N-CSRS 1 c74559_ncsrs.htm

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. 811-4415

COLLEGE RETIREMENT EQUITIES FUND

(Exact name of Registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Stewart P. Greene, Esq.

c/o TIAA-CREF

730 Third Avenue

New York, New York 10017-3206

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2013

Item 1. Reports to Stockholders.

2013 Semiannual Report

College Retirement
Equities Fund

June 30, 2013

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		96

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, 2013. 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, 2013.
	•	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.

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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 ■ 2013 Semiannual Report

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 market nations, 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).

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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 stock performance in 23 developed market nations, excluding the United States.

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

Russell 1000 and Russell 3000 are trademarks and service marks of Russell 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 ■ 2013 Semiannual Report

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, 2013–June 30, 2013).

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.

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CREF Stock Account

Performance for the six months ended June 30, 2013

The CREF Stock Account returned 9.23% for the period, compared with the 9.76% 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, 2013, the account returned 18.74%, versus 19.23% for the composite index.

U.S. stocks, comprising more than two-thirds of the account’s composite benchmark, returned 14.06% in the first half of 2013, as measured by the Russell 3000 Index. Stocks scored double-digit gains in the year’s first quarter but returned just 2.69% in the second, when the Federal Reserve suggested it might cut back its efforts to stimulate the economy.

The MSCI All Country World ex USA Investable Market Index returned 0.18% in U.S. dollar terms, with results differing sharply across national markets. Japanese shares soared 16.1%, and Swiss stocks rose 10.6%, but French and German issues returned just 3.7% and 3.3%, respectively. Declines in China (down 9.5%), Australia (down 7.7%) and Canada (down 7.3%) largely offset gains elsewhere.

Exchange rates were an important factor during the period. The MSCI index returned 6.46% in terms of local currencies, but a rising dollar reduced the return for U.S. investors.

The account’s strong gain lags its benchmark’s

The account trailed its composite benchmark by about half a percentage point partly because of unfavorable stock choices. Chief among these were overweight positions in mining company Cliffs Natural Resources, Walter Energy and F5 Networks. An underweight holding in pharmaceutical giant Bristol-Myers Squibb also reduced relative performance.

These effects were partly offset by successful selections, including overweights in Best Buy, Hertz and MetLife. Positions in two biotechnology firms—Biogen Idec and Gilead Sciences—helped as well.

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 account’s AUV is calculated; these are known as fair value pricing adjustments.

College Retirement Equities Fund ■ 2013 Semiannual Report

CREF Stock Account

Performance as of June 30, 2013

									Average annual
			Total return						total return
	Inception date		6 months			1 year			5 years			10 years


CREF Stock Account		7/31/1952		9.23	%		18.74	%		4.73	%		7.35	%


CREF Stock Composite Benchmark*		—		9.76			19.23			4.97			7.62


Broad market index
Russell 3000^®Index		—		14.06			21.46			7.25			7.81

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 any index. Index returns do not include a deduction for fees or expenses.

On June 30, 2013, 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, 2013

	Beginning			Ending			Expenses paid
	account value			account value			during period		^†
CREF Stock Account	(1/1/13		)	(6/30/13		)	(1/1/13–6/30/13		)


Actual return	$	1,000.00		$	1,092.26		$	2.54
5% annual hypothetical return		1,000.00			1,022.36			2.46

^†

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

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CREF Stock Account

Portfolio composition


	% of net assets
Sector	as of 6/30/2013

Financials		19.8
Information technology		14.2
Consumer discretionary		13.7
Industrials		11.3
Health care		11.3
Energy		9.2
Consumer staples		8.8
Materials		5.3
Utilities		3.1
Telecommunication services		2.7
Short-term investments, other assets & liabilities, net		0.6
Total		100.0

Holdings by company size


	% of equity investments
Market capitalization	as of 6/30/2013

More than $50 billion		38.1
More than $15 billion–$50 billion		25.4
More than $2 billion–$15 billion		28.4
$2 billion or less		8.1
Total		100.0

Holdings by country


	% of portfolio investments
	as of 6/30/2013

United States		67.1
Japan		4.7
United Kingdom		4.3
Canada		2.2
France		2.1
Switzerland		1.8
Germany		1.8
Australia		1.3
53 other nations		10.9
Short-term investments		3.8
Total		100.0

College Retirement Equities Fund ■ 2013 Semiannual Report

CREF Global Equities Account

Performance for the six months ended June 30, 2013

The CREF Global Equities Account returned 8.27% for the period, compared with the 8.43% return of its benchmark, the MSCI World Index. For the one-year period ended June 30, 2013, the account returned 18.64%, versus 18.58% for the index.

After advancing 15.83% in 2012, global stocks returned an additional 7.73% in the first quarter of 2013, as measured by the World index. Resilient consumer spending, an improving U.S. housing market and signs of stability in Europe bolstered investor confidence. However, global equities weakened in the second half of the period on concerns that the Federal Reserve might reduce its stimulative policies and on renewed worries about Europe; the index returned just 0.65% for the quarter.

Results for the six months varied sharply across national markets. U.S. stocks, which made up more than half of the market capitalization of the index at period-end, earned 13.3% and made the largest contribution to the benchmark’s return. Japanese and Swiss issues also helped, soaring 16.6% and 10.9%, respectively. Overall gains, however, were constrained by underperformance in France, Germany and the United Kingdom. Losses in Australia and Canada also trimmed results.

A strengthening dollar reduced returns for U.S. investors: in terms of local currencies, the MSCI World Index gained 11.70% for the six months.

Stock choices constrain the account’s results

The account’s strong gain lagged that of its benchmark index because of several disappointing stock selections. These included overweight investments in three multinational mining companies: Britain’s Rio Tinto (down 29.0%), Chile’s Antofagasta (down 40.5%) and Mexico’s Fresnillo (down 54.3%).

Meanwhile, relative results were lifted by an overweight in Dutch coffee and tea producer D.E Master Blenders 1753, as well as by an underweight position in Spanish banking giant Banco Santander.

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 account’s AUV is calculated; these are known as fair value pricing adjustments.

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CREF Global Equities Account

Performance as of June 30, 2013


									Average annual
			Total return						total return
	Inception date		6 months			1 year			5 years			10 years
CREF Global Equities Account		5/1/1992		8.27	%		18.64	%		2.74	%		7.19	%
MSCI World Index		—		8.43			18.58			2.70			7.25

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

Expense example

Six months ended June 30, 2013

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
CREF Global Equities Account	(1/1/13		)	(6/30/13		)	(1/1/13–6/30/13		)
Actual return	$	1,000.00		$	1,082.74		$	2.74
5% annual hypothetical return		1,000.00			1,022.17			2.66

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

College Retirement Equities Fund ■ 2013 Semiannual Report

CREF Global Equities Account

Portfolio composition


	% of net assets
Sector	as of 6/30/2013
Financials		21.7
Consumer discretionary		14.9
Information technology		12.0
Health care		11.9
Industrials		11.6
Consumer staples		8.2
Energy		8.0
Materials		5.3
Telecommunication services		2.5
Utilities		2.3
Short-term investments, other assets & liabilities, net		1.6
Total		100.0

Holdings by company size


	% of equity investments
Market capitalization	as of 6/30/2013
More than $50 billion		41.8
More than $15 billion–$50 billion		28.1
More than $2 billion–$15 billion		27.5
$2 billion or less		2.6
Total		100.0

Holdings by country


	% of portfolio investments
	as of 6/30/2013
United States		53.4
Japan		8.2
United Kingdom		7.3
Switzerland		3.8
France		3.5
Germany		3.4
Canada		3.1
Australia		2.1
39 other nations		11.1
Short-term investments		4.1
Total		100.0

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CREF Growth Account

Performance for the six months ended June 30, 2013

The CREF Growth Account returned 11.17% for the period, compared with the 11.80% return of its benchmark, the Russell 1000^® Growth Index. For the one-year period ended June 30, 2013, the account returned 16.73%, versus 17.07% for the index.

During the first half of 2013, the broad U.S. stock market climbed 14.06%, as measured by the Russell 3000^® Index. Most of the gains came in the first quarter, when the market rose 11.07%, partly on expectations that the Federal Reserve would maintain its stimulative policies. Stocks began to weaken in May, however, after Fed Chairman Ben Bernanke announced that the agency might reduce that stimulus later in the year if the U.S. economy continued to improve. The Russell 3000 ended the second quarter up a modest 2.69%.

For the six months, large-cap growth stocks trailed the broad U.S. stock market by more than two percentage points. Within the growth category, large caps trailed both small- and mid-cap stocks, which earned 17.44% and 14.70%, respectively. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the ten years ended June 30, 2013, the Russell 1000 Growth Index posted an average annual return of 7.40%, lagging the 7.81% average gain of the Russell 3000 Index.

Consumer discretionary and health care do the heavy lifting

All ten industry sectors of the Russell 1000 Growth Index posted positive results for the period, and seven achieved double-digit gains. The greatest contributions came from the benchmark’s second- and third-largest sectors: consumer discretionary (up 20.2%) and health care (up 20.7%). Solid advances from the sizable industrial and consumer staples sectors also helped drive the index higher. Together, these four sectors made up more than one-half of the benchmark’s market capitalization on June 30, 2013.

The largest sector, information technology, turned in the weakest performance. Comprising more than one-quarter of the index at period-end, technology stocks returned just 1.9%.

The account produced a double-digit gain but trailed its benchmark largely because of individual stock choices. These included underweight positions in Microsoft, biotechnology firm Amgen and pharmaceutical giant Bristol-Myers Squibb. Overweight holdings in technology company F5 Networks and software provider Intuit also dampened relative results.

Other, successful positions helped to partly offset these negative effects. Chief among them were overweight investments in Hertz and biotechnology companies Biogen Idec and Celgene.

College Retirement Equities Fund ■ 2013 Semiannual Report

CREF Growth Account

Performance as of June 30, 2013

			Total return						Average annual total return
	Inception date		6 months			1 year			5 years			10 years
CREF Growth Account		4/29/1994		11.17	%		16.73	%		6.41	%		6.79	%
Russell 1000^® Growth Index		—		11.80			17.07			7.47			7.40

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

Expense example

Six months ended June 30, 2013

	Beginning account value			Ending account value			Expenses paid during period		*
CREF Growth Account		(1/1/13	)	(6/30/13		)	(1/1/13–6/30/13		)
Actual return	$	1,000.00		$	1,111.71		$	2.46
5% annual hypothetical return		1,000.00			1,022.46			2.36

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

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CREF Growth Account

Portfolio composition

Sector		% of net assets as of 6/30/2013
Information technology		26.3
Consumer discretionary		21.8
Health care		13.5
Industrials		12.5
Consumer staples		8.5
Financials		7.7
Materials		4.4
Energy		3.5
Telecommunication services		1.0
Utilities		0.1
Short-term investments, other assets & liabilities, net		0.7
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 6/30/2013
More than $50 billion		41.1
More than $15 billion–$50 billion		29.2
More than $2 billion–$15 billion		29.2
$2 billion or less		0.5
Total		100.0

College Retirement Equities Fund ■ 2013 Semiannual Report

CREF Equity Index Account

Performance for the six months ended June 30, 2013

The CREF Equity Index Account returned 13.83% for the period, compared with the 14.06% return of its benchmark, the Russell 3000^® Index. For the one-year period ended June 30, 2013, the account returned 20.99%, versus 21.46% for the index.

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

During the first half of 2013, the broad U.S. stock market climbed 14.06%, as measured by the Russell 3000 Index. Most of the gains came in the first quarter, when the market rose 11.07%, partly on expectations that the Federal Reserve would maintain its stimulative policies. Stocks began to weaken in May, however, after Fed Chairman Ben Bernanke announced that the agency might reduce that stimulus later in the year if the U.S. economy continued to improve. The Russell 3000 ended the second quarter up a modest 2.69%.

For the first half of the year, small-cap stocks performed best, returning 15.86%, while mid- and large-cap issues gained 15.45% and 13.91%, respectively. Value stocks within the Russell 3000 outperformed their growth counterparts, 15.78% to 12.23%. (Returns by investment style and market capitalization are based on the Russell indexes.)

Financials propel the benchmark higher

For the period, all ten industry sectors of the Russell 3000 Index posted positive returns, with seven generating double-digit gains. The biggest contribution to performance came from the benchmark’s largest sector—financials—which earned 17.8%. Additional lift was provided by the sizable consumer discretionary and health care sectors, both of which advanced 20.4%. Industrials also posted a strong gain, rising 14.7%. Together, these four sectors constituted more than one-half of the benchmark’s market capitalization on June 30, 2013.

Amid the powerful market rally, materials rose just 2.4%, the weakest sector performance for the period. Concerns about slowing economic growth in China—a leading consumer of copper, coal and other raw materials—weighed on stocks in this sector.

Two of the five largest stocks in the Russell 3000 generated exceptional returns for the six-month period. Microsoft and Johnson & Johnson advanced 31.3% and 24.4%, respectively. General Electric (up 12.3%) and Exxon Mobil (up 5.8%) posted solid gains but trailed the broad market, while Apple lagged far behind with a –24.6% return.

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CREF Equity Index Account

Performance as of June 30, 2013

			Total return						Average annual total return
	Inception date		6 months			1 year			5 years			10 years
CREF Equity Index Account		4/29/1994		13.83	%		20.99	%		6.87	%		7.39	%
Russell 3000 Index		—		14.06			21.46			7.25			7.81

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

Expense example

Six months ended June 30, 2013

	Beginning account value			Ending account value			Expenses paid during period		*
CREF Equity Index Account	(1/1/13		)	(6/30/13		)	(1/1/13–6/30/13		)
Actual return	$	1,000.00		$	1,138.30		$	2.23
5% annual hypothetical return		1,000.00			1,022.71			2.11

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

College Retirement Equities Fund ■ 2013 Semiannual Report

CREF Equity Index Account

Portfolio composition

Sector		% of net assets as of 6/30/2013
Financials		17.8
Information technology		17.3
Consumer discretionary		13.1
Health care		12.3
Industrials		11.1
Energy		9.4
Consumer staples		9.0
Materials		3.7
Utilities		3.3
Telecommunication services		2.5
Short-term investments, other assets & liabilities, net		0.5
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 6/30/2013
More than $50 billion		43.8
More than $15 billion–$50 billion		25.7
More than $2 billion–$15 billion		24.2
$2 billion or less		6.3
Total		100.0

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CREF Bond Market Account

Performance for the six months ended June 30, 2013

The CREF Bond Market Account returned –2.84% for the period, compared with the –2.44% return of its benchmark, the Barclays U.S. Aggregate Bond Index. For the one-year period ended June 30, 2013, the account returned –0.53%, versus –0.69% for the index.

Despite signs of slowing global growth, investors were encouraged by the Federal Reserve’s efforts to boost the U.S. economy and by similar steps taken by the central banks of Europe and Japan.

The Federal Reserve continued its unprecedented, large-scale purchases of U.S. Treasury and agency securities, seeking to keep long-term interest rates low in order to stimulate borrowing and spending. As unemployment fell slightly and the housing market gained strength, many investors moved from low-yielding, high-quality bonds into stocks and lower-grade fixed-income securities. As a result, the investment-grade, fixed-rate bonds that comprise the Barclays U.S. Aggregate Bond Index returned –0.12% in the first quarter of 2013.

In the second quarter, investors worried that the Fed’s accommodative policies would soon end. When the Fed seemed to confirm these fears in late May, both stocks and bonds sold off, and the account’s benchmark fell 2.32%.

Declining corporate bonds weigh on the benchmark

All major sectors of the Barclays aggregate index lost ground for the six months, but corporate bonds posted the worst performance—they returned –3.4%—because their prices dropped sharply in the second quarter. Part of the decline in prices was cushioned by the bonds’ interest payments. Corporates made up about one-fifth of the total market capitalization of the index at period’s end.

U.S. Treasuries, the benchmark’s largest sector, returned –2.1%. Falling bond prices pushed yields on 10-year Treasuries up from 1.78% at year-end 2012 to 2.52% on June 30, 2013.

U.S. mortgage-backed securities, which made up almost one-third of the index, returned –2.0% for the period. U.S. agency, commercial mortgage-backed and asset-backed securities posted results of –1.9%, –1.3% and –0.8%, respectively.

The account lagged its benchmark primarily because of overweight positions in, and unsuccessful choices among, corporate securities. Its holdings in investment-grade bonds and emerging market securities were particularly hard hit. Underperformance in asset-backed securities and municipal bonds also reduced relative results.

The negative effects of these positions were partly offset by positive effects from the account’s holdings in U.S. Treasury securities, which outperformed the Barclays aggregate index. An underweight in U.S. mortgage-backed securities helped as well.

College Retirement Equities Fund ■ 2013 Semiannual Report

CREF Bond Market Account

Performance as of June 30, 2013

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

–0.53

4.74

4.05

Barclays U.S. Aggregate Bond Index

—

–2.44

–0.69

5.19

4.52

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

Expense example

Six months ended June 30, 2013

CREF Bond Market Account	Beginning account value (1/1/13		)	Ending account value (6/30/13		)	Expenses paid during period (1/1/13–6/30/13		* )
Actual return	$	1,000.00		$	971.56		$	2.15
5% annual hypothetical return		1,000.00			1,022.61			2.21

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

20	2013 Semiannual Report ■ College Retirement Equities Fund

CREF Bond Market Account

Portfolio composition

		% of net assets as of 6/30/2013
Mortgage-backed securities^†		27.6
Corporate bonds		22.6
Foreign government & corporate bonds denominated in U.S. dollars		15.9
U.S. Treasury securities		14.1
Asset-backed securities		6.2
Municipal bonds		4.1
U.S. agency securities		3.4
Commercial mortgage-backed securities		3.1
Bank loan obligations		0.1
Preferred stock		0.1
Short-term investments, other assets & liabilities, net		2.8
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 6/30/2013
Less than 1 year			4.6
1–3 years			20.3
3–5 years			25.5
5–10 years			38.8
Over 10 years			10.8
Total			100.0

Holdings by credit quality^‡

% of fixed-income investments (excluding short-term investments) as of 6/30/2013
Aaa/AAA			56.8
Aa/AA			9.1
A/A			15.0
Baa/BBB			14.1
Ba/BB			3.0
B/B			0.8
Below B/B			0.4
Non-rated			0.8
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 ■ 2013 Semiannual Report

CREF Inflation-Linked Bond Account

Performance for the six months ended June 30, 2013

The CREF Inflation-Linked Bond Account returned –7.64% for the period, compared with the –7.39% return of its benchmark, the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L). For the one-year period ended June 30, 2013, the account returned –5.20%, versus –4.78% for the index.

At the end of May, year-over-year inflation, as measured by the Consumer Price Index, was just 1.4%, reflecting the slow growth rate of the U.S. economy. While home prices rose in early 2013, unemployment rates remained elevated.

In June, energy prices spiked. Oil, which had fallen below $90 a barrel in April, ended the period near $97—an increase of 5% for the year’s first six months. By June 30, year-over-year inflation had risen to 1.8%, compared with 1.7% at the end of 2012.

With inflation still well below its target of 2.5%, however, the Federal Reserve continued its purchases of U.S. Treasury and agency securities, seeking to stimulate growth by restraining long-term interest rates. Meanwhile, investors speculated increasingly about when the Fed’s accommodative policies might end.

TIPS prices drop as investors ponder the Fed’s next move

In the second quarter, the Federal Reserve said it might begin to reduce its asset purchase programs. Long-term interest rates rose, and bonds sold off, with TIPS particularly hard hit. This resulted from lowered expectations of future inflation and from TIPS’ longer maturities, which increase the effects of rising interest rates. The TIPS index fell 7.05% in the last half of the period.

For the six months, the –7.39% return of TIPS significantly lagged the –2.44% return of the broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index. However, for the ten years ended June 30, 2013, TIPS returned an average annual 5.19%, versus 4.52% for the aggregate index.

The account’s underperformance, relative to the TIPS index, was primarily the result of the account’s expense charge. The account’s return includes a deduction for expenses, while the benchmark’s does not. Because the account’s portfolio was similar to that of its benchmark, the above discussion of the benchmark’s performance also applies to the account’s performance.

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	2013 Semiannual Report ■ College Retirement Equities Fund

CREF Inflation-Linked Bond Account

Performance as of June 30, 2013

Total return

Average annual
total return

Inception date

6 months

1 year

5 years

10 years

CREF Inflation-Linked Bond Account

5/1/1997

–7.64

–5.20

3.89

4.69

Barclays U.S. Treasury
Inflation Protected Securities
Index (Series-L)

—

–7.39

–4.78

4.41

5.19

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

Expense example

Six months ended June 30, 2013

	Beginning account value			Ending account value			Expenses paid during period		*
CREF Inflation-Linked Bond Account	(1/1/13		)	(6/30/13		)	(1/1/13–6/30/13		)
Actual return	$	1,000.00		$	923.58		$	2.15
5% annual hypothetical return		1,000.00			1,022.56			2.26

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

Portfolio composition

		% of net assets as of 6/30/2013
U.S. Treasury securities		99.1
Short-term investments, other assets & liabilities, net		0.9
Total		100.0

Holdings by maturity

% of fixed-income investments (excluding short-term investments) as of 6/30/2013
Less than 1 year			0.3
1–3 years			18.3
3–5 years			17.6
5–10 years			33.6
Over 10 years			30.2
Total			100.0

College Retirement Equities Fund ■ 2013 Semiannual Report

CREF Social Choice Account

Performance for the six months ended June 30, 2013

The CREF Social Choice Account returned 6.59% for the period, compared with the 5.83% 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, 2013, the account returned 13.03%, versus 11.66% for the index. The account uses certain social criteria, while the benchmark does not.

Because of its social criteria, the account did not invest in a number of stocks and bonds that were included in the indexes that comprise its composite benchmark. The largest contribution to the account’s outperformance was the exclusion of Apple, which fell 24.6%, as concerns about increased competition and slowing product innovation prompted a sell-off. Avoiding Exxon Mobil and several poorly performing mining companies also helped. These included Anglo American (down 36.4%), Rio Tinto (down 27.4%) and BHP Billiton (down 24.3%).

These positive effects were partly offset by the account’s exclusion of biotechnology company Celgene, Toyota and Microsoft, which advanced 49.1%, 31.8% and 31.3%, respectively.

Account outperforms in a rising equity market

To compensate for the account’s exclusion of some stocks, its managers use quantitative (mathematical) modeling and other techniques in an attempt to match the overall investment characteristics of the portfolio with those of its composite benchmark.

The account’s return was enhanced by favorable overweight positions in a number of biotechnology and health care stocks, such as Biogen Idec (up 47.0%), Bristol-Myers Squibb (up 39.8%), Gilead Sciences (up 39.6%) and Roche Holding (up 27.8%).

These positive contributions to relative performance more than offset detractions from other stocks, including overweight investments in three underperforming technology companies: Cognizant Solutions, Oracle and EMC.

Bonds boost relative results

During the period, the account’s fixed-income component outpaced the Barclays aggregate index. Among the largest contributions to the account’s outperformance were underweight positions in U.S. Treasury securities and mortgage-backed securities, as well as successful overweight investments in corporate bonds and government-related credit issues.

24	2013 Semiannual Report ■ College Retirement Equities Fund

CREF Social Choice Account

Performance as of June 30, 2013

			Total return						Average annual total return
	Inception date			6 months		1 year			5 years			10 years
CREF Social Choice Account		3/1/1990		6.59	%		13.03	%		6.07	%		6.18	%
CREF Social Choice
Composite Benchmark*		—		5.83			11.66			5.88			6.30
Broad market index
Russell 3000 Index		—		14.06			21.46			7.25			7.81

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

On June 30, 2013, 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, 2013

	Beginning account value			Ending account value			Expenses paid during period		^†
CREF Social Choice Account	(1/1/13		)	(6/30/13		)	(1/1/13–6/30/13		)
Actual return	$	1,000.00		$	1,065.90		$	2.25
5% annual hypothetical return		1,000.00			1,022.61			2.21

^†

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

College Retirement Equities Fund ■ 2013 Semiannual Report

CREF Social Choice Account

Portfolio composition

		% of net assets as of 6/30/2013
Equities		59.6
Long-term bonds		39.4
Short-term investments, other assets & liabilities, net		1.0
Total		100.0

Holdings by maturity

% of fixed-income investments (excluding short-term investments) as of 6/30/2013
Less than 1 year			6.8
1–3 years			17.2
3–5 years			28.4
5–10 years			33.4
Over 10 years			14.2
Total			100.0

Holdings by company size

Market capitalization		% of equity investments as of 6/30/2013
More than $50 billion		28.9
More than $15 billion–$50 billion		46.1
More than $2 billion–$15 billion		22.6
$2 billion or less		2.4
Total		100.0

26	2013 Semiannual Report ■ College Retirement Equities Fund

CREF Money Market Account

Performance for the six months ended June 30, 2013

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

During the period, the U.S. economy strengthened, though the pace was modest. While home prices rose and business investment increased, the growth in job creation failed to put a significant dent in the unemployment rate.

As a result, the Federal Reserve continued its large-scale purchases of U.S. Treasury and agency securities, seeking to keep long-term interest rates low in order to stimulate economic activity. The Fed also kept short-term rates low by maintaining 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%.

Falling short-term yields pinch money market returns

Midway through the period, the issuance of U.S. Treasury and agency securities was significantly curtailed when budget cuts and higher-than-expected tax receipts reduced the federal government’s borrowing needs. With these securities in short supply, their prices rose, driving down their yields. The yield on six-month Treasuries declined, from 0.11% on December 31, 2012, to 0.10% six months later.

LIBOR yields also fell slightly; the three-month rate dropped from 0.31% to 0.27%. (LIBOR is a widely used indicator of the interest rates that banks expect to pay to other banks for loans on the London market.) Following discovery of its manipulation by several major banks, regulators sought, during the period, to improve LIBOR’s reliability.

In pursuit of relative value and to comply with SEC regulations, the account kept almost two-thirds of its portfolio in U.S. Treasury and agency securities. Faced with a challenging market, the account’s managers continued to purchase U.S. government floating-rate securities, whose longer maturities offered incrementally higher yields. The account also increased its holdings in high-quality Canadian and Australian banks. On June 25, 2013, the account’s weighted average maturity was 53 days, versus 49 days for the average iMoneyNet fund.

In response to exceptionally low interest rates, 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 turning negative.

College Retirement Equities Fund ■ 2013 Semiannual Report

CREF Money Market Account

Net annualized yield for the 7 days ended June 25, 2013*

	Current yield			Effective yield
CREF Money Market Account^†		0.00	%		0.00	%
iMoneyNet Money Fund Report Averages™—All Taxable^‡		0.01			0.01

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

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

Performance as of June 30, 2013

		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	%		0.24	%	1.63	%

iMoneyNet Money Fund Report Averages—All Taxable^‡	—		0.01		0.02			0.21		1.51

An investment in the CREF Money Market Account is neither insured nor 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	2013 Semiannual Report ■ College Retirement Equities Fund

CREF Money Market Account

Expense example

Six months ended June 30, 2013

	Beginning			Ending			Expenses paid
	account value			account value			during period		^§
CREF Money Market Account	(1/1/13		)	(6/30/13		)	(1/1/13–6/30/13		)
Actual return	$	1,000.00		$	1,000.00		$	0.79
5% annual hypothetical return		1,000.00			1,024.00			0.80

^§

“Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2013. The account’s annualized six-month expense ratio for that period was 0.16%. 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 6/30/2013
U.S. government agency securities		32.4
Commercial paper		32.0
U.S. Treasury securities		17.5
Floating rate securities, government		14.7
Certificates of deposit		3.4
Total		100.0

College Retirement Equities Fund ■ 2013 Semiannual Report

Summary portfolio of investments (unaudited)

CREF Stock Account ¡ June 30, 2013

Principal			Issuer		Value (000)		% of net assets

BONDS

CORPORATE BONDS

CAPITAL GOODS					$	6		0.0	%

DIVERSIFIED FINANCIALS						14		0.0

FOOD & STAPLES RETAILING						36		0.0

REAL ESTATE						18		0.0
			TOTAL CORPORATE BONDS	(Cost $70)		74		0.0

GOVERNMENT BONDS

U.S. TREASURY SECURITIES						286		0.0
			TOTAL GOVERNMENT BONDS	(Cost $303)		286		0.0
			TOTAL BONDS	(Cost $373)		360		0.0

EQUITY-LINKED NOTES

CAPITAL GOODS						479		0.0

DIVERSIFIED FINANCIALS						1,780		0.0
			TOTAL EQUITY-LINKED NOTES	(Cost $2,249)		2,259		0.0

Shares			Company

COMMON STOCKS

AUTOMOBILES & COMPONENTS
	6,358,637	*	Toyota Motor Corp			383,539		0.4
			Other			2,019,259		1.8
						2,402,798		2.2

BANKS
	537,603	a	Doral Financial Corp			446		0.0
	26,294,033		Wells Fargo & Co			1,085,155		1.0
			Other			5,633,216		5.0
						6,718,817		6.0

CAPITAL GOODS
	4,233,774		Boeing Co			433,708		0.4
	42,745,647		General Electric Co			991,272		0.9
	6,105,750		Honeywell International, Inc			484,430		0.4
			Other			6,806,243		6.1
						8,715,653		7.8

COMMERCIAL & PROFESSIONAL SERVICES						1,373,517		1.2

CONSUMER DURABLES & APPAREL						2,302,378		2.1

CONSUMER SERVICES						2,354,316		2.1

2013 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

continued

CREF Stock Account ¡ June 30, 2013

Shares			Company	Value (000)		% of net assets

DIVERSIFIED FINANCIALS
	6,102,648		American Express Co	$	456,234		0.4	%
	47,144,809		Bank of America Corp		606,282		0.6
	18,342,197		Citigroup, Inc		879,875		0.8
	5,473,000	*,a	Japan Asia Investment Co Ltd.		5,455		0.0
	13,584,699		JPMorgan Chase & Co		717,137		0.6
			Other		3,819,352		3.4
					6,484,335		5.8

ENERGY
	8,535,582		Chevron Corp		1,010,101		0.9
	15,335,863		Exxon Mobil Corp		1,385,595		1.2
	4,659,540		Occidental Petroleum Corp		415,771		0.4
	5,297,523		Schlumberger Ltd		379,620		0.4
			Other		7,056,464		6.3
					10,247,551		9.2

FOOD & STAPLES RETAILING
	4,887,732		Wal-Mart Stores, Inc		364,087		0.3
			Other		1,551,334		1.4
					1,915,421		1.7

FOOD, BEVERAGE & TOBACCO
	11,488,336		Altria Group, Inc		401,977		0.4
	13,172,540		Coca-Cola Co		528,350		0.5
	8,023,226		PepsiCo, Inc		656,220		0.6
	7,158,145		Philip Morris International, Inc		620,038		0.5
			Other		3,799,249		3.4
					6,005,834		5.4
HEALTH CARE EQUIPMENT & SERVICES					3,779,061		3.4

HOUSEHOLD & PERSONAL PRODUCTS
	8,883,142		Procter & Gamble Co		683,913		0.6
			Other		1,205,392		1.1
					1,889,305		1.7

INSURANCE
	4,142,595		ACE Ltd		370,679		0.3
	6,361,311	*	Berkshire Hathaway, Inc (Class B)		711,958		0.7
			Other		3,697,867		3.3
					4,780,504		4.3

MATERIALS
	2,579,968	a	Axiall Corp.		109,855		0.1
	3,499,027		Monsanto Co		345,704		0.3
			Other		5,517,836		4.9
					5,973,395		5.3

See notes to financial statements

College Retirement Equities Fund ■ 2013 Semiannual Report

Summary portfolio of investments (unaudited)

continued

CREF Stock Account ¡ June 30, 2013

Shares			Company	Value (000)		% of net assets

MEDIA
	13,929,886		Comcast Corp (Class A)	$	583,384		0.5	%
	8,286,572		Walt Disney Co		523,297		0.5
			Other		2,721,088		2.4
					3,827,769		3.4

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	4,078,633		Amgen, Inc		402,398		0.4
	10,267,585	*	Gilead Sciences, Inc		525,803		0.5
	11,872,364		Johnson & Johnson		1,019,361		0.9
	12,678,601		Merck & Co, Inc		588,921		0.5
	22,167,242	*,a	MPM Bioventures II		1,340		0.0
	5,640,906		Novartis AG.		399,549		0.3
	30,742,267	e	Pfizer, Inc		861,091		0.8
	1,416,444		Roche Holding AG.		351,557		0.3
	4,254,176	*,a	Skyline Venture Fund II Ltd		246		0.0
			Other		4,738,552		4.2
					8,888,818		7.9

REAL ESTATE					4,160,872		3.7

RETAILING
	1,476,587	*	Amazon.com, Inc		410,033		0.4
	7,537,803		Home Depot, Inc		583,954		0.5
			Other		3,422,712		3.1
					4,416,699		4.0

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	15,351,347		Intel Corp		371,810		0.3
			Other		2,006,868		1.8
					2,378,678		2.1

SOFTWARE & SERVICES
	1,236,906	*	Google, Inc (Class A)		1,088,935		1.0
	3,605,701		International Business Machines Corp		689,085		0.6
	596,173		Mastercard, Inc (Class A)		342,501		0.3
	32,459,130		Microsoft Corp		1,120,814		1.0
	20,424,868		Oracle Corp		627,452		0.5
	2,275,134		Visa, Inc (Class A)		415,781		0.4
			Other		3,816,671		3.4
					8,101,239		7.2

TECHNOLOGY HARDWARE & EQUIPMENT
	4,080,662		Apple, Inc		1,616,269		1.4
	29,854,310		Cisco Systems, Inc		725,758		0.7
	7,286,680		Qualcomm, Inc		445,070		0.4
			Other		2,580,430		2.3
					5,367,527		4.8

2013 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

continued

CREF Stock Account ¡ June 30, 2013

Shares		Company			Value (000)			% of net assets

TELECOMMUNICATION SERVICES
	19,215,015	AT&T, Inc			$	680,212			0.6	%
	12,353,025	Verizon Communications, Inc				621,851			0.5
		Other				1,759,767			1.6
						3,061,830			2.7

TRANSPORTATION
	2,487,017	Union Pacific Corp				383,697			0.3
		Other				2,220,562			2.0
						2,604,259			2.3
UTILITIES						3,514,915			3.1
		TOTAL COMMON STOCKS		(Cost $97,428,400)		111,265,491			99.4

PREFERRED STOCKS

DIVERSIFIED FINANCIALS						1,529			0.0

FOOD, BEVERAGE & TOBACCO						49,891			0.0

REAL ESTATE						20			0.0
		TOTAL PREFERRED STOCKS		(Cost $42,400)		51,440			0.0

RIGHTS / WARRANTS

AUTOMOBILES & COMPONENTS						14			0.0

CAPITAL GOODS						30			0.0

COMMERCIAL & PROFESSIONAL SERVICES						0	^		0.0

DIVERSIFIED FINANCIALS						1,287			0.0

ENERGY						671			0.0

FOOD & STAPLES RETAILING						8			0.0

FOOD, BEVERAGE & TOBACCO						5			0.0

HEALTH CARE EQUIPMENT & SERVICES						46			0.0

MATERIALS						61			0.0

REAL ESTATE						51			0.0

RETAILING						25			0.0
			TOTAL RIGHTS / WARRANTS	(Cost $2,085)		2,198			0.0

Principal		Issuer

SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT						19,999			0.0

TREASURY DEBT						484,656			0.5

See notes to financial statements

College Retirement Equities Fund ■ 2013 Semiannual Report

Summary portfolio of investments (unaudited)

concluded

CREF Stock Account ¡ June 30, 2013

Principal		Issuer			Value (000)			% of net assets

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
REPURCHASE AGREEMENT
$ 750,000,000	n	Barclays	0.100%, 07/01/13		$	750,000			0.7	%
491,000,000	o	Calyon	0.100%, 07/01/13			491,000			0.4
446,000,000	p	Citigroup	0.100%, 07/01/13			446,000			0.4
653,000,000	q	Mizuho Securities	0.100%, 07/01/13			653,000			0.6
	r	Other Repurchase Agreements	0.100%–0.130%, 07/01/13			1,360,367			1.2
						3,700,367			3.3

VARIABLE RATE SECURITIES						234,605			0.2
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						3,934,972			3.5
TOTAL SHORT-TERM INVESTMENTS				(Cost $4,442,502)		4,439,627			4.0

TOTAL PORTFOLIO				(Cost $101,918,009)		115,761,375			103.4
OTHER ASSETS & LIABILITIES, NET						(3,810,219	)		(3.4	)
NET ASSETS					$	111,951,156			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, including those in “Other,” is $4,879,761,000.
n	Agreement with Barclays, 0.10% dated 6/30/13 to be repurchased at $750,001,000 on 7/1/13, collateralized by U.S. Government Agency Securities valued at $765,000,000.
o	Agreement with Calyon, 0.10% dated 6/30/13 to be repurchased at $491,004,000 on 7/1/13, collateralized by U.S. Government Agency Securities valued at $500,820,000.
p	Agreement with Citigroup, 0.10% dated 6/30/13 to be repurchased at $446,004,000 on 7/1/13, collateralized by U.S. Government Agency Securities valued at $454,920,000.
q	Agreement with Mizuho Securities, 0.10% dated 6/30/13 to be repurchased at $653,005,000 on 7/1/13, collateralized by U.S. Government Agency Securities valued at $666,066,000.
r	Agreements, 0.10%–0.13% dated 6/30/13 to be repurchased at $1,360,383,000 on 7/1/13, collateralized by U.S. Government Agency Securities valued at $1,387,583,000.

“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 6/30/13, the aggregate value of restricted securities amounted to $1,123,000 or 0.0% of net assets.

At 6/30/13, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $1,210,000 or 0.0% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

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.

2013 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary of market values by country (unaudited)

CREF Stock Account ¡ June 30, 2013

Country	Value (000)			% of total portfolio

DOMESTIC
UNITED STATES		$	82,117,951		70.9	%
TOTAL DOMESTIC			82,117,951		70.9

FOREIGN
ARGENTINA			1,807		0.0
AUSTRALIA			1,449,487		1.3
AUSTRIA			88,224		0.1
BELGIUM			176,884		0.2
BERMUDA			49,676		0.0
BRAZIL			773,976		0.7
CAMBODIA			2,509		0.0
CANADA			2,488,573		2.2
CAYMAN ISLANDS			31,486		0.0
CHILE			134,540		0.1
CHINA			1,318,554		1.1
COLOMBIA			87,458		0.1
CYPRUS			944		0.0
CZECH REPUBLIC			17,266		0.0
DENMARK			274,970		0.2
EGYPT			15,356		0.0
FINLAND			157,318		0.1
FRANCE			2,422,023		2.1
GERMANY			2,026,467		1.8
GIBRALTAR			1,406		0.0
GREECE			29,363		0.0
GUERNSEY, C.I.			2,755		0.0
HONG KONG			788,908		0.7
HUNGARY			18,533		0.0
INDIA			564,374		0.5
INDONESIA			285,837		0.3
IRELAND			268,513		0.2
ISLE OF MAN			4,485		0.0
ISRAEL			105,981		0.1

Country	Value (000)		% of total portfolio

ITALY	$	367,030		0.3	%
JAPAN		5,380,044		4.7
JERSEY, C.I.		3,466		0.0
KOREA, REPUBLIC OF		1,073,806		0.9
LUXEMBOURG		19,360		0.0
MACAU		40,662		0.0
MALAYSIA		297,223		0.3
MEXICO		400,341		0.4
MONACO		7,161		0.0
MOROCCO		3,986		0.0
NETHERLANDS		1,017,976		0.9
NEW ZEALAND		76,019		0.1
NORWAY		321,493		0.3
PANAMA		32,156		0.0
PERU		27,578		0.0
PHILIPPINES		108,324		0.1
POLAND		105,266		0.1
PORTUGAL		36,107		0.0
PUERTO RICO		6,477		0.0
RUSSIA		379,287		0.3
SINGAPORE		351,037		0.3
SOUTH AFRICA		503,110		0.4
SPAIN		380,246		0.3
SWEDEN		654,499		0.6
SWITZERLAND		2,121,654		1.8
TAIWAN		941,859		0.8
THAILAND		236,426		0.2
TURKEY		163,739		0.2
UKRAINE		4,156		0.0
UNITED ARAB EMIRATES		22,733		0.0
UNITED KINGDOM		4,972,530		4.3
TOTAL FOREIGN		33,643,424		29.1

TOTAL PORTFOLIO	$	115,761,375		100.0	%

See notes to financial statements

College Retirement Equities Fund ■ 2013 Semiannual Report

Summary portfolio of investments (unaudited)

CREF Global Equities Account ¡ June 30, 2013

Shares	Company	Value (000)		% of net assets

COMMON STOCKS

AUSTRALIA		$	360,960		2.2	%

AUSTRIA			14,246		0.1

BELGIUM			45,148		0.3

BERMUDA			4,731		0.0

BRAZIL			11,033		0.1

CANADA			528,942		3.2

CAYMAN ISLANDS			3,129		0.0

CHINA			146,450		0.9

COLOMBIA			10,680		0.1

DENMARK			95,067		0.6

FINLAND			32,795		0.2

FRANCE
1,097,018	BNP Paribas		60,056		0.3
	Other		537,446		3.3
			597,502		3.6

GERMANY
548,770	Allianz AG.		80,099		0.5
740,119	Bayer AG.		78,801		0.5
710,311	Beiersdorf AG.		61,874		0.3
	Other		359,075		2.2
			579,849		3.5

GREECE			313		0.0

HONG KONG			191,224		1.2

INDIA			73,397		0.4

INDONESIA			16,816		0.1

IRELAND			122,371		0.7

ISLE OF MAN			2,340		0.0

ISRAEL			20,807		0.1

ITALY			108,473		0.7

JAPAN
2,220,648	Toyota Motor Corp		133,945		0.8
	Other		1,250,013		7.6
			1,383,958		8.4

2013 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

continued

CREF Global Equities Account ¡ June 30, 2013

Shares	Company	Value (000)		% of net assets

JERSEY, C.I.		$	584		0.0	%

KOREA, REPUBLIC OF			39,247		0.2

LUXEMBOURG			3,392		0.0

MACAU			8,314		0.1

MALAYSIA			11,713		0.1

MEXICO			3,671		0.0

NETHERLANDS			317,143		1.9

NEW ZEALAND			1,501		0.0

NORWAY			82,428		0.5

PANAMA			11,591		0.1

PHILIPPINES			24,859		0.2

PORTUGAL			3,594		0.0

RUSSIA			15,111		0.1

SINGAPORE			85,240		0.5

SOUTH AFRICA			12,414		0.1

SPAIN			89,947		0.6

SWEDEN			157,810		1.0

SWITZERLAND
1,184,867	Nestle S.A.		77,751		0.5
1,692,227	Novartis AG.		119,861		0.7
573,035	Roche Holding AG.		142,226		0.9
	Other		301,074		1.8
			640,912		3.9

TAIWAN			56,036		0.3

THAILAND			32,407		0.2

TURKEY			43,693		0.3

UKRAINE			6,927		0.0

UNITED ARAB EMIRATES			1,794		0.0

UNITED KINGDOM
20,196,615	Barclays plc		86,012		0.5
2,311,497	GlaxoSmithKline plc		57,779		0.4
6,935,865	HSBC Holdings plc		71,801		0.4
	Other		1,015,766		6.2
			1,231,358		7.5

See notes to financial statements

College Retirement Equities Fund ■ 2013 Semiannual Report

Summary portfolio of investments (unaudited)

continued

CREF Global Equities Account ¡ June 30, 2013

Shares		Company	Value (000)			% of net assets

UNITED STATES
700,197		ACE Ltd	$	62,654			0.4	%
902,396		American Express Co		67,463			0.4
751,464		Amgen, Inc		74,139			0.5
491,557		Apple, Inc		194,696			1.2
2,010,996		AT&T, Inc		71,189			0.4
6,015,762		Bank of America Corp		77,363			0.5
662,403	*	Berkshire Hathaway, Inc (Class B)		74,136			0.5
1,293,512		Chevron Corp		153,074			0.9
4,233,024		Cisco Systems, Inc		102,905			0.6
2,522,760		Citigroup, Inc		121,017			0.7
2,383,104		Coca-Cola Co		95,586			0.6
2,116,307		Comcast Corp (Class A)		88,631			0.5
2,253,798	d	Exxon Mobil Corp		203,631			1.2
5,651,162		General Electric Co		131,050			0.8
1,586,024	*	Gilead Sciences, Inc		81,220			0.5
155,320	*	Google, Inc (Class A)		136,739			0.8
1,238,757		Home Depot, Inc		95,967			0.6
976,363		Honeywell International, Inc		77,465			0.5
582,830		International Business Machines Corp		111,385			0.7
1,901,556		iShares MSCI EAFE Index Fund		109,111			0.7
1,665,220		Johnson & Johnson		142,976			0.9
1,945,204		JPMorgan Chase & Co		102,687			0.6
1,518,052		Merck & Co, Inc		70,514			0.4
4,241,537		Microsoft Corp		146,460			0.9
670,419		Occidental Petroleum Corp		59,821			0.4
3,078,976		Oracle Corp		94,586			0.6
892,845		PepsiCo, Inc		73,026			0.4
4,613,594		Pfizer, Inc		129,227			0.8
904,636		Philip Morris International, Inc		78,360			0.5
1,414,951		Procter & Gamble Co		108,937			0.7
1,053,761		Qualcomm, Inc		64,364			0.4
953,847		State Street Corp		62,200			0.4
469,202		Union Pacific Corp		72,388			0.4
2,011,724		Verizon Communications, Inc		101,270			0.6
908,991		Walt Disney Co		57,403			0.3
3,684,279		Wells Fargo & Co		152,050			0.9
		Other		5,295,958			32.2
				8,941,648			54.4
		TOTAL COMMON STOCKS (Cost $14,156,880)		16,173,565			98.4

RIGHTS / WARRANTS

AUSTRALIA				12			0.0

FRANCE				11			0.0

HONG KONG				0	^		0.0

MALAYSIA				24			0.0

SINGAPORE				4			0.0

2013 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

CREF Global Equities Account ¡ June 30, 2013

	Shares		Company			Value (000)			% of net assets

SPAIN						$	26			0.0	%

UNITED STATES							109			0.0
	TOTAL RIGHTS / WARRANTS				(Cost $94)		186			0.0

Principal			Issuer

SHORT-TERM INVESTMENTS

TREASURY DEBT
	$60,400,000		United States Treasury Bill	0.040%–0.080%, 09/26/13			60,395			0.4
			Other				171,477			1.0
							231,872			1.4

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED

REPURCHASE AGREEMENT
	102,000,000	n	Calyon	0.110%, 07/01/13			102,000			0.6
	90,000,000	o	Mizuho Securities	0.100%, 07/01/13			90,000			0.5
		p	Other	0.100%–0.120%, 07/01/13			233,000			1.5
							425,000			2.6
VARIABLE RATE SECURITIES							40,984			0.3
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED							465,984			2.9
TOTAL SHORT-TERM INVESTMENTS					(Cost $698,352)		697,856			4.3

TOTAL PORTFOLIO					(Cost $14,855,326)		16,871,607			102.7
OTHER ASSETS & LIABILITIES, NET							(437,095	)		(2.7	)
NET ASSETS						$	16,434,512			100.0	%

*	Non-income producing.
^	Amount represents less than $1,000.
d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures transactions.
n	Agreement with Caylon, 0.11% dated 6/30/13 to be repurchased at $102,001,000 on 7/1/13, collateralized by U.S. Government Agency Securities valued at $104,040,000.
o	Agreement with Mizuho Securities, 0.10% dated 6/30/13 to be repurchased at $90,001,000 on 7/1/13, collateralized by U.S. Government Agency Securities, valued at $91,801,000.
p	Agreements, 0.10%–0.12% dated 6/30/13 to be repurchased at $233,003,000 on 7/1/13, collateralized by U.S. Government Agency Securities valued at $237,758,000.

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

The aggregate value of securities on loan is $490,267,000.

Cost amounts are in thousands.

See notes to financial statements

College Retirement Equities Fund ■ 2013 Semiannual Report

Summary of market values by sector (unaudited)

CREF Global Equities Account ¡ June 30, 2013

Sector	Value (000)			% of net assets

FINANCIALS	$	3,582,153			21.7	%
CONSUMER DISCRETIONARY		2,445,949			14.9
INFORMATION TECHNOLOGY		1,967,060			12.0
HEALTH CARE		1,954,665			11.9
INDUSTRIALS		1,899,366			11.6
CONSUMER STAPLES		1,351,988			8.2
ENERGY		1,312,136			8.0
MATERIALS		874,026			5.3
TELECOMMUNICATION SERVICES		415,127			2.5
UTILITIES		371,281			2.3
SHORT-TERM INVESTMENTS		697,856			4.3
OTHER ASSETS & LIABILITIES, NET		(437,095	)		(2.7	)
NET ASSETS	$	16,434,512			100.0	%

2013 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

CREF Growth Account ¡ June 30, 2013

	Shares		Company		Value (000)	% of net assets

COMMON STOCKS
AUTOMOBILES & COMPONENTS
	2,849,987		Delphi Automotive plc	$	144,466	0.9	%
			Other		189,823	1.2
					334,289	2.1

BANKS					32,461	0.2

CAPITAL GOODS
	1,954,910		Boeing Co		200,261	1.2
	1,263,974		Honeywell International, Inc		100,284	0.6
	630,964		Precision Castparts Corp		142,604	0.9
	467,378		W.W. Grainger, Inc		117,863	0.7
			Other		746,176	4.6
					1,307,188	8.0

COMMERCIAL & PROFESSIONAL SERVICES
	1,402,553	*	Verisk Analytics, Inc		83,732	0.5
			Other		137,766	0.9
					221,498	1.4

CONSUMER DURABLES & APPAREL
	1,435,845		Nike, Inc (Class B)		91,435	0.6
			Other		423,023	2.6
					514,458	3.2

CONSUMER SERVICES
	2,316,156		Las Vegas Sands Corp		122,594	0.8
	2,035,795		Starbucks Corp		133,324	0.8
			Other		308,129	1.9
					564,047	3.5

DIVERSIFIED FINANCIALS
	478,982	*	Affiliated Managers Group, Inc		78,524	0.5
	1,465,064		American Express Co		109,528	0.7
	1,500,000	e	iShares Russell 1000 Growth Index Fund		109,110	0.7
			Other		442,456	2.7
					739,618	4.6

ENERGY
	1,508,456		Schlumberger Ltd		108,096	0.7
			Other		458,184	2.8
					566,280	3.5

FOOD & STAPLES RETAILING
	850,516		Costco Wholesale Corp		94,042	0.6
			Other		241,765	1.5
					335,807	2.1

See notes to financial statements

College Retirement Equities Fund ■ 2013 Semiannual Report

Summary portfolio of investments (unaudited)

continued

CREF Growth Account ¡ June 30, 2013

	Shares		Company		Value (000)	% of net assets

FOOD, BEVERAGE & TOBACCO
	2,263,433		Altria Group, Inc	$	79,198	0.5	%
	3,605,158		Coca-Cola Co		144,603	0.9
	1,831,818		PepsiCo, Inc		149,824	0.9
	1,336,184		Philip Morris International, Inc		115,740	0.7
			Other		352,596	2.2
					841,961	5.2

HEALTH CARE EQUIPMENT & SERVICES					500,208	3.1

HOUSEHOLD & PERSONAL PRODUCTS					198,736	1.2

INSURANCE					183,762	1.1

MATERIALS
	1,876,594		Monsanto Co		185,408	1.1
			Other		530,702	3.3
					716,110	4.4

MEDIA
	5,711,422		Comcast Corp (Class A)		239,195	1.5
	1,116,962	*	Discovery Communications, Inc (Class A)		86,241	0.5
	1,508,062		Walt Disney Co		95,234	0.6
			Other		435,783	2.7
					856,453	5.3

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,160,463		Amgen, Inc		114,491	0.7
	1,035,127	*	Biogen Idec, Inc		222,759	1.4
	2,098,512		Bristol-Myers Squibb Co		93,783	0.6
	1,475,382	*	Celgene Corp		172,487	1.0
	5,510,011	*	Gilead Sciences, Inc		282,168	1.7
	763,037		Perrigo Co		92,327	0.6
			Other		709,819	4.4
					1,687,834	10.4

REAL ESTATE
	1,770,790	*	Realogy Holdings Corp		85,069	0.5
			Other		213,860	1.3
					298,929	1.8

RETAILING
	989,015	*	Amazon.com, Inc		274,640	1.7
	1,919,998	*	Carmax, Inc		88,627	0.5
	3,505,367		Home Depot, Inc		271,561	1.7
			Other		632,097	3.9
					1,266,925	7.8

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					313,078	1.9

2013 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

continued

CREF Growth Account ¡ June 30, 2013

Shares			Company		Value (000)		% of net assets

SOFTWARE & SERVICES
	1,126,660		Accenture plc		$	81,074	0.5	%
	2,454,191	*	Adobe Systems, Inc			111,813	0.7
	3,752,431	*	eBay, Inc			194,076	1.2
	3,236,361	*	Facebook, Inc			80,456	0.5
	570,328	*	Google, Inc (Class A)			502,100	3.1
	1,222,982		International Business Machines Corp			233,724	1.4
	2,556,691		Intuit, Inc			156,035	1.0
	347,014		Mastercard, Inc (Class A)			199,359	1.2
	10,642,853		Microsoft Corp			367,498	2.3
	5,912,651		Oracle Corp			181,636	1.1
	1,538,675		Visa, Inc (Class A)			281,193	1.7
			Other			601,054	3.7
						2,990,018	18.4

TECHNOLOGY HARDWARE & EQUIPMENT
	1,331,203	d	Apple, Inc			527,263	3.2
	2,573,166		Qualcomm, Inc			157,169	1.0
			Other			278,297	1.7
						962,729	5.9

TELECOMMUNICATION SERVICES
	2,500,867		Verizon Communications, Inc			125,894	0.8
			Other			35,478	0.2
						161,372	1.0

TRANSPORTATION
	4,304,556	*	Hertz Global Holdings, Inc			106,753	0.7
	867,094		Kansas City Southern Industries, Inc			91,877	0.6
	681,444		Union Pacific Corp			105,133	0.6
			Other			202,742	1.2
						506,505	3.1

UTILITIES						15,546	0.1
			TOTAL COMMON STOCKS	(Cost $13,648,880)		16,115,812	99.3

Principal

Issuer

SHORT-TERM INVESTMENTS

TREASURY DEBT

161,871

1.0

See notes to financial statements

College Retirement Equities Fund ■ 2013 Semiannual Report

Summary portfolio of investments (unaudited)

concluded

CREF Growth Account ¡ June 30, 2013

Shares			Company		Value (000)			% of net assets

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	396,021,855	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		$	396,022		2.4	%
						396,022		2.4
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						396,022		2.4
			TOTAL SHORT-TERM INVESTMENTS	(Cost $557,889)		557,893		3.4

			TOTAL PORTFOLIO	(Cost $14,206,769)		16,673,705		102.7
			OTHER ASSETS & LIABILITIES, NET			(439,706	)	(2.7	)
			NET ASSETS		$	16,233,999		100.0	%

*	Non-income producing.
a	Affiliated holding.
c	Investments made with cash collateral received from securities 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, including those in “Other,” is $385,247,000.

“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.

2013 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

CREF Equity Index Account ¡ June 30, 2013

				Value		% of net
Shares			Company	(000)		assets

COMMON STOCKS

AUTOMOBILES & COMPONENTS				$	151,707		1.1	%

BANKS
	1,406,178		US Bancorp		50,833		0.4
	3,670,232		Wells Fargo & Co		151,471		1.1
			Other		276,620		2.0
					478,924		3.5

CAPITAL GOODS
	524,682		3M Co		57,374		0.4
	576,348		Boeing Co		59,041		0.5
	7,860,107		General Electric Co		182,276		1.3
	698,758		United Technologies Corp		64,942		0.5
			Other		743,367		5.4
					1,107,000		8.1

COMMERCIAL & PROFESSIONAL SERVICES					140,975		1.0

CONSUMER DURABLES & APPAREL					216,138		1.6

CONSUMER SERVICES
	762,074		McDonald’s Corp		75,445		0.6
			Other		225,627		1.6
					301,072		2.2

DIVERSIFIED FINANCIALS
	720,181		American Express Co		53,841		0.4
	8,194,719		Bank of America Corp		105,384		0.8
	2,304,717		Citigroup, Inc		110,557		0.8
	348,509		Goldman Sachs Group, Inc		52,712		0.4
	2,873,300		JPMorgan Chase & Co		151,682		1.1
			Other		418,772		3.0
					892,948		6.5

ENERGY
	1,473,580		Chevron Corp		174,384		1.3
	929,477		ConocoPhillips		56,233		0.4
	3,380,588	d	Exxon Mobil Corp		305,436		2.2
	612,484		Occidental Petroleum Corp		54,652		0.4
	1,010,608		Schlumberger Ltd		72,420		0.5
			Other		626,034		4.6
					1,289,159		9.4

FOOD & STAPLES RETAILING
	930,742		CVS Corp		53,220		0.4
	1,224,126		Wal-Mart Stores, Inc		91,185		0.7
			Other		130,616		0.9
					275,021		2.0

See notes to financial statements

College Retirement Equities Fund ■ 2013 Semiannual Report

Summary portfolio of investments (unaudited)

continued

CREF Equity Index Account ¡ June 30, 2013

				Value		% of net
Shares			Company		(000)		assets

FOOD, BEVERAGE & TOBACCO
	1,526,748		Altria Group, Inc	$	53,421		0.4	%
	2,907,570		Coca-Cola Co		116,623		0.9
	1,175,468		PepsiCo, Inc		96,142		0.7
	1,243,287		Philip Morris International, Inc		107,693		0.8
			Other		307,162		2.2
					681,041		5.0

HEALTH CARE EQUIPMENT & SERVICES					616,660		4.5

HOUSEHOLD & PERSONAL PRODUCTS
	2,083,539		Procter & Gamble Co		160,412		1.2
			Other		118,977		0.8
					279,389		2.0

INSURANCE
	1,368,059	*	Berkshire Hathaway, Inc (Class B)		153,113		1.1
			Other		433,433		3.2
					586,546		4.3

MATERIALS					499,297		3.7

MEDIA
	1,994,807		Comcast Corp (Class A)		83,543		0.6
	1,369,318		Walt Disney Co		86,472		0.6
			Other		340,729		2.5
					510,744		3.7

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	570,623		Amgen, Inc		56,298		0.4
	1,248,690		Bristol-Myers Squibb Co		55,804		0.4
	1,160,433	*	Gilead Sciences, Inc		59,426		0.4
	2,132,319		Johnson & Johnson		183,081		1.3
	2,295,519		Merck & Co, Inc		106,627		0.8
	5,136,743		Pfizer, Inc		143,880		1.1
			Other		464,325		3.4
					1,069,441		7.8

REAL ESTATE					503,316		3.7

RETAILING
	279,500	*	Amazon.com, Inc		77,614		0.6
	1,110,453		Home Depot, Inc		86,027		0.6
			Other		446,691		3.2
					610,332		4.4

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	3,778,605		Intel Corp		91,518		0.7
			Other		205,372		1.5
					296,890		2.2

2013 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

continued

CREF Equity Index Account ¡ June 30, 2013

					Value		% of net
Shares			Company		(000)		assets

SOFTWARE & SERVICES
	983,809	*	eBay, Inc		$	50,883		0.4	%
	204,996	*	Google, Inc (Class A)			180,472		1.3
	791,353		International Business Machines Corp			151,235		1.1
	88,825		Mastercard, Inc (Class A)			51,030		0.4
	6,343,572		Microsoft Corp			219,044		1.6
	2,699,834		Oracle Corp			82,939		0.6
	398,195		Visa, Inc (Class A)			72,770		0.5
			Other			515,617		3.8
						1,323,990		9.7

TECHNOLOGY HARDWARE & EQUIPMENT
	713,523		Apple, Inc			282,612		2.1
	4,062,483		Cisco Systems, Inc			98,759		0.7
	1,313,514		Qualcomm, Inc			80,230		0.6
			Other			287,734		2.0
						749,335		5.4

TELECOMMUNICATION SERVICES
	4,089,842		AT&T, Inc			144,781		1.1
	2,174,958		Verizon Communications, Inc			109,487		0.8
			Other			80,739		0.6
						335,007		2.5

TRANSPORTATION
	355,335		Union Pacific Corp			54,821		0.4
			Other			210,390		1.5
						265,211		1.9

UTILITIES						454,064		3.3
			TOTAL COMMON STOCKS	(Cost $9,087,198)		13,634,207		99.5

RIGHTS / WARRANTS

AUTOMOBILES & COMPONENTS						3		0.0

ENERGY						1		0.0
			TOTAL RIGHTS / WARRANTS	(Cost $0)		4		0.0

Principal	Issuer

SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT		4,400	0.0

TREASURY DEBT		39,396	0.3

See notes to financial statements

College Retirement Equities Fund ■ 2013 Semiannual Report

Summary portfolio of investments (unaudited)

concluded

CREF Equity Index Account ¡ June 30, 2013

					Value			% of net
Shares			Company		(000)			assets

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	423,878,489	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		$	423,878			3.2	%
						423,878			3.2
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						423,878			3.2
			TOTAL SHORT-TERM INVESTMENTS	(Cost $467,673)		467,674			3.5

			TOTAL PORTFOLIO	(Cost $9,554,871)		14,101,885			103.0
			OTHER ASSETS & LIABILITIES, NET			(404,249	)		(3.0	)
			NET ASSETS		$	13,697,636			100.0	%

*	Non-income producing.
a	Affiliated holding.
c	Investments made with cash collateral received from securities 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 $411,729,000.

Cost amounts are in thousands.

2013 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

CREF Bond Market Account ¡ June 30, 2013

						Value	% of net
Principal			Issuer			(000)	assets

BANK LOAN OBLIGATIONS

CAPITAL GOODS					$	8,103	0.0	%

FOOD, BEVERAGE & TOBACCO						10,780	0.1

MEDIA						1,810	0.0

UTILITIES						198	0.0
TOTAL BANK LOAN OBLIGATIONS (Cost $20,985)						20,891	0.1

BONDS

CORPORATE BONDS

AUTOMOBILES & COMPONENTS						22,111	0.2

BANKS
	$70,000,000	g	Toronto-Dominion Bank	1.500%, 03/13/17		70,343	0.5
			Other			557,118	4.1
						627,461	4.6
CAPITAL GOODS						106,911	0.8

COMMERCIAL & PROFESSIONAL SERVICES						53,333	0.4
CONSUMER DURABLES & APPAREL						39,835	0.3

CONSUMER SERVICES						127,669	0.9
DIVERSIFIED FINANCIALS						855,695	6.3

ENERGY						432,604	3.2
FOOD & STAPLES RETAILING						30,354	0.2

FOOD, BEVERAGE & TOBACCO						152,204	1.1
HEALTH CARE EQUIPMENT & SERVICES						79,932	0.6

HOUSEHOLD & PERSONAL PRODUCTS						14,133	0.1
INSURANCE						201,568	1.5

MATERIALS						272,014	2.0
MEDIA						220,921	1.6

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						39,764	0.3
REAL ESTATE						111,145	0.8

RETAILING						101,969	0.7
SOFTWARE & SERVICES						46,266	0.3

TECHNOLOGY HARDWARE & EQUIPMENT						109,122	0.8

See notes to financial statements

College Retirement Equities Fund ■ 2013 Semiannual Report

Summary portfolio of investments (unaudited)

continued

CREF Bond Market Account ¡ June 30, 2013

						Value		% of net
Principal			Issuer			(000)		assets

TELECOMMUNICATION SERVICES						$	251,339		1.8	%

TRANSPORTATION							75,856		0.6

UTILITIES							418,418		3.1
			TOTAL CORPORATE BONDS		(Cost $4,389,456)		4,390,624		32.2

GOVERNMENT BONDS
AGENCY SECURITIES
	$ 196,300,000		PEFCO	1.375%–5.450%, 10/15/14–11/15/22			202,411		1.5
	62,753,000		Tunisia Government AID Bonds		1.686%, 07/16/19		61,018		0.4
			Other				201,978		1.5
							465,407		3.4

FOREIGN GOVERNMENT BONDS
	89,950,000		North American Development Bank		2.400%, 10/26/22		82,977		0.6
			Other				778,057		5.7
							861,034		6.3

MORTGAGE BACKED
	93,000,000	h	Federal Home Loan Mortgage Corp Gold (FGLMC)		4.500%, 07/15/43		97,926		0.7
	101,000,000	h	FGLMC		4.000%, 07/15/43		105,028		0.8
	250,837,092		FGLMC	3.000%–8.000%, 07/01/13–08/15/43			267,442		2.0
	93,000,000	h	Federal National Mortgage Association (FNMA)		3.000%, 07/25/28		95,659		0.7
	156,000,000	h	FNMA		4.000%, 07/25/43		162,514		1.2
	257,000,000	h	FNMA		5.500%, 07/25/43		279,126		2.0
	88,000,000	h	FNMA		6.000%, 07/25/43		95,700		0.7
	505,000,000	h	FNMA		3.500%, 07/25/43		512,654		3.8
	108,000,000	h	FNMA		4.500%, 07/25/43		114,278		0.8
	244,000,000	h	FNMA		5.000%, 07/25/43		262,586		1.9
	237,000,000	h	FNMA		3.000%, 07/25/43		231,556		1.7
	144,000,000	h	FNMA		4.000%, 08/25/43		149,698		1.1
	584,847,767		FNMA	2.479%–9.000%, 07/01/13–10/01/42			623,022		4.6
	95,000,000	h	Government National Mortgage Association (GNMA)	4.500%, 07/15/43			100,800		0.7
	79,000,000	h	GNMA		5.000%, 07/20/43		85,493		0.6
	78,000,000	h	GNMA		4.000%, 07/15/43		81,754		0.6
	232,000,000	h	GNMA		3.500%, 07/15/43		237,981		1.7
	74,000,000	h	GNMA		3.000%, 07/15/43		73,156		0.5
	136,060,118		GNMA	3.500%–9.500%, 06/15/16–01/15/44			146,898		1.1
			Other				52,273		0.4
							3,775,544		27.6

2013 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

continued

CREF Bond Market Account ¡ June 30, 2013

						Value		% of net
Principal			Issuer			(000)		assets

MUNICIPAL BONDS
	$197,525,000		State of Illinois	0.750%–5.010%, 03/01/15–04/01/28		$	192,628		1.4	%
			Other				362,317		2.7
							554,945		4.1

U.S. TREASURY SECURITIES
	189,872,000		United States Treasury Bond		8.000%, 11/15/21		275,270		2.0
	49,175,000		United States Treasury Bond		5.250%, 02/15/29		62,560		0.5
	76,470,000		United States Treasury Bond		3.125%, 02/15/43		71,380		0.5
	110,907,000		United States Treasury Bond	3.750%–6.375%, 08/15/27–08/15/41			139,089		1.0
	72,796,000		United States Treasury Note		0.250%, 05/31/15		72,668		0.5
	160,485,000		United States Treasury Note		0.125%, 12/31/14		160,197		1.2
	175,415,000		United States Treasury Note		0.250%, 01/31/15		175,381		1.3
	147,305,000		United States Treasury Note		0.250%, 02/28/15		147,196		1.1
	141,110,000		United States Treasury Note		0.250%, 08/15/15		140,625		1.0
	88,005,000		United States Treasury Note		0.250%, 09/15/15		87,647		0.7
	63,788,000		United States Treasury Note		0.250%, 10/15/15		63,504		0.5
	86,747,000		United States Treasury Note		0.375%, 11/15/15		86,557		0.6
	68,903,000		United States Treasury Note		1.000%, 10/31/16		69,312		0.5
	371,550,500		United States Treasury Note	0.250%–3.125%, 02/28/14–05/15/43			374,064		2.7
							1,925,450		14.1
			TOTAL GOVERNMENT BONDS		(Cost $7,540,853)		7,582,380		55.5

STRUCTURED ASSETS

ASSET BACKED
	74,500,000	g	AEP Texas Central Transition Funding LLC, Series - 2012 1 (Class A2)		1.976%, 06/01/21		73,605		0.5
	97,825,719	g	Dominos Pizza Master Issuer LLC Series - 2012 1A (Class A2)		5.216%, 01/25/42		104,434		0.8
			Other				667,451		4.9
							845,490		6.2
OTHER MORTGAGE BACKED							419,468		3.1
			TOTAL STRUCTURED ASSETS		(Cost $1,278,801)		1,264,958		9.3
			TOTAL BONDS		(Cost $13,209,110)		13,237,962		97.0

Shares

Company

PREFERRED STOCKS

BANKS

9,136

0.1

TOTAL PREFERRED STOCKS

(Cost $49,941)

9,136

0.1

Principal

Issuer

SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT

69,997

0.5

See notes to financial statements

College Retirement Equities Fund ■ 2013 Semiannual Report

Summary portfolio of investments (unaudited)

concluded

CREF Bond Market Account ¡ June 30, 2013

						Value			% of net
Principal			Issuer			(000)			assets

TREASURY DEBT
	$ 62,300,000	w	United States Treasury Bill	0.049%–0.093%, 07/11/13		$	62,299			0.5	%
	265,800,000	w	United States Treasury Bill	0.050%–0.116%, 07/18/13			265,788			1.9
	296,400,000	w	United States Treasury Bill	0.070%–0.111%, 07/25/13			296,380			2.2
	175,700,000	w	United States Treasury Bill	0.040%–0.120%, 08/15/13			175,679			1.3
	285,500,000	w	United States Treasury Bill	0.090%–0.126%, 08/22/13			285,461			2.1
	279,000,000	w	United States Treasury Bill	0.091%–0.111%, 09/05/13			278,990			2.1
	100,000,000	w	United States Treasury Bill	0.045%, 09/12/13			99,996			0.7
	237,800,000	w	United States Treasury Bill	0.045%–0.105%, 09/19/13			237,781			1.7
	205,800,000	w	United States Treasury Bill	0.040%–0.080%, 09/26/13			205,783			1.5
	130,000,000		United States Treasury Bill	0.040%–0.053%, 10/10/13			129,981			1.0
	104,800,000	w	United States Treasury Bill	0.050%–0.066%, 10/17/13			104,783			0.8
	312,700,000	w	United States Treasury Bill	0.056%–0.075%, 11/07/13			312,644			2.3
	142,000,000	w	United States Treasury Bill		0.088%, 12/12/13		141,958			1.0
	100,000,000		United States Treasury Bill		0.095%, 12/26/13		99,952			0.7
	69,000,000	w	United States Treasury Bill		0.095%, 03/06/14		68,950			0.5
	200,000,000	w	United States Treasury Bill		0.105%, 04/03/14		199,831			1.5
	100,000,000	w	United States Treasury Bill	0.106%–0.107%, 05/01/14			99,899			0.7
			Other				65,591			0.5
							3,131,746			23.0
		TOTAL SHORT-TERM INVESTMENTS			(Cost $3,201,649)		3,201,743			23.5

			TOTAL PORTFOLIO		(Cost $16,481,685)		16,469,732			120.7
		OTHER ASSETS & LIABILITIES, NET					(2,821,878	)		(20.7	)
			NET ASSETS			$	13,647,854			100.0	%

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/13, the aggregate value of these securities including those in “Other,” was $1,737,102,000, or 12.7% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
w	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on mortgage dollar rolls.

“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.

2013 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Portfolio of investments (unaudited)

CREF Inflation-Linked Bond Account ¡ June 30, 2013

					Value		% of net
Principal			Issuer		(000)		assets

GOVERNMENT BONDS
U.S. TREASURY SECURITIES
	$ 97,675,119	k	United States Treasury Inflation Indexed Bonds	2.000%, 07/15/14	$	100,834		1.1	%
	252,608,388	k	United States Treasury Inflation Indexed Bonds	1.625%, 01/15/15		262,654		3.0
	244,436,234	k	United States Treasury Inflation Indexed Bonds	0.500%, 04/15/15		250,528		2.8
	256,556,446	k	United States Treasury Inflation Indexed Bonds	1.875%, 07/15/15		272,732		3.1
	237,192,445	k	United States Treasury Inflation Indexed Bonds	2.000%, 01/15/16		254,741		2.9
	454,479,900	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/16		466,161		5.3
	224,045,330	k	United States Treasury Inflation Indexed Bonds	2.500%, 07/15/16		247,658		2.8
	189,694,982	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/17		210,265		2.4
	493,907,444	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/17		506,757		5.7
	161,229,963	k	United States Treasury Inflation Indexed Bonds	2.625%, 07/15/17		182,908		2.1
	175,433,920	k	United States Treasury Inflation Indexed Bonds	1.625%, 01/15/18		192,031		2.2
	197,673,105	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/18		202,769		2.3
	168,872,742	k	United States Treasury Inflation Indexed Bonds	1.375%, 07/15/18		184,441		2.1
	155,423,415	k	United States Treasury Inflation Indexed Bonds	2.125%, 01/15/19		175,762		2.0
	196,034,400	k	United States Treasury Inflation Indexed Bonds	1.875%, 07/15/19		221,013		2.5
	248,726,142	k	United States Treasury Inflation Indexed Bonds	1.375%, 01/15/20		270,995		3.1
	291,766,196	k	United States Treasury Inflation Indexed Bonds	1.250%, 07/15/20		316,931		3.6
	420,892,139	k	United States Treasury Inflation Indexed Bonds	1.125%, 01/15/21		450,124		5.1
	398,049,150	k	United States Treasury Inflation Indexed Bonds	0.625%, 07/15/21		410,799		4.7
	334,915,112	k	United States Treasury Inflation Indexed Bonds	0.125%, 01/15/22		328,034		3.7
	391,334,400	k	United States Treasury Inflation Indexed Bonds	0.125%, 07/15/22		382,499		4.3
	214,584,720	k	United States Treasury Inflation Indexed Bonds	0.125%, 01/15/23		208,063		2.4
	328,471,649	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/25		391,292		4.4
	235,288,578	k	United States Treasury Inflation Indexed Bonds	2.000%, 01/15/26		271,703		3.1
	221,049,270	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/27		266,140		3.0
	194,137,251	k	United States Treasury Inflation Indexed Bonds	1.750%, 01/15/28		217,510		2.5
	198,442,683	k	United States Treasury Inflation Indexed Bonds	3.625%, 04/15/28		275,417		3.1
	192,681,711	k	United States Treasury Inflation Indexed Bonds	2.500%, 01/15/29		237,661		2.7
	213,721,338	k	United States Treasury Inflation Indexed Bonds	3.875%, 04/15/29		308,026		3.5
	77,635,341	k	United States Treasury Inflation Indexed Bonds	3.375%, 04/15/32		109,047		1.2
	100,755,226	k	United States Treasury Inflation Indexed Bonds	2.125%, 02/15/40		122,449		1.4
	131,034,758	k	United States Treasury Inflation Indexed Bonds	2.125%, 02/15/41		159,545		1.8
	233,916,703	k	United States Treasury Inflation Indexed Bonds	0.750%, 02/15/42		205,920		2.3
	95,579,475	k	United States Treasury Inflation Indexed Bonds	0.625%, 02/15/43		80,384		0.9
						8,743,793		99.1
			TOTAL GOVERNMENT BONDS	(Cost $8,215,241)		8,743,793		99.1

			TOTAL PORTFOLIO	(Cost $8,215,241)		8,743,793		99.1
			OTHER ASSETS & LIABILITIES, NET			79,264		0.9
			NET ASSETS		$	8,823,057		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 ■ 2013 Semiannual Report

Summary portfolio of investments (unaudited)

CREF Social Choice Account ¡ June 30, 2013

			Value		% of net
Principal	Issuer		(000)		assets

BANK LOAN OBLIGATIONS
MEDIA			$	9,634	0.1	%
TOTAL BANK LOAN OBLIGATIONS		(Cost $9,728)		9,634	0.1

BONDS

CORPORATE BONDS
AUTOMOBILES & COMPONENTS				19,754	0.2

BANKS				439,632	3.7
CAPITAL GOODS				90,795	0.8

COMMERCIAL & PROFESSIONAL SERVICES				13,002	0.1
CONSUMER DURABLES & APPAREL				8,634	0.1

CONSUMER SERVICES				27,379	0.2
DIVERSIFIED FINANCIALS				258,805	2.1

ENERGY				81,043	0.7
FOOD & STAPLES RETAILING				12,326	0.1

FOOD, BEVERAGE & TOBACCO				34,306	0.3
HEALTH CARE EQUIPMENT & SERVICES				23,914	0.2

HOUSEHOLD & PERSONAL PRODUCTS				13,607	0.1
INSURANCE				61,168	0.5

MATERIALS				75,106	0.6
MEDIA				28,835	0.2

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				80,800	0.6
REAL ESTATE				86,860	0.7

RETAILING				12,794	0.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				13,084	0.1

SOFTWARE & SERVICES				20,116	0.2
TECHNOLOGY HARDWARE & EQUIPMENT				22,410	0.2

TELECOMMUNICATION SERVICES				38,533	0.3
TRANSPORTATION				70,287	0.6

UTILITIES				240,444	2.0
	TOTAL CORPORATE BONDS	(Cost $1,771,864)		1,773,634	14.7

2013 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

continued

CREF Social Choice Account ¡ June 30, 2013

						Value		% of net
Principal			Issuer			(000)		assets

GOVERNMENT BONDS

AGENCY SECURITIES						$	461,383		3.8	%

FOREIGN GOVERNMENT BONDS
	$ 55,210,000		International Finance Corp		2.250%, 04/28/14		56,056		0.5
			Other				461,376		3.8
							517,432		4.3

MORTGAGE BACKED
	44,000,000	h	Federal National Mortgage Association (FNMA)		4.000%, 07/25/43		45,837		0.4
	158,000,000	h	FNMA		3.500%, 07/25/43		160,395		1.3
	81,000,000	h	FNMA		4.500%, 07/25/43		85,708		0.7
	50,000,000	h	FNMA		5.000%, 07/25/43		53,809		0.5
	79,000,000	h	FNMA		3.000%, 07/25/43		77,185		0.6
	40,000,000	h	FNMA		4.000%, 08/25/43		41,583		0.3
	238,032,930		FNMA	2.479%–8.500%, 07/01/13–07/25/43			252,565		2.1
	82,000,000	h	Government National Mortgage Association (GNMA)		3.500%, 07/15/43		84,114		0.7
	56,000,000	h	GNMA		3.000%, 07/15/43		55,361		0.5
	115,260,044		GNMA	0.023%–0.090%, 12/15/17–07/20/43			122,647		1.0
			Other				107,643		0.9
							1,086,847		9.0

MUNICIPAL BONDS							356,511		3.0

U.S. TREASURY SECURITIES
	89,233,000		United States Treasury Bond		3.125%, 02/15/43		83,293		0.7
	63,701,000		United States Treasury Note		1.000%, 05/31/18		62,606		0.5
	63,497,000		United States Treasury Note		1.750%, 05/15/23		59,469		0.5
	128,070,500		United States Treasury Note	0.125%–2.500%, 08/31/13–11/15/22			128,259		1.1
			Other				19,420		0.1
							353,047		2.9
			TOTAL GOVERNMENT BONDS		(Cost $2,766,197)		2,775,220		23.0

STRUCTURED ASSETS

ASSET BACKED							87,072		0.7

OTHER MORTGAGE BACKED							108,119		0.9
			TOTAL STRUCTURED ASSETS		(Cost $194,771)		195,191		1.6
			TOTAL BONDS		(Cost $4,732,832)		4,744,045		39.3

Shares		Company

COMMON STOCKS

AUTOMOBILES & COMPONENTS
	2,843,693	Ford Motor Co	43,992	0.4
		Other	121,324	1.0
			165,316	1.4

BANKS
	1,341,320	US Bancorp	48,489	0.4
		Other	373,482	3.1
			421,971	3.5

See notes to financial statements

College Retirement Equities Fund ■ 2013 Semiannual Report

Summary portfolio of investments (unaudited)

continued

CREF Social Choice Account ¡ June 30, 2013

				Value		% of net
Shares			Company	(000)		assets

CAPITAL GOODS
	469,354		3M Co	$	51,324		0.4	%
			Other		505,259		4.2
					556,583		4.6
COMMERCIAL & PROFESSIONAL SERVICES					62,269		0.5

CONSUMER DURABLES & APPAREL					91,349		0.8

CONSUMER SERVICES
	558,634		McDonald’s Corp		55,305		0.4
	686,805		Starbucks Corp		44,979		0.4
			Other		45,775		0.4
					146,059		1.2

DIVERSIFIED FINANCIALS
	660,409		American Express Co		49,372		0.4
			Other		400,805		3.3
					450,177		3.7

ENERGY					682,423		5.7

FOOD & STAPLES RETAILING					96,968		0.8

FOOD, BEVERAGE & TOBACCO
	801,999		PepsiCo, Inc		65,596		0.5
			Other		215,789		1.8
					281,385		2.3

HEALTH CARE EQUIPMENT & SERVICES
	1,196,888		Abbott Laboratories		41,748		0.4
	844,082		Medtronic, Inc		43,445		0.4
			Other		113,132		0.9
					198,325		1.7

HOUSEHOLD & PERSONAL PRODUCTS
	1,222,786		Procter & Gamble Co		94,142		0.8
			Other		132,227		1.1
					226,369		1.9

INSURANCE
	798,759	*	Berkshire Hathaway, Inc (Class B)		89,397		0.7
			Other		319,240		2.7
					408,637		3.4

MATERIALS					401,563		3.3

MEDIA
	745,729		Time Warner, Inc		43,118		0.4
			Other		160,891		1.3
					204,009		1.7

2013 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

continued

CREF Social Choice Account ¡ June 30, 2013

					Value			% of net
Shares			Company		(000)			assets

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	194,745	*	Biogen Idec, Inc		$	41,909		0.3	%
	1,097,635		Bristol-Myers Squibb Co			49,053		0.4
	978,508	*	Gilead Sciences, Inc			50,110		0.4
	1,190,626		Johnson & Johnson			102,227		0.9
	1,526,938		Merck & Co, Inc			70,926		0.6
			Other			251,988		2.1
						566,213		4.7

REAL ESTATE						263,145		2.2

RETAILING
	1,012,261		Lowe’s Companies, Inc			41,402		0.3
			Other			264,713		2.2
						306,115		2.5

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	2,744,915		Intel Corp			66,482		0.6
			Other			85,863		0.7
						152,345		1.3

SOFTWARE & SERVICES
	112,687	*	Google, Inc (Class A)			99,206		0.8
	480,215		International Business Machines Corp			91,774		0.8
	1,983,922		Oracle Corp			60,946		0.5
			Other			262,144		2.2
						514,070		4.3

TECHNOLOGY HARDWARE & EQUIPMENT
	2,778,259		Cisco Systems, Inc			67,540		0.6
	847,188		Qualcomm, Inc			51,746		0.4
			Other			197,633		1.6
						316,919		2.6
TELECOMMUNICATION SERVICES						172,337		1.4

TRANSPORTATION
	554,151		United Parcel Service, Inc (Class B)			47,923		0.4
			Other			126,361		1.1
						174,284		1.5

UTILITIES						292,445		2.4
			TOTAL COMMON STOCKS	(Cost $5,291,741)		7,151,276		59.4

PREFERRED STOCKS

BANKS						19,536		0.2
			TOTAL PREFERRED STOCKS	(Cost $38,865)		19,536		0.2

RIGHTS / WARRANTS

ENERGY						168		0.0

RETAILING						0	^	0.0
			TOTAL RIGHTS / WARRANTS	(Cost $178)		168		0.0

See notes to financial statements

College Retirement Equities Fund ■ 2013 Semiannual Report

Summary portfolio of investments (unaudited)

concluded

CREF Social Choice Account ¡ June 30, 2013

						Value			% of net
Principal			Issuer			(000)			assets

SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT
	$ 51,600,000	w	Federal Home Loan Bank (FHLB)		0.065%, 08/07/13	$	51,597			0.4	%
							51,597			0.4
TREASURY DEBT
	118,700,000	w	United States Treasury Bill	0.090%–0.100%, 07/18/13			118,694			1.0
	101,000,000	w	United States Treasury Bill	0.070%–0.100%, 07/25/13			100,994			0.8
	75,000,000	w	United States Treasury Bill	0.100%, 08/01/13			74,994			0.6
	45,000,000	w	United States Treasury Bill	0.074%–0.085%, 08/08/13			44,996			0.4
	119,500,000	w	United States Treasury Bill	0.048%–0.090%, 08/22/13			119,486			1.0
	65,000,000	w	United States Treasury Bill	0.040%–0.060%, 09/26/13			64,995			0.5
	61,000,000	w	United States Treasury Bill	0.050%, 10/03/13			60,993			0.5
	68,000,000	w	United States Treasury Bill	0.066%–0.081%, 10/17/13			67,989			0.6
	50,000,000	w	United States Treasury Bill	0.075%, 12/12/13			49,985			0.4
	80,000,000	w	United States Treasury Bill	0.105%, 05/01/14			79,919			0.7
			Other				127,063			1.1
							910,108			7.6

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED

COMMERCIAL PAPER							21,999			0.2

TREASURY DEBT
	50,000,000		United States Treasury Bill		0.060%, 10/03/13		49,994			0.4
	50,000,000		United States Treasury Bill	0.070%–0.100%, 09/19/13			49,996			0.4
			Other				206,664			1.7
							306,654			2.5
	TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						328,653			2.7
			TOTAL SHORT-TERM INVESTMENTS		(Cost $1,290,346)		1,290,358			10.7

			TOTAL PORTFOLIO		(Cost $11,363,690)		13,215,017			109.7
			OTHER ASSETS & LIABILITIES, NET				(1,168,129	)		(9.7	)
			NET ASSETS			$	12,046,888			100.0	%

*	Non-income producing.
^	Amount represents less than $1,000.
h	All or a portion of these securities were purchased on a delayed delivery basis.
w	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on mortgage dollar rolls.

“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 $337,614,000.

At 6/30/13, the aggregate value of securities exempted from registration under Rule 144(A) of the Securities Act of 1933 amounted to $497,941,000 or 4.1% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

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.

2013 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

CREF Money Market Account ¡ June 30, 2013

Principal			Issuer		Value (000)		% of net assets

SHORT-TERM INVESTMENTS

CERTIFICATE OF DEPOSIT
	$277,000,000	i	Toronto-Dominion Bank	0.110%–0.724%, 07/09/13–11/01/13	$	277,037		2.3	%
			Other			130,000		1.1
						407,037		3.4

COMMERCIAL PAPER
	153,750,000	y	Australia & New Zealand Banking Group Ltd	0.165%–0.210%, 07/22/13–09/30/13		153,717		1.3
	397,481,000	y	Coca-Cola Co	0.080%–0.190%, 07/11/13–01/06/14		397,377		3.3
	162,300,000	y	Commonwealth Bank of Australia	0.160%–0.240%, 07/03/13–10/22/13		162,270		1.4
	75,000,000		Exxon Mobil Corp	0.075%–0.085%, 07/18/13		74,997		0.6
	160,000,000		Exxon Mobil Corp	0.060%–0.085%, 07/10/13–08/05/13		159,991		1.3
	239,811,000	y	Fairway Finance LLC	0.115%–0.230%, 07/01/13–09/24/13		239,774		2.0
	234,060,000		General Electric Capital Corp	0.180%–0.200%, 07/10/13–11/04/13		233,987		2.0
	186,020,000	y	Liberty Street Funding LLC	0.145%–0.210%, 07/09/13–09/27/13		185,990		1.5
	185,360,000	y	National Australia Funding Delaware, Inc	0.150%–0.270%, 07/01/13–10/21/13		185,329		1.5
	195,625,000	y	Nestle Capital Corp	0.110%–0.160%, 07/08/13–09/04/13		195,601		1.6
	154,601,000	y	Old Line Funding LLC	0.170%–0.210%, 08/07/13–10/29/13		154,532		1.3
	282,085,000		Province of British Columbia	0.100%–0.140%, 07/11/13–09/09/13		282,062		2.4
	276,623,000		Province of Ontario Canada	0.075%–0.155%, 07/02/13–09/10/13		276,592		2.3
	104,100,000	y	Province of Quebec Canada	0.100%–0.140%, 07/26/13		104,090		0.9
	139,912,000	y	Province of Quebec Canada	0.110%–0.155%, 07/02/13–10/10/13		139,888		1.2
			Other			882,194		7.4
						3,828,391		32.0

GOVERNMENT AGENCY DEBT
	114,500,000		Federal Home Loan Bank (FHLB)	0.040%–0.085%, 07/03/13		114,500		1.0
	115,660,000		FHLB	0.060%–0.085%, 07/12/13		115,657		1.0
	144,415,000		FHLB	0.052%–0.080%, 07/17/13		144,410		1.2
	107,205,000		FHLB	0.050%–0.075%, 07/24/13		107,200		0.9
	76,133,000		FHLB	0.060%–0.070%, 08/07/13		76,128		0.6
	90,000,000		FHLB	0.070%–0.075%, 08/09/13		89,993		0.8
	134,083,000		FHLB	0.050%–0.069%, 08/14/13		134,073		1.1
	170,615,000		FHLB	0.060%–0.080%, 08/21/13		170,597		1.4
	123,000,000		FHLB	0.065%–0.085%, 08/23/13		122,987		1.0
	75,722,000		FHLB	0.060%–0.070%, 08/28/13		75,714		0.6
	116,971,000		FHLB	0.060%–0.070%, 08/30/13		116,958		1.0
	99,800,000		FHLB	0.078%–0.085%, 09/11/13		99,784		0.8
	112,625,000		FHLB	0.070%–0.100%, 09/13/13		112,604		0.9
	75,000,000		FHLB	0.102%–0.105%, 09/27/13		74,981		0.6
	595,955,000		FHLB	0.060%–0.280%, 07/05/13–01/02/14		595,873		5.0
	67,535,000		Federal Home Loan Mortgage Corp (FHLMC)	0.050%–0.095%, 07/01/13		67,535		0.6
	105,835,000		FHLMC	0.055%–0.065%, 07/23/13		105,831		0.9
	68,177,000		FHLMC	0.065%–0.075%, 07/29/13		68,173		0.6
	68,872,000		FHLMC	0.070%–0.125%, 08/05/13		68,867		0.6
	80,000,000		FHLMC	0.070%–0.080%, 08/12/13		79,993		0.7
	112,655,000		FHLMC	0.060%–0.070%, 09/03/13		112,642		0.9
	73,215,000		FHLMC	0.075%–0.115%, 09/09/13		73,204		0.6

See notes to financial statements

College Retirement Equities Fund ■ 2013 Semiannual Report

Summary portfolio of investments (unaudited)

continued

CREF Money Market Account ¡ June 30, 2013

Principal			Issuer				Value (000)		% of net assets

GOVERNMENT AGENCY DEBT—continued
	$451,767,000		FHLMC	0.057%–0.164%, 07/08/13–02/11/14		$	451,696		3.8	%
	75,675,000		Federal National Mortgage Association (FNMA)	0.050%–0.075%, 07/25/13			75,672		0.6
	67,800,000		FNMA	0.060%–0.070%, 08/20/13			67,794		0.6
	72,000,000		FNMA	0.068%–0.070%, 09/16/13			71,990		0.6
	430,179,000		FNMA	0.060%–0.330%, 07/01/13–02/24/14			430,108		3.6
			Other				45,401		0.4
							3,870,365		32.4

TREASURY DEBT
	71,755,000		United States Treasury Bill	0.038%–0.113%, 08/22/13			71,747		0.6
	80,000,000		United States Treasury Bill	0.078%–0.086%, 10/17/13			79,981		0.6
	644,402,000		United States Treasury Bill	0.025%–0.150%, 07/05/13–02/06/14			644,303		5.4
	95,545,000		United States Treasury Note		1.000%, 07/15/13		95,576		0.8
	100,000,000		United States Treasury Note		0.375%, 07/31/13		100,017		0.8
	100,000,000		United States Treasury Note		0.750%, 08/15/13		100,070		0.8
	97,170,000		United States Treasury Note		0.125%, 09/30/13		97,155		0.8
	119,715,000		United States Treasury Note		0.500%, 10/15/13		119,834		1.0
	104,035,000		United States Treasury Note		0.250%, 10/31/13		104,061		0.9
	100,000,000		United States Treasury Note		0.500%, 11/15/13		100,121		0.8
	73,860,000		United States Treasury Note		0.250%, 01/31/14		73,910		0.6
	89,000,000		United States Treasury Note		0.250%, 02/28/14		89,070		0.8
	84,675,000		United States Treasury Note		0.250%, 04/30/14		84,752		0.7
	335,282,000		United States Treasury Note	0.125%–1.250%, 09/15/13–06/30/14			336,400		2.9
							2,096,997		17.5

VARIABLE RATE SECURITIES
	70,000,000	i	Federal Farm Credit Bank (FFCB)		0.130%, 07/01/13		70,000		0.6
	94,500,000	i	FFCB		0.180%, 07/01/13		94,481		0.8
	95,000,000	i	FFCB		0.180%, 07/01/13		95,000		0.8
	69,750,000	i	FFCB		0.323%, 08/19/13		69,745		0.6
	100,000,000	i	FFCB		0.310%, 09/23/13		99,999		0.8
	91,000,000	i	FFCB		0.250%, 02/10/14		90,989		0.8
	75,000,000	i	FFCB		0.240%, 10/27/14		74,980		0.6
	506,640,000	i	FFCB	0.140%–0.330%, 07/02/13–01/20/15			506,665		4.3
	100,000,000	i	Federal Home Loan Bank (FHLB)		0.280%, 08/16/13		100,000		0.8
	100,000,000	i	FHLB		0.140%, 09/06/13		100,005		0.8
	80,290,000	i	Federal National Mortgage Association (FNMA)		0.330%, 10/28/13		80,290		0.7
	80,000,000	i	FNMA		0.172%, 06/20/14		79,987		0.6
	69,000,000	i	Royal Bank of Canada		0.390%, 07/15/13		69,000		0.6
			Other				222,010		1.9
							1,753,151		14.7
			TOTAL SHORT-TERM INVESTMENTS (Cost $11,955,941)				11,955,941		100.0

			TOTAL PORTFOLIO (Cost $11,955,941)				11,955,941		100.0
			OTHER ASSETS & LIABILITIES, NET				(2,541	)	0.0
			NET ASSETS			$	11,953,400		100.0	%

2013 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

CREF Money Market Account ¡ June 30, 2013

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 resold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At 6/30/2013, the aggregate value of these securities, including those in “Other,” was $2,542,198,000, or 21.3% 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 ■ 2013 Semiannual Report

Statements of assets and liabilities (unaudited)

College Retirement Equities Fund ¡ June 30, 2013

											Inflation-Linked
(amounts in thousands, except	Stock		Global Equities		Growth		Equity Index		Bond Market		Bond		Social Choice		Money Market
accumulation unit value)	Account		Account		Account		Account		Account		Account		Account		Account

ASSETS
Unaffiliated issuers*^†	$	115,644,033	$	16,871,607	$	16,277,683	$	13,678,007	$	16,469,732	$	8,743,793	$	13,215,017	$	11,955,941
Affiliated issuers^‡		117,342		—		396,022		423,878		—		—		—		—
Total portfolio investments, at value	$	115,761,375	$	16,871,607	$	16,673,705	$	14,101,885	$	16,469,732	$	8,743,793	$	13,215,017	$	11,955,941
Cash**^#		1,132,421		41,396		936		1,424		71,920		33,709		37,501		19
Cash — foreign^		29,782		3,318		—		—		—		—		758		—
Dividends and interest receivable		216,344		33,659		11,855		17,493		77,079		45,639		41,016		2,569
Receivable from securities transactions		4,235,851		156,631		1,263,893		292,233		34,869		28,259		34,313		—
Receivable for delayed delivery securities		—		—		—		—		287,472		—		82,556		—
Due from affiliates		—		5,784		—		2,292		—		—		—		—
Swap premium paid		—		—		—		—		30		—		—		—
Other		8,451		1,270		1,648		1,344		1,025		958		1,062		1,111
Total assets		121,384,224		17,113,665		17,952,037		14,416,671		16,942,127		8,852,358		13,412,223		11,959,640

LIABILITIES
Payable for collateral for securities loaned		5,062,525		507,521		396,022		423,878		—		—		333,295		—
Payable for securities transactions		4,270,970		169,339		1,319,203		293,727		34,599		18,456		60,937		—
Payable for delayed delivery securities		—		—		—		—		3,253,273		—		954,360		—
Due to affiliates		94,903		697		1,405		447		4,974		9,901		16,165		5,206
Swap premiums received		—		—		—		—		327		—		—		—
Payable for variation margin on futures contracts		—		445		511		133		—		—		—		—
Unrealized depreciation on swap agreements		—		—		—		—		261		—		—		—
Other		4,670		1,151		897		850		839		944		578		1,034
Total liabilities		9,433,068		679,153		1,718,038		719,035		3,294,273		29,301		1,365,335		6,240

NET ASSETS:
Accumulation Fund	$	100,379,746	$	16,128,389	$	15,999,119	$	13,447,483	$	13,390,419	$	8,576,238	$	11,750,201	$	11,744,691
Annuity Funds		11,571,410		306,123		234,880		250,153		257,435		246,819		296,687		208,709
Total net assets	$	111,951,156	$	16,434,512	$	16,233,999	$	13,697,636	$	13,647,854	$	8,823,057	$	12,046,888	$	11,953,400

Accumulation units outstanding		342,088		142,287		171,623		109,073		125,587		131,217		70,680		459,968
Accumulation unit value	$	293.43	$	113.35	$	93.22	$	123.29	$	106.62	$	65.36	$	166.24	$	25.53
* Includes securities loaned of	$	4,879,761	$	490,267	$	385,247	$	411,729	$	—	$	—	$	337,614	$	—
** Includes cash collateral for securities loaned	$	1,126,315	$	41,342	$	—	$	—	$	—	$	—	$	19,728	$	—
# Includes cash collateral for mortgage dollar rolls	$	—	$	—	$	—	$	—	$	65,000	$	—	$	17,549	$	—
† Portfolio investments; unaffiliated issuers cost:	$	101,766,997	$	14,855,326	$	13,810,747	$	9,130,993	$	16,481,685	$	8,215,241	$	11,363,690	$	11,955,941
‡ Portfolio investments; affiliated issuers cost:	$	151,012	$	—	$	396,022	$	423,878	$	—	$	—	$	—	$	—
^ Foreign cash, cost	$	29,945	$	3,344	$	—	$	—	$	—	$	—	$	764	$	—

2013 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2013 Semiannual Report

Statements of operations (unaudited)

College Retirement Equities Fund ¡ For the period ended June 30, 2013

															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*	$	1,332,041		$	211,146		$	109,121		$	131,349	$	—		$	—		$	86,921		$	—
Affiliated issuers		119			—			—			—		—			—			—			—
Income from securities lending		48,105			6,354			3,179			2,738		—			—			2,368			—
Interest		184			66			37			12		162,949			92,348			53,003			9,326
Other		—			—			—			—		16			—			93			—
Total income		1,380,449			217,566			112,337			134,099		162,965			92,348			142,385			9,326

EXPENSES
Administrative		150,836			21,894			21,517			17,742		19,204			13,881			16,054			15,872
Investment advisory		75,118			14,358			8,772			4,214		6,170			4,254			4,933			3,308
Distribution		44,634			6,472			6,362			5,250		5,685			4,035			4,744			4,686
Mortality and expense risk charges		2,790			405			398			328		354			251			296			292
Total expenses		273,378			43,129			37,049			27,534		31,413			22,421			26,027			24,158

Less: Expenses withheld by TIAA		—			—			—			—		—			—			—			14,910

Net expenses		273,378			43,129			37,049			27,534		31,413			22,421			26,027			9,248

Net investment income (loss)		1,107,071			174,437			75,288			106,565		131,552			69,927			116,358			78

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments:
Unaffiliated issuers		6,697,944			676,551			1,412,594			138,410		76,185			199,772			205,060			(3	)
Affiliated issuers		17,905			—			—			—		—			—			—			—
Futures transactions		—			6,285			7,562			2,988		—			—			—			—
Swap transactions		—			—			—			—		(3	)		—			—			—
Foreign currency transactions		(10,882	)		(2,534	)		(38	)		—		—			—			(190	)		—
Net realized gain (loss) on total investments		6,704,967			680,302			1,420,118			141,398		76,182			199,772			204,870			(3	)

Change in unrealized appreciation (depreciation) on:
Portfolio investments:
Unaffiliated issuers^‡		1,923,763			405,658			166,086			1,413,507		(611,667	)		(1,035,084	)		422,005			—
Affiliated issuers		9,231			—			—			—		—			—			—			—
Futures transactions		—			(255	)		(532	)		179		—			—			—			—
Swap transactions		—			—			—			—		(357	)		—			—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		(2,671	)		(482	)		(3	)		—		—			—			(231	)		—
Net change in unrealized appreciation (depreciation) on total investments		1,930,323			404,921			165,551			1,413,686		(612,024	)		(1,035,084	)		421,774			—
Net realized and unrealized gain (loss) on total investments		8,635,290			1,085,223			1,585,669			1,555,084		(535,842	)		(835,312	)		626,644			(3	)
Net increase (decrease) in net assets from operations	$	9,742,361		$	1,259,660		$	1,660,957		$	1,661,649	$	(404,290	)	$	(765,385	)	$	743,002		$	75
* Net of foreign withholding taxes of unaffiliated issuers:	$	62,406		$	12,598		$	648		$	74	$	—		$	—		$	3,262		$	—
‡ Includes net change in unrealized foreign capital gains taxes of:	$	3,407		$	—		$	—		$	—	$	—		$	—		$	—		$	—

2013 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2013 Semiannual Report

Statements of changes in net assets

College Retirement Equities Fund ¡ For the period or year ended

(amounts in thousands except	Stock Account						Global Equities Account						Growth Account
accumulation units)	June 30, 2013			December 31, 2012			June 30, 2013			December 31, 2012			June 30, 2013			December 31, 2012
	(unaudited		)				(unaudited		)				(unaudited		)

OPERATIONS
Net investment income (loss)	$	1,107,071		$	2,082,840		$	174,437		$	300,378		$	75,288		$	182,878
Net realized gain (loss) on total investments		6,704,967			4,589,334			680,302			449,233			1,420,118			1,265,648
Net change in unrealized appreciation (depreciation) on total investments		1,930,323			9,631,671			404,921			1,648,725			165,551			646,824
Net increase (decrease) in net assets from operations		9,742,361			16,303,845			1,259,660			2,398,336			1,660,957			2,095,350

FROM PARTICIPANT TRANSACTIONS
Premiums		2,171,303			4,292,100			550,480			984,197			462,256			982,835
Net transfers between CREF Accounts		(384,967	)		(1,326,978	)		142,096			(23,773	)		(63,295	)		(68,567	)
Annuity payments		(614,123	)		(1,204,583	)		(13,851	)		(26,048	)		(10,723	)		(19,876	)
Withdrawals and death benefits		(4,936,757	)		(8,873,846	)		(711,557	)		(1,283,280	)		(759,896	)		(1,310,126	)
Net increase (decrease) from participant transactions		(3,764,544	)		(7,113,307	)		(32,832	)		(348,904	)		(371,658	)		(415,734	)

Net increase (decrease) in net assets		5,977,817			9,190,538			1,226,828			2,049,432			1,289,299			1,679,616

NET ASSETS
Beginning of period		105,973,339			96,782,801			15,207,684			13,158,252			14,944,700			13,265,084
End of period	$	111,951,156		$	105,973,339		$	16,434,512		$	15,207,684		$	16,233,999		$	14,944,700

ACCUMULATION UNITS:
Units purchased		7,497,030			16,932,747			4,899,664			10,028,844			5,083,945			12,106,394
Units sold / transferred		(18,614,419	)		(40,844,632	)		(5,102,176	)		(13,469,376	)		(9,105,805	)		(17,196,832	)
Outstanding:
Beginning of period		353,205,839			377,117,724			142,489,472			145,930,004			175,644,825			180,735,263
End of period		342,088,450			353,205,839			142,286,960			142,489,472			171,622,965			175,644,825

2013 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2013 Semiannual Report

Statements of changes in net assets

continued

College Retirement Equities Fund ¡ For the period or year ended

(amounts in thousands except	Equity Index Account						Bond Market Account						Inflation-Linked Bond Account
accumulation units)	June 30, 2013			December 31, 2012			June 30, 2013			December 31, 2012			June 30, 2013			December 31, 2012
	(unaudited		)				(unaudited		)				(unaudited		)

OPERATIONS
Net investment income (loss)	$	106,565		$	220,522		$	131,552		$	306,373		$	69,927		$	264,149
Net realized gain (loss) on total investments		141,398			159,710			76,182			356,320			199,772			55,049
Net change in unrealized appreciation (depreciation) on total investments		1,413,686			1,315,002			(612,024	)		53,728			(1,035,084	)		323,715
Net increase (decrease) in net assets from operations		1,661,649			1,695,234			(404,290	)		716,421			(765,385	)		642,913

FROM PARTICIPANT TRANSACTIONS
Premiums		485,058			839,362			552,182			1,205,338			386,296			1,014,337
Net transfers between CREF Accounts		202,071			(51,156	)		76,057			777,288			(456,128	)		566,952
Annuity payments		(10,706	)		(18,980	)		(11,654	)		(22,148	)		(11,767	)		(22,407	)
Withdrawals and death benefits		(653,519	)		(1,143,129	)		(1,055,542	)		(1,554,490	)		(1,153,058	)		(1,328,992	)
Net increase (decrease) from participant transactions		22,904			(373,903	)		(438,957	)		405,988			(1,234,657	)		229,890

Net increase (decrease) in net assets		1,684,553			1,321,331			(843,247	)		1,122,409			(2,000,042	)		872,803

NET ASSETS
Beginning of period		12,013,083			10,691,752			14,491,101			13,368,692			10,823,099			9,950,296
End of period	$	13,697,636		$	12,013,083		$	13,647,854		$	14,491,101		$	8,823,057		$	10,823,099

ACCUMULATION UNITS:
Units purchased		4,058,589			8,121,218			5,048,040			11,223,897			5,543,172			14,664,581
Units sold / transferred		(3,908,743	)		(11,657,858	)		(9,053,399	)		(7,546,388	)		(23,329,026	)		(11,508,551	)
Outstanding:
Beginning of period		108,923,585			112,460,225			129,592,222			125,914,713			149,002,704			145,846,674
End of period		109,073,431			108,923,585			125,586,863			129,592,222			131,216,850			149,002,704

2013 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2013 Semiannual Report

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, 2013			December 31, 2012			June 30, 2013			December 31, 2012
	(unaudited		)				(unaudited		)

OPERATIONS
Net investment income (loss)	$	116,358		$	233,237		$	78		$	—
Net realized gain (loss) on total investments		204,870			280,720			(3	)		3
Net change in unrealized appreciation (depreciation) on total investments		421,774			614,082			—			—
Net increase (decrease) in net assets from operations		743,002			1,128,039			75			3

FROM PARTICIPANT TRANSACTIONS
Premiums		383,630			685,306			1,793,864			3,954,609
Net transfers between CREF Accounts		121,436			21,316			362,730			104,918
Annuity payments		(13,165	)		(24,492	)		(10,240	)		(20,951	)
Withdrawals and death benefits		(469,311	)		(864,161	)		(2,102,247	)		(4,528,447	)
Net increase (decrease) from participant transactions		22,590			(182,031	)		44,107			(489,871	)

Net increase (decrease) in net assets		765,592			946,008			44,182			(489,868	)

NET ASSETS
Beginning of period		11,281,296			10,335,288			11,909,218			12,399,086
End of period	$	12,046,888		$	11,281,296		$	11,953,400		$	11,909,218

ACCUMULATION UNITS:
Units purchased		2,320,633			4,588,321			70,254,021			154,879,058
Units sold / transferred		(2,164,995	)		(5,743,840	)		(68,552,082	)		(173,537,292	)
Outstanding:
Beginning of period		70,524,651			71,680,170			458,265,967			476,924,201
End of period		70,680,289			70,524,651			459,967,906			458,265,967

2013 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2013 Semiannual Report

Financial highlights

College Retirement Equities Fund ¡ For the period or year ended

	Stock Account
	6/30/13			12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
	(unaudited		)

FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD

Investment income (a)	$	3.555		$	6.328		$	5.308		$	4.506		$	4.251		$	5.339
Expenses (a)		0.704			1.244			1.151			1.006			0.849			1.113
Net investment income (loss) (a)		2.851			5.084			4.157			3.500			3.402			4.226
Net realized and unrealized gain (loss) on total investments		21.937			34.469			(16.066	)		29.246			47.129			(107.993	)
Net change in accumulation unit value		24.788			39.553			(11.909	)		32.746			50.531			(103.767	)

Accumulation unit value:
Beginning of period		268.644			229.091			241.000			208.254			157.723			261.490
End of period	$	293.432		$	268.644		$	229.091		$	241.000		$	208.254		$	157.723

TOTAL RETURN (b)		9.23	%(c)		17.26	%		(4.94	)%		15.72	%		32.04	%		(39.68	)%

RATIOS TO AVERAGE NET ASSETS:

Total expenses		0.49	%(d)		0.49	%		0.48	%		0.47	%		0.49	%		0.64	%
Net investment income (loss)		1.99	%(d)		2.01	%		1.73	%		1.63	%		1.97	%		1.95	%

SUPPLEMENTAL DATA

Portfolio turnover rate		32	%(c)		57	%		56	%		61	%		58	%		53	%
Accumulation units outstanding end of period (e)		342			353			377			401			418			424
Accumulation fund net assets (e)	$	100,380		$	94,887		$	86,395		$	96,598		$	87,141		$	66,931
Net assets at the end of period (e)	$	111,951		$	105,973		$	96,783		$	108,700		$	98,509		$	76,505

(a)	Based on average units outstanding.
(b)	Based on per accumulation unit data.
(c)	The percentages shown for this period are not annualized.
(d)	The percentages shown for this period are annualized.
(e)	In millions.

2013 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
	6/30/13			12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
	(unaudited		)

FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD

Investment income (a)	$	1.497		$	2.566		$	2.131		$	1.888		$	1.862		$	2.587
Expenses (a)		0.296			0.522			0.490			0.432			0.374			0.462
Net investment income (loss) (a)		1.201			2.044			1.641			1.456			1.488			2.125
Net realized and unrealized gain (loss) on total investments		7.460			14.260			(9.051	)		8.987			19.648			(49.181	)
Net change in accumulation unit value		8.661			16.304			(7.410	)		10.443			21.136			(47.056	)

Accumulation unit value:
Beginning of period		104.690			88.386			95.796			85.353			64.217			111.273
End of period	$	113.351		$	104.690		$	88.386		$	95.796		$	85.353		$	64.217

TOTAL RETURN (b)		8.27	%(c)		18.45	%		(7.74	)%		12.24	%		32.91	%		(42.29	)%

RATIOS TO AVERAGE NET ASSETS:

Total expenses		0.53	%(d)		0.53	%		0.52	%		0.50	%		0.53	%		0.68	%
Net investment income (loss)		2.17	%(d)		2.09	%		1.74	%		1.69	%		2.11	%		2.34	%

SUPPLEMENTAL DATA

Portfolio turnover rate		32	%(c)		70	%		78	%		81	%		59	%		76	%
Accumulation units outstanding end of period (e)		142			142			146			152			155			147
Accumulation fund net assets (e)	$	16,128		$	14,917		$	12,898		$	14,527		$	13,205		$	9,429
Net assets at the end of period (e)	$	16,435		$	15,208		$	13,158		$	14,833		$	13,490		$	9,652

(a)	Based on average units outstanding.
(b)	Based on per accumulation unit data.
(c)	The percentages shown for this period are not annualized.
(d)	The percentages shown for this period are annualized.
(e)	In millions.

See notes to financial statements

College Retirement Equities Fund ■ 2013 Semiannual Report

Financial highlights

continued

College Retirement Equities Fund ¡ For the period or year ended

	Growth Account
	6/30/13			12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
	(unaudited		)

FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD

Investment income (a)	$	0.637		$	1.388		$	0.979		$	0.907		$	0.836		$	0.740
Expenses (a)		0.210			0.382			0.333			0.293			0.249			0.316
Net investment income (loss) (a)		0.427			1.006			0.646			0.614			0.587			0.424
Net realized and unrealized gain (loss) on total investments		8.943			10.481			0.202			8.706			16.058			(30.509	)
Net change in accumulation unit value		9.370			11.487			0.848			9.320			16.645			(30.085	)

Accumulation unit value:
Beginning of period		83.853			72.366			71.518			62.198			45.553			75.638
End of period	$	93.223		$	83.853		$	72.366		$	71.518		$	62.198		$	45.553

TOTAL RETURN (b)		11.17	%(c)		15.87	%		1.19	%		14.98	%		36.54	%		(39.78	)%

RATIOS TO AVERAGE NET ASSETS:

Total expenses		0.47	%(d)		0.47	%		0.46	%		0.46	%		0.48	%		0.69	%
Net investment income (loss)		0.95	%(d)		1.24	%		0.88	%		0.96	%		1.14	%		0.68	%

SUPPLEMENTAL DATA

Portfolio turnover rate		43	%(c)		67	%		57	%		77	%		81	%		82	%
Accumulation units outstanding end of period (e)		172			176			181			187			190			178
Accumulation fund net assets (e)	$	15,999		$	14,728		$	13,079		$	13,350		$	11,842		$	8,098
Net assets at the end of period (e)	$	16,234		$	14,945		$	13,265		$	13,540		$	12,013		$	8,222

(a)	Based on average units outstanding.
(b)	Based on per accumulation unit data.
(c)	The percentages shown for this period are not annualized.
(d)	The percentages shown for this period are annualized.
(e)	In millions.

2013 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
	6/30/13			12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
	(unaudited		)

FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD

Investment income (a)	$	1.208		$	2.391		$	1.832		$	1.613		$	1.470		$	1.823
Expenses (a)		0.248			0.442			0.390			0.343			0.288			0.429
Net investment income (loss) (a)		0.960			1.949			1.442			1.270			1.182			1.394
Net realized and unrealized gain (loss) on total investments		14.020			12.978			(0.825	)		11.830			16.176			(38.771	)
Net change in accumulation unit value		14.980			14.927			0.617			13.100			17.358			(37.377	)

Accumulation unit value:
Beginning of period		108.308			93.381			92.764			79.664			62.306			99.683
End of period	$	123.288		$	108.308		$	93.381		$	92.764		$	79.664		$	62.306

TOTAL RETURN (b)		13.83	%(c)		15.98	%		0.66	%		16.45	%		27.86	%		(37.50	)%

RATIOS TO AVERAGE NET ASSETS:

Total expenses		0.42	%(d)		0.43	%		0.41	%		0.42	%		0.43	%		0.59	%
Net investment income (loss)		1.63	%(d)		1.89	%		1.53	%		1.54	%		1.77	%		1.67	%

SUPPLEMENTAL DATA

Portfolio turnover rate		3	%(c)		4	%		5	%		8	%		5	%		7	%
Accumulation units outstanding end of period (e)		109			109			112			116			116			113
Accumulation fund net assets (e)	$	13,447		$	11,797		$	10,502		$	10,765		$	9,253		$	7,030
Net assets at the end of period (e)	$	13,698		$	12,013		$	10,692		$	10,962		$	9,426		$	7,174

(a)	Based on average units outstanding.
(b)	Based on per accumulation unit data.
(c)	The percentages shown for this period are not annualized.
(d)	The percentages shown for this period are annualized.
(e)	In millions.

See notes to financial statements

College Retirement Equities Fund ■ 2013 Semiannual Report

Financial highlights

continued

College Retirement Equities Fund ¡ For the period or year ended

	Bond Market Account
	6/30/13			12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
	(unaudited		)

FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD

Investment income (a)	$	1.248		$	2.835		$	3.341		$	3.470		$	3.818		$	4.241
Expenses (a)		0.241			0.482			0.439			0.422			0.399			0.416
Net investment income (loss) (a)		1.007			2.353			2.902			3.048			3.419			3.825
Net realized and unrealized gain (loss) on total investments		(4.128	)		3.163			3.876			3.096			2.556			(2.777	)
Net change in accumulation unit value		(3.121	)		5.516			6.778			6.144			5.975			1.048

Accumulation unit value:
Beginning of period		109.744			104.228			97.450			91.306			85.331			84.283
End of period	$	106.623		$	109.744		$	104.228		$	97.450		$	91.306		$	85.331

TOTAL RETURN (b)		(2.84	)%(c)		5.29	%		6.96	%		6.73	%		7.00	%		1.24	%

RATIOS TO AVERAGE NET ASSETS:

Total expenses		0.44	%(d)		0.45	%		0.44	%		0.44	%		0.45	%		0.61	%
Net investment income (loss)		1.87	%(d)		2.19	%		2.88	%		3.19	%		3.88	%		4.53	%

SUPPLEMENTAL DATA

Portfolio turnover rate		189	%(c)(f)		356	%(f)		261	%(f)		230	%(f)		185	%(f)		125	%
Accumulation units outstanding end of period (e)		126			130			126			122			113			100
Accumulation fund net assets (e)	$	13,390		$	14,222		$	13,124		$	11,915		$	10,296		$	8,520
Net assets at the end of period (e)	$	13,648		$	14,491		$	13,369		$	12,148		$	10,512		$	8,711

(a)	Based on average units outstanding.
(b)	Based on per accumulation unit data.
(c)	The percentages shown for this period are not annualized.
(d)	The percentages shown for this period are annualized.
(e)	In millions.
(f)	The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ending June 30, 2013, December 31, 2012, December 31, 2011, December 31, 2010, and December 31, 2009 were 67%, 117%, 62%, 62%, and 96% respectively.

2013 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
	6/30/13			12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
	(unaudited		)

FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD

Investment income (a)	$	0.634		$	2.050		$	2.817		$	1.596		$	0.974		$	2.700
Expenses (a)		0.154			0.310			0.272			0.254			0.241			0.249
Net investment income (loss) (a)		0.480			1.740			2.545			1.342			0.733			2.451
Net realized and unrealized gain (loss) on total investments		(5.886	)		2.523			5.187			1.929			4.119			(3.367	)
Net change in accumulation unit value		(5.406	)		4.263			7.732			3.271			4.852			(0.916	)

Accumulation unit value:
Beginning of period		70.765			66.502			58.770			55.499			50.647			51.563
End of period	$	65.359		$	70.765		$	66.502		$	58.770		$	55.499		$	50.647

TOTAL RETURN (b)		(7.64	)%(c)		6.40	%		13.16	%		5.89	%		9.58	%		(1.78	)%

RATIOS TO AVERAGE NET ASSETS:

Total expenses		0.45	%(d)		0.45	%		0.43	%		0.44	%		0.45	%		0.58	%
Net investment income (loss)		1.40	%(d)		2.52	%		4.05	%		2.33	%		1.38	%		4.69	%

SUPPLEMENTAL DATA

Portfolio turnover rate		11	%(c)		11	%		13	%		15	%		11	%		19	%
Accumulation units outstanding end of period (e)		131			149			146			135			134			116
Accumulation fund net assets (e)	$	8,576		$	10,544		$	9,699		$	7,955		$	7,453		$	5,871
Net assets at the end of period (e)	$	8,823		$	10,823		$	9,950		$	8,177		$	7,665		$	6,060

(a)	Based on average units outstanding.
(b)	Based on per accumulation unit data.
(c)	The percentages shown for this period are not annualized.
(d)	The percentages shown for this period are annualized.
(e)	In millions.

See notes to financial statements

College Retirement Equities Fund ■ 2013 Semiannual Report

Financial highlights

continued

College Retirement Equities Fund ¡ For the period or year ended

	Social Choice Account
	6/30/13			12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
	(unaudited		)

FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD

Investment income (a)	$	1.968		$	3.866		$	3.732		$	3.618		$	3.517		$	4.191
Expenses (a)		0.360			0.677			0.619			0.561			0.488			0.600
Net investment income (loss) (a)		1.608			3.189			3.113			3.057			3.029			3.591
Net realized and unrealized gain (loss) on total investments		8.670			12.242			(0.595	)		11.683			19.530			(34.439	)
Net change in accumulation unit value		10.278			15.431			2.518			14.740			22.559			(30.848	)

Accumulation unit value:
Beginning of period		155.966			140.535			138.017			123.277			100.718			131.566
End of period	$	166.244		$	155.966		$	140.535		$	138.017		$	123.277		$	100.718

TOTAL RETURN (b)		6.59	%(c)		10.98	%		1.82	%		11.95	%		22.41	%		(23.45	)%

RATIOS TO AVERAGE NET ASSETS:

Total expenses		0.44	%(d)		0.45	%		0.44	%		0.44	%		0.45	%		0.61	%
Net investment income (loss)		1.97	%(d)		2.14	%		2.22	%		2.39	%		2.81	%		3.02	%

SUPPLEMENTAL DATA

Portfolio turnover rate		70	%(c)(f)		149	%(f)		122	%(f)		98	%(f)		85	%(f)		77	%
Accumulation units outstanding end of period (e)		71			71			72			72			68			66
Accumulation fund net assets (e)	$	11,750		$	10,999		$	10,074		$	9,968		$	8,430		$	6,685
Net assets at the end of period (e)	$	12,047		$	11,281		$	10,335		$	10,239		$	8,673		$	6,891

(a)	Based on average units outstanding.
(b)	Based on per accumulation unit data.
(c)	The percentages shown for this period are not annualized.
(d)	The percentages shown for this period are annualized.
(e)	In millions.
(f)	The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ending June 30, 2013, December 31, 2012, December 31, 2011, December 31, 2010, and December 31, 2009 were 27%, 52%, 45%, 40%, and 49%, respectively.

2013 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
	6/30/13			12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
	(unaudited		)

FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD

Investment income (a)	$	0.020		$	0.044		$	0.044		$	0.062		$	0.164		$	0.700
Expenses (a)		0.020			0.044			0.044			0.062			0.104			0.124
Net investment income (loss) (a)		0.000			0.000			0.000			0.000			0.060			0.576
Net realized and unrealized gain (loss) on total investments		0.000			0.000			0.001			0.000			(0.031	)		0.032
Net change in accumulation unit value		0.000			0.000			0.001			0.000			0.029			0.608

Accumulation unit value:
Beginning of period		25.534			25.534			25.533			25.533			25.504			24.896
End of period	$	25.534		$	25.534		$	25.534		$	25.533		$	25.533		$	25.504

TOTAL RETURN (b)		0.00	%(c)		0.00	%		0.00	%		0.00	%		0.11	%		2.44	%

RATIOS TO AVERAGE NET ASSETS:

Total expenses		0.42	%(d)		0.42	%		0.41	%		0.41	%		0.43	%		0.56	%
Expenses net of TIAA withholding		0.16	%(d)		0.17	%		0.17	%		0.24	%		0.41	%		0.56	%
Net investment income (loss)		0.00	%(d)		0.00	%		0.00	%		0.00	%		0.21	%		2.25	%

SUPPLEMENTAL DATA

Accumulation units outstanding end of period (e)		460			458			477			463			512			582
Accumulation fund net assets (e)	$	11,745		$	11,701		$	12,178		$	11,816		$	13,070		$	14,846
Net assets at the end of period (e)	$	11,953		$	11,909		$	12,399		$	12,054		$	13,327		$	15,133

(a)	Based on average units outstanding.
(b)	Based on per accumulation unit data.
(c)	The percentages shown for this period are not annualized.
(d)	The percentages shown for this period are annualized.
(e)	In millions.

See notes to financial statements

College Retirement Equities Fund ■ 2013 Semiannual Report

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. Death benefits are paid to beneficiaries if the annuitant dies during the accumulation period or the annuity period. 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	2013 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 (2007–2012) 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 members of 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 pronouncement: In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities, and in January 2013, issued ASU 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities (collectively, the “Update”). The Update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. The Accounts have adopted these new disclosure requirements for this June 30, 2013 semiannual report. Management has evaluated the new disclosure requirements and has determined no additional disclosure is required.

College Retirement Equities Fund ■ 2013 Semiannual Report

Notes to financial statements (unaudited)

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.

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.

82	2013 Semiannual Report ■ College Retirement Equities Fund

continued

Short-term investments: Short-term investments, excluding investments in registered investment 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.

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

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, 2013, there were no material transfers between levels by the Accounts.

As of June 30, 2013, 100% of the value of investments in the Inflation-Linked Bond and Money Market Accounts were valued based on Level 2 inputs.

The following table summarizes the market value of the Accounts’ investments as of June 30, 2013, based on the inputs used to value them (amounts are in thousands):

Account	Level 1		Level 2		Level 3		Total

Stock
Consumer discretionary*	$	11,083,407	$	4,208,954	$	203	$	15,292,564
Consumer staples*		6,652,165		3,207,972		327		9,860,464
Energy*		7,670,750		2,577,263		209		10,248,222
Financials*		13,906,927		8,240,345		274		22,147,546
Health care*		9,992,890		2,673,058		1,656		12,667,604
Industrials*		8,816,128		3,875,979		464		12,692,571
Information technology*		13,472,721		2,387,112		124		15,859,957
Materials*		3,075,771		2,895,315		2,370		5,973,456
Telecommunication services*		1,719,057		1,342,773		—		3,061,830
Utilities*		2,467,048		1,047,867		—		3,514,915
Corporate bonds		—		74		—		74
Government bonds		—		286		—		286
Equity-linked notes		—		2,259		—		2,259
Short-term investments		—		4,439,627		—		4,439,627
Total	$	78,856,864	$	36,898,884	$	5,627	$	115,761,375

College Retirement Equities Fund ■ 2013 Semiannual Report

Notes to financial statements (unaudited)

Account		Level 1			Level 2	Level 3			Total

Global Equities
Australia	$	—		$	360,972	$	—	$	360,972
Canada		14,732			514,210		—		528,942
France*		—			597,513		—		597,513
Germany		—			579,849		—		579,849
Hong Kong		—			191,225		—		191,225
Japan		—			1,383,958		—		1,383,958
Netherlands		11,060			306,083		—		317,143
Switzerland*		25,703			615,209		—		640,912
United Kingdom*		57,658			1,173,700		—		1,231,358
United States		8,909,345			32,412		—		8,941,757
Other*		73,865			1,326,257		—		1,400,122
Short-term investments		—			697,856		—		697,856
Futures**		(287	)		—		—		(287	)
Total	$	9,092,076		$	7,779,244	$	—	$	16,871,320

Growth
Consumer discretionary*	$	3,418,334		$	117,837	$	—	$	3,536,171
Consumer staples		1,320,597			55,907		—		1,376,504
Energy		562,770			3,510		—		566,280
Financials		1,236,721			18,049		—		1,254,770
Health care*		2,139,720			48,322		—		2,188,042
Industrials		2,021,718			13,473		—		2,035,191
Information technology		4,265,826			—		—		4,265,826
Materials		716,110			—		—		716,110
Telecommunication services		161,372			—		—		161,372
Utilities		15,546			—		—		15,546
Short-term investments		396,022			161,871		—		557,893
Futures**		(616	)		—		—		(616	)
Total	$	16,254,120		$	418,969	$	—	$	16,673,089

Equity Index
Consumer discretionary	$	1,787,763		$	—	$	—	$	1,787,763
Consumer staples		1,235,451			—		—		1,235,451
Energy		1,289,159			—		—		1,289,159
Financials		2,461,733			—		—		2,461,733
Health care		1,686,092			—		10		1,686,102
Industrials		1,513,187			—		—		1,513,187
Information technology		2,372,448			—		—		2,372,448
Materials		499,297			—		—		499,297
Telecommunication services		335,007			—		—		335,007
Utilities		454,064			—		—		454,064
Short-term investments		423,878			43,796		—		467,674
Futures**		203			—		—		203
Total	$	14,058,282		$	43,796	$	10	$	14,102,088

84	2013 Semiannual Report ■ College Retirement Equities Fund

continued

Account	Level 1		Level 2			Level 3			Total

Bond Market
Bank loan obligations	$	—	$	20,891		$	—	$	20,891
Corporate bonds		—		4,390,624			—		4,390,624
Government bonds		—		7,582,380			—		7,582,380
Structured assets		—		1,264,958			—		1,264,958
Preferred stocks		9,136		—			—		9,136
Short-term investments		—		3,201,743			—		3,201,743
Swaps **		—		(261	)		—		(261	)
Total	$	9,136	$	16,460,335		$	—	$	16,469,471

Social Choice
Consumer discretionary	$	754,575	$	158,272		$	—	$	912,847
Consumer staples		458,883		145,839			—		604,722
Energy		545,375		137,216			—		682,591
Financials		1,167,958		395,508			—		1,563,466
Health care		622,532		142,006			—		764,538
Industrials		593,336		199,800			—		793,136
Information technology		926,505		56,830			—		983,335
Materials		259,806		141,757			—		401,563
Telecommunication services		99,651		72,686			—		172,337
Utilities		235,861		56,584			—		292,445
Bank loan obligations		—		9,634			—		9,634
Corporate bonds		—		1,773,634			—		1,773,634
Government		—		2,775,220			—		2,775,220
Structured assets		—		195,191			—		195,191
Short-term investments		—		1,290,358			—		1,290,358
Total	$	5,664,482	$	7,550,535		$	—	$	13,215,017

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

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.

College Retirement Equities Fund ■ 2013 Semiannual Report

Notes to financial statements (unaudited)

At June 30, 2013, the following Accounts have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities (amounts are in thousands):

	Asset derivatives		Liabilities derivatives
Derivative contracts	Location	Fair value amount	Location	Fair value amount
Global Equities Account
Equity contracts			Futures*	$287
Growth Account
Equity contracts			Futures*	616
Equity Index Account
Equity contracts	Futures*	$203
Bond Market Account
Credit contracts			Unrealized depreciation on swap agreements	261
Credit contracts	Swaps premium paid	30	Swap premiums received	327
Total		$30		$588

*	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, 2013, the effect of derivative contracts on the Accounts Statements of Operations was as follows (amounts are in thousands):

Derivative contracts	Location	Realized gain (loss		)	Change in unrealized appreciation (depreciation		)
Global Equities Account
Equity contracts	Futures transactions	$	6,285		$	(255	)
Growth Account
Equity contracts	Futures transactions		7,562			(532	)
Equity Index Account
Equity contracts	Futures transactions		2,988			179
Bond Market Account
Credit contracts	Swap transactions		(3	)		(357	)

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

86	2013 Semiannual Report ■ College Retirement Equities Fund

continued

hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin receipts or payments are settled daily reflecting changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures, there is minimal counterparty credit risk to the Accounts since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures against default. During the period ended June 30, 2013, 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, 2013, the Accounts held the following open futures contracts (amounts are in thousands):

Account	Futures	Number of contracts	^‡	Settlement Value		Expiration Date	Unrealized gain (loss		)
Global Equities	S&P 500 Index E-mini	1,220		$	97,557	September 2013	$	(287	)
Growth	S&P 500 Index E-mini	1,400			111,951	September 2013		(616	)
Equity Index	S&P 500 Index E-mini	313			25,029	September 2013		99
	S&P Mid-Cap 400 Index E-mini	51			5,905	September 2013		68
	Russell 2000 Mini index	23			2,242	September 2013		36
Total		387		$	33,176		$	203

^‡	Number of contracts is not in thousands.

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

College Retirement Equities Fund ■ 2013 Semiannual Report

Notes to financial statements (unaudited)

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

The value of a swap included in net assets is the unrealized gain or loss of the contract plus or minus any unamortized premiums paid or received, respectively. Appreciated swaps and premiums paid are reflected as assets while depreciated swaps and premiums received are reflected as liabilities on the Statements of Assets and Liabilities.

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

The Accounts (other than the Money Market Account) invest in credit default swaps to hedge or manage the risks associated with assets held in the Account and/or to facilitate the implementation of portfolio strategies to seek to increase the total return. During the period ended June 30, 2013, the Bond Market Account had exposure to credit default swap contracts, based on underlying notional values, generally between 0% and 1% of net assets.

At June 30, 2013, open credit default swaps purchased by the Account were as follows (amounts are in thousands):

Account		Reference entity		Counterparty	Maturity Date			Fixed payments received by Account per annum				Implied credit spread at 6/30/13		(1)		Notional amount		(2)		Upfront premium paid (received		)		Unrealized appreciation (depreciation		)
Bond Market		Republic of Poland		JP Morgan Chase Bank N.A.		9/20/18			1.00	%			1.00	%			$12,000				$30				$(30	)

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continued

At June 30, 2013, open credit default swap contracts sold by the Bond Market Account were as follows (amounts are in thousands):

Account

Reference
entity

Counterparty

Maturity
Date

Fixed
payments
received
by Account
per annum

Implied
credit
spread at
6/30/13

(1)

Notional
amount

(2)

Upfront
premium
paid
(received

)

Unrealized
appreciation
(depreciation

)

Bond Market

Federative Republic
of Brazil

UBS AG

9/20/22

1.00%

2.21%

$5,500

$(327

)

$(231

)

(1)

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues, U.S. municipal issues or sovereign issues of an emerging country as of period end, serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(2)

The maximum potential amount the Account could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is defined under the terms of that particular swap agreement.

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.

For the period ended June 30, 2013, TIAA withheld (“waived”) a portion of the distribution Rule 12b-1 and administrative expenses for the Money Market Account. The withholding of expenses is voluntary in nature and can be discontinued at any

College Retirement Equities Fund ■ 2013 Semiannual Report

Notes to financial statements (unaudited)

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. The amounts waived and reimbursed are disclosed on the Statements of Operations.

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, payments for units purchased, and receipt for units sold are disclosed as due to/from affiliates on the Statements of Assets and Liabilities. Account expenses owed to affiliates are 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. Information regarding transactions with affiliated companies is as follows (amounts are in thousands):

Issue	Value at December 31, 2012		Purchase cost		Sales proceeds		Realized gain (loss		)	Dividend income		Shares at June 30, 2013		^†	Value at June 30, 2013
Stock Account
Allos Therapeutics, Inc	$	12	$	—	$	—	$	—		$	—		—	**	$	—
Axiall Corp		*		129,492		42,125		17,023			119		2,579,968			109,855
Doral Financial Corp		*		80		15		(24	)		—		537,603			446
Japan Asia Investment Co Ltd		6,408		—		2,134		906			—		5,473,000			5,455
MPM Bioventures II		4,846		—		—		—			—		22,167,242			1,340
Skyline Venture Fund II Ltd		246		—		—		—			—		4,254,176			246
	$	11,512	$	129,572	$	44,274	$	17,905		$	119				$	117,342
Growth Account
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	327,923	$	187,154	$	119,055	$	—		$	—		396,021,855		$	396,022
Equity Index Account
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	303,938	$	165,016	$	45,076	$	—		$	—		423,878,489		$	423,878

*	Not an affiliate investment as of December 31, 2012
**	Not an affiliate investment as of June 30, 2013
^†	Shares are not in thousands

2013 Semiannual Report ■ College Retirement Equities Fund

College Retirement Equities Fund ■ 2013 Semiannual Report

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 the 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 recognized by the Accounts 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.

2013 Semiannual Report ■ College Retirement Equities Fund

continued

Mortgage 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 notes seek 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.

Net unrealized appreciation (depreciation): At June 30, 2013, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments, consisting of gross unrealized appreciation and gross unrealized depreciation was as follows (amounts are in thousands):

Account	Gross unrealized appreciation		Gross unrealized (depreciation		)	Net unrealized appreciation (depreciation		)
Stock		$16,996,781		$(3,153,415	)		$13,843,366
Global Equities		2,395,780		(379,499	)		2,016,281
Growth		2,615,350		(148,414	)		2,466,936
Equity Index		5,334,848		(787,834	)		4,547,014
Bond Market		272,653		(284,606	)		(11,953	)
Inflation-Linked Bond		681,989		(153,437	)		528,552
Social Choice		2,153,657		(302,330	)		1,851,327

College Retirement Equities Fund ■ 2013 Semiannual Report

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, 2013, were as follows (amount are in thousands):

				Stock Account			Global Equities Account			Growth Account
Purchases:
Non-Government					$	36,056,256		$	5,233,179		$	6,731,114
Government						—			—			—
Total Purchases					$	36,056,256		$	5,233,179		$	6,731,114
Sales:
Non-Government					$	38,882,881		$	5,146,068		$	6,812,420
Government						—			—			—
Total Sales					$	38,882,881		$	5,146,068		$	6,812,420

	Equity Index Account			Bond Market Account			Inflation-Linked Bond Account			Social Choice Account
Purchases:
Non-Government		$	719,270		$	3,528,625		$	—		$	1,822,676
Government			—			22,883,003			1,153,713			6,634,643
Total Purchases		$	719,270		$	26,411,628		$	1,153,713		$	8,457,319
Sales:
Non-Government		$	424,279		$	3,171,578		$	—		$	1,774,444
Government			—			23,280,609			2,306,615			6,464,875
Total Sales		$	424,279		$	26,452,187		$	2,306,615		$	8,239,319

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. This facility expired June 2013. A new facility was entered into on June 25, 2013 expiring June 24, 2014. 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, 2013, there were no borrowings under this credit facility by the Accounts.

94	2013 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 ■ 2013 Semiannual Report

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 advisory services and overseeing the everyday operations and other service providers of the Accounts.

Most investment companies that are registered under the Investment Company Act of 1940 (the “1940 Act”) enter into investment management agreements that are subject to Section 15(c) of the 1940 Act. This provision provides, in part, that, after an initial period of up to two years, the Agreement for each investment company will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are not “interested persons” of the Trust, as that term is defined in the 1940 Act, 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 28, 2013, at which it considered the annual renewal of the Agreement with respect to each Account. 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. During a series of meetings held prior to the March 28, 2013 Board meeting, 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 TCIM provided, assurance that the costs charged to the Accounts for the most recent fiscal year were of the types and in the amounts for which reimbursement is authorized under the Agreement.

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

96	2013 Semiannual Report ■ College Retirement Equities Fund

representatives of Lipper in person. 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, performance and expense comparison data regarding each Account, including data relating to each Account’s anticipated management expenses, total expense ratios, short-term and long-term investment performance and portfolio turnover rates. Lipper also compared much of this data for each Account against a universe of investment companies and against a more selective peer group of mutual funds that underlie variable 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 it employed 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 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 28, 2013, 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, for the Equity Index Account only, its benchmark index by a specified amount over a three-year period, together with an explanation of any events that 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 proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Account’s fee rate 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; (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

College Retirement Equities Fund ■ 2013 Semiannual Report

Board renewal of the investment
management agreement (unaudited)

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 Form ADV registration statement as filed with the Securities and Exchange Commission (which was presented only to legal counsel for the Trustees); and (8) proposed narrative explanations of reasons why the Board should renew the Agreement.

In considering whether to renew the Agreement with respect to each Account, the Board, with assistance from its Operations Committee, reviewed various factors with respect to the Account, including: (1) the nature, extent and quality of services provided or to be provided by TCIM to the Account; (2) the Account’s investment performance; (3) the costs of the services provided to the Account and CREF’s at-cost expense structure; (4) the extent to which economies of scale have been realized or are anticipated to be realized as the Account’s assets grow; (5) fees charged by other advisers for managing similar funds; (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.

While the Board considered the Agreement with respect to each Account, 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 28, 2013, 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.

The nature, extent and quality of services

The Board considered that TCIM is an experienced investment adviser that has managed the Accounts for many years. Investment professionals at TCIM’s affiliate, Teachers Advisors, Inc. (“TAI”), also manage various series of the TIAA-CREF Funds,

98	2013 Semiannual Report ■ College Retirement Equities Fund

continued

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 carrying out, or overseeing the provision of, various administrative 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, over the periods indicated in the Account-by-Account synopsis below. The Board considered each Account’s performance as compared to its peer group and peer universe (as applicable) and its benchmark index. The Board also reviewed the performance of the Equity Index Account before any reductions for fees or expenses. This analysis considered the impact of NAV rounding and excluded the effects of fair valuation, securities lending and class action litigation on the Equity Index Account’s performance as compared to the performance of its benchmark index. In this regard, the Board considered that the performance of most Accounts generally compared favorably to their respective 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. (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 for an extended period of time, TCIM had represented that it had taken or was planning to implement affirmative actions reasonably designed to enhance the Account’s investment performance, or TCIM had explained to the Board’s satisfaction that no such 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 actions had been or were being implemented.

College Retirement Equities Fund ■ 2013 Semiannual Report

Board renewal of the investment
management agreement (unaudited)

Cost and profitability

The Board considered the amounts charged by TCIM to each Account during 2012, 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. The Board noted that, because TCIM provides its services on an at cost basis under the arrangement outlined in the Agreement, there was no profit or loss data for the Board to consider.

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 expense arrangements were lower than the management fee rates charged by many or most other comparable mutual funds that underlie variable products with similar investment strategies. Based on all factors considered, the Board concluded that the anticipated management expenses for each Account under the Agreement were within an acceptable range in relation to those charged by appropriate groups of comparable 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 can result in additional expenses being allocated to CREF pursuant to the cost allocation methodologies that are used to calculate payments to be made by CREF pursuant to the at-cost expense arrangements.

100	2013 Semiannual Report ■ College Retirement Equities Fund

continued

Fee comparison with other TCIM clients

The Board considered that CREF is the only client of TCIM and, thus, TCIM has no comparable client accounts. The Board also considered information regarding portfolios managed by TAI, TCIM’s 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; and 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. The Board concluded 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. Both TCIM and certain Accounts managed by TCIM or its affiliates may benefit from economies of scale to the extent that these Accounts are managed in the same manner and by the same personnel as certain of the TIAA-CREF Funds. 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, 2012. Under the Morningstar rating system, 5 stars is the highest (best)

College Retirement Equities Fund ■ 2013 Semiannual Report

101

Board renewal of the investment
management agreement (unaudited)

rating category and 1 star is the lowest (worst) rating category. To the extent that an Account’s factors below do not include references to any or all of its Expense Group, Expense Universe, Performance Group or Performance Universe categories, it is because there were insufficient comparable funds in existence for Lipper to either create such categories or to create quintile rankings within such categories.

CREF Stock Account

Ÿ	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 0.135% of average daily net assets for 2013.
Ÿ	The Account’s pro forma management costs (including investment management and administrative costs) and total costs are in the 1st quintile of the group of comparable funds selected by Lipper for expense comparison purposes (“Expense Group”) and in the 1st quintile of the universe of comparable funds selected by Lipper for expense comparison purposes (“Expense Universe”).
Ÿ	The Account was in the 2nd, 4th, 3rd and 3rd quintiles of the group of comparable funds selected by Lipper for performance comparison purposes (“Performance Group”) for the one-, three-, five- and ten- year periods, respectively. The Account was in the 1st, 3rd, 3rd and 3rd quintiles of the universe of comparable funds selected by Lipper for performance comparison purposes (“Performance Universe”) for the one-, three-, five and ten-year periods, respectively.
Ÿ	The Account received an Overall Morningstar Rating of 4 stars.

CREF Global Equities Account

Ÿ	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 0.177% of average daily net assets for 2013.
Ÿ	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.
Ÿ	The Account was in the 3rd and 4th quintiles of its Performance Group for the one- and three-year periods, respectively. The Account was in the 3rd, 4th, 4th and 4th quintiles of its Performance Universe for the one-, three-, five and ten-year periods, respectively.
Ÿ	The Account received an Overall Morningstar Rating of 3 stars.

102	2013 Semiannual Report ■ College Retirement Equities Fund

continued

CREF Growth Account

Ÿ	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 0.114% of average daily net assets for 2013.
Ÿ	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.
Ÿ	The Account was in the 2nd, 1st and 2nd quintiles of its Performance Group for the one, three- and five-year periods, respectively. The Account was in the 3rd, 2nd, 2nd and 3rd quintiles of its Performance Universe for the one-, three-, five and ten-year periods, respectively.
Ÿ	The Account received an Overall Morningstar Rating of 4 stars.

CREF Equity Index Account

Ÿ	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.070% of average daily net assets for 2013.
Ÿ	The Account’s pro forma management costs (including investment management and administrative costs) and total costs are in the 3rd and 2nd quintiles of its Expense Group, respectively, and in the 3rd and 1st quintiles of its Expense Universe, respectively.
Ÿ	The Account was in the 2nd, 1st, 2nd and 3rd quintiles of its Performance Universe for the one, three-, five- and ten-year periods, respectively.
Ÿ	For the one- and three-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 and +4 basis points, respectively.
Ÿ	The Account received an Overall Morningstar Rating of 4 stars.

CREF Social Choice Account

Ÿ	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 0.096% of average daily net assets for 2013.
Ÿ	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.
Ÿ	The Account was in the 4th, 2nd, 4th and 4th quintiles of its Performance Group for the one, three-, five- and ten-year periods, respectively. The Account was in the 3rd, 2nd, 2nd and 3rd quintiles of its Performance Universe for the one-, three-, five and ten-year periods, respectively.
Ÿ	The Account received an Overall Morningstar Rating of 4 stars.

College Retirement Equities Fund ■ 2013 Semiannual Report

103

Board renewal of the investment
management agreement (unaudited)

concluded

CREF Bond Market Account

Ÿ	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 0.091% of average daily net assets for 2013.
Ÿ	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.
Ÿ	The Account was in the 5th, 4th, 4th and 5th quintiles of its Performance Group for the one, three-, five- and ten-year periods, respectively. The Account was in the 4th quintile of its Performance Universe for the one-, three-, five and ten-year periods.
Ÿ	The Account received an Overall Morningstar Rating of 3 stars.

CREF Inflation-Linked Bond Account

Ÿ	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.090% of average daily net assets for 2013.
Ÿ	The Account’s pro forma management costs (including investment management and administrative costs) and total costs are in the 2nd and 1st quintiles of its Expense Group, respectively, and in the 1st and 1st quintiles of its Expense Universe, respectively.
Ÿ	The Account was in the 1st quintile of its Performance Group for the one, three- and five-year periods and in the 1st quintile of its Performance Universe for the one-, three-, five and ten-year periods.
Ÿ	The Account received an Overall Morningstar Rating of 3 stars.

CREF Money Market Account

Ÿ	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 0.063% of average daily net assets for 2013.
Ÿ	The Account’s pro forma management costs (including investment management and administrative costs) and total costs are in the 5th and 2nd quintiles of its Expense Group, respectively, and in the 4th and 2nd quintiles of its Expense Universe, respectively.
Ÿ	The Account was in the 3rd, 3rd, 4th and 2nd quintiles of its Performance Group for the one-, three-, five and ten-year periods, respectively. The Account was in the 3rd, 3rd, 3rd and 2nd quintiles of its Performance Universe for the one, three-, five- and ten-year periods.
Ÿ	Money market accounts are not rated by Morningstar.

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

104	2013 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.

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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. Audited Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND

STOCK ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2013

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
BONDS - 0.0%

CORPORATE BONDS - 0.0%

CAPITAL GOODS - 0.0%
$	31,135	j,m	PDG Realty S.A. Empreendimentos e Participacoes		0.000	%	09/19/16	$	6
			TOTAL CAPITAL GOODS						6

DIVERSIFIED FINANCIALS - 0.0%
	43,757	m	K&N Kenanga Holdings BHD		5.000		12/13/13		14
			TOTAL DIVERSIFIED FINANCIALS						14

FOOD & STAPLES RETAILING - 0.0%
	800	i	Marfrig Alimentos S.A.		1.000		07/15/15		36
			TOTAL FOOD & STAPLES RETAILING						36

REAL ESTATE - 0.0%
	22,147		Kiwi Income Property Trust		8.950		12/20/14		18
			TOTAL REAL ESTATE						18

			TOTAL CORPORATE BONDS						74
			(Cost $70)

GOVERNMENT BONDS 0.0%

U.S. TREASURY SECURITIES - 0.0%
	300,000		United States Treasury Note		1.750		05/15/22		286
			TOTAL U.S. TREASURY SECURITIES						286

			TOTAL GOVERNMENT BONDS						286
			(Cost $303)

			TOTAL BONDS						360
			(Cost $373)

EQUITY LINKED NOTES - 0.0%

CAPITAL GOODS - 0.0%
	3,094,000	*	Deutsche Bank, Access Engineering Ltd		0.000		09/23/22		479
			TOTAL CAPITAL GOODS						479

DIVERSIFIED FINANCIALS - 0.0%
	922,738	*	Deutsche Bank, John Keells		0.000		07/05/19		1,780

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

PRINCIPAL			ISSUER	VALUE (000)
			TOTAL DIVERSIFIED FINANCIALS	$	1,780

			TOTAL EQUITY LINKED NOTES		2,259
			(Cost $2,249)

SHARES			COMPANY
COMMON STOCKS - 99.4%

AUTOMOBILES & COMPONENTS - 2.2%
	104,085		Actron Technology Corp		357
	25,400		Aisan Industry Co Ltd		250
	541,848		Aisin Seiki Co Ltd		20,689
	103,500	e	Akebono Brake Industry Co Ltd		486
	59,372	e	Allison Transmission Holdings, Inc		1,370
	997,116	*	American Axle & Manufacturing Holdings, Inc		18,576
	211,675		Amtek Auto Ltd		249
	404,706		Amtek India Ltd		454
	233,190		Apollo Tyres Ltd		221
	21,561	e	AtlasBX Co Ltd		741
	142,000	e	Autoliv, Inc		10,989
	71,600		Autometal S.A.		579
	7,815		Autoneum Holding AG.		585
	140,139		Bajaj Holdings and Investment Ltd		4,523
	368,985		Bayerische Motoren Werke AG.		32,204
	764		Bayerische Motoren Werke AG. (Preference)		52
	538,097		Bharat Forge Ltd		2,001
	215,385	*	BorgWarner, Inc		18,555
	85,821		Brembo S.p.A.		1,531
	840,638		Bridgestone Corp		28,666
	3,911,900	*,e	Brilliance China Automotive Holdings Ltd		4,353
	727,300	*,e	Byd Co Ltd		2,385
	225,000		Calsonic Kansei Corp		937
	1,956,000	e	Chaowei Power Holdings Ltd		661
	2,758,604		Cheng Shin Rubber Industry Co Ltd		8,666
	2,106,500		China Motor Corp		1,853
	61,409		Cie Automotive Sa		480
	84,292		Compagnie Plastic-Omnium S.A.		4,573
	311,128		Continental AG.		41,476
	302,147		Cooper Tire & Rubber Co		10,022
	57,080	e	Dae Won Kang Up Co Ltd		354
	28,000	e	Daido Metal Co Ltd		191
	374,653	*	Daihatsu Motor Co Ltd		7,096
	1,086,076		Daimler AG. (Reg)		65,565
	681,778		Dana Holding Corp		13,131
	5,152,656		Delphi Automotive plc		261,188
	979,453		Denso Corp		46,047
	294,000		Depo Auto Parts Ind Co Ltd		768
	5,760		Dong Ah Tire & Rubber Co Ltd		92
	3,612,500		Dongfeng Motor Group Co Ltd		4,791

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	17,800		Dongyang Mechatronics Corp	$	161
	85,300	e	Dorman Products, Inc		3,892
	698,900		Double Coin Holdings Ltd		485
	2,445,800		Drb-Hicom BHD		2,078
	132,607		Drew Industries, Inc		5,214
	59,000		Eagle Industry Co Ltd		735
	40,409		ElringKlinger AG.		1,347
	78,982		Exedy Corp		1,984
	277,283	e	Faurecia		6,134
	50,300		FCC Co Ltd		1,186
	844,710		Federal Corp		605
	78,316	*	Federal Mogul Corp (Class A)		800
	159,003	*	Fiat S.p.A.		1,109
	57,718	e	Fleetwood Corp Ltd		189
	12,381,251		Ford Motor Co		191,538
	70,785		Ford Otomotiv Sanayi AS		976
	57,037	*,e	Fuel Systems Solutions, Inc		1,020
	875,850		Fuji Heavy Industries Ltd		21,628
	67,797	*	Futaba Industrial Co Ltd		308
	13,531,700	e	Geely Automobile Holdings Ltd		5,810
	3,242,350	*,e	General Motors Co		108,003
	40,684,487	*,m	General Motors Co		0	^
	722,689	*,e,m	General Motors Co		0	^
	4,230,271	*,e,m	General Motors Co		0	^
	35,983,677	*,m	General Motors Co		0	^
	18,507,434	*,m	General Motors Co		0	^
	26,439,191	*,m	General Motors Co		0	^
	6,062,000	*,m	General Motors Co		0	^
	24,057,000	*,m	General Motors Co		0	^
	7,950,000	*,m	General Motors Co		0	^
	85,268,000	*,e,m	General Motors Co		0	^
	296,311		Gentex Corp		6,830
	107,144	*	Gentherm, Inc		1,990
	4,519,548		GKN plc		20,688
	15,780	e	Global & Yuasa Battery Co Ltd		818
	4,267		Goodyear Lastikleri Turk AS.		106
	1,229,778	*	Goodyear Tire & Rubber Co		18,803
	35,327		Grammer AG.		1,090
	2,657,000	e	Great Wall Motor Co Ltd		11,371
	20,892		G-Tekt Corp		530
	3,134,566	e	Guangzhou Automobile Group Co Ltd		2,941
	32,040	e	Halla Climate Control Corp		1,013
	107,460	e	Hanil E-Wha Co Ltd		1,249
	93,402		Hankook Tire Co Ltd		4,302
	6,863		Hankook Tire Worldwide Co Ltd		127
	396,425		Harley-Davidson, Inc		21,732
	71,849		Hero Honda Motors Ltd		2,004
	2,085,797		Honda Motor Co Ltd		77,486
	73,884		Hu Lane Associate, Inc		169
	84,260	e	Hwa Shin Co Ltd		1,022
	103,480		Hyundai Mobis		24,636
	286,726		Hyundai Motor Co		56,236

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	55,504		Hyundai Motor Co Ltd (2nd Preference)	$	4,843
	34,432		Hyundai Motor Co Ltd (Preference)		2,916
	31,175		Hyundai Wia Corp		4,608
	46,900		Icahn Enterprises LP		3,413
	250,133		IMMSI S.p.A.		140
	1,696,586		Isuzu Motors Ltd		11,598
	289,500	*,m	Jinan Qingqi Motorcycle Co		64
	871,094		Johnson Controls, Inc		31,176
	216,252	e	Kayaba Industry Co Ltd		1,079
	221,403		Keihin Corp		3,373
	1,432,811		Kenda Rubber Industrial Co Ltd		3,148
	438,897		Kia Motors Corp		23,701
	58,000	e	Kinugawa Rubber Industrial Co Ltd		331
	78,989	*	Koito Manufacturing Co Ltd		1,506
	72,810	*,e	Kumho Tire Co, Inc		695
	654,553		Lear Corp		39,574
	44,259		Leoni AG.		2,195
	106,830		Linamar Corp		2,996
	49,000		Magna International, Inc - Class A (NY)		3,490
	501,846		Magna International, Inc (Class A)		35,721
	502,968		Mahindra & Mahindra Ltd		8,187
	95,700		Mahle-Metal Leve S.A. Industria e Comercio		1,062
	17,363		Mando Corp		1,551
	104,582		Martinrea International, Inc		1,082
	74,501		Maruti Udyog Ltd		1,923
	13,509,342	*	Mazda Motor Corp		53,408
	96,986		Metair Investments Ltd		349
	303,590		Michelin (C.G.D.E.) (Class B)		27,146
	1,188,000	e	Minth Group Ltd		1,838
	80,000		Mitsuba Corp		1,244
	1,001,376	*	Mitsubishi Motors Corp		1,371
	188,716	*	Modine Manufacturing Co		2,053
	37,940	e	Motonic Corp		369
	5,745		MRF Ltd		1,245
	23,000		Musashi Seimitsu Industry Co Ltd		553
	413,348		Nan Kang Rubber Tire Co Ltd		476
	2,037	e	Nexen Corp		153
	41,427		Nexen Tire Corp		589
	140,613		NGK Spark Plug Co Ltd		2,814
	257,496	*	NHK Spring Co Ltd		2,973
	99,451		Nifco, Inc		2,102
	46,000		Nippon Seiki Co Ltd		594
	4,129,204		Nissan Motor Co Ltd		41,385
	102,941		Nissan Shatai Co Ltd		1,157
	66,600		Nissin Kogyo Co Ltd		1,206
	240,326		NOK Corp		3,810
	53,943		Nokian Renkaat Oyj		2,195
	848,000	*,m	Norstar Founders Group Ltd		0	^
	149,100		Oriental Holdings BHD		464
	24,910		Otokar Otobus Karoseri Sanayi AS		867
	41,000		Pacific Industrial Co Ltd		321
	280,077	*,e	Peugeot S.A.		2,310

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	180,127	e	Piaggio & C S.p.A.	$	467
	8,800	*	Piolax Inc		214
	446,337	e	Pirelli & C S.p.A.		5,160
	62,817		Porsche AG.		4,851
	213,436		Press Kogyo Co Ltd		907
	23,385,500		PT Astra International Tbk		16,440
	4,110,500		PT Gajah Tunggal Tbk		1,319
	6,963	e	Pyeong Hwa Automotive Co Ltd		120
	8,490,000	e	Qingling Motors Co Ltd		2,104
	48,191		Remy International, Inc		895
	2,098,604		Renault S.A.		141,357
	109,000		Riken Corp		435
	28,910	e	S&T Daewoo Co Ltd		677
	52,563	*	SAF-Holland S.A.		501
	142,000	e	Sanden Corp		558
	27,700		Sanoh Industrial Co Ltd		199
	669,920		Sanyang Industry Co Ltd		618
	6,010	e	Sejong Industrial Co Ltd		80
	29,427	e	Shiloh Industries, Inc		307
	177,500		Showa Corp		2,285
	10,230	e	SL Corp		146
	7,139	e	Societe Fonciere Financiere et de Participations FFP		324
	106,264		Sogefi S.p.A.		362
	594,625		Somboon Advance Technology PCL		386
	139,330	e	Spartan Motors, Inc		853
	519,500		Sri Trang Agro-Industry PCL		208
	48,450	*	Ssangyong Motor Co		376
	107,249		Standard Motor Products, Inc		3,683
	202,795		Stanley Electric Co Ltd		3,940
	152,921	*	Stoneridge, Inc		1,780
	416,003		Sumitomo Rubber Industries, Inc		6,791
	26,745		Sungwoo Hitech Co Ltd		334
	96,336		Superior Industries International, Inc		1,658
	204,453		Suzuki Motor Corp		4,713
	2,029,653		T RAD Co Ltd		7,009
	49,200		Tachi-S Co Ltd		657
	45,900		Taiho Kogyo Co Ltd		597
	38,900	*	Takata Corp		838
	247,400		TAN Chong Motor Holdings BHD		513
	1,498,241		Tata Motors Ltd		7,035
	22,200	e	Teikoku Piston Ring Co Ltd		349
	427,769	*	Tenneco, Inc		19,369
	184,093	*,e	Tesla Motors, Inc		19,777
	123,500	*	Thai Stanley Electric PCL (ADR)		1,001
	138,728		Thor Industries, Inc		6,823
	2,050,000	e	Tianneng Power International Ltd		819
	110,820		Tofas Turk Otomobil Fabrik		691
	121,363		Tokai Rika Co Ltd		2,418
	40,600		Tokai Rubber Industries, Inc		364
	788,975		Tong Yang Industry Co Ltd		934
	91,600		Topre Corp		792
	34,256	*	Tower International, Inc		678

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	593,000		Toyo Tire & Rubber Co Ltd	$	3,113
	295,470		Toyoda Gosei Co Ltd		7,224
	81,144		Toyota Boshoku Corp		1,167
	161,621		Toyota Industries Corp		6,600
	6,358,637	*	Toyota Motor Corp		383,539
	829,197	*	TRW Automotive Holdings Corp		55,092
	101,100		TS Tech Co Ltd		3,211
	14,700		Tube Investments Of India		33
	143,601		Tung Thih Electronic Co Ltd		291
	482,066		TVS Motor Co Ltd		266
	566,682		UMW Holdings BHD		2,611
	43,600		Unipres Corp		781
	345,131	e	Valeo S.A.		21,657
	144,711	*	Visteon Corp		9,134
	146,825		Volkswagen AG.		28,546
	80,113		Volkswagen AG. (Preference)		16,181
	131,873	*	Winnebago Industries, Inc		2,768
	1,793,000	*	Xinchen China Power Holdings Ltd		595
	1,380,600	e	Xingda International Holdings Ltd		584
	4,548,785	e	Xinyi Glass Holdings Co Ltd		3,524
	50,972		Yamaha Motor Co Ltd		660
	188,000		Yokohama Rubber Co Ltd		1,888
	279,500		Yorozu Corp		4,641
	981,258		Yulon Motor Co Ltd		1,564
			TOTAL AUTOMOBILES & COMPONENTS		2,402,798

BANKS - 6.0%
	66,167		1st Source Corp		1,572
	117,481	e	1st United Bancorp, Inc		789
	1,136,782		77 Bank Ltd		5,398
	57,123	*	Aareal Bank AG.		1,330
	380,864		ABSA Group Ltd		5,715
	26,279	e	Access National Corp		341
	442,800		Affin Holdings BHD		610
	35,768,100		Agricultural Bank of China		14,622
	9,600		Aichi Bank Ltd		432
	2,188,418		Akbank TAS		8,905
	821,285	*	Albaraka Turk Katilim Bankasi AS		783
	9,807	*	Alior Bank S.A.		264
	100,000		Allahabad Bank		151
	1,143,100		Alliance Financial Group BHD		1,918
	4,362,940	*	Alpha Bank S.A.		2,440
	315,270	*,m	Amagerbanken AS		0	^
	31,916		American National Bankshares, Inc		742
	95,500	*	Ameris Bancorp		1,609
	41,046	e	Ames National Corp		934
	180,854		Andhra Bank		249
	13,879,484		Aozora Bank Ltd		43,347
	187,467		Apollo Residential Mortgage		3,089
	46,876	e	Arrow Financial Corp		1,160
	164,344		Associated Banc-Corp		2,556
	357,454	e	Astoria Financial Corp		3,853

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	523,442	*	Asya Katilim Bankasi AS	$	485
	54,020		Attijariwafa Bank		2,073
	3,746,969	*	Australia & New Zealand Banking Group Ltd		97,269
	495,721		Awa Bank Ltd		2,764
	1,140,734	e	Banca Carige S.p.A.		688
	8,493,229		Banca Intesa S.p.A.		13,594
	1,473,780	*,e	Banca Monte dei Paschi di Siena S.p.A.		373
	461,117		Banca Popolare dell’Emilia Romagna Scrl		2,678
	3,270,527	*,e	Banca Popolare di Milano		1,304
	399,080		Banca Popolare di Sondrio SCARL		1,980
	32,498		Bancfirst Corp		1,513
	123,140		Banche Popolari Unite Scpa		445
	191,052		Banco ABC Brasil S.A.		1,157
	4,700,791		Banco Bilbao Vizcaya Argentaria S.A.		39,505
	460,851	*,e	Banco BPI S.A.		545
	815,860		Banco Bradesco S.A.		11,188
	3,759,740		Banco Bradesco S.A. (Preference)		48,527
	16,714,098	*,e	Banco Comercial Portugues S.A.		2,084
	71,756		Banco Davivienda S.A.		865
	121,900		Banco Daycoval S.A.		500
	42,198,678		Banco de Chile		6,090
	38,142		Banco de Credito e Inversiones		2,259
	2,884,995		Banco de Oro Universal Bank		5,655
	472,649	e	Banco de Sabadell S.A.		784
	1,513,022		Banco do Brasil S.A.		15,006
	408,181		Banco do Estado do Rio Grande do Sul		2,768
	5,675,977	*,e	Banco Espirito Santo S.A.		4,550
	157,300		Banco Industrial e Comercial S.A.		303
	4,352,920		Banco Itau Holding Financeira S.A.		56,125
	116,949		Banco Latinoamericano de Exportaciones S.A. (Class E)		2,618
	114,800		Banco Panamericano S.A.		275
	61,700		Banco Pine S.A.		332
	2,150,275	*	Banco Popolare Scarl		2,527
	484,720	*,e	Banco Popular Espanol S.A.		1,484
	1,550,544		Banco Santander Brasil S.A.		9,416
	3,734,041		Banco Santander Central Hispano S.A.		23,895
	105,441,867		Banco Santander Chile S.A.		6,486
	397,404		BanColombia S.A.		5,460
	56,000	e	BanColombia S.A. (ADR)		3,164
	189,705		BanColombia S.A. (Preference)		2,665
	382,637	e	Bancorpsouth, Inc		6,773
	95,400		Bangkok Bank PCL		623
	362,600		Bangkok Bank PCL (ADR)		2,367
	1,639,300		Bangkok Bank PCL (Foreign)		10,918
	65,648		Bank Handlowy w Warszawie S.A.		1,834
	1,013,986	*	Bank Hapoalim Ltd		4,576
	288,596	*	Bank Leumi Le-Israel		953
	235,638	*	Bank Millennium S.A.		370
	195,718		Bank Mutual Corp		1,104
	2,383,700		Bank of Ayudhya PCL (Foreign)		2,715
	104,475		Bank of Baroda		1,004
	145,141,100		Bank of China Ltd		59,459

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	28,994,172		Bank of Communications Co Ltd	$	18,580
	4,349,184	*,m	Bank of Cyprus Public Co Ltd		57
	2,386,566		Bank of East Asia Ltd		8,542
	99,838		Bank of Georgia Holdings plc		2,531
	43,687		Bank of Hawaii Corp		2,198
	110,598		Bank of India		430
	22,136,992	*,e	Bank of Ireland		4,514
	780,183	*	Bank of Kaohsiung		246
	25,736		Bank of Kentucky Financial Corp		732
	431,125		Bank of Kyoto Ltd		3,590
	25,398		Bank of Marin Bancorp		1,016
	997,250		Bank of Montreal (Toronto)		57,842
	202,000		Bank of Nagoya Ltd		792
	2,029,918	e	Bank of Nova Scotia		108,512
	24,000	*	Bank of Okinawa Ltd		1,010
	466,342		Bank of Queensland Ltd		3,694
	169,541		Bank of Saga Ltd		347
	111,274	e	Bank of the Ozarks, Inc		4,822
	1,053,811		Bank of the Philippine Islands		2,338
	114,700		Bank of the Ryukyus Ltd		1,444
	986,763		Bank of Yokohama Ltd		5,090
	158,606		Bank Pekao S.A.		7,159
	18,683,400		Bank Rakyat Indonesia		14,506
	8,496		Bank Zachodni WBK S.A.		716
	96,556	e	BankFinancial Corp		821
	1,362,196	*,e	Bankia S.A.		1,053
	1,307,064		Bankinter S.A.		4,662
	209,000		BankUnited		5,436
	79,237		Banner Corp		2,677
	4,659		Banque Cantonale Vaudoise		2,309
	316,800	e	Banregio Grupo Financiero SAB de C.V.		1,685
	15,432		Bar Harbor Bankshares		564
	36,783,939		Barclays plc		156,653
	3,426,946		BB&T Corp		116,105
	327,603		BBCN Bancorp, Inc		4,659
	28,707	*	BBX Capital Corp		371
	221,671		Bendigo Bank Ltd		2,033
	155,562	*	Beneficial Mutual Bancorp, Inc		1,307
	99,310		Berkshire Hills Bancorp, Inc		2,757
	747,400		BIMB Holdings BHD		963
	77,644		BNC Bancorp		887
	3,421,627		BNP Paribas		187,317
	5,695,037		BOC Hong Kong Holdings Ltd		17,422
	39,553	*	BofI Holding, Inc		1,812
	25,675		BOK Financial Corp		1,644
	324,441		Boston Private Financial Holdings, Inc		3,452
	17,020		BRE Bank S.A.		1,955
	36,960		Bridge Bancorp, Inc		832
	41,065	*,e	Bridge Capital Holdings		651
	320,127		Brookline Bancorp, Inc		2,779
	56,251		Bryn Mawr Bank Corp		1,346
	220,027		BS Financial Group		2,769

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	138	*,e	BSB Bancorp, Inc	$	2
	6,959,196		Bumiputra-Commerce Holdings BHD		18,141
	15,202		C&F Financial Corp		847
	34,415		Camden National Corp		1,221
	715,721	e	Canadian Imperial Bank of Commerce/Canada		50,795
	104,532	e	Canadian Western Bank		2,760
	114,937		Canara Bank		695
	1,397		Cape Bancorp, Inc		13
	94,992	*	Capital Bank Financial Corp		1,804
	51,105	*,e	Capital City Bank Group, Inc		589
	903,677		CapitalSource, Inc		8,476
	707,202		Capitol Federal Financial		8,585
	121,440		Cardinal Financial Corp		1,778
	14,093	*,e	Cascade Bancorp		88
	361,622		Cathay General Bancorp		7,359
	49,758	e	Center Bancorp, Inc		631
	116,603		Centerstate Banks of Florida, Inc		1,012
	200,000		Central Bank Of India		207
	97,268	*	Central Pacific Financial Corp		1,751
	15,906		Century Bancorp, Inc		557
	5,519,342		Chang Hwa Commercial Bank		3,034
	89,300	e	Charter Financial Corp		900
	111,932		Chemical Financial Corp		2,909
	14,465		Chemung Financial Corp		484
	918,189		Chiba Bank Ltd		6,265
	48,800	*	Chiba Kogyo Bank Ltd		356
	12,660,000		China Citic Bank		5,816
	137,906,931		China Construction Bank		96,910
	16,249,770	*	China Development Financial Holding Corp		4,545
	12,059,222	e	China Merchants Bank Co Ltd		20,022
	10,900,000	e	China Minsheng Banking Corp Ltd		10,614
	32,089,887		Chinatrust Financial Holding Co		19,807
	10,894,100	e	Chongqing Rural Commercial Bank		4,579
	65,717		Chugoku Bank Ltd		921
	1,196,155	*	CIT Group, Inc		55,777
	50,430		Citizens & Northern Corp		974
	63,992	e	City Holding Co		2,492
	45,453		City National Corp		2,880
	35,939	e	Clifton Savings Bancorp, Inc		426
	51,924	e	CNB Financial Corp		880
	141,490		CoBiz, Inc		1,174
	206,982		Columbia Banking System, Inc		4,928
	48,246		Comdirect Bank AG.		485
	182,989		Comerica, Inc		7,288
	135,326		Commerce Bancshares, Inc		5,895
	835,717		Commercial International Bank		3,425
	2,232,048	*	Commerzbank AG.		19,390
	1,438,595		Commonwealth Bank of Australia		90,554
	162,861		Community Bank System, Inc		5,024
	62,443		Community Trust Bancorp, Inc		2,224
	35,563	*	CommunityOne Bancorp		288
	4,175	*	ConnectOne Bancorp, Inc		128

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	20,000		Corp Bank	$	117
	326,330,209		CorpBanca S.A.		3,757
	131,262		Credicorp Ltd (NY)		16,796
	32,543		Credit Agricole Nord de France		555
	700,162	*	Credit Agricole S.A.		6,026
	198,691		Credito Emiliano S.p.A.		941
	24,741	*,e	Crescent Financial Bancshares, Inc		108
	3,880,210	e	Criteria Caixacorp S.A.		11,918
	36,046	*	CU Bancorp		570
	51,659	e	Cullen/Frost Bankers, Inc		3,449
	79,096	*	Customers Bancorp, Inc		1,285
	371,044	e	CVB Financial Corp		4,363
	1,112,782	e	Dah Sing Banking Group Ltd		1,310
	348,256		Dah Sing Financial Holdings Ltd		1,393
	499,000		Daishi Bank Ltd		1,644
	120,253	*	Danske Bank AS		2,051
	1,775,803	e	DBS Group Holdings Ltd		21,608
	2,922,608	*	Development Credit Bank Ltd		2,314
	38,445		Dewan Housing Finance Corp Ltd		103
	171,710		DGB Financial Group Co Ltd		2,334
	2,090,892	*	Dhanalakshmi Bank Ltd		1,119
	144,582		Dime Community Bancshares		2,215
	6,976,105		DNB NOR Holding ASA		101,200
	537,603	*,a	Doral Financial Corp		446
	5,117,322		E.Sun Financial Holding Co Ltd		3,111
	89,015	*	Eagle Bancorp, Inc		1,992
	1,086,516		East West Bancorp, Inc		29,879
	410,000	*	EastWest Banking Corp		282
	378,000		Eighteenth Bank Ltd		876
	29,615		Enterprise Bancorp, Inc		548
	71,361		Enterprise Financial Services Corp		1,139
	228,000		Entie Commercial Bank		117
	524,044		Erste Bank der Oesterreichischen Sparkassen AG.		13,968
	54,239		ESB Financial Corp		658
	36,783		ESSA Bancorp, Inc		403
	313,227	e	EverBank Financial Corp		5,187
	2,133,390		Far Eastern International Bank		860
	29,110	*	Farmers Capital Bank Corp		631
	39,715		Federal Agricultural Mortgage Corp (Class C)		1,147
	110,648		Federal Bank Ltd		760
	39,491	e	Fidelity Southern Corp		489
	3,061,841		Fifth Third Bancorp		55,266
	60,045		Financial Institutions, Inc		1,105
	82,222	e	First Bancorp (NC)		1,159
	294,010	*,e	First Bancorp (Puerto Rico)		2,082
	39,352		First Bancorp, Inc		688
	300,393		First Busey Corp		1,352
	8,404		First Citizens Bancshares, Inc (Class A)		1,614
	408,977		First Commonwealth Financial Corp		3,014
	71,008		First Community Bancshares, Inc		1,113
	69,600		First Connecticut Bancorp		969
	37,342		First Defiance Financial Corp		842

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	9,104	*,e	First Federal Bancshares of Arkansas, Inc	$	72
	238,259		First Financial Bancorp		3,550
	115,679	e	First Financial Bankshares, Inc		6,439
	46,296		First Financial Corp		1,435
	8,216,991		First Financial Holding Co Ltd		4,843
	67,721		First Financial Holdings, Inc		1,436
	69,397		First Financial Northwest, Inc		715
	616,655		First Gulf Bank PJSC		2,678
	241,610	e	First Horizon National Corp		2,706
	21,640		First International Bank Of Israel Ltd		307
	76,684		First Interstate Bancsystem, Inc		1,590
	25,706		First M&F Corp		406
	113,915		First Merchants Corp		1,954
	315,322		First Midwest Bancorp, Inc		4,326
	13,449	*	First NBC Bank Holding Co		328
	350,646		First Niagara Financial Group, Inc		3,531
	32,357		First of Long Island Corp		1,074
	45,257		First Pactrust Bancorp, Inc		615
	181,822		First Republic Bank		6,997
	247,999	*	First Security Group, Inc		538
	670,254	e	FirstMerit Corp		13,425
	75,400	*	Flagstar Bancorp, Inc		1,053
	122,108		Flushing Financial Corp		2,009
	590,192	e	FNB Corp		7,130
	53,915		Fox Chase Bancorp, Inc		917
	44,057		Franklin Financial Corp		793
	991,350		Fukuoka Financial Group, Inc		4,216
	191,447		Fulton Financial Corp		2,198
	107,040		Genworth MI Canada, Inc		2,498
	54,132		German American Bancorp, Inc		1,219
	1,153,348	*	Get Bank S.A.		645
	736,591		Getin Holding S.A.		619
	297,144		Glacier Bancorp, Inc		6,594
	45,082		Great Southern Bancorp, Inc		1,215
	30,620		Gruh Finance Ltd		118
	1,432,564		Grupo Aval Acciones y Valores		1,025
	3,004,689	e	Grupo Financiero Banorte S.A. de C.V.		17,791
	2,542,932	e	Grupo Financiero Inbursa S.A.		5,617
	2,252,500	e	Grupo Financiero Santander Mexico SAB de C.V.		6,434
	88,121	*	Grupo Financiero Santander Mexico SAB de C.V. (ADR)		1,252
	63,421		Guaranty Bancorp		720
	368,203		Gunma Bank Ltd		2,036
	372,101		Hachijuni Bank Ltd		2,171
	112,130	*,e	Hampton Roads Bankshares, Inc		145
	397,723		Hana Financial Group, Inc		11,507
	333,300		Hancock Holding Co		10,022
	995,477		Hang Seng Bank Ltd		14,660
	159,838	*	Hanmi Financial Corp		2,824
	2,534,715		HDFC Bank Ltd		28,397
	60,832	e	Heartland Financial USA, Inc		1,672
	102,307	*	Heritage Commerce Corp		716
	63,628		Heritage Financial Corp		932

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	648	e	Heritage Financial Group	$	10
	84,201	*	Heritage Oaks Bancorp		520
	169,000		Higashi-Nippon Bank Ltd		349
	244,331		Higo Bank Ltd		1,440
	4,510		Hingham Institution for Savings		306
	155,000		Hiroshima Bank Ltd		660
	357,000		Hokkoku Bank Ltd		1,237
	442,000		Hokuetsu Bank Ltd		881
	168,000		Hokuhoku Financial Group, Inc		343
	28,794	*	Home Bancorp, Inc		533
	177,471		Home Bancshares, Inc		4,609
	85,424		Home Capital Group, Inc		4,510
	68,720		Home Federal Bancorp, Inc		876
	225,276		Home Loan Servicing Solutions Ltd		5,400
	43,693	e	HomeStreet, Inc		937
	82,796	*	HomeTrust Bancshares, Inc		1,404
	700,540		Hong Leong Bank BHD		3,073
	197,012		Hong Leong Credit BHD		899
	31,147	e	Horizon Bancorp		636
	2,237,481		Housing Development Finance Corp		32,940
	29,737,505		HSBC Holdings plc		307,847
	6,607,778		Hua Nan Financial Holdings Co Ltd		3,691
	571,820		Hudson City Bancorp, Inc		5,238
	64,409		Hudson Valley Holding Corp		1,094
	6,878,005		Huntington Bancshares, Inc		54,199
	293,692		Hyakugo Bank Ltd		1,220
	627,000		Hyakujushi Bank Ltd		2,045
	118,798		IBERIABANK Corp		6,369
	720,697		ICICI Bank Ltd		12,842
	21,469		ICICI Bank Ltd (ADR)		821
	91,364		Independent Bank Corp		3,152
	18,713	*	Independent Bank Group, Inc		569
	160,212,366		Industrial & Commercial Bank of China		100,410
	517,390		Industrial Bank of Korea		4,935
	506,028		ING Vysya Bank Ltd		5,156
	217,342		International Bancshares Corp		4,908
	65,969	*	Intervest Bancshares Corp		441
	4,422,138		Investimentos Itau S.A. - PR		16,429
	212,279		Investors Bancorp, Inc		4,475
	541,290	*,m	Irish Bank Resolution Corp Ltd		0	^
	1,820,106	*	Israel Discount Bank Ltd		3,031
	127,925	*	Itausa-Investimentos Itau S.A. (ADR)		482
	49,236		Iyo Bank Ltd		471
	15,922		Jammu & Kashmir Bank Ltd		327
	156,574	m	Jeonbuk Bank		846
	257,600	*	Jimoto Holdings Inc		621
	617,406		Joyo Bank Ltd		3,372
	435,555		Juroku Bank Ltd		1,590
	124,398	*	Jyske Bank		4,679
	188,000		Kagoshima Bank Ltd		1,194
	762,535		Kansai Urban Banking Corp		827
	104,000		Kanto Tsukuba Bank Ltd		362

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	600,089		Karnataka Bank Ltd	$	1,126
	22,505	*	Karur Vusya Bank Ltd		165
	504,000		Kasikornbank PCL		3,077
	286,400		Kasikornbank PCL - NVDR		1,749
	1,718,800		Kasikornbank PCL (Foreign)		10,775
	741,074		KB Financial Group, Inc		21,979
	296,757		KBC Groep NV		11,063
	77,295	*	Kearny Financial Corp		811
	735,000		Keiyo Bank Ltd		3,704
	5,582,880		Keycorp		61,635
	696,432		Kiatnakin Bank PCL		1,183
	1,218,000	*	King’s Town Bank		1,032
	1,916,000		Kiyo Holdings, Inc		2,509
	32,556		Komercni Banka AS		6,044
	8,746,500		Krung Thai Bank PCL		5,684
	117,609		Lakeland Bancorp, Inc		1,227
	64,728		Lakeland Financial Corp		1,796
	35,852		Laurentian Bank of Canada		1,498
	24,065	*	LCNB Corp		538
	5,251,200		LH Financial Group PCL		217
	850,921		LIC Housing Finance Ltd		3,640
	114,607,314	*	Lloyds TSB Group plc		110,059
	125,289	e	M&T Bank Corp		14,001
	94,000	*	Macatawa Bank Corp		474
	88,185		MainSource Financial Group, Inc		1,184
	6,576,154		Malayan Banking BHD		21,575
	1,747,600		Malaysia Building Society		1,696
	5,646,074	*,m	Marfin Popular Bank Public Co Ltd		73
	223,645		MB Financial, Inc		5,994
	11,065,182		Mega Financial Holding Co Ltd		8,359
	213,356		Menorah Mivtachim Holdings Ltd (ADR)		1,472
	34,183		Mercantile Bank Corp		614
	26,661		Merchants Bancshares, Inc		788
	39,853	*	Meridian Interstate Bancorp, Inc		750
	21,253		Meta Financial Group, Inc		559
	66,690		MetroCorp Bancshares, Inc		651
	1,549,831		Metropolitan Bank & Trust		3,965
	1,175,863	*,e	MGIC Investment Corp		7,137
	18,520		Middleburg Financial Corp		354
	34,303		Midsouth Bancorp, Inc		533
	28,910	e	MidWestOne Financial Group, Inc		696
	220,000		Mie Bank Ltd		457
	230,000		Minato Bank Ltd		404
	21,899,464		Mitsubishi UFJ Financial Group, Inc		135,248
	4,629,494		Mitsui Trust Holdings, Inc		21,601
	389,000		Miyazaki Bank Ltd		1,167
	16,627	*	Mizrahi Tefahot Bank Ltd		166
	29,362,280		Mizuho Financial Group, Inc		60,976
	81,068		Musashino Bank Ltd		2,679
	300,928		Nanto Bank Ltd		1,226
	14,640	*,e	NASB Financial, Inc		383
	2,167,793		National Australia Bank Ltd		58,639

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	205,897		National Bank Holdings Corp	$	4,056
	373,305	e	National Bank of Canada		26,636
	572,509	*	National Bank of Greece S.A.		1,860
	32,862	e	National Bankshares, Inc		1,168
	486,059		National Penn Bancshares, Inc		4,938
	147,054	*,e	Nationstar Mortgage Holdings, Inc		5,506
	1,352,280		Natixis		5,678
	183,005		NBT Bancorp, Inc		3,874
	302,866	e	Nedbank Group Ltd		5,376
	434,927	e	New York Community Bancorp, Inc		6,089
	105,725	*	NewBridge Bancorp		633
	115,225		Nishi-Nippon City Bank Ltd		300
	24,537	*	NOMOS-BANK (GDR)		344
	1,770,151		Nordea Bank AB		19,768
	428,700		North Pacific Bank Ltd		1,576
	274,359		Northfield Bancorp, Inc		3,215
	26,722		Northrim BanCorp, Inc		646
	386,670		Northwest Bancshares, Inc		5,224
	53,950		OceanFirst Financial Corp		839
	416,857	*	Ocwen Financial Corp		17,183
	181,978	e	OFG Bancorp		3,296
	398,000		Ogaki Kyoritsu Bank Ltd		1,158
	385,000		Oita Bank Ltd		1,219
	413,846	e	Old National Bancorp		5,723
	46,705	*	OmniAmerican Bancorp, Inc		1,029
	193,382		Oritani Financial Corp		3,032
	554,257		OTP Bank		11,593
	2,725,551	e	Oversea-Chinese Banking Corp		21,426
	73,626		Pacific Continental Corp		869
	1,234	*,e	Pacific Mercantile Bancorp		7
	62,070	*	Pacific Premier Bancorp, Inc		759
	156,974	e	PacWest Bancorp		4,811
	10,894	*	Palmetto Bancshares, Inc		142
	361,448		Paragon Group of Cos plc		1,681
	46,279	e	Park National Corp		3,184
	176,854	*	Park Sterling Bank		1,045
	36,204	e	Peapack Gladstone Financial Corp		634
	17,048		Penns Woods Bancorp, Inc		714
	65,148	*	Pennsylvania Commerce Bancorp, Inc		1,305
	50,174	*	PennyMac Financial Services, Inc		1,067
	46,054		Peoples Bancorp, Inc		971
	73	e	Peoples Federal Bancshares, Inc		1
	325,260	e	People’s United Financial, Inc		4,846
	429,240	*	Philippine National Bank		849
	1,144,341		Piccolo Credito Valtellinese Scarl		1,334
	143,153	*,e	Pinnacle Financial Partners, Inc		3,680
	147,603	*	Piraeus Bank S.A.		236
	1,364,030		PNC Financial Services Group, Inc		99,465
	145,308	*	Popular, Inc		4,407
	1,114,097		Powszechna Kasa Oszczednosci Bank Polski S.A.		11,935
	47,694	*	Preferred Bank		786
	265,936		PrivateBancorp, Inc		5,641

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	230,833		Prosperity Bancshares, Inc	$	11,955
	39,919	e	Provident Financial Holdings, Inc		634
	241,420		Provident Financial Services, Inc		3,810
	169,406	e	Provident New York Bancorp		1,582
	27,697,000		PT Bank Bukopin Tbk		2,001
	14,176,100		PT Bank Central Asia Tbk		14,211
	4,136,935		PT Bank Danamon Indonesia Tbk		2,433
	8,714,500		PT Bank Jabar Banten Tbk		1,032
	14,897,648		PT Bank Mandiri Persero Tbk		13,437
	22,621,750		PT Bank Negara Indonesia		9,737
	19,000,000	*	PT Bank Pan Indonesia Tbk		1,356
	21,518,500		PT Bank Pembangunan Daerah Jawa Timur Tbk		852
	13,251,194		PT Bank Tabungan Negara Tbk		1,530
	78,946		Public Bank BHD		422
	1,581,411		Public Bank BHD (Foreign)		8,523
	666,357	e	Radian Group, Inc		7,743
	6,129		Raiffeisen International Bank Holding AG.		178
	5,617,276		Regions Financial Corp		53,533
	102,300	e	Renasant Corp		2,490
	37,861		Republic Bancorp, Inc (Class A)		830
	5,023,040		Resona Holdings, Inc		24,463
	866,290		RHB Capital BHD		2,360
	467,800		Rizal Commercial Banking Corp		621
	110,397		Rockville Financial, Inc		1,444
	28,990		Roma Financial Corp		526
	5,200	*,m	Roskilde Bank		0	^
	135,601		Royal Bank of Canada		7,907
	2,465,116	e	Royal Bank of Canada (Toronto)		143,636
	2,383,204	*	Royal Bank of Scotland Group plc		9,890
	124,057		S&T Bancorp, Inc		2,432
	55,676		S.Y. Bancorp, Inc		1,366
	97,678		Sandy Spring Bancorp, Inc		2,112
	178,000		San-In Godo Bank Ltd		1,318
	6,153,170		Sberbank of Russian Federation (ADR)		69,817
	68,090	e	SCBT Financial Corp		3,431
	323,207	*	Seacoast Banking Corp of Florida		711
	465,036	*	Sekerbank TAS		451
	530,780		Senshu Ikeda Holdings, Inc		2,754
	257,146		Seven Bank Ltd		932
	289,000		Shiga Bank Ltd		1,481
	694,512		Shinhan Financial Group Co Ltd		22,772
	1,836,823		Shinsei Bank Ltd		4,171
	984,559		Shizuoka Bank Ltd		10,619
	716	e	SI Financial Group, Inc		8
	2,517,400		Siam Commercial Bank PCL		13,862
	49,614		Sierra Bancorp		734
	103,798	*	Signature Bank		8,617
	70,507	e	Simmons First National Corp (Class A)		1,840
	8,065,151		SinoPac Financial Holdings Co Ltd		3,814
	2,765,492		Skandinaviska Enskilda Banken AB (Class A)		26,402
	903,068		Societe Generale		31,080
	73,168	e	Southside Bancshares, Inc		1,747

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	78,849	*	Southwest Bancorp, Inc	$	1,041
	285,351		Sparebanken Midt-Norge		2,185
	5,190		St Galler Kantonalbank		1,954
	2,381,310		Standard Bank Group Ltd		26,834
	5,364,976		Standard Chartered plc		116,476
	105,824	e	Standard Chartered plc (Hong Kong)		2,307
	146,906		State Bank & Trust Co		2,208
	7,332		State Bank of Bikaner & Jaip		50
	65,668		State Bank of India Ltd		2,148
	69,603		State Bank of India Ltd (GDR)		4,643
	2,543		State Bank of Travancore		22
	93,510		StellarOne Corp		1,837
	125,910		Sterling Bancorp		1,463
	136,402		Sterling Financial Corp		3,244
	48,878	*	Suffolk Bancorp		799
	3,433,671		Sumitomo Mitsui Financial Group, Inc		157,169
	172,495	*,e	Sun Bancorp, Inc		585
	891,347		SunTrust Banks, Inc		28,140
	151,678		Suruga Bank Ltd		2,751
	769,241		Susquehanna Bancshares, Inc		9,885
	77,054	*	SVB Financial Group		6,420
	246,888		Svenska Handelsbanken (A Shares)		9,891
	1,428,150		Swedbank AB (A Shares)		32,711
	84,739	*	Sydbank AS		1,685
	218,579		Syndicate Bank		400
	5,567,790		Synovus Financial Corp		16,258
	2,201,934	*	Ta Chong Bank Co Ltd		718
	2,126,615		Taichung Commercial Bank		767
	7,897,268		Taishin Financial Holdings Co Ltd		3,467
	2,923,471	*	Taiwan Business Bank		868
	6,357,313		Taiwan Cooperative Financial Holding		3,512
	67,420	*	Taylor Capital Group, Inc		1,139
	3,320,500		TCF Financial Corp		47,085
	53,399		Territorial Bancorp, Inc		1,207
	167,536	*	Texas Capital Bancshares, Inc		7,432
	114,349	*	TFS Financial Corp		1,281
	1,755,300		Thanachart Capital PCL		2,166
	128,701	*	The Bancorp, Inc		1,929
	1,397,900		Tisco Bank PCL		1,834
	245,000		Tochigi Bank Ltd		844
	487,000		Toho Bank Ltd		1,489
	69,900		Tokyo Tomin Bank Ltd		827
	332,600		Tomony Holdings, Inc		1,292
	58,848		Tompkins Trustco, Inc		2,659
	1,431,346	e	Toronto-Dominion Bank		114,962
	542,000		Towa Bank Ltd		492
	108,821	e	TowneBank		1,602
	24,858		Tree.com, Inc		426
	66,335	e	Trico Bancshares		1,415
	20,929	*	Tristate Capital Holdings, Inc		288
	390,038		Trustco Bank Corp NY		2,122
	274,397	e	Trustmark Corp		6,745

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,815,144		Turkiye Garanti Bankasi AS	$	12,271
	1,471,882		Turkiye Halk Bankasi AS		12,471
	2,914,524		Turkiye Is Bankasi (Series C)		8,602
	1,415,623		Turkiye Sinai Kalkinma Bankasi AS		1,401
	1,145,797		Turkiye Vakiflar Bankasi Tao		2,853
	675,915		UCO Bank		701
	138,645		UMB Financial Corp		7,718
	460,176		Umpqua Holdings Corp		6,907
	6,231,910		UniCredit S.p.A		29,133
	789,640	*	Union Bank Of Taiwan		294
	82,714		Union Bankshares Corp		1,703
	205,874	e	United Bankshares, Inc		5,445
	176,116	*	United Community Banks, Inc		2,187
	158,628	*	United Community Financial Corp		738
	91,383		United Financial Bancorp, Inc		1,384
	1,845,679	e	United Overseas Bank Ltd		28,822
	72,029	e	Univest Corp of Pennsylvania		1,374
	6,252,352		US Bancorp		226,023
	360,936		UTI Bank Ltd		8,007
	27,583	e	Valiant Holding		2,319
	196,447	e	Valley National Bancorp		1,860
	156,591		ViewPoint Financial Group		3,259
	514,060		Vijaya Bank		387
	107,951	*	Virginia Commerce Bancorp		1,507
	1,789,159	e	VTB Bank OJSC (GDR)		5,059
	64,159	*	Walker & Dunlop, Inc		1,123
	63,326		Washington Banking Co		899
	164,041		Washington Federal, Inc		3,097
	60,773		Washington Trust Bancorp, Inc		1,733
	22,889	*	Waterstone Financial, Inc		233
	393,280		Webster Financial Corp		10,099
	26,294,033		Wells Fargo & Co		1,085,155
	105,024		WesBanco, Inc		2,776
	71,471		West Bancorporation, Inc		840
	111,563	e	Westamerica Bancorporation		5,097
	298,786	*	Western Alliance Bancorp		4,730
	97,531		Westfield Financial, Inc		683
	4,692,865		Westpac Banking Corp		123,211
	252,458		Wilshire Bancorp, Inc		1,671
	348,468	e	Wing Hang Bank Ltd		3,117
	150,741		Wintrust Financial Corp		5,770
	427,690		Woori Finance Holdings Co Ltd		3,927
	31,221		WSFS Financial Corp		1,636
	14,200		Yachiyo Bank Ltd		429
	57,532	*	Yadkin Financial Corp		808
	181,000		Yamagata Bank Ltd		756
	112,905		Yamaguchi Financial Group, Inc		1,111
	213,000		Yamanashi Chuo Bank Ltd		900
	1,556,841		Yapi ve Kredi Bankasi		3,539
	182,061		Zions Bancorporation		5,258
			TOTAL BANKS		6,718,817

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
CAPITAL GOODS - 7.8%
	1,610,353		3M Co	$	176,092
	251,089		A.O. Smith Corp		9,110
	116,754		Aalberts Industries NV		2,609
	66,349		Aaon, Inc		2,195
	162,345		AAR Corp		3,568
	473,818		ABB Ltd		10,264
	268,580	e	Abengoa S.A.		663
	219,180	e	Abengoa S.A. (B Shares)		442
	3,447,062		Aboitiz Equity Ventures, Inc		3,999
	1,878,000		AcBel Polytech, Inc		1,490
	130,157	*,e	Accuride Corp		659
	199,000		ACES Electronic Co Ltd		164
	108,132		Aceto Corp		1,506
	32,928		ACS Actividades Cons y Servicios S.A.		871
	147,970		Acter Co Ltd		632
	299,972	e	Actuant Corp (Class A)		9,890
	183,876	e	Acuity Brands, Inc		13,886
	237,594		Adani Enterprises Ltd		822
	43,618		Aditya Birla Nuvo Ltd		780
	139,500		Advan Co Ltd		1,809
	49,000		Advanced Ceramic X Corp		151
	543,903	*	Aecom Technology Corp		17,291
	168,355		Aecon Group, Inc		1,737
	159,148	*	Aegion Corp		3,582
	78,124	*,e	Aerovironment, Inc		1,577
	17,445	*	AFG Arbonia-Forster Hldg		480
	15,100	e	AG Growth International Inc		490
	707,293		AGCO Corp		35,499
	60,299		Aica Kogyo Co Ltd		1,209
	40,500		Aichi Corp		194
	172,200		Aida Engineering Ltd		1,314
	180,387	e	Air Lease Corp		4,977
	236,901		Aircastle Ltd		3,788
	163,068		Airtac International Group		775
	136,146		Akfen Holding AS.		326
	27,949		Alamo Group, Inc		1,141
	226,239		Alarko Holding AS		678
	112,814		Albany International Corp (Class A)		3,721
	145,989		Alfa Laval AB		2,982
	6,399,740		Alfa S.A. de C.V. (Class A)		15,430
	13,044,000		Alliance Global Group, Inc		7,013
	166,855		Alliant Techsystems, Inc		13,737
	22,292		Allied Electronics Corp Ltd		46
	164,679		Allied Electronics Corp Ltd (Preference)		310
	24,862		Alstom Projects India Ltd		141
	34,630		Alstom RGPT		1,136
	92,002		Altra Holdings, Inc		2,519
	508,025		Amada Co Ltd		3,345
	154,600		Amano Corp		1,627
	6,208		Amara Raja Batteries Ltd		27
	83,548	*	Ameresco, Inc		753

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	39,860	e	American Railcar Industries, Inc	$	1,336
	47,557		American Science & Engineering, Inc		2,663
	141,882	*,e	American Superconductor Corp		375
	47,307	*	American Woodmark Corp		1,642
	966,435		Ametek, Inc		40,880
	35,767		Ampco-Pittsburgh Corp		671
	34,000	*	Amrep Corp		0	^
	255,000		Amtek Engineering Ltd		96
	15,549		Andritz AG.		798
	15,000		Antarchile S.A.		221
	116,379	*,e	API Technologies Corp		326
	107,083		Apogee Enterprises, Inc		2,570
	153,987		Applied Industrial Technologies, Inc		7,442
	136,431		Arcadis NV		3,674
	89,292		Argan, Inc		1,393
	32,224		Armstrong World Industries, Inc		1,540
	391,067	*	ArvinMeritor, Inc		2,757
	2,028,500		Arwana Citramulia Tbk PT		653
	57,600		Asahi Diamond Industrial Co Ltd		544
	928,205	e	Asahi Glass Co Ltd		6,016
	439,139		Aselsan Elektronik Sanayi Ve Ticaret AS		1,929
	1,385,608		Ashok Leyland Ltd		465
	2,960,610		Ashtead Group plc		29,140
	783,992		Assa Abloy AB (Class B)		30,640
	67,978		Astaldi S.p.A.		468
	82,598		Astec Industries, Inc		2,832
	43,514	*	Astronics Corp		1,778
	613,016	e	Asunaro Aoki Construction Co Ltd		3,355
	303,167		Atlas Copco AB (A Shares)		7,307
	267,089		Atlas Copco AB (B Shares)		5,716
	108,119	*	ATS Automation Tooling Systems, Inc		1,141
	399,026	e	Ausdrill Ltd		311
	120,245		Ausenco Ltd		218
	1,892,675		Austal Ltd		1,307
	81,264	e	Austin Engineering Ltd		234
	557,939		Aveng Ltd		1,688
	6,524,000	*	AVIC International Holding HK Ltd		302
	2,866,600		AviChina Industry & Technology Co		1,472
	134,602		AZZ, Inc		5,190
	33,087		B&B Tools AB		397
	132,163		Babcock & Wilcox Co		3,969
	22,300		Badger Daylighting Ltd		1,051
	4,624,753		BAE Systems plc		26,932
	838,252		Balfour Beatty plc		3,030
	101,000		Bando Chemical Industries Ltd		366
	696,000		Baoye Group Co Ltd		525
	534,176		Barloworld Ltd		4,403
	220,583		Barnes Group, Inc		6,615
	78,615		Basil Read Holdings Ltd		63
	9,950	e	Bauer AG.		241
	15,285		BayWa AG.		732

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	491,179	*	BE Aerospace, Inc	$	30,984
	57	*	Beacon Power Corp		0	^
	159,160	*	Beacon Roofing Supply, Inc		6,029
	1,050,100	e	Beijing Enterprises Holdings Ltd		7,564
	156,432		Belden CDT, Inc		7,811
	242,800		Benalec Holdings BHD		103
	2,180,700		Berjaya Corp BHD		403
	801,000		BES Engineering Corp		217
	528,759		Besalco S.A.		757
	1,106,240		Bharat Heavy Electricals		3,228
	8,821	e	BHI Co Ltd		131
	382,465		Bidvest Group Ltd		9,476
	95,170	e	Bird Construction Income Fund		1,177
	168,076	*	Blount International, Inc		1,987
	113,643	*,e	Bluelinx Holdings, Inc		244
	625,225	e	Boart Longyear Group		381
	443,838		Bodycote plc		3,535
	4,233,774		Boeing Co		433,708
	183,000		Boer Power Holdings Ltd		117
	542,000		Bolina Holding Co Ltd		212
	2,961,573		Bombardier, Inc		13,179
	149,430		Boskalis Westminster		5,444
	6,109		Bossard Holding AG.		946
	201,362	e	Bouygues S.A.		5,131
	214,864	e	Bradken Ltd		844
	189,553		Brady Corp (Class A)		5,825
	42,937	e	Brenntag AG.		6,526
	199,847		Briggs & Stratton Corp		3,957
	8,488		Bucher Industries AG.		2,031
	16,806		Budimex S.A.		474
	151,629	*	Builders FirstSource, Inc		907
	152,000		Bunka Shutter Co Ltd		806
	310,949		Bunzl plc		6,065
	54,280		Burckhardt Compression Holding AG.		21,607
	246,309		CAE, Inc		2,555
	163,900		Cahya Mata Sarawak BHD		274
	63,550	*	CAI International, Inc		1,498
	971,093	*,e	Capstone Turbine Corp		1,136
	15,923		Carbone Lorraine		346
	149,996	e	Cardno Ltd		710
	45,460	e	Cargotec Corp (B Shares)		1,215
	521,688		Carillion plc		2,192
	341,859		Carlisle Cos, Inc		21,301
	1,409,174		Caterpillar, Inc		116,243
	101,900		CB Industrial Product Holding BHD		84
	1,070,327		Central Glass Co Ltd		3,358
	22,652		CENTROTEC Sustainable AG.		382
	370,551	*	Cersanit Krasnystaw S.A.		174
	97,000		Champion Building Materials Co Ltd		31
	218,500		Changchai Co Ltd		122
	1,826,340	e	Changsha Zoomlion Heavy Industry Science and Technology Development Co Ltd		1,300

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	102,890	*	Chart Industries, Inc	$	9,681
	227,615		Chemring Group plc		984
	348,000		Chen Hsong Holdings		105
	712,000	*	Chengdu Putian Telecom Cable Co Ltd		85
	769,446		Chicago Bridge & Iron Co NV		45,905
	947,050		Chien Kuo Construction Co Ltd		461
	819,000		China Automation Group Ltd		155
	14,681,600		China Communications Construction Co Ltd		11,413
	5,804,000	*	China Daye Non-Ferrous Metals Mining Ltd		147
	51,000	*	China Ecotek Corp		137
	570,000		China Electric Manufacturing Corp		284
	3,854,000	*	China Energine International Holdings Ltd		198
	531,050		China Fangda Group Co Ltd		188
	882,000		China Glass Holdings Ltd		93
	1,656,000	*,e	China High Speed Transmission Equipment Group Co Ltd		747
	895,070	*	China International Marine Containers Group Co Ltd		1,534
	3,513,000	e	China National Materials Co Ltd		647
	5,136,000	e	China Railway Construction Corp		4,441
	8,347,700		China Railway Group Ltd		3,835
	332,400		China Singyes Solar Technologies Holdings Ltd		348
	6,206,228	e	China South Locomotive and Rolling Stock Corp		3,627
	2,997,100		China State Construction International Holdings Ltd		4,642
	334,000		China Steel Structure Co Ltd		444
	1,349,222		Chip Eng Seng Corp Ltd		737
	123,928		Chiyoda Corp		1,462
	24,800		Chiyoda Integre Co Ltd		311
	6,666,000	e	Chongqing Machinery & Electric Co Ltd		810
	36,000		Chudenko Corp		353
	94,989	e	Chugai Ro Co Ltd		242
	1,172,000		Chung Hsin Electric & Machinery Manufacturing Corp		657
	530,857		Cintra Concesiones de Infraestructuras de Transporte S.A.		8,475
	970,464		CIR-Compagnie Industriali Riunite S.p.A.		1,096
	78,675		CIRCOR International, Inc		4,001
	1,816,814	e	Citic Pacific Ltd		1,937
	5,487,000	*	Citic Resources Holdings Ltd		618
	401,000	e	Civmec Ltd		264
	20,753		CJ Corp		2,058
	58,800		CKD Corp		507
	89,402		Clal Industries and Investments		374
	223,774	e	Clarcor, Inc		11,683
	834,639		Clough Ltd		816
	484,400	e	CNH Global NV		20,180
	403,866		Coastal Contracts BHD		276
	929,873		Cobham plc		3,707
	459,368		Cofide S.p.A.		252
	43,841		Coleman Cable, Inc		792
	308,392	*	Colfax Corp		16,070
	78,522	*	Columbus McKinnon Corp		1,674
	162,210		Comfort Systems USA, Inc		2,420
	89,555	*	Commercial Vehicle Group, Inc		668

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	529,313		Compagnie de Saint-Gobain	$	21,448
	14,840		Compagnie d’Entreprises CFE		854
	304,100		COMSYS Holdings Corp		3,882
	86,881		Concentric AB		861
	2,022		Construcciones y Auxiliar de Ferrocarriles S.A.		864
	827,000		Continental Engineering Corp		303
	1,190,000	e	Cosco Corp Singapore Ltd		696
	1,932,000		Cosco International Holdings Ltd		775
	26,885		Cosel Co Ltd		343
	91,657	e	Costain Group plc		388
	58,269		Cramo Oyj (Series B)		675
	354,724		Crane Co		21,255
	30,000		Crompton Greaves Ltd		44
	1,084,590		CSBC Corp Taiwan		704
	1,246,932		CSR Ltd		2,532
	836,600		CTCI Corp		1,517
	77,038		Cubic Corp		3,706
	668,292		Cummins, Inc		72,483
	192,982		Curtiss-Wright Corp		7,152
	690,000		DA CIN Construction Co Ltd		626
	75,103		Daelim Industrial Co		5,661
	19,970	e	Daesang Holdings Co Ltd		136
	111,915	*,e	Daewoo Engineering & Construction Co Ltd		691
	54,898		Daewoo International Corp		1,689
	107,511	e	Daewoo Shipbuilding & Marine Engineering Co Ltd		2,356
	98,500		Daifuku Co Ltd		717
	134,641		Daihen Corp		581
	52,000		Daiichi Jitsugyo Co Ltd		221
	252,221		Daikin Industries Ltd		10,195
	45,000		Daiwa Industries Ltd		247
	190,200		Dalian Refrigeration Co Ltd		137
	2,120,218		Danaher Corp		134,210
	16,211		Danieli & Co S.p.A.		378
	106,749		Danieli & Co S.p.A. (RSP)		1,608
	171,029		DCC plc		6,679
	446,527	e	Decmil Group Ltd		724
	488,355	e	Deere & Co		39,679
	29,100		Denyo Co Ltd		419
	105,282	*	Deutz AG.		635
	2,813,850		Dialog Group BHD		2,506
	299,699	*,e	DigitalGlobe, Inc		9,294
	41,306	*	Discount Investment Corp		149
	935,110		DMCI Holdings, Inc		1,113
	738,308	*	Dogan Sirketler Grubu Holdings		371
	182,471		Donaldson Co, Inc		6,507
	19,100	e	Dongfang Electric Co Ltd		25
	26,169		Dongkuk Structures & Construction Co Ltd		79
	10,682		Doosan Corp		1,198
	30,330	*,e	Doosan Engine Co Ltd		190
	56,323		Doosan Heavy Industries and Construction Co Ltd		2,086
	114,860	*,e	Doosan Infracore Co Ltd		1,067
	75,869		Douglas Dynamics, Inc		985

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	959,310		Dover Corp	$	74,500
	40,960	*	Ducommun, Inc		871
	89,913		Duerr AG.		5,416
	72,522		Duro Felguera S.A.		467
	36,057	*	DXP Enterprises, Inc		2,401
	126,090	*	Dycom Industries, Inc		2,918
	57,802	e	Dynamic Materials Corp		954
	416,000		Dynapack International Technology Corp		1,251
	423,900		Dynasty Ceramic PCL		870
	1,884,295		Eaton Corp		124,005
	745,828		Ebara Corp		3,981
	44,697		Eczacibasi Yatirim Holding		136
	72,733	*	Edgen Group, Inc		464
	551,745	*	Edwards Group Ltd (ADR)		4,690
	438,100	*	EEI Corp		134
	3,287		Eicher Motors Ltd		181
	107,021		Eiffage S.A.		5,013
	31,021		Elbit Systems Ltd		1,303
	3,196		Electra Israel Ltd		352
	276,149		EMCOR Group, Inc		11,225
	843,921		Emeco Holdings Ltd		212
	1,174,236		Emerson Electric Co		64,043
	1,052,482		Empresa Brasileira de Aeronautica S.A.		9,674
	809,500	*,e	Empresas ICA Sociedad Controladora S.A. de C.V.		1,529
	79,912		Encore Wire Corp		2,725
	10,400		Endo Lighting Corp		279
	167,192	*,e	Energy Recovery, Inc		691
	234,612		EnerSys		11,505
	91,687	*	Engility Holdings, Inc		2,606
	1,492,036		Engineers India Ltd		3,588
	518,810		Enka Insaat ve Sanayi AS		1,301
	50,689	*,e	Enphase Energy, Inc		392
	78,673	*,e	EnPro Industries, Inc		3,993
	472,000		Enric Energy Equipment Holdings Ltd		729
	12,002	*	Erickson Air-Crane, Inc		226
	107,472		ESCO Technologies, Inc		3,480
	126,510	*	Esterline Technologies Corp		9,145
	1,524,745		European Aeronautic Defence and Space Co		81,575
	1,292,000		EVA Precision Industrial Holdings Ltd		174
	336,800	*	Eversendai Corp Bhd		154
	487,219		Exelis, Inc		6,719
	7,419		Faiveley S.A.		452
	72,049	*	Fanuc Ltd		10,427
	4,142,000	*	Far East Global Group Ltd		1,276
	6,858,852		Far Eastern Textile Co Ltd		7,401
	711,431		Fastenal Co		32,619
	249,175	*	Federal Signal Corp		2,180
	231,840		Fenner plc		1,081
	2,193,921		Ferreyros S.A.		1,656
	483,834		Fiat Industrial S.p.A.		5,386
	523,648	*	Finmeccanica S.p.A.		2,620
	252,125		Finning International, Inc		5,190

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,360,000	e	First Tractor Co	$	744
	193,352	*,e	Flow International Corp		713
	426,243		Flowserve Corp		23,021
	76,091	e	FLSmidth & Co AS		3,456
	588,490		Fluor Corp		34,903
	59,265	e	Fomento de Construcciones y Contratas S.A.		552
	347,201		Forge Group Ltd		1,326
	1,078,879		Forjas Taurus S.A. (Preference)		1,209
	2,082,062		Fortune Brands Home & Security, Inc		80,659
	290,100		Foshan Electrical and Lighting Co Ltd		205
	215,000	*	Foster Wheeler AG.		4,668
	186,880		Franklin Electric Co, Inc		6,289
	242,000	e	Fraser and Neave Ltd		1,635
	46,678		Freightcar America, Inc		793
	33,164	*	Frigoglass S.A.		218
	401,942		FSP Technology, Inc		369
	183,200	*	Fudo Tetra Corp		260
	509,702	*,e	FuelCell Energy, Inc		647
	1,579,302	*	Fuji Electric Holdings Co Ltd		5,553
	85,192		Fuji Machine Manufacturing Co Ltd		727
	1,041,978		Fujikura Ltd		3,688
	86,000		Fujitec Co Ltd		861
	132,005	*	Furmanite Corp		883
	379,000		Furukawa Co Ltd		641
	1,215,762	e	Furukawa Electric Co Ltd		2,813
	40,019	*	Futaba Corp/Chiba		476
	176,263		Galliford Try plc		2,507
	862,068		Gamesa Corp Tecnologica S.A.		4,677
	3,249,000		Gamuda BHD		4,868
	48,057		Gardner Denver, Inc		3,613
	97,916		GATX Corp		4,644
	24,657		GEA Group AG.		873
	28,721		Geberit AG.		7,115
	218,981	*,e	GenCorp, Inc		3,561
	249,876		Generac Holdings, Inc		9,248
	252,403		General Cable Corp		7,761
	1,596,593		General Dynamics Corp		125,061
	42,745,647		General Electric Co		991,272
	5,112		Georg Fischer AG.		2,251
	3,226		Gesco AG.		302
	125,822	*	Gibraltar Industries, Inc		1,832
	277,221		Giken Seisakusho Co, Inc		1,409
	176,439		Gildemeister AG.		3,923
	26,444	*	Global Brass & Copper Holdings, Inc		350
	68,437		Global Power Equipment Group, Inc		1,103
	77,456		Glory Ltd		1,817
	960,000	*	GMR Infrastructure Ltd		283
	55,323	e	Gorman-Rupp Co		1,761
	120,703		Graco, Inc		7,630
	473,918	*,e	GrafTech International Ltd		3,450
	1,764,631		Grafton Group plc		12,329
	34,062	e	Graham Corp		1,023

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	338,807		Grana y Montero S.A.	$	1,341
	157,764		Granite Construction, Inc		4,695
	9,950		Graphite India Ltd		12
	238,081		Great Lakes Dredge & Dock Corp		1,862
	22,415		Greaves Cotton Ltd		23
	95,604	*	Greenbrier Cos, Inc		2,330
	190,163		Griffon Corp		2,139
	58,821	*	Grontmij (ADR)		243
	172,536		Group Five Ltd		641
	1,076,037	e	Grupo Carso S.A. de C.V. (Series A1)		5,073
	39,309	e	GS Engineering & Construction Corp		960
	10,060	e	GS Global Corp		82
	425,000		GS Yuasa Corp		1,769
	330,800		Guangzhou Shipyard International Co Ltd		281
	284,209	e	GWA International Ltd		622
	110,352		H&E Equipment Services, Inc		2,325
	1,193,000	e	Haitian International Holdings Ltd		1,741
	50,085		Haldex AB		341
	6,670		Halla Engineering & Construction Corp		30
	954,580		Hangzhou Steam Turbine Co		1,323
	53,291	*,e	Hanjin Heavy Industries & Construction Co Ltd		468
	26,120		Hanjin Heavy Industries & Construction Holdings Co Ltd		162
	707,395		Hanwa Co Ltd		2,687
	1,338,600		HAP Seng Consolidated BHD		867
	2,340,000	e	Harbin Power Equipment		1,537
	48,755		Hardinge, Inc		721
	80,487		Harsco Corp		1,866
	201,943		Havells India Ltd		2,489
	306,100	*	Hazama Ando Corp		680
	176,867	e	Heico Corp		8,909
	259,276	*,e	Heidelberger Druckmaschinen		644
	167,708	*	Hellenic Technodomiki Tev S.A.		480
	2,804,000		Henderson Investment Ltd		206
	170,713	*	Hexcel Corp		5,813
	21,400		Hibiya Engineering Ltd		209
	498,021		Hills Industries Ltd		460
	1,195,866	*	Hindustan Construction Co		211
	949,377		Hino Motors Ltd		13,931
	20,000		Hisaka Works Ltd		170
	233,000	*,m	Hitachi Cable Ltd		444
	263,834		Hitachi Construction Machinery Co Ltd		5,322
	107,900		Hitachi Koki Co Ltd		863
	981,899		Hitachi Zosen Corp		1,384
	223,338		Hiwin Technologies Corp		1,323
	4,838,000	e	HKC Holdings Ltd		149
	11,440		Hochtief AG.		745
	446,735		Hock Seng Lee BHD		283
	17,322		Homag Group AG.		310
	6,105,750		Honeywell International, Inc		484,430
	159,000		Hong Leong Asia Ltd		194
	939,831		Hopewell Holdings		3,119
	59,000		Hoshizaki Electric Co Ltd		1,889

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	36,707		Hosken Consolidated Investments Ltd	$	464
	38,000		Hosokawa Micron Corp		260
	73,272		Houston Wire & Cable Co		1,014
	1,359,000	*	HUA ENG Wire & Cable		516
	99,196		Hubbell, Inc (Class B)		9,820
	21,261	e	Huber & Suhner AG.		948
	17,797		Hudaco Industries Ltd		163
	226,904		Huntington Ingalls		12,816
	27,187		Hurco Cos, Inc		782
	3,459,961		Hutchison Whampoa Ltd		36,199
	17,644	e	Hy-Lok Corp		344
	42,487		Hyster-Yale Materials Handling, Inc		2,668
	45,020		Hyundai Corp		866
	68,946	e	Hyundai Development Co		1,498
	91,078		Hyundai Engineering & Construction Co Ltd		4,429
	61,041		Hyundai Heavy Industries		9,737
	11,437	e	Hyundai Mipo Dockyard		1,250
	29,800		Idec Corp		286
	371,004		IDEX Corp		19,964
	669,019	*	Ihlas Holding		284
	211,279	*	II-VI, Inc		3,435
	1,387,207		IJM Corp BHD		2,478
	1,515,178		Illinois Tool Works, Inc		104,805
	21,470	e	IMARKETKOREA,Inc		414
	496,834		IMI plc		9,365
	29,823		Implenia AG.		1,487
	26,422		IMS-Intl Metal Service		345
	288,641	e	Imtech NV		2,125
	52,610		Inaba Denki Sangyo Co Ltd		1,352
	133,484		Inabata & Co Ltd		1,097
	45,939	e	Indus Holding AG.		1,488
	22,224		Industria Macchine Automatiche S.p.A.		512
	39,000		Industrias Romi S.A.		92
	24,287		Indutrade AB		751
	996		Ingersoll-Rand India Ltd		6
	3,016,089		Ingersoll-Rand plc		167,453
	40,714	*	Innovative Solutions & Support, Inc		261
	92,554		Insteel Industries, Inc		1,622
	2,925,000	*	Interchina Holdings Co		186
	89,272		Interpump Group S.p.A.		795
	290,057		Interserve plc		2,240
	2,971,790		Invensys plc		18,609
	23,564		Invicta Holdings Ltd		236
	229,700		Iochpe-Maxion S.A.		2,480
	168,102		IRB Infrastructure Developers Ltd		270
	12,320	*,e	IS Dongseo Co Ltd		150
	360,000	e	Iseki & Co Ltd		1,031
	296,000		I-Sheng Electric Wire & Cable Co Ltd		438
	6,452,441	e	Ishikawajima-Harima Heavy Industries Co Ltd		24,413
	1,650,000	*	Italian-Thai Development PCL		263
	2,930,677		Itochu Corp		33,890
	530,936		ITT Corp		15,615

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	64,128		IVRCL Infrastructures & Projects Ltd	$	16
	229,000		Iwatani International Corp		807
	581,589	*	Jacobs Engineering Group, Inc		32,063
	263,792		Jain Irrigation Systems Ltd		229
	1,289,715		Jaiprakash Associates Ltd		1,155
	125,500	*	Japan Bridge Corp		195
	106,604		Japan Pulp & Paper Co Ltd		312
	276,443		Japan Steel Works Ltd		1,517
	1,274,057		JG Summit Holdings (Series B)		1,176
	165,894		JGC Corp		5,974
	7,060,000	*	Jia Sheng Holdings Ltd		244
	4,279,000	e	Jiangsu Rongsheng Heavy Industry Group Co Ltd		618
	490,000		Jingwei Textile Machinery		303
	135,395		John Bean Technologies Corp		2,845
	1,840,500	e	Johnson Electric Holdings Ltd		1,135
	933,359		Joy Global, Inc		45,296
	851,654		JTEKT Corp		9,546
	179,000	e	Juki Corp		261
	46,172	e	Jungheinrich AG.		2,058
	7,506	*,e	JVM Co Ltd		305
	47,593		Kadant, Inc		1,436
	852,434		Kajima Corp		2,826
	8,178		Kalpataru Power Transmission Ltd		9
	97,572		Kaman Corp		3,372
	26,000		Kamei Corp		199
	36,000		Kanamoto Co Ltd		719
	412,000		Kandenko Co Ltd		1,757
	530,000	*	Kanematsu Corp		593
	23,600		Katakura Industries Co Ltd		294
	1,514,640		Kawasaki Heavy Industries Ltd		4,648
	133,584		Kaydon Corp		3,680
	1,561,197		KBR, Inc		50,739
	15,676		KCC Corp		4,481
	61,124		KCI Konecranes Oyj		1,740
	10,039		KEC International Ltd		5
	25,000		Keihan Electric Railway Co Ltd		104
	150,699		Keller Group plc		2,271
	10,657		Kendrion NV		277
	727,102		Kennametal, Inc		28,233
	316,408		Kentz Corp Ltd		1,800
	2,687,438	e	Keppel Corp Ltd		21,981
	121,293	*,e	KEYW Holding Corp		1,607
	46,099	e	KHD Humboldt Wedag International AG.		277
	99,809		Kier Group plc		1,738
	100,730		Kinden Corp		867
	192,000		King Slide Works Co Ltd		1,406
	173,315		Kingspan Group plc		2,307
	49,000		Kinik Co		84
	50,000		Kinki Sharyo Co Ltd		161
	274,400		Kitz Corp		1,365
	119,432	*	Kloeckner & Co AG.		1,275
	1,153,392		KOC Holding AS		5,527

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
19,790			Kolon Engineering & Construction Co Ltd	$	78
	1,504,767		Komatsu Ltd		34,658
	4,281		Komax Holding AG.		424
	146,530	*	Kombassan Holdings AS.		617
	66,090		Komori Corp		766
	265,305		Kone Oyj (Class B)		21,044
	285,622	e	Koninklijke BAM Groep NV		1,359
	143,683		Koninklijke Philips Electronics NV		3,917
	14,708	*	Koor Industries Ltd		214
	72,525	*	Kopex S.A.		246
	50,840	e	Korea Aerospace Industries Ltd		1,354
	21,090		Korea Electric Terminal Co Ltd		603
	162,882	*,e	Kratos Defense & Security Solutions, Inc		1,055
	16,045		Krones AG.		1,141
	476,963		Kubota Corp		6,941
	32,690		KUKA AG.		1,380
	5,000	e	Kumho Electric Co Ltd		137
	7,795	*,e	Kumho Industrial Co Ltd		93
	60,610		Kurita Water Industries Ltd		1,283
	110,279		Kuroda Electric Co Ltd		1,468
	89,600	e	Kyokuto Kaihatsu Kogyo Co Ltd		891
	67,000		Kyosan Electric Manufacturing Co Ltd		225
	228,500		Kyowa Exeo Corp		2,567
	93,000		Kyudenko Corp		389
	323,708		L-3 Communications Holdings, Inc		27,755
	1,074		Lakshmi Machine Works Ltd		33
	1,161,918	*	Lanco Infratech Ltd		133
	277,133		Larsen & Toubro Ltd		6,541
	78,818	*,e	Layne Christensen Co		1,538
	44,516		LB Foster Co (Class A)		1,922
	217,756	e	Legrand S.A.		10,096
	139,860	e	Leighton Holdings Ltd		1,960
	437,282		Lennox International, Inc		28,222
	120,815		LG Corp		6,689
	10,862	e	LG Hausys Ltd		1,005
	77,170		LG International Corp		2,134
	312,761		Lincoln Electric Holdings, Inc		17,912
	80,310	e	Lindab International AB		639
	54,333	e	Lindsay Manufacturing Co		4,074
	7,127	e	LISI		779
	183,691		LIXIL Group Corp		4,473
	41,987	*	LMI Aerospace, Inc		787
	431,427		Lockheed Martin Corp		46,793
	3,040,000	e	Lonking Holdings Ltd		598
	21,788		LS Cable Ltd		1,317
	17,942		LS Industrial Systems Co Ltd		897
	85,653		LSI Industries, Inc		693
	134,000	*	Luoyang Glass Co Ltd		24
	69,689	*	Lydall, Inc		1,017
	14,218		Mabuchi Motor Co Ltd		758
	340,111	e	MACA Ltd		547
	1,453,756		Macmahon Holdings Ltd		171

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
147,000			Maeda Corp	$	726
	86,541		Maeda Road Construction Co Ltd		1,342
	168,748		Makino Milling Machine Co Ltd		986
	42,811	*	Makita Corp		2,302
	271,349		Malaysia Marine and Heavy Engineering Sdn BHD		294
	2,224,300		Malaysian Resources Corp BHD		1,073
	7,760		MAN AG.		846
	39,382	*	Manitex International, Inc		431
	12,016	e	Manitou BF S.A.		164
	470,304	e	Manitowoc Co, Inc		8,423
	262,700		Marcopolo S.A.		1,499
	4,142,632		Marubeni Corp		27,687
	2,725,442		Masco Corp		53,119
	193,054	*	Mastec, Inc		6,351
	37,000		Max Co Ltd		400
	137,165		MAX India Ltd		462
	107,958		MaxiTRANS Industries Ltd		105
	694,734		Meggitt plc		5,474
	315,000		Meidensha Corp		1,068
	1,056,625		Melrose Industries plc		4,005
	52,249		Metka S.A.		674
	51,308	e	Met-Pro Corp		690
	237,257		Metso Oyj		8,037
	93,095	*,e	Meyer Burger Technology AG.		576
	33,307		Michael Baker Corp		903
	66,003		Micron Machinery Co Ltd		1,638
	66,195	*	Middleby Corp		11,259
	43,131		Miller Industries, Inc		663
	307,400		Mills Estruturas e Servicos de		4,162
	3,190,000	e	Minebea Co Ltd		11,605
	190,900		Miraito Holdings Corp		1,709
	99,200		MISUMI Group, Inc		2,732
	2,742,758		Mitsubishi Corp		46,856
	1,327,478		Mitsubishi Electric Corp		12,404
	3,715,696		Mitsubishi Heavy Industries Ltd		20,658
	109,700		Mitsuboshi Belting Co Ltd		516
	3,159,897		Mitsui & Co Ltd		39,626
	1,219,089		Mitsui Engineering & Shipbuilding Co Ltd		1,780
	283,876		Mitsui Matsushima Co Ltd		381
	31,600		Miura Co Ltd		788
	4,492,374		MMC Corp BHD		3,824
	824,782	e	Monadelphous Group Ltd		12,093
	82,100	e	MonotaRO Co Ltd		1,999
	190,291	*	Moog, Inc (Class A)		9,806
	334,679		Morgan Crucible Co plc		1,326
	40,262		Morgan Sindall plc		372
	113,500		Mori Seiki Co Ltd		1,280
	229,683		Mota Engil SGPS S.A.		694
	317,357	*	MRC Global, Inc		8,765
	259,880		MSC Industrial Direct Co (Class A)		20,130
	81,837		MTU Aero Engines Holding AG.		7,882
	726,166		Mudajaya Group BHD		597

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
125,576			Mueller Industries, Inc	$	6,333
	869,146		Mueller Water Products, Inc (Class A)		6,006
	667,700		Muhibbah Engineering M BHD		366
	902,504	*	Murray & Roberts Holdings Ltd		2,297
	81,635	*	MYR Group, Inc		1,588
	33,010		Nabtesco Corp		685
	209,332		Nachi-Fujikoshi Corp		939
	86,810		Nagarjuna Construction Co		35
	276,600		Nagase & Co Ltd		3,527
	123,300		Namura Shipbuilding Co Ltd		968
	19,460	e	National Presto Industries, Inc		1,402
	168,608	*,e	Navistar International Corp		4,681
	14,179		NCC AB		335
	224,642		NCC AB (B Shares)		5,113
	71,176	*	NCI Building Systems, Inc		1,088
	9,100		NEC Capital Solutions Ltd		185
	454,351	*	Neo-Neon Holdings Ltd		78
	26,134	e	Nexans S.A.		1,240
	211,050		NGK Insulators Ltd		2,608
	121,726		Nibe Industrier AB (Series B)		1,911
	123,000		Nichias Corp		775
	8,000		Nichiden Corp		193
	24,500		Nichiha Corp		364
	40,191	e	Nidec Corp		2,812
	131,000		Nippo Corp		2,153
	155,000	e	Nippon Carbon Co Ltd		271
	91,000		Nippon Densetsu Kogyo Co Ltd		942
	175,000	*	Nippon Koei Co Ltd		655
	255,000		Nippon Road Co Ltd		1,332
	93,730	e	Nippon Sharyo Ltd		449
	1,706,000	*	Nippon Sheet Glass Co Ltd		1,596
	141,945		Nippon Signal Co Ltd		1,044
	65,000	e	Nippon Steel Trading Co Ltd		168
	86,000		Nippon Thompson Co Ltd		440
	692,000		Nishimatsu Construction Co Ltd		1,524
	27,400		Nishio Rent All Co Ltd		550
	333,000		Nisshinbo Industries, Inc		2,370
	63,000	e	Nissin Electric Co Ltd		402
	24,300		Nitta Corp		481
	212,000	*	Nitto Boseki Co Ltd		659
	77,947		Nitto Kogyo Corp		1,426
	13,973		Nitto Kohki Co Ltd		259
	76,935	e	NKT Holding AS		2,792
	67,799		NN, Inc		774
	5,194,071		Noble Group Ltd		3,950
	62,246	*	Nordex AG.		434
	279,538		Nordson Corp		19,375
	134,919	*	Noritake Co Ltd		351
	56,900		Noritz Corp		986
	89,370		NORMA Group		3,232
	35,247	*	Nortek, Inc		2,271
	601,735		Northrop Grumman Corp		49,824

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
38,798		*	Northwest Pipe Co	$	1,082
	1,940,478	e	NRW Holdings Ltd		1,593
	288,482		NSK Ltd		2,752
	1,143,000		NTN Corp		3,520
	2,266,813		NWS Holdings Ltd		3,475
	13,300		Obara Corp		401
	911,809		Obayashi Corp		4,728
	135,449		Obrascon Huarte Lain S.A.		4,602
	252,512		OC Oerlikon Corp AG.		2,992
	6,900	*	Odelic Co Ltd		280
	4,295		OHB AG.		94
	127,500		Oiles Corp		2,642
	63,373	e	Okabe Co Ltd		614
	159,641		Okuma Holdings, Inc		1,203
	209,000		Okumura Corp		800
	6,456	e	Omega Flex, Inc		96
	30,800		Onoken Co Ltd		287
	119,368		Orascom Construction Industries		4,104
	247,123	*	Orbital Sciences Corp		4,293
	46,000		Organo Corp		231
	112,858	*	Orion Marine Group, Inc		1,364
	72,607		Ormat Industries		400
	82,400		OSG Corp		1,233
	251,062	*	Oshkosh Truck Corp		9,533
	487,767	e	Outotec Oyj		5,828
	365,559	*	Owens Corning, Inc		14,286
	972,243		Paccar, Inc		52,171
	17,261		Palfinger AG.		494
	456,307		Pall Corp		30,312
	1,005,734		Parker Hannifin Corp		95,947
	32,320	*	Patrick Industries, Inc		672
	221,257	e	Peab AB (Series B)		1,074
	1,031,516		Pentair Ltd		59,508
	340,500		Penta-Ocean Construction Co Ltd		760
	143,954	*	Perini Corp		2,604
	11,804		Pfeiffer Vacuum Technology AG.		1,222
	211,624	*,e	Pgt, Inc		1,835
	107,000		Phihong Technology Co Ltd		73
	108,740		Pike Electric Corp		1,338
	15,495	*	Pinguely-Haulotte		129
	37,035		Pkc Group Oyj		879
	4,743		Plasson		156
	48,497	*	Ply Gem Holdings, Inc		973
	85,905	*,e	PMFG, Inc		594
	112,300		Polyplex PCL		30
	396,904	*,e	Polypore International, Inc		15,995
	37,641	*	Powell Industries, Inc		1,944
	6,557	*	Power Solutions International, Inc		220
	61,856	*	PowerSecure International, Inc		930
	1,014,778		Precision Castparts Corp		229,350
	10,097	e	Preformed Line Products Co		670
	175,889		Primoris Services Corp		3,469

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	48,000	*	Promotora y Operadora de Infraestructura SAB de C.V.	$	441
	132,655	*,e	Proto Labs, Inc		8,619
	330,072		Prysmian S.p.A.		6,157
	1,580,000		PT Adhi Karya Persero Tbk		528
	3,157,000		PT AKR Corporindo Tbk		1,676
	564,500		PT Hexindo Adiperkasa Tbk		253
	10,613,000		PT Pembangunan Perumahan Tbk		1,437
	12,877,500		PT Surya Semesta Internusa Tbk		1,678
	1,838,384		PT United Tractors Tbk		3,356
	8,574,500		PT Wijaya Karya		1,765
	910,562		Punj Lloyd Ltd		532
	830,974		QinetiQ plc		2,282
	151,276		Quanex Building Products Corp		2,547
	315,619	*	Quanta Services, Inc		8,351
	6,651		R Stahl AG.		310
	141,774		Ramirent Oyj		1,224
	641,400		Randon Participacoes S.A.		3,467
	4,076		Rational AG.		1,365
	310,464		Raubex Group Ltd		685
	121,434	e	Raven Industries, Inc		3,641
	641,508		Raytheon Co		42,417
	75,442	*	RBC Bearings, Inc		3,919
	338,970		RCR Tomlinson Ltd		712
	47,740		Rechi Precision Co Ltd		42
	135,074		Regal-Beloit Corp		8,758
	189,909		Reunert Ltd		1,326
	98,165	*	Revolution Lighting Technologies, Inc		393
	4,416,007		Rexel S.A.		99,496
	131,550	*,e	Rexnord Corp		2,217
	106,254		Rheinmetall AG.		4,942
	304,365		Rich Development Co Ltd		157
	3,160,000	*,m	Richly Field China Development		18
	4,305		Rieter Holding AG.		677
	896,363		Rockwell Automation, Inc		74,524
	1,253,938		Rockwell Collins, Inc		79,512
	8,953		Rockwool International AS (B Shares)		1,251
	4,006,424		Rolls-Royce Group plc		68,984
	1,503,471		Roper Industries, Inc		186,761
	331,000		Rotary Engineering Ltd		126
	122,268		Rotork plc		4,963
	131,813	*	Rush Enterprises, Inc (Class A)		3,262
	150,333	e	Russel Metals, Inc		3,398
	289,000		Ryobi Ltd		836
	63,820	e	S&T Dynamics Co Ltd		695
	83,834		Saab AB (Class B)		1,602
	148,622	*,e	Sacyr Vallehermoso S.A.		465
	374,941	e	Safran S.A.		19,574
	29,132		Saft Groupe S.A.		692
	533,199		Salfacorp S.A.		685
	12,880	e	Sam Yung Trading Co Ltd		196
	160,961		Samsung Corp		7,553
	32,521	e	Samsung Engineering Co Ltd		2,094

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
526,526			Samsung Heavy Industries Co Ltd	$	16,384
	42,033	e	Samsung Techwin Co Ltd		2,388
	24,860		San Miguel Corp		53
	187,000		San Shing Fastech Corp		362
	365,811		Sandvik AB		4,369
	70,000		Sanki Engineering Co Ltd		418
	27,800		Sankyo Tateyama, Inc		702
	491,000		Sanwa Shutter Corp		2,646
	1,348,000	e	Sany Heavy Equipment International		337
	46,000		Sanyo Denki Co Ltd		379
	1,192,201		Scania AB (B Shares)		23,852
	8,874		Schindler Holding AG.		1,235
	7,243		Schindler Holding AG. (Reg)		981
	41,890		Schneider Electric Infrastructure Ltd		46
	622,771		Schneider Electric S.A.		45,230
	31,931		Schouw & Co		1,026
	1,816		Schweiter Technologies AG.		1,114
	80,000		Seika Corp		197
	131,000		Sekisui Jushi Corp		1,614
	1,124,701		SembCorp Industries Ltd		4,376
	1,923,780	e	SembCorp Marine Ltd		6,519
	15,716		Semperit AG. Holding		565
	969,619		Senior plc		3,693
	40,504	e	SGL Carbon AG.		1,286
	385,308	*	SGSB Group Co Ltd		165
	144,200	*	Shanghai Automation Instrumentation Co Ltd		76
	754,880		Shanghai Diesel Engine Co Ltd		576
	11,928,300	e	Shanghai Electric Group Co Ltd		3,973
	746,600		Shanghai Erfangji Co Ltd		398
	605,800		Shanghai Highly Group Co Ltd		333
	1,672,100		Shanghai Industrial Holdings Ltd		5,150
	218,200	*	Shanghai Lingyun Industries Development Co Ltd		111
	546,020		Shanghai Mechanical and Electrical Industry Co Ltd		602
	598,400		Shanghai Waigaoqiao Free Trade Zone Development Co Ltd		624
	584,000		Shihlin Electric & Engineering Corp		689
	480,422		Shikun & Binui Ltd		1,058
	29,100		Shima Seiki Manufacturing Ltd		507
	466,933		Shimizu Corp		1,877
	184,000		Shin Zu Shing Co Ltd		432
	124,000		Shinko Electric Co Ltd		198
	390,590		Shinmaywa Industries Ltd		3,034
	25,400	e	SHO-BOND Holdings Co Ltd		1,001
	630,900		Siam Future Development PCL		130
	1,276,895		Siemens AG.		129,303
	50,458		Siemens India Ltd		467
	766,587		SIG plc		1,970
	72,669		Silitech Technology Corp		121
	3,112,871		Sime Darby BHD		9,412
	163,733		Simpson Manufacturing Co, Inc		4,817
	1,834,000	e	Singamas Container Holdings Ltd		376
	383,987	e	Singapore Technologies Engineering Ltd		1,265

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
1,526,557			Sino Thai Engineering & Construction PCL	$	954
	912,500		Sinotruk Hong Kong Ltd		445
	531,835		Sintex Industries Ltd		360
	65,400		Sintokogio Ltd		541
	34,706		SK Corp		5,133
	129,810		SK Networks Co Ltd		727
	54,417		Skanska AB (B Shares)		902
	2,864,382		SKF AB (B Shares)		67,104
	6,197		SKF India Ltd		54
	385,045		SM Investments Corp		9,485
	15,249		SMC Corp		3,057
	1,034,973		Smiths Group plc		20,591
	282,164		Snap-On, Inc		25,220
	129,439	e	SNC-Lavalin Group, Inc		5,468
	626,016		SOCAM Development Ltd		762
	156,900		Sodick Co Ltd		760
	5,480,133		Sojitz Holdings Corp		9,092
	6,876		Solar Holdings AS (B Shares)		326
	34,797	*,e	SolarCity Corp		1,314
	2,205,214		Sonae SPGS S.A.		2,098
	32,624	*	Sparton Corp		562
	873,529		Speedy Hire plc		791
	183,023		Spirax-Sarco Engineering plc		7,501
	396,887	*	Spirit Aerosystems Holdings, Inc (Class A)		8,525
	286,606		SPX Corp		20,630
	55,183		Standex International Corp		2,911
	423,518		Stanley Works		32,738
	76,723		Stefanutti Stocks Holdings Ltd		71
	61,851	*	Sterling Construction Co, Inc		560
	32,049	e	STX Corp Co Ltd		44
	706,000	e	STX OSV Holdings Ltd		604
	58,750	e	STX Shipbuilding Co Ltd		152
	4,605		Sulzer AG.		735
	354,695		Sumikin Bussan Corp		974
	1,855,220		Sumitomo Corp		23,123
	16,300		Sumitomo Densetsu Co Ltd		233
	915,753		Sumitomo Electric Industries Ltd		10,901
	3,093,628		Sumitomo Heavy Industries Ltd		12,991
	447,400	*	Sumitomo Mitsui Construction C		342
	43,000		Sumitomo Precision Products Co Ltd		167
	80,677		Sun Hydraulics Corp		2,524
	28,990	*	Sung Jin Geotec Co Ltd		252
	22,330		Sung Kwang Bend Co Ltd		511
	373,000		Sunonwealth Electric Machine Industry Co Ltd		217
	148,000		Sunspring Metal Corp		303
	648,661	*	Suzlon Energy Ltd		99
	632,000	e	SWCC Showa Holdings Co Ltd		509
	285,995		Swisslog Holding AG.		321
	139,000		Tadano Ltd		1,776
	10,658	*,e	Taewoong Co Ltd		180
	125,620		Taeyoung Engineering & Construction		733
	87,929	*,e	Taihan Electric Wire Co Ltd		191

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
40,000			Taihei Dengyo Kaisha Ltd	$	264
	70,000		Taihei Kogyo Co Ltd		256
	56,555		Taikisha Ltd		1,390
	559,066		Taisei Corp		2,018
	939,472		Taiwan Glass Industrial Corp		844
	10,100		Takaoka Toko Holdings Co Ltd		157
	106,929		Takara Standard Co Ltd		740
	151,700		Takasago Thermal Engineering Co Ltd		1,280
	29,000	*	Takeuchi Manufacturing Co Ltd		520
	129,295		Takuma Co Ltd		965
	120,984	e	TAL International Group, Inc		5,271
	467,300	*	Taser International, Inc		3,981
	326,000	e	Tat Hong Holdings Ltd		323
	46,000	e	Tatsuta Electric Wire and Cable Co Ltd		433
	300,600	*	Tebrau Teguh Bhd		133
	5,277,233		Teco Electric and Machinery Co Ltd		5,253
	64,301	*	Tecumseh Products Co (Class A)		703
	223,090		Tekfen Holding AS		762
	315,717	*	Teledyne Technologies, Inc		24,421
	101,615		Tennant Co		4,905
	2,087,260	*	Terex Corp		54,895
	77,501	e	Textainer Group Holdings Ltd		2,979
	3,811,841		Textron, Inc		99,298
	262,198		Thales S.A.		12,235
	20,453	*,e	The ExOne Company		1,262
	22,707		Thermax Ltd		229
	150,896	*	Thermon Group Holdings		3,078
	128,561		THK Co Ltd		2,698
	1,360,000	*,e	Tianjin Development Hldgs		731
	269,482		Timken Co		15,166
	190,673	e	Titan International, Inc		3,217
	69,528	*,e	Titan Machinery, Inc		1,365
	23,386	*	TK Corp		463
	536,000	*	Toa Corp/Tokyo		734
	14,000		Tocalo Co Ltd		185
	282,000		Toda Corp		781
	49,000		Toenec Corp		238
	108,900		Tokai Corp		353
	96,060	*	Tokyu Construction Co Ltd		226
	53,978		Tong-Tai Machine & Tool Co Ltd		41
	178,625		Topco Technologies Corp		412
	23,000		Torishima Pump Manufacturing Co Ltd		188
	79,460		Toro Co		3,608
	124,842		Toromont Industries Ltd		2,771
	138,964		Toshiba Machine Co Ltd		678
	45,000		Toshiba Plant Systems & Services Corp		674
	1,914,500		Total Bangun Persada Tbk PT		226
	25,400		Totetsu Kogyo Co Ltd		456
	419,677		Toto Ltd		4,267
	76,000	e	Toyo Construction Co Ltd		181
	152,000		Toyo Engineering Corp		654
	10,500	e	Toyo Tanso Co Ltd		185

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
235,701			Toyota Tsusho Corp	$	6,061
	777,000		Tradewinds Corp BHD		266
	334,743		Trakya Cam Sanayi AS		458
	65,867		TransDigm Group, Inc		10,326
	3,204,883		Travis Perkins plc		70,963
	1,087,621		Trelleborg AB (B Shares)		16,311
	39,981	e	Trevi Finanziaria S.p.A.		319
	95,006	*	Trex Co, Inc		4,512
	202,192	*	Trimas Corp		7,538
	310,810		Trinity Industries, Inc		11,948
	53,453		Triumph Group, Inc		4,231
	50,562		Trusco Nakayama Corp		1,006
	168,000		Tsubakimoto Chain Co		989
	70,000		Tsugami Corp		405
	22,000		Tsukishima Kikai Co Ltd		215
	1,433,512		Tuan Sing Holdings Ltd		389
	526,539		Turk Sise ve Cam Fabrikalari AS		736
	66,376		Turk Traktor ve Ziraat Makineleri AS		2,339
	30,699	e	Twin Disc, Inc		728
	157,095		Ultra Electronics Holdings		4,092
	380,000		Union Mosaic Industry PCL		184
	11,700		Union Tool Co		209
	101,172	*,e	Unison Co Ltd		407
	225,000	e	United Engineers Ltd		429
	504,378	e	United Group Ltd		3,168
	404,000		United Integrated Services Co Ltd		393
	369,757	*,e	United Rentals, Inc		18,455
	1,802,203		United Technologies Corp		167,497
	82,087		Universal Forest Products, Inc		3,277
	75,476		Uponor Oyj		1,129
	200,251		URS Corp		9,456
	318,284	*,e	USG Corp		7,336
	1,386,500		Ushio, Inc		18,307
	108,801		Vallourec		5,521
	129,877		Valmont Industries, Inc		18,584
	249,983	*	Vestas Wind Systems AS		3,534
	1,266,489		Vesuvius plc		7,096
	72,670		Vicor Corp		498
	1,125,294		Vinci S.A.		56,445
	136,975		Voltas Ltd		186
	212,997		Volvo AB (B Shares)		2,842
	91,793	*,e	Von Roll Holding AG.		141
	6,141		Vossloh AG.		580
	385,545		W.W. Grainger, Inc		97,227
	270,611	*	Wabash National Corp		2,755
	581,828	*	WABCO Holdings, Inc		43,457
	33,547		Wacker Construction Equipment AG.		451
	280,300		Wafangdian Bearing Co Ltd		190
	22,038	e	Wajax Income Fund		667
	61,000		Wakita & Co Ltd		542
	3,707,350	*	Walsin Lihwa Corp		1,043
	7,220		Walter Meier AG.		373

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
23,665			Wartsila Oyj (B Shares)	$	1,028
	6,326,500		Waskita Karya Persero Tbk PT		488
	88,264		Watsco, Inc		7,411
	114,141		Watts Water Technologies, Inc (Class A)		5,175
	52,000		Ways Technical Corp Ltd		116
	1,423,700		WCT Berhad		1,122
	226,200		Weg S.A.		2,854
	713,300	e	Weichai Power Co Ltd		2,093
	56,524		Weir Group plc		1,848
	199,520		Well Shin Technology Co Ltd		346
	91,164	*,e	WESCO International, Inc		6,196
	573,243		Westinghouse Air Brake Technologies Corp		30,628
	66,649	*,e	Westport Innovations, Inc		2,247
	2,189,567	e	Wienerberger AG.		25,225
	180,768		Wilson Bayly Holmes-Ovcon Ltd		2,816
	620,389		Wolseley plc		28,624
	289,564		Woodward Governor Co		11,583
	26,127	e	Wooree ETI Co Ltd		89
	49,903	*	Xerium Technologies, Inc		508
	34,195	e	XP Power Ltd		639
	127,137		Xxentria Technology Materials Corp		215
	251,352		Xylem, Inc		6,771
	11,360	e	Y G-1 Co Ltd		118
	36,000		Yahagi Construction Co Ltd		156
	106,000		Yamazen Corp		667
	5,849,449	e	Yangzijiang Shipbuilding		3,818
	151,637		Yazicilar Holding AS		1,853
	140,341		YIT Oyj		2,404
	39,000		Yokogawa Bridge Holdings Corp		381
	717,000	e	Yoma Strategic Holdings Ltd		513
	22,070	e	Young Poong Precision Corp		195
	5,190,000		Yuanda China Holdings Ltd		479
	700,000		Yuasa Trading Co Ltd		1,217
	548,000		Yungtay Engineering Co Ltd		1,088
	53,000		Yurtec Corp		160
	12,100		Yushin Precision Equipment Co Ltd		206
	64,231	e	Zardoya Otis S.A.		910
	12,160	e	Zehnder Group AG.		542
	597,300		Zhuzhou CSR Times Electric Co Ltd		1,496
	26,547		Zodiac S.A.		3,515
	9,100	*,e	Zuiko Corp		629
	31,286		Zumtobel AG.		313
			TOTAL CAPITAL GOODS		8,715,653

COMMERCIAL & PROFESSIONAL SERVICES - 1.2%
	10,000	*,e	51job, Inc (ADR)		675
	40,304		Aangpanneforeningen AB (B Shares)		1,021
	222,044		ABM Industries, Inc		5,442
	258,313		Acacia Research (Acacia Technologies)		5,773
	457,737	*	ACCO Brands Corp		2,911
	61,856	e	Acorn Energy, Inc		522
	29,793		Adcorp Holdings Ltd		89

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
1,271,622			Adecco S.A.	$	72,421
	105,358		Administaff, Inc		3,192
	2,547,111		ADT Corp		101,502
	174,071	*	Advisory Board Co		9,513
	22,200		Aeon Delight Co Ltd		403
	92,705		Aggreko plc		2,317
	17,303		Akka Technologies S.A.		587
	336,743	e	ALS Ltd		2,931
	5,398		Amadeus Fire AG		308
	151,425		American Banknote S.A.		2,215
	89,731		American Ecology Corp		2,462
	156,595	*	ARC Document Solutions, Inc		626
	27,540		Assystem		557
	35,560	*,e	AT Cross Co		603
	215,470		Atkins WS plc		3,312
	387,010		Avery Dennison Corp		16,549
	301,514		Babcock International Group		5,063
	50,543	e	Barrett Business Services, Inc		2,639
	16,854		Bertrandt AG.		1,811
	156,150		BFI Canada Ltd		3,364
	68,862		Bilfinger Berger AG.		6,347
	54,600	e	Black Diamond Group Ltd		1,160
	87,699		Blue Label Telecoms Ltd		70
	986,000	*,e	Blumont Group Ltd		918
	2,416,016		Brambles Ltd		20,580
	220,805		Brink’s Co		5,633
	13,466		Brunel International		567
	180,354		Bureau Veritas S.A.		4,670
	145,427	e	Cabcharge Australia Ltd		534
	161,195		Cape plc		598
	1,368,470		Capita Group plc		20,115
	122,534	*	Casella Waste Systems, Inc (Class A)		528
	148,129	*,e	CBIZ, Inc		994
	56,724	e	CDI Corp		803
	29,114	e	Ceco Environmental Corp		358
	192,974	*,e	Cenveo, Inc		411
	12,195		Cewe Color Holding AG.		541
	9,983,200	e	China Everbright International Ltd		7,682
	230,599		Cintas Corp		10,501
	133,501	*	Clean Harbors, Inc		6,746
	213,800		Cleanaway Co Ltd		1,625
	2,271	e	Compx International, Inc		32
	28,773	*	Consolidated Graphics, Inc		1,353
	299,000		Contax Participacoes S.A.		512
	461,165	*,e	Coolbrands International, Inc		397
	460,499	*	Copart, Inc		14,183
	152,693		Corporate Executive Board Co		9,653
	409,894		Corrections Corp of America		13,883
	49,853		Courier Corp		712
	223,729	e	Covanta Holding Corp		4,479
	43,321	*	CRA International, Inc		800
	50,686		Credit Corp Group Ltd		435

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,097,102		Dai Nippon Printing Co Ltd	$	10,011
	41,500		Daiseki Co Ltd		726
	341,183		Davis Service Group plc		3,859
	231,587		De La Rue plc		3,402
	182,456		Deluxe Corp		6,322
	114,315		Derichebourg		365
	19,700		DirectCash Payments, Inc		449
	4,376	*,e	Dolan Media Co		7
	1,099,146		Downer EDI Ltd		3,584
	100,869	e	Dun & Bradstreet Corp		9,830
	55,698		Duskin Co Ltd		1,047
	2,323,000	*	Eastern Media International Corp		299
	3,252,848		Edenred		99,601
	135,194	*	EnerNOC, Inc		1,793
	97	*	en-japan, Inc		145
	105,809		Ennis, Inc		1,829
	298,866		Equifax, Inc		17,612
	1,946,162		Experian Group Ltd		33,824
	77,378		Exponent, Inc		4,574
	1,158,000	*,e,m	Fook Woo Group Holdings Ltd		102
	35,544	*	Franklin Covey Co		478
	163,439	*	FTI Consulting, Inc		5,375
	15,463,000		Fung Choi Media Group Ltd		1,452
	76,933		G & K Services, Inc (Class A)		3,662
	69,981		Gategroup Holding AG.		1,467
	46,300		Genivar Income Fund		1,057
	272,597		Geo Group, Inc		9,255
	9,568	e	GL Events		199
	51,661	*	GP Strategies Corp		1,231
	1,174,581		Group 4 Securicor plc		4,142
	60,817	e	Gunnebo AB		252
	3,831,821		Hays plc		5,191
	232,037		Healthcare Services Group		5,690
	74,965		Heidrick & Struggles International, Inc		1,253
	25,555	*,e	Heritage-Crystal Clean, Inc		373
	194,228		Herman Miller, Inc		5,258
	3,373	*,e	Hill International, Inc		9
	177,268		HNI Corp		6,394
	385,274		Homeserve plc		1,637
	169,800		Horizon North Logistics, Inc		1,025
	2,517	*,e	Hudson Highland Group, Inc		6
	102,190	*	Huron Consulting Group, Inc		4,725
	80,208	*	ICF International, Inc		2,527
	633,024	*	ICO Global Communications Holdings Ltd		1,659
	137,898	*	IHS, Inc (Class A)		14,394
	145,862	*,e	Innerworkings, Inc		1,583
	202,144		Interface, Inc		3,430
	36,270	e	Intersections, Inc		318
	140,902		Intertek Group plc		6,263
	333,728		Intrum Justitia AB		6,831
	149,020	*	Ipek Matbacilik Sanayi Ve Ticaret AS		247
	392,863		Iron Mountain, Inc		10,454

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	516,080		ITE Group plc	$	2,345
	86,100	e	Itoki Corp		467
	3,805		Kaba Holding AG.		1,427
	136,537		KAR Auction Services, Inc		3,123
	28,000	*	KD Holding Corp		152
	111,734		Kelly Services, Inc (Class A)		1,952
	19,358	e	KEPCO Plant Service & Engineering Co Ltd		881
	103,852		Kforce, Inc		1,516
	486,800	e	K-Green Trust		401
	139,413		Kimball International, Inc (Class B)		1,354
	187,148		Knoll, Inc		2,659
	224,900		Kokuyo Co Ltd		1,561
	231,164	*	Korn/Ferry International		4,332
	243,000		Kyodo Printing Co Ltd		680
	487,000		L&K Engineering Co Ltd		465
	75,967		Loomis AB		1,460
	216,882		Manpower, Inc		11,885
	16,162		Matsuda Sangyo Co Ltd		202
	91,886		McGrath RentCorp		3,139
	92,729		McMillan Shakespeare Ltd		1,370
	208,236	e	Mears Group plc		1,225
	108,800		Meitec Corp		2,527
	5,477	*,e	Metalico, Inc		7
	347,808		Michael Page International plc		1,967
	137,411		Mine Safety Appliances Co		6,396
	783,037		Mineral Resources Ltd		5,893
	52,826	*	Mistras Group, Inc		929
	504,770		Mitie Group		1,929
	22,072		Mitsubishi Pencil Co Ltd		437
	153,325	*	Mobile Mini, Inc		5,083
	95,960	e	Morneau Sobeco Income Fund		1,278
	82,373	e	Moshi Moshi Hotline, Inc		1,026
	45,958	e	Multi-Color Corp		1,394
	58,400		Multiplus S.A.		852
	29,273	*	National Technical Systems, Inc		410
	207,445	*	Navigant Consulting, Inc		2,489
	68,245		Newalta, Inc		927
	698,596		Nielsen Holdings NV		23,466
	12,000		Nihon M&A Center, Inc		673
	6,200		Nippon Kanzai Co Ltd		90
	30,960	*,e	Nissha Printing Co Ltd		544
	23,142	e	NL Industries, Inc		261
	241,414	*,e	Odyssey Marine Exploration, Inc		715
	75,000		Okamura Corp		505
	155,070	*	On Assignment, Inc		4,143
	22,768		Oyo Corp		356
	222,200		Park24 Co Ltd		4,031
	168		Pasona Group, Inc		111
	43,800		PayPoint plc		703
	72,703	*	Performant Financial Corp		843
	17,600		Pilot Corp		595
	407,112	e	Pitney Bowes, Inc		5,976

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	49,138		Poyry Oyj	$	239
	79,293		Proffice AB		257
	322,368		Programmed Maintenance Services Ltd		725
	79,900		PRONEXUS, Inc		518
	341,814		Prosegur Cia de Seguridad S.A.		1,870
	98,324	e	Quad		2,370
	888,640	e	R.R. Donnelley & Sons Co		12,450
	134,936		Randstad Holdings NV		5,547
	1,013,487		Regus plc		2,418
	2,367,685		Rentokil Initial plc		3,206
	647,161		Republic Services, Inc		21,965
	168,260		Resources Connection, Inc		1,952
	109,800	e	Ritchie Bros Auctioneers, Inc		2,105
	420,977		Robert Half International, Inc		13,989
	180,291		Rollins, Inc		4,670
	285,102		RPS Group plc		879
	265,440	*	RPX Corp		4,459
	22,379		S1 Corp (Korea)		1,228
	243,331	e	SAI Global Ltd (New)		806
	21,152	e	Sato Corp		394
	51,302		Schawk, Inc (Class A)		674
	4,345		Seche Environnement S.A.		184
	270,658		Secom Co Ltd		14,716
	242,723		Securitas AB (B Shares)		2,122
	168,131		Seek Ltd		1,392
	901,305		Serco Group plc		8,476
	4,427		SGS S.A.		9,504
	154,600	*	Shanghai Youngsun Investment C		163
	525,715		Shanks Group plc		631
	26,700		Shenzhen Dongjiang Environmental Co Ltd		96
	542,172		Skilled Group Ltd		1,275
	36,992		Societe BIC S.A.		3,711
	273,494		Sohgo Security Services Co Ltd		4,946
	151,240		Sporton International, Inc		382
	56,412	*	Standard Parking Corp		1,211
	110,693		Stantec, Inc		4,673
	398,052		Steelcase, Inc (Class A)		5,804
	641,228	*	Stericycle, Inc		70,811
	151,203	e	Sthree plc		764
	245,000		Taiwan Secom Co Ltd		593
	498,000		Taiwan-Sogo Shinkong Security Corp		622
	68,130	*	Team, Inc		2,579
	281,074		Teleperformance		13,536
	43,546		Temp Holdings Co Ltd		991
	262,490	*	Tetra Tech, Inc		6,171
	486,000		Tianjin Capital Environmental Protection Group Co Ltd		175
	60,042		TMS International Corp		890
	5,800		Tokyu Community Corp		253
	354,232		Tomra Systems ASA		3,003
	145,400		Toppan Forms Co Ltd		1,261
	989,944		Toppan Printing Co Ltd		6,867
	147,914		Towers Watson & Co		12,120

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
154,230		e	Transcontinental, Inc	$	1,876
	629,877		Transfield Services Ltd		445
	1,312,333	*	Transpacific Industries Group Ltd		956
	65,594	*	TRC Cos, Inc		459
	301,335	*	TrueBlue, Inc		6,343
	3,922,881		Tyco International Ltd		129,259
	52,689		Unifirst Corp		4,808
	166,618		United Stationers, Inc		5,590
	83,406		USG People NV		544
	1,409,624	*	Verisk Analytics, Inc		84,155
	103,571		Viad Corp		2,540
	17,507		VSE Corp		719
	134,159	*	WageWorks, Inc		4,622
	297,848		Waste Connections, Inc		12,253
	1,009,924		Waste Management, Inc		40,730
	7,100	e	Weathernews, Inc		149
	72,967		West Corp		1,615
	1,090,000		WHK Group Ltd		665
	214,628		Yem Chio Co Ltd		148
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		1,373,517

CONSUMER DURABLES & APPAREL - 2.1%
	1,492,000	e	361 Degrees International Ltd		354
	846,000		Ability Enterprise Co Ltd		758
	35,925		Accell Group		559
	198,087		Adidas-Salomon AG.		21,413
	168,000		Advanced International Multitech Co Ltd		182
	17,402	e	Agabang&Company		79
	446,574		Aksa Akrilik Kimya Sanayii		1,567
	2,530,735		Alok Industries Ltd		294
	51,000		Alpine Electronics, Inc		513
	592,940		Altek Corp		345
	143,978		Amer Sports Oyj (A Shares)		2,647
	228,419	*	American Apparel, Inc		439
	130,289		American Greetings Corp (Class A)		2,374
	2,669,949		AmTRAN Technology Co Ltd		2,173
	3,156,500	e	Anta Sports Products Ltd		2,752
	271,807		Arcelik AS		1,795
	59,743		Arctic Cat, Inc		2,687
	68,600		Arezzo Industria e Comercio S.A.		1,044
	49,700	e	Arnest One Corp		974
	222,400	*,e	Aruze Corp		3,939
	769,450		Arvind Ltd		1,006
	135,000	*	Asia Optical Co, Inc		142
	103,251		Asics Corp		1,627
	216,000	e	Atsugi Co Ltd		233
	138,095		Avgol Industries 1953 Ltd		134
	50,191	*	Bang & Olufsen AS (B Shares)		455
	1,520,989	*	Barratt Developments plc		7,155
	9,040	*	Basic House Co Ltd		128
	46,130		Bassett Furniture Industries, Inc		716
	72,290		Bata India Ltd		1,014

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
93,042		*,e	Beazer Homes USA, Inc	$	1,630
	2,722,000	*	Beijing Properties Holdings Ltd		196
	175,188		Bellway plc		3,383
	54,944	e	Beneteau S.A.		607
	275,223		Berkeley Group Holdings plc		8,915
	505,842		Billabong International Ltd		69
	529,000	e	Billion Industrial Holdings Ltd		334
	33,557	e	Blyth, Inc		468
	289,945		Bombay Dyeing & Manufacturing Co Ltd		289
	4,235,100	e	Bosideng International Holdings Ltd		885
	176,864		Bovis Homes Group plc		2,051
	405,192		Brookfield Incorporacoes S.A.		272
	64,569	*	BRP, Inc		1,504
	65,133	e	Brunello Cucinelli S.p.A		1,608
	328,225		Brunswick Corp		10,487
	761,936		Burberry Group plc		15,675
	88,650	*,e	BWG Homes ASA		197
	291,018	e	Callaway Golf Co		1,915
	393,656		Carter’s, Inc		29,158
	301,719	*	Casio Computer Co Ltd		2,657
	23,736	*	Cavco Industries, Inc		1,198
	332,000		Cecep Costin New Materials Grp Ltd		140
	2,296,000	*	Chigo Holding Ltd		50
	3,160,400	e	China Dongxiang Group Co		506
	3,848,000	e	China Haidian Holdings Ltd		351
	836,000	e	China Lilang Ltd		443
	20,400		Chofu Seisakusho Co Ltd		440
	135,439		Christian Dior S.A.		21,881
	22,600		Cia Providencia Industria e Comercio S.A.		84
	165,000	*,e	Clarion Co Ltd		205
	80,046	*,e	Clarus Corp		752
	33,200		Cleanup Corp		263
	1,049,336		Coach, Inc		59,907
	51,978	e	Columbia Sportswear Co		3,256
	753,717		Compagnie Financiere Richemont S.A.		66,469
	1,134,700	*,e	Consorcio ARA, S.A. de C.V.		410
	12,000		Corona Corp		132
	654,100	*,e	Corp GEO S.A. de C.V. (Series B)		280
	193,024	*	Crest Nicholson Holdings plc		939
	1,415,971	*	CROCS, Inc		23,364
	36,496		CSS Industries, Inc		910
	28,971		Culp, Inc		504
	1,116,281		Cyrela Brazil Realty S.A.		7,674
	30,200		Daidoh Ltd		197
	40,800		Daikoku Denki Co Ltd		779
	247,384	*,e	Deckers Outdoor Corp		12,495
	101,771	*	Delclima		96
	181,222		De’Longhi S.p.A.		2,832
	127	*,e	Delta Apparel, Inc		2
	938,200	*,e	Desarrolladora Homex S.A. de C.V.		591
	54,590		Descente Ltd		384
	127,600		Direcional Engenharia S.A.		769

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
63,433			Dorel Industries, Inc (Class B)	$	2,214
	1,666,587		DR Horton, Inc		35,465
	333,274		Eclat Textile Co Ltd		2,446
	2,509,317		Electrolux AB (Series B)		63,322
	248,000		Embry Holdings Ltd		147
	85,143	e	Ethan Allen Interiors, Inc		2,452
	565,600		Even Construtora e Incorporadora S.A.		1,997
	434,000		Evergreen International Holdin		72
	44,865	*	EveryWare Global, Inc		545
	209,000		Ez Tec Empreendimentos e Participacoes S.A.		2,565
	324,030		Feng TAY Enterprise Co Ltd		544
	33,100		Fields Corp		522
	492,834	*	Fifth & Pacific Cos, Inc		11,010
	12,823	e	Fila Korea Ltd		771
	55,300		Fiyta Holdings Ltd		43
	16,937		Flexsteel Industries, Inc		413
	1,602		Forbo Holding AG.		1,021
	677,520		Formosa Taffeta Co Ltd		642
	53,257		Forus S.A.		304
	130,936	*	Fossil Group, Inc		13,527
	60,810	e	Foster Electric Co Ltd		995
	160,000		France Bed Holdings Co Ltd		306
	204,000	e	Fujibo Holdings Inc		490
	187,000		Fujitsu General Ltd		1,814
	28,800	*	Funai Electric Co Ltd		283
	580,000	*	Gafisa S.A.		749
	176,346	*,e	Garmin Ltd		6,377
	70,909		Genius Electronic Optical Co Ltd		401
	113,353	e	Geox S.p.A.		282
	30,800		Gerry Weber International AG.		1,302
	522,149		Giant Manufacturing Co Ltd		3,579
	73,086	*	G-III Apparel Group Ltd		3,517
	221,978		Gildan Activewear, Inc		9,002
	156,938		Gitanjali Gems Ltd		618
	676,637		Glorious Sun Enterprises Ltd		183
	32,000		Goldwin, Inc		151
	775,000	e	Goodbaby International Holding		306
	83,176	e	GUD Holdings Ltd		454
	1,133,017		Gunze Ltd		2,739
	1,347,400		Haier Electronics Group Co Ltd		2,140
	23,500	e	Hajime Construction Co Ltd		1,309
	18,240	e	Handsome Co Ltd		462
	1,242,233		Hanesbrands, Inc		63,876
	22,499	e	Hansae Co Ltd		327
	8,670,500	*	Hanson International Tbk PT		644
	27,650	e	Hanssem Co Ltd		742
	66,685		Harman International Industries, Inc		3,614
	255,014	e	Hasbro, Inc		11,432
	2,548,000	*	Haseko Corp		3,104
	15,264		Hefei Meiling Co Ltd		7
	46,500		Heiwa Corp		815
	377,910		Helbor Empreendimentos S.A.		1,463

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
131,437		*	Helen of Troy Ltd	$	5,043
	36,000	*	Higashi Nihon House Co Ltd		209
	1,478,000	*	Hisense Kelon Electrical Holdings Co Ltd		818
	40,948		Hooker Furniture Corp		666
	25,700	*	Hoosiers Holdings Co Ltd		203
	880,000		Hosa International Ltd		349
	508,941	*,e	Hovnanian Enterprises, Inc (Class A)		2,855
	27,531		Hugo Boss AG.		3,027
	317,810		Husqvarna AB (B Shares)		1,678
	118,180		Huvis Corp		1,039
	11,066		IC Companys AS		236
	216,062	*	Iconix Brand Group, Inc		6,354
	47,239		Indesit Co S.p.A.		352
	910,000		International Taifeng Holdings Ltd		208
	100,334	*,e	iRobot Corp		3,990
	80,945	e	Jakks Pacific, Inc		911
	38,000		Japan Vilene Co Ltd		192
	77,000		Japan Wool Textile Co Ltd		548
	3,109,664	*	Jarden Corp		136,048
	203,699	*	Jinshan Development & Construction Co Ltd		100
	234,247		JM AB		4,936
	78,289		Johnson Health Tech Co Ltd		214
	21,893	*	Johnson Outdoors, Inc		545
	324,036		Jones Apparel Group, Inc		4,456
	148,200		JVC KENWOOD Holdings, Inc		350
	390,116	e	KB Home		7,658
	118,000		Kinko Optical Co Ltd		125
	563,500		Konka Group Co Ltd		175
	254,000		Kurabo Industries Ltd		409
	591,000		Kwong Fong Industries		324
	1,866	*	Kyungbang Ltd		212
	593,820		Lao Feng Xiang Co Ltd		1,120
	205,631		La-Z-Boy, Inc		4,168
	588,000		Le Saunda Holdings		215
	93,112		Lealea Enterprise Co Ltd		33
	293,053	*,e	Leapfrog Enterprises, Inc		2,884
	337,853	e	Leggett & Platt, Inc		10,504
	216,041	e	Lennar Corp (Class A)		7,786
	156,452	e	LG Electronics, Inc		9,944
	28,760	e	LG Fashion Corp		707
	1,467,750	*,e	Li Ning Co Ltd		728
	363,179		Li Peng Enterprise Co Ltd		150
	65,411	*	Libbey, Inc		1,568
	40,978		Lifetime Brands, Inc		557
	691,000		Luthai Textile Co Ltd		724
	840,842		Luxottica Group S.p.A.		42,543
	505,841		LVMH Moet Hennessy Louis Vuitton S.A.		82,126
	93,263	*,e	M/I Homes, Inc		2,141
	94,301	*	Maidenform Brands, Inc		1,634
	4,054		Maisons France Confort		124
	486,000		Makalot Industrial Co Ltd		2,314
	1,044,000	e	Man Wah Holdings Ltd		1,301

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	6,442	*,m	Mariella Burani S.p.A.	$	0	^
	37,816	e	Marine Products Corp		303
	9,700		Mars Engineering Corp		185
	2,319,433		Matsushita Electric Industrial Co Ltd		18,676
	1,041,874		Mattel, Inc		47,207
	151,927		MDC Holdings, Inc		4,939
	839,600		Merida Industry Co Ltd		4,957
	126,489	*	Meritage Homes Corp		5,485
	169,700		Merry Electronics Co Ltd		350
	1,235,555	*	Michael Kors Holdings Ltd		76,629
	3,120,000	*	Ming Fung Jewellery Group Ltd		101
	66,000		Misawa Homes Co Ltd		1,225
	65,000		Mitsui Home Co Ltd		308
	126,000		Mizuno Corp		682
	425,494	*	Mohawk Industries, Inc		47,864
	107,070		Movado Group, Inc		3,622
	363,798		MRV Engenharia e Participacoes S.A.		1,053
	32,752		Mulberry Group plc		461
	20,121		Nacco Industries, Inc (Class A)		1,153
	5,200		Nagawa Co Ltd		89
	730,222		Namco Bandai Holdings, Inc		11,835
	207,436	*	Nautilus, Inc		1,803
	102,810		New Wave Group AB (B Shares)		501
	2,023,626		Newell Rubbermaid, Inc		53,120
	116,072		Nexity		4,308
	12,900		Nidec Copal Corp		109
	517,725		Nien Hsing Textile Co Ltd		491
	2,434,311		Nike, Inc (Class B)		155,017
	125,335		Nikon Corp		2,928
	180,985		Nobia AB		1,053
	79,503	*	NVR, Inc		73,302
	709,531		Onward Kashiyama Co Ltd		5,869
	29,362		Oriental Weavers		84
	46,725		Oxford Industries, Inc		2,916
	1,352,637		Pacific Textile Holdings Ltd		1,517
	277,000		PanaHome Corp		1,786
	203,273		Pandora AS		6,871
	1,823,202		PDG Realty S.A.		1,724
	402,000	*,m	Peace Mark Holdings Ltd		0	^
	1,569,000	e	Peak Sport Products Co Ltd		279
	15,000		Pegas Nonwovens S.A.		389
	49,194		Perry Ellis International, Inc		999
	397,987		Persimmon plc		7,144
	528,671		Phillips-Van Heusen Corp		66,110
	356,300	*,e	Pioneer Corp		692
	9,854,857		Playmates Holdings Ltd		9,755
	208,139	e	Polaris Industries, Inc		19,773
	71,428	*	Poltrona Frau S.p.A.		128
	160,675		Pool Corp		8,421
	661,000	e	Ports Design Ltd		428
	2,796,730		Pou Chen Corp		2,642
	250,000	e	Prada S.p.A		2,254

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	6,100	*	Pressance Corp	$	179
	1,258,200	e	Prime Success International Group Ltd		1,072
	5,567,250		PT Modern Internasional Tbk		526
	2,989,739	*	Pulte Homes, Inc		56,715
	481,396	*,e	Quiksilver, Inc		3,100
	267,001		Rajesh Exports Ltd		546
	135,823		Ralph Lauren Corp		23,598
	130,103		Raymond Ltd		541
	287,256	*	Redrow plc		953
	155,700		Restoque Comercio e Confeccoes de Roupas S.A.		565
	38,581		RG Barry Corp		627
	33,328		Rinnai Corp		2,370
	30,800		Rodobens Negocios Imobiliarios S.A.		199
	26,300		Roland Corp		243
	430,806		Rossi Residencial S.A.		564
	773,914		Ruentex Industries Ltd		1,700
	156,561	e	Ryland Group, Inc		6,278
	42,644	*	Safilo Group S.p.A.		817
	53,441		Salvatore Ferragamo Italia S.p.A		1,662
	481,000		Sampo Corp		163
	2,384,000		Samson Holding Ltd		443
	3,239,400	e	Samsonite International		7,764
	32,976		Sangetsu Co Ltd		824
	11,621		Sankyo Co Ltd		549
	144,000		Sanyo Electric Taiwan Co Ltd		174
	125,000		Sanyo Shokai Ltd		312
	28,477	e	SEB S.A.		2,305
	1,267,350		Sega Sammy Holdings, Inc		31,757
	333,000		Seiko Holdings Corp		1,348
	1,293,230		Seiren Co Ltd		8,045
	1,034,454		Sekisui Chemical Co Ltd		10,984
	1,913,471		Sekisui House Ltd		27,647
	481,900	*	Shanghai Haixin Group Co		252
	1,282,425	*,e	Sharp Corp		5,164
	812,000	e	Shenzhou International Group Holdings Ltd		2,340
	24,204		Shimano, Inc		2,062
	221,000		Shinkong Textile Co Ltd		299
	174,000		Sitoy Group Holdings Ltd		72
	160,053	*	Skechers U.S.A., Inc (Class A)		3,843
	51,150	*,e	Skullcandy, Inc		279
	4,883,877		Skyworth Digital Holdings Ltd		2,452
	340,096	*,e	Smith & Wesson Holding Corp		3,394
	876,666		Socovesa S.A.		310
	47,390	*,e	SodaStream International Ltd		3,443
	1,558,284	*,e	Sony Corp		32,921
	164,000	*	Sony Corp (ADR)		3,475
	13,300		SRI Sports Ltd		151
	802,104	*,e	Standard-Pacific Corp		6,682
	2,244,068	*,e	Steinhoff International Holdings Ltd		5,566
	30,597	*	Steinway Musical Instruments, Inc		931
	732,000	e	Stella International Holdings Ltd		2,020
	244,127	*	Steven Madden Ltd		11,811

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	65,894	e	Sturm Ruger & Co, Inc	$	3,166
	256,854		Sumitomo Forestry Co Ltd		3,131
	715,000	e	Sunny Optical Technology Group Co Ltd		856
	56,471		Swatch Group AG.		30,847
	172,617		Swatch Group AG. Reg		16,232
	121,000	*,e	Sxl		167
	116	*	Tact Home Co Ltd		210
	97,000		Tainan Enterprises Co Ltd		104
	717,000		Tainan Spinning Co Ltd		335
	192,600		Taiwan Paiho Ltd		161
	20,400		Taiwan Sakura Corp		11
	100,693	e	Takamatsu Corp		1,591
	18,500		Tamron Co Ltd		387
	1,787,298	*	Tatung Co Ltd		447
	103,343	*	Taylor Morrison Home Corp		2,520
	8,104,992		Taylor Woodrow plc		11,809
	2,082,000		TCL Multimedia Technology Holdings Ltd		1,219
	39,000		Technos S.A.		292
	4,009,617		Techtronic Industries Co		9,519
	151,800		Tecnisa S.A.		580
	189,855	*	Tempur-Pedic International, Inc		8,335
	770,000	e	Texhong Textile Group Ltd		987
	800,000		Texwinca Holdings Ltd		741
	454,315	*	Thomson		1,809
	2,340,000	*	Time Watch Investments Ltd		231
	253,171		Titan Industries Ltd		949
	15,439		Tod’s S.p.A.		2,178
	13,770		Token Corp		760
	236,939	*	Toll Brothers, Inc		7,731
	133,941	*,e	TomTom NV		660
	72,168		Tomy Co Ltd		337
	25,725	e	Touei Housing Corp		503
	822,715	*,e	TRI Pointe Homes, Inc		13,641
	13,074		Trigano S.A.		164
	1,198,000	e	Trinity Ltd		413
	89,172		True Religion Apparel, Inc		2,823
	318,800		TSI Holdings Co Ltd		1,885
	17,056		TTK Prestige Ltd		904
	313,264	*	Tumi Holdings, Inc		7,518
	82,662	*	Tuni Textile Mills Ltd		10
	921,856		Tupperware Corp		71,619
	135,370	*,e	Under Armour, Inc (Class A)		8,083
	65,300		UNICASA Industria de Moveis S.A.		191
	58,052	*	Unifi, Inc		1,200
	624,000	*	Unitika Ltd		314
	60,936	*	Universal Electronics, Inc		1,714
	591,479	*,e	Urbi Desarrollos Urbanos S.A. de C.V		108
	1,476		Vardhman Textiles Ltd		7
	70,743	*,e	Vera Bradley, Inc		1,532
	201,118	*	Vestel Beyaz Esya Sanayi ve Ticaret AS		304
	179,066	*	Vestel Elektronik Sanayi		217
	437,257		VF Corp		84,417

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	131,627		Wacoal Holdings Corp	$	1,315
	1,335,500	e	Weiqiao Textile Co		802
	3,606,000		Welling Holding Ltd		738
	8,100	*	West Holdings Corp		230
	29,423		Weyco Group, Inc		741
	402,484		Whirlpool Corp		46,028
	28,254	*	Whirlpool of India Ltd		94
	62,804	*	William Lyon Homes, Inc		1,583
	336,014	e	Wolverine World Wide, Inc		18,350
	26,618	*,e	Woongjin Chemical Co Ltd		240
	114,749		Woongjin Coway Co Ltd		5,576
	296,131		Wuxi Little Swan Co Ltd		296
	2,228,500		XTEP International Holdings		925
	121,750		Yamaha Corp		1,395
	98,000		YGM Trading Ltd		252
	44,000		Young Optics, Inc		114
	31,260	e	Youngone Corp		1,070
	10,670		Youngone Holdings Co Ltd		641
	992,907		Yue Yuen Industrial Holdings		2,566
	114,644	*,e	Zagg, Inc		613
	40,970		Zeng Hsing Industrial Co Ltd		175
	11,000		Zhonglu Co Ltd		8
	248,115		Zig Sheng Industrial Co Ltd		76
			TOTAL CONSUMER DURABLES & APPAREL		2,302,378

CONSUMER SERVICES - 2.1%
	523,472		888 Holdings plc		1,174
	144,600		Abril Educacao S.A.		2,527
	503,080		Accor S.A.		17,684
	2,747		Accordia Golf Co Ltd		2,883
	262,926		Advtech Ltd		186
	5,100	*	Aeon Fantasy Co Ltd		94
	135,298	*	AFC Enterprises		4,863
	126,905		Ainsworth Game Technology Ltd		466
	711,000	e	Ajisen China Holdings Ltd		554
	647,202	e	Alsea SAB de C.V.		1,540
	255,000		Ambassador Hotel		255
	60,227	*,e	American Public Education, Inc		2,238
	111,768		Ameristar Casinos, Inc		2,938
	925,000		Anhanguera Educacional Participacoes S.A.		5,348
	205,396	*,e	Apollo Group, Inc (Class A)		3,640
	554,126	e	Aristocrat Leisure Ltd		2,166
	60,425	*	Ascent Media Corp (Series A)		4,717
	58,300	e	Atom Corp		338
	140,014	e	Autogrill S.p.A.		1,943
	354,909	*,e	Bally Technologies, Inc		20,024
	84,938		Benesse Corp		3,064
	1,126,535		Berjaya Sports Toto BHD		1,558
	17,800	*	Best Bridal Inc		138
	86,576		BETFAIR Group Ltd		1,124
	38,296	e	Betsson AB		972
	184,434	*	BHG S.A.-Brazil Hospitality Group		1,323

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	84,066	*	BJ’s Restaurants, Inc	$	3,119
	21,970,800	*	Bloomberry Resorts Corp		4,565
	567,694	*	Bloomin’ Brands, Inc		14,124
	110,242		Bob Evans Farms, Inc		5,179
	193,954	*,e	Boyd Gaming Corp		2,192
	63,523	*	Bravo Brio Restaurant Group, Inc		1,132
	74,045	*,e	Bridgepoint Education, Inc		902
	43,821	*	Bright Horizons Family Solutions		1,521
	782,101	e	Brinker International, Inc		30,838
	64,857	*,e	Buffalo Wild Wings, Inc		6,366
	145,480		Burger King Worldwide, Inc		2,838
	131,416	*,e	Caesars Entertainment Corp		1,800
	716,000		Cafe de Coral Holdings Ltd		2,135
	82,350	*	Capella Education Co		3,430
	214,162	*,e	Career Education Corp		621
	3,539,701		Carnival Corp		121,376
	133,568		Carnival plc		4,643
	54,836		Carriage Services, Inc		929
	106,729	*	Carrols Restaurant Group, Inc		689
	88,906		CBRL Group, Inc		8,416
	61,903		CEC Entertainment, Inc		2,541
	1,301,300		Central Plaza Hotel PCL		1,388
	2,978,040		Century City International		214
	194,060	e	Cheesecake Factory		8,129
	4,480,000		China Travel International Inv HK		834
	144,822	*	Chipotle Mexican Grill, Inc (Class A)		52,766
	27,396	e	Choice Hotels International, Inc		1,087
	44,969		Churchill Downs, Inc		3,546
	531,572	*	Chuy’s Holdings, Inc		20,380
	11,133		Cie des Alpes		226
	66,425	e	City Lodge Hotels Ltd		806
	25,536	*	Club Mediterranee S.A.		583
	364	e	Collectors Universe		5
	70,000	e	Colowide Co Ltd		662
	544,826		Compass Group plc		6,962
	83,425	e	Consumers’ Waterheater Income Fund		723
	330,594	*,e	Corinthian Colleges, Inc		741
	27,597		Corporate Travel Management Lt		103
	63,279		Cox & Kings India Ltd		132
	2,888	e	Credu Corp		102
	188,949		Crown Ltd		2,083
	9,000		Daisyo Corp		114
	150,990		Darden Restaurants, Inc		7,622
	400,682	*	Del Frisco’s Restaurant Group, Inc		8,579
	568,950	*	Denny’s Corp		3,198
	133,656	e	DeVry, Inc		4,146
	98,235		Dignity plc		2,043
	61,144		DineEquity, Inc		4,211
	34,342	*	Diversified Restaurant Holdings, Inc		273
	224,990		Domino’s Pizza UK & IRL plc		2,294
	148,101	e	Domino’s Pizza, Inc		8,612
	95,000		Doutor Nichires Holdings Co Ltd		1,337

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	361,687		Dunkin Brands Group, Inc	$	15,487
	4,051,400		Dynam Japan Holdings Co Ltd		7,365
	589,213		Echo Entertainment Group Ltd		1,652
	89,856	*,e	Education Management Corp		505
	67,227		EIH Ltd		58
	25,193		Einstein Noah Restaurant Group, Inc		358
	1,135,000		Emperor Entertainment Hotel Ltd		393
	1,950,848		Enjoy S.A.		288
	677,419	*	Enterprise Inns plc		1,105
	376,900		Estacio Participacoes S.A.		2,703
	31,247	*,e	Euro Disney SCA		183
	74,624		Famous Brands Ltd		718
	97,354	*	Fiesta Restaurant Group, Inc		3,348
	348,138		First Hotel		223
	131,700	e	Flight Centre Ltd		4,716
	113,672		Formosa International Hotels Corp		1,330
	69,000		Fortuna Entertainment Group NV		328
	69,000		Fujita Kanko, Inc		288
	2,707,473	*,e	Galaxy Entertainment Group Ltd		13,151
	2,736,905		Genting BHD		9,013
	13,607,000	*	Genting Hong Kong Ltd		6,039
	35,599,228	e	Genting International plc		36,914
	595,000	*	Golden Eagle Energy Tbk PT		356
	62,000		Gourmet Master Co Ltd		356
	156,137	*	Grand Canyon Education, Inc		5,032
	41,500	e	Grand Korea Leisure Co Ltd		1,282
	71,257	*	Great Canadian Gaming Corp		678
	289,469		Greene King plc		3,409
	663,000	e	GuocoLeisure Ltd		409
	845,599		H&R Block, Inc		23,465
	12,020		Hana Tour Service, Inc		755
	233,044		Hillenbrand, Inc		5,525
	26,500	*	Hiramatsu Inc		186
	283,697		HIS Co Ltd		12,123
	456,000		Hotel Properties Ltd		1,137
	48,006		Hotel Shilla Co Ltd		2,556
	254,050		Huangshan Tourism Development Co Ltd		307
	736,431	*	Hyatt Hotels Corp		29,722
	7,700		Ichibanya Co Ltd		267
	23,180	*	Ignite Restaurant Group, Inc		437
	245,919		Indian Hotels Co Ltd		199
	135,620		InterContinental Hotels Group plc		3,727
	1,124,010		International Game Technology		18,782
	72,000		International Meal Co Holdings S.A.		688
	109,495		International Speedway Corp (Class A)		3,446
	633,194		Interval Leisure Group, Inc		12,613
	154,029		Intralot S.A.-Integrated Lottery Systems & Services		361
	305,150		Invocare Ltd		3,169
	86,630	*	Isle of Capri Casinos, Inc		650
	112,496	*,e	ITT Educational Services, Inc		2,745
	272,745	*	Jack in the Box, Inc		10,716
	81,985	*,e	Jamba, Inc		1,224

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	430,570		Jollibee Foods Corp	$	1,472
	54,500	*	JP-Holdings Inc/Japan		291
	15,212	*	JTH Holding, Inc		247
	70,914	*	Jubilant Foodworks Ltd		1,243
	89,118	*,e	K12, Inc		2,341
	130,090		Kangwon Land, Inc		3,585
	15,650	e	Kappa Create Co Ltd		290
	23,300		Kisoji Co Ltd		440
	6,900	*	Koshidaka Holdings Co Ltd		207
	2,012,000		Kosmopolito Hotels International Ltd		465
	304,365	*	Krispy Kreme Doughnuts, Inc		5,311
	432,900	*	Kroton Educacional S.A.		5,995
	4,017		Kuoni Reisen Holding		1,264
	36,200	e	Kura Corp		628
	19,500		Kyoritsu Maintenance Co Ltd		687
	2,255,940		Ladbrokes plc		6,853
	356,500	*	Landmarks BHD		125
	3,808,626		Las Vegas Sands Corp		201,591
	139,891	*	Leofoo Development Co		65
	157,629	*	Life Time Fitness, Inc		7,899
	200,452	*,e	LifeLock, Inc		2,347
	83,095	e	Lincoln Educational Services Corp		438
	458,091		Lottomatica S.p.A.		11,463
	81,285	*	Luby’s, Inc		687
	51,790	e	Mac-Gray Corp		735
	1,170,106	e	Macquarie Leisure Trust Group		1,829
	80,491		Marcus Corp		1,024
	366,962		Marriott International, Inc (Class A)		14,814
	115,259	*	Marriott Vacations Worldwide Corp		4,984
	726,257		Marston’s plc		1,551
	8,700	e	Matsuya Foods Co Ltd		137
	103,299		Matthews International Corp (Class A)		3,894
	2,441,344		McDonald’s Corp		241,693
	20,557	e	McDonald’s Holdings Co Japan Ltd		570
	7,858		MegaStudy Co Ltd		423
	15,400	*	Meiko Network Japan Co Ltd		202
	10,723,400	*	Melco Crown Philippines Resorts Corp		2,060
	1,063,592	e	Melco International Development		1,996
	105,959	*,e	Melco PBL Entertainment Macau Ltd (ADR)		2,369
	5,762,000	e	MGM China Holdings Ltd		15,290
	375,300	*	MGM Mirage		5,547
	220,120		Millennium & Copthorne Hotels plc		1,885
	5,068,790		Minor International PCL (Foreign)		4,025
	274,130	*	Mitchells & Butlers plc		1,548
	9,783		Modetour Network, Inc		227
	32,458	*	Monarch Casino & Resort, Inc		547
	95,879	*,e	Morgans Hotel Group Co		773
	32,000		MOS Food Services, Inc		593
	2,293	*,e	MTR Gaming Group, Inc		8
	193,259	*	Multimedia Games, Inc		5,038
	3,228,000		NagaCorp Ltd		2,509
	9,502	*	Nathan’s Famous, Inc		496

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,694	e	National American University Holdings, Inc	$	6
	223,590	e	Navitas Ltd		1,182
	52,771		NET Holding AS		68
	105,012	*	NH Hoteles S.A.		375
	24,324	*	Noodles & Co		894
	37,126	*,e	Norwegian Cruise Line Holdings Ltd		1,125
	19,000	e	Ohsho Food Service Corp		545
	67,381		OPAP S.A.		564
	17,637	*	Orascom Development Holding AG.		164
	55,581		Oriental Land Co Ltd		8,601
	1,780,286	*	Orient-Express Hotels Ltd (Class A)		21,648
	125,947	*	Outerwall, Inc		7,389
	406,000	e	Overseas Union Enterprise Ltd		907
	24,500	e	Pacific Golf Group International Holdings KK		230
	143,238		Paddy Power plc		12,291
	506,436		Paliburg Holdings Ltd		160
	227,957	*	Panera Bread Co (Class A)		42,386
	96,776	*	Papa John’s International, Inc		6,326
	52,500	e	Paradise Co Ltd		1,060
	822,625	e	PartyGaming plc		1,406
	2,530,639	*,e	Penn National Gaming, Inc		133,770
	657,720		Philweb Corp		223
	206,748	*	Pinnacle Entertainment, Inc		4,067
	22,100		Plenus Co Ltd		363
	952,398		Raffles Education Corp Ltd		221
	48,317	*	Red Robin Gourmet Burgers, Inc		2,666
	851,000		Regal Hotels International Holdings Ltd		379
	193,406		Regis Corp		3,176
	3,389,100		Resorts World BHD		4,161
	61,652		Resorttrust, Inc		1,943
	481,527		Restaurant Group plc		3,654
	17,175,000	e	Rexcapital Financial Holdings Ltd		1,126
	121,278	*	Rezidor Hotel Group AB		561
	19,200	e	Ringer Hut Co Ltd		261
	2,344	e	Riso Kyoiku Co Ltd		206
	96,200		Round One Corp		582
	694,785		Royal Caribbean Cruises Ltd		23,164
	67,900		Royal Holdings Co Ltd		990
	246,656	*	Ruby Tuesday, Inc		2,277
	183,577		Ruth’s Chris Steak House, Inc		2,216
	34,500	e	Saizeriya Co Ltd		467
	7,840,961		Sands China Ltd		36,641
	323,322	*	Scientific Games Corp (Class A)		3,637
	36,413		SeaWorld Entertainment, Inc		1,278
	999,876		Service Corp International		18,028
	1,418,000	e	Shanghai Jinjiang International Hotels Group Co Ltd		215
	224,984		Shanghai Jinjiang International Hotels Development Co Ltd		290
	107,249		Shanghai Jinjiang International Travel Co Ltd		146
	1,205,229		Shangri-La Asia Ltd		2,072
	316,874	*	SHFL Entertainment, Inc		5,612
	2,859	e	Shinsegae Food Co Ltd		237

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	791,690	e	Six Flags Entertainment Corp	$	27,836
	3,892,613	e	SJM Holdings Ltd		9,447
	31,314		SkiStar AB (Series B)		353
	280,696		Sky City Entertainment Group Ltd		947
	30,012	*	SM Culture & Contents Co Ltd		73
	64,000	*	Smiles S.A.		703
	16,408		Sodexho Alliance S.A.		1,367
	59,158	e	Sol Melia S.A.		449
	340,590	*	Sonic Corp		4,959
	234,669	e	Sotheby’s (Class A)		8,896
	47,937	e	Speedway Motorsports, Inc		834
	1,069,962		Spirit Pub Co plc		1,086
	8,200		St Marc Holdings Co Ltd		370
	674,000	e	Stamford Land Corp Ltd		313
	597		Starbucks Coffee Japan Ltd		509
	3,819,228		Starbucks Corp		250,121
	1,011,327		Starwood Hotels & Resorts Worldwide, Inc		63,906
	4,852	*	Steak N Shake Co		1,991
	58,363	*	Steiner Leisure Ltd		3,085
	253,451	e	Stewart Enterprises, Inc (Class A)		3,318
	37,720	e	Strayer Education, Inc		1,842
	160,417		Sun International Ltd		1,552
	2,005,300		Ta Enterprise BHD		393
	197,659		Tabcorp Holdings Ltd		550
	593,615		Tattersall’s Ltd		1,715
	213,547		Texas Roadhouse, Inc (Class A)		5,343
	1,665,452	*	Thomas Cook Group plc		3,260
	143,016	e	Tim Hortons, Inc (Toronto)		7,735
	6,502	*	Tipp24 SE		374
	250,000		Tokyo Dome Corp		1,550
	172,000	e	Tokyotokeiba Co Ltd		590
	18,100	e	Toridoll.corp		188
	93,805		Town Sports International Holdings, Inc		1,010
	890,000	*	Tsui Wah Holdings Ltd		497
	391,252	*,e	TUI AG.		4,642
	917,243		TUI Travel plc		4,973
	65,874		Unibet Group plc (ADR)		2,205
	115,277		Universal Technical Institute, Inc		1,191
	119,919		Vail Resorts, Inc		7,377
	23,700	e	Watami Co Ltd		421
	112,401	e	Weight Watchers International, Inc		5,170
	281,810	e	Wendy’s		1,643
	150,149		Wetherspoon (J.D.) plc		1,519
	625,654		Whitbread plc		29,105
	1,326,648		William Hill plc		8,896
	182,343	*	WMS Industries, Inc		4,652
	74,000		Wowprime Corp		994
	766,352		Wyndham Worldwide Corp		43,858
	9,432,690	e	Wynn Macau Ltd		25,372
	210,996		Wynn Resorts Ltd		27,007
	335,000		YBM Sisa.com, Inc		1,489
	50,000	e	Yomiuri Land Co Ltd		375

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	571		Yoshinoya D&C Co Ltd	$	667
	2,026,872		Yum! Brands, Inc		140,543
	78,600	e	Zensho Co Ltd		897
			TOTAL CONSUMER SERVICES		2,354,316

DIVERSIFIED FINANCIALS - 5.8%
	318,645		3i Group plc		1,636
	69,010	e	ABC Arbitrage		402
	3,057,119		Aberdeen Asset Management plc		17,791
	31,916		Ackermans & Van Haaren		2,680
	27,768	*	Acom Co Ltd		883
	231,806		Administradora de Fondos de Pensiones Provida S.A.		1,320
	195,990	e	Aeon Credit Service Co Ltd		5,552
	20,000		Aeon Credit Service M BHD		109
	796,948	*	Affiliated Managers Group, Inc		130,652
	570,825		AFP Habitat S.A.		838
	801,891	e	African Bank Investments Ltd		1,324
	147,869	e	AGF Management Ltd		1,573
	189,200	*	Aiful Corp		1,584
	32,710		Aker ASA (A Shares)		917
	55,125	*,e	Alaris Royalty Corp		1,671
	40,072		Altamir Amboise		451
	1,491,386	*	American Capital Ltd		18,896
	6,102,648		American Express Co		456,234
	1,592,211		Ameriprise Financial, Inc		128,778
	3,842,505		AMMB Holdings BHD		8,907
	910,613		Apollo Investment Corp		7,048
	370,157		Apollo Management LP		8,921
	615,649	g	ARA Asset Management Ltd		843
	539,178		Ares Capital Corp		9,274
	36,430	*	Artisan Partners Asset Management, Inc		1,818
	935,351	e	Ashmore Group plc		4,882
	12,981	*,m	Asia Pacific Investment Partners Limited		92
	3,283,000	*,e	Asian Pay Television Trust		2,202
	422,000	*,e	Asiasons Capital Ltd		314
	56,180		Aurelius AG.		1,350
	241,418	e	Australian Stock Exchange Ltd		7,280
	22,472	e	Avanza AB		459
	298,607		Ayala Corp		3,988
	2,215	*,m	Ayala Corp Preferred		0	^
	360,189		Azimut Holding S.p.A.		6,558
	5,332		Bajaj Auto Finance Ltd		124
	206,285		Banca Generali S.p.A		4,448
	57,006		Banca IFIS S.p.A.		605
	319,925		Banca Profilo S.p.A.		92
	47,144,809		Bank of America Corp		606,282
	2,541,104		Bank of New York Mellon Corp		71,278
	588,891	e	BGC Partners, Inc (Class A)		3,469
	60,986		BinckBank NV		515
	294,915	e	BlackRock Kelso Capital Corp		2,760
	251,422		BlackRock, Inc		64,578

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	2,073,179		Blackstone Group LP	$	43,661
	252,320		Blue Circle Services Ltd		24
	2,378,711		BM&F Bovespa S.A.		13,176
	41,369,973		Bolsa de Valores de Colombia		611
	32,890		Bolsa de Valores de Lima S.A.		124
	1,354,200	e	Bolsa Mexicana de Valores S.A. de C.V.		3,359
	89,573	e	Bolsas y Mercados Espanoles		2,195
	31,677	*	Boursorama		270
	989,005	*	Brait S.A.		4,142
	368,877		Brewin Dolphin Holdings plc		1,317
	262,560		BT Investment Management Ltd		732
	95,076		BTG Pactual Participations Ltd		1,165
	85,021		Bure Equity AB		290
	655,200		Bursa Malaysia BHD		1,565
	84,349		Calamos Asset Management, Inc (Class A)		886
	5,804		California First National Bancorp		96
	99,782	e	Canaccord Financial, Inc		542
	1,147,204		Capital One Financial Corp		72,056
	1,444,407		Capital Securities Corp		490
	14,511		Capital Southwest Corp		2,000
	122,141	e	Cash America International, Inc		5,553
	228,228		CBOE Holdings, Inc		10,645
	62,501		Century Leasing System, Inc		1,626
	250,307		CETIP S.A.-Balcao Organizado de Ativos e Derivativos		2,562
	904,100		Chailease Holding Co Ltd		2,116
	1,515,554		Challenger Financial Services Group Ltd		5,526
	1,618,583		Charles Schwab Corp		34,363
	1,130,000		China Bills Finance Corp		415
	1,313,800		China Everbright Ltd		1,717
	4,210,000	*,e	China Financial International Investments Ltd		181
	140,000	e	China Merchants China Direct Investments Ltd		197
	3,236		Cholamandalam DBS Finance Ltd		13
	214,693		CI Financial Corp		6,179
	731,895	*	Citadel Capital Corp		258
	1,815,400	e	CITIC Securities Co Ltd		3,201
	18,342,197		Citigroup, Inc		879,875
	201,766		Close Brothers Group plc		3,018
	450,697		CME Group, Inc		34,244
	63,995	e	Cohen & Steers, Inc		2,175
	3,343,700	e	Compartamos SAB de C.V.		5,760
	961,275	*	Concord Securities Corp		258
	45,515	*	Consumer Portfolio Services, Inc		334
	683,756		Coronation Fund Managers Ltd		4,341
	23,228		Corp Financiera Alba		1,028
	93,700		Corp Financiera Colombiana S.A.		1,755
	2,486	*	Corp Financiera Colombiana S.A. (No-Div)		44
	417,375	*	Cowen Group, Inc		1,210
	37,841	*	Credit Acceptance Corp		3,975
	1,953,600		Credit China Holdings Ltd		168
	72,468		Credit Saison Co Ltd		1,821
	2,605,771		Credit Suisse Group		68,985
	874,700	*	Credito Real SAB de C.V.		1,447

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	199,531		Daewoo Securities Co Ltd	$	1,738
	64,400		Daishin Securities Co Ltd		503
	42,120		Daishin Securities Co Ltd PF		235
	3,455,135	*	Daiwa Securities Group, Inc		28,936
	149,275	e	Davis & Henderson Income Fund		3,206
	130,557	*	DeA Capital S.p.A.		226
	18,353	*	Deerfield Capital Corp		139
	1,972,529		Deutsche Bank AG.		82,714
	24,581		Deutsche Beteiligungs AG.		591
	162,580		Deutsche Boerse AG.		10,691
	11,980	e	Diamond Hill Investment Group, Inc		1,019
	2,207,782		Discover Financial Services		105,179
	163,424	*	Dollar Financial Corp		2,257
	53,250		Dongbu Securities Co Ltd		186
	51,113	*	Dundee Corp		1,029
	658,977	*	E*Trade Financial Corp		8,343
	41,398		East Capital Explorer AB		282
	553,910		Eaton Vance Corp		20,821
	105,492		Edelweiss Capital Ltd		54
	9,336		EFG Financial Products Holding AG.		567
	66,059	e	EFG International		804
	188,401		Egypt Kuwait Holding Co		132
	994,154	*	Egyptian Financial Group-Hermes Holding		1,042
	146,300	*	Element Financial Corp		1,665
	85,083	*,e	Encore Capital Group, Inc		2,817
	56,123		Eurazeo		3,009
	171,223		Evercore Partners, Inc (Class A)		6,726
	136,461	e	Exor S.p.A.		4,041
	236,262	*	Ezcorp, Inc (Class A)		3,988
	507,342		F&C Asset Management plc		736
	2,103,100	e	Far East Horizon Ltd		1,321
	39,264	*	FBR & Co		992
	113,660	e	Federated Investors, Inc (Class B)		3,115
	51,524	e	Fidus Investment Corp		964
	485,107	*	Fifth Street Finance Corp		5,069
	271,468	e	Financial Engines, Inc		12,376
	31,000	*	Financial Products Group Co Ltd		365
	102,806	*	First Cash Financial Services, Inc		5,059
	309,146	*,e	First Marblehead Corp		365
	2,557,143	e	First Pacific Co		2,734
	33,450	*,e	Firsthand Technology Value Fund, Inc		664
	7,896,404		FirstRand Ltd		23,106
	222,880		FlexiGroup Ltd		891
	352,708		Franklin Resources, Inc		47,975
	59,501		Friedman Billings Ramsey Group, Inc (Class A)		1,591
	11,799,234		Fubon Financial Holding Co Ltd		16,027
	13,176,634		Fuhwa Financial Holdings Co Ltd		6,829
	37,000		Fuyo General Lease Co Ltd		1,382
	119,669	e	FXCM, Inc		1,964
	42,713		Gain Capital Holdings, Inc		270
	21,359	e	GAMCO Investors, Inc (Class A)		1,184
	19,188		Garrison Capital, Inc		296

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	11,700	e	GCA Savvian Group Corp	$	106
	4,412,000		Get Nice Holdings Ltd		184
	324,903		GFI Group, Inc		1,270
	35,954		Gimv NV		1,753
	87,675		Gladstone Capital Corp		716
	96,123	e	Gladstone Investment Corp		707
	38,995		Gluskin Sheff + Associates, Inc		722
	119,831		GMP Capital, Inc		706
	1,945,186		Goldman Sachs Group, Inc		294,209
	119,389	e	Golub Capital BDC, Inc		2,089
	164,672	*,e	Green Dot Corp		3,285
	95,236		Greenhill & Co, Inc		4,356
	144,298		Groupe Bruxelles Lambert S.A.		10,868
	883	*,m	Groupe Bruxelles Lambert S.A. - STR VVPR		0	^
	12,909	*	Grupo de Inversiones Suramericana S.A.		255
	82,623	*,e	GSV Capital Corp		649
	190,180		GT Capital Holdings, Inc		3,486
	1,532,000		Guotai Junan International Hol		607
	1,383,438		Haci Omer Sabanci Holding AS		7,273
	2,131,600	*,e	Haitong Securities Co Ltd		2,562
	46,384	*	Hannon Armstrong Sustainable Infrastructure Capital, Inc		551
	84,290		Hanwha Securities Co		270
	268,704		Hargreaves Lansdown plc		3,629
	3,164	*,e	Harris & Harris Group, Inc		10
	78,863		Hellenic Exchanges S.A.		615
	2,577,252		Henderson Group plc		5,737
	240,713	e	Hercules Technology Growth Capital, Inc		3,356
	209,942		HFF, Inc (Class A)		3,731
	195,800		Hitachi Capital Corp		3,869
	8,930		HMC Investment Securities Co Ltd		89
	865,403	e	Hong Kong Exchanges and Clearing Ltd		12,998
	31,192	e	Horizon Technology Finance Corp		429
	119,367		Hyundai Securities Co		663
	19,800		IBJ Leasing Co Ltd		569
	134,629		ICAP plc		743
	88,700		Ichiyoshi Securities Co Ltd		1,049
	1,922,586		IFCI Ltd		842
	525,701		IG Group Holdings plc		4,642
	258,934	e	IGM Financial, Inc		11,101
	105,440	*	IMF Australia Ltd		169
	68,287	*	Imperial Holdings, Inc		468
	167,436		India Infoline Ltd		145
	288,437	*	Indiabulls Housing Finance Ltd		1,319
	18,736		Indiabulls Securities Ltd		3
	228,089		Industrivarden AB		3,809
	1,601,406		Infrastructure Development Finance Co Ltd		3,430
	14,362,208	*	ING Groep NV		131,257
	63,316	*	ING US, Inc		1,713
	87,119		Interactive Brokers Group, Inc (Class A)		1,391
	179,983	*,m	Interbolsa S.A.		0	^
	372,244	*,e	IntercontinentalExchange, Inc		66,170

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	38,280		Intergroup Financial Services Corp	$	1,263
	558,295		Intermediate Capital Group plc		3,693
	56,505	*	International Assets Holding Corp		986
	519,008		International Personal Finance plc		3,944
	155,849	*	Internet Capital Group, Inc		1,777
	70,596		Inversiones La Construccion S.A.		1,081
	2,772,859		Invesco Ltd		88,177
	272,407		Investec Ltd		1,761
	129,983		Investec plc		818
	207,310	*	Investment Technology Group, Inc		2,898
	670,285		Investor AB (B Shares)		17,991
	246,957		IOOF Holdings Ltd		1,655
	14,984	*	Is Finansal Kiralama AS.		7
	180,117		Is Yatirim Menkul Degerler AS		139
	47,319	*	iShares China Large-Cap ETF		1,539
	1,137,501	e	iShares MSCI Canada Index Fund		29,803
	1,227,817	e	iShares MSCI EAFE Index Fund		70,452
	568,291	e	iShares MSCI Emerging Markets		21,919
	188,310	e	iShares Russell 2000 Index Fund		18,296
	88,000	e	J Trust Co Ltd		1,634
	249,089		Jaccs Co Ltd		1,273
	166,117	*	Jafco Co Ltd		6,310
	599,500	e	Janus Capital Group, Inc		5,102
	5,473,000	*,a	Japan Asia Investment Co Ltd		5,455
	1,522,200	e	Japan Securities Finance Co Ltd		11,057
	2,209,484		Jih Sun Financial Holdings Co Ltd		692
	63,075	e	JMP Group, Inc		419
	13,584,699		JPMorgan Chase & Co		717,137
	190,218		JSE Ltd		1,366
	162,674		Julius Baer Group Ltd		6,349
	273,844		Julius Baer Holding AG.		4,193
	803,851		Jupiter Investment Management Group Ltd		3,540
	846,000		K1 Ventures Ltd		114
	93,800	e	kabu.com Securities Co Ltd		467
	9,920,000	*	Kai Yuan Holdings Ltd		239
	36,621	*	KBC Ancora		715
	106,955	e	KCAP Financial, Inc		1,204
	513,162		Kinnevik Investment AB (Series B)		13,156
	20,933		KIWOOM Securities Co Ltd		1,008
	586,716	*	Knight Capital Group, Inc (Class A)		2,106
	49,200		Korea Investment Holdings Co Ltd		1,776
	230,000	*,e	Kosei Securities Co Ltd		576
	460,099		Kotak Mahindra Bank Ltd		5,572
	48,900		Krungthai Card Pcl		65
	82,410	*	KTB Securities Co Ltd		226
	47,580		Kyobo Securities Co		199
	75,800	*	Kyokuto Securities Co Ltd		1,209
	386,068	*	Ladenburg Thalmann Financial Services, Inc		637
	3,200,000	*	Langham Hospitality Investments Ltd		1,663
	175,754		Lazard Ltd (Class A)		5,650
	800,759	e	Legg Mason, Inc		24,832

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	518,515		Leucadia National Corp	$	13,595
	70,975		London Stock Exchange Group plc		1,443
	161,376		LPL Financial Holdings, Inc		6,094
	45,850		Lundbergs AB (B Shares)		1,744
	467,547		Macquarie Group Ltd		17,833
	208,162		Mahindra & Mahindra Financial Services Ltd		911
	142,172	e	Main Street Capital Corp		3,937
	15,990,546		Man Group plc		20,200
	797,636		Manappuram General Finance & Leasing Ltd		142
	74,816		Manning & Napier, Inc		1,329
	863,086	*	Marfin Investment Group S.A		312
	197,547		MarketAxess Holdings, Inc		9,235
	36,392		Marlin Business Services Corp		829
	134,500		Marusan Securities Co Ltd		822
	1,973,000		Masterlink Securities Corp		661
	132,700		Matsui Securities Co Ltd		1,174
	195,450		Maybank Kim Eng Securities Thailand PCL		147
	310,594		MCG Capital Corp		1,618
	72,724	e	Medallion Financial Corp		1,012
	1,693,860		Mediobanca S.p.A.		8,809
	108,287	e	Medley Capital Corp		1,471
	229,894		Meritz finance Holdings Co Ltd		962
	651,020		Meritz Securities Co Ltd		862
	17,209,100		Metro Pacific Investments Corp		2,095
	27,851		Mirae Asset Securities Co Ltd		1,010
	170,000	*,e	Mito Securities Co Ltd		712
	780,880		Mitsubishi UFJ Lease & Finance Co Ltd		3,705
	67,199		MLP AG.		409
	10,192	e	Monex Beans Holdings, Inc		3,680
	1,041,480		Moody’s Corp		63,457
	7,507,862		Morgan Stanley		183,417
	268,939	*	MSCI, Inc (Class A)		8,948
	1,531,700	*	Mulpha International BHD		201
	23,858		Multi Commodity Exchange of India Ltd		307
	1,599,200		Multi-Purpose Holdings BHD		1,824
	111,184		MVC Capital, Inc		1,400
	2,006,424	*	Narodowy Fundusz Inwestycyjny Midas S.A.		494
	109,077		Nasdaq Stock Market, Inc		3,577
	94,160		Nelnet, Inc (Class A)		3,398
	116,406	*,m	Netspend Holdings, Inc		1,859
	106,522	e	New Mountain Finance Corp		1,508
	105,543	*	NewStar Financial, Inc		1,406
	92,611	e	NGP Capital Resources Co		568
	76,683		NH Investment & Securities Co Ltd		323
	4,010		NICE Holdings Co Ltd		35
	43,274	e	Nicholas Financial, Inc		654
	3,427,172	*	Nomura Holdings, Inc		25,227
	85,170	e	Nordnet AB (Series B)		218
	21,904,308		Norte Grande S.A.		181
	796,753		Northern Trust Corp		46,132
	238,101		NYSE Euronext		9,857
	4,867,866	e	NZX Ltd		5,055

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	131,588		Oaktree Capital Group LLC	$	6,915
	416,638		Okasan Holdings, Inc		3,442
	350,899		OKO Bank (Class A)		5,156
	93,544		Onex Corp		4,244
	43,454		Oppenheimer Holdings, Inc		827
	20,325	*	Oresund Investment AB		336
	351,000	*,e	Orient Corp		843
	4,255,100	*	ORIX Corp		58,068
	57,100	e	Osaka Securities Exchange Co Ltd		5,767
	820,575		OSK Holdings BHD		427
	11,461		Pargesa Holding S.A.		764
	45,970		Partners Group		12,443
	1,239,600	*	Pearl Oriental Innovation Ltd		77
	40,048		PennantPark Floating Rate Capital Ltd		566
	261,609	e	PennantPark Investment Corp		2,891
	517,000	*,m	Peregrine Investment Holdings		0	^
	127,849	e	Perpetual Trustees Australia Ltd		4,113
	229,000	*	PHH Corp		4,667
	60,290		Philippine Stock Exchange, Inc		543
	92,117	*	Pico Holdings, Inc		1,931
	378,585	*	Pioneers Holding		153
	70,126	*	Piper Jaffray Cos		2,217
	250,686		Platinum Asset Mangement Ltd		1,251
	18,600	*,e	Pocket Card Co Ltd		118
	105,327	*	Portfolio Recovery Associates, Inc		16,181
	474,172		Power Finance Corp Ltd		1,145
	105,000	*	PowerShares QQQ Trust Series		7,477
	1,686,509		President Securities Corp		986
	986,468	e	Prospect Capital Corp		10,654
	290,005		Provident Financial plc		6,566
	1,889,000		PT Clipan Finance Indonesia Tbk		78
	43,581	e	Pzena Investment Management, Inc (Class A)		284
	66,908		Rathbone Brothers		1,608
	89,146		Ratos AB (B Shares)		691
	1,115,936		Raymond James Financial, Inc		47,963
	20,377	*	Regional Management Corp		509
	330,821		Reliance Capital Ltd		1,862
	647,757		Remgro Ltd		12,444
	41,622		Resource America, Inc (Class A)		354
	99,247	*	RHJ International		468
	17,700		Ricoh Leasing Co Ltd		473
	858,305		RMB Holdings Ltd		3,426
	560,983		Rural Electrification Corp Ltd		1,888
	89,170	*	Safeguard Scientifics, Inc		1,431
	72,119		Samsung Card Co		2,447
	76,291		Samsung Securities Co Ltd		3,059
	244,200	*,e	Sawada Holdings Co Ltd		1,699
	71,984		SBI Holdings, Inc		791
	75,151		Schroders plc		2,495
	26,309	*	SE Investments Ltd		173
	520,827		SEI Investments Co		14,807
	5	*,m	SFCG Co Ltd		0	^

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	158,939		Shriram Transport Finance Co Ltd	$	1,896
	1,986,356	e	Singapore Exchange Ltd		10,979
	126,570		SK Securities Co Ltd		103
	80,955	*	SKS Microfinance Pvt Ltd		142
	1,879,375		SLM Corp		42,963
	768,475	*,e,m	SNS Reaal		10
	176,913		Solar Capital Ltd		4,085
	51,133		Solar Senior Capital Ltd		941
	1,249	*	Sparx Group Co Ltd		227
	113,238	e	SPDR S&P MidCap 400 ETF Trust		23,823
	1,195,693	e	SPDR Trust Series 1		191,323
	98,587	e	Sprott, Inc		262
	409,246		SREI Infrastructure Finance Ltd		152
	3,993,580		State Street Corp		260,421
	46,985	e	Stellus Capital Investment Corp		707
	263,110	*	Stifel Financial Corp		9,385
	5,354		Sundaram Finance Ltd		48
	546,781		Suramericana de Inversiones S.A.		10,641
	11,691		Swissquote Group Holding S.A.		349
	124,024	*	SWS Group, Inc		676
	326,857		T Rowe Price Group, Inc		23,910
	441,505		Tai Fook Securities Group Ltd		196
	490,000		Taiwan Acceptance Corp		1,182
	170,000		Takagi Securities Co Ltd		645
	100,039		TCP Capital Corp		1,678
	450,812		TD Ameritrade Holding Corp		10,950
	252,356		Tetragon Financial Group Ltd		2,755
	92,595	e	THL Credit, Inc		1,407
	199,439	e	TICC Capital Corp		1,919
	24,300		TMX Group Ltd		1,065
	475,580		Tokai Tokyo Securities Co Ltd		3,236
	61,642		Tong Yang Investment Bank		195
	61,000	*,e	Toyo Securities Co Ltd		184
	125,333		Transpac Industrial Holdings Ltd		170
	111,530	e	Triangle Capital Corp		3,068
	257,155		Tullett Prebon plc		1,248
	8,673,681		UBS AG. (Switzerland)		147,226
	957,565	e	UOB-Kay Hian Holdings Ltd		1,240
	142,337	*	Uranium Participation Corp		678
	897,000	e	Value Partners Group Ltd		479
	29,820	*	Virtus Investment Partners, Inc		5,256
	61,358		Vontobel Holding AG.		1,889
	763	*	Vostok Nafta Investment Ltd		0	^
	210,779		Vostok Nafta Investment Ltd (ADR)		1,018
	174,085		Waddell & Reed Financial, Inc (Class A)		7,573
	148,239		Walter Investment Management Corp		5,012
	70,148		Warsaw Stock Exchange		804
	3,231,662		Waterland Financial Holdings		1,075
	30,839		Wendel		3,180
	26,130		Westwood Holdings Group, Inc		1,121
	22,999	e	WhiteHorse Finance, Inc		362
	705,098	*	WisdomTree Investments, Inc		8,158

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	115,000	*	WisdomTree Japan Hedged Equity Fund	$	5,245
	16,707		Woori Financial Co Ltd		315
	153,263		Woori Investment & Securities Co Ltd		1,493
	33,097	*,e	World Acceptance Corp		2,877
	378,554		Zeder Investments Ltd		146
	54,300	*	Zenkoku Hosho Co Ltd		1,736
			TOTAL DIVERSIFIED FINANCIALS		6,484,335

ENERGY - 9.2%
	84,501		Aban Offshore Ltd		356
	273,907	*,e	Abraxas Petroleum Corp		575
	244,677	e	Acergy S.A.		4,290
	10,537		Adams Resources & Energy, Inc		726
	19,300,827		Adaro Energy Tbk		1,659
	233,307	*	Advantage Oil & Gas Ltd		921
	8,994,080	*	Afren plc		17,730
	22,624		Aker Kvaerner ASA		309
	273,100	*	Alam Maritim Resources BHD		119
	253,100		Alliance Holdings GP LP		16,135
	198,560		Alon USA Energy, Inc		2,871
	1,097,661	*,e	Alpha Natural Resources, Inc		5,752
	158,705	e	AltaGas Income Trust		5,562
	39,457		AMEC plc		603
	1,104,678	*,e	Amerisur Resources plc		664
	92,280	*,e	Amyris Biotechnologies, Inc		267
	3,102,574		Anadarko Petroleum Corp		266,604
	89,000	*	Angle Energy, Inc		273
	226,350		Anglo Pacific Group plc		585
	317,000		Anhui Tianda Oil Pipe Co Ltd		50
	1,276,000	e	Anton Oilfield Services Group		915
	166,400		AOC Holdings, Inc		521
	1,053,895		Apache Corp		88,348
	30,551	*,e	APCO Argentina, Inc		352
	128,126	*,e	Approach Resources, Inc		3,148
	526,091	*,e	Aquila Resources Ltd		855
	295,711	e	ARC Energy Trust		7,741
	847,270	e	Arch Coal, Inc		3,203
	256,739	*,e	Archer Ltd		160
	548,761	*	Athabasca Oil Corp		3,397
	189,397	*	Atwood Oceanics, Inc		9,858
	513,536	*,e	Aurora Oil and Gas Ltd		1,357
	649,234		Australian Worldwide Exploration Ltd		732
	1,984,830		Baker Hughes, Inc		91,560
	1,599,100		Bangchak Petroleum PCL		1,770
	724,101	*	Bankers Petroleum Ltd		1,797
	165,750		Banpu PCL		1,284
	126,917	*,e	Basic Energy Services, Inc		1,534
	177,813	e	Baytex Energy Trust		6,408
	3,582,849		Beach Petroleum Ltd		3,681
	144,000	*	Bellatrix Exploration Ltd		883
	200,695	e	Berry Petroleum Co (Class A)		8,493
	4,981,230		BG Group plc		84,651

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	493,335		Bharat Petroleum Corp Ltd	$	3,040
	186,690	*,e	Bill Barrett Corp		3,775
	117,699	*	Birchcliff Energy Ltd		913
	362,400	*	BlackPearl Resources, Inc		548
	36,744		Bolt Technology Corp		628
	102,274	*	Bonanza Creek Energy, Inc		3,627
	140,517	e	Bonavista Energy Trust		1,824
	30,226	e	Bonterra Oil & Gas Ltd		1,421
	53,546	e	Bourbon S.A.		1,391
	575,000		Boustead Singapore Ltd		607
	321,388	*	BowLeven plc		290
	16,287,071		BP plc		113,031
	1,421,023		BP plc (ADR)		59,314
	415,275	*,e	BPZ Energy, Inc		743
	237,344	*	Brasil Ecodiesel Industria e Comercio de Biocombustiveis e Oleos Vegetais S.A.		398
	3,155,000	e	Brightoil Petroleum Holdings Ltd		587
	149,636		Bristow Group, Inc		9,774
	2,165,300		Bumi Armada BHD		2,657
	65,049	*,m	BUMI plc		128
	18,270,000	*	Bumi Resources Minerals Tbk PT		548
	274,423	*,e	Buru Energy Ltd		305
	977,382	e	BW Offshore Ltd		1,172
	184,797	*,e	C&J Energy Services, Inc		3,580
	1,446,697		Cabot Oil & Gas Corp		102,744
	799,704		Cairn Energy plc		3,078
	885,623		Cairn India Ltd		4,310
	397,172	*,e	Cal Dive International, Inc		747
	130,043		Calfrac Well Services Ltd		3,748
	159,830	*	Callon Petroleum Co		539
	429,672		Caltex Australia Ltd		7,067
	348,534	*,e	Cam Finanziaria S.p.A.		363
	333,967	e	Cameco Corp		6,894
	1,389,680	*	Cameron International Corp		84,993
	76,200	*,e	Canacol Energy Ltd		212
	142,123	e	Canadian Energy Services & Technology Corp		2,207
	1,319,612		Canadian Natural Resources Ltd (Canada)		37,203
	1,534,867	e	Canadian Oil Sands Trust		28,415
	173,859	e	Canyon Services Group, Inc		1,971
	310,000		Capital Product Partners LP		2,877
	96,343	e	CARBO Ceramics, Inc		6,496
	141,966	*	Carrizo Oil & Gas, Inc		4,022
	21,363		CAT Oil AG.		326
	2,773,915		Cenovus Energy, Inc		79,112
	1,252,266	e	Cenovus Energy, Inc (Toronto)		35,721
	137,400	*	Cequence Energy Ltd		217
	3,843,614	*	Cheniere Energy, Inc		106,699
	2,277,217	e	Chesapeake Energy Corp		46,410
	8,535,582		Chevron Corp		1,010,101
	8,617,500	e	China Coal Energy Co		4,483
	4,379,700		China Oilfield Services Ltd		8,518
	972,000		China Qinfa Group Ltd		87

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	7,657,699		China Shenhua Energy Co Ltd	$	19,466
	633,000		China Suntien Green Energy Cor		231
	2,894,000	e	Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd		817
	323,606		Cimarex Energy Co		21,031
	24,154	*	Clayton Williams Energy, Inc		1,051
	228,332	*,e	Clean Energy Fuels Corp		3,014
	252,603	*	Cloud Peak Energy, Inc		4,163
	38,269,400	e	CNOOC Ltd		64,098
	1,058,361		Coal India Ltd		5,385
	2,390,277	*	Cobalt International Energy, Inc		63,510
	22,365	*	Compagnie Generale de Geophysique S.A.		496
	198,444		Comstock Resources, Inc		3,122
	1,919,031	*	Concho Resources, Inc		160,661
	3,413,267		ConocoPhillips		206,503
	773,638		Consol Energy, Inc		20,966
	82,649		Contango Oil & Gas Co		2,789
	452,694	*,e	Continental Resources, Inc		38,959
	139,059	e	Core Laboratories NV		21,090
	365,674		Cosan SA Industria e Comercio		7,089
	424,173		Cosmo Oil Co Ltd		780
	2,144,747	e	Crescent Point Energy Corp		72,742
	126,728	*	Crew Energy, Inc		624
	71,434	*,e	Crimson Exploration, Inc		201
	56,152		CropEnergies AG.		444
	174,083		Crosstex Energy, Inc		3,440
	121,933	e	CVR Energy, Inc		5,780
	489,815	*,m	CVR Energy, Inc (Contingent value right)		0	^
	38,888	*	Dawson Geophysical Co		1,433
	269,100		Dayang Enterprise Holdings BHD		416
	113,500	*	Deep Sea Supply plc		173
	90,300	*	DeeThree Exploration Ltd		653
	10,452		Delek Group Ltd		2,698
	129,390		Delek US Holdings, Inc		3,724
	7,829,382	*	Denbury Resources, Inc		135,605
	395,408	*,e	Denison Mines Corp		459
	88,868	*,e	Det Norske Oljeselskap ASA		1,219
	977,479	*	Devon Energy Corp		50,712
	167,451	e	Diamond Offshore Drilling, Inc		11,519
	110,527	*	Diamondback Energy, Inc		3,683
	720,345	*,e	DNO International ASA		1,321
	436,775	*	Dolphin Group AS.		431
	1,724,056		Dragon Oil plc		15,001
	180,555	*	Dresser-Rand Group, Inc		10,830
	430,765	*,e	Drillsearch Energy Ltd		411
	164,998	*	Dril-Quip, Inc		14,898
	305,000	e	Dyna-Mac Holdings Ltd		97
	6,941,036		Ecopetrol S.A.		14,737
	87,834	e	Ecopetrol S.A. (ADR)		3,694
	207,938	*,e	Electromagnetic GeoServices AS		350
	145,614	*,e	Emerald Oil, Inc		999
	674,132		Empresas COPEC S.A.		8,809

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	96,611		Enbridge Income Fund	$	2,199
	871,863		Enbridge, Inc		36,650
	676,257	e	EnCana Corp		11,439
	198,998	*,e	Endeavour International Corp		764
	167,518		Enerflex Ltd		2,150
	111,656		Energen Corp		5,835
	1,260,000		Energy Absolute PCL		271
	769,200		Energy Earth PCL		157
	1,003,961	*,e	Energy Resources of Australia Ltd		1,096
	2,454		Energy Transfer Partners LP		124
	367,249	e	Energy XXI Bermuda Ltd		8,146
	160,580	e	Enerplus Resources Fund		2,373
	3,990,623		ENI S.p.A.		81,903
	1,786,345	*	Enquest plc (London)		3,210
	146,712		Ensco plc		8,527
	296,393		Ensign Energy Services, Inc		4,588
	1,472,871		EOG Resources, Inc		193,948
	151,122	*	EPL Oil & Gas, Inc		4,437
	131,625		Equal Energy Ltd		532
	1,086,410		Equitable Resources, Inc		86,228
	112,556	*	Era Group, Inc		2,943
	168,994		ERG S.p.A.		1,580
	411,996	*	Essar Energy plc		805
	30,000		Esso Malaysia BHD		31
	3,200	e	Esso SA Francaise		199
	1,545,400		Esso Thailand PCL		336
	269,689	e	Etablissements Maurel et Prom		4,009
	83,236		Eurasia Drilling Co Ltd (GDR)		3,096
	30,174	*,e	Euronav NV		147
	53,417	*	Evolution Petroleum Corp		583
	1,921,970	e	EXCO Resources, Inc		14,684
	60,262		Exmar NV		591
	242,667	*	Exterran Holdings, Inc		6,824
	15,335,863		Exxon Mobil Corp		1,385,595
	2,350,000	e	Ezion Holdings Ltd		3,919
	858,200	*,e	Ezra Holdings Ltd		629
	190,854	*	Faroe Petroleum plc		327
	1,237,849	*	FMC Technologies, Inc		68,923
	4,051	*,e	Forbes Energy Services Ltd		16
	467,399	*,e	Forest Oil Corp		1,912
	1,723,380		Formosa Petrochemical Corp		4,374
	141,843	*,e	Forum Energy Technologies, Inc		4,316
	99,253		Fred Olsen Energy ASA		3,930
	138,413	e	Freehold Royalty Trust		3,102
	170,731	*,e	Frontline Ltd		302
	21,644		Fugro NV		1,176
	182,811	*,e	FX Energy, Inc		587
	193,355		Galp Energia SGPS S.A.		2,866
	99,819		GasLog Ltd		1,278
	290,359	*,e	Gastar Exploration Ltd		775
	8,305,991		Gazprom OAO (ADR)		54,543
	69,295	e	Gazpromneft OAO (ADR)		1,229

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	8,880,000	*,e	Genesis Energy Holdings Ltd	$	229
	2,481,000	*,e	Geo Energy Resources Ltd		727
	44,911	*	Geospace Technologies Corp		3,102
	6,020	*,e	Gevo, Inc		12
	289,609	e	Gibson Energy, Inc		6,788
	113,466	*,e	Global Geophysical Services, Inc		536
	90,856	e	Golar LNG Ltd		2,897
	89,108	*,e	Goodrich Petroleum Corp		1,141
	47,943		Great Eastern Shipping Co Ltd		172
	101,233	*	Green Plains Renewable Energy, Inc		1,348
	114,260	*	Grupa Lotos S.A.		1,232
	102,864		GS Holdings Corp		4,604
	57,170		Gulf Island Fabrication, Inc		1,095
	1,043,014	*,e	Gulf Keystone Petroleum Ltd		2,286
	141,203		Gulfmark Offshore, Inc		6,367
	144,678	*	Gulfport Energy Corp		6,810
	838,235	*,e	Halcon Resources Corp		4,753
	23,626	e	Hallador Petroleum Co		190
	5,339,878		Halliburton Co		222,780
	1,924	e	Hankook Shell Oil Co Ltd		630
	62,987		Hargreaves Services plc		824
	3,121	*,e	Harvest Natural Resources, Inc		10
	427,111	*	Helix Energy Solutions Group, Inc		9,841
	89,198		Hellenic Petroleum S.A.		816
	307,218		Helmerich & Payne, Inc		19,186
	639,833	*	Hercules Offshore, Inc		4,504
	243,058	*,e	Heritage Oil Ltd		491
	1,368,950		Hess Corp		91,021
	190,900	*	Hibiscus Petroleum BHD		87
	1,888,000	e	Hidili Industry International Development Ltd		340
	592,000		Hilong Holding Ltd		347
	45,851	*	Hoegh LNG Holdings Ltd		353
	514,098		Holly Corp		21,993
	1,549,000	e	Honghua Group Ltd		528
	1,241,663	*,e	Horizon Oil Ltd		369
	145,663	*	Hornbeck Offshore Services, Inc		7,793
	400,800	*	HRT Participacoes em Petroleo S.A.		471
	150,995		Hunting plc		1,677
	1,276,169	e	Husky Energy, Inc		34,000
	42,225	e	Idemitsu Kosan Co Ltd		3,237
	874,196	e	Imperial Oil Ltd		33,374
	1,000,418		Inner Mongolia Yitai Coal Co		4,826
	1,143		Inpex Holdings, Inc		4,751
	105,046	*,e	Iofina PLC		235
	551,230	*	ION Geophysical Corp		3,318
	30,275,700		IRPC PCL		3,204
	3,725	*,e	Isramco, Inc		347
	364,700	*	Ithaca Energy, Inc		617
	159,853		Itochu Enex Co Ltd		822
	7,200		Japan Drilling Co Ltd		509
	4,044		Japan Petroleum Exploration Co		164
	772,083		John Wood Group plc		9,522

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,774,761		JX Holdings, Inc	$	8,569
	59,000		Kanto Natural Gas Development Ltd		401
	209,649	*	Karoon Gas Australia Ltd		976
	59,755	*	Kelt Exploration Ltd		420
	623,980	*	Key Energy Services, Inc		3,713
	112,666	e	Keyera Facilities Income Fund		6,059
	1,007,071		Kinder Morgan, Inc		38,420
	147,802	*,e	KiOR, Inc (Class A)		844
	88,363	e	Knightsbridge Tankers Ltd		650
	1,722,637	*	KNM Group BHD		250
	2,133,918	*,e	Kodiak Oil & Gas Corp		18,971
	670,389	*,e	Kosmos Energy LLC		6,811
	321,545		Kumba Resources Ltd		4,742
	215,106	e	Kvaerner ASA		344
	114,279	*	L&L Energy, Inc		409
	1,117,532	*,e	Laredo Petroleum Holdings, Inc		22,976
	168,000	*	Legacy Oil & Gas, Inc		791
	231,307	e	Lightstream Resources Ltd		1,727
	700,737	*,e	Linc Energy Ltd		516
	24,800	e	Longview Oil Corp		117
	62,939		Lubelski Wegiel Bogdanka S.A.		1,907
	115,964	e	Lufkin Industries, Inc		10,259
	1,117,066		LUKOIL (ADR)		64,017
	31,052	*	Lundin Petroleum AB		614
	199,961		Magellan Midstream Partners LP		10,898
	649,234	*,e	Magnum Hunter Resources Corp		2,370
	3,853,825		Marathon Oil Corp		133,265
	1,452,987		Marathon Petroleum Corp		103,249
	222,505	*	Maridive & Oil Services SAE		200
	916,603	*,e	Matador Resources Co		10,981
	123,946	*	Matrix Service Co		1,931
	243,504		Maurel & Prom Nigeria		1,065
	152,731	*	Maverick Drilling & Exploration Ltd		50
	507,038	*,e	McDermott International, Inc		4,148
	110,457	*	MEG Energy Corp		3,028
	134,224		Miclyn Express Offshore Ltd		220
	205,460	*	Midstates Petroleum Co, Inc		1,112
	2,470,000	e	MIE Holdings Corp		569
	117,653	*,e	Miller Petroleum, Inc		471
	50,360	*	Mitcham Industries, Inc		845
	31,200		Modec, Inc		910
	59,680		MOL Hungarian Oil and Gas plc		4,455
	4,993,117	*	Mongolia Energy Co ltd		146
	136,438		Motor Oil Hellas Corinth Refineries S.A.		1,298
	171,767	e	Mullen Group Ltd		3,734
	600,905		Murphy Oil Corp		36,589
	1,380,437		Nabors Industries Ltd		21,134
	48,350	*	Naphtha Israel Petroleum Corp Ltd		239
	781,096		National Oilwell Varco, Inc		53,818
	53,056	*	Natural Gas Services Group, Inc		1,246
	195,362		Neste Oil Oyj		2,851
	1,474,366		New Zealand Oil & Gas Ltd		960

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	211,829	*	Newfield Exploration Co	$	5,061
	1,116,000		Newocean Energy Holdings Ltd		665
	297,435	*	Newpark Resources, Inc		3,269
	77,600		Niko Resources Ltd		633
	60,000		Noble Corp		2,255
	1,857,431		Noble Energy, Inc		111,520
	261,069	e	Nordic American Tanker Shipping		1,976
	266,420	*,e	Northern Oil And Gas, Inc		3,554
	282,500	*,e	Norwegian Energy Co AS		142
	228,321	e	NovaTek OAO (GDR)		27,249
	570,231	*,e	Nuverra Environmental Solutions, Inc		1,654
	140,779	*	NuVista Energy Ltd		961
	242,541	*	Oasis Petroleum, Inc		9,428
	4,659,540		Occidental Petroleum Corp		415,771
	714,332		Oceaneering International, Inc		51,575
	1,888,477	*	OGX Petroleo e Gas Participacoes S.A.		669
	238,600	*	Oil India Ltd		2,301
	1,149,553	*	Oil Refineries Ltd		514
	365,635		Oil Search Ltd		2,575
	121,075	*	Oil States International, Inc		11,216
	428,713		OMV AG.		19,340
	1,638,696	*,e	Ophir Energy plc		8,910
	605,936		Origin Energy Ltd		6,944
	85,600	*	OSX Brasil S.A.		54
	93,211		Pacific Rubiales Energy Corp		1,659
	1,165,133	e	Pacific Rubiales Energy Corp (Toronto)		20,462
	1,329,082	*,e	Paladin Resources Ltd		1,059
	24,827		Panhandle Oil and Gas, Inc (Class A)		708
	67,989	*	Paramount Resources Ltd (Class A)		2,305
	237,451	*	Parex Resources, Inc		930
	482,497	*	Parker Drilling Co		2,403
	211,286	e	Parkland Income Fund		3,443
	132,626		Pason Systems, Inc		2,411
	777,992		Patterson-UTI Energy, Inc		15,058
	5,780		Paz Oil Co Ltd		898
	31,041	e	PBF Energy, Inc		804
	125,490	*	PDC Energy, Inc		6,460
	483,833		Peabody Energy Corp		7,083
	460,909	e	Pembina Pipeline Income Fund		14,103
	512,723	e	Pengrowth Energy Trust		2,520
	381,718	e	Penn Virginia Corp		1,794
	381,867	e	Penn West Energy Trust		4,030
	496,100	*	Perdana Petroleum BHD		299
	592,200	*	Perisai Petroleum Teknologi Bh		294
	635,456		Petrofac Ltd		11,567
	4,517,476		Petroleo Brasileiro S.A.		29,984
	759,700		Petroleo Brasileiro S.A. (ADR)		10,195
	6,928,131		Petroleo Brasileiro S.A. (Preference)		50,237
	1,381,642		Petroleum Geo-Services ASA		16,870
	290,611	e	Petrominerales Ltd		1,658
	974,918		Petronas Dagangan BHD		7,807
	195,760	*,e	Petroquest Energy, Inc		775

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	138,350	e	Peyto Energy Trust	$	3,999
	52,789	*	PHI, Inc		1,811
	132,300	*	Philex Petroleum Corp		32
	2,512,568		Phillips 66		148,015
	249,112	*	Pioneer Energy Services Corp		1,649
	558,169		Pioneer Natural Resources Co		80,795
	486,537	*,e	Polarcus Ltd		397
	2,708,561	*	Polish Oil & Gas Co		4,732
	396,800	*	Polski Koncern Naftowy Orlen S.A.		5,559
	100,100	m	Poseidon Concepts Corp		1
	291,400	e	Precision Drilling Trust		2,480
	969,288		Premier Oil plc		4,917
	336,299		ProSafe ASA		2,957
	13,068,000	*	PT Benakat Petroleum Energy		176
	13,790,400		PT Bumi Resources Tbk		757
	7,693,000	*	PT Delta Dunia Petroindo Tbk		103
	34,082,000	*	PT Energi Mega Persada Tbk		406
	6,525,000		PT Indika Energy Tbk		504
	1,078,100		PT Indo Tambangraya Megah		3,046
	2,820,000		PT Medco Energi Internasional Tbk		479
	401,000		PT Resource Alam Indonesia Tbk		61
	7,425,134		PT Tambang Batubara Bukit Asam Tbk		9,882
	2,049,430		PTT Exploration & Production PCL		10,424
	1,044,900		PTT Exploration & Production PCL (ADR)		5,315
	1,752,450		PTT PCL		18,845
	194,300		QGEP Participacoes S.A.		967
	280,815		Questar Market Resources, Inc		7,801
	477,137	*,e	Quicksilver Resources, Inc		802
	333,053		Range Resources Corp		25,752
	308,610	*,e	Red Fork Energy Ltd		140
	1,142,564		Refineria La Pampilla S.A. Relapasa		189
	2,371,841		Reliance Industries Ltd		34,276
	80,766	*,e	Renewable Energy Group, Inc		1,149
	1,164,950		Repsol YPF S.A.		24,586
	279,260	*,e	Resolute Energy Corp		2,229
	147,905	*,e	Rex Energy Corp		2,600
	22,817	*,e	Rex Stores Corp		656
	40,953	*	RigNet, Inc		1,043
	118,200	*	RMP Energy Inc		475
	1,670,915	*	Roc Oil Co Ltd		685
	355,101	*,e	Rockhopper Exploration plc		666
	290,335	*	Rosetta Resources, Inc		12,345
	1,661,211		Rosneft Oil Co (GDR)		11,367
	509,948	*	Rowan Cos plc		17,374
	6,332,970		Royal Dutch Shell plc (A Shares)		202,300
	4,223,874		Royal Dutch Shell plc (B Shares)		139,890
	526,740	e	RPC, Inc		7,274
	36,964		Saipem S.p.A.		600
	333,027	*	Salamander Energy plc		728
	90,000		San-Ai Oil Co Ltd		332
	112,100	*,e	Sanchez Energy Corp		2,574
	769,638	*,e	SandRidge Energy, Inc		3,663

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	413,646		Santos Ltd	$	4,711
	5,252,100	*	Sapurakencana Petroleum BHD		6,776
	325,925	*,e	Saras S.p.A.		422
	1,094	*,e	Saratoga Resources, Inc		2
	964,657		Sasol Ltd		41,999
	124,838	e	Savanna Energy Services Corp		805
	251,843	*	SBM Offshore NV		4,246
	5,297,523		Schlumberger Ltd		379,620
	14,059	e	Schoeller-Bleckmann Oilfield Equipment AG.		1,430
	569,500	*	Scomi Group BHD		69
	655,115		Scorpio Tankers, Inc		5,883
	120,132	e	SEACOR Holdings, Inc		9,977
	1,155,387	*	Seadrill Ltd		47,070
	110,904	e	Seadrill Ltd		4,467
	126,500		Secure Energy Services, Inc		1,621
	142,399		SemGroup Corp		7,670
	199,960		Semirara Mining Corp		1,281
	1,047,456	*	Senex Energy Ltd		558
	50	*,m	Serval Integrated Energy Services		0	^
	584,612	*,e	Sevan Drilling AS.		384
	219,200		Shandong Molong Petroleum Machinery Co Ltd		67
	148,079		ShawCor Ltd		5,852
	1,522,500	m	Shengli Oil&Gas Pipe Holdings Ltd		80
	51,200		Shinko Plantech Co Ltd		385
	196,511	e	Ship Finance International Ltd		2,916
	181,954	e	Showa Shell Sekiyu KK		1,493
	132,800		Siamgas & Petrochemicals PCL		39
	61,000		Sinanen Co Ltd		226
	8,240,000	*,e	Sino Union Energy Investment Group Ltd		365
	1,126,000	e	Sinopec Kantons Holdings Ltd		1,044
	73,232		SK Energy Co Ltd		8,627
	11,430	e	SK Gas Co Ltd		794
	464,008	*	Soco International plc		2,467
	58,095		S-Oil Corp		3,704
	160,016	*,e	Solazyme, Inc		1,875
	168,771	*,e	Songa Offshore SE		149
	446,700	*	Southern Pacific Resource Corp		132
	109,200	*	SouthGobi Resources Ltd		129
	1,598,591	*	Southwestern Energy Co		58,397
	5,952,914		Spectra Energy Corp		205,137
	109,222		Sprott Resource Corp		365
	135,028		Spyglass Resources Corp		244
	138,127		St. Mary Land & Exploration Co		8,285
	844,322		Statoil ASA		17,442
	205,918	*	Stone Energy Corp		4,536
	30,154,500	*	Sugih Energy Tbk PT		1,241
	2,917,895		Suncor Energy, Inc		86,008
	2,240,098		Suncor Energy, Inc (NY)		66,060
	1,154,414	*	Sundance Energy Australia Ltd		932
	910,587	*	Superior Energy Services		23,621
	89,300	*,e	Surge Energy, Inc		436
	2,523,357		Surgutneftegaz (ADR)		19,738

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	339,700	e	Surgutneftegaz (ADR) (London)	$	2,663
	1,653,000	e	Swiber Holdings Ltd		929
	174,503	*,e	Swift Energy Co		2,092
	138,182	*	Synergy Resources Corp		1,011
	70,300	*	TAG Oil Ltd		199
	936,360	*	Tailsman Energy, Inc		10,703
	1,191,370		Talisman Energy, Inc		13,594
	154,325		Targa Resources Investments, Inc		9,928
	437,621	e	Tatneft (GDR)		15,893
	358,355		Technip S.A.		36,420
	204,290		Tecnicas Reunidas S.A.		9,384
	76,447	e	Teekay Corp		3,106
	252,341	e	Teekay Tankers Ltd (Class A)		664
	286,934		Tenaris S.A.		5,747
	157,848	*	Tesco Corp		2,091
	673,339		Tesoro Corp		35,229
	32,608	*	Tethys Oil AB		316
	314,752	*	Tetra Technologies, Inc		3,229
	53,536	e	TGC Industries, Inc		440
	244,498	e	TGS Nopec Geophysical Co ASA		7,105
	5,053,600		Thai Oil PCL		10,190
	105,702		Tidewater, Inc		6,022
	102,954		TMK OAO (GDR)		1,190
	689,431	e	TonenGeneral Sekiyu KK		6,671
	47,106		Total Energy Services, Inc		652
	3,474,858	*	Total S.A.		169,723
	437,294	*	Tourmaline Oil Corp		17,518
	142,000	e	Toyo Kanetsu K K		354
	1,310,533	e	TransCanada Corp		56,424
	175,833	*	TransGlobe Energy Corp		1,090
	415,869		Transocean Ltd		19,969
	55,000		Transocean Ltd-NYSE		2,637
	179,960	*	Triangle Petroleum Corp		1,262
	186,300	e	Trican Well Service Ltd		2,476
	75,680	e	Trilogy Energy Corp		2,260
	296,066		Trinidad Drilling Ltd		2,173
	2,160,616		Tullow Oil plc		32,891
	317,332		Tupras Turkiye Petrol Rafine		7,749
	313,343		Turcas Petrolculuk AS		517
	307,200		Twin Butte Energy Ltd		663
	237,004	*,e	Ultra Petroleum Corp		4,697
	558,100		Ultrapar Participacoes S.A.		13,286
	137,217	*	Unit Corp		5,843
	12,602	*,e	Uranerz Energy Corp		14
	293,465	*,e	Uranium Energy Corp		525
	650,654	*	Uranium One, Inc		1,695
	453,681	*	Ur-Energy, Inc		608
	376,815	*	Vaalco Energy, Inc		2,155
	2,436,805		Valero Energy Corp		84,728
	779,809	*,e	Vantage Drilling Co		1,591
	249,000	e	Veresen, Inc		2,952
	423,731	e	Vermilion Energy Trust		20,713

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	154,593	e	W&T Offshore, Inc	$	2,209
	4,983,294		Wah Seong Corp BHD		2,872
	312,273	*	Warren Resources, Inc		796
	2,621,858	*	Weatherford International Ltd		35,919
	110,775	*	West Siberian Resources Ltd (GDR)		606
	76,800	e	Western Energy Services Corp		565
	482,784	e	Western Refining, Inc		13,552
	105,574	*	Westfire Energy Ltd		377
	48,397	*,e	Westmoreland Coal Co		544
	178,800		Whitecap Resources, Inc		1,857
	426,464	e	Whitehaven Coal Ltd		897
	192,117	*	Whiting Petroleum Corp		8,855
	330,543	*	Willbros Group, Inc		2,030
	3,058,116		Williams Cos, Inc		99,297
	1,458,000	*	Wison Engineering Services Co Ltd		671
	1,204,415		Woodside Petroleum Ltd		38,358
	215,691		World Fuel Services Corp		8,623
	80,031		WorleyParsons Ltd		1,418
	315,434	*,e	WPX Energy, Inc		5,974
	295,238	*,e	Xcite Energy Ltd		444
	421,571	*,e	Xenolith Resources Ltd		109
	10,076,200	e	Yanzhou Coal Mining Co Ltd		7,162
	126,506	*,e	ZaZa Energy Corp		152
			TOTAL ENERGY		10,247,551

FOOD & STAPLES RETAILING - 1.7%
	943,609		Aeon Co Ltd		12,400
	11,900		Ain Pharmaciez Inc		513
	163,130		Alimentation Couche Tard, Inc		9,679
	419,313		Almacenes Exito S.A.		6,982
	76,643		Andersons, Inc		4,077
	51,579		Arcs Co Ltd		1,007
	3,946		Arden Group, Inc (Class A)		436
	50,375	e	Axfood AB		2,106
	124,000		Beijing Jingkelong Co Ltd		40
	262,604		BIM Birlesik Magazalar AS		5,696
	39,862		Bizim Toptan Satis Magazalari AS		648
	3,051,136		Booker Group plc		5,640
	565,868		Brazil Pharma S.A.		2,602
	1,242,986		Carrefour S.A.		34,141
	173,882		Casey’s General Stores, Inc		10,461
	15,171		Casino Guichard Perrachon S.A.		1,422
	20,400		Cawachi Ltd		423
	1,813,103		Centros Comerciales Sudamericanos S.A.		9,026
	59,435	*	Chefs’ Warehouse Holdings, Inc		1,022
	1,659,800	e	China Resources Enterprise		5,195
	240,406		Cia Brasileira de Distribuicao Grupo Pao de Acucar		10,731
	10,793	e	CJ Freshway Corp		310
	509,314	e	Clicks Group Ltd		2,856
	36,193		Cocokara Fine Holdings, Inc		1,148
	34,250		Colruyt S.A.		1,802
	925,300	e	Controladora Comercial Mexicana S.A. de C.V.		3,517

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	13,400		Cosmos Pharmaceutical Corp	$	1,359
	2,127,284		Costco Wholesale Corp		235,214
	11,122,400		CP Seven Eleven PCL		13,933
	17,900		Create SD Holdings Co Ltd		578
	3,288,174		CVS Corp		188,018
	5,900	e	Daikokutenbussaan Co Ltd		155
	119,494	e	Delhaize Group		7,387
	1,033,691		Distribuidora Internacional de Alimentacion S.A.		7,809
	63,628	e	Dongsuh Co, Inc		1,534
	32,428		E-Mart Co Ltd		5,695
	46,150		Empire Co Ltd		3,529
	285,386		Eurocash S.A.		5,042
	71,603	*	Fairway Group Holdings Corp		1,731
	88,281		FamilyMart Co Ltd		3,767
	133,250		Fonterra Shareholders’ Fund		751
	51,254	*	Fresh Market, Inc		2,548
	60,410		George Weston Ltd		4,809
	117,776		Greggs plc		748
	20,030		Growell Holdings Co Ltd		919
	107,200	e	Grupo Comercial Chedraui S.a. DE C.V.		396
	80,139	e	Hakon Invest AB		2,163
	189,585		Harris Teeter Supermarkets, Inc		8,884
	33,200		Heiwado Co Ltd		557
	3,032		Indiabulls Wholesale Service		1
	48,324		Ingles Markets, Inc (Class A)		1,220
	11,400		Itochu-Shokuhin Co Ltd		386
	72,741		Izumiya Co Ltd		330
	3,325,924		J Sainsbury plc		17,976
	190,061		Jean Coutu Group PJC, Inc		3,210
	687,543		Jeronimo Martins SGPS S.A.		14,491
	102,900		Kasumi Co Ltd		651
	26,200		Kato Sangyo Co Ltd		546
	17,231		Kesko Oyj (B Shares)		479
	2,644,257		Koninklijke Ahold NV		39,328
	3,973,532		Kroger Co		137,246
	4,500		Kusuri No Aoki Co Ltd		297
	84,059		Lawson, Inc		6,414
	577,000	e	Lianhua Supermarket Holdings Co Ltd		314
	28,100	e	Liquor Stores Income Fund		475
	140,250	e	Loblaw Cos Ltd		6,341
	570,138	e	Magnit OAO (GDR)		32,547
	74,254		Majestic Wine plc		536
	74,199		MARR S.p.A.		891
	110,233		Maruetsu, Inc		340
	329,215		Massmart Holdings Ltd		5,971
	46,516		Matsumotokiyoshi Holdings Co Ltd		1,343
	213,636		Metcash Ltd		685
	476,849		Metro AG.		15,067
	312,478		Metro, Inc		20,941
	15,500		Ministop Co Ltd		256
	49,756		Nash Finch Co		1,095
	28,016	*,e	Natural Grocers by Vitamin C		868

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	102,671		North West Co Fund	$	2,294
	139,428		O’Key Group S.A. (GDR)		1,571
	24,000		Okuwa Co Ltd		245
	221,810	e	Olam International Ltd		285
	168,627	*	Pantry, Inc		2,054
	569,651	e	Pick’n Pay Holdings Ltd		1,040
	263,698	e	Pick’n Pay Stores Ltd		1,057
	1,399,720		President Chain Store Corp		9,150
	63,789		Pricesmart, Inc		5,590
	2,947,500		PT Sumber Alfaria Trijaya Tbk		2,005
	474,772		Raia Drogasil S.A.		4,607
	73,677		Rallye S.A.		2,650
	7,417		Rami Levi Chain Stores Hashikma Marketing 2006 Ltd		344
	4,377,879	*,e	Rite Aid Corp		12,521
	134,555	e	Roundy’s, Inc		1,121
	12,479		Ryoshoku Ltd		311
	21,000		S Foods, Inc		191
	749,733	e	Safeway, Inc		17,739
	8,700		San-A Co Ltd		421
	1,546,719		Seven & I Holdings Co Ltd		56,646
	1,615,000		Sheng Siong Group Ltd		831
	290,862	e	Shoppers Drug Mart Corp		13,419
	587,316		Shoprite Holdings Ltd		11,032
	229,311		Shufersal Ltd		810
	157,000		Siam Makro PCL		3,938
	340,017		Spar Group Ltd		4,126
	89,415		Spartan Stores, Inc		1,649
	50,200		Sugi Pharmacy Co Ltd		1,909
	3,037,900	e	Sun Art Retail Group Ltd		4,381
	44,200		Sundrug Co Ltd		1,876
	703,337	*,e	Supervalu, Inc		4,375
	62,426	*	Susser Holdings Corp		2,989
	637,153	e	Sysco Corp		21,765
	474,000		Taiwan TEA Corp		275
	11,869,384		Tesco plc		59,772
	34,488		Tsuruha Holdings, Inc		3,260
	194,402	*	United Natural Foods, Inc		10,496
	543,100		UNY Co Ltd		3,653
	66,600		Valor Co Ltd		1,237
	28,043		Village Super Market (Class A)		928
	3,064,544		Walgreen Co		135,453
	6,641,621	e	Wal-Mart de Mexico S.A. de C.V. (Series V)		18,699
	4,887,732		Wal-Mart Stores, Inc		364,087
	47,447		Weis Markets, Inc		2,138
	1,134,208		Wesfarmers Ltd		41,043
	1,505,888		Whole Foods Market, Inc		77,523
	1,779,824		WM Morrison Supermarkets plc		7,084
	1,688,521		Woolworths Ltd		50,582
	759,099	*	Wumart Stores, Inc		1,396
	8,600	e	Yaoko Co Ltd		316
	111,300		Yokohama Reito Co Ltd		886
			TOTAL FOOD & STAPLES RETAILING		1,915,421

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
FOOD, BEVERAGE & TOBACCO - 5.4%
	58,721		AarhusKarlshamn AB	$	2,993
	562,862	*	AGV Products Corp		185
	523,181		Ajinomoto Co, Inc		7,675
	9,526	e	Alico, Inc		382
	434,747		Alicorp S.A.		1,461
	14,816		Alliance Grain Traders, Inc		206
	347,873	*	Alliance One International, Inc		1,322
	11,488,336		Altria Group, Inc		401,977
	36,097		Amsterdam Commodities NV		678
	359,999		Anadolu Efes Biracilik Ve Malt Sanayii AS		5,222
	2,974	*,m	Anheuser-Busch InBev NV (Strip VVPR)		0	^
	44,892	*,e	Annie’s, Inc		1,919
	76,655	*	AquaChile S.A.		48
	1,586,653		Archer Daniels Midland Co		53,803
	20,300		Ariake Japan Co Ltd		494
	17,906		Aryzta AG.		1,005
	497,061	e	Asahi Breweries Ltd		12,313
	1,227,624	e	Asian Citrus Holdings Ltd		435
	232,000		Asiatic Development BHD		676
	299,447		Associated British Foods plc		7,899
	96,833	e	Astral Foods Ltd		880
	16,936		Atria Group plc		137
	771,000	*,m	Ausnutria Dairy Corp Ltd		73
	234,222		Austevoll Seafood ASA		1,350
	8,440,000	*	Austindo Nusantara Jaya PT		1,105
	311,861	*	Australian Agricultural Co Ltd		332
	519,264		AVI Ltd		3,123
	178,796		B&G Foods, Inc (Class A)		6,088
	866,895		Bajaj Hindusthan Ltd		211
	213,659	*	Balrampur Chini Mills Ltd		140
	1,925		Barry Callebaut AG.		1,762
	460,128		Beam, Inc		29,039
	10,905		Binggrae Co Ltd		1,028
	37,107	*	BIOSEV S.A.		211
	284,769	*,e	Black Earth Farming Ltd		297
	15,836		Bonduelle S.C.A.		378
	27,713	*,e	Boston Beer Co, Inc (Class A)		4,729
	203,118	*,e	Boulder Brands, Inc		2,448
	6,400		Britannia Industries Ltd		73
	272,000		British American Tobacco Malaysia BHD		5,117
	2,656,319		British American Tobacco plc		136,241
	1,956,572		Britvic plc		15,265
	678,989		Brown-Forman Corp (Class B)		45,866
	377,000	e	Bumitama Agri Ltd		297
	502,967		Bunge Ltd		35,595
	463,317		C&C Group plc		2,513
	41,469	e	Calavo Growers, Inc		1,128
	48,900		Calbee, Inc		4,641
	50,371	e	Cal-Maine Foods, Inc		2,343
	1,038,594	e	Campbell Soup Co		46,519

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	16,960		Carlsberg AS (Class B)	$	1,517
	122,600		Carlsberg Brewery-Malay BHD		593
	68,465		Casa Grande S.A.		237
	67,625	e	Cermaq ASA		1,180
	897,000		Changshouhua Food Co Ltd		704
	3,360,300		Charoen Pokphand Foods PCL		2,782
	349,600		Charoen Pokphand Foods PCL (ADR)		289
	13,928,610	e	China Agri-Industries Holdings Ltd		6,070
	1,273,500	*,e	China Huiyuan Juice Group Ltd		517
	2,556,900		China Mengniu Dairy Co Ltd		9,127
	1,715,292	*,e	China Minzhong Food Corp Ltd		1,406
	2,130,000	*,e	China Modern Dairy Holdings		606
	5,760,000		China Starch Holdings Ltd		146
	1,762,000	*,e	China Yurun Food Group Ltd		1,067
	189,260	*	Chiquita Brands International, Inc		2,067
	146,891		Cia Cervecerias Unidas S.A.		2,106
	200,600		Cia de Bebidas das Americas		7,424
	10,630		CJ CheilJedang Corp		2,409
	67,016		Clover Industries Ltd		113
	216,466		Coca-Cola Amatil Ltd		2,508
	27,032		Coca-Cola Bottling Co Consolidated		1,653
	107,195	e	Coca-Cola Central Japan Co Ltd		1,625
	13,172,540		Coca-Cola Co		528,350
	140,000		Coca-Cola Embonor S.A.		375
	1,098,990		Coca-Cola Enterprises, Inc		38,640
	578,987	e	Coca-Cola Femsa S.A. de C.V.		8,153
	277,959	e	Coca-Cola HBC AG.		6,506
	175,724		Coca-Cola Icecek AS		5,057
	43,327	e	Coca-Cola West Japan Co Ltd		768
	4,562,600	e	Cofco International Ltd		1,725
	2,458,646		ConAgra Foods, Inc		85,881
	1,201,688	*	Constellation Brands, Inc (Class A)		62,632
	23,549		Copeinca ASA		260
	161,042	e	Cott Corp		1,259
	37,704	*	Craft Brewers Alliance, Inc		311
	21,692	*,e	Crimson Wine Group Ltd		185
	1,787	e	Crown Confectionery Co Ltd		387
	84,218		CSM		1,705
	1,214,190	*	D.E Master Blenders 1753 NV		19,440
	2,160		Dae Han Flour Mills Co Ltd		249
	63,460	e	Daesang Corp		1,723
	162,676		Dairy Crest Group plc		1,124
	1,298,000	*,e,m	Daqing Dairy Holdings Ltd		141
	577,184	*	Darling International, Inc		10,770
	365,253		Davide Campari-Milano S.p.A.		2,646
	3,874,600	*	Dean Foods Co		38,823
	213,572		Devro plc		947
	2,814,693		Diageo plc		80,715
	87,669	*,e	Diamond Foods, Inc		1,819
	201,353	*	Dole Food Co, Inc		2,567
	5,794		Dongwon F&B Co Ltd		587
	4,950		Dongwon Industries Co Ltd		1,623

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	256,862		Dr Pepper Snapple Group, Inc	$	11,798
	14,500		Dydo Drinco, Inc		575
	1,214,000	*,e,m	Dynasty Fine Wines Group Ltd		113
	27,767		East Asiatic Co Ltd AS		390
	92,625		Ebro Puleva S.A.		1,902
	32,246		Embotelladora Andina S.A.		185
	445,658		Embotelladoras Arca SAB de C.V.		3,414
	6,408,492		Empresas Iansa S.A.		343
	184,464		Ezaki Glico Co Ltd		1,756
	23,699	*	Farmer Bros Co		333
	1,144,800		Felda Global Ventures Holdings BHD		1,637
	654,000	e	First Resources Ltd		914
	895,077		Flowers Foods, Inc		19,736
	4,308,733		Fomento Economico Mexicano S.A. de C.V.		44,662
	151,053		Fresh Del Monte Produce, Inc		4,211
	72,773		Fuji Oil Co Ltd		1,259
	35,832		Fujicco Co Ltd		409
	226,000	e	Fujiya Co Ltd		427
	4,183,442		General Mills, Inc		203,022
	581,500		GFPT PCL		153
	224,326		Glanbia plc		3,022
	500		GlaxoSmithKline Consumer Healthcare Ltd		43
	2,566,000	e	Global Bio-Chem Technology Group Co Ltd		226
	3,608,000	e	GMG Global Ltd		298
	6,701,354		Golden Agri-Resources Ltd		2,950
	2,238,475	*	Goodman Fielder Ltd		1,498
	459,741		GrainCorp Ltd-A		5,262
	998,517		Great Wall Enterprise Co		852
	1,016,043	*,e	Green Mountain Coffee Roasters, Inc		76,264
	1,175,553		Greencore Group plc		2,395
	10,513		Griffin Land & Nurseries, Inc (Class A)		300
	1,037,315		Groupe Danone		78,077
	2,147,228	e	Grupo Bimbo S.A. de C.V. (Series A)		6,504
	365,300	e	Grupo Herdez SAB de C.V.		1,167
	130,568	*	Hain Celestial Group, Inc		8,483
	225,000		Hap Seng Plantations Holdings BHD		189
	98,254	e	Harim & Co Ltd		265
	137,070		Heineken Holding NV		7,682
	92,735		Heineken NV		5,903
	2,034,714		Hershey Co		181,659
	790,000		Hey Song Corp		1,018
	986,246		Hillshire Brands Co		32,625
	31,060	e	Hite Holdings Co Ltd		354
	43,508		HKScan Oyj		197
	24,200	e	Hokuto Corp		421
	214,987		Hormel Foods Corp		8,294
	76,352		House Foods Corp		1,245
	250,500		IJM Plantations BHD		252
	327,371		Illovo Sugar Ltd		1,053
	1,889,843		Imperial Tobacco Group plc		65,530
	702,913		InBev NV		63,285
	633,978	e	Indofood Agri Resources Ltd		487

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,474,500	*	Indofood CBP Sukses Makmur Tbk	$	1,806
	957,070		Ingredion, Inc		62,803
	78,151	*	Inventure Foods, Inc		653
	5,598,576		IOI Corp BHD		9,647
	4,224,426		ITC Ltd		22,990
	111,000	e	Ito En Ltd		2,569
	547,000	e	Itoham Foods, Inc		2,412
	71,499		J&J Snack Foods Corp		5,563
	341,198		J.M. Smucker Co		35,195
	2,140,100		Japan Tobacco, Inc		75,540
	9,216,500		Japfa Comfeed Indonesia Tbk PT		1,489
	2,336,821		JBS S.A.		6,776
	21,530	e	Jinro Ltd		587
	32,926		John B. Sanfilippo & Son, Inc		664
	312,944		J-Oil Mills, Inc		970
	588,125		Juhayna Food Industries		776
	90,073	e	Kagome Co Ltd		1,542
	18,000	*	Kameda Seika Co Ltd		499
	344,960		Kellogg Co		22,157
	59,013	*	Kernel Holding S.A.		850
	568,169		Kerry Group plc (Class A)		31,357
	20,200		KEY Coffee, Inc		314
	1,478,000		Khon Kaen Sugar Industry PCL		550
	46,560		Kikkoman Corp		775
	1,022,000		Kingway Brewery Holdings Ltd		368
	1,340,358	e	Kirin Brewery Co Ltd		20,996
	94,664		Koninklijke Wessanen NV		362
	2,282,563		Kraft Foods Group, Inc		127,527
	250,212		KT&G Corp		16,257
	548,073		Kuala Lumpur Kepong BHD		3,768
	2,975		KWS Saat AG.		1,076
	200,000		Labixiaoxin Snacks Group Ltd		99
	61,435		Lancaster Colony Corp		4,791
	208,605		Lance, Inc		5,926
	47,598		Leroy Seafood Group ASA		1,328
	342,987		Lien Hwa Industrial Corp		223
	16,987	e	Lifeway Foods, Inc		295
	31,753	e	Limoneira Co		658
	251		Lindt & Spruengli AG.		942
	102		Lindt & Spruengli AG. (Reg)		4,438
	1,388,019		Lorillard, Inc		60,629
	1,073	e	Lotte Chilsung Beverage Co Ltd		1,292
	1,771		Lotte Confectionery Co Ltd		2,486
	1,411		Lotte Samkang Co Ltd		723
	29,700		M Dias Branco S.A.		1,111
	7,627		Maeil Dairy Industry Co Ltd		299
	135,445		Maple Leaf Foods, Inc		1,884
	335,700	*	Marfrig Alimentos S.A.		1,128
	276,000		Marudai Food Co Ltd		889
	512,000		Maruha Nichiro Holdings, Inc		1,025
	294,161		McCormick & Co, Inc		20,697
	75,219		McLeod Russel India Ltd		365

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	767,873		Mead Johnson Nutrition Co	$	60,839
	80,000		Megmilk Snow Brand Co Ltd		1,191
	33,420		MEIJI Holdings Co Ltd		1,605
	194,466		MHP SA (GDR)		3,306
	85,900	m	Mikuni Coca-Cola Bottling Co Ltd		1,029
	274,600		Minerva S.A.		1,277
	303,655		Mitsui Sugar Co Ltd		963
	134,739		Molson Coors Brewing Co (Class B)		6,449
	3,434,498		Mondelez International, Inc		97,986
	1,692,207	*	Monster Beverage Corp		102,835
	418,302		Morinaga & Co Ltd		843
	514,000		Morinaga Milk Industry Co Ltd		1,501
	17,212	e	Muhak Co Ltd		277
	1,728,489		Multiexport Foods S.A.		446
	346,000		Namchow Chemical Industrial Ltd		391
	1,219		Namyang Dairy Products Co Ltd		946
	37,051		National Beverage Corp		647
	6,207		Naturex		455
	3,865,718		Nestle S.A.		253,670
	566,000		Nichirei Corp		2,932
	291,000		Nippon Beet Sugar Manufacturing Co Ltd		525
	373,000		Nippon Flour Mills Co Ltd		1,877
	51,594		Nippon Meat Packers, Inc		789
	354,766		Nippon Suisan Kaisha Ltd		697
	149,000		Nisshin Oillio Group Ltd		545
	56,308		Nisshin Seifun Group, Inc		675
	22,135	e	Nissin Food Products Co Ltd		895
	8,173	e	Nong Shim Co Ltd		1,892
	4,182	e	Nong Shim Holdings Co Ltd		277
	8,225		Nong Woo Bio Co Ltd		194
	173,937		Nutreco NV		7,366
	290,900		Oldtown Bhd		253
	78,224	*	Omega Protein Corp		702
	4,306	e	Orion Corp		3,588
	126,260		Orkla ASA		1,034
	45,304		Osem Investments Ltd		945
	5,411		Ottogi Corp		1,684
	2,463,166		Pacific Andes International Holdings Ltd		107
	6,070,206		PAN Fish ASA		6,170
	8,023,226		PepsiCo, Inc		656,220
	1,247,000		Pepsi-Cola Products Philippine		165
	1,083,271		Perdigao S.A.		23,521
	52,437		Pernod-Ricard S.A.		5,820
	72,987	m	Pescanova S.A.		1
	777,000	e	Petra Foods Ltd		2,320
	1,400		Philip Morris CR		786
	7,158,145		Philip Morris International, Inc		620,038
	848,000	*	Pilgrim’s Pride Corp		12,669
	47,539		Pinar SUT Mamulleri Sanayii AS		397
	31,931		Pinnacle Foods, Inc		771
	160,880	*	Post Holdings, Inc		7,024
	942,820		PPB Group BHD		4,220

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	273,490	*,e	Premier Foods plc	$	248
	34,900		Premium Brands Holdings Corp		635
	180,000		Prima Meat Packers Ltd		359
	737,324		PT Astra Agro Lestari Tbk		1,458
	2,761,000		PT Bisi International		188
	9,668,500		PT BW Plantation Tbk		933
	8,584,300		PT Charoen Pokphand Indonesia Tbk		4,432
	555,500		PT Gudang Garam Tbk		2,824
	9,551,100		PT Indofood Sukses Makmur Tbk		7,045
	1,050,000		PT Malindo Feedmill Tbk		385
	5,326,500		PT Perusahaan Perkebunan London Sumatra Indonesia Tbk		920
	1,512,500		PT Sampoerna Agro Tbk		249
	2,768,500		PT Tunas Baru Lampung Tbk		135
	119,800		Q.P. Corp		1,768
	343,000		QAF Ltd		270
	852,700		QL Resources BHD		842
	19,517		Radico Khaitan Ltd		32
	833,359		REI Agro Ltd		168
	917,411		Remy Cointreau S.A.		97,347
	847,562		Reynolds American, Inc		40,997
	276,500		Rimbunan Sawit BHD		71
	25,056		Royal UNIBREW AS		2,203
	82,634		Ruchi Soya Industries Ltd		85
	2,288,586		SABMiller plc		109,722
	71,034		SABMiller plc (Johannesburg)		3,441
	2,913	e	Sajo Industries Co Ltd		106
	36,555		Sakata Seed Corp		507
	2,750	e	Samyang Corp		98
	12,063		Samyang Holdings Corp		913
	97,460		San Miguel Pure Foods Co Inc		494
	114,392		Sanderson Farms, Inc		7,598
	95,400		Sao Martinho S.A.		1,101
	1,816,300		Sapporo Holdings Ltd		6,666
	188,415		Saputo, Inc		8,660
	1,160		Seaboard Corp		3,141
	34,998	*	Seneca Foods Corp		1,074
	612,700	*	Shanghai Dajiang Group		176
	1,618,000	e	Shenguan Holdings Group Ltd		752
	99,000		Showa Sangyo Co Ltd		305
	929,268		Shree Renuka Sugars Ltd		250
	28,700	e	Silla Co Ltd		729
	97,400		SLC Agricola S.A.		826
	406,095	*	Smithfield Foods, Inc		13,300
	2,626		Societa per la Bonifica dei Terreni Ferraresi e Imprese Agricole S.p.A.		126
	446,264	*	SOS Cuetara S.A.		154
	660,655		Souza Cruz S.A.		8,110
	350,080		Standard Foods Corp		1,103
	86,646		Strauss Group Ltd		1,326
	99,330		Suedzucker AG.		3,075
	424,000		Super Coffeemix Manufacturing Ltd		1,488

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	355,165		Swedish Match AB	$	12,606
	68,109	*,e	Synutra International, Inc		347
	19,096		Taisun Enterprise Co Ltd		9
	78,000		Taiyen Biotech Co Ltd		61
	206,000		Takara Holdings, Inc		1,795
	251,026		Tassal Group Ltd		566
	156,384	*	TAT Konserve		226
	304,059		Tata Tea Ltd		686
	6,269,726		Tate & Lyle plc		78,664
	770,400		TDM BHD		195
	164,900		Tereos Internacional S.A.		209
	499,680		TH Plantations BHD		292
	822,400		Thai Union Frozen Products PCL (ADR)		1,542
	1,215,200		Thai Vegetable Oil PCL		719
	722,000		Tibet 5100 Water Resources Holdings Ltd		273
	2,038,000		Tiga Pilar Sejahtera Food Tbk		256
	233,608		Tiger Brands Ltd		6,976
	2,354,200	e	Tingyi Cayman Islands Holding Corp		6,110
	176,132		Tongaat Hulett Ltd		2,236
	65,288	e	Tootsie Roll Industries, Inc		2,075
	186,942		Toyo Suisan Kaisha Ltd		6,220
	495,322		Treasury Wine Estates Ltd		2,632
	167,113	*	TreeHouse Foods, Inc		10,953
	15,010	e	TS Corp		405
	493,700	e	Tsingtao Brewery Co Ltd		3,518
	1,732,913		Tyson Foods, Inc (Class A)		44,501
	3,301,818		Unilever NV		129,974
	170,000		Unilever NV (ADR)		6,683
	2,804,903		Unilever plc		113,549
	1,700,500	e	Uni-President China Holdings Ltd		1,721
	7,279,947		Uni-President Enterprises Corp		14,151
	11,958		United Breweries Ltd		145
	4,906		United International Enterprises		855
	5,400		United Malacca BHD		13
	112,716		United Spirits Ltd		4,102
	91,229	e	Universal Corp		5,278
	2,909,520		Universal Robina		8,393
	151,000		Ve Wong Corp		108
	209,788	e	Vector Group Ltd		3,403
	5,462		Vilmorin & Cie		627
	545,434		Vina Concha Y Toro S.A.		1,063
	59,065		Viscofan S.A.		2,959
	3,158		Vranken - Pommery Monopole		80
	7,083,800	e	Want Want China Holdings Ltd		9,929
	10,900		Warabeya Nichiyo Co Ltd		167
	443,000		Wei Chuan Food Corp		748
	1,306,782	*,e	WhiteWave Foods Co (Class A)		21,235
	883,827	*,e	WhiteWave Foods Co (Class B)		13,434
	3,632,667		Wilmar International Ltd		8,984
	46,792	e	Yakult Honsha Co Ltd		1,940
	76,735		Yamazaki Baking Co Ltd		901
	242,092	*	Yantai Changyu Pioneer Wine Co		1,111

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	220,000		Yantai North Andre Juice Co	$	75
	2,944,000		Yashili International		1,303
			TOTAL FOOD, BEVERAGE & TOBACCO		6,005,834

HEALTH CARE EQUIPMENT & SERVICES - 3.4%
	76,183		Abaxis, Inc		3,619
	6,604,663		Abbott Laboratories		230,371
	175,693	*,e	Abiomed, Inc		3,788
	117,804	*,e	Acadia Healthcare Co, Inc		3,896
	192,740	*,e	Accretive Health, Inc		2,084
	244,272	*,e	Accuray, Inc		1,402
	15,076	*	Addus HomeCare Corp		298
	237,146		Advanced Medical Solutions Group plc		271
	35,476	*	Aerocrine AB		53
	2,876,390		Aetna, Inc		182,766
	387,365	*	AGFA-Gevaert NV		686
	62,626	*,m	AGFA-Gevaert NV Brussels		0	^
	271,765	e	Air Methods Corp		9,207
	191,134	*,e	Al Noor Hospitals Group PLC		1,842
	151,967		Alfresa Holdings Corp		8,137
	345,093	*	Align Technology, Inc		12,782
	16,335	*	Alliance HealthCare Services, Inc		255
	931,665	*	Allscripts Healthcare Solutions, Inc		12,056
	32,869		Almost Family, Inc		625
	249,008	*	Alphatec Holdings, Inc		510
	126,957	*,e	Amedisys, Inc		1,475
	711,391		AmerisourceBergen Corp		39,717
	336,252	*	AMN Healthcare Services, Inc		4,815
	101,232		Amplifon S.p.A.		507
	181,290	*	Amsurg Corp		6,363
	61,885		Analogic Corp		4,507
	95,634	*	Angiodynamics, Inc		1,079
	59,899	*	Anika Therapeutics, Inc		1,018
	182,324		Ansell Ltd		2,937
	515,785	*,e	Antares Pharma, Inc		2,146
	139,963		Apollo Hospitals Enterprise Ltd		2,481
	62,289		Arseus NV		1,639
	152,602	*	Arthrocare Corp		5,269
	11,600	e	Asahi Intecc Co Ltd		567
	77,877		Assisted Living Concepts, Inc (A Shares)		931
	128,208	*,e	athenahealth, Inc		10,862
	65,807	*	AtriCure, Inc		625
	5,875		Atrion Corp		1,285
	49,966		Balda AG.		259
	2,635,250		Bangkok Chain Hospital PCL		663
	416,400		Bangkok Dusit Medical Services PCL		2,104
	393,100		Bangkok Dusit Medical Services PCL (ADR)		1,986
	101,324		Bard (C.R.), Inc		11,012
	1,785,072		Baxter International, Inc		123,652
	491,678		Becton Dickinson & Co		48,593
	98,748	*	Biolase Technology, Inc		354
	83,356	*,e	Bio-Reference Labs, Inc		2,396

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	226,023	*	BioScrip, Inc	$	3,729
	1,132,000	*,e	Biosensors International Group Ltd		955
	19,900		BML, Inc		504
	4,621,872	*	Boston Scientific Corp		42,845
	125,179	*	Brookdale Senior Living, Inc		3,310
	516,100		Bumrungrad Hospital PCL		1,268
	93,744		Cantel Medical Corp		3,175
	95,455	*	Capital Senior Living Corp		2,281
	1,369,878		Cardinal Health, Inc		64,658
	85,923	*	Cardiovascular Systems, Inc		1,822
	2,238,319	*	CareFusion Corp		82,482
	41,594		Carl Zeiss Meditec AG.		1,378
	1,631	*,e	Carmat		239
	2,696,208	*	Catamaran Corp		131,359
	324,671	*	Catamaran Corp (Toronto)		15,803
	34,159		Celesio AG.		742
	295,457	*	Centene Corp		15,500
	607,269	*	Cerner Corp		58,352
	232,540	*,e	Cerus Corp		1,028
	65,766	*	CHA Bio & Diostech Co Ltd		546
	110,000	*	CHC Healthcare Group		291
	66,385	e	Chemed Corp		4,808
	50,031	*,e	Chindex International, Inc		812
	1,244,380		Cigna Corp		90,205
	196,081	e	CML Healthcare Income Fund		1,969
	59,467		Cochlear Ltd		3,338
	333,232		Coloplast A.S.		18,659
	358,609		Community Health Systems, Inc		16,812
	449,094		Compagnie Generale d’Optique Essilor International S.A.		47,845
	38,327		Computer Programs & Systems, Inc		1,883
	132,335		Conmed Corp		4,134
	227,803		Cooper Cos, Inc		27,120
	800,000		Cordlife Group Ltd		553
	66,722	*	Corvel Corp		1,953
	1,361,306		Covidien plc		85,544
	115,135	*	Cross Country Healthcare, Inc		594
	21,908		Cruz Blanca Salud S.A.		19
	125,486		CryoLife, Inc		786
	71,113	*	Cutera, Inc		626
	141,024	*	Cyberonics, Inc		7,328
	122,643	*	Cynosure, Inc (Class A)		3,186
	205,619	*	DaVita, Inc		24,839
	174,649		Dentsply International, Inc		7,154
	51,890	*,e	Derma Sciences, Inc		693
	235,234	*	DexCom, Inc		5,281
	289,500		Diagnosticos da America S.A.		1,501
	28,770	e	DiaSorin S.p.A.		1,148
	20,825		Draegerwerk AG.		2,849
	7,739		Draegerwerk AG. & Co KGaA		898
	884,066	*	Edwards Lifesciences Corp		59,409
	16,400		Eiken Chemical Co Ltd		260
	137,073	e	Elekta AB (B Shares)		2,083

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	236,512	*	Emeritus Corp	$	5,482
	206,503	*	Endologix, Inc		2,742
	76,844		Ensign Group, Inc		2,706
	6,701	*,e	EnteroMedics, Inc		8
	37,837	*	Exactech, Inc		747
	97,226	*	ExamWorks Group, Inc		2,064
	55,000		Excelsior Medical Co Ltd		93
	3,204,554	*	Express Scripts Holding Co		197,689
	236,731	e	Extendicare, Inc		1,463
	640,800		Faber Group BHD		360
	1,415,448		Fisher & Paykel Healthcare Corp		3,787
	171,259	*,e	Five Star Quality Care, Inc		961
	98,200		Fleury S.A.		801
	43,784		Fresenius Medical Care AG.		3,103
	91,974		Fresenius SE		11,320
	13,793		Galenica AG.		8,669
	96,270	*	GenMark Diagnostics, Inc		995
	149,910	*	Gentiva Health Services, Inc		1,493
	124,925		Getinge AB (B Shares)		3,793
	63,000		Ginko International Co Ltd		1,056
	22,928	*	Given Imaging Ltd		307
	179,920	*,e	Globus Medical, Inc		3,033
	430,769		GN Store Nord		8,135
	16,855,068	e	Golden Meditech Co Ltd		2,014
	97,407	*	Greatbatch, Inc		3,194
	50,500		Green Hospital Supply, Inc		1,856
	67,293	*,e	Greenway Medical Technologies		830
	173,651	*	Haemonetics Corp		7,180
	133,946	*	Hanger Orthopedic Group, Inc		4,237
	4,702	*,e	Hansen Medical, Inc		7
	698,000		Hartalega Holdings BHD		1,414
	847,288		HCA Holdings, Inc		30,553
	1,394,062	*	Health Management Associates, Inc (Class A)		21,915
	250,837	*	Health Net, Inc		7,982
	500,440	*	Healthsouth Corp		14,413
	69,430	*	HealthStream, Inc		1,758
	127,163	*	Healthways, Inc		2,210
	56,270	*,e	HeartWare International, Inc		5,352
	206,677	*	Henry Schein, Inc		19,789
	130,053		Hill-Rom Holdings, Inc		4,380
	256,093		Hitachi Medical Corp		3,276
	291,869	*	HMS Holdings Corp		6,801
	25,300		Hogy Medical Co Ltd		1,444
	589,398	*	Hologic, Inc		11,375
	572,649		Humana, Inc		48,320
	44,063	*	ICU Medical, Inc		3,175
	149,941	*,e	Idexx Laboratories, Inc		13,462
	3,266,400	*	IHH Healthcare BHD		4,083
	18,903	*	Infinitt Healthcare Co Ltd		136
	178,370	*	Insulet Corp		5,603
	92,659	*,e	Integra LifeSciences Holdings Corp		3,394
	192,135	*	Intuitive Surgical, Inc		97,332

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	125,690		Invacare Corp	$	1,805
	184,274	*	Inverness Medical Innovations, Inc		4,515
	25,315	*	Ion Beam Applications		189
	56,091	*	IPC The Hospitalist Co, Inc		2,881
	6,075	*	i-SENS Inc		182
	230,000	*,e	Jeol Ltd		1,068
	222,490	*	Kindred Healthcare, Inc		2,921
	375,600		Kossan Rubber Industries		593
	818,600		KPJ Healthcare BHD		1,775
	250,881	*	Laboratory Corp of America Holdings		25,113
	32,181		Landauer, Inc		1,555
	40,900	e	Leisureworld Senior Care Corp		478
	50,520	*	LHC Group, Inc		989
	1,836,775		Life Healthcare Group Holdings Pte Ltd		6,967
	111,736	*	LifePoint Hospitals, Inc		5,457
	143,145	*	Magellan Health Services, Inc		8,028
	135,231	*,e	MAKO Surgical Corp		1,630
	7,500	e	Mani, Inc		259
	225,002		Masimo Corp		4,770
	6,157	*	Mauna Kea Technologies		74
	1,629,151		McKesson Corp		186,538
	88,379		MD Medical Group Investments plc (ADR)		1,282
	335,500	*	MedAssets, Inc		5,952
	70,844		Medica		1,272
	46,108	*	Medical Action Industries, Inc		355
	42,600	e	Medical Facilities Corp		615
	556,678		Mediceo Paltac Holdings Co Ltd		7,547
	90,107	*	Medidata Solutions, Inc		6,979
	4,542,766		Medtronic, Inc		233,816
	212,547	*,e	Merge Healthcare, Inc		765
	142,393	e	Meridian Bioscience, Inc		3,061
	170,786	*	Merit Medical Systems, Inc		1,904
	162	e	Message Co Ltd		431
	166,500		Microlife Corp		437
	719,000		Microport Scientific Corp		605
	75,978		Miraca Holdings, Inc		3,491
	145,200	*,e	Molina Healthcare, Inc		5,399
	43,744	*	MWI Veterinary Supply, Inc		5,391
	23,136		Nagaileben Co Ltd		385
	43,931		National Healthcare Corp		2,100
	33,880	*	National Research Corp		610
	78	*,e	National Research Corp		3
	171,000	*	Natus Medical, Inc		2,334
	81,361	*	Neogen Corp		4,520
	383,538	*,e	Neoprobe Corp		1,024
	1,111,852		Network Healthcare Holdings Ltd		2,590
	49,100		Nichii Gakkan Co		424
	58,300		Nihon Kohden Corp		2,226
	157,767		Nikkiso Co Ltd		2,068
	276,400	e	Nipro Corp		3,078
	175,972	e	Nobel Biocare Holding AG.		2,137
	221,611	*	NuVasive, Inc		5,494

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	197,470	*	NxStage Medical, Inc	$	2,820
	329,100		Odontoprev S.A.		1,357
	2,551,400	*	Olympus Corp		77,530
	344,912		Omnicare, Inc		16,456
	123,901	*	Omnicell, Inc		2,546
	226,254	*	OraSure Technologies, Inc		878
	221,683	*	Oriola-KD Oyj (B Shares)		658
	35,031		Orpea		1,620
	122,486	*	Orthofix International NV		3,295
	15,294	*,e	Osstem Implant Co Ltd		387
	243,675	e	Owens & Minor, Inc		8,244
	57,490		Pacific Hospital Supply Co Ltd		198
	44,577		Paramount Bed Holdings Co Ltd		1,467
	107,578		Patterson Cos, Inc		4,045
	1,100	*,e	PDI, Inc		5
	175,972	*	Pediatrix Medical Group, Inc		16,116
	93,475		Pharmaniaga BHD		133
	118,778	*	PharMerica Corp		1,646
	11,806		Phonak Holding AG.		1,249
	48,695	*,e	PhotoMedex, Inc		776
	302,000	*	Pihsiang Machinery Manufacturing Co Ltd		300
	1,282,163		Primary Health Care Ltd		5,615
	4,400		Profarma Distribuidora de Produtos Farmaceuticos S.A.		31
	84,755	*	Providence Service Corp		2,466
	227,800	*	Qualicorp S.A.		1,725
	136,491		Quality Systems, Inc		2,554
	345,834	e	Quest Diagnostics, Inc		20,968
	92,613	*,e	Quidel Corp		2,364
	302,797		Raffles Medical Group Ltd		749
	213,396	e	Ramsay Health Care Ltd		6,975
	455,395	e	Resmed, Inc		20,552
	126,255	e	Rhoen Klinikum AG.		2,912
	36,918	*	Rochester Medical Corp		544
	161,455	*,e	Rockwell Medical Technologies, Inc		583
	247,613	*	RTI Biologics, Inc		931
	527,802	e	Ryman Healthcare Ltd		2,599
	11,411		Sartorius AG.		1,227
	5,600	e	Sartorius Stedim Biotech		733
	425,311		Selcuk Ecza Deposu Ticaret ve Sanayi AS		401
	187,088		Select Medical Holdings Corp		1,534
	3,429,200	e	Shandong Weigao Group Medical Polymer Co Ltd		3,736
	2,286,800	e	Shanghai Pharmaceuticals Holding Co Ltd		4,275
	193,581		Shenzhen Accord Pharmaceutical Co Ltd		639
	1,614,696		Sigma Pharmaceuticals Ltd		1,161
	1,226,700	e	Sinopharm Group Co		3,066
	180,441	*	Sirona Dental Systems, Inc		11,887
	172,544	*,e	Skilled Healthcare Group, Inc (Class A)		1,153
	666,132		Smith & Nephew plc		7,461
	281,620	*	Solta Medical, Inc		642
	993		So-net M3, Inc		2,227
	457,660		Sonic Healthcare Ltd		6,217
	342,858	*	Sorin S.p.A.		870

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	173,263	*	Spectranetics Corp	$	3,237
	706,700		St. Jude Medical, Inc		32,247
	79,000		St. Shine Optical Co Ltd		2,042
	165,130	*	Staar Surgical Co		1,676
	201,350		STERIS Corp		8,634
	8,659		Stratec Biomedical Systems AG.		387
	11,152	e	Straumann Holding AG.		1,667
	858,085		Stryker Corp		55,501
	6,610		Suheung Capsule Co Ltd		153
	399,601		Summerset Group Holdings Ltd		877
	1,083,600		Supermax Corp BHD		675
	99,193	*	SurModics, Inc		1,985
	103,654		Suzuken Co Ltd		3,488
	182,162	*	Symmetry Medical, Inc		1,534
	84,612		Synergy Healthcare plc		1,452
	54,863		Sysmex Corp		3,593
	285,311	*	Team Health Holdings, Inc		11,718
	119,131	*	TearLab Corp		1,265
	40,553		Teleflex, Inc		3,142
	123,700		Tempo Participacoes S.A.		193
	410,429	*	Tenet Healthcare Corp		18,921
	154,065		Terumo Corp		7,658
	332,181	*	Thoratec Corp		10,401
	56,500		Toho Pharmaceutical Co Ltd		935
	10,100		Tokai Corp (GIFU)		286
	1,821,300		Top Glove Corp BHD		3,597
	119,370	*	Tornier BV		2,089
	88,342	*,e	Triple-S Management Corp (Class B)		1,897
	35,000		Tsuki Corp		338
	288,901	*,e	Unilife Corp		916
	551,217		United Drug plc		2,604
	4,267,568		UnitedHealth Group, Inc		279,440
	152,733		Universal American Corp		1,358
	505,819		Universal Health Services, Inc (Class B)		33,870
	62,937		US Physical Therapy, Inc		1,740
	2,686	*	USMD Holdings, Inc		79
	11,372		Utah Medical Products, Inc		618
	8,215	e	Value Added Technologies Co Lt		96
	114,955	*	Vanguard Health Systems, Inc		2,384
	365,567	*	Varian Medical Systems, Inc		24,658
	70,880	*	Vascular Solutions, Inc		1,043
	188,656	*	VCA Antech, Inc		4,922
	655,600		Vibhavadi Medical Center PCL		238
	72,500		VITAL KSK Holdings, Inc		546
	135,877	*,e	Vocera Communications, Inc		1,997
	180,523	*	Volcano Corp		3,273
	192,717	*	WellCare Health Plans, Inc		10,705
	1,544,725		WellPoint, Inc		126,420
	139,908		West Pharmaceutical Services, Inc		9,830
	8,125	*	William Demant Holding		671
	162,731	*	Wright Medical Group, Inc		4,265
	59,111	*,e	Zeltiq Aesthetics, Inc		378

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	801,690		Zimmer Holdings, Inc	$	60,079
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		3,779,061

HOUSEHOLD & PERSONAL PRODUCTS - 1.7%
	11,286	e	Able C&C Co Ltd		398
	23,300	*	Aderans Co Ltd		323
	3,707	e	Amorepacific Corp		2,970
	39,776	*	Atrium Innovations Inc		553
	2,860,014		Avon Products, Inc		60,146
	2,004,000	*,e	BaWang International Group Holding Ltd		96
	1,162,195		Beiersdorf AG.		101,238
	12,004		Bioland Ltd		148
	163,123	*	Central Garden and Pet Co (Class A)		1,126
	712,923		Church & Dwight Co, Inc		43,994
	300,693	e	Clorox Co		25,000
	4,378,159		Colgate-Palmolive Co		250,825
	14,641	e	Cosmax, Inc		583
	303,279	*,e	Coty, Inc		5,210
	346,343		Dabur India Ltd		906
	148	e	Dr Ci:Labo Co Ltd		394
	87,150	*	Elizabeth Arden, Inc		3,928
	5,491		Emami Ltd		44
	2,746	*,m	Emami Ltd		22
	237,859		Energizer Holdings, Inc		23,907
	1,279,596		Estee Lauder Cos (Class A)		84,159
	12,200	*,e	Euglena Co Ltd		750
	72,500		Fancl Corp		869
	75,222	e	Female Health Co		742
	88,931		Godrej Consumer Products Ltd		1,225
	420,000		Grape King Industrial Co		1,569
	133,906	*	Harbinger Group, Inc		1,010
	904,200	e	Hengan International Group Co Ltd		9,824
	45,235		Henkel KGaA		3,543
	742,562		Henkel KGaA (Preference)		69,734
	647,275	e	Herbalife Ltd		29,218
	1,308,109		Hindustan Lever Ltd		12,881
	737,925		Hypermarcas S.A.		4,805
	8,653		Inter Parfums S.A.		255
	106,358		Inter Parfums, Inc		3,033
	18,347	e	JW Shinyak Corp		69
	283,430		Jyothy Laboratories Ltd		856
	540,404		Kao Corp		18,396
	765,799		Kimberly-Clark Corp		74,390
	6,657,837		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		21,514
	33,200		Kobayashi Pharmaceutical Co Ltd		1,750
	8,390	e	Korea Kolmar Co Ltd		90
	27,114		Korea Kolmar Co Ltd		608
	85,800		Kose Corp		2,374
	15,106		LG Household & Health Care Ltd		7,358
	355,380	*	Lifevantage Corp		824
	324,000		Lion Corp		1,878
	770,670		L’Oreal S.A.		126,686

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	465,600		Magic Holdings international Ltd	$	287
	64,479		Mandom Corp		2,140
	92,639	*	Medifast, Inc		2,386
	446,347		Microbio Co Ltd		480
	16,756		Milbon Co Ltd		591
	213,038		Natura Cosmeticos S.A.		4,554
	46,630		Nature’s Sunshine Products, Inc		762
	665,942	e	Nu Skin Enterprises, Inc (Class A)		40,702
	36,397		Nutraceutical International Corp		744
	2,584,000	e	NVC Lighting Holdings Ltd		795
	16,677		Oil-Dri Corp of America		458
	30,993		Orchids Paper Products Co		814
	84,535	e	Oriflame Cosmetics S.A.		2,677
	3,350		Pacific Corp		1,020
	31,100		Pigeon Corp		2,478
	26,900		Pola Orbis Holdings, Inc		910
	263,950	*	Prestige Brands Holdings, Inc		7,691
	1,155,000	e	Prince Frog International Holdings Ltd		794
	8,883,142		Procter & Gamble Co		683,913
	3,006,600		PT Unilever Indonesia Tbk		9,286
	441,319		PZ Cussons plc		2,322
	1,062,272		Reckitt Benckiser Group plc		75,141
	41,141	*	Revlon, Inc (Class A)		908
	2,600,000	e	Ruinian International Ltd		729
	332,311		Shiseido Co Ltd		4,944
	98,252		Spectrum Brands, Inc		5,588
	30,400		ST Corp		311
	516,332	*,e	Star Scientific, Inc		718
	708,758		Svenska Cellulosa AB (B Shares)		17,775
	158,605	e	Uni-Charm Corp		8,970
	19,702	*,e	USANA Health Sciences, Inc		1,426
	795,000	e	Vinda International Holdings Ltd		810
	72,679		WD-40 Co		3,960
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,889,305

INSURANCE - 4.3%
	4,142,595		ACE Ltd		370,679
	231,935		Admiral Group plc		4,672
	341,571		Aegon NV		2,292
	1,152,038		Aflac, Inc		66,956
	403,108		Ageas		14,144
	18,478,007		AIA Group Ltd		77,848
	13,511		Aksigorta AS		18
	16,452	*	Alleghany Corp		6,306
	1,127,417		Allianz AG.		164,559
	291,725		Allied World Assurance Co Holdings Ltd		26,696
	1,451,211		Allstate Corp		69,832
	88,520	*	Alm Brand AS		272
	184,024	*	AMBAC Financial Group, Inc		4,385
	251,092		American Equity Investment Life Holding Co		3,942
	469,468		American Financial Group, Inc		22,962
	3,596,592	*	American International Group, Inc		160,768

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	10,625		American National Insurance Co	$	1,057
	33,191	*	American Safety Insurance Holdings Ltd		961
	84,718		Amerisafe, Inc		2,744
	894,830		Amlin plc		5,353
	3,470,813		AMP Ltd		13,423
	94,139	e	Amtrust Financial Services, Inc		3,361
	564,916		Anadolu Hayat Emeklilik AS		1,246
	450,254	*	Anadolu Sigorta		289
	719,943		Aon plc		46,328
	19,455		April Group		334
	655,548	*	Arch Capital Group Ltd		33,702
	104,552		Argo Group International Holdings Ltd		4,432
	162,896		Arthur J. Gallagher & Co		7,117
	470,201		Aspen Insurance Holdings Ltd		17,440
	234,719		Assicurazioni Generali S.p.A.		4,103
	1,048,820		Assurant, Inc		53,395
	164,482		Assured Guaranty Ltd		3,628
	2,170,731		Aviva plc		11,188
	1,760,973		AXA S.A.		34,714
	1,902,239		Axis Capital Holdings Ltd		87,085
	4,146		Bajaj Finserv Ltd		45
	38,666		Baldwin & Lyons, Inc (Class B)		939
	7,657		Baloise Holding AG.		744
	1,182,800	*	BB Seguridade Participacoes S.A.		9,329
	1,218,847		Beazley plc		4,272
	45	*	Berkshire Hathaway, Inc		7,587
	6,361,311	*	Berkshire Hathaway, Inc (Class B)		711,958
	198,700		Brazil Insurance Participco		1,950
	218,931		Brown & Brown, Inc		7,058
	9,931,366		Cathay Financial Holding Co Ltd		13,497
	555,587		Catlin Group Ltd		4,221
	263,589		Chesnara plc		1,002
	1,398,308	*,e	China Insurance International Holdings Co Ltd		2,151
	9,514,024		China Life Insurance Co Ltd		22,144
	2,625,885	*	China Life Insurance Co Ltd (Taiwan)		2,582
	4,581,100	e	China Pacific Insurance Group Co Ltd		14,523
	485,495		Chubb Corp		41,097
	424,291		Cincinnati Financial Corp		19,475
	174,256	*,e	Citizens, Inc (Class A)		1,042
	49,774		Clal Insurance		804
	4,100,000		ClearView Wealth Ltd		2,198
	56,118		CNA Financial Corp		1,831
	247,972		CNP Assurances		3,560
	882,278		Conseco, Inc		11,434
	587,396	e	Corp Mapfre S.A.		1,911
	96,733		Crawford & Co (Class B)		544
	26,893		Dai-ichi Mutual Life Insurance Co		38,606
	50,457		Delta Lloyd NV		1,011
	823,256	*	Direct Line Insurance Group plc		2,917
	378,920		Discovery Holdings Ltd		3,222
	28,513		Donegal Group, Inc (Class A)		398
	51,854		Dongbu Insurance Co Ltd		2,187

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	23,245	e	Eastern Insurance Holdings, Inc	$	436
	70,954	*	eHealth, Inc		1,612
	22,218	e	EMC Insurance Group, Inc		583
	112,921		Employers Holdings, Inc		2,761
	135,781		Endurance Specialty Holdings Ltd		6,986
	38,646	*	Enstar Group Ltd		5,139
	39,687		Erie Indemnity Co (Class A)		3,163
	1,294,194	*	esure Group plc		6,395
	17,857	e	Euler Hermes S.A.		1,800
	232,962		Everest Re Group Ltd		29,880
	51,151		FBD Holdings plc		968
	39,841	e	FBL Financial Group, Inc (Class A)		1,733
	562,025	e	Fidelity National Title Group, Inc (Class A)		13,382
	480,803		First American Financial Corp		10,597
	548,144	*,e	Fondiaria-Sai S.p.A		1,009
	1,864	*	Fondiaria-Sai S.p.A-RSP		297
	71,415	*	Fondiaria-Sai SpA		118
	12,841	*	Fortegra Financial Corp		88
	792,602	*	Genworth Financial, Inc (Class A)		9,044
	210,057		Gjensidige Forsikring BA		3,095
	608,159	e	Great-West Lifeco, Inc		16,498
	109,425	*,e	Greenlight Capital Re Ltd (Class A)		2,684
	102,657		Grupo Catalana Occidente S.A.		2,273
	54,163	*	Hallmark Financial Services		495
	116,160		Hannover Rueckversicherung AG.		8,353
	77,826		Hanover Insurance Group, Inc		3,808
	38,500	*	Hanwha Non-Life Insurance Co Ltd		168
	12,655		Harel Insurance Investments & Finances Ltd		623
	5,037,236		Hartford Financial Services Group, Inc		155,751
	523,129		HCC Insurance Holdings, Inc		22,552
	30,662	e	HCI Group, Inc		942
	10,196	*	Health Insurance Innovations, Inc		107
	15,282		Helvetia Holding AG.		6,167
	248,388	*	Hilltop Holdings, Inc		4,074
	708,158		Hiscox Ltd		6,134
	164,889		Horace Mann Educators Corp		4,020
	223,080		Hyundai Marine & Fire Insurance Co Ltd		5,907
	29,752	e	Independence Holding Co		352
	96,208		Industrial Alliance Insurance and Financial Services, Inc		3,806
	52,392		Infinity Property & Casualty Corp		3,131
	104,551		ING Canada, Inc		5,890
	5,282,065		Insurance Australia Group Ltd		26,219
	4,126		Investors Title Co		293
	203,478		Jardine Lloyd Thompson Group plc		2,818
	18,246	e	Kansas City Life Insurance Co		698
	48,632		Kemper Corp		1,666
	573,700		Korea Life Insurance Co Ltd		3,302
	123,725		Korean Reinsurance Co		1,133
	199,660		Lancashire Holdings Ltd		2,408
	21,835,806		Legal & General Group plc		56,912
	439,246		Liberty Holdings Ltd		5,321
	18,500	*	Lifenet Insurance Co		151

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	80,190		LIG Insurance Co Ltd	$	1,634
	1,052,950		Lincoln National Corp		38,401
	307,793		Loews Corp		13,666
	44,101	*	Lotte Non-Life Insurance Co Ltd		119
	243,688		Maiden Holdings Ltd		2,734
	2,101,547	e	Manulife Financial Corp		33,630
	67,829	*	Markel Corp		35,742
	3,999,822		Marsh & McLennan Cos, Inc		159,673
	140,250	*,e	MBIA, Inc		1,867
	211,212		Meadowbrook Insurance Group, Inc		1,696
	775,344		Mediolanum S.p.A.		4,806
	29,995	*	Menorah Mivtachim Holdings Ltd		296
	406,000	*	Mercuries Life Insurance Co Lt		214
	26,876		Mercury General Corp		1,181
	72,555		Meritz Fire & Marine Insurance Co Ltd		804
	6,633,616		Metlife, Inc		303,554
	1,328,222		Metropolitan Holdings Ltd		2,974
	352,760		Migdal Insurance Holdings Ltd		554
	990,563	*	Milano Assicurazioni S.p.A.		608
	1,024,088		Millea Holdings, Inc		32,315
	1,253,436		Mitsui Sumitomo Insurance Group Holdings, Inc		31,750
	235,232		Montpelier Re Holdings Ltd		5,883
	429,800		Muenchener Rueckver AG.		78,960
	165,599	*	National Financial Partners Corp		4,191
	28,640		National Interstate Corp		838
	8,849		National Western Life Insurance Co (Class A)		1,680
	44,940	*	Navigators Group, Inc		2,563
	844,500	e	New China Life insurance Co Ltd		2,576
	1,287,449		NKSJ Holdings, Inc		30,596
	7,714,797		Old Mutual plc		21,178
	645,055		Old Republic International Corp		8,302
	94,451		OneBeacon Insurance Group Ltd (Class A)		1,368
	907,445		PartnerRe Ltd		82,178
	7,320,000	e	People’s Insurance Co Group of China Ltd		3,318
	23,315	*	Phoenix Cos, Inc		1,003
	368,444		Phoenix Group Holdings		3,573
	79,180		Phoenix Holdings Ltd		261
	5,441,831		PICC Property & Casualty Co Ltd		6,102
	2,499,900	e	Ping An Insurance Group Co of China Ltd		16,689
	128,319		Platinum Underwriters Holdings Ltd		7,342
	252,831		Porto Seguro S.A.		2,685
	373,430	e	Power Corp Of Canada		10,020
	565,708	e	Power Financial Corp		16,449
	129,140		Powszechny Zaklad Ubezpieczen S.A.		15,912
	230,109		Primerica, Inc		8,615
	1,367,994		Principal Financial Group		51,231
	177,265		ProAssurance Corp		9,246
	932,811		Progressive Corp		23,712
	523,512		Protective Life Corp		20,108
	2,839,546		Prudential Financial, Inc		207,372
	5,993,477		Prudential plc		97,830
	25,956,000		PT Panin Insurance Tbk		1,790

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	90,425,000	*	PT Panin Life Tbk	$	1,903
	2,079,046		QBE Insurance Group Ltd		28,785
	259,198		Reinsurance Group of America, Inc (Class A)		17,913
	265,970		RenaissanceRe Holdings Ltd		23,084
	1,605,717		Resolution Ltd		6,955
	87,204	e	RLI Corp		6,663
	846,287		RMI Holdings		2,155
	3,295,908		Royal & Sun Alliance Insurance Group plc		5,979
	58,076		Safety Insurance Group, Inc		2,817
	369,910		Sampo Oyj (A Shares)		14,404
	86,044		Samsung Fire & Marine Insurance Co Ltd		17,523
	160,771		Samsung Life Insurance Co Ltd		15,175
	3,139,640		Sanlam Ltd		14,591
	15,018		Schweizerische National-Versicherungs-Gesellschaft		694
	160,205		SCOR		4,917
	226,620		Selective Insurance Group, Inc		5,217
	7,072,495	*	Shin Kong Financial Holding Co Ltd		2,370
	265,000		Shinkong Insurance Co Ltd		198
	71,897		Societa Cattolica di Assicurazioni SCRL		1,470
	216,134		Sony Financial Holdings, Inc		3,403
	468,256		St. James’s Place plc		3,841
	45,076		Stancorp Financial Group, Inc		2,227
	2,030,023		Standard Life plc		10,683
	63,677		State Auto Financial Corp		1,157
	87,529		Stewart Information Services Corp		2,292
	407,354	*	Storebrand ASA		1,967
	557,534		Sul America SA		3,268
	1,044,409	e	Sun Life Financial, Inc		30,934
	939,958		Suncorp-Metway Ltd		10,209
	35,207		Swiss Life Holding		5,715
	1,417,382		Swiss Re Ltd		105,454
	265,700		Syarikat Takaful Malaysia Bhd		636
	318,988	e	Symetra Financial Corp		5,101
	1,166,400		T&D Holdings, Inc		15,602
	444,000		Taiwan Fire & Marine Insurance Co		324
	924,000	*	Taiwan Life Insurance Co Ltd		703
	106,040		Tong Yang Life Insurance		915
	155,376	*	Topdanmark A.S.		3,955
	421,629		Torchmark Corp		27,465
	221,563	e	Tower Group International Ltd		4,544
	760,552		Travelers Cos, Inc		60,783
	18,071		TrygVesta AS		1,489
	454,200	*	Tune Ins Holdings Bhd		264
	772,969		Unipol Gruppo Finanziario S.p.A		2,540
	333,404		Unipol Gruppo Finanziario S.p.A (Priv)		996
	38,243	*,e	United America Indemnity Ltd		901
	84,495		United Fire & Casualty Co		2,098
	109,302		Universal Insurance Holdings, Inc		774
	795,080		UnumProvident Corp		23,352
	1,305,558		Validus Holdings Ltd		47,157
	50,607		Vittoria Assicurazioni S.p.A.		424
	285,458		W.R. Berkley Corp		11,664

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	5,906		White Mountains Insurance Group Ltd	$	3,396
	27,381		Wiener Staedtische Allgemeine Versicherung AG.		1,270
	1,576,910		XL Capital Ltd		47,812
	48,547		Yapi Kredi Sigorta AS		452
	123,157		Zurich Financial Services AG.		31,923
			TOTAL INSURANCE		4,780,504

MATERIALS - 5.3%
	121,379		A. Schulman, Inc		3,255
	281,244	e	Acerinox S.A.		2,620
	501,707		ACHEM Technology Corp		250
	418,000		Achilles Corp		537
	50,000	*	Acron JSC (ADR)		193
	31,744	*,e	ADA-ES, Inc		1,337
	161,581		Adana Cimento		356
	273,700		ADEKA Corp		2,805
	1,042,006		Adelaide Brighton Ltd		3,134
	29,781	*	Advanced Metallurgical Group NV		237
	47,153	*	Advansa Sasa Polyester Sanayi AS		23
	171,379		Aeci Ltd		1,985
	15,376	*	AEP Industries, Inc		1,144
	145,516		African Barrick Gold Ltd		212
	296,063	*,e	African Minerals Ltd		853
	163,870		African Oxygen Ltd		348
	298,288		African Rainbow Minerals Ltd		4,511
	148,900		Agnico-Eagle Mines Ltd		4,106
	390,422		Agrium, Inc (Toronto)		33,849
	159,000		Aichi Steel Corp		701
	329,237		Air Liquide		40,661
	227,834		Air Products & Chemicals, Inc		20,863
	250,311		Air Water, Inc		3,519
	82,490		Airgas, Inc		7,874
	687,987	*,e	AK Steel Holding Corp		2,091
	112,938		Akcansa Cimento AS		664
	909,975		Akzo Nobel NV		51,346
	381,570		Alamos Gold, Inc		4,622
	160,539		Albemarle Corp		10,000
	1,054,829		Alcoa, Inc		8,249
	339,189		Alent plc		1,683
	108,097	e	Allegheny Technologies, Inc		2,844
	413,736	*,e	Allied Nevada Gold Corp		2,681
	841,600		Alpek SAB de C.V.		1,788
	345,671		Altri SGPS S.A.		842
	518,248		Alumina Ltd		461
	5,423,900	*,e	Aluminum Corp of China Ltd		1,723
	15,943		AMAG Austria Metall AG.		487
	1,134,279		Ambuja Cements Ltd		3,556
	102,583		AMCOL International Corp		3,251
	2,249,605		Amcor Ltd		20,791
	24,537	*	American Pacific Corp		696
	141,439		American Vanguard Corp		3,314

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	4,707,000		AMVIG Holdings Ltd	$	1,821
	304,154		Anadolu Cam Sanayii AS		432
	661,400	e	Anatolia Minerals Development Ltd		1,396
	58,520	*,e	Angang New Steel Co Ltd		29
	505,955		Anglo American plc (London)		9,750
	73,910	*,e	Anglo Platinum Ltd		2,206
	438,776		AngloGold Ashanti Ltd		6,272
	1,679,894	e	Anhui Conch Cement Co Ltd		4,516
	158,000		ANN JOO Resources BHD		66
	1,488,857		Antofagasta plc		18,041
	243,547	e	APERAM		2,650
	126,018		Aptargroup, Inc		6,957
	621,585	*	Aquarius Platinum Ltd		363
	65,120	*	Arabian American Development Co		567
	237,900		ArcelorMittal		2,663
	392,484	*	Argonaut Gold, Inc		2,123
	32,061		Arkema		2,939
	70,381	e	Asahi Holdings, Inc		1,060
	1,770,852		Asahi Kasei Corp		11,684
	94,000		Asahi Organic Chemicals Industry Co Ltd		205
	100,500	*	Asanko Gold, Inc		215
	1,585,556		Ashland, Inc		132,394
	1,750,000		Asia Cement China Holdings Corp		715
	6,478	e	Asia Cement Co Ltd		430
	4,963,923		Asia Cement Corp		6,096
	52,315		Asia Plastic Recycling Holding Ltd		138
	369,500		Asia Polymer		275
	53,847		Asian Paints Ltd		4,190
	83,177		Associated Cement Co Ltd		1,706
	105,385	e	Assore Ltd		3,412
	677,200		Atlas Consolidated Mining & Development		231
	1,078,314		Atlas Iron Ltd		732
	187,200	*	Augusta Resource Corp		393
	33,324	*	Auriga Industries (Class B)		935
	2,579,968	a	Axiall Corp		109,855
	5,538,788		AZ Electronic Materials S.A.		25,832
	745,635	*	B2Gold Corp		1,588
	8,789		Bagfas Bandirma Gubre Fabrik		191
	133,406		Balchem Corp		5,970
	786,101		Ball Corp		32,655
	264,598		Ballarpur Industries Ltd		59
	243,100	*,e	Banro Corp		190
	1,190,385		Barrick Gold Corp (Canada)		18,789
	1,016,503		BASF AG.		90,665
	2,138		BASF India Ltd		20
	67,077		Baticim Bati Anadolu Cimento Sanayii AS		212
	5,096		Bayer CropScience Ltd		119
	3,497,100	e	BBMG Corp		2,134
	92,533		BC Iron Ltd		274
	751,278	*	Beadell Resources Ltd		351
	46,452		Bekaert S.A.		1,477
	303,000	*,e	Belo Sun Mining Corp		135

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	207,013		Bemis Co, Inc	$	8,102
	362,200	*	Bengang Steel Plates Co		112
	49,361		Berger Paints India Ltd		191
	640,163	*	Berry Plastics Group, Inc		14,128
	4,776,002		BHP Billiton Ltd		137,467
	5,190,299		BHP Billiton plc		132,341
	188,136		Billerud AB		1,779
	863,177	*	BlueScope Steel Ltd		3,672
	97,626	*	Boise Cascade Co		2,481
	396,128		Boise, Inc		3,383
	37,209		Boliden AB		461
	1,464,750		Boral Ltd		5,605
	5,340,000	*	Borneo Lumbung Energi & Metal		207
	2,099,300		Borregaard ASA		9,163
	10,943		Borusan Mannesmann Boru Sanayi		163
	10,444,246	*	Boryszew S.A.		1,256
	288,093		Bradespar S.A.		2,608
	193,428		Braskem S.A.		1,428
	76,088		Brush Engineered Materials, Inc		2,061
	160,238		Buckeye Technologies, Inc		5,935
	89,182		Buzzi Unicem S.p.A.		1,338
	89,964		Buzzi Unicem S.p.A. RSP		701
	5,600		C Uyemura & Co Ltd		231
	62,885		Cabot Corp		2,353
	474,125	*	Calgon Carbon Corp		7,908
	351,228	e	Canexus Corp		3,072
	108,568	*,e	Canfor Corp		1,920
	47,600	e	Canfor Pulp Products, Inc		385
	202,948		CAP S.A.		4,528
	29,150	e	Capro Corp		168
	372,811	*	Capstone Mining Corp		635
	45,509		Carpenter Technology Corp		2,051
	159,552	e	Cascades, Inc		880
	69,418	*,e	Castle (A.M.) & Co		1,094
	367,656		Celanese Corp (Series A)		16,471
	127,913		Cementir S.p.A.		359
	789,257		Cementos Argos S.A.		3,277
	203,292	*	Cementos Argos S.A.		855
	38,043	e	Cementos Pacasmayo SAA (ADR)		484
	583,012	*	Cemex Latam Holdings S.A.		3,883
	20,115,374	*,e	Cemex S.A. de C.V.		21,361
	1,300,122	*	Centamin plc		631
	192,500		Centerra Gold, Inc		608
	2,156,500		Central Omega Resources Tbk PT		97
	211,328	*	Century Aluminum Co		1,961
	120,538		Century Textile & Industries Ltd		533
	315,019		CF Industries Holdings, Inc		54,026
	401,166		Chambal Fertilizers & Chemicals Ltd		244
	23,823		Chase Corp		533
	82,204		Cheil Industries, Inc		6,420
	423,741	*	Chemtura		8,602
	2,191,560		Cheng Loong Corp		966

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	832,925		Chia Hsin Cement Corp	$	396
	710,000		Chiho-Tiande Group Ltd		292
	5,056,200		China BlueChemical Ltd		3,074
	863,000	*	China General Plastics Corp		508
	171,000		China Hi-ment Corp		307
	670,000	*	China Manmade Fibers Corp		247
	368,409		China Metal Products		455
	3,613,200	e,m	China Metal Recycling Holdings Ltd		2,201
	3,937,478	e	China National Building Material Co Ltd		3,503
	1,925,175		China Petrochemical Development Corp		976
	2,142,000	*,e	China Precious Metal Resources Holdings Co Ltd		356
	1,422,000	e	China Rare Earth Holdings Ltd		204
	2,826,100	e	China Resources Cement Holdings Ltd		1,409
	1,950,000		China Sanjiang Fine Chemicals		936
	3,689,400		China Shanshui Cement Group Ltd		1,647
	216,000		China Steel Chemical Corp		1,072
	13,393,083		China Steel Corp		10,950
	1,459,000		China Synthetic Rubber Corp		1,527
	2,800,000	*	China Timber Resources Group Ltd		113
	663,000		China Vanadium Titano-Magnetite Mining Co Ltd		106
	496,000	*	Chongqing Iron & Steel Co Ltd		67
	667,822		Christian Hansen Holding		22,847
	111,000		Chuetsu Pulp & Paper Co Ltd		169
	83,000		Chugoku Marine Paints Ltd		410
	1,398,328		Chun Yuan Steel		533
	1,344,720	*	Chung Hung Steel Corp		367
	169,950	*	Chung Hwa Pulp Corp		52
	240,100		Cia de Minas Buenaventura S.A. (ADR) (Series B)		3,544
	763,536		Cia Siderurgica Nacional S.A.		2,043
	94,930	*	Ciech S.A.		691
	97,669		Cimsa Cimento Sanayi Ve Tica		665
	1,208,000		Citic Dameng Holdings		104
	2,507,166		Clariant AG.		35,342
	1,434		Clariant Chemicals India Ltd		9
	89,227	*	Clearwater Paper Corp		4,199
	4,155,095	e	Cliffs Natural Resources, Inc		67,520
	63,833	*,e	CNK International Co Ltd		400
	462,707	*,e	Coeur d’Alene Mines Corp		6,154
	140,800	*	Colossus Minerals, Inc		163
	464,529		Commercial Metals Co		6,861
	86,132	*	Companhia Vale do Rio Doce		0	^
	315,600	e	Companhia Vale do Rio Doce (ADR)		4,150
	90,684	e	Compass Minerals International, Inc		7,666
	619,099	*	Constellium NV		9,998
	121,000	*	Corp Durango SAB de C.V.		234
	3,194,000	e	CPMC Holdings Ltd		2,305
	3,368,262		CRH plc		68,149
	30,301		CRH plc (Ireland)		615
	453,064		Croda International plc		17,085
	120,700	*	Cronus Resources Ltd		379
	630,285	*	Crown Holdings, Inc		25,924
	374,600		CSC Steel Holdings BHD		151

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	25,040,000	*	CST Mining Group Ltd	$	280
	140,972	*,e	Cudeco Ltd		257
	287,626		Cytec Industries, Inc		21,069
	1,502,300	*	D&L Industries Inc		222
	144,000		Dai Nippon Toryo Co Ltd		212
	1,139,689		Daicel Chemical Industries Ltd		9,961
	67,530		Daido Steel Co Ltd		341
	91,000		Daiken Corp		243
	187,857		Dainichiseika Color & Chemicals Manufacturing Co Ltd		818
	1,448,754		Dainippon Ink and Chemicals, Inc		3,617
	227,872		Daio Paper Corp		1,294
	168,000		Daiso Co Ltd		494
	225,400	*	Danhua Chemical Technology Co Ltd		140
	20,403	e	DC Chemical Co Ltd		2,380
	37,166		Deltic Timber Corp		2,149
	1,305,508		Denki Kagaku Kogyo KK		4,726
	170,532	*	Detour Gold Corp		1,338
	498,515	*,e	Discovery Metals Ltd		61
	130,914	*	Dominion Diamond Corp		1,851
	32,342		Domtar Corp		2,151
	23,360	*,e	Dongbu Steel Co Ltd		53
	67,414	e	Dongjin Semichem Co Ltd		217
	67,948	e	Dongkuk Industries Co Ltd		207
	47,550	e	Dongkuk Steel Mill Co Ltd		449
	21,542	*	Dongsung Finetec Co Ltd		153
	3,773,000	e	Dongyue Group		1,497
	4,064,731		Dow Chemical Co		130,762
	580,000		Dowa Holdings Co Ltd		5,183
	1,189,447		DRDGOLD Ltd		647
	1,490,242		DS Smith plc		5,606
	857,468		DSM NV		55,901
	1,264,412		Du Pont (E.I.) de Nemours & Co		66,382
	1,065,228		DuluxGroup Ltd		4,098
	138,400	*	Dundee Precious Metals, Inc		566
	189,715		Eagle Materials, Inc		12,572
	15,600		Earth Chemical Co Ltd		529
	482,207		Eastman Chemical Co		33,759
	933,612		Ecolab, Inc		79,534
	4,810	e	EG Corp		97
	15,074		EID Parry India Ltd		34
	587,406		El Ezz Steel Co		653
	1,045,959		Eldorado Gold Corp		6,474
	1,685,572		Elementis plc		5,624
	2,036,089		Empresas CMPC S.A.		6,254
	12,941	*	EMS-Chemie Holding AG.		3,833
	292,538	*,e	Endeavour Mining Corp		156
	153,139	*	Endeavour Mining Corp (ADR)		61
	216,800	*	Endeavour Silver Corp		750
	1,382,915		Eregli Demir ve Celik Fabrikalari TAS		1,424
	574,534		Eternal Chemical Co Ltd		486
	207,000		Eternit S.A.		877
	95,300		Eucatex S.A. Industria e Comercio		267

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	33,492		Eugene Corp	$	86
	570,570		Everlight Chemical Industrial Corp		392
	691,694	*	Evolution Mining Ltd		369
	522,181	*	Evonik Industries AG.		18,488
	342,224		Evraz plc		505
	676,750		Feng Hsin Iron & Steel Co		1,192
	101,400		Ferbasa-Ferro Ligas DA Bahia		572
	667,482	e	Ferrexpo plc		1,355
	345,495	*	Ferro Corp		2,401
	44,100	*	Fertilizantes Heringer S.A.		166
	1,204,263	*	Fibria Celulose S.A.		13,358
	2,962,946		Filtrona plc		31,684
	147,600	*	First Majestic Silver Corp		1,566
	889,807		First Quantum Minerals Ltd		13,199
	2,262,397	e	Fletcher Building Ltd		14,734
	170,906	*	Flotek Industries, Inc		3,066
	336,779		FMC Corp		20,564
	75,040	*,e	Foosung Co Ltd		257
	4,005,003		Formosa Chemicals & Fibre Corp		9,795
	5,152,031		Formosa Plastics Corp		12,427
	405,000		Formosan Rubber Group, Inc		333
	1,227,732		Formosan Union Chemical		575
	10,431,052	e	Fortescue Metals Group Ltd		28,715
	308,800	*	Fortuna Silver Mines, Inc		1,028
	4,460,100		Fosun International		3,260
	14,300		FP Corp		991
	228,135	*,e	Franco-Nevada Corp		8,167
	2,771,040		Freeport-McMoRan Copper & Gold, Inc (Class B)		76,508
	1,563,723		Fresnillo plc		21,112
	49,245		Frutarom Industries Ltd		745
	175,043		Fuchs Petrolub AG. (Preference)		13,878
	1,621,200		Fufeng Group Ltd		521
	24,452		Fuji Seal International, Inc		689
	18,700		Fujimi, Inc		207
	37,600		Fujimori Kogyo Co Ltd		1,115
	116,000	e	Furukawa-Sky Aluminum Corp		314
	14,739,100	e	Fushan International Energy Group Ltd		5,692
	108,294		FutureFuel Corp		1,535
	34,782,600	*	G J Steel PCL		91
	14,545,600	*	G Steel PCL		88
	311,670	*,e	Gabriel Resources Ltd		415
	311,242	e	Gammon Gold, Inc		1,364
	148,413	*	Gem Diamonds Ltd		306
	211,423	*,e	General Moly, Inc		395
	939,602		Gerdau S.A. (Preference)		5,310
	997,589	*,e	Gindalbie Metals Ltd		99
	22,312		Givaudan S.A.		28,751
	150,567		Glatfelter		3,779
	750,300	*	Gleichen Resources Ltd		949
	12,393,632		Glencore International AG.		51,303
	258,903		Globe Specialty Metals, Inc		2,814
	293,517		Gloria Material Technology Corp		195

100

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	175,000		Godo Steel Ltd	$	274
	78,783		Godrej Industries Ltd		410
	799,616		Gold Fields Ltd		4,191
	106,329	e	Gold Resource Corp		926
	890,353		Goldcorp, Inc		22,113
	1,534	*,e	Golden Minerals Co		2
	18,322	*,e	Golden Star Resources Ltd		8
	363,238	*,e	Golden Star Resources Ltd (Toronto)		180
	8,356,418		Goldsun Development & Construction Co Ltd		3,301
	6,187		Goltas Cimento		163
	1,963,000		Grand Pacific Petrochemical		1,140
	1,216,619		Grange Resources Ltd		177
	2,564,722	*	Graphic Packaging Holding Co		19,851
	605,755	*,m	Great Basin Gold Ltd		6
	148,000		Great China Metal Industry		163
	539,000	e	Greatview Aseptic Packaging Co		333
	58,907		Greif, Inc (Class A)		3,103
	21,372,543	*,e	G-Resources Group Ltd		722
	531,208		Grupo Argos S.A.		5,307
	157,152		Grupo Argos S.A.(Prf)		1,578
	356,627		Grupo Empresarial Ence S.A.		1,103
	8,136,449	e	Grupo Mexico S.A. de C.V. (Series B)		23,535
	158,400	*,e	Grupo Simec SAB de C.V.		695
	29,774	*	GSE Holding, Inc		172
	33,088	*	Gubre Fabrikalari TAS		235
	41,946		Gujarat Flourochemicals		200
	118,398		Gujarat Mineral Development Corp Ltd		252
	24,544		Gujarat Narmada Valley Fertilizers Co Ltd		31
	488,901		Gujarat NRE Coke Ltd		114
	125,675		Gujarat State Fertilisers & Chemicals Ltd		129
	3,179,452	*,e,m	Gunns Ltd		29
	1,584	*,m	Gunns Ltd (Forest)		0	^
	105,742	*	Guyana Goldfields, Inc		136
	34,498		H&R WASAG AG.		388
	176,701		H.B. Fuller Co		6,681
	2,488	*	Hadera Paper Ltd		142
	23,210	e	Han Kuk Carbon Co Ltd		136
	7,020		Hanil Cement Manufacturing		311
	17,730	e	Hansol Chemical Co Ltd		400
	54,710	e	Hansol Paper Co		598
	98,695	e	Hanwha Chemical Corp		1,433
	127,587	e	Hanwha Corp		3,262
	429,636		Harmony Gold Mining Co Ltd		1,603
	32,018		Hawkins, Inc		1,261
	77,242		Haynes International, Inc		3,698
	467,528	*	Headwaters, Inc		4,133
	1,362,426	e	Hecla Mining Co		4,060
	48,261		HeidelbergCement AG.		3,234
	73,003		Hexpol AB (Series B)		4,739
	165,914		Highland Gold Mining Ltd		136
	156,369		Hill & Smith Holdings plc		1,070
	1,917,311		Hindalco Industries Ltd		3,204

101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	269,973		Hitachi Chemical Co Ltd	$	4,226
	206,440		Hitachi Metals Ltd		2,312
	642,030	*	Ho Tung Chemical Corp		278
	202,906		Hochschild Mining plc		481
	29,809		Hoganas AB (Class B)		1,422
	397,429	e	Hokuetsu Paper Mills Ltd		1,695
	1,073,371		Holcim Ltd		74,713
	162,708		Holmen AB (B Shares)		4,384
	21,783		Honam Petrochemical Corp		2,705
	2,160,000	*	Honbridge Holdings Ltd		284
	178,071	*	Horsehead Holding Corp		2,281
	49,000		Hsin Kuang Steel Co Ltd		31
	3,028,700	e	Huabao International Holdings Ltd		1,334
	615,800		Hubei Sanonda Co Ltd		353
	38,250	e	Huchems Fine Chemical Corp		616
	468,717		HudBay Minerals, Inc		3,102
	218,813		Huhtamaki Oyj		4,058
	532,000	*	Huili Resources Group Ltd		138
	1,648,000	*,e	Hunan Non-Ferrous Metal Ltd		523
	513,368		Huntsman Corp		8,501
	30,974		Hyosung Corp		1,592
	38,809	e	Hyundai Hysco		1,158
	62,199		Hyundai Steel Co		3,483
	822,900	e	IAMGOLD Corp		3,458
	2,127,959	e	Iluka Resources Ltd		19,177
	254,183		Imdex Ltd		143
	235,756		Imerys S.A.		14,475
	588,556	e	Impala Platinum Holdings Ltd		5,543
	80,400	*	Imperial Metals Corp		803
	418,990	*	Impexmetal S.A.		310
	4,604,695		Incitec Pivot Ltd		11,989
	263,904		Independence Group NL		546
	267,893		India Cements Ltd		256
	816,810	*	Indophil Resources NL		198
	198,200		Indorama Ventures PCL (ADR)		113
	1,682,078		Indorama Ventures PCL (Foreign)		963
	99,300	*,e	Industrias CH SAB de C.V.		656
	160,670	e	Industrias Penoles S.A. de C.V.		4,856
	565,620		Inner Mongolia Eerduosi Resourses Co Ltd		518
	94,087		Innophos Holdings, Inc		4,438
	106,008		Innospec, Inc		4,259
	108,801		International Flavors & Fragrances, Inc		8,177
	2,855,992		International Paper Co		126,549
	77,305		Intertape Polymer Group, Inc		956
	222,152	e	Intrepid Potash, Inc		4,232
	1,354,000	*	IRC Ltd		147
	531,000	*	Ishihara Sangyo Kaisha Ltd		379
	324,988		Israel Chemicals Ltd		3,192
	1,163		Israel Corp Ltd		693
	5,220	e	ISU Chemical Co Ltd		71
	78,622	e	Italcementi S.p.A.		501
	149,644		Italcementi S.p.A. RNC		480

102

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	8,046	*	Italmobiliare S.p.A.	$	172
	21,515	*	Italmobiliare S.p.A. RSP		291
	612,816	*	Ivanhoe Mines Ltd		3,636
	521,700	*,e	Ivanplats Ltd		759
	42,897	*	Izmir Demir Celik Sanayi AS		47
	1,361,477		James Hardie Industries NV		11,691
	131,081		Jastrzebska Spolka Weglowa S.A.		2,530
	1,073,445		JFE Holdings, Inc		23,517
	4,434,800	e	Jiangxi Copper Co Ltd		7,493
	99,092		Jindal Saw Ltd		96
	430,232		Jindal Steel & Power Ltd		1,568
	209,900	*	Jinshan Gold Mines, Inc		559
	137,946		Johnson Matthey plc		5,512
	16,500		JSP Corp		246
	388,527		JSR Corp		7,861
	101,106		JSW Steel Ltd		1,118
	19,502	*,m	JSW Steel Ltd (Temporary)		216
	165,455		K&S AG.		6,115
	2,571,394	*,b,e,m	Kagara Zinc Ltd		24
	76,596		Kaiser Aluminum Corp		4,744
	642,715		Kaneka Corp		4,238
	438,837		Kansai Paint Co Ltd		5,602
	138,534		Kapstone Paper and Packaging Corp		5,566
	67,166	*	Kardemir Karabuk Demir Celik S		143
	127,697		Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class A)		129
	1,226,240		Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class D)		915
	1,215		Kartonsan Karton Sanayi		142
	249,821	e	Kazakhmys plc		986
	121,769		Kemira Oyj		1,841
	541,565		KGHM Polska Miedz S.A.		19,697
	734,400		Kian Joo Can Factory BHD		649
	744,164	e	Kingsgate Consolidated Ltd		887
	1,592,828		Kinross Gold Corp		8,163
	15,620	e	KISCO Corp		362
	12,588	e	KISWIRE Ltd		362
	541,555		Klabin S.A.		2,694
	34,762	e	KMG Chemicals, Inc		733
	35,000		Koatsu Gas Kogyo Co Ltd		201
	2,145,998	*	Kobe Steel Ltd		2,654
	8,750	e	Kolon Corp		162
	47,694	e	Kolon Industries, Inc		2,011
	956		Konya Cimento Sanayii		129
	104,525		Koppers Holdings, Inc		3,991
	15,252		Korea Kumho Petrochemical		1,096
	3,109	e	Korea Petrochemical Ind Co Ltd		118
	26,268		Korea Zinc Co Ltd		6,363
	1,369,908		Koza Altin Isletmeleri AS		16,697
	251,951	*	Koza Anadolu Metal Madencilik Isletmeleri AS		372
	4,722		KPX Chemical Co Ltd		261
	134,149	*	Kraton Polymers LLC		2,844

103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	42,329	e	Kronos Worldwide, Inc	$	687
	57,000	e	Krosaki Harima Corp		106
	16,391	e	Kukdo Chemical Co Ltd		641
	180,506	e	Kumba Iron Ore Ltd		8,424
	54,000		Kumiai Chemical Industry Co Ltd		302
	447,739		Kuraray Co Ltd		6,275
	182,000		Kureha CORP		578
	145,000	e	Kurimoto Ltd		366
	16,900		Kyoei Steel Ltd		248
	111,000	e	Labrador Iron Ore Royalty Corp		3,118
	478,320		Lafarge Malayan Cement BHD		1,541
	599,514		Lafarge S.A.		36,812
	86,986	*	Landec Corp		1,149
	641,581		Lanxess AG.		38,637
	2,545,800		Lee & Man Paper Manufacturing Ltd		1,506
	460,193		LEE Chang Yung Chem IND Corp		573
	10,404		Lenzing AG.		744
	1,426,000	*	Lepanto Consolidated Mining		15
	68,509		LG Chem Ltd		15,087
	12,233	e	LG Chem Ltd (Preference)		1,227
	52,322		Linde AG.		9,750
	249,000		Lingbao Gold Co Ltd		43
	64,300		Lintec Corp		1,160
	784,100		Lion Industries Corp BHD		243
	761,000	*,e	LionGold Corp Ltd		676
	28,854	e	Lock & Lock Co Ltd		500
	137,345	*,e	London Mining plc		194
	1,151,000	*	Long Chen Paper Co Ltd		393
	547,571	e	Lonmin plc		2,123
	490,720	*	Louisiana-Pacific Corp		7,258
	98,837	*	LSB Industries, Inc		3,006
	76,000		Luks Group Vietnam Holdings Ltd		18
	708,181	*	Lundin Mining Corp		2,693
	2,530,962	*,e	Lynas Corp Ltd		859
	3,102,715		LyondellBasell Industries AF S.C.A		205,586
	14,285		Madras Cements Ltd		55
	61,469	*	MAG. Silver Corp		359
	220,000		Magnesita Refratarios S.A.		638
	4,905		Maharashtra Seamless Ltd		17
	228,112	e	Major Drilling Group International		1,553
	3,087		Managem		488
	111,393		Mardin Cimento Sanayii		254
	57,960		Martin Marietta Materials, Inc		5,704
	24,124		Maruichi Steel Tube Ltd		616
	4,965,653		Masisa S.A.		450
	17,291		Mayr-Melnhof Karton AG.		1,857
	4,970	*,e	McEwen Mining, Inc		8
	405,592		MeadWestvaco Corp		13,835
	71,124	e	Mechel Steel Group OAO (ADR)		205
	803,985		Medusa Mining Ltd		1,157
	2,964,930	*	Merafe Resources Ltd		213
	549,742	*	Metals X Ltd		49

104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	301,100		Metalurgica Gerdau S.A.	$	2,158
	140,500	e	Methanex Corp		6,018
	1,900,490	e	Mexichem SAB de C.V.		7,919
	1,086,000	e	Midas Holdings Ltd		370
	378,754	*,e	Midway Gold Corp		357
	727,838	*,e	Minera Frisco SAB de C.V.		2,169
	87,261	*	Mineral Deposits Ltd		163
	139,360		Minerals Technologies, Inc		5,761
	2,728,400	*,e	Minmetals Resources Ltd		708
	1,999,503	*,e	Mirabela Nickel Ltd		156
	2,494,613		Mitsubishi Chemical Holdings Corp		11,692
	336,143		Mitsubishi Gas Chemical Co, Inc		2,464
	2,613,172		Mitsubishi Materials Corp		9,200
	400,000		Mitsubishi Paper Mills Ltd		371
	173,000		Mitsubishi Steel Manufacturing Co Ltd		349
	863,212	e	Mitsui Chemicals, Inc		1,943
	1,151,000		Mitsui Mining & Smelting Co Ltd		2,440
	682,000		Mitsui Mining Co Ltd		714
	298,809	*,e	Mittal Steel South Africa Ltd		965
	788,347	e	MMC Norilsk Nickel (ADR)		11,359
	546,834	*	MMX Mineracao e Metalicos S.A.		360
	20,185	e	MNTech Co Ltd		162
	506,779	*,e	Molycorp, Inc		3,142
	218,994		Mondi Ltd		2,786
	815,735		Mondi plc		10,156
	3,499,027		Monsanto Co		345,704
	168,400		Moorim P&P Co Ltd		883
	1,097,630		Mosaic Co		59,063
	3,153,106		Mount Gibson Iron Ltd		1,329
	267,267		Mpact Ltd		630
	396,714		M-real Oyj (B Shares)		1,311
	134,528		Myers Industries, Inc		2,019
	110,914	*	Mytilineos Holdings S.A.		637
	531,194	*,m	Nagarjuna Fertilizers & Chemicals		71
	50,510	e	Namhae Chemical Corp		340
	588,252		Nampak Ltd		1,957
	6,074,757		Nan Ya Plastics Corp		12,719
	702,303		Nantex Industry Co Ltd		457
	69,261		Neenah Paper, Inc		2,200
	41,100		Neturen Co Ltd		286
	523,256	e	Nevsun Resources Ltd		1,547
	696,487	*	New Gold, Inc		4,510
	112,930	e	New World Resources plc (A Shares)		94
	795,824		Newcrest Mining Ltd		7,346
	67,720	e	NewMarket Corp		17,781
	933,443		Newmont Mining Corp		27,957
	208,500	*	NGEx Resources, Inc		396
	1,481,250		Nickel Asia Corp		528
	56,000		Nihon Nohyaku Co Ltd		532
	54,874		Nihon Parkerizing Co Ltd		1,087
	116,000		Nihon Yamamura Glass Co Ltd		200
	2,391,900	e	Nine Dragons Paper Holdings Ltd		1,539

105

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	70,000	*,e	Nippon Carbide Industries Co I	$	513
	115,000	e	Nippon Denko Co Ltd		315
	199,800		Nippon Kayaku Co Ltd		2,489
	1,422,000		Nippon Light Metal Holdings Co Ltd		1,712
	284,523		Nippon Paint Co Ltd		3,431
	158,700	*,e	Nippon Paper Industries Co Ltd		2,266
	159,000		Nippon Shokubai Co Ltd		1,626
	171,000		Nippon Soda Co Ltd		852
	3,806,098		Nippon Steel Corp		10,255
	52,810		Nippon Synthetic Chemical Industry Co Ltd		559
	116,000		Nippon Valqua Industries Ltd		294
	181,300		Nissan Chemical Industries Ltd		2,444
	123,200		Nisshin Steel Holdings Co Ltd		957
	132,000		Nittetsu Mining Co Ltd		509
	322,652		Nitto Denko Corp		20,693
	343,921		NOF Corp		1,928
	134,422		Noranda Aluminium Holding Corp		434
	143,084		Norbord, Inc		4,140
	92,358		Norddeutsche Affinerie AG.		4,951
	161,451	e	Norsk Hydro ASA		647
	155,822	*,e	North American Palladium Ltd		156
	13,010,000	*	North Mining Shares Co Ltd		629
	376,744		Northam Platinum Ltd		1,217
	77,963	*,e	Northern Dynasty Minerals		159
	337,432	e	Northern Star Resources Ltd		182
	344,582	*	Novagold Resources, Inc		737
	5,567	e	Novolipetsk Steel (GDR)		73
	1,062,049		Nucor Corp		46,008
	2,075,555	e	Nufarm Ltd		8,803
	482,783	e	Nuplex Industries Ltd		1,082
	463,426	e	Nyrstar		1,990
	86,450	*,m	Nyrstar (Strip VVPR)		0	^
	245,000	*	Ocean Plastics Co Ltd		317
	337,500	*	OceanaGold Corp		417
	1,778,259	e	OJI Paper Co Ltd		7,168
	164,000		Okamoto Industries, Inc		502
	287,194		Olin Corp		6,870
	35,420		Olympic Steel, Inc		868
	130,496	*	OM Group, Inc		4,035
	350,588	*	OM Holdings Ltd		112
	115,257		Omnia Holdings Ltd		2,138
	152,381	*	Omnova Solutions, Inc		1,221
	3,912,420		OneSteel Ltd		2,769
	206,700	*,e	Orbite Aluminae Inc		138
	471,788		Orica Ltd		8,893
	11,200	*,m	Orient Cement Ltd		11
	753,600		Oriental Union Chemical Corp		695
	9,710		Orissa Minerals Development Co Ltd		305
	15,300		Osaka Steel Co Ltd		254
	529,000	*	Osisko Mining Corp		1,750
	1,215,665	*,e	Outokumpu Oyj		788
	2,149,969	*	Owens-Illinois, Inc		59,748

106

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	376,796		Oxiana Ltd	$	1,414
	306,507		Pacific Metals Co Ltd		1,272
	25,900		Pack Corp		425
	850,705		Packaging Corp of America		41,651
	43,771		Palabora Mining Co Ltd		486
	1,582,636	e	Pan African Resources plc		307
	190,800		Pan American Silver Corp		2,222
	634,626	e	Pan Australian Resources Ltd		1,052
	79,434		Papeles y Cartones de Europa S.A.		298
	308,118	*,e	Papillon Resources Ltd		191
	472,735	*,e	Paramount Gold and Silver Corp		563
	242,400	*	Paranapanema S.A.		488
	330,812		Park Elektrik Madencilik Sanayi Ve Ticaret AS		758
	26,321	*	Penford Corp		352
	577,688	*	Perseus Mining Ltd		237
	200,669		Peter Hambro Mining plc		275
	506,462	*	Petra Diamonds Ltd		879
	6,451,500		Petronas Chemicals Group BHD		13,510
	264,041	*,m	Pike River Coal Ltd		0	^
	908,897		PolyOne Corp		22,522
	7,560		Poongsan		172
	46,210	e	Poongsan Corp		922
	443,143		Portucel Empresa Produtora de Pasta e Papel S.A.		1,411
	107,952		POSCO		28,138
	48,800		POSCO M-Tech Co Ltd		360
	8,231	e	POSCO Refractories & Environment Co Ltd		844
	920,617		Potash Corp of Saskatchewan Toronto		35,119
	579,290		PPC Ltd		1,746
	972,259		PPG Industries, Inc		142,348
	593,641		Praxair, Inc		68,364
	160,400	*	Premier Gold Mines Ltd		279
	349,300		Press Metal BHD		257
	100,200	*	Pretium Resources, Inc		665
	202,086	*,e	Primero Mining Corp		903
	34,154		Prism Cement Ltd		20
	2,726,500		PT Aneka Tambang Tbk		274
	22,947,000	*	PT Darma Henwa Tbk		116
	3,563,500		PT Holcim Indonesia Tbk		877
	2,675,500		PT Indocement Tunggal Prakarsa Tbk		6,570
	3,574,000		PT International Nickel Indonesia Tbk		725
	8,368,500		PT Krakatau Steel Tbk		400
	4,798,900		PT Semen Gresik Persero Tbk		8,242
	4,181,000		PT Timah Tbk		430
	4,078,387		PTT Global Chemical PCL		9,004
	51,501		Quaker Chemical Corp		3,194
	424,638	*,e	Qualipak International Holdings Ltd		35
	93,891		Rain Commodities Ltd		63
	102,400	*,e	Rainy River Resources Ltd		346
	17,540		Rallis India Ltd		42
	16,404		Randgold Resources Ltd		1,039
	98,361	e	Rautaruukki Oyj		566
	46,563		Recticel S.A.		318

107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	382,662	*	Regis Resources Ltd	$	1,013
	539,508		Reliance Steel & Aluminum Co		35,370
	594,767		Rengo Co Ltd		2,854
	783,989		Rentech, Inc		1,646
	285,541	*,e	Resolute Forest Products		3,761
	2,987,261		Resolute Mining Ltd		1,670
	9,512	*,e	Revett Minerals, Inc		6
	296,729		Rexam plc		2,153
	56,328		RHI AG.		1,962
	81,738	*	Rio Alto Mining Ltd		153
	408,779	e	Rio Tinto Ltd		19,591
	1,379,812		Rio Tinto plc		56,115
	663,810		Rock-Tenn Co (Class A)		66,301
	283,830		Rockwood Holdings, Inc		18,174
	673,700	*	Romarco Minerals, Inc		301
	116,000		Rotam Global Agrosciences Ltd		224
	81,850	*	Royal Bafokeng Platinum Ltd		364
	137,793		Royal Gold, Inc		5,798
	197,781		RPC Group plc		1,234
	308,128		RPM International, Inc		9,842
	128,253	*	RTI International Metals, Inc		3,554
	349,400	*,e	Rubicon Minerals Corp		449
	25,086	*	RusForest AB		8
	23,741		Sa des Ciments Vicat		1,471
	195,500	*,e	Sabina Gold & Silver Corp		182
	7,659,040	*	Sahaviriya Steel Industries PCL		99
	158,000		Sakai Chemical Industry Co Ltd		423
	47,123		Salzgitter AG.		1,551
	2,833		Sam Kwang Glass Ind Co Ltd		149
	25,546	e	Samsung Fine Chemicals Co Ltd		944
	142,758		San Fang Chemical Industry Co Ltd		127
	120,903	*	Sandfire Resources NL		567
	117,700	*	Sandstorm Gold Ltd		691
	188,000		Sanyo Chemical Industries Ltd		1,173
	133,000	*,e	Sanyo Special Steel Co Ltd		641
	540,138	*	Sappi Ltd		1,331
	1,299,870		Satipel Industrial S.A.		7,468
	226,793	e	Schmolz + Bickenbach AG.		696
	100,960		Schnitzer Steel Industries, Inc (Class A)		2,360
	166,972		Schweitzer-Mauduit International, Inc		8,329
	107,014	e	Scotts Miracle-Gro Co (Class A)		5,170
	51,838	*,e	Seabridge Gold, Inc		486
	51,606	e	Seah Besteel Corp		1,395
	2,498		SeAH Holdings Corp		223
	11,868	e	SeAH Steel Corp		1,104
	5,257,084		Sealed Air Corp		125,907
	1,129,000		Sekisui Plastics Co Ltd		3,010
	977,620	e	SEMAFO, Inc		1,441
	127,548		Semapa-Sociedade de Investimento e Gestao		1,084
	200,540		Sensient Technologies Corp		8,116
	11,828	*,e	Sequana S.A.		85
	663,280		Sesa Goa Ltd		1,586

108

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	17,000		Sesoda Corp	$	18
	188,971	e	Severstal (GDR)		1,206
	635,000		Shandong Chenming Paper Holdings Ltd		241
	303,100		Shandong Chenming Paper Holdings Ltd (Class B)		144
	155,400	*	Shanghai Chlor-Alkali Chemical Co Ltd		68
	246,300		Shanghai Yaohua Pilkington Glass Co Ltd		113
	201,000		Sheng Yu Steel Co Ltd		125
	587,746		Sherritt International Corp		2,180
	547,239		Sherwin-Williams Co		96,642
	218,000	*	Shihlin Paper Corp		319
	11,529	*,e	Shine Co Ltd		105
	546,527		Shin-Etsu Chemical Co Ltd		36,172
	60,200		Shin-Etsu Polymer Co Ltd		189
	1,855,032		Shinkong Synthetic Fibers Corp		588
	259,000		Shiny Chemical Industrial Co Ltd		364
	3,738,000	*,e	Shougang Concord International Enterprises Co Ltd		168
	1,090,723	e	Showa Denko KK		1,438
	5,900		Siam Cement PCL		84
	142,500		Siam Cement PCL (ADR)		2,040
	683,800		Siam Cement PCL (Foreign)		10,034
	1,765,012	*,e	Sibanye Gold Ltd		1,292
	149,948		Sigma-Aldrich Corp		12,050
	1,131,000	m	Sijia Group Co		100
	2,301		Sika AG.		5,950
	138,334		Silgan Holdings, Inc		6,496
	368,662	*,e	Silver Lake Resources Ltd		206
	105,642	*	Silver Standard Resources, Inc		675
	1,041,454	e	Silver Wheaton Corp		20,409
	362,577	e	Silvercorp Metals, Inc		1,017
	597,050	e	Sims Group Ltd		4,509
	6,366,000		Sinochem Hong Kong Holding Ltd		1,059
	1,116,000		Sinon Corp		552
	10,155,400	e	Sinopec Shanghai Petrochemical Co Ltd		3,380
	1,366,171	*,e	Sirius Minerals plc		560
	20,402		SK Chemicals Co Ltd		726
	24,767	e	SKC Co Ltd		601
	905,331		Smurfit Kappa Group plc		15,099
	80,000		Smurfit Kappa Group plc (Euro Comp)		1,308
	160,079		Sociedad Quimica y Minera de Chile S.A. (Class B)		6,483
	2,826		Societe Internationale de Plantations d’Heveas S.A.		199
	11,472	e	SODIFF Advanced Materials Co Ltd		315
	878,478		Solar Applied Materials Technology Co		830
	15,625		Solvay S.A.		2,046
	15,770	e	Songwon Industrial Co Ltd		171
	169,166		Sonoco Products Co		5,848
	259,351	*	South Valley Cement		116
	385,000		Southeast Cement Co Ltd		196
	1,946,743		Southern Copper Corp (NY)		53,769
	216,609	e	Ssab Svenskt Stal AB (Series A)		1,294
	97,178		Ssab Svenskt Stal AB (Series B)		504
	44,540	*	Ssangyong Cement Industrial Co Ltd		273
	659,381	*,e	St Barbara Ltd		281

109

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	291,494	e	Steel Dynamics, Inc	$	4,346
	8,300	e	Stella Chemifa Corp		130
	66,455		Stepan Co		3,696
	2,526,862		Sterlite Industries India Ltd		3,566
	485,894	*,e	Stillwater Mining Co		5,219
	5,583		STO AG.		835
	1,863,988		Stora Enso Oyj (R Shares)		12,482
	87,300		STP & I PCL		212
	766,221		Sumitomo Bakelite Co Ltd		2,856
	1,135,329	*	Sumitomo Chemical Co Ltd		3,561
	599,000		Sumitomo Light Metal Industries Ltd		548
	989,309		Sumitomo Metal Mining Co Ltd		11,020
	979,193		Sumitomo Osaka Cement Co Ltd		3,115
	156,000		Sumitomo Seika Chemicals Co Ltd		607
	20,612	e	Sumitomo Titanium Corp		368
	409,794	*	SunCoke Energy, Inc		5,745
	3,011,979	*	Sundance Resources Ltd		192
	13,211		Supreme Industries Ltd		75
	323,000		Suzano Papel e Celulose S.A.		1,194
	165,854		Symrise AG.		6,713
	125,142		Syngenta AG.		48,800
	1,331,987		Synthos S.A.		1,827
	73,389	*	Syrah Resources Ltd		136
	94,100		Ta Ann Holdings Bhd		114
	1,438,200		TA Chen Stainless Pipe		715
	1,235		Taekwang Industrial Co Ltd		1,034
	179,423	*,e	Tahoe Resources, Inc		2,539
	111,700	*	Tahoe Resources, Inc (Toronto)		1,584
	1,391,174		Taiheiyo Cement Corp		4,440
	8,330,988		Taiwan Cement Corp		10,207
	1,021,600		Taiwan Fertilizer Co Ltd		2,456
	335,345		Taiwan Hon Chuan Enterprise Co Ltd		783
	155,000		Taiwan Prosperity Chemical Corp		144
	1,068,980	*	Taiwan Styrene Monomer		470
	19,700		Taiyo Ink Manufacturing Co Ltd		639
	186,560	e	Taiyo Nippon Sanso Corp		1,287
	140,000		Takasago International Corp		668
	126,000		Takiron Co Ltd		532
	4,738,329	*,e	Talvivaara Mining Co plc		882
	50,762	*	Taminco Corp		1,035
	152,000	*	Tang Eng Iron Works Co Ltd		153
	120,154	*,e	Tanzanian Royalty Exploration Corp		327
	258,359	*	Taseko Mines Ltd		486
	352,288		Tata Steel Ltd		1,618
	526,000		TCC International Holdings Ltd		123
	13,231		Technosemichem Co Ltd		504
	1,200,748	e	Teck Cominco Ltd		25,654
	5,882,412		Teijin Ltd		12,885
	30,663		Ten Cate NV		720
	41,500		Tenma Corp		485
	20,000		Ternium S.A. (ADR)		453
	28,704		Tessenderlo Chemie NV		724

110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	75,764	*,e	Texas Industries, Inc	$	4,935
	201,381	*,e	Thompson Creek Metals Co, Inc (Toronto)		611
	323,000		Thye Ming Industrial Co Ltd		366
	52,284		ThyssenKrupp AG.		1,025
	3,868,000	e	Tiangong International Co Ltd		952
	1,865,808	*	Tiger Resources Ltd		281
	320,936	*	Timmins Gold Corp		708
	78,069	*	Titan Cement Co S.A.		1,361
	434,000		Toagosei Co Ltd		1,746
	40,000		Toda Kogyo Corp		104
	34,900	e	Toho Titanium Co Ltd		262
	169,000		Toho Zinc Co Ltd		485
	541,000	e	Tokai Carbon Co Ltd		1,433
	680,000	e	Tokuyama Corp		2,162
	117,900		Tokyo Ohka Kogyo Co Ltd		2,706
	152,796	*,e	Tokyo Rope Manufacturing Co Ltd		189
	150,900	e	Tokyo Steel Manufacturing Co Ltd		500
	1,317,750		Ton Yi Industrial Corp		1,139
	18,613	*	Tong Yang Major Corp		17
	266,000		Topy Industries Ltd		521
	617,534		Toray Industries, Inc		3,990
	1,382,005		Tosoh Corp		4,785
	306,000		Toyo Ink Manufacturing Co Ltd		1,509
	122,000		Toyo Kohan Co Ltd		409
	316,744		Toyo Seikan Kaisha Ltd		4,876
	2,031,676		Toyobo Co Ltd		3,083
	1,555,500		TPI Polene PCL		558
	92,055		Tredegar Corp		2,366
	817,335		TSRC Corp		1,564
	122,685		Tubacex S.A.		378
	127,313		Tubos Reunidos S.A.		274
	1,033,076		Tung Ho Steel Enterprise Corp		936
	1,430,359		UBE Industries Ltd		2,646
	19,176	*	UFP Technologies, Inc		375
	73,416		Ultra Tech Cement Ltd		2,311
	15,617		Umicore		648
	34,600		Uniao de Industrias Petroquimicas S.A.		7
	12,891	e	Unid Co Ltd		484
	511,629		United Phosphorus Ltd		1,166
	11,255	*	United States Lime & Minerals, Inc		588
	140,923	e	United States Steel Corp		2,470
	619,000		Universal Cement Corp		351
	26,279	*	Universal Stainless & Alloy		775
	1,396,625		UPC Technology Corp		696
	645,861		UPM-Kymmene Oyj		6,330
	389,973	e	Uralkali (GDR)		12,875
	6,256	*,e	US Antimony Corp		7
	41,130	*	US Concrete, Inc		675
	69,735	e	US Silica Holdings Inc		1,449
	2,063,987		USI Corp		1,463
	415,362		Usinas Siderurgicas de Minas Gerais S.A. (Preference)		1,383
	2,182,018		Vale S.A.		28,457

111

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	2,665,106		Vale S.A. (Preference)	$	32,308
	389,199		Valspar Corp		25,169
	570,002		Vedanta Resources plc		8,859
	251		Vetropack Holding AG.		486
	97,277		Victrex plc		2,278
	118,277	*	Viohalco S.A.		669
	9,700	*,e	Vista Gold Corp		9
	157,296	e	Voestalpine AG.		5,563
	192,483		Vulcan Materials Co		9,318
	105,478	e	Wacker Chemie AG.		7,905
	2,792,846	e	Walter Energy, Inc		29,046
	163,160		Wausau Paper Corp		1,860
	107,123		Welspun-Gujarat Stahl Ltd		78
	2,818,000	e	West China Cement Ltd		415
	108,862		West Fraser Timber Co Ltd		8,229
	166,106	e	Western Areas NL		354
	287,718	*,e	Western Desert Resources Ltd		182
	270,816		Westlake Chemical Corp		26,109
	19,674	*	WHX Corp		352
	1,975,000		Winsway Coking Coal Holding Ltd		111
	255,684		Worthington Industries, Inc		8,108
	763,918	*	WR Grace & Co		64,200
	1,118,000	e	Xinjiang Xinxin Mining Industry Co Ltd		182
	500,000		Xiwang Special Steel Co Ltd		51
	831,078	e	Yamana Gold, Inc		7,926
	6,212		Yamato Kogyo Co Ltd		190
	577,856		Yara International ASA		23,044
	570,000		Yeun Chyang Industrial Co Ltd		313
	1,895,670		Yieh Phui Enterprise		526
	1,940,100	e	Yingde Gases		1,782
	582,000		Yip’s Chemical Holdings Ltd		526
	148,000		Yodogawa Steel Works Ltd		589
	42,970		Youlchon Chemical Co Ltd		439
	1,380,500		Youyuan International Holdings Ltd		365
	2,900,285		Yuen Foong Yu Paper Manufacturing Co Ltd		1,321
	635,116		Yule Catto & Co plc		1,859
	99,000		Yung Chi Paint & Varnish Manufacturing Co Ltd		240
	5,357		Zaklady Azotowe w Tarnowie-Moscicach S.A.		119
	40,165		Zaklady Chemiczne Police S.A.		317
	397,512		Zeon Corp		4,660
	96,140		Zep, Inc		1,522
	1,221,000	e	Zhaojin Mining Industry Co Ltd		798
	44,894		Zignago Vetro S.p.A.		254
	8,275,700	e	Zijin Mining Group Co Ltd		1,480
	110,462	*,e	Zoltek Cos, Inc		1,426
			TOTAL MATERIALS		5,973,395

MEDIA - 3.4%
	1,500,000		ABS-CBN Holdings Corp (ADR)		1,434
	68,120	*	AH Belo Corp (Class A)		467
	416,460		Aimia, Inc		6,233
	343,768	*	AMC Networks, Inc		22,486

112

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	71,909	e	Antena 3 de Television S.A.	$	566
	575,901		APN News & Media Ltd		131
	91,289		Arbitron, Inc		4,240
	170,172	*	Arnoldo Mondadori Editore S.p.A.		196
	5,931	*,e	Artprice.com		161
	34,900	e	Asatsu-DK, Inc		811
	75,300		Astral Media, Inc		3,577
	1,647,100		Astro Malaysia Holdings BHD		1,575
	43,259		Avex Group Holdings, Inc		1,365
	65,149	e	Axel Springer AG.		2,772
	10,390	e	Beasley Broadcasting Group, Inc		87
	632,300		BEC World PCL (ADR)		1,196
	1,269,700		BEC World PCL (Foreign)		2,402
	374,147		Belo (A.H.) Corp (Class A)		5,219
	16,228,600		Benpres Holdings Corp		1,917
	157,973		Borussia Dortmund GmbH & Co KGaA		638
	7,661,043		British Sky Broadcasting plc		92,292
	361,153		Cablevision Systems Corp (Class A)		6,075
	78,083		Cairo Communication S.p.A.		340
	132,997		Canal Plus		897
	84,331	*	Carmike Cinemas, Inc		1,633
	2,614,230		CBS Corp (Class B)		127,757
	61,000	*,e	Central European Media Enterprises Ltd (Class A)		207
	301,650	*,e	Central European Media Enterprises Ltd (Class A) Nasdaq		998
	258,378	*,e	Charter Communications, Inc		32,000
	108,700		Cheil Communications, Inc		2,333
	78,978		Chime Communications plc		309
	2,370,000	*	ChinaVision Media Group Ltd		144
	271,364		Cinemark Holdings, Inc		7,576
	150,869	e	Cineplex Galaxy Income Fund		5,291
	230,804		Cineworld Group plc		1,191
	436,000		City Telecom (HK) Ltd		136
	14,500	e	CJ CGV Co Ltd		633
	25,844	*	CJ E&M Corp		781
	79,395		Clear Channel Outdoor Holdings, Inc (Class A)		592
	23,482		Cogeco Cable, Inc		1,003
	13,929,886		Comcast Corp (Class A)		583,384
	18,700	*,e	COOKPAD, Inc		449
	109,211	*,e	Corus Entertainment, Inc		2,503
	129,504	*,e	Crown Media Holdings, Inc (Class A)		320
	48,379		CTS Eventim AG.		1,948
	285,984	*,e	Cumulus Media, Inc (Class A)		969
	978		CyberAgent, Inc		1,873
	207,535	*	Cyfrowy Polsat S.A.		1,159
	33,110		Daekyo Co Ltd		210
	68,100		Daiichikosho Co Ltd		1,866
	3,483	*,e	Daily Journal Corp		394
	704,842	e	Daily Mail & General Trust		8,256
	4,095,953	*	DEN Networks Ltd		12,581
	182,242		Dentsu, Inc		6,305
	65,141	*	Dex Media, Inc		1,145

113

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	98,035	*,e	Digital Generation, Inc	$	723
	3,527,875	*	DIRECTV		217,388
	1,034,749	*,e	Discovery Communications, Inc (Class A)		79,893
	267,708	*	Discovery Communications, Inc (Class C)		18,649
	1,727,890	e	DISH Network Corp (Class A)		73,470
	772,072	*	Dogan Yayin Holding		272
	116,728	*,e	DreamWorks Animation SKG, Inc (Class A)		2,995
	96,470	*,e	Entercom Communications Corp (Class A)		911
	249,625	e	Entravision Communications Corp (Class A)		1,535
	724,581		Eros International Media Ltd		1,552
	333,832		Eutelsat Communications		9,471
	129,291	*	EW Scripps Co (Class A)		2,014
	4,845		Fenerbahce Sportif Hizmetleri Sanayi ve Ticaret AS		70
	29,773		Fisher Communications, Inc		1,223
	4,130		Fuji Television Network, Inc		8,302
	67,000	e	Gakken Co Ltd		185
	5,423	*	Galatasaray Sportif Sinai ve Ticari Yatirimlar AS		84
	1,085,360		Gannett Co, Inc		26,548
	200,925	e	Gestevision Telecinco S.A.		1,750
	75,329	*,e	Global Sources Ltd		505
	191,578	*	Gray Television, Inc		1,379
	4,220,327		Grupo Televisa S.A.		21,090
	323,250		Gruppo Editoriale L’Espresso S.p.A.		340
	40,986		Hakuhodo DY Holdings, Inc		2,871
	171,355		Harte-Hanks, Inc		1,474
	58,909	*	Hathway Cables and Datacom Pvt Ltd		273
	571,485		Havas S.A.		3,664
	39,620	*	Hemisphere Media Group, Inc		543
	242,999	*	Hurriyet Gazetecilik AS		97
	32,450		Hyundai Hy Communications & Network Co		157
	2,707,751	*	IBN18 Broadcast Ltd		1,089
	920,264		Informa plc		6,856
	3,804,973		Interpublic Group of Cos, Inc		55,362
	43,459		IPSOS		1,640
	8,153,527		ITV plc		17,384
	12,757		Jagran Prakashan Ltd		17
	808,895	e	JC Decaux S.A.		22,018
	23,182	*	Jcontentree Corp		94
	2,678,013	e	John Fairfax Holdings Ltd		1,211
	76,783	e	John Wiley & Sons, Inc (Class A)		3,078
	220,697	*	Journal Communications, Inc (Class A)		1,653
	321,310	*	Juventus Football Club S.p.A.		82
	247,118		Kabel Deutschland Holding AG.		27,134
	39,981	e	Kadokawa Holdings, Inc		1,282
	7,880		Kinepolis		1,047
	27,180		KT Skylife Co Ltd		892
	15,239		Lagardere S.C.A.		425
	147,619	*	Lamar Advertising Co (Class A)		6,407
	63	*	Liberty Global plc		4
	1,019,968	*,e	Liberty Global plc (Class A)		75,559
	347,262	*	Liberty Media Corp		44,019
	129,382	*	Lin TV Corp (Class A)		1,980

114

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	584,497	*,e	Lions Gate Entertainment Corp	$	16,056
	582,362	*	Live Nation, Inc		9,027
	4,837		Loen Entertainment, Inc		62
	43,124		Loral Space & Communications, Inc		2,587
	145,516		M6-Metropole Television		2,344
	309,723	*	Madison Square Garden, Inc		18,351
	283,300		Major Cineplex Group PCL		191
	100,537	e	Martha Stewart Living Omnimedia, Inc (Class A)		242
	187,842	*,e	McClatchy Co (Class A)		428
	496,134		McGraw-Hill Cos, Inc		26,389
	454,600		MCOT PCL		610
	95,719	e	MDC Partners, Inc		1,727
	1,202,800		Media Chinese International Ltd		438
	79,329	*,e	Media General, Inc (Class A)		875
	1,896,100		Media Prima BHD		1,669
	890,499		Mediaset S.p.A.		3,354
	144,045	e	Meredith Corp		6,871
	142,171		Modern Times Group AB (B Shares)		6,066
	61,834	e	Morningstar, Inc		4,797
	760,452		Naspers Ltd (N Shares)		56,130
	269,226		National CineMedia, Inc		4,547
	126,899	*	Navarre Corp		350
	161,717		Navneet Publications India		160
	522,438	*,e	New York Times Co (Class A)		5,778
	4,119,324		News Corp (Class A)		134,290
	178,785		Nexstar Broadcasting Group, Inc (Class A)		6,340
	525,654		Omnicom Group, Inc		33,048
	830,000		Oriental Press Group		95
	534,873	*,e	PagesJaunes Groupe S.A.		1,094
	367,615		Pearson plc		6,538
	4,612,000		Phoenix Satellite Television Holdings Ltd		1,624
	1,076,000		Pico Far East Holdings Ltd		365
	567,812	*	Premiere AG.		3,944
	365,953	*,e	Promotora de Informaciones S.A.		100
	338,568		ProSiebenSat.1 Media AG.		14,521
	11,600		Proto Corp		150
	33,655,000		PT Bhakti Investama Tbk		1,614
	6,167,800		PT Global MediaCom Tbk		1,327
	4,682,800		PT Media Nusantara Citra Tbk		1,471
	63,248,361	*	PT MNC Sky Vision Tbk		14,917
	342,832		PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		1,656
	5,667,500		PT Surya Citra Media Tbk		1,555
	333,682		Publicis Groupe S.A.		23,765
	53,836		Quebecor, Inc		2,384
	34,449	*,e	ReachLocal, Inc		422
	58,801	*	Reading International, Inc		374
	1,805,704		Reed Elsevier NV		30,073
	5,980,946		Reed Elsevier plc		68,016
	263,444	e	Regal Entertainment Group (Class A)		4,716
	37,446	*	Rentrak Corp		752
	248,933		Rightmove plc		7,892

115

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	494,864		RTL Group	$	40,699
	19,146		Saga Communications, Inc		879
	32,684		Salem Communications		245
	96,021	e	Sanoma-WSOY Oyj		741
	59,900		Saraiva S.A. Livreiros Editores		778
	60,420		SBS Media Holdings Co Ltd		263
	112,203		Schibsted ASA		4,860
	105,479		Scholastic Corp		3,089
	393,096		Scripps Networks Interactive (Class A)		26,243
	136,520		SES Global S.A.		3,912
	570,530	*,e	Shaw Communications, Inc (B Shares)		13,692
	99,000		Shochiku Co Ltd		914
	225,804		Sinclair Broadcast Group, Inc (Class A)		6,634
	276,101	e	Singapore Press Holdings Ltd		907
	1,265,000		SinoMedia Holding Ltd		1,106
	11,737,499	e	Sirius XM Radio, Inc		39,321
	1,530,347		Sky Network Television Ltd		6,409
	3,775		Sky Perfect Jsat Corp		1,726
	21,961	*,e	SM Entertainment Co		646
	2,680,000	*	SMI Corp Ltd		55
	139,667	e	Societe Television Francaise 1		1,673
	705,424		Southern Cross Media Group		923
	474,510	*	Starz-Liberty Capital		10,487
	21,867	*	Stroer Out-of-Home Media AG.		214
	633,751		STW Communications Group Ltd		830
	247,852		Sun TV Network Ltd		1,580
	47,000		T4F Entretenimento S.A.		164
	63,783		Telenet Group Holding NV		2,927
	618,881	e	Television Broadcasts Ltd		4,236
	2,082,630	*,e	Ten Network Holdings Ltd		523
	69,807	*,e	Tera Resource Co Ltd		30
	776,254	e	Thomson Corp		25,283
	389,784	e	Thomson Corp (Toronto)		12,720
	2,121,794		Time Warner Cable, Inc		238,659
	4,122,730	e	Time Warner, Inc		238,376
	185,000		Toei Animation Co Ltd		4,317
	623,885		Toei Co Ltd		4,009
	86,417		Toho Co Ltd		1,777
	22,600		Tohokushinsha Film Corp		204
	118,400		Tokyo Broadcasting System, Inc		1,598
	525,129	*,e	Tribune Co		29,880
	293,159	*	Trinity Mirror plc		495
	22,200		TV Asahi Corp		480
	3,393,463	e	TV Azteca S.A. de C.V.		1,804
	482,606		TVN S.A.		1,451
	339,980		United Business Media Ltd		3,392
	143,246	*	Usen Corp		219
	157,709	e	Valassis Communications, Inc		3,878
	325,300		VGI Global Media PCL		1,241
	3,678,847		Viacom, Inc (Class B)		250,346
	1,909,600	*,e	Viva China Holdings Ltd		105
	4,114,000		VODone Ltd		289

116

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	8,286,572		Walt Disney Co	$	523,297
	9,786	e	Washington Post Co (Class B)		4,734
	815,830		West Australian Newspapers Holdings Ltd		1,416
	134,576		Wolters Kluwer NV		2,851
	111,730	e	Woongjin Thinkbig Co Ltd		731
	106,540	e	World Wrestling Entertainment, Inc (Class A)		1,098
	2,755,614		WPP plc		47,101
	8,100	e	YG Entertainment, Inc		369
	3,126,600	*	Zee Entertainment Enterprises Ltd		3,190
	417,806		ZEE Telefilms Ltd		1,658
	28,800		Zenrin Co Ltd		319
			TOTAL MEDIA		3,827,769

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.9%
	13,600	*,e	3-D Matrix Ltd		575
	18,156	*,e	AB Science S.A.		416
	6,572,812		AbbVie, Inc		271,720
	374,930		Abcam plc		2,586
	27,840	*,e	Ablynx NV		217
	318,545	*	Acadia Pharmaceuticals, Inc		5,782
	31,345	*	Accelerate Diagnostics, Inc		255
	95,160	*	AcelRx Pharmaceuticals, Inc		882
	327,995	*	Achillion Pharmaceuticals, Inc		2,683
	220,390	*	Acorda Therapeutics, Inc		7,271
	270,484	e	Acrux Ltd		864
	961,892	*	Actavis, Inc		121,410
	260,284		Actelion Ltd		15,679
	49,050	*,e	Active Biotech AB		326
	496,915		Adcock Ingram Holdings Ltd		3,268
	87,000	*	Adimmune Corp		109
	159,382	*,e	Aegerion Pharmaceuticals, Inc		10,095
	283,561	*,e	Affymetrix, Inc		1,259
	52,119	*,e	Agenus, Inc		198
	971,472		Agilent Technologies, Inc		41,540
	202,294	*	Akorn, Inc		2,735
	91,225	*	Albany Molecular Research, Inc		1,083
	100,000	*	Alembic Pharmaceuticals Ltd		223
	1,571,632	*	Alexion Pharmaceuticals, Inc		144,967
	233,370	*,e	Algeta ASA		8,884
	76,867	*	Alimera Sciences, Inc		375
	9,265		ALK-Abello AS		707
	765,619	*	Alkermes plc		21,958
	1,579,172		Allergan, Inc		133,029
	198,160	*	Alnylam Pharmaceuticals, Inc		6,145
	122,261	*	AMAG Pharmaceuticals, Inc		2,720
	4,078,633		Amgen, Inc		402,398
	95,506	*,e	Amicus Therapeutics, Inc		223
	95,497	*,e	Ampio Pharmaceuticals, Inc		551
	74,818	*,e	Anacor Pharmaceuticals, Inc		418
	316	*,e	AnGes MG, Inc		289

117

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	242,954		Apex Biotechnology Corp	$	589
	877,144	*,e	Arena Pharmaceuticals, Inc		6,754
	446,787	*	Ariad Pharmaceuticals, Inc		7,814
	204,718	*	Arqule, Inc		475
	396,143	*,e	Array Biopharma, Inc		1,799
	60,000		ASKA Pharmaceutical Co Ltd		385
	418,320		Aspen Pharmacare Holdings Ltd		9,616
	623,339		Astellas Pharma, Inc		33,862
	369,266	*	Astex Pharmaceuticals		1,518
	649,070		AstraZeneca plc		30,687
	682,695	e	AstraZeneca plc (ADR)		32,291
	255,585		Aurobindo Pharma Ltd		773
	227,912	*,e	Auxilium Pharmaceuticals, Inc		3,790
	489,781	*,e	AVANIR Pharmaceuticals, Inc		2,253
	215,139	*,e	AVEO Pharmaceuticals, Inc		538
	10,005		Basilea Pharmaceutica		741
	30,332	*	Bavarian Nordic AS		312
	2,778,202		Bayer AG.		295,797
	1,989	*,e	BG Medicine, Inc		3
	117,011		Biocon Ltd		552
	4,886	*,e	BioCryst Pharmaceuticals, Inc		8
	161,944	*,e	BioDelivery Sciences International, Inc		658
	33,074		Biogaia AB (B Shares)		1,123
	1,421,833	*	Biogen Idec, Inc		305,978
	369,927	*	BioMarin Pharmaceuticals, Inc		20,638
	11,221	*,e	Bioneer Corp		164
	54,550	*	Bio-Rad Laboratories, Inc (Class A)		6,121
	462	*,e	Biospecifics Technologies Corp		7
	6,511		Biotest AG. (Preference)		455
	385,090	*	Biotie Therapies Oyj		170
	119,147	*,e	Biotime, Inc		472
	153,416	*	Biovail Corp		13,206
	451,353	*	Biovail Corp (Toronto)		38,917
	8,552,862	*	Biovitrum AB		51,168
	19,945	*,e	Bluebird Bio, Inc		498
	16,707		Boiron S.A.		870
	5,704,925		Bristol-Myers Squibb Co		254,953
	230,272	*	Bruker BioSciences Corp		3,719
	474,335	*	BTG plc		2,655
	33,570		Bukwang Pharmaceutical Co Ltd		395
	209,201	*,e	Cadence Pharmaceuticals, Inc		1,427
	192,500	*	Cambrex Corp		2,689
	2,457,062	*	Celgene Corp		287,255
	498,976	*	Cell Therapeutics, Inc		524
	325,126	*	Celldex Therapeutics, Inc		5,075
	12,283	*,e	Celltrion Pharm Inc		147
	106,807	e	Celltrion, Inc		3,909
	61,280	*	Cempra, Inc		480
	223,865	*	Cepheid, Inc		7,705
	1,050,000	*	CGN Mining Co Ltd		78
	54,703	*	Charles River Laboratories International, Inc		2,244
	299,720	*	Chelsea Therapeutics International, Inc		689

118

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	103,289	*	ChemoCentryx, Inc	$	1,461
	27,459	*	Chimerix, Inc		666
	67,000		China Chemical & Pharmaceutical Co Ltd		45
	854,000		China Medical System Holdings Ltd		760
	3,666,000	e	China Pharmaceutical Group Ltd		1,823
	790,000	e	China Shineway Pharmaceutical Group Ltd		1,255
	8,800	*	Chiome Bioscience Inc		342
	31,370		Chong Kun Dang Pharm Corp		1,517
	7,961	e	Choongwae Pharma Corp		106
	238,683		Chugai Pharmaceutical Co Ltd		4,941
	469,904		Cipla Ltd		3,092
	508,587		Cipla Medpro South Africa Ltd		511
	5,770,093		CK Life Sciences International Holdings, Inc		481
	56,460	*,e	Clovis Oncology, Inc		3,782
	23,300	e	CMIC Co Ltd		479
	4,805	*,e	Codexis, Inc		11
	145,841	*,e	Corcept Therapeutics, Inc		252
	36,846	*	Cornerstone Therapeutics, Inc		295
	101,638	*,e	Coronado Biosciences, Inc		874
	4,718	*	Cosmo Pharmaceuticals S.p.A		275
	89,682	*	Covance, Inc		6,828
	869,962		CSL Ltd		48,995
	16,000	*,e	CTC BIO, Inc		347
	249,514	*	Cubist Pharmaceuticals, Inc		12,052
	3,114	*,e	Cumberland Pharmaceuticals, Inc		16
	270,831	*,e	Curis, Inc		864
	106,618	*	Cytokinetics, Inc		1,234
	186,077	*,e	Cytori Therapeutics, Inc		428
	22,647	e	Daewoong Pharmaceutical Co Ltd		1,130
	1,084,078		Daiichi Sankyo Co Ltd		18,066
	435,825		Dainippon Sumitomo Pharma Co Ltd		5,764
	696,000		Dawnrays Pharmaceutical Holdings Ltd		208
	572,682	*,e	Dendreon Corp		2,359
	189,489	*	Depomed, Inc		1,063
	9,125	*,e	Discovery Laboratories, Inc		14
	3,472		Divi S Laboratories Ltd		58
	15,998		Dong-A Pharmaceutical Co Ltd		1,523
	8,639	*	Dong-A ST Co Ltd		900
	7,195		DongKook Pharmaceutical Co Ltd		216
	177,433		Dr Reddy’s Laboratories Ltd		6,633
	40,750	*,e	Durata Therapeutics, Inc		293
	363,922	*	Dyax Corp		1,259
	490,084	*,e	Dynavax Technologies Corp		539
	12,229		Egis Gyogyszergyar Rt		1,180
	197,342		EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		213
	319,063	e	Eisai Co Ltd		13,003
	120,613	*	Elan Corp plc		1,693
	137,832	*,e	Elan Corp plc (ADR)		1,949
	2,451,563		Eli Lilly & Co		120,421
	181,163	*	Emergent Biosolutions, Inc		2,612

119

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	11,370	*	Enanta Pharmaceuticals, Inc	$	201
	375,770	*	Endo Pharmaceuticals Holdings, Inc		13,825
	166,427	*,e	Endocyte, Inc		2,185
	158,451	e	Enzon Pharmaceuticals, Inc		317
	18,887	*	Epizyme, Inc		531
	295	e	EPS Co Ltd		329
	20,948		Eurofins Scientific		4,421
	159,707	*,e	Evolutec Group plc		321
	122,030	*,e	Evotec AG.		430
	216,007	*	Exact Sciences Corp		3,005
	612,448	*,e	Exelixis, Inc		2,781
	3,060,000	*	Extrawell Pharmaceutical Holdings Ltd		256
	3,435	*,m	Faes Farma S.A.		9
	285,140	e	FAES FARMA S.A.		751
	11,152		FDC Ltd		17
	78,993	*	Fibrocell Science, Inc		483
	84,038	*	Fluidigm Corp		1,467
	530,703	*	Forest Laboratories, Inc		21,759
	44,000	*	Fuji Pharma Co Ltd		845
	24,526	*	Furiex Pharmaceuticals Inc		836
	241,000		Fuso Pharmaceutical Industries Ltd		764
	27,178	*,e	Galapagos NV		528
	262,967	*	Galena Biopharma, Inc		584
	48,942	*	Genmab AS		1,482
	103,535	*,e	Genomic Health, Inc		3,283
	2,443,600	*,e	Genomma Lab Internacional S.A. de C.V.		4,803
	83,501		Genus plc		1,736
	531,287	*,e	Geron Corp		797
	87,957		Gerresheimer AG.		5,079
	10,267,585	*	Gilead Sciences, Inc		525,803
	6,298,022		GlaxoSmithKline plc		157,427
	110,000	*,e	GNI Group Ltd		334
	58,107	*,e	Golf Trust Of America, Inc		210
	9,969	e	Green Cross Corp		1,067
	48,500		Green Cross Holdings Corp		656
	107,329		Grifols S.A.		3,943
	241		Grifols S.A. (Class B)		7
	91,308	*,e	GTx, Inc		603
	295,864	*,e	Halozyme Therapeutics, Inc		2,349
	25,910	*,e	Han All Pharmarceutical Co		128
	3,490		Handok Pharmaceuticals Co Ltd		52
	26,500	*	Hanmi Holdings Co Ltd		336
	6,486	*	Hanmi Pharm Co Ltd		856
	102,033	*	Harvard Bioscience, Inc		483
	14,239		Haw Par Corp Ltd		81
	279,234		Hikma Pharmaceuticals plc		4,041
	63,031	e	Hisamitsu Pharmaceutical Co, Inc		3,199
	40,364		Hi-Tech Pharmacal Co, Inc		1,340
	169,440	*,e	Horizon Pharma, Inc		417
	169,923	*	Hospira, Inc		6,510
	3,669,600	e	Hua Han Bio-Pharmaceutical Holdings Ltd		968
	27,895	*,e	Hyperion Therapeutics, Inc		614

120

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	331,004	*,e	Idenix Pharmaceuticals, Inc	$	1,195
	3,900	e	Il Dong Pharmaceutical Co Ltd		35
	737,902	*,e	Illumina, Inc		55,225
	18,415	e	Ilyang Pharmaceutical Co Ltd		462
	9,797	*,e	ImmunoCellular Therapeutics Ltd		19
	297,013	*,e	Immunogen, Inc		4,927
	252,031	*,e	Immunomedics, Inc		1,371
	356,808	*	Impax Laboratories, Inc		7,118
	235,448	*,e	Incyte Corp		5,180
	158,397	*	Infinity Pharmaceuticals, Inc		2,574
	6,863	*	Innocell Corp		254
	130,481	*	Insmed, Inc		1,561
	11,292	*	Insys Therapeutics, Inc		156
	20,315	*,e	Intercept Pharmaceuticals, Inc		911
	291,462	*,e	InterMune, Inc		2,804
	17,937		Ipca Laboratories Ltd		197
	37,753		Ipsen		1,391
	315,719	*,e	Ironwood Pharmaceuticals, Inc		3,141
	437,056	*,e	Isis Pharmaceuticals, Inc		11,744
	82	*	Japan Tissue Engineering Co Lt		299
	491,961	*	Jazz Pharmaceuticals plc		33,812
	12,900		JCR Pharmaceuticals Co Ltd		196
	10,950		Jeil Pharmaceutical Co		129
	11,872,364		Johnson & Johnson		1,019,361
	152,521		Kaken Pharmaceutical Co Ltd		2,260
	17,951	*	KaloBios Pharmaceuticals, Inc		102
	280,321	*,e	Keryx Biopharmaceuticals, Inc		2,094
	92,200		Kissei Pharmaceutical Co Ltd		1,861
	3,984	e	Kolon Life Science, Inc		243
	56,785	*,e	Komipharm International Co Ltd		389
	10,480	e	Korea United Pharm Inc		111
	257,330	e	Kwang Dong Pharmaceutical Co Ltd		1,501
	98,636		Kyorin Co Ltd		2,268
	736,187	e	Kyowa Hakko Kogyo Co Ltd		8,321
	33,438	*,e	KYTHERA Biopharmaceuticals, Inc		905
	72,144	e	Laboratorios Almirall S.A.		917
	25,509	e	Laboratorios Farmaceuticos Rovi S.A		231
	80,725	*,e	Lannett Co, Inc		961
	765,187	*,e	Lexicon Pharmaceuticals, Inc		1,660
	18,990	*,e	LG Life Sciences Ltd		795
	220,204	*,e	Life Technologies Corp		16,297
	60,546	*,e	Ligand Pharmaceuticals, Inc (Class B)		2,266
	1,524,000		Lijun International Pharmaceutical Holding Ltd		481
	175,900		Livzon Pharmaceutical, Inc		784
	1,003,107		Lonza Group AG.		75,371
	142,130	*	Luminex Corp		2,929
	353,569		Lupin Ltd		4,638
	497,507	*,e	MannKind Corp		3,234
	935,460		Meda AB (A Shares)		10,587
	261,421	*	Medicines Co		8,041
	119,000	*	Medigen Biotechnology Corp		679
	884	*,e	Medinet Co Ltd		507

121

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	9,630	*,e	Medipost Co Ltd	$	524
	796,919	*	Medivation, Inc		39,208
	28,097	*,e	Medivir AB		274
	29,969	e	Medy-Tox, Inc		2,625
	30,472	*	MEI Pharma, Inc		217
	12,678,601		Merck & Co, Inc		588,921
	211,429		Merck KGaA		32,154
	299,288	*,e	Merrimack Pharmaceuticals, Inc		2,014
	187,117	*,e	Mesoblast Ltd		903
	137,351	*	Mettler-Toledo International, Inc		27,635
	276,929	*	MiMedx Group, Inc		1,955
	68,516		Mochida Pharmaceutical Co Ltd		869
	244,964	*,e	Momenta Pharmaceuticals, Inc		3,689
	26,906	*	Morphosys AG.		1,510
	22,167,242	*,a	MPM Bioventures II		1,340
	3,888,870	*	Mylan Laboratories, Inc		120,672
	103,906	*	Myriad Genetics, Inc		2,792
	289	*,e	NanoCarrier Co Ltd		574
	138,178	*	Nanosphere, Inc		424
	410,406	*	Nektar Therapeutics		4,740
	107,438	*	NeoGenomics, Inc		428
	242,665	*	Neurocrine Biosciences, Inc		3,247
	54,744	*,e	NewLink Genetics Corp		1,080
	51,500		Nichi-iko Pharmaceutical Co Ltd		1,107
	324,000		Nippon Shinyaku Co Ltd		5,403
	3,209	*,e	Novacea, Inc		10
	5,640,906		Novartis AG.		399,549
	208,321		Novartis AG. (ADR)		14,730
	1,554		Novartis India Ltd		13
	449,921	*,e	Novavax, Inc		922
	745,513		Novo Nordisk AS (Class B)		115,899
	30,937		Novozymes AS		991
	359,186	*	NPS Pharmaceuticals, Inc		5,424
	100,259	*,e	Omeros Corp		505
	17,790	*	Omthera Pharmaceuticals, Inc		237
	46,008	*,e	OncoGenex Pharmaceutical, Inc		451
	198	*,e	OncoTherapy Science, Inc		375
	5,584	*,e	Oncothyreon, Inc		9
	122,000		Oneness Biotech Co Ltd		185
	115,195		Ono Pharmaceutical Co Ltd		7,841
	210,310	*	Onyx Pharmaceuticals, Inc		18,259
	474,111	*,e	Opko Health, Inc		3,366
	186,048	*,e	Optimer Pharmaceuticals, Inc		2,692
	391,465	*,e	Orexigen Therapeutics, Inc		2,290
	132,729		Orion Oyj (Class B)		3,110
	55,993	*,e	Osiris Therapeutics, Inc		564
	650,254		Otsuka Holdings KK		21,471
	41,574	*	OvaScience, Inc		571
	181,689	*	Pacific Biosciences of California, Inc		458
	91,551	*,e	Pacira Pharmaceuticals, Inc		2,655
	5,479	e	Pain Therapeutics, Inc		12
	18,399	*	Paladin Labs, Inc		938

122

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	262,612	*	Parexel International Corp	$	12,064
	694,194	e	PDL BioPharma, Inc		5,359
	438,906	*	Peregrine Pharmaceuticals, Inc		566
	659,411		PerkinElmer, Inc		21,431
	540,481		Perrigo Co		65,398
	30,742,267	e	Pfizer, Inc		861,091
	128,653	*	Pharmacyclics, Inc		10,224
	44,000	*	PharmaEngine Inc		253
	45,580	*	Pharmicell Co Ltd		158
	227,865	*	Phytohealth Corp		305
	117,756		Piramal Healthcare Ltd		1,130
	31,367	*	Portola Pharmaceuticals, Inc		771
	156,182	*,e	Pozen, Inc		782
	149,769	*	Progenics Pharmaceuticals, Inc		668
	47,436	*	Prothena Corp plc		612
	51,279,300		PT Kalbe Farma Tbk		7,403
	681,000	*	PT Tempo Scan Pacific Tbk		284
	95,527	*	Puma Biotechnology, Inc		4,239
	50,027	*	Qiagen N.V.		979
	533,527	*,e	Qiagen N.V. (NASDAQ)		10,623
	511,901	e	Questcor Pharmaceuticals, Inc		23,271
	28,392	*	Quintiles Transnational Holdings, Inc		1,208
	167,190	*	Ranbaxy Laboratories Ltd		867
	178,702	*,e	Raptor Pharmaceutical Corp		1,671
	23,462	*	Receptos, Inc		467
	260,874		Recordati S.p.A.		2,903
	167,193	*	Regeneron Pharmaceuticals, Inc		37,598
	28,970	*,e	Regulus Therapeutics, Inc		284
	148,823	*	Repligen Corp		1,226
	59,779	*,e	Repros Therapeutics, Inc		1,103
	440,277	*	Rigel Pharmaceuticals, Inc		1,471
	1,416,444		Roche Holding AG.		351,557
	106,000		Rohto Pharmaceutical Co Ltd		1,504
	54,218	*	Sagent Pharmaceuticals		1,138
	744,572	*	Salix Pharmaceuticals Ltd		49,253
	184,136	*,e	Sangamo Biosciences, Inc		1,438
	1,925,653		Sanofi-Aventis		199,075
	445,296	*	Santarus, Inc		9,373
	74,569		Santen Pharmaceutical Co Ltd		3,227
	104,326	*	Sarepta Therapeutics, Inc		3,970
	20,200		Sawai Pharmaceutical Co Ltd		2,412
	4,722		Schweizerhall Holding AG.		410
	304,220	*	Sciclone Pharmaceuticals, Inc		1,509
	325,800		Scinopharm Taiwan Ltd		747
	134,772	*,e	Seattle Genetics, Inc		4,240
	44,361	*,e	Seegene, Inc		1,951
	226,000		Seikagaku Corp		2,728
	392,942	*,e	Sequenom, Inc		1,654
	360,000		Shandong Luoxin Pharmacy Stock Co Ltd		347
	179,000	*	Shanghai Dingli Technology Dev		118
	10,400	*,e	Shin Nippon Biomedical Laboratories Ltd		134
	788,747		Shionogi & Co Ltd		16,448

123

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	523,211		Shire Ltd	$	16,581
	4,027		Siegfried Holding AG.		545
	123,487	*,e	SIGA Technologies, Inc		351
	3,534,400	e	Sihuan Pharmaceutical Holdings		2,314
	4,244,000		Sino Biopharmaceutical		2,742
	82,984		Sirtex Medical Ltd		905
	4,254,176	*,a	Skyline Venture Fund II Ltd		246
	976,029	*	Skyline Venture Fund III Ltd		70
	18,700	*	Sosei Group		637
	261,727	e	Spectrum Pharmaceuticals, Inc		1,952
	150,705		Stada Arzneimittel AG.		6,477
	3,732		Stallergenes		262
	246,100		Standard Chemical & Pharma		277
	273,260	*	Starpharma Holdings Ltd		201
	40,935	*	Stemline Therapeutics, Inc		976
	56,244		Strides Arcolab Ltd		822
	52,000	*	Sucampo Pharmaceuticals, Inc (Class A)		342
	127,373	*	Sun Pharmaceutical Industries Ltd		295
	800,072		Sun Pharmaceuticals Industries Ltd		13,598
	102,358	*,e	Sunesis Pharmaceuticals, Inc		533
	45,052	*,e	Supernus Pharmaceuticals, Inc		290
	62,365	*	Synageva BioPharma Corp		2,619
	349,231	*,e	Synergy Pharmaceuticals, Inc		1,509
	128,529	*,e	Synta Pharmaceuticals Corp		641
	72,000		Taisho Pharmaceutical Holdings Co Ltd		5,110
	49,000	*	Taiwan Liposome Co Ltd		569
	66,400	e	Takara Bio, Inc		1,547
	873,834		Takeda Pharmaceutical Co Ltd		39,405
	477,900		Tanabe Seiyaku Co Ltd		6,183
	111,766	*	Targacept, Inc		477
	12,618		Tecan Group AG.		1,162
	103,794		Techne Corp		7,170
	16,500	*,e	tella, Inc		326
	55,548	*,e	TESARO, Inc		1,819
	35,971	*	Tetraphase Pharmaceuticals, Inc		253
	476,805		Teva Pharmaceutical Industries Ltd		18,661
	759,615		Teva Pharmaceutical Industries Ltd (ADR)		29,777
	67,154	*	TG Therapeutics, Inc		429
	257,072	*	TherapeuticsMD, Inc		779
	412,781	*,e	Theravance, Inc		15,904
	1,599,325	e	Thermo Electron Corp		135,351
	344,220	*,e	Threshold Pharmaceuticals, Inc		1,811
	40,050	*,e	ThromboGenics NV		1,538
	472,000	e	Tong Ren Tang Technologies Co Ltd		1,439
	12,400		Torii Pharmaceutical Co Ltd		266
	3,100		Torrent Pharmaceuticals Ltd		43
	13,921		Towa Pharmaceutical Co Ltd		567
	19,359	*,e	Transgene S.A.		230
	181,653	*,e	Trius Therapeutics, Inc		1,475
	122,733		Tsumura & Co		3,617
	206,139		TTY Biopharm Co Ltd		691
	417,751		UCB S.A.		22,425

124

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	7,400	*	UMN Pharma, Inc	$	236
	6,460		Unichem Laboratories Ltd		18
	721,500	*,e	United Laboratories Ltd		256
	211,490	*	United Therapeutics Corp		13,920
	456,800	*	Vanda Pharmaceuticals, Inc		3,691
	520,661	*	Vectura Group plc		641
	2,914	*,e	Ventrus Biosciences, Inc		7
	47,121	*,e	Verastem, Inc		654
	1,084,275	*	Vertex Pharmaceuticals, Inc		86,601
	259,249	*,e	Vical, Inc		811
	5,937		Virbac S.A.		1,229
	16,713	*	ViroMed Co Ltd		513
	225,131	*	Viropharma, Inc		6,450
	337,781	*,e	Vivus, Inc		4,249
	1,158,530		Warner Chilcott plc		23,032
	212,489	*	Waters Corp		21,260
	528,000	e	Winteam Pharmaceutical Group Ltd		235
	1,200	*	Wockhardt Ltd		20
	199,289	*,e	Xenoport, Inc		986
	306,541	*,e	XOMA Corp		1,113
	11,256		Yuhan Corp		1,813
	214,410	*,e	Yungjin Pharmaceutical Co Ltd		311
	170,000		YungShin Global Holding Corp		237
	9,259	*	Zealand Pharma A/S		112
	231,313	*	Zeltia S.A.		553
	23,000		Zeria Pharmaceutical Co Ltd		350
	248,648	*,e	ZIOPHARM Oncology, Inc		522
	5,296,085	e	Zoetis Inc		163,596
	211,261	*,e	Zogenix, Inc		361
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		8,888,818

REAL ESTATE - 3.7%
	662,039		Abacus Property Group		1,373
	218,296		Acadia Realty Trust		5,390
	1,126	*	Activia Properties Inc		8,864
	147,931		Acucap Properties Ltd		716
	5,154	*	Advance Residence Investment Corp		11,174
	49,755		Aeon Mall Co Ltd		1,234
	126,968	*	Africa Israel Investments Ltd		276
	14,138	*	Africa Israel Properties Ltd		158
	107,792		AG Mortgage Investment Trust		2,028
	7,425,400	e	Agile Property Holdings Ltd		7,912
	54,824		Agree Realty Corp		1,618
	885,673		AIMS AMP Capital Industrial REIT		1,142
	31,167	*	Airport City Ltd		191
	24,600		Airport Facilities Co Ltd		146
	28,608		Akmerkez Gayrimenkul Yatirim Ortakligi AS		240
	263,298	*	Alexander & Baldwin, Inc		10,466
	7,738		Alexander’s, Inc		2,273
	106,819		Alexandria Real Estate Equities, Inc		7,020
	345,584		Aliansce Shopping Centers S.A.		3,020
	2,028,364		Allan Gray Property Trust		1,649

125

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	11,424,693		Allco Commercial Real Estate Investment Trust	$	12,415
	44,617		Allied Properties Real Estate Investment Trust		1,358
	18,489		Allreal Holding AG.		2,599
	154,623		Alony Hetz Properties & Investments Ltd		969
	5,797	*	AL-ROV Israel Ltd		162
	6,102	*	Alrov Properties and Lodgings Ltd		134
	333,544		Alstria Office REIT-AG.		3,647
	99,807	*	Altisource Residential Corp		1,666
	4,272,100		Amata Corp PCL (Foreign)		2,496
	135,267		American Assets Trust, Inc		4,174
	347,191		American Campus Communities, Inc		14,117
	940,971		American Capital Agency Corp		21,633
	230,851		American Capital Mortgage, Inc		4,148
	591,612		American Realty Capital Properties, Inc		9,028
	53,900	*	American Residential Properties, Inc		927
	2,951,737		American Tower Corp		215,979
	116,584		Amot Investments Ltd		305
	1,206,513		AMP NZ Office Trust		963
	46,589		AmREIT, Inc (Class B)		901
	1,593,392		Anant Raj Industries Ltd		1,409
	8,096		ANF Immobilier		222
	2,158,321		Annaly Capital Management, Inc		27,130
	579,402		Anworth Mortgage Asset Corp		3,245
	993,681		Apartment Investment & Management Co (Class A)		29,850
	149,068		Apollo Commercial Real Estate Finance, Inc		2,367
	23,890		Ares Commercial Real Estate Corp		306
	99,262		Armada Hoffler Properties, Inc		1,169
	1,496,765	*	ARMOUR Residential REIT, Inc		7,050
	347,176		Arrowhead Properties Ltd		254
	133,951		Artis Real Estate Investment Trust		1,924
	892,000		Ascendas Hospitality Trust		588
	769,000		Ascendas India Trust		434
	428,587		Ascendas Real Estate Investment Trust		751
	898,586		Ascott Residence Trust		912
	210,830		Ashford Hospitality Trust, Inc		2,414
	1,182,600		Asian Property Development PCL (Foreign)		247
	1,199,804		Aspen Group		191
	238,896		Associated Estates Realty Corp		3,841
	772,974		Australand Property Group		2,453
	41,051	*,e	AV Homes, Inc		728
	257,512		AvalonBay Communities, Inc		34,741
	44,697		Aviv REIT, Inc		1,130
	9,652,423		Ayala Land, Inc		6,752
	74,082		Babcock & Brown Japan Property Trust		203
	9,897,400	*	Bangkokland PCL		486
	545		Bayside Land Corp		123
	22,407		Befimmo SCA Sicafi		1,416
	2,826,000		Beijing Capital Land Ltd		1,026
	706,000		Beijing North Star Co		156
	3,893,950	*	Belle Corp		457
	1,430,859		Beni Stabili S.p.A.		882
	226,267		Big Yellow Group plc		1,326

126

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	185,409		BioMed Realty Trust, Inc	$	3,751
	856	*	BLife Investment Corp		3,416
	45,959		Boardwalk Real Estate Investment Trust		2,547
	634,628		Boston Properties, Inc		66,934
	1,318,756		BR Malls Participacoes S.A.		11,808
	488,011		BR Properties S.A.		4,155
	245,718		Brandywine Realty Trust		3,322
	566,900		Brasil Brokers Participacoes S.A.		1,664
	78,342		BRE Properties, Inc (Class A)		3,919
	691,887		British Land Co plc		5,960
	593,750		Brookfield Asset Management, Inc		21,340
	14,200	*	Brookfield Canada Office Properties		352
	6,588	*	Brookfield Multiplex Group		494
	40,500	e	Brookfield Office Properties, Inc		676
	724,239		Brookfield Office Properties, Inc (Toronto)		12,044
	1,188		Brookfield Property Partners LP		24
	1,113,594		Bunnings Warehouse Property Trust		2,293
	15,598,188		C C Land Holdings Ltd		4,423
	90,089		CA Immobilien Anlagen AG.		1,037
	816,000		Cache Logistics Trust		803
	97,775		Calloway Real Estate Investment Trust		2,390
	2,810,380		Cambridge Industrial Trust		1,604
	168,132		Camden Property Trust		11,625
	262,729		Campus Crest Communities, Inc		3,032
	125,591		Canadian Apartment Properties REIT		2,705
	45,956		Canadian Real Estate Investment Trust		1,903
	1,513,400		CapitaCommercial Trust		1,746
	1,042,987		Capital & Counties Properties		5,192
	342,539		Capital Lease Funding, Inc		2,891
	3,011,366		Capital Property Fund		3,241
	2,578,880		CapitaLand Ltd		6,231
	3,086,181		CapitaMall Trust		4,843
	1,254,273		CapitaMalls Asia Ltd		1,799
	432,100		CapitaMalls Malaysia Trust		239
	563,000		CapitaRetail China Trust		626
	385,487		Capstead Mortgage Corp		4,664
	403,106		Castellum AB		5,465
	1,923,000		Cathay Real Estate Development Co Ltd		1,214
	368,028		CBL & Associates Properties, Inc		7,883
	1,413,244	*	CBRE Group, Inc		33,013
	809,000		CDL Hospitality Trusts		1,083
	275,383		Cedar Shopping Centers, Inc		1,426
	1,016,000		Central China Real Estate Ltd		289
	5,138,500		Central Pattana PCL		7,415
	28,758,977		Century Properties Group, Inc		904
	2,448,634		CFS Gandel Retail Trust		4,464
	953,000		CH Karnchang PCL		641
	236,234		Challenger Diversified Property Group		523
	988,558	*	Chambers Street Properties		9,886
	3,648,636		Champion Real Estate Investment Trust		1,671
	594,753		Charter Hall Group		2,098
	183,000		Chartwell Retirement Residences		1,707

127

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	77,478		Chatham Lodging Trust	$	1,331
	223,704		Chesapeake Lodging Trust		4,651
	5,710,126		Cheuk Nang Holdings Ltd		4,002
	1,250,607		Cheung Kong Holdings Ltd		16,864
	6,345,954		Chimera Investment Corp		19,038
	1,297,500		China Aoyuan Property Group Ltd		232
	9,385,021	*,e	China New Town Development Co Ltd		687
	7,399,694		China Overseas Land & Investment Ltd		19,265
	652,000	*,e	China Properties Group Ltd		161
	2,966,294	e	China Resources Land Ltd		8,059
	2,311,000		China SCE Property Holdings Ltd		528
	3,902,000	e	China South City Holdings Ltd		874
	1,803,378		China Vanke Co Ltd		3,204
	335,500		Chinese Estates Holdings Ltd		601
	557,080		Chong Hong Construction Co		2,002
	3,536,000		CIFI Holdings Group Co Ltd		566
	3,749,000		Ciputra Surya Tbk PT		1,240
	125,428	e	City Developments Ltd		1,055
	340,863		Citycon Oyj		1,059
	22,591		Cofinimmo		2,471
	26,001	*	Colonia Real Estate AG.		160
	343,785		Colonial Properties Trust		8,292
	257,626		Colony Financial, Inc		5,124
	71	*	Comforia Residential REIT, Inc		493
	77,298		Cominar Real Estate Investment Trust		1,532
	4,231,261		Commonwealth Property Office Fund		4,241
	439,700		Concentradora Fibra Hotelera Mexicana S.A. de C.V.		864
	22,470		Consolidated-Tomoka Land Co		857
	170,223		Conwert Immobilien Invest AG.		1,683
	71,832		Coresite Realty		2,285
	16,127		Corio NV		642
	160,836	e	Corp Inmobiliaria Vesta SAB de C.V.		313
	189,249		Corporate Office Properties Trust		4,826
	15,693,882		Country Garden Holdings Co Ltd		8,156
	433,491		Cousins Properties, Inc		4,378
	1,824	*	Crescendo Investment Corp		1,277
	29,200		Crombie Real Estate Investment Trust		380
	6,858,943	e	CSI Properties Ltd		286
	710,989		CubeSmart		11,362
	74,383		CyrusOne, Inc		1,543
	697,502		CYS Investments, Inc		6,424
	1,415	*	DA Office Investment Corp		5,478
	109,100		Daibiru Corp		1,216
	465,000		Daikyo, Inc		1,391
	2,795,900		Daiman Development BHD		2,372
	92,665		Daito Trust Construction Co Ltd		8,731
	581,879		Daiwa House Industry Co Ltd		10,839
	224	*	Daiwa House REIT Investment Corp		1,611
	3,497,178		DB RREEF Trust		3,410
	1,507,398		DCT Industrial Trust, Inc		10,778
	1,761,780		DDR Corp		29,334
	510,763		Delta Corp Ltd		449

128

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	163,629		Derwent London plc	$	5,720
	69,097	e	Deutsche Euroshop AG.		2,746
	208,314		Deutsche Wohnen AG.		3,531
	800,116		DiamondRock Hospitality Co		7,457
	62,819	e	DIC Asset AG.		624
	297,758		Digital Realty Trust, Inc		18,163
	10,971,415		DLF Ltd		33,283
	147,709		Douglas Emmett, Inc		3,685
	29,306		Douja Promotion Groupe Addoha S.A.		164
	49,613	*	Dream Unlimited Corp		538
	643,692		Duke Realty Corp		10,035
	35,000		Dundee Industrial Real Estate Investment Trust		302
	51,700		Dundee International Real Estate Investment Trust		484
	142,074		Dundee Real Estate Investment Trust		4,409
	233,607		DuPont Fabros Technology, Inc		5,642
	223,974		Dynex Capital, Inc		2,282
	1,169,800		Eastern & Oriental BHD		739
	127,037		EastGroup Properties, Inc		7,148
	460,495		Education Realty Trust, Inc		4,711
	21,133		Ellington Residential Mortgage REIT		377
	1,981,714		Emaar Properties PJSC		2,815
	864,524		Emira Property Fund		1,308
	3,140,261		Emlak Konut Gayrimenkul Yatiri		4,423
	1,507,333		Emperor International Holdings		400
	193,934		Entertainment Properties Trust		9,749
	191,563		Equity Lifestyle Properties, Inc		15,055
	241,787		Equity One, Inc		5,472
	1,100,356		Equity Residential		63,887
	40,921		Essex Property Trust, Inc		6,503
	37,504		Eurobank Properties Real Estate Investment Co		348
	48,934		Eurocommercial Properties NV		1,796
	8,678,000	e	Evergrande Real Estate Group		3,181
	194,933		Excel Trust, Inc		2,497
	1,028,458		Extra Space Storage, Inc		43,123
	177,341		Fabege AB		1,744
	6,703,500	e	Fantasia Holdings Group Co Ltd		1,053
	942,000		Far East Hospitality Trust		716
	385,200		Farglory Land Development Co Ltd		705
	105,274	*,e	Fastighets AB Balder		760
	116,042		Federal Realty Investment Trust		12,031
	1,103,711		Federation Centres		2,392
	678,221	*	FelCor Lodging Trust, Inc		4,008
	3,402,300		Fibra Uno Administracion S.A. de C.V.		11,367
	8,000,000		Filinvest Development Corp		907
	27,839,000		Filinvest Land, Inc		1,092
	120,017		First Capital Realty, Inc		2,037
	432,717		First Industrial Realty Trust, Inc		6,564
	240,749		First Potomac Realty Trust		3,144
	1,071,000		First Real Estate Investment Trust		1,026
	34,210		FirstService Corp		1,073
	249,775		FKP Property Group		289
	3,868		Fonciere Des Regions		290

129

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	888,528	*	Forest City Enterprises, Inc (Class A)	$	15,914
	142,053	*	Forestar Real Estate Group, Inc		2,850
	173,931		Fortress Income Fund Ltd		259
	419,738		Franklin Street Properties Corp		5,541
	9,565,800	e	Franshion Properties China Ltd		3,181
	1,257,000		Frasers Centrepoint Trust		1,853
	307		Frontier Real Estate Investment Corp		2,814
	146	*	Fukuoka REIT Corp		1,158
	3,754,000		Future Land Development Holdin		535
	108,749	*	GAGFAH S.A.		1,341
	213,279		Gazit Globe Ltd		2,774
	16,408		Gazit, Inc		423
	2,712		Gecina S.A.		300
	2,556,000	*	Gemdale Properties and Investm		324
	2,755,394		General Growth Properties, Inc		54,750
	69,900	*	General Shopping Brasil S.A.		267
	103,983		Getty Realty Corp		2,147
	49,135		Gladstone Commercial Corp		916
	676,252		Glimcher Realty Trust		7,385
	7,696,991		Global Logistic Properties		16,649
	451		Global One Real Estate Investment Corp		2,620
	26,153,000	*	Global-Estate Resorts, Inc		1,086
	191,258	*	Globe Trade Centre S.A.		472
	280,100		Glomac Bhd		107
	4,003,895	*	Glorious Property Holdings Ltd		604
	2,729	*	GLP J-Reit		2,666
	502,199		Gold Wheaton Gold Corp (GDR)		2,099
	27,780		Goldcrest Co Ltd		639
	1,421,103		Goodman Property Trust		1,134
	221,394		Government Properties Income Trust		5,584
	815,219		GPT Group (ASE)		2,862
	594,411		Grainger plc		1,312
	241,947	*	Gramercy Property Trust, Inc		1,089
	83,749		Granite Real Estate Investment Trust		2,886
	667,652	e	Great Eagle Holdings Ltd		2,544
	807,827		Great Portland Estates plc		6,520
	210,400	*	Greattown Holdings Ltd		86
	818,300	e	Greentown China Holdings Ltd		1,325
	1,920,862		Growthpoint Properties Ltd		5,126
	142,249	e	GSW Immobilien AG.		5,497
	8,564,500		Guangzhou Investment Co Ltd		2,161
	3,524,736		Guangzhou R&F Properties Co Ltd		5,052
	1,267,000		GZI Real Estate Investment Trust		690
	284,764		H&R Real Estate Investment Trust		5,968
	3,909		Haesung Industrial Co Ltd		119
	597,747	*	Halk Gayrimenkul Yatrm Ortakli		378
	48,508		Hamborner AG.		442
	2,739,789		Hammerson plc		20,315
	1,991,016	e	Hang Lung Group Ltd		10,665
	16,110,071		Hang Lung Properties Ltd		55,803
	103		Hankyu Reit, Inc		513
	1,459,447		Hansteen Holdings plc		1,795

130

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	213,904		Hatteras Financial Corp	$	5,271
	1,133,455		HCP, Inc		51,504
	723,237		Health Care REIT, Inc		48,479
	346,603		Healthcare Realty Trust, Inc		8,838
	113,743		Healthcare Trust of America, Inc		1,277
	66,500		Heiwa Real Estate Co Ltd		1,108
	155,498		Helical Bar plc		598
	14,816		Heliopolis Housing		44
	4,403,800		Hemaraj Land and Development PCL		488
	1,752,100		Henderson Land Development Co Ltd		10,405
	815,853		Hersha Hospitality Trust		4,601
	338,700		Highwealth Construction Corp		708
	312,217		Highwoods Properties, Inc		11,118
	1,334,400		HKR International Ltd		653
	327,000	e	Ho Bee Investment Ltd		506
	53,455		Home Properties, Inc		3,494
	261,000		Hong Fok Corp Ltd		141
	260,994	e	Hongkong Land Holdings Ltd		1,787
	1,246,000	*,e	Hopson Development Holdings Ltd		1,696
	757,534		Hospitality Properties Trust		19,908
	2,972,015		Host Marriott Corp		50,138
	1,385,670	*	Housing Development & Infrastruture Ltd		863
	91,911	*	Howard Hughes Corp		10,302
	223,564		HRPT Properties Trust		5,169
	358,235		Huaku Development Co Ltd		1,030
	561,000		Huang Hsiang Construction Co		1,307
	204,525		Hudson Pacific Properties		4,352
	300,531		Hufvudstaden AB (Series A)		3,595
	430,362		Hung Poo Real Estate Development Corp		421
	553,000		Hung Sheng Construction Co Ltd		447
	202,564		Hyprop Investments Ltd		1,598
	891,377		Hysan Development Co Ltd		3,848
	14,960		Icade		1,234
	4,243		Ichigo Real Estate Investment Corp		2,715
	1,402,790		IGB Corp BHD		1,106
	116,600		Iguatemi Empresa de Shopping Centers S.A.		1,149
	20,000		Iida Home Max		339
	1,452,000		IJM Land BHD		1,314
	193,672		Immobiliare Grande Distribuzione		196
	1,355,948	*,e	Immoeast AG.		0	^
	658,721	*,e	Immofinanz ANSPR NACHB AG.		0	^
	186,057		IMMOFINANZ Immobilien Anlagen AG.		694
	584,045		Indiabulls Real Estate Ltd		617
	710		Industrial & Infrastructure Fund Investment Corp		6,905
	773,252		ING Office Fund		2,054
	342,467		Inland Real Estate Corp		3,500
	130,400		InnVest Real Estate Investment Trust		524
	26,900		InterRent Real Estate Investme		148
	2,046		Intershop Holdings		693
	10,075		Intervest Offices		235
	545,060		Invesco Mortgage Capital, Inc		9,026
	466,718		Investors Real Estate Trust		4,014

131

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	912,620		Is Gayrimenkul Yatirim Ortakligi AS	$	661
	347,751	*	iStar Financial, Inc		3,926
	181,317	*,e	IVG Immobilien AG.		54
	751		Japan Excellent, Inc		4,229
	4,766	*	Japan Hotel REIT Investment Corp		1,805
	251	*	Japan Logistics Fund Inc		2,303
	1,239		Japan Prime Realty Investment Corp		3,791
	501	*	Japan Real Estate Investment Corp		5,597
	1,239		Japan Rental Housing Investments, Inc		884
	3,085	*	Japan Retail Fund Investment Corp		6,445
	50,431	*	JAVELIN Mortgage Investment Corp		711
	17,724		Jerusalem Economy Ltd		126
	9,761	*	Jerusalem Oil Exploration		274
	181,600		JHSF Participacoes S.A.		505
	2,082,050		Jiangsu Future Land Co Ltd		1,396
	607		Joint Reit Investment Corp		2,890
	272,273		Jones Lang LaSalle, Inc		24,815
	6,400	*	Jowa Holdings Co Ltd		151
	1,388,179		K Wah International Holdings Ltd		635
	3,020,000	*,e	Kaisa Group Holdings Ltd		676
	228,480		KEE TAI Properties Co Ltd		166
	2,558		Kenedix Realty Investment Corp		10,183
	472,400	*,e	Kenedix, Inc		1,981
	225,476	e	Kennedy-Wilson Holdings, Inc		3,752
	1,463,419		Keppel Land Ltd		3,848
	2,320,640		Kerry Properties Ltd		9,047
	58,900	e	Killam Properties, Inc		599
	269,480		Kilroy Realty Corp		14,285
	1,660,441		Kimco Realty Corp		35,583
	246,000		Kindom Construction Co		310
	476,280		King’s Town Construction Co Ltd		448
	363,698		Kite Realty Group Trust		2,193
	1,721,681		Kiwi Income Property Trust		1,420
	79,600		KLCC Property Holdings Bhd		171
	35,384		Klepierre		1,394
	233,423		Klovern AB		943
	3,250	*	Klovern AB (Pref)		68
	110,636	*,e	Korea Real Estate Investment Trust Co		136
	3,108,130		Kowloon Development Co Ltd		4,028
	1,864,087		K-REIT Asia		1,900
	173,301		Kungsleden AB		1,012
	470,000		Kuoyang Construction Co Ltd		317
	14,646,000		KWG Property Holding Ltd		7,612
	74,846,000		Lai Fung Holdings Ltd		1,503
	11,088,250	*	Lai Sun Development		289
	645,708		Land Securities Group plc		8,672
	393,613		LaSalle Hotel Properties		9,722
	39,110	*	LC Corp S.A.		18
	175,056	*	LEG Immobilien AG.		9,114
	461,775		Lend Lease Corp Ltd		3,521
	307,811	*	Leopalace21 Corp		1,319
	686,973		Lexington Corporate Properties Trust		8,024

132

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	155,917		Liberty International plc	$	741
	360,129		Liberty Property Trust		13,310
	1,424,410		Link Real Estate Investment Trust		6,991
	1,868,000		Lippo-Mapletree Indonesia Retail Trust		719
	1,607,670		London & Stamford Property plc		2,538
	391,000		Long Bon International Co Ltd		264
	2,060,200	e	Longfor Properties Co Ltd		3,048
	1,382,000		LPN Development PCL		1,073
	127,400		LPS Brasil Consultoria de Imoveis S.A.		1,033
	192,636		LTC Properties, Inc		7,522
	236,870		Macerich Co		14,442
	448,951		Mack-Cali Realty Corp		10,995
	648,301		Macquarie CountryWide Trust		2,261
	937,040		Macquarie Goodman Group		4,166
	3,595,590		Macquarie MEAG Prime REIT		2,395
	289,127	*	Maguire Properties, Inc		908
	2,040,065		Mah Sing Group BHD		1,870
	5,600	*	Mainstreet Equity Corp		176
	35,779	*,e,m	Mapeley Ltd		8
	3,341,000		Mapletree Commercial Trust		3,114
	3,367,098		Mapletree Industrial Trust		3,499
	1,780,626		Mapletree Logistics Trust		1,543
	616,949		Medical Properties Trust, Inc		8,835
	14,884	*	Medinet Nasr Housing		47
	38,009,200		Megaworld Corp		2,890
	27,853		Melisron Ltd		588
	54,861		Mercialys S.A		1,060
	2,493,500		Metropolitan Land Tbk PT		128
	973,100		Mexico Real Estate Management S.A. de C.V.		2,095
	1,352,949		MFA Mortgage Investments, Inc		11,432
	829		MID Reit, Inc		1,855
	113,850		Mid-America Apartment Communities, Inc		7,716
	2,845,007	e	Midland Holdings Ltd		1,060
	2,744,000	e	Minmetals Land Ltd		389
	2,198,389		Mirvac Group		3,218
	234,920	*,m	Mission West Properties, Inc		14
	969,837		Mitsubishi Estate Co Ltd		25,821
	2,048,722		Mitsui Fudosan Co Ltd		60,232
	116,000		MKH BHD		93
	7,430		Mobimo Holding AG.		1,512
	191,142		Monmouth Real Estate Investment Corp (Class A)		1,887
	13,500		Morguard North American Reside		131
	36,221		Morguard Real Estate Investment Trust		561
	503		Mori Hills REIT Investment Corp		3,141
	328		Mori Trust Sogo Reit, Inc		2,931
	193,109		Multiplan Empreendimentos Imobiliarios S.A.		4,482
	383,600		Naim Holdings BHD		480
	116,194		National Health Investors, Inc		6,955
	592,454		National Retail Properties, Inc		20,380
	146,255,000	*	Natural Park PCL		324
	1,718,000	*	Neo-China Land Group Holdings Ltd		343
	1,004,297		New Residential Investment Corp		6,769

133

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,656,666		New World China Land Ltd	$	1,787
	10,191,012		New World Development Ltd		13,998
	258,390		New York Mortgage Trust, Inc		1,749
	59,935		Nieuwe Steen Investments NV		384
	373		Nippon Accommodations Fund, Inc		2,437
	384	*	Nippon Building Fund, Inc		4,447
	582	*	Nippon ProLogis REIT, Inc		5,050
	5,881,000	*	Nirvana Development Tbk PT		174
	35,588	*	Nitsba Holdings 1995 Ltd		425
	170,429		Nomura Real Estate Holdings, Inc		3,765
	441		Nomura Real Estate Office Fund, Inc		1,934
	335		Nomura Real Estate Residential Fund, Inc		1,631
	40,669		Northern Property Real Estate Investment Trust		1,060
	801,958		NorthStar Realty Finance Corp		7,298
	19,700		NorthWest Healthcare Properties Real Estate Investment Trust		215
	645,367		Norwegian Property ASA		819
	3,417		NTT Urban Development Corp		4,194
	234,915		Omega Healthcare Investors, Inc		7,287
	48,368		One Liberty Properties, Inc		1,062
	300,000	*	Orbit Corp Ltd		83
	138,000		Orchard Parade Holdings Ltd		226
	107,558	*,e	Orco Property Group		311
	3,790	*	Orix JREIT, Inc		4,326
	1,443,668	*	Palm Hills Developments SAE		333
	140,920		Paramount Corp BHD		70
	863,000		Parkway Life Real Estate Investment Trust		1,605
	174,024		Parkway Properties, Inc		2,917
	1,752,698		Parque Arauco S.A		3,829
	358,802	*	Parsvnath Developers Ltd		195
	93,541	*	Patrizia Immobilien AG.		939
	1,247,400		Pavilion Real Estate Investment Trust		596
	369,637		PAZ Corp S.A.		202
	250,946		Pebblebrook Hotel Trust		6,487
	278,440		Pennsylvania Real Estate Investment Trust		5,257
	238,857		Pennymac Mortgage Investment Trust		5,028
	1,964,000		Perennial China Retail Trust		843
	791,854		Phoenix Mills Ltd		3,434
	183,611		Piedmont Office Realty Trust, Inc		3,283
	208,025		Plum Creek Timber Co, Inc		9,709
	2,942,600	e	Poly Hong Kong Investment Ltd		1,579
	9,206,160		Polytec Asset Holdings Ltd		1,146
	180,029		Post Properties, Inc		8,910
	434,077		Potlatch Corp		17,554
	2,231,000	e	Powerlong Real Estate Holdings Ltd		429
	1,295		Premier Investment Co		4,972
	6,189		Prestige Estates Projects Ltd		16
	1,936,400		Preuksa Real Estate PCL (Foreign)		1,408
	88,529		Primary Health Properties plc		442
	48,165		Prime Office REIT-AG.		223
	1,127,060		Prince Housing & Development Corp		751
	1,676,882		Prologis, Inc		63,252

134

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,743		Property & Building Corp	$	204
	1,635,000		Prosperity REIT		520
	104,274		PS Business Parks, Inc		7,525
	93,514		PSP Swiss Property AG.		8,098
	26,689,500		PT Agung Podomoro Land Tbk		1,032
	23,132,000		PT Alam Sutera Realty Tbk		1,738
	16,769,791		PT Bekasi Fajar Industrial Estate Tbk		1,330
	5,528,500		PT Bumi Serpong Damai		997
	28,434,500		PT Ciputra Development Tbk		3,859
	16,321,000		PT Ciputra Property Tbk		1,947
	5,923,500	*	PT Gading Development Tbk		220
	9,451,500		PT Intiland Development Tbk		484
	131,937,000	*	PT Kawasan Industri Jababeka Tbk		4,693
	575,500	*	PT Lippo Cikarang Tbk		494
	43,087,800		PT Lippo Karawaci Tbk		6,583
	4,876,500	*	PT Modernland Realty Tbk		441
	16,872,000		PT Pakuwon Jati Tbk		584
	37,811,500	*	PT Sentul City Tbk		929
	13,146,000		PT Summarecon Agung Tbk		1,707
	692,326		Public Storage, Inc		106,154
	4,331,437		Puravankara Projects Ltd		6,177
	96,600		Pure Industrial Real Estate Trust		423
	5,466,432		Quality House PCL		543
	618,527	*	Quintain Estates & Development plc		734
	767,898		Radium Life Tech Co Ltd		539
	283,808		RAIT Investment Trust		2,134
	243,624		Ramco-Gershenson Properties		3,783
	413,137		Rayonier, Inc		22,884
	195	*	Raysum Co Ltd		280
	2,144,971	*	Realogy Holdings Corp		103,044
	213,940		Realty Income Corp		8,968
	3,093,417		Redefine Income Fund Ltd		3,283
	341,028		Redefine International plc		207
	332,922		Redwood Trust, Inc		5,660
	27,769,000		Regal Real Estate Investment Trust		8,402
	109,720		Regency Centers Corp		5,575
	3,259,000		Religare Health Trust		2,186
	17,400		Relo Holdings, Inc		859
	12,147,500	*,e	Renhe Commercial Holdings Co Ltd		670
	449,608		Resilient Property Income Fund Ltd		2,449
	516,880		Resource Capital Corp		3,179
	267,622		Retail Opportunities Investment Corp		3,720
	224,034		Retail Properties of America, Inc		3,199
	553,081		RioCan Real Estate Investment Trust		13,289
	582,096		RLJ Lodging Trust		13,091
	2,378,900		Robinsons Land Corp		1,113
	90,233		Rouse Properties, Inc		1,770
	676,273		Ruentex Development Co Ltd		1,218
	155,986		Ryman Hospitality Properties		6,085
	3,062,288		S.A. Corporate Real Estate Fund		1,221
	1,507,000		Sabana Shari’ah Compliant Industrial REIT		1,369
	143,531		Sabra Healthcare REIT, Inc		3,748

135

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	265,259		Saf Gayrimenkul Yatirim Ortakligi AS.	$	114
	600,000		Saizen REIT		87
	19,839,232		Sansiri PCL		1,981
	30,800		Sao Carlos Empreendimentos e Participacoes S.A.		580
	49,135		Saul Centers, Inc		2,185
	257,944		Savills plc		2,240
	1,699,200		SC Asset Corp PCL		225
	274,313		Segro plc		1,164
	83,405		Select Income REIT		2,339
	22,199	*	Selvaag Bolig ASA		73
	499,989		Senior Housing Properties Trust		12,965
	360,589		Shaftesbury plc		3,267
	542,840		Shanghai Jinqiao Export Processing Zone Development Co Ltd		482
	72,000		Shanghai Lujiazui Finance & Trade Zone Development Co Ltd		91
	24,843,429	*	Shanghai Real Estate Ltd		794
	623,000	e	Shell Electric MFG		789
	7,784,464	e	Shenzhen Investment Ltd		2,932
	2,892,400	e	Shimao Property Holdings Ltd		5,690
	691,140	*	Shining Building Business Co Ltd		558
	1,257,300		Shoei Co Ltd		13,489
	698,676		Shopping Centres Australasia Property Group		1,016
	5,271,793	e	Shui On Land Ltd		1,531
	67,799		Silver Bay Realty Trust Corp		1,123
	1,951,173		Simon Property Group, Inc		308,129
	12,600	e	Singapore Land Ltd		89
	4,414,033		Sino Land Co		6,172
	2,132,000	*	Sinolink Worldwide Holdings Ltd		180
	11,366,573	e	Sino-Ocean Land Holdings Ltd		6,127
	128,367		Sinpas Gayrimenkul Yatirim Ortakligi AS		76
	483,128		Sinyi Realty Co		858
	66,083	*	Six of October Development & Investment		139
	649,561		SL Green Realty Corp		57,285
	1,310,908		SM Development Corp		229
	15,253,115		SM Prime Holdings		5,730
	233,416		Sobha Developers Ltd		1,372
	5,860		Societe de la Tour Eiffel		346
	14,678		Societe Immobiliere de Location pour l’Industrie et le Commerce		1,517
	8,361,300	e	Soho China Ltd		6,626
	44,600		Sonae Sierra Brasil S.A.		488
	98,000		Soundwill Holdings Ltd		201
	146,623		Sovran Self Storage, Inc		9,500
	754,600		SP Setia BHD		800
	109,777		Sparkassen Immobilien AG.		676
	382,000	*	SPG Land Holdings Ltd		402
	311,360		Spirit Realty Capital, Inc		5,517
	556,595		Sponda Oyj		2,621
	267,144		ST Modwen Properties plc		1,098
	76,588	*,e	St. Joe Co		1,612
	170,637		STAG Industrial, Inc		3,404

136

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	331,965		Starwood Property Trust, Inc	$	8,216
	3,004,691		Stockland Trust Group		9,561
	1,308,788	*	Strategic Hotels & Resorts, Inc		11,596
	17,610		Sumitomo Real Estate Sales Co Ltd		980
	1,244,822		Sumitomo Realty & Development Co Ltd		49,611
	264,744		Summit Hotel Properties, Inc		2,502
	140,604		Sun Communities, Inc		6,996
	602	*,e	Sun Frontier Fudousan Co Ltd		503
	4,138,710		Sun Hung Kai Properties Ltd		53,149
	1,299,000	e	Sunac China Holdings Ltd		847
	2,519,000		Sunlight Real Estate Investment Trust		1,028
	1,180,844	*	Sunstone Hotel Investors, Inc		14,265
	3,217,298		Suntec Real Estate Investment Trust		3,994
	1,845,222		Sunteck Realty Ltd		12,018
	1,395,794		Sunway BHD		1,559
	2,075,700		Sunway Real Estate Investment		1,012
	2,091,000		Supalai PCL		1,187
	960,193	e	Swire Pacific Ltd (Class A)		11,569
	843,701		Swire Properties Ltd		2,484
	49,871		Swiss Prime Site AG.		3,666
	163,288		Sycom Property Fund		454
	1,256,600		TA Global BHD		119
	331,280		TAG Tegernsee Immobilien und Beteiligungs AG.		3,611
	415,852	*	Taiwan Land Development Corp		149
	198,800		Takara Leben Co Ltd		762
	837,641	*	Talaat Moustafa Group		479
	239,167		Tanger Factory Outlet Centers, Inc		8,003
	315,178		Taubman Centers, Inc		23,686
	144,977		Technopolis plc		813
	45,289	*,e	Tejon Ranch Co		1,290
	87,668		Terreno Realty Corp		1,624
	626,790		TF Administradora Industrial S de RL de C.V.		1,310
	840,125	e	Thomas Properties Group, Inc		4,453
	1,481,400		Ticon Industrial Connection PCL		860
	81,700		TOC Co Ltd		530
	1,120,079		Tokyo Tatemono Co Ltd		9,320
	623,329		Tokyu Land Corp		5,706
	20,900	e	Tokyu Livable, Inc		401
	223	*	Tokyu REIT, Inc		1,299
	346	*	Top REIT Inc		1,552
	190,778		Torunlar Gayrimenkul Yatirim Ortakligi AS		345
	646,600	e	Tosei Corp		4,612
	301,000	*	Tropicana Corp Bhd		180
	588,057		Two Harbors Investment Corp		6,028
	256,137		UDR, Inc		6,529
	4,031,130		UEM Land Holdings BHD		3,966
	66,196		UMH Properties, Inc		680
	124,343		Unibail-Rodamco		28,960
	385,703		Unite Group plc		2,128
	6,958,291	*	Unitech Corporate Parks plc		4,485
	72,501,190		Unitech Ltd		25,617
	1,099,519		United Overseas Land Ltd		5,812

137

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,466	*	United Urban Investment Corp	$	7,379
	989,000		Univentures PCL		253
	57,362		Universal Health Realty Income Trust		2,474
	1,250,900		UOA Development BHD		956
	110,744		Urstadt Biddle Properties, Inc (Class A)		2,234
	48,886	*	Vakif Gayrimenkul Yatirim Ortakligi AS		122
	22,500		Vastned Retail NV		923
	1,335,987		Ventas, Inc		92,798
	7,557,000		Vista Land & Lifescapes, Inc		981
	593,356		Vornado Realty Trust		49,160
	345,511		Vukile Property Fund Ltd		587
	152,700		Wallenstam Byggnads AB (B Shares)		2,001
	24,747		Warehouses De Pauw SCA		1,565
	257,340		Washington Real Estate Investment Trust		6,925
	323,947		Weingarten Realty Investors		9,968
	2,332		Wereldhave Belgium NV		256
	28,319		Wereldhave NV		1,839
	95,397		Western Asset Mortgage Capital Corp		1,666
	5,659,688		Westfield Group		59,277
	7,414,976		Westfield Retail Trust		20,970
	1,638,672		Weyerhaeuser Co		46,686
	235,300		WHA Corp PCL		352
	4,145,413		Wharf Holdings Ltd		34,599
	1,661,763		Wheelock & Co Ltd		8,291
	321,097		Wheelock Properties S Ltd		466
	66,328		Whitestone REIT		1,045
	136,995		Wihlborgs Fastigheter AB		2,032
	1,180,832		Wing Tai Holdings Ltd		1,904
	117,687		Winthrop Realty Trust		1,416
	303,919		Workspace Group plc		1,797
	56,482		WP Carey, Inc		3,737
	4,830,000	e	Yanlord Land Group Ltd		4,665
	1,197,000	*,e	Ying Li International Real Estate Ltd		399
	11,753		YNH Property BHD		7
	1,133,600	*	YTL Land & Development BHD		383
	1,504,320		Yuzhou Properties Co		348
	24,646		ZAIS Financial Corp		448
	608,000		Zall Development Group Ltd		228
	4,410,800	*	Zhong An Real Estate Ltd		816
	379		Zug Estates Holding AG		477
			TOTAL REAL ESTATE		4,160,872

RETAILING - 4.0%
	122,144	*	1-800-FLOWERS.COM, Inc (Class A)		756
	78,977		Aaron’s, Inc		2,212
	4,491		ABC-Mart, Inc		175
	1,172,112		Abercrombie & Fitch Co (Class A)		53,038
	100,824		Advance Auto Parts, Inc		8,184
	1,904,335	*	Aeropostale, Inc		26,280
	67,998	e	Alpen Co Ltd		1,307
	1,476,587	*	Amazon.com, Inc		410,033
	2,234,423		American Eagle Outfitters, Inc		40,801

138

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	27,160	*,e	America’s Car-Mart, Inc	$	1,174
	236,837	*	Ann Taylor Stores Corp		7,863
	31,553		AOKI Holdings, Inc		952
	132,841		Aoyama Trading Co Ltd		3,534
	72,247		ARB Corp Ltd		752
	23,200		Arc Land Sakamoto Co Ltd		361
	17,200	e	Asahi Co Ltd		252
	104,193	*	Asbury Automotive Group, Inc		4,178
	260,113	*	Ascena Retail Group, Inc		4,539
	34,900		ASKUL Corp		645
	407,825	*	ASOS plc		25,028
	77,981	*	Audiovox Corp (Class A)		957
	274,000		Aurora Corp		516
	111,878		Autobacs Seven Co Ltd		1,702
	46,257		AutoCanada, Inc		1,276
	375,509		Automotive Holdings Group		1,098
	114,972	*,e	Autonation, Inc		4,989
	76,039	*	Autozone, Inc		32,217
	90,900	*	B2W Companhia Global Do Varejo		267
	160,157	*,e	Barnes & Noble, Inc		2,556
	142,615	e	Bebe Stores, Inc		800
	851,980	*	Bed Bath & Beyond, Inc		60,405
	5,627,500	e	Belle International Holdings Ltd		7,693
	67,700		Belluna Co Ltd		722
	2,969,634	e	Best Buy Co, Inc		81,160
	850	e	BIC CAMERA, Inc		367
	119,323	e	Big 5 Sporting Goods Corp		2,619
	246,223	*	Big Lots, Inc		7,763
	49,779		Bilia AB (A Shares)		800
	91,887	*,e	Blue Nile, Inc		3,472
	82,345	*	Body Central Corp		1,097
	3,658,000		Bonjour Holdings Ltd		667
	40,346	e	Bon-Ton Stores, Inc		728
	1,287,000	*,e,m	Boshiwa International Holding		139
	4,465	*	Boyner Buyuk Magazacilik		13
	105,875		Breville Group Ltd		684
	194,876		Brown Shoe Co, Inc		4,196
	94,944	e	Buckle, Inc		4,939
	72,301	e	Byggmax Group AB		397
	79,105	*	Cabela’s, Inc		5,123
	114,348		Canadian Tire Corp Ltd		8,609
	111,523		Canon Marketing Japan, Inc		1,493
	1,556,507	*	Carmax, Inc		71,848
	272,967	e	Cash Converters International Ltd		267
	22,690		Cashbuild Ltd		305
	108,048		Cato Corp (Class A)		2,697
	106,941	*,e	CDON Group AB		383
	598,000		Century Ginwa Retail Holdings Ltd		153
	1,880,599		Chico’s FAS, Inc		32,083
	127,364	*	Children’s Place Retail Stores, Inc		6,980
	247,500	e	China Yongda Automobiles Services Holdings Ltd		223
	12,153,500	*,e	China ZhengTong Auto Services Holdings Ltd		5,664

139

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	26,700		Chiyoda Co Ltd	$	684
	11,000		Chori Co Ltd		112
	375,000		Chow Sang Sang Holding		755
	2,366,200	*	Chow Tai Fook Jewellery Group Ltd		2,459
	151,432	*	Christopher & Banks Corp		1,021
	167,600		Cia Hering		2,351
	59,946	*	Citi Trends, Inc		871
	12,511		CJ O Shopping Co Ltd		3,763
	83,521		Clas Ohlson AB (B Shares)		1,107
	73,949	*,e	Conn’s, Inc		3,828
	51,968		Core-Mark Holding Co, Inc		3,300
	152,000	*	Courts Asia Ltd		108
	177,055	*,e	CST Brands, Inc		5,455
	246,604	*,e	Ctrip.com International Ltd (ADR)		8,047
	4,951,800	e	Dah Chong Hong Holdings Ltd		3,933
	343,750	*	Daiei, Inc		994
	642,427	e	David Jones Ltd		1,495
	264,500		DCM Japan Holdings Co Ltd		2,075
	3,599,146		Debenhams plc		5,220
	70,417		Delek Automotive Systems Ltd		687
	15,999		Delticom AG.		807
	51,570		Destination Maternity Corp		1,269
	170,574	*	Destination XL Group, Inc		1,081
	655,729		Dick’s Sporting Goods, Inc		32,826
	6,317,800		Dickson Concepts International Ltd		3,448
	24,901		Dieteren S.A.		1,063
	207,876		Dillard’s, Inc (Class A)		17,040
	70,073		Dogus Otomotiv Servis ve Ticaret AS		355
	409,775	*	Dollar General Corp		20,665
	925,094	*	Dollar Tree, Inc		47,032
	168,207		Dollarama, Inc		11,773
	193,310		Don Quijote Co Ltd		9,384
	24,500		Doshisha Co Ltd		349
	4,641,740	*,e	DSG International plc		2,904
	42,697		DSW, Inc (Class A)		3,137
	34,473	*	Dufry Group		4,176
	194,870		Dunelm Group plc		2,806
	352,083	e	EDION Corp		1,994
	322,520	e	El Puerto de Liverpool SAB de C.V.		3,795
	326,000		E-LIFE MALL Corp		811
	4,270,000	e	Emperor Watch & Jewellery Ltd		350
	431,675		Empresas Hites S.A.		339
	17,818,152	*	Empresas La Polar S.A.		4,607
	7,042,300	e	Esprit Holdings Ltd		10,378
	1,618,937		Expedia, Inc		97,379
	546,776	*	Express Parent LLC		11,466
	122,226		Family Dollar Stores, Inc		7,616
	2,988,246		Far Eastern Department Stores Co Ltd		2,829
	61,289		Fast Retailing Co Ltd		20,685
	191,872		Finish Line, Inc (Class A)		4,194
	161,377	*,e	Five Below, Inc		5,932
	672,854		Foot Locker, Inc		23,637

140

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	234,000	*	Formosa Optical Technology Co Ltd	$	740
	273,942	e	Foschini Ltd		2,734
	155,663	*,e	Francesca’s Holdings Corp		4,326
	151,001		Fred’s, Inc (Class A)		2,339
	20,600		Fuji Co Ltd		373
	120,446	*,m	Future Retail Ltd		89
	1,038,147	e	GameStop Corp (Class A)		43,633
	2,944,328		Gap, Inc		122,867
	114,381	*	Genesco, Inc		7,662
	496,629		Genuine Parts Co		38,772
	1,488	e	Geo Corp		1,338
	1,480,000	e	Giordano International Ltd		1,291
	439,335		GNC Holdings, Inc		19,423
	851,000	e	Golden Eagle Retail Group Ltd		1,132
	464,000		Goldlion Holdings Ltd		223
	13,255,208	*,e	GOME Electrical Appliances Holdings Ltd		1,188
	26,265	*,e	Gordmans Stores, Inc		357
	89,358	e	Group 1 Automotive, Inc		5,748
	10,678	*	Groupe Fnac		227
	5,449,526	*,e	Groupon, Inc		46,321
	2,401,800	*	Grupo Famsa SAB de C.V.		4,197
	4,618		GS Home Shopping, Inc		956
	61,943	e	Guess?, Inc		1,922
	58,700		Gulliver International Co Ltd		393
	1,048		GwangjuShinsegae Co Ltd		245
	93,500		Hai-O Enterprise BHD		78
	538,200		Halfords Group plc		2,589
	146,825		Hankyu Department Stores, Inc		1,342
	626,026	e	Harvey Norman Holdings Ltd		1,453
	82,573		Haverty Furniture Cos, Inc		1,900
	67,834	*	Hellenic Duty Free Shops S.A.		1,389
	19,964,400	e	Hengdeli Holdings Ltd		4,530
	713,987		Hennes & Mauritz AB (B Shares)		23,491
	52,441	*,e	HHgregg, Inc		837
	99,637	*,e	Hibbett Sports, Inc		5,530
	7,537,803		Home Depot, Inc		583,954
	2,561,500		Home Product Center PCL		946
	1,036,770		Home Retail Group		2,112
	160,900	*,e	HomeAway, Inc		5,204
	20,620	e	Honeys Co Ltd		225
	497,100		Hotai Motor Co Ltd		5,329
	114,161		HSN, Inc		6,133
	26,800	e	Hudson’s Bay Co		411
	19,914		Hyundai Department Store Co Ltd		2,606
	70,180	e	Hyundai H&S Co Ltd		1,104
	8,372		Hyundai Home Shopping Network Corp		1,123
	347	*	Ikyu		413
	695,906		Imperial Holdings Ltd		14,773
	1,302,479		Inchcape plc		9,916
	285,227		Inditex S.A.		35,181
	48,125	e	Interpark Corp		358
	8,154,000	e	Intime Department Store Group Co Ltd		7,897

141

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,011,971		Isetan Mitsukoshi Holdings Ltd	$	13,438
	578,000		IT Ltd		206
	68,200		Izumi Co Ltd		1,841
	2,653,366		J Front Retailing Co Ltd		21,160
	99,480		Jardine Cycle & Carriage Ltd		3,326
	342,905	e	JB Hi-Fi Ltd		5,253
	797,854	*,e	JC Penney Co, Inc		13,627
	379,890	e	JD Group Ltd		1,191
	42,900	e	Jin Co Ltd		2,057
	47,932		John Menzies plc		514
	112,237	*,e	JOS A Bank Clothiers, Inc		4,638
	45,000		Joshin Denki Co Ltd		376
	217,728		JUMBO S.A.		2,157
	59,307	*	KappAhl Holding AB		290
	75,387	e	Keiyo Co Ltd		366
	830,102	e	Kesa Electricals plc		728
	4,628,854		Kingfisher plc		24,134
	81,828	*	Kirkland’s, Inc		1,412
	245,054		Kohl’s Corp		12,378
	35,900	e	Kohnan Shoji Co Ltd		408
	37,705		Kolao Holdings		967
	35,300		Komeri Co Ltd		884
	91,108		Konaka Co Ltd		994
	62,063		K’s Holdings Corp		1,966
	402,036	e	L Brands, Inc		19,800
	13,722		LES Enphants Co Ltd		8
	363,404		Lewis Group Ltd		2,316
	3,177,377	e	Li & Fung Ltd		4,331
	2,269,122	*	Liberty Media Holding Corp (Interactive A)		52,213
	168,962	*	Liberty Ventures		14,363
	8,382,397	e	Lifestyle International Holdings Ltd		17,496
	75,554		Lithia Motors, Inc (Class A)		4,028
	375,658	*	LKQ Corp		9,673
	23,800		Lojas Americanas S.A.		145
	498,063		Lojas Americanas S.A.(Pref)		3,491
	151,950		Lojas Renner S.A.		4,355
	552,357		Lookers plc		905
	29,677		Lotte Shopping Co Ltd		9,192
	2,167,449		Lowe’s Companies, Inc		88,649
	398,000	e	Luk Fook Holdings International Ltd		916
	93,982	*,e	Lumber Liquidators, Inc		7,318
	3,281,990		Macy’s, Inc		157,536
	114,500		Magazine Luiza S.A.		276
	1,211,000	e	Maoye International Holdings Ltd		186
	85,381	*	MarineMax, Inc		967
	264,476		Marks & Spencer Group plc		1,731
	846,997		Marui Co Ltd		8,437
	37,800	*,e	Matsuya Co Ltd		460
	45,048	*,e	Mattress Firm Holding Corp		1,815
	250,300		MBM Resources BHD		303
	27,803		Mekonomen AB		846
	207,003		Men’s Wearhouse, Inc		7,835

142

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	344,875		Mercuries & Associates Ltd	$	270
	1,721,762		MFI Furniture plc		6,648
	66,672		Mobilezone Holding AG.		637
	105,378	e	Monro Muffler, Inc		5,063
	118,453	*,e	Mothercare plc		777
	286,829		Mr Price Group Ltd		3,910
	1,793,486	e	Myer Holdings Ltd		3,896
	252,363		N Brown Group plc		1,694
	341,000		National Petroleum Co Ltd		304
	287,971	*,e	NetFlix, Inc		60,788
	900,000		New Carphone Warehouse plc		3,408
	1,033,000	e	New World Department Store China Ltd		519
	153,722	*	New York & Co, Inc		976
	666,680		Next plc		46,181
	94,000		Nice Holdings, Inc		194
	64,600		Nishimatsuya Chain Co Ltd		624
	40,500		Nissen Holdings Co Ltd		128
	59,570		Nitori Co Ltd		4,796
	1,182,529		Nordstrom, Inc		70,881
	102,027		Nutri/System, Inc		1,202
	2,036,473	*,e	Ocado Ltd		9,239
	1,039,839	*,e	Office Depot, Inc		4,024
	110,000		OfficeMate PCL		201
	354,925	e	OfficeMax, Inc		3,631
	320,857	*,e	Orbitz Worldwide, Inc		2,576
	514,293	*	O’Reilly Automotive, Inc		57,920
	526,000	e	Oriental Watch Holdings		170
	24,371		OrotonGroup Ltd		157
	791,000	e	OSIM International Ltd		1,224
	12,100		Otsuka Kagu Ltd		121
	82,231	*,e	Overstock.com, Inc		2,319
	2,811,466		Pacific Brands Ltd		1,801
	402,200		Padini Holdings BHD		240
	11,900		Pal Co Ltd		346
	126,074		Paltac Corp		1,669
	412,982		Pantaloon Retail India Ltd		628
	59,900		Paris Miki, Inc		300
	1,198,960		Parkson Holdings BHD		1,480
	1,484,000		Parkson Retail Asia Ltd		1,929
	4,308,800	e	Parkson Retail Group Ltd		1,772
	162,694	*	PC Jeweller Ltd		251
	4,488,000	e	PCD Stores Ltd		688
	2,299,435		Pendragon plc		936
	164,927		Penske Auto Group, Inc		5,037
	220,546	*	PEP Boys - Manny Moe & Jack		2,554
	575,346	e	PetMed Express, Inc		7,249
	888,741		Petsmart, Inc		59,537
	343,543		Pier 1 Imports, Inc		8,070
	18,410		Point, Inc		879
	2,647,500	*	Pou Sheng International Holdings Ltd		111
	132,000		Poya Co Ltd		468
	12,071		PPR		2,456

143

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	211,349		Premier Investments Ltd	$	1,291
	221,803	*	Priceline.com, Inc		183,460
	28,487,000		PT ACE Hardware Indonesia Tbk		2,119
	1,112,000		PT Mitra Adiperkasa Tbk		781
	3,198,500		PT Ramayana Lestari Sentosa Tbk		417
	412,582	*,e	RadioShack Corp		1,304
	1,455,600	*	Rakuten, Inc		17,212
	65,637		Reitmans Canada Ltd		559
	37,294	e	Reject Shop Ltd		584
	233,314	e	Rent-A-Center, Inc		8,761
	79,416	*,e	Restoration Hardware Holdings, Inc		5,956
	177,407		RONA, Inc		1,834
	877,001		Ross Stores, Inc		56,838
	50,385	*	Rue21, Inc		2,097
	28,300		Ryohin Keikaku Co Ltd		2,320
	2,880,000	e	SA SA International Holdings Ltd		2,844
	1,078,480		SACI Falabella		12,044
	420,020	*,e	Saks, Inc		5,729
	444,067	*	Sally Beauty Holdings, Inc		13,810
	63,100	e	Sanrio Co Ltd		2,927
	42,900		Sears Canada, Inc		463
	42,137	*,e	Sears Holdings Corp		1,773
	52,855	*	Sears Hometown and Outlet Stores, Inc		2,311
	277,792	*	Select Comfort Corp		6,961
	73,000	e	Senshukai Co Ltd		630
	23,754	*,e	Seobu Truck Terminal Co Ltd		399
	44,700		Seria Co Ltd		1,350
	100,200		Shimachu Co Ltd		2,464
	15,445		Shimamura Co Ltd		1,875
	17,785		Shinsegae Co Ltd		3,274
	3,589		Shinsegae International Co Ltd		252
	57,029		Shoe Carnival, Inc		1,369
	138,141	*	Shutterfly, Inc		7,707
	776,000		Siam Global House PCL		580
	1,237,000		Sichuan Xinhua Winshare Chainstore Co Ltd		587
	992,313		Signet Jewelers Ltd		66,912
	25,000		Signet Jewelers Ltd (London)		1,699
	591,425	e	Silver base Group Holdings Ltd		111
	152,625		Sonic Automotive, Inc (Class A)		3,227
	734	*,e	Sourceforge, Inc		10
	844,107	*	Sports Direct International plc		7,103
	132,882	e	Stage Stores, Inc		3,123
	5,006,126		Staples, Inc		79,397
	65,900	e	Start Today Co Ltd		1,290
	102,530		Stein Mart, Inc		1,400
	327,000	*	Stelux Holdings International		109
	58,017	e	Stockmann Oyj Abp (B Share)		855
	244,047		Super Cheap Auto Group Ltd		2,671
	598,761	*	Super Group Ltd		1,402
	39,049	*	SuperGroup plc		427
	33,030		Systemax, Inc		311
	279,995		Takashimaya Co Ltd		2,838

144

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	49,412		Takkt AG.	$	745
	2,480,175		Target Corp		170,785
	36,200		Telepark Corp		342
	7,754,865		Test-Rite International Co		6,111
	154,138		Thorn Group Ltd		286
	179,797		Tiffany & Co		13,096
	60,272	*	Tile Shop Holdings, Inc		1,745
	32,226	*	Tilly’s, Inc		516
	3,012,000	*	Tiphone Mobile Indonesia Tbk P		184
	3,280,826		TJX Companies, Inc		164,238
	7,100		Tokyo Derica Co Ltd		121
	19,706		Tom Tailor Holding AG.		421
	194,194		Tractor Supply Co		22,839
	908,806	e	Trade Me Ltd		3,423
	6,122	*	Trans World Entertainment Corp		30
	1,143		Trent Ltd		19
	790,043	*	TripAdvisor, Inc		48,090
	570,678	e	Truworths International Ltd		5,023
	135,000		Tsann Kuen Enterprise Co Ltd		193
	175,603		Tsutsumi Jewelry Co Ltd		4,030
	180,067	*	Tuesday Morning Corp		1,867
	150,963	e	Ulta Salon Cosmetics & Fragrance, Inc		15,120
	264,399		United Arrows Ltd		11,046
	907,451	*	Urban Outfitters, Inc		36,498
	5,175	*,e	US Auto Parts Network, Inc		6
	28,115		USS Co Ltd		3,564
	3,749		Valora Holding AG.		691
	167,708	*	Valuevision International, Inc (Class A)		857
	42,474	*	Vipshop Holdings Ltd (ADR)		1,239
	73,095	*,e	Vitacost.com, Inc		618
	137,141	*	Vitamin Shoppe, Inc		6,149
	148,214		Warehouse Group Ltd		408
	63,389		Webjet Ltd		257
	69,635	*	West Marine, Inc		766
	527,194	*	Wet Seal, Inc (Class A)		2,483
	131,044	*	WEX, Inc		10,051
	595,024	e	WH Smith plc		6,498
	269,206		Williams-Sonoma, Inc		15,046
	7,524		Winmark Corp		488
	1,134,807		Woolworths Holdings Ltd		7,397
	137,041	e	Wotif.com Holdings Ltd		568
	30,400		Xebio Co Ltd		622
	108,550	e	Yamada Denki Co Ltd		4,395
	36,925		Yellow Hat Ltd		743
	99,269	*,e	Yoox S.p.A		2,131
	124,607	*	Zale Corp		1,134
	1,095,500	e	Zhongsheng Group Holdings Ltd		1,203
	3,016	*	zooplus AG.		166
	71,666	*,e	Zumiez, Inc		2,060
			TOTAL RETAILING		4,416,699

145

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.1%
	848,000		A-DATA Technology Co Ltd	$	1,889
	186,496	*	Advanced Energy Industries, Inc		3,247
	1,133,294	*,e	Advanced Micro Devices, Inc		4,624
	12,251,537		Advanced Semiconductor Engineering, Inc		10,199
	249,312		Advantest Corp		4,108
	122,322		Aixtron AG.		2,052
	544,000		ALI Corp		552
	68,554	*	Alpha & Omega Semiconductor Ltd		524
	553,882		Altera Corp		18,273
	96,738	*,e	Ambarella, Inc		1,628
	374,113	*,e	Amkor Technology, Inc		1,575
	318,016	*,e	Anadigics, Inc		700
	495,814		Analog Devices, Inc		22,341
	5,299,283		Applied Materials, Inc		79,012
	223,155	*	Applied Micro Circuits Corp		1,964
	438,122		Ardentec Corp		274
	2,557,015		ARM Holdings plc		30,932
	17,637	*	Asia Pacific Systems, Inc		175
	61,327		ASM International NV		2,072
	249,423	e	ASM Pacific Technology		2,738
	319,091		ASML Holding NV		25,189
	842,227	*	Atmel Corp		6,190
	130,729	*	ATMI, Inc		3,092
	50,764	*	Atto Co Ltd		317
	39,978		Austriamicrosystems AG.		2,954
	1,357,824		Avago Technologies Ltd		50,755
	479,386	*	Axcelis Technologies, Inc		872
	6,700		Axell Corp		123
	82,313		BE Semiconductor Industries NV		848
	5,050,452		Broadcom Corp (Class A)		170,503
	281,549		Brooks Automation, Inc		2,739
	80,781		Cabot Microelectronics Corp		2,667
	48,309		Capella Microsystems Taiwan, Inc		301
	350,943	*	Cavium Networks, Inc		12,413
	110,733	*	Ceva, Inc		2,144
	11,538	*,e,m	China Energy Savings Technology, Inc		0	^
	1,760,000	*	China Ruifeng Galaxy Renewable		364
	2,940,000		Chipbond Technology Corp		7,154
	257,076	*,e	Cirrus Logic, Inc		4,463
	104,968		Cohu, Inc		1,312
	851,942	*	Cree, Inc		54,405
	341,075		CSR plc		2,795
	571,047	e	Cypress Semiconductor Corp		6,127
	25,530	*,e	D.I Corp		156
	265,616		Dainippon Screen Manufacturing Co Ltd		1,403
	74,209	*,e	Dialog Semiconductor plc		927
	127,435	*	Diodes, Inc		3,309
	37,672	e	Disco Corp		2,598
	28,380	*,e	Dongbu HiTek Co Ltd		170
	88,996	*	DSP Group, Inc		740
	20,687	*,e	Duksan Hi-Metal Co Ltd		457
	488,000		Elan Microelectronics Corp		1,088

146

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	252,000		Elite Semiconductor Memory Technology, Inc	$	353
	12,506	e	ELK Corp		112
	209,571		eMemory Technology, Inc		559
	553,022	*	Entegris, Inc		5,193
	346,204	*,e	Entropic Communications, Inc		1,478
	13,875	e	Eo Technics Co Ltd		434
	845,578		Epistar Corp		1,473
	438,167	*	E-Ton Solar Tech Co Ltd		177
	18,025	e	Eugene Technology Co Ltd		328
	136,339	*	Exar Corp		1,468
	33,235	*	EZchip Semiconductor Ltd		894
	508,122	*	Fairchild Semiconductor International, Inc		7,012
	416,101		Faraday Technology Corp		425
	59,393	*,e	First Solar, Inc		2,657
	878,000		Forhouse Corp		379
	219,925	*	Formfactor, Inc		1,484
	353,000		Formosa Advanced Technologies Co Ltd		247
	523,000	*	Formosa Epitaxy, Inc		340
	1,058,272	*,e	Freescale Semiconductor Holdings Ltd		14,340
	9,313,800	e	GCL Poly Energy Holdings Ltd		1,986
	29,927	*,e	GemVax & Kael Co Ltd		489
	382,819	*	Genesis Photonics, Inc		245
	26,150		Giga Solar Materials Corp		200
	446,850	*	Gintech Energy Corp		416
	58,000		Global Lighting Technologies, Inc		65
	172,000		Global Mixed Mode Technology, Inc		503
	117,000		Global Unichip Corp		378
	330,000		Greatek Electronics, Inc		276
	194,561	*	Green Energy Technology, Inc		136
	90,891	*	GSI Technology, Inc		574
	404,069	*,e	GT Solar International, Inc		1,677
	1,198,500		Hana Microelectronics PCL		747
	12,786,000	*	Hanergy Solar Group Ltd		982
	82,950	e	Hanmi Semiconductor Co Ltd		814
	12,651	*,e	Hansol LCD, Inc		259
	83,600		Hermes Microvision, Inc		2,400
	111,033	*	Hittite Microwave Corp		6,440
	458,000		Holtek Semiconductor, Inc		577
	930,580	*,e	Hynix Semiconductor, Inc		25,258
	14,602	*,e	ICD Co Ltd		189
	79,000		ILI Technology Corp		207
	24,010		Iljin Display Co Ltd		340
	254,626	*,e	Imagination Technologies Group plc		1,110
	842,186		Infineon Technologies AG.		7,050
	8,942	*,e	Innox Corp		215
	377	*	Inotera Memories, Inc		0	^
	94,161	*	Inphi Corp		1,036
	514,466	*	Integrated Device Technology, Inc		4,085
	68,175	*	Integrated Memory Logic Ltd		165
	111,796	*	Integrated Silicon Solution, Inc		1,225
	15,351,347		Intel Corp		371,810
	54,280	*	Intermolecular, Inc		395

147

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,006,977	*	International Rectifier Corp	$	21,086
	509,515		Intersil Corp (Class A)		3,984
	635,648	*,e	IQE plc		174
	161,000	*	ITE Technology, Inc		128
	100,038		IXYS Corp		1,106
	37,876	*,e	Jusung Engineering Co Ltd		196
	1,669,000		King Yuan Electronics Co Ltd		1,224
	1,114,869		Kinsus Interconnect Technology Corp		4,213
	272,233		Kla-Tencor Corp		15,172
	13,885	e	Koh Young Technology, Inc		375
	71,130		Kontron AG.		324
	281,807	*	Kopin Corp		1,046
	5,389	*	Kulicke & Soffa Industries, Inc		60
	2,028,684	*	Lam Research Corp		89,952
	448,260	*	Lattice Semiconductor Corp		2,273
	16,892	e	LEENO Industrial Inc		322
	292,726	*	Lextar Electronics Corp		261
	1,128,993		Linear Technology Corp		41,592
	142,000		Lingsen Precision Industries Ltd		75
	655,000		Lite-On Semiconductor Corp		355
	989,074	*	LSI Logic Corp		7,062
	172,423	*	LTX-Credence Corp		1,033
	26,366	*,e	Lumens Co Ltd		234
	47,091	*	MA-COM Technology Solutions		688
	5,412,540		Macronix International		1,248
	2,542,644		Marvell Technology Group Ltd		29,774
	6,363	*,e	Mattson Technology, Inc		14
	1,234,017		Maxim Integrated Products, Inc		34,281
	100,668	*,e	MaxLinear, Inc		705
	1,871,166		MediaTek, Inc		21,572
	21,800	*,e	Megachips Corp		299
	44,105		Melexis NV		928
	13,057	e	Melfas, Inc		146
	53,064	*	Mellanox Technologies Ltd		2,638
	167,885		Micrel, Inc		1,659
	352,936	e	Microchip Technology, Inc		13,147
	4,120,755	*	Micron Technology, Inc		59,050
	43,259		Micronas Semiconductor Holdings, Inc		313
	429,037	*	Microsemi Corp		9,761
	21,900		Mimasu Semiconductor Industry Co Ltd		183
	180,689	*,e	Mindspeed Technologies, Inc		585
	88,888		Mitsui High-Tec, Inc		562
	260,163		MKS Instruments, Inc		6,905
	119,155		Monolithic Power Systems, Inc		2,873
	155,389	*,e	MoSys, Inc		625
	452,720	*	Motech Industries, Inc		566
	37,000		MPI Corp		83
	240,699		MStar Semiconductor, Inc		1,726
	84,428	*	Nanometrics, Inc		1,239
	578,277	*	Neo Solar Power Corp		430
	82,342	*	NeoPhotonics Corp Ltd		716
	16,406	e	NEPES Corp		180

148

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	177,710	*	Nexolon Co Ltd	$	155
	144,739	*,e	Nordic Semiconductor ASA		446
	821,126		Novatek Microelectronics Corp Ltd		3,956
	34		Nuflare Technology, Inc		305
	19,909	*,e	NVE Corp		932
	1,818,015		Nvidia Corp		25,507
	1,427,616	*	NXP Semiconductors NV		44,228
	212,162	*	Omnivision Technologies, Inc		3,957
	5,043,210	*	ON Semiconductor Corp		40,749
	1,366,000		Opto Technology Corp		512
	129,000		Orise Technology Co Ltd		263
	495,000		Parade Technologies Ltd		3,899
	86,183	*	PDF Solutions, Inc		1,588
	85,814	*,e	Peregrine Semiconductor Corp		936
	97,424	*	Pericom Semiconductor Corp		694
	140,247		Phison Electronics Corp		1,148
	245,530	*	Photronics, Inc		1,979
	132,613		Pixart Imaging, Inc		267
	151,792	*	PLX Technology, Inc		723
	1,002,164	*	PMC - Sierra, Inc		6,364
	111,637		Power Integrations, Inc		4,528
	3,152,025		Powertech Technology, Inc		5,882
	4,901	*,e	QuickLogic Corp		11
	480,160		Radiant Opto-Electronics Corp		1,566
	371,810	*	Rambus, Inc		3,194
	1,165,691		Realtek Semiconductor Corp		2,745
	1,719,000		Regent Manner International Ltd		327
	2,163,385	*,e	Renewable Energy Corp AS		795
	2,787,190	*	RF Micro Devices, Inc		14,911
	250,861		Richtek Technology Corp		1,107
	181,378		Rohm Co Ltd		7,366
	70,655	*,e	Rubicon Technology, Inc		566
	125,796	*	Rudolph Technologies, Inc		1,409
	231,629		Samsung Electronics Co Ltd		270,733
	30,862		Samsung Electronics Co Ltd (Preference)		23,800
	236,000		Sanken Electric Co Ltd		1,109
	25,890,000	*,e	Semiconductor Manufacturing International		1,902
	221,589	*	Semtech Corp		7,762
	47,001		Seoul Semiconductor Co Ltd		1,379
	183,000		Shindengen Electric Manufacturing Co Ltd		884
	125,321	e	Shinko Electric Industries		1,472
	131,766	*	Sigma Designs, Inc		665
	30,680	*,e	Signetics Corp		79
	754,000		Sigurd Microelectronics Corp		609
	158,190	*	Silex Systems Ltd		318
	336,063	*	Silicon Image, Inc		1,966
	1,350,000	*	Silicon Integrated Systems Corp		465
	75,720	*	Silicon Laboratories, Inc		3,136
	33,655	e	Silicon Works Co Ltd		638
	3,277,631		Siliconware Precision Industries Co		4,126
	134,963	e	Simm Tech Co Ltd		1,044
	669,300		Sino-American Silicon Products, Inc		850

149

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	153,000		Sitronix Technology Corp	$	198
	337,935	*	Skyworks Solutions, Inc		7,397
	45,562		SMA Solar Technology AG.		1,354
	132,958	*,e	SOITEC		393
	3,106,665	*	Solargiga Energy Holdings Ltd		157
	284,450	*	Solartech Energy Corp		177
	401,000		Sonix Technology Co Ltd		572
	191,305	*	Spansion, Inc		2,395
	951,564	e	STMicroelectronics NV		8,552
	13,356	*,e	STR Holdings, Inc		30
	37,592	e	STS Semiconductor & Telecommunications		164
	185,161	*	Sumco Corp		2,028
	1,647,476	*	SunEdison, Inc		13,460
	1,407,000	*	Sunplus Technology Co Ltd		484
	235,407	*,e	SunPower Corp		4,873
	41,035		Supertex, Inc		981
	25,119	*	Suss Microtec AG.		257
	1,034,100	*	SVI PCL		115
	48,038,560		Taiwan Semiconductor Manufacturing Co Ltd		173,904
	887,969		Taiwan Surface Mounting Technology Co Ltd		1,296
	1,323,239	*,e	Teradyne, Inc		23,249
	266,347		Tessera Technologies, Inc		5,540
	2,607,003		Texas Instruments, Inc		90,906
	30,661	*,e	Theragen Etex Co Ltd		201
	192,341		Tokyo Electron Ltd		9,725
	43,300		Tokyo Seimitsu Co Ltd		962
	540,860		Topco Scientific Co Ltd		955
	8,696	*,e	Toptec Co Ltd		119
	1	*	Tower Semiconductor Ltd		0	^
	224,708		Transcend Information, Inc		693
	655,756	*	Triquint Semiconductor, Inc		4,544
	1,746,000	*,m	Trony Solar Holdings Co Ltd.		71
	39,000		Ubright Optronics Corp		145
	76,850		UKC Holdings Corp		1,282
	89,028	*	Ultra Clean Holdings		539
	161,116	*	Ultratech, Inc		5,916
	43,000	e	Ulvac, Inc		340
	1,325,000		Unisem M BHD		397
	13,870,822		United Microelectronics Corp		6,638
	408,029	*	Unity Opto Technology Co Ltd		354
	801,000		Vanguard International Semiconductor Corp		900
	155,568	*,e	Veeco Instruments, Inc		5,510
	655,500	*	Via Technologies, Inc		386
	321,425		Visual Photonics Epitaxy Co Ltd		355
	195,023	*	Volterra Semiconductor Corp		2,754
	298,833		Wafer Works Corp		140
	429,000	*	Walton Advanced Engineering, Inc		158
	754,737		Win Semiconductors Corp		802
	3,587,000	*	Winbond Electronics Corp		1,003
	1,891,783		Xilinx, Inc		74,934
	100,329		Youngtek Electronics Corp		222
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		2,378,678

150

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
SOFTWARE & SERVICES - 7.2%
	223,538	*	Accelrys, Inc	$	1,878
	3,060,389		Accenture plc		220,226
	404	*	Access Co Ltd		294
	131,921	*	ACI Worldwide, Inc		6,132
	217,798	*,e	Active Network, Inc		1,649
	885,677		Activision Blizzard, Inc		12,630
	6,394	*,e	Actoz Soft Co Ltd		289
	186,932	*	Actuate Corp		1,241
	286,439	*	Acxiom Corp		6,496
	2,040,756	*	Adobe Systems, Inc		92,977
	129,575	*	Advent Software, Inc		4,543
	9,267	e	Ahnlab, Inc		414
	706,835	*	Akamai Technologies, Inc		30,076
	604,862	*,e	Alliance Data Systems Corp		109,498
	287,347		Alpha Systems, Inc		3,236
	61,453	e	Alten		2,093
	135,479	*,e	Altran Technologies S.A.		938
	662,643		Amadeus IT Holding S.A.		21,208
	560,598		Amdocs Ltd		20,793
	89,852		American Software, Inc (Class A)		781
	154,309	*,e	Angie’s List, Inc		4,097
	556,422		Anite plc		1,150
	223,868	*	Ansys, Inc		16,365
	347,427		AOL, Inc		12,674
	206,387		Argo Graphics, Inc		3,163
	1,100,000		ASG Group Ltd		336
	600,731	*	Aspen Technology, Inc		17,295
	112,028		Asseco Poland S.A.		1,433
	636,502		Atos Origin S.A.		47,304
	675,833	*	Autodesk, Inc		22,938
	1,379,979		Automatic Data Processing, Inc		95,025
	462,674		Aveva Group plc		15,861
	187,962	*,e	AVG Technologies NV		3,656
	11,840		Axway Software S.A.		276
	31,764		Babylon Ltd		183
	188,933	*,e	Bankrate, Inc		2,713
	174,008	*,e	Bazaarvoice, Inc		1,639
	34,539		Bechtle AG.		1,583
	17,800	e	Bit-isle, Inc		178
	155,042		Blackbaud, Inc		5,050
	37,081	*,e	Blackhawk Network Holdings, Inc		860
	388,457	*,e	Blinkx plc		643
	222,166	*	Blucora, Inc		4,119
	366,336	*	BMC Software, Inc		16,536
	155,071	e	Booz Allen Hamilton Holding Co		2,695
	126,434	*	Bottomline Technologies, Inc		3,197
	92,220	*,e	Brightcove, Inc		808
	293,325	e	Broadridge Financial Solutions, Inc		7,797
	93,893	*,e	BroadSoft, Inc		2,591
	1,227,364		CA, Inc		35,139

151

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	98,030	*,e	CACI International, Inc (Class A)	$	6,224
	659,682	*	Cadence Design Systems, Inc		9,552
	119,117	*,e	Callidus Software, Inc		785
	430,370		Cap Gemini S.A.		20,900
	52,086	e	Capcom Co Ltd		840
	40,171	*,e	Carbonite, Inc		498
	221,652	*	Cardtronics, Inc		6,118
	470,618		carsales.com.au Ltd		4,046
	35,670	e	Cass Information Systems, Inc		1,644
	5,875		Cegid Group		107
	435,098	*	CGI Group, Inc		12,742
	43,937	*	ChannelAdvisor Corp		691
	1,420,000	*,e	Chinasoft International Ltd		384
	25,000		Chinese Gamer International Corp		44
	284,585	*	Ciber, Inc		950
	441,342	*	Citrix Systems, Inc		26,626
	55,620	*,m	Clinical Data, Inc		53
	2,657		CMC Ltd		58
	715,410	*	Cognizant Technology Solutions Corp (Class A)		44,792
	10,200	*,e	COLOPL, Inc		428
	6,994	*,e	Com2uSCorp		203
	210,219	*	Commvault Systems, Inc		15,953
	671,544		Companhia Brasileira de Meios de Pagamento		16,854
	170,017		Computacenter plc		1,159
	954,700		Computer Sciences Corp		41,787
	53,428		Computer Task Group, Inc		1,227
	517,903		Computershare Ltd		4,856
	1,832,577		Compuware Corp		18,967
	142,908	*	comScore, Inc		3,486
	74,904	*	Comverse, Inc		2,229
	108,517	*,e	Concur Technologies, Inc		8,831
	329,564	*,e	Constant Contact, Inc		5,296
	33,333		Constellation Software, Inc		4,596
	422,444		Convergys Corp		7,363
	143,416	*	Cornerstone OnDemand, Inc		6,208
	97,804	*	CoStar Group, Inc		12,624
	1,035,869	e	CSE Global Ltd		692
	168,242	*	CSG Systems International, Inc		3,651
	104,674	*,e	CUROCOM Co Ltd		156
	23,101	*	Cyan, Inc		241
	155,252		Cyberlink Corp		515
	15,785	*,e	Danal Co Ltd		120
	38,050	e	Daou Technology, Inc		545
	56,819		Dassault Systemes S.A.		6,945
	17,205	e	Daum Communications		1,186
	150,146	*	DealerTrack Holdings, Inc		5,320
	147,930	*,e	Demand Media, Inc		888
	52,576	*,e	Demandware, Inc		2,230
	53,389	e	Dena Co Ltd		1,045
	133,981	*,e	Dice Holdings, Inc		1,234
	218	e	Digital Garage, Inc		689
	145,868	*	Digital River, Inc		2,738

152

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	75,169	*	Diligent Board Member Services	$	395
	28,154		DMRC Corp		585
	241,452		DST Systems, Inc		15,774
	45,700		DTS Corp		665
	11,080	e	DuzonBIzon Co Ltd		118
	192	e	Dwango Co Ltd		950
	47,726	*,e	E2open, Inc		835
	708,986		Earthlink, Inc		4,403
	6,354,371	*	eBay, Inc		328,648
	12,147		Ebix, Inc		112
	98,102		Econocom Group		695
	58,710	*	eGain Corp		565
	856,420	*	Electronic Arts, Inc		19,672
	245,267	*	Ellie Mae, Inc		5,661
	179,628		Ementor ASA		1,816
	5,436		Engineering Ingegneria Informatica S.p.A.		210
	75,445	*	Envestnet, Inc		1,856
	49,355		EOH Holdings Ltd		265
	100,974	*	EPAM Systems, Inc		2,744
	126,796		EPIQ Systems, Inc		1,708
	15,268		ePlus, Inc		914
	147,806	*,e	Equinix, Inc		27,303
	200,936	*	Euronet Worldwide, Inc		6,402
	188,153	*	EVERTEC, Inc		4,134
	174,249	*	ExactTarget, Inc		5,876
	149,451	*	ExlService Holdings, Inc		4,418
	12,200	*	F@N Communications, Inc		332
	3,117,396	*	Facebook, Inc		77,498
	106,089	e	Factset Research Systems, Inc		10,815
	166,793		Fair Isaac Corp		7,644
	6,866	*,e	FalconStor Software, Inc		9
	930,937		Fidelity National Information Services, Inc		39,881
	56,179	e	Fidessa Group plc		1,648
	38,596		Financial Technologies India Ltd		506
	1,189,300	*	First American Corp		27,556
	349,374	*	Fiserv, Inc		30,539
	596,925	*	FleetCor Technologies, Inc		48,530
	54,916	*,e	FleetMatics Group plc		1,825
	43,645		Forrester Research, Inc		1,601
	536,059	*	Fortinet, Inc		9,381
	206,552	e	F-Secure Oyj		569
	46,400		FUJI SOFT, Inc		972
	14,000		Future Architect, Inc		70
	13,393	*,e	GameHi Co Ltd		85
	163,139	*,e	GameLoft		1,142
	4,843	*,e	Gamevil, Inc		311
	221,113	*	Gartner, Inc		12,601
	351,522		Genpact Ltd		6,763
	388,889		Geodesic Information Systems Ltd		36
	141,205	*,m	Gerber Scientific, Inc		0	^
	88,931	e	GFI Informatique		434
	443,420	*	Global Cash Access, Inc		2,776

153

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	98,504	*	Global Eagle Entertainment, Inc	$	991
	402,022		Global Payments, Inc		18,622
	179,422	*,e	Glu Mobile, Inc		395
	76,800		GMO internet, Inc		738
	10,200		GMO Payment Gateway, Inc		217
	6,167	e	Golfzon Co Ltd		323
	1,236,906	*	Google, Inc (Class A)		1,088,935
	17,000		Gourmet Navigator, Inc		172
	350,000	*,e	Gravity Co Ltd (ADR)		392
	390,278	*,e	Gree, Inc		3,463
	30,513		Groupe Steria SCA		422
	51,904	*,e	Guidance Software, Inc		454
	174,684	*	Guidewire Software, Inc		7,345
	4,902	*,e	GungHo Online Entertainment Inc		5,356
	14,999		Haansoft, Inc		222
	94,938		Hackett Group, Inc		493
	31,308		HCL Infosystems Ltd		18
	256,717		HCL Technologies Ltd		3,342
	163,196	e	Heartland Payment Systems, Inc		6,079
	314,545		Hexaware Technologies Ltd		458
	106,467	*,e	Higher One Holdings, Inc		1,239
	116,044		HIQ International AB		585
	428,552		IAC/InterActiveCorp		20,382
	115,202	*,e	iGate Corp		1,892
	69,545	*	Imperva, Inc		3,132
	225,350	*	Indian Infotech & Software Ltd.		100
	117,989	e	Indra Sistemas S.A.		1,524
	37,452		Industrial & Financial Systems		606
	507,093		Ines Corp		3,332
	254,668	*	Infoblox, Inc		7,452
	258,160	*	Informatica Corp		9,030
	202,400		Information Development Co		1,048
	39,800		Information Services International-Dentsu Ltd		451
	574,438		Infosys Technologies Ltd		23,977
	22,205	*	Infraware, Inc		295
	5,319		Init Innovation In Traffic Sys		166
	2,446	*,e	Innodata Isogen, Inc		8
	1,208,615	*	Innovation Group plc		515
	52,826	*	Interactive Intelligence, Inc		2,726
	225,604	*	Internap Network Services Corp		1,866
	3,605,701		International Business Machines Corp		689,085
	91,000		International Games System Co Ltd		239
	29,300		Internet Initiative Japan, Inc		1,130
	1,744,294		Intuit, Inc		106,454
	2,568	*,e	Ipass, Inc		5
	129,570	e	Iress Market Technology Ltd		887
	192,186		IT Holdings Corp		2,550
	55,211		Itochu Techno-Science Corp		2,285
	156,440	e	j2 Global, Inc		6,650
	206,143		Jack Henry & Associates, Inc		9,715
	7,374	e	JCEntertainment Corp		113
	130,537	*,e	Jive Software, Inc		2,372

154

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	4,799	*,e	Joymax Co Ltd	$	180
	27,200	*	Justsystems Corp		109
	130,700	e	Kakaku.com, Inc		3,991
	58,170		Keynote Systems, Inc		1,149
	11,067	e	Kginicis Co Ltd		169
	2,704,000	*,e	Kingdee International Software Group Co Ltd		499
	904,000		Kingsoft Corp Ltd		1,487
	116,476	*	Knot, Inc		1,305
	116,231	*	Kofax plc		601
	93,417		Konami Corp		1,983
	34,112	*	KT Hitel Co Ltd		307
	307,670		Lender Processing Services, Inc		9,953
	235,953	*,e	Limelight Networks, Inc		531
	381,973	*	LinkedIn Corp		68,106
	206,900		Linx S.A.		3,338
	212,180	*	Lionbridge Technologies		615
	84,633	*,e	Liquidity Services, Inc		2,934
	273,656	*	Liveperson, Inc		2,451
	7,000	*,e	Livesense, Inc		359
	108,724	*	LogMeIn, Inc		2,659
	49,697		MacDonald Dettwiler & Associates Ltd		3,298
	146,400	e	Macromill, Inc		867
	57,559	*,e	magicJack VocalTec Ltd		817
	106,614	*	Manhattan Associates, Inc		8,226
	94,504	e	Mantech International Corp (Class A)		2,468
	96,691		Marchex, Inc (Class B)		582
	29,978	*	Marin Software, Inc		307
	78,852	*,e	Market Leader, Inc		844
	22,798	*	Marketo, Inc		567
	596,173		Mastercard, Inc (Class A)		342,501
	66,035		Matrix IT Ltd		330
	2,326	*,e	Mattersight Corp		6
	164,210		MAXIMUS, Inc		12,230
	427,362		Mentor Graphics Corp		8,355
	12,569	e	Mercadolibre, Inc		1,354
	329,138		Micro Focus International plc		3,547
	170,124	*,e	Micros Systems, Inc		7,341
	32,459,130		Microsoft Corp		1,120,814
	125,281	*	MicroStrategy, Inc (Class A)		10,894
	116,968	*,e	Millennial Media, Inc		1,019
	7,400		MindTree Ltd		104
	72,138	*	Mitek Systems, Inc		417
	12,200		Mitsubishi Research Institute, Inc		255
	6,100	e	Mixi Inc		82
	25,478	*	Model N, Inc		595
	161,296	*	ModusLink Global Solutions, Inc		513
	84,927	*	MoneyGram International, Inc		1,924
	703,868		Moneysupermarket.com Group plc		2,047
	14,113,897	*	Monitise plc		7,406
	139,713		Monotype Imaging Holdings, Inc		3,550
	471,327	*,e	Monster Worldwide, Inc		2,314
	138,299	*	Move, Inc		1,773

155

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	17,090		NCsoft	$	2,409
	16,600		NEC Fielding Ltd		203
	91,000		NEC Networks & System Integration Corp		2,073
	12,684		Nemetschek AG.		816
	15,903	*,e	Neowiz Games Corp		210
	1,447	*	Net Element International, Inc		7
	33,617		Net Entertainment NE AB		473
	111,400		NET One Systems Co Ltd		859
	268,500	e	NetDragon Websoft, Inc		670
	34,989		Netease.com (ADR)		2,210
	189,641	*	Netscout Systems, Inc		4,426
	148,209	*	NetSuite, Inc		13,597
	668,843	*	NeuStar, Inc (Class A)		32,559
	1,395,200	*	Nexon Co Ltd		15,410
	93,637		NHN Corp		23,773
	253,268		NIC, Inc		4,187
	52,215		Nice Systems Ltd		1,920
	43		NIFTY Corp		50
	146,200	e	Nihon Unisys Ltd		1,096
	17,491		NIIT Technologies Ltd		80
	137,484		Nintendo Co Ltd		16,187
	46,100		Nippon System Development Co Ltd		475
	190,802		Nomura Research Institute Ltd		6,197
	17,400		NS Solutions Corp		326
	2,139		NTT Data Corp		7,619
	522,190	*,e	Nuance Communications, Inc		9,598
	6,300		OBIC Business Consultants Ltd		348
	8,640		Obic Co Ltd		2,260
	103,721		Open Text Corp		7,091
	110,775	*,e	OpenTable, Inc		7,084
	104,600	e	Opera Software ASA		809
	20,424,868		Oracle Corp		627,452
	16,891		Oracle Corp Japan		700
	75,121		Otsuka Corp		8,378
	717,700		Pacific Online		315
	275,895	*,e	Pandora Media, Inc		5,076
	759,100		Paychex, Inc		27,722
	65,832		PC Home Online		343
	275,000		PCA Corp		2,985
	128,789	e	Pegasystems, Inc		4,265
	131,243	*	Perficient, Inc		1,751
	191,805	*	Planet Payment, Inc		529
	204,102		Playtech Ltd		1,866
	97,000		Polaris Software Lab Ltd		186
	96,454	e	POSDATA Co Ltd		671
	109,130	*	PRG-Schultz International, Inc		599
	209,230	*	Progress Software Corp		4,814
	92,817	*	Proofpoint, Inc		2,249
	78,367	*	PROS Holdings, Inc		2,347
	25,139		PSI AG. Gesellschaft Fuer Produkte und Systeme der Informationstechnologie		489
	529,099	*	PTC, Inc		12,979

156

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	27,250	e	QAD, Inc (Class A)	$	313
	643,412	*	QLIK Technologies, Inc		18,189
	59,776	*	Qualys, Inc		964
	8,846,855	*	Quindell Portfolio plc		1,547
	127,156	*	QuinStreet, Inc		1,097
	589,049	*	Rackspace Hosting, Inc		22,319
	45,233	*,e	Rally Software Development Corp		1,123
	86,381	e	RealNetworks, Inc		653
	154,962	*,e	RealPage, Inc		2,842
	971,116	*	Red Hat, Inc		46,439
	27,663	*	Reis, Inc		511
	15,034		Reply S.p.A.		647
	158,694	*	Responsys, Inc		2,271
	90,891		Rolta India Ltd		95
	40,982	*	Rosetta Stone, Inc		604
	546,069	*	Rovi Corp		12,472
	1,162,014		Sage Group plc		6,006
	1,323,857	e	SAIC, Inc		18,441
	2,314,549	*	Salesforce.com, Inc		88,369
	578,100		Samart Corp PCL		424
	1,295,534		SAP AG.		94,604
	57,596	e	Sapiens International Corp NV		331
	474,261		Sapient Corp		6,194
	1,187,818	*	Satyam Computer Services Ltd		2,442
	20,016		SBSi Co Ltd		225
	108,396	*	Sciquest, Inc		2,715
	98,337		SDL plc		431
	129,718	*	Seachange International, Inc		1,519
	180,541	*,e	ServiceNow, Inc		7,292
	214,086	*,e	ServiceSource International LLC		1,995
	347,630		Shanghai Baosight Software Co Ltd		462
	35,454	*,e	Shutterstock, Inc		1,978
	18,609	*	Silver Spring Networks, Inc		464
	99,540		SimCorp A.S.		2,959
	289		Simplex Technology, Inc		131
	126,800	*	Sina Corp		7,067
	28,825		SK C&C Co Ltd		2,509
	14,948	*,e	SK Communications Co Ltd		77
	87,475		SMS Management & Technology Ltd		363
	87,429		Software AG.		2,613
	108,540		Soft-World International Corp		187
	314,293	*	SolarWinds, Inc		12,198
	163,133		Solera Holdings, Inc		9,078
	986,667		Sonda S.A.		2,867
	9,506		Sopra Group S.A.		693
	106,141	*	Sourcefire, Inc		5,896
	55,782	*,e	Spark Networks, Inc		471
	357,821	*	Splunk, Inc		16,589
	50,195	*,e	SPS Commerce, Inc		2,761
	276,922	e	Square Enix Co Ltd		3,338
	203,011	*	SS&C Technologies Holdings, Inc		6,679
	46,287	*	Stamps.com, Inc		1,823

157

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	84,270		Sumisho Computer Systems Corp	$	1,621
	640,000		SUNeVision Holdings Ltd		191
	204,774	*	SupportSoft, Inc		936
	162,199	*	SYKES Enterprises, Inc		2,556
	3,792,080		Symantec Corp		85,208
	1,337	*,e	Synacor, Inc		4
	98,044	*	Synchronoss Technologies, Inc		3,027
	799,578	*	Synopsys, Inc		28,585
	79,846		Syntel, Inc		5,020
	19,800		Systena Corp		148
	356,000		Systex Corp		438
	147,646	*	TA Indigo Holding Corp		1,072
	46,873	*	Tableau Software, Inc		2,598
	771,079	*	Take-Two Interactive Software, Inc		11,543
	104,276	*,e	Tangoe, Inc		1,609
	907,220		Tata Consultancy Services Ltd		23,138
	50,733	*	TechTarget, Inc		227
	199,775		Tecmo Koei Holdings Co Ltd		1,787
	1,098,968		Telecity Group plc		16,935
	135,784	*	TeleCommunication Systems, Inc (Class A)		316
	95,409	*	TeleNav, Inc		499
	91,135	*	TeleTech Holdings, Inc		2,135
	86,549	e	Temenos Group AG.		2,109
	1,775,000		Tencent Holdings Ltd		69,309
	781,445	*	Teradata Corp		39,252
	3,275	e	Tessi S.A.		354
	392,521	*	TIBCO Software, Inc		8,400
	146,785		Tietoenator Oyj		2,791
	781,282	*	TiVo, Inc		8,633
	373,522		Total System Services, Inc		9,144
	140,800		Totvus S.A.		2,208
	45,457	*	Trans Cosmos, Inc/Japan		687
	1,379,999		Travelsky Technology Ltd		874
	62,211	*	Travelzoo, Inc		1,696
	98,351	*	Trend Micro, Inc		3,127
	139,445	*,e	Trulia, Inc		4,335
	148,522	*	Tyler Technologies, Inc		10,181
	109,424	*	Ubisoft Entertainment		1,433
	96,586	*	Ultimate Software Group, Inc		11,329
	255,947	*	Unisys Corp		5,649
	56,967		Unit 4 Agresso NV		1,846
	83,720		United Internet AG.		2,360
	375,286		United Online, Inc		2,845
	338,291	*,e	Unwired Planet, Inc		660
	622,187		UXC Ltd		588
	413,539	*	Valueclick, Inc		10,206
	385,101	*	Vantiv, Inc		10,629
	131,577	*	Vasco Data Security International		1,093
	227,455	*	VeriFone Systems, Inc		3,823
	248,840	*	Verint Systems, Inc		8,826
	992,704	*	VeriSign, Inc		44,334
	141,368	*,e	VirnetX Holding Corp		2,826

158

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	83,662	*	Virtusa Corp	$	1,854
	2,275,134		Visa, Inc (Class A)		415,781
	377,054	*,e	VistaPrint Ltd		18,615
	797,180	*,e	VMware, Inc (Class A)		53,403
	76,052	*,e	Vocus, Inc		800
	252,668	*	Vringo, Inc		801
	186,374	*	WebMD Health Corp (Class A)		5,474
	140,199	*	Website Pros, Inc		3,589
	17,589	*,e	Webzen, Inc		130
	11,460		WeMade Entertainment Co Ltd		536
	1,908,508		Western Union Co		32,655
	744,326		Wipro Ltd		4,370
	173,471	e	Wirecard AG.		4,720
	222,383	*,e	Workday, Inc		14,253
	286,066		Xchanging plc		550
	65,784	*	Xero Ltd		823
	1,674		XING AG.		113
	23,000	*	X-Legend Entertainment Co Ltd		134
	22,939	*,e	Xoom Corp		526
	59,007		Yahoo! Japan Corp		29,056
	5,627,227	*	Yahoo!, Inc		141,300
	422,579	*	Yandex NV		11,676
	133,207	*,e	Yelp, Inc		4,632
	68,762	*,e	Zillow, Inc		3,871
	209,874	*	Zix Corp		888
	702,574	*,e	Zynga, Inc		1,953
			TOTAL SOFTWARE & SERVICES		8,101,239

TECHNOLOGY HARDWARE & EQUIPMENT - 4.8%
	169,521	*,e	3D Systems Corp		7,442
	55,933	*,e	3S Korea Co Ltd		300
	795,000	e	AAC Technologies Holdings, Inc		4,460
	1,519,292		Accton Technology Corp		940
	2,724,974	*	Acer, Inc		1,937
	78,320		Acme Electronics Corp		88
	252,370		Adlink Technology, Inc		331
	241,231	e	Adtran, Inc		5,937
	52,403	*	ADVA AG. Optical Networking		264
	332,675		Advantech Co Ltd		1,578
	68,871	*	Agilysys, Inc		778
	49,300		Ai Holdings Corp		434
	7,837,260	*,e	Alcatel S.A.		14,273
	13,815,553	*	Alcatel-Lucent (ADR)		25,144
	26,535		Alliance Fiber Optic Products, Inc		531
	688,000		Alpha Networks, Inc		443
	211,100	*	Alps Electric Co Ltd		1,575
	652,908		Amphenol Corp (Class A)		50,888
	41,643	*	Anaren, Inc		955
	108,368		Anixter International, Inc		8,215
	234,200		Anritsu Corp		2,775
	4,080,662		Apple, Inc		1,616,269

159

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	459,266		Arcadyan Technology Corp	$	669
	76,218		Arima Communications Corp		30
	489,100	*	ARRIS Group, Inc		7,019
	513,782	*	Arrow Electronics, Inc		20,474
	531,700	*,e	Aruba Networks, Inc		8,167
	51,317		Ascom Holding AG.		637
	108,464		Asia Vital Components Co Ltd		52
	162,000		ASROCK, Inc		558
	790,961		Asustek Computer, Inc		6,766
	118,000		Aten International Co Ltd		213
	9,676,153	*	AU Optronics Corp		3,436
	61,561	*	Audience, Inc		813
	30,967		Austria Technologie & Systemtechnik AG.		259
	235,000		AV Tech Corp		735
	2,601,741		Avermedia Technologies		1,149
	126,170	*	Avid Technology, Inc		742
	35,100	*	Avigilon Corp		540
	494,949	*	Avnet, Inc		16,630
	90,607		AVX Corp		1,065
	82,638	*	AX Holding Corp		652
	49,708	e	Axis Communications AB		1,229
	48,680	e	Badger Meter, Inc		2,169
	37,389		Barco NV		3,021
	47,546		Bel Fuse, Inc (Class B)		639
	273,134	*	Benchmark Electronics, Inc		5,490
	2,581,000	*	Benq Corp		578
	74,351		Black Box Corp		1,883
	11,590	*,e	Bookham, Inc		14
	2,732,000		Broad Intelligence International Pharmaceutical Holdings Ltd		663
	630,286	*	Brocade Communications Systems, Inc		3,630
	482,066		Brother Industries Ltd		5,409
	103,024	*,e	Bull S.A.		326
	1,975,000		BYD Electronic International Co Ltd		1,047
	168,698	*	CalAmp Corp		2,463
	7,820,300		CalComp Electronics Thailand PCL		688
	246,843	*	Calix Networks, Inc		2,493
	26,100	*	Canon Electronics, Inc		477
	2,041,583	e	Canon, Inc		66,909
	372,000		Career Technology Co Ltd		347
	2,553,853		Catcher Technology Co Ltd		13,203
	266,000		Catic Shenzhen Holdings Ltd		102
	383,585	*	Celestica, Inc		3,614
	248,522		Chang Wah Electromaterials, Inc		825
	165,263	*	Checkpoint Systems, Inc		2,345
	400,402		Cheng Uei Precision Industry Co Ltd		786
	1,775,665		Chicony Electronics Co Ltd		4,615
	1,201,108		Chimei Materials Technology Corp		1,319
	3,714,000	e	China Aerospace International Holdings Ltd		418
	1,434,000	e	China All Access Holdings Ltd		463
	2,325,000	*	China ITS Holdings Co Ltd		520
	3,472,000		China Wireless Technologies Ltd		1,306

160

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,559,000		Chin-Poon Industrial Co	$	2,284
	533,840		Chroma ATE, Inc		903
	2,546,824	*,e	Ciena Corp		49,459
	29,854,310		Cisco Systems, Inc		725,758
	451,079		Citizen Watch Co Ltd		2,516
	513,073		Clevo Co		867
	2,783,000	*	CMC Magnetics Corp		505
	216,600	*	CMK Corp		686
	206,918		Cognex Corp		9,357
	94,944		Coherent, Inc		5,229
	1,280,299	e	Comba Telecom Systems Holdings Ltd		405
	1,228,000	*	Compal Communications, Inc		1,592
	4,508,648		Compal Electronics, Inc		2,521
	778,000		Compeq Manufacturing Co		340
	69,338		Comtech Telecommunications Corp		1,864
	2,221,000		Coretronic Corp		1,806
	4,138,610		Corning, Inc		58,892
	161,000		Coxon Precise Industrial Co Ltd		354
	229,264	*	Cray, Inc		4,503
	16,824	*,e	CrucialTec Co Ltd		255
	140,133		CTS Corp		1,911
	45,000		CyberPower Systems, Inc		85
	315,000		CyberTAN Technology, Inc		259
	150,380		Daeduck Electronics Co		1,245
	74,040		Daeduck GDS Co Ltd		1,306
	7,800	e	Dai-ichi Seiko Co Ltd		103
	1,053,000		Daiwabo Co Ltd		1,642
	146,379		Daktronics, Inc		1,502
	295,000		Darfon Electronics Corp		227
	84,144	*	Datalink Corp		895
	8,795		Datalogic S.p.A.		75
	309,143		DataTec Ltd		1,723
	1,931,369		Dell, Inc		25,784
	1,690,500		Delta Electronics Thai PCL		2,175
	4,212,064		Delta Electronics, Inc		19,129
	82,000		Denki Kogyo Co Ltd		435
	73,077		Dialight plc		1,248
	79,622		Diebold, Inc		2,682
	98,807	*	Digi International, Inc		926
	2,351,000	e	Digital China Holdings Ltd		2,795
	9,261		Digital Multimedia Technologies S.p.A.		329
	230,089		Diploma plc		1,961
	744,000		D-Link Corp		454
	78,476	e	Dolby Laboratories, Inc (Class A)		2,625
	147,215		Domino Printing Sciences		1,397
	63,970	*	DTS, Inc		1,316
	320,900		Eastern Communications Co Ltd		146
	3,746	*,e	Echelon Corp		8
	80,024	*	EchoStar Corp (Class A)		3,130
	41,671		Eizo Nanao Corp		897
	72,194		Electro Rent Corp		1,212
	90,050		Electro Scientific Industries, Inc		969

161

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	608,966		Electrocomponents plc	$	2,258
	237,028	*	Electronics for Imaging, Inc		6,706
	798,938		Elite Material Co Ltd		700
	2,142,000		Elitegroup Computer Systems Co Ltd		845
	452,824		Ellies Holdings Ltd		345
	8,202,617		EMC Corp		193,746
	10,493	*,e	EM-Tech Co Ltd		151
	360,238	*	Emulex Corp		2,349
	10,200		Enplas Corp		754
	168,900		Entire Technology Co Ltd		175
	3,666,995		Ericsson (LM) (B Shares)		41,583
	32,407		Esprinet S.p.A.		137
	444,970		Everlight Electronics Co Ltd		726
	29,359		EVS Broadcast Equipment S.A.		2,035
	31,663	*,e	Exfo Electro Optical Engineering, Inc		141
	381,535	*	Extreme Networks, Inc		1,316
	1,228,612	*	F5 Networks, Inc		84,528
	111,055	*	Fabrinet		1,555
	81,552	*	FARO Technologies, Inc		2,758
	131,544		FEI Co		9,601
	2,634,000	*,e	FIH Mobile Ltd		1,440
	375,643	*,e	Finisar Corp		6,367
	161,810		Firich Enterprises Co Ltd		287
	11,221	*,e	Flexcom Inc		135
	1,561,913		FLEXium Interconnect, Inc		5,306
	212,434		Flir Systems, Inc		5,729
	199,397		Flytech Technology Co Ltd		623
	920,978		Foxconn Technology Co Ltd		2,217
	1,935,582		Fuji Folms Holdings Corp		42,570
	4,452,046		Fujitsu Ltd		18,418
	288,187	*,e	Fusion-io, Inc		4,104
	247,153		G Tech Optoelectronics Corp		439
	129,580	e	Gemalto NV		11,733
	1,210,913		Gemtek Technology Corp		1,280
	61,139		GeoVision, Inc		275
	319,000		Getac Technology Corp		161
	17,000	*	Giantplus Technology Co Ltd		6
	1,667,000		Gigabyte Technology Co Ltd		1,551
	228,986		Gigastorage Corp		155
	547,613		Global Brands Manufacture Ltd		186
	19,200		Global Display Co Ltd		335
	90,654	*	Globecomm Systems, Inc		1,146
	532,000		Great Wall Technology Co Ltd		100
	116,766	*	GSI Group, Inc		939
	12,900		Hakuto Co Ltd		119
	852,191		Halma plc		6,525
	19,434		Hamamatsu Photonics KK		702
	102,838		Hannstar Board Corp		46
	3,693,000	*	HannStar Display Corp		1,568
	463,586	*,e	Harmonic, Inc		2,944
	222,809		Harris Corp		10,973
	260,974	*,e	Harris Stratex Networks, Inc (Class A)		684

162

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	8,100,149		Hewlett-Packard Co	$	200,884
	382,565		Hexagon AB (B Shares)		10,226
	4,659,304		High Tech Computer Corp		36,915
	9,100		Hioki EE Corp		133
	524,000		Hi-P International Ltd		305
	35,566		Hirose Electric Co Ltd		4,684
	26,090		Hitachi High-Technologies Corp		629
	244,000		Hitachi Kokusai Electric, Inc		2,926
	16,626,407		Hitachi Ltd		106,534
	743,000		Holystone Enterprise Co Ltd		734
	12,137,394		Hon Hai Precision Industry Co, Ltd		29,664
	52,095		Horiba Ltd		1,900
	82,900		Hosiden Corp		464
	409,920	*	Hoya Corp		8,431
	78,090		Humax Co Ltd		830
	89,531	*	Hutchinson Technology, Inc		423
	195,633	*	Ibiden Co Ltd		3,045
	155,000	*	Ichia Technologies, Inc		78
	10,700		Icom, Inc		260
	193,600		ICP Electronics, Inc		220
	27,360	e	Iljin Materials Co Ltd		245
	126,382	*	Imation Corp		535
	123,171	*,e	Immersion Corp		1,632
	4,509		Inficon Holding AG.		1,337
	396,258	*,e	Infinera Corp		4,228
	404,000		Infortrend Technology, Inc		201
	50,775	e	Ingenico		3,379
	476,783	*	Ingram Micro, Inc (Class A)		9,054
	7,719,439	*	InnoLux Display Corp		3,812
	203,086	*	Insight Enterprises, Inc		3,603
	4,345,000		Inspur International Ltd		176
	9,123		Intelligent Digital Integrated Securities Co Ltd		187
	150,781	e	InterDigital, Inc		6,732
	7,059	e	Interflex Co Ltd		245
	275,803	*	Intermec, Inc		2,711
	5,177	*,e	Intevac, Inc		29
	9,822		INTOPS Co Ltd		217
	289,364	*,e	InvenSense, Inc		4,450
	5,112,523		Inventec Co Ltd		2,832
	57,480	e	IPG Photonics Corp		3,491
	164,930		IsuPetasys Co Ltd		858
	47,300		ITC Networks Corp		423
	802,357		ITEQ Corp		893
	180,806	*	Itron, Inc		7,672
	37,422		Ituran Location and Control Ltd		623
	191,698	*	Ixia		3,527
	300,963		Jabil Circuit, Inc		6,134
	11,610		Jahwa Electronics Co Ltd		225
	138,493		Japan Aviation Electronics Industry Ltd		1,342
	18,900		Japan Cash Machine Co Ltd		205
	22,000		Japan Digital Laboratory Co Ltd		224
	296,535	*	Japan Radio Co Ltd		948

163

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,537,600		JCY International BHD	$	325
	4,905,563	*	JDS Uniphase Corp		70,542
	107,132		Jenoptik AG.		1,322
	62,700		Jentech Precision Industrial Co Ltd		126
	153,528	*	Jess-Link Products Co Ltd		127
	2,996,000	e	Ju Teng International Holdings Ltd		1,396
	2,814,990	*	Juniper Networks, Inc		54,357
	33,700		Kaga Electronics Co Ltd		266
	33,300		Kanematsu Electronics Ltd		430
	7,429		Kapsch TrafficCom AG.		358
	167,940	*,e	Kemet Corp		690
	23,704		Keyence Corp		7,552
	13,359	*	KH Vatec Co Ltd		317
	1,210,200		Kingboard Chemical Holdings Ltd		2,485
	1,907,500	e	Kingboard Laminates Holdings Ltd		752
	1,931,000		Kinpo Electronics		557
	46,000	*	KMC Kuei Meng International In		185
	11,443	*,e	KMW Co Ltd		232
	72,200		Koa Corp		622
	10,243		KONA I Co Ltd		337
	714,350		Konica Minolta Holdings, Inc		5,377
	13,862	*	Korea Circuit Co Ltd		192
	46,641		Kudelski S.A.		580
	55,726	*	KVH Industries, Inc		742
	161,948	*	Kyocera Corp		16,478
	344,367		Laird Group plc		928
	197,862		Largan Precision Co Ltd		6,278
	565		LEM Holding S.A.		364
	12,871,900	e	Lenovo Group Ltd		11,586
	157,530	e	Lexmark International, Inc (Class A)		4,816
	11,500	*	LG Innotek Co Ltd		910
	267,072	*	LG.Philips LCD Co Ltd		6,372
	4,942,361		Lite-On Technology Corp		8,639
	109,029		Littelfuse, Inc		8,135
	539,008		Logitech International S.A.		3,715
	69,000		Lotes Co Ltd		169
	344,975		Lumax International Corp Ltd		755
	10,900		Macnica, Inc		248
	145,000		Marubun Corp		652
	8,600		Maruwa Co Ltd		289
	96,710	*,e	Maxwell Technologies, Inc		691
	52,111	*	Measurement Specialties, Inc		2,425
	12,100	e	Melco Holdings, Inc		162
	124,705	*	Mercury Computer Systems, Inc		1,150
	10,882		Mesa Laboratories, Inc		589
	137,929		Methode Electronics, Inc		2,346
	2,653,000		Micro-Star International Co Ltd		1,385
	211,000		MIN AIK Technology Co Ltd		582
	1,731,000		Mitac International		617
	1,000		Mitsui Knowledge Industry Co Ltd		143
	244,500		Mitsumi Electric Co Ltd		1,700
	252,341	e	Molex, Inc		7,404

164

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	571,641		Motorola, Inc	$	33,001
	53,654		MTS Systems Corp		3,037
	38,082	*	Multi-Fineline Electronix, Inc		564
	273,308		Murata Manufacturing Co Ltd		20,789
	357,850		Nan Ya Printed Circuit Board Corp		465
	458,000		Nanjing Panda Electronics		172
	145,829		National Instruments Corp		4,074
	409,234	*	NCR Corp		13,501
	1,960,382		NEC Corp		4,293
	78,996	*,e	Neonode, Inc		470
	43,607	e	Neopost S.A.		2,887
	2,861,823	*	NetApp, Inc		108,120
	158,636	*	Netgear, Inc		4,845
	76,000		Newmax Technology Co Ltd		301
	161,755	*	Newport Corp		2,253
	68,026		Nichicon Corp		651
	24,200		Nidec Copal Electronics Corp		108
	19,400		Nihon Dempa Kogyo Co Ltd		182
	19,800		Nippon Ceramic Co Ltd		260
	161,000	*	Nippon Chemi-Con Corp		613
	679,019		Nippon Electric Glass Co Ltd		3,305
	53,000		Nohmi Bosai Ltd		451
	2,931,477	e	Nokia Oyj		10,928
	60,674		Nolato AB (B Shares)		1,048
	37,027		Nortel Networks Netas Telekomunikasyon AS		173
	55,063	*	Numerex Corp		614
	3,925	*,e	OCZ Technology Group, Inc		6
	1,076,984	*	Oki Electric Industry Co Ltd		2,084
	852,253		Omron Corp		25,408
	1,240,000		O-Net Communications Group		231
	78,837	*	Oplink Communications, Inc		1,369
	17,052	*,e	OPTRON-TEC Inc		193
	34,000		Osaki Electric Co Ltd		192
	94,946	*	OSI Systems, Inc		6,116
	65,147		Oxford Instruments plc		1,198
	796,730		Pace plc		2,931
	48,758	*,e	Palo Alto Networks, Inc		2,056
	806,990	*	Pan-International Industrial		623
	84,661		Park Electrochemical Corp		2,033
	283,593	*,e	Parkervision, Inc		1,290
	8,171	*	Parrot S.A.		227
	57,412	e	Partron Co Ltd		930
	188,000	*	PAX Global Technology Ltd		43
	47,258		PC Connection, Inc		730
	76,846		PC-Tel, Inc		652
	6,252,317		Pegatron Technology Corp		10,268
	255,258		Pinnacle Technology Holdings Ltd		617
	166,179		Plantronics, Inc		7,299
	193,640	*	Plexus Corp		5,788
	272,246	*	Polycom, Inc		2,869
	21,100		Positivo Informatica S.A.		37
	206,000	*	Power Quotient International Co Ltd		142

165

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	264,767	*	Power-One, Inc	$	1,673
	878,270		Premier Farnell plc		2,698
	239,000		Primax Electronics Ltd		202
	1,062,100		Prime View International Co Ltd		607
	84,331	*,e	Procera Networks, Inc		1,158
	6,913,000	*	PT Agis Tbk		278
	1,594,500		PT Erajaya Swasembada Tbk		489
	502,549	*	QLogic Corp		4,804
	7,286,680		Qualcomm, Inc		445,070
	2,864,632		Quanta Computer, Inc		6,162
	356,000		Quanta Storage, Inc		357
	858,407	*,e	Quantum Corp		1,176
	112,371	*,e	Rackable Systems, Inc		1,504
	96,419	*	Radisys Corp		464
	136,511	*,e	RealD, Inc		1,897
	37,087		Redington India Ltd		45
	79,510		Renishaw plc		1,867
	196,000	*,e	Research In Motion Ltd (Canada)		2,065
	57,298		Richardson Electronics Ltd		673
	796,799		Ricoh Co Ltd		9,442
	46,400		Riso Kagaku Corp		1,020
	3,588,000	*	Ritek Corp		675
	384,551	*	Riverbed Technology, Inc		5,984
	115,157	*	Rofin-Sinar Technologies, Inc		2,872
	63,965	*	Rogers Corp		3,027
	11,200	e	Roland DG Corp		274
	166,842	*,e	Ruckus Wireless, Inc		2,137
	100,100		Ryosan Co Ltd		1,760
	32,700		Ryoyo Electro Corp		267
	26,440		Sam Young Electronics Co Ltd		202
	68,687		Samsung Electro-Mechanics Co Ltd		5,214
	39,344		Samsung SDI Co Ltd		4,670
	868,555	*	SanDisk Corp		53,069
	158,413	*	Sandvine Corp		316
	370,288	*	Sanmina Corp		5,314
	80,600		Sanshin Electronics Co Ltd		487
	6,022	*,e	Sapphire Technology Co Ltd		206
	129,604	*	Scansource, Inc		4,147
	390,881		Seagate Technology, Inc		17,523
	220,671	e	Seiko Epson Corp		3,014
	155,000		Senao International Co Ltd		506
	956,000		Sercomm Corp		1,253
	12,421		SFA Engineering Corp		621
	308,800		Shanghai Potevio Co Ltd		169
	370,300	*	Shenzhen SEG Co Ltd		125
	133,100	*	Shijiazhuang Baoshi Electronic Glass Co Ltd		138
	116,876		Shimadzu Corp		941
	53,500		Shinko Shoji Co Ltd		456
	262,658	*,e	ShoreTel, Inc		1,059
	66,146	*	Sierra Wireless, Inc		845
	56,380	e	Siix Corp		673
	319,212		Simplo Technology Co Ltd		1,376

166

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	611,000		Sinbon Electronics Co Ltd	$	554
	6,498		Sindoh Co Ltd		382
	1,089,000	*	Sintek Photronic Corp		391
	325,000		Sirtec International Co Ltd		534
	16,802		S-MAC Co Ltd/Korea		174
	160,000		SMK Corp		448
	875,254	*	Sonus Networks, Inc		2,635
	175,895		Spectris plc		5,102
	837,437		Spirent Communications plc		1,792
	47,600		Star Micronics Co Ltd		514
	139,042	*,e	STEC, Inc		934
	127,346	*,e	Stratasys Ltd		10,664
	238,000		Sunrex Technology Corp		103
	129,371	*	Super Micro Computer, Inc		1,376
	14,356	e	Suprema, Inc		305
	656,686	*	SVA Electron Co Ltd		246
	169,352	*	Symmetricom, Inc		760
	151,643	*	Synaptics, Inc		5,847
	199,000		Syncmold Enterprise Corp		342
	107,264	*	SYNNEX Corp		4,535
	1,396,323		Synnex Technology International Corp		1,814
	203,972		Taiflex Scientific Co Ltd		272
	1,103,891		Taiwan PCB Techvest Co Ltd		1,368
	216,503		Taiyo Yuden Co Ltd		3,293
	1,031,000		TCL Communication Technology Holdings Ltd		461
	98,376		TDK Corp		3,390
	59,791	*	Tech Data Corp		2,816
	1,354,000	*	Tech Pro Technology Development Ltd		514
	1,448,120		Tellabs, Inc		2,867
	22,242		Tessco Technologies, Inc		587
	444,618		Test Research, Inc		625
	49,403		TKH Group NV		1,270
	107,000	*,e	Toko, Inc		318
	185,625		Tong Hsing Electronic Industries Ltd		884
	7,860,000		Tongda Group Holdings Ltd		464
	81,200	e	Topcon Corp		823
	12,166,371		Toshiba Corp		58,320
	326,000		Toshiba TEC Corp		1,755
	33,800		Toyo Corp/Chuo-ku		420
	504,888		TPK Holding Co Ltd		8,032
	3,278,000		Tpv Technology Ltd		740
	616,059	*	Trimble Navigation Ltd		16,024
	484,232		Tripod Technology Corp		1,039
	6,598,566	e	Truly International Holdings		3,252
	379,076		TT electronics plc		882
	214,747	*	TTM Technologies, Inc		1,804
	512,039		TXC Corp		696
	62,201		Ubiquiti Networks, Inc		1,091
	16,568		U-Blox AG.		1,069
	211,200		Uchi Technologies BHD		85
	11,326	e	Uju Electronics Co Ltd		243
	4,739,256		Unimicron Technology Corp		4,514

167

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	32,310	*	Uni-Pixel, Inc	$	475
	468,937		Unitech Printed Circuit Board Corp		182
	134,498	*,e	Universal Display Corp		3,781
	333,795		Venture Corp Ltd		1,911
	134,745	*,e	Viasat, Inc		9,629
	11,567	*,e	Viasystems Group, Inc		133
	1,428,268	*,e	Vishay Intertechnology, Inc		19,839
	54,857	*	Vishay Precision Group, Inc		831
	59,186		Vivotek, Inc		250
	1,183,200		VST Holdings Ltd		224
	253,600	e	Vtech Holdings Ltd		3,857
	1,188,000		Wacom Co Ltd		13,132
	2,215,767		Wah Lee Industrial Corp		3,058
	476,769	*	Walsin Technology Corp		119
	1,582,000		Wasion Group Holdings Ltd		975
	574,350		Weikeng Industrial Co Ltd		406
	164,656	*	Westell Technologies, Inc		394
	1,127,678	e	Western Digital Corp		70,018
	142,800	e	Wi-Lan, Inc		659
	87,211		Wincor Nixdorf AG.		4,717
	2,517,462	*	Wintek Corp		1,097
	2,274,370		Wistron Corp		2,293
	649,301		Wistron NeWeb Corp		952
	2,962,183		WPG Holdings Co Ltd		3,484
	659,679		WT Microelectronics Co Ltd		759
	6,310,307		Xerox Corp		57,234
	15,750	*,m	Ya Hsin Industrial Co Ltd		0	^
	2,213,000	*	Yageo Corp		748
	76,793		Yamatake Corp		1,647
	214,203		Yaskawa Electric Corp		2,600
	169,185		Yokogawa Electric Corp		2,023
	141,000		Young Fast Optoelectronics Co Ltd		235
	80,193	*	Zebra Technologies Corp (Class A)		3,484
	254,100		Zhen Ding Technology Holding Ltd		577
	229,000		Zinwell Corp		186
	771,647	e	ZTE Corp		1,229
	73,092	*	Zygo Corp		1,156
	657,000		Zyxel Communications		290
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		5,367,527

TELECOMMUNICATION SERVICES - 2.7%
	342,455	*,e	8x8, Inc		2,822
	2,262,700		Advanced Info Service PCL		20,456
	153,146	e	AFK Sistema (GDR)		3,023
	69,685		Allied Technologies Ltd		322
	214,711		Amcon Telecommunications Ltd		389
	59,635,030	e	America Movil S.A. de C.V. (Series L)		65,032
	19,215,015		AT&T, Inc		680,212
	31,524		Atlantic Tele-Network, Inc		1,565
	550,833	*,e	Avanti Communications Group plc		2,203
	3,908,000	*,e	Axtel SAB de CV		1,351
	374,937	e	BCE, Inc		15,373

168

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	293,553	e	Belgacom S.A.	$	6,573
	139,989	e	Bell Aliant Regional Communications Income Fund		3,762
	3,271,493		Bezeq Israeli Telecommunication Corp Ltd		4,350
	2,498,856		Bharti Airtel Ltd		12,226
	69,723	*,e	Boingo Wireless, Inc		433
	14,548,243		BT Group plc		68,300
	3,196,242		Cable & Wireless plc		1,990
	134,240	*	Cbeyond Communications, Inc		1,052
	62,941		Cellcom Israel Ltd		580
	1,273,342	e	CenturyTel, Inc		45,013
	3,707,021		China Communications Services Corp Ltd		2,325
	9,850,290		China Mobile Hong Kong Ltd		102,018
	18,840,389		China Telecom Corp Ltd		8,986
	8,316,401	e	China Unicom Ltd		10,944
	497,167	e	Chorus Ltd		919
	4,565,637		Chunghwa Telecom Co Ltd		15,277
	800,034	*	Cincinnati Bell, Inc		2,448
	1,815,000	e	Citic 1616 Holdings Ltd		543
	3,282,000	*	Citic 21CN Co Ltd		170
	1,056,428	*,e	Clearwire Corp (Class A)		5,261
	159,537		Cogent Communications Group, Inc		4,491
	559,538	*	Colt Telecom Group S.A.		851
	161,758	e	Consolidated Communications Holdings, Inc		2,816
	1,572,579	*	Crown Castle International Corp		113,839
	2,556,058		Deutsche Telekom AG.		29,779
	4,050,500		Digi.Com BHD		6,092
	190,267		Drillisch AG.		3,177
	51,392		Elisa Oyj (Series A)		1,003
	282,687		Empresa Nacional de Telecomunicaciones S.A.		4,728
	73,376	*,e	Fairpoint Communications, Inc		613
	2,929,019		Far EasTone Telecommunications Co Ltd		7,850
	1,612,222		France Telecom S.A.		15,267
	232,373		Freenet AG.		5,067
	1,532,522	e	Frontier Communications Corp		6,207
	107,426	*	General Communication, Inc (Class A)		841
	33,645		Globe Telecom, Inc		1,253
	32,477	*,e	Hawaiian Telcom Holdco, Inc		817
	218,947	*	Hellenic Telecommunications Organization S.A.		1,712
	45,379		HickoryTech Corp		482
	1,885,959		HKT Trust and HKT Ltd		1,803
	3,922,651		Hutchison Telecommunications Hong Kong Holdings Ltd		2,068
	1,505,160	*	Idea Cellular Ltd		3,582
	124,070	e	IDT Corp (Class B)		2,319
	350,566		iiNET Ltd		1,989
	26,136	e	Iliad S.A.		5,647
	177,322	*,e	inContact, Inc		1,458
	377,684		Inmarsat plc		3,868
	777,000	*	Innopac Holdings Ltd		68
	201,476		Inteliquent, Inc		1,158
	101,980	*	Intelsat S.A.		2,040
	260,558	*,e	Iridium Communications, Inc		2,022
	3,535,500		Jasmine International PCL		888

169

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	156,700		Jaymart PCL	$	107
	528,595	*	Jazztel plc		4,109
	1,145,291		Kcom Group plc		1,415
	276,500		KDDI Corp		14,398
	181,952		KT Corp		5,689
	214,183	*,e	Leap Wireless International, Inc		1,441
	29,374	*	Let’s GOWEX SA		210
	887,646	*,e	Level 3 Communications, Inc		18,712
	276,286		LG Telecom Ltd		2,891
	51,901		Lumos Networks Corp		888
	167,728		M2 Telecommunications Group Ltd		895
	869,417		Magyar Telekom		1,305
	76,874	e	Manitoba Telecom Services, Inc		2,605
	108,615		Maroc Telecom		1,261
	3,646,300		Maxis BHD		7,926
	46,750	*	MegaFon OAO (ADR)		1,464
	39,133		Millicom International Cellular S.A.		2,818
	834,152		Mobile TeleSystems (ADR)		15,799
	470,809		MobileOne Ltd		1,114
	35,495		Mobistar S.A.		738
	2,768,985		MTN Group Ltd		51,501
	780,341	*	Netia S.A.		977
	160,920	*	NEXTDC Ltd		390
	872,711	*,e	NII Holdings, Inc (Class B)		5,821
	923,811		Nippon Telegraph & Telephone Corp		48,150
	104,955		NTELOS Holdings Corp		1,728
	13,974		NTT DoCoMo, Inc		21,739
	96		Oi S.A.		0	^
	1,729,490		Oi S.A.(Pref)		3,038
	3,259,682	*	Orascom Telecom Holding SAE		1,757
	4,830,036		Orascom Telecom Media And Technology Holding SAE		268
	151,910	*	Orbcomm, Inc		682
	108,076		Partner Communications		679
	8,436,161		PCCW Ltd		3,937
	54,182		Philippine Long Distance Telephone Co		3,680
	425,584	e	Portugal Telecom SGPS S.A.		1,656
	189,428	*	Premiere Global Services, Inc		2,286
	60,607		Primus Telecommunications Group, Inc		724
	3,056,100		PT Excelcomindo Pratama		1,483
	1,345,276		PT Indosat Tbk		710
	18,265,221		PT Telekomunikasi Indonesia Tbk (Series B)		20,341
	109,837		QSC AG.		397
	644,184		Reliance Communication Ventures Ltd		1,280
	681,228	e	Rogers Communications, Inc (Class B)		26,687
	293,231	e	Rostelecom (ADR)		4,694
	1,622,039		Royal KPN NV		3,365
	150,000		Samart Telcoms PCL		108
	763,139	*	SBA Communications Corp (Class A)		56,564
	98,677	e	Shenandoah Telecom Co		1,646
	7,497,773	e	Singapore Telecommunications Ltd		22,207
	185,866	*	SK Broadband Co Ltd		825
	58,708		SK Telecom Co Ltd		10,797

170

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,129,239	e	SmarTone Telecommunications Holding Ltd	$	1,866
	1,516,632		Softbank Corp		88,283
	205,680		Sonaecom - SGPS S.A.		417
	6,566,389	*	Sprint Nextel Corp		46,096
	618,924	e	StarHub Ltd		2,035
	34,355		Swisscom AG.		15,040
	3,205,643		Taiwan Mobile Co Ltd		12,629
	1,187,586		TalkTalk Telecom Group plc		4,061
	924,890	*	Tata Teleservices Maharashtra Ltd		98
	4,385,397		TDC AS		35,542
	291,684		Tele2 AB		3,424
	5,229,280		Telecom Corp of New Zealand Ltd		9,106
	434,272		Telecom Egypt		715
	5,535,498		Telecom Italia RSP		3,086
	5,763,020		Telecom Italia S.p.A.		4,017
	599,117		Telefonica Brasil S.A.		13,532
	808,225		Telefonica Deutschland Holding AG.		5,847
	146,346		Telefonica O2 Czech Republic AS		2,014
	3,977,272	*	Telefonica S.A.		51,169
	33,026		Telekom Austria AG.		209
	1,230,300		Telekom Malaysia BHD		2,103
	831,793		Telekomunikacja Polska S.A.		1,908
	1,482,465		Telenor ASA		29,446
	255,177		Telephone & Data Systems, Inc		6,290
	4,421,914		TeliaSonera AB		28,816
	258,352	*	Telkom S.A. Ltd		434
	12,386,170		Telstra Corp Ltd		53,849
	395,659		TELUS Corp		11,550
	625,000		Thaicom PCL		660
	1,091,608		Tim Participacoes S.A.		3,958
	754,720		Time dotCom BHD		915
	4,148,800		TM International BHD		8,689
	660,999		T-Mobile US, Inc		16,399
	170,000		Total Access Communication PCL (NVDR)		627
	2,223,500	*	Tower Bersama Infrastructure		1,161
	208,016	*,e	Towerstream Corp		530
	609,002		TPG Telecom Ltd		1,956
	5,882,700	*	True Corp PCL		1,261
	587,638		Turk Telekomunikasyon AS		2,274
	969,885	*	Turkcell Iletisim Hizmet AS		5,579
	443,322	*	tw telecom inc (Class A)		12,475
	40,932	e	US Cellular Corp		1,502
	89,257		USA Mobility, Inc		1,211
	12,353,025		Verizon Communications, Inc		621,851
	747,433		Vivendi Universal S.A.		14,165
	1,079,809	e	Vodacom Group Pty Ltd		11,459
	60,434,452		Vodafone Group plc		173,185
	734,327		Vodafone Group plc (ADR)		21,105
	612,368	*	Vonage Holdings Corp		1,733
	734,765	e	Windstream Corp		5,665
	305,560		Ziggo NV		12,273
			TOTAL TELECOMMUNICATION SERVICES		3,061,830

171

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
TRANSPORTATION - 2.3%
	605,504		Abertis Infraestructuras S.A. (Continuous)	$	10,550
	27,321		Aeroports de Paris		2,656
	53,088	*,e	Air Berlin plc		134
	9,133,900	e	Air China Ltd		6,539
	108,863	*,e	Air France-KLM		977
	1,323,354	e	Air New Zealand Ltd		1,517
	209,959	*	Air Transport Services Group, Inc		1,388
	4,178,500		AirAsia BHD		4,204
	524,700		Airports of Thailand PCL		2,836
	191,632	*	Alaska Air Group, Inc		9,965
	566,352		All America Latina Logistica S.A.		2,401
	1,481,324	e	All Nippon Airways Co Ltd		3,080
	50,807		Allegiant Travel Co		5,385
	21,597		Amerco, Inc		3,497
	1,042,000	e	Anhui Expressway Co		496
	1,099,380		Ansaldo STS S.p.A.		10,621
	1,172		AP Moller - Maersk AS (Class A)		7,891
	1,918		AP Moller - Maersk AS (Class B)		13,721
	103,039	e	Arkansas Best Corp		2,365
	178,100		Arteris S.A.		1,612
	2,192,942		Asciano Group		10,030
	165,040	*	Asiana Airlines		755
	107,455	*	Atlas Air Worldwide Holdings, Inc		4,702
	1,980,391	e	Auckland International Airport Ltd		4,555
	89,748		Autostrada Torino-Milano S.p.A.		1,021
	821,044		Autostrade S.p.A.		13,391
	182,785	*	Avis Budget Group, Inc		5,255
	989,200		Bangkok Expressway PCL		1,136
	666,376		BBA Aviation plc		2,838
	2,947,600	e	Beijing Capital International Airport Co Ltd		1,912
	4,216,363	*	British Airways plc		16,910
	1,042,128	*	Brockman Mining Ltd		69
	741,686	e	Canadian National Railway Co		72,215
	152,128	e	Canadian Pacific Railway Ltd		18,465
	915,839		Canadian Pacific Railway Ltd (Toronto)		111,055
	1,184,624		Cathay Pacific Airways Ltd		2,061
	435,290		Cebu Air, Inc		670
	79,396	*	Celadon Group, Inc		1,449
	14,613		Celebi Hava Servisi		115
	289,100		Central Japan Railway Co		35,236
	642,174		CH Robinson Worldwide, Inc		36,161
	2,466,737	*	China Airlines		924
	1,436,630	e	China Merchants Holdings International Co Ltd		4,444
	7,247,400	*,e	China Shipping Container Lines Co Ltd		1,878
	74,300	e	China Shipping Development Co Ltd		32
	8,380,700	e	China Southern Airlines Co Ltd		3,359
	254,000		Chinese Maritime Transport Ltd		275
	1,453,748		Cia de Concessoes Rodoviarias		11,532
	69,200		Cia de Locacao das Americas		311
	19,385		Clarkson plc		502

172

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	3,394,710		ComfortDelgro Corp Ltd	$	4,879
	12,985		Compagnie Maritime Belge S.A.		247
	8,170,245	*	Compania SudAmericana de Vapores S.A.		541
	410,008		Con-Way, Inc		15,974
	225,270		Copa Holdings S.A. (Class A)		29,537
	3,494,275	*,e	COSCO Holdings		1,523
	3,455,927	e	COSCO Pacific Ltd		4,454
	350,000		Costamare, Inc		6,031
	3,783,540		CSX Corp		87,740
	687,000		CWT Ltd		773
	30,465		D/S Norden		1,033
	173,000	*,e	Daiichi Chuo Kisen Kaisha		186
	892,050		Dazhong Transportation Group Co Ltd		550
	5,327,402	*	Delta Air Lines, Inc		99,676
	1,134,761		Deutsche Lufthansa AG.		22,987
	2,770,010		Deutsche Post AG.		68,746
	4,711		Dfds AS		287
	153,749		DSV AS		3,745
	617,525		East Japan Railway Co		48,064
	1,275,689		easyJet plc		25,145
	58,878	*	Echo Global Logistics, Inc		1,148
	236,834		EcoRodovias Infraestrutura e Logistica S.A.		1,662
	1,630,272		Eva Airways Corp		927
	294,000		Evergreen International Storage & Transport Corp		181
	1,911,322	*	Evergreen Marine Corp Tawain Ltd		1,041
	4,200		Exchange Income Corp		104
	817,112		Expeditors International of Washington, Inc		31,058
	1,840,025		FedEx Corp		181,390
	2,130,816		Firstgroup plc		3,126
	21,086		Flughafen Wien AG.		1,205
	5,024		Flughafen Zuerich AG.		2,521
	153,203		Forward Air Corp		5,865
	32,833		Fraport AG. Frankfurt Airport Services Worldwide		1,984
	299,193		Freightways Ltd		1,032
	163,000	e	Fukuyama Transporting Co Ltd		945
	6,917		Gateway Distriparks Ltd		13
	1,780,554	*	Gemina S.p.A.		3,193
	6,337	*,e	Genco Shipping & Trading Ltd		10
	67,586	*,e	Genesee & Wyoming, Inc (Class A)		5,734
	59,254		Globaltrans Investment plc (GDR)		814
	16,910		GLOVIS Co Ltd		2,859
	84,855		Go-Ahead Group plc		1,912
	122,206	*	Gol Linhas Aereas Inteligentes S.A.		393
	373,470	*,e	Golden Ocean Group Ltd		403
	970,517		Grindrod Ltd		2,062
	430,271		Groupe Eurotunnel S.A.		3,272
	92,100	*	Grupo Aeromexico SAB de C.V.		117
	220,600	e	Grupo Aeroportuario del Centro Norte Sab de C.V.		721
	816,891		Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		4,138
	511,700	e	Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		5,696
	303,560		Guangdong Provincial Expressway Development Co Ltd		100

173

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,214,000	e	GZI Transportation Ltd	$	612
	132,000		Hainan Meilan International Airport Co Ltd		128
	29,577		Hamburger Hafen und Logistik AG.		633
	119,890	*,e	Hanjin Shipping Co Ltd		746
	23,330	e	Hanjin Transportation Co Ltd		460
	1,157,000		Hankyu Hanshin Holdings, Inc		6,585
	205,201	*,e	Hawaiian Holdings, Inc		1,254
	256,395		Heartland Express, Inc		3,556
	5,789,928	*	Hertz Global Holdings, Inc		143,590
	52,200		Hitachi Transport System Ltd		857
	1,139,827		Hopewell Highway Infrastructure Ltd		549
	198,858	*	Hub Group, Inc (Class A)		7,242
	4,853,040		Hutchison Port Holdings Trust		3,554
	39,231	*,e	Hyundai Merchant Marine Co Ltd		491
	130,357	e	Iino Kaiun Kaisha Ltd		706
	2,557,147	*	International Consolidated Airlines		10,267
	2,299,580		International Container Term Services, Inc		4,609
	23,142		International Shipholding Corp		540
	34,490		Irish Continental Group plc		997
	664,582		J.B. Hunt Transport Services, Inc		48,009
	202,700		Japan Airlines Co Ltd		10,435
	43,155		Japan Airport Terminal Co Ltd		683
	106,137	*	Jet Airways India Ltd		797
	936,748	*,e	JetBlue Airways Corp		5,902
	3,803,800	e	Jiangsu Express		3,923
	166,000		Jinzhou Port Co Ltd		62
	99,500		Julio Simoes Logistica S.A.		648
	495,587		Kamigumi Co Ltd		3,989
	875,655		Kansas City Southern Industries, Inc		92,784
	3,027,400	*	Kawasaki Kisen Kaisha Ltd		6,154
	402,963		Keihin Electric Express Railway Co Ltd		3,459
	124,104		Keio Corp		853
	213,128		Keisei Electric Railway Co Ltd		1,997
	1,274,487	e	Kintetsu Corp		5,595
	16,400		Kintetsu World Express, Inc		656
	125,648	*	Kirby Corp		9,994
	208,337		Knight Transportation, Inc		3,504
	54,766		Koninklijke Vopak NV		3,232
	117,904	*	Korean Air Lines Co Ltd		3,160
	44,899		Kuehne & Nagel International AG.		4,926
	356,939		Lan Airlines S.A.		6,057
	245,661		Landstar System, Inc		12,652
	393,700	*	LLX Logistica S.A.		175
	175,972		Localiza Rent A Car		2,492
	42,200	*	Log-in Logistica Intermodal S.A.		186
	498,009		Macquarie Atlas Roads Group		884
	123,299		Mainfreight Ltd		1,022
	1,022,714		Malaysia Airports Holdings BHD		2,043
	5,193,800	*	Malaysian Airline System BHD		500
	246,800		Malaysian Bulk Carriers BHD		136
	94,246		Marten Transport Ltd		1,477
	68,000		Maruzen Showa Unyu Co Ltd		237

174

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	224,739		Matson, Inc	$	5,618
	259,513		Mermaid Marine Australia Ltd		832
	3,265,700	*	MISC BHD		5,271
	94,556		Mitsubishi Logistics Corp		1,319
	688,358	*	Mitsui OSK Lines Ltd		2,675
	123,610		Mitsui-Soko Co Ltd		613
	946,108		MTR Corp		3,477
	1,098,853		Mundra Port and Special Economic Zone Ltd		2,774
	521,818		National Express Group plc		1,778
	1,221,718	*,e	Neptune Orient Lines Ltd		1,016
	2,334,134		Nippon Express Co Ltd		11,084
	141,900		Nippon Konpo Unyu Soko Co Ltd		2,373
	3,072,606		Nippon Yusen Kabushiki Kaisha		8,130
	96,000		Nissin Corp		259
	381,770		Norfolk Southern Corp		27,736
	175,424		Northgate plc		902
	53,693	*,e	Norwegian Air Shuttle AS		2,347
	151,263		Odakyu Electric Railway Co Ltd		1,477
	79,852		Oesterreichische Post AG.		3,108
	2,411,800	*,e	OHL Mexico SAB de CV		5,819
	169,319	*	Old Dominion Freight Line		7,047
	159,722		Orient Overseas International Ltd		1,023
	177,900	*,e	Pacer International, Inc		1,123
	2,203,290		Pacific Basin Shipping Ltd		1,246
	15,115	e	Panalpina Welttransport Holding AG.		1,630
	31,197	*	Park-Ohio Holdings Corp		1,029
	26,089	*	Patriot Transportation Holding, Inc		784
	1,173,800		Pos Malaysia & Services Holdings BHD		1,743
	550,600		Precious Shipping PCL		314
	12,753,500	*,m	PT Berlian Laju Tanker Tbk		0	^
	5,374,000		PT Cardig Aero Services Tbk		466
	1,292,000		PT Citra Marga Nusaphala Persada Tbk		399
	8,508,800	*	PT Express Transindo Utama Tbk		1,154
	9,555,000	*	PT Garuda Indonesia Tbk		500
	6,191,500		PT Jasa Marga Tbk		3,758
	7,139,000	*	PT Trada Maritime Tbk		1,004
	1,506,194	*	Qantas Airways Ltd		1,850
	2,127,894		QR National Ltd		8,083
	80,921	*	Quality Distribution, Inc		715
	598,381		Qube Logistics Holdings Ltd		907
	1,233	*,e	Rand Logistics, Inc		6
	251,574	*	Republic Airways Holdings, Inc		2,850
	458,000		Road King Infrastructure		423
	65,311	*	Roadrunner Transportation Services Holdings, Inc		1,818
	46,434		Ryanair Holdings plc		430
	364,337		Ryanair Holdings plc (ADR)		18,774
	152,119		Ryder System, Inc		9,247
	498,000		Sagami Railway Co Ltd		1,799
	86,195	*	Saia, Inc		2,583
	96	*,m	SAir Group		0	^
	427,000		Sankyu, Inc		1,609
	192,900		Santos Brasil Participacoes S.A.		2,521

175

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	436,377	*,e	SAS AB	$	831
	27,060	e	Sebang Co Ltd		436
	454,287		Seino Holdings Corp		3,987
	238,000	e	Senko Co Ltd		1,219
	499,600	m	Shandong Airlines Co Ltd		344
	229,100		Shanghai Jinjiang International Investment Holdings Co		168
	141,400		Shenzhen Chiwan Petroleum		227
	259,100		Shenzhen Chiwan Wharf Holdings Ltd		393
	876,000	e	Shenzhen Expressway Co Ltd		321
	14,295,000	e	Shenzhen International Holdings		1,761
	58,000	e	Shibusawa Warehouse Co Ltd		245
	388,006		Shih Wei Navigation Co Ltd		266
	118,000	*	Shinwa Kaiun Kaisha Ltd		169
	1,871,097	e	Shun TAK Holdings Ltd		903
	2,618,000	e	Sichuan Expressway Co Ltd		700
	480,000		Sincere Navigation		423
	718,305		Singapore Airlines Ltd		5,733
	1,533,000		Singapore Airport Terminal Services Ltd		3,973
	4,414,419	e	Singapore Post Ltd		4,519
	4,174,000		Sinotrans Ltd		776
	2,700,000	e	Sinotrans Shipping Ltd		645
	2,468,000		SITC International Co Ltd		858
	30,736		Sixt AG.		687
	35,027		Sixt AG. (Preference)		700
	183,068	*	Skymark Airlines, Inc		603
	210,443		Skywest, Inc		2,849
	979,000	e	SMRT Corp Ltd		1,107
	11,065,075		Sociedad Matriz SAAM S.A.		1,165
	83,883	e	Societa Iniziative Autostradali e Servizi S.p.A.		685
	2,999,344		Southwest Airlines Co		38,662
	1,443,346	*	SpiceJet Ltd		652
	474,266	*	Spirit Airlines, Inc		15,067
	1,027,571		Stagecoach Group plc		4,924
	394,593	e	Stobart Group Ltd		548
	36,375	e	Stolt-Nielsen S.A.		796
	77,400	e	Student Transportation, Inc		474
	94,590		STX Pan Ocean Co Ltd		116
	164,767		Sumitomo Warehouse Co Ltd		941
	629,175	*	Swift Transportation Co, Inc		10,407
	575,702		Sydney Airport		1,776
	516,000		T.Join Transportation Co		621
	214,000		Taiwan Navigation Co Ltd		153
	464,573		TAV Havalimanlari Holding AS		2,717
	55,000		Tegma Gestao Logistica		611
	2,314,000		Thai Airways International PCL		1,838
	97,580		Thoresen Thai Agencies PCL		52
	5,676,000		Tianjin Port Development Holdings Ltd		736
	696,000	*,e	Tiger Airways Holdings Ltd		339
	502,364		TNT Express NV		3,764
	524,566		TNT NV		1,462
	811,534		Tobu Railway Co Ltd		4,182
	2,691,170		Tokyu Corp		17,621

176

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	607,812		Toll Holdings Ltd	$	2,942
	106,500		TPI-Triunfo Participacoes e Investimentos S.A.		524
	208,000		Transasia Airways Corp		92
	185,823	e	TransForce, Inc		3,631
	1,164,460		Transurban Group		7,191
	2,535,674		Turk Hava Yollari		9,852
	1,618,836	*	UAL Corp		50,653
	46,423	*	Ultrapetrol Bahamas Ltd		132
	1,209,100		U-Ming Marine Transport Corp		1,892
	2,487,017		Union Pacific Corp		383,697
	2,398,644		United Parcel Service, Inc (Class B)		207,435
	23,859	e	Universal Truckload Services, Inc		575
	614,675	*,e	US Airways Group, Inc		10,093
	735,884		UTI Worldwide, Inc		12,120
	1,220,317	*	Virgin Australia Holdings Ltd		473
	67,336	*,m	Virgin Australia Int Holdings		0	^
	11,668		VTG AG.		207
	292,057	*	Wan Hai Lines Ltd		150
	173,051	e	Werner Enterprises, Inc		4,183
	164,393	*,e	Wesco Aircraft Holdings, Inc		3,053
	297,892		West Japan Railway Co		12,634
	43,600	e	Westshore Terminals Investment Corp		1,191
	75,774		Wilh. Wilhelmsen ASA		594
	347,550		Wisdom Marine Lines Co Ltd		449
	6,434,000		Xiamen International Port Co Ltd		746
	69,353	*,e	XPO Logistics, Inc		1,255
	155,057		Yamato Transport Co Ltd		3,266
	1,377,415	*	Yang Ming Marine Transport		568
	35,594	*	YRC Worldwide, Inc		1,023
	20,400	e	Yusen Air & Sea Service Co Ltd		184
	4,942,300		Zhejiang Expressway Co Ltd		4,023
			TOTAL TRANSPORTATION		2,604,259

UTILITIES - 3.1%
	1,610,254	e	A2A S.p.A.		1,197
	2,466,731		Aboitiz Power Corp		1,987
	20,079	e	Acciona S.A.		1,059
	681,350		ACEA S.p.A.		5,688
	78,161	e	Actelios S.p.A.		84
	2,838,924		AES Corp		34,039
	3,514,843		AES Gener S.A.		2,289
	135,044		AES Tiete S.A.		1,276
	348,364	*,m	AET&D Holdings No 1 Ptd Ltd		0	^
	536,120		AGL Energy Ltd		7,094
	180,790		AGL Resources, Inc		7,749
	3,143,485		Aguas Andinas S.A.		2,222
	42,810	*	Akenerji Elektrik Uretim AS		31
	22,453		Alerion Industries S.p.A.		102
	192,025	e	Algonquin Power & Utilities Corp		1,324
	159,922		Allete, Inc		7,972
	436,282		Alliant Energy Corp		21,997
	459,318		Ameren Corp		15,819

177

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,361,861		American Electric Power Co, Inc	$	60,984
	111,332		American States Water Co		5,975
	1,187,118		American Water Works Co, Inc		48,945
	1,326,042		APA Group		7,267
	452,901		Aqua America, Inc		14,171
	34,134		Artesian Resources Corp		761
	134,847		Ascopiave S.p.A.		237
	148,590	e	Atco Ltd		6,130
	712,625	e	Atlantic Power Corp		2,808
	204,879	e	Atlantic Power Corp (Toronto)		803
	363,939		Atmos Energy Corp		14,943
	293,540		Avista Corp		7,931
	999,923	*	Babcock & Brown Wind Partners		233
	5,004,000	e	Beijing Enterprises Water Group Ltd		1,780
	2,324,000	*	Binhai Investment Co Ltd		115
	16,246		BKW S.A.		492
	177,545		Black Hills Corp		8,655
	30,295	*	Boralex, Inc		310
	4,228	*,e	Cadiz, Inc		19
	299,026		California Water Service Group		5,834
	5,224,458	*	Calpine Corp		110,915
	248,796		Canadian Utilities Ltd		8,732
	88,300	e	Capital Power Corp		1,728
	6,129,549		Centerpoint Energy, Inc		143,983
	297,941		Centrais Eletricas Brasileiras S.A.		621
	274,624		Centrais Eletricas Brasileiras S.A. (Preference)		1,074
	16,900		Centrais Eletricas de Santa Catarina S.A.		159
	7,285,695		Centrica plc		39,851
	30,864		CESC Ltd		175
	317,631		CEZ AS		7,614
	44,803		Chesapeake Utilities Corp		2,307
	661,344		Cheung Kong Infrastructure Holdings Ltd		4,407
	2,154,000		China Datang Corp Renewable Power Co Ltd		459
	3,109,400		China Gas Holdings Ltd		3,161
	4,357,200		China Longyuan Power Group Corp		4,480
	5,300,000	e	China Oil and Gas Group Ltd		1,067
	11,030,000	e	China Power International Development Ltd		4,125
	8,540,000	*,e	China Power New Energy Development Co Ltd		471
	2,757,300		China Resources Gas Group Ltd		7,092
	2,639,899		China Resources Power Holdings Co		6,308
	2,302,000		China Water Affairs Group Ltd		862
	4,810,000		China WindPower Group Ltd		172
	693,886		Chubu Electric Power Co, Inc		9,829
	360,991	e	Chugoku Electric Power Co, Inc		5,660
	643,119		Cia de Saneamento Basico do Estado de Sao Paulo		6,661
	78,400		Cia de Saneamento de Minas Gerais-COPASA		1,265
	97		Cia de Transmissao de Energia Electrica Paulista		1
	797,723		Cia Energetica de Minas Gerais		7,118
	427,071		Cia Energetica de Sao Paulo (Class B)		3,757
	78,200		Cia Energetica do Ceara		1,405
	329,419		Cia Paranaense de Energia		4,086

178

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	244,238		Cleco Corp	$	11,340
	2,070,883		CLP Holdings Ltd		16,741
	1,158,412		CMS Energy Corp		31,474
	15,988,287		Colbun S.A.		4,194
	39,665		Connecticut Water Service, Inc		1,138
	595,565		Consolidated Edison, Inc		34,727
	62,416		Consolidated Water Co, Inc		713
	2,491,034	e	Contact Energy Ltd		9,858
	290,340		CPFL Energia S.A.		2,695
	10,418,800	e	Datang International Power Generation Co Ltd		4,191
	29,180		Delta Natural Gas Co, Inc		620
	1,744,900		Dominion Resources, Inc		99,145
	2,178,226		Drax Group plc		19,330
	734,483		DTE Energy Co		49,218
	2,062,274	e	DUET Group		3,783
	3,495,058		Duke Energy Corp		235,916
	390,282	*	Dynegy, Inc		8,801
	4,802,916		E.ON AG.		78,713
	6,799		E1 Corp		431
	1,268,567		Edison International		61,094
	337,301		EDP - Energias do Brasil S.A.		1,713
	164,547		El Paso Electric Co		5,810
	109,541		Electric Power Development Co		3,425
	1,238,072		Electricite de France		28,731
	113,274		Eletropaulo Metropolitana de Sao Paulo S.A.		320
	35,417		Elia System Operator S.A.		1,483
	198,917	e	Empire District Electric Co		4,438
	615,226		Empresa Electrica del Norte Grande S.A.		1,039
	4,516,421		Empresa Nacional de Electricidad S.A.		6,679
	434,680		Enagas		10,744
	648,674		Endesa S.A.		13,853
	226,611		Enea S.A.		902
	1,480,131		Enel Green Power S.p.A		3,072
	3,134,311	e	Enel S.p.A.		9,835
	389,947	e	Energias de Portugal S.A.		1,258
	1,024,060	*,e	Energy World Corp Ltd		365
	46,038,006		Enersis S.A.		15,120
	1,910,653		Entergy Corp		133,134
	2,009,221		Envestra Ltd		1,828
	732,000	e	Epure International Ltd		329
	398,547		Equatorial Energia S.A.		3,304
	41,535	e	EVN AG.		522
	4,207,518		Exelon Corp		129,928
	686,063	*	Federal Grid Co Unified Energy System JSC (ADR)		1,227
	2,298,200	*	First Gen Corp		902
	493,930		First Philippine Holdings Corp		834
	1,161,211		FirstEnergy Corp		43,360
	247,849	e	Fortis, Inc		7,586
	1,613,931		Fortum Oyj		30,234
	458,170		GAIL India Ltd		2,408
	470,400		Gas Malaysia BHD		484
	846,492	e	Gas Natural SDG S.A.		17,055

179

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	3,359,297		Gaz de France	$	65,892
	56,640	e	Genie Energy Ltd		518
	568,100		Glow Energy PCL		1,310
	139,345		Great Plains Energy, Inc		3,141
	140,000		Great Taipei Gas Co Ltd		102
	3,914,700	e	Guangdong Investments Ltd		3,392
	2,050		Gujarat Gas Co Ltd		7
	194,239		Gujarat State Petronet Ltd		188
	2,353,042	*	GVK Power & Infrastructure Ltd		288
	96,829	e	Hawaiian Electric Industries, Inc		2,451
	1,227,355		Hera S.p.A.		2,322
	134,071	*	Hokkaido Electric Power Co, Inc		1,830
	288,273		Hokuriku Electric Power Co		4,523
	5,924,276		Hong Kong & China Gas Ltd		14,456
	2,803,319		Hong Kong Electric Holdings Ltd		24,131
	1,137,130	*	Huadian Energy Co Ltd		350
	2,300,000	*	Huadian Fuxin Energy Corp Ltd		653
	1,700,000		Huadian Power International Co		691
	8,924,300	e	Huaneng Power International, Inc		8,821
	1,980,000	e	Huaneng Renewables Corp Ltd		712
	681,000	e	Hyflux Ltd		670
	6,604,479		Iberdrola S.A.		34,902
	203,003		Idacorp, Inc		9,695
	115,000	*	IDGC Holding JSC (GDR)		920
	71,572	*	Indiabulls Infrastructure and Power Ltd		4
	30,672		Indraprastha Gas Ltd		138
	236,064	*,e	Infraestructura Energetica ,NV SAB de C.V.		850
	1,523,125	e	Infratil Ltd		2,620
	111,323		Innergex Renewable Energy, Inc		930
	77,508		Integrys Energy Group, Inc		4,537
	408,771		Interconexion Electrica S.A.		1,610
	976,665		Inversiones Aguas Metropolitanas S.A.		1,907
	2,048,734	e	Iride S.p.A.		2,283
	604,000		Isagen S.A. ESP		809
	156,671		ITC Holdings Corp		14,304
	340,925	e	Just Energy Income Fund		2,026
	1,830,271	*	Kansai Electric Power Co, Inc		25,053
	10,413	e	Korea District Heating Corp		821
	333,770	*	Korea Electric Power Corp		7,677
	84,431		Korea Gas Corp		3,884
	3,902		KyungDong City Gas Co Ltd		290
	390,399	*	Kyushu Electric Power Co, Inc		5,884
	133,528		Laclede Group, Inc		6,097
	102,400		Light S.A.		714
	154,871	e	Macquarie Power & Infrastructure Income Fund		558
	7		Manila Electric Co		0	^
	1,713,200		Manila Water Co, Inc		1,284
	662,879		MDU Resources Group, Inc		17,175
	100,629		MGE Energy, Inc		5,510
	66,774		Middlesex Water Co		1,330
	171,200	*	MPX Energia S.A.		579
	193,811		National Fuel Gas Co		11,231

180

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	8,382,301		National Grid plc	$	95,019
	171,758		New Jersey Resources Corp		7,133
	1,805,781		NextEra Energy, Inc		147,135
	884,161		NiSource, Inc		25,322
	1,296,634		Northeast Utilities		54,485
	98,359	e	Northland Power Income Fund		1,583
	109,978		Northwest Natural Gas Co		4,672
	154,173		NorthWestern Corp		6,152
	2,170,686		NRG Energy, Inc		57,957
	1,646,124		NTPC Ltd		3,975
	512,501		NV Energy, Inc		12,023
	52,682		Oest Elektrizitatswirts AG. (Class A)		999
	923,698		OGE Energy Corp		62,996
	113,900		Okinawa Electric Power Co, Inc		4,303
	257,981		Oneok, Inc		10,657
	73,576	e	Ormat Technologies, Inc		1,731
	4,135,806		Osaka Gas Co Ltd		17,463
	146,530		Otter Tail Corp		4,161
	537,776		Pennon Group plc		5,270
	238,086		Pepco Holdings, Inc		4,800
	791,000		Petronas Gas BHD		5,229
	1,414,096		PG&E Corp		64,667
	310,003		Piedmont Natural Gas Co, Inc		10,460
	640,613		Pinnacle West Capital Corp		35,535
	321,116		PNM Resources, Inc		7,126
	9,584,050		PNOC Energy Development Corp		1,281
	964,469		Polska Grupa Energetyczna S.A.		4,468
	304,476		Portland General Electric Co		9,314
	1,825,058		Power Grid Corp of India Ltd		3,410
	1,213,465		PPL Corp		36,719
	43,054,800		PT Perusahaan Gas Negara		24,890
	435,227		PTC India Ltd		359
	235,772	*	Public Power Corp		2,120
	1,038,995		Public Service Enterprise Group, Inc		33,934
	1,216,200	*	Puncak Niaga Holding BHD		734
	81,006	*	Pure Cycle Corp		453
	7,280		Pusan City Gas Co Ltd		174
	576,677		Questar Corp		13,754
	14,888	e	Red Electrica de Espana		819
	157,984	e	Redes Energeticas Nacionais S.A.		453
	534,645		Reliance Energy Ltd		3,126
	792,701	*	Reliance Power Ltd		858
	35,167		Rubis		2,164
	1,253,947	e	RusHydro (ADR)		1,833
	165,308		RWE AG.		5,270
	551	e	RWE AG. (Preference)		17
	8,162		Samchully Co Ltd		894
	262,097		SCANA Corp		12,869
	128,086		Scottish & Southern Energy plc		2,966
	37,478	e	Sechilienne-Sidec		704
	2,040,008		Sempra Energy		166,791
	185,597		Severn Trent plc		4,700

181

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	131,678	*	Shikoku Electric Power Co, Inc	$	2,378
	59,000		Shizuoka Gas Co Ltd		420
	62,157	e	SJW Corp		1,629
	1,149,857		Snam Rete Gas S.p.A.		5,236
	126,312		South Jersey Industries, Inc		7,252
	1,478,400		Southern Co		65,242
	190,080		Southwest Gas Corp		8,894
	4,253,236		SP AusNet		4,563
	3,158,534	e,g	Spark Infrastructure Group		5,009
	323,100	*	SPCG PCL		239
	217,872		Suez Environnement S.A.		2,816
	374,134	e	Superior Plus Corp		4,379
	1,085,450		Taiwan Cogeneration Corp		720
	1,444,809		Tata Power Co Ltd		2,088
	2,824,956		Tauron Polska Energia S.A.		3,658
	219,292		TECO Energy, Inc		3,770
	137,555		Telecom Plus plc		2,611
	7,114,018		Tenaga Nasional BHD		18,667
	50,201		Terna Energy S.A.		190
	251,025	e	Terna Rete Elettrica Nazionale S.p.A.		1,043
	3,045,800		Thai Tap Water Supply PCL		990
	389,208	e	Toho Gas Co Ltd		2,013
	369,398	*	Tohoku Electric Power Co, Inc		4,612
	1,342,106	*	Tokyo Electric Power Co, Inc		6,928
	6,953,285		Tokyo Gas Co Ltd		38,362
	1,289,000	e	Towngas China Co Ltd		1,277
	209,020		Tractebel Energia S.A.		3,248
	367,724	e	TransAlta Corp		5,038
	81,900		Transmissora Alianca de Energia Eletrica S.A.		784
	502,145		UGI Corp		19,639
	249,865		UIL Holdings Corp		9,557
	791,949		United Utilities Group plc		8,240
	55,588		Unitil Corp		1,605
	263,795		UNS Energy Corp		11,800
	53,562		Valener, Inc		816
	202,377		Vectren Corp		6,846
	260,713	e	Veolia Environnement		2,977
	304,091		Westar Energy, Inc		9,719
	206,622		WGL Holdings, Inc		8,930
	688,432		Wisconsin Energy Corp		28,219
	1,747,431		Xcel Energy, Inc		49,522
	2,149,800		Xinao Gas Holdings Ltd		11,387
	4,770		YESCO Co Ltd		150
	48,590	e	York Water Co		925
	5,902,182		YTL Corp BHD		3,092
	3,901,908		YTL Power International BHD		1,972
	1,453,400		Zhejiang Southeast Electric Power Co (Class B)		1,158
	629,253	*	Zorlu Enerji Elektrik Uretim AS		397
			TOTAL UTILITIES		3,514,915
			TOTAL COMMON STOCKS		111,265,491
			(Cost $97,428,400)

182

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
PREFERRED STOCKS - 0.0%
DIVERSIFIED FINANCIALS - 0.0%
	300,000		Daishin Securities Co Ltd Pref 2	$	1,529
			TOTAL DIVERSIFIED FINANCIALS		1,529
FOOD, BEVERAGE & TOBACCO - 0.0%
	1,332,896	*	Ambev Cia De Bebidas Das		49,891
			TOTAL FOOD, BEVERAGE & TOBACCO		49,891
REAL ESTATE - 0.0%
	8,497,223	*,m	Ayala Land, Inc (Preferred B)		20
			TOTAL REAL ESTATE		20
			TOTAL PREFERRED STOCKS		51,440
			(Cost $42,400)

RIGHTS / WARRANTS - 0.0%
AUTOMOBILES & COMPONENTS - 0.0%
	81,349		Federal-Mogul Corp		14
			TOTAL AUTOMOBILES & COMPONENTS		14

CAPITAL GOODS - 0.0%
	14,625		Gamuda Berhad		9
	574,212		KNM Group BHD		21
	3,758,804		Polimex-Mostostal S.A.		0	^
			TOTAL CAPITAL GOODS		30

COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
	118,150	m	New World Development Co Ltd		0	^
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		0	^

DIVERSIFIED FINANCIALS - 0.0%
	86		ASX Ltd		0	^
	1,035,000		Citigroup Global Markets Holdings		1,265
	43,300		J Trust Co Ltd		22
			TOTAL DIVERSIFIED FINANCIALS		1,287

ENERGY - 0.0%
	123,722		Etablissements Maurel et Prom CW14		28
	45,556	e	Magnum Hunter Resources Corp		6
	1,144,290		Repsol S.A.		637
			TOTAL ENERGY		671

FOOD & STAPLES RETAILING - 0.0%
	305,642	m	First Pacific Co Ltd		8
			TOTAL FOOD & STAPLES RETAILING		8

FOOD, BEVERAGE & TOBACCO - 0.0%
	15,075		Olam International Ltd		5
			TOTAL FOOD, BEVERAGE & TOBACCO		5

HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	60,780		Hartalega Holdings BHD		46
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		46

183

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

							MATURITY	VALUE
SHARES			COMPANY	RATE			DATE	(000)
MATERIALS - 0.0%
	119,620		Acerinox S.A.					$	61
	1,558		Kinross Gold Corp						0	^
			TOTAL MATERIALS						61

REAL ESTATE - 0.0%
	18,138		Africa Israel Investments Ltd						2
	3,332,457	m	Bangkokland PCL						0	^
	114,202		Cheuk Nang Holdings Ltd						21
	4,761,352	m	GPT Group						0	^
	59,525		IJM Land BHD - CW13						28
			TOTAL REAL ESTATE						51

RETAILING - 0.0%
	9,711		Groupe Fnac						25
			TOTAL RETAILING						25

			TOTAL RIGHTS / WARRANTS						2,198
			(Cost $2,085)

PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 4.0%
GOVERNMENT AGENCY DEBT - 0.0%
$	20,000,000		Federal Home Loan Bank (FHLB)		0.060	%	08/09/13		19,999
			TOTAL GOVERNMENT AGENCY DEBT						19,999

TREASURY DEBT - 0.5%
	5,000,000		United States Treasury Bill		0.065		07/05/13		5,000
	4,000,000		United States Treasury Bill		0.093		07/11/13		4,000
	50,200,000	d	United States Treasury Bill		0.050-0.090		07/18/13		50,199
	22,400,000		United States Treasury Bill		0.075		07/25/13		22,399
	16,000,000		United States Treasury Bill		0.074		08/08/13		15,999
	68,700,000		United States Treasury Bill		0.040-0.080		08/15/13		68,696
	18,600,000		United States Treasury Bill		0.048		08/22/13		18,599
	50,000,000		United States Treasury Bill		0.045		09/19/13		49,996
	116,000,000		United States Treasury Bill		0.040-0.060		09/26/13		115,990
	21,000,000		United States Treasury Bill		0.050		10/03/13		20,997
	36,000,000		United States Treasury Bill		0.055		10/10/13		35,995
	17,300,000		United States Treasury Bill		0.081		10/17/13		17,297
	10,600,000		United States Treasury Bill		0.060		10/24/13		10,598
	48,900,000		United States Treasury Bill		0.060		11/07/13		48,891
			TOTAL TREASURY DEBT						484,656

SHARES			COMPANY
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 3.5%
REPURCHASE AGREEMENT - 3.3%
	260,367,000	n	Bank of Nova Scotia		0.100		07/01/13		260,367
	750,000,000	o	Barclays		0.100		07/01/13		750,000
	9,000,000	p	BNP-A		0.100		07/01/13		9,000
	165,000,000	q	BNP-C		0.120		07/01/13		165,000
	491,000,000	r	Calyon-A		0.100		07/01/13		491,000

184

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

							MATURITY	VALUE
SHARES			COMPANY	RATE			DATE	(000)
$	235,000,000	s	Calyon-C		0.110	%	07/01/13	$	235,000
	446,000,000	t	Citigroup-A		0.100		07/01/13		446,000
	166,000,000	u	Citigroup-C		0.120		07/01/13		166,000
	186,000,000	v	Goldman Sachs		0.130		07/01/13		186,000
	8,000,000	w	HSBC		0.100		07/01/13		8,000
	96,000,000	x	Merrill Lynch		0.100		07/01/13		96,000
	653,000,000	y	Mizuho Securities		0.100		07/01/13		653,000
	85,000,000	z	Morgan Stanley		0.120		07/01/13		85,000
	150,000,000	aa	Royal Bank of Scotland		0.100		07/01/13		150,000
			TOTAL REPURCHASE AGREEMENT						3,700,367

VARIABLE RATE SECURITIES - 0.2%
	12,827,671		Granite Master Issuer plc 2006		0.392		12/20/50		12,430
	10,142,810		Granite Master Issuer plc 2007		0.392		12/20/50		9,828
	5,583,224		Medallion Trust 2005		0.313		08/22/36		5,542
	7,014,131		Nelnet Student Loan Trust 2007		0.523		09/25/18		7,002
	10,850,450		Puma Finance Ltd		0.414		02/21/38		10,706
	170,000,000		SLM Student Loan Trust 2007		0.316		01/25/19		167,081
	22,060,493		SLM Student Loan Trust 2008		0.626		10/25/16		22,016
			TOTAL VARIABLE RATE SECURITIES						234,605

			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						3,934,972

			TOTAL SHORT-TERM INVESTMENTS						4,439,627
			(Cost $4,442,502)
			TOTAL INVESTMENTS - 103.4%						115,761,375
			(Cost $101,918,009)
			OTHER ASSETS & LIABILITIES, NET - (3.4)%						(3,810,219	)
			NET ASSETS - 100.0%					$	111,951,156

		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 $4,879,761,000.
g		Security exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/2013, the aggregate value of these securities was $1,210,000 or 0.0% of net assets.
i		Floating or variable rate security. Coupon rate reflects the rate at period end.

185

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

j		Zero coupon
m		Indicates a security that has been deemed illiquid.
n		Agreement with Bank of Nova Scotia, 0.10% dated 06/28/13 to be repurchased at $260,369,000 on 07/01/13, collateralized by U.S. Government Agency Securities valued at $265,577,000.
o		Agreement with Barclays, 0.10% dated 06/28/13 to be repurchased at $750,001,000 on 07/01/13, collateralized by U.S. Government Agency Securities valued at $765,000,000.
p		Agreement with BNP-A, 0.10% dated 06/28/13 to be repurchased at $9,000,000 on 07/01/13, collateralized by U.S. Government Agency Securities valued at $9,180,000.
q		Agreement with BNP-C, 0.12% dated 06/28/13 to be repurchased at $165,002,000 on 07/01/13, collateralized by U.S. Government Agency Securities valued at $168,301,000.
r		Agreement with Calyon-A, 0.10% dated 06/28/13 to be repurchased at $491,004,000 on 07/01/13, collateralized by U.S. Government Agency Securities valued at $500,820,000.
s		Agreement with Calyon-C, 0.11% dated 06/28/13 to be repurchased at $235,002,000 on 07/01/13, collateralized by U.S. Government Agency Securities valued at $239,700,000.
t		Agreement with Citigroup-A, 0.10% dated 06/28/13 to be repurchased at $446,004,000 on 07/01/13, collateralized by U.S. Government Agency Securities valued at $454,920,000.
u		Agreement with Citigroup-C, 0.12% dated 06/28/13 to be repurchased at $166,002,000 on 07/01/13, collateralized by U.S. Government Agency Securities valued at $169,320,000.
v		Agreement with Goldman Sachs, 0.13% dated 06/28/13 to be repurchased at $186,002,000 on 07/01/13, collateralized by U.S. Government Agency Securities valued at $189,720,000.
w		Agreement with HSBC, 0.10% dated 06/28/13 to be repurchased at $8,003,000 on 07/01/13, collateralized by U.S. Government Agency Securities valued at $8,163,000.
x		Agreement with Merrill Lynch, 0.10% dated 06/28/13 to be repurchased at $96,001,000 on 07/01/13, collateralized by U.S. Government Agency Securities valued at $97,920,000.
y		Agreement with Mizuho Securities 0.10% dated 06/28/13 to be repurchased at $653,005,000 on 07/01/13, collateralized by U.S. Government Agency Securities valued at $666,066,000.
z		Agreement with Morgan Stanley, 0.12% dated 06/28/13 to be repurchased at $85,001,000 on 07/01/13, collateralized by U.S. Government Agency Securities valued at $86,700,000.
aa		Agreement with Royal Bank of Scotland, 0.10% dated 06/28/13 to be repurchased at $150,001,000 on 07/01/13, collateralized by U.S. Government Agency Securities valued at $153,001,000.

		Cost amounts are in thousands.

186

COLLEGE RETIREMENT EQUITIES FUND

STOCK ACCOUNT

SUMMARY OF MARKET VALUES BY COUNTRY (unaudited)

June 30, 2013

Country	Value (000)		% of total portfolio
DOMESTIC

UNITED STATES	$	82,117,951		70.9	%
TOTAL DOMESTIC		82,117,951		70.9
FOREIGN

ARGENTINA		1,807		0.0
AUSTRALIA		1,449,487		1.3
AUSTRIA		88,224		0.1
BELGIUM		176,884		0.2
BERMUDA		49,676		0.0
BRAZIL		773,976		0.7
CAMBODIA		2,509		0.0
CANADA		2,488,573		2.2
CAYMAN ISLANDS		31,486		0.0
CHILE		134,540		0.1
CHINA		1,318,554		1.1
COLOMBIA		87,458		0.1
CYPRUS		944		0.0
CZECH REPUBLIC		17,266		0.0
DENMARK		274,970		0.2
EGYPT		15,356		0.0
FINLAND		157,318		0.1
FRANCE		2,422,023		2.1
GERMANY		2,026,467		1.8
GIBRALTAR		1,406		0.0
GREECE		29,363		0.0
GUERNSEY, C.I.		2,755		0.0
HONG KONG		788,908		0.7
HUNGARY		18,533		0.0
INDIA		564,374		0.5
INDONESIA		285,837		0.3
IRELAND		268,513		0.2
ISLE OF MAN		4,485		0.0
ISRAEL		105,981		0.1
ITALY		367,030		0.3
JAPAN		5,380,044		4.7
JERSEY, C.I.		3,466		0.0
KOREA, REPUBLIC OF		1,073,806		0.9
LUXEMBOURG		19,360		0.0
MACAU		40,662		0.0
MALAYSIA		297,223		0.3
MEXICO		400,341		0.4
MONACO		7,161		0.0
MOROCCO		3,986		0.0
NETHERLANDS		1,017,976		0.9
NEW ZEALAND		76,019		0.1

187

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

Country	Value (000)		% of total portfolio
NORWAY	$	321,493		0.3	%
PANAMA		32,156		0.0
PERU		27,578		0.0
PHILIPPINES		108,324		0.1
POLAND		105,266		0.1
PORTUGAL		36,107		0.0
PUERTO RICO		6,477		0.0
RUSSIA		379,287		0.3
SINGAPORE		351,037		0.3
SOUTH AFRICA		503,110		0.4
SPAIN		380,246		0.3
SWEDEN		654,499		0.6
SWITZERLAND		2,121,654		1.8
TAIWAN		941,859		0.8
THAILAND		236,426		0.2
TURKEY		163,739		0.2
UKRAINE		4,156		0.0
UNITED ARAB EMIRATES		22,733		0.0
UNITED KINGDOM		4,972,530		4.3
TOTAL FOREIGN		33,643,424		29.1

TOTAL PORTFOLIO	$	115,761,375		100.0	%

188

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND

GLOBAL EQUITIES ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2013

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 98.4%

AUSTRALIA - 2.2%
	144,604		AGL Energy Ltd	$	1,913
	23,242	e	ALS Ltd		202
	747,861		Alumina Ltd		666
	468,912		Amcor Ltd		4,334
	945,426		AMP Ltd		3,656
	56,711		APA Group		311
	185,918		Asciano Group		850
	1,257,735	*	Australia & New Zealand Banking Group Ltd		32,650
	52,154		Australian Stock Exchange Ltd		1,573
	43,941		Bendigo Bank Ltd		403
	1,957,065		BHP Billiton Ltd		56,330
	126,480	*	BlueScope Steel Ltd		538
	87,372		Boral Ltd		334
	356,690		Brambles Ltd		3,038
	15,611		Caltex Australia Ltd		257
	263,243		CFS Gandel Retail Trust		480
	170,078		Coca-Cola Amatil Ltd		1,971
	5,144		Cochlear Ltd		289
	407,068		Commonwealth Bank of Australia		25,623
	6,000,000		Commonwealth Property Office Fund		6,013
	147,040		Computershare Ltd		1,379
	51,161		Crown Ltd		564
	144,150		CSL Ltd		8,118
	799,457	e	David Jones Ltd		1,861
	553,793		DB RREEF Trust		540
	69,241		DuluxGroup Ltd		266
	100,046		Echo Entertainment Group Ltd		280
	89,324		Federation Centres		194
	153,737	e	Flight Centre Ltd		5,505
	105,299	e	Fortescue Metals Group Ltd		290
	1,199,398		GPT Group (ASE)		4,212
	53,125	e	Harvey Norman Holdings Ltd		123
	621,071	e	Iluka Resources Ltd		5,597
	284,937		Incitec Pivot Ltd		742
	634,053		Insurance Australia Group Ltd		3,147
	145,327	e	John Fairfax Holdings Ltd		66
	44,554	e	Leighton Holdings Ltd		624
	193,081		Lend Lease Corp Ltd		1,472
	201,423		Macquarie Goodman Group		896
	115,781		Macquarie Group Ltd		4,416
	95,657		Metcash Ltd		307
	1,113,918		Mirvac Group		1,631
	985,034		National Australia Bank Ltd		26,645
	460,960		Newcrest Mining Ltd		4,255

189

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	321,889	e	OneSteel Ltd	$	228
	109,098		Orica Ltd		2,057
	364,837		Origin Energy Ltd		4,181
	94,032		Oxiana Ltd		353
	128,132	*	Qantas Airways Ltd		157
	451,736		QBE Insurance Group Ltd		6,255
	171,167		QR National Ltd		650
	209,008		Ramsay Health Care Ltd		6,832
	189,784		Rio Tinto Ltd		9,095
	289,057		Santos Ltd		3,292
	21,994		Seek Ltd		182
	52,514		Shopping Centres Australasia Property Group		76
	7,271	e	Sims Group Ltd		55
	25,495	e	Sonic Healthcare Ltd		346
	181,204		SP AusNet		194
	818,606		Stockland Trust Group		2,605
	459,266		Suncorp-Metway Ltd		4,988
	57,922		Sydney Airport		179
	94,864		Tabcorp Holdings Ltd		264
	155,417		Tattersall’s Ltd		449
	1,596,351		Telstra Corp Ltd		6,940
	240,744		Toll Holdings Ltd		1,165
	374,410		Transurban Group		2,312
	43,871		Treasury Wine Estates Ltd		233
	362,067		Wesfarmers Ltd		13,102
	3,899,698		Westfield Group		40,844
	1,343,721		Westfield Retail Trust		3,800
	688,040		Westpac Banking Corp		18,064
	35,544	e	Whitehaven Coal Ltd		75
	198,076		Woodside Petroleum Ltd		6,308
	347,386		Woolworths Ltd		10,407
	40,143		WorleyParsons Ltd		711
			TOTAL AUSTRALIA		360,960

AUSTRIA - 0.1%
	98,890		Andritz AG.		5,074
	22,579		Erste Bank der Oesterreichischen Sparkassen AG.		602
	65,989	*,e	Immoeast AG.		0	^
	53,785		IMMOFINANZ Immobilien Anlagen AG.		201
	7,264		Oest Elektrizitatswirts AG. (Class A)		138
	170,000		Oesterreichische Post AG.		6,616
	15,239		OMV AG.		687
	5,175		Raiffeisen International Bank Holding AG.		151
	28,348		Telekom Austria AG.		179
	11,692		Voestalpine AG.		413
	3,986		Wiener Staedtische Allgemeine Versicherung AG.		185
			TOTAL AUSTRIA		14,246

BELGIUM - 0.3%
	23,357		Ageas		820
	31,925	*,m	Anheuser-Busch InBev NV (Strip VVPR)		0	^
	15,882		Belgacom S.A.		356

190

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	7,830		Colruyt S.A.	$	412
	10,178	e	Delhaize Group		629
	7,725		Groupe Bruxelles Lambert S.A.		582
	477	*,m	Groupe Bruxelles Lambert S.A. - STR VVPR		0	^
	82,972		InBev NV		7,470
	20,504		KBC Groep NV		764
	1,411		Mobistar S.A.		29
	5,996		Solvay S.A.		785
	3,104		Telenet Group Holding NV		143
	608,779		UCB S.A.		32,680
	11,514		Umicore		478
			TOTAL BELGIUM		45,148

BERMUDA - 0.0%
	130,980		Validus Holdings Ltd		4,731
			TOTAL BERMUDA		4,731

BRAZIL - 0.1%
	329,000		BTG Pactual Participations Ltd		4,033
	450,000		Grendene S.A.		4,086
	507,210		Satipel Industrial S.A.		2,914
			TOTAL BRAZIL		11,033

CANADA - 3.2%
	23,247		Agnico-Eagle Mines Ltd		641
	38,473		Agrium, Inc (Toronto)		3,336
	300,000		Aimia, Inc		4,490
	26,638		Alimentation Couche Tard, Inc		1,581
	65,525	e	AltaGas Income Trust		2,297
	50,830	e	ARC Energy Trust		1,331
	6,920		Atco Ltd		286
	232,430	*	Athabasca Oil Corp		1,439
	238,483		Bank of Montreal (Toronto)		13,832
	429,102	e	Bank of Nova Scotia		22,938
	527,542		Barrick Gold Corp (Canada)		8,327
	69,394	e	Baytex Energy Trust		2,501
	186,657	e	BCE, Inc		7,653
	55,567	e	Bell Aliant Regional Communications Income Fund		1,493
	603,735		Bombardier, Inc		2,687
	16,050	e	Bonavista Energy Trust		208
	154,148		Brookfield Asset Management, Inc		5,540
	52,975	*	BRP, Inc		1,234
	41,505		CAE, Inc		431
	78,766	e	Cameco Corp		1,626
	202,701	e	Canadian Imperial Bank of Commerce/Canada		14,386
	347,881		Canadian National Railway Co		33,872
	454,379		Canadian Natural Resources Ltd (Canada)		12,810
	216,364		Canadian Oil Sands Trust		4,006
	175,496	e	Canadian Pacific Railway Ltd (Toronto)		21,281
	23,918	e	Canadian Tire Corp Ltd		1,801
	22,036		Canadian Utilities Ltd		773
	290,000	e	Cenovus Energy, Inc		8,271

191

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	350,607		Cenovus Energy, Inc (Toronto)	$	10,001
	102,870	*	CGI Group, Inc		3,013
	34,156		CI Financial Corp		983
	203,778	e	Crescent Point Energy Corp		6,911
	246,127		Dollarama, Inc		17,227
	409,127		Eldorado Gold Corp		2,532
	7,622		Empire Co Ltd		583
	229,993		Enbridge, Inc		9,668
	186,938	e	EnCana Corp		3,162
	26,983	e	Enerplus Resources Fund		399
	965		Fairfax Financial Holdings Ltd		379
	103,832		Finning International, Inc		2,137
	40,084	e	First Capital Realty, Inc		680
	336,242		First Quantum Minerals Ltd		4,988
	86,194	e	Fortis, Inc		2,638
	81,543		Franco-Nevada Corp		2,919
	9,568		George Weston Ltd		762
	70,398		Gildan Activewear, Inc		2,855
	227,221		Goldcorp, Inc		5,643
	52,254		Great-West Lifeco, Inc		1,418
	93,312		H&R Real Estate Investment Trust		1,956
	158,134	e	Husky Energy, Inc		4,213
	16,200	e	IAMGOLD Corp		68
	53,351	e	IGM Financial, Inc		2,287
	132,023		Imperial Oil Ltd		5,040
	13,245		Industrial Alliance Insurance and Financial Services, Inc		524
	21,169		ING Canada, Inc		1,193
	182,139	*	Ivanhoe Mines Ltd		1,081
	7,201	e	Keyera Facilities Income Fund		387
	588,141		Kinross Gold Corp		3,014
	15,823	e	Loblaw Cos Ltd		715
	11,651	*,e	Lululemon Athletica, Inc		763
	80,000		Magna International, Inc - Class A (NY)		5,698
	102,110		Magna International, Inc (Class A)		7,268
	541,914	e	Manulife Financial Corp		8,672
	14,351	*	MEG Energy Corp		393
	131,661		Metro, Inc		8,823
	72,281	e	National Bank of Canada		5,157
	287,975	*	New Gold, Inc		1,865
	20,160		Onex Corp		915
	9,133		Open Text Corp		624
	3,901		Pan American Silver Corp		45
	123,961	e	Pembina Pipeline Income Fund		3,793
	95,031	e	Pengrowth Energy Trust		467
	65,958	e	Penn West Energy Trust		696
	12,686	e	Peyto Energy Trust		367
	264,794		Potash Corp of Saskatchewan Toronto		10,101
	75,340	e	Power Corp Of Canada		2,022
	51,135	e	Power Financial Corp		1,487
	97,200	*,e	Research In Motion Ltd (Canada)		1,024
	94,772		RioCan Real Estate Investment Trust		2,277
	4,658	e	Ritchie Bros Auctioneers, Inc		89

192

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	105,035	e	Rogers Communications, Inc (Class B)	$	4,115
	717,982	e	Royal Bank of Canada (Toronto)		41,835
	65,963		Saputo, Inc		3,032
	75,436	e	Shaw Communications, Inc (B Shares)		1,810
	96,431	e	Shoppers Drug Mart Corp		4,449
	66,939		Silver Wheaton Corp		1,312
	24,487		SNC-Lavalin Group, Inc		1,034
	191,210		Sun Life Financial, Inc		5,663
	892,546		Suncor Energy, Inc		26,309
	596,438		Talisman Energy, Inc		6,805
	246,131	e	Teck Cominco Ltd		5,259
	115,690	e	TELUS Corp		3,377
	93,399	e	Thomson Corp (Toronto)		3,048
	33,659		Tim Hortons, Inc (Toronto)		1,820
	481,095	e	Toronto-Dominion Bank		38,640
	236,120	*	Tourmaline Oil Corp		9,459
	152,764	e	TransAlta Corp		2,093
	414,593	e	TransCanada Corp		17,850
	45,880	e	Vermilion Energy Trust		2,243
	180,000	e	Westjet Airlines Ltd		3,854
	203,599	e	Yamana Gold, Inc		1,942
			TOTAL CANADA		528,942

CAYMAN ISLANDS - 0.0%
	69,326	e	Herbalife Ltd		3,129
			TOTAL CAYMAN ISLANDS		3,129

CHINA - 0.9%
	51,000		AAC Technologies Holdings, Inc		286
	6,212,000		Agile Property Holdings Ltd		6,619
	794,000		Agricultural Bank of China		325
	2,708,700		Bank of Communications Co Ltd		1,736
	2,079,948		BOC Hong Kong Holdings Ltd		6,363
	1,122,000		China Aoyuan Property Group Ltd		201
	5,000,000		China Construction Bank		3,514
	22,188,400		China Everbright International Ltd		17,074
	3,119,500		China Merchants Bank Co Ltd		5,179
	1,300,255	*	China New Town Development Co Ltd		95
	6,000,000		China Railway Construction Corp		5,189
	12,000,000		China Railway Group Ltd		5,513
	920,000		China Resources Gas Group Ltd		2,366
	1,818,900	e	China South Locomotive and Rolling Stock Corp		1,063
	7,000,000		China Southern Airlines Co Ltd		2,806
	7,000,000	e	Chongqing Rural Commercial Bank		2,942
	203,000		CNOOC Ltd		340
	90,000	*,e	Ctrip.com International Ltd (ADR)		2,937
	5,121,000	e	Dah Chong Hong Holdings Ltd		4,067
	11,900,000		Datang International Power Generation Co Ltd		4,787
	209,000	*	Glorious Property Holdings Ltd		32
	1,450,000	e	Great Wall Motor Co Ltd		6,206
	2,250,000		Guangzhou R&F Properties Co Ltd		3,225
	7,000,000	e	Huadian Power International Co		2,844

193

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	5,000,000		Huaneng Power International, Inc	$	4,942
	11,408,000	e	Huaneng Renewables Corp Ltd		4,102
	8,556,000		Industrial & Commercial Bank of China		5,362
	12,188,000		KWG Property Holding Ltd		6,334
	6,000,000		Poly Hong Kong Investment Ltd		3,219
	3,000,000		Shimao Property Holdings Ltd		5,901
	50,000	*	Sina Corp		2,786
	2,223,338	e	Sino-Ocean Land Holdings Ltd		1,198
	5,600,000	e	Sunac China Holdings Ltd		3,651
	168,000		Tencent Holdings Ltd		6,560
	1,550,000		Xinao Gas Holdings Ltd		8,210
	2,621,600	e	Xingda International Holdings Ltd		1,109
	130,000	e	Yangzijiang Shipbuilding		85
	7,539,000	e	Yanlord Land Group Ltd		7,282
			TOTAL CHINA		146,450

COLOMBIA - 0.1%
	608,107	e	Pacific Rubiales Energy Corp (Toronto)		10,680
			TOTAL COLOMBIA		10,680

DENMARK - 0.6%
	55		AP Moller - Maersk AS (Class A)		370
	122		AP Moller - Maersk AS (Class B)		873
	10,917		Carlsberg AS (Class B)		976
	750,985		Christian Hansen Holding		25,693
	11,222		Coloplast A.S.		628
	58,020	*	Danske Bank AS		990
	21,049		DSV AS		513
	300,000		GN Store Nord		5,666
	283,573		Novo Nordisk AS (Class B)		44,085
	38,961		Novozymes AS		1,248
	736,791		TDC AS		5,971
	300,000	*	Topdanmark A.S.		7,635
	2,228		TrygVesta AS		184
	2,844	*	William Demant Holding		235
			TOTAL DENMARK		95,067

FINLAND - 0.2%
	13,753		Elisa Oyj (Series A)		269
	560,635		Fortum Oyj		10,503
	6,964		Kesko Oyj (B Shares)		194
	15,777		Kone Oyj (Class B)		1,251
	12,703		Metso Oyj		430
	12,237		Neste Oil Oyj		179
	303,934	e	Nokia Oyj		1,133
	10,906		Nokian Renkaat Oyj		444
	413,376		OKO Bank (Class A)		6,074
	5,753		Orion Oyj (Class B)		135
	741,600	e	Outotec Oyj		8,861
	42,892		Sampo Oyj (A Shares)		1,670
	56,313		Stora Enso Oyj (R Shares)		377
	52,761		UPM-Kymmene Oyj		517

194

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	17,456		Wartsila Oyj (B Shares)	$	758
			TOTAL FINLAND		32,795

FRANCE - 3.6%
	15,198		Accor S.A.		534
	3,112		Aeroports de Paris		303
	58,598		Air Liquide		7,237
	2,607,974	*,e	Alcatel S.A.		4,750
	21,002		Alstom RGPT		689
	3,366		Arkema		309
	349,968		Atos Origin S.A.		26,009
	171,477		AXA S.A.		3,380
	1,097,018		BNP Paribas		60,056
	10,819		Bouygues S.A.		276
	20,656		Bureau Veritas S.A.		535
	15,072		Cap Gemini S.A.		732
	62,796		Carrefour S.A.		1,725
	5,627		Casino Guichard Perrachon S.A.		527
	1		CGG (ADR)		0	^
	2,990		Christian Dior S.A.		483
	14,862		CNP Assurances		213
	210,659		Compagnie de Saint-Gobain		8,536
	16,067	*	Compagnie Generale de Geophysique S.A.		356
	20,687		Compagnie Generale d’Optique Essilor International S.A.		2,204
	97,436	*	Credit Agricole S.A.		839
	6,424		Dassault Systemes S.A.		785
	1,688,689		Edenred		51,707
	359,992		Electricite de France		8,354
	3,402		Eurazeo		182
	7,843		Eutelsat Communications		223
	2,676		Fonciere Des Regions		201
	119,369		France Telecom S.A.		1,130
	772,700	*,e	GameLoft		5,411
	139,256		Gaz de France		2,732
	1,993		Gecina S.A.		220
	57,273		Groupe Danone		4,311
	31,549		Groupe Eurotunnel S.A.		240
	2,139		Icade		176
	1,234		Iliad S.A.		267
	3,402		Imerys S.A.		209
	784,625		JC Decaux S.A.		21,357
	9,705		Klepierre		383
	493,546		Lafarge S.A.		30,305
	5,829		Lagardere S.C.A.		163
	18,476	e	Legrand S.A.		857
	158,434		L’Oreal S.A.		26,044
	257,369		LVMH Moet Hennessy Louis Vuitton S.A.		41,785
	13,451		Michelin (C.G.D.E.) (Class B)		1,203
	89,843		Natixis		377
	18,795	e	Pernod-Ricard S.A.		2,086
	6,728	e	PPR		1,369

195

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	9,427		Publicis Groupe S.A.	$	671
	414,800		Remy Cointreau S.A.		44,015
	612,782		Renault S.A.		41,275
	1,082,463		Rexel S.A.		24,389
	22,274	e	Safran S.A.		1,163
	517,342		Sanofi-Aventis		53,483
	50,793		Schneider Electric S.A.		3,689
	156,010		SCOR		4,788
	2,842		Societe BIC S.A.		285
	65,149		Societe Generale		2,242
	5,082		Sodexho Alliance S.A.		423
	15,731		Suez Environnement S.A.		203
	253,387		Technip S.A.		25,752
	344,753		Teleperformance		16,603
	9,201		Thales S.A.		429
	991,866		Total S.A.		48,446
	9,040		Unibail-Rodamco		2,106
	10,779		Vallourec		547
	19,212		Veolia Environnement		219
	45,199		Vinci S.A.		2,267
	122,007		Vivendi Universal S.A.		2,312
	1,677		Wendel		173
	1,904		Zodiac S.A.		252
			TOTAL FRANCE		597,502

GERMANY - 3.5%
	11,490		Adidas-Salomon AG.		1,242
	548,770		Allianz AG.		80,099
	2,253	e	Axel Springer AG.		96
	93,678		BASF AG.		8,355
	740,119		Bayer AG.		78,801
	101,004		Bayerische Motoren Werke AG.		8,815
	535		Bayerische Motoren Werke AG. (Preference)		37
	710,311		Beiersdorf AG.		61,874
	2,715	e	Brenntag AG.		413
	8,435		Celesio AG.		183
	72,007	*	Commerzbank AG.		626
	130,764		Continental AG.		17,432
	93,734		Daimler AG. (Reg)		5,659
	1,064,583		Deutsche Bank AG.		44,641
	19,808		Deutsche Boerse AG.		1,303
	22,438		Deutsche Lufthansa AG.		454
	1,706,688		Deutsche Post AG.		42,357
	285,398		Deutsche Telekom AG.		3,325
	65,000		Duerr AG.		3,916
	1,338,324		E.ON AG.		21,933

196

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	3,577		Fraport AG. Frankfurt Airport Services Worldwide	$	216
	20,695		Fresenius Medical Care AG.		1,467
	11,952		Fresenius SE		1,471
	1,792		Fuchs Petrolub AG. (Preference)		142
	9,794		GEA Group AG.		347
	76,129		Hannover Rueckversicherung AG.		5,474
	14,343		HeidelbergCement AG.		961
	13,342		Henkel KGaA		1,045
	18,239		Henkel KGaA (Preference)		1,713
	1,760		Hochtief AG.		115
	1,596		Hugo Boss AG.		175
	110,123		Infineon Technologies AG.		922
	17,869		K&S AG.		660
	286,550		Kabel Deutschland Holding AG.		31,464
	104,448		Lanxess AG.		6,290
	18,027		Linde AG.		3,359
	2,230		MAN AG.		243
	3,563		Merck KGaA		542
	12,746		Metro AG.		403
	139,839		Muenchener Rueckver AG.		25,690
	15,530		Porsche AG.		1,199
	145,185		ProSiebenSat.1 Media AG.		6,227
	183,000		RTL Group		15,050
	37,354		RWE AG.		1,191
	3,154	e	RWE AG. (Preference)		97
	1,835		Salzgitter AG.		60
	574,310		SAP AG.		41,938
	82,203		Siemens AG.		8,324
	7,431		Suedzucker AG.		230
	13,247		Telefonica Deutschland Holding AG.		96
	36,616		ThyssenKrupp AG.		718
	5,945		United Internet AG.		168
	39,185		Volkswagen AG.		7,619
	115,714		Volkswagen AG. (Preference)		23,372
	341,804	e	Wirecard AG.		9,300
			TOTAL GERMANY		579,849

GREECE - 0.0%
	16,021	*	Hellenic Telecommunications Organization S.A.		125
	22,406		OPAP S.A.		188
			TOTAL GREECE		313

HONG KONG - 1.2%
	7,782,500		AIA Group Ltd		32,788
	15,558	e	ASM Pacific Technology		171
	86,016		Bank of East Asia Ltd		308

197

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	105,237		Cathay Pacific Airways Ltd	$	183
	594,111		Cheung Kong Holdings Ltd		8,011
	40,661		Cheung Kong Infrastructure Holdings Ltd		271
	493,956		CLP Holdings Ltd		3,993
	4,745,731	e	Esprit Holdings Ltd		6,993
	144,504		First Pacific Co		154
	168,000	*	Galaxy Entertainment Group Ltd		816
	1,811,517		Hang Lung Group Ltd		9,703
	7,414,337		Hang Lung Properties Ltd		25,682
	360,570		Hang Seng Bank Ltd		5,310
	346,866		Henderson Land Development Co Ltd		2,060
	158,804		HKT Trust and HKT Ltd		152
	1,708,144		Hong Kong & China Gas Ltd		4,168
	264,279		Hong Kong Electric Holdings Ltd		2,275
	255,903	e	Hong Kong Exchanges and Clearing Ltd		3,843
	37,903		Hopewell Holdings		126
	374,700		Hutchison Port Holdings Trust		274
	552,416		Hutchison Whampoa Ltd		5,779
	57,584		Hysan Development Co Ltd		249
	4,000,000	e	iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker		4,647
	1,520,927		Kerry Properties Ltd		5,929
	1,750,638	e	Li & Fung Ltd		2,386
	1,803,500		Lifestyle International Holdings Ltd		3,764
	2,693,445		Link Real Estate Investment Trust		13,219
	404,915		MTR Corp		1,488
	1,037,909		New World Development Ltd		1,426
	279,750		Noble Group Ltd		213
	132,345		NWS Holdings Ltd		203
	13,364		Orient Overseas International Ltd		86
	276,749		PCCW Ltd		129
	3,263,700		Samsonite International		7,822
	2,770,286	*	Shanghai Real Estate Ltd		88
	139,345		Shangri-La Asia Ltd		240
	267,969		Sino Land Co		375
	136,000		SJM Holdings Ltd		330
	4,000,000		Skyworth Digital Holdings Ltd		2,008
	1,288,775		Sun Hung Kai Properties Ltd		16,550
	143,293		Swire Pacific Ltd (Class A)		1,726
	147,956		Swire Properties Ltd		436
	1,234,662		Wharf Holdings Ltd		10,305
	883,780		Wheelock & Co Ltd		4,409
	515		Wing Hang Bank Ltd		5
	50,589		Yue Yuen Industrial Holdings		131
			TOTAL HONG KONG		191,224

INDIA - 0.4%
	2,006,779	*	DEN Networks Ltd		6,164
	1,530,483	*	Dhanalakshmi Bank Ltd		819

198

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	5,493,745		DLF Ltd	$	16,666
	496,095		Geodesic Information Systems Ltd		46
	383,004	*	Hathway Cables and Datacom Pvt Ltd		1,775
	6,229,442	*	IBN18 Broadcast Ltd		2,506
	1,764,100		Infrastructure Development Finance Co Ltd		3,779
	118,409		ING Vysya Bank Ltd		1,206
	3,620,000		Jaiprakash Associates Ltd		3,240
	283,431		Jyothy Laboratories Ltd		856
	454,322		LIC Housing Finance Ltd		1,943
	1,655,515		Mundra Port and Special Economic Zone Ltd		4,180
	1,000,000		Power Finance Corp Ltd		2,415
	90,834		Prestige Estates Projects Ltd		233
	1,371,039		Puravankara Projects Ltd		1,955
	800,000		Rural Electrification Corp Ltd		2,692
	200,000		Sun Pharmaceuticals Industries Ltd		3,399
	813,513		Sunteck Realty Ltd		5,299
	30,756,522		Unitech Ltd		10,867
	6,471		Vedanta Resources plc		101
	3,190,700	*	Zee Entertainment Enterprises Ltd		3,256
			TOTAL INDIA		73,397

INDONESIA - 0.1%
	22,279,000	*	PT Express Transindo Utama Tbk		3,022
	33,842,500	*	PT MNC Sky Vision Tbk		7,982
	2,348,000		PT Perusahaan Gas Negara		1,357
	4,000,000		PT Telekomunikasi Indonesia Tbk (Series B)		4,455
			TOTAL INDONESIA		16,816

IRELAND - 0.7%
	1,083,204	*	Bank of Ireland		221
	1,423,685		CRH plc		28,805
	99,360		CRH plc (Ireland)		2,016
	60,000		DCC plc		2,343
	44,265	*	Elan Corp plc		621
	4,190	*,e	Elan Corp plc (ADR)		59
	147,992	*,m	Irish Bank Resolution Corp Ltd		0	^
	50,855		James Hardie Industries NV		437
	297,319		Kerry Group plc (Class A)		16,409
	135,500		Paddy Power plc		11,626
	521	*,e	Prothena Corp plc		7
	14,350		Ryanair Holdings plc		133
	460,251		Ryanair Holdings plc (ADR)		23,717
	396,078		Shire Ltd		12,552
	1,057,400		Smurfit Kappa Group plc		17,635
	220,000		Smurfit Kappa Group plc (Euro Comp)		3,596
	72,350		XL Capital Ltd		2,194
			TOTAL IRELAND		122,371

ISLE OF MAN - 0.0%
	3,631,384	*	Unitech Corporate Parks plc		2,340
			TOTAL ISLE OF MAN		2,340

199

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
ISRAEL - 0.1%
	53,824	*	Bank Hapoalim Ltd	$	243
	63,610	*	Bank Leumi Le-Israel		210
	111,801		Bezeq Israeli Telecommunication Corp Ltd		149
	268		Delek Group Ltd		69
	23,479		Israel Chemicals Ltd		231
	167		Israel Corp Ltd		100
	2,295	*	Mellanox Technologies Ltd		114
	6,605	*	Mizrahi Tefahot Bank Ltd		66
	3,450		Nice Systems Ltd		127
	46,617		Teva Pharmaceutical Industries Ltd		1,824
	450,878		Teva Pharmaceutical Industries Ltd (ADR)		17,674
			TOTAL ISRAEL		20,807
ITALY - 0.7%
	228,506		ACEA S.p.A.		1,907
	119,973		Assicurazioni Generali S.p.A.		2,097
	4,780	e	Autogrill S.p.A.		66
	31,574		Autostrade S.p.A.		515
	200,000		Azimut Holding S.p.A.		3,641
	1,004,188		Banca Intesa S.p.A.		1,607
	43,804		Banca Intesa S.p.A. RSP		59
	454,035	*,e	Banca Monte dei Paschi di Siena S.p.A.		115
	74,637		Banche Popolari Unite Scpa		270
	30,267	*	Banco Popolare Scarl		36
	330,500	e	Brunello Cucinelli S.p.A		8,159
	894,154		De’Longhi S.p.A.		13,972
	96,753		Enel Green Power S.p.A		201
	363,431	e	Enel S.p.A.		1,140
	643,290		ENI S.p.A.		13,203
	6,696		Exor S.p.A.		198
	82,813		Fiat Industrial S.p.A.		922
	84,910	*	Fiat S.p.A.		592
	40,636	*	Finmeccanica S.p.A.		203
	711,009		Lottomatica S.p.A.		17,791
	451,202		Luxottica Group S.p.A.		22,829
	33,194		Mediaset S.p.A.		125
	52,066		Mediobanca S.p.A.		271
	600,000		Mediolanum S.p.A.		3,719
	25,269		Pirelli & C S.p.A.		292
	15,891		Prysmian S.p.A.		297
	27,665		Saipem S.p.A.		449
	106,795		Snam Rete Gas S.p.A.		486
	311,901		Telecom Italia RSP		174
	818,483		Telecom Italia S.p.A.		571
	79,775		Terna Rete Elettrica Nazionale S.p.A.		332
	407,536		UniCredit S.p.A		1,905
	481,199	*	Yoox S.p.A		10,329
			TOTAL ITALY		108,473

200

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
JAPAN - 8.4%
	1,400		ABC-Mart, Inc	$	55
	2,540	*	Acom Co Ltd		81
	400		Activia Properties Inc		3,149
	2,090		Advance Residence Investment Corp		4,531
	19,643		Advantest Corp		324
	227,309		Aeon Co Ltd		2,987
	8,003	e	Aeon Credit Service Co Ltd		227
	9,900		Aeon Mall Co Ltd		246
	12,000		Air Water, Inc		169
	358,642		Aisin Seiki Co Ltd		13,694
	50,529		Ajinomoto Co, Inc		741
	5,157		Alfresa Holdings Corp		276
	84,435	e	All Nippon Airways Co Ltd		176
	28,744		Amada Co Ltd		189
	6,899,848		Aozora Bank Ltd		21,549
	44,800	e	Aruze Corp		794
	317,507	e	Asahi Breweries Ltd		7,865
	82,773	e	Asahi Glass Co Ltd		537
	874,134		Asahi Kasei Corp		5,768
	9,400		Asics Corp		148
	186,641		Astellas Pharma, Inc		10,139
	26,105		Bank of Kyoto Ltd		217
	373,971		Bank of Yokohama Ltd		1,929
	24,883		Benesse Corp		898
	779,004	e	Bridgestone Corp		26,564
	25,185		Brother Industries Ltd		283
	11,000		Calbee, Inc		1,044
	323,897	e	Canon, Inc		10,615
	25,023		Casio Computer Co Ltd		220
	56,400		Central Japan Railway Co		6,874
	283,323		Chiba Bank Ltd		1,933
	13,000		Chiyoda Corp		153
	71,066		Chubu Electric Power Co, Inc		1,007
	83,958		Chugai Pharmaceutical Co Ltd		1,738
	14,100		Chugoku Bank Ltd		198
	37,753		Chugoku Electric Power Co, Inc		592
	15,442		Citizen Watch Co Ltd		86
	6,571	e	Coca-Cola West Japan Co Ltd		117
	63,343		Cosmo Oil Co Ltd		116
	9,855		Credit Saison Co Ltd		248
	1,200		Crescendo Investment Corp		840
	72,076		Dai Nippon Printing Co Ltd		658
	17,630		Daicel Chemical Industries Ltd		154
	29,698		Daido Steel Co Ltd		150
	24,290		Daihatsu Motor Co Ltd		460
	827		Dai-ichi Mutual Life Insurance Co		1,187

201

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	87,497		Daiichi Sankyo Co Ltd	$	1,458
	86,046		Daikin Industries Ltd		3,478
	20,763		Dainippon Sumitomo Pharma Co Ltd		275
	19,611		Daito Trust Construction Co Ltd		1,848
	64,856		Daiwa House Industry Co Ltd		1,208
	1,794,400		Daiwa Securities Group, Inc		15,028
	32,300	e	Dena Co Ltd		632
	31,000		Denki Kagaku Kogyo KK		112
	308,745		Denso Corp		14,515
	22,755		Dentsu, Inc		787
	83,300		Don Quijote Co Ltd		4,044
	137,152		East Japan Railway Co		10,675
	91,117	e	Eisai Co Ltd		3,713
	42,793		Electric Power Development Co		1,338
	6,344		FamilyMart Co Ltd		271
	20,843		Fanuc Ltd		3,017
	16,418		Fast Retailing Co Ltd		5,541
	30,700		Fields Corp		484
	44,822		Fuji Electric Holdings Co Ltd		158
	462,184		Fuji Folms Holdings Corp		10,165
	785,742		Fuji Heavy Industries Ltd		19,403
	4,400		Fuji Television Network, Inc		8,845
	2,243,091		Fujitsu Ltd		9,280
	64,663		Fukuoka Financial Group, Inc		275
	83,805	e	Furukawa Electric Co Ltd		194
	34,800		Glory Ltd		816
	5,900	*,e	Gree, Inc		52
	18,000		GS Yuasa Corp		75
	210	*,e	GungHo Online Entertainment Inc		229
	30,879		Gunma Bank Ltd		171
	31,842		Hachijuni Bank Ltd		186
	2,935		Hakuhodo DY Holdings, Inc		206
	5,737		Hamamatsu Photonics KK		207
	71,000		Hankyu Hanshin Holdings, Inc		404
	278,782		Hino Motors Ltd		4,091
	10,687		Hirose Electric Co Ltd		1,408
	41,000		Hiroshima Bank Ltd		174
	8,067		Hisamitsu Pharmaceutical Co, Inc		409
	12,852		Hitachi Chemical Co Ltd		201
	8,722		Hitachi Construction Machinery Co Ltd		176
	22,300		Hitachi High-Technologies Corp		538
	200,000		Hitachi Kokusai Electric, Inc		2,399
	4,921,285		Hitachi Ltd		31,533
	202,907		Hitachi Medical Corp		2,596
	18,000		Hitachi Metals Ltd		202
	19,584	*	Hokkaido Electric Power Co, Inc		267
	71,000		Hokuhoku Financial Group, Inc		145

202

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	22,531		Hokuriku Electric Power Co	$	354
	712,568		Honda Motor Co Ltd		26,471
	116,553		Hoya Corp		2,397
	256,166		Ibiden Co Ltd		3,987
	3,052		Ichigo Real Estate Investment Corp		1,953
	34,747	e	Idemitsu Kosan Co Ltd		2,664
	100		Industrial & Infrastructure Fund Investment Corp		973
	221		Inpex Holdings, Inc		919
	169,681		Isetan Mitsukoshi Holdings Ltd		2,253
	2,365,878		Ishikawajima-Harima Heavy Industries Co Ltd		8,951
	154,169		Isuzu Motors Ltd		1,054
	628,670		Itochu Corp		7,270
	12,962		Itochu Techno-Science Corp		537
	19,652		Iyo Bank Ltd		188
	988,750		J Front Retailing Co Ltd		7,885
	55,000		Jafco Co Ltd		2,089
	30,300		Japan Airlines Co Ltd		1,560
	3,200		Japan Petroleum Exploration Co		130
	87		Japan Prime Realty Investment Corp		266
	66		Japan Real Estate Investment Corp		737
	717		Japan Retail Fund Investment Corp		1,498
	24,560		Japan Steel Works Ltd		135
	529,600		Japan Tobacco, Inc		18,694
	608,404		JFE Holdings, Inc		13,329
	76,978		JGC Corp		2,772
	140,000	e	Jin Co Ltd		6,713
	53,624		Joyo Bank Ltd		293
	23,553		JSR Corp		477
	32,403		JTEKT Corp		363
	838,000		JX Holdings, Inc		4,046
	107,372		Kajima Corp		356
	207,252		Kamigumi Co Ltd		1,668
	28,900		Kaneka Corp		191
	295,174	*	Kansai Electric Power Co, Inc		4,040
	26,480		Kansai Paint Co Ltd		338
	32,853		Kao Corp		1,118
	517,212		Kawasaki Heavy Industries Ltd		1,587
	28,000		Kawasaki Kisen Kaisha Ltd		57
	203,700		KDDI Corp		10,607
	202,022		Keihin Electric Express Railway Co Ltd		1,734
	222,310		Keio Corp		1,527
	34,426		Keisei Electric Railway Co Ltd		323
	1,600		Kenedix Realty Investment Corp		6,369
	13,485		Keyence Corp		4,296
	12,795		Kikkoman Corp		213
	14,131		Kinden Corp		122
	396,914	e	Kintetsu Corp		1,742

203

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	109,849	e	Kirin Brewery Co Ltd	$	1,721
	323,084	*	Kobe Steel Ltd		400
	6,000		Koito Manufacturing Co Ltd		114
	679,222		Komatsu Ltd		15,644
	6,073		Konami Corp		129
	61,613		Konica Minolta Holdings, Inc		464
	68,158		Kubota Corp		992
	28,274		Kuraray Co Ltd		396
	9,345		Kurita Water Industries Ltd		198
	54,312		Kyocera Corp		5,526
	33,045	e	Kyowa Hakko Kogyo Co Ltd		374
	52,784	*	Kyushu Electric Power Co, Inc		796
	21,551		Lawson, Inc		1,645
	85,523		LIXIL Group Corp		2,083
	51,116		Mabuchi Motor Co Ltd		2,727
	38,036		Makita Corp		2,045
	13,200		Mars Engineering Corp		252
	1,184,872		Marubeni Corp		7,919
	18,409		Marui Co Ltd		183
	4,596		Maruichi Steel Tube Ltd		117
	183,555		Matsushita Electric Industrial Co Ltd		1,478
	6,480,750	*	Mazda Motor Corp		25,621
	5,500	e	McDonald’s Holdings Co Japan Ltd		153
	18,912		Mediceo Paltac Holdings Co Ltd		256
	3,749		MEIJI Holdings Co Ltd		180
	564,264		Millea Holdings, Inc		17,805
	17,400		Miraca Holdings, Inc		800
	774,219		Mitsubishi Chemical Holdings Corp		3,629
	501,395		Mitsubishi Corp		8,566
	848,814		Mitsubishi Electric Corp		7,931
	131,705		Mitsubishi Estate Co Ltd		3,506
	305,160		Mitsubishi Gas Chemical Co, Inc		2,237
	1,008,150		Mitsubishi Heavy Industries Ltd		5,605
	14,262		Mitsubishi Logistics Corp		199
	386,293		Mitsubishi Materials Corp		1,360
	507,130	*	Mitsubishi Motors Corp		694
	5,574,454		Mitsubishi UFJ Financial Group, Inc		34,427
	74,200		Mitsubishi UFJ Lease & Finance Co Ltd		352
	905,104		Mitsui & Co Ltd		11,350
	1,011,087		Mitsui Chemicals, Inc		2,276
	535,737		Mitsui Fudosan Co Ltd		15,751
	2,244,499	*	Mitsui OSK Lines Ltd		8,722
	266,007		Mitsui Sumitomo Insurance Group Holdings, Inc		6,738
	1,243,918		Mitsui Trust Holdings, Inc		5,804
	9,727,956		Mizuho Financial Group, Inc		20,202
	4,631	e	Monex Beans Holdings, Inc		1,672
	405,300	e	MonotaRO Co Ltd		9,868

204

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	74,020		Murata Manufacturing Co Ltd	$	5,630
	8,100		Nabtesco Corp		168
	10,906		Namco Bandai Holdings, Inc		177
	159,615		NEC Corp		350
	84,600		Nexon Co Ltd		934
	56,179		NGK Insulators Ltd		694
	20,988		NGK Spark Plug Co Ltd		420
	19,938		NHK Spring Co Ltd		230
	51,806	e	Nidec Corp		3,624
	92,381		Nikon Corp		2,158
	31,758		Nintendo Co Ltd		3,739
	237		Nippon Building Fund, Inc		2,745
	39,184		Nippon Electric Glass Co Ltd		191
	110,441		Nippon Express Co Ltd		524
	116,200		Nippon Kayaku Co Ltd		1,448
	60,000		Nippon Konpo Unyu Soko Co Ltd		1,004
	13,944		Nippon Meat Packers, Inc		213
	4,400	e	Nippon Paper Industries Co Ltd		63
	508	*	Nippon ProLogis REIT, Inc		4,408
	3,014,721		Nippon Steel Corp		8,122
	165,230		Nippon Telegraph & Telephone Corp		8,612
	553,308		Nippon Yusen Kabushiki Kaisha		1,464
	41,721		Nishi-Nippon City Bank Ltd		109
	1,135,243		Nissan Motor Co Ltd		11,378
	23,618		Nisshin Seifun Group, Inc		283
	3,200		Nisshin Steel Holdings Co Ltd		25
	8,135	e	Nissin Food Products Co Ltd		329
	242,400		Nissin Kogyo Co Ltd		4,389
	2,156		Nitori Co Ltd		174
	153,937		Nitto Denko Corp		9,873
	45,700		NKSJ Holdings, Inc		1,086
	14,051		NOK Corp		223
	1,262,563		Nomura Holdings, Inc		9,293
	13,574		Nomura Real Estate Holdings, Inc		300
	30		Nomura Real Estate Office Fund, Inc		132
	12,964		Nomura Research Institute Ltd		421
	35,911		NSK Ltd		343
	165		NTT Data Corp		588
	5,405		NTT DoCoMo, Inc		8,409
	145		NTT Urban Development Corp		178
	82,259		Obayashi Corp		427
	239,398		Odakyu Electric Railway Co Ltd		2,338
	86,797	e	OJI Paper Co Ltd		350
	57,300	e	Okabe Co Ltd		555
	917,000		Okasan Holdings, Inc		7,575
	15,100		Okinawa Electric Power Co, Inc		570
	695,200	*	Olympus Corp		21,125

205

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	76,302		Omron Corp	$	2,275
	133,998		Ono Pharmaceutical Co Ltd		9,121
	66,617		Oriental Land Co Ltd		10,309
	2,832,200	*	ORIX Corp		38,650
	1,181,581		Osaka Gas Co Ltd		4,989
	3,200	e	Osaka Securities Exchange Co Ltd		323
	3,087		Otsuka Corp		344
	160,600		Otsuka Holdings KK		5,303
	894,100		Park24 Co Ltd		16,221
	412,500		Rakuten, Inc		4,878
	1,615,530		Resona Holdings, Inc		7,868
	79,581		Ricoh Co Ltd		943
	2,699		Rinnai Corp		192
	19,524		Rohm Co Ltd		793
	3,080		Sankyo Co Ltd		146
	301,200	e	Sanrio Co Ltd		13,972
	9,387		Santen Pharmaceutical Co Ltd		406
	424,700	e	Sapporo Holdings Ltd		1,559
	17,024		SBI Holdings, Inc		187
	63,634		Secom Co Ltd		3,460
	258,643		Sega Sammy Holdings, Inc		6,481
	154,551		Sekisui Chemical Co Ltd		1,641
	234,420		Sekisui House Ltd		3,387
	371,681		Seven & I Holdings Co Ltd		13,612
	33,200		Seven Bank Ltd		120
	82,106	*,e	Sharp Corp		331
	18,819	*	Shikoku Electric Power Co, Inc		340
	27,982		Shimadzu Corp		225
	1,797		Shimamura Co Ltd		218
	6,081		Shimano, Inc		518
	74,062		Shimizu Corp		298
	199,500		Shin-Etsu Chemical Co Ltd		13,204
	94,649		Shinsei Bank Ltd		215
	38,933		Shionogi & Co Ltd		812
	29,985		Shiseido Co Ltd		446
	33,301		Shizuoka Bank Ltd		359
	14,600	e	SHO-BOND Holdings Co Ltd		575
	1,132,600	e	Shoei Co Ltd		12,151
	152,654	e	Showa Denko KK		201
	19,073	e	Showa Shell Sekiyu KK		156
	6,988		SMC Corp		1,401
	399,260		Softbank Corp		23,241
	135,536		Sojitz Holdings Corp		225
	341		So-net M3, Inc		765
	1,043,502	e	Sony Corp		22,045
	19,100		Sony Financial Holdings, Inc		301
	18,415		Stanley Electric Co Ltd		358

206

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	12,776		Sumco Corp	$	140
	164,883	*	Sumitomo Chemical Co Ltd		517
	403,663		Sumitomo Corp		5,031
	62,676		Sumitomo Electric Industries Ltd		746
	1,423,625		Sumitomo Heavy Industries Ltd		5,978
	117,264		Sumitomo Metal Mining Co Ltd		1,306
	944,279		Sumitomo Mitsui Financial Group, Inc		43,222
	311,996		Sumitomo Realty & Development Co Ltd		12,434
	21,863		Sumitomo Rubber Industries, Inc		357
	251,654		Suruga Bank Ltd		4,564
	8,987		Suzuken Co Ltd		302
	29,722		Suzuki Motor Corp		685
	21,600		Sysmex Corp		1,415
	70,100		T&D Holdings, Inc		938
	75,000		Tadano Ltd		958
	68,000		Taiheiyo Cement Corp		217
	986,843		Taisei Corp		3,562
	58,400		Taisho Pharmaceutical Holdings Co Ltd		4,145
	32,357		Taiyo Nippon Sanso Corp		223
	35,718		Takashimaya Co Ltd		362
	170,348		Takeda Pharmaceutical Co Ltd		7,682
	81,581		Tanabe Seiyaku Co Ltd		1,056
	44,327		TDK Corp		1,528
	3,825,613		Teijin Ltd		8,380
	9,526		Terumo Corp		473
	59,376		THK Co Ltd		1,246
	329,878		Tobu Railway Co Ltd		1,700
	14,675		Toho Co Ltd		302
	55,000		Toho Gas Co Ltd		284
	57,815	*	Tohoku Electric Power Co, Inc		722
	177,660	*	Tokyo Electric Power Co, Inc		917
	51,210		Tokyo Electron Ltd		2,589
	2,113,924		Tokyo Gas Co Ltd		11,663
	343,300		Tokyo Tatemono Co Ltd		2,857
	581,852		Tokyu Corp		3,810
	56,414		Tokyu Land Corp		516
	772,427	e	Toppan Printing Co Ltd		5,358
	466,664		Toray Industries, Inc		3,015
	3,741,481		Toshiba Corp		17,935
	924,000		Tosoh Corp		3,199
	29,681		Toto Ltd		302
	19,539		Toyo Seikan Kaisha Ltd		301
	41,099		Toyo Suisan Kaisha Ltd		1,367
	8,097		Toyoda Gosei Co Ltd		198
	6,700	e	Toyota Boshoku Corp		96
	18,561		Toyota Industries Corp		758
	2,220,648		Toyota Motor Corp		133,945
	27,594		Toyota Tsusho Corp		710

207

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	8,528		Trend Micro, Inc	$	271
	20,574	e	Tsumura & Co		606
	130,932		UBE Industries Ltd		242
	88,951	e	Uni-Charm Corp		5,031
	226,900		United Arrows Ltd		9,480
	144		United Urban Investment Corp		194
	145,200		Ushio, Inc		1,917
	1,793		USS Co Ltd		227
	720,000		Wacom Co Ltd		7,959
	41,800		West Japan Railway Co		1,773
	10,238		Yahoo! Japan Corp		5,041
	44,477	e	Yakult Honsha Co Ltd		1,844
	7,139	e	Yamada Denki Co Ltd		289
	16,406		Yamaguchi Financial Group, Inc		161
	13,388		Yamaha Corp		153
	32,583		Yamaha Motor Co Ltd		422
	4,500		Yamato Kogyo Co Ltd		137
	49,755		Yamato Transport Co Ltd		1,048
	12,553		Yamazaki Baking Co Ltd		147
	28,384		Yaskawa Electric Corp		344
	23,210		Yokogawa Electric Corp		277
	12,000		Yokohama Rubber Co Ltd		120
			TOTAL JAPAN		1,383,958

JERSEY, C.I. - 0.0%
	9,220		Randgold Resources Ltd		584
			TOTAL JERSEY, C.I.		584

KOREA, REPUBLIC OF - 0.2%
	73,131		KB Financial Group, Inc		2,169
	142,000		KT Corp		4,440
	84,700		Medy-Tox, Inc		7,417
	18,431		Samsung Electronics Co Ltd		21,543
	20,000		SK Telecom Co Ltd		3,678
			TOTAL KOREA, REPUBLIC OF		39,247

LUXEMBOURG - 0.0%
	95,730		ArcelorMittal		1,072
	7,161	e	Millicom International Cellular S.A.		516
	29,224		SES Global S.A.		837
	48,281		Tenaris S.A.		967
			TOTAL LUXEMBOURG		3,392

MACAU - 0.1%
	58,400		MGM China Holdings Ltd		155
	3,033,500	e	Wynn Macau Ltd		8,159
			TOTAL MACAU		8,314

MALAYSIA - 0.1%
	1,151,800		Public Bank BHD		6,162
	1,200,000		UMW Holdings BHD		5,530

208

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	33,959		YNH Property BHD	$	21
			TOTAL MALAYSIA		11,713

MEXICO - 0.0%
	9,813		Fresnillo plc		133
	1,800,000	*,e	Genomma Lab Internacional S.A. de C.V.		3,538
			TOTAL MEXICO		3,671

NETHERLANDS - 1.9%
	171,714		Aegon NV		1,152
	592,601		Akzo Nobel NV		33,438
	34,961		ASML Holding NV		2,760
	6,686		Boskalis Westminster		244
	6,064		Corio NV		241
	28,810	*	D.E Master Blenders 1753 NV		461
	9,224		Delta Lloyd NV		185
	601,929		DSM NV		39,242
	907,953		European Aeronautic Defence and Space Co		48,576
	6,768		Fugro NV		368
	142,258	e	Gemalto NV		12,880
	10,768		Heineken Holding NV		604
	24,152		Heineken NV		1,537
	5,555,459	*	ING Groep NV		50,772
	112,373		Koninklijke Ahold NV		1,671
	99,646		Koninklijke Philips Electronics NV		2,716
	3,966		Koninklijke Vopak NV		234
	357,000	*	NXP Semiconductors NV		11,060
	23,853	*	Qiagen N.V.		467
	11,071		Randstad Holdings NV		455
	543,135		Reed Elsevier NV		9,046
	1,703,612		Royal Dutch Shell plc (A Shares)		54,420
	839,219		Royal Dutch Shell plc (B Shares)		27,794
	240,971		Royal KPN NV		500
	7,052	*	SBM Offshore NV		119
	37,682		TNT Express NV		282
	379,839		Unilever NV		14,952
	29,349		Wolters Kluwer NV		622
	8,588		Ziggo NV		345
			TOTAL NETHERLANDS		317,143

NEW ZEALAND - 0.0%
	108,483		Auckland International Airport Ltd		250
	40,980		Contact Energy Ltd		162
	75,305		Fletcher Building Ltd		490
	65,936		Sky City Entertainment Group Ltd		222
	216,320		Telecom Corp of New Zealand Ltd		377
			TOTAL NEW ZEALAND		1,501

209

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
NORWAY - 0.5%
	10,244		Aker Kvaerner ASA	$	140
	414,533	*,e	Algeta ASA		15,780
	3,027,498		DNB NOR Holding ASA		43,919
	10,241		Gjensidige Forsikring BA		151
	92,524	e	Norsk Hydro ASA		371
	128,643	*	Norwegian Air Shuttle AS		5,624
	78,564		Orkla ASA		643
	801,413		Petroleum Geo-Services ASA		9,785
	33,226	e	Seadrill Ltd		1,338
	114,167		Statoil ASA		2,359
	78,033		Telenor ASA		1,550
	19,261		Yara International ASA		768
			TOTAL NORWAY		82,428

PANAMA - 0.1%
	88,400		Copa Holdings S.A. (Class A)		11,591
			TOTAL PANAMA		11,591

PHILIPPINES - 0.2%
	14,500,000		Alliance Global Group, Inc		7,796
	5,065,900	*	Bloomberry Resorts Corp		1,053
	3,500,000		Manila Water Co, Inc		2,622
	2,771,610		Metropolitan Bank & Trust		7,090
	16,765,400		SM Prime Holdings		6,298
			TOTAL PHILIPPINES		24,859

PORTUGAL - 0.0%
	2,732,190	*	Banco Espirito Santo S.A.		2,191
	107,485	e	Energias de Portugal S.A.		347
	21,138		Galp Energia SGPS S.A.		313
	23,623		Jeronimo Martins SGPS S.A.		498
	63,066	e	Portugal Telecom SGPS S.A.		245
			TOTAL PORTUGAL		3,594

RUSSIA - 0.1%
	105,700		Magnit OAO (GDR)		6,034
	800,000		Sberbank of Russian Federation (ADR)		9,077
			TOTAL RUSSIA		15,111

SINGAPORE - 0.5%
	206,473		Ascendas Real Estate Investment Trust		362
	145,000		CapitaCommercial Trust		167
	830,082		CapitaLand Ltd		2,005
	682,362		CapitaMall Trust		1,071
	95,000		CapitaMalls Asia Ltd		136
	150,868		City Developments Ltd		1,269

210

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	128,028		ComfortDelgro Corp Ltd	$	184
	622,025		DBS Group Holdings Ltd		7,569
	651,134	*	Flextronics International Ltd		5,040
	15,255,784		Genting International plc		15,819
	4,801,500		Global Logistic Properties		10,386
	487,497		Golden Agri-Resources Ltd		215
	514,000		Hotel Properties Ltd		1,281
	7,082		Jardine Cycle & Carriage Ltd		237
	409,425		Keppel Corp Ltd		3,349
	704,000		Keppel Land Ltd		1,851
	26,000		K-Green Trust		21
	62,299		K-REIT Asia		64
	103,155	e	Olam International Ltd		133
	1,088,699		Oversea-Chinese Banking Corp		8,558
	68,609		SembCorp Industries Ltd		267
	344,857	e	SembCorp Marine Ltd		1,169
	151,492		Singapore Airlines Ltd		1,209
	249,560		Singapore Exchange Ltd		1,379
	479,963	e	Singapore Press Holdings Ltd		1,578
	439,896		Singapore Technologies Engineering Ltd		1,449
	2,568,704		Singapore Telecommunications Ltd		7,608
	39,274		StarHub Ltd		129
	309,022		United Overseas Bank Ltd		4,826
	1,055,965		United Overseas Land Ltd		5,582
	132,230		Wilmar International Ltd		327
			TOTAL SINGAPORE		85,240

SOUTH AFRICA - 0.1%
	300,000		Liberty Holdings Ltd		3,634
	1,212,100		Life Healthcare Group Holdings Pte Ltd		4,597
	900,000		Sanlam Ltd		4,183
			TOTAL SOUTH AFRICA		12,414

SPAIN - 0.6%
	34,377		Abertis Infraestructuras S.A. (Continuous)		599
	2,391	e	Acciona S.A.		126
	6,596	e	Acerinox S.A.		61
	15,230		ACS Actividades Cons y Servicios S.A.		403
	874,773		Amadeus IT Holding S.A.		27,997
	472,579		Banco Bilbao Vizcaya Argentaria S.A.		3,972
	194,636	e	Banco de Sabadell S.A.		323
	74,338	*,e	Banco Popular Espanol S.A.		228
	982,516		Banco Santander Central Hispano S.A.		6,287
	41,871		Cintra Concesiones de Infraestructuras de Transporte S.A.		668
	74,210	e	Corp Mapfre S.A.		241
	101,204	e	Criteria Caixacorp S.A.		311
	1,998,668		Distribuidora Internacional de Alimentacion S.A.		15,098

211

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	10,573		Enagas	$	261
	125,000		Endesa S.A.		2,670
	219,059	e	Gas Natural SDG S.A.		4,414
	14,233		Grifols S.A.		523
	234		Grifols S.A. (Class B)		7
	454,663		Iberdrola S.A.		2,403
	22,352		Inditex S.A.		2,757
	110,000		Obrascon Huarte Lain S.A.		3,738
	950,000		Prosegur Cia de Seguridad S.A.		5,197
	6,055	e	Red Electrica de Espana		333
	81,028		Repsol YPF S.A.		1,710
	730,276	*	Telefonica S.A.		9,395
	15,887		Zardoya Otis S.A.		225
			TOTAL SPAIN		89,947

SWEDEN - 1.0%
	34,275		Alfa Laval AB		700
	148,213		Assa Abloy AB (Class B)		5,792
	68,308		Atlas Copco AB (A Shares)		1,646
	39,781		Atlas Copco AB (B Shares)		851
	600,000	*	Biovitrum AB		3,590
	14,094		Boliden AB		175
	1,098,524		Electrolux AB (Series B)		27,721
	673,574	e	Elekta AB (B Shares)		10,237
	307,657		Ericsson (LM) (B Shares)		3,489
	20,780		Getinge AB (B Shares)		631
	100,377		Hennes & Mauritz AB (B Shares)		3,303
	13,508		Hexagon AB (B Shares)		361
	2,486		Holmen AB (B Shares)		67
	43,526		Husqvarna AB (B Shares)		230
	5,908		Industrivarden AB		99
	470,800		Intrum Justitia AB		9,636
	45,761		Investor AB (B Shares)		1,228
	915,004		Kinnevik Investment AB (Series B)		23,458
	12,430	*	Lundin Petroleum AB		246
	330,000		Meda AB (A Shares)		3,735
	200,000		NCC AB (B Shares)		4,552
	296,078		Nordea Bank AB		3,306
	9,597		Ratos AB (B Shares)		75
	105,526		Sandvik AB		1,260
	891,031		Scania AB (B Shares)		17,827
	32,415		Securitas AB (B Shares)		283
	154,317		Skandinaviska Enskilda Banken AB (Class A)		1,473
	38,802		Skanska AB (B Shares)		643
	40,017		SKF AB (B Shares)		938
	8,386	e	Ssab Svenskt Stal AB (Series A)		50
	694,895		Svenska Cellulosa AB (B Shares)		17,427

212

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	50,438		Svenska Handelsbanken (A Shares)	$	2,021
	273,403		Swedbank AB (A Shares)		6,262
	23,043		Swedish Match AB		818
	32,199		Tele2 AB		378
	233,881		TeliaSonera AB		1,524
	133,238		Volvo AB (B Shares)		1,778
			TOTAL SWEDEN		157,810

SWITZERLAND - 3.9%
	173,546		ABB Ltd		3,759
	10,449		Actelion Ltd		629
	312,250		Adecco S.A.		17,783
	8,607		Aryzta AG.		483
	46,914		Baloise Holding AG.		4,557
	195		Banque Cantonale Vaudoise		97
	116		Barry Callebaut AG.		106
	19,544		Coca-Cola HBC AG.		457
	422,407		Compagnie Financiere Richemont S.A.		37,251
	964,432		Credit Suisse Group		25,532
	471	*	EMS-Chemie Holding AG.		139
	4,062		Geberit AG.		1,006
	810		Givaudan S.A.		1,044
	845,907		Glencore International AG.		3,502
	10,000		Helvetia Holding AG.		4,036
	448,630		Holcim Ltd		31,227
	12,549		Julius Baer Group Ltd		490
	5,612		Kuehne & Nagel International AG.		616
	90		Lindt & Spruengli AG.		338
	11		Lindt & Spruengli AG. (Reg)		479
	318,271		Lonza Group AG.		23,914
	1,184,867		Nestle S.A.		77,751
	1,692,227		Novartis AG.		119,861
	246,000		Novartis AG. (ADR)		17,395
	2,566		Pargesa Holding S.A.		171
	938		Partners Group		254
	4,980		Phonak Holding AG.		527
	573,035		Roche Holding AG.		142,226
	2,502		Schindler Holding AG.		348
	1,071		Schindler Holding AG. (Reg)		145
	523		SGS S.A.		1,123
	116		Sika AG.		300
	67,156	e	STMicroelectronics NV		604
	368	e	Straumann Holding AG.		55
	1,374		Sulzer AG.		219
	3,375		Swatch Group AG.		1,844
	3,084		Swatch Group AG. Reg		290
	3,201		Swiss Life Holding		520

213

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

			VALUE
SHARES		COMPANY	(000)
	2,979	Swiss Prime Site AG.	$	219
	553,038	Swiss Re Ltd		41,146
	2,373	Swisscom AG.		1,039
	57,569	Syngenta AG.		22,450
	182,440	Tyco Electronics Ltd		8,308
	2,521,731	UBS AG. (Switzerland)		42,803
	14,926	Zurich Financial Services AG.		3,869
		TOTAL SWITZERLAND		640,912

TAIWAN - 0.3%
	2,000,000	Chipbond Technology Corp		4,867
	1,080,000	Cleanaway Co Ltd		8,210
	414,000	Ginko International Co Ltd		6,938
	1,550,000	High Tech Computer Corp		12,281
	981,000	King Slide Works Co Ltd		7,183
	900,000	Novatek Microelectronics Corp Ltd		4,336
	14,000,000	Taishin Financial Holdings Co Ltd		6,146
	360,000	Taiwan Semiconductor Manufacturing Co Ltd		1,303
	300,000	TPK Holding Co Ltd		4,772
		TOTAL TAIWAN		56,036

THAILAND - 0.2%
	469,000	Advanced Info Service PCL		4,240
	850,000	Bangkok Bank PCL (ADR)		5,548
	2,111,000	BEC World PCL (Foreign)		3,994
	3,859,400	Indorama Ventures PCL (Foreign)		2,209
	1,157,000	Kasikornbank PCL - NVDR		7,064
	9,500,000	Krung Thai Bank PCL		6,174
	4,000,000	Thai Airways International PCL		3,178
		TOTAL THAILAND		32,407

TURKEY - 0.3%
	800,000	Haci Omer Sabanci Holding AS		4,206
	1,100,000	KOC Holding AS		5,271
	1,177,700	TAV Havalimanlari Holding AS		6,888
	930,000	Tofas Turk Otomobil Fabrik		5,801
	179,700	Tupras Turkiye Petrol Rafine		4,388
	180,000	Turk Traktor ve Ziraat Makineleri AS		6,342
	1,000,000	Turkiye Garanti Bankasi AS		4,359
	1,000,000	Turkiye Is Bankasi (Series C)		2,952
	1,400,000	Turkiye Vakiflar Bankasi Tao		3,486
		TOTAL TURKEY		43,693

UKRAINE - 0.0%
	407,456	MHP SA (GDR)		6,927
		TOTAL UKRAINE		6,927

214

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
UNITED ARAB EMIRATES - 0.0%
	1,262,925		Emaar Properties PJSC	$	1,794
			TOTAL UNITED ARAB EMIRATES		1,794

UNITED KINGDOM - 7.5%
	96,771		3i Group plc		497
	50,990		Aberdeen Asset Management plc		297
	14,189	e	Acergy S.A.		249
	20,281		Admiral Group plc		408
	485,168		Aggreko plc		12,126
	15,706		AMEC plc		240
	137,655		Anglo American plc (London)		2,653
	939,108		Antofagasta plc		11,379
	251,415		ARM Holdings plc		3,041
	2,672,735		Ashtead Group plc		26,306
	471,328	*	ASOS plc		28,926
	139,571		Associated British Foods plc		3,682
	124,438		AstraZeneca plc		5,883
	11,576		AstraZeneca plc (ADR)		548
	1,122,234	*,e	Avanti Communications Group plc		4,489
	457,761		Aveva Group plc		15,693
	290,976		Aviva plc		1,500
	19,436		Babcock International Group		326
	340,496		BAE Systems plc		1,983
	32,213		Balfour Beatty plc		116
	20,196,615		Barclays plc		86,012
	1,606,006		BG Group plc		27,292
	183,254		BHP Billiton plc		4,673
	4,242,106		BP plc		29,440
	31,957		BP plc (ADR)		1,334
	6,303,229	*	British Airways plc		25,280
	183,383		British American Tobacco plc		9,406
	541,601		British Land Co plc		4,666
	2,767,338		British Sky Broadcasting plc		33,338
	1,226,598		Britvic plc		9,570
	2,578,126		BT Group plc		12,104
	17,576		Bunzl plc		343
	173,305		Burberry Group plc		3,565
	36,100		Capita Group plc		531
	10,172		Carnival plc		354
	534,209		Centrica plc		2,922
	57,668		Cobham plc		230
	586,249		Compass Group plc		7,491
	7,392		Croda International plc		279
	200,000		Daily Mail & General Trust		2,342
	819,401		Delphi Automotive plc		41,535
	614,999		Diageo plc		17,636

215

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	39,407	*	Direct Line Insurance Group plc	$	140
	1,491,601		easyJet plc		29,401
	49,333		Ensco plc		2,867
	1,543,106	*	esure Group plc		7,625
	1,418,841		Experian Group Ltd		24,659
	88,514		GKN plc		405
	2,311,497		GlaxoSmithKline plc		57,779
	137,882		Group 4 Securicor plc		486
	71,189		Hammerson plc		528
	12,855		Hargreaves Lansdown plc		174
	6,935,865		HSBC Holdings plc		71,801
	54,694		ICAP plc		302
	17,712		IMI plc		334
	223,309		Imperial Tobacco Group plc		7,743
	200,000		Inchcape plc		1,523
	24,165		Inmarsat plc		247
	26,009		InterContinental Hotels Group plc		715
	75,992	*	International Consolidated Airlines		305
	9,147		Intertek Group plc		407
	36,511		Invensys plc		229
	51,425		Investec plc		324
	204,160		ITV plc		435
	125,649		J Sainsbury plc		679
	11,440		Johnson Matthey plc		457
	130,534		Kingfisher plc		681
	78,060		Land Securities Group plc		1,048
	11,281,550		Legal & General Group plc		29,404
	18,045	*	Liberty Global plc		1,225
	82,437	*	Liberty Global plc (Class A)		6,107
	56,604		Liberty International plc		269
	35,961,547	*	Lloyds TSB Group plc		34,534
	16,683		London Stock Exchange Group plc		339
	81,128		Man Group plc		102
	89,434		Marks & Spencer Group plc		585
	41,323		Meggitt plc		326
	71,329		Melrose Industries plc		270
	540,000		Mondi plc		6,723
	18,387,917	*,e	Monitise plc		9,649
	360,716		National Grid plc		4,089
	1,200,000		New Carphone Warehouse plc		4,545
	395,245		Next plc		27,379
	484,819		Old Mutual plc		1,331
	72,927		Pearson plc		1,297
	16,126		Persimmon plc		289
	24,252		Petrofac Ltd		441
	3,232,431		Prudential plc		52,762
	63,926		Reckitt Benckiser Group plc		4,522

216

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	65,134		Reed Elsevier plc	$	741
	84,811		Resolution Ltd		367
	82,119		Rexam plc		596
	222,800		Rightmove plc		7,063
	769,403		Rio Tinto plc		31,291
	1,775,079		Rolls-Royce Group plc		30,564
	350,103		Royal & Sun Alliance Insurance Group plc		635
	198,060	*	Royal Bank of Scotland Group plc		822
	599,901		SABMiller plc		28,761
	120,348		Sage Group plc		622
	11,287		Schroders plc		375
	95,959		Scottish & Southern Energy plc		2,222
	78,723		Segro plc		334
	50,787		Serco Group plc		478
	24,016		Severn Trent plc		608
	40,000		Signet Jewelers Ltd		2,697
	91,163		Smith & Nephew plc		1,021
	172,657		Smiths Group plc		3,435
	1,950,841		Standard Chartered plc		42,353
	232,500		Standard Life plc		1,224
	449,664		Tate & Lyle plc		5,642
	4,222,500		Taylor Woodrow plc		6,152
	1,497,173		Telecity Group plc		23,071
	692,282		Tesco plc		3,486
	1,130,229		Travis Perkins plc		25,026
	1,148,136		TUI Travel plc		6,225
	273,610		Tullow Oil plc		4,165
	407,856		Unilever plc		16,511
	70,950		United Utilities Group plc		738
	18,659,072		Vodafone Group plc		53,471
	46,780		Vodafone Group plc (ADR)		1,344
	11,456		Weir Group plc		375
	448,409		Whitbread plc		20,860
	944,770		William Hill plc		6,335
	222,839		WM Morrison Supermarkets plc		887
	519,273		Wolseley plc		23,959
	2,266,152		WPP plc		38,735
			TOTAL UNITED KINGDOM		1,231,358

UNITED STATES - 54.4%
	115,802		3M Co		12,663
	85,000		A.O. Smith Corp		3,084
	796,312		Abbott Laboratories		27,775
	439,156		AbbVie, Inc		18,155
	244,270		Abercrombie & Fitch Co (Class A)		11,053
	534,073		Accenture plc		38,432
	700,197		ACE Ltd		62,654

217

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	95,599	*	Actavis, Inc	$	12,067
	47,270		Activision Blizzard, Inc		674
	228,043	*	Adobe Systems, Inc		10,390
	599,599		ADT Corp		23,894
	8,584		Advance Auto Parts, Inc		697
	130,000	*	Aecom Technology Corp		4,133
	165,386		AES Corp		1,983
	331,824		Aetna, Inc		21,084
	70,914	*	Affiliated Managers Group, Inc		11,626
	75,305		Aflac, Inc		4,377
	101,584		AGCO Corp		5,099
	45,120		Agilent Technologies, Inc		1,929
	30,283		Air Products & Chemicals, Inc		2,773
	7,042		Airgas, Inc		672
	36,829	*	Akamai Technologies, Inc		1,567
	64,200	*	Alaska Air Group, Inc		3,338
	9,392		Albemarle Corp		585
	120,808		Alcoa, Inc		945
	259,536	*	Alexion Pharmaceuticals, Inc		23,940
	1,910	*	Alleghany Corp		732
	116,505		Allergan, Inc		9,814
	145,878	*,e	Alliance Data Systems Corp		26,408
	61,872		Alliant Energy Corp		3,120
	30,800		Allied World Assurance Co Holdings Ltd		2,819
	171,568		Allstate Corp		8,256
	33,833		Altera Corp		1,116
	1,285,443		Altria Group, Inc		44,978
	135,620	*	Amazon.com, Inc		37,660
	90,000	*	AMC Networks, Inc		5,887
	60,820		Ameren Corp		2,095
	42,738		American Capital Agency Corp		983
	3,334		American Eagle Outfitters, Inc		61
	131,072		American Electric Power Co, Inc		5,869
	902,396		American Express Co		67,463
	33,900		American Financial Group, Inc		1,658
	206,368	*	American International Group, Inc		9,225
	238,593		American Tower Corp		17,458
	73,761		American Water Works Co, Inc		3,041
	197,132		Ameriprise Financial, Inc		15,944
	43,202		AmerisourceBergen Corp		2,412
	86,367		Ametek, Inc		3,653
	751,464		Amgen, Inc		74,139
	71,164		Amphenol Corp (Class A)		5,547
	437,895		Anadarko Petroleum Corp		37,628

218

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	48,372		Analog Devices, Inc	$	2,180
	129,283		Annaly Capital Management, Inc		1,625
	19,664	*	Ansys, Inc		1,437
	170,000		AOL, Inc		6,202
	77,313		Aon plc		4,975
	107,413		Apache Corp		9,004
	491,557		Apple, Inc		194,696
	422,179		Applied Materials, Inc		6,295
	64,267	*	Arch Capital Group Ltd		3,304
	207,005		Archer Daniels Midland Co		7,020
	22,722	*	Arrow Electronics, Inc		905
	90,000	*,e	Aruba Networks, Inc		1,382
	386,721		Ashland, Inc		32,291
	24,086		Assurant, Inc		1,226
	2,010,996		AT&T, Inc		71,189
	43,952	*	Autodesk, Inc		1,492
	9,998	e	Autoliv, Inc		774
	79,211		Automatic Data Processing, Inc		5,454
	1,375	*	Autonation, Inc		60
	12,717	*	Autozone, Inc		5,388
	211,440		Avago Technologies Ltd		7,904
	17,002		AvalonBay Communities, Inc		2,294
	20,763		Avery Dennison Corp		888
	29,449	*	Avnet, Inc		989
	111,120		Avon Products, Inc		2,337
	166,701		Axiall Corp		7,098
	377,723		Axis Capital Holdings Ltd		17,292
	90,347		Baker Hughes, Inc		4,168
	40,277		Ball Corp		1,673
	90,000	*,e	Bally Technologies, Inc		5,078
	6,015,762		Bank of America Corp		77,363
	211,602		Bank of New York Mellon Corp		5,935
	8,402		Bard (C.R.), Inc		913
	452,932		Baxter International, Inc		31,375
	511,414		BB&T Corp		17,327
	123,715		Beam, Inc		7,808
	53,473		Becton Dickinson & Co		5,285
	334,837	*	Bed Bath & Beyond, Inc		23,740
	662,403	*	Berkshire Hathaway, Inc (Class B)		74,136
	302,920		Best Buy Co, Inc		8,279
	154,680	*	Biogen Idec, Inc		33,287
	13,312	*	BioMarin Pharmaceuticals, Inc		743
	380	*	Bio-Rad Laboratories, Inc (Class A)		43
	98,937	*	Biovail Corp (Toronto)		8,531
	25,688		BlackRock, Inc		6,598
	170,000		Blackstone Group LP		3,580
	34,792	*	BMC Software, Inc		1,571
	237,170		Boeing Co		24,296

219

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	157,269	*	BorgWarner, Inc	$	13,549
	26,053		Boston Properties, Inc		2,748
	222,340	*	Boston Scientific Corp		2,061
	41,900		Brinker International, Inc		1,652
	313,529		Bristol-Myers Squibb Co		14,012
	264,811		Broadcom Corp (Class A)		8,940
	160,000		Broadridge Financial Solutions, Inc		4,253
	145,378	e	Brookfield Office Properties, Inc (Toronto)		2,418
	1,312		Brookfield Property Partners LP		27
	75,781		Brown-Forman Corp (Class B)		5,119
	49,561		Bunge Ltd		3,507
	173,672		CA, Inc		4,972
	32,589		Cablevision Systems Corp (Class A)		548
	269,546		Cabot Oil & Gas Corp		19,143
	97,000	*,e	CACI International, Inc (Class A)		6,159
	81,437	*	Calpine Corp		1,729
	9,729		Camden Property Trust		673
	67,265	*	Cameron International Corp		4,114
	21,688		Campbell Soup Co		971
	73,012		Capital One Financial Corp		4,586
	96,715		Cardinal Health, Inc		4,565
	206,647	*	CareFusion Corp		7,615
	25,400		Carlisle Cos, Inc		1,583
	194,574	*	Carmax, Inc		8,982
	592,079		Carnival Corp		20,302
	127,653	*	Catamaran Corp		6,219
	61,335	*	Catamaran Corp (Toronto)		2,985
	168,021		Caterpillar, Inc		13,860
	75,330	*	CBRE Group, Inc		1,760
	294,834		CBS Corp (Class B)		14,409
	34,169		Celanese Corp (Series A)		1,531
	461,574	*	Celgene Corp		53,963
	1,604,871		Centerpoint Energy, Inc		37,698
	157,032		CenturyTel, Inc		5,551
	46,208	*	Cerner Corp		4,440
	72,515		CF Industries Holdings, Inc		12,436
	28,402		CH Robinson Worldwide, Inc		1,599
	210,512		Charles Schwab Corp		4,469
	6,178	*	Charter Communications, Inc		765
	217,742	*	Cheniere Energy, Inc		6,045
	184,997	e	Chesapeake Energy Corp		3,770
	1,293,512		Chevron Corp		153,074
	12,829	*	Chipotle Mexican Grill, Inc (Class A)		4,674
	29,155		Chubb Corp		2,468
	66,222		Church & Dwight Co, Inc		4,087
	585,700	*	Ciena Corp		11,374
	203,751		Cigna Corp		14,770
	17,800		Cimarex Energy Co		1,157
	36,423		Cincinnati Financial Corp		1,672
	12,834		Cintas Corp		584
	4,233,024		Cisco Systems, Inc		102,905
	111,594	*	CIT Group, Inc		5,204

220

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	2,522,760		Citigroup, Inc	$	121,017
	19,624	*	Citrix Systems, Inc		1,184
	415,400	e	Cliffs Natural Resources, Inc		6,750
	27,576		Clorox Co		2,293
	44,575		CME Group, Inc		3,387
	110,226		CMS Energy Corp		2,995
	336,895		Coach, Inc		19,233
	53,316	*	Cobalt International Energy, Inc		1,417
	2,383,104		Coca-Cola Co		95,586
	130,762		Coca-Cola Enterprises, Inc		4,598
	32,839	*	Cognizant Technology Solutions Corp (Class A)		2,056
	326,330		Colgate-Palmolive Co		18,695
	2,116,307		Comcast Corp (Class A)		88,631
	186,990	e	Comcast Corp (Special Class A)		7,418
	154,877		Comerica, Inc		6,169
	140,352		Computer Sciences Corp		6,143
	780,403		ConAgra Foods, Inc		27,259
	173,920	*	Concho Resources, Inc		14,561
	374,422		ConocoPhillips		22,653
	23,682		Consol Energy, Inc		642
	33,939		Consolidated Edison, Inc		1,979
	18,324	*	Constellation Brands, Inc (Class A)		955
	4,881	*,e	Continental Resources, Inc		420
	106,347		Core Laboratories NV		16,129
	348,035		Corning, Inc		4,953
	370,671		Costco Wholesale Corp		40,985
	147,092		Covidien plc		9,243
	70,000		Crane Co		4,194
	25,345	*	Cree, Inc		1,619
	295,895	*	Crown Castle International Corp		21,420
	37,295	*	Crown Holdings, Inc		1,534
	6,225	*,e	CST Brands, Inc		192
	279,532		CSX Corp		6,482
	128,405		Cummins, Inc		13,927
	787,781		CVS Corp		45,045
	105,725		Cytec Industries, Inc		7,744
	580,887		Danaher Corp		36,770
	13,487		Darden Restaurants, Inc		681
	24,744	*	DaVita, Inc		2,989
	57,615		Deere & Co		4,681
	235,966		Dell, Inc		3,150
	350,111	*	Delta Air Lines, Inc		6,551
	550,734	*	Denbury Resources, Inc		9,539
	37,226		Dentsply International, Inc		1,525
	70,046		Devon Energy Corp		3,634
	10,739		Diamond Offshore Drilling, Inc		739
	21,137		Dick’s Sporting Goods, Inc		1,058
	14,087		Digital Realty Trust, Inc		859
	97,385		Dillard’s, Inc (Class A)		7,983
	328,909	*	DIRECTV		20,267
	209,948		Discover Financial Services		10,002
	83,738	*	Discovery Communications, Inc (Class A)		6,465

221

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	22,072	*	Discovery Communications, Inc (Class C)	$	1,538
	130,721		DISH Network Corp (Class A)		5,558
	44,931	*	Dollar General Corp		2,266
	25,593	*	Dollar Tree, Inc		1,301
	99,918		Dominion Resources, Inc		5,677
	42,610		Dover Corp		3,309
	837,704		Dow Chemical Co		26,949
	65,833		DR Horton, Inc		1,401
	34,544		Dr Pepper Snapple Group, Inc		1,587
	29,100		DST Systems, Inc		1,901
	79,126		DTE Energy Co		5,302
	181,021		Du Pont (E.I.) de Nemours & Co		9,504
	719,191		Duke Energy Corp		48,545
	73,624		Duke Realty Corp		1,148
	4,813	e	Dun & Bradstreet Corp		469
	308,000		Dunkin Brands Group, Inc		13,189
	113,999		East West Bancorp, Inc		3,135
	20,863		Eastman Chemical Co		1,461
	396,920		Eaton Corp		26,121
	26,016		Eaton Vance Corp		978
	1,044,034	*	eBay, Inc		53,997
	299,942		Ecolab, Inc		25,552
	45,843		Edison International		2,208
	14,408	*	Edwards Lifesciences Corp		968
	63,586	*	Electronic Arts, Inc		1,461
	193,096		Eli Lilly & Co		9,485
	473,486		EMC Corp		11,184
	100,000		EMCOR Group, Inc		4,065
	110,306		Emerson Electric Co		6,016
	7,702		Energen Corp		403
	53,049		Energizer Holdings, Inc		5,332
	1,134		Energy Transfer Partners LP		57
	1,784	*	Engility Holdings, Inc		51
	33,113		Entergy Corp		2,307
	254,998		EOG Resources, Inc		33,578
	66,719		Equifax, Inc		3,932
	10,465	*,e	Equinix, Inc		1,933
	37,408		Equitable Resources, Inc		2,969
	55,016		Equity Residential		3,194
	26,132		Estee Lauder Cos (Class A)		1,719
	24,528		Everest Re Group Ltd		3,146
	181,907		Exelon Corp		5,617
	132,131		Expedia, Inc		7,948
	22,043		Expeditors International of Washington, Inc		838
	200,000	*	Express Parent LLC		4,194
	197,294	*	Express Scripts Holding Co		12,171
	2,253,798	d	Exxon Mobil Corp		203,631
	204,531	*	F5 Networks, Inc		14,072
	174,247	*	Facebook, Inc		4,332
	12,282		Family Dollar Stores, Inc		765
	36,247		Fastenal Co		1,662
	24,363		Federal Realty Investment Trust		2,526

222

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	80,651		FedEx Corp	$	7,951
	71,159		Fidelity National Information Services, Inc		3,048
	55,992		Fidelity National Title Group, Inc (Class A)		1,333
	482,115		Fifth Third Bancorp		8,702
	150,000	*	First American Corp		3,475
	10,135		First Republic Bank		390
	128,442		FirstEnergy Corp		4,796
	56,834	*	Fiserv, Inc		4,968
	35,000	*	FleetCor Technologies, Inc		2,845
	15,949		Flir Systems, Inc		430
	70,809		Flowserve Corp		3,824
	20,859		Fluor Corp		1,237
	28,398		FMC Corp		1,734
	157,684	*	FMC Technologies, Inc		8,780
	200,000		Foot Locker, Inc		7,026
	1,175,061		Ford Motor Co		18,178
	53,095	*	Forest Laboratories, Inc		2,177
	129,400		Fortune Brands Home & Security, Inc		5,013
	26,020	*	Fossil Group, Inc		2,688
	47,377		Franklin Resources, Inc		6,444
	242,347		Freeport-McMoRan Copper & Gold, Inc (Class B)		6,691
	132,869	e	Frontier Communications Corp		538
	275,138	e	GameStop Corp (Class A)		11,564
	160,000		Gannett Co, Inc		3,914
	244,751		Gap, Inc		10,213
	12,290	e	Garmin Ltd		444
	45,854		General Dynamics Corp		3,592
	5,651,162		General Electric Co		131,050
	49,569		General Growth Properties, Inc		985
	586,956		General Mills, Inc		28,485
	18,106,794	*,e,m	General Motors Co		0	^
	161,913	*	General Motors Co		5,393
	18,159,000	*,m	General Motors Co		0	^
	61,921,000	*,e,m	General Motors Co		0	^
	13,592,224	*,m	General Motors Co		0	^
	530,757	*,m	General Motors Co		0	^
	69,850,000	*,m	General Motors Co		0	^
	4,461,000	*,m	General Motors Co		0	^
	19,417,463	*,m	General Motors Co		0	^
	29,845,445	*,m	General Motors Co		0	^
	26,439,985	*,m	General Motors Co		0	^
	32,751		Genuine Parts Co		2,557
	9,439	*	Genworth Financial, Inc (Class A)		108
	1,586,024	*	Gilead Sciences, Inc		81,220
	120,000		Global Payments, Inc		5,558
	130,900		GNC Holdings, Inc		5,787
	236,938		Goldman Sachs Group, Inc		35,837
	463,900	*	Goodyear Tire & Rubber Co		7,093
	155,320	*	Google, Inc (Class A)		136,739
	500,000	*	Graphic Packaging Holding Co		3,870
	74,397	*,e	Green Mountain Coffee Roasters, Inc		5,584
	400,000	*,e	Groupon, Inc		3,400

223

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	30,662		H&R Block, Inc	$	851
	1		H.B. Fuller Co		0	^
	1,023,722		Halliburton Co		42,710
	135,000		Hanesbrands, Inc		6,942
	23,955		Harley-Davidson, Inc		1,313
	12,118		Harris Corp		597
	698,579		Hartford Financial Services Group, Inc		21,600
	30,622	e	Hasbro, Inc		1,373
	200,898		HCA Holdings, Inc		7,244
	66,429		HCP, Inc		3,019
	32,500		Health Care REIT, Inc		2,178
	162,198	*	Health Net, Inc		5,161
	170,000	*	Healthsouth Corp		4,896
	17,639		Helmerich & Payne, Inc		1,102
	19,074	*	Henry Schein, Inc		1,826
	54,099		Hershey Co		4,830
	904,354	*	Hertz Global Holdings, Inc		22,428
	120,220		Hess Corp		7,993
	1,486,235		Hewlett-Packard Co		36,859
	116,000		Hillshire Brands Co		3,837
	21,552		Holly Corp		922
	49,039	*	Hologic, Inc		946
	1,238,757		Home Depot, Inc		95,967
	976,363		Honeywell International, Inc		77,465
	15,043		Hormel Foods Corp		580
	27,888	*	Hospira, Inc		1,068
	916,552		Host Marriott Corp		15,462
	75,048		Hudson City Bancorp, Inc		687
	91,637		Humana, Inc		7,732
	1,016,300		Huntington Bancshares, Inc		8,008
	321,379		Huntsman Corp		5,322
	152,900		IAC/InterActiveCorp		7,272
	60,000	e	Icahn Enterprises LP		4,366
	6,477	*	IHS, Inc (Class A)		676
	93,890		Illinois Tool Works, Inc		6,494
	50,620	*,e	Illumina, Inc		3,788
	299,306		Ingersoll-Rand plc		16,617
	92,000		Ingredion, Inc		6,037
	9,630		Integrys Energy Group, Inc		564
	1,842,559		Intel Corp		44,627
	9,142	*	IntercontinentalExchange, Inc		1,625
	582,830		International Business Machines Corp		111,385
	8,656		International Flavors & Fragrances, Inc		651
	364,325		International Game Technology		6,088
	219,457		International Paper Co		9,724
	161,409		Interpublic Group of Cos, Inc		2,348
	479,262		Intuit, Inc		29,249
	12,511	*	Intuitive Surgical, Inc		6,338
	525,414		Invesco Ltd		16,708
	15,188		Iron Mountain, Inc		404
	181,546	*	iShares China Large-Cap ETF		5,904
	1,196,049	e	iShares MSCI Canada Index Fund		31,336

224

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	1,901,556		iShares MSCI EAFE Index Fund	$	109,111
	140,000		ITT Corp		4,117
	63,800	*,e	ITT Educational Services, Inc		1,557
	21,106		J.B. Hunt Transport Services, Inc		1,525
	36,959		J.M. Smucker Co		3,812
	247,730	*	Jacobs Engineering Group, Inc		13,657
	671,064	*	Jarden Corp		29,359
	70,000	*	Jazz Pharmaceuticals plc		4,811
	21,737	*,e	JC Penney Co, Inc		371
	280,000	*	JDS Uniphase Corp		4,026
	1,665,220		Johnson & Johnson		142,976
	102,238		Johnson Controls, Inc		3,659
	154,150		Joy Global, Inc		7,481
	1,945,204		JPMorgan Chase & Co		102,687
	91,027	*	Juniper Networks, Inc		1,758
	73,961		Kansas City Southern Industries, Inc		7,837
	1,399	e	KB Home		27
	448,833		KBR, Inc		14,587
	38,341		Kellogg Co		2,463
	50,000		Kennametal, Inc		1,941
	193,042		Keycorp		2,131
	97,848		Kimberly-Clark Corp		9,505
	103,604		Kimco Realty Corp		2,220
	11,673	*	Kinder Morgan Management LLC		976
	84,673		Kinder Morgan, Inc		3,230
	23,715		Kla-Tencor Corp		1,322
	23,046		Kohl’s Corp		1,164
	108,012		Kraft Foods Group, Inc		6,035
	1,085,498		Kroger Co		37,493
	110,066		L Brands, Inc		5,421
	20,699		L-3 Communications Holdings, Inc		1,775
	12,824	*	Laboratory Corp of America Holdings		1,284
	325,040	*	Lam Research Corp		14,412
	499,046		Las Vegas Sands Corp		26,415
	95,000		Lear Corp		5,744
	12,672		Legg Mason, Inc		393
	32,105		Leggett & Platt, Inc		998
	129,700		Lender Processing Services, Inc		4,196
	20,575	e	Lennar Corp (Class A)		742
	31,393		Leucadia National Corp		823
	15,834	*	Level 3 Communications, Inc		334
	22,021	*	Liberty Media Corp		2,791
	108,230	*	Liberty Media Holding Corp (Interactive A)		2,490
	18,967		Liberty Property Trust		701
	30,904	*	Life Technologies Corp		2,287
	123,242		Lincoln National Corp		4,495
	89,245		Linear Technology Corp		3,288
	41,449	*	LinkedIn Corp		7,390
	200,000	*,e	Lions Gate Entertainment Corp		5,494
	63,720	*	LKQ Corp		1,641
	36,047		Lockheed Martin Corp		3,910
	45,604		Loews Corp		2,025

225

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	113,268		Lorillard, Inc	$	4,948
	431,579		Lowe’s Companies, Inc		17,652
	68,300	*	LSI Logic Corp		488
	373,101		LyondellBasell Industries AF S.C.A		24,722
	12,860	e	M&T Bank Corp		1,437
	23,196		Macerich Co		1,414
	285,793		Macy’s, Inc		13,718
	1	*	Madison Square Garden, Inc		0	^
	8,318		Manpower, Inc		456
	417,048		Marathon Oil Corp		14,422
	138,154		Marathon Petroleum Corp		9,817
	6,519	*	Markel Corp		3,435
	52,331		Marriott International, Inc (Class A)		2,113
	892,847		Marsh & McLennan Cos, Inc		35,642
	4,772		Martin Marietta Materials, Inc		470
	474,507		Marvell Technology Group Ltd		5,556
	162,677		Masco Corp		3,171
	120,000	*	Mastec, Inc		3,948
	77,452		Mastercard, Inc (Class A)		44,496
	72,864		Mattel, Inc		3,301
	116,826		Maxim Integrated Products, Inc		3,245
	26,865		McCormick & Co, Inc		1,890
	4,517	*	McDermott International, Inc		37
	339,301		McDonald’s Corp		33,591
	39,908		McGraw-Hill Cos, Inc		2,123
	432,461		McKesson Corp		49,517
	679		MDC Holdings, Inc		22
	18,979		MDU Resources Group, Inc		492
	108,454		Mead Johnson Nutrition Co		8,593
	38,045		MeadWestvaco Corp		1,298
	40,000	*	Medivation, Inc		1,968
	725,149		Medtronic, Inc		37,323
	1,518,052		Merck & Co, Inc		70,514
	892,106		Metlife, Inc		40,823
	43,822	*	MGM Mirage		648
	64,673	*	Michael Kors Holdings Ltd		4,011
	20,489	e	Microchip Technology, Inc		763
	215,583	*	Micron Technology, Inc		3,089
	4,241,537		Microsoft Corp		146,460
	27,145	*	Mohawk Industries, Inc		3,054
	15,492		Molson Coors Brewing Co (Class B)		741
	529,640		Mondelez International, Inc		15,111
	471,935		Monsanto Co		46,627
	111,791	*	Monster Beverage Corp		6,794
	21,290		Moody’s Corp		1,297
	464,930		Morgan Stanley		11,358
	32,487		Mosaic Co		1,748
	143,299		Motorola, Inc		8,273
	44,935		Murphy Oil Corp		2,736
	589,610	*	Mylan Laboratories, Inc		18,296
	173,284		Nabors Industries Ltd		2,653
	12,974		Nasdaq Stock Market, Inc		425

226

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	124,723		National Oilwell Varco, Inc	$	8,593
	1,239	*,e	Navistar International Corp		34
	214,777	*	NetApp, Inc		8,114
	24,839	*,e	NetFlix, Inc		5,243
	100,000	*	NeuStar, Inc (Class A)		4,868
	65,579	e	New York Community Bancorp, Inc		918
	230,161		Newell Rubbermaid, Inc		6,042
	62,829		Newmont Mining Corp		1,882
	196,790		News Corp (Class A)		6,415
	46,037		News Corp (Class B)		1,511
	133,970		NextEra Energy, Inc		10,916
	39,086		Nielsen Holdings NV		1,313
	250,330		Nike, Inc (Class B)		15,941
	128,786		NiSource, Inc		3,688
	119,797		Noble Corp		4,502
	137,888		Noble Energy, Inc		8,279
	34,031		Nordstrom, Inc		2,040
	58,160		Norfolk Southern Corp		4,225
	121,717		Northeast Utilities		5,115
	80,544		Northern Trust Corp		4,663
	48,420		Northrop Grumman Corp		4,009
	531,232		NRG Energy, Inc		14,184
	29,934	*	Nuance Communications, Inc		550
	99,291		Nucor Corp		4,301
	170,000		NV Energy, Inc		3,988
	130,864		Nvidia Corp		1,836
	13,775	*	NVR, Inc		12,701
	25,827		NYSE Euronext		1,069
	42,193		Oaktree Capital Group LLC		2,217
	670,419		Occidental Petroleum Corp		59,821
	44,562		Oceaneering International, Inc		3,217
	118,000	*	Ocwen Financial Corp		4,864
	44,921		OGE Energy Corp		3,064
	12,815		Omnicare, Inc		611
	41,096		Omnicom Group, Inc		2,584
	1,680,000	*	ON Semiconductor Corp		13,574
	40,759		Oneok, Inc		1,684
	40,986	*	Onyx Pharmaceuticals, Inc		3,558
	3,078,976		Oracle Corp		94,586
	3,103		Oracle Corp Japan		129
	45,046	*	O’Reilly Automotive, Inc		5,073
	501,043	*	Orient-Express Hotels Ltd (Class A)		6,093
	130,000	*	Oshkosh Truck Corp		4,936
	32,621	*	Owens Corning, Inc		1,275
	39,657	*	Owens-Illinois, Inc		1,102
	55,030		Paccar, Inc		2,953
	90,000		Packaging Corp of America		4,406
	17,962		Pall Corp		1,193
	13,125	*	Panera Bread Co (Class A)		2,440
	90,000	*	Parexel International Corp		4,135
	147,533		Parker Hannifin Corp		14,075
	141,284		PartnerRe Ltd		12,795

227

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	17,211		Patterson Cos, Inc	$	647
	41,456		Paychex, Inc		1,514
	60,529		Peabody Energy Corp		886
	532,000	*	Penn National Gaming, Inc		28,122
	395,366		Pentair Ltd		22,809
	52,998		People’s United Financial, Inc		790
	37,553		Pepco Holdings, Inc		757
	892,845		PepsiCo, Inc		73,026
	43,451		Perrigo Co		5,258
	151,030		Petsmart, Inc		10,117
	4,613,594		Pfizer, Inc		129,227
	53,553		PG&E Corp		2,449
	904,636		Philip Morris International, Inc		78,360
	233,321		Phillips 66		13,745
	136,975		Phillips-Van Heusen Corp		17,129
	299,800	*	Pilgrim’s Pride Corp		4,479
	70,571		Pinnacle West Capital Corp		3,915
	37,143		Pioneer Natural Resources Co		5,376
	10,800	e	Pitney Bowes, Inc		159
	27,100		Plum Creek Timber Co, Inc		1,265
	77,651		PNC Financial Services Group, Inc		5,662
	6,933		Polaris Industries, Inc		659
	63,864		PPG Industries, Inc		9,350
	107,536		PPL Corp		3,254
	87,182		Praxair, Inc		10,040
	95,129		Precision Castparts Corp		21,500
	17,107	*	Priceline.com, Inc		14,150
	102,147		Principal Financial Group		3,825
	80,000		ProAssurance Corp		4,173
	1,414,951		Procter & Gamble Co		108,937
	60,715		Progressive Corp		1,543
	195,041		Prologis, Inc		7,357
	290,569		Prudential Financial, Inc		21,220
	76,886		Public Service Enterprise Group, Inc		2,511
	56,682		Public Storage, Inc		8,691
	552,616	*	Pulte Homes, Inc		10,483
	1,053,761		Qualcomm, Inc		64,364
	23,110	*	Quanta Services, Inc		611
	20,871		Quest Diagnostics, Inc		1,265
	29,842		Questar Market Resources, Inc		829
	100,000		Questcor Pharmaceuticals, Inc		4,546
	13,438	*	Rackspace Hosting, Inc		509
	26,641	*	Rally Software Development Corp		661
	9,421		Ralph Lauren Corp		1,637
	68,726		Range Resources Corp		5,314
	143,861		Raymond James Financial, Inc		6,183
	27,038		Rayonier, Inc		1,498
	51,774		Raytheon Co		3,423
	764,905	*	Realogy Holdings Corp		36,746
	19,930		Realty Income Corp		835
	54,554	*	Red Hat, Inc		2,609
	14,489		Regency Centers Corp		736

228

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	8,220	*	Regeneron Pharmaceuticals, Inc	$	1,849
	1,015,594		Regions Financial Corp		9,679
	60,000		Reliance Steel & Aluminum Co		3,934
	32,586		RenaissanceRe Holdings Ltd		2,828
	53,721		Republic Services, Inc		1,823
	29,406	e	Resmed, Inc		1,327
	112,698		Reynolds American, Inc		5,451
	1,400,000	*	Rite Aid Corp		4,004
	16,377		Robert Half International, Inc		544
	60,695		Rock-Tenn Co (Class A)		6,062
	15,586		Rockwell Automation, Inc		1,296
	254,181		Rockwell Collins, Inc		16,118
	107,789		Roper Industries, Inc		13,390
	47,822		Ross Stores, Inc		3,099
	220,000	*	Rovi Corp		5,025
	18,787	*	Rowan Cos plc		640
	124,592		Royal Caribbean Cruises Ltd		4,154
	185,482	e	Safeway, Inc		4,389
	58,726		SAIC, Inc		818
	154,184	*	Salesforce.com, Inc		5,887
	110,000	*	Salix Pharmaceuticals Ltd		7,276
	90,663	*	SanDisk Corp		5,540
	2,945,700		Sands China Ltd		13,765
	84,237	*	SBA Communications Corp (Class A)		6,244
	33,037		SCANA Corp		1,622
	474,275		Schlumberger Ltd		33,987
	40,630		Scripps Networks Interactive (Class A)		2,712
	157,457		Seagate Technology, Inc		7,059
	431,742		Sealed Air Corp		10,340
	5,408	*,e	Sears Holdings Corp		228
	14,896		SEI Investments Co		423
	161,448		Sempra Energy		13,200
	13,512	*	Sensata Technologies Holding BV		472
	400,000		Service Corp International		7,212
	31,911		Sherwin-Williams Co		5,635
	12,705		Sigma-Aldrich Corp		1,021
	242,152		Simon Property Group, Inc		38,241
	354,578	e	Sirius XM Radio, Inc		1,188
	19,026		SL Green Realty Corp		1,678
	94,881		SLM Corp		2,169
	180,676		Southern Co		7,973
	39,290		Southwest Airlines Co		506
	60,857	*	Southwestern Energy Co		2,223
	306,433		SPDR Trust Series 1		49,032
	1,052,836		Spectra Energy Corp		36,281
	120,000	*	Spirit Airlines, Inc		3,812
	50,000	*	Splunk, Inc		2,318
	786,170	*	Sprint Nextel Corp		5,519
	5,553		SPX Corp		400
	50,009		St. Jude Medical, Inc		2,282
	180,712		Stanley Works		13,969
	177,086		Staples, Inc		2,809

229

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	360,846		Starbucks Corp	$	23,632
	77,182		Starwood Hotels & Resorts Worldwide, Inc		4,877
	953,847		State Street Corp		62,200
	79,839	*	Stericycle, Inc		8,817
	81,725		Stryker Corp		5,286
	256,285		SunTrust Banks, Inc		8,091
	37,367	*	Superior Energy Services		969
	250,000	*	Swift Transportation Co, Inc		4,135
	662,536		Symantec Corp		14,887
	32,728	*	Synopsys, Inc		1,170
	222,157		Synovus Financial Corp		649
	63,893		Sysco Corp		2,183
	30,091		T Rowe Price Group, Inc		2,201
	41,214	*	Tableau Software, Inc		2,284
	477,294		Target Corp		32,866
	1,079		Taubman Centers, Inc		81
	131,584		TCF Financial Corp		1,866
	48,506		TD Ameritrade Holding Corp		1,178
	2,315	*	Tenet Healthcare Corp		107
	100,000	*	Tenneco, Inc		4,528
	22,631	*	Teradata Corp		1,137
	95,400	*	Teradyne, Inc		1,676
	57,799		Tesoro Corp		3,024
	229,110		Texas Instruments, Inc		7,989
	83,267		Textron, Inc		2,169
	306,794		Thermo Electron Corp		25,964
	15,853		Tiffany & Co		1,155
	101,987		Time Warner Cable, Inc		11,471
	782,170		Time Warner, Inc		45,225
	106,233		Timken Co		5,979
	240,592		TJX Companies, Inc		12,044
	33,194		T-Mobile US, Inc		824
	18,086	*	Toll Brothers, Inc		590
	374,126	e	TonenGeneral Sekiyu KK		3,620
	49,295		Torchmark Corp		3,211
	34,069		Total System Services, Inc		834
	51,964		Tractor Supply Co		6,111
	5,589		TransDigm Group, Inc		876
	19,525		Transocean Ltd		938
	70,000		Transocean Ltd-NYSE		3,356
	60,520		Travelers Cos, Inc		4,837
	153,395	*	TRI Pointe Homes, Inc		2,543
	62,500	*	Tribune Co		3,556
	54,794	*	Trimble Navigation Ltd		1,425
	48,868	*	TripAdvisor, Inc		2,975
	86,259	*	TRW Automotive Holdings Corp		5,731
	271,465	*	Tumi Holdings, Inc		6,515
	75,211		Tupperware Corp		5,843
	1,044,453		Tyco International Ltd		34,415
	221,712		Tyson Foods, Inc (Class A)		5,694
	20,953	*	UAL Corp		656
	27,071		UDR, Inc		690

230

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	7,217		Ulta Salon Cosmetics & Fragrance, Inc	$	723
	27,195	*,e	Ultra Petroleum Corp		539
	9,502	*	Under Armour, Inc (Class A)		567
	469,202		Union Pacific Corp		72,388
	303,422		United Parcel Service, Inc (Class B)		26,240
	463,411		United Technologies Corp		43,069
	700,942		UnitedHealth Group, Inc		45,898
	1,790		Universal Health Services, Inc (Class B)		120
	59,599		UnumProvident Corp		1,750
	14,783	*	Urban Outfitters, Inc		595
	1,092,484		US Bancorp		39,493
	287,662		Valero Energy Corp		10,002
	60,000		Valspar Corp		3,880
	80,000	*	Valueclick, Inc		1,974
	14,227	*	Varian Medical Systems, Inc		960
	104,484		Ventas, Inc		7,257
	16,544	*	VeriSign, Inc		739
	453,987	*	Verisk Analytics, Inc		27,103
	2,011,724		Verizon Communications, Inc		101,270
	90,100	*	Vertex Pharmaceuticals, Inc		7,196
	46,438		VF Corp		8,965
	703,589		Viacom, Inc (Class B)		47,879
	257,821		Visa, Inc (Class A)		47,117
	200,000	*	Vishay Intertechnology, Inc		2,778
	70,000	*	Visteon Corp		4,418
	75,431	*	VMware, Inc (Class A)		5,053
	24,707		Vornado Realty Trust		2,047
	16,557		Vulcan Materials Co		802
	57,595		W.R. Berkley Corp		2,353
	19,165		W.W. Grainger, Inc		4,833
	157,249		Walgreen Co		6,950
	641,784		Wal-Mart Stores, Inc		47,806
	908,991		Walt Disney Co		57,403
	526,800	e	Walter Energy, Inc		5,479
	418,095		Warner Chilcott plc		8,312
	48,301		Waste Management, Inc		1,948
	9,297	*	Waters Corp		930
	1,197,171	*	Weatherford International Ltd		16,401
	27,899	*	WellCare Health Plans, Inc		1,550
	192,227		WellPoint, Inc		15,732
	3,684,279		Wells Fargo & Co		152,050
	114,160		Western Digital Corp		7,088
	100,475		Western Union Co		1,719
	50,000		Westlake Chemical Corp		4,820
	204,686		Weyerhaeuser Co		5,832
	90,162		Whirlpool Corp		10,311
	13,872	*	Whiting Petroleum Corp		639
	139,162		Whole Foods Market, Inc		7,164
	285,037		Williams Cos, Inc		9,255
	18,473	e	Willis Group Holdings plc		753
	62,734	e	Windstream Corp		484
	97,595		Wisconsin Energy Corp		4,000

231

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	150,000	*	WisdomTree Japan Hedged Equity Fund	$	6,841
	40,000	e	Wolverine World Wide, Inc		2,184
	3,710	*	WPX Energy, Inc		70
	56,170		Wyndham Worldwide Corp		3,215
	13,507		Wynn Resorts Ltd		1,729
	147,745		Xcel Energy, Inc		4,187
	457,556		Xerox Corp		4,150
	27,360		Xilinx, Inc		1,084
	30,938		Xylem, Inc		833
	1,130,694	*	Yahoo!, Inc		28,392
	281,621		Yum! Brands, Inc		19,528
	51,702		Zimmer Holdings, Inc		3,875
	964,353	e	Zoetis Inc		29,789
			TOTAL UNITED STATES		8,941,648
			TOTAL COMMON STOCKS		16,173,565
			(Cost $14,156,880)

RIGHTS / WARRANTS - 0.0%
AUSTRALIA - 0.0%
	4,102		ASX Ltd		12
	681,005	m	GPT Group		0	^
			TOTAL AUSTRALIA		12

FRANCE - 0.0%
	4,156		Groupe Fnac		11
			TOTAL FRANCE		11

HONG KONG - 0.0%
	18,063	m	First Pacific Co Ltd		0	^
	12,973	m	New World Development Co Ltd		0	^
			TOTAL HONG KONG		0	^

MALAYSIA - 0.0%
	51,780		IJM Land BHD - CW13		24
			TOTAL MALAYSIA		24

SINGAPORE - 0.0%
	13,977		Olam International Ltd		4
			TOTAL SINGAPORE		4

SPAIN - 0.0%
	46,595		Repsol S.A.		26
			TOTAL SPAIN		26

UNITED STATES - 0.0%
	21,280		Kinder Morgan, Inc		109
			TOTAL UNITED STATES		109

			TOTAL RIGHTS / WARRANTS		186
			(Cost $94)

232

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

PRINCIPAL			ISSUER	RATES			MATURITY DATE		VALUE (000)
SHORT-TERM INVESTMENTS - 4.3%
TREASURY DEBT - 1.4%
$	8,800,000	d	United States Treasury Bill		0.050	%		07/18/13	$	8,800
	2,100,000		United States Treasury Bill		0.070-0.075			07/25/13		2,100
	7,500,000	d	United States Treasury Bill		0.074-0.085			08/08/13		7,499
	1,000,000		United States Treasury Bill		0.040			08/15/13		1,000
	6,500,000	d	United States Treasury Bill		0.048			08/22/13		6,500
	51,200,000	d	United States Treasury Bill		0.045-0.071			09/19/13		51,196
	60,400,000		United States Treasury Bill		0.040-0.080			09/26/13		60,395
	7,000,000	d	United States Treasury Bill		0.050			10/03/13		6,999
	3,000,000	d	United States Treasury Bill		0.055			10/10/13		2,999
	30,300,000	d	United States Treasury Bill		0.081			10/17/13		30,295
	34,300,000	d	United States Treasury Bill		0.060-0.071			11/07/13		34,294
	19,800,000	d	United States Treasury Bill		0.070			11/21/13		19,795
			TOTAL TREASURY DEBT							231,872

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.9%
REPURCHASE AGREEMENT - 2.6%
	56,000,000	n	Barclays		0.100			07/01/13		56,000
	41,000,000	o	BNP-A		0.100			07/01/13		41,000
	43,000,000	p	Calyon-A		0.100			07/01/13		43,000
	102,000,000	q	Calyon-C		0.110			07/01/13		102,000
	90,000,000	r	Mizuho Securities		0.100			07/01/13		90,000
	19,000,000	s	Morgan Stanley		0.120			07/01/13		19,000
	45,000,000	t	Royal Bank of Scotland		0.100			07/01/13		45,000
	29,000,000	u	Societe Generale		0.100			07/01/13		29,000
			TOTAL REPURCHASE AGREEMENT							425,000

VARIABLE RATE SECURITIES - 0.3%
	2,088,225		Granite Master Issuer plc 2006		0.392			12/20/50		2,023
	1,789,908		Granite Master Issuer plc 2007		0.392			12/20/50		1,734
	1,063,471		Medallion Trust 2005		0.313			08/22/36		1,056
	779,348		Nelnet Student Loan Trust 2007		0.523			09/25/18		778
	1,836,230		Puma Finance Ltd		0.414			02/21/38		1,812
	30,000,000		SLM Student Loan Trust 2007		0.316			01/25/19		29,485
	4,104,278		SLM Student Loan Trust 2008		0.626			10/25/16		4,096
			TOTAL VARIABLE RATE SECURITIES							40,984

			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED							465,984

			TOTAL SHORT-TERM INVESTMENTS							697,856
			(Cost $698,352)
			TOTAL INVESTMENTS - 102.7%							16,871,607
			(Cost $14,855,326)
			OTHER ASSETS & LIABILITIES, NET - (2.7)%							(437,095	)
			NET ASSETS - 100.0%						$	16,434,512

233

COLLEGE RETIREMENT EQUITIES FUND - Global Equities 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.
	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 $490,267,000.
	m		Indicates a security that has been deemed illiquid.
	n		Agreement with Barclays, 0.10% dated 06/28/13 to be repurchased at $56,000,000 on 07/01/13, collateralized by U.S. Government Agency Securities valued at $57,120,000.
	o		Agreement with BNP-A, 0.10% dated 06/28/13 to be repurchased at $41,000,000 on 07/01/13, collateralized by U.S. Government Agency Securities valued at $41,820,000.
	p		Agreement with Calyon-A, 0.10% dated 06/28/13 to be repurchased at $43,000,000 on 07/01/13, collateralized by U.S. Government Agency Securities valued at $43,956,000.
	q		Agreement with Calyon-C, 0.11% dated 06/28/13 to be repurchased at $102,001,000 on 07/01/13, collateralized by U.S. Government Agency Securities valued at $104,040,000.
	r		Agreement with Mizuho Securities, 0.10% dated 06/28/13 to be repurchased at $90,001,000 on 07/01/13, collateralized by U.S. Government Agency Securities valued at $91,801,000.
	s		Agreement with Morgan Stanley, 0.12% dated 06/28/13 to be repurchased at $19,000,000 on 07/01/13, collateralized by U.S. Government Agency Securities valued at $19,380,000.
	t		Agreement with Royal Bank of Scotland, 0.10% dated 06/28/13 to be repurchased at $45,001,000 on 07/01/13, collateralized by U.S. Government Agency Securities valued at $45,901,000.
	u		Agreement with Societe Generale, 0.10% dated 06/28/13 to be repurchased at $29,000,000 on 07/01/13, collateralized by U.S. Government Agency Securities valued at $29,580,000.

			Cost amounts are in thousands.

234

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND

GLOBAL EQUITIES ACCOUNT

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

June 30, 2013

	VALUE			% OF
SECTOR	(000)			NET ASSETS
FINANCIALS	$	3,582,153			21.7	%
CONSUMER DISCRETIONARY		2,445,949			14.9
INFORMATION TECHNOLOGY		1,967,060			12.0
HEALTH CARE		1,954,665			11.9
INDUSTRIALS		1,899,366			11.6
CONSUMER STAPLES		1,351,988			8.2
ENERGY		1,312,136			8.0
MATERIALS		874,026			5.3
TELECOMMUNICATION SERVICES		415,127			2.5
UTILITIES		371,281			2.3
SHORT-TERM INVESTMENTS		697,856			4.3
OTHER ASSETS & LIABILITIES, NET		(437,095	)		(2.7	)

NET ASSETS	$	16,434,512			100.0	%

235

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND

GROWTH ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2013

				VALUE
SHARES			COMPANY	(000)
COMMON STOCKS - 99.3%

AUTOMOBILES & COMPONENTS - 2.1%
	2,380		Allison Transmission Holdings, Inc	$	55
	58,954	*	BorgWarner, Inc		5,079
	2,849,987		Delphi Automotive plc		144,466
	1,781,735		Ford Motor Co		27,563
	1,169,096	*	General Motors Co		38,943
	42,365		Gentex Corp		976
	1,120,025	*	Goodyear Tire & Rubber Co		17,125
	114,117		Harley-Davidson, Inc		6,256
	101,800		Icahn Enterprises LP		7,408
	255,720		Lear Corp		15,461
	106,400		Magna International, Inc - Class A (NY)		7,578
	100,000		Renault S.A.		6,736
	309,600	*	Tenneco, Inc		14,019
	172,344	*,e	Tesla Motors, Inc		18,515
	22,480		Thor Industries, Inc		1,105
	364,451	*	Visteon Corp		23,004
			TOTAL AUTOMOBILES & COMPONENTS		334,289

BANKS - 0.2%
	435,900		Fifth Third Bancorp		7,868
	1,606,300		Huntington Bancshares, Inc		12,658
	255,690	*,e	Nationstar Mortgage Holdings, Inc		9,573
	52,587	*	Ocwen Financial Corp		2,167
	2,349	*	Signature Bank		195
			TOTAL BANKS		32,461

CAPITAL GOODS - 8.0%
	523,440		3M Co		57,238
	16,676		A.O. Smith Corp		605
	294,210	*	Aecom Technology Corp		9,353
	124,127		Ametek, Inc		5,251
	13,593		Armstrong World Industries, Inc		650
	39,380		Babcock & Wilcox Co		1,183
	47,053	*	BE Aerospace, Inc		2,968
	1,954,910		Boeing Co		200,261
	3,346		Carlisle Cos, Inc		208
	91,242		Caterpillar, Inc		7,527
	452,501		Chicago Bridge & Iron Co NV		26,996
	169,600		CNH Global NV		7,066
	42,971	*	Colfax Corp		2,239
	150,821		Crane Co		9,037
	432,299		Cummins, Inc		46,887
	61,881		Danaher Corp		3,917
	197,571		Deere & Co		16,053

236

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	69,510		Donaldson Co, Inc	$	2,479
	64,055		Dover Corp		4,974
	273,809		Emerson Electric Co		14,934
	151,025		Fastenal Co		6,924
	282,273		Flowserve Corp		15,246
	220,757		Fluor Corp		13,093
	587,361		Fortune Brands Home & Security, Inc		22,754
	848,270		General Electric Co		19,671
	31,738		Graco, Inc		2,006
	50,648	*	Hexcel Corp		1,725
	1,263,974		Honeywell International, Inc		100,284
	102,001		Hubbell, Inc (Class B)		10,098
	25,295		Huntington Ingalls		1,429
	39,005		IDEX Corp		2,099
	152,818		Illinois Tool Works, Inc		10,570
	765,193		Ingersoll-Rand plc		42,483
	45,391		ITT Corp		1,335
	264,934		Joy Global, Inc		12,857
	226,800		KBR, Inc		7,371
	26,095		Lennox International, Inc		1,684
	349,468		Lincoln Electric Holdings, Inc		20,014
	294,797		Lockheed Martin Corp		31,974
	66,509		Manitowoc Co, Inc		1,191
	551,133		Masco Corp		10,742
	17,163	*	MRC Global, Inc		474
	140,471		MSC Industrial Direct Co (Class A)		10,881
	93,302		Nordson Corp		6,467
	203,300	*	Oshkosh Truck Corp		7,719
	24,297		Paccar, Inc		1,304
	195,218		Pall Corp		12,968
	135,900		Parker Hannifin Corp		12,965
	630,964		Precision Castparts Corp		142,604
	22,323	*	Quanta Services, Inc		591
	197,928		Rockwell Automation, Inc		16,456
	61,575		Rockwell Collins, Inc		3,904
	519,376		Roper Industries, Inc		64,517
	76,193		Snap-On, Inc		6,810
	10,763	*	SolarCity Corp		407
	10,701	*	Spirit Aerosystems Holdings, Inc (Class A)		230
	6,894		Stanley Works		533
	449,300	*	Terex Corp		11,817
	670,200		Textron, Inc		17,459
	253,400		Timken Co		14,261
	31,211		Toro Co		1,417
	27,453		TransDigm Group, Inc		4,304
	196,400		Trinity Industries, Inc		7,550
	79,748		Triumph Group, Inc		6,312
	49,319	*,e	United Rentals, Inc		2,461
	587,832		United Technologies Corp		54,633
	123,022		Valmont Industries, Inc		17,603
	467,378		W.W. Grainger, Inc		117,863
	60,655	*	WABCO Holdings, Inc		4,530

237

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	49,008		Westinghouse Air Brake Technologies Corp	$	2,618
	5,718		Xylem, Inc		154
			TOTAL CAPITAL GOODS		1,307,188

COMMERCIAL & PROFESSIONAL SERVICES - 1.4%
	128,000		ADT Corp		5,101
	270,976		Avery Dennison Corp		11,587
	14,784		Cintas Corp		673
	28,698	*	Clean Harbors, Inc		1,450
	53,825	*	Copart, Inc		1,658
	36,048		Corrections Corp of America		1,221
	18,404	e	Dun & Bradstreet Corp		1,793
	145,777	e	Edenred		4,464
	61,344		Equifax, Inc		3,615
	32,959	*	IHS, Inc (Class A)		3,440
	78,126		Iron Mountain, Inc		2,079
	13,715		KAR Auction Services, Inc		314
	1,191,295		Nielsen Holdings NV		40,015
	203,589	e	Pitney Bowes, Inc		2,989
	49,077		R.R. Donnelley & Sons Co		687
	71,083		Robert Half International, Inc		2,362
	34,933		Rollins, Inc		905
	378,363	*	Stericycle, Inc		41,783
	256,000		Tyco International Ltd		8,435
	1,402,553	*	Verisk Analytics, Inc		83,732
	58,964		Waste Connections, Inc		2,426
	19,062		Waste Management, Inc		769
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		221,498

CONSUMER DURABLES & APPAREL - 3.2%
	30,142		Carter’s, Inc		2,233
	356,191		Coach, Inc		20,335
	34,244	*,e	Deckers Outdoor Corp		1,730
	327,267	*	Fossil Group, Inc		33,810
	739,073		Hanesbrands, Inc		38,003
	49,729	e	Hasbro, Inc		2,229
	841,778	*	Jarden Corp		36,828
	1,041,339		Luxottica Group S.p.A.		52,687
	359,797		LVMH Moet Hennessy Louis Vuitton S.A.		58,415
	273,758		Mattel, Inc		12,404
	102,103	*	Michael Kors Holdings Ltd		6,332
	85,032		Newell Rubbermaid, Inc		2,232
	1,435,845		Nike, Inc (Class B)		91,435
	29,334	*	NVR, Inc		27,046
	94,076		Phillips-Van Heusen Corp		11,764
	52,656		Polaris Industries, Inc		5,002
	1,729,777	*	Pulte Homes, Inc		32,814
	219,099		Ralph Lauren Corp		38,066
	356,100	*	Sony Corp (ADR)		7,546
	13,562	*	Taylor Morrison Home Corp		331
	31,826	*	Tempur-Pedic International, Inc		1,397
	116,951		Tupperware Corp		9,086

238

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	42,397	*,e	Under Armour, Inc (Class A)	$	2,531
	44,578		VF Corp		8,606
	101,397		Whirlpool Corp		11,596
			TOTAL CONSUMER DURABLES & APPAREL		514,458

CONSUMER SERVICES - 3.5%
	290,730	*,e	Bally Technologies, Inc		16,403
	36,526		Brinker International, Inc		1,440
	49,880		Burger King Worldwide, Inc		973
	47,243	*	Chipotle Mexican Grill, Inc (Class A)		17,213
	1,329	e	Choice Hotels International, Inc		53
	43,151		Darden Restaurants, Inc		2,178
	28,002		Domino’s Pizza, Inc		1,628
	53,119		Dunkin Brands Group, Inc		2,275
	138,671		H&R Block, Inc		3,848
	556,499	*	Hyatt Hotels Corp		22,460
	1,690,275		International Game Technology		28,244
	282,756		Interval Leisure Group, Inc		5,632
	2,316,156		Las Vegas Sands Corp		122,594
	104,670		Marriott International, Inc (Class A)		4,226
	735,441		McDonald’s Corp		72,809
	26,169	*	Noodles & Co		962
	12,889	*,e	Norwegian Cruise Line Holdings Ltd		391
	100,117	*	Panera Bread Co (Class A)		18,616
	165,100	*	Penn National Gaming, Inc		8,727
	15,402		SeaWorld Entertainment, Inc		541
	84,221		Service Corp International		1,519
	259,292	e	Six Flags Entertainment Corp		9,117
	2,035,795		Starbucks Corp		133,324
	600,308		Starwood Hotels & Resorts Worldwide, Inc		37,933
	7,510	e	Weight Watchers International, Inc		345
	105,994		Wyndham Worldwide Corp		6,066
	41,057		Wynn Resorts Ltd		5,255
	566,408		Yum! Brands, Inc		39,275
			TOTAL CONSUMER SERVICES		564,047

DIVERSIFIED FINANCIALS - 4.6%
	478,982	*	Affiliated Managers Group, Inc		78,524
	1,465,064		American Express Co		109,528
	699,163		Ameriprise Financial, Inc		56,548
	315,542		Apollo Management LP		7,605
	2,405	*	Artisan Partners Asset Management, Inc		120
	908,600		Bank of America Corp		11,685
	163,112		BlackRock, Inc		41,895
	1,874,723		Blackstone Group LP		39,482
	44,472		CBOE Holdings, Inc		2,074
	75,955		Charles Schwab Corp		1,613
	758,400		Citigroup, Inc		36,381
	197,800		Discover Financial Services		9,423
	63,096		Eaton Vance Corp		2,372
	34,746	e	Federated Investors, Inc (Class B)		952
	297,935		Franklin Resources, Inc		40,525

239

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	108,866		Goldman Sachs Group, Inc	$	16,466
	302,773	*	IntercontinentalExchange, Inc		53,821
	1,500,000	e	iShares Russell 1000 Growth Index Fund		109,110
	64,065		Lazard Ltd (Class A)		2,060
	20,281		Leucadia National Corp		532
	22,598		LPL Financial Holdings, Inc		853
	969,756		Moody’s Corp		59,087
	25,735	*	MSCI, Inc (Class A)		856
	78,902		Oaktree Capital Group LLC		4,146
	243,100		Raymond James Financial, Inc		10,449
	217,093		SEI Investments Co		6,172
	218,300		State Street Corp		14,235
	207,957		T Rowe Price Group, Inc		15,212
	181,432		Waddell & Reed Financial, Inc (Class A)		7,892
			TOTAL DIVERSIFIED FINANCIALS		739,618

ENERGY - 3.5%
	69,039		Anadarko Petroleum Corp		5,933
	150,611	*	Atwood Oceanics, Inc		7,839
	12,036		Baker Hughes, Inc		555
	220,981		Cabot Oil & Gas Corp		15,694
	178,585	*	Cameron International Corp		10,922
	122,900	*	Cheniere Energy, Inc		3,412
	128,544	*	Cobalt International Energy, Inc		3,415
	362,993	*	Concho Resources, Inc		30,390
	23,076	*,e	Continental Resources, Inc		1,986
	103,474	e	Crescent Point Energy Corp		3,510
	161,638		CVR Energy, Inc		7,662
	854,909	*	Denbury Resources, Inc		14,807
	40,214	*	Dresser-Rand Group, Inc		2,412
	20,051	*	Dril-Quip, Inc		1,810
	588,928		EOG Resources, Inc		77,550
	69,803		Equitable Resources, Inc		5,540
	751,793	*	FMC Technologies, Inc		41,860
	31,674	*	Gulfport Energy Corp		1,491
	1,500,722		Halliburton Co		62,610
	120,000		Helmerich & Payne, Inc		7,494
	392,608		Kinder Morgan, Inc		14,978
	50,931	*	Kosmos Energy LLC		517
	15,879	*	Laredo Petroleum Holdings, Inc		326
	137,000		Murphy Oil Corp		8,342
	43,223		Noble Energy, Inc		2,595
	238,900	*	Oasis Petroleum, Inc		9,286
	188,750		Oceaneering International, Inc		13,628
	135,700		Phillips 66		7,994
	83,814		Pioneer Natural Resources Co		12,132
	8,887		Questar Market Resources, Inc		247
	83,244		Range Resources Corp		6,436
	163,194	e	RPC, Inc		2,254
	1,508,456		Schlumberger Ltd		108,096
	179,362	*	Seadrill Ltd		7,307
	339,769	*	Southwestern Energy Co		12,412

240

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	353,445		Spectra Energy Corp	$	12,180
	33,471		St. Mary Land & Exploration Co		2,008
	245,704		Suncor Energy, Inc (NY)		7,246
	155,000		Tesoro Corp		8,110
	304,439		Valero Energy Corp		10,585
	4,825	*	Whiting Petroleum Corp		222
	311,236		Williams Cos, Inc		10,106
	59,546		World Fuel Services Corp		2,381
			TOTAL ENERGY		566,280

FOOD & STAPLES RETAILING - 2.1%
	850,516		Costco Wholesale Corp		94,042
	739,726		CVS Corp		42,298
	20,440	*	Fresh Market, Inc		1,016
	1,606,338		Kroger Co		55,483
	2,688,900	*	Rite Aid Corp		7,690
	954,232	e	Safeway, Inc		22,577
	104,744		Sysco Corp		3,578
	467,442		Walgreen Co		20,661
	894,990		Wal-Mart Stores, Inc		66,668
	423,355		Whole Foods Market, Inc		21,794
			TOTAL FOOD & STAPLES RETAILING		335,807

FOOD, BEVERAGE & TOBACCO - 5.2%
	2,263,433		Altria Group, Inc		79,198
	24,824		Archer Daniels Midland Co		842
	76,999		Brown-Forman Corp (Class B)		5,201
	58,880	e	Campbell Soup Co		2,637
	3,605,158		Coca-Cola Co		144,603
	483,399		Coca-Cola Enterprises, Inc		16,996
	196,169		ConAgra Foods, Inc		6,852
	130,675	*	Constellation Brands, Inc (Class A)		6,811
	364,500	*	Dean Foods Co		3,652
	343,431		Dr Pepper Snapple Group, Inc		15,774
	87,926		Flowers Foods, Inc		1,939
	326,792		General Mills, Inc		15,859
	368,143	*,e	Green Mountain Coffee Roasters, Inc		27,633
	238,697		Hershey Co		21,311
	336,951		Hillshire Brands Co		11,146
	292,838		Hormel Foods Corp		11,298
	223,110		Ingredion, Inc		14,640
	6,397		J.M. Smucker Co		660
	122,025		Kellogg Co		7,838
	538,252		Kraft Foods Group, Inc		30,072
	1,080,965		Lorillard, Inc		47,217
	67,190		McCormick & Co, Inc		4,727
	229,617		Mead Johnson Nutrition Co		18,193
	823,709	*	Monster Beverage Corp		50,057
	1,831,818		PepsiCo, Inc		149,824
	1,336,184		Philip Morris International, Inc		115,740
	699,600	*	Pilgrim’s Pride Corp		10,452
	8,155		Pinnacle Foods, Inc		197

241

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	71,000	e	Remy Cointreau S.A.	$	7,534
	120,878		Reynolds American, Inc		5,847
	230,293	*,e	WhiteWave Foods Co (Class A)		3,742
	228,250	*	WhiteWave Foods Co (Class B)		3,469
			TOTAL FOOD, BEVERAGE & TOBACCO		841,961

HEALTH CARE EQUIPMENT & SERVICES - 3.1%
	348,720		Aetna, Inc		22,158
	369,102		AmerisourceBergen Corp		20,607
	40,979		Bard (C.R.), Inc		4,454
	709,654		Baxter International, Inc		49,158
	164,893		Becton Dickinson & Co		16,296
	50,534	*	Brookdale Senior Living, Inc		1,336
	336,600	*	CareFusion Corp		12,404
	651,108	*	Catamaran Corp		31,722
	480,599	*	Cerner Corp		46,181
	126,101		Cigna Corp		9,141
	3,512		Community Health Systems, Inc		165
	46,734		Cooper Cos, Inc		5,564
	46,913	*	DaVita, Inc		5,667
	20,369		Dentsply International, Inc		834
	652,136	*	Edwards Lifesciences Corp		43,824
	563,805	*	Express Scripts Holding Co		34,781
	261,916		HCA Holdings, Inc		9,445
	131,790	*	Health Management Associates, Inc (Class A)		2,072
	44,228	*	Henry Schein, Inc		4,235
	39,471	*	Hologic, Inc		762
	88,200		Humana, Inc		7,442
	131,632	*,e	Idexx Laboratories, Inc		11,818
	36,963	*	Intuitive Surgical, Inc		18,725
	47,477	*	Laboratory Corp of America Holdings		4,752
	454,257		McKesson Corp		52,012
	39,863		Patterson Cos, Inc		1,499
	16,560	*	Pediatrix Medical Group, Inc		1,517
	5,530		Quest Diagnostics, Inc		335
	287,458	e	Resmed, Inc		12,973
	27,811	*	Sirona Dental Systems, Inc		1,832
	91,761		St. Jude Medical, Inc		4,187
	98,383		Stryker Corp		6,363
	52,584	*	Tenet Healthcare Corp		2,424
	150,000		UnitedHealth Group, Inc		9,822
	30,980		Universal Health Services, Inc (Class B)		2,074
	190,826	*	Varian Medical Systems, Inc		12,871
	347,000		WellPoint, Inc		28,398
	4,780		Zimmer Holdings, Inc		358
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		500,208

HOUSEHOLD & PERSONAL PRODUCTS - 1.2%
	1,954,379		Avon Products, Inc		41,101
	256,670		Church & Dwight Co, Inc		15,839
	56,065		Clorox Co		4,661
	959,073		Colgate-Palmolive Co		54,945

242

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	118,332		Estee Lauder Cos (Class A)	$	7,783
	135,721	e	Herbalife Ltd		6,127
	186,833		Kimberly-Clark Corp		18,149
	294,270		L’Oreal S.A.		48,373
	28,763		Nu Skin Enterprises, Inc (Class A)		1,758
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		198,736

INSURANCE - 1.1%
	279,539		ACE Ltd		25,013
	5,817		Allied World Assurance Co Holdings Ltd		532
	5,419		American Financial Group, Inc		265
	121,384		Aon plc		7,811
	4,309	*	Arch Capital Group Ltd		222
	62,817		Arthur J. Gallagher & Co		2,744
	195,000		Assurant, Inc		9,927
	361,855		Axis Capital Holdings Ltd		16,566
	118,800	*	Berkshire Hathaway, Inc (Class B)		13,296
	27,485		Brown & Brown, Inc		886
	18,159		Chubb Corp		1,537
	191,886		Endurance Specialty Holdings Ltd		9,873
	12,640		Erie Indemnity Co (Class A)		1,007
	322,500		Fidelity National Title Group, Inc (Class A)		7,679
	6,406		Hanover Insurance Group, Inc		313
	12,019		Loews Corp		534
	400,189		Marsh & McLennan Cos, Inc		15,976
	277,900		Metlife, Inc		12,717
	117,700		PartnerRe Ltd		10,659
	693,492		Progressive Corp		17,629
	227,403		Prudential Financial, Inc		16,607
	51,728		Travelers Cos, Inc		4,134
	216,916		Validus Holdings Ltd		7,835
			TOTAL INSURANCE		183,762

MATERIALS - 4.4%
	33,467		Airgas, Inc		3,195
	17,039		Albemarle Corp		1,061
	23,800		Aptargroup, Inc		1,314
	323,913		Ashland, Inc		27,047
	290,726		Axiall Corp		12,379
	75,767		Ball Corp		3,147
	23,020		Bemis Co, Inc		901
	131,904		Celanese Corp (Series A)		5,909
	29,445		CF Industries Holdings, Inc		5,050
	64,826		Compass Minerals International, Inc		5,480
	61,889	*	Crown Holdings, Inc		2,546
	80,458		Dow Chemical Co		2,588
	676,037		Du Pont (E.I.) de Nemours & Co		35,492
	25,212		Eagle Materials, Inc		1,671
	78,654		Eastman Chemical Co		5,507
	664,318		Ecolab, Inc		56,593
	69,336		FMC Corp		4,234
	973,900	*	Graphic Packaging Holding Co		7,538

243

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	2,803		Greif, Inc (Class A)	$	148
	41,730		International Flavors & Fragrances, Inc		3,136
	648,865		International Paper Co		28,751
	832,620		LyondellBasell Industries AF S.C.A		55,169
	23,467		Martin Marietta Materials, Inc		2,310
	1,876,594		Monsanto Co		185,408
	4,412	e	NewMarket Corp		1,158
	519,903	*	Owens-Illinois, Inc		14,448
	399,051		Packaging Corp of America		19,538
	238,646		PPG Industries, Inc		34,940
	283,879		Praxair, Inc		32,692
	208,764		Rock-Tenn Co (Class A)		20,851
	28,392		Rockwood Holdings, Inc		1,818
	8,263		Royal Gold, Inc		348
	63,117		RPM International, Inc		2,016
	21,299	e	Scotts Miracle-Gro Co (Class A)		1,029
	99,593		Sealed Air Corp		2,385
	329,090		Sherwin-Williams Co		58,117
	57,824		Sigma-Aldrich Corp		4,647
	24,804		Silgan Holdings, Inc		1,165
	616,553		Southern Copper Corp (NY)		17,029
	10,610	*	Tahoe Resources, Inc		150
	235,139		Valspar Corp		15,206
	171,813		Westlake Chemical Corp		16,564
	183,657	*	WR Grace & Co		15,435
			TOTAL MATERIALS		716,110

MEDIA - 5.3%
	228,405	*	AMC Networks, Inc		14,940
	99,201		Cablevision Systems Corp (Class A)		1,668
	1,228,834		CBS Corp (Class B)		60,053
	33,713	*	Charter Communications, Inc		4,175
	61,052		Cinemark Holdings, Inc		1,705
	20,415		Clear Channel Outdoor Holdings, Inc (Class A)		152
	5,711,422		Comcast Corp (Class A)		239,195
	1,206,460	*	DIRECTV		74,342
	1,116,962	*	Discovery Communications, Inc (Class A)		86,241
	467,330		DISH Network Corp (Class A)		19,871
	301,800		Gannett Co, Inc		7,382
	98,247		Interpublic Group of Cos, Inc		1,429
	40,079	*	Lamar Advertising Co (Class A)		1,739
	330,950	*	Liberty Global plc (Class A)		24,517
	41,158	*	Lions Gate Entertainment Corp		1,131
	31,116	*	Madison Square Garden, Inc		1,844
	108,651		McGraw-Hill Cos, Inc		5,779
	10,548		Morningstar, Inc		818
	893,026		News Corp (Class A)		29,113
	131,654		Omnicom Group, Inc		8,277
	12,565	e	Regal Entertainment Group (Class A)		225
	55,028		Scripps Networks Interactive (Class A)		3,674
	3,372,557	e	Sirius XM Radio, Inc		11,298
	439,214	*	Starz-Liberty Capital		9,707

244

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	380,118		Time Warner Cable, Inc	$	42,756
	329,700		Time Warner, Inc		19,063
	229,304	*	Tribune Co		13,047
	1,132,664		Viacom, Inc (Class B)		77,078
	1,508,062		Walt Disney Co		95,234
			TOTAL MEDIA		856,453

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.4%
	1,229,295		AbbVie, Inc		50,819
	480,654	*	Actavis, Inc		60,668
	358,700		Agilent Technologies, Inc		15,338
	696,767	*	Alexion Pharmaceuticals, Inc		64,270
	63,681	*	Alkermes plc		1,826
	751,458		Allergan, Inc		63,303
	1,160,463		Amgen, Inc		114,491
	96,856	*	Ariad Pharmaceuticals, Inc		1,694
	1,035,127	*	Biogen Idec, Inc		222,759
	70,152	*	BioMarin Pharmaceuticals, Inc		3,914
	112,166	*	Biovail Corp		9,655
	2,098,512		Bristol-Myers Squibb Co		93,783
	48,992	*	Bruker BioSciences Corp		791
	1,475,382	*	Celgene Corp		172,487
	11,291	*	Charles River Laboratories International, Inc		463
	184,148	*	Covance, Inc		14,021
	32,203	*	Cubist Pharmaceuticals, Inc		1,555
	193,973		Eli Lilly & Co		9,528
	56,524	*	Endo Pharmaceuticals Holdings, Inc		2,080
	5,510,011	*	Gilead Sciences, Inc		282,168
	891,800	*,e	Illumina, Inc		66,742
	52,901	*,e	Incyte Corp		1,164
	134,986	*	Jazz Pharmaceuticals plc		9,278
	352,591		Johnson & Johnson		30,273
	56,436	*	Life Technologies Corp		4,177
	37,814	*	Medivation, Inc		1,860
	15,363	*	Mettler-Toledo International, Inc		3,091
	1,381,263	*	Mylan Laboratories, Inc		42,861
	44,901	*	Myriad Genetics, Inc		1,206
	56,551		Novo Nordisk AS (Class B)		8,792
	38,156	*	Onyx Pharmaceuticals, Inc		3,313
	763,037		Perrigo Co		92,327
	535,624		Pfizer, Inc		15,003
	29,489	*	Pharmacyclics, Inc		2,344
	6,226	*	Quintiles Transnational Holdings, Inc		265
	63,948	*	Regeneron Pharmaceuticals, Inc		14,381
	159,269		Roche Holding AG.		39,530
	146,993	*	Salix Pharmaceuticals Ltd		9,724
	50,504	*	Seattle Genetics, Inc		1,589
	8,719		Techne Corp		602
	280,910	*	Theravance, Inc		10,823
	140,303	*	United Therapeutics Corp		9,235
	534,921	*	Vertex Pharmaceuticals, Inc		42,724
	928,975		Warner Chilcott plc		18,468

245

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	43,612	*	Waters Corp	$	4,363
	2,204,147	e	Zoetis Inc		68,086
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		1,687,834

REAL ESTATE - 1.8%
	643,262		American Tower Corp		47,067
	40,732		Apartment Investment & Management Co (Class A)		1,223
	102,542		Boston Properties, Inc		10,815
	27,159		CBL & Associates Properties, Inc		582
	142,162	*	CBRE Group, Inc		3,321
	51,361		Digital Realty Trust, Inc		3,133
	15,346		Equity Lifestyle Properties, Inc		1,206
	246,335		Extra Space Storage, Inc		10,329
	22,320		Federal Realty Investment Trust		2,314
	8,344,000		Global Logistic Properties		18,049
	68,100		Jones Lang LaSalle, Inc		6,207
	58,198		Omega Healthcare Investors, Inc		1,805
	83,623		Plum Creek Timber Co, Inc		3,903
	68,460		Public Storage, Inc		10,497
	64,180		Rayonier, Inc		3,555
	1,770,790	*	Realogy Holdings Corp		85,069
	20,604		Regency Centers Corp		1,047
	5,442		Senior Housing Properties Trust		141
	403,938		Simon Property Group, Inc		63,790
	49,071		Tanger Factory Outlet Centers, Inc		1,642
	5,964		Taubman Centers, Inc		448
	66,031		Ventas, Inc		4,586
	17,620		Vornado Realty Trust		1,460
	587,569		Weyerhaeuser Co		16,740
			TOTAL REAL ESTATE		298,929

RETAILING - 7.8%
	5,831		Aaron’s, Inc		163
	3,673		Abercrombie & Fitch Co (Class A)		166
	37,144		Advance Auto Parts, Inc		3,015
	989,015	*	Amazon.com, Inc		274,640
	63,226		American Eagle Outfitters, Inc		1,155
	9,339	*	Ascena Retail Group, Inc		163
	25,362	*	Autonation, Inc		1,100
	18,059	*	Autozone, Inc		7,651
	111,275	*	Bed Bath & Beyond, Inc		7,889
	36,984		Best Buy Co, Inc		1,011
	7,913	*	Big Lots, Inc		249
	105,789	*	Cabela’s, Inc		6,851
	1,919,998	*	Carmax, Inc		88,627
	74,694		Chico’s FAS, Inc		1,274
	741,940	*,e	Ctrip.com International Ltd (ADR)		24,210
	52,555		Dick’s Sporting Goods, Inc		2,631
	190,634		Dillard’s, Inc (Class A)		15,626
	165,814	*	Dollar General Corp		8,362
	114,015	*	Dollar Tree, Inc		5,797
	16,923		DSW, Inc (Class A)		1,243

246

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	1,209,984		Expedia, Inc	$	72,781
	49,014		Family Dollar Stores, Inc		3,054
	528,555		Foot Locker, Inc		18,568
	271,900	e	GameStop Corp (Class A)		11,428
	1,248,324		Gap, Inc		52,093
	166,483		Genuine Parts Co		12,997
	291,289		GNC Holdings, Inc		12,878
	5,177,791	*,e	Groupon, Inc		44,011
	3,505,367		Home Depot, Inc		271,561
	28,505	*,e	HomeAway, Inc		922
	122,246		L Brands, Inc		6,021
	21,756	*	Liberty Media Holding Corp (Interactive A)		501
	18,519	*	Liberty Ventures		1,574
	152,279	*	LKQ Corp		3,921
	554,278		Lowe’s Companies, Inc		22,670
	867,276		Macy’s, Inc		41,629
	97,620	*,e	NetFlix, Inc		20,607
	73,853		Nordstrom, Inc		4,427
	56,234	*	O’Reilly Automotive, Inc		6,333
	442,339		Petsmart, Inc		29,632
	37,942	*	Priceline.com, Inc		31,383
	111,955		Ross Stores, Inc		7,256
	86,200	*	Sally Beauty Holdings, Inc		2,681
	179,866		Signet Jewelers Ltd		12,128
	508,961		Staples, Inc		8,072
	327,460		Target Corp		22,549
	57,683		Tiffany & Co		4,202
	1,097,730		TJX Companies, Inc		54,952
	35,654		Tractor Supply Co		4,193
	57,032	*	TripAdvisor, Inc		3,472
	33,323		Ulta Salon Cosmetics & Fragrance, Inc		3,338
	169,495	*	Urban Outfitters, Inc		6,817
	294,353		Williams-Sonoma, Inc		16,451
			TOTAL RETAILING		1,266,925

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.9%
	316,160	*,e	Advanced Micro Devices, Inc		1,290
	307,505		Altera Corp		10,145
	66,232		Analog Devices, Inc		2,984
	2,530,060		Applied Materials, Inc		37,723
	217,121	*	Atmel Corp		1,596
	373,015		Avago Technologies Ltd		13,943
	1,945,585		Broadcom Corp (Class A)		65,683
	59,842	*	Cree, Inc		3,822
	156,201	*,e	Freescale Semiconductor Holdings Ltd		2,117
	730,035		Intel Corp		17,681
	643,462	*	Lam Research Corp		28,531
	267,093		Linear Technology Corp		9,840
	562,898	*	LSI Logic Corp		4,019
	699,300		Marvell Technology Group Ltd		8,189
	146,571		Maxim Integrated Products, Inc		4,072
	100,368	e	Microchip Technology, Inc		3,739

247

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	109,534		Nvidia Corp	$	1,537
	685,586	*	NXP Semiconductors NV		21,239
	211,968	*	ON Semiconductor Corp		1,713
	21,713	*	Silicon Laboratories, Inc		899
	80,836	*	Skyworks Solutions, Inc		1,769
	215,200	*,e	Teradyne, Inc		3,781
	627,137		Texas Instruments, Inc		21,868
	1,133,505		Xilinx, Inc		44,898
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		313,078

SOFTWARE & SERVICES - 18.4%
	1,126,660		Accenture plc		81,074
	2,454,191	*	Adobe Systems, Inc		111,813
	140,095	*	Akamai Technologies, Inc		5,961
	179,024	*,e	Alliance Data Systems Corp		32,409
	356,691		Amdocs Ltd		13,230
	47,462	*	Ansys, Inc		3,469
	322,700		AOL, Inc		11,772
	90,749	*	Autodesk, Inc		3,080
	332,468		Automatic Data Processing, Inc		22,894
	75,606	*	BMC Software, Inc		3,413
	14,058		Booz Allen Hamilton Holding Co		244
	65,723		Broadridge Financial Solutions, Inc		1,747
	404,400		CA, Inc		11,578
	147,841	*	Cadence Design Systems, Inc		2,141
	149,965	*	Citrix Systems, Inc		9,047
	309,302	*	Cognizant Technology Solutions Corp (Class A)		19,365
	168,500		Computer Sciences Corp		7,375
	23,886	*,e	Concur Technologies, Inc		1,944
	64,636		DST Systems, Inc		4,223
	3,752,431	*	eBay, Inc		194,076
	116,769	*	Electronic Arts, Inc		2,682
	25,788	*,e	Equinix, Inc		4,764
	3,236,361	*	Facebook, Inc		80,456
	22,390	e	Factset Research Systems, Inc		2,282
	14,116		Fidelity National Information Services, Inc		605
	136,900	*	First American Corp		3,172
	67,285	*	Fiserv, Inc		5,881
	34,570	*	FleetCor Technologies, Inc		2,811
	73,041	*	Fortinet, Inc		1,278
	47,752	*	Gartner, Inc		2,721
	85,604		Genpact Ltd		1,647
	408,351		Global Payments, Inc		18,915
	570,328	*	Google, Inc (Class A)		502,100
	400,265		IAC/InterActiveCorp		19,037
	192,932	*	Informatica Corp		6,749
	1,222,982		International Business Machines Corp		233,724
	2,556,691		Intuit, Inc		156,035
	43,837		Jack Henry & Associates, Inc		2,066
	271,872		Lender Processing Services, Inc		8,795
	295,397	*	LinkedIn Corp		52,669
	347,014		Mastercard, Inc (Class A)		199,359

248

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	5,957	*,e	Micros Systems, Inc	$	257
	10,642,853		Microsoft Corp		367,498
	76,011		Netease.com (ADR)		4,802
	17,416	*	NetSuite, Inc		1,598
	389,834	*	NeuStar, Inc (Class A)		18,977
	5,912,651		Oracle Corp		181,636
	65,760	*,e	Pandora Media, Inc		1,210
	149,749		Paychex, Inc		5,469
	57,857	*	Rackspace Hosting, Inc		2,192
	49,551	*	Rally Software Development Corp		1,230
	1,399,030	*	Red Hat, Inc		66,902
	432,761	*	Rovi Corp		9,884
	1,140,473	*	Salesforce.com, Inc		43,543
	39,445	*,e	ServiceNow, Inc		1,593
	113,102	*	Sina Corp		6,303
	33,315	*	SolarWinds, Inc		1,293
	37,350		Solera Holdings, Inc		2,078
	51,350	*	Splunk, Inc		2,381
	752,979		Symantec Corp		16,919
	209,900	*	Synopsys, Inc		7,504
	4,245	*	Tableau Software, Inc		235
	874,112	*	Teradata Corp		43,907
	87,077	*	TIBCO Software, Inc		1,863
	64,619		Total System Services, Inc		1,582
	194,300	*	Valueclick, Inc		4,795
	310,890	*	Vantiv, Inc		8,581
	391,310	*	VeriSign, Inc		17,476
	1,538,675		Visa, Inc (Class A)		281,193
	282,756	*	VistaPrint Ltd		13,960
	121,880	*	VMware, Inc (Class A)		8,165
	283,555		Western Union Co		4,852
	36,001	*	Workday, Inc		2,307
	367,584	*	Yahoo!, Inc		9,230
			TOTAL SOFTWARE & SERVICES		2,990,018

TECHNOLOGY HARDWARE & EQUIPMENT - 5.9%
	50,916	*	3D Systems Corp		2,235
	3,578,878	*	Alcatel-Lucent (ADR)		6,514
	81,362		Amphenol Corp (Class A)		6,341
	1,331,203	d	Apple, Inc		527,263
	2,931,380		Cisco Systems, Inc		71,262
	9,208	e	Dolby Laboratories, Inc (Class A)		308
	2,850,964		EMC Corp		67,340
	244,408	*	F5 Networks, Inc		16,815
	50,405		Flir Systems, Inc		1,360
	9,672		Harris Corp		476
	593,400		Hewlett-Packard Co		14,716
	17,463	e	IPG Photonics Corp		1,061
	90,046	*	JDS Uniphase Corp		1,295
	362,942	*	Juniper Networks, Inc		7,008
	310,256		Motorola, Inc		17,911
	49,289		National Instruments Corp		1,377

249

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES			COMPANY	(000)
	86,150	*	NCR Corp	$	2,842
	681,446	*	NetApp, Inc		25,745
	16,248	*	Palo Alto Networks, Inc		685
	2,573,166		Qualcomm, Inc		157,169
	81,812	*	Riverbed Technology, Inc		1,273
	55,894	*	SanDisk Corp		3,415
	8,689	*,e	Stratasys Ltd		728
	133,734	*	Trimble Navigation Ltd		3,478
	385,100		Western Digital Corp		23,911
	4,633	*	Zebra Technologies Corp (Class A)		201
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		962,729

TELECOMMUNICATION SERVICES - 1.0%
	252,020	*	Clearwire Corp (Class A)		1,255
	173,584	*	Crown Castle International Corp		12,566
	27,593	*	Level 3 Communications, Inc		581
	204,951	*	SBA Communications Corp (Class A)		15,191
	225,096	*	Sprint Nextel Corp		1,580
	76,542	*	tw telecom inc (Class A)		2,154
	2,500,867		Verizon Communications, Inc		125,894
	278,978	e	Windstream Corp		2,151
			TOTAL TELECOMMUNICATION SERVICES		161,372

TRANSPORTATION - 3.1%
	152,345	*	Alaska Air Group, Inc		7,922
	24,801		Amerco, Inc		4,015
	54,225	*	Avis Budget Group, Inc		1,559
	74,300		Canadian Pacific Railway Ltd (Toronto)		9,010
	185,473		CH Robinson Worldwide, Inc		10,444
	10,545		Con-Way, Inc		411
	87,601		Copa Holdings S.A. (Class A)		11,486
	259,693		CSX Corp		6,022
	199,698	*	Delta Air Lines, Inc		3,736
	270,638		Expeditors International of Washington, Inc		10,287
	220,600		FedEx Corp		21,747
	9,641	*	Genesee & Wyoming, Inc (Class A)		818
	4,304,556	*	Hertz Global Holdings, Inc		106,753
	47,200		J.B. Hunt Transport Services, Inc		3,410
	867,094		Kansas City Southern Industries, Inc		91,877
	86,489	*	Kirby Corp		6,879
	95,642		Landstar System, Inc		4,926
	28,649		Norfolk Southern Corp		2,081
	35,500	*	Old Dominion Freight Line		1,478
	97,746		Ryder System, Inc		5,942
	1,279,516		Southwest Airlines Co		16,493
	241,000	*	Spirit Airlines, Inc		7,657
	354,500	*	Swift Transportation Co, Inc		5,863
	169,975	*	UAL Corp		5,319
	681,444		Union Pacific Corp		105,133
	638,730		United Parcel Service, Inc (Class B)		55,237
			TOTAL TRANSPORTATION		506,505

250

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	RATE			MATURITY DATE	VALUE (000)
UTILITIES - 0.1%
	62,665		Aqua America, Inc					$	1,961
	315,020	*	Calpine Corp						6,688
	27,292		ITC Holdings Corp						2,492
	99,190		Oneok, Inc						4,097
	12,915		Questar Corp						308
			TOTAL UTILITIES						15,546
			TOTAL COMMON STOCKS						16,115,812
			(Cost $13,648,880)

	PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 3.4%
TREASURY DEBT - 1.0%
$	5,500,000	d	United States Treasury Bill		0.050-0.090	%	07/18/13		5,500
	2,100,000	d	United States Treasury Bill		0.075		07/25/13		2,100
	1,400,000	d	United States Treasury Bill		0.071		08/01/13		1,400
	2,500,000	d	United States Treasury Bill		0.082		08/08/13		2,500
	7,000,000		United States Treasury Bill		0.040		08/15/13		7,000
	4,200,000	d	United States Treasury Bill		0.098		09/12/13		4,200
	37,500,000	d	United States Treasury Bill		0.045-0.080		09/19/13		37,497
	16,000,000		United States Treasury Bill		0.050		09/26/13		15,999
	3,400,000		United States Treasury Bill		0.050		10/03/13		3,399
	100,000		United States Treasury Bill		0.081		10/17/13		100
	13,200,000	d	United States Treasury Bill		0.060		11/07/13		13,197
	6,000,000	d	United States Treasury Bill		0.070		11/21/13		5,998
	63,000,000	d	United States Treasury Bill		0.071		12/05/13		62,981
			TOTAL TREASURY DEBT						161,871

	SHARES		COMPANY
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.4%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.4%
	396,021,855	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust						396,022
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						396,022

			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						396,022

			TOTAL SHORT-TERM INVESTMENTS						557,893
			(Cost $557,889)
			TOTAL INVESTMENTS - 102.7%						16,673,705
			(Cost $14,206,769)
			OTHER ASSETS & LIABILITIES, NET - (2.7)%						(439,706	)
			NET ASSETS - 100.0%					$	16,233,999

251

COLLEGE RETIREMENT EQUITIES FUND - Growth Account


		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 $385,247,000.

		Cost amounts are in thousands.

252

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

COLLEGE RETIREMENT EQUITIES FUND

EQUITY INDEX ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2013

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 99.5%

AUTOMOBILES & COMPONENTS - 1.1%
	26,243		Allison Transmission Holdings, Inc	$	606
	51,119	*	American Axle & Manufacturing Holdings, Inc		952
	87,923	*	BorgWarner, Inc		7,575
	46,148		Cooper Tire & Rubber Co		1,531
	110,265		Dana Holding Corp		2,124
	237,669		Delphi Automotive plc		12,047
	18,492		Dorman Products, Inc		844
	16,941		Drew Industries, Inc		666
	13,596	*	Federal Mogul Corp (Class A)		139
	2,925,848		Ford Motor Co		45,263
	11,841	*	Fuel Systems Solutions, Inc		212
	629,635	*	General Motors Co		20,973
	109,188		Gentex Corp		2,517
	27,497	*	Gentherm, Inc		511
	184,702	*	Goodyear Tire & Rubber Co		2,824
	170,283		Harley-Davidson, Inc		9,335
	520,691		Johnson Controls, Inc		18,635
	70,252		Lear Corp		4,247
	36,302	*	Modine Manufacturing Co		395
	7,549		Remy International, Inc		140
	4,154		Shiloh Industries, Inc		43
	30,024		Spartan Motors, Inc		184
	15,087		Standard Motor Products, Inc		518
	20,247	*	Stoneridge, Inc		236
	17,815		Superior Industries International, Inc		307
	46,120	*	Tenneco, Inc		2,088
	63,254	*,e	Tesla Motors, Inc		6,795
	33,978		Thor Industries, Inc		1,671
	5,700	*	Tower International, Inc		113
	81,067	*	TRW Automotive Holdings Corp		5,386
	37,755	*	Visteon Corp		2,383
	21,322	*	Winnebago Industries, Inc		447
			TOTAL AUTOMOBILES & COMPONENTS		151,707

BANKS - 3.5%
	11,459		1st Source Corp		272
	22,198		1st United Bancorp, Inc		149
	5,520		Access National Corp		72
	5,882		American National Bankshares, Inc		137
	18,171	*	Ameris Bancorp		306
	7,069		Ames National Corp		161
	18,000		Apollo Residential Mortgage		297
	7,061	e	Arrow Financial Corp		175
	127,805		Associated Banc-Corp		1,987

253

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	66,701		Astoria Financial Corp	$	719
	5,016		Bancfirst Corp		233
	21,466		Banco Latinoamericano de Exportaciones S.A. (Class E)		481
	73,283		Bancorpsouth, Inc		1,297
	41,404		Bank Mutual Corp		233
	36,626		Bank of Hawaii Corp		1,843
	4,416		Bank of Kentucky Financial Corp		126
	3,864		Bank of Marin Bancorp		155
	23,602		Bank of the Ozarks, Inc		1,023
	17,629		BankFinancial Corp		150
	31,168		BankUnited		811
	14,911		Banner Corp		504
	3,044		Bar Harbor Bankshares		111
	533,529		BB&T Corp		18,076
	59,137		BBCN Bancorp, Inc		841
	5,242	*	BBX Capital Corp		68
	23,421	*	Beneficial Mutual Bancorp, Inc		197
	17,538		Berkshire Hills Bancorp, Inc		487
	13,481		BNC Bancorp		154
	9,275	*	BofI Holding, Inc		425
	21,205		BOK Financial Corp		1,358
	59,217		Boston Private Financial Holdings, Inc		630
	6,664		Bridge Bancorp, Inc		150
	7,190	*	Bridge Capital Holdings		114
	54,590		Brookline Bancorp, Inc		474
	10,466		Bryn Mawr Bank Corp		250
	2,500		C&F Financial Corp		139
	5,527		Camden National Corp		196
	16,948	*	Capital Bank Financial Corp		322
	9,158	*,e	Capital City Bank Group, Inc		106
	149,432		CapitalSource, Inc		1,402
	119,451		Capitol Federal Financial		1,450
	22,480		Cardinal Financial Corp		329
	60,166		Cathay General Bancorp		1,224
	9,768		Center Bancorp, Inc		124
	23,433		Centerstate Banks of Florida, Inc		203
	16,733	*	Central Pacific Financial Corp		301
	2,883		Century Bancorp, Inc		101
	17,428		Charter Financial Corp		176
	21,008		Chemical Financial Corp		546
	2,792		Chemung Financial Corp		93
	153,189	*	CIT Group, Inc		7,143
	9,568		Citizens & Northern Corp		185
	12,921	e	City Holding Co		503
	35,413		City National Corp		2,244
	10,007		Clifton Savings Bancorp, Inc		119
	9,772		CNB Financial Corp		166
	26,184		CoBiz, Inc		217
	38,948		Columbia Banking System, Inc		927
	141,895		Comerica, Inc		5,652
	58,917		Commerce Bancshares, Inc		2,566
	32,481		Community Bank System, Inc		1,002

254

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	11,562		Community Trust Bancorp, Inc	$	412
	7,261	*	CommunityOne Bancorp		59
	1,351	*	ConnectOne Bancorp, Inc		42
	9,171	*	Crescent Financial Bancshares, Inc		40
	5,720	*	CU Bancorp		90
	42,127	e	Cullen/Frost Bankers, Inc		2,813
	15,177	*	Customers Bancorp, Inc		247
	67,239		CVB Financial Corp		791
	23,810		Dime Community Bancshares		365
	96,753	*	Doral Financial Corp		80
	16,667	*	Eagle Bancorp, Inc		373
	103,419		East West Bancorp, Inc		2,844
	4,559		Enterprise Bancorp, Inc		84
	11,656		Enterprise Financial Services Corp		186
	10,062		ESB Financial Corp		122
	9,325		ESSA Bancorp, Inc		102
	58,626		EverBank Financial Corp		971
	5,385	*	Farmers Capital Bank Corp		117
	7,387		Federal Agricultural Mortgage Corp (Class C)		213
	7,021		Fidelity Southern Corp		87
	664,973		Fifth Third Bancorp		12,003
	10,211		Financial Institutions, Inc		188
	15,337		First Bancorp (NC)		216
	54,501	*,e	First Bancorp (Puerto Rico)		386
	6,485		First Bancorp, Inc		113
	58,052		First Busey Corp		261
	5,734		First Citizens Bancshares, Inc (Class A)		1,101
	73,506		First Commonwealth Financial Corp		542
	12,139		First Community Bancshares, Inc		190
	13,926		First Connecticut Bancorp		194
	7,726		First Defiance Financial Corp		174
	44,691		First Financial Bancorp		666
	25,875	e	First Financial Bankshares, Inc		1,440
	8,954		First Financial Corp		277
	12,966		First Financial Holdings, Inc		275
	12,796		First Financial Northwest, Inc		132
	191,562	e	First Horizon National Corp		2,145
	11,762		First Interstate Bancsystem, Inc		244
	6,128		First M&F Corp		97
	21,138		First Merchants Corp		362
	57,533		First Midwest Bancorp, Inc		789
	3,196	*	First NBC Bank Holding Co		78
	263,698		First Niagara Financial Group, Inc		2,655
	5,749		First of Long Island Corp		191
	6,248		First Pactrust Bancorp, Inc		85
	88,590		First Republic Bank		3,409
	45,823	*	First Security Group, Inc		99
	125,914		FirstMerit Corp		2,522
	12,395	*	Flagstar Bancorp, Inc		173
	23,200		Flushing Financial Corp		382
	110,392		FNB Corp		1,334
	11,394		Fox Chase Bancorp, Inc		194

255

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	10,443		Franklin Financial Corp	$	188
	147,923		Fulton Financial Corp		1,698
	8,476		German American Bancorp, Inc		191
	54,526		Glacier Bancorp, Inc		1,210
	7,809		Great Southern Bancorp, Inc		211
	11,166		Guaranty Bancorp		127
	63,039		Hancock Holding Co		1,896
	23,963	*	Hanmi Financial Corp		423
	10,342		Heartland Financial USA, Inc		284
	15,254	*	Heritage Commerce Corp		107
	11,990		Heritage Financial Corp		176
	14,409	*	Heritage Oaks Bancorp		89
	939		Hingham Institution for Savings		64
	5,389	*	Home Bancorp, Inc		100
	36,542		Home Bancshares, Inc		949
	12,641		Home Federal Bancorp, Inc		161
	40,300		Home Loan Servicing Solutions Ltd		966
	6,988		HomeStreet, Inc		150
	16,046	*	HomeTrust Bancshares, Inc		272
	6,700		Horizon Bancorp		137
	404,335		Hudson City Bancorp, Inc		3,704
	11,015		Hudson Valley Holding Corp		187
	638,291		Huntington Bancshares, Inc		5,030
	22,669		IBERIABANK Corp		1,215
	17,904		Independent Bank Corp		618
	3,097	*	Independent Bank Group, Inc		94
	40,567		International Bancshares Corp		916
	14,254	*	Intervest Bancshares Corp		95
	33,889		Investors Bancorp, Inc		714
	14,732	*	Kearny Financial Corp		155
	699,770		Keycorp		7,725
	20,622		Lakeland Bancorp, Inc		215
	12,420		Lakeland Financial Corp		345
	4,421	*	LCNB Corp		99
	98,116	e	M&T Bank Corp		10,964
	18,100	*	Macatawa Bank Corp		91
	15,363		MainSource Financial Group, Inc		206
	41,491		MB Financial, Inc		1,112
	6,437		Mercantile Bank Corp		116
	3,784		Merchants Bancshares, Inc		112
	7,250	*	Meridian Interstate Bancorp, Inc		136
	4,004		Meta Financial Group, Inc		105
	11,922		MetroCorp Bancshares, Inc		116
	245,646	*	MGIC Investment Corp		1,491
	4,068		Middleburg Financial Corp		78
	6,667		Midsouth Bancorp, Inc		104
	5,257		MidWestOne Financial Group, Inc		126
	2,927	*,e	NASB Financial, Inc		77
	36,914		National Bank Holdings Corp		727
	5,351	e	National Bankshares, Inc		190
	89,553		National Penn Bancshares, Inc		910
	14,584	*,e	Nationstar Mortgage Holdings, Inc		546

256

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	34,107		NBT Bancorp, Inc	$	722
	331,783	e	New York Community Bancorp, Inc		4,645
	19,480	*	NewBridge Bancorp		117
	43,923		Northfield Bancorp, Inc		515
	4,751		Northrim BanCorp, Inc		115
	76,438		Northwest Bancshares, Inc		1,033
	10,808		OceanFirst Financial Corp		168
	78,630	*	Ocwen Financial Corp		3,241
	33,903	e	OFG Bancorp		614
	76,288		Old National Bancorp		1,055
	9,164	*	OmniAmerican Bancorp, Inc		202
	37,788		Oritani Financial Corp		592
	14,467		Pacific Continental Corp		171
	12,060	*	Pacific Premier Bancorp, Inc		147
	30,305	e	PacWest Bancorp		929
	2,932	*	Palmetto Bancshares, Inc		38
	9,233	e	Park National Corp		635
	33,018	*	Park Sterling Bank		195
	6,595		Peapack Gladstone Financial Corp		115
	2,964		Penns Woods Bancorp, Inc		124
	10,509	*	Pennsylvania Commerce Bancorp, Inc		210
	9,540	*	PennyMac Financial Services, Inc		203
	6,808		Peoples Bancorp, Inc		143
	251,788	e	People’s United Financial, Inc		3,752
	25,469	*	Pinnacle Financial Partners, Inc		655
	402,402		PNC Financial Services Group, Inc		29,343
	77,233	*	Popular, Inc		2,342
	8,859	*	Preferred Bank		146
	49,485		PrivateBancorp, Inc		1,050
	45,722		Prosperity Bancshares, Inc		2,368
	7,003		Provident Financial Holdings, Inc		111
	45,191		Provident Financial Services, Inc		713
	32,376	e	Provident New York Bancorp		302
	131,009	e	Radian Group, Inc		1,522
	1,076,498		Regions Financial Corp		10,259
	19,501	e	Renasant Corp		475
	6,104		Republic Bancorp, Inc (Class A)		134
	22,920		Rockville Financial, Inc		300
	7,271		Roma Financial Corp		132
	20,998		S&T Bancorp, Inc		412
	10,870		S.Y. Bancorp, Inc		267
	18,232		Sandy Spring Bancorp, Inc		394
	13,013	e	SCBT Financial Corp		656
	55,743	*	Seacoast Banking Corp of Florida		123
	8,919		Sierra Bancorp		132
	35,982	*	Signature Bank		2,987
	13,207		Simmons First National Corp (Class A)		345
	12,795	e	Southside Bancshares, Inc		306
	14,769	*	Southwest Bancorp, Inc		195
	24,453		State Bank & Trust Co		367
	16,183		StellarOne Corp		318
	27,752		Sterling Bancorp		322

257

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	25,576		Sterling Financial Corp	$	608
	7,140	*	Suffolk Bancorp		117
	29,193	*	Sun Bancorp, Inc		99
	410,690		SunTrust Banks, Inc		12,965
	141,602		Susquehanna Bancshares, Inc		1,820
	34,283	*	SVB Financial Group		2,856
	597,443		Synovus Financial Corp		1,745
	12,643	*	Taylor Capital Group, Inc		214
	122,960		TCF Financial Corp		1,744
	9,400		Territorial Bancorp, Inc		213
	32,020	*	Texas Capital Bancshares, Inc		1,420
	61,768	*	TFS Financial Corp		692
	20,827	*	The Bancorp, Inc		312
	11,138		Tompkins Trustco, Inc		503
	18,385	e	TowneBank		271
	4,100		Tree.com, Inc		70
	12,050		Trico Bancshares		257
	5,095	*	Tristate Capital Holdings, Inc		70
	72,196		Trustco Bank Corp NY		393
	53,268		Trustmark Corp		1,309
	26,701		UMB Financial Corp		1,486
	85,518		Umpqua Holdings Corp		1,284
	14,087		Union Bankshares Corp		290
	38,221	e	United Bankshares, Inc		1,011
	31,617	*	United Community Banks, Inc		393
	30,361	*	United Community Financial Corp		141
	15,445		United Financial Bancorp, Inc		234
	12,704		Univest Corp of Pennsylvania		242
	1,406,178		US Bancorp		50,833
	153,040	e	Valley National Bancorp		1,449
	29,696		ViewPoint Financial Group		618
	20,684	*	Virginia Commerce Bancorp		289
	11,958	*	Walker & Dunlop, Inc		209
	12,184		Washington Banking Co		173
	81,549		Washington Federal, Inc		1,540
	10,818		Washington Trust Bancorp, Inc		308
	5,568	*	Waterstone Financial, Inc		57
	64,518		Webster Financial Corp		1,657
	3,670,232		Wells Fargo & Co		151,471
	19,012		WesBanco, Inc		502
	11,970		West Bancorporation, Inc		141
	23,501	e	Westamerica Bancorporation		1,074
	56,653	*	Western Alliance Bancorp		897
	23,121		Westfield Financial, Inc		162
	44,266		Wilshire Bancorp, Inc		293
	27,726		Wintrust Financial Corp		1,061
	5,884		WSFS Financial Corp		308
	10,983	*	Yadkin Financial Corp		154
	139,772		Zions Bancorporation		4,037
			TOTAL BANKS		478,924

258

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
CAPITAL GOODS - 8.1%
	524,682		3M Co	$	57,374
	58,296		A.O. Smith Corp		2,115
	13,279		Aaon, Inc		439
	29,552		AAR Corp		650
	41,768	*	Accuride Corp		211
	20,426		Aceto Corp		285
	56,076		Actuant Corp (Class A)		1,849
	31,651		Acuity Brands, Inc		2,390
	78,523	*	Aecom Technology Corp		2,496
	28,439	*	Aegion Corp		640
	14,335	*	Aerovironment, Inc		289
	74,189		AGCO Corp		3,724
	52,613	e	Air Lease Corp		1,452
	46,142		Aircastle Ltd		738
	5,366		Alamo Group, Inc		219
	23,047		Albany International Corp (Class A)		760
	24,535		Alliant Techsystems, Inc		2,020
	20,492		Altra Holdings, Inc		561
	13,776	*	Ameresco, Inc		124
	7,032	e	American Railcar Industries, Inc		236
	7,536		American Science & Engineering, Inc		422
	35,994	*,e	American Superconductor Corp		95
	8,518	*	American Woodmark Corp		296
	184,200		Ametek, Inc		7,792
	7,032		Ampco-Pittsburgh Corp		132
	24,223	*	API Technologies Corp		68
	25,458		Apogee Enterprises, Inc		611
	32,556		Applied Industrial Technologies, Inc		1,573
	9,512		Argan, Inc		148
	20,986		Armstrong World Industries, Inc		1,003
	73,192	*	ArvinMeritor, Inc		516
	15,638		Astec Industries, Inc		536
	9,679	*	Astronics Corp		396
	19,364		AZZ, Inc		747
	88,193		Babcock & Wilcox Co		2,648
	39,660		Barnes Group, Inc		1,189
	75,123	*	BE Aerospace, Inc		4,739
	37,178	*	Beacon Roofing Supply, Inc		1,408
	34,599		Belden CDT, Inc		1,728
	35,059	*	Blount International, Inc		414
	21,793	*	Bluelinx Holdings, Inc		47
	576,348		Boeing Co		59,041
	35,197		Brady Corp (Class A)		1,082
	36,516		Briggs & Stratton Corp		723
	33,815	*	Builders FirstSource, Inc		202
	13,167	*	CAI International, Inc		310
	274,193	*,e	Capstone Turbine Corp		321
	47,067		Carlisle Cos, Inc		2,933
	499,961		Caterpillar, Inc		41,242
	23,360	*	Chart Industries, Inc		2,198

259

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	76,371		Chicago Bridge & Iron Co NV	$	4,556
	12,832		CIRCOR International, Inc		653
	37,827		Clarcor, Inc		1,975
	21,101		CNH Global NV		879
	6,482		Coleman Cable, Inc		117
	62,789	*	Colfax Corp		3,272
	14,727	*	Columbus McKinnon Corp		314
	33,040		Comfort Systems USA, Inc		493
	18,507	*	Commercial Vehicle Group, Inc		138
	36,855		Crane Co		2,208
	13,315		Cubic Corp		640
	144,344		Cummins, Inc		15,656
	35,284		Curtiss-Wright Corp		1,308
	448,818		Danaher Corp		28,410
	294,921		Deere & Co		23,962
	55,173	*	DigitalGlobe, Inc		1,711
	112,137		Donaldson Co, Inc		3,999
	21,128		Douglas Dynamics, Inc		274
	129,996		Dover Corp		10,095
	8,048	*	Ducommun, Inc		171
	7,198	*	DXP Enterprises, Inc		479
	25,816	*	Dycom Industries, Inc		597
	11,541		Dynamic Materials Corp		191
	356,801		Eaton Corp		23,481
	11,908	*	Edgen Group, Inc		76
	50,074		EMCOR Group, Inc		2,036
	547,108		Emerson Electric Co		29,839
	15,305		Encore Wire Corp		522
	34,170	*	Energy Recovery, Inc		141
	37,162		EnerSys		1,822
	12,394	*	Engility Holdings, Inc		352
	11,300	*,e	Enphase Energy, Inc		87
	15,889	*	EnPro Industries, Inc		807
	2,980	*	Erickson Air-Crane, Inc		56
	20,938		ESCO Technologies, Inc		678
	23,350	*	Esterline Technologies Corp		1,688
	139,194		Exelis, Inc		1,919
	227,819		Fastenal Co		10,446
	50,117	*	Federal Signal Corp		439
	37,173	*	Flow International Corp		137
	108,780		Flowserve Corp		5,875
	123,894		Fluor Corp		7,348
	124,037		Fortune Brands Home & Security, Inc		4,805
	36,490		Franklin Electric Co, Inc		1,228
	10,761		Freightcar America, Inc		183
	126,167	*,e	FuelCell Energy, Inc		160
	25,764	*	Furmanite Corp		172
	37,336		Gardner Denver, Inc		2,807
	35,871		GATX Corp		1,701
	46,010	*,e	GenCorp, Inc		748
	36,363		Generac Holdings, Inc		1,346
	37,226		General Cable Corp		1,145

260

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	227,054		General Dynamics Corp	$	17,785
	7,860,107		General Electric Co		182,276
	22,869	*	Gibraltar Industries, Inc		333
	6,109	*	Global Brass & Copper Holdings, Inc		81
	12,250		Global Power Equipment Group, Inc		197
	12,953		Gorman-Rupp Co		412
	46,150		Graco, Inc		2,917
	84,833	*,e	GrafTech International Ltd		618
	9,470		Graham Corp		284
	29,395		Granite Construction, Inc		875
	44,924		Great Lakes Dredge & Dock Corp		351
	18,407	*	Greenbrier Cos, Inc		449
	34,315		Griffon Corp		386
	21,180		H&E Equipment Services, Inc		446
	8,389		Hardinge, Inc		124
	61,544		Harsco Corp		1,427
	39,839		Heico Corp		2,007
	75,795	*	Hexcel Corp		2,581
	598,134		Honeywell International, Inc		47,456
	12,024		Houston Wire & Cable Co		166
	45,393		Hubbell, Inc (Class B)		4,494
	37,789		Huntington Ingalls		2,134
	4,796		Hurco Cos, Inc		138
	8,424		Hyster-Yale Materials Handling, Inc		529
	62,789		IDEX Corp		3,379
	39,772	*	II-VI, Inc		647
	287,110		Illinois Tool Works, Inc		19,859
	227,173		Ingersoll-Rand plc		12,613
	9,867	*	Innovative Solutions & Support, Inc		63
	13,472		Insteel Industries, Inc		236
	68,395		ITT Corp		2,011
	98,921	*	Jacobs Engineering Group, Inc		5,454
	21,706		John Bean Technologies Corp		456
	80,876		Joy Global, Inc		3,925
	9,545		Kadant, Inc		288
	21,747		Kaman Corp		752
	25,042		Kaydon Corp		690
	112,424		KBR, Inc		3,654
	59,735		Kennametal, Inc		2,320
	24,548	*,e	KEYW Holding Corp		325
	40,842	*	Kratos Defense & Security Solutions, Inc		265
	68,388		L-3 Communications Holdings, Inc		5,864
	13,874	*	Layne Christensen Co		271
	7,262		LB Foster Co (Class A)		314
	38,323		Lennox International, Inc		2,473
	63,965		Lincoln Electric Holdings, Inc		3,663
	10,010	e	Lindsay Manufacturing Co		751
	6,398	*	LMI Aerospace, Inc		120
	197,404		Lockheed Martin Corp		21,410
	12,960		LSI Industries, Inc		105
	12,907	*	Lydall, Inc		188
	8,938	*	Manitex International, Inc		98

261

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	99,971		Manitowoc Co, Inc	$	1,790
	272,388		Masco Corp		5,309
	43,578	*	Mastec, Inc		1,434
	10,825		Met-Pro Corp		145
	7,039		Michael Baker Corp		191
	14,270	*	Middleby Corp		2,427
	7,280		Miller Industries, Inc		112
	34,691	*	Moog, Inc (Class A)		1,788
	61,044	*	MRC Global, Inc		1,686
	36,007		MSC Industrial Direct Co (Class A)		2,789
	21,318		Mueller Industries, Inc		1,075
	118,277		Mueller Water Products, Inc (Class A)		817
	14,064	*	MYR Group, Inc		274
	3,938	e	National Presto Industries, Inc		284
	44,159	*,e	Navistar International Corp		1,226
	19,754	*	NCI Building Systems, Inc		302
	12,459		NN, Inc		142
	48,825		Nordson Corp		3,384
	6,303	*	Nortek, Inc		406
	178,739		Northrop Grumman Corp		14,800
	8,845	*	Northwest Pipe Co		247
	44,747	*	Orbital Sciences Corp		777
	19,593	*	Orion Marine Group, Inc		237
	66,818	*	Oshkosh Truck Corp		2,537
	90,499	*	Owens Corning, Inc		3,537
	269,012		Paccar, Inc		14,435
	84,544		Pall Corp		5,616
	113,412		Parker Hannifin Corp		10,820
	4,350	*	Patrick Industries, Inc		90
	155,297		Pentair Ltd		8,959
	28,503	*	Perini Corp		516
	24,429	*	Pgt, Inc		212
	16,392		Pike Electric Corp		202
	12,258	*	Ply Gem Holdings, Inc		246
	13,529	*	PMFG, Inc		94
	35,438	*,e	Polypore International, Inc		1,428
	7,077	*	Powell Industries, Inc		366
	1,587	*	Power Solutions International, Inc		53
	14,420	*	PowerSecure International, Inc		217
	111,354		Precision Castparts Corp		25,167
	1,801		Preformed Line Products Co		119
	26,671		Primoris Services Corp		526
	12,875	*,e	Proto Labs, Inc		836
	28,579		Quanex Building Products Corp		481
	159,563	*	Quanta Services, Inc		4,222
	27,582		Raven Industries, Inc		827
	246,737		Raytheon Co		16,314
	18,319	*	RBC Bearings, Inc		952
	34,163		Regal-Beloit Corp		2,215
	22,554	*	Revolution Lighting Technologies, Inc		90
	21,768	*	Rexnord Corp		367
	106,338		Rockwell Automation, Inc		8,841

262

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	103,027		Rockwell Collins, Inc	$	6,533
	74,901		Roper Industries, Inc		9,304
	26,334	*	Rush Enterprises, Inc (Class A)		652
	31,268		Simpson Manufacturing Co, Inc		920
	44,614		Snap-On, Inc		3,988
	16,397	*,e	SolarCity Corp		619
	7,959	*	Sparton Corp		137
	90,789	*	Spirit Aerosystems Holdings, Inc (Class A)		1,950
	35,604		SPX Corp		2,563
	9,752		Standex International Corp		514
	123,315		Stanley Works		9,532
	12,518	*	Sterling Construction Co, Inc		113
	16,194		Sun Hydraulics Corp		507
	24,244	e	TAL International Group, Inc		1,056
	44,785	*	Taser International, Inc		382
	13,992	*	Tecumseh Products Co (Class A)		153
	28,168	*	Teledyne Technologies, Inc		2,179
	14,645		Tennant Co		707
	83,491	*	Terex Corp		2,196
	15,040	e	Textainer Group Holdings Ltd		578
	211,415		Textron, Inc		5,507
	4,600	*,e	The ExOne Company		284
	20,645	*	Thermon Group Holdings		421
	65,723		Timken Co		3,699
	41,571	e	Titan International, Inc		701
	11,613	*,e	Titan Machinery, Inc		228
	44,775		Toro Co		2,033
	39,794		TransDigm Group, Inc		6,239
	13,203	*	Trex Co, Inc		627
	30,333	*	Trimas Corp		1,131
	60,186		Trinity Industries, Inc		2,314
	39,203		Triumph Group, Inc		3,103
	6,504	e	Twin Disc, Inc		154
	71,568	*,e	United Rentals, Inc		3,572
	698,758		United Technologies Corp		64,942
	14,766		Universal Forest Products, Inc		589
	57,668		URS Corp		2,723
	58,065	*,e	USG Corp		1,338
	20,359		Valmont Industries, Inc		2,913
	12,845		Vicor Corp		88
	44,811		W.W. Grainger, Inc		11,300
	52,045	*	Wabash National Corp		530
	44,618	*	WABCO Holdings, Inc		3,333
	19,517		Watsco, Inc		1,639
	21,144		Watts Water Technologies, Inc (Class A)		959
	33,347	*,e	WESCO International, Inc		2,266
	73,575		Westinghouse Air Brake Technologies Corp		3,931
	52,887		Woodward Governor Co		2,115
	8,335	*	Xerium Technologies, Inc		85
	140,768		Xylem, Inc		3,792
			TOTAL CAPITAL GOODS		1,107,000

263

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
	41,289		ABM Industries, Inc	$	1,012
	37,820		Acacia Research (Acacia Technologies)		845
	87,875	*	ACCO Brands Corp		559
	12,255	e	Acorn Energy, Inc		103
	16,355		Administaff, Inc		496
	166,278		ADT Corp		6,626
	27,004	*	Advisory Board Co		1,476
	14,202		American Ecology Corp		390
	26,021	*	ARC Document Solutions, Inc		104
	7,698	*	AT Cross Co		131
	75,563		Avery Dennison Corp		3,231
	6,166		Barrett Business Services, Inc		322
	35,828		Brink’s Co		914
	29,675	*	Casella Waste Systems, Inc (Class A)		128
	35,493	*,e	CBIZ, Inc		238
	10,344		CDI Corp		146
	7,503		Ceco Environmental Corp		92
	38,005	*,e	Cenveo, Inc		81
	78,313		Cintas Corp		3,566
	45,168	*	Clean Harbors, Inc		2,282
	7,717	*	Consolidated Graphics, Inc		363
	85,446	*,e	Coolbrands International, Inc		73
	84,979	*	Copart, Inc		2,617
	25,057		Corporate Executive Board Co		1,584
	87,736		Corrections Corp of America		2,972
	8,633		Courier Corp		123
	80,750	e	Covanta Holding Corp		1,617
	8,400	*	CRA International, Inc		155
	37,676		Deluxe Corp		1,305
	30,470	e	Dun & Bradstreet Corp		2,969
	20,747	*	EnerNOC, Inc		275
	20,052		Ennis, Inc		347
	93,256		Equifax, Inc		5,496
	11,236		Exponent, Inc		664
	9,375	*	Franklin Covey Co		126
	32,036	*	FTI Consulting, Inc		1,054
	15,088		G & K Services, Inc (Class A)		718
	54,016		Geo Group, Inc		1,834
	12,104	*	GP Strategies Corp		288
	51,852		Healthcare Services Group		1,271
	14,300		Heidrick & Struggles International, Inc		239
	5,613	*,e	Heritage-Crystal Clean, Inc		82
	43,782		Herman Miller, Inc		1,185
	33,809		HNI Corp		1,220
	17,734	*	Huron Consulting Group, Inc		820
	14,961	*	ICF International, Inc		471
	114,792	*	ICO Global Communications Holdings Ltd		301
	50,033	*	IHS, Inc (Class A)		5,222
	33,730	*,e	Innerworkings, Inc		366
	44,922		Interface, Inc		762
	6,998	e	Intersections, Inc		61

264

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	129,308		Iron Mountain, Inc	$	3,441
	56,401		KAR Auction Services, Inc		1,290
	20,372		Kelly Services, Inc (Class A)		356
	21,985		Kforce, Inc		321
	25,171		Kimball International, Inc (Class B)		244
	35,963		Knoll, Inc		511
	34,304	*	Korn/Ferry International		643
	58,657		Manpower, Inc		3,214
	19,108		McGrath RentCorp		653
	21,996		Mine Safety Appliances Co		1,024
	13,300	*	Mistras Group, Inc		234
	28,189	*	Mobile Mini, Inc		934
	8,734		Multi-Color Corp		265
	4,810	*	National Technical Systems, Inc		67
	40,393	*	Navigant Consulting, Inc		485
	165,909		Nielsen Holdings NV		5,573
	4,943		NL Industries, Inc		56
	50,328	*,e	Odyssey Marine Exploration, Inc		149
	34,971	*	On Assignment, Inc		934
	17,073	*	Performant Financial Corp		198
	152,067	e	Pitney Bowes, Inc		2,232
	19,286	e	Quad		465
	137,806	e	R.R. Donnelley & Sons Co		1,931
	205,622		Republic Services, Inc		6,979
	32,857		Resources Connection, Inc		381
	105,944		Robert Half International, Inc		3,521
	48,594		Rollins, Inc		1,259
	24,429	*	RPX Corp		410
	10,767		Schawk, Inc (Class A)		141
	12,140	*	Standard Parking Corp		261
	64,080		Steelcase, Inc (Class A)		934
	65,639	*	Stericycle, Inc		7,249
	15,368	*	Team, Inc		582
	47,935	*	Tetra Tech, Inc		1,127
	9,816		TMS International Corp		146
	49,471		Towers Watson & Co		4,054
	13,579	*	TRC Cos, Inc		95
	30,958	*	TrueBlue, Inc		652
	11,503		Unifirst Corp		1,050
	31,063		United Stationers, Inc		1,042
	115,025	*	Verisk Analytics, Inc		6,867
	15,178		Viad Corp		372
	2,793		VSE Corp		115
	18,889	*	WageWorks, Inc		651
	93,921		Waste Connections, Inc		3,864
	355,133		Waste Management, Inc		14,323
	16,168		West Corp		358
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		140,975

CONSUMER DURABLES & APPAREL - 1.6%
	40,872	*	American Apparel, Inc		78
	24,292		American Greetings Corp (Class A)		443

265

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	9,523		Arctic Cat, Inc	$	428
	8,829		Bassett Furniture Industries, Inc		137
	21,459	*,e	Beazer Homes USA, Inc		376
	7,843	e	Blyth, Inc		109
	68,196		Brunswick Corp		2,179
	51,179	e	Callaway Golf Co		337
	45,108		Carter’s, Inc		3,341
	5,387	*	Cavco Industries, Inc		272
	23,174	*	Clarus Corp		218
	213,681		Coach, Inc		12,199
	9,339	e	Columbia Sportswear Co		585
	68,785	*	CROCS, Inc		1,135
	5,480		CSS Industries, Inc		137
	6,895		Culp, Inc		120
	27,341	*,e	Deckers Outdoor Corp		1,381
	212,202		DR Horton, Inc		4,516
	18,783	e	Ethan Allen Interiors, Inc		541
	7,662	*	EveryWare Global, Inc		93
	91,288	*	Fifth & Pacific Cos, Inc		2,039
	3,461		Flexsteel Industries, Inc		84
	39,080	*	Fossil Group, Inc		4,037
	93,303	*,e	Garmin Ltd		3,374
	13,268	*	G-III Apparel Group Ltd		638
	74,818		Hanesbrands, Inc		3,847
	51,667		Harman International Industries, Inc		2,800
	87,267	e	Hasbro, Inc		3,912
	23,782	*	Helen of Troy Ltd		913
	7,853		Hooker Furniture Corp		128
	93,175	*,e	Hovnanian Enterprises, Inc (Class A)		523
	45,356	*	Iconix Brand Group, Inc		1,334
	21,039	*,e	iRobot Corp		837
	20,248	e	Jakks Pacific, Inc		228
	85,531	*	Jarden Corp		3,742
	3,583	*	Johnson Outdoors, Inc		89
	63,176		Jones Apparel Group, Inc		869
	63,287	e	KB Home		1,242
	39,237		La-Z-Boy, Inc		795
	41,279	*,e	Leapfrog Enterprises, Inc		406
	108,175		Leggett & Platt, Inc		3,363
	122,890	e	Lennar Corp (Class A)		4,429
	16,013	*	Libbey, Inc		384
	7,210		Lifetime Brands, Inc		98
	16,714	*	M/I Homes, Inc		384
	17,427	*	Maidenform Brands, Inc		302
	8,407		Marine Products Corp		67
	262,003		Mattel, Inc		11,871
	29,150		MDC Holdings, Inc		948
	26,174	*	Meritage Homes Corp		1,135
	153,120	*	Michael Kors Holdings Ltd		9,496
	45,685	*	Mohawk Industries, Inc		5,139
	12,667		Movado Group, Inc		429
	4,424		Nacco Industries, Inc (Class A)		253

266

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	22,756	*	Nautilus, Inc	$	198
	219,526		Newell Rubbermaid, Inc		5,763
	538,427		Nike, Inc (Class B)		34,287
	3,788	*	NVR, Inc		3,493
	10,106		Oxford Industries, Inc		631
	8,860		Perry Ellis International, Inc		180
	61,650		Phillips-Van Heusen Corp		7,709
	48,524		Polaris Industries, Inc		4,610
	36,161		Pool Corp		1,895
	294,920	*	Pulte Homes, Inc		5,595
	101,655	*	Quiksilver, Inc		655
	45,636		Ralph Lauren Corp		7,929
	6,477		RG Barry Corp		105
	35,106		Ryland Group, Inc		1,408
	29,390	*	Skechers U.S.A., Inc (Class A)		706
	12,508	*,e	Skullcandy, Inc		68
	48,359	*,e	Smith & Wesson Holding Corp		483
	112,658	*,e	Standard-Pacific Corp		938
	4,356	*	Steinway Musical Instruments, Inc		133
	30,111	*	Steven Madden Ltd		1,457
	14,503	e	Sturm Ruger & Co, Inc		697
	18,841	*	Taylor Morrison Home Corp		459
	45,228	*	Tempur-Pedic International, Inc		1,986
	126,318	*	Toll Brothers, Inc		4,122
	12,000	*	TRI Pointe Homes, Inc		199
	19,300		True Religion Apparel, Inc		611
	36,378	*	Tumi Holdings, Inc		873
	40,284		Tupperware Corp		3,130
	63,714	*,e	Under Armour, Inc (Class A)		3,804
	10,905	*	Unifi, Inc		225
	11,370	*	Universal Electronics, Inc		320
	15,069	*,e	Vera Bradley, Inc		326
	67,094		VF Corp		12,953
	5,214		Weyco Group, Inc		131
	59,919		Whirlpool Corp		6,852
	8,350	*	William Lyon Homes, Inc		210
	38,224	e	Wolverine World Wide, Inc		2,087
	28,030	*,e	Zagg, Inc		150
			TOTAL CONSUMER DURABLES & APPAREL		216,138

CONSUMER SERVICES - 2.2%
	18,260	*	AFC Enterprises		656
	13,862	*,e	American Public Education, Inc		515
	24,907		Ameristar Casinos, Inc		655
	74,107	*,e	Apollo Group, Inc (Class A)		1,313
	11,587	*	Ascent Media Corp (Series A)		905
	29,370	*,e	Bally Technologies, Inc		1,657
	18,782	*	BJ’s Restaurants, Inc		697
	42,020	*	Bloomin’ Brands, Inc		1,046
	21,179		Bob Evans Farms, Inc		995
	42,761	*,e	Boyd Gaming Corp		483
	14,947	*	Bravo Brio Restaurant Group, Inc		266

267

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	14,051	*,e	Bridgepoint Education, Inc	$	171
	9,000	*	Bright Horizons Family Solutions		312
	53,790	e	Brinker International, Inc		2,121
	14,166	*	Buffalo Wild Wings, Inc		1,391
	65,811		Burger King Worldwide, Inc		1,284
	27,800	*,e	Caesars Entertainment Corp		381
	9,631	*	Capella Education Co		401
	46,334	*	Career Education Corp		134
	317,700		Carnival Corp		10,894
	12,748		Carriage Services, Inc		216
	18,871	*	Carrols Restaurant Group, Inc		122
	14,608		CBRL Group, Inc		1,383
	15,042		CEC Entertainment, Inc		617
	41,224	e	Cheesecake Factory		1,727
	23,515	*	Chipotle Mexican Grill, Inc (Class A)		8,568
	21,021	e	Choice Hotels International, Inc		834
	10,504		Churchill Downs, Inc		828
	12,474	*	Chuy’s Holdings, Inc		478
	59,209	*,e	Corinthian Colleges, Inc		133
	98,248		Darden Restaurants, Inc		4,960
	7,863	*	Del Frisco’s Restaurant Group, Inc		168
	75,312	*	Denny’s Corp		423
	48,007		DeVry, Inc		1,489
	12,442		DineEquity, Inc		857
	8,223	*	Diversified Restaurant Holdings, Inc		66
	42,657		Domino’s Pizza, Inc		2,481
	74,221		Dunkin Brands Group, Inc		3,178
	21,777	*,e	Education Management Corp		122
	4,221		Einstein Noah Restaurant Group, Inc		60
	14,961	*	Fiesta Restaurant Group, Inc		515
	34,464	*	Grand Canyon Education, Inc		1,111
	208,641		H&R Block, Inc		5,790
	41,775		Hillenbrand, Inc		991
	33,800	*	Hyatt Hotels Corp		1,364
	4,863	*	Ignite Restaurant Group, Inc		92
	197,900		International Game Technology		3,307
	20,955		International Speedway Corp (Class A)		660
	33,777		Interval Leisure Group, Inc		673
	15,534	*	Isle of Capri Casinos, Inc		117
	18,743	*,e	ITT Educational Services, Inc		457
	33,770	*	Jack in the Box, Inc		1,327
	12,737	*,e	Jamba, Inc		190
	3,365	*	JTH Holding, Inc		55
	21,966	*,e	K12, Inc		577
	45,722	*	Krispy Kreme Doughnuts, Inc		798
	297,183		Las Vegas Sands Corp		15,730
	32,744	*	Life Time Fitness, Inc		1,641
	46,274	*,e	LifeLock, Inc		542
	17,103		Lincoln Educational Services Corp		90
	13,766	*	Luby’s, Inc		116
	8,861		Mac-Gray Corp		126
	14,891		Marcus Corp		189

268

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	187,952		Marriott International, Inc (Class A)	$	7,588
	20,417	*	Marriott Vacations Worldwide Corp		883
	23,085		Matthews International Corp (Class A)		870
	762,074		McDonald’s Corp		75,445
	288,040	*	MGM Mirage		4,257
	7,140	*	Monarch Casino & Resort, Inc		120
	23,956	*	Morgans Hotel Group Co		193
	22,035	*	Multimedia Games, Inc		574
	2,018	*	Nathan’s Famous, Inc		105
	20,600	*,e	Norwegian Cruise Line Holdings Ltd		624
	71,477	*	Orient-Express Hotels Ltd (Class A)		869
	21,924	*	Outerwall, Inc		1,286
	21,333	*	Panera Bread Co (Class A)		3,967
	13,283	*	Papa John’s International, Inc		868
	51,524	*	Penn National Gaming, Inc		2,724
	48,180	*	Pinnacle Entertainment, Inc		948
	10,662	*	Red Robin Gourmet Burgers, Inc		588
	37,371		Regis Corp		614
	121,741		Royal Caribbean Cruises Ltd		4,059
	46,223	*	Ruby Tuesday, Inc		427
	26,831		Ruth’s Chris Steak House, Inc		324
	42,614	*	Scientific Games Corp (Class A)		479
	21,338		SeaWorld Entertainment, Inc		749
	161,096		Service Corp International		2,905
	44,601	*	SHFL Entertainment, Inc		790
	53,132	e	Six Flags Entertainment Corp		1,868
	45,772	*	Sonic Corp		666
	51,448	e	Sotheby’s (Class A)		1,950
	9,984		Speedway Motorsports, Inc		174
	569,201		Starbucks Corp		37,277
	147,972		Starwood Hotels & Resorts Worldwide, Inc		9,350
	958	*	Steak N Shake Co		393
	11,970	*	Steiner Leisure Ltd		633
	55,317		Stewart Enterprises, Inc (Class A)		724
	9,323	e	Strayer Education, Inc		455
	48,004		Texas Roadhouse, Inc (Class A)		1,201
	16,126		Town Sports International Holdings, Inc		174
	15,190		Universal Technical Institute, Inc		157
	27,599		Vail Resorts, Inc		1,698
	20,124	e	Weight Watchers International, Inc		926
	215,839	e	Wendy’s		1,258
	41,412	*	WMS Industries, Inc		1,056
	103,319		Wyndham Worldwide Corp		5,913
	60,884		Wynn Resorts Ltd		7,793
	341,871		Yum! Brands, Inc		23,705
			TOTAL CONSUMER SERVICES		301,072

DIVERSIFIED FINANCIALS - 6.5%
	40,110	*	Affiliated Managers Group, Inc		6,576
	232,535	*	American Capital Ltd		2,946
	720,181		American Express Co		53,841
	153,226		Ameriprise Financial, Inc		12,393

269

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	172,494		Apollo Investment Corp	$	1,335
	205,101		Ares Capital Corp		3,528
	9,688	*	Artisan Partners Asset Management, Inc		483
	8,194,719		Bank of America Corp		105,384
	882,453		Bank of New York Mellon Corp		24,753
	97,553		BGC Partners, Inc (Class A)		575
	54,667	e	BlackRock Kelso Capital Corp		512
	98,208		BlackRock, Inc		25,225
	16,951		Calamos Asset Management, Inc (Class A)		178
	444,025		Capital One Financial Corp		27,889
	2,547		Capital Southwest Corp		351
	22,738	e	Cash America International, Inc		1,034
	66,839		CBOE Holdings, Inc		3,117
	830,794		Charles Schwab Corp		17,638
	2,304,717		Citigroup, Inc		110,557
	240,877		CME Group, Inc		18,302
	14,207	e	Cohen & Steers, Inc		483
	10,988	*	Consumer Portfolio Services, Inc		81
	75,792	*	Cowen Group, Inc		220
	5,419	*	Credit Acceptance Corp		569
	7,179	*	Deerfield Capital Corp		54
	1,990		Diamond Hill Investment Group, Inc		169
	373,283		Discover Financial Services		17,783
	30,717	*	Dollar Financial Corp		424
	216,676	*	E*Trade Financial Corp		2,743
	91,544		Eaton Vance Corp		3,441
	18,317	*,e	Encore Capital Group, Inc		606
	23,860		Evercore Partners, Inc (Class A)		937
	38,445	*	Ezcorp, Inc (Class A)		649
	9,821	*	FBR & Co		248
	69,691	e	Federated Investors, Inc (Class B)		1,910
	10,455	e	Fidus Investment Corp		196
	91,657	*	Fifth Street Finance Corp		958
	37,325	e	Financial Engines, Inc		1,702
	23,334	*	First Cash Financial Services, Inc		1,148
	58,259	*,e	First Marblehead Corp		69
	6,203	*	Firsthand Technology Value Fund, Inc		123
	104,122		Franklin Resources, Inc		14,163
	9,042		Friedman Billings Ramsey Group, Inc (Class A)		242
	27,923	e	FXCM, Inc		458
	7,000		Gain Capital Holdings, Inc		44
	6,584		GAMCO Investors, Inc (Class A)		365
	4,491		Garrison Capital, Inc		69
	54,396		GFI Group, Inc		213
	15,081		Gladstone Capital Corp		123
	15,921		Gladstone Investment Corp		117
	348,509		Goldman Sachs Group, Inc		52,712
	17,097	e	Golub Capital BDC, Inc		299
	19,596	*,e	Green Dot Corp		391
	22,433		Greenhill & Co, Inc		1,026
	14,431	*,e	GSV Capital Corp		113
	10,641	*	Hannon Armstrong Sustainable Infrastructure Capital, Inc		126

270

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	38,185	e	Hercules Technology Growth Capital, Inc	$	532
	25,335		HFF, Inc (Class A)		450
	4,930		Horizon Technology Finance Corp		68
	13,614	*	Imperial Holdings, Inc		93
	53,575	*	ING US, Inc		1,450
	35,381		Interactive Brokers Group, Inc (Class A)		565
	55,972	*	IntercontinentalExchange, Inc		9,950
	12,794	*	International Assets Holding Corp		223
	32,107	*	Internet Capital Group, Inc		366
	337,832		Invesco Ltd		10,743
	33,515	*	Investment Technology Group, Inc		469
	37,500	e	iShares Russell 2000 Index Fund		3,643
	124,420	e	Janus Capital Group, Inc		1,059
	11,011		JMP Group, Inc		73
	2,873,300		JPMorgan Chase & Co		151,682
	20,819	e	KCAP Financial, Inc		234
	165,200	*	Knight Capital Group, Inc (Class A)		593
	73,441	*	Ladenburg Thalmann Financial Services, Inc		121
	91,516		Lazard Ltd (Class A)		2,942
	84,309		Legg Mason, Inc		2,614
	225,092		Leucadia National Corp		5,902
	42,965		LPL Financial Holdings, Inc		1,622
	26,628	e	Main Street Capital Corp		737
	10,552		Manning & Napier, Inc		187
	27,836		MarketAxess Holdings, Inc		1,301
	6,533		Marlin Business Services Corp		149
	53,786		MCG Capital Corp		280
	14,534		Medallion Financial Corp		202
	21,871		Medley Capital Corp		297
	148,210		Moody’s Corp		9,030
	1,157,524		Morgan Stanley		28,278
	91,923	*	MSCI, Inc (Class A)		3,058
	17,411		MVC Capital, Inc		219
	84,624		Nasdaq Stock Market, Inc		2,775
	17,569		Nelnet, Inc (Class A)		634
	23,100	*,m	Netspend Holdings, Inc		369
	21,167	e	New Mountain Finance Corp		300
	21,889	*	NewStar Financial, Inc		292
	12,077		NGP Capital Resources Co		74
	7,402	e	Nicholas Financial, Inc		112
	181,980		Northern Trust Corp		10,537
	184,724		NYSE Euronext		7,648
	7,363		Oppenheimer Holdings, Inc		140
	7,560		PennantPark Floating Rate Capital Ltd		107
	49,497		PennantPark Investment Corp		547
	41,814	*	PHH Corp		852
	17,372	*	Pico Holdings, Inc		364
	13,978	*	Piper Jaffray Cos		442
	13,016	*	Portfolio Recovery Associates, Inc		2,000
	184,880	e	Prospect Capital Corp		1,997
	9,591		Pzena Investment Management, Inc (Class A)		63
	89,308		Raymond James Financial, Inc		3,838

271

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	4,005	*	Regional Management Corp	$	100
	9,098		Resource America, Inc (Class A)		77
	19,711	*	Safeguard Scientifics, Inc		316
	109,665		SEI Investments Co		3,118
	337,831		SLM Corp		7,723
	34,070		Solar Capital Ltd		787
	8,927		Solar Senior Capital Ltd		164
	222,000	e	SPDR Trust Series 1		35,522
	346,665		State Street Corp		22,606
	8,917	e	Stellus Capital Investment Corp		134
	48,147	*	Stifel Financial Corp		1,717
	26,347	*	SWS Group, Inc		144
	197,360		T Rowe Price Group, Inc		14,437
	19,893		TCP Capital Corp		334
	177,302		TD Ameritrade Holding Corp		4,307
	19,867		THL Credit, Inc		302
	39,767	e	TICC Capital Corp		383
	20,596	e	Triangle Capital Corp		567
	4,394	*	Virtus Investment Partners, Inc		775
	65,189		Waddell & Reed Financial, Inc (Class A)		2,836
	27,153		Walter Investment Management Corp		918
	5,409		Westwood Holdings Group, Inc		232
	5,336		WhiteHorse Finance, Inc		84
	76,546	*	WisdomTree Investments, Inc		886
	7,647	*,e	World Acceptance Corp		665
			TOTAL DIVERSIFIED FINANCIALS		892,948

ENERGY - 9.4%
	70,225	*,e	Abraxas Petroleum Corp		147
	1,730		Adams Resources & Energy, Inc		119
	17,965		Alon USA Energy, Inc		260
	172,068	*,e	Alpha Natural Resources, Inc		902
	13,406	*,e	Amyris Biotechnologies, Inc		39
	381,230		Anadarko Petroleum Corp		32,759
	297,815		Apache Corp		24,966
	6,580	*,e	APCO Argentina, Inc		76
	25,857	*,e	Approach Resources, Inc		635
	170,075	e	Arch Coal, Inc		643
	44,045	*	Atwood Oceanics, Inc		2,293
	335,787		Baker Hughes, Inc		15,490
	23,122	*,e	Basic Energy Services, Inc		280
	39,652		Berry Petroleum Co (Class A)		1,678
	36,863	*,e	Bill Barrett Corp		745
	6,457		Bolt Technology Corp		110
	20,493	*	Bonanza Creek Energy, Inc		727
	90,573	*,e	BPZ Energy, Inc		162
	27,721		Bristow Group, Inc		1,811
	34,152	*,e	C&J Energy Services, Inc		662
	160,233		Cabot Oil & Gas Corp		11,380
	79,978	*,e	Cal Dive International, Inc		150
	47,807	*	Callon Petroleum Co		161
	188,599	*	Cameron International Corp		11,535

272

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	15,028	e	CARBO Ceramics, Inc	$	1,013
	29,745	*	Carrizo Oil & Gas, Inc		843
	181,699	*	Cheniere Energy, Inc		5,044
	440,764	e	Chesapeake Energy Corp		8,983
	1,473,580		Chevron Corp		174,384
	66,090		Cimarex Energy Co		4,295
	4,602	*	Clayton Williams Energy, Inc		200
	50,466	*,e	Clean Energy Fuels Corp		666
	46,507	*	Cloud Peak Energy, Inc		766
	208,263	*	Cobalt International Energy, Inc		5,534
	36,545		Comstock Resources, Inc		575
	79,401	*	Concho Resources, Inc		6,647
	929,477		ConocoPhillips		56,233
	173,265		Consol Energy, Inc		4,695
	9,289		Contango Oil & Gas Co		314
	31,808	*,e	Continental Resources, Inc		2,737
	15,591	*	Crimson Exploration, Inc		44
	36,397		Crosstex Energy, Inc		719
	11,749		CVR Energy, Inc		557
	6,271	*	Dawson Geophysical Co		231
	25,244		Delek US Holdings, Inc		727
	283,577	*	Denbury Resources, Inc		4,912
	308,748	*	Devon Energy Corp		16,018
	52,396	e	Diamond Offshore Drilling, Inc		3,604
	13,900	*	Diamondback Energy, Inc		463
	57,836	*	Dresser-Rand Group, Inc		3,469
	30,642	*	Dril-Quip, Inc		2,767
	27,833	*	Emerald Oil, Inc		191
	39,982	*,e	Endeavour International Corp		154
	55,035		Energen Corp		2,876
	60,385		Energy XXI Bermuda Ltd		1,339
	206,835		EOG Resources, Inc		27,236
	21,960	*	EPL Oil & Gas, Inc		645
	27,387		Equal Energy Ltd		111
	114,287		Equitable Resources, Inc		9,071
	16,143	*	Era Group, Inc		422
	11,704	*	Evolution Petroleum Corp		128
	104,447	e	EXCO Resources, Inc		798
	46,375	*	Exterran Holdings, Inc		1,304
	3,380,588	d	Exxon Mobil Corp		305,436
	183,000	*	FMC Technologies, Inc		10,189
	91,201	*,e	Forest Oil Corp		373
	29,897	*,e	Forum Energy Technologies, Inc		910
	39,564	*,e	Frontline Ltd		70
	36,931	*,e	FX Energy, Inc		119
	17,507		GasLog Ltd		224
	54,404	*,e	Gastar Exploration Ltd		145
	9,836	*	Geospace Technologies Corp		679
	20,626	*,e	Global Geophysical Services, Inc		97
	31,274	e	Golar LNG Ltd		997
	20,317	*,e	Goodrich Petroleum Corp		260
	20,962	*	Green Plains Renewable Energy, Inc		279

273

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	11,124		Gulf Island Fabrication, Inc	$	213
	20,444		Gulfmark Offshore, Inc		922
	58,937	*	Gulfport Energy Corp		2,774
	158,159	*,e	Halcon Resources Corp		897
	3,710		Hallador Petroleum Co		30
	708,704		Halliburton Co		29,567
	81,306	*	Helix Energy Solutions Group, Inc		1,873
	72,674		Helmerich & Payne, Inc		4,538
	121,560	*	Hercules Offshore, Inc		856
	233,636		Hess Corp		15,534
	154,266		Holly Corp		6,600
	27,723	*	Hornbeck Offshore Services, Inc		1,483
	100,154	*	ION Geophysical Corp		603
	823	*	Isramco, Inc		77
	118,324	*	Key Energy Services, Inc		704
	503,414		Kinder Morgan, Inc		19,205
	33,098	*,e	KiOR, Inc (Class A)		189
	18,775	e	Knightsbridge Tankers Ltd		138
	200,347	*	Kodiak Oil & Gas Corp		1,781
	73,463	*	Kosmos Energy LLC		746
	22,491	*	L&L Energy, Inc		81
	29,748	*,e	Laredo Petroleum Holdings, Inc		612
	25,668		Lufkin Industries, Inc		2,271
	129,109	*,e	Magnum Hunter Resources Corp		471
	538,929		Marathon Oil Corp		18,636
	246,869		Marathon Petroleum Corp		17,543
	37,770	*	Matador Resources Co		452
	23,922	*	Matrix Service Co		373
	176,324	*	McDermott International, Inc		1,442
	25,277	*	Midstates Petroleum Co, Inc		137
	22,419	*,e	Miller Petroleum, Inc		90
	9,855	*	Mitcham Industries, Inc		165
	145,088		Murphy Oil Corp		8,834
	223,659		Nabors Industries Ltd		3,424
	326,837		National Oilwell Varco, Inc		22,519
	9,713	*	Natural Gas Services Group, Inc		228
	103,184	*	Newfield Exploration Co		2,465
	69,133	*	Newpark Resources, Inc		760
	272,567		Noble Energy, Inc		16,365
	48,702	e	Nordic American Tanker Shipping		369
	48,403	*,e	Northern Oil And Gas, Inc		646
	101,502	*,e	Nuverra Environmental Solutions, Inc		294
	68,821	*	Oasis Petroleum, Inc		2,675
	612,484		Occidental Petroleum Corp		54,652
	82,172		Oceaneering International, Inc		5,933
	42,049	*	Oil States International, Inc		3,895
	5,367		Panhandle Oil and Gas, Inc (Class A)		153
	96,030	*	Parker Drilling Co		478
	113,291		Patterson-UTI Energy, Inc		2,193
	18,000	e	PBF Energy, Inc		466
	22,888	*	PDC Energy, Inc		1,178
	207,042		Peabody Energy Corp		3,031

274

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	42,828	e	Penn Virginia Corp	$	201
	43,261	*	Petroquest Energy, Inc		171
	9,723	*	PHI, Inc		334
	470,735		Phillips 66		27,731
	42,944	*	Pioneer Energy Services Corp		284
	103,762		Pioneer Natural Resources Co		15,020
	136,144		Questar Market Resources, Inc		3,782
	106,368	*,e	Quicksilver Resources, Inc		179
	124,202		Range Resources Corp		9,603
	14,954	*,e	Renewable Energy Group, Inc		213
	51,813	*	Resolute Energy Corp		413
	36,039	*	Rex Energy Corp		634
	5,384	*	Rex Stores Corp		155
	9,601	*	RigNet, Inc		245
	45,950	*	Rosetta Resources, Inc		1,954
	93,726	*	Rowan Cos plc		3,193
	49,925	e	RPC, Inc		689
	21,411	*,e	Sanchez Energy Corp		492
	373,618	*,e	SandRidge Energy, Inc		1,778
	1,010,608		Schlumberger Ltd		72,420
	122,702		Scorpio Tankers, Inc		1,102
	16,143	e	SEACOR Holdings, Inc		1,341
	268,057	*	Seadrill Ltd		10,921
	31,863		SemGroup Corp		1,716
	34,031	e	Ship Finance International Ltd		505
	36,371	*,e	Solazyme, Inc		426
	266,793	*	Southwestern Energy Co		9,746
	508,692		Spectra Energy Corp		17,530
	49,940		St. Mary Land & Exploration Co		2,995
	38,145	*	Stone Energy Corp		840
	120,353	*	Superior Energy Services		3,122
	32,148	*,e	Swift Energy Co		385
	30,622	*	Synergy Resources Corp		224
	24,801		Targa Resources Investments, Inc		1,595
	27,666	e	Teekay Corp		1,124
	48,134	e	Teekay Tankers Ltd (Class A)		127
	23,351	*	Tesco Corp		309
	103,150		Tesoro Corp		5,397
	61,337	*	Tetra Technologies, Inc		629
	11,511		TGC Industries, Inc		95
	38,244		Tidewater, Inc		2,179
	39,122	*	Triangle Petroleum Corp		274
	117,937	*,e	Ultra Petroleum Corp		2,338
	36,980	*	Unit Corp		1,575
	76,523	*,e	Uranium Energy Corp		137
	94,356	*	Ur-Energy, Inc		126
	48,465	*	Vaalco Energy, Inc		277
	414,710		Valero Energy Corp		14,419
	169,150	*,e	Vantage Drilling Co		345
	26,733	e	W&T Offshore, Inc		382
	67,894	*	Warren Resources, Inc		173
	41,371	e	Western Refining, Inc		1,161

275

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	7,723	*,e	Westmoreland Coal Co	$	87
	89,390	*	Whiting Petroleum Corp		4,120
	33,654	*	Willbros Group, Inc		207
	519,114		Williams Cos, Inc		16,856
	55,107		World Fuel Services Corp		2,203
	151,612	*	WPX Energy, Inc		2,872
	19,733	*,e	ZaZa Energy Corp		24
			TOTAL ENERGY		1,289,159

FOOD & STAPLES RETAILING - 2.0%
	14,244		Andersons, Inc		758
	837		Arden Group, Inc (Class A)		92
	29,135		Casey’s General Stores, Inc		1,753
	10,274	*	Chefs’ Warehouse Holdings, Inc		177
	331,685		Costco Wholesale Corp		36,674
	930,742		CVS Corp		53,220
	11,866	*	Fairway Group Holdings Corp		287
	30,233	*	Fresh Market, Inc		1,503
	34,137		Harris Teeter Supermarkets, Inc		1,600
	8,163		Ingles Markets, Inc (Class A)		206
	395,471		Kroger Co		13,659
	9,522		Nash Finch Co		209
	6,410	*,e	Natural Grocers by Vitamin C		199
	16,292	*	Pantry, Inc		198
	14,319	e	Pricesmart, Inc		1,255
	553,974	*,e	Rite Aid Corp		1,584
	19,881	e	Roundy’s, Inc		166
	183,872	e	Safeway, Inc		4,350
	16,968		Spartan Stores, Inc		313
	154,781	*,e	Supervalu, Inc		963
	11,880	*	Susser Holdings Corp		569
	449,725	e	Sysco Corp		15,363
	36,743	*	United Natural Foods, Inc		1,984
	4,843		Village Super Market (Class A)		160
	716,723		Walgreen Co		31,679
	1,224,126		Wal-Mart Stores, Inc		91,185
	8,834		Weis Markets, Inc		398
	281,986		Whole Foods Market, Inc		14,517
			TOTAL FOOD & STAPLES RETAILING		275,021

FOOD, BEVERAGE & TOBACCO - 5.0%
	2,319		Alico, Inc		93
	68,179	*	Alliance One International, Inc		259
	1,526,748		Altria Group, Inc		53,421
	10,027	*,e	Annie’s, Inc		429
	500,856		Archer Daniels Midland Co		16,984
	37,577		B&G Foods, Inc (Class A)		1,279
	120,273		Beam, Inc		7,590
	6,146	*,e	Boston Beer Co, Inc (Class A)		1,049
	44,670	*,e	Boulder Brands, Inc		538
	114,934		Brown-Forman Corp (Class B)		7,764
	111,486		Bunge Ltd		7,890

276

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	9,305	e	Calavo Growers, Inc	$	253
	10,929		Cal-Maine Foods, Inc		508
	133,322	e	Campbell Soup Co		5,971
	35,476	*	Chiquita Brands International, Inc		387
	3,512		Coca-Cola Bottling Co Consolidated		215
	2,907,570		Coca-Cola Co		116,623
	208,425		Coca-Cola Enterprises, Inc		7,328
	316,941		ConAgra Foods, Inc		11,071
	114,761	*	Constellation Brands, Inc (Class A)		5,981
	7,653	*	Craft Brewers Alliance, Inc		63
	88,594	*	Darling International, Inc		1,653
	140,023	*	Dean Foods Co		1,403
	16,103	*,e	Diamond Foods, Inc		334
	35,216	*	Dole Food Co, Inc		449
	155,139		Dr Pepper Snapple Group, Inc		7,126
	5,320	*	Farmer Bros Co		75
	128,238		Flowers Foods, Inc		2,828
	27,620		Fresh Del Monte Produce, Inc		770
	490,079		General Mills, Inc		23,784
	112,562	*,e	Green Mountain Coffee Roasters, Inc		8,449
	2,482		Griffin Land & Nurseries, Inc (Class A)		71
	29,164	*	Hain Celestial Group, Inc		1,895
	114,004		Hershey Co		10,178
	93,510		Hillshire Brands Co		3,093
	102,534		Hormel Foods Corp		3,956
	57,268		Ingredion, Inc		3,758
	10,713	*	Inventure Foods, Inc		90
	11,326		J&J Snack Foods Corp		881
	81,528		J.M. Smucker Co		8,410
	5,780		John B. Sanfilippo & Son, Inc		117
	193,454		Kellogg Co		12,426
	451,981		Kraft Foods Group, Inc		25,252
	14,250		Lancaster Colony Corp		1,111
	33,835		Lance, Inc		961
	3,603	e	Lifeway Foods, Inc		63
	6,464	e	Limoneira Co		134
	287,011		Lorillard, Inc		12,537
	100,312		McCormick & Co, Inc		7,058
	153,986		Mead Johnson Nutrition Co		12,200
	102,787		Molson Coors Brewing Co (Class B)		4,919
	1,356,491		Mondelez International, Inc		38,701
	102,054	*	Monster Beverage Corp		6,202
	5,604		National Beverage Corp		98
	15,084	*	Omega Protein Corp		135
	1,175,468		PepsiCo, Inc		96,142
	1,243,287		Philip Morris International, Inc		107,693
	45,390	*	Pilgrim’s Pride Corp		678
	19,140		Pinnacle Foods, Inc		462
	21,173	*	Post Holdings, Inc		924
	239,545		Reynolds American, Inc		11,587
	17,484		Sanderson Farms, Inc		1,161
	224		Seaboard Corp		607

277

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	6,106	*	Seneca Foods Corp	$	187
	105,524	*	Smithfield Foods, Inc		3,456
	14,223	*,e	Synutra International, Inc		72
	19,211	e	Tootsie Roll Industries, Inc		611
	26,938	*	TreeHouse Foods, Inc		1,765
	212,762		Tyson Foods, Inc (Class A)		5,464
	17,708	e	Universal Corp		1,024
	42,163	e	Vector Group Ltd		684
	105,268	*,e	WhiteWave Foods Co (Class A)		1,711
			TOTAL FOOD, BEVERAGE & TOBACCO		681,041

HEALTH CARE EQUIPMENT & SERVICES - 4.5%
	15,924		Abaxis, Inc		757
	1,184,865		Abbott Laboratories		41,328
	29,721	*,e	Abiomed, Inc		641
	26,970	*	Acadia Healthcare Co, Inc		892
	43,084	*,e	Accretive Health, Inc		466
	52,299	*,e	Accuray, Inc		300
	4,240	*	Addus HomeCare Corp		84
	287,562		Aetna, Inc		18,272
	29,433	e	Air Methods Corp		997
	55,710	*	Align Technology, Inc		2,063
	4,207	*	Alliance HealthCare Services, Inc		66
	133,589	*	Allscripts Healthcare Solutions, Inc		1,729
	7,268		Almost Family, Inc		138
	39,818	*	Alphatec Holdings, Inc		82
	21,596	*,e	Amedisys, Inc		251
	180,461		AmerisourceBergen Corp		10,075
	34,893	*	AMN Healthcare Services, Inc		500
	25,648	*	Amsurg Corp		900
	10,953		Analogic Corp		798
	18,523	*	Angiodynamics, Inc		209
	8,891	*	Anika Therapeutics, Inc		151
	91,526	*,e	Antares Pharma, Inc		381
	20,843	*	Arthrocare Corp		720
	17,166		Assisted Living Concepts, Inc (A Shares)		205
	27,901	*,e	athenahealth, Inc		2,364
	15,737	*	AtriCure, Inc		149
	1,165		Atrion Corp		255
	61,206		Bard (C.R.), Inc		6,652
	412,048		Baxter International, Inc		28,543
	147,615		Becton Dickinson & Co		14,589
	22,554	*	Biolase Technology, Inc		81
	18,346	*,e	Bio-Reference Labs, Inc		527
	44,213	*	BioScrip, Inc		730
	1,025,414	*	Boston Scientific Corp		9,506
	74,076	*	Brookdale Senior Living, Inc		1,959
	18,628		Cantel Medical Corp		631
	21,051	*	Capital Senior Living Corp		503
	259,817		Cardinal Health, Inc		12,263
	15,037	*	Cardiovascular Systems, Inc		319
	166,970	*	CareFusion Corp		6,153

278

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	156,388	*	Catamaran Corp	$	7,619
	41,366	*	Centene Corp		2,170
	112,784	*	Cerner Corp		10,837
	49,516	*,e	Cerus Corp		219
	14,552	e	Chemed Corp		1,054
	8,056	*	Chindex International, Inc		131
	216,855		Cigna Corp		15,720
	69,450		Community Health Systems, Inc		3,256
	9,537		Computer Programs & Systems, Inc		469
	22,053		Conmed Corp		689
	36,172		Cooper Cos, Inc		4,306
	12,032	*	Corvel Corp		352
	357,606		Covidien plc		22,472
	22,090	*	Cross Country Healthcare, Inc		114
	19,963		CryoLife, Inc		125
	10,626	*	Cutera, Inc		93
	20,834	*	Cyberonics, Inc		1,083
	12,861	*	Cynosure, Inc (Class A)		334
	69,986	*	DaVita, Inc		8,454
	109,051		Dentsply International, Inc		4,467
	10,143	*,e	Derma Sciences, Inc		135
	53,654	*	DexCom, Inc		1,205
	85,882	*	Edwards Lifesciences Corp		5,771
	30,361	*	Emeritus Corp		704
	47,927	*	Endologix, Inc		636
	14,856		Ensign Group, Inc		523
	7,074	*	Exactech, Inc		140
	23,160	*	ExamWorks Group, Inc		492
	621,470	*	Express Scripts Holding Co		38,338
	29,310	*	Five Star Quality Care, Inc		164
	22,565	*	GenMark Diagnostics, Inc		233
	22,160	*	Gentiva Health Services, Inc		221
	41,537	*,e	Globus Medical, Inc		700
	18,107	*	Greatbatch, Inc		594
	11,401	*,e	Greenway Medical Technologies		141
	38,562	*	Haemonetics Corp		1,595
	25,502	*	Hanger Orthopedic Group, Inc		807
	203,382		HCA Holdings, Inc		7,334
	197,006	*	Health Management Associates, Inc (Class A)		3,097
	60,101	*	Health Net, Inc		1,912
	66,457	*	Healthsouth Corp		1,914
	14,864	*	HealthStream, Inc		376
	28,116	*	Healthways, Inc		489
	12,504	*,e	HeartWare International, Inc		1,189
	66,261	*	Henry Schein, Inc		6,344
	46,960		Hill-Rom Holdings, Inc		1,582
	65,676	*	HMS Holdings Corp		1,530
	204,404	*	Hologic, Inc		3,945
	119,712		Humana, Inc		10,101
	9,893	*	ICU Medical, Inc		713
	42,203	*,e	Idexx Laboratories, Inc		3,789
	39,836	*	Insulet Corp		1,251

279

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	16,089	*	Integra LifeSciences Holdings Corp	$	589
	30,588	*	Intuitive Surgical, Inc		15,495
	23,110		Invacare Corp		332
	62,113	*	Inverness Medical Innovations, Inc		1,522
	12,768	*	IPC The Hospitalist Co, Inc		656
	38,766	*	Kindred Healthcare, Inc		509
	70,572	*	Laboratory Corp of America Holdings		7,064
	8,629		Landauer, Inc		417
	11,927	*	LHC Group, Inc		234
	36,120	*	LifePoint Hospitals, Inc		1,764
	20,796	*	Magellan Health Services, Inc		1,166
	35,693	*,e	MAKO Surgical Corp		430
	38,810		Masimo Corp		823
	172,260		McKesson Corp		19,724
	44,883	*	MedAssets, Inc		796
	10,881	*	Medical Action Industries, Inc		84
	19,951	*	Medidata Solutions, Inc		1,545
	772,343		Medtronic, Inc		39,752
	43,385	*,e	Merge Healthcare, Inc		156
	31,965	e	Meridian Bioscience, Inc		687
	32,366	*	Merit Medical Systems, Inc		361
	21,513	*	Molina Healthcare, Inc		800
	9,533	*	MWI Veterinary Supply, Inc		1,175
	8,081		National Healthcare Corp		386
	5,598	*	National Research Corp		101
	22,829	*	Natus Medical, Inc		312
	18,486	*	Neogen Corp		1,027
	97,156	*,e	Neoprobe Corp		259
	33,067	*	NuVasive, Inc		820
	45,234	*	NxStage Medical, Inc		646
	79,723		Omnicare, Inc		3,804
	25,874	*	Omnicell, Inc		532
	36,642	*	OraSure Technologies, Inc		142
	14,876	*	Orthofix International NV		400
	48,567	e	Owens & Minor, Inc		1,643
	66,558		Patterson Cos, Inc		2,503
	37,651	*	Pediatrix Medical Group, Inc		3,448
	23,814	*	PharMerica Corp		330
	9,836	*,e	PhotoMedex, Inc		157
	8,598	*	Providence Service Corp		250
	29,676		Quality Systems, Inc		555
	120,089		Quest Diagnostics, Inc		7,281
	21,781	*,e	Quidel Corp		556
	108,952	e	Resmed, Inc		4,917
	7,696	*	Rochester Medical Corp		113
	31,391	*,e	Rockwell Medical Technologies, Inc		113
	38,631	*	RTI Biologics, Inc		145
	36,584		Select Medical Holdings Corp		300
	42,129	*	Sirona Dental Systems, Inc		2,775
	15,881	*	Skilled Healthcare Group, Inc (Class A)		106
	44,003	*	Solta Medical, Inc		100
	30,482	*	Spectranetics Corp		569

280

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	215,715		St. Jude Medical, Inc	$	9,843
	26,141	*	Staar Surgical Co		265
	44,285		STERIS Corp		1,899
	247,022		Stryker Corp		15,977
	13,627	*	SurModics, Inc		273
	32,497	*	Symmetry Medical, Inc		274
	52,336	*	Team Health Holdings, Inc		2,149
	19,871	*	TearLab Corp		211
	30,710		Teleflex, Inc		2,380
	79,191	*	Tenet Healthcare Corp		3,651
	44,951	*	Thoratec Corp		1,407
	20,149	*	Tornier BV		353
	14,800	*	Triple-S Management Corp (Class B)		318
	77,329	*,e	Unilife Corp		245
	775,315		UnitedHealth Group, Inc		50,768
	28,773		Universal American Corp		256
	68,958		Universal Health Services, Inc (Class B)		4,617
	8,422		US Physical Therapy, Inc		233
	697	*	USMD Holdings, Inc		21
	2,349		Utah Medical Products, Inc		128
	25,857	*	Vanguard Health Systems, Inc		536
	82,411	*	Varian Medical Systems, Inc		5,559
	12,709	*	Vascular Solutions, Inc		187
	66,310	*	VCA Antech, Inc		1,730
	15,934	*	Vocera Communications, Inc		234
	39,957	*	Volcano Corp		724
	32,355	*	WellCare Health Plans, Inc		1,797
	228,279		WellPoint, Inc		18,682
	26,348		West Pharmaceutical Services, Inc		1,851
	33,963	*	Wright Medical Group, Inc		890
	12,908	*,e	Zeltiq Aesthetics, Inc		82
	127,984		Zimmer Holdings, Inc		9,591
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		616,660

HOUSEHOLD & PERSONAL PRODUCTS - 2.0%
	327,248		Avon Products, Inc		6,882
	39,882	*	Central Garden and Pet Co (Class A)		275
	105,132		Church & Dwight Co, Inc		6,488
	99,151		Clorox Co		8,243
	708,931		Colgate-Palmolive Co		40,615
	19,608	*	Elizabeth Arden, Inc		884
	47,350		Energizer Holdings, Inc		4,759
	176,366		Estee Lauder Cos (Class A)		11,600
	15,213		Female Health Co		150
	25,252	*	Harbinger Group, Inc		190
	66,040	e	Herbalife Ltd		2,981
	12,258		Inter Parfums, Inc		350
	292,395		Kimberly-Clark Corp		28,403
	74,599	*	Lifevantage Corp		173
	9,661	*	Medifast, Inc		249
	5,868		Nature’s Sunshine Products, Inc		96
	43,475	e	Nu Skin Enterprises, Inc (Class A)		2,657

281

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	8,067		Nutraceutical International Corp	$	165
	3,981		Oil-Dri Corp of America		109
	4,547		Orchids Paper Products Co		119
	38,233	*	Prestige Brands Holdings, Inc		1,114
	2,083,539		Procter & Gamble Co		160,412
	9,587	*	Revlon, Inc (Class A)		212
	17,518		Spectrum Brands, Inc		996
	110,286	*,e	Star Scientific, Inc		153
	5,403	*,e	USANA Health Sciences, Inc		391
	13,264		WD-40 Co		723
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		279,389

INSURANCE - 4.3%
	258,666		ACE Ltd		23,145
	354,501		Aflac, Inc		20,604
	12,775	*	Alleghany Corp		4,897
	26,504		Allied World Assurance Co Holdings Ltd		2,425
	356,385		Allstate Corp		17,149
	34,048	*	AMBAC Financial Group, Inc		811
	48,474		American Equity Investment Life Holding Co		761
	63,656		American Financial Group, Inc		3,113
	1,121,729	*	American International Group, Inc		50,141
	5,469		American National Insurance Co		544
	7,468	*	American Safety Insurance Holdings Ltd		216
	13,065		Amerisafe, Inc		423
	20,998	e	Amtrust Financial Services, Inc		750
	236,862		Aon plc		15,242
	101,165	*	Arch Capital Group Ltd		5,201
	20,783		Argo Group International Holdings Ltd		881
	96,211		Arthur J. Gallagher & Co		4,203
	50,374		Aspen Insurance Holdings Ltd		1,868
	59,550		Assurant, Inc		3,032
	124,863		Assured Guaranty Ltd		2,755
	89,885		Axis Capital Holdings Ltd		4,115
	6,904		Baldwin & Lyons, Inc (Class B)		168
	1,368,059	*	Berkshire Hathaway, Inc (Class B)		153,113
	89,066		Brown & Brown, Inc		2,872
	197,059		Chubb Corp		16,681
	124,217		Cincinnati Financial Corp		5,702
	32,879	*,e	Citizens, Inc (Class A)		197
	19,762		CNA Financial Corp		645
	168,806		Conseco, Inc		2,188
	19,001		Crawford & Co (Class B)		107
	7,812		Donegal Group, Inc (Class A)		109
	4,850		Eastern Insurance Holdings, Inc		91
	16,828	*	eHealth, Inc		382
	4,503		EMC Insurance Group, Inc		118
	24,104		Employers Holdings, Inc		589
	31,468		Endurance Specialty Holdings Ltd		1,619
	7,174	*	Enstar Group Ltd		954
	20,774		Erie Indemnity Co (Class A)		1,656
	38,034		Everest Re Group Ltd		4,878

282

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	9,829		FBL Financial Group, Inc (Class A)	$	428
	173,098		Fidelity National Title Group, Inc (Class A)		4,121
	80,939		First American Financial Corp		1,784
	4,187	*	Fortegra Financial Corp		29
	375,048	*	Genworth Financial, Inc (Class A)		4,279
	20,683	*	Greenlight Capital Re Ltd (Class A)		507
	7,438	*	Hallmark Financial Services		68
	33,724		Hanover Insurance Group, Inc		1,650
	345,892		Hartford Financial Services Group, Inc		10,695
	77,301		HCC Insurance Holdings, Inc		3,332
	6,789	e	HCI Group, Inc		209
	2,870	*	Health Insurance Innovations, Inc		30
	44,940	*	Hilltop Holdings, Inc		737
	29,235		Horace Mann Educators Corp		713
	5,951		Independence Holding Co		70
	10,249		Infinity Property & Casualty Corp		613
	862		Investors Title Co		61
	2,854		Kansas City Life Insurance Co		109
	37,633		Kemper Corp		1,289
	203,899		Lincoln National Corp		7,436
	233,503		Loews Corp		10,368
	34,934		Maiden Holdings Ltd		392
	10,487	*	Markel Corp		5,526
	420,352		Marsh & McLennan Cos, Inc		16,780
	108,070	*,e	MBIA, Inc		1,438
	42,189		Meadowbrook Insurance Group, Inc		339
	20,342		Mercury General Corp		894
	672,050		Metlife, Inc		30,753
	35,141		Montpelier Re Holdings Ltd		879
	35,464	*	National Financial Partners Corp		898
	7,244		National Interstate Corp		212
	1,551		National Western Life Insurance Co (Class A)		294
	8,338	*	Navigators Group, Inc		476
	195,723		Old Republic International Corp		2,519
	17,609		OneBeacon Insurance Group Ltd (Class A)		255
	43,791		PartnerRe Ltd		3,966
	4,932	*	Phoenix Cos, Inc		212
	24,214		Platinum Underwriters Holdings Ltd		1,386
	43,301		Primerica, Inc		1,621
	223,115		Principal Financial Group		8,356
	46,842		ProAssurance Corp		2,443
	466,332		Progressive Corp		11,854
	61,341		Protective Life Corp		2,356
	352,808		Prudential Financial, Inc		25,766
	56,415		Reinsurance Group of America, Inc (Class A)		3,899
	34,235		RenaissanceRe Holdings Ltd		2,971
	16,141		RLI Corp		1,233
	10,041		Safety Insurance Group, Inc		487
	42,211		Selective Insurance Group, Inc		972
	35,995		Stancorp Financial Group, Inc		1,779
	9,480		State Auto Financial Corp		172
	16,046		Stewart Information Services Corp		420

283

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	62,336		Symetra Financial Corp	$	997
	75,122		Torchmark Corp		4,893
	42,906		Tower Group International Ltd		880
	286,083		Travelers Cos, Inc		22,864
	6,929	*	United America Indemnity Ltd		163
	16,961		United Fire & Casualty Co		421
	22,242		Universal Insurance Holdings, Inc		157
	207,543		UnumProvident Corp		6,096
	79,239		Validus Holdings Ltd		2,862
	84,461		W.R. Berkley Corp		3,451
	4,546		White Mountains Insurance Group Ltd		2,614
	221,856		XL Capital Ltd		6,727
			TOTAL INSURANCE		586,546

MATERIALS - 3.7%
	22,177		A. Schulman, Inc		595
	7,771	*	ADA-ES, Inc		327
	3,376	*	AEP Industries, Inc		251
	158,436		Air Products & Chemicals, Inc		14,508
	49,733		Airgas, Inc		4,748
	110,458	*,e	AK Steel Holding Corp		336
	66,871		Albemarle Corp		4,165
	811,261		Alcoa, Inc		6,344
	81,466		Allegheny Technologies, Inc		2,143
	79,955	*	Allied Nevada Gold Corp		518
	21,055		AMCOL International Corp		667
	3,809	*	American Pacific Corp		108
	20,501		American Vanguard Corp		480
	50,635		Aptargroup, Inc		2,796
	15,246	*	Arabian American Development Co		133
	60,168		Ashland, Inc		5,024
	52,910		Axiall Corp		2,253
	23,190		Balchem Corp		1,038
	113,393		Ball Corp		4,710
	78,588		Bemis Co, Inc		3,076
	42,124	*	Berry Plastics Group, Inc		930
	10,300	*	Boise Cascade Co		262
	76,383		Boise, Inc		652
	14,781		Brush Engineered Materials, Inc		400
	31,123		Buckeye Technologies, Inc		1,153
	48,545		Cabot Corp		1,817
	41,280	*	Calgon Carbon Corp		689
	35,267		Carpenter Technology Corp		1,590
	11,808	*,e	Castle (A.M.) & Co		186
	120,429		Celanese Corp (Series A)		5,395
	39,702	*	Century Aluminum Co		368
	45,049		CF Industries Holdings, Inc		7,726
	5,158		Chase Corp		115
	73,547	*	Chemtura		1,493
	16,903	*	Clearwater Paper Corp		795
	116,899	e	Cliffs Natural Resources, Inc		1,900
	77,643	*	Coeur d’Alene Mines Corp		1,033

284

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	89,141		Commercial Metals Co	$	1,317
	25,270		Compass Minerals International, Inc		2,136
	110,026	*	Crown Holdings, Inc		4,525
	31,866		Cytec Industries, Inc		2,334
	9,014		Deltic Timber Corp		521
	25,140		Domtar Corp		1,672
	919,858		Dow Chemical Co		29,592
	699,654		Du Pont (E.I.) de Nemours & Co		36,732
	37,135		Eagle Materials, Inc		2,461
	116,569		Eastman Chemical Co		8,161
	199,362		Ecolab, Inc		16,984
	63,918	*	Ferro Corp		444
	35,881	*	Flotek Industries, Inc		644
	103,495		FMC Corp		6,319
	786,171		Freeport-McMoRan Copper & Gold, Inc (Class B)		21,706
	14,460		FutureFuel Corp		205
	51,402	*,e	General Moly, Inc		96
	32,454		Glatfelter		815
	47,286		Globe Specialty Metals, Inc		514
	24,960	e	Gold Resource Corp		217
	148,393	*	Graphic Packaging Holding Co		1,149
	24,459		Greif, Inc (Class A)		1,288
	6,559	*	GSE Holding, Inc		38
	36,975		H.B. Fuller Co		1,398
	6,809		Hawkins, Inc		268
	9,402		Haynes International, Inc		450
	54,162	*	Headwaters, Inc		479
	262,218	e	Hecla Mining Co		781
	33,599	*	Horsehead Holding Corp		430
	145,355		Huntsman Corp		2,407
	16,427		Innophos Holdings, Inc		775
	18,027		Innospec, Inc		724
	62,007		International Flavors & Fragrances, Inc		4,660
	336,006		International Paper Co		14,888
	40,015	e	Intrepid Potash, Inc		762
	14,023		Kaiser Aluminum Corp		869
	31,073		Kapstone Paper and Packaging Corp		1,249
	4,800		KMG Chemicals, Inc		101
	16,539		Koppers Holdings, Inc		632
	24,388	*	Kraton Polymers LLC		517
	14,288	e	Kronos Worldwide, Inc		232
	19,323	*	Landec Corp		255
	103,408	*	Louisiana-Pacific Corp		1,529
	13,887	*	LSB Industries, Inc		422
	306,935		LyondellBasell Industries AF S.C.A		20,338
	34,945		Martin Marietta Materials, Inc		3,439
	132,836		MeadWestvaco Corp		4,531
	60,363	*,e	Midway Gold Corp		57
	27,178		Minerals Technologies, Inc		1,124
	94,609	*,e	Molycorp, Inc		587
	405,763		Monsanto Co		40,089
	228,319		Mosaic Co		12,286

285

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	23,791		Myers Industries, Inc	$	357
	11,726		Neenah Paper, Inc		373
	6,813	e	NewMarket Corp		1,789
	373,398		Newmont Mining Corp		11,183
	29,589		Noranda Aluminium Holding Corp		96
	242,223		Nucor Corp		10,493
	61,075		Olin Corp		1,461
	8,985		Olympic Steel, Inc		220
	23,303	*	OM Group, Inc		721
	32,453	*	Omnova Solutions, Inc		260
	126,112	*	Owens-Illinois, Inc		3,505
	74,848		Packaging Corp of America		3,665
	90,889	*,e	Paramount Gold and Silver Corp		108
	6,963	*	Penford Corp		93
	75,550		PolyOne Corp		1,872
	108,484		PPG Industries, Inc		15,883
	224,774		Praxair, Inc		25,885
	9,804		Quaker Chemical Corp		608
	58,316		Reliance Steel & Aluminum Co		3,823
	201,095		Rentech, Inc		422
	55,110	*,e	Resolute Forest Products		726
	54,046		Rock-Tenn Co (Class A)		5,398
	57,225		Rockwood Holdings, Inc		3,664
	48,654		Royal Gold, Inc		2,047
	101,323		RPM International, Inc		3,236
	23,200	*	RTI International Metals, Inc		643
	19,399		Schnitzer Steel Industries, Inc (Class A)		454
	23,952		Schweitzer-Mauduit International, Inc		1,195
	32,453	e	Scotts Miracle-Gro Co (Class A)		1,568
	148,606		Sealed Air Corp		3,559
	38,347		Sensient Technologies Corp		1,552
	67,053		Sherwin-Williams Co		11,842
	91,531		Sigma-Aldrich Corp		7,355
	33,477		Silgan Holdings, Inc		1,572
	76,188		Sonoco Products Co		2,634
	119,844		Southern Copper Corp (NY)		3,310
	165,973		Steel Dynamics, Inc		2,475
	13,671		Stepan Co		760
	89,291	*,e	Stillwater Mining Co		959
	56,972	*	SunCoke Energy, Inc		799
	64,203	*,e	Tahoe Resources, Inc		909
	10,897	*	Taminco Corp		222
	17,215	*,e	Texas Industries, Inc		1,121
	19,671		Tredegar Corp		506
	4,092	*	UFP Technologies, Inc		80
	1,357	*	United States Lime & Minerals, Inc		71
	110,404	e	United States Steel Corp		1,935
	4,623	*	Universal Stainless & Alloy		136
	10,188	*	US Concrete, Inc		167
	16,233	e	US Silica Holdings Inc		337
	67,788		Valspar Corp		4,384
	98,368		Vulcan Materials Co		4,762

286

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	47,294	e	Walter Energy, Inc	$	492
	37,679		Wausau Paper Corp		430
	15,532		Westlake Chemical Corp		1,497
	4,506	*	WHX Corp		81
	40,133		Worthington Industries, Inc		1,273
	57,560	*	WR Grace & Co		4,837
	17,018		Zep, Inc		269
	27,143	*,e	Zoltek Cos, Inc		350
			TOTAL MATERIALS		499,297

MEDIA - 3.7%
	12,963	*	AH Belo Corp (Class A)		89
	45,765	*	AMC Networks, Inc		2,994
	20,466		Arbitron, Inc		951
	77,760		Belo (A.H.) Corp (Class A)		1,085
	153,456		Cablevision Systems Corp (Class A)		2,581
	13,386	*	Carmike Cinemas, Inc		259
	467,179		CBS Corp (Class B)		22,831
	57,454	*	Central European Media Enterprises Ltd (Class A) Nasdaq		190
	50,363	*	Charter Communications, Inc		6,237
	87,874		Cinemark Holdings, Inc		2,453
	28,047		Clear Channel Outdoor Holdings, Inc (Class A)		209
	1,994,807		Comcast Corp (Class A)		83,543
	27,056	*,e	Crown Media Holdings, Inc (Class A)		67
	55,915	*,e	Cumulus Media, Inc (Class A)		190
	772	*,e	Daily Journal Corp		87
	12,681	*	Dex Media, Inc		223
	20,194	*,e	Digital Generation, Inc		149
	396,966	*	DIRECTV		24,461
	184,685	*	Discovery Communications, Inc (Class A)		14,260
	157,317		DISH Network Corp (Class A)		6,689
	54,581	*,e	DreamWorks Animation SKG, Inc (Class A)		1,401
	18,269	*	Entercom Communications Corp (Class A)		172
	38,482		Entravision Communications Corp (Class A)		237
	23,436	*	EW Scripps Co (Class A)		365
	6,584		Fisher Communications, Inc		270
	173,988		Gannett Co, Inc		4,256
	15,102	*	Global Sources Ltd		101
	36,049	*	Gray Television, Inc		260
	33,505		Harte-Hanks, Inc		288
	6,780	*	Hemisphere Media Group, Inc		93
	327,851		Interpublic Group of Cos, Inc		4,770
	34,627		John Wiley & Sons, Inc (Class A)		1,388
	42,642	*	Journal Communications, Inc (Class A)		319
	59,903	*	Lamar Advertising Co (Class A)		2,600
	282,779	*	Liberty Global plc (Class A)		20,948
	76,749	*	Liberty Media Corp		9,729
	25,514	*	Lin TV Corp (Class A)		390
	64,240	*,e	Lions Gate Entertainment Corp		1,765
	108,249	*	Live Nation, Inc		1,678
	9,932		Loral Space & Communications, Inc		596
	46,379	*	Madison Square Garden, Inc		2,748

287

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	29,313	e	Martha Stewart Living Omnimedia, Inc (Class A)	$	71
	45,516	*,e	McClatchy Co (Class A)		104
	209,534		McGraw-Hill Cos, Inc		11,145
	19,518		MDC Partners, Inc		352
	15,588	*	Media General, Inc (Class A)		172
	26,535	e	Meredith Corp		1,266
	15,752		Morningstar, Inc		1,222
	42,789		National CineMedia, Inc		723
	29,279	*	Navarre Corp		81
	98,100	*	New York Times Co (Class A)		1,085
	1,510,873		News Corp (Class A)		49,254
	21,641		Nexstar Broadcasting Group, Inc (Class A)		767
	198,263		Omnicom Group, Inc		12,465
	7,422	*,e	ReachLocal, Inc		91
	12,373	*	Reading International, Inc		79
	60,087	e	Regal Entertainment Group (Class A)		1,076
	7,217	*	Rentrak Corp		145
	3,654		Saga Communications, Inc		168
	2,328		Salem Communications		17
	19,984		Scholastic Corp		585
	82,266		Scripps Networks Interactive (Class A)		5,492
	50,660		Sinclair Broadcast Group, Inc (Class A)		1,488
	2,344,228	e	Sirius XM Radio, Inc		7,853
	87,187	*	Starz-Liberty Capital		1,927
	284,506		Thomson Corp		9,266
	221,206		Time Warner Cable, Inc		24,881
	708,511		Time Warner, Inc		40,966
	29,390	e	Valassis Communications, Inc		723
	368,721		Viacom, Inc (Class B)		25,091
	1,369,318		Walt Disney Co		86,472
	3,249		Washington Post Co (Class B)		1,572
	21,644	e	World Wrestling Entertainment, Inc (Class A)		223
			TOTAL MEDIA		510,744

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.8%
	1,203,762		AbbVie, Inc		49,764
	53,518	*	Acadia Pharmaceuticals, Inc		971
	8,771	*	Accelerate Diagnostics, Inc		71
	15,957	*	AcelRx Pharmaceuticals, Inc		148
	73,508	*	Achillion Pharmaceuticals, Inc		601
	29,951	*	Acorda Therapeutics, Inc		988
	101,359	*	Actavis, Inc		12,794
	21,882	*	Aegerion Pharmaceuticals, Inc		1,386
	56,476	*,e	Affymetrix, Inc		251
	263,779		Agilent Technologies, Inc		11,279
	44,535	*	Akorn, Inc		602
	17,375	*	Albany Molecular Research, Inc		206
	148,347	*	Alexion Pharmaceuticals, Inc		13,684
	13,583	*	Alimera Sciences, Inc		66
	95,158	*	Alkermes plc		2,729
	225,260		Allergan, Inc		18,976
	44,275	*	Alnylam Pharmaceuticals, Inc		1,373

288

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	16,995	*	AMAG Pharmaceuticals, Inc	$	378
	570,623		Amgen, Inc		56,298
	22,849	*,e	Amicus Therapeutics, Inc		53
	21,263	*,e	Ampio Pharmaceuticals, Inc		123
	19,555	*,e	Anacor Pharmaceuticals, Inc		109
	165,796	*,e	Arena Pharmaceuticals, Inc		1,277
	141,499	*	Ariad Pharmaceuticals, Inc		2,475
	40,003	*	Arqule, Inc		93
	91,342	*,e	Array Biopharma, Inc		415
	72,935	*	Astex Pharmaceuticals		300
	36,727	*	Auxilium Pharmaceuticals, Inc		611
	111,046	*,e	AVANIR Pharmaceuticals, Inc		511
	41,227	*,e	AVEO Pharmaceuticals, Inc		103
	15,220	*,e	BioDelivery Sciences International, Inc		62
	180,936	*	Biogen Idec, Inc		38,937
	105,565	*	BioMarin Pharmaceuticals, Inc		5,889
	15,517	*	Bio-Rad Laboratories, Inc (Class A)		1,741
	27,248	*,e	Biotime, Inc		108
	1,248,690		Bristol-Myers Squibb Co		55,804
	83,145	*	Bruker BioSciences Corp		1,343
	47,523	*	Cadence Pharmaceuticals, Inc		324
	20,927	*	Cambrex Corp		292
	317,205	*	Celgene Corp		37,084
	82,401	*	Cell Therapeutics, Inc		87
	62,461	*	Celldex Therapeutics, Inc		975
	11,015	*	Cempra, Inc		86
	50,965	*	Cepheid, Inc		1,754
	37,085	*	Charles River Laboratories International, Inc		1,522
	50,402	*	Chelsea Therapeutics International, Inc		116
	18,304	*	ChemoCentryx, Inc		259
	6,658	*	Chimerix, Inc		161
	10,510	*,e	Clovis Oncology, Inc		704
	32,316	*,e	Corcept Therapeutics, Inc		56
	5,072	*	Cornerstone Therapeutics, Inc		41
	20,437	*,e	Coronado Biosciences, Inc		176
	42,288	*	Covance, Inc		3,220
	49,683	*	Cubist Pharmaceuticals, Inc		2,400
	59,363	*,e	Curis, Inc		189
	18,932	*	Cytokinetics, Inc		219
	47,980	*,e	Cytori Therapeutics, Inc		110
	119,216	*,e	Dendreon Corp		491
	40,825	*	Depomed, Inc		229
	9,738	*	Durata Therapeutics, Inc		70
	82,582	*	Dyax Corp		286
	95,378	*,e	Dynavax Technologies Corp		105
	761,133		Eli Lilly & Co		37,387
	19,838	*	Emergent Biosolutions, Inc		286
	2,982	*	Enanta Pharmaceuticals, Inc		53
	86,945	*	Endo Pharmaceuticals Holdings, Inc		3,199
	22,769	*	Endocyte, Inc		299
	31,349		Enzon Pharmaceuticals, Inc		63
	4,483	*	Epizyme, Inc		126

289

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	48,614	*	Exact Sciences Corp	$	676
	140,174	*,e	Exelixis, Inc		636
	13,135	*	Fibrocell Science, Inc		80
	20,851	*	Fluidigm Corp		364
	203,023	*	Forest Laboratories, Inc		8,324
	6,747	*	Furiex Pharmaceuticals Inc		230
	60,237	*	Galena Biopharma, Inc		134
	14,823	*,e	Genomic Health, Inc		470
	88,925	*,e	Geron Corp		133
	1,160,433	*	Gilead Sciences, Inc		59,426
	6,376	*,e	Golf Trust Of America, Inc		23
	20,677	*	GTx, Inc		136
	68,771	*,e	Halozyme Therapeutics, Inc		546
	16,723	*	Harvard Bioscience, Inc		79
	8,540		Hi-Tech Pharmacal Co, Inc		284
	38,186	*,e	Horizon Pharma, Inc		94
	126,136	*	Hospira, Inc		4,832
	6,640	*,e	Hyperion Therapeutics, Inc		146
	77,709	*,e	Idenix Pharmaceuticals, Inc		281
	94,781	*,e	Illumina, Inc		7,093
	65,469	*,e	Immunogen, Inc		1,086
	54,649	*,e	Immunomedics, Inc		297
	52,266	*	Impax Laboratories, Inc		1,043
	77,568	*,e	Incyte Corp		1,706
	36,466	*	Infinity Pharmaceuticals, Inc		593
	21,009	*	Insmed, Inc		251
	3,324	*	Insys Therapeutics, Inc		46
	4,756	*	Intercept Pharmaceuticals, Inc		213
	61,940	*,e	InterMune, Inc		596
	71,354	*,e	Ironwood Pharmaceuticals, Inc		710
	85,658	*,e	Isis Pharmaceuticals, Inc		2,302
	39,333	*	Jazz Pharmaceuticals plc		2,703
	2,132,319		Johnson & Johnson		183,081
	5,336	*	KaloBios Pharmaceuticals, Inc		30
	62,502	*,e	Keryx Biopharmaceuticals, Inc		467
	7,709	*	KYTHERA Biopharmaceuticals, Inc		209
	12,437	*	Lannett Co, Inc		148
	173,586	*	Lexicon Pharmaceuticals, Inc		377
	131,366	*	Life Technologies Corp		9,722
	14,627	*,e	Ligand Pharmaceuticals, Inc (Class B)		547
	31,134	*	Luminex Corp		642
	117,013	*,e	MannKind Corp		761
	42,724	*	Medicines Co		1,314
	56,962	*	Medivation, Inc		2,803
	7,487	*	MEI Pharma, Inc		53
	2,295,519		Merck & Co, Inc		106,627
	69,450	*,e	Merrimack Pharmaceuticals, Inc		467
	22,964	*	Mettler-Toledo International, Inc		4,620
	62,685	*	MiMedx Group, Inc		443
	34,069	*	Momenta Pharmaceuticals, Inc		513
	292,635	*	Mylan Laboratories, Inc		9,080
	62,489	*	Myriad Genetics, Inc		1,679

290

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	31,951	*	Nanosphere, Inc	$	98
	87,448	*	Nektar Therapeutics		1,010
	23,721	*	NeoGenomics, Inc		94
	51,178	*	Neurocrine Biosciences, Inc		685
	12,598	*,e	NewLink Genetics Corp		248
	112,150	*,e	Novavax, Inc		230
	75,335	*	NPS Pharmaceuticals, Inc		1,138
	17,474	*,e	Omeros Corp		88
	4,045	*	Omthera Pharmaceuticals, Inc		54
	11,325	*,e	OncoGenex Pharmaceutical, Inc		111
	55,313	*	Onyx Pharmaceuticals, Inc		4,802
	108,285	*,e	Opko Health, Inc		769
	38,666	*,e	Optimer Pharmaceuticals, Inc		560
	77,270	*,e	Orexigen Therapeutics, Inc		452
	12,630	*,e	Osiris Therapeutics, Inc		127
	6,597	*	OvaScience, Inc		91
	26,111	*	Pacific Biosciences of California, Inc		66
	21,106	*,e	Pacira Pharmaceuticals, Inc		612
	43,666	*	Parexel International Corp		2,006
	106,509	e	PDL BioPharma, Inc		822
	104,909	*	Peregrine Pharmaceuticals, Inc		135
	85,256		PerkinElmer, Inc		2,771
	71,263		Perrigo Co		8,623
	5,136,743		Pfizer, Inc		143,880
	43,941	*	Pharmacyclics, Inc		3,492
	7,585	*	Portola Pharmaceuticals, Inc		186
	15,548	*	Pozen, Inc		78
	40,290	*	Progenics Pharmaceuticals, Inc		180
	9,191	*	Prothena Corp plc		119
	16,769	*	Puma Biotechnology, Inc		744
	178,940	*	Qiagen N.V. (NASDAQ)		3,563
	39,852	e	Questcor Pharmaceuticals, Inc		1,812
	20,597	*	Quintiles Transnational Holdings, Inc		877
	41,521	*,e	Raptor Pharmaceutical Corp		388
	4,242	*	Receptos, Inc		84
	60,771	*	Regeneron Pharmaceuticals, Inc		13,666
	7,041	*	Regulus Therapeutics, Inc		69
	23,464	*	Repligen Corp		193
	16,297	*,e	Repros Therapeutics, Inc		301
	66,996	*	Rigel Pharmaceuticals, Inc		224
	12,401	*	Sagent Pharmaceuticals		260
	46,827	*	Salix Pharmaceuticals Ltd		3,098
	43,846	*,e	Sangamo Biosciences, Inc		342
	42,156	*	Santarus, Inc		887
	24,188	*	Sarepta Therapeutics, Inc		920
	43,039	*	Sciclone Pharmaceuticals, Inc		213
	76,360	*,e	Seattle Genetics, Inc		2,402
	87,069	*,e	Sequenom, Inc		367
	26,901	*,e	SIGA Technologies, Inc		76
	47,540	e	Spectrum Pharmaceuticals, Inc		355
	6,868	*	Stemline Therapeutics, Inc		164
	6,322	*	Sucampo Pharmaceuticals, Inc (Class A)		42

291

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	21,433	*,e	Sunesis Pharmaceuticals, Inc	$	112
	10,484	*	Supernus Pharmaceuticals, Inc		67
	12,888	*	Synageva BioPharma Corp		541
	61,665	*,e	Synergy Pharmaceuticals, Inc		266
	28,613	*,e	Synta Pharmaceuticals Corp		143
	21,017	*	Targacept, Inc		90
	28,521		Techne Corp		1,970
	10,002	*	TESARO, Inc		327
	8,515	*	Tetraphase Pharmaceuticals, Inc		60
	10,736	*	TG Therapeutics, Inc		69
	59,832	*	TherapeuticsMD, Inc		181
	55,490	*,e	Theravance, Inc		2,138
	272,814		Thermo Electron Corp		23,088
	34,985	*,e	Threshold Pharmaceuticals, Inc		184
	28,951	*	Trius Therapeutics, Inc		235
	35,349	*	United Therapeutics Corp		2,327
	23,629	*	Vanda Pharmaceuticals, Inc		191
	10,567	*	Verastem, Inc		147
	168,217	*	Vertex Pharmaceuticals, Inc		13,435
	65,503	*,e	Vical, Inc		205
	51,543	*	Viropharma, Inc		1,477
	74,791	*,e	Vivus, Inc		941
	190,710		Warner Chilcott plc		3,791
	65,126	*	Waters Corp		6,516
	33,276	*	Xenoport, Inc		165
	51,247	*,e	XOMA Corp		186
	54,772	*,e	ZIOPHARM Oncology, Inc		115
	382,191		Zoetis Inc		11,806
	52,479	*,e	Zogenix, Inc		90
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		1,069,441

REAL ESTATE - 3.7%
	41,676		Acadia Realty Trust		1,029
	18,082		AG Mortgage Investment Trust		340
	10,360		Agree Realty Corp		306
	32,853	*	Alexander & Baldwin, Inc		1,306
	1,574		Alexander’s, Inc		462
	54,028		Alexandria Real Estate Equities, Inc		3,551
	19,159	*	Altisource Residential Corp		320
	25,582		American Assets Trust,Inc		789
	79,779		American Campus Communities, Inc		3,244
	301,232		American Capital Agency Corp		6,925
	44,879		American Capital Mortgage, Inc		806
	116,652		American Realty Capital Properties, Inc		1,780
	10,250	*	American Residential Properties, Inc		176
	300,605		American Tower Corp		21,995
	11,988		AmREIT, Inc (Class B)		232
	720,485		Annaly Capital Management, Inc		9,056
	104,198		Anworth Mortgage Asset Corp		584
	110,902		Apartment Investment & Management Co (Class A)		3,331
	29,005		Apollo Commercial Real Estate Finance, Inc		461
	5,944		Ares Commercial Real Estate Corp		76

292

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	14,151		Armada Hoffler Properties, Inc	$	167
	284,835	*	ARMOUR Residential REIT, Inc		1,342
	43,224		Ashford Hospitality Trust, Inc		495
	38,683		Associated Estates Realty Corp		622
	7,072	*	AV Homes, Inc		125
	94,405		AvalonBay Communities, Inc		12,736
	8,814		Aviv REIT, Inc		223
	142,585		BioMed Realty Trust, Inc		2,884
	115,441		Boston Properties, Inc		12,176
	118,676		Brandywine Realty Trust		1,604
	58,646		BRE Properties, Inc (Class A)		2,933
	64,335		Camden Property Trust		4,448
	49,200		Campus Crest Communities, Inc		568
	69,104		Capital Lease Funding, Inc		583
	72,089		Capstead Mortgage Corp		872
	124,137		CBL & Associates Properties, Inc		2,659
	212,369	*	CBRE Group, Inc		4,961
	54,349		Cedar Shopping Centers, Inc		282
	189,048	*	Chambers Street Properties		1,890
	15,294		Chatham Lodging Trust		263
	37,072		Chesapeake Lodging Trust		771
	782,428		Chimera Investment Corp		2,347
	66,987		Colonial Properties Trust		1,616
	49,659		Colony Financial, Inc		988
	4,977		Consolidated-Tomoka Land Co		190
	15,000		Coresite Realty		477
	65,862		Corporate Office Properties Trust		1,679
	80,554		Cousins Properties, Inc		814
	102,580		CubeSmart		1,639
	14,500		CyrusOne, Inc		301
	135,056		CYS Investments, Inc		1,244
	221,413		DCT Industrial Trust, Inc		1,583
	211,398		DDR Corp		3,520
	148,119		DiamondRock Hospitality Co		1,380
	98,095		Digital Realty Trust, Inc		5,984
	108,380		Douglas Emmett, Inc		2,704
	244,327		Duke Realty Corp		3,809
	47,457		DuPont Fabros Technology, Inc		1,146
	41,887		Dynex Capital, Inc		427
	23,492		EastGroup Properties, Inc		1,322
	86,427		Education Realty Trust, Inc		884
	4,681		Ellington Residential Mortgage REIT		84
	35,904		Entertainment Properties Trust		1,805
	31,491		Equity Lifestyle Properties, Inc		2,475
	45,769		Equity One, Inc		1,036
	273,864		Equity Residential		15,901
	29,675		Essex Property Trust, Inc		4,716
	35,324		Excel Trust, Inc		452
	83,827		Extra Space Storage, Inc		3,515
	49,343		Federal Realty Investment Trust		5,116
	96,717	*	FelCor Lodging Trust, Inc		572
	82,257		First Industrial Realty Trust, Inc		1,248

293

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	47,359		First Potomac Realty Trust	$	619
	120,106	*	Forest City Enterprises, Inc (Class A)		2,151
	29,389	*	Forestar Real Estate Group, Inc		590
	67,229		Franklin Street Properties Corp		887
	451,925		General Growth Properties, Inc		8,980
	18,098		Getty Realty Corp		374
	9,649		Gladstone Commercial Corp		180
	109,785		Glimcher Realty Trust		1,199
	40,458		Government Properties Income Trust		1,020
	57,383	*	Gramercy Property Trust, Inc		258
	71,728		Hatteras Financial Corp		1,767
	349,529		HCP, Inc		15,883
	218,405		Health Care REIT, Inc		14,640
	68,539		Healthcare Realty Trust, Inc		1,748
	84,407		Healthcare Trust of America, Inc		948
	153,508		Hersha Hospitality Trust		866
	62,398		Highwoods Properties, Inc		2,222
	39,793		Home Properties, Inc		2,601
	107,078		Hospitality Properties Trust		2,814
	549,227		Host Marriott Corp		9,265
	29,334	*	Howard Hughes Corp		3,288
	90,303		HRPT Properties Trust		2,088
	32,763		Hudson Pacific Properties		697
	64,150		Inland Real Estate Corp		656
	101,700		Invesco Mortgage Capital, Inc		1,684
	74,579		Investors Real Estate Trust		641
	64,505	*	iStar Financial, Inc		728
	8,100	*	JAVELIN Mortgage Investment Corp		114
	33,460		Jones Lang LaSalle, Inc		3,050
	38,989	e	Kennedy-Wilson Holdings, Inc		649
	57,116		Kilroy Realty Corp		3,028
	312,567		Kimco Realty Corp		6,698
	70,374		Kite Realty Group Trust		424
	72,768		LaSalle Hotel Properties		1,797
	128,361		Lexington Corporate Properties Trust		1,499
	81,524		Liberty Property Trust		3,013
	27,155		LTC Properties, Inc		1,060
	104,635		Macerich Co		6,380
	67,066		Mack-Cali Realty Corp		1,642
	43,011	*	Maguire Properties, Inc		135
	114,387		Medical Properties Trust, Inc		1,638
	267,655		MFA Mortgage Investments, Inc		2,262
	32,570		Mid-America Apartment Communities, Inc		2,207
	31,123		Monmouth Real Estate Investment Corp (Class A)		307
	20,485		National Health Investors, Inc		1,226
	90,089		National Retail Properties, Inc		3,099
	192,893		New Residential Investment Corp		1,300
	48,692		New York Mortgage Trust, Inc		330
	147,483		NorthStar Realty Finance Corp		1,342
	88,451		Omega Healthcare Investors, Inc		2,744
	9,027		One Liberty Properties, Inc		198
	30,561		Parkway Properties, Inc		512

294

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	46,471		Pebblebrook Hotel Trust	$	1,201
	52,388		Pennsylvania Real Estate Investment Trust		989
	45,080		Pennymac Mortgage Investment Trust		949
	130,905		Piedmont Office Realty Trust, Inc		2,341
	123,533		Plum Creek Timber Co, Inc		5,765
	41,348		Post Properties, Inc		2,046
	30,874		Potlatch Corp		1,249
	382,324		Prologis, Inc		14,421
	14,049		PS Business Parks, Inc		1,014
	110,220		Public Storage, Inc		16,900
	52,552		RAIT Investment Trust		395
	49,178		Ramco-Gershenson Properties		764
	95,872		Rayonier, Inc		5,310
	91,446	*	Realogy Holdings Corp		4,393
	149,848		Realty Income Corp		6,282
	59,894		Redwood Trust, Inc		1,018
	69,743		Regency Centers Corp		3,544
	85,615		Resource Capital Corp		527
	50,793		Retail Opportunities Investment Corp		706
	101,421		Retail Properties of America, Inc		1,448
	93,949		RLJ Lodging Trust		2,113
	16,171		Rouse Properties, Inc		317
	32,495		Ryman Hospitality Properties		1,268
	28,029		Sabra Healthcare REIT, Inc		732
	6,582		Saul Centers, Inc		293
	13,046		Select Income REIT		366
	143,050		Senior Housing Properties Trust		3,709
	13,436		Silver Bay Realty Trust Corp		222
	233,253		Simon Property Group, Inc		36,835
	69,574		SL Green Realty Corp		6,136
	23,922		Sovran Self Storage, Inc		1,550
	44,011		Spirit Realty Capital, Inc		780
	49,920	*,e	St. Joe Co		1,051
	33,698		STAG Industrial, Inc		672
	127,126		Starwood Property Trust, Inc		3,146
	137,597	*	Strategic Hotels & Resorts, Inc		1,219
	49,860		Summit Hotel Properties, Inc		471
	28,548		Sun Communities, Inc		1,421
	123,458	*	Sunstone Hotel Investors, Inc		1,491
	71,971		Tanger Factory Outlet Centers, Inc		2,408
	48,485		Taubman Centers, Inc		3,644
	11,747	*	Tejon Ranch Co		335
	15,912		Terreno Realty Corp		295
	24,399		Thomas Properties Group, Inc		129
	271,189		Two Harbors Investment Corp		2,780
	190,771		UDR, Inc		4,863
	11,783		UMH Properties, Inc		121
	10,285		Universal Health Realty Income Trust		444
	19,529		Urstadt Biddle Properties, Inc (Class A)		394
	222,896		Ventas, Inc		15,482
	142,193		Vornado Realty Trust		11,781
	50,804		Washington Real Estate Investment Trust		1,367

295

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	92,487		Weingarten Realty Investors	$	2,846
	18,722		Western Asset Mortgage Capital Corp		327
	416,435		Weyerhaeuser Co		11,864
	14,061		Whitestone REIT		222
	24,416		Winthrop Realty Trust		294
	42,208		WP Carey, Inc		2,793
	4,300		ZAIS Financial Corp		78
			TOTAL REAL ESTATE		503,316

RETAILING - 4.4%
	14,742	*	1-800-FLOWERS.COM, Inc (Class A)		91
	56,578		Aaron’s, Inc		1,585
	59,479		Abercrombie & Fitch Co (Class A)		2,691
	56,159		Advance Auto Parts, Inc		4,558
	61,843	*	Aeropostale, Inc		853
	279,500	*	Amazon.com, Inc		77,614
	146,718		American Eagle Outfitters, Inc		2,679
	6,968	*	America’s Car-Mart, Inc		301
	35,675	*	Ann Taylor Stores Corp		1,184
	23,729	*	Asbury Automotive Group, Inc		952
	91,526	*	Ascena Retail Group, Inc		1,597
	11,570	*	Audiovox Corp (Class A)		142
	37,434	*	Autonation, Inc		1,624
	27,257	*	Autozone, Inc		11,549
	30,948	*,e	Barnes & Noble, Inc		494
	23,033		Bebe Stores, Inc		129
	168,030	*	Bed Bath & Beyond, Inc		11,913
	207,694		Best Buy Co, Inc		5,676
	14,390		Big 5 Sporting Goods Corp		316
	45,422	*	Big Lots, Inc		1,432
	10,661	*	Blue Nile, Inc		403
	13,103	*	Body Central Corp		175
	9,116	e	Bon-Ton Stores, Inc		165
	32,106		Brown Shoe Co, Inc		691
	21,122	e	Buckle, Inc		1,099
	36,046	*	Cabela’s, Inc		2,334
	171,517	*	Carmax, Inc		7,917
	21,208		Cato Corp (Class A)		529
	123,275		Chico’s FAS, Inc		2,103
	17,477	*	Children’s Place Retail Stores, Inc		958
	16,480	*	Christopher & Banks Corp		111
	12,866	*	Citi Trends, Inc		187
	16,992	*,e	Conn’s, Inc		879
	8,334		Core-Mark Holding Co, Inc		529
	46,869	*,e	CST Brands, Inc		1,444
	10,433		Destination Maternity Corp		257
	32,976	*	Destination XL Group, Inc		209
	75,404		Dick’s Sporting Goods, Inc		3,775
	20,459		Dillard’s, Inc (Class A)		1,677
	248,678	*	Dollar General Corp		12,541
	172,837	*	Dollar Tree, Inc		8,787
	25,085		DSW, Inc (Class A)		1,843

296

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	81,053		Expedia, Inc	$	4,875
	64,933	*	Express Parent LLC		1,362
	73,294		Family Dollar Stores, Inc		4,567
	37,259		Finish Line, Inc (Class A)		814
	24,942	*,e	Five Below, Inc		917
	114,126		Foot Locker, Inc		4,009
	30,742	*,e	Francesca’s Holdings Corp		854
	29,664		Fred’s, Inc (Class A)		459
	91,076	e	GameStop Corp (Class A)		3,828
	212,111		Gap, Inc		8,851
	18,687	*	Genesco, Inc		1,252
	117,877		Genuine Parts Co		9,203
	74,796		GNC Holdings, Inc		3,307
	7,143	*	Gordmans Stores, Inc		97
	17,052		Group 1 Automotive, Inc		1,097
	319,043	*,e	Groupon, Inc		2,712
	47,951		Guess?, Inc		1,488
	16,062		Haverty Furniture Cos, Inc		370
	12,065	*,e	HHgregg, Inc		193
	20,590	*,e	Hibbett Sports, Inc		1,143
	1,110,453		Home Depot, Inc		86,027
	42,828	*,e	HomeAway, Inc		1,385
	27,391		HSN, Inc		1,471
	129,871	*,e	JC Penney Co, Inc		2,218
	21,133	*,e	JOS A Bank Clothiers, Inc		873
	13,001	*	Kirkland’s, Inc		224
	168,673		Kohl’s Corp		8,520
	182,518		L Brands, Inc		8,989
	402,890	*	Liberty Media Holding Corp (Interactive A)		9,270
	27,951	*	Liberty Ventures		2,376
	16,330		Lithia Motors, Inc (Class A)		871
	226,239	*	LKQ Corp		5,826
	827,386		Lowe’s Companies, Inc		33,840
	21,092	*,e	Lumber Liquidators, Inc		1,642
	291,554		Macy’s, Inc		13,995
	16,477	*	MarineMax, Inc		187
	10,302	*,e	Mattress Firm Holding Corp		415
	39,013		Men’s Wearhouse, Inc		1,477
	22,581	e	Monro Muffler, Inc		1,085
	38,259	*,e	NetFlix, Inc		8,076
	13,306	*	New York & Co, Inc		84
	110,248		Nordstrom, Inc		6,608
	20,499		Nutri/System, Inc		241
	197,449	*,e	Office Depot, Inc		764
	64,982	e	OfficeMax, Inc		665
	17,611	*,e	Orbitz Worldwide, Inc		141
	85,339	*	O’Reilly Automotive, Inc		9,611
	8,893	*,e	Overstock.com, Inc		251
	31,428		Penske Auto Group, Inc		960
	40,957	*	PEP Boys - Manny Moe & Jack		474
	15,450	e	PetMed Express, Inc		195
	80,707		Petsmart, Inc		5,407

297

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	72,685		Pier 1 Imports, Inc	$	1,707
	39,203	*	Priceline.com, Inc		32,426
	78,808	*,e	RadioShack Corp		249
	45,460	e	Rent-A-Center, Inc		1,707
	13,438	*	Restoration Hardware Holdings, Inc		1,008
	167,140		Ross Stores, Inc		10,832
	11,225	*	Rue21, Inc		467
	78,997	*,e	Saks, Inc		1,078
	128,898	*	Sally Beauty Holdings, Inc		4,009
	32,813	*,e	Sears Holdings Corp		1,381
	6,100	*	Sears Hometown and Outlet Stores, Inc		267
	42,473	*	Select Comfort Corp		1,064
	10,447		Shoe Carnival, Inc		251
	29,418	*	Shutterfly, Inc		1,641
	61,539		Signet Jewelers Ltd		4,150
	29,758		Sonic Automotive, Inc (Class A)		629
	25,073		Stage Stores, Inc		589
	510,961		Staples, Inc		8,104
	17,973		Stein Mart, Inc		245
	9,938		Systemax, Inc		94
	487,825		Target Corp		33,592
	87,072		Tiffany & Co		6,342
	13,840	*	Tile Shop Holdings, Inc		401
	6,790	*	Tilly’s, Inc		109
	547,136		TJX Companies, Inc		27,390
	54,434		Tractor Supply Co		6,402
	8,233	*	Trans World Entertainment Corp		40
	85,276	*	TripAdvisor, Inc		5,191
	32,864	*	Tuesday Morning Corp		341
	48,392		Ulta Salon Cosmetics & Fragrance, Inc		4,847
	81,376	*	Urban Outfitters, Inc		3,273
	29,701	*	Valuevision International, Inc (Class A)		152
	16,534	*,e	Vitacost.com, Inc		140
	22,533	*	Vitamin Shoppe, Inc		1,010
	11,292	*	West Marine, Inc		124
	73,584	*	Wet Seal, Inc (Class A)		347
	29,100	*	WEX, Inc		2,232
	74,374		Williams-Sonoma, Inc		4,157
	1,945		Winmark Corp		126
	22,382	*	Zale Corp		204
	15,828	*,e	Zumiez, Inc		455
			TOTAL RETAILING		610,332

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.2%
	29,482	*	Advanced Energy Industries, Inc		513
	474,503	*,e	Advanced Micro Devices, Inc		1,936
	11,245	*	Alpha & Omega Semiconductor Ltd		86
	243,206		Altera Corp		8,023
	13,851	*,e	Ambarella, Inc		233
	57,503	*,e	Amkor Technology, Inc		242
	47,982	*	Anadigics, Inc		106
	229,206		Analog Devices, Inc		10,328

298

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	913,092		Applied Materials, Inc	$	13,614
	51,846	*	Applied Micro Circuits Corp		456
	330,760	*	Atmel Corp		2,431
	24,963	*	ATMI, Inc		590
	186,374		Avago Technologies Ltd		6,967
	83,398	*	Axcelis Technologies, Inc		152
	429,513		Broadcom Corp (Class A)		14,500
	52,087		Brooks Automation, Inc		507
	17,924		Cabot Microelectronics Corp		592
	38,988	*	Cavium Networks, Inc		1,379
	18,075	*	Ceva, Inc		350
	47,684	*,e	Cirrus Logic, Inc		828
	18,761		Cohu, Inc		235
	88,620	*	Cree, Inc		5,659
	118,022	e	Cypress Semiconductor Corp		1,266
	28,713	*	Diodes, Inc		746
	21,955	*	DSP Group, Inc		182
	105,554	*	Entegris, Inc		991
	68,235	*	Entropic Communications, Inc		291
	28,026	*	Exar Corp		302
	95,996	*	Fairchild Semiconductor International, Inc		1,325
	46,208	*,e	First Solar, Inc		2,067
	40,961	*	Formfactor, Inc		277
	42,880	*,e	Freescale Semiconductor Holdings Ltd		581
	13,134	*	GSI Technology, Inc		83
	94,807	*,e	GT Solar International, Inc		393
	23,480	*	Hittite Microwave Corp		1,362
	20,085	*	Inphi Corp		221
	100,476	*	Integrated Device Technology, Inc		798
	19,660	*	Integrated Silicon Solution, Inc		216
	3,778,605		Intel Corp		91,518
	10,099	*	Intermolecular, Inc		73
	52,511	*	International Rectifier Corp		1,100
	94,162		Intersil Corp (Class A)		736
	16,725		IXYS Corp		185
	126,216		Kla-Tencor Corp		7,034
	50,517	*	Kopin Corp		187
	126,257	*	Lam Research Corp		5,598
	90,159	*	Lattice Semiconductor Corp		457
	175,647		Linear Technology Corp		6,471
	418,323	*	LSI Logic Corp		2,987
	37,527	*	LTX-Credence Corp		225
	7,685	*	MA-COM Technology Solutions		112
	299,774		Marvell Technology Group Ltd		3,510
	221,478		Maxim Integrated Products, Inc		6,153
	17,709	*	MaxLinear, Inc		124
	40,439		Micrel, Inc		400
	147,635	e	Microchip Technology, Inc		5,499
	782,726	*	Micron Technology, Inc		11,216
	70,791	*	Microsemi Corp		1,611
	24,281	*,e	Mindspeed Technologies, Inc		79
	40,466		MKS Instruments, Inc		1,074

299

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	24,065		Monolithic Power Systems, Inc	$	580
	36,904	*	MoSys, Inc		148
	18,167	*	Nanometrics, Inc		267
	14,586	*	NeoPhotonics Corp Ltd		127
	3,184	*	NVE Corp		149
	439,769		Nvidia Corp		6,170
	40,842	*	Omnivision Technologies, Inc		762
	346,536	*	ON Semiconductor Corp		2,800
	18,837	*	PDF Solutions, Inc		347
	20,104	*,e	Peregrine Semiconductor Corp		219
	19,298	*	Pericom Semiconductor Corp		137
	46,544	*	Photronics, Inc		375
	34,118	*	PLX Technology, Inc		162
	157,538	*	PMC - Sierra, Inc		1,000
	22,028		Power Integrations, Inc		893
	84,186	*	Rambus, Inc		723
	209,504	*	RF Micro Devices, Inc		1,121
	11,027	*,e	Rubicon Technology, Inc		88
	25,190	*	Rudolph Technologies, Inc		282
	51,093	*	Semtech Corp		1,790
	27,850	*	Sigma Designs, Inc		141
	56,384	*	Silicon Image, Inc		330
	32,688	*	Silicon Laboratories, Inc		1,354
	145,483	*	Skyworks Solutions, Inc		3,185
	38,295	*	Spansion, Inc		479
	176,517	*	SunEdison, Inc		1,442
	31,758	*,e	SunPower Corp		657
	8,595		Supertex, Inc		206
	145,162	*,e	Teradyne, Inc		2,551
	40,116		Tessera Technologies, Inc		834
	843,033		Texas Instruments, Inc		29,397
	121,131	*	Triquint Semiconductor, Inc		839
	17,159	*	Ultra Clean Holdings		104
	21,651	*	Ultratech, Inc		795
	29,696	*,e	Veeco Instruments, Inc		1,052
	18,190	*	Volterra Semiconductor Corp		257
	200,711		Xilinx, Inc		7,950
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		296,890

SOFTWARE & SERVICES - 9.7%
	41,790	*	Accelrys, Inc		351
	490,412		Accenture plc		35,290
	30,248	*	ACI Worldwide, Inc		1,406
	41,565	*,e	Active Network, Inc		315
	323,316		Activision Blizzard, Inc		4,610
	40,528	*	Actuate Corp		269
	57,158	*	Acxiom Corp		1,296
	382,217	*	Adobe Systems, Inc		17,414
	24,736	*	Advent Software, Inc		867
	136,325	*	Akamai Technologies, Inc		5,801
	37,470	*,e	Alliance Data Systems Corp		6,783
	122,756		Amdocs Ltd		4,553

300

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	15,720		American Software, Inc (Class A)	$	137
	32,146	*,e	Angie’s List, Inc		853
	71,299	*	Ansys, Inc		5,212
	58,241		AOL, Inc		2,125
	71,278	*	Aspen Technology, Inc		2,052
	171,241	*	Autodesk, Inc		5,812
	372,935		Automatic Data Processing, Inc		25,680
	17,759	*,e	AVG Technologies NV		345
	35,339	*,e	Bankrate, Inc		507
	36,867	*,e	Bazaarvoice, Inc		347
	35,258		Blackbaud, Inc		1,148
	8,569	*	Blackhawk Network Holdings, Inc		199
	30,473	*	Blucora, Inc		565
	109,423	*	BMC Software, Inc		4,939
	20,620		Booz Allen Hamilton Holding Co		358
	27,849	*	Bottomline Technologies, Inc		704
	20,694	*	Brightcove, Inc		181
	95,422		Broadridge Financial Solutions, Inc		2,536
	20,308	*,e	BroadSoft, Inc		561
	249,312		CA, Inc		7,138
	17,259	*,e	CACI International, Inc (Class A)		1,096
	215,503	*	Cadence Design Systems, Inc		3,120
	28,904	*,e	Callidus Software, Inc		190
	8,488	*,e	Carbonite, Inc		105
	33,955	*	Cardtronics, Inc		937
	7,744		Cass Information Systems, Inc		357
	4,497	*	ChannelAdvisor Corp		71
	52,926	*	Ciber, Inc		177
	142,633	*	Citrix Systems, Inc		8,605
	10,743	*,m	Clinical Data, Inc		10
	230,231	*	Cognizant Technology Solutions Corp (Class A)		14,415
	35,374	*	Commvault Systems, Inc		2,685
	114,157		Computer Sciences Corp		4,997
	11,045		Computer Task Group, Inc		254
	163,806		Compuware Corp		1,695
	27,099	*	comScore, Inc		661
	16,654	*	Comverse, Inc		496
	35,478	*,e	Concur Technologies, Inc		2,887
	21,930	*,e	Constant Contact, Inc		352
	83,991		Convergys Corp		1,464
	30,729	*	Cornerstone OnDemand, Inc		1,330
	21,672	*	CoStar Group, Inc		2,797
	27,701	*	CSG Systems International, Inc		601
	5,494	*	Cyan, Inc		57
	32,566	*	DealerTrack Holdings, Inc		1,154
	22,760	*,e	Demand Media, Inc		137
	12,187	*,e	Demandware, Inc		517
	37,330	*	Dice Holdings, Inc		344
	27,690	*	Digital River, Inc		520
	5,437		DMRC Corp		113
	26,145		DST Systems, Inc		1,708
	11,019	*,e	E2open, Inc		193

301

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	82,942		Earthlink, Inc	$	515
	983,809	*	eBay, Inc		50,883
	9,461	*	eGain Corp		91
	230,160	*	Electronic Arts, Inc		5,287
	20,207	*	Ellie Mae, Inc		466
	17,443	*	Envestnet, Inc		429
	16,518	*	EPAM Systems, Inc		449
	25,591		EPIQ Systems, Inc		345
	2,603		ePlus, Inc		156
	37,504	*,e	Equinix, Inc		6,928
	37,881	*	Euronet Worldwide, Inc		1,207
	22,470	*	EVERTEC, Inc		494
	32,701	*	ExactTarget, Inc		1,103
	24,918	*	ExlService Holdings, Inc		737
	1,294,918	*	Facebook, Inc		32,192
	34,765	e	Factset Research Systems, Inc		3,544
	26,950		Fair Isaac Corp		1,235
	213,190		Fidelity National Information Services, Inc		9,133
	74,117	*	First American Corp		1,717
	102,769	*	Fiserv, Inc		8,983
	51,651	*	FleetCor Technologies, Inc		4,199
	12,472	*,e	FleetMatics Group plc		414
	11,266		Forrester Research, Inc		413
	103,474	*	Fortinet, Inc		1,811
	71,116	*	Gartner, Inc		4,053
	128,036		Genpact Ltd		2,463
	51,313	*	Global Cash Access, Inc		321
	16,316	*	Global Eagle Entertainment, Inc		164
	60,188		Global Payments, Inc		2,788
	49,882	*,e	Glu Mobile, Inc		110
	204,996	*	Google, Inc (Class A)		180,472
	9,927	*	Guidance Software, Inc		87
	31,689	*	Guidewire Software, Inc		1,333
	28,793		Hackett Group, Inc		149
	28,656	e	Heartland Payment Systems, Inc		1,067
	23,633	*,e	Higher One Holdings, Inc		275
	57,133		IAC/InterActiveCorp		2,717
	24,137	*	iGate Corp		396
	15,425	*	Imperva, Inc		695
	37,980	*	Infoblox, Inc		1,111
	82,708	*	Informatica Corp		2,893
	11,680	*	Interactive Intelligence, Inc		603
	40,309	*	Internap Network Services Corp		333
	791,353		International Business Machines Corp		151,235
	226,769		Intuit, Inc		13,840
	34,679	e	j2 Global, Inc		1,474
	66,573		Jack Henry & Associates, Inc		3,138
	30,270	*,e	Jive Software, Inc		550
	10,875		Keynote Systems, Inc		215
	19,259	*	Knot, Inc		216
	65,991		Lender Processing Services, Inc		2,135
	50,961	*	Limelight Networks, Inc		115

302

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	68,740	*	LinkedIn Corp	$	12,256
	44,720	*	Lionbridge Technologies		130
	19,090	*	Liquidity Services, Inc		662
	40,701	*	Liveperson, Inc		364
	18,232	*	LogMeIn, Inc		446
	13,813	*	magicJack VocalTec Ltd		196
	15,544	*	Manhattan Associates, Inc		1,199
	18,418	e	Mantech International Corp (Class A)		481
	16,386		Marchex, Inc (Class B)		99
	6,598	*	Marin Software, Inc		68
	17,156	*	Market Leader, Inc		184
	5,558	*	Marketo, Inc		138
	88,825		Mastercard, Inc (Class A)		51,030
	25,882		MAXIMUS, Inc		1,928
	73,403		Mentor Graphics Corp		1,435
	60,589	*,e	Micros Systems, Inc		2,614
	6,343,572		Microsoft Corp		219,044
	6,844	*	MicroStrategy, Inc (Class A)		595
	26,713	*,e	Millennial Media, Inc		233
	16,991	*	Mitek Systems, Inc		98
	6,089	*	Model N, Inc		142
	33,165	*	ModusLink Global Solutions, Inc		105
	16,742	*	MoneyGram International, Inc		379
	29,292		Monotype Imaging Holdings, Inc		744
	87,580	*	Monster Worldwide, Inc		430
	29,335	*	Move, Inc		376
	28,739	*	Netscout Systems, Inc		671
	26,566	*	NetSuite, Inc		2,437
	50,511	*	NeuStar, Inc (Class A)		2,459
	48,579		NIC, Inc		803
	197,252	*	Nuance Communications, Inc		3,625
	17,950	*,e	OpenTable, Inc		1,148
	2,699,834		Oracle Corp		82,939
	98,132	*,e	Pandora Media, Inc		1,806
	249,964		Paychex, Inc		9,129
	12,459		Pegasystems, Inc		413
	25,493	*	Perficient, Inc		340
	33,429	*	Planet Payment, Inc		92
	22,039	*	PRG-Schultz International, Inc		121
	44,011	*	Progress Software Corp		1,013
	16,358	*	Proofpoint, Inc		396
	17,256	*	PROS Holdings, Inc		517
	90,859	*	PTC, Inc		2,229
	3,320		QAD, Inc (Class A)		38
	65,926	*	QLIK Technologies, Inc		1,864
	11,626	*	Qualys, Inc		187
	20,643	*	QuinStreet, Inc		178
	85,846	*	Rackspace Hosting, Inc		3,253
	5,396	*	Rally Software Development Corp		134
	18,038		RealNetworks, Inc		136
	35,118	*,e	RealPage, Inc		644
	145,587	*	Red Hat, Inc		6,962

303

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	6,528	*	Reis, Inc	$	121
	27,251	*	Responsys, Inc		390
	8,173	*	Rosetta Stone, Inc		120
	78,388	*	Rovi Corp		1,790
	222,124		SAIC, Inc		3,094
	448,808	*	Salesforce.com, Inc		17,135
	13,536		Sapiens International Corp NV		78
	85,802		Sapient Corp		1,121
	17,573	*	Sciquest, Inc		440
	24,634	*	Seachange International, Inc		288
	59,920	*,e	ServiceNow, Inc		2,420
	46,932	*,e	ServiceSource International LLC		437
	5,658	*	Shutterstock, Inc		316
	4,249	*	Silver Spring Networks, Inc		106
	49,819	*	SolarWinds, Inc		1,933
	52,358		Solera Holdings, Inc		2,914
	23,899	*	Sourcefire, Inc		1,328
	12,997	*	Spark Networks, Inc		110
	77,861	*	Splunk, Inc		3,610
	11,456	*	SPS Commerce, Inc		630
	43,812	*	SS&C Technologies Holdings, Inc		1,441
	11,136	*	Stamps.com, Inc		439
	32,388	*	SupportSoft, Inc		148
	31,978	*	SYKES Enterprises, Inc		504
	529,496		Symantec Corp		11,898
	22,146	*	Synchronoss Technologies, Inc		684
	117,306	*	Synopsys, Inc		4,194
	11,627		Syntel, Inc		731
	24,737	*	TA Indigo Holding Corp		180
	7,151	*	Tableau Software, Inc		396
	59,506	*	Take-Two Interactive Software, Inc		891
	23,016	*,e	Tangoe, Inc		355
	24,938	*	TeleCommunication Systems, Inc (Class A)		58
	12,644	*	TeleNav, Inc		66
	18,087	*	TeleTech Holdings, Inc		424
	125,651	*	Teradata Corp		6,311
	124,754	*	TIBCO Software, Inc		2,670
	95,854	*	TiVo, Inc		1,059
	124,382		Total System Services, Inc		3,045
	6,116	*	Travelzoo, Inc		167
	18,347	*,e	Trulia, Inc		570
	24,286	*	Tyler Technologies, Inc		1,665
	21,004	*	Ultimate Software Group, Inc		2,464
	32,818	*	Unisys Corp		724
	69,835		United Online, Inc		529
	63,876	*	Unwired Planet, Inc		125
	57,076	*	Valueclick, Inc		1,409
	66,282	*	Vantiv, Inc		1,829
	19,828	*	Vasco Data Security International		165
	82,056	*	VeriFone Systems, Inc		1,379
	39,183	*	Verint Systems, Inc		1,390
	109,240	*	VeriSign, Inc		4,879

304

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	32,131	*,e	VirnetX Holding Corp	$	642
	15,340	*	Virtusa Corp		340
	398,195		Visa, Inc (Class A)		72,770
	24,953	*,e	VistaPrint Ltd		1,232
	65,349	*	VMware, Inc (Class A)		4,378
	15,521	*	Vocus, Inc		163
	49,370	*	Vringo, Inc		157
	27,707	*	WebMD Health Corp (Class A)		814
	32,019	*	Website Pros, Inc		820
	427,429		Western Union Co		7,313
	28,135	*	Workday, Inc		1,803
	5,304	*,e	Xoom Corp		122
	723,898	*	Yahoo!, Inc		18,177
	22,431	*	Yelp, Inc		780
	15,746	*,e	Zillow, Inc		886
	47,197	*	Zix Corp		200
	444,065	*,e	Zynga, Inc		1,235
			TOTAL SOFTWARE & SERVICES		1,323,990

TECHNOLOGY HARDWARE & EQUIPMENT - 5.4%
	76,536	*,e	3D Systems Corp		3,360
	45,260	e	Adtran, Inc		1,114
	18,766	*	Agilysys, Inc		212
	4,549		Alliance Fiber Optic Products, Inc		91
	121,565		Amphenol Corp (Class A)		9,475
	13,773	*	Anaren, Inc		316
	20,525		Anixter International, Inc		1,556
	713,523		Apple, Inc		282,612
	88,409	*	ARRIS Group, Inc		1,269
	79,414	*	Arrow Electronics, Inc		3,165
	85,572	*,e	Aruba Networks, Inc		1,314
	7,201	*	Audience, Inc		95
	24,879	*	Avid Technology, Inc		146
	106,637	*	Avnet, Inc		3,583
	34,410		AVX Corp		404
	15,077	*	AX Holding Corp		119
	11,475		Badger Meter, Inc		511
	7,316		Bel Fuse, Inc (Class B)		98
	45,364	*	Benchmark Electronics, Inc		912
	12,526		Black Box Corp		317
	338,011	*	Brocade Communications Systems, Inc		1,947
	26,799	*	CalAmp Corp		391
	28,887	*	Calix Networks, Inc		292
	30,668	*	Checkpoint Systems, Inc		435
	77,250	*	Ciena Corp		1,500
	4,062,483		Cisco Systems, Inc		98,759
	32,766		Cognex Corp		1,482
	19,403		Coherent, Inc		1,069
	16,633		Comtech Telecommunications Corp		447
	1,120,972		Corning, Inc		15,951
	29,620	*	Cray, Inc		582
	23,637		CTS Corp		322

305

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	27,847		Daktronics, Inc	$	286
	11,133	*	Datalink Corp		118
	952,259		Dell, Inc		12,713
	47,853		Diebold, Inc		1,612
	18,652	*	Digi International, Inc		175
	37,272	e	Dolby Laboratories, Inc (Class A)		1,247
	16,172	*	DTS, Inc		333
	29,407	*	EchoStar Corp (Class A)		1,150
	11,677		Electro Rent Corp		196
	17,062		Electro Scientific Industries, Inc		184
	35,264	*	Electronics for Imaging, Inc		998
	1,600,014		EMC Corp		37,792
	65,177	*	Emulex Corp		425
	79,396	*	Extreme Networks, Inc		274
	60,456	*	F5 Networks, Inc		4,159
	21,797	*	Fabrinet		305
	12,851	*	FARO Technologies, Inc		435
	29,268		FEI Co		2,136
	69,390	*,e	Finisar Corp		1,176
	107,919		Flir Systems, Inc		2,911
	57,810	*,e	Fusion-io, Inc		823
	17,879	*	Globecomm Systems, Inc		226
	20,123	*	GSI Group, Inc		162
	85,574	*	Harmonic, Inc		543
	83,384		Harris Corp		4,107
	42,057	*	Harris Stratex Networks, Inc (Class A)		110
	1,477,558		Hewlett-Packard Co		36,643
	17,775	*	Hutchinson Technology, Inc		84
	21,588	*	Imation Corp		91
	21,661	*	Immersion Corp		287
	88,583	*,e	Infinera Corp		945
	116,956	*	Ingram Micro, Inc (Class A)		2,221
	34,716	*	Insight Enterprises, Inc		616
	31,229	e	InterDigital, Inc		1,394
	45,111	*	Intermec, Inc		443
	43,480	*,e	InvenSense, Inc		669
	24,446	e	IPG Photonics Corp		1,485
	31,091	*	Itron, Inc		1,319
	43,041	*	Ixia		792
	154,194		Jabil Circuit, Inc		3,142
	176,416	*	JDS Uniphase Corp		2,537
	384,874	*	Juniper Networks, Inc		7,432
	33,781	*	Kemet Corp		139
	10,929	*	KVH Industries, Inc		145
	48,008	e	Lexmark International, Inc (Class A)		1,468
	17,104		Littelfuse, Inc		1,276
	22,942	*,e	Maxwell Technologies, Inc		164
	11,532	*	Measurement Specialties, Inc		537
	23,128	*	Mercury Computer Systems, Inc		213
	1,988		Mesa Laboratories, Inc		108
	28,385		Methode Electronics, Inc		483
	104,638	e	Molex, Inc		3,070

306

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	184,087		Motorola, Inc	$	10,627
	12,135		MTS Systems Corp		687
	9,079	*	Multi-Fineline Electronix, Inc		134
	73,278		National Instruments Corp		2,047
	122,276	*	NCR Corp		4,034
	17,608	*,e	Neonode, Inc		105
	274,124	*	NetApp, Inc		10,356
	28,803	*	Netgear, Inc		880
	27,910	*	Newport Corp		389
	10,650	*	Numerex Corp		119
	15,398	*	Oplink Communications, Inc		267
	14,702	*	OSI Systems, Inc		947
	25,180	*	Palo Alto Networks, Inc		1,062
	18,452		Park Electrochemical Corp		443
	68,401	*,e	Parkervision, Inc		311
	6,868		PC Connection, Inc		106
	13,367		PC-Tel, Inc		113
	31,900		Plantronics, Inc		1,401
	27,845	*	Plexus Corp		832
	130,633	*	Polycom, Inc		1,377
	53,353	*	Power-One, Inc		337
	16,952	*,e	Procera Networks, Inc		233
	73,291	*	QLogic Corp		701
	1,313,514		Qualcomm, Inc		80,230
	171,155	*,e	Quantum Corp		235
	25,143	*,e	Rackable Systems, Inc		336
	15,185	*	Radisys Corp		73
	36,008	*,e	RealD, Inc		501
	11,626		Richardson Electronics Ltd		137
	124,087	*	Riverbed Technology, Inc		1,931
	21,664	*	Rofin-Sinar Technologies, Inc		540
	12,342	*	Rogers Corp		584
	33,121	*,e	Ruckus Wireless, Inc		424
	184,939	*	SanDisk Corp		11,300
	61,646	*	Sanmina Corp		885
	22,159	*	Scansource, Inc		709
	43,182	*	ShoreTel, Inc		174
	165,491	*	Sonus Networks, Inc		498
	27,036	*,e	STEC, Inc		182
	24,121	*,e	Stratasys Ltd		2,020
	24,077	*	Super Micro Computer, Inc		256
	35,188	*	Symmetricom, Inc		158
	25,608	*	Synaptics, Inc		987
	19,931	*	SYNNEX Corp		843
	28,651	*	Tech Data Corp		1,349
	277,614		Tellabs, Inc		550
	3,883		Tessco Technologies, Inc		103
	194,448	*	Trimble Navigation Ltd		5,058
	41,884	*	TTM Technologies, Inc		352
	9,456	e	Ubiquiti Networks, Inc		166
	7,424	*	Uni-Pixel, Inc		109
	29,474	*,e	Universal Display Corp		829

307

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	30,131	*	Viasat, Inc	$	2,153
	3,408	*	Viasystems Group, Inc		39
	100,754	*	Vishay Intertechnology, Inc		1,399
	9,508	*	Vishay Precision Group, Inc		144
	40,762	*	Westell Technologies, Inc		97
	160,650		Western Digital Corp		9,975
	933,534		Xerox Corp		8,467
	38,765	*	Zebra Technologies Corp (Class A)		1,684
	12,959	*	Zygo Corp		205
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		749,335

TELECOMMUNICATION SERVICES - 2.5%
	54,341	*	8x8, Inc		448
	4,089,842		AT&T, Inc		144,781
	7,918		Atlantic Tele-Network, Inc		393
	12,079	*,e	Boingo Wireless, Inc		75
	20,132	*	Cbeyond Communications, Inc		158
	462,929		CenturyTel, Inc		16,364
	149,815	*	Cincinnati Bell, Inc		458
	419,859	*,e	Clearwire Corp (Class A)		2,091
	35,274		Cogent Communications Group, Inc		993
	30,479	e	Consolidated Communications Holdings, Inc		531
	223,332	*	Crown Castle International Corp		16,167
	16,551	*,e	Fairpoint Communications, Inc		138
	762,890	e	Frontier Communications Corp		3,090
	24,304	*	General Communication, Inc (Class A)		190
	7,568	*	Hawaiian Telcom Holdco, Inc		190
	10,686		HickoryTech Corp		114
	10,513		IDT Corp (Class B)		196
	38,233	*	inContact, Inc		314
	25,073		Inteliquent, Inc		144
	17,103	*	Intelsat S.A.		342
	49,634	*,e	Iridium Communications, Inc		385
	46,753	*,e	Leap Wireless International, Inc		315
	124,143	*	Level 3 Communications, Inc		2,617
	11,759		Lumos Networks Corp		201
	128,973	*,e	NII Holdings, Inc (Class B)		860
	11,759		NTELOS Holdings Corp		194
	28,044	*	Orbcomm, Inc		126
	42,630	*	Premiere Global Services, Inc		515
	9,204		Primus Telecommunications Group, Inc		110
	94,928	*	SBA Communications Corp (Class A)		7,036
	18,151		Shenandoah Telecom Co		303
	1,845,189	*	Sprint Nextel Corp		12,953
	70,668		Telephone & Data Systems, Inc		1,742
	131,164	e	T-Mobile US, Inc		3,254
	49,246	*,e	Towerstream Corp		126
	114,391	*	tw telecom inc (Class A)		3,219
	9,529		US Cellular Corp		350
	18,421		USA Mobility, Inc		250
	2,174,958		Verizon Communications, Inc		109,487
	119,221	*	Vonage Holdings Corp		337

308

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	447,435	e	Windstream Corp	$	3,450
			TOTAL TELECOMMUNICATION SERVICES		335,007
TRANSPORTATION - 1.9%
	44,655	*	Air Transport Services Group, Inc		295
	53,479	*	Alaska Air Group, Inc		2,781
	12,124		Allegiant Travel Co		1,285
	5,591		Amerco, Inc		905
	19,331		Arkansas Best Corp		444
	19,165	*	Atlas Air Worldwide Holdings, Inc		839
	81,043	*	Avis Budget Group, Inc		2,330
	16,346	*	Celadon Group, Inc		298
	122,174		CH Robinson Worldwide, Inc		6,880
	42,760		Con-Way, Inc		1,666
	24,978		Copa Holdings S.A. (Class A)		3,275
	778,363		CSX Corp		18,050
	649,773	*	Delta Air Lines, Inc		12,157
	13,483	*	Echo Global Logistics, Inc		263
	157,007		Expeditors International of Washington, Inc		5,968
	240,942		FedEx Corp		23,752
	22,919		Forward Air Corp		877
	32,826	*	Genesee & Wyoming, Inc (Class A)		2,785
	40,654	*,e	Hawaiian Holdings, Inc		248
	38,365		Heartland Express, Inc		532
	262,970	*	Hertz Global Holdings, Inc		6,522
	28,105	*	Hub Group, Inc (Class A)		1,024
	4,290		International Shipholding Corp		100
	68,664		J.B. Hunt Transport Services, Inc		4,960
	181,414	*,e	JetBlue Airways Corp		1,143
	83,991		Kansas City Southern Industries, Inc		8,900
	42,550	*	Kirby Corp		3,384
	42,524		Knight Transportation, Inc		715
	35,503		Landstar System, Inc		1,828
	17,740		Marten Transport Ltd		278
	32,238		Matson, Inc		806
	239,908		Norfolk Southern Corp		17,429
	54,394	*	Old Dominion Freight Line		2,264
	31,042	*	Pacer International, Inc		196
	6,136	*	Park-Ohio Holdings Corp		202
	4,942	*	Patriot Transportation Holding, Inc		149
	16,337	*	Quality Distribution, Inc		144
	36,815	*	Republic Airways Holdings, Inc		417
	13,212	*	Roadrunner Transportation Services Holdings, Inc		368
	39,335		Ryder System, Inc		2,391
	18,095	*	Saia, Inc		542
	40,260		Skywest, Inc		545
	548,845		Southwest Airlines Co		7,075
	45,773	*	Spirit Airlines, Inc		1,454
	63,781	*	Swift Transportation Co, Inc		1,055
	253,091	*	UAL Corp		7,919
	14,027	*	Ultrapetrol Bahamas Ltd		40
	355,335		Union Pacific Corp		54,821

309

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	550,590		United Parcel Service, Inc (Class B)	$	47,615
	3,884		Universal Truckload Services, Inc		94
	121,803	*,e	US Airways Group, Inc		2,000
	80,258		UTI Worldwide, Inc		1,322
	34,798	e	Werner Enterprises, Inc		841
	31,643	*	Wesco Aircraft Holdings, Inc		588
	13,238	*,e	XPO Logistics, Inc		240
	7,309	*	YRC Worldwide, Inc		210
			TOTAL TRANSPORTATION		265,211

UTILITIES - 3.3%
	471,467		AES Corp		5,653
	89,215		AGL Resources, Inc		3,824
	30,845		Allete, Inc		1,538
	84,216		Alliant Energy Corp		4,246
	184,363		Ameren Corp		6,349
	369,489		American Electric Power Co, Inc		16,546
	14,728		American States Water Co		790
	134,451		American Water Works Co, Inc		5,543
	107,979		Aqua America, Inc		3,379
	4,909		Artesian Resources Corp		109
	85,946	e	Atlantic Power Corp		339
	69,174		Atmos Energy Corp		2,840
	43,026		Avista Corp		1,163
	33,522		Black Hills Corp		1,634
	35,650		California Water Service Group		696
	300,049	*	Calpine Corp		6,370
	325,746		Centerpoint Energy, Inc		7,652
	7,727		Chesapeake Utilities Corp		398
	46,444		Cleco Corp		2,156
	199,802		CMS Energy Corp		5,429
	8,405		Connecticut Water Service, Inc		241
	222,600		Consolidated Edison, Inc		12,980
	10,306		Consolidated Water Co, Inc		118
	5,331		Delta Natural Gas Co, Inc		113
	439,072		Dominion Resources, Inc		24,948
	131,857		DTE Energy Co		8,836
	536,417		Duke Energy Corp		36,208
	71,583	*	Dynegy, Inc		1,614
	247,710		Edison International		11,930
	30,616		El Paso Electric Co		1,081
	33,239		Empire District Electric Co		742
	135,437		Entergy Corp		9,437
	650,684		Exelon Corp		20,093
	317,956		FirstEnergy Corp		11,873
	10,513		Genie Energy Ltd		96
	104,735		Great Plains Energy, Inc		2,361
	73,366	e	Hawaiian Electric Industries, Inc		1,857
	38,056		Idacorp, Inc		1,818
	59,780		Integrys Energy Group, Inc		3,499
	39,749		ITC Holdings Corp		3,629
	24,878		Laclede Group, Inc		1,136

310

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	144,429		MDU Resources Group, Inc	$	3,742
	17,500		MGE Energy, Inc		958
	11,759		Middlesex Water Co		234
	55,740		National Fuel Gas Co		3,230
	31,721		New Jersey Resources Corp		1,317
	321,164		NextEra Energy, Inc		26,168
	233,392		NiSource, Inc		6,684
	239,328		Northeast Utilities		10,057
	22,143		Northwest Natural Gas Co		941
	27,832		NorthWestern Corp		1,111
	244,909		NRG Energy, Inc		6,539
	176,210		NV Energy, Inc		4,134
	75,404		OGE Energy Corp		5,143
	158,189		Oneok, Inc		6,535
	13,917	e	Ormat Technologies, Inc		327
	27,545		Otter Tail Corp		782
	189,953	e	Pepco Holdings, Inc		3,829
	333,158		PG&E Corp		15,235
	57,771		Piedmont Natural Gas Co, Inc		1,949
	83,775		Pinnacle West Capital Corp		4,647
	60,937		PNM Resources, Inc		1,352
	58,032		Portland General Electric Co		1,775
	444,194		PPL Corp		13,441
	384,544		Public Service Enterprise Group, Inc		12,559
	13,764	*	Pure Cycle Corp		77
	135,152		Questar Corp		3,223
	102,349		SCANA Corp		5,025
	185,080		Sempra Energy		15,132
	12,005		SJW Corp		315
	24,625		South Jersey Industries, Inc		1,414
	661,736		Southern Co		29,202
	34,400		Southwest Gas Corp		1,610
	163,004		TECO Energy, Inc		2,802
	85,402		UGI Corp		3,340
	38,476		UIL Holdings Corp		1,472
	10,272		Unitil Corp		297
	30,975		UNS Energy Corp		1,386
	62,331		Vectren Corp		2,109
	95,865		Westar Energy, Inc		3,064
	39,376		WGL Holdings, Inc		1,702
	173,951		Wisconsin Energy Corp		7,130
	375,457		Xcel Energy, Inc		10,640
	9,006		York Water Co		171
			TOTAL UTILITIES		454,064
			TOTAL COMMON STOCKS		13,634,207
			(Cost $9,087,198)

RIGHTS / WARRANTS - 0.0%
AUTOMOBILES & COMPONENTS - 0.0%
	13,635		Federal-Mogul Corp		3
			TOTAL AUTOMOBILES & COMPONENTS		3

311

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

						MATURITY	VALUE
SHARES			COMPANY	RATE		DATE	(000)
ENERGY - 0.0%
	8,193	e	Magnum Hunter Resources Corp				$	1
			TOTAL ENERGY					1

			TOTAL RIGHTS / WARRANTS					4
			(Cost $0)

PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 3.5%
GOVERNMENT AGENCY DEBT - 0.0%
$	4,400,000	d	Federal Home Loan Bank (FHLB)	0.060	%	08/09/13		4,400
			TOTAL GOVERNMENT AGENCY DEBT					4,400

TREASURY DEBT - 0.3%
	1,700,000	d	United States Treasury Bill	0.093		07/11/13		1,700
	1,000,000	d	United States Treasury Bill	0.075		07/18/13		1,000
	2,000,000	d	United States Treasury Bill	0.048		08/22/13		2,000
	3,500,000	d	United States Treasury Bill	0.051-0.098		09/12/13		3,500
	800,000	d	United States Treasury Bill	0.070		09/19/13		800
	15,400,000	d	United States Treasury Bill	0.040-0.060		09/26/13		15,399
	1,000,000	d	United States Treasury Bill	0.050		10/03/13		1,000
	5,000,000	d	United States Treasury Bill	0.040		10/10/13		4,999
	9,000,000	d	United States Treasury Bill	0.056		11/07/13		8,998
			TOTAL TREASURY DEBT					39,396

SHARES

COMPANY

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 3.2%

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.2%

423,878,489

a,c

TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust

423,878

TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

423,878

TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED

423,878

TOTAL SHORT-TERM INVESTMENTS

467,674

(Cost $467,673)

TOTAL INVESTMENTS - 103.0%

14,101,885

(Cost $9,554,871)

OTHER ASSETS & LIABILITIES, NET - (3.0)%

(404,249

)

NET ASSETS - 100.0%

$13,697,636

312

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


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

*		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 $411,729,000.
m		Indicates a security that has been deemed illiquid.

		Cost amounts are in thousands.

313

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

COLLEGE RETIREMENT EQUITIES FUND

BOND MARKET ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2013

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
BANK LOAN OBLIGATIONS - 0.1%

CAPITAL GOODS - 0.0%
$	3,300,000	i	Apex Tool Group LLC		4.500	%	02/01/20	$	3,297
	4,875,500	i	TransDigm, Inc		3.750		02/28/20		4,806
			TOTAL CAPITAL GOODS						8,103

FOOD, BEVERAGE & TOBACCO - 0.1%
	10,800,000	i	HJ Heinz Co		3.250		06/07/19		10,780
			TOTAL FOOD, BEVERAGE & TOBACCO						10,780

MEDIA - 0.0%
	1,850,000	i	Univision Communications, Inc		4.500		03/01/20		1,810
			TOTAL MEDIA						1,810

UTILITIES - 0.0%
	198,500	i	Calpine Corp		4.000		10/09/19		198
			TOTAL UTILITIES						198

			TOTAL BANK LOAN OBLIGATIONS						20,891
			(Cost $20,985)

BONDS - 97.0%

CORPORATE BONDS - 32.2%

AUTOMOBILES & COMPONENTS - 0.2%
	19,800,000		Ford Motor Co		4.750		01/15/43		17,416
	4,500,000	g	Hyundai Motor Manufacturer		4.500		04/15/15		4,695
			TOTAL AUTOMOBILES & COMPONENTS						22,111

BANKS - 4.6%
	4,500,000	g	Alfa Bond Issuance plc for OJSC Alfa Bank		7.875		09/25/17		4,775
	4,500,000	g	Alfa Bond Issuance plc for OJSC Alfa Bank		7.750		04/28/21		4,635
	4,800,000	g	Banco de Credito del Peru		5.375		09/16/20		4,908
	5,950,000	g	Banco de Credito e Inversiones		4.000		02/11/23		5,610
	4,500,000		Banco de Oro Unibank, Inc		3.875		04/22/16		4,507
	2,700,000	g	Banco del Estado de Chile		3.875		02/08/22		2,619
	4,500,000	g	Banco do Brasil S.A.		5.875		01/26/22		4,388
	5,600,000	g	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander		4.125		11/09/22		5,250
	7,255,000		Bancolombia S.A.		5.950		06/03/21		7,708
	11,786,000	g	Bank Nederlandse Gemeenten		1.375		09/27/17		11,658
	1,500,000	g	Bank Nederlandse Gemeenten		1.375		03/19/18		1,469
	3,800,000	g	Bank of India		3.625		09/21/18		3,566
	11,505,000	g	Bank of Montreal		2.850		06/09/15		11,980
	27,700,000	g	Bank of Montreal		2.625		01/25/16		28,891

314

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	50,520,000	g	Bank of Nova Scotia		1.650	%	10/29/15	$	51,500
	39,500,000	g	Bank of Nova Scotia		2.150		08/03/16		40,776
	5,850,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350		02/23/17		5,913
	3,400,000		BB&T Corp		2.050		06/19/18		3,350
	5,190,000	g	BBVA Banco Continental S.A.		3.250		04/08/18		5,047
	3,000,000	g	Caixa Economica Federal		2.375		11/06/17		2,768
	6,000,000	g	Canadian Imperial Bank of Commerce		2.600		07/02/15		6,225
	12,500,000	g	Canadian Imperial Bank of Commerce		2.750		01/27/16		13,071
	4,500,000		Capital One Bank USA NA		3.375		02/15/23		4,254
	5,300,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.375		01/19/17		5,566
	5,950,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.875		02/08/22		5,992
	6,875,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950		11/09/22		6,574
	11,730,000	g	Depfa ACS Bank		5.125		03/16/37		10,099
	3,775,000	g	HSBC Bank plc		3.100		05/24/16		3,961
	7,350,000	g	HSBC Bank plc		4.125		08/12/20		7,699
	7,000,000		HSBC Bank USA NA		4.625		04/01/14		7,195
	1,550,000		HSBC Holdings plc		4.000		03/30/22		1,587
	2,100,000		HSBC Holdings plc		6.500		09/15/37		2,335
	11,275,000		HSBC USA, Inc		2.375		02/13/15		11,522
	11,350,000		HSBC USA, Inc		1.625		01/16/18		11,073
	7,700,000	g	Hutchison Whampoa International 12 II Ltd		2.000		11/08/17		7,476
	2,595,000		JPMorgan Chase & Co		5.125		09/15/14		2,723
	17,800,000		JPMorgan Chase & Co		1.625		05/15/18		17,064
	9,125,000		JPMorgan Chase & Co		5.400		01/06/42		9,652
	3,750,000	i	JPMorgan Chase & Co		5.150		12/30/49		3,572
	3,000,000	g	Korea Exchange Bank		3.125		06/26/17		2,973
	4,250,000	i	Manufacturers & Traders Trust Co		5.629		12/01/21		4,370
	6,225,000	g	PKO Finance AB		4.630		09/26/22		6,048
	4,250,000		PNC Bank NA		2.700		11/01/22		3,855
	9,400,000		PNC Bank NA		2.950		01/30/23		8,672
	8,000,000		PNC Funding Corp		5.125		02/08/20		8,790
	4,900,000	g,i	Rabobank Nederland NV		11.000		12/30/49		6,284
	12,000,000		Royal Bank of Canada		1.200		09/19/17		11,708
	15,000,000	g	Skandinaviska Enskilda Banken AB		1.375		05/29/18		14,450
	7,750,000	g	Standard Chartered plc		3.950		01/11/23		7,209
	4,800,000	g	State Bank of India		3.250		04/18/18		4,495
	2,355,000	g	Sumitomo Mitsui Banking Corp		3.150		07/22/15		2,453
	9,000,000	g	Toronto-Dominion Bank		2.200		07/29/15		9,276
	495,000		Toronto-Dominion Bank		2.500		07/14/16		513
	26,500,000	g	Toronto-Dominion Bank		1.625		09/14/16		26,916
	10,000,000		Toronto-Dominion Bank		2.375		10/19/16		10,347
	70,000,000	g	Toronto-Dominion Bank		1.500		03/13/17		70,343
	1,950,000	g	Turkiye Halk Bankasi AS.		3.875		02/05/20		1,755
	9,100,000	g	Turkiye Is Bankasi		3.750		10/10/18		8,554
	7,100,000		Union Bank NA		2.125		06/16/17		7,093
	2,000,000		Union Bank of California NA		5.950		05/11/16		2,242
	5,700,000		UnionBanCal Corp		3.500		06/18/22		5,580
	5,000,000		US Bancorp		4.950		10/30/14		5,277
	5,800,000		US Bancorp		1.650		05/15/17		5,782
	5,550,000		US Bancorp		2.950		07/15/22		5,148
	1,980,000		Wachovia Bank NA		4.800		11/01/14		2,084

315

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,050,000		Wachovia Bank NA		5.850	%	02/01/37	$	2,284
	5,000,000		Wachovia Corp		4.875		02/15/14		5,128
	12,500,000		Wells Fargo & Co		1.500		07/01/15		12,642
	10,550,000		Wells Fargo & Co		1.500		01/16/18		10,290
	5,700,000		Westpac Banking Corp		3.000		08/04/15		5,942
			TOTAL BANKS						627,461

CAPITAL GOODS - 0.8%
	11,700,000		Caterpillar Financial Services Corp		1.250		11/06/17		11,402
	8,000,000		Caterpillar, Inc		1.375		05/27/14		8,061
	12,050,000		Caterpillar, Inc		1.500		06/26/17		11,929
	5,000,000		Danaher Corp		1.300		06/23/14		5,035
	4,150,000		Danaher Corp		2.300		06/23/16		4,291
	8,000,000		Deere & Co		2.600		06/08/22		7,625
	6,350,000	g	EADS Finance BV		2.700		04/17/23		5,884
	4,680,000	g	Ferreycorp SAA		4.875		04/26/20		4,399
	4,245,000	g	Myriad International Holding BV		6.375		07/28/17		4,648
	1,250,000	g	Schaeffler Finance BV		4.750		05/15/21		1,188
	4,850,000		Seagate HDD Cayman		7.000		11/01/21		5,190
	11,000,000	g	Seagate HDD Cayman		4.750		06/01/23		10,257
	665,000	g	Sealed Air Corp		6.500		12/01/20		702
	1,370,000	g	Sealed Air Corp		5.250		04/01/23		1,332
	2,000,000		SPX Corp		6.875		09/01/17		2,160
	6,200,000	g	Turlock Corp		1.500		11/02/17		6,018
	2,075,000	g	Turlock Corp		4.000		11/02/32		1,940
	8,950,000		United Technologies Corp		1.800		06/01/17		8,983
	5,950,000		United Technologies Corp		4.500		06/01/42		5,867
			TOTAL CAPITAL GOODS						106,911

COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
	10,290,000		Republic Services, Inc		3.800		05/15/18		10,869
	5,375,000		Republic Services, Inc		3.550		06/01/22		5,231
	5,810,000		Republic Services, Inc		6.200		03/01/40		6,627
	5,000,000		Scientific Games International, Inc		6.250		09/01/20		5,025
	7,150,000		Waste Management, Inc		2.600		09/01/16		7,384
	19,800,000		Waste Management, Inc		2.900		09/15/22		18,197
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						53,333

CONSUMER DURABLES & APPAREL - 0.3%
	12,174,000		DR Horton, Inc		3.625		02/15/18		11,961
	4,450,000		DR Horton, Inc		4.375		09/15/22		4,227
	4,700,000	g	Grupo Aval Ltd		5.250		02/01/17		4,853
	1,500,000		Hanesbrands, Inc		6.375		12/15/20		1,599
	3,000,000		Phillips-Van Heusen Corp		7.375		05/15/20		3,255
	11,900,000		PVH Corp		4.500		12/15/22		11,424
	2,625,000		Whirlpool Corp		3.700		03/01/23		2,516
			TOTAL CONSUMER DURABLES & APPAREL						39,835

CONSUMER SERVICES - 0.9%
	850,000	g	ARAMARK Corp		5.750		03/15/20		869
	2,000,000		DineEquity, Inc		9.500		10/30/18		2,220
	5,000,000		Johns Hopkins University		4.083		07/01/53		4,744

316

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,000,000		Penn National Gaming, Inc		8.750	%	08/15/19	$	2,190
	8,000,000		President and Fellows of Harvard College		3.529		10/01/31		7,480
	14,250,000		President and Fellows of Harvard College		3.619		10/01/37		12,923
	11,650,000	g	SABMiller Holdings, Inc		3.750		01/15/22		11,856
	8,650,000	g	SABMiller Holdings, Inc		4.950		01/15/42		8,601
	40,000,000		Stanford University		4.013		05/01/42		38,774
	21,000,000		University of Chicago		4.151		10/01/45		18,921
	2,475,000		Walt Disney Co		4.500		12/15/13		2,520
	7,900,000		Walt Disney Co		0.450		12/01/15		7,864
	9,900,000		Walt Disney Co		3.700		12/01/42		8,707
			TOTAL CONSUMER SERVICES						127,669

DIVERSIFIED FINANCIALS - 6.3%
	6,165,000	g	Abbey National Treasury Services plc		3.875		11/10/14		6,348
	3,875,000		Abbey National Treasury Services plc		4.000		04/27/16		4,094
	8,755,000	g	Ajecorp BV		6.500		05/14/22		8,913
	7,100,000		American Express Centurion Bank		0.875		11/13/15		7,082
	2,000,000		American Express Centurion Bank		6.000		09/13/17		2,298
	17,175,000		American Express Credit Corp		1.750		06/12/15		17,408
	7,700,000		American Express Credit Corp		2.800		09/19/16		7,994
	4,500,000	g	Bangkok Bank PCL		4.800		10/18/20		4,651
	7,000,000	g	Bangkok Bank PCL		3.875		09/27/22		6,709
	15,650,000		Bank of America Corp		3.625		03/17/16		16,348
	15,175,000		Bank of America Corp		3.750		07/12/16		15,908
	18,550,000		Bank of America Corp		5.300		03/15/17		20,119
	8,525,000		Bank of America Corp		6.000		09/01/17		9,556
	5,725,000		Bank of America Corp		5.750		12/01/17		6,363
	9,450,000		Bank of America Corp		2.000		01/11/18		9,153
	15,075,000		Bank of America Corp		3.300		01/11/23		14,248
	10,900,000		Bank of America Corp		5.875		02/07/42		12,186
	2,250,000		Bank of New York Mellon Corp		1.200		02/20/15		2,268
	6,250,000	i	Bank of New York Mellon Corp		1.969		06/20/17		6,287
	4,125,000		Bank of New York Mellon Corp		5.450		05/15/19		4,765
	4,330,000	g	BBVA Bancomer S.A.		4.500		03/10/16		4,492
	9,075,000	g	BBVA Bancomer S.A.		6.750		09/30/22		9,801
	7,250,000		BlackRock, Inc		3.500		12/10/14		7,542
	15,000,000		BlackRock, Inc		1.375		06/01/15		15,200
	7,000,000		BlackRock, Inc		4.250		05/24/21		7,469
	5,700,000		BlackRock, Inc		3.375		06/01/22		5,698
	10,680,000	g	Caisse Centrale Desjardins du Quebec		2.550		03/24/16		11,120
	24,600,000	g	Caisse Centrale Desjardins du Quebec		1.600		03/06/17		24,792
	7,300,000		Capital One Financial Corp		3.150		07/15/16		7,582
	12,640,000		Citigroup, Inc		5.000		09/15/14		13,136
	5,475,000		Citigroup, Inc		5.500		10/15/14		5,758
	6,400,000		Citigroup, Inc		2.250		08/07/15		6,508
	10,725,000		Citigroup, Inc		1.300		04/01/16		10,598
	25,450,000		Citigroup, Inc		1.750		05/01/18		24,337
	24,087,000		Citigroup, Inc		3.375		03/01/23		23,042
	21,575,000		Citigroup, Inc		3.500		05/15/23		19,377
	12,200,000		Citigroup, Inc		5.875		01/30/42		13,424
	10,000,000	i	Citigroup, Inc		5.350		12/30/49		9,375
	3,700,000		Countrywide Financial Corp		6.250		05/15/16		4,035

317

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	10,000,000	g	FMR LLC		4.950	%	02/01/33	$	9,651
	11,425,000	g	FMR LLC		5.150		02/01/43		11,026
	6,660,000		Ford Motor Credit Co LLC		4.250		02/03/17		6,959
	3,340,000		Ford Motor Credit Co LLC		6.625		08/15/17		3,780
	13,000,000		Ford Motor Credit Co LLC		2.375		01/16/18		12,517
	7,325,000		Ford Motor Credit Co LLC		5.000		05/15/18		7,812
	11,950,000		General Electric Capital Corp		1.875		09/16/13		11,988
	17,000,000		General Electric Capital Corp		1.625		07/02/15		17,199
	7,200,000		General Electric Capital Corp		2.100		12/11/19		7,008
	35,975,000		General Electric Capital Corp		3.100		01/09/23		33,984
	5,000,000		General Electric Capital Corp		6.150		08/07/37		5,658
	375,000		General Electric Capital Corp		6.875		01/10/39		462
	5,125,000	g	General Motors Financial Co, Inc		2.750		05/15/16		5,042
	19,240,000		Goldman Sachs Group, Inc		3.300		05/03/15		19,831
	11,075,000		Goldman Sachs Group, Inc		2.375		01/22/18		10,874
	1,150,000		Goldman Sachs Group, Inc		6.450		05/01/36		1,157
	3,100,000		Goldman Sachs Group, Inc		6.750		10/01/37		3,176
	10,250,000		Goldman Sachs Group, Inc		6.250		02/01/41		11,593
	8,465,000		HSBC Finance Corp		4.750		07/15/13		8,476
	9,599,000		HSBC Finance Corp		6.676		01/15/21		10,612
	1,440,000	g	Hyundai Capital America, Inc		3.750		04/06/16		1,494
	1,800,000	g	Hyundai Capital Services, Inc		4.375		07/27/16		1,908
	2,750,000	g	Hyundai Capital Services, Inc		3.500		09/13/17		2,800
	3,750,000	g	International Lease Finance Corp		6.500		09/01/14		3,900
	9,250,000		International Lease Finance Corp		5.750		05/15/16		9,506
	8,400,000		International Lease Finance Corp		3.875		04/15/18		7,896
	3,200,000		International Lease Finance Corp		5.875		04/01/19		3,232
	10,000,000		International Lease Finance Corp		5.875		08/15/22		9,912
	3,030,000	g	Inversiones CMPC S.A.		4.375		05/15/23		2,900
	5,000,000		Landwirtschaftliche Rentenbank		5.125		02/01/17		5,689
	5,745,000	g	Lukoil International Finance BV		6.125		11/09/20		6,047
	8,700,000	g	LUKOIL International Finance BV		3.416		04/24/18		8,461
	4,675,000		Merrill Lynch & Co, Inc		6.400		08/28/17		5,279
	8,025,000		Merrill Lynch & Co, Inc		6.875		04/25/18		9,236
	10,300,000		Morgan Stanley		1.750		02/25/16		10,204
	15,100,000		Morgan Stanley		4.100		05/22/23		13,951
	7,250,000		Morgan Stanley		6.375		07/24/42		8,089
	3,993,000		National Rural Utilities Cooperative Finance Corp		5.500		07/01/13		3,993
	3,800,000		National Rural Utilities Cooperative Finance Corp		10.375		11/01/18		5,265
	6,615,000	g	Odebrecht Finance Ltd		5.125		06/26/22		6,483
	2,725,000	g	Odebrecht Finance Ltd		7.125		06/26/42		2,643
	9,100,000	g	Reliance Holdings USA		4.500		10/19/20		8,951
	3,450,000		Sberbank of Russia Via SB Capital S.A.		5.180		06/28/19		3,519
	6,350,000		State Street Corp		4.300		05/30/14		6,574
	7,075,000		State Street Corp		3.100		05/15/23		6,627
	5,700,000		SunTrust Bank		2.750		05/01/23		5,245
	56,636,482		Tagua Leasing LLC		1.900		07/12/24		55,207
	12,790,000	g	Temasek Financial I Ltd		2.375		01/23/23		11,362
	7,650,000		Toyota Motor Credit Corp		2.050		01/12/17		7,738
	2,075,000	g	Turkiye Vakiflar Bankasi Tao		3.750		04/15/18		1,950
	2,325,000		UBS AG.		2.250		01/28/14		2,347
	3,350,000	g	UBS AG.		1.875		01/23/15		3,410

318

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	3,000,000		Unilever Capital Corp		4.800	%	02/15/19	$	3,399
	2,000,000		Unilever Capital Corp		4.250		02/10/21		2,179
	3,375,000	g	Waha Aerospace BV		3.925		07/28/20		3,510
			TOTAL DIVERSIFIED FINANCIALS						855,695

ENERGY - 3.2%
	7,950,000		Anadarko Petroleum Corp		5.950		09/15/16		8,917
	2,445,000		Anadarko Petroleum Corp		6.950		06/15/19		2,938
	3,650,000		Apache Corp		1.750		04/15/17		3,655
	12,170,000		Apache Corp		4.750		04/15/43		11,543
	3,750,000	g	Ashland, Inc		3.875		04/15/18		3,712
	11,500,000	g	Ashland, Inc		4.750		08/15/22		11,385
	2,150,000	g	Ashland, Inc		4.750		08/15/22		2,128
	3,415,000		Baker Hughes, Inc		3.200		08/15/21		3,458
	35,600,000		BP Capital Markets plc		1.375		05/10/18		34,315
	6,250,000		Chevron Corp		2.355		12/05/22		5,878
	3,690,000		Cimarex Energy Co		5.875		05/01/22		3,819
	1,000,000		Cloud Peak Energy Resources LLC		8.250		12/15/17		1,052
	2,000,000		Cloud Peak Energy Resources LLC		8.500		12/15/19		2,130
	5,475,000		Concho Resources, Inc		5.500		04/01/23		5,393
	7,000,000		ConocoPhillips		4.600		01/15/15		7,422
	7,600,000		ConocoPhillips		6.500		02/01/39		9,561
	2,075,000		Continental Resources, Inc		5.000		09/15/22		2,111
	1,825,000		Devon Energy Corp		1.875		05/15/17		1,800
	6,800,000		Devon Energy Corp		5.600		07/15/41		7,046
	3,150,000		Devon Energy Corp		4.750		05/15/42		2,940
	3,200,850		Dolphin Energy Ltd		5.888		06/15/19		3,489
	5,300,000	g	Dolphin Energy Ltd		5.500		12/15/21		5,724
	4,500,000	g	Empresa Nacional del Petroleo		6.250		07/08/19		4,846
	3,448,000	g	Empresa Nacional del Petroleo		4.750		12/06/21		3,364
	3,250,000		Enbridge Energy Partners LP		5.200		03/15/20		3,541
	4,000,000		Enterprise Products Operating LLC		5.600		10/15/14		4,234
	1,150,000		Enterprise Products Operating LLC		5.000		03/01/15		1,225
	7,500,000		Enterprise Products Operating LLC		4.850		03/15/44		7,113
	1,950,000		EOG Resources, Inc		2.625		03/15/23		1,825
	4,000,000		Gaz Capital S.A.		6.212		11/22/16		4,328
	700,000		Gaz Capital S.A.		6.510		03/07/22		740
	3,000,000	g	Gazprom OAO Via Gaz Capital S.A.		4.950		05/23/16		3,115
	5,300,000	g	Gazprom OAO Via Gaz Capital S.A.		3.850		02/06/20		4,929
	4,450,000	g	Gazprom OAO Via Gaz Capital S.A.		4.950		07/19/22		4,261
	5,700,000		Hess Corp		5.600		02/15/41		5,848
	1,900,000	g	Indo Energy Finance II BV		6.375		01/24/23		1,658
	4,430,000	g	KMG Finance Sub BV		6.375		04/09/21		4,807
	5,530,000		Marathon Petroleum Corp		3.500		03/01/16		5,805
	1,000,000		MarkWest Energy Partners LP		6.750		11/01/20		1,055
	4,240,000		MarkWest Energy Partners LP		5.500		02/15/23		4,176
	2,525,000		Newfield Exploration Co		5.625		07/01/24		2,449
	2,475,000		Noble Holding International Ltd		3.450		08/01/15		2,566
	7,550,000		Noble Holding International Ltd		4.900		08/01/20		7,952
	8,000,000	g	Novatek OAO via Novatek Finance Ltd		4.422		12/13/22		7,340
	7,444,000		Occidental Petroleum Corp		1.500		02/15/18		7,277
	7,450,000		Occidental Petroleum Corp		4.100		02/01/21		7,868

319

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	800,000		Pemex Project Funding Master Trust		5.750	%	03/01/18	$	876
	3,040,000		Pemex Project Funding Master Trust		6.625		06/15/35		3,192
	2,000,000	g	Pertamina Persero PT		4.875		05/03/22		1,915
	2,300,000	g	Pertamina Persero PT		4.300		05/20/23		2,128
	3,000,000	g	Pertamina PT		5.250		05/23/21		2,970
	1,850,000	i	Petrobras Global Finance BV		1.894		05/20/16		1,839
	2,000,000	i	Petrobras Global Finance BV		2.414		01/15/19		1,960
	3,810,000		Petrobras Global Finance BV		4.375		05/20/23		3,495
	2,080,000		Petrobras International Finance Co		3.875		01/27/16		2,140
	6,050,000		Petrobras International Finance Co		3.500		02/06/17		6,023
	4,500,000		Petrobras International Finance Co		7.875		03/15/19		5,204
	2,000,000		Petrobras International Finance Co		6.875		01/20/40		2,019
	2,900,000		Petroleos Mexicanos		8.000		05/03/19		3,509
	2,500,000		Petroleos Mexicanos		6.000		03/05/20		2,750
	4,000,000		Petroleos Mexicanos		5.500		01/21/21		4,260
	1,500,000		Petroleos Mexicanos		4.875		01/24/22		1,530
	19,000,000		Petroleos Mexicanos		1.950		12/20/22		18,844
	10,165,000		Petroleos Mexicanos		2.000		12/20/22		10,105
	1,500,000	g	Petroleos Mexicanos		3.500		01/30/23		1,384
	6,150,000		Petroleos Mexicanos		6.500		06/02/41		6,350
	2,250,000		Petroleos Mexicanos		5.500		06/27/44		2,025
	3,960,000	g	Petroleum Co of Trinidad & Tobago Ltd		9.750		08/14/19		4,930
	7,400,000		Phillips 66		1.950		03/05/15		7,515
	6,125,000		Phillips 66		4.300		04/01/22		6,329
	3,000,000		Plains All American Pipeline LP		5.625		12/15/13		3,068
	2,674,000		Precision Drilling Trust		6.625		11/15/20		2,714
	3,000,000	g	PTTEP Canada International Finance Ltd		5.692		04/05/21		3,206
	3,335,000		Range Resources Corp		5.000		08/15/22		3,260
	2,956,856		Ras Laffan Liquefied Natural Gas Co Ltd		5.298		09/30/20		3,179
	3,000,000	g	Rosneft Oil Co via Rosneft International Finance Ltd		4.199		03/06/22		2,780
	7,925,000	g	Schlumberger Investment S.A.		2.400		08/01/22		7,353
	7,620,000		Shell International Finance BV		4.300		09/22/19		8,456
	1,925,000		Shell International Finance BV		6.375		12/15/38		2,480
	5,000,000	g	Sibur Securities Ltd		3.914		01/31/18		4,625
	2,800,000		Statoil ASA		2.900		10/15/14		2,881
	2,075,000		Statoil ASA		1.200		01/17/18		2,018
	5,300,000		Statoil ASA		2.450		01/17/23		4,910
	4,025,000		Total Capital Canada Ltd		1.450		01/15/18		3,931
	6,100,000		Total Capital International S.A.		1.500		02/17/17		6,059
	3,400,000		TransCanada Pipelines Ltd		5.850		03/15/36		3,876
	2,750,000	i	TransCanada Pipelines Ltd		6.350		05/15/67		2,868
	13,225,000		Vale Overseas Ltd		4.375		01/11/22		12,562
	2,760,000		Vale Overseas Ltd		6.875		11/21/36		2,794
	3,375,000		Valero Energy Corp		4.500		02/01/15		3,554
			TOTAL ENERGY						432,604

FOOD & STAPLES RETAILING - 0.2%
	5,690,000		CVS Caremark Corp		3.250		05/18/15		5,921
	5,114,000		CVS Caremark Corp		5.750		06/01/17		5,875
	6,000,000		CVS Caremark Corp		2.750		12/01/22		5,606
	7,300,000	g	Ingles Markets, Inc		5.750		06/15/23		7,209
	3,750,000		Safeway, Inc		3.400		12/01/16		3,909

320

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	880,000		Stater Bros Holdings, Inc		7.750	%	04/15/15	$	882
	900,000		Stater Bros Holdings, Inc		7.375		11/15/18		952
			TOTAL FOOD & STAPLES RETAILING						30,354

FOOD, BEVERAGE & TOBACCO - 1.1%
	7,550,000	g	Anadolu Efes Biracilik Ve Malt Sanayii AS.		3.375		11/01/22		6,493
	16,970,000		Anheuser-Busch InBev Finance, Inc		2.625		01/17/23		15,922
	6,300,000		Anheuser-Busch InBev Worldwide, Inc		2.875		02/15/16		6,592
	10,575,000		Anheuser-Busch InBev Worldwide, Inc		1.375		07/15/17		10,408
	7,650,000		Anheuser-Busch InBev Worldwide, Inc		2.500		07/15/22		7,142
	5,125,000	g	BRF-Brasil Foods S.A.		5.875		06/06/22		5,260
	3,270,000	g	BRF-Brasil Foods S.A.		3.950		05/22/23		2,878
	4,500,000	g	CCL Finance Ltd		9.500		08/15/14		4,797
	3,250,000		ConAgra Foods, Inc		1.300		01/25/16		3,255
	3,350,000		Fomento Economico Mexicano SAB de C.V.		2.875		05/10/23		3,033
	4,080,000		General Mills, Inc		5.200		03/17/15		4,382
	5,525,000	g	Grupo Bimbo SAB de C.V.		4.500		01/25/22		5,526
	3,950,000	g	Heineken NV		4.000		10/01/42		3,364
	2,530,000		Kraft Foods, Inc		6.125		02/01/18		2,924
	23,225,000		Kraft Foods, Inc		5.375		02/10/20		26,050
	8,105,000		Kraft Foods, Inc		6.500		02/09/40		9,670
	625,000		PepsiAmericas, Inc		4.375		02/15/14		640
	680,000		PepsiCo, Inc		7.900		11/01/18		871
	22,500,000		PepsiCo, Inc		2.750		03/01/23		21,289
	2,000,000	g	Pernod-Ricard S.A.		2.950		01/15/17		2,046
	7,425,000		Philip Morris International, Inc		6.875		03/17/14		7,760
	1,600,000		Philip Morris International, Inc		6.375		05/16/38		1,902
			TOTAL FOOD, BEVERAGE & TOBACCO						152,204

HEALTH CARE EQUIPMENT & SERVICES - 0.6%
	7,290,000		Baxter International, Inc		3.200		06/15/23		7,151
	3,900,000		Becton Dickinson and Co		1.750		11/08/16		3,967
	2,325,000		CHS/Community Health Systems		5.125		08/15/18		2,360
	7,150,000		Covidien International Finance S.A.		1.350		05/29/15		7,212
	3,800,000		Covidien International Finance S.A.		3.200		06/15/22		3,748
	6,500,000		Express Scripts Holding Co		2.100		02/12/15		6,610
	6,850,000		Express Scripts Holding Co		3.900		02/15/22		6,936
	4,500,000	g	Fresenius Medical Care Capital Trust		5.750		02/15/21		4,725
	4,000,000	g	Fresenius Medical Care II		5.625		07/31/19		4,160
	4,560,000		HCA, Inc		6.500		02/15/20		4,933
	9,575,000		HCA, Inc		5.875		03/15/22		9,826
	5,000,000		HCA, Inc		5.875		05/01/23		5,012
	3,500,000	g	Mallinckrodt International Finance S.A.		3.500		04/15/18		3,460
	1,695,000		Thermo Fisher Scientific, Inc		3.200		05/01/15		1,750
	1,750,000		Thermo Fisher Scientific, Inc		5.000		06/01/15		1,867
	6,125,000		Thermo Fisher Scientific, Inc		2.250		08/15/16		6,215
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						79,932

HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	7,175,000		Clorox Co		3.800		11/15/21		7,263
	2,620,000		Colgate-Palmolive Co		2.300		05/03/22		2,475

321

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	4,525,000		Ecolab, Inc		1.450	%	12/08/17	$	4,395
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						14,133

INSURANCE - 1.5%
	3,825,000		ACE INA Holdings, Inc		5.875		06/15/14		4,006
	6,560,000		Aetna, Inc		6.500		09/15/18		7,771
	1,925,000		Aetna, Inc		6.625		06/15/36		2,311
	6,200,000		Allstate Corp		3.150		06/15/23		6,020
	6,200,000		Allstate Corp		4.500		06/15/43		6,112
	500,000		American International Group, Inc		3.650		01/15/14		507
	8,900,000		Berkshire Hathaway Finance Corp		1.300		05/15/18		8,607
	3,750,000		Chubb Corp		6.000		05/11/37		4,495
	1,390,000		CIGNA Corp		5.125		06/15/20		1,509
	6,900,000		CIGNA Corp		4.500		03/15/21		7,358
	7,600,000		Hartford Financial Services Group, Inc		4.000		03/30/15		7,947
	4,500,000		Hartford Financial Services Group, Inc		4.000		10/15/17		4,772
	2,800,000		Lincoln National Corp		7.000		06/15/40		3,480
	5,250,000	g	MetLife Institutional Funding II		1.625		04/02/15		5,317
	7,675,000		Metlife, Inc		6.750		06/01/16		8,784
	4,500,000		Metlife, Inc		5.700		06/15/35		4,989
	6,500,000		Metlife, Inc		4.125		08/13/42		5,781
	2,825,000		Principal Financial Group, Inc		1.850		11/15/17		2,775
	5,500,000	g	Principal Life Global Funding I		5.125		10/15/13		5,573
	5,000,000		Progressive Corp		3.750		08/23/21		5,096
	2,000,000		Prudential Financial, Inc		3.875		01/14/15		2,084
	8,050,000		Prudential Financial, Inc		7.375		06/15/19		9,837
	8,000,000		Prudential Financial, Inc		5.400		06/13/35		8,013
	5,000,000		Prudential Financial, Inc		6.625		06/21/40		5,955
	8,650,000	i	Prudential Financial, Inc		5.200		03/15/44		8,174
	3,000,000	g	Prudential Funding LLC		6.750		09/15/23		3,357
	2,425,000	g	Swiss Re Treasury US Corp		2.875		12/06/22		2,253
	6,100,000	g	Swiss Re Treasury US Corp		4.250		12/06/42		5,367
	4,250,000		Travelers Cos, Inc		5.800		05/15/18		4,971
	7,875,000		UnitedHealth Group, Inc		0.850		10/15/15		7,885
	6,000,000		UnitedHealth Group, Inc		1.400		10/15/17		5,891
	7,450,000		UnitedHealth Group, Inc		3.950		10/15/42		6,410
	1,800,000		WellPoint, Inc		5.875		06/15/17		2,045
	6,750,000		WellPoint, Inc		3.125		05/15/22		6,401
	2,250,000		WellPoint, Inc		5.850		01/15/36		2,498
	7,850,000		WellPoint, Inc		4.625		05/15/42		7,281
	7,000,000		Willis Group Holdings plc		4.125		03/15/16		7,328
	2,400,000		WR Berkley Corp		5.375		09/15/20		2,608
			TOTAL INSURANCE						201,568

MATERIALS - 2.0%
	3,385,000		3M Co		4.375		08/15/13		3,401
	4,150,000		3M Co		5.700		03/15/37		4,982
	6,630,000		Air Products & Chemicals, Inc		4.375		08/21/19		7,344
	1,125,000		Airgas, Inc		4.500		09/15/14		1,173
	1,000,000		Airgas, Inc		7.125		10/01/18		1,049
	2,150,000	g	Anglo American Capital plc		4.450		09/27/20		2,110

322

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,860,000		ArcelorMittal		4.250	%	08/05/15	$	1,879
	3,500,000		ArcelorMittal		5.000		02/25/17		3,544
	355,000		Ball Corp		7.375		09/01/19		383
	4,000,000		Ball Corp		5.750		05/15/21		4,210
	1,365,000		Ball Corp		5.000		03/15/22		1,358
	8,960,000		Ball Corp		4.000		11/15/23		8,288
	14,650,000	g	Barrick Gold Corp		4.100		05/01/23		12,239
	7,175,000		Barrick North America Finance LLC		4.400		05/30/21		6,415
	10,100,000	g	Braskem Finance Ltd		5.750		04/15/21		9,848
	3,000,000		Celanese US Holdings LLC		6.625		10/15/18		3,172
	2,000,000		CF Industries, Inc		6.875		05/01/18		2,351
	3,175,000		CF Industries, Inc		7.125		05/01/20		3,798
	7,150,000	g	Cia Minera Milpo SAA		4.625		03/28/23		6,524
	3,550,000		Corning, Inc		1.450		11/15/17		3,464
	2,400,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.750		11/04/20		2,336
	5,100,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.875		11/03/21		4,974
	2,900,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.000		07/17/22		2,624
	4,030,000	g	Corp Nacional del Cobre de Chile-CODELCO		4.250		07/17/42		3,340
	9,270,000		Crown Americas LLC		6.250		02/01/21		9,826
	2,085,000	g	Crown Americas LLC		4.500		01/15/23		1,965
	5,500,000		E.I. du Pont de Nemours & Co		3.250		01/15/15		5,721
	6,000,000		E.I. du Pont de Nemours & Co		4.625		01/15/20		6,669
	1,000,000		Eastman Chemical Co		5.500		11/15/19		1,122
	12,625,000	g	Freeport McMoran		2.375		03/15/18		12,007
	12,000,000	g	Freeport McMoran		3.100		03/15/20		11,092
	12,500,000	g	Glencore Funding LLC		2.500		01/15/19		11,309
	1,400,000		Greif, Inc		7.750		08/01/19		1,603
	13,016,000		International Paper Co		4.750		02/15/22		13,697
	4,250,000		International Paper Co		7.300		11/15/39		5,101
	3,000,000		LyondellBasell Industries NV		5.000		04/15/19		3,264
	1,950,000		LyondellBasell Industries NV		6.000		11/15/21		2,191
	2,125,000	g	Mexichem SAB de C.V.		4.875		09/19/22		2,136
	5,050,000		Praxair, Inc		5.250		11/15/14		5,369
	7,500,000		Rio Tinto Finance USA Ltd		2.250		09/20/16		7,656
	9,100,000		Rio Tinto Finance USA plc		2.250		12/14/18		8,843
	9,525,000		Rio Tinto Finance USA plc		2.875		08/21/22		8,733
	5,000,000		Rock Tenn Co		3.500		03/01/20		4,893
	3,000,000		Rock Tenn Co		4.000		03/01/23		2,891
	12,475,000		Sherwin-Williams Co		1.350		12/15/17		12,135
	3,140,000	g	Sociedad Quimica y Minera de Chile S.A.		5.500		04/21/20		3,336
	4,625,000		Teck Resources Ltd		2.500		02/01/18		4,495
	9,950,000		Teck Resources Ltd		3.750		02/01/23		9,142
	1,940,000		Teck Resources Ltd		6.000		08/15/40		1,820
	11,850,000		Teck Resources Ltd		5.200		03/01/42		10,051
	4,550,000	g	Turkiye Sise ve Cam Fabrikalari AS.		4.250		05/09/20		4,141
			TOTAL MATERIALS						272,014

MEDIA - 1.6%
	1,800,000		CCO Holdings LLC		6.500		04/30/21		1,876
	1,960,000		CCO Holdings LLC		6.625		01/31/22		2,043
	13,000,000		CCO Holdings LLC		5.750		01/15/24		12,545

323

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,000,000		Cinemark USA, Inc		5.125	%	12/15/22	$	965
	4,275,000	g	Cinemark USA, Inc		4.875		06/01/23		4,104
	33,000,000		Comcast Corp		4.250		01/15/33		31,575
	7,000,000		DIRECTV Holdings LLC		2.400		03/15/17		7,034
	6,850,000		DIRECTV Holdings LLC		3.800		03/15/22		6,580
	4,700,000		DIRECTV Holdings LLC		5.150		03/15/42		4,193
	8,725,000		Discovery Communications LLC		3.300		05/15/22		8,343
	10,300,000		Discovery Communications LLC		4.875		04/01/43		9,521
	3,250,000	g	DISH DBS Corp		4.250		04/01/18		3,185
	4,250,000	g	DISH DBS Corp		5.125		05/01/20		4,165
	2,050,000		DISH DBS Corp		5.000		03/15/23		1,973
	5,000,000		Grupo Televisa S.A.		6.000		05/15/18		5,652
	2,160,000		Lamar Media Corp		7.875		04/15/18		2,300
	1,850,000		Lamar Media Corp		5.875		02/01/22		1,901
	10,000,000		Lamar Media Corp		5.000		05/01/23		9,600
	7,250,000	g	NBC Universal Enterprise, Inc		1.662		04/15/18		7,057
	7,700,000	g	NBC Universal Enterprise, Inc		1.974		04/15/19		7,494
	10,350,000		NBC Universal Media LLC		2.875		01/15/23		9,831
	2,105,000		News America, Inc		7.625		11/30/28		2,566
	1,578,000		News America, Inc		6.550		03/15/33		1,754
	3,575,000		News America, Inc		6.650		11/15/37		4,114
	3,800,000		News America, Inc		6.900		08/15/39		4,469
	3,315,000		Nielsen Finance LLC		7.750		10/15/18		3,564
	2,800,000	g	Nielsen Finance LLC		4.500		10/01/20		2,688
	2,100,000		Time Warner Cable, Inc		8.750		02/14/19		2,578
	9,675,000		Time Warner Cable, Inc		8.250		04/01/19		11,649
	9,850,000		Time Warner Cable, Inc		4.500		09/15/42		7,638
	3,000,000		Time Warner, Inc		3.150		07/15/15		3,134
	3,825,000		Time Warner, Inc		6.500		11/15/36		4,326
	5,000,000		Time Warner, Inc		5.375		10/15/41		5,056
	5,525,000		Time Warner, Inc		4.900		06/15/42		5,257
	7,000,000	g	Univision Communications, Inc		5.125		05/15/23		6,615
	4,850,000		Viacom, Inc		1.250		02/27/15		4,864
	5,400,000		Viacom, Inc		2.500		12/15/16		5,571
	3,000,000		Viacom, Inc		3.500		04/01/17		3,141
			TOTAL MEDIA						220,921

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.3%
	5,000,000	g	CFR International S.p.A		5.125		12/06/22		4,900
	3,140,000		Life Technologies Corp		3.500		01/15/16		3,268
	4,115,000		Mead Johnson Nutrition Co		4.900		11/01/19		4,517
	2,750,000		Mead Johnson Nutrition Co		5.900		11/01/39		3,021
	3,500,000	g	Mylan, Inc		7.875		07/15/20		4,039
	1,750,000		NBTY, Inc		9.000		10/01/18		1,903
	2,750,000		Novartis Capital Corp		3.700		09/21/42		2,441
	3,850,000		Perrigo Co		2.950		05/15/23		3,559
	3,550,000		Sanofi		1.250		04/10/18		3,439
	3,450,000		Watson Pharmaceuticals, Inc		1.875		10/01/17		3,363
	5,700,000		Watson Pharmaceuticals, Inc		3.250		10/01/22		5,314
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						39,764

324

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
REAL ESTATE - 0.8%
$	2,310,000		AMB Property LP		4.500	%	08/15/17	$	2,451
	7,500,000		AvalonBay Communities, Inc		2.850		03/15/23		6,824
	3,750,000		Boston Properties LP		3.125		09/01/23		3,464
	2,000,000		Brandywine Operating Partnership LP		5.400		11/01/14		2,106
	3,965,000		Camden Property Trust		4.625		06/15/21		4,188
	6,800,000		Developers Diversified Realty Corp		4.750		04/15/18		7,307
	3,460,000		Developers Diversified Realty Corp		7.875		09/01/20		4,220
	255,000		Federal Realty Investment Trust		5.650		06/01/16		284
	700,000		Federal Realty Investment Trust		5.900		04/01/20		803
	2,225,000		Federal Realty Investment Trust		3.000		08/01/22		2,090
	3,800,000		Federal Realty Investment Trust		2.750		06/01/23		3,444
	2,775,000		Healthcare Realty Trust, Inc		5.750		01/15/21		3,008
	1,625,000		Healthcare Realty Trust, Inc		3.750		04/15/23		1,514
	3,550,000	g	Healthcare Trust of America Holdings LP		3.700		04/15/23		3,333
	1,600,000		Highwoods Properties, Inc		5.850		03/15/17		1,749
	5,000,000		Highwoods Realty LP		3.625		01/15/23		4,653
	3,800,000		Kilroy Realty LP		3.800		01/15/23		3,559
	6,400,000		Liberty Property LP		4.125		06/15/22		6,329
	2,925,000		Liberty Property LP		3.375		06/15/23		2,713
	4,000,000		National Retail Properties, Inc		5.500		07/15/21		4,329
	5,425,000		National Retail Properties, Inc		3.300		04/15/23		4,903
	2,325,000		Regency Centers LP		5.250		08/01/15		2,501
	225,000		Regency Centers LP		5.875		06/15/17		251
	800,000		Simon Property Group LP		5.250		12/01/16		894
	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		4,210
	6,900,000		Simon Property Group LP		2.750		02/01/23		6,334
	1,360,000		Ventas Realty LP		3.125		11/30/15		1,423
	8,050,000		Ventas Realty LP		2.000		02/15/18		7,792
	3,750,000		Ventas Realty LP		4.000		04/30/19		3,900
	1,850,000		Ventas Realty LP		4.250		03/01/22		1,866
	4,800,000		Weingarten Realty Investors		3.500		04/15/23		4,431
			TOTAL REAL ESTATE						111,145

RETAILING - 0.7%
	6,600,000		AmeriGas Finance LLC		3.750		05/01/21		6,179
	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		2,058
	3,150,000	g	Automotores Gildemeister S.A.		8.250		05/24/21		2,914
	2,500,000		AutoNation, Inc		5.500		02/01/20		2,600
	8,500,000	g	Golden Eagle Retail Group Ltd		4.625		05/21/23		7,391
	3,150,000		Limited Brands, Inc		7.000		05/01/20		3,496
	8,105,000		Limited Brands, Inc		5.625		02/15/22		8,227
	19,000,000		Macy’s Retail Holdings, Inc		2.875		02/15/23		17,525
	8,315,000		O’Reilly Automotive, Inc		4.625		09/15/21		8,701
	4,550,000		O’Reilly Automotive, Inc		3.800		09/01/22		4,485
	2,000,000	g	QVC, Inc		7.500		10/01/19		2,174
	2,475,000		QVC, Inc		5.125		07/02/22		2,501
	4,400,000	g	QVC, Inc		4.375		03/15/23		4,104
	1,275,000	g	Sonic Automotive, Inc		5.000		05/15/23		1,237
	875,000		Wal-Mart Stores, Inc		3.000		02/03/14		889

325

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	3,437,000		Wal-Mart Stores, Inc		4.250	%	04/15/21	$	3,749
	5,000,000		Wal-Mart Stores, Inc		2.550		04/11/23		4,685
	3,675,000		Wal-Mart Stores, Inc		5.000		10/25/40		3,880
	9,300,000		Wal-Mart Stores, Inc		4.000		04/11/43		8,474
	3,900,000	g	WEX, Inc		4.750		02/01/23		3,685
			TOTAL RETAILING						101,969

SOFTWARE & SERVICES - 0.3%
	2,075,000		Equinix, Inc		4.875		04/01/20		2,033
	11,500,000		Fidelity National Information Services, Inc		5.000		03/15/22		11,572
	3,075,000		NCR Corp		4.625		02/15/21		2,937
	3,925,000		Oracle Corp		3.750		07/08/14		4,054
	7,850,000		Oracle Corp		1.200		10/15/17		7,624
	18,425,000		Oracle Corp		2.500		10/15/22		16,991
	1,000,000		SunGard Data Systems, Inc		7.375		11/15/18		1,055
			TOTAL SOFTWARE & SERVICES						46,266

TECHNOLOGY HARDWARE & EQUIPMENT - 0.8%
	4,000,000		Amphenol Corp		4.750		11/15/14		4,192
	3,150,000		Apple, Inc		3.850		05/04/43		2,798
	1,000,000		Brocade Communications Systems, Inc		6.875		01/15/20		1,067
	1,975,000		CC Holdings GS V LLC		2.381		12/15/17		1,944
	5,962,000	g	Flextronics International Ltd		4.625		02/15/20		5,783
	38,125,000		General Electric Co		0.850		10/09/15		38,089
	3,300,000		General Electric Co		5.250		12/06/17		3,726
	11,950,000		General Electric Co		2.700		10/09/22		11,309
	5,325,000		General Electric Co		4.125		10/09/42		4,955
	6,480,000		Jabil Circuit, Inc		5.625		12/15/20		6,707
	7,776,000		Jabil Circuit, Inc		4.700		09/15/22		7,484
	2,000,000		L-3 Communications Corp		4.950		02/15/21		2,112
	4,625,000	g	NXP BV		3.750		06/01/18		4,532
	3,600,000		Xerox Corp		8.250		05/15/14		3,825
	10,275,000		Xerox Corp		4.500		05/15/21		10,599
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						109,122

TELECOMMUNICATION SERVICES - 1.8%
	2,870,000		America Movil SAB de C.V.		2.375		09/08/16		2,908
	11,875,000		America Movil SAB de C.V.		3.125		07/16/22		10,942
	3,575,000		American Tower Corp		4.700		03/15/22		3,606
	7,500,000		American Tower Corp		3.500		01/31/23		6,868
	2,500,000		AT&T, Inc		2.500		08/15/15		2,576
	20,750,000		AT&T, Inc		2.950		05/15/16		21,684
	7,225,000		AT&T, Inc		1.400		12/01/17		7,024
	8,200,000		AT&T, Inc		2.625		12/01/22		7,506
	11,500,000		AT&T, Inc		6.300		01/15/38		12,785
	4,715,000		AT&T, Inc		4.350		06/15/45		4,102
	4,500,000		Axiata SPV1 (Labuan) Ltd		5.375		04/28/20		4,855
	13,125,000		BellSouth Corp		5.200		09/15/14		13,782
	8,500,000	g	Bharti Airtel International Netherlands BV		5.125		03/11/23		7,725
	5,525,000		British Telecommunications plc		1.625		06/28/16		5,549
	13,850,000		Cellco Partnership		8.500		11/15/18		17,988
	4,000,000	g	Deutsche Telekom International Finance BV		2.250		03/06/17		4,019

326

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	4,000,000		Deutsche Telekom International Finance BV		8.750	%	06/15/30	$	5,549
	3,625,000	g	Deutsche Telekom International Finance BV		4.875		03/06/42		3,536
	3,100,000	g	Globo Comunicacao e Participacoes S.A.		4.875		04/11/22		3,139
	4,025,000	g	Intelsat Jackson Holdings S.A.		5.500		08/01/23		3,783
	12,070,000	g	Oi S.A.		5.750		02/10/22		11,240
	2,050,000	g	SES		3.600		04/04/23		1,993
	1,225,000		Sprint Nextel Corp		6.000		12/01/16		1,292
	1,998,000		Telecom Italia Capital S.A.		6.175		06/18/14		2,068
	6,694,000		Telecom Italia Capital S.A.		6.999		06/04/18		7,359
	2,406,000		Telecom Italia Capital S.A.		7.175		06/18/19		2,678
	11,100,000		Telefonica Emisiones SAU		3.992		02/16/16		11,447
	8,725,000		Telefonica Emisiones SAU		3.192		04/27/18		8,451
	7,625,000		Telefonica Emisiones SAU		4.570		04/27/23		7,299
	4,500,000		Telefonos de Mexico SAB de C.V.		5.500		11/15/19		4,933
	21,600,000		Verizon Communications, Inc		0.700		11/02/15		21,455
	1,250,000		Verizon Communications, Inc		6.100		04/15/18		1,463
	1,888,000		Verizon Communications, Inc		8.750		11/01/18		2,461
	10,550,000		Verizon Communications, Inc		3.850		11/01/42		8,754
	8,275,000	g	VimpelCom Holdings BV		5.950		02/13/23		7,737
	735,000		Windstream Corp		8.125		09/01/18		783
			TOTAL TELECOMMUNICATION SERVICES						251,339

TRANSPORTATION - 0.6%
	1,800,000	g	Asciano Finance Ltd		3.125		09/23/15		1,839
	5,730,000	g	Asciano Finance Ltd		5.000		04/07/18		6,088
	5,000,000		Burlington Northern Santa Fe LLC		3.450		09/15/21		5,014
	3,475,000		Burlington Northern Santa Fe LLC		5.050		03/01/41		3,513
	5,750,000	g	DP World Ltd		6.850		07/02/37		5,937
	2,325,000		Embraer Overseas Ltd		6.375		01/15/20		2,546
	3,900,000	g	ERAC USA Finance LLC		3.300		10/15/22		3,702
	4,150,000	g	ERAC USA Finance LLC		5.625		03/15/42		4,166
	4,075,000	g	Kansas City Southern de Mexico S.A. de C.V.		2.350		05/15/20		3,942
	2,400,000	g	Kansas City Southern Railway		4.300		05/15/43		2,162
	2,625,000		Northrop Grumman Corp		1.750		06/01/18		2,546
	11,700,000		Northrop Grumman Corp		3.250		08/01/23		11,072
	11,700,000		Northrop Grumman Corp		4.750		06/01/43		11,183
	7,750,000		United Parcel Service, Inc		3.125		01/15/21		7,858
	4,900,000		United Parcel Service, Inc		3.625		10/01/42		4,288
			TOTAL TRANSPORTATION						75,856

UTILITIES - 3.1%
	1,325,000	g	Abu Dhabi National Energy Co		2.500		01/12/18		1,292
	3,630,000	g	Abu Dhabi National Energy Co		5.875		12/13/21		4,029
	6,225,000		AES Corp		4.875		05/15/23		5,805
	6,325,000		AGL Capital Corp		4.400		06/01/43		5,862
	10,000,000		Alabama Power Co		3.850		12/01/42		8,743
	8,435,000		Alliant Energy Corp		4.000		10/15/14		8,752
	15,000,000		American Electric Power Co, Inc		1.650		12/15/17		14,582
	6,000,000		American Electric Power Co, Inc		2.950		12/15/22		5,585
	1,667,000		Arizona Public Service Co		5.050		09/01/41		1,729
	5,500,000		Atmos Energy Corp		8.500		03/15/19		7,191

327

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	7,150,000		Atmos Energy Corp		4.150	%	01/15/43	$	6,561
	1,800,000	g	Calpine Corp		7.500		02/15/21		1,921
	4,500,000		Carolina Power & Light Co		5.125		09/15/13		4,541
	4,750,000		Carolina Power & Light Co		5.300		01/15/19		5,456
	2,750,000		Carolina Power & Light Co		5.700		04/01/35		3,148
	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		4,184
	4,500,000	g	Centrais Eletricas Brasileiras S.A.		5.750		10/27/21		4,354
	3,500,000	g	CEZ AS.		4.250		04/03/22		3,473
	6,125,000		CLP Power Hong Kong Financing Ltd		3.375		10/26/27		5,156
	2,500,000		CMS Energy Corp		5.050		02/15/18		2,777
	5,450,000		CMS Energy Corp		4.700		03/31/43		5,034
	2,500,000	g	Colbun S.A.		6.000		01/21/20		2,663
	2,500,000	g	Comision Federal de Electricidad		4.875		05/26/21		2,556
	2,075,000	g	Comision Federal de Electricidad		5.750		02/14/42		1,919
	3,055,000		Commonwealth Edison Co		4.000		08/01/20		3,273
	4,200,000		Commonwealth Edison Co		5.900		03/15/36		4,939
	2,750,000		Connecticut Light & Power Co		5.500		02/01/19		3,198
	9,050,000		Consolidated Edison Co of New York, Inc		3.950		03/01/43		8,188
	4,250,000		Consolidated Natural Gas Co		5.000		12/01/14		4,486
	3,750,000		Detroit Edison Co		3.950		06/15/42		3,431
	4,000,000		Dominion Resources, Inc		4.050		09/15/42		3,510
	7,150,000		Duke Energy Carolinas LLC		5.750		11/15/13		7,287
	1,400,000		Duke Energy Carolinas LLC		4.300		06/15/20		1,524
	5,690,000	g	Eskom Holdings Ltd		5.750		01/26/21		5,633
	8,800,000		Florida Power & Light Co		2.750		06/01/23		8,460
	2,000,000		Florida Power Corp		6.400		06/15/38		2,450
	3,500,000		FPL Group Capital, Inc		2.600		09/01/15		3,605
	3,000,000		Georgia Power Co		5.400		06/01/40		3,229
	2,000,000		Georgia Power Co		4.300		03/15/42		1,834
	5,000,000		Indiana Michigan Power Co		7.000		03/15/19		6,008
	2,725,000		Integrys Energy Group, Inc		4.170		11/01/20		2,873
	3,350,000	g	Israel Electric Corp Ltd		6.700		02/10/17		3,534
	3,000,000	g	Israel Electric Corp Ltd		5.625		06/21/18		3,082
	1,000,000	g	Kansas Gas & Electric		6.700		06/15/19		1,230
	625,000	g	KazMunayGas National Co JSC		4.400		04/30/23		580
	2,825,000		Kinder Morgan Energy Partners LP		9.000		02/01/19		3,609
	1,850,000	g	Korea Hydro & Nuclear Power Co Ltd		3.125		09/16/15		1,906
	3,280,000	g	Korea Hydro & Nuclear Power Co Ltd		3.000		09/19/22		2,929
	5,000,000		LG&E and KU Energy LLC		3.750		11/15/20		5,104
	4,500,000	g	Majapahit Holding BV		7.875		06/29/37		5,220
	5,950,000		Midamerican Energy Holdings Co		5.950		05/15/37		6,611
	2,800,000		Nevada Power Co		6.500		08/01/18		3,359
	3,335,000		Nevada Power Co		5.450		05/15/41		3,728
	7,575,000		NiSource Finance Corp		4.800		02/15/44		6,859
	3,375,000		Northeast Utilities		1.450		05/01/18		3,276
	2,850,000		Oncor Electric Delivery Co LLC		5.250		09/30/40		3,005
	8,400,000		Oncor Electric Delivery Co LLC		4.550		12/01/41		7,967
	4,850,000		ONEOK Partners LP		3.375		10/01/22		4,459
	5,250,000		Pacific Gas & Electric Co		8.250		10/15/18		6,770
	6,375,000		PacifiCorp		2.950		02/01/22		6,266
	4,825,000		Pepco Holdings, Inc		2.700		10/01/15		4,964

328

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	8,450,000	g	Perusahaan Listrik Negara PT		5.500	%	11/22/21	$	8,281
	6,750,000		PG&E Corp		5.750		04/01/14		7,000
	750,000		Potomac Electric Power Co		7.900		12/15/38		1,106
	6,925,000		PPL Capital Funding, Inc		4.200		06/15/22		6,962
	2,000,000		PPL Electric Utilities Corp		3.000		09/15/21		1,989
	1,750,000		PPL Electric Utilities Corp		5.200		07/15/41		1,912
	3,825,000		Progress Energy, Inc		7.050		03/15/19		4,635
	4,625,000		Public Service Co of Colorado		3.200		11/15/20		4,739
	8,800,000		Public Service Co of Oklahoma		5.150		12/01/19		9,971
	2,640,000		Public Service Electric & Gas Co		5.300		05/01/18		3,050
	5,000,000		Public Service Electric & Gas Co		3.500		08/15/20		5,265
	11,475,000		Public Service Electric & Gas Co		2.375		05/15/23		10,625
	2,940,000		QEP Resources, Inc		5.375		10/01/22		2,911
	1,250,000		Questar Market Resources, Inc		6.875		03/01/21		1,347
	2,300,000	g	Sabine Pass LNG LP		6.500		11/01/20		2,323
	4,275,000		San Diego Gas & Electric Co		3.000		08/15/21		4,297
	3,100,000		San Diego Gas & Electric Co		3.950		11/15/41		2,886
	3,000,000		Sempra Energy		2.300		04/01/17		3,038
	4,000,000		Sempra Energy		6.000		10/15/39		4,501
	2,325,000		Tampa Electric Co		4.100		06/15/42		2,144
	5,950,000	g	Transportadora de Gas del Peru S.A.		4.250		04/30/28		5,266
	3,680,000		Virginia Electric and Power Co		2.950		01/15/22		3,631
	3,000,000		Williams Partners LP		3.800		02/15/15		3,128
	5,075,000		Williams Partners LP		4.000		11/15/21		4,976
	8,300,000		Williams Partners LP		3.350		08/15/22		7,623
	6,200,000		Williams Partners LP		6.300		04/15/40		6,499
	14,000,000	g	Wpd Investment Holdings Ltd		3.900		05/01/16		14,631
	4,000,000		Xcel Energy, Inc		4.800		09/15/41		3,977
			TOTAL UTILITIES						418,418

			TOTAL CORPORATE BONDS						4,390,624
			(Cost $4,389,456)

GOVERNMENT BONDS - 55.5%

AGENCY SECURITIES - 3.4%
	18,217,680		AMAL Ltd		3.465		08/21/21		19,398
	3,000,000		Amber Circle Funding LTD		3.250		12/04/22		2,696
	4,569,572		Cal Dive I- Title XI, Inc		4.930		02/01/27		5,007
	20,000,000		Federal Home Loan Mortgage Corp (FHLMC)		3.000		07/28/14		20,580
	19,600,000		Federal National Mortgage Association (FNMA)		1.250		08/20/13		19,629
	23,500,000		FNMA		3.000		09/16/14		24,288
	35,000,000		FNMA		2.625		11/20/14		36,136
	28,305,000		Lutheran Medical Center		1.982		02/20/30		26,867
	1,523,978		National Credit Union Administration		1.840		10/07/20		1,528
	17,780,037		Premier Aircraft Leasing		3.576		02/06/22		19,019
	10,000,000		Private Export Funding Corp (PEFCO)		3.050		10/15/14		10,346
	7,000,000		PEFCO		4.550		05/15/15		7,545
	15,000,000		PEFCO		2.125		07/15/16		15,603
	50,000,000		PEFCO		1.375		02/15/17		50,453

329

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	17,000,000		PEFCO		5.450	%	09/15/17	$	19,732
	10,000,000		PEFCO		2.250		12/15/17		10,346
	5,000,000		PEFCO		4.375		03/15/19		5,530
	17,300,000		PEFCO		1.450		08/15/19		16,511
	35,000,000		PEFCO		4.300		12/15/21		38,563
	30,000,000		PEFCO		2.050		11/15/22		27,782
	2,732,031		Totem Ocean Trailer Express, Inc		4.514		12/18/19		2,868
	62,753,000		Tunisia Government AID Bonds		1.686		07/16/19		61,018
	3,000,000		US Department of Housing and Urban Development (HUD)		5.380		08/01/18		3,381
	5,000,000		International Bank for Reconstruction & Development		0.500		04/15/16		4,983
	15,000,000		UNM Sandoval Regional Medical Center		4.500		07/20/36		15,598
			TOTAL AGENCY SECURITIES						465,407

FOREIGN GOVERNMENT BONDS - 6.3%
	4,300,000	g	Barbados Government International Bond		7.000		08/04/22		4,235
	4,500,000	g	Brazil Minas SPE via State of Minas Gerais		5.333		02/15/28		4,365
	4,210,000		Brazilian Government International Bond		5.875		01/15/19		4,795
	825,000		Brazilian Government International Bond		7.125		01/20/37		982
	4,500,000		Brazilian Government International Bond		5.625		01/07/41		4,477
	10,000,000	g	Caisse d’Amortissement de la Dette Sociale		2.000		04/17/20		9,551
	12,200,000		Canada Government International Bond		2.375		09/10/14		12,496
	25,275,000		Canada Government International Bond		0.875		02/14/17		25,151
	3,630,000		Chile Government International Bond		3.875		08/05/20		3,811
	4,840,000		Chile Government International Bond		2.250		10/30/22		4,356
	2,675,000		Colombia Government International Bond		4.375		07/12/21		2,786
	5,275,000		Colombia Government International Bond		2.625		03/15/23		4,708
	1,500,000		Colombia Government International Bond		6.125		01/18/41		1,669
	4,500,000	g	Costa Rica Government International Bond		4.250		01/26/23		4,162
	675,000	g	Costa Rica Government International Bond		5.625		04/30/43		611
	3,350,000	g	Croatia Government International Bond		6.375		03/24/21		3,505
	2,325,000	g	Croatia Government International Bond		5.500		04/04/23		2,255
	4,500,000	g	Dominican Republic International Bond		5.875		04/18/24		4,331
	32,500,000		European Investment Bank		1.125		04/15/15		32,869
	3,500,000		European Investment Bank		4.875		02/15/36		3,924
	15,350,000		Export Development Canada		2.250		05/28/15		15,864
	5,825,000		Export-Import Bank of Korea		1.250		11/20/15		5,758
	4,200,000		Export-Import Bank of Korea		4.375		09/15/21		4,257
	3,000,000		Federative Republic of Brazil		6.000		01/17/17		3,375
	3,225,000	g	Guatemala Government Bond		4.875		02/13/28		2,919
	1,650,000		Hungary Government International Bond		4.125		02/19/18		1,605
	500,000		Hungary Government International Bond		6.375		03/29/21		520
	40,200,000		Hydro Quebec		1.375		06/19/17		40,063
	2,000,000	g	Iceland Government International Bond		4.875		06/16/16		2,090
	1,660,000	g	Indonesia Government International Bond		3.750		04/25/22		1,560
	2,575,000	g	Indonesia Government International Bond		3.375		04/15/23		2,311
	4,500,000		Israel Government International Bond		4.000		06/30/22		4,579
	3,500,000		Israel Government International Bond		4.500		01/30/43		3,150
	4,400,000		Italy Government International Bond		5.375		06/12/17		4,784
	1,610,000		Italy Government International Bond		6.875		09/27/23		1,867
	18,750,000		KFW		2.625		01/25/22		18,674
	13,000,000	g	Kommunalbanken AS.		1.375		06/08/17		12,953

330

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	5,800,000	g,i	Kommunalbanken AS.		0.454	%	02/20/18	$	5,792
	2,400,000		Korea Development Bank		1.500		01/22/18		2,237
	3,750,000		Korea Development Bank		3.000		09/14/22		3,429
	3,670,000	g	Korea Housing Finance Corp		3.500		12/15/16		3,816
	3,250,000	g	Korea Housing Finance Corp		1.625		09/15/18		2,990
	1,000,000		Mexico Government International Bond		5.625		01/15/17		1,111
	2,900,000		Mexico Government International Bond		6.750		09/27/34		3,422
	5,000,000		Mexico Government International Bond		6.050		01/11/40		5,450
	1,500,000		Mexico Government International Bond		4.750		03/08/44		1,335
	4,100,000	g	Mongolia Government International Bond		5.125		12/05/22		3,608
	9,000,000	g	Morocco Government International Bond		4.250		12/11/22		7,922
	3,600,000	g	Namibia International Bonds		5.500		11/03/21		3,636
	9,250,000	g	National Bank of Canada		1.650		01/30/14		9,312
	5,000,000	g	Nederlandse Waterschapsbank NV		2.125		02/09/17		5,130
	89,950,000		North American Development Bank		2.400		10/26/22		82,977
	8,500,000		Panama Government International Bond		5.200		01/30/20		9,273
	1,000,000		Peruvian Government International Bond		7.125		03/30/19		1,210
	1,200,000		Peruvian Government International Bond		7.350		07/21/25		1,536
	1,250,000		Peruvian Government International Bond		6.550		03/14/37		1,475
	6,350,000		Poland Government International Bond		6.375		07/15/19		7,406
	6,167,000		Poland Government International Bond		5.125		04/21/21		6,707
	4,635,000		Poland Government International Bond		3.000		03/17/23		4,183
	25,000,000	g	Province of Alberta Canada		1.000		06/21/17		24,814
	13,825,000		Province of British Columbia Canada		2.850		06/15/15		14,451
	21,000,000		Province of British Columbia Canada		1.200		04/25/17		21,133
	15,000,000		Province of British Columbia Canada		2.000		10/23/22		13,791
	20,000,000		Province of Manitoba Canada		1.375		04/28/14		20,168
	20,750,000		Province of Manitoba Canada		1.750		05/30/19		20,289
	20,000,000		Province of New Brunswick Canada		2.750		06/15/18		20,800
	12,000,000		Province of Nova Scotia Canada		2.375		07/21/15		12,392
	27,400,000		Province of Ontario Canada		4.100		06/16/14		28,362
	24,250,000		Province of Ontario Canada		2.950		02/05/15		25,169
	35,525,000		Province of Ontario Canada		2.700		06/16/15		36,935
	24,000,000		Province of Ontario Canada		2.300		05/10/16		24,888
	2,250,000		Province of Quebec Canada		5.125		11/14/16		2,547
	8,835,000		Province of Quebec Canada		4.625		05/14/18		9,949
	22,500,000		Province of Quebec Canada		3.500		07/29/20		23,672
	20,000,000		Province of Quebec Canada		2.750		08/25/21		19,644
	6,000,000		Province of Quebec Canada		7.500		09/15/29		8,242
	2,500,000	g	Qatar Government International Bond		4.500		01/20/22		2,681
	4,230,000	g	Republic of Indonesia		4.875		05/05/21		4,336
	1,070,000	g	Republic of Serbia		7.250		09/28/21		1,102
	1,579,150	i	Republic of Serbia		6.750		11/01/24		1,575
	4,500,000		Republic of Turkey		7.500		07/14/17		5,164
	1,650,000		Republic of Turkey		6.000		01/14/41		1,646
	4,200,000	g	Romanian Government International Bond		6.750		02/07/22		4,682
	5,025,000	g	Romanian Government International Bond		4.375		08/22/23		4,774
	3,900,000	g	Russian Foreign Bond - Eurobond		3.625		04/29/15		4,036
	3,900,000	g	Russian Foreign Bond - Eurobond		3.250		04/04/17		4,012
	3,375,000	g	Russian Foreign Bond - Eurobond		5.000		04/29/20		3,611
	3,670,000	g	Russian Foreign Bond - Eurobond		5.625		04/04/42		3,808
	4,502,000		South Africa Government International Bond		6.875		05/27/19		5,099

331

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	3,500,000		South Africa Government International Bond		5.500	%	03/09/20	$	3,688
	3,775,000		South Africa Government International Bond		4.665		01/17/24		3,605
	1,600,000		South Africa Government International Bond		6.250		03/08/41		1,712
	15,000,000	g	Spain Government International Bond		4.000		03/06/18		14,764
	2,700,000	g	Sri Lanka Government International Bond		6.250		10/04/20		2,673
	1,630,000	g	Sri Lanka Government International Bond		6.250		07/27/21		1,606
	1,600,000	g	Sri Lanka Government International Bond		5.875		07/25/22		1,512
	7,680,000		Svensk Exportkredit AB		5.125		03/01/17		8,732
	7,050,000		Svensk Exportkredit AB		1.125		04/05/18		6,852
	2,180,000		United Mexican States		5.875		02/17/14		2,237
	3,500,000		United Mexican States		5.950		03/19/19		4,006
	500,000		United Mexican States		5.125		01/15/20		550
			TOTAL FOREIGN GOVERNMENT BONDS						861,034

MORTGAGE BACKED - 27.6%
	2,625,072	i	Federal Home Loan Mortgage Corp (FHLMC)		2.439		02/01/36		2,799
	4,949,334	i	FHLMC		2.701		07/01/36		5,277
	2,610,887	i	FHLMC		2.399		09/01/36		2,788
	3,012,987	i	FHLMC		2.545		09/01/36		3,192
	2,770,821	i	FHLMC		2.598		09/01/36		2,958
	1,803,708	i	FHLMC		2.858		09/01/36		1,922
	1,870,654	i	FHLMC		5.803		02/01/37		2,023
	6,290,252	i	FHLMC		2.734		03/01/37		6,709
	2,963,265	i	FHLMC		6.021		04/01/37		3,206
	43,967	i	FHLMC		6.081		05/01/37		47
	3,167,568	i	FHLMC		2.593		06/01/37		3,389
	3,269,467	i	FHLMC		3.034		08/01/37		3,460
	2,753,356	i	FHLMC		1.828		09/01/37		2,877
	24,325,463	i	FHLMC (Interest only)		6.368		09/15/41		6,311
	6,356,755		FHLMC		3.000		08/15/42		5,315
	923		Federal Home Loan Mortgage Corp Gold (FGLMC)		7.000		07/01/13		1
	369,738		FGLMC		6.500		12/01/16		393
	2,420,073		FGLMC		5.000		09/01/18		2,558
	1,115,446		FGLMC		4.500		10/01/18		1,171
	849,644		FGLMC		4.500		11/01/18		892
	1,038,385		FGLMC		5.500		01/01/19		1,123
	340,099		FGLMC		4.000		06/01/19		357
	1,206,686		FGLMC		4.500		01/01/20		1,269
	1,076,295		FGLMC		4.500		07/01/20		1,146
	706,772		FGLMC		4.500		08/01/20		744
	157,151		FGLMC		7.000		10/01/20		172
	9,385,115		FGLMC		4.500		06/01/21		9,887
	3,244,613		FGLMC		4.500		06/01/21		3,418
	1,166,024		FGLMC		5.000		04/01/23		1,249
	29,623		FGLMC		7.000		05/01/23		34
	281,413		FGLMC		6.000		10/01/23		309
	272,286		FGLMC		6.000		11/01/23		297
	4,458,217		FGLMC		4.000		07/01/24		4,673

332

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,392,684		FGLMC		4.500	%	09/01/24	$	1,466
	46,765		FGLMC		8.000		01/01/31		54
	84,230		FGLMC		7.000		12/01/31		88
	6,272		FGLMC		7.000		01/01/32		6
	338,719		FGLMC		8.000		02/01/32		395
	2,165,940		FGLMC		4.500		07/01/33		2,288
	1,399,512		FGLMC		5.500		11/01/33		1,552
	2,632,878		FGLMC		5.500		12/01/33		2,911
	5,334,061		FGLMC		5.500		12/01/33		5,789
	12,146,098		FGLMC		7.000		12/01/33		14,126
	17,186,568		FGLMC		5.000		01/01/34		18,459
	3,997,799		FGLMC		5.000		05/01/34		4,285
	2,545,426		FGLMC		6.000		09/01/34		2,800
	6,417,682		FGLMC		4.500		10/01/34		6,778
	532,655		FGLMC		5.500		12/01/34		573
	2,885,739		FGLMC		4.500		04/01/35		3,046
	1,034,498		FGLMC		6.000		05/01/35		1,132
	1,205,973		FGLMC		6.000		05/01/35		1,332
	1,002,860		FGLMC		6.000		05/01/35		1,112
	1,717,933		FGLMC		6.000		05/01/35		1,889
	2,114,933		FGLMC		6.000		05/01/35		2,309
	774,936		FGLMC		6.000		05/01/35		854
	4,819,631		FGLMC		7.000		05/01/35		5,605
	815,304		FGLMC		5.500		06/01/35		882
	2,163,392		FGLMC		5.500		06/01/35		2,344
	5,005,708		FGLMC		5.500		06/01/35		5,418
	1,067,618		FGLMC		5.500		06/01/35		1,156
	1,896,970		FGLMC		6.000		06/01/35		2,090
	3,760,450		FGLMC		4.500		08/01/35		3,964
	380,104		FGLMC		5.000		10/01/35		406
	344,565		FGLMC		6.500		11/01/35		387
	374,002		FGLMC		6.000		01/01/36		406
	1,170,202		FGLMC		5.000		02/01/36		1,251
	510,453		FGLMC		5.500		04/01/36		553
	121,582		FGLMC		6.500		05/01/36		136
	3,607,160		FGLMC		6.500		10/01/36		4,054
	4,008,258		FGLMC		6.000		08/01/37		4,392
	1,623,131		FGLMC		6.000		09/01/37		1,777
	2,233,405		FGLMC		6.500		11/01/37		2,512
	5,980,890		FGLMC		5.000		04/01/38		6,523
	3,728,470		FGLMC		6.000		11/01/38		4,042
	4,315,328		FGLMC		4.500		05/01/39		4,544
	4,504,068		FGLMC		5.000		07/01/39		4,808
	6,917,589		FGLMC		6.000		07/01/39		7,641
	18,424,999		FGLMC		4.500		11/01/40		20,101
	20,981,151		FGLMC		4.500		12/01/40		22,826
	25,000,000	h	FGLMC		3.000		07/15/43		24,367
	101,000,000	h	FGLMC		4.000		07/15/43		105,028
	93,000,000	h	FGLMC		4.500		07/15/43		97,926
	32,000,000	h	FGLMC		3.500		08/15/43		32,320
	2,491,922		Federal National Mortgage Association (FNMA)		4.440		07/01/13		2,492
	1,725,880		FNMA		4.770		10/01/13		1,737
	281,321		FNMA		4.854		02/01/14		283
	4,950,980		FNMA		4.440		04/01/14		5,012
	733,043		FNMA		4.606		01/01/15		750
	80,330		FNMA		7.500		02/01/15		83

333

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	264,626		FNMA		7.500	%	04/01/15	$	275
	170,181		FNMA		7.500		04/01/15		177
	19,333		FNMA		6.500		03/01/16		19
	8,209		FNMA		6.500		04/01/16		9
	145,996		FNMA		6.500		10/01/16		153
	169,073		FNMA		6.500		11/01/16		179
	1,355,958		FNMA		5.000		12/01/17		1,448
	379,644		FNMA		6.500		02/01/18		406
	865,963		FNMA		5.500		03/01/18		914
	2,822,087		FNMA		5.500		04/01/18		2,990
	257,136		FNMA		5.500		04/01/18		273
	340,890		FNMA		6.500		04/01/18		366
	117,950		FNMA		5.500		05/01/18		125
	5,297,687		FNMA		4.500		12/01/18		5,761
	126,305		FNMA		6.000		01/01/19		137
	33,241		FNMA		6.000		02/01/19		36
	2,850,693		FNMA		5.000		04/01/19		3,044
	1,217,716		FNMA		4.500		06/01/19		1,294
	1,802,762		FNMA		5.000		03/01/20		1,925
	1,431,101		FNMA		5.500		07/01/20		1,545
	622,927		FNMA		4.500		11/01/20		662
	1,317,508		FNMA		5.000		12/01/20		1,404
	2,891,646		FNMA		5.000		03/01/21		3,087
	1,615,816		FNMA		5.500		08/01/21		1,741
	1,100,886		FNMA		4.500		03/01/23		1,169
	85,487		FNMA		8.000		03/01/23		97
	2,186,015		FNMA		4.500		06/01/23		2,322
	1,265,589		FNMA		5.000		07/01/23		1,349
	3,042,575		FNMA		5.000		07/01/23		3,263
	1,503,167		FNMA		5.000		12/01/23		1,631
	481,155		FNMA		5.500		02/01/24		526
	2,158,713		FNMA		4.000		05/01/24		2,275
	966,146		FNMA		5.500		07/01/24		1,057
	175,937		FNMA		8.000		07/01/24		207
	1,749,001		FNMA		4.500		08/01/24		1,856
	1,265,602		FNMA		5.500		08/01/24		1,385
	8,287,100		FNMA		4.000		09/01/24		8,763
	3,720,151		FNMA		5.000		10/01/25		4,045
	38,973		FNMA		9.000		11/01/25		46
	10,804,860		FNMA		3.000		05/01/27		11,159
	53,000,000	h	FNMA		2.500		07/25/28		53,306
	93,000,000	h	FNMA		3.000		07/25/28		95,659
	45,000,000	h	FNMA		4.000		07/25/28		47,431
	22,000,000	h	FNMA		4.500		07/25/28		23,323
	2,490,069		FNMA		6.500		07/01/32		2,788
	183,241		FNMA		7.000		07/01/32		214
	232,858		FNMA		7.000		07/01/32		272
	2,636,586		FNMA		5.500		01/01/33		2,889
	1,632,977		FNMA		6.000		01/01/33		1,823
	395,316		FNMA		5.000		02/01/33		428
	2,238,157		FNMA		4.500		03/25/33		2,332
	1,334,847		FNMA		4.500		08/01/33		1,416

334

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,675,222		FNMA		5.000	%	08/01/33	$	1,812
	2,318,473		FNMA		4.500		10/01/33		2,460
	398,540		FNMA		5.000		10/01/33		431
	1,757,825		FNMA		5.000		10/01/33		1,902
	245,410		FNMA		5.000		11/01/33		274
	2,986,687		FNMA		5.000		11/01/33		3,236
	4,100,766		FNMA		5.000		11/01/33		4,576
	11,722,574		FNMA		5.000		11/01/33		12,683
	316,486		FNMA		5.500		12/01/33		349
	3,300,991		FNMA		5.500		12/01/33		3,689
	772,251		FNMA		5.500		12/01/33		845
	4,238,960		FNMA		5.000		03/01/34		4,586
	482,321		FNMA		5.000		03/01/34		522
	655,572		FNMA		5.000		03/01/34		709
	568,124		FNMA		5.000		03/01/34		615
	1,684,079		FNMA		5.000		03/01/34		1,822
	2,398,978		FNMA		5.500		03/01/34		2,647
	4,588,818		FNMA		5.000		04/01/34		4,956
	15,076,531		FNMA		5.000		08/01/34		16,288
	2,993,668		FNMA		6.000		08/01/34		3,341
	1,258,937		FNMA		5.500		09/01/34		1,402
	986,442		FNMA		5.500		09/01/34		1,101
	984,383		FNMA		5.500		10/01/34		1,084
	1,021,975		FNMA		5.500		10/01/34		1,141
	1,290,428		FNMA		6.000		12/01/34		1,434
	1,163,455		FNMA		5.500		01/01/35		1,276
	18,042,475		FNMA		5.500		02/01/35		19,747
	1,753,136		FNMA		5.500		04/01/35		1,931
	1,884,538		FNMA		6.000		04/01/35		2,076
	4,031,650		FNMA		4.500		05/01/35		4,277
	7,739,250		FNMA		5.500		05/01/35		8,479
	2,328,358		FNMA		6.000		05/01/35		2,585
	262,658		FNMA		5.500		06/01/35		286
	406,200		FNMA		5.500		06/01/35		447
	1,842,372		FNMA		5.500		06/01/35		2,001
	858,388		FNMA		5.500		06/01/35		938
	1,148,343		FNMA		5.500		06/01/35		1,255
	71,214		FNMA		7.500		06/01/35		78
	543,725		FNMA		5.500		07/01/35		590
	1,275,686		FNMA		6.000		07/01/35		1,403
	2,160,862		FNMA		4.500		08/01/35		2,286
	3,613,113		FNMA		5.000		08/01/35		3,890
	4,824,451		FNMA		5.500		09/01/35		5,392
	2,711,306		FNMA		5.000		10/01/35		2,919
	1,766,819		FNMA		5.500		11/01/35		1,927
	2,489,420	i	FNMA		2.515		02/01/36		2,654
	3,425,999		FNMA		5.000		02/01/36		3,692
	6,300,153		FNMA		6.000		03/01/36		6,856
	1,649,839	i	FNMA		2.760		07/01/36		1,772
	1,993,846		FNMA		6.500		09/01/36		2,220
	2,250,135		FNMA		6.000		12/01/36		2,449
	3,102,049		FNMA		6.500		03/01/37		3,458

335

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	104,590		FNMA		6.500	%	03/01/37	$	116
	2,385,840		FNMA		7.000		04/01/37		2,775
	3,085,013		FNMA		6.500		08/01/37		3,431
	1,061,103		FNMA		6.500		08/01/37		1,180
	2,833,419		FNMA		6.000		09/01/37		3,169
	1,884,255		FNMA		6.000		09/01/37		2,052
	2,672,925		FNMA		6.000		09/01/37		2,994
	1,915,807		FNMA		6.000		09/01/37		2,149
	257,733		FNMA		6.500		09/01/37		286
	2,290,321		FNMA		6.500		09/01/37		2,522
	3,260,990		FNMA		6.500		09/01/37		3,586
	3,093,291		FNMA		6.500		09/01/37		3,440
	1,590,050		FNMA		6.500		09/01/37		1,830
	5,544,414	i	FNMA		2.479		10/01/37		5,917
	924,338		FNMA		7.000		11/01/37		1,075
	257,346		FNMA		6.500		01/01/38		289
	86,940		FNMA		6.500		02/01/38		97
	153,960		FNMA		6.500		03/01/38		166
	1,681,839		FNMA		6.500		03/01/38		1,864
	257,894		FNMA		6.500		03/01/38		289
	5,225,096		FNMA		6.000		07/01/38		5,678
	2,190,366	i	FNMA		4.918		10/01/38		2,367
	8,871,515		FNMA		6.000		10/01/38		9,641
	3,085,956		FNMA		4.500		01/01/39		3,264
	2,226,001		FNMA		5.500		01/01/39		2,414
	2,523,862		FNMA		6.000		01/01/39		2,743
	1,780,706		FNMA		6.000		01/01/39		1,935
	6,097,779		FNMA		4.500		02/01/39		6,450
	4,299,386		FNMA		4.500		02/01/39		4,547
	2,395,048		FNMA		5.500		02/01/39		2,598
	7,020,665		FNMA		4.000		04/01/39		7,367
	3,344,492		FNMA		4.500		05/01/39		3,538
	5,713,821		FNMA		4.500		08/01/39		6,044
	10,395,653		FNMA		5.500		08/01/39		11,439
	21,533,994		FNMA		4.500		09/01/40		22,815
	43,698,407		FNMA		4.500		09/01/40		46,299
	10,249,958		FNMA		4.000		11/01/40		10,683
	21,198,405		FNMA		4.500		11/01/40		22,623
	18,089,490		FNMA		4.000		02/01/41		18,855
	15,737,886		FNMA		3.500		10/01/42		16,007
	237,000,000	h	FNMA		3.000		07/25/43		231,556
	505,000,000	h	FNMA		3.500		07/25/43		512,654
	156,000,000	h	FNMA		4.000		07/25/43		162,514
	108,000,000	h	FNMA		4.500		07/25/43		114,278
	244,000,000	h	FNMA		5.000		07/25/43		262,586
	257,000,000	h	FNMA		5.500		07/25/43		279,126
	88,000,000	h	FNMA		6.000		07/25/43		95,700
	144,000,000	h	FNMA		4.000		08/25/43		149,698
	9,316		Government National Mortgage Association (GNMA)		9.000		06/15/16		10
	3,933		GNMA		9.000		09/15/16		4
	2,842		GNMA		9.000		09/15/16		3
	8,210		GNMA		9.000		11/15/16		8

336

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,530		GNMA		9.000	%	12/15/16	$	3
	5,793		GNMA		9.000		12/15/16		6
	44,672		GNMA		9.500		12/15/16		48
	22,618		GNMA		8.000		06/15/24		26
	41,362		GNMA		8.500		11/20/30		49
	63,692		GNMA		8.500		12/20/30		77
	1,676,593		GNMA		5.500		07/15/33		1,846
	846,339		GNMA		5.500		11/20/33		934
	3,115,679		GNMA		5.500		03/20/35		3,441
	1,662,930		GNMA		5.500		12/20/35		1,828
	1,006,810		GNMA		6.000		10/20/36		1,116
	1,048,422		GNMA		6.000		01/20/37		1,159
	2,966,209		GNMA		6.000		02/20/37		3,288
	2,662,222		GNMA		6.000		12/15/37		2,955
	2,376,772		GNMA		5.000		04/15/38		2,566
	2,782,653		GNMA		5.500		07/15/38		3,032
	3,914,960		GNMA		5.500		07/20/38		4,284
	1,483,970		GNMA		6.000		08/15/38		1,647
	1,362,401		GNMA		6.000		08/20/38		1,507
	2,103,512		GNMA		6.500		11/20/38		2,367
	4,340,002		GNMA		5.000		06/15/39		4,795
	4,926,244		GNMA		5.000		06/15/39		5,441
	9,416,654		GNMA		4.500		07/20/39		10,092
	2,814,326		GNMA		5.000		07/20/39		3,077
	3,199,223		GNMA		4.000		08/15/39		3,358
	1,375,812		GNMA		4.000		11/20/39		1,447
	74,000,000	h	GNMA		3.000		07/15/43		73,156
	232,000,000	h	GNMA		3.500		07/15/43		237,981
	78,000,000	h	GNMA		4.000		07/15/43		81,754
	95,000,000	h	GNMA		4.500		07/15/43		100,800
	40,000,000	h	GNMA		6.000		07/15/43		44,377
	33,000,000	h	GNMA		3.500		07/20/43		33,866
	79,000,000	h	GNMA		5.000		07/20/43		85,493
	7,773,417		GNMA		6.500		01/15/44		8,241
			TOTAL MORTGAGE BACKED						3,775,544

MUNICIPAL BONDS - 4.1%
	2,000,000		Charlotte-Mecklenburg Hospital Authority		5.000		08/01/15		2,116
	15,000,000		City of New York NY		2.450		04/01/19		14,842
	10,000,000		City of New York NY		2.650		04/01/20		9,832
	14,000,000		Florida Hurricane Catastrophe Fund Finance Corp		1.298		07/01/16		13,861
	30,000,000		Florida Hurricane Catastrophe Fund Finance Corp		2.107		07/01/18		29,021
	8,800,000		New York State Urban Development Corp		0.550		03/15/16		8,704
	8,800,000		New York State Urban Development Corp		1.350		03/15/18		8,594
	2,000,000		Permanent University Fund		1.439		07/01/17		1,988
	2,625,000		Permanent University Fund		1.730		07/01/18		2,602
	4,720,000		Permanent University Fund		1.880		07/01/19		4,605
	2,320,000		Permanent University Fund		2.258		07/01/20		2,251
	2,160,000		Permanent University Fund		2.408		07/01/21		2,088
	2,750,000		Permanent University Fund		2.508		07/01/22		2,643
	2,855,000		Permanent University Fund		2.608		07/01/23		2,727

337

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL		ISSUER	RATE			DATE	(000)
$	3,250,000	Permanent University Fund		2.708	%	07/01/24	$	3,088
	2,335,000	Permanent University Fund		2.808		07/01/25		2,208
	3,775,000	Permanent University Fund		2.908		07/01/26		3,558
	4,000,000	Permanent University Fund		3.008		07/01/27		3,759
	18,535,000	Permanent University Fund		3.575		07/01/32		16,591
	12,300,000	State of California		0.850		02/01/15		12,310
	9,000,000	State of California		5.450		04/01/15		9,670
	15,625,000	State of California		1.050		02/01/16		15,601
	11,370,000	State of California		5.950		04/01/16		12,706
	2,915,000	State of Georgia		1.750		07/01/19		2,853
	3,060,000	State of Georgia		2.000		07/01/20		2,977
	3,215,000	State of Georgia		2.150		07/01/21		3,117
	3,905,000	State of Georgia		2.750		07/01/25		3,694
	4,100,000	State of Georgia		2.850		07/01/26		3,676
	4,305,000	State of Georgia		2.950		07/01/27		3,816
	4,520,000	State of Georgia		3.050		07/01/28		3,969
	3,245,000	State of Georgia		3.150		07/01/29		2,834
	14,385,000	State of Illinois		4.511		03/01/15		15,088
	12,500,000	State of Illinois		2.000		06/15/15		12,807
	12,500,000	State of Illinois		0.750		06/15/16		12,362
	19,760,000	State of Illinois		4.833		02/01/17		21,035
	12,500,000	State of Illinois		1.750		06/15/17		12,567
	8,000,000	State of Illinois		4.350		06/01/18		8,350
	7,500,000	State of Illinois		2.000		06/15/18		7,489
	7,500,000	State of Illinois		2.000		06/15/19		7,339
	12,500,000	State of Illinois		1.930		06/15/20		11,851
	12,500,000	State of Illinois		2.250		06/15/21		11,795
	10,000,000	State of Illinois		4.310		04/01/23		9,455
	11,535,000	State of Illinois		4.610		04/01/25		10,814
	9,350,000	State of Illinois		4.760		04/01/26		8,736
	12,500,000	State of Illinois		3.150		06/15/26		11,315
	13,880,000	State of Illinois		4.910		04/01/27		12,930
	12,500,000	State of Illinois		3.250		06/15/27		11,158
	8,115,000	State of Illinois		5.010		04/01/28		7,537
	20,870,000	State of Michigan		3.500		05/15/30		18,537
	21,640,000	State of Michigan		3.600		05/15/31		19,146
	22,455,000	State of Michigan		3.700		05/15/32		19,823
	13,515,000	University of California		1.296		05/15/18		13,105
	60,000,000	University of California		1.796		07/01/19		58,321
	11,735,000	University of California		1.995		05/15/20		11,179
	4,500,000	University of California		2.300		05/15/21		4,237
	6,000,000	University of California		2.570		05/15/22		5,668
		TOTAL MUNICIPAL BONDS						554,945

U.S. TREASURY SECURITIES - 14.1%
	189,872,000	United States Treasury Bond		8.000		11/15/21		275,270
	22,000,000	United States Treasury Bond		6.375		08/15/27		30,800
	49,175,000	United States Treasury Bond		5.250		02/15/29		62,560
	45,661,000	United States Treasury Bond		5.375		02/15/31		59,481
	677,000	United States Treasury Bond		4.500		02/15/36		806

338

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	26,135,000		United States Treasury Bond		4.375	%	05/15/41	$	30,651
	16,434,000		United States Treasury Bond		3.750		08/15/41		17,351
	76,470,000		United States Treasury Bond		3.125		02/15/43		71,380
	15,000,000		United States Treasury Note		0.250		02/28/14		15,011
	60,000,000		United States Treasury Note		0.250		03/31/14		60,040
	6,050,000		United States Treasury Note		0.250		05/31/14		6,054
	36,250,000		United States Treasury Note		0.250		06/30/14		36,271
	47,532,000		United States Treasury Note		0.250		09/30/14		47,549
	60,905,000		United States Treasury Note		0.250		11/30/14		60,919
	160,485,000		United States Treasury Note		0.125		12/31/14		160,197
	175,415,000		United States Treasury Note		0.250		01/31/15		175,381
	147,305,000		United States Treasury Note		0.250		02/28/15		147,196
	72,796,000		United States Treasury Note		0.250		05/31/15		72,668
	12,717,000		United States Treasury Note		1.875		06/30/15		13,098
	15,952,000		United States Treasury Note		1.750		07/31/15		16,403
	141,110,000		United States Treasury Note		0.250		08/15/15		140,625
	88,005,000		United States Treasury Note		0.250		09/15/15		87,647
	63,788,000		United States Treasury Note		0.250		10/15/15		63,504
	18,485,000		United States Treasury Note		1.250		10/31/15		18,826
	86,747,000		United States Treasury Note		0.375		11/15/15		86,557
	3,300,000		United States Treasury Note		0.375		03/15/16		3,282
	9,800,000		United States Treasury Note		2.375		03/31/16		10,279
	4,175,000		United States Treasury Note		0.500		06/15/16		4,157
	68,903,000		United States Treasury Note		1.000		10/31/16		69,312
	10,000,000		United States Treasury Note		3.125		10/31/16		10,758
	1,985,000		United States Treasury Note		1.000		05/31/18		1,951
	12,420,000		United States Treasury Note		2.375		05/31/18		13,022
	17,100,000	l	United States Treasury Note		2.250		07/31/18		17,811
	10,365,000		United States Treasury Note		1.750		10/31/18		10,511
	5,625,000		United States Treasury Note		1.375		02/28/19		5,563
	5,550,000		United States Treasury Note		1.000		06/30/19		5,335
	3,870,000		United States Treasury Note		1.250		10/31/19		3,754
	5,000,000		United States Treasury Note		1.375		05/31/20		4,825
	319,500		United States Treasury Note		2.625		11/15/20		333
	4,150,000		United States Treasury Note		1.750		05/15/23		3,887
	5,000,000		United States Treasury Note		2.875		05/15/43		4,425
			TOTAL U.S. TREASURY SECURITIES						1,925,450

			TOTAL GOVERNMENT BONDS						7,582,380
			(Cost $7,540,853)

339

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
STRUCTURED ASSETS - 9.3%
ASSET BACKED - 6.2%
$	74,500,000		AEP Texas Central Transtion Funding LLC		1.976	%	06/01/21	$	73,605
			Series - 2012 1 (Class A2)
	60,000,000		Ally Auto Receivables Trust 2013-SN1		0.520		05/20/15		59,990
			Series - 2013 SN1 (Class A2)
	24,000,000		Ally Master Owner Trust		1.000		02/15/18		23,783
			Series - 2013 1 (Class A2)
	39,753,000		Ally Master Owner Trust		1.720		07/15/19		39,383
			Series - 2012 4 (Class A)
	8,710,000		Ally Master Owner Trust		1.540		09/15/19		8,531
			Series - 2012 5 (Class A)
	13,555,367		AmeriCredit Automobile Receivables Trust		0.710		12/08/15		13,562
			Series - 2012 3 (Class A2)
	5,500,000		AmeriCredit Automobile Receivables Trust		1.570		01/08/19		5,353
			Series - 2013 1 (Class C)
	74,236	g	Asset Backed Funding Corp NIM Trust		5.900		07/26/35		0	^
			Series - 2006 WMC1 (Class N1)
	495,000	g	Avis Budget Rental Car Funding AESOP LLC		3.241		08/20/16		505
			Series - 2012 1A (Class B)
	4,890,000	g	Avis Budget Rental Car Funding AESOP LLC		3.887		05/20/18		5,092
			Series - 2012 2A (Class B)
	31,790,000	g	Avis Budget Rental Car Funding AESOP LLC		1.920		09/20/19		31,050
			Series - 2013 1A (Class A)
	3,746,454	i	Bear Stearns Asset Backed Securities Trust		0.563		11/25/39		3,650
			Series - 2005 SD3 (Class 2A1)
	2,900,000		Capital Auto Receivables Asset Trust		1.290		04/20/18		2,864
			Series - 2013 1 (Class B)
	3,175,000		Capital Auto Receivables Asset Trust 2013-1-C		1.740		10/22/18		3,115
			Series - 2013 1 (Class C)
	1,180,137	i	Chase Funding Mortgage Loan Asset-Backed Certificates		5.572		02/25/35		847
			Series - 2004 2 (Class 1M2)
	1,949,314	i	CIT Group Home Equity Loan Trust		6.200		02/25/30		1,943
			Series - 2002 1 (Class AF6)
	31,880,000	g	CKE Restaurant Holdings, Inc		4.474		03/20/43		31,858
			Series - 2013 1A (Class A2)
	36,000,000		CNH Equipment Trust		0.690		08/15/18		35,672
			Series - 2013 B (Class A3)
	518,627	i	Countrywide Asset-Backed Certificates		0.603		05/25/36		514
			Series - 2004 AB2 (Class A3)
	580,990	i	Countrywide Asset-Backed Certificates		5.585		10/25/46		579
			Series - 2006 15 (Class A2)
	1,715,614	g,i	Credit-Based Asset Servicing and Securitization LLC		6.159		12/25/36		1,739
			Series - 2007 MX1 (Class A1)
	5,525,000	g,i	DB/UBS Mortgage Trust		5.728		11/10/46		5,874
			Series - 2011 LC1A (Class C)
	97,825,719	g	Dominos Pizza Master Issuer LLC		5.216		01/25/42		104,434
			Series - 2012 1A (Class A2)
	4,686,789	g,i	Flagstar Home Equity Loan Trust		5.781		01/25/35		4,686
			Series - 2007 1A (Class AF3)

340

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,725,000		Ford Credit Auto Owner Trust		3.210	%	07/15/17	$	2,827
			Series - 2011 A (Class D)
	5,250,000		Ford Credit Auto Owner Trust		1.150		07/15/18		5,155
			Series - 2013 A (Class B)
	5,820,000		Ford Credit Auto Owner Trust		1.110		10/15/18		5,719
			Series - 2013 B (Class B)
	6,000,000		Ford Credit Auto Owner Trust		1.360		10/15/18		5,816
			Series - 2013 A (Class C)
	19,261,000		Ford Credit Floorplan Master		0.850		01/15/18		19,151
			Series - 0 1 (Class A1)
	6,990,000	g	Hertz Vehicle Financing LLC		5.020		02/25/15		7,111
			Series - 2010 1A (Class B1)
	3,980,000	g	Hertz Vehicle Financing LLC		2.200		03/25/16		4,051
			Series - 2011 1A (Class A1)
	11,565,000	g	Hertz Vehicle Financing LLC		3.740		02/25/17		12,147
			Series - 2010 1A (Class A2)
	5,000,000	g	Hertz Vehicle Financing LLC		1.860		08/25/17		4,934
			Series - 2013 1A (Class B1)
	24,500,000	g	Hertz Vehicle Financing LLC		1.830		08/25/19		23,543
			Series - 2013 1A (Class A2)
	15,000,000		Hyundai Auto Receivables Trust		1.130		09/17/18		14,738
			Series - 2013 A (Class B)
	3,308,241	i	Irwin Home Equity Corp		0.573		02/25/34		3,066
			Series - 2005 A (Class A3)
	8,354,485	g	JG Wentworth XXII LLC		3.820		12/15/48		8,742
			Series - 2010 3A (Class A)
	5,759,318	g	JGWPT XXV LLC		4.210		02/16/65		5,927
			Series - 2012 1A (Class A)
	7,812,814	g	JGWPT XXVI LLC		3.840		10/15/59		7,775
			Series - 2012 2A (Class A)
	4,961,039	i	Lehman XS Trust		0.443		02/25/36		4,365
			Series - 2006 1 (Class 1A1)
	17,739,753		Lehman XS Trust		6.500		06/25/46		13,256
			Series - 2006 13 (Class 2A1)
	1,065,087	i	Long Beach Mortgage Loan Trust		0.943		02/25/35		1,056
			Series - 2005 1 (Class M1)
	40,000,000		Nissan Auto Lease Trust		0.610		04/15/16		39,801
			Series - 2013 A (Class A3)
	25,000,000		Nissan Auto Lease Trust		0.740		10/15/18		24,809
			Series - 2013 A (Class A4)
	2,129,578	i	Park Place Securities, Inc		1.138		09/25/34		2,121
			Series - 2004 WHQ1 (Class M1)
	35,695	i	Renaissance Home Equity Loan Trust		0.633		08/25/33		33
			Series - 2003 2 (Class A)
	276,918	i	Residential Asset Securities Corp		6.489		10/25/30		278
			Series - 2001 KS2 (Class AI6)
	1,698,051	i	Residential Asset Securities Corp		0.623		04/25/35		1,654
			Series - 2005 KS3 (Class M3)
	8,789,594		Residential Funding Mortgage Securities II, Inc		5.500		08/25/25		8,709
			Series - 2006 HI5 (Class A3)

341

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,395,677	i	Residential Funding Mortgage Securities II, Inc		5.450	%	08/25/34	$	2,448
			Series - 2005 HI1 (Class A5)
	2,511,810		Residential Funding Mortgage Securities II, Inc		5.960		02/25/36		2,559
			Series - 2006 HI3 (Class A3)
	2,500,000	i	Residential Funding Mortgage Securities II, Inc		6.010		02/25/36		2,486
			Series - 2006 HI1 (Class M1)
	350,000	i	Residential Funding Mortgage Securities II, Inc		6.060		02/25/36		347
			Series - 2006 HI1 (Class M2)
	17,092,311		Santander Drive Auto Receivables Trust		0.790		08/17/15		17,096
			Series - 2012 4 (Class A2)
	4,000,000		Santander Drive Auto Receivables Trust		1.760		01/15/19		3,902
			Series - 2013 1 (Class C)
	1,858,849	i	Securitized Asset Backed Receivables LLC		0.493		10/25/35		1,811
			Series - 2006 OP1 (Class A2C)
	1,050,304	g	Sierra Receivables Funding Co LLC		1.590		11/20/29		1,043
			Series - 2013 1A (Class A)
	41,823,000	g	SLM Student Loan Trust		3.740		02/15/29		44,071
			Series - 2011 B (Class A2)
	1,500,000	g	SLM Student Loan Trust		3.830		01/17/45		1,595
			Series - 2012 A (Class A2)
	3,466,948	i	Soundview Home Equity Loan Trust		0.493		11/25/35		3,410
			Series - 2005 OPT3 (Class A4)
	773,329	i	Structured Asset Investment Loan Trust		0.793		05/25/35		769
			Series - 2005 4 (Class M1)
	1,849,168	i	Structured Asset Investment Loan Trust		0.473		12/25/35		1,842
			Series - 2005 10 (Class A5)
	11,885,330	g,i	Structured Asset Securities Corp Mortgage Loan Trust		0.413		10/25/36		11,415
			Series - 2006 GEL4 (Class A2)
	10,000,000	g	Volvo Financial Equipment LLC		0.740		03/15/17		9,954
			Series - 2013 1A (Class A3)
	8,585,000	g	Vornado DP LLC		5.280		09/13/28		9,214
			Series - 2010 VNO (Class C)
	980,388	g,m	Wachovia Amortization Controlled Heloc NIM		5.683		08/12/47		1,020
			Series - 2006 N1 (Class N1)
	2,009,371	g,i	Wachovia Loan Trust		0.553		05/25/35		1,859
			Series - 2005 SD1 (Class A)
	1,676,173	i	Wells Fargo Home Equity Trust		0.333		07/25/36		1,656
			Series - 2006 2 (Class A3)
	18,900,000		World Financial Network Credit Card Master Trust		0.910		03/16/20		18,757
			Series - 2013 B (Class A)
	23,000,000		World Omni Auto Receivables Trust		0.640		04/16/18		22,823
			Series - 2013 A (Class A3)
			TOTAL ASSET BACKED						845,490

OTHER MORTGAGE BACKED - 3.1%
	27,850,000		Banc of America Commercial Mortgage Trust		5.390		10/10/45		29,551
			Series - 2006 6 (Class AM)
	1,315,000		Banc of America Commercial Mortgage Trust		5.675		07/10/46		1,456
			Series - 2006 4 (Class AM)
	24,070,000	i	Banc of America Commercial Mortgage Trust 2008-		6.395		02/10/51		27,581
			Series - 2008 1 (Class A4)

342

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	6,800,000	i	Bear Stearns Commercial Mortgage Securities		5.582	%	09/11/41	$	7,429
			Series - 2006 PW13 (Class AM)
	6,375,000	i	Bear Stearns Commercial Mortgage Securities		5.568		10/12/41		6,968
			Series - 2006 T24 (Class AM)
	42,013		Citicorp Mortgage Securities, Inc		5.750		11/25/36		42
			Series - 2006 6 (Class A2)
	188,665	g,i	Citigroup Commercial Mortgage Trust		0.333		04/15/22		187
			Series - 2007 FL3A (Class A2)
	5,870,000		Citigroup Commercial Mortgage Trust		1.813		09/10/45		5,858
			Series - 2012 GC8 (Class A2)
	15,000,000	i	COBALT CMBS Commercial Mortgage Trust 2007-C2		5.526		04/15/47		16,485
			Series - 2007 C2 (Class AMFX)
	15,820,926		Commercial Mortgage Pass Through Certificates		0.719		03/10/46		15,623
			Series - 2013 CR6 (Class A1)
	9,330,000	i	Commercial Mortgage Pass Through Certificates		5.650		12/10/49		10,279
			Series - 2007 C9 (Class AM)
	3,160,000	i	Commercial Mortgage Pass-Through Certificates		5.989		06/15/38		3,437
			Series - 2006 C3 (Class AM)
	4,122,194		Countrywide Alternative Loan Trust		5.500		08/25/16		4,181
			Series - 2004 30CB (Class 1A15)
	3,222,080		Countrywide Home Loan Mortgage Pass Through Trust		5.250		02/25/16		3,209
			Series - 2005 6 (Class 1A10)
	746,185		Countrywide Home Loan Mortgage Pass Through Trust		5.250		05/25/35		739
			Series - 2005 12 (Class 1A5)
	990,000	i	Credit Suisse First Boston Mortgage Securities Corp		5.100		08/15/38		1,013
			Series - 2005 C5 (Class C)
	2,000,000	i	Credit Suisse First Boston Mortgage Securities Corp		5.100		08/15/38		2,097
			Series - 2005 C5 (Class B)
	3,144,847	g,i	Credit Suisse Mortgage Capital Certificates		0.373		04/15/22		3,110
			Series - 2007 TF2A (Class A1)
	11,500,000	g	Credit Suisse Mortgage Capital Certificates		5.626		05/15/23		12,777
			Series - 2006 OMA (Class D)
	12,935,000		Credit Suisse Mortgage Capital Certificates		5.509		09/15/39		13,882
			Series - 2006 C4 (Class AM)
	11,235,000	g	Credit Suisse Mortgage Capital Certificates		5.383		02/15/40		11,664
			Series - 2009 RR1 (Class A3C)
	3,305,000	g	GS Mortgage Securities Corp II		2.933		06/05/31		3,286
			Series - 2012 SHOP (Class A)
	2,500,000	g	GS Mortgage Securities Corp II		4.049		04/10/34		2,492
			Series - 2012 ALOH (Class B)
	5,952,000	g,i	GS Mortgage Securities Corp II		4.276		04/10/34		5,832
			Series - 2012 GSMS (Class C)
	5,910,000	g,i	GS Mortgage Securities Corp II		5.400		12/10/43		6,309
			Series - 2010 C2 (Class B)
	4,670,000	g,i	GS Mortgage Securities Corp II		5.400		12/10/43		4,836
			Series - 2010 C2 (Class C)
	7,505,843		GS Mortgage Securities Corp II		0.696		02/10/46		7,425
			Series - 2013 GC10 (Class A1)
	23,168,091	g	GS Mortgage Securities Trust		2.059		04/10/31		22,520
			Series - 2013 G1 (Class A1)
	2,393,714	i	Impac CMB Trust		0.853		02/25/36		2,153
			Series - 2004 11 (Class 2A1)

343

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,240,000		JP Morgan Chase Commercial Mortgage Securities Corp		5.440	%	05/15/45	$	1,353
			Series - 2006 LDP8 (Class AM)
	6,455,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp		5.431		07/15/46		6,711
			Series - 2011 C4 (Class C)
	1,965,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		6.140		02/15/51		2,051
			Series - 2007 C1 (Class AM)
	46,918	i	JP Morgan Mortgage Trust		4.115		04/25/35		47
			Series - 2005 A2 (Class 5A1)
	3,350,000		LB-UBS Commercial Mortgage Trust		5.378		11/15/38		3,594
			Series - 2006 C7 (Class AM)
	3,575,000	i	LB-UBS Commercial Mortgage Trust		5.057		09/15/40		3,699
			Series - 2005 C5 (Class AJ)
	31,459		MASTER Asset Securitization Trust		5.000		05/25/35		31
			Series - 2005 1 (Class 2A5)
	3,729,128	i	Merrill Lynch Mortgage Trust		5.107		07/12/38		3,948
			Series - 2005 CIP1 (Class AM)
	2,205,000	i	Merrill Lynch Mortgage Trust		6.441		02/12/51		2,323
			Series - 0 C1 (Class AJA)
	27,673,289		Morgan Stanley Bank of America Merrill Lynch Trust		0.825		05/15/46		27,314
			Series - 2013 C9 (Class A1)
	23,650,596		Morgan Stanley Bank of America Merrill Lynch Trust		0.777		12/15/48		23,431
			Series - 2013 C8 (Class A1)
	2,010,000	i	Morgan Stanley Capital I		5.478		02/12/44		2,203
			Series - 2007 HQ11 (Class AM)
	3,550,000	g,i	Morgan Stanley Capital I		5.420		09/15/47		3,413
			Series - 2011 C1 (Class D)
	6,560,000	g,i	Morgan Stanley Capital I		5.420		09/15/47		6,914
			Series - 2011 C1 (Class C)
	3,075,000	i	Morgan Stanley Capital I		5.544		11/12/49		3,336
			Series - 2007 T25 (Class AM)
	12,300,000	i	Morgan Stanley Capital I Trust 2006-HQ9		5.793		07/12/44		13,143
			Series - 2006 HQ9 (Class AJ)
	1,120,000	g	Morgan Stanley Capital I Trust 2013-WLSR		2.695		01/11/32		1,086
			Series - 2013 WLSR (Class A)
	2,278,443		Residential Accredit Loans, Inc		4.350		03/25/34		2,323
			Series - 2004 QS4 (Class A1)
	13,410,410	i	Residential Accredit Loans, Inc		0.383		05/25/46		10,000
			Series - 2006 QO5 (Class 2A1)
	2,995,865		RFMSI Trust		5.500		03/25/35		3,046
			Series - 2005 S2 (Class A6)
	3,632,566	g,i	Springleaf Mortgage Loan Trust		2.667		09/25/57		3,704
			Series - 2012 1A (Class A)
	3,822,840	g,i	Springleaf Mortgage Loan Trust		2.220		10/25/57		3,878
			Series - 0 2A (Class A)
	25,526	i	Structured Adjustable Rate Mortgage Loan Trust		0.953		03/25/35		26
			Series - 2005 6XS (Class A3)
	37,620,000		Wachovia Bank Commercial Mortgage Trust		5.383		12/15/43		39,658
			Series - 2007 C30 (Class AM)
	5,020,000		Wachovia Bank Commercial Mortgage Trust		5.500		04/15/47		5,619
			Series - 2007 C31 (Class A5)

344

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	9,500,000	i	Wachovia Bank Commercial Mortgage Trust		5.660	%	04/15/47	$	9,120
			Series - 2007 C31 (Class AJ)
	4,725,000	g,i	Wells Fargo Mortgage Backed Securities Trust		5.276		11/15/43		5,076
			Series - 2010 C1 (Class B)
			TOTAL OTHER MORTGAGE BACKED						419,468
			TOTAL STRUCTURED ASSETS						1,264,958
			(Cost $1,278,801)

			TOTAL BONDS						13,237,962
			(Cost $13,209,110)

SHARES			COMPANY
PREFERRED STOCKS - 0.1%

BANKS - 0.1%
	470,597	*	Federal Home Loan Mortgage Corp (FHLMC)		8.375		12/30/49		2,188
	1,527,061	*	Federal National Mortgage Association (FNMA)		8.250		12/30/49		6,948
			TOTAL BANKS						9,136
			TOTAL PREFERRED STOCKS						9,136
			(Cost $49,941)

PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 23.5%
GOVERNMENT AGENCY DEBT - 0.5%
$	50,000,000	w	Federal Home Loan Bank (FHLB)		0.070		07/19/13		49,998
	20,000,000	w	FHLB		0.060		08/09/13		19,999
			TOTAL GOVERNMENT AGENCY DEBT						69,997

TREASURY DEBT - 23.0%
	62,300,000	w	United States Treasury Bill		0.049-0.093		07/11/13		62,299
	265,800,000	w	United States Treasury Bill		0.050-0.116		07/18/13		265,788
	296,400,000	w	United States Treasury Bill		0.070		07/25/13		296,380
	9,000,000		United States Treasury Bill		0.071		08/01/13		8,999
	7,600,000		United States Treasury Bill		0.050		08/08/13		7,600
	175,700,000	w	United States Treasury Bill		0.040-0.120		08/15/13		175,679
	285,500,000	w	United States Treasury Bill		0.090-0.126		08/22/13		285,461
	279,000,000	w	United States Treasury Bill		0.091-0.110		09/05/13		278,990
	100,000,000	w	United States Treasury Bill		0.045		09/12/13		99,996
	237,800,000	w	United States Treasury Bill		0.045-0.105		09/19/13		237,781
	205,800,000	w	United States Treasury Bill		0.040-0.080		09/26/13		205,783
	130,000,000		United States Treasury Bill		0.040-0.053		10/10/13		129,981
	104,800,000	w	United States Treasury Bill		0.050-0.066		10/17/13		104,783
	49,000,000	w	United States Treasury Bill		0.078		10/24/13		48,992
	312,700,000	w	United States Treasury Bill		0.056-0.075		11/07/13		312,644
	142,000,000	w	United States Treasury Bill		0.088		12/12/13		141,958

345

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	100,000,000		United States Treasury Bill	0.095	%	12/26/13	$	99,952
	69,000,000	w	United States Treasury Bill	0.095		03/06/14		68,950
	200,000,000	w	United States Treasury Bill	0.105		04/03/14		199,831
	100,000,000	w	United States Treasury Bill	0.106-0.107		05/01/14		99,899
			TOTAL TREASURY DEBT					3,131,746

			TOTAL SHORT-TERM INVESTMENTS					3,201,743
			(Cost $3,201,649)

			TOTAL INVESTMENTS - 120.7%					16,469,732
			(Cost $16,481,685)
			OTHER ASSETS & LIABILITIES, NET - (20.7)%					(2,821,878	)
			NET ASSETS - 100.0%				$	13,647,854


*		Non-income producing.
^		Amount represents less than $1,000.
g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At June 30, 2013 the aggregate value of these securities amounted to $1,737,102,000 or 12.7% 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.
l		All or a portion of these securities have been segregated by the custodian to cover collateral requirements on swap agreements.
m		Indicates a security that has been deemed illiquid.
w		All or a portion of these securities have been segregated by the custodian to cover collateral requirements on mortgage dollar rolls.

		Cost amounts are in thousands.

346

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

COLLEGE RETIREMENT EQUITIES FUND
INFLATION-LINKED BOND ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2013

				VALUE
PRINCIPAL			ISSUER	(000)
GOVERNMENT BONDS - 99.1%

U.S. TREASURY SECURITIES - 99.1%
		k	United States Treasury Inflation Indexed Bonds
$	97,675,119		2.000%, 07/15/14	$	100,834
	252,608,388		1.625%, 01/15/15		262,654
	244,436,234		0.500%, 04/15/15		250,528
	256,556,446		1.875%, 07/15/15		272,732
	237,192,445		2.000%, 01/15/16		254,741
	454,479,900		0.125%, 04/15/16		466,161
	224,045,330		2.500%, 07/15/16		247,658
	189,694,982		2.375%, 01/15/17		210,265
	493,907,444		0.125%, 04/15/17		506,757
	161,229,963		2.625%, 07/15/17		182,908
	175,433,920		1.625%, 01/15/18		192,031
	197,673,105		0.125%, 04/15/18		202,769
	168,872,742		1.375%, 07/15/18		184,441
	155,423,415		2.125%, 01/15/19		175,762
	196,034,400		1.875%, 07/15/19		221,013
	248,726,142		1.375%, 01/15/20		270,995
	291,766,196		1.250%, 07/15/20		316,931
	420,892,139		1.125%, 01/15/21		450,124
	398,049,150		0.625%, 07/15/21		410,799
	334,915,112		0.125%, 01/15/22		328,034
	391,334,400		0.125%, 07/15/22		382,499
	214,584,720		0.125%, 01/15/23		208,063
	328,471,649		2.375%, 01/15/25		391,292
	235,288,578		2.000%, 01/15/26		271,703
	221,049,270		2.375%, 01/15/27		266,140
	194,137,251		1.750%, 01/15/28		217,510
	198,442,683		3.625%, 04/15/28		275,417
	192,681,711		2.500%, 01/15/29		237,661
	213,721,338		3.875%, 04/15/29		308,026
	77,635,341		3.375%, 04/15/32		109,047
	100,755,226		2.125%, 02/15/40		122,449
	131,034,758		2.125%, 02/15/41		159,545
	233,916,703		0.750%, 02/15/42		205,920
	95,579,475		0.625%, 02/15/43		80,384
			TOTAL U.S. TREASURY SECURITIES		8,743,793

			TOTAL GOVERNMENT BONDS		8,743,793
			(Cost $8,215,241)

			TOTAL INVESTMENTS - 99.1%		8,743,793
			(Cost $8,215,241)
			OTHER ASSETS AND LIABILITIES, NET - 0.9%		79,264
			NET ASSETS - 100.0%	$	8,823,057

347

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account


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

		Cost amounts are in thousands.

348

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

COLLEGE RETIREMENT EQUITIES FUND
SOCIAL CHOICE ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2013

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
BANK LOAN OBLIGATIONS - 0.1%

MEDIA - 0.1%
$	9,750,000	i	Virgin Media Investment Holdings Ltd		3.500	%	06/07/20	$	9,634
			TOTAL MEDIA						9,634

			TOTAL BANK LOAN OBLIGATIONS						9,634
			(Cost $9,728)

BONDS - 39.3%

CORPORATE BONDS - 14.7%

AUTOMOBILES & COMPONENTS - 0.2%
	2,350,000		BorgWarner, Inc		4.625		09/15/20		2,468
	10,000,000		Ford Motor Co		4.750		01/15/43		8,796
	4,750,000		Johnson Controls, Inc		2.600		12/01/16		4,921
	3,250,000		Johnson Controls, Inc		5.000		03/30/20		3,569
			TOTAL AUTOMOBILES & COMPONENTS						19,754

BANKS - 3.7%
	6,120,000	e,g	Bank of Nova Scotia		1.450		07/26/13		6,124
	9,750,000		Bank of Nova Scotia		0.750		10/09/15		9,708
	14,090,000	g	Bank of Nova Scotia		1.650		10/29/15		14,363
	9,800,000	g	Bank of Nova Scotia		2.150		08/03/16		10,117
	9,750,000	g,i	Bank of Tokyo-Mitsubishi UFJ Ltd		0.723		02/26/16		9,765
	5,000,000		BB&T Corp		3.375		09/25/13		5,033
	19,500,000		BB&T Corp		2.150		03/22/17		19,532
	7,375,000		BB&T Corp		1.600		08/15/17		7,212
	6,200,000		BB&T Corp		2.050		06/19/18		6,110
	7,000,000	e,g	Canadian Imperial Bank of Commerce		2.750		01/27/16		7,320
	6,000,000		Capital One Bank USA NA		3.375		02/15/23		5,672
	9,250,000	e,i	Capital One NA		0.723		03/22/16		9,188
	9,250,000	e	Capital One NA		1.500		03/22/18		8,916
	14,500,000	i	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		0.753		03/18/16		14,531
	8,700,000	e	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		1.700		03/19/18		8,454
	7,025,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950		11/09/22		6,718
	19,250,000		Discover Bank		2.000		02/21/18		18,632
	10,255,000		First Niagara Financial Group, Inc		6.750		03/19/20		11,881
	9,500,000	g,i	HSBC Bank plc		0.915		05/15/18		9,500
	9,750,000		HSBC USA, Inc		1.625		01/16/18		9,512
	9,913,000		Manufacturers & Traders Trust Co		6.625		12/04/17		11,662
	19,250,000		Manufacturers & Traders Trust Co		1.450		03/07/18		18,668
	4,644,000	i	Manufacturers & Traders Trust Co		5.585		12/28/20		4,720
	6,076,000	i	Manufacturers & Traders Trust Co		5.629		12/01/21		6,247
	7,450,000	g	Mizuho Corporate Bank Ltd		1.850		03/21/18		7,232

349

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	4,750,000	g	Mizuho Corporate Bank Ltd		2.950	%	10/17/22	$	4,356
	3,500,000	i	National City Bank		0.623		12/15/16		3,476
	4,900,000		People’s United Financial, Inc		3.650		12/06/22		4,601
	4,500,000	i	PNC Bank NA		0.586		01/28/16		4,485
	5,000,000		PNC Funding Corp		3.625		02/08/15		5,216
	4,750,000		PNC Funding Corp		2.700		09/19/16		4,944
	5,000,000		PNC Funding Corp		5.125		02/08/20		5,494
	14,000,000		Regions Financial Corp		2.000		05/15/18		13,234
	14,750,000	i	Royal Bank of Canada		0.475		04/29/15		14,745
	9,750,000		Royal Bank of Canada		0.800		10/30/15		9,736
	11,500,000		Royal Bank of Canada		1.200		09/19/17		11,220
	9,750,000	e	Royal Bank of Canada		1.500		01/16/18		9,526
	9,750,000	g	Skandinaviska Enskilda Banken AB		1.750		03/19/18		9,482
	14,500,000	e,g	Skandinaviska Enskilda Banken AB		1.375		05/29/18		13,968
	5,000,000	g	Standard Chartered plc		3.950		01/11/23		4,651
	4,610,000	i	State Street Bank and Trust Co		0.474		12/08/15		4,595
	6,744,000	e	SVB Financial Group		5.375		09/15/20		7,381
	11,000,000	g	Toronto-Dominion Bank		1.625		09/14/16		11,173
	14,500,000	i	Toronto-Dominion Bank		0.826		04/30/18		14,500
	3,000,000		US Bancorp		4.950		10/30/14		3,166
	5,000,000		US Bancorp		2.875		11/20/14		5,146
	14,500,000		US Bancorp		1.650		05/15/17		14,455
	10,250,000		US Bancorp		2.950		07/15/22		9,508
	3,750,000	i	US Bank NA		0.557		10/14/14		3,757
			TOTAL BANKS						439,632

CAPITAL GOODS - 0.8%
	2,500,000		3M Co		6.375		02/15/28		3,105
	5,000,000		Danaher Corp		1.300		06/23/14		5,035
	5,000,000		Danaher Corp		2.300		06/23/16		5,170
	4,340,000		Deere & Co		8.100		05/15/30		6,142
	3,100,000	g	Ingersoll-Rand Global Holding Co Ltd		2.875		01/15/19		3,058
	7,100,000	g	Ingersoll-Rand Global Holding Co Ltd		4.250		06/15/23		7,055
	3,150,000		Masco Corp		7.125		03/15/20		3,512
	5,155,000		Pall Corp		5.000		06/15/20		5,450
	8,850,000		Pentair Finance S.A.		1.350		12/01/15		8,864
	1,500,000		Pentair Finance S.A.		2.650		12/01/19		1,429
	9,750,000		Precision Castparts Corp		0.700		12/20/15		9,693
	9,250,000		Precision Castparts Corp		2.500		01/15/23		8,636
	3,300,000		Rockwell Collins, Inc		3.100		11/15/21		3,284
	5,000,000		Timken Co		6.000		09/15/14		5,286
	9,500,000	g	Turlock Corp		0.950		11/02/15		9,462
	3,375,000	g	Turlock Corp		1.500		11/02/17		3,276
	2,500,000	g	Turlock Corp		4.000		11/02/32		2,338
			TOTAL CAPITAL GOODS						90,795

COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
	5,000,000		Howard Hughes Medical Institute		3.450		09/01/14		5,166
	4,750,000		Waste Management, Inc		2.600		09/01/16		4,906
	2,730,000		Waste Management, Inc		4.600		03/01/21		2,930
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						13,002

350

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
CONSUMER DURABLES & APPAREL - 0.1%
$	1,450,000		Mohawk Industries, Inc		3.850	%	02/01/23	$	1,391
	1,100,000		Whirlpool Corp		8.600		05/01/14		1,168
	2,215,000	e	Whirlpool Corp		3.700		03/01/23		2,123
	4,175,000		Whirlpool Corp		5.150		03/01/43		3,952
			TOTAL CONSUMER DURABLES & APPAREL						8,634

CONSUMER SERVICES - 0.2%
	4,000,000		American National Red Cross		5.567		11/15/17		4,178
	5,000,000		Andrew W Mellon Foundation		3.950		08/01/14		5,180
	1,250,000		McDonald’s Corp		5.000		02/01/19		1,429
	7,550,000		Nature Conservancy		6.300		07/01/19		8,787
	5,145,000		Salvation Army		5.637		09/01/26		5,536
	2,275,000	g,h	Service Corp International		5.375		01/15/22		2,269
			TOTAL CONSUMER SERVICES						27,379

DIVERSIFIED FINANCIALS - 2.1%
	5,000,000	i	American Express Centurion Bank		0.725		11/13/15		5,004
	1,675,000		American Express Co		7.000		03/19/18		2,015
	6,975,000		American Express Co		1.550		05/22/18		6,771
	9,500,000		American Express Credit Corp		2.375		03/24/17		9,698
	5,000,000		Bank of New York Mellon Corp		3.100		01/15/15		5,185
	4,750,000		Bank of New York Mellon Corp		1.200		02/20/15		4,788
	5,000,000		Bank of New York Mellon Corp		2.950		06/18/15		5,206
	19,750,000	i	Bank of New York Mellon Corp		0.506		10/23/15		19,728
	5,450,000	i	Bank of New York Mellon Corp		1.969		06/20/17		5,482
	19,750,000	e	Bank of New York Mellon Corp		1.300		01/25/18		19,198
	14,250,000	i	Bank of New York Mellon Corp		0.714		03/06/18		14,211
	2,675,000		Bank of New York Mellon Corp		5.450		05/15/19		3,090
	2,850,000		BlackRock, Inc		1.375		06/01/15		2,888
	4,000,000	g	Caisse Centrale Desjardins du Quebec		2.550		03/24/16		4,165
	14,750,000	e,g	Caisse Centrale Desjardins du Quebec		1.600		03/06/17		14,865
	4,750,000	i	Capital One Financial Corp		1.427		07/15/14		4,790
	6,500,000		Capital One Financial Corp		2.125		07/15/14		6,576
	9,000,000		Capital One Financial Corp		2.150		03/23/15		9,142
	9,250,000	i	Capital One Financial Corp		0.913		11/06/15		9,225
	8,972,000		Capital One Financial Corp		3.150		07/15/16		9,319
	375,000		Discover Financial Services		5.200		04/27/22		387
	5,000,000		Ford Motor Credit Co LLC		3.875		01/15/15		5,154
	5,900,000		Ford Motor Credit Co LLC		7.000		04/15/15		6,396
	11,000,000	i	Ford Motor Credit Co LLC		1.525		05/09/16		11,077
	9,000,000	e	Ford Motor Credit Co LLC		2.375		01/16/18		8,666
	8,600,000		Ford Motor Credit Co LLC		5.000		05/15/18		9,171
	5,000,000		John Deere Capital Corp		1.250		12/02/14		5,048
	4,725,000		John Deere Capital Corp		0.875		04/17/15		4,745
	7,000,000	e	John Deere Capital Corp		0.700		09/04/15		6,988
	4,155,000		John Deere Capital Corp		2.250		06/07/16		4,287
	6,100,000		Northern Trust Corp		4.625		05/01/14		6,310
	9,750,000	g	RCI Banque S.A.		3.500		04/03/18		9,702
	3,000,000		State Street Corp		4.300		05/30/14		3,106

351

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	8,900,000	e	State Street Corp		1.350	%	05/15/18	$	8,648
	8,300,000		State Street Corp		3.100		05/15/23		7,774
			TOTAL DIVERSIFIED FINANCIALS						258,805

ENERGY - 0.7%
	4,450,000		Apache Corp		1.750		04/15/17		4,456
	5,000,000		Apache Corp		4.750		04/15/43		4,743
	4,145,000		Continental Resources, Inc		5.000		09/15/22		4,218
	2,500,000		Devon Energy Corp		6.300		01/15/19		2,897
	5,000,000		EOG Resources, Inc		2.950		06/01/15		5,207
	3,000,000		EOG Resources, Inc		4.100		02/01/21		3,187
	3,000,000		Hess Corp		5.600		02/15/41		3,078
	1,526,000		Marathon Oil Corp		5.900		03/15/18		1,754
	3,025,000		National Oilwell Varco, Inc		1.350		12/01/17		2,947
	2,500,000		Noble Energy, Inc		8.250		03/01/19		3,148
	9,886,000		Noble Holding International Ltd		2.500		03/15/17		9,888
	2,150,000	e	Noble Holding International Ltd		3.950		03/15/22		2,104
	6,975,000		Statoil ASA		1.200		01/17/18		6,784
	9,000,000	i	Statoil ASA		0.565		05/15/18		9,004
	9,500,000	e	Statoil ASA		2.650		01/15/24		8,810
	3,000,000		Statoil ASA		3.950		05/15/43		2,713
	6,175,000	e	Weatherford International Ltd		4.500		04/15/22		6,105
			TOTAL ENERGY						81,043

FOOD & STAPLES RETAILING - 0.1%
	4,750,000		Kroger Co		2.200		01/15/17		4,769
	7,250,000		Safeway, Inc		3.400		12/01/16		7,557
			TOTAL FOOD & STAPLES RETAILING						12,326

FOOD, BEVERAGE & TOBACCO - 0.3%
	9,250,000		ConAgra Foods, Inc		4.650		01/25/43		8,569
	3,500,000	i	General Mills, Inc		0.576		01/29/16		3,496
	1,600,000	g	HJ Heinz Finance Co		7.125		08/01/39		1,696
	2,500,000		Kellogg Co		4.150		11/15/19		2,684
	4,900,000		Kellogg Co		4.000		12/15/20		5,159
	7,250,000	i	PepsiCo, Inc		0.483		02/26/16		7,261
	5,000,000		PepsiCo, Inc		1.250		08/13/17		4,893
	428,000		PepsiCo, Inc		7.900		11/01/18		548
			TOTAL FOOD, BEVERAGE & TOBACCO						34,306

HEALTH CARE EQUIPMENT & SERVICES - 0.2%
	4,000,000		Becton Dickinson & Co		5.000		05/15/19		4,509
	2,000,000		Becton Dickinson & Co		6.000		05/15/39		2,394
	4,750,000		Becton Dickinson and Co		1.750		11/08/16		4,832
	3,500,000		Medtronic, Inc		4.750		09/15/15		3,797
	2,500,000		Medtronic, Inc		6.500		03/15/39		3,125
	5,000,000		Providence Health & Services		5.050		10/01/14		5,257
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						23,914

352

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
$	3,750,000		Clorox Co		3.800	%	11/15/21	$	3,796
	4,500,000		Colgate-Palmolive Co		2.300		05/03/22		4,251
	5,725,000		Ecolab, Inc		1.450		12/08/17		5,560
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						13,607

INSURANCE - 0.5%
	2,000,000		Aetna, Inc		1.500		11/15/17		1,942
	4,750,000	i	Berkshire Hathaway, Inc		0.975		08/15/14		4,768
	4,750,000		Berkshire Hathaway, Inc		2.200		08/15/16		4,905
	7,275,000		Berkshire Hathaway, Inc		1.900		01/31/17		7,352
	9,150,000		Markel Corp		5.000		03/30/43		8,636
	3,400,000		Principal Financial Group, Inc		1.850		11/15/17		3,339
	2,500,000	g	Principal Life Global Funding I		5.125		10/15/13		2,533
	3,100,000		Progressive Corp		3.750		08/23/21		3,159
	19,950,000	i	Prudential Financial, Inc		5.200		03/15/44		18,853
	3,750,000	g	Swiss Re Treasury US Corp		4.250		12/06/42		3,299
	2,000,000		Travelers Cos, Inc		5.900		06/02/19		2,382
			TOTAL INSURANCE						61,168

MATERIALS - 0.6%
	3,335,000		Air Products & Chemicals, Inc		4.375		08/21/19		3,694
	1,000,000	e	Ball Corp		6.750		09/15/20		1,078
	2,275,000		Ball Corp		5.000		03/15/22		2,264
	8,930,000		Ball Corp		4.000		11/15/23		8,260
	4,000,000		Bemis Co, Inc		6.800		08/01/19		4,745
	5,750,000		Domtar Corp		4.400		04/01/22		5,576
	2,300,000		Eastman Chemical Co		5.500		11/15/19		2,580
	2,835,000		International Paper Co		5.300		04/01/15		3,029
	2,650,000		International Paper Co		7.300		11/15/39		3,180
	5,000,000		International Paper Co		6.000		11/15/41		5,319
	5,000,000		MeadWestvaco Corp		7.375		09/01/19		5,915
	5,000,000		Praxair, Inc		4.375		03/31/14		5,137
	2,500,000		Praxair, Inc		5.250		11/15/14		2,658
	4,750,000		Praxair, Inc		1.050		11/07/17		4,584
	4,000,000		Praxair, Inc		2.450		02/15/22		3,770
	2,850,000		Rock Tenn Co		3.500		03/01/20		2,789
	2,850,000		Rock Tenn Co		4.000		03/01/23		2,746
	8,000,000		Sherwin-Williams Co		1.350		12/15/17		7,782
			TOTAL MATERIALS						75,106

MEDIA - 0.2%
	4,450,000		Discovery Communications LLC		3.300		05/15/22		4,255
	2,825,000		Discovery Communications LLC		4.950		05/15/42		2,645
	3,500,000		Time Warner Cable, Inc		3.500		02/01/15		3,602
	3,200,000		Time Warner Cable, Inc		8.750		02/14/19		3,928
	3,900,000		Time Warner Cable, Inc		8.250		04/01/19		4,696
	3,500,000		Time Warner Cable, Inc		6.550		05/01/37		3,505
	8,000,000	e	Time Warner Cable, Inc		4.500		09/15/42		6,204
			TOTAL MEDIA						28,835

353

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.6%
$	9,500,000	g,i	AbbVie, Inc		1.033	%	11/06/15	$	9,591
	11,425,000	g	AbbVie, Inc		1.750		11/06/17		11,193
	2,695,000	e	Bristol-Myers Squibb Co		3.250		08/01/42		2,171
	2,250,000		Gilead Sciences, Inc		4.400		12/01/21		2,416
	10,000,000	i	Johnson & Johnson		0.365		05/15/14		10,013
	4,600,000		Johnson & Johnson		2.150		05/15/16		4,763
	4,600,000		Johnson & Johnson		4.500		09/01/40		4,719
	8,080,000		Life Technologies Corp		3.500		01/15/16		8,410
	5,000,000		Merck & Co, Inc		2.250		01/15/16		5,166
	9,500,000	i	Merck & Co, Inc		0.634		05/18/18		9,482
	2,400,000		Merck & Co, Inc		4.150		05/18/43		2,286
	4,750,000	g	Valeant Pharmaceuticals International, Inc		6.375		10/15/20		4,696
	5,750,000	g,h	VPII Escrow Corp		6.750		08/15/18		5,894
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						80,800

REAL ESTATE - 0.7%
	3,500,000		Boston Properties LP		3.125		09/01/23		3,233
	8,907,000		Equity One, Inc		3.750		11/15/22		8,382
	16,111,000		Federal Realty Investment Trust		5.950		08/15/14		16,977
	1,400,000		Federal Realty Investment Trust		5.900		04/01/20		1,607
	5,500,000		Federal Realty Investment Trust		3.000		08/01/22		5,166
	8,975,000		Federal Realty Investment Trust		2.750		06/01/23		8,134
	3,400,000		Healthcare Realty Trust, Inc		5.750		01/15/21		3,685
	5,675,000		Healthcare Realty Trust, Inc		3.750		04/15/23		5,286
	2,500,000		Kilroy Realty Corp		5.000		11/03/15		2,694
	10,050,000		Kilroy Realty LP		3.800		01/15/23		9,414
	1,673,000		Simon Property Group LP		6.750		05/15/14		1,734
	3,125,000		Simon Property Group LP		2.800		01/30/17		3,217
	9,500,000	g	Simon Property Group LP		1.500		02/01/18		9,150
	6,150,000		Ventas Realty LP		2.000		02/15/18		5,953
	2,400,000		Ventas Realty LP		3.250		08/15/22		2,228
			TOTAL REAL ESTATE						86,860

RETAILING - 0.1%
	5,000,000		AutoZone, Inc		5.750		01/15/15		5,366
	7,536,000		O’Reilly Automotive, Inc		3.800		09/01/22		7,428
			TOTAL RETAILING						12,794

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	5,425,000		Intel Corp		1.350		12/15/17		5,309
	7,500,000		Texas Instruments, Inc		2.375		05/16/16		7,775
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						13,084

SOFTWARE & SERVICES - 0.2%
	5,000,000		Adobe Systems, Inc		3.250		02/01/15		5,181
	9,750,000		International Business Machines Corp		0.550		02/06/15		9,742
	5,250,000		International Business Machines Corp		1.250		02/06/17		5,193
			TOTAL SOFTWARE & SERVICES						20,116

354

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
TECHNOLOGY HARDWARE & EQUIPMENT - 0.2%
$	3,375,000		CC Holdings GS V LLC		2.381	%	12/15/17	$	3,322
	5,000,000		Xerox Corp		8.250		05/15/14		5,312
	9,750,000	i	Xerox Corp		1.094		05/16/14		9,743
	4,000,000		Xerox Corp		2.950		03/15/17		4,033
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						22,410

TELECOMMUNICATION SERVICES - 0.3%
	5,000,000		American Tower Corp		4.700		03/15/22		5,043
	4,225,000		American Tower Corp		3.500		01/31/23		3,869
	4,500,000		CenturyLink, Inc		5.625		04/01/20		4,545
	425,000	e	Frontier Communications Corp		7.125		01/15/23		423
	3,235,000		Sprint Nextel Corp		6.000		12/01/16		3,413
	9,750,000	i	Vodafone Group plc		0.659		02/19/16		9,757
	9,750,000		Vodafone Group plc		1.500		02/19/18		9,333
	2,300,000		Windstream Corp		6.375		08/01/23		2,150
			TOTAL TELECOMMUNICATION SERVICES						38,533

TRANSPORTATION - 0.6%
	4,600,000		Burlington Northern Santa Fe LLC		5.050		03/01/41		4,650
	2,100,000		Burlington Northern Santa Fe LLC		4.950		09/15/41		2,095
	8,550,000		Burlington Northern Santa Fe LLC		4.400		03/15/42		7,849
	6,500,000		CSX Corp		4.750		05/30/42		6,217
	4,225,000		GATX Corp		3.900		03/30/23		4,125
	7,000,000		Hawaiian Airlines Pass Through Certificates		3.900		01/15/26		6,685
	2,500,000		Norfolk Southern Corp		5.750		01/15/16		2,781
	5,000,000		Norfolk Southern Corp		3.250		12/01/21		4,971
	12,775,000		Norfolk Southern Corp		3.000		04/01/22		12,336
	6,894,000		Norfolk Southern Corp		2.903		02/15/23		6,502
	475,000		Norfolk Southern Corp		5.590		05/17/25		536
	6,425,000	g	Sydney Airport Finance Co Pty Ltd		3.900		03/22/23		6,062
	1,360,000	i	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		1,907
	3,650,000		United Parcel Service, Inc		1.125		10/01/17		3,571
			TOTAL TRANSPORTATION						70,287

UTILITIES - 2.0%
	7,850,000		American Water Capital Corp		6.085		10/15/17		9,054
	1,667,000		Arizona Public Service Co		5.050		09/01/41		1,729
	2,000,000		Atmos Energy Corp		8.500		03/15/19		2,615
	1,200,000		Connecticut Light & Power Co		5.500		02/01/19		1,396
	2,000,000		Connecticut Light & Power Co		5.750		03/01/37		2,286
	2,254,413	g	Great River Energy		5.829		07/01/17		2,446
	5,000,000		Idaho Power Co		5.500		04/01/33		5,588
	2,500,000		Idaho Power Co		6.250		10/15/37		3,105
	7,500,000	g	International Transmission Co		4.450		07/15/13		7,509
	7,900,000		ITC Holdings Corp		4.050		07/01/23		7,914

355

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	14,500,000		ITC Holdings Corp		5.300	%	07/01/43	$	14,637
	9,250,000	g	Narragansett Electric Co		4.170		12/10/42		8,354
	9,500,000		Nevada Power Co		5.875		01/15/15		10,181
	9,750,000	g	Niagara Mohawk Power Corp		4.119		11/28/42		8,728
	14,150,000		NiSource Finance Corp		4.800		02/15/44		12,813
	10,000,000	i	Northeast Utilities		1.022		09/20/13		10,014
	6,000,000		Northeast Utilities		1.450		05/01/18		5,824
	12,000,000		Northeast Utilities		2.800		05/01/23		11,213
	9,750,000		Northern States Power Co		2.600		05/15/23		9,180
	1,500,000		Northwest Natural Gas Co		5.620		11/21/23		1,722
	14,500,000	i	NSTAR Electric Co		0.514		05/17/16		14,492
	5,000,000		Pacific Gas & Electric Co		8.250		10/15/18		6,448
	3,750,000		Pacific Gas & Electric Co		5.400		01/15/40		4,093
	3,000,000		Pepco Holdings, Inc		2.700		10/01/15		3,086
	630,000		Public Service Co of Colorado		4.750		08/15/41		651
	5,500,000		San Diego Gas & Electric Co		3.000		08/15/21		5,528
	620,000		San Diego Gas & Electric Co		6.000		06/01/39		763
	10,000,000		Sempra Energy		2.300		04/01/17		10,128
	5,000,000		Spectra Energy Capital LLC		5.650		03/01/20		5,546
	5,000,000	g	Texas Eastern Transmission LP		4.125		12/01/20		5,220
	12,150,000	g	Texas Eastern Transmission LP		2.800		10/15/22		11,299
	17,250,000	g	Topaz Solar Farms LLC		4.875		09/30/39		16,483
	14,500,000	g	Topaz Solar Farms LLC		5.750		09/30/39		14,880
	5,000,000		Washington Gas Light Co		5.440		08/11/25		5,519
			TOTAL UTILITIES						240,444

			TOTAL CORPORATE BONDS						1,773,634
			(Cost $1,771,864)

GOVERNMENT BONDS 23.0%

AGENCY SECURITIES - 3.8%
	7,018,863		Cal Dive I- Title XI, Inc		4.930		02/01/27		7,690
	7,533,301		COP I LLC		3.613		12/05/21		8,071
	5,500,000		Federal Home Loan Bank (FHLB)		5.000		11/17/17		6,314
	4,635,000		Federal Home Loan Mortgage Corp (FHLMC)		2.500		04/23/14		4,722
	5,000,000		FHLMC		1.000		09/29/17		4,940
	6,000,000		Federal National Mortgage Association (FNMA)		1.250		08/20/13		6,009
	3,000,000		FNMA		2.500		05/15/14		3,060
	10,000,000		FNMA		2.625		11/20/14		10,325
	6,400,000		FNMA		1.125		04/27/17		6,378
	1,096,000	j	Government Trust Certificate		0.000		04/01/19		972
	5,000,000	j	Government Trust Certificate		0.000		04/01/21		3,951
	2,800,000	j	Overseas Private Investment Corp (OPIC)		0.000		07/12/14		2,823
	3,850,000	j	OPIC		0.000		07/12/14		4,109
	4,700,000	j	OPIC		0.000		07/12/14		5,397
	2,750,000	j	OPIC		0.000		04/30/15		2,762
	14,500,000	j	OPIC		0.000		11/17/16		14,660

356

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	12,750,000	j	OPIC		0.000	%	11/17/16	$	13,427
	3,000,000		OPIC		1.900		04/30/18		3,082
	12,000,000		OPIC		1.030		04/15/19		12,007
	2,357,143		OPIC		1.300		06/15/19		2,349
	3,489,584		OPIC		5.142		12/15/23		3,928
	5,983,714		OPIC		2.290		09/15/26		5,885
	3,286,174		OPIC		2.040		12/15/26		3,266
	8,412,564		OPIC		4.440		02/27/27		9,357
	2,500,000		OPIC		2.610		04/15/30		2,402
	4,750,000		OPIC		2.930		05/15/30		4,591
	7,850,000		OPIC		3.040		05/15/30		7,657
	5,000,000		OPIC		3.430		05/15/30		5,033
	4,750,000		OPIC		4.010		05/15/30		5,012
	4,625,000		OPIC		2.310		11/15/30		4,353
	1,050,000		Private Export Funding Corp (PEFCO)		4.550		05/15/15		1,132
	9,750,000		PEFCO		2.125		07/15/16		10,142
	16,750,000		PEFCO		1.375		02/15/17		16,902
	8,000,000		PEFCO		2.250		12/15/17		8,277
	5,000,000		PEFCO		4.375		03/15/19		5,530
	14,000,000		PEFCO		1.450		08/15/19		13,361
	17,500,000		PEFCO		4.300		12/15/21		19,282
	20,000,000		PEFCO		2.050		11/15/22		18,521
	750,000		United States Department of Housing and Urban Development (HUD)		2.050		08/01/19		745
	1,500,000		HUD		5.050		08/01/13		1,506
	9,000,000		HUD		5.190		08/01/14		9,479
	1,900,000		HUD		2.200		08/01/15		1,970
	5,250,000		HUD		4.330		08/01/15		5,667
	3,894,000		HUD		2.910		08/01/17		4,137
	8,000,000		HUD		4.560		08/01/17		8,954
	10,750,000		HUD		1.770		08/01/18		10,770
	5,007,000		HUD		5.380		08/01/18		5,642
	13,967,000		HUD		4.960		08/01/20		16,268
	13,500,000		HUD		5.050		08/01/21		15,680
	7,325,749		Gate Capital Cayman Two		3.550		06/11/21		7,825
	10,500,000	i	India Government AID Bond		0.374		02/01/27		10,242
	4,500,000	i	KE Export Leasing 2011-II LLC		0.490		05/19/24		4,491
	4,401,949	i	KE Export Leasing 2013-A LLC		0.503		02/28/25		4,385
	6,129,370	i	KE Export Leasing LLC		0.523		02/25/25		6,108
	9,435,000		Lutheran Medical Center		1.982		02/20/30		8,956
	4,590,000	g	Montefiore Medical Center		3.896		05/20/27		4,807
	846,654		National Credit Union Administration		1.840		10/07/20		849
	5,604,868		Premier Aircraft Leasing		3.576		02/06/22		5,996
	3,841,543		Tayarra Ltd		3.628		02/15/22		4,117
	3,750,167		Tricahue Leasing LLC		3.503		11/19/21		4,000
	31,044,000		Tunisia Government AID Bonds		1.686		07/16/19		30,186
	10,000,000		Ulani MSN 35940 LLC		2.227		05/16/25		9,845
	4,900,000		UNM Sandoval Regional Medical Center		4.500		07/20/36		5,095

357

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	5,959,719		VRG Linhas Aereas S.A.		1.000	%	06/30/14	$	5,984
			TOTAL AGENCY SECURITIES						461,383

FOREIGN GOVERNMENT BONDS - 4.3%
	6,000,000	g	Caisse d’Amortissement de la Dette Sociale		2.000		04/17/20		5,731
	6,300,000		Canada Government International Bond		0.875		02/14/17		6,269
	9,318,469	g,m	Carpintero Finance Ltd		2.004		09/18/24		9,214
	9,000,000	g	Carpintero Finance Ltd		2.581		11/11/24		8,929
	24,750,000		Council of Europe Development Bank		1.500		01/15/15		25,135
	14,250,000	e	Council of Europe Development Bank		1.000		03/07/18		13,791
	2,000,000		European Investment Bank		4.875		02/15/36		2,242
	18,175,000		Export-Import Bank of Korea		1.750		02/27/18		17,125
	9,750,000		FMS Wertmanagement AoeR		1.000		11/21/17		9,526
	14,500,000		Hydro Quebec		2.000		06/30/16		14,916
	10,200,000		Hydro Quebec		1.375		06/19/17		10,165
	6,082,000		Hydro Quebec		8.400		01/15/22		8,265
	14,000,000		International Bank for Reconstruction & Development		2.000		12/04/13		14,095
	10,550,000		International Bank for Reconstruction & Development		0.500		12/16/13		10,556
	55,210,000		International Finance Corp		2.250		04/28/14		56,056
	24,500,000		International Finance Corp		0.500		05/15/15		24,526
	24,000,000		International Finance Corp		0.500		05/16/16		23,837
	29,000,000	g,i	International Finance Facility for Immunisation		0.469		07/05/16		28,977
	2,850,000		Italy Government International Bond		5.375		06/12/17		3,099
	10,000,000		KFW		2.625		01/25/22		9,960
	3,145,000	g	National Bank of Canada		1.650		01/30/14		3,166
	7,500,000	g	National Bank of Canada		2.200		10/19/16		7,746
	25,425,000		North American Development Bank		2.400		10/26/22		23,454
	17,500,000	e,g	Province of Alberta Canada		1.000		06/21/17		17,370
	4,000,000		Province of British Columbia Canada		2.850		06/15/15		4,181
	21,000,000		Province of British Columbia Canada		1.200		04/25/17		21,133
	15,250,000		Province of Manitoba Canada		1.750		05/30/19		14,911
	19,500,000		Province of Manitoba Canada		2.100		09/06/22		18,117
	10,000,000		Province of New Brunswick Canada		2.750		06/15/18		10,400
	5,000,000		Province of Nova Scotia Canada		2.375		07/21/15		5,163
	8,100,000		Province of Ontario Canada		2.950		02/05/15		8,407
	9,450,000		Province of Ontario Canada		2.700		06/16/15		9,825
	15,000,000		Province of Ontario Canada		2.300		05/10/16		15,555
	9,500,000		Province of Ontario Canada		1.200		02/14/18		9,235
	5,000,000		Province of Ontario Canada		4.400		04/14/20		5,544
	10,000,000		Province of Quebec Canada		3.500		07/29/20		10,521
	10,000,000	e	Province of Quebec Canada		2.750		08/25/21		9,822
	14,500,000		Province of Quebec Canada		2.625		02/13/23		13,600
	5,000,000		Province of Quebec Canada		7.500		09/15/29		6,868
			TOTAL FOREIGN GOVERNMENT BONDS						517,432

MORTGAGE BACKED - 9.0%
	1,349,687	i	Federal Home Loan Mortgage Corp (FHLMC)		2.439		02/01/36		1,439
	3,072,000	i	FHLMC		2.701		07/01/36		3,276

358

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	3,916,330	i	FHLMC		2.399	%	09/01/36	$	4,182
	921,958	i	FHLMC		2.598		09/01/36		984
	894,661	i	FHLMC		5.803		02/01/37		968
	3,429,751	i	FHLMC		2.734		03/01/37		3,658
	1,618,866	i	FHLMC		6.021		04/01/37		1,752
	1,628,200	i	FHLMC		3.034		08/01/37		1,723
	2,580,722	i	FHLMC		1.828		09/01/37		2,697
	2,153,095		FHLMC		3.000		08/15/42		1,800
	9,000,000	h	FHLMC		4.000		07/15/43		9,359
	10,000,000	h	FHLMC		3.500		08/15/43		10,100
	96,292		Federal Home Loan Mortgage Corp Gold (FGLMC)		6.500		12/01/16		102
	180,622		FGLMC		6.000		12/01/17		194
	1,427,006		FGLMC		4.500		10/01/18		1,499
	1,563,000		FGLMC		4.500		11/01/18		1,641
	1,874,983		FGLMC		4.500		11/01/18		1,969
	2,586,968		FGLMC		4.500		01/01/19		2,762
	966,484		FGLMC		5.500		01/01/19		1,045
	850,421		FGLMC		5.000		02/01/19		899
	376,835		FGLMC		4.500		01/01/20		397
	116,096		FGLMC		4.500		07/01/20		124
	130,960		FGLMC		7.000		10/01/20		143
	2,998,023		FGLMC		4.500		06/01/21		3,158
	884,895		FGLMC		4.500		06/01/21		932
	461,707		FGLMC		4.500		03/01/23		485
	374,626		FGLMC		5.000		04/01/23		401
	11,856		FGLMC		7.000		05/01/23		14
	1,387,612		FGLMC		4.000		07/01/24		1,454
	447,449		FGLMC		4.500		09/01/24		471
	27,798		FGLMC		8.000		01/01/31		32
	950,588		FGLMC		4.500		07/01/33		1,004
	1,691,722		FGLMC		5.500		09/01/33		1,849
	1,712,196		FGLMC		5.500		09/01/33		1,898
	2,729,054		FGLMC		5.500		12/01/33		2,962
	5,336,991		FGLMC		7.000		12/01/33		6,207
	813,632		FGLMC		6.000		09/01/34		895
	406,356		FGLMC		5.500		12/01/34		437
	493,905		FGLMC		6.000		05/01/35		542
	665,476		FGLMC		6.000		05/01/35		733
	194,548		FGLMC		6.000		05/01/35		213
	603,222		FGLMC		6.000		05/01/35		665
	1,036,549		FGLMC		6.000		05/01/35		1,138
	105,351		FGLMC		6.000		05/01/35		115
	2,116,856		FGLMC		7.000		05/01/35		2,462
	629,998		FGLMC		5.500		06/01/35		682
	1,075,892		FGLMC		6.000		08/01/35		1,179
	361,472		FGLMC		4.500		09/01/35		381
	332,591		FGLMC		5.000		10/01/35		356
	217,128		FGLMC		4.500		12/01/35		229
	341,309		FGLMC		5.000		02/01/36		365
	24,316		FGLMC		6.500		05/01/36		27
	604,177		FGLMC		6.500		10/01/36		679

359

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	869,534		FGLMC		6.000	%	09/01/37	$	952
	697,468		FGLMC		6.500		11/01/37		784
	2,221,393		FGLMC		6.000		02/01/38		2,459
	403,078		FGLMC		6.000		11/01/38		437
	539,416		FGLMC		4.500		05/01/39		568
	1,406,436		FGLMC		5.000		07/01/39		1,501
	4,611,726		FGLMC		6.000		07/01/39		5,094
	4,790,500		FGLMC		4.500		11/01/40		5,226
	5,463,806		FGLMC		4.500		12/01/40		5,944
	2,491,922		Federal National Mortgage Association (FNMA)		4.440		07/01/13		2,492
	877,197		FNMA		4.007		08/01/13		877
	1,025,236		FNMA		4.629		05/01/14		1,042
	3,848,419		FNMA		4.265		06/01/14		3,915
	2,791,545		FNMA		4.530		10/01/14		2,875
	1,764		FNMA		8.500		11/01/14		2
	49,882		FNMA		6.500		10/01/16		52
	299,050		FNMA		6.500		04/01/17		320
	599,613		FNMA		5.000		12/01/17		640
	114,540		FNMA		6.500		02/01/18		123
	128,568		FNMA		5.500		04/01/18		136
	24,749		FNMA		5.500		05/01/18		26
	2,114,329		FNMA		5.500		11/01/18		2,241
	1,423,613		FNMA		5.000		12/01/18		1,521
	1,353,056		FNMA		5.000		01/01/19		1,467
	131,863		FNMA		6.000		01/01/19		143
	142,426		FNMA		6.000		02/01/19		155
	445,089		FNMA		4.000		02/25/19		470
	49,392		FNMA		4.500		03/01/19		52
	228,696		FNMA		4.500		05/01/19		243
	380,280		FNMA		4.500		06/01/19		404
	438,510		FNMA		5.000		03/01/20		468
	194,533		FNMA		4.500		11/01/20		207
	384,974		FNMA		5.000		12/01/20		410
	703,373		FNMA		5.000		03/01/21		751
	1,384,985		FNMA		5.500		08/01/21		1,492
	483,316		FNMA		4.500		03/01/23		513
	23,446		FNMA		8.000		03/01/23		27
	1,350,627		FNMA		5.000		07/01/23		1,448
	75,410		FNMA		5.000		01/01/24		82
	240,578		FNMA		5.500		02/01/24		263
	761,899		FNMA		4.000		05/01/24		803
	48,676		FNMA		8.000		07/01/24		57
	1,052,393		FNMA		4.500		08/01/24		1,117
	4,143,550		FNMA		4.000		09/01/24		4,381
	6,741,196		FNMA		3.000		05/01/27		6,962
	27,000,000	h	FNMA		2.500		07/25/28		27,156
	29,000,000	g,h	FNMA		3.000		07/25/28		29,829

360

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	13,000,000	h	FNMA		4.000	%	07/25/28	$	13,702
	8,000,000	h	FNMA		4.500		07/25/28		8,481
	774,199		FNMA		6.500		07/01/32		867
	105,676		FNMA		5.000		02/01/33		114
	1,119,078		FNMA		4.500		03/25/33		1,166
	645,911		FNMA		5.500		07/01/33		722
	569,146		FNMA		4.500		08/01/33		604
	418,806		FNMA		5.000		08/01/33		453
	199,833		FNMA		4.500		09/01/33		215
	343,646		FNMA		5.000		10/01/33		372
	506,480		FNMA		5.000		10/01/33		548
	984,060		FNMA		5.000		11/01/33		1,098
	1,463,341		FNMA		5.500		11/01/33		1,635
	1,156,931		FNMA		5.500		11/01/33		1,292
	933,945		FNMA		5.500		11/01/33		1,044
	857,853		FNMA		5.500		11/01/33		959
	1,196,287		FNMA		5.500		11/01/33		1,336
	281,645		FNMA		5.500		12/01/33		308
	143,285		FNMA		5.500		12/01/33		158
	88,811		FNMA		7.000		01/01/34		97
	120,580		FNMA		5.000		03/01/34		130
	392,323		FNMA		5.000		03/01/34		424
	170,449		FNMA		5.000		03/01/34		184
	147,750		FNMA		5.000		03/01/34		160
	1,224,159		FNMA		5.000		04/01/34		1,322
	14,700		FNMA		4.500		05/01/34		16
	317,984		FNMA		4.500		05/01/34		337
	14,216		FNMA		4.500		05/01/34		15
	19,320		FNMA		4.500		06/01/34		20
	82,473		FNMA		4.500		06/01/34		87
	15,039		FNMA		4.500		06/01/34		16
	17,468		FNMA		4.500		06/01/34		19
	15,816		FNMA		4.500		07/01/34		17
	36,123		FNMA		4.500		07/01/34		38
	90,744		FNMA		4.500		07/01/34		96
	592,749		FNMA		4.500		08/01/34		628
	15,064		FNMA		4.500		08/01/34		16
	25,676		FNMA		4.500		09/01/34		27
	334,555		FNMA		6.000		12/01/34		372
	683,456		FNMA		5.500		01/01/35		749
	4,436,002		FNMA		5.500		01/01/35		4,957
	183,084		FNMA		5.500		03/01/35		199
	547,433		FNMA		5.500		04/01/35		603
	605,280		FNMA		5.500		04/01/35		662
	459,331		FNMA		5.500		04/01/35		506
	170,731		FNMA		5.500		05/01/35		185
	1,292,965		FNMA		5.500		05/01/35		1,423
	169,983		FNMA		5.500		05/01/35		184
	1,304,717		FNMA		6.000		05/01/35		1,451
	956,920		FNMA		5.500		06/01/35		1,069

361

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	1,104,129		FNMA		5.500	%	06/01/35	$	1,233
	1,614,639		FNMA		5.500		06/01/35		1,804
	36,137		FNMA		7.500		06/01/35		40
	358,293		FNMA		6.000		07/01/35		394
	691,063		FNMA		4.500		08/01/35		731
	1,593,820		FNMA		5.000		08/01/35		1,716
	6,144,596		FNMA		4.000		10/01/35		6,474
	3,607,872		FNMA		5.500		10/01/35		3,973
	636,185	i	FNMA		2.515		02/01/36		678
	842,149		FNMA		6.500		02/01/36		952
	255,430		FNMA		6.500		02/01/36		278
	1,151,083		FNMA		6.000		03/01/36		1,253
	974,424	i	FNMA		2.760		07/01/36		1,047
	996,923		FNMA		6.500		09/01/36		1,110
	656,767		FNMA		6.000		12/01/36		715
	4,886,889	i	FNMA		5.884		01/01/37		5,269
	464,972		FNMA		7.000		02/01/37		541
	1,551,024		FNMA		6.500		03/01/37		1,729
	477,168		FNMA		7.000		04/01/37		555
	467,845		FNMA		6.500		08/01/37		520
	285,649		FNMA		6.500		08/01/37		318
	1,009,422		FNMA		6.000		09/01/37		1,099
	1,431,924		FNMA		6.000		09/01/37		1,604
	1,517,903		FNMA		6.000		09/01/37		1,698
	1,026,325		FNMA		6.000		09/01/37		1,151
	110,636		FNMA		6.500		09/01/37		123
	286,417		FNMA		6.500		09/01/37		319
	611,436		FNMA		6.500		09/01/37		672
	298,135		FNMA		6.500		09/01/37		343
	515,939	i	FNMA		2.479		10/01/37		551
	472,574		FNMA		7.000		11/01/37		550
	68,670		FNMA		6.500		01/01/38		77
	23,160		FNMA		6.500		02/01/38		26
	68,755		FNMA		6.500		03/01/38		77
	41,089		FNMA		6.500		03/01/38		44
	448,485		FNMA		6.500		03/01/38		497
	841,386	i	FNMA		4.918		10/01/38		909
	991,338		FNMA		4.500		01/01/39		1,049
	668,137		FNMA		5.500		01/01/39		725
	571,641		FNMA		6.000		01/01/39		621
	767,993		FNMA		6.000		01/01/39		835
	1,380,185		FNMA		4.500		02/01/39		1,460
	2,552,969		FNMA		4.000		04/01/39		2,679
	2,054,948		FNMA		4.500		04/01/39		2,174
	1,848,805		FNMA		4.500		08/01/39		1,956
	3,771,097		FNMA		5.500		08/01/39		4,150
	5,124,979		FNMA		4.000		11/01/40		5,342
	2,936,802		FNMA		3.500		10/01/42		2,987
	79,000,000	h	FNMA		3.000		07/25/43		77,185

362

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	158,000,000	h	FNMA		3.500	%	07/25/43	$	160,395
	44,000,000	h	FNMA		4.000		07/25/43		45,837
	81,000,000	h	FNMA		4.500		07/25/43		85,708
	50,000,000	h	FNMA		5.000		07/25/43		53,809
	38,000,000	h	FNMA		5.500		07/25/43		41,272
	40,000,000	h	FNMA		4.000		08/25/43		41,583
	31,643		Government National Mortgage Association (GNMA)		9.000		12/15/17		35
	5,868,721		GNMA		2.300		10/15/19		6,033
	21,317		GNMA		8.000		06/15/22		24
	10,128		GNMA		6.500		08/15/23		10
	26,431		GNMA		6.500		08/15/23		30
	150,727		GNMA		6.500		05/20/31		176
	474,574		GNMA		5.500		07/15/33		523
	269,626		GNMA		6.000		10/20/36		299
	280,763		GNMA		6.000		01/20/37		310
	1,007,372		GNMA		5.500		02/15/37		1,098
	1,484,984		GNMA		6.000		02/20/37		1,646
	723,235		GNMA		5.000		04/15/38		781
	621,167		GNMA		6.000		08/15/38		690
	570,091		GNMA		6.000		08/20/38		630
	1,051,756		GNMA		6.500		11/20/38		1,183
	2,760,761		GNMA		4.500		07/20/39		2,959
	878,884		GNMA		5.000		07/20/39		961
	1,027,863		GNMA		4.000		08/15/39		1,079
	56,000,000	h	GNMA		3.000		07/15/43		55,361
	82,000,000	h	GNMA		3.500		07/15/43		84,114
	22,000,000	h	GNMA		4.000		07/15/43		23,059
	37,000,000	h	GNMA		4.500		07/15/43		39,259
	10,000,000	h	GNMA		6.000		07/15/43		11,094
	11,000,000	h	GNMA		3.500		07/20/43		11,289
	18,000,000	h	GNMA		5.000		07/20/43		19,479
			TOTAL MORTGAGE BACKED						1,086,847

MUNICIPAL BONDS - 3.0%
	6,520,000		American Municipal Power		6.270		02/15/50		6,942
	4,500,000	g	Basin Electric Power Coop		6.127		06/01/41		4,723
	1,090,000		Bay Area Water Supply & Conservation Agency		1.311		10/01/17		1,075
	3,790,000		Bay Area Water Supply & Conservation Agency		2.535		10/01/21		3,639
	3,325,000		Bay Area Water Supply & Conservation Agency		2.735		10/01/22		3,183
	2,635,000		Bay Area Water Supply & Conservation Agency		3.015		10/01/24		2,500
	3,000,000		Broward County FL Water & Sewer Utility Revenue		1.350		10/01/16		2,935
	1,410,000		Broward County FL Water & Sewer Utility Revenue		1.910		10/01/18		1,354
	6,165,000		California Pollution Control Financing Authority		5.000		07/01/27		6,209
	8,020,000		California Pollution Control Financing Authority		5.000		07/01/37		7,802
	3,700,000		Calleguas Municipal Water District		2.030		07/01/18		3,651
	2,390,000		Charlotte-Mecklenburg Hospital Authority		5.000		08/01/15		2,528
	1,400,000		Chelan County Public Utility District No		1.398		07/01/14		1,411

363

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,300,000		Chelan County Public Utility District No		1.867	%	07/01/15	$	2,339
	5,000,000		Chicago Metropolitan Water Reclamation District-Greater Chicago		5.720		12/01/38		5,829
	1,250,000		City & County of Honolulu, HI		6.114		07/01/29		1,407
	4,000,000		City of Dallas, TX		5.078		02/15/22		4,460
	1,500,000		City of Dallas, TX		5.195		02/15/35		1,605
	850,000		City of Eugene, OR		6.320		08/01/22		929
	260,000		City of Jersey City NJ		0.942		09/01/14		260
	1,615,000		City of Jersey City NJ		1.192		09/01/15		1,609
	2,200,000		City of Jersey City NJ		1.509		09/01/16		2,179
	2,180,000		City of Jersey City NJ		1.829		09/01/17		2,146
	500,000		City of Jersey City NJ		2.079		09/01/18		486
	925,000		City of Jersey City NJ		2.423		09/01/19		893
	5,000,000		City of New York, NY		4.500		06/01/15		5,173
	4,500,000		City of Seattle WA Municipal Light & Power Revenue		3.500		06/01/30		4,242
	1,000,000		Commonwealth Financing Authority		1.159		06/01/16		993
	1,000,000		Commonwealth Financing Authority		2.675		06/01/21		961
	1,150,000		Commonwealth Financing Authority		2.875		06/01/22		1,102
	2,310,000		Commonwealth Financing Authority		3.075		06/01/23		2,205
	24,000,000		Commonwealth of Massachusetts		5.000		08/01/33		25,969
	5,000,000		Commonwealth of Massachusetts		5.456		12/01/39		5,524
	1,435,000		County of Mercer, NJ		5.380		02/01/17		1,484
	4,000,000		Dallas County Hospital District		5.621		08/15/44		4,603
	1,680,000		Douglas County Public Utility District No 1 Wells Hydroelectric		5.112		09/01/18		1,796
	7,005,000		Fiscal Year 2005 Securitization Corp		4.760		08/15/19		7,480
	500,000		Florida Governmental Utility Authority		2.000		10/01/16		495
	9,750,000		Florida Hurricane Catastrophe Fund Finance Corp		1.298		07/01/16		9,653
	8,875,000	j	Garden State Preservation Trust		0.000		11/01/22		6,741
	1,250,000		Grant County Public Utility District No 2		4.164		01/01/35		1,198
	4,135,000		Greene County OH		2.720		12/01/21		3,965
	3,240,000		Greene County OH		2.970		12/01/22		3,095
	4,365,000		Greene County OH		3.120		12/01/23		4,151
	4,615,000		Greene County OH		3.270		12/01/24		4,373
	4,755,000		Greene County OH		3.420		12/01/25		4,491
	1,900,000		Guadalupe Valley Electric Coop, Inc		5.671		10/01/32		1,748
	1,000,000	h	Guadalupe-Blanco River Authority Industrial Development Corp		3.287		04/15/23		968
	3,490,000	h	Guadalupe-Blanco River Authority Industrial Development Corp		4.633		04/15/33		3,306
	18,455,000		Irvine Ranch Water District Joint Powers Agency		2.388		03/15/14		18,466
	1,000,000		Kansas Development Finance Authority		4.592		05/01/14		1,027
	1,350,000		Kansas Development Finance Authority		4.722		05/01/15		1,435
	1,000,000		Massachusetts Housing Finance Agency		1.306		06/01/16		991
	545,000		Massachusetts Housing Finance Agency		1.776		06/01/17		536
	5,990,000		Massachusetts Housing Finance Agency		4.782		12/01/20		6,285
	5,400,000		Massachusetts St. Water Pollution Abatement		5.192		08/01/40		5,736
	3,500,000		Metropolitan Council		1.750		09/01/20		3,339
	3,000,000		Metropolitan Washington Airports Authority		5.690		10/01/30		3,170
	5,000,000		Metropolitan Water District of Southern California		6.250		07/01/39		5,701
	750,000		Metropolitan Water Reclamation District of Greater Chicago		2.229		12/01/16		773
	5,000,000		Mississippi Development Bank Special Obligation		5.320		07/01/14		5,162
	1,000,000		New York State Environmental Facilities Corp		1.755		06/15/18		983

364

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

						MATURITY	VALUE
PRINCIPAL		ISSUER	RATE			DATE	(000)
$	1,200,000	New York State Environmental Facilities Corp		2.005	%	06/15/19	$	1,174
	1,220,000	New York State Environmental Facilities Corp		2.595		06/15/21		1,182
	1,255,000	New York State Environmental Facilities Corp		3.045		06/15/24		1,197
	1,225,000	New York State Environmental Facilities Corp		3.195		06/15/25		1,163
	500,000	New York State Environmental Facilities Corp		3.684		12/15/29		472
	3,000,000	New York State Urban Development Corp		6.500		12/15/18		3,380
	2,230,000	Newport News Economic Development Authority		5.640		01/15/29		2,473
	270,000	Newport News Economic Development Authority		5.640		01/15/29		284
	1,250,000	Niagara Area Development Corp		4.000		11/01/24		1,255
	765,000	North Wales Water Authority		3.350		11/01/33		649
	4,750,000	Northern California Power Agency		4.320		07/01/24		4,664
	2,450,000	Ohio State Water Development Authority		4.879		12/01/34		2,512
	2,500,000	Oklahoma Capital Improvement Authority		5.180		07/01/14		2,621
	825,000	Pend Oreille County Public Utility District No Box Canyon		0.984		01/01/14		825
	715,000	Pend Oreille County Public Utility District No Box Canyon		1.406		01/01/15		716
	1,000,000	Pend Oreille County Public Utility District No Box Canyon		2.787		01/01/18		1,003
	1,000,000	Pend Oreille County Public Utility District No Box Canyon		3.037		01/01/19		997
	1,070,000	Pend Oreille County Public Utility District No Box Canyon		3.621		01/01/21		1,062
	1,220,000	Pend Oreille County Public Utility District No Box Canyon		1.987		01/01/16		1,226
	1,000,000	Pend Oreille County Public Utility District No Box Canyon		2.417		01/01/17		1,004
	11,500,000	Semitropic Improvement District		2.800		12/01/22		11,117
	1,750,000	South Dakota Conservancy District		1.013		08/01/16		1,746
	3,330,000	South Dakota Conservancy District		1.648		08/01/18		3,304
	6,475,000	State of California		1.050		02/01/16		6,465
	7,050,000	State of California		4.988		04/01/39		6,881
	5,000,000	State of Connecticut		5.090		10/01/30		5,176
	2,050,000	State of Hawaii		4.670		05/01/14		2,115
	5,000,000	State of Illinois		4.071		01/01/14		5,074
	5,570,000	State of Illinois		4.350		06/01/18		5,814
	5,000,000	State of Illinois		3.650		04/01/20		4,781
	9,000,000	State of Illinois		5.520		04/01/38		7,993
	5,000,000	State of Michigan		2.302		11/01/14		5,096
	4,505,000	State of Michigan		3.375		12/01/20		4,570
	2,500,000	State of Ohio		5.412		09/01/28		2,826
	3,050,000	State of Oregon		5.030		08/01/14		3,195
	3,265,000	State of Texas		4.900		08/01/20		3,473
	5,000,000	State of Texas		6.072		10/01/29		5,653
	3,165,000	State of Washington		5.050		01/01/18		3,176
	1,033,000	State of Wisconsin		5.700		05/01/26		1,204
	5,000,000	Tuolumne Wind Project Authority		6.918		01/01/34		5,579
		TOTAL MUNICIPAL BONDS						356,511

U.S. TREASURY SECURITIES - 2.9%
	22,500,000	United States Treasury Bond		2.750		08/15/42		19,420
	89,233,000	United States Treasury Bond		3.125		02/15/43		83,293
	2,325,000	United States Treasury Note		0.125		08/31/13		2,325

365

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,595,000		United States Treasury Note		0.125	%	09/30/13	$	2,595
	5,985,000		United States Treasury Note		0.250		05/31/14		5,989
	20,660,000		United States Treasury Note		0.250		06/30/14		20,672
	22,395,000		United States Treasury Note		2.375		08/31/14		22,957
	3,631,000		United States Treasury Note		2.500		04/30/15		3,774
	15,155,000		United States Treasury Note		0.250		05/31/15		15,128
	17,895,000		United States Treasury Note		1.875		06/30/15		18,432
	19,195,000		United States Treasury Note		0.250		05/15/16		18,991
	6,000,000		United States Treasury Note		0.500		06/15/16		5,975
	63,701,000		United States Treasury Note		1.000		05/31/18		62,606
	12,234,500		United States Treasury Note		1.625		11/15/22		11,421
	63,497,000		United States Treasury Note		1.750		05/15/23		59,469
			TOTAL U.S. TREASURY SECURITIES						353,047

			TOTAL GOVERNMENT BONDS						2,775,220
			(Cost $2,766,197)

STRUCTURED ASSETS - 1.6%

ASSET BACKED - 0.7%
	1,500,000		AmeriCredit Automobile Receivables Trust		1.570		01/08/19		1,460
			Series - 2013 1 (Class C)
	4,500,000	g	Avis Budget Rental Car Funding AESOP LLC		5.110		03/20/17		4,808
			Series - 2010 5A (Class B)
	973,097	i	Bear Stearns Asset Backed Securities Trust		0.563		11/25/39		948
			Series - 2005 SD3 (Class 2A1)
	900,000		Capital Auto Receivables Asset Trust		1.290		04/20/18		889
			Series - 2013 1 (Class B)
	975,000		Capital Auto Receivables Asset Trust 2013-1-C		1.740		10/22/18		957
			Series - 2013 1 (Class C)
	3,501,139	i	Chase Funding Loan Acquisition Trust		1.048		06/25/34		3,161
			Series - 2004 OPT1 (Class M1)
	2,988,750	g	CKE Restaurant Holdings, Inc		4.474		03/20/43		2,987
			Series - 2013 1A (Class A2)
	190,126	i	Countrywide Asset-Backed Certificates		5.585		10/25/46		189
			Series - 2006 15 (Class A2)
	966,982	g,i	Credit-Based Asset Servicing and Securitization LLC		6.159		12/25/36		980
			Series - 2007 MX1 (Class A1)
	1,715,000	g,i	DB/UBS Mortgage Trust		5.728		11/10/46		1,823
			Series - 2011 LC1A (Class C)
	9,812,500	g	Dominos Pizza Master Issuer LLC		5.216		01/25/42		10,475
			Series - 2012 1A (Class A2)
	2,249,659	g,i	Flagstar Home Equity Loan Trust		5.781		01/25/35		2,249
			Series - 2007 1A (Class AF3)
	1,500,000		Ford Credit Auto Owner Trust		3.210		07/15/17		1,556
			Series - 2011 A (Class D)
	500,000	g	Hertz Vehicle Financing LLC		6.440		02/25/19		567
			Series - 2010 1A (Class B3)
	2,388,536	i	Lehman XS Trust		0.443		02/25/36		2,102
			Series - 2006 1 (Class 1A1)

366

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	6,321,062		Lehman XS Trust		6.500	%	06/25/46	$	4,723
			Series - 2006 13 (Class 2A1)
	489,566	i	Long Beach Mortgage Loan Trust		0.943		02/25/35		486
			Series - 2005 1 (Class M1)
	786,082	i	Residential Asset Mortgage Products, Inc		4.970		09/25/33		818
			Series - 2003 RZ5 (Class A7)
	596,446	i	Residential Asset Securities Corp		0.623		04/25/35		581
			Series - 2005 KS3 (Class M3)
	5,859,729		Residential Funding Mortgage Securities II, Inc		5.500		08/25/25		5,806
			Series - 2006 HI5 (Class A3)
	2,385,138		Residential Funding Mortgage Securities II, Inc		5.960		02/25/36		2,430
			Series - 2006 HI3 (Class A3)
	2,000,000	i	Residential Funding Mortgage Securities II, Inc		6.010		02/25/36		1,989
			Series - 2006 HI1 (Class M1)
	200,000	i	Residential Funding Mortgage Securities II, Inc		6.060		02/25/36		198
			Series - 2006 HI1 (Class M2)
	2,000,000		Santander Drive Auto Receivables Trust		1.760		01/15/19		1,951
			Series - 2013 1 (Class C)
	698,656	i	Securitized Asset Backed Receivables LLC		0.493		10/25/35		681
			Series - 2006 OP1 (Class A2C)
	3,781,095	g	Sierra Receivables Funding Co LLC		1.590		11/20/29		3,754
			Series - 2013 1A (Class A)
	10,045,000	g	SLM Student Loan Trust		3.740		02/15/29		10,585
			Series - 2011 B (Class A2)
	1,248,101	i	Soundview Home Equity Loan Trust		0.493		11/25/35		1,227
			Series - 2005 OPT3 (Class A4)
	496,864	i	Structured Asset Investment Loan Trust		0.793		05/25/35		494
			Series - 2005 4 (Class M1)
	496,887	i	Structured Asset Investment Loan Trust		0.473		12/25/35		495
			Series - 2005 10 (Class A5)
	2,665,171	g,i	Structured Asset Securities Corp Mortgage Loan Trust		0.413		10/25/36		2,560
			Series - 2006 GEL4 (Class A2)
	2,750,000	g	Vornado DP LLC		5.280		09/13/28		2,952
			Series - 2010 VNO (Class C)
	717,357	g,m	Wachovia Amortization Controlled Heloc NIM		5.683		08/12/47		746
			Series - 2006 N1 (Class N1)
	1,041,896	g,i	Wachovia Loan Trust		0.553		05/25/35		964
			Series - 2005 SD1 (Class A)
	548,818	i	Wells Fargo Home Equity Trust		0.333		07/25/36		542
			Series - 2006 2 (Class A3)
	8,000,000		World Financial Network Credit Card Master Trust		0.910		03/16/20		7,939
			Series - 2013 B (Class A)
			TOTAL ASSET BACKED						87,072

OTHER MORTGAGE BACKED - 0.9%
	6,555,000		Banc of America Commercial Mortgage Trust		5.390		10/10/45		6,955
			Series - 2006 6 (Class AM)

367

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	135,000		Banc of America Commercial Mortgage Trust		5.675	%	07/10/46	$	150
			Series - 2006 4 (Class AM)
	2,200,000	i	Bear Stearns Commercial Mortgage Securities		5.582		09/11/41		2,404
			Series - 2006 PW13 (Class AM)
	2,405,000	i	Bear Stearns Commercial Mortgage Securities		5.568		10/12/41		2,629
			Series - 2006 T24 (Class AM)
	9,453		Citicorp Mortgage Securities, Inc		5.750		11/25/36		9
			Series - 2006 6 (Class A2)
	46,917	g,i	Citigroup Commercial Mortgage Trust		0.333		04/15/22		47
			Series - 2007 FL3A (Class A2)
	5,000,000	i	COBALT CMBS Commercial Mortgage Trust 2007-C2		5.526		04/15/47		5,495
			Series - 2007 C2 (Class AMFX)
	2,515,000	i	Commercial Mortgage Pass Through Certificates		5.650		12/10/49		2,771
			Series - 2007 C9 (Class AM)
	840,000	i	Commercial Mortgage Pass-Through Certificates		5.989		06/15/38		914
			Series - 2006 C3 (Class AM)
	2,019,959		Countrywide Alternative Loan Trust		5.500		08/25/16		2,049
			Series - 2004 30CB (Class 1A15)
	543,989		Countrywide Alternative Loan Trust		5.500		08/25/34		545
			Series - 2004 14T2 (Class A2)
	1,136,119		Countrywide Home Loan Mortgage Pass Through Trust		5.250		02/25/16		1,131
			Series - 2005 6 (Class 1A10)
	1,058,000		Countrywide Home Loan Mortgage Pass Through Trust		4.750		09/25/18		1,085
			Series - 2003 35 (Class 1A1)
	263,009		Countrywide Home Loan Mortgage Pass Through Trust		5.250		05/25/35		260
			Series - 2005 12 (Class 1A5)
	280,000	i	Credit Suisse First Boston Mortgage Securities Corp		5.100		08/15/38		286
			Series - 2005 C5 (Class C)
	1,075,440	g,i	Credit Suisse Mortgage Capital Certificates		0.373		04/15/22		1,063
			Series - 2007 TF2A (Class A1)
	3,550,000	g	Credit Suisse Mortgage Capital Certificates		5.626		05/15/23		3,944
			Series - 2006 OMA (Class D)
	5,965,000		Credit Suisse Mortgage Capital Certificates		5.509		09/15/39		6,402
			Series - 2006 C4 (Class AM)
	3,500,000	g	Credit Suisse Mortgage Capital Certificates		5.383		02/15/40		3,634
			Series - 2009 RR1 (Class A3C)
	1,950,000	g,i	GS Mortgage Securities Corp II		4.276		04/10/34		1,911
			Series - 2012 GSMS (Class C)
	1,690,000	g,i	GS Mortgage Securities Corp II		5.400		12/10/43		1,750
			Series - 2010 C2 (Class C)
	2,535,000	g,i	GS Mortgage Securities Corp II		5.400		12/10/43		2,706
			Series - 2010 C2 (Class B)
	12,233,911	g	GS Mortgage Securities Trust		2.059		04/10/31		11,891
			Series - 2013 G1 (Class A1)
	1,152,245	i	Impac CMB Trust		0.853		02/25/36		1,036
			Series - 2004 11 (Class 2A1)
	740,135	g,i	JP Morgan Chase Commercial Mortgage Securities Corp		0.568		07/15/19		720
			Series - 2007 FL1A (Class A1)
	2,125,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp		5.431		07/15/46		2,209
			Series - 2011 C4 (Class C)

368

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	2,030,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		6.140	%	02/15/51	$	2,119
			Series - 2007 C1 (Class AM)
	14,350	i	JP Morgan Mortgage Trust		4.115		04/25/35		14
			Series - 2005 A2 (Class 5A1)
	570,000		LB-UBS Commercial Mortgage Trust		5.378		11/15/38		612
			Series - 2006 C7 (Class AM)
	11,000,000	i	LB-UBS Commercial Mortgage Trust		5.493		02/15/40		11,268
			Series - 2007 C2 (Class AM)
	265,000	i	LB-UBS Commercial Mortgage Trust		5.057		09/15/40		274
			Series - 2005 C5 (Class AJ)
	12,832		MASTER Asset Securitization Trust		5.000		05/25/35		13
			Series - 2005 1 (Class 2A5)
	1,645,209	i	Merrill Lynch Mortgage Trust		5.107		07/12/38		1,742
			Series - 2005 CIP1 (Class AM)
	645,000	i	Merrill Lynch Mortgage Trust		6.441		02/12/51		680
			Series - 0 C1 (Class AJA)
	710,000	g,i	Morgan Stanley Capital I		5.420		09/15/47		683
			Series - 2011 C1 (Class D)
	2,185,000	g,i	Morgan Stanley Capital I		5.420		09/15/47		2,303
			Series - 2011 C1 (Class C)
	850,000	i	Morgan Stanley Capital I		5.544		11/12/49		922
			Series - 2007 T25 (Class AM)
	2,750,000	g	OBP Depositor LLC Trust		4.646		07/15/45		2,982
			Series - 2010 OBP (Class A)
	1,128,418		Residential Accredit Loans, Inc		4.350		03/25/34		1,151
			Series - 2004 QS4 (Class A1)
	4,765,275	i	Residential Accredit Loans, Inc		0.383		05/25/46		3,554
			Series - 2006 QO5 (Class 2A1)
	1,075,439		RFMSI Trust		5.500		03/25/35		1,094
			Series - 2005 S2 (Class A6)
	1,599,024	g,i	Springleaf Mortgage Loan Trust		2.667		09/25/57		1,630
			Series - 2012 1A (Class A)
	1,234,459	g,i	Springleaf Mortgage Loan Trust		2.220		10/25/57		1,252
			Series - 0 2A (Class A)
	8,657	i	Structured Adjustable Rate Mortgage Loan Trust		0.953		03/25/35		9
			Series - 2005 6XS (Class A3)
	6,725,000		Wachovia Bank Commercial Mortgage Trust		5.383		12/15/43		7,089
			Series - 2007 C30 (Class AM)
	1,655,000		Wachovia Bank Commercial Mortgage Trust		5.500		04/15/47		1,852
			Series - 2007 C31 (Class A5)
	3,000,000	i	Wachovia Bank Commercial Mortgage Trust		5.660		04/15/47		2,880
			Series - 2007 C31 (Class AJ)
			TOTAL OTHER MORTGAGE BACKED						108,119

			TOTAL STRUCTURED ASSETS						195,191
			(Cost $194,771)

			TOTAL BONDS						4,744,045
			(Cost $4,732,832)

369

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
COMMON STOCKS - 59.4%

AUTOMOBILES & COMPONENTS - 1.4%
	67,500		Aisin Seiki Co Ltd	$	2,577
	127,203		Bayerische Motoren Werke AG.		11,102
	37,510		Bayerische Motoren Werke AG. (Preference)		2,562
	7,792	*	BorgWarner, Inc		671
	187,700		Denso Corp		8,824
	897		Dorman Products, Inc		41
	2,843,693		Ford Motor Co		43,992
	71,000		Fuji Heavy Industries Ltd		1,753
	252,970		GKN plc		1,158
	236,929		Harley-Davidson, Inc		12,988
	384,280		Honda Motor Co Ltd		14,276
	755,892		Johnson Controls, Inc		27,053
	254,000	*	Mitsubishi Motors Corp		348
	38,400	*	Modine Manufacturing Co		418
	910,900		Nissan Motor Co Ltd		9,130
	97,815		Pirelli & C S.p.A.		1,131
	109,499		Renault S.A.		7,376
	9,200		Stanley Electric Co Ltd		179
	123,300		Suzuki Motor Corp		2,842
	107,999	*	Tenneco, Inc		4,890
	7,617	*,e	Tesla Motors, Inc		818
	2,900		Toyoda Gosei Co Ltd		71
	3,500	e	Toyota Boshoku Corp		50
	81,600		Toyota Industries Corp		3,332
	31,714		Volkswagen AG. (Preference)		6,406
	102,500		Yamaha Motor Co Ltd		1,328
			TOTAL AUTOMOBILES & COMPONENTS		165,316

BANKS - 3.5%
	1,099	e	Arrow Financial Corp		27
	51,058		Associated Banc-Corp		794
	532,495	*	Australia & New Zealand Banking Group Ltd		13,823
	2,231,892		Banca Intesa S.p.A.		3,572
	1,620,905		Banco Bilbao Vizcaya Argentaria S.A.		13,622
	1,723,582	*,e	Banco Espirito Santo S.A.		1,382
	21,859		Bank Mutual Corp		123
	25,289		Bank of Hawaii Corp		1,273
	207,400	e	Bank of Nova Scotia		11,087
	8,392		Bank of the Ozarks, Inc		364
	1,005,286		BB&T Corp		34,059
	10,404		BBCN Bancorp, Inc		148
	4,422		Bendigo Bank Ltd		41
	1,093	*	Beneficial Mutual Bancorp, Inc		9
	20,397		Boston Private Financial Holdings, Inc		217
	47,100		CapitalSource, Inc		442
	7,221		Capitol Federal Financial		88
	3,360		Cathay General Bancorp		68
	5,743		Centerstate Banks of Florida, Inc		50
	10,000	*	CIT Group, Inc		466

370

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	2,120		Columbia Banking System, Inc	$	50
	165,930		Comerica, Inc		6,609
	1,213		Commerce Bancshares, Inc		53
	301,281		Commonwealth Bank of Australia		18,964
	3,936		Community Bank System, Inc		121
	718,145		Criteria Caixacorp S.A.		2,206
	9,127	e	Cullen/Frost Bankers, Inc		609
	236,588		DNB NOR Holding ASA		3,432
	10,051		East West Bancorp, Inc		276
	451		First Citizens Bancshares, Inc (Class A)		87
	23,976		First Commonwealth Financial Corp		177
	3,693		First Merchants Corp		63
	14,422		First Midwest Bancorp, Inc		198
	2,500	*	Flagstar Bancorp, Inc		35
	16,186		FNB Corp		196
	2,590		Glacier Bancorp, Inc		57
	5,441		Hancock Holding Co		164
	508,500		Hang Seng Bank Ltd		7,488
	1,267		Heartland Financial USA, Inc		35
	3,263,060		HSBC Holdings plc		33,780
	174,643		Huntington Bancshares, Inc		1,376
	9,593		IBERIABANK Corp		514
	1,147		International Bancshares Corp		26
	8,084		Investors Bancorp, Inc		170
	104,876		KBC Groep NV		3,910
	1,625,945		Keycorp		17,950
	16,906		Lakeland Bancorp, Inc		176
	287,310	e	M&T Bank Corp		32,107
	6,246		MainSource Financial Group, Inc		84
	1,800		MB Financial, Inc		48
	61,360	*	MGIC Investment Corp		372
	4,070,000		Mizuho Financial Group, Inc		8,452
	471,296		National Australia Bank Ltd		12,749
	6,490		National Penn Bancshares, Inc		66
	1,124,730		Natixis		4,722
	1,500		NBT Bancorp, Inc		32
	145,456	e	New York Community Bancorp, Inc		2,036
	644,338		Nordea Bank AB		7,195
	11,094		Northfield Bancorp, Inc		130
	19,938		Old National Bancorp		276
	9,549		PacWest Bancorp		293
	600	e	Park National Corp		41
	4,182		Peoples Bancorp, Inc		88
	2,728		People’s United Financial, Inc		41
	2,500	*	Pinnacle Financial Partners, Inc		64
	516,232		PNC Financial Services Group, Inc		37,644
	20,000	*	Popular, Inc		607
	20,422		PrivateBancorp, Inc		433
	53,363		Provident Financial Services, Inc		842
	577,056	e	Radian Group, Inc		6,705
	155,400		Resona Holdings, Inc		757
	2,569		Rockville Financial, Inc		34

371

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	250,810	e	Royal Bank of Canada (Toronto)	$	14,614
	1,000		S&T Bancorp, Inc		20
	1,883		Sandy Spring Bancorp, Inc		41
	3,487	*	Signature Bank		289
	221,278		Skandinaviska Enskilda Banken AB (Class A)		2,113
	580,389		Standard Chartered plc		12,600
	261,500		Sumitomo Mitsui Financial Group, Inc		11,970
	13,277	*	Sun Bancorp, Inc		45
	16,927		Susquehanna Bancshares, Inc		218
	28,454	*	SVB Financial Group		2,371
	45,092		Swedbank AB (A Shares)		1,033
	800	*	Texas Capital Bancshares, Inc		35
	157,511	e	Toronto-Dominion Bank		12,651
	1,700		Trustmark Corp		42
	5,465		UMB Financial Corp		304
	3,150		Umpqua Holdings Corp		47
	2,479		Union Bankshares Corp		51
	10,908	e	United Bankshares, Inc		289
	1,341,320		US Bancorp		48,489
	13,956		Webster Financial Corp		358
	3,652		WesBanco, Inc		97
	5,233	e	Westamerica Bancorporation		239
	5,690	*	Western Alliance Bancorp		90
	629,923		Westpac Banking Corp		16,539
	16,588		Wilshire Bancorp, Inc		110
	1,110		Wintrust Financial Corp		42
	37,356		Zions Bancorporation		1,079
			TOTAL BANKS		421,971

CAPITAL GOODS - 4.6%
	469,354		3M Co		51,324
	6,372		A.O. Smith Corp		231
	13,978		Actuant Corp (Class A)		461
	5,085		Acuity Brands, Inc		384
	75,930		Alfa Laval AB		1,551
	464,724		Ametek, Inc		19,658
	56,219	*	ArvinMeritor, Inc		396
	368,000	e	Asahi Glass Co Ltd		2,385
	51,800		Assa Abloy AB (Class B)		2,025
	10,969		Astec Industries, Inc		376
	153,909		Atlas Copco AB (A Shares)		3,710
	135,146		Atlas Copco AB (B Shares)		2,892
	116,424		Barnes Group, Inc		3,492
	2,120	*	Beacon Roofing Supply, Inc		80
	4,234		Belden CDT, Inc		211
	106,747		Bouygues S.A.		2,720
	29,997		Briggs & Stratton Corp		594
	108,048	*	Builders FirstSource, Inc		646
	299,328		Bunzl plc		5,838
	4,279	*	Chart Industries, Inc		403
	92,756		Cintra Concesiones de Infraestructuras de Transporte S.A.		1,481
	10,922		Clarcor, Inc		570

372

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	10,768	*	Colfax Corp	$	561
	159,066	e	Compagnie de Saint-Gobain		6,445
	210,677		Cummins, Inc		22,850
	46,600		Daikin Industries Ltd		1,884
	635,413		Danaher Corp		40,222
	386,242		Deere & Co		31,382
	67,977		Dover Corp		5,279
	340,868		Eaton Corp		22,433
	4,941		EMCOR Group, Inc		201
	707,138		Emerson Electric Co		38,567
	7,019		EnerSys		344
	2,909	*	Esterline Technologies Corp		210
	143,829		Fastenal Co		6,595
	144,300		Fiat Industrial S.p.A.		1,606
	11,291		Fortune Brands Home & Security, Inc		437
	400		Gardner Denver, Inc		30
	2,237		GATX Corp		106
	21,353		GEA Group AG.		756
	11,801		Geberit AG.		2,923
	1,500		Gorman-Rupp Co		48
	66,177		Graco, Inc		4,183
	1,400		H&E Equipment Services, Inc		30
	4,485		Heico Corp		226
	14,756	*	Hexcel Corp		503
	32,600		Hitachi Construction Machinery Co Ltd		658
	12,125		Hochtief AG.		790
	4,000		Houston Wire & Cable Co		55
	521,422		Illinois Tool Works, Inc		36,067
	133,866		Ingersoll-Rand plc		7,432
	279,877		Invensys plc		1,753
	2,187		Joy Global, Inc		106
	25,600		JTEKT Corp		287
	92,000		Kawasaki Heavy Industries Ltd		282
	213,800		Komatsu Ltd		4,924
	331,267		Koninklijke Philips Electronics NV		9,031
	320,000		Kubota Corp		4,657
	6,983	*	Layne Christensen Co		136
	26,197		Lincoln Electric Holdings, Inc		1,500
	15,600	*	Makita Corp		839
	700,000		Marubeni Corp		4,678
	463,592		Masco Corp		9,035
	44,896		Metso Oyj		1,521
	367	*	Middleby Corp		62
	521,800		Mitsubishi Corp		8,914
	482,000		Mitsubishi Electric Corp		4,504
	7,683		MSC Industrial Direct Co (Class A)		595
	83,000		NGK Insulators Ltd		1,026
	132,713		Nordson Corp		9,198
	86,000		NSK Ltd		820
	165,398	*	Owens Corning, Inc		6,464
	287,127		Paccar, Inc		15,407
	25,360		Pall Corp		1,685

373

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

					VALUE
SHARES				COMPANY	(000)
	35,299			Parker Hannifin Corp	$	3,368
	100,159			Pentair Ltd		5,778
	43,401		*,e	Polypore International, Inc		1,749
	175,651			Precision Castparts Corp		39,699
	118,919		*	Quanta Services, Inc		3,147
	94,352			Rockwell Automation, Inc		7,844
	10,342			Rockwell Collins, Inc		656
	3,769			Roper Industries, Inc		468
	3,300		*	Rush Enterprises, Inc (Class A)		82
	236,880			Sandvik AB		2,829
	172,100			Scania AB (B Shares)		3,443
	182,088			Schneider Electric S.A.		13,225
	98,000			Shimizu Corp		394
	43,110			Skanska AB (B Shares)		714
	42,500			SKF AB (B Shares)		996
	69,349			Smiths Group plc		1,380
	17,535			Snap-On, Inc		1,567
	210,153		*	Spirit Aerosystems Holdings, Inc (Class A)		4,514
	13,734			Sulzer AG.		2,193
	161,300			Sumitomo Electric Industries Ltd		1,920
	5,435		e	TAL International Group, Inc		237
	104,755			Tennant Co		5,057
	18,487			Timken Co		1,041
	6,400			Toyota Tsusho Corp		165
	38,902		*,e	United Rentals, Inc		1,942
	49,198			Vallourec		2,497
	176,760			Vinci S.A.		8,866
	436,090			Volvo AB (B Shares)		5,819
	3,755			W.W. Grainger, Inc		947
	25,258		*	Wabash National Corp		257
	38,428	*		WABCO Holdings, Inc		2,870
	2,022			Watsco, Inc		170
	27,403		*	WESCO International, Inc		1,862
	4,570			Westinghouse Air Brake Technologies Corp		244
	125,988			Wolseley plc		5,813
	20,710			Woodward Governor Co		828
	12,153			Xylem, Inc		327
				TOTAL CAPITAL GOODS		556,583

COMMERCIAL & PROFESSIONAL SERVICES - 0.5%
	2,604			ABM Industries, Inc		64
	197,072		*	ACCO Brands Corp		1,253
	14,675			Aggreko plc		367
	176,082			Avery Dennison Corp		7,529
	205,697			Brambles Ltd		1,752
	11,200			Bureau Veritas S.A.		290
	120,569			Capita Group plc		1,772
	2,000			CDI Corp		28
	2,394		*	Copart, Inc		74
	9,841			Corporate Executive Board Co		622
	218,000			Dai Nippon Printing Co Ltd		1,989
	24,020			Deluxe Corp		832

374

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	82,626	e	Dun & Bradstreet Corp	$	8,052
	22,336		Equifax, Inc		1,316
	2,000		Heidrick & Struggles International, Inc		34
	21,504		HNI Corp		776
	9,308	*	IHS, Inc (Class A)		972
	1,660	*,e	Innerworkings, Inc		18
	19,643		Interface, Inc		333
	7,700		Intertek Group plc		342
	122,588		Iron Mountain, Inc		3,262
	1,800		Kelly Services, Inc (Class A)		32
	29,712		Manpower, Inc		1,628
	2,100	*	Mobile Mini, Inc		70
	13,621	*	Navigant Consulting, Inc		164
	1,000	*	On Assignment, Inc		27
	18,371	e	R.R. Donnelley & Sons Co		257
	34,400		Randstad Holdings NV		1,414
	162,118		Robert Half International, Inc		5,387
	16,303	*	RPX Corp		274
	58,400		Secom Co Ltd		3,175
	472		SGS S.A.		1,013
	400		Societe BIC S.A.		40
	1,544	*	Standard Parking Corp		33
	44,676	*	Tetra Tech, Inc		1,050
	179,000		Toppan Printing Co Ltd		1,242
	233,660		Tyco International Ltd		7,699
	2,100		Viad Corp		52
	174,423		Waste Management, Inc		7,035
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		62,269

CONSUMER DURABLES & APPAREL - 0.8%
	29,048		Adidas-Salomon AG.		3,140
	4,859		American Greetings Corp (Class A)		89
	14,697	e	Blyth, Inc		205
	32,738	e	Callaway Golf Co		215
	30,920		Christian Dior S.A.		4,995
	24,000		Electrolux AB (Series B)		606
	7,187	e	Ethan Allen Interiors, Inc		207
	11,700		Gildan Activewear, Inc		474
	6,676		Hanesbrands, Inc		343
	10,000	e	Jakks Pacific, Inc		113
	573,700		Matsushita Electric Industrial Co Ltd		4,619
	520,280		Mattel, Inc		23,574
	7,456	*	Meritage Homes Corp		323
	9,802	*	Mohawk Industries, Inc		1,103
	23,800		Movado Group, Inc		805
	527,519		Nike, Inc (Class B)		33,592
	126,600		Nikon Corp		2,958
	18,943		Oxford Industries, Inc		1,182
	9,478		Perry Ellis International, Inc		193
	2,000		Pool Corp		105
	27,543		Ryland Group, Inc		1,104
	50,000		Sekisui Chemical Co Ltd		531

375

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	96,000		Sekisui House Ltd	$	1,387
	141,000	*,e	Sharp Corp		568
	234,000	*,e	Sony Corp		4,944
	5,138		Tupperware Corp		399
	13,953	*,e	Under Armour, Inc (Class A)		833
	4,500	*	Unifi, Inc		93
	7,794		VF Corp		1,505
	10,000		Whirlpool Corp		1,144
			TOTAL CONSUMER DURABLES & APPAREL		91,349

CONSUMER SERVICES - 1.2%
	79,580		Accor S.A.		2,797
	35,220	*	AFC Enterprises		1,266
	30,700		Benesse Corp		1,108
	25,421	e	Brinker International, Inc		1,002
	7,675	*	Chipotle Mexican Grill, Inc (Class A)		2,796
	103,153	e	Choice Hotels International, Inc		4,094
	86,851		Darden Restaurants, Inc		4,384
	1,346		DineEquity, Inc		93
	4,313		Domino’s Pizza, Inc		251
	7,832		Dunkin Brands Group, Inc		335
	366,180		Marriott International, Inc (Class A)		14,783
	558,634		McDonald’s Corp		55,305
	8,683	*	Outerwall, Inc		509
	1,300	*	Papa John’s International, Inc		85
	33,974		Royal Caribbean Cruises Ltd		1,133
	11,375	*	Ruby Tuesday, Inc		105
	29,578	*	Sonic Corp		431
	686,805		Starbucks Corp		44,979
	136,400		Starwood Hotels & Resorts Worldwide, Inc		8,619
	10,004	e	Strayer Education, Inc		488
	9,100		Tim Hortons, Inc (Toronto)		492
	10,000	e	Weight Watchers International, Inc		460
	11,685		Whitbread plc		544
			TOTAL CONSUMER SERVICES		146,059

DIVERSIFIED FINANCIALS - 3.7%
	780,959		3i Group plc		4,010
	358,183		Aberdeen Asset Management plc		2,085
	4,200	e	Aeon Credit Service Co Ltd		119
	251,412	*	American Capital Ltd		3,185
	660,409		American Express Co		49,372
	12,499		Ares Capital Corp		215
	1,256,484		Bank of New York Mellon Corp		35,244
	142,525		BlackRock, Inc		36,608
	604,515		Capital One Financial Corp		37,970
	1,431,454		Charles Schwab Corp		30,390
	310,655		CME Group, Inc		23,604
	1,362	e	Cohen & Steers, Inc		46
	3,361	*	Credit Acceptance Corp		353
	69,415		Deutsche Boerse AG.		4,565
	733,277		Discover Financial Services		34,933

376

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	8,100		Eurazeo	$	434
	51,550		Evercore Partners, Inc (Class A)		2,025
	86,902		Exor S.p.A.		2,574
	208,871		Franklin Resources, Inc		28,411
	24,115	*,e	Green Dot Corp		481
	522,300		Hong Kong Exchanges and Clearing Ltd		7,845
	178,621	*	ING Groep NV		1,632
	91,164	*	IntercontinentalExchange, Inc		16,205
	1,750	*	International Assets Holding Corp		31
	5,728	*	Internet Capital Group, Inc		65
	508,141		Invesco Ltd		16,159
	800,553		Investec plc		5,038
	3,030	*	Investment Technology Group, Inc		42
	61,166	e	Janus Capital Group, Inc		521
	60,728		Kinnevik Investment AB (Series B)		1,557
	62,663		Legg Mason, Inc		1,943
	7,400	e	Main Street Capital Corp		205
	336,200		Mitsubishi UFJ Lease & Finance Co Ltd		1,595
	76,231		Nasdaq Stock Market, Inc		2,500
	135,919	*	NewStar Financial, Inc		1,810
	513,669		Northern Trust Corp		29,741
	250,268		NYSE Euronext		10,361
	22,527	*	PHH Corp		459
	5,879	*	Pico Holdings, Inc		123
	8,995	e	Prospect Capital Corp		97
	10,635	*	Safeguard Scientifics, Inc		171
	62,441		Schroders plc		2,073
	489,115		State Street Corp		31,895
	5,000	*	SWS Group, Inc		27
	287,043		T Rowe Price Group, Inc		20,997
	16,754	e	Triangle Capital Corp		461
			TOTAL DIVERSIFIED FINANCIALS		450,177

ENERGY - 5.7%
	40,000	e	Acergy S.A.		701
	46,000		Aker Kvaerner ASA		628
	52,019		AMEC plc		796
	315,610		Apache Corp		26,458
	45,500	e	ARC Energy Trust		1,191
	13,661	*	Atwood Oceanics, Inc		711
	854,626		BG Group plc		14,524
	15,745	*,e	BPZ Energy, Inc		28
	5,088	*,e	C&J Energy Services, Inc		99
	270,701	*	Cameron International Corp		16,556
	1,618	e	CARBO Ceramics, Inc		109
	14,005	*	Carrizo Oil & Gas, Inc		397
	287,400		Cenovus Energy, Inc (Toronto)		8,198
	165,841	*	Cheniere Energy, Inc		4,604
	98,049		Cimarex Energy Co		6,372
	1,826	*	Clayton Williams Energy, Inc		79
	260,946	*,e	Clean Energy Fuels Corp		3,444
	157,932	*	Compagnie Generale de Geophysique S.A.		3,499

377

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	31,699		Comstock Resources, Inc	$	499
	29,437	*	Concho Resources, Inc		2,464
	46,605		Contango Oil & Gas Co		1,573
	146,657	*,e	Continental Resources, Inc		12,621
	2,554		Core Laboratories NV		387
	57,300	e	Crescent Point Energy Corp		1,943
	17,312		CVR Energy, Inc		821
	124,890	*,m	CVR Energy, Inc (Contingent value right)		0	^
	11,452	*	Dawson Geophysical Co		422
	16,742		Delek Group Ltd		4,322
	2,500		Delek US Holdings, Inc		72
	486,380	*	Denbury Resources, Inc		8,424
	430,963	*	Devon Energy Corp		22,358
	268,074		Enbridge, Inc		11,269
	21,600	e	EnCana Corp		365
	1,150		Energen Corp		60
	72,600	e	Enerplus Resources Fund		1,073
	624,899		ENI S.p.A.		12,825
	287,176		EOG Resources, Inc		37,815
	320,742		Equitable Resources, Inc		25,457
	11,351	*	Exterran Holdings, Inc		319
	203,588	*	FMC Technologies, Inc		11,336
	19,000		Fugro NV		1,032
	203,657		Galp Energia SGPS S.A.		3,019
	8,642	*	Geospace Technologies Corp		597
	187,072	*	Hercules Offshore, Inc		1,317
	366,724		Hess Corp		24,383
	155,177	*	Hornbeck Offshore Services, Inc		8,302
	789		Inpex Holdings, Inc		3,279
	60,455	*	ION Geophysical Corp		364
	44,211	*	Key Energy Services, Inc		263
	6,277	*	Kinder Morgan Management LLC		525
	676,402	*	Kodiak Oil & Gas Corp		6,013
	749,902		Marathon Oil Corp		25,932
	396,815		Marathon Petroleum Corp		28,198
	141,335	*	MEG Energy Corp		3,874
	458,618		National Oilwell Varco, Inc		31,599
	3,769	*	Natural Gas Services Group, Inc		89
	134,199		Neste Oil Oyj		1,958
	180,694		Noble Corp		6,790
	425,982		Noble Energy, Inc		25,576
	29,282	*,e	Northern Oil And Gas, Inc		391
	21,344	*	Oasis Petroleum, Inc		830
	332,273		Occidental Petroleum Corp		29,649
	34,436		Oceaneering International, Inc		2,486
	28,748	*	Oil States International, Inc		2,663
	209,409		OMV AG.		9,447
	516,973		Origin Energy Ltd		5,924
	37,146	*	PDC Energy, Inc		1,912
	302,936	e	Pengrowth Energy Trust		1,489
	265,014	e	Penn West Energy Trust		2,797
	68,060	*	Petroquest Energy, Inc		270

378

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	423,386		Phillips 66	$	24,942
	170,278		Pioneer Natural Resources Co		24,648
	282,498		Questar Market Resources, Inc		7,848
	150,641	*,e	Quicksilver Resources, Inc		253
	63,509		Range Resources Corp		4,911
	302,250		Repsol YPF S.A.		6,379
	36,777	*	Rex Energy Corp		647
	48,811		Saipem S.p.A.		792
	894	e	SEACOR Holdings, Inc		74
	58,600	e	Showa Shell Sekiyu KK		481
	29,250	*,e	Solazyme, Inc		343
	337,955	*	Southwestern Energy Co		12,346
	954,987		Spectra Energy Corp		32,909
	108,961		St. Mary Land & Exploration Co		6,535
	403,405		Statoil ASA		8,334
	482,904		Suncor Energy, Inc		14,234
	88,722	*	Superior Energy Services		2,301
	22,440		Technip S.A.		2,281
	159,456		Tenaris S.A.		3,194
	11,099	*	Tesco Corp		147
	262,191		Tullow Oil plc		3,991
	80,823	*,e	Ultra Petroleum Corp		1,602
	46,868	*	Unit Corp		1,996
	25,000	*,e	Vantage Drilling Co		51
	933,272	*	Weatherford International Ltd		12,786
	320,238	e	Western Refining, Inc		8,989
	130,361	*	Whiting Petroleum Corp		6,008
	443,674		Williams Cos, Inc		14,406
	100,721		Woodside Petroleum Ltd		3,208
			TOTAL ENERGY		682,423

FOOD & STAPLES RETAILING - 0.8%
	173,400		Aeon Co Ltd		2,279
	179,256		Carrefour S.A.		4,924
	13,324		Casey’s General Stores, Inc		802
	13,576		Casino Guichard Perrachon S.A.		1,272
	5,000		Colruyt S.A.		263
	31,318		Delhaize Group		1,936
	275,568		J Sainsbury plc		1,489
	59,300		Jeronimo Martins SGPS S.A.		1,250
	6,988		Kesko Oyj (B Shares)		194
	93,117		Koninklijke Ahold NV		1,385
	364,512		Kroger Co		12,590
	3,600		Lawson, Inc		275
	42,800	e	Loblaw Cos Ltd		1,935
	68,666		Metro AG.		2,170
	615		Pricesmart, Inc		54
	316,705	e	Safeway, Inc		7,493
	149,700		Seven & I Holdings Co Ltd		5,482
	16,307		Spartan Stores, Inc		301
	807,032	e	Sysco Corp		27,568
	1,918,076		Tesco plc		9,659

379

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	1,270	*	United Natural Foods, Inc	$	69
	2,285		Weis Markets, Inc		103
	65,005		Wesfarmers Ltd		2,352
	186,154		Whole Foods Market, Inc		9,583
	386,938		WM Morrison Supermarkets plc		1,540
			TOTAL FOOD & STAPLES RETAILING		96,968

FOOD, BEVERAGE & TOBACCO - 2.3%
	161,000		Ajinomoto Co, Inc		2,362
	93,070		Aryzta AG.		5,224
	191,588		Associated British Foods plc		5,054
	16,050		Bunge Ltd		1,136
	454	e	Calavo Growers, Inc		12
	233,572	e	Campbell Soup Co		10,462
	131,532		ConAgra Foods, Inc		4,594
	19,775	*	Darling International, Inc		369
	30,775		Dr Pepper Snapple Group, Inc		1,414
	14,540		Flowers Foods, Inc		321
	758,792		General Mills, Inc		36,824
	70,022	*,e	Green Mountain Coffee Roasters, Inc		5,256
	171,325		Groupe Danone		12,895
	5,759	*	Hain Celestial Group, Inc		374
	65,855		Hillshire Brands Co		2,179
	2,074		Hormel Foods Corp		80
	39,791		J.M. Smucker Co		4,104
	484,651		Kellogg Co		31,129
	28,997		Kerry Group plc (Class A)		1,600
	31,000		Kikkoman Corp		516
	141,000		Kraft Foods Group, Inc		7,878
	458		Lindt & Spruengli AG.		1,719
	21		Lindt & Spruengli AG. (Reg)		914
	1,520		McCormick & Co, Inc		107
	74,148		Mead Johnson Nutrition Co		5,875
	1,188,820		Mondelez International, Inc		33,917
	13,000		Nippon Meat Packers, Inc		199
	39,000		Nisshin Seifun Group, Inc		467
	14,500	e	Nissin Food Products Co Ltd		586
	152,793		Orkla ASA		1,251
	801,999		PepsiCo, Inc		65,596
	13,800		Suedzucker AG.		427
	12,546		Tate & Lyle plc		157
	11,769	e	Tootsie Roll Industries, Inc		374
	405,114		Unilever NV		15,947
	451,826		Unilever plc		18,291
	42,800	e	Yakult Honsha Co Ltd		1,775
			TOTAL FOOD, BEVERAGE & TOBACCO		281,385

HEALTH CARE EQUIPMENT & SERVICES - 1.7%
	1,196,888		Abbott Laboratories		41,748
	450,512		Aetna, Inc		28,626
	8,037	*	Align Technology, Inc		298
	888		Almost Family, Inc		17

380

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	67,982	*,e	Amedisys, Inc	$	790
	7,087		AmerisourceBergen Corp		396
	10,800	*	Amsurg Corp		379
	322,043		Becton Dickinson & Co		31,827
	28,176	*	BioScrip, Inc		465
	10,000	*	Brookdale Senior Living, Inc		264
	54,777	*	Centene Corp		2,874
	10,000	*	Cerner Corp		961
	4,495	e	Chemed Corp		326
	186,841		Cigna Corp		13,544
	700	*	Cyberonics, Inc		36
	0	*	Cynosure, Inc (Class A)		0	^
	5,764		Dentsply International, Inc		236
	15,359	*	Edwards Lifesciences Corp		1,032
	24,043	*	ExamWorks Group, Inc		510
	25,217	*	Five Star Quality Care, Inc		141
	8,354	*	Gentiva Health Services, Inc		83
	6,176	*	Greatbatch, Inc		202
	7,798	*,e	Greenway Medical Technologies		96
	4,374	*	Haemonetics Corp		181
	11,942	*	Henry Schein, Inc		1,143
	10,561	*	HMS Holdings Corp		246
	119,187		Humana, Inc		10,057
	43,082	*,e	Idexx Laboratories, Inc		3,868
	2,446		Invacare Corp		35
	61,900	*	Inverness Medical Innovations, Inc		1,517
	3,014	*	IPC The Hospitalist Co, Inc		155
	6,078	*	LHC Group, Inc		119
	58,522	*	LifePoint Hospitals, Inc		2,858
	10,330	*,e	MAKO Surgical Corp		124
	1,730	*	MedAssets, Inc		31
	737	*	Medidata Solutions, Inc		57
	844,082		Medtronic, Inc		43,445
	9,612	*	Merit Medical Systems, Inc		107
	55,639	*	Molina Healthcare, Inc		2,069
	8,672	*	MWI Veterinary Supply, Inc		1,069
	9,301	*	Natus Medical, Inc		127
	1,976	*	NuVasive, Inc		49
	2,364	*	NxStage Medical, Inc		34
	3,000	*	Omnicell, Inc		62
	7,475	*	OraSure Technologies, Inc		29
	2,718	e	Owens & Minor, Inc		92
	86,208		Patterson Cos, Inc		3,241
	4,910		Quality Systems, Inc		92
	3,688	*	Sirona Dental Systems, Inc		243
	56,474	e	Sonic Healthcare Ltd		767
	4,400		Suzuken Co Ltd		148
	7,700		Sysmex Corp		504
	6,446	*	Tornier BV		113
	8,101		Universal American Corp		72
	2,101		US Physical Therapy, Inc		58
	22,737	*	Vanguard Health Systems, Inc		472

381

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	19,709	*	Vocera Communications, Inc	$	290
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		198,325

HOUSEHOLD & PERSONAL PRODUCTS - 1.9%
	4		Avon Products, Inc		0	^
	9,680		Beiersdorf AG.		843
	7,423		Clorox Co		617
	707,780		Colgate-Palmolive Co		40,549
	270		Energizer Holdings, Inc		27
	281,616		Estee Lauder Cos (Class A)		18,522
	210		Henkel KGaA		16
	142,770		Henkel KGaA (Preference)		13,408
	23,052	e	Herbalife Ltd		1,041
	41,500		Kao Corp		1,413
	322,166		Kimberly-Clark Corp		31,295
	63,795		L’Oreal S.A.		10,487
	44,575	*	Medifast, Inc		1,148
	16,029		Nu Skin Enterprises, Inc (Class A)		980
	1,222,786		Procter & Gamble Co		94,142
	152,666		Reckitt Benckiser Group plc		10,799
	43,160		Svenska Cellulosa AB (B Shares)		1,082
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		226,369

INSURANCE - 3.4%
	344,370		ACE Ltd		30,814
	612,380		Aflac, Inc		35,591
	1,543,100		AMP Ltd		5,968
	1,200	e	Amtrust Financial Services, Inc		43
	13,380		Arthur J. Gallagher & Co		584
	131,054		Aspen Insurance Holdings Ltd		4,861
	421,903		Assicurazioni Generali S.p.A.		7,375
	78,885		AXA S.A.		1,555
	30,787		Axis Capital Holdings Ltd		1,409
	798,759	*	Berkshire Hathaway, Inc (Class B)		89,397
	370,028		Chubb Corp		31,323
	5,304	*,e	Citizens, Inc (Class A)		32
	280,593		CNP Assurances		4,029
	102,203		Delta Lloyd NV		2,048
	1,400		Donegal Group, Inc (Class A)		19
	4,146	*	eHealth, Inc		94
	2,400		Employers Holdings, Inc		59
	10,644		Endurance Specialty Holdings Ltd		548
	1,155	*	Enstar Group Ltd		154
	11,630		First American Financial Corp		256
	608,847	*	Genworth Financial, Inc (Class A)		6,947
	3,500	*	Hilltop Holdings, Inc		57
	588,027		Insurance Australia Group Ltd		2,919
	1,916		Kemper Corp		66
	36,551		Marsh & McLennan Cos, Inc		1,459
	4,850		Meadowbrook Insurance Group, Inc		39
	123,177		Montpelier Re Holdings Ltd		3,081
	75,286		Muenchener Rueckver AG.		13,831

382

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	59,105	*	National Financial Partners Corp	$	1,496
	700	*	Navigators Group, Inc		40
	2,849,807		Old Mutual plc		7,823
	13,746		PartnerRe Ltd		1,245
	56,579		Platinum Underwriters Holdings Ltd		3,237
	2,297		Primerica, Inc		86
	357,357		Principal Financial Group		13,383
	929,925		Progressive Corp		23,639
	42,513		Protective Life Corp		1,633
	481,793		Prudential Financial, Inc		35,185
	912,978		Prudential plc		14,902
	5,153		RenaissanceRe Holdings Ltd		447
	89		RLI Corp		7
	2,022,246		Royal & Sun Alliance Insurance Group plc		3,669
	900		Safety Insurance Group, Inc		44
	2,400		Selective Insurance Group, Inc		55
	2,490		Stancorp Financial Group, Inc		123
	1,244,153		Standard Life plc		6,547
	13,455		Stewart Information Services Corp		352
	169,853		Swiss Re Ltd		12,637
	177,900		T&D Holdings, Inc		2,380
	433,143		Travelers Cos, Inc		34,617
	800		TrygVesta AS		66
	2,328		United Fire & Casualty Co		58
	10,000	e	Willis Group Holdings plc		408
			TOTAL INSURANCE		408,637

MATERIALS - 3.3%
	52,958		Agnico-Eagle Mines Ltd		1,460
	23,600		Agrium, Inc (Toronto)		2,046
	96,390		Air Liquide		11,904
	308,797		Air Products & Chemicals, Inc		28,277
	23,600		Akzo Nobel NV		1,332
	744,736		Alcoa, Inc		5,824
	148,535	*,e	Allied Nevada Gold Corp		962
	3,627,279		Alumina Ltd		3,228
	128,690		AMCOL International Corp		4,078
	92,400		Amcor Ltd		854
	26,351		Aptargroup, Inc		1,455
	232,000		Asahi Kasei Corp		1,531
	63,073		Ball Corp		2,620
	132,610		BASF AG.		11,828
	48,884		Bemis Co, Inc		1,913
	4,600		Boise, Inc		39
	244,955		Boliden AB		3,036
	19,621		Boral Ltd		75
	56,508		Buckeye Technologies, Inc		2,093
	8,161		Carpenter Technology Corp		368
	44,916		Celanese Corp (Series A)		2,012
	2,372	*	Clearwater Paper Corp		112
	131,361		Commercial Metals Co		1,940
	14,183		Compass Minerals International, Inc		1,199

383

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	295,427		CRH plc	$	5,977
	17,000		Daido Steel Co Ltd		86
	5,617		Domtar Corp		374
	9,400		DSM NV		613
	36,695		Eastman Chemical Co		2,569
	415,647		Ecolab, Inc		35,409
	5,690	*	Ferro Corp		40
	646,464		Fletcher Building Ltd		4,210
	33,738	*	Flotek Industries, Inc		605
	1,019,115	e	Fortescue Metals Group Ltd		2,805
	111,806		Fresnillo plc		1,509
	2,179		Givaudan S.A.		2,808
	2,623		Globe Specialty Metals, Inc		28
	94,290		H.B. Fuller Co		3,565
	48,214		HeidelbergCement AG.		3,230
	50,000		Hitachi Metals Ltd		560
	900		Imerys S.A.		55
	23,190		Innophos Holdings, Inc		1,094
	9,797		International Flavors & Fragrances, Inc		736
	238,995		International Paper Co		10,590
	113,200		JFE Holdings, Inc		2,480
	10,464		Johnson Matthey plc		418
	48,900		JSR Corp		989
	77,699		K&S AG.		2,872
	18,000		Kaneka Corp		119
	333,300		Kinross Gold Corp		1,708
	643,000	*	Kobe Steel Ltd		795
	7,764	*	Kraton Polymers LLC		165
	10,783	e	Kronos Worldwide, Inc		175
	58,000		Kuraray Co Ltd		813
	46,374		Linde AG.		8,642
	173,029	*	Louisiana-Pacific Corp		2,559
	388,286		LyondellBasell Industries AF S.C.A		25,728
	71,436	*,e	McEwen Mining, Inc		120
	212,757		MeadWestvaco Corp		7,257
	53,088		Minerals Technologies, Inc		2,195
	120,960	e	Mitsui Chemicals, Inc		272
	2,100		Myers Industries, Inc		32
	2,220		Neenah Paper, Inc		71
	360,702	e	Newcrest Mining Ltd		3,330
	3,308,000		Nippon Steel Corp		8,913
	31,500		Nitto Denko Corp		2,020
	996,190		Norsk Hydro ASA		3,995
	532,256		Nucor Corp		23,057
	53,242		Orica Ltd		1,004
	64,561	*	Owens-Illinois, Inc		1,794
	11,843		PolyOne Corp		293
	123,900		Potash Corp of Saskatchewan Toronto		4,726
	322,338		Praxair, Inc		37,120
	1,380		Quaker Chemical Corp		86
	2,289,845		Rentech, Inc		4,809
	38,970		Rexam plc		283

384

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	6,623		Rock-Tenn Co (Class A)	$	661
	15,925		Rockwood Holdings, Inc		1,020
	144,474		Royal Gold, Inc		6,079
	6,424	*	RTI International Metals, Inc		178
	850		Schnitzer Steel Industries, Inc (Class A)		20
	18,931		Sealed Air Corp		453
	17,916		Sherwin-Williams Co		3,164
	92,200		Shin-Etsu Chemical Co Ltd		6,102
	215,146		Sigma-Aldrich Corp		17,289
	802		Sika AG.		2,074
	237,200		Silver Wheaton Corp		4,648
	1,200		Stepan Co		67
	74,982	*,e	Stillwater Mining Co		805
	334,517		Stora Enso Oyj (R Shares)		2,240
	360,000	*	Sumitomo Chemical Co Ltd		1,129
	524,000		Sumitomo Metal Mining Co Ltd		5,837
	42,000	e	Taiyo Nippon Sanso Corp		290
	485,500	e	Teck Cominco Ltd		10,373
	74,000		Teijin Ltd		162
	305,000		Toray Industries, Inc		1,971
	117,300		Toyo Seikan Kaisha Ltd		1,806
	69,914		Tredegar Corp		1,797
	15,649		Umicore		650
	198,855		UPM-Kymmene Oyj		1,949
	60,125		Valspar Corp		3,888
	4,790		Wausau Paper Corp		55
	14,852		Westlake Chemical Corp		1,432
	300,696		Worthington Industries, Inc		9,535
			TOTAL MATERIALS		401,563

MEDIA - 1.7%
	5,927		Arbitron, Inc		275
	185,416		Cablevision Systems Corp (Class A)		3,119
	19,805		Cinemark Holdings, Inc		553
	10,955		Clear Channel Outdoor Holdings, Inc (Class A)		82
	126,178	*,e	Digital Generation, Inc		930
	400,775	*	Discovery Communications, Inc (Class A)		30,944
	57,029	*	Discovery Communications, Inc (Class C)		3,973
	52,293	*,e	DreamWorks Animation SKG, Inc (Class A)		1,342
	22,935		Fisher Communications, Inc		942
	1,900		JC Decaux S.A.		52
	10,069		John Wiley & Sons, Inc (Class A)		404
	235,872	*	Journal Communications, Inc (Class A)		1,767
	15,813		Lagardere S.C.A.		441
	71,532	*	Liberty Global plc		4,856
	389,156	*	Liberty Global plc (Class A)		28,829
	68,352	*	Liberty Media Corp		8,664
	10,000	*	Madison Square Garden, Inc		592
	215,655	*,e	McClatchy Co (Class A)		492
	228,929	*,e	New York Times Co (Class A)		2,532
	551,411		Pearson plc		9,806
	18,429		ProSiebenSat.1 Media AG.		790

385

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	1,550		Scholastic Corp	$	45
	15,051		Scripps Networks Interactive (Class A)		1,005
	1,067,000	e	Singapore Press Holdings Ltd		3,507
	364,481		Time Warner Cable, Inc		40,997
	745,729		Time Warner, Inc		43,118
	52,156	e	Valassis Communications, Inc		1,282
	46,200		Wolters Kluwer NV		979
	683,960		WPP plc		11,691
			TOTAL MEDIA		204,009

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.7%
	1,969	*	Acorda Therapeutics, Inc		65
	68,628		Actelion Ltd		4,134
	17,804	*,e	Affymetrix, Inc		79
	375,014		Agilent Technologies, Inc		16,036
	107,729	*	Akorn, Inc		1,456
	324,767		Amgen, Inc		32,042
	634,293	*	Ariad Pharmaceuticals, Inc		11,094
	174,280		Astellas Pharma, Inc		9,468
	13,554	*	Auxilium Pharmaceuticals, Inc		225
	75,389	*,e	AVEO Pharmaceuticals, Inc		188
	194,745	*	Biogen Idec, Inc		41,909
	57,262	*	Biovail Corp (Toronto)		4,937
	1,097,635		Bristol-Myers Squibb Co		49,053
	8,887	*	Cadence Pharmaceuticals, Inc		61
	9,467	*	Cambrex Corp		132
	57,720	*	Cepheid, Inc		1,987
	180,400		Chugai Pharmaceutical Co Ltd		3,734
	19,300		Dainippon Sumitomo Pharma Co Ltd		255
	23,451	*	Depomed, Inc		132
	49,400		Eisai Co Ltd		2,013
	130,212	*	Endo Pharmaceuticals Holdings, Inc		4,790
	4,519	*	Fluidigm Corp		79
	978,508	*	Gilead Sciences, Inc		50,110
	963,615		GlaxoSmithKline plc		24,087
	4,270	*,e	Immunogen, Inc		71
	15,329	*,e	Immunomedics, Inc		83
	117,675	*,e	Incyte Corp		2,589
	1,190,626		Johnson & Johnson		102,227
	145,415	*	Life Technologies Corp		10,762
	1,526,938		Merck & Co, Inc		70,926
	22,815		Merck KGaA		3,470
	1,392	*	Mettler-Toledo International, Inc		280
	2,769	*	Momenta Pharmaceuticals, Inc		42
	243,310	*	Nektar Therapeutics		2,810
	429,250		Novartis AG.		30,404
	91,145		Novo Nordisk AS (Class B)		14,170
	87,050	e	PDL BioPharma, Inc		672
	12,565		PerkinElmer, Inc		408
	134,425		Roche Holding AG.		33,364
	83,791	*	Salix Pharmaceuticals Ltd		5,543
	85,573	*,e	Sangamo Biosciences, Inc		668

386

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	232,800		Takeda Pharmaceutical Co Ltd	$	10,498
	2,965		Techne Corp		205
	1,800		Tsumura & Co		53
	16,960	*	United Therapeutics Corp		1,116
	103,739	*	Vertex Pharmaceuticals, Inc		8,286
	10,081	*	Viropharma, Inc		289
	240,243	*,e	Vivus, Inc		3,022
	61,330	*	Waters Corp		6,136
	10,632	*	Xenoport, Inc		53
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		566,213

REAL ESTATE - 2.2%
	58,900		Aeon Mall Co Ltd		1,461
	10,892		American Campus Communities, Inc		443
	445,452		American Tower Corp		32,594
	890,368		Annaly Capital Management, Inc		11,192
	120,047		Boston Properties, Inc		12,661
	248,240		British Land Co plc		2,138
	2,125,000		CapitaLand Ltd		5,134
	3,498,000		CapitaMall Trust		5,489
	553,000		CapitaMalls Asia Ltd		793
	195,955	*	CBRE Group, Inc		4,578
	192,000		CFS Gandel Retail Trust		350
	151,000		City Developments Ltd		1,270
	12,843		Colonial Properties Trust		310
	207,000		Daiwa House Industry Co Ltd		3,856
	2,200,199		DB RREEF Trust		2,146
	22,121		Douglas Emmett, Inc		552
	165,551		Duke Realty Corp		2,581
	129,435		Equity Residential		7,515
	17,634		Federal Realty Investment Trust		1,828
	300,754		First Industrial Realty Trust, Inc		4,562
	2,732	*	Forest City Enterprises, Inc (Class A)		49
	15,042		Gecina S.A.		1,662
	435,396		GPT Group (ASE)		1,529
	533,654		HCP, Inc		24,249
	100,025		Health Care REIT, Inc		6,705
	12,227		Healthcare Realty Trust, Inc		312
	736,502		Host Marriott Corp		12,425
	82,000		Keppel Land Ltd		216
	291,636		Land Securities Group plc		3,917
	16,682		LaSalle Hotel Properties		412
	59,200		Lend Lease Corp Ltd		451
	381,212		Liberty International plc		1,812
	37,196		Liberty Property Trust		1,375
	54,403		Macerich Co		3,317
	160,440		Macquarie Goodman Group		713
	14,597		Medical Properties Trust, Inc		209
	12,227		Mid-America Apartment Communities, Inc		829
	726,832		Mirvac Group		1,064
	305,810		Mitsui Fudosan Co Ltd		8,991
	13,546		Post Properties, Inc		670

387

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	338,303		Prologis, Inc	$	12,761
	269,490		RAIT Investment Trust		2,027
	92,736		Ryman Hospitality Properties		3,618
	623,984		Segro plc		2,647
	250,750		Simon Property Group, Inc		39,598
	1,155,410		Stockland Trust Group		3,676
	35,276		Unibail-Rodamco		8,216
	92,125		Ventas, Inc		6,399
	142,947		Vornado Realty Trust		11,843
			TOTAL REAL ESTATE		263,145

RETAILING - 2.5%
	8,224		Aaron’s, Inc		230
	16,615		Advance Auto Parts, Inc		1,349
	127,624		American Eagle Outfitters, Inc		2,330
	32,439	*	Ann Taylor Stores Corp		1,077
	47,511	*	Autozone, Inc		20,130
	19,109	*,e	Barnes & Noble, Inc		305
	214,041	*	Bed Bath & Beyond, Inc		15,175
	132,772		Best Buy Co, Inc		3,629
	810	*	Blue Nile, Inc		31
	7,961	*	Cabela’s, Inc		515
	7,000	e	Canadian Tire Corp Ltd		527
	81,708	*	Carmax, Inc		3,772
	12,500		Fast Retailing Co Ltd		4,219
	7,165		Finish Line, Inc (Class A)		157
	67,898		Foot Locker, Inc		2,385
	511,369		Gap, Inc		21,339
	262,371		Genuine Parts Co		20,483
	23,293		GNC Holdings, Inc		1,030
	2,200		Haverty Furniture Cos, Inc		51
	197,899		Hennes & Mauritz AB (B Shares)		6,511
	39,551		HSN, Inc		2,125
	48,910		Inditex S.A.		6,033
	50,000		Jardine Cycle & Carriage Ltd		1,672
	41,054	*,e	JC Penney Co, Inc		701
	417,700		Kingfisher plc		2,178
	235,947		Kohl’s Corp		11,918
	2,891,620	e	Li & Fung Ltd		3,941
	756,126	*	Liberty Media Holding Corp (Interactive A)		17,398
	19,712	*	LKQ Corp		507
	1,012,261		Lowe’s Companies, Inc		41,402
	203,285		Macy’s, Inc		9,758
	210,991		Marks & Spencer Group plc		1,380
	676	*,e	NetFlix, Inc		143
	6,288	*	New York & Co, Inc		40
	6,625		Next plc		459
	66,728		Nordstrom, Inc		4,000
	150,056	*,e	Office Depot, Inc		581
	25,011	e	OfficeMax, Inc		256
	9,311	*	O’Reilly Automotive, Inc		1,049
	39,348		Petsmart, Inc		2,636

388

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	35,119		Pier 1 Imports, Inc	$	825
	147	e	PPR		30
	16,391		Ross Stores, Inc		1,062
	23,447	*	Sally Beauty Holdings, Inc		729
	9,136	*	Shutterfly, Inc		510
	14,679		Signet Jewelers Ltd		990
	567,973		Staples, Inc		9,008
	3,300		Stein Mart, Inc		45
	585,949		Target Corp		40,348
	16,714		Tiffany & Co		1,217
	736,291		TJX Companies, Inc		36,859
	8,500	*	TripAdvisor, Inc		517
	10,000	*	Tuesday Morning Corp		104
	11,100	e	Yamada Denki Co Ltd		449
			TOTAL RETAILING		306,115

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.3%
	80,003	*	Advanced Energy Industries, Inc		1,393
	66,931	*,e	Advanced Micro Devices, Inc		273
	10,479		Analog Devices, Inc		472
	1,971,232		Applied Materials, Inc		29,391
	82,331		ASML Holding NV		6,499
	15,582	*,e	Cirrus Logic, Inc		271
	22,358	e	Cypress Semiconductor Corp		240
	5,894	*,e	Freescale Semiconductor Holdings Ltd		80
	558	*	Hittite Microwave Corp		32
	2,744,915		Intel Corp		66,482
	6,138	*	International Rectifier Corp		129
	21,682	*	Lam Research Corp		961
	9,064	e	Microchip Technology, Inc		338
	1,140		MKS Instruments, Inc		30
	541,931	*	ON Semiconductor Corp		4,379
	24,898	*	RF Micro Devices, Inc		133
	97,903	*	Skyworks Solutions, Inc		2,143
	266,513		STMicroelectronics NV		2,395
	12,343	*,e	SunPower Corp		255
	40,230	*,e	Teradyne, Inc		707
	1,006,837		Texas Instruments, Inc		35,108
	6,900		Tokyo Electron Ltd		349
	41,101	*	Triquint Semiconductor, Inc		285
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		152,345

SOFTWARE & SERVICES - 4.3%
	527,384		Accenture plc		37,951
	120,273	*,e	Active Network, Inc		910
	528,194	*	Adobe Systems, Inc		24,065
	1,660	*	Advent Software, Inc		58
	36,515	*,e	Angie’s List, Inc		969
	154,046		AOL, Inc		5,620
	1,856	*	Aspen Technology, Inc		53
	2,133		Atos Origin S.A.		159
	201,046	*	Autodesk, Inc		6,823

389

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	128,405		Broadridge Financial Solutions, Inc	$	3,413
	485,524		CA, Inc		13,901
	24,502	*	Cadence Design Systems, Inc		355
	37,120		Cap Gemini S.A.		1,803
	24,400	*	CGI Group, Inc		715
	494,769	*	Cognizant Technology Solutions Corp (Class A)		30,977
	124,867		Compuware Corp		1,292
	6,178	*	comScore, Inc		151
	20,058		Convergys Corp		350
	33,183	*,e	Demand Media, Inc		199
	5,179	*,e	E2open, Inc		91
	2,100		EPIQ Systems, Inc		28
	6,214	e	Factset Research Systems, Inc		633
	5,718		Fair Isaac Corp		262
	30,365	*	Fortinet, Inc		531
	13,395		Global Payments, Inc		620
	112,687	*	Google, Inc (Class A)		99,206
	2,815	*,e	Higher One Holdings, Inc		33
	91,530	*	Informatica Corp		3,202
	480,215		International Business Machines Corp		91,774
	402,600		Intuit, Inc		24,571
	1,740	e	j2 Global, Inc		74
	16,979	*	Limelight Networks, Inc		38
	28,341	*,e	Liquidity Services, Inc		983
	3,035	*	NetSuite, Inc		278
	19,743	*	NeuStar, Inc (Class A)		961
	10,700		Nomura Research Institute Ltd		347
	204		NTT Data Corp		727
	3,900		Open Text Corp		267
	6,221	*,e	OpenTable, Inc		398
	1,983,922		Oracle Corp		60,946
	22,849	*	QuinStreet, Inc		197
	10,721	*	Responsys, Inc		153
	7,887	*	Rovi Corp		180
	563,864	*	Salesforce.com, Inc		21,528
	228,532		SAP AG.		16,688
	10,057	*	Seachange International, Inc		118
	23,784	*	ServiceSource International LLC		222
	4,823	*	SolarWinds, Inc		187
	2,000	*	SPS Commerce, Inc		110
	948,597		Symantec Corp		21,315
	6,468		Syntel, Inc		407
	20,999	*	Teradata Corp		1,055
	507	*	Ultimate Software Group, Inc		59
	16,010	*	Unisys Corp		353
	14,487	*	Valueclick, Inc		358
	1,410,045	*	Yahoo!, Inc		35,406
			TOTAL SOFTWARE & SERVICES		514,070

TECHNOLOGY HARDWARE & EQUIPMENT - 2.6%
	8,103	e	Adtran, Inc		199
	4,847	*	ARRIS Group, Inc		70

390

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	116,347	*,e	Aruba Networks, Inc	$	1,787
	11,531	*	Avid Technology, Inc		68
	2,571	*	Benchmark Electronics, Inc		52
	900		Black Box Corp		23
	3,303	*	Calix Networks, Inc		33
	254,100	e	Canon, Inc		8,328
	2,778,259		Cisco Systems, Inc		67,540
	53,700		Citizen Watch Co Ltd		300
	4,800		Cognex Corp		217
	909		Coherent, Inc		50
	208,957		Corning, Inc		2,973
	203,162	*	Cray, Inc		3,990
	2,443,141		Dell, Inc		32,616
	4,840	*	Digi International, Inc		45
	3,605	*	DTS, Inc		74
	1,318	*	Electronics for Imaging, Inc		37
	1,720,163		EMC Corp		40,630
	1,358		FEI Co		99
	103,068	*,e	Finisar Corp		1,747
	90,753	*	Flextronics International Ltd		702
	195,900		Fuji Folms Holdings Corp		4,309
	592,000		Fujitsu Ltd		2,449
	37,319	*,e	Fusion-io, Inc		531
	1,667,389		Hewlett-Packard Co		41,351
	5,600		Hitachi High-Technologies Corp		135
	59,600	*	Ibiden Co Ltd		928
	43,639	*	Ingram Micro, Inc (Class A)		829
	11,659	*	Insight Enterprises, Inc		207
	1,676	e	InterDigital, Inc		75
	5,000	*,e	InvenSense, Inc		77
	30,066	e	IPG Photonics Corp		1,826
	1,920	*	Itron, Inc		81
	24,389		Jabil Circuit, Inc		497
	188,500		Konica Minolta Holdings, Inc		1,419
	34,600	*	Kyocera Corp		3,520
	54,381	e	Lexmark International, Inc (Class A)		1,662
	1,068		Littelfuse, Inc		80
	900	e	Molex, Inc		26
	162,704		Motorola, Inc		9,393
	32,300		Murata Manufacturing Co Ltd		2,457
	2,100		National Instruments Corp		59
	7,919	*	Netgear, Inc		242
	45,500		Omron Corp		1,357
	69,596	*	Oplink Communications, Inc		1,209
	500	*	OSI Systems, Inc		32
	1,774		Plantronics, Inc		78
	1,420	*	Plexus Corp		42
	231,781	*	Power-One, Inc		1,465
	3,167	*,e	Procera Networks, Inc		44
	53,913	*	QLogic Corp		515
	847,188		Qualcomm, Inc		51,746
	23,440	*,e	RealD, Inc		326

391

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	2,500	*	Rofin-Sinar Technologies, Inc	$	62
	1,300	*	Scansource, Inc		42
	6,268	*	Super Micro Computer, Inc		67
	1,417	*	SYNNEX Corp		60
	48,800		TDK Corp		1,682
	4,637	*	Tech Data Corp		218
	13,773	*	TTM Technologies, Inc		116
	10,708	*,e	Universal Display Corp		301
	2,708	*	Vishay Precision Group, Inc		41
	2,622,193		Xerox Corp		23,783
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		316,919

TELECOMMUNICATION SERVICES - 1.4%
	22,599	*,e	Boingo Wireless, Inc		140
	137,474		BT Group plc		645
	9,017	*	Cbeyond Communications, Inc		71
	941,277		CenturyTel, Inc		33,274
	161,417	*	Cincinnati Bell, Inc		494
	320,847	*	Crown Castle International Corp		23,226
	1,648,150	e	Frontier Communications Corp		6,675
	5,000	*,e	Iridium Communications, Inc		39
	178,800		KDDI Corp		9,311
	29,997	*	Level 3 Communications, Inc		632
	102,800		Nippon Telegraph & Telephone Corp		5,358
	5,326		NTT DoCoMo, Inc		8,286
	86,400	e	Rogers Communications, Inc (Class B)		3,385
	23,411	*	SBA Communications Corp (Class A)		1,735
	166,700		Softbank Corp		9,704
	3,662,020	*	Sprint Nextel Corp		25,707
	14,008		Swisscom AG.		6,132
	699,891		TeliaSonera AB		4,561
	68,610	*	tw telecom inc (Class A)		1,931
	2,448		US Cellular Corp		90
	1,580		USA Mobility, Inc		21
	8,830,263		Vodafone Group plc		25,305
	728,258	e	Windstream Corp		5,615
			TOTAL TELECOMMUNICATION SERVICES		172,337

TRANSPORTATION - 1.5%
	42,365		Abertis Infraestructuras S.A. (Continuous)		738
	11,311	*	Alaska Air Group, Inc		588
	5,665		Allegiant Travel Co		600
	639,647		Auckland International Airport Ltd		1,471
	104,766		Autostrade S.p.A.		1,709
	24,956	*	Avis Budget Group, Inc		718
	101,600		Canadian National Railway Co		9,892
	1,437,000		Cathay Pacific Airways Ltd		2,501
	30,500		Central Japan Railway Co		3,717
	3		CH Robinson Worldwide, Inc		0	^
	1,070,310		CSX Corp		24,821
	134,669		Deutsche Lufthansa AG.		2,728
	534,498		Deutsche Post AG.		13,265

392

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	71,700		East Japan Railway Co	$	5,581
	8,074	*	Echo Global Logistics, Inc		157
	5		Expeditors International of Washington, Inc		0	^
	5,413		Fraport AG. Frankfurt Airport Services Worldwide		327
	231	*	Genesee & Wyoming, Inc (Class A)		20
	3,331		J.B. Hunt Transport Services, Inc		241
	103,000	*	Mitsui OSK Lines Ltd		400
	2,037,197		MTR Corp		7,486
	265,109		Norfolk Southern Corp		19,260
	413,000		Singapore Airlines Ltd		3,297
	228,000		Tokyu Corp		1,493
	104,281		Transurban Group		644
	160,145		Union Pacific Corp		24,707
	554,151		United Parcel Service, Inc (Class B)		47,923
			TOTAL TRANSPORTATION		174,284

UTILITIES - 2.4%
	2,050	e	Acciona S.A.		108
	29,896		AGL Energy Ltd		396
	4,000		American States Water Co		215
	13,544		American Water Works Co, Inc		558
	257,758	*	Calpine Corp		5,472
	255,104		Centerpoint Energy, Inc		5,992
	837,282		Centrica plc		4,580
	574		Chesapeake Utilities Corp		30
	380,249		Cleco Corp		17,655
	881,500		CLP Holdings Ltd		7,126
	419,272		Consolidated Edison, Inc		24,448
	211,007		Contact Energy Ltd		835
	163,593		Duke Energy Corp		11,043
	2,474		Empire District Electric Co		55
	28,688		Enel Green Power S.p.A		60
	714,259	e	Energias de Portugal S.A.		2,304
	2,769,736		Hong Kong & China Gas Ltd		6,758
	1,072,186		Iberdrola S.A.		5,666
	7,771		Integrys Energy Group, Inc		455
	14,435		MDU Resources Group, Inc		374
	65,300		MGE Energy, Inc		3,576
	1,088,320		National Grid plc		12,337
	29,147		New Jersey Resources Corp		1,210
	443,338		NextEra Energy, Inc		36,123
	620,350		NiSource, Inc		17,767
	334,247		Northeast Utilities		14,045
	455,474		NV Energy, Inc		10,685
	68,613		Oest Elektrizitatswirts AG. (Class A)		1,301
	153,232		Oneok, Inc		6,330
	1,420	e	Ormat Technologies, Inc		33
	51,000		Osaka Gas Co Ltd		215
	814,693	e	Pepco Holdings, Inc		16,424
	486,755		PG&E Corp		22,259
	214,764		Piedmont Natural Gas Co, Inc		7,246
	11,683		Pinnacle West Capital Corp		648

393

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	RATE			MATURITY DATE	VALUE (000)
	9,375		PNM Resources, Inc					$	208
	455,571		Scottish & Southern Energy plc						10,550
	253,916		Sempra Energy						20,760
	27,089		SJW Corp						710
	69,460		South Jersey Industries, Inc						3,988
	54,917		SP AusNet						59
	50,626		Suez Environnement S.A.						654
	27,532		TECO Energy, Inc						473
	658,790		Tokyo Gas Co Ltd						3,635
	11,190		UGI Corp						438
	5,427		UNS Energy Corp						243
	6,615		Vectren Corp						224
	14,905		Westar Energy, Inc						476
	27,296		WGL Holdings, Inc						1,180
	42,159		Wisconsin Energy Corp						1,728
	98,438		Xcel Energy, Inc						2,790
			TOTAL UTILITIES						292,445
			TOTAL COMMON STOCKS						7,151,276
			(Cost $5,291,741)

PREFERRED STOCKS - 0.2%
BANKS - 0.2%
	233,115	*	Federal Home Loan Mortgage Corp (FHLMC)						1,084
	740,991	*	Federal National Mortgage Association (FNMA)						3,372
	14,500	*,e	M&T Bank Corp						15,080
			TOTAL BANKS						19,536
			TOTAL PREFERRED STOCKS						19,536
			(Cost $38,865)

RIGHTS / WARRANTS - 0.0%
ENERGY - 0.0%
	302,250		Repsol S.A.						168
			TOTAL ENERGY						168

RETAILING - 0.0%
	147		Groupe Fnac						0	^
			TOTAL RETAILING						0	^

			TOTAL RIGHTS / WARRANTS						168
			(Cost $178)

PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 10.7%
GOVERNMENT AGENCY DEBT - 0.4%
$	51,600,000	w	Federal Home Loan Bank (FHLB)		0.065	%	08/07/13		51,597
			TOTAL GOVERNMENT AGENCY DEBT						51,597

394

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
TREASURY DEBT - 7.6%
$	18,000,000	w	United States Treasury Bill		0.093	%	07/11/13	$	18,000
	118,700,000	w	United States Treasury Bill		0.090-0.100		07/18/13		118,694
	101,000,000	w	United States Treasury Bill		0.070-0.100		07/25/13		100,994
	75,000,000	w	United States Treasury Bill		0.100		08/01/13		74,994
	45,000,000	w	United States Treasury Bill		0.074-0.085		08/08/13		44,996
	5,000,000		United States Treasury Bill		0.040		08/15/13		5,000
	119,500,000	w	United States Treasury Bill		0.048-0.090		08/22/13		119,486
	1,500,000		United States Treasury Bill		0.091		09/05/13		1,500
	7,100,000		United States Treasury Bill		0.051		09/12/13		7,100
	26,500,000	w	United States Treasury Bill		0.071		09/19/13		26,498
	65,000,000	w	United States Treasury Bill		0.040-0.060		09/26/13		64,995
	61,000,000	w	United States Treasury Bill		0.050		10/03/13		60,993
	68,000,000	w	United States Treasury Bill		0.066-0.081		10/17/13		67,989
	14,000,000	w	United States Treasury Bill		0.060		11/07/13		13,997
	17,000,000	w	United States Treasury Bill		0.070		11/14/13		16,996
	50,000,000	w	United States Treasury Bill		0.075		12/12/13		49,985
	38,000,000	w	United States Treasury Bill		0.095		03/06/14		37,972
	80,000,000	w	United States Treasury Bill		0.105		05/01/14		79,919
			TOTAL TREASURY DEBT						910,108

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.7%
COMMERCIAL PAPER - 0.2%
	22,000,000		Federal Home Loan Bank (FHLB)		5.500		07/19/13		21,999
			TOTAL COMMERCIAL PAPER						21,999

TREASURY DEBT - 2.5%
	9,000,000		United States Treasury Bill		0.080		07/18/13		9,000
	23,700,000		United States Treasury Bill		0.080		08/01/13		23,698
	2,000,000		United States Treasury Bill		0.085		08/08/13		2,000
	40,000,000		United States Treasury Bill		0.082		08/15/13		39,995
	50,000,000		United States Treasury Bill		0.070-0.100		09/19/13		49,996
	23,000,000		United States Treasury Bill		0.040		09/26/13		22,998
	50,000,000		United States Treasury Bill		0.060		10/03/13		49,994
	24,000,000		United States Treasury Bill		0.040		10/10/13		23,997
	10,000,000		United States Treasury Bill		0.045		10/17/13		9,998
	15,000,000		United States Treasury Bill		0.055		11/07/13		14,997
	10,000,000		United States Treasury Bill		0.060		11/21/13		9,997
	40,000,000		United States Treasury Bill		0.075		12/12/13		39,988
	10,000,000		United States Treasury Bill		0.092		12/19/13		9,996
			TOTAL TREASURY DEBT						306,654

			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						328,653

			TOTAL SHORT-TERM INVESTMENTS						1,290,358
			(Cost $1,290,346)
			TOTAL INVESTMENTS - 109.7%						13,215,017
			(Cost $11,363,690)
			OTHER ASSETS & LIABILITIES, NET - (9.7)%						(1,168,129	)
			NET ASSETS - 100.0%					$	12,046,888

395

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

Abbreviation(s):

REIT

Real Estate Investment Trust

Non-income producing.

Amount represents less than $1,000.

All or a portion of these securities are out on loan. The aggregate value of securities on loan is $337,614,000.

Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At June 30, 2013 the aggregate value of these securities amounted to $497,941,000 or 4.1% of net assets.

All or a portion of these securities were purchased on a delayed delivery basis.

Floating or variable rate security. Coupon rate reflects the rate at period end.

Zero coupon

Indicates a security that has been deemed illiquid.

All or a portion of these securities have been segregated by the custodian to cover collateral requirements on mortgage dollar rolls.

Cost amounts are in thousands.

396

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

COLLEGE RETIREMENT EQUITIES FUND

MONEY MARKET ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2013

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
SHORT-TERM INVESTMENTS - 100.0%

CERTIFICATE OF DEPOSIT - 3.4%
$	30,000,000		Bank of Montreal		0.150	%	07/22/13	$	30,000
	50,000,000		Bank of Nova Scotia		0.130		08/19/13		50,000
	50,000,000		Bank of Nova Scotia		0.130		08/20/13		50,000
	35,000,000		Toronto-Dominion Bank		0.160		07/09/13		35,000
	50,000,000		Toronto-Dominion Bank		0.170		07/16/13		50,000
	50,000,000		Toronto-Dominion Bank		0.110		07/22/13		50,000
	20,000,000		Toronto-Dominion Bank		0.130		07/22/13		20,000
	20,000,000		Toronto-Dominion Bank		0.180		07/24/13		20,000
	30,000,000		Toronto-Dominion Bank		0.160		08/09/13		30,000
	50,000,000		Toronto-Dominion Bank		0.160		08/27/13		50,000
	22,000,000	i	Toronto-Dominion Bank		0.724		11/01/13		22,037
			TOTAL CERTIFICATE OF DEPOSIT						407,037

COMMERCIAL PAPER - 32.0%
	20,700,000	y	Australia & New Zealand Banking Group Ltd		0.210		07/22/13		20,697
	13,800,000	y	Australia & New Zealand Banking Group Ltd		0.165		08/01/13		13,798
	40,000,000	y	Australia & New Zealand Banking Group Ltd		0.165-0.170		08/02/13		39,994
	4,250,000	y	Australia & New Zealand Banking Group Ltd		0.190		08/07/13		4,249
	10,000,000	y	Australia & New Zealand Banking Group Ltd		0.170		08/08/13		9,998
	20,000,000	y	Australia & New Zealand Banking Group Ltd		0.165		08/28/13		19,995
	20,000,000	y	Australia & New Zealand Banking Group Ltd		0.165		08/29/13		19,995
	15,000,000	y	Australia & New Zealand Banking Group Ltd		0.170		09/10/13		14,995
	10,000,000	y	Australia & New Zealand Banking Group Ltd		0.175		09/30/13		9,996
	5,000,000		Bank of Nova Scotia		0.185		07/09/13		5,000
	8,000,000		Bank of Nova Scotia		0.130		08/16/13		7,999
	20,000,000		Bank of Nova Scotia		0.230		09/09/13		19,991
	7,210,000	y	Coca-Cola Co		0.175		07/11/13		7,210
	3,850,000	y	Coca-Cola Co		0.135		07/12/13		3,850
	12,000,000	y	Coca-Cola Co		0.140		07/17/13		11,999
	20,000,000	y	Coca-Cola Co		0.080		07/18/13		19,999
	16,500,000	y	Coca-Cola Co		0.190		08/01/13		16,497
	15,000,000	y	Coca-Cola Co		0.160		08/05/13		14,998
	35,500,000	y	Coca-Cola Co		0.130		08/06/13		35,495
	25,000,000	y	Coca-Cola Co		0.090		08/09/13		24,998
	20,000,000	y	Coca-Cola Co		0.110		08/13/13		19,997
	7,700,000	y	Coca-Cola Co		0.115		08/21/13		7,699
	50,000,000	y	Coca-Cola Co		0.100		08/23/13		49,993
	24,230,000	y	Coca-Cola Co		0.105-0.110		09/09/13		24,225
	34,350,000	y	Coca-Cola Co		0.110-0.120		09/13/13		34,342
	39,685,000	y	Coca-Cola Co		0.150-0.170		09/17/13		39,670
	15,370,000	y	Coca-Cola Co		0.125		10/08/13		15,365
	26,899,000	y	Coca-Cola Co		0.135		10/23/13		26,887
	3,620,000	y	Coca-Cola Co		0.190		11/18/13		3,617
	35,500,000	y	Coca-Cola Co		0.185		11/21/13		35,474
	5,067,000	y	Coca-Cola Co		0.190		01/06/14		5,062

397

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	25,000,000	y	Commonwealth Bank of Australia		0.185	%	07/03/13	$	25,000
	51,300,000	y	Commonwealth Bank of Australia		0.180-0.185		07/08/13		51,298
	5,000,000	y	Commonwealth Bank of Australia		0.180		07/15/13		5,000
	10,000,000	y	Commonwealth Bank of Australia		0.160		07/22/13		9,999
	21,000,000	y	Commonwealth Bank of Australia		0.240		08/20/13		20,993
	20,000,000	y	Commonwealth Bank of Australia		0.165		09/03/13		19,994
	20,000,000	y	Commonwealth Bank of Australia		0.170		09/05/13		19,994
	10,000,000	y	Commonwealth Bank of Australia		0.235		10/22/13		9,992
	25,000,000		Exxon Mobil Corp		0.060		07/10/13		25,000
	75,000,000		Exxon Mobil Corp		0.075-0.085		07/18/13		74,997
	30,000,000		Exxon Mobil Corp		0.080		07/25/13		29,998
	55,000,000		Exxon Mobil Corp		0.070		07/30/13		54,996
	30,000,000		Exxon Mobil Corp		0.085		08/01/13		29,998
	20,000,000		Exxon Mobil Corp		0.075		08/05/13		19,999
	7,874,000	y	Fairway Finance LLC		0.115		07/01/13		7,874
	32,000,000	y	Fairway Finance LLC		0.150		07/02/13		32,000
	21,979,000	y	Fairway Finance LLC		0.150		07/08/13		21,978
	47,725,000	y	Fairway Finance LLC		0.190-0.195		07/10/13		47,723
	2,307,000	y	Fairway Finance LLC		0.230		07/16/13		2,307
	10,000,000	y	Fairway Finance LLC		0.180		07/22/13		9,999
	15,000,000	y	Fairway Finance LLC		0.170		08/06/13		14,997
	40,000,000	y	Fairway Finance LLC		0.150		08/13/13		39,993
	15,000,000	y	Fairway Finance LLC		0.165		08/30/13		14,996
	6,226,000	y	Fairway Finance LLC		0.170		09/10/13		6,224
	25,000,000	y	Fairway Finance LLC		0.185		09/17/13		24,990
	16,700,000	y	Fairway Finance LLC		0.175		09/24/13		16,693
	11,970,000		General Electric Capital Corp		0.180		07/10/13		11,969
	30,000,000		General Electric Capital Corp		0.180		07/29/13		29,996
	52,090,000		General Electric Capital Corp		0.180		08/02/13		52,082
	40,000,000		General Electric Capital Corp		0.180		08/20/13		39,990
	20,000,000		General Electric Capital Corp		0.180		08/21/13		19,995
	20,000,000		General Electric Capital Corp		0.180		09/24/13		19,991
	10,000,000		General Electric Capital Corp		0.200		10/04/13		9,995
	20,000,000		General Electric Capital Corp		0.200		10/21/13		19,988
	30,000,000		General Electric Capital Corp		0.180		11/04/13		29,981
	38,700,000	y	Hydro-Quebec		0.135-0.140		07/16/13		38,698
	29,441,000	y	Johnson & Johnson		0.070		07/09/13		29,440
	3,170,000		JPMorgan Chase Bank NA		0.200		09/09/13		3,169
	4,079,000		JPMorgan Chase Bank NA		0.250		09/13/13		4,077
	66,000,000	y	Liberty Street Funding LLC		0.145-0.160		07/09/13		65,998
	24,700,000	y	Liberty Street Funding LLC		0.200-0.210		07/11/13		24,698
	25,000,000	y	Liberty Street Funding LLC		0.150		07/18/13		24,998
	10,320,000	y	Liberty Street Funding LLC		0.170		08/12/13		10,318
	25,000,000	y	Liberty Street Funding LLC		0.180		08/19/13		24,994
	35,000,000	y	Liberty Street Funding LLC		0.190		09/27/13		34,984
	8,000,000	y	Merck & Co, Inc		0.080		07/18/13		8,000
	50,000,000	y	Merck & Co, Inc		0.120		08/21/13		49,991
	50,000,000	y	Merck & Co, Inc		0.120		08/22/13		49,991
	7,000,000	y	Merck & Co, Inc		0.120		08/23/13		6,999
	35,000,000	y	National Australia Funding Delaware, Inc		0.180		07/01/13		35,000
	15,000,000	y	National Australia Funding Delaware, Inc		0.180		07/09/13		14,999
	20,000,000	y	National Australia Funding Delaware, Inc		0.180		07/16/13		19,999

398

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	30,000,000	y	National Australia Funding Delaware, Inc		0.170	%	07/23/13	$	29,997
	32,500,000	y	National Australia Funding Delaware, Inc		0.160-0.250		08/05/13		32,493
	10,000,000	y	National Australia Funding Delaware, Inc		0.150		08/19/13		9,998
	10,000,000	y	National Australia Funding Delaware, Inc		0.165		08/21/13		9,998
	2,210,000	y	National Australia Funding Delaware, Inc		0.160		08/26/13		2,209
	10,000,000	y	National Australia Funding Delaware, Inc		0.170		09/04/13		9,997
	3,200,000	y	National Australia Funding Delaware, Inc		0.175		09/10/13		3,199
	8,500,000	y	National Australia Funding Delaware, Inc		0.180		09/17/13		8,497
	2,000,000	y	National Australia Funding Delaware, Inc		0.180		09/24/13		1,999
	6,950,000	y	National Australia Funding Delaware, Inc		0.270		10/21/13		6,944
	45,000,000	y	Nestle Capital Corp		0.120		07/08/13		44,999
	15,000,000	y	Nestle Capital Corp		0.135		07/16/13		14,999
	25,000,000	y	Nestle Capital Corp		0.150		07/23/13		24,998
	15,000,000	y	Nestle Capital Corp		0.125		07/31/13		14,998
	35,025,000	y	Nestle Capital Corp		0.120		08/15/13		35,020
	2,000,000	y	Nestle Capital Corp		0.125		08/20/13		2,000
	40,600,000	y	Nestle Capital Corp		0.120-0.160		08/26/13		40,591
	18,000,000	y	Nestle Capital Corp		0.110		09/04/13		17,996
	8,425,000	y	Novartis Finance Corp		0.060		07/02/13		8,425
	20,000,000	y	Old Line Funding LLC		0.210		08/07/13		19,996
	20,000,000	y	Old Line Funding LLC		0.170		08/19/13		19,995
	20,000,000	y	Old Line Funding LLC		0.200		09/05/13		19,993
	16,000,000	y	Old Line Funding LLC		0.190		09/16/13		15,994
	5,595,000	y	Old Line Funding LLC		0.200		09/20/13		5,592
	6,000,000	y	Old Line Funding LLC		0.190		09/23/13		5,997
	9,306,000	y	Old Line Funding LLC		0.200		10/08/13		9,301
	20,000,000	y	Old Line Funding LLC		0.200		10/11/13		19,989
	37,700,000	y	Old Line Funding LLC		0.200		10/29/13		37,675
	8,000,000		PACCAR Financial Corp		0.080		07/01/13		8,000
	11,300,000		PACCAR Financial Corp		0.090		07/02/13		11,300
	6,300,000		PACCAR Financial Corp		0.150		07/11/13		6,300
	15,100,000		PACCAR Financial Corp		0.150		07/22/13		15,099
	33,825,000		PACCAR Financial Corp		0.145		08/01/13		33,821
	11,000,000		PACCAR Financial Corp		0.145		08/09/13		10,998
	16,850,000		PACCAR Financial Corp		0.125		09/12/13		16,846
	10,800,000	y	Pfizer, Inc		0.050		07/02/13		10,800
	8,500,000	y	Procter & Gamble Co		0.060		07/11/13		8,500
	8,000,000	y	Procter & Gamble Co		0.100		08/05/13		7,999
	12,500,000	y	Procter & Gamble Co		0.105		09/13/13		12,497
	23,000,000	y	Procter & Gamble Co		0.150		11/06/13		22,988
	40,000,000		Province of British Columbia		0.130		07/11/13		39,999
	55,000,000		Province of British Columbia		0.125		07/16/13		54,997
	32,000,000		Province of British Columbia		0.135		07/17/13		31,998
	51,000,000		Province of British Columbia		0.140		07/19/13		50,996
	50,000,000		Province of British Columbia		0.140		07/24/13		49,996
	20,240,000		Province of British Columbia		0.140		07/25/13		20,238
	5,000,000		Province of British Columbia		0.120		09/05/13		4,999
	28,845,000		Province of British Columbia		0.100		09/09/13		28,839
	30,010,000		Province of Ontario Canada		0.075-0.120		07/02/13		30,010
	18,745,000		Province of Ontario Canada		0.140		07/03/13		18,745
	42,000,000		Province of Ontario Canada		0.140-0.150		07/05/13		41,999
	13,631,000		Province of Ontario Canada		0.100		07/12/13		13,631

399

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	20,000,000		Province of Ontario Canada		0.130	%	07/17/13	$	19,999
	22,237,000		Province of Ontario Canada		0.130		07/25/13		22,235
	50,000,000		Province of Ontario Canada		0.150-0.155		08/06/13		49,993
	25,000,000		Province of Ontario Canada		0.140		08/30/13		24,994
	15,000,000		Province of Ontario Canada		0.145		09/03/13		14,996
	25,000,000		Province of Ontario Canada		0.125		09/04/13		24,994
	15,000,000		Province of Ontario Canada		0.125		09/10/13		14,996
	13,900,000	y	Province of Quebec Canada		0.145		07/02/13		13,900
	6,940,000	y	Province of Quebec Canada		0.130		07/10/13		6,940
	49,800,000	y	Province of Quebec Canada		0.140		07/19/13		49,796
	104,100,000	y	Province of Quebec Canada		0.100-0.140		07/26/13		104,090
	11,467,000	y	Province of Quebec Canada		0.110-0.130		07/30/13		11,466
	7,600,000	y	Province of Quebec Canada		0.150		08/26/13		7,598
	6,805,000	y	Province of Quebec Canada		0.155		08/27/13		6,803
	18,400,000	y	Province of Quebec Canada		0.135-0.140		09/12/13		18,395
	25,000,000	y	Province of Quebec Canada		0.145		10/10/13		24,990
	21,000,000		PSP Capital, Inc		0.140		08/12/13		20,997
	30,000,000		PSP Capital, Inc		0.125		08/13/13		29,995
	50,000,000		PSP Capital, Inc		0.150		09/19/13		49,983
	15,000,000		PSP Capital, Inc		0.190		11/21/13		14,989
	14,000,000	y	Standard Chartered Bank NY		0.180		07/09/13		13,999
	10,000,000	y	Standard Chartered Bank NY		0.250		07/15/13		9,999
	22,520,000	y	Standard Chartered Bank NY		0.185		07/23/13		22,518
	11,745,000	y	Standard Chartered Bank NY		0.185-0.190		08/12/13		11,743
	25,000,000	y	Standard Chartered Bank NY		0.150		08/13/13		24,996
	30,000,000	y	Standard Chartered Bank NY		0.185		08/14/13		29,993
	3,700,000	y	Standard Chartered Bank NY		0.190		08/27/13		3,699
	3,000,000	y	Standard Chartered Bank NY		0.260		09/26/13		2,998
	5,000,000	y	Standard Chartered Bank NY		0.210		10/01/13		4,997
	8,500,000	y	Thunder Bay Funding LLC		0.200		09/05/13		8,497
	15,029,000	y	Thunder Bay Funding LLC		0.180		09/25/13		15,022
	6,959,000	y	Thunder Bay Funding LLC		0.190		09/26/13		6,956
	12,320,000	y	Toronto-Dominion Holdings USA, Inc		0.160		07/02/13		12,320
	20,000,000	y	Toronto-Dominion Holdings USA, Inc		0.145		08/13/13		19,996
	4,871,000	y	Toronto-Dominion Holdings USA, Inc		0.220		08/21/13		4,869
	10,250,000	y	Toronto-Dominion Holdings USA, Inc		0.155		09/30/13		10,246
	25,000,000	y	Unilever Capital Corp		0.170		07/30/13		24,996
	25,000,000	y	Unilever Capital Corp		0.195		12/12/13		24,978
	35,000,000	y	Wal-Mart Stores, Inc		0.070-0.080		07/02/13		35,000
	8,900,000	y	Wal-Mart Stores, Inc		0.070		07/08/13		8,900
	45,500,000	y	Wal-Mart Stores, Inc		0.120		07/10/13		45,498
	15,000,000	y	Wal-Mart Stores, Inc		0.110		07/30/13		14,999
	12,086,000	y	Wal-Mart Stores, Inc		0.110		09/17/13		12,083
			TOTAL COMMERCIAL PAPER						3,828,391

GOVERNMENT AGENCY DEBT - 32.4%
	45,404,000		Federal Farm Credit Bank (FFCB)		0.085		07/29/13		45,401
	114,500,000		Federal Home Loan Bank (FHLB)		0.040-0.085		07/03/13		114,500
	895,000		FHLB		0.060		07/05/13		895
	11,000,000		FHLB		0.075		07/09/13		11,000
	58,500,000		FHLB		0.080-0.085		07/10/13		58,499

400

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

						MATURITY	VALUE
PRINCIPAL		ISSUER	RATE			DATE	(000)
$	50,000,000	FHLB		0.055	%	07/11/13	$	49,999
	115,660,000	FHLB		0.060-0.085		07/12/13		115,657
	144,415,000	FHLB		0.052-0.080		07/17/13		144,410
	61,070,000	FHLB		0.073-0.140		07/19/13		61,067
	107,205,000	FHLB		0.050-0.075		07/24/13		107,200
	50,000,000	FHLB		0.078		07/26/13		49,997
	27,000,000	FHLB		0.075		08/02/13		26,998
	76,133,000	FHLB		0.060-0.070		08/07/13		76,128
	90,000,000	FHLB		0.070-0.075		08/09/13		89,993
	134,083,000	FHLB		0.050-0.069		08/14/13		134,073
	49,150,000	FHLB		0.060-0.075		08/16/13		49,146
	170,615,000	FHLB		0.060-0.080		08/21/13		170,597
	123,000,000	FHLB		0.065-0.085		08/23/13		122,987
	75,722,000	FHLB		0.060-0.070		08/28/13		75,714
	116,971,000	FHLB		0.060-0.070		08/30/13		116,958
	45,650,000	FHLB		0.068-0.075		09/04/13		45,644
	20,775,000	FHLB		0.075-0.077		09/06/13		20,772
	99,800,000	FHLB		0.078-0.085		09/11/13		99,784
	112,625,000	FHLB		0.070-0.100		09/13/13		112,604
	40,176,000	FHLB		0.080-0.095		09/18/13		40,168
	50,555,000	FHLB		0.100-0.105		09/20/13		50,543
	35,100,000	FHLB		0.100		09/25/13		35,092
	25,000,000	FHLB		0.110		09/26/13		24,993
	75,000,000	FHLB		0.102-0.105		09/27/13		74,981
	4,800,000	FHLB		0.080		10/01/13		4,799
	19,096,000	FHLB		0.090-0.105		10/04/13		19,091
	28,088,000	FHLB		0.090		10/16/13		28,081
	12,750,000	FHLB		0.128		12/11/13		12,743
	6,350,000	FHLB		0.130		01/02/14		6,346
	67,535,000	Federal Home Loan Mortgage Corp (FHLMC)		0.050-0.095		07/01/13		67,535
	64,070,000	FHLMC		0.080		07/08/13		64,069
	19,360,000	FHLMC		0.075		07/09/13		19,360
	40,000,000	FHLMC		0.065		07/12/13		39,999
	60,363,000	FHLMC		0.057-0.115		07/22/13		60,361
	105,835,000	FHLMC		0.055-0.065		07/23/13		105,831
	68,177,000	FHLMC		0.065-0.075		07/29/13		68,173
	720,000	FHLMC		0.100		08/02/13		720
	68,872,000	FHLMC		0.070-0.125		08/05/13		68,867
	34,400,000	FHLMC		0.065		08/06/13		34,398
	80,000,000	FHLMC		0.070-0.080		08/12/13		79,993
	15,000,000	FHLMC		0.060		08/13/13		14,999
	5,000,000	FHLMC		0.065		08/20/13		5,000
	5,500,000	FHLMC		0.065		08/22/13		5,500
	50,000,000	FHLMC		0.060-0.075		08/26/13		49,995
	40,000,000	FHLMC		0.073		08/28/13		39,995
	112,655,000	FHLMC		0.060-0.070		09/03/13		112,642
	73,215,000	FHLMC		0.075-0.115		09/09/13		73,204
	13,765,000	FHLMC		0.065-0.070		09/10/13		13,763
	3,000,000	FHLMC		0.110		09/16/13		2,999
	4,865,000	FHLMC		0.085		10/15/13		4,864
	36,235,000	FHLMC		0.100-0.115		10/21/13		36,222
	2,099,000	FHLMC		0.100		11/05/13		2,098

401

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

						MATURITY	VALUE
PRINCIPAL		ISSUER	RATE			DATE	(000)
$	15,000,000	FHLMC		0.125	%	11/18/13	$	14,993
	6,525,000	FHLMC		0.105		12/03/13		6,522
	9,200,000	FHLMC		0.110		12/20/13		9,195
	10,000,000	FHLMC		0.125		02/03/14		9,992
	7,800,000	FHLMC		0.125-0.135		02/04/14		7,794
	8,865,000	FHLMC		0.125		02/11/14		8,858
	28,164,000	Federal National Mortgage Association (FNMA)		0.060-0.110		07/01/13		28,164
	13,600,000	FNMA		0.065		07/02/13		13,600
	5,345,000	FNMA		0.085		07/03/13		5,345
	17,000,000	FNMA		0.125		07/19/13		16,999
	5,000,000	FNMA		0.120		07/22/13		5,000
	75,675,000	FNMA		0.050-0.075		07/25/13		75,672
	23,665,000	FNMA		0.090-0.130		08/01/13		23,663
	24,141,000	FNMA		0.055-0.070		08/07/13		24,139
	17,000,000	FNMA		0.070		08/14/13		16,999
	13,400,000	FNMA		0.080		08/15/13		13,399
	47,000,000	FNMA		0.080		08/19/13		46,995
	67,800,000	FNMA		0.060-0.070		08/20/13		67,794
	6,195,000	FNMA		0.065		08/22/13		6,194
	6,000,000	FNMA		0.075		08/27/13		5,999
	37,670,000	FNMA		0.060		08/28/13		37,666
	38,500,000	FNMA		0.070-0.120		09/03/13		38,494
	30,000,000	FNMA		0.070		09/04/13		29,996
	72,000,000	FNMA		0.068-0.070		09/16/13		71,990
	50,000,000	FNMA		0.095		09/18/13		49,990
	5,000,000	FNMA		0.090		09/25/13		4,999
	12,874,000	FNMA		0.095-0.100		10/01/13		12,871
	4,000,000	FNMA		0.075		10/02/13		3,999
	4,225,000	FNMA		0.120		10/09/13		4,224
	19,350,000	FNMA		0.125		12/04/13		19,339
	13,540,000	FNMA		0.125		01/09/14		13,531
	2,525,000	FNMA		0.110		01/21/14		2,523
	1,434,000	FNMA		0.120		01/27/14		1,433
	4,551,000	FNMA		0.135		02/24/14		4,547
		TOTAL GOVERNMENT AGENCY DEBT						3,870,365

TREASURY DEBT - 17.5%
	30,275,000	United States Treasury Bill		0.082-0.106		07/05/13		30,275
	40,000,000	United States Treasury Bill		0.033-0.063		07/11/13		39,999
	65,000,000	United States Treasury Bill		0.037-0.086		07/18/13		64,998
	24,720,000	United States Treasury Bill		0.049-0.071		07/25/13		24,719
	45,175,000	United States Treasury Bill		0.025-0.081		08/01/13		45,173
	20,000,000	United States Treasury Bill		0.078		08/08/13		19,998
	71,755,000	United States Treasury Bill		0.038-0.113		08/22/13		71,747
	50,000,000	United States Treasury Bill		0.035-0.042		08/29/13		49,997
	20,000,000	United States Treasury Bill		0.041		09/05/13		19,998
	48,830,000	United States Treasury Bill		0.035-0.042		09/12/13		48,826
	20,000,000	United States Treasury Bill		0.045		09/19/13		19,998
	45,000,000	United States Treasury Bill		0.047-0.052		09/26/13		44,995
	60,000,000	United States Treasury Bill		0.083-0.089		10/03/13		59,987
	20,000,000	United States Treasury Bill		0.096		10/10/13		19,995

402

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	80,000,000		United States Treasury Bill		0.078-0.086	%	10/17/13	$	79,981
	24,075,000		United States Treasury Bill		0.068		10/24/13		24,070
	40,000,000		United States Treasury Bill		0.078		11/07/13		39,989
	30,000,000		United States Treasury Bill		0.073-0.075		11/21/13		29,991
	30,000,000		United States Treasury Bill		0.075		11/29/13		29,991
	20,112,000		United States Treasury Bill		0.128-0.139		12/12/13		20,099
	1,215,000		United States Treasury Bill		0.098		12/19/13		1,214
	10,000,000		United States Treasury Bill		0.150		02/06/14		9,991
	95,545,000		United States Treasury Note		1.000		07/15/13		95,576
	100,000,000		United States Treasury Note		0.375		07/31/13		100,017
	100,000,000		United States Treasury Note		0.750		08/15/13		100,070
	61,290,000		United States Treasury Note		0.750		09/15/13		61,370
	97,170,000		United States Treasury Note		0.125		09/30/13		97,155
	119,715,000		United States Treasury Note		0.500		10/15/13		119,834
	104,035,000		United States Treasury Note		0.250		10/31/13		104,061
	100,000,000		United States Treasury Note		0.500		11/15/13		100,121
	40,000,000		United States Treasury Note		0.750		12/15/13		40,107
	15,792,000		United States Treasury Note		0.125		12/31/13		15,789
	64,930,000		United States Treasury Note		1.000		01/15/14		65,235
	73,860,000		United States Treasury Note		0.250		01/31/14		73,910
	89,000,000		United States Treasury Note		0.250		02/28/14		89,070
	57,370,000		United States Treasury Note		0.250		03/31/14		57,411
	4,665,000		United States Treasury Note		1.250		04/15/14		4,706
	84,675,000		United States Treasury Note		0.250		04/30/14		84,752
	54,625,000		United States Treasury Note		1.000		05/15/14		55,028
	25,000,000		United States Treasury Note		0.750		06/15/14		25,137
	11,610,000		United States Treasury Note		0.250		06/30/14		11,617
			TOTAL TREASURY DEBT						2,096,997

VARIABLE RATE SECURITIES - 14.7%
	70,000,000	i	Federal Farm Credit Bank (FFCB)		0.130		07/01/13		70,000
	94,500,000	i	FFCB		0.180		07/01/13		94,481
	95,000,000	i	FFCB		0.180		07/01/13		95,000
	35,000,000	i	FFCB		0.201		07/02/13		35,006
	69,750,000	i	FFCB		0.323		08/19/13		69,745
	45,000,000	i	FFCB		0.261		08/26/13		44,997
	36,290,000	i	FFCB		0.290		08/26/13		36,290
	50,000,000	i	FFCB		0.250		09/23/13		49,998
	100,000,000	i	FFCB		0.310		09/23/13		99,999
	10,000,000	i	FFCB		0.230		10/15/13		9,997
	50,000,000	i	FFCB		0.330		11/01/13		50,000
	10,000,000	i	FFCB		0.140		01/21/14		9,999
	91,000,000	i	FFCB		0.250		02/10/14		90,989
	50,000,000	i	FFCB		0.160		03/13/14		49,995
	50,000,000	i	FFCB		0.163		04/16/14		50,000
	25,000,000	i	FFCB		0.155		07/10/14		24,999
	36,600,000	i	FFCB		0.190		07/21/14		36,610
	25,000,000	i	FFCB		0.181		09/19/14		25,000
	23,750,000	i	FFCB		0.280		10/14/14		23,753
	75,000,000	i	FFCB		0.240		10/27/14		74,980
	50,000,000	i	FFCB		0.161		12/12/14		50,000

403

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	10,000,000	i	FFCB		0.260	%	01/20/15	$	10,021
	55,000,000	i	Federal Home Loan Bank (FHLB)		0.120		08/08/13		54,999
	100,000,000	i	FHLB		0.280		08/16/13		100,000
	50,000,000	i	FHLB		0.140		09/04/13		50,002
	100,000,000	i	FHLB		0.140		09/06/13		100,005
	17,000,000	i	Federal Home Loan Mortgage Corp (FHLMC)		0.164		11/04/13		17,000
	80,290,000	i	Federal National Mortgage Association (FNMA)		0.330		10/28/13		80,290
	80,000,000	i	FNMA		0.172		06/20/14		79,987
	50,000,000	i	Canadian Imperial Bank of Commerce		0.285		01/03/14		50,009
	69,000,000	i	Royal Bank of Canada		0.390		07/15/13		69,000
	50,000,000	i	Royal Bank of Canada		0.290		06/10/14		50,000
			TOTAL VARIABLE RATE SECURITIES						1,753,151

			TOTAL SHORT-TERM INVESTMENTS						11,955,941
			(Cost $11,955,941)

			TOTAL INVESTMENTS - 100.0%						11,955,941
			(Cost $11,955,941)
			OTHER ASSETS & LIABILITIES, NET - 0.0%						(2,541	)
			NET ASSETS - 100.0%					$	11,953,400


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 resold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At 06/30/2013, the aggregate value of these securities was $2,542,198,000 or 21.3% of net assets.

		Cost amounts are in thousands.

404

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 of the filing date of the report 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 Registrant’s 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

Date: August 16, 2013	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.

Date: August 16, 2013	By:	/s/ Roger W. Ferguson, Jr.
		Roger W. Ferguson, Jr.
		Principal Executive Officer and President
		(principal executive officer)

Date: August 16, 2013	By:	/s/ Virginia M. Wilson
		Virginia M. Wilson
		Executive Vice President, Chief Financial Officer and Principal Accounting Officer (principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification of principal executive officer and principal financial officer