	5.450		02/05/13		4,922
	4,675,000		Merrill Lynch & Co, Inc	6.400		08/28/17		5,085
	9,075,000		Merrill Lynch & Co, Inc	6.875		04/25/18		10,154
	9,150,000		Morgan Stanley	2.875		01/24/14		9,047
	3,925,000		Morgan Stanley	6.000		04/28/15		4,057
	17,100,000		Morgan Stanley	5.375		10/15/15		17,480
	9,125,000		Morgan Stanley	5.450		01/09/17		9,215
	14,800,000		Morgan Stanley	4.750		03/22/17		14,768
	4,775,000		Morgan Stanley	5.950		12/28/17		4,905
	4,975,000		Morgan Stanley	7.300		05/13/19		5,374
	3,415,000		Morgan Stanley	5.625		09/23/19		3,380
	3,500,000		NASDAQ OMX Group, Inc	4.000		01/15/15		3,619
	2,625,000		NASDAQ OMX Group, Inc	5.550		01/15/20		2,731
	3,415,000		National Rural Utilities Cooperative Finance Corp	2.625		09/16/12		3,428
	5,990,000		National Rural Utilities Cooperative Finance Corp	5.500		07/01/13		6,286
	3,800,000		National Rural Utilities Cooperative Finance Corp	10.375		11/01/18		5,506
	12,750,000		Northern Trust Corp	4.625		05/01/14		13,643
	4,500,000	g	Odebrecht Finance Ltd	7.000		04/21/20		4,928
	6,615,000	g	Odebrecht Finance Ltd	5.125		06/26/22		6,551

312

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	2,725,000	g	Odebrecht Finance Ltd	7.125	%	06/26/42	$	2,711
	3,000,000	g	PTTEP Australia International Finance Pty Ltd	4.152		07/19/15		3,071
	6,350,000		State Street Corp	4.300		05/30/14		6,761
	7,650,000		Toyota Motor Credit Corp	2.050		01/12/17		7,819
	4,000,000		UBS AG.	2.250		01/28/14		4,020
	3,350,000	g	UBS AG.	1.875		01/23/15		3,384
	6,675,000		UBS AG.	4.875		08/04/20		7,132
	3,825,000	g	Waha Aerospace BV	3.925		07/28/20		3,986
			TOTAL DIVERSIFIED FINANCIALS					685,609
ENERGY - 3.7%
	7,950,000		Anadarko Petroleum Corp	5.950		09/15/16		9,021
	2,445,000		Anadarko Petroleum Corp	6.950		06/15/19		2,996
	2,145,000		Anadarko Petroleum Corp	6.450		09/15/36		2,480
	3,650,000		Apache Corp	1.750		04/15/17		3,722
	8,950,000		Apache Corp	3.250		04/15/22		9,346
	12,170,000		Apache Corp	4.750		04/15/43		13,518
	3,415,000		Baker Hughes, Inc	3.200		08/15/21		3,562
	21,565,000		BP Capital Markets plc	3.200		03/11/16		22,937
	12,950,000		BP Capital Markets plc	1.846		05/05/17		13,079
	6,700,000		BP Capital Markets plc	3.561		11/01/21		7,093
	5,000,000		BP Capital Markets plc	3.245		05/06/22		5,177
	3,690,000		Cimarex Energy Co	5.875		05/01/22		3,833
	1,000,000		Cloud Peak Energy Resources LLC	8.250		12/15/17		1,035
	2,000,000		Cloud Peak Energy Resources LLC	8.500		12/15/19		2,075
	2,250,000	g	CNOOC FINANCE 2012 Ltd	3.875		05/02/22		2,327
	875,000	g	CNOOC FINANCE 2012 Ltd	5.000		05/02/42		938
	9,725,000		ConocoPhillips	4.600		01/15/15		10,647
	7,600,000		ConocoPhillips	6.500		02/01/39		10,525
	2,075,000	g	Continental Resources, Inc	5.000		09/15/22		2,106
	1,825,000		Devon Energy Corp	1.875		05/15/17		1,825
	6,800,000		Devon Energy Corp	5.600		07/15/41		7,890
	3,150,000		Devon Energy Corp	4.750		05/15/42		3,305
	3,601,800		Dolphin Energy Ltd	5.888		06/15/19		3,944
	5,300,000	g	Dolphin Energy Ltd	5.500		12/15/21		5,903
	4,500,000	g	Empresa Nacional del Petroleo	6.250		07/08/19		5,111
	3,448,000	g	Empresa Nacional del Petroleo	4.750		12/06/21		3,602
	3,250,000		Enbridge Energy Partners LP	5.200		03/15/20		3,683
	2,000,000		Encore Acquisition Co	9.500		05/01/16		2,185
	5,950,000		Enterprise Products Operating LLC	4.600		08/01/12		5,967
	4,000,000		Enterprise Products Operating LLC	5.600		10/15/14		4,384
	1,150,000		Enterprise Products Operating LLC	5.000		03/01/15		1,256
	4,260,000		Enterprise Products Operating LLC	6.500		01/31/19		5,134
	3,545,000		Enterprise Products Operating LLC	6.125		10/15/39		4,016
	4,105,000		Enterprise Products Operating LLC	5.950		02/01/41		4,642
	1,750,000		Enterprise Products Operating LLC	5.700		02/15/42		1,936
	2,325,000		EOG Resources, Inc	4.100		02/01/21		2,580
	4,000,000		Gaz Capital S.A.	6.212		11/22/16		4,340
	700,000		Gaz Capital S.A.	6.510		03/07/22		776
	3,000,000	g	Gazprom OAO Via Gaz Capital S.A.	4.950		05/23/16		3,106
	3,600,000		Hess Corp	8.125		02/15/19		4,634
	1,075,000		Hess Corp	6.000		01/15/40		1,192
	4,625,000		Hess Corp	5.600		02/15/41		4,908

313

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	2,000,000		Kaneb Pipe Line Operating Partnership LP	5.875	%	06/01/13	$	2,064
	1,610,000	g	Korea National Oil Corp	3.125		04/03/17		1,642
	5,530,000		Marathon Petroleum Corp	3.500		03/01/16		5,797
	1,000,000		MarkWest Energy Partners LP	6.750		11/01/20		1,062
	2,525,000		Newfield Exploration Co	5.625		07/01/24		2,582
	2,475,000		Noble Holding International Ltd	3.450		08/01/15		2,605
	7,550,000		Noble Holding International Ltd	4.900		08/01/20		8,199
	4,570,000	g	Novatek Finance Ltd	6.604		02/03/21		4,977
	12,000,000		Occidental Petroleum Corp	1.750		02/15/17		12,202
	7,450,000		Occidental Petroleum Corp	4.100		02/01/21		8,352
	800,000		Pemex Project Funding Master Trust	5.750		03/01/18		904
	1,150,000		Pemex Project Funding Master Trust	6.625		06/15/35		1,369
	1,890,000		Pemex Project Funding Master Trust	6.625		06/15/38		2,249
	3,975,000	g	Pertamina Persero PT	4.875		05/03/22		3,985
	3,000,000	g	Pertamina PT	5.250		05/23/21		3,120
	4,500,000		Petrobras International Finance Co	7.875		03/15/19		5,474
	4,450,000		Petrobras International Finance Co	6.875		01/20/40		5,293
	2,080,000		Petrobras International Finance Co-Pifco	3.875		01/27/16		2,147
	6,050,000		Petrobras International Finance Co-Pifco	3.500		02/06/17		6,210
	2,900,000		Petroleos Mexicanos	8.000		05/03/19		3,683
	2,500,000		Petroleos Mexicanos	6.000		03/05/20		2,891
	4,000,000		Petroleos Mexicanos	5.500		01/21/21		4,520
	5,560,000	g	Petroleos Mexicanos	4.875		01/24/22		6,005
	20,000,000	h	Petroleos Mexicanos	1.950		12/20/22		20,001
	10,700,000	h	Petroleos Mexicanos	2.000		12/20/22		10,702
	3,440,000		Petroleos Mexicanos	6.500		06/02/41		4,016
	2,710,000	g	Petroleos Mexicanos	6.500		06/02/41		3,164
	2,250,000	g	Petroleos Mexicanos	5.500		06/27/44		2,301
	3,960,000	g	Petroleum Co of Trinidad & Tobago Ltd	9.750		08/14/19		4,857
	7,400,000	g	Phillips 66	1.950		03/05/15		7,453
	6,125,000	g	Phillips 66	4.300		04/01/22		6,443
	3,000,000		Plains All American Pipeline LP	5.625		12/15/13		3,195
	5,650,000		Plains All American Pipeline LP	3.650		06/01/22		5,770
	2,674,000		Precision Drilling Trust	6.625		11/15/20		2,754
	700,000		Range Resources Corp	7.250		05/01/18		742
	3,335,000		Range Resources Corp	5.000		08/15/22		3,293
	3,292,016		Ras Laffan Liquefied Natural Gas Co Ltd	5.298		09/30/20		3,605
	9,100,000	g	Reliance Holdings USA	4.500		10/19/20		8,552
	15,900,000	g	Schlumberger Investment S.A.	3.300		09/14/21		16,658
	6,250,000		Shell International Finance BV	3.100		06/28/15		6,668
	7,620,000		Shell International Finance BV	4.300		09/22/19		8,842
	1,925,000		Shell International Finance BV	6.375		12/15/38		2,724
	3,464,000		Southwestern Energy Co	7.500		02/01/18		4,156
	2,800,000		Statoil ASA	2.900		10/15/14		2,937
	6,100,000		Total Capital International S.A.	1.500		02/17/17		6,124
	2,175,000		TransCanada Pipelines Ltd	4.000		06/15/13		2,244
	3,400,000		TransCanada Pipelines Ltd	5.850		03/15/36		4,256
	2,750,000	i	TransCanada Pipelines Ltd	6.350		05/15/67		2,832
	2,000,000		Vale Overseas Ltd	6.250		01/23/17		2,275
	3,875,000		Vale Overseas Ltd	4.375		01/11/22		3,946
	2,760,000		Vale Overseas Ltd	6.875		11/21/36		3,201
	4,650,000		Vale Overseas Ltd	6.875		11/10/39		5,433
	3,375,000		Valero Energy Corp	4.500		02/01/15		3,629

314

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	3,325,000		Weatherford International Ltd	4.500	%	04/15/22	$	3,408
	5,000,000		XTO Energy, Inc	6.250		04/15/13		5,211
	4,400,000		XTO Energy, Inc	4.625		06/15/13		4,560
			TOTAL ENERGY					486,020
FOOD & STAPLES RETAILING - 0.3%
	5,690,000		CVS Caremark Corp	3.250		05/18/15		5,989
	10,500,000		CVS Caremark Corp	5.750		06/01/17		12,400
	795,000		CVS Caremark Corp	6.600		03/15/19		991
	3,800,000		Delhaize Group S.A.	5.875		02/01/14		4,002
	3,800,000		Delhaize Group S.A.	6.500		06/15/17		4,222
	1,500,000		Ingles Markets, Inc	8.875		05/15/17		1,633
	1,205,000		Kroger Co	5.000		04/15/13		1,242
	3,750,000		Safeway, Inc	3.400		12/01/16		3,819
	880,000		Stater Bros Holdings, Inc	7.750		04/15/15		898
	900,000		Stater Bros Holdings, Inc	7.375		11/15/18		975
	439,000		SuperValu, Inc	8.000		05/01/16		445
			TOTAL FOOD & STAPLES RETAILING					36,616
FOOD, BEVERAGE & TOBACCO - 1.1%
	6,300,000		Anheuser-Busch InBev Worldwide, Inc	2.875		02/15/16		6,656
	8,185,000		Anheuser-Busch InBev Worldwide, Inc	5.375		01/15/20		9,753
	5,125,000	g	BRF-Brasil Foods S.A.	5.875		06/06/22		5,279
	4,500,000	g	CCL Finance Ltd	9.500		08/15/14		5,008
	6,150,000		Coca-Cola Co	0.750		03/13/15		6,162
	18,750,000		Coca-Cola Co	1.800		09/01/16		19,258
	7,200,000		Coca-Cola Co	3.150		11/15/20		7,714
	7,600,000		Coca-Cola Co	3.300		09/01/21		8,153
	7,150,000		Diageo Capital plc	1.500		05/11/17		7,176
	4,080,000		General Mills, Inc	5.200		03/17/15		4,529
	5,525,000	g	Grupo Bimbo SAB de C.V.	4.500		01/25/22		5,877
	6,000,000		HJ Heinz Co	1.500		03/01/17		5,986
	2,530,000		Kraft Foods, Inc	6.125		02/01/18		3,032
	8,750,000		Kraft Foods, Inc	5.375		02/10/20		10,354
	8,105,000		Kraft Foods, Inc	6.500		02/09/40		10,412
	625,000		PepsiAmericas, Inc	4.375		02/15/14		661
	680,000		PepsiCo, Inc	7.900		11/01/18		908
	2,000,000	g	Pernod-Ricard S.A.	2.950		01/15/17		2,024
	9,475,000	g	Pernod-Ricard S.A.	4.450		01/15/22		9,818
	2,350,000	g	Pernod-Ricard S.A.	5.500		01/15/42		2,407
	2,900,000		Philip Morris International, Inc	4.875		05/16/13		3,007
	7,425,000		Philip Morris International, Inc	6.875		03/17/14		8,198
	1,600,000		Philip Morris International, Inc	6.375		05/16/38		2,140
			TOTAL FOOD, BEVERAGE & TOBACCO					144,512
HEALTH CARE EQUIPMENT & SERVICES - 0.5%
	3,900,000		Becton Dickinson and Co	1.750		11/08/16		3,987
	3,750,000		Boston Scientific Corp	4.500		01/15/15		3,996
	7,150,000		Covidien International Finance S.A.	1.350		05/29/15		7,159
	3,800,000		Covidien International Finance S.A.	3.200		06/15/22		3,918
	4,500,000	g	Fresenius Medical Care Capital Trust	5.750		02/15/21		4,686
	4,000,000	g	Fresenius Medical Care II	5.625		07/31/19		4,170
	4,560,000		HCA, Inc	6.500		02/15/20		4,942

315

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	9,575,000		HCA, Inc	5.875	%	03/15/22	$	10,006
	1,252,000		McKesson Corp	3.250		03/01/16		1,344
	5,000,000		Medtronic, Inc	4.750		09/15/15		5,613
	3,500,000		Quest Diagnostics, Inc	6.400		07/01/17		4,142
	6,225,000		Thermo Fisher Scientific, Inc	2.150		12/28/12		6,256
	1,695,000		Thermo Fisher Scientific, Inc	3.200		05/01/15		1,802
	1,750,000		Thermo Fisher Scientific, Inc	5.000		06/01/15		1,954
	12,280,000		Thermo Fisher Scientific, Inc	3.200		03/01/16		13,146
	6,125,000		Thermo Fisher Scientific, Inc	2.250		08/15/16		6,334
	2,560,000		Thermo Fisher Scientific, Inc	4.700		05/01/20		2,940
	3,300,000		Thermo Fisher Scientific, Inc	3.600		08/15/21		3,549
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					89,944
HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
	7,175,000		Clorox Co	3.800		11/15/21		7,479
	2,620,000		Colgate-Palmolive Co	2.300		05/03/22		2,636
	6,325,000		Ecolab, Inc	4.350		12/08/21		7,010
	4,975,000		Procter & Gamble Co	5.550		03/05/37		6,624
	3,000,000		Unilever Capital Corp	4.800		02/15/19		3,516
	2,000,000		Unilever Capital Corp	4.250		02/10/21		2,333
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					29,598
INSURANCE - 1.1%
	3,825,000		ACE INA Holdings, Inc	5.875		06/15/14		4,169
	2,155,000		Aetna, Inc	6.500		09/15/18		2,659
	1,925,000		Aetna, Inc	6.625		06/15/36		2,462
	5,375,000		Allstate Corp	7.450		05/16/19		6,883
	4,375,000		American Financial Group, Inc	9.875		06/15/19		5,494
	500,000		American International Group, Inc	3.650		01/15/14		511
	3,750,000		Chubb Corp	6.000		05/11/37		4,814
	1,390,000		CIGNA Corp	5.125		06/15/20		1,537
	6,900,000		CIGNA Corp	4.500		03/15/21		7,424
	7,600,000		Hartford Financial Services Group, Inc	4.000		03/30/15		7,971
	4,500,000		Hartford Financial Services Group, Inc	4.000		10/15/17		4,519
	5,150,000	g	Liberty Mutual Group, Inc	6.500		05/01/42		5,213
	2,800,000		Lincoln National Corp	7.000		06/15/40		3,303
	5,620,000		Metlife, Inc	5.000		06/15/15		6,179
	7,675,000		Metlife, Inc	6.750		06/01/16		9,000
	4,500,000		Metlife, Inc	5.700		06/15/35		5,334
	5,500,000	g	Principal Life Global Funding I	5.125		10/15/13		5,757
	5,000,000		Progressive Corp	3.750		08/23/21		5,397
	2,000,000		Prudential Financial, Inc	3.875		01/14/15		2,094
	8,050,000		Prudential Financial, Inc	7.375		06/15/19		9,825
	5,000,000		Prudential Financial, Inc	6.625		06/21/40		5,699
	7,000,000		Prudential Financial, Inc	6.200		11/15/40		7,638
	3,000,000	g	Prudential Funding LLC	6.750		09/15/23		3,571
	4,250,000		Travelers Cos, Inc	5.800		05/15/18		5,133
	1,500,000		Unum Group	5.625		09/15/20		1,613
	1,800,000		WellPoint, Inc	5.875		06/15/17		2,123
	6,750,000		WellPoint, Inc	3.125		05/15/22		6,804
	2,250,000		WellPoint, Inc	5.850		01/15/36		2,664
	7,850,000		WellPoint, Inc	4.625		05/15/42		8,092
	7,000,000		Willis Group Holdings plc	4.125		03/15/16		7,318

316

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE	MATURITY DATE	VALUE (000)
$	2,400,000		WR Berkley Corp	5.375%	09/15/20	$	2,585
			TOTAL INSURANCE				153,785
MATERIALS - 1.6%
	3,385,000		3M Co	4.375	08/15/13		3,536
	4,150,000		3M Co	5.700	03/15/37		5,645
	4,600,000		Air Products & Chemicals, Inc	4.150	02/01/13		4,695
	6,630,000		Air Products & Chemicals, Inc	4.375	08/21/19		7,558
	1,125,000		Airgas, Inc	4.500	09/15/14		1,202
	1,000,000		Airgas, Inc	7.125	10/01/18		1,079
	4,000,000	g	Anglo American Capital plc	2.625	04/03/17		3,991
	2,150,000	g	Anglo American Capital plc	4.450	09/27/20		2,270
	6,540,000		AngloGold Ashanti Holdings plc	5.375	04/15/20		6,721
	1,860,000		ArcelorMittal	3.750	08/05/15		1,870
	3,500,000		ArcelorMittal	4.500	02/25/17		3,447
	6,700,000		ArcelorMittal	6.250	02/25/22		6,562
	1,015,000		Ball Corp	7.125	09/01/16		1,105
	355,000		Ball Corp	7.375	09/01/19		392
	4,000,000		Ball Corp	5.750	05/15/21		4,300
	1,365,000		Ball Corp	5.000	03/15/22		1,420
	12,100,000		Barrick Gold Corp	3.850	04/01/22		12,527
	7,175,000		Barrick North America Finance LLC	4.400	05/30/21		7,733
	10,100,000	g	Braskem Finance Ltd	5.375	05/02/22		10,151
	3,000,000		Celanese US Holdings LLC	6.625	10/15/18		3,263
	2,000,000		CF Industries, Inc	6.875	05/01/18		2,373
	3,175,000		CF Industries, Inc	7.125	05/01/20		3,866
	3,850,000		Cliffs Natural Resources, Inc	6.250	10/01/40		3,781
	5,600,000	g	Corp Nacional del Cobre de Chile-CODELCO	3.750	11/04/20		5,840
	5,100,000	g	Corp Nacional del Cobre de Chile-CODELCO	3.875	11/03/21		5,365
	2,770,000		Crown Americas LLC	6.250	02/01/21		3,026
	5,025,000		Domtar Corp	4.400	04/01/22		4,923
	7,734,000		Dow Chemical Co	4.125	11/15/21		8,296
	1,000,000		Eastman Chemical Co	5.500	11/15/19		1,141
	6,450,000		EI Du Pont de Nemours & Co	3.250	01/15/15		6,861
	6,000,000		EI Du Pont de Nemours & Co	4.625	01/15/20		7,009
	11,250,000		Freeport-McMoRan Copper & Gold, Inc	1.400	02/13/15		11,212
	3,315,000	g	Fufeng Group Ltd	7.625	04/13/16		2,834
	1,500,000		Graphic Packaging International, Inc	9.500	06/15/17		1,650
	1,400,000		Greif, Inc	7.750	08/01/19		1,596
	2,000,000		International Paper Co	4.750	02/15/22		2,183
	4,250,000		International Paper Co	7.300	11/15/39		5,306
	5,900,000		International Paper Co	6.000	11/15/41		6,652
	3,000,000	g	LyondellBasell Industries NV	5.000	04/15/19		3,146
	1,950,000	g	LyondellBasell Industries NV	6.000	11/15/21		2,140
	7,650,000		Newmont Mining Corp	3.500	03/15/22		7,551
	3,825,000		Newmont Mining Corp	4.875	03/15/42		3,730
	5,050,000		Praxair, Inc	5.250	11/15/14		5,566
	7,350,000		Praxair, Inc	2.450	02/15/22		7,250
	7,500,000		Rio Tinto Finance USA Ltd	2.250	09/20/16		7,753
	5,000,000	g	Silgan Holdings, Inc	5.000	04/01/20		5,113
	3,140,000	g	Sociedad Quimica y Minera de Chile S.A.	5.500	04/21/20		3,404
	3,000,000		Solutia, Inc	7.875	03/15/20		3,510
	1,940,000		Teck Resources Ltd	6.000	08/15/40		2,033

317

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	4,100,000		Teck Resources Ltd	5.200	%	03/01/42	$	3,928
	5,450,000	g	Xstrata Canada Financial Corp	4.950		11/15/21		5,631
			TOTAL MATERIALS					234,136
MEDIA - 1.1%
	1,000,000		AMC Entertainment, Inc	8.750		06/01/19		1,073
	3,850,000		CBS Corp	1.950		07/01/17		3,846
	1,960,000		CCO Holdings LLC	6.625		01/31/22		2,097
	1,388,000		Cinemark USA, Inc	8.625		06/15/19		1,537
	1,011,000		Comcast Cable Communications Holdings, Inc	8.375		03/15/13		1,066
	11,250,000		Comcast Corp	4.650		07/15/42		11,255
	1,455,000		CSC Holdings LLC	8.500		04/15/14		1,601
	7,000,000		DIRECTV Holdings LLC	2.400		03/15/17		7,046
	15,250,000		DIRECTV Holdings LLC	3.800		03/15/22		15,422
	11,050,000		DIRECTV Holdings LLC	5.150		03/15/42		11,121
	8,725,000		Discovery Communications LLC	3.300		05/15/22		8,806
	5,075,000		Discovery Communications LLC	4.950		05/15/42		5,297
	2,550,000	g	DISH DBS Corp	4.625		07/15/17		2,553
	5,000,000		Grupo Televisa S.A.	6.000		05/15/18		5,792
	2,160,000		Lamar Media Corp	7.875		04/15/18		2,376
	1,850,000	g	Lamar Media Corp	5.875		02/01/22		1,896
	8,700,000		NBC Universal Media LLC	5.150		04/30/20		9,988
	11,930,000		NBC Universal Media LLC	4.375		04/01/21		13,125
	1,274,000		News America, Inc	7.250		05/18/18		1,528
	2,105,000		News America, Inc	7.625		11/30/28		2,484
	1,578,000		News America, Inc	6.550		03/15/33		1,780
	3,575,000		News America, Inc	6.650		11/15/37		4,173
	3,800,000		News America, Inc	6.900		08/15/39		4,540
	3,315,000		Nielsen Finance LLC	7.750		10/15/18		3,671
	2,100,000		Time Warner Cable, Inc	8.750		02/14/19		2,792
	9,675,000		Time Warner Cable, Inc	8.250		04/01/19		12,642
	3,000,000		Time Warner, Inc	3.150		07/15/15		3,164
	3,825,000		Time Warner, Inc	6.500		11/15/36		4,527
	5,000,000		Time Warner, Inc	5.375		10/15/41		5,321
	5,525,000		Time Warner, Inc	4.900		06/15/42		5,606
	4,850,000		Viacom, Inc	1.250		02/27/15		4,862
	5,400,000		Viacom, Inc	2.500		12/15/16		5,591
	3,000,000		Viacom, Inc	3.500		04/01/17		3,228
			TOTAL MEDIA					171,806
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.6%
	3,975,000		Abbott Laboratories	5.300		05/27/40		4,856
	6,500,000	g	Aristotle Holding, Inc	2.100		02/12/15		6,563
	6,850,000	g	Aristotle Holding, Inc	3.900		02/15/22		7,100
	5,450,000		Johnson & Johnson	2.150		05/15/16		5,704
	4,000,000		Johnson & Johnson	5.850		07/15/38		5,549
	3,140,000		Life Technologies Corp	3.500		01/15/16		3,269
	4,115,000		Mead Johnson Nutrition Co	4.900		11/01/19		4,680
	2,750,000		Mead Johnson Nutrition Co	5.900		11/01/39		3,398
	7,750,000		Merck & Co, Inc	3.875		01/15/21		8,716
	1,750,000		NBTY, Inc	9.000		10/01/18		1,934
	3,750,000		Novartis Capital Corp	4.125		02/10/14		3,959
	15,775,000		Novartis Capital Corp	2.900		04/24/15		16,689

318

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	8,750,000		Sanofi-Aventis S.A.	2.625	%	03/29/16	$	9,181
	3,225,000		Schering-Plough Corp	6.550		09/15/37		4,616
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					86,214
REAL ESTATE - 0.7%
	1,485,000		AMB Property LP	7.625		08/15/14		1,633
	2,310,000		AMB Property LP	4.500		08/15/17		2,415
	3,750,000		Boston Properties LP	3.700		11/15/18		3,918
	2,000,000		Brandywine Operating Partnership LP	5.400		11/01/14		2,097
	1,525,000		Brandywine Operating Partnership LP	7.500		05/15/15		1,693
	7,000,000		Brandywine Operating Partnership LP	4.950		04/15/18		7,169
	3,965,000		Camden Property Trust	4.625		06/15/21		4,260
	6,800,000		Developers Diversified Realty Corp	4.750		04/15/18		7,053
	3,460,000		Developers Diversified Realty Corp	7.875		09/01/20		4,137
	255,000		Federal Realty Investment Trust	5.650		06/01/16		281
	700,000		Federal Realty Investment Trust	5.900		04/01/20		800
	6,450,000		Health Care REIT, Inc	3.625		03/15/16		6,631
	4,700,000		Health Care REIT, Inc	4.125		04/01/19		4,774
	2,775,000		Healthcare Realty Trust, Inc	5.750		01/15/21		2,926
	1,600,000		Highwoods Properties, Inc	5.850		03/15/17		1,717
	1,925,000		Kilroy Realty Corp	5.000		11/03/15		2,049
	3,250,000		Kilroy Realty LP	4.800		07/15/18		3,416
	840,000		Kimco Realty Corp	5.700		05/01/17		930
	4,000,000		National Retail Properties, Inc	5.500		07/15/21		4,240
	900,000		Nationwide Health Properties, Inc	6.250		02/01/13		924
	2,325,000		Regency Centers LP	5.250		08/01/15		2,495
	225,000		Regency Centers LP	5.875		06/15/17		252
	800,000		Simon Property Group LP	5.250		12/01/16		899
	4,150,000		Simon Property Group LP	2.800		01/30/17		4,272
	3,040,000		Simon Property Group LP	10.350		04/01/19		4,264
	7,900,000		Simon Property Group LP	3.375		03/15/22		7,935
	1,750,000	g,i	USB Realty Corp	1.614		12/30/49		1,300
	1,360,000		Ventas Realty LP	3.125		11/30/15		1,385
	3,750,000		Ventas Realty LP	4.000		04/30/19		3,846
	1,850,000		Ventas Realty LP	4.250		03/01/22		1,863
	3,750,000		Washington Real Estate Investment Trust	4.950		10/01/20		3,987
	4,500,000	g	Yanlord Land Group Ltd	10.625		03/29/18		4,162
			TOTAL REAL ESTATE					99,723
RETAILING - 0.7%
	3,000,000		AmeriGas Partners LP	6.250		08/20/19		3,015
	2,000,000		Asbury Automotive Group, Inc	7.625		03/15/17		2,070
	2,500,000		AutoNation, Inc	5.500		02/01/20		2,575
	3,900,000		Home Depot, Inc	4.400		04/01/21		4,501
	3,150,000		Limited Brands, Inc	7.000		05/01/20		3,496
	3,855,000		Limited Brands, Inc	5.625		02/15/22		3,971
	15,062,000		Macy’s Retail Holdings, Inc	5.900		12/01/16		17,361
	6,750,000		Macy’s Retail Holdings, Inc	3.875		01/15/22		7,097
	4,565,000		O’Reilly Automotive, Inc	4.625		09/15/21		4,771
	3,000,000	g	QVC, Inc	7.125		04/15/17		3,187
	2,000,000	g	QVC, Inc	7.500		10/01/19		2,220
	2,475,000	g	QVC, Inc	5.125		07/02/22		2,526
	3,875,000		Staples, Inc	9.750		01/15/14		4,331

319

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	13,075,000		Target Corp	2.900	%	01/15/22	$	13,360
	875,000		Wal-Mart Stores, Inc	3.000		02/03/14		907
	3,450,000		Wal-Mart Stores, Inc	3.250		10/25/20		3,702
	3,675,000		Wal-Mart Stores, Inc	5.000		10/25/40		4,394
	12,000,000		Wal-Mart Stores, Inc	5.625		04/15/41		15,618
			TOTAL RETAILING					99,102
SOFTWARE & SERVICES - 1.0%
	5,000,000	g	Fidelity National Information Services, Inc	5.000		03/15/22		5,087
	14,200,000		International Business Machines Corp	0.550		02/06/15		14,108
	88,000,000		International Business Machines Corp	0.750		05/11/15		87,866
	4,030,000		International Business Machines Corp	1.950		07/22/16		4,146
	9,050,000		International Business Machines Corp	1.250		02/06/17		9,074
	3,655,000		Microsoft Corp	0.875		09/27/13		3,679
	8,825,000		Microsoft Corp	1.625		09/25/15		9,126
	3,925,000		Oracle Corp	3.750		07/08/14		4,168
	3,100,000		Oracle Corp	5.750		04/15/18		3,761
	3,750,000		Oracle Corp	3.875		07/15/20		4,198
	1,000,000		SunGard Data Systems, Inc	7.375		11/15/18		1,073
			TOTAL SOFTWARE & SERVICES					146,286
TECHNOLOGY HARDWARE & EQUIPMENT - 0.4%
	4,000,000		Amphenol Corp	4.750		11/15/14		4,304
	1,000,000		Brocade Communications Systems, Inc	6.875		01/15/20		1,082
	5,250,000		Hewlett-Packard Co	2.350		03/15/15		5,332
	3,500,000		Jabil Circuit, Inc	5.625		12/15/20		3,701
	2,212,000		L-3 Communications Corp	6.375		10/15/15		2,260
	9,500,000		L-3 Communications Corp	3.950		11/15/16		10,089
	2,000,000		L-3 Communications Corp	4.950		02/15/21		2,163
	4,000,000		NII Capital Corp	7.625		04/01/21		3,430
	3,600,000		Xerox Corp	8.250		05/15/14		4,014
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					36,375
TELECOMMUNICATION SERVICES - 1.5%
	2,870,000		America Movil SAB de C.V.	2.375		09/08/16		2,944
	6,310,000		America Movil SAB de C.V.	5.000		03/30/20		7,166
	11,450,000		American Tower Corp	4.700		03/15/22		11,754
	2,500,000		AT&T, Inc	2.500		08/15/15		2,603
	20,750,000		AT&T, Inc	2.950		05/15/16		21,978
	5,000,000		AT&T, Inc	3.000		02/15/22		5,079
	2,000,000		AT&T, Inc	6.150		09/15/34		2,410
	11,500,000		AT&T, Inc	6.300		01/15/38		14,324
	4,500,000		Axiata SPV1 (Labuan) Ltd	5.375		04/28/20		4,887
	13,125,000		BellSouth Corp	5.200		09/15/14		14,284
	1,975,000		BellSouth Corp	6.550		06/15/34		2,319
	13,850,000		Cellco Partnership	8.500		11/15/18		18,952
	4,000,000	g	Deutsche Telekom International Finance BV	2.250		03/06/17		3,953
	4,000,000		Deutsche Telekom International Finance BV	8.750		06/15/30		5,552
	3,625,000	g	Deutsche Telekom International Finance BV	4.875		03/06/42		3,444
	3,100,000	g	Globo Comunicacao e Participacoes S.A.	4.875		04/11/22		3,224
	12,070,000	g	Oi S.A.	5.750		02/10/22		12,299
	4,450,000	g	Qtel International Finance	4.750		02/16/21		4,739
	3,000,000		Qwest Communications International, Inc	7.125		04/01/18		3,165

320

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	1,225,000		Sprint Nextel Corp	6.000	%	12/01/16	$	1,173
	3,075,000		Telecom Italia Capital S.A.	6.175		06/18/14		3,098
	4,825,000		Telecom Italia Capital S.A.	6.999		06/04/18		4,801
	4,275,000		Telecom Italia Capital S.A.	7.175		06/18/19		4,254
	11,100,000		Telefonica Emisiones SAU	3.992		02/16/16		9,923
	3,315,000	g	Telefonica Moviles Chile S.A.	2.875		11/09/15		3,332
	4,500,000		Telefonos de Mexico SAB de C.V.	5.500		11/15/19		5,235
	5,125,000		Verizon Communications, Inc	5.250		04/15/13		5,310
	1,250,000		Verizon Communications, Inc	6.100		04/15/18		1,523
	2,905,000		Verizon Communications, Inc	8.750		11/01/18		3,993
	3,100,000		Verizon Communications, Inc	8.950		03/01/39		5,106
	6,500,000		Verizon Virginia, Inc	4.625		03/15/13		6,680
	4,500,000	g	Vimpelcom Holdings	7.504		03/01/22		4,228
	1,862,000		Virgin Media Finance plc	9.500		08/15/16		2,076
	5,000,000		Virgin Media Finance plc	5.250		02/15/22		5,113
	5,400,000		Virgin Media Secured Finance plc	5.250		01/15/21		5,982
	735,000		Windstream Corp	8.125		09/01/18		790
			TOTAL TELECOMMUNICATION SERVICES					217,693
TRANSPORTATION - 0.7%
	8,600,000		ABB Finance USA, Inc	2.875		05/08/22		8,699
	5,730,000	g	Asciano Finance	5.000		04/07/18		5,985
	1,800,000	g	Asciano Finance Ltd	3.125		09/23/15		1,792
	2,840,000		Bristow Group, Inc	7.500		09/15/17		2,946
	5,000,000		Burlington Northern Santa Fe LLC	3.450		09/15/21		5,231
	7,650,000		Burlington Northern Santa Fe LLC	3.050		03/15/22		7,719
	3,475,000		Burlington Northern Santa Fe LLC	5.050		03/01/41		3,824
	12,900,000		Burlington Northern Santa Fe LLC	4.400		03/15/42		12,990
	3,000,000	g	DP World Ltd	6.850		07/02/37		2,948
	2,325,000		Embraer Overseas Ltd	6.375		01/15/20		2,587
	4,500,000		Kansas City Southern de Mexico S.A. de C.V.	6.625		12/15/20		5,006
	1,085,000		Kansas City Southern de Mexico S.A. de C.V.	6.125		06/15/21		1,194
	5,650,000	g	Kazakhstan Temir Zholy Finance BV	6.375		10/06/20		6,215
	2,500,000		Norfolk Southern Corp	5.750		01/15/16		2,877
	2,800,000		Norfolk Southern Corp	5.750		04/01/18		3,321
	6,750,000		Norfolk Southern Corp	3.000		04/01/22		6,828
	2,056,000		Norfolk Southern Corp	5.590		05/17/25		2,484
	3,500,000	g	Transnet Ltd	4.500		02/10/16		3,649
	5,578,000		Union Pacific Corp	4.163		07/15/22		6,215
	5,500,000		Union Pacific Corp	4.750		09/15/41		5,966
	7,750,000		United Parcel Service, Inc	3.125		01/15/21		8,298
			TOTAL TRANSPORTATION					106,774
UTILITIES - 2.9%
	3,630,000	g	Abu Dhabi National Energy Co	5.875		12/13/21		4,016
	2,500,000		AES Corp	7.750		03/01/14		2,713
	4,300,000		AES El Salvador Trust	6.750		02/01/16		4,268
	3,785,000	g	AES Gener S.A.	5.250		08/15/21		4,001
	2,250,000		AGL Capital Corp	5.250		08/15/19		2,606
	2,000,000		AGL Capital Corp	6.000		10/01/34		2,449
	8,435,000		Alliant Energy Corp	4.000		10/15/14		8,873
	1,667,000		Arizona Public Service Co	5.050		09/01/41		1,857
	5,500,000		Atmos Energy Corp	8.500		03/15/19		7,358

321

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE	MATURITY DATE	VALUE (000)
$	2,000,000	g	Calpine Corp	7.500%	02/15/21	$	2,160
	4,500,000		Carolina Power & Light Co	5.125	09/15/13		4,738
	4,750,000		Carolina Power & Light Co	5.300	01/15/19		5,702
	2,750,000		Carolina Power & Light Co	5.700	04/01/35		3,440
	2,100,000		CenterPoint Energy Houston Electric LLC	7.000	03/01/14		2,313
	3,670,000		CenterPoint Energy Resources Corp	4.500	01/15/21		4,006
	3,550,000		CenterPoint Energy Resources Corp	6.250	02/01/37		4,087
	7,500,000		CenterPoint Energy Resources Corp	5.850	01/15/41		9,040
	5,200,000	g	Centrais Eletricas Brasileiras S.A.	5.750	10/27/21		5,684
	9,000,000	g	CEZ AS.	4.250	04/03/22		9,221
	4,630,000	g	CEZ AS.	5.625	04/03/42		4,863
	3,075,000	g	China Resources Gas Group Ltd	4.500	04/05/22		3,147
	2,500,000		CMS Energy Corp	5.050	02/15/18		2,672
	2,500,000	g	Colbun S.A.	6.000	01/21/20		2,688
	5,860,000	g	Comision Federal de Electricidad	4.875	05/26/21		6,329
	2,075,000	g	Comision Federal de Electricidad	5.750	02/14/42		2,179
	3,055,000		Commonwealth Edison Co	4.000	08/01/20		3,397
	4,200,000		Commonwealth Edison Co	5.900	03/15/36		5,447
	2,750,000		Connecticut Light & Power Co	5.500	02/01/19		3,291
	3,500,000		Consolidated Edison Co of New York, Inc	5.700	06/15/40		4,491
	4,250,000		Consolidated Natural Gas Co	5.000	12/01/14		4,614
	3,750,000		Detroit Edison Co	3.950	06/15/42		3,812
	4,000,000		Dominion Resources, Inc	4.900	08/01/41		4,521
	7,150,000		Duke Energy Carolinas LLC	5.750	11/15/13		7,632
	1,400,000		Duke Energy Carolinas LLC	4.300	06/15/20		1,601
	2,000,000		Florida Power Corp	6.400	06/15/38		2,728
	3,500,000		FPL Group Capital, Inc	2.600	09/01/15		3,596
	3,000,000		Georgia Power Co	5.400	06/01/40		3,584
	2,000,000		Georgia Power Co	4.300	03/15/42		2,083
	5,000,000		Indiana Michigan Power Co	7.000	03/15/19		6,218
	3,855,000	g	Instituto Costarricense de Electricidad	6.950	11/10/21		3,953
	2,725,000		Integrys Energy Group, Inc	4.170	11/01/20		2,939
	3,350,000	g	Israel Electric Corp Ltd	6.700	02/10/17		3,471
	1,000,000	g	Kansas Gas & Electric	6.700	06/15/19		1,247
	2,815,000		Kinder Morgan Energy Partners LP	5.850	09/15/12		2,842
	3,650,000		Kinder Morgan Energy Partners LP	3.500	03/01/16		3,859
	2,825,000		Kinder Morgan Energy Partners LP	9.000	02/01/19		3,649
	6,430,000	g	KMG Finance Sub BV	6.375	04/09/21		7,073
	1,850,000	g	Korea Hydro & Nuclear Power Co Ltd	3.125	09/16/15		1,890
	7,150,000	g	Korea Hydro & Nuclear Power Co Ltd	4.750	07/13/21		7,773
	5,000,000		LG&E and KU Energy LLC	3.750	11/15/20		5,123
	5,950,000		Midamerican Energy Holdings Co	5.950	05/15/37		7,380
	4,000,000		National Fuel Gas Co	5.250	03/01/13		4,103
	2,800,000		Nevada Power Co	6.500	08/01/18		3,468
	3,500,000		Nevada Power Co	6.650	04/01/36		4,711
	3,335,000		Nevada Power Co	5.450	05/15/41		4,005
	2,850,000		Oncor Electric Delivery Co LLC	5.250	09/30/40		2,954
	8,400,000	g	Oncor Electric Delivery Co LLC	4.550	12/01/41		7,998
	5,250,000		Pacific Gas & Electric Co	8.250	10/15/18		7,077
	2,350,000		Pacific Gas & Electric Co	3.250	09/15/21		2,462
	3,500,000		Pacific Gas & Electric Co	4.450	04/15/42		3,674
	2,750,000		PacifiCorp	6.000	01/15/39		3,613
	4,825,000		Pepco Holdings, Inc	2.700	10/01/15		4,953

322

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	8,050,000	g	Perusahaan Listrik Negara PT	5.500	%	11/22/21	$	8,412
	6,750,000		PG&E Corp	5.750		04/01/14		7,263
	750,000		Potomac Electric Power Co	7.900		12/15/38		1,223
	6,925,000		PPL Capital Funding, Inc	4.200		06/15/22		6,947
	2,000,000		PPL Electric Utilities Corp	3.000		09/15/21		2,072
	1,750,000		PPL Electric Utilities Corp	5.200		07/15/41		2,141
	3,825,000		Progress Energy, Inc	7.050		03/15/19		4,808
	2,000,000		Public Service Co of Colorado	7.875		10/01/12		2,035
	4,625,000		Public Service Co of Colorado	3.200		11/15/20		4,954
	8,800,000		Public Service Co of Oklahoma	5.150		12/01/19		10,181
	2,640,000		Public Service Electric & Gas Co	5.300		05/01/18		3,137
	5,000,000		Public Service Electric & Gas Co	3.500		08/15/20		5,438
	2,940,000		QEP Resources, Inc	5.375		10/01/22		2,947
	1,250,000		Questar Market Resources, Inc	6.875		03/01/21		1,388
	2,000,000		Sabine Pass LNG LP	7.250		11/30/13		2,070
	4,275,000		San Diego Gas & Electric Co	3.000		08/15/21		4,516
	3,100,000		San Diego Gas & Electric Co	3.950		11/15/41		3,263
	3,000,000		Sempra Energy	2.300		04/01/17		3,075
	4,000,000		Sempra Energy	6.000		10/15/39		4,968
	2,000,000		Spectra Energy Capital LLC	6.250		02/15/13		2,057
	2,325,000		Tampa Electric Co	4.100		06/15/42		2,342
	2,600,000		Veolia Environnement	5.250		06/03/13		2,684
	4,500,000		Virginia Electric and Power Co	4.750		03/01/13		4,624
	3,680,000		Virginia Electric and Power Co	2.950		01/15/22		3,791
	11,350,000		Westar Energy, Inc	4.125		03/01/42		11,884
	3,000,000		Williams Partners LP	3.800		02/15/15		3,156
	5,075,000		Williams Partners LP	4.000		11/15/21		5,272
	6,200,000		Williams Partners LP	6.300		04/15/40		7,343
	14,000,000	g	Wpd Investment Holdings Ltd	3.900		05/01/16		14,673
	4,000,000		Xcel Energy, Inc	4.800		09/15/41		4,476
			TOTAL UTILITIES					410,782
			TOTAL CORPORATE BONDS					4,371,869
			(Cost $4,131,553)
GOVERNMENT BONDS - 62.6%
AGENCY SECURITIES - 4.8%
	20,108,791		AMAL Ltd	3.465		08/21/21		21,462
	35,000,000		Citigroup Funding, Inc	1.875		10/22/12		35,172
	12,000,000		Citigroup Funding, Inc	2.250		12/10/12		12,108
	26,000,000	g,j	FDIC Structured Sale Guarantee	0.000		10/25/12		25,982
	9,750,000		Federal Farm Credit Bank (FFCB)	1.375		06/25/13		9,858
	15,000,000		Federal Home Loan Bank (FHLB)	1.875		06/21/13		15,235
	55,000,000		Federal Home Loan Mortgage Corp (FHLMC)	0.750		03/28/13		55,199
	20,000,000		FHLMC	3.000		07/28/14		21,050
	156,572		FHLMC	5.750		12/15/18		158
	2,000,000		Federal National Mortgage Association (FNMA)	1.125		07/30/12		2,002
	10,000,000		FNMA	3.625		02/12/13		10,204
	19,600,000		FNMA	1.250		08/20/13		19,807
	24,500,000		FNMA	2.750		02/05/14		25,464
	76,000,000		FNMA	2.750		03/13/14		79,083
	23,500,000		FNMA	3.000		09/16/14		24,865

323

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	35,000,000		FNMA	2.625	%	11/20/14	$	36,843
	4,791,789		Cal Dive I- Title XI, Inc	4.930		02/01/27		5,409
	7,000,000		General Electric Capital Corp	2.625		12/28/12		7,080
	54,875,000		GMAC, Inc	1.750		10/30/12		55,143
	21,800,000		GMAC, Inc	2.200		12/19/12		22,000
	2,267,779		National Credit Union Administration	1.840		10/07/20		2,296
	1,196,016		Overseas Private Investment Corp	3.420		01/15/15		1,226
	19,517,043		Premier Aircraft Leasing	3.576		02/06/22		20,988
	25,000,000		Private Export Funding Corp	3.550		04/15/13		25,645
	10,000,000		Private Export Funding Corp	3.050		10/15/14		10,556
	7,000,000		Private Export Funding Corp	4.550		05/15/15		7,800
	15,000,000		Private Export Funding Corp	2.125		07/15/16		15,812
	17,000,000		Private Export Funding Corp	5.450		09/15/17		20,718
	10,000,000		Private Export Funding Corp	2.250		12/15/17		10,590
	10,000,000		Private Export Funding Corp	4.375		03/15/19		11,883
	35,000,000		Private Export Funding Corp	4.300		12/15/21		41,194
	7,916,450		Rowan Cos, Inc	3.158		07/15/21		8,407
	3,152,344		Totem Ocean Trailer Express, Inc	4.514		12/18/19		3,420
	3,000,000		US Department of Housing and Urban Development	5.380		08/01/18		3,499
			TOTAL AGENCY SECURITIES					668,158
FOREIGN GOVERNMENT BONDS - 7.0%
	16,500,000	g	Bank of Montreal	2.850		06/09/15		17,461
	27,700,000	g	Bank of Montreal	2.625		01/25/16		29,241
	19,400,000	g	Bank of Nova Scotia	1.450		07/26/13		19,597
	50,520,000	g	Bank of Nova Scotia	1.650		10/29/15		51,653
	39,500,000	g	Bank of Nova Scotia	2.150		08/03/16		41,051
	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		5,081
	12,024,000		Brazilian Government International Bond	4.875		01/22/21		13,906
	825,000		Brazilian Government International Bond	7.125		01/20/37		1,190
	4,500,000		Brazilian Government International Bond	5.625		01/07/41		5,519
	10,680,000	g	Caisse Centrale Desjardins du Quebec	2.550		03/24/16		11,240
	24,600,000	g	Caisse Centrale Desjardins du Quebec	1.600		03/06/17		24,876
	12,200,000		Canada Government International Bond	2.375		09/10/14		12,732
	25,275,000		Canada Government International Bond	0.875		02/14/17		25,405
	6,000,000	g	Canadian Imperial Bank of Commerce	2.000		02/04/13		6,055
	6,000,000	g	Canadian Imperial Bank of Commerce	2.600		07/02/15		6,310
	12,500,000	g	Canadian Imperial Bank of Commerce	2.750		01/27/16		13,267
	3,630,000		Chile Government International Bond	3.875		08/05/20		4,029
	2,675,000		Colombia Government International Bond	4.375		07/12/21		3,004
	4,500,000		Colombia Government International Bond	6.125		01/18/41		5,850
	2,700,000	g	Croatia Government International Bond	6.250		04/27/17		2,693
	3,350,000	g	Croatia Government International Bond	6.375		03/24/21		3,279
	2,350,000	g	Democratic Socialist Republic of Sri Lanka	7.400		01/22/15		2,515
	2,000,000	g	Dominican Republic International Bond	7.500		05/06/21		2,130
	5,208,000		Eksportfinans ASA	2.000		09/15/15		4,661
	4,000,000	g	El Salvador Government International Bond	7.625		02/01/41		4,206
	5,690,000	g	Eskom Holdings Ltd	5.750		01/26/21		6,223
	3,500,000		European Investment Bank	4.875		02/15/36		4,061
	15,350,000		Export Development Canada	2.250		05/28/15		16,120
	1,900,000		Export-Import Bank of Korea	5.125		06/29/20		2,119
	4,200,000		Export-Import Bank of Korea	4.375		09/15/21		4,449

324

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	3,000,000		Federative Republic of Brazil	6.000	%	01/17/17	$	3,534
	800,000	g	Guatemala Government Bond	5.750		06/06/22		832
	2,810,000		Hungary Government International Bond	6.375		03/29/21		2,737
	2,310,000		Hungary Government International Bond	7.625		03/29/41		2,258
	40,200,000		Hydro Quebec	1.375		06/19/17		40,169
	2,100,000	g	Iceland Government International Bond	5.875		05/11/22		2,037
	14,300,000	g	Indonesia Government International Bond	3.750		04/25/22		14,264
	10,075,000		Israel Government International Bond	4.000		06/30/22		10,425
	4,400,000		Italy Government International Bond	5.375		06/12/17		4,357
	1,610,000		Italy Government International Bond	6.875		09/27/23		1,633
	15,230,000	g	Kommunalbanken AS.	1.375		06/08/17		15,173
	3,670,000	g	Korea Housing Finance Corp	3.500		12/15/16		3,803
	5,000,000	g	Lithuania Government International Bond	5.125		09/14/17		5,275
	3,060,000	g	Lithuania Government International Bond	6.625		02/01/22		3,504
	1,000,000		Mexico Government International Bond	5.625		01/15/17		1,164
	4,500,000		Mexico Government International Bond	3.625		03/15/22		4,777
	2,900,000		Mexico Government International Bond	6.750		09/27/34		3,958
	5,000,000		Mexico Government International Bond	6.050		01/11/40		6,450
	4,000,000		Mexico Government International Bond	4.750		03/08/44		4,310
	3,600,000	g	Namibia International Bonds	5.500		11/03/21		3,744
	9,250,000	g	National Bank of Canada	1.650		01/30/14		9,408
	10,000,000	g	Nederlandse Waterschapsbank NV	2.125		02/09/17		10,094
	2,000,000		Panama Government International Bond	5.200		01/30/20		2,335
	2,450,000		Panama Government International Bond	6.700		01/26/36		3,307
	1,000,000		Peruvian Government International Bond	7.125		03/30/19		1,285
	1,200,000		Peruvian Government International Bond	7.350		07/21/25		1,686
	1,250,000		Peruvian Government International Bond	6.550		03/14/37		1,701
	1,000,000		Philippine Government International Bond	5.500		03/30/26		1,183
	2,000,000		Philippine Government International Bond	5.000		01/13/37		2,180
	4,500,000		Poland Government International Bond	3.875		07/16/15		4,751
	6,350,000		Poland Government International Bond	6.375		07/15/19		7,479
	10,667,000		Poland Government International Bond	5.125		04/21/21		11,792
	4,280,000		Poland Government International Bond	5.000		03/23/22		4,672
	25,000,000	g	Province of Alberta Canada	1.000		06/21/17		25,083
	13,825,000		Province of British Columbia Canada	2.850		06/15/15		14,701
	21,000,000		Province of British Columbia Canada	1.200		04/25/17		21,205
	3,000,000		Province of Manitoba Canada	2.125		04/22/13		3,043
	20,000,000		Province of Manitoba Canada	1.375		04/28/14		20,349
	20,750,000		Province of Manitoba Canada	1.750		05/30/19		20,855
	20,000,000		Province of New Brunswick Canada	2.750		06/15/18		21,453
	12,000,000		Province of Nova Scotia Canada	2.375		07/21/15		12,549
	27,400,000		Province of Ontario Canada	4.100		06/16/14		29,235
	24,250,000		Province of Ontario Canada	2.950		02/05/15		25,584
	35,525,000		Province of Ontario Canada	2.700		06/16/15		37,452
	24,000,000		Province of Ontario Canada	2.300		05/10/16		25,038
	10,000,000		Province of Ontario Canada	4.000		10/07/19		11,366
	2,250,000		Province of Quebec Canada	5.125		11/14/16		2,628
	8,835,000		Province of Quebec Canada	4.625		05/14/18		10,329
	22,500,000		Province of Quebec Canada	3.500		07/29/20		24,750
	20,000,000		Province of Quebec Canada	2.750		08/25/21		20,688
	6,000,000		Province of Quebec Canada	7.500		09/15/29		9,225
	3,000,000		Qatar Government International Bond	5.250		01/20/20		3,459
	2,500,000	g	Qatar Government International Bond	4.500		01/20/22		2,759

325

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	920,000	g	Republic of Ghana	8.500	%	10/04/17	$	1,019
	2,700,000		Republic of Hungary	6.250		01/29/20		2,631
	4,230,000	g	Republic of Indonesia	4.875		05/05/21		4,611
	2,500,000	g	Republic of Indonesia	5.250		01/17/42		2,616
	3,333,334		Republic of Serbia	6.750		11/01/24		3,200
	4,500,000		Republic of Turkey	7.500		07/14/17		5,248
	1,650,000		Republic of Turkey	6.000		01/14/41		1,737
	4,200,000	g	Romanian Government International Bond	6.750		02/07/22		4,379
	7,000,000	g	Russian Foreign Bond - Eurobond	3.625		04/29/15		7,241
	3,900,000	g	Russian Foreign Bond - Eurobond	3.250		04/04/17		3,924
	3,375,000	g	Russian Foreign Bond - Eurobond	5.000		04/29/20		3,670
	2,230,000	g	Russian Foreign Bond - Eurobond	4.500		04/04/22		2,336
	3,670,000	g	Russian Foreign Bond - Eurobond	5.625		04/04/42		3,926
	2,300,000	g	Slovakia Government International Bond	4.375		05/21/22		2,266
	4,502,000		South Africa Government International Bond	6.875		05/27/19		5,526
	3,500,000		South Africa Government International Bond	5.500		03/09/20		4,034
	4,500,000		South Africa Government International Bond	4.665		01/17/24		4,871
	1,600,000		South Africa Government International Bond	6.250		03/08/41		2,024
	3,700,000	g	Sri Lanka Government International Bond	6.250		10/04/20		3,792
	1,630,000	g	Sri Lanka Government International Bond	6.250		07/27/21		1,640
	7,680,000		Svensk Exportkredit AB	5.125		03/01/17		8,834
	3,650,000		Turkey Government International Bond	5.125		03/25/22		3,801
	2,180,000		United Mexican States	5.875		02/17/14		2,336
	3,500,000		United Mexican States	5.950		03/19/19		4,266
	500,000		United Mexican States	5.125		01/15/20		586
	4,500,000		Uruguay Government International Bond	6.875		09/28/25		5,918
			TOTAL FOREIGN GOVERNMENT BONDS					986,403
MORTGAGE BACKED - 31.2%
	21,527,208		Federal Home Loan Mortgage Corp (FHLMC) (Interest Only)	4.000		06/15/34		1,487
	3,887,043	h,i	FHLMC	2.380		02/01/36		4,129
	5,379,943	h,i	FHLMC	2.732		07/01/36		5,752
	3,131,969	h,i	FHLMC	2.483		09/01/36		3,344
	2,796,123	h,i	FHLMC	2.603		09/01/36		2,988
	3,568,239	h,i	FHLMC	2.605		09/01/36		3,786
	3,432,782	h,i	FHLMC	2.828		09/01/36		3,645
	4,092,039	h,i	FHLMC	5.741		02/01/37		4,409
	8,091,860	h,i	FHLMC	2.835		03/01/37		8,647
	5,024,295	h,i	FHLMC	5.932		04/01/37		5,463
	281,715	h,i	FHLMC	5.758		05/01/37		305
	3,551,327	h,i	FHLMC	3.871		06/01/37		3,797
	4,237,892	h,i	FHLMC	4.946		08/01/37		4,494
	3,483,953	h,i	FHLMC	4.556		09/01/37		3,696
	15,706,785		FHLMC	5.500		08/01/39		17,346
	28,876,589	i	FHLMC (Interest Only)	6.318		09/15/41		7,086
	45,378		Federal Home Loan Mortgage Corp Gold (FGLMC)	7.000		07/01/13		47
	522,649		FGLMC	6.500		12/01/16		561
	3,835,986		FGLMC	5.000		09/01/18		4,119
	1,866,766		FGLMC	4.500		10/01/18		2,033
	1,271,772		FGLMC	4.500		11/01/18		1,385
	1,337,437		FGLMC	5.500		01/01/19		1,464
	484,930		FGLMC	4.000		06/01/19		517
	1,960,078		FGLMC	4.500		01/01/20		2,095

326

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	1,624,707		FGLMC	4.500	%	07/01/20	$	1,758
	1,099,972		FGLMC	4.500		08/01/20		1,176
	191,565		FGLMC	7.000		10/01/20		224
	5,085,160		FGLMC	4.500		06/01/21		5,432
	14,769,968		FGLMC	4.500		06/01/21		15,777
	1,898,623		FGLMC	5.000		04/01/23		2,032
	36,347		FGLMC	7.000		05/01/23		42
	438,345		FGLMC	6.000		10/01/23		482
	373,371		FGLMC	6.000		11/01/23		411
	6,934,910		FGLMC	4.000		07/01/24		7,333
	2,370,933		FGLMC	4.500		09/01/24		2,521
	33,000,000	h	FGLMC	5.000		07/15/27		35,265
	82,480		FGLMC	8.000		01/01/31		101
	165,229		FGLMC	7.000		12/01/31		195
	139,403		FGLMC	7.000		12/01/31		165
	83,147		FGLMC	7.000		12/01/31		98
	6,408		FGLMC	7.000		01/01/32		8
	350,552		FGLMC	8.000		02/01/32		434
	3,473,014		FGLMC	4.500		07/01/33		3,718
	1,968,350		FGLMC	5.500		11/01/33		2,195
	8,444,503		FGLMC	5.500		12/01/33		9,265
	3,363,287		FGLMC	5.500		12/01/33		3,723
	14,808,260		FGLMC	7.000		12/01/33		17,643
	26,458,382	d	FGLMC	5.000		01/01/34		28,628
	6,583,959		FGLMC	5.000		05/01/34		7,117
	3,666,626		FGLMC	6.000		09/01/34		4,062
	11,201,372		FGLMC	4.500		10/01/34		11,993
	821,617		FGLMC	5.500		12/01/34		900
	4,833,687		FGLMC	4.500		04/01/35		5,175
	1,148,032		FGLMC	6.000		05/01/35		1,278
	1,494,998		FGLMC	6.000		05/01/35		1,661
	1,765,015		FGLMC	6.000		05/01/35		1,963
	1,922,191		FGLMC	6.000		05/01/35		2,147
	2,108,862		FGLMC	6.000		05/01/35		2,337
	3,556,321		FGLMC	6.000		05/01/35		3,941
	6,006,748		FGLMC	7.000		05/01/35		7,157
	11,241,215		FGLMC	5.500		06/01/35		12,309
	1,116,200		FGLMC	5.500		06/01/35		1,221
	3,032,976		FGLMC	5.500		06/01/35		3,320
	1,369,855		FGLMC	5.500		06/01/35		1,499
	2,383,998		FGLMC	6.000		06/01/35		2,652
	7,292,664		FGLMC	4.500		08/01/35		7,802
	1,035,761		FGLMC	5.000		10/01/35		1,116
	434,448		FGLMC	6.500		11/01/35		494
	651,925		FGLMC	6.000		01/01/36		716
	2,016,280		FGLMC	5.000		02/01/36		2,173
	849,552		FGLMC	5.500		04/01/36		934
	481,868		FGLMC	6.500		05/01/36		541
	5,627,589		FGLMC	6.500		10/01/36		6,319
	9,483,723		FGLMC	5.500		04/01/37		10,320
	13,289,051		FGLMC	5.500		05/01/37		14,460
	5,773,168		FGLMC	6.000		08/01/37		6,397
	2,452,251		FGLMC	6.000		09/01/37		2,720

327

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	3,853,779		FGLMC	6.500	%	11/01/37	$	4,327
	10,498,079		FGLMC	5.000		04/01/38		11,511
	7,059,478		FGLMC	6.000		11/01/38		7,748
	8,721,251		FGLMC	4.500		05/01/39		9,318
	12,961,502		FGLMC	4.000		06/01/39		13,764
	6,688,825		FGLMC	5.000		07/01/39		7,190
	10,131,834		FGLMC	6.000		07/01/39		11,284
	21,346,782		FGLMC	4.500		11/01/40		23,588
	23,849,808		FGLMC	4.500		12/01/40		26,250
	32,000,000	h	FGLMC	3.500		07/15/42		33,570
	33,000,000	h	FGLMC	4.000		07/15/42		35,016
	143,000,000	h	FGLMC	4.500		07/15/42		152,720
	85,000,000	h	FGLMC	5.000		07/15/42		91,362
	25,307		Federal National Mortgage Association (FNMA)	5.000		06/01/13		26
	2,556,229		FNMA	4.440		07/01/13		2,608
	3,182,831		FNMA	4.754		10/01/13		3,182
	1,306,830		FNMA	4.778		02/01/14		1,358
	5,077,022		FNMA	4.440		04/01/14		5,307
	1,435,134		FNMA	4.563		01/01/15		1,518
	134,027		FNMA	7.500		02/01/15		143
	416,432		FNMA	7.500		04/01/15		444
	329,908		FNMA	7.500		04/01/15		352
	31,167		FNMA	6.500		03/01/16		35
	13,215		FNMA	6.500		04/01/16		15
	237,759		FNMA	6.500		10/01/16		255
	217,473		FNMA	6.500		11/01/16		233
	2,096,919		FNMA	5.000		12/01/17		2,270
	674,315		FNMA	6.500		02/01/18		743
	1,679,268		FNMA	5.500		03/01/18		1,840
	4,119,093		FNMA	5.500		04/01/18		4,512
	357,963		FNMA	5.500		04/01/18		392
	607,622		FNMA	6.500		04/01/18		670
	148,247		FNMA	5.500		05/01/18		162
	7,166,280		FNMA	4.500		12/01/18		7,864
	173,496		FNMA	6.000		01/01/19		191
	49,768		FNMA	6.000		02/01/19		55
	4,107,275		FNMA	5.000		04/01/19		4,447
	1,919,781		FNMA	4.500		06/01/19		2,066
	2,715,682		FNMA	5.000		03/01/20		2,940
	1,732,457		FNMA	5.500		07/01/20		1,899
	945,429		FNMA	4.500		11/01/20		1,017
	2,621,380		FNMA	5.000		12/01/20		2,839
	4,309,422		FNMA	5.000		03/01/21		4,666
	2,538,234		FNMA	5.500		08/01/21		2,776
	1,977,171		FNMA	4.500		03/01/23		2,121
	93,321		FNMA	8.000		03/01/23		107
	3,784,962		FNMA	4.500		06/01/23		4,060
	4,821,843		FNMA	5.000		07/01/23		5,202
	3,398,111		FNMA	5.000		07/01/23		3,666
	2,254,080		FNMA	5.000		12/01/23		2,478
	683,417		FNMA	5.500		02/01/24		753
	5,096,876		FNMA	4.000		05/01/24		5,424
	1,362,323		FNMA	5.500		07/01/24		1,499

328

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	222,847		FNMA	8.000	%	07/01/24	$	267
	2,495,790		FNMA	4.500		08/01/24		2,677
	1,809,483		FNMA	5.500		08/01/24		1,992
	12,362,775		FNMA	4.000		09/01/24		13,156
	5,882,181		FNMA	5.000		10/01/25		6,434
	51,503		FNMA	9.000		11/01/25		63
	11,946,008	h	FNMA	3.000		05/01/27		12,632
	25,000,000	h	FNMA	3.000		07/25/27		26,191
	22,000,000	h	FNMA	4.000		07/25/27		23,396
	22,000,000	h	FNMA	4.500		07/25/27		23,578
	3,466,539		FNMA	6.500		07/01/32		3,968
	249,641		FNMA	7.000		07/01/32		295
	239,203		FNMA	7.000		07/01/32		283
	4,245,733		FNMA	5.500		01/01/33		4,670
	2,691,256		FNMA	6.000		01/01/33		3,002
	627,372		FNMA	5.000		02/01/33		683
	5,158,432		FNMA	4.500		03/25/33		5,414
	2,373,160		FNMA	4.500		08/01/33		2,554
	3,082,271		FNMA	5.000		08/01/33		3,354
	4,088,443		FNMA	4.500		10/01/33		4,400
	2,728,403		FNMA	5.000		10/01/33		2,969
	1,415,723		FNMA	5.000		10/01/33		1,541
	690,207		FNMA	5.000		10/01/33		751
	469,740		FNMA	5.000		11/01/33		526
	4,796,538		FNMA	5.000		11/01/33		5,219
	5,180,950		FNMA	5.000		11/01/33		5,800
	19,415,351		FNMA	5.000		11/01/33		21,127
	1,501,065		FNMA	5.500		12/01/33		1,650
	426,309		FNMA	5.500		12/01/33		470
	4,514,086		FNMA	5.500		12/01/33		5,049
	2,683,296		FNMA	5.000		03/01/34		2,920
	1,060,773		FNMA	5.000		03/01/34		1,154
	812,849		FNMA	5.000		03/01/34		885
	6,927,441		FNMA	5.000		03/01/34		7,538
	921,408		FNMA	5.000		03/01/34		1,003
	3,825,279		FNMA	5.500		03/01/34		4,250
	7,243,674		FNMA	5.000		04/01/34		7,878
	25,632,841		FNMA	5.000		08/01/34		27,834
	4,356,489		FNMA	6.000		08/01/34		4,906
	1,492,958		FNMA	5.500		09/01/34		1,659
	1,867,338		FNMA	5.500		09/01/34		2,075
	1,388,361		FNMA	5.500		10/01/34		1,542
	1,646,139		FNMA	5.500		10/01/34		1,829
	1,635,790		FNMA	6.000		12/01/34		1,834
	2,564,570		FNMA	5.500		01/01/35		2,831
	28,543,372		FNMA	5.500		02/01/35		31,380
	2,515,622		FNMA	5.500		04/01/35		2,795
	2,824,363		FNMA	6.000		04/01/35		3,152
	6,833,029		FNMA	4.500		05/01/35		7,354
	10,686,953		FNMA	5.500		05/01/35		11,722
	3,735,160		FNMA	6.000		05/01/35		4,162
	553,635		FNMA	5.500		06/01/35		607
	3,067,965		FNMA	5.500		06/01/35		3,365

329

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	516,575		FNMA	5.500	%	06/01/35	$	573
	1,699,560		FNMA	5.500		06/01/35		1,868
	1,173,497		FNMA	5.500		06/01/35		1,288
	111,565		FNMA	7.500		06/01/35		124
	1,380,194		FNMA	5.500		07/01/35		1,514
	1,963,073		FNMA	6.000		07/01/35		2,172
	3,812,505		FNMA	4.500		08/01/35		4,096
	6,086,661		FNMA	5.000		08/01/35		6,604
	6,611,416		FNMA	5.500		09/01/35		7,345
	6,466,691		FNMA	5.000		10/01/35		7,017
	3,160,729	i	FNMA	5.500		11/01/35		3,467
	3,541,376		FNMA	2.696		02/01/36		3,777
	6,028,178		FNMA	5.000		02/01/36		6,556
	12,407,945	i	FNMA	6.000		03/01/36		13,674
	1,660,148		FNMA	2.385		07/01/36		1,744
	2,891,088		FNMA	6.500		09/01/36		3,285
	4,341,809		FNMA	6.000		12/01/36		4,785
	4,798,062		FNMA	6.500		03/01/37		5,452
	167,376		FNMA	6.500		03/01/37		189
	3,312,983		FNMA	7.000		04/01/37		3,856
	1,950,613		FNMA	6.500		08/01/37		2,218
	5,721,785		FNMA	6.500		08/01/37		6,501
	3,174,573		FNMA	6.000		09/01/37		3,553
	3,518,388		FNMA	6.000		09/01/37		3,938
	2,243,304		FNMA	6.000		09/01/37		2,511
	4,250,728		FNMA	6.000		09/01/37		4,757
	5,407,440		FNMA	6.500		09/01/37		6,105
	4,318,890		FNMA	6.500		09/01/37		4,876
	2,484,559		FNMA	6.500		09/01/37		2,805
	495,850		FNMA	6.500		09/01/37		561
	5,112,082	i	FNMA	6.500		09/01/37		5,808
	7,472,247		FNMA	5.890		10/01/37		7,939
	1,888,293		FNMA	7.000		11/01/37		2,198
	463,321		FNMA	6.500		01/01/38		523
	88,621		FNMA	6.500		02/01/38		101
	2,576,641		FNMA	6.500		03/01/38		2,903
	610,483		FNMA	6.500		03/01/38		688
	301,151		FNMA	6.500		03/01/38		339
	9,900,695	i	FNMA	6.000		07/01/38		10,911
	3,555,212		FNMA	4.916		10/01/38		3,825
	17,943,427		FNMA	6.000		10/01/38		19,774
	6,214,617		FNMA	4.500		01/01/39		6,669
	4,406,200		FNMA	5.500		01/01/39		4,808
	5,184,786		FNMA	6.000		01/01/39		5,702
	3,955,617		FNMA	6.000		01/01/39		4,350
	7,638,559		FNMA	4.500		02/01/39		8,197
	11,565,465		FNMA	4.500		02/01/39		12,411
	4,159,787		FNMA	5.500		02/01/39		4,539
	8,751,914		FNMA	4.000		04/01/39		9,488
	7,853,810		FNMA	4.500		05/01/39		8,428
	9,293,856		FNMA	4.500		08/01/39		9,974
	31,000,000		FNMA	4.000		02/25/40		33,830
	62,385,987		FNMA	4.500		09/01/40		67,143

330

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	35,083,904		FNMA	4.500	%	09/01/40	$	37,759
	15,762,371		FNMA	4.000		11/01/40		16,802
	28,504,236		FNMA	4.500		11/01/40		30,931
	25,104,037		FNMA	4.000		02/01/41		26,761
	20,000,000	h	FNMA	3.000		07/25/42		20,509
	216,000,000	h	FNMA	3.500		07/25/42		227,036
	442,000,000	h	FNMA	4.000		07/25/42		470,385
	178,000,000	h	FNMA	4.500		07/25/42		190,933
	277,000,000	h	FNMA	5.000		07/25/42		299,766
	309,000,000	h	FNMA	5.500		07/25/42		337,051
	266,000,000	h	FNMA	6.000		07/25/42		292,309
	25,000,000	h	FNMA	6.500		07/25/42		28,133
	15,984		Government National Mortgage Association (GNMA)	9.000		06/15/16		18
	3,562		GNMA	9.000		09/15/16		4
	6,461		GNMA	9.000		09/15/16		7
	10,154		GNMA	9.000		11/15/16		10
	7,170		GNMA	9.000		12/15/16		7
	3,159		GNMA	9.000		12/15/16		3
	63,226		GNMA	9.500		12/15/16		71
	31,759		GNMA	8.000		06/15/24		38
	47,165		GNMA	8.500		11/20/30		59
	65,560		GNMA	8.500		12/20/30		82
	2,425,702		GNMA	5.500		07/15/33		2,709
	1,155,027		GNMA	5.500		11/20/33		1,291
	4,306,315		GNMA	5.500		03/20/35		4,807
	2,417,189		GNMA	5.500		12/20/35		2,694
	1,521,284		GNMA	6.000		10/20/36		1,710
	1,586,915		GNMA	6.000		01/20/37		1,784
	4,461,140		GNMA	6.000		02/20/37		5,015
	4,348,650		GNMA	6.000		12/15/37		4,887
	5,483,540		GNMA	5.000		04/15/38		6,037
	7,050,017		GNMA	5.500		07/15/38		7,828
	6,953,175		GNMA	5.500		07/20/38		7,722
	2,339,283		GNMA	6.000		08/15/38		2,629
	2,222,716		GNMA	6.000		08/20/38		2,493
	2,987,869		GNMA	6.500		11/20/38		3,420
	10,627,789		GNMA	4.500		03/15/39		11,641
	9,973,612		GNMA	4.500		05/15/39		10,924
	6,009,406		GNMA	5.000		06/15/39		6,655
	5,262,543		GNMA	5.000		06/15/39		5,828
	12,954,137		GNMA	4.500		07/20/39		14,278
	3,940,547		GNMA	5.000		07/20/39		4,355
	4,677,706		GNMA	4.000		08/15/39		5,125
	1,661,878		GNMA	4.000		11/20/39		1,749
	19,000,000	h	GNMA	3.500		07/15/42		20,321
	161,000,000	h	GNMA	4.000		07/15/42		175,817
	128,000,000	h	GNMA	4.500		07/15/42		139,940
	102,000,000	h	GNMA	5.000		07/15/42		112,232
	48,000,000	h	GNMA	5.500		07/15/42		53,258
	40,000,000	h	GNMA	6.000		07/15/42		44,906
	121,000,000	h	GNMA	4.500		07/20/42		133,005
	50,000,000	h	GNMA	5.000		07/20/42		55,219
	7,847,451		GNMA	6.500		01/15/44		8,603
			TOTAL MORTGAGE BACKED				$	4,369,829

331

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
MUNICIPAL BONDS - 1.6%
$	2,000,000		Charlotte-Mecklenburg Hospital Authority	5.000	%	08/01/15	$	2,169
	15,000,000		City of New York NY	2.450		04/01/19		15,171
	10,000,000		City of New York NY	2.650		04/01/20		10,102
	13,000,000		Grant County Public Utility District No 2	5.630		01/01/27		15,442
	2,000,000	h	Texas A&M Permanent University Fund	1.439		07/01/17		1,997
	2,625,000	h	Texas A&M Permanent University Fund	1.730		07/01/18		2,621
	4,720,000	h	Texas A&M Permanent University Fund	1.880		07/01/19		4,706
	2,320,000	h	Texas A&M Permanent University Fund	2.258		07/01/20		2,312
	2,160,000	h	Texas A&M Permanent University Fund	2.408		07/01/21		2,152
	2,750,000	h	Texas A&M Permanent University Fund	2.508		07/01/22		2,740
	2,855,000	h	Texas A&M Permanent University Fund	2.608		07/01/23		2,843
	3,250,000	h	Texas A&M Permanent University Fund	2.708		07/01/24		3,236
	2,335,000	h	Texas A&M Permanent University Fund	2.808		07/01/25		2,325
	3,775,000	h	Texas A&M Permanent University Fund	2.908		07/01/26		3,757
	4,000,000	h	Texas A&M Permanent University Fund	3.008		07/01/27		3,981
	18,535,000	h	Texas A&M Permanent University Fund	3.575		07/01/32		18,431
	9,000,000		State of California	5.450		04/01/15		9,955
	11,370,000		State of California	5.950		04/01/16		13,033
	16,100,000		State of California	7.625		03/01/40		20,815
	2,915,000	h	State of Georgia	1.750		07/01/19		2,916
	3,060,000	h	State of Georgia	2.000		07/01/20		3,059
	3,215,000	h	State of Georgia	2.150		07/01/21		3,214
	3,905,000	h	State of Georgia	2.750		07/01/25		3,901
	4,100,000	h	State of Georgia	2.850		07/01/26		4,096
	4,305,000	h	State of Georgia	2.950		07/01/27		4,301
	4,520,000	h	State of Georgia	3.050		07/01/28		4,515
	4,100,000		State of Illinois	1.560		06/15/17		4,094
	4,500,000		State of Illinois	1.998		06/15/18		4,498
	6,780,000		State of Illinois	2.298		06/15/19		6,785
	4,220,000		State of Illinois	2.681		06/15/20		4,222
	16,210,000		State of Illinois	2.781		06/15/21		16,208
	4,325,000		State of Illinois	2.931		06/15/22		4,325
	15,000,000		UNM Sandoval Regional Medical Center	4.500		07/20/36		15,891
			TOTAL MUNICIPAL BONDS					219,813
U.S. TREASURY SECURITIES - 18.0%
	22,000,000		United States Treasury Bond	6.375		08/15/27		33,883
	49,175,000		United States Treasury Bond	5.250		02/15/29		69,367
	183,561,000		United States Treasury Bond	5.375		02/15/31		267,483
	677,000		United States Treasury Bond	4.500		02/15/36		909
	111,855,000		United States Treasury Bond	3.500		02/15/39		129,437
	26,135,000		United States Treasury Bond	4.375		05/15/41		34,907
	31,834,000		United States Treasury Bond	3.750		08/15/41		38,390
	423,000		United States Treasury Bond	3.125		11/15/41		455
	30,341,000		United States Treasury Bond	3.125		02/15/42		32,588
	72,459,000		United States Treasury Bond	3.000		05/15/42		75,890
	20,845,600	k	United States Treasury Inflation Indexed Bonds	0.125		04/15/16		21,697
	100,000,000		United States Treasury Note	0.375		09/30/12		100,059
	62,500,000	d	United States Treasury Note	1.375		11/15/12		62,778
	24,690,000		United States Treasury Note	0.625		01/31/13		24,753

332

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	1,575,000		United States Treasury Note	0.125	%	08/31/13	$	1,572
	25,195,000		United States Treasury Note	3.125		08/31/13		26,029
	54,829,000		United States Treasury Note	3.125		09/30/13		56,765
	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		2,229
	62,337,000		United States Treasury Note	2.750		10/31/13		64,365
	68,179,000		United States Treasury Note	2.000		11/30/13		69,817
	45,365,000		United States Treasury Note	0.125		12/31/13		45,245
	15,000,000		United States Treasury Note	0.250		02/28/14		14,985
	6,050,000		United States Treasury Note	0.250		05/31/14		6,042
	5,575,000		United States Treasury Note	0.250		06/30/14		5,568
	19,897,000		United States Treasury Note	2.500		04/30/15		21,061
	79,421,000		United States Treasury Note	2.125		05/31/15		83,318
	187,425,000		United States Treasury Note	0.375		06/15/15		187,264
	12,717,000		United States Treasury Note	1.875		06/30/15		13,259
	15,952,000		United States Treasury Note	1.750		07/31/15		16,584
	18,485,000		United States Treasury Note	1.250		10/31/15		18,946
	9,800,000		United States Treasury Note	2.375		03/31/16		10,462
	68,903,000		United States Treasury Note	1.000		10/31/16		69,953
	10,000,000		United States Treasury Note	3.125		10/31/16		11,055
	60,480,000		United States Treasury Note	0.875		11/30/16		61,080
	5,944,400		United States Treasury Note	0.625		05/31/17		5,917
	123,217,000		United States Treasury Note	0.750		06/30/17		123,342
	92,420,000		United States Treasury Note	2.375		05/31/18		100,131
	125,000,000		United States Treasury Note	2.250		07/31/18		134,561
	43,365,000		United States Treasury Note	1.750		10/31/18		45,374
	5,625,000		United States Treasury Note	1.375		02/28/19		5,744
	2,350,000		United States Treasury Note	1.000		06/30/19		2,333
	319,500		United States Treasury Note	2.625		11/15/20		351
	234,872,000		United States Treasury Note	8.000		11/15/21		368,712
	9,971,600		United States Treasury Note	2.000		02/15/22		10,307
	6,892,000		United States Treasury Note	1.750		05/15/22		6,948
			TOTAL U.S. TREASURY SECURITIES					2,485,761
			TOTAL GOVERNMENT BONDS					8,729,964
			(Cost $8,350,390)
STRUCTURED ASSETS - 5.4%
ASSET BACKED - 2.8%
	90,000,000		AEP Texas Central Transition Funding LLC	1.976		06/01/21		92,000
			Series - 2012 1 (Class A2)
	31,170,000		AEP Texas Central Transition Funding LLC	2.845		03/01/26		32,308
			Series - 2012 1 (Class A3)
	28,000,000		AmeriCredit Automobile Receivables Trust	0.710		12/08/15		28,001
			Series - 2012 3 (Class A2)
	4,950,000		AmeriCredit Automobile Receivables Trust	3.340		04/08/16		5,136
			Series - 2010 3 (Class C)
	5,350,000		AmeriCredit Automobile Receivables Trust	2.850		08/08/16		5,495
			Series - 2011 1 (Class C)
	74,236	g	Asset Backed Funding Corp NIM Trust	5.900		07/26/35		0	^
			Series - 2006 WMC1 (Class N1)
	1,450,000	g	Avis Budget Rental Car Funding AESOP LLC	3.150		03/20/17		1,522
			Series - 2010 5A (Class A)

333

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL				ISSUER	RATE		MATURITY DATE	VALUE (000)
$	5,724,541	i		Bear Stearns Asset Backed Securities Trust	0.615	%	11/25/39	$	5,166
				Series - 2005 SD3 (Class 2A1)
	7,388,147	i		BNC Mortgage Loan Trust	0.345		05/25/37		6,669
				Series - 0 2 (Class A2)
	32,710,000			CenterPoint Energy Transition Bond Co LLC	3.028		10/15/25		34,493
				Series - 2012 1 (Class A3)
	1,180,137	i		Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		406
				Series - 2004 2 (Class 1M2)
	2,360,274	i		Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		1,300
				Series - 2004 2 (Class 1M1)
	927,250	i		Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		207
				Series - 2004 2 (Class 1B)
	2,479,942			CIT Group Home Equity Loan Trust	6.200		02/25/30		2,473
				Series - 2002 1 (Class AF6)
	669,498			CIT Group Home Equity Loan Trust	6.390		12/25/30		94
				Series - 2002 2 (Class MF2)
	2,324,944			Citicorp Mortgage Securities, Inc	5.706		07/25/36		2,329
				Series - 2006 1 (Class A3)
	824,723	i		Countrywide Asset-Backed Certificates	0.655		05/25/36		797
				Series - 2004 AB2 (Class A3)
	2,915,265	i		Countrywide Asset-Backed Certificates	5.683		10/25/46		2,918
				Series - 2006 15 (Class A2)
	2,687,161	g		Credit-Based Asset Servicing and Securitization LLC	6.159		12/25/36		2,587
				Series - 2007 MX1 (Class A1)
	5,525,000	g,i		DB/UBS Mortgage Trust	5.728		11/10/46		5,677
				Series - 2011 LC1A (Class C)
	10,312,840	g		Flagstar Home Equity Loan Trust	5.781		01/25/35		9,851
				Series - 2007 1A (Class AF3)
	2,725,000			Ford Credit Auto Owner Trust	3.210		07/15/17		2,835
				Series - 2011 A (Class D)
	22,000,000	g		Hyundai Auto Lease Securitization Trust 2011-A	0.680		01/15/15		22,014
				Series - 2012 A (Class A2)
	19,287,443			Lehman XS Trust	6.500		06/25/46		10,756
				Series - 2006 13 (Class 2A1)
	15,521,606		i	Lehman XS Trust	0.405		08/25/46		11,852
				Series - 2006 GP4 (Class 3A2A)
	2,062,052	i		Long Beach Mortgage Loan Trust	0.995		02/25/35		2,037
				Series - 2005 1 (Class M1)
	62,457	i		Morgan Stanley ABS Capital I	0.285		01/25/37		62
				Series - 2007 HE2 (Class A2A)
	2,886,016	i		Park Place Securities, Inc	1.190		09/25/34		2,587
				Series - 2004 WHQ1 (Class M1)
	40,568	i		Renaissance Home Equity Loan Trust	0.685		08/25/33		34
				Series - 2003 2 (Class A)
	8,025,000			Renaissance Home Equity Loan Trust	5.586		11/25/36		3,771
				Series - 2006 3 (Class AF3)
	388,131	i		Residential Asset Securities Corp	6.489		10/25/30		356
				Series - 2001 KS2 (Class AI6)
	2,383,332	i		Residential Asset Securities Corp	0.675		04/25/35		2,247
				Series - 2005 KS3 (Class M3)
	12,152,200			Residential Funding Mortgage Securities II, Inc	5.500		08/25/25		12,099
				Series - 2006 HI5 (Class A3)

334

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	3,151,461		Residential Funding Mortgage Securities II, Inc	5.450	%	08/25/34	$	2,864
			Series - 2005 HI1 (Class A5)
	4,245,547		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36		4,251
			Series - 2006 HI3 (Class A3)
	2,500,000		Residential Funding Mortgage Securities II, Inc	6.010		02/25/36		2,336
			Series - 2006 HI1 (Class M1)
	350,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		304
			Series - 2006 HI1 (Class M2)
	30,000,000	h	Santander Drive Auto Receivables Trust	0.790		08/17/15		29,998
			Series - 2012 4 (Class A2)
	2,054,267	i	Securitized Asset Backed Receivables LLC	0.545		10/25/35		1,956
			Series - 2006 OP1 (Class A2C)
	2,000,000	g	SLM Student Loan Trust	3.740		02/15/29		2,066
			Series - 2011 B (Class A2)
	4,999,086	i	Soundview Home Equity Loan Trust	0.545		11/25/35		4,681
			Series - 2005 OPT3 (Class A4)
	1,791,241	i	Soundview Home Equity Loan Trust	0.355		10/25/36		1,778
			Series - 2006 EQ1 (Class A2)
	1,401,035	i	Structured Asset Investment Loan Trust	0.645		05/25/35		1,346
			Series - 2005 4 (Class M1)
	6,122,874	i	Structured Asset Investment Loan Trust	0.525		12/25/35		6,069
			Series - 2005 10 (Class A5)
	8,585,000	g	Vornado DP LLC	5.280		09/13/28		9,095
			Series - 2010 VNO (Class C)
	1,151,120	g,m	Wachovia Amortization Controlled Heloc NIM	5.683		08/12/47		1,048
			Series - 2006 N1 (Class N1)
	2,401,231	g,i	Wachovia Loan Trust	0.605		05/25/35		1,884
			Series - 2005 SD1 (Class A)
	2,401,351	i	Wells Fargo Home Equity Trust	0.385		07/25/36		2,184
			Series - 2006 2 (Class A3)
	5,000,000		World Financial Network Credit Card Master Trust	6.750		04/15/19		5,537
			Series - 2010 A (Class B)
	5,000,000		World Omni Automobile Lease Securitization Trust	0.710		01/15/15		5,004
			Series - 2012 A (Class A2)
			TOTAL ASSET BACKED					392,480
OTHER MORTGAGE BACKED - 2.6%
	1,315,000		Banc of America Commercial Mortgage, Inc	5.675		07/10/46		1,398
			Series - 2006 4 (Class AM)
	9,773,000	i	Banc of America Commercial Mortgage, Inc	5.807		04/10/49		11,188
			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)
	4,685,695		Bear Stearns Asset Backed Securities Trust	5.250		04/25/35		4,055
			Series - 2005 AC2 (Class 1A)
	3,570,153		Bear Stearns Commercial Mortgage Securities	5.201		12/11/38		4,033
			Series - 2006 PW14 (Class A4)
	6,800,000	i	Bear Stearns Commercial Mortgage Securities	5.582		09/11/41		7,279
			Series - 2006 PW13 (Class AM)
	6,375,000	i	Bear Stearns Commercial Mortgage Securities	5.568		10/12/41		6,839
			Series - 2006 T24 (Class AM)
	10,445,000	i	Bear Stearns Commercial Mortgage Securities	4.750		02/13/46		11,133
			Series - 2004 T16 (Class A6)

335

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	2,695,000		Bear Stearns Commercial Mortgage Securities	5.700	%	06/11/50	$	3,102
			Series - 2007 PW18 (Class A4)
	1,861,270		Citicorp Mortgage Securities, Inc	5.750		11/25/36		1,864
			Series - 2006 6 (Class A2)
	2,003,746		Citicorp Mortgage Securities, Inc	6.000		05/25/37		2,004
			Series - 2007 4 (Class 1A7)
	382,146	g,i	Citigroup Commercial Mortgage Trust	0.382		04/15/22		366
			Series - 2007 FL3A (Class A2)
	5,625,000	g	Commercial Mortgage Pass Through Certificates	2.555		12/10/24		5,643
			Series - 2011 STRT (Class A)
	14,574,000	g	Commercial Mortgage Pass Through Certificates	2.365		02/10/29		14,908
			Series - 2012 9W57 (Class A)
	9,330,000	i	Commercial Mortgage Pass Through Certificates	5.650		12/10/49		9,826
			Series - 2007 C9 (Class AM)
	5,294,769		Countrywide Alternative Loan Trust	5.500		08/25/16		5,443
			Series - 2004 30CB (Class 1A15)
	4,369,086		Countrywide Home Loan Mortgage Pass Through Trust	5.250		02/25/16		4,352
			Series - 2005 6 (Class 1A10)
	2,009,721		Countrywide Home Loan Mortgage Pass Through Trust	5.250		05/25/35		1,998
			Series - 2005 12 (Class 1A5)
	817,446		Countrywide Home Loan Mortgage Pass Through Trust	5.500		09/25/35		820
			Series - 2005 J3 (Class 1A1)
	3,193,561	g,i	Credit Suisse Mortgage Capital Certificates	0.422		04/15/22		2,922
			Series - 2007 TF2A (Class A1)
	11,500,000	g	Credit Suisse Mortgage Capital Certificates	5.626		05/15/23		12,885
			Series - 2006 OMA (Class D)
	14,450,000	g	Credit Suisse Mortgage Capital Certificates	5.383		02/15/40		14,148
			Series - 2009 RR1 (Class A3C)
	3,700,000		CS First Boston Mortgage Securities Corp	4.052		05/15/38		3,761
			Series - 2003 C3 (Class B)
	3,572,488	g	DB/UBS Mortgage Trust	3.742		11/10/46		3,827
			Series - 2011 LC1A (Class A1)
	5,952,000	g,i,m	GS Mortgage Securities Corp II	4.276		04/10/34		6,048
		g,i,	Series - 2012 GSMS (Class C)
	5,910,000	g,i	GS Mortgage Securities Corp II	5.403		12/10/43		6,399
			Series - 2010 C2 (Class B)
	4,670,000	g,i	GS Mortgage Securities Corp II	5.403		12/10/43		4,634
			Series - 2010 C2 (Class C)
	1,280,000	g,i	HVB Mortgage Capital Corp	2.291		09/10/22		1,237
			Series - 2003 FL1A (Class J)
	3,540,721	i	Irwin Home Equity Corp	0.625		02/25/34		2,853
			Series - 2005 A (Class A3)
	2,181,168	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	7.931		10/12/37		2,201
			Series - 2002 CIB5 (Class S1)
	796,333	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	8.648		10/12/37		802
			Series - 2002 CIB5 (Class S2)
	11,025,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.440		05/15/45		11,834
			Series - 2006 LDP8 (Class AM)
	6,455,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.431		07/15/46		6,147
			Series - 2011 C4 (Class C)
	4,695,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.336		05/15/47		5,194
			Series - 2006 LDP9 (Class A3)
	1,400,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	6.009		06/15/49		1,537
			Series - 2007 LD11 (Class A4)

336

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	1,290,321	i	JP Morgan Mortgage Trust	4.277	%	04/25/35	$	1,301
			Series - 2005 A2 (Class 5A1)
	7,500,000	i	LB-UBS Commercial Mortgage Trust	5.150		04/15/30		8,239
			Series - 2005 C2 (Class A5)
	5,425,000		LB-UBS Commercial Mortgage Trust	5.430		02/15/40		6,056
			Series - 2007 C2 (Class A3)
	2,594,000	i	LB-UBS Commercial Mortgage Trust	5.858		07/15/40		2,963
			Series - 2007 C6 (Class A4)
	1,598,745		MASTER Asset Securitization Trust	5.000		05/25/35		1,606
			Series - 2005 1 (Class 2A5)
	3,729,128	i	Merrill Lynch Mortgage Trust	5.107		07/12/38		4,018
			Series - 2005 CIP1 (Class AM)
	4,700,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.607		02/12/39		5,271
			Series - 2006 1 (Class A4)
	12,565,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.172		12/12/49		13,921
			Series - 2006 4 (Class A3)
	13,200,000	i	Morgan Stanley Capital I	5.447		02/12/44		14,925
			Series - 2007 HQ11 (Class A4)
	3,550,000	g,i	Morgan Stanley Capital I	5.422		09/15/47		3,223
			Series - 2011 C1 (Class D)
	6,560,000	g,i	Morgan Stanley Capital I	5.422		09/15/47		6,540
			Series - 2011 C1 (Class C)
	3,075,000	i	Morgan Stanley Capital I	5.544		11/12/49		3,185
			Series - 2007 T25 (Class AM)
	3,600,000	i	Nomura Asset Securities Corp	7.332		03/15/30		3,676
			Series - 1998 D6 (Class A2)
	3,401,746		Residential Accredit Loans, Inc	4.350		03/25/34		3,502
			Series - 2004 QS4 (Class A1)
	14,422,990	i	Residential Accredit Loans, Inc	0.435		05/25/46		7,634
			Series - 2006 QO5 (Class 2A1)
	4,830,570	g,i	Springleaf Mortgage Loan Trust	2.667		09/25/57		4,827
			Series - 2012 1A (Class A)
	808,028	i	Structured Adjustable Rate Mortgage Loan Trust	1.005		03/25/35		796
			Series - 2005 6XS (Class A3)
	1,521,165		Wachovia Bank Commercial Mortgage Trust	5.246		12/15/43		1,575
			Series - 2007 C30 (Class A3)
	20,000,000		Wachovia Bank Commercial Mortgage Trust	5.342		12/15/43		21,582
			Series - 2007 C30 (Class A5)
	17,225,000		Wachovia Bank Commercial Mortgage Trust	5.383		12/15/43		16,448
			Series - 2007 C30 (Class AM)
	10,192,000	i	Wachovia Bank Commercial Mortgage Trust	6.171		06/15/45		11,129
			Series - 2006 C26 (Class AM)
	7,595,000		Wachovia Bank Commercial Mortgage Trust	5.500		04/15/47		8,280
			Series - 2007 C31 (Class A5)
	3,660,000		Wachovia Bank Commercial Mortgage Trust	5.339		11/15/48		3,817
			Series - 2006 C29 (Class AM)
	6,125,000	i	Wachovia Bank Commercial Mortgage Trust	6.097		02/15/51		6,864
			Series - 2007 C33 (Class A4)
	6,565,000	i	Wachovia Bank Commercial Mortgage Trust	6.097		02/15/51		7,294
			Series - 2007 C33 (Class A5)
	853,845		Wells Fargo Mortgage Backed Securities Trust	5.500		04/25/35		854
			Series - 2005 2 (Class 1A1)

337

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	4,725,000	g,i	Wells Fargo Mortgage Backed Securities Trust	5.276	%	11/15/43	$	5,252
			Series - 2010 C1 (Class B)
			TOTAL OTHER MORTGAGE BACKED					359,457
			TOTAL STRUCTURED ASSETS					751,937
			(Cost $738,900)
			TOTAL BONDS					13,853,770
			(Cost $13,220,843)
SHARES			COMPANY
PREFERRED STOCKS - 0.0%
BANKS - 0.0%
	470,597	*	Federal Home Loan Mortgage Corp	8.375		12/30/49		1,021
	1,527,061	*	Federal National Mortgage Association	8.250		12/30/49		2,489
			TOTAL BANKS					3,510
			TOTAL PREFERRED STOCKS					3,510
			(Cost $49,942)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 22.7%
GOVERNMENT AGENCY DEBT - 2.0%
$	100,000,000	d	Federal Home Loan Bank (FHLB)	0.017		07/11/12		99,997
	61,028,000	d	FHLB	0.064-0.067		08/29/12		61,024
	65,770,000	d	FHLB	0.010		07/05/12		65,769
	50,000,000	d	Federal National Mortgage Association (FNMA)	0.046		08/08/12		49,994
			TOTAL GOVERNMENT AGENCY DEBT					276,784
TREASURY DEBT - 20.7%
	180,530,000	d	United States Treasury Bill	0.003-0.028		07/12/12		180,526
	309,000,000	d	United States Treasury Bill	0.006-0.029		07/19/12		308,989
	355,400,000	d	United States Treasury Bill	0.005-0.023		07/26/12		355,386
	91,800,000	d	United States Treasury Bill	0.029-0.038		08/02/12		91,794
	110,400,000	d	United States Treasury Bill	0.030-0.038		08/09/12		110,389
	350,000,000	d	United States Treasury Bill	0.030-0.031		08/16/12		349,961
	255,500,000	d	United States Treasury Bill	0.011-0.049		08/23/12		255,477
	100,000,000	d	United States Treasury Bill	0.062		08/30/12		99,992
	274,765,000	d	United States Treasury Bill	0.048-0.062		09/06/12		274,731
	232,956,000	d	United States Treasury Bill	0.066		09/13/12		232,919
	124,800,000	d	United States Treasury Bill	0.079		09/20/12		124,780
	104,800,000	d	United States Treasury Bill	0.075-0.078		09/27/12		104,779
	71,100,000		United States Treasury Bill	0.078		10/11/12		71,082
	132,775,000	d	United States Treasury Bill	0.028-0.090		10/18/12		132,733
	200,000,000		United States Treasury Bill	0.110		11/15/12		199,915
	30,000,000	d	United States Treasury Note	0.625		07/31/12		30,013
			TOTAL TREASURY DEBT					2,923,466
			TOTAL SHORT-TERM INVESTMENTS					3,200,250
			(Cost $3,200,225)
			TOTAL INVESTMENTS - 122.1%					17,069,296
			(Cost $16,482,806)
			OTHER ASSETS & LIABILITIES, NET - (22.1)%				$	(3,092,619	)
			NET ASSETS - 100.0%				$	13,976,677
	*		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 June 30, 2012 the aggregate value of these securities amounted to $1,350,291,000 or 9.7% 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.

338

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

COLLEGE RETIREMENT EQUITIES FUND
INFLATION-LINKED BOND
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2012

PRINCIPAL			ISSUER	VALUE (000)
GOVERNMENT BONDS - 98.8%
U.S. TREASURY SECURITIES - 98.8%
		k	United States Treasury Inflation Indexed Bonds
$	6,911,658		0.625%, 04/15/13	$	6,923
	344,476,763		1.875%, 07/15/13		352,766
	355,283,060		2.000%, 01/15/14		368,884
	240,570,804		1.250%, 04/15/14		248,371
	335,853,839		2.000%, 07/15/14		355,874
	304,739,216		1.625%, 01/15/15		323,833
	255,633,280		0.500%, 04/15/15		265,419
	288,125,208		1.875%, 07/15/15		313,336
	275,235,419		2.000%, 01/15/16		304,522
	447,555,032		0.125%, 04/15/16		465,842
	278,617,394		2.500%, 07/15/16		318,952
	258,403,390		2.375%, 01/15/17		298,213
	201,512,367		0.125%, 04/15/17		212,721
	212,017,640		2.625%, 07/15/17		251,837
	235,063,289		1.625%, 01/15/18		268,229
	221,484,288		1.375%, 07/15/18		252,856
	219,131,975		2.125%, 01/15/19		262,188
	231,658,200		1.875%, 07/15/19		277,067
	262,036,107		1.375%, 01/15/20		304,658
	288,657,760		1.250%, 07/15/20		335,159
	400,108,748		1.125%, 01/15/21		460,438
	404,016,808		0.625%, 07/15/21		449,974
	245,965,411		0.125%, 01/15/22		260,243
	361,588,293		2.375%, 01/15/25		476,195
	274,510,962		2.000%, 01/15/26		350,323
	218,693,277		2.375%, 01/15/27		293,459
	219,524,183		1.750%, 01/15/28		275,040
	258,916,001		3.625%, 04/15/28		399,438
	208,845,095		2.500%, 01/15/29		289,821
	289,534,279		3.875%, 04/15/29		467,824
	83,288,671		3.375%, 04/15/32		134,173
	167,804,237		2.125%, 02/15/40		238,177
	237,319,245		2.125%, 02/15/41		338,699
	154,250,625		0.750%, 02/15/42		161,806
			TOTAL U.S. TREASURY SECURITIES		10,383,260
			TOTAL GOVERNMENT BONDS
			(Cost $8,985,151)		10,383,260
SHORT-TERM INVESTMENTS - 0.6%
GOVERNMENT AGENCY DEBT - 0.1%
			Federal Home Loan Bank (FHLB)
	4,630,000		0.117%, 09/19/08		4,629

339

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

PRINCIPAL		ISSUER	VALUE (000)
			$	4,629
TREASURY DEBT - 0.5%
		United States Treasury Bill
$	16,170,000	0.028%, 07/19/12		16,170
	3,685,000	0.042%, 08/09/12		3,685
	24,565,000	0.081%, 09/20/12		24,561
	11,755,000	0.075%-0.091%, 09/27/12		11,752
				56,168
		TOTAL SHORT-TERM INVESTMENTS		60,797
		(Cost $60,796)
		TOTAL INVESTMENTS - 99.4%		10,444,057
		(Cost $9,045,947)
		OTHER ASSETS AND LIABILITIES, NET - 0.6%		63,046
		NET ASSETS - 100.0%	$	10,507,103
	k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
		Cost amounts are in thousands.

340

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

COLLEGE RETIREMENT EQUITIES FUND
SOCIAL CHOICE ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2012

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
BONDS - 38.3%
CORPORATE BONDS - 12.0%
AUTOMOBILES & COMPONENTS - 0.1%
$	2,350,000		BorgWarner, Inc	4.625	%	09/15/20	$	2,560
	4,750,000		Johnson Controls, Inc	2.600		12/01/16		4,906
	3,250,000		Johnson Controls, Inc	5.000		03/30/20		3,674
			TOTAL AUTOMOBILES & COMPONENTS					11,140
BANKS - 1.8%
	5,450,000		Bank of New York Mellon Corp	1.969		06/20/17		5,514
	5,000,000		BB&T Corp	3.375		09/25/13		5,143
	19,500,000		BB&T Corp	2.150		03/22/17		19,810
	19,500,000		BB&T Corp	3.950		03/22/22		20,390
	5,000,000		BB&T Corp	3.850		07/27/27		5,011
	5,000,000		Capital One Bank USA NA	8.800		07/15/19		6,297
	3,500,000		Capital One Capital V	8.875		05/15/40		3,557
	4,750,000	i	Capital One Financial Corp	1.617		07/15/14		4,720
	6,500,000		Capital One Financial Corp	2.125		07/15/14		6,555
	7,250,000		Capital One Financial Corp	3.150		07/15/16		7,508
	8,800,000	g	Depfa ACS Bank	5.125		03/16/37		6,129
	2,375,000		Discover Bank	7.000		04/15/20		2,764
	8,750,000		First Horizon National Corp	5.375		12/15/15		9,233
	10,400,000		Manufacturers & Traders Trust Co	6.625		12/04/17		12,151
	4,644,000	i	Manufacturers & Traders Trust Co	5.585		12/28/20		4,588
	6,076,000	i	Manufacturers & Traders Trust Co	5.629		12/01/21		6,068
	5,000,000		Mercantile Bankshares Corp	4.625		04/15/13		5,131
	5,000,000		PNC Funding Corp	3.625		02/08/15		5,311
	4,750,000		PNC Funding Corp	2.700		09/19/16		4,923
	5,000,000		PNC Funding Corp	5.125		02/08/20		5,783
	4,650,000	e	SVB Financial Group	5.375		09/15/20		5,015
	11,000,000	e,g	Toronto-Dominion Bank	1.625		09/14/16		11,204
	3,000,000		US Bancorp	4.950		10/30/14		3,263
	5,000,000	e	US Bancorp	2.875		11/20/14		5,218
	14,500,000		US Bancorp	1.650		05/15/17		14,606
	6,300,000		US Bancorp	3.000		03/15/22		6,454
	2,500,000		USB Capital XIII Trust	6.625		12/15/39		2,520
			TOTAL BANKS					194,866
CAPITAL GOODS - 0.5%
	2,500,000		3M Co	6.375		02/15/28		3,389
	5,000,000		Danaher Corp	1.300		06/23/14		5,052
	5,000,000		Danaher Corp	2.300		06/23/16		5,220
	1,800,000		Deere & Co	5.375		10/16/29		2,262
	4,340,000		Deere & Co	8.100		05/15/30		6,447
	6,000,000		Fluor Corp	3.375		09/15/21		6,298

341

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	5,000,000		John Deere Capital Corp	1.250	%	12/02/14	$	5,066
	3,150,000		Masco Corp	7.125		03/15/20		3,476
	5,155,000		Pall Corp	5.000		06/15/20		5,863
	3,300,000		Rockwell Collins, Inc	3.100		11/15/21		3,436
	5,000,000		Timken Co	6.000		09/15/14		5,425
			TOTAL CAPITAL GOODS					51,934
COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
	2,675,000	g,h	ADT Corp	2.250		07/15/17		2,688
	5,000,000		Howard Hughes Medical Institute	3.450		09/01/14		5,308
	4,750,000		Waste Management, Inc	2.600		09/01/16		4,874
	2,730,000		Waste Management, Inc	4.600		03/01/21		3,037
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					15,907
CONSUMER DURABLES & APPAREL - 0.1%
	1,100,000		Whirlpool Corp	8.600		05/01/14		1,225
	9,500,000		Whirlpool Corp	4.700		06/01/22		9,605
			TOTAL CONSUMER DURABLES & APPAREL					10,830
CONSUMER SERVICES - 0.3%
	2,000,000		American National Red Cross	5.392		11/15/12		2,007
	4,000,000		American National Red Cross	5.567		11/15/17		4,248
	5,000,000		Andrew W Mellon Foundation	3.950		08/01/14		5,354
	1,250,000		McDonald’s Corp	5.000		02/01/19		1,476
	7,550,000		Nature Conservancy	6.300		07/01/19		9,172
	5,145,000		Salvation Army	5.637		09/01/26		5,807
			TOTAL CONSUMER SERVICES					28,064
DIVERSIFIED FINANCIALS - 1.4%
	1,675,000		American Express Co	7.000		03/19/18		2,073
	3,325,000		American Express Co	8.125		05/20/19		4,428
	2,050,000		American Express Credit Corp	1.750		06/12/15		2,073
	9,500,000		American Express Credit Corp	2.375		03/24/17		9,737
	5,000,000	e	Bank of New York Mellon Corp	3.100		01/15/15		5,262
	4,750,000	e	Bank of New York Mellon Corp	1.200		02/20/15		4,776
	5,000,000	e	Bank of New York Mellon Corp	2.950		06/18/15		5,270
	6,750,000		Bank of New York Mellon Corp	2.300		07/28/16		6,965
	2,675,000		Bank of New York Mellon Corp	5.450		05/15/19		3,155
	4,750,000	i	Berkshire Hathaway, Inc	1.167		08/15/14		4,810
	4,750,000		Berkshire Hathaway, Inc	2.200		08/15/16		4,942
	7,275,000		Berkshire Hathaway, Inc	1.900		01/31/17		7,419
	2,850,000		BlackRock, Inc	1.375		06/01/15		2,870
	5,000,000		BlackRock, Inc	4.250		05/24/21		5,468
	9,500,000		Capital One Financial Corp	2.150		03/23/15		9,574
	5,000,000		Ford Motor Credit Co LLC	3.875		01/15/15		5,149
	5,900,000		Ford Motor Credit Co LLC	7.000		04/15/15		6,557
	8,600,000		Ford Motor Credit Co LLC	5.000		05/15/18		9,132
	3,500,000		Ford Motor Credit Co LLC	5.875		08/02/21		3,894
	9,750,000	g	Harley-Davidson Financial Services, Inc	2.700		03/15/17		9,891
	9,475,000		John Deere Capital Corp	0.875		04/17/15		9,486
	4,155,000		John Deere Capital Corp	2.250		06/07/16		4,307
	7,000,000		John Deere Capital Corp	2.750		03/15/22		7,035

342

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	10,000,000		KFW	2.625	%	01/25/22	$	10,313
	6,100,000		Northern Trust Corp	4.625		05/01/14		6,527
	3,000,000		State Street Corp	4.300		05/30/14		3,194
			TOTAL DIVERSIFIED FINANCIALS					154,307
ENERGY - 1.1%
	4,450,000		Apache Corp	1.750		04/15/17		4,538
	10,000,000		Apache Corp	3.250		04/15/22		10,442
	10,000,000		Apache Corp	4.750		04/15/43		11,108
	1,750,000	e	Chesapeake Energy Corp	6.500		08/15/17		1,741
	1,500,000	e	Chesapeake Energy Corp	6.625		08/15/20		1,485
	2,630,000	e	Chesapeake Energy Corp	6.125		02/15/21		2,545
	4,145,000	g	Continental Resources, Inc	5.000		09/15/22		4,207
	4,475,000		Devon Energy Corp	1.875		05/15/17		4,476
	2,500,000		Devon Energy Corp	6.300		01/15/19		3,067
	5,000,000		Devon Energy Corp	3.250		05/15/22		5,087
	6,000,000	e	Devon Energy Corp	4.750		05/15/42		6,296
	5,000,000		EOG Resources, Inc	2.950		06/01/15		5,249
	3,000,000	e	EOG Resources, Inc	4.100		02/01/21		3,329
	4,750,000		EQT Corp	4.875		11/15/21		4,852
	2,500,000		Hess Corp	8.125		02/15/19		3,218
	3,000,000		Hess Corp	6.000		01/15/40		3,327
	2,000,000		Hess Corp	5.600		02/15/41		2,122
	1,526,000		Marathon Oil Corp	5.900		03/15/18		1,786
	2,975,000		Newfield Exploration Co	5.625		07/01/24		3,042
	2,500,000		Noble Energy, Inc	8.250		03/01/19		3,196
	2,825,000		Noble Holding International Ltd	2.500		03/15/17		2,869
	2,150,000		Noble Holding International Ltd	3.950		03/15/22		2,174
	5,725,000	g	Southwestern Energy Co	4.100		03/15/22		5,803
	5,000,000		Spectra Energy Capital LLC	5.650		03/01/20		5,677
	2,500,000	e	Tennessee Gas Pipeline Co	8.000		02/01/16		2,941
	5,000,000	g	Texas Eastern Transmission LP	4.125		12/01/20		5,446
	6,175,000		Weatherford International Ltd	4.500		04/15/22		6,329
	7,000,000		Weatherford International Ltd	5.950		04/15/42		7,363
			TOTAL ENERGY					123,715
FOOD & STAPLES RETAILING - 0.1%
	4,750,000		Kroger Co	2.200		01/15/17		4,803
	7,250,000		Safeway, Inc	3.400		12/01/16		7,383
			TOTAL FOOD & STAPLES RETAILING					12,186
FOOD, BEVERAGE & TOBACCO - 0.4%
	5,900,000		Coca-Cola Enterprises, Inc	1.125		11/12/13		5,924
	7,650,000		HJ Heinz Co	2.000		09/12/16		7,851
	1,600,000	g	HJ Heinz Finance Co	7.125		08/01/39		2,143
	2,000,000		JM Smucker Co	3.500		10/15/21		2,094
	5,000,000		Kellogg Co	1.875		11/17/16		5,064
	2,500,000		Kellogg Co	4.150		11/15/19		2,785
	4,900,000		Kellogg Co	4.000		12/15/20		5,394
	5,000,000		Kraft Foods, Inc	2.625		05/08/13		5,074
	5,000,000		PepsiCo, Inc	2.500		05/10/16		5,249
	428,000		PepsiCo, Inc	7.900		11/01/18		572
			TOTAL FOOD, BEVERAGE & TOBACCO					42,150

343

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	$	4,687
	2,000,000		Becton Dickinson & Co	6.000		05/15/39		2,620
	4,750,000		Becton Dickinson and Co	1.750		11/08/16		4,856
	3,500,000		Medtronic, Inc	4.750		09/15/15		3,929
	2,500,000		Medtronic, Inc	6.500		03/15/39		3,542
	5,000,000		Providence Health & Services	5.050		10/01/14		5,483
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					25,117
HOUSEHOLD & PERSONAL PRODUCTS - 0.0%
	3,750,000		Clorox Co	3.800		11/15/21		3,909
	4,500,000		Colgate-Palmolive Co	2.300		05/03/22		4,528
	2,250,000		Ecolab, Inc	4.350		12/08/21		2,494
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					10,931
INSURANCE - 0.2%
	3,500,000		Cincinnati Financial Corp	6.125		11/01/34		3,828
	2,000,000		Markel Corp	6.800		02/15/13		2,061
	2,500,000		Markel Corp	7.125		09/30/19		2,908
	7,000,000		Markel Corp	4.900		07/01/22		7,049
	2,500,000	g	Principal Life Global Funding I	5.125		10/15/13		2,617
	3,100,000		Progressive Corp	3.750		08/23/21		3,346
	5,000,000		Protective Life Corp	7.375		10/15/19		5,779
	2,000,000	e	Travelers Cos, Inc	5.900		06/02/19		2,486
			TOTAL INSURANCE					30,074
MATERIALS - 0.7%
	3,335,000		Air Products & Chemicals, Inc	4.375		08/21/19		3,802
	4,750,000		Air Products & Chemicals, Inc	3.000		11/03/21		4,922
	6,817,000		Alcoa, Inc	5.400		04/15/21		6,788
	1,000,000		Ball Corp	6.750		09/15/20		1,100
	2,275,000		Ball Corp	5.000		03/15/22		2,366
	4,000,000		Bemis Co, Inc	6.800		08/01/19		4,804
	5,000,000		Cliffs Natural Resources, Inc	6.250		10/01/40		4,910
	10,000,000		Domtar Corp	4.400		04/01/22		9,797
	2,300,000		Eastman Chemical Co	5.500		11/15/19		2,625
	2,650,000		International Paper Co	7.300		11/15/39		3,309
	5,000,000		International Paper Co	6.000		11/15/41		5,637
	5,000,000		MeadWestvaco Corp	7.375		09/01/19		5,952
	5,000,000		Praxair, Inc	4.375		03/31/14		5,315
	2,500,000		Praxair, Inc	5.250		11/15/14		2,756
	5,000,000		Praxair, Inc	4.500		08/15/19		5,774
	4,875,000		Praxair, Inc	2.450		02/15/22		4,809
			TOTAL MATERIALS					74,666
MEDIA - 0.4%
	4,450,000	e	Discovery Communications LLC	3.300		05/15/22		4,491
	2,825,000		Discovery Communications LLC	4.950		05/15/42		2,948
	3,500,000	e	Time Warner Cable, Inc	3.500		02/01/15		3,702

344

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	3,200,000		Time Warner Cable, Inc	8.750	%	02/14/19	$	4,255
	3,900,000		Time Warner Cable, Inc	8.250		04/01/19		5,096
	5,000,000		Time Warner Cable, Inc	4.125		02/15/21		5,307
	5,000,000		Time Warner Cable, Inc	4.000		09/01/21		5,254
	3,500,000		Time Warner Cable, Inc	6.550		05/01/37		4,150
	5,000,000		Time Warner Cable, Inc	5.500		09/01/41		5,440
			TOTAL MEDIA					40,643
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.4%
	3,100,000		Abbott Laboratories	2.700		05/27/15		3,266
	2,250,000		Gilead Sciences, Inc	4.400		12/01/21		2,484
	10,000,000	i	Johnson & Johnson	0.557		05/15/14		10,049
	4,600,000		Johnson & Johnson	2.150		05/15/16		4,814
	4,600,000		Johnson & Johnson	4.500		09/01/40		5,404
	8,080,000		Life Technologies Corp	3.500		01/15/16		8,412
	5,000,000		Merck & Co, Inc	2.250		01/15/16		5,221
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					39,650
REAL ESTATE - 0.4%
	1,000,000		AMB Property LP	7.625		08/15/14		1,100
	3,500,000		Boston Properties LP	3.700		11/15/18		3,657
	3,011,000		Federal Realty Investment Trust	6.000		07/15/12		3,015
	1,400,000		Federal Realty Investment Trust	5.900		04/01/20		1,599
	3,665,000		Health Care REIT, Inc	3.625		03/15/16		3,768
	3,400,000		Healthcare Realty Trust, Inc	5.750		01/15/21		3,585
	2,500,000		Kilroy Realty Corp	5.000		11/03/15		2,661
	3,400,000		Kilroy Realty LP	4.800		07/15/18		3,573
	3,125,000		Simon Property Group LP	2.800		01/30/17		3,217
	5,750,000		Washington Real Estate Investment Trust	5.125		03/15/13		5,833
	7,500,000		Washington Real Estate Investment Trust	4.950		10/01/20		7,974
			TOTAL REAL ESTATE					39,982
RETAILING - 0.3%
	5,000,000		AutoZone, Inc	5.750		01/15/15		5,508
	4,750,000		Lowes’s Companies, Inc	1.625		04/15/17		4,785
	4,750,000		Lowes’s Companies, Inc	3.120		04/15/22		4,860
	4,750,000		Lowes’s Companies, Inc	4.650		04/15/42		5,044
	3,050,000		Macy’s Retail Holdings, Inc	5.900		12/01/16		3,516
	4,700,000		Macy’s Retail Holdings, Inc	3.875		01/15/22		4,941
	2,945,000		O’Reilly Automotive, Inc	4.625		09/15/21		3,078
	500,000		Staples, Inc	9.750		01/15/14		559
	4,350,000		Target Corp	1.125		07/18/14		4,390
			TOTAL RETAILING					36,681
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	4,750,000		Intel Corp	1.950		10/01/16		4,923
	7,500,000		Texas Instruments, Inc	2.375		05/16/16		7,887
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					12,810

345

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	$	5,254
	9,750,000		International Business Machines Corp	0.550		02/06/15		9,687
	8,055,000		International Business Machines Corp	1.950		07/22/16		8,286
	5,250,000		International Business Machines Corp	1.250		02/06/17		5,264
			TOTAL SOFTWARE & SERVICES					28,491
TECHNOLOGY HARDWARE & EQUIPMENT - 0.3%
	4,750,000	i	Hewlett-Packard Co	2.018		09/19/14		4,803
	5,000,000		Xerox Corp	8.250		05/15/14		5,575
	9,750,000	e,i	Xerox Corp	1.286		05/16/14		9,737
	4,000,000		Xerox Corp	2.950		03/15/17		4,045
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					24,160
TELECOMMUNICATION SERVICES - 0.2%
	9,750,000		American Tower Corp	4.700		03/15/22		10,009
	4,750,000		American Tower REIT, Inc	5.900		11/01/21		5,286
	3,235,000		Sprint Nextel Corp	6.000		12/01/16		3,098
			TOTAL TELECOMMUNICATION SERVICES					18,393
TRANSPORTATION - 0.8%
	9,750,000		Burlington Northern Santa Fe LLC	3.050		03/15/22		9,838
	4,600,000		Burlington Northern Santa Fe LLC	5.050		03/01/41		5,062
	2,100,000		Burlington Northern Santa Fe LLC	4.950		09/15/41		2,285
	9,750,000		Burlington Northern Santa Fe LLC	4.400		03/15/42		9,818
	6,500,000		CSX Corp	4.750		05/30/42		6,702
	3,850,000		CSX Corp	4.400		03/01/43		3,732
	2,500,000		Norfolk Southern Corp	5.750		01/15/16		2,877
	5,000,000		Norfolk Southern Corp	3.250		12/01/21		5,168
	12,775,000		Norfolk Southern Corp	3.000		04/01/22		12,923
	2,500,000		Norfolk Southern Corp	5.590		05/17/25		3,020
	4,815,000		Norfolk Southern Corp	5.640		05/17/29		5,772
	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		1,995
	5,000,000		United Parcel Service, Inc	3.125		01/15/21		5,354
			TOTAL TRANSPORTATION					74,546
UTILITIES - 1.8%
	7,850,000		American Water Capital Corp	6.085		10/15/17		9,190
	1,667,000		Arizona Public Service Co	5.050		09/01/41		1,857
	2,000,000		Atmos Energy Corp	8.500		03/15/19		2,675
	5,000,000		CenterPoint Energy Houston Electric LLC	7.000		03/01/14		5,507
	2,000,000		CenterPoint Energy Resources Corp	5.850		01/15/41		2,411
	1,200,000		Connecticut Light & Power Co	5.500		02/01/19		1,436
	2,000,000		Connecticut Light & Power Co	5.750		03/01/37		2,418
	9,400,000		Delmarva Power & Light Co	4.000		06/01/42		9,554
	8,000,000		Detroit Edison Co	3.900		06/01/21		8,849
	5,000,000	i	DTE Energy Co	1.167		06/03/13		5,008
	2,738,456	g	Great River Energy	5.829		07/01/17		2,924
	9,500,000		Idaho Power Co	2.950		04/01/22		9,690
	5,000,000		Idaho Power Co	5.500		04/01/33		5,927
	2,500,000		Idaho Power Co	6.250		10/15/37		3,290
	4,500,000		Idaho Power Co	4.300		04/01/42		4,608
	7,500,000	g	International Transmission Co	4.450		07/15/13		7,757

346

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	2,000,000		Laclede Gas Co	6.150	%	06/01/36	$	2,478
	6,000,000		Nevada Power Co	6.650		04/01/36		8,077
	5,000,000		Northeast Utilities	5.650		06/01/13		5,217
	1,500,000		Northwest Natural Gas Co	5.620		11/21/23		1,854
	5,000,000		Pacific Gas & Electric Co	8.250		10/15/18		6,740
	4,650,000	e	Pacific Gas & Electric Co	3.250		09/15/21		4,872
	3,750,000		Pacific Gas & Electric Co	5.400		01/15/40		4,482
	5,000,000		Pacific Gas & Electric Co	4.450		04/15/42		5,249
	9,750,000	e	PacifiCorp	2.950		02/01/22		10,012
	3,000,000		Pepco Holdings, Inc	2.700		10/01/15		3,079
	3,850,000		Portland General Electric Co	6.100		04/15/19		4,752
	630,000		Public Service Co of Colorado	4.750		08/15/41		728
	5,500,000		San Diego Gas & Electric Co	3.000		08/15/21		5,810
	620,000	e	San Diego Gas & Electric Co	6.000		06/01/39		861
	1,380,000		San Diego Gas & Electric Co	3.950		11/15/41		1,452
	10,000,000		Sempra Energy	2.300		04/01/17		10,248
	2,500,000		Tampa Electric Co	4.100		06/15/42		2,518
	14,500,000	g	Topaz Solar Farms LLC	5.750		09/30/39		14,339
	5,000,000		Washington Gas Light Co	5.440		08/11/25		6,018
	10,000,000		Westar Energy, Inc	4.125		03/01/42		10,471
	1,000,000		Wisconsin Power & Light Co	5.000		07/15/19		1,169
			TOTAL UTILITIES					193,527
			TOTAL CORPORATE BONDS					1,294,770
			(Cost $1,216,736)
GOVERNMENT BONDS 24.3%
AGENCY SECURITIES - 3.5%
	7,360,188		Cal Dive I- Title XI, Inc	4.930		02/01/27		8,308
	8,279,721		COP I LLC	3.613		12/05/21		8,966
	5,500,000		Federal Home Loan Bank (FHLB)	5.000		11/17/17		6,641
	4,635,000		Federal Home Loan Mortgage Corp (FHLMC)	2.500		04/23/14		4,816
	10,000,000		Federal National Mortgage Association (FNMA)	2.625		11/20/14		10,527
	6,400,000		FNMA	1.125		04/27/17		6,460
	3,000,000		FNMA	2.500		05/15/14		3,119
	2,000,000		FNMA	1.125		07/30/12		2,002
	6,000,000		FNMA	1.250		08/20/13		6,063
	8,108,140		Gate Capital Cayman Two	3.550		06/11/21		8,692
	4,000,000	j	Government Trust Certificate	0.000		04/01/21		3,221
	11,250,000	i	India Government AID Bond	0.566		02/01/27		10,318
	4,730,000	g	Montefiore Medical Center	3.896		05/20/27		5,200
	1,259,877		National Credit Union Administration	1.840		10/07/20		1,275
	3,850,000	j	Overseas Private Investment Corp	0.000		07/12/14		4,053
	4,700,000	j	Overseas Private Investment Corp	0.000		07/12/14		5,323
	1,916,377	j	Overseas Private Investment Corp	0.000		12/14/14		2,233
	14,500,000	j	Overseas Private Investment Corp	0.000		11/17/16		14,678
	12,750,000	j	Overseas Private Investment Corp	0.000		11/17/16		13,053
	3,000,000		Overseas Private Investment Corp	1.900		04/30/18		3,029
	12,000,000		Overseas Private Investment Corp	1.030		04/15/19		11,986

347

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	2,750,000	m	Overseas Private Investment Corp	1.300	%	06/15/19	$	2,783
	3,823,559		Overseas Private Investment Corp	5.142		12/15/23		4,480
	6,969,544		Overseas Private Investment Corp	2.290		09/15/26		7,069
	3,750,000		Overseas Private Investment Corp	2.040		12/15/26		3,767
	8,746,942		Overseas Private Investment Corp	4.440		02/27/27		10,011
	12,000,000		Overseas Private Investment Corp	2.610		04/15/30		12,074
	4,750,000		Overseas Private Investment Corp	2.930		05/15/30		4,785
	7,850,000		Overseas Private Investment Corp	3.040		05/15/30		7,988
	5,000,000		Overseas Private Investment Corp	3.430		05/15/30		5,269
	4,750,000		Overseas Private Investment Corp	4.010		05/15/30		5,262
	6,152,431		Premier Aircraft Leasing	3.576		02/06/22		6,616
	1,050,000		Private Export Funding Corp	4.550		05/15/15		1,170
	9,750,000		Private Export Funding Corp	2.125		07/15/16		10,278
	7,000,000		Private Export Funding Corp	1.375		02/15/17		7,107
	8,000,000		Private Export Funding Corp	2.250		12/15/17		8,472
	10,000,000		Private Export Funding Corp	4.375		03/15/19		11,883
	17,500,000		Private Export Funding Corp	4.300		12/15/21		20,597
	5,034,070		Rowan Cos, Inc	3.158		07/15/21		5,346
	4,212,950		Tayarra Ltd	3.628		02/15/22		4,543
	4,125,607		Tricahue Leasing LLC	3.503		11/19/21		4,353
	1,500,000		US Department of Housing and Urban Development	5.050		08/01/13		1,577
	9,000,000		US Department of Housing and Urban Development	5.190		08/01/14		9,886
	1,900,000		US Department of Housing and Urban Development	2.200		08/01/15		1,995
	5,250,000		US Department of Housing and Urban Development	4.330		08/01/15		5,842
	3,894,000		US Department of Housing and Urban Development	2.910		08/01/17		4,261
	8,000,000		US Department of Housing and Urban Development	4.560		08/01/17		9,320
	10,750,000		US Department of Housing and Urban Development	1.770		08/01/18		11,027
	5,007,000		US Department of Housing and Urban Development	5.380		08/01/18		5,840
	13,967,000		US Department of Housing and Urban Development	4.960		08/01/20		17,168
	13,500,000		US Department of Housing and Urban Development	5.050		08/01/21		16,440
	3,758,353	g	US Trade Funding Corp	4.260		11/15/14		3,923
	9,500,000		VRG Linhas Aereas S.A.	1.000		06/30/14		9,500
			TOTAL AGENCY SECURITIES					380,595
FOREIGN GOVERNMENT BONDS - 3.9%
	5,000,000	g	Bank of Montreal	2.625		01/25/16		5,278
	6,120,000	g	Bank of Nova Scotia	1.450		07/26/13		6,182
	14,090,000	e,g	Bank of Nova Scotia	1.650		10/29/15		14,406
	9,800,000	g	Bank of Nova Scotia	2.150		08/03/16		10,185
	4,000,000	g	Caisse Centrale Desjardins du Quebec	2.550		03/24/16		4,210
	14,750,000	g	Caisse Centrale Desjardins du Quebec	1.600		03/06/17		14,915
	3,900,000		Canada Government International Bond	2.375		09/10/14		4,070
	6,300,000		Canada Government International Bond	0.875		02/14/17		6,332
	9,000,000	g	Canadian Imperial Bank of Commerce	2.000		02/04/13		9,083
	7,000,000	e,g	Canadian Imperial Bank of Commerce	2.750		01/27/16		7,429
	24,750,000		Council of Europe Development Bank	1.500		01/15/15		25,112
	2,000,000		European Investment Bank	4.875		02/15/36		2,320
	14,500,000		Hydro Quebec	2.000		06/30/16		15,012
	10,200,000		Hydro Quebec	1.375		06/19/17		10,192
	6,082,000		Hydro Quebec	8.400		01/15/22		8,799
	24,500,000		International Finance Corp	2.250		04/28/14		25,269
	24,500,000		International Finance Corp	0.500		05/15/15		24,414

348

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	2,850,000	e	Italy Government International Bond	5.375	%	06/12/17	$	2,822
	3,145,000	e,g	National Bank of Canada	1.650		01/30/14		3,199
	7,500,000	e,g	National Bank of Canada	2.200		10/19/16		7,822
	9,750,000	e,g	Nederlandse Waterschapsbank NV	2.125		02/09/17		9,842
	17,500,000	e,g	Province of Alberta Canada	1.000		06/21/17		17,558
	4,000,000		Province of British Columbia Canada	2.850		06/15/15		4,253
	12,000,000		Province of British Columbia Canada	2.100		05/18/16		12,572
	21,000,000		Province of British Columbia Canada	1.200		04/25/17		21,205
	14,500,000	e	Province of British Columbia Canada	2.650		09/22/21		15,264
	2,000,000	e	Province of Manitoba Canada	2.125		04/22/13		2,028
	10,000,000		Province of Manitoba Canada	1.375		04/28/14		10,175
	15,250,000		Province of Manitoba Canada	1.750		05/30/19		15,327
	10,000,000		Province of New Brunswick Canada	2.750		06/15/18		10,726
	5,000,000		Province of Nova Scotia Canada	2.375		07/21/15		5,229
	8,700,000		Province of Ontario Canada	4.100		06/16/14		9,283
	8,100,000		Province of Ontario Canada	2.950		02/05/15		8,546
	9,450,000		Province of Ontario Canada	2.700		06/16/15		9,963
	15,000,000		Province of Ontario Canada	2.300		05/10/16		15,649
	6,000,000		Province of Ontario Canada	4.000		10/07/19		6,820
	5,000,000		Province of Ontario Canada	4.400		04/14/20		5,813
	10,000,000		Province of Quebec Canada	3.500		07/29/20		11,000
	10,000,000	e	Province of Quebec Canada	2.750		08/25/21		10,344
	5,000,000		Province of Quebec Canada	7.500		09/15/29		7,687
			TOTAL FOREIGN GOVERNMENT BONDS					416,335
MORTGAGE BACKED - 11.5%
	2,744,831	h,i	Federal Home Loan Mortgage Corp (FHLMC)	5.932		04/01/37		2,985
	4,412,075	h,i	FHLMC	2.835		03/01/37		4,715
	2,110,478	h,i	FHLMC	4.946		08/01/37		2,238
	5,697,748		FHLMC	5.500		08/01/39		6,292
	3,265,511	h,i	FHLMC	4.556		09/01/37		3,464
	1,957,062	h,i	FHLMC	5.741		02/01/37		2,109
	1,998,533	h,i	FHLMC	2.380		02/01/36		2,123
	7,585,657		FHLMC (Interest Only)	4.000		06/15/34		524
	3,339,275	h,i	FHLMC	2.732		07/01/36		3,570
	1,187,290	h,i	FHLMC	2.605		09/01/36		1,260
	4,194,184	h,i	FHLMC	2.603		09/01/36		4,482
	705,810		Federal Home Loan Mortgage Corp Gold (FGLMC)	4.500		09/01/35		755
	1,243,907		FGLMC	6.000		08/01/35		1,371
	818,703		FGLMC	5.500		06/01/35		895
	588,082		FGLMC	5.000		02/01/36		634
	454,727		FGLMC	4.500		12/01/35		486
	906,291		FGLMC	5.000		10/01/35		977
	2,638,256		FGLMC	7.000		05/01/35		3,143
	1,319,837		FGLMC	6.000		05/01/35		1,467
	788,573		FGLMC	6.000		05/01/35		874
	504,094		FGLMC	6.000		05/01/35		556
	1,317,314		FGLMC	6.000		05/01/35		1,461
	107,331		FGLMC	6.000		05/01/35		118
	199,469		FGLMC	6.000		05/01/35		221
	96,374		FGLMC	6.500		05/01/36		108
	5,550,163		FGLMC	4.500		11/01/40		6,133

349

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	6,754,556		FGLMC	6.000	%	07/01/39	$	7,523
	2,088,646		FGLMC	5.000		07/01/39		2,245
	9,000,000	h	FGLMC	4.000		07/15/42		9,550
	10,000,000	h	FGLMC	3.500		07/15/42		10,491
	6,210,847		FGLMC	4.500		12/01/40		6,836
	4,093,106		FGLMC	4.000		06/01/39		4,347
	1,203,494		FGLMC	6.500		11/01/37		1,351
	1,313,706		FGLMC	6.000		09/01/37		1,457
	942,587		FGLMC	6.500		10/01/36		1,058
	1,090,156		FGLMC	4.500		05/01/39		1,165
	763,187		FGLMC	6.000		11/01/38		838
	3,270,120		FGLMC	6.000		02/01/38		3,642
	175,251		FGLMC	4.500		07/01/20		190
	612,111		FGLMC	4.500		01/01/20		654
	1,172,593		FGLMC	5.000		02/01/19		1,271
	1,386,862		FGLMC	4.500		06/01/21		1,481
	4,718,184		FGLMC	4.500		06/01/21		5,040
	159,637		FGLMC	7.000		10/01/20		187
	1,275,948		FGLMC	5.500		01/01/19		1,397
	1,978,256		FGLMC	4.500		10/01/18		2,154
	242,982		FGLMC	6.000		12/01/17		264
	136,116		FGLMC	6.500		12/01/16		146
	3,347,671		FGLMC	4.500		01/01/19		3,645
	2,806,532		FGLMC	4.500		11/01/18		3,056
	2,305,192		FGLMC	4.500		11/01/18		2,510
	909,863		FGLMC	4.500		03/01/23		968
	4,320,443		FGLMC	5.500		12/01/33		4,740
	2,892,066		FGLMC	5.500		09/01/33		3,201
	2,513,061		FGLMC	5.500		09/01/33		2,767
	626,802		FGLMC	5.500		12/01/34		687
	1,172,018		FGLMC	6.000		09/01/34		1,298
	6,506,744		FGLMC	7.000		12/01/33		7,752
	1,524,237		FGLMC	4.500		07/01/33		1,632
	2,158,477		FGLMC	4.000		07/01/24		2,282
	14,547		FGLMC	7.000		05/01/23		17
	609,999		FGLMC	5.000		04/01/23		653
	49,027		FGLMC	8.000		01/01/31		60
	5,000,000	h	FGLMC	5.000		07/15/27		5,343
	761,746		FGLMC	4.500		09/01/24		810
	2,684,955		Federal National Mortgage Association (FNMA)	5.000		08/01/35		2,913
	1,219,274		FNMA	4.500		08/01/35		1,310
	6,108,630		FNMA	5.500		10/01/35		6,774
	7,384,324		FNMA	4.000		10/01/35		7,957
	1,144,887		FNMA	5.500		06/01/35		1,272
	1,667,111		FNMA	5.500		06/01/35		1,852
	551,354		FNMA	6.000		07/01/35		610
	56,613		FNMA	7.500		06/01/35		63
	905,018	i	FNMA	2.696		02/01/36		965
	1,267,282		FNMA	6.000		12/01/36		1,397
	1,445,544		FNMA	6.500		09/01/36		1,642
	663,636		FNMA	7.000		02/01/37		772
	9,495,173	i	FNMA	5.849		01/01/37		10,232

350

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	901,865		FNMA	6.500	%	02/01/36	$	1,022
	405,218		FNMA	6.500		02/01/36		462
	980,513	i	FNMA	2.385		07/01/36		1,030
	2,267,020		FNMA	6.000		03/01/36		2,498
	2,099,962		FNMA	5.500		06/01/35		2,333
	424,094		FNMA	6.000		12/01/34		475
	45,022		FNMA	4.500		09/01/34		48
	1,506,521		FNMA	5.500		01/01/35		1,663
	6,155,412		FNMA	5.500		01/01/35		6,838
	28,182		FNMA	4.500		07/01/34		30
	69,912		FNMA	4.500		07/01/34		75
	1,075,917		FNMA	4.500		08/01/34		1,157
	29,917		FNMA	4.500		08/01/34		32
	428,268		FNMA	5.500		03/01/35		476
	259,759		FNMA	5.500		05/01/35		285
	423,065		FNMA	5.500		05/01/35		470
	1,852,889		FNMA	6.000		05/01/35		2,074
	182,357		FNMA	5.500		05/01/35		200
	1,065,724		FNMA	5.500		04/01/35		1,184
	838,538		FNMA	5.500		04/01/35		930
	2,026,241		FNMA	5.500		05/01/35		2,251
	971,754		FNMA	5.500		04/01/35		1,078
	2,399,031		FNMA	6.500		03/01/37		2,726
	2,452,123		FNMA	4.500		02/01/39		2,631
	1,269,829		FNMA	6.000		01/01/39		1,397
	3,943,079		FNMA	4.500		04/01/39		4,231
	3,182,514		FNMA	4.000		04/01/39		3,450
	1,996,396		FNMA	4.500		01/01/39		2,142
	1,365,664	i	FNMA	4.916		10/01/38		1,469
	1,577,694		FNMA	6.000		01/01/39		1,735
	1,322,527		FNMA	5.500		01/01/39		1,443
	3,007,188		FNMA	4.500		08/01/39		3,227
	64,000,000	h	FNMA	5.000		07/25/42		69,260
	126,000,000	h	FNMA	4.500		07/25/42		135,155
	55,000,000	h	FNMA	6.000		07/25/42		60,440
	44,000,000	h	FNMA	5.500		07/25/42		47,994
	7,881,186		FNMA	4.000		11/01/40		8,401
	10,500,000		FNMA	4.000		02/25/40		11,459
	123,000,000	h	FNMA	4.000		07/25/42		130,899
	42,000,000	h	FNMA	3.500		07/25/42		44,146
	162,755		FNMA	6.500		03/01/38		183
	1,201,770		FNMA	6.000		09/01/37		1,345
	2,277,176		FNMA	6.000		09/01/37		2,549
	1,013,895		FNMA	6.500		09/01/37		1,145
	1,700,664		FNMA	6.000		09/01/37		1,903
	529,795		FNMA	6.500		08/01/37		602
	662,597		FNMA	7.000		04/01/37		771
	1,884,850		FNMA	6.000		09/01/37		2,110
	860,034		FNMA	6.500		08/01/37		978
	473,343		FNMA	6.500		09/01/37		538
	23,608		FNMA	6.500		02/01/38		27
	123,632		FNMA	6.500		01/01/38		140

351

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	80,372		FNMA	6.500	%	03/01/38	$	91
	687,096		FNMA	6.500		03/01/38		774
	212,853		FNMA	6.500		09/01/37		241
	465,855		FNMA	6.500		09/01/37		526
	965,403		FNMA	7.000		11/01/37		1,124
	695,334	i	FNMA	5.890		10/01/37		739
	295,247		FNMA	4.500		11/01/20		318
	660,571		FNMA	5.000		03/01/20		715
	1,048,238		FNMA	5.000		03/01/21		1,135
	765,964		FNMA	5.000		12/01/20		829
	72,573		FNMA	4.500		03/01/19		78
	600,000		FNMA	4.000		02/25/19		635
	599,527		FNMA	4.500		06/01/19		645
	333,216		FNMA	4.500		05/01/19		359
	2,175,629		FNMA	5.500		08/01/21		2,379
	1,798,897		FNMA	4.000		05/01/24		1,914
	341,709		FNMA	5.500		02/01/24		377
	1,501,744		FNMA	4.500		08/01/24		1,611
	61,654		FNMA	8.000		07/01/24		74
	25,594		FNMA	8.000		03/01/23		29
	868,026		FNMA	4.500		03/01/23		931
	109,350		FNMA	5.000		01/01/24		120
	2,140,460		FNMA	5.000		07/01/23		2,309
	213,237		FNMA	6.000		02/01/19		234
	2,859,473		FNMA	4.530		10/01/14		3,031
	3,943,392		FNMA	4.265		06/01/14		4,134
	81,235		FNMA	6.500		10/01/16		87
	3,326		FNMA	8.500		11/01/14		4
	2,556,229		FNMA	4.440		07/01/13		2,608
	9,373		FNMA	5.000		06/01/13		10
	1,385,131		FNMA	4.561		05/01/14		1,455
	3,470,100		FNMA	4.020		08/01/13		3,552
	444,839		FNMA	6.500		04/01/17		483
	1,890,040		FNMA	5.000		12/01/18		2,064
	3,070,961		FNMA	5.500		11/01/18		3,365
	194,157		FNMA	6.000		01/01/19		213
	1,819,543		FNMA	5.000		01/01/19		1,987
	203,444		FNMA	6.500		02/01/18		224
	927,271		FNMA	5.000		12/01/17		1,004
	31,106		FNMA	5.500		05/01/18		34
	178,982		FNMA	5.500		04/01/18		196
	6,181,387		FNMA	4.000		09/01/24		6,578
	275,801		FNMA	5.000		03/01/34		300
	239,628		FNMA	5.000		03/01/34		261
	203,212		FNMA	5.000		03/01/34		221
	625,100		FNMA	5.000		03/01/34		680
	193,006		FNMA	5.500		12/01/33		213
	1,539,552		FNMA	5.500		11/01/33		1,722
	90,807		FNMA	7.000		01/01/34		107
	547,449		FNMA	5.500		12/01/33		602
	1,932,395		FNMA	5.000		04/01/34		2,102
	30,602		FNMA	4.500		06/01/34		33

352

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	36,331		FNMA	4.500	%	06/01/34	$	39
	146,566		FNMA	4.500		07/01/34		158
	127,723		FNMA	4.500		06/01/34		137
	26,786		FNMA	4.500		05/01/34		29
	575,276		FNMA	4.500		05/01/34		619
	24,448		FNMA	4.500		06/01/34		26
	27,251		FNMA	4.500		05/01/34		29
	1,896,240		FNMA	5.500		11/01/33		2,121
	167,709		FNMA	5.000		02/01/33		183
	1,077,798		FNMA	6.500		07/01/32		1,234
	721,366		FNMA	5.500		07/01/33		801
	2,579,216		FNMA	4.500		03/25/33		2,707
	17,000,000	h	FNMA	3.000		07/25/27		17,810
	7,453,162	h	FNMA	3.000		05/01/27		7,881
	8,000,000	h	FNMA	4.500		07/25/27		8,574
	42,000,000	h	FNMA	4.000		07/25/27		44,664
	1,011,857		FNMA	4.500		08/01/33		1,089
	1,053,231		FNMA	5.500		11/01/33		1,178
	1,162,928		FNMA	5.000		11/01/33		1,302
	1,486,610		FNMA	5.500		11/01/33		1,663
	1,339,979		FNMA	5.500		11/01/33		1,499
	263,304		FNMA	4.500		09/01/33		287
	770,568		FNMA	5.000		08/01/33		839
	595,139		FNMA	5.000		10/01/33		648
	786,132		FNMA	5.000		10/01/33		855
	1,230,591		Government National Mortgage Association (GNMA)	5.000		07/20/39		1,360
	1,502,877		GNMA	4.000		08/15/39		1,646
	6,000,000	h	GNMA	3.500		07/15/42		6,417
	3,797,875		GNMA	4.500		07/20/39		4,186
	1,493,934		GNMA	6.500		11/20/38		1,710
	3,321,184		GNMA	4.500		03/15/39		3,638
	586,683		GNMA	4.500		05/15/39		643
	10,000,000	h	GNMA	6.000		07/15/42		11,227
	38,000,000	h	GNMA	4.500		07/20/42		41,770
	20,000,000	h	GNMA	5.000		07/20/42		22,088
	22,000,000	h	GNMA	5.500		07/15/42		24,410
	79,000,000	h	GNMA	4.000		07/15/42		86,270
	72,000,000	h	GNMA	4.500		07/15/42		78,716
	15,000,000	h	GNMA	5.000		07/15/42		16,505
	10,907		GNMA	6.500		08/15/23		12
	177,472		GNMA	6.500		05/20/31		206
	686,616		GNMA	5.500		07/15/33		767
	37,873		GNMA	6.500		08/15/23		43
	46,047		GNMA	9.000		12/15/17		52
	6,710,264		GNMA	2.300		10/15/19		6,933
	32,720		GNMA	8.000		06/15/22		38
	1,668,602		GNMA	5.000		04/15/38		1,837
	979,187		GNMA	6.000		08/15/38		1,100
	930,086		GNMA	6.000		08/20/38		1,043
	2,233,397		GNMA	6.000		02/20/37		2,511
	407,404		GNMA	6.000		10/20/36		458
	424,970		GNMA	6.000		01/20/37		478

353

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	1,926,569		GNMA	5.500	%	02/15/37	$	2,139
			TOTAL MORTGAGE BACKED					1,236,567
MUNICIPAL BONDS - 2.1%
	5,600,000		American Municipal Power-Ohio, Inc	6.270		02/15/50		6,443
	4,500,000	g	Basin Electric Power Coop	6.127		06/01/41		4,994
	3,000,000		Broward County FL Water & Sewer Utility Revenue	1.350		10/01/16		3,029
	1,410,000		Broward County FL Water & Sewer Utility Revenue	1.910		10/01/18		1,435
	3,700,000		Calleguas Municipal Water District	2.030		07/01/18		3,676
	3,520,000		Calleguas Municipal Water District	2.330		07/01/19		3,492
	2,750,000		Calleguas Municipal Water District	2.601		07/01/20		2,728
	2,390,000		Charlotte-Mecklenburg Hospital Authority	5.000		08/01/15		2,592
	1,400,000		Chelan County Public Utility District No	1.398		07/01/14		1,411
	2,300,000		Chelan County Public Utility District No	1.867		07/01/15		2,345
	5,800,000		Chelan County Public Utility District No	2.655		07/01/17		6,047
	5,000,000		Chicago Metropolitan Water Reclamation District-Greater Chicago	5.720		12/01/38		6,314
	1,250,000		City & County of Honolulu, HI	6.114		07/01/29		1,378
	4,000,000		City of Dallas, TX	5.078		02/15/22		4,804
	1,500,000		City of Dallas, TX	5.195		02/15/35		1,772
	890,000		City of Eugene, OR	6.320		08/01/22		1,010
	5,000,000		City of New York, NY	4.500		06/01/15		5,341
	5,000,000		Commonwealth of Massachusetts	5.456		12/01/39		6,248
	1,750,000		County of Mercer, NJ	5.380		02/01/17		1,865
	4,000,000		Dallas County Hospital District	5.621		08/15/44		5,081
	1,680,000		Douglas County Public Utility District No 1 Wells Hydroelectric	5.112		09/01/18		1,859
	1,400,000		Elkhart Redevelopment District	5.500		06/15/18		1,456
	7,385,000		Fiscal Year 2005 Securitization Corp	4.760		08/15/19		8,205
	4,500,000		Grant County Public Utility District No 2	3.914		01/01/32		4,396
	1,250,000		Grant County Public Utility District No 2	4.164		01/01/35		1,217
	1,900,000		Guadalupe Valley Electric Coop, Inc	5.671		10/01/32		1,815
	1,000,000		Kansas Development Finance Authority	4.592		05/01/14		1,057
	1,350,000		Kansas Development Finance Authority	4.722		05/01/15		1,477
	965,000	g	LL & P Wind Energy, Inc	5.217		12/01/12		966
	6,645,000		Massachusetts Housing Finance Agency	4.782		12/01/20		7,015
	5,400,000		Massachusetts St. Water Pollution Abatement	5.192		08/01/40		6,396
	3,000,000		Metropolitan Washington Airports Authority	5.690		10/01/30		3,280
	5,000,000		Metropolitan Water District of Southern California	6.250		07/01/39		5,992
	750,000		Metropolitan Water Reclamation District of Greater Chicago	2.229		12/01/16		783
	5,000,000		Mississippi Development Bank Special Obligation	5.320		07/01/14		5,308
	1,000,000		New York State Environmental Facilities Corp	1.755		06/15/18		1,000
	1,200,000		New York State Environmental Facilities Corp	2.005		06/15/19		1,198
	1,220,000		New York State Environmental Facilities Corp	2.595		06/15/21		1,217
	1,255,000		New York State Environmental Facilities Corp	3.045		06/15/24		1,253
	1,225,000		New York State Environmental Facilities Corp	3.195		06/15/25		1,223
	500,000		New York State Environmental Facilities Corp	3.684		12/15/29		500
	3,000,000		New York State Urban Development Corp	6.500		12/15/18		3,614
	2,500,000		Newport News Economic Development Authority	5.640		01/15/29		2,734
	4,750,000		Northern California Power Agency	4.320		07/01/24		4,880
	2,450,000		Ohio State Water Development Authority	4.879		12/01/34		2,763

354

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
$	2,500,000	Oklahoma Capital Improvement Authority	5.180	%	07/01/14	$	2,737
	1,750,000	South Dakota Conservancy District	1.013		08/01/16		1,746
	4,490,000	South Dakota Conservancy District	1.648		08/01/18		4,488
	4,670,000	South Dakota Conservancy District	1.898		08/01/19		4,674
	4,785,000	South Dakota Conservancy District	2.333		08/01/20		4,785
	3,750,000	State of California	7.625		03/01/40		4,848
	5,000,000	State of Connecticut	5.090		10/01/30		5,660
	2,050,000	State of Hawaii	4.670		05/01/14		2,188
	5,000,000	State of Illinois	4.071		01/01/14		5,160
	5,570,000	State of Illinois	4.350		06/01/18		5,734
	5,000,000	State of Michigan	2.302		11/01/14		5,141
	4,505,000	State of Michigan	3.375		12/01/20		4,721
	2,500,000	State of Ohio	5.412		09/01/28		3,049
	3,050,000	State of Oregon	5.030		08/01/14		3,319
	3,265,000	State of Texas	4.900		08/01/20		3,613
	5,000,000	State of Texas	6.072		10/01/29		6,045
	3,715,000	State of Washington	5.050		01/01/18		3,783
	1,033,000	State of Wisconsin	5.700		05/01/26		1,220
	5,000,000	Tuolumne Wind Project Authority	6.918		01/01/34		5,947
	4,900,000	UNM Sandoval Regional Medical Center	4.500		07/20/36		5,191
		TOTAL MUNICIPAL BONDS					227,658
U.S. TREASURY SECURITIES - 3.3%
	13,176,000	United States Treasury Bond	5.375		02/15/31		19,200
	7,335,000	United States Treasury Bond	4.375		05/15/41		9,797
	44,275,000	United States Treasury Bond	3.750		08/15/41		53,393
	47,132,000	United States Treasury Bond	3.125		02/15/42		50,623
	1,400,000	United States Treasury Note	0.500		11/30/12		1,402
	4,500,000	United States Treasury Note	0.625		02/28/13		4,513
	2,325,000	United States Treasury Note	0.125		08/31/13		2,321
	2,595,000	United States Treasury Note	0.125		09/30/13		2,590
	2,670,000	United States Treasury Note	3.125		09/30/13		2,764
	9,725,000	United States Treasury Note	0.125		12/31/13		9,699
	5,985,000	United States Treasury Note	0.250		05/31/14		5,978
	20,660,000	United States Treasury Note	0.250		06/30/14		20,634
	22,395,000	United States Treasury Note	2.375		08/31/14		23,371
	3,631,000	United States Treasury Note	2.500		04/30/15		3,843
	32,468,000	United States Treasury Note	0.375		06/15/15		32,440
	17,895,000	United States Treasury Note	1.875		06/30/15		18,658
	25,225,000	United States Treasury Note	1.250		10/31/15		25,854
	10,875,000	United States Treasury Note	0.625		05/31/17		10,825
	27,461,400	United States Treasury Note	0.750		06/30/17		27,489
	5,000,000	United States Treasury Note	1.250		04/30/19		5,055
	4,400,000	United States Treasury Note	1.000		06/30/19		4,368
	22,550,000	United States Treasury Note	1.750		05/15/22		22,733
		TOTAL U.S. TREASURY SECURITIES					357,550
		TOTAL GOVERNMENT BONDS					2,618,705
		(Cost $2,521,820)

355

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
STRUCTURED ASSETS - 2.0%
ASSET BACKED - 0.8%
$	10,000,000		AEP Texas Central Transition Funding LLC	1.976	%	06/01/21	$	10,222
			Series - 2012 1 (Class A2)
	10,000,000		AEP Texas Central Transition Funding LLC	2.845		03/01/26		10,365
			Series - 2012 1 (Class A3)
	5,000,000		AmeriCredit Automobile Receivables Trust	2.850		08/08/16		5,135
			Series - 2011 1 (Class C)
	1,500,000	g	Avis Budget Rental Car Funding AESOP LLC	3.150		03/20/17		1,574
			Series - 2010 5A (Class A)
	1,486,881	i	Bear Stearns Asset Backed Securities Trust	0.615		11/25/39		1,342
			Series - 2005 SD3 (Class 2A1)
	1,920,918	i	BNC Mortgage Loan Trust	0.345		05/25/37		1,734
			Series - 0 2 (Class A2)
	3,501,139	i	Chase Funding Loan Acquisition Trust	1.100		06/25/34		2,466
			Series - 2004 OPT1 (Class M1)
	674,364	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		150
			Series - 2004 2 (Class 1B)
	954,006	i	Countrywide Asset-Backed Certificates	5.683		10/25/46		955
			Series - 2006 15 (Class A2)
	1,514,582	g	Credit-Based Asset Servicing and Securitization LLC	6.159		12/25/36		1,458
			Series - 2007 MX1 (Class A1)
	1,715,000	g,i	DB/UBS Mortgage Trust	5.728		11/10/46		1,762
			Series - 2011 LC1A (Class C)
	4,950,163	g	Flagstar Home Equity Loan Trust	5.781		01/25/35		4,729
			Series - 2007 1A (Class AF3)
	1,500,000		Ford Credit Auto Owner Trust	3.210		07/15/17		1,561
			Series - 2011 A (Class D)
	6,872,537		Lehman XS Trust	6.500		06/25/46		3,832
			Series - 2006 13 (Class 2A1)
	5,288,001	i	Lehman XS Trust	0.405		08/25/46		4,038
			Series - 2006 GP4 (Class 3A2A)
	947,820	i	Long Beach Mortgage Loan Trust	0.995		02/25/35		936
			Series - 2005 1 (Class M1)
	20,557	i	Morgan Stanley ABS Capital I	0.285		01/25/37		20
			Series - 2007 HE2 (Class A2A)
	4,010,000		Renaissance Home Equity Loan Trust	5.586		11/25/36		1,885
			Series - 2006 3 (Class AF3)
	1,211,492		Residential Asset Mortgage Products, Inc	4.970		09/25/33		1,245
			Series - 2003 RZ5 (Class A7)
	837,152	i	Residential Asset Securities Corp	0.675		04/25/35		789
			Series - 2005 KS3 (Class M3)
	8,101,466		Residential Funding Mortgage Securities II, Inc	5.500		08/25/25		8,066
			Series - 2006 HI5 (Class A3)
	4,031,441		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36		4,036
			Series - 2006 HI3 (Class A3)
	2,000,000		Residential Funding Mortgage Securities II, Inc	6.010		02/25/36		1,869
			Series - 2006 HI1 (Class M1)
	200,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		174
			Series - 2006 HI1 (Class M2)
	772,105	i	Securitized Asset Backed Receivables LLC	0.545		10/25/35		735
			Series - 2006 OP1 (Class A2C)

356

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	1,750,000	g	SLM Student Loan Trust	3.740	%	02/15/29	$	1,808
			Series - 2011 B (Class A2)
	1,799,671	i	Soundview Home Equity Loan Trust	0.545		11/25/35		1,685
			Series - 2005 OPT3 (Class A4)
	446,886	i	Soundview Home Equity Loan Trust	0.355		10/25/36		444
			Series - 2006 EQ1 (Class A2)
	900,165	i	Structured Asset Investment Loan Trust	0.645		05/25/35		865
			Series - 2005 4 (Class M1)
	1,645,267	i	Structured Asset Investment Loan Trust	0.525		12/25/35		1,631
			Series - 2005 10 (Class A5)
	2,750,000	g	Vornado DP LLC	5.280		09/13/28		2,913
			Series - 2010 VNO (Class C)
	842,283	g,m	Wachovia Amortization Controlled Heloc NIM	5.683		08/12/47		766
			Series - 2006 N1 (Class N1)
	1,245,083	g,i	Wachovia Loan Trust	0.605		05/25/35		977
			Series - 2005 SD1 (Class A)
	786,258	i	Wells Fargo Home Equity Trust	0.385		07/25/36		715
			Series - 2006 2 (Class A3)
			TOTAL ASSET BACKED					82,882
OTHER MORTGAGE BACKED - 1.2%
	135,000		Banc of America Commercial Mortgage, Inc	5.675		07/10/46		144
			Series - 2006 4 (Class AM)
	3,220,000	i	Banc of America Commercial Mortgage, Inc	5.807		04/10/49		3,686
			Series - 2007 2 (Class A4)
	411,075	g,i	Banc of America Large Loan, Inc	0.502		03/15/22		409
			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)
	1,249,519		Bear Stearns Asset Backed Securities Trust	5.250		04/25/35		1,081
			Series - 2005 AC2 (Class 1A)
	505,000		Bear Stearns Commercial Mortgage Securities	5.201		12/11/38		570
			Series - 2006 PW14 (Class A4)
	2,200,000	i	Bear Stearns Commercial Mortgage Securities	5.582		09/11/41		2,355
			Series - 2006 PW13 (Class AM)
	2,405,000	i	Bear Stearns Commercial Mortgage Securities	5.568		10/12/41		2,580
			Series - 2006 T24 (Class AM)
	2,655,000	i	Bear Stearns Commercial Mortgage Securities	4.750		02/13/46		2,830
			Series - 2004 T16 (Class A6)
	895,000		Bear Stearns Commercial Mortgage Securities	5.700		06/11/50		1,030
			Series - 2007 PW18 (Class A4)
	418,786		Citicorp Mortgage Securities, Inc	5.750		11/25/36		419
			Series - 2006 6 (Class A2)
	455,466		Citicorp Mortgage Securities, Inc	6.000		05/25/37		455
			Series - 2007 4 (Class 1A7)
	95,031	g,i	Citigroup Commercial Mortgage Trust	0.382		04/15/22		91
			Series - 2007 FL3A (Class A2)
	1,750,000	g	Commercial Mortgage Pass Through Certificates	2.555		12/10/24		1,756
			Series - 2011 STRT (Class A)

357

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	2,005,000	g	Commercial Mortgage Pass Through Certificates	2.365	%	02/10/29	$	2,051
			Series - 2012 9W57 (Class A)
	2,515,000	i	Commercial Mortgage Pass Through Certificates	5.650		12/10/49		2,649
			Series - 2007 C9 (Class AM)
	2,594,544		Countrywide Alternative Loan Trust	5.500		08/25/16		2,667
			Series - 2004 30CB (Class 1A15)
	1,792,338		Countrywide Alternative Loan Trust	5.500		08/25/34		1,824
			Series - 2004 14T2 (Class A2)
	1,540,558		Countrywide Home Loan Mortgage Pass Through Trust	5.250		02/25/16		1,535
			Series - 2005 6 (Class 1A10)
	1,772,546		Countrywide Home Loan Mortgage Pass Through Trust	4.750		09/25/18		1,842
			Series - 2003 35 (Class 1A1)
	708,371		Countrywide Home Loan Mortgage Pass Through Trust	5.250		05/25/35		704
			Series - 2005 12 (Class 1A5)
	276,685		Countrywide Home Loan Mortgage Pass Through Trust	5.500		09/25/35		277
			Series - 2005 J3 (Class 1A1)
	1,092,099	g,i	Credit Suisse Mortgage Capital Certificates	0.422		04/15/22		999
			Series - 2007 TF2A (Class A1)
	3,550,000	g	Credit Suisse Mortgage Capital Certificates	5.626		05/15/23		3,977
			Series - 2006 OMA (Class D)
	4,500,000	g	Credit Suisse Mortgage Capital Certificates	5.383		02/15/40		4,406
			Series - 2009 RR1 (Class A3C)
	1,210,000		CS First Boston Mortgage Securities Corp	4.052		05/15/38		1,230
			Series - 2003 C3 (Class B)
	3,572,488	g	DB/UBS Mortgage Trust	3.742		11/10/46		3,827
			Series - 2011 LC1A (Class A1)
	1,950,000	g,i,m	GS Mortgage Securities Corp II	4.276		04/10/34		1,982
			Series - 2012 GSMS (Class C)
	2,535,000	g,i	GS Mortgage Securities Corp II	5.403		12/10/43		2,745
			Series - 2010 C2 (Class B)
	1,690,000	g,i	GS Mortgage Securities Corp II	5.403		12/10/43		1,677
			Series - 2010 C2 (Class C)
	390,000	g,i	HVB Mortgage Capital Corp	2.291		09/10/22		377
			Series - 2003 FL1A (Class J)
	3,101,620	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.617		07/15/19		3,001
			Series - 2007 FL1A (Class A1)
	1,445,300	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	7.931		10/12/37		1,459
			Series - 2002 CIB5 (Class S1)
	524,782	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	8.648		10/12/37		529
			Series - 2002 CIB5 (Class S2)
	3,375,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.440		05/15/45		3,623
			Series - 2006 LDP8 (Class AM)
	2,125,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.431		07/15/46		2,024
			Series - 2011 C4 (Class C)
	4,120,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	6.009		06/15/49		4,523
			Series - 2007 LD11 (Class A4)
	394,644	i	JP Morgan Mortgage Trust	4.277		04/25/35		398
			Series - 2005 A2 (Class 5A1)
	900,000	i	LB-UBS Commercial Mortgage Trust	5.150		04/15/30		989
			Series - 2005 C2 (Class A5)
	6,120,000		LB-UBS Commercial Mortgage Trust	5.424		02/15/40		6,905
			Series - 2007 C1 (Class A4)

358

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	1,750,000		LB-UBS Commercial Mortgage Trust	5.430	%	02/15/40	$	1,953
			Series - 2007 C2 (Class A3)
	2,450,000	i	LB-UBS Commercial Mortgage Trust	5.858		07/15/40		2,798
			Series - 2007 C6 (Class A4)
	652,152		MASTER Asset Securitization Trust	5.000		05/25/35		655
			Series - 2005 1 (Class 2A5)
	1,645,209	i	Merrill Lynch Mortgage Trust	5.107		07/12/38		1,773
			Series - 2005 CIP1 (Class AM)
	4,040,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.172		12/12/49		4,476
			Series - 2006 4 (Class A3)
	6,300,000	i	Morgan Stanley Capital I	5.447		02/12/44		7,123
			Series - 2007 HQ11 (Class A4)
	710,000	g,i	Morgan Stanley Capital I	5.422		09/15/47		645
			Series - 2011 C1 (Class D)
	2,185,000	g,i	Morgan Stanley Capital I	5.422		09/15/47		2,178
			Series - 2011 C1 (Class C)
	850,000	i	Morgan Stanley Capital I	5.544		11/12/49		880
			Series - 2007 T25 (Class AM)
	6,000,000	i	Nomura Asset Securities Corp	7.332		03/15/30		6,126
			Series - 1998 D6 (Class A2)
	2,750,000	g	OBP Depositor LLC Trust	4.646		07/15/45		3,140
			Series - 2010 OBP (Class A)
	1,684,744		Residential Accredit Loans, Inc	4.350		03/25/34		1,735
			Series - 2004 QS4 (Class A1)
	5,125,086	i	Residential Accredit Loans, Inc	0.435		05/25/46		2,713
			Series - 2006 QO5 (Class 2A1)
	2,126,375	g,i	Springleaf Mortgage Loan Trust	2.667		09/25/57		2,125
			Series - 2012 1A (Class A)
	274,028	i	Structured Adjustable Rate Mortgage Loan Trust	1.005		03/25/35		270
			Series - 2005 6XS (Class A3)
	471,405		Wachovia Bank Commercial Mortgage Trust	5.246		12/15/43		488
			Series - 2007 C30 (Class A3)
	3,390,000		Wachovia Bank Commercial Mortgage Trust	5.383		12/15/43		3,237
			Series - 2007 C30 (Class AM)
	4,040,000	i	Wachovia Bank Commercial Mortgage Trust	6.171		06/15/45		4,411
			Series - 2006 C26 (Class AM)
	2,505,000		Wachovia Bank Commercial Mortgage Trust	5.500		04/15/47		2,731
			Series - 2007 C31 (Class A5)
	1,160,000		Wachovia Bank Commercial Mortgage Trust	5.339		11/15/48		1,210
			Series - 2006 C29 (Class AM)
	2,175,000	i	Wachovia Bank Commercial Mortgage Trust	6.097		02/15/51		2,437
			Series - 2007 C33 (Class A4)
	1,745,000	i	Wachovia Bank Commercial Mortgage Trust	6.097		02/15/51		1,939
			Series - 2007 C33 (Class A5)
	426,923		Wells Fargo Mortgage Backed Securities Trust	5.500		04/25/35		427
			Series - 2005 2 (Class 1A1)
			TOTAL OTHER MORTGAGE BACKED					132,581
			TOTAL STRUCTURED ASSETS					215,463
			(Cost $211,488)
			TOTAL BONDS					4,128,938
			(Cost $3,950,044)

359

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 60.2%
AUTOMOBILES & COMPONENTS - 1.1%
	67,500	*	Aisin Seiki Co Ltd	$	2,256
	115,296	*	American Axle & Manufacturing Holdings, Inc		1,209
	127,203		Bayerische Motoren Werke AG.		9,205
	37,510		Bayerische Motoren Werke AG. (Preference)		1,850
	40,762	*,e	BorgWarner, Inc		2,674
	187,700		Denso Corp		6,414
	2,558,811		Ford Motor Co		24,539
	8,129	*,e	Fuel Systems Solutions, Inc		136
	71,000		Fuji Heavy Industries Ltd		575
	236,929		Harley-Davidson, Inc		10,835
	361,780	e	Honda Motor Co Ltd		12,625
	755,892		Johnson Controls, Inc		20,946
	254,000	*,e	Mitsubishi Motors Corp		256
	38,400	*	Modine Manufacturing Co		266
	836,900		Nissan Motor Co Ltd		7,947
	232,893	e	Peugeot S.A.		2,297
	97,815		Pirelli & C S.p.A.		1,032
	109,499		Renault S.A.		4,373
	9,200		Stanley Electric Co Ltd		143
	48,870		Superior Industries International, Inc		800
	123,300		Suzuki Motor Corp		2,532
	107,999	*	Tenneco, Inc		2,896
	7,617	*,e	Tesla Motors, Inc		238
	2,900		Toyoda Gosei Co Ltd		67
	3,500	*	Toyota Boshoku Corp		42
	81,600		Toyota Industries Corp		2,340
	38,428	*	WABCO Holdings, Inc		2,034
	102,500	e	Yamaha Motor Co Ltd		981
			TOTAL AUTOMOBILES & COMPONENTS		121,508
BANKS - 3.3%
	1,078	e	Arrow Financial Corp		26
	502,147		Australia & New Zealand Banking Group Ltd		11,439
	1,911,833		Banca Intesa S.p.A.		2,721
	766,621		Banca Intesa S.p.A. RSP		873
	898,858		Banco Bilbao Vizcaya Argentaria S.A.		6,419
	1,289,925		Banco Santander Central Hispano S.A.		8,533
	25,289		Bank of Hawaii Corp		1,162
	207,400	e	Bank of Nova Scotia		10,744
	2,582,687		Barclays plc		6,599
	1,040,309		BB&T Corp		32,094
	4,408		Bendigo Bank Ltd		34
	47,100		CapitalSource, Inc		317

360

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	7,221		Capitol Federal Financial	$	86
	3,360		Cathay General Bancorp		55
	64,852	*	Citizens Republic Bancorp, Inc		1,111
	2,120		Columbia Banking System, Inc		40
	165,930		Comerica, Inc		5,096
	1,156		Commerce Bancshares, Inc		44
	301,281		Commonwealth Bank of Australia		16,500
	3,936	e	Community Bank System, Inc		107
	9,127		Cullen/Frost Bankers, Inc		525
	102,941	*	Danske Bank AS		1,431
	236,588		DNB NOR Holding ASA		2,353
	10,051		East West Bancorp, Inc		236
	107,598		First Horizon National Corp		931
	16,186		FNB Corp		176
	2,590		Glacier Bancorp, Inc		40
	5,441		Hancock Holding Co		166
	508,500	e	Hang Seng Bank Ltd		6,991
	3,209,118		HSBC Holdings plc		28,278
	199,570		Hudson City Bancorp, Inc		1,271
	174,643		Huntington Bancshares, Inc		1,118
	1,147		International Bancshares Corp		22
	90,119	e	KBC Groep NV		1,906
	1,222,260		Keycorp		9,460
	156,974		M&T Bank Corp		12,961
	1,800		MB Financial, Inc		39
	2,071,200		Mitsubishi UFJ Financial Group, Inc		9,923
	3,874,400		Mizuho Financial Group, Inc		6,545
	403,419		National Australia Bank Ltd		9,826
	6,490		National Penn Bancshares, Inc		62
	1,500		NBT Bancorp, Inc		32
	145,456	e	New York Community Bancorp, Inc		1,822
	644,338		Nordea Bank AB		5,553
	19,938		Old National Bancorp		239
	600	e	Park National Corp		42
	2,728		People’s United Financial, Inc		32
	2,500	*	Pinnacle Financial Partners, Inc		49
	563,484		PNC Financial Services Group, Inc		34,435
	53,363		Provident Financial Services, Inc		819
	109,738	e	Radian Group, Inc		361
	1,394,777		Regions Financial Corp		9,415
	155,400		Resona Holdings, Inc		640
	2,569		Rockville Financial, Inc		30
	250,810		Royal Bank of Canada (Toronto)		12,850
	1,000	e	S&T Bancorp, Inc		18
	410,200		Shizuoka Bank Ltd		4,221
	3,487	*	Signature Bank		213
	221,278		Skandinaviska Enskilda Banken AB (Class A)		1,437
	369,841		Standard Chartered plc		8,034
	190,200		Sumitomo Mitsui Financial Group, Inc		6,283
	16,927		Susquehanna Bancshares, Inc		174
	28,454	*	SVB Financial Group		1,671
	45,092		Swedbank AB (A Shares)		710

361

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	157,511	e	Toronto-Dominion Bank	$	12,327
	1,700		Trustmark Corp		42
	3,150		Umpqua Holdings Corp		41
	718,558	*	UniCredit S.p.A		2,724
	1,361,026		US Bancorp		43,771
	13,956		Webster Financial Corp		302
	5,690	*	Western Alliance Bancorp		53
	629,923	e	Westpac Banking Corp		13,755
	1,110	e	Wintrust Financial Corp		39
	37,356		Zions Bancorporation		725
			TOTAL BANKS		361,119
CAPITAL GOODS - 5.0%
	494,871		3M Co		44,341
	11,675		A.O. Smith Corp		571
	40,150	e	ACS Actividades Cons y Servicios S.A.		860
	13,978		Actuant Corp (Class A)		380
	5,085		Acuity Brands, Inc		259
	1,900	*	Aegion Corp		34
	75,930		Alfa Laval AB		1,301
	2,655	*	American Superconductor Corp		12
	436,810		Ametek, Inc		21,801
	4,300		Ampco-Pittsburgh Corp		79
	5,965		Apogee Enterprises, Inc		96
	56,219	*	ArvinMeritor, Inc		293
	368,000	e	Asahi Glass Co Ltd		2,483
	51,800		Assa Abloy AB (Class B)		1,447
	10,969	*	Astec Industries, Inc		337
	153,909		Atlas Copco AB (A Shares)		3,312
	135,146		Atlas Copco AB (B Shares)		2,575
	293,206		Balfour Beatty plc		1,371
	116,424		Barnes Group, Inc		2,828
	2,120	*	Beacon Roofing Supply, Inc		54
	4,234		Belden CDT, Inc		141
	106,747		Bouygues S.A.		2,864
	29,997	e	Briggs & Stratton Corp		525
	23,239	*,e	Builders FirstSource, Inc		110
	299,328		Bunzl plc		4,892
	4,279	*	Chart Industries, Inc		294
	118,516		Cintra Concesiones de Infraestructuras de Transporte S.A.		1,337
	10,768	*	Colfax Corp		297
	144,774		Compagnie de Saint-Gobain		5,349
	51,393		Cooper Industries plc		3,504
	210,677		Cummins, Inc		20,417
	46,600		Daikin Industries Ltd		1,312
	635,413		Danaher Corp		33,092
	372,388		Deere & Co		30,115
	8,640		Delek Group Ltd		1,287
	67,977		Dover Corp		3,644
	301,050	e	Eaton Corp		11,931
	4,941		EMCOR Group, Inc		137
	712,543		Emerson Electric Co		33,190

362

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	7,019	*	EnerSys	$	246
	1,450		ESCO Technologies, Inc		53
	2,909	*	Esterline Technologies Corp		181
	143,829		Fastenal Co		5,798
	144,300		FIAT Industrial S.p.A.		1,420
	78,034	*,e	FuelCell Energy, Inc		79
	21,353		GEA Group AG.		569
	11,801		Geberit AG.		2,328
	48,876	*	Gibraltar Industries, Inc		507
	1,500		Gorman-Rupp Co		45
	66,177		Graco, Inc		3,049
	41,220	*	GrafTech International Ltd		398
	4,485		Heico Corp		177
	14,756	*	Hexcel Corp		381
	32,600	e	Hitachi Construction Machinery Co Ltd		616
	12,125		Hochtief AG.		588
	560,369		Illinois Tool Works, Inc		29,638
	133,866		Ingersoll-Rand plc		5,646
	2,300		Insteel Industries, Inc		26
	349,846		Invensys plc		1,219
	2,187		Joy Global, Inc		124
	27,700		JS Group Corp		585
	7,600		JTEKT Corp		79
	213,800		Komatsu Ltd		5,104
	380,797		Koninklijke Philips Electronics NV		7,504
	320,000		Kubota Corp		2,957
	6,983	*	Layne Christensen Co		145
	36,587		LB Foster Co (Class A)		1,047
	26,197		Lincoln Electric Holdings, Inc		1,147
	15,600	*	Makita Corp		547
	659,000		Marubeni Corp		4,391
	463,592		Masco Corp		6,430
	44,896		Metso Oyj		1,548
	750	*	Middleby Corp		75
	482,000		Mitsubishi Electric Corp		4,033
	7,683		MSC Industrial Direct Co (Class A)		504
	114,717	*	NCI Building Systems, Inc		1,242
	83,000		NGK Insulators Ltd		919
	28,000		Nidec Corp		2,129
	147,946		Nordson Corp		7,588
	86,000		NSK Ltd		557
	152,793		Orkla ASA		1,109
	165,398	*	Owens Corning, Inc		4,720
	287,127		Paccar, Inc		11,252
	42,770		Pall Corp		2,344
	35,299		Parker Hannifin Corp		2,714
	30,302	e	Pentair, Inc		1,160
	43,401	*,e	Polypore International, Inc		1,753
	191,140		Precision Castparts Corp		31,441
	35,452	e	Quanex Building Products Corp		634
	118,919	*	Quanta Services, Inc		2,862
	94,352		Rockwell Automation, Inc		6,233

363

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	10,342		Rockwell Collins, Inc	$	510
	50,799		Roper Industries, Inc		5,008
	3,300	*	Rush Enterprises, Inc (Class A)		54
	236,880		Sandvik AB		3,038
	2,100		Sauer-Danfoss, Inc		73
	172,100		Scania AB (B Shares)		2,949
	182,088		Schneider Electric S.A.		10,121
	1,857,500		SembCorp Industries Ltd		7,603
	98,000		Shimizu Corp		340
	66,100		Skanska AB (B Shares)		1,013
	42,500		SKF AB (B Shares)		838
	69,349		Smiths Group plc		1,101
	17,535		Snap-On, Inc		1,092
	210,153	*	Spirit Aerosystems Holdings, Inc (Class A)		5,008
	13,155		Sulzer AG.		1,560
	161,300		Sumitomo Electric Industries Ltd		2,010
	5,435		TAL International Group, Inc		182
	104,755		Tennant Co		4,185
	18,487		Timken Co		847
	6,400		Toyota Tsusho Corp		122
	5,051	*,e	Trex Co, Inc		152
	463,660		Tyco International Ltd		24,504
	38,902	*,e	United Rentals, Inc		1,324
	1,070		Universal Forest Products, Inc		42
	48,780	*,e	USG Corp		929
	2,941		Valmont Industries, Inc		356
	176,760		Vinci S.A.		8,261
	436,090		Volvo AB (B Shares)		4,986
	122,232		W.W. Grainger, Inc		23,376
	25,258	*	Wabash National Corp		167
	27,403	*,e	WESCO International, Inc		1,577
	44,334		Westinghouse Air Brake Technologies Corp		3,458
	131,715		Wolseley plc		4,909
	12,153		Xylem, Inc		306
	17,783	e	Zardoya Otis S.A.		198
			TOTAL CAPITAL GOODS		528,912
COMMERCIAL & PROFESSIONAL SERVICES - 0.5%
	2,604		ABM Industries, Inc		51
	197,072	*	ACCO Brands Corp		2,038
	80,180		Adecco S.A.		3,565
	14,675		Aggreko plc		477
	176,082		Avery Dennison Corp		4,814
	205,697		Brambles Ltd		1,305
	2,800		Bureau Veritas S.A.		249
	120,569		Capita Group plc		1,239
	2,000		CDI Corp		33
	2,394	*	Copart, Inc		57
	9,841		Corporate Executive Board Co		402
	218,000		Dai Nippon Printing Co Ltd		1,708
	24,020		Deluxe Corp		599
	82,626		Dun & Bradstreet Corp		5,880

364

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	22,336		Equifax, Inc	$	1,041
	313,217		Experian Group Ltd		4,419
	2,000		Heidrick & Struggles International, Inc		35
	8,629		Herman Miller, Inc		160
	21,504		HNI Corp		554
	9,308	*	IHS, Inc (Class A)		1,003
	7,700		Intertek Group plc		323
	112,589		Iron Mountain, Inc		3,711
	29,712		Manpower, Inc		1,089
	2,100	*	Mobile Mini, Inc		30
	50,982	e	Pitney Bowes, Inc		763
	18,371	e	R.R. Donnelley & Sons Co		216
	34,400		Randstad Holdings NV		1,014
	162,118		Robert Half International, Inc		4,632
	58,400		Secom Co Ltd		2,678
	400		Societe BIC S.A.		41
	1,544	*	Standard Parking Corp		33
	44,676	*	Tetra Tech, Inc		1,165
	179,000		Toppan Printing Co Ltd		1,196
	4,000	*,h,m	Veripos, Inc		1
	2,100		Viad Corp		42
	174,423		Waste Management, Inc		5,826
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		52,389
CONSUMER DURABLES & APPAREL - 0.8%
	29,048		Adidas-Salomon AG.		2,082
	4,859	e	American Greetings Corp (Class A)		71
	64,500		Burberry Group plc		1,343
	32,738	e	Callaway Golf Co		193
	11,726	*	Carter’s, Inc		617
	30,920		Christian Dior S.A.		4,252
	126,573		Compagnie Financiere Richemont S.A.		6,950
	24,000		Electrolux AB (Series B)		478
	7,187	e	Ethan Allen Interiors, Inc		143
	11,700	e	Gildan Activewear, Inc		322
	573,700		Matsushita Electric Industrial Co Ltd		4,690
	520,280		Mattel, Inc		16,878
	7,456	*	Meritage Homes Corp		253
	9,802	*	Mohawk Industries, Inc		684
	23,800		Movado Group, Inc		595
	315,133		Nike, Inc (Class B)		27,662
	197,000		Nikon Corp		5,997
	18,943		Oxford Industries, Inc		847
	9,478	*	Perry Ellis International, Inc		197
	2,000		Pool Corp		81
	27,543	e	Ryland Group, Inc		705
	50,000		Sekisui Chemical Co Ltd		465
	96,000		Sekisui House Ltd		906
	132,000	e	Sharp Corp		672
	234,000	*	Sony Corp		3,346
	15,833		Tupperware Corp		867
	12,871	*,e	Under Armour, Inc (Class A)		1,216

365

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	40,873		VF Corp	$	5,455
	123,400		Yamaha Corp		1,270
			TOTAL CONSUMER DURABLES & APPAREL		89,237
CONSUMER SERVICES - 1.3%
	41,319		Accor S.A.		1,295
	35,220	*	AFC Enterprises		815
	800	*,e	American Public Education, Inc		26
	5,100		Autogrill S.p.A.		46
	30,700		Benesse Corp		1,374
	7,343		Bob Evans Farms, Inc		295
	25,421		Brinker International, Inc		810
	1,171		CBRL Group, Inc		74
	7,675	*	Chipotle Mexican Grill, Inc (Class A)		2,916
	103,153	e	Choice Hotels International, Inc		4,119
	8,683	*,e	Coinstar, Inc		596
	514,283		Compass Group plc		5,398
	86,851		Darden Restaurants, Inc		4,397
	1,346	*	DineEquity, Inc		60
	16,334		Domino’s Pizza, Inc		505
	7,832		Dunkin Brands Group, Inc		269
	81,945	*	Gaylord Entertainment Co		3,160
	3,984	*	Jack in the Box, Inc		111
	369,506		Marriott International, Inc (Class A)		14,485
	595,733		McDonald’s Corp		52,740
	3,606	*	Panera Bread Co (Class A)		503
	1,300	*	Papa John’s International, Inc		62
	1,110	*,e	Peet’s Coffee & Tea, Inc		67
	33,974		Royal Caribbean Cruises Ltd		884
	11,375	*	Ruby Tuesday, Inc		77
	29,578	*	Sonic Corp		296
	688,843		Starbucks Corp		36,729
	136,400		Starwood Hotels & Resorts Worldwide, Inc		7,235
	9,100	e	Tim Hortons, Inc (Toronto)		480
	2,200		Universal Technical Institute, Inc		30
	11,685		Whitbread plc		372
			TOTAL CONSUMER SERVICES		140,226
DIVERSIFIED FINANCIALS - 3.1%
	4,200	e	Aeon Credit Service Co Ltd		78
	251,412	*	American Capital Ltd		2,532
	763,041		American Express Co		44,416
	196,682		Ameriprise Financial, Inc		10,279
	12,499		Ares Capital Corp		199
	1,355,087		Bank of New York Mellon Corp		29,744
	146,733		BlackRock, Inc		24,918
	618,093		Capital One Financial Corp		33,785
	1,431,454		Charles Schwab Corp		18,509
	62,131		CME Group, Inc		16,658
	1,362	e	Cohen & Steers, Inc		47
	69,415		Deutsche Boerse AG.		3,745
	684,553		Discover Financial Services		23,672

366

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	17,544	e	Eaton Vance Corp	$	473
	51,550		Evercore Partners, Inc (Class A)		1,206
	243,881		Franklin Resources, Inc		27,068
	91,164	*	IntercontinentalExchange, Inc		12,396
	1,750	*	International Assets Holding Corp		34
	508,141		Invesco Ltd		11,484
	3,030	*	Investment Technology Group, Inc		28
	61,166		Janus Capital Group, Inc		478
	1,570	e	KBW, Inc		26
	60,728		Kinnevik Investment AB (Series B)		1,219
	17,506	*	Knight Capital Group, Inc (Class A)		209
	71,053		Legg Mason, Inc		1,874
	26,620		Mitsubishi UFJ Lease & Finance Co Ltd		1,107
	76,231		Nasdaq Stock Market, Inc		1,728
	135,919	*	NewStar Financial, Inc		1,762
	240,120		Northern Trust Corp		11,050
	250,268		NYSE Euronext		6,402
	22,527	*,e	PHH Corp		394
	8,995	e	Prospect Capital Corp		102
	15,778	*	Safeguard Scientifics, Inc		244
	489,115		State Street Corp		21,834
	287,043		T Rowe Price Group, Inc		18,072
	16,754	e	Triangle Capital Corp		382
			TOTAL DIVERSIFIED FINANCIALS		328,154
ENERGY - 5.3%
	40,000		Acergy S.A.		792
	46,000		Aker Kvaerner ASA		653
	52,019		AMEC plc		820
	315,610		Apache Corp		27,739
	45,500	e	ARC Energy Trust		1,023
	235,018	*,e	ATP Oil & Gas Corp		794
	13,661	*	Atwood Oceanics, Inc		517
	23,645	*,e	Basic Energy Services, Inc		244
	854,626		BG Group plc		17,495
	14,483	*	C&J Energy Services, Inc		268
	7,080	*	Cal Dive International, Inc		21
	270,701	*	Cameron International Corp		11,562
	24,454	e	CARBO Ceramics, Inc		1,876
	14,005	*	Carrizo Oil & Gas, Inc		329
	287,400		Cenovus Energy, Inc (Toronto)		9,138
	165,841	*	Cheniere Energy, Inc		2,444
	453,801	e	Chesapeake Energy Corp		8,441
	98,049		Cimarex Energy Co		5,404
	260,946	*,e	Clean Energy Fuels Corp		4,045
	50,627	*	Compagnie Generale de Geophysique S.A.		1,309
	31,699	*,e	Comstock Resources, Inc		520
	29,437	*	Concho Resources, Inc		2,506
	46,605	*	Contango Oil & Gas Co		2,759
	146,657	*	Continental Resources, Inc		9,770
	163,000		Cosmo Oil Co Ltd		415
	57,300	e	Crescent Point Energy Corp		2,139

367

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	190,536		Crosstex Energy, Inc	$	2,668
	17,312	*,e	CVR Energy, Inc		460
	124,890	*	CVR Energy, Inc (Contingent value right)		0	^
	11,452	*	Dawson Geophysical Co		273
	486,380	*	Denbury Resources, Inc		7,349
	432,173	*	Devon Energy Corp		25,062
	11,995	*	Dresser-Rand Group, Inc		534
	290,374	e	Enbridge, Inc		11,597
	72,600	e	Enerplus Resources Fund		933
	624,899		ENI S.p.A.		13,276
	325,952		EOG Resources, Inc		29,372
	320,742		Equitable Resources, Inc		17,201
	11,351	*	Exterran Holdings, Inc		145
	306,614	*	FMC Technologies, Inc		12,028
	19,000		Fugro NV		1,152
	183,458		Galp Energia SGPS S.A.		2,326
	65,141	*,e	Goodrich Petroleum Corp		903
	22,906		Gulf Island Fabrication, Inc		646
	187,072	*	Hercules Offshore, Inc		662
	366,724		Hess Corp		15,934
	155,177	*	Hornbeck Offshore Services, Inc		6,018
	16,000		Idemitsu Kosan Co Ltd		1,435
	670		Inpex Holdings, Inc		3,763
	60,455	*	ION Geophysical Corp		398
	44,211	*	Key Energy Services, Inc		336
	5,903	*,e	Kinder Morgan Management LLC		433
	676,402	*	Kodiak Oil & Gas Corp		5,553
	749,902		Marathon Oil Corp		19,175
	6,367	*	Matrix Service Co		72
	478,618		National Oilwell Varco, Inc		30,842
	3,769	*	Natural Gas Services Group, Inc		56
	126,731	e	Neste Oil Oyj		1,426
	110,120	*	Newfield Exploration Co		3,228
	260,977	e	Nexen, Inc		4,419
	180,694		Noble Corp		5,878
	297,640		Noble Energy, Inc		25,246
	29,282	*,e	Northern Oil And Gas, Inc		467
	21,344	*,e	Oasis Petroleum, Inc		516
	38,856		Oceaneering International, Inc		1,860
	28,748	*	Oil States International, Inc		1,903
	209,409		OMV AG.		6,586
	575,443		Origin Energy Ltd		7,247
	4,321	*	OYO Geospace Corp		389
	64,100	e	Pacific Rubiales Energy Corp (Toronto)		1,357
	116,848	*	Parker Drilling Co		527
	37,146	*	PDC Energy, Inc		911
	141,200	e	Penn West Energy Trust		1,895
	68,060	*,e	Petroquest Energy, Inc		340
	87,693	*	Pioneer Drilling Co		699
	202,264		Pioneer Natural Resources Co		17,842
	37,029	*	Plains Exploration & Production Co		1,303
	286,218		Questar Market Resources, Inc		8,578

368

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	150,641	*,e	Quicksilver Resources, Inc	$	816
	143,996		Range Resources Corp		8,909
	987,020	*	Rentech, Inc		2,033
	314,475		Repsol YPF S.A.		5,055
	36,777	*,e	Rex Energy Corp		412
	48,811		Saipem S.p.A.		2,174
	466,753		Santos Ltd		5,141
	894		SEACOR Holdings, Inc		80
	58,600	e	Showa Shell Sekiyu KK		360
	337,955	*	Southwestern Energy Co		10,791
	954,987		Spectra Energy Corp		27,752
	108,961		St. Mary Land & Exploration Co		5,351
	403,405		Statoil ASA		9,621
	430,104		Suncor Energy, Inc		12,437
	73,725		Sunoco, Inc		3,502
	88,722	*	Superior Energy Services		1,795
	471,100		Talisman Energy, Inc		5,400
	22,440		Technip S.A.		2,339
	159,456	e	Tenaris S.A.		2,804
	5,071	*	Tetra Technologies, Inc		36
	8,436		Tidewater, Inc		391
	262,191		Tullow Oil plc		6,060
	80,823	*,e	Ultra Petroleum Corp		1,865
	46,868	*	Unit Corp		1,729
	933,272	*	Weatherford International Ltd		11,787
	320,238	e	Western Refining, Inc		7,132
	130,361	*	Whiting Petroleum Corp		5,360
	443,674		Williams Cos, Inc		12,787
			TOTAL ENERGY		570,161
FOOD & STAPLES RETAILING - 0.9%
	173,400	e	Aeon Co Ltd		2,161
	179,256	e	Carrefour S.A.		3,310
	844		Casey’s General Stores, Inc		50
	13,576		Casino Guichard Perrachon S.A.		1,193
	5,000		Colruyt S.A.		223
	31,318		Delhaize Group		1,147
	177,850	*	Distribuidora Internacional de Alimentacion S.A.		836
	275,568		J Sainsbury plc		1,302
	59,300		Jeronimo Martins SGPS S.A.		1,003
	6,988	e	Kesko Oyj (B Shares)		183
	316,657		Koninklijke Ahold NV		3,922
	377,848		Kroger Co		8,762
	11,800	e	Lawson, Inc		825
	42,800	e	Loblaw Cos Ltd		1,362
	57,100	e	Metcash Ltd		198
	68,666		Metro AG.		2,002
	12,200		Metro, Inc		625
	2,263		Pricesmart, Inc		153
	316,705	e	Safeway, Inc		5,748
	149,700		Seven & I Holdings Co Ltd		4,513
	18,582		Spartan Stores, Inc		337

369

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	807,032		Sysco Corp	$	24,058
	1,918,076		Tesco plc		9,321
	1,270	*	United Natural Foods, Inc		70
	93,077		Whole Foods Market, Inc		8,872
	386,938		WM Morrison Supermarkets plc		1,615
	265,072		Woolworths Ltd		7,297
			TOTAL FOOD & STAPLES RETAILING		91,088
FOOD, BEVERAGE & TOBACCO - 2.7%
	161,000		Ajinomoto Co, Inc		2,241
	51,945		Aryzta AG.		2,586
	191,588		Associated British Foods plc		3,855
	16,050		Bunge Ltd		1,007
	2,423	e	Calavo Growers, Inc		62
	320,129	e	Campbell Soup Co		10,686
	189,544		Coca Cola Hellenic Bottling Co S.A.		3,358
	82,800		Coca-Cola Amatil Ltd		1,138
	131,532		ConAgra Foods, Inc		3,411
	19,775	*	Darling International, Inc		326
	706,616	*	DE Master Blenders 1753 NV		7,967
	30,775		Dr Pepper Snapple Group, Inc		1,347
	9,693		Flowers Foods, Inc		225
	808,796		General Mills, Inc		31,171
	70,022	*,e	Green Mountain Coffee Roasters, Inc		1,525
	171,325		Groupe Danone		10,647
	442,005		H.J. Heinz Co		24,036
	5,759	*	Hain Celestial Group, Inc		317
	141,323	*	Hillshire Brands Co		4,097
	21,922		Hormel Foods Corp		667
	39,791		J.M. Smucker Co		3,005
	551,312		Kellogg Co		27,196
	28,997		Kerry Group plc (Class A)		1,271
	31,000	e	Kikkoman Corp		383
	1,188,820		Kraft Foods, Inc (Class A)		45,912
	3,503		Lancaster Colony Corp		249
	458		Lindt & Spruengli AG.		1,415
	21		Lindt & Spruengli AG. (Reg)		771
	24,873		McCormick & Co, Inc		1,509
	74,148		Mead Johnson Nutrition Co		5,970
	26,689	*	Monster Beverage Corp		1,900
	13,000		Nippon Meat Packers, Inc		172
	39,000		Nisshin Seifun Group, Inc		457
	14,500	e	Nissin Food Products Co Ltd		551
	857,662		PepsiCo, Inc		60,602
	29,100	e	Saputo, Inc		1,210
	13,800		Suedzucker AG.		490
	12,546		Tate & Lyle plc		127
	11,427	e	Tootsie Roll Industries, Inc		273
	2,939	*	TreeHouse Foods, Inc		183
	405,114		Unilever NV		13,533
	481,826		Unilever plc		16,177
	81,300		Viterra, Inc		1,290

370

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	42,800	e	Yakult Honsha Co Ltd	$	1,676
	6,000		Yamazaki Baking Co Ltd		79
			TOTAL FOOD, BEVERAGE & TOBACCO		297,070
HEALTH CARE EQUIPMENT & SERVICES - 1.7%
	27,045	*,e	Accretive Health, Inc		296
	450,512		Aetna, Inc		17,466
	8,037	*	Align Technology, Inc		269
	14,334	*	Amerigroup Corp		945
	10,800	*	Amsurg Corp		324
	629,052		Baxter International, Inc		33,434
	322,043		Becton Dickinson & Co		24,073
	3,698	*,e	Catalyst Health Solutions, Inc		346
	54,777	*	Centene Corp		1,652
	4,495	e	Chemed Corp		272
	186,841		Cigna Corp		8,221
	9,815	*,e	Conceptus, Inc		194
	5,764	e	Dentsply International, Inc		218
	15,359	*	Edwards Lifesciences Corp		1,586
	6,337	*	Gen-Probe, Inc		521
	12,050	*	Greatbatch, Inc		274
	2,187	*	Haemonetics Corp		162
	18,890	*	Henry Schein, Inc		1,483
	72,540		Hill-Rom Holdings, Inc		2,238
	10,561	*	HMS Holdings Corp		352
	119,951		Humana, Inc		9,289
	45,302	*	Idexx Laboratories, Inc		4,355
	2,446		Invacare Corp		38
	61,900	*	Inverness Medical Innovations, Inc		1,203
	6,078	*	LHC Group, Inc		103
	58,522	*	LifePoint Hospitals, Inc		2,398
	10,330	*,e	MAKO Surgical Corp		264
	1,730	*	MedAssets, Inc		23
	5,257	*	Medidata Solutions, Inc		172
	953,308		Medtronic, Inc		36,922
	55,639	*	Molina Healthcare, Inc		1,305
	8,672	*	MWI Veterinary Supply, Inc		891
	14,388	*	Natus Medical, Inc		167
	1,976	*	NuVasive, Inc		50
	2,364	*	NxStage Medical, Inc		40
	3,000	*	Omnicell, Inc		44
	7,475	*	OraSure Technologies, Inc		84
	2,718		Owens & Minor, Inc		83
	5,380	*	Palomar Medical Technologies, Inc		46
	86,208		Patterson Cos, Inc		2,972
	4,910		Quality Systems, Inc		135
	39,293	*	Resmed, Inc		1,226
	3,688	*	Sirona Dental Systems, Inc		166
	56,398		Sonic Healthcare Ltd		738
	36,974		STERIS Corp		1,160
	4,400		Suzuken Co Ltd		148
	7,700		Sysmex Corp		304

371

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	438,368		WellPoint, Inc	$	27,963
	2,100	*,e	Wright Medical Group, Inc		45
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		186,660
HOUSEHOLD & PERSONAL PRODUCTS - 1.9%
	189,024		Avon Products, Inc		3,064
	9,680		Beiersdorf AG.		628
	39,852		Clorox Co		2,888
	385,277		Colgate-Palmolive Co		40,107
	281,616		Estee Lauder Cos (Class A)		15,241
	210		Henkel KGaA		12
	156,880		Henkel KGaA (Preference)		10,424
	23,052		Herbalife Ltd		1,114
	181,200		Kao Corp		4,997
	404,665		Kimberly-Clark Corp		33,899
	63,795		L’Oreal S.A.		7,464
	44,575	*,e	Medifast, Inc		877
	16,029	e	Nu Skin Enterprises, Inc (Class A)		752
	1,289,262		Procter & Gamble Co		78,967
	152,666		Reckitt Benckiser Group plc		8,069
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		208,503
INSURANCE - 3.4%
	441,515		ACE Ltd		32,730
	600,257		Aflac, Inc		25,565
	4,400	e	American Equity Investment Life Holding Co		48
	1,540,887		AMP Ltd		6,132
	61,969	*	Arch Capital Group Ltd		2,460
	13,380		Arthur J. Gallagher & Co		469
	131,054		Aspen Insurance Holdings Ltd		3,787
	421,903		Assicurazioni Generali S.p.A.		5,721
	94,531		Assurant, Inc		3,293
	30,787		Axis Capital Holdings Ltd		1,002
	879,757	*	Berkshire Hathaway, Inc (Class B)		73,310
	420,453		Chubb Corp		30,617
	444,576		Cincinnati Financial Corp		16,925
	280,593	e	CNP Assurances		3,427
	102,203		Delta Lloyd NV		1,421
	1,400		Donegal Group, Inc (Class A)		19
	4,146	*	eHealth, Inc		67
	2,400		Employers Holdings, Inc		43
	54,550		Endurance Specialty Holdings Ltd		2,090
	11,630		First American Financial Corp		197
	608,847	*	Genworth Financial, Inc (Class A)		3,446
	3,500	*	Hilltop Holdings, Inc		36
	588,027		Insurance Australia Group Ltd		2,109
	1,916		Kemper Corp		59
	4,990	*	Markel Corp		2,204
	36,551		Marsh & McLennan Cos, Inc		1,178
	4,850		Meadowbrook Insurance Group, Inc		43
	123,177	e	Montpelier Re Holdings Ltd		2,622
	75,286		Muenchener Rueckver AG.		10,623

372

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	59,105	*	National Financial Partners Corp	$	792
	700	*	Navigators Group, Inc		35
	2,849,807		Old Mutual plc		6,778
	13,746		PartnerRe Ltd		1,040
	436,156	*	Phoenix Cos, Inc		807
	56,579		Platinum Underwriters Holdings Ltd		2,156
	2,297		Primerica, Inc		61
	357,357		Principal Financial Group		9,374
	2,039		ProAssurance Corp		182
	929,925		Progressive Corp		19,370
	42,513		Protective Life Corp		1,250
	523,933		Prudential Financial, Inc		25,374
	912,978		Prudential plc		10,586
	5,153		RenaissanceRe Holdings Ltd		392
	1,421		RLI Corp		97
	2,022,246		Royal & Sun Alliance Insurance Group plc		3,433
	900		Safety Insurance Group, Inc		37
	6,001		SeaBright Insurance Holdings, Inc		53
	2,400		Selective Insurance Group, Inc		42
	2,490		Stancorp Financial Group, Inc		93
	1,244,153		Standard Life plc		4,555
	13,455	e	Stewart Information Services Corp		207
	169,853		Swiss Re Ltd		10,708
	177,900		T&D Holdings, Inc		1,895
	489,343		Travelers Cos, Inc		31,240
	800		TrygVesta AS		45
			TOTAL INSURANCE		362,245
MATERIALS - 4.0%
	70,158	e	Agnico-Eagle Mines Ltd		2,842
	23,600	e	Agrium, Inc (Toronto)		2,092
	96,390		Air Liquide		11,020
	308,797		Air Products & Chemicals, Inc		24,929
	21,000		Air Water, Inc		255
	23,600		Akzo Nobel NV		1,111
	897,476		Alcoa, Inc		7,853
	63,652		Allegheny Technologies, Inc		2,030
	148,535	*	Allied Nevada Gold Corp		4,215
	1,698,817		Alumina Ltd		1,393
	128,690		AMCOL International Corp		3,643
	92,400		Amcor Ltd		674
	335,241		Antofagasta plc		5,735
	26,351		Aptargroup, Inc		1,345
	232,000		Asahi Kasei Corp		1,258
	63,073		Ball Corp		2,589
	132,610		BASF AG.		9,221
	88,884		Bemis Co, Inc		2,786
	244,955	e	Boliden AB		3,418
	19,418	e	Boral Ltd		59
	56,508		Buckeye Technologies, Inc		1,610
	8,161		Carpenter Technology Corp		390
	44,916		Celanese Corp (Series A)		1,555

373

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	2,372	*	Clearwater Paper Corp	$	81
	211,732		Cleveland-Cliffs, Inc		10,436
	174,133	*	Coeur d’Alene Mines Corp		3,058
	131,361		Commercial Metals Co		1,660
	14,183		Compass Minerals International, Inc		1,082
	295,427		CRH plc		5,660
	17,000		Daido Steel Co Ltd		106
	5,617		Domtar Corp		431
	9,400		DSM NV		463
	36,695		Eastman Chemical Co		1,848
	431,791		Ecolab, Inc		29,591
	5,690	*	Ferro Corp		27
	646,464		Fletcher Building Ltd		3,060
	33,738	*,e	Flotek Industries, Inc		315
	958,826	e	Fortescue Metals Group Ltd		4,899
	10,900	*,e	Franco-Nevada Corp		493
	72,620		Fresnillo plc		1,663
	74,210	*,e	General Moly, Inc		233
	2,179		Givaudan S.A.		2,139
	2,623		Globe Specialty Metals, Inc		35
	94,290		H.B. Fuller Co		2,895
	48,214		HeidelbergCement AG.		2,315
	50,000	e	Hitachi Metals Ltd		597
	3,600		Holmen AB (B Shares)		98
	900		Imerys S.A.		46
	23,190		Innophos Holdings, Inc		1,309
	9,797		International Flavors & Fragrances, Inc		537
	238,995		International Paper Co		6,909
	10,963		Johnson Matthey plc		380
	48,900		JSR Corp		848
	77,699		K&S AG.		3,557
	38,000	e	Kaneka Corp		210
	438,100		Kinross Gold Corp		3,576
	643,000	*	Kobe Steel Ltd		774
	7,764	*	Kraton Polymers LLC		170
	10,783	e	Kronos Worldwide, Inc		170
	58,000		Kuraray Co Ltd		752
	46,374		Linde AG.		7,222
	100,634	e	Lonmin plc		1,224
	173,029	*	Louisiana-Pacific Corp		1,883
	690,655		LyondellBasell Industries AF S.C.A		27,813
	64,942	*,e	McEwen Mining, Inc		195
	212,757		MeadWestvaco Corp		6,117
	26,544		Minerals Technologies, Inc		1,693
	330,500		Mitsubishi Chemical Holdings Corp		1,457
	48,000		Mitsubishi Gas Chemical Co, Inc		273
	120,960		Mitsui Chemicals, Inc		303
	36,615	*,e	Molycorp, Inc		789
	2,100		Myers Industries, Inc		36
	2,220		Neenah Paper, Inc		59
	287,983		Newcrest Mining Ltd		6,702
	2,166,000	*	Nippon Steel Corp		4,913

374

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	241,000		Nisshin Steel Co Ltd	$	338
	31,500		Nitto Denko Corp		1,350
	996,190		Norsk Hydro ASA		4,493
	31,650		Novozymes AS		821
	532,256		Nucor Corp		20,173
	53,242		Orica Ltd		1,356
	102,000	*	Osisko Mining Corp		701
	64,561	*	Owens-Illinois, Inc		1,238
	244,656		Oxiana Ltd		1,996
	11,843		PolyOne Corp		162
	123,900		Potash Corp of Saskatchewan Toronto		5,416
	316,008		Praxair, Inc		34,360
	1,380		Quaker Chemical Corp		64
	43,300		Rexam plc		286
	6,623		Rock-Tenn Co (Class A)		361
	15,925		Rockwood Holdings, Inc		706
	144,474		Royal Gold, Inc		11,327
	6,424	*,e	RTI International Metals, Inc		145
	34,094		Salzgitter AG.		1,403
	850		Schnitzer Steel Industries, Inc (Class A)		24
	18,931		Sealed Air Corp		292
	17,916		Sherwin-Williams Co		2,371
	92,200		Shin-Etsu Chemical Co Ltd		5,077
	215,146		Sigma-Aldrich Corp		15,906
	802		Sika AG.		1,549
	90,000		Silver Wheaton Corp		2,420
	76,875		Sims Group Ltd		761
	10,200		Solvay S.A.		1,007
	111,442		Sonoco Products Co		3,360
	116,207	e	Ssab Svenskt Stal AB (Series A)		966
	600		Stepan Co		56
	74,982	*	Stillwater Mining Co		640
	334,517	e	Stora Enso Oyj (R Shares)		2,059
	360,000		Sumitomo Chemical Co Ltd		1,107
	1,555,000		Sumitomo Metal Industries Ltd		2,565
	374,000		Sumitomo Metal Mining Co Ltd		4,215
	29,857	*	SunCoke Energy, Inc		437
	145,090		Svenska Cellulosa AB (B Shares)		2,177
	18,285		Syngenta AG.		6,259
	42,000		Taiyo Nippon Sanso Corp		245
	248,600	e	Teck Cominco Ltd		7,699
	74,000		Teijin Ltd		225
	49,562		Titanium Metals Corp		561
	305,000		Toray Industries, Inc		2,080
	41,000		Tosoh Corp		112
	117,300		Toyo Seikan Kaisha Ltd		1,424
	69,914		Tredegar Corp		1,018
	268,000		UBE Industries Ltd		623
	15,649		Umicore		724
	198,855	e	UPM-Kymmene Oyj		2,250
	60,125		Valspar Corp		3,156
	10,526	e	Wacker Chemie AG.		725

375

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	10,800		Wausau Paper Corp	$	105
	14,852	e	Westlake Chemical Corp		776
	300,696		Worthington Industries, Inc		6,155
	749,523		Xstrata plc		9,424
	320,500	e	Yamana Gold, Inc		4,946
			TOTAL MATERIALS		427,317
MEDIA - 1.4%
	5,927		Arbitron, Inc		208
	217,810		British Sky Broadcasting plc		2,375
	185,416		Cablevision Systems Corp (Class A)		2,464
	19,805		Cinemark Holdings, Inc		453
	10,955		Clear Channel Outdoor Holdings, Inc (Class A)		66
	2,120	*,e	Digital Generation, Inc		26
	432,040	*	Discovery Communications, Inc (Class A)		23,330
	57,029	*	Discovery Communications, Inc (Class C)		2,857
	52,293	*,e	DreamWorks Animation SKG, Inc (Class A)		997
	22,935	*	Fisher Communications, Inc		686
	1,900		JC Decaux S.A.		42
	10,069		John Wiley & Sons, Inc (Class A)		493
	235,872	*	Journal Communications, Inc (Class A)		1,217
	15,813		Lagardere S.C.A.		441
	296,476	*	Liberty Global, Inc (Class A)		14,714
	4,213	*	Liberty Global, Inc (Series C)		201
	4,052	*	Liberty Interactive LLC		356
	18,676	e	Martha Stewart Living Omnimedia, Inc (Class A)		64
	35,966	*,e	McClatchy Co (Class A)		79
	1,500	e	Modern Times Group AB (B Shares)		69
	228,929	*	New York Times Co (Class A)		1,786
	551,411		Pearson plc		10,941
	18,429		ProSiebenSat.1 Media AG.		413
	1,550		Scholastic Corp		44
	15,051		Scripps Networks Interactive (Class A)		856
	1,067,000	e	Singapore Press Holdings Ltd		3,296
	200,961	e	Thomson Corp (Toronto)		5,718
	418,105		Time Warner Cable, Inc		34,326
	301,906		Time Warner, Inc		11,623
	52,156	*,e	Valassis Communications, Inc		1,134
	358,951	e	Virgin Media, Inc		8,755
	20,310	e	Washington Post Co (Class B)		7,592
	46,200		Wolters Kluwer NV		735
	683,960		WPP plc		8,303
			TOTAL MEDIA		146,660
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.7%
	897,260		Abbott Laboratories		57,846
	1,969	*	Acorda Therapeutics, Inc		46
	17,804	*	Affymetrix, Inc		83
	375,014		Agilent Technologies, Inc		14,716
	107,729	*	Akorn, Inc		1,699
	64,744	*	Amylin Pharmaceuticals, Inc		1,828
	152,572	*	Ariad Pharmaceuticals, Inc		2,626

376

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	7,946	*	Arqule, Inc	$	47
	174,280		Astellas Pharma, Inc		7,605
	13,554	*	Auxilium Pharmaceuticals, Inc		364
	249,076	*	Biogen Idec, Inc		35,962
	57,262		Biovail Corp (Toronto)		2,569
	1,235,781		Bristol-Myers Squibb Co		44,426
	8,887	*,e	Cadence Pharmaceuticals, Inc		32
	9,467	*	Cambrex Corp		89
	57,720	*	Cepheid, Inc		2,583
	180,400	e	Chugai Pharmaceutical Co Ltd		3,420
	19,300		Dainippon Sumitomo Pharma Co Ltd		197
	49,400		Eisai Co Ltd		2,163
	130,212	*	Endo Pharmaceuticals Holdings, Inc		4,034
	4,664	*	Genomic Health, Inc		156
	29,826	*,e	Geron Corp		51
	754,860	*	Gilead Sciences, Inc		38,709
	963,615		GlaxoSmithKline plc		21,888
	61,875	*,e	Human Genome Sciences, Inc		812
	4,270	*,e	Immunogen, Inc		72
	15,329	*,e	Immunomedics, Inc		55
	117,675	*,e	Incyte Corp		2,671
	1,276,850		Johnson & Johnson		86,264
	145,415	*	Life Technologies Corp		6,542
	1,615,664		Merck & Co, Inc		67,454
	22,815		Merck KGaA		2,278
	2,769	*	Momenta Pharmaceuticals, Inc		37
	243,310	*,e	Nektar Therapeutics		1,963
	83,237	*	Neurocrine Biosciences, Inc		658
	429,250		Novartis AG.		24,000
	122,745		Novo Nordisk AS (Class B)		17,803
	13,693	*	Onyx Pharmaceuticals, Inc		910
	170,097	e	PDL BioPharma, Inc		1,128
	12,565		PerkinElmer, Inc		324
	27,366	*	Progenics Pharmaceuticals, Inc		268
	134,425		Roche Holding AG.		23,220
	83,791	*	Salix Pharmaceuticals Ltd		4,562
	38,313	*,e	Sangamo Biosciences, Inc		212
	7,000		Santen Pharmaceutical Co Ltd		288
	16,464	*,e	SIGA Technologies, Inc		47
	1,297	*,e	Synta Pharmaceuticals Corp		7
	232,800		Takeda Pharmaceutical Co Ltd		10,570
	6,504		Techne Corp		483
	3,140	*,e	Theravance, Inc		70
	1,800		Tsumura & Co		48
	16,960	*	United Therapeutics Corp		837
	18,309	*	Vertex Pharmaceuticals, Inc		1,024
	10,081	*	Viropharma, Inc		239
	251,453	*,e	Vivus, Inc		7,176
	61,330	*	Waters Corp		4,874
	10,632	*,e	Xenoport, Inc		64
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		510,099

377

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
REAL ESTATE - 2.2%
	58,900		Aeon Mall Co Ltd	$	1,255
	338,303		AMB Property Corp		11,242
	10,892		American Campus Communities, Inc		490
	499,522	e	American Tower Corp		34,922
	1,318,960	e	Annaly Capital Management, Inc		22,132
	120,047		Boston Properties, Inc		13,009
	248,240		British Land Co plc		1,988
	3,498,000		CapitaMall Trust		5,298
	195,955	*	CBRE Group, Inc		3,206
	192,000		CFS Gandel Retail Trust		383
	12,843		Colonial Properties Trust		284
	207,000		Daiwa House Industry Co Ltd		2,936
	2,200,199		DB RREEF Trust		2,105
	22,121		Douglas Emmett, Inc		511
	165,551		Duke Realty Corp		2,424
	17,634		Federal Realty Investment Trust		1,836
	300,754	*	First Industrial Realty Trust, Inc		3,796
	2,732	*	Forest City Enterprises, Inc (Class A)		40
	15,042		Gecina S.A.		1,341
	435,396		GPT Group (ASE)		1,473
	533,654		HCP, Inc		23,561
	95,348		Health Care REIT, Inc		5,559
	12,227	e	Healthcare Realty Trust, Inc		291
	736,502		Host Marriott Corp		11,651
	291,636		Land Securities Group plc		3,379
	16,682		LaSalle Hotel Properties		486
	59,200		Lend Lease Corp Ltd		440
	381,212		Liberty International plc		1,926
	37,196	e	Liberty Property Trust		1,370
	54,403		Macerich Co		3,213
	160,440		Macquarie Goodman Group		608
	12,227		Mid-America Apartment Communities, Inc		834
	726,832		Mirvac Group		955
	305,810		Mitsui Fudosan Co Ltd		5,934
	13,546		Post Properties, Inc		663
	700		PS Business Parks, Inc		47
	269,490	e	RAIT Investment Trust		1,245
	5,196		Regency Centers Corp		247
	623,984		Segro plc		2,126
	259,885	e	Simon Property Group, Inc		40,454
	1,155,410	e	Stockland Trust Group		3,667
	35,276		Unibail		6,498
	92,125		Ventas, Inc		5,815
	146,822		Vornado Realty Trust		12,330
			TOTAL REAL ESTATE		243,970
RETAILING - 2.4%
	8,224		Aaron’s, Inc		233
	16,615		Advance Auto Parts, Inc		1,133
	127,624		American Eagle Outfitters, Inc		2,518
	32,439	*	Ann Taylor Stores Corp		827

378

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	48,977	*	Autozone, Inc	$	17,983
	19,109	*,e	Barnes & Noble, Inc		315
	214,041	*	Bed Bath & Beyond, Inc		13,228
	211,574		Best Buy Co, Inc		4,435
	810	*,e	Blue Nile, Inc		24
	7,961	*	Cabela’s, Inc		301
	11,600		Canadian Tire Corp Ltd		785
	81,708	*	Carmax, Inc		2,119
	21,040	*	Collective Brands, Inc		451
	12,500		Fast Retailing Co Ltd		2,501
	7,165		Finish Line, Inc (Class A)		150
	67,898		Foot Locker, Inc		2,076
	511,369		Gap, Inc		13,991
	5,856	*	Genesco, Inc		352
	297,371		Genuine Parts Co		17,917
	23,293		GNC Holdings, Inc		913
	2,200		Haverty Furniture Cos, Inc		25
	259,489		Hennes & Mauritz AB (B Shares)		9,314
	39,551		HSN, Inc		1,596
	56,720		Inditex S.A.		5,863
	51,825	e	JC Penney Co, Inc		1,208
	417,700		Kingfisher plc		1,884
	266,037		Kohl’s Corp		12,102
	2,891,620	e	Li & Fung Ltd		5,599
	488,401	*	Liberty Media Holding Corp (Interactive A)		8,689
	4,757		Lithia Motors, Inc (Class A)		110
	9,856	*	LKQ Corp		329
	1,110,793		Lowe’s Companies, Inc		31,591
	203,285		Macy’s, Inc		6,983
	210,991		Marks & Spencer Group plc		1,076
	6,625		Next plc		332
	66,728		Nordstrom, Inc		3,316
	150,056	*	Office Depot, Inc		324
	25,011	*	OfficeMax, Inc		127
	9,311	*	O’Reilly Automotive, Inc		780
	39,348		Petsmart, Inc		2,683
	35,119		Pier 1 Imports, Inc		577
	19,551	e	RadioShack Corp		75
	16,391		Ross Stores, Inc		1,024
	23,447	*	Sally Beauty Holdings, Inc		603
	2,700		Shoe Carnival, Inc		58
	9,136	*,e	Shutterfly, Inc		280
	14,679		Signet Jewelers Ltd		646
	594,896		Staples, Inc		7,763
	3,300		Stein Mart, Inc		26
	4,010	*,e	Talbots, Inc		10
	602,612		Target Corp		35,066
	16,714		Tiffany & Co		885
	828,159		TJX Companies, Inc		35,553
	11,100		Yamada Denki Co Ltd		568
			TOTAL RETAILING		259,317

379

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.6%
	80,003	*	Advanced Energy Industries, Inc	$	1,074
	1,090,384	*	Advanced Micro Devices, Inc		6,248
	124,983		Analog Devices, Inc		4,708
	2,144,668		Applied Materials, Inc		24,578
	106,924		ASML Holding NV		5,491
	7,922		Cabot Microelectronics Corp		231
	15,582	*	Cirrus Logic, Inc		466
	3,235	*	Cymer, Inc		191
	22,358		Cypress Semiconductor Corp		295
	2,380	*	Diodes, Inc		45
	114,773	*	Entegris, Inc		980
	7,010	*	GT Solar International, Inc		37
	7,300	*	Integrated Device Technology, Inc		41
	2,538,832		Intel Corp		67,660
	6,138	*,e	International Rectifier Corp		123
	11,438		Intersil Corp (Class A)		122
	4,049	*	IXYS Corp		45
	21,682	*	Lam Research Corp		818
	60,054	*	Lattice Semiconductor Corp		226
	27,338	*	LTX-Credence Corp		183
	3,840		Micrel, Inc		37
	14,625	e	Microchip Technology, Inc		484
	2,671	*	Microsemi Corp		49
	9,990	*,e	Mindspeed Technologies, Inc		24
	20,792		MKS Instruments, Inc		601
	605,663	*	Nvidia Corp		8,370
	18,941	*,e	Omnivision Technologies, Inc		253
	541,931	*	ON Semiconductor Corp		3,848
	1,300		Power Integrations, Inc		48
	4,329	*,e	Rambus, Inc		25
	88,030	*	RF Micro Devices, Inc		374
	21,400		Rohm Co Ltd		825
	9,021	*	Rudolph Technologies, Inc		79
	23,614	*	Sigma Designs, Inc		151
	97,903	*	Skyworks Solutions, Inc		2,680
	266,513		STMicroelectronics NV		1,450
	141,552	*,e	SunPower Corp		681
	40,230	*	Teradyne, Inc		566
	1,178,654		Texas Instruments, Inc		33,816
	41,101	*	Triquint Semiconductor, Inc		226
	12,987	*	Ultratech, Inc		409
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		168,558
SOFTWARE & SERVICES - 4.3%
	602,161		Accenture plc		36,184
	528,194	*	Adobe Systems, Inc		17,098
	1,660	*	Advent Software, Inc		45
	21,351	*	AOL, Inc		600
	201,046	*	Autodesk, Inc		7,034
	7,303	*	Blucora, Inc		90
	128,405		Broadridge Financial Solutions, Inc		2,731

380

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	485,524		CA, Inc	$	13,153
	24,502	*	Cadence Design Systems, Inc		269
	24,400	*,e	CGI Group, Inc		587
	103,104	*	Citrix Systems, Inc		8,654
	421,935	*	Cognizant Technology Solutions Corp (Class A)		25,316
	47,900		Computershare Ltd		366
	124,867	*	Compuware Corp		1,160
	20,058		Convergys Corp		296
	94,949		Earthlink, Inc		706
	2,100		EPIQ Systems, Inc		26
	6,214		Factset Research Systems, Inc		577
	5,718		Fair Isaac Corp		242
	30,365	*	Fortinet, Inc		705
	13,395		Global Payments, Inc		579
	128,129	*	Google, Inc (Class A)		74,324
	2,815	*,e	Higher One Holdings, Inc		34
	91,530	*	Informatica Corp		3,877
	484,367		International Business Machines Corp		94,733
	429,499		Intuit, Inc		25,491
	1,740	e	j2 Global, Inc		46
	1,810	*	JDA Software Group, Inc		54
	24,152	*	Knot, Inc		214
	28,341	*	Liquidity Services, Inc		1,451
	7,188		ModusLink Global Solutions, Inc		22
	6,962	*	NetSuite, Inc		381
	19,743	*	NeuStar, Inc (Class A)		659
	165,999		NIC, Inc		2,108
	10,700		Nomura Research Institute Ltd		236
	204		NTT Data Corp		626
	28,887	*	Nuance Communications, Inc		688
	3,900	*	Open Text Corp		195
	6,221	*,e	OpenTable, Inc		280
	2,116,588		Oracle Corp		62,863
	7,887	*	Rovi Corp		155
	188,322	*	Salesforce.com, Inc		26,037
	228,532		SAP AG.		13,533
	10,057	*	Seachange International, Inc		83
	15,466	*	SolarWinds, Inc		674
	948,597	*	Symantec Corp		13,859
	20,999	*	Teradata Corp		1,512
	18,709	*	Ultimate Software Group, Inc		1,667
	16,010	*	Unisys Corp		313
	14,487	*	Valueclick, Inc		237
	1,888,418	*	Yahoo!, Inc		29,894
			TOTAL SOFTWARE & SERVICES		472,664
TECHNOLOGY HARDWARE & EQUIPMENT - 2.7%
	57,056	*,e	Acme Packet, Inc		1,064
	8,103		Adtran, Inc		245
	116,347	*,e	Aruba Networks, Inc		1,751
	11,531	*	Avid Technology, Inc		86
	24,158	*	Benchmark Electronics, Inc		337

381

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	36,913	*,e	Bookham, Inc	$	112
	25,500		Brother Industries Ltd		292
	3,303	*	Calix Networks, Inc		27
	227,500	e	Canon, Inc		9,079
	3,145,547		Cisco Systems, Inc		54,009
	4,800		Cognex Corp		152
	909	*	Coherent, Inc		39
	208,957		Corning, Inc		2,702
	147,371	*	Cray, Inc		1,780
	2,036,538	*	Dell, Inc		25,497
	4,840	*	Digi International, Inc		49
	3,605	*	DTS, Inc		94
	1,630,608	*	EMC Corp		41,793
	3,633	*	FEI Co		174
	103,068	*,e	Finisar Corp		1,542
	90,753	*	Flextronics International Ltd		563
	186,200		Fuji Folms Holdings Corp		3,528
	592,000		Fujitsu Ltd		2,833
	37,319	*,e	Fusion-io, Inc		780
	1,416,704		Hewlett-Packard Co		28,490
	5,600		Hitachi High-Technologies Corp		138
	28,700	*	Ibiden Co Ltd		520
	10,802	*	Imation Corp		64
	11,854	*,e	Infinera Corp		81
	43,639	*	Ingram Micro, Inc (Class A)		762
	28,741	e	InterDigital, Inc		848
	22,664	*	Intevac, Inc		170
	30,066	*,e	IPG Photonics Corp		1,310
	1,920	*	Itron, Inc		79
	58,850		Jabil Circuit, Inc		1,196
	118,500		Konica Minolta Holdings, Inc		933
	34,600		Kyocera Corp		2,994
	54,381		Lexmark International, Inc (Class A)		1,445
	1,068		Littelfuse, Inc		61
	468,260		Motorola, Inc		22,528
	32,300		Murata Manufacturing Co Ltd		1,699
	2,100		National Instruments Corp		56
	7,919	*	Netgear, Inc		273
	1,185,120		Nokia Oyj		2,418
	45,500		Omron Corp		964
	69,596	*	Oplink Communications, Inc		942
	48,940		Plantronics, Inc		1,634
	1,420	*	Plexus Corp		40
	100,439	*	Polycom, Inc		1,057
	231,781	*,e	Power-One, Inc		1,048
	705,032		Qualcomm, Inc		39,256
	903,685	*	Quantum Corp		1,835
	112,997	*	Radisys Corp		710
	163,000	e	Ricoh Co Ltd		1,376
	2,500	*	Rofin-Sinar Technologies, Inc		47
	1,300	*	Scansource, Inc		40
	53,527	*	STEC, Inc		418

382

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	6,268	*	Super Micro Computer, Inc	$	99
	8,445		Sycamore Networks, Inc		123
	20,433	*,e	Synaptics, Inc		585
	20,700		TDK Corp		843
	4,637	*	Tech Data Corp		223
	232,684		Tellabs, Inc		775
	13,773	*	TTM Technologies, Inc		130
	10,708	*,e	Universal Display Corp		385
	2,708	*	Vishay Precision Group, Inc		38
	2,622,193		Xerox Corp		20,637
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		287,798
TELECOMMUNICATION SERVICES - 1.4%
	6,021		AboveNet, Inc		506
	128,800	e	BCE, Inc		5,311
	801,157		CenturyTel, Inc		31,638
	161,417	*,e	Cincinnati Bell, Inc		600
	289,770	*	Crown Castle International Corp		16,998
	594,730		France Telecom S.A.		7,820
	1,648,150	e	Frontier Communications Corp		6,312
	894		KDDI Corp		5,767
	29,997	*	Level 3 Communications, Inc		664
	5,326		NTT DoCoMo, Inc		8,862
	219,990	e	Portugal Telecom SGPS S.A.		964
	86,400		Rogers Communications, Inc (Class B)		3,132
	23,411	*	SBA Communications Corp (Class A)		1,336
	166,700	*	Softbank Corp		6,205
	3,141,599	*	Sprint Nextel Corp		10,242
	2,598,797		Telecom Italia S.p.A.		2,568
	42,900		Telekom Austria AG.		422
	699,891		TeliaSonera AB		4,471
	68,610	*	tw telecom inc (Class A)		1,761
	2,448	*	US Cellular Corp		94
	8,830,263		Vodafone Group plc		24,820
	885,752	e	Windstream Corp		8,556
			TOTAL TELECOMMUNICATION SERVICES		149,049
♣
TRANSPORTATION - 1.6%
	9,132	*,m	Abertis Infraestructuras S.A.		123
	182,643		Abertis Infraestructuras S.A. (Continuous)		2,468
	11,311	*	Alaska Air Group, Inc		406
	800	*	Allegiant Travel Co		56
	639,647		Auckland International Airport Ltd		1,255
	104,766	e	Autostrade S.p.A.		1,337
	24,956	*	Avis Budget Group, Inc		380
	101,600	e	Canadian National Railway Co		8,592
	1,437,000		Cathay Pacific Airways Ltd		2,330
	305		Central Japan Railway Co		2,402
	45,393		CH Robinson Worldwide, Inc		2,657
	1,070,310		CSX Corp		23,932
	134,669		Deutsche Lufthansa AG.		1,557
	534,498		Deutsche Post AG.		9,457

383

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	71,700		East Japan Railway Co	$	4,502
	15,135		Expeditors International Washington, Inc		587
	5,413		Fraport AG. Frankfurt Airport Services Worldwide		291
	231	*	Genesee & Wyoming, Inc (Class A)		12
	5,334		Heartland Express, Inc		77
	66,237	*	International Consolidated Airlines		166
	1,861		International Shipholding Corp		35
	7,938		J.B. Hunt Transport Services, Inc		473
	153,000	*,e	Kawasaki Kisen Kaisha Ltd		304
	41,000	e	Keihin Electric Express Railway Co Ltd		373
	56,000		Keio Corp		406
	103,000		Mitsui OSK Lines Ltd		371
	2,037,197		MTR Corp		6,994
	380,245		Norfolk Southern Corp		27,290
	102,900	e	Odakyu Electric Railway Co Ltd		1,023
	413,000	e	Singapore Airlines Ltd		3,405
	669,724		Southwest Airlines Co		6,175
	102,000		Tobu Railway Co Ltd		536
	228,000		Tokyu Corp		1,073
	129,031		Transurban Group		754
	160,145		Union Pacific Corp		19,107
	538,354		United Parcel Service, Inc (Class B)		42,401
	105,100		Yamato Transport Co Ltd		1,692
			TOTAL TRANSPORTATION		174,999
UTILITIES - 2.9%
	5,000		Acciona S.A.		299
	29,836	e	AGL Energy Ltd		454
	154,832		Alliant Energy Corp		7,056
	13,544		American Water Works Co, Inc		465
	161,218		Atmos Energy Corp		5,654
	257,758	*	Calpine Corp		4,256
	9,700	e	Canadian Utilities Ltd		633
	255,104		Centerpoint Energy, Inc		5,273
	837,282		Centrica plc		4,186
	23,077		CH Energy Group, Inc		1,516
	3,130		Chesapeake Utilities Corp		137
	42,300		Chugoku Electric Power Co, Inc		698
	393,559		Cleco Corp		16,463
	881,500		CLP Holdings Ltd		7,492
	431,193		Consolidated Edison, Inc		26,816
	211,007	*	Contact Energy Ltd		816
	24,872		DTE Energy Co		1,476
	2,474		Empire District Electric Co		52
	287,258		Enel Green Power S.p.A		455
	714,259		Energias de Portugal S.A.		1,690
	170,084		Gas Natural SDG S.A.		2,184
	2,517,942		Hong Kong & China Gas Ltd		5,349
	1,017,864		Iberdrola S.A.		4,806
	337,152		Idacorp, Inc		14,187
	7,771		Integrys Energy Group, Inc		442
	14,132		ITC Holdings Corp		974

384

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	14,435		MDU Resources Group, Inc	$	312
	67,199		MGE Energy, Inc		3,178
	1,088,320		National Grid plc		11,534
	29,147		New Jersey Resources Corp		1,271
	503,865		NextEra Energy, Inc		34,671
	620,350		NiSource, Inc		15,354
	334,247		Northeast Utilities		12,972
	20,077		Northwest Natural Gas Co		956
	455,474		NV Energy, Inc		8,007
	68,613		Oest Elektrizitatswirts AG. (Class A)		1,572
	153,232		Oneok, Inc		6,483
	1,420	e	Ormat Technologies, Inc		30
	897,000		Osaka Gas Co Ltd		3,758
	814,693		Pepco Holdings, Inc		15,944
	486,755		PG&E Corp		22,035
	206,452		Piedmont Natural Gas Co, Inc		6,646
	11,683		Pinnacle West Capital Corp		604
	9,375		PNM Resources, Inc		183
	8,428		Portland General Electric Co		225
	455,571		Scottish & Southern Energy plc		9,938
	254,919		Sempra Energy		17,559
	23,900	e	Shikoku Electric Power Co, Inc		508
	30,331		SJW Corp		728
	354,000		Snam Rete Gas S.p.A.		1,586
	69,460		South Jersey Industries, Inc		3,540
	54,917		SP AusNet		58
	50,626	e	Suez Environnement S.A.		544
	27,532		TECO Energy, Inc		497
	179,100		Terna Rete Elettrica Nazionale S.p.A.		647
	722,790		Tokyo Gas Co Ltd		3,694
	12,300	e	TransAlta Corp		209
	11,190		UGI Corp		329
	27,300		United Utilities Group plc		289
	5,427		UNS Energy Corp		208
	6,615		Vectren Corp		195
	99,135		Veolia Environnement		1,255
	14,905		Westar Energy, Inc		446
	66,135		WGL Holdings, Inc		2,629
	42,159		Wisconsin Energy Corp		1,668
	98,438		Xcel Energy, Inc		2,797
			TOTAL UTILITIES		308,888
			TOTAL COMMON STOCKS		6,486,591
			(Cost $5,655,919)
PREFERRED STOCKS - 0.0%
BANKS - 0.0%
	233,115	*	Federal Home Loan Mortgage Corp		506
	740,991	*	Federal National Mortgage Association		1,208
			TOTAL BANKS		1,714
			TOTAL PREFERRED STOCKS		1,714
			(Cost $24,353)

385

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY				VALUE (000)
RIGHTS / WARRANTS - 0.0%
CAPITAL GOODS - 0.0%
	17,783		Zardoya Otis S.A.				$	10
			TOTAL CAPITAL GOODS					10
ENERGY - 0.0%
	314,475		Repsol YPF S.A.					220
			TOTAL ENERGY					220
			TOTAL RIGHTS / WARRANTS					230
			(Cost $227)
PRINCIPAL			ISSUER	RATE		MATURITY DATE
SHORT-TERM INVESTMENTS - 12.2%
GOVERNMENT AGENCY DEBT - 0.0%
$	2,521,000		Federal Home Loan Bank (FHLB)	0.010	%	07/05/12		2,521
			TOTAL GOVERNMENT AGENCY DEBT					2,521
TREASURY DEBT - 9.0%
	263,000,000	d	United States Treasury Bill	0.003-0.012		07/12/12		262,995
	84,150,000	d	United States Treasury Bill	0.014-0.029		07/19/12		84,148
	20,000,000	d	United States Treasury Bill	0.004		07/26/12		19,999
	15,330,000		United States Treasury Bill	0.031		08/02/12		15,329
	50,000,000	d	United States Treasury Bill	0.037		08/09/12		49,995
	59,300,000	d	United States Treasury Bill	0.017-0.049		08/23/12		59,294
	55,400,000	d	United States Treasury Bill	0.059-0.062		09/06/12		55,393
	71,615,000	d	United States Treasury Bill	0.066-0.078		09/13/12		71,604
	76,900,000	d	United States Treasury Bill	0.054		09/20/12		76,888
	48,800,000	d	United States Treasury Bill	0.077		09/27/12		48,790
	100,000,000		United States Treasury Bill	0.092		10/18/12		99,969
	88,700,000		United States Treasury Bill	0.103		11/15/12		88,662
	43,000,000	d	United States Treasury Bill	0.132		12/13/12		42,972
			TOTAL TREASURY DEBT					976,038
VARIABLE NOTES - 0.1%
	10,000,000	i	Northeast Utilities	1.218		09/20/13		10,040
			TOTAL VARIABLE NOTES					10,040
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 3.1%
TREASURY DEBT - 3.1%
	20,000,000		United States Treasury Bill	0.063		10/11/12		19,995
	23,000,000		United States Treasury Bill	0.109		11/08/12		22,990
	50,000,000		United States Treasury Bill	0.086		10/04/12		49,989
	28,000,000		United States Treasury Bill	0.144		12/27/12		27,979
	25,000,000		United States Treasury Bill	0.042-0.059		08/23/12		24,998
	16,400,000		United States Treasury Bill	0.023		07/12/12		16,400
	20,500,000		United States Treasury Bill	0.034		07/26/12		20,499
	14,600,000		United States Treasury Bill	0.030		08/09/12		14,599

386

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES		COMPANY	RATE		MATURITY DATE	VALUE (000)
$	18,900,000	United States Treasury Bill	0.064	%	09/06/12	$	18,898
	49,000,000	United States Treasury Bill	0.049-0.065		09/13/12		48,992
	50,000,000	United States Treasury Bill	0.071-0.075		09/27/12		49,990
	9,450,000	United States Treasury Note	0.375		08/31/12		9,454
		TOTAL TREASURY DEBT					324,783
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED					324,783
		TOTAL SHORT-TERM INVESTMENTS					1,313,382
		(Cost $1,313,335)
		TOTAL INVESTMENTS - 110.7%					11,930,855
		(Cost $10,943,878)
		OTHER ASSETS & LIABILITIES, NET - (10.7)%					(1,153,141	)
		NET ASSETS - 100.0%				$	10,777,714

	Abbreviation(s):
ADR	American Depositary Receipt
REIT	Real Estate Investment Trust
*	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.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $336,091,000.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At June 30, 2012 the aggregate value of these securities amounted to $257,208,000 or 2.4% 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.

387

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

COLLEGE RETIREMENT EQUITIES FUND
MONEY MARKET ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2012

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
SHORT-TERM INVESTMENTS - 98.9%
CERTIFICATE OF DEPOSIT - 3.4%
$	26,705,000		Bank of Nova Scotia	0.340	%	12/11/12	$	26,705
	50,000,000		Canadian Imperial Bank of Commerce	0.150		07/06/12		50,000
	50,000,000		Standard Chartered Bank NY	0.510		10/17/12		50,003
	50,000,000		Toronto-Dominion Bank	0.140		07/12/12		50,000
	50,000,000		Toronto-Dominion Bank	0.180		07/27/12		50,000
	35,000,000		Toronto-Dominion Bank	0.180		08/10/12		35,000
	20,000,000		Toronto-Dominion Bank	0.180		08/17/12		20,000
	42,200,000		Toronto-Dominion Bank	0.180		08/28/12		42,200
	50,000,000		Toronto-Dominion Bank	0.190		09/10/12		50,000
	30,000,000		Toronto-Dominion Bank	0.210		09/18/12		30,000
			TOTAL CERTIFICATE OF DEPOSIT					403,908
COMMERCIAL PAPER - 41.1%
	3,900,000		Australia & New Zealand Banking Group Ltd	0.200		07/25/12		3,899
	50,500,000		Australia & New Zealand Banking Group Ltd	0.180-0.200		08/06/12		50,491
	50,000,000		Australia & New Zealand Banking Group Ltd	0.230		09/17/12		49,975
	20,020,000		Bank of Nova Scotia	0.435		07/02/12		20,020
	20,000,000		Bank of Nova Scotia	0.435		07/03/12		19,999
	19,475,000		Bank of Nova Scotia	0.140-0.175		07/05/12		19,475
	605,000		Bank of Nova Scotia	0.220		07/17/12		605
	25,000,000		Bank of Nova Scotia	0.370		08/06/12		24,991
	5,000,000		Bank of Nova Scotia	0.200		08/10/12		4,999
	31,520,000		Bank of Nova Scotia	0.330		08/14/12		31,507
	6,190,000		Bank of Nova Scotia	0.310		09/17/12		6,186
	12,000,000	y	Coca-Cola Co	0.165		07/06/12		12,000
	20,000,000	y	Coca-Cola Co	0.180		07/09/12		19,999
	15,000,000	y	Coca-Cola Co	0.150		07/11/12		14,999
	10,000,000	y	Coca-Cola Co	0.200		07/18/12		9,999
	23,443,000	y	Coca-Cola Co	0.215		08/01/12		23,439
	9,280,000	y	Coca-Cola Co	0.230		08/13/12		9,277
	9,200,000	y	Coca-Cola Co	0.220		08/15/12		9,197
	4,500,000	y	Coca-Cola Co	0.160		08/16/12		4,499
	12,000,000	y	Coca-Cola Co	0.210		08/17/12		11,997
	32,930,000	y	Coca-Cola Co	0.170		08/21/12		32,922
	20,000,000	y	Coca-Cola Co	0.150		08/24/12		19,996
	25,000,000	y	Coca-Cola Co	0.175		08/28/12		24,993
	22,500,000	y	Coca-Cola Co	0.175-0.180		08/30/12		22,493
	20,000,000	y	Coca-Cola Co	0.200		09/17/12		19,991
	8,000,000	y	Coca-Cola Co	0.195		09/19/12		7,997
	10,000,000	y	Coca-Cola Co	0.190		09/21/12		9,996
	7,180,000	y	Coca-Cola Co	0.215		10/02/12		7,176
	9,750,000	y	Coca-Cola Co	0.215		10/03/12		9,745
	5,900,000	y	Coca-Cola Co	0.230		10/04/12		5,896
	9,250,000	y	Coca-Cola Co	0.235		10/16/12		9,244
	22,285,000	y	Coca-Cola Co	0.255		11/05/12		22,265

388

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	15,000,000	y	Commonwealth Bank of Australia	0.190	%	07/05/12	$	15,000
	13,185,000	y	Commonwealth Bank of Australia	0.190		07/24/12		13,183
	34,500,000	y	Commonwealth Bank of Australia	0.200-0.205		08/09/12		34,492
	23,355,000	y	Commonwealth Bank of Australia	0.215-0.220		08/21/12		23,348
	15,000,000	y	Commonwealth Bank of Australia	0.245		09/06/12		14,993
	19,610,000	y	Commonwealth Bank of Australia	0.240		09/07/12		19,601
	30,000,000	y	Fairway Finance LLC	0.170		07/10/12		29,999
	5,012,000	y	Fairway Finance LLC	0.175		07/13/12		5,012
	40,000,000	y	Fairway Finance LLC	0.175		07/24/12		39,995
	10,000,000	y	Fairway Finance LLC	0.170		07/26/12		9,999
	20,017,000	y	Fairway Finance LLC	0.190		08/07/12		20,013
	50,000,000	y	Fairway Finance LLC	0.185-0.195		08/16/12		49,988
	20,000,000	y	Fairway Finance LLC	0.190		08/17/12		19,995
	20,009,000	y	Fairway Finance LLC	0.195		08/20/12		20,003
	15,000,000	y	Fairway Finance LLC	0.190		08/24/12		14,996
	20,000,000	y	Fairway Finance LLC	0.210		09/18/12		19,991
	25,000,000		General Electric Capital Corp	0.310		07/17/12		24,997
	20,000,000		General Electric Capital Corp	0.230		07/30/12		19,996
	20,000,000		General Electric Capital Corp	0.300		08/10/12		19,993
	3,325,000		General Electric Capital Corp	0.300		08/13/12		3,324
	43,108,000		General Electric Capital Corp	3.500		08/13/12		43,256
	39,273,000		General Electric Capital Corp	2.800		01/08/13		39,741
	20,000,000		General Electric Co	0.170		09/25/12		19,992
	50,000,000		General Electric Co	0.180-0.190		09/26/12		49,978
	25,000,000		General Electric Co	0.190		09/27/12		24,988
	21,161,000		General Electric Co	5.000		02/01/13		21,714
	8,400,000		Hydro Quebec	0.165		08/03/12		8,399
	50,000,000	y	Johnson & Johnson	0.140		07/06/12		49,999
	65,250,000	y	Johnson & Johnson	0.110-0.140		07/09/12		65,248
	25,000,000	y	Johnson & Johnson	0.110		07/11/12		24,999
	69,145,000	y	Johnson & Johnson	0.145-0.150		07/23/12		69,139
	5,000,000	y	Johnson & Johnson	0.120		07/30/12		5,000
	42,744,000	y	Jupiter Securitization Co LLC	0.200		07/03/12		42,744
	7,000,000	y	Jupiter Securitization Co LLC	0.290		08/23/12		6,997
	15,000,000	y	Liberty Street Funding LLC	0.150		07/05/12		15,000
	39,155,000	y	Liberty Street Funding LLC	0.160-0.180		07/18/12		39,152
	15,548,000	y	Liberty Street Funding LLC	0.170-0.180		07/26/12		15,546
	28,870,000	y	Liberty Street Funding LLC	0.175-0.200		07/27/12		28,866
	30,000,000	y	Liberty Street Funding LLC	0.215		09/19/12		29,986
	25,000,000	y	Liberty Street Funding LLC	0.230		09/24/12		24,986
	20,890,000		Merck & Co, Inc	0.140		07/03/12		20,890
	50,000,000		Merck & Co, Inc	0.130		07/17/12		49,997
	2,030,000		Merck & Co, Inc	0.150		08/06/12		2,030
	17,670,000		Merck & Co, Inc	0.140		08/09/12		17,667
	51,995,000	y	National Australia Funding(Delaware)	0.200		08/07/12		51,984
	22,170,000	y	National Australia Funding(Delaware)	0.220		09/12/12		22,160
	25,000,000	y	National Australia Funding(Delaware)	0.350		09/17/12		24,981
	20,000,000	y	National Australia Funding(Delaware)	0.345		09/18/12		19,985
	2,425,000	y	Nestle Capital Corp	0.110		07/09/12		2,425
	45,000,000	y	Nestle Capital Corp	0.160		07/13/12		44,998
	59,520,000	y	Nestle Capital Corp	0.150		07/30/12		59,513
	52,000,000	y	Nestle Capital Corp	0.120-0.130		08/02/12		51,994
	35,000,000	y	Nestle Capital Corp	0.165-0.170		08/29/12		34,990

389

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	3,600,000	y	Nestle Capital Corp	0.160	%	10/15/12	$	3,598
	24,200,000		Novartis Finance Corp	0.135-0.140		07/09/12		24,199
	15,000,000		Novartis Finance Corp	0.155		08/03/12		14,998
	20,000,000		Novartis Finance Corp	0.150		08/07/12		19,997
	20,000,000		Novartis Finance Corp	0.200		08/09/12		19,996
	20,000,000		Novartis Finance Corp	0.160		08/10/12		19,996
	17,000,000	y	Old Line Funding LLC	0.240		07/03/12		17,000
	10,135,000	y	Old Line Funding LLC	0.180		07/16/12		10,134
	19,547,000	y	Old Line Funding LLC	0.180-0.190		08/20/12		19,542
	10,000,000	y	Old Line Funding LLC	0.180		08/27/12		9,997
	14,700,000	y	Old Line Funding LLC	0.180		08/28/12		14,696
	35,000,000	y	Old Line Funding LLC	0.220		09/04/12		34,986
	25,037,000	y	Old Line Funding LLC	0.200		09/10/12		25,027
	30,000,000	y	Old Line Funding LLC	0.210		09/18/12		29,986
	14,378,000	y	Old Line Funding LLC	0.205		09/21/12		14,372
	33,750,000	y	Old Line Funding LLC	0.210		09/25/12		33,733
	11,675,000		PACCAR Financial Corp	0.170		07/05/12		11,675
	30,000,000		PACCAR Financial Corp	0.130-0.145		07/09/12		29,999
	2,300,000		PACCAR Financial Corp	0.150		07/10/12		2,300
	2,825,000		PACCAR Financial Corp	0.170		07/25/12		2,825
	4,300,000		PACCAR Financial Corp	0.150		07/26/12		4,299
	7,610,000		PACCAR Financial Corp	0.170		08/07/12		7,609
	40,000,000	y	Pfizer, Inc	0.100		07/17/12		39,998
	50,000,000	y	Pfizer, Inc	0.125		07/19/12		49,997
	20,000,000	y	Pfizer, Inc	0.120		07/25/12		19,998
	7,000,000	y	Private Export Funding Corp	0.150		07/02/12		7,000
	35,000,000	y	Private Export Funding Corp	0.170		07/10/12		34,998
	10,000,000	y	Private Export Funding Corp	0.200		07/30/12		9,998
	10,000,000	y	Private Export Funding Corp	0.200		08/20/12		9,997
	41,720,000	y	Private Export Funding Corp	0.245-0.255		08/23/12		41,705
	15,000,000	y	Private Export Funding Corp	0.170		08/29/12		14,996
	66,615,000	y	Private Export Funding Corp	0.170-0.310		09/07/12		66,588
	25,000,000	y	Private Export Funding Corp	0.190		09/18/12		24,990
	33,000,000	y	Private Export Funding Corp	0.235-0.255		09/24/12		32,981
	15,000,000	y	Private Export Funding Corp	0.180		10/02/12		14,993
	25,000,000	y	Private Export Funding Corp	0.250		11/19/12		24,976
	20,000,000	y	Private Export Funding Corp	0.250		11/26/12		19,979
	17,900,000	y	Procter & Gamble Co	0.140		07/16/12		17,899
	10,000,000	y	Procter & Gamble Co	0.140		07/30/12		9,999
	30,000,000	y	Procter & Gamble Co	0.130		08/08/12		29,996
	37,500,000	y	Procter & Gamble Co	0.120		08/09/12		37,495
	13,750,000	y	Procter & Gamble Co	0.150		08/20/12		13,747
	25,000,000	y	Procter & Gamble Co	0.150		09/11/12		24,992
	25,000,000	y	Procter & Gamble Co	0.140		09/12/12		24,993
	46,000,000		Province of British Columbia Canada	0.160		07/09/12		45,998
	46,000,000		Province of British Columbia Canada	0.120-0.130		07/16/12		45,998
	5,500,000		Province of British Columbia Canada	0.135		07/18/12		5,500
	10,000,000		Province of British Columbia Canada	0.110		07/19/12		9,999
	30,000,000		Province of British Columbia Canada	0.135		07/26/12		29,997
	21,965,000		Province of British Columbia Canada	0.135		07/27/12		21,963
	8,940,000		Province of British Columbia Canada	0.180		09/18/12		8,937
	19,055,000		Province of British Columbia Canada	0.180		09/24/12		19,047
	15,000,000		Province of British Columbia Canada	0.195		10/09/12		14,992

390

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	40,000,000		Province of British Columbia Canada	0.220	%	10/18/12	$	39,973
	50,000,000		Province of Ontario Canada	0.150-0.155		07/10/12		49,998
	9,000,000		Province of Ontario Canada	0.140		07/18/12		8,999
	4,490,000		Province of Ontario Canada	0.120		07/19/12		4,490
	16,215,000		Province of Ontario Canada	0.150		08/07/12		16,213
	19,000,000		Province of Ontario Canada	0.160		08/27/12		18,995
	9,865,000		Province of Ontario Canada	0.165		09/04/12		9,862
	14,439,000		Province of Ontario Canada	0.160		09/06/12		14,435
	32,285,000		Province of Ontario Canada	0.150-0.160		09/21/12		32,273
	3,300,000		Province of Quebec Canada	0.140		08/17/12		3,299
	19,350,000		Province of Quebec Canada	0.180		09/04/12		19,344
	55,000,000		Province of Quebec Canada	0.170		09/05/12		54,983
	7,196,000		Province of Quebec Canada	0.150		09/14/12		7,194
	25,000,000		Province of Quebec Canada	0.165		09/19/12		24,991
	17,460,000		Province of Quebec Canada	0.180		10/01/12		17,452
	25,000,000		Province of Quebec Canada	0.180		10/04/12		24,988
	13,000,000		Royal Bank of Canada	0.130		07/03/12		13,000
	13,975,000		Standard Chartered Bank	0.260		09/10/12		13,968
	20,000,000		Standard Chartered Bank	0.280		09/12/12		19,988
	30,000,000		Standard Chartered Bank	0.340		10/05/12		29,973
	12,105,000		Straight-A Funding LLC	0.180		07/02/12		12,105
	11,353,000		Straight-A Funding LLC	0.180		07/09/12		11,353
	28,000,000		Straight-A Funding LLC	0.180		07/10/12		27,999
	9,000,000		Straight-A Funding LLC	0.140		07/12/12		9,000
	29,416,000		Straight-A Funding LLC	0.160		07/17/12		29,414
	25,000,000		Straight-A Funding LLC	0.180		07/17/12		24,998
	38,600,000		Straight-A Funding LLC	0.180		07/24/12		38,596
	14,135,000		Straight-A Funding LLC	0.180		08/03/12		14,133
	20,000,000		Straight-A Funding LLC	0.180		08/06/12		19,996
	18,000,000		Straight-A Funding LLC	0.170		08/13/12		17,996
	46,000,000		Straight-A Funding LLC	0.180		08/14/12		45,990
	6,280,000		Straight-A Funding LLC	0.180		08/22/12		6,278
	5,896,000		Straight-A Funding LLC	0.180		08/27/12		5,894
	10,000,000		Straight-A Funding LLC	0.180		08/27/12		9,997
	50,000,000		Straight-A Funding LLC	0.180		08/30/12		49,985
	10,000,000		Straight-A Funding LLC	0.180		09/10/12		9,996
	11,377,000		Straight-A Funding LLC	0.180		09/21/12		11,372
	30,000,000		Straight-A Funding LLC	0.180		09/25/12		29,987
	30,000,000	y	Toronto-Dominion Holdings USA, Inc	0.130		07/02/12		30,000
	10,000,000	y	Toronto-Dominion Holdings USA, Inc	0.140		07/24/12		9,999
	6,450,000	y	Toronto-Dominion Holdings USA, Inc	0.180		07/26/12		6,449
	18,925,000	y	Toronto-Dominion Holdings USA, Inc	0.170		08/07/12		18,922
	6,570,000	y	Unilever Capital Corp	0.190		07/18/12		6,569
	42,600,000	y	Unilever Capital Corp	0.165-0.175		07/23/12		42,596
	13,420,000	y	Unilever Capital Corp	0.210		07/31/12		13,418
	14,900,000	y	Unilever Capital Corp	0.210		08/15/12		14,896
	10,825,000	y	Unilever Capital Corp	0.150		08/24/12		10,823
	35,540,000	y	Unilever Capital Corp	0.155-0.160		08/27/12		35,531
	8,000,000	y	Unilever Capital Corp	0.225		08/31/12		7,997
	20,000,000	y	Unilever Capital Corp	0.160		09/05/12		19,994
	19,500,000	y	Unilever Capital Corp	0.160-0.170		09/10/12		19,493
	23,645,000	y	Unilever Capital Corp	0.170		09/17/12		23,636
	2,250,000	y	Unilever Capital Corp	0.190		10/04/12		2,249

391

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
									$
$	47,000,000		US Bank NA	0.180	%	07/19/12	$	46,996
	50,000,000		US Bank NA	0.200		07/19/12		50,000
	25,000,000		US Bank NA	0.200		08/21/12		25,000
	10,000,000	y	Variable Funding Capital Co LLC	0.170		07/05/12		10,000
	34,220,000	y	Variable Funding Capital Co LLC	0.160-0.190		07/16/12		34,218
	20,000,000	y	Variable Funding Capital Co LLC	0.170		07/17/12		19,998
	37,300,000	y	Variable Funding Capital Co LLC	0.200		07/20/12		37,296
	55,460,000	y	Variable Funding Capital Co LLC	0.200		07/25/12		55,453
	25,000,000	y	Variable Funding Capital Co LLC	0.160		08/01/12		24,996
	27,000,000	y	Variable Funding Capital Co LLC	0.200		08/08/12		26,994
	30,000,000	y	Wal-Mart Stores, Inc	0.130		07/10/12		29,999
	48,075,000	y	Wal-Mart Stores, Inc	0.135		07/13/12		48,073
	23,460,000	y	Wal-Mart Stores, Inc	0.140		07/16/12		23,459
	25,000,000	y	Wal-Mart Stores, Inc	0.120		07/24/12		24,998
	25,000,000	y	Wal-Mart Stores, Inc	0.120		07/26/12		24,998
	20,000,000	y	Wal-Mart Stores, Inc	0.140		07/30/12		19,998
	45,000,000	y	Wal-Mart Stores, Inc	0.125-0.140		07/31/12		44,995
	59,150,000	y	Wal-Mart Stores, Inc	0.140-0.150		08/06/12		59,141
	10,000,000	y	Westpac Banking Corp	0.170		07/10/12		10,000
	34,225,000	y	Westpac Banking Corp	0.200-0.210		08/02/12		34,219
	25,000,000	y	Westpac Banking Corp	0.195		09/04/12		24,991
	20,000,000	y	Westpac Banking Corp	0.260		09/19/12		19,988
	30,000,000	y	Westpac Banking Corp	0.225		09/28/12		29,983
			TOTAL COMMERCIAL PAPER					4,922,111
GOVERNMENT AGENCY DEBT - 21.2%
	17,000,000		Federal Farm Credit Bank (FFCB)	0.110		08/30/12		16,997
	35,330,000		Federal Home Loan Bank (FHLB)	0.105-0.115		07/05/12		35,330
	48,000,000		FHLB	0.110-0.115		07/06/12		47,999
	16,515,000		FHLB	0.085-0.110		07/11/12		16,515
	90,457,000		FHLB	0.075-0.115		07/13/12		90,454
	3,500,000		FHLB	0.100		07/17/12		3,500
	125,022,000		FHLB	0.085-0.110		07/18/12		125,016
	36,263,000		FHLB	0.100-0.110		07/20/12		36,261
	20,506,000		FHLB	0.105-0.150		07/25/12		20,505
	30,000,000		FHLB	0.120		07/27/12		29,997
	44,890,000		FHLB	0.090-0.120		08/01/12		44,886
	4,000,000		FHLB	0.130		08/02/12		4,000
	45,587,000		FHLB	0.120-0.125		08/03/12		45,582
	43,000,000		FHLB	0.100-0.120		08/07/12		42,995
	113,870,000		FHLB	0.085-0.150		08/08/12		113,857
	66,498,000		FHLB	0.095-0.120		08/10/12		66,490
	57,350,000		FHLB	0.080-0.095		08/15/12		57,344
	139,350,000		FHLB	0.090-0.120		08/17/12		139,331
	3,999,000		FHLB	0.120		08/20/12		3,998
	115,000,000		FHLB	0.095-0.125		08/22/12		114,982
	4,705,000		FHLB	0.100		08/23/12		4,704
	59,443,000		FHLB	0.105-0.120		08/24/12		59,433
	10,896,000		FHLB	0.100-0.110		08/27/12		10,894
	96,650,000		FHLB	0.100-0.140		08/29/12		96,633
	5,100,000		FHLB	0.150		09/04/12		5,099
	39,775,000		FHLB	0.110-0.135		09/05/12		39,766
	8,410,000		FHLB	0.125		09/07/12		8,408

392

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
$	5,500,000	FHLB	0.130	%	09/14/12	$	5,498
	44,270,000	FHLB	0.125-0.130		09/19/12		44,258
	7,718,000	FHLB	0.145		09/24/12		7,715
	34,265,000	FHLB	1.625		09/26/12		34,383
	6,100,000	FHLB	0.145		10/16/12		6,097
	6,000,000	FHLB	0.160		11/02/12		5,997
	9,400,000	FHLB	0.170		01/04/13		9,392
	23,392,000	Federal Home Loan Mortgage Corp (FHLMC)	0.130		07/02/12		23,392
	12,250,000	FHLMC	0.060		07/10/12		12,250
	25,237,000	FHLMC	0.115-0.130		07/16/12		25,236
	26,975,000	FHLMC	0.090-0.110		07/23/12		26,973
	30,000,000	FHLMC	0.115		07/25/12		29,998
	6,000,000	FHLMC	0.090		07/30/12		6,000
	23,300,000	FHLMC	0.085-0.100		08/06/12		23,298
	14,600,000	FHLMC	0.090		08/07/12		14,599
	10,000,000	FHLMC	0.120		08/08/12		9,999
	100,000,000	FHLMC	0.100-0.130		08/13/12		99,986
	48,805,000	FHLMC	0.105-0.170		08/14/12		48,797
	3,414,000	FHLMC	0.170		08/21/12		3,413
	9,600,000	FHLMC	0.145		08/22/12		9,598
	40,000,000	FHLMC	0.110-0.125		08/27/12		39,993
	23,340,000	FHLMC	0.140-0.155		09/04/12		23,334
	20,000,000	FHLMC	0.090		09/11/12		19,996
	6,000,000	FHLMC	0.130		09/19/12		5,998
	29,252,000	FHLMC	0.130-0.145		09/24/12		29,242
	16,000,000	FHLMC	0.145-0.160		10/03/12		15,993
	8,047,000	FHLMC	0.160		11/09/12		8,042
	2,325,000	FHLMC	0.160		12/17/12		2,323
	25,000,000	FHLMC	0.160		12/26/12		24,980
	21,690,000	FHLMC	0.168		12/27/12		21,672
	34,645,000	FHLMC	0.160-0.175		01/07/13		34,615
	6,390,000	FHLMC	0.160		01/09/13		6,385
	8,406,000	FHLMC	0.160		01/30/13		8,398
	1,875,000	FHLMC	0.175		02/04/13		1,873
	1,275,000	Federal National Mortgage Association (FNMA)	0.180		07/02/12		1,275
	45,000,000	FNMA	0.110		07/16/12		44,998
	10,333,000	FNMA	0.115		07/25/12		10,332
	2,500,000	FNMA	0.090		07/31/12		2,500
	17,972,000	FNMA	0.115-0.135		08/01/12		17,970
	8,000,000	FNMA	0.150		08/16/12		7,998
	37,300,000	FNMA	0.100		08/20/12		37,295
	30,000,000	FNMA	0.110		08/27/12		29,995
	40,000,000	FNMA	0.120		08/28/12		39,992
	7,500,000	FNMA	0.110		08/29/12		7,499
	50,000,000	FNMA	0.115		08/30/12		49,990
	44,000,000	FNMA	0.120		09/04/12		43,990
	40,500,000	FNMA	0.130-0.140		09/05/12		40,490
	12,900,000	FNMA	0.125		09/10/12		12,897
	30,450,000	FNMA	0.120		09/12/12		30,443
	36,106,000	FNMA	0.120-0.170		09/26/12		36,095
	6,880,000	FNMA	0.150-0.155		10/17/12		6,877
	1,511,000	FNMA	0.170		11/29/12		1,510
	11,935,000	FNMA	0.155-0.160		01/02/13		11,925

393

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	10,999,000		FNMA	0.165-0.180	%	01/03/13	$	10,990
	25,000,000		FNMA	0.160		01/04/13		24,979
	14,325,000		FNMA	0.160-0.175		01/07/13		14,312
	80,000,000		FNMA	0.224		06/20/14		79,973
			TOTAL GOVERNMENT AGENCY DEBT					2,535,024
TREASURY DEBT - 19.0%
	30,000,000		United States Treasury Bill	0.092		07/05/12		30,000
	44,000,000		United States Treasury Bill	0.058-0.065		07/12/12		43,999
	50,000,000		United States Treasury Bill	0.053-0.061		07/26/12		49,998
	30,000,000		United States Treasury Bill	0.084-0.104		08/02/12		29,997
	34,270,000		United States Treasury Bill	0.102-0.110		08/09/12		34,266
	66,800,000		United States Treasury Bill	0.105-0.122		08/16/12		66,790
	70,000,000		United States Treasury Bill	0.086-0.136		08/23/12		69,989
	30,000,000		United States Treasury Bill	0.100		08/30/12		29,995
	80,000,000		United States Treasury Bill	0.083-0.128		09/06/12		79,984
	96,500,000		United States Treasury Bill	0.113-0.145		09/13/12		96,474
	86,030,000		United States Treasury Bill	0.098-0.131		09/20/12		86,008
	80,000,000		United States Treasury Bill	0.083-0.108		09/27/12		79,981
	62,845,000		United States Treasury Bill	0.109-0.113		10/04/12		62,826
	50,000,000		United States Treasury Bill	0.104-0.130		10/11/12		49,983
	52,700,000		United States Treasury Bill	0.125-0.143		10/18/12		52,678
	21,700,000		United States Treasury Bill	0.135		10/25/12		21,691
	50,000,000		United States Treasury Bill	0.130-0.133		11/01/12		49,978
	25,000,000		United States Treasury Bill	0.135		11/08/12		24,988
	10,000,000		United States Treasury Bill	0.141		11/15/12		9,995
	20,000,000		United States Treasury Bill	0.145		12/20/12		19,986
	5,395,000		United States Treasury Bill	0.132		01/10/13		5,391
	20,000,000		United States Treasury Bill	0.152		02/07/13		19,981
	83,470,000		United States Treasury Note	1.500		07/15/12		83,514
	80,271,000		United States Treasury Note	0.625		07/31/12		80,304
	96,965,000		United States Treasury Note	1.750		08/15/12		97,157
	150,335,000		United States Treasury Note	0.375		08/31/12		150,392
	47,765,000		United States Treasury Note	0.375		09/30/12		47,792
	109,585,000		United States Treasury Note	1.375		10/15/12		109,974
	145,872,000		United States Treasury Note	0.375		10/31/12		145,984
	79,790,000		United States Treasury Note	1.375		11/15/12		80,153
	109,297,000		United States Treasury Note	0.500		11/30/12		109,452
	67,910,000		United States Treasury Note	1.125		12/15/12		68,208
	18,200,000		United States Treasury Note	0.625		12/31/12		18,238
	40,370,000		United States Treasury Note	1.375		01/15/13		40,631
	64,050,000		United States Treasury Note	0.625		01/31/13		64,212
	36,055,000		United States Treasury Note	1.375		02/15/13		36,323
	63,925,000		United States Treasury Note	0.625		02/28/13		64,105
	40,000,000		United States Treasury Note	1.375		03/15/13		40,332
	6,445,000		United States Treasury Note	0.750		03/31/13		6,472
	17,210,000		United States Treasury Note	0.625		04/30/13		17,268
			TOTAL TREASURY DEBT					2,275,489
VARIABLE RATE SECURITIES - 14.2%
	100,000,000	i	Federal Farm Credit Bank (FFCB)	0.186		01/28/13		99,940
	50,000,000	i	FFCB	0.240		02/01/13		49,994
	31,700,000	i	FFCB	0.276		03/15/13		31,693

394

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	44,800,000	i	FFCB	0.321	%	03/28/13	$	44,800
	25,050,000	i	FFCB	0.251		06/12/13		25,052
	32,435,000	i	FFCB	0.305		06/26/13		32,454
	69,750,000	i	FFCB	0.612		08/19/13		69,710
	45,000,000	i	FFCB	0.296		08/26/13		44,974
	36,290,000	i	FFCB	0.350		08/26/13		36,286
	50,000,000	i	FFCB	0.250		09/23/13		49,988
	100,000,000	i	FFCB	0.370		09/23/13		99,995
	10,000,000	i	FFCB	0.290		10/15/13		9,988
	50,000,000	i	FFCB	0.390		11/01/13		50,000
	91,000,000	i	FFCB	0.250		02/10/14		90,970
	50,000,000	i	FFCB	0.213		04/16/14		50,000
	45,000,000	i	Federal Home Loan Bank (FHLB)	0.215		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	0.316		03/06/13		10,001
	55,000,000	i	FHLB	0.330		03/08/13		54,998
	100,000,000	i	FHLB	0.340		08/16/13		100,000
	144,500,000	i	Federal Home Loan Mortgage Corp (FHLMC)	0.189		02/04/13		144,468
	22,070,000	i	FHLMC	0.189		05/06/13		22,061
	27,000,000	i	FHLMC	0.189		06/03/13		27,003
	17,000,000	i	FHLMC	0.209		11/04/13		17,001
	44,700,000	i	Federal National Mortgage Association (FNMA)	0.256		03/14/13		44,691
	80,290,000	i	FNMA	0.390		10/28/13		80,290
	23,000,000	i	Bank of Nova Scotia	0.666		10/26/12		23,024
	50,000,000	i	Canadian Imperial Bank of Commerce	0.310		10/09/12		50,000
	10,000,000	i	Province of Ontario Canada	0.617		11/19/12		10,011
	90,000,000	i	Royal Bank of Canada	0.360		07/11/12		90,000
	50,000,000	i	Royal Bank of Canada	0.550		06/07/13		50,000
			TOTAL VARIABLE RATE SECURITIES					1,704,392
			TOTAL SHORT-TERM INVESTMENTS					11,840,924
			(Cost $11,840,924)
			TOTAL INVESTMENTS - 98.9%					11,840,924
			(Cost $11,840,924)
			OTHER ASSETS & LIABILITIES, NET - 1.1%					126,525
			NET ASSETS - 100.0%				$	11,967,449
		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 06/30/2012, the aggregate value of these securities was $3,041,177,000 or 25.4% of net assets.
			Cost amounts are in thousands.

395

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

12(a)(2)(i) Section 302 certification of the principal executive officer
12(a)(2)(ii) Section 302 certification of the principal financial officer
12(b) Section 906 certification of principal executive officer and principal financial officer

SIGNATURES

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

	COLLEGE RETIREMENT EQUITIES FUND
Dated: August 16, 2012	By:	/s/ Roger W. Ferguson, Jr.
		Roger W. Ferguson, Jr.
		Principal Executive Officer and President

          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.

Dated: August 16, 2012	By:	/s/ Roger W. Ferguson, Jr.
		Roger W. Ferguson, Jr.
		Principal Executive Officer and President (principal executive officer)
Date: August 16, 2012	By:	/s/ Virginia M. Wilson
		Virginia M. Wilson
		Executive Vice President, Chief Financial Officer and Principal Accounting Officer (principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

12(a)(2)(i) Section 302 certification of the principal executive officer
12(a)(2)(ii) Section 302 certification of the principal financial officer
12(b) Section 906 certification

EX-99.CERT

Exhibit 12(a)(2)(i)

CERTIFICATION

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

1. I have reviewed this report on Form N-CSR of the College Retirement Equities Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d)	Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date:	August 16, 2012	/s/ Roger W. Ferguson, Jr.
		Roger W. Ferguson, Jr.
		Principal Executive Officer and President
		(principal executive officer)

Exhibit 12(a)(2)(ii)

CERTIFICATION

I, Virginia M. Wilson, certify that:

1. I have reviewed this report on Form N-CSR of the College Retirement Equities Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d)	Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date:	August 16, 2012	By:	/s/ Virginia M. Wilson
			Virginia M. Wilson
			Executive Vice President, Chief Financial Officer
			and Principal Accounting Officer
			(principal financial officer)

EX-99.906 CERT

Exhibit 12(b)

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

          Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of the College Retirement Equities Fund does hereby certify, to such officer’s knowledge, that:

This report on Form N-CSR of the College Retirement Equities Fund (the “Fund”) (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Dated:	August 16, 2012	By:	/s/ Roger W. Ferguson, Jr.
			Roger W. Ferguson, Jr.
			Principal Executive Officer and President
			(principal executive officer)
Date:	August 16, 2012	By:	/s/ Virginia M. Wilson
			Virginia M. Wilson
			Executive Vice President, Chief Financial Officer
			and Principal Accounting Officer
			(principal financial officer)