UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number File No. 811-04415

COLLEGE RETIREMENT EQUITIES FUND

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

Rachael M. Zufall, Esq.

c/o TIAA-CREF

8500 Andrew Carnegie Blvd.

Charlotte, North Carolina 28262-8500

(Name and address of agent for service)

Registrant's telephone number, including area code: 704-595-1000

Date of fiscal year end: December 31

Date of reporting period: December 31, 2013

Item 1. Reports to Stockholders.

2013 Annual Report

College Retirement

Equities Fund

December 31, 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	25
CREF Money Market Account	28
Summary portfolios of investments	31
Audited financial statements
Statements of assets and liabilities	64
Statements of operations	66
Statements of changes in net assets	68
Financial highlights	74
Notes to financial statements	78
Report of independent registered public accounting firm	95
2013 annual meeting	96
Trustees and officers	97
Additional information about index providers	105
How to reach us	Inside back cover

Understanding your CREF report

This annual report contains information about the eight CREF accounts and describes the accounts’ results for the twelve months ended December 31, 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 December 31, 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.

2 2013 Annual Report  ■  College Retirement Equities Fund

Information for CREF participants

Portfolio holdings

Securities and Exchange Commission (SEC) rules allow investment companies to list the top holdings of each account in their annual and semiannual reports, instead of providing complete portfolio listings. CREF also files complete portfolio listings with the SEC, and they are available to the public.

You can obtain a complete list of CREF’s portfolio holdings (Schedules of Investments) as of the most recently completed fiscal quarter in the following ways:

• By visiting our website at tiaa-cref.org; or

• By calling us at 800 842-2252 to request a copy, which will be provided free of charge.

You can also obtain a complete list of CREF’s portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our SEC Form N-CSR and Form N-Q filings. Form N-CSR filings are as of December 31 or June 30; Form N-Q filings are as of March 31 or September 30. Copies of these forms are available:

• Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at www.sec.gov; or

• From the SEC’s Office of Investor Education and Advocacy. (Call 202 551-8090 for more information.)

Proxy voting

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

Contacting TIAA-CREF

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

Account management

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

College Retirement Equities Fund  ■  2013 Annual Report 3

About the accounts’ benchmarks

CREF Stock Account

The account’s composite benchmark is a weighted average of two indexes: the Russell 3000^® Index, which measures the performance of the broad U.S. stock market, and the MSCI All Country World ex USA Investable Market Index, which measures the performance of large-, mid- and small-cap stocks in 43 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 23 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).

4 2013 Annual Report  ■  College Retirement Equities Fund

About the accounts’ benchmarks

CREF Social Choice Account

The account’s composite benchmark is a weighted average of three indexes: the Russell 3000 Index, which measures the performance of the broad U.S. stock market; the Barclays U.S. Aggregate Bond Index, which measures the performance of the domestic investment-grade, fixed-rate bond market; and the MSCI EAFE+Canada Index, which measures stock performance in 22 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 Annual Report 5

Important information about expenses

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (July 1, 2013–December 31, 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.

6 2013 Annual Report  ■  College Retirement Equities Fund

CREF Stock Account

Performance for the twelve months ended December 31, 2013

The CREF Stock Account returned 27.83% for the year, compared with the 28.07% return of its composite benchmark, a weighted average of the Russell 3000^® Index and the MSCI All Country World ex USA Investable Market Index.

Global stocks produced outsized gains in 2013, as the Federal Reserve’s ongoing monetary stimulus, the strengthening U.S. economy and Europe’s emergence from recession increased investor appetite for riskier assets.

U.S. stocks, which comprised about two-thirds of the account’s portfolio at period-end, soared 33.55%, as measured by the Russell 3000. Stellar gains in consumer discretionary and financial stocks drove the benchmark higher.

The MSCI All Country World ex USA Investable Market Index, which measures stock performance in 43 developed and emerging market nations, returned 15.82% in U.S. dollars. Double-digit advances in British, French, German and Japanese shares were tempered by weak returns from emerging market countries, such as China (up 5.3%) and Brazil (down 16.8%).

A rising dollar versus the Japanese yen reduced foreign stock returns for U.S. investors. The MSCI index gained 20.76% in terms of local currencies.

The account generates a strong return for the year

During the year, the account participated in the strong equity market rally, generating an impressive absolute gain. The account trailed its composite benchmark by a small margin in part because it was negatively affected by fair value pricing adjustments. Among individual stock choices, underweight investments in Facebook and Korea Gas Corporation also detracted slightly from relative performance.

The account’s return, however, was enhanced by numerous favorable stock selections. The largest individual contributors were overweight positions in electronics retailer Best Buy and in two biotechnology firms—Gilead Sciences and Biogen Idec. Underweights in Brazilian beverage producer Ambev and in Thai discount store chain operator Siam Makro 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 Annual Report 7

CREF Stock Account

Performance as of December 31, 2013

		Total return		Average annual total return
	Inception date	1 year		5 years		10 years
CREF Stock Account	7/31/1952	27.83	%	16.84	%		7.28	%
CREF Stock Composite Benchmark*	—	28.07		16.89			7.47
Broad market index
Russell 3000® Index	—	33.55		18.71			7.88

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 December 31, 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.

$10,000 over 10 years

 

For the purpose of comparison, the graph also shows the change in the value of the account’s composite benchmark and of a broad market index during the same period.

8 2013 Annual Report  ■  College Retirement Equities Fund

CREF Stock Account

Expense example

Six months ended December 31, 2013

	Beginning account value			Ending account value			Expenses paid during period		†
CREF Stock Account	(7/1/13		)	(12/31/13		)	(7/1/13–12/31/13		)
Actual return		$1,000.00			$1,170.33			$2.63
5% annual hypothetical return		1,000.00			1,022.79			2.45

^† “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 184/365. There were 184 days in the six months ended December 31, 2013. The account’s annualized six-month expense ratio for that period was 0.48%.

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

Actual expenses

Net expense ratio for the one-year period ended 12/31/2013 0.48 %

Portfolio composition

Sector	% of net assets as of 12/31/2013
Financials		19.3
Information technology		15.1
Consumer discretionary		14.6
Industrials		12.0
Health care		11.5
Energy		8.6
Consumer staples		7.8
Materials		5.3
Utilities		2.7
Telecommunication services		2.6
Short-term investments, other assets & liabilities, net		0.5
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 12/31/2013
More than $50 billion		41.6
More than $15 billion–$50 billion		24.7
More than $2 billion–$15 billion		26.8
$2 billion or less		6.9
Total		100.0

Holdings by country

	% of portfolio investments as of 12/31/2013
United States		66.3
United Kingdom		4.5
Japan		4.4
France		2.4
Canada		2.2
Germany		2.0
Switzerland		1.8
China		1.2
55 other nations		11.1
Short-term investments		4.1
Total		100.0

College Retirement Equities Fund  ■  2013 Annual Report 9

CREF Global Equities Account

Performance for the twelve months ended December 31, 2013

The CREF Global Equities Account returned 27.27% for the year, compared with the 26.68% return of its benchmark, the MSCI World Index.

Global stocks produced outsized gains in 2013, as the strengthening U.S. economy, Europe’s emergence from recession and ongoing monetary stimulus by the Federal Reserve and other major central banks increased investor appetite for riskier assets.

U.S. stocks, which comprised more than half of the benchmark’s total market capitalization at period-end, soared 31.8% and were by far the main driver of index performance. Japanese stocks advanced 27.2%, as investors applauded that country’s efforts to jump-start its flagging economy. Solid gains in German (up 31.4%), French (up 26.3%) and British (up 20.7%) shares also contributed to the benchmark’s rise. In contrast, Canadian and Australian stocks—up just 5.6% and 4.2%, respectively—were constrained by slumping commodities prices.

In terms of local currencies, the World index gained 28.87%. Although the dollar fell relative to the euro and pound, its astronomical rise against the yen halved the value of Japanese shares in dollars, thereby reducing the index’s overall return for U.S. investors.

The account tops its benchmark on superior stock choices

Amid the powerful stock market rally, the account outpaced its benchmark because of advantageous stock selections. The largest contributor was an overweight position in British online fashion retailer Asos. Overweights in biotechnology firm Gilead Sciences, Dutch coffee and tea producer D.E Master Blenders 1753 and European Aeronautic Defence and Space, reorganized as Airbus Group, also boosted the account’s relative performance.

Partly detracting from results were overweight holdings in two mining giants: Chile’s Antofagasta and Britain’s Rio Tinto. An underweight position in Facebook and an overweight in alcoholic-beverage maker Rémy Cointreau also reduced returns slightly.

The account’s returns may sometimes diverge from the returns of its benchmark index more than would be expected. This divergence may be the result of the account’s fair value pricing adjustments or of the timing of foreign currency valuations. Many foreign exchanges close for trading before the account’s accumulation unit value (AUV) is calculated (generally 4 p.m. ET). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the account’s benchmark. These changes are, however, taken into account to value the account’s portfolio holdings at the time the account’s AUV is calculated; these are known as fair value pricing adjustments.

10 2013 Annual Report  ■  College Retirement Equities Fund

CREF Global Equities Account

Performance as of December 31, 2013

		Total return		Average annual total return
	Inception date	1 year		5 years		10 years
CREF Global Equities Account	5/1/1992	27.27	%	15.72	%		6.92	%
MSCI World Index	—	26.68		15.02			6.98

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.

$10,000 over 10 years

For the purpose of comparison, the graph also shows the change in the value of the account’s benchmark during the same period.

College Retirement Equities Fund  ■  2013 Annual Report 11

CREF Global Equities Account

Expense example

Six months ended December 31, 2013

	Beginning account value			Ending account value			Expenses paid during period		*
CREF Global Equities Account	(7/1/13		)	(12/31/13		)	(7/1/13–12/31/13		)
Actual return		$1,000.00			$1,175.48			$2.80
5% annual hypothetical return		1,000.00			1,022.63			2.60

* “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 184/365. There were 184 days in the six months ended December 31, 2013. The account’s annualized six-month expense ratio for that period was 0.51%.

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

Actual expenses
Net expense ratio for the one-year period ended 12/31/2013	0.52%

Portfolio composition
Sector	% of net assets as of 12/31/2013
Financials	20.4
Consumer discretionary	16.3
Information technology	13.1
Industrials	13.0
Health care	12.0
Consumer staples	7.3
Energy	7.3
Materials	4.7
Telecommunication services	2.5
Utilities	2.1
Short-term investments, other assets & liabilities, net	1.3
Total	100.0

Holdings by company size
Market capitalization	% of equity investments as of 12/31/2013
More than $50 billion	45.5
More than $15 billion–$50 billion	27.3
More than $2 billion–$15 billion	25.1
$2 billion or less	2.1
Total	100.0

Holdings by country
% of portfolio investments as of 12/31/2013
United States	51.9
Japan	8.0
United Kingdom	7.7
Germany	4.1
France	4.1
Switzerland	4.0
Canada	3.4
Australia	2.0
38 other nations	11.5
Short-term investments	3.3
Total	100.0

12 2013 Annual Report  ■  College Retirement Equities Fund

CREF Growth Account

Performance for the twelve months ended December 31, 2013

The CREF Growth Account returned 35.00% for the year, compared with the 33.48% return of its benchmark, the Russell 1000^® Growth Index.

The broad U.S. stock market, as measured by the Russell 3000^® Index, soared 33.55% in 2013. Investors were emboldened by the strengthening domestic economy: unemployment fell, housing prices climbed and consumer spending rose. At the same time, the Federal Reserve’s efforts to stimulate the economy by keeping interest rates low further increased investor appetite for riskier assets.

Large-cap growth stocks participated in the strong rally but fell just short of the robust gains registered by the broad U.S. equity market. Within the growth category, large-cap issues trailed their small- and mid-cap counterparts, which advanced 43.30% and 35.74%, respectively. (Returns by investment style and capitalization size are based on the Russell indexes.)

For the ten years ended December 31, 2013, the Russell 1000 Growth Index registered an average annual gain of 7.83%, slightly trailing the 7.88% average return of the Russell 3000 Index over the same period.

Strong stock choices boost the account’s relative performance

For the year, all ten industry sectors of the account’s benchmark achieved double-digit gains, including five that climbed more than 30%. The benchmark’s second-largest sector, consumer discretionary, advanced 44.5% and made the biggest contribution to the benchmark’s rise. An improving U.S. economy, coupled with strengthening consumer confidence, lifted investor sentiment for consumer discretionary issues. Substantial contributions from health care (up 48.2%), industrials (up 41.2%) and information technology (up 26.2%) further enhanced the benchmark’s gain. Together, these four sectors made up more than 70% of the index’s total market capitalization on December 31, 2013.

The account generated a double-digit gain and surpassed its benchmark by more than one-and-a-half percentage points on the strength of numerous successful stock selections. Among the largest positive contributions were overweight positions in three surging biotechnology companies: Celgene (up 115.3%), Gilead Sciences (up 104.5%) and Biogen Idec (up 91.0%). The account also benefited from underweight holdings in IBM, Philip Morris International and Coca-Cola, all of which substantially lagged for the period.

In contrast, underweight investments in online travel service provider Priceline.com, pharmaceutical company Bristol-Myers Squibb and biotechnology firm Amgen detracted from relative performance. The account was also hurt by an out-of-benchmark position in Japan’s Suntory Beverage & Food and by an overweight in Internet-based travel company Expedia.

College Retirement Equities Fund  ■  2013 Annual Report 13

CREF Growth Account

Performance as of December 31, 2013

		Total return		Average annual total return
	Inception date	1 year		5 years		10 years
CREF Growth Account	4/29/1994	35.00	%	19.97	%		7.52	%
Russell 1000® Growth Index	—	33.48		20.39			7.83

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.

$10,000 over 10 years

For the purpose of comparison, the graph also shows the change in the value of the account’s benchmark during the same period.

14 2013 Annual Report  ■  College Retirement Equities Fund

CREF Growth Account

Expense example

Six months ended December 31, 2013

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
CREF Growth Account	(7/1/13		)	(12/31/13		)	(7/1/13–12/31/13		)
Actual return		$1,000.00			$1,214.39			$2.57
5% annual hypothetical return		1,000.00			1,022.89			2.35

* “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 184/365. There were 184 days in the six months ended December 31, 2013. The account’s annualized six-month expense ratio for that period was 0.46%.

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

Actual expenses

Net expense ratio for the one-year period ended 12/31/2013 0.46%

Portfolio composition

	% of net assets
Sector	as of 12/31/2013
Information technology		27.6
Consumer discretionary		21.4
Health care		14.6
Industrials		12.2
Consumer staples		7.3
Financials		7.1
Materials		4.3
Energy		3.1
Telecommunication services		1.3
Utilities		0.1
Short-term investments, other assets & liabilities, net		1.0
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 12/31/2013
More than $50 billion		49.0
More than $15 billion–$50 billion		25.7
More than $2 billion–$15 billion		24.9
$2 billion or less		0.4
Total		100.0

College Retirement Equities Fund  ■  2013 Annual Report 15

CREF Equity Index Account

Performance for the twelve months ended December 31, 2013

The CREF Equity Index Account returned 32.99% for the year, compared with the 33.55% return of its benchmark, the Russell 3000^® Index.

For the twelve-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 benefited from participating in a securities lending program and had a risk profile similar to that of its benchmark.

The broad U.S. stock market, as measured by the Russell 3000 Index, soared 33.55% in 2013. Investors were emboldened by the strengthening domestic economy: unemployment fell, housing prices climbed and consumer spending rose. At the same time, the Federal Reserve’s efforts to stimulate the economy by keeping interest rates low further increased investor appetite for riskier assets.

Amid signs of an improving economy, optimistic investors favored small-capitalization stocks because of their higher return potential. Small caps gained 38.82% during the period, outpacing mid- and large-cap equities, which rose 34.76% and 33.11%, respectively. Growth issues within the Russell 3000 topped their value counterparts, 34.23% to 32.69%. (Returns by market capitalization and investment style are based on the Russell indexes.)

Financial and consumer discretionary stocks propel the benchmark higher

For the year, all ten industry sectors of the Russell 3000 Index scored double-digit gains, including seven that climbed more than 25%. The benchmark’s second- and third-largest sectors, financials and consumer discretionary, advanced 32.8% and 44.5%, respectively, and made the biggest contributions to the benchmark’s rise. The 30.9% gain of information technology stocks, the index’s largest sector, also made a substantial contribution, as did outsized results from health care (up 42.8%) and industrial (up 42.2%) issues. Together, these five sectors constituted more than 70% of the benchmark’s total market capitalization on December 31, 2013.

During the period, all of the five largest stocks in the index registered gains, and three surpassed the return of the broad U.S. stock market. Google was the best performer; its stock climbed 58.4% as the company expanded its core advertising business within the mobile device market. Microsoft and General Electric followed with gains of 44.3% and 37.9%, respectively. Exxon Mobil (up 20.1%) also posted a strong advance but failed to keep pace in a surging market environment. Apple, the index’s largest individual component in terms of market capitalization at period-end, substantially lagged; it returned 8.1%.

16 2013 Annual Report  ■  College Retirement Equities Fund

CREF Equity Index Account

Performance as of December 31, 2013

		Total		Average annual
		return		total return
	Inception date	1 year		5 years		10 years
CREF Equity Index Account	4/29/1994	32.99	%	18.25	%		7.47	%
Russell 3000 Index	—	33.55		18.71			7.88

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.

$10,000 over 10 years

For the purpose of comparison, the graph also shows the change in the value of the account’s benchmark during the same period.

College Retirement Equities Fund  ■  2013 Annual Report 17

CREF Equity Index Account

Expense example

Six months ended December 31, 2013

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
CREF Equity Index Account	(7/1/13		)	(12/31/13		)	(7/1/13–12/31/13		)
Actual return		$1,000.00			$1,168.31			$2.30
5% annual hypothetical return		1,000.00			1,023.09			2.14

* “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 184/365. There were 184 days in the six months ended December 31, 2013. The account’s annualized six-month expense ratio for that period was 0.42%.

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

Actual expenses

Net expense ratio for the one-year period ended 12/31/2013 0.42%

Portfolio composition

	% of net assets
Sector	as of 12/31/2013
Information technology		18.0
Financials		17.5
Consumer discretionary		13.4
Health care		12.5
Industrials		11.7
Energy		9.2
Consumer staples		8.5
Materials		3.8
Utilities		2.9
Telecommunication services		2.1
Short-term investments, other assets & liabilities, net		0.4
Total		100.0

Holdings by company size

	% of equity investments
Market capitalization	as of 12/31/2013
More than $50 billion		48.3
More than $15 billion–$50 billion		24.1
More than $2 billion–$15 billion		22.3
$2 billion or less		5.3
Total		100.0

18 2013 Annual Report  ■  College Retirement Equities Fund

CREF Bond Market Account

Performance for the twelve months ended December 31, 2013

The CREF Bond Market Account returned –2.01% for the year, compared with the –2.02% return of its benchmark, the Barclays U.S. Aggregate Bond Index.

The nation’s gross domestic product grew at an estimated annual rate of 4.1% in the third quarter of 2013, versus 2.5% in the second quarter and 1.1% in the first. Unemployment ended the year at 6.7%, down from 7.9% twelve months earlier. As the U.S. economy showed increasing signs of improvement, many investors left the relative safety of high-quality bonds to seek higher returns in riskier assets, such as stocks and below-investment-grade corporate securities.

At the same time, the Federal Reserve kept investors guessing about when it might begin reducing its massive bond buying program, designed to stimulate economic growth by restraining long-term interest rates. Investment-grade, fixed-rate bonds, as measured by the Barclays U.S. Aggregate Bond Index, fell sharply in May and June, in response to the Fed’s “taper talk.” They rallied in the fall, however, following the Fed’s surprise announcement that it would maintain its accommodative stance. At year-end, bond prices fell modestly when the Fed decided to reduce its bond purchases by $10 billion—to $75 billion a month.

Treasuries lead the benchmark’s atypical retreat

Although the decline in the Barclays aggregate index was disappointing, it was only the third such calendar-year retreat in the index’s 37-year history.

U.S. Treasury securities, the benchmark’s largest sector, recorded the biggest loss for the year, returning –2.5%, as falling bond prices pushed up their yields. Yields on 10-year Treasuries went from 1.78% as the year opened to 3.04% on December 31, 2013.

U.S. mortgage-backed securities, which constituted almost one-third of the index’s total market capitalization, returned –1.4%. Corporate bonds, which represented about one-fifth of the benchmark, returned –1.5%. Commercial mortgage-backed securities posted a small gain, 0.2%, while asset-backed and U.S. agency securities returned –0.3% and –1.6%, respectively.

In the challenging environment for bonds, the account’s return, though negative, closely matched that of its benchmark. The account benefited most from its significantly underweight position in U.S. Treasuries. Overweight holdings and advantageous security selections among government-related credit securities also aided the account’s relative performance, as did an underweight in mortgage-backed securities.

Limiting the account’s return were overweight positions in corporate securities. Overweight investments and unfavorable choices among municipal bonds further reduced results.

College Retirement Equities Fund  ■  2013 Annual Report 19

CREF Bond Market Account

Performance as of December 31, 2013

		Total		Average annual
		return		total return
	Inception date	1 year		5 years		10 years
CREF Bond Market Account	3/1/1990	–2.01	%	4.73	%		4.13	%
Barclays U.S. Aggregate Bond Index	—	–2.02		4.44			4.55

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.

$10,000 over 10 years

 

For the purpose of comparison, the graph also shows the change in the value of the account’s benchmark during the same period.

20 2013 Annual Report  ■  College Retirement Equities Fund

CREF Bond Market Account

Expense example

Six months ended December 31, 2013

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
CREF Bond Market Account	(7/1/13		)	(12/31/13		)	(7/1/13–12/31/13		)
Actual return		$1,000.00			$1,008.57			$2.28
5% annual hypothetical return		1,000.00			1,022.94			2.29

^* “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 184/365. There were 184 days in the six months ended December 31, 2013. The account’s annualized six-month expense ratio for that period was 0.45%.

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

Actual expenses

Net expense ratio for the one-year period ended 12/31/2013 0.45 %

Portfolio composition

	% of net assets
		as of 12/31/2013
Mortgage-backed securities†		25.1
Corporate bonds		22.2
Foreign government & corporate bonds denominated in U.S. dollars		16.2
U.S. Treasury securities		13.7
Asset-backed securities		9.4
Municipal bonds		4.3
Commercial mortgage-backed securities		3.8
U.S. agency securities		2.9
Bank loan obligations		0.2
Preferred stock		0.1
Short-term investments, other assets & liabilities, net		2.1
Total		100.0

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

Holdings by maturity

% of fixed-income investments (excluding
short-term investments) as of 12/31/2013
Less than 1 year	5.3
1–3 years	19.5
3–5 years	23.7
5–10 years	39.7
Over 10 years	11.8
Total	100.0

Holdings by credit quality^‡

% of fixed-income investments (excluding
short-term investments) as of 12/31/2013
Aaa/AAA	52.2
Aa/AA	11.0
A/A	13.7
Baa/BBB	17.4
Ba/BB	3.4
B/B	1.2
Below B/B	0.4
Non-rated	0.7
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 Annual Report 21

CREF Inflation-Linked Bond Account

Performance for the twelve months ended December 31, 2013

The CREF Inflation-Linked Bond Account returned –9.02% for the year, compared with the –8.61% return of its benchmark, the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L).

On December 31, 2013, year-over-year inflation, as measured by the Consumer Price Index, was 1.5%, versus 1.7% one year earlier. The modest rise in inflation reflected the U.S. economy’s moderate rate of growth during the year and, according to the U.S. Department of Labor, was far below the 2.4% average annual increase in prices over the last ten years.

Oil prices, a widely watched indicator of current inflationary pressures, rose 7%, from $92 a barrel at year-end 2012 to $98 twelve months later. In contrast, the increase in food prices was the smallest since 1976, while medical costs rose at the slowest rate since 1949.

During the year, the Federal Reserve was concerned that decelerating prices could impede the nation’s economic recovery. With inflation still well below its target of 2.5%, the Fed continued its massive monthly bond buying program in an effort to stimulate the economy by restraining long-term interest rates.

As the economy slowly improved, investors worried that the Fed might soon taper its accommodative policies. Rising interest rates pushed down the values of many existing bonds, including those of TIPS.

TIPS lag the broad bond market

For the year, the return of TIPS significantly lagged the –2.02% return of the broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index. TIPS’ longer maturities made them particularly vulnerable to the negative effects of rising rates. At the same time, with current inflation in check, investors lowered their expectations of future price increases.

However, for the ten years ended December 31, 2013, the average annual return of TIPS was 4.85%, compared with 4.55% for the broad bond market.

The account slightly underperformed its benchmark because of its 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 year, 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 Annual Report  ■  College Retirement Equities Fund

CREF Inflation-Linked Bond Account

Performance as of December 31, 2013

		Total return		Average annual total return
	Inception date	1 year		5 years		10 years
CREF Inflation-Linked Bond Account	5/1/1997	–9.02	%	4.92	%		4.38	%
Barclays U.S. Treasury Inflation Protected Securities Index (Series-L)	—	–8.61		5.63			4.85

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.

$10,000 over 10 years

 

For the purpose of comparison, the graph also shows the change in the value of the account’s benchmark during the same period.

College Retirement Equities Fund  ■  2013 Annual Report 23

CREF Inflation-Linked Bond Account

Expense example

Six months ended December 31, 2013

	Beginning			Ending			Expenses paid
CREF Inflation-Linked	account value			account value			during period		*
Bond Account	(7/1/13		)	(12/31/13		)	(7/1/13–12/31/13		)
Actual return		$1,000.00		$	985.09			$2.25
5% annual hypothetical return		1,000.00			1,022.94			2.29

* “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 184/365. There were 184 days in the six months ended December 31, 2013. The account’s annualized six-month expense ratio for that period was 0.45%.

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

Actual expenses
Net expense ratio for the one-year period ended 12/31/2013	0.45	%

Portfolio composition
	% of net assets
	as of 12/31/2013
U.S. Treasury securities	99.4
Short-term investments, other assets & liabilities, net	0.6
Total	100.0

Holdings by maturity
% of fixed-income investments
(excluding short-term investments)
as of 12/31/2013
1–3 years	18.7
3–5 years	18.0
5–10 years	34.5
Over 10 years	28.8
Total	100.0

24 2013 Annual Report  ■  College Retirement Equities Fund

CREF Social Choice Account

Performance for the twelve months ended December 31, 2013

The CREF Social Choice Account returned 16.67% for the year, compared with the 16.70% 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. The account uses certain environmental, social and governance criteria, while the benchmark does not.

Because of its criteria, the account did not invest in a number of stocks and bonds that were included in the indexes that comprise its composite benchmark. During the period, the account produced a solid absolute return that slightly trailed that of its composite benchmark. The underperformance was due in part to the exclusion of biotechnology firm Celgene and Facebook, both of which registered triple-digit gains. The absence of German drug maker Bayer and two well-performing automobile manufacturers, Daimler and Toyota, reduced the account’s relative return as well.

In contrast, relative performance was enhanced by the exclusion of Apple, whose shares rose just 8.1% for the year on concerns about increased competition and slowing growth rates. Avoiding Australian mining company BHP Billiton and three energy giants, Exxon Mobil, Chevron and Royal Dutch Shell, also enhanced the account’s results.

The account keeps pace with its composite benchmark

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 risk characteristics of the portfolio with those of its composite benchmark. The account’s results were adversely affected by investments that did not perform as anticipated. Chief among these were overweight holdings in Newcrest Mining, Ariad Pharmaceuticals, telecommunications firm CenturyLink and Canadian mining company Teck Resources.

These unfavorable effects were partly offset by several positive contributors, including overweight positions in Germany’s Deutsche Post, Prudential and two surging biotechnology firms: Gilead Sciences and Biogen Idec.

In a challenging environment for most sectors of the domestic investment-grade, fixed-rate bond market, the account’s fixed-income component outpaced the Barclays aggregate index. The largest positive contribution came from a significant underweight position in U.S. Treasury securities, which lagged the broad bond market for the year. The account also benefited from advantageous selections among government-related credit securities. These positive effects were partly offset by overweight investments in corporate securities and unfavorable selections among municipal bonds.

College Retirement Equities Fund  ■  2013 Annual Report 25

CREF Social Choice Account

Performance as of December 31, 2013

		Total		Average annual
		return		total return
	Inception date	1 year		5 years		10 years
CREF Social Choice Account	3/1/1990	16.67	%	12.56	%		6.21	%
CREF Social Choice
Composite Benchmark*	—	16.70		12.43			6.35
Broad market index
Russell 3000® Index	—	33.55		18.71			7.88

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 December 31, 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.

$10,000 over 10 years

 

For the purpose of comparison, the graph also shows the change in the value of the account’s composite benchmark and of a broad market index during the same period.

26 2013 Annual Report  ■  College Retirement Equities Fund

CREF Social Choice Account

Expense example

Six months ended December 31, 2013

	Beginning			Ending			Expenses paid
	account value			account value			during period		†
CREF Social Choice Account	(7/1/13		)	(12/31/13		)	(7/1/13–12/31/13		)
Actual return		$1,000.00			$1,094.56			$2.38
5% annual hypothetical return		1,000.00			1,022.94			2.29

^† “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 184/365. There were 184 days in the six months ended December 31, 2013. The account’s annualized six-month expense ratio for that period was 0.45%.

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

Actual expenses

Net expense ratio for the one-year period ended 12/31/2013 0.45%

Portfolio composition

	% of net assets
	as of 12/31/2013
Equities		60.6
Long-term bonds		37.7
Short-term investments, other assets & liabilities, net		1.7
Total		100.0

Holdings by company size

	% of equity investments
Market capitalization	as of 12/31/2013
More than $50 billion		34.0
More than $15 billion–$50 billion		44.1
More than $2 billion–$15 billion		20.0
$2 billion or less		1.9
Total		100.0

Holdings by maturity

	% of fixed-income investments
	(excluding short-term investments) as of 12/31/2013
Less than 1 year		5.3
1–3 years		19.3
3–5 years		24.0
5–10 years		36.2
Over 10 years		15.2
Total		100.0

College Retirement Equities Fund  ■  2013 Annual Report 27

CREF Money Market Account

Performance for the twelve months ended December 31, 2013

The CREF Money Market Account returned 0.00% for the year, compared with the 0.02% 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.

In 2013, supplies of money market instruments shrank, boosting prices and lowering yields. Issuance of U.S. Treasury and agency securities was greatly curtailed, as budget cuts, higher tax receipts and large dividend payments by government-sponsored entities Fannie Mae and Freddie Mac reduced the federal government’s borrowing needs. In addition, the Federal Reserve’s large-scale purchases of government securities, intended to stimulate the economy by lowering interest rates, left fewer investment opportunities for other investors.

In the private sector, yields fell on repurchase agreements, which often use Treasuries as collateral. Issuance of commercial paper decreased, as businesses reported sufficient cash. Concerned that already-low yields might turn negative, the Fed introduced a reverse repurchase agreement program, lending its holdings as collateral on an overnight basis to create a floor on very short interest rates.

Declining yields pose challenges for money managers

For the year, the Fed kept its target federal funds rate—the interest rate U.S. commercial banks charge one another for overnight loans—near 0%. Six-month Treasury yields fell from 0.11% at year-end 2012 to 0.10% one year later.

LIBOR yields also declined. (LIBOR is an indicator of the interest rates that banks expect to pay to other banks for loans on the London market.) The three-month rate dropped from 0.31% to 0.25%. Although the inquiry continued into LIBOR’s manipulation by several major banks, it remained the reference rate for a substantial number of money market transactions.

Amid falling yields and diminished supplies, the account sought advantageous investment opportunities while complying with SEC regulations. The account maintained more than half of its portfolio in U.S. Treasury and agency securities. For higher yields, it purchased longer-term U.S. government floating-rate securities and selectively invested in high-quality Pacific Rim banks in addition to Canadian and Australian institutions. On December 31, 2013, the account’s weighted average maturity was 51 days, versus 47 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.

28 2013 Annual Report  ■  College Retirement Equities Fund

CREF Money Market Account

Net annualized yield for the 7 days ended December 31, 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 December 31, 2013

		Total		Average annual
		return		total return
	Inception date	1 year		5 years		10 years
CREF Money Market Account†	4/1/1988	0.00	%	0.02	%		1.59	%
iMoneyNet Money Fund Report Averages—All Taxable‡	—	0.02		0.06			1.48

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

An investment in the CREF Money Market Account is 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.

College Retirement Equities Fund  ■  2013 Annual Report 29

CREF Money Market Account

Expense example

Six months ended December 31, 2013

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
CREF Money Market Account	(7/1/13		)	(12/31/13		)	(7/1/13–12/31/13		)
Actual return		$1,000.00			$1,000.00			$0.60
5% annual hypothetical return		1,000.00			1,024.60			0.61

* “Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2013. The account’s annualized six-month expense ratio for that period was 0.12%. 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.

Actual expenses

Net expense ratio for the one-year period ended 12/31/2013 0.14%

Portfolio composition

	% of net assets
	as of 12/31/2013
Commercial paper		35.2
U.S. government agency securities		32.6
U.S. Treasury securities		14.9
Floating rate securities, government		11.3
Certificates of deposit		6.0
Total		100.0

30 2013 Annual Report  ■  College Retirement Equities Fund

Summary portfolio of investments

CREF Stock Account  ■  December 31, 2013

					Value		% of net
	Principal	Issuer			(000)		assets
BONDS
CORPORATE BONDS
CAPITAL GOODS				$	0	^		0.0	%
FOOD & STAPLES RETAILING					34			0.0
REAL ESTATE					19			0.0
		TOTAL CORPORATE BONDS	(Cost $70)		53			0.0
GOVERNMENT BONDS
U.S. TREASURY SECURITIES					277			0.0
		TOTAL GOVERNMENT BONDS	(Cost $303)		277			0.0
		TOTAL BONDS	(Cost $373)		330			0.0
EQUITY-LINKED NOTES
DIVERSIFIED FINANCIALS					1,850			0.0
		TOTAL EQUITY-LINKED NOTES	(Cost $1,904)		1,850			0.0
	Shares	Company
COMMON STOCKS
AUTOMOBILES & COMPONENTS					2,960,320			2.3
BANKS
	26,769,342	Wells Fargo & Co			1,215,328			0.9
		Other			6,294,952			5.0
					7,510,280			5.9
CAPITAL GOODS
	2,901,229	3M Co			406,898			0.3
	4,152,384	Boeing Co			566,759			0.5
	41,884,029	General Electric Co			1,174,009			0.9
	6,105,717	Honeywell International, Inc			557,879			0.4
		Other			7,764,234			6.2
					10,469,779			8.3
COMMERCIAL & PROFESSIONAL SERVICES					1,502,984			1.3
CONSUMER DURABLES & APPAREL					2,847,055			2.3
CONSUMER SERVICES					2,862,290			2.3
DIVERSIFIED FINANCIALS
	35,786,417	Bank of America Corp			557,194			0.4
	16,578,197	Citigroup, Inc			863,890			0.7
	2,745,432	Goldman Sachs Group, Inc			486,655			0.4
	14,500,269	JPMorgan Chase & Co			847,976			0.7
		Other			4,466,036			3.5
					7,221,751			5.7

See notes to financial statements College Retirement Equities Fund  ■  2013 Annual Report 31

Summary portfolio of investments continued

CREF Stock Account  ■  December 31, 2013

					Value	% of net
	Shares		Company		(000)	assets
ENERGY
	7,851,376		Chevron Corp	$	980,715		0.8	%
	15,214,568		Exxon Mobil Corp		1,539,714		1.2
	5,814,758		Schlumberger Ltd		523,968		0.4
			Other		7,857,727		6.2
					10,902,124		8.6
FOOD & STAPLES RETAILING					2,008,877		1.6
FOOD, BEVERAGE & TOBACCO
	11,448,855		Altria Group, Inc		439,522		0.4
	12,443,259		Coca-Cola Co		514,031		0.4
	7,408,632		PepsiCo, Inc		614,472		0.5
	6,142,880		Philip Morris International, Inc		535,229		0.4
			Other		3,698,916		2.9
					5,802,170		4.6
HEALTH CARE EQUIPMENT & SERVICES					4,142,256		3.3
HOUSEHOLD & PERSONAL PRODUCTS
	9,131,591		Procter & Gamble Co		743,403		0.6
			Other		1,273,603		1.0
					2,017,006		1.6
INSURANCE
	3,757,867		ACE Ltd		389,052		0.3
	5,605,383	*	Berkshire Hathaway, Inc (Class B)		664,574		0.5
			Other		4,411,325		3.5
					5,464,951		4.3
MATERIALS					6,729,710		5.3
MEDIA
	16,964,980		Comcast Corp (Class A)		881,585		0.7
	7,018,477	*,e	Walt Disney Co		536,212		0.4
			Other		3,345,999		2.7
					4,763,796		3.8
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	3,159,100		Bayer AG.		443,571		0.4
	1,425,929	*	Biogen Idec, Inc		398,904		0.3
	2,437,831	*	Celgene Corp		411,896		0.3
	9,996,561	*	Gilead Sciences, Inc		751,241		0.6
	12,978,310		Johnson & Johnson		1,188,683		0.9
	11,487,518		Merck & Co, Inc		574,950		0.5
	5,423,710		Novartis AG.		434,707		0.4
	26,392,751		Pfizer, Inc		808,410		0.6
			Other		5,417,431		4.3
					10,429,793		8.3
REAL ESTATE
	19,410,600	*,a	Hibernia REIT plc		31,243		0.0
			Other		3,983,837		3.2
					4,015,080		3.2

32 2013 Annual Report  ■  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments continued

CREF Stock Account  ■  December 31, 2013

						Value	% of net
	Shares		Company			(000)	assets
RETAILING
	1,429,814	*	Amazon.com, Inc		$	570,196		0.5	%
	8,198,187		Home Depot, Inc			675,039		0.5
			Other			3,803,444		3.0
						5,048,679		4.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	15,046,172		Intel Corp			390,599		0.3
			Other			2,415,709		1.9
						2,806,308		2.2
SOFTWARE & SERVICES
	7,221,089	*	Facebook, Inc			394,705		0.3
	1,237,999	*	Google, Inc (Class A)			1,387,438		1.1
	3,735,027		International Business Machines Corp			700,579		0.6
	590,728		Mastercard, Inc (Class A)			493,530		0.4
	34,871,890		Microsoft Corp			1,305,255		1.0
	14,121,029		Oracle Corp			540,270		0.4
	2,721,441		Visa, Inc (Class A)			606,010		0.5
			Other			4,601,657		3.6
						10,029,444		7.9
TECHNOLOGY HARDWARE & EQUIPMENT
	3,983,091		Apple, Inc			2,234,952		1.8
	19,894,109		Cisco Systems, Inc			446,623		0.4
	5,951,505		Qualcomm, Inc			441,899		0.3
			Other			3,036,113		2.4
						6,159,587		4.9
TELECOMMUNICATION SERVICES
	14,089,913		AT&T, Inc			495,401		0.4
	11,403,254		Verizon Communications, Inc			560,356		0.4
			Other			2,283,623		1.8
						3,339,380		2.6
TRANSPORTATION
	2,789,380		Union Pacific Corp			468,616		0.4
			Other			2,704,232		2.1
						3,172,848		2.5
UTILITIES						3,432,023		2.7
			TOTAL COMMON STOCKS	(Cost $100,742,614)		125,638,491		99.5
PREFERRED STOCKS
BANKS						¸15,198		0.0
DIVERSIFIED FINANCIALS						1,435		0.0
REAL ESTATE						19		0.0
			TOTAL PREFERRED STOCKS	(Cost $22,738)		16,652		0.0

See notes to financial statements College Retirement Equities Fund  ■  2013 Annual Report 33

Summary portfolio of investments	continued
CREF Stock Account  ■  December 31, 2013

						Value		% of net
	Shares		Company			(000)		assets
RIGHTS / WARRANTS
BANKS					$	2,292			0.0	%
CAPITAL GOODS						46			0.0
CONSUMER SERVICES						3			0.0
DIVERSIFIED FINANCIALS						957			0.0
ENERGY						1,418			0.0
FOOD, BEVERAGE & TOBACCO						4			0.0
HEALTH CARE EQUIPMENT & SERVICES						34			0.0
MATERIALS						614			0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						360			0.0
REAL ESTATE						36			0.0
UTILITIES						34			0.0
			TOTAL RIGHTS / WARRANTS	(Cost $4,747)		5,798			0.0
	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT						281,165			0.2
TREASURY DEBT						144,280			0.2
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
REPURCHASE AGREEMENT
$	800,000,000	n	Barclays	0.010%, 01/02/14		800,000			0.6
	700,000,000	o	Calyon	0.020%, 01/02/14		700,000			0.5
	440,000,000	p	Citigroup	0.010%, 01/02/14		440,000			0.3
	600,000,000	q	Merrill Lynch	0.010%-0.050%, 01/02/14		600,000			0.5
	951,000,000	r	Royal Bank of Scotland	0.010%, 01/02/14		951,000			0.7
		s	Other Repurchase Agreements	0.010%-0.020%, 01/02/14		859,000			0.8
						4,350,000			3.4
TREASURY DEBT						140,000			0.1
VARIABLE RATE SECURITIES						474,497			0.4
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						4,964,497			3.9
			TOTAL SHORT-TERM INVESTMENTS	(Cost $5,391,872)		5,389,942			4.3
			TOTAL PORTFOLIO	(Cost $106,164,248)		131,053,063			103.8
			OTHER ASSETS & LIABILITIES, NET			(4,709,701	)		(3.8	)
			NET ASSETS		$	126,343,362			100.0	%

34 2013 Annual Report  ■  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments	concluded
CREF Stock Account  ■  December 31, 2013

*	Non-income producing.
^	Amount represents less than $1,000.
a	Affiliated holding.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $4,975,468,000.
n	Agreement with Barclays, 0.01% dated 12/31/13 to be repurchased at $800,000,000 on 1/2/14, collateralized by U.S. Government Agency Securities valued at $816,422,000.
o	Agreement with Calyon, 0.02% dated 12/31/13 to be repurchased at $700,000,000 on 1/2/14, collateralized by U.S. Government Agency Securities valued at $714,000,000.
p	Agreement with Citigroup, 0.01% dated 12/31/13 to be repurchased at $440,000,000 on 1/2/14, collateralized by U.S. Government Agency Securities valued at $448,800,000.
q	Agreements with Merrill Lynch, 0.01%-0.05% dated 12/31/13 to be repurchased at $600,001,000 on 1/2/14, collateralized by U.S. Government Agency Securities valued at $612,000,000.
r	Agreement with Royal Bank of Scotland, 0.01% dated 12/31/13 to be repurchased at $951,003,000 on 1/2/14, collateralized by U.S. Government Agency Securities valued at $970,023,000.
s	Agreements, 0.01%-0.02% dated 12/31/13 to be repurchased at $859,002,000 on 1/2/14, collateralized by U.S. Government Agency Securities valued at $876,182,000.

“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 12/31/13, the aggregate value of restricted securities amounted to $409,000, or 0.0% of net assets.

At 12/31/13, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $6,690,000, 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.

See notes to financial statements College Retirement Equities Fund  ■  2013 Annual Report 35

Summary of market values by country

CREF Stock Account  ■  December 31, 2013

			% of
	Value		total
Country	(000)		portfolio
DOMESTIC
UNITED STATES	$	92,283,454		70.4	%
TOTAL DOMESTIC		92,283,454		70.4
FOREIGN
ARGENTINA		1,097		0.0
AUSTRALIA		1,579,882		1.2
AUSTRIA		131,406		0.1
BELGIUM		248,061		0.2
BERMUDA		69,703		0.1
BRAZIL		796,018		0.6
CAMBODIA		2,294		0.0
CANADA		2,818,620		2.2
CAYMAN ISLANDS		31,038		0.0
CHILE		108,930		0.1
CHINA		1,600,220		1.2
COLOMBIA		76,126		0.1
CYPRUS		13,249		0.0
CZECH REPUBLIC		24,992		0.0
DENMARK		328,240		0.3
EGYPT		16,761		0.0
FAROE ISLANDS		786		0.0
FINLAND		306,668		0.2
FRANCE		3,094,433		2.4
GEORGIA		3,894		0.0
GERMANY		2,611,758		2.0
GIBRALTAR		1,681		0.0
GREECE		104,253		0.1
GUERNSEY, C.I.		2,398		0.0
HONG KONG		880,916		0.7
HUNGARY		17,478		0.0
INDIA		567,485		0.4
INDONESIA		170,025		0.1
IRELAND		369,674		0.3
ISLE OF MAN		5,502		0.0
ISRAEL		103,485		0.1

			% of
	Value		total
Country	(000)		portfolio
ITALY	$	525,080	0.4	%
JAPAN		5,782,017	4.4
JERSEY, C.I.		4,870	0.0
KOREA, REPUBLIC OF		1,285,907	1.0
LUXEMBOURG		45,207	0.0
MACAU		26,528	0.0
MALAYSIA		275,133	0.2
MEXICO		407,296	0.3
MONACO		1,744	0.0
NETHERLANDS		1,267,340	1.0
NEW ZEALAND		90,557	0.1
NORWAY		263,659	0.2
PANAMA		37,307	0.0
PERU		22,899	0.0
PHILIPPINES		98,837	0.1
POLAND		132,587	0.1
PORTUGAL		40,364	0.0
PUERTO RICO		7,632	0.0
ROMANIA		596	0.0
RUSSIA		416,966	0.3
SINGAPORE		420,210	0.3
SOUTH AFRICA		538,412	0.4
SPAIN		500,520	0.4
SWEDEN		905,527	0.7
SWITZERLAND		2,383,614	1.8
TAIWAN		1,007,805	0.8
THAILAND		191,498	0.1
TURKEY		136,188	0.1
UKRAINE		2,962	0.0
UNITED ARAB EMIRATES		26,230	0.0
UNITED KINGDOM		5,837,044	4.5
TOTAL FOREIGN		38,769,609	29.6
TOTAL PORTFOLIO	$	131,053,063	100.0	%

36 2013 Annual Report  ■  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments

CREF Global Equities Account  ■  December 31, 2013

			Value		% of net
Shares		Company	(000)		assets
COMMON STOCKS
AUSTRALIA
	2,183,307	BHP Billiton Ltd	$	74,436		0.4	%
		Other		320,463		1.7
				394,899		2.1
AUSTRIA				17,285		0.1
BELGIUM				55,908		0.3
BERMUDA				16,577		0.1
BRAZIL				13,126		0.1
CANADA				669,602		3.5
CAYMAN ISLANDS				3,274		0.0
CHINA				212,028		1.1
COLOMBIA				2,901		0.0
DENMARK				72,094		0.4
FINLAND				67,961		0.4
FRANCE
	1,129,791	BNP Paribas		88,132		0.4
	933,585	European Aeronautic Defence and Space Co		71,671		0.4
	1,197,130	Total S.A.		73,479		0.4
		Other		574,545		3.0
				807,827		4.2
GERMANY
	501,168	Allianz AG.		90,173		0.5
	971,305	Bayer AG.		136,382		0.7
	697,946	Beiersdorf AG.		70,761		0.4
	753,970	Daimler AG. (Reg)		65,433		0.3
		Other		445,474		2.3
				808,223		4.2
GREECE				5,073		0.0
HONG KONG				242,921		1.3
INDIA				59,663		0.3
INDONESIA				6,091		0.0
IRELAND				173,675		0.9
ISLE OF MAN				2,466		0.0
ISRAEL				10,898		0.1
ITALY				183,727		1.0
JAPAN
	2,214,848	Toyota Motor Corp		135,051		0.7
		Other		1,427,075		7.5
				1,562,126		8.2

See notes to financial statements College Retirement Equities Fund  ■  2013 Annual Report 37

Summary portfolio of investments continued

CREF Global Equities Account  ■  December 31, 2013

				Value		% of net
Shares			Company	(000)		assets
JERSEY, C.I.				$	553		0.0	%
KOREA, REPUBLIC OF					37,611		0.2
LUXEMBOURG					4,332		0.0
MACAU					13,843		0.1
MALAYSIA					6,846		0.0
MEXICO					10,465		0.0
NETHERLANDS
	5,893,293	*	ING Groep NV		82,321		0.4
			Other		277,668		1.5
					359,989		1.9
NEW ZEALAND					8,255		0.0
NORWAY					74,265		0.4
PANAMA					13,207		0.1
PHILIPPINES					15,217		0.1
PORTUGAL					4,221		0.0
RUSSIA					15,106		0.1
SINGAPORE					117,612		0.6
SPAIN					114,078		0.6
SWEDEN					220,180		1.1
SWITZERLAND
	1,090,163		Nestle S.A.		79,898		0.4
	1,699,712		Novartis AG.		136,231		0.7
	568,069		Roche Holding AG.		159,131		0.8
	3,492,375		UBS AG.		66,869		0.4
			Other		346,861		1.8
					788,990		4.1
TAIWAN					54,350		0.3
THAILAND					12,391		0.1
TURKEY					19,441		0.1
UKRAINE					6,947		0.0
UNITED ARAB EMIRATES					4,871		0.0
UNITED KINGDOM
	23,399,325		Barclays plc		105,809		0.5
	6,178,010		HSBC Holdings plc		67,798		0.4
	3,255,075		Prudential plc		72,731		0.4
	26,056,268		Vodafone Group plc		102,589		0.5
			Other		1,160,574		6.1
					1,509,501		7.9

38 2013 Annual Report  ■  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments continued

CREF Global Equities Account  ■  December 31, 2013

					Value		% of net
Shares			Company		(000)		assets
UNITED STATES
	1,786,750		Abbott Laboratories		$	68,486		0.4	%
	679,286		ACE Ltd			70,326		0.4
	568,407		Apple, Inc			318,939		1.7
	474,935	*	Celgene Corp			80,245		0.4
	925,721		Chevron Corp			115,632		0.6
	2,547,732		Citigroup, Inc			132,762		0.7
	2,374,975		Comcast Corp (Class A)			123,416		0.6
	1,931,332	d	Exxon Mobil Corp			195,451		1.0
	6,061,404		General Electric Co			169,901		0.9
	1,642,697	*	General Motors Co			67,137		0.3
	1,622,088	*	Gilead Sciences, Inc			121,900		0.6
	477,240		Goldman Sachs Group, Inc			84,596		0.4
	184,166	*	Google, Inc (Class A)			206,397		1.1
	1,363,673		Home Depot, Inc			112,285		0.6
	1,061,991		Honeywell International, Inc			97,034		0.5
	1,284,436		iShares MSCI EAFE Index Fund			86,134		0.4
	1,232,714		Johnson & Johnson			112,904		0.6
	1,591,540		JPMorgan Chase & Co			93,073		0.5
	3,819,249		Microsoft Corp			142,954		0.7
	2,414,075		Oracle Corp			92,363		0.5
	928,717		PepsiCo, Inc			77,028		0.4
	4,833,385		Pfizer, Inc			148,047		0.8
	773,910		Philip Morris International, Inc			67,431		0.3
	1,333,860		Procter & Gamble Co			108,590		0.6
	861,127		Schlumberger Ltd			77,596		0.4
	470,883		Union Pacific Corp			79,108		0.4
	1,892,737		Verizon Communications, Inc			93,009		0.5
	478,145		Visa, Inc (Class A)			106,473		0.6
	1,154,441	*	Walt Disney Co			88,199		0.5
	4,117,630		Wells Fargo & Co			186,940		1.0
			Other			6,555,521		34.3
						10,079,877		52.7
			TOTAL COMMON STOCKS	(Cost $14,987,646)		18,880,493		98.7
RIGHTS / WARRANTS
CANADA						203		0.0
SINGAPORE						4		0.0
SPAIN						492		0.0
UNITED STATES						86		0.0
			TOTAL RIGHTS / WARRANTS	(Cost $841)		785		0.0

See notes to financial statements College Retirement Equities Fund  ■  2013 Annual Report 39

Summary portfolio of investments concluded

CREF Global Equities Account  ■  December 31, 2013

					Value			% of net
Principal			Issuer		(000)			assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					$	19,998			0.1	%
TREASURY DEBT						210,816			1.1
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
REPURCHASE AGREEMENT
$	142,000,000	n	Calyon	0.020%, 01/02/14		142,000			0.7
	79,000,000	o	Societe Generale	0.010%, 01/02/14		79,000			0.4
		p	Other Repurchase Agreements	0.010%, 01/02/14		99,000			0.6
						320,000			1.7
VARIABLE RATE SECURITIES						88,192			0.5
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						408,192			2.2
TOTAL SHORT-TERM INVESTMENTS				(Cost $639,334)		639,006			3.4
			TOTAL PORTFOLIO	(Cost $15,627,821)		19,520,284			102.1
			OTHER ASSETS & LIABILITIES, NET			(392,565	)		(2.1	)
			NET ASSETS		$	19,127,719			100.0	%

*	Non-income producing.
d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures transactions.
n	Agreement with Calyon, 0.02% dated 12/31/13 to be repurchased at $142,000,000 on 1/2/14, collateralized by U.S. Government Agency Securities valued at $144,840,000.
o	Agreement with Societe Generale, 0.01% dated 12/31/13 to be repurchased at $79,000,000 on 1/2/14, collateralized by U.S. Government Agency Securities valued at $80,580,000.
p	Agreements, 0.01% dated 12/31/13 to be repurchased at $99,001,000 on 1/2/14, collateralized by U.S. Government Agency Securities valued at $100,981,000.

“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.

The aggregate value of securities on loan is $498,279,000.

Cost amounts are in thousands.

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

40 2013 Annual Report  ■  College Retirement Equities Fund See notes to financial statements

Summary of market values by sector

CREF Global Equities Account  ■  December 31, 2013

	Value			% of net
Sector	(000)			assets
FINANCIALS	$	3,888,816			20.4	%
CONSUMER DISCRETIONARY		3,113,034			16.3
INFORMATION TECHNOLOGY		2,509,440			13.1
INDUSTRIALS		2,494,584			13.0
HEALTH CARE		2,300,075			12.0
CONSUMER STAPLES		1,398,289			7.3
ENERGY		1,386,284			7.3
MATERIALS		906,980			4.7
TELECOMMUNICATION SERVICES		479,220			2.5
UTILITIES		404,556			2.1
SHORT-TERM INVESTMENTS		639,006			3.4
OTHER ASSETS & LIABILITIES, NET		(392,565	)		(2.1	)
NET ASSETS	$	19,127,719			100.0	%

See notes to financial statements College Retirement Equities Fund  ■  2013 Annual Report 41

Summary portfolio of investments

CREF Growth Account  ■  December 31, 2013

				Value		% of net
Shares			Company	(000)		assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	2,700,333	*	General Motors Co	$	110,362		0.6	%
			Other		404,843		2.1
					515,205		2.7
BANKS					52,882		0.3
CAPITAL GOODS
	1,761,298		Boeing Co		240,400		1.2
	1,243,074		Honeywell International, Inc		113,580		0.6
	420,941		Precision Castparts Corp		113,359		0.6
	422,917		W.W. Grainger, Inc		108,021		0.6
			Other		842,952		4.3
					1,418,312		7.3
COMMERCIAL & PROFESSIONAL SERVICES					288,572		1.5
CONSUMER DURABLES & APPAREL
	1,194,398		Nike, Inc (Class B)		93,928		0.5
			Other		457,814		2.3
					551,742		2.8
CONSUMER SERVICES
	2,201,973		Las Vegas Sands Corp		173,670		0.9
	1,904,123		Starbucks Corp		149,264		0.8
			Other		343,100		1.7
					666,034		3.4
DIVERSIFIED FINANCIALS
	963,638		Ameriprise Financial, Inc		110,867		0.6
	553,785		Goldman Sachs Group, Inc		98,164		0.5
	1,250,000	e	iShares Russell 1000 Growth Index Fund		107,437		0.5
			Other		577,182		3.0
					893,650		4.6
ENERGY
	587,013		EOG Resources, Inc		98,524		0.5
	1,916,158		Schlumberger Ltd		172,665		0.9
			Other		325,798		1.7
					596,987		3.1
FOOD & STAPLES RETAILING
	1,284,243		Costco Wholesale Corp		152,838		0.8
			Other		241,209		1.2
					394,047		2.0

42 2013 Annual Report  ■  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments continued

CREF Growth Account  ■  December 31, 2013

				Value		% of net
Shares			Company	(000)		assets
FOOD, BEVERAGE & TOBACCO
	3,158,013		Altria Group, Inc	$	121,236		0.6	%
	3,177,358		Coca-Cola Co		131,257		0.7
	1,782,015		PepsiCo, Inc		147,800		0.8
	1,129,284		Philip Morris International, Inc		98,394		0.5
			Other		354,882		1.8
					853,569		4.4
HEALTH CARE EQUIPMENT & SERVICES					591,595		3.1
HOUSEHOLD & PERSONAL PRODUCTS					171,816		0.9
INSURANCE					172,797		0.9
MATERIALS
	1,655,148		LyondellBasell Industries AF S.C.A		132,875		0.7
	1,777,228		Monsanto Co		207,136		1.1
			Other		493,215		2.5
					833,226		4.3
MEDIA
	6,515,507		Comcast Corp (Class A)		338,578		1.7
	1,274,062	*	Discovery Communications, Inc (Class A)		115,201		0.6
			Other		581,088		3.0
					1,034,867		5.3
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	793,609	*	Alexion Pharmaceuticals, Inc		105,598		0.6
	973,383		Amgen, Inc		111,121		0.6
	1,015,445	*	Biogen Idec, Inc		284,071		1.5
	1,297,690	*	Celgene Corp		219,258		1.1
	5,258,100	*	Gilead Sciences, Inc		395,146		2.0
	781,367		Perrigo Co plc		119,908		0.6
	3,069,296		Zoetis Inc		100,335		0.5
			Other		900,558		4.6
					2,235,995		11.5
REAL ESTATE
	1,850,331	*	Realogy Holdings Corp		91,536		0.5
			Other		165,490		0.8
					257,026		1.3
RETAILING
	957,363	*	Amazon.com, Inc		381,787		2.0
	1,974,549	*	Carmax, Inc		92,843		0.5
	2,527,132		Home Depot, Inc		208,084		1.1
			Other		711,142		3.6
					1,393,856		7.2
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					315,206		1.6

See notes to financial statements College Retirement Equities Fund  ■  2013 Annual Report 43

Summary portfolio of investments continued

CREF Growth Account  ■  December 31, 2013

					Value		% of net
Shares			Company		(000)		assets
SOFTWARE & SERVICES
	2,828,207	*	Adobe Systems, Inc		$	169,353		0.9	%
	3,468,159	*	eBay, Inc			190,367		1.0
	5,359,676	*	Facebook, Inc			292,960		1.5
	600,872	*	Google, Inc (Class A)			673,403		3.5
	1,074,172		International Business Machines Corp			201,482		1.0
	2,496,237		Intuit, Inc			190,513		1.0
	393,041		Mastercard, Inc (Class A)			328,370		1.7
	10,394,599		Microsoft Corp			389,070		2.0
	5,273,541		Oracle Corp			201,766		1.0
	2,154,555	*	Red Hat, Inc			120,741		0.6
	1,411,392		Visa, Inc (Class A)			314,289		1.6
			Other			771,267		4.0
						3,843,581		19.8
TECHNOLOGY HARDWARE & EQUIPMENT
	1,359,361	d	Apple, Inc			762,751		3.9
	2,286,344		Qualcomm, Inc			169,761		0.9
			Other			273,635		1.4
						1,206,147		6.2
TELECOMMUNICATION SERVICES
	2,429,547		Verizon Communications, Inc			119,388		0.6
			Other			141,391		0.7
						260,779		1.3
TRANSPORTATION
	945,385		Kansas City Southern Industries, Inc			117,067		0.6
	675,724		Union Pacific Corp			113,522		0.6
			Other			421,126		2.2
						651,715		3.4
UTILITIES						17,331		0.1
			TOTAL COMMON STOCKS	(Cost $14,251,762)		19,216,937		99.0

44 2013 Annual Report  ■  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments concluded

CREF Growth Account  ■  December 31, 2013

					Value			% of net
Principal			Issuer		(000)			assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					$	10,000			0.1	%
TREASURY DEBT						158,920			0.8
Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	338,935,715	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust			338,936			1.7
						338,936			1.7
			TOTAL SHORT-TERM INVESTMENTS	(Cost $507,847)		507,856			2.6
			TOTAL PORTFOLIO	(Cost $14,759,609)		19,724,793			101.6
			OTHER ASSETS & LIABILITIES, NET			(311,131	)		(1.6	)
			NET ASSETS		$	19,413,662			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 $332,501,000.

“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 12/31/13, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $18,944,000 or 0.1% 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.

See notes to financial statements College Retirement Equities Fund  ■  2013 Annual Report 45

Summary portfolio of investments

CREF Equity Index Account  ■  December 31, 2013

				Value		% of net
Shares			Company	(000)		assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	181,619		1.1	%
BANKS
	3,680,732		Wells Fargo & Co		167,105		1.0
			Other		379,710		2.4
					546,815		3.4
CAPITAL GOODS
	526,182		3M Co		73,797		0.5
	578,448		Boeing Co		78,952		0.5
	7,883,007		General Electric Co		220,961		1.4
	700,858		United Technologies Corp		79,758		0.5
			Other		908,043		5.7
					1,361,511		8.6
COMMERCIAL & PROFESSIONAL SERVICES					162,040		1.0
CONSUMER DURABLES & APPAREL					259,907		1.6
CONSUMER SERVICES
	764,374		McDonald’s Corp		74,167		0.5
			Other		272,260		1.7
					346,427		2.2
DIVERSIFIED FINANCIALS
	722,381		American Express Co		65,542		0.4
	8,218,119		Bank of America Corp		127,956		0.8
	2,319,717		Citigroup, Inc		120,880		0.8
	349,609		Goldman Sachs Group, Inc		61,972		0.4
	2,881,500		JPMorgan Chase & Co		168,510		1.1
			Other		514,128		3.2
					1,058,988		6.7
ENERGY
	1,477,880		Chevron Corp		184,602		1.2
	932,077		ConocoPhillips		65,851		0.4
	3,389,888	d	Exxon Mobil Corp		343,057		2.1
	1,013,608		Schlumberger Ltd		91,336		0.6
			Other		777,408		4.9
					1,462,254		9.2
FOOD & STAPLES RETAILING
	933,442		CVS Corp		66,806		0.4
	1,227,726		Wal-Mart Stores, Inc		96,610		0.6
			Other		154,933		1.0
					318,349		2.0

46 2013 Annual Report  ■  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments continued

CREF Equity Index Account  ■  December 31, 2013

				Value		% of net
Shares			Company	(000)		assets
FOOD, BEVERAGE & TOBACCO
	1,531,148		Altria Group, Inc	$	58,781		0.4	%
	2,915,970		Coca-Cola Co		120,459		0.8
	1,178,968		PepsiCo, Inc		97,783		0.6
	1,246,887		Philip Morris International, Inc		108,641		0.7
			Other		336,935		2.1
					722,599		4.6
HEALTH CARE EQUIPMENT & SERVICES
	777,615		UnitedHealth Group, Inc		58,554		0.4
			Other		647,617		4.1
					706,171		4.5
HOUSEHOLD & PERSONAL PRODUCTS
	2,089,539		Procter & Gamble Co		170,109		1.1
			Other		134,961		0.8
					305,070		1.9
INSURANCE
	1,372,059	*	Berkshire Hathaway, Inc (Class B)		162,671		1.0
			Other		506,071		3.2
					668,742		4.2
MATERIALS					603,294		3.8
MEDIA
	2,000,507		Comcast Corp (Class A)		103,956		0.6
	1,373,018	*	Walt Disney Co		104,899		0.7
			Other		407,484		2.6
					616,339		3.9
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,207,462		AbbVie, Inc		63,766		0.4
	572,623		Amgen, Inc		65,371		0.4
	1,252,290		Bristol-Myers Squibb Co		66,559		0.4
	1,162,933	*	Gilead Sciences, Inc		87,394		0.6
	2,141,519		Johnson & Johnson		196,142		1.2
	2,302,119		Merck & Co, Inc		115,221		0.7
	5,098,843		Pfizer, Inc		156,177		1.0
			Other		529,607		3.4
					1,280,237		8.1
REAL ESTATE					496,103		3.1
RETAILING
	280,300	*	Amazon.com, Inc		111,781		0.7
	1,113,653		Home Depot, Inc		91,698		0.6
			Other		522,395		3.3
					725,874		4.6

See notes to financial statements College Retirement Equities Fund  ■  2013 Annual Report 47

Summary portfolio of investments continued

CREF Equity Index Account  ■  December 31, 2013

					Value		% of net
Shares			Company		(000)		assets
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	3,789,805		Intel Corp		$	98,383		0.6	%
			Other			241,242		1.5
						339,625		2.1
SOFTWARE & SERVICES
	1,298,618	*	Facebook, Inc			70,982		0.4
	205,596	*	Google, Inc (Class A)			230,414		1.4
	793,653		International Business Machines Corp			148,866		0.9
	89,025		Mastercard, Inc (Class A)			74,377		0.5
	6,366,772		Microsoft Corp			238,308		1.5
	2,706,734		Oracle Corp			103,560		0.7
	398,295		Visa, Inc (Class A)			88,692		0.6
			Other			649,957		4.1
						1,605,156		10.1
TECHNOLOGY HARDWARE & EQUIPMENT
	715,623		Apple, Inc			401,543		2.5
	4,074,383		Cisco Systems, Inc			91,470		0.6
	1,317,314		Qualcomm, Inc			97,811		0.6
			Other			323,964		2.1
						914,788		5.8
TELECOMMUNICATION SERVICES
	4,101,542		AT&T, Inc			144,210		0.9
	2,181,158		Verizon Communications, Inc			107,182		0.7
			Other			80,818		0.5
						332,210		2.1
TRANSPORTATION
	355,735		Union Pacific Corp			59,763		0.4
			Other			266,867		1.7
						326,630		2.1
UTILITIES						461,898		2.9
			TOTAL COMMON STOCKS	(Cost $9,162,211)		15,802,646		99.6
RIGHTS / WARRANTS
ENERGY						16		0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						4		0.0
REAL ESTATE						9		0.0
			TOTAL RIGHTS / WARRANTS	(Cost $10)		29		0.0

48 2013 Annual Report  ■  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments concluded

CREF Equity Index Account  ■  December 31, 2013

						Value			% of net
	Principal		Issuer				(000)		assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT						$	11,529			0.1	%
TREASURY DEBT							22,798			0.1
Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	536,110,401	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust				536,110			3.4
							536,110			3.4
			TOTAL SHORT-TERM INVESTMENTS		(Cost $570,436)		570,437			3.6
			TOTAL PORTFOLIO		(Cost $9,732,657)		16,373,112			103.2
			OTHER ASSETS & LIABILITIES, NET				(515,101	)		(3.2	)
				NET ASSETS		$	15,858,011			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 $523,303,000.

Cost amounts are in thousands.

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

See notes to financial statements College Retirement Equities Fund  ■  2013 Annual Report 49

Summary portfolio of investments

CREF Bond Market Account  ■  December 31, 2013

					Value		% of net
Principal			Issuer		(000)		assets
BANK LOAN OBLIGATIONS
CAPITAL GOODS					$	8,155		0.1	%
FOOD, BEVERAGE & TOBACCO						10,803		0.1
MEDIA						1,843		0.0
UTILITIES						199		0.0
			TOTAL BANK LOAN OBLIGATIONS	(Cost $20,879)		21,000		0.2
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS						13,975		0.1
BANKS
$	70,000,000	g	Toronto-Dominion Bank	1.500%, 03/13/17		70,749		0.5
			Other			664,852		5.1
						735,601		5.6
CAPITAL GOODS						88,894		0.7
COMMERCIAL & PROFESSIONAL SERVICES						55,111		0.4
CONSUMER DURABLES & APPAREL						40,321		0.3
CONSUMER SERVICES						110,389		0.8
DIVERSIFIED FINANCIALS
	54,367,424		Tagua Leasing LLC	1.900%, 07/12/24		52,427		0.4
			Other			662,210		5.1
						714,637		5.5
ENERGY						376,473		2.9
FOOD & STAPLES RETAILING						26,744		0.2
FOOD, BEVERAGE & TOBACCO						124,226		1.0
HEALTH CARE EQUIPMENT & SERVICES						97,799		0.8
HOUSEHOLD & PERSONAL PRODUCTS						14,045		0.1
INSURANCE						239,000		1.8
MATERIALS						207,358		1.6
MEDIA						206,335		1.6
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						32,656		0.3
REAL ESTATE						117,051		0.9
RETAILING						83,102		0.6
SOFTWARE & SERVICES						25,962		0.2
TECHNOLOGY HARDWARE & EQUIPMENT						112,237		0.9
TELECOMMUNICATION SERVICES						271,509		2.1

50 2013 Annual Report  ■  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments continued

CREF Bond Market Account  ■  December 31, 2013

						Value		% of net
Principal			Issuer			(000)		assets
TRANSPORTATION						$	50,231		0.4	%
UTILITIES							424,051		3.2
			TOTAL CORPORATE BONDS		(Cost $4,142,357)		4,167,707		32.0
GOVERNMENT BONDS
AGENCY SECURITIES
$	180,300,000		Private Export Funding Corp (PEFCO)	1.375%-5.450%, 10/15/14-11/15/22			184,156		1.4
	62,753,000		Tunisia Government AID Bonds		1.686%, 07/16/19		60,648		0.4
			Other				150,727		1.1
							395,531		2.9
FOREIGN GOVERNMENT BONDS
	41,500,000		Spain Government Bond		3.750%, 10/31/18		59,705		0.5
			Other				775,378		5.9
							835,083		6.4
MORTGAGE BACKED
	100,000,000	h	Federal Home Loan Mortgage Corp Gold (FGLMC)		4.500%, 01/15/44		105,809		0.8
	64,000,000	h	FGLMC		3.500%, 01/15/44		63,500		0.5
	101,000,000	h	FGLMC		4.000%, 01/15/44		103,722		0.8
	137,317,468		FGLMC	4.000%-8.000%, 12/01/16-12/01/40			149,256		1.1
	81,000,000	h	Federal National Mortgage Association (FNMA)		3.000%, 01/25/29		82,661		0.6
	50,000,000		FNMA		3.000%, 03/25/31		51,719		0.4
	50,000,000		FNMA		4.000%, 06/25/39		53,250		0.4
	146,000,000	h	FNMA		4.000%, 01/25/44		150,289		1.1
	98,000,000	h	FNMA		4.500%, 01/25/44		103,838		0.8
	291,000,000	h	FNMA		5.000%, 01/25/44		316,031		2.4
	116,000,000	h	FNMA		5.500%, 01/25/44		127,595		1.0
	266,000,000	h	FNMA		4.000%, 02/25/44		272,982		2.1
	365,000,000	h	FNMA		3.500%, 02/25/44		361,493		2.8
	54,698,719		FNMA		3.000%, 04/01/43		51,989		0.4
	514,818,611		FNMA	2.020%-9.000%, 02/01/14-01/25/44			540,327		4.1
	95,000,000	h	Government National Mortgage Association (GNMA)		4.500%, 01/15/44		101,361		0.8
	78,000,000	h	GNMA		4.000%, 01/15/44		81,050		0.6
	198,000,000	h	GNMA		3.500%, 01/15/44		199,555		1.5
	74,000,000	h	GNMA		3.000%, 01/15/44		71,462		0.5
	67,000,000	h	GNMA		3.500%, 01/20/44		67,589		0.5
	170,397,596		GNMA	2.176%-9.500%, 06/15/16-01/20/44			185,556		1.4
			Other				64,334		0.5
							3,305,368		25.1
MUNICIPAL BONDS
	204,685,000		State of Illinois	0.750%-5.463%, 03/01/15-04/01/28			196,445		1.5
	60,000,000		University of California		1.796%, 07/01/19		57,670		0.5
			Other				302,269		2.3
							556,384		4.3

See notes to financial statements College Retirement Equities Fund  ■  2013 Annual Report 51

Summary portfolio of investments continued

CREF Bond Market Account  ■  December 31, 2013

						Value		% of net
Principal			Issuer			(000)		assets
U.S. TREASURY SECURITIES
$	49,175,000		United States Treasury Bond		5.250%, 02/15/29	$	59,194		0.5	%
	45,661,000		United States Treasury Bond		5.375%, 02/15/31		55,956		0.4
	150,570,000		United States Treasury Bond		3.625%, 08/15/43		142,195		1.1
	72,796,000		United States Treasury Note		0.250%, 05/31/15		72,830		0.6
	60,000,000		United States Treasury Note		0.250%, 03/31/14		60,023		0.5
	175,415,000		United States Treasury Note		0.250%, 01/31/15		175,559		1.3
	112,305,000		United States Treasury Note		0.250%, 02/28/15		112,375		0.9
	141,110,000		United States Treasury Note		0.250%, 08/15/15		141,055		1.1
	59,005,000		United States Treasury Note		0.250%, 09/15/15		58,957		0.4
	80,466,900		United States Treasury Note		1.375%, 09/30/18		79,486		0.6
	189,872,000		United States Treasury Note		8.000%, 11/15/21		263,744		2.0
	110,195,000		United States Treasury Note		2.750%, 11/15/23		107,802		0.8
	388,876,100		United States Treasury Note	0.125%-3.750%, 02/28/14-11/15/43			388,235		3.0
			Other				66,747		0.5
							1,784,158		13.7
			TOTAL GOVERNMENT BONDS		(Cost $6,871,939)		6,876,524		52.4
STRUCTURED ASSETS
ASSET BACKED
	52,000,000		Ally Auto Receivables Trust
			Series - 2013 2 (Class A2A)		0.540%, 07/15/16		52,002		0.4
	73,405,000		Discover Card Execution Note Trust
			Series - 2012 A1 (Class A1)		0.810%, 08/15/17		73,662		0.6
	134,080,506	g	Dominos Pizza Master Issuer LLC
			Series - 2012 1A (Class A2)		5.216%, 01/25/42		142,117		1.1
	69,108,290		Hyundai Auto Receivables Trust
			Series - 2012 B (Class A3)		0.620%, 09/15/16		69,203		0.5
			Other				888,063		6.8
							1,225,047		9.4
OTHER MORTGAGE BACKED
	59,550,833		JP Morgan Chase Commercial Mortgage Securities Trust
			Series - 2006 LDP9 (Class A1A)		5.257%, 05/15/47		63,569		0.5
			Other				428,957		3.3
							492,526		3.8
			TOTAL STRUCTURED ASSETS		(Cost $1,720,853)		1,717,573		13.2
			TOTAL BONDS		(Cost $12,735,149)		12,761,804		97.6
	Shares		Company
PREFERRED STOCKS
BANKS							17,583		0.1
			TOTAL PREFERRED STOCKS		(Cost $49,941)		17,583		0.1

52 2013 Annual Report  ■  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments concluded

CREF Bond Market Account  ■  December 31, 2013

						Value			% of net
Principal			Issuer			(000)			assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT						$	126,490			1.0	%
TREASURY DEBT
$	66,000,000	w	United States Treasury Bill	0.071%, 02/13/14			65,994			0.5
	58,800,000	w	United States Treasury Bill	0.055%-0.081%, 03/06/14			58,795			0.5
	71,600,000	w	United States Treasury Bill	0.053%-0.080%, 03/13/14			71,594			0.5
	200,000,000	w	United States Treasury Bill	0.105%, 04/03/14			199,965			1.5
	212,000,000	w	United States Treasury Bill	0.060%-0.067%, 04/17/14			211,977			1.6
	75,400,000	w	United States Treasury Bill	0.065%-0.085%, 04/24/14			75,386			0.6
	111,000,000	w	United States Treasury Bill	0.070%-0.107%, 05/01/14			110,981			0.8
	247,000,000	w	United States Treasury Bill	0.095%-0.096%, 06/26/14			246,901			1.9
	635,200,000	w	United States Treasury Bill	0.063%-0.120%, 07/24/14			634,922			4.9
	653,000,000	w	United States Treasury Bill	0.075%-0.135%, 08/21/14			652,707			5.0
			Other				144,962			1.1
							2,474,184			18.9
			TOTAL SHORT-TERM INVESTMENTS		(Cost $2,600,279)		2,600,674			19.9
			TOTAL PORTFOLIO		(Cost $15,406,248)		15,401,061			117.8
			OTHER ASSETS & LIABILITIES, NET				(2,325,644	)		(17.8	)
			NET ASSETS			$	13,075,417			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 12/31/13, the aggregate value of these securities, including those in “Other,” was $1,777,372,000, or 13.6% 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.

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 Annual Report 53

Portfolio of investments

CREF Inflation-Linked Bond Account   ■  December 31, 2013

Principal			Issuer		Value (000)		% of net assets
GOVERNMENT BONDS
U.S. TREASURY SECURITIES
$	66,438,651	k	United States Treasury Inflation Indexed Bonds	1.625%, 01/15/15	$	68,442		0.9	%
	245,516,006	k	United States Treasury Inflation Indexed Bonds	0.500%, 04/15/15		250,906		3.3
	196,449,244	k	United States Treasury Inflation Indexed Bonds	1.875%, 07/15/15		207,054		2.7
	209,998,176	k	United States Treasury Inflation Indexed Bonds	2.000%, 01/15/16		223,796		2.9
	408,869,160	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/16		419,826		5.5
	215,781,451	k	United States Treasury Inflation Indexed Bonds	2.500%, 07/15/16		236,753		3.1
	173,738,576	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/17		191,194		2.5
	470,893,902	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/17		483,990		6.3
	142,783,298	k	United States Treasury Inflation Indexed Bonds	2.625%, 07/15/17		160,609		2.1
	165,059,465	k	United States Treasury Inflation Indexed Bonds	1.625%, 01/15/18		179,386		2.4
	188,441,465	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/18		192,196		2.5
	146,872,428	k	United States Treasury Inflation Indexed Bonds	1.375%, 07/15/18		159,184		2.1
	144,142,775	k	United States Treasury Inflation Indexed Bonds	2.125%, 01/15/19		160,967		2.1
	181,585,740	k	United States Treasury Inflation Indexed Bonds	1.875%, 07/15/19		201,773		2.6
	220,662,387	k	United States Treasury Inflation Indexed Bonds	1.375%, 01/15/20		236,953		3.1
	285,555,397	k	United States Treasury Inflation Indexed Bonds	1.250%, 07/15/20		305,500		4.0
	355,486,697	k	United States Treasury Inflation Indexed Bonds	1.125%, 01/15/21		373,622		4.9
	394,623,040	k	United States Treasury Inflation Indexed Bonds	0.625%, 07/15/21		400,573		5.2
	336,395,061	k	United States Treasury Inflation Indexed Bonds	0.125%, 01/15/22		323,307		4.2
	393,064,290	k	United States Treasury Inflation Indexed Bonds	0.125%, 07/15/22		376,513		4.9
	215,532,570	k	United States Treasury Inflation Indexed Bonds	0.125%, 01/15/23		203,560		2.7
	51,185,640	k	United States Treasury Inflation Indexed Bonds	0.375%, 07/15/23		49,366		0.7
	266,728,666	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/25		306,592		4.0
	209,851,077	k	United States Treasury Inflation Indexed Bonds	2.000%, 01/15/26		232,312		3.0
	163,536,428	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/27		188,374		2.5
	194,994,261	k	United States Treasury Inflation Indexed Bonds	1.750%, 01/15/28		208,766		2.7
	170,437,542	k	United States Treasury Inflation Indexed Bonds	3.625%, 04/15/28		225,457		3.0
	177,214,023	k	United States Treasury Inflation Indexed Bonds	2.500%, 01/15/29		208,254		2.7
	166,357,959	k	United States Treasury Inflation Indexed Bonds	3.875%, 04/15/29		227,988		3.0
	60,871,684	k	United States Treasury Inflation Indexed Bonds	3.375%, 04/15/32		80,983		1.1
	84,990,763	k	United States Treasury Inflation Indexed Bonds	2.125%, 02/15/40		95,495		1.3
	117,747,120	k	United States Treasury Inflation Indexed Bonds	2.125%, 02/15/41		132,300		1.7
	234,950,918	k	United States Treasury Inflation Indexed Bonds	0.750%, 02/15/42		188,879		2.5
	115,812,600	k	United States Treasury Inflation Indexed Bonds	0.625%, 02/15/43		89,049		1.2
						7,589,919		99.4
			TOTAL GOVERNMENT BONDS	(Cost $7,318,881)		7,589,919		99.4
			TOTAL PORTFOLIO	(Cost $7,318,881)		7,589,919		99.4
			OTHER ASSETS & LIABILITIES, NET			48,191		0.6
			NET ASSETS		$	7,638,110		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.

54 2013 Annual Report   ■  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments

CREF Social Choice Account  ■  December 31, 2013

					Value		% of net
	Principal	Issuer			(000)		assets
BANK LOAN OBLIGATIONS
MEDIA					$	9,765		0.1	%
		TOTAL BANK LOAN OBLIGATIONS		(Cost $9,728)		9,765		0.1
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS						19,706		0.2
BANKS						522,994		3.9
CAPITAL GOODS						77,632		0.6
COMMERCIAL & PROFESSIONAL SERVICES						7,812		0.1
CONSUMER DURABLES & APPAREL						6,480		0.0
CONSUMER SERVICES						26,842		0.2
DIVERSIFIED FINANCIALS						248,491		1.9
ENERGY						122,778		0.9
FOOD & STAPLES RETAILING						29,208		0.2
FOOD, BEVERAGE & TOBACCO						13,169		0.1
HEALTH CARE EQUIPMENT & SERVICES						67,756		0.5
HOUSEHOLD & PERSONAL PRODUCTS						7,900		0.1
INSURANCE						59,422		0.5
MATERIALS						85,222		0.6
MEDIA						18,850		0.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						111,190		0.8
REAL ESTATE						80,568		0.6
RETAILING						12,525		0.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						13,136		0.1
SOFTWARE & SERVICES						20,136		0.2
TECHNOLOGY HARDWARE & EQUIPMENT						38,241		0.3
TELECOMMUNICATION SERVICES						32,400		0.2
TRANSPORTATION						55,024		0.4
UTILITIES						178,608		1.3
		TOTAL CORPORATE BONDS		(Cost $1,855,911)		1,856,090		13.9
GOVERNMENT BONDS
AGENCY SECURITIES
$	187,517,944	Overseas Private Investment Corp (OPIC)	0.000%-5.142%, 07/12/14-12/20/32			186,832		1.3
		Other				366,485		2.7
						553,317		4.0

See notes to financial statements College Retirement Equities Fund  ■  2013 Annual Report 55

Summary portfolio of investments continued

CREF Social Choice Account  ■  December 31, 2013

							Value	% of net
	Principal		Issuer				(000)	assets
FOREIGN GOVERNMENT BONDS
$	49,000,000		International Bank for Reconstruction & Development		0.375%, 08/24/15	$	49,000		0.4	%
	55,210,000		International Finance Corp		2.250%, 04/28/14		55,561		0.4
			Other				480,979		3.7
							585,540		4.5
MORTGAGE BACKED
	61,000,000	h	Federal National Mortgage Association (FNMA)		4.000%, 01/25/44		62,792		0.5
	58,000,000	h	FNMA		4.500%, 01/25/44		61,455		0.5
	65,000,000	h	FNMA		5.000%, 01/25/44		70,591		0.5
	109,000,000	h	FNMA		4.000%, 02/25/44		111,861		0.8
	161,000,000	h	FNMA		3.500%, 02/25/44		159,453		1.2
	254,361,477		FNMA	2.020%-8.500%, 05/01/14-01/25/44			262,227		2.0
	70,000,000	h	Government National Mortgage Association (GNMA)		3.500%, 01/15/44		70,550		0.5
	56,000,000	h	GNMA		3.000%, 01/15/44		54,079		0.4
	142,066,688		GNMA	2.300%-9.000%, 12/15/17-01/20/44			148,854		1.1
			Other				95,929		0.7
							1,097,791		8.2
MUNICIPAL BONDS							344,918		2.6
U.S. TREASURY SECURITIES
	131,045,000		United States Treasury Bond		2.875%, 05/15/43		106,208		0.8
	62,390,000		United States Treasury Bond		3.625%, 08/15/43		58,920		0.4
	49,910,000		United States Treasury Note		2.750%, 11/15/23		48,826		0.4
	180,538,400		United States Treasury Note	0.250%-2.500%, 05/31/14-11/15/22			179,356		1.4
			Other				5,137		0.0
							398,447		3.0
			TOTAL GOVERNMENT BONDS		(Cost $2,984,883)		2,980,013		22.3
STRUCTURED ASSETS
ASSET BACKED							84,961		0.6
OTHER MORTGAGE BACKED							106,540		0.8
			TOTAL STRUCTURED ASSETS		(Cost $189,314)		191,501		1.4
			TOTAL BONDS		(Cost $5,030,108)		5,027,604		37.6
	Shares		Company
COMMON STOCKS
AUTOMOBILES & COMPONENTS							193,351		1.5
BANKS
	1,292,980		US Bancorp				52,237		0.4
			Other				426,114		3.2
							478,351		3.6

56 2013 Annual Report  ■  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments continued

CREF Social Choice Account  ■  December 31, 2013

					Value	% of net
	Shares		Company		(000)	assets
CAPITAL GOODS
	440,679		3M Co	$	61,805		0.5	%
	594,737		Danaher Corp		45,913		0.3
	657,321		Emerson Electric Co		46,131		0.4
			Other		509,219		3.8
					663,068		5.0
COMMERCIAL & PROFESSIONAL SERVICES					56,641		0.4
CONSUMER DURABLES & APPAREL					104,258		0.8
CONSUMER SERVICES
	558,634		McDonald’s Corp		54,204		0.4
	586,295		Starbucks Corp		45,960		0.4
			Other		55,683		0.4
					155,847		1.2
DIVERSIFIED FINANCIALS
	630,747		American Express Co		57,228		0.4
	579,810		Capital One Financial Corp		44,419		0.3
			Other		422,813		3.2
					524,460		3.9
ENERGY					794,465		6.0
FOOD & STAPLES RETAILING					110,298		0.8
FOOD, BEVERAGE & TOBACCO
	801,664		PepsiCo, Inc		66,490		0.5
			Other		231,540		1.7
					298,030		2.2
HEALTH CARE EQUIPMENT & SERVICES
	1,196,888		Abbott Laboratories		45,877		0.3
	819,631		Medtronic, Inc		47,038		0.4
			Other		127,885		1.0
					220,800		1.7
HOUSEHOLD & PERSONAL PRODUCTS
	707,780		Colgate-Palmolive Co		46,154		0.4
	1,202,803		Procter & Gamble Co		97,920		0.7
			Other		108,321		0.8
					252,395		1.9
INSURANCE
	798,759	*	Berkshire Hathaway, Inc (Class B)		94,701		0.7
			Other		377,800		2.8
					472,501		3.5
MATERIALS					472,721		3.6
MEDIA
	724,009		Time Warner, Inc		50,478		0.4
			Other		186,881		1.4
					237,359		1.8

See notes to financial statements College Retirement Equities Fund  ■  2013 Annual Report 57

Summary portfolio of investments continued

CREF Social Choice Account  ■  December 31, 2013

						Value	% of net
	Shares		Company			(000)	assets
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	177,187	*	Biogen Idec, Inc		$	49,568		0.4	%
	1,067,635		Bristol-Myers Squibb Co			56,745		0.4
	875,403	*	Gilead Sciences, Inc			65,786		0.5
	1,177,080		Johnson & Johnson			107,809		0.8
	1,526,938		Merck & Co, Inc			76,423		0.6
			Other			284,212		2.1
						640,543		4.8
REAL ESTATE						269,645		2.0
RETAILING
	941,190		Lowe’s Companies, Inc			46,636		0.4
	696,291		TJX Companies, Inc			44,375		0.3
			Other			245,872		1.8
						336,883		2.5
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	2,727,539		Intel Corp			70,807		0.5
			Other			105,005		0.8
						175,812		1.3
SOFTWARE & SERVICES
	109,496	*	Google, Inc (Class A)			122,713		0.9
	467,530		International Business Machines Corp			87,695		0.7
	1,919,450		Oracle Corp			73,438		0.6
			Other			324,735		2.4
						608,581		4.6
TECHNOLOGY HARDWARE & EQUIPMENT
	2,721,726		Cisco Systems, Inc			61,103		0.4
	1,649,254		Hewlett-Packard Co			46,146		0.3
	847,188		Qualcomm, Inc			62,904		0.5
			Other			141,923		1.1
						312,076		2.3
TELECOMMUNICATION SERVICES						176,864		1.3
TRANSPORTATION
	510,592		United Parcel Service, Inc (Class B)			53,653		0.4
			Other			149,134		1.1
						202,787		1.5
UTILITIES						292,934		2.2
			TOTAL COMMON STOCKS	(Cost $5,190,127)		8,050,670		60.4
PREFERRED STOCKS
BANKS						21,849		0.2
			TOTAL PREFERRED STOCKS	(Cost $38,865)		21,849		0.2
RIGHTS / WARRANTS
ENERGY						212		0.0
			TOTAL RIGHTS / WARRANTS	(Cost $203)		212		0.0

58 2013 Annual Report  ■  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments concluded

CREF Social Choice Account  ■  December 31, 2013

						Value			% of net
	Principal		Issuer				(000)		assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT						$	77,534			0.6	%
TREASURY DEBT
$	76,000,000	w	United States Treasury Bill	0.056%-0.075%, 02/27/14			75,993			0.6
	54,500,000		United States Treasury Bill	0.055%-0.081%, 03/06/14			54,495			0.4
	136,000,000	w	United States Treasury Bill	0.065%-0.085%, 04/24/14			135,975			1.0
	77,000,000	w	United States Treasury Bill	0.105%, 05/01/14			76,987			0.6
	256,300,000	w	United States Treasury Bill	0.063%-0.116%, 07/24/14			256,188			1.9
	129,000,000	w	United States Treasury Bill	0.075%-0.135%, 08/21/14			128,942			0.9
			Other				190,574			1.4
							919,154			6.8
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
GOVERNMENT AGENCY DEBT
	45,000,000		Federal Home Loan Bank (FHLB)	0.035%-0.050%, 01/24/14			44,999			0.3
			Other				30,694			0.3
							75,693			0.6
TREASURY DEBT
	54,000,000		United States Treasury Bill	0.075%-0.138%, 08/21/14			53,976			0.4
			Other				231,202			1.7
							285,178			2.1
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED							360,871			2.7
			TOTAL SHORT-TERM INVESTMENTS		(Cost $1,357,440)		1,357,559			10.1
			TOTAL PORTFOLIO		(Cost $11,626,471)		14,467,659			108.4
			OTHER ASSETS & LIABILITIES, NET				(1,126,699	)		(8.4	)
			NET ASSETS			$	13,340,960			100.0	%

*	Non-income producing.
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 $356,841,000.

At 12/31/13, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $432,691,000 or 3.2% 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.

See notes to financial statements College Retirement Equities Fund  ■  2013 Annual Report 59

Summary portfolio of investments

CREF Money Market Account  ■  December 31, 2013

					Value		% of net
	Principal		Issuer		(000)		assets
SHORT-TERM INVESTMENTS
CERTIFICATE OF DEPOSIT
$	150,000,000		Banco Del Estado De Chile	0.200%-0.215%, 02/11/14-03/07/14	$	150,000		1.3	%
	70,000,000		Toronto-Dominion Bank	0.150%, 01/06/14		70,000		0.6
	75,000,000		Wells Fargo Bank NA	0.160%, 03/03/14		75,000		0.6
			Other			425,000		3.5
						720,000		6.0
COMMERCIAL PAPER
	199,475,000		American Honda Finance Corp	0.090%-0.130%, 01/06/14-03/17/14		199,443		1.7
	75,000,000	y	Australia & New Zealand Banking Group Ltd	0.170%-0.175%, 03/25/14		74,970		0.6
	215,334,000	y	Coca-Cola Co	0.060%-0.190%, 01/06/14-04/10/14		215,299		1.8
	139,865,000	y	Commonwealth Bank of Australia	0.150%-0.215%, 01/02/14-02/28/14		139,851		1.2
	130,050,000		Exxon Mobil Corp	0.070%-0.090%, 01/17/14-02/25/14		130,040		1.1
	216,892,000	y	Fairway Finance LLC	0.140%-0.190%, 01/09/14-03/04/14		216,857		1.8
	299,825,000		General Electric Capital Corp	0.100%-0.180%, 01/07/14-03/24/14		299,777		2.5
	95,000,000	y	Nestle Capital Corp	0.100%-0.105%, 02/13/14		94,988		0.8
	160,004,000	y	Old Line Funding LLC	0.180%-0.240%, 02/05/14-02/25/14		159,970		1.3
	223,100,000	y	Procter & Gamble Co	0.090%-0.100%, 01/08/14-03/19/14		223,068		1.9
	215,624,000		Province of Ontario Canada	0.060%-0.100%, 01/06/14-03/13/14		215,600		1.8
	282,426,000	y	Province of Quebec Canada	0.070%-0.105%, 01/03/14-03/03/14		282,407		2.4
	76,000,000	y	PSP Capital, Inc	0.110%-0.125%, 01/14/14		75,997		0.6
	132,050,000	y	PSP Capital, Inc	0.120%-0.270%, 01/16/14-07/28/14		132,020		1.1
	67,700,000		Shell International Finance BV	4.000%, 03/21/14		68,254		0.6
	150,250,000	y	Standard Chartered Bank	0.150%-0.260%, 01/29/14-04/01/14		150,201		1.2
	195,000,000		Toyota Motor Credit Corp	0.140%-0.180%, 03/05/14-04/17/14		194,930		1.6
	211,270,000	y	United Overseas Bank Ltd	0.160%-0.225%, 01/07/14-04/14/14		211,208		1.8
			Other			1,136,675		9.4
						4,221,555		35.2
GOVERNMENT AGENCY DEBT
	80,610,000		Federal Home Loan Bank (FHLB)	0.035%-0.065%, 01/08/14		80,609		0.7
	144,200,000		FHLB	0.035%-0.130%, 01/10/14		144,197		1.2
	73,070,000		FHLB	0.040%-0.140%, 01/13/14		73,069		0.6
	73,210,000		FHLB	0.040%-0.050%, 01/15/14		73,209		0.6
	161,400,000		FHLB	0.020%-0.175%, 01/17/14		161,393		1.4
	112,185,000		FHLB	0.040%-0.100%, 01/22/14		112,182		0.9
	105,000,000		FHLB	0.050%-0.070%, 01/24/14		104,996		0.9
	81,002,000		FHLB	0.057%-0.060%, 01/29/14		80,998		0.7
	126,200,000		FHLB	0.063%-0.083%, 02/05/14		126,191		1.1
	117,620,000		FHLB	0.055%-0.085%, 02/07/14		117,611		1.0
	91,320,000		FHLB	0.080%-0.085%, 02/12/14		91,311		0.8
	86,901,000		FHLB	0.055%-0.083%, 02/14/14		86,893		0.7
	116,335,000		FHLB	0.083%-0.090%, 02/19/14		116,321		1.0
	86,450,000		FHLB	0.065%-0.110%, 02/21/14		86,441		0.7
	87,950,000		FHLB	0.060%-0.090%, 02/26/14		87,940		0.7
	92,400,000		FHLB	0.065%-0.090%, 02/28/14		92,389		0.8
	113,000,000		FHLB	0.090%-0.100%, 03/07/14		112,981		0.9
	147,600,000		FHLB	0.085%-0.100%, 03/12/14		147,573		1.2
	109,900,000		FHLB	0.090%-0.095%, 03/14/14		109,880		0.9

60 2013 Annual Report  ■  College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments continued

CREF Money Market Account  ■  December 31, 2013

						Value		% of net
Principal			Issuer			(000)		assets
GOVERNMENT AGENCY DEBT—continued
$	78,000,000		FHLB	0.085%-0.100%, 03/26/14		$	77,984		0.7	%
	540,849,000		FHLB	0.035%-0.145%, 01/02/14-05/01/14			540,792		4.5
	95,500,000		Federal Home Loan Mortgage Corp (FHLMC)	0.060%-0.125%, 02/03/14			95,492		0.8
	73,160,000		FHLMC	0.065%-0.067%, 02/14/14			73,154		0.6
	113,775,000		FHLMC	0.050%-0.140%, 02/24/14			113,760		1.0
	87,732,000		FHLMC	0.088%-0.090%, 03/17/14			87,716		0.7
	516,898,000		FHLMC	0.030%-0.150%, 01/06/14-04/14/14			516,854		4.3
	387,773,000		Federal National Mortgage Association (FNMA)	0.042%-0.150%, 01/02/14-05/01/14			387,735		3.2
							3,899,671		32.6
TREASURY DEBT
	80,000,000		United States Treasury Bill	0.026%-0.068%, 01/16/14			79,999		0.7
	83,355,000		United States Treasury Bill	0.021%-0.150%, 02/06/14			83,350		0.7
	92,000,000		United States Treasury Bill	0.076%-0.088%, 06/26/14			91,962		0.8
	86,225,000		United States Treasury Bill	0.089%-0.096%, 08/21/14			86,173		0.7
	235,390,000		United States Treasury Bill	0.031%-0.133%, 01/02/14-12/11/14			235,370		1.9
	117,630,000		United States Treasury Note	1.000%, 01/15/14			117,671		1.0
	100,000,000		United States Treasury Note	0.250%, 01/31/14			100,011		0.8
	100,000,000		United States Treasury Note	0.250%, 02/28/14			100,020		0.8
	98,510,000		United States Treasury Note	0.250%, 03/31/14			98,540		0.8
	100,175,000		United States Treasury Note	1.250%, 04/15/14			100,502		0.8
	100,000,000		United States Treasury Note	0.250%, 04/30/14			100,038		0.8
	99,625,000		United States Treasury Note	1.000%, 05/15/14			99,940		0.8
	101,610,000		United States Treasury Note	0.250%, 06/30/14			101,672		0.9
	111,325,000		United States Treasury Note	0.625%, 07/15/14			111,609		0.9
	100,000,000		United States Treasury Note	0.125%, 07/31/14			100,007		0.8
	179,695,000		United States Treasury Note	0.125%-1.250%, 03/15/14-01/15/15			180,068		1.7
							1,786,932		14.9
VARIABLE RATE SECURITIES
	95,000,000	i	Federal Farm Credit Bank (FFCB)	0.180%, 01/01/14			95,000		0.8
	94,500,000	i	FFCB	0.180%, 01/01/14			94,486		0.8
	91,000,000	i	FFCB	0.250%, 02/10/14			90,998		0.8
	70,000,000	i	FFCB	0.120%, 10/27/14			70,000		0.6
	75,000,000	i	FFCB	0.240%, 10/27/14			74,987		0.6
	621,850,000	i	FFCB	0.130%-0.280%, 01/01/14-12/12/14			621,904		5.2
	80,000,000	i	Federal National Mortgage Association (FNMA)	0.147%, 06/20/14			79,994		0.7
			Other				220,012		1.8
							1,347,381		11.3
			TOTAL SHORT-TERM INVESTMENTS		(Cost $11,975,539)		11,975,539		100.0
			TOTAL PORTFOLIO		(Cost $11,975,539)		11,975,539		100.0
			OTHER ASSETS & LIABILITIES, NET				5,374		0.0
			NET ASSETS			$	11,980,913		100.0	%

See notes to financial statements College Retirement Equities Fund  ■  2013 Annual Report 61

Summary portfolio of investments concluded

CREF Money Market Account  ■  December 31, 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 12/31/2013, the aggregate value of these securities, including those in “Other,” was $2,855,372,000, or 23.8% 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.

62 2013 Annual Report  ■  College Retirement Equities Fund See notes to financial statements

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College Retirement Equities Fund  ■  2013 Annual Report 63

Statements of assets and liabilities

College Retirement Equities Fund  ■  December 31, 2013

(amounts in thousands, except accumulation unit value)		Stock Account		Global Equities Account		Growth Account		Equity Index Account		Bond Market Account		Inflation-Linked Bond Account		Social Choice Account		Money Market Account
ASSETS
Unaffiliated issuers*†		$	131,021,820	$	19,520,284	$	19,385,857	$	15,837,002	$	15,401,061	$	7,589,919	$	14,467,659	$	11,975,539
Affiliated issuers‡			31,243		—		338,936		536,110		—		—		—		—
Total portfolio investments, at value		$	131,053,063	$	19,520,284	$	19,724,793	$	16,373,112	$	15,401,061	$	7,589,919	$	14,467,659	$	11,975,539
Cash**#			192,310		110,686		610		550		95,256		15,534		41,768		35
Cash — foreign^			30,648		812		—		—		—		—		94		—
Dividends and interest receivable			154,506		23,007		12,888		21,467		74,194		38,645		42,458		3,121
Receivable from securities transactions			497,893		15,536		9,579		1,424		2,736		—		1,315		—
Receivable for delayed delivery securities			—		—		—		—		683,855		—		289,946		—
Due from affiliates			—		—		3,912		—		—		—		4,268		2,191
Receivable for variation margin on open futures contracts			—		320		400		83		—		—		—		—
Swap premiums paid			—		—		—		—		30		—		—		—
Other			9,287		1,428		1,774		1,470		1,189		1,061		1,163		1,244
Total assets			131,937,707		19,672,073		19,753,956		16,398,106		16,258,321		7,645,159		14,848,671		11,982,130
LIABILITIES
Payable for collateral for securities loaned			5,156,106		518,882		338,936		536,110		—		—		377,510		—
Payable for securities transactions			313,432		23,475		—		2,764		41,492		—		15,719		—
Payable for delayed delivery securities			—		—		—		—		3,136,598		—		1,113,456		—
Due to affiliates			116,727		631		229		193		2,951		5,961		153		40
Swap premiums received			—		—		—		—		327		—		—		—
Unrealized depreciation on swap agreements			—		—		—		—		473		—		—		—
Other			8,080		1,366		1,129		1,028		1,063		1,088		873		1,177
Total liabilities			5,594,345		544,354		340,294		540,095		3,182,904		7,049		1,507,711		1,217
NET ASSETS:
Accumulation Fund		$	113,325,344	$	18,769,529	$	19,128,992	$	15,563,057	$	12,813,794	$	7,403,712	$	13,015,620	$	11,773,869
Annuity Funds			13,018,018		358,190		284,670		294,954		261,623		234,398		325,340		207,044
Total net assets		$	126,343,362	$	19,127,719	$	19,413,662	$	15,858,011	$	13,075,417	$	7,638,110	$	13,340,960	$	11,980,913
Accumulation units outstanding			330,000		140,867		168,978		108,049		119,158		114,996		71,529		461,111
Accumulation unit value		$	343.41	$	133.24	$	113.20	$	144.04	$	107.54	$	64.38	$	181.96	$	25.53
*	Includes securities loaned of	$	4,975,468	$	498,279	$	332,501	$	523,303	$	—	$	—	$	356,841	$	—
**	Includes cash collateral for securities loaned of	$	191,348	$	110,664	$	—	$	—	$	—	$	—	$	12,912	$	—
#	Includes cash collateral for mortgage dollar rolls of	$	—	$	—	$	—	$	—	$	95,000	$	—	$	27,549	$	—
†	Portfolio investments; unaffiliated issuers cost	$	106,137,687	$	15,627,821	$	14,420,673	$	9,196,547	$	15,406,248	$	7,318,881	$	11,626,471	$	11,975,539
‡	Portfolio investments; affiliated issuers cost	$	26,561	$	—	$	338,936	$	536,110	$	—	$	—	$	—	$	—
^	Foreign cash, cost	$	30,854	$	811	$	—	$	—	$	—	$	—	$	94	$	—

64 2013 Annual Report  ■  College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund  ■  2013 Annual Report 65

Statements of operations

College Retirement Equities Fund  ■  For the year ended December 31, 2013

(amounts in thousands)		Stock Account			Global Equities Account			Growth Account			Equity Index Account		Bond Market Account			Inflation-Linked Bond Account			Social Choice Account			Money Market Account
INVESTMENT INCOME
Dividends*		$	2,433,900		$	365,714		$	220,217		$	277,152	$	—		$	—		$	162,561		$	—
Income from securities lending			74,377			8,978			4,072			5,018		—			—			3,689			—
Interest			326			132			92			21		316,487			163,880			109,862			16,823
Other			—			—			—			—		146			—			29			—
Total income			2,508,603			374,824			224,381			282,191		316,633			163,880			276,141			16,823
EXPENSES
Administrative			322,666			47,464			46,981			38,937		38,380			25,761			34,255			33,139
Investment advisory			146,320			27,972			17,838			8,583		11,889			7,682			10,779			6,545
Distribution			87,788			12,902			12,767			10,583		10,470			6,972			9,326			9,031
Mortality and expense risk charges			5,804			854			845			701		689			457			616			596
Total expenses			562,578			89,192			78,431			58,804		61,428			40,872			54,976			49,311
Less: Expenses withheld by TIAA			—			—			—			—		—			—			—			32,565
Net expenses			562,578			89,192			78,431			58,804		61,428			40,872			54,976			16,746
Net investment income (loss)			1,946,025			285,632			145,950			223,387		255,205			123,008			221,165			77
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments			13,576,567			1,545,623			2,274,872			219,275		58,888			286,945			254,367			2
Futures transactions			—			15,467			18,902			5,512		—			—			—			—
Written options			47			—			—			—		—			—			—			—
Swap transactions			—			—			—			—		12			—			—			—
Foreign currency transactions			(17,968	)		(3,776	)		(245	)		—		2			—			(426	)		—
Net realized gain (loss) on total investments			13,558,646			1,557,314			2,293,529			224,787		58,902			286,945			253,941			2
Change in unrealized appreciation (depreciation) on:
Portfolio investments:
Unaffiliated issuers‡			12,964,262			2,281,841			2,664,336			3,506,949		(604,902	)		(1,292,598	)		1,411,865			—
Affiliated issuers			12,633			—			—			—		—			—			—			—
Futures transactions			—			3,357			4,241			284		—			—			—			—
Swap transactions			—			—			—			—		(567	)		—			—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies			680			243			(1	)		—		—			—			60			—
Net change in unrealized appreciation (depreciation) on total investments			12,977,575			2,285,441			2,668,576			3,507,233		(605,469	)		(1,292,598	)		1,411,925			—
Net realized and unrealized gain (loss) on total investments			26,536,221			3,842,755			4,962,105			3,732,020		(546,567	)		(1,005,653	)		1,665,866			2
Net increase (decrease) in net assets from operations		$	28,482,246		$	4,128,387		$	5,108,055		$	3,955,407	$	(291,362	)	$	(882,645	)	$	1,887,031		$	79
*	Net of foreign withholding taxes of	$	93,216		$	17,170		$	967		$	105	$	—		$	—		$	4,283		$	—
‡	Includes net change in unrealized foreign capital gains taxes of	$	1,860		$	—		$	—		$	—	$	—		$	—		$	—		$	—

66 2013 Annual Report  ■  College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund  ■  2013 Annual Report 67

Statements of changes in net assets

College Retirement Equities Fund  ■  For the year ended

	Stock Account						Global Equities Account						Growth Account
(amounts in thousands except accumulation units)	December 31, 2013			December 31, 2012			December 31, 2013			December 31, 2012			December 31, 2013			December 31, 2012
OPERATIONS
Net investment income (loss)	$	1,946,025		$	2,082,840		$	285,632		$	300,378		$	145,950		$	182,878
Net realized gain (loss) on total investments		13,558,646			4,589,334			1,557,314			449,233			2,293,529			1,265,648
Net change in unrealized appreciation (depreciation) on total investments		12,977,575			9,631,671			2,285,441			1,648,725			2,668,576			646,824
Net increase (decrease) in net assets from operations		28,482,246			16,303,845			4,128,387			2,398,336			5,108,055			2,095,350
FROM PARTICIPANT TRANSACTIONS
Premiums		4,501,136			4,292,100			1,116,007			984,197			990,848			982,835
Net transfers between CREF Accounts		(854,354	)		(1,326,978	)		237,015			(23,773	)		(50,465	)		(68,567	)
Annuity payments		(1,249,549	)		(1,204,583	)		(28,826	)		(26,048	)		(22,260	)		(19,876	)
Withdrawals and death benefits		(10,509,456	)		(8,873,846	)		(1,532,548	)		(1,283,280	)		(1,557,216	)		(1,310,126	)
Net increase (decrease) from participant transactions		(8,112,223	)		(7,113,307	)		(208,352	)		(348,904	)		(639,093	)		(415,734	)
Net increase (decrease) in net assets		20,370,023			9,190,538			3,920,035			2,049,432			4,468,962			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	$	126,343,362		$	105,973,339		$	19,127,719		$	15,207,684		$	19,413,662		$	14,944,700
ACCUMULATION UNITS:
Units purchased		14,779,827			16,932,747			9,466,300			10,028,844			10,197,318			12,106,394
Units sold / transferred		(37,985,697	)		(40,844,632	)		(11,088,847	)		(13,469,376	)		(16,863,917	)		(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		329,999,969			353,205,839			140,866,925			142,489,472			168,978,226			175,644,825

68 2013 Annual Report  ■  College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund  ■  2013 Annual Report 69

Statements of changes in net assets continued

College Retirement Equities Fund  ■  For the year ended

	Equity Index Account						Bond Market Account						Inflation-Linked Bond Account
(amounts in thousands except accumulation units)	December 31, 2013			December 31, 2012			December 31, 2013			December 31, 2012			December 31, 2013			December 31, 2012
OPERATIONS
Net investment income (loss)	$	223,387		$	220,522		$	255,205		$	306,373		$	123,008		$	264,149
Net realized gain (loss) on total investments		224,787			159,710			58,902			356,320			286,945			55,049
Net change in unrealized appreciation (depreciation) on total investments		3,507,233			1,315,002			(605,469	)		53,728			(1,292,598	)		323,715
Net increase (decrease) in net assets from operations		3,955,407			1,695,234			(291,362	)		716,421			(882,645	)		642,913
FROM PARTICIPANT TRANSACTIONS
Premiums		1,003,856			839,362			1,043,978			1,205,338			679,616			1,014,337
Net transfers between CREF Accounts		347,432			(51,156	)		40,206			777,288			(833,191	)		566,952
Annuity payments		(22,907	)		(18,980	)		(23,834	)		(22,148	)		(23,422	)		(22,407	)
Withdrawals and death benefits		(1,438,860	)		(1,143,129	)		(2,184,672	)		(1,554,490	)		(2,125,347	)		(1,328,992	)
Net increase (decrease) from participant transactions		(110,479	)		(373,903	)		(1,124,322	)		405,988			(2,302,344	)		229,890
Net increase (decrease) in net assets		3,844,928			1,321,331			(1,415,684	)		1,122,409			(3,184,989	)		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	$	15,858,011		$	12,013,083		$	13,075,417		$	14,491,101		$	7,638,110		$	10,823,099
ACCUMULATION UNITS:
Units purchased		7,934,869			8,121,218			9,637,856			11,223,897			10,034,924			14,664,581
Units sold / transferred		(8,809,741	)		(11,657,858	)		(20,072,174	)		(7,546,388	)		(44,041,945	)		(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		108,048,713			108,923,585			119,157,904			129,592,222			114,995,683			149,002,704

70 2013 Annual Report  ■  College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund  ■  2013 Annual Report 71

Statements of changes in net assets concluded

College Retirement Equities Fund  ■  For the year ended

	Social Choice Account						Money Market Account
(amounts in thousands except accumulation units)	December 31, 2013			December 31, 2012			December 31, 2013			December 31, 2012
OPERATIONS
Net investment income (loss)	$	221,165		$	233,237		$	77		$	—
Net realized gain (loss) on total investments		253,941			280,720			2			3
Net change in unrealized appreciation (depreciation) on total investments		1,411,925			614,082			—			—
Net increase (decrease) in net assets from operations		1,887,031			1,128,039			79			3
FROM PARTICIPANT TRANSACTIONS
Premiums		857,785			685,306			4,529,281			3,954,609
Net transfers between CREF Accounts		350,169			21,316			763,188			104,918
Annuity payments		(27,380	)		(24,492	)		(20,863	)		(20,951	)
Withdrawals and death benefits		(1,007,941	)		(864,161	)		(5,199,990	)		(4,528,447	)
Net increase (decrease) from participant transactions		172,633			(182,031	)		71,616			(489,871	)
Net increase (decrease) in net assets		2,059,664			946,008			71,695			(489,868	)
NET ASSETS
Beginning of period		11,281,296			10,335,288			11,909,218			12,399,086
End of period	$	13,340,960		$	11,281,296		$	11,980,913		$	11,909,218
ACCUMULATION UNITS:
Units purchased		5,034,332			4,588,321			177,383,548			154,879,058
Units sold / transferred		(4,030,321	)		(5,743,840	)		(174,538,957	)		(173,537,292	)
Outstanding:
Beginning of period		70,524,651			71,680,170			458,265,967			476,924,201
End of period		71,528,662			70,524,651			461,110,558			458,265,967

72 2013 Annual Report  ■  College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund  ■  2013 Annual Report 73

Financial highlights

College Retirement Equities Fund

	Selected per accumulation unit data														Ratios and supplemental data
	Gain (loss) from investment operations
							Net realized								Ratios to average net assets						Accumulation				Net
For the year ended	Investment income	a	Expenses	a	Net investment income (loss	)a	& unrealized gain (loss on total investments	)	Net change in accumulation unit value		Accumulation unit value beginning of year	Accumulation unit value end of year	Total return	b	Gross expenses		Net investment income (loss	)	Portfolio turnover rate		units outstanding at end of year (in millions	)	Accumulation fund net assets (in millions	)	assets at end of year (in millions	)
STOCK ACCOUNT
12/31/13	$6.581		$1.476		$5.105		$ 69.661		$ 74.766		$268.644	$343.410	27.83	%	0.48	%	1.68	%	59	%	330		$113,325		$126,343
12/31/12	6.328		1.244		5.084		34.469		39.553		229.091	268.644	17.26		0.49		2.01		57		353		94,887		105,973
12/31/11	5.308		1.151		4.157		(16.066	)	(11.909	)	241.000	229.091	(4.94	)	0.48		1.73		56		377		86,395		96,783
12/31/10	4.506		1.006		3.500		29.246		32.746		208.254	241.000	15.72		0.47		1.63		61		401		96,598		108,700
12/31/09	4.251		0.849		3.402		47.129		50.531		157.723	208.254	32.04		0.49		1.97		58		418		87,141		98,509
GLOBAL EQUITIES ACCOUNT
12/31/13	2.590		0.616		1.974		26.579		28.553		104.690	133.243	27.27		0.52		1.67		63		141		18,770		19,128
12/31/12	2.566		0.522		2.044		14.260		16.304		88.386	104.690	18.45		0.53		2.09		70		142		14,917		15,208
12/31/11	2.131		0.490		1.641		(9.051	)	(7.410	)	95.796	88.386	(7.74	)	0.52		1.74		78		146		12,898		13,158
12/31/10	1.888		0.432		1.456		8.987		10.443		85.353	95.796	12.24		0.50		1.69		81		152		14,527		14,833
12/31/09	1.862		0.374		1.488		19.648		21.136		64.217	85.353	32.91		0.53		2.11		59		155		13,205		13,490
GROWTH ACCOUNT
12/31/13	1.288		0.450		0.838		28.513		29.351		83.853	113.204	35.00		0.46		0.86		63		169		19,129		19,414
12/31/12	1.388		0.382		1.006		10.481		11.487		72.366	83.853	15.87		0.47		1.24		67		176		14,728		14,945
12/31/11	0.979		0.333		0.646		0.202		0.848		71.518	72.366	1.19		0.46		0.88		57		181		13,079		13,265
12/31/10	0.907		0.293		0.614		8.706		9.320		62.198	71.518	14.98		0.46		0.96		77		187		13,350		13,540
12/31/09	0.836		0.249		0.587		16.058		16.645		45.553	62.198	36.54		0.48		1.14		81		190		11,842		12,013
EQUITY INDEX ACCOUNT
12/31/13	2.546		0.531		2.015		33.715		35.730		108.308	144.038	32.99		0.42		1.59		5		108		15,563		15,858
12/31/12	2.391		0.442		1.949		12.978		14.927		93.381	108.308	15.98		0.43		1.89		4		109		11,797		12,013
12/31/11	1.832		0.390		1.442		(0.825	)	0.617		92.764	93.381	0.66		0.41		1.53		5		112		10,502		10,692
12/31/10	1.613		0.343		1.270		11.830		13.100		79.664	92.764	16.45		0.42		1.54		8		116		10,765		10,962
12/31/09	1.470		0.288		1.182		16.176		17.358		62.306	79.664	27.86		0.43		1.77		5		116		9,253		9,426
BOND MARKET ACCOUNT
12/31/13	2.485		0.482		2.003		(4.211	)	(2.208	)	109.744	107.536	(2.01	)	0.45		1.85		363	e	119		12,814		13,075
12/31/12	2.835		0.482		2.353		3.163		5.516		104.228	109.744	5.29		0.45		2.19		356	e	130		14,222		14,491
12/31/11	3.341		0.439		2.902		3.876		6.778		97.450	104.228	6.96		0.44		2.88		261	e	126		13,124		13,369
12/31/10	3.470		0.422		3.048		3.096		6.144		91.306	97.450	6.73		0.44		3.19		230	e	122		11,915		12,148
12/31/09	3.818		0.399		3.419		2.556		5.975		85.331	91.306	7.00		0.45		3.88		185	e	113		10,296		10,512

74 2013 Annual Report  ■  College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund  ■  2013 Annual Report 75

Financial highlights concluded

College Retirement Equities Fund

	Selected per accumulation unit data														Ratios and supplemental data
	Gain (loss) from investment operations
							Net realized								Ratios to average net assets						Accumulation				Net
For the year ended	Investment income	a	Expenses	a	Net investment income (loss	)a	& unrealized gain (loss on total investments	)	Net change in accumulation unit value		Accumulation unit value beginning of year	Accumulation unit value end of year	Total return	b	Gross expenses		Net investment income (loss	)	Portfolio turnover rate		units outstanding at end of year (in millions	)	Accumulation fund net assets (in millions	)	assets at end of year (in millions	)
INFLATION-LINKED BOND ACCOUNT
12/31/13	$1.207		$0.301		$0.906		$(7.289	)	$(6.383	)	$ 70.765	$64.382	(9.02	)%	0.45	%	1.34	%	13	%	115		$ 7,404		$7,638
12/31/12	2.050		0.310		1.740		2.523		4.263		66.502	70.765	6.40		0.45		2.52		11		149		10,544		10,823
12/31/11	2.817		0.272		2.545		5.187		7.732		58.770	66.502	13.16		0.43		4.05		13		146		9,699		9,950
12/31/10	1.596		0.254		1.342		1.929		3.271		55.499	58.770	5.89		0.44		2.33		15		135		7,955		8,177
12/31/09	0.974		0.241		0.733		4.119		4.852		50.647	55.499	9.58		0.45		1.38		11		134		7,453		7,665
SOCIAL CHOICE ACCOUNT
12/31/13	3.804		0.757		3.047		22.950		25.997		155.966	181.963	16.67		0.45		1.79		133	f	72		13,016		13,341
12/31/12	3.866		0.677		3.189		12.242		15.431		140.535	155.966	10.98		0.45		2.14		149	f	71		10,999		11,281
12/31/11	3.732		0.619		3.113		(0.595	)	2.518		138.017	140.535	1.82		0.44		2.22		122	f	72		10,074		10,335
12/31/10	3.618		0.561		3.057		11.683		14.740		123.277	138.017	11.95		0.44		2.39		98	f	72		9,968		10,239
12/31/09	3.517		0.488		3.029		19.530		22.559		100.718	123.277	22.41		0.45		2.81		85	f	68		8,430		8,673
	Selected per accumulation unit data														Ratios and supplemental data
	Gain (loss) from investment operations
							Net realized								Ratios to average net assets						Accumulation				Net
For the year ended	Investment income	a	Expenses	a	Net investment income (loss	)a	& unrealized gain (loss on total investments	)	Net change in accumulation unit value		Accumulation unit value beginning of year	Accumulation unit value end of year	Total return	b	Gross expenses		Expenses net of TIAA withholding		Net investment income (loss	)	units outstanding at end of year (in millions	)	Accumulation fund net assets (in millions	)	assets at end of year (in millions	)
MONEY MARKET ACCOUNT
12/31/13	$0.036		$0.036		$0.000		$0.000		$0.000		$ 25.534	$25.534	0.00	%	0.41	%	0.14	%	0.00	%	461		$11,774		$11,981
12/31/12	0.044		0.044		0.000		0.000		0.000		25.534	25.534	0.00		0.42		0.17		0.00		458		11,701		11,909
12/31/11	0.044		0.044		0.000		0.001		0.001		25.533	25.534	0.00		0.41		0.17		0.00		477		12,178		12,399
12/31/10	0.062		0.062		0.000		0.000		0.000		25.533	25.533	0.00		0.41		0.24		0.00		463		11,816		12,054
12/31/09	0.164		0.104		0.060		(0.031	)	0.029		25.504	25.533	0.11		0.43		0.41		0.21		512		13,070		13,327

a	Based on average units outstanding.
b	Based on per accumulation unit data.
e	The portfolio turnover rates excluding mortgage dollar roll transactions for the years ending December 31, 2013, December 31, 2012, December 31, 2011, December 31, 2010, and December 31, 2009 were 105%, 117%, 62%, 62%, and 96%, respectively.
f	The portfolio turnover rates excluding mortgage dollar roll transactions for the years ending December 31, 2013, December 31, 2012, December 31, 2011, December 31, 2010, and December 31, 2009 were 46%, 52%, 45%, 40%, and 49%, respectively.

76 2013 Annual Report  ■  College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund  ■  2013 Annual Report 77

Notes to financial statements

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. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Accounts determine the existence of a dividend declaration after exercising reasonable due diligence. 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

78 2013 Annual Report  ■  College Retirement Equities Fund

realized gain. The Accounts estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.

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. CREF files income tax returns in U.S. federal and applicable state jurisdictions. An account’s federal income tax returns are generally subject to examination for a period of three fiscal years after filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Accounts’ tax positions taken for all open federal income tax years 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 June 2013, the Financial Accounting Standards Board issued Accounting Standard Update No. 2013-08 Financial Services - Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements (the “Update”). The Update modifies the criteria used in determining an investment company under U.S. GAAP and establishes certain measurement and disclosure requirements. The Update establishes that an entity regulated under the 1940 Act is automatically an investment company under U.S. GAAP. The Update is effective for interim and annual reporting periods beginning after December 15, 2013. The Accounts expect to adopt these new disclosure requirements for the June 30, 2014 semiannual report. Management has reviewed the new requirements and has determined the adoption of the Update will not have a material impact on the Accounts’ financial statements and notes disclosures.

College Retirement Equities Fund  ■  2013 Annual Report 79

Notes to financial statements

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.

80 2013 Annual 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, which are traded on commodity exchanges, are valued at the last sale price as of the close of such commodity exchanges and are categorized in Level 1 of the fair value hierarchy.

Options: Purchased and written options listed or traded on a national market or exchange are valued at the last sale price as of the close of such exchange 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.

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 is 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 December 31, 2013, there were no material transfers between levels by the Accounts.

As of December 31, 2013, 100% of the value of investments in the Inflation-Linked Bond and Money Market Accounts was valued based on Level 2 inputs.

College Retirement Equities Fund  ■  2013 Annual Report 81

Notes to financial statements

The following table summarizes the market value of the Accounts’ investments as of December 31, 2013, based on the inputs used to value them (dollar amounts are in thousands):

Account	Level 1		Level 2		Level 3		Total
Stock
Equity investments:
Consumer discretionary	$	13,253,112	$	5,214,980	$	141	$	18,468,233
Consumer staples		6,637,318		3,190,735		4		9,828,057
Energy		8,043,611		2,859,564		367		10,903,542
Financials		14,826,298		9,405,500		311		24,232,109
Health care		11,550,012		3,020,409		1,643		14,572,064
Industrials		10,413,902		4,731,280		2		15,145,184
Information technology		16,128,000		2,881,989		2		19,009,991
Materials		3,522,670		3,207,496		158		6,730,324
Telecommunication services		1,650,182		1,689,198		—		3,339,380
Utilities		2,295,976		1,136,081		—		3,432,057
Corporate bonds		—		19		34		53
Government bonds		—		277		—		277
Equity-linked notes		—		1,850		—		1,850
Short-term investments		—		5,389,942		—		5,389,942
Total	$	88,321,081	$	42,729,320	$	2,662	$	131,053,063
Global Equities
Equity investments:
Asia	$	—	$	1,805,047	$	—	$	1,805,047
Australia		—		394,899		—		394,899
Europe		180,032		4,094,498		—		4,274,530
North America		10,067,232		682,536		—		10,749,768
All other equity investments*		120,837		1,536,197		—		1,657,034
Short-term investments		—		639,006		—		639,006
Futures**		3,325		—		—		3,325
Total	$	10,371,426	$	9,152,183	$	—	$	19,523,609
Growth
Equity investments:
Consumer discretionary	$	3,985,234	$	176,470	$	—	$	4,161,704
Consumer staples		1,343,224		76,208		—		1,419,432
Financials		1,367,982		8,373		—		1,376,355
Health care		2,639,902		187,688		—		2,827,590
Industrials		2,317,951		40,648		—		2,358,599
Information technology		5,350,610		14,324		—		5,364,934
Materials		825,931		7,295		—		833,226
Telecommunication services		170,580		90,199		—		260,779
All other equity investments*		614,318		—		—		614,318
Short-term investments		338,936		168,920		—		507,856
Futures**		4,157		—		—		4,157
Total	$	18,958,825	$	770,125	$	—	$	19,728,950

82 2013 Annual Report  ■  College Retirement Equities Fund

continued

Account	Level 1		Level 2			Level 3		Total
Equity Index
Equity investments:
Energy	$	1,462,236	$	—		$	34	$	1,462,270
Health care		1,986,396		—			16		1,986,412
All other equity investments*		12,353,993		—			—		12,353,993
Short-term investments		536,110		34,327			—		570,437
Futures**		308		—			—		308
Total	$	16,339,043	$	34,327		$	50	$	16,373,420
Bond Market
Bank loan obligations	$	—	$	21,000		$	—	$	21,000
Corporate bonds		—		4,167,707			—		4,167,707
Government bonds		—		6,876,524			—		6,876,524
Structured assets		—		1,717,573			—		1,717,573
Preferred stocks		17,583		—			—		17,583
Short-term investments		—		2,600,674			—		2,600,674
Swaps**		—		(770	)		—		(770	)
Total	$	17,583	$	15,382,708		$	—	$	15,400,291
Social Choice
Equity investments:
Consumer discretionary	$	840,911	$	186,786		$	—	$	1,027,697
Consumer staples		497,898		162,825			—		660,723
Energy		639,229		155,448			—		794,677
Financials		1,300,659		466,146			—		1,766,805
Health care		701,723		159,621			—		861,344
Industrials		685,492		237,004			—		922,496
Information technology		1,030,433		66,037			—		1,096,470
Materials		310,797		161,924			—		472,721
Telecommunication services		84,129		92,735			—		176,864
Utilities		234,712		58,222			—		292,934
Bank loan obligations		—		9,765			—		9,765
Corporate bonds		—		1,856,090			—		1,856,090
Government bonds		—		2,980,013			—		2,980,013
Structured assets		—		191,501			—		191,501
Short-term investments		—		1,357,559			—		1,357,559
Total	$	6,325,983	$	8,141,676		$	—	$	14,467,659

*	For detailed categories, see the accompanying Summary portfolio of investments.
**	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 variables. 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 Annual Report 83

Notes to financial statements

At December 31, 2013, the following Accounts have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities (dollar amounts are in thousands):

		Asset derivatives				Liabilities derivatives
Derivative contracts		Location	Fair value amount			Location	Fair value amount
Global Equities
Equity contracts		Futures*	$	3,325
Growth Account
Equity contracts		Futures*		4,157
Equity Index Account
Equity contracts		Futures*		308
Bond Market Account
Credit contracts					Unrealized depreciation on swap agreements		$	473
Credit contracts	Swap premiums paid			30	Swap premiums received			327
Total				$30			$	800

* 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 year ended December 31, 2013, the effect of derivative contracts on the Accounts Statements of Operations was as follows (dollar amounts are in thousands):

Derivative contracts	Location	Realized gain (loss		)	Change in unrealized appreciation (depreciation		)
Stock Account
Equity contracts	Written options	$	47		$	—
Global Equities Account
Equity contracts	Futures transactions		15,467			3,357
Growth Account
Equity contracts	Futures transactions		18,902			4,241
Equity Index Account
Equity contracts	Futures transactions		5,512			284
Bond Market Account
Credit contracts	Swap transactions		12			(568	)

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

84 2013 Annual 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 year ended December 31, 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 December 31, 2013, the Accounts held the following open futures contracts (dollar amounts are in thousands):

Account	Futures	Number of contracts		Settlement value		Expiration date	Unrealized gain (loss		)
Global Equities	S&P 500 Index E-mini		1,000	$	92,055	March 21, 2014	$	3,325
Growth	S&P 500 Index E-mini		1,250		115,069	March 21, 2014		4,157
Equity Index	S&P 500 Index E-mini		227		20,896	March 21, 2014		246
	S&P Mid-Cap 400 Index E-mini		20		2,679	March 21, 2014		31
	Russell 2000 Mini Index		19		2,207	March 21, 2014		31
Total			266	$	25,782		$	308

Options: Certain Accounts are subject to equity price risk in the normal course of pursuing their investment objectives. The Accounts use options contracts for hedging and cash management purposes and to seek to increase total return. Call and put options give the holder the right, in return for a premium paid, to purchase or sell, respectively, a security at a specified exercise price at any time during the period of the option. Written options are separately reflected as a liability in the Statements of Assets and Liabilities. Premiums on unexercised, expired options are recorded as realized gains or losses; premiums on exercised options are recorded as an adjustment to the proceeds from the sale or cost of the purchase. The difference between the premium and the amount received or paid in a closing transaction is also treated as a realized gain or loss. Risks related to the use of options include possible illiquidity of the options markets, price movements in underlying security values, and losses that may exceed amounts recognized on the Statements of Assets and Liabilities. During the year ended December 31, 2013, the Stock Account had exposure to options, based on underlying nominal values, generally between 0% and 1% of net assets.

There were no written options outstanding as of December 31, 2013.

College Retirement Equities Fund  ■  2013 Annual Report 85

Notes to financial statements

Transactions in written options and related premiums received during the year ended December 31, 2013, were as follows (dollar amounts are in thousands):

	Number of contracts		Premiums
Stock Account
Outstanding at beginning of year	—		$	—
Written	1,020			48
Purchased	(100	)		(3	)
Exercised	(75	)		(23	)
Expired	(845	)		(22	)
Outstanding at end of year	—		$	—

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

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

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

86 2013 Annual Report  ■  College Retirement Equities Fund

continued

return. During the year ended December 31, 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 December 31, 2013, open credit default swaps purchased and sold by the Accounts were as follows (dollar amounts are in thousands):

Purchased

Account	Reference entity	Counterparty	Maturity  date	Fixed payments paid by Account per annum	Implied credit spread at 12/31/13	(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%	0.71%		$12,000		$30		$(263	)

Sold
Account	Reference entity	Counterparty	Maturity date	Fixed payments received by Account per annum	Implied credit spread at 12/31/13	(1)	Notional amount	(2)	Upfront premium paid (received	)	Unrealized appreciation (depreciation	)
Bond Market	Federative Republic of Brazil	UBS AG	9/20/22	1.00%	2.33%		$5,500		$(327	)	$(210	)

(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

College Retirement Equities Fund  ■  2013 Annual Report 87

Notes to financial statements

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 year ended December 31, 2013, TIAA withheld (“waived”) a portion of the distribution Rule 12b-1 and administrative expenses for the Money Market Account totaling $32,565,000. The withholding of expenses is voluntary in nature and can be discontinued at any time. Any expenses waived after October 1, 2010 are subject to possible recovery by TIAA from the Account for three years after the waiver. TIAA may recover from the Account a portion of the amounts waived at such time as the Account’s daily yield would be positive absent the effect of the waiver, and in such event the amount of recovery on any day will be approximately 25% of the Account’s

88 2013 Annual Report  ■  College Retirement Equities Fund

continued

yield (net of all expenses) on that day. As of December 31, 2013, the cumulative amount of expenses waived subject to recovery is $91,177,000. 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.

College Retirement Equities Fund  ■  2013 Annual Report 89

Notes to financial statements continued

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 (dollar amounts are in thousands):

Issue	Value at December 31, 2012		Purchase cost		Sales proceeds		Realized gain (loss		)	Dividend income		Shares at December 31, 2013			Value at December 31, 2013
Stock Account
Allos Therapeutics, Inc	$	12	$	—	$	—	$	—		$	—		—	**	$	—
Hibernia REIT plc		*		26,561		—		—			—		19,410,600			31,243
Japan Asia Investment Co Ltd		6,408		—		7,203		2,419			—		—	**		—
MPM Bioventures II		4,846		—		—		—			—		—	**		—
Skyline Venture Fund II Ltd		246		—		—		—			—		—	**		—
	$	11,512	$	26,561	$	7,203	$	2,419		$	—		19,410,600		$	31,243
Growth Account
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	327,923	$	512,236	$	501,223	$	—		$	—		338,935,715		$	338,936
Equity Index Account
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	303,938	$	348,532	$	116,360	$	—		$	—		536,110,401		$	536,110

*	Not an affiliate investment as of December 31, 2012
**	Not an affiliate investment as of December 31, 2013

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; any additional collateral required due to changes in security values is delivered to the Account the next business day. 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.

90 2013 Annual Report  ■  College Retirement Equities Fund College Retirement Equities Fund  ■  2013 Annual Report 91

Notes to financial statements

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.

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 December 31, 2013, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows (dollar amounts are in thousands):

Account	Gross unrealized appreciation		Gross unrealized (depreciation		)	Net unrealized appreciation (depreciation		)
Stock	$	26,681,063	$	(1,792,248	)	$	24,888,815
Global Equities		4,079,268		(186,805	)		3,892,463
Growth		5,026,086		(60,902	)		4,965,184
Equity Index		7,200,741		(560,286	)		6,640,455
Bond Market		227,896		(233,083	)		(5,187	)
Inflation-Linked Bond		466,009		(194,971	)		271,038
Social Choice		3,055,483		(214,295	)		2,841,188

92 2013 Annual Report  ■  College Retirement Equities Fund

continued

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Accounts for the year ended December 31, 2013, were as follows (dollar amounts are in thousands):

	Stock Account		Global Equities Account		Growth Account
Purchases:
Non-Government	$	68,300,278	$	10,643,751	$	10,599,395
Total Purchases	$	68,300,278	$	10,643,751	$	10,599,395
Sales:
Non-Government	$	74,681,587	$	10,593,413	$	10,939,287
Total Sales	$	74,681,587	$	10,593,413	$	10,939,287

	Equity Index Account		Bond Market Account		Inflation-Linked Bond Account		Social Choice Account
Purchases:
Non-Government	$	998,141	$	5,666,514	$	—	$	2,895,694
Government		—		43,363,467		1,226,705		13,646,459
Total Purchases	$	998,141	$	49,029,981	$	1,226,705	$	16,542,153
Sales:
Non-Government	$	706,064	$	5,089,766	$	—	$	2,757,479
Government		—		44,268,201		3,427,212		13,376,076
Total Sales	$	706,064	$	49,357,967	$	3,427,212	$	16,133,555

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 year ended December 31, 2013, there were no borrowings under this credit facility by the Accounts.

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

College Retirement Equities Fund  ■  2013 Annual Report 93

Notes to financial statements concluded

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.

94 2013 Annual Report  ■  College Retirement Equities Fund

Report of independent registered public accounting firm

To the Board of Trustees and Participants of the College Retirement Equities Fund:

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Stock Account, Global Equities Account, Growth Account, Equity Index Account, Bond Market Account, Inflation-Linked Bond Account, Social Choice Account, and Money Market Account (constituting the College Retirement Equities Fund, hereafter collectively referred to as the “Accounts”) at December 31, 2013, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Accounts’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland
February 19, 2014

College Retirement Equities Fund  ■  2013 Annual Report 95

2013 annual meeting (unaudited)

College Retirement Equities Fund

Trustees

On July 16, 2013, at an annual meeting of CREF participants, the following persons were elected to serve on the Board of Trustees:

Nominee	Dollars for		Percent		Dollars against		Percent		Dollars abstain		Percent
Forrest Berkley		20,461,942,634.820		92.392		680,461,761.030		3.072		1,004,504,789.800		4.536
Nancy A. Eckl		20,552,439,381.170		92.800		635,204,710.350		2.868		959,265,094.130		4.331
Michael A. Forrester		20,334,602,375.120		91.817		735,337,265.720		3.320		1,076,969,544.810		4.863
Howell E. Jackson		20,504,596,600.060		92.584		667,762,618.930		3.015		974,549,966.660		4.400
Nancy L. Jacob		20,417,026,791.690		92.189		778,634,535.970		3.516		951,247,857.990		4.295
Thomas J. Kenny		20,240,219,357.640		91.391		872,802,417.160		3.941		1,033,887,410.850		4.668
Bridget A. Macaskill		20,505,020,796.840		92.586		669,334,519.730		3.022		972,553,869.080		4.391
James M. Poterba		20,616,630,196.390		93.090		587,601,924.840		2.653		942,677,064.420		4.256
Maceo K. Sloan		20,323,027,489.420		91.765		798,921,439.950		3.607		1,024,960,256.280		4.628
Laura T. Starks		20,677,472,228.410		93.365		553,467,962.050		2.499		915,968,995.190		4.136

Forrest Berkley, Nancy A. Eckl, Michael A. Forrester, Howell E. Jackson, Nancy L. Jacob, Thomas J. Kenny, Bridget A. Macaskill, James M. Poterba, Maceo K. Sloan and Laura T. Starks continued in office.

Independent registered public accounting firm

At that same meeting, CREF participants also ratified PricewaterhouseCoopers LLP to serve as the Accounts’ independent registered public accounting firm:

Account	Dollars for		Percent		Dollars against		Percent		Dollars abstain		Percent
Overall CREF Accounts		20,901,418,148.350		94.376		435,167,655.010		1.965		810,323,382.290		3.659

The results above were certified by ComputerShare Fund Services, Inc., independent tabulator for the College Retirement Equities Fund.

96 2013 Annual Report  ■  College Retirement Equities Fund

Trustees and officers (unaudited)

College Retirement Equities Fund  ■  December 31, 2013

Trustees

Name, address and date of birth (“DOB”)	Position(s) held with CREF	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by Trustee	Other directorship(s) held by Trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 4/25/54	Trustee	One-year term. Trustee since 2006.	Retired Partner (since 2006), Former Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	78	Director of GMO; Director, the Maine Coast Heritage Trust; Investment Committee member, Maine Community Foundation and the Elmina B. Sewall Foundation, and Director of the Maine Chapter of the Nature Conservancy.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/6/62	Trustee	One year term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	78	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.; Independent Member of the Boards of Lazard Alternative Strategies Fund, LLC and Lazard Alternative Strategies 1099 Fund.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 11/5/67	Trustee	One year term. Trustee since 2007.	Chief Operating Officer, Copper Rock Capital Partners, LLC (since 2007); Chief Operating Officer, DDJ Capital Management (2003–2006).	78	Director of Copper Rock Capital Partners, LLC (investment adviser).

College Retirement Equities Fund  ■  2013 Annual Report 97

Trustees and officers (unaudited) continued

College Retirement Equities Fund  ■  December 31, 2013

Trustees — continued

Name, address and date of birth (“DOB”)	Position(s) held with CREF	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by Trustee	Other directorship(s) held by Trustee
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/4/54	Chairman of the Board and Trustee	One-year term. Trustee since 2005; Chairman for term ending December 31, 2015. Chairman since 2013.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	78	Director, D2D Fund.
Nancy L. Jacob c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/15/43	Trustee	One-year term. Trustee since 1979.	Principal, NL Jacob Consultant (economic and business consultant) (2012–present). President and Founder (2006–2012) of NLJ Advisors, Inc. (investment adviser); President and Managing Principal, Windermere Investment Associates (1997–2006).	78	None
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 3/27/63	Trustee	One-year term. Trustee since 2011.	Partner (2004–2010) and Managing Director (1999–2010), Goldman Sachs Asset Management.	78	Director, Sansum Clinic; Investment committee member, College of Mount Saint Vincent and Cottage Health System; Member, United States Olympics Paralympics Advisory Committee, University of California at Santa Barbara Arts and Lectures Advisory Council; Trustee and Treasurer, Crane County Day School.

98 2013 Annual Report  ■  College Retirement Equities Fund

Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 8/5/48	Trustee	One-year term. Trustee since 2003.	Chief Executive Officer (since 2010), President and Chief Operating Officer (since 2009), First Eagle Investment Management, LLC; Former Principal, BAM Consulting LLC (2003–2009); Former Independent Consultant for Merrill Lynch (2003–2009).	78	Director, Arnhold and S. Bleichroeder Holdings; First Eagle Investment Management, LLC; American Legacy Foundation (Investment Committee); University of Edinburgh (Campaign Board); the North Shore Land Alliance and Close Brothers Group plc.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 7/13/58	Trustee	One-year term. Trustee since 2006.	President and Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996), Former Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Former Program Director, NBER (1990–2008).	78	Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/18/49	Trustee	One-year term. Trustee since 1991.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman and Chief Executive Officer (since 1991) and Chief Investment Officer (1991–2013), NCM Capital Management Group, Inc.; Chairman and Chief Executive Officer (since 2003) and Chief Investment Officer (2003–2013), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	78	Director, SCANA Corporation (energy holding company); Member, Duke Children’s Hospital and Health Center National Board of Advisors.

College Retirement Equities Fund  ■  2013 Annual Report 99

Trustees and officers (unaudited) continued

College Retirement Equities Fund  ■  December 31, 2013

Trustees — concluded

Name, address and date of birth (“DOB”)	Position(s) held with CREF	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by Trustee	Other directorship(s) held by Trustee
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 2/17/50	Trustee	One-year term. Trustee since 2006.	Associate Dean for Research (since 2011), McCombs School of Business, University of Texas at Austin (“McCombs”), and Director, AIM Investment Center at McCombs (since 2000). Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002); Professor, University of Texas at Austin (since 1987). Chairman, Department of Finance, University of Texas at Austin (2002–2011).	78	Member of the Board of Governors of the Investment Company Institute, the Governing Council of Independent Directors Council (an association for mutual fund directors), and Investment Advisory Committee, Employees Retirement System of Texas.

100 2013 Annual Report  ■  College Retirement Equities Fund

Officers

Name, address and date of birth (“DOB”)	Position(s) held with CREF	Term of office and length of time served	Principal occupation(s) during past 5 years
Brandon Becker TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/19/54	Executive Vice President and Chief Legal Officer	One year term. Executive Vice President and Chief Legal Officer since 2009.	Executive Vice President and Chief Legal Officer of Teachers Insurance and Annuity Association of America (“TIAA”), and College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds, and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”) (since 2009). Partner, Wilmer Cutler Pickering Hale & Dorr LLP (1996–2009).
Richard S. Biegen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 5/8/62	Chief Compliance Officer	One-year term. Vice President and Chief Compliance Officer since 2008.	Chief Compliance Officer of the TIAA-CREF Fund Complex and TIAA Separate Account VA-3 (since 2008). Vice President, Senior Compliance Officer (2008–2011) and Managing Director, Senior Compliance Officer (since 2011) of Asset Management Compliance of TIAA. Chief Compliance Officer of TIAA-CREF Investment Management, LLC (“Investment Management”) (since 2008). Chief Compliance Officer (2008), Vice President, Senior Compliance Officer (2008–2011) and Managing Director, Senior Compliance Officer (since 2011) of Teachers Advisors, Inc. (“Advisors”). Managing Director and Senior Compliance Officer of TIAA-CREF Alternatives Advisors, LLC (“TCAA”) (since 2011). Managing Director and Senior Compliance Officer of TIAA-CREF Alternatives Services, LLC (“TCAS”) (since 2011). Interim Chief Compliance Officer for TIAA-CREF Life Insurance Company Separate Accounts VA-1, VLI-I and VLI-2 (since 2013). Interim Chief Compliance Officer for Covariance Capital Management, Inc. (“Covariance”) (since 2013).
Carol Deckbar TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/13/62	Executive Vice President	One-year term. Executive Vice President since 2013.	Executive Vice President (since 2013), Chief Operating Officer (“COO”) of Asset Management (since 2012) of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2013). Interim Head of Asset Management, TIAA (2012–2013). Senior Vice President, Investment Products, TIAA (2009–2012). Managing Director, Mutual Fund Products, TIAA (2007–2009). Senior Managing Director, President, and COO of Advisors and Investment Management (since 2012). Director of Advisors (since 2008). Manager, President, and COO of TCAA and TCAS (since 2011). Director (since 2011) of TIAA-CREF Asset Management (“TCAM”). Manager of TIAA-CREF Individual and Institutional Services, LLC (since 2010). Director of Westchester Group Investment Management, Inc. (since 2011). Manager of Beaver Investment Holdings, LLC (since 2012). Director of GreenWood Resources, Inc. (since 2012). Director of TH RE Administration Ltd., TH RE FCACO Ltd., TH RE AIFM group Ltd, and TH RE Group Holdings Ltd. (since 2013).

College Retirement Equities Fund  ■  2013 Annual Report 101

Trustees and officers (unaudited) continued

College Retirement Equities Fund  ■  December 31, 2013

Officers — continued

Name, address and date of birth (“DOB”)	Position(s) held with CREF	Term of office and length of time served	Principal occupation(s) during past 5 years
Roger W. Ferguson, Jr. TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 10/28/51	President and Chief Executive Officer	One-year term. President and Chief Executive Officer since 2008.	President and Chief Executive Officer of TIAA, CREF and TIAA Separate Account VA-1 (since 2008). Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds (2012–2013). Director of Covariance Capital Management, Inc. (“Covariance”) (since 2010). Chairman, Head of Financial Services and Member of the Executive Committee, Swiss Re America Holding Corporation (2006–2008); Vice Chairman and Member of the Board of Governors of the United States Federal Reserve System (1997–2006).
Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 11/22/63	Treasurer	One-year term. Treasurer since 2008.	Treasurer of CREF (since 2008); Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2007) and Chief Financial Officer and Principal Accounting Officer (since 2009) and Treasurer (since 2008) of TIAA Separate Account VA-1. Senior Vice President (since 2010) and Funds Treasurer (since 2006) of TIAA. Director of Advisors (since 2008). Director of TIAA-CREF Asset Management (“TCAM”) (since 2011). Senior Vice President (since 2010) and Funds Treasurer (since 2007) of Advisors and Investment Management. Assistant Treasurer of TIAA-CREF Life Insurance Company (“TC Life”) (since 2012). Director of TIAA-CREF Trust Company, FSB (“Trust”) (since 2008). Director, Senior Vice President and Funds Treasurer of TCAA (since 2011). Director, Senior Vice President and Funds Treasurer of TCAS (since 2011).
Stephen Gruppo TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/25/59	Executive Vice President	One-year term. Executive Vice President since 2009.	Executive Vice President, Chief Risk Officer (since 2013) of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2009). Executive Vice President, Head of Risk Management of TIAA (2009–2013). Executive Vice President, Risk Management (since 2009), Senior Managing Director of Advisors and Investment Management (2006–2009) and Head of Credit Risk Management of Advisors and Investment Management (2005–2006). Senior Managing Director, Acting Head of Risk Management of TIAA and Senior Managing Director of the TIAA-CREF Fund Complex (2008–2009). Executive Vice President, Risk Management of TCAA (since 2011). Executive Vice President, Risk Management of TCAS (since 2011). Senior Managing Director, Chief Credit Risk Officer (2004–2008) of TIAA.

102 2013 Annual Report  ■  College Retirement Equities Fund

Robert G. Leary TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/20/61	Executive Vice President	One-year term. Executive Vice President since 2013.	President and Principal Executive Officer of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2013). Executive Vice President and President of Asset Management (since 2013) of TIAA and Executive Vice President of CREF and VA-1 (since 2013). Director, President & CEO of Advisors (since 2013). Manager, President & CEO of Investment Management (since 2013). Director of TH RE Ltd (since 2013). Director, President & CEO of TPIS (since 2013). Director of TIAA International Holdings 1 Ltd, TIAA International Holdings 2 Ltd, and TIAA International Holdings 3 Ltd (since 2013). Director, President & CEO of TCAM, Inc. (since 2013). Former Executive Vice President of TIAA-CREF Funds and TIAA-CREF Life Funds (June-September 2013). Former Representative, Securities Research, Inc. (February-May 2013). President and Chief Operating Officer, U.S., ING Americas (2011–2012). Chief Executive Officer, ING Insurance US (2010–2011). Chairman and Chief Executive Officer, ING Investment Management, Americas (2007–2009). Executive Vice President, AIG Financial Products Corp. (1995–2007).
Ronald R. Pressman TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 4/11/58	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Operating Officer (since 2012) of TIAA, and Executive Vice President of the TIAA-CREF Funds Complex (since 2012). Director, Covariance (since 2012). Manager, TIAA-CREF Life Insurance Company (since 2012). Manager, Kaspick & Company, LLC (“Kaspick”) (since 2012). President and Chief Executive Officer of General Electric Capital Real Estate (2007–2011).
Phillip T. Rollock TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/31/62	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director and Corporate Secretary since 2012.	Senior Managing Director and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex (since 2012). Senior Vice President of TIAA and the TIAA-CREF Fund Complex (2012–2013). Managing Director, Retirement and Individual Financial Services (2010–2012) and Vice President, Product Development and Management, Institutional Client Services (2006–2010) of TIAA.
Otha T. Spriggs, III TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 2/16/51	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Human Resources Officer (since 2012) of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2012). Senior Vice President of Human Resources, Boston Scientific (2010–2012); President of Integrated People Solutions (2009–2010); Senior Vice President, Human Resources and various human resources leadership roles, CIGNA Corp. (2001–2009).

College Retirement Equities Fund  ■  2013 Annual Report 103

Trustees and officers (unaudited) concluded

College Retirement Equities Fund  ■  December 31, 2013

Officers — concluded

Name, address and date of birth (“DOB”)	Position(s) held with CREF	Term of office and length of time served	Principal occupation(s) during past 5 years
Edward D. Van Dolsen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 4/21/58	Executive Vice President	One-year term. Executive Vice President since 2006.	Executive Vice President, President of Retirement and Individual Financial Services (since 2011) of TIAA, and Executive Vice President (since 2008) of the TIAA-CREF Fund Complex. Chief Operating Officer (2010–2011), Executive Vice President, Product Development and Management (2009–2010), Executive Vice President, Institutional Client Services (2006–2009), Executive Vice President, Product Management (2005–2006),and Senior Vice President, Pension Products (2003–2005) of TIAA. Director of Covariance (since 2010). Director (since 2007), Chairman and President (since 2012) of TCT Holdings, Inc. Director (2007–2011) and Executive Vice President (2008–2010) of TCAM. Manager (since 2006), President and CEO (2006–2010) of Redwood. Director of Tuition Financing (2008–2009) and Executive Vice President of TC Life (2009–2010).
Constance K. Weaver TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/26/52	Executive Vice President	One-year term. Executive Vice President since 2010.	Executive Vice President, Chief Marketing Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2010); Chief Communications Officer of TIAA (2010–2011). Senior Vice President, The Hartford Financial Services Group, Inc. (2008–2010).
Virginia M. Wilson TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 7/22/54	Executive Vice President, Chief Financial Officer and Principal Accounting Officer	One-year term. Executive Vice President, Chief Financial Officer and Principal Accounting Officer since 2010.	Executive Vice President, Chief Financial Officer of TIAA and Executive Vice President, Chief Financial Officer and Principal Accounting Officer of CREF (since 2010). Manager, Executive Vice President and Chief Financial Officer of Redwood (since 2010). Director, Executive Vice President and Chief Financial Officer of TCT Holdings, Inc. (since 2010) and Director of TCAM (2010–2011). Executive Vice President and Chief Financial Officer, Wyndham Worldwide Corporation 2006–2009); Executive Vice President and Chief Financial Officer, Cendant Corporation (2003–2006).

Please note that CREF’s Statement of Additional Information (SAI) includes additional information about CREF’s trustees and is available, without charge, through our website, tiaa-cref.org, or by telephone at 877 518-9161.

104 2013 Annual Report  ■  College Retirement Equities Fund

Additional information about index providers(unaudited)

Russell Indexes

The Russell 3000^® Index is a trademark/service mark of the Russell Investment Group. The Russell Investment Group is the owner of the copyrights relating to the Russell Indexes and is the source and owner of the data contained or reflected in the performance values relating to the Russell Indexes. The accounts are not promoted by, nor in any way affiliated with, the Russell Investment Group. The Russell Investment Group is not responsible for and has not reviewed the accounts nor any associated literature or publications and the Russell Investment Group makes no representation or warranty, express or implied, as to their accuracy, or completeness.

Russell reserves the right, at any time and without notice, to alter, amend, terminate or in any way change the Russell Indexes. Russell has no obligation to take the needs of any particular account or its participants or any other product or person into consideration in determining, composing or calculating any of the Russell Indexes.

Russell’s publication of the Russell Indexes in no way suggests or implies an opinion by Russell as to the attractiveness or appropriateness of investment in any or all securities upon which the Russell Indexes are based. RUSSELL MAKES NO REPRESENTATION, WARRANTY OR GUARANTEE REGARDING THE USE OR THE RESULTS OF USE OF THE RUSSELL INDEXES OR ANY DATA INCLUDED THEREIN, OR ANY SECURITIES (OR COMBINATION THEREOF) COMPRISING THE RUSSELL INDEXES. RUSSELL MAKES NO OTHER EXPRESS OR IMPLIED WARRANTY, AND EXPRESSLY DISCLAIMS ANY WARRANTY, OF ANY KIND, INCLUDING WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE RUSSELL INDEX(ES) OR ANY DATA OR ANY SECURITY (OR COMBINATION THEREOF) INCLUDED THEREIN.

MSCI Indexes

The accounts are not sponsored, endorsed, sold or promoted by MSCI Inc. (“MSCI”), any of its affiliates, any of its information providers or any other third party involved in, or related to, compiling, computing or creating any MSCI index (collectively, the “MSCI Parties”). The MSCI indexes are the exclusive property of MSCI. MSCI and the MSCI index names are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by Teachers Advisors, Inc. None of the MSCI parties makes any representation or warranty, express or implied, to the issuer or owners of these accounts or any other person or entity regarding the advisability of investing in accounts generally or in these accounts particularly or the ability of any MSCI index to track corresponding stock market performance. MSCI or its affiliates are the licensors of certain trademarks, service marks and trade names and of the MSCI indexes which are determined, composed and calculated by MSCI without regard to these accounts or the issuer or owners of these accounts or any other person or entity. None of the MSCI parties has any obligation to take the needs of the issuer or owners of these accounts or any other person or entity into consideration in determining, composing or calculating the MSCI indexes. None of the MSCI parties is responsible for or has participated in the determination of the timing of, prices at, or quantities of these accounts to be issued or in the determination or calculation of the equation by or the

College Retirement Equities Fund  ■  2013 Annual Report 105

Additional information about index providers (unaudited) concluded

consideration into which these accounts is redeemable. Further, none of the MSCI parties has any obligation or liability to the issuer or owners of these accounts or any other person or entity in connection with the administration, marketing or offering of these accounts.

ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES FROM SOURCES THAT MSCI CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR GUARANTEES THE ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER OF THESE ACCOUNTS, OWNERS OF THESE ACCOUNTS, OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF THE MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARTIES HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO EACH MSCI INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

No purchaser, seller or holder of these securities, products or accounts, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote these securities without first contacting MSCI to determine whether MSCI’s permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

106 2013 Annual Report  ■  College Retirement Equities Fund

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.

©2014 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017-3206.

730 Third Avenue New York, NY 10017-3206

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Item 2. Code of Ethics.

2(a) The Board of Trustees of the College Retirement Equities Fund (the “Registrant”) has adopted a code of ethics for senior financial officers, including the Registrant’s principal executive officer, principal financial officer, principal accounting officer, or controller, and persons performing similar functions, in conformity with rules promulgated under the Sarbanes-Oxley Act of 2002.

2(b) No response required.

2(c) During the reporting period, there were no amendments to the code of ethics.

2(d) During the reporting period, there were no implicit or explicit waivers granted by the Registrant from any provision of the code of ethics.

2(e) Not applicable.

2(f) A copy of the current code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

3(a)(1) The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit and Compliance Committee.

3(a)(2) Nancy A. Eckl is the Registrant’s audit committee financial expert and is “independent” for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

PricewaterhouseCoopers LLP (“PwC”) performs independent audits of the Registrant’s financial statements. To maintain auditor independence and avoid the appearance of conflicts of interest, the Registrant, as a policy, does not engage PwC for management advisory or consulting services.

4(a) Audit Fees.

For the fiscal years ended December 31, 2013 and December 31, 2012, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $698,500 and $1,004,000, respectively.

4(b) Audit Related Fees.

For the fiscal years ended December 31, 2013 and December 31, 2012, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended December 31, 2013 and December 31, 2012, the Audit-Related Fees billed by PwC to Teachers Advisors, Inc. (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

4(c) Tax Fees.

For the fiscal years ended December 31, 2013 and December 31, 2012, PwC’s aggregate fees for tax services billed to the Registrant were $0 and $0, respectively.

For the fiscal years ended December 31, 2013 and December 31, 2012, PwC’s aggregate fees for tax services billed to the Fund Service Providers were $0 and $0, respectively.

4(d) All Other Fees.

For the fiscal years ended December 31, 2013 and December 31, 2012, PwC’s aggregate fees for all other services billed to the Registrant were $15,200 and $6,150, respectively.

For the fiscal years ended December 31, 2013 and December 31, 2012, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

The Registrant’s audit and compliance committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of its affiliates without impairing the auditor’s independence. Under the Policy, the Audit Committee is required to preapprove all services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.

The Policy requires the Audit Committee to: (i) appoint the independent auditor to perform the financial statements audit for the Registrant and certain of its affiliates, including approving the terms of the engagement, and (ii) preapprove the audit, audit-related, tax and other services to be provided by the independent auditor to the Registrant and certain of its affiliates and the fees to be charged for provision of such services from year to year.

4(e)(2) Services provided pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (the “de minimis exception”):

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2013 and December 31, 2012 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2013 and December 31, 2012 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2013 and December 31, 2012 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2013 and December 31, 2012 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2013 and December 31, 2012 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2013 and December 31, 2012 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

4(f) The percentage of hours expended by PwC’s engagement to audit the Registrant’s financial statements for the most recent fiscal year attributable to work performed by persons other than PwC’s full-time, permanent employees was less than 50%.

4(g) Non-Audit Fees for Related Entities.

For the fiscal years ended December 31, 2013 and December 31, 2012, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $394,070 and $417,730, respectively.

4(h) The Registrant’s Audit Committee has considered whether the non-audit services that were rendered by PwC to the Registrant’s Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X are compatible with maintaining PwC’s independence.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND

STOCK ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2013

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(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	$	0	^
			TOTAL CAPITAL GOODS					0	^
FOOD & STAPLES RETAILING - 0.0%
	800	i,m	Marfrig Alimentos S.A.	1.000		07/15/15		34
			TOTAL FOOD & STAPLES RETAILING					34
REAL ESTATE - 0.0%
	22,147		Kiwi Income Property Trust	8.950		12/20/14		19
			TOTAL REAL ESTATE					19
			TOTAL CORPORATE BONDS					53
			(Cost $70)
GOVERNMENT BONDS - 0.0%
U.S. TREASURY SECURITIES - 0.0%
	300,000		United States Treasury Note	1.750		05/15/22		277
			TOTAL U.S. TREASURY SECURITIES					277
			TOTAL GOVERNMENT BONDS					277
			(Cost $303)
			TOTAL BONDS					330
			(Cost $373)
EQUITY-LINKED NOTES - 0.0%
DIVERSIFIED FINANCIALS - 0.0%
	1,064,698	*	Deutsche Bank, John Keells	0.000		07/05/19		1,850
			TOTAL DIVERSIFIED FINANCIALS					1,850
			TOTAL EQUITY-LINKED NOTES					1,850
			(Cost $1,904)

1

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
COMMON STOCKS - 99.5%
AUTOMOBILES & COMPONENTS - 2.3%
	104,085		Actron Technology Corp	$	386
	72,500		Aisan Industry Co Ltd		698
	480,155		Aisin Seiki Co Ltd		19,521
	351,100	e	Akebono Brake Industry Co Ltd		1,565
	104,380		Allison Transmission Holdings, Inc		2,882
	707,895	*	American Axle & Manufacturing Holdings, Inc		14,476
	211,675	*	Amtek Auto Ltd		256
	404,706	*	Amtek India Ltd		421
	604,335		Apollo Tyres Ltd		1,050
	62,397		ARB Corp Ltd		654
	17,561		AtlasBX Co Ltd		670
	142,000	e	Autoliv, Inc		13,036
	71,600		Autometal S.A.		528
	11,695		Autoneum Holding AG.		1,795
	128,961		Bajaj Holdings and Investment Ltd		3,989
	238,766		Bayerische Motoren Werke AG.		28,039
	2,482		Bayerische Motoren Werke AG. (Preference)		212
	800,093		Bharat Forge Ltd		4,250
	497,989		BorgWarner, Inc		27,843
	130,493		Brembo S.p.A.		3,510
	939,838		Bridgestone Corp		35,608
	3,635,900		Brilliance China Automotive Holdings Ltd		5,939
	567,000	*,e	Byd Co Ltd		2,787
	408,000		Calsonic Kansei Corp		2,108
	2,031,000	e	Chaowei Power Holdings Ltd		1,071
	1,671,734		Cheng Shin Rubber Industry Co Ltd		4,379
	371,100		China Motor Corp		359
	895,925		Chongqing Changan Automobile Co Ltd		1,768
	80,668		Cie Automotive S.A.		888
	171,045		Compagnie Plastic-Omnium S.A.		4,785
	187,123		Continental AG.		41,109
	239,893		Cooper Tire & Rubber Co		5,767
	57,080		Dae Won Kang Up Co Ltd		404
	28,000		Daido Metal Co Ltd		280
	216,464		Daihatsu Motor Co Ltd		3,672
	1,999,894		Daimler AG. (Registered)		173,560
	829,491		Dana Holding Corp		16,275
	4,393,538		Delphi Automotive plc		264,183
	993,453		Denso Corp		52,483
	396,000		Depo Auto Parts Ind Co Ltd		1,565
	5,760		Dong Ah Tire & Rubber Co Ltd		104
	6,318,700		Dongfeng Motor Group Co Ltd		9,923
	87,800		Dongyang Mechatronics Corp		938
	81,651	*	Dorman Products, Inc		4,578

2

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	698,900		Double Coin Holdings Ltd	$	504
	1,038,300		Drb-Hicom BHD		895
	150,849	*	Drew Industries, Inc		7,723
	49,000		Eagle Industry Co Ltd		816
	37,221		ElringKlinger AG.		1,516
	44,182		Exedy Corp		1,294
	503,364	*,e	Faurecia		19,204
	105,700		FCC Co Ltd		2,108
	886,945		Federal Corp		698
	121,416	*	Federal Mogul Corp (Class A)		2,389
	793,441	*	Fiat S.p.A.		6,494
	6,405,234		Ford Motor Co		98,833
	70,213		Ford Otomotiv Sanayi AS		742
	25,819	*,e	Fox Factory Holding Corp		455
	51,413	*	Fuel Systems Solutions, Inc		713
	875,853		Fuji Heavy Industries Ltd		25,171
	67,797	*	Futaba Industrial Co Ltd		261
	5,358,900	e	Geely Automobile Holdings Ltd		2,602
	722,689	*,e,m	General Motors Co		0	^
	8,874,956	*	General Motors Co		362,719
	4,230,271	*,e,m	General Motors Co		0	^
	35,983,677	*,m	General Motors Co		0	^
	24,057,000	*,m	General Motors Co		0	^
	26,439,191	*,m	General Motors Co		0	^
	6,062,000	*,m	General Motors Co		0	^
	40,684,487	*,m	General Motors Co		0	^
	7,950,000	*,m	General Motors Co		0	^
	85,268,000	*,e,m	General Motors Co		0	^
	18,507,434	*,m	General Motors Co		0	^
	821,314		Gentex Corp		27,095
	104,207	*	Gentherm, Inc		2,794
	3,892,328		GKN plc		24,120
	9,064		Global & Yuasa Battery Co Ltd		471
	4,267		Goodyear Lastikleri Turk AS.		99
	1,044,653		Goodyear Tire & Rubber Co		24,915
	37,340		Grammer AG.		1,785
	3,213,300	e	Great Wall Motor Co Ltd		17,803
	9,000		G-Tekt Corp		307
	2,579,066	e	Guangzhou Automobile Group Co Ltd		2,830
	39,190		Halla Climate Control Corp		1,443
	19,290		Hanil E-Wha Co Ltd		313
	75,413		Hankook Tire Co Ltd		4,345
	421,382		Harley-Davidson, Inc		29,176
	95,821		Hero Honda Motors Ltd		3,218
	1,962,997		Honda Motor Co Ltd		81,027
	743,140		Hota Industrial Manufacturing Co Ltd		1,150
	79,199		Hu Lane Associate, Inc		240
	21,260		Hwa Shin Co Ltd		230

3

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	94,536		Hyundai Mobis	$	26,319
	331,479		Hyundai Motor Co		74,406
	43,398		Hyundai Motor Co Ltd (2nd Preference)		5,375
	37,606		Hyundai Motor Co Ltd (Preference)		4,461
	32,336		Hyundai Wia Corp		5,836
	46,900		Icahn Enterprises LP		5,131
	250,133	*	IMMSI S.p.A.		161
	1,346,792		Isuzu Motors Ltd		8,400
	1,724,841		Johnson Controls, Inc		88,484
	172,896		Kayaba Industry Co Ltd		911
	212,403		Keihin Corp		3,298
	1,259,128		Kenda Rubber Industrial Co Ltd		2,809
	722,911		Kia Motors Corp		38,496
	58,000		Kinugawa Rubber Industrial Co Ltd		288
	108,989		Koito Manufacturing Co Ltd		2,083
	157,810	*	Kumho Tire Co, Inc		1,723
	952,356		Lear Corp		77,112
	40,554		Leoni AG.		3,038
	108,330		Linamar Corp		4,507
	101,500		Magna International, Inc - Class A (NY)		8,329
	443,138		Magna International, Inc (Class A)		36,335
	396,859		Mahindra & Mahindra Ltd		6,065
	141,700		Mahle-Metal Leve S.A. Industria e Comercio		1,646
	36,039		Mando Corp		4,277
	104,582	e	Martinrea International, Inc		768
	13,214,142	*	Mazda Motor Corp		68,476
	160,194		Metair Investments Ltd		605
	257,641		Michelin (C.G.D.E.) (Class B)		27,413
	1,272,000		Minth Group Ltd		2,647
	36,400		Mitsuba Corp		592
	596,796	*,e	Mitsubishi Motors Corp		6,421
	187,133	*	Modine Manufacturing Co		2,399
	21,254		Montupet		940
	401,157		Motherson Sumi Systems Ltd		1,185
	37,940		Motonic Corp		392
	5,745		MRF Ltd		1,801
	23,000		Musashi Seimitsu Industry Co Ltd		498
	385,948	*	Nan Kang Rubber Tire Co Ltd		479
	1,317		Nexen Corp		97
	41,427		Nexen Tire Corp		573
	162,724		NGK Spark Plug Co Ltd		3,857
	290,854		NHK Spring Co Ltd		3,286
	99,451		Nifco, Inc		2,638
	46,000		Nippon Seiki Co Ltd		891
	3,942,104		Nissan Motor Co Ltd		33,035
	102,941		Nissan Shatai Co Ltd		1,497
	66,600		Nissin Kogyo Co Ltd		1,412
	267,335		NOK Corp		4,379

4

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	12,568		Nokian Renkaat Oyj	$	603
	848,000	*,m	Norstar Founders Group Ltd		0	^
	149,100		Oriental Holdings BHD		387
	13,594		Otokar Otobus Karoseri Sanayi AS		348
	84,100		Pacific Industrial Co Ltd		586
	319,689	*,e	Peugeot S.A.		4,160
	180,127	e	Piaggio & C S.p.A.		598
	8,800	*	Piolax Inc		347
	51,412		Pirelli & C S.p.A.		889
	54,728		Porsche AG.		5,713
	212,436	e	Press Kogyo Co Ltd		882
	20,715,700		PT Astra International Tbk		11,602
	4,602,500		PT Gajah Tunggal Tbk		637
	39,963		Pyeong Hwa Automotive Co Ltd		814
	9,498,000		Qingling Motors Co Ltd		2,846
	54,725		Remy International, Inc		1,276
	1,456,483		Renault S.A.		117,212
	109,000		Riken Corp		475
	32,910		S&T Daewoo Co Ltd		852
	131,305	*	SAF-Holland S.A.		1,958
	142,000		Sanden Corp		675
	51,300		Sanoh Industrial Co Ltd		358
	777,920		Sanyang Industry Co Ltd		1,276
	29,010		Sejong Industrial Co Ltd		419
	24,433	*	Shiloh Industries, Inc		476
	52,500		Showa Corp		847
	39,230		SL Corp		609
	7,139	*	Societe Fonciere Financiere et de Participations FFP		415
	194,617		Sogefi S.p.A.		1,170
	1,054,625		Somboon Advance Technology PCL		464
	129,503		Spartan Motors, Inc		868
	1,939,500		Sri Trang Agro-Industry PCL (Foreign)		770
	48,450	*	Ssangyong Motor Co		347
	88,552		Standard Motor Products, Inc		3,259
	280,053		Stanley Electric Co Ltd		6,420
	152,619	*	Stoneridge, Inc		1,946
	195,152		Sumitomo Rubber Industries, Inc		2,778
	26,745		Sungwoo Hitech Co Ltd		391
	108,805		Superior Industries International, Inc		2,245
	225,019		Suzuki Motor Corp		6,063
	2,189,653		T RAD Co Ltd		5,959
	24,000		Tachi-S Co Ltd		332
	33,900		Taiho Kogyo Co Ltd		396
	42,300		Takata Corp		1,214
	247,400		TAN Chong Motor Holdings BHD		468
	2,037,224		Tata Motors Ltd		12,460
	22,200		Teikoku Piston Ring Co Ltd		377
	426,549	*	Tenneco, Inc		24,130

5

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	207,831	*,e	Tesla Motors, Inc	$	31,254
	128,500		Thai Stanley Electric PCL (ADR)		815
	69,635	e	Thor Industries, Inc		3,846
	2,606,000		Tianneng Power International Ltd		960
	281,492		Tofas Turk Otomobil Fabrik		1,757
	199,963		Tokai Rika Co Ltd		3,981
	40,600		Tokai Rubber Industries, Inc		397
	617,699		Tong Yang Industry Co Ltd		927
	77,200		Topre Corp		1,144
	112,990	*	Tower International, Inc		2,418
	325,000		Toyo Tire & Rubber Co Ltd		1,855
	95,177		Toyoda Gosei Co Ltd		2,217
	48,444		Toyota Boshoku Corp		606
	168,021		Toyota Industries Corp		7,595
	6,264,637		Toyota Motor Corp		381,987
	502,094	*	TRW Automotive Holdings Corp		37,351
	118,600		TS Tech Co Ltd		4,003
	14,700		Tube Investments Of India		37
	155,089		Tung Thih Electronic Co Ltd		475
	522,066		TVS Motor Co Ltd		641
	526,682		UMW Holdings BHD		1,942
	50,200		Unipres Corp		941
	194,115		Valeo S.A.		21,512
	124,495	*	Visteon Corp		10,195
	157,824		Volkswagen AG.		42,852
	181,287		Volkswagen AG. (Preference)		51,018
	129,033	*	Winnebago Industries, Inc		3,542
	2,145,400	*,e	Xinchen China Power Holdings Ltd		1,443
	1,112,000	e	Xingda International Holdings Ltd		665
	8,442,785	e	Xinyi Glass Holdings Co Ltd		7,469
	108,710		Yamaha Motor Co Ltd		1,634
	301,000		Yokohama Rubber Co Ltd		2,960
	247,300		Yorozu Corp		4,527
	801,558		Yulon Motor Co Ltd		1,454
			TOTAL AUTOMOBILES & COMPONENTS		2,960,320
	BANKS - 5.9%
	64,210		1st Source Corp		2,051
	115,513	e	1st United Bancorp, Inc		879
	997,030		77 Bank Ltd		4,829
	61,233	*	Aareal Bank AG.		2,430
	26,182		Access National Corp		391
	57,082,000		Agricultural Bank of China		28,158
	8,600		Aichi Bank Ltd		411
	2,125,711		Akbank TAS		6,634
	590,880	*	Albaraka Turk Katilim Bankasi AS		424
	78,152	*	Alior Bank S.A.		2,109
	11,900	*	Alior Bank S.A. (Allotment Certificate)		319

6

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	377,883	*	Allahabad Bank	$	582
	958,700		Alliance Financial Group BHD		1,394
	1,748,739	*	Alpha Bank S.A.		1,520
	315,270	*,m	Amagerbanken AS		0	^
	31,218		American National Bankshares, Inc		819
	92,442	*	Ameris Bancorp		1,951
	35,465		Ames National Corp		794
	180,854		Andhra Bank		184
	10,440,576		Aozora Bank Ltd		29,587
	126,670		Apollo Residential Mortgage		1,872
	43,733	e	Arrow Financial Corp		1,162
	90,645		Associated Banc-Corp		1,577
	341,156		Astoria Financial Corp		4,718
	514,415	*	Asya Katilim Bankasi AS		347
	3,532,972		Australia & New Zealand Banking Group Ltd		101,991
	390,721		Awa Bank Ltd		1,959
	58,882	e	Banc of California, Inc		790
	1,140,734	*,e	Banca Carige S.p.A.		697
	11,206,752		Banca Intesa S.p.A.		27,565
	1,332,465	*,e	Banca Monte dei Paschi di Siena S.p.A.		321
	433,288	*	Banca Popolare dell’Emilia Romagna Scrl		4,134
	8,154,507	*,e	Banca Popolare di Milano		5,025
	413,832		Banca Popolare di Sondrio SCARL		2,384
	31,081		Bancfirst Corp		1,742
	95,624		Banche Popolari Unite Scpa		648
	66,697		Banco ABC Brasil S.A.		356
	3,361,438		Banco Bilbao Vizcaya Argentaria S.A.		41,583
	460,851	*,e	Banco BPI S.A.		771
	740,260		Banco Bradesco S.A.		10,025
	3,220,086		Banco Bradesco S.A. (Preference)		39,815
	16,714,098	*,e	Banco Comercial Portugues S.A.		3,834
	83,574		Banco Davivienda S.A.		1,025
	43,500		Banco Daycoval S.A.		148
	37,818,859		Banco de Chile		5,492
	45,625		Banco de Credito e Inversiones		2,532
	4,045,972		Banco de Oro Universal Bank		6,277
	514,200	e	Banco de Sabadell S.A.		1,343
	881,222		Banco do Brasil S.A.		9,132
	265,681		Banco do Estado do Rio Grande do Sul		1,419
	4,769,536	*	Banco Espirito Santo S.A.		6,811
	157,300		Banco Industrial e Comercial S.A.		493
	4,646,220		Banco Itau Holding Financeira S.A.		61,921
	112,995		Banco Latinoamericano de Exportaciones S.A. (Class E)		3,166
	114,800	*	Banco Panamericano S.A.		223
	61,700		Banco Pine S.A.		275
	8,023,929	*	Banco Popolare Scarl		15,367
	1,755,730	*	Banco Popular Espanol S.A.		10,605
	1,409,144		Banco Santander Brasil S.A.		8,350

7

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	4,220,651		Banco Santander Central Hispano S.A.	$	37,954
	133,513,867		Banco Santander Chile S.A.		7,740
	333,312		BanColombia S.A.		4,114
	52,200	e	BanColombia S.A. (ADR)		2,559
	494,505		BanColombia S.A. (Preference)		6,006
	370,886	e	Bancorpsouth, Inc		9,428
	92,900		Bangkok Bank PCL		506
	362,600		Bangkok Bank PCL (ADR)		1,975
	2,249,400		Bangkok Bank PCL (Foreign)		12,242
	60,123		Bank Handlowy w Warszawie S.A.		2,083
	1,128,849		Bank Hapoalim Ltd		6,325
	176,946	*	Bank Leumi Le-Israel		723
	348,589	*	Bank Millennium S.A.		826
	180,152		Bank Mutual Corp		1,263
	152,554		Bank of Baroda		1,597
	126,510,000		Bank of China Ltd		58,400
	20,501,472		Bank of Communications Co Ltd		14,508
	4,349,184	*,m	Bank of Cyprus Public Co Ltd		60
	984,150		Bank of East Asia Ltd		4,178
	98,150		Bank of Georgia Holdings plc		3,894
	23,262		Bank of Hawaii Corp		1,376
	4,659		Bank of India		18
	34,027,165	*	Bank of Ireland		11,859
	17,500	*	Bank of Iwate Ltd		879
	794,226		Bank of Kaohsiung		254
	26,822		Bank of Kentucky Financial Corp		990
	415,505		Bank of Kyoto Ltd		3,474
	26,261		Bank of Marin Bancorp		1,139
	895,499	e	Bank of Montreal (Toronto)		59,694
	202,000		Bank of Nagoya Ltd		684
	1,822,177		Bank of Nova Scotia		113,954
	24,000		Bank of Okinawa Ltd		953
	243,076		Bank of Queensland Ltd		2,646
	169,541		Bank of Saga Ltd		364
	107,129		Bank of the Ozarks, Inc		6,062
	907,021		Bank of the Philippine Islands		1,741
	134,700		Bank of the Ryukyus Ltd		1,762
	1,410,763		Bank of Yokohama Ltd		7,871
	152,049		Bank Pekao S.A.		9,033
	31,510,000		Bank Rakyat Indonesia		18,834
	27,628		Bank Zachodni WBK S.A.		3,552
	81,474		BankFinancial Corp		746
	1,505,780	*,e	Bankia S.A.		2,556
	1,554,181		Bankinter S.A.		10,680
	690,921		BankUnited		22,745
	78,451		Banner Corp		3,516
	3,991		Banque Cantonale Vaudoise		2,182
	428,800	e	Banregio Grupo Financiero SAB de C.V.		2,549

8

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	15,681		Bar Harbor Bankshares	$	627
	388,117		Barclays Africa Group Ltd		4,900
	37,384,877		Barclays plc		169,050
	851,624		BB&T Corp		31,783
	316,178		BBCN Bancorp, Inc		5,245
	25,082	*,e	BBX Capital Corp		391
	215,912		Bendigo Bank Ltd		2,270
	148,330	*	Beneficial Mutual Bancorp, Inc		1,620
	109,146		Berkshire Hills Bancorp, Inc		2,976
	1,217,060		BIMB Holdings BHD		1,689
	73,613	e	BNC Bancorp		1,262
	2,775,772		BNP Paribas		216,530
	5,946,037		BOC Hong Kong Holdings Ltd		19,097
	38,488	*	BofI Holding, Inc		3,019
	25,090		BOK Financial Corp		1,664
	322,281		Boston Private Financial Holdings, Inc		4,067
	14,501		BRE Bank S.A.		2,404
	39,126		Bridge Bancorp, Inc		1,017
	37,018	*	Bridge Capital Holdings		760
	324,015		Brookline Bancorp, Inc		3,101
	52,327		Bryn Mawr Bank Corp		1,579
	473,377		BS Financial Group		7,192
	5,460,213		Bumiputra-Commerce Holdings BHD		12,727
	13,612		C&F Financial Corp		622
	30,066		Camden National Corp		1,269
	780,081	e	Canadian Imperial Bank of Commerce/Canada		66,622
	113,732	e	Canadian Western Bank		4,139
	3,601	*	Canara Bank		16
	93,181	*	Capital Bank Financial Corp		2,120
	46,791	*	Capital City Bank Group, Inc		551
	508,662		CapitalSource, Inc		7,309
	686,266		Capitol Federal Financial		8,311
	142,542		Cardinal Financial Corp		2,566
	14,093	*,e	Cascade Bancorp		74
	350,961		Cathay General Bancorp		9,381
	47,312		Center Bancorp, Inc		888
	112,316		Centerstate Banks of Florida, Inc		1,140
	200,000		Central Bank Of India		166
	100,686	e	Central Pacific Financial Corp		2,022
	14,233		Century Bancorp, Inc		473
	5,393,559		Chang Hwa Commercial Bank		3,327
	92,325		Charter Financial Corp		994
	110,638		Chemical Financial Corp		3,504
	13,340	e	Chemung Financial Corp		456
	743,189		Chiba Bank Ltd		5,016
	44,000	*	Chiba Kogyo Bank Ltd		325
	10,923,000	e	China Citic Bank		5,948
	122,507,831		China Construction Bank		92,752

9

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	15,584,770		China Development Financial Holding Corp	$	4,719
	8,710,122		China Merchants Bank Co Ltd		18,627
	10,203,100	e	China Minsheng Banking Corp Ltd		11,372
	33,282,705		Chinatrust Financial Holding Co		22,775
	14,977,500	e	Chongqing Rural Commercial Bank		7,287
	58,628		Chugoku Bank Ltd		745
	714,327		CIT Group, Inc		37,238
	47,483	e	Citizens & Northern Corp		980
	61,831	e	City Holding Co		2,865
	47,361		City National Corp		3,752
	34,339		Clifton Savings Bancorp, Inc		440
	49,490		CNB Financial Corp		940
	139,479	e	CoBiz, Inc		1,668
	201,966		Columbia Banking System, Inc		5,556
	75,619		Comdirect Bank AG.		865
	247,350	e	Comerica, Inc		11,759
	95,942		Commerce Bancshares, Inc		4,309
	1,003,459		Commercial International Bank		4,755
	908,572	*	Commerzbank AG.		14,667
	1,561,254		Commonwealth Bank of Australia		108,784
	157,067		Community Bank System, Inc		6,232
	55,196		Community Trust Bancorp, Inc		2,493
	32,798	*,e	CommunityOne Bancorp		418
	5,405	*	ConnectOne Bancorp, Inc		214
	20,000		Corp Bank		85
	157,888,075		CorpBanca S.A.		2,178
	105,439		Credicorp Ltd (NY)		13,995
	606,320	*	Credit Agricole S.A.		7,772
	198,691		Credito Emiliano S.p.A.		1,585
	5,199,344		Criteria Caixacorp S.A.		27,082
	35,891	*,e	CU Bancorp		627
	68,592	e	Cullen/Frost Bankers, Inc		5,105
	90,735	*	Customers Bancorp, Inc		1,856
	363,273	e	CVB Financial Corp		6,201
	1,219,982		Dah Sing Banking Group Ltd		2,148
	371,056		Dah Sing Financial Holdings Ltd		2,129
	499,000		Daishi Bank Ltd		1,723
	1,217,972	*	Danske Bank AS		27,979
	3,002,803		DBS Group Holdings Ltd		40,807
	4,022,608	*	Development Credit Bank Ltd		3,546
	38,445	*	Dewan Housing Finance Corp Ltd		133
	149,340		DGB Financial Group Co Ltd		2,340
	1,940,892	*	Dhanalakshmi Bank Ltd		1,280
	145,937		Dime Community Bancshares		2,469
	2,208,900		DNB NOR Holding ASA		39,646
	29,194	*	Doral Financial Corp		457
	5,410,154		E.Sun Financial Holding Co Ltd		3,602
	99,363	*	Eagle Bancorp, Inc		3,043

10

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,327,450		East West Bancorp, Inc	$	46,421
	410,000	*	EastWest Banking Corp		225
	327,000		Eighteenth Bank Ltd		744
	27,603		Enterprise Bancorp, Inc		584
	72,480		Enterprise Financial Services Corp		1,480
	228,000		Entie Commercial Bank		114
	859,133		Erste Bank der Oesterreichischen Sparkassen AG.		29,950
	49,778		ESB Financial Corp		707
	31,234		ESSA Bancorp, Inc		361
	720,855	*,e	Essent Group Ltd		17,344
	311,181	e	EverBank Financial Corp		5,707
	2,238,566		Far Eastern International Bank		937
	30,775	*	Farmers Capital Bank Corp		669
	37,869		Federal Agricultural Mortgage Corp (Class C)		1,297
	1,800,000	*	Federal Bank Ltd		2,451
	59,760		Fidelity Southern Corp		993
	2,235,022		Fifth Third Bancorp		47,003
	54,639		Financial Institutions, Inc		1,350
	75,851		First Bancorp (NC)		1,261
	329,983	*,e	First Bancorp (Puerto Rico)		2,043
	34,712		First Bancorp, Inc		605
	283,888		First Busey Corp		1,647
	5,608		First Citizens Bancshares, Inc (Class A)		1,249
	402,445		First Commonwealth Financial Corp		3,550
	78,627		First Community Bancshares, Inc		1,313
	62,493		First Connecticut Bancorp		1,007
	39,367		First Defiance Financial Corp		1,022
	9,104	*,e	First Federal Bancshares of Arkansas, Inc		79
	225,509		First Financial Bancorp		3,931
	113,681	e	First Financial Bankshares, Inc		7,539
	43,505		First Financial Corp		1,591
	7,992,427		First Financial Holding Co Ltd		4,977
	91,344		First Financial Holdings, Inc		6,075
	68,799		First Financial Northwest, Inc		713
	412,256		First Gulf Bank PJSC		2,114
	129,267		First Horizon National Corp		1,506
	21,640		First International Bank Of Israel Ltd		359
	74,355		First Interstate Bancsystem, Inc		2,109
	131,055		First Merchants Corp		2,983
	299,744		First Midwest Bancorp, Inc		5,255
	14,405	*	First NBC Bank Holding Co		465
	187,554		First Niagara Financial Group, Inc		1,992
	34,543		First of Long Island Corp		1,481
	259,919		First Republic Bank		13,607
	254,449	*	First Security Group, Inc		585
	646,210		FirstMerit Corp		14,365
	116,775	*	Flagstar Bancorp, Inc		2,291
	125,022		Flushing Financial Corp		2,588

11

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	584,799		FNB Corp	$	7,380
	49,319		Fox Chase Bancorp, Inc		857
	41,469	*	Franklin Financial Corp		820
	1,851,540		Fukuoka Financial Group, Inc		8,127
	103,325		Fulton Financial Corp		1,351
	109,040		Genworth MI Canada, Inc		3,760
	50,398	e	German American Bancorp, Inc		1,436
	1,359,147	*	Get Bank S.A.		1,199
	695,591		Getin Holding S.A.		869
	288,055		Glacier Bancorp, Inc		8,581
	41,338		Great Southern Bancorp, Inc		1,257
	30,620	*	Gruh Finance Ltd		126
	1,173,925		Grupo Aval Acciones y Valores		776
	4,153,789		Grupo Financiero Banorte S.A. de C.V.		29,065
	5,143,532		Grupo Financiero Inbursa S.A.		14,548
	4,216,300	e	Grupo Financiero Santander Mexico SAB de C.V.		11,464
	59,729		Guaranty Bancorp		839
	384,218		Gunma Bank Ltd		2,147
	263,116		Hachijuni Bank Ltd		1,536
	123,689	*,e	Hampton Roads Bankshares, Inc		216
	319,133		Hana Financial Group, Inc		13,297
	329,845		Hancock Holding Co		12,099
	1,458,088	e	Hang Seng Bank Ltd		23,682
	121,687		Hanmi Financial Corp		2,664
	2,209,155		HDFC Bank Ltd		23,831
	57,928		Heartland Financial USA, Inc		1,668
	85,722		Heritage Commerce Corp		706
	62,515	e	Heritage Financial Corp		1,070
	77,469	*	Heritage Oaks Bancorp		581
	169,000		Higashi-Nippon Bank Ltd		395
	213,331		Higo Bank Ltd		1,172
	4,389		Hingham Institution for Savings		344
	98,809		Hiroshima Bank Ltd		409
	419,000		Hokkoku Bank Ltd		1,503
	484,000		Hokuetsu Bank Ltd		981
	147,000		Hokuhoku Financial Group, Inc		294
	27,209	*	Home Bancorp, Inc		513
	170,011		Home Bancshares, Inc		6,350
	77,124		Home Capital Group, Inc		5,876
	59,255		Home Federal Bancorp, Inc		883
	274,200		Home Loan Servicing Solutions Ltd		6,298
	47,432	e	HomeStreet, Inc		949
	83,196	*	HomeTrust Bancshares, Inc		1,330
	536,240		Hong Leong Bank BHD		2,360
	122,412		Hong Leong Credit BHD		579
	32,850		Horizon Bancorp		832
	2,104,477		Housing Development Finance Corp		27,096
	27,896,104		HSBC Holdings plc		306,136

12

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	6,060,596		Hua Nan Financial Holdings Co Ltd	$	3,544
	3,448,566		Hudson City Bancorp, Inc		32,520
	69,922	e	Hudson Valley Holding Corp		1,423
	7,533,364		Huntington Bancshares, Inc		72,697
	344,692		Hyakugo Bank Ltd		1,380
	579,000		Hyakujushi Bank Ltd		2,016
	114,543		IBERIABANK Corp		7,199
	241,424		ICICI Bank Ltd		4,316
	21,469		ICICI Bank Ltd (ADR)		798
	89,051		Independent Bank Corp		3,490
	15,648		Independent Bank Group, Inc		777
	134,930,366		Industrial & Commercial Bank of China		91,498
	505,390		Industrial Bank of Korea		5,829
	214,103		ING Vysya Bank Ltd		2,120
	217,691		International Bancshares Corp		5,745
	68,837	*	Intervest Bancshares Corp		517
	218,768		Investors Bancorp, Inc		5,596
	541,290	*,m	Irish Bank Resolution Corp Ltd		0	^
	1,015,998	*	Israel Discount Bank Ltd		1,940
	44,140		Iyo Bank Ltd		433
	15,922		Jammu & Kashmir Bank Ltd		370
	77,574	*	JB Financial Group Co Ltd		468
	201,800		Jimoto Holdings Inc		411
	446,485		Joyo Bank Ltd		2,283
	427,555		Juroku Bank Ltd		1,570
	165,470	*	Jyske Bank		8,947
	317,000		Kagoshima Bank Ltd		2,015
	346,535		Kansai Urban Banking Corp		402
	104,000		Kanto Tsukuba Bank Ltd		364
	750,757		Karnataka Bank Ltd		1,354
	22,505	*	Karur Vysya Bank Ltd		127
	501,100		Kasikornbank PCL		2,395
	1,542,600		Kasikornbank PCL (Foreign)		7,487
	695,674		KB Financial Group, Inc		28,119
	316,385		KBC Groep NV		17,988
	57,931	*	Kearny Financial Corp		674
	779,000		Keiyo Bank Ltd		3,751
	9,210,532		Keycorp		123,605
	696,432		Kiatnakin Bank PCL		794
	1,218,000		King’s Town Bank		1,163
	78,000	*	Kiyo Bank Ltd		1,039
	53,851		Komercni Banka AS		12,011
	4,367,100		Krung Thai Bank PCL		2,207
	130,300	e	Lakeland Bancorp, Inc		1,612
	72,407		Lakeland Financial Corp		2,824
	33,052		Laurentian Bank of Canada		1,460
	23,470	e	LCNB Corp		419

13

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	5,251,200		LH Financial Group PCL	$	197
	501,641	*	Liberbank S.A.		497
	785,247	*	LIC Housing Finance Ltd		2,790
	95,484,118	*	Lloyds TSB Group plc		125,293
	68,029	e	M&T Bank Corp		7,920
	97,484	*,e	Macatawa Bank Corp		487
	84,292		MainSource Financial Group, Inc		1,520
	5,823,876		Malayan Banking BHD		17,700
	845,900		Malaysia Building Society		571
	5,646,074	*,m	Marfin Popular Bank Public Co Ltd		78
	217,847		MB Financial, Inc		6,991
	24,583,968		Mega Financial Holding Co Ltd		20,728
	35,093	e	Mercantile Bank Corp		757
	23,240		Merchants Bancshares, Inc		779
	33,257	*	Meridian Interstate Bancorp, Inc		751
	21,991		Meta Financial Group, Inc		887
	63,113		MetroCorp Bancshares, Inc		951
	2,065,150		Metropolitan Bank & Trust		3,530
	1,137,678	*,e	MGIC Investment Corp		9,602
	17,430		Middleburg Financial Corp		314
	33,904		Midsouth Bancorp, Inc		606
	26,810		MidWestOne Financial Group, Inc		729
	244,000		Mie Bank Ltd		527
	281,000		Minato Bank Ltd		467
	17,540,864		Mitsubishi UFJ Financial Group, Inc		116,461
	5,486,494		Mitsui Trust Holdings, Inc		29,030
	253,000		Miyazaki Bank Ltd		708
	134,365		Mizrahi Tefahot Bank Ltd		1,759
	49,038,952		Mizuho Financial Group, Inc		106,465
	71,568		Musashino Bank Ltd		2,399
	326,928		Nanto Bank Ltd		1,222
	13,108	*,e	NASB Financial, Inc		396
	1,951,977		National Australia Bank Ltd		60,925
	175,738		National Bank Holdings Corp		3,761
	488,986	e	National Bank of Canada		40,689
	3,666,548	*	National Bank of Greece S.A.		19,684
	28,487	e	National Bankshares, Inc		1,051
	465,177		National Penn Bancshares, Inc		5,270
	160,345	*,e	Nationstar Mortgage Holdings, Inc		5,926
	1,716,125		Natixis		10,096
	170,562		NBT Bancorp, Inc		4,418
	233,715	e	Nedbank Group Ltd		4,686
	230,824	e	New York Community Bancorp, Inc		3,889
	98,613	*,e	NewBridge Bancorp		740
	110,225		Nishi-Nippon City Bank Ltd		297
	27,175	*	NOMOS-BANK (GDR)		394
	5,437,831		Nordea Bank AB		73,317
	417,800		North Pacific Bank Ltd		1,701

14

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	243,307		Northfield Bancorp, Inc	$	3,212
	25,863		Northrim BanCorp, Inc		679
	368,611		Northwest Bancshares, Inc		5,448
	55,077		OceanFirst Financial Corp		943
	1,106,527	*	Ocwen Financial Corp		61,357
	181,880	e	OFG Bancorp		3,154
	753,000		Ogaki Kyoritsu Bank Ltd		2,070
	342,000		Oita Bank Ltd		1,268
	402,749		Old National Bancorp		6,190
	54,093	*	OmniAmerican Bancorp, Inc		1,157
	180,097		Oriental Bank of Commerce		668
	188,544		Oritani Financial Corp		3,026
	552,050		OTP Bank		10,489
	1,426,551	e	Oversea-Chinese Banking Corp		11,563
	72,080		Pacific Continental Corp		1,149
	69,638	*	Pacific Premier Bancorp, Inc		1,096
	150,566	e	PacWest Bancorp		6,357
	10,894	*	Palmetto Bancshares, Inc		141
	361,448		Paragon Group of Cos plc		2,224
	44,293	e	Park National Corp		3,768
	173,284		Park Sterling Bank		1,237
	40,529	e	Peapack Gladstone Financial Corp		774
	16,842		Penns Woods Bancorp, Inc		859
	56,601	*	Pennsylvania Commerce Bancorp, Inc		1,219
	48,595	*,e	PennyMac Financial Services, Inc		853
	42,489		Peoples Bancorp, Inc		956
	164,324	e	People’s United Financial, Inc		2,485
	429,240	*	Philippine National Bank		836
	709,059	*	Piccolo Credito Valtellinese Scarl		1,333
	136,886		Pinnacle Financial Partners, Inc		4,453
	14,571,783	*	Piraeus Bank S.A.		30,809
	1,052,036		PNC Financial Services Group, Inc		81,617
	56,584	*	Popular, Inc		1,626
	1,309,012		Powszechna Kasa Oszczednosci Bank Polski S.A.		17,067
	45,737	*	Preferred Bank		917
	258,537		PrivateBancorp, Inc		7,479
	232,427		Prosperity Bancshares, Inc		14,734
	36,305		Provident Financial Holdings, Inc		545
	235,720		Provident Financial Services, Inc		4,554
	17,786,000		PT Bank Bukopin Tbk		907
	12,581,100		PT Bank Central Asia Tbk		9,952
	3,875,935		PT Bank Danamon Indonesia Tbk		1,204
	8,714,500		PT Bank Jabar Banten Tbk		639
	9,590,148		PT Bank Mandiri Persero Tbk		6,207
	21,761,050		PT Bank Negara Indonesia		7,088
	21,000,000	*	PT Bank Pan Indonesia Tbk		1,141
	7,641,500		PT Bank Pembangunan Daerah Jawa Timur Tbk		236
	13,825,194		PT Bank Tabungan Negara Tbk		990

15

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	78,946		Public Bank BHD	$	468
	1,459,311		Public Bank BHD (Foreign)		8,706
	641,669	e	Radian Group, Inc		9,060
	5,623	e	Raiffeisen International Bank Holding AG.		199
	7,446,457		Regions Financial Corp		73,645
	115,767	e	Renasant Corp		3,642
	39,510		Republic Bancorp, Inc (Class A)		970
	3,938,340		Resona Holdings, Inc		20,095
	801,323		RHB Capital BHD		1,935
	335,000		Rizal Commercial Banking Corp		322
	108,802	e	Rockville Financial, Inc		1,546
	5,200	*,m	Roskilde Bank		0	^
	135,601	e	Royal Bank of Canada		9,116
	2,428,162	e	Royal Bank of Canada (Toronto)		163,234
	969,104	*	Royal Bank of Scotland Group plc		5,458
	118,908		S&T Bancorp, Inc		3,010
	62,344	e	S.Y. Bancorp, Inc		1,990
	108,287		Sandy Spring Bancorp, Inc		3,053
	356,000		San-In Godo Bank Ltd		2,554
	5,136,887		Sberbank of Russian Federation (ADR)		64,810
	59,571	*	Seacoast Banking Corp of Florida		727
	465,036	*	Sekerbank TAS		451
	236,380		Senshu Ikeda Holdings, Inc		1,101
	238,846		Seven Bank Ltd		934
	276,000		Shiga Bank Ltd		1,450
	987,352		Shinhan Financial Group Co Ltd		44,327
	1,761,823		Shinsei Bank Ltd		4,313
	698,559		Shizuoka Bank Ltd		7,462
	3,061,100		Siam Commercial Bank PCL		13,455
	47,941		Sierra Bancorp		771
	287,643	*	Signature Bank		30,899
	67,625		Simmons First National Corp (Class A)		2,512
	7,705,454		SinoPac Financial Holdings Co Ltd		3,849
	4,482,533		Skandinaviska Enskilda Banken AB (Class A)		59,220
	1,824,746		Societe Generale		106,110
	70,299	e	Southside Bancshares, Inc		1,922
	74,448	*	Southwest Bancorp, Inc		1,185
	247,496		Sparebanken Midt-Norge		2,250
	3,641		St Galler Kantonalbank		1,420
	1,852,829	e	Standard Bank Group Ltd		22,894
	2,892,764		Standard Chartered plc		65,339
	127,995		State Bank & Trust Co		2,328
	7,332	*	State Bank of Bikaner & Jaip		38
	62,568		State Bank of India Ltd		1,791
	104,419		State Bank of India Ltd (GDR)		5,993
	2,543		State Bank of Travancore		17
	88,953		StellarOne Corp		2,141
	364,345		Sterling Bancorp/DE		4,871

16

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	138,697		Sterling Financial Corp	$	4,727
	21,584	*,e	Stonegate Mortgage Corp		357
	44,411	*	Suffolk Bancorp		924
	3,314,571		Sumitomo Mitsui Financial Group, Inc		172,369
	154,095	*,e	Sun Bancorp, Inc		542
	615,904		SunTrust Banks, Inc		22,671
	332,789		Suruga Bank Ltd		5,976
	749,284		Susquehanna Bancshares, Inc		9,621
	100,948	*	SVB Financial Group		10,585
	119,862		Svenska Handelsbanken (A Shares)		5,893
	1,477,295		Swedbank AB (A Shares)		41,614
	115,835	*	Sydbank AS		3,080
	250,579		Syndicate Bank		384
	4,922,417		Synovus Financial Corp		17,721
	2,345,059	*	Ta Chong Bank Co Ltd		855
	2,280,794		Taichung Commercial Bank		839
	7,419,463		Taishin Financial Holdings Co Ltd		3,654
	2,045,769	*	Taiwan Business Bank		624
	6,556,091		Taiwan Cooperative Financial Holding		3,590
	66,476	*,e	Taylor Capital Group, Inc		1,767
	4,693,006		TCF Financial Corp		76,261
	618,784	*	TCS Group Holding plc (ADR)		9,251
	245,901	*	TCS Group Holding plc (ADR) Registered		3,861
	43,907		Territorial Bancorp, Inc		1,019
	208,609	*,e	Texas Capital Bancshares, Inc		12,975
	92,671	*	TFS Financial Corp		1,123
	1,848,300		Thanachart Capital PCL		1,824
	124,004	*	The Bancorp, Inc		2,221
	1,434,900		Tisco Bank PCL		1,689
	10,544,900		TMB Bank PCL		665
	126,000		Tochigi Bank Ltd		488
	332,000		Toho Bank Ltd		1,036
	78,000		Tokyo Tomin Bank Ltd		810
	349,600		Tomony Holdings, Inc		1,415
	62,039		Tompkins Trustco, Inc		3,188
	1,459,611		Toronto-Dominion Bank		137,559
	391,000		Towa Bank Ltd		349
	104,571	e	TowneBank		1,609
	22,590	*,e	Tree.com, Inc		742
	64,713	e	Trico Bancshares		1,836
	22,258	*,e	Tristate Capital Holdings, Inc		264
	367,997		Trustco Bank Corp NY		2,642
	260,963		Trustmark Corp		7,004
	2,720,246		Turkiye Garanti Bankasi AS		8,818
	1,416,337		Turkiye Halk Bankasi AS		8,013
	2,861,142		Turkiye Is Bankasi (Series C)		6,195
	1,753,623		Turkiye Sinai Kalkinma Bankasi AS		1,494
	1,825,907		Turkiye Vakiflar Bankasi Tao		3,249

17

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	837,448		UCO Bank	$	1,026
	168,120		UMB Financial Corp		10,807
	449,919	e	Umpqua Holdings Corp		8,611
	5,750,809		UniCredit S.p.A		42,422
	1,867,049	*	Union Bank Of Taiwan		687
	78,299	e	Union Bankshares Corp		1,943
	199,293	e	United Bankshares, Inc		6,268
	174,181	*	United Community Banks, Inc		3,092
	163,572	*	United Community Financial Corp		584
	74,541	e	United Financial Bancorp, Inc		1,408
	1,081,679	e	United Overseas Bank Ltd		18,266
	72,762		Univest Corp of Pennsylvania		1,505
	5,063,881		US Bancorp		204,581
	14,770		UTI Bank Ltd		311
	21,152		Valiant Holding		1,893
	103,605	e	Valley National Bancorp		1,048
	34,991	*,e	VantageSouth Bancshares, Inc		184
	182,688		ViewPoint Financial Group		5,015
	436,660	*	Vijaya Bank		278
	106,160	*	Virginia Commerce Bancorp		1,804
	2,565,411	e	VTB Bank OJSC (GDR)		7,706
	90,078	*	Walker & Dunlop, Inc		1,457
	68,628		Washington Banking Co		1,217
	55,285		Washington Federal, Inc		1,288
	61,481		Washington Trust Bancorp, Inc		2,288
	25,230	*	Waterstone Financial, Inc		280
	383,532		Webster Financial Corp		11,959
	26,769,342		Wells Fargo & Co		1,215,328
	103,546		WesBanco, Inc		3,313
	59,260		West Bancorporation, Inc		938
	109,866	e	Westamerica Bancorporation		6,203
	291,330	*	Western Alliance Bancorp		6,951
	78,389		Westfield Financial, Inc		585
	3,824,103		Westpac Banking Corp		110,856
	253,682	e	Wilshire Bancorp, Inc		2,773
	342,659		Wing Hang Bank Ltd		5,176
	145,804		Wintrust Financial Corp		6,724
	589,890		Woori Finance Holdings Co Ltd		7,452
	30,068		WSFS Financial Corp		2,331
	34,100		Yachiyo Bank Ltd		889
	57,119	*	Yadkin Financial Corp		973
	307,000		Yamagata Bank Ltd		1,266
	62,492		Yamaguchi Financial Group, Inc		580
	330,000		Yamanashi Chuo Bank Ltd		1,437
	1,536,946		Yapi ve Kredi Bankasi		2,663
	1,449,875		Yes Bank Ltd		8,710
	98,271		Zions Bancorporation		2,944
			TOTAL BANKS		7,510,280

18

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
CAPITAL GOODS - 8.3%
	2,901,229		3M Co	$	406,898
	340,131		A.O. Smith Corp		18,347
	176,737		Aalberts Industries NV		5,641
	90,512		Aaon, Inc		2,892
	162,997		AAR Corp		4,566
	1,658,444		ABB Ltd		43,849
	307,193	e	Abengoa S.A.		1,022
	219,180		Abengoa S.A. (B Shares)		657
	3,481,762		Aboitiz Equity Ventures, Inc		4,288
	1,468,000		AcBel Polytech, Inc		1,514
	120,992	*,e	Accuride Corp		451
	104,467		Aceto Corp		2,613
	130,842		ACS Actividades Cons y Servicios S.A.		4,510
	86,970		Acter Co Ltd		351
	288,996		Actuant Corp (Class A)		10,589
	178,335	e	Acuity Brands, Inc		19,496
	166,467		Adani Enterprises Ltd		708
	35,518	*	Aditya Birla Nuvo Ltd		714
	139,500		Advan Co Ltd		1,610
	49,000		Advanced Ceramic X Corp		265
	234,486	*	Aecom Technology Corp		6,901
	190,755		Aecon Group, Inc		2,889
	154,925	*	Aegion Corp		3,391
	75,147	*,e	Aerovironment, Inc		2,189
	19,137	*	AFG Arbonia-Forster Hldg		675
	32,900	e	AG Growth International Inc		1,383
	635,677		AGCO Corp		37,626
	60,299		Aica Kogyo Co Ltd		1,193
	40,500		Aichi Corp		185
	180,300		Aida Engineering Ltd		1,954
	155,610		Air Lease Corp		4,836
	247,315		Aircastle Ltd		4,739
	474,508		Airtac International Group		3,859
	136,146		Akfen Holding AS.		269
	25,885		Alamo Group, Inc		1,571
	142,467		Alarko Holding AS		310
	122,681		Albany International Corp (Class A)		4,408
	35,412		Alfa Laval AB		910
	4,862,540		Alfa S.A. de C.V. (Class A)		13,638
	710,673	*	Allegion plc		31,405
	12,555,500		Alliance Global Group, Inc		7,328
	246,030		Alliant Techsystems, Inc		29,937
	127,979		Allied Electronics Corp Ltd (Preference)		293
	24,862		Alstom Projects India Ltd		151
	32,955		Alstom RGPT		1,202
	87,571		Altra Holdings, Inc		2,997

19

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	485,723		Amada Co Ltd	$	4,290
	77,500		Amano Corp		712
	124,208		Amara Raja Batteries Ltd		675
	71,045	*	Ameresco, Inc		686
	40,944	e	American Railcar Industries, Inc		1,873
	41,950		American Science & Engineering, Inc		3,017
	159,542	*,e	American Superconductor Corp		262
	51,788	*	American Woodmark Corp		2,047
	657,149		Ametek, Inc		34,612
	34,395		Ampco-Pittsburgh Corp		669
	34,000	*,m	Amrep Corp		0	^
	8,337		Andritz AG.		522
	15,000		Antarchile S.A.		203
	98,887	*,e	API Technologies Corp		337
	99,920		Apogee Enterprises, Inc		3,588
	154,307		Applied Industrial Technologies, Inc		7,575
	70,506		Arcadis NV		2,486
	79,522	*	Arcam AB		11,868
	64,802		Argan, Inc		1,786
	24,006	*	Armstrong World Industries, Inc		1,383
	391,937	*	ArvinMeritor, Inc		4,088
	57,600		Asahi Diamond Industrial Co Ltd		592
	468,042	e	Asahi Glass Co Ltd		2,914
	1,385,608		Ashok Leyland Ltd		387
	3,132,461		Ashtead Group plc		39,515
	702,005		Assa Abloy AB (Class B)		37,167
	160,581	e	Astaldi S.p.A.		1,690
	79,312		Astec Industries, Inc		3,064
	49,161	*	Astronics Corp		2,507
	1,410	*	Astronics Corp (Class B)		72
	693,016		Asunaro Aoki Construction Co Ltd		3,936
	230,546		Atlas Copco AB (A Shares)		6,401
	220,449		Atlas Copco AB (B Shares)		5,604
	108,119	*	ATS Automation Tooling Systems, Inc		1,384
	335,067		Ausdrill Ltd		310
	1,892,675	*	Austal Ltd		1,470
	45,233	e	Austin Engineering Ltd		150
	553,397	*	Aveng Ltd		1,395
	6,524,000	*	AVIC International Holding HK Ltd		291
	2,673,300	e	AviChina Industry & Technology Co		1,559
	106,573		AZZ, Inc		5,207
	46,156		B&B Tools AB		845
	85,726	e	Babcock & Wilcox Co		2,931
	33,100		Badger Daylighting Ltd		2,656
	5,978,677		BAE Systems plc		43,135
	815,236		Balfour Beatty plc		3,884
	168,000		Bando Chemical Industries Ltd		662
	524,000		Baoye Group Co Ltd		347

20

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	252,768		Barloworld Ltd	$	2,412
	212,008		Barnes Group, Inc		8,122
	13,791		Bauer AG.		357
	36,329		BayWa AG.		1,891
	553,257	*	BE Aerospace, Inc		48,150
	57	*	Beacon Power Corp		0	^
	153,003	*	Beacon Roofing Supply, Inc		6,163
	976,800	e	Beijing Enterprises Holdings Ltd		9,703
	242,800		Benalec Holdings BHD		63
	2,180,700		Berjaya Corp BHD		393
	801,000		BES Engineering Corp		242
	528,759		Besalco S.A.		567
	1,202,884		Bharat Heavy Electricals		3,449
	8,821		BHI Co Ltd		129
	350,695		Bidvest Group Ltd		8,984
	92,570	e	Bird Construction Income Fund		1,133
	153,993	*	Blount International, Inc		2,228
	104,676	*,e	Bluelinx Holdings, Inc		204
	416,703		Bodycote plc		4,623
	4,152,384		Boeing Co		566,759
	598,000		Boer Power Holdings Ltd		550
	2,042,000		Bolina Holding Co Ltd		877
	2,250,761	e	Bombardier, Inc		9,768
	20,610		Boskalis Westminster		1,090
	5,593		Bossard Holding AG.		1,298
	960,073	e	Bouygues S.A.		36,306
	227,222	e	Bradken Ltd		1,227
	180,728		Brady Corp (Class A)		5,590
	41,708		Brenntag AG.		7,741
	193,218		Briggs & Stratton Corp		4,204
	11,696		Bucher Industries AG.		3,399
	18,806		Budimex S.A.		822
	196,257	*	Builders FirstSource, Inc		1,401
	166,000		Bunka Shutter Co Ltd		1,010
	286,910		Bunzl plc		6,895
	50,756		Burckhardt Compression Holding AG.		22,247
	332,455		CAE, Inc		4,228
	163,900		Cahya Mata Sarawak BHD		344
	60,229	*	CAI International, Inc		1,420
	906,349	*,e	Capstone Turbine Corp		1,169
	13,795		Carbone Lorraine		478
	186,758	e	Cardno Ltd		1,154
	41,771		Cargotec Corp (B Shares)		1,555
	507,532	e	Carillion plc		2,783
	246,625		Carlisle Cos, Inc		19,582
	1,297,658		Caterpillar, Inc		117,840
	267,900		CB Industrial Product Holding BHD		263

21

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,072,327		Central Glass Co Ltd	$	3,570
	22,652		CENTROTEC Sustainable AG.		582
	370,551	*	Cersanit Krasnystaw S.A.		254
	97,000	*	Champion Building Materials Co Ltd		43
	218,500		Changchai Co Ltd		130
	1,695,440	e	Changsha Zoomlion Heavy Industry Science and Technology Development Co Ltd		1,589
	2,898,000	*,e	Charisma Energy Services Ltd		189
	99,879	*	Chart Industries, Inc		9,552
	227,615		Chemring Group plc		847
	712,000	*	Chengdu Putian Telecom Cable Co Ltd		94
	588,644		Chicago Bridge & Iron Co NV		48,940
	574,050		Chien Kuo Construction Co Ltd		268
	10,819,000		China Automation Group Ltd		2,464
	13,741,700		China Communications Construction Co Ltd		11,120
	51,000		China Ecotek Corp		136
	570,000		China Electric Manufacturing Corp		274
	3,854,000	*	China Energine International Holdings Ltd		349
	531,050		China Fangda Group Co Ltd		207
	882,000	*	China Glass Holdings Ltd		100
	1,566,000	*,e	China High Speed Transmission Equipment Group Co Ltd		853
	557,170		China International Marine Containers Group Co Ltd		1,189
	2,786,000	e	China National Materials Co Ltd		602
	7,653,700	e	China Railway Construction Corp		7,641
	13,657,100		China Railway Group Ltd		7,071
	1,353,400		China Singyes Solar Technologies Holdings Ltd		1,366
	6,037,028	e	China South Locomotive and Rolling Stock Corp		4,965
	3,032,000		China State Construction International Holdings Ltd		5,450
	308,000		China Steel Structure Co Ltd		364
	494,000		Chip Eng Seng Corp Ltd		282
	202,939		Chiyoda Corp		2,946
	36,100		Chiyoda Integre Co Ltd		598
	16,942,000		Chongqing Machinery & Electric Co Ltd		2,169
	65,100		Chudenko Corp		1,183
	94,989		Chugai Ro Co Ltd		235
	1,172,000		Chung Hsin Electric & Machinery Manufacturing Corp		890
	544,630		Cintra Concesiones de Infraestructuras de Transporte S.A.		10,550
	548,239	*	CIR-Compagnie Industriali Riunite S.p.A.		863
	95,777		CIRCOR International, Inc		7,737
	1,808,814	e	Citic Pacific Ltd		2,774
	5,487,000	*	Citic Resources Holdings Ltd		731
	183,000	e	Civmec Ltd		114
	17,282		CJ Corp		1,911
	58,800		CKD Corp		639
	223,921		Clarcor, Inc		14,409
	734,477	*	CNH Industrial NV		8,371
	403,866		Coastal Contracts BHD		423
	227,063		Cobham plc		1,034

22

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	459,368	*	Cofide S.p.A.	$	355
	40,454		Coleman Cable, Inc		1,061
	424,846	*,e	Colfax Corp		27,058
	73,500	*	Columbus McKinnon Corp		1,995
	173,287		Comfort Systems USA, Inc		3,360
	80,309	*	Commercial Vehicle Group, Inc		584
	2,481,697		Compagnie de Saint-Gobain		136,709
	7,985		Compagnie d’Entreprises CFE		711
	263,300		COMSYS Holdings Corp		4,140
	83,681		Concentric AB		947
	2,263		Construcciones y Auxiliar de Ferrocarriles S.A.		1,197
	827,000		Continental Engineering Corp		298
	1,190,000	e	Cosco Corp Singapore Ltd		714
	1,452,000	e	Cosco International Holdings Ltd		619
	23,385		Cosel Co Ltd		271
	84,657	e	Costain Group plc		388
	89,299		Cramo Oyj (Series B)		1,890
	215,469		Crane Co		14,490
	751,886		Crompton Greaves Ltd		1,567
	1,084,590		CSBC Corp Taiwan		699
	712,300		CTCI Corp		1,156
	77,509		Cubic Corp		4,082
	628,946		Cummins, Inc		88,663
	185,165		Curtiss-Wright Corp		11,523
	556,000		DA CIN Construction Co Ltd		525
	68,007		Daelim Industrial Co		6,076
	19,970		Daesang Holdings Co Ltd		157
	16,634		Daetwyler Holding AG.		2,304
	105,215	*	Daewoo Engineering & Construction Co Ltd		735
	52,038		Daewoo International Corp		2,041
	113,311		Daewoo Shipbuilding & Marine Engineering Co Ltd		3,769
	98,500		Daifuku Co Ltd		1,261
	206,641		Daihen Corp		959
	52,000		Daiichi Jitsugyo Co Ltd		233
	309,278		Daikin Industries Ltd		19,300
	45,000		Daiwa Industries Ltd		305
	190,200		Dalian Refrigeration Co Ltd		181
	2,480,687		Danaher Corp		191,509
	13,791		Danieli & Co S.p.A.		471
	45,871		Danieli & Co S.p.A. (RSP)		1,023
	189,581		DCC plc		9,321
	376,831	e	Decmil Group Ltd		838
	324,419		Deere & Co		29,629
	12,900		Denyo Co Ltd		183
	105,282	*	Deutz AG.		942
	812,000		Dialog Group BHD		889
	286,493	*	DigitalGlobe, Inc		11,789
	97,729	*	Discount Investment Corp		712

23

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	876,910		DMCI Holdings, Inc	$	1,108
	738,308	*	Dogan Sirketler Grubu Holdings		248
	119,814		Donaldson Co, Inc		5,207
	19,100	e	Dongfang Electric Co Ltd		34
	26,169		Dongkuk Structures & Construction Co Ltd		108
	31,563		Doosan Corp		4,176
	114,330	*	Doosan Engine Co Ltd		961
	56,103		Doosan Heavy Industries and Construction Co Ltd		1,887
	108,060	*	Doosan Infracore Co Ltd		1,294
	76,573		Douglas Dynamics, Inc		1,288
	476,928		Dover Corp		46,043
	39,338	*	Ducommun, Inc		1,173
	80,746		Duerr AG.		7,215
	70,881	e	Duro Felguera S.A.		478
	37,999	*	DXP Enterprises, Inc		4,377
	123,840	*	Dycom Industries, Inc		3,442
	56,081	e	Dynamic Materials Corp		1,219
	416,000		Dynapack International Technology Corp		1,160
	423,900		Dynasty Ceramic PCL		630
	1,804,046		Eaton Corp		137,324
	581,828		Ebara Corp		3,745
	44,697		Eczacibasi Yatirim Holding		108
	863,100		EEI Corp		186
	3,287		Eicher Motors Ltd		264
	45,931		Eiffage S.A.		2,647
	56,227		Elbit Systems Ltd		3,396
	3,196		Electra Israel Ltd		474
	303,012		EMCOR Group, Inc		12,860
	1,065,920		Emerson Electric Co		74,806
	718,982		Empresa Brasileira de Aeronautica S.A.		5,757
	809,500	*,e	Empresas ICA Sociedad Controladora S.A. de C.V.		1,671
	82,218		Encore Wire Corp		4,456
	10,400	e	Endo Lighting Corp		207
	163,502	*,e	Energy Recovery, Inc		909
	222,970		EnerSys		15,628
	67,410	*	Engility Holdings, Inc		2,251
	468,493		Enka Insaat ve Sanayi AS		1,314
	52,251	*,e	Enphase Energy, Inc		331
	75,045	*,e	EnPro Industries, Inc		4,326
	722,000		Enric Energy Equipment Holdings Ltd		1,167
	19,501	*,e	Erickson Air-Crane, Inc		405
	110,098		ESCO Technologies, Inc		3,772
	182,023	*	Esterline Technologies Corp		18,559
	1,790,670		European Aeronautic Defence and Space Co		137,470
	1,292,000		EVA Precision Industrial Holdings Ltd		182
	721,800		Eversendai Corp BHD		229
	818,494		Exelis, Inc		15,600
	7,419		Faiveley S.A.		535
	127,688		Fanuc Ltd		23,398

24

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	3,302,000	e	Far East Global Group Ltd	$	734
	3,646,949		Far Eastern Textile Co Ltd		4,217
	654,496	e	Fastenal Co		31,095
	226,814	*	Federal Signal Corp		3,323
	227,099		Fenner plc		1,829
	2,337,236		Ferreyros S.A.		1,613
	79,523	*	Finmeccanica S.p.A.		604
	484,053	e	Finning International, Inc		12,372
	1,516,000	e	First Tractor Co		1,192
	191,722	*,e	Flow International Corp		775
	292,355		Flowserve Corp		23,046
	71,207	e	FLSmidth & Co AS		3,894
	1,226,221		Fluor Corp		98,453
	51,961	*,e	Fomento de Construcciones y Contratas S.A.		1,159
	111,919		Forge Group Ltd		175
	319,700		Forjas Taurus S.A. (Preference)		309
	1,957,265		Fortune Brands Home & Security, Inc		89,447
	567,100		Foshan Electrical and Lighting Co Ltd		409
	1,219,336	*	Foster Wheeler AG.		40,262
	179,045		Franklin Electric Co, Inc		7,993
	385,000	e	Fraser and Neave Ltd		1,068
	46,153		Freightcar America, Inc		1,229
	16,394	*	Frigoglass S.A.		115
	401,942		FSP Technology, Inc		367
	183,200	*	Fudo Tetra Corp		319
	470,519	*,e	FuelCell Energy, Inc		663
	2,074,587		Fuji Electric Holdings Co Ltd		9,720
	81,692		Fuji Machine Manufacturing Co Ltd		678
	1,149,978		Fujikura Ltd		5,398
	81,000		Fujitec Co Ltd		1,053
	114,386	*	Furmanite Corp		1,215
	379,000		Furukawa Co Ltd		751
	1,677,000		Furukawa Electric Co Ltd		4,216
	36,419		Futaba Corp/Chiba		476
	209,786		Galliford Try plc		4,061
	243,690	*,e	Gamesa Corp Tecnologica S.A.		2,544
	1,983,625		Gamuda BHD		2,910
	88,346		GATX Corp		4,609
	97,017		GEA Group AG.		4,626
	24,046		Geberit AG.		7,295
	207,578	*,e	GenCorp, Inc		3,741
	248,720		Generac Holdings, Inc		14,087
	187,698		General Cable Corp		5,520
	1,229,404		General Dynamics Corp		117,470
	41,884,029		General Electric Co		1,174,009
	10,741		Georg Fischer AG.		7,562
	3,226		Gesco AG.		311
	121,593	*	Gibraltar Industries, Inc		2,260
	212,221		Giken Seisakusho Co, Inc		1,651

25

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	147,545		Gildemeister AG.	$	4,708
	45,675		Global Brass & Copper Holdings, Inc		756
	70,037		Global Power Equipment Group, Inc		1,371
	86,456		Glory Ltd		2,244
	960,000	*	GMR Infrastructure Ltd		386
	70,936		Gorman-Rupp Co		2,371
	155,399		Graco, Inc		12,140
	456,185	*,e	GrafTech International Ltd		5,123
	1,825,419		Grafton Group plc		19,558
	33,667		Graham Corp		1,222
	69,163		Grana y Montero S.A.		294
	108,688	*	Grana y Montero S.A. (ADR)		2,307
	149,664		Granite Construction, Inc		5,235
	9,950		Graphite India Ltd		13
	223,933	*	Great Lakes Dredge & Dock Corp		2,060
	22,415		Greaves Cotton Ltd		24
	95,002	*	Greenbrier Cos, Inc		3,120
	194,421		Griffon Corp		2,568
	58,821	*	Grontmij (ADR)		292
	197,536		Group Five Ltd		763
	1,097,137	e	Grupo Carso S.A. de C.V. (Series A1)		5,836
	37,009		GS Engineering & Construction Corp		1,072
	10,060		GS Global Corp		85
	425,000		GS Yuasa Corp		2,445
	224,800		Guangzhou Shipyard International Co Ltd		459
	284,209		GWA International Ltd		773
	95,139	*	H&E Equipment Services, Inc		2,819
	338,000		Haitian International Holdings Ltd		764
	41,692		Haldex AB		389
	6,670		Halla Engineering & Construction Corp		33
	835,580		Hangzhou Steam Turbine Co		1,190
	53,291	*	Hanjin Heavy Industries & Construction Co Ltd		610
	695,395		Hanwa Co Ltd		3,726
	1,373,600		HAP Seng Consolidated BHD		1,262
	2,466,000		Harbin Power Equipment		1,600
	47,734		Hardinge, Inc		691
	46,990		Harsco Corp		1,317
	226,417		Havells India Ltd		2,901
	804,600		Hazama Ando Corp		2,876
	130,306	*	HD Supply Holdings, Inc		3,129
	215,607	e	Heico Corp		12,494
	259,276	*,e	Heidelberger Druckmaschinen		922
	146,000	*	Hellenic Technodomiki Tev S.A.		639
	2,804,000		Henderson Investment Ltd		225
	238,865	*	Hexcel Corp		10,675
	21,400		Hibiya Engineering Ltd		263
	575,886		Hills Industries Ltd		897
	1,148,981		Hino Motors Ltd		18,100

26

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	19,000		Hisaka Works Ltd	$	179
	28,591		Hitachi Construction Machinery Co Ltd		612
	55,000		Hitachi Koki Co Ltd		403
	176,900		Hitachi Zosen Corp		1,356
	216,935		Hiwin Technologies Corp		1,833
	4,838,000	*,e	HKC Holdings Ltd		163
	44,609		Hochtief AG.		3,818
	446,735		Hock Seng Lee BHD		255
	17,322		Homag Group AG.		456
	6,105,717		Honeywell International, Inc		557,879
	159,000		Hong Leong Asia Ltd		168
	709,331		Hopewell Holdings		2,405
	43,000		Hoshizaki Electric Co Ltd		1,529
	72,707		Hosken Consolidated Investments Ltd		970
	30,000		Hosokawa Micron Corp		198
	67,709		Houston Wire & Cable Co		906
	2,370,000		Hsin Chong Construction Group Ltd		368
	911,000		HUA ENG Wire & Cable		355
	44,734		Hubbell, Inc (Class B)		4,872
	19,599		Huber & Suhner AG.		1,030
	17,797		Hudaco Industries Ltd		178
	151,852		Huntington Ingalls		13,668
	25,575		Hurco Cos, Inc		640
	3,282,961		Hutchison Whampoa Ltd		44,733
	17,644		Hy-Lok Corp		448
	34,098		Hyster-Yale Materials Handling, Inc		3,177
	40,020		Hyundai Corp		1,344
	64,846		Hyundai Development Co		1,429
	85,778		Hyundai Engineering & Construction Co Ltd		4,945
	63,035		Hyundai Heavy Industries		15,393
	10,837		Hyundai Mipo Dockyard		1,833
	26,700		Idec Corp		235
	305,307		IDEX Corp		22,547
	669,019	*	Ihlas Holding		131
	200,920	*	II-VI, Inc		3,536
	1,303,307		IJM Corp BHD		2,342
	793,429		Illinois Tool Works, Inc		66,712
	55,470		IMARKETKOREA,Inc		1,355
	382,032		IMI plc		9,675
	35,033		Implenia AG.		2,559
	26,422		IMS-Intl Metal Service		474
	417,195	e	Imtech NV		1,225
	63,010		Inaba Denki Sangyo Co Ltd		1,965
	119,684		Inabata & Co Ltd		1,312
	45,480		Indus Holding AG.		1,828
	52,828		Industria Macchine Automatiche S.p.A.		2,035
	39,000	*	Industrias Romi S.A.		98
	26,123		Indutrade AB		1,091

27

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	2,383,786		Ingersoll-Rand plc	$	146,841
	40,422	*,e	Innovative Solutions & Support, Inc		295
	86,827		Insteel Industries, Inc		1,974
	5,360,000	*	Interchina Holdings Co		346
	190,654		Interpump Group S.p.A.		2,288
	310,224		Interserve plc		3,201
	2,537,174		Invensys plc		21,446
	23,564		Invicta Holdings Ltd		279
	315,100		Iochpe-Maxion S.A.		3,483
	537,231		IRB Infrastructure Developers Ltd		807
	12,320	*	IS Dongseo Co Ltd		186
	225,000	e	Iseki & Co Ltd		673
	181,000		I-Sheng Electric Wire & Cable Co Ltd		257
	4,911,417		Ishikawajima-Harima Heavy Industries Co Ltd		21,240
	1,912,350	*	Italian-Thai Development PCL		228
	2,741,572		Itochu Corp		33,893
	630,831		ITT Corp		27,391
	64,128	*	IVRCL Infrastructures & Projects Ltd		17
	446,000		Iwatani International Corp		2,265
	275,502	*	Jacobs Engineering Group, Inc		17,354
	263,792	*	Jain Irrigation Systems Ltd		310
	1,205,815		Jaiprakash Associates Ltd		1,065
	125,500	*,e	Japan Bridge Corp		239
	172,604		Japan Pulp & Paper Co Ltd		541
	157,823		Japan Steel Works Ltd		884
	1,699,400		JG Summit Holdings (Series B)		1,478
	179,481		JGC Corp		7,044
	7,060,000	*,e	Jia Sheng Holdings Ltd		320
	4,279,000	*,e	Jiangsu Rongsheng Heavy Industry Group Co Ltd		669
	326,000	m	Jingwei Textile Machinery		255
	140,500		John Bean Technologies Corp		4,121
	3,435,500		Johnson Electric Holdings Ltd		3,326
	1,329,875	e	Joy Global, Inc		77,784
	638,854		JTEKT Corp		10,901
	179,000	*	Juki Corp		390
	33,285		Jungheinrich AG.		2,168
	7,506	*	JVM Co Ltd		350
	41,590		Kadant, Inc		1,685
	181,941		Kajima Corp		684
	94,593		Kaman Corp		3,758
	26,000		Kamei Corp		205
	29,000		Kanamoto Co Ltd		738
	363,000		Kandenko Co Ltd		2,047
	580,000		Kanematsu Corp		955
	23,600		Katakura Industries Co Ltd		269
	56,000		Kato Works Co Ltd		360
	1,105,640		Kawasaki Heavy Industries Ltd		4,643
	1,588,528		KBR, Inc		50,658

28

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	19,006		KCC Corp	$	8,451
	55,785		KCI Konecranes Oyj		1,979
	153,417		Keller Group plc		2,919
	10,657		Kendrion NV		350
	1,654,861		Kennametal, Inc		86,169
	286,642		Kentz Corp Ltd		3,000
	126,300		Kepler Weber S.A.		2,195
	2,699,707	e	Keppel Corp Ltd		23,981
	109,885	*,e	KEYW Holding Corp		1,477
	46,099		KHD Humboldt Wedag International AG.		410
	72,825		Kier Group plc		2,213
	93,730		Kinden Corp		981
	157,000		King Slide Works Co Ltd		1,774
	200,574		Kingspan Group plc		3,587
	49,000		Kinik Co		121
	50,000		Kinki Sharyo Co Ltd		156
	38,119	*	KION Group AG.		1,611
	112,600		Kitz Corp		566
	126,891	*	Kloeckner & Co AG.		1,741
	1,638,517		KOC Holding AS		6,718
	19,790	*	Kolon Engineering & Construction Co Ltd		59
	1,309,967		Komatsu Ltd		26,895
	3,954		Komax Holding AG.		600
	203,060	*	Kombassan Holdings AS		227
	63,390		Komori Corp		1,081
	515,254		Kone Oyj (Class B)		23,237
	269,445	e	Koninklijke BAM Groep NV		1,405
	829,819		Koninklijke Philips Electronics NV		30,555
	12,764	*	Koor Industries Ltd		248
	72,525		Kopex S.A.		253
	48,040		Korea Aerospace Industries Ltd		1,322
	21,090		Korea Electric Terminal Co Ltd		831
	154,122	*,e	Kratos Defense & Security Solutions, Inc		1,184
	15,652		Krones AG.		1,345
	1,200,863		Kubota Corp		19,919
	31,211	e	KUKA AG.		1,465
	170,000	*,e	Kumagai Gumi Co Ltd		497
	5,000		Kumho Electric Co Ltd		124
	7,795	*	Kumho Industrial Co Ltd		87
	60,198		Kurita Water Industries Ltd		1,249
	101,679		Kuroda Electric Co Ltd		1,526
	28,400		Kyokuto Kaihatsu Kogyo Co Ltd		366
	117,000		Kyosan Electric Manufacturing Co Ltd		386
	298,300		Kyowa Exeo Corp		3,945
	109,000		Kyudenko Corp		740
	395,293		L-3 Communications Holdings, Inc		42,241
	1,074	*	Lakshmi Machine Works Ltd		48
	1,161,918	*	Lanco Infratech Ltd		144

29

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	550,011		Larsen & Toubro Ltd	$	9,539
	75,719	*,e	Layne Christensen Co		1,293
	43,721		LB Foster Co (Class A)		2,068
	165,475		Legrand S.A.		9,120
	908,398	e	Leighton Holdings Ltd		13,119
	250,218		Lennox International, Inc		21,284
	111,954		LG Corp		6,800
	16,573		LG Hausys Ltd		2,226
	79,170		LG International Corp		2,162
	263,421		Lincoln Electric Holdings, Inc		18,792
	67,733	*,e	Lindab International AB		668
	44,024	e	Lindsay Manufacturing Co		3,643
	7,127	e	LISI		1,057
	722,591		LIXIL Group Corp		19,837
	46,497	*,e	LMI Aerospace, Inc		685
	311,516		Lockheed Martin Corp		46,310
	3,040,000	*,e	Lonking Holdings Ltd		594
	20,588		LS Cable Ltd		1,581
	16,942		LS Industrial Systems Co Ltd		1,056
	79,907		LSI Industries, Inc		693
	78,157	*	Lydall, Inc		1,377
	13,518		Mabuchi Motor Co Ltd		804
	284,114		MACA Ltd		667
	48,797		MacDonald Dettwiler & Associates Ltd		3,781
	141,000		Maeda Corp		934
	15,600		Maeda Kosen Co Ltd		184
	84,541		Maeda Road Construction Co Ltd		1,389
	126,640	*,e	Maire Tecnimont S.p.A		284
	110,748		Makino Milling Machine Co Ltd		956
	57,699		Makita Corp		3,035
	24,900		Malaysia Marine and Heavy Engineering Sdn BHD		27
	2,224,300		Malaysian Resources Corp BHD		878
	6,974		MAN AG.		856
	44,944	*	Manitex International, Inc		714
	10,434		Manitou BF S.A.		198
	157,445		Manitowoc Co, Inc		3,672
	467,700		Marcopolo S.A.		1,011
	3,270,632		Marubeni Corp		23,546
	4,114,996		Masco Corp		93,698
	188,396	*	Mastec, Inc		6,164
	37,000		Max Co Ltd		406
	137,165		MAX India Ltd		479
	325,451		Meggitt plc		2,849
	223,000		Meidensha Corp		833
	1,020,863		Melrose Industries plc		5,179
	12,491		Metka S.A.		197
	14,365		Metso Oyj		614
	99,654	*	Meyer Burger Technology AG.		1,191

30

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	66,003		Micron Machinery Co Ltd	$	1,570
	63,412	*	Middleby Corp		15,217
	45,228		Miller Industries, Inc		843
	391,900		Mills Estruturas e Servicos de		5,482
	1,299,000		Minebea Co Ltd		9,517
	190,900		Miraito Holdings Corp		1,699
	102,300		MISUMI Group, Inc		3,216
	2,748,943		Mitsubishi Corp		52,774
	1,459,874		Mitsubishi Electric Corp		18,357
	3,725,696		Mitsubishi Heavy Industries Ltd		23,075
	31,000	e	Mitsubishi Nichiyu Forklift Co Ltd		224
	109,700		Mitsuboshi Belting Co Ltd		628
	3,413,865		Mitsui & Co Ltd		47,593
	1,298,300		Mitsui Engineering & Shipbuilding Co Ltd		2,682
	183,000		Mitsui Matsushima Co Ltd		285
	31,600		Miura Co Ltd		789
	3,849,674		MMC Corp BHD		3,385
	265,068	e	Monadelphous Group Ltd		4,414
	57,500	e	MonotaRO Co Ltd		1,171
	182,915	*	Moog, Inc (Class A)		12,427
	367,620		Morgan Crucible Co plc		1,939
	46,384		Morgan Sindall plc		581
	117,800		Mori Seiki Co Ltd		2,123
	36,000		Morita Holdings Corp		302
	82,398		Mota Engil SGPS S.A.		490
	639,307	*	MRC Global, Inc		20,624
	202,070		MSC Industrial Direct Co (Class A)		16,341
	79,492		MTU Aero Engines Holding AG.		7,812
	766,166		Mudajaya Group BHD		679
	123,883		Mueller Industries, Inc		7,806
	845,701		Mueller Water Products, Inc (Class A)		7,924
	267,700		Muhibbah Engineering M BHD		187
	648,379	*,e	Murray & Roberts Holdings Ltd		1,657
	78,701	*	MYR Group, Inc		1,974
	33,640		Nabtesco Corp		776
	209,332		Nachi-Fujikoshi Corp		1,182
	252,200		Nagase & Co Ltd		3,058
	154,200		Namura Shipbuilding Co Ltd		2,085
	20,097	*,e	National Presto Industries, Inc		1,618
	355,976	*,e	Navistar International Corp		13,595
	13,053		NCC AB		425
	230,811	e	NCC AB (B Shares)		7,538
	72,403	*	NCI Building Systems, Inc		1,270
	23,700		NEC Capital Solutions Ltd		652
	454,351	*	Neo-Neon Holdings Ltd		103
	34,812	e	Nexans S.A.		1,767
	493,954		NGK Insulators Ltd		9,400
	163,014		Nibe Industrier AB (Series B)		3,675

31

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	123,000		Nichias Corp	$	842
	6,700		Nichiden Corp		142
	50,600		Nichiha Corp		695
	55,584	e	Nidec Corp		5,476
	5,100	*	Nihon Trim Co Ltd		394
	133,000		Nippo Corp		2,211
	155,000		Nippon Carbon Co Ltd		292
	95,000		Nippon Densetsu Kogyo Co Ltd		1,294
	186,000		Nippon Koei Co Ltd		783
	248,000		Nippon Road Co Ltd		1,399
	323,730	e	Nippon Sharyo Ltd		1,611
	1,099,000	*	Nippon Sheet Glass Co Ltd		1,433
	143,845		Nippon Signal Co Ltd		1,217
	224,450		Nippon Steel Trading Co Ltd		840
	75,000		Nippon Thompson Co Ltd		416
	862,000		Nishimatsu Construction Co Ltd		2,742
	38,500		Nishio Rent All Co Ltd		975
	352,000		Nisshinbo Industries, Inc		3,390
	252,000		Nissin Electric Co Ltd		1,541
	20,400		Nitta Corp		449
	212,000		Nitto Boseki Co Ltd		1,121
	77,447		Nitto Kogyo Corp		1,313
	11,573		Nitto Kohki Co Ltd		208
	69,782		NKT Holding AS		3,443
	67,395		NN, Inc		1,361
	2,822,071	e	Noble Group Ltd		2,403
	19,446	*	Norcraft Cos, Inc		382
	126,035	*	Nordex AG.		1,671
	250,538		Nordson Corp		18,615
	134,919		Noritake Co Ltd		331
	43,900		Noritz Corp		940
	85,035		NORMA Group		4,227
	34,821	*,e	Nortek, Inc		2,598
	659,075		Northrop Grumman Corp		75,537
	36,583	*	Northwest Pipe Co		1,381
	1,281,632		NRW Holdings Ltd		1,574
	311,974		NSK Ltd		3,888
	704,000	*	NTN Corp		3,202
	2,778,807		NWS Holdings Ltd		4,241
	13,300		Obara Corp		417
	1,048,888		Obayashi Corp		5,983
	131,873	e	Obrascon Huarte Lain S.A.		5,350
	481,148		OC Oerlikon Corp AG.		7,208
	71,180	*	OCI		3,205
	14,700		Odelic Co Ltd		450
	10,302		OHB AG.		249
	122,500		Oiles Corp		2,477
	68,300		Okabe Co Ltd		806

32

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	159,641		Okuma Holdings, Inc	$	1,763
	209,000		Okumura Corp		967
	6,456	*,e	Omega Flex, Inc		132
	30,800		Onoken Co Ltd		388
	235,850	*	Orbital Sciences Corp		5,495
	52,000		Organo Corp		233
	104,596	*	Orion Marine Group, Inc		1,258
	64,681		Ormat Industries		444
	82,400		OSG Corp		1,399
	307,924		Oshkosh Truck Corp		15,513
	691,815	*	Osram Licht AG.		39,021
	279,056	e	Outotec Oyj		2,928
	2,758,262	*	Owens Corning, Inc		112,316
	645,587		Paccar, Inc		38,199
	14,733		Palfinger AG.		587
	289,789		Pall Corp		24,733
	401,488		Parker Hannifin Corp		51,647
	31,162	*	Patrick Industries, Inc		902
	215,189		Peab AB (Series B)		1,317
	649,661		Pentair Ltd		50,459
	340,500		Penta-Ocean Construction Co Ltd		1,196
	145,517	*	Perini Corp		3,827
	21,440		Pfeiffer Vacuum Technology AG.		2,919
	291,945	*,e	Pgt, Inc		2,954
	107,000		Phihong Technology Co Ltd		68
	124,691	*	Pike Electric Corp		1,318
	15,495	*	Pinguely-Haulotte		234
	46,589		Pkc Group Oyj		1,551
	4,743		Plasson		164
	53,993	*,e	Ply Gem Holdings, Inc		973
	84,153	*,e	PMFG, Inc		762
	112,300		Polyplex PCL		32
	319,913	*,e	Polypore International, Inc		12,445
	37,089		Powell Industries, Inc		2,485
	6,772	*	Power Solutions International, Inc		509
	66,945	*	PowerSecure International, Inc		1,149
	642,592		Precision Castparts Corp		173,050
	11,366		Preformed Line Products Co		832
	167,424		Primoris Services Corp		5,212
	546,700	*	Promotora y Operadora de Infraestructura SAB de C.V.		6,533
	147,040	*,e	Proto Labs, Inc		10,466
	137,150		Prysmian S.p.A.		3,531
	1,290,000		PT Adhi Karya Persero Tbk		161
	3,899,000		PT AKR Corporindo Tbk		1,405
	8,114,000		PT Arwana Citramulia Tbk		547
	564,500		PT Hexindo Adiperkasa Tbk		150
	4,416,500		PT Pembangunan Perumahan Tbk		423
	4,778,500		PT Surya Semesta Internusa Tbk		221

33

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,914,500		PT Total Bangun Persada Tbk	$	79
	2,771,384		PT United Tractors Tbk		4,338
	18,626,500		PT Waskita Karya Persero Tbk		622
	4,093,000		PT Wijaya Karya		533
	830,974		QinetiQ plc		2,989
	146,550		Quanex Building Products Corp		2,919
	259,699	*	Quanta Services, Inc		8,196
	5,869		R Stahl AG.		303
	54,800		Raito Kogyo Co Ltd		403
	151,292		Ramirent Oyj		1,906
	657,900		Randon Participacoes S.A.		3,204
	7,276		Rational AG.		2,414
	357,464		Raubex Group Ltd		741
	115,441		Raven Industries, Inc		4,749
	727,200		Raytheon Co		65,957
	76,772	*	RBC Bearings, Inc		5,432
	404,489		RCR Tomlinson Ltd		1,327
	49,172		Rechi Precision Co Ltd		53
	107,823		Regal-Beloit Corp		7,949
	179,453		Reunert Ltd		1,172
	100,771	*,e	Revolution Lighting Technologies, Inc		345
	1,936,916		Rexel S.A.		50,832
	135,432	*,e	Rexnord Corp		3,658
	105,466		Rheinmetall AG.		6,507
	334,583		Rich Development Co Ltd		150
	3,773		Rieter Holding AG.		890
	963,105		Rockwell Automation, Inc		113,800
	678,397		Rockwell Collins, Inc		50,147
	17,278		Rockwool International AS (B Shares)		3,060
	2,362,669		Rolls-Royce Group plc		49,974
	1,194,813		Roper Industries, Inc		165,697
	591,000		Rotary Engineering Ltd		310
	189,414		Rotork plc		9,016
	123,319	*	Rush Enterprises, Inc (Class A)		3,656
	79,933	e	Russel Metals, Inc		2,362
	529,000		Ryobi Ltd		2,130
	63,820		S&T Dynamics Co Ltd		772
	75,407		Saab AB (Class B)		2,023
	164,053	*,e	Sacyr Vallehermoso S.A.		852
	1,063,397		Safran S.A.		73,936
	29,132		Saft Groupe S.A.		1,002
	813,199		Salfacorp S.A.		760
	12,880		Sam Yung Trading Co Ltd		192
	144,860		Samsung Corp		8,335
	30,421		Samsung Engineering Co Ltd		1,906
	320,376		Samsung Heavy Industries Co Ltd		11,579
	39,333		Samsung Techwin Co Ltd		2,031
	24,860		San Miguel Corp		35

34

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	198,220		San Shing Fastech Corp	$	465
	1,661,405		Sandvik AB		23,449
	70,000		Sanki Engineering Co Ltd		440
	66,700		Sankyo Tateyama, Inc		1,326
	373,000		Sanwa Shutter Corp		2,530
	1,348,000	e	Sany Heavy Equipment International		424
	90,000		Sanyo Denki Co Ltd		561
	59,688		Scania AB (B Shares)		1,170
	10,085		Schindler Holding AG.		1,485
	7,108		Schindler Holding AG. (Reg)		1,049
	473,329		Schneider Electric S.A.		41,294
	1,656		Schweiter Technologies AG.		1,257
	131,000		Sekisui Jushi Corp		1,861
	2,066,701	e	SembCorp Industries Ltd		9,016
	1,863,780	e	SembCorp Marine Ltd		6,590
	20,039		Semperit AG. Holding		997
	840,581		Senior plc		4,288
	37,412	e	SGL Carbon AG.		1,483
	385,308	*	SGSB Group Co Ltd		222
	144,200	*	Shanghai Automation Instrumentation Co Ltd		93
	754,880		Shanghai Diesel Engine Co Ltd		595
	10,646,500		Shanghai Electric Group Co Ltd		3,880
	746,600		Shanghai Erfangji Co Ltd		478
	605,800		Shanghai Highly Group Co Ltd		348
	1,621,000		Shanghai Industrial Holdings Ltd		5,941
	218,200	*	Shanghai Lingyun Industries Development Co Ltd		132
	646,020		Shanghai Mechanical and Electrical Industry Co Ltd		1,115
	584,000		Shihlin Electric & Engineering Corp		745
	455,722		Shikun & Binui Ltd		1,116
	34,600		Shima Seiki Manufacturing Ltd		651
	886,536		Shimizu Corp		4,480
	184,000		Shin Zu Shing Co Ltd		460
	124,000		Shinko Electric Co Ltd		199
	478,590		Shinmaywa Industries Ltd		4,155
	26,300		SHO-BOND Holdings Co Ltd		1,208
	20,000		Showa Aircraft Industry Co Ltd		236
	630,900		Siam Future Development PCL		109
	625,282		Siemens AG.		85,738
	55,163		Siemens India Ltd		592
	764,587		SIG plc		2,686
	2,959,771		Sime Darby BHD		8,610
	160,474		Simpson Manufacturing Co, Inc		5,894
	1,834,000		Singamas Container Holdings Ltd		432
	251,987		Singapore Technologies Engineering Ltd		793
	1,526,557		Sino Thai Engineering & Construction PCL		617
	1,907,000	e	Sinopec Engineering Group Co Ltd		2,859
	652,500		Sinotruk Hong Kong Ltd		367
	120,300		Sintokogio Ltd		903

35

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	27,037		SK Corp	$	4,902
	289,110		SK Networks Co Ltd		2,075
	143,571		Skanska AB (B Shares)		2,937
	2,299,132		SKF AB (B Shares)		60,296
	6,197	*	SKF India Ltd		67
	211,540		SM Investments Corp		3,399
	37,877		SMC Corp		9,560
	833,820		Smiths Group plc		20,475
	212,240		Snap-On, Inc		23,245
	132,345		SNC-Lavalin Group, Inc		5,954
	366,016		SOCAM Development Ltd		425
	137,600		Sodick Co Ltd		612
	5,198,733		Sojitz Holdings Corp		9,256
	8,107		Solar Holdings AS (B Shares)		505
	93,582	*,e	SolarCity Corp		5,317
	38,137	*	Sparton Corp		1,066
	691,329		Speedy Hire plc		733
	109,216		Spirax-Sarco Engineering plc		5,420
	905,172	*	Spirit Aerosystems Holdings, Inc (Class A)		30,848
	355,838		SPX Corp		35,445
	53,163		Standex International Corp		3,343
	324,100		Stanley Works		26,152
	40,300		Star Micronics Co Ltd		470
	76,723	*	Stefanutti Stocks Holdings Ltd		76
	62,605	*	Sterling Construction Co, Inc		734
	20,475	*,e	Stock Building Supply Holdings, Inc		373
	349,200		STP & I PCL		168
	706,000	*,e	STX OSV Holdings Ltd		458
	19,583	*	STX Shipbuilding Co Ltd		125
	4,593		Sulzer AG.		742
	1,783,120		Sumitomo Corp		22,410
	31,100		Sumitomo Densetsu Co Ltd		449
	708,804		Sumitomo Electric Industries Ltd		11,848
	2,373,913		Sumitomo Heavy Industries Ltd		10,939
	730,300	*,e	Sumitomo Mitsui Construction C		891
	43,000		Sumitomo Precision Products Co Ltd		185
	78,361		Sun Hydraulics Corp		3,199
	28,990	*	Sung Jin Geotec Co Ltd		191
	22,330		Sung Kwang Bend Co Ltd		566
	148,000		Sunspring Metal Corp		403
	648,661	*	Suzlon Energy Ltd		108
	329,000	*,e	SWCC Showa Holdings Co Ltd		335
	285,995		Swisslog Holding AG.		365
	199,000		Syncmold Enterprise Corp		333
	126,000		Tadano Ltd		1,693
	10,658	*	Taewoong Co Ltd		286
	74,270		Taeyoung Engineering & Construction		392
	87,929	*	Taihan Electric Wire Co Ltd		200

36

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	40,000		Taihei Dengyo Kaisha Ltd	$	250
	60,000		Taihei Kogyo Co Ltd		250
	31,800		Taikisha Ltd		706
	1,310,561	e	Taisei Corp		5,964
	804,872		Taiwan Glass Industrial Corp		896
	33,900		Takaoka Toko Holdings Co Ltd		632
	95,929		Takara Standard Co Ltd		723
	74,300		Takasago Thermal Engineering Co Ltd		628
	33,600		Takeuchi Manufacturing Co Ltd		755
	82,000		Takuma Co Ltd		719
	121,283	e	TAL International Group, Inc		6,956
	499,771	*	Taser International, Inc		7,936
	326,000	e	Tat Hong Holdings Ltd		233
	46,000		Tatsuta Electric Wire and Cable Co Ltd		278
	300,600	*	Tebrau Teguh BHD		119
	2,029,133		Teco Electric and Machinery Co Ltd		2,331
	74,384	*,e	Tecumseh Products Co (Class A)		673
	614,090		Tekfen Holding AS		1,433
	130,000	*,e	Tekken Corp		401
	329,962	*	Teledyne Technologies, Inc		30,310
	98,595		Tennant Co		6,686
	287,860		Terex Corp		12,087
	77,561	e	Textainer Group Holdings Ltd		3,120
	3,429,582		Textron, Inc		126,071
	232,409		Thales S.A.		14,977
	21,899	*,e	The ExOne Company		1,324
	22,707	*	Thermax Ltd		261
	161,438	*	Thermon Group Holdings		4,412
	103,061		THK Co Ltd		2,574
	918,000	*	Tianjin Development Hldgs		699
	73,902		Timken Co		4,070
	184,154	e	Titan International, Inc		3,311
	66,407	*,e	Titan Machinery, Inc		1,183
	24,093	*	TK Corp		504
	38,322		TKH Group NV		1,340
	712,000	*	Toa Corp/Tokyo		1,702
	14,000		Tocalo Co Ltd		218
	255,000		Toda Corp		885
	79,000		Toenec Corp		473
	108,900		Tokai Corp		366
	84,760	*,e	Tokyu Construction Co Ltd		430
	55,057		Tong-Tai Machine & Tool Co Ltd		50
	18,500		Torishima Pump Manufacturing Co Ltd		185
	52,741		Toro Co		3,354
	164,342		Toromont Industries Ltd		4,123
	8,269,371		Toshiba Corp		34,812
	138,964		Toshiba Machine Co Ltd		804
	45,000		Toshiba Plant Systems & Services Corp		672
	25,400		Totetsu Kogyo Co Ltd		478

37

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	745,677		Toto Ltd	$	11,827
	76,000		Toyo Construction Co Ltd		269
	152,000		Toyo Engineering Corp		619
	15,900	e	Toyo Tanso Co Ltd		303
	213,701		Toyota Tsusho Corp		5,300
	342,618		Trakya Cam Sanayi AS		405
	58,690		TransDigm Group, Inc		9,450
	1,860,418		Travis Perkins plc		57,792
	1,186,007		Trelleborg AB (B Shares)		23,619
	39,981		Trevi Finanziaria S.p.A.		346
	98,542	*	Trex Co, Inc		7,837
	860,000		Trigiant Group Ltd		292
	210,059	*	Trimas Corp		8,379
	282,120		Trinity Industries, Inc		15,381
	101,706		Triumph Group, Inc		7,737
	39,962		Trusco Nakayama Corp		941
	168,000		Tsubakimoto Chain Co		1,282
	70,000		Tsugami Corp		420
	43,000		Tsukishima Kikai Co Ltd		443
	702,880	e	Tuan Sing Holdings Ltd		167
	541,212		Turk Sise ve Cam Fabrikalari AS		685
	31,477	e	Twin Disc, Inc		815
	121,277		Ultra Electronics Holdings		3,884
	380,000		Union Mosaic Industry PCL		77
	11,700		Union Tool Co		269
	21,172	*	Unison Co Ltd		51
	462,000	e	United Engineers Ltd		658
	510,132	e	United Group Ltd		3,335
	504,000		United Integrated Services Co Ltd		626
	288,586	*,e	United Rentals, Inc		22,495
	1,197,742		United Technologies Corp		136,303
	94,090		Universal Forest Products, Inc		4,906
	105,811		Uponor Oyj		2,066
	182,530		URS Corp		9,672
	4,273,203	*,e	USG Corp		121,274
	940,100		Ushio, Inc		12,496
	12,347		Vallourec		674
	58,892	e	Valmont Industries, Inc		8,782
	304,004	*	Vestas Wind Systems AS		9,002
	1,304,020		Vesuvius plc		11,026
	73,337	*	Vicor Corp		984
	982,161		Vinci S.A.		64,559
	229,975		Voltas Ltd		432
	2,863,762		Volvo AB (B Shares)		37,682
	91,793	*	Von Roll Holding AG.		143
	5,291		Vossloh AG.		529
	249,127		W.W. Grainger, Inc		63,632
	265,363	*	Wabash National Corp		3,277

38

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	656,076	*	WABCO Holdings, Inc	$	61,284
	27,660		Wacker Construction Equipment AG.		438
	19,238	e	Wajax Income Fund		661
	79,000		Wakita & Co Ltd		930
	3,487,250	*	Walsin Lihwa Corp		1,121
	6,338		Walter Meier AG.		410
	47,868		Wartsila Oyj (B Shares)		2,360
	118,165		Watsco, Inc		11,351
	110,897		Watts Water Technologies, Inc (Class A)		6,861
	1,423,700		WCT Berhad		892
	226,500		Weg S.A.		2,999
	668,900	e	Weichai Power Co Ltd		2,706
	32,688		Weir Group plc		1,157
	199,520		Well Shin Technology Co Ltd		329
	83,646	*,e	WESCO International, Inc		7,618
	553,441		Westinghouse Air Brake Technologies Corp		41,104
	75,749	*,e	Westport Innovations, Inc		1,483
	2,628,444	e	Wienerberger AG.		41,687
	131,496		Wilson Bayly Holmes-Ovcon Ltd		1,830
	383,089		Wolseley plc		21,780
	282,284		Woodward Governor Co		12,875
	50,926	*	Xerium Technologies, Inc		840
	127,137		Xxentria Technology Materials Corp		267
	101,336		Xylem, Inc		3,506
	11,360		Y G-1 Co Ltd		128
	36,000		Yahagi Construction Co Ltd		313
	25,800		YAMABIKO Corp		789
	62,700		Yamazen Corp		385
	8,474,449	e	Yangzijiang Shipbuilding		7,976
	89,858		Yazicilar Holding AS		784
	132,404	e	YIT Oyj		1,851
	34,000		Yokogawa Bridge Holdings Corp		499
	717,000	e	Yoma Strategic Holdings Ltd		427
	2,164,000		Yuanda China Holdings Ltd		190
	585,000		Yuasa Trading Co Ltd		1,197
	861,000		Yungtay Engineering Co Ltd		2,471
	53,000		Yurtec Corp		171
	10,300		Yushin Precision Equipment Co Ltd		224
	53,701	e	Zardoya Otis S.A.		972
	11,053	e	Zehnder Group AG.		508
	3,992,000	e	Zhuzhou CSR Times Electric Co Ltd		14,399
	43,541		Zodiac S.A.		7,716
	13,400		Zuiko Corp		809
	388,455		Zumtobel AG.		6,066
			TOTAL CAPITAL GOODS		10,469,779

39

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
COMMERCIAL & PROFESSIONAL SERVICES - 1.3%
	16,000	*,e	51job, Inc (ADR)	$	1,246
	59,084		Aangpanneforeningen AB (B Shares)		2,067
	214,893		ABM Industries, Inc		6,144
	192,630	e	Acacia Research (Acacia Technologies)		2,801
	441,541	*	ACCO Brands Corp		2,967
	70,708	e	Acorn Energy, Inc		288
	3,193		Adcorp Holdings Ltd		10
	1,242,653		Adecco S.A.		98,650
	101,055		Administaff, Inc		3,651
	1,815,398	e	ADT Corp		73,469
	123,287	*	Advisory Board Co		7,850
	22,200		Aeon Delight Co Ltd		426
	44,353		Aggreko plc		1,258
	7,084		Akka Technologies S.A.		228
	358,266		ALS Ltd		2,827
	10,614		Amadeus Fire AG		798
	154,425		American Banknote S.A.		2,099
	89,093		American Ecology Corp		3,313
	159,755	*	ARC Document Solutions, Inc		1,313
	25,343		Assystem		702
	227,423		Atkins WS plc		5,342
	502,265		Babcock International Group		11,286
	42,083		Barrett Business Services, Inc		3,903
	21,000		Benefit One, Inc		190
	6,803		Bertrandt AG.		1,039
	162,050	e	BFI Canada Ltd		4,008
	66,335		Bilfinger Berger AG.		7,451
	49,200	e	Black Diamond Group Ltd		1,390
	314,229		Blue Label Telecoms Ltd		255
	986,000	*,e	Blumont Group Ltd		67
	1,959,305		Brambles Ltd		16,052
	251,192		Brink’s Co		8,576
	12,231		Brunel International		750
	166,701		Bureau Veritas S.A.		4,867
	129,512	e	Cabcharge Australia Ltd		463
	138,366		Cape plc		638
	1,290,886		Capita Group plc		22,220
	132,657	*	Casella Waste Systems, Inc (Class A)		769
	131,141	*	Caverion Corp		1,606
	141,601	*,e	CBIZ, Inc		1,291
	57,250		CDI Corp		1,061
	56,751	e	Ceco Environmental Corp		918
	154,331	*,e	Cenveo, Inc		531
	12,195		Cewe Color Holding AG.		718

40

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	9,846,200	e	China Everbright International Ltd	$	13,228
	205,420		Cintas Corp		12,241
	93,892	*,e	Clean Harbors, Inc		5,630
	70,000		Cleanaway Co Ltd		457
	549,349	*,e	CNH Industrial NV (NYSE)		6,235
	2,271		Compx International, Inc		32
	27,423	*	Consolidated Graphics, Inc		1,849
	246,365	*	Copart, Inc		9,029
	147,506		Corporate Executive Board Co		11,421
	424,811		Corrections Corp of America		13,624
	46,012		Courier Corp		832
	197,881		Covanta Holding Corp		3,512
	42,409	*	CRA International, Inc		840
	95,642		Credit Corp Group Ltd		825
	501,740		Dai Nippon Printing Co Ltd		5,330
	41,500		Daiseki Co Ltd		813
	387,575		Davis Service Group plc		6,015
	125,679		De La Rue plc		1,814
	175,066		Deluxe Corp		9,137
	114,315	*	Derichebourg		382
	38,800	e	DirectCash Payments, Inc		665
	1,239,463		Downer EDI Ltd		5,401
	87,050		Dun & Bradstreet Corp		10,685
	52,898		Duskin Co Ltd		1,002
	1,139,755	*	Eastern Media International Corp		582
	2,472,000		Edenred		82,769
	133,580	*	EnerNOC, Inc		2,299
	49,700	e	en-japan, Inc		1,060
	103,384		Ennis, Inc		1,830
	279,803		Equifax, Inc		19,332
	789,204		Experian Group Ltd		14,578
	70,440		Exponent, Inc		5,455
	30,928	*	Franklin Covey Co		615
	158,056	*	FTI Consulting, Inc		6,502
	15,463,000	*	Fung Choi Media Group Ltd		1,299
	74,687		G & K Services, Inc (Class A)		4,648
	32,982	*	Gategroup Holding AG.		895
	60,000	e	Genivar Income Fund		1,782
	274,546		Geo Group, Inc		8,846
	9,568		GL Events		230
	47,307	*	GP Strategies Corp		1,409
	1,154,426		Group 4 Securicor plc		5,023
	108,545	e	Gunnebo AB		675
	3,704,158		Hays plc		7,979
	224,588		Healthcare Services Group		6,372
	71,165		Heidrick & Struggles International, Inc		1,433
	29,222	*	Heritage-Crystal Clean, Inc		599

41

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	188,117		Herman Miller, Inc	$	5,553
	165,294		HNI Corp		6,418
	420,356		Homeserve plc		1,921
	121,100	e	Horizon North Logistics, Inc		1,134
	98,944	*	Huron Consulting Group, Inc		6,206
	78,046	*	ICF International, Inc		2,709
	648,664	*	ICO Global Communications Holdings Ltd		1,304
	144,898	*	IHS, Inc (Class A)		17,344
	148,918	*,e	Innerworkings, Inc		1,160
	1,158,000	*,e,m	Integrated Waste Solutions Group Holdings Ltd		1
	191,388		Interface, Inc		4,203
	39,665		Intersections, Inc		309
	128,959		Intertek Group plc		6,731
	337,565		Intrum Justitia AB		9,450
	370,561		Iron Mountain, Inc		11,247
	503,942		ITE Group plc		2,563
	35,900		Itoki Corp		204
	3,721		Kaba Holding AG.		1,808
	85,885		KAR Auction Services, Inc		2,538
	28,000		KD Holding Corp		183
	104,220		Kelly Services, Inc (Class A)		2,599
	19,358		KEPCO Plant Service & Engineering Co Ltd		1,006
	96,349		Kforce, Inc		1,971
	486,800	e	K-Green Trust		403
	149,948		Kimball International, Inc (Class B)		2,254
	179,858		Knoll, Inc		3,293
	198,600	e	Kokuyo Co Ltd		1,456
	191,878	*	Korn/Ferry International		5,012
	176,000		Kyodo Printing Co Ltd		486
	487,000		L&K Engineering Co Ltd		466
	135,133		Loomis AB		3,204
	323,295		Manpower, Inc		27,758
	30,062		Matsuda Sangyo Co Ltd		403
	90,347		McGrath RentCorp		3,596
	83,588		McMillan Shakespeare Ltd		883
	131,075		Mears Group plc		1,032
	75,500		Meitec Corp		2,047
	335,263		Michael Page International plc		2,714
	135,979		Mine Safety Appliances Co		6,963
	215,905		Mineral Resources Ltd		2,297
	65,005	*	Mistras Group, Inc		1,357
	434,752		Mitie Group		2,293
	20,072		Mitsubishi Pencil Co Ltd		446
	149,365	*	Mobile Mini, Inc		6,151
	138,091	*,e	Moleskine S.p.A		304
	73,660	e	Morneau Sobeco Income Fund		1,069
	48,500		Moshi Moshi Hotline, Inc		520
	43,165		Multi-Color Corp		1,629

42

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	203,135	*	Navigant Consulting, Inc	$	3,900
	57,207		Newalta, Inc		938
	1,001,260		Nielsen Holdings NV		45,948
	13,300		Nihon M&A Center, Inc		899
	4,700		Nippon Kanzai Co Ltd		88
	35,560	*,e	Nissha Printing Co Ltd		566
	24,718	e	NL Industries, Inc		276
	42,600	*	Nomura Co Ltd		355
	259,114	*,e	Odyssey Marine Exploration, Inc		523
	75,000		Okamura Corp		638
	239,584	*	On Assignment, Inc		8,366
	19,968		Oyo Corp		305
	78,100		Park24 Co Ltd		1,473
	74,400		Pasona Group, Inc		523
	43,800		PayPoint plc		733
	174,115	*	Performant Financial Corp		1,793
	17,600		Pilot Corp		605
	1,513,917	e	Pitney Bowes, Inc		35,274
	49,138	*	Poyry Oyj		275
	79,293		Proffice AB		324
	335,368		Programmed Maintenance Services Ltd		1,048
	79,900		PRONEXUS, Inc		513
	236,814	e	Prosegur Cia de Seguridad S.A.		1,625
	6,670,500	*	PT Hanson International Tbk		313
	98,682	e	Quad		2,687
	1,341,535	e	R.R. Donnelley & Sons Co		27,206
	287,937		Randstad Holdings NV		18,685
	847,868		Regus plc		3,056
	2,242,410		Rentokil Initial plc		4,307
	361,394		Republic Services, Inc		11,998
	164,258		Resources Connection, Inc		2,354
	124,500	e	Ritchie Bros Auctioneers, Inc		2,855
	813,809		Robert Half International, Inc		34,172
	254,131		Rollins, Inc		7,698
	358,418		RPS Group plc		1,994
	225,891	*	RPX Corp		3,818
	17,158		S1 Corp (Korea)		1,217
	275,831		SAI Global Ltd (New)		958
	29,000	*,e	Sanix, Inc		237
	51,352	e	Sato Corp		1,165
	52,502		Schawk, Inc (Class A)		781
	3,453		Seche Environnement S.A.		133
	323,024		Secom Co Ltd		19,490
	289,750		Securitas AB (B Shares)		3,083
	540,696		Seek Ltd		6,500
	1,519,384		Serco Group plc		12,560
	4,311		SGS S.A.		9,925
	289,500	*	Shanghai Youngsun Investment C		321

43

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	525,715		Shanks Group plc	$	944
	26,700	e	Shenzhen Dongjiang Environmental Co Ltd		89
	535,896		Skilled Group Ltd		1,633
	31,231		Societe BIC S.A.		3,827
	148,094		Sohgo Security Services Co Ltd		2,950
	58,050	*	SP Plus Corp		1,512
	152,752		Sporton International, Inc		706
	102,293	e	Stantec, Inc		6,342
	387,308		Steelcase, Inc (Class A)		6,143
	637,051	*	Stericycle, Inc		74,006
	453,080	*,e	Swisher Hygiene, Inc		233
	245,000		Taiwan Secom Co Ltd		615
	238,000		Taiwan-Sogo Shinkong Security Corp		305
	64,454	*	Team, Inc		2,729
	265,171		Teleperformance		16,172
	48,100	e	Temp Holdings Co Ltd		1,281
	253,273	*	Tetra Tech, Inc		7,087
	486,000		Tianjin Capital Environmental Protection Group Co Ltd		247
	225,147	e	Tomra Systems ASA		2,097
	59,400		Toppan Forms Co Ltd		545
	424,829		Toppan Printing Co Ltd		3,401
	123,783	*	Towers Watson & Co		15,796
	149,096		Tox Free Solutions Ltd		466
	199,030	e	Transcontinental, Inc		2,739
	813,983		Transfield Services Ltd		653
	1,869,502	*	Transpacific Industries Group Ltd		1,960
	53,213	*	TRC Cos, Inc		380
	236,640	*	TrueBlue, Inc		6,101
	3,111,945		Tyco International Ltd		127,714
	62,182		Unifirst Corp		6,653
	387,000	e	United Envirotech Ltd		278
	160,150		United Stationers, Inc		7,349
	74,489		USG People NV		994
	1,154,456	*	Verisk Analytics, Inc		75,871
	82,279		Viad Corp		2,286
	17,594		VSE Corp		845
	136,576	*	WageWorks, Inc		8,118
	171,586		Waste Connections, Inc		7,486
	1,016,553		Waste Management, Inc		45,613
	5,200	e	Weathernews, Inc		119
	77,064		West Corp		1,981
	896,624		Yem Chio Co Ltd		670
	22,100		Yumeshin Holdings Co Ltd		240
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		1,502,984
CONSUMER DURABLES & APPAREL - 2.3%
	1,492,000		361 Degrees International Ltd		395
	816,000		Ability Enterprise Co Ltd		515

44

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	20,879	*	Accell Group NV	$	385
	161,505		Adidas-Salomon AG.		20,595
	213,574		Aksa Akrilik Kimya Sanayii		798
	1,845,735		Alok Industries Ltd		253
	160,300		Alpine Electronics, Inc		2,246
	592,940		Altek Corp		417
	141,345		Amer Sports Oyj (A Shares)		2,939
	239,117	*,e	American Apparel, Inc		294
	1,889,949		AmTRAN Technology Co Ltd		1,282
	4,018,900	e	Anta Sports Products Ltd		4,987
	524,904		Arcelik AS		2,969
	58,883		Arctic Cat, Inc		3,355
	68,600		Arezzo Industria e Comercio S.A.		865
	218,700	e	Aruze Corp		4,051
	769,450	*	Arvind Ltd		1,703
	135,000	*	Asia Optical Co, Inc		134
	19,251		Asics Corp		329
	216,000		Atsugi Co Ltd		249
	2,601,741		Avermedia Technologies		1,142
	39,460	*,e	Bang & Olufsen AS (B Shares)		333
	1,395,545		Barratt Developments plc		8,078
	9,040	*	Basic House Co Ltd		202
	43,437	e	Bassett Furniture Industries, Inc		664
	72,290		Bata India Ltd		1,233
	86,130	*,e	Beazer Homes USA, Inc		2,103
	159,251		Bellway plc		4,148
	44,433	*	Beneteau S.A.		830
	273,702		Berkeley Group Holdings plc		12,067
	4,797		Bijou Brigitte AG.		486
	529,000	e	Billion Industrial Holdings Ltd		292
	57,000		Bizlink Holdings Inc		244
	78,679	*,e	Black Diamond, Inc		1,049
	31,771	e	Blyth, Inc		346
	289,945		Bombay Dyeing & Manufacturing Co Ltd		357
	3,107,300	e	Bosideng International Holdings Ltd		586
	167,313		Bovis Homes Group plc		2,198
	405,192	*	Brookfield Incorporacoes S.A.		196
	21,200	*	BRP, Inc		602
	69,348	e	Brunello Cucinelli S.p.A		2,465
	307,773		Brunswick Corp		14,176
	314,840		Burberry Group plc		7,932
	88,650	*	BWG Homes ASA		168
	279,783	e	Callaway Golf Co		2,359
	350,141		Carter’s, Inc		25,137
	420,119		Casio Computer Co Ltd		5,148
	22,361	*	Cavco Industries, Inc		1,536
	380,200	*	Chengde Nanjiang Co Ltd		145
	2,296,000	*	Chigo Holding Ltd		54
	3,160,400	e	China Dongxiang Group Co		539

45

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	3,848,000	*,e	China Haidian Holdings Ltd	$	378
	1,466,000		China Lilang Ltd		905
	20,400		Chofu Seisakusho Co Ltd		482
	86,765		Christian Dior S.A.		16,423
	22,600		Cia Providencia Industria e Comercio S.A.		76
	1,072,069		Cie Financiere Richemont S.A.		107,097
	165,000	*,e	Clarion Co Ltd		249
	48,000		Cleanup Corp		434
	1,360,640		Coach, Inc		76,373
	59,253	e	Columbia Sportswear Co		4,666
	1,134,700	*,e	Consorcio ARA, S.A. de C.V.		444
	12,000		Corona Corp		129
	654,100	*,e,m	Corp GEO S.A. de C.V. (Series B)		62
	32,188	*	Costa, Inc		699
	444,051	*	Crest Nicholson Holdings plc		2,685
	521,008	*	CROCS, Inc		8,294
	39,322		CSS Industries, Inc		1,128
	28,108		Culp, Inc		575
	1,657,481		Cyrela Brazil Realty S.A.		10,075
	30,200		Daidoh Ltd		192
	6,800		Daikoku Denki Co Ltd		139
	198,126	*,e	Deckers Outdoor Corp		16,734
	81,812		De’Longhi S.p.A.		1,333
	54,590		Descente Ltd		370
	247,600		Direcional Engenharia S.A.		1,259
	50,233		Dorel Industries, Inc (Class B)		1,913
	2,837,681	*	DR Horton, Inc		63,337
	434,940		Eclat Textile Co Ltd		4,911
	1,468,952		Electrolux AB (Series B)		38,387
	248,000		Embry Holdings Ltd		172
	81,010	e	Ethan Allen Interiors, Inc		2,464
	355,600		Even Construtora e Incorporadora S.A.		1,224
	434,000		Evergreen International Holdin		81
	32,198	*,e	EveryWare Global, Inc		267
	96,900		Ez Tec Empreendimentos e Participacoes S.A.		1,193
	292,271		Feng TAY Enterprise Co Ltd		702
	69,200		Fields Corp		1,338
	476,816	*	Fifth & Pacific Cos, Inc		15,291
	12,823		Fila Korea Ltd		961
	55,300		Fiyta Holdings Ltd		47
	16,736		Flexsteel Industries, Inc		514
	4,950		Forbo Holding AG.		4,228
	529,020		Formosa Taffeta Co Ltd		640
	81,034		Forus S.A.		410
	227,735	*	Fossil Group, Inc		27,315
	123,610		Foster Electric Co Ltd		2,283
	160,000		France Bed Holdings Co Ltd		311

46

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	94,000		Fujibo Holdings Inc	$	203
	66,000		Fujitsu General Ltd		705
	24,800		Funai Electric Co Ltd		323
	580,000	*	Gafisa S.A.		868
	161,606	e	Garmin Ltd		7,469
	70,909		Genius Electronic Optical Co Ltd		216
	113,353	e	Geox S.p.A.		410
	29,496		Gerry Weber International AG.		1,254
	273,949		Giant Manufacturing Co Ltd		1,887
	58,366	*	G-III Apparel Group Ltd		4,307
	157,227		Gildan Activewear, Inc		8,379
	32,000		Goldwin, Inc		145
	98,272	e	GUD Holdings Ltd		506
	1,008,000		Gunze Ltd		2,530
	1,042,000		Haier Electronics Group Co Ltd		3,028
	18,240		Handsome Co Ltd		546
	877,385		Hanesbrands, Inc		61,654
	22,499		Hansae Co Ltd		414
	31,650		Hanssem Co Ltd		1,510
	225,135		Harman International Industries, Inc		18,427
	2,577,250	e	Hasbro, Inc		141,775
	1,488,600	*	Haseko Corp		11,342
	15,264		Hefei Meiling Co Ltd		9
	52,500		Heiwa Corp		850
	388,050		Helbor Empreendimentos S.A.		1,283
	125,141	*	Helen of Troy Ltd		6,196
	36,000		Higashi Nihon House Co Ltd		180
	1,320,000	*	Hisense Kelon Electrical Holdings Co Ltd		2,005
	43,983		Hooker Furniture Corp		734
	25,700	e	Hoosiers Holdings Co Ltd		185
	880,000		Hosa International Ltd		301
	485,533	*,e	Hovnanian Enterprises, Inc (Class A)		3,214
	77,203		Hugo Boss AG.		10,996
	301,800		Husqvarna AB (B Shares)		1,817
	84,270		Huvis Corp		840
	8,644		IC Companys AS		249
	189,601	*,e	Iconix Brand Group, Inc		7,527
	215,282	*	Iida Group Holdings Co Ltd		4,297
	47,239		Indesit Co S.p.A.		623
	910,000		International Taifeng Holdings Ltd		210
	97,024	*	iRobot Corp		3,374
	79,700	e	Jakks Pacific, Inc		536
	98,000		Japan Vilene Co Ltd		552
	88,000		Japan Wool Textile Co Ltd		639
	3,093,271	*	Jarden Corp		189,772
	203,699	*	Jinshan Development & Construction Co Ltd		126
	208,556		JM AB		5,892
	78,680		Johnson Health Tech Co Ltd		206

47

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	20,817		Johnson Outdoors, Inc	$	561
	309,796		Jones Apparel Group, Inc		4,635
	197,200		JVC KENWOOD Holdings, Inc		390
	262,044	e	KB Home		4,790
	118,000		Kinko Optical Co Ltd		117
	4,131,000		Kinpo Electronics		1,519
	563,500		Konka Group Co Ltd		201
	254,000		Kurabo Industries Ltd		449
	472,800		Kwong Fong Industries		310
	2,052	*	Kyungbang Ltd		212
	514,820		Lao Feng Xiang Co Ltd		1,261
	196,183		La-Z-Boy, Inc		6,082
	864,000		Le Saunda Holdings		411
	1,023,112		Lealea Enterprise Co Ltd		382
	245,731	*,e	Leapfrog Enterprises, Inc		1,951
	76,245	e	Leggett & Platt, Inc		2,359
	160,538	e	Lennar Corp (Class A)		6,351
	110,533		LG Electronics, Inc		7,147
	28,760		LG Fashion Corp		920
	23,985	*,e	LGI Homes, Inc		427
	1,467,750	*,e	Li Ning Co Ltd		1,162
	381,356	*	Li Peng Enterprise Co Ltd		186
	65,465	*	Libbey, Inc		1,375
	39,051		Lifetime Brands, Inc		614
	3,232,000	*	Lung Cheong International Holdings Ltd		410
	691,000		Luthai Textile Co Ltd		966
	673,551		Luxottica Group S.p.A.		36,097
	481,198		LVMH Moet Hennessy Louis Vuitton S.A.		87,912
	86,068	*	M/I Homes, Inc		2,190
	4,054		Maisons France Confort		160
	339,000		Makalot Industrial Co Ltd		1,834
	1,244,000		Man Wah Holdings Ltd		1,951
	6,442	*,m	Mariella Burani S.p.A.		0	^
	31,557	e	Marine Products Corp		317
	8,300	e	Mars Engineering Corp		154
	2,683,247		Matsushita Electric Industrial Co Ltd		31,279
	349,325		Mattel, Inc		16,621
	424,400		MC Group PCL		150
	2,054,700		MC Group PCL (ADR)		727
	148,763	*	MDC Holdings, Inc		4,796
	38,000	*	Mega Brands, Inc		544
	3,241,000	*	Megawide Construction Corp		1,024
	813,500		Merida Industry Co Ltd		5,910
	120,451	*	Meritage Homes Corp		5,780
	179,882		Merry Electronics Co Ltd		1,054
	1,142,541	*	Michael Kors Holdings Ltd		92,763
	28,500		Misawa Homes Co Ltd		438
	80,000		Mitsui Home Co Ltd		392

48

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	126,000	e	Mizuno Corp	$	640
	414,999	*	Mohawk Industries, Inc		61,793
	35,936	*	Moncler S.p.A		781
	105,131		Movado Group, Inc		4,627
	345,398		MRV Engenharia e Participacoes S.A.		1,228
	43,909	e	Mulberry Group plc		694
	18,354		Nacco Industries, Inc (Class A)		1,141
	5,200		Nagawa Co Ltd		102
	845,522		Namco Bandai Holdings, Inc		18,773
	52,000		Nan Liu Enterprise Co Ltd		287
	88,519	*	Nautilus, Inc		746
	54,573		New Wave Group AB (B Shares)		279
	2,921,925		Newell Rubbermaid, Inc		94,700
	77,660		Nexity		2,931
	478,129		Nien Hsing Textile Co Ltd		493
	2,489,356		Nike, Inc (Class B)		195,763
	165,235		Nikon Corp		3,158
	248,857		Nobia AB		2,109
	51,580	*	NVR, Inc		52,922
	806,531		Onward Kashiyama Co Ltd		6,115
	29,362		Oriental Weavers		146
	43,782		Oxford Industries, Inc		3,532
	1,118,637		Pacific Textile Holdings Ltd		1,711
	185,000		PanaHome Corp		1,363
	237,101		Pandora AS		12,888
	1,823,198	*	PDG Realty S.A.		1,390
	402,000	*,m	Peace Mark Holdings Ltd		0	^
	1,569,000	e	Peak Sport Products Co Ltd		383
	15,000		Pegas Nonwovens S.A.		447
	51,046	*	Perry Ellis International, Inc		806
	298,700		Persimmon plc		6,141
	418,017		Phillips-Van Heusen Corp		56,859
	200,000	*	PIK Group (GDR)		464
	356,300	*,e	Pioneer Corp		746
	9,054,857		Playmates Holdings Ltd		12,057
	556,000	*	Playmates Toys Ltd		261
	288,026		Polaris Industries, Inc		41,948
	71,428	*	Poltrona Frau S.p.A.		232
	151,303		Pool Corp		8,797
	661,000		Ports Design Ltd		512
	5,505,170		Pou Chen Corp		8,242
	6,100		Pressance Corp		179
	1,210,200	e	Prime Success International Group Ltd		546
	7,930,000	*	PT Sri Rejeki Isman Tbk		160
	8,044,262		Pulte Homes, Inc		163,862
	469,578	*,e	Quiksilver, Inc		4,118
	267,001	*	Rajesh Exports Ltd		334
	66,820		Ralph Lauren Corp		11,798

49

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	130,103		Raymond Ltd	$	594
	299,256		Redrow plc		1,552
	155,700		Restoque Comercio e Confeccoes de Roupas S.A.		396
	38,512		RG Barry Corp		743
	24,166		Rinnai Corp		1,883
	30,800		Rodobens Negocios Imobiliarios S.A.		171
	22,400		Roland Corp		304
	344,556	*	Rossi Residencial S.A.		299
	750,217		Ruentex Industries Ltd		1,930
	176,884		Ryland Group, Inc		7,679
	40,054	*	Safilo Group S.p.A.		933
	49,421		Salvatore Ferragamo Italia S.p.A		1,880
	1,045,000		Sampo Corp		416
	1,227,000		Samson Holding Ltd		168
	1,108,400	e	Samsonite International		3,381
	32,976		Sangetsu Co Ltd		822
	88,421		Sankyo Co Ltd		4,078
	122,400		Sanyo Electric Taiwan Co Ltd		172
	257,000	e	Sanyo Shokai Ltd		696
	26,614		SEB S.A.		2,407
	686,621		Sega Sammy Holdings, Inc		17,499
	423,000		Seiko Holdings Corp		2,086
	1,172,330		Seiren Co Ltd		9,322
	917,469		Sekisui Chemical Co Ltd		11,259
	1,626,171		Sekisui House Ltd		22,755
	481,900	*	Shanghai Haixin Group Co		260
	274,202	*	Sharp Corp		873
	698,000		Shenzhou International Group Holdings Ltd		2,625
	20,591		Shimano, Inc		1,768
	221,000		Shinkong Textile Co Ltd		297
	401,000		Sitoy Group Holdings Ltd		231
	155,228	*	Skechers U.S.A., Inc (Class A)		5,143
	60,394	*	Skullcandy, Inc		435
	2,557,702		Skyworth Digital Holdings Ltd		1,414
	311,065	*,e	Smith & Wesson Holding Corp		4,196
	876,666		Socovesa S.A.		213
	177,549	*,e	SodaStream International Ltd		8,814
	2,849,904	e	Sony Corp		49,127
	164,000	e	Sony Corp (ADR)		2,836
	13,300		SRI Sports Ltd		159
	595,576	*,e	Standard-Pacific Corp		5,390
	47,000		Starts Corp, Inc		673
	3,994,347	e	Steinhoff International Holdings Ltd		17,210
	726,500		Stella International Holdings Ltd		1,851
	306,826	*	Steven Madden Ltd		11,227
	66,464	e	Sturm Ruger & Co, Inc		4,858
	272,354		Sumitomo Forestry Co Ltd		3,171
	35,000	e	Sun Corp		444

50

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	39,353		Swatch Group AG.	$	26,083
	148,609		Swatch Group AG. Reg		16,752
	121,000	*,e	Sxl		160
	97,000		Tainan Enterprises Co Ltd		102
	727,755		Tainan Spinning Co Ltd		515
	192,600		Taiwan Paiho Ltd		233
	20,400		Taiwan Sakura Corp		14
	133,393	e	Takamatsu Corp		2,398
	16,000		Tama Home Co Ltd		149
	18,500	e	Tamron Co Ltd		449
	1,787,298	*	Tatung Co Ltd		497
	38,916	*	Taylor Morrison Home Corp		874
	6,994,674		Taylor Woodrow plc		12,954
	792,000		TCL Multimedia Technology Holdings Ltd		369
	39,000		Technos S.A.		268
	3,255,617	e	Techtronic Industries Co		9,273
	151,800	*	Tecnisa S.A.		576
	232,061	*	Tempur-Pedic International, Inc		12,522
	668,000	e	Texhong Textile Group Ltd		869
	800,000		Texwinca Holdings Ltd		843
	332,161	*	Thomson		1,760
	2,340,000		Time Watch Investments Ltd		327
	8,665		Titan Industries Ltd		32
	14,445		Tod’s S.p.A.		2,412
	13,770		Token Corp		662
	90,171	*	Toll Brothers, Inc		3,336
	149,426	*	TomTom NV		1,061
	72,168		Tomy Co Ltd		322
	74,000		Toung Loong Textile Manufacturing		270
	655,520	*,e	TRI Pointe Homes, Inc		13,064
	20,390	*	Trigano S.A.		444
	1,198,000	e	Trinity Ltd		403
	171,700		TSI Holdings Co Ltd		1,150
	17,056		TTK Prestige Ltd		960
	307,578	*	Tumi Holdings, Inc		6,936
	666,807		Tupperware Corp		63,033
	21,233	*	UCP, Inc (Class A)		311
	70,613	*,e	Under Armour, Inc (Class A)		6,164
	65,300		UNICASA Industria de Moveis S.A.		158
	55,291	*	Unifi, Inc		1,506
	624,000	*	Unitika Ltd		380
	61,412	*	Universal Electronics, Inc		2,340
	591,479	*,e,m	Urbi Desarrollos Urbanos S.A. de C.V		53
	1,476	*	Vardhman Textiles Ltd		9
	68,386	*,e	Vera Bradley, Inc		1,644
	201,118	*	Vestel Beyaz Esya Sanayi ve Ticaret AS		284
	179,066	*	Vestel Elektronik Sanayi		129
	1,468,714		VF Corp		91,560
	36,082	*	Vince Holding Corp		1,107

51

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	178,627		Wacoal Holdings Corp	$	1,819
	39,085	*	WCI Communities, Inc		746
	131,500	e	Weiqiao Textile Co		81
	3,378,000		Welling Holding Ltd		1,094
	16,200		West Holdings Corp		208
	26,235		Weyco Group, Inc		772
	510,995		Whirlpool Corp		80,155
	28,254	*	Whirlpool of India Ltd		97
	70,909	*	William Lyon Homes, Inc		1,570
	858,972		Wolverine World Wide, Inc		29,171
	26,618	*	Woongjin Chemical Co Ltd		276
	184,910		Woongjin Coway Co Ltd		11,649
	296,131		Wuxi Little Swan Co Ltd		362
	2,228,500	e	XTEP International Holdings		1,152
	111,388		Yamaha Corp		1,771
	83,000		YGM Trading Ltd		188
	20,800		Yondoshi Holdings, Inc		315
	44,000		Young Optics, Inc		90
	31,260		Youngone Corp		1,261
	10,670		Youngone Holdings Co Ltd		798
	1,920,907		Yue Yuen Industrial Holdings		6,423
	134,012	*,e	Zagg, Inc		583
	46,764		Zeng Hsing Industrial Co Ltd		259
	11,000		Zhonglu Co Ltd		9
	250,596	*	Zig Sheng Industrial Co Ltd		87
			TOTAL CONSUMER DURABLES & APPAREL		2,847,055
CONSUMER SERVICES - 2.3%
	482,856		888 Holdings plc		1,380
	39,300		Abril Educacao S.A.		556
	3,080,145		Accor S.A.		145,475
	226,100		Accordia Golf Co Ltd		2,852
	262,926		Advtech Ltd		165
	5,100		Aeon Fantasy Co Ltd		78
	126,688	*	AFC Enterprises		4,877
	264,359		Ainsworth Game Technology Ltd		1,038
	711,000	e	Ajisen China Holdings Ltd		737
	1,114,702	e	Alsea SAB de C.V.		3,482
	255,000		Ambassador Hotel		255
	56,518	*,e	American Public Education, Inc		2,457
	708,100		Anhanguera Educacional Participacoes S.A.		4,472
	434,149	*	Apollo Group, Inc (Class A)		11,861
	790,697	*,e	ARAMARK Holdings Corp		20,732
	1,257,962	e	Aristocrat Leisure Ltd		5,285
	55,473	*	Ascent Media Corp (Series A)		4,746
	58,300	e	Atom Corp		293
	147,266	*	Autogrill S.p.A.		1,244
	353,234	*	Bally Technologies, Inc		27,711

52

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	72,868		Benesse Corp	$	2,927
	572,951		Berjaya Sports Toto BHD		708
	17,800	e	Best Bridal Inc		112
	79,306		BETFAIR Group Ltd		1,418
	44,851		Betsson AB		1,423
	261,334	*	BHG S.A.-Brazil Hospitality Group		1,524
	85,684	*	BJ’s Restaurants, Inc		2,661
	14,030,800	*	Bloomberry Resorts Corp		2,731
	278,933	*,e	Bloomin’ Brands, Inc		6,697
	105,504		Bob Evans Farms, Inc		5,337
	228,723	*,e	Boyd Gaming Corp		2,575
	62,490	*	Bravo Brio Restaurant Group, Inc		1,017
	69,597	*,e	Bridgepoint Education, Inc		1,233
	55,357	*	Bright Horizons Family Solutions		2,034
	374,682		Brinker International, Inc		17,363
	61,522	*	Buffalo Wild Wings, Inc		9,056
	429,705	e	Burger King Worldwide, Inc		9,823
	132,114	*,e	Caesars Entertainment Corp		2,846
	744,000		Cafe de Coral Holdings Ltd		2,401
	80,594	*	Capella Education Co		5,355
	202,125	*	Career Education Corp		1,152
	3,030,469		Carnival Corp		121,734
	84,716		Carnival plc		3,507
	48,036		Carriage Services, Inc		938
	96,100	*	Carrols Restaurant Group, Inc		635
	87,230		CBRL Group, Inc		9,601
	59,029		CEC Entertainment, Inc		2,614
	1,107,900		Central Plaza Hotel PCL		933
	1,514,040		Century City International		117
	187,401		Cheesecake Factory		9,046
	5,310,000		China Travel International Inv HK		1,118
	159,531	*	Chipotle Mexican Grill, Inc (Class A)		84,995
	13,438	e	Choice Hotels International, Inc		660
	43,478	*	Churchill Downs, Inc		3,898
	515,878	*	Chuy’s Holdings, Inc		18,582
	11,133		Cie des Alpes		245
	66,425	e	City Lodge Hotels Ltd		884
	31,761	*	Club Mediterranee S.A.		760
	63,248	*	ClubCorp Holdings, Inc		1,122
	70,000	e	Colowide Co Ltd		704
	549,838		Compass Group plc		8,828
	131,525	e	Consumers’ Waterheater Income Fund		1,234
	322,665	*,e	Corinthian Colleges, Inc		574
	77,087		Corporate Travel Management Lt		383
	63,279		Cox & Kings India Ltd		118
	2,888		Credu Corp		124
	377,912		Crown Ltd		5,702

53

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	9,000		Daisyo Corp	$	113
	1,627,763	e	Darden Restaurants, Inc		88,501
	715,318	*	Del Frisco’s Restaurant Group, Inc		16,860
	472,142	*	Denny’s Corp		3,395
	119,279	e	DeVry, Inc		4,234
	77,355	*	Diamond Resorts International, Inc		1,428
	76,663		Dignity plc		1,828
	77,681		DineEquity, Inc		6,490
	35,277	*	Diversified Restaurant Holdings, Inc		168
	76,259		Domino’s Pizza Enterprises Ltd		1,102
	322,274		Domino’s Pizza UK & IRL plc		2,742
	280,194		Domino’s Pizza, Inc		19,516
	33,400		Doutor Nichires Holdings Co Ltd		557
	124,852		Dunkin Brands Group, Inc		6,018
	3,535,400		Dynam Japan Holdings Co Ltd		12,398
	15,406,752		Echo Entertainment Group Ltd		33,938
	85,127	*,e	Education Management Corp		859
	67,227		EIH Ltd		68
	27,000		Einstein Noah Restaurant Group, Inc		392
	1,445,000		Emperor Entertainment Hotel Ltd		747
	1,950,848		Enjoy S.A.		286
	619,582	*	Enterprise Inns plc		1,583
	1,474,000		Erawan Group PCL		148
	266,500		Estacio Participacoes S.A.		2,306
	31,247	*	Euro Disney SCA		181
	2,900,096	*	Extended Stay America, Inc		76,157
	97,333		Famous Brands Ltd		889
	100,300	*	Fiesta Restaurant Group, Inc		5,240
	367,633		First Hotel		237
	127,108	e	Flight Centre Ltd		5,413
	119,037		Formosa International Hotels Corp		1,360
	69,000		Fortuna Entertainment Group NV		411
	78,000	e	Fuji Kyuko Co Ltd		640
	69,000		Fujita Kanko, Inc		264
	836,738		G8 Education Ltd		2,368
	3,344,155	*	Galaxy Entertainment Group Ltd		30,108
	4,078,605		Genting BHD		12,793
	19,915,000	*,e	Genting Hong Kong Ltd		8,575
	80,347,928		Genting International plc		95,549
	372,000		Gourmet Master Co Ltd		2,516
	16,403	*	Graham Holdings Co		10,880
	144,145	*	Grand Canyon Education, Inc		6,285
	53,500		Grand Korea Leisure Co Ltd		2,052
	97,157	*	Great Canadian Gaming Corp		1,339
	319,472		Greene King plc		4,667
	663,000	e	GuocoLeisure Ltd		453
	1,276,356		H&R Block, Inc		37,065
	12,020		Hana Tour Service, Inc		738

54

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	223,607		Hillenbrand, Inc	$	6,579
	460,292	*,e	Hilton Worldwide Holdings, Inc		10,241
	26,500	e	Hiramatsu Inc		166
	188,197		HIS Co Ltd		9,403
	456,000		Hotel Properties Ltd		1,125
	48,006		Hotel Shilla Co Ltd		3,026
	61,699	*	Houghton Mifflin Harcourt Co		1,046
	254,050		Huangshan Tourism Development Co Ltd		313
	104,118	*	Hyatt Hotels Corp		5,150
	7,700		Ichibanya Co Ltd		283
	23,767	*,e	Ignite Restaurant Group, Inc		297
	245,919		Indian Hotels Co Ltd		246
	58,670		InterContinental Hotels Group plc		1,957
	940,397		International Game Technology		17,078
	72,000	*	International Meal Co Holdings S.A.		557
	107,225		International Speedway Corp (Class A)		3,805
	627,056		Interval Leisure Group, Inc		19,376
	112,262		Intralot S.A.-Integrated Lottery Systems & Services		284
	122,071		Invocare Ltd		1,205
	84,486	*	Isle of Capri Casinos, Inc		760
	84,189	*,e	ITT Educational Services, Inc		2,827
	224,490	*	Jack in the Box, Inc		11,229
	73,829	*	Jamba, Inc		918
	400,170		Jollibee Foods Corp		1,564
	54,500	e	JP-Holdings Inc/Japan		214
	16,541	*,e	JTH Holding, Inc		402
	61,771	*	Jubilant Foodworks Ltd		1,273
	87,276	*,e	K12, Inc		1,898
	100,980		Kangwon Land, Inc		2,965
	15,650	*,e	Kappa Create Co Ltd		296
	23,300	e	Kisoji Co Ltd		412
	13,900		Koshidaka Holdings Co Ltd		390
	805,000		Kosmopolito Hotels International Ltd		169
	336,623	*	Krispy Kreme Doughnuts, Inc		6,493
	363,000		Kroton Educacional S.A.		6,041
	4,016		Kuoni Reisen Holding		1,812
	12,400		Kura Corp		187
	32,400	e	Kyoritsu Maintenance Co Ltd		1,166
	4,816,175		Ladbrokes plc		14,313
	356,500	*	Landmarks BHD		117
	3,261,228		Las Vegas Sands Corp		257,213
	151,165	*,e	Life Time Fitness, Inc		7,105
	234,743	*	LifeLock, Inc		3,852
	78,617		Lincoln Educational Services Corp		392
	452,521		Lottomatica S.p.A.		13,791
	81,055	*	Luby’s, Inc		626
	2,776,000	*,e	Macau Legend Development Ltd		2,924
	46,840		Mac-Gray Corp		994

55

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,192,875	e	Macquarie Leisure Trust Group	$	2,145
	76,281		Marcus Corp		1,025
	1,279,123		Marriott International, Inc (Class A)		63,138
	114,957	*	Marriott Vacations Worldwide Corp		6,065
	726,257		Marston’s plc		1,730
	8,700	e	Matsuya Foods Co Ltd		143
	96,278		Matthews International Corp (Class A)		4,102
	1,924,804		McDonald’s Corp		186,764
	7,864	e	McDonald’s Holdings Co Japan Ltd		201
	7,858		MegaStudy Co Ltd		581
	15,400		Meiko Network Japan Co Ltd		164
	7,889,600	*	Melco Crown Philippines Resorts Corp		2,437
	1,059,000		Melco International Development		3,906
	73,894	*	Melco PBL Entertainment Macau Ltd (ADR)		2,898
	1,130,000	*,g	Merlin Entertainments plc		6,690
	2,271,600		MGM China Holdings Ltd		9,722
	332,972	*	MGM Mirage		7,832
	216,027		Millennium & Copthorne Hotels plc		2,153
	4,908,790		Minor International PCL (Foreign)		3,104
	244,500	*	Mitchells & Butlers plc		1,711
	381,000	*	MK Restaurants Group PCL		595
	9,783		Modetour Network, Inc		213
	39,939	*	Monarch Casino & Resort, Inc		802
	106,834	*	Morgans Hotel Group Co		869
	32,000		MOS Food Services, Inc		607
	224,027	*	Multimedia Games, Inc		7,025
	2,172,000	e	NagaCorp Ltd		2,294
	9,232	*	Nathan’s Famous, Inc		465
	244,709		Navitas Ltd		1,408
	302,771		NET Holding AS		344
	105,012	*,e	NH Hoteles S.A.		620
	19,759	*,e	Noodles & Co		710
	60,865	*	Norwegian Cruise Line Holdings Ltd		2,159
	34,000	e	Ohsho Food Service Corp		1,040
	660,381		OPAP S.A.		8,793
	11,582	*	Orascom Development Holding AG.		189
	179,681		Oriental Land Co Ltd		25,913
	2,271,778	*	Orient-Express Hotels Ltd (Class A)		34,327
	362,000	e	Overseas Union Enterprise Ltd		718
	24,500	e	Pacific Golf Group International Holdings KK		231
	120,059		Paddy Power plc		10,252
	506,436		Paliburg Holdings Ltd		165
	44,449	*	Panera Bread Co (Class A)		7,854
	182,560		Papa John’s International, Inc		8,288
	52,500		Paradise Co Ltd		1,317
	822,625	e	PartyGaming plc		1,681
	1,405,729	*,e	Penn National Gaming, Inc		20,144
	657,720		Philweb Corp		133

56

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	190,334	*	Pinnacle Entertainment, Inc	$	4,947
	77,400		Plenus Co Ltd		1,731
	22,860	*,e	Potbelly Corp		555
	952,398	e	Raffles Education Corp Ltd		219
	48,000	*	Red Robin Gourmet Burgers, Inc		3,530
	621,000		Regal Hotels International Holdings Ltd		389
	186,826		Regis Corp		2,711
	3,149,500		Resorts World BHD		4,216
	78,800		Resorttrust, Inc		1,437
	429,943		Restaurant Group plc		4,218
	118,308		Retail Food Group Ltd		486
	25,714,566	e	Rexcapital Financial Holdings Ltd		3,487
	100,634	*	Rezidor Hotel Group AB		626
	19,200	e	Ringer Hut Co Ltd		271
	23,344	e	Riso Kyoiku Co Ltd		115
	201,100		Round One Corp		1,615
	538,377		Royal Caribbean Cruises Ltd		25,530
	33,700	e	Royal Holdings Co Ltd		505
	230,127	*	Ruby Tuesday, Inc		1,595
	175,954		Ruth’s Chris Steak House, Inc		2,500
	32,200	e	Saizeriya Co Ltd		394
	4,805,179		Sands China Ltd		39,380
	303,648	*	Scientific Games Corp (Class A)		5,141
	69,107		SeaWorld Entertainment, Inc		1,988
	961,500		Service Corp International		17,432
	224,984		Shanghai Jinjiang International Hotels Development Co Ltd		358
	2,168,000		Shanghai Jinjiang International Hotels Group Co Ltd		740
	107,249		Shanghai Jinjiang International Travel Co Ltd		189
	178,120		Shangri-La Asia Ltd		348
	2,859		Shinsegae Food Co Ltd		232
	887,367		Six Flags Entertainment Corp		32,673
	3,832,813		SJM Holdings Ltd		12,884
	24,771		SkiStar AB (Series B)		305
	686,914		Sky City Entertainment Group Ltd		2,108
	30,012	*	SM Culture & Contents Co Ltd		82
	12,012		Sodexho Alliance S.A.		1,218
	53,463	e	Sol Melia S.A.		687
	330,075	*	Sonic Corp		6,664
	320,287		Sotheby’s (Class A)		17,039
	45,860		Speedway Motorsports, Inc		910
	1,012,112		Spirit Pub Co plc		1,286
	8,200		St Marc Holdings Co Ltd		392
	674,000	e	Stamford Land Corp Ltd		310
	97,600	e	Starbucks Coffee Japan Ltd		1,082
	3,713,619		Starbucks Corp		291,111
	1,298,618		Starwood Hotels & Resorts Worldwide, Inc		103,175
	5,778	*	Steak N Shake Co		2,927
	61,251	*	Steiner Leisure Ltd		3,013

57

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	36,071	*,e	Strayer Education, Inc	$	1,243
	160,417		Sun International Ltd		1,457
	1,506,300		Ta Enterprise BHD		359
	88,606		Tabcorp Holdings Ltd		288
	170,227		Tattersall’s Ltd		472
	200,217		Texas Roadhouse, Inc (Class A)		5,566
	1,940,502	*	Thomas Cook Group plc		5,386
	232,209		Tim Hortons, Inc (Toronto)		13,551
	6,502	*	Tipp24 SE		435
	215,000		Tokyo Dome Corp		1,426
	169,000	e	Tokyotokeiba Co Ltd		685
	18,100	e	Toridoll.corp		163
	90,690		Town Sports International Holdings, Inc		1,339
	1,600,000	e	Tsui Wah Holdings Ltd		1,125
	395,023	*	TUI AG.		6,517
	441,378		TUI Travel plc		3,025
	36,549		Unibet Group plc (ADR)		1,764
	85,143		Universal Technical Institute, Inc		1,184
	114,877		Vail Resorts, Inc		8,642
	23,700	*,e	Watami Co Ltd		311
	55,895	e	Weight Watchers International, Inc		1,841
	151,908	e	Wendy’s		1,325
	133,299		Wetherspoon (J.D.) plc		1,681
	36,000		Whistler Blackcomb Holdings, Inc		564
	542,389		Whitbread plc		33,755
	2,033,463		William Hill plc		13,556
	86,000		Wowprime Corp		1,430
	773,326		Wyndham Worldwide Corp		56,986
	3,053,890	e	Wynn Macau Ltd		13,882
	77,477		Wynn Resorts Ltd		15,047
	325,000		YBM Sisa.com, Inc		1,172
	108,000	e	Yomiuri Land Co Ltd		775
	138,700	e	Yoshinoya D&C Co Ltd		1,697
	1,017,040		Yum! Brands, Inc		76,898
	78,600	e	Zensho Co Ltd		843
			TOTAL CONSUMER SERVICES		2,862,290
DIVERSIFIED FINANCIALS - 5.7%
	426,214		3i Group plc		2,723
	33,714	e	ABC Arbitrage		219
	3,924,805		Aberdeen Asset Management plc		32,637
	30,064		Ackermans & Van Haaren		3,523
	240,400	*	Acom Co Ltd		819
	50,790		Aeon Credit Service Co Ltd		1,362
	20,000		Aeon Credit Service M BHD		90
	883,265	*	Affiliated Managers Group, Inc		191,562
	730,825		AFP Habitat S.A.		968
	1,759,278	e	African Bank Investments Ltd		2,021

58

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	180,769	e	AGF Management Ltd	$	2,258
	394,100	*	Aiful Corp		1,651
	35,056		Aker ASA (A Shares)		1,285
	68,925	e	Alaris Royalty Corp		1,938
	62,458		Altamir Amboise		887
	575,098	*	American Capital Ltd		8,995
	2,888,091		American Express Co		262,036
	1,692,160		Ameriprise Financial, Inc		194,683
	4,860,805		AMMB Holdings BHD		10,757
	882,116		Apollo Investment Corp		7,480
	364,280		Apollo Management LP		11,515
	715,649		ARA Asset Management Ltd		1,056
	510,307		Ares Capital Corp		9,068
	53,350		Artisan Partners Asset Management, Inc		3,478
	417,704		Ashmore Group plc		2,782
	12,981	*,m	Asia Pacific Investment Partners Limited		92
	1,387,200		Asia Plus Securities PCL		147
	6,685,000		Asian Pay Television Trust		3,927
	134,200		Asset Managers Co Ltd		503
	62,021		Aurelius AG.		2,520
	194,549		Australian Stock Exchange Ltd		6,398
	24,694		Avanza AB		802
	277,287		Ayala Corp		3,245
	2,215	m	Ayala Corp Preferred		0	^
	336,101		Azimut Holding S.p.A.		9,170
	5,332		Bajaj Auto Finance Ltd		136
	189,787		Banca Generali S.p.A		5,873
	75,306		Banca IFIS S.p.A.		1,339
	319,925		Banca Profilo S.p.A.		88
	35,786,417		Bank of America Corp		557,194
	1,865,127		Bank of New York Mellon Corp		65,168
	583,727		BGC Partners, Inc (Class A)		3,537
	60,986		BinckBank NV		647
	292,250		BlackRock Kelso Capital Corp		2,727
	159,458		BlackRock, Inc		50,464
	1,629,980		Blackstone Group LP		51,344
	2,140,111		BM&F Bovespa S.A.		10,038
	17,844,073		Bolsa de Valores de Colombia		207
	612,700	e	Bolsa Mexicana de Valores S.A. de C.V.		1,405
	90,213	e	Bolsas y Mercados Espanoles		3,435
	31,677	*	Boursorama		355
	721,587	*	Brait S.A.		3,607
	392,846		Brewin Dolphin Holdings plc		1,984
	192,560		BT Investment Management Ltd		992
	85,021		Bure Equity AB		344
	287,000		Bursa Malaysia BHD		722
	101,031		Calamos Asset Management, Inc (Class A)		1,196
	5,804		California First National Bancorp		88

59

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	99,782	e	Canaccord Financial, Inc	$	653
	891,447		Capital One Financial Corp		68,294
	1,293,300		Capital Securities Corp		481
	56,206		Capital Southwest Corp		1,960
	8,881	e	Capitala Finance Corp		177
	113,935	e	Cash America International, Inc		4,364
	113,793		CBOE Holdings, Inc		5,913
	167,699	*	Cembra Money Bank AG.		11,007
	84,001		Century Leasing System, Inc		2,774
	222,007		CETIP S.A.-Balcao Organizado de Ativos e Derivativos		2,277
	868,070		Chailease Holding Co Ltd		2,292
	1,500,119		Challenger Financial Services Group Ltd		8,331
	2,924,805		Charles Schwab Corp		76,045
	1,130,000		China Bills Finance Corp		444
	3,291,285	*	China Cinda Asset Management Co Ltd		2,054
	1,233,200		China Everbright Ltd		1,956
	3,700,000	*,e	China Galaxy Securities Co Ltd		3,233
	144,665	e	China Merchants China Direct Investments Ltd		204
	3,236	*	Cholamandalam DBS Finance Ltd		13
	209,627	e	CI Financial Corp		6,976
	731,895	*	Citadel Capital Corp		369
	1,657,200	e	CITIC Securities Co Ltd		4,538
	16,578,197		Citigroup, Inc		863,890
	368,000		Close Brothers Group plc		8,380
	257,490		CME Group, Inc		20,203
	61,080	e	Cohen & Steers, Inc		2,447
	4,093,600	e	Compartamos SAB de C.V.		7,656
	961,275	*	Concord Securities Corp		272
	61,146	*	Consumer Portfolio Services, Inc		574
	540,310		Coronation Fund Managers Ltd		4,124
	25,734		Corp Financiera Alba		1,505
	79,240		Corp Financiera Colombiana S.A.		1,626
	359,935	*	Cowen Group, Inc		1,407
	36,865	*	Credit Acceptance Corp		4,792
	1,953,600		Credit China Holdings Ltd		169
	70,468		Credit Saison Co Ltd		1,858
	2,850,702		Credit Suisse Group		87,982
	905,000		Credito Real SAB de C.V.		1,395
	187,631		Daewoo Securities Co Ltd		1,587
	64,400		Daishin Securities Co Ltd		480
	42,120		Daishin Securities Co Ltd PF		223
	3,596,135		Daiwa Securities Group, Inc		36,017
	130,557	*	DeA Capital S.p.A.		228
	18,353		Deerfield Capital Corp		143
	1,585,790		Deutsche Bank AG.		76,184
	20,800	*	Deutsche Beteiligungs AG.		593
	157,404		Deutsche Boerse AG.		13,045

60

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	10,700	e	Diamond Hill Investment Group, Inc	$	1,266
	3,025,984		Discover Financial Services		169,304
	152,734	*	Dollar Financial Corp		1,749
	48,713	*	Dundee Corp		857
	483,785	*	E*Trade Financial Corp		9,502
	30,650	*	East Capital Explorer AB		297
	323,623		Eaton Vance Corp		13,848
	3,322		EFG Financial Products Holding AG.		398
	74,481		EFG International		1,065
	382,917		Egypt Kuwait Holding Co		351
	804,992	*	Egyptian Financial Group-Hermes Holding		1,024
	199,700	*	Element Financial Corp		2,632
	85,630	*,e	Encore Capital Group, Inc		4,304
	48,655		Eurazeo		3,816
	164,603		Evercore Partners, Inc (Class A)		9,840
	273,345		Exor S.p.A.		10,864
	203,791	*	Ezcorp, Inc (Class A)		2,382
	507,342		F&C Asset Management plc		773
	1,989,200		Far East Horizon Ltd		1,703
	40,055	*	FBR & Co		1,057
	95,314	e	Federated Investors, Inc (Class B)		2,745
	49,993	e	Fidus Investment Corp		1,087
	531,659		Fifth Street Finance Corp		4,918
	266,406		Financial Engines, Inc		18,510
	14,200	e	Financial Products Group Co Ltd		143
	104,861	*	First Cash Financial Services, Inc		6,485
	29,631	*,e	First Marblehead Corp		219
	2,802,785	e	First Pacific Co		3,196
	34,049		Firsthand Technology Value Fund, Inc		789
	5,987,363		FirstRand Ltd		20,518
	256,583		FlexiGroup Ltd		1,027
	133,250		Fonterra Shareholders’ Fund		636
	459,493		Franklin Resources, Inc		26,527
	62,785		Friedman Billings Ramsey Group, Inc (Class A)		1,657
	11,073,834		Fubon Financial Holding Co Ltd		16,241
	21,548,634		Fuhwa Financial Holdings Co Ltd		12,898
	39,200		Fuyo General Lease Co Ltd		1,534
	121,189	e	FXCM, Inc		2,162
	40,888		Gain Capital Holdings, Inc		307
	25,053		GAMCO Investors, Inc (Class A)		2,179
	19,828	e	Garrison Capital, Inc		275
	11,700		GCA Savvian Group Corp		113
	277,809		GFI Group, Inc		1,086
	26,398		Gimv NV		1,380
	96,628		Gladstone Capital Corp		928
	101,890		Gladstone Investment Corp		821
	188,722	*	Global Infratech & Finance Ltd		281
	72,195		Gluskin Sheff + Associates, Inc		1,747

61

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	72,466		GMP Capital, Inc	$	479
	2,745,432		Goldman Sachs Group, Inc		486,655
	135,921	e	Golub Capital BDC, Inc		2,597
	104,781	*	Green Dot Corp		2,635
	98,407		Greenhill & Co, Inc		5,702
	70,545		Groupe Bruxelles Lambert S.A.		6,480
	883	*,m	Groupe Bruxelles Lambert S.A. (Strip VVPR)		0	^
	12,109		Grupo de Inversiones Suramericana S.A.		219
	72,474	*,e	GSV Capital Corp		876
	185,540		GT Capital Holdings, Inc		3,230
	568,000	e	Guotai Junan International Hol		290
	1,374,116		Haci Omer Sabanci Holding AS		5,529
	3,316,400	e	Haitong Securities Co Ltd		5,800
	6,863		Hankook Tire Worldwide Co Ltd		144
	84,290	*	Hanwha Securities Co		272
	410,872		Hargreaves Lansdown plc		9,229
	104,233		Hellenic Exchanges S.A.		1,148
	2,373,754		Henderson Group plc		9,020
	243,288	e	Hercules Technology Growth Capital, Inc		3,990
	209,694	*	HFF, Inc (Class A)		5,630
	144,100		Hitachi Capital Corp		4,203
	8,930		HMC Investment Securities Co Ltd		83
	858,686		Hong Kong Exchanges and Clearing Ltd		14,353
	33,366		Horizon Technology Finance Corp		474
	112,767		Hyundai Securities Co		626
	79,400		IBJ Leasing Co Ltd		2,308
	125,719		ICAP plc		942
	143,300		Ichiyoshi Securities Co Ltd		2,399
	1,922,586	*	IFCI Ltd		801
	862,507		IG Group Holdings plc		8,812
	241,253	e	IGM Financial, Inc		12,739
	105,440		IMF Australia Ltd		165
	68,224	*,e	Imperial Holdings, Inc		446
	167,436		India Infoline Ltd		169
	365,437		Indiabulls Housing Finance Ltd		1,409
	18,736		Indiabulls Securities Ltd		6
	28,635		Industrivarden AB		545
	128,704		Infrastructure Development Finance Co Ltd		229
	15,488,947	*	ING Groep NV		216,358
	543,000	*,e	ING Groep NV (ADR)		7,607
	249,498		ING US, Inc		8,770
	95,030		Interactive Brokers Group, Inc (Class A)		2,313
	179,983	*,m	Interbolsa S.A.		0	^
	515,895		IntercontinentalExchange Group, Inc		116,035
	940,863		Intermediate Capital Group plc		6,560
	54,438	*,e	International Assets Holding Corp		1,009
	324,249		International Personal Finance plc		2,682
	148,165	*	Internet Capital Group, Inc		2,760
	101,596		Inversiones La Construccion S.A.		1,435

62

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,516,362		Invesco Ltd	$	55,196
	268,564		Investec Ltd		1,911
	143,803		Investec plc		1,044
	147,873	*	Investment Technology Group, Inc		3,040
	701,691		Investor AB (B Shares)		24,183
	269,921		IOOF Holdings Ltd		2,165
	14,984	*	Is Finansal Kiralama AS.		7
	180,117		Is Yatirim Menkul Degerler AS		107
	47,319	e	iShares China Large-Cap ETF		1,815
	515,222	e	iShares MSCI Canada Index Fund		15,024
	1,020,783		iShares MSCI EAFE Index Fund		68,454
	469,687		iShares MSCI Emerging Markets		19,619
	152,915	e	iShares Russell 2000 Index Fund		17,633
	19,300	*	Iwai Securities Co Ltd		273
	74,000	e	J Trust Co Ltd		1,058
	160,000		Jaccs Co Ltd		767
	88,817		Jafco Co Ltd		4,848
	589,266	e	Janus Capital Group, Inc		7,289
	1,261,200		Japan Securities Finance Co Ltd		9,821
	25,896	*	JGWPT Holdings, Inc		450
	2,324,930		Jih Sun Financial Holdings Co Ltd		676
	54,833		JMP Group, Inc		406
	14,500,269		JPMorgan Chase & Co		847,976
	236,561		JSE Ltd		2,023
	142,510		Julius Baer Group Ltd		6,848
	266,296		Julius Baer Holding AG.		5,185
	665,958		Jupiter Investment Management Group Ltd		4,253
	1,938,000	e	K1 Ventures Ltd		297
	93,800		kabu.com Securities Co Ltd		545
	9,920,000	*	Kai Yuan Holdings Ltd		257
	507,397	*	Kailash Auto Finance Ltd		324
	41,429	*	KBC Ancora		1,499
	103,211	e	KCAP Financial, Inc		833
	251,369	*	KCG Holdings, Inc		3,006
	494,092		Kinnevik Investment AB (Series B)		22,907
	20,933		KIWOOM Securities Co Ltd		1,004
	43,840		Korea Investment Holdings Co Ltd		1,697
	297,000	e	Kosei Securities Co Ltd		843
	463,480	*	Kotak Mahindra Bank Ltd		5,471
	48,900		Krungthai Card Pcl		44
	82,410	*	KTB Securities Co Ltd		170
	47,580		Kyobo Securities Co		199
	21,900		Kyokuto Securities Co Ltd		445
	323,895	*	Ladenburg Thalmann Financial Services, Inc		1,014
	255,643		Lazard Ltd (Class A)		11,586
	876,004	e	Legg Mason, Inc		38,089
	572,895		Leucadia National Corp		16,236
	54,186		London Stock Exchange Group plc		1,559

63

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	121,147	e	LPL Financial Holdings, Inc	$	5,698
	47,919		Lundbergs AB (B Shares)		2,032
	297,238		Macquarie Group Ltd		14,589
	118,269		Magellan Financial Group Ltd		1,141
	221,607		Mahindra & Mahindra Financial Services Ltd		1,152
	147,385	e	Main Street Capital Corp		4,818
	13,700,516		Man Group plc		19,354
	441,436		Manappuram General Finance & Leasing Ltd		112
	60,706		Manning & Napier, Inc		1,071
	18,509	*	Marcus & Millichap, Inc		276
	238,000	*	Marfin Investment Group S.A		125
	190,420		MarketAxess Holdings, Inc		12,733
	32,761		Marlin Business Services Corp		826
	210,600		Marusan Securities Co Ltd		1,967
	1,973,000		Masterlink Securities Corp		686
	1,434,300		Matsui Securities Co Ltd		18,422
	283,770		MCG Capital Corp		1,249
	74,424		Medallion Financial Corp		1,068
	5,273,228	*	Mediobanca S.p.A.		46,113
	144,694		Medley Capital Corp		2,004
	149,004		Meritz finance Holdings Co Ltd		959
	619,540		Meritz Securities Co Ltd		1,029
	11,039,000		Metro Pacific Investments Corp		1,078
	26,251		Mirae Asset Securities Co Ltd		957
	258,000		Mito Securities Co Ltd		1,265
	762,260		Mitsubishi UFJ Lease & Finance Co Ltd		4,686
	67,199		MLP AG.		482
	697,200		Monex Beans Holdings, Inc		3,130
	1,174,657		Moody’s Corp		92,175
	6,392,074		Morgan Stanley		200,455
	326,500	*	MPHB Capital BHD		167
	243,780	*	MSCI, Inc (Class A)		10,658
	1,531,700	*	Mulpha International BHD		192
	1,164,600		Multi-Purpose Holdings BHD		1,124
	96,728		MVC Capital, Inc		1,306
	251,553		Nasdaq Stock Market, Inc		10,012
	89,888		Nelnet, Inc (Class A)		3,788
	160,737	e	New Mountain Finance Corp		2,417
	104,214	*	NewStar Financial, Inc		1,852
	86,053		NGP Capital Resources Co		643
	76,683		NH Investment & Securities Co Ltd		362
	4,010		NICE Holdings Co Ltd		45
	40,312		Nicholas Financial, Inc		634
	3,149,172		Nomura Holdings, Inc		24,336
	156,375	e	Nordnet AB (Series B)		632
	185,576		Northern Trust Corp		11,485
	4,867,866		NZX Ltd		4,969
	36,341		Oaktree Capital Group LLC		2,138
	364,638		Okasan Holdings, Inc		3,727

64

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	94,420		OKO Bank (Class A)	$	1,893
	91,641		Onex Corp		4,948
	40,528		Oppenheimer Holdings, Inc		1,004
	18,269	*	Oresund Investment AB		373
	351,000	*	Orient Corp		824
	4,431,100	*	ORIX Corp		77,863
	234,800	e	Osaka Securities Exchange Co Ltd		6,674
	720,575		OSK Holdings BHD		363
	9,568		Pargesa Holding S.A.		771
	3,559		Partners Group		949
	54,754		PennantPark Floating Rate Capital Ltd		752
	262,507		PennantPark Investment Corp		3,045
	517,000	*,m	Peregrine Investment Holdings		0	^
	111,258		Perpetual Trustees Australia Ltd		4,811
	223,552	*	PHH Corp		5,443
	75,264		Philippine Stock Exchange, Inc		509
	102,149	*	Pico Holdings, Inc		2,361
	378,585	*	Pioneers Holding		289
	67,295	*,e	Piper Jaffray Cos		2,661
	249,887		Platinum Asset Mangement Ltd		1,543
	18,600		Pocket Card Co Ltd		153
	167,106	*	Portfolio Recovery Associates, Inc		8,830
	557,613		Power Finance Corp Ltd		1,508
	66,000	e	PowerShares QQQ Trust Series		5,805
	1,686,509		President Securities Corp		1,003
	1,084,680	e	Prospect Capital Corp		12,170
	201,954		Provident Financial plc		5,442
	45,802	e	Pzena Investment Management, Inc (Class A)		539
	5,134		Rathbone Brothers		137
	226,916	e	Ratos AB (B Shares)		2,052
	721,072		Raymond James Financial, Inc		37,633
	2,324	e	RCS Capital Corp (Class A)		43
	38,949	*	Regional Management Corp		1,322
	322,221	*	Reliance Capital Ltd		1,889
	564,519		Remgro Ltd		11,198
	38,266		Resource America, Inc (Class A)		358
	99,247	*	RHJ International		504
	17,700		Ricoh Leasing Co Ltd		524
	789,846		RMB Holdings Ltd		3,648
	560,939		Rural Electrification Corp Ltd		2,004
	81,413	*,e	Safeguard Scientifics, Inc		1,636
	132,589		Samsung Card Co		4,703
	71,791		Samsung Securities Co Ltd		3,002
	300,100	e	Sawada Holdings Co Ltd		3,670
	105,127		SBI Holdings, Inc		1,596
	203,938		Schroders plc		8,796
	26,309	*	SE Investments Ltd		166
	679,298		SEI Investments Co		23,592

65

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	5	*,m	SFCG Co Ltd	$	0	^
	199,739		Shriram Transport Finance Co Ltd		2,175
	15,989		Silvercrest Asset Management Group, Inc		273
	1,898,356		Singapore Exchange Ltd		10,947
	126,570	*	SK Securities Co Ltd		85
	80,955	*	SKS Microfinance Pvt Ltd		249
	1,459,181		SLM Corp		38,347
	768,475	*,e,m	SNS Reaal		11
	172,074		Solar Capital Ltd		3,880
	49,608		Solar Senior Capital Ltd		904
	124,900	*,e	Sparx Group Co Ltd		356
	91,693		SPDR S&P MidCap 400 ETF Trust		22,391
	972,221		SPDR Trust Series 1		179,540
	83,712	*,e	Springleaf Holdings, Inc		2,116
	185,087		Sprott, Inc		456
	409,246		SREI Infrastructure Finance Ltd		157
	4,332,451		State Street Corp		317,959
	48,263	e	Stellus Capital Investment Corp		722
	252,742	*	Stifel Financial Corp		12,111
	5,354		Sundaram Finance Ltd		54
	546,623		Suramericana de Inversiones S.A.		9,545
	10,731		Swissquote Group Holding S.A.		471
	118,880	*	SWS Group, Inc		723
	1,267,090		T Rowe Price Group, Inc		106,144
	451,088	e	Tai Fook Securities Group Ltd		232
	416,000		Taiwan Acceptance Corp		1,090
	170,000		Takagi Securities Co Ltd		665
	124,321		TCP Capital Corp		2,086
	383,144		TD Ameritrade Holding Corp		11,740
	239,511		Tetragon Financial Group Ltd		2,397
	126,645		THL Credit, Inc		2,088
	208,081	e	TICC Capital Corp		2,152
	22,000	e	TMX Group Ltd		1,057
	426,380		Tokai Tokyo Securities Co Ltd		4,125
	61,642		Tong Yang Investment Bank		147
	272,000		Toyo Securities Co Ltd		988
	125,333		Transpac Industrial Holdings Ltd		171
	107,010		Triangle Capital Corp		2,959
	90,800		Tricon Capital Group, Inc		659
	286,765		Tullett Prebon plc		1,792
	10,274,465		UBS AG.		196,729
	957,565		UOB-Kay Hian Holdings Ltd		1,256
	142,337	*,e	Uranium Participation Corp		757
	897,000	e	Value Partners Group Ltd		696
	37,298	*	Virtus Investment Partners, Inc		7,461
	30,606		Vontobel Holding AG.		1,268
	217,782	*,e	Vostok Nafta Investment Ltd (ADR)		1,820
	182,992		Waddell & Reed Financial, Inc (Class A)		11,916
	142,675	*	Walter Investment Management Corp		5,045

66

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	56,492		Warsaw Stock Exchange	$	774
	3,677,611		Waterland Financial Holdings		1,234
	69,334		Wendel		10,106
	25,607		Westwood Holdings Group, Inc		1,585
	23,888	e	WhiteHorse Finance, Inc		361
	602,158	*	WisdomTree Investments, Inc		10,664
	115,000	e	WisdomTree Japan Hedged Equity Fund		5,847
	16,707		Woori Financial Co Ltd		355
	143,363		Woori Investment & Securities Co Ltd		1,306
	29,331	*,e	World Acceptance Corp		2,567
	618,554		Zeder Investments Ltd		254
	53,000		Zenkoku Hosho Co Ltd		2,326
			TOTAL DIVERSIFIED FINANCIALS		7,221,751
ENERGY - 8.6%
	264,204	*,e	Abraxas Petroleum Corp		867
	1,563,845		Acergy S.A.		29,980
	9,772		Adams Resources & Energy, Inc		669
	17,211,727		Adaro Energy Tbk		1,546
	255,207	*	Advantage Oil & Gas Ltd		1,108
	9,304,150	*	Afren plc		26,098
	19,542		Aker Kvaerner ASA		350
	273,100		Alam Maritim Resources BHD		131
	118,021		Alliance Holdings GP LP		6,877
	132,735	e	Alon USA Energy, Inc		2,195
	977,318	*,e	Alpha Natural Resources, Inc		6,978
	149,885	e	AltaGas Income Trust		5,753
	170,800	*	Alvopetro Energy Ltd		198
	170,056		AMEC plc		3,070
	2,054,149	*,e	Amerisur Resources plc		2,031
	89,406	*,e	Amyris Biotechnologies, Inc		473
	2,771,369		Anadarko Petroleum Corp		219,825
	237,594		Anglo Pacific Group plc		725
	500,803	*	Antero Resources Corp		31,771
	1,276,000	e	Anton Oilfield Services Group		779
	143,600		AOC Holdings, Inc		459
	844,969		Apache Corp		72,617
	28,703	*,e	APCO Argentina, Inc		447
	124,466	*,e	Approach Resources, Inc		2,401
	236,538	*,e	Aquila Resources Ltd		488
	1,465,807	e	ARC Energy Trust		40,804
	838,400	e	Arch Coal, Inc		3,731
	803,023	*,e	Archer Ltd		662
	723,450	*,e	Athabasca Oil Corp		4,413
	118,639	*	Athlon Energy, Inc		3,589
	194,191	*	Atwood Oceanics, Inc		10,368
	472,198	*	Aurora Oil and Gas Ltd		1,278
	1,450,354	*	Australian Worldwide Exploration Ltd		1,737

67

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	2,031,604		Baker Hughes, Inc	$	112,266
	266,700		Bangchak Petroleum PCL		228
	734,101	*	Bankers Petroleum Ltd		3,020
	1,236,000		Banpu PCL		1,140
	120,477	*	Basic Energy Services, Inc		1,901
	136,169	e	Baytex Energy Trust		5,338
	3,673,888		Beach Petroleum Ltd		4,704
	414,832	*	Bellatrix Exploration Ltd		3,050
	4,726,099		BG Group plc		101,698
	389,070		Bharat Petroleum Corp Ltd		2,190
	179,490	*,e	Bill Barrett Corp		4,807
	117,699	*	Birchcliff Energy Ltd		806
	437,200	*	BlackPearl Resources, Inc		934
	34,646		Bolt Technology Corp		763
	95,570	*	Bonanza Creek Energy, Inc		4,154
	205,600	e	Bonavista Energy Trust		2,694
	27,826	e	Bonterra Oil & Gas Ltd		1,418
	108,684	e	Bourbon S.A.		2,992
	574,238		Boustead Singapore Ltd		770
	321,388	*	BowLeven plc		203
	15,869,448		BP plc		128,608
	1,389,481		BP plc (ADR)		67,543
	423,970	*,e	BPZ Energy, Inc		772
	3,923,000	*,e	Brightoil Petroleum Holdings Ltd		1,079
	143,521		Bristow Group, Inc		10,773
	1,896,000		Bumi Armada BHD		2,333
	65,049	*	BUMI plc		247
	274,423	*,e	Buru Energy Ltd		430
	1,090,382		BW Offshore Ltd		1,305
	177,891	*,e	C&J Energy Services, Inc		4,109
	2,901,688		Cabot Oil & Gas Corp		112,469
	758,179	*	Cairn Energy plc		3,390
	1,246,536		Cairn India Ltd		6,532
	358,857	*,e	Cal Dive International, Inc		721
	66,643		Calfrac Well Services Ltd		1,945
	148,486	*	Callon Petroleum Co		970
	16,689		Caltex Australia Ltd		300
	321,457	e	Cameco Corp		6,670
	325,591	*	Cameron International Corp		19,382
	76,200	*	Canacol Energy Ltd		511
	69,200	e	Canadian Energy Services & Technology Corp		1,506
	2,308,031		Canadian Natural Resources Ltd (Canada)		78,090
	1,343,784		Canadian Oil Sands Trust		25,275
	172,959	e	Canyon Services Group, Inc		1,957
	310,000		Capital Product Partners LP		3,246
	70,623	e	CARBO Ceramics, Inc		8,230
	150,741	*	Carrizo Oil & Gas, Inc		6,749
	28,769		CAT Oil AG.		805

68

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,150,179	e	Cenovus Energy, Inc	$	32,953
	593,803	e	Cenovus Energy, Inc (Toronto)		16,994
	137,400	*	Cequence Energy Ltd		232
	2,058,310	*	Cheniere Energy, Inc		88,754
	1,821,160		Chesapeake Energy Corp		49,426
	7,851,376		Chevron Corp		980,715
	11,340,900	e	China Coal Energy Co		6,395
	5,281,700		China Oilfield Services Ltd		16,452
	6,926,899		China Shenhua Energy Co Ltd		21,922
	1,441,000	e	China Suntien Green Energy Cor		542
	1,749,000		Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd		612
	348,696		Cimarex Energy Co		36,582
	29,431	*	Clayton Williams Energy, Inc		2,412
	222,094	*,e	Clean Energy Fuels Corp		2,861
	240,458	*	Cloud Peak Energy, Inc		4,328
	38,038,700		CNOOC Ltd		70,743
	1,007,040		Coal India Ltd		4,730
	1,818,156	*	Cobalt International Energy, Inc		29,909
	18,046	*	Compagnie Generale de Geophysique S.A.		313
	194,203		Comstock Resources, Inc		3,552
	962,641	*	Concho Resources, Inc		103,965
	4,534,018		ConocoPhillips		320,328
	1,227,918		Consol Energy, Inc		46,710
	75,143	*	Contango Oil & Gas Co		3,551
	377,333	*,e	Continental Resources, Inc		42,457
	51,332		Core Laboratories NV		9,802
	209,774		Cosan SA Industria e Comercio		3,520
	1,661,400	*	Cosco Capital, Inc		330
	653,000	*	Cosmo Oil Co Ltd		1,248
	920,289	e	Crescent Point Energy Corp		35,737
	126,728	*	Crew Energy, Inc		761
	56,152		CropEnergies AG.		462
	172,753		Crosstex Energy, Inc		6,247
	35,716		CVR Energy, Inc		1,551
	32,299	*	Dawson Geophysical Co		1,092
	579,100		Dayang Enterprise Holdings BHD		1,024
	236,216	*	Deep Sea Supply plc		447
	90,300	*	DeeThree Exploration Ltd		814
	14,796		Delek Group Ltd		5,652
	211,084		Delek US Holdings, Inc		7,263
	4,366,564	*	Denbury Resources, Inc		71,743
	395,408	*,e	Denison Mines Corp		480
	81,995	*,e	Det Norske Oljeselskap ASA		902
	790,343		Devon Energy Corp		48,899
	36,009	e	Diamond Offshore Drilling, Inc		2,050
	90,419	*	Diamondback Energy, Inc		4,780
	785,345	*	DNO International ASA		3,143
	294,297	*,e	Dolphin Group AS.		228

69

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,608,495		Dragon Oil plc	$	15,119
	402,553	*	Dresser-Rand Group, Inc		24,004
	806,807	*,e	Drillsearch Energy Ltd		975
	280,766	*	Dril-Quip, Inc		30,865
	931,000	e	Dyna-Mac Holdings Ltd		296
	7,843,104		Ecopetrol S.A.		15,036
	35,132	e	Ecopetrol S.A. (ADR)		1,351
	207,938	*,e	Electromagnetic GeoServices AS		271
	211,294	*	Emerald Oil, Inc		1,619
	1,035,226		Empresas COPEC S.A.		13,869
	102,011		Enbridge Income Fund		2,271
	693,266	e	Enbridge, Inc		30,289
	716,001	e	EnCana Corp		12,928
	174,088	*,e	Endeavour International Corp		914
	155,018		Enerflex Ltd		2,189
	178,544		Energen Corp		12,632
	1,110,000		Energy Absolute PCL		260
	769,200		Energy Earth PCL		172
	1,003,961	*	Energy Resources of Australia Ltd		1,131
	307,468	e	Energy XXI Bermuda Ltd		8,320
	210,182	e	Enerplus Resources Fund		3,819
	3,833,629		ENI S.p.A.		92,634
	1,741,933	*	Enquest plc (London)		3,885
	23,700		Ensco plc		1,355
	258,693		Ensign Energy Services, Inc		4,074
	1,123,442		EOG Resources, Inc		188,558
	109,774	*	EPL Oil & Gas, Inc		3,129
	144,798		Equal Energy Ltd		773
	764,711		Equitable Resources, Inc		68,656
	77,615	*	Era Group, Inc		2,395
	63,657		ERG S.p.A.		852
	411,996	*	Essar Energy plc		496
	293,100	e	Essential Energy Services Ltd		806
	30,000		Esso Malaysia BHD		27
	4,782		Esso SA Francaise		270
	3,311,400		Esso Thailand PCL (Foreign)		607
	113,849		Etablissements Maurel et Prom		1,904
	135,902		Eurasia Drilling Co Ltd (GDR)		6,116
	30,174	*	Euronav NV		359
	55,547		Evolution Petroleum Corp		685
	2,266,122	e	EXCO Resources, Inc		12,033
	81,653		Exmar NV		1,248
	227,606	*	Exterran Holdings, Inc		7,784
	15,214,568		Exxon Mobil Corp		1,539,714
	2,849,800	e	Ezion Holdings Ltd		5,029
	858,200	*,e	Ezra Holdings Ltd		937
	190,854	*	Faroe Petroleum plc		376
	760,692	*	FMC Technologies, Inc		39,716

70

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	683,150	*,e	Forest Oil Corp	$	2,466
	1,606,680		Formosa Petrochemical Corp		4,406
	138,328	*	Forum Energy Technologies, Inc		3,909
	239,797	e	Frank’s International NV		6,475
	97,240		Fred Olsen Energy ASA		3,968
	113,813	e	Freehold Royalty Trust		2,369
	180,165	*,e	Frontline Ltd		674
	7,762		Fugro NV		463
	196,698	*,e	FX Energy, Inc		720
	182,170		Galp Energia SGPS S.A.		2,986
	102,034		GasLog Ltd		1,744
	267,362	*	Gastar Exploration Ltd		1,850
	9,151,865		Gazprom OAO (ADR)		78,426
	62,095		Gazpromneft OAO (ADR)		1,406
	8,880,000	*,e	Genesis Energy Holdings Ltd		287
	361,000	*,e	Geo Energy Resources Ltd		92
	41,962	*,e	Geospace Technologies Corp		3,979
	413,809		Gibson Energy, Inc		10,674
	119,528	*,e	Global Geophysical Services, Inc		192
	84,226	e	Golar LNG Ltd		3,057
	157,471	*,e	Goodrich Petroleum Corp		2,680
	96,285	e	Green Plains Renewable Energy, Inc		1,867
	106,503	*	Grupa Lotos S.A.		1,251
	198,164		GS Holdings Corp		10,785
	118,398	*	Gujarat Mineral Development Corp Ltd		228
	59,485		Gulf Island Fabrication, Inc		1,381
	1,014,809	*,e	Gulf Keystone Petroleum Ltd		2,916
	103,389		Gulfmark Offshore, Inc		4,873
	186,042	*	Gulfport Energy Corp		11,749
	896,440	*,e	Halcon Resources Corp		3,460
	30,946	e	Hallador Petroleum Co		249
	4,243,675		Halliburton Co		215,366
	1,924		Hankook Shell Oil Co Ltd		854
	68,974		Hargreaves Services plc		961
	411,630	*	Helix Energy Solutions Group, Inc		9,542
	119,272		Hellenic Petroleum S.A.		1,245
	522,275		Helmerich & Payne, Inc		43,913
	603,095	*	Hercules Offshore, Inc		3,938
	204,744	*	Heritage Oil Ltd		506
	1,610,816		Hess Corp		133,698
	190,900	*	Hibiscus Petroleum BHD		102
	1,888,000	*,e	Hidili Industry International Development Ltd		289
	1,802,000		Hilong Holding Ltd		1,548
	45,851	*	Hoegh LNG Holdings Ltd		361
	384,128		Holly Corp		19,087
	1,549,000	e	Honghua Group Ltd		523
	1,241,663	*,e	Horizon Oil Ltd		339
	138,652	*,e	Hornbeck Offshore Services, Inc		6,826

71

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	158,243		Hunting plc	$	2,047
	1,126,887	e	Husky Energy, Inc		35,751
	125,132		Idemitsu Kosan Co Ltd		2,849
	325,588	e	Imperial Oil Ltd		14,418
	2,959,146		Inner Mongolia Yitai Coal Co		5,235
	1,891,200		Inpex Holdings, Inc		24,257
	105,046	*,e	Iofina plc		173
	815,031	*	ION Geophysical Corp		2,690
	149,020	*	Ipek Matbacilik Sanayi Ve Ticaret AS		217
	16,960,500		IRPC PCL		1,688
	3,133	*,e	Isramco, Inc		398
	517,300	*	Ithaca Energy, Inc		1,300
	128,453		Itochu Enex Co Ltd		707
	6,100	e	Japan Drilling Co Ltd		359
	16,144		Japan Petroleum Exploration Co		612
	790,128		John Wood Group plc		9,007
	53,236	*	Jones Energy, Inc (Class A)		771
	1,176,591		JX Holdings, Inc		6,059
	278,350	*	Karoon Gas Australia Ltd		1,084
	67,955	*	Kelt Exploration Ltd		601
	596,060	*	Key Energy Services, Inc		4,709
	273,637	e	Keyera Facilities Income Fund		16,468
	727,701		Kinder Morgan, Inc		26,197
	168,256	*,e	KiOR, Inc (Class A)		283
	107,395	e	Knightsbridge Tankers Ltd		987
	1,722,637	*	KNM Group BHD		237
	2,298,228	*	Kodiak Oil & Gas Corp		25,763
	52,483		Koninklijke Vopak NV		3,072
	248,978	*	Kosmos Energy LLC		2,784
	681,000	*	KrisEnergy Ltd		679
	180,952	e	Kumba Resources Ltd		2,530
	450,368		Kvaerner ASA		856
	125,526	*,e,m	L&L Energy, Inc		188
	633,982	*	Laredo Petroleum Holdings, Inc		17,555
	192,800	*	Legacy Oil & Gas, Inc		1,113
	251,207	e	Lightstream Resources Ltd		1,391
	67,600	e	Longview Oil Corp		306
	74,939		Lubelski Wegiel Bogdanka S.A.		3,121
	1,113,346		LUKOIL (ADR)		69,648
	24,884	*	Lundin Petroleum AB		484
	225,116		Magellan Midstream Partners LP		14,243
	638,751	*,e	Magnum Hunter Resources Corp		4,669
	2,948,411		Marathon Oil Corp		104,079
	1,687,993		Marathon Petroleum Corp		154,840
	222,505	*	Maridive & Oil Services SAE		222
	1,147,351	*	Matador Resources Co		21,387
	145,072	*	Matrix Service Co		3,550
	105,932		Maurel & Prom Nigeria		450

72

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	152,731	*	Maverick Drilling & Exploration Ltd	$	60
	444,248	*,e	McDermott International, Inc		4,069
	73,947	*	MEG Energy Corp		2,131
	121,397	*,e	Midstates Petroleum Co, Inc		804
	3,850,000	e	MIE Holdings Corp		816
	118,833	*,e	Miller Petroleum, Inc		837
	52,585	*	Mitcham Industries, Inc		931
	32,500		Modec, Inc		934
	57,961		MOL Hungarian Oil and Gas plc		3,884
	4,993,117	*,e	Mongolia Energy Co ltd		157
	41,423		Motor Oil Hellas Corinth Refineries S.A.		468
	221,767	e	Mullen Group Ltd		5,927
	662,121		Murphy Oil Corp		42,958
	1,654,565		Nabors Industries Ltd		28,111
	48,350	*	Naphtha Israel Petroleum Corp Ltd		334
	1,284,565		National Oilwell Varco, Inc		102,161
	54,814	*	Natural Gas Services Group, Inc		1,511
	90,322	e	Neste Oil Oyj		1,786
	1,474,366		New Zealand Oil & Gas Ltd		976
	225,063	*	Newfield Exploration Co		5,543
	1,116,000	e	Newocean Energy Holdings Ltd		913
	393,845	*	Newpark Resources, Inc		4,840
	319,200	*,e	Niko Resources Ltd		763
	288,000		Nippon Coke & Engineering Co Ltd		370
	60,000		Noble Corp plc		2,248
	1,607,861		Noble Energy, Inc		109,511
	270,601	e	Nordic American Tanker Shipping		2,625
	257,127	*,e	Northern Oil And Gas, Inc		3,875
	213,256		NovaTek OAO (GDR)		29,234
	53,871	*,e	Nuverra Environmental Solutions, Inc		904
	140,779	*	NuVista Energy Ltd		946
	230,972	*	Oasis Petroleum, Inc		10,849
	3,727,536		Occidental Petroleum Corp		354,489
	47,514		Ocean Yield ASA		272
	577,377		Oceaneering International, Inc		45,543
	295,326		Oil India Ltd		2,332
	1,511,614	*	Oil Refineries Ltd		486
	1,179,085		Oil Search Ltd		8,566
	144,268	*	Oil States International, Inc		14,675
	308,866		OMV AG.		14,782
	945,134	*	Ophir Energy plc		5,133
	476,883		Origin Energy Ltd		6,010
	371,307		Pacific Rubiales Energy Corp (Toronto)		6,411
	995,999	*,e	Paladin Resources Ltd		415
	25,444		Panhandle Oil and Gas, Inc (Class A)		850
	73,589	*	Paramount Resources Ltd (Class A)		2,693
	237,451	*	Parex Resources, Inc		1,471
	459,330	*	Parker Drilling Co		3,734

73

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	212,286	e	Parkland Income Fund	$	3,691
	132,626	e	Pason Systems, Inc		2,869
	481,573		Patterson-UTI Energy, Inc		12,193
	5,276	*	Paz Oil Co Ltd		862
	160,721	e	PBF Energy, Inc		5,056
	140,676	*	PDC Energy, Inc		7,487
	379,024		Peabody Energy Corp		7,402
	606,055	e	Pembina Pipeline Income Fund		21,350
	478,402	e	Pengrowth Energy Trust		2,959
	206,699	*,e	Penn Virginia Corp		1,949
	308,209	e	Penn West Energy Trust		2,574
	376,880	*	Perdana Petroleum BHD		183
	592,200	*	Perisai Petroleum Teknologi BHD		288
	39,867		Petrofac Ltd		808
	4,306,176		Petroleo Brasileiro S.A.		29,253
	390,800		Petroleo Brasileiro S.A. (ADR)		5,385
	6,333,382		Petroleo Brasileiro S.A. (Preference)		45,877
	358,844		Petroleum Geo-Services ASA		4,239
	682,818		Petronas Dagangan BHD		6,560
	176,889	*	Petroquest Energy, Inc		764
	1,413,957	e	Peyto Energy Trust		43,274
	48,236	*	PHI, Inc		2,093
	132,300	*	Philex Petroleum Corp		23
	2,566,103		Phillips 66		197,924
	237,131	*	Pioneer Energy Services Corp		1,899
	524,968		Pioneer Natural Resources Co		96,631
	163,345	*	Plains GP Holdings LP		4,373
	1,710,819	*,e	Polarcus Ltd		1,329
	2,466,301		Polish Oil & Gas Co		4,188
	378,342		Polski Koncern Naftowy Orlen S.A.		5,144
	100,100	*,m	Poseidon Concepts Corp		1
	288,700		Precision Drilling Trust		2,701
	722,435		Premier Oil plc		3,759
	600,917		ProSafe ASA		4,649
	13,068,000	*	PT Benakat Petroleum Energy		120
	17,070,000	*	PT Bumi Resources Minerals Tbk		280
	588,200	*	PT Bumi Resources Tbk		15
	34,082,000	*	PT Energi Mega Persada Tbk		197
	595,000	*	PT Golden Eagle Energy Tbk		289
	820,500		PT Harum Energy Indonesia Tbk		186
	2,943,000		PT Indika Energy Tbk		143
	524,000		PT Indo Tambangraya Megah		1,230
	2,879,000		PT Medco Energi Internasional Tbk		498
	401,000		PT Resource Alam Indonesia Tbk		68
	19,026,500	*	PT Sugih Energy Tbk		697
	2,511,234		PT Tambang Batubara Bukit Asam Tbk		2,110
	3,085,930		PTT Exploration & Production PCL		15,675
	1,241,750		PTT PCL		10,831

74

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	296,200		QGEP Participacoes S.A.	$	1,228
	344,120		Questar Market Resources, Inc		10,547
	489,337	*,e	Quicksilver Resources, Inc		1,502
	192,100	*	Raging River Exploration, Inc		1,219
	356,230		Range Resources Corp		30,034
	308,610	*,e	Red Fork Energy Ltd		105
	1,142,564		Refineria La Pampilla S.A. Relapasa		123
	2,080,488		Reliance Industries Ltd		30,157
	172,618	*,e	Renewable Energy Group, Inc		1,978
	1,503,512		Repsol YPF S.A.		37,938
	260,164	*,e	Resolute Energy Corp		2,349
	145,433	*	Rex Energy Corp		2,866
	297,000	*	Rex International Holding Ltd		140
	18,958	*	Rex Stores Corp		848
	37,925	*	RigNet, Inc		1,818
	118,200	*	RMP Energy Inc		625
	1,670,915	*	Roc Oil Co Ltd		733
	355,101	*,e	Rockhopper Exploration plc		907
	233,397	*	Rosetta Resources, Inc		11,212
	1,489,270		Rosneft Oil Co (GDR)		11,368
	549,334	*	Rowan Cos plc		19,424
	6,294,228		Royal Dutch Shell plc (A Shares)		225,574
	3,638,062		Royal Dutch Shell plc (B Shares)		137,228
	558,626	e	RPC, Inc		9,971
	30,905		Saipem S.p.A.		663
	333,027	*	Salamander Energy plc		617
	170,000		San-Ai Oil Co Ltd		800
	143,695	*,e	Sanchez Energy Corp		3,522
	814,155	*,e	SandRidge Energy, Inc		4,942
	444,725		Santos Ltd		5,829
	4,635,100	*	Sapurakencana Petroleum BHD		6,944
	325,925	*	Saras S.p.A.		373
	1,106,571		Sasol Ltd		54,461
	191,038	e	Savanna Energy Services Corp		1,529
	254,458	*	SBM Offshore NV		5,184
	5,814,758		Schlumberger Ltd		523,968
	23,049		Schoeller-Bleckmann Oilfield Equipment AG.		2,557
	569,500	*	Scomi Group BHD		64
	707,683		Scorpio Tankers, Inc		8,344
	114,650	*,e	SEACOR Holdings, Inc		10,456
	775,635	e	Seadrill Ltd		31,863
	299,090		Seadrill Ltd (Oslo Exchange)		12,258
	126,500	e	Secure Energy Services, Inc		2,104
	152,702		SemGroup Corp		9,961
	14,009,649	*,e	Senex Energy Ltd		9,284
	50	*,m	Serval Integrated Energy Services		0	^
	352,100	*,e	Sevan Drilling AS.		287
	219,200		Shandong Molong Petroleum Machinery Co Ltd		84

75

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	84,179		ShawCor Ltd	$	3,366
	40,900		Shinko Plantech Co Ltd		318
	214,237	e	Ship Finance International Ltd		3,509
	787,954	e	Showa Shell Sekiyu KK		8,009
	500,800		Siamgas & Petrochemicals PCL		241
	61,000		Sinanen Co Ltd		238
	8,240,000	*,e	Sino Union Energy Investment Group Ltd		474
	1,126,000	e	Sinopec Kantons Holdings Ltd		1,252
	69,377		SK Energy Co Ltd		9,328
	7,504		SK Gas Co Ltd		533
	33,300	*,m	Societatea Nationala de Gaze Naturale ROMGAZ S.A. (GDR)		356
	23,600	*	Societatea Nationala de Gaze Naturale ROMGAZ S.A. (GDR) Registered		240
	483,492		Soco International plc		3,166
	58,066		S-Oil Corp		4,079
	151,792	*,e	Solazyme, Inc		1,653
	168,771	*,e	Songa Offshore SE		87
	446,700	*	Southern Pacific Resource Corp		78
	980,639	*	Southwestern Energy Co		38,569
	4,110,861		Spectra Energy Corp		146,429
	109,222	e	Sprott Resource Corp		239
	816,000		SPT Energy Group, Inc		486
	135,028	e	Spyglass Resources Corp		231
	222,815		St. Mary Land & Exploration Co		18,518
	1,032,731		Statoil ASA		25,112
	199,885	*	Stone Energy Corp		6,914
	1,976,338		Suncor Energy, Inc		69,286
	1,083,024		Suncor Energy, Inc (NY)		37,960
	373,194	*	Sundance Energy Australia Ltd		333
	405,432	*	Superior Energy Services		10,789
	178,200	e	Surge Energy, Inc		1,132
	2,466,473		Surgutneftegaz (ADR)		21,357
	316,700		Surgutneftegaz (ADR) (London)		2,746
	433,000	e	Swiber Holdings Ltd		229
	169,512	*,e	Swift Energy Co		2,288
	161,203	*	Synergy Resources Corp		1,493
	70,300	*	TAG Oil Ltd		218
	5,983,526	e	Tailsman Energy, Inc		69,708
	4,587,096	e	Talisman Energy, Inc (Toronto)		53,331
	370,837		Targa Resources Investments, Inc		32,697
	422,861	e	Tatneft (GDR)		16,205
	75,717		Technip S.A.		7,289
	79,670	e	Tecnicas Reunidas S.A.		4,330
	70,742		Teekay Corp		3,396
	241,687	e	Teekay Tankers Ltd (Class A)		950
	814,241		Tenaris S.A.		17,743
	154,066	*	Tesco Corp		3,047
	750,500		Tesoro Corp		43,904
	38,718	*	Tethys Oil AB		406

76

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	314,849	*	Tetra Technologies, Inc	$	3,892
	51,431	*,e	TGC Industries, Inc		375
	263,185		TGS Nopec Geophysical Co ASA		6,993
	1,276,600		Thai Oil PCL		2,193
	97,947		Tidewater, Inc		5,805
	19,945		TMK OAO (GDR)		235
	234,335	e	TonenGeneral Sekiyu KK		2,150
	85,500		TORC Oil & Gas Ltd		850
	45,006	e	Total Energy Services, Inc		874
	3,933,554		Total S.A.		241,439
	413,623	*	Tourmaline Oil Corp		17,405
	142,000		Toyo Kanetsu K K		399
	1,257,364	e	TransCanada Corp		57,456
	208,733	*	TransGlobe Energy Corp		1,745
	402,726		Transocean Ltd		19,709
	133,545	e	Transocean Ltd (NYSE)		6,600
	248,115	*,e	Triangle Petroleum Corp		2,064
	184,000	e	Trican Well Service Ltd		2,248
	147,662	e	Trilogy Energy Corp		3,837
	417,066		Trinidad Drilling Ltd		3,867
	1,446,322		Tullow Oil plc		20,527
	318,828		Tupras Turkiye Petrol Rafine		6,366
	74,343		Turcas Petrolculuk AS		86
	286,200		Twin Butte Energy Ltd		609
	398,235	*,e	Ultra Petroleum Corp		8,622
	556,300		Ultrapar Participacoes S.A.		13,220
	168,603	*	Unit Corp		8,703
	264,324	*,e	Uranium Energy Corp		529
	507,863	*,e	Ur-Energy, Inc		701
	343,557	*	Vaalco Energy, Inc		2,367
	2,552,532		Valero Energy Corp		128,648
	773,287	*,e	Vantage Drilling Co		1,423
	264,200	e	Veresen, Inc		3,549
	231,793	e	Vermilion Energy Trust		13,605
	141,214		W&T Offshore, Inc		2,259
	4,983,294		Wah Seong Corp BHD		2,513
	351,162	*	Warren Resources, Inc		1,103
	2,115,818	*	Weatherford International Ltd		32,774
	68,800	e	Western Energy Services Corp		479
	519,930	e	Western Refining, Inc		22,050
	105,574	*	Westfire Energy Ltd		534
	46,359	*	Westmoreland Coal Co		894
	383,226	e	Whitecap Resources, Inc		4,560
	850,318	*,e	Whitehaven Coal Ltd		1,455
	428,420	*	Whiting Petroleum Corp		26,506
	147,200	*	Willbros Group, Inc		1,387
	3,692,759		Williams Cos, Inc		142,430
	1,398,000	*,e,m	Wison Engineering Services Co Ltd		178

77

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,066,800		Woodside Petroleum Ltd	$	37,155
	142,407	e	World Fuel Services Corp		6,146
	198,187		WorleyParsons Ltd		2,948
	330,953	*	WPX Energy, Inc		6,745
	295,238	*,e	Xcite Energy Ltd		464
	11,286,900	e	Yanzhou Coal Mining Co Ltd		10,380
	575,654		Z Energy Ltd		1,753
	146,361	*,e	ZaZa Energy Corp		140
			TOTAL ENERGY		10,902,124
FOOD & STAPLES RETAILING - 1.6%
	682,402		Aeon Co Ltd		9,251
	14,200		Ain Pharmaciez Inc		697
	352,715		Alimentation Couche Tard, Inc		26,524
	369,541		Almacenes Exito S.A.		5,744
	93,049		Andersons, Inc		8,297
	70,679		Arcs Co Ltd		1,354
	3,575		Arden Group, Inc (Class A)		452
	40,221		Axfood AB		2,018
	398,520		BIM Birlesik Magazalar AS		8,048
	39,862		Bizim Toptan Satis Magazalari AS		439
	2,757,483		Booker Group plc		7,438
	306,928	*	Brazil Pharma S.A.		879
	945,465		Carrefour S.A.		37,529
	127,437		Casey’s General Stores, Inc		8,952
	29,725		Casino Guichard Perrachon S.A.		3,430
	14,800		Cawachi Ltd		279
	1,304,152		Centros Comerciales Sudamericanos S.A.		4,697
	51,232	*	Chefs’ Warehouse Holdings, Inc		1,494
	1,364,800		China Resources Enterprise		4,540
	377,806		Cia Brasileira de Distribuicao Grupo Pao de Acucar		16,817
	187,697	e	Cia Brasileira de Distribuicao Grupo Pao de Acucar (ADR)		8,384
	7,493		CJ Freshway Corp		208
	355,451	e	Clicks Group Ltd		2,128
	22,860		Cocokara Fine Holdings, Inc		602
	60,166		Colruyt S.A.		3,362
	456,800		Controladora Comercial Mexicana S.A. de C.V.		1,956
	10,500		Cosmos Pharmaceutical Corp		1,139
	1,558,219		Costco Wholesale Corp		185,444
	4,924,900		CP Seven Eleven PCL		6,315
	18,900		Create SD Holdings Co Ltd		654
	4,221,454		CVS Corp		302,129
	5,900		Daikokutenbussaan Co Ltd		155
	304,249	e	Delhaize Group		18,100
	149,391		Distribuidora Internacional de Alimentacion S.A.		1,338
	82,169		Dongsuh Co, Inc		1,314
	58,815		E-Mart Co Ltd		14,875
	59,139		Empire Co Ltd		4,041

78

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	171,826		Eurocash S.A.	$	2,716
	58,231	*,e	Fairway Group Holdings Corp		1,055
	71,181	e	FamilyMart Co Ltd		3,252
	59,598	*,e	Fresh Market, Inc		2,414
	59,125	e	George Weston Ltd		4,314
	117,776		Greggs plc		842
	25,130		Growell Holdings Co Ltd		1,314
	316,800	e	Grupo Comercial Chedraui S.a. DE C.V.		1,119
	99,839		Hakon Invest AB		3,123
	186,143	e	Harris Teeter Supermarkets, Inc		9,186
	75,600		Heiwado Co Ltd		1,083
	3,032		Indiabulls Wholesale Service		1
	44,706		Ingles Markets, Inc (Class A)		1,212
	4,500		Itochu-Shokuhin Co Ltd		146
	72,741		Izumiya Co Ltd		321
	3,266,428		J Sainsbury plc		19,769
	215,361		Jean Coutu Group PJC, Inc		3,732
	393,215		Jeronimo Martins SGPS S.A.		7,689
	84,300		Kasumi Co Ltd		521
	48,400		Kato Sangyo Co Ltd		884
	162,567		Kesko Oyj (B Shares)		5,997
	2,593,844		Koninklijke Ahold NV		46,614
	2,060,906		Kroger Co		81,468
	3,300		Kusuri No Aoki Co Ltd		184
	36,919		Lawson, Inc		2,763
	1,610,000	e	Lianhua Supermarket Holdings Co Ltd		1,247
	28,100	e	Liquor Stores Income Fund		372
	109,866	e	Loblaw Cos Ltd		4,383
	525,516	e	Magnit OAO (GDR)		34,904
	94,339		Majestic Wine plc		840
	37,770		MARR S.p.A.		627
	43,233		Maruetsu, Inc		142
	123,167		Massmart Holdings Ltd		1,527
	122,900		Matsumotokiyoshi Holdings Co Ltd		4,285
	585,342	e	Metcash Ltd		1,653
	746,163		Metro AG.		36,174
	226,414	e	Metro, Inc		13,833
	15,500		Ministop Co Ltd		242
	29,385	*,e	Natural Grocers by Vitamin C		1,247
	69,571		North West Co Fund		1,686
	19,000		Okuwa Co Ltd		165
	313,810	e	Olam International Ltd		383
	131,505	*	Pantry, Inc		2,207
	569,651		Pick’n Pay Holdings Ltd		1,222
	260,060	e	Pick’n Pay Stores Ltd		1,291
	1,470,420		President Chain Store Corp		10,209
	62,606		Pricesmart, Inc		7,234
	15,286,500		PT Sumber Alfaria Trijaya Tbk		565

79

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	244,272		Raia Drogasil S.A.	$	1,530
	58,083		Rallye S.A.		2,437
	8,059		Rami Levi Chain Stores Hashikma Marketing 2006 Ltd		441
	7,054,528	*	Rite Aid Corp		35,696
	3,608,260	*	Robinsons Retail Holdings, Inc		4,488
	103,972	e	Roundy’s, Inc		1,025
	14,479	e	Ryoshoku Ltd		352
	11,000		S Foods, Inc		112
	1,013,457		Safeway, Inc		33,008
	17,400		San-A Co Ltd		476
	1,076,719		Seven & I Holdings Co Ltd		42,871
	533,000		Sheng Siong Group Ltd		258
	183,731	e	Shoppers Drug Mart Corp		10,065
	763,393		Shoprite Holdings Ltd		11,954
	203,743		Shufersal Ltd		784
	1,190,556		Sonae SPGS S.A.		1,721
	427,144		Spar Group Ltd		5,362
	147,168	e	Spartan Stores, Inc		3,573
	677,139	*	Sprouts Farmers Market, Inc		26,022
	51,200		Sugi Pharmacy Co Ltd		2,080
	3,075,900	e	Sun Art Retail Group Ltd		4,344
	57,100		Sundrug Co Ltd		2,551
	1,009,697	*,e	Supervalu, Inc		7,361
	57,870	*	Susser Holdings Corp		3,790
	828,010		Sysco Corp		29,891
	474,000	*	Taiwan TEA Corp		398
	8,454,928		Tesco plc		46,953
	19,688		Tsuruha Holdings, Inc		1,808
	211,296	*	United Natural Foods, Inc		15,930
	468,500		UNY Co Ltd		2,874
	43,800		Valor Co Ltd		579
	28,290		Village Super Market (Class A)		877
	3,394,263		Walgreen Co		194,966
	6,022,721		Wal-Mart de Mexico S.A. de C.V. (Series V)		15,804
	3,845,164		Wal-Mart Stores, Inc		302,576
	46,226		Weis Markets, Inc		2,430
	1,085,251		Wesfarmers Ltd		42,730
	1,180,181		Whole Foods Market, Inc		68,250
	3,989,993		WM Morrison Supermarkets plc		17,272
	1,034,770		Woolworths Ltd		31,334
	1,053,799	*	Wumart Stores, Inc		1,712
	7,600		Yaoko Co Ltd		299
	94,000		Yokohama Reito Co Ltd		713
			TOTAL FOOD & STAPLES RETAILING		2,008,877
FOOD, BEVERAGE & TOBACCO - 4.6%
	31,253		AarhusKarlshamn AB		2,002
	562,862	*	AGV Products Corp		174
	518,260		Ajinomoto Co, Inc		7,503

80

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	9,603	e	Alico, Inc	$	373
	452,262		Alicorp S.A.		1,472
	39,916		Alliance Grain Traders, Inc		619
	337,166	*	Alliance One International, Inc		1,028
	11,448,855		Altria Group, Inc		439,522
	8,810,980		AMBEV S.A.		64,845
	32,297		Amsterdam Commodities NV		735
	414,629		Anadolu Efes Biracilik Ve Malt Sanayii AS		4,485
	92,000		Anheuser-Busch InBev NV (ADR)		9,794
	2,974	*,m	Anheuser-Busch InBev NV (Strip VVPR)		0	^
	97,700		Anhui Gujing Distillery Co Ltd		220
	45,683	*,e	Annie’s, Inc		1,966
	76,655	*	AquaChile S.A.		40
	2,002,197		Archer Daniels Midland Co		86,895
	20,300		Ariake Japan Co Ltd		500
	14,196		Aryzta AG.		1,091
	539,661		Asahi Breweries Ltd		15,229
	1,040,624		Asian Citrus Holdings Ltd		286
	376,761		Associated British Foods plc		15,280
	91,133	e	Astral Foods Ltd		904
	14,187		Atria Group plc		151
	771,000	*,m	Ausnutria Dairy Corp Ltd		1
	227,435		Austevoll Seafood ASA		1,335
	530,164	*	Australian Agricultural Co Ltd		592
	566,264		AVI Ltd		3,097
	171,204		B&G Foods, Inc (Class A)		5,806
	50,070		Bakkafrost P		787
	213,659		Balrampur Chini Mills Ltd		159
	2,111		Barry Callebaut AG.		2,653
	390,005		Beam, Inc		26,544
	28,181	*	Belvedere S.A.		376
	7,807		Binggrae Co Ltd		719
	195,500		Biostime Internatonal Holdings Ltd		1,746
	427,418	*,e	Black Earth Farming Ltd		435
	14,197		Bonduelle S.C.A.		376
	27,025	*,e	Boston Beer Co, Inc (Class A)		6,534
	195,617	*	Boulder Brands, Inc		3,103
	36,569		Britannia Industries Ltd		545
	262,100		British American Tobacco Malaysia BHD		5,131
	2,841,360		British American Tobacco plc		152,507
	4,266,288		Britvic plc		48,980
	646,165		Brown-Forman Corp (Class B)		48,831
	377,000	e	Bumitama Agri Ltd		281
	682,457		Bunge Ltd		56,037
	430,192		C&C Group plc		2,515
	39,989		Calavo Growers, Inc		1,210
	92,700		Calbee, Inc		2,251
	48,368		Cal-Maine Foods, Inc		2,913
	365,388	e	Campbell Soup Co		15,814

81

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	14,000		Carlsberg AS (Class B)	$	1,549
	160,000		Carlsberg Brewery-Malay BHD		596
	68,465		Casa Grande S.A.		200
	48,154		Cermaq ASA		857
	592,000	e	Changshouhua Food Co Ltd		763
	3,090,800		Charoen Pokphand Foods PCL		3,020
	2,769,310		China Agri-Industries Holdings Ltd		1,384
	967,500	*,e	China Huiyuan Juice Group Ltd		622
	2,297,900		China Mengniu Dairy Co Ltd		10,929
	10,059,000	*,e	China Modern Dairy Holdings		5,458
	5,760,000		China Starch Holdings Ltd		165
	1,762,000	*,e	China Yurun Food Group Ltd		1,134
	177,929	*	Chiquita Brands International, Inc		2,082
	311,260		Cia Cervecerias Unidas S.A.		3,729
	9,398		CJ CheilJedang Corp		2,470
	67,016		Clover Industries Ltd		116
	282,566		Coca-Cola Amatil Ltd		3,040
	28,015		Coca-Cola Bottling Co Consolidated		2,050
	179,695		Coca-Cola Central Japan Co Ltd		3,733
	12,443,259		Coca-Cola Co		514,031
	134,505		Coca-Cola Embonor S.A.		276
	1,121,306		Coca-Cola Enterprises, Inc		49,483
	492,687		Coca-Cola Femsa S.A. de C.V.		5,959
	277,392		Coca-Cola HBC AG.		8,119
	180,023		Coca-Cola Icecek AS		4,336
	173,027	e	Coca-Cola West Japan Co Ltd		3,665
	10,295,700	*,e	Cofco International Ltd		4,376
	1,216,501		ConAgra Foods, Inc		40,996
	1,274,509	*	Constellation Brands, Inc (Class A)		89,700
	88,676		Corbion NV		1,881
	193,342		Cott Corp		1,556
	35,132	*	Craft Brewers Alliance, Inc		577
	1,787		Crown Confectionery Co Ltd		464
	2,160		Dae Han Flour Mills Co Ltd		314
	56,460		Daesang Corp		2,059
	162,676		Dairy Crest Group plc		1,455
	705,820	*	Darling International, Inc		14,738
	343,174		Davide Campari-Milano S.p.A.		2,865
	547,537	*	Dean Foods Co		9,412
	215,843		Devro plc		1,029
	1,984,462		Diageo plc		65,762
	88,426	*,e	Diamond Foods, Inc		2,285
	2,710		Dongwon F&B Co Ltd		339
	2,650		Dongwon Industries Co Ltd		796
	409,219		Dr Pepper Snapple Group, Inc		19,937
	10,000		Dutch Lady Milk Industries BHD		144
	29,100		Dydo Drinco, Inc		1,221
	1,214,000	*,e,m	Dynasty Fine Wines Group Ltd		2

82

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	7,000	*	East Asiatic Co Ltd AS	$	103
	90,612		Ebro Puleva S.A.		2,124
	137,854		Embotelladora Andina S.A.		632
	370,558		Embotelladoras Arca SAB de C.V.		2,317
	4,745		Emmi AG.		1,455
	4,725,900	*	Emperador, Inc		1,139
	6,408,492		Empresas Iansa S.A.		213
	203,464		Ezaki Glico Co Ltd		2,301
	22,044	*	Farmer Bros Co		513
	2,081,900		Felda Global Ventures Holdings BHD		2,856
	654,000	e	First Resources Ltd		1,100
	464,947		Flowers Foods, Inc		9,982
	3,744,433		Fomento Economico Mexicano S.A. de C.V.		36,250
	147,286		Fresh Del Monte Produce, Inc		4,168
	72,773		Fuji Oil Co Ltd		1,084
	18,832		Fujicco Co Ltd		213
	150,000	e	Fujiya Co Ltd		284
	1,987,526		General Mills, Inc		99,197
	215,600		Genting Plantations BHD		728
	581,500	*	GFPT PCL		227
	171,185		Glanbia plc		2,657
	7,995		GlaxoSmithKline Consumer Healthcare Ltd		575
	2,566,000	*,e	Global Bio-Chem Technology Group Co Ltd		199
	3,608,000	e	GMG Global Ltd		289
	1,522,354	e	Golden Agri-Resources Ltd		659
	4,749,688		Goodman Fielder Ltd		2,910
	220,946		GrainCorp Ltd-A		1,678
	998,517		Great Wall Enterprise Co		886
	873,720	*,e	Green Mountain Coffee Roasters, Inc		66,036
	1,416,040		Greencore Group plc		5,229
	8,711		Griffin Land & Nurseries, Inc (Class A)		291
	1,301,818		Groupe Danone		93,916
	1,837,028	e	Grupo Bimbo S.A. de C.V. (Series A)		5,656
	392,200		Grupo Herdez SAB de C.V.		1,396
	90,000		Grupo Lala SAB de C.V.		199
	1,022,000	e	Guangdong Land Holdings Ltd		224
	378,386	*	Hain Celestial Group, Inc		34,350
	225,000		Hap Seng Plantations Holdings BHD		184
	54,175	*	Harim & Co Ltd		236
	121,658		Heineken Holding NV		7,701
	86,650		Heineken NV		5,856
	1,728,022		Hershey Co		168,016
	618,250		Hey Song Corp		725
	714,278		Hillshire Brands Co		23,885
	16,320		Hite Holdings Co Ltd		180
	72,333		HKScan Oyj		374
	24,200		Hokuto Corp		454
	152,045		Hormel Foods Corp		6,868

83

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	73,952		House Foods Corp	$	1,117
	327,371	e	Illovo Sugar Ltd		869
	1,062,660		Imperial Tobacco Group plc		41,197
	619,688		InBev NV		65,895
	735,978	e	Indofood Agri Resources Ltd		517
	2,794,200		Indofood CBP Sukses Makmur Tbk		2,346
	336,883		Ingredion, Inc		23,063
	73,428	*	Inventure Foods, Inc		974
	5,825,176		IOI Corp BHD		8,384
	2,977,364		ITC Ltd		15,504
	62,700		Ito En Ltd		1,312
	360,000	e	Itoham Foods, Inc		1,567
	79,241		J&J Snack Foods Corp		7,020
	308,112		J.M. Smucker Co		31,927
	2,043,500		Japan Tobacco, Inc		66,493
	2,707,921		JBS S.A.		10,086
	29,520		Jinro Ltd		618
	33,628		John B. Sanfilippo & Son, Inc		830
	305,944	e	J-Oil Mills, Inc		823
	588,125		Juhayna Food Industries		1,328
	87,573	e	Kagome Co Ltd		1,432
	12,200		Kameda Seika Co Ltd		323
	436,931		Kellogg Co		26,683
	58,516	*	Kernel Holding S.A.		740
	654,381		Kerry Group plc (Class A)		45,462
	39,000		KEY Coffee, Inc		586
	1,972,000		Khon Kaen Sugar Industry PCL (Foreign)		722
	39,671		Kikkoman Corp		750
	1,084,865	e	Kirin Brewery Co Ltd		15,624
	94,664		Koninklijke Wessanen NV		370
	2,421,439		Kraft Foods Group, Inc		130,564
	159,083		KT&G Corp		11,236
	509,473		Kuala Lumpur Kepong BHD		3,873
	2,685		KWS Saat AG.		924
	700,000		Labixiaoxin Snacks Group Ltd		469
	62,040		Lancaster Colony Corp		5,469
	183,021		Lance, Inc		5,256
	46,187		Leroy Seafood Group ASA		1,353
	342,987		Lien Hwa Industrial Corp		223
	15,883	e	Lifeway Foods, Inc		254
	38,626	e	Limoneira Co		1,027
	1,422		Lindt & Spruengli AG.		6,410
	48		Lindt & Spruengli AG. (Registered)		2,588
	1,531,734		Lorillard, Inc		77,628
	916		Lotte Chilsung Beverage Co Ltd		1,324
	704		Lotte Confectionery Co Ltd		1,275
	1,073		Lotte Samkang Co Ltd		759
	99,200		M Dias Branco S.A.		4,205

84

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	7,627		Maeil Dairy Industry Co Ltd	$	324
	117,269	e	Maple Leaf Foods, Inc		1,854
	335,700	*	Marfrig Alimentos S.A.		569
	135,000		Marudai Food Co Ltd		395
	512,000		Maruha Nichiro Holdings, Inc		892
	194,208		McCormick & Co, Inc		13,385
	75,219		McLeod Russel India Ltd		391
	924,656		Mead Johnson Nutrition Co		77,449
	65,900	e	Megmilk Snow Brand Co Ltd		830
	14,320		MEIJI Holdings Co Ltd		920
	130,334		MHP SA (GDR)		2,222
	251,600	*	Minerva S.A.		1,226
	276,655		Mitsui Sugar Co Ltd		1,063
	114,197		Molson Coors Brewing Co (Class B)		6,412
	3,859,919		Mondelez International, Inc		136,255
	1,593,994	*,e	Monster Beverage Corp		108,025
	466,302		Morinaga & Co Ltd		958
	533,000		Morinaga Milk Industry Co Ltd		1,581
	17,533		Muhak Co Ltd		319
	1,728,489	*	Multiexport Foods S.A.		308
	543,000		Namchow Chemical Industrial Ltd		830
	919		Namyang Dairy Products Co Ltd		820
	35,929	*	National Beverage Corp		724
	5,664	e	Naturex		454
	6,674		Nestle India Ltd		571
	3,296,719		Nestle S.A.		241,617
	444,000		Nichirei Corp		2,265
	291,000		Nippon Beet Sugar Manufacturing Co Ltd		514
	333,000		Nippon Flour Mills Co Ltd		1,641
	231,705		Nippon Meat Packers, Inc		3,982
	314,766	*	Nippon Suisan Kaisha Ltd		716
	141,000		Nisshin Oillio Group Ltd		458
	51,400	e	Nisshin Seifun Group, Inc		532
	15,195		Nissin Food Products Co Ltd		641
	3,995		Nong Shim Co Ltd		951
	3,126		Nong Shim Holdings Co Ltd		234
	8,225		Nong Woo Bio Co Ltd		179
	166,195		Nutreco NV		8,264
	290,900		Oldtown BHD		231
	101,662	*,e	Omega Protein Corp		1,249
	3,736		Orion Corp		3,364
	85,932		Orkla ASA		672
	45,304		Osem Investments Ltd		1,106
	3,359		Ottogi Corp		1,268
	6,818,209	e	PAN Fish ASA		8,317
	7,408,632		PepsiCo, Inc		614,472
	1,247,000		Pepsi-Cola Products Philippine		127
	766,571		Perdigao S.A.		16,002

85

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	47,850		Pernod-Ricard S.A.	$	5,452
	72,987	*,m	Pescanova S.A.		1
	851,000	e	Petra Foods Ltd		2,171
	1,400		Philip Morris CR		746
	6,142,880		Philip Morris International, Inc		535,229
	832,520	*	Pilgrim’s Pride Corp		13,528
	47,539		Pinar SUT Mamulleri Sanayii AS		389
	79,910		Pinnacle Foods, Inc		2,194
	126,877	*	Post Holdings, Inc		6,251
	773,720		PPB Group BHD		3,818
	428,643	*,e	Premier Foods plc		887
	34,900		Premium Brands Holdings Corp		745
	180,000		Prima Meat Packers Ltd		332
	1,403,424		PT Astra Agro Lestari Tbk		2,897
	5,806,500	*,m	PT Austindo Nusantara Jaya		716
	2,761,000		PT Bisi International		127
	3,839,500		PT BW Plantation Tbk		420
	7,576,500		PT Charoen Pokphand Indonesia Tbk		2,108
	516,500		PT Gudang Garam Tbk		1,786
	15,608,200		PT Indofood Sukses Makmur Tbk		8,482
	9,196,500		PT Japfa Comfeed Indonesia Tbk		924
	1,050,000		PT Malindo Feedmill Tbk		275
	12,006,500		PT Perusahaan Perkebunan London Sumatra Indonesia Tbk		1,908
	5,198,500		PT Salim Ivomas Pratama Tbk		334
	1,512,500		PT Sampoerna Agro Tbk		249
	2,768,500		PT Tunas Baru Lampung Tbk		107
	116,800		Q.P. Corp		1,622
	135,000	e	QAF Ltd		88
	852,700		QL Resources BHD		1,061
	19,517		Radico Khaitan Ltd		45
	613,765	e	Remy Cointreau S.A.		51,557
	1,036,017		Reynolds American, Inc		51,791
	276,500		Rimbunan Sawit BHD		66
	11,139		Royal UNIBREW AS		1,512
	2,455,850		SABMiller plc		126,415
	73,896		SABMiller plc (Johannesburg)		3,756
	32,655		Sakata Seed Corp		414
	2,750		Samyang Corp		116
	12,063		Samyang Holdings Corp		854
	2,486	*,m	San Miguel Corp (New)		2
	79,460		San Miguel Pure Foods Co Inc		427
	117,152		Sanderson Farms, Inc		8,474
	126,400		Sao Martinho S.A.		1,538
	2,104,000		Sapporo Holdings Ltd		8,849
	168,620		Saputo, Inc		7,681
	29,098		Schouw & Co		1,189
	1,225	*	Seaboard Corp		3,424
	32,633	*	Seneca Foods Corp		1,041

86

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	612,700	*	Shanghai Dajiang Group	$	235
	1,188,000	e	Shenguan Holdings Group Ltd		531
	160,000		Showa Sangyo Co Ltd		487
	929,268	*	Shree Renuka Sugars Ltd		301
	28,700		Silla Co Ltd		662
	159,400		SLC Agricola S.A.		1,378
	2,626		Societa per la Bonifica dei Terreni Ferraresi e Imprese Agricole S.p.A.		126
	446,264	*	SOS Cuetara S.A.		289
	430,055		Souza Cruz S.A.		4,395
	328,362		Standard Foods Corp		1,027
	86,646		Strauss Group Ltd		1,657
	426,959	e	Suedzucker AG.		11,534
	143,600	*	Suntory Beverage & Food Ltd		4,581
	1,014,000	e	Super Coffeemix Manufacturing Ltd		3,061
	152,273		Swedish Match AB		4,896
	217,994	*	Synlait Milk Ltd		706
	55,848	*,e	Synutra International, Inc		496
	19,096	*	Taisun Enterprise Co Ltd		9
	56,096		Taiyen Biotech Co Ltd		58
	192,000		Takara Holdings, Inc		1,792
	287,855		Tassal Group Ltd		848
	156,384	*	TAT Konserve		181
	488,928		Tata Tea Ltd		1,271
	6,701,319		Tate & Lyle plc		89,894
	1,970,400		TDM BHD		572
	164,900		Tereos Internacional S.A.		174
	499,680		TH Plantations BHD		287
	882,200		Thai Union Frozen Products PCL (ADR)		1,932
	600,000		Thai Union Frozen Products PCL (Foreign)		1,314
	915,200		Thai Vegetable Oil PCL		517
	2,165,000	e	Tibet 5100 Water Resources Holdings Ltd		856
	2,038,000		Tiga Pilar Sejahtera Food Tbk		240
	198,256	e	Tiger Brands Ltd		5,052
	5,460,900	e	Tingyi Cayman Islands Holding Corp		15,804
	176,132		Tongaat Hulett Ltd		1,909
	61,591	e	Tootsie Roll Industries, Inc		2,004
	50,259		Toyo Suisan Kaisha Ltd		1,510
	123,329		Treasury Wine Estates Ltd		532
	169,270	*	TreeHouse Foods, Inc		11,666
	14,010		TS Corp		376
	451,700		Tsingtao Brewery Co Ltd		3,828
	50,000		Ttet Union Corp		104
	1,694,350		Tyson Foods, Inc (Class A)		56,693
	104,690		Ulker Biskuvi Sanayi AS		741
	2,503,178		Unilever NV		100,641
	2,361,161		Unilever plc		97,152
	1,420,800	e	Uni-President China Holdings Ltd		1,449

87

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	5,211,832		Uni-President Enterprises Corp	$	9,405
	55,533	*	United Breweries Ltd		696
	4,201		United International Enterprises		868
	91,178		United Spirits Ltd		3,851
	91,195	e	Universal Corp		4,979
	3,408,433		Universal Robina		8,707
	237,344	*	Vanguarda Agro S.A.		345
	151,000		Ve Wong Corp		126
	210,393	e	Vector Group Ltd		3,444
	5,462	e	Vilmorin & Cie		730
	517,434		Vina Concha Y Toro S.A.		971
	60,550	e	Viscofan S.A.		3,444
	3,158		Vranken - Pommery Monopole		107
	6,470,900	e	Want Want China Holdings Ltd		9,366
	30,000		Warabeya Nichiyo Co Ltd		543
	443,000		Wei Chuan Food Corp		780
	158,725	*	WhiteWave Foods Co (Class A)		3,641
	3,136,367	e	Wilmar International Ltd		8,519
	91,969		Yakult Honsha Co Ltd		4,647
	73,735		Yamazaki Baking Co Ltd		756
	283,953		Yantai Changyu Pioneer Wine Co		945
	3,204,000		Yashili International		1,975
			TOTAL FOOD, BEVERAGE & TOBACCO		5,802,170
HEALTH CARE EQUIPMENT & SERVICES - 3.3%
	79,991	*	Abaxis, Inc		3,201
	6,329,893		Abbott Laboratories		242,625
	171,369	*,e	Abiomed, Inc		4,582
	113,231	*	Acadia Healthcare Co, Inc		5,359
	186,559	*,e	Accretive Health, Inc		1,709
	238,840	*,e	Accuray, Inc		2,080
	59,177	*	Addus HomeCare Corp		1,329
	461,124		Advanced Medical Solutions Group plc		827
	2,057,517		Aetna, Inc		141,125
	237,884	*	AGFA-Gevaert NV		576
	62,626	*,m	AGFA-Gevaert NV Brussels		0	^
	126,956	*	Air Methods Corp		7,405
	257,958	*	Al Noor Hospitals Group plc		3,834
	143,884		Alfresa Holdings Corp		7,142
	381,333	*	Align Technology, Inc		21,793
	35,494	*	Alliance HealthCare Services, Inc		878
	777,665	*	Allscripts Healthcare Solutions, Inc		12,023
	34,180	*	Almost Family, Inc		1,105
	231,972	*	Alphatec Holdings, Inc		466
	123,533	*	Amedisys, Inc		1,807
	649,040		AmerisourceBergen Corp		45,634
	339,577	*	AMN Healthcare Services, Inc		4,992
	101,232		Amplifon S.p.A.		562
	176,072	*	Amsurg Corp		8,085

88

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	50,945		Analogic Corp	$	4,512
	115,550	*	Angiodynamics, Inc		1,986
	93,265	*	Anika Therapeutics, Inc		3,559
	172,225		Ansell Ltd		3,179
	363,289	*,e	Antares Pharma, Inc		1,628
	73,128		Apollo Hospitals Enterprise Ltd		1,119
	54,341		Arseus NV		2,066
	161,749	*	Arthrocare Corp		6,509
	27,400		Asahi Intecc Co Ltd		1,024
	126,405	*,e	athenahealth, Inc		17,001
	67,717	*	AtriCure, Inc		1,265
	5,643		Atrion Corp		1,672
	49,966	*,e	Balda AG.		336
	2,635,250		Bangkok Chain Hospital PCL		485
	392,800		Bangkok Dusit Medical Services PCL		1,412
	448,005		Bard (C.R.), Inc		60,006
	1,318,043		Baxter International, Inc		91,670
	554,749		Becton Dickinson & Co		61,294
	104,982	*,e	Biolase Technology, Inc		297
	81,414	*,e	Bio-Reference Labs, Inc		2,079
	228,511	*	BioScrip, Inc		1,691
	1,132,000	e	Biosensors International Group Ltd		750
	36,600		BML, Inc		1,239
	5,129,521	*	Boston Scientific Corp		61,657
	83,160	*	Brookdale Senior Living, Inc		2,260
	516,100		Bumrungrad Hospital PCL		1,381
	136,283		Cantel Medical Corp		4,621
	88,271	*	Capital Senior Living Corp		2,118
	1,150,318		Cardinal Health, Inc		76,853
	92,231	*	Cardiovascular Systems, Inc		3,163
	1,534,511	*	CareFusion Corp		61,104
	41,594		Carl Zeiss Meditec AG.		1,389
	1,246	*,e	Carmat		200
	1,245,988	*	Catamaran Corp		59,159
	259,139	*	Catamaran Corp (Toronto)		12,307
	5,802	*	Cegedim S.A.		183
	36,028	e	Celesio AG.		1,142
	280,255	*	Centene Corp		16,521
	1,231,488	*	Cerner Corp		68,643
	208,200	*,e	Cerus Corp		1,343
	65,766	*	CHA Bio & Diostech Co Ltd		681
	117,333		CHC Healthcare Group		301
	63,690	e	Chemed Corp		4,880
	44,327	*,e	Chindex International, Inc		773
	1,174,900		Cigna Corp		102,780
	58,623		Cochlear Ltd		3,089
	187,809		Coloplast AS		12,451
	358,082	*	Community Health Systems, Inc		14,062

89

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	393,522		Compagnie Generale d’Optique Essilor International S.A.	$	41,874
	35,988		Computer Programs & Systems, Inc		2,224
	121,809		Conmed Corp		5,177
	210,705		Cooper Cos, Inc		26,094
	800,000	e	Cordlife Group Ltd		757
	60,614	*	Corvel Corp		2,831
	2,338,618		Covidien plc		159,260
	103,933	*	Cross Country Healthcare, Inc		1,037
	306,908		Cruz Blanca Salud S.A.		269
	108,212		CryoLife, Inc		1,200
	58,487	*,e	Cutera, Inc		595
	138,821	*	Cyberonics, Inc		9,094
	90,622	*	Cynosure, Inc (Class A)		2,418
	436,065	*	DaVita, Inc		27,633
	285,988		Dentsply International, Inc		13,865
	52,482	*,e	Derma Sciences, Inc		568
	226,868	*	DexCom, Inc		8,033
	289,500		Diagnosticos da America S.A.		1,772
	26,093	e	DiaSorin S.p.A.		1,224
	7,351		Draegerwerk AG.		961
	6,019		Draegerwerk AG. & Co KGaA		639
	331,380	*	Edwards Lifesciences Corp		21,792
	16,400		Eiken Chemical Co Ltd		310
	71,181	e	Elekta AB (B Shares)		1,089
	188,271	*	Emeritus Corp		4,072
	198,826	*	Endologix, Inc		3,468
	72,149		Ensign Group, Inc		3,194
	96,641	*	Envision Healthcare Holdings, Inc		3,433
	34,480	*	Exactech, Inc		819
	99,527	*	ExamWorks Group, Inc		2,973
	398,000		Excelsior Medical Co Ltd		791
	3,897,778	*	Express Scripts Holding Co		273,780
	202,831	e	Extendicare, Inc		1,302
	739,800		Faber Group BHD		576
	1,384,700		Fisher & Paykel Healthcare Corp		4,388
	157,433	*	Five Star Quality Care, Inc		864
	198,200		Fleury S.A.		1,546
	135,136		Fresenius Medical Care AG.		9,639
	126,043		Fresenius SE		19,382
	9,897		Galenica AG.		9,963
	109,750	*,e	GenMark Diagnostics, Inc		1,461
	169,821	*	Gentiva Health Services, Inc		2,107
	55,608		Getinge AB (B Shares)		1,906
	63,000		Ginko International Co Ltd		1,190
	19,293	*	Given Imaging Ltd		580
	172,437	*,e	Globus Medical, Inc		3,480
	400,620		GN Store Nord		9,846
	18,033,986	e	Golden Meditech Co Ltd		1,632

90

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	96,406	*	Greatbatch, Inc	$	4,265
	46,500		Green Hospital Supply, Inc		1,806
	2,982		Guerbet		445
	170,084	*	Haemonetics Corp		7,166
	127,028	*	Hanger Orthopedic Group, Inc		4,997
	698,000		Hartalega Holdings BHD		1,541
	1,138,112	*	HCA Holdings, Inc		54,299
	573,810	*	Health Management Associates, Inc (Class A)		7,517
	174,610	*	Health Net, Inc		5,181
	555,197		Healthsouth Corp		18,499
	72,172	*	HealthStream, Inc		2,365
	118,945	*,e	Healthways, Inc		1,826
	52,550	*	HeartWare International, Inc		4,938
	284,013	*	Henry Schein, Inc		32,451
	299,092		Hill-Rom Holdings, Inc		12,364
	9,348		Hitachi Medical Corp		158
	279,872	*	HMS Holdings Corp		6,361
	19,600		Hogy Medical Co Ltd		1,032
	2,341,764	*,e	Hologic, Inc		52,338
	539,129		Humana, Inc		55,649
	63,583	*	ICU Medical, Inc		4,051
	119,318	*,e	Idexx Laboratories, Inc		12,692
	3,105,000	*	IHH Healthcare BHD		3,662
	18,903	*	Infinitt Healthcare Co Ltd		129
	170,155	*	Insulet Corp		6,313
	87,687	*	Integra LifeSciences Holdings Corp		4,184
	570,000	*	International Healthway Corp Ltd		154
	129,751	*	Intuitive Surgical, Inc		49,835
	125,201		Invacare Corp		2,906
	153,897	*	Inverness Medical Innovations, Inc		5,571
	25,315	*	Ion Beam Applications		272
	54,110	*	IPC The Hospitalist Co, Inc		3,214
	6,075	*	i-SENS Inc		240
	87,000		Jeol Ltd		412
	216,758		Kindred Healthcare, Inc		4,279
	1,205,200		Kossan Rubber Industries		1,589
	1,227,900		KPJ Healthcare BHD		1,454
	202,169	*,e	Laboratory Corp of America Holdings		18,472
	30,329		Landauer, Inc		1,596
	14,992	*,e	LDR Holding Corp		354
	32,900	e	Leisureworld Senior Care Corp		354
	48,093	*	LHC Group, Inc		1,156
	1,301,911		Life Healthcare Group Holdings Pte Ltd		5,200
	90,045	*	LifePoint Hospitals, Inc		4,758
	104,287	*	Magellan Health Services, Inc		6,248
	6,400	e	Mani, Inc		218
	155,700	*	Masimo Corp		4,551
	1,487,615		McKesson Corp		240,101

91

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	21,146		MD Medical Group Investments plc (ADR)	$	239
	320,875	*	MedAssets, Inc		6,363
	67,013		Medica		1,750
	47,423	*,e	Medical Action Industries, Inc		406
	64,100	e	Medical Facilities Corp		1,083
	543,136		Mediceo Paltac Holdings Co Ltd		7,170
	342,774		Mediclinic International Ltd		2,486
	174,232	*	Medidata Solutions, Inc		10,553
	3,245,137		Medtronic, Inc		186,238
	217,634	*	Merge Healthcare, Inc		505
	131,992	e	Meridian Bioscience, Inc		3,502
	164,545	*	Merit Medical Systems, Inc		2,590
	14,600		Message Co Ltd		450
	137,091		Metlifecare Ltd		447
	210,500		Microlife Corp		573
	719,000	e	Microport Scientific Corp		471
	77,606		Miraca Holdings, Inc		3,661
	120,685	*	Molina Healthcare, Inc		4,194
	43,957	*	MWI Veterinary Supply, Inc		7,499
	21,136		Nagaileben Co Ltd		319
	45,404		National Healthcare Corp		2,448
	31,288	*	National Research Corp		589
	163,393	*	Natus Medical, Inc		3,676
	123,440	*	Neogen Corp		5,641
	1,093,881		Network Healthcare Holdings Ltd		2,715
	159,900		Nichii Gakkan Co		1,282
	66,100		Nihon Kohden Corp		2,307
	140,767		Nikkiso Co Ltd		1,775
	430,500	e	Nipro Corp		3,897
	213,718		NMC Health plc		1,550
	226,057		Nobel Biocare Holding AG.		3,540
	204,762	*	NuVasive, Inc		6,620
	195,869	*	NxStage Medical, Inc		1,959
	308,900		Odontoprev S.A.		1,287
	3,039,502	*	Olympus Corp		96,403
	570,018	e	Omnicare, Inc		34,406
	120,130	*	Omnicell, Inc		3,067
	209,797	*	OraSure Technologies, Inc		1,320
	144,018		Oriola-KD Oyj (B Shares)		505
	77,720		Orpea		4,521
	77,256	*	Orthofix International NV		1,763
	15,294	*	Osstem Implant Co Ltd		335
	248,531	e	Owens & Minor, Inc		9,086
	15,980	*,e	Oxford Immunotec Global plc		310
	57,490		Pacific Hospital Supply Co Ltd		191
	44,277		Paramount Bed Holdings Co Ltd		1,483
	190,373		Patterson Cos, Inc		7,843
	528,174	*	Pediatrix Medical Group, Inc		28,194

92

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	93,475		Pharmaniaga BHD	$	127
	114,818	*	PharMerica Corp		2,469
	16,379		Phonak Holding AG.		2,209
	47,934	*,e	PhotoMedex, Inc		621
	302,000	*	Pihsiang Machinery Manufacturing Co Ltd		297
	738,968	*	Premier, Inc		27,164
	1,014,831		Primary Health Care Ltd		4,496
	4,400		Profarma Distribuidora de Produtos Farmaceuticos S.A.		35
	74,653	*	Providence Service Corp		1,920
	221,200	*	Qualicorp S.A.		2,110
	131,350		Quality Systems, Inc		2,766
	297,497	e	Quest Diagnostics, Inc		15,928
	90,934	*,e	Quidel Corp		2,809
	545,797	e	Raffles Medical Group Ltd		1,345
	148,385		Ramsay Health Care Ltd		5,743
	314,998	e	Resmed, Inc		14,830
	123,271		Rhoen Klinikum AG.		3,604
	148,890	*,e	Rockwell Medical Technologies, Inc		1,554
	225,919	*	RTI Biologics, Inc		800
	441,686	e	Ryman Healthcare Ltd		2,853
	10,694		Sartorius AG.		1,273
	5,600		Sartorius Stedim Biotech		939
	425,311		Selcuk Ecza Deposu Ticaret ve Sanayi AS		368
	189,461		Select Medical Holdings Corp		2,200
	2,077,200	e	Shandong Weigao Group Medical Polymer Co Ltd		2,811
	1,124,800		Shanghai Pharmaceuticals Holding Co Ltd		2,757
	172,581		Shenzhen Accord Pharmaceutical Co Ltd		802
	1,493,496		Sigma Pharmaceuticals Ltd		868
	1,153,900	e	Sinopharm Group Co		3,320
	179,719	*	Sirona Dental Systems, Inc		12,616
	130,254	*	Skilled Healthcare Group, Inc (Class A)		626
	170,915		Smith & Nephew plc		2,441
	287,593	*,e	Solta Medical, Inc		848
	1,226		So-net M3, Inc		3,070
	649,501		Sonic Healthcare Ltd		9,639
	342,858	*	Sorin S.p.A.		979
	171,459	*	Spectranetics Corp		4,286
	998,005		St. Jude Medical, Inc		61,826
	78,000		St. Shine Optical Co Ltd		2,232
	121,170	*	Staar Surgical Co		1,962
	207,526		STERIS Corp		9,972
	6,676		Stratec Biomedical Systems AG.		278
	11,579		Straumann Holding AG.		2,172
	832,064		Stryker Corp		62,521
	6,610		Suheung Capsule Co Ltd		243
	580,372		Summerset Group Holdings Ltd		1,552
	1,458,600		Supermax Corp BHD		1,235
	38,647	*	Surgical Care Affiliates, Inc		1,346

93

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	82,840	*	SurModics, Inc	$	2,020
	99,793		Suzuken Co Ltd		3,233
	167,807	*	Symmetry Medical, Inc		1,691
	91,578		Synergy Healthcare plc		1,826
	39,102		Sysmex Corp		2,310
	24,351	*	Tandem Diabetes Care, Inc		628
	286,972	*	Team Health Holdings, Inc		13,072
	93,201	*,e	TearLab Corp		870
	56,107	e	Teleflex, Inc		5,266
	123,700		Tempo Participacoes S.A.		182
	228,458	*	Tenet Healthcare Corp		9,623
	66,100		Terumo Corp		3,191
	271,569	*	Thoratec Corp		9,939
	56,500		Toho Pharmaceutical Co Ltd		907
	10,100		Tokai Corp (GIFU)		295
	625,400		Top Glove Corp BHD		1,076
	102,893	*,e	Tornier BV		1,933
	88,146	*	Triple-S Management Corp (Class B)		1,714
	28,400		Tsuki Corp		270
	290,625	*,e	Unilife Corp		1,279
	313,892		United Drug plc		1,681
	4,191,069		UnitedHealth Group, Inc		315,587
	152,964		Universal American Corp		1,117
	532,853		Universal Health Services, Inc (Class B)		43,300
	57,968		US Physical Therapy, Inc		2,044
	2,686	*,e	USMD Holdings, Inc		54
	10,963		Utah Medical Products, Inc		627
	8,215		Value Added Technologies Co Lt		87
	239,696	*	Varian Medical Systems, Inc		18,622
	64,164	*	Vascular Solutions, Inc		1,485
	407,796	*	VCA Antech, Inc		12,788
	13,889	*,e	Veeva Systems, Inc		446
	12,447	*,e	Veracyte, Inc		180
	655,600		Vibhavadi Medical Center PCL		186
	94,196	*	Virtus Health Ltd		735
	68,100		VITAL KSK Holdings, Inc		472
	136,293	*	Vocera Communications, Inc		2,128
	177,269	*,e	Volcano Corp		3,873
	334,402	*	WellCare Health Plans, Inc		23,549
	1,427,544		WellPoint, Inc		131,891
	302,474	e	West Pharmaceutical Services, Inc		14,839
	8,761	*,e	William Demant Holding		851
	216,289	*	Wright Medical Group, Inc		6,642
	57,044	*,e	Zeltiq Aesthetics, Inc		1,079
	937,267		Zimmer Holdings, Inc		87,344
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		4,142,256

94

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
HOUSEHOLD & PERSONAL PRODUCTS - 1.6%
	12,414		Able C&C Co Ltd	$	357
	23,300		Aderans Co Ltd		258
	3,330		Amorepacific Corp		3,157
	32,244	*	Atrium Innovations Inc		738
	2,255,519		Avon Products, Inc		38,840
	2,004,000	*	BaWang International Group Holding Ltd		124
	1,485,746		Beiersdorf AG.		150,632
	12,004		Bioland Ltd		128
	166,390	*	Central Garden and Pet Co (Class A)		1,123
	731,317		Church & Dwight Co, Inc		48,472
	332,544	e	Clorox Co		30,847
	3,933,473		Colgate-Palmolive Co		256,502
	14,641		Cosmax, Inc		692
	190,909	e	Coty, Inc		2,911
	230,550		Dabur India Ltd		635
	178	e	Dr Ci:Labo Co Ltd		544
	85,944	*	Elizabeth Arden, Inc		3,047
	276,388		Energizer Holdings, Inc		29,916
	1,238,131		Estee Lauder Cos (Class A)		93,256
	55,400	*,e	Euglena Co Ltd		750
	124,500		Fancl Corp		1,346
	73,153		Female Health Co		622
	142,389		Godrej Consumer Products Ltd		1,976
	355,000		Grape King Industrial Co		1,787
	131,928	*	Harbinger Group, Inc		1,563
	812,800		Hengan International Group Co Ltd		9,616
	63,847		Henkel KGaA		6,657
	595,858		Henkel KGaA (Preference)		69,259
	354,596	e	Herbalife Ltd		27,907
	859,407		Hindustan Lever Ltd		7,934
	1,013,125		Hypermarcas S.A.		7,596
	20,511		Inter Parfums S.A.		884
	123,261		Inter Parfums, Inc		4,414
	283,430	*	Jyothy Laboratories Ltd		871
	497,704		Kao Corp		15,669
	843,772		Kimberly-Clark Corp		88,140
	5,899,837		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		16,755
	32,500		Kobayashi Pharmaceutical Co Ltd		1,814
	22,114		Korea Kolmar Co Ltd		573
	8,390		Korea Kolmar Holdings Co Ltd		107
	64,100		Kose Corp		2,036
	10,008		LG Household & Health Care Ltd		5,204
	381,550	*,e	Lifevantage Corp		630
	266,000		Lion Corp		1,484
	712,066		L’Oreal S.A.		125,048
	880,600		Magic Holdings international Ltd		697

95

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	36,779		Mandom Corp	$	1,164
	87,863	*	Medifast, Inc		2,296
	548,924	*	Microbio Co Ltd		573
	12,360		Milbon Co Ltd		484
	192,138		Natura Cosmeticos S.A.		3,369
	43,906		Nature’s Sunshine Products, Inc		760
	17,700		Noevir Holdings Co Ltd		321
	446,032		Nu Skin Enterprises, Inc (Class A)		61,651
	33,027	*	Nutraceutical International Corp		884
	2,584,000	e	NVC Lighting Holdings Ltd		621
	16,582		Oil-Dri Corp of America		627
	20,579	e	Orchids Paper Products Co		676
	48,935	e	Oriflame Cosmetics S.A.		1,504
	2,645		Pacific Corp		1,167
	61,300		Pigeon Corp		2,973
	33,400		Pola Orbis Holdings, Inc		1,193
	599,000	e	Prince Frog International Holdings Ltd		247
	9,131,591		Procter & Gamble Co		743,403
	2,670,700		PT Unilever Indonesia Tbk		5,722
	748,169		Reckitt Benckiser Group plc		59,431
	51,624	*	Revlon, Inc (Class A)		1,289
	2,179,000	e	Ruinian International Ltd		563
	543,111		Shiseido Co Ltd		8,734
	68,200		Spectrum Brands, Inc		4,812
	17,200		ST Corp		163
	510,483	*,e	Star Scientific, Inc		592
	1,016,517		Svenska Cellulosa AB (B Shares)		31,317
	165,305		Uni-Charm Corp		9,432
	19,448	*,e	USANA Health Sciences, Inc		1,470
	265,000		Vinda International Holdings Ltd		441
	75,105		WD-40 Co		5,609
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		2,017,006
INSURANCE - 4.3%
	3,757,867		ACE Ltd		389,052
	123,483		Admiral Group plc		2,684
	303,567		Aegon NV		2,877
	1,974,701		Aflac, Inc		131,910
	606,627		Ageas		25,869
	21,453,607		AIA Group Ltd		107,986
	92,511		Aksigorta AS		115
	13,534	*	Alleghany Corp		5,413
	1,086,974		Allianz AG.		195,574
	180,952		Allied World Assurance Co Holdings Ltd		20,413
	3,162,521		Allstate Corp		172,484
	88,520	*	Alm Brand AS		392
	201,065	*	AMBAC Financial Group, Inc		4,938
	249,314	e	American Equity Investment Life Holding Co		6,577

96

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	455,008		American Financial Group, Inc	$	26,263
	4,753,158		American International Group, Inc		242,649
	8,801		American National Insurance Co		1,008
	81,456		Amerisafe, Inc		3,441
	832,943		Amlin plc		6,341
	3,257,458		AMP Ltd		12,803
	102,943	e	Amtrust Financial Services, Inc		3,365
	188,325		Anadolu Hayat Emeklilik AS		461
	450,254	*	Anadolu Sigorta		279
	574,745		Aon plc		48,215
	19,455		April Group		392
	499,978	*,e	Arch Capital Group Ltd		29,844
	97,463		Argo Group International Holdings Ltd		4,531
	147,263		Arthur J. Gallagher & Co		6,911
	454,546		Aspen Insurance Holdings Ltd		18,777
	278,987		Assicurazioni Generali S.p.A.		6,555
	379,855		Assurant, Inc		25,211
	137,257		Assured Guaranty Ltd		3,238
	1,327,033		Aviva plc		9,928
	2,495,268		AXA S.A.		69,487
	2,015,165		Axis Capital Holdings Ltd		95,861
	4,146		Bajaj Finserv Ltd		50
	36,206		Baldwin & Lyons, Inc (Class B)		989
	21,313		Baloise Holding AG.		2,718
	917,700		BB Seguridade Participacoes S.A.		9,530
	1,152,347		Beazley plc		5,202
	5,605,383	*	Berkshire Hathaway, Inc (Class B)		664,574
	16,270	*	Blue Capital Reinsurance Holdings Ltd		299
	203,700		Brazil Insurance Participco		1,576
	231,755		Brown & Brown, Inc		7,275
	11,426,260		Cathay Financial Holding Co Ltd		18,555
	512,299		Catlin Group Ltd		4,932
	283,363		Chesnara plc		1,510
	1,021,308	*	China Insurance International Holdings Co Ltd		2,091
	10,719,124		China Life Insurance Co Ltd		33,784
	2,549,706		China Life Insurance Co Ltd (Taiwan)		2,593
	3,259,400		China Pacific Insurance Group Co Ltd		12,822
	394,923		Chubb Corp		38,161
	377,023		Cincinnati Financial Corp		19,745
	171,564	*	Citizens, Inc (Class A)		1,501
	38,054		Clal Insurance		740
	4,227,241		ClearView Wealth Ltd		2,340
	47,787		CNA Financial Corp		2,050
	260,531		CNP Assurances		5,342
	864,469		Conseco, Inc		15,292
	338,186		Corp Mapfre S.A.		1,451
	87,128		Crawford & Co (Class B)		805
	3,187,600		Dai-ichi Mutual Life Insurance Co		53,338

97

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	35,802		Delta Lloyd NV	$	889
	1,492,341		Direct Line Insurance Group plc		6,168
	332,934		Discovery Holdings Ltd		2,685
	24,266		Donegal Group, Inc (Class A)		386
	124,844		Dongbu Insurance Co Ltd		6,652
	21,957		Eastern Insurance Holdings, Inc		538
	61,105	*	eHealth, Inc		2,841
	22,155		EMC Insurance Group, Inc		678
	109,556		Employers Holdings, Inc		3,467
	69,701		Endurance Specialty Holdings Ltd		4,089
	37,282	*	Enstar Group Ltd		5,179
	34,427		Erie Indemnity Co (Class A)		2,517
	563,761		esure Group plc		2,332
	17,942		Euler Hermes S.A.		2,471
	275,020		Everest Re Group Ltd		42,867
	7,830		Fairfax Financial Holdings Ltd		3,126
	29,907		FBD Holdings plc		714
	35,382		FBL Financial Group, Inc (Class A)		1,585
	487,770	e	Fidelity National Title Group, Inc (Class A)		15,828
	419,750		First American Financial Corp		11,837
	548,144	*,e	Fondiaria-Sai S.p.A		1,767
	71,415	*	Fondiaria-Sai S.p.A (B Saving S)		202
	1,385	*	Fondiaria-Sai S.p.A-RSP		342
	17,951	*,e	Fortegra Financial Corp		148
	1,005,156	*	Genworth Financial, Inc (Class A)		15,610
	924,685		Gjensidige Forsikring BA		17,685
	487,239	e	Great-West Lifeco, Inc		15,022
	105,969	*	Greenlight Capital Re Ltd (Class A)		3,572
	60,421		Grupo Catalana Occidente S.A.		2,166
	48,801	*	Hallmark Financial Services		434
	196,057		Hannover Rueckversicherung AG.		16,855
	86,733		Hanover Insurance Group, Inc		5,179
	65,041	*	Hanwha Non-Life Insurance Co Ltd		283
	171,220		Harel Insurance Investments & Finances Ltd		996
	5,577,622		Hartford Financial Services Group, Inc		202,077
	520,111		HCC Insurance Holdings, Inc		23,998
	31,756	e	HCI Group, Inc		1,699
	12,036	*	Health Insurance Innovations, Inc		122
	14,894		Helvetia Holding AG.		7,477
	310,555	*	Hilltop Holdings, Inc		7,183
	737,546		Hiscox Ltd		8,500
	160,596		Horace Mann Educators Corp		5,065
	180,100		Hyundai Marine & Fire Insurance Co Ltd		5,549
	26,310	e	Independence Holding Co		355
	110,182		Industrial Alliance Insurance and Financial Services, Inc		4,870
	54,665		Infinity Property & Casualty Corp		3,922
	116,325		ING Canada, Inc		7,597
	5,598,837		Insurance Australia Group Ltd		29,151

98

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	4,387	e	Investors Title Co	$	355
	217,583		Jardine Lloyd Thompson Group plc		3,673
	16,159		Kansas City Life Insurance Co		771
	38,627		Kemper Corp		1,579
	527,410		Korea Life Insurance Co Ltd		3,801
	235,339		Korean Reinsurance Co		2,556
	227,277		Lancashire Holdings Ltd		3,055
	20,693,413		Legal & General Group plc		76,492
	274,700		Liberty Holdings Ltd		3,189
	18,500	*	Lifenet Insurance Co		96
	80,190		LIG Insurance Co Ltd		2,504
	941,995		Lincoln National Corp		48,626
	254,985		Loews Corp		12,300
	44,101	*	Lotte Non-Life Insurance Co Ltd		119
	246,020		Maiden Holdings Ltd		2,689
	3,007,988		Manulife Financial Corp		59,353
	11,120	*	Markel Corp		6,453
	4,024,561		Marsh & McLennan Cos, Inc		194,628
	347,230	*	MBIA, Inc		4,146
	184,549		Meadowbrook Insurance Group, Inc		1,284
	640,997		Mediolanum S.p.A.		5,555
	50,851		Menorah Mivtachim Holdings Ltd		632
	474,360	*	Mercuries Life Insurance Co Lt		340
	20,811		Mercury General Corp		1,035
	144,555		Meritz Fire & Marine Insurance Co Ltd		2,078
	6,318,359		Metlife, Inc		340,686
	1,236,232		Metropolitan Holdings Ltd		2,985
	668,228		Migdal Insurance Holdings Ltd		1,179
	990,563	*	Milano Assicurazioni S.p.A.		1,081
	121,347	*	Milano Assicurazioni S.p.A. (RSP)		188
	957,488		Millea Holdings, Inc		32,047
	601,691		Mitsui Sumitomo Insurance Group Holdings, Inc		16,173
	169,143		Montpelier Re Holdings Ltd		4,922
	383,664		Muenchener Rueckver AG.		84,625
	25,259		National Interstate Corp		581
	8,968		National Western Life Insurance Co (Class A)		2,005
	49,662	*	Navigators Group, Inc		3,137
	829,700	*	New China Life insurance Co Ltd		2,792
	1,252,533		NKSJ Holdings, Inc		34,863
	1,828,095		Old Mutual plc		5,736
	494,112		Old Republic International Corp		8,533
	85,807		OneBeacon Insurance Group Ltd (Class A)		1,357
	791,373		PartnerRe Ltd		83,434
	189,487	*	Partnership Assurance Group plc		920
	11,419,400		People’s Insurance Co Group of China Ltd		5,540
	22,615	*	Phoenix Cos, Inc		1,389
	198,204		Phoenix Group Holdings		2,394
	140,827		Phoenix Holdings Ltd		523

99

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	4,103,831		PICC Property & Casualty Co Ltd	$	6,103
	3,724,700		Ping An Insurance Group Co of China Ltd		33,463
	112,662		Platinum Underwriters Holdings Ltd		6,904
	395,131		Porto Seguro S.A.		4,983
	391,206	e	Power Corp Of Canada		11,767
	328,211	e	Power Financial Corp		11,123
	153,526		Powszechny Zaklad Ubezpieczen S.A.		22,814
	230,502		Primerica, Inc		9,891
	1,196,895		Principal Financial Group		59,019
	132,231		ProAssurance Corp		6,411
	636,582		Progressive Corp		17,360
	474,339		Protective Life Corp		24,030
	2,413,298		Prudential Financial, Inc		222,554
	6,563,013		Prudential plc		146,644
	31,556,000		PT Panin Insurance Tbk		1,742
	90,425,000	*	PT Panin Life Tbk		1,453
	1,802,332		QBE Insurance Group Ltd		18,592
	259,281		Reinsurance Group of America, Inc (Class A)		20,071
	123,251		RenaissanceRe Holdings Ltd		11,997
	1,481,191		Resolution Ltd		8,694
	88,538		RLI Corp		8,622
	636,120		RMI Holdings		1,666
	3,503,414		Royal & Sun Alliance Insurance Group plc		5,303
	55,291		Safety Insurance Group, Inc		3,113
	747,878		Sampo Oyj (A Shares)		36,760
	54,167		Samsung Fire & Marine Insurance Co Ltd		13,311
	167,475		Samsung Life Insurance Co Ltd		16,524
	3,613,448		Sanlam Ltd		18,363
	13,887		Schweizerische National-Versicherungs-Gesellschaft		1,000
	196,517		SCOR		7,188
	244,686		Selective Insurance Group, Inc		6,621
	15,964,630		Shin Kong Financial Holding Co Ltd		5,530
	265,000		Shinkong Insurance Co Ltd		214
	86,896		Societa Cattolica di Assicurazioni SCRL		2,342
	100,834		Sony Financial Holdings, Inc		1,837
	957,074		St. James’s Place plc		11,568
	36,625		Stancorp Financial Group, Inc		2,426
	1,949,383		Standard Life plc		11,641
	59,456		State Auto Financial Corp		1,263
	593,180	*	Steadfast Group Ltd		878
	85,563		Stewart Information Services Corp		2,761
	397,834	*	Storebrand ASA		2,494
	142,033		Sul America SA		890
	958,411	e	Sun Life Financial, Inc		33,852
	2,179,411		Suncorp-Metway Ltd		25,582
	4,291		Swiss Life Holding		892
	1,287,333		Swiss Re Ltd		118,677
	113,700		Syarikat Takaful Malaysia BHD		358

100

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	319,795		Symetra Financial Corp	$	6,063
	780,900		T&D Holdings, Inc		10,930
	444,000		Taiwan Fire & Marine Insurance Co		369
	757,409	*	Taiwan Life Insurance Co Ltd		718
	2,227,881	*	Third Point Reinsurance Ltd		41,283
	101,640		Tong Yang Life Insurance		1,093
	120,878	*	Topdanmark AS		3,186
	452,770		Torchmark Corp		35,384
	156,942	e	Tower Group International Ltd		530
	707,086		Travelers Cos, Inc		64,020
	23,676		TrygVesta AS		2,289
	454,200	*	Tune Ins Holdings BHD		271
	894,400		Unipol Gruppo Finanziario S.p.A		5,338
	954,615		Unipol Gruppo Finanziario S.p.A (Preference)		4,817
	37,116	*,e	United America Indemnity Ltd		939
	80,879		United Fire & Casualty Co		2,318
	93,666		Universal Insurance Holdings, Inc		1,356
	634,805		UnumProvident Corp		22,269
	832,665		Validus Holdings Ltd		33,548
	28,771		Vittoria Assicurazioni S.p.A.		339
	154,567		W.R. Berkley Corp		6,707
	6,369		White Mountains Insurance Group Ltd		3,841
	25,621		Wiener Staedtische Allgemeine Versicherung AG.		1,280
	1,098,956		XL Capital Ltd		34,991
	81,354		Zurich Financial Services AG.		23,598
			TOTAL INSURANCE		5,464,951
MATERIALS - 5.3%
	118,532		A. Schulman, Inc		4,179
	348,522	e	Acerinox S.A.		4,440
	524,083		ACHEM Technology Corp		295
	557,000		Achilles Corp		785
	50,000	*,m	Acron JSC (ADR)		158
	161,581		Adana Cimento		272
	259,500		ADEKA Corp		2,860
	714,864		Adelaide Brighton Ltd		2,348
	66,797	*,e	Advanced Emissions Solutions, Inc		3,622
	29,781	*	Advanced Metallurgical Group NV		318
	171,379		Aeci Ltd		2,042
	14,511	*	AEP Industries, Inc		767
	145,516		African Barrick Gold Ltd		450
	296,063	*,e	African Minerals Ltd		975
	163,870		African Oxygen Ltd		344
	109,302		African Rainbow Minerals Ltd		1,974
	131,697		Agnico-Eagle Mines Ltd		3,475
	309,170		Agrium, Inc (Toronto)		28,282
	213,000		Aichi Steel Corp		883
	338,900	*	Ainsworth Lumber Co Ltd		1,330

101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	184,977		Air Liquide	$	26,180
	122,433		Air Products & Chemicals, Inc		13,686
	150,422		Air Water, Inc		2,039
	54,973		Airgas, Inc		6,149
	547,654	*,e	AK Steel Holding Corp		4,491
	73,539		Akcansa Cimento AS		404
	578,558		Akzo Nobel NV		44,865
	371,070	e	Alamos Gold, Inc		4,496
	118,109		Albemarle Corp		7,487
	568,996	e	Alcoa, Inc		6,048
	402,756		Alent plc		2,368
	59,263		Allegheny Technologies, Inc		2,112
	433,086	*,e	Allied Nevada Gold Corp		1,537
	1,088,800	e	Alpek SAB de C.V.		2,476
	423,258		Altri SGPS S.A.		1,304
	337,279	*	Alumina Ltd		335
	11,057,300	*,e	Aluminum Corp of China Ltd		3,859
	13,707	f	AMAG Austria Metall AG (Purchased 5/31/12, cost $313)		409
	1,055,881		Ambuja Cements Ltd		3,124
	101,728		AMCOL International Corp		3,457
	2,572,949		Amcor Ltd		24,304
	44,360	*	American Pacific Corp		1,653
	140,620		American Vanguard Corp		3,416
	4,707,000		AMVIG Holdings Ltd		2,240
	316,997		Anadolu Cam Sanayii AS		283
	722,900	e	Anatolia Minerals Development Ltd		1,477
	57,800	*,e	Angang New Steel Co Ltd		43
	782,453		Anglo American plc (London)		17,124
	126,146	*,e	Anglo Platinum Ltd		4,750
	470,130		AngloGold Ashanti Ltd		5,519
	3,471,594	e	Anhui Conch Cement Co Ltd		12,916
	158,000	*	ANN JOO Resources BHD		51
	2,339,761		Antofagasta plc		32,077
	246,239	e	APERAM		4,555
	134,681		Aptargroup, Inc		9,133
	806,430	*	Aquarius Platinum Ltd		549
	78,969	*	Arabian American Development Co		991
	720,809		ArcelorMittal		12,875
	185,000	*	Argonaut Gold, Inc		927
	91,916		Arkema		10,732
	67,774	e	Asahi Holdings, Inc		1,153
	2,637,852		Asahi Kasei Corp		20,691
	94,000		Asahi Organic Chemicals Industry Co Ltd		196
	100,500	*	Asanko Gold, Inc		162
	122,545		Ashland, Inc		11,892

102

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,750,000		Asia Cement China Holdings Corp	$	1,106
	2,489	*	Asia Cement Co Ltd		198
	2,288,693		Asia Cement Corp		2,969
	59,639		Asia Plastic Recycling Holding Ltd		191
	369,500		Asia Polymer		324
	498,639		Asian Paints Ltd		3,956
	41,674		Associated Cement Co Ltd		748
	82,026		Assore Ltd		2,666
	677,200		Atlas Consolidated Mining & Development		222
	3,178,471		Atlas Iron Ltd		3,286
	16,480	*	Auriga Industries (Class B)		564
	265,540		Avery Dennison Corp		13,327
	2,593,482		Axiall Corp		123,035
	465,305		AZ Electronic Materials S.A.		3,050
	745,635	*	B2Gold Corp		1,530
	8,789		Bagfas Bandirma Gubre Fabrik		141
	132,429	*	Balchem Corp		7,774
	147,401		Ball Corp		7,615
	1,264,939		Barrick Gold Corp (Canada)		22,280
	1,255,270		BASF AG.		133,980
	2,138		BASF India Ltd		22
	67,077	*	Baticim Bati Anadolu Cimento Sanayii AS		177
	5,096		Bayer CropScience Ltd		146
	3,534,600		BBMG Corp		3,085
	139,095		BC Iron Ltd		646
	751,278	*	Beadell Resources Ltd		535
	108,290		Bekaert S.A.		3,833
	68,009		Bemis Co, Inc		2,786
	362,200		Bengang Steel Plates Co		118
	49,361	*	Berger Paints India Ltd		179
	3,961,565	*	Berry Plastics Group, Inc		94,246
	4,742,926		BHP Billiton Ltd		161,700
	5,470,724		BHP Billiton plc		169,756
	183,681		Billerud AB		2,323
	784,997	*	BlueScope Steel Ltd		4,096
	87,188	*	Boise Cascade Co		2,570
	458,746		Boliden AB		7,033
	1,376,876		Boral Ltd		5,888
	5,340,000	*	Borneo Lumbung Energi & Metal		76
	212,175		Borregaard ASA		1,058
	54,715		Borusan Mannesmann Boru Sanayi		121
	8,829,246	*	Boryszew S.A.		1,461
	257,893		Bradespar S.A.		2,748
	442,528	*	Braskem S.A.		3,939
	74,542		Brush Engineered Materials, Inc		2,300
	95,165		Buzzi Unicem S.p.A.		1,713
	89,964		Buzzi Unicem S.p.A. RSP		875
	5,600		C Uyemura & Co Ltd		245

103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	52,799		Cabot Corp	$	2,714
	464,458	*	Calgon Carbon Corp		9,554
	177,900	e	Canexus Corp		1,199
	311,468	*	Canfor Corp		7,817
	69,900	e	Canfor Pulp Products, Inc		676
	152,660		CAP S.A.		2,905
	29,150		Capro Corp		178
	372,811	*	Capstone Mining Corp		1,053
	78,083		Carclo plc		370
	178,547		Carpenter Technology Corp		11,106
	145,552		Cascades, Inc		943
	65,900	*,e	Castle (A.M.) & Co		973
	1,139,280		Celanese Corp (Series A)		63,014
	153,431		Cementir S.p.A.		881
	851,427		Cementos Argos S.A.		4,323
	700,941	*	Cemex Latam Holdings S.A.		5,375
	21,256,474	*,e	Cemex S.A. de C.V.		24,974
	2,211,574	*	Centamin plc		1,640
	543,600		Centerra Gold, Inc		2,211
	198,338	*	Century Aluminum Co		2,075
	120,538		Century Textile & Industries Ltd		612
	370,492		CF Industries Holdings, Inc		86,339
	457,166		Chambal Fertilizers & Chemicals Ltd		297
	21,899	e	Chase Corp		773
	50,535		Cheil Industries, Inc		4,244
	414,228	*	Chemtura		11,565
	2,191,560		Cheng Loong Corp		1,056
	832,925	*	Chia Hsin Cement Corp		439
	710,000		Chiho-Tiande Group Ltd		263
	5,387,100		China BlueChemical Ltd		3,375
	1,300,620		China General Plastics Corp		739
	171,000		China Hi-ment Corp		350
	670,000	*	China Manmade Fibers Corp		284
	375,777		China Metal Products		519
	3,613,200	*,e,m	China Metal Recycling Holdings Ltd		5
	5,703,578	e	China National Building Material Co Ltd		6,156
	2,111,175		China Petrochemical Development Corp		965
	3,306,000	*,e	China Precious Metal Resources Holdings Co Ltd		507
	1,422,000	*	China Rare Earth Holdings Ltd		198
	8,059,056		China Resources Cement Holdings Ltd		5,430
	1,950,000	e	China Sanjiang Fine Chemicals		998
	7,334,200		China Shanshui Cement Group Ltd		3,161
	216,000		China Steel Chemical Corp		1,190
	12,446,228		China Steel Corp		11,286
	937,000		China Synthetic Rubber Corp		884
	663,000	*	China Vanadium Titano-Magnetite Mining Co Ltd		92
	496,000	*	Chongqing Iron & Steel Co Ltd		78
	259,049		Christian Hansen Holding		10,269

104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	66,000		Chugoku Marine Paints Ltd	$	350
	1,398,328		Chun Yuan Steel		538
	1,344,720	*	Chung Hung Steel Corp		387
	169,950	*	Chung Hwa Pulp Corp		54
	211,000		Cia de Minas Buenaventura S.A. (ADR) (Series B)		2,367
	1,699,336		Cia Siderurgica Nacional S.A.		10,367
	94,930	*	Ciech S.A.		976
	178,669		Cimsa Cimento Sanayi Ve Tica		948
	1,208,000	*	Citic Dameng Holdings		91
	2,204,115		Clariant AG.		40,342
	83,025	*	Clearwater Paper Corp		4,359
	5,625,870	e	Cliffs Natural Resources, Inc		147,454
	63,833	*	CNK International Co Ltd		228
	449,384	*	Coeur d’Alene Mines Corp		4,876
	455,101		Commercial Metals Co		9,252
	86,132	*,m	Companhia Vale do Rio Doce		0	^
	1,277,868	e	Companhia Vale do Rio Doce (ADR)		19,487
	28,158	e	Compass Minerals International, Inc		2,254
	557,496	*	Constellium NV		12,973
	221,000	*,e	Corp Durango SAB de C.V.		537
	3,293,000	e	CPMC Holdings Ltd		2,573
	3,075,383		CRH plc		77,936
	30,301		CRH plc (Ireland)		769
	203,797		Croda International plc		8,307
	145,100	*	Cronus Resources Ltd		462
	313,770	*	Crown Holdings, Inc		13,985
	374,600		CSC Steel Holdings BHD		142
	2,242,873		CSR Ltd		5,321
	25,040,000	*	CST Mining Group Ltd		217
	140,972	*,e	Cudeco Ltd		227
	303,569		Cytec Industries, Inc		28,280
	1,502,300		D&L Industries Inc		214
	144,000		Dai Nippon Toryo Co Ltd		236
	441,689		Daicel Chemical Industries Ltd		3,600
	59,530		Daido Steel Co Ltd		296
	162,000		Daiken Corp		434
	154,857		Dainichiseika Color & Chemicals Manufacturing Co Ltd		707
	1,131,845		Dainippon Ink and Chemicals, Inc		3,451
	219,872		Daio Paper Corp		2,204
	168,000		Daiso Co Ltd		565
	225,400	*	Danhua Chemical Technology Co Ltd		134
	19,216		DC Chemical Co Ltd		3,486
	37,310		Deltic Timber Corp		2,535
	1,546,000		Denki Kagaku Kogyo KK		6,390
	158,132	*	Detour Gold Corp		610
	112,614	*	Dominion Diamond Corp		1,614
	110,211		Domtar Corp		10,397
	67,414		Dongjin Semichem Co Ltd		250

105

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	67,948		Dongkuk Industries Co Ltd	$	224
	112,550		Dongkuk Steel Mill Co Ltd		1,406
	21,542	*	Dongsung Finetec Co Ltd		219
	1,644,000	e	Dongyue Group		653
	6,184,976		Dow Chemical Co		274,613
	408,000		Dowa Holdings Co Ltd		3,992
	807,447		DRDGOLD Ltd		289
	1,684,400		DS Smith plc		9,288
	723,644		DSM NV		56,950
	869,325		Du Pont (E.I.) de Nemours & Co		56,480
	1,046,454		DuluxGroup Ltd		5,018
	124,100	*	Dundee Precious Metals, Inc		359
	46,894		Eagle Materials, Inc		3,631
	15,600		Earth Chemical Co Ltd		548
	280,415		Eastman Chemical Co		22,629
	437,391		Ecolab, Inc		45,607
	15,074		EID Parry India Ltd		34
	490,824	*	El Ezz Steel Co		1,087
	1,044,859		Eldorado Gold Corp		5,931
	1,517,915		Elementis plc		6,777
	1,499,901		Empresas CMPC S.A.		3,671
	27,253		EMS-Chemie Holding AG.		9,718
	292,538	*	Endeavour Mining Corp		132
	153,139	*	Endeavour Mining Corp (ADR)		67
	230,100	*	Endeavour Silver Corp		832
	6,287		Eramet		608
	5,103,540		Eregli Demir ve Celik Fabrikalari TAS		6,131
	574,000		Eternal Chemical Co Ltd		559
	160,900		Eternit S.A.		594
	95,300		Eucatex S.A. Industria e Comercio		275
	33,492		Eugene Corp		90
	599,098		Everlight Chemical Industrial Corp		492
	596,694		Evolution Mining Ltd		330
	439,475	*	Evonik Industries AG.		17,914
	342,224	*	Evraz plc		637
	511,750		Feng Hsin Iron & Steel Co		939
	101,400		Ferbasa-Ferro Ligas DA Bahia		567
	635,067		Ferrexpo plc		2,019
	236,755	*	Ferro Corp		3,038
	44,100	*	Fertilizantes Heringer S.A.		131
	392,163	*	Fibria Celulose S.A.		4,593
	2,599,295		Filtrona plc		37,028
	137,200	*	First Majestic Silver Corp		1,347
	743,337		First Quantum Minerals Ltd		13,394
	2,390,100	e	Fletcher Building Ltd		16,749
	158,565	*,e	Flotek Industries, Inc		3,182
	405,910		FMC Corp		30,630
	75,040	*	Foosung Co Ltd		236

106

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	3,866,400		Formosa Chemicals & Fibre Corp	$	10,918
	4,982,088		Formosa Plastics Corp		13,482
	735,000		Formosan Rubber Group, Inc		693
	1,227,732		Formosan Union Chemical		590
	14,906,926	e	Fortescue Metals Group Ltd		77,871
	164,400	*	Fortuna Silver Mines, Inc		472
	4,625,600	e	Fosun International		4,605
	14,300		FP Corp		1,020
	210,609		Franco-Nevada Corp		8,583
	4,062,296		Freeport-McMoRan Copper & Gold, Inc (Class B)		153,311
	994,673		Fresnillo plc		12,368
	43,401		Frutarom Industries Ltd		913
	168,054		Fuchs Petrolub AG. (Preference)		16,464
	3,121,200	e	Fufeng Group Ltd		1,280
	27,852		Fuji Seal International, Inc		863
	16,300		Fujimi, Inc		211
	37,200		Fujimori Kogyo Co Ltd		926
	1,562,000		Furukawa-Sky Aluminum Corp		5,917
	8,785,000	e	Fushan International Energy Group Ltd		3,089
	84,656		FutureFuel Corp		1,338
	34,782,600	*	G J Steel PCL		64
	14,545,600	*	G Steel PCL		44
	311,670	*	Gabriel Resources Ltd		229
	333,342		Gammon Gold, Inc		1,224
	135,877	*	Gem Diamonds Ltd		328
	192,339	*,e	General Moly, Inc		258
	1,613,002		Gerdau S.A. (Preference)		12,529
	13,145		Givaudan S.A.		18,805
	145,614		Glatfelter		4,025
	750,300	*	Gleichen Resources Ltd		664
	4,451,517		Glencore Xstrata plc		23,159
	251,429		Globe Specialty Metals, Inc		4,528
	486,192		Gloria Material Technology Corp		356
	175,000		Godo Steel Ltd		325
	78,783		Godrej Industries Ltd		353
	1,127,357		Gold Fields Ltd		3,604
	103,615	e	Gold Resource Corp		469
	767,560		Goldcorp, Inc		16,648
	8,356,418		Goldsun Development & Construction Co Ltd		3,481
	6,187		Goltas Cimento		137
	2,041,000		Grand Pacific Petrochemical		1,588
	1,155,425		Grange Resources Ltd		264
	2,603,620	*	Graphic Packaging Holding Co		24,995
	605,755	*,m	Great Basin Gold Ltd		6
	148,000		Great China Metal Industry		182
	5,230,000		Greatview Aseptic Packaging Co		3,092
	19,186		Greif, Inc (Class A)		1,005
	29,921,560	*,e	G-Resources Group Ltd		725

107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	529,324		Grupo Argos S.A.	$	5,332
	162,223		Grupo Argos S.A.(Preference)		1,639
	356,627	e	Grupo Empresarial Ence S.A.		1,338
	5,349,149		Grupo Mexico S.A. de C.V. (Series B)		17,711
	158,400	*,e	Grupo Simec SAB de C.V.		661
	28,836	*,e	GSE Holding, Inc		60
	132,352	*	Gubre Fabrikalari TAS		170
	41,946		Gujarat Flourochemicals		161
	125,675		Gujarat State Fertilisers & Chemicals Ltd		110
	3,179,452	*,e,m	Gunns Ltd		28
	1,584	*,m	Gunns Ltd (Forest)		0	^
	105,742	*,e	Guyana Goldfields, Inc		163
	32,051	*	H&R WASAG AG.		383
	175,927		H.B. Fuller Co		9,155
	2,488	*	Hadera Paper Ltd		113
	23,210		Han Kuk Carbon Co Ltd		181
	7,020		Hanil Cement Manufacturing		566
	17,730		Hansol Chemical Co Ltd		460
	54,710		Hansol Paper Co		588
	92,695		Hanwha Chemical Corp		1,899
	165,987		Hanwha Corp		6,176
	399,875		Harmony Gold Mining Co Ltd		1,014
	30,056		Hawkins, Inc		1,118
	49,736		Haynes International, Inc		2,747
	457,224	*	Headwaters, Inc		4,476
	1,264,165	e	Hecla Mining Co		3,894
	86,862		HeidelbergCement AG.		6,596
	53,779		Hexpol AB (Series B)		4,032
	375,616		Highland Gold Mining Ltd		366
	119,784		Hill & Smith Holdings plc		1,023
	1,070,432		Hindalco Industries Ltd		2,126
	124,682		Hitachi Chemical Co Ltd		1,988
	67,830		Hitachi Metals Ltd		960
	674,131		Ho Tung Chemical Corp		326
	224,595		Hochschild Mining plc		529
	312,429		Hokuetsu Paper Mills Ltd		1,473
	693,221		Holcim Ltd		51,828
	1,784,100		Holcim Philippines, Inc		623
	147,429		Holmen AB (B Shares)		5,363
	41,663		Honam Petrochemical Corp		9,186
	2,160,000	*	Honbridge Holdings Ltd		267
	184,493	*,e	Horsehead Holding Corp		2,991
	49,000		Hsin Kuang Steel Co Ltd		32
	2,813,700	e	Huabao International Holdings Ltd		1,560
	615,800		Hubei Sanonda Co Ltd		603
	38,250		Huchems Fine Chemical Corp		871
	201,892		HudBay Minerals, Inc		1,661
	200,852		Huhtamaki Oyj		5,166

108

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	532,000	*	Huili Resources Group Ltd	$	132
	1,648,000	*,e	Hunan Non-Ferrous Metal Ltd		517
	1,503,100		Huntsman Corp		36,976
	27,968		Hyosung Corp		1,866
	36,509	m	Hyundai Hysco		1,436
	58,099		Hyundai Steel Co		4,763
	1,134,600		IAMGOLD Corp		3,770
	37,000		Ihara Chemical Industry Co Ltd		279
	693,788	e	Iluka Resources Ltd		5,376
	272,633		Imerys S.A.		23,732
	565,224		Impala Platinum Holdings Ltd		6,645
	63,900	*	Imperial Metals Corp		962
	3,277,429		Incitec Pivot Ltd		7,862
	243,031		Independence Group NL		679
	267,893		India Cements Ltd		261
	1,566,778		Indorama Ventures PCL (Foreign)		954
	181,200	*,e	Industrias CH SAB de C.V.		1,222
	136,580	e	Industrias Penoles S.A. de C.V.		3,391
	650,570		Inner Mongolia Eerduosi Resourses Co Ltd		630
	85,865		Innophos Holdings, Inc		4,173
	108,478		Innospec, Inc		5,014
	68,743		International Flavors & Fragrances, Inc		5,911
	74,700	*	International Forest Products Ltd		945
	1,970,145		International Paper Co		96,596
	131,505		Intertape Polymer Group, Inc		1,737
	215,736	*,e	Intrepid Potash, Inc		3,417
	2,820,000	*	IRC Ltd		285
	441,000	*	Ishihara Sangyo Kaisha Ltd		483
	582,412		Israel Chemicals Ltd		4,858
	1,081	*	Israel Corp Ltd		569
	5,220		ISU Chemical Co Ltd		63
	78,622		Italcementi S.p.A.		672
	143,517		Italcementi S.p.A. RNC		673
	7,057	*	Italmobiliare S.p.A.		238
	18,057	*	Italmobiliare S.p.A. RSP		360
	435,200	*	Ivanhoe Mines Ltd		766
	42,897	*	Izmir Demir Celik Sanayi AS		43
	376,549		James Hardie Industries NV		4,370
	18,000		Japan Pile Corp		176
	61,877		Jastrzebska Spolka Weglowa S.A.		1,089
	289,111		JFE Holdings, Inc		6,890
	7,914,900	e	Jiangxi Copper Co Ltd		14,327
	99,092		Jindal Saw Ltd		79
	399,832	*	Jindal Steel & Power Ltd		1,691
	209,900	*	Jinshan Gold Mines, Inc		534
	346,211		Johnson Matthey plc		18,838
	16,500		JSP Corp		251
	308,055		JSR Corp		5,971

109

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	97,115		JSW Steel Ltd	$	1,600
	364,555	e	K&S AG.		11,233
	2,571,394	*,b,e,m	Kagara Zinc Ltd		23
	73,303		Kaiser Aluminum Corp		5,149
	227,715		Kaneka Corp		1,495
	434,424		Kansai Paint Co Ltd		6,424
	133,993	*	Kapstone Paper and Packaging Corp		7,485
	80,636	*	Kardemir Karabuk Demir Celik S		127
	153,308	*	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class A)		136
	337,549	*	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class D)		167
	1,215		Kartonsan Karton Sanayi		128
	341,144	e	Kazakhmys plc		1,238
	125,695	e	Kemira Oyj		2,104
	396,212		KGHM Polska Miedz S.A.		15,443
	908,400		Kian Joo Can Factory BHD		866
	796,478		Kingsgate Consolidated Ltd		667
	1,482,578		Kinross Gold Corp		6,490
	15,620		KISCO Corp		363
	13,588		KISWIRE Ltd		481
	513,155		Klabin S.A.		2,667
	30,244	e	KMG Chemicals, Inc		511
	35,000		Koatsu Gas Kogyo Co Ltd		203
	2,164,680	*	Kobe Steel Ltd		3,711
	8,750		Kolon Corp		141
	46,694		Kolon Industries, Inc		2,425
	39,500		Konishi Co Ltd		741
	956		Konya Cimento Sanayii		110
	111,298		Koppers Holdings, Inc		5,092
	14,252		Korea Kumho Petrochemical		1,290
	3,109	*	Korea Petrochemical Ind Co Ltd		258
	15,027		Korea Zinc Co Ltd		4,533
	1,241,720		Koza Altin Isletmeleri AS		12,834
	251,951	*	Koza Anadolu Metal Madencilik Isletmeleri AS		284
	3,822		KPX Chemical Co Ltd		231
	129,521	*	Kraton Polymers LLC		2,985
	41,639	e	Kronos Worldwide, Inc		793
	57,000		Krosaki Harima Corp		136
	16,391		Kukdo Chemical Co Ltd		863
	148,457	e	Kumba Iron Ore Ltd		6,285
	54,000		Kumiai Chemical Industry Co Ltd		367
	410,285		Kuraray Co Ltd		4,897
	163,000		Kureha CORP		834
	123,000		Kurimoto Ltd		292
	16,900		Kyoei Steel Ltd		319
	118,200		Labrador Iron Ore Royalty Corp		3,823
	415,120		Lafarge Malayan Cement BHD		1,086
	317,437		Lafarge S.A.		23,827
	83,087	*	Landec Corp		1,007

110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	106,853		Lanxess AG.	$	7,140
	5,946,700		Lee & Man Paper Manufacturing Ltd		3,930
	523,193		LEE Chang Yung Chem IND Corp		681
	9,146	e	Lenzing AG.		524
	82,346		LG Chem Ltd		23,423
	12,716		LG Chem Ltd (Preference)		1,840
	65,835		Linde AG.		13,785
	249,000		Lingbao Gold Co Ltd		43
	93,700		Lintec Corp		1,737
	496,300		Lion Industries Corp BHD		112
	28,854		Lock & Lock Co Ltd		630
	137,345	*,e	London Mining plc		257
	1,742,560		Long Chen Paper Co Ltd		873
	571,657	*,e	Lonmin plc		2,931
	1,082,830	*	Louisiana-Pacific Corp		20,043
	68,434	*	LSB Industries, Inc		2,807
	76,000		Luks Group Vietnam Holdings Ltd		23
	646,381	*	Lundin Mining Corp		2,799
	2,530,962	*,e	Lynas Corp Ltd		669
	4,523,066		LyondellBasell Industries AF S.C.A		363,112
	14,285		Madras Cements Ltd		44
	61,469	*	MAG. Silver Corp		318
	220,000		Magnesita Refratarios S.A.		551
	4,905	*	Maharashtra Seamless Ltd		13
	193,712		Major Drilling Group International		1,402
	111,393		Mardin Cimento Sanayii		221
	13,045	*,e	Marrone Bio Innovations, Inc		232
	39,092		Martin Marietta Materials, Inc		3,907
	26,624		Maruichi Steel Tube Ltd		673
	4,965,653		Masisa S.A.		326
	18,730	e	Mayr-Melnhof Karton AG.		2,319
	304,520		MeadWestvaco Corp		11,246
	50,024	e	Mechel Steel Group OAO (ADR)		128
	258,732	*,e	Medusa Mining Ltd		475
	2,964,930	*	Merafe Resources Ltd		232
	549,742	*	Metals X Ltd		84
	384,400		Metalurgica Gerdau S.A.		3,823
	172,286		Methanex Corp		10,189
	1,203,109		Mexichem SAB de C.V.		4,954
	5,102,000	e	Midas Holdings Ltd		2,068
	351,591	*,e	Midway Gold Corp		285
	683,838	*,e	Minera Frisco SAB de C.V.		1,410
	108,873	*	Mineral Deposits Ltd		272
	135,421		Minerals Technologies, Inc		8,135
	2,104,400	*,e	Minmetals Resources Ltd		447
	3,829,337	*,e,m	Mirabela Nickel Ltd		27
	2,745,113		Mitsubishi Chemical Holdings Corp		12,704
	309,158		Mitsubishi Gas Chemical Co, Inc		2,279

111

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,010,060		Mitsubishi Materials Corp	$	11,127
	400,000		Mitsubishi Paper Mills Ltd		350
	173,000		Mitsubishi Steel Manufacturing Co Ltd		439
	675,402		Mitsui Chemicals, Inc		1,633
	1,684,000		Mitsui Mining & Smelting Co Ltd		5,178
	220,057	*	Mittal Steel South Africa Ltd		783
	877,033	e	MMC Norilsk Nickel (ADR)		14,606
	20,185		MNTech Co Ltd		120
	567,944	*,e	Molycorp, Inc		3,192
	215,194		Mondi Ltd		3,688
	807,303		Mondi plc		14,014
	2,909,837		Monsanto Co		339,142
	53,400		Moorim P&P Co Ltd		289
	451,817		Mosaic Co		21,357
	4,292,571		Mount Gibson Iron Ltd		3,905
	267,267		Mpact Ltd		685
	398,714	e	M-real Oyj (B Shares)		1,725
	188,670		Myers Industries, Inc		3,985
	147,551	*	Mytilineos Holdings S.A.		1,153
	531,194	*,m	Nagarjuna Fertilizers & Chemicals		68
	187,000	*	Nakayama Steel Works Ltd		169
	50,510		Namhae Chemical Corp		331
	670,745		Nampak Ltd		2,624
	5,661,813		Nan Ya Plastics Corp		13,118
	737,418		Nantex Industry Co Ltd		477
	67,989		Neenah Paper, Inc		2,908
	33,100		Neturen Co Ltd		272
	495,056	e	Nevsun Resources Ltd		1,645
	682,582	*	New Gold, Inc		3,573
	112,930	*,e	New World Resources plc (A Shares)		137
	1,025,659		Newcrest Mining Ltd		7,202
	64,699	e	NewMarket Corp		21,619
	459,325		Newmont Mining Corp		10,578
	167,200	*	NGEx Resources, Inc		225
	1,481,250		Nickel Asia Corp		509
	124,700		Nihon Nohyaku Co Ltd		1,787
	54,874		Nihon Parkerizing Co Ltd		1,146
	220,000		Nihon Yamamura Glass Co Ltd		389
	4,716,800	e	Nine Dragons Paper Holdings Ltd		4,120
	70,000	e	Nippon Carbide Industries Co I		211
	115,000		Nippon Denko Co Ltd		347
	194,800		Nippon Kayaku Co Ltd		2,770
	642,400		Nippon Light Metal Holdings Co Ltd		869
	195,000		Nippon Paint Co Ltd		3,244
	212,200	e	Nippon Paper Industries Co Ltd		3,941
	156,000		Nippon Shokubai Co Ltd		1,724
	163,000		Nippon Soda Co Ltd		1,040
	7,380,870		Nippon Steel Corp		24,754

112

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	48,810		Nippon Synthetic Chemical Industry Co Ltd	$	438
	215,000		Nippon Valqua Industries Ltd		578
	165,000	*,e	Nippon Yakin Kogyo Co Ltd		557
	145,800		Nissan Chemical Industries Ltd		2,317
	143,200		Nisshin Steel Holdings Co Ltd		1,716
	162,000		Nittetsu Mining Co Ltd		801
	144,479		Nitto Denko Corp		6,109
	326,921		NOF Corp		2,327
	174,206		Noranda Aluminium Holding Corp		573
	119,076	e	Norbord, Inc		3,796
	39,802		Norddeutsche Affinerie AG.		2,429
	1,167,341	e	Norsk Hydro ASA		5,222
	155,822	*,e	North American Palladium Ltd		106
	13,010,000	*	North Mining Shares Co Ltd		520
	377,875	*	Northam Platinum Ltd		1,518
	1,280,544		Northern Star Resources Ltd		903
	344,582	*	Novagold Resources, Inc		876
	22,222	e	Novolipetsk Steel (GDR)		376
	707,034		Nucor Corp		37,741
	1,116,318	e	Nufarm Ltd		4,385
	434,890	e	Nuplex Industries Ltd		1,217
	485,606	e	Nyrstar		1,545
	86,450	*,m	Nyrstar (Strip VVPR)		0	^
	245,000	*	Ocean Plastics Co Ltd		283
	635,200	*	OceanaGold Corp		981
	712,259		OJI Paper Co Ltd		3,653
	164,000		Okamoto Industries, Inc		511
	274,272	e	Olin Corp		7,913
	34,387		Olympic Steel, Inc		997
	183,215	*	OM Group, Inc		6,671
	350,588	*	OM Holdings Ltd		102
	115,257		Omnia Holdings Ltd		2,219
	156,204	*	Omnova Solutions, Inc		1,423
	2,793,713		OneSteel Ltd		4,387
	923,945		Orica Ltd		19,757
	753,600		Oriental Union Chemical Corp		816
	3,058,051	*	Orora Ltd		3,167
	11,800		Osaka Steel Co Ltd		205
	548,800	*	Osisko Mining Corp		2,433
	1,215,665	*,e	Outokumpu Oyj		680
	1,470,698	*	Owens-Illinois, Inc		52,622
	385,537		Oxiana Ltd		1,090
	169,507		Pacific Metals Co Ltd		619
	17,800		Pack Corp		316
	1,030,952		Packaging Corp of America		65,239
	2,553,405	e	Pan African Resources plc		571
	194,100		Pan American Silver Corp		2,268
	644,626		Pan Australian Resources Ltd		1,046

113

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	81,419		Papeles y Cartones de Europa S.A.	$	431
	308,118	*,e	Papillon Resources Ltd		271
	402,630	*,e	Paramount Gold and Silver Corp		375
	242,400	*	Paranapanema S.A.		535
	87,812	*	Park Elektrik Madencilik Sanayi Ve Ticaret AS		201
	27,302	*	Penford Corp		351
	663,688	*	Perseus Mining Ltd		147
	211,115	e	Peter Hambro Mining plc		256
	506,462	*	Petra Diamonds Ltd		995
	3,292,900		Petronas Chemicals Group BHD		6,963
	264,041	*,m	Pike River Coal Ltd		0	^
	739,995		PolyOne Corp		26,159
	11,560		Poongsan		322
	76,210		Poongsan Corp		2,070
	422,114		Portucel Empresa Produtora de Pasta e Papel S.A.		1,690
	129,024		POSCO		40,147
	48,800		POSCO M-Tech Co Ltd		307
	9,231		POSCO Refractories & Environment Co Ltd		1,097
	1,158,198	e	Potash Corp of Saskatchewan (Toronto)		38,183
	569,486		PPC Ltd		1,706
	1,138,842		PPG Industries, Inc		215,993
	349,761		Praxair, Inc		45,479
	160,400	*,e	Premier Gold Mines Ltd		227
	488,300		Press Metal BHD		346
	100,200	*,e	Pretium Resources, Inc		517
	110,000	*	Primero Mining Corp		485
	2,726,500		PT Aneka Tambang Tbk		244
	1,705,900		PT Indocement Tunggal Prakarsa Tbk		2,810
	6,731,000		PT International Nickel Indonesia Tbk		1,468
	11,168,500	*	PT Krakatau Steel Tbk		454
	3,492,500		PT Semen Gresik Persero Tbk		4,073
	8,299,000		PT Timah Tbk		1,094
	6,601,887		PTT Global Chemical PCL		15,944
	50,739		Quaker Chemical Corp		3,910
	424,638	*,e	Qualipak International Holdings Ltd		41
	17,540		Rallis India Ltd		51
	15,866		Randgold Resources Ltd		998
	288,051		Rautaruukki Oyj		2,671
	461,656		Regis Resources Ltd		1,212
	381,007		Reliance Steel & Aluminum Co		28,896
	605,767		Rengo Co Ltd		3,646
	750,468	*,e	Rentech, Inc		1,313
	279,386	*,e	Resolute Forest Products		4,476
	2,889,368	*	Resolute Mining Ltd		1,445
	730,955		Rexam plc		6,431
	29,078	e	RHI AG.		901
	81,738	*	Rio Alto Mining Ltd		133

114

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	396,712		Rio Tinto Ltd	$	24,282
	1,618,181		Rio Tinto plc		91,443
	209,917		Rock-Tenn Co (Class A)		22,043
	164,789		Rockwood Holdings, Inc		11,852
	673,700	*	Romarco Minerals, Inc		238
	116,000		Rotam Global Agrosciences Ltd		257
	81,850	*	Royal Bafokeng Platinum Ltd		460
	126,425		Royal Gold, Inc		5,824
	229,646		RPC Group plc		2,247
	476,032		RPM International, Inc		19,760
	123,460	*	RTI International Metals, Inc		4,224
	349,400	*,e	Rubicon Minerals Corp		322
	18,388		Sa des Ciments Vicat		1,366
	122,000		Sakai Chemical Industry Co Ltd		377
	33,000		Sakata INX Corp		314
	49,281		Salzgitter AG.		2,102
	2,833		Sam Kwang Glass Ind Co Ltd		126
	25,546		Samsung Fine Chemicals Co Ltd		1,081
	246,040		San Fang Chemical Industry Co Ltd		260
	107,267	*	Sandfire Resources NL		622
	117,700	*	Sandstorm Gold Ltd		509
	162,000		Sanyo Chemical Industries Ltd		1,111
	207,000		Sanyo Special Steel Co Ltd		1,011
	530,528	*	Sappi Ltd		1,659
	788,920		Satipel Industrial S.A.		4,403
	552,309		Schmolz + Bickenbach AG.		685
	100,290		Schnitzer Steel Industries, Inc (Class A)		3,276
	162,507		Schweitzer-Mauduit International, Inc		8,364
	143,145		Scotts Miracle-Gro Co (Class A)		8,906
	46,200	*,e	Seabridge Gold, Inc		334
	45,606		Seah Besteel Corp		1,123
	2,498		SeAH Holdings Corp		224
	11,868		SeAH Steel Corp		995
	2,305,594		Sealed Air Corp		78,505
	1,524,000		Sekisui Plastics Co Ltd		4,085
	365,320	e	SEMAFO, Inc		960
	113,903		Semapa-Sociedade de Investimento e Gestao		1,276
	194,192		Sensient Technologies Corp		9,422
	11,828	*,e	Sequana S.A.		93
	1,254,708		Sesa Goa Ltd		4,111
	17,850		Sesoda Corp		19
	210,648	e	Severstal (GDR)		2,086
	1,509,000		Shandong Chenming Paper Holdings Ltd		661
	1,096,050		Shandong Chenming Paper Holdings Ltd (Class B)		543
	155,400	*	Shanghai Chlor-Alkali Chemical Co Ltd		74
	246,300		Shanghai Yaohua Pilkington Glass Co Ltd		138
	201,000		Sheng Yu Steel Co Ltd		152
	359,500	e	Sherritt International Corp		1,252

115

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	540,559		Sherwin-Williams Co	$	99,193
	218,000	*	Shihlin Paper Corp		335
	38,000		Shikoku Chemicals Corp		288
	11,529	*	Shine Co Ltd		100
	453,112		Shin-Etsu Chemical Co Ltd		26,502
	126,300		Shin-Etsu Polymer Co Ltd		455
	3,959,032		Shinkong Synthetic Fibers Corp		1,391
	259,000		Shiny Chemical Industrial Co Ltd		431
	6,362,000	*,e	Shougang Concord International Enterprises Co Ltd		370
	1,066,723	e	Showa Denko KK		1,513
	5,300		Siam Cement PCL		65
	549,200		Siam Cement PCL (Foreign)		6,810
	1,708,804		Sibanye Gold Ltd		2,008
	160,545		Sigma-Aldrich Corp		15,093
	1,131,000	*,m	Sijia Group Co		1
	1,785		Sika AG.		6,361
	235,055		Silgan Holdings, Inc		11,287
	368,662	*,e	Silver Lake Resources Ltd		178
	100,842	*	Silver Standard Resources, Inc		700
	870,002		Silver Wheaton Corp		17,568
	362,577	e	Silvercorp Metals, Inc		833
	278,386	*,e	Sims Group Ltd		2,712
	1,852,000	e	Sinochem Hong Kong Holding Ltd		302
	1,116,000		Sinon Corp		626
	5,240,850		Sinopec Shanghai Petrochemical Co Ltd		1,512
	248,160	*,e	Sirius Resources NL		507
	22,402		SK Chemicals Co Ltd		1,174
	24,767		SKC Co Ltd		719
	757,180		Smurfit Kappa Group plc		18,582
	290,002	e	Smurfit Kappa Group plc (Euro Comp)		7,135
	112,796		Sociedad Quimica y Minera de Chile S.A. (Class B)		2,873
	2,028		Societe Internationale de Plantations d’Heveas S.A.		143
	11,472		SODIFF Advanced Materials Co Ltd		324
	878,478		Solar Applied Materials Technology Co		752
	148,224		Solvay S.A.		23,459
	15,770		Songwon Industrial Co Ltd		149
	236,032		Sonoco Products Co		9,847
	259,351	*	South Valley Cement		184
	385,000		Southeast Cement Co Ltd		226
	1,575,784		Southern Copper Corp (NY)		45,241
	211,521	e	Ssab Svenskt Stal AB (Series A)		1,625
	97,178		Ssab Svenskt Stal AB (Series B)		628
	44,540	*	Ssangyong Cement Industrial Co Ltd		289
	620,881	*	St Barbara Ltd		146
	820,557		Steel Dynamics, Inc		16,034
	12,700		Stella Chemifa Corp		191
	66,506		Stepan Co		4,365
	466,292	*,e	Stillwater Mining Co		5,754

116

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,036		STO AG.	$	957
	2,556,054		Stora Enso Oyj (R Shares)		25,685
	1,412,221		Sumitomo Bakelite Co Ltd		5,080
	1,529,329		Sumitomo Chemical Co Ltd		6,002
	1,066,618		Sumitomo Metal Mining Co Ltd		13,976
	1,341,193		Sumitomo Osaka Cement Co Ltd		5,156
	46,000		Sumitomo Seika Chemicals Co Ltd		377
	25,412	e	Sumitomo Titanium Corp		443
	281,120	*	SunCoke Energy, Inc		6,412
	3,011,979	*	Sundance Resources Ltd		256
	13,211	*	Supreme Industries Ltd		91
	575,900		Suzano Papel e Celulose S.A.		2,260
	160,410		Symrise AG.		7,401
	92,106		Syngenta AG.		36,722
	1,483,178		Synthos S.A.		2,681
	73,389	*,e	Syrah Resources Ltd		203
	94,100		Ta Ann Holdings BHD		120
	1,200,320		TA Chen Stainless Pipe		568
	1,037		Taekwang Industrial Co Ltd		1,269
	164,811	*,e	Tahoe Resources, Inc		2,742
	102,700	*	Tahoe Resources, Inc (Toronto)		1,708
	1,981,174		Taiheiyo Cement Corp		7,619
	9,301,988		Taiwan Cement Corp		14,464
	1,006,600		Taiwan Fertilizer Co Ltd		2,283
	335,345		Taiwan Hon Chuan Enterprise Co Ltd		707
	155,000		Taiwan Prosperity Chemical Corp		146
	795,980	*	Taiwan Styrene Monomer		564
	18,800		Taiyo Ink Manufacturing Co Ltd		592
	168,464		Taiyo Nippon Sanso Corp		1,200
	103,000		Takasago International Corp		579
	126,000		Takiron Co Ltd		520
	51,552	*,e	Taminco Corp		1,042
	120,154	*,e	Tanzanian Royalty Exploration Corp		209
	258,359	*	Taseko Mines Ltd		550
	1,195,115		Tata Steel Ltd		8,214
	972,000		TCC International Holdings Ltd		477
	31,231		Technosemichem Co Ltd		1,322
	1,323,315	e	Teck Cominco Ltd		34,445
	3,826,713		Teijin Ltd		8,524
	32,119		Ten Cate NV		1,013
	38,600		Tenma Corp		605
	35,046		Ternium S.A. (ADR)		1,097
	26,395	e	Tessenderlo Chemie NV		690
	71,578	*,e	Texas Industries, Inc		4,923
	201,381	*,e	Thompson Creek Metals Co, Inc (Toronto)		440
	394,075		Thye Ming Industrial Co Ltd		471
	43,778	*	ThyssenKrupp AG.		1,068
	2,586,000		Tiangong International Co Ltd		749

117

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,865,808	*	Tiger Resources Ltd	$	578
	320,936	*	Timmins Gold Corp		341
	58,923	*	Titan Cement Co S.A.		1,605
	283,000		Toagosei Co Ltd		1,211
	34,900	e	Toho Titanium Co Ltd		244
	169,000		Toho Zinc Co Ltd		566
	701,000		Tokai Carbon Co Ltd		2,449
	649,000		Tokuyama Corp		2,467
	126,200		Tokyo Ohka Kogyo Co Ltd		2,702
	152,796	*,e	Tokyo Rope Manufacturing Co Ltd		240
	115,400	*	Tokyo Steel Manufacturing Co Ltd		599
	1,317,750		Ton Yi Industrial Corp		1,357
	100,625		Topco Technologies Corp		240
	266,000		Topy Industries Ltd		493
	1,166,534		Toray Industries, Inc		8,081
	962,005		Tosoh Corp		4,482
	314,000		Toyo Ink Manufacturing Co Ltd		1,550
	145,000		Toyo Kohan Co Ltd		679
	248,150		Toyo Seikan Kaisha Ltd		5,342
	2,831,676		Toyobo Co Ltd		5,227
	1,555,500		TPI Polene PCL		513
	92,547		Tredegar Corp		2,666
	726,335		TSRC Corp		1,074
	108,975		Tubacex S.A.		434
	127,313	e	Tubos Reunidos S.A.		310
	815,900		Tung Ho Steel Enterprise Corp		718
	973,377	*,e	Turquoise Hill Resources Ltd		3,216
	1,391,136		UBE Industries Ltd		2,980
	19,357	*	UFP Technologies, Inc		488
	64,517		Ultra Tech Cement Ltd		1,842
	13,013		Umicore		608
	34,600		Uniao de Industrias Petroquimicas S.A.		8
	9,791		Unid Co Ltd		549
	511,629		United Phosphorus Ltd		1,640
	12,554	*	United States Lime & Minerals, Inc		768
	901,546	e	United States Steel Corp		26,596
	619,000		Universal Cement Corp		588
	25,829	*	Universal Stainless & Alloy		931
	1,583,632		UPC Technology Corp		769
	1,437,138		UPM-Kymmene Oyj		24,374
	327,155		Uralkali (GDR)		8,712
	46,448	*	US Concrete, Inc		1,051
	68,363		US Silica Holdings Inc		2,332
	2,332,987		USI Corp		1,623
	929,562	*	Usinas Siderurgicas de Minas Gerais S.A. (Preference)		5,599
	2,322,718		Vale S.A.		35,128
	3,859,806		Vale S.A. (Preference)		53,493
	75,379		Valspar Corp		5,374

118

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	158,219		Vedanta Resources plc	$	2,456
	315		Vetropack Holding AG.		643
	177,846		Victrex plc		5,426
	103,916	*	Viohalco S.A.		530
	240,608		Voestalpine AG.		11,562
	92,184		Vulcan Materials Co		5,478
	146,932	e	Wacker Chemie AG.		16,289
	1,843,335	e	Walter Energy, Inc		30,655
	161,048		Wausau Paper Corp		2,042
	2,818,000		West China Cement Ltd		419
	233,887		West Fraser Timber Co Ltd		22,811
	190,590	e	Western Areas NL		406
	287,718	*	Western Desert Resources Ltd		189
	580,700		Western Forest Products, Inc		1,050
	182,275		Westlake Chemical Corp		22,250
	16,860	*	WHX Corp		408
	1,975,000	*	Winsway Coking Coal Holding Ltd		125
	273,775		Worthington Industries, Inc		11,520
	897,632	*	WR Grace & Co		88,749
	1,118,000	*,e	Xinjiang Xinxin Mining Industry Co Ltd		168
	500,000		Xiwang Special Steel Co Ltd		69
	571,713		Yamana Gold, Inc		4,930
	5,012		Yamato Kogyo Co Ltd		160
	360,605		Yara International ASA		15,552
	570,000		Yeun Chyang Industrial Co Ltd		438
	1,895,670	*	Yieh Phui Enterprise		616
	1,649,600		Yingde Gases		1,731
	582,000		Yip’s Chemical Holdings Ltd		503
	256,000		Yodogawa Steel Works Ltd		1,103
	42,970		Youlchon Chemical Co Ltd		479
	1,380,500		Youyuan International Holdings Ltd		357
	1,537,285		Yuen Foong Yu Paper Manufacturing Co Ltd		770
	349,667		Yule Catto & Co plc		1,480
	99,000		Yung Chi Paint & Varnish Manufacturing Co Ltd		260
	30,473		Zaklady Azotowe w Tarnowie-Moscicach S.A.		630
	40,165		Zaklady Chemiczne Police S.A.		320
	397,512		Zeon Corp		3,725
	94,141		Zep, Inc		1,710
	349,500	e	Zhaojin Mining Industry Co Ltd		201
	44,894		Zignago Vetro S.p.A.		305
	22,573,800	e	Zijin Mining Group Co Ltd		4,861
	104,275	*,e	Zoltek Cos, Inc		1,747
			TOTAL MATERIALS		6,729,710
MEDIA - 3.8%
	1,500,000		ABS-CBN Holdings Corp (ADR)		1,079
	19,200	*,e	Adways, Inc		534
	86,132		AH Belo Corp (Class A)		643

119

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	233,660	e	Aimia, Inc	$	4,292
	167,867	*	AMC Entertainment Holdings, Inc		3,450
	614,686	*	AMC Networks, Inc		41,866
	66,927	*,e	Antena 3 de Television S.A.		1,109
	1,060,868	*	APN News & Media Ltd		426
	170,172	*,e	Arnoldo Mondadori Editore S.p.A.		329
	34,900	e	Asatsu-DK, Inc		821
	3,281,700		Astro Malaysia Holdings BHD		3,009
	45,959	e	Avex Group Holdings, Inc		990
	29,528		Axel Springer AG.		1,901
	10,390	*	Beasley Broadcasting Group, Inc		91
	1,065,300		BEC World PCL (Foreign)		1,642
	16,228,600		Benpres Holdings Corp		1,466
	163,073		Borussia Dortmund GmbH & Co KGaA		817
	11,384,562		British Sky Broadcasting plc		159,113
	434,990	e	Cablevision Systems Corp (Class A)		7,799
	102,639		Cairo Communication S.p.A.		838
	96,205	*	Carmike Cinemas, Inc		2,678
	2,755,162		CBS Corp (Class B)		175,614
	61,000	*,e	Central European Media Enterprises Ltd (Class A)		225
	338,029	*,e	Central European Media Enterprises Ltd (Class A) Nasdaq		1,298
	131,034	*	Charter Communications, Inc		17,920
	94,690	*	Cheil Communications, Inc		2,472
	108,066		Chime Communications plc		603
	6,520,000	*	ChinaVision Media Group Ltd		337
	255,383		Cinemark Holdings, Inc		8,512
	163,569	e	Cineplex Galaxy Income Fund		6,785
	175,505		Cineworld Group plc		1,105
	436,000	e	City Telecom (HK) Ltd		198
	14,500		CJ CGV Co Ltd		598
	25,844	*	CJ E&M Corp		747
	49,674		Clear Channel Outdoor Holdings, Inc (Class A)		504
	42,682		Cogeco Cable, Inc		1,928
	16,964,980		Comcast Corp (Class A)		881,585
	17,300	*,e	COOKPAD, Inc		542
	107,611	e	Corus Entertainment, Inc		2,606
	130,247	*,e	Crown Media Holdings, Inc (Class A)		460
	46,495		CTS Eventim AG.		2,357
	286,303	*,e	Cumulus Media, Inc (Class A)		2,213
	59,400		CyberAgent, Inc		2,420
	170,352	*	Cyfrowy Polsat S.A.		1,120
	33,110		Daekyo Co Ltd		229
	65,300		Daiichikosho Co Ltd		1,846
	3,025	*,e	Daily Journal Corp		560
	652,279	e	Daily Mail & General Trust		10,390
	4,190,747	*	DEN Networks Ltd		10,912
	200,470		Dentsu, Inc		8,199
	62,960	*,e	Dex Media, Inc		427

120

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	79,200	e	DHX Media Ltd	$	418
	88,761	*,e	Digital Generation, Inc		1,132
	1,592,964	*	DIRECTV		110,058
	889,514	*	Discovery Communications, Inc (Class A)		80,430
	294,073	*	Discovery Communications, Inc (Class C)		24,661
	1,662,499	*	DISH Network Corp (Class A)		96,292
	772,072	*	Dogan Yayin Holding		198
	269,738	*,e	DreamWorks Animation SKG, Inc (Class A)		9,576
	100,846	*	Eniro AB		779
	96,420	*,e	Entercom Communications Corp (Class A)		1,013
	231,973	*	Entertainment One Ltd		996
	246,792		Entravision Communications Corp (Class A)		1,503
	1,261,991		Eros International Media Ltd		3,446
	110,463		Eutelsat Communications		3,447
	125,998	*	EW Scripps Co (Class A)		2,737
	4,845		Fenerbahce Sportif Hizmetleri Sanayi ve Ticaret AS		64
	358,000		Fuji Television Network, Inc		7,331
	124,000		Gakken Co Ltd		364
	5,423	*	Galatasaray Sportif Sinai ve Ticari Yatirimlar AS		54
	669,568		Gannett Co, Inc		19,806
	191,882	*	Gestevision Telecinco S.A.		2,217
	70,520	*	Global Sources Ltd		573
	188,372	*,e	Gray Television, Inc		2,803
	4,595,027		Grupo Televisa S.A.		27,697
	55,000		Grupo Televisa SAB (ADR)		1,664
	174,408	*	Gruppo Editoriale L’Espresso S.p.A.		326
	243,900		Hakuhodo DY Holdings, Inc		1,891
	172,318		Harte-Hanks, Inc		1,348
	30,909	*	Hathway Cables and Datacom Pvt Ltd		142
	313,942		Havas S.A.		2,588
	27,907	*,e	Hemisphere Media Group, Inc		331
	32,450		Hyundai Hy Communications & Network Co		160
	1,069,882	*	IBN18 Broadcast Ltd		413
	927,562		Informa plc		8,828
	3,564,238		Interpublic Group of Cos, Inc		63,087
	39,840		IPSOS		1,707
	8,592,694		ITV plc		27,652
	706,820		JC Decaux S.A.		29,180
	23,182	*	Jcontentree Corp		91
	15,847,541	e	John Fairfax Holdings Ltd		9,084
	120,721		John Wiley & Sons, Inc (Class A)		6,664
	200,985	*	Journal Communications, Inc (Class A)		1,871
	321,310	*,e	Juventus Football Club S.p.A.		99
	2,513		Kabel Deutschland Holding AG.		326
	82,681	e	Kadokawa Holdings, Inc		2,804
	6,517		Kinepolis		1,031
	27,180		KT Skylife Co Ltd		762
	78,482		Lagardere S.C.A.		2,917

121

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	148,108	*	Lamar Advertising Co (Class A)	$	7,739
	1,086,829	*	Liberty Global plc (Class A)		96,717
	287,733	*	Liberty Media Corp		42,138
	737,066	*,e	Lions Gate Entertainment Corp		23,335
	560,181	*	Live Nation, Inc		11,069
	4,837		Loen Entertainment, Inc		78
	40,187	*	Loral Space & Communications, Inc		3,254
	167,329		M6-Metropole Television		3,832
	229,113	*	Madison Square Garden, Inc		13,192
	666,400		Major Cineplex Group PCL		356
	98,915	*,e	Martha Stewart Living Omnimedia, Inc (Class A)		415
	204,729	*,e	McClatchy Co (Class A)		696
	867,178		McGraw-Hill Cos, Inc		67,813
	454,600		MCOT PCL		402
	181,545		MDC Partners, Inc		4,631
	1,202,800		Media Chinese International Ltd		358
	76,854	*,e	Media General, Inc (Class A)		1,737
	1,365,100		Media Prima BHD		1,092
	901,011	*	Mediaset S.p.A.		4,273
	250,000		Megacable Holdings SAB de C.V.		846
	138,528	e	Meredith Corp		7,176
	143,345		Modern Times Group AB (B Shares)		7,431
	52,080		Morningstar, Inc		4,067
	64,900		Multiplus S.A.		823
	743,994		Naspers Ltd (N Shares)		77,877
	266,889		National CineMedia, Inc		5,327
	500,360	e	New York Times Co (Class A)		7,941
	378,288	*	News Corp		6,817
	94,228	e	Nexstar Broadcasting Group, Inc (Class A)		5,251
	69,900		Next Co Ltd		743
	1,672,700	*	Nine Entertainment Co Holdings Ltd		2,942
	169,755	*	Numericable SAS		6,165
	534,508		Omnicom Group, Inc		39,751
	169,654	*,e	PagesJaunes Groupe S.A.		257
	247,304		Pearson plc		5,514
	557,962	*	Perform Group plc		2,070
	3,070,000		Phoenix Satellite Television Holdings Ltd		1,119
	1,580,000		Pico Far East Holdings Ltd		552
	1,143,222	*	Premiere AG.		12,636
	365,953	*,e	Promotora de Informaciones S.A.		201
	1,048,376		ProSiebenSat. Media AG.		52,058
	11,600		Proto Corp		162
	33,655,000		PT Bhakti Investama Tbk		942
	7,190,100		PT Global MediaCom Tbk		1,124
	4,073,300		PT Media Nusantara Citra Tbk		882
	38,348,709		PT MNC Sky Vision Tbk		6,312
	293,625	e	PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		2,183

122

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	7,229,000		PT Surya Citra Media Tbk	$	1,560
	7,765,500	*	PT Visi Media Asia Tbk		176
	107,459		Publicis Groupe S.A.		9,846
	100,572	e	Quebecor, Inc		2,503
	85,411		REA Group Ltd		2,885
	45,921	*,e	ReachLocal, Inc		584
	56,847	*	Reading International, Inc		426
	2,327,583		Reed Elsevier NV		49,470
	5,789,203		Reed Elsevier plc		86,338
	371,907	e	Regal Entertainment Group (Class A)		7,234
	32,788	*	Rentrak Corp		1,242
	261,222		Rightmove plc		11,863
	467,154	e	RTL Group		60,465
	18,401		Saga Communications, Inc		926
	33,270		Salem Communications		289
	153,679	e	Sanoma-WSOY Oyj		1,353
	56,500		Saraiva S.A. Livreiros Editores		622
	60,420		SBS Media Holdings Co Ltd		302
	110,070		Schibsted ASA		7,294
	103,553		Scholastic Corp		3,522
	539,913		Scripps Networks Interactive (Class A)		46,654
	192,624		SES Global S.A.		6,240
	615,402	*,e	SFX Entertainment, Inc		7,385
	596,667	e	Shaw Communications, Inc (B Shares)		14,520
	99,000	e	Shochiku Co Ltd		911
	219,497		Sinclair Broadcast Group, Inc (Class A)		7,843
	195,101	e	Singapore Press Holdings Ltd		638
	540,000	e	SinoMedia Holding Ltd		386
	16,629,079	*,e	Sirius XM Holdings, Inc		58,035
	1,344,288	e	Sky Network Television Ltd		6,462
	321,100		Sky Perfect Jsat Corp		1,738
	21,961	*	SM Entertainment Co		922
	2,680,000	*	SMI Corp Ltd		70
	383,700		Smiles S.A.		5,284
	1,161,637		Societe Television Francaise 1		22,387
	1,489,065		Southern Cross Media Group		2,253
	298,603	*	Starz-Liberty Capital		8,731
	21,867	*	Stroer Out-of-Home Media AG.		389
	391,763		STW Communications Group Ltd		525
	405,260		Sun TV Network Ltd		2,495
	47,000	*	T4F Entretenimento S.A.		108
	122,642		Telenet Group Holding NV		7,318
	1,973,643	e	Television Broadcasts Ltd		13,220
	10,316,230	*,e	Ten Network Holdings Ltd		2,586
	69,807	*,m	Tera Resource Co Ltd		24

123

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	708,443	e	Thomson Corp	$	26,793
	368,940	e	Thomson Corp (Toronto)		13,952
	2,438,904		Time Warner Cable, Inc		330,471
	3,893,956		Time Warner, Inc		271,487
	185,000		Toei Animation Co Ltd		4,541
	629,885		Toei Co Ltd		3,567
	80,505		Toho Co Ltd		1,771
	22,600		Tohokushinsha Film Corp		187
	189,600		Tokyo Broadcasting System, Inc		2,357
	619,562	*	Tribune Co		47,954
	336,438	*	Trinity Mirror plc		1,139
	75,200		TV Asahi Corp		1,668
	3,333,463	e	TV Azteca S.A. de C.V.		1,787
	361,606		TVN S.A.		1,761
	5,269,095		Twenty-First Century Fox, Inc		185,367
	344,483		United Business Media Ltd		3,751
	143,246	*,e	Usen Corp		575
	151,265	e	Valassis Communications, Inc		5,181
	18,400		ValueCommerce Co Ltd		226
	1,508,000		VGI Global Media PCL		451
	3,310,229		Viacom, Inc (Class B)		289,115
	1,909,600	*	Viva China Holdings Ltd		111
	7,018,477	*,e	Walt Disney Co		536,212
	781,230		West Australian Newspapers Holdings Ltd		1,646
	1,133,000	*	Wisdom Holdings Group		668
	32,617		Wolters Kluwer NV		931
	29,600	*	Woongjin Thinkbig Co Ltd		194
	107,445	e	World Wrestling Entertainment, Inc (Class A)		1,781
	2,855,658		WPP plc		65,406
	8,100		YG Entertainment, Inc		400
	8,405,838	*	Zee Entertainment Enterprises Ltd		8,257
	741,665		ZEE Telefilms Ltd		3,322
	28,800		Zenrin Co Ltd		281
			TOTAL MEDIA		4,763,796
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.3%
	13,600	*,e	3-D Matrix Ltd		421
	18,156	*,e	AB Science S.A.		344
	5,710,933		AbbVie, Inc		301,594
	206,934		Abcam plc		1,683
	27,840	*	Ablynx NV		268
	325,970	*,e	Acadia Pharmaceuticals, Inc		8,146
	39,880	*,e	Accelerate Diagnostics, Inc		487
	26,742	*,e	Acceleron Pharma, Inc		1,059
	101,880	*,e	AcelRx Pharmaceuticals, Inc		1,152
	312,476	*,e	Achillion Pharmaceuticals, Inc		1,037
	188,549	*	Acorda Therapeutics, Inc		5,506

124

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	509,318	e	Acrux Ltd	$	1,167
	893,513	*	Actavis plc		150,110
	156,648		Actelion Ltd		13,287
	49,050	*,e	Active Biotech AB		530
	452,434		Adcock Ingram Holdings Ltd		3,058
	87,000	*	Adimmune Corp		128
	226,990	*,e	Aegerion Pharmaceuticals, Inc		16,107
	20,069	*	Aerie Pharmaceuticals, Inc		360
	271,571	*,e	Affymetrix, Inc		2,327
	1,154,110		Agilent Technologies, Inc		66,004
	22,732	*,e	Agios Pharmaceuticals, Inc		544
	193,416	*,e	Akorn, Inc		4,764
	86,078	*	Albany Molecular Research, Inc		868
	1,422,329	*	Alexion Pharmaceuticals, Inc		189,255
	139,074	*	Algeta ASA		8,227
	54,579	*,e	Alimera Sciences, Inc		257
	6,865		ALK-Abello AS		777
	996,019	*	Alkermes plc		40,498
	1,491,008		Allergan, Inc		165,621
	211,329	*	Alnylam Pharmaceuticals, Inc		13,595
	106,962	*	AMAG Pharmaceuticals, Inc		2,596
	3,079,420		Amgen, Inc		351,547
	100,632	*,e	Amicus Therapeutics, Inc		237
	104,116	*,e	Ampio Pharmaceuticals, Inc		742
	77,296	*,e	Anacor Pharmaceuticals, Inc		1,297
	31,600	*,e	AnGes MG, Inc		186
	155,954		Apex Biotechnology Corp		356
	16,692	*,e	Aratana Therapeutics, Inc		319
	842,912	*,e	Arena Pharmaceuticals, Inc		4,931
	204,259	*	Arqule, Inc		439
	386,752	*	Array Biopharma, Inc		1,938
	31,000		ASKA Pharmaceutical Co Ltd		228
	472,059		Aspen Pharmacare Holdings Ltd		12,107
	387,597		Astellas Pharma, Inc		22,979
	631,616		AstraZeneca plc		37,472
	575,938		AstraZeneca plc (ADR)		34,193
	255,585		Aurobindo Pharma Ltd		1,624
	160,405	*	Auxilium Pharmaceuticals, Inc		3,327
	461,425	*,e	AVANIR Pharmaceuticals, Inc		1,550
	205,518	*,e	AVEO Pharmaceuticals, Inc		378
	32,800		Basilea Pharmaceutica		3,892
	30,332	*	Bavarian Nordic AS		498
	3,159,100		Bayer AG.		443,571
	14,274	*,e	BIND Therapeutics, Inc		215
	104,811		Biocon Ltd		785
	99,465	*,e	BioDelivery Sciences International, Inc		586
	28,974		Biogaia AB (B Shares)		1,140
	1,425,929	*	Biogen Idec, Inc		398,904

125

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	117,112	*	BioMarin Pharmaceuticals, Inc	$	8,229
	140,000	*	Bioneer Corp		1,464
	49,611	*	Bio-Rad Laboratories, Inc (Class A)		6,132
	13,064		Biotest AG. (Preference)		1,366
	139,378	*,e	Biotime, Inc		502
	157,382	*	Biovail Corp		18,477
	506,228	*	Biovail Corp (Toronto)		59,389
	8,247,886	*	Biovitrum AB		85,569
	18,501	*,e	Bluebird Bio, Inc		388
	13,987		Boiron S.A.		986
	6,374,806		Bristol-Myers Squibb Co		338,821
	244,028	*	Bruker BioSciences Corp		4,824
	449,353	*	BTG plc		4,281
	61,498		Bukwang Pharmaceutical Co Ltd		837
	204,547	*	Cadence Pharmaceuticals, Inc		1,851
	184,793	*	Cambrex Corp		3,295
	2,437,831	*	Celgene Corp		411,896
	409,638	*,e	Cell Therapeutics, Inc		787
	329,579	*	Celldex Therapeutics, Inc		7,979
	12,283	*	Celltrion Pharm Inc		121
	162,726		Celltrion, Inc		5,913
	9,535	*,e	Cellular Dynamics International, Inc		157
	79,046	*	Cempra, Inc		979
	109,000	*	Center Laboratories, Inc		227
	214,052	*,e	Cepheid, Inc		10,001
	172,462	*	Charles River Laboratories International, Inc		9,147
	246,297	*,e	Chelsea Therapeutics International, Inc		1,091
	112,451	*,e	ChemoCentryx, Inc		651
	28,084	*,e	Chimerix, Inc		424
	67,000		China Chemical & Pharmaceutical Co Ltd		53
	2,493,000	e	China Medical System Holdings Ltd		2,670
	4,212,000	e	China Pharmaceutical Group Ltd		3,329
	818,000		China Shineway Pharmaceutical Group Ltd		1,122
	7,700	*,e	Chiome Bioscience Inc		237
	6,234		Chong Kun Dang Pharm Corp		251
	5,775	*,m	Chong Kun Dang Pharmaceutical Corp		373
	8,359		Choongwae Pharma Corp		128
	278,483	e	Chugai Pharmaceutical Co Ltd		6,164
	422,477		Cipla Ltd		2,740
	5,770,093		CK Life Sciences International Holdings, Inc		537
	122,986		Clinigen Group plc		1,222
	80,730	*	Clovis Oncology, Inc		4,866
	8,600	e	CMIC Co Ltd		111
	10,927	*,e	Contatus Pharmaceuticals, Inc		70
	155,372	*,e	Corcept Therapeutics, Inc		500
	45,998	*	Cornerstone Therapeutics, Inc		437
	79,197	*,e	Coronado Biosciences, Inc		208

126

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,718	*	Cosmo Pharmaceuticals S.p.A	$	449
	132,730	*	Covance, Inc		11,688
	782,005		CSL Ltd		48,208
	16,000	*	CTC BIO, Inc		275
	168,559	*	Cubist Pharmaceuticals, Inc		11,609
	264,815	*,e	Curis, Inc		747
	201,170	*,e	Cytokinetics, Inc		1,308
	206,124	*,e	Cytori Therapeutics, Inc		530
	20,647		Daewoong Pharmaceutical Co Ltd		1,493
	895,478		Daiichi Sankyo Co Ltd		16,374
	257,194		Dainippon Sumitomo Pharma Co Ltd		4,028
	1,136,000		Dawnrays Pharmaceutical Holdings Ltd		722
	535,041	*,e	Dendreon Corp		1,600
	183,174	*	Depomed, Inc		1,938
	38,724		Divi S Laboratories Ltd		765
	9,720		Dong-A Pharmaceutical Co Ltd		1,361
	6,061	*	Dong-A ST Co Ltd		572
	7,195		DongKook Pharmaceutical Co Ltd		238
	221,213		Dr Reddy’s Laboratories Ltd		9,054
	42,712	*,e	Durata Therapeutics, Inc		546
	445,445	*	Dyax Corp		3,354
	835,468	*,e	Dynavax Technologies Corp		1,638
	197,342		EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		194
	285,116		Eisai Co Ltd		11,050
	1,779,962		Eli Lilly & Co		90,778
	161,726	*	Emergent Biosolutions, Inc		3,718
	32,588	*,e	Enanta Pharmaceuticals, Inc		889
	344,091	*,e	Endo Pharmaceuticals Holdings, Inc		23,212
	99,192	*,e	Endocyte, Inc		1,060
	135,404		Enzon Pharmaceuticals, Inc		157
	19,221	*,e	Epizyme, Inc		400
	254	e	EPS Co Ltd		333
	9,758	*,e	Esperion Thereapeutics, Inc		134
	10,001		Eurofins Scientific		2,707
	159,707	*,e	Evolutec Group plc		379
	122,030	*,e	Evotec AG.		617
	223,602	*,e	Exact Sciences Corp		2,614
	596,374	*,e	Exelixis, Inc		3,656
	3,060,000	*,e	Extrawell Pharmaceutical Holdings Ltd		196
	288,574		FAES FARMA S.A.		1,051
	11,152		FDC Ltd		23
	70,256	*,e	Fibrocell Science, Inc		285
	15,150	*,e	Five Prime Therapeutics, Inc		254
	82,797	*	Fluidigm Corp		3,173
	679,542	*	Forest Laboratories, Inc		40,793
	55,620	*,m	Forest Laboratories, Inc CVR		53
	29,695	*,e	Foundation Medicine, Inc		707

127

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	44,000		Fuji Pharma Co Ltd	$	782
	22,066	*	Furiex Pharmaceuticals Inc		927
	189,000		Fuso Pharmaceutical Industries Ltd		614
	27,178	*	Galapagos NV		573
	510,811	*,e	Galena Biopharma, Inc		2,534
	47,942	*,e	Genmab AS		1,874
	108,537	*,e	Genomic Health, Inc		3,177
	2,480,100	*,e	Genomma Lab Internacional S.A. de C.V.		6,956
	88,311		Genus plc		1,901
	501,450	*	Geron Corp		2,377
	127,221		Gerresheimer AG.		8,914
	9,996,561	*	Gilead Sciences, Inc		751,241
	5,606,224		GlaxoSmithKline plc		149,784
	47,000		GlycoNex, Inc		161
	110,000	*,e	GNI Group Ltd		489
	59,486	*,e	Golf Trust Of America, Inc		150
	6,537		Green Cross Corp		772
	24,000		Green Cross Holdings Corp		283
	81,108		Grifols S.A.		3,881
	241		Grifols S.A. (Class B)		9
	72,709	*,e	GTx, Inc		120
	290,170	*,e	Halozyme Therapeutics, Inc		4,350
	25,910	*	Han All Pharmarceutical Co		103
	27,825	*	Hanmi Holdings Co Ltd		334
	6,486	*	Hanmi Pharm Co Ltd		699
	25,167	*,e	Harvard Apparatus Regenerative Technology, Inc		120
	100,669	*	Harvard Bioscience, Inc		473
	12,816		Haw Par Corp Ltd		82
	340,049		Hikma Pharmaceuticals plc		6,773
	71,291		Hisamitsu Pharmaceutical Co, Inc		3,593
	39,045	*	Hi-Tech Pharmacal Co, Inc		1,694
	181,614	*,e	Horizon Pharma, Inc		1,384
	194,256	*	Hospira, Inc		8,019
	2,868,480	e	Hua Han Bio-Pharmaceutical Holdings Ltd		559
	6,945		Huons Co Ltd		264
	27,873	*,e	Hyperion Therapeutics, Inc		564
	319,698	*,e	Idenix Pharmaceuticals, Inc		1,912
	3,900		Il Dong Pharmaceutical Co Ltd		37
	793,353	*,e	Illumina, Inc		87,761
	18,415		Ilyang Pharmaceutical Co Ltd		462
	281,239	*,e	Immunogen, Inc		4,126
	224,354	*,e	Immunomedics, Inc		1,032
	271,531	*	Impax Laboratories, Inc		6,826
	228,394	*	Incyte Corp		11,564
	151,332	*,e	Infinity Pharmaceuticals, Inc		2,090
	6,863	*	Innocell Corp		155
	145,488	*	Insmed, Inc		2,475
	18,192	*,e	Insys Therapeutics, Inc		704

128

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	249,432	*	Intercept Pharmaceuticals, Inc	$	17,031
	299,841	*,e	InterMune, Inc		4,417
	38,497	*,e	Intrexon Corp		916
	36,132		Ipsen		1,709
	302,733	*,e	Ironwood Pharmaceuticals, Inc		3,515
	486,543	*,e	Isis Pharmaceuticals, Inc		19,384
	82	*	Japan Tissue Engineering Co Lt		330
	686,477	*,e	Jazz Pharmaceuticals plc		86,881
	10,300		JCR Pharmaceuticals Co Ltd		224
	10,950		Jeil Pharmaceutical Co		135
	12,978,310		Johnson & Johnson		1,188,683
	101,521		Kaken Pharmaceutical Co Ltd		1,524
	17,951	*	KaloBios Pharmaceuticals, Inc		79
	29,176	*	Kamada Ltd		427
	20,529	*	Karyopharm Therapeutics, Inc		471
	264,343	*,e	Keryx Biopharmaceuticals, Inc		3,423
	91,200		Kissei Pharmaceutical Co Ltd		2,246
	4,780		Kolon Life Science, Inc		290
	56,785	*	Komipharm International Co Ltd		391
	174,330		Kwang Dong Pharmaceutical Co Ltd		1,234
	130,436		Kyorin Co Ltd		2,795
	902,091	e	Kyowa Hakko Kogyo Co Ltd		9,955
	45,233	*,e	KYTHERA Biopharmaceuticals, Inc		1,685
	69,322		Laboratorios Almirall S.A.		1,130
	25,509		Laboratorios Farmaceuticos Rovi S.A		350
	149,285	*	Lannett Co, Inc		4,941
	751,812	*	Lexicon Pharmaceuticals, Inc		1,353
	18,990	*	LG Life Sciences Ltd		732
	381,607	*	Life Technologies Corp		28,926
	131,626	*,e	Ligand Pharmaceuticals, Inc (Class B)		6,924
	2,308,000		Lijun International Pharmaceutical Holding Ltd		632
	175,900	m	Livzon Pharmaceutical, Inc		860
	943,550		Lonza Group AG.		89,668
	144,156	*	Luminex Corp		2,797
	307,840	*	Lupin Ltd		4,522
	15,131	*,e	MacroGenics, Inc		415
	125,958	*,e	Mallinckrodt plc		6,583
	541,616	*,e	MannKind Corp		2,822
	751,636	*	Mayne Pharma Group Ltd		497
	551,435		Meda AB (A Shares)		7,003
	277,847	*	Medicines Co		10,730
	124,918	*	Medigen Biotechnology Corp		837
	1,059	*,e	Medinet Co Ltd		432
	9,630	*	Medipost Co Ltd		578
	698,594	*	Medivation, Inc		44,584
	28,097	*,e	Medivir AB		369
	5,369		Medy-Tox, Inc		865
	35,308	*,e	MEI Pharma, Inc		283

129

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	11,487,518		Merck & Co, Inc	$	574,950
	112,453		Merck KGaA		20,177
	370,782	*,e	Merrimack Pharmaceuticals, Inc		1,980
	208,063	*,e	Mesoblast Ltd		1,089
	124,912	*	Mettler-Toledo International, Inc		30,302
	274,935	*,e	MiMedx Group, Inc		2,403
	14,100		Mochida Pharmaceutical Co Ltd		838
	234,277	*	Momenta Pharmaceuticals, Inc		4,142
	106,803	*	Morphosys AG.		8,234
	22,167,242	*,m	MPM Bioventures II		1,259
	3,509,391	*	Mylan Laboratories, Inc		152,308
	192,361	*,e	Myriad Genetics, Inc		4,036
	429	*,e	NanoCarrier Co Ltd		932
	171,261	*,e	Nanosphere, Inc		392
	369,044	*,e	Navidea Biopharmaceuticals, Inc		764
	397,208	*,e	Nektar Therapeutics		4,508
	110,393	*,e	NeoGenomics, Inc		400
	235,347	*	Neurocrine Biosciences, Inc		2,198
	53,017	*,e	NewLink Genetics Corp		1,167
	106,400	e	Nichi-iko Pharmaceutical Co Ltd		1,644
	229,000		Nippon Shinyaku Co Ltd		4,457
	5,423,710		Novartis AG.		434,707
	482,620		Novartis AG. (ADR)		38,793
	594,536	*	Novavax, Inc		3,044
	534,990		Novo Nordisk AS (Class B)		98,065
	31,806		Novozymes AS		1,344
	974,206	*	NPS Pharmaceuticals, Inc		29,577
	96,194	*,e	Omeros Corp		1,086
	17,790	*,m	Omthera Pharmaceuticals, Inc		11
	48,397	*,e	OncoGenex Pharmaceutical, Inc		404
	12,680	*,e	OncoMed Pharmaceuticals, Inc		374
	16,310	*,e	Onconova Therapeutics, Inc		187
	99,000	*,e	OncoTherapy Science, Inc		239
	122,000	*	Oneness Biotech Co Ltd		185
	126,795		Ono Pharmaceutical Co Ltd		11,114
	27,454	*,e	Ophthotech Corp		888
	592,131	*,e	Opko Health, Inc		4,998
	395,418	*,e	Orexigen Therapeutics, Inc		2,226
	17,414	*	Orexo AB		443
	115,171		Orion Oyj (Class B)		3,237
	61,908	*,e	Osiris Therapeutics, Inc		995
	920,569		Otsuka Holdings KK		26,580
	29,737	*	OvaScience, Inc		272
	188,442	*	Pacific Biosciences of California, Inc		986
	90,108	*,e	Pacira Pharmaceuticals, Inc		5,180
	22,399	*	Paladin Labs, Inc		2,498
	254,587	*,e	Parexel International Corp		11,502
	672,539	e	PDL BioPharma, Inc		5,676

130

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	8,600	*	PeptiDream, Inc	$	1,134
	484,273	*,e	Peregrine Pharmaceuticals, Inc		673
	337,813		PerkinElmer, Inc		13,928
	734,015	e	Perrigo Co plc		112,642
	26,392,751		Pfizer, Inc		808,410
	162,788	*	Pharmacyclics, Inc		17,220
	46,861	*	PharmaEngine Inc		334
	45,580	*	Pharmicell Co Ltd		164
	41,000	*	Pharmstandard (GDR)		407
	227,865	*	Phytohealth Corp		290
	128,863		Piramal Healthcare Ltd		1,150
	67,275	*	Portola Pharmaceuticals, Inc		1,732
	110,241		Pozen, Inc		886
	263,675	*	Prestige Brands Holdings, Inc		9,440
	191,506	*	Progenics Pharmaceuticals, Inc		1,021
	53,045	*,e	Prothena Corp plc		1,407
	23,269,300		PT Kalbe Farma Tbk		2,397
	27,188	*,e	PTC Therapeutics, Inc		461
	94,545	*,e	Puma Biotechnology, Inc		9,788
	40,154	*	Qiagen NV		937
	490,363	*,e	Qiagen NV (NASDAQ)		11,676
	1,186,567	e	Questcor Pharmaceuticals, Inc		64,609
	55,532	*	Quintiles Transnational Holdings, Inc		2,573
	156,690	*	Ranbaxy Laboratories Ltd		1,150
	191,363	*,e	Raptor Pharmaceutical Corp		2,492
	28,000	*	Receptos, Inc		812
	237,252		Recordati S.p.A.		3,416
	251,708	*	Regeneron Pharmaceuticals, Inc		69,280
	32,089	*,e	Regulus Therapeutics, Inc		237
	16,213	*,e	Relypsa, Inc		405
	95,307	*,e	Repligen Corp		1,300
	28,800	*,e	ReproCELL, Inc		474
	72,223	*,e	Repros Therapeutics, Inc		1,322
	117,561		Richter Gedeon Rt		2,390
	328,414	*	Rigel Pharmaceuticals, Inc		936
	1,243,894		Roche Holding AG.		348,447
	104,000		Rohto Pharmaceutical Co Ltd		1,587
	65,448	*	Sagent Pharmaceuticals		1,661
	1,672,433	*	Salix Pharmaceuticals Ltd		150,419
	195,113	*,e	Sangamo Biosciences, Inc		2,710
	2,483,792		Sanofi-Aventis		265,256
	87,556		Santen Pharmaceutical Co Ltd		4,079
	176,854	*,e	Sarepta Therapeutics, Inc		3,603
	80,700		Sawai Pharmaceutical Co Ltd		5,211
	261,094	*	Sciclone Pharmaceuticals, Inc		1,316
	247,088		Scinopharm Taiwan Ltd		727
	221,653	*,e	Seattle Genetics, Inc		8,842
	46,361	*	Seegene, Inc		2,598

131

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	285,000		Seikagaku Corp	$	3,485
	355,935	*,e	Sequenom, Inc		833
	510,000		Shandong Luoxin Pharmacy Stock Co Ltd		435
	179,000		Shanghai Dingli Technology Dev		114
	753,000		Shanghai Fosun Pharmaceutical Group Co Ltd		2,273
	17,000	*,e	Shin Nippon Biomedical Laboratories Ltd		216
	926,547		Shionogi & Co Ltd		20,115
	982,158		Shire Ltd		46,286
	50,500		Shire plc (ADR)		7,135
	7,058		Siegfried Holding AG.		1,279
	142,620	*,e	SIGA Technologies, Inc		466
	2,891,400		Sihuan Pharmaceutical Holdings		2,646
	11,632,000	e	Sino Biopharmaceutical		9,247
	91,000		Sinphar Pharmaceutical Co Ltd		151
	53,844		Sirtex Medical Ltd		565
	4,254,176	*	Skyline Venture Fund II Ltd		245
	976,029	*,m	Skyline Venture Fund III Ltd		46
	15,400	*	Sosei Group		633
	243,508	*,e	Spectrum Pharmaceuticals, Inc		2,155
	145,515		Stada Arzneimittel AG.		7,204
	3,732		Stallergenes		279
	246,100		Standard Chemical & Pharma		372
	273,260	*,e	Starpharma Holdings Ltd		211
	30,371	*,e	Stemline Therapeutics, Inc		595
	106,516		Strides Arcolab Ltd		620
	46,710	*	Sucampo Pharmaceuticals, Inc (Class A)		439
	127,373	*	Sun Pharma Advanced Research Company Ltd		332
	1,521,798		Sun Pharmaceutical Industries Ltd		13,979
	106,655	*,e	Sunesis Pharmaceuticals, Inc		506
	48,741	*,e	Supernus Pharmaceuticals, Inc		368
	67,333	*,e	Synageva BioPharma Corp		4,358
	256,950	*,e	Synergy Pharmaceuticals, Inc		1,447
	163,661	*,e	Synta Pharmaceuticals Corp		858
	39,569		Taisho Pharmaceutical Holdings Co Ltd		2,720
	57,339	*	Taiwan Liposome Co Ltd		666
	61,200	e	Takara Bio, Inc		1,269
	779,320		Takeda Pharmaceutical Co Ltd		35,744
	259,877		Tanabe Seiyaku Co Ltd		3,625
	109,762	*	Targacept, Inc		456
	12,618		Tecan Group AG.		1,497
	96,066		Techne Corp		9,095
	8,900	e	tella, Inc		223
	95,544	*,e	TESARO, Inc		2,698
	37,004	*	Tetraphase Pharmaceuticals, Inc		500
	488,625		Teva Pharmaceutical Industries Ltd		19,551
	89,533		Teva Pharmaceutical Industries Ltd (ADR)		3,588
	50,104	*,e	TG Therapeutics, Inc		195
	274,641	*,e	TherapeuticsMD, Inc		1,431

132

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	436,612	*,e	Theravance, Inc	$	15,565
	1,328,626		Thermo Electron Corp		147,943
	278,688	*,e	Threshold Pharmaceuticals, Inc		1,301
	42,356	*,e	ThromboGenics NV		1,175
	472,000	e	Tong Ren Tang Technologies Co Ltd		1,509
	12,400		Torii Pharmaceutical Co Ltd		364
	6,200		Torrent Pharmaceuticals Ltd		47
	12,900		Towa Pharmaceutical Co Ltd		541
	19,359	*,e	Transgene S.A.		234
	88,393	e	Tsumura & Co		2,342
	224,485		TTY Biopharm Co Ltd		689
	174,886		UCB S.A.		13,029
	6,000	*,e	UMN Pharma, Inc		174
	6,460	*	Unichem Laboratories Ltd		20
	799,500	*,e	United Laboratories Ltd		321
	167,755	*	United Therapeutics Corp		18,970
	417,565	*,e	Vanda Pharmaceuticals, Inc		5,182
	445,681	*	Vectura Group plc		1,033
	54,924	*,e	Verastem, Inc		626
	886,412	*	Vertex Pharmaceuticals, Inc		65,860
	249,172	*	Vical, Inc		294
	4,915		Virbac S.A.		1,050
	16,713	*	ViroMed Co Ltd		626
	271,439	*	Viropharma, Inc		13,531
	327,311	*,e	Vivus, Inc		2,972
	193,456	*	Waters Corp		19,346
	1,024,000	*	Winteam Pharmaceutical Group Ltd		412
	51,123	*	Wockhardt Ltd		374
	192,515	*	Xenoport, Inc		1,107
	337,497	*,e	XOMA Corp		2,271
	8,805		Yuhan Corp		1,563
	214,410	*	Yungjin Pharmaceutical Co Ltd		342
	170,000		YungShin Global Holding Corp		313
	9,259	*,e	Zealand Pharma AS		101
	215,313	*	Zeltia S.A.		686
	25,300		Zeria Pharmaceutical Co Ltd		616
	251,441	*,e	ZIOPHARM Oncology, Inc		1,091
	4,528,931		Zoetis Inc		148,051
	299,229	*,e	Zogenix, Inc		1,029
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		10,429,793
REAL ESTATE - 3.2%
	645,658		Abacus Property Group		1,340
	212,923		Acadia Realty Trust		5,287
	1,623	e	Activia Properties Inc		12,790
	361,928		Acucap Properties Ltd		1,505
	4,481		Advance Residence Investment Corp		9,667
	55,742		Aeon Mall Co Ltd		1,562

133

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	126,968	*	Africa Israel Investments Ltd	$	253
	14,138	*	Africa Israel Properties Ltd		224
	111,991		AG Mortgage Investment Trust		1,752
	6,246,500	e	Agile Property Holdings Ltd		6,717
	55,717		Agree Realty Corp		1,617
	1,253,157		AIMS AMP Capital Industrial REIT		1,424
	63,604	*	Airport City Ltd		587
	24,600		Airport Facilities Co Ltd		203
	28,608		Akmerkez Gayrimenkul Yatirim Ortakligi AS		201
	165,207		Alexander & Baldwin, Inc		6,894
	7,183		Alexander’s, Inc		2,370
	84,324		Alexandria Real Estate Equities, Inc		5,365
	338,484		Aliansce Shopping Centers S.A.		2,615
	1,907,364		Allan Gray Property Trust		1,344
	11,176,693		Allco Commercial Real Estate Investment Trust		11,269
	102,517		Allied Properties Real Estate Investment Trust		3,162
	18,944		Allreal Holding AG.		2,623
	170,748		Alony Hetz Properties & Investments Ltd		1,194
	4,850	*	AL-ROV Israel Ltd		189
	6,102	*	Alrov Properties and Lodgings Ltd		189
	76,342		Alstria Office REIT-AG.		961
	163,329		Altisource Residential Corp		4,918
	4,343,900		Amata Corp PCL (Foreign)		1,831
	133,731		American Assets Trust,Inc		4,203
	191,432		American Campus Communities, Inc		6,166
	852,093		American Capital Agency Corp		16,437
	206,450		American Capital Mortgage, Inc		3,605
	100,165	*	American Homes 4 Rent		1,623
	638,660	e	American Realty Capital Properties, Inc		8,213
	63,573	*,e	American Residential Properties, Inc		1,091
	1,783,279		American Tower Corp		142,341
	119,596		Amot Investments Ltd		365
	1,753,464		AMP NZ Office Trust		1,428
	65,910		AmREIT, Inc (Class B)		1,107
	1,593,392	*	Anant Raj Industries Ltd		1,613
	13,463		ANF Immobilier		413
	1,987,582		Annaly Capital Management, Inc		19,816
	585,375		Anworth Mortgage Asset Corp		2,464
	1,182,600	*	AP Thailand PCL (Foreign)		159
	381,137		Apartment Investment & Management Co (Class A)		9,875
	144,169		Apollo Commercial Real Estate Finance, Inc		2,343
	76,737		Ares Commercial Real Estate Corp		1,005
	849,248		Argosy Property Ltd		639
	75,831		Armada Hoffler Properties, Inc		704
	1,456,593		ARMOUR Residential REIT, Inc		5,841
	347,176		Arrowhead Properties Ltd		229
	138,951		Artis Real Estate Investment Trust		1,944
	1,131,000	e	Ascendas Hospitality Trust		645

134

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,464,000		Ascendas India Trust	$	789
	396,587		Ascendas Real Estate Investment Trust		694
	2,071,302		Ascott Residence Trust		1,980
	45,898	*	Ashford Hospitality Prime, Inc		835
	234,394		Ashford Hospitality Trust, Inc		1,941
	221,853	e	Associated Estates Realty Corp		3,561
	595,587	e	Australand Property Group		2,051
	38,274	*	AV Homes, Inc		695
	352,961		AvalonBay Communities, Inc		41,731
	392,715	e	Aveo Group		724
	45,163	e	Aviv REIT, Inc		1,070
	6,483,623		Ayala Land, Inc		3,633
	123,809		Babcock & Brown Japan Property Trust		381
	12,663,700		Bangkokland PCL		596
	1,528		Bayside Land Corp		421
	23,532		Befimmo SCA Sicafi		1,633
	2,432,000	e	Beijing Capital Land Ltd		829
	1,420,000		Beijing North Star Co		321
	2,722,000	*	Beijing Properties Holdings Ltd		215
	3,893,950	*	Belle Corp		433
	1,430,859		Beni Stabili S.p.A.		965
	4,761,352	*,m	BGP Holdings plc		0	^
	226,267		Big Yellow Group plc		1,794
	144,393		BioMed Realty Trust, Inc		2,616
	847	*	BLife Investment Corp		3,377
	43,659		Boardwalk Real Estate Investment Trust		2,460
	623,284		Boston Properties, Inc		62,559
	450,056		BR Malls Participacoes S.A.		3,246
	209,600		BR Properties S.A.		1,655
	167,436		Brandywine Realty Trust		2,359
	206,000		Brasil Brokers Participacoes S.A.		511
	122,925		BRE Properties, Inc (Class A)		6,725
	571,684		British Land Co plc		5,960
	27,730	*	Brixmor Property Group, Inc		564
	577,344	e	Brookfield Asset Management, Inc		22,404
	18,100		Brookfield Canada Office Properties		453
	7,964	*	Brookfield Multiplex Group		583
	40,000		Brookfield Office Properties, Inc		770
	688,232	e	Brookfield Office Properties, Inc (Toronto)		13,250
	1,188		Brookfield Property Partners LP		24
	1,226,438		Bunnings Warehouse Property Trust		2,403
	26,098,188		C C Land Holdings Ltd		6,584
	87,304		CA Immobilien Anlagen AG.		1,548
	816,000		Cache Logistics Trust		722
	87,975		Calloway Real Estate Investment Trust		2,084
	1,389,594		Cambridge Industrial Trust		761
	75,851		Camden Property Trust		4,314

135

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	250,710		Campus Crest Communities, Inc	$	2,359
	69,991		Canadian Apartment Properties REIT		1,400
	44,856		Canadian Real Estate Investment Trust		1,831
	3,880,400	e	CapitaCommercial Trust		4,469
	967,244		Capital & Counties Properties		5,277
	2,814,565		Capital Property Fund		2,858
	2,561,880	e	CapitaLand Ltd		6,175
	5,739,181		CapitaMall Trust		8,685
	2,882,273	e	CapitaMalls Asia Ltd		4,492
	770,500		CapitaMalls Malaysia Trust		329
	1,173,420	e	CapitaRetail China Trust		1,239
	381,387		Capstead Mortgage Corp		4,607
	371,667		Castellum AB		5,787
	1,206,000		Cathay Real Estate Development Co Ltd		762
	270,169		CBL & Associates Properties, Inc		4,852
	1,210,567	*	CBRE Group, Inc		31,838
	809,000	e	CDL Hospitality Trusts		1,052
	274,913		Cedar Shopping Centers, Inc		1,721
	1,723,000		Central China Real Estate Ltd		533
	1,603,400		Central Pattana PCL		2,013
	10,000,000		Century Properties Group, Inc		298
	1,557,559		CFS Gandel Retail Trust		2,711
	953,000		CH Karnchang PCL		452
	236,234		Challenger Diversified Property Group		527
	914,204	e	Chambers Street Properties		6,994
	3,767,636		Champion Real Estate Investment Trust		1,667
	571,323		Charter Hall Group		1,867
	219,000		Chartwell Retirement Residences		2,060
	94,582		Chatham Lodging Trust		1,934
	188,262		Chesapeake Lodging Trust		4,761
	5,720,340		Cheuk Nang Holdings Ltd		5,209
	1,272,607		Cheung Kong Holdings Ltd		20,134
	1,979,694		Chimera Investment Corp		6,137
	2,589,500	e	China Aoyuan Property Group Ltd		545
	9,385,021	*,e	China New Town Development Co Ltd		825
	10,610,994	e	China Overseas Land & Investment Ltd		29,951
	652,000	*	China Properties Group Ltd		167
	2,692,994		China Resources Land Ltd		6,700
	2,773,200		China SCE Property Holdings Ltd		662
	7,372,000	e	China South City Holdings Ltd		2,091
	1,617,678		China Vanke Co Ltd		2,526
	335,500		Chinese Estates Holdings Ltd		1,044
	50,800		Choice Properties REIT		503
	414,080		Chong Hong Construction Co		1,275
	4,930,000	e	CIFI Holdings Group Co Ltd		1,046
	115,428	e	City Developments Ltd		882
	389,608		Citycon Oyj		1,373
	21,268		Cofinimmo		2,627

136

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	26,001	*	Colonia Real Estate AG.	$	161
	280,441		Colony Financial, Inc		5,690
	40		Comforia Residential REIT, Inc		282
	102,498		Cominar Real Estate Investment Trust		1,779
	3,810,422	e	Commonwealth Property Office Fund		4,243
	549,900	e	Concentradora Fibra Hotelera Mexicana S.A. de C.V.		880
	21,877		Consolidated-Tomoka Land Co		794
	80,674		Conwert Immobilien Invest AG.		1,035
	68,702		Coresite Realty		2,212
	14,783		Corio NV		663
	392,436	e	Corp Inmobiliaria Vesta SAB de C.V.		684
	47,897		Corporate Office Properties Trust		1,135
	9,851,882		Country Garden Holdings Co Ltd		5,972
	366,892		Countrywide plc		3,615
	646,028		Cousins Properties, Inc		6,654
	2,207	e	Crescendo Investment Corp		1,698
	93,800		Crombie Real Estate Investment Trust		1,196
	1,527,000		Cromwell Group		1,330
	6,858,943		CSI Properties Ltd		292
	738,520		CubeSmart		11,772
	74,030		CyrusOne, Inc		1,653
	678,044		CYS Investments, Inc		5,024
	1,561	e	DA Office Investment Corp		7,276
	109,100		Daibiru Corp		1,338
	550,000		Daikyo, Inc		1,498
	3,395,900		Daiman Development BHD		3,208
	15,116		Daito Trust Construction Co Ltd		1,413
	1,387,671		Daiwa House Industry Co Ltd		26,886
	246		Daiwa House REIT Investment Corp		1,847
	4,298,840		DB RREEF Trust		3,866
	1,507,669		DCT Industrial Trust, Inc		10,750
	1,842,843		DDR Corp		28,325
	510,763	*	Delta Corp Ltd		861
	183,630		Derwent London plc		7,590
	122,627		Deutsche Euroshop AG.		5,368
	223,612		Deutsche Wohnen AG.		4,318
	93,065	*	Deutsche Wohnen AG. (NEW)		1,728
	768,911		DiamondRock Hospitality Co		8,881
	36,278		DIC Asset AG.		334
	290,408	e	Digital Realty Trust, Inc		14,265
	10,522,807		DLF Ltd		28,423
	44,854	*	Dogus Gayrimenkul Yatirim Ortakligi AS		86
	112,357		Douglas Emmett, Inc		2,617
	45,713	*	Dream Unlimited Corp		727
	521,191		Duke Realty Corp		7,839
	23,700		Dundee Industrial Real Estate Investment Trust		197
	51,700		Dundee International Real Estate Investment Trust		410
	144,374		Dundee Real Estate Investment Trust		3,917

137

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	221,654	e	DuPont Fabros Technology, Inc	$	5,477
	215,457		Dynex Capital, Inc		1,724
	1,169,800		Eastern & Oriental BHD		676
	123,367		EastGroup Properties, Inc		7,147
	490,447		Education Realty Trust, Inc		4,326
	24,163		Ellington Residential Mortgage REIT		372
	1,096,496	*	Emaar Properties PJSC		2,284
	390,918		Emira Property Fund		533
	6,120,550		Emlak Konut Gayrimenkul Yatiri		5,960
	1,997,333		Emperor International Holdings		542
	308,175		Empire State Realty Trust, Inc		4,715
	196,215		Entertainment Properties Trust		9,646
	314,171		Equity Lifestyle Properties, Inc		11,382
	232,748		Equity One, Inc		5,223
	1,162,453		Equity Residential		60,296
	37,195	e	Essex Property Trust, Inc		5,338
	14,490	*	Eurobank Properties Real Estate Investment Co		161
	45,433		Eurocommercial Properties NV		1,927
	8,224,000	e	Evergrande Real Estate Group		3,151
	205,624		Excel Trust, Inc		2,342
	1,022,384		Extra Space Storage, Inc		43,073
	310,124		Fabege AB		3,705
	5,894,500	e	Fantasia Holdings Group Co Ltd		1,021
	1,050,000		Far East Consortium		395
	1,138,000	e	Far East Hospitality Trust		758
	316,605		Farglory Land Development Co Ltd		537
	93,075	*,e	Fastighets AB Balder		956
	133,153		Federal Realty Investment Trust		13,503
	1,427,457		Federation Centres		2,992
	604,174	*	FelCor Lodging Trust, Inc		4,930
	5,017,400		Fibra Uno Administracion S.A. de C.V.		16,071
	12,000,000		Filinvest Development Corp		1,191
	35,839,000		Filinvest Land, Inc		1,141
	123,710		First Capital Realty, Inc		2,063
	412,537		First Industrial Realty Trust, Inc		7,199
	227,482		First Potomac Realty Trust		2,646
	585,000		First Real Estate Investment Trust		492
	35,910		FirstService Corp		1,547
	3,286		Fonciere Des Regions		284
	646,108	*	Forest City Enterprises, Inc (Class A)		12,341
	137,032	*	Forestar Real Estate Group, Inc		2,915
	173,931		Fortress Income Fund Ltd		244
	404,883		Franklin Street Properties Corp		4,838
	8,933,800	e	Franshion Properties China Ltd		3,120
	770,000	*,m	Frasers Centrepoint Ltd		924
	1,216,000		Frasers Centrepoint Trust		1,698
	588		Frontier Real Estate Investment Corp		2,903
	145		Fukuoka REIT Corp		1,174

138

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	4,170,000		Future Land Development Holdin	$	496
	108,749	*	GAGFAH S.A.		1,604
	990,733	*,e	Gaming and Leisure Properties, Inc		50,339
	192,626		Gazit Globe Ltd		2,591
	16,408		Gazit, Inc		482
	2,256		Gecina S.A.		299
	2,556,000	*	Gemdale Properties and Investm		232
	2,957,723		General Growth Properties, Inc		59,362
	69,900	*	General Shopping Brasil S.A.		279
	115,707		Getty Realty Corp		2,126
	58,333		Gladstone Commercial Corp		1,048
	661,961		Glimcher Realty Trust		6,196
	7,335,991	e	Global Logistic Properties		16,828
	335		Global One Real Estate Investment Corp		2,275
	36,000,000	*	Global-Estate Resorts, Inc		1,098
	715,632	*	Globe Trade Centre S.A.		1,768
	280,100		Glomac BHD		96
	4,690,895	*,e	Glorious Property Holdings Ltd		1,013
	2,289	*,e	GLP J-REIT		2,236
	208,359		Gold Wheaton Gold Corp (GDR)		872
	33,080		Goldcrest Co Ltd		862
	1,584,980		Goodman Property Trust		1,284
	215,369	e	Government Properties Income Trust		5,352
	1,973,725		GPT Group (ASE)		6,002
	594,411		Grainger plc		2,008
	232,430	*,e	Gramercy Property Trust, Inc		1,336
	29,200		Granite Real Estate Investment Trust		1,063
	294,652		Great Eagle Holdings Ltd		1,011
	915,496		Great Portland Estates plc		9,096
	210,400	*	Greattown Holdings Ltd		86
	4,836,347	*	Green REIT plc		9,594
	382,000		Greenland Hong Kong Holdings Ltd		186
	720,900		Greentown China Holdings Ltd		1,105
	1,982,514		Growthpoint Properties Ltd		4,595
	6,883,300		Guangzhou Investment Co Ltd		1,701
	3,446,936		Guangzhou R&F Properties Co Ltd		5,057
	1,198,000		GZI Real Estate Investment Trust		585
	303,086		H&R Real Estate Investment Trust		6,106
	3,909		Haesung Industrial Co Ltd		206
	597,747	*	Halk Gayrimenkul Yatrm Ortakli		339
	48,508		Hamborner AG.		490
	3,198,145		Hammerson plc		26,625
	1,991,016	e	Hang Lung Group Ltd		10,072
	16,409,071	e	Hang Lung Properties Ltd		52,015
	127		Hankyu REIT, Inc		659
	41,794	e	Hannon Armstrong Sustainable Infrastructure Capital, Inc		583
	1,518,447	e	Hansteen Holdings plc		2,721
	211,079		Hatteras Financial Corp		3,449

139

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,006,544		HCP, Inc	$	36,558
	648,849		Health Care REIT, Inc		34,759
	395,684		Healthcare Realty Trust, Inc		8,432
	219,785		Healthcare Trust of America, Inc		2,163
	145,700		Heiwa Real Estate Co Ltd		2,537
	158,653		Helical Bar plc		858
	14,816		Heliopolis Housing		53
	6,261,800		Hemaraj Land and Development PCL		562
	1,587,279		Henderson Land Development Co Ltd		9,074
	790,112		Hersha Hospitality Trust		4,401
	19,410,600	*,a	Hibernia REIT plc		31,243
	318,500		Highwealth Construction Corp		675
	377,082		Highwoods Properties, Inc		13,639
	1,032,000		HKR International Ltd		480
	472,000	e	Ho Bee Investment Ltd		794
	44,666		Home Properties, Inc		2,395
	261,000		Hong Fok Corp Ltd		144
	260,994		Hongkong Land Holdings Ltd		1,542
	1,042,000	*	Hopson Development Holdings Ltd		1,258
	399,688		Hospitality Properties Trust		10,804
	3,129,121		Host Marriott Corp		60,830
	871,431	*	Housing Development & Infrastruture Ltd		755
	108,936	*	Howard Hughes Corp		13,083
	167,838		HRPT Properties Trust		3,912
	611,235		Huaku Development Co Ltd		1,729
	154,000		Huang Hsiang Construction Co		276
	211,835		Hudson Pacific Properties		4,633
	269,271		Hufvudstaden AB (Series A)		3,607
	430,362		Hung Poo Real Estate Development Corp		435
	553,000		Hung Sheng Construction Co Ltd		451
	455,559		Hyprop Investments Ltd		3,316
	1,104,125	e	Hysan Development Co Ltd		4,766
	12,825		Icade		1,194
	3,915	e	Ichigo Real Estate Investment Corp		2,399
	98,200	*	IDU Co		101
	1,402,790		IGB Corp BHD		1,165
	962,600		IGB Real Estate Investment Trust		350
	126,600		Iguatemi Empresa de Shopping Centers S.A.		1,193
	1,054,600		IJM Land BHD		820
	193,672		Immobiliare Grande Distribuzione		230
	1,355,948	*,e,m	Immoeast AG.		0	^
	658,721	*,e,m	Immofinanz ANSPR NACHB AG.		0	^
	129,420		Immofinanz Immobilien Anlagen AG.		600
	693,635		Indiabulls Real Estate Ltd		775
	371	e	Industrial & Infrastructure Fund Investment Corp		3,091
	1,828,530	e	ING Office Fund		5,121
	342,655		Inland Real Estate Corp		3,605
	156,400		InnVest Real Estate Investment Trust		688

140

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	26,900		InterRent Real Estate Investment Trust	$	136
	1,135		Intershop Holdings		426
	10,075		Intervest Offices		270
	529,141		Invesco Mortgage Capital, Inc		7,768
	463,057	e	Investors Real Estate Trust		3,973
	1,941,725	*,m	IOI Properties Group Sdn BHD		1,956
	1,274,468		Is Gayrimenkul Yatirim Ortakligi AS		831
	340,720	*,e	iStar Financial, Inc		4,862
	3,660		Japan Excellent, Inc		4,289
	2,952		Japan Hotel REIT Investment Corp		1,415
	632		Japan Logistics Fund Inc		6,698
	449	e	Japan Prime Realty Investment Corp		1,437
	252		Japan Real Estate Investment Corp		1,348
	2,505		Japan Rental Housing Investments, Inc		1,533
	4,772		Japan Retail Fund Investment Corp		9,710
	49,425	e	JAVELIN Mortgage Investment Corp		689
	17,724		Jerusalem Economy Ltd		176
	11,792	*	Jerusalem Oil Exploration		458
	378,600		JHSF Participacoes S.A.		684
	1,959,050		Jiangsu Future Land Co Ltd		1,192
	553	e	Joint REIT Investment Corp		2,686
	62,309		Jones Lang LaSalle, Inc		6,380
	10,100		Jowa Holdings Co Ltd		315
	1,590,750		K Wah International Holdings Ltd		967
	3,020,000	*,e	Kaisa Group Holdings Ltd		978
	228,480		KEE TAI Properties Co Ltd		153
	2,230		Kenedix Realty Investment Corp		10,584
	871		Kenedix Residential Investment Corp		1,882
	426,800	*,e	Kenedix, Inc		2,209
	245,516	e	Kennedy-Wilson Holdings, Inc		5,463
	1,348,419	e	Keppel Land Ltd		3,579
	2,302,640		Kerry Properties Ltd		8,018
	108,700	e	Killam Properties, Inc		1,072
	215,605		Kilroy Realty Corp		10,819
	561,802		Kimco Realty Corp		11,096
	246,000		Kindom Construction Co		283
	476,280	*	King’s Town Construction Co Ltd		465
	498,084		Kite Realty Group Trust		3,272
	1,963,056		Kiwi Income Property Trust		1,744
	79,600		KLCC Property Holdings BHD		142
	33,153		Klepierre		1,537
	215,938		Klovern AB		957
	3,250		Klovern AB (Preference)		76
	110,636	*	Korea Real Estate Investment Trust Co		173
	3,438,130		Kowloon Development Co Ltd		4,243
	2,671,026	e	K-REIT Asia		2,511
	273,768		Kungsleden AB		1,837
	516,185		Kuoyang Construction Co Ltd		338

141

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	12,470,500		KWG Property Holding Ltd	$	6,935
	79,846,000		Lai Fung Holdings Ltd		2,021
	11,088,250	*	Lai Sun Development		301
	624,455		Land Securities Group plc		9,975
	4,385,000	*	Langham Hospitality Investments Ltd		2,105
	403,567		LaSalle Hotel Properties		12,454
	267,400		LBS Bina Group BHD		128
	205,110	*	LC Corp S.A.		113
	104,105		LEG Immobilien AG.		6,157
	368,416		Lend Lease Corp Ltd		3,677
	206,011	*	Leopalace21 Corp		1,091
	706,696	e	Lexington Corporate Properties Trust		7,215
	206,731		Liberty International plc		1,061
	323,076		Liberty Property Trust		10,943
	3,411,321	e	Link Real Estate Investment Trust		16,545
	1,868,000	e	Lippo-Mapletree Indonesia Retail Trust		616
	724,280		London & Stamford Property plc		1,659
	391,000		Long Bon International Co Ltd		249
	1,837,400	e	Longfor Properties Co Ltd		2,575
	1,950,000		LPN Development PCL		922
	239,400		LPS Brasil Consultoria de Imoveis S.A.		1,465
	183,758		LTC Properties, Inc		6,503
	99,276		Macerich Co		5,846
	369,145		Mack-Cali Realty Corp		7,929
	889,029	e	Macquarie CountryWide Trust		2,854
	738,839		Macquarie Goodman Group		3,130
	3,132,590		Macquarie MEAG Prime REIT		1,953
	1,992,878		Mah Sing Group BHD		1,376
	5,600	*	Mainstreet Equity Corp		192
	35,779	*,e,m	Mapeley Ltd		8
	3,104,000	e	Mapletree Commercial Trust		2,935
	2,213,000		Mapletree Greater China Commercial Trust		1,476
	3,101,147	e	Mapletree Industrial Trust		3,286
	3,806,584		Mapletree Logistics Trust		3,186
	100,000		MBK PCL		427
	640,918		Medical Properties Trust, Inc		7,832
	17,472	*	Medinet Nasr Housing		58
	43,095,200		Megaworld Corp		3,159
	24,448		Melisron Ltd		664
	108,794		Mercialys S.A		2,282
	773,100		Mexico Real Estate Management S.A. de C.V.		1,527
	1,325,386	e	MFA Mortgage Investments, Inc		9,357
	587		MID REIT, Inc		1,307
	159,684	e	Mid-America Apartment Communities, Inc		9,699
	1,792,929	e	Midland Holdings Ltd		864
	2,744,000	e	Minmetals Land Ltd		366
	1,650,697	e	Mirvac Group		2,482
	874,837		Mitsubishi Estate Co Ltd		26,180

142

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,887,022		Mitsui Fudosan Co Ltd	$	68,066
	116,000		MKH BHD		95
	7,899		Mobimo Holding AG.		1,651
	185,013		Monmouth Real Estate Investment Corp (Class A)		1,682
	13,500		Morguard North American Reside		120
	36,221		Morguard Real Estate Investment Trust		561
	379		Mori Hills REIT Investment Corp		2,512
	291		Mori Trust Sogo REIT, Inc		2,318
	173,909		Multiplan Empreendimentos Imobiliarios S.A.		3,678
	383,600		Naim Holdings BHD		428
	121,095		National Health Investors, Inc		6,793
	394,326	e	National Retail Properties, Inc		11,960
	113,255,000	*	Natural Park PCL		207
	1,718,000	*,e	Neo-China Land Group Holdings Ltd		427
	990,837		New Residential Investment Corp		6,619
	5,390,666	e	New World China Land Ltd		2,609
	10,645,667		New World Development Ltd		13,480
	253,558	e	New York Mortgage Trust, Inc		1,772
	93,816		Nieuwe Steen Investments NV		595
	284		Nippon Accommodations Fund, Inc		1,911
	568	e	Nippon Building Fund, Inc		3,300
	1,021		Nippon ProLogis REIT, Inc		9,780
	35,588	*	Nitsba Holdings 1995 Ltd		522
	479,629		Nomura Real Estate Holdings, Inc		10,807
	5,059		Nomura Real Estate Master Fund, Inc		5,212
	470		Nomura Real Estate Office Fund, Inc		2,184
	356		Nomura Real Estate Residential Fund, Inc		1,843
	52,469		Northern Property Real Estate Investment Trust		1,371
	1,123,546	e	NorthStar Realty Finance Corp		15,112
	19,700		NorthWest Healthcare Properties Real Estate Investment Trust		194
	766,783		Norwegian Property ASA		919
	159,900		NTT Urban Development Corp		1,843
	508,958		Omega Healthcare Investors, Inc		15,167
	48,095		One Liberty Properties, Inc		968
	1,200,000	*	Orbit Corp Ltd		325
	138,000		Orchard Parade Holdings Ltd		204
	107,558	*	Orco Property Group		248
	4,003	*	Orix JREIT, Inc		5,008
	1,005,000	*	OUE Hospitality Trust		697
	1,856,805	*	Palm Hills Developments SAE		700
	140,920		Paramount Corp BHD		65
	728,000	e	Parkway Life Real Estate Investment Trust		1,356
	472,542		Parkway Properties, Inc		9,115
	1,442,051		Parque Arauco S.A		2,650
	42,824	*	Patrizia Immobilien AG.		452
	330,900		Pavilion Real Estate Investment Trust		129
	236,508		Pebblebrook Hotel Trust		7,275
	267,773		Pennsylvania Real Estate Investment Trust		5,082

143

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	270,825		Pennymac Mortgage Investment Trust	$	6,218
	800,000	e	Perennial China Retail Trust		337
	953,476	*	Phoenix Mills Ltd		3,509
	75,126	e	Physicians Realty Trust		957
	130,282	e	Piedmont Office Realty Trust, Inc		2,152
	382,672		Plum Creek Timber Co, Inc		17,798
	2,778,300	e	Poly Hong Kong Investment Ltd		1,489
	7,091,160		Polytec Asset Holdings Ltd		907
	141,504		Post Properties, Inc		6,400
	309,639		Potlatch Corp		12,924
	2,048,000		Powerlong Real Estate Holdings Ltd		440
	1,091	e	Premier Investment Co		4,223
	6,189		Prestige Estates Projects Ltd		16
	1,936,400		Preuksa Real Estate PCL (Foreign)		1,077
	88,529		Primary Health Properties plc		518
	48,165	*	Prime Office REIT-AG.		205
	1,239,766		Prince Housing & Development Corp		731
	1,805,007		Prologis, Inc		66,695
	1,679		Property & Building Corp		112
	3,168,000	e	Prosperity REIT		924
	109,012		PS Business Parks, Inc		8,331
	61,328		PSP Swiss Property AG.		5,197
	8,067,500		PT Agung Podomoro Land Tbk		143
	16,780,000		PT Alam Sutera Realty Tbk		594
	4,019,500		PT Bekasi Fajar Industrial Estate Tbk		147
	7,520,100		PT Bumi Serpong Damai		798
	29,434,500		PT Ciputra Development Tbk		1,818
	16,321,000		PT Ciputra Property Tbk		832
	3,949,000		PT Ciputra Surya Tbk		426
	5,923,500	*,m	PT Gading Development Tbk		43
	9,451,500		PT Intiland Development Tbk		245
	84,439,149		PT Kawasan Industri Jababeka Tbk		1,341
	575,500	*	PT Lippo Cikarang Tbk		231
	35,852,900		PT Lippo Karawaci Tbk		2,684
	2,493,500		PT Metropolitan Land Tbk		78
	9,753,000	*	PT Modernland Realty Tbk		313
	5,881,000	*	PT Nirvana Development Tbk		128
	16,872,000		PT Pakuwon Jati Tbk		375
	37,811,500	*	PT Sentul City Tbk		489
	13,146,000		PT Summarecon Agung Tbk		844
	704,349		Public Storage, Inc		106,019
	4,319,882	*	Puravankara Projects Ltd		5,672
	72,500		Pure Industrial Real Estate Trust		326
	50,251	*	QTS Realty Trust, Inc		1,245
	14,466,432		Quality House PCL		1,168
	712,992	*	Quintain Estates & Development plc		1,116
	783,167		Radium Life Tech Co Ltd		630

144

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	271,711	e	RAIT Investment Trust	$	2,437
	253,117		Ramco-Gershenson Properties		3,984
	152,776		Rayonier, Inc		6,432
	150	*,e	Raysum Co Ltd		242
	48,197	*	RE/MAX Holdings, Inc		1,546
	2,307,281	*	Realogy Holdings Corp		114,141
	153,766	e	Realty Income Corp		5,740
	107,977		Rebosis Property Fund Ltd		123
	6,082,665		Redefine Income Fund Ltd		5,648
	730,573		Redefine International plc		726
	316,666	e	Redwood Trust, Inc		6,134
	27,552,000		Regal Real Estate Investment Trust		7,923
	83,228		Regency Centers Corp		3,853
	3,259,000	e	Religare Health Trust		2,000
	19,700		Relo Holdings, Inc		1,011
	14,811,500	*,e	Renhe Commercial Holdings Co Ltd		947
	475,608		Resilient Property Income Fund Ltd		2,514
	511,304	e	Resource Capital Corp		3,032
	275,261		Retail Opportunities Investment Corp		4,052
	305,301		Retail Properties of America, Inc		3,883
	62,805	*	Rexford Industrial Realty, Inc		829
	529,601		RioCan Real Estate Investment Trust		12,349
	564,806		RLJ Lodging Trust		13,736
	2,474,700		Robinsons Land Corp		1,115
	88,249	e	Rouse Properties, Inc		1,958
	696,294		Ruentex Development Co Ltd		1,353
	151,298	e	Ryman Hospitality Properties		6,321
	3,533,288		S.A. Corporate Real Estate Fund		1,344
	678,000	e	Sabana Shari’ah Compliant Industrial REIT		580
	139,011		Sabra Healthcare REIT, Inc		3,634
	265,259	*	Saf Gayrimenkul Yatirim Ortakligi AS		137
	120,000		Saizen REIT		88
	19,839,232		Sansiri PCL		1,087
	40,800		Sao Carlos Empreendimentos e Participacoes S.A.		640
	46,101	e	Saul Centers, Inc		2,200
	180,255		Savills plc		1,928
	1,699,200		SC Asset Corp PCL		157
	257,367		Segro plc		1,425
	97,096		Select Income REIT		2,596
	22,199	*	Selvaag Bolig ASA		65
	188,917		Senior Housing Properties Trust		4,200
	370,325		Shaftesbury plc		3,857
	542,840	m	Shanghai Jinqiao Export Processing Zone Development Co Ltd		578
	72,000		Shanghai Lujiazui Finance & Trade Zone Development Co Ltd		116
	24,843,429	*	Shanghai Real Estate Ltd		850
	805,000	e	Shell Electric MFG		770
	4,168,650	e	Shenzhen Investment Ltd		1,576
	1,756,000		Shimao Property Holdings Ltd		4,048

145

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	760,254	*	Shining Building Business Co Ltd	$	636
	796,800		Shoei Co Ltd		11,792
	698,676		Shopping Centres Australasia Property Group		965
	4,307,793		Shui On Land Ltd		1,325
	62,547	e	Silver Bay Realty Trust Corp		1,000
	1,959,997		Simon Property Group, Inc		298,233
	12,600	e	Singapore Land Ltd		84
	9,926,000	*	SingHaiyi Group Ltd		166
	3,625,936	e	Sino Land Co		4,973
	2,132,000	*	Sinolink Worldwide Holdings Ltd		201
	9,656,718	e	Sino-Ocean Land Holdings Ltd		6,355
	128,367		Sinpas Gayrimenkul Yatirim Ortakligi AS		49
	398,778		Sinyi Realty Co		719
	66,083	*	Six of October Development & Investment		215
	714,563		SL Green Realty Corp		66,011
	11,500,415		SM Prime Holdings		3,818
	772,805	*	Sobha Developers Ltd		3,901
	7,712		Societe de la Tour Eiffel		515
	6,439,000	e	Soho China Ltd		5,559
	714,000		Soilbuild Business Space REIT		436
	80,600		Sonae Sierra Brasil S.A.		623
	98,000		Soundwill Holdings Ltd		186
	140,641		Sovran Self Storage, Inc		9,166
	126,210		Sparkassen Immobilien AG.		919
	1,054,000	*	SPH REIT		819
	1,192,718		Spirit Realty Capital, Inc		11,724
	504,214		Sponda Oyj		2,370
	373,323		ST Modwen Properties plc		2,275
	53,628	*,e	St. Joe Co		1,029
	163,028		STAG Industrial, Inc		3,324
	1,185,832		Starwood Property Trust, Inc		32,848
	2,874,914	e	Stockland Trust Group		9,295
	1,683,746	*	Strategic Hotels & Resorts, Inc		15,911
	39,100		Sumitomo Real Estate Sales Co Ltd		1,196
	1,056,822		Sumitomo Realty & Development Co Ltd		52,659
	298,797		Summit Hotel Properties, Inc		2,689
	133,731		Sun Communities, Inc		5,702
	24,200	e	Sun Frontier Fudousan Co Ltd		386
	3,327,635		Sun Hung Kai Properties Ltd		42,292
	1,741,000	e	Sunac China Holdings Ltd		1,046
	2,497,000		Sunlight Real Estate Investment Trust		966
	1,221,592		Sunstone Hotel Investors, Inc		16,369
	2,999,298	e	Suntec Real Estate Investment Trust		3,668
	1,845,222	*	Sunteck Realty Ltd		9,014
	1,876,058		Sunway BHD		1,559
	1,253,200		Sunway Real Estate Investment		474
	3,689,000		Supalai PCL		1,647
	1,469,693		Swire Pacific Ltd (Class A)		17,268

146

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	2,159,301		Swire Properties Ltd	$	5,468
	110,363		Swiss Prime Site AG.		8,546
	238,288		Sycom Property Fund		565
	1,256,600		TA Global BHD		113
	303,583	e	TAG Tegernsee Immobilien und Beteiligungs AG.		3,672
	415,852	*	Taiwan Land Development Corp		153
	95,600		Takara Leben Co Ltd		326
	838,470	*	Talaat Moustafa Group		753
	264,601		Tanger Factory Outlet Centers, Inc		8,473
	94,449		Taubman Centers, Inc		6,037
	202,966		Technopolis plc		1,214
	41,440	*,e	Tejon Ranch Co		1,523
	113,818		Terreno Realty Corp		2,015
	326,700		TF Administradora Industrial S de RL de C.V.		588
	1,481,400		Ticon Industrial Connection PCL		716
	81,700		TOC Co Ltd		653
	1,045,079		Tokyo Tatemono Co Ltd		11,621
	1,132,335	*	Tokyu Fudosan Holdings Corp		10,645
	258		Tokyu REIT, Inc		1,591
	236		Top REIT Inc		1,108
	190,778		Torunlar Gayrimenkul Yatirim Ortakligi AS		245
	607,800	e	Tosei Corp		4,977
	301,000		Tropicana Corp BHD		112
	1,014,015		Two Harbors Investment Corp		9,410
	191,920		UDR, Inc		4,481
	1,540,430		UEM Land Holdings BHD		1,112
	74,395		UMH Properties, Inc		701
	104,643		Unibail-Rodamco		26,816
	372,808		Unite Group plc		2,488
	6,958,291	*	Unitech Corporate Parks plc		4,724
	64,406,092	*	Unitech Ltd		15,953
	854,519		United Overseas Land Ltd		4,206
	4,589		United Urban Investment Corp		6,596
	989,000		Univentures PCL		209
	47,014		Universal Health Realty Income Trust		1,883
	931,148		UOA Development BHD		552
	101,335		Urstadt Biddle Properties, Inc (Class A)		1,870
	49,444	*	Vakif Gayrimenkul Yatirim Ortakligi AS		262
	22,414		Vastned Retail NV		1,017
	1,197,783		Ventas, Inc		68,609
	9,057,000		Vista Land & Lifescapes, Inc		1,063
	594,179		Vornado Realty Trust		52,757
	762,163		Vukile Property Fund Ltd		1,228
	118,472	e	Wallenstam Byggnads AB (B Shares)		1,792
	25,278		Warehouses De Pauw SCA		1,833
	244,985	e	Washington Real Estate Investment Trust		5,723
	211,243		Weingarten Realty Investors		5,792
	26,467		Wereldhave NV		2,083

147

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	97,401	e	Western Asset Mortgage Capital Corp	$	1,449
	4,567,456		Westfield Group		41,232
	7,182,306		Westfield Retail Trust		19,081
	1,414,033		Weyerhaeuser Co		44,641
	352,950		WHA Corp PCL		302
	2,750,413	e	Wharf Holdings Ltd		21,069
	1,862,064		Wheelock & Co Ltd		8,578
	413,097	e	Wheelock Properties S Ltd		555
	69,628	e	Whitestone REIT		931
	145,402		Wihlborgs Fastigheter AB		2,608
	492,832	e	Wing Tai Holdings Ltd		770
	141,601		Winthrop Realty Trust		1,565
	249,681		Workspace Group plc		2,183
	206,436	e	WP Carey, Inc		12,665
	5,825,000	e	Yanlord Land Group Ltd		5,669
	1,197,000	*,e	Ying Li International Real Estate Ltd		376
	11,753		YNH Property BHD		7
	1,133,600	*	YTL Land & Development BHD		324
	2,204,320		Yuzhou Properties Co		549
	21,472		ZAIS Financial Corp		344
	1,108,000		Zall Development Group Ltd		392
	4,410,800	*,e	Zhong An Real Estate Ltd		819
	377		Zug Estates Holding AG		491
			TOTAL REAL ESTATE		4,015,080
RETAILING - 4.0%
	109,311	*	1-800-FLOWERS.COM, Inc (Class A)		591
	89,050		Aaron’s, Inc		2,618
	48,391		ABC-Mart, Inc		2,114
	342,384	e	Abercrombie & Fitch Co (Class A)		11,268
	114,013		Advance Auto Parts, Inc		12,619
	1,253,556	*,e	Aeropostale, Inc		11,395
	17,600	e	Alpen Co Ltd		316
	1,429,814	*	Amazon.com, Inc		570,196
	937,296		American Eagle Outfitters, Inc		13,497
	25,656	*	America’s Car-Mart, Inc		1,083
	446,464	*	Ann Taylor Stores Corp		16,323
	49,506		AOKI Holdings, Inc		859
	171,241		Aoyama Trading Co Ltd		4,631
	14,000		Arc Land Sakamoto Co Ltd		244
	15,200		Asahi Co Ltd		212
	100,498	*	Asbury Automotive Group, Inc		5,401
	844,301	*	Ascena Retail Group, Inc		17,865
	20,400		ASKUL Corp		598
	386,563	*	ASOS plc		39,386
	73,737	*	Audiovox Corp (Class A)		1,231
	434,000		Aurora Corp		932
	71,288		Autobacs Seven Co Ltd		1,110

148

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	32,957	e	AutoCanada, Inc	$	1,424
	208,828		Automotive Holdings Group		706
	93,181	*	Autonation, Inc		4,630
	76,374	*	AutoZone, Inc		36,502
	90,900	*	B2W Companhia Global Do Varejo		588
	157,469	*	Barnes & Noble, Inc		2,354
	5,854,069		Beauty Community PCL (ADR)		3,615
	127,082		Bebe Stores, Inc		676
	817,226	*	Bed Bath & Beyond, Inc		65,623
	5,108,400	e	Belle International Holdings Ltd		5,935
	73,900		Belluna Co Ltd		358
	3,650,803		Best Buy Co, Inc		145,594
	2,514	e	BIC CAMERA, Inc		1,412
	111,685		Big 5 Sporting Goods Corp		2,214
	327,575	*	Big Lots, Inc		10,577
	49,918		Bilia AB (A Shares)		1,275
	86,639	*,e	Blue Nile, Inc		4,080
	66,312	*,e	Body Central Corp		261
	4,988,000		Bonjour Holdings Ltd		1,089
	43,966	e	Bon-Ton Stores, Inc		716
	1,287,000	*,e,m	Boshiwa International Holding		2
	47,982	*	Boyner Buyuk Magazacilik		161
	98,088		Breville Group Ltd		782
	234,771		Brown Shoe Co, Inc		6,606
	91,873	e	Buckle, Inc		4,829
	51,696	*,e	Burlington Stores, Inc		1,654
	101,157	e	Byggmax Group AB		764
	105,514	*	Cabela’s, Inc		7,034
	130,604	e	Canadian Tire Corp Ltd		12,232
	111,523		Canon Marketing Japan, Inc		1,556
	1,883,699	*	Carmax, Inc		88,572
	275,398	e	Cash Converters International Ltd		239
	22,690		Cashbuild Ltd		335
	106,882		Cato Corp (Class A)		3,399
	106,941	*,e	CDON Group AB		525
	598,000		Century Ginwa Retail Holdings Ltd		128
	234,947		Chico’s FAS, Inc		4,426
	278,493	*	Children’s Place Retail Stores, Inc		15,866
	341,000	*	China Harmony Auto Holding Ltd		241
	347,500	e	China Yongda Automobiles Services Holdings Ltd		313
	16,009,600	*,e	China ZhengTong Auto Services Holdings Ltd		10,295
	26,700		Chiyoda Co Ltd		515
	11,000		Chori Co Ltd		124
	837,000		Chow Sang Sang Holding		2,391
	1,278,600	e	Chow Tai Fook Jewellery Group Ltd		1,911
	160,424	*	Christopher & Banks Corp		1,370
	157,200		Cia Hering		1,992
	61,852	*	Citi Trends, Inc		1,051

149

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	18,728		CJ O Shopping Co Ltd	$	7,368
	80,404		Clas Ohlson AB (B Shares)		1,509
	383,256	*,e	Conn’s, Inc		30,197
	199,219	*,e	Container Store Group, Inc		9,286
	49,575		Core-Mark Holding Co, Inc		3,764
	152,000	e	Courts Asia Ltd		74
	367,500	e	CST Brands, Inc		13,495
	395,750	*,e	Ctrip.com International Ltd (ADR)		19,637
	1,739,000	e	Dah Chong Hong Holdings Ltd		1,304
	318,900	*	Daiei, Inc		1,056
	1,040,707	e	David Jones Ltd		2,813
	260,500		DCM Japan Holdings Co Ltd		1,807
	6,586,736		Debenhams plc		7,979
	71,417		Delek Automotive Systems Ltd		772
	6,250		Delticom AG.		276
	49,725		Destination Maternity Corp		1,486
	169,092	*	Destination XL Group, Inc		1,111
	142,621		Dick’s Sporting Goods, Inc		8,286
	1,070,986		Dickson Concepts International Ltd		652
	45,963		Dieteren S.A.		2,290
	129,486		Dillard’s, Inc (Class A)		12,587
	70,073		Dogus Otomotiv Servis ve Ticaret AS		219
	473,031	*	Dollar General Corp		28,533
	311,881	*	Dollar Tree, Inc		17,596
	165,363		Dollarama, Inc		13,732
	45,810		Don Quijote Co Ltd		2,777
	24,500		Doshisha Co Ltd		345
	4,390,421	*	DSG International plc		3,528
	550,304		DSW, Inc (Class A)		23,515
	34,473	*	Dufry Group		6,056
	187,121		Dunelm Group plc		2,795
	417,483	e	EDION Corp		2,442
	213,320	e	El Puerto de Liverpool SAB de C.V.		2,436
	270,000		E-LIFE MALL Corp		570
	4,030,000	e	Emperor Watch & Jewellery Ltd		307
	431,675		Empresas Hites S.A.		304
	2,519,857	*	Empresas La Polar S.A.		328
	3,708,000		Esprit Holdings Ltd		7,165
	1,171,571		Expedia, Inc		81,612
	540,991	*	Express Parent LLC		10,100
	139,293		Family Dollar Stores, Inc		9,050
	948,715		Far Eastern Department Stores Co Ltd		940
	49,289		Fast Retailing Co Ltd		20,357
	212,452		Finish Line, Inc (Class A)		5,985
	194,671	*,e	Five Below, Inc		8,410
	46,639	*	Folli Follie SA		1,501
	955,040		Foot Locker, Inc		39,577
	229,110	e	Foschini Ltd		2,095

150

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	155,728	*,e	Francesca’s Holdings Corp	$	2,867
	142,111		Fred’s, Inc (Class A)		2,632
	75,517	*,e	FTD Cos, Inc		2,460
	35,600		Fuji Co Ltd		607
	1,702,241	e	GameStop Corp (Class A)		83,852
	1,525,873		Gap, Inc		59,631
	106,923	*	Genesco, Inc		7,812
	333,709		Genuine Parts Co		27,761
	58,800		Geo Corp		528
	1,480,000	e	Giordano International Ltd		1,324
	759,465		GNC Holdings, Inc		44,391
	14,183,600	e	Golden Eagle Retail Group Ltd		18,777
	464,000	e	Goldlion Holdings Ltd		223
	15,005,608	e	GOME Electrical Appliances Holdings Ltd		2,775
	30,678		Gordmans Stores, Inc		235
	86,201		Group 1 Automotive, Inc		6,122
	12,877	*	Groupe Fnac		422
	4,338,011	*,e	Groupon, Inc		51,058
	2,561,400	*	Grupo Famsa SAB de C.V.		4,632
	2,414		GS Home Shopping, Inc		702
	4,097,000	*	GSH Corp Ltd		263
	69,183		Guess?, Inc		2,150
	58,700		Gulliver International Co Ltd		327
	1,048		GwangjuShinsegae Co Ltd		251
	93,500		Hai-O Enterprise BHD		73
	526,877		Halfords Group plc		3,906
	153,825		Hankyu Department Stores, Inc		1,231
	124,548	e	Harvey Norman Holdings Ltd		352
	70,925		Haverty Furniture Cos, Inc		2,220
	18,272,400	e	Hengdeli Holdings Ltd		4,318
	992,508		Hennes & Mauritz AB (B Shares)		45,711
	51,201	*,e	HHgregg, Inc		715
	88,043	*,e	Hibbett Sports, Inc		5,917
	8,198,187		Home Depot, Inc		675,039
	2,870,317		Home Product Center PCL		821
	1,956,409		Home Retail Group		6,231
	502,527	*,e	HomeAway, Inc		20,543
	15,910	e	Honeys Co Ltd		155
	249,900		Hotai Motor Co Ltd		3,088
	155,171		HSN, Inc		9,667
	60,200	e	Hudson’s Bay Co		1,016
	17,695		Hyundai Department Store Co Ltd		2,706
	70,180		Hyundai H&S Co Ltd		1,118
	8,372		Hyundai Home Shopping Network Corp		1,478
	198		Ikyu		281
	415,541		Imperial Holdings Ltd		8,036
	1,499,070		Inchcape plc		15,308
	218,323		Inditex S.A.		36,048

151

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	48,125		Interpark Corp	$	487
	1,293,300	*	Intime Retail Group Co Ltd		1,348
	432,871		Isetan Mitsukoshi Holdings Ltd		6,162
	578,000		IT Ltd		149
	63,700		Izumi Co Ltd		1,996
	2,970,366		J Front Retailing Co Ltd		22,534
	88,480		Jardine Cycle & Carriage Ltd		2,528
	306,552	e	JB Hi-Fi Ltd		5,902
	796,378	*,e	JC Penney Co, Inc		7,287
	102,990	e	JD Group Ltd		285
	31,600	e	Jin Co Ltd		1,337
	66,705		John Menzies plc		782
	108,187	*	JOS A Bank Clothiers, Inc		5,921
	39,000		Joshin Denki Co Ltd		300
	156,509	*	JUMBO S.A.		2,496
	126,289	*	KappAhl Holding AB		744
	433,035		Kathmandu Holdings Ltd		1,251
	37,987	e	Keiyo Co Ltd		169
	830,102	e	Kesa Electricals plc		1,627
	3,507,665		Kingfisher plc		22,393
	84,454	*	Kirkland’s, Inc		1,999
	280,884		Kohl’s Corp		15,940
	39,900	e	Kohnan Shoji Co Ltd		412
	39,967		Kolao Holdings		1,026
	38,300		Komeri Co Ltd		978
	26,900		Konaka Co Ltd		240
	60,263		K’s Holdings Corp		1,742
	457,422		L Brands, Inc		28,292
	13,722		LES Enphants Co Ltd		11
	265,368	e	Lewis Group Ltd		1,794
	3,454,377	e	Li & Fung Ltd		4,465
	1,924,973	*	Liberty Interactive Corp		56,498
	169,279	*	Liberty Ventures		20,752
	1,793,000		Lifestyle International Holdings Ltd		3,320
	90,119	*,e	Lifestyle Properties Development Ltd		19
	71,551		Lithia Motors, Inc (Class A)		4,967
	544,062	*	LKQ Corp		17,900
	51,500		Lojas Americanas S.A.		299
	445,563		Lojas Americanas S.A.(Preference)		2,971
	139,150		Lojas Renner S.A.		3,607
	532,357		Lookers plc		1,067
	31,858		Lotte Shopping Co Ltd		12,204
	2,249,407		Lowe’s Companies, Inc		111,458
	896,000	e	Luk Fook Holdings International Ltd		3,420
	94,072	*,e	Lumber Liquidators, Inc		9,679
	3,492,314		Macy’s, Inc		186,490
	244,500	*	Magazine Luiza S.A.		784
	1,211,000	e	Maoye International Holdings Ltd		218

152

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	81,978	*	MarineMax, Inc	$	1,318
	53,000		Marisa Lojas S.A.		418
	872,918		Marks & Spencer Group plc		6,268
	771,974		Marui Co Ltd		7,852
	38,637	*	Matas A.S.		1,069
	37,800	*	Matsuya Co Ltd		405
	42,485	*,e	Mattress Firm Holding Corp		1,829
	412,300		MBM Resources BHD		404
	34,541		Mekonomen AB		1,064
	187,902		Men’s Wearhouse, Inc		9,598
	898,465		Mercuries & Associates Ltd		637
	2,123,696		MFI Furniture plc		12,151
	66,672		Mobilezone Holding AG.		704
	101,145	e	Monro Muffler, Inc		5,701
	115,134	*,e	Mothercare plc		749
	394,894		Mr Price Group Ltd		6,172
	228,993	*	Murphy USA, Inc		9,517
	756,379	e	Myer Holdings Ltd		1,863
	185,224		N Brown Group plc		1,634
	341,000		National Petroleum Co Ltd		334
	276,537	*	NetFlix, Inc		101,813
	725,000		New Carphone Warehouse plc		3,259
	1,033,000	e	New World Department Store China Ltd		581
	143,689	*	New York & Co, Inc		628
	528,926		Next plc		47,810
	94,000		Nice Holdings, Inc		223
	64,600		Nishimatsuya Chain Co Ltd		507
	40,500	e	Nissen Holdings Co Ltd		156
	39,220		Nitori Co Ltd		3,713
	710,810		Nordstrom, Inc		43,928
	138,829	e	Nutri/System, Inc		2,282
	3,872,428	*	Ocado Ltd		28,402
	1,937,908	*	Office Depot, Inc		10,252
	110,000		OfficeMate PCL		99
	350,589	*	Orbitz Worldwide, Inc		2,517
	508,188	*	O’Reilly Automotive, Inc		65,409
	12,859		OrotonGroup Ltd		51
	870,000	e	OSIM International Ltd		1,587
	26,000		Otsuka Kagu Ltd		253
	92,102	*,e	Outerwall, Inc		6,196
	105,284	*,e	Overstock.com, Inc		3,242
	1,311,285		Pacific Brands Ltd		752
	122,980	*	Pacific Sunwear Of California, Inc		411
	402,200		Padini Holdings BHD		222
	11,900		Pal Co Ltd		291
	92,374		Paltac Corp		1,197
	150,000	*	Pantaloon Retail India Ltd		189
	36,800		Paris Miki, Inc		169

153

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	428,792		Parkson Holdings BHD	$	360
	1,602,000		Parkson Retail Asia Ltd		1,231
	1,425,000	e	Parkson Retail Group Ltd		439
	192,694	*	PC Jeweller Ltd		267
	188,331		Penske Auto Group, Inc		8,882
	213,796	*	PEP Boys - Manny Moe & Jack		2,595
	63,935	e	PetMed Express, Inc		1,063
	704,067		Petsmart, Inc		51,221
	340,117		Pier 1 Imports, Inc		7,850
	16,910		Point, Inc		610
	2,647,500	*	Pou Sheng International Holdings Ltd		137
	72,720		Poya Co Ltd		456
	9,546		PPR		2,018
	118,907		Premier Investments Ltd		873
	244,306	*	Priceline.com, Inc		283,981
	11,798,500		PT ACE Hardware Indonesia Tbk		573
	3,465,500	*	PT Matahari Department Store Tbk		3,136
	1,292,000		PT Matahari Putra Prima Tbk		207
	1,112,000		PT Mitra Adiperkasa Tbk		503
	3,258,000	*	PT Mitra Pinasthika Mustika Tbk		344
	8,255,500		PT Multipolar Corp Tbk		245
	7,198,500		PT Ramayana Lestari Sentosa Tbk		628
	5,312,000		PT Tiphone Mobile Indonesia Tbk		272
	25,000	*,e	Qunar Cayman Islands Ltd (ADR)		663
	389,515	*,e	RadioShack Corp		1,013
	1,294,400		Rakuten, Inc		19,317
	122,437		Reitmans Canada Ltd		784
	32,834	e	Reject Shop Ltd		508
	207,131	e	Rent-A-Center, Inc		6,906
	204,859	*,e	Restoration Hardware Holdings, Inc		13,787
	46,150	*,e	RetailMeNot, Inc		1,329
	154,022		RONA, Inc		1,915
	571,232		Ross Stores, Inc		42,802
	26,500		Ryohin Keikaku Co Ltd		2,866
	3,254,000		SA SA International Holdings Ltd		3,822
	796,797		SACI Falabella		7,147
	375,984	*	Sally Beauty Holdings, Inc		11,366
	86,949	e	Sanrio Co Ltd		3,661
	57,100	e	Sears Canada, Inc		699
	49,379	*,e	Sears Holdings Corp		2,422
	78,713	*	Sears Hometown and Outlet Stores, Inc		2,007
	208,477	*	Select Comfort Corp		4,397
	155,000		Senao International Co Ltd		484
	72,200		Senshukai Co Ltd		604
	26,129	*	Seobu Truck Terminal Co Ltd		433
	44,700		Seria Co Ltd		1,797
	57,000		Shimachu Co Ltd		1,350
	9,403		Shimamura Co Ltd		881

154

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	11,833		Shinsegae Co Ltd	$	2,834
	3,589		Shinsegae International Co Ltd		306
	59,101		Shoe Carnival, Inc		1,715
	132,637	*,e	Shutterfly, Inc		6,755
	1,025,700		Siam Global House PCL		496
	1,057,000		Sichuan Xinhua Winshare Chainstore Co Ltd		582
	294,819		Signet Jewelers Ltd		23,202
	25,000		Signet Jewelers Ltd (London)		1,980
	591,425	e	Silver base Group Holdings Ltd		86
	147,907	e	Sonic Automotive, Inc (Class A)		3,621
	749,174	*	Sports Direct International plc		8,894
	495,000		Springland International Holdings Ltd		255
	130,031	e	Stage Stores, Inc		2,889
	4,230,110		Staples, Inc		67,216
	112,200		Start Today Co Ltd		2,790
	96,705		Stein Mart, Inc		1,301
	327,000		Stelux Holdings International		114
	69,258	e	Stockmann Oyj Abp (B Share)		1,053
	161,918		Super Cheap Auto Group Ltd		1,925
	598,761	*	Super Group Ltd		1,493
	68,300	*	SuperGroup plc		1,601
	36,385	*	Systemax, Inc		409
	220,799		Takashimaya Co Ltd		2,203
	26,978		Takkt AG.		501
	1,418,279		Target Corp		89,735
	76,100		Telepark Corp		858
	7,754,865		Test-Rite International Co		5,785
	158,856	e	Thorn Group Ltd		308
	98,473		Tiffany & Co		9,136
	58,906	*,e	Tile Shop Holdings, Inc		1,064
	41,955	*	Tilly’s, Inc		480
	3,265,781		TJX Companies, Inc		208,128
	7,100		Tokyo Derica Co Ltd		102
	19,706	*	Tom Tailor Holding AG.		447
	451,969		Tractor Supply Co		35,064
	900,224	e	Trade Me Ltd		3,007
	14,732	*	Trans World Entertainment Corp		65
	1,143		Trent Ltd		23
	794,455	*,e	TripAdvisor, Inc		65,805
	518,574	e	Truworths International Ltd		3,799
	135,000		Tsann Kuen Enterprise Co Ltd		187
	174,203		Tsutsumi Jewelry Co Ltd		4,053
	165,878	*	Tuesday Morning Corp		2,647
	648,588	*	Ulta Salon Cosmetics & Fragrance, Inc		62,602
	138,299		United Arrows Ltd		5,175
	1,847,283	*	Urban Outfitters, Inc		68,534
	335,890		USS Co Ltd		4,607
	3,169		Valora Holding AG.		884

155

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	163,767	*	Valuevision International, Inc (Class A)	$	1,145
	504,800	*	Via Varejo S.A.		5,381
	75,889	*,e	Vitacost.com, Inc		439
	134,563	*	Vitamin Shoppe, Inc		6,999
	28,300	*	VT Holdings Co Ltd		466
	148,214		Warehouse Group Ltd		456
	63,389	e	Webjet Ltd		180
	62,914	*	West Marine, Inc		895
	300,906	*	Wet Seal, Inc (Class A)		821
	127,534	*	WEX, Inc		12,630
	597,747		WH Smith plc		9,926
	398,291		Williams-Sonoma, Inc		23,212
	8,923	e	Winmark Corp		826
	1,782,674		Woolworths Holdings Ltd		12,704
	144,463	*	World Duty Free S.p.A		1,816
	157,290	e	Wotif.com Holdings Ltd		389
	27,300		Xebio Co Ltd		524
	113,670		Yamada Denki Co Ltd		372
	39,800		Yellow Hat Ltd		709
	457,555	*	Yoox S.p.A		20,515
	121,002	*	Zale Corp		1,908
	696,900	e	Zhongsheng Group Holdings Ltd		964
	3,016	*	zooplus AG.		216
	12,716	*,e	zulily, Inc		527
	68,491	*	Zumiez, Inc		1,781
			TOTAL RETAILING		5,048,679
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.2%
	770,000		A-DATA Technology Co Ltd		1,820
	181,748	*	Advanced Energy Industries, Inc		4,155
	1,022,733	*,e	Advanced Micro Devices, Inc		3,958
	32,439,668		Advanced Semiconductor Engineering, Inc		30,305
	163,618	e	Advantest Corp		2,039
	122,322	*,e	Aixtron AG.		1,775
	544,000		ALI Corp		569
	70,341	*	Alpha & Omega Semiconductor Ltd		542
	475,577		Altera Corp		15,471
	91,452	*,e	Ambarella, Inc		3,103
	396,934	*,e	Amkor Technology, Inc		2,433
	319,606	*,e	Anadigics, Inc		588
	458,822		Analog Devices, Inc		23,368
	6,333,528		Applied Materials, Inc		112,040
	716,770	*	Applied Micro Circuits Corp		9,590
	442,503		Ardentec Corp		325
	3,969,603		ARM Holdings plc		72,179
	175,784		ARM Holdings plc (ADR)		9,622
	17,637	*	Asia Pacific Systems, Inc		165

156

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	119,108		ASM International NV	$	3,928
	224,423	e	ASM Pacific Technology		1,878
	820,731		ASML Holding NV		76,871
	734,828	*	Atmel Corp		5,754
	125,136	*	ATMI, Inc		3,780
	50,764	*	Atto Co Ltd		414
	42,445		Austriamicrosystems AG.		5,139
	2,077,327		Avago Technologies Ltd		109,870
	435,944	*	Axcelis Technologies, Inc		1,064
	6,700	e	Axell Corp		114
	76,643		BE Semiconductor Industries NV		866
	3,013,039		Broadcom Corp (Class A)		89,337
	267,961		Brooks Automation, Inc		2,811
	87,074	*	Cabot Microelectronics Corp		3,979
	57,827		Capella Microsystems Taiwan, Inc		224
	231,451	*	Cavium Networks, Inc		7,987
	85,824	*	Ceva, Inc		1,306
	11,538	*,e,m	China Energy Savings Technology, Inc		0	^
	1,760,000	*	China Ruifeng Renewable Energy Holdings Ltd		468
	857,000		Chipbond Technology Corp		1,352
	102,000		ChipMOS TECHNOLOGIES Bermuda Ltd		1,962
	333,543	*,e	Cirrus Logic, Inc		6,814
	101,656		Cohu, Inc		1,067
	498,512	*,e	Cree, Inc		31,192
	657,497		CSR plc		6,893
	549,029	e	Cypress Semiconductor Corp		5,765
	25,530	*	D.I Corp		244
	245,616	*	Dainippon Screen Manufacturing Co Ltd		1,392
	76,654	*,e	Dialog Semiconductor plc		1,653
	123,043	*	Diodes, Inc		2,899
	39,172	e	Disco Corp		2,600
	28,380	*	Dongbu HiTek Co Ltd		203
	80,624	*	DSP Group, Inc		783
	20,687	*	Duksan Hi-Metal Co Ltd		373
	488,000		Elan Microelectronics Corp		769
	252,000		Elite Semiconductor Memory Technology, Inc		304
	209,571		eMemory Technology, Inc		556
	553,354	*	Entegris, Inc		6,419
	328,527	*,e	Entropic Communications, Inc		1,547
	13,875		Eo Technics Co Ltd		544
	2,320,578		Epistar Corp		4,477
	438,167	*	E-Ton Solar Tech Co Ltd		268
	18,565		Eugene Technology Co Ltd		296
	444,000		Everlight Electronics Co Ltd		1,023
	122,318	*	Exar Corp		1,442
	42,769	*	EZchip Semiconductor Ltd		1,066
	170,042	*	Fairchild Semiconductor International, Inc		2,270
	416,101		Faraday Technology Corp		584

157

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	136,455	*,e	First Solar, Inc	$	7,456
	878,000		Forhouse Corp		333
	207,067	*	Formfactor, Inc		1,247
	353,000		Formosa Advanced Technologies Co Ltd		205
	523,000	*	Formosa Epitaxy, Inc		300
	2,136,569	*,e	Freescale Semiconductor Holdings Ltd		34,292
	19,752,800	*,e	GCL Poly Energy Holdings Ltd		6,141
	29,927	*	GemVax & Kael Co Ltd		337
	382,819	*	Genesis Photonics, Inc		210
	30,072		Giga Solar Materials Corp		485
	446,850	*	Gintech Energy Corp		511
	172,000		Global Mixed Mode Technology, Inc		483
	117,000		Global Unichip Corp		291
	211,100		Globetronics Technology BHD		205
	5,922,000	*,e	Goldpoly New Energy Holdings Ltd		1,163
	427,000		Greatek Electronics, Inc		395
	194,561	*	Green Energy Technology, Inc		206
	83,707	*	GSI Technology, Inc		556
	430,714	*,e	GT Solar International, Inc		3,756
	995,700		Hana Microelectronics PCL (Foreign)		765
	12,200,000	*,e,m	Hanergy Solar Group Ltd		1,243
	74,950		Hanmi Semiconductor Co Ltd		797
	12,651	*	Hansol LCD, Inc		249
	35,600		Hermes Microvision, Inc		1,159
	112,922	*	Hittite Microwave Corp		6,971
	458,000		Holtek Semiconductor, Inc		732
	1,352,850	*	Hynix Semiconductor, Inc		47,319
	14,602	*	ICD Co Ltd		142
	24,010		Iljin Display Co Ltd		356
	247,620	*,e	Imagination Technologies Group plc		732
	1,496,849		Infineon Technologies AG.		15,989
	11,888	*	Innox Corp		248
	8,004,000	*	Inotera Memories, Inc		5,932
	91,213	*,e	Inphi Corp		1,177
	493,227	*	Integrated Device Technology, Inc		5,026
	68,175		Integrated Memory Logic Ltd		149
	109,372	*	Integrated Silicon Solution, Inc		1,322
	15,046,172		Intel Corp		390,599
	63,354	*	Intermolecular, Inc		312
	665,046	*	International Rectifier Corp		17,338
	487,936		Intersil Corp (Class A)		5,597
	635,648	*	IQE plc		247
	97,040		IXYS Corp		1,259
	346,164	*,e	JinkoSolar Holding Co Ltd (ADR)		10,143
	37,876	*	Jusung Engineering Co Ltd		202
	1,669,000		King Yuan Electronics Co Ltd		1,149
	276,769		Kinsus Interconnect Technology Corp		920
	440,650		Kla-Tencor Corp		28,404

158

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	13,885		Koh Young Technology, Inc	$	368
	71,130		Kontron AG.		510
	267,090	*	Kopin Corp		1,127
	103,820	*	Kulicke & Soffa Industries, Inc		1,381
	1,786,938	*	Lam Research Corp		97,299
	414,781	*	Lattice Semiconductor Corp		2,285
	16,892		LEENO Industrial Inc		373
	292,726		Lextar Electronics Corp		309
	1,580,961		Linear Technology Corp		72,013
	142,000		Lingsen Precision Industries Ltd		77
	655,000		Lite-On Semiconductor Corp		426
	782,875		LSI Logic Corp		8,627
	171,896	*	LTX-Credence Corp		1,373
	26,366	*	Lumens Co Ltd		253
	49,590	*	MA-COM Technology Solutions		843
	4,930,400	*	Macronix International		1,111
	2,721,387		Marvell Technology Group Ltd		39,134
	489,520		Maxim Integrated Products, Inc		13,662
	113,699	*,e	MaxLinear, Inc		1,186
	4,002,166		MediaTek, Inc		59,652
	76,600		Megachips Corp		1,172
	51,685		Melexis NV		1,649
	13,057		Melfas, Inc		120
	154,490		Micrel, Inc		1,525
	733,373	e	Microchip Technology, Inc		32,818
	4,225,860	*	Micron Technology, Inc		91,955
	43,259		Micronas Semiconductor Holdings, Inc		341
	423,083	*	Microsemi Corp		10,556
	21,900		Mimasu Semiconductor Industry Co Ltd		187
	75,788		Mitsui High-Tec, Inc		561
	210,292		MKS Instruments, Inc		6,296
	122,132	*	Monolithic Power Systems, Inc		4,233
	171,187	*,e	MoSys, Inc		945
	452,000	*	Motech Industries, Inc		931
	195,199		MStar Semiconductor, Inc		2,275
	79,697	*	Nanometrics, Inc		1,518
	673,484	*	Neo Solar Power Corp		998
	81,496	*	NeoPhotonics Corp Ltd		575
	16,406		NEPES Corp		105
	177,710	*	Nexolon Co Ltd		144
	144,739	*,e	Nordic Semiconductor ASA		661
	1,103,126		Novatek Microelectronics Corp Ltd		4,526
	4,200		Nuflare Technology, Inc		525
	21,852	*,e	NVE Corp		1,274
	1,874,510		Nvidia Corp		30,030
	1,922,396	*	NXP Semiconductors NV		88,296
	208,278	*	Omnivision Technologies, Inc		3,582
	4,354,734	*	ON Semiconductor Corp		35,883

159

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,366,000		Opto Technology Corp	$	584
	129,000		Orise Technology Co Ltd		193
	57,401		Parade Technologies Ltd		450
	77,039	*	PDF Solutions, Inc		1,974
	80,258	*,e	Peregrine Semiconductor Corp		595
	89,097	*	Pericom Semiconductor Corp		789
	131,247		Phison Electronics Corp		840
	232,115	*	Photronics, Inc		2,096
	132,613		Pixart Imaging, Inc		224
	136,652	*	PLX Technology, Inc		899
	1,103,541	*	PMC - Sierra, Inc		7,096
	124,317		Power Integrations, Inc		6,939
	710,525		Powertech Technology, Inc		1,087
	2,807,255		Radiant Opto-Electronics Corp		10,298
	357,660	*	Rambus, Inc		3,387
	498,240		Realtek Semiconductor Corp		1,341
	1,529,000		Regent Manner International Ltd		267
	2,163,385	*,e	Renewable Energy Corp AS		877
	1,659,093	*	RF Micro Devices, Inc		8,561
	212,200		Richtek Technology Corp		992
	261,078		Rohm Co Ltd		12,735
	65,747	*,e	Rubicon Technology, Inc		654
	118,009	*	Rudolph Technologies, Inc		1,385
	199,095		Samsung Electronics Co Ltd		259,430
	31,773		Samsung Electronics Co Ltd (Preference)		30,556
	133,000		Sanken Electric Co Ltd		980
	25,890,000	*,e	Semiconductor Manufacturing International		2,047
	937,660	*	Semtech Corp		23,704
	489,753		Seoul Semiconductor Co Ltd		18,813
	236,000		Shindengen Electric Manufacturing Co Ltd		1,439
	269,621		Shinko Electric Industries		2,244
	800,000	*	Shunfeng Photovoltaic International Ltd		639
	128,089	*	Sigma Designs, Inc		605
	30,680	*	Signetics Corp		62
	233,000		Sigurd Microelectronics Corp		223
	158,190	*	Silex Systems Ltd		325
	317,491	*	Silicon Image, Inc		1,953
	1,350,000	*	Silicon Integrated Systems Corp		404
	68,216	*	Silicon Laboratories, Inc		2,954
	56,655		Silicon Works Co Ltd		1,292
	3,120,631		Siliconware Precision Industries Co		3,728
	22,203		Simm Tech Co Ltd		137
	669,000	*	Sino-American Silicon Products, Inc		1,141
	153,000		Sitronix Technology Corp		237
	443,376	*	Skyworks Solutions, Inc		12,663
	11,413		SMA Solar Technology AG.		362
	186,140	*,e	SOITEC		365
	3,106,665	*	Solargiga Energy Holdings Ltd		155

160

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	284,450	*	Solartech Energy Corp	$	274
	401,000		Sonix Technology Co Ltd		573
	184,374	*	Spansion, Inc		2,561
	1,094,711	e	STMicroelectronics NV		8,788
	37,592	*	STS Semiconductor & Telecommunications		123
	14,361		Sumco Corp		127
	949,272	*	SunEdison, Inc		12,388
	1,407,000	*	Sunplus Technology Co Ltd		542
	566,458	*,e	SunPower Corp		16,886
	39,998	*	Supertex, Inc		1,002
	1,034,100	*	SVI PCL		130
	42,667,860		Taiwan Semiconductor Manufacturing Co Ltd		150,658
	708,367		Taiwan Surface Mounting Technology Co Ltd		1,072
	260,528	*,e	Teradyne, Inc		4,590
	209,205		Tessera Technologies, Inc		4,123
	2,500,367		Texas Instruments, Inc		109,791
	30,661	*	Theragen Etex Co Ltd		180
	276,790		Tokyo Electron Ltd		15,252
	43,300		Tokyo Seimitsu Co Ltd		913
	551,620		Topco Scientific Co Ltd		1,104
	8,696	*	Toptec Co Ltd		116
	1	*	Tower Semiconductor Ltd		0	^
	152,608		Transcend Information, Inc		439
	628,930	*	Triquint Semiconductor, Inc		5,245
	1,746,000	*,m	Trony Solar Holdings Co Ltd.		2
	18,613		U-Blox AG.		2,007
	50,700		Ubright Optronics Corp		123
	10,200		UKC Holdings Corp		168
	94,754	*	Ultra Clean Holdings		950
	114,635	*	Ultratech, Inc		3,324
	65,300	*	Ulvac, Inc		863
	1,325,000		Unisem M BHD		405
	21,534,822		United Microelectronics Corp		8,995
	408,029		Unity Opto Technology Co Ltd		410
	698,000		Vanguard International Semiconductor Corp		831
	147,497	*	Veeco Instruments, Inc		4,854
	413,500	*	Via Technologies, Inc		389
	321,425		Visual Photonics Epitaxy Co Ltd		328
	298,833	*	Wafer Works Corp		167
	429,000	*	Walton Advanced Engineering, Inc		154
	754,737		Win Semiconductors Corp		704
	3,587,000	*	Winbond Electronics Corp		966
	1,825,777		Xilinx, Inc		83,840
	8,192,785	*,e	Xinyi Solar Holdings Ltd		1,690
	101,313		Youngtek Electronics Corp		206
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		2,806,308

161

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
SOFTWARE & SERVICES - 7.9%
	217,278	*	Accelrys, Inc	$	2,073
	2,816,368		Accenture plc		231,562
	40,400	*,e	Access Co Ltd		269
	127,415	*	ACI Worldwide, Inc		8,282
	507,689		Activision Blizzard, Inc		9,052
	6,394	*	Actoz Soft Co Ltd		176
	197,775	*	Actuate Corp		1,525
	280,139	*	Acxiom Corp		10,360
	1,898,928	*	Adobe Systems, Inc		113,708
	130,581		Advent Software, Inc		4,569
	6,000,000	*	AGTech Holdings Ltd		916
	9,267		Ahnlab, Inc		540
	391,771	*	Akamai Technologies, Inc		18,484
	612,294	*,e	Alliance Data Systems Corp		160,990
	287,347		Alpha Systems, Inc		4,087
	30,008		Alten		1,362
	172,504		Altran Technologies S.A.		1,513
	973,393		Amadeus IT Holding S.A.		41,696
	589,160		Amdocs Ltd		24,297
	76,179		American Software, Inc (Class A)		752
	146,641	*,e	Angie’s List, Inc		2,222
	627,961		Anite plc		1,031
	216,732	*	Ansys, Inc		18,899
	316,324	*	AOL, Inc		14,747
	1,100,000	*	ASG Group Ltd		403
	548,886	*	Aspen Technology, Inc		22,943
	122,836		Asseco Poland S.A.		1,870
	391,703		Atos Origin S.A.		35,490
	744,506	*	Autodesk, Inc		37,471
	1,322,798		Automatic Data Processing, Inc		106,895
	206,762		Aveva Group plc		7,422
	139,423	*,e	AVG Technologies NV		2,399
	8,810		Axway Software S.A.		264
	31,764		Babylon Ltd		74
	185,776	*	Bankrate, Inc		3,333
	10,977	*,e	Barracuda Networks, Inc		436
	166,577	*,e	Bazaarvoice, Inc		1,319
	37,612		Bechtle AG.		2,564
	16,490	*,e	Benefitfocus, Inc		952
	17,800	e	Bit-isle, Inc		141
	149,505		Blackbaud, Inc		5,629
	43,553	*,e	Blackhawk Network Holdings, Inc		1,100
	388,457	*,e	Blinkx plc		1,321
	143,280	*	Blucora, Inc		4,178
	69,183		Booz Allen Hamilton Holding Co		1,325
	124,619	*	Bottomline Technologies, Inc		4,506

162

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	117,087	*	Brightcove, Inc	$	1,656
	27,800	*	Broadleaf Co Ltd		513
	374,655		Broadridge Financial Solutions, Inc		14,806
	89,605	*	BroadSoft, Inc		2,450
	1,087,594		CA, Inc		36,598
	90,900	*,e	CACI International, Inc (Class A)		6,656
	625,995	*	Cadence Design Systems, Inc		8,776
	119,960	*	Callidus Software, Inc		1,647
	13,807		CANCOM SE		584
	448,089		Cap Gemini S.A.		30,329
	52,086		Capcom Co Ltd		934
	45,297	*	Carbonite, Inc		536
	215,551	*	Cardtronics, Inc		9,366
	241,240		carsales.com.au Ltd		2,201
	33,157	e	Cass Information Systems, Inc		2,233
	60,713	*	CD Projekt Red S.A.		353
	14,554		Cegid Group		514
	357,604	*	CGI Group, Inc		11,964
	41,502	*,e	ChannelAdvisor Corp		1,731
	44,121	*,e	Chegg, Inc		375
	10,028,000	*	China Public Procurement Ltd		525
	1,420,000	*,e	Chinasoft International Ltd		369
	25,000		Chinese Gamer International Corp		44
	275,686	*	Ciber, Inc		1,141
	848,473	*	Citrix Systems, Inc		53,666
	910,793	*	Cognizant Technology Solutions Corp (Class A)		91,972
	59,300	*,e	COLOPL, Inc		1,670
	6,994	*	Com2uSCorp		167
	204,399	*	Commvault Systems, Inc		15,305
	754,244		Companhia Brasileira de Meios de Pagamento		20,891
	164,300		Computacenter plc		1,739
	791,943		Computer Sciences Corp		44,254
	47,447		Computer Task Group, Inc		897
	656,766		Computershare Ltd		6,693
	1,617,777		Compuware Corp		18,135
	203,407	*	comScore, Inc		5,819
	93,930	*	Comverse, Inc		3,645
	103,308	*,e	Concur Technologies, Inc		10,659
	99,008	*,e	Constant Contact, Inc		3,076
	35,833		Constellation Software, Inc		7,590
	403,524		Convergys Corp		8,494
	137,256	*	Cornerstone OnDemand, Inc		7,321
	97,935	*	CoStar Group, Inc		18,077
	19,206	*	Covisint Corp		241
	8,647	*	Criteo S.A. (ADR)		296
	6,100	e	CROOZ, Inc		240
	1,077,869	e	CSE Global Ltd		655
	128,377		CSG Systems International, Inc		3,774

163

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	32,113	*,e	Cvent, Inc	$	1,169
	31,433	*,e	Cyan, Inc		166
	164,567		Cyberlink Corp		470
	15,785	*	Danal Co Ltd		141
	38,050		Daou Technology, Inc		548
	51,717		Dassault Systemes S.A.		6,420
	17,205		Daum Communications		1,371
	115,516	e	Davis & Henderson Income Fund		3,240
	143,940	*	DealerTrack Holdings, Inc		6,921
	146,507	*,e	Demand Media, Inc		845
	56,807	*	Demandware, Inc		3,642
	827,566	e	Dena Co Ltd		17,445
	128,919	*,e	Dice Holdings, Inc		935
	40,200		Digital Garage, Inc		1,047
	140,921	*	Digital River, Inc		2,607
	75,169	*,e	Diligent Board Member Services		235
	22,950		DMRC Corp		442
	205,466		DST Systems, Inc		18,644
	21,500		DTS Corp		378
	11,080		DuzonBIzon Co Ltd		118
	36,100	e	Dwango Co Ltd		937
	48,698	*,e	E2open, Inc		1,164
	405,131		Earthlink, Inc		2,054
	5,085,081	*	eBay, Inc		279,120
	12,147	e	Ebix, Inc		179
	98,959	e	Econocom Group		1,130
	102,970	*	eGain Corp		1,054
	782,154	*	Electronic Arts, Inc		17,943
	150,190	*,e	Ellie Mae, Inc		4,036
	169,020		Ementor ASA		1,667
	67,599	*	Endurance International Group Holdings, Inc		959
	11,336		Engineering Ingegneria Informatica S.p.A.		678
	113,941	*	Envestnet, Inc		4,592
	118,601		EOH Holdings Ltd		910
	75,391	*	EPAM Systems, Inc		2,634
	124,062		EPIQ Systems, Inc		2,011
	15,048	*	ePlus, Inc		855
	95,564	*	Equinix, Inc		16,958
	159,886	*	Euronet Worldwide, Inc		7,651
	155,522		EVERTEC, Inc		3,835
	160,131	*	ExlService Holdings, Inc		4,423
	41,600		F@N Communications, Inc		1,238
	7,221,089	*	Facebook, Inc		394,705
	134,405	e	Factset Research Systems, Inc		14,594
	162,367		Fair Isaac Corp		10,203
	909,269		Fidelity National Information Services, Inc		48,810
	52,301		Fidessa Group plc		1,956
	16,775	*,e	FireEye, Inc		732

164

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	985,855	*	First American Corp	$	35,027
	648,050	*	Fiserv, Inc		38,267
	614,583	*	FleetCor Technologies, Inc		72,011
	120,194	*,e	FleetMatics Group plc		5,198
	47,394		Forrester Research, Inc		1,813
	1,457,407	*	Fortinet, Inc		27,880
	125,728	e	F-Secure Oyj		323
	60,400		FUJI SOFT, Inc		1,391
	4,227,046	*	Fujitsu Ltd		21,907
	39,300		Future Architect, Inc		208
	13,393	*	GameHi Co Ltd		92
	163,139	*,e	GameLoft		1,838
	4,843	*	Gamevil, Inc		210
	208,073	*	Gartner, Inc		14,784
	431,904	*	Genpact Ltd		7,934
	141,205	*,m	Gerber Scientific, Inc		0	^
	71,907	*	Gigamon, Inc		2,019
	256,000	*	Global Cash Access, Inc		2,557
	70,585	*	Global Eagle Entertainment, Inc		1,050
	304,322		Global Payments, Inc		19,778
	281,704	*,e	Globo plc		279
	218,736	*,e	Glu Mobile, Inc		851
	91,500		GMO internet, Inc		1,205
	21,600	e	GMO Payment Gateway, Inc		859
	36,482	*,e	Gogo, Inc		905
	18,501		Golfzon Co Ltd		354
	1,237,999	*	Google, Inc (Class A)		1,387,438
	17,000		Gourmet Navigator, Inc		506
	350,000	*,e	Gravity Co Ltd (ADR)		322
	97,078	e	Gree, Inc		958
	36,189		Groupe Steria SCA		711
	58,575	*,e	Guidance Software, Inc		592
	244,919	*	Guidewire Software, Inc		12,018
	1,179,900	*,e	GungHo Online Entertainment Inc		8,499
	14,999		Haansoft, Inc		289
	96,894		Hackett Group, Inc		602
	417,318		HCL Technologies Ltd		8,527
	156,998	e	Heartland Payment Systems, Inc		7,825
	243,627		Hexaware Technologies Ltd		519
	102,513	*,e	Higher One Holdings, Inc		1,001
	116,044		HIQ International AB		714
	449,046		IAC/InterActiveCorp		30,845
	197,346	*	iGate Corp		7,925
	68,521	*	Imperva, Inc		3,298
	498,333	*	Indian Infotech & Software Ltd.		198
	115,818		Indra Sistemas S.A.		1,939
	21,662		Industrial & Financial Systems		519
	580,393		Ines Corp		3,823

165

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	250,206	*	Infoblox, Inc	$	8,262
	54,600		Infomart Corp		974
	498,342	*	Informatica Corp		20,681
	202,400		Information Development Co		1,095
	36,800		Information Services International-Dentsu Ltd		400
	764,174		Infosys Technologies Ltd		43,070
	82,205	*	Infraware, Inc		855
	5,319		Init Innovation In Traffic Sys		171
	1,300,615	*	Innovation Group plc		748
	51,906	*	Interactive Intelligence, Inc		3,496
	210,634	*	Internap Network Services Corp		1,584
	3,735,027		International Business Machines Corp		700,579
	42,300		Internet Initiative Japan, Inc		1,136
	1,793,108		Intuit, Inc		136,850
	404,768		Iress Market Technology Ltd		3,416
	88,660		IT Holdings Corp		1,400
	48,511	e	Itochu Techno-Science Corp		1,966
	149,932	e	j2 Global, Inc		7,498
	188,565		Jack Henry & Associates, Inc		11,165
	7,374		JCEntertainment Corp		142
	129,136	*,e	Jive Software, Inc		1,453
	4,799	*	Joymax Co Ltd		111
	348,123	*	Just Dial Ltd		8,126
	27,200	*	Justsystems Corp		280
	115,300		Kakaku.com, Inc		2,025
	11,067		Kginicis Co Ltd		175
	2,704,000	*,e	Kingdee International Software Group Co Ltd		826
	904,000	e	Kingsoft Corp Ltd		2,614
	113,895	*	Knot, Inc		1,693
	436,817	e	Konami Corp		10,101
	34,112	*	KT Hitel Co Ltd		253
	173,827	e	Leidos Holdings, Inc		8,081
	297,778		Lender Processing Services, Inc		11,131
	217,989	*	Limelight Networks, Inc		432
	376,597	*	LinkedIn Corp		81,658
	161,500		Linx S.A.		3,280
	239,685	*	Lionbridge Technologies		1,429
	81,023	*,e	Liquidity Services, Inc		1,836
	260,540	*	Liveperson, Inc		3,861
	14,000	*	Livesense, Inc		343
	77,402	*	LogMeIn, Inc		2,597
	19,444	*,e	Luxoft Holding, Inc		739
	44,800	e	Macromill, Inc		332
	56,290	*,e	magicJack VocalTec Ltd		671
	57,021		Mail.ru (GDR)		2,543
	95,856	*	Manhattan Associates, Inc		11,261
	90,960	e	Mantech International Corp (Class A)		2,722

166

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	92,028	*	Marchex, Inc (Class B)	$	796
	30,732	*,e	Marin Software, Inc		315
	27,020	*,e	Marketo, Inc		1,002
	590,728		Mastercard, Inc (Class A)		493,530
	66,035		Matrix IT Ltd		339
	15,794	*	Mavenir Systems, Inc		176
	316,335		MAXIMUS, Inc		13,916
	370,887		Mentor Graphics Corp		8,927
	310,536		Micro Focus International plc		3,953
	200,157	*,e	Micros Systems, Inc		11,483
	34,871,890		Microsoft Corp		1,305,255
	43,847	*	MicroStrategy, Inc (Class A)		5,448
	107,458	*,e	Millennial Media, Inc		781
	14,399		MindTree Ltd		356
	83,188	*,e	Mitek Systems, Inc		494
	12,200		Mitsubishi Research Institute, Inc		247
	26,908	*,e	Model N, Inc		317
	147,835	*	ModusLink Global Solutions, Inc		847
	95,126	*	MoneyGram International, Inc		1,977
	1,073,643		Moneysupermarket.com Group plc		3,214
	10,404,149	*	Monitise plc		11,586
	903,200		Mono Technology PCL		226
	141,945		Monotype Imaging Holdings, Inc		4,522
	426,223	*	Monster Worldwide, Inc		3,039
	129,195	*	Move, Inc		2,066
	420,800		My EG Services BHD		343
	49,916		NCsoft		11,778
	16,600		NEC Fielding Ltd		185
	32,400		NEC Networks & System Integration Corp		783
	10,877		Nemetschek AG.		754
	15,903	*	Neowiz Games Corp		267
	1,447	*,e	Net Element International, Inc		6
	33,617		Net Entertainment NE AB		710
	104,600	e	NET One Systems Co Ltd		687
	268,500	e	NetDragon Websoft, Inc		493
	43,500		Netease.com (ADR)		3,419
	181,272	*	Netscout Systems, Inc		5,364
	110,732	*	NetSuite, Inc		11,408
	538,894	*,e	NeuStar, Inc (Class A)		26,869
	669,500		Nexon Co Ltd		6,186
	45,125		NHN Corp		31,097
	15,771	*	NHN Entertainment Corp		1,441
	209,895	*	NIC, Inc		5,220
	47,332		Nice Systems Ltd		1,936
	11,300		NIFTY Corp		130
	140,100		Nihon Unisys Ltd		1,231
	17,491		NIIT Technologies Ltd		102
	163,061		Nintendo Co Ltd		21,826

167

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	46,100		Nippon System Development Co Ltd	$	547
	140,511		Nomura Research Institute Ltd		4,441
	17,400		NS Solutions Corp		385
	184,100		NTT Data Corp		6,801
	494,151	*,e	Nuance Communications, Inc		7,511
	11,500		OBIC Business Consultants Ltd		375
	123,700		Obic Co Ltd		3,655
	121,145		Open Text Corp		11,143
	107,464	*,e	OpenTable, Inc		8,529
	260,495	e	Opera Software ASA		3,571
	133,061	*	Optimal Payments plc		778
	14,121,029		Oracle Corp		540,270
	15,360		Oracle Corp Japan		561
	52,032	e	Otsuka Corp		6,647
	930,700		Pacific Online		447
	607,916	*	Pandora Media, Inc		16,171
	707,759		Paychex, Inc		32,224
	94,832		PC Home Online		762
	275,000		PCA Corp		3,369
	108,996		Pegasystems, Inc		5,360
	134,457	*	Perficient, Inc		3,149
	137,347	*	Planet Payment, Inc		382
	406,247		Playtech Ltd		4,963
	116,000	*	Polaris Software Lab Ltd		255
	104,914		POSDATA Co Ltd		755
	110,387	*	PRG-Schultz International, Inc		742
	204,386	*	Progress Software Corp		5,279
	99,874	*	Proofpoint, Inc		3,313
	77,434	*	PROS Holdings, Inc		3,090
	25,139		PSI AG. Gesellschaft Fuer Produkte und Systeme der Informationstechnologie		469
	513,615	*	PTC, Inc		18,177
	24,749	e	QAD, Inc (Class A)		437
	18,166		QIWI plc (ADR)		1,017
	637,555	*	QLIK Technologies, Inc		16,978
	87,692	*	Qualys, Inc		2,027
	11,188,641	*	Quindell Portfolio plc		3,613
	129,192	*	QuinStreet, Inc		1,123
	800,264	*,e	Rackspace Hosting, Inc		31,314
	22,463	*	Rally Software Development Corp		437
	92,717	*,e	RealNetworks, Inc		700
	150,660	*,e	RealPage, Inc		3,522
	712,206	*	Recall Holdings Ltd		2,582
	782,232	*	Red Hat, Inc		43,836
	101,000	*,e	Redknee Solutions, Inc		610
	27,151	*	Reis, Inc		522
	13,034		Reply S.p.A.		1,020
	157,262	*	Responsys, Inc		4,311

168

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	15,649	*,e	Rocket Fuel, Inc	$	962
	33,641	*	Rosetta Stone, Inc		411
	395,772	*	Rovi Corp		7,793
	1,124,082		Sage Group plc		7,525
	2,895,980	*	Salesforce.com, Inc		159,829
	1,839,100		Samart Corp PCL		834
	1,663,546		SAP AG.		144,265
	56,599	e	Sapiens International Corp NV		436
	566,460	*	Sapient Corp		9,834
	20,016		SBSi Co Ltd		296
	163,654		Science Applications International Corp		5,412
	69,675	*	Sciquest, Inc		1,984
	89,276		SDL plc		531
	127,362	*	Seachange International, Inc		1,549
	241,691	*,e	ServiceNow, Inc		13,537
	194,141	*	ServiceSource International LLC		1,627
	479,630		Shanghai Baosight Software Co Ltd		916
	25,973	*,e	Shutterstock, Inc		2,172
	22,365	*,e	Silver Spring Networks, Inc		470
	52,731		SimCorp AS		2,072
	68,419	*	Sina Corp		5,764
	26,022		SK C&C Co Ltd		3,333
	14,948	*	SK Communications Co Ltd		77
	11,200	*	SMS Co Ltd		241
	72,768	e	SMS Management & Technology Ltd		260
	79,295		Software AG.		2,778
	108,540		Soft-World International Corp		263
	246,609	*	SolarWinds, Inc		9,329
	200,922		Solera Holdings, Inc		14,217
	1,146,667		Sonda S.A.		2,750
	8,305		Sopra Group S.A.		840
	64,495	*,e	Spark Networks, Inc		397
	401,483	*	Splunk, Inc		27,570
	51,351	*,e	SPS Commerce, Inc		3,353
	81,227		Square Enix Co Ltd		1,421
	249,281	*	SS&C Technologies Holdings, Inc		11,033
	72,935	*	Stamps.com, Inc		3,071
	63,810		Sumisho Computer Systems Corp		1,675
	1,475,000		SUNeVision Holdings Ltd		425
	196,314	*	SupportSoft, Inc		744
	157,970	*	Sykes Enterprises, Inc		3,445
	2,441,620		Symantec Corp		57,573
	95,869	*	Synchronoss Technologies, Inc		2,979
	505,559	*	Synopsys, Inc		20,511
	91,775	*	Syntel, Inc		8,347
	19,800		Systena Corp		140
	356,000		Systex Corp		803
	148,513	*	TA Indigo Holding Corp		1,799

169

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	159,152	*	Tableau Software, Inc	$	10,970
	1,065,826	*	Take-Two Interactive Software, Inc		18,513
	101,993	*,e	Tangoe, Inc		1,837
	927,245		Tata Consultancy Services Ltd		32,589
	181,590	*	Tech Mahindra Ltd		5,401
	27,963	*	TechTarget, Inc		192
	218,375		Tecmo Koei Holdings Co Ltd		2,579
	683,030		Telecity Group plc		8,217
	154,883	*,e	TeleCommunication Systems, Inc (Class A)		359
	90,821	*	TeleNav, Inc		599
	80,477	*	TeleTech Holdings, Inc		1,927
	83,111		Temenos Group AG.		2,351
	1,718,300		Tencent Holdings Ltd		110,018
	713,811	*	Teradata Corp		32,471
	3,275		Tessi S.A.		407
	17,424	*,e	Textura Corp		522
	660,807	*	TIBCO Software, Inc		14,855
	72,864		Tietoenator Oyj		1,650
	883,471	*	TiVo, Inc		11,591
	797,452		Total System Services, Inc		26,539
	132,000		Totvus S.A.		2,068
	37,757		Trans Cosmos, Inc/Japan		723
	2,277,999		Travelsky Technology Ltd		2,250
	51,001	*	Travelzoo, Inc		1,087
	16,158	*,e	Tremor Video, Inc		94
	91,060	e	Trend Micro, Inc		3,191
	89,722	*,e	Trulia, Inc		3,165
	113,784	*,e	Twitter, Inc		7,242
	144,551	*	Tyler Technologies, Inc		14,763
	315,317	*	Ubisoft Entertainment		4,466
	95,401	*	Ultimate Software Group, Inc		14,617
	246,213	*	Unisys Corp		8,265
	32,418		Unit 4 Agresso NV		1,711
	70,312		United Internet AG.		2,997
	53,940		United Online, Inc		742
	12,100	e	UNITED, Inc		366
	335,933	*,e	Unwired Planet, Inc		464
	283,145		UXC Ltd		253
	292,922	*,e	Valueclick, Inc		6,846
	792,435	*,e	Vantiv, Inc		25,841
	130,190	*	Vasco Data Security International		1,006
	203,816	*	VeriFone Systems, Inc		5,466
	246,679	*	Verint Systems, Inc		10,592
	744,414	*,e	VeriSign, Inc		44,501
	136,683	*,e	VirnetX Holding Corp		2,653
	79,164	*	Virtusa Corp		3,015
	2,721,441		Visa, Inc (Class A)		606,010
	404,185	*,e	VistaPrint Ltd		22,978

170

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	874,842	*	VMware, Inc (Class A)	$	78,482
	67,112	*,e	Vocus, Inc		764
	4,114,000	*,e	VODone Ltd		558
	273,330	*,e	Vringo, Inc		809
	36,297	*	WANdisco plc		739
	94,894	*,e	WebMD Health Corp (Class A)		3,748
	134,417	*	Website Pros, Inc		4,273
	17,589	*	Webzen, Inc		124
	11,460	*	WeMade Entertainment Co Ltd		355
	4,242,117		Western Union Co		73,177
	925,834		Wipro Ltd		8,349
	189,880		Wirecard AG.		7,516
	22,057	*,e	Wix.com Ltd		592
	290,490	*,e	Workday, Inc		24,157
	484,295		Xchanging plc		1,231
	107,705	*	Xero Ltd		2,869
	2,938		XING AG.		302
	34,500		X-Legend Entertainment Co Ltd		155
	26,503	*	Xoom Corp		725
	2,454,300		Yahoo! Japan Corp		13,686
	5,198,116	*	Yahoo!, Inc		210,212
	95,959	*	Yandex NV		4,141
	166,921	*	Yelp, Inc		11,509
	14,950	*,e	YuMe, Inc		111
	74,599	*,e	Zillow, Inc		6,097
	208,637	*	Zix Corp		951
	4,115,312	*	Zynga, Inc		15,638
			TOTAL SOFTWARE & SERVICES		10,029,444
TECHNOLOGY HARDWARE & EQUIPMENT - 4.9%
	644,763	*,e	3D Systems Corp		59,918
	55,933	*	3S Korea Co Ltd		236
	790,000	e	AAC Technologies Holdings, Inc		3,844
	1,067,292		Accton Technology Corp		565
	2,543,274	*	Acer, Inc		1,565
	199,000		ACES Electronic Co Ltd		153
	78,320	*	Acme Electronics Corp		112
	252,370		Adlink Technology, Inc		433
	228,452		Adtran, Inc		6,170
	52,403	*	ADVA AG. Optical Networking		270
	265,475		Advantech Co Ltd		1,842
	58,835	*	Agilysys, Inc		819
	63,400		Ai Holdings Corp		790
	9,625,105	*,e	Alcatel S.A.		42,714
	9,431,457		Alcatel-Lucent (ADR)		41,498
	50,846	e	Alliance Fiber Optic Products, Inc		765
	688,000		Alpha Networks, Inc		499
	191,600	*	Alps Electric Co Ltd		2,181

171

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	398,603		Amphenol Corp (Class A)	$	35,547
	50,567	*	Anaren, Inc		1,415
	104,023	*	Anixter International, Inc		9,345
	160,900		Anritsu Corp		1,773
	3,983,091		Apple, Inc		2,234,952
	11,181	*	Applied Optoelectronics, Inc		168
	193,676		Arcadyan Technology Corp		293
	76,218	*	Arima Communications Corp		35
	474,388	*	ARRIS Group, Inc		11,558
	434,332	*	Arrow Electronics, Inc		23,563
	560,675	*,e	Aruba Networks, Inc		10,036
	101,507		Ascom Holding AG.		1,709
	108,464		Asia Vital Components Co Ltd		74
	100,000		ASROCK, Inc		370
	2,227,461		Asustek Computer, Inc		20,061
	118,000		Aten International Co Ltd		356
	9,085,153	*	AU Optronics Corp		2,900
	40,142	*,e	Audience, Inc		467
	19,295		Austria Technologie & Systemtechnik AG.		190
	235,000		AV Tech Corp		664
	126,367	*	Avid Technology, Inc		1,030
	35,100	*	Avigilon Corp		1,016
	370,423		Avnet, Inc		16,339
	94,048		AVX Corp		1,310
	81,964	*	AX Holding Corp		533
	78,927	e	Axis Communications AB		2,745
	51,262		Badger Meter, Inc		2,794
	28,512		Barco NV		2,224
	44,356		Bel Fuse, Inc (Class B)		945
	146,704		Belden CDT, Inc		10,335
	265,695	*	Benchmark Electronics, Inc		6,132
	2,325,000	*	Benq Corp		573
	62,056		Black Box Corp		1,849
	211,013	*	Blackberry Ltd		1,569
	2,732,000		Broad Intelligence International Pharmaceutical Holdings Ltd		869
	2,378,835	*	Brocade Communications Systems, Inc		21,100
	133,632		Brother Industries Ltd		1,828
	103,024	*,e	Bull S.A.		437
	1,509,500	*,e	BYD Electronic International Co Ltd		881
	201,154	*	CalAmp Corp		5,626
	3,288,400		CalComp Electronics Thailand PCL		297
	241,826	*	Calix Networks, Inc		2,331
	62,300		Canon Electronics, Inc		1,147
	1,749,383	*,e	Canon, Inc		55,820
	372,000		Career Technology Co Ltd		354
	2,744,853		Catcher Technology Co Ltd		17,874
	266,000	*	Catic Shenzhen Holdings Ltd		108
	102,788	e	CDW Corp		2,401

172

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	439,385	*	Celestica, Inc	$	4,567
	219,156		Chang Wah Electromaterials, Inc		633
	158,369	*	Checkpoint Systems, Inc		2,497
	374,402		Cheng Uei Precision Industry Co Ltd		753
	489,949		Chicony Electronics Co Ltd		1,234
	1,042,108		Chimei Materials Technology Corp		1,278
	3,714,000		China Aerospace International Holdings Ltd		418
	1,434,000	e	China All Access Holdings Ltd		613
	1,631,000	e	China ITS Holdings Co Ltd		390
	5,008,000		China Wireless Technologies Ltd		1,645
	1,069,000		Chin-Poon Industrial Co		1,791
	533,840		Chroma ATE, Inc		1,122
	2,759,687	*,e	Ciena Corp		66,039
	19,894,109		Cisco Systems, Inc		446,623
	401,179		Citizen Watch Co Ltd		3,385
	483,073		Clevo Co		1,046
	2,783,000	*	CMC Magnetics Corp		458
	403,688	*	Cognex Corp		15,413
	96,738	*	Coherent, Inc		7,196
	1,280,299	*,e	Comba Telecom Systems Holdings Ltd		444
	26,600	*	CommScope Holding Co, Inc		503
	225,120		Compal Communications, Inc		381
	13,705,948		Compal Electronics, Inc		10,510
	2,650,000		Compeq Manufacturing Co		1,556
	67,642		Comtech Telecommunications Corp		2,132
	11,530	*,e	Control4 Corp		204
	2,115,000		Coretronic Corp		2,093
	3,155,837		Corning, Inc		56,237
	161,000		Coxon Precise Industrial Co Ltd		255
	139,368	*	Cray, Inc		3,827
	16,824	*	CrucialTec Co Ltd		152
	131,478		CTS Corp		2,618
	315,000		CyberTAN Technology, Inc		350
	123,380		Daeduck Electronics Co		976
	16,040		Daeduck GDS Co Ltd		267
	7,800	e	Dai-ichi Seiko Co Ltd		94
	889,000		Daiwabo Co Ltd		1,741
	141,381		Daktronics, Inc		2,217
	266,000		Darfon Electronics Corp		201
	59,209	*	Datalink Corp		645
	8,795		Datalogic S.p.A.		100
	309,143		DataTec Ltd		1,526
	1,690,500		Delta Electronics Thai PCL		2,761
	1,898,464		Delta Electronics, Inc		10,872
	200,000		Denki Kogyo Co Ltd		1,385
	40,832		Dialight plc		579
	120,875	e	Diebold, Inc		3,990
	106,453	*	Digi International, Inc		1,290

173

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,181,000		Digital China Holdings Ltd	$	1,395
	10,758		Digital Multimedia Technologies S.p.A.		494
	187,444		Diploma plc		2,098
	744,000		D-Link Corp		451
	68,801	*,e	Dolby Laboratories, Inc (Class A)		2,653
	165,924		Domino Printing Sciences		2,104
	61,442	*	DTS, Inc		1,473
	895,823		Eastern Communications Co Ltd		430
	77,026	*	EchoStar Corp (Class A)		3,830
	16,971		Eizo Nanao Corp		434
	65,375		Electro Rent Corp		1,211
	90,497		Electro Scientific Industries, Inc		947
	992,280		Electrocomponents plc		4,593
	233,663	*	Electronics for Imaging, Inc		9,050
	68,654		Elite Material Co Ltd		58
	703,080		Elitegroup Computer Systems Co Ltd		403
	262,824	*	Ellies Holdings Ltd		139
	6,960,498		EMC Corp		175,057
	326,797	*	Emulex Corp		2,340
	9,200		Enplas Corp		632
	168,900	*	Entire Technology Co Ltd		177
	5,272,441		Ericsson (LM) (B Shares)		64,374
	32,407		Esprinet S.p.A.		240
	14,420		EVS Broadcast Equipment S.A.		934
	31,663	*,e	Exfo Electro Optical Engineering, Inc		151
	346,261	*	Extreme Networks, Inc		2,424
	1,239,451	*	F5 Networks, Inc		112,617
	111,601	*	Fabrinet		2,295
	77,988	*	FARO Technologies, Inc		4,547
	140,176		FEI Co		12,526
	4,538,000	*	FIH Mobile Ltd		2,446
	290,837	*,e	Fingerprint Cards AB		2,471
	1,028,459	*	Finisar Corp		24,601
	169,799		Firich Enterprises Co Ltd		709
	11,221	*	Flexcom Inc		116
	256,034		FLEXium Interconnect, Inc		827
	300,402		Flir Systems, Inc		9,042
	165,508		Flytech Technology Co Ltd		652
	905,126		Foxconn Technology Co Ltd		2,118
	1,331,582		Fuji Folms Holdings Corp		37,797
	273,585	*,e	Fusion-io, Inc		2,438
	247,153		G Tech Optoelectronics Corp		312
	70,864	e	Gemalto NV		7,799
	1,124,913		Gemtek Technology Corp		1,065
	67,252		GeoVision, Inc		424
	319,000		Getac Technology Corp		166
	1,782,000		Gigabyte Technology Co Ltd		2,154
	228,986	*	Gigastorage Corp		264

174

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	547,613	*	Global Brands Manufacture Ltd	$	193
	19,200		Global Display Co Ltd		367
	532,000	*	Great Wall Technology Co Ltd		206
	119,916	*	GSI Group, Inc		1,348
	30,300		Hakuto Co Ltd		302
	686,297		Halma plc		6,867
	18,741		Hamamatsu Photonics KK		750
	102,838		Hannstar Board Corp		39
	3,693,000	*	HannStar Display Corp		1,374
	407,064	*	Harmonic, Inc		3,004
	569,123		Harris Corp		39,730
	244,750	*	Harris Stratex Networks, Inc (Class A)		553
	7,655,797		Hewlett-Packard Co		214,209
	81,615		Hexagon AB (B Shares)		2,582
	760,904		High Tech Computer Corp		3,607
	9,100		Hioki EE Corp		120
	323,000		Hi-P International Ltd		150
	44,504		Hirose Electric Co Ltd		6,344
	50,090		Hitachi High-Technologies Corp		1,261
	205,000		Hitachi Kokusai Electric, Inc		2,889
	14,168,407		Hitachi Ltd		107,427
	520,100		Holystone Enterprise Co Ltd		659
	20,395,673		Hon Hai Precision Industry Co, Ltd		55,013
	43,095		Horiba Ltd		1,473
	120,900		Hosiden Corp		654
	626,196		Hoya Corp		17,416
	13,090		Humax Co Ltd		150
	97,066	*,e	Hutchinson Technology, Inc		311
	24,501		Ibiden Co Ltd		459
	155,000		Ichia Technologies, Inc		85
	9,500		Icom, Inc		229
	203,280		ICP Electronics, Inc		284
	27,360	*	Iljin Materials Co Ltd		277
	155,444	*	Imation Corp		727
	164,846	*	Immersion Corp		1,711
	3,964		Inficon Holding AG.		1,531
	841,028	*,e	Infinera Corp		8,225
	404,000		Infortrend Technology, Inc		298
	51,019	e	Ingenico		4,096
	551,061	*	Ingram Micro, Inc (Class A)		12,928
	7,288,539	*	InnoLux Display Corp		2,785
	192,216	*	Insight Enterprises, Inc		4,365
	869,000		Inspur International Ltd		173
	9,123		Intelligent Digital Integrated Securities Co Ltd		145
	130,893	e	InterDigital, Inc		3,860
	8,269	*	Interflex Co Ltd		167

175

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	3,206	*	Intevac, Inc	$	24
	9,822		INTOPS Co Ltd		182
	285,607	*,e	InvenSense, Inc		5,935
	2,335,023		Inventec Co Ltd		2,068
	54,147	*,e	IPG Photonics Corp		4,202
	9,500		Iriso Electronics Co Ltd		438
	164,930		IsuPetasys Co Ltd		1,069
	18,800	e	ITC Networks Corp		149
	802,357		ITEQ Corp		840
	175,335	*	Itron, Inc		7,264
	21,751		Ituran Location and Control Ltd		475
	184,689	*	Ixia		2,458
	607,282		Jabil Circuit, Inc		10,591
	48,610		Jahwa Electronics Co Ltd		961
	85,493		Japan Aviation Electronics Industry Ltd		1,099
	15,100	e	Japan Cash Machine Co Ltd		298
	22,000		Japan Digital Laboratory Co Ltd		309
	85,535	*,e	Japan Radio Co Ltd		304
	2,124,600		JCY International BHD		413
	5,101,197	*	JDS Uniphase Corp		66,214
	59,096		Jenoptik AG.		1,006
	62,700		Jentech Precision Industrial Co Ltd		170
	153,528		Jess-Link Products Co Ltd		137
	1,266,000	e	Ju Teng International Holdings Ltd		839
	1,637,078	*	Juniper Networks, Inc		36,949
	50,000		Kaga Electronics Co Ltd		564
	10,700		Kanematsu Electronics Ltd		135
	5,713	e	Kapsch TrafficCom AG.		318
	230,300		KCE Electronics PCL		165
	170,826	*	Kemet Corp		963
	42,937		Keyence Corp		18,385
	13,359	*	KH Vatec Co Ltd		321
	1,640,900	e	Kingboard Chemical Holdings Ltd		4,295
	1,940,500	e	Kingboard Laminates Holdings Ltd		825
	47,150		KMC Kuei Meng International In		199
	11,443	*	KMW Co Ltd		185
	63,800		Koa Corp		655
	10,243		KONA I Co Ltd		286
	750,500		Konica Minolta Holdings, Inc		7,500
	13,862	*	Korea Circuit Co Ltd		172
	99,500		Kudelski S.A.		1,521
	50,582	*	KVH Industries, Inc		659
	267,900		Kyocera Corp		13,393
	312,509		Laird Group plc		1,437
	457,762		Largan Precision Co Ltd		18,710
	954		LEM Holding S.A.		746

176

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	16,111,400	e	Lenovo Group Ltd	$	19,640
	310,328	e	Lexmark International, Inc (Class A)		11,023
	10,900	*	LG Innotek Co Ltd		867
	243,382	*	LG.Philips LCD Co Ltd		5,877
	2,144,168		Lite-On Technology Corp		3,446
	106,245		Littelfuse, Inc		9,873
	177,925		Logitech International S.A.		2,443
	69,000		Lotes Co Ltd		151
	84,653		LPKF Laser & Electronics AG.		2,165
	347,575		Lumax International Corp Ltd		837
	33,700		Macnica, Inc		901
	145,000		Marubun Corp		785
	11,200	e	Maruwa Co Ltd		378
	89,219	*	Maxwell Technologies, Inc		693
	50,481	*	Measurement Specialties, Inc		3,064
	12,100	e	Melco Holdings, Inc		156
	128,993	*	Mercury Computer Systems, Inc		1,412
	10,909		Mesa Laboratories, Inc		857
	133,613		Methode Electronics, Inc		4,568
	2,667,000		Micro-Star International Co Ltd		2,172
	211,000		MIN AIK Technology Co Ltd		1,201
	865,500	*	Mitac Holdings Corp		839
	100,000	e	Mitsui Knowledge Industry Co Ltd		146
	237,100	*	Mitsumi Electric Co Ltd		1,981
	511,352		Motorola, Inc		34,516
	50,297		MTS Systems Corp		3,584
	35,367	*	Multi-Fineline Electronix, Inc		491
	581,408		Murata Manufacturing Co Ltd		51,707
	327,000	*	Nan Ya Printed Circuit Board Corp		410
	1,150,000		Nanjing Panda Electronics		584
	214,699		National Instruments Corp		6,875
	616,130	*	NCR Corp		20,985
	1,440,382		NEC Corp		3,251
	94,570	*,e	Neonode, Inc		598
	41,168	e	Neopost S.A.		3,177
	2,472,343		NetApp, Inc		101,712
	149,970	*	Netgear, Inc		4,940
	86,526		Newmax Technology Co Ltd		187
	156,661	*	Newport Corp		2,831
	91,926		Nichicon Corp		891
	24,200		Nidec Copal Electronics Corp		142
	1,448	*,e	Nimble Storage, Inc		66
	17,100	e	Nippon Ceramic Co Ltd		267
	152,000	*	Nippon Chemi-Con Corp		586
	1,731,019		Nippon Electric Glass Co Ltd		9,093
	31,000		Nohmi Bosai Ltd		307
	5,244,801	*	Nokia Corp		42,535
	7,004,841	*,e	Nokia Oyj		56,599

177

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	48,685		Nolato AB (B Shares)	$	1,111
	37,027		Nortel Networks Netas Telekomunikasyon AS		93
	55,173	*,e	Numerex Corp		714
	883,000	*	Oki Electric Industry Co Ltd		2,087
	752,272		Omron Corp		33,245
	77,807	*	Oplink Communications, Inc		1,447
	17,052	*	OPTRON-TEC Inc		174
	160,000	e	Osaki Electric Co Ltd		834
	69,790	*	OSI Systems, Inc		3,707
	68,245		Oxford Instruments plc		2,000
	736,815		Pace plc		3,891
	73,985	*,e	Palo Alto Networks, Inc		4,252
	815,059		Pan-International Industrial		623
	83,770		Park Electrochemical Corp		2,406
	289,631	*,e	Parkervision, Inc		1,318
	8,171	*	Parrot S.A.		223
	57,412		Partron Co Ltd		777
	577,000	*	PAX Global Technology Ltd		233
	46,455		PC Connection, Inc		1,154
	74,389		PC-Tel, Inc		712
	1,642,317		Pegatron Technology Corp		2,123
	255,258		Pinnacle Technology Holdings Ltd		563
	189,745		Plantronics, Inc		8,814
	135,237	*	Plexus Corp		5,854
	498,367	*	Polycom, Inc		5,597
	206,000	*	Power Quotient International Co Ltd		115
	825,343		Premier Farnell plc		3,035
	1,016,000		Primax Electronics Ltd		928
	1,003,100	*	Prime View International Co Ltd		552
	76,619	*,e	Procera Networks, Inc		1,151
	6,913,000	*	PT Agis Tbk		313
	1,594,500		PT Erajaya Swasembada Tbk		131
	349,954	*	QLogic Corp		4,140
	5,951,505		Qualcomm, Inc		441,899
	2,657,032		Quanta Computer, Inc		6,214
	1,100,000		Quanta Storage, Inc		1,138
	815,079	*,e	Quantum Corp		978
	104,938	*,e	Rackable Systems, Inc		1,407
	94,441	*	Radisys Corp		216
	128,482	*,e	RealD, Inc		1,097
	37,087		Redington India Ltd		45
	38,042		Renishaw plc		1,225
	48,160		Richardson Electronics Ltd		547
	699,878		Ricoh Co Ltd		7,443
	43,700		Riso Kagaku Corp		899
	3,588,000	*	Ritek Corp		610
	269,173	*,e	Riverbed Technology, Inc		4,867
	112,425	*	Rofin-Sinar Technologies, Inc		3,038
	64,069	*	Rogers Corp		3,940

178

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	11,200		Roland DG Corp	$	383
	171,205	*	Ruckus Wireless, Inc		2,431
	86,800		Ryosan Co Ltd		1,846
	89,500		Ryoyo Electro Corp		921
	26,440		Sam Young Electronics Co Ltd		234
	63,105		Samsung Electro-Mechanics Co Ltd		4,374
	35,610		Samsung SDI Co Ltd		5,483
	1,037,170		SanDisk Corp		73,162
	279,413	*	Sandvine Corp		779
	325,689	*	Sanmina Corp		5,439
	33,200		Sanshin Electronics Co Ltd		230
	96,933	*	Sapphire Technology Co Ltd		3,431
	128,514	*	Scansource, Inc		5,453
	1,442,864		Seagate Technology, Inc		81,031
	264,171		Seiko Epson Corp		7,113
	795,000		Sercomm Corp		1,366
	12,421		SFA Engineering Corp		485
	308,800	*	Shanghai Potevio Co Ltd		197
	370,300	*	Shenzhen SEG Co Ltd		142
	133,100	*	Shijiazhuang Baoshi Electronic Glass Co Ltd		171
	69,876		Shimadzu Corp		608
	28,200		Shinko Shoji Co Ltd		235
	268,727	*,e	ShoreTel, Inc		2,494
	37,711	*	Sierra Wireless, Inc		912
	18,400		Siix Corp		224
	73,395		Silitech Technology Corp		88
	298,112		Simplo Technology Co Ltd		1,323
	787,000		Sinbon Electronics Co Ltd		1,057
	6,498		Sindoh Co Ltd		424
	1,089,000	*	Sintek Photronic Corp		326
	329,000		Sirtec International Co Ltd		622
	17,642		S-MAC Co Ltd/Korea		191
	189,000		SMK Corp		1,251
	837,254	*	Sonus Networks, Inc		2,637
	186,839		Spectris plc		7,939
	161,799	*	Speed Commerce, Inc		756
	837,437		Spirent Communications plc		1,444
	264,900	*,e	Stratasys Ltd		35,682
	912,000	e	Sunny Optical Technology Group Co Ltd		889
	126,514	*	Super Micro Computer, Inc		2,171
	14,356	*	Suprema, Inc		289
	656,686	*	SVA Electron Co Ltd		312
	114,055	*,e	Synaptics, Inc		5,909
	131,916	*	SYNNEX Corp		8,891
	1,302,523		Synnex Technology International Corp		2,068
	203,972		Taiflex Scientific Co Ltd		412
	831,577		Taiwan PCB Techvest Co Ltd		994
	151,303		Taiyo Yuden Co Ltd		1,977

179

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	1,031,000	*	TCL Communication Technology Holdings Ltd	$	1,057
	128,776		TDK Corp		6,178
	74,416	*	Tech Data Corp		3,840
	1,354,000	*	Tech Pro Technology Development Ltd		662
	21,690		Tessco Technologies, Inc		875
	354,095		Test Research, Inc		494
	350,773	*	Thin Film Electronics ASA		344
	107,000	*,e	Toko, Inc		364
	545,625		Tong Hsing Electronic Industries Ltd		2,531
	7,860,000		Tongda Group Holdings Ltd		529
	81,200		Topcon Corp		1,233
	168,000		Toshiba TEC Corp		1,166
	27,400		Toyo Corp/Chuo-ku		283
	251,688		TPK Holding Co Ltd		1,489
	1,292,000		Tpv Technology Ltd		267
	430,473	*	Trimble Navigation Ltd		14,937
	281,932		Tripod Technology Corp		506
	5,650,566	e	Truly International Holdings		3,043
	201,216		TT electronics plc		657
	204,418	*	TTM Technologies, Inc		1,754
	512,039		TXC Corp		621
	167,000		Tyco Electronics Ltd		9,203
	138,900	*,e	Ubiquiti Networks, Inc		6,384
	211,200		Uchi Technologies BHD		88
	11,326		Uju Electronics Co Ltd		173
	1,240,256		Unimicron Technology Corp		942
	29,927	*,e	Uni-Pixel, Inc		300
	253,937	*	Unitech Printed Circuit Board Corp		102
	126,563	*,e	Universal Display Corp		4,349
	393,795		Venture Corp Ltd		2,397
	129,378	*	Viasat, Inc		8,106
	10,673	*,e	Viasystems Group, Inc		146
	44,675	*,e	Violin Memory, Inc		177
	1,138,531	*	Vishay Intertechnology, Inc		15,097
	49,723	*	Vishay Precision Group, Inc		740
	61,257		Vivotek, Inc		380
	2,342,800		VST Holdings Ltd		596
	204,700	e	Vtech Holdings Ltd		2,659
	176,800		Wacom Co Ltd		1,243
	2,215,767		Wah Lee Industrial Corp		3,525
	476,769	*	Walsin Technology Corp		128
	1,016,000		Wasion Group Holdings Ltd		622
	436,800		Weikeng Industrial Co Ltd		337
	144,490	*	Westell Technologies, Inc		585
	1,215,669		Western Digital Corp		101,995
	142,800	e	Wi-Lan, Inc		477
	84,609		Wincor Nixdorf AG.		5,873
	2,238,500	*	Wintek Corp		784

180

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	2,341,523		Wistron Corp	$	1,972
	642,265		Wistron NeWeb Corp		1,673
	1,409,283		WPG Holdings Co Ltd		1,624
	747,679		WT Microelectronics Co Ltd		885
	100,000		Xaar plc		1,859
	6,184,965	e	Xerox Corp		75,271
	15,750	*,m	Ya Hsin Industrial Co Ltd		0	^
	1,549,100	*	Yageo Corp		560
	74,993		Yamatake Corp		1,748
	169,190		Yaskawa Electric Corp		2,681
	164,085		Yokogawa Electric Corp		2,523
	141,000		Young Fast Optoelectronics Co Ltd		151
	119,066	*	Zebra Technologies Corp (Class A)		6,439
	223,855		Zhen Ding Technology Holding Ltd		540
	229,000		Zinwell Corp		267
	718,047	*,e	ZTE Corp		1,431
	68,292	*	Zygo Corp		1,009
	411,000	*	Zyxel Communications		258
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		6,159,587
TELECOMMUNICATION SERVICES - 2.6%
	373,304	*,e	8x8, Inc		3,793
	1,497,400		Advanced Info Service PCL		9,132
	247,474	e	AFK Sistema (GDR)		7,964
	469,648		Amcon Telecommunications Ltd		917
	56,729,130		America Movil S.A. de C.V. (Series L)		66,129
	938,000		Asia Pacific Telecom Co Ltd		487
	14,089,913		AT&T, Inc		495,401
	28,400		Atlantic Tele-Network, Inc		1,607
	456,218	*,e	Avanti Communications Group plc		1,868
	1,308,000	*,e	Axtel SAB de CV		469
	618,830	e	BCE, Inc		26,798
	525,331		Belgacom S.A.		15,546
	184,654	e	Bell Aliant Regional Communications Income Fund		4,647
	8,023,572		Bezeq Israeli Telecommunication Corp Ltd		13,607
	1,143,629		Bharti Airtel Ltd		6,114
	75,956	*,e	Boingo Wireless, Inc		487
	14,143,007		BT Group plc		89,185
	4,121,180		Cable & Wireless plc		3,845
	165,570	*	Cbeyond Communications, Inc		1,142
	165,319		Cellcom Israel Ltd		2,278
	1,086,912		CenturyTel, Inc		34,618
	3,385,421		China Communications Services Corp Ltd		2,099
	9,713,390		China Mobile Hong Kong Ltd		101,178
	15,533,289		China Telecom Corp Ltd		7,848
	6,193,301	e	China Unicom Ltd		9,309
	512,885	e	Chorus Ltd		608
	8,605,137		Chunghwa Telecom Co Ltd		26,863

181

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	792,833	*	Cincinnati Bell, Inc	$	2,822
	1,970,000	e	Citic 1616 Holdings Ltd		634
	3,282,000	*	Citic 21CN Co Ltd		237
	149,989		Cogent Communications Group, Inc		6,061
	520,850	*	Colt Telecom Group S.A.		1,107
	151,747	e	Consolidated Communications Holdings, Inc		2,979
	972,717	*	Crown Castle International Corp		71,427
	1,988,251		Deutsche Telekom AG.		34,258
	5,110,900		Digi.Com BHD		7,745
	160,674		Drillisch AG.		4,662
	49,028		Elisa Oyj (Series A)		1,299
	224,589		Empresa Nacional de Telecomunicaciones S.A.		3,048
	77,064	*,e	Fairpoint Communications, Inc		872
	1,692,919		Far EasTone Telecommunications Co Ltd		3,719
	1,172,226		France Telecom S.A.		14,553
	270,878		Freenet AG.		8,139
	1,404,131	e	Frontier Communications Corp		6,529
	106,403	*	General Communication, Inc (Class A)		1,186
	31,245		Globe Telecom, Inc		1,157
	35,307	*,e	Hawaiian Telcom Holdco, Inc		1,037
	1,308,140	*	Hellenic Telecommunications Organization S.A.		17,423
	42,705		HickoryTech Corp		548
	1,834,593	e	HKT Trust and HKT Ltd		1,815
	1,970,651	e	Hutchison Telecommunications Hong Kong Holdings Ltd		748
	961,300		Idea Cellular Ltd		2,598
	127,425		IDT Corp (Class B)		2,277
	477,363	e	iiNET Ltd		2,783
	2,841		Iliad S.A.		582
	176,313	*	inContact, Inc		1,377
	147,876		Inmarsat plc		1,854
	210,231		Inteliquent, Inc		2,401
	44,400	*,e	Intelsat S.A.		1,001
	239,670	*,e	Iridium Communications, Inc		1,500
	5,225,500		Jasmine International PCL		1,071
	156,700		Jaymart PCL		96
	517,592	*	Jazztel plc		5,546
	1,098,064		Kcom Group plc		1,791
	575,050		KDDI Corp		35,432
	237,942		KT Corp		7,128
	204,085	*,e	Leap Wireless International, Inc		3,551
	29,374		Let’s GOWEX SA		527
	1,620,140	*,e	Level 3 Communications, Inc		53,740
	246,326	*	LG Telecom Ltd		2,511
	50,575		Lumos Networks Corp		1,062
	188,488	e	M2 Telecommunications Group Ltd		1,058
	492,398	e	Magyar Telekom		716
	50,774	e	Manitoba Telecom Services, Inc		1,419
	2,399,000		Maxis BHD		5,328

182

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	76,141		MegaFon OAO (ADR)	$	2,555
	1,076,424	*	Midas S.A.		235
	38,072		Millicom International Cellular S.A.		3,794
	824,638		Mobile TeleSystems (ADR)		17,837
	947,809	e	MobileOne Ltd		2,461
	40,222		Mobistar S.A.		765
	2,736,135		MTN Group Ltd		56,669
	780,341	*	Netia S.A.		1,358
	160,920	*,e	NEXTDC Ltd		311
	668,028	*,e	NII Holdings, Inc (Class B)		1,837
	788,511		Nippon Telegraph & Telephone Corp		42,470
	138,252		NTELOS Holdings Corp		2,797
	1,434,400		NTT DoCoMo, Inc		23,619
	825,985		Oi S.A.(Preference)		1,257
	3,166,553	*	Orascom Telecom Holding SAE		2,164
	4,830,036		Orascom Telecom Media And Technology Holding SAE		538
	146,238	*	Orbcomm, Inc		927
	99,318	*	Partner Communications		927
	9,028,161		PCCW Ltd		4,040
	46,557		Philippine Long Distance Telephone Co		2,801
	932,961	e	Portugal Telecom SGPS S.A.		4,062
	203,045	*	Premiere Global Services, Inc		2,353
	2,515,500		PT Excelcomindo Pratama		1,076
	55,076		PT Indosat Tbk		19
	52,527,605		PT Telekomunikasi Indonesia Persero Tbk		9,297
	109,837	e	QSC AG.		649
	578,093	*	Reliance Communication Ventures Ltd		1,218
	25,811	*,e	RingCentral, Inc		474
	486,717	e	Rogers Communications, Inc (Class B)		22,025
	259,824	e	Rostelecom (ADR)		5,372
	1,029,661	*	Royal KPN NV		3,327
	150,000		Samart Telcoms PCL		59
	820,440	*	SBA Communications Corp (Class A)		73,708
	87,617		Shenandoah Telecom Co		2,249
	7,643,773	e	Singapore Telecommunications Ltd		22,229
	185,866	*	SK Broadband Co Ltd		772
	58,567		SK Telecom Co Ltd		12,817
	473,966	e	SmarTone Telecommunications Holding Ltd		542
	2,169,132		Softbank Corp		190,343
	205,680		Sonaecom - SGPS S.A.		728
	1,459,823	*	Sprint Corp		15,693
	502,924	e	StarHub Ltd		1,714
	51,142	*	Straight Path Communications, Inc		419
	48,883		Swisscom AG.		25,834
	1,770,543		Taiwan Mobile Co Ltd		5,723
	646,168		TalkTalk Telecom Group plc		3,281
	3,983,244		TDC AS		38,637
	296,686		Tele2 AB		3,370

183

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	2,187,752	e	Telecom Corp of New Zealand Ltd	$	4,153
	414,835		Telecom Egypt		885
	8,052,492		Telecom Italia RSP		6,318
	6,603,662		Telecom Italia S.p.A.		6,585
	536,917		Telefonica Brasil S.A.		10,184
	934,764		Telefonica Deutschland Holding AG.		7,725
	381,072		Telefonica O2 Czech Republic AS		5,661
	3,867,987		Telefonica S.A.		63,245
	26,389		Telekom Austria AG.		200
	4,283,400		Telekom Malaysia BHD		7,260
	777,518	*	Telekomunikacja Polska S.A.		2,522
	1,267,457		Telenor ASA		30,284
	890,053		Telephone & Data Systems, Inc		22,946
	5,111,059		TeliaSonera AB		42,628
	305,847	*	Telkom S.A. Ltd		818
	9,879,379		Telstra Corp Ltd		46,370
	249,658		TELUS Corp		8,593
	625,000		Thaicom PCL		775
	944,708		Tim Participacoes S.A.		4,943
	754,720	*	Time dotCom BHD		818
	2,751,400		TM International BHD		5,802
	5,562,544	*	T-Mobile US, Inc		187,124
	170,000		Total Access Communication PCL (NVDR)		504
	1,095,500		Tower Bersama Infrastructure		523
	221,736	*,e	Towerstream Corp		656
	808,163		TPG Telecom Ltd		3,854
	5,802,900	*	True Corp PCL		1,332
	523,153		Turk Telekomunikasyon AS		1,451
	908,082	*	Turkcell Iletisim Hizmet AS		4,813
	126,081	*	tw telecom inc (Class A)		3,842
	60,380		US Cellular Corp		2,525
	97,107		USA Mobility, Inc		1,387
	11,403,254		Verizon Communications, Inc		560,356
	1,842,095		Vivendi Universal S.A.		48,590
	904,932	e	Vodacom Group Pty Ltd		11,473
	71,086,520		Vodafone Group plc		279,881
	1,092,376		Vodafone Group plc (ADR)		42,941
	601,896	*	Vonage Holdings Corp		2,004
	1,339,313	e	Windstream Holdings, Inc		10,688
	307,822		Ziggo NV		14,076
			TOTAL TELECOMMUNICATION SERVICES		3,339,380
TRANSPORTATION - 2.5%
	529,357		Abertis Infraestructuras S.A. (Continuous)		11,774
	26,423		Aeroports de Paris		3,000
	53,088	*,e	Air Berlin plc		121
	8,081,300	e	Air China Ltd		6,051
	46,514	*,e	Air France-KLM		486

184

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	2,101,213	e	Air New Zealand Ltd	$	2,837
	202,390	*	Air Transport Services Group, Inc		1,637
	2,759,500		AirAsia BHD		1,856
	587,300	*	AirAsia X BHD		179
	1,502,600		Airports of Thailand PCL		7,273
	299,870		Alaska Air Group, Inc		22,001
	500,052		All America Latina Logistica S.A.		1,398
	507,831	e	All Nippon Airways Co Ltd		1,015
	47,366	*	Allegiant Travel Co		4,994
	46,082	*	Amerco, Inc		10,960
	839,975	*,e	American Airlines Group, Inc		21,209
	634,771	*,b,m	AMR Corp (Escrow)		7,406
	624,000		Anhui Expressway Co		346
	2,373,729		Ansaldo STS S.p.A.		25,594
	1,220		AP Moller - Maersk AS (Class A)		12,567
	4,156		AP Moller - Maersk AS (Class B)		44,976
	99,954		Arkansas Best Corp		3,366
	693,417		Asciano Group		3,575
	228,710	*	Asiana Airlines		1,070
	101,453	*	Atlas Air Worldwide Holdings, Inc		4,175
	1,699,759		Auckland International Airport Ltd		4,936
	80,073		Autostrada Torino-Milano S.p.A.		1,267
	604,500	e	Autostrade S.p.A.		13,541
	200,000		Avianca Holdings S.A.		383
	25,000	*	Avianca Holdings S.A. (ADR)		386
	275,310	*	Avis Budget Group, Inc		11,128
	870,100		Bangkok Expressway PCL		890
	7,400,000	*	Bangkok Metro PCL		229
	810,670		BBA Aviation plc		4,314
	2,486,400	e	Beijing Capital International Airport Co Ltd		1,952
	71,058		bpost S.A.		1,392
	4,519,707	*	British Airways plc		30,114
	1,042,128	*	Brockman Mining Ltd		70
	32,429,600		BTS Group Holdings PCL		8,611
	4,906,000		BTS Group Holdings PCL (Foreign)		1,303
	1,476,870	e	Canadian National Railway Co		84,198
	181,529		Canadian Pacific Railway Ltd		27,469
	1,014,532	e	Canadian Pacific Railway Ltd (Toronto)		153,433
	3,311,830	e	Cathay Pacific Airways Ltd		7,017
	240,240		Cebu Air, Inc		254
	73,373		Celadon Group, Inc		1,429
	208,200		Central Japan Railway Co		24,537
	179,769	e	CH Robinson Worldwide, Inc		10,488
	1,654,715	*	China Airlines		609
	1,283,324		China Merchants Holdings International Co Ltd		4,701

185

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	5,388,000	*,e	China Shipping Container Lines Co Ltd	$	1,409
	3,569,000	*,e	China Shipping Development Co Ltd		2,781
	95,500	e	China Southern Airlines Co Ltd		37
	13,300,000	*,e	China Timber Resources Group Ltd		584
	254,000		Chinese Maritime Transport Ltd		345
	986,248		Cia de Concessoes Rodoviarias		7,449
	69,200		Cia de Locacao das Americas		207
	20,368	e	Clarkson plc		675
	2,996,710		ComfortDelgro Corp Ltd		4,792
	12,985		Compagnie Maritime Belge S.A.		404
	8,170,245	*	Compania SudAmericana de Vapores S.A.		430
	672,414		Con-Way, Inc		26,702
	213,233		Copa Holdings S.A. (Class A)		34,141
	3,253,575	*,e	COSCO Holdings		1,591
	4,720,707		COSCO Pacific Ltd		6,498
	350,000		Costamare, Inc		6,394
	2,475,100		CSX Corp		71,209
	293,000		CWT Ltd		315
	33,566		D/S Norden		1,767
	173,000	*,e	Daiichi Chuo Kisen Kaisha		204
	314,315		Dart Group plc		1,280
	892,050		Dazhong Transportation Group Co Ltd		592
	5,839,822		Delta Air Lines, Inc		160,420
	220,375	*	Deutsche Lufthansa AG.		4,671
	1,949,794		Deutsche Post AG.		71,216
	19,585		Dfds AS		1,578
	135,979		DSV AS		4,464
	559,325		East Japan Railway Co		44,555
	1,522,417		easyJet plc		38,802
	63,095	*,e	Echo Global Logistics, Inc		1,355
	177,134		EcoRodovias Infraestrutura e Logistica S.A.		1,115
	1,014,519	*	Eva Airways Corp		566
	294,000		Evergreen International Storage & Transport Corp		206
	1,703,222	*	Evergreen Marine Corp Tawain Ltd		1,041
	7,300	e	Exchange Income Corp		155
	736,037		Expeditors International of Washington, Inc		32,570
	1,983,757		FedEx Corp		285,205
	1,459,329		Firstgroup plc		2,992
	22,304		Flughafen Wien AG.		1,872
	4,711		Flughafen Zuerich AG.		2,755
	155,278		Forward Air Corp		6,818
	31,334		Fraport AG. Frankfurt Airport Services Worldwide		2,348
	278,083		Freightways Ltd		1,081
	163,000	e	Fukuyama Transporting Co Ltd		895
	6,917		Gateway Distriparks Ltd		16
	88,772	*	Genesee & Wyoming, Inc (Class A)		8,527
	15,408		GLOVIS Co Ltd		3,377

186

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	85,745		Go-Ahead Group plc	$	2,502
	161,706	*	Gol Linhas Aereas Inteligentes S.A.		724
	373,470	e	Golden Ocean Group Ltd		899
	570,602		Grindrod Ltd		1,525
	413,473		Groupe Eurotunnel S.A.		4,347
	485,500	*,e	Grupo Aeromexico SAB de C.V.		668
	209,900	e	Grupo Aeroportuario del Centro Norte Sab de C.V.		703
	910,091		Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		4,865
	540,700	e	Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		6,760
	303,560		Guangdong Provincial Expressway Development Co Ltd		101
	1,700,000		Guangshen Railway Co Ltd		789
	1,214,000	e	GZI Transportation Ltd		636
	132,000		Hainan Meilan International Airport Co Ltd		131
	33,821		Hamburger Hafen und Logistik AG.		828
	40,762	*	Hanjin Kal Corp		633
	119,890	*	Hanjin Shipping Co Ltd		872
	4,330		Hanjin Transportation Co Ltd		78
	180,000		Hankyu Hanshin Holdings, Inc		973
	200,928	*,e	Hawaiian Holdings, Inc		1,935
	243,440		Heartland Express, Inc		4,776
	4,141,374	*	Hertz Global Holdings, Inc		118,526
	52,200		Hitachi Transport System Ltd		780
	1,496,327	e	Hopewell Highway Infrastructure Ltd		712
	173,641	*	Hub Group, Inc (Class A)		6,925
	4,765,040	e	Hutchison Port Holdings Trust		3,220
	52,841	*	Hyundai Merchant Marine Co Ltd		572
	203,757		Iino Kaiun Kaisha Ltd		1,261
	4,254	*	Integer.pl S.A.		455
	1,157,673	*	International Consolidated Airlines		7,712
	2,266,150		International Container Term Services, Inc		5,217
	22,576		International Shipholding Corp		666
	31,636		Irish Continental Group plc		1,151
	629,889		J.B. Hunt Transport Services, Inc		48,690
	218,800		Japan Airlines Co Ltd		10,794
	43,155		Japan Airport Terminal Co Ltd		977
	106,137	*	Jet Airways India Ltd		502
	903,936	*,e	JetBlue Airways Corp		7,729
	1,667,800	e	Jiangsu Express		2,050
	166,000		Jinzhou Port Co Ltd		67
	99,500		Julio Simoes Logistica S.A.		677
	515,587		Kamigumi Co Ltd		4,731
	695,786		Kansas City Southern Industries, Inc		86,159
	3,170,400		Kawasaki Kisen Kaisha Ltd		8,030
	373,555	e	Keihin Electric Express Railway Co Ltd		3,080
	91,107		Keio Corp		607
	39,032		Keisei Electric Railway Co Ltd		359
	607,537	*	Kerry Logistics Network Ltd		863
	1,344,185		Kintetsu Corp		4,717

187

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	19,400		Kintetsu World Express, Inc	$	781
	162,451	*	Kirby Corp		16,123
	199,699		Knight Transportation, Inc		3,662
	25,460	*	Korean Air Lines Co Ltd		757
	20,644		Kuehne & Nagel International AG.		2,713
	300,381		Lan Airlines S.A.		4,736
	170,393	*	Landstar System, Inc		9,789
	165,000	e	Latam Airlines Group S.A. (ADR)		2,691
	1,329,232	*	LLX Logistica S.A.		609
	287,771		Localiza Rent A Car		4,059
	42,200	*	Log-in Logistica Intermodal S.A.		147
	1,032,480	e	Macquarie Atlas Roads Group		2,541
	153,014		Mainfreight Ltd		1,507
	406,005		Malaysia Airports Holdings BHD		1,116
	9,180,300	*	Malaysian Airline System BHD		871
	246,800		Malaysian Bulk Carriers BHD		134
	87,793		Marten Transport Ltd		1,773
	68,000		Maruzen Showa Unyu Co Ltd		235
	203,679		Matson, Inc		5,318
	251,118		Mermaid Marine Australia Ltd		762
	1,233,200	*	MISC BHD		2,148
	17,349		Mitsubishi Logistics Corp		275
	1,570,358	*	Mitsui OSK Lines Ltd		7,087
	308,610		Mitsui-Soko Co Ltd		1,436
	927,608		MTR Corp		3,516
	556,158		Mundra Port and Special Economic Zone Ltd		1,400
	559,696		National Express Group plc		2,555
	1,221,718	*,e	Neptune Orient Lines Ltd		1,092
	532,641		Nippon Express Co Ltd		2,578
	97,200		Nippon Konpo Unyu Soko Co Ltd		1,749
	3,720,669		Nippon Yusen Kabushiki Kaisha		11,897
	96,000		Nissin Corp		270
	253,400		Nok Airlines PCL		147
	849,655		Norfolk Southern Corp		78,873
	194,782		Northgate plc		1,659
	44,458	*,e	Norwegian Air Shuttle AS		1,386
	113,942	e	Odakyu Electric Railway Co Ltd		1,030
	75,859		Oesterreichische Post AG.		3,640
	1,959,400	*,e	OHL Mexico SAB de CV		5,017
	257,682	*	Old Dominion Freight Line		13,662
	259,500	e	Orient Overseas International Ltd		1,306
	162,214	*	Pacer International, Inc		1,340
	2,203,290		Pacific Basin Shipping Ltd		1,581
	14,713		Panalpina Welttransport Holding AG.		2,467
	32,151	*	Park-Ohio Holdings Corp		1,685
	24,954	*	Patriot Transportation Holding, Inc		1,036
	922,800		Pos Malaysia & Services Holdings BHD		1,545
	550,600		Precious Shipping PCL		358

188

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	12,753,500	*,m	PT Berlian Laju Tanker Tbk	$	0	^
	6,069,500		PT Cardig Aero Services Tbk		409
	1,652,000	*	PT Citra Marga Nusaphala Persada Tbk		455
	9,680,800		PT Express Transindo Utama Tbk		1,161
	9,555,000	*	PT Garuda Indonesia Tbk		393
	2,298,000		PT Jasa Marga Tbk		894
	6,339,000	*	PT Nusantara Infrastructure Tbk		133
	7,139,000	*	PT Trada Maritime Tbk		934
	1,509,492	*	Qantas Airways Ltd		1,481
	2,633,673		QR National Ltd		11,503
	101,337	*	Quality Distribution, Inc		1,300
	598,739		Qube Logistics Holdings Ltd		1,109
	246,175	*,e	Republic Airways Holdings, Inc		2,632
	458,000		Road King Infrastructure		439
	62,064	*	Roadrunner Transportation Services Holdings, Inc		1,673
	8,938,185	*	Royal Mail plc		84,367
	46,434	*	Ryanair Holdings plc		400
	226,731	*	Ryanair Holdings plc (ADR)		10,640
	133,969		Ryder System, Inc		9,884
	498,000		Sagami Railway Co Ltd		1,706
	87,502	*	Saia, Inc		2,804
	96	*,m	SAir Group		0	^
	334,000		Sankyu, Inc		1,303
	64,300		Santos Brasil Participacoes S.A.		515
	876,834	*,e	SAS AB		2,245
	13,108		SAVE S.p.A.		224
	7,680		Sebang Co Ltd		137
	358,287		Seino Holdings Corp		3,770
	274,000		Senko Co Ltd		1,420
	229,100		Shanghai Jinjiang International Investment Holdings Co		208
	141,400		Shenzhen Chiwan Petroleum		291
	259,100		Shenzhen Chiwan Wharf Holdings Ltd		486
	876,000		Shenzhen Expressway Co Ltd		395
	14,295,000	e	Shenzhen International Holdings		1,794
	58,000		Shibusawa Warehouse Co Ltd		230
	388,006		Shih Wei Navigation Co Ltd		275
	118,000	*	Shinwa Kaiun Kaisha Ltd		347
	3,547,097	e	Shun TAK Holdings Ltd		2,090
	2,618,000	e	Sichuan Expressway Co Ltd		774
	480,000		Sincere Navigation		457
	250,590	e	Singapore Airlines Ltd		2,070
	1,397,000		Singapore Airport Terminal Services Ltd		3,580
	3,466,419		Singapore Post Ltd		3,642
	5,293,000		Sinotrans Ltd		2,003
	2,700,000		Sinotrans Shipping Ltd		987
	1,402,000		SITC International Co Ltd		618
	39,187		Sixt AG.		1,263
	40,243		Sixt AG. (Preference)		1,065

189

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	132,768		Skymark Airlines, Inc	$	487
	201,351		Skywest, Inc		2,986
	1,131,000	e	SMRT Corp Ltd		1,040
	13,065,075		Sociedad Matriz SAAM S.A.		1,182
	155,987	e	Societa Iniziative Autostradali e Servizi S.p.A.		1,552
	3,546,565		Southwest Airlines Co		66,817
	395,333	*	Spirit Airlines, Inc		17,952
	973,865		Stagecoach Group plc		6,110
	394,593	e	Stobart Group Ltd		908
	50,065		Stolt-Nielsen S.A.		1,378
	77,400	e	Student Transportation, Inc		479
	94,590	*,m	STX Pan Ocean Co Ltd		68
	151,767		Sumitomo Warehouse Co Ltd		877
	575,874	*,e	Swift Transportation Co, Inc		12,790
	1,291,379		Sydney Airport		4,389
	328,000		T.Join Transportation Co		511
	214,000		Taiwan Navigation Co Ltd		203
	449,146		TAV Havalimanlari Holding AS		3,234
	55,000		Tegma Gestao Logistica		420
	1,473,300		Thai Airways International PCL		622
	97,580		Thoresen Thai Agencies PCL		52
	6,720,000		Tianjin Port Development Holdings Ltd		1,156
	696,000	*,e	Tiger Airways Holdings Ltd		282
	266,744		TNT Express NV		2,481
	524,566	*	TNT NV		2,999
	378,534		Tobu Railway Co Ltd		1,835
	1,727,058		Tokyu Corp		11,190
	589,376		Toll Holdings Ltd		2,998
	117,500		TPI-Triunfo Participacoes e Investimentos S.A.		471
	208,000		Transasia Airways Corp		89
	375,773	e	TransForce, Inc		8,936
	1,087,367		Transurban Group		6,650
	1,173,696		Turk Hava Yollari		3,519
	1,691,366	*	UAL Corp		63,984
	55,023	*,e	Ultrapetrol Bahamas Ltd		206
	437,800		U-Ming Marine Transport Corp		786
	2,789,380		Union Pacific Corp		468,616
	2,183,704		United Parcel Service, Inc (Class B)		229,464
	17,606		Universal Truckload Services, Inc		537
	693,606		UTI Worldwide, Inc		12,180
	1,220,317	*	Virgin Australia Holdings Ltd		414
	67,336	*,m	Virgin Australia Int Holdings		0	^
	23,321		VTG AG.		482
	275,357		Wan Hai Lines Ltd		143
	173,341	e	Werner Enterprises, Inc		4,287
	163,388	*	Wesco Aircraft Holdings, Inc		3,581
	436,292		West Japan Railway Co		18,904
	100,200		Westshore Terminals Investment Corp		3,265

190

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	108,457		Wilh. Wilhelmsen ASA	$	1,015
	364,927		Wisdom Marine Lines Co Ltd		428
	6,934,000		Xiamen International Port Co Ltd		1,013
	500,000	*	Xiangyu Dredging Holdings Ltd		162
	104,110	*,e	XPO Logistics, Inc		2,737
	159,431		Yamato Transport Co Ltd		3,224
	1,286,515	*	Yang Ming Marine Transport		603
	79,918	*,e	YRC Worldwide, Inc		1,388
	17,900		Yusen Air & Sea Service Co Ltd		226
	4,307,400		Zhejiang Expressway Co Ltd		4,078
			TOTAL TRANSPORTATION		3,172,848
UTILITIES - 2.7%
	1,698,254		A2A S.p.A.		1,988
	3,799,031		Aboitiz Power Corp		2,915
	30,516	e	Acciona S.A.		1,758
	150,644		ACEA S.p.A.		1,710
	78,161	*,e	Actelios S.p.A.		139
	3,120,355		AES Corp		45,276
	2,599,473		AES Gener S.A.		1,439
	121,644		AES Tiete S.A.		984
	348,364	*,m	AET&D Holdings No 1  Ptd Ltd		0	^
	532,051		AGL Energy Ltd		7,152
	243,384		AGL Resources, Inc		11,495
	2,739,420		Aguas Andinas S.A.		1,769
	42,810	*	Akenerji Elektrik Uretim AS		24
	192,025	e	Algonquin Power & Utilities Corp		1,327
	160,984		Allete, Inc		8,030
	454,737		Alliant Energy Corp		23,464
	100,000	*	Alupar Investimento S.A.		689
	235,047		Ameren Corp		8,499
	1,881,590		American Electric Power Co, Inc		87,946
	217,948		American States Water Co		6,262
	1,103,119		American Water Works Co, Inc		46,618
	782,731		APA Group		4,201
	192,504		Aqua America, Inc		4,541
	31,088		Artesian Resources Corp		713
	172,052	e	Ascopiave S.p.A.		424
	134,746	e	Atco Ltd		5,919
	546,319	e	Atlantic Power Corp		1,901
	292,179	e	Atlantic Power Corp (Toronto)		1,020
	363,954		Atmos Energy Corp		16,531
	285,195		Avista Corp		8,040
	3,538,000	e	Beijing Enterprises Water Group Ltd		2,228
	2,324,000	*	Binhai Investment Co Ltd		142
	27,565		BKW S.A.		885
	171,832		Black Hills Corp		9,023
	30,295	*	Boralex, Inc		309

191

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	212,928		California Water Service Group	$	4,912
	5,458,091	*	Calpine Corp		106,487
	219,859	e	Canadian Utilities Ltd		7,383
	134,600	e	Capital Power Corp		2,699
	4,776,245		Centerpoint Energy, Inc		110,713
	279,941		Centrais Eletricas Brasileiras S.A.		699
	257,824		Centrais Eletricas Brasileiras S.A. (Preference)		1,087
	16,900	*	Centrais Eletricas de Santa Catarina S.A.		131
	6,259,444		Centrica plc		36,096
	36,864	*	CESC Ltd		278
	205,087		CEZ AS		5,350
	43,479		Chesapeake Utilities Corp		2,610
	653,344	e	Cheung Kong Infrastructure Holdings Ltd		4,130
	3,390,000	e	China Datang Corp Renewable Power Co Ltd		719
	6,568,100	e	China Gas Holdings Ltd		9,669
	3,479,500		China Longyuan Power Group Corp		4,487
	5,300,000	e	China Oil and Gas Group Ltd		980
	7,898,000	e	China Power International Development Ltd		2,816
	8,540,000	*,e	China Power New Energy Development Co Ltd		586
	2,310,800		China Resources Gas Group Ltd		8,059
	2,298,899		China Resources Power Holdings Co		5,456
	2,302,000		China Water Affairs Group Ltd		853
	4,810,000	*	China WindPower Group Ltd		386
	902,486		Chubu Electric Power Co, Inc		11,667
	382,091		Chugoku Electric Power Co, Inc		5,949
	693,819		Cia de Saneamento Basico do Estado de Sao Paulo		7,785
	67,800		Cia de Saneamento de Minas Gerais-COPASA		1,069
	818,117		Cia Energetica de Minas Gerais		4,856
	597,671		Cia Energetica de Sao Paulo (Class B)		5,680
	43,100		Cia Energetica do Ceara		767
	271,619		Cia Paranaense de Energia		3,531
	233,944		Cleco Corp		10,906
	1,568,859	e	CLP Holdings Ltd		12,409
	846,999		CMS Energy Corp		22,674
	8,857,504		Colbun S.A.		2,022
	43,041		Connecticut Water Service, Inc		1,528
	513,013		Consolidated Edison, Inc		28,359
	59,357		Consolidated Water Co, Inc		837
	2,756,772	e	Contact Energy Ltd		11,640
	259,840		CPFL Energia S.A.		2,103
	6,984,900		Datang International Power Generation Co Ltd		3,230
	28,233		Delta Natural Gas Co, Inc		632
	1,980,409		Dominion Resources, Inc		128,113
	2,070,770		Drax Group plc		27,476
	616,260		DTE Energy Co		40,913
	2,019,822		DUET Group		3,609
	2,876,248		Duke Energy Corp		198,490
	388,662	*,e	Dynegy, Inc		8,364

192

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	3,683,179		E.ON AG.	$	68,094
	6,799		E1 Corp		431
	1,544,619		Edison International		71,516
	665,601		EDP - Energias do Brasil S.A.		3,202
	158,112		El Paso Electric Co		5,551
	179,861		Electric Power Development Co		5,244
	2,181,159		Electricite de France		77,163
	36,186		Elia System Operator S.A.		1,678
	195,646		Empire District Electric Co		4,439
	578,826		Empresa Electrica del Norte Grande S.A.		748
	4,280,317		Empresa Nacional de Electricidad S.A.		6,372
	173,609	e	Enagas		4,535
	648,674	*,e	Endesa S.A.		20,808
	146,936		Enea S.A.		662
	1,344,227		Enel Green Power S.p.A		3,382
	2,327,821		Enel S.p.A.		10,157
	716,089	*	Energa S.A.		3,776
	1,179,875		Energias de Portugal S.A.		4,334
	1,024,060	*,e	Energy World Corp Ltd		348
	42,718,929		Enersis S.A.		12,813
	425,526	*	Eneva S.A.		539
	486,137		Entergy Corp		30,758
	2,342,457		Envestra Ltd		2,387
	732,000	*,e	Epure International Ltd		408
	227,030		Equatorial Energia S.A.		2,228
	50,345	e	EVN AG.		799
	2,384,390		Exelon Corp		65,308
	3,235,200		First Gen Corp		954
	700,930		First Philippine Holdings Corp		849
	997,856		FirstEnergy Corp		32,909
	269,707	e	Fortis, Inc		7,731
	1,592,307		Fortum Oyj		36,429
	434,570		GAIL India Ltd		2,407
	797,400		Gas Malaysia BHD		943
	1,592,545		Gas Natural SDG S.A.		40,991
	2,552,911		Gaz de France		60,043
	59,089	*,e	Genie Energy Ltd		603
	558,600		Glow Energy PCL		1,202
	323,449		Great Plains Energy, Inc		7,840
	140,000		Great Taipei Gas Co Ltd		106
	8,685,100	e	Guangdong Investments Ltd		8,497
	2,050		Gujarat Gas Co Ltd		9
	194,239		Gujarat State Petronet Ltd		192
	2,353,042	*	GVK Power & Infrastructure Ltd		360
	49,120		Hanjin Heavy Industries & Construction Holdings Co Ltd		445
	81,265	e	Hawaiian Electric Industries, Inc		2,118
	1,439,470		Hera S.p.A.		3,269
	129,071	*	Hokkaido Electric Power Co, Inc		1,485

193

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	256,290		Hokuriku Electric Power Co	$	3,481
	4,700,276		Hong Kong & China Gas Ltd		10,792
	3,342,819		Hong Kong Electric Holdings Ltd		26,610
	1,137,130	*	Huadian Energy Co Ltd		344
	9,058,000	e	Huadian Fuxin Energy Corp Ltd		3,593
	2,300,000	e	Huadian Power International Co		900
	12,588,200		Huaneng Power International, Inc		11,413
	5,074,000	e	Huaneng Renewables Corp Ltd		2,442
	681,000	e	Hyflux Ltd		632
	3,995,276		Iberdrola S.A.		25,497
	193,633	e	Idacorp, Inc		10,038
	115,000	*	IDGC Holding JSC (GDR)		554
	71,572	*	Indiabulls Infrastructure and Power Ltd		4
	63,672	*	Indraprastha Gas Ltd		277
	1,884,668		Infratil Ltd		3,520
	198,223	e	Innergex Renewable Energy, Inc		1,978
	66,776		Integrys Energy Group, Inc		3,633
	623,771		Interconexion Electrica S.A.		2,941
	552,247		Inversiones Aguas Metropolitanas S.A.		938
	1,585,218		Iride S.p.A.		2,431
	670,319		Isagen S.A. ESP		1,129
	108,257		ITC Holdings Corp		10,373
	167,325	e	Just Energy Income Fund		1,197
	1,833,004	*	Kansai Electric Power Co, Inc		21,097
	73,000	m	Kanto Natural Gas Development Ltd		495
	3,193		Korea District Heating Corp		260
	296,530	*	Korea Electric Power Corp		9,793
	29,092		Korea Gas Corp		1,839
	4,902		KyungDong City Gas Co Ltd		456
	397,505	*	Kyushu Electric Power Co, Inc		5,077
	127,791		Laclede Group, Inc		5,820
	241,400		Light S.A.		2,271
	152,871	e	Macquarie Power & Infrastructure Income Fund		512
	1,428,200		Manila Water Co, Inc		709
	588,869		MDU Resources Group, Inc		17,990
	99,249		MGE Energy, Inc		5,747
	66,089		Middlesex Water Co		1,384
	1,574,001		Mighty River Power Ltd		2,760
	247,638		National Fuel Gas Co		17,681
	8,907,127		National Grid plc		116,498
	164,617		New Jersey Resources Corp		7,612
	2,547,053		NextEra Energy, Inc		218,079
	795,448		NiSource, Inc		26,154
	1,019,747		Northeast Utilities		43,227
	128,959	e	Northland Power Income Fund		1,879
	115,526	e	Northwest Natural Gas Co		4,947
	149,276		NorthWestern Corp		6,467
	1,356,014		NRG Energy, Inc		38,945

194

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	367,189	e	NRG Yield, Inc	$	14,691
	1,595,678		NTPC Ltd		3,538
	1,660,243		OGE Energy Corp		56,282
	105,500		Okinawa Electric Power Co, Inc		3,551
	1,314,204		Oneok, Inc		81,717
	69,917	e	Ormat Technologies, Inc		1,902
	3,806,568		Osaka Gas Co Ltd		14,951
	142,569		Otter Tail Corp		4,173
	234,074	*,e	Pattern Energy Group, Inc		7,095
	546,821		Pennon Group plc		5,975
	206,896	e	Pepco Holdings, Inc		3,958
	668,700		Petronas Gas BHD		4,961
	1,538,058		PG&E Corp		61,953
	339,164		Piedmont Natural Gas Co, Inc		11,247
	606,014		Pinnacle West Capital Corp		32,070
	306,217		PNM Resources, Inc		7,386
	8,981,750		PNOC Energy Development Corp		1,081
	1,798,565		Polska Grupa Energetyczna S.A.		9,686
	294,926		Portland General Electric Co		8,907
	1,767,216		Power Grid Corp of India Ltd		2,856
	1,135,461		PPL Corp		34,166
	12,758,200		PT Perusahaan Gas Negara		4,703
	435,227	*	PTC India Ltd		467
	198,826		Public Power Corp		2,955
	1,121,723		Public Service Enterprise Group, Inc		35,940
	1,076,200		Puncak Niaga Holding BHD		1,069
	57,670	*,e	Pure Cycle Corp		365
	292,131		Questar Corp		6,716
	61,339	e	Red Electrica de Espana		4,095
	157,984		Redes Energeticas Nacionais S.A.		486
	137,445	*	Reliance Energy Ltd		949
	634,826	*	Reliance Power Ltd		753
	36,795		Rubis		2,330
	1,377,614		RusHydro (ADR)		2,382
	140,836		RWE AG.		5,160
	551		RWE AG. (Preference)		18
	8,162		Samchully Co Ltd		982
	113,935		SCANA Corp		5,347
	164,543		Scottish & Southern Energy plc		3,739
	41,478		Sechilienne-Sidec		962
	1,747,751		Sempra Energy		156,878
	247,511		Severn Trent plc		6,998
	125,278	*	Shikoku Electric Power Co, Inc		1,879
	106,400		Shizuoka Gas Co Ltd		633
	67,965	e	SJW Corp		2,025
	1,922,794		Snam Rete Gas S.p.A.		10,747

195

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES			COMPANY	(000)
	122,067		South Jersey Industries, Inc	$	6,831
	980,160		Southern Co		40,294
	183,366		Southwest Gas Corp		10,252
	2,690,359		SP AusNet		2,996
	1,584,296		Spark Infrastructure Group		2,302
	323,100	*	SPCG PCL		188
	346,086		Suez Environnement S.A.		6,206
	309,334	e	Superior Plus Corp		3,596
	1,085,450		Taiwan Cogeneration Corp		634
	1,554,103		Tata Power Co Ltd		2,298
	2,331,610		Tauron Polska Energia S.A.		3,379
	179,492	e	TECO Energy, Inc		3,094
	113,855		Telecom Plus plc		3,337
	7,374,118		Tenaga Nasional BHD		25,644
	167,476		Terna Rete Elettrica Nazionale S.p.A.		836
	3,045,800		Thai Tap Water Supply PCL		930
	363,223	e	Toho Gas Co Ltd		1,768
	340,598	*	Tohoku Electric Power Co, Inc		3,837
	1,314,306	*	Tokyo Electric Power Co, Inc		6,476
	7,388,285		Tokyo Gas Co Ltd		36,415
	1,289,000		Towngas China Co Ltd		1,497
	177,320		Tractebel Energia S.A.		2,703
	361,369	e	TransAlta Corp		4,586
	27,200	e	TransAlta Renewables, Inc		281
	115,100		Transmissora Alianca de Energia Eletrica S.A.		890
	488,019		UGI Corp		20,233
	264,211		UIL Holdings Corp		10,238
	511,484		United Utilities Group plc		5,695
	66,843		Unitil Corp		2,038
	199,795		UNS Energy Corp		11,958
	67,562		Valener, Inc		969
	168,190		Vectren Corp		5,971
	358,488		Veolia Environnement		5,855
	299,037		Westar Energy, Inc		9,620
	201,345		WGL Holdings, Inc		8,066
	615,819		Wisconsin Energy Corp		25,458
	902,527		Xcel Energy, Inc		25,217
	1,813,800	e	Xinao Gas Holdings Ltd		13,443
	4,770		YESCO Co Ltd		169
	41,556	e	York Water Co		870
	10,527,782		YTL Corp BHD		5,212
	3,755,308	*	YTL Power International BHD		2,169
	16,000		Zespol Elektrowni Patnow Adamow Konin S.A.		132
	1,407,253	*	Zorlu Enerji Elektrik Uretim AS		682
			TOTAL UTILITIES		3,432,023
			TOTAL COMMON STOCKS		125,638,491
			(Cost $100,742,614)

196

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
PREFERRED STOCKS - 0.0%
BANKS - 0.0%
	4,022,934	*	ITAUSA Investimentos Itau PR	$	15,198
			TOTAL BANKS		15,198
DIVERSIFIED FINANCIALS - 0.0%
	300,000		Daishin Securities Co Ltd Pref 2		1,435
			TOTAL DIVERSIFIED FINANCIALS		1,435
REAL ESTATE - 0.0%
	8,497,223	*,m	Ayala Land, Inc (Preferred B)		19
			TOTAL REAL ESTATE		19
			TOTAL PREFERRED STOCKS		16,652
			(Cost $22,738)
RIGHTS / WARRANTS - 0.0%
BANKS - 0.0%
	2,183,192		Piraeus Bank S.A.		2,292
	5,927,291	m	PT Bank Bukopin Tbk		0	^
			TOTAL BANKS		2,292
CAPITAL GOODS - 0.0%
	43,120		Genting Plantations BHD		46
	3,758,804	m	Polimex-Mostostal S.A.		0	^
			TOTAL CAPITAL GOODS		46
CONSUMER SERVICES - 0.0%
	4,088	e	Corporate Travel Management Ltd		3
			TOTAL CONSUMER SERVICES		3
DIVERSIFIED FINANCIALS - 0.0%
	611,609	m	Citadel Capital SAE		0	^
	47,320		Deutsche Bank, John Keells		15
	47,320		Deutsche Bank, John Keells		12
	903,551		Genting BHD		863
	422,950		Malaysia Building Society BHD		67
			TOTAL DIVERSIFIED FINANCIALS		957
ENERGY - 0.0%
	123,722		Etablissements Maurel et Prom CW14		15
	2,179,112		EXCO Resources, Inc		349
	64,082	m	Magnum Hunter Resources Corp		0	^

197

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	RATE		MATURITY DATE	VALUE (000)
	1,694,523	m	Norwegian Energy Co ASA				$	28
	1,503,512		Repsol S.A.					1,026
			TOTAL ENERGY					1,418
FOOD, BEVERAGE & TOBACCO - 0.0%
	15,482		Olam International Ltd					4
			TOTAL FOOD, BEVERAGE & TOBACCO					4
HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	54,573		KPJ Healthcare BHD					34
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					34
MATERIALS - 0.0%
	1,558		Kinross Gold Corp					0	^
	651,967		Turquoise Hill Resources Ltd					614
			TOTAL MATERIALS					614
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	13,858	e	Cubist Pharmaceuticals, Inc					19
	288,574		Faes Farma S.A.					17
	628	m	Hanmi Pharm Co Ltd					11
	63,400	e	Nichi-iko Pharmaceutical Co Ltd					283
	228,016	m	Trius Therapeutics, Inc					30
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					360
REAL ESTATE - 0.0%
	6,677		Tejon Ranch Co					36
			TOTAL REAL ESTATE					36
UTILITIES - 0.0%
	26,189	m	JB Financial Group Co Ltd					34
			TOTAL UTILITIES					34
			TOTAL RIGHTS / WARRANTS					5,798
			(Cost $4,747)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 4.3%
GOVERNMENT AGENCY DEBT - 0.2%
$	8,685,000		Federal Home Loan Bank (FHLB)	0.050	%	01/03/14		8,685
	50,000,000		FHLB	0.035		01/17/14		49,999
	20,000,000		FHLB	0.065		02/05/14		19,999
	50,000,000		FHLB	0.070		02/07/14		49,996
	72,500,000		FHLB	0.080		02/19/14		72,492

198

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	30,000,000		FHLB	0.065	%	02/26/14	$	29,997
	50,000,000		Federal Home Loan Mortgage Corp (FHLMC)	0.060		03/10/14		49,997
			TOTAL GOVERNMENT AGENCY DEBT					281,165
TREASURY DEBT - 0.2%
	2,000,000		United States Treasury Bill	0.070		03/06/14		2,000
	1,000,000		United States Treasury Bill	0.065		03/20/14		1,000
	20,000,000		United States Treasury Bill	0.071		04/03/14		19,997
	12,600,000		United States Treasury Bill	0.075		04/10/14		12,598
	14,000,000		United States Treasury Bill	0.076-0.077		04/24/14		13,997
	1,000,000		United States Treasury Bill	0.088		05/29/14		1,000
	11,000,000		United States Treasury Bill	0.070		06/19/14		10,996
	20,700,000		United States Treasury Bill	0.088-0.101		06/26/14		20,692
	4,000,000		United States Treasury Bill	0.101-0.103		07/24/14		3,998
	28,000,000		United States Treasury Bill	0.091-0.095		08/21/14		27,987
	30,000,000		United States Treasury Note	0.250		04/30/14		30,015
			TOTAL TREASURY DEBT					144,280
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 3.9%
REPURCHASE AGREEMENT - 3.4%
	200,000,000	n	Bank of Nova Scotia	0.010		01/02/14		200,000
	800,000,000	o	Barclays	0.010		01/02/14		800,000
	200,000,000	p	BNP	0.005		01/02/14		200,000
	700,000,000	q	Calyon	0.020		01/02/14		700,000
	440,000,000	r	Citigroup	0.010		01/02/14		440,000
	50,000,000	s	CSFB	0.005		01/02/14		50,000
	74,000,000	t	Deutsche Bank	0.020		01/02/14		74,000
	600,000,000	u	Merrill Lynch	0.010-0.050		01/02/14		600,000
	235,000,000	v	Morgan Stanley	0.020		01/02/14		235,000
	951,000,000	x	Royal Bank of Scotland	0.010		01/02/14		951,000
	100,000,000	y	Societe Generale	0.010		01/02/14		100,000
			TOTAL REPURCHASE AGREEMENT					4,350,000
TREASURY DEBT - 0.1%
	10,000,000		United States Treasury Bill	0.010		01/02/14		10,000
	85,000,000		United States Treasury Bill	0.010		01/09/14		85,000
	45,000,000		United States Treasury Bill	0.010		01/16/14		45,000
			TOTAL TREASURY DEBT					140,000
VARIABLE RATE SECURITIES - 0.4%
	75,000,000	i	CIBC Bank and Trust Co	0.010		01/02/14		75,000
	11,079,323	i	Granite Master Issuer plc 2006	0.367		12/20/50		10,954
	8,760,395	i	Granite Master Issuer plc 2007	0.367		12/20/50		8,661
	4,942,749	i	Medallion Trust 2005	0.278		08/22/36		4,924
	4,240,910	i	Nelnet Student Loan Trust 2007	0.496		09/25/18		4,241
	9,073,350	i	Puma Finance Ltd	0.379		02/21/38		8,990
	176,000,000	i	Royal Bank of Canada Trust	0.010		01/02/14		176,000

199

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	170,000,000	i	SLM Student Loan Trust 2007	0.278	%	01/25/19	$	167,514
	18,214,771	i	SLM Student Loan Trust 2008	0.588		10/25/16		18,213
			TOTAL VARIABLE RATE SECURITIES					474,497
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED					4,964,497
			TOTAL SHORT-TERM INVESTMENTS					5,389,942
			(Cost $5,391,872)
			TOTAL INVESTMENTS - 103.8%					131,053,063
			(Cost $106,164,248)
			OTHER ASSETS & LIABILITIES, NET - (3.8)%					(4,709,701	)
			NET ASSETS - 100.0%				$	126,343,362

	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 $4,975,468,000.
f	Restricted security. At 12/31/2013, the aggregate value of these securities amounted to $409,000, or 0.0% of net assets.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 2013, the aggregate value of these securities amounted to $6,690,000, or 0.0% of net assets.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
j	Zero coupon
m	Indicates a security that has been deemed illiquid.
n	Agreement with Bank of Nova Scotia, 0.01% dated 12/31/13 to be repurchased at $200,000,000 on 1/2/14, collateralized by U.S. Government Agency Securities valued at $204,000,000.
o	Agreement with Barclays, 0.01% dated 12/31/13 to be repurchased at $800,000,000 on 1/2/14, collateralized by U.S. Government Agency Securities valued at $816,422,000.
p	Agreement with BNP, 0.01% dated 12/31/13 to be repurchased at $200,000,000 on 1/2/14, collateralized by U.S. Government Agency Securities valued at $204,000,000.
q	Agreement with Calyon, 0.02% dated 12/31/13 to be repurchased at $700,000,000 on 1/2/14, collateralized by U.S. Government Agency Securities valued at $714,000,000.
r	Agreement with Citigroup, 0.01% dated 12/31/13 to be repurchased at $440,000,000 on 1/2/14, collateralized by U.S. Government Agency Securities valued at $448,800,000.
s	Agreement with CSFB, 0.01% dated 12/31/13 to be repurchased at $50,002,000 on 1/2/14, collateralized by U.S. Government Agency Securities valued at $51,002,000.

200

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

t	Agreement with Deutsche Bank, 0.02% dated 12/31/13 to be repurchased at $74,000,000 on 1/2/14, collateralized by U.S. Government Agency Securities valued at $75,480,000.
u	Agreements with Merrill Lynch, 0.01-0.05% dated 12/31/13 to be repurchased at $600,001,000 on 1/2/14, collateralized by U.S. Government Agency Securities valued at $612,000,000.
v	Agreement with Morgan Stanley, 0.02% dated 12/31/13 to be repurchased at $235,000,000 on 1/2/14, collateralized by U.S. Government Agency Securities valued at $239,700,000.
x	Agreement with Royal Bank of Scotland, 0.01% dated 12/31/13 to be repurchased at $951,003,000 on 1/2/14, collateralized by U.S. Government Agency Securities valued at $970,023,000.
y	Agreement with Societe Generale, 0.01% dated 12/31/13 to be repurchased at $100,000,000 on 1/2/14, collateralized by U.S. Government Agency Securities valued at $102,000,000.
	Cost amounts are in thousands.

201

COLLEGE RETIREMENT EQUITIES FUND

STOCK ACCOUNT

SUMMARY OF MARKET VALUES BY COUNTRY

December 31, 2013

Country	Value (000)		% of total portfolio
DOMESTIC
UNITED STATES	$	92,283,454		70.4	%
TOTAL DOMESTIC		92,283,454		70.4
FOREIGN
ARGENTINA		1,097		0.0
AUSTRALIA		1,579,882		1.2
AUSTRIA		131,406		0.1
BELGIUM		248,061		0.2
BERMUDA		69,703		0.1
BRAZIL		796,018		0.6
CAMBODIA		2,294		0.0
CANADA		2,818,620		2.2
CAYMAN ISLANDS		31,038		0.0
CHILE		108,930		0.1
CHINA		1,600,220		1.2
COLOMBIA		76,126		0.1
CYPRUS		13,249		0.0
CZECH REPUBLIC		24,992		0.0
DENMARK		328,240		0.3
EGYPT		16,761		0.0
FAROE ISLANDS		786		0.0
FINLAND		306,668		0.2
FRANCE		3,094,433		2.4
GEORGIA		3,894		0.0
GERMANY		2,611,758		2.0
GIBRALTAR		1,681		0.0
GREECE		104,253		0.1
GUERNSEY, C.I.		2,398		0.0
HONG KONG		880,916		0.7
HUNGARY		17,478		0.0
INDIA		567,485		0.4
INDONESIA		170,025		0.1
IRELAND		369,674		0.3
ISLE OF MAN		5,502		0.0
ISRAEL		103,485		0.1
ITALY		525,080		0.4
JAPAN		5,782,017		4.4
JERSEY, C.I.		4,870		0.0
KOREA, REPUBLIC OF		1,285,907		1.0
LUXEMBOURG		45,207		0.0
MACAU		26,528		0.0
MALAYSIA		275,133		0.2
MEXICO		407,296		0.3
MONACO		1,744		0.0

202

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

Country	Value (000)		% of total portfolio
NETHERLANDS	$	1,267,340		1.0	%
NEW ZEALAND		90,557		0.1
NORWAY		263,659		0.2
PANAMA		37,307		0.0
PERU		22,899		0.0
PHILIPPINES		98,837		0.1
POLAND		132,587		0.1
PORTUGAL		40,364		0.0
PUERTO RICO		7,632		0.0
ROMANIA		596		0.0
RUSSIA		416,966		0.3
SINGAPORE		420,210		0.3
SOUTH AFRICA		538,412		0.4
SPAIN		500,520		0.4
SWEDEN		905,527		0.7
SWITZERLAND		2,383,614		1.8
TAIWAN		1,007,805		0.8
THAILAND		191,498		0.1
TURKEY		136,188		0.1
UKRAINE		2,962		0.0
UNITED ARAB EMIRATES		26,230		0.0
UNITED KINGDOM		5,837,044		4.5
TOTAL FOREIGN		38,769,609		29.6
TOTAL PORTFOLIO	$	131,053,063		100.0	%

203

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND

GLOBAL EQUITIES ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2013

				VALUE
SHARES			COMPANY	(000)
COMMON STOCKS - 98.7%
AUSTRALIA - 2.1%
	163,257		AGL Energy Ltd	$	2,195
	38,310	e	ALS Ltd		302
	821,298	*	Alumina Ltd		815
	508,242		Amcor Ltd		4,801
	1,043,819		AMP Ltd		4,103
	83,313		APA Group		447
	217,586		Asciano Group		1,122
	1,231,091		Australia & New Zealand Banking Group Ltd		35,539
	58,495		Australian Stock Exchange Ltd		1,924
	32,439		Bank of Queensland Ltd		353
	58,247		Bendigo Bank Ltd		612
	681,005	*,m	BGP Holdings plc		0	^
	2,183,307		BHP Billiton Ltd		74,436
	126,480	*	BlueScope Steel Ltd		660
	112,790		Boral Ltd		482
	375,169		Brambles Ltd		3,074
	19,276		Caltex Australia Ltd		346
	299,781		CFS Gandel Retail Trust		522
	800,000		Challenger Financial Services Group Ltd		4,443
	188,867		Coca-Cola Amatil Ltd		2,032
	5,820	e	Cochlear Ltd		307
	445,398		Commonwealth Bank of Australia		31,034
	153,521		Computershare Ltd		1,564
	425,371		Crown Ltd		6,418
	159,620		CSL Ltd		9,840
	799,457	e	David Jones Ltd		2,161
	690,069		DB RREEF Trust		621
	70,491		DuluxGroup Ltd		338
	2,503,937		Echo Entertainment Group Ltd		5,516
	140,519		Federation Centres		295
	155,174	e	Flight Centre Ltd		6,609
	156,894	e	Fortescue Metals Group Ltd		820
	254,897		GPT Group (ASE)		775
	71,155	e	Harvey Norman Holdings Ltd		201
	42,685	e	Iluka Resources Ltd		331
	338,253		Incitec Pivot Ltd		811
	678,304		Insurance Australia Group Ltd		3,532
	3,092,546	e	John Fairfax Holdings Ltd		1,773
	49,341	e	Leighton Holdings Ltd		713
	199,766		Lend Lease Corp Ltd		1,994
	228,949		Macquarie Goodman Group		970
	118,812		Macquarie Group Ltd		5,832
	119,767	e	Metcash Ltd		338
	1,165,131	e	Mirvac Group		1,752

204

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,057,074		National Australia Bank Ltd	$	32,993
	485,955		Newcrest Mining Ltd		3,412
	321,889		OneSteel Ltd		505
	121,208		Orica Ltd		2,592
	378,804		Origin Energy Ltd		4,774
	385,302	*	Orora Ltd		399
	87,299		Oxiana Ltd		247
	152,328	*	Qantas Airways Ltd		149
	470,808		QBE Insurance Group Ltd		4,857
	203,087		QR National Ltd		887
	13,266		Ramsay Health Care Ltd		513
	43,306	*	Recall Holdings Ltd		157
	204,174		Rio Tinto Ltd		12,497
	321,180		Santos Ltd		4,209
	32,818		Seek Ltd		395
	52,514		Shopping Centres Australasia Property Group		72
	7,271	*,e	Sims Group Ltd		71
	38,272		Sonic Healthcare Ltd		568
	228,269		SP AusNet		254
	850,086	e	Stockland Trust Group		2,748
	474,303		Suncorp-Metway Ltd		5,567
	241,822		Sydney Airport		822
	103,088		Tabcorp Holdings Ltd		335
	202,242		Tattersall’s Ltd		561
	1,647,665		Telstra Corp Ltd		7,733
	262,747		Toll Holdings Ltd		1,336
	394,333		Transurban Group		2,411
	64,872		Treasury Wine Estates Ltd		280
	366,230		Wesfarmers Ltd		14,420
	2,166,342		Westfield Group		19,556
	1,440,116		Westfield Retail Trust		3,826
	790,738		Westpac Banking Corp		22,922
	219,868		Woodside Petroleum Ltd		7,658
	389,079		Woolworths Ltd		11,782
	42,914		WorleyParsons Ltd		638
			TOTAL AUSTRALIA		394,899
AUSTRIA - 0.1%
	98,883		Andritz AG.		6,197
	23,188		Erste Bank der Oesterreichischen Sparkassen AG.		808
	65,989	*,e,m	Immoeast AG.		0	^
	47,916		Immofinanz Immobilien Anlagen AG.		222
	3,623		Oest Elektrizitatswirts AG. (Class A)		77
	170,000		Oesterreichische Post AG.		8,157
	14,794		OMV AG.		708
	5,009	e	Raiffeisen International Bank Holding AG.		177
	27,660		Telekom Austria AG.		209
	11,166		Voestalpine AG.		537
	3,853		Wiener Staedtische Allgemeine Versicherung AG.		193
			TOTAL AUSTRIA		17,285

205

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
BELGIUM - 0.3%
	22,696		Ageas	$	968
	198,142		Anheuser-Busch InBev NV (ADR)		21,094
	31,925	*,m	Anheuser-Busch InBev NV (Strip VVPR)		0	^
	15,142		Belgacom S.A.		448
	7,459		Colruyt S.A.		417
	10,052		Delhaize Group		598
	8,016		Groupe Bruxelles Lambert S.A.		736
	477	*,m	Groupe Bruxelles Lambert S.A. - (Strip VVPR)		0	^
	80,995		InBev NV		8,613
	20,544		KBC Groep NV		1,168
	1,411		Mobistar S.A.		27
	5,933		Solvay S.A.		939
	2,685		Telenet Group Holding NV		160
	271,170		UCB S.A.		20,203
	11,496		Umicore		537
			TOTAL BELGIUM		55,908
BERMUDA - 0.1%
	894,597	*	Third Point Reinsurance Ltd		16,577
			TOTAL BERMUDA		16,577
BRAZIL - 0.1%
	244,700		Cia Brasileira de Distribuicao Grupo Pao de Acucar		10,892
	50,000	e	Cia Brasileira de Distribuicao Grupo Pao de Acucar (ADR)		2,234
			TOTAL BRAZIL		13,126
CANADA - 3.5%
	27,259		Agnico-Eagle Mines Ltd		719
	39,953		Agrium, Inc (Toronto)		3,655
	300,126		Alimentation Couche Tard, Inc		22,569
	57,226	e	AltaGas Income Trust		2,196
	279,921	e	ARC Energy Trust		7,792
	14,081		Atco Ltd		618
	227,350	*,e	Athabasca Oil Corp		1,387
	247,604	e	Bank of Montreal (Toronto)		16,505
	454,551	e	Bank of Nova Scotia		28,426
	556,835		Barrick Gold Corp (Canada)		9,808
	71,896	e	Baytex Energy Trust		2,818
	245,811	e	BCE, Inc		10,645
	55,867	e	Bell Aliant Regional Communications Income Fund		1,406
	5,600	*	Blackberry Ltd		42
	847,113	e	Bombardier, Inc		3,676
	162,888	e	Brookfield Asset Management, Inc		6,321
	127,372		CAE, Inc		1,620
	84,437	e	Cameco Corp		1,752
	208,546	e	Canadian Imperial Bank of Commerce/Canada		17,811
	663,004		Canadian National Railway Co		37,799
	469,925	e	Canadian Natural Resources Ltd (Canada)		15,899
	228,991		Canadian Oil Sands Trust		4,307
	177,180		Canadian Pacific Railway Ltd (Toronto)		26,796
	89,637	e	Canadian Tire Corp Ltd		8,395

206

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	24,512		Canadian Utilities Ltd	$	823
	200,000	*	Canfor Corp		5,020
	390,000	*	Celestica, Inc		4,053
	231,115		Cenovus Energy, Inc (Toronto)		6,614
	115,689	*	CGI Group, Inc		3,871
	38,756	e	CI Financial Corp		1,290
	173,515	e	Crescent Point Energy Corp		6,738
	213,225		Dollarama, Inc		17,706
	445,770		Eldorado Gold Corp		2,530
	7,471		Empire Co Ltd		510
	247,305	e	Enbridge, Inc		10,805
	200,579	e	EnCana Corp		3,622
	30,239	e	Enerplus Resources Fund		549
	2,088		Fairfax Financial Holdings Ltd		834
	98,266	e	Finning International, Inc		2,512
	39,959		First Capital Realty, Inc		666
	277,580		First Quantum Minerals Ltd		5,002
	96,138	e	Fortis, Inc		2,756
	82,052		Franco-Nevada Corp		3,344
	11,015	e	George Weston Ltd		804
	66,223		Gildan Activewear, Inc		3,529
	229,513		Goldcorp, Inc		4,978
	145,254		Great-West Lifeco, Inc		4,478
	81,680		H&R Real Estate Investment Trust		1,646
	162,675	e	Husky Energy, Inc		5,161
	16,200		IAMGOLD Corp		54
	53,140	e	IGM Financial, Inc		2,806
	135,978	e	Imperial Oil Ltd		6,022
	21,718		Industrial Alliance Insurance and Financial Services, Inc		960
	24,984		ING Canada, Inc		1,632
	68,745	e	Keyera Facilities Income Fund		4,137
	425,761		Kinross Gold Corp		1,864
	130,000		Linamar Corp		5,408
	17,989	e	Loblaw Cos Ltd		718
	11,728	*,e	Lululemon Athletica, Inc		692
	80,000		Magna International, Inc - Class A (NY)		6,565
	70,507		Magna International, Inc (Class A)		5,781
	586,477		Manulife Financial Corp		11,572
	16,723	*	MEG Energy Corp		482
	25,054		Methanex Corp		1,482
	136,175	e	Metro, Inc		8,320
	73,210		National Bank of Canada		6,092
	255,724	*	New Gold, Inc		1,338
	24,048		Onex Corp		1,298
	71,046		Open Text Corp		6,535
	3,901		Pan American Silver Corp		46
	88,609	e	Pembina Pipeline Income Fund		3,121
	94,232	e	Pengrowth Energy Trust		583
	80,223	e	Penn West Energy Trust		670
	678,188	e	Peyto Energy Trust		20,756
	353,146	e	Potash Corp of Saskatchewan (Toronto)		11,642
	84,105	e	Power Corp Of Canada		2,530

207

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	58,370	e	Power Financial Corp	$	1,978
	101,664		RioCan Real Estate Investment Trust		2,371
	4,658		Ritchie Bros Auctioneers, Inc		107
	109,634	e	Rogers Communications, Inc (Class B)		4,961
	537,166		Royal Bank of Canada (Toronto)		36,111
	66,555		Saputo, Inc		3,032
	84,533	e	Shaw Communications, Inc (B Shares)		2,057
	49,750	e	Shoppers Drug Mart Corp		2,725
	65,441		Silver Wheaton Corp		1,321
	25,100		SNC-Lavalin Group, Inc		1,129
	179,385		Sun Life Financial, Inc		6,336
	1,024,337		Suncor Energy, Inc		35,911
	957,026		Talisman Energy, Inc (Toronto)		11,127
	254,159	e	Teck Cominco Ltd		6,616
	51,457		TELUS Corp		1,771
	100,482	e	Thomson Corp (Toronto)		3,800
	79,758		Tim Hortons, Inc (Toronto)		4,654
	540,735		Toronto-Dominion Bank		50,961
	188,644	*	Tourmaline Oil Corp		7,938
	149,098	e	TransAlta Corp		1,892
	431,052	e	TransCanada Corp		19,697
	322,540	e	TransForce, Inc		7,670
	276,340	*,e	Turquoise Hill Resources Ltd		913
	47,221	e	Vermilion Energy Trust		2,772
	180,000		Westjet Airlines Ltd		4,731
	128,953		Yamana Gold, Inc		1,112
			TOTAL CANADA		669,602
CAYMAN ISLANDS - 0.0%
	41,607	e	Herbalife Ltd		3,274
			TOTAL CAYMAN ISLANDS		3,274
CHINA - 1.1%
	8,651	*	58.COM, Inc (ADR)		332
	6,712,000		Agile Property Holdings Ltd		7,217
	794,000		Agricultural Bank of China		392
	600,000	e	Anhui Conch Cement Co Ltd		2,232
	2,708,700		Bank of Communications Co Ltd		1,917
	2,199,448		BOC Hong Kong Holdings Ltd		7,064
	1,122,000		China Aoyuan Property Group Ltd		236
	5,000,000		China Construction Bank		3,786
	20,738,400		China Everbright International Ltd		27,860
	4,734,000		China Gas Holdings Ltd		6,969
	3,119,500		China Merchants Bank Co Ltd		6,671
	3,875,000	*	China Modern Dairy Holdings		2,103
	1,300,255	*	China New Town Development Co Ltd		114
	6,000,000	e	China Railway Construction Corp		5,990
	12,000,000		China Railway Group Ltd		6,213
	1,818,900		China South Locomotive and Rolling Stock Corp		1,496
	7,000,000	e	Chongqing Rural Commercial Bank		3,406
	203,000		CNOOC Ltd		377
	7,000,000		Country Garden Holdings Co Ltd		4,243

208

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	40,000	*	Ctrip.com International Ltd (ADR)	$	1,985
	5,121,000	e	Dah Chong Hong Holdings Ltd		3,839
	11,900,000		Datang International Power Generation Co Ltd		5,503
	209,000	*,e	Glorious Property Holdings Ltd		45
	2,000,000	e	Golden Eagle Retail Group Ltd		2,648
	1,450,000	e	Great Wall Motor Co Ltd		8,034
	2,250,000		Guangzhou R&F Properties Co Ltd		3,301
	1,000,000	*	Hisense Kelon Electrical Holdings Co Ltd		1,519
	15,000,000	e	Huadian Power International Co		5,873
	6,000,000		Huaneng Power International, Inc		5,440
	16,910,000		Huaneng Renewables Corp Ltd		8,139
	12,556,000		Industrial & Commercial Bank of China		8,514
	11,074,000		KWG Property Holding Ltd		6,158
	227,800	*,e	Qunar Cayman Islands Ltd (ADR)		6,043
	27,500	*	Sina Corp		2,317
	2,259,948		Sino-Ocean Land Holdings Ltd		1,487
	2,900,000		Sinopec Engineering Group Co Ltd		4,348
	222,800		Tencent Holdings Ltd		14,265
	1,550,000		Xinao Gas Holdings Ltd		11,488
	8,500,000	*	Xinyi Solar Holdings Ltd		1,754
	179,000	e	Yangzijiang Shipbuilding		168
	8,057,000	e	Yanlord Land Group Ltd		7,842
	3,521,000		Zhuzhou CSR Times Electric Co Ltd		12,700
			TOTAL CHINA		212,028
COLOMBIA - 0.0%
	168,044		Pacific Rubiales Energy Corp (Toronto)		2,901
			TOTAL COLOMBIA		2,901
DENMARK - 0.4%
	55		AP Moller - Maersk AS (Class A)		567
	121		AP Moller - Maersk AS (Class B)		1,309
	10,627		Carlsberg AS (Class B)		1,176
	203,300		Christian Hansen Holding		8,059
	11,107		Coloplast AS		736
	56,021	*	Danske Bank AS		1,287
	19,509		DSV AS		641
	300,000		GN Store Nord		7,373
	184,167		Novo Nordisk AS (Class B)		33,758
	38,008		Novozymes AS		1,606
	741,798		TDC AS		7,195
	300,000	*	Topdanmark AS		7,906
	2,454		TrygVesta AS		237
	2,513	*,e	William Demant Holding		244
			TOTAL DENMARK		72,094
FINLAND - 0.4%
	13,255		Elisa Oyj (Series A)		351
	574,747		Fortum Oyj		13,149
	3,021		Kesko Oyj (B Shares)		111
	30,829		Kone Oyj (Class B)		1,390
	12,739		Metso Oyj		545

209

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	12,112	e	Neste Oil Oyj	$	240
	4,811,845	*,e	Nokia Oyj		38,880
	10,843		Nokian Renkaat Oyj		520
	413,786		OKO Bank (Class A)		8,297
	5,034		Orion Oyj (Class B)		141
	41,750		Sampo Oyj (A Shares)		2,052
	55,717		Stora Enso Oyj (R Shares)		560
	51,884		UPM-Kymmene Oyj		880
	17,145		Wartsila Oyj (B Shares)		845
			TOTAL FINLAND		67,961
FRANCE - 4.2%
	398,642		Accor S.A.		18,828
	2,921		Aeroports de Paris		332
	57,693		Air Liquide		8,166
	1,888,503	*	Alcatel S.A.		8,381
	594,900		Alcatel-Lucent (ADR)		2,618
	21,029		Alstom RGPT		767
	3,303		Arkema		386
	278,603		Atos Origin S.A.		25,242
	167,214		AXA S.A.		4,657
	1,129,791		BNP Paribas		88,132
	9,855	e	Bouygues S.A.		373
	20,546		Bureau Veritas S.A.		600
	14,480		Cap Gemini S.A.		980
	61,831		Carrefour S.A.		2,454
	5,531		Casino Guichard Perrachon S.A.		638
	1	*	CGG (ADR)		0	^
	2,852		Christian Dior S.A.		540
	15,482		CNP Assurances		317
	348,874		Compagnie de Saint-Gobain		19,218
	15,133	*	Compagnie Generale de Geophysique S.A.		263
	20,226		Compagnie Generale d’Optique Essilor International S.A.		2,152
	93,651	*	Credit Agricole S.A.		1,201
	9,604	*	Criteo S.A. (ADR)		328
	6,320		Dassault Systemes S.A.		785
	714,416		Edenred		23,920
	885,481		Electricite de France		31,326
	3,245		Eurazeo		255
	933,585		European Aeronautic Defence and Space Co		71,671
	7,716		Eutelsat Communications		241
	631,229	*,e	Faurecia		24,083
	2,529		Fonciere Des Regions		218
	115,139		France Telecom S.A.		1,429
	678,301	*,e	GameLoft		7,642
	135,901		Gaz de France		3,196
	1,986		Gecina S.A.		263
	55,707		Groupe Danone		4,019
	29,565		Groupe Eurotunnel S.A.		311
	2,648		Icade		247
	1,271		Iliad S.A.		260

210

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	3,391		Imerys S.A.	$	295
	731,688		JC Decaux S.A.		30,206
	9,447		Klepierre		438
	375,167		Lafarge S.A.		28,160
	5,826		Lagardere S.C.A.		217
	18,509		Legrand S.A.		1,020
	164,922		L’Oreal S.A.		28,962
	175,956		LVMH Moet Hennessy Louis Vuitton S.A.		32,146
	13,190		Michelin (C.G.D.E.) (Class B)		1,403
	87,019		Natixis		512
	123,998	*	Numericable SAS		4,503
	18,322		Pernod-Ricard S.A.		2,087
	6,563		PPR		1,387
	9,443		Publicis Groupe S.A.		865
	153,470		Remy Cointreau S.A.		12,892
	401,714		Renault S.A.		32,328
	1,266,508		Rexel S.A.		33,238
	22,454		Safran S.A.		1,561
	609,648		Sanofi-Aventis		65,107
	49,717		Schneider Electric S.A.		4,337
	155,825		SCOR		5,700
	2,724		Societe BIC S.A.		334
	639,119		Societe Generale		37,165
	5,004		Sodexho Alliance S.A.		507
	274,479		Suez Environnement S.A.		4,922
	10,208		Technip S.A.		983
	314,852		Teleperformance		19,202
	8,896		Thales S.A.		573
	1,197,130		Total S.A.		73,479
	8,919		Unibail-Rodamco		2,286
	153,793		Valeo S.A.		17,044
	10,683		Vallourec		583
	17,689		Veolia Environnement		289
	44,748		Vinci S.A.		2,941
	119,716		Vivendi Universal S.A.		3,158
	1,741		Wendel		254
	1,713		Zodiac S.A.		304
			TOTAL FRANCE		807,827
GERMANY - 4.2%
	11,009		Adidas-Salomon AG.		1,404
	501,168		Allianz AG.		90,173
	1,999		Axel Springer AG.		129
	91,431		BASF AG.		9,759
	971,305		Bayer AG.		136,382
	102,488		Bayerische Motoren Werke AG.		12,035
	535		Bayerische Motoren Werke AG. (Preference)		46
	697,946		Beiersdorf AG.		70,761
	2,602		Brenntag AG.		483
	8,417	e	Celesio AG.		267
	69,399	*	Commerzbank AG.		1,120
	133,603		Continental AG.		29,351

211

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	753,970		Daimler AG. (Reg)	$	65,433
	881,170		Deutsche Bank AG.		42,333
	19,330		Deutsche Boerse AG.		1,602
	22,509	*	Deutsche Lufthansa AG.		477
	1,747,751		Deutsche Post AG.		63,837
	281,411		Deutsche Telekom AG.		4,849
	14,804		Deutsche Wohnen AG.		286
	65,000		Duerr AG.		5,808
	177,616		E.ON AG.		3,284
	3,577		Fraport AG. Frankfurt Airport Services Worldwide		268
	180,000		Freenet AG.		5,408
	20,326		Fresenius Medical Care AG.		1,450
	11,713		Fresenius SE		1,801
	1,764		Fuchs Petrolub AG. (Preference)		173
	9,382		GEA Group AG.		447
	76,019		Hannover Rueckversicherung AG.		6,535
	13,997		HeidelbergCement AG.		1,063
	12,936		Henkel KGaA		1,349
	17,762		Henkel KGaA (Preference)		2,065
	1,746		Hochtief AG.		149
	1,524		Hugo Boss AG.		217
	107,372		Infineon Technologies AG.		1,147
	17,513	e	K&S AG.		540
	1,118		Kabel Deutschland Holding AG.		145
	59,080		Lanxess AG.		3,948
	17,600		Linde AG.		3,685
	1,933		MAN AG.		237
	3,406		Merck KGaA		611
	12,255		Metro AG.		594
	101,156	*	Morphosys AG.		7,799
	48,133		Muenchener Rueckver AG.		10,617
	357,338	*	Osram Licht AG.		20,155
	15,185		Porsche AG.		1,585
	621,529	*	Premiere AG.		6,870
	675,508		ProSiebenSat. Media AG.		33,543
	187,961		RTL Group		24,328
	34,904		RWE AG.		1,279
	2,667		RWE AG. (Preference)		85
	1,835		Salzgitter AG.		78
	285,090		SAP AG.		24,723
	303,399		Siemens AG.		41,602
	7,270		Suedzucker AG.		196
	14,624		Telefonica Deutschland Holding AG.		121
	36,294	*	ThyssenKrupp AG.		885
	5,255		United Internet AG.		224
	63,806		Volkswagen AG.		17,324
	118,263		Volkswagen AG. (Preference)		33,281
	300,046		Wirecard AG.		11,877
			TOTAL GERMANY		808,223
GREECE - 0.0%
	381,000		OPAP S.A.		5,073
			TOTAL GREECE		5,073

212

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
HONG KONG - 1.3%
	11,693,900		AIA Group Ltd	$	58,861
	22,258	e	ASM Pacific Technology		186
	127,046		Bank of East Asia Ltd		539
	111,237		Cathay Pacific Airways Ltd		236
	641,111		Cheung Kong Holdings Ltd		10,143
	61,661		Cheung Kong Infrastructure Holdings Ltd		390
	511,456		CLP Holdings Ltd		4,045
	1,370,331		Esprit Holdings Ltd		2,648
	238,567		First Pacific Co		272
	213,000	*	Galaxy Entertainment Group Ltd		1,918
	14,890,000	*,e	Goldpoly New Energy Holdings Ltd		2,924
	1,811,517		Hang Lung Group Ltd		9,164
	8,480,337		Hang Lung Properties Ltd		26,882
	369,470		Hang Seng Bank Ltd		6,001
	384,290		Henderson Land Development Co Ltd		2,197
	217,000		HKT Trust and HKT Ltd		215
	1,898,144		Hong Kong & China Gas Ltd		4,358
	310,279		Hong Kong Electric Holdings Ltd		2,470
	294,639		Hong Kong Exchanges and Clearing Ltd		4,925
	52,903		Hopewell Holdings		179
	623,416		Hutchison Whampoa Ltd		8,495
	64,519		Hysan Development Co Ltd		278
	4,000,000	e	iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker		4,818
	7,250	*	Kerry Logistics Network Ltd		10
	1,541,927		Kerry Properties Ltd		5,369
	1,938,638	e	Li & Fung Ltd		2,506
	1,803,500		Lifestyle International Holdings Ltd		3,340
	2,505,557		Link Real Estate Investment Trust		12,152
	451,415		MTR Corp		1,711
	1,196,266		New World Development Ltd		1,515
	428,750	e	Noble Group Ltd		365
	143,771		NWS Holdings Ltd		219
	383,749		PCCW Ltd		172
	2,262,600	e	Samsonite International		6,901
	1,110,200		Sands China Ltd		9,098
	2,770,286	*	Shanghai Real Estate Ltd		95
	153,345		Shangri-La Asia Ltd		299
	3,000,000		Shimao Property Holdings Ltd		6,916
	302,371		Sino Land Co		415
	198,000		SJM Holdings Ltd		666
	1,462,775		Sun Hung Kai Properties Ltd		18,591
	165,293		Swire Pacific Ltd (Class A)		1,942
	185,356		Swire Properties Ltd		469
	1,284,662		Wharf Holdings Ltd		9,841
	93,780		Wheelock & Co Ltd		432
	8,500,000	e	Xinyi Glass Holdings Co Ltd		7,519
	70,089		Yue Yuen Industrial Holdings		234
			TOTAL HONG KONG		242,921

213

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
INDIA - 0.3%
	2,006,779	*	DEN Networks Ltd	$	5,225
	1,530,483	*	Dhanalakshmi Bank Ltd		1,009
	5,036,983		DLF Ltd		13,605
	110,200		Dr Reddy’s Laboratories Ltd		4,510
	383,004	*	Hathway Cables and Datacom Pvt Ltd		1,757
	38,021		ING Vysya Bank Ltd		377
	283,431	*	Jyothy Laboratories Ltd		871
	454,322	*	LIC Housing Finance Ltd		1,614
	410,000	*	Lupin Ltd		6,023
	90,834		Prestige Estates Projects Ltd		239
	1,371,039	*	Puravankara Projects Ltd		1,800
	800,000		Sun Pharmaceutical Industries Ltd		7,349
	813,513	*	Sunteck Realty Ltd		3,974
	22,938,522	*	Unitech Ltd		5,682
	415,054		Yes Bank Ltd		2,494
	3,190,700	*	Zee Entertainment Enterprises Ltd		3,134
			TOTAL INDIA		59,663
INDONESIA - 0.0%
	41,374,500		PT Express Transindo Utama Tbk		4,964
	1,591,277		PT MNC Sky Vision Tbk		262
	2,348,000		PT Perusahaan Gas Negara		865
			TOTAL INDONESIA		6,091
IRELAND - 0.9%
	1,113,675	*	Bank of Ireland		388
	1,507,219		CRH plc		38,196
	99,360		CRH plc (Ireland)		2,523
	60,000		DCC plc		2,950
	2,163,653	*	Green REIT plc		4,292
	4,159,400	*	Hibernia REIT plc		6,695
	147,992	*,m	Irish Bank Resolution Corp Ltd		0	^
	65,358		James Hardie Industries NV		759
	303,942		Kerry Group plc (Class A)		21,116
	521	*,e	Prothena Corp plc		14
	14,350	*	Ryanair Holdings plc		123
	471,898	*	Ryanair Holdings plc (ADR)		22,146
	698,158		Shire Ltd		32,902
	108,119		Shire plc (ADR)		15,276
	977,088		Smurfit Kappa Group plc		23,979
	72,750		XL Capital Ltd		2,316
			TOTAL IRELAND		173,675
ISLE OF MAN - 0.0%
	3,631,384	*	Unitech Corporate Parks plc		2,466
			TOTAL ISLE OF MAN		2,466
ISRAEL - 0.1%
	54,184		Bank Hapoalim Ltd		304
	67,062	*	Bank Leumi Le-Israel		274

214

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	97,633		Bezeq Israeli Telecommunication Corp Ltd	$	166
	186		Delek Group Ltd		71
	23,614		Israel Chemicals Ltd		197
	128	*	Israel Corp Ltd		67
	6,282		Mizrahi Tefahot Bank Ltd		82
	2,963		Nice Systems Ltd		121
	44,867		Teva Pharmaceutical Industries Ltd		1,795
	195,146		Teva Pharmaceutical Industries Ltd (ADR)		7,821
			TOTAL ISRAEL		10,898
ITALY - 1.0%
	4,000,000		A2A S.p.A.		4,682
	228,506		ACEA S.p.A.		2,593
	116,762		Assicurazioni Generali S.p.A.		2,743
	4,780	*	Autogrill S.p.A.		40
	32,321	e	Autostrade S.p.A.		724
	200,000		Azimut Holding S.p.A.		5,457
	13,134,978		Banca Intesa S.p.A.		32,308
	43,804		Banca Intesa S.p.A. RSP		88
	528,763	*,e	Banca Monte dei Paschi di Siena S.p.A.		127
	71,415		Banche Popolari Unite Scpa		484
	30,267	*	Banco Popolare Scarl		58
	290,124		Brunello Cucinelli S.p.A		10,314
	384,451		De’Longhi S.p.A.		6,265
	90,381		Enel Green Power S.p.A		227
	346,744		Enel S.p.A.		1,513
	641,022		ENI S.p.A.		15,490
	118,124		Exor S.p.A.		4,695
	82,515	*	Fiat S.p.A.		675
	40,229	*	Finmeccanica S.p.A.		305
	591,785		Lottomatica S.p.A.		18,036
	462,631		Luxottica Group S.p.A.		24,793
	33,194	*	Mediaset S.p.A.		158
	2,197,961	*	Mediobanca S.p.A.		19,221
	600,000		Mediolanum S.p.A.		5,199
	58,466	*	Moncler S.p.A		1,271
	23,661		Pirelli & C S.p.A.		409
	15,237		Prysmian S.p.A.		392
	26,540		Saipem S.p.A.		569
	101,267		Snam Rete Gas S.p.A.		566
	315,193		Telecom Italia RSP		247
	798,964		Telecom Italia S.p.A.		797
	75,416		Terna Rete Elettrica Nazionale S.p.A.		377
	396,813		UniCredit S.p.A		2,927
	4,780	*	World Duty Free S.p.A		60
	444,209	*	Yoox S.p.A		19,917
			TOTAL ITALY		183,727
JAPAN - 8.2%
	2,000		ABC-Mart, Inc		87
	32,400	*	Acom Co Ltd		110
	400		Activia Properties Inc		3,152

215

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	2,090		Advance Residence Investment Corp	$	4,509
	19,243	e	Advantest Corp		240
	227,009		Aeon Co Ltd		3,077
	9,103		Aeon Credit Service Co Ltd		244
	12,800		Aeon Mall Co Ltd		359
	13,000		Air Water, Inc		176
	299,542		Aisin Seiki Co Ltd		12,178
	48,529		Ajinomoto Co, Inc		703
	5,057		Alfresa Holdings Corp		251
	88,435	e	All Nippon Airways Co Ltd		177
	28,744		Amada Co Ltd		254
	2,593,848		Aozora Bank Ltd		7,351
	86,000	e	Aruze Corp		1,593
	325,007		Asahi Breweries Ltd		9,172
	80,773		Asahi Glass Co Ltd		503
	678,134		Asahi Kasei Corp		5,319
	12,700		Asics Corp		217
	184,941		Astellas Pharma, Inc		10,965
	25,105		Bank of Kyoto Ltd		210
	392,971		Bank of Yokohama Ltd		2,192
	9,153		Benesse Corp		368
	538,604	e	Bridgestone Corp		20,406
	29,385		Brother Industries Ltd		402
	45,800		Calbee, Inc		1,112
	273,397	*,e	Canon, Inc		8,724
	28,823		Casio Computer Co Ltd		353
	55,900		Central Japan Railway Co		6,588
	296,323		Chiba Bank Ltd		2,000
	118,100		Chiyoda Corp		1,714
	83,966		Chubu Electric Power Co, Inc		1,085
	87,858	e	Chugai Pharmaceutical Co Ltd		1,945
	12,800		Chugoku Bank Ltd		163
	43,053		Chugoku Electric Power Co, Inc		670
	21,142		Citizen Watch Co Ltd		178
	7,471		Coca-Cola West Japan Co Ltd		158
	28,000	*	Cosmo Oil Co Ltd		53
	12,655		Credit Saison Co Ltd		334
	1,200	e	Crescendo Investment Corp		923
	71,076		Dai Nippon Printing Co Ltd		755
	23,630		Daicel Chemical Industries Ltd		193
	34,698		Daido Steel Co Ltd		173
	264,290		Daihatsu Motor Co Ltd		4,483
	99,100		Dai-ichi Mutual Life Insurance Co		1,658
	99,397		Daiichi Sankyo Co Ltd		1,817
	85,746		Daikin Industries Ltd		5,351
	1,600,000		Dainippon Ink and Chemicals, Inc		4,878
	20,263		Dainippon Sumitomo Pharma Co Ltd		317
	20,911		Daito Trust Construction Co Ltd		1,955
	257,556		Daiwa House Industry Co Ltd		4,990
	1,655,400		Daiwa Securities Group, Inc		16,580
	11,400	e	Dena Co Ltd		240
	22,000		Denki Kagaku Kogyo KK		91

216

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	291,745		Denso Corp	$	15,412
	25,055		Dentsu, Inc		1,025
	84,200		Don Quijote Co Ltd		5,104
	143,252		East Japan Railway Co		11,411
	95,617		Eisai Co Ltd		3,706
	42,493		Electric Power Development Co		1,239
	7,344	e	FamilyMart Co Ltd		336
	20,443		Fanuc Ltd		3,746
	17,418		Fast Retailing Co Ltd		7,194
	45,300		Fields Corp		876
	1,194,822		Fuji Electric Holdings Co Ltd		5,598
	470,484		Fuji Folms Holdings Corp		13,355
	733,842		Fuji Heavy Industries Ltd		21,090
	60,000		Fuji Television Network, Inc		1,229
	1,376,091	*	Fujitsu Ltd		7,132
	61,663		Fukuoka Financial Group, Inc		271
	30,000		Furukawa Electric Co Ltd		75
	98,900		Glory Ltd		2,567
	79,700		GMO Payment Gateway, Inc		3,171
	10,000	e	Gree, Inc		99
	18,000		GS Yuasa Corp		104
	27,400	*,e	GungHo Online Entertainment Inc		197
	30,879		Gunma Bank Ltd		173
	33,842		Hachijuni Bank Ltd		198
	29,600		Hakuhodo DY Holdings, Inc		229
	5,637		Hamamatsu Photonics KK		226
	92,000		Hankyu Hanshin Holdings, Inc		497
	700,000	*	Haseko Corp		5,333
	80,082		Hino Motors Ltd		1,261
	10,587		Hirose Electric Co Ltd		1,509
	40,000		Hiroshima Bank Ltd		166
	7,967		Hisamitsu Pharmaceutical Co, Inc		401
	12,952		Hitachi Chemical Co Ltd		207
	8,422		Hitachi Construction Machinery Co Ltd		180
	23,500		Hitachi High-Technologies Corp		592
	200,000		Hitachi Kokusai Electric, Inc		2,819
	4,911,285		Hitachi Ltd		37,238
	23,000		Hitachi Metals Ltd		325
	22,784	*,e	Hokkaido Electric Power Co, Inc		262
	90,000		Hokuhoku Financial Group, Inc		180
	21,931		Hokuriku Electric Power Co		298
	682,968		Honda Motor Co Ltd		28,191
	582,853		Hoya Corp		16,210
	15,466		Ibiden Co Ltd		290
	3,052		Ichigo Real Estate Investment Corp		1,870
	138,988		Idemitsu Kosan Co Ltd		3,164
	10,500	*	Iida Group Holdings Co Ltd		210
	100	e	Industrial & Infrastructure Fund Investment Corp		833
	103,800		Inpex Holdings, Inc		1,331
	175,981		Isetan Mitsukoshi Holdings Ltd		2,505
	1,812,878		Ishikawajima-Harima Heavy Industries Co Ltd		7,840
	151,169		Isuzu Motors Ltd		943

217

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	1,075,570		Itochu Corp	$	13,297
	13,662	e	Itochu Techno-Science Corp		554
	19,752		Iyo Bank Ltd		194
	1,756,750		J Front Retailing Co Ltd		13,327
	31,700		Japan Airlines Co Ltd		1,564
	3,900		Japan Petroleum Exploration Co		148
	170,000		Japan Pile Corp		1,667
	87	e	Japan Prime Realty Investment Corp		278
	138		Japan Real Estate Investment Corp		738
	732		Japan Retail Fund Investment Corp		1,489
	25,560		Japan Steel Works Ltd		143
	574,600		Japan Tobacco, Inc		18,697
	177,904		JFE Holdings, Inc		4,239
	76,978		JGC Corp		3,021
	122,900	e	Jin Co Ltd		5,199
	53,624		Joyo Bank Ltd		274
	22,953		JSR Corp		445
	435,403		JTEKT Corp		7,429
	881,500		JX Holdings, Inc		4,539
	106,372		Kajima Corp		400
	11,900		Kakaku.com, Inc		209
	211,252		Kamigumi Co Ltd		1,938
	25,000		Kanamoto Co Ltd		636
	33,900		Kaneka Corp		223
	293,874	*	Kansai Electric Power Co, Inc		3,382
	27,480		Kansai Paint Co Ltd		406
	42,253		Kao Corp		1,330
	542,212		Kawasaki Heavy Industries Ltd		2,277
	28,000		Kawasaki Kisen Kaisha Ltd		71
	213,600		KDDI Corp		13,161
	170,622	e	Keihin Electric Express Railway Co Ltd		1,407
	211,910		Keio Corp		1,412
	33,426		Keisei Electric Railway Co Ltd		308
	1,454		Kenedix Realty Investment Corp		6,901
	13,505		Keyence Corp		5,783
	12,795		Kikkoman Corp		242
	16,131		Kinden Corp		169
	403,914	e	Kintetsu Corp		1,417
	108,849		Kirin Brewery Co Ltd		1,568
	317,084	*	Kobe Steel Ltd		544
	8,000		Koito Manufacturing Co Ltd		153
	221,022		Komatsu Ltd		4,538
	8,073		Konami Corp		187
	60,613		Konica Minolta Holdings, Inc		606
	856,258		Kubota Corp		14,203
	27,274		Kuraray Co Ltd		326
	9,045		Kurita Water Industries Ltd		188
	114,400		Kyocera Corp		5,719
	31,045	e	Kyowa Hakko Kogyo Co Ltd		343
	53,484	*	Kyushu Electric Power Co, Inc		683
	21,851		Lawson, Inc		1,635
	579,823		LIXIL Group Corp		15,917

218

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	51,516		Mabuchi Motor Co Ltd	$	3,066
	53,336		Makita Corp		2,805
	1,213,872		Marubeni Corp		8,739
	17,509		Marui Co Ltd		178
	5,496		Maruichi Steel Tube Ltd		139
	790,700		Matsui Securities Co Ltd		10,156
	178,855		Matsushita Electric Industrial Co Ltd		2,085
	6,660,950	*	Mazda Motor Corp		34,517
	5,300	e	McDonald’s Holdings Co Japan Ltd		135
	17,412		Mediceo Paltac Holdings Co Ltd		230
	4,849		MEIJI Holdings Co Ltd		312
	603,064		Millea Holdings, Inc		20,184
	17,300		Miraca Holdings, Inc		816
	192,719		Mitsubishi Chemical Holdings Corp		892
	498,295		Mitsubishi Corp		9,566
	845,814		Mitsubishi Electric Corp		10,636
	155,705		Mitsubishi Estate Co Ltd		4,660
	305,160		Mitsubishi Gas Chemical Co, Inc		2,250
	1,065,150		Mitsubishi Heavy Industries Ltd		6,597
	15,262		Mitsubishi Logistics Corp		242
	139,293		Mitsubishi Materials Corp		515
	52,900	*,e	Mitsubishi Motors Corp		569
	5,812,054		Mitsubishi UFJ Financial Group, Inc		38,588
	72,400		Mitsubishi UFJ Lease & Finance Co Ltd		445
	601,404		Mitsui & Co Ltd		8,384
	1,009,087		Mitsui Chemicals, Inc		2,440
	1,281,700		Mitsui Engineering & Shipbuilding Co Ltd		2,647
	503,437		Mitsui Fudosan Co Ltd		18,159
	2,007,499	*	Mitsui OSK Lines Ltd		9,060
	263,207		Mitsui Sumitomo Insurance Group Holdings, Inc		7,075
	1,303,918		Mitsui Trust Holdings, Inc		6,899
	9,482,956		Mizuho Financial Group, Inc		20,588
	110,000		Monex Beans Holdings, Inc		494
	215,300	e	MonotaRO Co Ltd		4,383
	117,620		Murata Manufacturing Co Ltd		10,460
	8,700		Nabtesco Corp		201
	14,006		Namco Bandai Holdings, Inc		311
	197,615		NEC Corp		446
	8,800		Nexon Co Ltd		81
	427,200		Next Co Ltd		4,538
	56,179		NGK Insulators Ltd		1,069
	20,988		NGK Spark Plug Co Ltd		497
	19,638		NHK Spring Co Ltd		222
	38,485	e	Nidec Corp		3,791
	704,400		Nihon Nohyaku Co Ltd		10,093
	99,481		Nikon Corp		1,901
	31,858		Nintendo Co Ltd		4,264
	478		Nippon Building Fund, Inc		2,777
	46,184		Nippon Electric Glass Co Ltd		243
	104,441		Nippon Express Co Ltd		506
	116,200		Nippon Kayaku Co Ltd		1,652
	98,900		Nippon Konpo Unyu Soko Co Ltd		1,780

219

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	14,944		Nippon Meat Packers, Inc	$	257
	14,000		Nippon Paint Co Ltd		233
	4,400	e	Nippon Paper Industries Co Ltd		82
	515		Nippon ProLogis REIT, Inc		4,933
	2,625,606		Nippon Steel Corp		8,806
	288,530		Nippon Telegraph & Telephone Corp		15,540
	551,308		Nippon Yusen Kabushiki Kaisha		1,763
	54,721		Nishi-Nippon City Bank Ltd		147
	1,181,543		Nissan Motor Co Ltd		9,901
	25,800	e	Nisshin Seifun Group, Inc		267
	3,200		Nisshin Steel Holdings Co Ltd		38
	7,935		Nissin Food Products Co Ltd		335
	242,400		Nissin Kogyo Co Ltd		5,141
	2,756		Nitori Co Ltd		261
	156,837		Nitto Denko Corp		6,632
	44,000		NKSJ Holdings, Inc		1,225
	12,951		NOK Corp		212
	1,330,163		Nomura Holdings, Inc		10,279
	13,774		Nomura Real Estate Holdings, Inc		310
	41		Nomura Real Estate Office Fund, Inc		191
	308,564		Nomura Research Institute Ltd		9,751
	36,911		NSK Ltd		460
	18,700		NTT Data Corp		691
	568,900		NTT DoCoMo, Inc		9,368
	15,000		NTT Urban Development Corp		173
	81,259		Obayashi Corp		463
	230,098	e	Odakyu Electric Railway Co Ltd		2,081
	100,797		OJI Paper Co Ltd		517
	263,100		Okabe Co Ltd		3,105
	15,100		Okinawa Electric Power Co, Inc		508
	648,100	*	Olympus Corp		20,556
	75,802		Omron Corp		3,350
	167,598		Ono Pharmaceutical Co Ltd		14,691
	2,903		Oracle Corp Japan		106
	75,517		Oriental Land Co Ltd		10,891
	2,188,100	*	ORIX Corp		38,449
	1,176,581		Osaka Gas Co Ltd		4,621
	20,400		Osaka Securities Exchange Co Ltd		580
	3,187		Otsuka Corp		407
	139,900		Otsuka Holdings KK		4,039
	88,800		Park24 Co Ltd		1,675
	231,900		Rakuten, Inc		3,461
	1,649,030		Resona Holdings, Inc		8,414
	80,581		Ricoh Co Ltd		857
	2,699		Rinnai Corp		210
	21,224		Rohm Co Ltd		1,035
	4,180		Sankyo Co Ltd		193
	264,700	e	Sanrio Co Ltd		11,146
	9,587		Santen Pharmaceutical Co Ltd		447
	212,000		Sapporo Holdings Ltd		892
	144,800		Sawai Pharmaceutical Co Ltd		9,350
	16,080		SBI Holdings, Inc		244

220

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	26,634		Secom Co Ltd	$	1,607
	161,543		Sega Sammy Holdings, Inc		4,117
	272,551		Sekisui Chemical Co Ltd		3,345
	243,420		Sekisui House Ltd		3,406
	385,781		Seven & I Holdings Co Ltd		15,360
	45,400		Seven Bank Ltd		178
	115,106	*	Sharp Corp		366
	22,519	*	Shikoku Electric Power Co, Inc		338
	30,982		Shimadzu Corp		270
	1,797		Shimamura Co Ltd		168
	6,381		Shimano, Inc		548
	72,062		Shimizu Corp		364
	198,700		Shin-Etsu Chemical Co Ltd		11,622
	130,649		Shinsei Bank Ltd		320
	44,133		Shionogi & Co Ltd		958
	36,385		Shiseido Co Ltd		585
	44,301		Shizuoka Bank Ltd		473
	582,800		Shoei Co Ltd		8,625
	183,654	e	Showa Denko KK		260
	23,073		Showa Shell Sekiyu KK		235
	6,688		SMC Corp		1,688
	737,160		Softbank Corp		64,686
	2,556,636		Sojitz Holdings Corp		4,552
	354		So-net M3, Inc		887
	1,332,482	e	Sony Corp		22,970
	22,200		Sony Financial Holdings, Inc		404
	315,915		Stanley Electric Co Ltd		7,243
	14,576		Sumco Corp		129
	190,883		Sumitomo Chemical Co Ltd		749
	400,263		Sumitomo Corp		5,031
	76,076		Sumitomo Electric Industries Ltd		1,272
	1,421,625		Sumitomo Heavy Industries Ltd		6,551
	67,464		Sumitomo Metal Mining Co Ltd		884
	1,222,979		Sumitomo Mitsui Financial Group, Inc		63,599
	353,996		Sumitomo Realty & Development Co Ltd		17,639
	21,363		Sumitomo Rubber Industries, Inc		304
	9,800	*	Suntory Beverage & Food Ltd		313
	251,654		Suruga Bank Ltd		4,519
	8,887		Suzuken Co Ltd		288
	29,222		Suzuki Motor Corp		787
	21,500		Sysmex Corp		1,270
	80,400		T&D Holdings, Inc		1,125
	92,000		Taiheiyo Cement Corp		354
	1,096,143	e	Taisei Corp		4,988
	4,023		Taisho Pharmaceutical Holdings Co Ltd		277
	30,357		Taiyo Nippon Sanso Corp		216
	34,718		Takashimaya Co Ltd		346
	115,248		Takeda Pharmaceutical Co Ltd		5,286
	80,881		Tanabe Seiyaku Co Ltd		1,128
	46,927		TDK Corp		2,251
	1,223,613		Teijin Ltd		2,725
	12,226		Terumo Corp		590

221

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	61,076		THK Co Ltd	$	1,525
	347,878		Tobu Railway Co Ltd		1,687
	14,275		Toho Co Ltd		314
	54,000	e	Toho Gas Co Ltd		263
	65,815	*	Tohoku Electric Power Co, Inc		741
	207,060	*	Tokyo Electric Power Co, Inc		1,020
	51,110		Tokyo Electron Ltd		2,816
	2,006,924		Tokyo Gas Co Ltd		9,892
	350,300		Tokyo Tatemono Co Ltd		3,895
	578,852		Tokyu Corp		3,750
	62,400	*	Tokyu Fudosan Holdings Corp		587
	374,126	e	TonenGeneral Sekiyu KK		3,433
	70,427		Toppan Printing Co Ltd		564
	492,664		Toray Industries, Inc		3,413
	2,085,481		Toshiba Corp		8,779
	924,000		Tosoh Corp		4,305
	35,681		Toto Ltd		566
	19,839		Toyo Seikan Kaisha Ltd		427
	181,099		Toyo Suisan Kaisha Ltd		5,440
	187,997		Toyoda Gosei Co Ltd		4,379
	8,000	e	Toyota Boshoku Corp		100
	21,461		Toyota Industries Corp		970
	2,214,848		Toyota Motor Corp		135,051
	31,394		Toyota Tsusho Corp		779
	8,328		Trend Micro, Inc		292
	120,000		TS Tech Co Ltd		4,050
	7,423	e	Tsumura & Co		197
	131,932		UBE Industries Ltd		283
	90,951		Uni-Charm Corp		5,190
	186,900		United Arrows Ltd		6,994
	200		United Urban Investment Corp		287
	145,200		Ushio, Inc		1,930
	17,330		USS Co Ltd		238
	44,700		West Japan Railway Co		1,937
	798,400		Yahoo! Japan Corp		4,452
	44,077		Yakult Honsha Co Ltd		2,227
	73,090		Yamada Denki Co Ltd		239
	17,406		Yamaguchi Financial Group, Inc		161
	12,588		Yamaha Corp		200
	31,783		Yamaha Motor Co Ltd		478
	5,300		Yamato Kogyo Co Ltd		169
	47,755		Yamato Transport Co Ltd		966
	15,553		Yamazaki Baking Co Ltd		160
	378,384		Yaskawa Electric Corp		5,996
	27,710		Yokogawa Electric Corp		426
	16,000		Yokohama Rubber Co Ltd		157
			TOTAL JAPAN		1,562,126
JERSEY, C.I. - 0.0%
	8,795		Randgold Resources Ltd		553
			TOTAL JERSEY, C.I.		553

222

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
KOREA, REPUBLIC OF - 0.2%
	174,800	*	Hynix Semiconductor, Inc	$	6,114
	73,131		KB Financial Group, Inc		2,956
	47,000		Kia Motors Corp		2,503
	10,837		Samsung Electronics Co Ltd		14,121
	196,300		Seoul Semiconductor Co Ltd		7,540
	20,000		SK Telecom Co Ltd		4,377
			TOTAL KOREA, REPUBLIC OF		37,611
LUXEMBOURG - 0.0%
	92,485		ArcelorMittal		1,652
	7,122		Millicom International Cellular S.A.		710
	29,309		SES Global S.A.		950
	46,826		Tenaris S.A.		1,020
			TOTAL LUXEMBOURG		4,332
MACAU - 0.1%
	93,600		MGM China Holdings Ltd		400
	2,957,300		Wynn Macau Ltd		13,443
			TOTAL MACAU		13,843
MALAYSIA - 0.0%
	1,151,800		Public Bank BHD		6,827
	33,959		YNH Property BHD		19
			TOTAL MALAYSIA		6,846
MEXICO - 0.0%
	9,694		Fresnillo plc		121
	1,800,000	*	Genomma Lab Internacional S.A. de C.V.		5,048
	700,000	*,e	Gruma SAB de C.V.		5,296
			TOTAL MEXICO		10,465
NETHERLANDS - 1.9%
	200,000		Aalberts Industries NV		6,384
	168,013		Aegon NV		1,592
	12,597		Akzo Nobel NV		977
	568,084		ASML Holding NV		53,208
	44,600	e	ASML Holding NV (ADR)		4,179
	6,420		Boskalis Westminster		340
	84,335	*	CNH Industrial NV		961
	6,144		Corio NV		276
	9,968		Delta Lloyd NV		248
	526,250		DSM NV		41,415
	6,760	e	Fugro NV		403
	97,135	e	Gemalto NV		10,690
	10,531		Heineken Holding NV		667
	23,637		Heineken NV		1,598
	5,893,293	*	ING Groep NV		82,321
	1,158,562	*,e	ING Groep NV (ADR)		16,231
	509,715		Koninklijke Ahold NV		9,160
	97,904		Koninklijke Philips Electronics NV		3,605

223

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	3,777		Koninklijke Vopak NV	$	221
	531,273	*	NXP Semiconductors NV		24,401
	4,736	*	OCI		213
	23,172	*	Qiagen NV		541
	11,188		Randstad Holdings NV		726
	543,018		Reed Elsevier NV		11,541
	1,683,735		Royal Dutch Shell plc (A Shares)		60,342
	431,837		Royal Dutch Shell plc (B Shares)		16,289
	226,682	*	Royal KPN NV		732
	7,052	*	SBM Offshore NV		144
	35,403		TNT Express NV		329
	225,836		Unilever NV		9,080
	29,412		Wolters Kluwer NV		840
	7,330		Ziggo NV		335
			TOTAL NETHERLANDS		359,989
NEW ZEALAND - 0.0%
	144,475		Auckland International Airport Ltd		420
	51,054		Contact Energy Ltd		215
	97,689		Fletcher Building Ltd		685
	37,846		Ryman Healthcare Ltd		244
	27,049		Sky City Entertainment Group Ltd		83
	273,297	e	Telecom Corp of New Zealand Ltd		519
	228,591	*	Xero Ltd		6,089
			TOTAL NEW ZEALAND		8,255
NORWAY - 0.4%
	7,127		Aker Kvaerner ASA		128
	158,851	*	Algeta ASA		9,397
	2,638,671		DNB NOR Holding ASA		47,359
	10,684		Gjensidige Forsikring BA		204
	108,908	e	Norsk Hydro ASA		487
	77,497		Orkla ASA		606
	32,206		Seadrill Ltd (Oslo Exchange)		1,320
	499,739		Statoil ASA		12,152
	75,050		Telenor ASA		1,793
	18,991		Yara International ASA		819
			TOTAL NORWAY		74,265
PANAMA - 0.1%
	82,488		Copa Holdings S.A. (Class A)		13,207
			TOTAL PANAMA		13,207
PHILIPPINES - 0.1%
	4,500,000		Alliance Global Group, Inc		2,626
	3,603,093		Metropolitan Bank & Trust		6,159
	5,171,850	*	Robinsons Retail Holdings, Inc		6,432
			TOTAL PHILIPPINES		15,217
PORTUGAL - 0.0%
	1,904,345	*	Banco Espirito Santo S.A.		2,720

224

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	100,951		Energias de Portugal S.A.	$	371
	24,696		Galp Energia SGPS S.A.		405
	23,389	e	Jeronimo Martins SGPS S.A.		457
	61,630	e	Portugal Telecom SGPS S.A.		268
			TOTAL PORTUGAL		4,221
RUSSIA - 0.1%
	105,700		Magnit OAO (GDR)		7,020
	20,472		QIWI plc (ADR)		1,147
	550,000		Sberbank of Russian Federation (ADR)		6,939
			TOTAL RUSSIA		15,106
SINGAPORE - 0.6%
	275,473		Ascendas Real Estate Investment Trust		482
	201,000	e	CapitaCommercial Trust		231
	913,082	e	CapitaLand Ltd		2,201
	767,362	e	CapitaMall Trust		1,161
	133,000		CapitaMalls Asia Ltd		207
	162,868	e	City Developments Ltd		1,244
	202,028		ComfortDelgro Corp Ltd		323
	679,025		DBS Group Holdings Ltd		9,228
	650,497	*	Flextronics International Ltd		5,054
	34,727,484		Genting International plc		41,297
	4,515,500		Global Logistic Properties		10,358
	716,497		Golden Agri-Resources Ltd		310
	514,000		Hotel Properties Ltd		1,268
	544,700	e	Hutchison Port Holdings Trust		368
	11,082		Jardine Cycle & Carriage Ltd		317
	428,425		Keppel Corp Ltd		3,806
	721,000		Keppel Land Ltd		1,914
	26,000		K-Green Trust		21
	78,567	e	K-REIT Asia		74
	140,155	e	Olam International Ltd		171
	1,172,699		Oversea-Chinese Banking Corp		9,505
	99,609		SembCorp Industries Ltd		435
	367,857	e	SembCorp Marine Ltd		1,301
	157,492	e	Singapore Airlines Ltd		1,301
	277,560		Singapore Exchange Ltd		1,601
	532,963	e	Singapore Press Holdings Ltd		1,742
	490,896		Singapore Technologies Engineering Ltd		1,545
	2,832,704		Singapore Telecommunications Ltd		8,238
	56,274		StarHub Ltd		192
	351,022		United Overseas Bank Ltd		5,928
	1,068,965		United Overseas Land Ltd		5,261
	194,230		Wilmar International Ltd		528
			TOTAL SINGAPORE		117,612
SPAIN - 0.6%
	34,950		Abertis Infraestructuras S.A. (Continuous)		777
	1,189	e	Acciona S.A.		69
	6,596	e	Acerinox S.A.		84
	15,024		ACS Actividades Cons y Servicios S.A.		518

225

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	608,619		Amadeus IT Holding S.A.	$	26,070
	471,026		Banco Bilbao Vizcaya Argentaria S.A.		5,827
	220,183	e	Banco de Sabadell S.A.		575
	77,626	*	Banco Popular Espanol S.A.		469
	986,686		Banco Santander Central Hispano S.A.		8,873
	47,829	*	Bankia S.A.		81
	41,721		Cintra Concesiones de Infraestructuras de Transporte S.A.		808
	89,425		Corp Mapfre S.A.		384
	134,255		Criteria Caixacorp S.A.		699
	1,855,204		Distribuidora Internacional de Alimentacion S.A.		16,611
	10,274	e	Enagas		268
	125,000	*,e	Endesa S.A.		4,010
	218,959		Gas Natural SDG S.A.		5,636
	13,381		Grifols S.A.		640
	234		Grifols S.A. (Class B)		8
	444,249		Iberdrola S.A.		2,835
	21,804		Inditex S.A.		3,600
	110,000	e	Obrascon Huarte Lain S.A.		4,463
	5,834	e	Red Electrica de Espana		390
	721,127		Repsol YPF S.A.		18,196
	728,647		Telefonica S.A.		11,914
	15,064	e	Zardoya Otis S.A.		273
			TOTAL SPAIN		114,078
SWEDEN - 1.1%
	33,371		Alfa Laval AB		857
	38,000	*	Arcam AB		5,671
	112,341		Assa Abloy AB (Class B)		5,948
	66,614		Atlas Copco AB (A Shares)		1,850
	38,801		Atlas Copco AB (B Shares)		986
	827,200	*	Biovitrum AB		8,582
	13,980		Boliden AB		214
	669,870		Electrolux AB (Series B)		17,505
	19,317	e	Elekta AB (B Shares)		296
	2,104,032		Ericsson (LM) (B Shares)		25,689
	713,900	*,e	Fingerprint Cards AB		6,065
	19,943		Getinge AB (B Shares)		684
	450,267		Hennes & Mauritz AB (B Shares)		20,738
	12,502		Hexagon AB (B Shares)		395
	2,486		Holmen AB (B Shares)		90
	40,216		Husqvarna AB (B Shares)		242
	5,902		Industrivarden AB		112
	613,283		Intrum Justitia AB		17,168
	45,314		Investor AB (B Shares)		1,562
	100,000		JM AB		2,825
	964,675		Kinnevik Investment AB (Series B)		44,723
	11,757	*	Lundin Petroleum AB		229
	330,000		Meda AB (A Shares)		4,191
	200,000	e	NCC AB (B Shares)		6,532
	311,292		Nordea Bank AB		4,197
	103,131		Sandvik AB		1,456

226

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	32,035		Scania AB (B Shares)	$	628
	29,416		Securitas AB (B Shares)		313
	151,320		Skandinaviska Enskilda Banken AB (Class A)		1,999
	39,275		Skanska AB (B Shares)		804
	39,104		SKF AB (B Shares)		1,026
	8,386		Ssab Svenskt Stal AB (Series A)		64
	706,567		Svenska Cellulosa AB (B Shares)		21,768
	49,421		Svenska Handelsbanken (A Shares)		2,430
	271,527		Swedbank AB (A Shares)		7,649
	22,563		Swedish Match AB		725
	31,056		Tele2 AB		353
	227,694		TeliaSonera AB		1,899
	130,325		Volvo AB (B Shares)		1,715
			TOTAL SWEDEN		220,180
SWITZERLAND - 4.1%
	168,451		ABB Ltd		4,454
	70,976		Actelion Ltd		6,020
	324,896		Adecco S.A.		25,792
	8,284		Aryzta AG.		637
	56,891		Baloise Holding AG.		7,254
	110		Barry Callebaut AG.		138
	431,434		Cie Financiere Richemont S.A.		43,099
	18,790		Coca-Cola HBC AG.		550
	984,977		Credit Suisse Group		30,400
	393		EMS-Chemie Holding AG.		140
	406,687	*	Foster Wheeler AG.		13,429
	3,951		Geberit AG.		1,199
	8,000		Georg Fischer AG.		5,632
	792		Givaudan S.A.		1,133
	854,741		Glencore Xstrata plc		4,447
	10,000		Helvetia Holding AG.		5,020
	457,990		Holcim Ltd		34,242
	11,856		Julius Baer Group Ltd		570
	5,397		Kuehne & Nagel International AG.		709
	85		Lindt & Spruengli AG.		383
	10		Lindt & Spruengli AG. (Registered)		539
	360,663		Lonza Group AG.		34,275
	1,090,163		Nestle S.A.		79,898
	1,699,712		Novartis AG.		136,231
	305,511		Novartis AG. (ADR)		24,557
	2,567		Pargesa Holding S.A.		207
	849		Partners Group		226
	4,836		Phonak Holding AG.		652
	568,069		Roche Holding AG.		159,131
	2,368		Schindler Holding AG.		349
	1,135		Schindler Holding AG. (Reg)		168
	513		SGS S.A.		1,181
	112		Sika AG.		399
	66,175	e	STMicroelectronics NV		531
	368		Straumann Holding AG.		69
	1,301		Sulzer AG.		210

227

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	3,295		Swatch Group AG.	$	2,184
	3,084		Swatch Group AG. Reg		348
	3,067		Swiss Life Holding		638
	2,819		Swiss Prime Site AG.		218
	560,178		Swiss Re Ltd		51,642
	2,360		Swisscom AG.		1,247
	8,440		Syngenta AG.		3,365
	623,363		Tyco Electronics Ltd		34,354
	3,492,375		UBS AG.		66,869
	14,667		Zurich Financial Services AG.		4,254
			TOTAL SWITZERLAND		788,990
TAIWAN - 0.3%
	1,753,000		Advanced Semiconductor Engineering, Inc		1,638
	346,120		Eclat Textile Co Ltd		3,908
	364,000		Ginko International Co Ltd		6,876
	3,873,685		Hota Industrial Manufacturing Co Ltd		5,997
	3,500,000	*	Inotera Memories, Inc		2,594
	3,000,000		Inventec Co Ltd		2,656
	861,000		King Slide Works Co Ltd		9,726
	125,000		Largan Precision Co Ltd		5,109
	474,000		MediaTek, Inc		7,065
	15,247,263		Taishin Financial Holdings Co Ltd		7,510
	360,000		Taiwan Semiconductor Manufacturing Co Ltd		1,271
			TOTAL TAIWAN		54,350
THAILAND - 0.1%
	469,000		Advanced Info Service PCL		2,860
	850,000		Bangkok Bank PCL (ADR)		4,630
	3,000,000		Delta Electronics Thai PCL		4,901
			TOTAL THAILAND		12,391
TURKEY - 0.1%
	1,177,700		TAV Havalimanlari Holding AS		8,479
	930,000		Tofas Turk Otomobil Fabrik		5,806
	180,000		Turk Traktor ve Ziraat Makineleri AS		5,156
			TOTAL TURKEY		19,441
UKRAINE - 0.0%
	407,456		MHP SA (GDR)		6,947
			TOTAL UKRAINE		6,947
UNITED ARAB EMIRATES - 0.0%
	950,000		First Gulf Bank PJSC		4,871
			TOTAL UNITED ARAB EMIRATES		4,871
UNITED KINGDOM - 7.9%
	96,643		3i Group plc		618
	49,708		Aberdeen Asset Management plc		413
	14,354		Acergy S.A.		275
	19,133		Admiral Group plc		416

228

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	14,394		Aggreko plc	$	408
	15,797		AMEC plc		285
	134,720		Anglo American plc (London)		2,948
	39,757		Antofagasta plc		545
	77,837		Aon plc		6,530
	1,604,461		ARM Holdings plc		29,174
	2,693,305		Ashtead Group plc		33,975
	450,797	*	ASOS plc		45,931
	138,476		Associated British Foods plc		5,616
	124,438		AstraZeneca plc		7,383
	8,852		AstraZeneca plc (ADR)		526
	387,990		Aveva Group plc		13,927
	284,049		Aviva plc		2,125
	18,740		Babcock International Group		421
	334,268		BAE Systems plc		2,412
	32,213		Balfour Beatty plc		153
	23,399,325		Barclays plc		105,809
	1,519,262		BG Group plc		32,692
	178,109		BHP Billiton plc		5,527
	4,312,578		BP plc		34,950
	22,139		BP plc (ADR)		1,076
	8,470,318	*	British Airways plc		56,436
	177,625		British American Tobacco plc		9,534
	439,579		British Land Co plc		4,583
	2,803,936		British Sky Broadcasting plc		39,188
	2,064,173		Britvic plc		23,698
	623,716		BT Group plc		3,933
	16,987		Bunzl plc		408
	41,896		Burberry Group plc		1,056
	34,546		Capita Group plc		595
	9,878		Carnival plc		409
	519,554		Centrica plc		2,996
	54,995		Cobham plc		250
	581,357		Compass Group plc		9,334
	1,261,296		Countrywide plc		12,427
	7,193		Croda International plc		293
	400,000	e	Daily Mail & General Trust		6,372
	720,790		Delphi Automotive plc		43,341
	243,530		Diageo plc		8,070
	54,459		Direct Line Insurance Group plc		225
	1,656,733		easyJet plc		42,225
	58,254		Experian Group Ltd		1,076
	83,956		GKN plc		520
	1,835,843		GlaxoSmithKline plc		49,049
	134,506		Group 4 Securicor plc		585
	70,363		Hammerson plc		586
	11,537		Hargreaves Lansdown plc		259
	6,178,010		HSBC Holdings plc		67,798
	53,870		ICAP plc		403
	16,817		IMI plc		426
	220,645		Imperial Tobacco Group plc		8,554
	200,000		Inchcape plc		2,042

229

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	23,945		Inmarsat plc	$	300
	25,635		InterContinental Hotels Group plc		855
	72,791	*	International Consolidated Airlines		485
	400,000		International Personal Finance plc		3,309
	8,539		Intertek Group plc		446
	34,273		Invensys plc		290
	50,643		Investec plc		368
	190,542		ITV plc		613
	119,993		J Sainsbury plc		726
	10,733		Johnson Matthey plc		584
	124,714		Kingfisher plc		796
	77,929		Land Securities Group plc		1,245
	11,231,269		Legal & General Group plc		41,516
	18,045	*	Liberty Global plc		1,522
	63,590	*	Liberty Global plc (Class A)		5,659
	57,900		Liberty International plc		297
	37,298,893	*	Lloyds TSB Group plc		48,943
	16,448		London Stock Exchange Group plc		473
	81,128		Man Group plc		115
	84,421		Marks & Spencer Group plc		606
	40,354		Meggitt plc		353
	65,166		Melrose Industries plc		331
	600,000		MFI Furniture plc		3,433
	540,000		Mondi plc		9,374
	13,530,554	*	Monitise plc		15,067
	354,257		National Grid plc		4,633
	950,000		New Carphone Warehouse plc		4,271
	401,124		Next plc		36,258
	476,145		Old Mutual plc		1,494
	70,891		Pearson plc		1,581
	15,489		Persimmon plc		318
	23,519		Petrofac Ltd		477
	3,255,075		Prudential plc		72,731
	62,250		Reckitt Benckiser Group plc		4,945
	61,455		Reed Elsevier plc		917
	79,063		Resolution Ltd		464
	78,761		Rexam plc		693
	264,462		Rightmove plc		12,010
	775,734		Rio Tinto plc		43,836
	1,749,126		Rolls-Royce Group plc		36,996
	351,868		Royal & Sun Alliance Insurance Group plc		533
	193,420	*	Royal Bank of Scotland Group plc		1,089
	5,149,049	*	Royal Mail plc		48,601
	497,761		SABMiller plc		25,622
	118,308		Sage Group plc		792
	11,036		Schroders plc		476
	94,112		Scottish & Southern Energy plc		2,139
	73,142		Segro plc		405
	50,640		Serco Group plc		419
	23,677		Severn Trent plc		669
	89,395		Smith & Nephew plc		1,277
	171,451		Smiths Group plc		4,210

230

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	631,939	*	Sports Direct International plc	$	7,502
	1,157,846		Standard Chartered plc		26,152
	228,178		Standard Life plc		1,363
	243,474	*	SuperGroup plc		5,709
	24,292		Tate & Lyle plc		326
	3,706,649		Taylor Woodrow plc		6,865
	674,077		Tesco plc		3,743
	1,308,170		Travis Perkins plc		40,637
	1,148,492		TUI Travel plc		7,872
	48,019		Tullow Oil plc		682
	370,990		Unilever plc		15,265
	68,296		United Utilities Group plc		760
	26,056,268		Vodafone Group plc		102,589
	32,612		Vodafone Group plc (ADR)		1,282
	187,900	*	WANdisco plc		3,827
	11,373		Weir Group plc		403
	381,872		Whitbread plc		23,766
	42,312		William Hill plc		282
	214,157		WM Morrison Supermarkets plc		927
	515,191		Wolseley plc		29,290
	2,251,489		WPP plc		51,568
	125,000		Xaar plc		2,323
			TOTAL UNITED KINGDOM		1,509,501
UNITED STATES - 52.7%
	415,248		3M Co		58,239
	70,000		A.O. Smith Corp		3,776
	1,786,750		Abbott Laboratories		68,486
	458,694		AbbVie, Inc		24,224
	27,878	e	Abercrombie & Fitch Co (Class A)		917
	7,639	*,e	Acceleron Pharma, Inc		303
	201,640		Accenture plc		16,579
	679,286		ACE Ltd		70,326
	173,591	*	Actavis plc		29,163
	49,033		Activision Blizzard, Inc		874
	256,545	*	Adobe Systems, Inc		15,362
	275,221	e	ADT Corp		11,138
	8,402		Advance Auto Parts, Inc		930
	250,000	*	AerCap Holdings NV		9,587
	291,928		AES Corp		4,236
	393,781		Aetna, Inc		27,009
	66,876	*	Affiliated Managers Group, Inc		14,504
	84,215		Aflac, Inc		5,626
	100,870		AGCO Corp		5,970
	468,058		Agilent Technologies, Inc		26,768
	31,278		Air Products & Chemicals, Inc		3,496
	7,567		Airgas, Inc		846
	19,396	*	Akamai Technologies, Inc		915
	64,200		Alaska Air Group, Inc		4,710
	8,977		Albemarle Corp		569
	118,768	e	Alcoa, Inc		1,263
	426,485	*	Alexion Pharmaceuticals, Inc		56,748

231

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	1,976	*	Alleghany Corp	$	790
	68,066	*	Allegion plc		3,008
	135,875		Allergan, Inc		15,093
	79,239	*,e	Alliance Data Systems Corp		20,834
	62,184		Alliant Energy Corp		3,209
	23,800		Allied World Assurance Co Holdings Ltd		2,685
	281,460		Allstate Corp		15,351
	34,660		Altera Corp		1,127
	1,561,589		Altria Group, Inc		59,949
	151,149	*	Amazon.com, Inc		60,277
	122,105	*	AMC Entertainment Holdings, Inc		2,509
	90,000	*	AMC Networks, Inc		6,130
	9,878	*	Amerco, Inc		2,349
	37,060		Ameren Corp		1,340
	44,511		American Capital Agency Corp		859
	86,233		American Electric Power Co, Inc		4,031
	422,022		American Express Co		38,290
	113,900		American Financial Group, Inc		6,574
	296,719		American International Group, Inc		15,148
	103,570		American Tower Corp		8,267
	79,437		American Water Works Co, Inc		3,357
	202,649		Ameriprise Financial, Inc		23,315
	79,666		AmerisourceBergen Corp		5,601
	87,716		Ametek, Inc		4,620
	377,075		Amgen, Inc		43,047
	63,827		Amphenol Corp (Class A)		5,692
	441,040		Anadarko Petroleum Corp		34,983
	49,325		Analog Devices, Inc		2,512
	426,525	*	Ann Taylor Stores Corp		15,594
	130,112		Annaly Capital Management, Inc		1,297
	9,898	*	Ansys, Inc		863
	89,669		Apache Corp		7,706
	568,407		Apple, Inc		318,939
	730,611		Applied Materials, Inc		12,925
	59,080	*	Arch Capital Group Ltd		3,526
	220,642		Archer Daniels Midland Co		9,576
	22,837	*	Arrow Electronics, Inc		1,239
	8,094		Ashland, Inc		785
	22,755		Assurant, Inc		1,510
	1,283,805		AT&T, Inc		45,139
	170,364	*	Autodesk, Inc		8,574
	19,948	e	Autoliv, Inc		1,831
	79,218		Automatic Data Processing, Inc		6,402
	11,384	*	AutoZone, Inc		5,441
	549,230		Avago Technologies Ltd		29,049
	17,263		AvalonBay Communities, Inc		2,041
	21,398		Avery Dennison Corp		1,074
	30,897		Avnet, Inc		1,363
	112,373		Avon Products, Inc		1,935
	166,701		Axiall Corp		7,908
	217,956		Axis Capital Holdings Ltd		10,368
	417,662		Baker Hughes, Inc		23,080

232

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	24,080		Ball Corp	$	1,244
	90,000	*	Bally Technologies, Inc		7,060
	3,680,587		Bank of America Corp		57,307
	211,341		Bank of New York Mellon Corp		7,384
	8,393		Bard (C.R.), Inc		1,124
	144,486		Baxter International, Inc		10,049
	77,835		BB&T Corp		2,905
	40,989	*	BE Aerospace, Inc		3,567
	123,184		Beam, Inc		8,384
	60,862		Becton Dickinson & Co		6,725
	78,837	*	Bed Bath & Beyond, Inc		6,331
	294,847	*	Berkshire Hathaway, Inc (Class B)		34,957
	110,000	*	Berry Plastics Group, Inc		2,617
	399,771		Best Buy Co, Inc		15,943
	159,223	*	Biogen Idec, Inc		44,543
	14,836	*	BioMarin Pharmaceuticals, Inc		1,043
	110,597	*	Biovail Corp (Toronto)		12,975
	25,908		BlackRock, Inc		8,199
	110,000		Blackstone Group LP		3,465
	234,808		Boeing Co		32,049
	48,752		BorgWarner, Inc		2,726
	23,332		Boston Properties, Inc		2,342
	222,414	*	Boston Scientific Corp		2,673
	41,500		Brinker International, Inc		1,923
	401,894		Bristol-Myers Squibb Co		21,361
	751,196		Broadcom Corp (Class A)		22,273
	160,000		Broadridge Financial Solutions, Inc		6,323
	500,000	*	Brocade Communications Systems, Inc		4,435
	145,467		Brookfield Office Properties, Inc (Toronto)		2,800
	1,312		Brookfield Property Partners LP		26
	69,877		Brown-Forman Corp (Class B)		5,281
	265,077		Bunge Ltd		21,765
	174,479		CA, Inc		5,871
	35,146	e	Cablevision Systems Corp (Class A)		630
	634,285		Cabot Oil & Gas Corp		24,585
	97,000	*,e	CACI International, Inc (Class A)		7,102
	77,281	*	Calpine Corp		1,508
	9,910		Camden Property Trust		564
	37,135	*	Cameron International Corp		2,211
	22,041	e	Campbell Soup Co		954
	74,746		Capital One Financial Corp		5,726
	97,212		Cardinal Health, Inc		6,495
	251,019	*	CareFusion Corp		9,996
	25,400		Carlisle Cos, Inc		2,017
	196,043	*	Carmax, Inc		9,218
	603,483		Carnival Corp		24,242
	127,653	*	Catamaran Corp		6,061
	64,827	*	Catamaran Corp (Toronto)		3,079
	149,284		Caterpillar, Inc		13,556
	72,564	*	CBRE Group, Inc		1,908
	191,507		CBS Corp (Class B)		12,207
	144,121		Celanese Corp (Series A)		7,971

233

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	474,935	*	Celgene Corp	$	80,245
	494,092		Centerpoint Energy, Inc		11,453
	155,703		CenturyTel, Inc		4,959
	65,342	*	Cerner Corp		3,642
	69,272		CF Industries Holdings, Inc		16,143
	27,583	e	CH Robinson Worldwide, Inc		1,609
	274,339		Charles Schwab Corp		7,133
	6,601	*	Charter Communications, Inc		903
	199,213	*	Cheniere Energy, Inc		8,590
	77,102		Chesapeake Energy Corp		2,093
	925,721		Chevron Corp		115,632
	53,321		Chicago Bridge & Iron Co NV		4,433
	15,725	*	Chipotle Mexican Grill, Inc (Class A)		8,378
	28,283		Chubb Corp		2,733
	69,068		Church & Dwight Co, Inc		4,578
	734,579	*,e	Ciena Corp		17,578
	214,263		Cigna Corp		18,744
	19,028		Cimarex Energy Co		1,996
	37,527		Cincinnati Financial Corp		1,965
	11,743		Cintas Corp		700
	1,957,216		Cisco Systems, Inc		43,939
	61,682		CIT Group, Inc		3,215
	2,547,732		Citigroup, Inc		132,762
	20,987	*	Citrix Systems, Inc		1,327
	133,800	e	Cliffs Natural Resources, Inc		3,507
	27,468	e	Clorox Co		2,548
	44,979		CME Group, Inc		3,529
	112,237		CMS Energy Corp		3,005
	102,217		Coach, Inc		5,737
	54,431	*	Cobalt International Energy, Inc		895
	1,230,311		Coca-Cola Co		50,824
	144,210		Coca-Cola Enterprises, Inc		6,364
	378,952	*	Cognizant Technology Solutions Corp (Class A)		38,267
	55,579	e	Cole Real Estate Investment, Inc		780
	378,159		Colgate-Palmolive Co		24,660
	2,374,975		Comcast Corp (Class A)		123,416
	186,990		Comcast Corp (Special Class A)		9,327
	50,176		Comerica, Inc		2,385
	134,870		Computer Sciences Corp		7,537
	600,611		ConAgra Foods, Inc		20,241
	142,519	*	Concho Resources, Inc		15,392
	870,175		ConocoPhillips		61,478
	300,000		Conseco, Inc		5,307
	49,212		Consol Energy, Inc		1,872
	34,432		Consolidated Edison, Inc		1,903
	35,784	*	Constellation Brands, Inc (Class A)		2,518
	26,776	*,e	Continental Resources, Inc		3,013
	10,077		Core Laboratories NV		1,924
	247,050		Corning, Inc		4,402
	371,544		Costco Wholesale Corp		44,217
	444,817		Covidien plc		30,292
	70,000		Crane Co		4,707

234

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	26,056	*	Cree, Inc	$	1,630
	292,732	*	Crown Castle International Corp		21,495
	21,753	*	Crown Holdings, Inc		970
	257,908		CSX Corp		7,420
	131,220		Cummins, Inc		18,498
	763,997		CVS Corp		54,679
	202,561		Cytec Industries, Inc		18,871
	300,000		Dana Holding Corp		5,886
	590,415		Danaher Corp		45,580
	147,437		Darden Restaurants, Inc		8,016
	30,812	*	DaVita, Inc		1,953
	57,539		Deere & Co		5,255
	781,527		Delta Air Lines, Inc		21,469
	110,000		Deluxe Corp		5,741
	551,055	*	Denbury Resources, Inc		9,054
	23,414		Dentsply International, Inc		1,135
	70,611		Devon Energy Corp		4,369
	11,625	e	Diamond Offshore Drilling, Inc		662
	10,940		Dick’s Sporting Goods, Inc		636
	13,475	e	Digital Realty Trust, Inc		662
	97,385		Dillard’s, Inc (Class A)		9,467
	402,456	*	DIRECTV		27,806
	385,286		Discover Financial Services		21,557
	82,683	*	Discovery Communications, Inc (Class A)		7,476
	22,072	*	Discovery Communications, Inc (Class C)		1,851
	87,877	*	DISH Network Corp (Class A)		5,090
	44,336	*	Dollar General Corp		2,674
	25,249	*	Dollar Tree, Inc		1,425
	547,780		Dominion Resources, Inc		35,436
	60,086		Dover Corp		5,801
	1,224,272		Dow Chemical Co		54,358
	278,490	*	DR Horton, Inc		6,216
	34,323		Dr Pepper Snapple Group, Inc		1,672
	70,961		DTE Energy Co		4,711
	181,647		Du Pont (E.I.) de Nemours & Co		11,802
	226,450		Duke Energy Corp		15,627
	78,102		Duke Realty Corp		1,175
	4,142		Dun & Bradstreet Corp		508
	128,999		East West Bancorp, Inc		4,511
	16,527		Eastman Chemical Co		1,334
	551,289		Eaton Corp		41,964
	13,944		Eaton Vance Corp		597
	993,867	*	eBay, Inc		54,553
	129,186		Ecolab, Inc		13,470
	78,759		Edison International		3,647
	12,434	*	Edwards Lifesciences Corp		818
	67,123	*	Electronic Arts, Inc		1,540
	172,223		Eli Lilly & Co		8,783
	1,411,011		EMC Corp		35,487
	457,068		Emerson Electric Co		32,077
	129,000	*,e	Endo Pharmaceuticals Holdings, Inc		8,702
	15,187		Energen Corp		1,074

235

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	53,304		Energizer Holdings, Inc	$	5,770
	1,784	*	Engility Holdings, Inc		60
	24,647		Ensco plc		1,409
	32,491		Entergy Corp		2,056
	27,760	*	Envision Healthcare Holdings, Inc		986
	107,635		EOG Resources, Inc		18,065
	12,983		Equifax, Inc		897
	5,369	*	Equinix, Inc		953
	68,042		Equitable Resources, Inc		6,109
	50,567		Equity Residential		2,623
	26,354		Estee Lauder Cos (Class A)		1,985
	50,000	*	Esterline Technologies Corp		5,098
	27,421		Everest Re Group Ltd		4,274
	280,000		Exelis, Inc		5,337
	159,213		Exelon Corp		4,361
	318,175		Expedia, Inc		22,164
	22,332		Expeditors International of Washington, Inc		988
	200,000	*	Express Parent LLC		3,734
	198,087	*	Express Scripts Holding Co		13,914
	630,654	*	Extended Stay America, Inc		16,561
	1,931,332	d	Exxon Mobil Corp		195,451
	218,613	*	F5 Networks, Inc		19,863
	643,387	*	Facebook, Inc		35,168
	11,887		Family Dollar Stores, Inc		772
	31,954	e	Fastenal Co		1,518
	14,329		Federal Realty Investment Trust		1,453
	111,998		FedEx Corp		16,102
	73,058		Fidelity National Information Services, Inc		3,922
	36,163		Fidelity National Title Group, Inc (Class A)		1,173
	181,868		Fifth Third Bancorp		3,825
	3,584	*,e	FireEye, Inc		156
	110,000	*	First American Corp		3,908
	21,571		First Republic Bank		1,129
	50,940		FirstEnergy Corp		1,680
	112,280	*	Fiserv, Inc		6,630
	70,407	*	FleetCor Technologies, Inc		8,250
	16,911		Flir Systems, Inc		509
	75,109		Flowserve Corp		5,921
	252,982		Fluor Corp		20,312
	371,452		FMC Corp		28,030
	46,189	*	FMC Technologies, Inc		2,412
	1,387,253		Ford Motor Co		21,405
	394,685	*	Forest Laboratories, Inc		23,693
	113,800		Fortune Brands Home & Security, Inc		5,201
	31,179	*	Fossil Group, Inc		3,740
	45,595		Franklin Resources, Inc		2,632
	924,815		Freeport-McMoRan Copper & Gold, Inc (Class B)		34,903
	138,143	e	Frontier Communications Corp		642
	273,724	e	GameStop Corp (Class A)		13,484
	193,890	*	Gaming and Leisure Properties, Inc		9,852
	125,789		Gap, Inc		4,916
	12,284	e	Garmin Ltd		568

236

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	100,000		Generac Holdings, Inc	$	5,664
	45,991		General Dynamics Corp		4,394
	6,061,404		General Electric Co		169,901
	51,438		General Growth Properties, Inc		1,032
	103,874		General Mills, Inc		5,184
	61,921,000	*,e,m	General Motors Co		0	^
	13,592,224	*,m	General Motors Co		0	^
	69,850,000	*,m	General Motors Co		0	^
	4,461,000	*,m	General Motors Co		0	^
	530,757	*,m	General Motors Co		0	^
	18,159,000	*,m	General Motors Co		0	^
	19,417,463	*,m	General Motors Co		0	^
	18,106,794	*,e,m	General Motors Co		0	^
	29,845,445	*,m	General Motors Co		0	^
	26,439,985	*,m	General Motors Co		0	^
	1,642,697	*	General Motors Co		67,137
	33,190		Genuine Parts Co		2,761
	1,622,088	*	Gilead Sciences, Inc		121,900
	120,000		Global Payments, Inc		7,799
	130,900		GNC Holdings, Inc		7,651
	477,240		Goldman Sachs Group, Inc		84,596
	381,900		Goodyear Tire & Rubber Co		9,108
	184,166	*	Google, Inc (Class A)		206,397
	14,696	*,e	Green Mountain Coffee Roasters, Inc		1,111
	29,161		H&R Block, Inc		847
	1		H.B. Fuller Co		0	^
	360,970		Halliburton Co		18,319
	135,000		Hanesbrands, Inc		9,486
	72,461		Harley-Davidson, Inc		5,017
	23,915		Harris Corp		1,670
	649,106		Hartford Financial Services Group, Inc		23,517
	177,364		Hasbro, Inc		9,757
	101,780	*	HCA Holdings, Inc		4,856
	61,684		HCP, Inc		2,240
	30,786		Health Care REIT, Inc		1,649
	160,000	*	Health Net, Inc		4,747
	170,000		Healthsouth Corp		5,664
	49,696		Helmerich & Payne, Inc		4,178
	18,897	*	Henry Schein, Inc		2,159
	111,206		Hershey Co		10,813
	756,861	*	Hertz Global Holdings, Inc		21,661
	122,469		Hess Corp		10,165
	685,973		Hewlett-Packard Co		19,194
	116,000		Hillshire Brands Co		3,879
	20,683		Holly Corp		1,028
	41,812	*	Hologic, Inc		934
	1,363,673		Home Depot, Inc		112,285
	1,061,991		Honeywell International, Inc		97,034
	15,607		Hormel Foods Corp		705
	25,699	*	Hospira, Inc		1,061
	281,553		Host Marriott Corp		5,473
	80,134		Hudson City Bancorp, Inc		756

237

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	107,714		Humana, Inc	$	11,118
	1,016,300		Huntington Bancshares, Inc		9,807
	135,900		IAC/InterActiveCorp		9,335
	60,000		Icahn Enterprises LP		6,565
	6,289	*	IHS, Inc (Class A)		753
	99,180		Illinois Tool Works, Inc		8,339
	84,722	*,e	Illumina, Inc		9,372
	272,197		Ingersoll-Rand plc		16,767
	9,385		Integrys Energy Group, Inc		511
	1,606,763		Intel Corp		41,712
	13,719		IntercontinentalExchange Group, Inc		3,086
	291,596		International Business Machines Corp		54,695
	9,102		International Flavors & Fragrances, Inc		783
	367,368		International Game Technology		6,671
	221,146		International Paper Co		10,843
	162,399		Interpublic Group of Cos, Inc		2,874
	359,857		Intuit, Inc		27,464
	14,138	*	Intuitive Surgical, Inc		5,430
	80,473		Invesco Ltd		2,929
	16,974		Iron Mountain, Inc		515
	150,000	e	iShares China Large-Cap ETF		5,752
	444,274	e	iShares MSCI Canada Index Fund		12,955
	1,284,436		iShares MSCI EAFE Index Fund		86,134
	140,000		ITT Corp		6,079
	28,000	*,e	ITT Educational Services, Inc		940
	10,668		J.B. Hunt Transport Services, Inc		825
	34,496		J.M. Smucker Co		3,574
	33,854	*	Jacobs Engineering Group, Inc		2,132
	790,151	*	Jarden Corp		48,476
	70,000	*	Jazz Pharmaceuticals plc		8,859
	453,400	*	JDS Uniphase Corp		5,885
	1,232,714		Johnson & Johnson		112,904
	173,179		Johnson Controls, Inc		8,884
	159,237	e	Joy Global, Inc		9,314
	1,591,540		JPMorgan Chase & Co		93,073
	748,552	*	Juniper Networks, Inc		16,895
	95,439		Kansas City Southern Industries, Inc		11,818
	15,860		KBR, Inc		506
	38,713		Kellogg Co		2,364
	468,347		Kennametal, Inc		24,387
	195,405		Keycorp		2,622
	89,029		Kimberly-Clark Corp		9,300
	56,423		Kimco Realty Corp		1,114
	12,057	*	Kinder Morgan Management LLC		912
	74,265		Kinder Morgan, Inc		2,674
	33,089		Kla-Tencor Corp		2,133
	22,993		Kohl’s Corp		1,305
	495,449		Kraft Foods Group, Inc		26,715
	486,524		Kroger Co		19,232
	102,846		L Brands, Inc		6,361
	20,579		L-3 Communications Holdings, Inc		2,199
	9,939	*	Laboratory Corp of America Holdings		908

238

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	457,863	*	Lam Research Corp	$	24,931
	254,140		Las Vegas Sands Corp		20,044
	95,000		Lear Corp		7,692
	25,287	e	Legg Mason, Inc		1,099
	16,973	e	Leggett & Platt, Inc		525
	15,356	e	Leidos Holdings, Inc		714
	129,700		Lender Processing Services, Inc		4,848
	18,534	e	Lennar Corp (Class A)		733
	35,091		Leucadia National Corp		994
	16,328	*	Level 3 Communications, Inc		542
	130,000	e	Lexmark International, Inc (Class A)		4,618
	55,657	*	Liberty Interactive Corp		1,634
	31,440	*	Liberty Media Corp		4,604
	20,579		Liberty Property Trust		697
	31,031	*	Life Technologies Corp		2,352
	225,530		Lincoln National Corp		11,642
	90,256		Linear Technology Corp		4,111
	40,712	*	LinkedIn Corp		8,828
	200,000	*,e	Lions Gate Entertainment Corp		6,332
	64,140	*	LKQ Corp		2,110
	46,308		Lockheed Martin Corp		6,884
	45,669		Loews Corp		2,203
	114,489		Lorillard, Inc		5,802
	251,320		Lowe’s Companies, Inc		12,453
	59,804		LSI Logic Corp		659
	457,378		LyondellBasell Industries AF S.C.A		36,718
	13,086	e	M&T Bank Corp		1,523
	19,051		Macerich Co		1,122
	651,167		Macy’s, Inc		34,772
	1	*	Madison Square Garden, Inc		0	^
	3,125	*	Mallinckrodt plc		163
	17,129		Manpower, Inc		1,471
	383,196		Marathon Oil Corp		13,527
	158,345		Marathon Petroleum Corp		14,525
	647,155		Marriott International, Inc (Class A)		31,944
	991,320		Marsh & McLennan Cos, Inc		47,940
	4,978		Martin Marietta Materials, Inc		498
	462,975		Marvell Technology Group Ltd		6,658
	162,856		Masco Corp		3,708
	120,000	*	Mastec, Inc		3,926
	35,011		Mastercard, Inc (Class A)		29,250
	38,121		Mattel, Inc		1,814
	31,573		Maxim Integrated Products, Inc		881
	26,635		McCormick & Co, Inc		1,836
	234,485		McDonald’s Corp		22,752
	42,563		McGraw-Hill Cos, Inc		3,328
	384,464		McKesson Corp		62,052
	679	*	MDC Holdings, Inc		22
	36,390		MDU Resources Group, Inc		1,112
	43,426		Mead Johnson Nutrition Co		3,637
	37,751		MeadWestvaco Corp		1,394
	728,740		Medtronic, Inc		41,822

239

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	190,000		Mentor Graphics Corp	$	4,573
	680,497		Merck & Co, Inc		34,059
	903,389		Metlife, Inc		48,711
	6,367	*	Mettler-Toledo International, Inc		1,545
	43,809	*	MGM Mirage		1,030
	111,252	*	Michael Kors Holdings Ltd		9,033
	21,090	e	Microchip Technology, Inc		944
	342,293	*	Micron Technology, Inc		7,448
	3,819,249		Microsoft Corp		142,954
	25,259	*	Mohawk Industries, Inc		3,761
	16,264		Molson Coors Brewing Co (Class B)		913
	507,346		Mondelez International, Inc		17,909
	250,758		Monsanto Co		29,226
	58,241	*	Monster Beverage Corp		3,947
	22,310		Moody’s Corp		1,751
	514,463		Morgan Stanley		16,134
	33,367		Mosaic Co		1,577
	36,166		Motorola, Inc		2,441
	35,807		Murphy Oil Corp		2,323
	1,750	*	Murphy USA, Inc		73
	493,415	*	Mylan Laboratories, Inc		21,414
	49,680		Nabors Industries Ltd		844
	25,703		Nasdaq Stock Market, Inc		1,023
	126,009		National Oilwell Varco, Inc		10,021
	213,252		NetApp, Inc		8,773
	17,038	*	NetFlix, Inc		6,273
	16,967	*	NetSuite, Inc		1,748
	100,000	*	NeuStar, Inc (Class A)		4,986
	62,346	e	New York Community Bancorp, Inc		1,051
	781,198		Newell Rubbermaid, Inc		25,319
	54,931		Newmont Mining Corp		1,265
	41,496	*	News Corp		748
	499,185		NextEra Energy, Inc		42,740
	696,069		Nielsen Holdings NV		31,943
	273,749		Nike, Inc (Class B)		21,528
	1,582	*,e	Nimble Storage, Inc		72
	131,135		NiSource, Inc		4,312
	119,772		Noble Corp plc		4,488
	138,961		Noble Energy, Inc		9,465
	34,143		Nordstrom, Inc		2,110
	58,371		Norfolk Southern Corp		5,419
	108,963		Northeast Utilities		4,619
	75,618		Northern Trust Corp		4,680
	129,389		Northrop Grumman Corp		14,829
	85,570		NRG Energy, Inc		2,458
	45,000		Nu Skin Enterprises, Inc (Class A)		6,220
	25,598	*,e	Nuance Communications, Inc		389
	101,009		Nucor Corp		5,392
	127,949		Nvidia Corp		2,050
	12,345	*	NVR, Inc		12,666
	42,193		Oaktree Capital Group LLC		2,483
	637,226		Occidental Petroleum Corp		60,600

240

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	56,579		Oceaneering International, Inc	$	4,463
	118,407	*	Ocwen Financial Corp		6,566
	92,088		OGE Energy Corp		3,122
	123,561		Omnicare, Inc		7,458
	68,254		Omnicom Group, Inc		5,076
	121,101		Oneok, Inc		7,530
	2,414,075		Oracle Corp		92,363
	37,042	*	O’Reilly Automotive, Inc		4,768
	436,043	*	Orient-Express Hotels Ltd (Class A)		6,589
	130,000		Oshkosh Truck Corp		6,549
	142,621	*	Owens Corning, Inc		5,808
	37,647	*	Owens-Illinois, Inc		1,347
	55,649		Paccar, Inc		3,293
	90,000		Packaging Corp of America		5,695
	17,856		Pall Corp		1,524
	90,000	*	Parexel International Corp		4,066
	52,315		Parker Hannifin Corp		6,730
	54,708		PartnerRe Ltd		5,768
	16,345		Patterson Cos, Inc		673
	42,756		Paychex, Inc		1,947
	60,170		Peabody Energy Corp		1,175
	193,890	*	Penn National Gaming, Inc		2,778
	126,374		Pentair Ltd		9,815
	53,177		People’s United Financial, Inc		804
	38,550	e	Pepco Holdings, Inc		737
	928,717		PepsiCo, Inc		77,028
	55,476	e	Perrigo Co plc		8,513
	50,110		Petsmart, Inc		3,646
	4,833,385		Pfizer, Inc		148,047
	48,918		PG&E Corp		1,970
	12,942	*	Pharmacyclics, Inc		1,369
	773,910		Philip Morris International, Inc		67,431
	191,425		Phillips 66		14,765
	144,010		Phillips-Van Heusen Corp		19,588
	400,000	*	Pilgrim’s Pride Corp		6,500
	73,011		Pinnacle West Capital Corp		3,864
	43,548		Pioneer Natural Resources Co		8,016
	10,800	e	Pitney Bowes, Inc		252
	27,228		Plum Creek Timber Co, Inc		1,266
	90,296		PNC Financial Services Group, Inc		7,005
	32,313		Polaris Industries, Inc		4,706
	75,000	*	Portfolio Recovery Associates, Inc		3,963
	68,270		PPG Industries, Inc		12,948
	67,614		PPL Corp		2,035
	87,209		Praxair, Inc		11,340
	81,311		Precision Castparts Corp		21,897
	462,817	*	Premier, Inc		17,013
	17,144	*	Priceline.com, Inc		19,928
	116,024		Principal Financial Group		5,721
	1,333,860		Procter & Gamble Co		108,590
	61,922		Progressive Corp		1,689
	173,114		Prologis, Inc		6,397

241

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	205,608		Prudential Financial, Inc	$	18,961
	77,317		Public Service Enterprise Group, Inc		2,477
	58,931		Public Storage, Inc		8,870
	673,751		Pulte Homes, Inc		13,724
	656,986		Qualcomm, Inc		48,781
	23,110	*	Quanta Services, Inc		729
	17,086	e	Quest Diagnostics, Inc		915
	27,499		Questar Market Resources, Inc		843
	130,000		Questcor Pharmaceuticals, Inc		7,079
	12,417	*,e	Rackspace Hosting, Inc		486
	6,661		Ralph Lauren Corp		1,176
	68,727		Range Resources Corp		5,794
	12,343		Raymond James Financial, Inc		644
	27,471		Rayonier, Inc		1,157
	51,637		Raytheon Co		4,683
	5,344		REA Group Ltd		181
	639,346	*	Realogy Holdings Corp		31,628
	20,562	e	Realty Income Corp		768
	20,826	*	Red Hat, Inc		1,167
	14,267		Regency Centers Corp		661
	16,565	*	Regeneron Pharmaceuticals, Inc		4,559
	177,279		Regions Financial Corp		1,753
	60,000		Reliance Steel & Aluminum Co		4,550
	10,336		RenaissanceRe Holdings Ltd		1,006
	53,758		Republic Services, Inc		1,785
	15,195	e	Resmed, Inc		715
	112,337		Reynolds American, Inc		5,616
	1,400,000	*	Rite Aid Corp		7,084
	16,433		Robert Half International, Inc		690
	85,234		Rock-Tenn Co (Class A)		8,950
	77,287		Rockwell Automation, Inc		9,132
	198,198		Rockwell Collins, Inc		14,651
	87,863		Roper Industries, Inc		12,185
	29,426		Ross Stores, Inc		2,205
	220,000	*	Rovi Corp		4,332
	20,417	*	Rowan Cos plc		722
	119,645		Royal Caribbean Cruises Ltd		5,674
	26,217		Safeway, Inc		854
	494,065	*	Salesforce.com, Inc		27,267
	55,000	*	Salix Pharmaceuticals Ltd		4,947
	181,503		SanDisk Corp		12,803
	64,700	*	SBA Communications Corp (Class A)		5,813
	20,937		SCANA Corp		983
	861,127		Schlumberger Ltd		77,596
	193		Science Applications International Corp		6
	40,341		Scripps Networks Interactive (Class A)		3,486
	323,306		Seagate Technology, Inc		18,157
	166,916		Sealed Air Corp		5,683
	4,757	*,e	Sears Holdings Corp		233
	31,298		SEI Investments Co		1,087
	316,498		Sempra Energy		28,409
	14,717	*	Sensata Technologies Holding BV		571

242

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	400,000		Service Corp International	$	7,252
	13,304	*	ServiceNow, Inc		745
	28,298		Sherwin-Williams Co		5,193
	13,300		Sigma-Aldrich Corp		1,250
	31,586		Silgan Holdings, Inc		1,517
	251,783		Simon Property Group, Inc		38,311
	338,734	*,e	Sirius XM Holdings, Inc		1,182
	19,607		SL Green Realty Corp		1,811
	96,001		SLM Corp		2,523
	164,479		Southern Co		6,762
	42,171		Southwest Airlines Co		795
	55,665	*	Southwestern Energy Co		2,189
	111,633		SPDR Trust Series 1		20,615
	410,100		Spectra Energy Corp		14,608
	120,000	*	Spirit Airlines, Inc		5,449
	188,303	*	Sprint Corp		2,024
	4,281		SPX Corp		426
	80,366		St. Jude Medical, Inc		4,979
	282,430		Stanley Works		22,789
	177,172		Staples, Inc		2,815
	337,921		Starbucks Corp		26,490
	134,405		Starwood Hotels & Resorts Worldwide, Inc		10,678
	120,000		Starwood Property Trust, Inc		3,324
	642,523		State Street Corp		47,155
	79,799	*	Stericycle, Inc		9,270
	105,143	*	Stratasys Ltd		14,163
	58,739		Stryker Corp		4,414
	57,381		SunTrust Banks, Inc		2,112
	19,601	*	Superior Energy Services		522
	250,000	*,e	Swift Transportation Co, Inc		5,553
	668,052		Symantec Corp		15,753
	17,932	*	Synopsys, Inc		728
	222,157		Synovus Financial Corp		800
	65,355		Sysco Corp		2,359
	350,442		T Rowe Price Group, Inc		29,357
	102,666		Target Corp		6,496
	812,884		TCF Financial Corp		13,209
	49,313		TD Ameritrade Holding Corp		1,511
	100,000	*	Tenneco, Inc		5,657
	22,664	*	Teradata Corp		1,031
	29,895	*,e	Tesla Motors, Inc		4,496
	60,007		Tesoro Corp		3,510
	234,150		Texas Instruments, Inc		10,282
	84,789		Textron, Inc		3,117
	117,818		Thermo Electron Corp		13,119
	16,155		Tiffany & Co		1,499
	355,114		Time Warner Cable, Inc		48,118
	488,613		Time Warner, Inc		34,066
	242,246		TJX Companies, Inc		15,438
	215,108	*	T-Mobile US, Inc		7,236
	16,754	*	Toll Brothers, Inc		620
	53,313		Torchmark Corp		4,166

243

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	35,495		Total System Services, Inc	$	1,181
	7,065	*	Towers Watson & Co		902
	107,179		Tractor Supply Co		8,315
	5,670		TransDigm Group, Inc		913
	18,949		Transocean Ltd		927
	55,000	e	Transocean Ltd (NYSE)		2,718
	56,282		Travelers Cos, Inc		5,096
	193,395	*,e	TRI Pointe Homes, Inc		3,854
	62,500	*	Tribune Co		4,838
	29,627	*	Trimble Navigation Ltd		1,028
	120,000		Trinity Industries, Inc		6,542
	45,728	*	TripAdvisor, Inc		3,788
	116,866	*	TRW Automotive Holdings Corp		8,694
	271,465	*	Tumi Holdings, Inc		6,122
	75,211		Tupperware Corp		7,110
	490,714		Twenty-First Century Fox, Inc		17,263
	47,019		Twenty-First Century Fox, Inc (Class B)		1,627
	34,612	*,e	Twitter, Inc		2,203
	471,725		Tyco International Ltd		19,360
	311,820		Tyson Foods, Inc (Class A)		10,433
	19,924	*	UAL Corp		754
	29,335		UDR, Inc		685
	28,070	*	Ulta Salon Cosmetics & Fragrance, Inc		2,709
	7,700	*,e	Ultra Petroleum Corp		167
	9,051	*	Under Armour, Inc (Class A)		790
	470,883		Union Pacific Corp		79,108
	170,883		United Parcel Service, Inc (Class B)		17,956
	423,056		United Technologies Corp		48,144
	626,750		UnitedHealth Group, Inc		47,194
	18,719		Universal Health Services, Inc (Class B)		1,521
	59,599		UnumProvident Corp		2,091
	15,392	*	Urban Outfitters, Inc		571
	40,000		URS Corp		2,120
	390,877		US Bancorp		15,791
	658,101	*,e	USG Corp		18,677
	645,429		Valero Energy Corp		32,530
	128,980		Validus Holdings Ltd		5,197
	13,335	*	Vantiv, Inc		435
	11,866	*	Varian Medical Systems, Inc		922
	2,748	*,e	Veeva Systems, Inc		88
	123,222		Ventas, Inc		7,058
	90,000	*	Verint Systems, Inc		3,865
	16,685	*,e	VeriSign, Inc		997
	459,697	*	Verisk Analytics, Inc		30,211
	1,892,737		Verizon Communications, Inc		93,009
	26,019	*	Vertex Pharmaceuticals, Inc		1,933
	201,324		VF Corp		12,551
	675,907		Viacom, Inc (Class B)		59,034
	478,145		Visa, Inc (Class A)		106,473
	200,000	*	Vishay Intertechnology, Inc		2,652
	70,000	*	Visteon Corp		5,732
	80,348	*	VMware, Inc (Class A)		7,208

244

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES			COMPANY	(000)
	24,838		Vornado Realty Trust	$	2,205
	13,824		Vulcan Materials Co		821
	62,626		W.R. Berkley Corp		2,717
	19,559		W.W. Grainger, Inc		4,996
	158,892		Walgreen Co		9,127
	400,127		Wal-Mart Stores, Inc		31,486
	1,154,441	*	Walt Disney Co		88,199
	163,800	e	Walter Energy, Inc		2,724
	49,250		Waste Management, Inc		2,210
	9,242	*	Waters Corp		924
	1,025,990	*	Weatherford International Ltd		15,893
	27,899	*	WellCare Health Plans, Inc		1,965
	211,234		WellPoint, Inc		19,516
	4,117,630		Wells Fargo & Co		186,940
	105,458		Western Digital Corp		8,848
	159,141		Western Union Co		2,745
	50,000		Westlake Chemical Corp		6,104
	61,748		Weyerhaeuser Co		1,949
	92,190		Whirlpool Corp		14,461
	25,008	*	Whiting Petroleum Corp		1,547
	151,777		Whole Foods Market, Inc		8,777
	281,193		Williams Cos, Inc		10,846
	18,267		Willis Group Holdings plc		819
	62,168	e	Windstream Holdings, Inc		496
	102,904		Wisconsin Energy Corp		4,254
	150,000	e	WisdomTree Japan Hedged Equity Fund		7,626
	100,000		Wolverine World Wide, Inc		3,396
	46,440	*	Workday, Inc		3,862
	50,000	*	WR Grace & Co		4,943
	64,798		Wyndham Worldwide Corp		4,775
	13,149		Wynn Resorts Ltd		2,554
	108,053		Xcel Energy, Inc		3,019
	1,143,911		Xerox Corp		13,921
	29,676		Xilinx, Inc		1,363
	28,035		Xylem, Inc		970
	972,087	*	Yahoo!, Inc		39,311
	151,842		Yum! Brands, Inc		11,481
	51,828		Zimmer Holdings, Inc		4,830
	659,037		Zoetis Inc		21,544
	3,167	*,e	zulily, Inc		131
	650,000	*	Zynga, Inc		2,470
			TOTAL UNITED STATES		10,079,877
			TOTAL COMMON STOCKS		18,880,493
			(Cost $14,987,646)
RIGHTS / WARRANTS - 0.0%
CANADA - 0.0%
	215,640		Turquoise Hill Resources Ltd		203
			TOTAL CANADA		203
SINGAPORE - 0.0%
	14,354		Olam International Ltd		4
			TOTAL SINGAPORE		4

245

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

						MATURITY	VALUE
SHARES			COMPANY	RATES		DATE	(000)
SPAIN - 0.0%
	721,127		Repsol S.A.				$	492
			TOTAL SPAIN					492
UNITED STATES - 0.0%
	21,280		Kinder Morgan, Inc					86
			TOTAL UNITED STATES					86
			TOTAL RIGHTS / WARRANTS					785
			(Cost $841)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 3.4%
GOVERNMENT AGENCY DEBT - 0.1%
			Federal Home Loan Bank (FHLB)
$	10,000,000		FHLB	0.065	%	02/26/14		9,999
	10,000,000		Federal Home Loan Bank (FHLB)	0.090		03/14/14		9,999
			TOTAL GOVERNMENT AGENCY DEBT					19,998
TREASURY DEBT - 1.1%
	2,800,000		United States Treasury Bill	0.051		02/06/14		2,800
	1,900,000		United States Treasury Bill	0.071		02/20/14		1,900
	2,100,000		United States Treasury Bill	0.056		02/27/14		2,100
	58,300,000	d	United States Treasury Bill	0.076-0.081		03/06/14		58,295
	30,650,000		United States Treasury Bill	0.053-0.066		03/13/14		30,647
	4,400,000		United States Treasury Bill	0.071		04/03/14		4,399
	13,400,000		United States Treasury Bill	0.075		04/10/14		13,398
	10,800,000		United States Treasury Bill	0.060-0.063		04/17/14		10,799
	58,000,000	d	United States Treasury Bill	0.065-0.077		04/24/14		57,989
	5,000,000		United States Treasury Bill	0.088		05/29/14		4,999
	9,500,000	d	United States Treasury Bill	0.098		06/26/14		9,496
	14,000,000	d	United States Treasury Bill	0.095-0.103		08/21/14		13,994
			TOTAL TREASURY DEBT					210,816
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.2%
REPURCHASE AGREEMENT - 1.7%
	50,000,000	n	BNP	0.005		01/02/14		50,000
	142,000,000	o	Calyon	0.020		01/02/14		142,000
	49,000,000	p	Royal Bank of Scotland	0.010		01/02/14		49,000
	79,000,000	q	Societe Generale	0.010		01/02/14		79,000
			TOTAL REPURCHASE AGREEMENT					320,000
VARIABLE RATE SECURITIES - 0.5%
	25,000,000	i	CIBC Bank and Trust Co	0.010		01/02/14		25,000
	1,803,610	i	Granite Master Issuer plc 2006	0.367		12/20/50		1,783
	1,545,952	i	Granite Master Issuer plc 2007	0.367		12/20/50		1,529
	941,476	i	Medallion Trust 2005	0.278		08/22/36		938
	471,212	i	Nelnet Student Loan Trust 2007	0.496		09/25/18		471

246

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	1,535,490	i	Puma Finance Ltd	0.379	%	02/21/38	$	1,521
	24,000,000	i	Royal Bank of Canada Trust Co	0.010		01/02/14		24,000
	30,000,000	i	SLM Student Loan Trust 2007	0.278		01/25/19		29,562
	3,388,795	i	SLM Student Loan Trust 2008	0.588		10/25/16		3,388
			TOTAL VARIABLE RATE SECURITIES					88,192
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED					408,192
			TOTAL SHORT-TERM INVESTMENTS					639,006
			(Cost $639,334)
			TOTAL INVESTMENTS - 102.1%					19,520,284
			(Cost $15,627,821)
			OTHER ASSETS & LIABILITIES, NET - (2.1)%					(392,565	)
			NET ASSETS - 100.0%				$	19,127,719

	Abbreviation(s):
ADR	American Depositary Receipt
ETF	Exchange Traded Fund
GDR	Global Depositary Receipt
REIT	Real Estate Investment Trust
SPDR	Standard & Poor’s Depository Receipts

*	Non-income producing.
^	Amount represents less than $1,000.
d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures transactions.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $498,279,000.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
m	Indicates a security that has been deemed illiquid.
n	Agreement with BNP, 0.01% dated 12/31/13 to be repurchased at $50,000,000 on 1/2/14, collateralized by U.S. Government Agency Securities valued at $51,000,000.
o	Agreement with Calyon, 0.02% dated 12/31/13 to be repurchased at $142,000,000 on 1/2/14, collateralized by U.S. Government Agency Securities valued at $144,840,000.
p	Agreement with Royal Bank of Scotland 0.01% dated 12/31/13 to be repurchased at $49,001,000 on 1/2/14, collateralized by U.S. Government Agency Securities valued at $49,981,000.
q	Agreement with Societe Generale, 0.01% dated 12/31/13 to be repurchased at $79,000,000 on 1/2/14, collateralized by U.S. Government Agency Securities valued at $80,580,000.
	Cost amounts are in thousands.

247

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
SUMMARY OF MARKET VALUES BY SECTOR
December 31, 2013

	VALUE			% OF
SECTOR	(000)			NET ASSETS
FINANCIALS	$	3,888,816			20.4	%
CONSUMER DISCRETIONARY		3,113,034			16.3
INFORMATION TECHNOLOGY		2,509,440			13.1
INDUSTRIALS		2,494,584			13.0
HEALTH CARE		2,300,075			12.0
CONSUMER STAPLES		1,398,289			7.3
ENERGY		1,386,284			7.3
MATERIALS		906,980			4.7
TELECOMMUNICATION SERVICES		479,220			2.5
UTILITIES		404,556			2.1
SHORT - TERM INVESTMENTS		639,006			3.4
OTHER ASSETS & LIABILITIES, NET		(392,565	)		(2.1	)
NET ASSETS	$	19,127,719			100.0	%

248

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2013

SHARES			COMPANY	VALUE  (000)
COMMON STOCKS - 99.0%
AUTOMOBILES & COMPONENTS - 2.7%
	2,380		Allison Transmission Holdings, Inc	$	66
	554,508		BorgWarner, Inc		31,003
	362,600		Dana Holding Corp		7,114
	1,336,166		Delphi Automotive plc		80,344
	2,298,955		Ford Motor Co		35,473
	2,700,333	*	General Motors Co		110,362
	598,695		Gentex Corp		19,751
	1,112,865		Goodyear Tire & Rubber Co		26,542
	307,147		Harley-Davidson, Inc		21,267
	101,800		Icahn Enterprises LP		11,138
	586,590		Lear Corp		47,496
	220,400		Magna International, Inc - Class A (NY)		18,086
	110,000		Renault S.A.		8,852
	309,600	*	Tenneco, Inc		17,514
	251,513	*,e	Tesla Motors, Inc		37,822
	22,290		Thor Industries, Inc		1,231
	158,700		Toyota Motor Corp		9,677
	198,500	*	TRW Automotive Holdings Corp		14,766
	203,941	*	Visteon Corp		16,701
			TOTAL AUTOMOBILES & COMPONENTS		515,205
BANKS - 0.3%
	1,606,300		Huntington Bancshares, Inc		15,501
	255,600	*,e	Nationstar Mortgage Holdings, Inc		9,447
	50,147	*	Ocwen Financial Corp		2,781
	2,339	*	Signature Bank		251
	548,500		Wells Fargo & Co		24,902
			TOTAL BANKS		52,882
CAPITAL GOODS - 7.3%
	522,935		3M Co		73,342
	16,536		A.O. Smith Corp		892
	403,270	*	Aecom Technology Corp		11,868
	161,557	*	Allegion plc		7,139
	37,000		Alliant Techsystems, Inc		4,502
	118,077		Ametek, Inc		6,219
	11,593	*	Armstrong World Industries, Inc		668
	142,946		Babcock & Wilcox Co		4,887

249

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	45,253	*	BE Aerospace, Inc	$	3,938
	1,761,298		Boeing Co		240,400
	63,846		Carlisle Cos, Inc		5,069
	57,224		Caterpillar, Inc		5,197
	118,944		Chicago Bridge & Iron Co NV		9,889
	42,601	*	Colfax Corp		2,713
	150,631		Crane Co		10,130
	353,722		Cummins, Inc		49,864
	59,761		Danaher Corp		4,614
	187,991		Deere & Co		17,169
	66,230		Donaldson Co, Inc		2,878
	62,215		Dover Corp		6,006
	260,779		Emerson Electric Co		18,301
	170,000		European Aeronautic Defence and Space Co		13,051
	143,245		Fastenal Co		6,806
	112,253		Flowserve Corp		8,849
	228,437		Fluor Corp		18,341
	517,341		Fortune Brands Home & Security, Inc		23,642
	94,200		General Dynamics Corp		9,001
	848,270		General Electric Co		23,777
	29,878		Graco, Inc		2,334
	18,940	*	HD Supply Holdings, Inc		455
	107,518	*	Hexcel Corp		4,805
	1,243,074		Honeywell International, Inc		113,580
	80,621		Hubbell, Inc (Class B)		8,780
	189,685		Huntington Ingalls		17,074
	37,075		IDEX Corp		2,738
	68,031		Illinois Tool Works, Inc		5,720
	484,673		Ingersoll-Rand plc		29,856
	45,001		ITT Corp		1,954
	264,934	e	Joy Global, Inc		15,496
	43,000		L-3 Communications Holdings, Inc		4,595
	107,705		Lennox International, Inc		9,161
	335,708		Lincoln Electric Holdings, Inc		23,949
	211,877		Lockheed Martin Corp		31,498
	60,739		Manitowoc Co, Inc		1,416
	789,193		Masco Corp		17,970
	147,343	*	MRC Global, Inc		4,753
	70,361		MSC Industrial Direct Co (Class A)		5,690
	3,700	*,e	Navistar International Corp		141
	30,540		Nordson Corp		2,269
	39,500		Northrop Grumman Corp		4,527
	203,300		Oshkosh Truck Corp		10,242
	22,107		Paccar, Inc		1,308
	193,238		Pall Corp		16,493
	420,941		Precision Castparts Corp		113,359
	22,133	*	Quanta Services, Inc		699
	198,828		Rockwell Automation, Inc		23,494

250

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	58,155		Rockwell Collins, Inc	$	4,299
	396,329		Roper Industries, Inc		54,963
	215,000		Safran S.A.		14,949
	75,173		Snap-On, Inc		8,233
	11,353	*	SolarCity Corp		645
	140,641	*	Spirit Aerosystems Holdings, Inc (Class A)		4,793
	6,834		Stanley Works		551
	670,200		Textron, Inc		24,637
	78,658		Toro Co		5,003
	25,333		TransDigm Group, Inc		4,079
	196,400		Trinity Industries, Inc		10,708
	79,708		Triumph Group, Inc		6,063
	45,319	*,e	United Rentals, Inc		3,533
	563,902		United Technologies Corp		64,172
	113,600		URS Corp		6,020
	318,600	*,e	USG Corp		9,042
	67,912	e	Valmont Industries, Inc		10,127
	422,917		W.W. Grainger, Inc		108,021
	120,905	*	WABCO Holdings, Inc		11,294
	46,798		Westinghouse Air Brake Technologies Corp		3,476
	5,678		Xylem, Inc		196
			TOTAL CAPITAL GOODS		1,418,312
COMMERCIAL & PROFESSIONAL SERVICES - 1.5%
	128,000	e	ADT Corp		5,180
	12,564		Cintas Corp		749
	28,438	*	Clean Harbors, Inc		1,705
	649,228	*	CNH Industrial NV (NYSE)		7,369
	53,345	*	Copart, Inc		1,955
	35,738		Corrections Corp of America		1,146
	18,244		Dun & Bradstreet Corp		2,239
	160,224		Equifax, Inc		11,070
	31,779	*	IHS, Inc (Class A)		3,804
	73,866		Iron Mountain, Inc		2,242
	13,595		KAR Auction Services, Inc		402
	118,700		Manpower, Inc		10,192
	1,941,551		Nielsen Holdings NV		89,098
	353,419	e	Pitney Bowes, Inc		8,235
	48,657	e	R.R. Donnelley & Sons Co		987
	67,683		Robert Half International, Inc		2,842
	30,863		Rollins, Inc		935
	376,193	*	Stericycle, Inc		43,702
	256,000		Tyco International Ltd		10,506
	1,231,226	*	Verisk Analytics, Inc		80,916
	56,164		Waste Connections, Inc		2,450
	18,902		Waste Management, Inc		848
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		288,572

251

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
CONSUMER DURABLES & APPAREL - 2.8%
	28,392		Carter’s, Inc	$	2,038
	257,134		Coach, Inc		14,433
	5,784	*,e	Deckers Outdoor Corp		489
	212,887	*	Fossil Group, Inc		25,534
	716,253		Hanesbrands, Inc		50,331
	378,376		Hasbro, Inc		20,814
	847,928	*	Jarden Corp		52,020
	1,012,280		Luxottica Group S.p.A.		54,249
	368,100		LVMH Moet Hennessy Louis Vuitton S.A.		67,250
	167,368		Mattel, Inc		7,963
	195,733	*	Michael Kors Holdings Ltd		15,892
	36,080	*	Moncler S.p.A		784
	84,312		Newell Rubbermaid, Inc		2,733
	1,194,398		Nike, Inc (Class B)		93,928
	29,224	*	NVR, Inc		29,984
	34,566		Phillips-Van Heusen Corp		4,702
	50,176		Polaris Industries, Inc		7,308
	2,036,697		Pulte Homes, Inc		41,488
	28,993		Ralph Lauren Corp		5,119
	356,100	e	Sony Corp (ADR)		6,157
	13,442	*	Taylor Morrison Home Corp		302
	29,266	*	Tempur-Pedic International, Inc		1,579
	115,531		Tupperware Corp		10,921
	40,737	*	Under Armour, Inc (Class A)		3,556
	169,592		VF Corp		10,572
	137,677		Whirlpool Corp		21,596
			TOTAL CONSUMER DURABLES & APPAREL		551,742
CONSUMER SERVICES - 3.4%
	288,770	*	Bally Technologies, Inc		22,654
	33,746		Brinker International, Inc		1,564
	49,450		Burger King Worldwide, Inc		1,130
	85,303	*	Chipotle Mexican Grill, Inc (Class A)		45,448
	1,329	e	Choice Hotels International, Inc		65
	40,591		Darden Restaurants, Inc		2,207
	143,142		Domino’s Pizza, Inc		9,970
	52,659		Dunkin Brands Group, Inc		2,538
	188,806	*	Extended Stay America, Inc		4,958
	130,691		H&R Block, Inc		3,795
	271,322	*	Hilton Worldwide Holdings, Inc		6,037
	227,025	*	Hyatt Hotels Corp		11,229
	1,689,145		International Game Technology		30,675
	393,000		Interval Leisure Group, Inc		12,144
	2,201,973		Las Vegas Sands Corp		173,670
	101,280		Marriott International, Inc (Class A)		4,999
	816,291		McDonald’s Corp		79,205
	3,200,000	*,g	Merlin Entertainments plc		18,944
	12,779	*	Norwegian Cruise Line Holdings Ltd		453
	73,730	*	Panera Bread Co (Class A)		13,027

252

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE  (000)
	15,272		SeaWorld Entertainment, Inc	$	439
	83,511		Service Corp International		1,514
	259,012		Six Flags Entertainment Corp		9,537
	1,904,123		Starbucks Corp		149,264
	40,258		Starwood Hotels & Resorts Worldwide, Inc		3,199
	4,750	e	Weight Watchers International, Inc		156
	103,714		Wyndham Worldwide Corp		7,643
	39,107		Wynn Resorts Ltd		7,595
	555,158		Yum! Brands, Inc		41,975
			TOTAL CONSUMER SERVICES		666,034
DIVERSIFIED FINANCIALS - 4.6%
	376,542	*	Affiliated Managers Group, Inc		81,664
	959,254		American Express Co		87,033
	963,638		Ameriprise Financial, Inc		110,867
	477,800		Apollo Management LP		15,103
	2,385		Artisan Partners Asset Management, Inc		156
	41,866		BlackRock, Inc		13,249
	1,201,799		Blackstone Group LP		37,857
	121,202		CBOE Holdings, Inc		6,298
	614,115		Charles Schwab Corp		15,967
	758,400		Citigroup, Inc		39,520
	587,000		Discover Financial Services		32,843
	59,876		Eaton Vance Corp		2,562
	34,456	e	Federated Investors, Inc (Class B)		992
	198,925		Franklin Resources, Inc		11,484
	553,785		Goldman Sachs Group, Inc		98,164
	361,441		IntercontinentalExchange Group, Inc		81,295
	1,250,000	e	iShares Russell 1000 Growth Index Fund		107,437
	63,515		Lazard Ltd (Class A)		2,879
	20,111		Leucadia National Corp		570
	46,108		LPL Financial Holdings, Inc		2,168
	1,042,880		Moody’s Corp		81,835
	25,525	*	MSCI, Inc (Class A)		1,116
	78,902		Oaktree Capital Group LLC		4,643
	212,203		SEI Investments Co		7,370
	345,800		State Street Corp		25,378
	159,137		T Rowe Price Group, Inc		13,331
	182,262		Waddell & Reed Financial, Inc (Class A)		11,869
			TOTAL DIVERSIFIED FINANCIALS		893,650
ENERGY - 3.1%
	62,129		Anadarko Petroleum Corp		4,928
	8,450	*	Antero Resources Corp		536
	148,271	*	Atwood Oceanics, Inc		7,916
	11,916		Baker Hughes, Inc		658
	431,242		Cabot Oil & Gas Corp		16,715
	222,894	*	Cameron International Corp		13,269

253

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	118,460	*	Cheniere Energy, Inc	$	5,108
	123,354	*	Cobalt International Energy, Inc		2,029
	360,343	*	Concho Resources, Inc		38,917
	21,296	*,e	Continental Resources, Inc		2,396
	7,778		CVR Energy, Inc		338
	854,909	*	Denbury Resources, Inc		14,046
	36,284	*	Dresser-Rand Group, Inc		2,164
	86,381	*	Dril-Quip, Inc		9,496
	587,013		EOG Resources, Inc		98,524
	66,613		Equitable Resources, Inc		5,980
	114,851	*	FMC Technologies, Inc		5,996
	7,540		Frank’s International NV		204
	33,424	*	Gulfport Energy Corp		2,111
	409,722		Halliburton Co		20,793
	120,000		Helmerich & Payne, Inc		10,090
	293,878		Kinder Morgan, Inc		10,580
	50,501	*	Kosmos Energy LLC		565
	15,719	*	Laredo Petroleum Holdings, Inc		435
	137,000		Murphy Oil Corp		8,889
	204,833		Noble Energy, Inc		13,951
	48,660	*	Oasis Petroleum, Inc		2,286
	195,290		Oceaneering International, Inc		15,404
	81,284		Pioneer Natural Resources Co		14,962
	8,817		Questar Market Resources, Inc		270
	79,844		Range Resources Corp		6,732
	186,621	e	RPC, Inc		3,331
	1,916,158		Schlumberger Ltd		172,665
	170,932	e	Seadrill Ltd		7,022
	332,949	*	Southwestern Energy Co		13,095
	280,791		St. Mary Land & Exploration Co		23,336
	245,704		Suncor Energy, Inc (NY)		8,612
	176,605	*	Whiting Petroleum Corp		10,927
	496,311		Williams Cos, Inc		19,143
	59,496	e	World Fuel Services Corp		2,568
			TOTAL ENERGY		596,987
FOOD & STAPLES RETAILING - 2.0%
	1,284,243		Costco Wholesale Corp		152,838
	569,016		CVS Corp		40,725
	20,270	*	Fresh Market, Inc		821
	1,592,688		Kroger Co		62,959
	3,999,500	*	Rite Aid Corp		20,237
	203,282		Safeway, Inc		6,621
	7,040	*	Sprouts Farmers Market, Inc		271
	100,754		Sysco Corp		3,637
	493,252		Walgreen Co		28,332
	681,870		Wal-Mart Stores, Inc		53,656
	414,145		Whole Foods Market, Inc		23,950
			TOTAL FOOD & STAPLES RETAILING		394,047

254

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
FOOD, BEVERAGE & TOBACCO - 4.4%
	3,158,013		Altria Group, Inc	$	121,236
	375,214		Archer Daniels Midland Co		16,284
	73,349		Brown-Forman Corp (Class B)		5,543
	56,180	e	Campbell Soup Co		2,431
	3,177,358		Coca-Cola Co		131,257
	470,119		Coca-Cola Enterprises, Inc		20,746
	186,599		ConAgra Foods, Inc		6,288
	147,855	*	Constellation Brands, Inc (Class A)		10,406
	338,051		Dr Pepper Snapple Group, Inc		16,470
	82,685		Flowers Foods, Inc		1,775
	312,202		General Mills, Inc		15,582
	352,196	*,e	Green Mountain Coffee Roasters, Inc		26,619
	150,000		Groupe Danone		10,821
	234,547		Hershey Co		22,805
	138,821		Hillshire Brands Co		4,642
	289,858		Hormel Foods Corp		13,093
	4,770		Ingredion, Inc		327
	6,337		J.M. Smucker Co		657
	115,995		Kellogg Co		7,084
	447,672		Kraft Foods Group, Inc		24,139
	764,225		Lorillard, Inc		38,731
	63,520		McCormick & Co, Inc		4,378
	151,933		Mead Johnson Nutrition Co		12,726
	870,756	*	Monster Beverage Corp		59,011
	1,782,015		PepsiCo, Inc		147,800
	1,129,284		Philip Morris International, Inc		98,394
	699,600	*	Pilgrim’s Pride Corp		11,369
	8,075		Pinnacle Foods, Inc		222
	56,000	e	Remy Cointreau S.A.		4,704
	115,648		Reynolds American, Inc		5,781
	334,000	*,e	Suntory Beverage & Food Ltd		10,655
	69,427	*	WhiteWave Foods Co (Class A)		1,593
			TOTAL FOOD, BEVERAGE & TOBACCO		853,569
HEALTH CARE EQUIPMENT & SERVICES - 3.1%
	451,190		Aetna, Inc		30,947
	362,802		AmerisourceBergen Corp		25,509
	38,739		Bard (C.R.), Inc		5,189
	289,779		Baxter International, Inc		20,154
	149,023		Becton Dickinson & Co		16,465
	46,404	*	Brookdale Senior Living, Inc		1,261
	336,600	*	CareFusion Corp		13,403
	687,456	*	Catamaran Corp		32,640
	887,863	*	Cerner Corp		49,489
	177,431		Cigna Corp		15,522
	3,482	*	Community Health Systems, Inc		137
	45,784		Cooper Cos, Inc		5,670
	89,436	*	DaVita, Inc		5,668

255

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE  (000)
	20,199		Dentsply International, Inc	$	979
	295,539	*	Edwards Lifesciences Corp		19,435
	68,006	*	Envision Healthcare Holdings, Inc		2,416
	385,815	*	Express Scripts Holding Co		27,100
	261,836	*	HCA Holdings, Inc		12,492
	124,670	*	Health Management Associates, Inc (Class A)		1,633
	248,900		Healthsouth Corp		8,293
	41,858	*	Henry Schein, Inc		4,783
	39,131	*	Hologic, Inc		875
	88,200		Humana, Inc		9,104
	114,912	*,e	Idexx Laboratories, Inc		12,223
	69,979	*	Intuitive Surgical, Inc		26,877
	42,517	*	Laboratory Corp of America Holdings		3,885
	549,011		McKesson Corp		88,610
	390,400	*	Olympus Corp		12,382
	37,033		Patterson Cos, Inc		1,526
	30,640	*	Pediatrix Medical Group, Inc		1,636
	422,218	*	Premier, Inc		15,521
	3,690	e	Quest Diagnostics, Inc		198
	69,931	e	Resmed, Inc		3,292
	26,081	*	Sirona Dental Systems, Inc		1,831
	315,581		St. Jude Medical, Inc		19,550
	93,553		Stryker Corp		7,030
	49,644	*	Tenet Healthcare Corp		2,091
	240,000		UnitedHealth Group, Inc		18,072
	248,620		Universal Health Services, Inc (Class B)		20,203
	188,956	*	Varian Medical Systems, Inc		14,680
	10,073	*,e	Veeva Systems, Inc		323
	347,000		WellPoint, Inc		32,059
	4,740		Zimmer Holdings, Inc		442
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		591,595
HOUSEHOLD & PERSONAL PRODUCTS - 0.9%
	209,142		Avon Products, Inc		3,601
	252,780		Church & Dwight Co, Inc		16,754
	53,095	e	Clorox Co		4,925
	617,733		Colgate-Palmolive Co		40,282
	18,540	e	Coty, Inc		283
	112,132		Estee Lauder Cos (Class A)		8,446
	133,751	e	Herbalife Ltd		10,526
	166,543		Kimberly-Clark Corp		17,397
	284,875		L’Oreal S.A.		50,028
	141,613		Nu Skin Enterprises, Inc (Class A)		19,574
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		171,816
INSURANCE - 0.9%
	280,919		ACE Ltd		29,084
	30,377		Allied World Assurance Co Holdings Ltd		3,427
	240,800		Allstate Corp		13,133

256

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	5,379		American Financial Group, Inc	$	310
	115,454		Aon plc		9,685
	2,379	*	Arch Capital Group Ltd		142
	62,267		Arthur J. Gallagher & Co		2,922
	361,725		Axis Capital Holdings Ltd		17,207
	27,255		Brown & Brown, Inc		856
	17,999		Chubb Corp		1,739
	7,026		Endurance Specialty Holdings Ltd		412
	12,540		Erie Indemnity Co (Class A)		917
	42,576		Hanover Insurance Group, Inc		2,542
	11,919		Loews Corp		575
	389,899		Marsh & McLennan Cos, Inc		18,856
	277,900		Metlife, Inc		14,984
	117,700		PartnerRe Ltd		12,409
	234,792		Progressive Corp		6,403
	209,733		Prudential Financial, Inc		19,342
	195,888		Travelers Cos, Inc		17,736
	2,886		Validus Holdings Ltd		116
			TOTAL INSURANCE		172,797
MATERIALS - 4.3%
	32,187		Airgas, Inc		3,600
	15,309		Albemarle Corp		970
	21,900		Aptargroup, Inc		1,485
	270,846		Avery Dennison Corp		13,594
	290,726		Axiall Corp		13,792
	72,927		Ball Corp		3,767
	22,830		Bemis Co, Inc		935
	77,714		Celanese Corp (Series A)		4,298
	50,145		CF Industries Holdings, Inc		11,686
	63,486		Compass Minerals International, Inc		5,082
	58,959	*	Crown Holdings, Inc		2,628
	734,278		Dow Chemical Co		32,602
	535,347		Du Pont (E.I.) de Nemours & Co		34,782
	23,602		Eagle Materials, Inc		1,828
	74,984		Eastman Chemical Co		6,051
	226,073		Ecolab, Inc		23,573
	65,646		FMC Corp		4,954
	973,900	*	Graphic Packaging Holding Co		9,350
	2,783		Greif, Inc (Class A)		146
	40,080		International Flavors & Fragrances, Inc		3,446
	639,605		International Paper Co		31,360
	1,655,148		LyondellBasell Industries AF S.C.A		132,875
	23,277		Martin Marietta Materials, Inc		2,326
	1,777,228		Monsanto Co		207,136
	4,372	e	NewMarket Corp		1,461
	516,193	*	Owens-Illinois, Inc		18,469
	398,631		Packaging Corp of America		25,225
	193,525		PPG Industries, Inc		36,704
	215,299		Praxair, Inc		27,995

257

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	286,944		Rock-Tenn Co (Class A)	$	30,132
	28,152		Rockwood Holdings, Inc		2,025
	9,223		Royal Gold, Inc		425
	59,787		RPM International, Inc		2,482
	21,119		Scotts Miracle-Gro Co (Class A)		1,314
	367,643		Sealed Air Corp		12,518
	278,568		Sherwin-Williams Co		51,117
	54,934		Sigma-Aldrich Corp		5,164
	80,764		Silgan Holdings, Inc		3,878
	439,973		Southern Copper Corp (NY)		12,632
	3,110	*	Tahoe Resources, Inc		52
	43,559		Valspar Corp		3,105
	74,800		West Fraser Timber Co Ltd		7,295
	171,743		Westlake Chemical Corp		20,965
	182,077	*	WR Grace & Co		18,002
			TOTAL MATERIALS		833,226
MEDIA - 5.3%
	187,080	*	AMC Entertainment Holdings, Inc		3,845
	210,045	*	AMC Networks, Inc		14,306
	98,361	e	Cablevision Systems Corp (Class A)		1,764
	858,244		CBS Corp (Class B)		54,704
	32,633	*	Charter Communications, Inc		4,463
	56,952		Cinemark Holdings, Inc		1,898
	20,235		Clear Channel Outdoor Holdings, Inc (Class A)		205
	6,515,507		Comcast Corp (Class A)		338,578
	1,178,440	*	DIRECTV		81,418
	1,274,062	*	Discovery Communications, Inc (Class A)		115,201
	464,130	*	DISH Network Corp (Class A)		26,882
	160,000		Grupo Televisa SAB (ADR)		4,842
	97,407		Interpublic Group of Cos, Inc		1,724
	39,739	*	Lamar Advertising Co (Class A)		2,076
	197,710	*	Liberty Global plc (Class A)		17,594
	38,008	*,e	Lions Gate Entertainment Corp		1,203
	29,156	*	Madison Square Garden, Inc		1,679
	144,081		McGraw-Hill Cos, Inc		11,267
	9,168		Morningstar, Inc		716
	178,451	*	News Corp		3,216
	125,234		Omnicom Group, Inc		9,314
	7,195	e	Regal Entertainment Group (Class A)		140
	53,258		Scripps Networks Interactive (Class A)		4,602
	1,433,977	*,e	Sirius XM Holdings, Inc		5,005
	530,000		Smiles S.A.		7,299
	48,474	*	Starz-Liberty Capital		1,417
	493,158		Time Warner Cable, Inc		66,823
	329,700		Time Warner, Inc		22,987
	465,417	*	Tribune Co		36,023
	2,571,260		Twenty-First Century Fox, Inc		90,457
	873,474		Viacom, Inc (Class B)		76,289
	352,484	*	Walt Disney Co		26,930
			TOTAL MEDIA		1,034,867

258

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 11.5%
	1,412,725		AbbVie, Inc	$	74,606
	14,689	*,e	Acceleron Pharma, Inc		582
	530,236	*	Actavis plc		89,080
	288,582		Agilent Technologies, Inc		16,504
	793,609	*	Alexion Pharmaceuticals, Inc		105,598
	171,441	*	Alkermes plc		6,971
	467,053		Allergan, Inc		51,880
	973,383		Amgen, Inc		111,121
	571,301		Bayer AG.		80,217
	1,015,445	*	Biogen Idec, Inc		284,071
	67,952	*	BioMarin Pharmaceuticals, Inc		4,775
	129,000	*	Biovail Corp		15,145
	852,672		Bristol-Myers Squibb Co		45,319
	112,222	*	Bruker BioSciences Corp		2,219
	1,297,690	*	Celgene Corp		219,258
	76,105	*	Charles River Laboratories International, Inc		4,037
	126,618	*	Covance, Inc		11,150
	66,343	*	Cubist Pharmaceuticals, Inc		4,569
	141,613		Eli Lilly & Co		7,222
	136,154	*	Endo Pharmaceuticals Holdings, Inc		9,185
	5,258,100	*	Gilead Sciences, Inc		395,146
	559,634	*,e	Illumina, Inc		61,907
	49,961	*	Incyte Corp		2,530
	170,566	*	Jazz Pharmaceuticals plc		21,587
	174,818		Johnson & Johnson		16,012
	54,556	*	Life Technologies Corp		4,135
	35,794	*	Medivation, Inc		2,284
	14,733	*	Mettler-Toledo International, Inc		3,574
	1,067,854	*	Mylan Laboratories, Inc		46,345
	39,761	*,e	Myriad Genetics, Inc		834
	612,484		Novartis AG. (ADR)		49,231
	70,000		Novo Nordisk AS (Class B)		12,831
	141,600	*	NPS Pharmaceuticals, Inc		4,299
	781,367		Perrigo Co plc		119,908
	342,605		Pfizer, Inc		10,494
	85,539	*	Pharmacyclics, Inc		9,048
	370,501	e	Questcor Pharmaceuticals, Inc		20,174
	13,476	*	Quintiles Transnational Holdings, Inc		624
	60,608	*	Regeneron Pharmaceuticals, Inc		16,682
	293,647		Roche Holding AG.		82,258
	713,260	*	Salix Pharmaceuticals Ltd		64,151
	47,774	*,e	Seattle Genetics, Inc		1,906
	22,669		Techne Corp		2,146
	280,570	*,e	Theravance, Inc		10,002
	138,003	*	United Therapeutics Corp		15,605
	191,312	*	Vertex Pharmaceuticals, Inc		14,214

259

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	42,242	*	Waters Corp	$	4,224
	3,069,296		Zoetis Inc		100,335
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		2,235,995
REAL ESTATE - 1.3%
	358,552		American Tower Corp		28,620
	40,392		Apartment Investment & Management Co (Class A)		1,046
	7,282		Boston Properties, Inc		731
	4,500	*	Brixmor Property Group, Inc		91
	22,429		CBL & Associates Properties, Inc		403
	584,492	*	CBRE Group, Inc		15,372
	48,831	e	Digital Realty Trust, Inc		2,399
	27,432		Equity Lifestyle Properties, Inc		994
	246,305		Extra Space Storage, Inc		10,377
	21,140		Federal Realty Investment Trust		2,144
	3,650,000	e	Global Logistic Properties		8,373
	57,668		Omega Healthcare Investors, Inc		1,718
	85,983		Plum Creek Timber Co, Inc		3,999
	64,490		Public Storage, Inc		9,707
	61,840		Rayonier, Inc		2,603
	1,850,331	*	Realogy Holdings Corp		91,536
	18,444		Regency Centers Corp		854
	5,392		Senior Housing Properties Trust		120
	392,046		Simon Property Group, Inc		59,654
	34,690		Spirit Realty Capital, Inc		341
	45,671		Tanger Factory Outlet Centers, Inc		1,462
	4,414		Taubman Centers, Inc		282
	65,461		Ventas, Inc		3,750
	17,470		Vornado Realty Trust		1,551
	281,879		Weyerhaeuser Co		8,899
			TOTAL REAL ESTATE		257,026
RETAILING - 7.2%
	5,791		Aaron’s, Inc		170
	3,643	e	Abercrombie & Fitch Co (Class A)		120
	35,634		Advance Auto Parts, Inc		3,944
	957,363	*	Amazon.com, Inc		381,787
	55,596		American Eagle Outfitters, Inc		801
	9,269	*	Ascena Retail Group, Inc		196
	18,470	*	ASOS plc		1,882
	25,142	*	Autonation, Inc		1,249
	17,009	*	AutoZone, Inc		8,129
	105,935	*	Bed Bath & Beyond, Inc		8,507
	582,574		Best Buy Co, Inc		23,233
	7,853	*	Big Lots, Inc		254
	23,889	*	Cabela’s, Inc		1,592
	1,974,549	*	Carmax, Inc		92,843
	74,044		Chico’s FAS, Inc		1,395
	255,000	*	Ctrip.com International Ltd (ADR)		12,653

260

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	47,335		Dick’s Sporting Goods, Inc	$	2,750
	190,564		Dillard’s, Inc (Class A)		18,525
	158,394	*	Dollar General Corp		9,554
	272,875	*	Dollar Tree, Inc		15,396
	118,486		DSW, Inc (Class A)		5,063
	839,027		Expedia, Inc		58,447
	47,004		Family Dollar Stores, Inc		3,054
	528,485		Foot Locker, Inc		21,900
	271,900	e	GameStop Corp (Class A)		13,394
	510,414		Gap, Inc		19,947
	231,453		Genuine Parts Co		19,255
	288,969		GNC Holdings, Inc		16,890
	4,215,108	*	Groupon, Inc		49,612
	2,527,132		Home Depot, Inc		208,084
	28,265	*,e	HomeAway, Inc		1,155
	1,180,000		Kingfisher plc		7,533
	117,206		L Brands, Inc		7,249
	1,373,091	*	Liberty Interactive Corp		40,300
	17,269	*	Liberty Ventures		2,117
	144,489	*	LKQ Corp		4,754
	549,958		Lowe’s Companies, Inc		27,250
	45,100	*,e	Lumber Liquidators, Inc		4,640
	667,786		Macy’s, Inc		35,660
	105,661	*	NetFlix, Inc		38,901
	71,433		Nordstrom, Inc		4,415
	149,764	*	O’Reilly Automotive, Inc		19,276
	335,049		Petsmart, Inc		24,375
	30,422	*	Priceline.com, Inc		35,363
	106,505		Ross Stores, Inc		7,980
	81,670	*	Sally Beauty Holdings, Inc		2,469
	3,536		Signet Jewelers Ltd		278
	315,380		Target Corp		19,954
	54,103		Tiffany & Co		5,020
	1,037,830		TJX Companies, Inc		66,141
	67,408		Tractor Supply Co		5,230
	96,362	*	TripAdvisor, Inc		7,982
	139,797	*	Ulta Salon Cosmetics & Fragrance, Inc		13,493
	163,835	*	Urban Outfitters, Inc		6,078
	89,233		Williams-Sonoma, Inc		5,200
	10,061	*,e	zulily, Inc		417
			TOTAL RETAILING		1,393,856
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.6%
	288,830	*,e	Advanced Micro Devices, Inc		1,118
	304,335		Altera Corp		9,900
	63,462		Analog Devices, Inc		3,232
	384,479		Applied Materials, Inc		6,802
	1,069,636		ARM Holdings plc (ADR)		58,552
	201,761	*	Atmel Corp		1,580

261

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	208,723		Avago Technologies Ltd	$	11,039
	516,652		Broadcom Corp (Class A)		15,319
	57,832	*	Cree, Inc		3,619
	241,891	*,e	Freescale Semiconductor Holdings Ltd		3,882
	158,644		Intel Corp		4,118
	410,982	*	Lam Research Corp		22,378
	167,583		Linear Technology Corp		7,633
	562,628		LSI Logic Corp		6,200
	699,300		Marvell Technology Group Ltd		10,056
	141,611		Maxim Integrated Products, Inc		3,952
	96,818	e	Microchip Technology, Inc		4,333
	109,534		Nvidia Corp		1,755
	1,023,478	*	NXP Semiconductors NV		47,008
	210,118	*	ON Semiconductor Corp		1,731
	15,963	*	Silicon Laboratories, Inc		691
	76,156	*	Skyworks Solutions, Inc		2,175
	602,827		Texas Instruments, Inc		26,470
	1,342,823		Xilinx, Inc		61,663
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		315,206
SOFTWARE & SERVICES - 19.8%
	773,126		Accenture plc		63,566
	2,828,207	*	Adobe Systems, Inc		169,353
	86,425	*	Akamai Technologies, Inc		4,078
	177,814	*	Alliance Data Systems Corp		46,753
	356,691		Amdocs Ltd		14,710
	45,862	*	Ansys, Inc		3,999
	322,700	*	AOL, Inc		15,044
	87,079	*	Autodesk, Inc		4,383
	235,141		Automatic Data Processing, Inc		19,002
	13,938		Booz Allen Hamilton Holding Co		267
	287,203		Broadridge Financial Solutions, Inc		11,350
	404,400		CA, Inc		13,608
	140,021	*	Cadence Design Systems, Inc		1,963
	146,155	*	Citrix Systems, Inc		9,244
	441,102	*	Cognizant Technology Solutions Corp (Class A)		44,542
	168,500		Computer Sciences Corp		9,416
	22,586	*,e	Concur Technologies, Inc		2,330
	18,775	*	Criteo S.A. (ADR)		642
	13,316		DST Systems, Inc		1,208
	3,468,159	*	eBay, Inc		190,367
	111,969	*	Electronic Arts, Inc		2,569
	24,078	*	Equinix, Inc		4,273
	5,359,676	*	Facebook, Inc		292,960
	21,200	e	Factset Research Systems, Inc		2,302
	13,996		Fidelity National Information Services, Inc		751
	13,253	*,e	FireEye, Inc		578
	129,430	*	Fiserv, Inc		7,643
	33,180	*	FleetCor Technologies, Inc		3,888

262

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	67,061	*	Fortinet, Inc	$	1,283
	45,552	*	Gartner, Inc		3,236
	84,884	*	Genpact Ltd		1,559
	331,121		Global Payments, Inc		21,520
	600,872	*	Google, Inc (Class A)		673,403
	397,945		IAC/InterActiveCorp		27,335
	188,572	*	Informatica Corp		7,826
	1,074,172		International Business Machines Corp		201,482
	2,496,237		Intuit, Inc		190,513
	41,367		Jack Henry & Associates, Inc		2,449
	271,562		Lender Processing Services, Inc		10,151
	219,353	*	LinkedIn Corp		47,562
	393,041		Mastercard, Inc (Class A)		328,370
	5,907	*	Micros Systems, Inc		339
	10,394,599		Microsoft Corp		389,070
	94,500		Netease.com (ADR)		7,428
	17,266	*	NetSuite, Inc		1,779
	387,554	*	NeuStar, Inc (Class A)		19,323
	5,273,541		Oracle Corp		201,766
	65,150	*	Pandora Media, Inc		1,733
	140,679		Paychex, Inc		6,405
	39,440		QIWI plc (ADR)		2,209
	54,967	*,e	Rackspace Hosting, Inc		2,151
	2,154,555	*	Red Hat, Inc		120,741
	427,761	*	Rovi Corp		8,423
	1,031,849	*	Salesforce.com, Inc		56,948
	39,105	*	ServiceNow, Inc		2,190
	135,554	*	Sina Corp		11,420
	30,135	*	SolarWinds, Inc		1,140
	32,560		Solera Holdings, Inc		2,304
	50,910	*	Splunk, Inc		3,496
	742,779		Symantec Corp		17,515
	4,205	*	Tableau Software, Inc		290
	78,625	*	Teradata Corp		3,577
	81,767	*	TIBCO Software, Inc		1,838
	60,669		Total System Services, Inc		2,019
	81,200	*,e	Twitter, Inc		5,168
	310,520	*	Vantiv, Inc		10,126
	339,480	*,e	VeriSign, Inc		20,294
	1,411,392		Visa, Inc (Class A)		314,289
	285,000	*	VistaPrint Ltd		16,202
	856,131	*	VMware, Inc (Class A)		76,804
	269,645		Western Union Co		4,651
	18,526	*	Workday, Inc		1,541
	1,696,870	*	Yahoo!, Inc		68,621
	62,400	*	Yelp, Inc		4,303
			TOTAL SOFTWARE & SERVICES		3,843,581

263

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
TECHNOLOGY HARDWARE & EQUIPMENT - 6.2%
	48,286	*,e	3D Systems Corp	$	4,487
	3,227,800	*,e	Alcatel S.A.		14,324
	5,899,310		Alcatel-Lucent (ADR)		25,957
	77,972		Amphenol Corp (Class A)		6,954
	1,359,361	d	Apple, Inc		762,751
	4,600	e	CDW Corp		107
	865,000		Cisco Systems, Inc		19,419
	11,630	*	CommScope Holding Co, Inc		220
	9,138	*,e	Dolby Laboratories, Inc (Class A)		352
	507,771		EMC Corp		12,770
	160,868	*	F5 Networks, Inc		14,616
	46,785		Flir Systems, Inc		1,408
	9,592		Harris Corp		670
	593,400		Hewlett-Packard Co		16,603
	15,623	*,e	IPG Photonics Corp		1,212
	82,476	*	JDS Uniphase Corp		1,071
	362,542	*	Juniper Networks, Inc		8,183
	305,766		Motorola, Inc		20,639
	45,679		National Instruments Corp		1,463
	288,140	*	NCR Corp		9,814
	664,576		NetApp, Inc		27,341
	3,145	*,e	Nimble Storage, Inc		142
	16,108	*,e	Palo Alto Networks, Inc		926
	2,286,344		Qualcomm, Inc		169,761
	74,842	*	Riverbed Technology, Inc		1,353
	179,154		SanDisk Corp		12,638
	248,500		Seagate Technology, Inc		13,956
	118,967	*	Stratasys Ltd		16,025
	124,224	*	Trimble Navigation Ltd		4,311
	92,200	*,e	Ubiquiti Networks, Inc		4,238
	385,100		Western Digital Corp		32,310
	2,333	*	Zebra Technologies Corp (Class A)		126
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,206,147
TELECOMMUNICATION SERVICES - 1.3%
	162,034	*	Crown Castle International Corp		11,898
	27,363	*	Level 3 Communications, Inc		908
	61,701	*	SBA Communications Corp (Class A)		5,543
	1,027,900		Softbank Corp		90,199
	75,067	*	Sprint Corp		807
	821,239	*	T-Mobile US, Inc		27,626
	72,292	*	tw telecom inc (Class A)		2,203
	2,429,547		Verizon Communications, Inc		119,388
	276,548	e	Windstream Holdings, Inc		2,207
			TOTAL TELECOMMUNICATION SERVICES		260,779

264

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	RATE		MATURITY DATE	VALUE (000)
TRANSPORTATION - 3.4%
	333,265		Alaska Air Group, Inc				$	24,452
	34,025	*	Amerco, Inc					8,093
	51,500	*,e	American Airlines Group, Inc					1,300
	224,665	*	Avis Budget Group, Inc					9,081
	177,383		CH Robinson Worldwide, Inc					10,349
	64,665		Con-Way, Inc					2,568
	86,761		Copa Holdings S.A. (Class A)					13,891
	247,183		CSX Corp					7,111
	2,576,265		Delta Air Lines, Inc					70,770
	294,548		Expeditors International of Washington, Inc					13,034
	344,720		FedEx Corp					49,560
	74,061	*	Genesee & Wyoming, Inc (Class A)					7,114
	1,724,998	*	Hertz Global Holdings, Inc					49,369
	45,410		J.B. Hunt Transport Services, Inc					3,510
	945,385		Kansas City Southern Industries, Inc					117,067
	85,049	*	Kirby Corp					8,441
	89,762	*	Landstar System, Inc					5,157
	475,000	e	Latam Airlines Group S.A. (ADR)					7,747
	28,409		Norfolk Southern Corp					2,637
	93,320	*	Old Dominion Freight Line					4,948
	1,340,000	*	Royal Mail plc					12,648
	97,746		Ryder System, Inc					7,212
	1,424,676		Southwest Airlines Co					26,841
	241,000	*	Spirit Airlines, Inc					10,944
	354,500	*,e	Swift Transportation Co, Inc					7,873
	171,935	*	UAL Corp					6,504
	675,724		Union Pacific Corp					113,522
	475,560		United Parcel Service, Inc (Class B)					49,972
			TOTAL TRANSPORTATION					651,715
UTILITIES - 0.1%
	299,200		AES Corp					4,341
	77,671		Aqua America, Inc					1,832
	135,510	*	Calpine Corp					2,644
	24,872		ITC Holdings Corp					2,383
	93,850		Oneok, Inc					5,836
	12,825		Questar Corp					295
			TOTAL UTILITIES					17,331
			TOTAL COMMON STOCKS					19,216,937
			(Cost $14,251,762)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 2.6%
GOVERNMENT AGENCY DEBT - 0.1%
$	10,000,000		Federal Home Loan Mortgage Corp (FHLMC)	0.040	%	01/21/14		10,000
			TOTAL GOVERNMENT AGENCY DEBT					10,000

265

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
TREASURY DEBT - 0.8%
$	3,200,000		United States Treasury Bill	0.056	%	02/27/14	$	3,200
	34,350,000	d	United States Treasury Bill	0.070-0.081		03/06/14		34,347
	38,900,000	d	United States Treasury Bill	0.053-0.066		03/13/14		38,897
	10,500,000		United States Treasury Bill	0.075		04/10/14		10,498
	20,000,000	d	United States Treasury Bill	0.061-0.063		04/17/14		19,998
	6,500,000	d	United States Treasury Bill	0.077		04/24/14		6,499
	4,500,000	d	United States Treasury Bill	0.088		05/29/14		4,499
	6,000,000		United States Treasury Bill	0.070		06/19/14		5,998
	11,000,000	d	United States Treasury Bill	0.098		06/26/14		10,995
	18,000,000	d	United States Treasury Bill	0.063-0.108		07/24/14		17,992
	6,000,000	d	United States Treasury Bill	0.071		08/21/14		5,997
			TOTAL TREASURY DEBT					158,920
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.7%
			TIAA-CREF Short Term Lending Portfolio of the State Street
	338,935,715	a,c	Navigator Securities Lending Trust					338,936
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES					338,936
			TOTAL SHORT-TERM INVESTMENTS					507,856
			(Cost $507,847)
			TOTAL INVESTMENTS - 101.6%					19,724,793
			(Cost $14,759,609)
			OTHER ASSETS & LIABILITIES, NET - (1.6)%					(311,131)
			NET ASSETS - 100.0%				$	19,413,662

		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 $332,501,000.
	g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 2013, the aggregate value of these securities amounted to $18,944,000 or 0.1% of net assets.
		Cost amounts are in thousands.

266

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

COLLEGE RETIREMENT EQUITIES FUND
EQUITY INDEX ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2013

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 99.6%
AUTOMOBILES & COMPONENTS - 1.1%
	26,243		Allison Transmission Holdings, Inc	$	725
	51,119	*	American Axle & Manufacturing Holdings, Inc		1,045
	175,846		BorgWarner, Inc		9,832
	49,248		Cooper Tire & Rubber Co		1,184
	115,365		Dana Holding Corp		2,264
	237,669		Delphi Automotive plc		14,291
	18,792	*	Dorman Products, Inc		1,054
	16,941	*	Drew Industries, Inc		867
	14,344	*	Federal Mogul Corp (Class A)		282
	2,944,548		Ford Motor Co		45,434
	11,841	*	Fuel Systems Solutions, Inc		164
	634,535	*	General Motors Co		25,934
	109,188		Gentex Corp		3,602
	27,497	*	Gentherm, Inc		737
	186,602		Goodyear Tire & Rubber Co		4,451
	170,283		Harley-Davidson, Inc		11,790
	521,991		Johnson Controls, Inc		26,778
	61,452		Lear Corp		4,976
	36,302	*	Modine Manufacturing Co		465
	7,549		Remy International, Inc		176
	4,154	*	Shiloh Industries, Inc		81
	30,024		Spartan Motors, Inc		201
	15,087		Standard Motor Products, Inc		555
	20,247	*	Stoneridge, Inc		258
	17,815		Superior Industries International, Inc		368
	46,120	*	Tenneco, Inc		2,609
	63,754	*,e	Tesla Motors, Inc		9,587
	33,978		Thor Industries, Inc		1,877
	5,700	*	Tower International, Inc		122
	82,367	*	TRW Automotive Holdings Corp		6,127
	39,055	*	Visteon Corp		3,198
	21,322	*	Winnebago Industries, Inc		585
			TOTAL AUTOMOBILES & COMPONENTS		181,619
BANKS - 3.4%
	11,459		1st Source Corp		366
	22,198		1st United Bancorp, Inc		169
	5,520		Access National Corp		83
	5,882		American National Bankshares, Inc		154
	18,171	*	Ameris Bancorp		384

267

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	7,069		Ames National Corp	$	158
	24,400		Apollo Residential Mortgage		361
	7,201	e	Arrow Financial Corp		191
	127,805		Associated Banc-Corp		2,224
	66,701		Astoria Financial Corp		922
	6,248	e	Banc of California, Inc		84
	5,016		Bancfirst Corp		281
	21,466		Banco Latinoamericano de Exportaciones S.A. (Class E)		601
	73,283		Bancorpsouth, Inc		1,863
	41,404		Bank Mutual Corp		290
	34,126		Bank of Hawaii Corp		2,018
	4,416		Bank of Kentucky Financial Corp		163
	3,864		Bank of Marin Bancorp		168
	23,602		Bank of the Ozarks, Inc		1,336
	17,629		BankFinancial Corp		161
	48,968		BankUnited		1,612
	14,911		Banner Corp		668
	3,044		Bar Harbor Bankshares		122
	537,129		BB&T Corp		20,046
	59,137		BBCN Bancorp, Inc		981
	5,242	*	BBX Capital Corp		82
	23,421	*	Beneficial Mutual Bancorp, Inc		256
	17,538		Berkshire Hills Bancorp, Inc		478
	13,481		BNC Bancorp		231
	9,275	*	BofI Holding, Inc		727
	21,305		BOK Financial Corp		1,413
	59,217		Boston Private Financial Holdings, Inc		747
	6,664		Bridge Bancorp, Inc		173
	7,190	*	Bridge Capital Holdings		148
	54,590		Brookline Bancorp, Inc		522
	10,466		Bryn Mawr Bank Corp		316
	2,500		C&F Financial Corp		114
	5,527		Camden National Corp		233
	16,948	*	Capital Bank Financial Corp		386
	9,158	*	Capital City Bank Group, Inc		108
	149,432		CapitalSource, Inc		2,147
	111,251		Capitol Federal Financial		1,347
	22,480		Cardinal Financial Corp		405
	60,166		Cathay General Bancorp		1,608
	9,768		Center Bancorp, Inc		183
	23,433		Centerstate Banks of Florida, Inc		238
	16,733		Central Pacific Financial Corp		336
	2,883		Century Bancorp, Inc		96
	17,428		Charter Financial Corp		188

268

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	21,008		Chemical Financial Corp	$	665
	2,792		Chemung Financial Corp		95
	153,189		CIT Group, Inc		7,986
	9,568		Citizens & Northern Corp		197
	12,921	e	City Holding Co		599
	35,413		City National Corp		2,805
	10,007		Clifton Savings Bancorp, Inc		128
	9,772		CNB Financial Corp		186
	26,184		CoBiz, Inc		313
	38,948		Columbia Banking System, Inc		1,071
	141,895		Comerica, Inc		6,746
	61,862		Commerce Bancshares, Inc		2,778
	32,481		Community Bank System, Inc		1,289
	11,562		Community Trust Bancorp, Inc		522
	7,261	*	CommunityOne Bancorp		93
	1,351	*	ConnectOne Bancorp, Inc		54
	5,720	*	CU Bancorp		100
	41,027	e	Cullen/Frost Bankers, Inc		3,054
	15,177	*	Customers Bancorp, Inc		311
	67,239		CVB Financial Corp		1,148
	23,810		Dime Community Bancshares		403
	4,837	*	Doral Financial Corp		76
	16,666	*	Eagle Bancorp, Inc		510
	103,419		East West Bancorp, Inc		3,617
	4,559		Enterprise Bancorp, Inc		97
	11,656		Enterprise Financial Services Corp		238
	10,062		ESB Financial Corp		143
	9,325		ESSA Bancorp, Inc		108
	17,600	*	Essent Group Ltd		423
	58,626		EverBank Financial Corp		1,075
	5,385	*	Farmers Capital Bank Corp		117
	7,387		Federal Agricultural Mortgage Corp (Class C)		253
	7,095		Fidelity Southern Corp		118
	665,673		Fifth Third Bancorp		13,999
	10,211		Financial Institutions, Inc		252
	15,337		First Bancorp (NC)		255
	54,501	*	First Bancorp (Puerto Rico)		337
	6,485		First Bancorp, Inc		113
	58,052		First Busey Corp		337
	5,734		First Citizens Bancshares, Inc (Class A)		1,277
	73,506		First Commonwealth Financial Corp		648
	12,139		First Community Bancshares, Inc		203
	13,926		First Connecticut Bancorp		224
	7,726		First Defiance Financial Corp		201
	44,691		First Financial Bancorp		779
	24,075	e	First Financial Bankshares, Inc		1,597

269

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	8,954		First Financial Corp	$	327
	18,506		First Financial Holdings, Inc		1,231
	12,796		First Financial Northwest, Inc		133
	191,562		First Horizon National Corp		2,232
	11,762		First Interstate Bancsystem, Inc		334
	26,538		First Merchants Corp		604
	57,533		First Midwest Bancorp, Inc		1,009
	3,196	*	First NBC Bank Holding Co		103
	263,698		First Niagara Financial Group, Inc		2,800
	5,749		First of Long Island Corp		246
	88,590		First Republic Bank		4,638
	45,823	*	First Security Group, Inc		105
	125,914		FirstMerit Corp		2,799
	12,395	*	Flagstar Bancorp, Inc		243
	23,200		Flushing Financial Corp		480
	118,492		FNB Corp		1,495
	11,394		Fox Chase Bancorp, Inc		198
	10,443	*	Franklin Financial Corp		207
	147,923		Fulton Financial Corp		1,935
	8,476		German American Bancorp, Inc		242
	54,526		Glacier Bancorp, Inc		1,624
	7,809		Great Southern Bancorp, Inc		237
	11,166		Guaranty Bancorp		157
	66,139		Hancock Holding Co		2,426
	23,963		Hanmi Financial Corp		525
	10,342		Heartland Financial USA, Inc		298
	15,254		Heritage Commerce Corp		126
	11,990		Heritage Financial Corp		205
	14,409	*	Heritage Oaks Bancorp		108
	939		Hingham Institution for Savings		74
	5,389	*	Home Bancorp, Inc		102
	36,542		Home Bancshares, Inc		1,365
	12,641		Home Federal Bancorp, Inc		188
	54,100		Home Loan Servicing Solutions Ltd		1,243
	6,988		HomeStreet, Inc		140
	16,046	*	HomeTrust Bancshares, Inc		257
	6,700		Horizon Bancorp		170
	404,335		Hudson City Bancorp, Inc		3,813
	11,015		Hudson Valley Holding Corp		224
	638,291		Huntington Bancshares, Inc		6,160
	22,669		IBERIABANK Corp		1,425
	17,904		Independent Bank Corp		702
	3,097		Independent Bank Group, Inc		154
	40,567		International Bancshares Corp		1,071
	14,254	*	Intervest Bancshares Corp		107
	40,181		Investors Bancorp, Inc		1,028

270

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	14,732	*	Kearny Financial Corp	$	171
	704,870		Keycorp		9,459
	20,622		Lakeland Bancorp, Inc		255
	12,420		Lakeland Financial Corp		484
	4,421		LCNB Corp		79
	99,016	e	M&T Bank Corp		11,527
	18,100	*	Macatawa Bank Corp		90
	15,363		MainSource Financial Group, Inc		277
	41,491		MB Financial, Inc		1,331
	6,437		Mercantile Bank Corp		139
	3,784		Merchants Bancshares, Inc		127
	7,250	*	Meridian Interstate Bancorp, Inc		164
	4,004		Meta Financial Group, Inc		161
	11,922		MetroCorp Bancshares, Inc		180
	245,646	*	MGIC Investment Corp		2,073
	4,068		Middleburg Financial Corp		73
	6,667		Midsouth Bancorp, Inc		119
	5,257		MidWestOne Financial Group, Inc		143
	2,927	*	NASB Financial, Inc		88
	41,714		National Bank Holdings Corp		893
	5,351		National Bankshares, Inc		197
	89,553		National Penn Bancshares, Inc		1,015
	17,284	*,e	Nationstar Mortgage Holdings, Inc		639
	34,107		NBT Bancorp, Inc		883
	331,783	e	New York Community Bancorp, Inc		5,591
	19,480	*	NewBridge Bancorp		146
	43,923		Northfield Bancorp, Inc		580
	4,751		Northrim BanCorp, Inc		125
	76,438		Northwest Bancshares, Inc		1,130
	10,808		OceanFirst Financial Corp		185
	78,630	*	Ocwen Financial Corp		4,360
	33,903		OFG Bancorp		588
	76,288		Old National Bancorp		1,173
	9,164	*	OmniAmerican Bancorp, Inc		196
	37,788		Oritani Financial Corp		606
	14,467		Pacific Continental Corp		231
	12,060	*	Pacific Premier Bancorp, Inc		190
	30,305	e	PacWest Bancorp		1,279
	2,932	*	Palmetto Bancshares, Inc		38
	9,233	e	Park National Corp		785
	33,018		Park Sterling Bank		236
	8,389		Peapack Gladstone Financial Corp		160
	2,964		Penns Woods Bancorp, Inc		151
	10,509	*	Pennsylvania Commerce Bancorp, Inc		226
	9,540	*	PennyMac Financial Services, Inc		167
	6,808		Peoples Bancorp, Inc		153
	236,388	e	People’s United Financial, Inc		3,574

271

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	25,469		Pinnacle Financial Partners, Inc	$	828
	403,902		PNC Financial Services Group, Inc		31,335
	77,233	*	Popular, Inc		2,219
	8,859	*	Preferred Bank		178
	49,485		PrivateBancorp, Inc		1,432
	45,722		Prosperity Bancshares, Inc		2,898
	7,003		Provident Financial Holdings, Inc		105
	45,191		Provident Financial Services, Inc		873
	131,009	e	Radian Group, Inc		1,850
	1,076,498		Regions Financial Corp		10,647
	23,438		Renasant Corp		737
	6,104		Republic Bancorp, Inc (Class A)		150
	22,920		Rockville Financial, Inc		326
	20,998		S&T Bancorp, Inc		531
	10,870		S.Y. Bancorp, Inc		347
	18,232		Sandy Spring Bancorp, Inc		514
	11,149	*	Seacoast Banking Corp of Florida		136
	8,919		Sierra Bancorp		143
	35,982	*	Signature Bank		3,865
	13,207		Simmons First National Corp (Class A)		491
	12,795	e	Southside Bancshares, Inc		350
	14,769	*	Southwest Bancorp, Inc		235
	24,453		State Bank & Trust Co		445
	16,183		StellarOne Corp		390
	67,412		Sterling Bancorp/DE		901
	25,576		Sterling Financial Corp		872
	7,140	*	Suffolk Bancorp		149
	29,193	*	Sun Bancorp, Inc		103
	413,290		SunTrust Banks, Inc		15,213
	141,602		Susquehanna Bancshares, Inc		1,818
	34,283	*	SVB Financial Group		3,595
	737,443		Synovus Financial Corp		2,655
	12,643	*	Taylor Capital Group, Inc		336
	122,960		TCF Financial Corp		1,998
	9,400		Territorial Bancorp, Inc		218
	32,020	*	Texas Capital Bancshares, Inc		1,992
	53,268	*	TFS Financial Corp		645
	26,827	*	The Bancorp, Inc		480
	11,138		Tompkins Trustco, Inc		572
	18,385	e	TowneBank		283
	4,100	*	Tree.com, Inc		135
	12,050		Trico Bancshares		342
	5,095	*,e	Tristate Capital Holdings, Inc		60
	72,196		Trustco Bank Corp NY		518
	53,268		Trustmark Corp		1,430
	28,301		UMB Financial Corp		1,819
	85,518	e	Umpqua Holdings Corp		1,637

272

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	14,087	e	Union Bankshares Corp	$	349
	38,221	e	United Bankshares, Inc		1,202
	31,617	*	United Community Banks, Inc		561
	30,361	*	United Community Financial Corp		108
	15,445		United Financial Bancorp, Inc		292
	12,704		Univest Corp of Pennsylvania		263
	1,412,378		US Bancorp		57,060
	153,040	e	Valley National Bancorp		1,549
	9,171	*,e	VantageSouth Bancshares, Inc		48
	29,696		ViewPoint Financial Group		815
	20,684	*	Virginia Commerce Bancorp		351
	11,958	*	Walker & Dunlop, Inc		193
	12,184		Washington Banking Co		216
	81,549		Washington Federal, Inc		1,899
	10,818		Washington Trust Bancorp, Inc		403
	5,568	*	Waterstone Financial, Inc		62
	68,818		Webster Financial Corp		2,146
	3,680,732		Wells Fargo & Co		167,105
	19,012		WesBanco, Inc		608
	11,970		West Bancorporation, Inc		189
	23,501	e	Westamerica Bancorporation		1,327
	56,653	*	Western Alliance Bancorp		1,352
	23,121		Westfield Financial, Inc		172
	44,266		Wilshire Bancorp, Inc		484
	27,726		Wintrust Financial Corp		1,279
	5,884		WSFS Financial Corp		456
	10,983	*	Yadkin Financial Corp		187
	139,772		Zions Bancorporation		4,188
			TOTAL BANKS		546,815
CAPITAL GOODS - 8.6%
	526,182		3M Co		73,797
	58,296		A.O. Smith Corp		3,145
	19,918		Aaon, Inc		636
	29,552		AAR Corp		828
	41,768	*	Accuride Corp		156
	20,426		Aceto Corp		511
	56,076		Actuant Corp (Class A)		2,055
	32,751		Acuity Brands, Inc		3,580
	78,523	*	Aecom Technology Corp		2,311
	28,439	*	Aegion Corp		623
	14,335	*	Aerovironment, Inc		418
	74,289		AGCO Corp		4,397
	52,613		Air Lease Corp		1,635
	52,242		Aircastle Ltd		1,001

273

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	5,366		Alamo Group, Inc	$	326
	23,047		Albany International Corp (Class A)		828
	76,324	*	Allegion plc		3,373
	24,535		Alliant Techsystems, Inc		2,985
	20,492		Altra Holdings, Inc		701
	13,776	*	Ameresco, Inc		133
	7,032	e	American Railcar Industries, Inc		322
	7,536		American Science & Engineering, Inc		542
	35,994	*,e	American Superconductor Corp		59
	8,518	*	American Woodmark Corp		337
	186,300		Ametek, Inc		9,812
	7,032		Ampco-Pittsburgh Corp		137
	24,223	*	API Technologies Corp		83
	25,458		Apogee Enterprises, Inc		914
	32,556		Applied Industrial Technologies, Inc		1,598
	9,512		Argan, Inc		262
	18,986	*	Armstrong World Industries, Inc		1,094
	73,992	*	ArvinMeritor, Inc		772
	15,638		Astec Industries, Inc		604
	11,879	*	Astronics Corp		606
	1,935	*,e	Astronics Corp (Class B)		98
	19,364		AZZ, Inc		946
	85,193		Babcock & Wilcox Co		2,913
	39,660		Barnes Group, Inc		1,519
	75,123	*	BE Aerospace, Inc		6,538
	37,178	*	Beacon Roofing Supply, Inc		1,498
	35,059	*	Blount International, Inc		507
	21,793	*	Bluelinx Holdings, Inc		43
	578,448		Boeing Co		78,952
	35,197		Brady Corp (Class A)		1,089
	36,516		Briggs & Stratton Corp		795
	33,815	*	Builders FirstSource, Inc		241
	13,167	*	CAI International, Inc		310
	274,193	*,e	Capstone Turbine Corp		354
	48,667		Carlisle Cos, Inc		3,864
	501,161		Caterpillar, Inc		45,510
	23,360	*	Chart Industries, Inc		2,234
	76,371		Chicago Bridge & Iron Co NV		6,349
	12,832		CIRCOR International, Inc		1,037
	37,827		Clarcor, Inc		2,434
	6,482		Coleman Cable, Inc		170
	65,289	*	Colfax Corp		4,158
	14,727	*	Columbus McKinnon Corp		400
	33,040		Comfort Systems USA, Inc		641
	18,507	*	Commercial Vehicle Group, Inc		135
	36,855		Crane Co		2,479
	15,215		Cubic Corp		801

274

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	145,144		Cummins, Inc	$	20,461
	35,284		Curtiss-Wright Corp		2,196
	456,318		Danaher Corp		35,228
	295,621		Deere & Co		26,999
	57,673	*	DigitalGlobe, Inc		2,373
	112,137		Donaldson Co, Inc		4,873
	21,128		Douglas Dynamics, Inc		355
	130,396		Dover Corp		12,588
	8,048	*	Ducommun, Inc		240
	7,198	*	DXP Enterprises, Inc		829
	25,816	*	Dycom Industries, Inc		717
	11,541		Dynamic Materials Corp		251
	360,401		Eaton Corp		27,434
	50,074		EMCOR Group, Inc		2,125
	548,008		Emerson Electric Co		38,459
	15,305		Encore Wire Corp		830
	34,170	*,e	Energy Recovery, Inc		190
	37,162		EnerSys		2,605
	12,394	*	Engility Holdings, Inc		414
	11,300	*,e	Enphase Energy, Inc		72
	15,889	*,e	EnPro Industries, Inc		916
	2,980	*,e	Erickson Air-Crane, Inc		62
	20,938		ESCO Technologies, Inc		717
	23,350	*	Esterline Technologies Corp		2,381
	146,394		Exelis, Inc		2,790
	225,819		Fastenal Co		10,729
	50,117	*	Federal Signal Corp		734
	37,173	*	Flow International Corp		150
	108,780		Flowserve Corp		8,575
	123,894		Fluor Corp		9,947
	126,637		Fortune Brands Home & Security, Inc		5,787
	36,490		Franklin Electric Co, Inc		1,629
	10,761		Freightcar America, Inc		286
	126,167	*,e	FuelCell Energy, Inc		178
	25,764	*	Furmanite Corp		274
	35,871		GATX Corp		1,871
	46,010	*,e	GenCorp, Inc		829
	39,263		Generac Holdings, Inc		2,224
	37,226		General Cable Corp		1,095
	227,054		General Dynamics Corp		21,695
	7,883,007		General Electric Co		220,961
	22,869	*	Gibraltar Industries, Inc		425
	6,109		Global Brass & Copper Holdings, Inc		101
	12,250		Global Power Equipment Group, Inc		240
	16,191		Gorman-Rupp Co		541
	47,550		Graco, Inc		3,715
	93,933	*,e	GrafTech International Ltd		1,055

275

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	9,470		Graham Corp	$	344
	29,395		Granite Construction, Inc		1,028
	44,924	*	Great Lakes Dredge & Dock Corp		413
	18,407	*	Greenbrier Cos, Inc		604
	34,315		Griffon Corp		453
	21,180	*	H&E Equipment Services, Inc		628
	8,389		Hardinge, Inc		121
	61,544		Harsco Corp		1,725
	46,800	*	HD Supply Holdings, Inc		1,124
	49,798		Heico Corp		2,886
	75,795	*	Hexcel Corp		3,387
	599,834		Honeywell International, Inc		54,807
	12,024		Houston Wire & Cable Co		161
	45,393		Hubbell, Inc (Class B)		4,943
	37,789		Huntington Ingalls		3,401
	4,796		Hurco Cos, Inc		120
	7,224		Hyster-Yale Materials Handling, Inc		673
	62,789		IDEX Corp		4,637
	39,772	*	II-VI, Inc		700
	288,510		Illinois Tool Works, Inc		24,258
	228,973		Ingersoll-Rand plc		14,105
	9,867	*	Innovative Solutions & Support, Inc		72
	13,472		Insteel Industries, Inc		306
	68,395		ITT Corp		2,970
	98,921	*	Jacobs Engineering Group, Inc		6,231
	21,706		John Bean Technologies Corp		637
	80,876	e	Joy Global, Inc		4,730
	9,545		Kadant, Inc		387
	21,747		Kaman Corp		864
	112,424		KBR, Inc		3,585
	59,735		Kennametal, Inc		3,110
	24,548	*,e	KEYW Holding Corp		330
	40,842	*	Kratos Defense & Security Solutions, Inc		314
	68,488		L-3 Communications Holdings, Inc		7,319
	13,874	*,e	Layne Christensen Co		237
	7,262		LB Foster Co (Class A)		343
	38,323		Lennox International, Inc		3,260
	63,765		Lincoln Electric Holdings, Inc		4,549
	10,010	e	Lindsay Manufacturing Co		828
	6,398	*,e	LMI Aerospace, Inc		94
	198,304		Lockheed Martin Corp		29,480
	12,960		LSI Industries, Inc		112
	12,907	*	Lydall, Inc		227
	8,938	*	Manitex International, Inc		142
	100,071		Manitowoc Co, Inc		2,334
	272,388		Masco Corp		6,202
	48,078	*	Mastec, Inc		1,573

276

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	14,270	*	Middleby Corp	$	3,424
	7,280		Miller Industries, Inc		136
	34,691	*	Moog, Inc (Class A)		2,357
	63,944	*	MRC Global, Inc		2,063
	36,007		MSC Industrial Direct Co (Class A)		2,912
	21,318		Mueller Industries, Inc		1,343
	118,277		Mueller Water Products, Inc (Class A)		1,108
	14,064	*	MYR Group, Inc		353
	3,938	*,e	National Presto Industries, Inc		317
	44,159	*,e	Navistar International Corp		1,686
	19,754	*	NCI Building Systems, Inc		346
	12,459		NN, Inc		252
	48,825		Nordson Corp		3,628
	6,303	*	Nortek, Inc		470
	168,939		Northrop Grumman Corp		19,362
	8,845	*	Northwest Pipe Co		334
	44,747	*	Orbital Sciences Corp		1,043
	19,593	*	Orion Marine Group, Inc		236
	66,818		Oshkosh Truck Corp		3,366
	90,499	*	Owens Corning, Inc		3,685
	265,512		Paccar, Inc		15,710
	84,544		Pall Corp		7,216
	113,612		Parker Hannifin Corp		14,615
	4,350	*	Patrick Industries, Inc		126
	155,297		Pentair Ltd		12,062
	28,503	*	Perini Corp		750
	24,429	*	Pgt, Inc		247
	16,392	*	Pike Electric Corp		173
	12,258	*,e	Ply Gem Holdings, Inc		221
	13,529	*	PMFG, Inc		122
	35,438	*,e	Polypore International, Inc		1,379
	7,077		Powell Industries, Inc		474
	1,587	*	Power Solutions International, Inc		119
	14,420	*	PowerSecure International, Inc		248
	111,754		Precision Castparts Corp		30,095
	1,801		Preformed Line Products Co		132
	26,671		Primoris Services Corp		830
	12,975	*,e	Proto Labs, Inc		924
	28,579		Quanex Building Products Corp		569
	159,563	*	Quanta Services, Inc		5,036
	27,582		Raven Industries, Inc		1,135
	247,037		Raytheon Co		22,406
	18,319	*	RBC Bearings, Inc		1,296
	34,163		Regal-Beloit Corp		2,519
	54,254	*,e	Revolution Lighting Technologies, Inc		186
	21,768	*	Rexnord Corp		588
	106,338		Rockwell Automation, Inc		12,565

277

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	102,927		Rockwell Collins, Inc	$	7,608
	74,901		Roper Industries, Inc		10,387
	26,334	*	Rush Enterprises, Inc (Class A)		781
	31,268		Simpson Manufacturing Co, Inc		1,148
	44,514		Snap-On, Inc		4,875
	18,297	*	SolarCity Corp		1,040
	7,959	*	Sparton Corp		222
	90,789	*	Spirit Aerosystems Holdings, Inc (Class A)		3,094
	35,604		SPX Corp		3,547
	9,752		Standex International Corp		613
	123,315		Stanley Works		9,950
	12,518	*	Sterling Construction Co, Inc		147
	16,194		Sun Hydraulics Corp		661
	26,344	e	TAL International Group, Inc		1,511
	38,585	*	Taser International, Inc		613
	13,992	*	Tecumseh Products Co (Class A)		127
	28,168	*	Teledyne Technologies, Inc		2,588
	14,645		Tennant Co		993
	84,391		Terex Corp		3,544
	15,040	e	Textainer Group Holdings Ltd		605
	211,415		Textron, Inc		7,772
	4,600	*,e	The ExOne Company		278
	20,645	*	Thermon Group Holdings		564
	65,723		Timken Co		3,619
	41,571	e	Titan International, Inc		747
	11,613	*,e	Titan Machinery, Inc		207
	44,675		Toro Co		2,841
	39,994		TransDigm Group, Inc		6,440
	13,203	*	Trex Co, Inc		1,050
	34,233	*	Trimas Corp		1,366
	60,186		Trinity Industries, Inc		3,281
	39,203		Triumph Group, Inc		2,982
	6,504	e	Twin Disc, Inc		168
	71,568	*,e	United Rentals, Inc		5,579
	700,858		United Technologies Corp		79,758
	14,766		Universal Forest Products, Inc		770
	57,668		URS Corp		3,056
	58,065	*,e	USG Corp		1,648
	20,359	e	Valmont Industries, Inc		3,036
	12,845	*	Vicor Corp		172
	45,211		W.W. Grainger, Inc		11,548
	52,045	*	Wabash National Corp		643
	44,618	*	WABCO Holdings, Inc		4,168
	19,517		Watsco, Inc		1,875
	21,144		Watts Water Technologies, Inc (Class A)		1,308
	33,347	*,e	WESCO International, Inc		3,037
	73,575		Westinghouse Air Brake Technologies Corp		5,464

278

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	52,887		Woodward Governor Co	$	2,412
	8,335	*	Xerium Technologies, Inc		137
	140,768		Xylem, Inc		4,871
			TOTAL CAPITAL GOODS		1,361,511
COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
	41,289		ABM Industries, Inc		1,180
	37,820	e	Acacia Research (Acacia Technologies)		550
	87,875	*	ACCO Brands Corp		591
	12,255	e	Acorn Energy, Inc		50
	16,355		Administaff, Inc		591
	151,678	e	ADT Corp		6,138
	27,004	*	Advisory Board Co		1,719
	14,202		American Ecology Corp		528
	26,021	*	ARC Document Solutions, Inc		214
	6,166		Barrett Business Services, Inc		572
	35,828		Brink’s Co		1,223
	29,675	*	Casella Waste Systems, Inc (Class A)		172
	35,493	*,e	CBIZ, Inc		324
	10,344		CDI Corp		192
	10,136	e	Ceco Environmental Corp		164
	38,005	*,e	Cenveo, Inc		131
	78,313		Cintas Corp		4,667
	46,868	*	Clean Harbors, Inc		2,810
	5,517	*	Consolidated Graphics, Inc		372
	84,979	*	Copart, Inc		3,114
	25,057		Corporate Executive Board Co		1,940
	87,736		Corrections Corp of America		2,814
	8,633		Courier Corp		156
	80,750		Covanta Holding Corp		1,433
	8,400	*	CRA International, Inc		166
	37,676		Deluxe Corp		1,966
	30,470		Dun & Bradstreet Corp		3,740
	20,747	*	EnerNOC, Inc		357
	20,052		Ennis, Inc		355
	91,556		Equifax, Inc		6,326
	11,236		Exponent, Inc		870
	9,375	*	Franklin Covey Co		186
	32,036	*	FTI Consulting, Inc		1,318
	15,088		G & K Services, Inc (Class A)		939
	54,016		Geo Group, Inc		1,740
	12,104	*	GP Strategies Corp		361
	51,852		Healthcare Services Group		1,471
	14,300		Heidrick & Struggles International, Inc		288
	5,613	*	Heritage-Crystal Clean, Inc		115
	43,782		Herman Miller, Inc		1,292

279

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	33,809		HNI Corp	$	1,313
	17,734	*	Huron Consulting Group, Inc		1,112
	14,961	*	ICF International, Inc		519
	114,792	*	ICO Global Communications Holdings Ltd		231
	50,033	*	IHS, Inc (Class A)		5,989
	33,730	*,e	Innerworkings, Inc		263
	44,922		Interface, Inc		986
	6,998		Intersections, Inc		55
	129,308		Iron Mountain, Inc		3,925
	60,101		KAR Auction Services, Inc		1,776
	20,372		Kelly Services, Inc (Class A)		508
	21,985		Kforce, Inc		450
	25,171		Kimball International, Inc (Class B)		378
	35,963		Knoll, Inc		658
	38,704	*	Korn/Ferry International		1,011
	58,657		Manpower, Inc		5,036
	19,108		McGrath RentCorp		761
	21,996		Mine Safety Appliances Co		1,126
	13,300	*	Mistras Group, Inc		278
	28,189	*	Mobile Mini, Inc		1,161
	8,734		Multi-Color Corp		330
	40,393	*	Navigant Consulting, Inc		776
	165,909		Nielsen Holdings NV		7,614
	4,943		NL Industries, Inc		55
	50,328	*,e	Odyssey Marine Exploration, Inc		102
	34,971	*	On Assignment, Inc		1,221
	17,073	*	Performant Financial Corp		176
	152,067	e	Pitney Bowes, Inc		3,543
	19,286	e	Quad		525
	137,806	e	R.R. Donnelley & Sons Co		2,795
	205,322		Republic Services, Inc		6,817
	32,857		Resources Connection, Inc		471
	105,944		Robert Half International, Inc		4,449
	48,594		Rollins, Inc		1,472
	24,429	*	RPX Corp		413
	10,767		Schawk, Inc (Class A)		160
	12,140	*	SP Plus Corp		316
	64,080		Steelcase, Inc (Class A)		1,016
	65,639	*	Stericycle, Inc		7,625
	85,446	*,e	Swisher Hygiene, Inc		44
	15,368	*	Team, Inc		651
	47,935	*	Tetra Tech, Inc		1,341
	49,471	*	Towers Watson & Co		6,313
	13,579	*	TRC Cos, Inc		97
	30,958	*	TrueBlue, Inc		798
	10,503		Unifirst Corp		1,124
	31,063		United Stationers, Inc		1,425
	115,025	*	Verisk Analytics, Inc		7,559

280

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	15,178		Viad Corp	$	422
	2,793		VSE Corp		134
	18,889	*	WageWorks, Inc		1,123
	93,921		Waste Connections, Inc		4,098
	355,433		Waste Management, Inc		15,948
	16,168		West Corp		416
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		162,040
CONSUMER DURABLES & APPAREL - 1.6%
	40,872	*,e	American Apparel, Inc		50
	9,523		Arctic Cat, Inc		543
	8,829		Bassett Furniture Industries, Inc		135
	21,459	*,e	Beazer Homes USA, Inc		524
	23,174	*,e	Black Diamond Inc		309
	7,843	e	Blyth, Inc		85
	68,196		Brunswick Corp		3,141
	51,179		Callaway Golf Co		431
	45,108		Carter’s, Inc		3,238
	5,387	*	Cavco Industries, Inc		370
	215,581		Coach, Inc		12,101
	9,439	e	Columbia Sportswear Co		743
	7,698	*	Costa, Inc		167
	68,785	*	CROCS, Inc		1,095
	5,480		CSS Industries, Inc		157
	6,895		Culp, Inc		141
	26,041	*,e	Deckers Outdoor Corp		2,199
	219,402	*	DR Horton, Inc		4,897
	18,783	e	Ethan Allen Interiors, Inc		571
	7,662	*	EveryWare Global, Inc		63
	91,288	*	Fifth & Pacific Cos, Inc		2,928
	3,461		Flexsteel Industries, Inc		106
	39,080	*	Fossil Group, Inc		4,687
	93,303	e	Garmin Ltd		4,313
	13,268	*	G-III Apparel Group Ltd		979
	74,818		Hanesbrands, Inc		5,258
	51,667		Harman International Industries, Inc		4,229
	87,267		Hasbro, Inc		4,801
	23,782	*	Helen of Troy Ltd		1,177
	7,853		Hooker Furniture Corp		131
	93,175	*,e	Hovnanian Enterprises, Inc (Class A)		617
	42,156	*	Iconix Brand Group, Inc		1,674
	21,039	*	iRobot Corp		732
	20,248	e	Jakks Pacific, Inc		136
	96,831	*	Jarden Corp		5,941
	3,583		Johnson Outdoors, Inc		97
	63,176		Jones Apparel Group, Inc		945
	63,287	e	KB Home		1,157

281

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	39,237		La-Z-Boy, Inc	$	1,216
	52,779	*,e	Leapfrog Enterprises, Inc		419
	108,175	e	Leggett & Platt, Inc		3,347
	126,090	e	Lennar Corp (Class A)		4,988
	16,013	*	Libbey, Inc		336
	7,210		Lifetime Brands, Inc		113
	16,714	*	M/I Homes, Inc		425
	8,407		Marine Products Corp		85
	264,203		Mattel, Inc		12,571
	29,150	*	MDC Holdings, Inc		940
	28,574	*	Meritage Homes Corp		1,371
	153,320	*	Michael Kors Holdings Ltd		12,448
	46,185	*	Mohawk Industries, Inc		6,877
	12,667		Movado Group, Inc		558
	4,424		Nacco Industries, Inc (Class A)		275
	22,756	*	Nautilus, Inc		192
	219,526		Newell Rubbermaid, Inc		7,115
	540,527		Nike, Inc (Class B)		42,507
	3,488	*	NVR, Inc		3,579
	10,106		Oxford Industries, Inc		815
	8,860	*	Perry Ellis International, Inc		140
	61,650		Phillips-Van Heusen Corp		8,386
	49,324		Polaris Industries, Inc		7,184
	36,161		Pool Corp		2,102
	294,920		Pulte Homes, Inc		6,008
	101,655	*	Quiksilver, Inc		892
	45,636		Ralph Lauren Corp		8,058
	6,477		RG Barry Corp		125
	35,106		Ryland Group, Inc		1,524
	29,390	*	Skechers U.S.A., Inc (Class A)		974
	12,508	*	Skullcandy, Inc		90
	48,359	*,e	Smith & Wesson Holding Corp		652
	112,658	*	Standard-Pacific Corp		1,020
	45,166	*	Steven Madden Ltd		1,653
	14,503	e	Sturm Ruger & Co, Inc		1,060
	24,241	*	Taylor Morrison Home Corp		544
	45,528	*	Tempur-Pedic International, Inc		2,457
	129,618	*	Toll Brothers, Inc		4,796
	12,000	*,e	TRI Pointe Homes, Inc		239
	36,378	*	Tumi Holdings, Inc		820
	40,284		Tupperware Corp		3,808
	63,714	*,e	Under Armour, Inc (Class A)		5,562
	10,905	*	Unifi, Inc		297
	11,370	*	Universal Electronics, Inc		433
	19,269	*,e	Vera Bradley, Inc		463
	266,376		VF Corp		16,606
	9,200	*	Vince Holding Corp		282

282

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	5,600	*	WCI Communities, Inc	$	107
	5,214		Weyco Group, Inc		153
	60,719		Whirlpool Corp		9,524
	8,350	*	William Lyon Homes, Inc		185
	76,448		Wolverine World Wide, Inc		2,596
	28,030	*	Zagg, Inc		122
			TOTAL CONSUMER DURABLES & APPAREL		259,907
CONSUMER SERVICES - 2.2%
	18,260	*	AFC Enterprises		703
	13,862	*	American Public Education, Inc		603
	74,107	*	Apollo Group, Inc (Class A)		2,025
	11,587	*	Ascent Media Corp (Series A)		991
	29,370	*	Bally Technologies, Inc		2,304
	18,782	*	BJ’s Restaurants, Inc		583
	42,020	*	Bloomin’ Brands, Inc		1,009
	21,179		Bob Evans Farms, Inc		1,071
	52,961	*	Boyd Gaming Corp		596
	14,947	*	Bravo Brio Restaurant Group, Inc		243
	13,548	*	Bridgepoint Education, Inc		240
	9,000	*	Bright Horizons Family Solutions		331
	50,290		Brinker International, Inc		2,330
	14,166	*	Buffalo Wild Wings, Inc		2,085
	76,511		Burger King Worldwide, Inc		1,749
	32,600	*,e	Caesars Entertainment Corp		702
	9,631	*	Capella Education Co		640
	46,334	*	Career Education Corp		264
	318,100		Carnival Corp		12,778
	12,748		Carriage Services, Inc		249
	18,871	*	Carrols Restaurant Group, Inc		125
	14,608		CBRL Group, Inc		1,608
	15,042		CEC Entertainment, Inc		666
	41,224		Cheesecake Factory		1,990
	23,515	*	Chipotle Mexican Grill, Inc (Class A)		12,528
	21,021	e	Choice Hotels International, Inc		1,032
	10,504	*	Churchill Downs, Inc		942
	12,474	*	Chuy’s Holdings, Inc		449
	15,700	*	ClubCorp Holdings, Inc		279
	59,209	*,e	Corinthian Colleges, Inc		105
	98,248		Darden Restaurants, Inc		5,342
	7,863	*	Del Frisco’s Restaurant Group, Inc		185
	75,312	*	Denny’s Corp		542
	48,007	e	DeVry, Inc		1,704
	12,000	*	Diamond Resorts International, Inc		222
	12,442		DineEquity, Inc		1,040
	8,223	*	Diversified Restaurant Holdings, Inc		39
	42,657		Domino’s Pizza, Inc		2,971

283

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	81,221		Dunkin Brands Group, Inc	$	3,915
	21,777	*	Education Management Corp		220
	4,221		Einstein Noah Restaurant Group, Inc		61
	14,961	*	Fiesta Restaurant Group, Inc		782
	3,249	*	Graham Holdings Co		2,155
	34,464	*	Grand Canyon Education, Inc		1,503
	208,641		H&R Block, Inc		6,059
	41,775		Hillenbrand, Inc		1,229
	33,800	*	Hyatt Hotels Corp		1,672
	4,863	*,e	Ignite Restaurant Group, Inc		61
	197,900		International Game Technology		3,594
	20,955		International Speedway Corp (Class A)		744
	33,777		Interval Leisure Group, Inc		1,044
	15,534	*	Isle of Capri Casinos, Inc		140
	18,743	*,e	ITT Educational Services, Inc		629
	33,770	*	Jack in the Box, Inc		1,689
	12,737	*	Jamba, Inc		158
	3,365	*,e	JTH Holding, Inc		82
	21,966	*,e	K12, Inc		478
	51,222	*	Krispy Kreme Doughnuts, Inc		988
	298,583		Las Vegas Sands Corp		23,549
	32,744	*,e	Life Time Fitness, Inc		1,539
	46,274	*	LifeLock, Inc		759
	17,103		Lincoln Educational Services Corp		85
	13,766	*	Luby’s, Inc		106
	8,861		Mac-Gray Corp		188
	14,891		Marcus Corp		200
	177,752		Marriott International, Inc (Class A)		8,774
	22,417	*	Marriott Vacations Worldwide Corp		1,183
	23,085		Matthews International Corp (Class A)		984
	764,374		McDonald’s Corp		74,167
	282,640	*	MGM Mirage		6,648
	7,140	*	Monarch Casino & Resort, Inc		143
	23,956	*	Morgans Hotel Group Co		195
	22,035	*	Multimedia Games, Inc		691
	2,018	*	Nathan’s Famous, Inc		102
	4,600	*,e	Noodles & Co		165
	20,600	*	Norwegian Cruise Line Holdings Ltd		731
	71,477	*	Orient-Express Hotels Ltd (Class A)		1,080
	21,333	*	Panera Bread Co (Class A)		3,769
	24,166		Papa John’s International, Inc		1,097
	51,524	*	Penn National Gaming, Inc		738
	48,180	*	Pinnacle Entertainment, Inc		1,252
	10,662	*	Red Robin Gourmet Burgers, Inc		784
	37,371		Regis Corp		542
	124,741		Royal Caribbean Cruises Ltd		5,915
	46,223	*	Ruby Tuesday, Inc		320

284

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	26,831		Ruth’s Chris Steak House, Inc	$	381
	42,614	*	Scientific Games Corp (Class A)		722
	21,338		SeaWorld Entertainment, Inc		614
	161,096		Service Corp International		2,921
	50,232		Six Flags Entertainment Corp		1,850
	45,772	*	Sonic Corp		924
	51,448		Sotheby’s (Class A)		2,737
	9,984		Speedway Motorsports, Inc		198
	571,201		Starbucks Corp		44,777
	147,972		Starwood Hotels & Resorts Worldwide, Inc		11,756
	1,149	*	Steak N Shake Co		582
	11,970	*	Steiner Leisure Ltd		589
	9,323	*	Strayer Education, Inc		321
	48,004		Texas Roadhouse, Inc (Class A)		1,335
	16,126		Town Sports International Holdings, Inc		238
	15,190		Universal Technical Institute, Inc		211
	27,599		Vail Resorts, Inc		2,076
	20,024	e	Weight Watchers International, Inc		659
	215,839		Wendy’s		1,882
	103,319		Wyndham Worldwide Corp		7,614
	61,484		Wynn Resorts Ltd		11,941
	342,871		Yum! Brands, Inc		25,925
			TOTAL CONSUMER SERVICES		346,427
DIVERSIFIED FINANCIALS - 6.7%
	40,110	*	Affiliated Managers Group, Inc		8,699
	232,535	*	American Capital Ltd		3,637
	722,381		American Express Co		65,542
	153,226		Ameriprise Financial, Inc		17,629
	172,494		Apollo Investment Corp		1,463
	225,801		Ares Capital Corp		4,012
	9,688		Artisan Partners Asset Management, Inc		632
	8,218,119		Bank of America Corp		127,956
	885,753		Bank of New York Mellon Corp		30,948
	97,553		BGC Partners, Inc (Class A)		591
	54,667		BlackRock Kelso Capital Corp		510
	99,808		BlackRock, Inc		31,586
	16,951		Calamos Asset Management, Inc (Class A)		201
	445,425		Capital One Financial Corp		34,124
	10,188		Capital Southwest Corp		355
	22,738	e	Cash America International, Inc		871
	66,839		CBOE Holdings, Inc		3,473
	836,494		Charles Schwab Corp		21,749
	2,319,717		Citigroup, Inc		120,880
	242,077		CME Group, Inc		18,993
	14,207	e	Cohen & Steers, Inc		569
	10,988	*	Consumer Portfolio Services, Inc		103

285

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	75,792	*	Cowen Group, Inc	$	296
	5,419	*	Credit Acceptance Corp		704
	7,179		Deerfield Capital Corp		56
	1,990		Diamond Hill Investment Group, Inc		236
	373,783		Discover Financial Services		20,913
	30,717	*	Dollar Financial Corp		352
	216,676	*	E*Trade Financial Corp		4,256
	91,544		Eaton Vance Corp		3,917
	18,317	*,e	Encore Capital Group, Inc		921
	23,860		Evercore Partners, Inc (Class A)		1,426
	38,445	*	Ezcorp, Inc (Class A)		449
	9,821	*	FBR & Co		259
	69,691	e	Federated Investors, Inc (Class B)		2,007
	10,455	e	Fidus Investment Corp		227
	104,057		Fifth Street Finance Corp		963
	37,325		Financial Engines, Inc		2,593
	21,634	*	First Cash Financial Services, Inc		1,338
	5,825	*,e	First Marblehead Corp		43
	6,203		Firsthand Technology Value Fund, Inc		144
	314,266		Franklin Resources, Inc		18,143
	9,042		Friedman Billings Ramsey Group, Inc (Class A)		239
	27,923	e	FXCM, Inc		498
	7,000		Gain Capital Holdings, Inc		53
	6,584		GAMCO Investors, Inc (Class A)		573
	4,491	e	Garrison Capital, Inc		62
	54,396		GFI Group, Inc		213
	15,081		Gladstone Capital Corp		145
	15,921		Gladstone Investment Corp		128
	349,609		Goldman Sachs Group, Inc		61,972
	26,497	e	Golub Capital BDC, Inc		506
	19,596	*	Green Dot Corp		493
	22,433		Greenhill & Co, Inc		1,300
	14,431	*,e	GSV Capital Corp		174
	46,985	e	Hercules Technology Growth Capital, Inc		771
	25,335	*	HFF, Inc (Class A)		680
	4,930		Horizon Technology Finance Corp		70
	13,614	*	Imperial Holdings, Inc		89
	57,175		ING US, Inc		2,010
	35,381		Interactive Brokers Group, Inc (Class A)		861
	86,996		IntercontinentalExchange Group, Inc		19,567
	12,794	*	International Assets Holding Corp		237
	32,107	*	Internet Capital Group, Inc		598
	337,832		Invesco Ltd		12,297
	28,315	*	Investment Technology Group, Inc		582
	41,500	e	iShares Russell 2000 Index Fund		4,785
	124,420		Janus Capital Group, Inc		1,539
	11,011		JMP Group, Inc		81

286

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	2,881,500		JPMorgan Chase & Co	$	168,510
	20,819	e	KCAP Financial, Inc		168
	54,281	*	KCG Holdings, Inc		649
	73,441	*	Ladenburg Thalmann Financial Services, Inc		230
	97,716		Lazard Ltd (Class A)		4,429
	84,309	e	Legg Mason, Inc		3,666
	225,092		Leucadia National Corp		6,379
	42,965		LPL Financial Holdings, Inc		2,021
	30,028	e	Main Street Capital Corp		982
	10,552		Manning & Napier, Inc		186
	27,836		MarketAxess Holdings, Inc		1,861
	6,533		Marlin Business Services Corp		165
	53,786		MCG Capital Corp		237
	14,534		Medallion Financial Corp		209
	30,571		Medley Capital Corp		423
	148,210		Moody’s Corp		11,630
	1,161,824		Morgan Stanley		36,435
	91,923	*	MSCI, Inc (Class A)		4,019
	17,411		MVC Capital, Inc		235
	84,624		Nasdaq Stock Market, Inc		3,368
	17,569		Nelnet, Inc (Class A)		740
	31,067		New Mountain Finance Corp		467
	21,889	*	NewStar Financial, Inc		389
	12,077		NGP Capital Resources Co		90
	7,402		Nicholas Financial, Inc		117
	182,080		Northern Trust Corp		11,269
	7,363		Oppenheimer Holdings, Inc		182
	7,560		PennantPark Floating Rate Capital Ltd		104
	49,497		PennantPark Investment Corp		574
	41,814	*	PHH Corp		1,018
	17,372	*	Pico Holdings, Inc		401
	13,978	*	Piper Jaffray Cos		553
	39,048	*	Portfolio Recovery Associates, Inc		2,063
	212,080	e	Prospect Capital Corp		2,380
	9,591		Pzena Investment Management, Inc (Class A)		113
	92,808		Raymond James Financial, Inc		4,844
	4,005	*	Regional Management Corp		136
	9,098		Resource America, Inc (Class A)		85
	19,711	*	Safeguard Scientifics, Inc		396
	109,665		SEI Investments Co		3,809
	337,831		SLM Corp		8,878
	34,070		Solar Capital Ltd		768
	8,927		Solar Senior Capital Ltd		163
	14,000		SPDR S&P MidCap 400 ETF Trust		3,419
	242,000		SPDR Trust Series 1		44,690
	18,800	*,e	Springleaf Holdings, Inc		475
	348,165		State Street Corp		25,552

287

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	8,917	e	Stellus Capital Investment Corp	$	133
	48,147	*	Stifel Financial Corp		2,307
	26,347	*	SWS Group, Inc		160
	197,360		T Rowe Price Group, Inc		16,533
	26,893		TCP Capital Corp		451
	177,302		TD Ameritrade Holding Corp		5,433
	25,867		THL Credit, Inc		427
	39,767	e	TICC Capital Corp		411
	20,596		Triangle Capital Corp		569
	5,194	*	Virtus Investment Partners, Inc		1,039
	65,189		Waddell & Reed Financial, Inc (Class A)		4,245
	30,353	*	Walter Investment Management Corp		1,073
	5,409		Westwood Holdings Group, Inc		335
	5,336	e	WhiteHorse Finance, Inc		81
	76,546	*	WisdomTree Investments, Inc		1,356
	7,647	*,e	World Acceptance Corp		669
			TOTAL DIVERSIFIED FINANCIALS		1,058,988
ENERGY - 9.2%
	70,225	*	Abraxas Petroleum Corp		230
	1,730		Adams Resources & Energy, Inc		118
	17,965	e	Alon USA Energy, Inc		297
	172,068	*	Alpha Natural Resources, Inc		1,229
	13,406	*,e	Amyris Biotechnologies, Inc		71
	382,330		Anadarko Petroleum Corp		30,326
	29,400	*	Antero Resources Corp		1,865
	299,215		Apache Corp		25,715
	6,580	*,e	APCO Argentina, Inc		103
	25,857	*,e	Approach Resources, Inc		499
	170,075	e	Arch Coal, Inc		757
	13,800	*	Athlon Energy, Inc		417
	42,045	*	Atwood Oceanics, Inc		2,245
	337,587		Baker Hughes, Inc		18,655
	23,122	*	Basic Energy Services, Inc		365
	36,863	*,e	Bill Barrett Corp		987
	6,457		Bolt Technology Corp		142
	23,393	*	Bonanza Creek Energy, Inc		1,017
	90,573	*,e	BPZ Energy, Inc		165
	27,621		Bristow Group, Inc		2,073
	34,352	*,e	C&J Energy Services, Inc		794
	320,466		Cabot Oil & Gas Corp		12,421
	79,978	*,e	Cal Dive International, Inc		161
	30,407	*	Callon Petroleum Co		199
	188,599	*	Cameron International Corp		11,227
	15,028	e	CARBO Ceramics, Inc		1,751
	30,645	*	Carrizo Oil & Gas, Inc		1,372
	185,199	*	Cheniere Energy, Inc		7,986

288

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	440,764		Chesapeake Energy Corp	$	11,962
	1,477,880		Chevron Corp		184,602
	66,090		Cimarex Energy Co		6,933
	4,602	*	Clayton Williams Energy, Inc		377
	50,466	*,e	Clean Energy Fuels Corp		650
	46,507	*	Cloud Peak Energy, Inc		837
	208,263	*	Cobalt International Energy, Inc		3,426
	36,545		Comstock Resources, Inc		668
	79,401	*	Concho Resources, Inc		8,575
	932,077		ConocoPhillips		65,851
	173,265		Consol Energy, Inc		6,591
	10,581	*	Contango Oil & Gas Co		500
	32,408	*,e	Continental Resources, Inc		3,647
	36,397		Crosstex Energy, Inc		1,316
	11,149		CVR Energy, Inc		484
	6,271	*	Dawson Geophysical Co		212
	28,844		Delek US Holdings, Inc		993
	283,577	*	Denbury Resources, Inc		4,659
	309,448		Devon Energy Corp		19,146
	52,396	e	Diamond Offshore Drilling, Inc		2,982
	13,900	*	Diamondback Energy, Inc		735
	57,836	*	Dresser-Rand Group, Inc		3,449
	30,642	*	Dril-Quip, Inc		3,368
	43,233	*	Emerald Oil, Inc		331
	39,982	*,e	Endeavour International Corp		210
	55,035		Energen Corp		3,894
	60,585		Energy XXI Bermuda Ltd		1,639
	207,435		EOG Resources, Inc		34,816
	21,960	*	EPL Oil & Gas, Inc		626
	27,387		Equal Energy Ltd		146
	114,287		Equitable Resources, Inc		10,261
	16,143	*	Era Group, Inc		498
	11,704		Evolution Petroleum Corp		144
	104,447	e	EXCO Resources, Inc		555
	46,375	*	Exterran Holdings, Inc		1,586
	3,389,888	d	Exxon Mobil Corp		343,057
	181,300	*	FMC Technologies, Inc		9,466
	91,201	*	Forest Oil Corp		329
	29,897	*	Forum Energy Technologies, Inc		845
	26,300		Frank’s International NV		710
	39,564	*,e	Frontline Ltd		148
	36,931	*,e	FX Energy, Inc		135
	17,507		GasLog Ltd		299
	51,404	*	Gastar Exploration Ltd		356
	9,836	*,e	Geospace Technologies Corp		933
	20,626	*	Global Geophysical Services, Inc		33
	34,474	e	Golar LNG Ltd		1,251

289

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	24,817	*,e	Goodrich Petroleum Corp	$	422
	20,962		Green Plains Renewable Energy, Inc		406
	11,124		Gulf Island Fabrication, Inc		258
	20,444		Gulfmark Offshore, Inc		964
	58,937	*	Gulfport Energy Corp		3,722
	176,659	*,e	Halcon Resources Corp		682
	3,710		Hallador Petroleum Co		30
	645,604		Halliburton Co		32,764
	81,306	*	Helix Energy Solutions Group, Inc		1,885
	71,374		Helmerich & Payne, Inc		6,001
	121,560	*	Hercules Offshore, Inc		794
	233,636		Hess Corp		19,392
	156,766		Holly Corp		7,790
	27,723	*	Hornbeck Offshore Services, Inc		1,365
	100,154	*	ION Geophysical Corp		330
	823	*,e	Isramco, Inc		105
	8,500	*	Jones Energy, Inc (Class A)		123
	118,324	*	Key Energy Services, Inc		935
	503,414		Kinder Morgan, Inc		18,123
	33,098	*,e	KiOR, Inc (Class A)		56
	18,775		Knightsbridge Tankers Ltd		173
	211,347	*	Kodiak Oil & Gas Corp		2,369
	73,463	*	Kosmos Energy LLC		821
	22,491	*,e,m	L&L Energy, Inc		34
	32,948	*	Laredo Petroleum Holdings, Inc		912
	128,410	*,e	Magnum Hunter Resources Corp		939
	538,829		Marathon Oil Corp		19,021
	229,669		Marathon Petroleum Corp		21,068
	44,270	*	Matador Resources Co		825
	23,922	*	Matrix Service Co		585
	188,124	*,e	McDermott International, Inc		1,723
	25,277	*,e	Midstates Petroleum Co, Inc		167
	37,819	*,e	Miller Petroleum, Inc		266
	9,855	*	Mitcham Industries, Inc		175
	145,088		Murphy Oil Corp		9,413
	223,659		Nabors Industries Ltd		3,800
	325,737		National Oilwell Varco, Inc		25,906
	9,713	*	Natural Gas Services Group, Inc		268
	103,184	*	Newfield Exploration Co		2,541
	69,133	*	Newpark Resources, Inc		850
	274,067		Noble Energy, Inc		18,667
	48,702	e	Nordic American Tanker Shipping		472
	48,403	*,e	Northern Oil And Gas, Inc		729
	16,270	*,e	Nuverra Environmental Solutions, Inc		273
	71,421	*	Oasis Petroleum, Inc		3,355
	614,184		Occidental Petroleum Corp		58,409
	82,172		Oceaneering International, Inc		6,482

290

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	42,049	*	Oil States International, Inc	$	4,277
	5,367		Panhandle Oil and Gas, Inc (Class A)		179
	96,030	*	Parker Drilling Co		781
	113,291		Patterson-UTI Energy, Inc		2,869
	18,000	e	PBF Energy, Inc		566
	27,088	*	PDC Energy, Inc		1,442
	207,042		Peabody Energy Corp		4,044
	42,828	*,e	Penn Virginia Corp		404
	43,261	*	Petroquest Energy, Inc		187
	9,723	*	PHI, Inc		422
	472,335		Phillips 66		36,431
	42,944	*	Pioneer Energy Services Corp		344
	104,062		Pioneer Natural Resources Co		19,155
	136,144		Questar Market Resources, Inc		4,173
	106,368	*,e	Quicksilver Resources, Inc		327
	124,202		Range Resources Corp		10,471
	21,954	*,e	Renewable Energy Group, Inc		252
	51,813	*,e	Resolute Energy Corp		468
	36,039	*	Rex Energy Corp		710
	5,384	*	Rex Stores Corp		241
	9,601	*	RigNet, Inc		460
	45,950	*	Rosetta Resources, Inc		2,207
	93,726	*	Rowan Cos plc		3,314
	49,925	e	RPC, Inc		891
	29,011	*,e	Sanchez Energy Corp		711
	375,818	*,e	SandRidge Energy, Inc		2,281
	1,013,608		Schlumberger Ltd		91,336
	140,502		Scorpio Tankers, Inc		1,657
	15,043	*,e	SEACOR Holdings, Inc		1,372
	270,257	e	Seadrill Ltd		11,102
	31,863		SemGroup Corp		2,078
	40,831	e	Ship Finance International Ltd		669
	36,371	*,e	Solazyme, Inc		396
	266,793	*	Southwestern Energy Co		10,493
	508,692		Spectra Energy Corp		18,120
	49,940		St. Mary Land & Exploration Co		4,151
	38,145	*	Stone Energy Corp		1,319
	120,353	*	Superior Energy Services		3,203
	39,048	*,e	Swift Energy Co		527
	44,222	*	Synergy Resources Corp		409
	24,801		Targa Resources Investments, Inc		2,187
	27,666		Teekay Corp		1,328
	48,134	e	Teekay Tankers Ltd (Class A)		189
	23,351	*	Tesco Corp		462
	104,350		Tesoro Corp		6,104
	61,337	*	Tetra Technologies, Inc		758
	11,511	*	TGC Industries, Inc		84

291

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	36,444		Tidewater, Inc	$	2,160
	51,822	*,e	Triangle Petroleum Corp		431
	117,937	*,e	Ultra Petroleum Corp		2,553
	36,980	*	Unit Corp		1,909
	76,523	*,e	Uranium Energy Corp		153
	94,356	*,e	Ur-Energy, Inc		130
	48,465	*	Vaalco Energy, Inc		334
	416,910		Valero Energy Corp		21,012
	169,150	*,e	Vantage Drilling Co		311
	26,733	e	W&T Offshore, Inc		428
	67,894	*	Warren Resources, Inc		213
	41,371	e	Western Refining, Inc		1,755
	7,723	*	Westmoreland Coal Co		149
	89,390	*	Whiting Petroleum Corp		5,531
	33,654	*	Willbros Group, Inc		317
	519,114		Williams Cos, Inc		20,022
	55,107	e	World Fuel Services Corp		2,378
	151,612	*	WPX Energy, Inc		3,090
	19,733	*,e	ZaZa Energy Corp		19
			TOTAL ENERGY		1,462,254
FOOD & STAPLES RETAILING - 2.0%
	14,244		Andersons, Inc		1,270
	837		Arden Group, Inc (Class A)		106
	29,135		Casey’s General Stores, Inc		2,047
	14,374	*	Chefs’ Warehouse Holdings, Inc		419
	332,985		Costco Wholesale Corp		39,629
	933,442		CVS Corp		66,806
	11,866	*,e	Fairway Group Holdings Corp		215
	31,233	*	Fresh Market, Inc		1,265
	37,737		Harris Teeter Supermarkets, Inc		1,862
	8,163		Ingles Markets, Inc (Class A)		221
	395,571		Kroger Co		15,637
	6,410	*,e	Natural Grocers by Vitamin C		272
	16,292	*	Pantry, Inc		273
	14,319		Pricesmart, Inc		1,655
	553,974	*	Rite Aid Corp		2,803
	19,881	e	Roundy’s, Inc		196
	183,872	e	Safeway, Inc		5,989
	28,394		Spartan Stores, Inc		689
	15,500	*	Sprouts Farmers Market, Inc		596
	154,781	*,e	Supervalu, Inc		1,128
	13,980	*	Susser Holdings Corp		916
	452,325		Sysco Corp		16,329
	38,243	*	United Natural Foods, Inc		2,883
	4,843		Village Super Market (Class A)		150

292

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	722,923		Walgreen Co	$	41,525
	1,227,726		Wal-Mart Stores, Inc		96,610
	8,834		Weis Markets, Inc		464
	283,486		Whole Foods Market, Inc		16,394
			TOTAL FOOD & STAPLES RETAILING		318,349
FOOD, BEVERAGE & TOBACCO - 4.6%
	2,319		Alico, Inc		90
	68,179	*	Alliance One International, Inc		208
	1,531,148		Altria Group, Inc		58,781
	10,027	*,e	Annie’s, Inc		432
	503,456		Archer Daniels Midland Co		21,850
	40,577		B&G Foods, Inc (Class A)		1,376
	122,773		Beam, Inc		8,356
	6,146	*,e	Boston Beer Co, Inc (Class A)		1,486
	44,670	*	Boulder Brands, Inc		708
	114,934		Brown-Forman Corp (Class B)		8,686
	111,586		Bunge Ltd		9,162
	9,305		Calavo Growers, Inc		282
	10,929		Cal-Maine Foods, Inc		658
	133,322	e	Campbell Soup Co		5,770
	35,476	*	Chiquita Brands International, Inc		415
	3,512		Coca-Cola Bottling Co Consolidated		257
	2,915,970		Coca-Cola Co		120,459
	196,725		Coca-Cola Enterprises, Inc		8,681
	316,741		ConAgra Foods, Inc		10,674
	117,161	*	Constellation Brands, Inc (Class A)		8,246
	7,653	*	Craft Brewers Alliance, Inc		126
	121,494	*	Darling International, Inc		2,537
	70,011	*	Dean Foods Co		1,204
	16,103	*,e	Diamond Foods, Inc		416
	155,039		Dr Pepper Snapple Group, Inc		7,554
	5,320	*	Farmer Bros Co		124
	128,238		Flowers Foods, Inc		2,753
	27,620		Fresh Del Monte Produce, Inc		782
	492,079		General Mills, Inc		24,560
	113,862	*,e	Green Mountain Coffee Roasters, Inc		8,606
	2,482		Griffin Land & Nurseries, Inc (Class A)		83
	29,164	*	Hain Celestial Group, Inc		2,648
	114,104		Hershey Co		11,094
	93,510		Hillshire Brands Co		3,127
	102,534		Hormel Foods Corp		4,631
	59,068		Ingredion, Inc		4,044
	10,713	*	Inventure Foods, Inc		142
	11,326		J&J Snack Foods Corp		1,003
	81,528		J.M. Smucker Co		8,448
	5,780		John B. Sanfilippo & Son, Inc		143

293

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	197,954		Kellogg Co	$	12,089
	453,881		Kraft Foods Group, Inc		24,473
	13,050		Lancaster Colony Corp		1,150
	38,935		Lance, Inc		1,118
	3,603	e	Lifeway Foods, Inc		58
	6,464		Limoneira Co		172
	289,311		Lorillard, Inc		14,662
	100,712		McCormick & Co, Inc		6,941
	155,186		Mead Johnson Nutrition Co		12,998
	106,487		Molson Coors Brewing Co (Class B)		5,979
	1,362,591		Mondelez International, Inc		48,099
	102,054	*	Monster Beverage Corp		6,916
	5,604	*	National Beverage Corp		113
	15,084	*	Omega Protein Corp		185
	1,178,968		PepsiCo, Inc		97,783
	1,246,887		Philip Morris International, Inc		108,641
	45,390	*	Pilgrim’s Pride Corp		738
	25,540		Pinnacle Foods, Inc		701
	24,973	*	Post Holdings, Inc		1,230
	239,445		Reynolds American, Inc		11,970
	17,484		Sanderson Farms, Inc		1,265
	224	*	Seaboard Corp		626
	6,106	*	Seneca Foods Corp		195
	14,223	*,e	Synutra International, Inc		126
	14,911	e	Tootsie Roll Industries, Inc		485
	28,438	*	TreeHouse Foods, Inc		1,960
	212,762		Tyson Foods, Inc (Class A)		7,119
	17,708	e	Universal Corp		967
	50,271	e	Vector Group Ltd		823
	105,268	*	WhiteWave Foods Co (Class A)		2,415
			TOTAL FOOD, BEVERAGE & TOBACCO		722,599
HEALTH CARE EQUIPMENT & SERVICES - 4.5%
	15,924	*	Abaxis, Inc		637
	1,189,465		Abbott Laboratories		45,592
	29,721	*,e	Abiomed, Inc		795
	26,970	*	Acadia Healthcare Co, Inc		1,277
	43,084	*,e	Accretive Health, Inc		395
	52,299	*,e	Accuray, Inc		456
	4,240	*	Addus HomeCare Corp		95
	289,062		Aetna, Inc		19,827
	29,433	*	Air Methods Corp		1,717
	55,710	*	Align Technology, Inc		3,184
	4,207	*	Alliance HealthCare Services, Inc		104
	133,589	*	Allscripts Healthcare Solutions, Inc		2,065
	7,268	*	Almost Family, Inc		235
	39,818	*	Alphatec Holdings, Inc		80

294

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	21,596	*	Amedisys, Inc	$	316
	176,361		AmerisourceBergen Corp		12,400
	34,893	*	AMN Healthcare Services, Inc		513
	23,448	*	Amsurg Corp		1,077
	9,253		Analogic Corp		819
	18,523	*	Angiodynamics, Inc		318
	8,891	*	Anika Therapeutics, Inc		339
	91,526	*,e	Antares Pharma, Inc		410
	20,843	*	Arthrocare Corp		839
	27,901	*,e	athenahealth, Inc		3,753
	15,737	*	AtriCure, Inc		294
	1,165		Atrion Corp		345
	61,206		Bard (C.R.), Inc		8,198
	413,548		Baxter International, Inc		28,762
	147,715		Becton Dickinson & Co		16,321
	22,779	*,e	Biolase Technology, Inc		64
	17,746	*,e	Bio-Reference Labs, Inc		453
	44,213	*	BioScrip, Inc		327
	1,025,414	*	Boston Scientific Corp		12,325
	77,576	*	Brookdale Senior Living, Inc		2,109
	27,942		Cantel Medical Corp		948
	21,051	*	Capital Senior Living Corp		505
	259,817		Cardinal Health, Inc		17,358
	15,037	*	Cardiovascular Systems, Inc		516
	166,970	*	CareFusion Corp		6,649
	156,388	*	Catamaran Corp		7,425
	41,366	*	Centene Corp		2,439
	227,368	*	Cerner Corp		12,674
	49,516	*,e	Cerus Corp		319
	14,552	e	Chemed Corp		1,115
	8,056	*	Chindex International, Inc		140
	217,555		Cigna Corp		19,032
	71,850	*	Community Health Systems, Inc		2,822
	9,537		Computer Programs & Systems, Inc		589
	22,053		Conmed Corp		937
	37,072		Cooper Cos, Inc		4,591
	12,032	*	Corvel Corp		562
	359,706		Covidien plc		24,496
	22,090	*	Cross Country Healthcare, Inc		220
	19,963		CryoLife, Inc		221
	10,626	*	Cutera, Inc		108
	20,834	*	Cyberonics, Inc		1,365
	12,860	*	Cynosure, Inc (Class A)		343
	141,772	*	DaVita, Inc		8,984
	109,051		Dentsply International, Inc		5,287
	10,143	*,e	Derma Sciences, Inc		110
	53,654	*	DexCom, Inc		1,900

295

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	85,882	*	Edwards Lifesciences Corp	$	5,648
	30,361	*	Emeritus Corp		657
	47,927	*	Endologix, Inc		836
	14,856		Ensign Group, Inc		658
	36,800	*	Envision Healthcare Holdings, Inc		1,307
	7,074	*	Exactech, Inc		168
	23,160	*	ExamWorks Group, Inc		692
	624,270	*	Express Scripts Holding Co		43,849
	29,310	*	Five Star Quality Care, Inc		161
	30,765	*	GenMark Diagnostics, Inc		409
	22,160	*	Gentiva Health Services, Inc		275
	41,537	*	Globus Medical, Inc		838
	18,107	*	Greatbatch, Inc		801
	38,562	*	Haemonetics Corp		1,625
	25,502	*	Hanger Orthopedic Group, Inc		1,003
	203,382	*	HCA Holdings, Inc		9,703
	197,006	*	Health Management Associates, Inc (Class A)		2,581
	60,101	*	Health Net, Inc		1,783
	66,457		Healthsouth Corp		2,214
	14,864	*	HealthStream, Inc		487
	28,116	*	Healthways, Inc		432
	12,504	*	HeartWare International, Inc		1,175
	66,261	*	Henry Schein, Inc		7,571
	46,960		Hill-Rom Holdings, Inc		1,941
	65,676	*	HMS Holdings Corp		1,493
	204,404	*	Hologic, Inc		4,568
	119,912		Humana, Inc		12,377
	9,893	*	ICU Medical, Inc		630
	41,103	*,e	Idexx Laboratories, Inc		4,372
	39,836	*	Insulet Corp		1,478
	16,089	*	Integra LifeSciences Holdings Corp		768
	29,188	*	Intuitive Surgical, Inc		11,211
	23,110		Invacare Corp		536
	62,113	*	Inverness Medical Innovations, Inc		2,249
	12,768	*	IPC The Hospitalist Co, Inc		758
	38,766		Kindred Healthcare, Inc		765
	70,372	*	Laboratory Corp of America Holdings		6,430
	8,629		Landauer, Inc		454
	11,927	*	LHC Group, Inc		287
	36,120	*	LifePoint Hospitals, Inc		1,909
	20,796	*	Magellan Health Services, Inc		1,246
	38,810	*	Masimo Corp		1,134
	172,760		McKesson Corp		27,883
	44,883	*	MedAssets, Inc		890
	10,881	*	Medical Action Industries, Inc		93
	39,902	*	Medidata Solutions, Inc		2,417

296

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	775,243		Medtronic, Inc	$	44,491
	43,385	*	Merge Healthcare, Inc		101
	31,965	e	Meridian Bioscience, Inc		848
	32,366	*	Merit Medical Systems, Inc		509
	21,513	*	Molina Healthcare, Inc		748
	9,533	*	MWI Veterinary Supply, Inc		1,626
	8,081		National Healthcare Corp		436
	5,598	*	National Research Corp		105
	22,829	*	Natus Medical, Inc		514
	27,729	*	Neogen Corp		1,267
	33,067	*	NuVasive, Inc		1,069
	45,234	*	NxStage Medical, Inc		452
	79,723		Omnicare, Inc		4,812
	25,874	*	Omnicell, Inc		661
	36,642	*	OraSure Technologies, Inc		230
	14,876	*	Orthofix International NV		339
	48,567	e	Owens & Minor, Inc		1,776
	66,558		Patterson Cos, Inc		2,742
	75,502	*	Pediatrix Medical Group, Inc		4,030
	23,814	*	PharMerica Corp		512
	9,836	*,e	PhotoMedex, Inc		127
	24,800	*	Premier, Inc		912
	8,598	*	Providence Service Corp		221
	29,676		Quality Systems, Inc		625
	111,989	e	Quest Diagnostics, Inc		5,996
	21,781	*,e	Quidel Corp		673
	108,952	e	Resmed, Inc		5,129
	31,391	*,e	Rockwell Medical Technologies, Inc		328
	38,631	*	RTI Biologics, Inc		137
	36,584		Select Medical Holdings Corp		425
	42,129	*	Sirona Dental Systems, Inc		2,957
	15,881	*	Skilled Healthcare Group, Inc (Class A)		76
	44,003	*	Solta Medical, Inc		130
	30,482	*	Spectranetics Corp		762
	215,715		St. Jude Medical, Inc		13,364
	26,141	*	Staar Surgical Co		423
	44,285		STERIS Corp		2,128
	252,822		Stryker Corp		18,997
	13,627	*	SurModics, Inc		332
	32,497	*	Symmetry Medical, Inc		328
	52,336	*	Team Health Holdings, Inc		2,384
	19,871	*,e	TearLab Corp		186
	31,210		Teleflex, Inc		2,929
	79,191	*	Tenet Healthcare Corp		3,336
	44,951	*	Thoratec Corp		1,645
	20,149	*	Tornier BV		379

297

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	20,300	*	Triple-S Management Corp (Class B)	$	395
	77,329	*,e	Unilife Corp		340
	777,615		UnitedHealth Group, Inc		58,554
	28,773		Universal American Corp		210
	68,958		Universal Health Services, Inc (Class B)		5,604
	8,422		US Physical Therapy, Inc		297
	697	*,e	USMD Holdings, Inc		14
	2,349		Utah Medical Products, Inc		134
	82,411	*	Varian Medical Systems, Inc		6,403
	12,709	*	Vascular Solutions, Inc		294
	66,310	*	VCA Antech, Inc		2,079
	11,900	*,e	Veeva Systems, Inc		382
	15,934	*	Vocera Communications, Inc		249
	44,457	*,e	Volcano Corp		971
	32,655	*	WellCare Health Plans, Inc		2,300
	228,279		WellPoint, Inc		21,091
	52,696		West Pharmaceutical Services, Inc		2,585
	33,963	*	Wright Medical Group, Inc		1,043
	12,908	*,e	Zeltiq Aesthetics, Inc		244
	127,984		Zimmer Holdings, Inc		11,927
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		706,171
HOUSEHOLD & PERSONAL PRODUCTS - 1.9%
	332,448		Avon Products, Inc		5,725
	39,882	*	Central Garden and Pet Co (Class A)		269
	105,332		Church & Dwight Co, Inc		6,982
	100,251	e	Clorox Co		9,299
	710,631		Colgate-Palmolive Co		46,340
	43,500	e	Coty, Inc		663
	19,608	*	Elizabeth Arden, Inc		695
	47,350		Energizer Holdings, Inc		5,125
	176,366		Estee Lauder Cos (Class A)		13,284
	15,213		Female Health Co		129
	25,252	*	Harbinger Group, Inc		299
	66,040	e	Herbalife Ltd		5,197
	12,258		Inter Parfums, Inc		439
	293,295		Kimberly-Clark Corp		30,638
	74,599	*,e	Lifevantage Corp		123
	9,661	*	Medifast, Inc		253
	5,868		Nature’s Sunshine Products, Inc		102
	44,175		Nu Skin Enterprises, Inc (Class A)		6,106
	8,067	*	Nutraceutical International Corp		216
	3,981		Oil-Dri Corp of America		151
	4,547		Orchids Paper Products Co		149
	2,089,539		Procter & Gamble Co		170,109
	9,587	*	Revlon, Inc (Class A)		239
	15,918		Spectrum Brands, Inc		1,123

298

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	110,286	*,e	Star Scientific, Inc	$	128
	5,403	*,e	USANA Health Sciences, Inc		408
	11,764		WD-40 Co		879
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		305,070
INSURANCE - 4.2%
	258,666		ACE Ltd		26,780
	356,101		Aflac, Inc		23,788
	12,775	*	Alleghany Corp		5,109
	26,404		Allied World Assurance Co Holdings Ltd		2,979
	356,385		Allstate Corp		19,437
	34,048	*	AMBAC Financial Group, Inc		836
	48,474		American Equity Investment Life Holding Co		1,279
	59,156		American Financial Group, Inc		3,414
	1,125,229		American International Group, Inc		57,443
	5,469		American National Insurance Co		626
	13,065		Amerisafe, Inc		552
	23,097	e	Amtrust Financial Services, Inc		755
	235,462		Aon plc		19,753
	101,165	*	Arch Capital Group Ltd		6,039
	20,783		Argo Group International Holdings Ltd		966
	96,211		Arthur J. Gallagher & Co		4,515
	50,374		Aspen Insurance Holdings Ltd		2,081
	57,650		Assurant, Inc		3,826
	129,363		Assured Guaranty Ltd		3,052
	89,885		Axis Capital Holdings Ltd		4,276
	6,904		Baldwin & Lyons, Inc (Class B)		189
	1,372,059	*	Berkshire Hathaway, Inc (Class B)		162,671
	89,066		Brown & Brown, Inc		2,796
	197,559		Chubb Corp		19,090
	124,217		Cincinnati Financial Corp		6,505
	32,879	*	Citizens, Inc (Class A)		288
	19,762		CNA Financial Corp		848
	168,806		Conseco, Inc		2,986
	19,001		Crawford & Co (Class B)		176
	7,812		Donegal Group, Inc (Class A)		124
	4,850		Eastern Insurance Holdings, Inc		119
	14,028	*	eHealth, Inc		652
	4,503		EMC Insurance Group, Inc		138
	24,104		Employers Holdings, Inc		763
	31,468		Endurance Specialty Holdings Ltd		1,846
	7,174	*	Enstar Group Ltd		997
	20,774		Erie Indemnity Co (Class A)		1,519
	38,034		Everest Re Group Ltd		5,928
	9,829		FBL Financial Group, Inc (Class A)		440
	190,098		Fidelity National Title Group, Inc (Class A)		6,169
	80,939		First American Financial Corp		2,282

299

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	4,187	*	Fortegra Financial Corp	$	35
	375,048	*	Genworth Financial, Inc (Class A)		5,824
	20,683	*	Greenlight Capital Re Ltd (Class A)		697
	7,438	*	Hallmark Financial Services		66
	33,724		Hanover Insurance Group, Inc		2,014
	345,892		Hartford Financial Services Group, Inc		12,532
	77,301		HCC Insurance Holdings, Inc		3,567
	6,789	e	HCI Group, Inc		363
	2,870	*	Health Insurance Innovations, Inc		29
	49,340	*	Hilltop Holdings, Inc		1,141
	29,235		Horace Mann Educators Corp		922
	5,951		Independence Holding Co		80
	10,249		Infinity Property & Casualty Corp		735
	862		Investors Title Co		70
	2,854		Kansas City Life Insurance Co		136
	37,633		Kemper Corp		1,538
	203,899		Lincoln National Corp		10,525
	233,503		Loews Corp		11,264
	34,934		Maiden Holdings Ltd		382
	10,487	*	Markel Corp		6,086
	420,252		Marsh & McLennan Cos, Inc		20,323
	108,070	*	MBIA, Inc		1,290
	42,189		Meadowbrook Insurance Group, Inc		294
	20,342		Mercury General Corp		1,011
	682,950		Metlife, Inc		36,825
	35,141		Montpelier Re Holdings Ltd		1,023
	7,244		National Interstate Corp		167
	1,551		National Western Life Insurance Co (Class A)		347
	8,338	*	Navigators Group, Inc		527
	195,723		Old Republic International Corp		3,380
	17,609		OneBeacon Insurance Group Ltd (Class A)		279
	41,191		PartnerRe Ltd		4,343
	4,932	*	Phoenix Cos, Inc		303
	24,214		Platinum Underwriters Holdings Ltd		1,484
	43,301		Primerica, Inc		1,858
	223,115		Principal Financial Group		11,002
	46,842		ProAssurance Corp		2,271
	460,432		Progressive Corp		12,556
	61,341		Protective Life Corp		3,107
	354,308		Prudential Financial, Inc		32,674
	54,915		Reinsurance Group of America, Inc (Class A)		4,251
	34,135		RenaissanceRe Holdings Ltd		3,323
	16,141		RLI Corp		1,572
	10,041		Safety Insurance Group, Inc		565
	42,211		Selective Insurance Group, Inc		1,142
	33,695		Stancorp Financial Group, Inc		2,232
	9,480		State Auto Financial Corp		201

300

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	16,046		Stewart Information Services Corp	$	518
	62,336		Symetra Financial Corp		1,182
	19,300	*	Third Point Reinsurance Ltd		358
	70,622		Torchmark Corp		5,519
	21,406	e	Tower Group International Ltd		72
	286,983		Travelers Cos, Inc		25,983
	6,929	*	United America Indemnity Ltd		175
	16,961		United Fire & Casualty Co		486
	22,242		Universal Insurance Holdings, Inc		322
	202,943		UnumProvident Corp		7,119
	79,239		Validus Holdings Ltd		3,193
	82,061		W.R. Berkley Corp		3,561
	4,646		White Mountains Insurance Group Ltd		2,802
	221,856		XL Capital Ltd		7,064
			TOTAL INSURANCE		668,742
MATERIALS - 3.8%
	22,177		A. Schulman, Inc		782
	7,771	*	Advanced Emissions Solutions, Inc		421
	3,376	*	AEP Industries, Inc		178
	159,436		Air Products & Chemicals, Inc		17,822
	49,733		Airgas, Inc		5,563
	110,458	*,e	AK Steel Holding Corp		906
	62,071		Albemarle Corp		3,935
	811,261	e	Alcoa, Inc		8,624
	81,466		Allegheny Technologies, Inc		2,903
	79,955	*,e	Allied Nevada Gold Corp		284
	21,055		AMCOL International Corp		715
	3,809	*	American Pacific Corp		142
	20,501		American Vanguard Corp		498
	50,635		Aptargroup, Inc		3,434
	15,246	*	Arabian American Development Co		191
	60,168		Ashland, Inc		5,839
	75,563		Avery Dennison Corp		3,792
	52,910		Axiall Corp		2,510
	23,190	*	Balchem Corp		1,361
	113,393		Ball Corp		5,858
	78,588		Bemis Co, Inc		3,219
	42,124	*	Berry Plastics Group, Inc		1,002
	10,300	*	Boise Cascade Co		304
	14,781		Brush Engineered Materials, Inc		456
	48,545		Cabot Corp		2,495
	41,280	*	Calgon Carbon Corp		849
	35,267		Carpenter Technology Corp		2,194
	11,808	*	Castle (A.M.) & Co		174
	121,529		Celanese Corp (Series A)		6,722
	39,702	*	Century Aluminum Co		415

301

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	45,049		CF Industries Holdings, Inc	$	10,498
	5,158		Chase Corp		182
	73,547	*	Chemtura		2,053
	16,903	*	Clearwater Paper Corp		887
	116,499	e	Cliffs Natural Resources, Inc		3,053
	77,643	*	Coeur d’Alene Mines Corp		842
	89,141		Commercial Metals Co		1,812
	25,270		Compass Minerals International, Inc		2,023
	107,626	*	Crown Holdings, Inc		4,797
	27,766		Cytec Industries, Inc		2,587
	9,014		Deltic Timber Corp		612
	25,140		Domtar Corp		2,372
	922,158		Dow Chemical Co		40,944
	702,854		Du Pont (E.I.) de Nemours & Co		45,664
	37,135		Eagle Materials, Inc		2,875
	118,069		Eastman Chemical Co		9,528
	200,262		Ecolab, Inc		20,881
	55,318	*	Ferro Corp		710
	35,881	*	Flotek Industries, Inc		720
	103,495		FMC Corp		7,810
	789,171		Freeport-McMoRan Copper & Gold, Inc (Class B)		29,783
	14,460		FutureFuel Corp		228
	51,402	*,e	General Moly, Inc		69
	32,454		Glatfelter		897
	47,286		Globe Specialty Metals, Inc		852
	24,960	e	Gold Resource Corp		113
	165,993	*	Graphic Packaging Holding Co		1,594
	24,459		Greif, Inc (Class A)		1,282
	6,559	*	GSE Holding, Inc		14
	39,075		H.B. Fuller Co		2,033
	6,809		Hawkins, Inc		253
	9,402		Haynes International, Inc		519
	54,162	*	Headwaters, Inc		530
	262,218	e	Hecla Mining Co		808
	33,599	*	Horsehead Holding Corp		545
	145,355		Huntsman Corp		3,576
	16,427		Innophos Holdings, Inc		798
	18,027		Innospec, Inc		833
	62,007		International Flavors & Fragrances, Inc		5,331
	338,906		International Paper Co		16,617
	40,015	*,e	Intrepid Potash, Inc		634
	14,023		Kaiser Aluminum Corp		985
	31,073	*	Kapstone Paper and Packaging Corp		1,736
	4,800		KMG Chemicals, Inc		81
	16,539		Koppers Holdings, Inc		757
	24,388	*	Kraton Polymers LLC		562
	14,288	e	Kronos Worldwide, Inc		272

302

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	19,323	*	Landec Corp	$	234
	104,108	*	Louisiana-Pacific Corp		1,927
	13,887	*	LSB Industries, Inc		570
	309,335		LyondellBasell Industries AF S.C.A		24,833
	34,945		Martin Marietta Materials, Inc		3,492
	135,736		MeadWestvaco Corp		5,013
	60,363	*,e	Midway Gold Corp		49
	27,178		Minerals Technologies, Inc		1,633
	124,409	*,e	Molycorp, Inc		699
	407,663		Monsanto Co		47,513
	228,319		Mosaic Co		10,793
	23,791		Myers Industries, Inc		502
	11,726		Neenah Paper, Inc		501
	7,313	e	NewMarket Corp		2,444
	376,798		Newmont Mining Corp		8,678
	29,589		Noranda Aluminium Holding Corp		97
	242,223		Nucor Corp		12,930
	61,075	e	Olin Corp		1,762
	8,985		Olympic Steel, Inc		260
	23,303	*	OM Group, Inc		848
	32,453	*	Omnova Solutions, Inc		296
	126,112	*	Owens-Illinois, Inc		4,512
	74,848		Packaging Corp of America		4,736
	90,889	*,e	Paramount Gold and Silver Corp		85
	6,963	*	Penford Corp		89
	75,550		PolyOne Corp		2,671
	109,184		PPG Industries, Inc		20,708
	225,674		Praxair, Inc		29,344
	9,804		Quaker Chemical Corp		756
	58,316		Reliance Steel & Aluminum Co		4,423
	201,095	*	Rentech, Inc		352
	55,110	*,e	Resolute Forest Products		883
	55,046		Rock-Tenn Co (Class A)		5,780
	59,225		Rockwood Holdings, Inc		4,259
	48,654		Royal Gold, Inc		2,241
	101,323		RPM International, Inc		4,206
	23,200	*	RTI International Metals, Inc		794
	19,399		Schnitzer Steel Industries, Inc (Class A)		634
	23,952		Schweitzer-Mauduit International, Inc		1,233
	32,453		Scotts Miracle-Gro Co (Class A)		2,019
	148,606		Sealed Air Corp		5,060
	38,347		Sensient Technologies Corp		1,861
	67,653		Sherwin-Williams Co		12,414
	91,531		Sigma-Aldrich Corp		8,605
	33,477		Silgan Holdings, Inc		1,608
	76,188		Sonoco Products Co		3,179
	119,844		Southern Copper Corp (NY)		3,441

303

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	165,973		Steel Dynamics, Inc	$	3,243
	13,671		Stepan Co		897
	98,491	*,e	Stillwater Mining Co		1,215
	56,972	*	SunCoke Energy, Inc		1,300
	64,203	*,e	Tahoe Resources, Inc		1,068
	10,897	*	Taminco Corp		220
	17,215	*	Texas Industries, Inc		1,184
	19,671		Tredegar Corp		567
	4,092	*	UFP Technologies, Inc		103
	1,357	*	United States Lime & Minerals, Inc		83
	110,404	e	United States Steel Corp		3,257
	4,623	*	Universal Stainless & Alloy		167
	10,188	*	US Concrete, Inc		231
	16,233		US Silica Holdings Inc		554
	67,788		Valspar Corp		4,833
	98,368		Vulcan Materials Co		5,845
	47,694	e	Walter Energy, Inc		793
	37,679		Wausau Paper Corp		478
	15,532		Westlake Chemical Corp		1,896
	4,506	*	WHX Corp		109
	40,133		Worthington Industries, Inc		1,689
	57,560	*	WR Grace & Co		5,691
	17,018		Zep, Inc		309
	27,143	*,e	Zoltek Cos, Inc		455
			TOTAL MATERIALS		603,294
MEDIA - 3.9%
	12,963		AH Belo Corp (Class A)		97
	45,765	*	AMC Networks, Inc		3,117
	153,456	e	Cablevision Systems Corp (Class A)		2,751
	17,686	*	Carmike Cinemas, Inc		492
	467,179		CBS Corp (Class B)		29,778
	57,454	*,e	Central European Media Enterprises Ltd (Class A) Nasdaq		221
	50,363	*	Charter Communications, Inc		6,888
	87,874		Cinemark Holdings, Inc		2,929
	28,047		Clear Channel Outdoor Holdings, Inc (Class A)		284
	2,000,507		Comcast Corp (Class A)		103,956
	27,056	*	Crown Media Holdings, Inc (Class A)		96
	71,115	*	Cumulus Media, Inc (Class A)		550
	772	*	Daily Journal Corp		143
	12,681	*,e	Dex Media, Inc		86
	20,194	*,e	Digital Generation, Inc		257
	374,566	*	DIRECTV		25,879
	186,385	*	Discovery Communications, Inc (Class A)		16,853
	159,417	*	DISH Network Corp (Class A)		9,233
	57,581	*	DreamWorks Animation SKG, Inc (Class A)		2,044
	18,269	*	Entercom Communications Corp (Class A)		192

304

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	54,182		Entravision Communications Corp (Class A)	$	330
	23,436	*	EW Scripps Co (Class A)		509
	173,988		Gannett Co, Inc		5,147
	15,102	*	Global Sources Ltd		123
	38,349	*	Gray Television, Inc		571
	33,505		Harte-Hanks, Inc		262
	6,780	*,e	Hemisphere Media Group, Inc		81
	327,851		Interpublic Group of Cos, Inc		5,803
	34,627		John Wiley & Sons, Inc (Class A)		1,911
	42,642	*	Journal Communications, Inc (Class A)		397
	59,903	*	Lamar Advertising Co (Class A)		3,130
	298,688	*	Liberty Global plc (Class A)		26,580
	73,249	*	Liberty Media Corp		10,727
	64,240	*,e	Lions Gate Entertainment Corp		2,034
	108,249	*	Live Nation, Inc		2,139
	9,932	*	Loral Space & Communications, Inc		804
	46,379	*	Madison Square Garden, Inc		2,671
	29,313	*,e	Martha Stewart Living Omnimedia, Inc (Class A)		123
	45,516	*,e	McClatchy Co (Class A)		155
	209,534		McGraw-Hill Cos, Inc		16,386
	29,277		MDC Partners, Inc		747
	15,588	*,e	Media General, Inc (Class A)		352
	26,535		Meredith Corp		1,375
	15,752		Morningstar, Inc		1,230
	42,789		National CineMedia, Inc		854
	98,100		New York Times Co (Class A)		1,557
	377,718	*	News Corp		6,806
	21,441		Nexstar Broadcasting Group, Inc (Class A)		1,195
	196,563		Omnicom Group, Inc		14,618
	7,422	*,e	ReachLocal, Inc		94
	12,373	*	Reading International, Inc		93
	60,087	e	Regal Entertainment Group (Class A)		1,169
	7,217	*	Rentrak Corp		273
	3,654		Saga Communications, Inc		184
	2,328		Salem Communications		20
	19,984		Scholastic Corp		680
	83,466		Scripps Networks Interactive (Class A)		7,212
	51,060		Sinclair Broadcast Group, Inc (Class A)		1,824
	2,344,228	*,e	Sirius XM Holdings, Inc		8,181
	87,187	*	Starz-Liberty Capital		2,549
	284,506	e	Thomson Corp		10,760
	222,106		Time Warner Cable, Inc		30,095
	710,611		Time Warner, Inc		49,544
	1,514,973		Twenty-First Century Fox, Inc		53,297
	29,390	e	Valassis Communications, Inc		1,007

305

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	339,321		Viacom, Inc (Class B)	$	29,636
	1,373,018	*	Walt Disney Co		104,899
	21,644		World Wrestling Entertainment, Inc (Class A)		359
			TOTAL MEDIA		616,339
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.1%
	1,207,462		AbbVie, Inc		63,766
	53,518	*,e	Acadia Pharmaceuticals, Inc		1,337
	9,332	*,e	Accelerate Diagnostics, Inc		114
	15,957	*,e	AcelRx Pharmaceuticals, Inc		181
	103,008	*,e	Achillion Pharmaceuticals, Inc		342
	29,951	*	Acorda Therapeutics, Inc		875
	132,272	*	Actavis plc		22,222
	21,882	*	Aegerion Pharmaceuticals, Inc		1,553
	56,476	*,e	Affymetrix, Inc		484
	265,679		Agilent Technologies, Inc		15,194
	5,300	*,e	Agios Pharmaceuticals, Inc		127
	44,535	*,e	Akorn, Inc		1,097
	17,375	*	Albany Molecular Research, Inc		175
	148,847	*	Alexion Pharmaceuticals, Inc		19,806
	13,583	*,e	Alimera Sciences, Inc		64
	95,158	*	Alkermes plc		3,869
	226,660		Allergan, Inc		25,177
	44,275	*	Alnylam Pharmaceuticals, Inc		2,848
	16,995	*	AMAG Pharmaceuticals, Inc		412
	572,623		Amgen, Inc		65,371
	22,849	*,e	Amicus Therapeutics, Inc		54
	21,263	*,e	Ampio Pharmaceuticals, Inc		152
	19,555	*,e	Anacor Pharmaceuticals, Inc		328
	165,796	*,e	Arena Pharmaceuticals, Inc		970
	26,499	*,e	Ariad Pharmaceuticals, Inc		181
	40,003	*	Arqule, Inc		86
	91,342	*	Array Biopharma, Inc		458
	36,727	*	Auxilium Pharmaceuticals, Inc		762
	111,046	*,e	AVANIR Pharmaceuticals, Inc		373
	41,227	*	AVEO Pharmaceuticals, Inc		76
	15,220	*,e	BioDelivery Sciences International, Inc		90
	181,236	*	Biogen Idec, Inc		50,701
	105,565	*	BioMarin Pharmaceuticals, Inc		7,418
	15,517	*	Bio-Rad Laboratories, Inc (Class A)		1,918
	27,248	*,e	Biotime, Inc		98
	5,300	*	Bluebird Bio, Inc		111
	1,252,290		Bristol-Myers Squibb Co		66,559
	83,145	*	Bruker BioSciences Corp		1,644
	47,523	*	Cadence Pharmaceuticals, Inc		430
	26,827	*	Cambrex Corp		478
	318,405	*	Celgene Corp		53,798
	135,101	*,e	Cell Therapeutics, Inc		259

306

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	62,461	*	Celldex Therapeutics, Inc	$	1,512
	11,015	*	Cempra, Inc		137
	50,965	*,e	Cepheid, Inc		2,381
	37,085	*	Charles River Laboratories International, Inc		1,967
	73,802	*,e	Chelsea Therapeutics International, Inc		327
	18,304	*,e	ChemoCentryx, Inc		106
	6,658	*	Chimerix, Inc		101
	12,210	*	Clovis Oncology, Inc		736
	32,316	*,e	Corcept Therapeutics, Inc		104
	5,072	*	Cornerstone Therapeutics, Inc		48
	20,437	*,e	Coronado Biosciences, Inc		54
	42,288	*	Covance, Inc		3,724
	49,683	*	Cubist Pharmaceuticals, Inc		3,422
	59,363	*,e	Curis, Inc		167
	18,932	*,e	Cytokinetics, Inc		123
	47,980	*,e	Cytori Therapeutics, Inc		123
	120,216	*,e	Dendreon Corp		359
	40,825	*	Depomed, Inc		432
	9,738	*,e	Durata Therapeutics, Inc		125
	94,682	*	Dyax Corp		713
	95,378	*,e	Dynavax Technologies Corp		187
	756,733		Eli Lilly & Co		38,593
	19,838	*	Emergent Biosolutions, Inc		456
	2,982	*	Enanta Pharmaceuticals, Inc		81
	85,345	*,e	Endo Pharmaceuticals Holdings, Inc		5,757
	22,769	*,e	Endocyte, Inc		243
	31,349		Enzon Pharmaceuticals, Inc		36
	4,483	*,e	Epizyme, Inc		93
	57,614	*,e	Exact Sciences Corp		674
	140,174	*,e	Exelixis, Inc		859
	13,135	*	Fibrocell Science, Inc		53
	20,851	*	Fluidigm Corp		799
	203,023	*	Forest Laboratories, Inc		12,187
	10,743	*,m	Forest Laboratories, Inc CVR		10
	10,500	*,e	Foundation Medicine, Inc		250
	6,747	*	Furiex Pharmaceuticals Inc		283
	102,537	*,e	Galena Biopharma, Inc		509
	14,823	*	Genomic Health, Inc		434
	114,325	*	Geron Corp		542
	1,162,933	*	Gilead Sciences, Inc		87,394
	6,376	*,e	Golf Trust Of America, Inc		16
	68,771	*,e	Halozyme Therapeutics, Inc		1,031
	4,180	*	Harvard Apparatus Regenerative Technology, Inc		20
	16,723	*	Harvard Bioscience, Inc		79
	8,540	*	Hi-Tech Pharmacal Co, Inc		371
	51,686	*,e	Horizon Pharma, Inc		394
	126,136	*	Hospira, Inc		5,207

307

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	6,640	*,e	Hyperion Therapeutics, Inc	$	134
	77,709	*,e	Idenix Pharmaceuticals, Inc		465
	94,781	*,e	Illumina, Inc		10,485
	65,469	*,e	Immunogen, Inc		960
	78,549	*,e	Immunomedics, Inc		361
	52,266	*	Impax Laboratories, Inc		1,314
	77,568	*	Incyte Corp		3,927
	36,466	*,e	Infinity Pharmaceuticals, Inc		504
	27,309	*	Insmed, Inc		465
	6,124	*,e	Insys Therapeutics, Inc		237
	6,656	*	Intercept Pharmaceuticals, Inc		454
	76,840	*	InterMune, Inc		1,132
	8,700	*,e	Intrexon Corp		207
	71,354	*,e	Ironwood Pharmaceuticals, Inc		828
	85,658	*,e	Isis Pharmaceuticals, Inc		3,413
	39,333	*	Jazz Pharmaceuticals plc		4,978
	2,141,519		Johnson & Johnson		196,142
	5,336	*	KaloBios Pharmaceuticals, Inc		24
	62,502	*,e	Keryx Biopharmaceuticals, Inc		809
	10,009	*,e	KYTHERA Biopharmaceuticals, Inc		373
	12,437	*	Lannett Co, Inc		412
	173,586	*,e	Lexicon Pharmaceuticals, Inc		312
	131,366	*	Life Technologies Corp		9,958
	14,627	*,e	Ligand Pharmaceuticals, Inc (Class B)		769
	31,134	*	Luminex Corp		604
	44,700	*	Mallinckrodt plc		2,336
	117,013	*,e	MannKind Corp		610
	48,124	*	Medicines Co		1,859
	56,962	*	Medivation, Inc		3,635
	7,487	*,e	MEI Pharma, Inc		60
	2,302,119		Merck & Co, Inc		115,221
	73,750	*,e	Merrimack Pharmaceuticals, Inc		394
	22,964	*	Mettler-Toledo International, Inc		5,571
	62,685	*,e	MiMedx Group, Inc		548
	34,069	*	Momenta Pharmaceuticals, Inc		602
	290,035	*	Mylan Laboratories, Inc		12,588
	62,489	*,e	Myriad Genetics, Inc		1,311
	31,951	*,e	Nanosphere, Inc		73
	97,156	*,e	Navidea Biopharmaceuticals, Inc		201
	87,448	*	Nektar Therapeutics		993
	23,721	*	NeoGenomics, Inc		86
	51,178	*	Neurocrine Biosciences, Inc		478
	12,598	*,e	NewLink Genetics Corp		277
	160,650	*	Novavax, Inc		823
	75,335	*	NPS Pharmaceuticals, Inc		2,287
	26,874	*,e	Omeros Corp		303
	4,045	*,m	Omthera Pharmaceuticals, Inc		2

308

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	11,325	*	OncoGenex Pharmaceutical, Inc	$	94
	6,600	*,e	Onconova Therapeutics, Inc		76
	7,900	*,e	Ophthotech Corp		256
	143,885	*,e	Opko Health, Inc		1,214
	77,270	*,e	Orexigen Therapeutics, Inc		435
	12,630	*,e	Osiris Therapeutics, Inc		203
	6,597	*	OvaScience, Inc		60
	50,411	*	Pacific Biosciences of California, Inc		264
	21,106	*,e	Pacira Pharmaceuticals, Inc		1,213
	43,666	*	Parexel International Corp		1,973
	106,509	e	PDL BioPharma, Inc		899
	104,909	*,e	Peregrine Pharmaceuticals, Inc		146
	85,256		PerkinElmer, Inc		3,515
	95,563	e	Perrigo Co plc		14,665
	5,098,843		Pfizer, Inc		156,177
	45,141	*	Pharmacyclics, Inc		4,775
	7,585	*	Portola Pharmaceuticals, Inc		195
	15,548		Pozen, Inc		125
	38,233	*	Prestige Brands Holdings, Inc		1,369
	40,290	*	Progenics Pharmaceuticals, Inc		215
	12,791	*,e	Prothena Corp plc		339
	16,769	*	Puma Biotechnology, Inc		1,736
	178,940	*	Qiagen NV (NASDAQ)		4,261
	39,852	e	Questcor Pharmaceuticals, Inc		2,170
	20,597	*	Quintiles Transnational Holdings, Inc		954
	48,221	*,e	Raptor Pharmaceutical Corp		628
	4,242	*	Receptos, Inc		123
	61,171	*	Regeneron Pharmaceuticals, Inc		16,837
	7,041	*	Regulus Therapeutics, Inc		52
	23,464	*	Repligen Corp		320
	16,297	*,e	Repros Therapeutics, Inc		298
	66,996	*	Rigel Pharmaceuticals, Inc		191
	12,401	*	Sagent Pharmaceuticals		315
	46,827	*	Salix Pharmaceuticals Ltd		4,212
	43,846	*,e	Sangamo Biosciences, Inc		609
	31,888	*,e	Sarepta Therapeutics, Inc		650
	43,039	*	Sciclone Pharmaceuticals, Inc		217
	76,360	*,e	Seattle Genetics, Inc		3,046
	87,069	*,e	Sequenom, Inc		204
	26,901	*,e	SIGA Technologies, Inc		88
	47,540	*,e	Spectrum Pharmaceuticals, Inc		421
	12,168	*	Stemline Therapeutics, Inc		239
	6,322	*	Sucampo Pharmaceuticals, Inc (Class A)		59
	21,433	*,e	Sunesis Pharmaceuticals, Inc		102
	10,484	*,e	Supernus Pharmaceuticals, Inc		79
	14,988	*,e	Synageva BioPharma Corp		970
	61,665	*,e	Synergy Pharmaceuticals, Inc		347

309

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	52,113	*,e	Synta Pharmaceuticals Corp	$	273
	21,017	*	Targacept, Inc		87
	28,521		Techne Corp		2,700
	10,002	*	TESARO, Inc		282
	8,515	*	Tetraphase Pharmaceuticals, Inc		115
	10,736	*,e	TG Therapeutics, Inc		42
	78,332	*	TherapeuticsMD, Inc		408
	59,890	*,e	Theravance, Inc		2,135
	274,014		Thermo Electron Corp		30,511
	34,985	*,e	Threshold Pharmaceuticals, Inc		163
	35,349	*	United Therapeutics Corp		3,997
	31,829	*	Vanda Pharmaceuticals, Inc		395
	10,567	*,e	Verastem, Inc		120
	178,617	*	Vertex Pharmaceuticals, Inc		13,271
	65,503	*	Vical, Inc		77
	51,543	*	Viropharma, Inc		2,569
	74,791	*,e	Vivus, Inc		679
	65,126	*	Waters Corp		6,513
	33,276	*	Xenoport, Inc		191
	64,947	*,e	XOMA Corp		437
	78,272	*,e	ZIOPHARM Oncology, Inc		340
	382,191		Zoetis Inc		12,494
	116,179	*,e	Zogenix, Inc		400
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		1,280,237
REAL ESTATE - 3.1%
	41,676		Acadia Realty Trust		1,035
	18,082		AG Mortgage Investment Trust		283
	10,360		Agree Realty Corp		301
	32,853		Alexander & Baldwin, Inc		1,371
	1,574		Alexander’s, Inc		519
	54,028		Alexandria Real Estate Equities, Inc		3,437
	32,259		Altisource Residential Corp		971
	25,582		American Assets Trust, Inc		804
	79,779		American Campus Communities, Inc		2,570
	302,432		American Capital Agency Corp		5,834
	44,879		American Capital Mortgage, Inc		784
	38,600	*	American Homes 4 Rent		625
	116,652	e	American Realty Capital Properties, Inc		1,500
	10,250	*,e	American Residential Properties, Inc		176
	302,005		American Tower Corp		24,106
	11,988		AmREIT, Inc (Class B)		201
	728,985		Annaly Capital Management, Inc		7,268
	104,198		Anworth Mortgage Asset Corp		439
	110,902		Apartment Investment & Management Co (Class A)		2,873
	29,005		Apollo Commercial Real Estate Finance, Inc		471
	16,344		Ares Commercial Real Estate Corp		214

310

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	14,151		Armada Hoffler Properties, Inc	$	131
	309,135		ARMOUR Residential REIT, Inc		1,240
	8,644	*	Ashford Hospitality Prime, Inc		157
	43,224		Ashford Hospitality Trust, Inc		358
	38,683	e	Associated Estates Realty Corp		621
	7,072	*	AV Homes, Inc		128
	98,505		AvalonBay Communities, Inc		11,646
	8,814	e	Aviv REIT, Inc		209
	142,585		BioMed Realty Trust, Inc		2,584
	115,541		Boston Properties, Inc		11,597
	118,676		Brandywine Realty Trust		1,672
	58,646		BRE Properties, Inc (Class A)		3,209
	36,900	*	Brixmor Property Group, Inc		750
	64,335		Camden Property Trust		3,659
	49,200		Campus Crest Communities, Inc		463
	72,089		Capstead Mortgage Corp		871
	124,137		CBL & Associates Properties, Inc		2,229
	212,369	*	CBRE Group, Inc		5,585
	54,349		Cedar Shopping Centers, Inc		340
	189,048	e	Chambers Street Properties		1,446
	15,294		Chatham Lodging Trust		313
	37,072		Chesapeake Lodging Trust		938
	782,428		Chimera Investment Corp		2,426
	58,259		Colony Financial, Inc		1,182
	4,977		Consolidated-Tomoka Land Co		181
	15,000		Coresite Realty		483
	65,862		Corporate Office Properties Trust		1,560
	127,954		Cousins Properties, Inc		1,318
	102,580		CubeSmart		1,635
	14,500		CyrusOne, Inc		324
	135,056		CYS Investments, Inc		1,001
	221,413		DCT Industrial Trust, Inc		1,579
	225,998		DDR Corp		3,474
	148,119		DiamondRock Hospitality Co		1,711
	98,095	e	Digital Realty Trust, Inc		4,818
	108,380		Douglas Emmett, Inc		2,524
	244,327		Duke Realty Corp		3,675
	47,457	e	DuPont Fabros Technology, Inc		1,173
	41,887		Dynex Capital, Inc		335
	23,492		EastGroup Properties, Inc		1,361
	86,427		Education Realty Trust, Inc		762
	4,681		Ellington Residential Mortgage REIT		72
	63,300		Empire State Realty Trust, Inc		968
	39,304		Entertainment Properties Trust		1,932
	62,982		Equity Lifestyle Properties, Inc		2,282
	45,769		Equity One, Inc		1,027
	275,864		Equity Residential		14,309

311

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	29,675	e	Essex Property Trust, Inc	$	4,259
	35,324		Excel Trust, Inc		402
	83,827		Extra Space Storage, Inc		3,532
	49,343		Federal Realty Investment Trust		5,004
	96,717	*	FelCor Lodging Trust, Inc		789
	82,257		First Industrial Realty Trust, Inc		1,435
	47,359		First Potomac Realty Trust		551
	120,106	*	Forest City Enterprises, Inc (Class A)		2,294
	29,389	*	Forestar Real Estate Group, Inc		625
	67,229		Franklin Street Properties Corp		803
	51,524	*	Gaming and Leisure Properties, Inc		2,618
	424,625		General Growth Properties, Inc		8,522
	18,098		Getty Realty Corp		332
	9,649		Gladstone Commercial Corp		173
	109,785		Glimcher Realty Trust		1,028
	40,458		Government Properties Income Trust		1,005
	57,383	*	Gramercy Property Trust, Inc		330
	10,641	e	Hannon Armstrong Sustainable Infrastructure Capital, Inc		149
	78,328		Hatteras Financial Corp		1,280
	346,529		HCP, Inc		12,586
	218,433		Health Care REIT, Inc		11,701
	72,939		Healthcare Realty Trust, Inc		1,554
	84,407		Healthcare Trust of America, Inc		831
	153,508		Hersha Hospitality Trust		855
	68,398		Highwoods Properties, Inc		2,474
	43,293		Home Properties, Inc		2,321
	107,078		Hospitality Properties Trust		2,894
	567,427		Host Marriott Corp		11,031
	30,234	*	Howard Hughes Corp		3,631
	90,303		HRPT Properties Trust		2,105
	32,763		Hudson Pacific Properties		717
	64,150		Inland Real Estate Corp		675
	108,200		Invesco Mortgage Capital, Inc		1,588
	74,579		Investors Real Estate Trust		640
	64,505	*	iStar Financial, Inc		920
	16,600	e	JAVELIN Mortgage Investment Corp		231
	33,460		Jones Lang LaSalle, Inc		3,426
	44,089	e	Kennedy-Wilson Holdings, Inc		981
	62,016		Kilroy Realty Corp		3,112
	312,567		Kimco Realty Corp		6,173
	99,574		Kite Realty Group Trust		654
	79,268		LaSalle Hotel Properties		2,446
	138,161	e	Lexington Corporate Properties Trust		1,411
	98,224		Liberty Property Trust		3,327
	27,155		LTC Properties, Inc		961
	104,635		Macerich Co		6,162
	67,066		Mack-Cali Realty Corp		1,441

312

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	123,287		Medical Properties Trust, Inc	$	1,507
	286,855	e	MFA Mortgage Investments, Inc		2,025
	56,685		Mid-America Apartment Communities, Inc		3,443
	31,123		Monmouth Real Estate Investment Corp (Class A)		283
	20,485		National Health Investors, Inc		1,149
	91,193	e	National Retail Properties, Inc		2,766
	192,893		New Residential Investment Corp		1,289
	48,692	e	New York Mortgage Trust, Inc		340
	218,183	e	NorthStar Realty Finance Corp		2,935
	93,151		Omega Healthcare Investors, Inc		2,776
	9,027		One Liberty Properties, Inc		182
	39,886		Parkway Properties, Inc		769
	46,471		Pebblebrook Hotel Trust		1,429
	52,388		Pennsylvania Real Estate Investment Trust		994
	57,080		Pennymac Mortgage Investment Trust		1,311
	130,905	e	Piedmont Office Realty Trust, Inc		2,163
	135,833		Plum Creek Timber Co, Inc		6,318
	41,348		Post Properties, Inc		1,870
	30,874		Potlatch Corp		1,289
	382,324		Prologis, Inc		14,127
	14,049		PS Business Parks, Inc		1,074
	108,820		Public Storage, Inc		16,380
	6,700	*	QTS Realty Trust, Inc		166
	52,552	e	RAIT Investment Trust		471
	49,178		Ramco-Gershenson Properties		774
	95,872		Rayonier, Inc		4,036
	9,000	*	RE		289
	91,446	*	Realogy Holdings Corp		4,524
	149,848	e	Realty Income Corp		5,594
	59,894	e	Redwood Trust, Inc		1,160
	69,743		Regency Centers Corp		3,229
	85,615		Resource Capital Corp		508
	50,793		Retail Opportunities Investment Corp		748
	101,421		Retail Properties of America, Inc		1,290
	12,700	*	Rexford Industrial Realty, Inc		168
	93,949		RLJ Lodging Trust		2,285
	16,171	e	Rouse Properties, Inc		359
	32,495	e	Ryman Hospitality Properties		1,358
	28,029		Sabra Healthcare REIT, Inc		733
	6,582		Saul Centers, Inc		314
	13,046		Select Income REIT		349
	143,050		Senior Housing Properties Trust		3,180
	13,436	e	Silver Bay Realty Trust Corp		215
	236,653		Simon Property Group, Inc		36,009
	69,574		SL Green Realty Corp		6,427
	23,922		Sovran Self Storage, Inc		1,559
	282,732		Spirit Realty Capital, Inc		2,779

313

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	49,920	*,e	St. Joe Co	$	958
	33,698		STAG Industrial, Inc		687
	148,626		Starwood Property Trust, Inc		4,117
	137,597	*	Strategic Hotels & Resorts, Inc		1,300
	60,860		Summit Hotel Properties, Inc		548
	28,548		Sun Communities, Inc		1,217
	123,458		Sunstone Hotel Investors, Inc		1,654
	71,971		Tanger Factory Outlet Centers, Inc		2,305
	48,485		Taubman Centers, Inc		3,099
	11,747	*	Tejon Ranch Co		432
	15,912		Terreno Realty Corp		282
	281,289		Two Harbors Investment Corp		2,610
	190,771		UDR, Inc		4,454
	11,783		UMH Properties, Inc		111
	10,285		Universal Health Realty Income Trust		412
	19,529		Urstadt Biddle Properties, Inc (Class A)		360
	222,896		Ventas, Inc		12,767
	142,193		Vornado Realty Trust		12,625
	50,804		Washington Real Estate Investment Trust		1,187
	92,487		Weingarten Realty Investors		2,536
	18,722	e	Western Asset Mortgage Capital Corp		279
	443,235		Weyerhaeuser Co		13,993
	14,061		Whitestone REIT		188
	24,416		Winthrop Realty Trust		270
	43,708	e	WP Carey, Inc		2,681
	4,300		ZAIS Financial Corp		69
			TOTAL REAL ESTATE		496,103
RETAILING - 4.6%
	14,742	*	1-800-FLOWERS.COM, Inc (Class A)		80
	56,578		Aaron’s, Inc		1,663
	59,479	e	Abercrombie & Fitch Co (Class A)		1,957
	55,859		Advance Auto Parts, Inc		6,182
	61,843	*,e	Aeropostale, Inc		562
	280,300	*	Amazon.com, Inc		111,781
	146,718		American Eagle Outfitters, Inc		2,113
	6,968	*	America’s Car-Mart, Inc		294
	35,675	*	Ann Taylor Stores Corp		1,304
	23,729	*	Asbury Automotive Group, Inc		1,275
	97,226	*	Ascena Retail Group, Inc		2,057
	11,570	*	Audiovox Corp (Class A)		193
	38,634	*	Autonation, Inc		1,920
	26,957	*	AutoZone, Inc		12,884
	30,948	*	Barnes & Noble, Inc		463
	23,033		Bebe Stores, Inc		123
	166,730	*	Bed Bath & Beyond, Inc		13,388
	207,694		Best Buy Co, Inc		8,283

314

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	14,390		Big 5 Sporting Goods Corp	$	285
	45,422	*	Big Lots, Inc		1,467
	10,661	*,e	Blue Nile, Inc		502
	13,103	*,e	Body Central Corp		52
	9,116	e	Bon-Ton Stores, Inc		148
	32,106		Brown Shoe Co, Inc		903
	21,122	e	Buckle, Inc		1,110
	11,900	*	Burlington Stores, Inc		381
	36,046	*	Cabela’s, Inc		2,403
	171,517	*	Carmax, Inc		8,065
	21,208		Cato Corp (Class A)		674
	123,275		Chico’s FAS, Inc		2,323
	17,477	*	Children’s Place Retail Stores, Inc		996
	33,880	*	Christopher & Banks Corp		289
	12,866	*	Citi Trends, Inc		219
	16,992	*,e	Conn’s, Inc		1,339
	11,400	*,e	Container Store Group, Inc		531
	9,734		Core-Mark Holding Co, Inc		739
	46,869	e	CST Brands, Inc		1,721
	10,433		Destination Maternity Corp		312
	32,976	*	Destination XL Group, Inc		217
	75,404		Dick’s Sporting Goods, Inc		4,381
	20,459		Dillard’s, Inc (Class A)		1,989
	248,778	*	Dollar General Corp		15,006
	158,637	*	Dollar Tree, Inc		8,950
	54,370		DSW, Inc (Class A)		2,323
	81,053		Expedia, Inc		5,646
	64,933	*	Express Parent LLC		1,212
	73,294		Family Dollar Stores, Inc		4,762
	37,259		Finish Line, Inc (Class A)		1,050
	24,942	*,e	Five Below, Inc		1,078
	114,126		Foot Locker, Inc		4,729
	34,442	*,e	Francesca’s Holdings Corp		634
	29,664		Fred’s, Inc (Class A)		549
	13,967	*,e	FTD Cos, Inc		455
	91,076	e	GameStop Corp (Class A)		4,486
	212,511		Gap, Inc		8,305
	18,687	*	Genesco, Inc		1,365
	117,877		Genuine Parts Co		9,806
	74,796		GNC Holdings, Inc		4,372
	7,143		Gordmans Stores, Inc		55
	17,052		Group 1 Automotive, Inc		1,211
	319,043	*	Groupon, Inc		3,755
	44,451		Guess?, Inc		1,381
	16,062		Haverty Furniture Cos, Inc		503
	12,065	*,e	HHgregg, Inc		169
	20,590	*,e	Hibbett Sports, Inc		1,384

315

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	1,113,653		Home Depot, Inc	$	91,698
	42,828	*,e	HomeAway, Inc		1,751
	25,591		HSN, Inc		1,594
	180,271	*,e	JC Penney Co, Inc		1,650
	21,133	*	JOS A Bank Clothiers, Inc		1,157
	8,801	*	Kirkland’s, Inc		208
	168,673		Kohl’s Corp		9,572
	182,518		L Brands, Inc		11,289
	402,890	*	Liberty Interactive Corp		11,825
	27,951	*	Liberty Ventures		3,427
	16,930		Lithia Motors, Inc (Class A)		1,175
	229,339	*	LKQ Corp		7,545
	830,686		Lowe’s Companies, Inc		41,161
	21,092	*,e	Lumber Liquidators, Inc		2,170
	292,154		Macy’s, Inc		15,601
	16,477	*	MarineMax, Inc		265
	10,302	*,e	Mattress Firm Holding Corp		443
	39,013		Men’s Wearhouse, Inc		1,993
	24,581	e	Monro Muffler, Inc		1,385
	36,272	*	Murphy USA, Inc		1,507
	38,259	*	NetFlix, Inc		14,086
	13,306	*	New York & Co, Inc		58
	111,848		Nordstrom, Inc		6,912
	20,499		Nutri/System, Inc		337
	372,250	*	Office Depot, Inc		1,969
	17,611	*	Orbitz Worldwide, Inc		126
	83,639	*	O’Reilly Automotive, Inc		10,765
	21,924	*,e	Outerwall, Inc		1,475
	8,893	*,e	Overstock.com, Inc		274
	31,428		Penske Auto Group, Inc		1,482
	40,957	*	PEP Boys - Manny Moe & Jack		497
	15,450	e	PetMed Express, Inc		257
	77,507		Petsmart, Inc		5,639
	72,685		Pier 1 Imports, Inc		1,678
	39,403	*	Priceline.com, Inc		45,802
	78,808	*,e	RadioShack Corp		205
	40,660		Rent-A-Center, Inc		1,356
	13,438	*	Restoration Hardware Holdings, Inc		904
	7,100	*,e	RetailMeNot, Inc		204
	167,440		Ross Stores, Inc		12,546
	128,898	*	Sally Beauty Holdings, Inc		3,897
	32,813	*,e	Sears Holdings Corp		1,609
	6,100	*	Sears Hometown and Outlet Stores, Inc		156
	42,473	*	Select Comfort Corp		896
	10,447		Shoe Carnival, Inc		303

316

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	29,418	*,e	Shutterfly, Inc	$	1,498
	61,539		Signet Jewelers Ltd		4,843
	29,758		Sonic Automotive, Inc (Class A)		728
	25,073	e	Stage Stores, Inc		557
	504,161		Staples, Inc		8,011
	17,973		Stein Mart, Inc		242
	9,938	*	Systemax, Inc		112
	489,225		Target Corp		30,953
	85,272		Tiffany & Co		7,912
	13,840	*,e	Tile Shop Holdings, Inc		250
	6,790	*	Tilly’s, Inc		78
	549,136		TJX Companies, Inc		34,996
	106,368		Tractor Supply Co		8,252
	8,233	*	Trans World Entertainment Corp		36
	85,276	*	TripAdvisor, Inc		7,063
	32,864	*	Tuesday Morning Corp		525
	48,392	*	Ulta Salon Cosmetics & Fragrance, Inc		4,671
	81,376	*	Urban Outfitters, Inc		3,019
	29,701	*	Valuevision International, Inc (Class A)		208
	16,534	*	Vitacost.com, Inc		96
	22,533	*	Vitamin Shoppe, Inc		1,172
	11,292	*	West Marine, Inc		161
	73,584	*	Wet Seal, Inc (Class A)		201
	29,100	*	WEX, Inc		2,882
	74,374		Williams-Sonoma, Inc		4,335
	1,945		Winmark Corp		180
	28,882	*	Zale Corp		455
	10,200	*,e	zulily, Inc		423
	15,828	*	Zumiez, Inc		412
			TOTAL RETAILING		725,874
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.1%
	29,482	*	Advanced Energy Industries, Inc		674
	474,503	*,e	Advanced Micro Devices, Inc		1,836
	11,245	*	Alpha & Omega Semiconductor Ltd		87
	243,206		Altera Corp		7,911
	13,851	*,e	Ambarella, Inc		470
	57,503	*,e	Amkor Technology, Inc		352
	47,982	*	Anadigics, Inc		88
	235,106		Analog Devices, Inc		11,974
	914,892		Applied Materials, Inc		16,184
	51,846	*	Applied Micro Circuits Corp		694
	330,760	*	Atmel Corp		2,590
	24,963	*	ATMI, Inc		754
	188,674		Avago Technologies Ltd		9,979
	83,398	*	Axcelis Technologies, Inc		203

317

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	435,213		Broadcom Corp (Class A)	$	12,904
	52,087		Brooks Automation, Inc		546
	17,924	*	Cabot Microelectronics Corp		819
	38,988	*	Cavium Networks, Inc		1,345
	18,075	*	Ceva, Inc		275
	47,684	*,e	Cirrus Logic, Inc		974
	18,761		Cohu, Inc		197
	90,120	*	Cree, Inc		5,639
	118,022	e	Cypress Semiconductor Corp		1,239
	28,713	*	Diodes, Inc		676
	21,955	*	DSP Group, Inc		213
	105,554	*	Entegris, Inc		1,224
	68,235	*	Entropic Communications, Inc		321
	28,026	*	Exar Corp		330
	95,996	*	Fairchild Semiconductor International, Inc		1,282
	51,608	*	First Solar, Inc		2,820
	40,961	*	Formfactor, Inc		247
	42,880	*,e	Freescale Semiconductor Holdings Ltd		688
	13,134	*	GSI Technology, Inc		87
	94,807	*,e	GT Solar International, Inc		827
	23,480	*	Hittite Microwave Corp		1,449
	20,085	*	Inphi Corp		259
	100,476	*	Integrated Device Technology, Inc		1,024
	19,660	*	Integrated Silicon Solution, Inc		238
	3,789,805		Intel Corp		98,383
	10,099	*	Intermolecular, Inc		50
	52,511	*	International Rectifier Corp		1,369
	94,162		Intersil Corp (Class A)		1,080
	16,725		IXYS Corp		217
	126,216		Kla-Tencor Corp		8,136
	50,517	*	Kopin Corp		213
	123,857	*	Lam Research Corp		6,744
	90,159	*	Lattice Semiconductor Corp		497
	178,347		Linear Technology Corp		8,124
	418,323		LSI Logic Corp		4,610
	37,527	*	LTX-Credence Corp		300
	7,685	*	MA-COM Technology Solutions		131
	299,774		Marvell Technology Group Ltd		4,311
	221,478		Maxim Integrated Products, Inc		6,181
	17,709	*	MaxLinear, Inc		185
	40,439		Micrel, Inc		399
	150,135	e	Microchip Technology, Inc		6,719
	784,826	*	Micron Technology, Inc		17,078
	70,791	*	Microsemi Corp		1,766
	40,466		MKS Instruments, Inc		1,212
	28,065	*	Monolithic Power Systems, Inc		973
	36,904	*	MoSys, Inc		204

318

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	18,167	*	Nanometrics, Inc	$	346
	14,586	*	NeoPhotonics Corp Ltd		103
	3,184	*	NVE Corp		186
	439,769		Nvidia Corp		7,045
	40,842	*	Omnivision Technologies, Inc		702
	346,536	*	ON Semiconductor Corp		2,855
	18,837	*	PDF Solutions, Inc		483
	20,104	*,e	Peregrine Semiconductor Corp		149
	19,298	*	Pericom Semiconductor Corp		171
	46,544	*	Photronics, Inc		420
	34,118	*	PLX Technology, Inc		225
	157,538	*	PMC - Sierra, Inc		1,013
	22,028		Power Integrations, Inc		1,230
	84,186	*	Rambus, Inc		797
	209,504	*	RF Micro Devices, Inc		1,081
	11,027	*,e	Rubicon Technology, Inc		110
	25,190	*	Rudolph Technologies, Inc		296
	51,093	*	Semtech Corp		1,292
	27,850	*	Sigma Designs, Inc		131
	56,384	*	Silicon Image, Inc		347
	32,688	*	Silicon Laboratories, Inc		1,416
	145,483	*	Skyworks Solutions, Inc		4,155
	38,295	*	Spansion, Inc		532
	203,017	*	SunEdison, Inc		2,649
	31,758	*,e	SunPower Corp		947
	8,595	*	Supertex, Inc		215
	145,162	*	Teradyne, Inc		2,558
	40,116		Tessera Technologies, Inc		791
	844,333		Texas Instruments, Inc		37,075
	121,131	*	Triquint Semiconductor, Inc		1,010
	17,159	*	Ultra Clean Holdings		172
	21,651	*	Ultratech, Inc		628
	29,696	*	Veeco Instruments, Inc		977
	200,711		Xilinx, Inc		9,217
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		339,625
SOFTWARE & SERVICES - 10.1%
	41,790	*	Accelrys, Inc		399
	490,412		Accenture plc		40,322
	30,248	*	ACI Worldwide, Inc		1,966
	205,416		Activision Blizzard, Inc		3,663
	40,528	*	Actuate Corp		312
	57,158	*	Acxiom Corp		2,114
	383,917	*	Adobe Systems, Inc		22,989
	24,736		Advent Software, Inc		865
	136,325	*	Akamai Technologies, Inc		6,432
	37,470	*,e	Alliance Data Systems Corp		9,852

319

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	122,656		Amdocs Ltd	$	5,058
	15,720		American Software, Inc (Class A)		155
	32,146	*,e	Angie’s List, Inc		487
	71,299	*	Ansys, Inc		6,217
	61,041	*	AOL, Inc		2,846
	71,278	*	Aspen Technology, Inc		2,979
	171,241	*	Autodesk, Inc		8,619
	369,435		Automatic Data Processing, Inc		29,854
	17,759	*	AVG Technologies NV		306
	35,339	*,e	Bankrate, Inc		634
	36,867	*,e	Bazaarvoice, Inc		292
	35,258		Blackbaud, Inc		1,327
	8,569	*,e	Blackhawk Network Holdings, Inc		216
	30,473	*	Blucora, Inc		889
	26,320		Booz Allen Hamilton Holding Co		504
	27,849	*	Bottomline Technologies, Inc		1,007
	20,694	*	Brightcove, Inc		293
	92,422		Broadridge Financial Solutions, Inc		3,653
	20,308	*	BroadSoft, Inc		555
	249,812		CA, Inc		8,406
	17,259	*,e	CACI International, Inc (Class A)		1,264
	215,503	*	Cadence Design Systems, Inc		3,021
	28,904	*	Callidus Software, Inc		397
	8,488	*	Carbonite, Inc		100
	33,955	*	Cardtronics, Inc		1,475
	7,744		Cass Information Systems, Inc		522
	4,497	*	ChannelAdvisor Corp		188
	30,200	*,e	Chegg, Inc		257
	52,926	*	Ciber, Inc		219
	142,633	*	Citrix Systems, Inc		9,022
	230,131	*	Cognizant Technology Solutions Corp (Class A)		23,239
	35,374	*	Commvault Systems, Inc		2,649
	114,157		Computer Sciences Corp		6,379
	11,045		Computer Task Group, Inc		209
	163,806		Compuware Corp		1,836
	27,099	*	comScore, Inc		775
	16,654	*	Comverse, Inc		646
	35,478	*,e	Concur Technologies, Inc		3,661
	21,930	*	Constant Contact, Inc		681
	83,991		Convergys Corp		1,768
	30,729	*	Cornerstone OnDemand, Inc		1,639
	21,672	*	CoStar Group, Inc		4,000
	27,701		CSG Systems International, Inc		814
	4,900	*	Cvent, Inc		178
	5,494	*,e	Cyan, Inc		29
	32,566	*	DealerTrack Holdings, Inc		1,566
	22,760	*	Demand Media, Inc		131

320

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	12,187	*	Demandware, Inc	$	781
	37,330	*	Dice Holdings, Inc		271
	27,690	*	Digital River, Inc		512
	5,437		DMRC Corp		105
	26,145		DST Systems, Inc		2,372
	11,019	*,e	E2open, Inc		263
	82,942		Earthlink, Inc		421
	989,409	*	eBay, Inc		54,309
	9,461	*	eGain Corp		97
	230,160	*	Electronic Arts, Inc		5,280
	20,207	*,e	Ellie Mae, Inc		543
	17,443	*	Envestnet, Inc		703
	16,518	*	EPAM Systems, Inc		577
	25,591		EPIQ Systems, Inc		415
	2,603	*	ePlus, Inc		148
	37,504	*	Equinix, Inc		6,655
	37,881	*	Euronet Worldwide, Inc		1,813
	22,470		EVERTEC, Inc		554
	24,918	*	ExlService Holdings, Inc		688
	1,298,618	*	Facebook, Inc		70,982
	33,465	e	Factset Research Systems, Inc		3,634
	26,950		Fair Isaac Corp		1,694
	223,290		Fidelity National Information Services, Inc		11,986
	13,500	*	FireEye, Inc		589
	74,117	*	First American Corp		2,633
	201,538	*	Fiserv, Inc		11,901
	51,651	*	FleetCor Technologies, Inc		6,052
	12,472	*,e	FleetMatics Group plc		539
	11,266		Forrester Research, Inc		431
	103,474	*	Fortinet, Inc		1,979
	71,116	*	Gartner, Inc		5,053
	128,036	*	Genpact Ltd		2,352
	19,206	*,m	Gerber Scientific, Inc		0	^
	5,900	*	Gigamon, Inc		166
	51,313	*	Global Cash Access, Inc		513
	16,316	*	Global Eagle Entertainment, Inc		243
	57,988		Global Payments, Inc		3,769
	49,882	*,e	Glu Mobile, Inc		194
	8,400	*,e	Gogo, Inc		208
	205,596	*	Google, Inc (Class A)		230,414
	9,927	*	Guidance Software, Inc		100
	37,189	*	Guidewire Software, Inc		1,825
	28,793		Hackett Group, Inc		179
	28,656	e	Heartland Payment Systems, Inc		1,428
	23,633	*	Higher One Holdings, Inc		231
	57,133		IAC/InterActiveCorp		3,924
	27,237	*	iGate Corp		1,094

321

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	15,425	*	Imperva, Inc	$	742
	37,980	*	Infoblox, Inc		1,254
	82,708	*	Informatica Corp		3,432
	11,680	*	Interactive Intelligence, Inc		787
	40,309	*	Internap Network Services Corp		303
	793,653		International Business Machines Corp		148,866
	226,669		Intuit, Inc		17,299
	34,679	e	j2 Global, Inc		1,734
	66,373		Jack Henry & Associates, Inc		3,930
	30,270	*,e	Jive Software, Inc		341
	19,259	*	Knot, Inc		286
	55,531		Leidos Holdings, Inc		2,582
	65,991		Lender Processing Services, Inc		2,467
	50,961	*	Limelight Networks, Inc		101
	73,740	*	LinkedIn Corp		15,989
	44,720	*	Lionbridge Technologies		267
	19,090	*,e	Liquidity Services, Inc		433
	40,701	*	Liveperson, Inc		603
	18,232	*	LogMeIn, Inc		612
	3,600	*	Luxoft Holding, Inc		137
	13,813	*,e	magicJack VocalTec Ltd		165
	15,544	*	Manhattan Associates, Inc		1,826
	18,418	e	Mantech International Corp (Class A)		551
	16,386	*	Marchex, Inc (Class B)		142
	6,598	*	Marin Software, Inc		68
	5,558	*,e	Marketo, Inc		206
	89,025		Mastercard, Inc (Class A)		74,377
	51,764		MAXIMUS, Inc		2,277
	73,403		Mentor Graphics Corp		1,767
	60,589	*,e	Micros Systems, Inc		3,476
	6,366,772		Microsoft Corp		238,308
	6,844	*	MicroStrategy, Inc (Class A)		850
	26,713	*,e	Millennial Media, Inc		194
	16,991	*,e	Mitek Systems, Inc		101
	6,089	*,e	Model N, Inc		72
	33,165	*	ModusLink Global Solutions, Inc		190
	16,742	*	MoneyGram International, Inc		348
	29,292		Monotype Imaging Holdings, Inc		933
	87,580	*	Monster Worldwide, Inc		624
	29,335	*	Move, Inc		469
	28,739	*	Netscout Systems, Inc		850
	26,566	*	NetSuite, Inc		2,737
	50,511	*	NeuStar, Inc (Class A)		2,518
	48,579	*	NIC, Inc		1,208
	199,552	*,e	Nuance Communications, Inc		3,033
	17,950	*,e	OpenTable, Inc		1,425
	2,706,734		Oracle Corp		103,560

322

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	107,932	*	Pandora Media, Inc	$	2,871
	249,764		Paychex, Inc		11,372
	12,459		Pegasystems, Inc		613
	25,493	*	Perficient, Inc		597
	33,429	*	Planet Payment, Inc		93
	22,039	*	PRG-Schultz International, Inc		148
	44,011	*	Progress Software Corp		1,137
	16,358	*	Proofpoint, Inc		543
	17,256	*	PROS Holdings, Inc		689
	90,859	*	PTC, Inc		3,215
	3,320		QAD, Inc (Class A)		59
	65,926	*	QLIK Technologies, Inc		1,756
	11,626	*	Qualys, Inc		269
	20,643	*	QuinStreet, Inc		179
	85,846	*,e	Rackspace Hosting, Inc		3,359
	5,396	*	Rally Software Development Corp		105
	18,038	*	RealNetworks, Inc		136
	35,118	*,e	RealPage, Inc		821
	145,587	*	Red Hat, Inc		8,159
	6,528	*	Reis, Inc		126
	27,251	*	Responsys, Inc		747
	4,900	*,e	Rocket Fuel, Inc		301
	8,173	*	Rosetta Stone, Inc		100
	78,388	*	Rovi Corp		1,543
	450,308	*	Salesforce.com, Inc		24,852
	13,536		Sapiens International Corp NV		104
	85,802	*	Sapient Corp		1,490
	31,732		Science Applications International Corp		1,049
	17,573	*	Sciquest, Inc		500
	24,634	*	Seachange International, Inc		300
	59,920	*	ServiceNow, Inc		3,356
	46,932	*	ServiceSource International LLC		393
	5,658	*,e	Shutterstock, Inc		473
	4,249	*,e	Silver Spring Networks, Inc		89
	49,819	*	SolarWinds, Inc		1,885
	52,358		Solera Holdings, Inc		3,705
	12,997	*,e	Spark Networks, Inc		80
	77,861	*	Splunk, Inc		5,347
	11,456	*	SPS Commerce, Inc		748
	43,812	*	SS&C Technologies Holdings, Inc		1,939
	11,136	*	Stamps.com, Inc		469
	32,388	*	SupportSoft, Inc		123
	31,978	*	Sykes Enterprises, Inc		697
	533,896		Symantec Corp		12,589
	22,146	*	Synchronoss Technologies, Inc		688
	117,306	*	Synopsys, Inc		4,759
	11,627	*	Syntel, Inc		1,057

323

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	34,637	*	TA Indigo Holding Corp	$	419
	7,151	*	Tableau Software, Inc		493
	65,606	*	Take-Two Interactive Software, Inc		1,140
	23,016	*,e	Tangoe, Inc		415
	24,938	*	TeleCommunication Systems, Inc (Class A)		58
	12,644	*	TeleNav, Inc		83
	18,087	*	TeleTech Holdings, Inc		433
	125,851	*	Teradata Corp		5,725
	4,000	*,e	Textura Corp		120
	124,754	*	TIBCO Software, Inc		2,804
	95,854	*	TiVo, Inc		1,258
	124,382		Total System Services, Inc		4,139
	6,116	*	Travelzoo, Inc		130
	21,011	*,e	Trulia, Inc		741
	60,000	*,e	Twitter, Inc		3,819
	24,286	*	Tyler Technologies, Inc		2,480
	21,004	*	Ultimate Software Group, Inc		3,218
	32,818	*	Unisys Corp		1,102
	9,976		United Online, Inc		137
	68,687	*	Unwired Planet, Inc		95
	57,076	*,e	Valueclick, Inc		1,334
	66,282	*	Vantiv, Inc		2,161
	19,828	*	Vasco Data Security International		153
	82,056	*	VeriFone Systems, Inc		2,201
	41,983	*	Verint Systems, Inc		1,803
	98,940	*,e	VeriSign, Inc		5,915
	32,131	*,e	VirnetX Holding Corp		624
	15,340	*	Virtusa Corp		584
	398,295		Visa, Inc (Class A)		88,692
	24,953	*,e	VistaPrint Ltd		1,419
	65,349	*	VMware, Inc (Class A)		5,862
	15,521	*	Vocus, Inc		177
	49,370	*,e	Vringo, Inc		146
	24,522	*,e	WebMD Health Corp (Class A)		969
	32,019	*	Website Pros, Inc		1,018
	427,429		Western Union Co		7,373
	9,100	*	Wix.com Ltd		244
	28,135	*	Workday, Inc		2,340
	5,304	*	Xoom Corp		145
	681,205	*	Yahoo!, Inc		27,548
	24,831	*	Yelp, Inc		1,712
	17,846	*,e	Zillow, Inc		1,459
	47,197	*	Zix Corp		215
	444,065	*	Zynga, Inc		1,687
			TOTAL SOFTWARE & SERVICES		1,605,156

324

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
TECHNOLOGY HARDWARE & EQUIPMENT - 5.8%
	76,536	*,e	3D Systems Corp	$	7,112
	45,260		Adtran, Inc		1,222
	18,766	*	Agilysys, Inc		261
	9,098	e	Alliance Fiber Optic Products, Inc		137
	121,665		Amphenol Corp (Class A)		10,850
	13,773	*	Anaren, Inc		386
	20,525	*	Anixter International, Inc		1,844
	715,623		Apple, Inc		401,543
	88,409	*	ARRIS Group, Inc		2,154
	79,414	*	Arrow Electronics, Inc		4,308
	85,572	*	Aruba Networks, Inc		1,532
	7,201	*	Audience, Inc		84
	24,879	*	Avid Technology, Inc		203
	104,137		Avnet, Inc		4,593
	34,410		AVX Corp		479
	15,077	*	AX Holding Corp		98
	11,475		Badger Meter, Inc		625
	7,316		Bel Fuse, Inc (Class B)		156
	34,599		Belden CDT, Inc		2,438
	45,364	*	Benchmark Electronics, Inc		1,047
	12,526		Black Box Corp		373
	338,011	*	Brocade Communications Systems, Inc		2,998
	26,799	*	CalAmp Corp		750
	28,887	*	Calix Networks, Inc		278
	20,400	e	CDW Corp		477
	30,668	*	Checkpoint Systems, Inc		484
	77,250	*,e	Ciena Corp		1,849
	4,074,383		Cisco Systems, Inc		91,470
	65,532	*	Cognex Corp		2,502
	19,403	*	Coherent, Inc		1,443
	32,000	*	CommScope Holding Co, Inc		605
	16,633		Comtech Telecommunications Corp		524
	1,126,872		Corning, Inc		20,081
	29,620	*	Cray, Inc		813
	23,637		CTS Corp		471
	27,847		Daktronics, Inc		437
	11,133	*	Datalink Corp		121
	47,853	e	Diebold, Inc		1,580
	18,652	*	Digi International, Inc		226
	34,172	*,e	Dolby Laboratories, Inc (Class A)		1,318
	16,172	*	DTS, Inc		388
	29,407	*	EchoStar Corp (Class A)		1,462
	11,677		Electro Rent Corp		216
	17,062		Electro Scientific Industries, Inc		178
	35,264	*	Electronics for Imaging, Inc		1,366
	1,604,714		EMC Corp		40,359

325

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	65,177	*	Emulex Corp	$	467
	79,396	*	Extreme Networks, Inc		556
	60,456	*	F5 Networks, Inc		5,493
	21,797	*	Fabrinet		448
	12,851	*	FARO Technologies, Inc		749
	32,068		FEI Co		2,866
	69,390	*	Finisar Corp		1,660
	107,919		Flir Systems, Inc		3,248
	55,710	*,e	Fusion-io, Inc		496
	20,123	*	GSI Group, Inc		226
	85,574	*	Harmonic, Inc		632
	83,384		Harris Corp		5,821
	42,057	*	Harris Stratex Networks, Inc (Class A)		95
	1,483,258		Hewlett-Packard Co		41,502
	17,775	*,e	Hutchinson Technology, Inc		57
	21,588	*	Imation Corp		101
	21,661	*	Immersion Corp		225
	88,583	*,e	Infinera Corp		866
	116,956	*	Ingram Micro, Inc (Class A)		2,744
	34,716	*	Insight Enterprises, Inc		788
	31,229	e	InterDigital, Inc		921
	43,480	*,e	InvenSense, Inc		904
	24,446	*,e	IPG Photonics Corp		1,897
	31,091	*	Itron, Inc		1,288
	43,041	*	Ixia		573
	154,194		Jabil Circuit, Inc		2,689
	176,416	*	JDS Uniphase Corp		2,290
	384,874	*	Juniper Networks, Inc		8,687
	33,781	*	Kemet Corp		191
	10,929	*	KVH Industries, Inc		142
	48,008	e	Lexmark International, Inc (Class A)		1,705
	17,104		Littelfuse, Inc		1,589
	22,942	*	Maxwell Technologies, Inc		178
	11,532	*	Measurement Specialties, Inc		700
	23,128	*	Mercury Computer Systems, Inc		253
	1,988		Mesa Laboratories, Inc		156
	28,385		Methode Electronics, Inc		970
	184,087		Motorola, Inc		12,426
	12,135		MTS Systems Corp		865
	9,079	*	Multi-Fineline Electronix, Inc		126
	73,278		National Instruments Corp		2,346
	125,176	*	NCR Corp		4,264
	17,608	*,e	Neonode, Inc		111
	258,724		NetApp, Inc		10,644
	28,803	*	Netgear, Inc		949
	27,910	*	Newport Corp		504
	10,650	*	Numerex Corp		138

326

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	15,398	*	Oplink Communications, Inc	$	286
	14,702	*	OSI Systems, Inc		781
	25,180	*	Palo Alto Networks, Inc		1,447
	18,452		Park Electrochemical Corp		530
	68,401	*,e	Parkervision, Inc		311
	6,868		PC Connection, Inc		171
	13,367		PC-Tel, Inc		128
	31,900		Plantronics, Inc		1,482
	27,845	*	Plexus Corp		1,205
	130,633	*	Polycom, Inc		1,467
	16,952	*,e	Procera Networks, Inc		255
	73,291	*	QLogic Corp		867
	1,317,314		Qualcomm, Inc		97,811
	171,155	*	Quantum Corp		205
	25,143	*,e	Rackable Systems, Inc		337
	15,185	*	Radisys Corp		35
	36,008	*	RealD, Inc		308
	11,626		Richardson Electronics Ltd		132
	124,087	*	Riverbed Technology, Inc		2,244
	21,664	*	Rofin-Sinar Technologies, Inc		585
	12,342	*	Rogers Corp		759
	33,121	*	Ruckus Wireless, Inc		470
	171,839		SanDisk Corp		12,122
	61,646	*	Sanmina Corp		1,029
	22,159	*	Scansource, Inc		940
	43,182	*	ShoreTel, Inc		401
	165,491	*	Sonus Networks, Inc		521
	29,279	*	Speed Commerce, Inc		137
	24,121	*	Stratasys Ltd		3,249
	24,077	*	Super Micro Computer, Inc		413
	25,608	*,e	Synaptics, Inc		1,327
	19,931	*	SYNNEX Corp		1,343
	28,651	*	Tech Data Corp		1,478
	3,883		Tessco Technologies, Inc		157
	194,448	*	Trimble Navigation Ltd		6,747
	41,884	*	TTM Technologies, Inc		359
	9,456	*,e	Ubiquiti Networks, Inc		435
	7,424	*,e	Uni-Pixel, Inc		74
	29,474	*,e	Universal Display Corp		1,013
	30,131	*	Viasat, Inc		1,888
	3,408	*	Viasystems Group, Inc		47
	25,400	*	Violin Memory, Inc		101
	100,754	*	Vishay Intertechnology, Inc		1,336
	9,508	*	Vishay Precision Group, Inc		142
	40,762	*	Westell Technologies, Inc		165
	161,050		Western Digital Corp		13,512

327

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	933,534		Xerox Corp	$	11,361
	38,765	*	Zebra Technologies Corp (Class A)		2,096
	12,959	*	Zygo Corp		192
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		914,788
TELECOMMUNICATION SERVICES - 2.1%
	54,341	*	8x8, Inc		552
	4,101,542		AT&T, Inc		144,210
	7,918		Atlantic Tele-Network, Inc		448
	12,079	*	Boingo Wireless, Inc		77
	20,132	*	Cbeyond Communications, Inc		139
	465,829		CenturyTel, Inc		14,837
	149,815	*	Cincinnati Bell, Inc		533
	35,274		Cogent Communications Group, Inc		1,425
	30,479		Consolidated Communications Holdings, Inc		598
	254,432	*	Crown Castle International Corp		18,683
	16,551	*,e	Fairpoint Communications, Inc		187
	762,890	e	Frontier Communications Corp		3,547
	24,304	*	General Communication, Inc (Class A)		271
	7,568	*	Hawaiian Telcom Holdco, Inc		222
	10,686		HickoryTech Corp		137
	10,513		IDT Corp (Class B)		188
	38,233	*	inContact, Inc		299
	25,073		Inteliquent, Inc		286
	17,103	*,e	Intelsat S.A.		386
	49,634	*,e	Iridium Communications, Inc		311
	46,753	*	Leap Wireless International, Inc		814
	124,143	*	Level 3 Communications, Inc		4,118
	11,759		Lumos Networks Corp		247
	128,273	*,e	NII Holdings, Inc (Class B)		353
	11,759		NTELOS Holdings Corp		238
	28,044	*	Orbcomm, Inc		178
	42,630	*	Premiere Global Services, Inc		494
	97,128	*	SBA Communications Corp (Class A)		8,726
	18,151		Shenandoah Telecom Co		466
	644,967	*	Sprint Corp		6,933
	5,256	*	Straight Path Communications, Inc		43
	70,668		Telephone & Data Systems, Inc		1,822
	145,664	*	T-Mobile US, Inc		4,900
	49,246	*,e	Towerstream Corp		146
	114,391	*	tw telecom inc (Class A)		3,486
	9,529		US Cellular Corp		399
	18,421		USA Mobility, Inc		263
	2,181,158		Verizon Communications, Inc		107,182
	119,221	*	Vonage Holdings Corp		397
	459,835	e	Windstream Holdings, Inc		3,669
			TOTAL TELECOMMUNICATION SERVICES		332,210

328

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
TRANSPORTATION - 2.1%
	44,655	*	Air Transport Services Group, Inc	$	361
	53,479		Alaska Air Group, Inc		3,924
	11,124	*	Allegiant Travel Co		1,173
	5,591	*	Amerco, Inc		1,330
	146,103	*,e	American Airlines Group, Inc		3,689
	19,331		Arkansas Best Corp		651
	19,165	*	Atlas Air Worldwide Holdings, Inc		789
	81,543	*	Avis Budget Group, Inc		3,296
	16,346		Celadon Group, Inc		318
	115,874	e	CH Robinson Worldwide, Inc		6,760
	42,760		Con-Way, Inc		1,698
	25,778		Copa Holdings S.A. (Class A)		4,127
	779,163		CSX Corp		22,416
	654,973		Delta Air Lines, Inc		17,992
	13,483	*	Echo Global Logistics, Inc		290
	157,007		Expeditors International of Washington, Inc		6,948
	241,942		FedEx Corp		34,784
	22,919		Forward Air Corp		1,006
	32,826	*	Genesee & Wyoming, Inc (Class A)		3,153
	40,654	*,e	Hawaiian Holdings, Inc		391
	38,365		Heartland Express, Inc		753
	262,970	*	Hertz Global Holdings, Inc		7,526
	28,105	*	Hub Group, Inc (Class A)		1,121
	4,290		International Shipholding Corp		127
	69,164		J.B. Hunt Transport Services, Inc		5,346
	181,414	*,e	JetBlue Airways Corp		1,551
	83,991		Kansas City Southern Industries, Inc		10,401
	42,550	*	Kirby Corp		4,223
	42,524		Knight Transportation, Inc		780
	35,503	*	Landstar System, Inc		2,040
	17,739		Marten Transport Ltd		358
	32,238		Matson, Inc		842
	239,908		Norfolk Southern Corp		22,271
	54,394	*	Old Dominion Freight Line		2,884
	31,042	*	Pacer International, Inc		256
	6,136	*	Park-Ohio Holdings Corp		321
	4,942	*	Patriot Transportation Holding, Inc		205
	16,337	*	Quality Distribution, Inc		210
	36,815	*	Republic Airways Holdings, Inc		394
	13,212	*	Roadrunner Transportation Services Holdings, Inc		356
	39,335		Ryder System, Inc		2,902
	18,094	*	Saia, Inc		580
	40,260		Skywest, Inc		597
	548,845		Southwest Airlines Co		10,340
	45,773	*	Spirit Airlines, Inc		2,079
	63,781	*,e	Swift Transportation Co, Inc		1,417

329

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	269,291	*	UAL Corp	$	10,187
	14,027	*	Ultrapetrol Bahamas Ltd		52
	355,735		Union Pacific Corp		59,763
	552,290		United Parcel Service, Inc (Class B)		58,035
	3,884		Universal Truckload Services, Inc		118
	69,158		UTI Worldwide, Inc		1,214
	34,798		Werner Enterprises, Inc		861
	31,643	*	Wesco Aircraft Holdings, Inc		694
	22,338	*,e	XPO Logistics, Inc		587
	8,209	*,e	YRC Worldwide, Inc		143
			TOTAL TRANSPORTATION		326,630
UTILITIES - 2.9%
	471,467		AES Corp		6,841
	91,415		AGL Resources, Inc		4,318
	30,845		Allete, Inc		1,539
	84,216		Alliant Energy Corp		4,346
	184,363		Ameren Corp		6,667
	369,389		American Electric Power Co, Inc		17,265
	29,456		American States Water Co		846
	134,451		American Water Works Co, Inc		5,682
	134,973		Aqua America, Inc		3,184
	4,909		Artesian Resources Corp		113
	108,646	e	Atlantic Power Corp		378
	69,174		Atmos Energy Corp		3,142
	43,026		Avista Corp		1,213
	33,522		Black Hills Corp		1,760
	35,650		California Water Service Group		822
	300,049	*	Calpine Corp		5,854
	325,746		Centerpoint Energy, Inc		7,551
	7,727		Chesapeake Utilities Corp		464
	46,444		Cleco Corp		2,165
	203,302		CMS Energy Corp		5,442
	8,405		Connecticut Water Service, Inc		299
	222,400		Consolidated Edison, Inc		12,294
	10,306		Consolidated Water Co, Inc		145
	5,331		Delta Natural Gas Co, Inc		119
	439,672		Dominion Resources, Inc		28,442
	131,757		DTE Energy Co		8,747
	538,717		Duke Energy Corp		37,177
	76,383	*,e	Dynegy, Inc		1,644
	248,110		Edison International		11,488
	30,616		El Paso Electric Co		1,075
	33,239		Empire District Electric Co		754
	135,237		Entergy Corp		8,556
	655,184		Exelon Corp		17,946
	321,056		FirstEnergy Corp		10,588

330

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	10,513	*	Genie Energy Ltd	$	107
	117,135		Great Plains Energy, Inc		2,839
	73,366	e	Hawaiian Electric Industries, Inc		1,912
	38,056		Idacorp, Inc		1,973
	59,780		Integrys Energy Group, Inc		3,253
	39,649		ITC Holdings Corp		3,799
	24,878		Laclede Group, Inc		1,133
	144,429		MDU Resources Group, Inc		4,412
	17,500		MGE Energy, Inc		1,013
	11,759		Middlesex Water Co		246
	55,740		National Fuel Gas Co		3,980
	31,721		New Jersey Resources Corp		1,467
	323,264		NextEra Energy, Inc		27,678
	237,792		NiSource, Inc		7,819
	241,828		Northeast Utilities		10,251
	22,143		Northwest Natural Gas Co		948
	27,832		NorthWestern Corp		1,206
	248,809		NRG Energy, Inc		7,146
	17,100	e	NRG Yield, Inc		684
	150,808		OGE Energy Corp		5,112
	158,189		Oneok, Inc		9,836
	13,917	e	Ormat Technologies, Inc		379
	27,545		Otter Tail Corp		806
	11,000	*	Pattern Energy Group, Inc		333
	189,953	e	Pepco Holdings, Inc		3,634
	336,758		PG&E Corp		13,565
	58,907		Piedmont Natural Gas Co, Inc		1,953
	83,775		Pinnacle West Capital Corp		4,433
	60,937		PNM Resources, Inc		1,470
	58,032		Portland General Electric Co		1,753
	483,994		PPL Corp		14,563
	384,444		Public Service Enterprise Group, Inc		12,318
	13,764	*,e	Pure Cycle Corp		87
	135,152		Questar Corp		3,107
	106,249		SCANA Corp		4,986
	185,680		Sempra Energy		16,667
	12,005		SJW Corp		358
	24,625		South Jersey Industries, Inc		1,378
	662,536		Southern Co		27,237
	34,400		Southwest Gas Corp		1,923
	163,004	e	TECO Energy, Inc		2,810
	85,402		UGI Corp		3,541
	43,076		UIL Holdings Corp		1,669
	10,272		Unitil Corp		313
	30,975		UNS Energy Corp		1,854
	62,331		Vectren Corp		2,213
	102,865		Westar Energy, Inc		3,309

331

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

						MATURITY	VALUE
SHARES			COMPANY	RATE		DATE	(000)
	39,376		WGL Holdings, Inc				$	1,577
	174,151		Wisconsin Energy Corp					7,199
	379,157		Xcel Energy, Inc					10,594
	9,006		York Water Co					189
			TOTAL UTILITIES					461,898
			TOTAL COMMON STOCKS					15,802,646
			(Cost $9,162,211)
RIGHTS / WARRANTS - 0.0%
ENERGY - 0.0%
	104,447		EXCO Resources, Inc					16
	15,560	m	Magnum Hunter Resources Corp					0	^
			TOTAL ENERGY					16
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	28,951	m	Trius Therapeutics, Inc					4
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					4
REAL ESTATE - 0.0%
	1,735		Tejon Ranch Co					9
			TOTAL REAL ESTATE					9
			TOTAL RIGHTS / WARRANTS					29
			(Cost $10)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 3.6%
GOVERNMENT AGENCY DEBT - 0.1%
$	5,000,000	d	Federal Home Loan Bank (FHLB)	0.065	%	02/26/14		4,999
	6,530,000	d	Federal National Mortgage Association (FNMA)	0.030		01/15/14		6,530
			TOTAL GOVERNMENT AGENCY DEBT					11,529
TREASURY DEBT - 0.1%
	18,800,000	d	United States Treasury Bill	0.053		03/13/14		18,799
	4,000,000		United States Treasury Bill	0.070		06/19/14		3,999
			TOTAL TREASURY DEBT					22,798

332

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 3.4%
	536,110,401	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	536,110
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		536,110
			TOTAL SHORT-TERM INVESTMENTS		570,437
			(Cost $570,436)
			TOTAL INVESTMENTS - 103.2%		16,373,112
			(Cost $9,732,657)
			OTHER ASSETS & LIABILITIES, NET - (3.2)%		(515,101	)
			NET ASSETS - 100.0%	$	15,858,011

	Abbreviation(s):
ETF	Exchange Traded Fund
REIT	Real Estate Investment Trust
SPDR	Standard & Poor’s Depository Receipts
*	Non-income producing.
^	Amount represents less than $1,000.
a	Affiliated holding.
c	Investments made with cash collateral received from securites on loan.
d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures transactions.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $523,303,000.
m	Indicates a security that has been deemed illiquid.
	Cost amounts are in thousands.

333

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

COLLEGE RETIREMENT EQUITIES FUND

BOND MARKET ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2013

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
BANK LOAN OBLIGATIONS - 0.2%
CAPITAL GOODS - 0.1%
$	3,283,500	i	Apex Tool Group LLC	4.500	%	01/31/20	$	3,295
	4,851,000	i	TransDigm, Inc	3.750		02/28/20		4,860
			TOTAL CAPITAL GOODS					8,155
FOOD, BEVERAGE & TOBACCO - 0.1%
	10,746,000	i	HJ Heinz Co	3.250		06/07/19		10,803
			TOTAL FOOD, BEVERAGE & TOBACCO					10,803
MEDIA - 0.0%
	1,836,125	i	Univision Communications, Inc	4.000		03/01/20		1,843
			TOTAL MEDIA					1,843
UTILITIES - 0.0%
	197,500	i	Calpine Corp	4.000		10/09/19		199
			TOTAL UTILITIES					199
			TOTAL BANK LOAN OBLIGATIONS					21,000
			(Cost $20,879)
BONDS - 97.6%
CORPORATE BONDS - 32.0%
AUTOMOBILES & COMPONENTS - 0.1%
	10,300,000		Ford Motor Co	4.750		01/15/43		9,289
	4,500,000	g	Hyundai Motor Manufacturer	4.500		04/15/15		4,686
			TOTAL AUTOMOBILES & COMPONENTS					13,975
BANKS - 5.6%
	4,500,000	g	Alfa Bond Issuance plc for OJSC Alfa Bank	7.750		04/28/21		4,809
	4,800,000	g	Banco de Credito del Peru	5.375		09/16/20		4,992
	5,950,000	g	Banco de Credito e Inversiones	4.000		02/11/23		5,504
	4,500,000		Banco de Oro Unibank, Inc	3.875		04/22/16		4,579
	2,700,000	g	Banco del Estado de Chile	3.875		02/08/22		2,636
	5,600,000	g	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander	4.125		11/09/22		5,278
	7,255,000		Bancolombia S.A.	5.950		06/03/21		7,545
	11,786,000	g	Bank Nederlandse Gemeenten	1.375		09/27/17		11,716
	1,500,000	g	Bank Nederlandse Gemeenten	1.375		03/19/18		1,473

334

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	9,500,000		Bank of America Corp	2.600	%	01/15/19	$	9,542
	11,505,000	g	Bank of Montreal	2.850		06/09/15		11,894
	27,700,000	g	Bank of Montreal	2.625		01/25/16		28,816
	50,520,000	g	Bank of Nova Scotia	1.650		10/29/15		51,510
	39,500,000	g	Bank of Nova Scotia	2.150		08/03/16		40,682
	5,850,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd	2.350		02/23/17		5,938
	3,400,000		BB&T Corp	2.050		06/19/18		3,366
	5,190,000	g	BBVA Banco Continental S.A.	3.250		04/08/18		5,190
	7,450,000		BHP Billiton Finance USA Ltd	5.000		09/30/43		7,575
	2,500,000	g	Caixa Economica Federal	2.375		11/06/17		2,322
	4,500,000	g	Caixa Economica Federal	4.500		10/03/18		4,471
	6,000,000	g	Canadian Imperial Bank of Commerce	2.600		07/02/15		6,189
	12,500,000	g	Canadian Imperial Bank of Commerce	2.750		01/27/16		13,037
	4,500,000		Capital One Bank USA NA	3.375		02/15/23		4,184
	10,100,000		Capital One Financial Corp	1.000		11/06/15		10,096
	8,425,000		Citigroup, Inc	1.300		11/15/16		8,396
	11,400,000		Citigroup, Inc	2.500		09/26/18		11,457
	11,000,000		Citigroup, Inc	3.875		10/25/23		10,814
	10,775,000		Citigroup, Inc	6.675		09/13/43		12,398
	4,475,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA	1.700		03/19/18		4,420
	5,950,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA	3.875		02/08/22		5,982
	6,875,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA	3.950		11/09/22		6,662
	8,650,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA	4.625		12/01/23		8,711
	10,900,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA	5.750		12/01/43		11,555
	11,730,000	g	Depfa ACS Bank	5.125		03/16/37		9,926
	2,350,000	g	HSBC Bank plc	1.500		05/15/18		2,295
	7,350,000	g	HSBC Bank plc	4.125		08/12/20		7,777
	7,000,000		HSBC Bank USA NA	4.625		04/01/14		7,072
	1,550,000		HSBC Holdings plc	4.000		03/30/22		1,593
	2,100,000		HSBC Holdings plc	6.500		09/15/37		2,484
	11,275,000		HSBC USA, Inc	2.375		02/13/15		11,505
	11,350,000		HSBC USA, Inc	1.625		01/16/18		11,192
	4,150,000	g	Hutchison Whampoa International 11 Ltd	4.625		01/13/22		4,239
	2,595,000		JPMorgan Chase & Co	5.125		09/15/14		2,674
	9,125,000		JPMorgan Chase & Co	5.400		01/06/42		9,824
	3,750,000	i	JPMorgan Chase & Co	5.150		12/30/49		3,366
	4,250,000	i	Manufacturers & Traders Trust Co	5.629		12/01/21		4,388
	6,225,000	g	PKO Finance AB	4.630		09/26/22		6,197
	4,250,000		PNC Bank NA	2.700		11/01/22		3,852
	17,395,000		PNC Bank NA	2.950		01/30/23		16,009
	8,000,000		PNC Funding Corp	5.125		02/08/20		8,985
	4,900,000	g,i	Rabobank Nederland NV	11.000		12/30/49		6,486
	12,000,000		Royal Bank of Canada	1.200		09/19/17		11,890
	11,300,000		Royal Bank of Canada	2.200		07/27/18		11,346
	15,000,000	g	Skandinaviska Enskilda Banken AB	1.375		05/29/18		14,602

335

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	3,800,000	g	State Bank of India	3.250	%	04/18/18	$	3,679
	2,355,000	g	Sumitomo Mitsui Banking Corp	3.150		07/22/15		2,435
	9,000,000	g	Toronto-Dominion Bank	2.200		07/29/15		9,238
	495,000		Toronto-Dominion Bank	2.500		07/14/16		513
	26,500,000	g	Toronto-Dominion Bank	1.625		09/14/16		26,969
	10,000,000		Toronto-Dominion Bank	2.375		10/19/16		10,382
	70,000,000	g	Toronto-Dominion Bank	1.500		03/13/17		70,749
	1,950,000	g	Turkiye Halk Bankasi AS.	3.875		02/05/20		1,706
	9,100,000	g	Turkiye Is Bankasi	3.750		10/10/18		8,458
	2,975,000	g	Turkiye Is Bankasi	5.500		04/21/19		2,943
	7,100,000		Union Bank NA	2.125		06/16/17		7,133
	5,700,000		UnionBanCal Corp	3.500		06/18/22		5,591
	5,800,000		US Bancorp	1.650		05/15/17		5,812
	5,550,000		US Bancorp	2.950		07/15/22		5,157
	5,000,000		US Bank NA	4.950		10/30/14		5,190
	1,980,000		Wachovia Bank NA	4.800		11/01/14		2,053
	12,500,000		Wells Fargo & Co	1.500		07/01/15		12,676
	10,550,000		Wells Fargo & Co	1.500		01/16/18		10,482
	10,175,000		Wells Fargo & Co	2.150		01/15/19		10,143
	5,052,000	g	Wells Fargo & Co	4.480		01/16/24		5,029
	14,625,000		Wells Fargo & Co	5.375		11/02/43		14,976
	2,111,000	g	Wells Fargo & Co	5.606		01/15/44		2,193
	5,700,000		Westpac Banking Corp	3.000		08/04/15		5,922
	15,000,000	g	Westpac Banking Corp	1.850		11/26/18		14,731
			TOTAL BANKS					735,601
CAPITAL GOODS - 0.7%
	8,000,000		Caterpillar, Inc	1.375		05/27/14		8,031
	12,050,000		Caterpillar, Inc	1.500		06/26/17		11,992
	2,085,000		Crown Americas LLC	4.500		01/15/23		1,949
	8,000,000		Deere & Co	2.600		06/08/22		7,481
	6,350,000	g	EADS Finance BV	2.700		04/17/23		5,823
	6,200,000		Eaton Corp	1.500		11/02/17		6,078
	2,075,000		Eaton Corp	4.000		11/02/32		1,906
	1,250,000	g	Schaeffler Finance BV	4.750		05/15/21		1,247
	4,850,000		Seagate HDD Cayman	7.000		11/01/21		5,353
	11,000,000	g	Seagate HDD Cayman	4.750		06/01/23		10,285
	665,000	g	Sealed Air Corp	6.500		12/01/20		715
	1,370,000	g	Sealed Air Corp	5.250		04/01/23		1,332
	2,000,000		SPX Corp	6.875		09/01/17		2,260
	10,000,000	g	TSMC Global Ltd	1.625		04/03/18		9,576
	8,950,000		United Technologies Corp	1.800		06/01/17		9,088
	5,950,000		United Technologies Corp	4.500		06/01/42		5,778
			TOTAL CAPITAL GOODS					88,894

336

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
$	1,425,000	g	ADT Corp	6.250	%	10/15/21	$	1,496
	10,290,000		Republic Services, Inc	3.800		05/15/18		10,898
	5,375,000		Republic Services, Inc	3.550		06/01/22		5,183
	7,150,000		Waste Management, Inc	2.600		09/01/16		7,380
	32,550,000		Waste Management, Inc	2.900		09/15/22		30,154
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					55,111
CONSUMER DURABLES & APPAREL - 0.3%
	12,174,000		DR Horton, Inc	3.625		02/15/18		12,357
	4,450,000		DR Horton, Inc	4.375		09/15/22		4,150
	5,000,000		DR Horton, Inc	5.750		08/15/23		5,087
	1,500,000		Hanesbrands, Inc	6.375		12/15/20		1,639
	3,000,000		Phillips-Van Heusen Corp	7.375		05/15/20		3,304
	11,900,000		PVH Corp	4.500		12/15/22		11,275
	2,625,000		Whirlpool Corp	3.700		03/01/23		2,509
			TOTAL CONSUMER DURABLES & APPAREL					40,321
CONSUMER SERVICES - 0.8%
	850,000	g	ARAMARK Corp	5.750		03/15/20		888
	2,000,000		DineEquity, Inc	9.500		10/30/18		2,220
	2,475,000	g	GLP Capital LP	4.375		11/01/18		2,531
	5,000,000		Johns Hopkins University	4.083		07/01/53		4,293
	8,000,000		President and Fellows of Harvard College	3.529		10/01/31		7,008
	14,250,000		President and Fellows of Harvard College	3.619		10/01/37		12,069
	11,650,000	g	SABMiller Holdings, Inc	3.750		01/15/22		11,693
	8,650,000	g	SABMiller Holdings, Inc	4.950		01/15/42		8,592
	40,000,000		Stanford University	4.013		05/01/42		35,011
	21,000,000		University of Chicago	4.151		10/01/45		18,192
	7,900,000		Walt Disney Co	0.450		12/01/15		7,892
			TOTAL CONSUMER SERVICES					110,389
DIVERSIFIED FINANCIALS - 5.5%
	6,165,000	g	Abbey National Treasury Services plc	3.875		11/10/14		6,333
	3,875,000		Abbey National Treasury Services plc	4.000		04/27/16		4,114
	7,455,000	g	Ajecorp BV	6.500		05/14/22		7,399
	2,000,000		American Express Centurion Bank	6.000		09/13/17		2,295
	9,275,000		American Express Credit Corp	1.300		07/29/16		9,347
	9,800,000		American Express Credit Corp	2.125		07/27/18		9,816
	4,500,000	g	Bangkok Bank PCL	4.800		10/18/20		4,643
	15,175,000		Bank of America Corp	3.750		07/12/16		16,133
	18,550,000		Bank of America Corp	5.300		03/15/17		20,446
	8,525,000		Bank of America Corp	6.000		09/01/17		9,734
	26,175,000		Bank of America Corp	4.100		07/24/23		26,286
	10,900,000		Bank of America Corp	5.875		02/07/42		12,466
	2,250,000		Bank of New York Mellon Corp	1.200		02/20/15		2,267
	6,250,000	i	Bank of New York Mellon Corp	1.969		06/20/17		6,318

337

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	4,125,000		Bank of New York Mellon Corp	5.450	%	05/15/19	$	4,687
	4,330,000	g	BBVA Bancomer S.A.	4.500		03/10/16		4,590
	9,075,000	g	BBVA Bancomer S.A.	6.750		09/30/22		9,665
	7,250,000		BlackRock, Inc	3.500		12/10/14		7,462
	15,000,000		BlackRock, Inc	1.375		06/01/15		15,188
	7,000,000		BlackRock, Inc	4.250		05/24/21		7,407
	10,680,000	g	Caisse Centrale Desjardins du Quebec	2.550		03/24/16		11,113
	24,600,000	g	Caisse Centrale Desjardins du Quebec	1.600		03/06/17		24,907
	12,640,000		Citigroup, Inc	5.000		09/15/14		13,000
	2,432,000		Citigroup, Inc	5.500		10/15/14		2,522
	6,400,000		Citigroup, Inc	2.250		08/07/15		6,533
	21,575,000		Citigroup, Inc	3.500		05/15/23		20,103
	12,300,000		Citigroup, Inc	4.950		11/07/43		12,252
	10,000,000	i	Citigroup, Inc	5.350		12/30/49		8,780
	3,700,000		Countrywide Financial Corp	6.250		05/15/16		4,083
	2,750,000		Export-Import Bank of Korea	2.875		09/17/18		2,782
	10,000,000	g	FMR LLC	4.950		02/01/33		9,812
	11,425,000	g	FMR LLC	5.150		02/01/43		10,968
	6,660,000		Ford Motor Credit Co LLC	4.250		02/03/17		7,165
	3,340,000		Ford Motor Credit Co LLC	6.625		08/15/17		3,869
	7,325,000		Ford Motor Credit Co LLC	5.000		05/15/18		8,159
	6,750,000		Ford Motor Credit Co LLC	4.375		08/06/23		6,786
	17,000,000		General Electric Capital Corp	1.625		07/02/15		17,276
	7,200,000		General Electric Capital Corp	2.100		12/11/19		7,001
	30,000,000		General Electric Capital Corp	3.100		01/09/23		28,463
	5,000,000		General Electric Capital Corp	6.150		08/07/37		5,833
	375,000		General Electric Capital Corp	6.875		01/10/39		482
	5,125,000	g	General Motors Financial Co, Inc	2.750		05/15/16		5,189
	19,240,000		Goldman Sachs Group, Inc	3.300		05/03/15		19,823
	11,075,000		Goldman Sachs Group, Inc	2.375		01/22/18		11,117
	1,150,000		Goldman Sachs Group, Inc	6.450		05/01/36		1,232
	3,100,000		Goldman Sachs Group, Inc	6.750		10/01/37		3,449
	10,250,000		Goldman Sachs Group, Inc	6.250		02/01/41		11,812
	9,599,000		HSBC Finance Corp	6.676		01/15/21		11,030
	1,440,000	g	Hyundai Capital America, Inc	3.750		04/06/16		1,508
	1,800,000	g	Hyundai Capital Services, Inc	4.375		07/27/16		1,915
	2,750,000	g	Hyundai Capital Services, Inc	3.500		09/13/17		2,843
	3,750,000	g	International Lease Finance Corp	6.500		09/01/14		3,877
	9,250,000		International Lease Finance Corp	5.750		05/15/16		9,909
	8,400,000		International Lease Finance Corp	3.875		04/15/18		8,421
	3,200,000		International Lease Finance Corp	5.875		04/01/19		3,408
	10,000,000		International Lease Finance Corp	5.875		08/15/22		9,975
	3,030,000	g	Inversiones CMPC S.A.	4.375		05/15/23		2,824
	5,000,000		Landwirtschaftliche Rentenbank	5.125		02/01/17		5,625
	5,745,000	g	Lukoil International Finance BV	6.125		11/09/20		6,225
	5,100,000	g	LUKOIL International Finance BV	4.563		04/24/23		4,786
	4,675,000		Merrill Lynch & Co, Inc	6.400		08/28/17		5,390

338

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	8,025,000		Merrill Lynch & Co, Inc	6.875	%	04/25/18	$	9,489
	10,300,000		Morgan Stanley	1.750		02/25/16		10,438
	7,550,000		Morgan Stanley	4.100		05/22/23		7,307
	12,750,000		Morgan Stanley	5.000		11/24/25		12,788
	7,250,000		Morgan Stanley	6.375		07/24/42		8,492
	3,800,000		National Rural Utilities Cooperative Finance Corp	10.375		11/01/18		5,139
	2,725,000	g	Odebrecht Finance Ltd	7.125		06/26/42		2,517
	2,925,000	g	Perrigo Co Ltd	4.000		11/15/23		2,870
	2,800,000	g	Perrigo Co Ltd	5.300		11/15/43		2,748
	8,100,000	g	Reliance Holdings USA	4.500		10/19/20		8,004
	6,350,000		State Street Corp	4.300		05/30/14		6,452
	7,075,000		State Street Corp	3.100		05/15/23		6,578
	3,800,000		Sumitomo Mitsui Banking Corp	2.500		07/19/18		3,817
	5,700,000		SunTrust Bank	2.750		05/01/23		5,168
	54,367,424		Tagua Leasing LLC	1.900		07/12/24		52,427
	12,790,000	g	Temasek Financial I Ltd	2.375		01/23/23		11,509
	7,650,000		Toyota Motor Credit Corp	2.050		01/12/17		7,818
	2,075,000	g	Turkiye Vakiflar Bankasi Tao	3.750		04/15/18		1,943
	2,325,000		UBS AG.	2.250		01/28/14		2,328
	3,350,000	g	UBS AG.	1.875		01/23/15		3,397
	9,125,000		Unilever Capital Corp	2.200		03/06/19		9,113
	2,000,000		Unilever Capital Corp	4.250		02/10/21		2,145
	3,150,000	g	Waha Aerospace BV	3.925		07/28/20		3,307
			TOTAL DIVERSIFIED FINANCIALS					714,637
ENERGY - 2.9%
	7,950,000		Anadarko Petroleum Corp	5.950		09/15/16		8,857
	2,445,000		Anadarko Petroleum Corp	6.950		06/15/19		2,910
	3,650,000		Apache Corp	1.750		04/15/17		3,657
	12,170,000		Apache Corp	4.750		04/15/43		11,804
	3,750,000		Ashland, Inc	3.875		04/15/18		3,797
	13,650,000		Ashland, Inc	4.750		08/15/22		12,967
	3,415,000		Baker Hughes, Inc	3.200		08/15/21		3,391
	16,500,000		BP Capital Markets plc	1.375		05/10/18		16,014
	6,250,000		Chevron Corp	2.355		12/05/22		5,685
	3,690,000		Cimarex Energy Co	5.875		05/01/22		3,902
	1,000,000		Cloud Peak Energy Resources LLC	8.250		12/15/17		1,044
	2,000,000		Cloud Peak Energy Resources LLC	8.500		12/15/19		2,170
	5,475,000		Concho Resources, Inc	5.500		04/01/23		5,639
	7,000,000		ConocoPhillips	4.600		01/15/15		7,297
	7,600,000		ConocoPhillips	6.500		02/01/39		9,531
	2,075,000		Continental Resources, Inc	5.000		09/15/22		2,155
	1,825,000		Devon Energy Corp	1.875		05/15/17		1,838
	6,800,000		Devon Energy Corp	5.600		07/15/41		7,086
	3,150,000		Devon Energy Corp	4.750		05/15/42		2,921
	1,905,000		Ecopetrol S.A.	4.250		09/18/18		2,010
	1,090,000		Ecopetrol S.A.	5.875		09/18/23		1,150
	4,500,000	g	Empresa Nacional del Petroleo	6.250		07/08/19		4,953

339

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	3,250,000		Enbridge Energy Partners LP	5.200	%	03/15/20	$	3,489
	4,000,000		Enterprise Products Operating LLC	5.600		10/15/14		4,157
	1,150,000		Enterprise Products Operating LLC	5.000		03/01/15		1,205
	7,500,000		Enterprise Products Operating LLC	4.850		03/15/44		7,053
	1,950,000		EOG Resources, Inc	2.625		03/15/23		1,774
	2,800,000	g	Gazprom Neft OAO	4.375		09/19/22		2,565
	3,000,000	g	Gazprom OAO Via Gaz Capital S.A.	4.950		05/23/16		3,185
	3,300,000	g	Gazprom OAO Via Gaz Capital S.A.	3.850		02/06/20		3,185
	4,450,000	g	Gazprom OAO Via Gaz Capital S.A.	4.950		07/19/22		4,317
	5,700,000		Hess Corp	5.600		02/15/41		5,940
	1,900,000	g	Indo Energy Finance II BV	6.375		01/24/23		1,563
	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		5,775
	1,000,000		MarkWest Energy Partners LP	6.750		11/01/20		1,085
	4,240,000		MarkWest Energy Partners LP	5.500		02/15/23		4,272
	2,525,000		Newfield Exploration Co	5.625		07/01/24		2,512
	7,350,000		Noble Energy, Inc	5.250		11/15/43		7,344
	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		7,968
	8,000,000	g	Novatek OAO via Novatek Finance Ltd	4.422		12/13/22		7,360
	8,500,000	g	Pacific Rubiales Energy Corp	5.375		01/26/19		8,564
	800,000		Pemex Project Funding Master Trust	5.750		03/01/18		892
	3,040,000		Pemex Project Funding Master Trust	6.625		06/15/35		3,200
	2,000,000	g	Pertamina Persero PT	4.875		05/03/22		1,835
	2,300,000	g	Pertamina Persero PT	4.300		05/20/23		2,001
	3,000,000	g	Pertamina PT	5.250		05/23/21		2,888
	1,850,000	i	Petrobras Global Finance BV	1.857		05/20/16		1,845
	2,000,000	i	Petrobras Global Finance BV	2.384		01/15/19		1,960
	810,000		Petrobras Global Finance BV	4.375		05/20/23		722
	2,080,000		Petrobras International Finance Co	3.875		01/27/16		2,141
	6,050,000		Petrobras International Finance Co	3.500		02/06/17		6,105
	4,500,000		Petrobras International Finance Co	7.875		03/15/19		5,097
	2,000,000		Petrobras International Finance Co	6.875		01/20/40		1,891
	4,350,000		Petroleos Mexicanos	3.500		07/18/18		4,464
	2,900,000		Petroleos Mexicanos	8.000		05/03/19		3,509
	2,500,000		Petroleos Mexicanos	6.000		03/05/20		2,778
	1,500,000		Petroleos Mexicanos	4.875		01/24/22		1,541
	18,000,000		Petroleos Mexicanos	1.950		12/20/22		17,692
	9,630,000		Petroleos Mexicanos	2.000		12/20/22		9,487
	1,500,000		Petroleos Mexicanos	3.500		01/30/23		1,374
	6,150,000		Petroleos Mexicanos	6.500		06/02/41		6,427
	2,250,000		Petroleos Mexicanos	5.500		06/27/44		2,053
	3,960,000	g	Petroleum Co of Trinidad & Tobago Ltd	9.750		08/14/19		4,960
	7,400,000		Phillips 66	1.950		03/05/15		7,503
	2,674,000		Precision Drilling Trust	6.625		11/15/20		2,854
	2,800,000	g	PTT Exploration & Production PCL	3.707		09/16/18		2,844
	3,000,000	g	PTTEP Canada International Finance Ltd	5.692		04/05/21		3,197
	3,335,000		Range Resources Corp	5.000		08/15/22		3,277

340

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	3,000,000	g	Rosneft Oil Co via Rosneft International Finance Ltd	4.199	%	03/06/22	$	2,753
	7,925,000	g	Schlumberger Investment S.A.	2.400		08/01/22		7,263
	7,620,000		Shell International Finance BV	4.300		09/22/19		8,352
	4,650,000		Shell International Finance BV	4.550		08/12/43		4,535
	2,800,000		Statoil ASA	2.900		10/15/14		2,856
	2,075,000		Statoil ASA	1.200		01/17/18		2,025
	5,300,000		Statoil ASA	2.450		01/17/23		4,831
	4,025,000		Total Capital Canada Ltd	1.450		01/15/18		3,979
	6,100,000		Total Capital International S.A.	1.500		02/17/17		6,111
	3,400,000		TransCanada Pipelines Ltd	5.850		03/15/36		3,701
	2,750,000	i	TransCanada Pipelines Ltd	6.350		05/15/67		2,825
	5,025,000		Vale Overseas Ltd	4.375		01/11/22		4,882
	2,760,000		Vale Overseas Ltd	6.875		11/21/36		2,850
	3,375,000		Valero Energy Corp	4.500		02/01/15		3,509
			TOTAL ENERGY					376,473
FOOD & STAPLES RETAILING - 0.2%
	5,690,000		CVS Caremark Corp	3.250		05/18/15		5,881
	7,625,000		CVS Caremark Corp	4.000		12/05/23		7,609
	4,125,000		CVS Caremark Corp	5.300		12/05/43		4,266
	7,300,000		Ingles Markets, Inc	5.750		06/15/23		7,154
	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					26,744
FOOD, BEVERAGE & TOBACCO - 1.0%
	6,300,000		Anheuser-Busch InBev Worldwide, Inc	2.875		02/15/16		6,558
	10,575,000		Anheuser-Busch InBev Worldwide, Inc	1.375		07/15/17		10,553
	24,650,000		Anheuser-Busch InBev Worldwide, Inc	2.500		07/15/22		22,800
	5,125,000	g	BRF-Brasil Foods S.A.	5.875		06/06/22		5,115
	3,270,000	g	BRF-Brasil Foods S.A.	3.950		05/22/23		2,829
	1,900,000		Campbell Soup Co	2.500		08/02/22		1,676
	22,100,000		Coca-Cola Co	3.200		11/01/23		21,256
	3,250,000		ConAgra Foods, Inc	1.300		01/25/16		3,256
	1,300,000	g	Corp Lindley S.A.	6.750		11/23/21		1,372
	9,400,000		Diageo Capital plc	2.625		04/29/23		8,570
	5,525,000	g	Embotelladora Andina S.A.	5.000		10/01/23		5,543
	3,350,000		Fomento Economico Mexicano SAB de C.V.	2.875		05/10/23		2,960
	4,080,000		General Mills, Inc	5.200		03/17/15		4,302
	5,525,000	g	Grupo Bimbo SAB de C.V.	4.500		01/25/22		5,479
	8,105,000		Kraft Foods, Inc	6.500		02/09/40		9,685
	625,000		PepsiAmericas, Inc	4.375		02/15/14		628
	680,000		PepsiCo, Inc	7.900		11/01/18		850
	6,850,000	g	Pernod Ricard S.A.	4.250		07/15/22		6,833
	2,000,000	g	Pernod-Ricard S.A.	2.950		01/15/17		2,065
	1,600,000		Philip Morris International, Inc	6.375		05/16/38		1,896
			TOTAL FOOD, BEVERAGE & TOBACCO					124,226

341

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
HEALTH CARE EQUIPMENT & SERVICES - 0.8%
$	7,290,000		Baxter International, Inc	3.200	%	06/15/23	$	6,964
	3,900,000		Becton Dickinson & Co	1.750		11/08/16		3,973
	2,325,000		CHS/Community Health Systems	5.125		08/15/18		2,401
	7,150,000		Covidien International Finance S.A.	1.350		05/29/15		7,202
	3,800,000		Covidien International Finance S.A.	3.200		06/15/22		3,664
	4,475,000		Edwards Lifesciences Corp	2.875		10/15/18		4,449
	6,500,000		Express Scripts Holding Co	2.100		02/12/15		6,594
	6,850,000		Express Scripts Holding Co	3.900		02/15/22		6,857
	4,500,000	g	Fresenius Medical Care Capital Trust	5.750		02/15/21		4,770
	4,000,000	g	Fresenius Medical Care II	5.625		07/31/19		4,320
	4,560,000		HCA, Inc	6.500		02/15/20		5,010
	9,575,000		HCA, Inc	5.875		03/15/22		9,886
	5,000,000		HCA, Inc	5.875		05/01/23		4,938
	3,500,000	g	Mallinckrodt International Finance S.A.	3.500		04/15/18		3,433
	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		1,853
	6,125,000		Thermo Fisher Scientific, Inc	2.250		08/15/16		6,264
	2,700,000		Thermo Fisher Scientific, Inc	2.400		02/01/19		2,675
	3,625,000		Thermo Fisher Scientific, Inc	4.150		02/01/24		3,591
	7,125,000		Thermo Fisher Scientific, Inc	5.300		02/01/44		7,205
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					97,799
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	7,175,000		Clorox Co	3.800		11/15/21		7,221
	2,620,000		Colgate-Palmolive Co	2.300		05/03/22		2,402
	4,525,000		Ecolab, Inc	1.450		12/08/17		4,422
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					14,045
INSURANCE - 1.8%
	3,825,000		ACE INA Holdings, Inc	5.875		06/15/14		3,919
	6,560,000		Aetna, Inc	6.500		09/15/18		7,727
	1,925,000		Aetna, Inc	6.625		06/15/36		2,302
	6,200,000		Allstate Corp	3.150		06/15/23		5,880
	6,200,000		Allstate Corp	4.500		06/15/43		5,866
	8,900,000		Berkshire Hathaway Finance Corp	1.300		05/15/18		8,697
	3,750,000		Chubb Corp	6.000		05/11/37		4,380
	1,390,000		CIGNA Corp	5.125		06/15/20		1,542
	6,900,000		CIGNA Corp	4.500		03/15/21		7,333
	25,500,000	g	Five Corners Funding Trust	4.419		11/15/23		25,136
	7,600,000		Hartford Financial Services Group, Inc	4.000		03/30/15		7,896
	4,500,000		Hartford Financial Services Group, Inc	4.000		10/15/17		4,786
	2,800,000		Lincoln National Corp	7.000		06/15/40		3,508
	5,250,000	g	MetLife Institutional Funding II	1.625		04/02/15		5,309
	7,675,000		MetLife, Inc	6.750		06/01/16		8,727
	2,000,000		MetLife, Inc	4.368		09/15/23		2,042
	4,500,000		MetLife, Inc	5.700		06/15/35		4,915
	6,500,000		MetLife, Inc	4.125		08/13/42		5,652

342

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	9,500,000		MetLife, Inc	4.875	%	11/13/43	$	9,324
	2,825,000		Principal Financial Group, Inc	1.850		11/15/17		2,799
	5,000,000		Progressive Corp	3.750		08/23/21		5,098
	2,000,000		Prudential Financial, Inc	3.875		01/14/15		2,067
	4,200,000		Prudential Financial, Inc	2.300		08/15/18		4,175
	8,050,000		Prudential Financial, Inc	7.375		06/15/19		9,883
	8,000,000		Prudential Financial, Inc	5.400		06/13/35		8,263
	5,000,000		Prudential Financial, Inc	6.625		06/21/40		6,063
	7,775,000		Prudential Financial, Inc	5.100		08/15/43		7,722
	8,650,000	i	Prudential Financial, Inc	5.200		03/15/44		8,369
	3,000,000	g	Prudential Funding LLC	6.750		09/15/23		3,603
	2,425,000	g	Swiss Re Treasury US Corp	2.875		12/06/22		2,233
	6,100,000	g	Swiss Re Treasury US Corp	4.250		12/06/42		5,242
	4,250,000		Travelers Cos, Inc	5.800		05/15/18		4,896
	7,875,000		UnitedHealth Group, Inc	0.850		10/15/15		7,906
	6,000,000		UnitedHealth Group, Inc	1.400		10/15/17		5,924
	7,450,000		UnitedHealth Group, Inc	3.950		10/15/42		6,318
	6,750,000		WellPoint, Inc	3.125		05/15/22		6,331
	7,850,000		WellPoint, Inc	4.625		05/15/42		7,255
	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		2,584
			TOTAL INSURANCE					239,000
MATERIALS - 1.6%
	6,630,000		Air Products & Chemicals, Inc	4.375		08/21/19		7,175
	1,125,000		Airgas, Inc	4.500		09/15/14		1,154
	1,860,000		ArcelorMittal	4.250		08/05/15		1,925
	3,500,000		ArcelorMittal	5.000		02/25/17		3,754
	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		1,351
	8,960,000		Ball Corp	4.000		11/15/23		8,019
	4,050,000		Barrick Gold Corp	4.100		05/01/23		3,661
	7,175,000		Barrick North America Finance LLC	4.400		05/30/21		6,908
	5,000,000	g	Braskem Finance Ltd	5.750		04/15/21		4,900
	3,000,000		Celanese US Holdings LLC	6.625		10/15/18		3,202
	3,175,000		CF Industries, Inc	7.125		05/01/20		3,722
	3,550,000		Corning, Inc	1.450		11/15/17		3,499
	2,400,000	g	Corp Nacional del Cobre de Chile-CODELCO	3.750		11/04/20		2,399
	5,100,000	g	Corp Nacional del Cobre de Chile-CODELCO	3.875		11/03/21		4,988
	2,900,000	g	Corp Nacional del Cobre de Chile-CODELCO	3.000		07/17/22		2,609
	9,270,000		Crown Americas LLC	6.250		02/01/21		10,058
	5,500,000		E.I. du Pont de Nemours & Co	3.250		01/15/15		5,658
	6,000,000		E.I. du Pont de Nemours & Co	4.625		01/15/20		6,550
	1,000,000		Eastman Chemical Co	5.500		11/15/19		1,102
	12,625,000		Freeport-McMoRan Copper & Gold, Inc	2.375		03/15/18		12,594
	2,850,000	g	Fresnillo plc	5.500		11/13/23		2,764
	12,500,000	g	Glencore Funding LLC	2.500		01/15/19		12,104

343

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	1,400,000		Greif, Inc	7.750	%	08/01/19	$	1,589
	13,016,000		International Paper Co	4.750		02/15/22		13,646
	4,250,000		International Paper Co	7.300		11/15/39		5,248
	3,000,000		LyondellBasell Industries NV	5.000		04/15/19		3,332
	7,500,000		Rio Tinto Finance USA Ltd	2.250		09/20/16		7,719
	9,100,000		Rio Tinto Finance USA plc	2.250		12/14/18		9,055
	9,525,000		Rio Tinto Finance USA plc	2.875		08/21/22		8,878
	5,000,000		Rock Tenn Co	3.500		03/01/20		4,918
	3,000,000		Rock Tenn Co	4.000		03/01/23		2,865
	12,475,000		Sherwin-Williams Co	1.350		12/15/17		12,147
	4,625,000		Teck Resources Ltd	2.500		02/01/18		4,653
	9,950,000		Teck Resources Ltd	3.750		02/01/23		9,275
	1,940,000		Teck Resources Ltd	6.000		08/15/40		1,854
	3,950,000		Teck Resources Ltd	5.200		03/01/42		3,486
	4,550,000	g	Turkiye Sise ve Cam Fabrikalari AS.	4.250		05/09/20		4,004
			TOTAL MATERIALS					207,358
MEDIA - 1.6%
	1,000,000		Cinemark USA, Inc	5.125		12/15/22		967
	4,275,000		Cinemark USA, Inc	4.875		06/01/23		4,019
	33,000,000		Comcast Corp	4.250		01/15/33		30,654
	7,000,000		DIRECTV Holdings LLC	2.400		03/15/17		7,126
	6,850,000		DIRECTV Holdings LLC	3.800		03/15/22		6,580
	8,725,000		Discovery Communications LLC	3.300		05/15/22		8,261
	6,300,000		Discovery Communications LLC	4.875		04/01/43		5,812
	3,250,000		DISH DBS Corp	4.250		04/01/18		3,315
	4,250,000		DISH DBS Corp	5.125		05/01/20		4,261
	2,050,000		DISH DBS Corp	5.000		03/15/23		1,912
	11,500,000		Grupo Televisa S.A.	6.000		05/15/18		12,809
	2,160,000		Lamar Media Corp	7.875		04/15/18		2,282
	1,850,000		Lamar Media Corp	5.875		02/01/22		1,896
	10,000,000		Lamar Media Corp	5.000		05/01/23		9,500
	7,250,000	g	NBC Universal Enterprise, Inc	1.662		04/15/18		7,081
	7,700,000	g	NBC Universal Enterprise, Inc	1.974		04/15/19		7,532
	10,350,000		NBC Universal Media LLC	2.875		01/15/23		9,582
	2,105,000		News America, Inc	7.625		11/30/28		2,611
	1,578,000		News America, Inc	6.550		03/15/33		1,794
	3,575,000		News America, Inc	6.650		11/15/37		4,173
	3,800,000		News America, Inc	6.900		08/15/39		4,529
	3,315,000		Nielsen Finance LLC	7.750		10/15/18		3,580
	2,800,000		Nielsen Finance LLC	4.500		10/01/20		2,723
	11,850,000		Time Warner Cable, Inc	8.250		04/01/19		13,882
	4,830,000		Time Warner Cable, Inc	4.500		09/15/42		3,659
	3,000,000		Time Warner, Inc	3.150		07/15/15		3,108
	3,825,000		Time Warner, Inc	6.500		11/15/36		4,322
	10,525,000		Time Warner, Inc	4.900		06/15/42		9,991

344

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	7,000,000	g	Univision Communications, Inc	5.125	%	05/15/23	$	6,991
	4,850,000		Viacom, Inc	1.250		02/27/15		4,874
	5,400,000		Viacom, Inc	2.500		12/15/16		5,585
	3,000,000		Viacom, Inc	3.500		04/01/17		3,171
	7,375,000		Viacom, Inc	5.850		09/01/43		7,753
			TOTAL MEDIA					206,335
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.3%
	3,140,000		Life Technologies Corp	3.500		01/15/16		3,271
	4,115,000		Mead Johnson Nutrition Co	4.900		11/01/19		4,487
	2,750,000		Mead Johnson Nutrition Co	5.900		11/01/39		2,962
	7,400,000		Mylan, Inc	2.550		03/28/19		7,326
	3,500,000	g	Mylan, Inc	7.875		07/15/20		3,960
	1,750,000		NBTY, Inc	9.000		10/01/18		1,919
	3,450,000		Watson Pharmaceuticals, Inc	1.875		10/01/17		3,414
	5,700,000		Watson Pharmaceuticals, Inc	3.250		10/01/22		5,317
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					32,656
REAL ESTATE - 0.9%
	2,310,000		AMB Property LP	4.500		08/15/17		2,495
	3,750,000		Boston Properties LP	3.125		09/01/23		3,425
	2,000,000		Brandywine Operating Partnership LP	5.400		11/01/14		2,073
	3,965,000		Camden Property Trust	4.625		06/15/21		4,156
	3,000,000		Camden Property Trust	2.950		12/15/22		2,711
	5,175,000	g	DCT Industrial Operating Partnership LP	4.500		10/15/23		5,029
	6,800,000		Developers Diversified Realty Corp	4.750		04/15/18		7,335
	3,460,000		Developers Diversified Realty Corp	7.875		09/01/20		4,274
	255,000		Federal Realty Investment Trust	5.650		06/01/16		281
	700,000		Federal Realty Investment Trust	5.900		04/01/20		804
	2,225,000		Federal Realty Investment Trust	3.000		08/01/22		2,079
	10,700,000		Federal Realty Investment Trust	2.750		06/01/23		9,616
	2,775,000		Healthcare Realty Trust, Inc	5.750		01/15/21		3,016
	1,625,000		Healthcare Realty Trust, Inc	3.750		04/15/23		1,503
	3,550,000		Healthcare Trust of America Holdings LP	3.700		04/15/23		3,271
	1,600,000		Highwoods Properties, Inc	5.850		03/15/17		1,762
	5,000,000		Highwoods Realty LP	3.625		01/15/23		4,571
	9,205,000		Kilroy Realty LP	3.800		01/15/23		8,584
	6,400,000		Liberty Property LP	4.125		06/15/22		6,299
	3,600,000		Mid-America Apartments LP	4.300		10/15/23		3,500
	4,000,000		National Retail Properties, Inc	5.500		07/15/21		4,348
	5,425,000		National Retail Properties, Inc	3.300		04/15/23		4,925
	2,325,000		Regency Centers LP	5.250		08/01/15		2,469
	225,000		Regency Centers LP	5.875		06/15/17		251
	800,000		Simon Property Group LP	5.250		12/01/16		886
	4,150,000		Simon Property Group LP	2.800		01/30/17		4,292
	3,040,000		Simon Property Group LP	10.350		04/01/19		4,114

345

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	1,360,000		Ventas Realty LP	3.125	%	11/30/15	$	1,414
	8,050,000		Ventas Realty LP	2.000		02/15/18		7,913
	3,375,000		Ventas Realty LP	2.700		04/01/20		3,227
	2,175,000		Ventas Realty LP	3.250		08/15/22		2,015
	4,800,000		Weingarten Realty Investors	3.500		04/15/23		4,413
			TOTAL REAL ESTATE					117,051
RETAILING - 0.6%
	6,600,000		AmeriGas Finance LLC	3.750		05/01/21		6,204
	3,000,000		AmeriGas Partners LP	6.250		08/20/19		3,225
	2,500,000		AutoNation, Inc	5.500		02/01/20		2,685
	8,500,000	g	Golden Eagle Retail Group Ltd	4.625		05/21/23		7,261
	6,125,000		Home Depot, Inc	2.250		09/10/18		6,209
	3,150,000		Limited Brands, Inc	7.000		05/01/20		3,536
	8,105,000		Limited Brands, Inc	5.625		02/15/22		8,287
	15,225,000		Macy’s Retail Holdings, Inc	2.875		02/15/23		13,779
	8,315,000		O’Reilly Automotive, Inc	4.625		09/15/21		8,579
	4,550,000		O’Reilly Automotive, Inc	3.800		09/01/22		4,391
	2,000,000	g	QVC, Inc	7.500		10/01/19		2,156
	2,475,000		QVC, Inc	5.125		07/02/22		2,448
	4,400,000		QVC, Inc	4.375		03/15/23		4,114
	1,275,000		Sonic Automotive, Inc	5.000		05/15/23		1,195
	875,000		Wal-Mart Stores, Inc	3.000		02/03/14		877
	5,000,000		Wal-Mart Stores, Inc	2.550		04/11/23		4,568
	3,900,000	g	WEX, Inc	4.750		02/01/23		3,588
			TOTAL RETAILING					83,102
SOFTWARE & SERVICES - 0.2%
	3,500,000	g	Activision Blizzard, Inc	5.625		09/15/21		3,622
	2,075,000		Equinix, Inc	4.875		04/01/20		2,065
	11,500,000		Fidelity National Information Services, Inc	5.000		03/15/22		11,744
	3,075,000		NCR Corp	4.625		02/15/21		2,944
	525,000	g	NCR Escrow Corp	5.875		12/15/21		535
	3,925,000		Oracle Corp	3.750		07/08/14		3,993
	1,000,000		SunGard Data Systems, Inc	7.375		11/15/18		1,059
			TOTAL SOFTWARE & SERVICES					25,962
TECHNOLOGY HARDWARE & EQUIPMENT - 0.9%
	3,575,000		American Tower Corp	4.700		03/15/22		3,573
	4,000,000		Amphenol Corp	4.750		11/15/14		4,133
	1,000,000		Brocade Communications Systems, Inc	6.875		01/15/20		1,073
	1,975,000		CC Holdings GS V LLC	2.381		12/15/17		1,956
	5,962,000		Flextronics International Ltd	4.625		02/15/20		5,813
	38,125,000		General Electric Co	0.850		10/09/15		38,303
	3,300,000		General Electric Co	5.250		12/06/17		3,735
	11,950,000		General Electric Co	2.700		10/09/22		11,185
	5,325,000		General Electric Co	4.125		10/09/42		4,920
	6,480,000		Jabil Circuit, Inc	5.625		12/15/20		6,723

346

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	7,776,000		Jabil Circuit, Inc	4.700	%	09/15/22	$	7,465
	2,000,000		L-3 Communications Corp	4.950		02/15/21		2,092
	4,625,000	g	NXP BV	3.750		06/01/18		4,660
	5,000,000		Scientific Games International, Inc	6.250		09/01/20		5,125
	5,050,000		Tyco Electronics Group S.A.	2.375		12/17/18		4,980
	3,600,000		Xerox Corp	8.250		05/15/14		3,696
	2,725,000		Xerox Corp	4.500		05/15/21		2,805
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					112,237
TELECOMMUNICATION SERVICES - 2.1%
	2,870,000		America Movil SAB de C.V.	2.375		09/08/16		2,954
	4,875,000		America Movil SAB de C.V.	3.125		07/16/22		4,500
	7,500,000		American Tower Corp	3.500		01/31/23		6,838
	2,500,000		AT&T, Inc	2.500		08/15/15		2,567
	21,350,000		AT&T, Inc	1.400		12/01/17		21,048
	8,200,000		AT&T, Inc	2.625		12/01/22		7,399
	13,125,000		BellSouth Corp	5.200		09/15/14		13,553
	8,500,000	g	Bharti Airtel International Netherlands BV	5.125		03/11/23		7,806
	5,525,000		British Telecommunications plc	1.625		06/28/16		5,574
	13,850,000		Cellco Partnership	8.500		11/15/18		17,536
	4,825,000		CenturyLink, Inc	6.750		12/01/23		4,885
	4,000,000	g	Deutsche Telekom International Finance BV	2.250		03/06/17		4,057
	4,000,000		Deutsche Telekom International Finance BV	8.750		06/15/30		5,643
	3,625,000	g	Deutsche Telekom International Finance BV	4.875		03/06/42		3,459
	4,025,000	g	Intelsat Jackson Holdings S.A.	5.500		08/01/23		3,829
	8,020,000	g	Oi S.A.	5.750		02/10/22		7,378
	2,050,000	g	SES	3.600		04/04/23		1,910
	4,275,000	g	SK Telecom Co Ltd	2.125		05/01/18		4,150
	7,475,000	g	Sprint Corp	7.250		09/15/21		8,026
	1,225,000		Sprint Nextel Corp	6.000		12/01/16		1,337
	1,998,000		Telecom Italia Capital S.A.	6.175		06/18/14		2,043
	11,100,000		Telefonica Emisiones SAU	3.992		02/16/16		11,659
	8,725,000		Telefonica Emisiones SAU	3.192		04/27/18		8,886
	7,625,000		Telefonica Emisiones SAU	4.570		04/27/23		7,519
	4,500,000		Telefonos de Mexico SAB de C.V.	5.500		11/15/19		4,916
	21,600,000		Verizon Communications, Inc	0.700		11/02/15		21,540
	1,250,000		Verizon Communications, Inc	6.100		04/15/18		1,452
	13,900,000		Verizon Communications, Inc	3.650		09/14/18		14,714
	1,888,000		Verizon Communications, Inc	8.750		11/01/18		2,416
	22,425,000		Verizon Communications, Inc	5.150		09/15/23		24,078
	10,550,000		Verizon Communications, Inc	3.850		11/01/42		8,617
	24,300,000		Verizon Communications, Inc	6.550		09/15/43		28,430
	735,000		Windstream Corp	8.125		09/01/18		790
			TOTAL TELECOMMUNICATION SERVICES					271,509

347

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
TRANSPORTATION - 0.4%
$	1,800,000	g	Asciano Finance Ltd	3.125	%	09/23/15	$	1,841
	5,730,000	g	Asciano Finance Ltd	5.000		04/07/18		6,075
	2,000,000	g	DP World Ltd	6.850		07/02/37		1,965
	6,695,000	g	Embraer Overseas Ltd	5.696		09/16/23		6,695
	3,900,000	g	ERAC USA Finance LLC	3.300		10/15/22		3,624
	4,150,000	g	ERAC USA Finance LLC	5.625		03/15/42		4,239
	4,075,000		Kansas City Southern de Mexico S.A. de C.V.	2.350		05/15/20		3,796
	2,400,000	g	Kansas City Southern Railway	4.300		05/15/43		2,094
	2,625,000		Northrop Grumman Corp	1.750		06/01/18		2,561
	5,850,000		Northrop Grumman Corp	3.250		08/01/23		5,457
	7,750,000		United Parcel Service, Inc	3.125		01/15/21		7,759
	4,900,000		United Parcel Service, Inc	3.625		10/01/42		4,125
			TOTAL TRANSPORTATION					50,231
UTILITIES - 3.2%
	1,325,000	g	Abu Dhabi National Energy Co	2.500		01/12/18		1,325
	3,630,000	g	Abu Dhabi National Energy Co	5.875		12/13/21		4,025
	6,225,000		AES Corp	4.875		05/15/23		5,820
	6,325,000		AGL Capital Corp	4.400		06/01/43		5,703
	5,150,000		Alabama Power Co	3.550		12/01/23		5,055
	8,435,000		Alliant Energy Corp	4.000		10/15/14		8,656
	15,000,000		American Electric Power Co, Inc	1.650		12/15/17		14,697
	6,000,000		American Electric Power Co, Inc	2.950		12/15/22		5,549
	1,667,000		Arizona Public Service Co	5.050		09/01/41		1,711
	5,500,000		Atmos Energy Corp	8.500		03/15/19		7,048
	7,150,000		Atmos Energy Corp	4.150		01/15/43		6,431
	6,225,000		Black Hills Corp	4.250		11/30/23		6,197
	1,599,000	g	Calpine Corp	7.500		02/15/21		1,745
	4,750,000		Carolina Power & Light Co	5.300		01/15/19		5,403
	2,750,000		Carolina Power & Light Co	5.700		04/01/35		3,033
	3,670,000		CenterPoint Energy Resources Corp	4.500		01/15/21		3,915
	3,550,000		CenterPoint Energy Resources Corp	6.250		02/01/37		3,948
	3,500,000	g	CEZ AS.	4.250		04/03/22		3,496
	6,125,000		CLP Power Hong Kong Financing Ltd	3.375		10/26/27		5,154
	2,500,000		CMS Energy Corp	5.050		02/15/18		2,741
	5,450,000		CMS Energy Corp	4.700		03/31/43		5,085
	2,500,000	g	Comision Federal de Electricidad	4.875		05/26/21		2,581
	1,700,000	g	Comision Federal de Electricidad	4.875		01/15/24		1,687
	2,075,000	g	Comision Federal de Electricidad	5.750		02/14/42		1,935
	3,055,000		Commonwealth Edison Co	4.000		08/01/20		3,244
	4,200,000		Commonwealth Edison Co	5.900		03/15/36		4,798
	2,750,000		Connecticut Light & Power Co	5.500		02/01/19		3,150
	9,050,000		Consolidated Edison Co of New York, Inc	3.950		03/01/43		7,985
	4,250,000		Consolidated Natural Gas Co	5.000		12/01/14		4,425
	3,650,000	g	Dominion Gas Holdings LLC	3.550		11/01/23		3,516
	4,250,000	g	Dominion Gas Holdings LLC	4.800		11/01/43		4,109
	1,400,000		Duke Energy Carolinas LLC	4.300		06/15/20		1,501

348

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	3,375,000		Duke Energy Ohio, Inc	3.800	%	09/01/23	$	3,373
	8,800,000		Florida Power & Light Co	2.750		06/01/23		8,237
	2,000,000		Florida Power Corp	6.400		06/15/38		2,466
	3,500,000		FPL Group Capital, Inc	2.600		09/01/15		3,593
	3,000,000		Georgia Power Co	5.400		06/01/40		3,132
	2,000,000		Georgia Power Co	4.300		03/15/42		1,799
	5,000,000		Indiana Michigan Power Co	7.000		03/15/19		5,946
	2,725,000		Integrys Energy Group, Inc	4.170		11/01/20		2,826
	3,350,000	g	Israel Electric Corp Ltd	6.700		02/10/17		3,641
	3,000,000	g	Israel Electric Corp Ltd	5.625		06/21/18		3,173
	1,000,000	g	Kansas Gas & Electric	6.700		06/15/19		1,198
	625,000	g	KazMunayGas National Co JSC	4.400		04/30/23		580
	6,225,000		Kentucky Utilities Co	4.650		11/15/43		6,200
	2,825,000		Kinder Morgan Energy Partners LP	9.000		02/01/19		3,589
	1,850,000	g	Korea Hydro & Nuclear Power Co Ltd	3.125		09/16/15		1,906
	1,500,000	g	Korea Hydro & Nuclear Power Co Ltd	2.875		10/02/18		1,491
	5,000,000		LG&E and KU Energy LLC	3.750		11/15/20		5,059
	4,950,000		Louisville Gas & Electric Co	4.650		11/15/43		4,914
	1,000,000	g	Majapahit Holding BV	7.875		06/29/37		1,040
	8,000,000	g	MidAmerican Energy Holdings Co	5.150		11/15/43		8,067
	2,800,000		Nevada Power Co	6.500		08/01/18		3,315
	3,335,000		Nevada Power Co	5.450		05/15/41		3,612
	3,500,000		NiSource Finance Corp	4.800		02/15/44		3,158
	3,375,000		Northeast Utilities	1.450		05/01/18		3,269
	2,500,000		NTPC Ltd	5.625		07/14/21		2,483
	1,000,000		NTPC Ltd	4.750		10/03/22		916
	2,850,000		Oncor Electric Delivery Co LLC	5.250		09/30/40		2,935
	8,400,000		Oncor Electric Delivery Co LLC	4.550		12/01/41		7,900
	4,850,000		ONEOK Partners LP	3.375		10/01/22		4,534
	3,900,000		Pacific Gas & Electric Co	8.250		10/15/18		4,878
	8,875,000		Pacific Gas & Electric Co	3.850		11/15/23		8,827
	7,475,000		Pacific Gas & Electric Co	5.125		11/15/43		7,719
	6,375,000		PacifiCorp	2.950		02/01/22		6,128
	4,825,000		Pepco Holdings, Inc	2.700		10/01/15		4,948
	3,000,000	g	Perusahaan Listrik Negara PT	5.500		11/22/21		2,888
	6,750,000		PG&E Corp	5.750		04/01/14		6,833
	750,000		Potomac Electric Power Co	7.900		12/15/38		1,059
	6,925,000		PPL Capital Funding, Inc	4.200		06/15/22		6,912
	2,000,000		PPL Electric Utilities Corp	3.000		09/15/21		1,968
	1,750,000		PPL Electric Utilities Corp	5.200		07/15/41		1,858
	3,825,000		Progress Energy, Inc	7.050		03/15/19		4,585
	4,625,000		Public Service Co of Colorado	3.200		11/15/20		4,649
	8,800,000		Public Service Co of Oklahoma	5.150		12/01/19		9,749
	2,640,000		Public Service Electric & Gas Co	5.300		05/01/18		2,983
	5,000,000		Public Service Electric & Gas Co	3.500		08/15/20		5,156
	11,475,000		Public Service Electric & Gas Co	2.375		05/15/23		10,318
	2,940,000		QEP Resources, Inc	5.375		10/01/22		2,830
	1,250,000		Questar Market Resources, Inc	6.875		03/01/21		1,341

349

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	2,300,000		Sabine Pass LNG LP	6.500	%	11/01/20	$	2,386
	4,275,000		San Diego Gas & Electric Co	3.000		08/15/21		4,213
	3,000,000		Sempra Energy	2.300		04/01/17		3,039
	4,000,000		Sempra Energy	6.000		10/15/39		4,394
	7,425,000		Southern California Edison Co	4.650		10/01/43		7,431
	2,325,000		Tampa Electric Co	4.100		06/15/42		2,092
	5,950,000	g	Transportadora de Gas del Peru S.A.	4.250		04/30/28		5,206
	3,680,000		Virginia Electric and Power Co	2.950		01/15/22		3,555
	6,150,000		Virginia Electric and Power Co	4.650		08/15/43		6,125
	3,000,000		Williams Partners LP	3.800		02/15/15		3,099
	5,075,000		Williams Partners LP	4.000		11/15/21		5,012
	7,250,000		Williams Partners LP	4.500		11/15/23		7,201
	6,000,000		Williams Partners LP	5.800		11/15/43		6,124
	14,000,000	g	WPD Investment Holdings Ltd	3.900		05/01/16		14,630
	4,000,000		Xcel Energy, Inc	4.800		09/15/41		3,895
			TOTAL UTILITIES					424,051
			TOTAL CORPORATE BONDS					4,167,707
			(Cost $4,142,357)
GOVERNMENT BONDS -  52.4%
AGENCY SECURITIES - 2.9%
	17,248,561		AMAL Ltd	3.465		08/21/21		18,185
	3,000,000		Amber Circle Funding Ltd	3.250		12/04/22		2,730
	4,454,339		Cal Dive I- Title XI, Inc	4.930		02/01/27		4,710
	20,000,000		Federal Home Loan Mortgage Corp (FHLMC)	3.000		07/28/14		20,320
	35,000,000		Federal National Mortgage Association (FNMA)	2.625		11/20/14		35,766
	5,000,000		International Bank for Reconstruction & Development	0.500		04/15/16		4,992
	26,540,000		Lutheran Medical Center	1.982		02/20/30		24,533
	1,169,067		National Credit Union Administration	1.840		10/07/20		1,179
	16,887,908		Premier Aircraft Leasing	3.576		02/06/22		17,871
	10,000,000		Private Export Funding Corp (PEFCO)	3.050		10/15/14		10,219
	7,000,000		PEFCO	4.550		05/15/15		7,406
	15,000,000		PEFCO	2.125		07/15/16		15,559
	34,000,000		PEFCO	1.375		02/15/17		34,319
	17,000,000		PEFCO	5.450		09/15/17		19,466
	10,000,000		PEFCO	2.250		12/15/17		10,299
	5,000,000		PEFCO	4.375		03/15/19		5,521
	17,300,000		PEFCO	1.450		08/15/19		16,455
	35,000,000		PEFCO	4.300		12/15/21		38,023
	30,000,000		PEFCO	2.050		11/15/22		26,889
	2,521,875		Totem Ocean Trailer Express, Inc	4.514		12/18/19		2,644
	62,753,000		Tunisia Government AID Bonds	1.686		07/16/19		60,648

350

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	3,000,000		United States Department of Housing and Urban Development (HUD)	5.380	%	08/01/18	$	3,346
	15,000,000		UNM Sandoval Regional Medical Center	4.500		07/20/36		14,451
			TOTAL AGENCY SECURITIES					395,531
FOREIGN GOVERNMENT BONDS - 6.4%
	4,300,000	g	Barbados Government International Bond	7.000		08/04/22		3,762
	8,300,000	g	Brazil Minas SPE via State of Minas Gerais	5.333		02/15/28		7,698
	4,210,000		Brazilian Government International Bond	5.875		01/15/19		4,715
	2,500,000		Brazilian Government International Bond	4.250		01/07/25		2,381
	825,000		Brazilian Government International Bond	7.125		01/20/37		945
	2,000,000		Brazilian Government International Bond	5.625		01/07/41		1,940
	10,000,000	g	Caisse d’Amortissement de la Dette Sociale	2.000		04/17/20		9,579
	12,200,000		Canada Government International Bond	2.375		09/10/14		12,381
	25,275,000		Canada Government International Bond	0.875		02/14/17		25,275
	3,630,000		Chile Government International Bond	3.875		08/05/20		3,775
	740,000		Chile Government International Bond	2.250		10/30/22		657
	2,675,000		Colombia Government International Bond	4.375		07/12/21		2,755
	1,775,000		Colombia Government International Bond	2.625		03/15/23		1,555
	4,450,000		Colombia Government International Bond	4.000		02/26/24		4,290
	1,500,000		Colombia Government International Bond	6.125		01/18/41		1,605
	3,350,000	g	Croatia Government International Bond	6.375		03/24/21		3,506
	2,325,000	g	Croatia Government International Bond	5.500		04/04/23		2,261
	3,600,000	g	Croatia Government International Bond	6.000		01/26/24		3,573
	2,500,000	g	Dominican Republic International Bond	5.875		04/18/24		2,387
	32,500,000		European Investment Bank	1.125		04/15/15		32,834
	3,500,000		European Investment Bank	4.875		02/15/36		3,825
	15,350,000		Export Development Canada	2.250		05/28/15		15,764
	5,825,000		Export-Import Bank of Korea	1.250		11/20/15		5,843
	4,200,000		Export-Import Bank of Korea	4.375		09/15/21		4,381
	3,000,000		Federative Republic of Brazil	6.000		01/17/17		3,324
	4,950,000		Hungary Government International Bond	5.750		11/22/23		4,975
	40,200,000		Hydro Quebec	1.375		06/19/17		40,336
	2,000,000	g	Iceland Government International Bond	4.875		06/16/16		2,075
	1,660,000	g	Indonesia Government International Bond	3.750		04/25/22		1,496
	2,000,000		Israel Government International Bond	4.000		06/30/22		2,080
	4,400,000		Italy Government International Bond	5.375		06/12/17		4,796
	1,610,000		Italy Government International Bond	6.875		09/27/23		1,908
	18,750,000		KFW	2.625		01/25/22		18,295
	13,000,000	g	Kommunalbanken AS.	1.375		06/08/17		13,069
	5,800,000	g,i	Kommunalbanken AS.	0.417		02/20/18		5,793
	2,400,000		Korea Development Bank	1.500		01/22/18		2,301
	3,670,000	g	Korea Housing Finance Corp	3.500		12/15/16		3,861
	3,250,000	g	Korea Housing Finance Corp	1.625		09/15/18		3,064
	1,000,000		Mexico Government International Bond	5.625		01/15/17		1,118
	2,900,000		Mexico Government International Bond	6.750		09/27/34		3,422
	1,500,000		Mexico Government International Bond	6.050		01/11/40		1,631
	1,500,000		Mexico Government International Bond	4.750		03/08/44		1,352

351

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	3,000,000	g	Morocco Government International Bond	4.250	%	12/11/22	$	2,775
	3,600,000	g	Namibia International Bonds	5.500		11/03/21		3,672
	9,250,000	g	National Bank of Canada	1.650		01/30/14		9,260
	5,000,000	g	Nederlandse Waterschapsbank NV	2.125		02/09/17		5,147
	43,950,000		North American Development Bank	2.400		10/26/22		39,004
	10,300,000		Panama Government International Bond	5.200		01/30/20		11,214
	1,000,000		Peruvian Government International Bond	7.125		03/30/19		1,209
	1,200,000		Peruvian Government International Bond	7.350		07/21/25		1,512
	1,250,000		Peruvian Government International Bond	6.550		03/14/37		1,437
	6,350,000		Poland Government International Bond	6.375		07/15/19		7,422
	6,167,000		Poland Government International Bond	5.125		04/21/21		6,699
	1,135,000		Poland Government International Bond	3.000		03/17/23		1,033
	25,000,000	g	Province of Alberta Canada	1.000		06/21/17		24,954
	13,825,000		Province of British Columbia Canada	2.850		06/15/15		14,322
	21,000,000		Province of British Columbia Canada	1.200		04/25/17		21,098
	15,000,000		Province of British Columbia Canada	2.000		10/23/22		13,464
	20,000,000		Province of Manitoba Canada	1.375		04/28/14		20,072
	20,750,000		Province of Manitoba Canada	1.750		05/30/19		20,301
	20,000,000		Province of New Brunswick Canada	2.750		06/15/18		20,687
	12,000,000		Province of Nova Scotia Canada	2.375		07/21/15		12,337
	27,400,000		Province of Ontario Canada	4.100		06/16/14		27,874
	24,250,000		Province of Ontario Canada	2.950		02/05/15		24,926
	35,525,000		Province of Ontario Canada	2.700		06/16/15		36,693
	24,000,000		Province of Ontario Canada	2.300		05/10/16		24,830
	2,250,000		Province of Quebec Canada	5.125		11/14/16		2,512
	8,835,000		Province of Quebec Canada	4.625		05/14/18		9,878
	22,500,000		Province of Quebec Canada	3.500		07/29/20		23,357
	20,000,000		Province of Quebec Canada	2.750		08/25/21		19,295
	6,000,000		Province of Quebec Canada	7.500		09/15/29		7,934
	2,500,000	g	Qatar Government International Bond	4.500		01/20/22		2,646
	4,230,000	g	Republic of Indonesia	4.875		05/05/21		4,188
	1,070,000	g	Republic of Serbia	7.250		09/28/21		1,126
	1,510,492	i	Republic of Serbia	6.750		11/01/24		1,486
	1,225,000	g	Republic of Trinidad & Tobago	4.375		01/16/24		1,257
	4,500,000		Republic of Turkey	7.500		07/14/17		5,024
	1,650,000		Republic of Turkey	6.000		01/14/41		1,449
	4,200,000	g	Romanian Government International Bond	6.750		02/07/22		4,767
	5,025,000	g	Romanian Government International Bond	4.375		08/22/23		4,849
	3,900,000	g	Russian Foreign Bond - Eurobond	3.250		04/04/17		4,070
	3,375,000	g	Russian Foreign Bond - Eurobond	5.000		04/29/20		3,610
	4,502,000		South Africa Government International Bond	6.875		05/27/19		5,149
	3,500,000		South Africa Government International Bond	5.500		03/09/20		3,727
	3,775,000		South Africa Government International Bond	4.665		01/17/24		3,610
	3,125,000		South Africa Government International Bond	5.875		09/16/25		3,250
	41,500,000		Spain Government Bond	3.750		10/31/18		59,705
	1,900,000	g	Sri Lanka Government International Bond	6.250		10/04/20		1,872
	1,630,000	g	Sri Lanka Government International Bond	6.250		07/27/21		1,585

352

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	1,600,000	g	Sri Lanka Government International Bond	5.875	%	07/25/22	$	1,496
	7,680,000		Svensk Exportkredit AB	5.125		03/01/17		8,631
	7,050,000		Svensk Exportkredit AB	1.125		04/05/18		6,878
	8,000,000		Turkey Government International Bond	6.750		04/03/18		8,688
	2,180,000		United Mexican States	5.875		02/17/14		2,190
	3,500,000		United Mexican States	5.950		03/19/19		4,043
	500,000		United Mexican States	5.125		01/15/20		554
	1,732,000		Uruguay Government International Bond	4.500		08/14/24		1,732
			TOTAL FOREIGN GOVERNMENT BONDS					835,083
MORTGAGE BACKED - 25.1%
	6,788,195		Federal Home Loan Mortgage Corp (FHLMC)	5.500		08/01/35		7,454
	2,327,267	i	FHLMC	2.427		02/01/36		2,478
	4,682,745	i	FHLMC	2.564		07/01/36		4,977
	2,497,344	i	FHLMC	2.259		09/01/36		2,669
	1,770,495	i	FHLMC	2.358		09/01/36		1,874
	2,394,295	i	FHLMC	2.368		09/01/36		2,564
	3,009,996	i	FHLMC	2.420		09/01/36		3,203
	1,599,535	i	FHLMC	5.675		02/01/37		1,698
	5,611,105	i	FHLMC	2.633		03/01/37		5,994
	2,376,810	i	FHLMC	6.010		04/01/37		2,520
	43,928	i	FHLMC	6.080		05/01/37		46
	3,164,820	i	FHLMC	2.500		06/01/37		3,382
	2,757,683	i	FHLMC	2.615		08/01/37		2,918
	2,748,484	i	FHLMC	1.702		09/01/37		2,858
	12,964,167		FHLMC	6.000		09/01/37		14,464
	6,452,705		FHLMC	3.000		08/15/42		5,235
	277,647		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.500		12/01/16		290
	1,894,124		FGLMC	5.000		09/01/18		2,006
	759,934		FGLMC	4.500		10/01/18		806
	668,791		FGLMC	4.500		11/01/18		709
	903,258		FGLMC	5.500		01/01/19		978
	275,624		FGLMC	4.000		06/01/19		292
	1,026,024		FGLMC	4.500		01/01/20		1,088
	882,935		FGLMC	4.500		07/01/20		957
	583,448		FGLMC	4.500		08/01/20		620
	143,600		FGLMC	7.000		10/01/20		155
	2,610,170		FGLMC	4.500		06/01/21		2,773
	7,610,826		FGLMC	4.500		06/01/21		8,085
	939,699		FGLMC	5.000		04/01/23		1,014
	25,948		FGLMC	7.000		05/01/23		29
	270,938		FGLMC	6.000		10/01/23		303
	235,058		FGLMC	6.000		11/01/23		260
	3,496,313		FGLMC	4.000		07/01/24		3,692
	1,142,522		FGLMC	4.500		09/01/24		1,226
	45,164		FGLMC	8.000		01/01/31		52
	83,178		FGLMC	7.000		12/01/31		87

353

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	6,199		FGLMC	7.000	%	01/01/32	$	6
	206,197		FGLMC	8.000		02/01/32		238
	1,805,330		FGLMC	4.500		07/01/33		1,917
	1,161,499		FGLMC	5.500		11/01/33		1,300
	2,253,160		FGLMC	5.500		12/01/33		2,520
	4,267,091		FGLMC	5.500		12/01/33		4,707
	10,774,277		FGLMC	7.000		12/01/33		12,492
	14,370,555		FGLMC	5.000		01/01/34		15,559
	3,066,645		FGLMC	5.000		05/01/34		3,321
	2,181,510		FGLMC	6.000		09/01/34		2,442
	5,240,492		FGLMC	4.500		10/01/34		5,567
	445,484		FGLMC	5.500		12/01/34		492
	2,391,078		FGLMC	4.500		04/01/35		2,536
	3,944,483		FGLMC	7.000		05/01/35		4,480
	375,595		FGLMC	5.000		10/01/35		405
	291,408		FGLMC	6.500		11/01/35		324
	323,269		FGLMC	6.000		01/01/36		360
	918,454		FGLMC	5.000		02/01/36		992
	408,376		FGLMC	5.500		04/01/36		450
	69,176		FGLMC	6.500		05/01/36		77
	3,178,141		FGLMC	6.500		10/01/36		3,580
	1,781,874		FGLMC	6.500		11/01/37		1,982
	4,892,393		FGLMC	5.000		04/01/38		5,285
	2,637,081		FGLMC	6.000		11/01/38		2,907
	3,900,199		FGLMC	5.000		07/01/39		4,204
	5,595,688		FGLMC	6.000		07/01/39		6,252
	17,235,152		FGLMC	4.500		11/01/40		18,426
	19,721,462		FGLMC	4.500		12/01/40		21,013
	64,000,000	h	FGLMC	3.500		01/15/44		63,500
	101,000,000	h	FGLMC	4.000		01/15/44		103,722
	100,000,000	h	FGLMC	4.500		01/15/44		105,809
	127,212		Federal National Mortgage Association (FNMA)	4.810		02/01/14		127
	562,951		FNMA	4.828		01/01/15		563
	56,934		FNMA	7.500		02/01/15		58
	183,288		FNMA	7.500		04/01/15		188
	124,102		FNMA	7.500		04/01/15		127
	14,723		FNMA	6.500		03/01/16		16
	6,414		FNMA	6.500		04/01/16		7
	117,413		FNMA	6.500		10/01/16		122
	128,245		FNMA	6.500		11/01/16		134
	1,063,969		FNMA	5.000		12/01/17		1,133
	289,178		FNMA	6.500		02/01/18		306
	639,789		FNMA	5.500		03/01/18		680
	2,285,296		FNMA	5.500		04/01/18		2,443
	214,403		FNMA	5.500		04/01/18		229
	308,906		FNMA	6.500		04/01/18		328
	81,990		FNMA	5.500		05/01/18		87

354

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	4,486,723		FNMA	4.500	%	12/01/18	$	4,775
	110,038		FNMA	6.000		01/01/19		122
	26,546		FNMA	6.000		02/01/19		29
	2,293,537		FNMA	5.000		04/01/19		2,456
	985,710		FNMA	4.500		06/01/19		1,049
	1,445,299		FNMA	5.000		03/01/20		1,540
	1,301,564		FNMA	5.500		07/01/20		1,422
	512,260		FNMA	4.500		11/01/20		545
	1,032,733		FNMA	5.000		12/01/20		1,112
	2,344,541		FNMA	5.000		03/01/21		2,498
	1,286,305		FNMA	5.500		08/01/21		1,405
	885,838		FNMA	4.500		03/01/23		944
	81,299		FNMA	8.000		03/01/23		90
	1,727,620		FNMA	4.500		06/01/23		1,841
	819,641		FNMA	5.000		07/01/23		873
	2,396,060		FNMA	5.000		07/01/23		2,587
	1,238,550		FNMA	5.000		12/01/23		1,344
	410,165		FNMA	5.500		02/01/24		450
	1,754,936		FNMA	4.000		05/01/24		1,861
	813,319		FNMA	5.500		07/01/24		894
	155,778		FNMA	8.000		07/01/24		180
	1,431,976		FNMA	4.500		08/01/24		1,525
	1,055,615		FNMA	5.500		08/01/24		1,160
	7,008,575		FNMA	4.000		09/01/24		7,432
	3,096,520		FNMA	5.000		10/01/25		3,359
	31,882		FNMA	9.000		11/01/25		37
	10,086,753		FNMA	3.000		05/01/27		10,310
	25,000,000	h	FNMA	2.500		01/25/29		24,742
	81,000,000	h	FNMA	3.000		01/25/29		82,661
	31,000,000	h	FNMA	3.500		01/25/29		32,418
	45,000,000	h	FNMA	4.000		01/25/29		47,682
	43,000,000	h	FNMA	3.500		02/25/29		44,853
	50,000,000		FNMA	3.000		03/25/31		51,719
	2,081,768		FNMA	6.500		07/01/32		2,335
	179,729		FNMA	7.000		07/01/32		195
	169,390		FNMA	7.000		07/01/32		190
	1,339,464		FNMA	6.000		01/01/33		1,504
	1,807,356		FNMA	4.500		03/25/33		1,890
	11,858,956		FNMA	3.000		10/01/33		11,684
	1,922,995		FNMA	4.500		10/01/33		2,045
	3,670,824		FNMA	5.000		11/01/33		4,053
	201,706		FNMA	5.000		11/01/33		223
	2,898,628		FNMA	5.500		12/01/33		3,243
	310,820		FNMA	5.500		12/01/33		344
	2,454,467		FNMA	6.000		08/01/34		2,755
	1,118,377		FNMA	6.000		12/01/34		1,255
	14,735,302		FNMA	5.500		02/01/35		16,223

355

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	1,527,276		FNMA	6.000	%	04/01/35	$	1,713
	3,349,368		FNMA	4.500		05/01/35		3,558
	6,187,602		FNMA	5.500		05/01/35		6,801
	1,798,530		FNMA	6.000		05/01/35		2,003
	257,615		FNMA	5.500		06/01/35		284
	1,135,220		FNMA	5.500		06/01/35		1,252
	1,413,498		FNMA	5.500		06/01/35		1,553
	812,088		FNMA	5.500		06/01/35		895
	70,593		FNMA	7.500		06/01/35		77
	921,632		FNMA	6.000		07/01/35		1,034
	1,798,458		FNMA	4.500		08/01/35		1,910
	1,642,306	i	FNMA	2.526		02/01/36		1,750
	4,847,278		FNMA	6.000		03/01/36		5,405
	1,266,659	i	FNMA	2.379		07/01/36		1,363
	1,642,643		FNMA	6.000		12/01/36		1,822
	2,414,087		FNMA	6.500		03/01/37		2,694
	94,246		FNMA	6.500		03/01/37		106
	1,808,687		FNMA	7.000		04/01/37		1,951
	747,072		FNMA	6.500		08/01/37		830
	2,253,004		FNMA	6.000		09/01/37		2,506
	1,702,262		FNMA	6.000		09/01/37		1,915
	2,224,595		FNMA	6.000		09/01/37		2,501
	1,635,840		FNMA	6.000		09/01/37		1,842
	2,111,898		FNMA	6.500		09/01/37		2,350
	2,267,959		FNMA	6.500		09/01/37		2,518
	5,516,189	i	FNMA	2.400		10/01/37		5,872
	760,166		FNMA	7.000		11/01/37		841
	86,042		FNMA	6.500		02/01/38		96
	255,807		FNMA	6.500		03/01/38		284
	3,892,130		FNMA	6.000		07/01/38		4,309
	1,863,507	i	FNMA	2.020		10/01/38		1,989
	6,443,002		FNMA	6.000		10/01/38		7,128
	11,101,213		FNMA	5.500		12/01/38		12,194
	1,250,779		FNMA	6.000		01/01/39		1,384
	1,652,931		FNMA	6.000		01/01/39		1,829
	5,275,588		FNMA	4.500		02/01/39		5,589
	6,268,843		FNMA	4.000		04/01/39		6,473
	48,825,123		FNMA	4.000		04/25/39		51,261
	50,000,000		FNMA	4.000		06/25/39		53,250
	4,884,643		FNMA	4.500		08/01/39		5,176
	8,539,641		FNMA	5.500		08/01/39		9,409
	39,211,704		FNMA	4.500		09/01/40		41,562
	19,985,085		FNMA	4.500		11/01/40		21,228
	15,435,446		FNMA	3.500		10/01/42		15,349
	4,871,752		FNMA	3.000		02/01/43		4,635
	54,698,719		FNMA	3.000		04/01/43		51,989
	6,801,821		FNMA	3.000		05/01/43		6,465

356

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	11,548,169		FNMA	3.000	%	05/01/43	$	10,979
	20,644,235		FNMA	3.000		05/01/43		19,620
	146,000,000	h	FNMA	4.000		01/25/44		150,289
	98,000,000	h	FNMA	4.500		01/25/44		103,838
	291,000,000	h	FNMA	5.000		01/25/44		316,031
	116,000,000	h	FNMA	5.500		01/25/44		127,595
	365,000,000	h	FNMA	3.500		02/25/44		361,493
	266,000,000	h	FNMA	4.000		02/25/44		272,982
	7,205		Government National Mortgage Association (GNMA)	9.000		06/15/16		7
	3,262		GNMA	9.000		09/15/16		3
	2,456		GNMA	9.000		09/15/16		2
	7,167		GNMA	9.000		11/15/16		7
	2,192		GNMA	9.000		12/15/16		2
	5,053		GNMA	9.000		12/15/16		5
	34,532		GNMA	9.500		12/15/16		37
	16,222		GNMA	8.000		06/15/24		18
	32,770		GNMA	8.500		11/20/30		39
	56,630		GNMA	8.500		12/20/30		67
	1,293,528		GNMA	5.500		07/15/33		1,437
	730,738		GNMA	5.500		11/20/33		812
	2,667,022		GNMA	5.500		03/20/35		2,966
	1,385,924		GNMA	5.500		12/20/35		1,535
	828,062		GNMA	6.000		10/20/36		932
	883,878		GNMA	6.000		01/20/37		996
	2,471,419		GNMA	6.000		02/20/37		2,783
	1,911,184		GNMA	5.000		04/15/38		2,074
	1,996,241		GNMA	5.500		07/15/38		2,191
	3,136,183		GNMA	5.500		07/20/38		3,458
	1,089,709		GNMA	6.000		08/20/38		1,227
	1,761,523		GNMA	6.500		11/20/38		1,974
	1,755,018		GNMA	2.176		05/16/39		1,773
	3,886,620		GNMA	5.000		06/15/39		4,287
	4,503,925		GNMA	5.000		06/15/39		4,972
	8,352,376		GNMA	4.500		07/20/39		8,969
	2,477,431		GNMA	5.000		07/20/39		2,690
	2,922,288		GNMA	4.000		08/15/39		3,040
	1,207,062		GNMA	4.000		11/20/39		1,257
	41,235,489		GNMA	5.000		09/20/43		44,823
	74,000,000	h	GNMA	3.000		01/15/44		71,462
	198,000,000	h	GNMA	3.500		01/15/44		199,555
	78,000,000	h	GNMA	4.000		01/15/44		81,050
	95,000,000	h	GNMA	4.500		01/15/44		101,361
	43,000,000	h	GNMA	6.000		01/15/44		47,784
	7,734,489		GNMA	6.500		01/15/44		8,107
	67,000,000	h	GNMA	3.500		01/20/44		67,589
	33,000,000	h	GNMA	4.500		01/20/44		35,282
			TOTAL MORTGAGE BACKED					3,305,368

357

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

					MATURITY	VALUE
PRINCIPAL		ISSUER	RATE		DATE	(000)
MUNICIPAL BONDS - 4.3%
$	2,000,000	Charlotte-Mecklenburg Hospital Authority	5.000	%	08/01/15	$	2,080
	15,000,000	City of New York NY	2.450		04/01/19		14,623
	10,000,000	City of New York NY	2.650		04/01/20		9,792
	14,000,000	Florida Hurricane Catastrophe Fund Finance Corp	1.298		07/01/16		14,016
	30,000,000	Florida Hurricane Catastrophe Fund Finance Corp	2.107		07/01/18		29,283
	3,500,000	Maine Municipal Bond Bank	1.708		06/01/16		3,501
	8,800,000	New York State Urban Development Corp	0.550		03/15/16		8,725
	8,800,000	New York State Urban Development Corp	1.350		03/15/18		8,600
	2,000,000	Permanent University Fund	1.439		07/01/17		1,988
	2,625,000	Permanent University Fund	1.730		07/01/18		2,580
	4,720,000	Permanent University Fund	1.880		07/01/19		4,538
	2,320,000	Permanent University Fund	2.258		07/01/20		2,209
	2,160,000	Permanent University Fund	2.408		07/01/21		2,040
	2,750,000	Permanent University Fund	2.508		07/01/22		2,571
	2,855,000	Permanent University Fund	2.608		07/01/23		2,635
	3,250,000	Permanent University Fund	2.708		07/01/24		2,963
	2,335,000	Permanent University Fund	2.808		07/01/25		2,119
	3,775,000	Permanent University Fund	2.908		07/01/26		3,386
	4,000,000	Permanent University Fund	3.008		07/01/27		3,562
	18,535,000	Permanent University Fund	3.575		07/01/32		15,714
	12,300,000	State of California	0.850		02/01/15		12,312
	9,000,000	State of California	5.450		04/01/15		9,542
	15,625,000	State of California	1.050		02/01/16		15,667
	11,370,000	State of California	5.950		04/01/16		12,589
	2,915,000	State of Georgia	1.750		07/01/19		2,817
	3,060,000	State of Georgia	2.000		07/01/20		2,918
	3,215,000	State of Georgia	2.150		07/01/21		3,023
	3,905,000	State of Georgia	2.750		07/01/25		3,461
	4,100,000	State of Georgia	2.850		07/01/26		3,584
	4,305,000	State of Georgia	2.950		07/01/27		3,730
	4,520,000	State of Georgia	3.050		07/01/28		3,906
	3,245,000	State of Georgia	3.150		07/01/29		2,793
	14,385,000	State of Illinois	4.511		03/01/15		14,907
	12,500,000	State of Illinois	2.000		06/15/15		12,727
	12,500,000	State of Illinois	0.750		06/15/16		12,359
	19,760,000	State of Illinois	4.833		02/01/17		21,038
	12,500,000	State of Illinois	1.750		06/15/17		12,546
	8,000,000	State of Illinois	4.350		06/01/18		8,300
	7,500,000	State of Illinois	2.000		06/15/18		7,420
	7,500,000	State of Illinois	2.000		06/15/19		7,232
	7,160,000	State of Illinois	5.463		02/01/20		7,598
	12,500,000	State of Illinois	1.930		06/15/20		11,645
	12,500,000	State of Illinois	2.250		06/15/21		11,541
	10,000,000	State of Illinois	4.310		04/01/23		9,109
	11,535,000	State of Illinois	4.610		04/01/25		10,462

358

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	9,350,000		State of Illinois	4.760	%	04/01/26	$	8,412
	12,500,000		State of Illinois	3.150		06/15/26		10,795
	13,880,000		State of Illinois	4.910		04/01/27		12,437
	12,500,000		State of Illinois	3.250		06/15/27		10,695
	8,115,000		State of Illinois	5.010		04/01/28		7,222
	20,870,000		State of Michigan	3.500		05/15/30		17,733
	21,640,000		State of Michigan	3.600		05/15/31		18,421
	22,455,000		State of Michigan	3.700		05/15/32		19,193
	13,515,000		University of California	1.296		05/15/18		13,023
	60,000,000		University of California	1.796		07/01/19		57,670
	11,735,000		University of California	1.995		05/15/20		10,979
	4,500,000		University of California	2.300		05/15/21		4,156
	6,000,000		University of California	2.570		05/15/22		5,497
			TOTAL MUNICIPAL BONDS					556,384
U.S. TREASURY SECURITIES - 13.7%
	22,000,000		United States Treasury Bond	6.375		08/15/27		29,212
	49,175,000		United States Treasury Bond	5.250		02/15/29		59,194
	45,661,000		United States Treasury Bond	5.375		02/15/31		55,956
	677,000		United States Treasury Bond	4.500		02/15/36		753
	19,135,000		United States Treasury Bond	4.375		05/15/41		20,761
	16,434,000		United States Treasury Bond	3.750		08/15/41		16,021
	150,570,000		United States Treasury Bond	3.625		08/15/43		142,195
	15,000,000		United States Treasury Note	0.250		02/28/14		15,003
	60,000,000		United States Treasury Note	0.250		03/31/14		60,023
	6,050,000		United States Treasury Note	0.250		05/31/14		6,054
	35,905,000		United States Treasury Note	0.250		11/30/14		35,937
	50,485,000		United States Treasury Note	0.125		12/31/14		50,469
	175,415,000		United States Treasury Note	0.250		01/31/15		175,559
	112,305,000		United States Treasury Note	0.250		02/28/15		112,375
	72,796,000		United States Treasury Note	0.250		05/31/15		72,830
	1,000		United States Treasury Note	0.375		06/30/15		1
	12,717,000		United States Treasury Note	1.875		06/30/15		13,025
	15,952,000		United States Treasury Note	1.750		07/31/15		16,324
	141,110,000		United States Treasury Note	0.250		08/15/15		141,055
	59,005,000		United States Treasury Note	0.250		09/15/15		58,957
	3,000,000		United States Treasury Note	0.250		09/30/15		2,997
	42,788,000		United States Treasury Note	0.250		10/15/15		42,733
	18,485,000		United States Treasury Note	1.250		10/31/15		18,791
	17,747,000		United States Treasury Note	0.375		11/15/15		17,757
	3,300,000		United States Treasury Note	0.375		03/15/16		3,295
	9,800,000		United States Treasury Note	2.375		03/31/16		10,223
	10,000,000		United States Treasury Note	3.125		10/31/16		10,670
	7,655,000		United States Treasury Note	0.625		12/15/16		7,624
	17,100,000	l	United States Treasury Note	2.250		07/31/18		17,628
	80,466,900		United States Treasury Note	1.375		09/30/18		79,486
	10,365,000		United States Treasury Note	1.750		10/31/18		10,410

359

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	47,161,600		United States Treasury Note	1.250	%	11/30/18	$	46,152
	5,625,000		United States Treasury Note	1.375		02/28/19		5,509
	5,550,000		United States Treasury Note	1.000		06/30/19		5,278
	3,870,000		United States Treasury Note	1.250		10/31/19		3,702
	319,500		United States Treasury Note	2.625		11/15/20		325
	189,872,000		United States Treasury Note	8.000		11/15/21		263,744
	110,195,000		United States Treasury Note	2.750		11/15/23		107,802
	50,000,000		United States Treasury Note	3.750		11/15/43		48,328
			TOTAL U.S. TREASURY SECURITIES					1,784,158
			TOTAL GOVERNMENT BONDS					6,876,524
			(Cost $6,871,939)
STRUCTURED ASSETS - 13.2%
ASSET BACKED - 9.4%
	24,500,000		AEP Texas Central Transition Funding LLC	1.976		06/01/21		24,085
			Series - 2012 1 (Class A2)
	12,183,883		Ally Auto Receivables Trust	0.520		05/20/15		12,182
			Series - 2013 SN1 (Class A2)
	52,000,000		Ally Auto Receivables Trust	0.540		07/15/16		52,002
			Series - 2013 2 (Class A2A)
	5,000,000	g	Ally Auto Receivables Trust	1.760		02/15/17		5,064
			Series - 2012 2 (Class B)
	10,000,000	g	Ally Auto Receivables Trust	2.260		07/16/18		10,174
			Series - 2012 2 (Class C)
	10,000,000	g	Ally Master Owner Trust	4.250		04/15/17		10,390
			Series - 2010 2 (Class A)
	24,000,000		Ally Master Owner Trust	1.000		02/15/18		23,981
			Series - 2013 1 (Class A2)
	39,753,000		Ally Master Owner Trust	1.720		07/15/19		39,845
			Series - 2012 4 (Class A)
	8,710,000		Ally Master Owner Trust	1.540		09/15/19		8,648
			Series - 2012 5 (Class A)
	7,223,000		AmeriCredit Automobile Receivables Trust	3.190		10/12/16		7,355
			Series - 2011 2 (Class C)
	6,335,000		AmeriCredit Automobile Receivables Trust	1.590		07/10/17		6,389
			Series - 2012 3 (Class B)
	10,373,000		AmeriCredit Automobile Receivables Trust	1.690		11/08/18		10,357
			Series - 2012 5 (Class C)
	5,500,000		AmeriCredit Automobile Receivables Trust	1.570		01/08/19		5,442
			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)
	6,710,000	g	Avis Budget Rental Car Funding AESOP LLC	2.370		11/20/14		6,786
			Series - 2011 2A (Class A)
	4,000,000	g	Avis Budget Rental Car Funding AESOP LLC	6.740		05/20/16		4,235
			Series - 2010 3A (Class B)

360

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	700,000	g	Avis Budget Rental Car Funding AESOP LLC	3.241	%	08/20/16	$	717
			Series - 2012 1A (Class B)
	5,500,000	g	Avis Budget Rental Car Funding AESOP LLC	4.740		11/20/17		5,866
			Series - 2011 3A (Class B)
	11,125,000	g	Avis Budget Rental Car Funding AESOP LLC	4.720		02/20/18		11,881
			Series - 2011 5A (Class B)
	4,890,000	g	Avis Budget Rental Car Funding AESOP LLC	3.887		05/20/18		5,102
			Series - 2012 2A (Class B)
	11,790,000	g	Avis Budget Rental Car Funding AESOP LLC	1.920		09/20/19		11,565
			Series - 2013 1A (Class A)
	50,000,000	g	Avis Budget Rental Car Funding AESOP LLC	2.970		02/20/20		50,952
			Series - 2013 2A (Class A)
	3,094,725	i	Bear Stearns Asset Backed Securities Trust	0.905		11/25/39		3,039
			Series - 2005 SD3 (Class 2A1)
	2,900,000		Capital Auto Receivables Asset Trust	1.290		04/20/18		2,870
			Series - 2013 1 (Class B)
	3,175,000		Capital Auto Receivables Asset Trust	1.740		10/22/18		3,135
			Series - 2013 1 (Class C)
	30,000,000		CarMax Auto Owner Trust	0.520		11/15/16		30,004
			Series - 2013 4 (Class A2)
	21,000,000		CarMax Auto Owner Trust	0.800		07/16/18		20,968
			Series - 2013 4 (Class A3)
	1,180,137	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		882
			Series - 2004 2 (Class 1M2)
	1,737,361	i	CIT Group Home Equity Loan Trust	6.200		02/25/30		1,732
			Series - 2002 1 (Class AF6)
	40,000,000		Citibank Credit Card Issuance Trust	0.730		02/07/18		39,965
			Series - 2013 A10 (Class A10)
	18,786,250	g	CKE Restaurant Holdings, Inc	4.474		03/20/43		18,765
			Series - 2013 1A (Class A2)
	385,349	i	Countrywide Asset-Backed Certificates	0.985		05/25/36		383
			Series - 2004 AB2 (Class A3)
	973,183	g,i	Credit-Based Asset Servicing and Securitization LLC	6.159		12/25/36		980
			Series - 2007 MX1 (Class A1)
	5,525,000	g,i	DB/UBS Mortgage Trust	5.557		11/10/46		5,961
			Series - 2011 LC1A (Class C)
	73,405,000		Discover Card Execution Note Trust	0.810		08/15/17		73,662
			Series - 2012 A1 (Class A1)
	134,080,506	g	Dominos Pizza Master Issuer LLC	5.216		01/25/42		142,117
			Series - 2012 1A (Class A2)
	10,000,000	g	Enterprise Fleet Financing LLC	0.680		09/20/18		9,989
			Series - 2013 1 (Class A2)
	2,098,608	g,i	Flagstar Home Equity Loan Trust	5.781		01/25/35		2,098
			Series - 2007 1A (Class AF3)
	15,500,000		Ford Credit Auto Lease Trust	0.590		01/15/16		15,506
			Series - 2013 B (Class A2A)
	2,725,000		Ford Credit Auto Owner Trust	3.210		07/15/17		2,810
			Series - 2011 A (Class D)

361

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	5,250,000		Ford Credit Auto Owner Trust	1.150	%	07/15/18	$	5,192
			Series - 2013 A (Class B)
	5,820,000		Ford Credit Auto Owner Trust	1.110		10/15/18		5,830
			Series - 2013 B (Class B)
	6,000,000		Ford Credit Auto Owner Trust	1.360		10/15/18		5,958
			Series - 2013 A (Class C)
	5,595,000		Ford Credit Auto Owner Trust	2.430		01/15/19		5,746
			Series - 2012 C (Class D)
	12,861,000		Ford Credit Floorplan Master	0.850		01/15/18		12,863
			Series - 0 1 (Class A1)
	16,190,000		Ford Credit Floorplan Master	1.880		09/15/18		16,330
			Series - 2013 5 (Class B)
	2,330,000	g	Hertz Vehicle Financing LLC	5.020		02/25/15		2,340
			Series - 2010 1A (Class B1)
	3,980,000	g	Hertz Vehicle Financing LLC	2.200		03/25/16		4,031
			Series - 2011 1A (Class A1)
	38,815,000	g	Hertz Vehicle Financing LLC	5.290		03/25/16		40,589
			Series - 2009 2A (Class A2)
	41,885,000	g	Hertz Vehicle Financing LLC	5.930		03/25/16		43,652
			Series - 0 2A (Class B2)
	14,315,000	g	Hertz Vehicle Financing LLC	3.740		02/25/17		15,052
			Series - 2010 1A (Class A2)
	5,000,000	g	Hertz Vehicle Financing LLC	1.860		08/25/17		4,962
			Series - 2013 1A (Class B1)
	15,000,000	g	Hertz Vehicle Financing LLC	1.830		08/25/19		14,692
			Series - 2013 1A (Class A2)
	13,500,000	g	Hertz Vehicle Financing LLC	2.480		08/25/19		13,170
			Series - 2013 1A (Class B2)
	69,108,290		Hyundai Auto Receivables Trust	0.620		09/15/16		69,203
			Series - 2012 B (Class A3)
	15,000,000		Hyundai Auto Receivables Trust	1.130		09/17/18		14,769
			Series - 2013 A (Class B)
	3,167,940	i	Irwin Home Equity Corp	0.545		02/25/34		2,987
			Series - 2005 A (Class A3)
	7,847,926	g	JG Wentworth XXII LLC	3.820		12/15/48		8,162
			Series - 2010 3A (Class A)
	4,392,418	i	Lehman XS Trust	0.415		02/25/36		3,995
			Series - 2006 1 (Class 1A1)
	16,011,608		Lehman XS Trust	6.500		06/25/46		12,299
			Series - 2006 13 (Class 2A1)
	467,708	i	Long Beach Mortgage Loan Trust	0.915		02/25/35		466
			Series - 2005 1 (Class M1)
	26,000,000		Nissan Auto Lease Trust	0.570		01/15/16		25,999
			Series - 2013 B (Class A2A)
	25,000,000		Nissan Auto Lease Trust	0.740		10/15/18		24,994
			Series - 2013 A (Class A4)
	1,812,845	i	Park Place Securities, Inc	1.110		09/25/34		1,803
			Series - 2004 WHQ1 (Class M1)

362

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	31,610	i	Renaissance Home Equity Loan Trust	1.045	%	08/25/33	$	30
			Series - 2003 2 (Class A)
	219,131	i	Residential Asset Securities Corp	6.489		10/25/30		219
			Series - 2001 KS2 (Class AI6)
	1,354,053	i	Residential Asset Securities Corp	0.595		04/25/35		1,341
			Series - 2005 KS3 (Class M3)
	7,260,407		Residential Funding Mortgage Securities II, Inc	5.500		08/25/25		7,417
			Series - 2006 HI5 (Class A3)
	2,076,585	i	Residential Funding Mortgage Securities II, Inc	5.450		08/25/34		2,146
			Series - 2005 HI1 (Class A5)
	1,688,215		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36		1,705
			Series - 2006 HI3 (Class A3)
	2,500,000	i	Residential Funding Mortgage Securities II, Inc	6.010		02/25/36		2,552
			Series - 2006 HI1 (Class M1)
	350,000	i	Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		369
			Series - 2006 HI1 (Class M2)
	4,000,000		Santander Drive Auto Receivables Trust	1.760		01/15/19		3,968
			Series - 2013 1 (Class C)
	15,000,000	g	Santander Drive Auto Receivables Trust	1.890		10/15/19		15,097
			Series - 2013 A (Class B)
	1,650,769	i	Securitized Asset Backed Receivables LLC	0.465		10/25/35		1,610
			Series - 2006 OP1 (Class A2C)
	754,991	g	Sierra Receivables Funding Co LLC	1.590		11/20/29		751
			Series - 2013 1A (Class A)
	20,382,330	g	Sierra Timeshare 2013-3 Receivables Funding LLC	2.700		10/20/30		20,308
			Series - 2013 3A (Class B)
	41,823,000	g	SLM Student Loan Trust	3.740		02/15/29		43,621
			Series - 2011 B (Class A2)
	1,500,000	g	SLM Student Loan Trust	3.830		01/17/45		1,556
			Series - 2012 A (Class A2)
	2,640,942	i	Soundview Home Equity Loan Trust	0.465		11/25/35		2,605
			Series - 2005 OPT3 (Class A4)
	482,681	i	Structured Asset Investment Loan Trust	0.765		05/25/35		481
			Series - 2005 4 (Class M1)
	9,698,508	g,i	Structured Asset Securities Corp	0.385		10/25/36		9,357
			Series - 2006 GEL4 (Class A2)
	10,000,000	g	Volvo Financial Equipment LLC	0.740		03/15/17		9,992
			Series - 2013 1A (Class A3)
	8,585,000	g	Vornado DP LLC	5.280		09/13/28		9,283
			Series - 2010 VNO (Class C)
	900,613	g,m	Wachovia Amortization Controlled Heloc NIM	5.683		08/12/47		905
			Series - 2006 N1 (Class N1)
	1,788,216	g,i	Wachovia Loan Trust	0.525		05/25/35		1,673
			Series - 2005 SD1 (Class A)
	1,327,061	i	Wells Fargo Home Equity Trust	0.305		07/25/36		1,314
			Series - 2006 2 (Class A3)

363

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	18,900,000		World Financial Network Credit Card Master Trust	0.910	%	03/16/20	$	18,779
			Series - 2013 B (Class A)
	25,000,000		World Omni Auto Receivables Trust	0.480		11/15/16		25,000
			Series - 2013 B (Class A2)
			TOTAL ASSET BACKED					1,225,047
OTHER MORTGAGE BACKED - 3.8%
	17,295,000		Banc of America Commercial Mortgage Trust	5.390		10/10/45		18,744
			Series - 2006 6 (Class AM)
	24,070,000	i	Banc of America Commercial Mortgage Trust	6.207		02/10/51		27,454
			Series - 2008 1 (Class A4)
	6,800,000	i	Bear Stearns Commercial Mortgage Securities	5.582		09/11/41		7,424
			Series - 2006 PW13 (Class AM)
	6,765,000	i	Bear Stearns Commercial Mortgage Securities	5.959		09/11/42		7,233
			Series - 2007 T28 (Class AJ)
	8,245,000		Bear Stearns Commercial Mortgage Securities	5.363		02/11/44		8,490
			Series - 2007 PW15 (Class AM)
	188,665	g,i	Citigroup Commercial Mortgage Trust	0.307		04/15/22		188
			Series - 2007 FL3A (Class A2)
	5,870,000		Citigroup Commercial Mortgage Trust	1.813		09/10/45		5,882
			Series - 2012 GC8 (Class A2)
	15,000,000	i	COBALT CMBS Commercial Mortgage Trust	5.526		04/15/47		16,582
			Series - 2007 C2 (Class AMFX)
	14,000,000	i	COMM Mortgage Trust	5.752		06/10/46		15,224
			Series - 2006 C7 (Class A4)
	9,330,000	i	Commercial Mortgage Pass Through Certificates	5.650		12/10/49		10,397
			Series - 2007 C9 (Class AM)
	3,160,000	i	Commercial Mortgage Pass-Through Certificates	5.791		06/15/38		3,426
			Series - 2006 C3 (Class AM)
	3,510,198		Countrywide Alternative Loan Trust	5.500		08/25/16		3,561
			Series - 2004 30CB (Class 1A15)
	2,625,648		Countrywide Home Loan Mortgage Pass Through Trust	5.250		02/25/16		2,616
			Series - 2005 6 (Class 1A10)
	265,285		Countrywide Home Loan Mortgage Pass Through Trust	5.250		05/25/35		265
			Series - 2005 12 (Class 1A5)
	990,000	i	Credit Suisse First Boston Mortgage Securities Corp	5.100		08/15/38		1,019
			Series - 2005 C5 (Class C)
	2,000,000	i	Credit Suisse First Boston Mortgage Securities Corp	5.100		08/15/38		2,079
			Series - 2005 C5 (Class B)
	2,964,767	g,i	Credit Suisse Mortgage Capital Certificates	0.347		04/15/22		2,958
			Series - 2007 TF2A (Class A1)
	11,500,000	g	Credit Suisse Mortgage Capital Certificates	5.626		05/15/23		12,552
			Series - 2006 OMA (Class D)
	12,935,000		Credit Suisse Mortgage Capital Certificates	5.509		09/15/39		13,889
			Series - 2006 C4 (Class AM)
	11,235,000	g	Credit Suisse Mortgage Capital Certificates	5.383		02/15/40		11,750
			Series - 2009 RR1 (Class A3C)

364

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	3,305,000	g	GS Mortgage Securities Corp II	2.933	%	06/05/31	$	3,302
			Series - 2012 SHOP (Class A)
	28,050,000	i	GS Mortgage Securities Corp II	5.622		04/10/38		30,354
			Series - 2006 GG6 (Class AM)
	5,910,000	g,i	GS Mortgage Securities Corp II	5.225		12/10/43		6,381
			Series - 2010 C2 (Class B)
	18,861,869	g	GS Mortgage Securities Trust	2.059		04/10/31		18,263
			Series - 2013 G1 (Class A1)
	4,542,265	i	HarborView Mortgage Loan Trust	0.386		07/19/47		3,782
			Series - 2007 4 (Class 2A1)
	2,244,851	i	Impac CMB Trust	0.825		03/25/35		2,005
			Series - 2004 11 (Class 2A1)
	6,455,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.259		07/15/46		6,838
			Series - 2011 C4 (Class C)
	1,965,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.932		02/15/51		2,073
			Series - 2007 C1 (Class AM)
	7,965,000	i	JP Morgan Chase Commercial Mortgage Securities Trust	4.911		07/15/42		7,987
			Series - 2005 LDP2 (Class C)
	59,550,833		JP Morgan Chase Commercial Mortgage Securities Trust	5.257		05/15/47		63,569
			Series - 2006 LDP9 (Class A1A)
	2,000,000	i	JP Morgan Chase Commercial Mortgage Securities Trust	6.192		02/15/51		2,217
			Series - 2007 LD12 (Class AM)
	3,350,000		LB-UBS Commercial Mortgage Trust	5.378		11/15/38		3,618
			Series - 2006 C7 (Class AM)
	3,675,000	i	LB-UBS Commercial Mortgage Trust	5.057		09/15/40		3,842
			Series - 2005 C5 (Class AJ)
	3,729,128	i	Merrill Lynch Mortgage Trust	5.107		07/12/38		3,937
			Series - 2005 CIP1 (Class AM)
	2,210,442	g,i	Merrill Lynch Mortgage Trust	6.263		02/12/51		2,385
			Series - 0 C1 (Class AJAF)
	2,205,000	i	Merrill Lynch Mortgage Trust	6.263		02/12/51		2,380
			Series - 0 C1 (Class AJA)
	5,000,000	i	Merrill Lynch Mortgage Trust 2005-MCP1	4.805		06/12/43		5,251
			Series - 2005 MCP1 (Class AM)
	1,120,000	g	Morgan Stanley Capital I	2.695		01/11/32		1,100
			Series - 2013 WLSR (Class A)
	2,265,000	g,i	Morgan Stanley Capital I	5.810		08/12/41		2,382
			Series - 2006 T23 (Class B)
	12,300,000	i	Morgan Stanley Capital I	5.793		07/12/44		13,268
			Series - 2006 HQ9 (Class AJ)
	3,550,000	g,i	Morgan Stanley Capital I	5.252		09/15/47		3,655
			Series - 2011 C1 (Class D)
	1,640,841		Residential Accredit Loans, Inc	4.350		03/25/34		1,668
			Series - 2004 QS4 (Class A1)
	1,935,463		RFMSI Trust	5.500		03/25/35		1,958
			Series - 2005 S2 (Class A6)
	2,960,658	g,i	Springleaf Mortgage Loan Trust	2.667		09/25/57		3,025
			Series - 2012 1A (Class A)

365

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	3,228,316	g,i	Springleaf Mortgage Loan Trust	2.220	%	10/25/57	$	3,289
			Series - 0 2A (Class A)
	43,250,000		Wachovia Bank Commercial Mortgage Trust	5.383		12/15/43		46,537
			Series - 2007 C30 (Class AM)
	32,660,000	i	Wachovia Bank Commercial Mortgage Trust	5.818		05/15/46		35,810
			Series - 2007 C34 (Class AM)
	5,000,000	i	Wachovia Bank Commercial Mortgage Trust	5.969		05/15/46		5,091
			Series - 2007 C34 (Class AJ)
	5,020,000		Wachovia Bank Commercial Mortgage Trust	5.500		04/15/47		5,549
			Series - 2007 C31 (Class A5)
	7,175,000	i	Wachovia Bank Commercial Mortgage Trust	5.591		04/15/47		7,812
			Series - 2007 C31 (Class AM)
	9,500,000	i	Wachovia Bank Commercial Mortgage Trust	5.660		04/15/47		9,429
			Series - 2007 C31 (Class AJ)
	7,819,290	i	WaMu Mortgage Pass-Through Certificates	0.515		12/25/45		6,922
			Series - 2005 AR19 (Class A1B3)
	4,725,000	g,i	Wells Fargo Mortgage Backed Securities Trust	5.276		11/15/43		5,114
			Series - 2010 C1 (Class B)
			TOTAL OTHER MORTGAGE BACKED					492,526
			TOTAL STRUCTURED ASSETS					1,717,573
			(Cost $1,720,853)
			TOTAL BONDS					12,761,804
			(Cost $12,735,149)
SHARES			COMPANY
PREFERRED STOCKS - 0.1%
BANKS - 0.1%
	470,597	*	Federal Home Loan Mortgage Corp	8.375		12/30/49		4,221
$	1,527,061	*	Federal National Mortgage Association	8.250		12/30/49		13,362
			TOTAL BANKS					17,583
			TOTAL PREFERRED STOCKS					17,583
			(Cost $49,941)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 19.9%
GOVERNMENT AGENCY DEBT - 1.0%
	26,000,000		Federal Home Loan Bank (FHLB)	0.085		02/19/14		25,997
	50,000,000		FHLB	0.100		03/26/14		49,995
	8,000,000		FHLB	0.035		01/17/14		8,000
	27,500,000		Federal Home Loan Mortgage Corp (FHLMC)	0.040		01/21/14		27,499
	15,000,000	w	FHLMC	0.060		03/10/14		14,999
			TOTAL GOVERNMENT AGENCY DEBT					126,490
TREASURY DEBT - 18.9%
	14,800,000	w	United States Treasury Bill	0.070		01/30/14		14,799

366

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	66,000,000	w	United States Treasury Bill	0.071	%	02/13/14	$	65,994
	58,800,000	w	United States Treasury Bill	0.055-0.081		03/06/14		58,795
	71,600,000	w	United States Treasury Bill	0.053-0.080		03/13/14		71,594
	21,200,000	w	United States Treasury Bill	0.060-0.065		03/20/14		21,197
	200,000,000	w	United States Treasury Bill	0.105		04/03/14		199,965
	212,000,000	w	United States Treasury Bill	0.060-0.067		04/17/14		211,977
	75,400,000	w	United States Treasury Bill	0.065-0.085		04/24/14		75,386
	111,000,000	w	United States Treasury Bill	0.070-0.107		05/01/14		110,981
	46,000,000	w	United States Treasury Bill	0.070		06/19/14		45,983
	247,000,000	w	United States Treasury Bill	0.095-0.096		06/26/14		246,901
	635,200,000	w	United States Treasury Bill	0.063-0.120		07/24/14		634,922
	653,000,000	w	United States Treasury Bill	0.075-0.135		08/21/14		652,707
	49,000,000	w	United States Treasury Bill	0.102		10/16/14		48,972
	14,000,000	w	United States Treasury Note	0.250		06/30/14		14,011
			TOTAL TREASURY DEBT					2,474,184
			TOTAL SHORT-TERM INVESTMENTS					2,600,674
			(Cost $2,600,279)
			TOTAL INVESTMENTS - 117.8%					15,401,061
			(Cost $15,406,248)
			OTHER ASSETS & LIABILITIES, NET - (17.8)%					(2,325,644	)
			NET ASSETS - 100.0%				$	13,075,417

*	Non-income producing.
^	Amount represents less than $1,000.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 2013, the aggregate value of these securities amounted to $1,777,372,000, or 13.6% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
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.

367

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

COLLEGE RETIREMENT EQUITIES FUND

INFLATION-LINKED BOND ACCOUNT

SCHEDULE OF INVESTMENTS  

December 31, 2013

				VALUE
PRINCIPAL			ISSUER	(000)
GOVERNMENT BONDS - 99.4%
U.S. TREASURY SECURITIES - 99.4%
		k	United States Treasury Inflation Indexed Bonds
$	66,438,651		1.625%, 01/15/15	$	68,442
	245,516,006		0.500%, 04/15/15		250,906
	196,449,244		1.875%, 07/15/15		207,054
	209,998,176		2.000%, 01/15/16		223,796
	408,869,160		0.125%, 04/15/16		419,826
	215,781,451		2.500%, 07/15/16		236,753
	173,738,576		2.375%, 01/15/17		191,194
	470,893,902		0.125%, 04/15/17		483,990
	142,783,298		2.625%, 07/15/17		160,609
	165,059,465		1.625%, 01/15/18		179,386
	188,441,465		0.125%, 04/15/18		192,196
	146,872,428		1.375%, 07/15/18		159,184
	144,142,775		2.125%, 01/15/19		160,967
	181,585,740		1.875%, 07/15/19		201,773
	220,662,387		1.375%, 01/15/20		236,953
	285,555,397		1.250%, 07/15/20		305,500
	355,486,697		1.125%, 01/15/21		373,622
	394,623,040		0.625%, 07/15/21		400,573
	336,395,061		0.125%, 01/15/22		323,307
	393,064,290		0.125%, 07/15/22		376,513
	215,532,570		0.125%, 01/15/23		203,560
	51,185,640		0.375%, 07/15/23		49,366
	266,728,666		2.375%, 01/15/25		306,592
	209,851,077		2.000%, 01/15/26		232,312
	163,536,428		2.375%, 01/15/27		188,374
	194,994,261		1.750%, 01/15/28		208,766
	170,437,542		3.625%, 04/15/28		225,457
	177,214,023		2.500%, 01/15/29		208,254
	166,357,959		3.875%, 04/15/29		227,988
	60,871,684		3.375%, 04/15/32		80,983
	84,990,763		2.125%, 02/15/40		95,495
	117,747,120		2.125%, 02/15/41		132,300
	234,950,918		0.750%, 02/15/42		188,879
	115,812,600		0.625%, 02/15/43		89,049
			TOTAL U.S. TREASURY SECURITIES		7,589,919
			TOTAL GOVERNMENT BONDS
			(Cost $7,318,881)		7,589,919
			TOTAL INVESTMENTS - 99.4%		7,589,919
			(Cost $7,318,881)
			OTHER ASSETS AND LIABILITIES, NET - 0.6%		48,191
			NET ASSETS - 100.0%	$	7,638,110

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

Cost amounts are in thousands.

368

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

COLLEGE RETIREMENT EQUITIES FUND
SOCIAL CHOICE ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 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	%	06/08/20	$	9,765
			TOTAL MEDIA					9,765
			TOTAL BANK LOAN OBLIGATIONS					9,765
			(Cost $9,728)
BONDS - 37.6%
CORPORATE BONDS - 13.9%
AUTOMOBILES & COMPONENTS - 0.2%
	2,350,000		BorgWarner, Inc	4.625		09/15/20		2,484
	10,000,000		Ford Motor Co	4.750		01/15/43		9,019
	4,500,000		Johnson Controls, Inc	2.600		12/01/16		4,653
	3,250,000		Johnson Controls, Inc	5.000		03/30/20		3,550
			TOTAL AUTOMOBILES & COMPONENTS					19,706
BANKS - 3.9%
	24,000,000		Bank of America Corp	1.350		11/21/16		23,990
	9,800,000	g	Bank of Nova Scotia	2.150		08/03/16		10,093
	9,750,000	g,i	Bank of Tokyo-Mitsubishi UFJ Ltd	0.687		02/26/16		9,759
	19,500,000		BB&T Corp	2.150		03/22/17		19,715
	7,375,000		BB&T Corp	1.600		08/15/17		7,309
	6,200,000		BB&T Corp	2.050		06/19/18		6,138
	14,000,000		Branch Banking & Trust Co	1.450		10/03/16		14,131
	7,000,000	g	Canadian Imperial Bank of Commerce	2.750		01/27/16		7,301
	6,000,000		Capital One Bank USA NA	3.375		02/15/23		5,578
	9,000,000		Capital One Financial Corp	2.150		03/23/15		9,149
	9,250,000	i	Capital One Financial Corp	0.878		11/06/15		9,274
	12,425,000		Capital One Financial Corp	1.000		11/06/15		12,420
	9,250,000	e,i	Capital One NA	0.696		03/22/16		9,241
	9,250,000		Capital One NA	1.500		03/22/18		8,995
	10,000,000	i	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA	0.723		03/18/16		10,037
	8,700,000	e	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA	1.700		03/19/18		8,592
	7,025,000	e	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA	3.950		11/09/22		6,807
	7,000,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA	4.625		12/01/23		7,049
	19,250,000		Discover Bank	2.000		02/21/18		18,907
	11,975,000		Discover Bank	4.200		08/08/23		11,811
	10,255,000		First Niagara Financial Group, Inc	6.750		03/19/20		11,788
	9,750,000		HSBC USA, Inc	1.625		01/16/18		9,614
	14,000,000	e	Huntington Bancshares, Inc	2.600		08/02/18		14,008

369

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	7,325,000		Huntington National Bank	1.350	%	08/02/16	$	7,322
	14,000,000		KeyCorp	2.300		12/13/18		13,898
	9,913,000		Manufacturers & Traders Trust Co	6.625		12/04/17		11,476
	19,250,000		Manufacturers & Traders Trust Co	1.450		03/07/18		18,725
	4,644,000	i	Manufacturers & Traders Trust Co	5.585		12/28/20		4,737
	6,076,000	i	Manufacturers & Traders Trust Co	5.629		12/01/21		6,273
	7,450,000	g	Mizuho Corporate Bank Ltd	1.850		03/21/18		7,261
	3,500,000	i	National City Bank	0.593		12/15/16		3,470
	9,900,000		People’s United Financial, Inc	3.650		12/06/22		9,360
	4,500,000	i	PNC Bank NA	0.548		01/28/16		4,506
	8,245,000	e	PNC Bank NA	2.950		01/30/23		7,588
	5,000,000		PNC Funding Corp	3.625		02/08/15		5,172
	4,750,000		PNC Funding Corp	2.700		09/19/16		4,955
	5,000,000		PNC Funding Corp	5.125		02/08/20		5,616
	14,000,000		Regions Financial Corp	2.000		05/15/18		13,556
	10,000,000		Royal Bank of Canada	1.125		07/22/16		9,999
	11,500,000		Royal Bank of Canada	1.200		09/19/17		11,395
	9,750,000		Royal Bank of Canada	1.500		01/16/18		9,560
	14,000,000	e	Royal Bank of Canada	2.200		07/27/18		14,057
	9,750,000	g	Skandinaviska Enskilda Banken AB	1.750		03/19/18		9,551
	14,500,000	g	Skandinaviska Enskilda Banken AB	1.375		05/29/18		14,116
	4,610,000	i	State Street Bank and Trust Co	0.442		12/08/15		4,601
	6,744,000	e	SVB Financial Group	5.375		09/15/20		7,427
	11,000,000	g	Toronto-Dominion Bank	1.625		09/14/16		11,195
	14,500,000	i	Toronto-Dominion Bank	0.786		04/30/18		14,531
	5,000,000		US Bancorp	2.875		11/20/14		5,107
	14,500,000	e	US Bancorp	1.650		05/15/17		14,531
	10,250,000		US Bancorp	2.950		07/15/22		9,524
	3,750,000	i	US Bank NA	0.524		10/14/14		3,754
	3,000,000		US Bank NA	4.950		10/30/14		3,114
	5,000,000	g	Westpac Banking Corp	1.850		11/26/18		4,911
			TOTAL BANKS					522,994
CAPITAL GOODS - 0.6%
	2,500,000		3M Co	6.375		02/15/28		3,058
	9,500,000		Eaton Corp	0.950		11/02/15		9,535
	3,375,000		Eaton Corp	1.500		11/02/17		3,309
	2,500,000		Eaton Corp	4.000		11/02/32		2,296
	3,100,000	g	Ingersoll-Rand Global Holding Co Ltd	2.875		01/15/19		3,055
	4,600,000	g	Ingersoll-Rand Global Holding Co Ltd	4.250		06/15/23		4,493
	3,150,000		Masco Corp	7.125		03/15/20		3,596
	5,155,000		Pall Corp	5.000		06/15/20		5,384
	8,850,000		Pentair Finance S.A.	1.350		12/01/15		8,904
	1,500,000		Pentair Finance S.A.	2.650		12/01/19		1,426
	9,750,000		Precision Castparts Corp	0.700		12/20/15		9,751
	9,250,000		Precision Castparts Corp	2.500		01/15/23		8,380
	3,300,000		Rockwell Collins, Inc	3.100		11/15/21		3,220
	6,125,000		Rockwell Collins, Inc	3.700		12/15/23		6,047
	5,000,000		Timken Co	6.000		09/15/14		5,178
			TOTAL CAPITAL GOODS					77,632

370

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
$	4,750,000		Waste Management, Inc	2.600	%	09/01/16	$	4,903
	2,730,000		Waste Management, Inc	4.600		03/01/21		2,909
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					7,812
CONSUMER DURABLES & APPAREL - 0.0%
	1,450,000		Mohawk Industries, Inc	3.850		02/01/23		1,378
	1,100,000		Whirlpool Corp	8.600		05/01/14		1,129
	2,215,000		Whirlpool Corp	3.700		03/01/23		2,117
	1,925,000		Whirlpool Corp	5.150		03/01/43		1,856
			TOTAL CONSUMER DURABLES & APPAREL					6,480
CONSUMER SERVICES - 0.2%
	4,000,000		American National Red Cross	5.567		11/15/17		4,144
	5,000,000		Andrew W Mellon Foundation	3.950		08/01/14		5,102
	1,250,000		McDonald’s Corp	5.000		02/01/19		1,409
	7,550,000		Nature Conservancy	6.300		07/01/19		8,563
	5,145,000		Salvation Army	5.637		09/01/26		5,321
	2,275,000	g	Service Corp International	5.375		01/15/22		2,303
			TOTAL CONSUMER SERVICES					26,842
DIVERSIFIED FINANCIALS - 1.9%
	5,000,000	i	American Express Centurion Bank	0.689		11/13/15		5,023
	1,675,000		American Express Co	7.000		03/19/18		2,001
	6,975,000		American Express Co	1.550		05/22/18		6,810
	18,350,000		American Express Credit Corp	2.125		07/27/18		18,381
	5,000,000		Bank of New York Mellon Corp	3.100		01/15/15		5,135
	4,750,000		Bank of New York Mellon Corp	1.200		02/20/15		4,787
	5,000,000		Bank of New York Mellon Corp	2.950		06/18/15		5,176
	19,750,000	i	Bank of New York Mellon Corp	0.469		10/23/15		19,761
	5,450,000	i	Bank of New York Mellon Corp	1.969		06/20/17		5,509
	15,000,000	e	Bank of New York Mellon Corp	1.300		01/25/18		14,623
	14,250,000	i	Bank of New York Mellon Corp	0.682		03/06/18		14,245
	2,675,000		Bank of New York Mellon Corp	5.450		05/15/19		3,039
	2,850,000		BlackRock, Inc	1.375		06/01/15		2,886
	4,000,000	g	Caisse Centrale Desjardins du Quebec	2.550		03/24/16		4,162
	14,750,000	g	Caisse Centrale Desjardins du Quebec	1.600		03/06/17		14,934
	5,000,000		Ford Motor Credit Co LLC	3.875		01/15/15		5,159
	5,900,000		Ford Motor Credit Co LLC	7.000		04/15/15		6,351
	11,000,000	i	Ford Motor Credit Co LLC	1.489		05/09/16		11,161
	9,000,000		Ford Motor Credit Co LLC	2.375		01/16/18		9,090
	8,600,000		Ford Motor Credit Co LLC	5.000		05/15/18		9,580
	10,000,000	e	Ford Motor Credit Co LLC	4.375		08/06/23		10,054
	5,000,000		John Deere Capital Corp	1.250		12/02/14		5,044
	4,725,000		John Deere Capital Corp	0.875		04/17/15		4,752
	7,000,000		John Deere Capital Corp	0.700		09/04/15		7,028
	4,155,000		John Deere Capital Corp	2.250		06/07/16		4,289
	14,000,000	g	Nissan Motor Acceptance Corp	2.650		09/26/18		14,008
	6,100,000		Northern Trust Corp	4.625		05/01/14		6,188
	9,750,000	g	RCI Banque S.A.	3.500		04/03/18		9,937
	3,000,000		State Street Corp	4.300		05/30/14		3,048
	8,900,000		State Street Corp	1.350		05/15/18		8,613
	8,300,000		State Street Corp	3.100		05/15/23		7,717
			TOTAL DIVERSIFIED FINANCIALS					248,491

371

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
ENERGY - 0.9%
$	5,000,000		Apache Corp	4.750	%	04/15/43	$	4,850
	4,145,000		Continental Resources, Inc	5.000		09/15/22		4,306
	2,500,000		Devon Energy Corp	6.300		01/15/19		2,897
	5,000,000		EOG Resources, Inc	2.950		06/01/15		5,175
	3,000,000		EOG Resources, Inc	4.100		02/01/21		3,134
	3,000,000		Hess Corp	5.600		02/15/41		3,126
	1,526,000		Marathon Oil Corp	5.900		03/15/18		1,737
	3,025,000		National Oilwell Varco, Inc	1.350		12/01/17		2,972
	2,500,000		Noble Energy, Inc	8.250		03/01/19		3,107
	14,000,000		Noble Energy, Inc	5.250		11/15/43		13,989
	9,886,000		Noble Holding International Ltd	2.500		03/15/17		9,917
	2,150,000	e	Noble Holding International Ltd	3.950		03/15/22		2,102
	2,150,000	g	Northern Natural Gas Co	4.100		09/15/42		1,858
	5,000,000		Spectra Energy Capital LLC	5.650		03/01/20		5,445
	6,975,000		Statoil ASA	1.200		01/17/18		6,808
	9,000,000	i	Statoil ASA	0.531		05/15/18		9,000
	9,000,000		Statoil ASA	2.900		11/08/20		8,941
	9,500,000		Statoil ASA	2.650		01/15/24		8,569
	3,000,000		Statoil ASA	3.950		05/15/43		2,624
	5,000,000	g	Texas Eastern Transmission LP	4.125		12/01/20		5,142
	12,150,000	g	Texas Eastern Transmission LP	2.800		10/15/22		10,865
	6,175,000		Weatherford International Ltd	4.500		04/15/22		6,214
			TOTAL ENERGY					122,778
FOOD & STAPLES RETAILING - 0.2%
	7,650,000		Kroger Co	1.200		10/17/16		7,653
	4,750,000		Kroger Co	2.200		01/15/17		4,808
	9,250,000		Kroger Co	2.300		01/15/19		9,204
	7,250,000		Safeway, Inc	3.400		12/01/16		7,543
			TOTAL FOOD & STAPLES RETAILING					29,208
FOOD, BEVERAGE & TOBACCO - 0.1%
	7,408,000		Kellogg Co	4.000		12/15/20		7,688
	5,000,000		PepsiCo, Inc	1.250		08/13/17		4,946
	428,000		PepsiCo, Inc	7.900		11/01/18		535
			TOTAL FOOD, BEVERAGE & TOBACCO					13,169
HEALTH CARE EQUIPMENT & SERVICES - 0.5%
	4,750,000		Becton Dickinson & Co	1.750		11/08/16		4,838
	4,000,000		Becton Dickinson & Co	5.000		05/15/19		4,485
	2,000,000		Becton Dickinson & Co	6.000		05/15/39		2,319
	15,625,000		Edwards Lifesciences Corp	2.875		10/15/18		15,534
	9,750,000		Laboratory Corp of America Holdings	2.500		11/01/18		9,616
	3,500,000		Medtronic, Inc	4.750		09/15/15		3,748
	2,500,000		Medtronic, Inc	6.500		03/15/39		3,040
	5,000,000		Providence Health & Services	5.050		10/01/14		5,154
	10,300,000		Thermo Fisher Scientific, Inc	1.300		02/01/17		10,255
	3,650,000		Thermo Fisher Scientific, Inc	2.400		02/01/19		3,616
	5,200,000		Thermo Fisher Scientific, Inc	4.150		02/01/24		5,151
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					67,756

372

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	$	3,774
	4,500,000		Colgate-Palmolive Co	2.300		05/03/22		4,126
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					7,900
INSURANCE - 0.5%
	5,000,000		Berkshire Hathaway Finance Corp	0.950		08/15/16		5,023
	4,750,000	i	Berkshire Hathaway, Inc	0.941		08/15/14		4,771
	10,625,000	g	Five Corners Funding Trust	4.419		11/15/23		10,473
	3,400,000		Principal Financial Group, Inc	1.850		11/15/17		3,369
	3,100,000		Progressive Corp	3.750		08/23/21		3,161
	3,175,000		Prudential Financial, Inc	2.300		08/15/18		3,156
	19,950,000	i	Prudential Financial, Inc	5.200		03/15/44		19,302
	5,000,000	g	Swiss Re Treasury US Corp	2.875		12/06/22		4,604
	3,750,000	g	Swiss Re Treasury US Corp	4.250		12/06/42		3,222
	2,000,000		Travelers Cos, Inc	5.900		06/02/19		2,341
			TOTAL INSURANCE					59,422
MATERIALS - 0.6%
	3,335,000		Air Products & Chemicals, Inc	4.375		08/21/19		3,609
	1,000,000		Ball Corp	6.750		09/15/20		1,088
	2,275,000		Ball Corp	5.000		03/15/22		2,252
	8,930,000		Ball Corp	4.000		11/15/23		7,992
	4,000,000		Bemis Co, Inc	6.800		08/01/19		4,689
	5,750,000		Domtar Corp	4.400		04/01/22		5,505
	2,300,000		Eastman Chemical Co	5.500		11/15/19		2,534
	2,000,000		International Paper Co	5.300		04/01/15		2,107
	2,650,000		International Paper Co	7.300		11/15/39		3,272
	5,000,000		International Paper Co	6.000		11/15/41		5,430
	5,000,000		MeadWestvaco Corp	7.375		09/01/19		5,934
	14,500,000		Nucor Corp	4.000		08/01/23		14,155
	5,000,000		Praxair, Inc	4.375		03/31/14		5,048
	4,750,000		Praxair, Inc	1.050		11/07/17		4,615
	4,000,000		Praxair, Inc	2.450		02/15/22		3,677
	2,850,000		Rock Tenn Co	3.500		03/01/20		2,803
	2,850,000		Rock Tenn Co	4.000		03/01/23		2,722
	8,000,000		Sherwin-Williams Co	1.350		12/15/17		7,790
			TOTAL MATERIALS					85,222
MEDIA - 0.1%
	2,825,000		Discovery Communications LLC	4.950		05/15/42		2,624
	3,500,000		Time Warner Cable, Inc	3.500		02/01/15		3,596
	7,225,000		Time Warner Cable, Inc	8.250		04/01/19		8,464
	5,500,000		Time Warner Cable, Inc	4.500		09/15/42		4,166
			TOTAL MEDIA					18,850
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.8%
	9,500,000	i	AbbVie, Inc	0.998		11/06/15		9,598
	11,425,000		AbbVie, Inc	1.750		11/06/17		11,405
	2,695,000		Bristol-Myers Squibb Co	3.250		08/01/42		2,093
	2,250,000		Gilead Sciences, Inc	4.400		12/01/21		2,403
	10,000,000	i	Johnson & Johnson	0.331		05/15/14		10,002
	4,600,000		Johnson & Johnson	2.150		05/15/16		4,755
	14,500,000		Johnson & Johnson	0.700		11/28/16		14,411

373

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	15,300,000		Johnson & Johnson	4.375	%	12/05/33	$	15,399
	4,600,000		Johnson & Johnson	4.500		09/01/40		4,526
	8,080,000		Life Technologies Corp	3.500		01/15/16		8,416
	5,000,000		Merck & Co, Inc	2.250		01/15/16		5,165
	9,000,000	i	Merck & Co, Inc	0.599		05/18/18		9,024
	2,400,000		Merck & Co, Inc	4.150		05/18/43		2,193
	4,750,000	g	Valeant Pharmaceuticals International, Inc	6.375		10/15/20		5,005
	475,000	g	Valeant Pharmaceuticals International, Inc	5.625		12/01/21		477
	5,750,000	g	VPII Escrow Corp	6.750		08/15/18		6,318
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					111,190
REAL ESTATE - 0.6%
	8,000,000		AvalonBay Communities, Inc	2.950		09/15/22		7,346
	3,500,000		Boston Properties LP	3.125		09/01/23		3,197
	8,325,000	g	DCT Industrial Operating Partnership LP	4.500		10/15/23		8,089
	8,907,000		Equity One, Inc	3.750		11/15/22		8,357
	1,400,000		Federal Realty Investment Trust	5.900		04/01/20		1,608
	10,100,000		Federal Realty Investment Trust	2.750		06/01/23		9,076
	3,400,000		Healthcare Realty Trust, Inc	5.750		01/15/21		3,695
	3,400,000		Kilroy Realty Corp	5.000		11/03/15		3,622
	10,050,000		Kilroy Realty LP	3.800		01/15/23		9,372
	3,900,000		Mid-America Apartments LP	4.300		10/15/23		3,792
	1,673,000		Simon Property Group LP	6.750		05/15/14		1,685
	3,125,000		Simon Property Group LP	2.800		01/30/17		3,232
	9,500,000	g	Simon Property Group LP	1.500		02/01/18		9,229
	6,150,000		Ventas Realty LP	2.000		02/15/18		6,045
	2,400,000		Ventas Realty LP	3.250		08/15/22		2,223
			TOTAL REAL ESTATE					80,568
RETAILING - 0.1%
	5,000,000		AutoZone, Inc	5.750		01/15/15		5,252
	7,536,000		O’Reilly Automotive, Inc	3.800		09/01/22		7,273
			TOTAL RETAILING					12,525
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	5,425,000		Intel Corp	1.350		12/15/17		5,362
	7,500,000		Texas Instruments, Inc	2.375		05/16/16		7,774
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					13,136
SOFTWARE & SERVICES - 0.2%
	5,000,000		Adobe Systems, Inc	3.250		02/01/15		5,135
	9,750,000		International Business Machines Corp	0.550		02/06/15		9,765
	5,250,000		International Business Machines Corp	1.250		02/06/17		5,236
			TOTAL SOFTWARE & SERVICES					20,136
TECHNOLOGY HARDWARE & EQUIPMENT - 0.3%
	5,000,000		American Tower Corp	4.700		03/15/22		4,998
	3,375,000		CC Holdings GS V LLC	2.381		12/15/17		3,343
	5,000,000		Xerox Corp	8.250		05/15/14		5,134
	9,750,000	i	Xerox Corp	1.059		05/16/14		9,758
	4,000,000		Xerox Corp	2.950		03/15/17		4,106
	11,000,000		Xerox Corp	2.750		03/15/19		10,902
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					38,241

374

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
TELECOMMUNICATION SERVICES - 0.2%
$	3,400,000		CenturyLink, Inc	6.750	%	12/01/23	$	3,442
	12,825,000	g	Sprint Corp	7.250		09/15/21		13,771
	3,235,000		Sprint Nextel Corp	6.000		12/01/16		3,530
	9,750,000		Vodafone Group plc	1.500		02/19/18		9,506
	2,300,000		Windstream Corp	6.375		08/01/23		2,151
			TOTAL TELECOMMUNICATION SERVICES					32,400
TRANSPORTATION - 0.4%
	4,600,000		Burlington Northern Santa Fe LLC	5.050		03/01/41		4,563
	2,100,000		Burlington Northern Santa Fe LLC	4.950		09/15/41		2,070
	7,150,000		CSX Corp	3.700		11/01/23		6,917
	6,500,000		CSX Corp	4.100		03/15/44		5,508
	4,225,000		GATX Corp	3.900		03/30/23		4,002
	2,500,000		Norfolk Southern Corp	5.750		01/15/16		2,731
	5,000,000		Norfolk Southern Corp	3.250		12/01/21		4,845
	12,775,000		Norfolk Southern Corp	3.000		04/01/22		12,069
	6,894,000		Norfolk Southern Corp	2.903		02/15/23		6,368
	475,000		Norfolk Southern Corp	5.590		05/17/25		519
	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		1,836
	3,650,000		United Parcel Service, Inc	1.125		10/01/17		3,596
			TOTAL TRANSPORTATION					55,024
UTILITIES - 1.3%
	1,667,000		Arizona Public Service Co	5.050		09/01/41		1,711
	2,000,000		Atmos Energy Corp	8.500		03/15/19		2,563
	1,200,000		Connecticut Light & Power Co	5.500		02/01/19		1,375
	2,000,000		Connecticut Light & Power Co	5.750		03/01/37		2,163
	9,000,000	e	Delmarva Power & Light Co	3.500		11/15/23		8,848
	1,785,523	g	Great River Energy	5.829		07/01/17		1,894
	3,375,000	g	International Transmission Co	4.625		08/15/43		3,295
	7,250,000		ITC Holdings Corp	5.300		07/01/43		7,128
	9,250,000	g	Narragansett Electric Co	4.170		12/10/42		8,089
	9,500,000		Nevada Power Co	5.875		01/15/15		10,013
	9,750,000	g	Niagara Mohawk Power Corp	4.119		11/28/42		8,518
	14,150,000		NiSource Finance Corp	4.800		02/15/44		12,767
	6,000,000		Northeast Utilities	1.450		05/01/18		5,811
	9,750,000		Northern States Power Co	2.600		05/15/23		8,954
	1,500,000		Northwest Natural Gas Co	5.620		11/21/23		1,703
	14,000,000	i	NSTAR Electric Co	0.479		05/17/16		13,981
	5,000,000		Pacific Gas & Electric Co	8.250		10/15/18		6,253
	3,750,000		Pacific Gas & Electric Co	5.400		01/15/40		3,987
	3,000,000		Pepco Holdings, Inc	2.700		10/01/15		3,076
	630,000		Public Service Co of Colorado	4.750		08/15/41		636
	5,000,000		Public Service Co of New Hampshire	3.500		11/01/23		4,896
	5,500,000		San Diego Gas & Electric Co	3.000		08/15/21		5,420
	620,000		San Diego Gas & Electric Co	6.000		06/01/39		739
	10,000,000		Sempra Energy	2.300		04/01/17		10,129
	8,875,000		Sierra Pacific Power Co	3.375		08/15/23		8,569
	17,250,000	g	Topaz Solar Farms LLC	4.875		09/30/39		16,282

375

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	14,500,000	g	Topaz Solar Farms LLC	5.750	%	09/30/39	$	14,529
	5,000,000		Washington Gas Light Co	5.440		08/11/25		5,279
			TOTAL UTILITIES					178,608
			TOTAL CORPORATE BONDS					1,856,090
			(Cost $1,855,911)
GOVERNMENT BONDS -  22.3%
AGENCY SECURITIES - 4.0%
	6,841,864		Cal Dive I- Title XI, Inc	4.930		02/01/27		7,235
	7,150,072		COP I LLC	3.613		12/05/21		7,681
	5,500,000		Federal Home Loan Bank (FHLB)	5.000		11/17/17		6,277
	17,166,667		FHLB	2.350		08/08/22		15,942
	4,635,000		Federal Home Loan Mortgage Corp (FHLMC)	2.500		04/23/14		4,669
	5,000,000		FHLMC	1.000		09/29/17		4,941
	3,000,000		Federal National Mortgage Association (FNMA)	2.500		05/15/14		3,026
	10,000,000		FNMA	2.625		11/20/14		10,219
	6,400,000		FNMA	1.125		04/27/17		6,425
	1,096,000	j	Government Trust Certificate	0.000		04/01/19		970
	5,000,000	j	Government Trust Certificate	0.000		04/01/21		3,884
	2,800,000	j	Overseas Private Investment Corp (OPIC)	0.000		07/12/14		2,830
	3,850,000	j	OPIC	0.000		07/12/14		4,120
	4,700,000	j	OPIC	0.000		07/12/14		5,410
	2,750,000	j	OPIC	0.000		04/30/15		2,769
	14,500,000	j	OPIC	0.000		11/17/16		14,429
	12,750,000	j	OPIC	0.000		11/17/16		13,446
	3,000,000	j	OPIC	0.000		04/30/18		3,063
	11,106,470		OPIC	1.030		04/15/19		10,991
	2,160,714		OPIC	1.300		06/15/19		2,132
	3,313,659		OPIC	5.142		12/15/23		3,662
	5,748,751		OPIC	2.290		09/15/26		5,495
	3,163,839		OPIC	2.040		12/15/26		3,051
	8,236,086		OPIC	4.440		02/27/27		8,651
	2,500,000		OPIC	2.610		04/15/30		2,274
	4,750,000		OPIC	2.930		05/15/30		4,385
	7,850,000		OPIC	3.040		05/15/30		7,313
	5,000,000		OPIC	3.430		05/15/30		4,807
	4,750,000		OPIC	4.010		05/15/30		4,777
	9,705,889		OPIC	3.540		06/15/30		9,727
	2,418,250		OPIC	2.310		11/15/30		2,152
	24,500,000		OPIC	3.370		12/15/30		23,996
	9,714,286		OPIC	3.590		12/15/30		9,492
	23,250,000		OPIC	3.820		12/20/32		23,142
	15,000,000		OPIC	3.938		12/20/32		14,718
	1,050,000		Private Export Funding Corp (PEFCO)	4.550		05/15/15		1,111
	9,750,000		PEFCO	2.125		07/15/16		10,113
	11,750,000		PEFCO	1.375		02/15/17		11,860
	8,000,000		PEFCO	2.250		12/15/17		8,239
	5,000,000		PEFCO	4.375		03/15/19		5,521
	14,000,000		PEFCO	1.450		08/15/19		13,316
	17,500,000		PEFCO	4.300		12/15/21		19,011
	8,250,000		PEFCO	2.050		11/15/22		7,395

376

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	5,007,000		United States Department of Housing and Urban Development (HUD)	5.380	%	08/01/18	$	5,584
	750,000		HUD	2.050		08/01/19		745
	9,500,000		HUD	4.870		08/01/19		10,719
	9,000,000		HUD	5.190		08/01/14		9,262
	1,900,000		HUD	2.200		08/01/15		1,955
	5,250,000		HUD	4.330		08/01/15		5,573
	3,894,000		HUD	2.910		08/01/17		4,125
	8,000,000		HUD	4.560		08/01/17		8,877
	10,750,000		HUD	1.770		08/01/18		10,710
	13,967,000		HUD	4.960		08/01/20		15,837
	13,500,000		HUD	5.050		08/01/21		15,246
	9,689,431	m	Gate Capital Cayman One Ltd	1.839		03/27/21		9,699
	6,924,380		Gate Capital Cayman Two	3.550		06/11/21		7,325
	13,500,000		Hashemite Kingdom of Jordan	2.503		10/30/20		13,223
	10,125,000	i	India Government AID Bond	0.342		02/01/27		9,640
	8,845,000		Lutheran Medical Center	1.982		02/20/30		8,176
	13,550,000		Micron Semiconductor Asia Pte Ltd	1.258		01/15/19		13,503
	4,420,000	g	Montefiore Medical Center	3.896		05/20/27		4,472
	649,482		National Credit Union Administration	1.840		10/07/20		655
	5,323,639		Premier Aircraft Leasing	3.576		02/06/22		5,633
	3,650,618		Tayarra Ltd	3.628		02/15/22		3,870
	3,557,708		Tricahue Leasing LLC	3.503		11/19/21		3,755
	31,044,000	e	Tunisia Government AID Bonds	1.686		07/16/19		30,003
	9,583,333		Ulani MSN 35940 LLC	2.227		05/16/25		9,331
	8,650,000		UNM Sandoval Regional Medical Center	4.500		07/20/36		8,333
	2,392,820		VRG Linhas Aereas S.A.	1.000		06/30/14		2,399
			TOTAL AGENCY SECURITIES					553,317
FOREIGN GOVERNMENT BONDS - 4.5%
	24,000,000		African Development Bank	0.750		10/18/16		23,948
	6,000,000	g	Caisse d’Amortissement de la Dette Sociale	2.000		04/17/20		5,747
	6,300,000		Canada Government International Bond	0.875		02/14/17		6,300
	8,952,338	g	Carpintero Finance Ltd	2.004		09/18/24		8,767
	24,750,000		Council of Europe Development Bank	1.500		01/15/15		25,044
	14,250,000	e	Council of Europe Development Bank	1.000		03/07/18		13,864
	24,000,000		European Bank for Reconstruction & Development	1.625		04/10/18		24,040
	2,000,000		European Investment Bank	4.875		02/15/36		2,186
	18,175,000	e	Export-Import Bank of Korea	1.750		02/27/18		17,685
	14,500,000		Hydro Quebec	2.000		06/30/16		14,889
	10,200,000		Hydro Quebec	1.375		06/19/17		10,235
	6,082,000		Hydro Quebec	8.400		01/15/22		7,948
	49,000,000		International Bank for Reconstruction & Development	0.375		08/24/15		49,000
	3,000,000		International Bank for Reconstruction & Development	2.000		10/20/16		3,104
	55,210,000		International Finance Corp	2.250		04/28/14		55,561
	24,500,000		International Finance Corp	0.500		05/15/15		24,523
	24,000,000		International Finance Corp	0.500		05/16/16		23,954
	29,000,000	g,i	International Finance Facility for Immunisation	0.433		07/05/16		29,000
	2,850,000	e	Italy Government International Bond	5.375		06/12/17		3,106
	10,000,000		KFW	2.625		01/25/22		9,757
	19,000,000	g	Kommunalbanken AS.	0.750		11/21/16		18,903
	3,145,000	g	National Bank of Canada	1.650		01/30/14		3,148
	7,500,000	g	National Bank of Canada	2.200		10/19/16		7,741

377

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	13,500,000		North American Development Bank	2.300	%	10/10/18	$	13,293
	23,425,000		North American Development Bank	2.400		10/26/22		20,789
	17,500,000	g	Province of Alberta Canada	1.000		06/21/17		17,468
	4,000,000		Province of British Columbia Canada	2.850		06/15/15		4,144
	5,000,000		Province of British Columbia Canada	1.200		04/25/17		5,023
	15,250,000		Province of Manitoba Canada	1.750		05/30/19		14,920
	19,500,000		Province of Manitoba Canada	2.100		09/06/22		17,601
	10,000,000		Province of New Brunswick Canada	2.750		06/15/18		10,343
	5,000,000		Province of Nova Scotia Canada	2.375		07/21/15		5,140
	8,100,000		Province of Ontario Canada	2.950		02/05/15		8,326
	9,450,000		Province of Ontario Canada	2.700		06/16/15		9,761
	15,000,000		Province of Ontario Canada	2.300		05/10/16		15,519
	9,500,000		Province of Ontario Canada	1.200		02/14/18		9,317
	5,000,000	e	Province of Ontario Canada	4.400		04/14/20		5,486
	10,000,000		Province of Quebec Canada	3.500		07/29/20		10,381
	10,000,000	e	Province of Quebec Canada	2.750		08/25/21		9,648
	14,500,000		Province of Quebec Canada	2.625		02/13/23		13,319
	5,000,000		Province of Quebec Canada	7.500		09/15/29		6,612
			TOTAL FOREIGN GOVERNMENT BONDS					585,540
MORTGAGE BACKED - 8.2%
	581,439		Federal Home Loan Mortgage Corp (FHLMC)	5.500		08/01/35		639
	1,196,570	i	FHLMC	2.427		02/01/36		1,274
	2,906,531	i	FHLMC	2.564		07/01/36		3,089
	3,746,016	i	FHLMC	2.259		09/01/36		4,004
	796,674	i	FHLMC	2.368		09/01/36		853
	764,995	i	FHLMC	5.675		02/01/37		812
	3,059,446	i	FHLMC	2.633		03/01/37		3,268
	1,298,479	i	FHLMC	6.010		04/01/37		1,377
	1,373,331	i	FHLMC	2.615		08/01/37		1,453
	2,576,156	i	FHLMC	1.702		09/01/37		2,679
	3,405,319		FHLMC	6.000		09/01/37		3,799
	2,185,594		FHLMC	3.000		08/15/42		1,773
	72,309		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.500		12/01/16		76
	154,033		FGLMC	6.000		12/01/17		164
	1,188,617		FGLMC	4.500		10/01/18		1,260
	1,475,880		FGLMC	4.500		11/01/18		1,565
	1,320,517		FGLMC	4.500		11/01/18		1,400
	2,149,641		FGLMC	4.500		01/01/19		2,279
	810,590		FGLMC	5.500		01/01/19		854
	733,037		FGLMC	5.000		02/01/19		776
	320,416		FGLMC	4.500		01/01/20		340
	95,239		FGLMC	4.500		07/01/20		103
	119,667		FGLMC	7.000		10/01/20		129
	2,431,236		FGLMC	4.500		06/01/21		2,583
	711,865		FGLMC	4.500		06/01/21		756
	378,986		FGLMC	4.500		03/01/23		406
	301,911		FGLMC	5.000		04/01/23		326
	10,385		FGLMC	7.000		05/01/23		12
	1,088,221		FGLMC	4.000		07/01/24		1,149
	367,075		FGLMC	4.500		09/01/24		394
	26,846		FGLMC	8.000		01/01/31		31
	792,324		FGLMC	4.500		07/01/33		841

378

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	1,344,775		FGLMC	5.500	%	09/01/33	$	1,484
	1,368,819		FGLMC	5.500		09/01/33		1,528
	2,183,163		FGLMC	5.500		12/01/33		2,408
	4,734,214		FGLMC	7.000		12/01/33		5,489
	697,308		FGLMC	6.000		09/01/34		781
	339,855		FGLMC	5.500		12/01/34		376
	1,732,477		FGLMC	7.000		05/01/35		1,968
	1,062,136		FGLMC	6.000		08/01/35		1,185
	328,646		FGLMC	5.000		10/01/35		354
	267,882		FGLMC	5.000		02/01/36		289
	13,835		FGLMC	6.500		05/01/36		15
	532,319		FGLMC	6.500		10/01/36		600
	556,460		FGLMC	6.500		11/01/37		619
	1,869,451		FGLMC	6.000		02/01/38		2,088
	285,090		FGLMC	6.000		11/01/38		314
	1,217,872		FGLMC	5.000		07/01/39		1,313
	3,730,458		FGLMC	6.000		07/01/39		4,168
	4,481,140		FGLMC	4.500		11/01/40		4,791
	5,135,764		FGLMC	4.500		12/01/40		5,472
	10,000,000	h	FGLMC	3.500		01/15/44		9,922
	9,000,000	h	FGLMC	4.000		01/15/44		9,243
	1,000,000	h	FGLMC	4.500		01/15/44		1,058
	726,207		Federal National Mortgage Association (FNMA)	4.521		05/01/14		728
	3,799,344		FNMA	4.265		06/01/14		3,809
	2,756,444		FNMA	4.530		10/01/14		2,790
	1,107		FNMA	8.500		11/01/14		1
	40,116		FNMA	6.500		10/01/16		42
	239,113		FNMA	6.500		04/01/17		253
	470,494		FNMA	5.000		12/01/17		501
	87,246		FNMA	6.500		02/01/18		92
	107,202		FNMA	5.500		04/01/18		115
	17,204		FNMA	5.500		05/01/18		18
	1,773,345		FNMA	5.500		11/01/18		1,896
	1,209,042		FNMA	5.000		12/01/18		1,289
	1,169,484		FNMA	5.000		01/01/19		1,252
	113,817		FNMA	6.000		01/01/19		126
	113,740		FNMA	6.000		02/01/19		126
	362,877		FNMA	4.000		02/25/19		382
	37,884		FNMA	4.500		03/01/19		40
	198,357		FNMA	4.500		05/01/19		211
	307,826		FNMA	4.500		06/01/19		328
	351,559		FNMA	5.000		03/01/20		375
	159,973		FNMA	4.500		11/01/20		170
	301,763		FNMA	5.000		12/01/20		325
	570,294		FNMA	5.000		03/01/21		608
	1,102,547		FNMA	5.500		08/01/21		1,204
	388,904		FNMA	4.500		03/01/23		414
	22,297		FNMA	8.000		03/01/23		25
	1,063,633		FNMA	5.000		07/01/23		1,148
	64,466		FNMA	5.000		01/01/24		70
	205,083		FNMA	5.500		02/01/24		225
	619,389		FNMA	4.000		05/01/24		657
	43,099		FNMA	8.000		07/01/24		50

379

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	861,636		FNMA	4.500	%	08/01/24	$	918
	3,504,288		FNMA	4.000		09/01/24		3,716
	6,293,166		FNMA	3.000		05/01/27		6,432
	13,000,000	h	FNMA	2.500		01/25/29		12,866
	28,000,000	h	FNMA	3.000		01/25/29		28,574
	11,000,000	h	FNMA	3.500		01/25/29		11,503
	13,000,000	h	FNMA	4.000		01/25/29		13,775
	16,000,000	h	FNMA	3.500		02/25/29		16,689
	24,000,000		FNMA	3.000		03/25/31		24,825
	647,253		FNMA	6.500		07/01/32		726
	903,678		FNMA	4.500		03/25/33		945
	196,629		FNMA	4.500		09/01/33		211
	5,929,478		FNMA	3.000		10/01/33		5,842
	893,203		FNMA	5.000		11/01/33		985
	1,368,887		FNMA	5.500		11/01/33		1,531
	1,045,934		FNMA	5.500		11/01/33		1,170
	767,843		FNMA	5.500		11/01/33		851
	1,140,343		FNMA	5.500		11/01/33		1,275
	686,220		FNMA	5.500		11/01/33		768
	140,720		FNMA	5.500		12/01/33		156
	87,798		FNMA	7.000		01/01/34		96
	14,304		FNMA	4.500		05/01/34		15
	11,871		FNMA	4.500		05/01/34		13
	196,056		FNMA	4.500		05/01/34		208
	13,806		FNMA	4.500		06/01/34		15
	17,946		FNMA	4.500		06/01/34		19
	11,235		FNMA	4.500		06/01/34		12
	67,420		FNMA	4.500		06/01/34		72
	13,968		FNMA	4.500		07/01/34		15
	29,700		FNMA	4.500		07/01/34		32
	89,514		FNMA	4.500		07/01/34		95
	583,742		FNMA	4.500		08/01/34		618
	13,361		FNMA	4.500		08/01/34		14
	25,275		FNMA	4.500		09/01/34		27
	289,950		FNMA	6.000		12/01/34		326
	531,080		FNMA	5.500		04/01/35		585
	1,194,854		FNMA	6.000		05/01/35		1,342
	35,822		FNMA	7.500		06/01/35		39
	258,852		FNMA	6.000		07/01/35		290
	575,163		FNMA	4.500		08/01/35		611
	419,700	i	FNMA	2.526		02/01/36		447
	833,147		FNMA	6.500		02/01/36		926
	885,632		FNMA	6.000		03/01/36		988
	748,111	i	FNMA	2.379		07/01/36		805
	479,453		FNMA	6.000		12/01/36		532
	3,823,956	i	FNMA	5.784		01/01/37		4,088
	461,114		FNMA	7.000		02/01/37		523
	1,207,043		FNMA	6.500		03/01/37		1,347
	361,737		FNMA	7.000		04/01/37		390
	329,387		FNMA	6.500		08/01/37		366
	1,206,966		FNMA	6.000		09/01/37		1,342
	1,191,747		FNMA	6.000		09/01/37		1,340
	876,343		FNMA	6.000		09/01/37		987

380

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	911,926		FNMA	6.000	%	09/01/37	$	1,026
	195,547		FNMA	6.500		09/01/37		218
	425,242		FNMA	6.500		09/01/37		472
	513,312	i	FNMA	2.400		10/01/37		546
	388,640		FNMA	7.000		11/01/37		430
	22,921		FNMA	6.500		02/01/38		26
	68,198		FNMA	6.500		03/01/38		76
	715,830	i	FNMA	2.020		10/01/38		764
	8,972,771		FNMA	5.500		12/01/38		9,856
	401,524		FNMA	6.000		01/01/39		444
	502,975		FNMA	6.000		01/01/39		556
	2,279,579		FNMA	4.000		04/01/39		2,354
	1,580,511		FNMA	4.500		08/01/39		1,675
	3,097,816		FNMA	5.500		08/01/39		3,413
	2,880,365		FNMA	3.500		10/01/42		2,864
	1,948,702		FNMA	3.000		02/01/43		1,854
	27,783,476		FNMA	3.000		04/01/43		26,407
	10,322,117		FNMA	3.000		05/01/43		9,810
	5,774,085		FNMA	3.000		05/01/43		5,490
	3,886,755		FNMA	3.000		05/01/43		3,694
	61,000,000	h	FNMA	4.000		01/25/44		62,792
	58,000,000	h	FNMA	4.500		01/25/44		61,455
	65,000,000	h	FNMA	5.000		01/25/44		70,591
	17,000,000	h	FNMA	5.500		01/25/44		18,699
	161,000,000	h	FNMA	3.500		02/25/44		159,453
	109,000,000	h	FNMA	4.000		02/25/44		111,861
	25,426		Government National Mortgage Association (GNMA)	9.000		12/15/17		28
	5,439,683		GNMA	2.300		10/15/19		5,587
	18,864		GNMA	8.000		06/15/22		21
	25,301		GNMA	6.500		08/15/23		28
	9,718		GNMA	6.500		08/15/23		11
	7,973,821		GNMA	2.580		08/15/25		8,127
	134,241		GNMA	6.500		05/20/31		155
	9,660,009		GNMA	2.640		01/15/33		9,200
	366,144		GNMA	5.500		07/15/33		407
	221,757		GNMA	6.000		10/20/36		250
	236,699		GNMA	6.000		01/20/37		267
	783,061		GNMA	5.500		02/15/37		861
	1,237,276		GNMA	6.000		02/20/37		1,393
	581,560		GNMA	5.000		04/15/38		631
	455,984		GNMA	6.000		08/20/38		513
	880,762		GNMA	6.500		11/20/38		987
	2,448,737		GNMA	4.500		07/20/39		2,630
	773,676		GNMA	5.000		07/20/39		840
	938,888		GNMA	4.000		08/15/39		977
	8,855,081		GNMA	5.000		09/20/43		9,625
	56,000,000	h	GNMA	3.000		01/15/44		54,079
	70,000,000	h	GNMA	3.500		01/15/44		70,550
	22,000,000	h	GNMA	4.000		01/15/44		22,860
	37,000,000	h	GNMA	4.500		01/15/44		39,477
	11,000,000	h	GNMA	6.000		01/15/44		12,224
	23,000,000	h	GNMA	3.500		01/20/44		23,202
	8,000,000	h	GNMA	4.500		01/20/44		8,553
			TOTAL MORTGAGE BACKED					1,097,791

381

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
MUNICIPAL BONDS - 2.6%
$	6,520,000		American Municipal Power	6.270	%	02/15/50	$	6,859
	4,500,000	g	Basin Electric Power Coop	6.127		06/01/41		4,471
	1,090,000		Bay Area Water Supply & Conservation Agency	1.311		10/01/17		1,072
	3,790,000		Bay Area Water Supply & Conservation Agency	2.535		10/01/21		3,555
	3,325,000		Bay Area Water Supply & Conservation Agency	2.735		10/01/22		3,096
	2,635,000		Bay Area Water Supply & Conservation Agency	3.015		10/01/24		2,399
	3,000,000		Broward County FL Water & Sewer Utility Revenue	1.350		10/01/16		2,967
	1,410,000		Broward County FL Water & Sewer Utility Revenue	1.910		10/01/18		1,358
	6,165,000		California Pollution Control Financing Authority	5.000		07/01/27		6,088
	8,020,000		California Pollution Control Financing Authority	5.000		07/01/37		7,072
	3,700,000		Calleguas Municipal Water District	2.030		07/01/18		3,600
	2,390,000		Charlotte-Mecklenburg Hospital Authority	5.000		08/01/15		2,485
	1,400,000		Chelan County Public Utility District No	1.398		07/01/14		1,405
	2,300,000		Chelan County Public Utility District No	1.867		07/01/15		2,329
	5,000,000		Chicago Metropolitan Water Reclamation District-Greater Chicago	5.720		12/01/38		5,316
	1,250,000		City & County of Honolulu, HI	6.114		07/01/29		1,349
	4,000,000		City of Dallas, TX	5.078		02/15/22		4,326
	1,500,000		City of Dallas, TX	5.195		02/15/35		1,517
	810,000		City of Eugene, OR	6.320		08/01/22		863
	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		1,614
	2,200,000		City of Jersey City NJ	1.509		09/01/16		2,189
	2,180,000		City of Jersey City NJ	1.829		09/01/17		2,155
	500,000		City of Jersey City NJ	2.079		09/01/18		488
	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		5,078
	4,500,000		City of Seattle WA Municipal Light & Power Revenue	3.500		06/01/30		4,001
	1,000,000		Commonwealth Financing Authority	1.159		06/01/16		994
	1,000,000		Commonwealth Financing Authority	2.675		06/01/21		922
	1,150,000		Commonwealth Financing Authority	2.875		06/01/22		1,047
	2,310,000		Commonwealth Financing Authority	3.075		06/01/23		2,079
	24,000,000		Commonwealth of Massachusetts	5.000		08/01/33		25,571
	5,000,000		Commonwealth of Massachusetts	5.456		12/01/39		5,351
	1,435,000		County of Mercer, NJ	5.380		02/01/17		1,464
	4,000,000		Dallas County Hospital District	5.621		08/15/44		4,380
	1,680,000		Douglas County Public Utility District No 1 Wells Hydroelectric	5.112		09/01/18		1,770
	5,750,000		Fiscal Year 2005 Securitization Corp	4.760		08/15/19		6,135
	500,000		Florida Governmental Utility Authority	2.000		10/01/16		494
	9,750,000		Florida Hurricane Catastrophe Fund Finance Corp	1.298		07/01/16		9,761
	8,875,000	j	Garden State Preservation Trust	0.000		11/01/22		6,587
	500,000		Grant County Public Utility District No 2	4.700		01/01/28		485
	1,000,000		Grant County Public Utility District No 2	5.470		01/01/34		1,010
	1,250,000		Grant County Public Utility District No 2	4.164		01/01/35		1,131
	4,135,000		Greene County OH	2.720		12/01/21		3,926
	4,365,000		Greene County OH	3.120		12/01/23		4,052
	4,615,000		Greene County OH	3.270		12/01/24		4,249
	4,755,000		Greene County OH	3.420		12/01/25		4,367
	1,800,000		Guadalupe Valley Electric Coop, Inc	5.671		10/01/32		1,606

382

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

					MATURITY	VALUE
PRINCIPAL		ISSUER	RATE		DATE	(000)
$	975,000	Guadalupe-Blanco River Authority Industrial Development Corp	3.287	%	04/15/23	$	924
	3,490,000	Guadalupe-Blanco River Authority Industrial Development Corp	4.633		04/15/33		3,263
	17,985,000	Irvine Ranch Water District Joint Powers Agency	2.388		03/15/14		17,999
	1,000,000	Kansas Development Finance Authority	4.592		05/01/14		1,011
	1,350,000	Kansas Development Finance Authority	4.722		05/01/15		1,405
	995,000	Massachusetts Housing Finance Agency	1.306		06/01/16		986
	545,000	Massachusetts Housing Finance Agency	1.776		06/01/17		536
	5,655,000	Massachusetts Housing Finance Agency	4.782		12/01/20		5,819
	5,400,000	Massachusetts St. Water Pollution Abatement	5.192		08/01/40		5,722
	3,500,000	Metropolitan Council	1.750		09/01/20		3,277
	3,000,000	Metropolitan Washington Airports Authority	5.690		10/01/30		3,107
	5,000,000	Metropolitan Water District of Southern California	6.250		07/01/39		5,294
	750,000	Metropolitan Water Reclamation District of Greater Chicago	2.229		12/01/16		768
	5,000,000	Mississippi Development Bank Special Obligation	5.320		07/01/14		5,079
	1,130,000	New York State Energy Research & Development Authority	1.028		07/01/16		1,124
	1,590,000	New York State Energy Research & Development Authority	2.372		07/01/19		1,568
	1,285,000	New York State Energy Research & Development Authority	2.772		07/01/20		1,262
	1,590,000	New York State Energy Research & Development Authority	3.206		07/01/22		1,557
	1,000,000	New York State Environmental Facilities Corp	1.755		06/15/18		976
	1,200,000	New York State Environmental Facilities Corp	2.005		06/15/19		1,157
	1,220,000	New York State Environmental Facilities Corp	2.595		06/15/21		1,155
	1,255,000	New York State Environmental Facilities Corp	3.045		06/15/24		1,150
	1,225,000	New York State Environmental Facilities Corp	3.195		06/15/25		1,117
	500,000	New York State Environmental Facilities Corp	3.684		12/15/29		449
	3,000,000	New York State Urban Development Corp	6.500		12/15/18		3,339
	2,230,000	Newport News Economic Development Authority	5.640		01/15/29		2,422
	270,000	Newport News Economic Development Authority	5.640		01/15/29		279
	1,250,000	Niagara Area Development Corp	4.000		11/01/24		1,140
	4,750,000	Northern California Power Agency	4.320		07/01/24		4,484
	2,450,000	Ohio State Water Development Authority	4.879		12/01/34		2,509
	2,500,000	Oklahoma Capital Improvement Authority	5.180		07/01/14		2,559
	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
	1,220,000	Pend Oreille County Public Utility District No Box Canyon	1.987		01/01/16		1,222
	1,000,000	Pend Oreille County Public Utility District No Box Canyon	2.417		01/01/17		1,002
	1,000,000	Pend Oreille County Public Utility District No Box Canyon	2.787		01/01/18		991
	1,000,000	Pend Oreille County Public Utility District No Box Canyon	3.037		01/01/19		983
	1,070,000	Pend Oreille County Public Utility District No Box Canyon	3.621		01/01/21		1,039
	10,110,000	Semitropic Improvement District	2.800		12/01/22		9,495
	1,750,000	South Dakota Conservancy District	1.013		08/01/16		1,743
	3,330,000	South Dakota Conservancy District	1.648		08/01/18		3,274
	3,975,000	State of California	1.050		02/01/16		3,986
	7,050,000	State of California	4.988		04/01/39		6,654
	5,000,000	State of Connecticut	5.090		10/01/30		5,097
	2,050,000	State of Hawaii	4.670		05/01/14		2,075
	5,000,000	State of Illinois	4.071		01/01/14		5,000
	5,570,000	State of Illinois	4.350		06/01/18		5,779
	9,000,000	State of Illinois	5.520		04/01/38		8,100
	5,000,000	State of Michigan	2.302		11/01/14		5,082
	4,505,000	State of Michigan	3.375		12/01/20		4,517
	2,500,000	State of Ohio	5.412		09/01/28		2,718

383

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	3,050,000		State of Oregon	5.030	%	08/01/14	$	3,126
	3,265,000		State of Texas	4.900		08/01/20		3,405
	5,000,000		State of Texas	6.072		10/01/29		5,473
	3,165,000		State of Washington	5.050		01/01/18		3,157
	1,033,000		State of Wisconsin	5.700		05/01/26		1,137
	5,000,000		Tuolumne Wind Project Authority	6.918		01/01/34		5,301
	600,000		West Virginia Water Development Authority	5.000		11/01/21		694
	1,345,000		West Virginia Water Development Authority	5.000		11/01/22		1,552
	1,000,000		West Virginia Water Development Authority	5.000		11/01/23		1,152
			TOTAL MUNICIPAL BONDS					344,918
U.S. TREASURY SECURITIES - 3.0%
	6,000,000		United States Treasury Bond	3.125		02/15/43		5,137
	131,045,000		United States Treasury Bond	2.875		05/15/43		106,208
	62,390,000		United States Treasury Bond	3.625		08/15/43		58,920
	5,985,000		United States Treasury Note	0.250		05/31/14		5,989
	22,395,000		United States Treasury Note	2.375		08/31/14		22,725
	3,631,000		United States Treasury Note	2.500		04/30/15		3,741
	10,690,000		United States Treasury Note	0.250		05/31/15		10,695
	17,895,000		United States Treasury Note	1.875		06/30/15		18,328
	21,500,000		United States Treasury Note	0.250		07/31/15		21,499
	25,195,000		United States Treasury Note	0.500		06/15/16		25,169
	6,000,000		United States Treasury Note	0.625		07/15/16		6,007
	6,606,000		United States Treasury Note	0.875		09/15/16		6,645
	5,140,000		United States Treasury Note	0.625		12/15/16		5,119
	32,466,900		United States Treasury Note	1.250		11/30/18		31,772
	6,500,000		United States Treasury Note	1.500		12/31/18		6,427
	4,300,000		United States Treasury Note	1.875		06/30/20		4,196
	12,234,500		United States Treasury Note	1.625		11/15/22		11,044
	49,910,000		United States Treasury Note	2.750		11/15/23		48,826
			TOTAL U.S. TREASURY SECURITIES					398,447
			TOTAL GOVERNMENT BONDS					2,980,013
			(Cost $2,984,883)
STRUCTURED ASSETS - 1.4%
ASSET BACKED - 0.6%
	1,500,000		AmeriCredit Automobile Receivables Trust	1.570		01/08/19		1,484
			Series - 2013 1 (Class C)
	3,750,000	g	Avis Budget Rental Car Funding AESOP LLC	6.740		05/20/16		3,970
			Series - 2010 3A (Class B)
	4,500,000	g	Avis Budget Rental Car Funding AESOP LLC	5.110		03/20/17		4,813
			Series - 2010 5A (Class B)
	4,000,000	g	Avis Budget Rental Car Funding AESOP LLC	4.720		02/20/18		4,272
			Series - 2011 5A (Class B)
	803,818	i	Bear Stearns Asset Backed Securities Trust	0.905		11/25/39		789
			Series - 2005 SD3 (Class 2A1)
	900,000		Capital Auto Receivables Asset Trust	1.290		04/20/18		891
			Series - 2013 1 (Class B)
	975,000		Capital Auto Receivables Asset Trust	1.740		10/22/18		963
			Series - 2013 1 (Class C)
	3,501,139	i	Chase Funding Loan Acquisition Trust	1.020		06/25/34		3,220
			Series - 2004 OPT1 (Class M1)

384

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	548,521	g,i	Credit-Based Asset Servicing and Securitization LLC	6.159	%	12/25/36	$	552
			Series - 2007 MX1 (Class A1)
	1,715,000	g,i	DB/UBS Mortgage Trust	5.557		11/10/46		1,850
			Series - 2011 LC1A (Class C)
	12,658,750	g	Dominos Pizza Master Issuer LLC	5.216		01/25/42		13,418
			Series - 2012 1A (Class A2)
	1,007,332	g,i	Flagstar Home Equity Loan Trust	5.781		01/25/35		1,007
			Series - 2007 1A (Class AF3)
	1,500,000		Ford Credit Auto Owner Trust	3.210		07/15/17		1,547
			Series - 2011 A (Class D)
	500,000	g	Hertz Vehicle Financing LLC	6.440		02/25/19		561
			Series - 2010 1A (Class B3)
	2,114,768	i	Lehman XS Trust	0.415		02/25/36		1,923
			Series - 2006 1 (Class 1A1)
	5,705,286		Lehman XS Trust	6.500		06/25/46		4,382
			Series - 2006 13 (Class 2A1)
	214,982	i	Long Beach Mortgage Loan Trust	0.915		02/25/35		214
			Series - 2005 1 (Class M1)
	1,724,970	i	Park Place Securities, Inc Asset-Backed Pass-Through Certificates	0.685		01/25/36		1,714
			Series - 2005 WCH1 (Class M2)
	613,946	i	Residential Asset Mortgage Products, Inc	4.970		09/25/33		635
			Series - 2003 RZ5 (Class A7)
	475,615	i	Residential Asset Securities Corp	0.595		04/25/35		471
			Series - 2005 KS3 (Class M3)
	4,840,271		Residential Funding Mortgage Securities II, Inc	5.500		08/25/25		4,945
			Series - 2006 HI5 (Class A3)
	1,603,077		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36		1,619
			Series - 2006 HI3 (Class A3)
	2,000,000	i	Residential Funding Mortgage Securities II, Inc	6.010		02/25/36		2,041
			Series - 2006 HI1 (Class M1)
	200,000	i	Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		211
			Series - 2006 HI1 (Class M2)
	2,000,000		Santander Drive Auto Receivables Trust	1.760		01/15/19		1,984
			Series - 2013 1 (Class C)
	620,449	i	Securitized Asset Backed Receivables LLC	0.465		10/25/35		605
			Series - 2006 OP1 (Class A2C)
	3,370,224	g	Sierra Receivables Funding Co LLC	3.420		03/20/29		3,420
			Series - 2012 2A (Class B)
	2,717,967	g	Sierra Receivables Funding Co LLC	1.590		11/20/29		2,705
			Series - 2013 1A (Class A)
	10,045,000	g	SLM Student Loan Trust	3.740		02/15/29		10,477
			Series - 2011 B (Class A2)
	950,739	i	Soundview Home Equity Loan Trust	0.465		11/25/35		938
			Series - 2005 OPT3 (Class A4)
	310,122	i	Structured Asset Investment Loan Trust	0.765		05/25/35		309
			Series - 2005 4 (Class M1)
	2,174,797	g,i	Structured Asset Securities Corp	0.385		10/25/36		2,098
			Series - 2006 GEL4 (Class A2)
	2,750,000	g	Vornado DP LLC	5.280		09/13/28		2,974
			Series - 2010 VNO (Class C)
	658,985	g,m	Wachovia Amortization Controlled Heloc NIM	5.683		08/12/47		662
			Series - 2006 N1 (Class N1)

385

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	927,223	g,i	Wachovia Loan Trust	0.525	%	05/25/35	$	867
			Series - 2005 SD1 (Class A)
	434,510	i	Wells Fargo Home Equity Trust	0.305		07/25/36		430
			Series - 2006 2 (Class A3)
			TOTAL ASSET BACKED					84,961
OTHER MORTGAGE BACKED - 0.8%
	4,075,000		Banc of America Commercial Mortgage Trust	5.390		10/10/45		4,416
			Series - 2006 6 (Class AM)
	2,200,000	i	Bear Stearns Commercial Mortgage Securities	5.582		09/11/41		2,402
			Series - 2006 PW13 (Class AM)
	1,590,000	i	Bear Stearns Commercial Mortgage Securities	5.959		09/11/42		1,700
			Series - 2007 T28 (Class AJ)
	1,950,000		Bear Stearns Commercial Mortgage Securities	5.363		02/11/44		2,008
			Series - 2007 PW15 (Class AM)
	46,917	g,i	Citigroup Commercial Mortgage Trust	0.307		04/15/22		47
			Series - 2007 FL3A (Class A2)
	5,000,000	i	COBALT CMBS Commercial Mortgage Trust	5.526		04/15/47		5,527
			Series - 2007 C2 (Class AMFX)
	2,515,000	i	Commercial Mortgage Pass Through Certificates	5.650		12/10/49		2,803
			Series - 2007 C9 (Class AM)
	840,000	i	Commercial Mortgage Pass-Through Certificates	5.791		06/15/38		911
			Series - 2006 C3 (Class AM)
	1,720,068		Countrywide Alternative Loan Trust	5.500		08/25/16		1,745
			Series - 2004 30CB (Class 1A15)
	123,274		Countrywide Alternative Loan Trust	5.500		08/25/34		123
			Series - 2004 14T2 (Class A2)
	925,815		Countrywide Home Loan Mortgage Pass Through Trust	5.250		02/25/16		922
			Series - 2005 6 (Class 1A10)
	843,062		Countrywide Home Loan Mortgage Pass Through Trust	4.750		09/25/18		863
			Series - 2003 35 (Class 1A1)
	93,506		Countrywide Home Loan Mortgage Pass Through Trust	5.250		05/25/35		93
			Series - 2005 12 (Class 1A5)
	280,000	i	Credit Suisse First Boston Mortgage Securities Corp	5.100		08/15/38		288
			Series - 2005 C5 (Class C)
	1,013,858	g,i	Credit Suisse Mortgage Capital Certificates	0.347		04/15/22		1,012
			Series - 2007 TF2A (Class A1)
	3,550,000	g	Credit Suisse Mortgage Capital Certificates	5.626		05/15/23		3,875
			Series - 2006 OMA (Class D)
	5,965,000		Credit Suisse Mortgage Capital Certificates	5.509		09/15/39		6,405
			Series - 2006 C4 (Class AM)
	3,500,000	g	Credit Suisse Mortgage Capital Certificates	5.383		02/15/40		3,661
			Series - 2009 RR1 (Class A3C)
	2,535,000	g,i	GS Mortgage Securities Corp II	5.225		12/10/43		2,737
			Series - 2010 C2 (Class B)
	1,593,988	i	HarborView Mortgage Loan Trust	0.386		07/19/47		1,327
			Series - 2007 4 (Class 2A1)
	1,080,588	i	Impac CMB Trust	0.825		03/25/35		965
			Series - 2004 11 (Class 2A1)
	2,125,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.259		07/15/46		2,251
			Series - 2011 C4 (Class C)
	2,030,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.932		02/15/51		2,141
			Series - 2007 C1 (Class AM)

386

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

						MATURITY	VALUE
PRINCIPAL			ISSUER	RATE		DATE	(000)
$	3,780,000	i	JP Morgan Chase Commercial Mortgage Securities Trust	4.911	%	07/15/42	$	3,790
			Series - 2005 LDP2 (Class C)
	11,910,167		JP Morgan Chase Commercial Mortgage Securities Trust	5.257		05/15/47		12,714
			Series - 2006 LDP9 (Class A1A)
	3,990,000	i	JP Morgan Chase Commercial Mortgage Securities Trust	6.192		02/15/51		4,423
			Series - 2007 LD12 (Class AM)
	570,000		LB-UBS Commercial Mortgage Trust	5.378		11/15/38		616
			Series - 2006 C7 (Class AM)
	7,895,000	i	LB-UBS Commercial Mortgage Trust	5.493		02/15/40		8,331
			Series - 2007 C2 (Class AM)
	275,000	i	LB-UBS Commercial Mortgage Trust	5.057		09/15/40		288
			Series - 2005 C5 (Class AJ)
	1,645,209	i	Merrill Lynch Mortgage Trust	5.107		07/12/38		1,737
			Series - 2005 CIP1 (Class AM)
	645,000	i	Merrill Lynch Mortgage Trust	6.263		02/12/51		696
			Series - 0 C1 (Class AJA)
	855,000	g,i	Morgan Stanley Capital I	5.810		08/12/41		899
			Series - 2006 T23 (Class B)
	710,000	g,i	Morgan Stanley Capital I	5.252		09/15/47		731
			Series - 2011 C1 (Class D)
	2,750,000	g	OBP Depositor LLC Trust	4.646		07/15/45		2,982
			Series - 2010 OBP (Class A)
	812,640		Residential Accredit Loans, Inc	4.350		03/25/34		826
			Series - 2004 QS4 (Class A1)
	694,782		RFMSI Trust	5.500		03/25/35		703
			Series - 2005 S2 (Class A6)
	1,303,256	g,i	Springleaf Mortgage Loan Trust	2.667		09/25/57		1,332
			Series - 2012 1A (Class A)
	1,042,477	g,i	Springleaf Mortgage Loan Trust	2.220		10/25/57		1,062
			Series - 0 2A (Class A)
	6,315,000		Wachovia Bank Commercial Mortgage Trust	5.383		12/15/43		6,795
			Series - 2007 C30 (Class AM)
	890,000	i	Wachovia Bank Commercial Mortgage Trust	5.818		05/15/46		976
			Series - 2007 C34 (Class AM)
	1,655,000		Wachovia Bank Commercial Mortgage Trust	5.500		04/15/47		1,829
			Series - 2007 C31 (Class A5)
	1,975,000	i	Wachovia Bank Commercial Mortgage Trust	5.591		04/15/47		2,150
			Series - 2007 C31 (Class AM)
	3,000,000	i	Wachovia Bank Commercial Mortgage Trust	5.660		04/15/47		2,978
			Series - 2007 C31 (Class AJ)
	2,778,553	i	WaMu Mortgage Pass-Through Certificates	0.515		12/25/45		2,460
			Series - 2005 AR19 (Class A1B3)
			TOTAL OTHER MORTGAGE BACKED					106,540
			TOTAL STRUCTURED ASSETS					191,501
			(Cost $189,314)
			TOTAL BONDS					5,027,604
			(Cost $5,030,108)

387

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
COMMON STOCKS - 60.4%
AUTOMOBILES & COMPONENTS - 1.5%
	67,500		Aisin Seiki Co Ltd	$	2,744
	127,203		Bayerische Motoren Werke AG.		14,938
	37,510		Bayerische Motoren Werke AG. (Preference)		3,208
	15,584		BorgWarner, Inc		871
	3,000		Delphi Automotive plc		180
	187,700		Denso Corp		9,916
	897	*	Dorman Products, Inc		50
	2,776,029		Ford Motor Co		42,834
	71,000		Fuji Heavy Industries Ltd		2,040
	252,970		GKN plc		1,568
	236,929		Harley-Davidson, Inc		16,405
	384,280		Honda Motor Co Ltd		15,862
	755,892		Johnson Controls, Inc		38,777
	25,400	*,e	Mitsubishi Motors Corp		273
	38,400	*	Modine Manufacturing Co		492
	910,900		Nissan Motor Co Ltd		7,633
	97,815		Pirelli & C S.p.A.		1,692
	109,499		Renault S.A.		8,812
	9,200		Stanley Electric Co Ltd		211
	123,300		Suzuki Motor Corp		3,323
	107,999	*	Tenneco, Inc		6,110
	7,617	*,e	Tesla Motors, Inc		1,145
	2,900		Toyoda Gosei Co Ltd		68
	3,500	e	Toyota Boshoku Corp		44
	81,600		Toyota Industries Corp		3,689
	31,714		Volkswagen AG. (Preference)		8,925
	102,500		Yamaha Motor Co Ltd		1,541
			TOTAL AUTOMOBILES & COMPONENTS		193,351
BANKS - 3.6%
	1,120	e	Arrow Financial Corp		30
	51,058		Associated Banc-Corp		888
	4,424		Astoria Financial Corp		61
	532,495		Australia & New Zealand Banking Group Ltd		15,372
	2,231,892		Banca Intesa S.p.A.		5,490
	1,640,672		Banco Bilbao Vizcaya Argentaria S.A.		20,296
	1,723,582	*	Banco Espirito Santo S.A.		2,462
	21,859		Bank Mutual Corp		153
	25,289		Bank of Hawaii Corp		1,496
	207,400	e	Bank of Nova Scotia		12,970
	1,632		Bank of the Ozarks, Inc		92
	971,529		BB&T Corp		36,258
	10,404		BBCN Bancorp, Inc		173
	4,422		Bendigo Bank Ltd		47
	1,093	*	Beneficial Mutual Bancorp, Inc		12
	20,397		Boston Private Financial Holdings, Inc		257
	47,100		CapitalSource, Inc		677
	7,221		Capitol Federal Financial		87
	3,360		Cathay General Bancorp		90

388

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	5,743		Centerstate Banks of Florida, Inc	$	58
	10,000		CIT Group, Inc		521
	2,120		Columbia Banking System, Inc		58
	165,930		Comerica, Inc		7,888
	1,273		Commerce Bancshares, Inc		57
	301,281		Commonwealth Bank of Australia		20,992
	3,936		Community Bank System, Inc		156
	753,986		Criteria Caixacorp S.A.		3,927
	9,127	e	Cullen/Frost Bankers, Inc		679
	236,588		DNB NOR Holding ASA		4,246
	10,051		East West Bancorp, Inc		352
	715		Federal Agricultural Mortgage Corp (Class C)		25
	451		First Citizens Bancshares, Inc (Class A)		100
	23,976		First Commonwealth Financial Corp		212
	1,352		First Interstate Bancsystem, Inc		38
	3,693		First Merchants Corp		84
	14,422		First Midwest Bancorp, Inc		253
	2,500	*	Flagstar Bancorp, Inc		49
	16,186		FNB Corp		204
	2,590		Glacier Bancorp, Inc		77
	5,441		Hancock Holding Co		200
	508,500		Hang Seng Bank Ltd		8,259
	1,267		Heartland Financial USA, Inc		37
	3,263,060		HSBC Holdings plc		35,809
	174,643		Huntington Bancshares, Inc		1,685
	9,593		IBERIABANK Corp		603
	1,147		International Bancshares Corp		30
	8,084		Investors Bancorp, Inc		207
	104,876		KBC Groep NV		5,963
	1,625,945		Keycorp		21,820
	16,906		Lakeland Bancorp, Inc		209
	269,235	e	M&T Bank Corp		31,344
	1,800		MB Financial, Inc		58
	61,360	*	MGIC Investment Corp		518
	4,070,000		Mizuho Financial Group, Inc		8,836
	471,296		National Australia Bank Ltd		14,710
	6,490		National Penn Bancshares, Inc		74
	1,124,730		Natixis		6,617
	1,500		NBT Bancorp, Inc		39
	145,456	e	New York Community Bancorp, Inc		2,451
	644,338		Nordea Bank AB		8,688
	11,094		Northfield Bancorp, Inc		146
	19,938		Old National Bancorp		307
	9,549	e	PacWest Bancorp		403
	4,182		Peoples Bancorp, Inc		94
	2,728	e	People’s United Financial, Inc		41
	2,500		Pinnacle Financial Partners, Inc		81
	516,232		PNC Financial Services Group, Inc		40,049
	55,249	*	Popular, Inc		1,587
	20,422		PrivateBancorp, Inc		591
	53,363		Provident Financial Services, Inc		1,031
	577,056	e	Radian Group, Inc		8,148

389

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	155,400		Resona Holdings, Inc	$	793
	2,569		Rockville Financial, Inc		37
	250,810		Royal Bank of Canada (Toronto)		16,861
	1,000		S&T Bancorp, Inc		25
	3,487	*	Signature Bank		375
	221,278		Skandinaviska Enskilda Banken AB (Class A)		2,923
	580,389		Standard Chartered plc		13,109
	261,500		Sumitomo Mitsui Financial Group, Inc		13,599
	13,277	*	Sun Bancorp, Inc		47
	16,927		Susquehanna Bancshares, Inc		217
	28,454	*	SVB Financial Group		2,984
	45,092		Swedbank AB (A Shares)		1,270
	800	*	Texas Capital Bancshares, Inc		50
	157,511		Toronto-Dominion Bank		14,844
	1,700		Trustmark Corp		46
	5,465		UMB Financial Corp		351
	3,150	e	Umpqua Holdings Corp		60
	2,479	e	Union Bankshares Corp		62
	10,908	e	United Bankshares, Inc		343
	1,292,980		US Bancorp		52,237
	13,956		Webster Financial Corp		435
	3,652		WesBanco, Inc		117
	5,233	e	Westamerica Bancorporation		296
	5,690	*	Western Alliance Bancorp		136
	629,923		Westpac Banking Corp		18,261
	16,588		Wilshire Bancorp, Inc		181
	1,110		Wintrust Financial Corp		51
	37,356		Zions Bancorporation		1,119
			TOTAL BANKS		478,351
CAPITAL GOODS - 5.0%
	440,679		3M Co		61,805
	6,372		A.O. Smith Corp		344
	13,978		Actuant Corp (Class A)		512
	5,085		Acuity Brands, Inc		556
	2,117	*	Aerovironment, Inc		62
	75,930		Alfa Laval AB		1,951
	464,724		Ametek, Inc		24,477
	56,219	*	ArvinMeritor, Inc		586
	368,000	e	Asahi Glass Co Ltd		2,291
	51,800		Assa Abloy AB (Class B)		2,743
	10,969		Astec Industries, Inc		424
	153,909		Atlas Copco AB (A Shares)		4,273
	135,146		Atlas Copco AB (B Shares)		3,436
	116,424		Barnes Group, Inc		4,460
	2,120	*	Beacon Roofing Supply, Inc		85
	106,747	e	Bouygues S.A.		4,037
	29,997		Briggs & Stratton Corp		653
	108,048	*	Builders FirstSource, Inc		771
	299,328		Bunzl plc		7,193
	4,279	*	Chart Industries, Inc		409
	92,756		Cintra Concesiones de Infraestructuras de Transporte S.A.		1,797

390

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	10,922		Clarcor, Inc	$	703
	144,300	*	CNH Industrial NV		1,645
	10,768	*	Colfax Corp		686
	159,066		Compagnie de Saint-Gobain		8,762
	210,677		Cummins, Inc		29,699
	46,600		Daikin Industries Ltd		2,908
	594,737		Danaher Corp		45,913
	389,540		Deere & Co		35,577
	67,977		Dover Corp		6,563
	340,868		Eaton Corp		25,947
	4,941		EMCOR Group, Inc		210
	657,321		Emerson Electric Co		46,131
	7,019		EnerSys		492
	2,909	*	Esterline Technologies Corp		297
	143,829		Fastenal Co		6,833
	1,000		Fluor Corp		80
	11,291		Fortune Brands Home & Security, Inc		516
	2,237		GATX Corp		117
	21,353		GEA Group AG.		1,018
	11,801		Geberit AG.		3,580
	66,177		Graco, Inc		5,170
	1,400	*	H&E Equipment Services, Inc		41
	5,606		Heico Corp		325
	14,756	*	Hexcel Corp		659
	32,600	e	Hitachi Construction Machinery Co Ltd		698
	12,125		Hochtief AG.		1,038
	4,000		Houston Wire & Cable Co		54
	481,422		Illinois Tool Works, Inc		40,478
	133,866		Ingersoll-Rand plc		8,246
	279,876		Invensys plc		2,366
	500	*	Jacobs Engineering Group, Inc		32
	2,187	e	Joy Global, Inc		128
	25,600		JTEKT Corp		437
	92,000		Kawasaki Heavy Industries Ltd		386
	213,800		Komatsu Ltd		4,390
	331,267		Koninklijke Philips Electronics NV		12,198
	320,000		Kubota Corp		5,308
	6,983	*,e	Layne Christensen Co		119
	26,197		Lincoln Electric Holdings, Inc		1,869
	15,600		Makita Corp		820
	700,000		Marubeni Corp		5,039
	463,592		Masco Corp		10,556
	44,896		Metso Oyj		1,920
	367	*	Middleby Corp		88
	521,800		Mitsubishi Corp		10,017
	482,000		Mitsubishi Electric Corp		6,061
	7,683		MSC Industrial Direct Co (Class A)		621
	83,000		NGK Insulators Ltd		1,580
	132,713		Nordson Corp		9,861
	86,000		NSK Ltd		1,072
	165,398	*	Owens Corning, Inc		6,735
	287,127		Paccar, Inc		16,989

391

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	25,360		Pall Corp	$	2,164
	35,299		Parker Hannifin Corp		4,541
	100,159		Pentair Ltd		7,779
	2,753	*	Pike Electric Corp		29
	43,401	*,e	Polypore International, Inc		1,688
	161,687		Precision Castparts Corp		43,542
	118,919	*	Quanta Services, Inc		3,753
	94,352		Rockwell Automation, Inc		11,149
	10,342		Rockwell Collins, Inc		764
	14,308		Roper Industries, Inc		1,984
	3,300	*	Rush Enterprises, Inc (Class A)		98
	236,880		Sandvik AB		3,343
	172,100		Scania AB (B Shares)		3,373
	182,088		Schneider Electric S.A.		15,886
	98,000		Shimizu Corp		495
	43,110		Skanska AB (B Shares)		882
	42,500		SKF AB (B Shares)		1,115
	69,349		Smiths Group plc		1,703
	17,535		Snap-On, Inc		1,920
	210,153	*	Spirit Aerosystems Holdings, Inc (Class A)		7,162
	13,734		Sulzer AG.		2,219
	161,300		Sumitomo Electric Industries Ltd		2,696
	5,435	e	TAL International Group, Inc		312
	104,755		Tennant Co		7,103
	18,487		Timken Co		1,018
	6,400		Toyota Tsusho Corp		159
	38,902	*,e	United Rentals, Inc		3,032
	49,198		Vallourec		2,684
	1,160	e	Valmont Industries, Inc		173
	176,760		Vinci S.A.		11,619
	436,090		Volvo AB (B Shares)		5,738
	3,755		W.W. Grainger, Inc		959
	25,258	*	Wabash National Corp		312
	38,428	*	WABCO Holdings, Inc		3,590
	2,022		Watsco, Inc		194
	27,403	*,e	WESCO International, Inc		2,496
	16,889		Westinghouse Air Brake Technologies Corp		1,254
	121,923		Wolseley plc		6,932
	20,710		Woodward Governor Co		945
	12,153		Xylem, Inc		420
			TOTAL CAPITAL GOODS		663,068
COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
	2,604		ABM Industries, Inc		74
	197,072	*	ACCO Brands Corp		1,324
	14,675		Aggreko plc		416
	205,697		Brambles Ltd		1,685
	11,200		Bureau Veritas S.A.		327
	120,569		Capita Group plc		2,075
	2,000		CDI Corp		37
	2,394	*	Copart, Inc		88
	9,841		Corporate Executive Board Co		762

392

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	218,000		Dai Nippon Printing Co Ltd	$	2,316
	24,020		Deluxe Corp		1,254
	82,626		Dun & Bradstreet Corp		10,142
	22,336		Equifax, Inc		1,543
	2,000		Heidrick & Struggles International, Inc		40
	21,504		HNI Corp		835
	9,308	*	IHS, Inc (Class A)		1,114
	1,660	*	Innerworkings, Inc		13
	19,643		Interface, Inc		431
	7,700		Intertek Group plc		402
	122,588		Iron Mountain, Inc		3,721
	1,800		Kelly Services, Inc (Class A)		45
	29,712		Manpower, Inc		2,551
	3,562	*	Mistras Group, Inc		74
	2,100	*	Mobile Mini, Inc		87
	13,621	*	Navigant Consulting, Inc		262
	1,000	*	On Assignment, Inc		35
	18,371	e	R.R. Donnelley & Sons Co		373
	34,400		Randstad Holdings NV		2,232
	2,311		Resources Connection, Inc		33
	162,118		Robert Half International, Inc		6,807
	16,303	*	RPX Corp		276
	58,400		Secom Co Ltd		3,524
	472		SGS S.A.		1,087
	400		Societe BIC S.A.		49
	1,544	*	SP Plus Corp		40
	44,676	*	Tetra Tech, Inc		1,250
	179,000		Toppan Printing Co Ltd		1,433
	2,100		Viad Corp		58
	174,423		Waste Management, Inc		7,826
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		56,641
CONSUMER DURABLES & APPAREL - 0.8%
	29,048		Adidas-Salomon AG.		3,704
	14,697	e	Blyth, Inc		160
	32,738		Callaway Golf Co		276
	30,920		Christian Dior S.A.		5,853
	24,000		Electrolux AB (Series B)		627
	7,187	e	Ethan Allen Interiors, Inc		219
	11,700		Gildan Activewear, Inc		623
	6,676		Hanesbrands, Inc		469
	573,700		Matsushita Electric Industrial Co Ltd		6,688
	520,280		Mattel, Inc		24,755
	7,456	*	Meritage Homes Corp		358
	9,802	*	Mohawk Industries, Inc		1,459
	23,800		Movado Group, Inc		1,047
	519,225		Nike, Inc (Class B)		40,832
	126,600		Nikon Corp		2,419
	18,943		Oxford Industries, Inc		1,528
	9,478	*	Perry Ellis International, Inc		150
	2,000		Pool Corp		116
	27,543		Ryland Group, Inc		1,196

393

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	50,000		Sekisui Chemical Co Ltd	$	614
	96,000		Sekisui House Ltd		1,343
	141,000	*	Sharp Corp		449
	234,000	e	Sony Corp		4,034
	5,138		Tupperware Corp		486
	13,953	*,e	Under Armour, Inc (Class A)		1,218
	4,500	*	Unifi, Inc		123
	31,176		VF Corp		1,943
	10,000		Whirlpool Corp		1,569
			TOTAL CONSUMER DURABLES & APPAREL		104,258
CONSUMER SERVICES - 1.2%
	79,580		Accor S.A.		3,759
	35,220	*	AFC Enterprises		1,356
	30,700		Benesse Corp		1,233
	1,289		Bob Evans Farms, Inc		65
	25,421		Brinker International, Inc		1,178
	7,675	*	Chipotle Mexican Grill, Inc (Class A)		4,089
	103,153	e	Choice Hotels International, Inc		5,066
	86,851		Darden Restaurants, Inc		4,722
	1,346		DineEquity, Inc		113
	4,313		Domino’s Pizza, Inc		300
	7,832		Dunkin Brands Group, Inc		378
	366,180		Marriott International, Inc (Class A)		18,075
	558,634		McDonald’s Corp		54,204
	2,000	*	MGM Mirage		47
	725	*	Panera Bread Co (Class A)		128
	2,600		Papa John’s International, Inc		118
	33,974		Royal Caribbean Cruises Ltd		1,611
	11,375	*	Ruby Tuesday, Inc		79
	29,578	*	Sonic Corp		597
	586,295		Starbucks Corp		45,960
	136,400		Starwood Hotels & Resorts Worldwide, Inc		10,837
	10,004	*	Strayer Education, Inc		345
	9,100		Tim Hortons, Inc (Toronto)		531
	10,000	e	Weight Watchers International, Inc		329
	11,685		Whitbread plc		727
			TOTAL CONSUMER SERVICES		155,847
DIVERSIFIED FINANCIALS - 3.9%
	780,959		3i Group plc		4,990
	358,183		Aberdeen Asset Management plc		2,979
	4,200		Aeon Credit Service Co Ltd		113
	251,412	*	American Capital Ltd		3,932
	630,747		American Express Co		57,228
	16,675		Ares Capital Corp		296
	1,215,403		Bank of New York Mellon Corp		42,466
	136,180		BlackRock, Inc		43,097
	579,810		Capital One Financial Corp		44,419
	1,431,454		Charles Schwab Corp		37,218
	310,655		CME Group, Inc		24,374
	1,362	e	Cohen & Steers, Inc		55

394

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	3,361	*	Credit Acceptance Corp	$	437
	69,415		Deutsche Boerse AG.		5,753
	687,952		Discover Financial Services		38,491
	8,100		Eurazeo		635
	51,550		Evercore Partners, Inc (Class A)		3,082
	86,902		Exor S.p.A.		3,454
	626,613		Franklin Resources, Inc		36,174
	7,024	e	Golub Capital BDC, Inc		134
	24,115	*	Green Dot Corp		606
	530,217		Hong Kong Exchanges and Clearing Ltd		8,863
	178,621	*	ING Groep NV		2,495
	134,009		IntercontinentalExchange Group, Inc		30,141
	1,750	*	International Assets Holding Corp		32
	5,728	*	Internet Capital Group, Inc		107
	508,141		Invesco Ltd		18,496
	800,553		Investec plc		5,814
	3,030	*	Investment Technology Group, Inc		62
	61,166		Janus Capital Group, Inc		757
	60,728		Kinnevik Investment AB (Series B)		2,815
	62,663		Legg Mason, Inc		2,725
	10,701	e	Main Street Capital Corp		350
	336,200		Mitsubishi UFJ Lease & Finance Co Ltd		2,067
	1,847		MVC Capital, Inc		25
	76,231		Nasdaq Stock Market, Inc		3,034
	513,669		Northern Trust Corp		31,791
	22,527	*	PHH Corp		549
	5,879	*	Pico Holdings, Inc		136
	52,696	e	Prospect Capital Corp		591
	10,635	*	Safeguard Scientifics, Inc		214
	62,441		Schroders plc		2,693
	12,117		Solar Capital Ltd		273
	489,115		State Street Corp		35,896
	287,043		T Rowe Price Group, Inc		24,046
	3,000		TD Ameritrade Holding Corp		92
	16,754		Triangle Capital Corp		463
			TOTAL DIVERSIFIED FINANCIALS		524,460
ENERGY - 6.0%
	40,000		Acergy S.A.		767
	46,000		Aker Kvaerner ASA		824
	52,019		AMEC plc		939
	315,610		Apache Corp		27,123
	45,500	e	ARC Energy Trust		1,267
	13,661	*	Atwood Oceanics, Inc		729
	854,626		BG Group plc		18,390
	15,745	*,e	BPZ Energy, Inc		29
	5,088	*,e	C&J Energy Services, Inc		118
	270,701	*	Cameron International Corp		16,115
	1,618	e	CARBO Ceramics, Inc		189
	14,005	*	Carrizo Oil & Gas, Inc		627
	287,400	e	Cenovus Energy, Inc (Toronto)		8,225
	165,841	*	Cheniere Energy, Inc		7,151

395

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	98,049		Cimarex Energy Co	$	10,286
	1,826	*	Clayton Williams Energy, Inc		150
	260,946	*,e	Clean Energy Fuels Corp		3,361
	157,932	*	Compagnie Generale de Geophysique S.A.		2,741
	31,699		Comstock Resources, Inc		580
	29,437	*	Concho Resources, Inc		3,179
	46,605	*	Contango Oil & Gas Co		2,203
	146,657	*,e	Continental Resources, Inc		16,502
	2,554		Core Laboratories NV		488
	57,300	e	Crescent Point Energy Corp		2,225
	17,312		CVR Energy, Inc		752
	11,452	*	Dawson Geophysical Co		387
	16,742		Delek Group Ltd		6,395
	2,500		Delek US Holdings, Inc		86
	486,380	*	Denbury Resources, Inc		7,991
	430,963		Devon Energy Corp		26,664
	268,074		Enbridge, Inc		11,712
	21,600	e	EnCana Corp		390
	1,150		Energen Corp		81
	72,600	e	Enerplus Resources Fund		1,319
	624,899		ENI S.p.A.		15,100
	247,176		EOG Resources, Inc		41,486
	320,742		Equitable Resources, Inc		28,796
	11,351	*	Exterran Holdings, Inc		388
	228,089	*	FMC Technologies, Inc		11,909
	19,000	e	Fugro NV		1,133
	203,657		Galp Energia SGPS S.A.		3,338
	8,642	*,e	Geospace Technologies Corp		819
	187,072	*	Hercules Offshore, Inc		1,222
	366,724		Hess Corp		30,438
	155,177	*	Hornbeck Offshore Services, Inc		7,639
	315,600		Inpex Holdings, Inc		4,048
	60,455	*	ION Geophysical Corp		199
	44,211	*	Key Energy Services, Inc		349
	7,603	*	Kinder Morgan Management LLC		575
	676,402	*	Kodiak Oil & Gas Corp		7,582
	749,902		Marathon Oil Corp		26,472
	398,430		Marathon Petroleum Corp		36,548
	2,100	*	Matrix Service Co		51
	141,335	*	MEG Energy Corp		4,073
	458,618		National Oilwell Varco, Inc		36,474
	3,769	*	Natural Gas Services Group, Inc		104
	134,199	e	Neste Oil Oyj		2,654
	180,694		Noble Corp plc		6,771
	425,982		Noble Energy, Inc		29,014
	29,282	*,e	Northern Oil And Gas, Inc		441
	21,344	*	Oasis Petroleum, Inc		1,003
	405,959		Occidental Petroleum Corp		38,607
	34,436		Oceaneering International, Inc		2,716
	28,748	*	Oil States International, Inc		2,924
	209,409		OMV AG.		10,022
	516,973		Origin Energy Ltd		6,515

396

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	37,146	*	PDC Energy, Inc	$	1,977
	302,936	e	Pengrowth Energy Trust		1,874
	265,014	e	Penn West Energy Trust		2,213
	68,060	*	Petroquest Energy, Inc		294
	434,904		Phillips 66		33,544
	170,278		Pioneer Natural Resources Co		31,343
	282,498		Questar Market Resources, Inc		8,659
	150,641	*,e	Quicksilver Resources, Inc		462
	95,054		Range Resources Corp		8,014
	310,203		Repsol YPF S.A.		7,827
	36,777	*	Rex Energy Corp		725
	48,811		Saipem S.p.A.		1,047
	894	*	SEACOR Holdings, Inc		82
	58,600	e	Showa Shell Sekiyu KK		596
	29,250	*,e	Solazyme, Inc		319
	337,955	*	Southwestern Energy Co		13,292
	954,987		Spectra Energy Corp		34,017
	108,961		St. Mary Land & Exploration Co		9,056
	403,405		Statoil ASA		9,809
	482,904		Suncor Energy, Inc		16,929
	88,722	*	Superior Energy Services		2,361
	22,440		Technip S.A.		2,160
	159,456		Tenaris S.A.		3,475
	11,099	*	Tesco Corp		220
	2,784		Tesoro Corp		163
	262,191		Tullow Oil plc		3,721
	80,823	*,e	Ultra Petroleum Corp		1,750
	46,868	*	Unit Corp		2,419
	933,272	*	Weatherford International Ltd		14,456
	320,238	e	Western Refining, Inc		13,581
	130,361	*	Whiting Petroleum Corp		8,065
	443,674		Williams Cos, Inc		17,112
	100,721		Woodside Petroleum Ltd		3,508
			TOTAL ENERGY		794,465
FOOD & STAPLES RETAILING - 0.8%
	173,400		Aeon Co Ltd		2,351
	179,256		Carrefour S.A.		7,115
	13,324		Casey’s General Stores, Inc		936
	13,576		Casino Guichard Perrachon S.A.		1,566
	5,000		Colruyt S.A.		279
	31,318		Delhaize Group		1,863
	275,568		J Sainsbury plc		1,668
	59,300		Jeronimo Martins SGPS S.A.		1,160
	93,117		Koninklijke Ahold NV		1,673
	364,512		Kroger Co		14,409
	3,600		Lawson, Inc		269
	42,800	e	Loblaw Cos Ltd		1,708
	68,666		Metro AG.		3,329
	615		Pricesmart, Inc		71
	316,705		Safeway, Inc		10,315
	149,700		Seven & I Holdings Co Ltd		5,961

397

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	16,307		Spartan Stores, Inc	$	396
	814,218		Sysco Corp		29,393
	1,918,076		Tesco plc		10,652
	1,270	*	United Natural Foods, Inc		96
	2,285		Weis Markets, Inc		120
	64,198		Wesfarmers Ltd		2,528
	186,154		Whole Foods Market, Inc		10,765
	386,938		WM Morrison Supermarkets plc		1,675
			TOTAL FOOD & STAPLES RETAILING		110,298
FOOD, BEVERAGE & TOBACCO - 2.2%
	161,000		Ajinomoto Co, Inc		2,331
	93,070		Aryzta AG.		7,151
	191,588		Associated British Foods plc		7,770
	16,050		Bunge Ltd		1,318
	454		Calavo Growers, Inc		14
	261,990	e	Campbell Soup Co		11,339
	131,532		ConAgra Foods, Inc		4,433
	19,775	*	Darling International, Inc		413
	30,775		Dr Pepper Snapple Group, Inc		1,499
	14,539		Flowers Foods, Inc		312
	745,771		General Mills, Inc		37,221
	66,296	*,e	Green Mountain Coffee Roasters, Inc		5,011
	171,325		Groupe Danone		12,360
	5,759	*	Hain Celestial Group, Inc		523
	65,855		Hillshire Brands Co		2,202
	2,074		Hormel Foods Corp		94
	39,791		J.M. Smucker Co		4,123
	495,526		Kellogg Co		30,262
	28,997		Kerry Group plc (Class A)		2,014
	31,000		Kikkoman Corp		586
	141,000		Kraft Foods Group, Inc		7,603
	458		Lindt & Spruengli AG.		2,064
	21		Lindt & Spruengli AG. (Registered)		1,132
	16,031		McCormick & Co, Inc		1,105
	74,148		Mead Johnson Nutrition Co		6,211
	1,188,820		Mondelez International, Inc		41,965
	13,000		Nippon Meat Packers, Inc		223
	42,800	e	Nisshin Seifun Group, Inc		443
	14,500	e	Nissin Food Products Co Ltd		612
	152,793		Orkla ASA		1,194
	801,664		PepsiCo, Inc		66,490
	13,800		Suedzucker AG.		373
	12,546		Tate & Lyle plc		168
	11,769	e	Tootsie Roll Industries, Inc		383
	674	*	TreeHouse Foods, Inc		46
	405,114		Unilever NV		16,288
	451,826		Unilever plc		18,591
	42,800		Yakult Honsha Co Ltd		2,163
			TOTAL FOOD, BEVERAGE & TOBACCO		298,030

398

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
HEALTH CARE EQUIPMENT & SERVICES - 1.7%
	1,196,888		Abbott Laboratories	$	45,877
	450,512		Aetna, Inc		30,901
	8,037	*	Align Technology, Inc		459
	67,982	*	Amedisys, Inc		995
	7,087		AmerisourceBergen Corp		498
	10,800	*	Amsurg Corp		496
	322,043		Becton Dickinson & Co		35,583
	28,176	*	BioScrip, Inc		209
	10,000	*	Brookdale Senior Living, Inc		272
	54,777	*	Centene Corp		3,229
	20,000	*	Cerner Corp		1,115
	4,495	e	Chemed Corp		344
	186,841		Cigna Corp		16,345
	1,249		Computer Programs & Systems, Inc		77
	700	*	Cyberonics, Inc		46
	1,000	*	DaVita, Inc		63
	5,764		Dentsply International, Inc		279
	15,359	*	Edwards Lifesciences Corp		1,010
	24,043	*	ExamWorks Group, Inc		718
	25,217	*	Five Star Quality Care, Inc		138
	8,354	*	Gentiva Health Services, Inc		104
	6,176	*	Greatbatch, Inc		273
	4,374	*	Haemonetics Corp		184
	11,942	*	Henry Schein, Inc		1,365
	10,561	*	HMS Holdings Corp		240
	119,187		Humana, Inc		12,303
	1,185	*	ICU Medical, Inc		76
	43,082	*,e	Idexx Laboratories, Inc		4,583
	2,446		Invacare Corp		57
	61,900	*	Inverness Medical Innovations, Inc		2,241
	3,014	*	IPC The Hospitalist Co, Inc		179
	759	*	Laboratory Corp of America Holdings		69
	743		Landauer, Inc		39
	6,078	*	LHC Group, Inc		146
	58,522	*	LifePoint Hospitals, Inc		3,092
	1,730	*	MedAssets, Inc		34
	1,474	*	Medidata Solutions, Inc		89
	819,631		Medtronic, Inc		47,038
	9,612	*	Merit Medical Systems, Inc		151
	55,639	*	Molina Healthcare, Inc		1,933
	8,672	*	MWI Veterinary Supply, Inc		1,479
	9,301	*	Natus Medical, Inc		209
	1,976	*	NuVasive, Inc		64
	2,364	*	NxStage Medical, Inc		24
	3,000	*	Omnicell, Inc		77
	7,475	*	OraSure Technologies, Inc		47
	2,718	e	Owens & Minor, Inc		99
	86,208		Patterson Cos, Inc		3,552
	4,910		Quality Systems, Inc		103
	3,688	*	Sirona Dental Systems, Inc		259
	56,474		Sonic Healthcare Ltd		838
	4,400		Suzuken Co Ltd		143

399

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	7,700		Sysmex Corp	$	455
	6,446	*	Tornier BV		121
	8,101		Universal American Corp		59
	2,101		US Physical Therapy, Inc		74
	500	*	Varian Medical Systems, Inc		39
	19,709	*	Vocera Communications, Inc		308
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		220,800
HOUSEHOLD & PERSONAL PRODUCTS - 1.9%
	4		Avon Products, Inc		0	^
	9,680		Beiersdorf AG.		981
	43,936	e	Clorox Co		4,076
	707,780		Colgate-Palmolive Co		46,154
	270		Energizer Holdings, Inc		29
	281,616		Estee Lauder Cos (Class A)		21,211
	210		Henkel KGaA		22
	142,770		Henkel KGaA (Preference)		16,595
	23,052	e	Herbalife Ltd		1,814
	41,500		Kao Corp		1,307
	329,981		Kimberly-Clark Corp		34,470
	63,795		L’Oreal S.A.		11,203
	35,987	*	Medifast, Inc		940
	16,029		Nu Skin Enterprises, Inc (Class A)		2,216
	1,202,803		Procter & Gamble Co		97,920
	152,666		Reckitt Benckiser Group plc		12,127
	43,160		Svenska Cellulosa AB (B Shares)		1,330
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		252,395
INSURANCE - 3.5%
	345,544		ACE Ltd		35,774
	588,249		Aflac, Inc		39,295
	1,543,100		AMP Ltd		6,065
	1,319	e	Amtrust Financial Services, Inc		43
	13,380		Arthur J. Gallagher & Co		628
	131,054		Aspen Insurance Holdings Ltd		5,414
	421,903		Assicurazioni Generali S.p.A.		9,912
	78,885		AXA S.A.		2,197
	30,787		Axis Capital Holdings Ltd		1,464
	798,759	*	Berkshire Hathaway, Inc (Class B)		94,701
	370,028		Chubb Corp		35,756
	5,304	*	Citizens, Inc (Class A)		46
	280,593		CNP Assurances		5,754
	102,203		Delta Lloyd NV		2,538
	1,400		Donegal Group, Inc (Class A)		22
	4,146	*	eHealth, Inc		193
	2,400		Employers Holdings, Inc		76
	10,644		Endurance Specialty Holdings Ltd		624
	1,155	*	Enstar Group Ltd		160
	11,630		First American Financial Corp		328
	608,847	*	Genworth Financial, Inc (Class A)		9,455
	1,000		Hartford Financial Services Group, Inc		36
	3,500	*	Hilltop Holdings, Inc		81

400

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	588,027		Insurance Australia Group Ltd	$	3,062
	1,916		Kemper Corp		78
	106,450		Marsh & McLennan Cos, Inc		5,148
	4,850		Meadowbrook Insurance Group, Inc		34
	123,177		Montpelier Re Holdings Ltd		3,584
	75,286		Muenchener Rueckver AG.		16,606
	700	*	Navigators Group, Inc		44
	2,849,807		Old Mutual plc		8,942
	3,027		OneBeacon Insurance Group Ltd (Class A)		48
	13,746		PartnerRe Ltd		1,449
	56,579		Platinum Underwriters Holdings Ltd		3,467
	2,297		Primerica, Inc		99
	357,357		Principal Financial Group		17,621
	929,925		Progressive Corp		25,359
	42,513		Protective Life Corp		2,154
	477,529		Prudential Financial, Inc		44,038
	912,978		Prudential plc		20,400
	6,511		RenaissanceRe Holdings Ltd		634
	89		RLI Corp		9
	2,022,246		Royal & Sun Alliance Insurance Group plc		3,061
	900		Safety Insurance Group, Inc		51
	2,400		Selective Insurance Group, Inc		65
	2,490		Stancorp Financial Group, Inc		165
	1,244,153		Standard Life plc		7,430
	13,455		Stewart Information Services Corp		434
	169,853		Swiss Re Ltd		15,658
	177,900		T&D Holdings, Inc		2,490
	433,143		Travelers Cos, Inc		39,217
	800		TrygVesta AS		77
	2,328		United Fire & Casualty Co		67
	10,000		Willis Group Holdings plc		448
			TOTAL INSURANCE		472,501
MATERIALS - 3.6%
	52,958		Agnico-Eagle Mines Ltd		1,397
	23,600		Agrium, Inc (Toronto)		2,159
	96,390		Air Liquide		13,642
	308,797		Air Products & Chemicals, Inc		34,517
	23,600		Akzo Nobel NV		1,830
	500		Albemarle Corp		32
	744,736		Alcoa, Inc		7,917
	148,535	*,e	Allied Nevada Gold Corp		527
	3,627,279	*	Alumina Ltd		3,601
	128,690		AMCOL International Corp		4,373
	92,400		Amcor Ltd		873
	26,351		Aptargroup, Inc		1,787
	232,000		Asahi Kasei Corp		1,820
	176,082		Avery Dennison Corp		8,838
	63,073		Ball Corp		3,258
	132,610		BASF AG.		14,154
	48,884		Bemis Co, Inc		2,002
	244,955		Boliden AB		3,756

401

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	19,633		Boral Ltd	$	84
	8,161		Carpenter Technology Corp		508
	3,000	*	Castle (A.M.) & Co		44
	44,916		Celanese Corp (Series A)		2,484
	2,372	*	Clearwater Paper Corp		125
	131,361		Commercial Metals Co		2,671
	14,183		Compass Minerals International, Inc		1,135
	295,427		CRH plc		7,487
	17,000		Daido Steel Co Ltd		85
	5,617		Domtar Corp		530
	9,400		DSM NV		740
	36,695		Eastman Chemical Co		2,961
	361,834		Ecolab, Inc		37,728
	5,690	*	Ferro Corp		73
	646,464		Fletcher Building Ltd		4,530
	33,738	*	Flotek Industries, Inc		677
	1,019,115	e	Fortescue Metals Group Ltd		5,324
	111,806		Fresnillo plc		1,390
	2,179		Givaudan S.A.		3,117
	2,623		Globe Specialty Metals, Inc		47
	94,290		H.B. Fuller Co		4,907
	48,214		HeidelbergCement AG.		3,661
	50,000		Hitachi Metals Ltd		707
	900		Imerys S.A.		78
	23,190		Innophos Holdings, Inc		1,127
	9,797		International Flavors & Fragrances, Inc		842
	238,995		International Paper Co		11,718
	113,200		JFE Holdings, Inc		2,698
	10,464		Johnson Matthey plc		569
	48,900		JSR Corp		948
	77,699	e	K&S AG.		2,394
	18,000		Kaneka Corp		118
	333,300		Kinross Gold Corp		1,459
	643,000	*	Kobe Steel Ltd		1,102
	7,764	*	Kraton Polymers LLC		179
	10,783	e	Kronos Worldwide, Inc		205
	58,000		Kuraray Co Ltd		692
	46,374		Linde AG.		9,710
	173,029	*	Louisiana-Pacific Corp		3,203
	388,286		LyondellBasell Industries AF S.C.A		31,172
	71,436	*,e	McEwen Mining, Inc		140
	212,757		MeadWestvaco Corp		7,857
	53,088		Minerals Technologies, Inc		3,189
	120,960		Mitsui Chemicals, Inc		293
	80,290		Mosaic Co		3,795
	2,100		Myers Industries, Inc		44
	2,220		Neenah Paper, Inc		95
	360,702		Newcrest Mining Ltd		2,533
	3,308,000		Nippon Steel Corp		11,094
	31,500		Nitto Denko Corp		1,332
	996,190	e	Norsk Hydro ASA		4,456
	532,256		Nucor Corp		28,412

402

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	53,242		Orica Ltd	$	1,139
	64,561	*	Owens-Illinois, Inc		2,310
	11,843		PolyOne Corp		419
	123,900	e	Potash Corp of Saskatchewan (Toronto)		4,085
	322,338		Praxair, Inc		41,914
	1,380		Quaker Chemical Corp		106
	2,289,845	*	Rentech, Inc		4,007
	38,970		Rexam plc		343
	6,623		Rock-Tenn Co (Class A)		696
	15,925		Rockwood Holdings, Inc		1,145
	144,474		Royal Gold, Inc		6,656
	6,424	*	RTI International Metals, Inc		220
	850		Schnitzer Steel Industries, Inc (Class A)		28
	18,931		Sealed Air Corp		645
	17,916		Sherwin-Williams Co		3,288
	92,200		Shin-Etsu Chemical Co Ltd		5,393
	215,146		Sigma-Aldrich Corp		20,226
	802		Sika AG.		2,858
	237,200		Silver Wheaton Corp		4,790
	1,200		Stepan Co		79
	74,982	*,e	Stillwater Mining Co		925
	334,517		Stora Enso Oyj (R Shares)		3,361
	360,000		Sumitomo Chemical Co Ltd		1,413
	524,000		Sumitomo Metal Mining Co Ltd		6,866
	42,000		Taiyo Nippon Sanso Corp		299
	485,500	e	Teck Cominco Ltd		12,637
	74,000		Teijin Ltd		165
	305,000		Toray Industries, Inc		2,113
	117,300		Toyo Seikan Kaisha Ltd		2,525
	69,914		Tredegar Corp		2,014
	15,649		Umicore		731
	198,855		UPM-Kymmene Oyj		3,373
	60,125		Valspar Corp		4,286
	4,790		Wausau Paper Corp		61
	300,696		Worthington Industries, Inc		12,653
			TOTAL MATERIALS		472,721
MEDIA - 1.8%
	185,416	e	Cablevision Systems Corp (Class A)		3,325
	19,805		Cinemark Holdings, Inc		660
	10,955		Clear Channel Outdoor Holdings, Inc (Class A)		111
	146,722	*,e	Digital Generation, Inc		1,871
	388,492	*	Discovery Communications, Inc (Class A)		35,127
	57,029	*	Discovery Communications, Inc (Class C)		4,782
	52,293	*	DreamWorks Animation SKG, Inc (Class A)		1,856
	1,900		JC Decaux S.A.		78
	10,069		John Wiley & Sons, Inc (Class A)		556
	235,872	*	Journal Communications, Inc (Class A)		2,196
	15,813		Lagardere S.C.A.		588
	71,532	*	Liberty Global plc		6,032
	391,960	*	Liberty Global plc (Class A)		34,881
	68,352	*	Liberty Media Corp		10,010

403

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	10,000	*	Madison Square Garden, Inc	$	576
	215,655	*,e	McClatchy Co (Class A)		733
	228,929	e	New York Times Co (Class A)		3,633
	551,411		Pearson plc		12,294
	18,429		ProSiebenSat. Media AG.		915
	1,550		Scholastic Corp		53
	15,051		Scripps Networks Interactive (Class A)		1,301
	1,067,000	e	Singapore Press Holdings Ltd		3,487
	317,680		Time Warner Cable, Inc		43,046
	724,009		Time Warner, Inc		50,478
	52,156	e	Valassis Communications, Inc		1,786
	46,200		Wolters Kluwer NV		1,319
	683,960		WPP plc		15,665
			TOTAL MEDIA		237,359
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.8%
	1,969	*	Acorda Therapeutics, Inc		57
	68,628		Actelion Ltd		5,821
	17,804	*,e	Affymetrix, Inc		153
	375,014		Agilent Technologies, Inc		21,447
	107,729	*,e	Akorn, Inc		2,653
	2,000	*	Alexion Pharmaceuticals, Inc		266
	324,767		Amgen, Inc		37,075
	174,280		Astellas Pharma, Inc		10,333
	13,554	*	Auxilium Pharmaceuticals, Inc		281
	177,187	*	Biogen Idec, Inc		49,568
	57,262	*	Biovail Corp (Toronto)		6,718
	1,067,635		Bristol-Myers Squibb Co		56,745
	8,887	*	Cadence Pharmaceuticals, Inc		80
	14,305	*	Cambrex Corp		255
	57,720	*,e	Cepheid, Inc		2,697
	180,400	e	Chugai Pharmaceutical Co Ltd		3,993
	19,300		Dainippon Sumitomo Pharma Co Ltd		302
	23,451	*	Depomed, Inc		248
	49,400		Eisai Co Ltd		1,915
	130,212	*,e	Endo Pharmaceuticals Holdings, Inc		8,784
	4,519	*	Fluidigm Corp		173
	875,403	*	Gilead Sciences, Inc		65,786
	963,615		GlaxoSmithKline plc		25,745
	4,270	*,e	Immunogen, Inc		63
	15,329	*,e	Immunomedics, Inc		71
	117,675	*	Incyte Corp		5,958
	13,244	*,e	Ironwood Pharmaceuticals, Inc		154
	1,177,080		Johnson & Johnson		107,809
	145,415	*	Life Technologies Corp		11,022
	1,526,938		Merck & Co, Inc		76,423
	22,815		Merck KGaA		4,094
	1,392	*	Mettler-Toledo International, Inc		338
	2,769	*	Momenta Pharmaceuticals, Inc		49
	243,310	*	Nektar Therapeutics		2,762
	429,250		Novartis AG.		34,404
	91,145		Novo Nordisk AS (Class B)		16,707

404

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	138,654	e	PDL BioPharma, Inc	$	1,170
	12,565		PerkinElmer, Inc		518
	133,613		Roche Holding AG.		37,428
	83,791	*	Salix Pharmaceuticals Ltd		7,536
	85,573	*,e	Sangamo Biosciences, Inc		1,189
	232,800		Takeda Pharmaceutical Co Ltd		10,677
	2,965		Techne Corp		281
	20,142		Thermo Electron Corp		2,243
	1,800	e	Tsumura & Co		48
	16,960	*	United Therapeutics Corp		1,918
	103,739	*	Vertex Pharmaceuticals, Inc		7,708
	10,081	*	Viropharma, Inc		503
	240,243	*,e	Vivus, Inc		2,181
	61,330	*	Waters Corp		6,133
	10,632	*	Xenoport, Inc		61
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		640,543
REAL ESTATE - 2.0%
	64,700		Aeon Mall Co Ltd		1,812
	10,892		American Campus Communities, Inc		351
	445,452		American Tower Corp		35,556
	1,099,494		Annaly Capital Management, Inc		10,962
	1,000		AvalonBay Communities, Inc		118
	120,047		Boston Properties, Inc		12,049
	248,240		British Land Co plc		2,588
	2,125,000		CapitaLand Ltd		5,122
	3,498,000		CapitaMall Trust		5,294
	553,000		CapitaMalls Asia Ltd		862
	195,955	*	CBRE Group, Inc		5,154
	198,835		CFS Gandel Retail Trust		346
	151,000	e	City Developments Ltd		1,154
	207,000		Daiwa House Industry Co Ltd		4,011
	2,200,199		DB RREEF Trust		1,979
	22,121		Douglas Emmett, Inc		515
	165,551		Duke Realty Corp		2,490
	129,435		Equity Residential		6,714
	17,634		Federal Realty Investment Trust		1,788
	300,754		First Industrial Realty Trust, Inc		5,248
	2,732	*	Forest City Enterprises, Inc (Class A)		52
	15,042		Gecina S.A.		1,992
	435,396		GPT Group (ASE)		1,324
	533,654		HCP, Inc		19,382
	100,037		Health Care REIT, Inc		5,359
	12,227		Healthcare Realty Trust, Inc		260
	736,502		Host Marriott Corp		14,318
	82,000		Keppel Land Ltd		218
	291,636		Land Securities Group plc		4,659
	16,682		LaSalle Hotel Properties		515
	59,200		Lend Lease Corp Ltd		591
	381,212		Liberty International plc		1,957
	37,196		Liberty Property Trust		1,260
	54,403		Macerich Co		3,204

405

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	160,440		Macquarie Goodman Group	$	680
	14,597		Medical Properties Trust, Inc		178
	16,850		Mid-America Apartment Communities, Inc		1,023
	726,832	e	Mirvac Group		1,093
	305,810		Mitsui Fudosan Co Ltd		11,031
	2,000		Plum Creek Timber Co, Inc		93
	13,546		Post Properties, Inc		613
	459,590		Prologis, Inc		16,982
	269,490	e	RAIT Investment Trust		2,417
	92,736	e	Ryman Hospitality Properties		3,874
	623,984		Segro plc		3,454
	250,750		Simon Property Group, Inc		38,154
	1,155,410	e	Stockland Trust Group		3,735
	35,276		Unibail-Rodamco		9,040
	92,125		Ventas, Inc		5,277
	142,947		Vornado Realty Trust		12,692
	2,000		Weyerhaeuser Co		63
	3,851		Winthrop Realty Trust		42
			TOTAL REAL ESTATE		269,645
RETAILING - 2.5%
	8,224		Aaron’s, Inc		242
	16,615		Advance Auto Parts, Inc		1,839
	127,624		American Eagle Outfitters, Inc		1,838
	32,439	*	Ann Taylor Stores Corp		1,186
	47,511	*	AutoZone, Inc		22,707
	19,109	*	Barnes & Noble, Inc		286
	214,041	*	Bed Bath & Beyond, Inc		17,187
	132,772		Best Buy Co, Inc		5,295
	810	*,e	Blue Nile, Inc		38
	7,961	*	Cabela’s, Inc		531
	7,000	e	Canadian Tire Corp Ltd		656
	81,708	*	Carmax, Inc		3,842
	12,500		Fast Retailing Co Ltd		5,163
	7,165		Finish Line, Inc (Class A)		202
	67,898		Foot Locker, Inc		2,814
	511,369		Gap, Inc		19,984
	262,371		Genuine Parts Co		21,827
	23,293		GNC Holdings, Inc		1,361
	2,200		Haverty Furniture Cos, Inc		69
	197,899		Hennes & Mauritz AB (B Shares)		9,114
	39,551		HSN, Inc		2,464
	48,910		Inditex S.A.		8,076
	50,000		Jardine Cycle & Carriage Ltd		1,428
	417,700		Kingfisher plc		2,667
	235,947		Kohl’s Corp		13,390
	2,891,620	e	Li & Fung Ltd		3,738
	756,126	*	Liberty Interactive Corp		22,192
	19,712	*	LKQ Corp		648
	941,190		Lowe’s Companies, Inc		46,636
	203,285		Macy’s, Inc		10,855
	210,991		Marks & Spencer Group plc		1,515

406

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	676	*	NetFlix, Inc	$	249
	6,288	*	New York & Co, Inc		27
	6,625		Next plc		599
	66,728		Nordstrom, Inc		4,124
	2,000		Nutri/System, Inc		33
	217,335	*	Office Depot, Inc		1,150
	9,311	*	O’Reilly Automotive, Inc		1,198
	8,683	*,e	Outerwall, Inc		584
	39,348		Petsmart, Inc		2,863
	35,119		Pier 1 Imports, Inc		811
	147		PPR		31
	16,391		Ross Stores, Inc		1,228
	23,447	*	Sally Beauty Holdings, Inc		709
	9,136	*,e	Shutterfly, Inc		465
	14,679		Signet Jewelers Ltd		1,155
	567,973		Staples, Inc		9,025
	3,300		Stein Mart, Inc		44
	570,917		Target Corp		36,122
	16,714		Tiffany & Co		1,551
	696,291		TJX Companies, Inc		44,375
	2,742	*	TripAdvisor, Inc		227
	10,000	*	Tuesday Morning Corp		160
	111,000		Yamada Denki Co Ltd		363
			TOTAL RETAILING		336,883
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.3%
	80,003	*	Advanced Energy Industries, Inc		1,829
	66,931	*,e	Advanced Micro Devices, Inc		259
	10,479		Analog Devices, Inc		534
	1,971,232		Applied Materials, Inc		34,871
	82,331		ASML Holding NV		7,711
	15,582	*,e	Cirrus Logic, Inc		318
	22,358	e	Cypress Semiconductor Corp		235
	5,894	*	Freescale Semiconductor Holdings Ltd		95
	558	*	Hittite Microwave Corp		34
	2,727,539		Intel Corp		70,807
	6,138	*	International Rectifier Corp		160
	21,682	*	Lam Research Corp		1,181
	9,064	e	Microchip Technology, Inc		406
	1,140		MKS Instruments, Inc		34
	541,931	*	ON Semiconductor Corp		4,466
	24,898	*	RF Micro Devices, Inc		128
	97,903	*	Skyworks Solutions, Inc		2,796
	266,513	e	STMicroelectronics NV		2,139
	72,694	*,e	SunPower Corp		2,167
	40,230	*	Teradyne, Inc		709
	1,006,837		Texas Instruments, Inc		44,210
	6,900		Tokyo Electron Ltd		380
	41,101	*	Triquint Semiconductor, Inc		343
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		175,812

407

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
SOFTWARE & SERVICES - 4.6%
	527,384		Accenture plc	$	43,361
	528,194	*	Adobe Systems, Inc		31,628
	1,660		Advent Software, Inc		58
	25,647	*,e	Angie’s List, Inc		389
	165,842	*	AOL, Inc		7,732
	1,856	*	Aspen Technology, Inc		78
	2,133		Atos Origin S.A.		193
	201,046	*	Autodesk, Inc		10,119
	128,405		Broadridge Financial Solutions, Inc		5,075
	485,524		CA, Inc		16,338
	24,502	*	Cadence Design Systems, Inc		344
	37,120		Cap Gemini S.A.		2,512
	24,400	*	CGI Group, Inc		816
	401,348	*	Cognizant Technology Solutions Corp (Class A)		40,528
	124,867		Compuware Corp		1,400
	6,178	*	comScore, Inc		177
	20,058		Convergys Corp		422
	33,183	*	Demand Media, Inc		191
	5,179	*,e	E2open, Inc		124
	2,100		EPIQ Systems, Inc		34
	6,214	e	Factset Research Systems, Inc		675
	5,718		Fair Isaac Corp		359
	30,365	*	Fortinet, Inc		581
	592,000	*	Fujitsu Ltd		3,068
	13,395		Global Payments, Inc		871
	109,496	*	Google, Inc (Class A)		122,713
	2,815	*	Higher One Holdings, Inc		27
	91,530	*	Informatica Corp		3,798
	467,530		International Business Machines Corp		87,695
	402,600		Intuit, Inc		30,726
	1,740	e	j2 Global, Inc		87
	28,341	*,e	Liquidity Services, Inc		642
	1,000		MAXIMUS, Inc		44
	3,035	*	NetSuite, Inc		313
	19,743	*	NeuStar, Inc (Class A)		984
	10,700		Nomura Research Institute Ltd		338
	20,400		NTT Data Corp		754
	3,900		Open Text Corp		359
	6,221	*,e	OpenTable, Inc		494
	1,919,450		Oracle Corp		73,438
	22,849	*	QuinStreet, Inc		199
	0	*	Recall Holdings Ltd		0	^
	10,721	*	Responsys, Inc		294
	2,376	*	Rosetta Stone, Inc		29
	7,887	*	Rovi Corp		155
	579,288	*	Salesforce.com, Inc		31,971
	228,532		SAP AG.		19,819
	10,057	*	Seachange International, Inc		122
	23,784	*	ServiceSource International LLC		199
	4,823	*	SolarWinds, Inc		182
	2,000	*	SPS Commerce, Inc		131
	948,597		Symantec Corp		22,368

408

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	6,468	*	Syntel, Inc	$	588
	4,529	*,e	Tangoe, Inc		82
	20,999	*	Teradata Corp		955
	507	*	Ultimate Software Group, Inc		78
	16,010	*	Unisys Corp		537
	14,487	*,e	Valueclick, Inc		339
	1,015,045	*	Yahoo!, Inc		41,048
			TOTAL SOFTWARE & SERVICES		608,581
TECHNOLOGY HARDWARE & EQUIPMENT - 2.3%
	8,103		Adtran, Inc		219
	4,847	*	ARRIS Group, Inc		118
	116,347	*	Aruba Networks, Inc		2,083
	11,531	*	Avid Technology, Inc		94
	4,234		Belden CDT, Inc		298
	2,571	*	Benchmark Electronics, Inc		59
	900		Black Box Corp		27
	3,303	*	Calix Networks, Inc		32
	254,100	*,e	Canon, Inc		8,108
	2,299	*	Checkpoint Systems, Inc		36
	2,721,726		Cisco Systems, Inc		61,103
	53,700		Citizen Watch Co Ltd		453
	9,600	*	Cognex Corp		367
	909	*	Coherent, Inc		68
	208,957		Corning, Inc		3,724
	190,535	*	Cray, Inc		5,232
	4,840	*	Digi International, Inc		59
	3,605	*	DTS, Inc		86
	1,318	*	Electronics for Imaging, Inc		51
	1,720,163		EMC Corp		43,262
	1,358		FEI Co		121
	103,068	*	Finisar Corp		2,465
	90,753	*	Flextronics International Ltd		705
	195,900		Fuji Folms Holdings Corp		5,561
	37,319	*,e	Fusion-io, Inc		332
	1,649,254		Hewlett-Packard Co		46,146
	5,600		Hitachi High-Technologies Corp		141
	59,600		Ibiden Co Ltd		1,116
	43,639	*	Ingram Micro, Inc (Class A)		1,024
	11,659	*	Insight Enterprises, Inc		265
	1,676	e	InterDigital, Inc		49
	5,000	*,e	InvenSense, Inc		104
	30,066	*,e	IPG Photonics Corp		2,333
	1,920	*	Itron, Inc		80
	24,389		Jabil Circuit, Inc		425
	188,500		Konica Minolta Holdings, Inc		1,884
	69,200		Kyocera Corp		3,459
	54,381	e	Lexmark International, Inc (Class A)		1,932
	1,068		Littelfuse, Inc		99
	185,861		Motorola, Inc		12,546
	32,300		Murata Manufacturing Co Ltd		2,873
	2,100		National Instruments Corp		67

409

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	7,919	*	Netgear, Inc	$	261
	45,500		Omron Corp		2,011
	69,596	*	Oplink Communications, Inc		1,294
	500	*	OSI Systems, Inc		27
	1,774		Plantronics, Inc		82
	1,420	*	Plexus Corp		61
	3,167	*,e	Procera Networks, Inc		48
	53,913	*	QLogic Corp		638
	847,188		Qualcomm, Inc		62,904
	23,440	*	RealD, Inc		200
	2,500	*	Rofin-Sinar Technologies, Inc		68
	1,300	*	Scansource, Inc		55
	6,268	*	Super Micro Computer, Inc		108
	1,417	*	SYNNEX Corp		95
	48,800		TDK Corp		2,341
	4,637	*	Tech Data Corp		239
	13,773	*	TTM Technologies, Inc		118
	10,708	*,e	Universal Display Corp		368
	2,708	*	Vishay Precision Group, Inc		40
	2,622,193		Xerox Corp		31,912
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		312,076
TELECOMMUNICATION SERVICES - 1.3%
	22,599	*	Boingo Wireless, Inc		145
	137,474		BT Group plc		867
	9,017	*	Cbeyond Communications, Inc		62
	960,099		CenturyTel, Inc		30,579
	161,417	*	Cincinnati Bell, Inc		575
	2,650		Consolidated Communications Holdings, Inc		52
	322,673	*	Crown Castle International Corp		23,694
	1,648,150	e	Frontier Communications Corp		7,664
	5,000	*,e	Iridium Communications, Inc		31
	178,800		KDDI Corp		11,017
	29,997	*	Level 3 Communications, Inc		995
	102,800		Nippon Telegraph & Telephone Corp		5,537
	532,600		NTT DoCoMo, Inc		8,770
	86,400	e	Rogers Communications, Inc (Class B)		3,910
	23,411	*	SBA Communications Corp (Class A)		2,103
	166,700		Softbank Corp		14,628
	958,511	*	Sprint Corp		10,304
	14,008		Swisscom AG.		7,403
	699,891		TeliaSonera AB		5,837
	68,610	*	tw telecom inc (Class A)		2,091
	1,580		USA Mobility, Inc		23
	8,830,263		Vodafone Group plc		34,766
	728,258	e	Windstream Holdings, Inc		5,811
			TOTAL TELECOMMUNICATION SERVICES		176,864
TRANSPORTATION - 1.5%
	44,483		Abertis Infraestructuras S.A. (Continuous)		989
	11,311		Alaska Air Group, Inc		830
	773	*	Allegiant Travel Co		82

410

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	639,647	e	Auckland International Airport Ltd	$	1,858
	104,766	e	Autostrade S.p.A.		2,347
	24,956	*	Avis Budget Group, Inc		1,009
	203,200		Canadian National Railway Co		11,585
	1,437,000		Cathay Pacific Airways Ltd		3,045
	30,500		Central Japan Railway Co		3,595
	13,726		CH Robinson Worldwide, Inc		801
	1,070,310		CSX Corp		30,793
	134,669	*	Deutsche Lufthansa AG.		2,855
	480,498		Deutsche Post AG.		17,550
	71,700		East Japan Railway Co		5,711
	8,074	*	Echo Global Logistics, Inc		173
	5		Expeditors International of Washington, Inc		0	^
	5,413		Fraport AG. Frankfurt Airport Services Worldwide		406
	231	*	Genesee & Wyoming, Inc (Class A)		22
	3,331		J.B. Hunt Transport Services, Inc		257
	103,000	*	Mitsui OSK Lines Ltd		465
	2,037,197		MTR Corp		7,721
	265,109		Norfolk Southern Corp		24,610
	413,000		Singapore Airlines Ltd		3,411
	228,000		Tokyu Corp		1,477
	104,281		Transurban Group		638
	160,145		Union Pacific Corp		26,904
	510,592		United Parcel Service, Inc (Class B)		53,653
			TOTAL TRANSPORTATION		202,787
UTILITIES - 2.2%
	29,928		AGL Energy Ltd		402
	8,000		American States Water Co		230
	13,544		American Water Works Co, Inc		572
	257,758	*	Calpine Corp		5,029
	255,104		Centerpoint Energy, Inc		5,913
	837,282		Centrica plc		4,828
	574		Chesapeake Utilities Corp		34
	380,249		Cleco Corp		17,727
	881,500		CLP Holdings Ltd		6,972
	449,000		Consolidated Edison, Inc		24,821
	211,007		Contact Energy Ltd		891
	177,133		Duke Energy Corp		12,224
	2,474		Empire District Electric Co		56
	28,688		Enel Green Power S.p.A		72
	714,259		Energias de Portugal S.A.		2,624
	2,769,736		Hong Kong & China Gas Ltd		6,359
	1,107,925		Iberdrola S.A.		7,071
	7,771		Integrys Energy Group, Inc		423
	2,000		ITC Holdings Corp		192
	14,435		MDU Resources Group, Inc		441
	65,300		MGE Energy, Inc		3,781
	1,088,320		National Grid plc		14,234
	29,147		New Jersey Resources Corp		1,348
	443,338		NextEra Energy, Inc		37,959
	620,350		NiSource, Inc		20,397

411

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	334,247		Northeast Utilities	$	14,169
	8,434		Northwest Natural Gas Co		361
	153,232		Oneok, Inc		9,528
	1,420	e	Ormat Technologies, Inc		39
	51,000		Osaka Gas Co Ltd		200
	814,693	e	Pepco Holdings, Inc		15,585
	513,157		PG&E Corp		20,670
	218,962		Piedmont Natural Gas Co, Inc		7,261
	11,683		Pinnacle West Capital Corp		618
	9,375		PNM Resources, Inc		226
	5,000		Public Service Enterprise Group, Inc		160
	455,571		Scottish & Southern Energy plc		10,352
	253,916		Sempra Energy		22,792
	27,089		SJW Corp		807
	69,460		South Jersey Industries, Inc		3,887
	54,917		SP AusNet		61
	50,626		Suez Environnement S.A.		908
	46,813	e	TECO Energy, Inc		807
	658,790		Tokyo Gas Co Ltd		3,247
	11,190		UGI Corp		464
	1,494		Unitil Corp		46
	5,427		UNS Energy Corp		325
	6,615		Vectren Corp		235
	27,296		WGL Holdings, Inc		1,093
	42,159		Wisconsin Energy Corp		1,743
	98,438		Xcel Energy, Inc		2,750
			TOTAL UTILITIES		292,934
			TOTAL COMMON STOCKS		8,050,670
			(Cost $5,190,127)
PREFERRED STOCKS - 0.2%
BANKS - 0.2%
	233,115	*	Federal Home Loan Mortgage Corp		2,091
	740,991	*	Federal National Mortgage Association		6,483
	14,500	e	M&T Bank Corp		13,275
			TOTAL BANKS		21,849
			TOTAL PREFERRED STOCKS		21,849
			(Cost $38,865)
RIGHTS / WARRANTS - 0.0%
ENERGY - 0.0%
	310,203		Repsol S.A.		212
			TOTAL ENERGY		212
			TOTAL RIGHTS / WARRANTS		212
			(Cost $203)

412

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
SHORT-TERM INVESTMENTS - 10.1%
GOVERNMENT AGENCY DEBT - 0.6%
$	18,000,000		Federal Home Loan Bank (FHLB)	0.030	%	01/17/14	$	18,000
	24,000,000		FHLB	0.085		02/19/14		23,997
	10,000,000		FHLB	0.065		02/26/14		9,999
	22,000,000	w	FHLB	0.060		03/21/14		21,998
	3,540,000		Federal Home Loan Mortgage Corp (FHLMC)	0.035		01/22/14		3,540
			TOTAL GOVERNMENT AGENCY DEBT					77,534
TREASURY DEBT - 6.8%
	76,000,000	w	United States Treasury Bill	0.056-0.075		02/27/14		75,993
	54,500,000		United States Treasury Bill	0.055-0.081		03/06/14		54,495
	21,000,000	w	United States Treasury Bill	0.061-0.080		03/13/14		20,998
	19,000,000		United States Treasury Bill	0.065		03/20/14		18,998
	31,000,000	w	United States Treasury Bill	0.078		03/27/14		30,995
	42,600,000	w	United States Treasury Bill	0.030-0.071		04/03/14		42,592
	21,000,000	w	United States Treasury Bill	0.060		04/17/14		20,998
	136,000,000	w	United States Treasury Bill	0.065-0.085		04/24/14		135,975
	77,000,000	w	United States Treasury Bill	0.105		05/01/14		76,987
	7,000,000	w	United States Treasury Bill	0.088		05/29/14		6,998
	3,000,000		United States Treasury Bill	0.070		06/19/14		2,999
	28,000,000	w	United States Treasury Bill	0.101		06/26/14		27,989
	256,300,000	w	United States Treasury Bill	0.063-0.116		07/24/14		256,188
	129,000,000	w	United States Treasury Bill	0.075-0.135		08/21/14		128,942
	18,000,000	w	United States Treasury Note	0.250		03/31/14		18,007
			TOTAL TREASURY DEBT					919,154
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.7%
GOVERNMENT AGENCY DEBT - 0.6%
	45,000,000		Federal Home Loan Bank (FHLB)	0.035-0.050		01/24/14		44,999
	12,000,000		FHLB	0.060		03/21/14		11,999
	10,000,000		FHLB	0.100		03/26/14		9,999
	8,696,000		Federal Home Loan Mortgage Corp (FHLMC)	0.030		01/21/14		8,696
			TOTAL GOVERNMENT AGENCY DEBT					75,693
TREASURY DEBT - 2.1%
	5,000,000		United States Treasury Bill	0.071		01/30/14		5,000
	10,000,000		United States Treasury Bill	0.071		02/20/14		9,999
	10,000,000		United States Treasury Bill	0.075		02/27/14		9,999
	1,200,000		United States Treasury Bill	0.073		03/06/14		1,200
	20,000,000		United States Treasury Bill	0.065		03/13/14		19,998
	15,000,000		United States Treasury Bill	0.060		03/20/14		14,998
	10,000,000		United States Treasury Bill	0.070		04/03/14		9,998
	26,000,000		United States Treasury Bill	0.070-0.086		04/17/14		25,997
	29,000,000		United States Treasury Bill	0.071-0.085		04/24/14		28,994
	20,000,000		United States Treasury Bill	0.088		06/26/14		19,992
	23,000,000		United States Treasury Bill	0.091-0.110		07/24/14		22,990
	54,000,000		United States Treasury Bill	0.075-0.138		08/21/14		53,976
	30,000,000		United States Treasury Note	0.250		03/31/14		30,012
	32,000,000		United States Treasury Note	0.250		06/30/14		32,025
			TOTAL TREASURY DEBT					285,178

413

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

	VALUE (000)
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED	$	360,871
TOTAL SHORT-TERM INVESTMENTS		1,357,559
(Cost $1,357,440)
TOTAL INVESTMENTS - 108.4%		14,467,659
(Cost $11,626,471)
OTHER ASSETS & LIABILITIES, NET - (8.4)%		(1,126,699	)
NET ASSETS - 100.0%	$	13,340,960

	Abbreviation(s):
REIT	Real Estate Investment Trust
*	Non-income producing.
^	Amount represents less than $1,000.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $356,841,000.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 2013, the aggregate value of these securities amounted to $432,691,000, or 3.2% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
j	Zero coupon
m	Indicates a security that has been deemed illiquid.
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.

414

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

COLLEGE RETIREMENT EQUITIES FUND

MONEY MARKET ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2013

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
SHORT-TERM INVESTMENTS - 100.0%
CERTIFICATE OF DEPOSIT - 6.0%
$	50,000,000		Australia & New Zealand Banking Group Ltd	0.180	%	01/28/14	$	50,000
	50,000,000		Banco Del Estado De Chile	0.210		02/11/14		50,000
	25,000,000		Banco Del Estado De Chile	0.215		02/19/14		25,000
	35,000,000		Banco Del Estado De Chile	0.210		02/20/14		35,000
	40,000,000		Banco Del Estado De Chile	0.200		03/07/14		40,000
	50,000,000		Bank of Montreal	0.200		01/09/14		50,000
	50,000,000		Bank of Montreal	0.100		02/28/14		50,000
	30,000,000		Bank of Nova Scotia	0.170		04/01/14		30,000
	50,000,000		Bank of Nova Scotia	0.190		04/04/14		50,000
	70,000,000		Toronto-Dominion Bank	0.150		01/06/14		70,000
	25,000,000		Toronto-Dominion Bank	0.135		01/30/14		25,000
	45,000,000		Toronto-Dominion Bank	0.150		03/06/14		45,000
	25,000,000		Toronto-Dominion Bank	0.170		03/11/14		25,000
	50,000,000		Wells Fargo Bank NA	0.130		02/06/14		50,000
	50,000,000		Wells Fargo Bank NA	0.130		02/10/14		50,000
	75,000,000		Wells Fargo Bank NA	0.160		03/03/14		75,000
			TOTAL CERTIFICATE OF DEPOSIT					720,000
COMMERCIAL PAPER - 35.2%
	4,175,000		American Honda Finance Corp	0.100		01/06/14		4,175
	27,000,000		American Honda Finance Corp	0.090		01/10/14		26,999
	35,000,000		American Honda Finance Corp	0.110		01/23/14		34,998
	8,550,000		American Honda Finance Corp	0.100		02/19/14		8,549
	10,000,000		American Honda Finance Corp	0.100		02/25/14		9,998
	50,000,000		American Honda Finance Corp	0.130		03/05/14		49,989
	43,750,000		American Honda Finance Corp	0.115		03/10/14		43,740
	21,000,000		American Honda Finance Corp	0.120		03/17/14		20,995
	11,540,000	y	Australia & New Zealand Banking Group Ltd	0.175		03/04/14		11,537
	44,600,000	y	Australia & New Zealand Banking Group Ltd	0.180		03/19/14		44,583
	75,000,000	y	Australia & New Zealand Banking Group Ltd	0.170-0.175		03/25/14		74,970
	20,000,000		Bank of Nova Scotia	0.175		01/02/14		20,000
	25,000,000		Bank of Nova Scotia	0.170		01/03/14		25,000
	20,000,000		Bank of Nova Scotia	0.175		01/08/14		19,999
	9,000,000		Bank of Nova Scotia	0.175		01/14/14		8,999
	25,000,000		Bank of Nova Scotia	0.175		04/02/14		24,989
	15,000,000		Bank of Tokyo-Mitsubishi UFJ Ltd	0.100		01/07/14		15,000
	14,390,000		Bank of Tokyo-Mitsubishi UFJ Ltd	0.170		01/09/14		14,389
	20,000,000		Bank of Tokyo-Mitsubishi UFJ Ltd	0.170		01/10/14		19,999
	23,725,000		Bank of Tokyo-Mitsubishi UFJ Ltd	0.170-0.180		01/17/14		23,723
	11,130,000		Bank of Tokyo-Mitsubishi UFJ Ltd	0.170		02/04/14		11,128
	25,000,000	y	Bedford Row Funding Corp	0.220		02/03/14		24,995
	5,067,000	y	Coca-Cola Co	0.190		01/06/14		5,067
	25,800,000	y	Coca-Cola Co	0.060-0.100		01/07/14		25,800

415

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	37,987,000	y	Coca-Cola Co	0.170	%	01/14/14	$	37,985
	10,000,000	y	Coca-Cola Co	0.160		01/22/14		9,999
	25,000,000	y	Coca-Cola Co	0.130		01/23/14		24,998
	19,000,000	y	Coca-Cola Co	0.125		02/11/14		18,997
	35,000,000	y	Coca-Cola Co	0.190		02/27/14		34,989
	6,980,000	y	Coca-Cola Co	0.100		03/11/14		6,979
	22,500,000	y	Coca-Cola Co	0.110		03/20/14		22,495
	3,000,000	y	Coca-Cola Co	0.135		04/08/14		2,999
	25,000,000	y	Coca-Cola Co	0.125		04/10/14		24,991
	40,365,000	y	Commonwealth Bank of Australia	0.155-0.160		01/02/14		40,365
	37,500,000	y	Commonwealth Bank of Australia	0.150-0.175		01/06/14		37,499
	12,000,000	y	Commonwealth Bank of Australia	0.180		01/13/14		11,999
	10,000,000	y	Commonwealth Bank of Australia	0.160		02/10/14		9,998
	25,000,000	y	Commonwealth Bank of Australia	0.155		02/21/14		24,995
	15,000,000	y	Commonwealth Bank of Australia	0.215		02/28/14		14,995
	1,500,000	y	DBS Bank Ltd	0.150		01/06/14		1,500
	30,000,000	y	DBS Bank Ltd	0.165		01/07/14		29,999
	50,000,000	y	DBS Bank Ltd	0.170		02/27/14		49,987
	12,935,000	y	DBS Bank Ltd	0.250		04/01/14		12,927
	3,000,000		Exxon Mobil Corp	0.080		01/17/14		3,000
	30,000,000		Exxon Mobil Corp	0.085		01/21/14		29,999
	30,000,000		Exxon Mobil Corp	0.090		01/28/14		29,998
	27,050,000		Exxon Mobil Corp	0.070		02/06/14		27,048
	20,000,000		Exxon Mobil Corp	0.075		02/13/14		19,998
	20,000,000		Exxon Mobil Corp	0.085		02/25/14		19,997
	20,000,000	y	Fairway Finance LLC	0.150		01/09/14		19,999
	25,020,000	y	Fairway Finance LLC	0.190		01/13/14		25,018
	30,000,000	y	Fairway Finance LLC	0.180		01/27/14		29,996
	10,000,000	y	Fairway Finance LLC	0.155		01/28/14		9,999
	10,000,000	y	Fairway Finance LLC	0.190		01/30/14		9,999
	24,346,000	y	Fairway Finance LLC	0.150-0.175		02/10/14		24,341
	30,337,000	y	Fairway Finance LLC	0.140-0.200		02/11/14		30,332
	43,498,000	y	Fairway Finance LLC	0.170-0.175		02/13/14		43,489
	3,691,000	y	Fairway Finance LLC	0.180		02/19/14		3,690
	20,000,000	y	Fairway Finance LLC	0.170		03/04/14		19,994
	30,000,000		General Electric Capital Corp	0.100		01/07/14		30,000
	30,000,000		General Electric Capital Corp	0.130		01/22/14		29,998
	50,000,000		General Electric Capital Corp	0.130		01/24/14		49,996
	30,000,000		General Electric Capital Corp	0.130		01/27/14		29,997
	9,825,000		General Electric Capital Corp	0.180		02/04/14		9,823
	30,000,000		General Electric Capital Corp	0.170		02/18/14		29,993
	20,000,000		General Electric Capital Corp	0.170		02/25/14		19,995
	20,000,000		General Electric Capital Corp	0.140		03/04/14		19,995
	50,000,000		General Electric Capital Corp	0.120		03/13/14		49,988
	30,000,000		General Electric Capital Corp	0.120		03/24/14		29,992
	45,000,000	y	International Business Machines Corp	0.150		01/07/14		44,999
	7,500,000		International Business Machines Corp	1.250		05/12/14		7,528
	59,880,000	y	Liberty Street Funding LLC	0.175-0.185		02/18/14		59,866
	47,960,000	y	Liberty Street Funding LLC	0.175		02/24/14		47,947
	30,000,000	y	Mitsubishi UFJ Trust & Banking Corp	0.170		02/11/14		29,994

416

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	25,000,000	y	Mitsubishi UFJ Trust & Banking Corp	0.180	%	02/25/14	$	24,993
	11,500,000	y	National Australia Funding Delaware, Inc	0.120		01/02/14		11,500
	5,000,000	y	National Australia Funding Delaware, Inc	0.120		02/10/14		4,999
	20,000,000	y	National Australia Funding Delaware, Inc	0.120		02/18/14		19,997
	20,000,000	y	National Australia Funding Delaware, Inc	0.130		03/04/14		19,996
	30,000,000	y	National Australia Funding Delaware, Inc	0.140		03/24/14		29,990
	20,000,000	y	National Australia Funding Delaware, Inc	0.140		04/02/14		19,993
	43,000,000	y	Nestle Capital Corp	0.095		02/11/14		42,995
	39,300,000	y	Nestle Capital Corp	0.090-0.100		02/12/14		39,296
	95,000,000	y	Nestle Capital Corp	0.100-0.105		02/13/14		94,988
	20,000,000	y	Nestle Capital Corp	0.110		02/26/14		19,997
	20,000,000	y	Nestle Capital Corp	0.100		03/06/14		19,996
	43,300,000	y	Old Line Funding LLC	0.180		02/05/14		43,293
	59,004,000	y	Old Line Funding LLC	0.180		02/07/14		58,993
	20,000,000	y	Old Line Funding LLC	0.240		02/12/14		19,994
	37,700,000	y	Old Line Funding LLC	0.180		02/25/14		37,690
	36,690,000		PACCAR Financial Corp	0.115		01/30/14		36,687
	13,700,000		PACCAR Financial Corp	0.110		02/06/14		13,698
	22,200,000	y	Private Export Funding Corp	0.130-0.140		01/08/14		22,199
	25,000,000	y	Private Export Funding Corp	0.120		01/16/14		24,999
	23,000,000	y	Private Export Funding Corp	0.160		01/17/14		22,998
	29,015,000	y	Private Export Funding Corp	0.250		04/07/14		28,996
	25,000,000	y	Procter & Gamble Co	0.100		01/08/14		25,000
	25,000,000	y	Procter & Gamble Co	0.100		01/13/14		24,999
	10,100,000	y	Procter & Gamble Co	0.100		02/13/14		10,099
	20,000,000	y	Procter & Gamble Co	0.100		02/20/14		19,997
	63,000,000	y	Procter & Gamble Co	0.090-0.095		03/04/14		62,990
	65,000,000	y	Procter & Gamble Co	0.100		03/18/14		64,986
	15,000,000	y	Procter & Gamble Co	0.100		03/19/14		14,997
	15,000,000		Province of British Columbia	0.100		01/07/14		15,000
	37,102,000		Province of Ontario Canada	0.060-0.080		01/06/14		37,102
	15,000,000		Province of Ontario Canada	0.085		01/16/14		14,999
	15,000,000		Province of Ontario Canada	0.090		01/22/14		14,999
	20,000,000		Province of Ontario Canada	0.080		02/03/14		19,999
	41,280,000		Province of Ontario Canada	0.090		02/20/14		41,275
	20,000,000		Province of Ontario Canada	0.100		02/21/14		19,997
	32,242,000		Province of Ontario Canada	0.100		03/11/14		32,236
	35,000,000		Province of Ontario Canada	0.100		03/13/14		34,993
	6,700,000	y	Province of Quebec Canada	0.070-0.100		01/03/14		6,700
	50,000,000	y	Province of Quebec Canada	0.080		01/08/14		49,999
	17,300,000	y	Province of Quebec Canada	0.070-0.085		01/14/14		17,299
	12,500,000	y	Province of Quebec Canada	0.080		01/15/14		12,500
	45,620,000	y	Province of Quebec Canada	0.080-0.090		01/21/14		45,618
	38,800,000	y	Province of Quebec Canada	0.100		01/24/14		38,797
	45,306,000	y	Province of Quebec Canada	0.085-0.090		01/30/14		45,303
	16,200,000	y	Province of Quebec Canada	0.100-0.105		02/10/14		16,198
	50,000,000	y	Province of Quebec Canada	0.085		03/03/14		49,993
	76,000,000	y	PSP Capital, Inc	0.110-0.125		01/14/14		75,997
	25,000,000	y	PSP Capital, Inc	0.120		01/16/14		24,998
	31,700,000	y	PSP Capital, Inc	0.130-0.140		01/29/14		31,697

417

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	20,000,000	y	PSP Capital, Inc	0.130	%	02/11/14	$	19,997
	31,000,000	y	PSP Capital, Inc	0.150		03/11/14		30,991
	10,000,000	y	PSP Capital, Inc	0.150		03/18/14		9,997
	10,000,000	y	PSP Capital, Inc	0.150		03/20/14		9,997
	4,350,000	y	PSP Capital, Inc	0.270		07/28/14		4,343
	50,000,000	y	Shell International Finance BV	0.100		02/19/14		49,993
	25,000,000	y	Shell International Finance BV	0.090		02/20/14		24,997
	67,700,000		Shell International Finance BV	4.000		03/21/14		68,254
	30,000,000	y	Standard Chartered Bank	0.170		01/29/14		29,996
	33,875,000	y	Standard Chartered Bank	0.150		02/14/14		33,869
	22,000,000	y	Standard Chartered Bank	0.230		02/25/14		21,992
	6,500,000	y	Standard Chartered Bank	0.230		02/27/14		6,498
	27,875,000	y	Standard Chartered Bank	0.173		03/10/14		27,866
	30,000,000	y	Standard Chartered Bank	0.260		04/01/14		29,980
	1,675,000	y	Thunder Bay Funding LLC	0.200		01/06/14		1,675
	13,000,000	y	Thunder Bay Funding LLC	0.160		01/16/14		12,999
	10,035,000	y	Thunder Bay Funding LLC	0.150-0.190		02/03/14		10,033
	20,000,000	y	Toronto-Dominion Holdings USA, Inc	0.170		02/06/14		19,997
	10,000,000	y	Toronto-Dominion Holdings USA, Inc	0.150		02/10/14		9,998
	40,000,000		Toyota Motor Credit Corp	0.140		03/05/14		39,990
	50,000,000		Toyota Motor Credit Corp	0.160		03/06/14		49,986
	30,000,000		Toyota Motor Credit Corp	0.160		03/07/14		29,991
	50,000,000		Toyota Motor Credit Corp	0.180		04/10/14		49,975
	25,000,000		Toyota Motor Credit Corp	0.170		04/17/14		24,988
	20,000,000	y	United Overseas Bank Ltd	0.170		01/07/14		20,000
	20,000,000	y	United Overseas Bank Ltd	0.160		01/14/14		19,999
	32,300,000	y	United Overseas Bank Ltd	0.180		01/28/14		32,296
	50,000,000	y	United Overseas Bank Ltd	0.210		02/21/14		49,985
	20,000,000	y	United Overseas Bank Ltd	0.175		03/10/14		19,993
	10,000,000	y	United Overseas Bank Ltd	0.185		03/14/14		9,996
	40,000,000	y	United Overseas Bank Ltd	0.225		03/21/14		39,980
	18,970,000	y	United Overseas Bank Ltd	0.210		04/14/14		18,959
	2,000,000		US Bank NA	0.200		02/12/14		2,000
	20,000,000	y	Wal-Mart Stores, Inc	0.200		01/21/14		19,998
	17,570,000	y	Wal-Mart Stores, Inc	0.125		01/28/14		17,568
			TOTAL COMMERCIAL PAPER					4,221,555
GOVERNMENT AGENCY DEBT - 32.6%
	44,970,000		Federal Home Loan Bank (FHLB)	0.040-0.130		01/02/14		44,970
	61,660,000		FHLB	0.035-0.050		01/03/14		61,660
	5,000,000		FHLB	0.040		01/07/14		5,000
	80,610,000		FHLB	0.035-0.065		01/08/14		80,609
	15,320,000		FHLB	0.050-0.145		01/09/14		15,320
	144,200,000		FHLB	0.035-0.130		01/10/14		144,197
	73,070,000		FHLB	0.040-0.140		01/13/14		73,069
	7,000,000		FHLB	0.045		01/14/14		7,000
	73,210,000		FHLB	0.040-0.050		01/15/14		73,209
	38,500,000		FHLB	0.047		01/16/14		38,499
	161,400,000		FHLB	0.020-0.175		01/17/14		161,393
	112,185,000		FHLB	0.040-0.100		01/22/14		112,182

418

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
$	105,000,000	FHLB	0.050-0.070	%	01/24/14	$	104,996
	7,000,000	FHLB	0.065		01/27/14		7,000
	8,000,000	FHLB	0.070		01/28/14		8,000
	81,002,000	FHLB	0.057-0.060		01/29/14		80,998
	64,549,000	FHLB	0.050-0.070		01/31/14		64,546
	13,800,000	FHLB	0.065-0.077		02/03/14		13,799
	126,200,000	FHLB	0.063-0.083		02/05/14		126,191
	117,620,000	FHLB	0.055-0.085		02/07/14		117,611
	91,320,000	FHLB	0.080-0.085		02/12/14		91,311
	86,901,000	FHLB	0.055-0.083		02/14/14		86,893
	31,000,000	FHLB	0.060-0.085		02/18/14		30,997
	116,335,000	FHLB	0.083-0.090		02/19/14		116,321
	86,450,000	FHLB	0.065-0.110		02/21/14		86,441
	87,950,000	FHLB	0.060-0.090		02/26/14		87,940
	92,400,000	FHLB	0.065-0.090		02/28/14		92,389
	16,300,000	FHLB	0.085		03/03/14		16,298
	50,000,000	FHLB	0.090		03/05/14		49,992
	30,000,000	FHLB	0.092		03/06/14		29,995
	113,000,000	FHLB	0.090-0.100		03/07/14		112,981
	147,600,000	FHLB	0.085-0.100		03/12/14		147,573
	109,900,000	FHLB	0.090-0.095		03/14/14		109,880
	39,400,000	FHLB	0.095		03/17/14		39,392
	26,500,000	FHLB	0.100-0.105		03/21/14		26,494
	78,000,000	FHLB	0.085-0.100		03/26/14		77,984
	56,750,000	FHLB	0.095-0.100		03/28/14		56,736
	16,000,000	FHLB	0.060		04/02/14		15,997
	5,000,000	FHLB	0.110		04/04/14		4,999
	4,100,000	FHLB	0.105		05/01/14		4,098
	28,241,000	Federal Home Loan Mortgage Corp (FHLMC)	0.030-0.150		01/06/14		28,241
	39,918,000	FHLMC	0.050-0.108		01/13/14		39,917
	30,500,000	FHLMC	0.040-0.125		01/14/14		30,499
	6,800,000	FHLMC	0.030		01/15/14		6,800
	57,150,000	FHLMC	0.040-0.060		01/21/14		57,148
	11,400,000	FHLMC	0.030-0.100		01/22/14		11,400
	38,785,000	FHLMC	0.075-0.130		01/23/14		38,783
	65,900,000	FHLMC	0.050-0.140		01/27/14		65,896
	95,500,000	FHLMC	0.060-0.125		02/03/14		95,492
	57,540,000	FHLMC	0.050-0.135		02/04/14		57,536
	6,229,000	FHLMC	0.080		02/10/14		6,228
	8,865,000	FHLMC	0.125		02/11/14		8,864
	73,160,000	FHLMC	0.065-0.067		02/14/14		73,154
	15,000,000	FHLMC	0.088		02/18/14		14,998
	2,850,000	FHLMC	0.070		02/19/14		2,850
	113,775,000	FHLMC	0.050-0.140		02/24/14		113,760
	30,000,000	FHLMC	0.090		03/03/14		29,995
	7,700,000	FHLMC	0.060		03/10/14		7,699
	48,320,000	FHLMC	0.082-0.090		03/11/14		48,312
	32,000,000	FHLMC	0.090-0.092		03/12/14		31,994
	19,700,000	FHLMC	0.095		03/13/14		19,696
	87,732,000	FHLMC	0.088-0.090		03/17/14		87,716

419

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
$	5,000,000	FHLMC	0.100	%	03/25/14	$	4,999
	5,000,000	FHLMC	0.105		04/14/14		4,999
	10,125,000	Federal National Mortgage Association (FNMA)	0.050-0.055		01/02/14		10,125
	13,540,000	FNMA	0.125		01/09/14		13,540
	9,625,000	FNMA	0.110-0.140		01/21/14		9,624
	4,525,000	FNMA	0.055		01/22/14		4,525
	30,191,000	FNMA	0.060-0.120		01/27/14		30,190
	18,100,000	FNMA	0.070-0.150		01/29/14		18,099
	27,102,000	FNMA	0.070-0.075		02/03/14		27,100
	25,394,000	FNMA	0.060-0.065		02/05/14		25,392
	40,060,000	FNMA	0.070-0.105		02/12/14		40,056
	35,600,000	FNMA	0.085		02/18/14		35,596
	32,300,000	FNMA	0.076		02/19/14		32,297
	18,951,000	FNMA	0.050-0.135		02/24/14		18,949
	8,700,000	FNMA	0.065		02/25/14		8,699
	59,895,000	FNMA	0.070-0.090		02/26/14		59,887
	45,665,000	FNMA	0.075-0.085		03/05/14		45,659
	8,000,000	FNMA	0.105		05/01/14		7,997
		TOTAL GOVERNMENT AGENCY DEBT					3,899,671
TREASURY DEBT - 14.9%
	15,975,000	United States Treasury Bill	0.033-0.045		01/02/14		15,975
	59,770,000	United States Treasury Bill	0.031-0.070		01/09/14		59,769
	80,000,000	United States Treasury Bill	0.026-0.068		01/16/14		79,999
	50,000,000	United States Treasury Bill	0.032-0.043		01/23/14		49,999
	30,000,000	United States Treasury Bill	0.310-0.039		01/30/14		29,999
	83,355,000	United States Treasury Bill	0.021-0.150		02/06/14		83,350
	50,000,000	United States Treasury Bill	0.033-0.043		03/20/14		49,996
	19,720,000	United States Treasury Bill	0.035		03/27/14		19,718
	92,000,000	United States Treasury Bill	0.076-0.088		06/26/14		91,962
	735,000	United States Treasury Bill	0.078		07/24/14		735
	86,225,000	United States Treasury Bill	0.089-0.096		08/21/14		86,173
	9,190,000	United States Treasury Bill	0.128-0.133		12/11/14		9,179
	117,630,000	United States Treasury Note	1.000		01/15/14		117,671
	100,000,000	United States Treasury Note	0.250		01/31/14		100,011
	100,000,000	United States Treasury Note	0.250		02/28/14		100,020
	5,100,000	United States Treasury Note	1.250		03/15/14		5,112
	98,510,000	United States Treasury Note	0.250		03/31/14		98,540
	100,175,000	United States Treasury Note	1.250		04/15/14		100,502
	100,000,000	United States Treasury Note	0.250		04/30/14		100,038
	99,625,000	United States Treasury Note	1.000		05/15/14		99,940
	61,970,000	United States Treasury Note	0.750		06/15/14		62,141
	101,610,000	United States Treasury Note	0.250		06/30/14		101,672
	111,325,000	United States Treasury Note	0.625		07/15/14		111,609
	100,000,000	United States Treasury Note	0.125		07/31/14		100,007
	68,050,000	United States Treasury Note	0.500		08/15/14		68,202
	10,000,000	United States Treasury Note	0.250		09/15/14		10,006
	6,625,000	United States Treasury Note	0.250		11/30/14		6,631
	20,000,000	United States Treasury Note	0.250		12/15/14		20,019
	7,950,000	United States Treasury Note	0.250		01/15/15		7,957
		TOTAL TREASURY DEBT					1,786,932

420

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
VARIABLE RATE SECURITIES - 11.3%
$	50,000,000	i	Canadian Imperial Bank of Commerce	0.275	%	01/03/14	$	50,000
	94,500,000	i	Federal Farm Credit Bank (FFCB)	0.180		01/01/14		94,486
	95,000,000	i	FFCB	0.180		01/01/14		95,000
	54,500,000	i	FFCB	0.200		01/01/14		54,522
	10,000,000	i	FFCB	0.250		01/02/14		10,014
	42,000,000	i	FFCB	0.146		01/07/14		41,978
	35,000,000	i	FFCB	0.211		01/07/14		35,004
	10,000,000	i	FFCB	0.130		01/21/14		10,000
	91,000,000	i	FFCB	0.250		02/10/14		90,998
	50,000,000	i	FFCB	0.185		03/09/14		50,000
	50,000,000	i	FFCB	0.150		03/13/14		49,999
	45,000,000	i	FFCB	0.250		03/21/14		45,051
	50,000,000	i	FFCB	0.137		04/16/14		50,000
	50,000,000	i	FFCB	0.196		07/01/14		49,991
	65,000,000	i	FFCB	0.201		07/01/14		64,989
	25,000,000	i	FFCB	0.145		07/10/14		24,999
	36,600,000	i	FFCB	0.180		07/21/14		36,605
	25,000,000	i	FFCB	0.186		09/19/14		25,000
	23,750,000	i	FFCB	0.280		10/14/14		23,752
	70,000,000	i	FFCB	0.120		10/27/14		70,000
	75,000,000	i	FFCB	0.240		10/27/14		74,987
	50,000,000	i	FFCB	0.166		12/12/14		50,000
	50,000,000	i	Federal Home Loan Bank (FHLB)	0.200		01/01/14		50,000
	20,000,000	i	FHLB	0.220		02/14/14		20,012
	80,000,000	i	Federal National Mortgage Association (FNMA)	0.147		06/20/14		79,994
	50,000,000	i	Royal Bank of Canada	0.280		06/10/14		50,000
	50,000,000	i	Toronto-Dominion Bank	0.217		09/02/14		50,000
			TOTAL VARIABLE RATE SECURITIES					1,347,381
			TOTAL SHORT-TERM INVESTMENTS					11,975,539
			(Cost $11,975,539)
			TOTAL INVESTMENTS - 100.0%					11,975,539
			(Cost $11,975,539)
			OTHER ASSETS & LIABILITIES, NET - 0.0%					5,374
			NET ASSETS - 100.0%				$	11,980,913

i	Floating or variable rate security. Coupon rate reflects the rate at period end.
y	Security exempt from registration under Section 4(2) of the Securities Act of 1933. Such securities are deemed liquid and may be sold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At 12/31/2013, the aggregate value of these securities was $2,855,372,000, or 23.8% of net assets.
	Cost amounts are in thousands.

421

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Participants of the College Retirement Equities Fund:

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements of the Stock Account, Global Equities Account, Growth Account, Equity Index Account, Bond Market Account, Inflation-Linked Bond Account, Social Choice Account, and Money Market Account (constituting the College Retirement Equities Fund, hereafter referred to as the "Accounts") as of December 31, 2013, and for the year then ended, and have issued our unqualified report thereon dated February 19, 2014 (which report and financial statements are included in Item 1 of this Certified Shareholder Report on Form N-CSR). Our audits included an audit of each of the Fund's schedule of investments in securities (the Schedules) as of December 31, 2013 appearing in Item 6 of this Form N-CSR. The Schedules are the responsibility of the Accounts' management. Our responsibility is to express an opinion on these Schedules based on our audits.

In our opinion, the Schedules referred to above, when read in conjunction with the financial statements of the Funds referred to above, present fairly, in all material respects, the information set forth therein.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

February 19, 2014

422

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 annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s annual 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)(1) Copy of current SOX code of ethics for Senior Financial Officers

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification of principal executive officer and principal financial officer

SIGNATURES

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

	COLLEGE RETIREMENT EQUITIES FUND
Dated: February 19, 2014	By:	/s/ Robert G. Leary
		Robert G. Leary
		Executive Vice President

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

Dated: February 19, 2014	By:	/s/ Robert G. Leary
		Robert G. Leary
		Executive Vice President
		(principal executive officer)

Dated: February 19, 2014	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)(1) Copy of current SOX code of ethics for Senior Financial Officers

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