College Retirement Equities Fund N-CSR Certified annual shareholder report (management investment company)

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)

Stewart P. Greene, Esq.
c/o TIAA-CREF
730 Third Avenue
	New York, New York 10017-3206
(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2011

Item 1. Reports to Stockholders.

	2011 Annual Report
	College Retirement Equities Fund
	December 31, 2011
	Contents
	Understanding your CREF report	2
	Information for CREF participants	2
	About the accounts’ benchmarks	3
	Important information about expenses	5
	Account performance
	CREF Stock Account	6
	CREF Global Equities Account	9
	CREF Growth Account	12
	CREF Equity Index Account	15
	CREF Bond Market Account	18
	CREF Inflation-Linked Bond Account	21
	CREF Social Choice Account	24
	CREF Money Market Account	27
	Summary portfolios of investments	30
	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	82
	Report of independent registered public accounting firm	96
	2011 annual meeting	97
	Trustees & officers	98
	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 on December 31, 2011. The report contains three main sections:
•	The account performance section compares each account’s investment returns with those of that account’s benchmark index.
•	The summary portfolios of investments list the industries and types of securities in which each account had investments as of December 31, 2011.
•	The financial statements provide detailed information about the operations and financial condition of each account.
As always, you should carefully consider the investment objectives, risks, charges and expenses of any account before investing. For a prospectus that contains this and other important information, please visit our website at tiaa-cref.org, or call 877 518-9161. We urge you to read the prospectus carefully before investing.

Information for CREF participants
Portfolio holdings
Securities and Exchange Commission (SEC) rules allow investment companies to list the top holdings of each account in their annual and semiannual reports, instead of providing complete portfolio listings. CREF also files complete portfolio listings with the SEC, and they are available to the public.
You can obtain a complete list of CREF’s portfolio holdings (Schedules of Investments) as of the most recently completed fiscal quarter in the following ways:
•	By visiting our website at tiaa-cref.org; or
•	By calling us at 800 842-2252 to request a copy, which will be provided free of charge.
You can also obtain a complete list of CREF’s portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from 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.)

2 2011 Annual Report § College Retirement Equities Fund

Information for CREF participants

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.

About the accounts’ benchmarks

CREF Stock Account

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

CREF Global Equities Account

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

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

College Retirement Equities Fund § 2011 Annual Report 3

About the accounts’ benchmarks

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

CREF Equity Index Account

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

CREF Bond Market Account

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

CREF Inflation-Linked Bond Account

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

CREF Social Choice Account

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

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

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

4 2011 Annual Report § College Retirement Equities Fund

Important information about expenses
As a participant in any of the CREF accounts, you incur only one of two potential types of costs.
•	You do not incur transaction costs, including sales charges (loads) on contributions. There are also no redemption fees or exchange fees.
•	However, you do incur ongoing costs, including investment advisory fees, administrative expenses, distribution (12b-1) fees, and mortality and expense risk charges.
The expense examples that appear on the performance pages are intended to help you understand your ongoing costs (in U.S. dollars) of investing in each account. The examples are also designed to help you compare these costs with the ongoing costs of investing in other variable annuity accounts and mutual funds.
The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (July 1, 2011–December 31, 2011).
Actual expenses
The first line in each table uses the account’s actual expenses and its actual rate of return. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six-month period.
Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid during period” to estimate the expenses you paid during the six-month period.
Hypothetical example for comparison purposes
The second line in the table shows hypothetical account values and expenses based on the account’s actual expense ratio for the six-month period and an assumed 5% per year rate of return before expenses. This was not the account’s actual return.
This hypothetical example cannot be used to estimate the actual expenses you paid for the period but rather allows you to compare the ongoing costs of investing in the account with the costs of other accounts. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other variable annuity accounts and mutual funds.

College Retirement Equities Fund § 2011 Annual Report 5

CREF Stock Account

Performance for the twelve months ended December 31, 2011

The CREF Stock Account returned –4.94% for the year, compared with the –3.71% return of its composite benchmark, a weighted average of the Russell 3000^® Index and the MSCI All Country World ex USA Investable Market Index.

          After advancing in the first four months of 2011, U.S. stocks, as measured by the Russell 3000 Index, suffered steep losses. Investors worried about a slowing global economy, Europe’s intensifying debt crisis and gridlock in Washington. However, a rally in October helped reverse the earlier decline, and the index returned 1.03% for the year.

          These issues weighed even more heavily on foreign stock returns. The MSCI All Country World ex USA Investable Market Index, which measures stock performance in 44 developed and emerging market nations, declined 14.31% in dollar terms. The dollar’s strength against the euro and pound elevated losses for U.S. investors. In local currency, the MSCI index fell 12.83%. Thus, currency factors accounted for about one-tenth of the losses among these foreign stocks.

Net effect of stock choices reduces return

The account lagged the broad U.S. stock market primarily because of the account’s one-third allocation to foreign stocks. It trailed its composite benchmark because of unfavorable stock positions. These included an underweight investment in Exxon Mobil, which rose 18.7% for the year, and an overweight in coal and natural gas producer Walter Energy. Underweights in IBM and McDonald’s hurt as well.

          These detractors were partly offset by successful stock selections, such as overweights in Apple, Pfizer and British software firm Autonomy, which was acquired by Hewlett-Packard. An underweight in struggling Bank of America (down 58.1% for the year) also helped.

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

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

6 2011 Annual Report § College Retirement Equities Fund

CREF Stock Account

Performance as of December 31, 2011
		Total return			Average annual total return
	Inception date	1 year			5 years			10 years
CREF Stock Account	8/1/1952		–4.94	%		–1.10	%		3.49	%
CREF Stock Composite Benchmark*	—		–3.71			–0.97			3.83
Broad market index
Russell 3000 Index	—		1.03			–0.01			3.51

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

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

* On December 31, 2011, the CREF Stock Composite Benchmark consisted of: 70.0% Russell 3000 Index and 30.0% MSCI All Country World ex USA Investable Market Index. During the period, the MSCI All Country World ex USA Investable Market Index replaced the MSCI EAFE+Canada Index, the MSCI Emerging Markets Index and the MSCI EAFE+Canada Small Cap Index in the CREF Stock Composite Benchmark. The account’s benchmark, the components that make up 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.

College Retirement Equities Fund § 2011 Annual Report 7

CREF Stock Account

Expense example

Six months ended December 31, 2011

CREF Stock Account	Beginning account value (7/1/11		)	Ending account value (12/31/11		)	Expenses paid during period (7/1/11–12/31/11		* )
Actual return	$	1,000.00		$	901.94		$	2.44
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, 2011. The account’s annualized six-month expense ratio for that period was 0.51%.

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

Actual expenses
Net expense ratio for the one-year period ended 12/31/2011		0.48	%
Portfolio composition
Sector	% of net assets as of 12/31/2011
Financials		16.6
Information technology		15.3
Consumer discretionary		11.9
Industrials		11.4
Energy		10.9
Health care		10.5
Consumer staples		9.3
Materials		6.3
Utilities		3.7
Telecommunication services		3.5
Short-term investments		5.4
Other assets & liabilities, net		–4.8
Total		100.0

Holdings by company size
Market capitalization	% of equity investments as of 12/31/2011
Over $50 billion		34.3
$15 billion–$50 billion		25.4
$2 billion–$15 billion		31.0
Under $2 billion		9.3
Total		100.0
Holdings by country
		% of portfolio investments as of 12/31/2011
United States		66.3
United Kingdom		4.2
Japan		4.1
Canada		2.7
Germany		1.7
France		1.5
Australia		1.4
Switzerland		1.4
57 other nations		11.6
Short-term investments		5.1
Total		100.0

8 2011 Annual Report § College Retirement Equities Fund

CREF Global Equities Account

Performance for the twelve months ended December 31, 2011

The CREF Global Equities Account returned –7.74% for the year, compared with the –5.54% return of its benchmark, the MSCI World Index.

          Global equity markets earned 5.29% for the first six months of 2011, as measured by the MSCI World Index. In the third quarter, however, the index tumbled 16.61% on worries about growth in many markets around the world and about the fate of the euro. More encouraging news ignited a rally in October that gave the index a 7.59% gain in the fourth quarter, but that was not enough to lift the index into positive territory for the year.

          For the period, the World index performed nearly identically in U.S. dollars and in local currencies. During the twelve months, the yen strengthened, relative to the dollar, while the euro and pound weakened.

          The North American segment, which made up more than one-half of the benchmark’s market capitalization at year-end, held up best, returning –0.1%. The Pacific segment dropped 13.7%, largely because of a 14.3% loss from Japanese stocks. European stocks fell 11.1%, due mainly to double-digit declines in France and Germany.

Stock selections result in underperformance

The account trailed its benchmark index because of unfavorable stock selections, including an out-of-benchmark position in Chinese construction equipment maker Zoomlion. Overweights in coal and natural gas producer Walter Energy and Danish jewelry manufacturer Pandora, and an underweight holding in Exxon Mobil, also detracted from relative results.

          These negative effects were partly offset by advantageous stock choices. These included an overweight investment in U.K.-based software firm Autonomy. Overweights in Apple and British drug maker Shire also aided results, as did an underweight in Bank of America, whose shares fell 58.1% for the year.

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

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

College Retirement Equities Fund § 2011 Annual Report 9

CREF Global Equities Account

Performance as of December 31, 2011
			Total return			Average annual total return
	Inception date		1 year			5 years			10 years
CREF Global Equities Account		5/1/1992		–7.74	%		–2.65	%		3.08	%
MSCI World Index		—		–5.54			–2.37			3.59

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

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

$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.

10 2011 Annual Report § College Retirement Equities Fund

CREF Global Equities Account

Expense example

Six months ended December 31, 2011

CREF Global Equities Account	Beginning account value (7/1/11		)	Ending account value (12/31/11		)	Expenses paid during period (7/1/11–12/31/11		* )
Actual return	$	1,000.00		$	880.60		$	2.61
5% annual hypothetical return		1,000.00			1,022.43			2.80

*	“Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2011. The account’s annualized six-month expense ratio for that period was 0.55%.
For more information about this expense example, please see page 5.

Actual expenses
Net expense ratio for the one-year period ended 12/31/2011	0.52	%
Portfolio composition
Sector	% of net assets as of 12/31/2011
Financials	17.6
Information technology	12.9
Consumer discretionary	12.6
Industrials	11.0
Health care	10.9
Energy	10.5
Consumer staples	9.6
Materials	8.3
Telecommunication services	3.1
Utilities	2.6
Short-term investments	5.5
Other assets & liabilities, net	–4.6
Total	100.0

Holdings by company size
Market capitalization	% of equity investments as of 12/31/2011
Over $50 billion		35.6
$15 billion–$50 billion		29.8
$2 billion–$15 billion		31.4
Under $2 billion		3.2
Total		100.0
Holdings by country
	% of portfolio investments as of 12/31/2011
United States		50.3
United Kingdom		8.1
Japan		7.6
Canada		3.9
France		3.9
Germany		3.6
Switzerland		2.8
Australia		2.1
41 other nations		12.4
Short-term investments		5.3
Total		100.0

College Retirement Equities Fund § 2011 Annual Report 11

CREF Growth Account

Performance for the twelve months ended December 31, 2011

The CREF Growth Account returned 1.19% for the year, compared with the 2.64% return of its benchmark, the Russell 1000^® Growth Index.

          After scoring double-digit gains in 2009 and 2010, returns of large-cap growth stocks were muted for 2011. However, they outpaced the 1.03% return of the broad U.S. stock market, as measured by the Russell 3000^® Index. That has been the pattern for two of the last three calendar years, partly because the broad market index has included many struggling commercial banks.

          Despite their superior recent performance, returns from large-cap growth stocks have trailed those of the broad market over the ten years ended December 31, 2011. During that time, the Russell 1000 Growth Index posted an average annual return of 2.60%, lagging the 3.51% average return of the Russell 3000 Index.

Consumer staples sector drives gains

All nine industry sectors of the Russell 1000 Growth Index posted positive results for the first half of 2011, and the benchmark was up 6.83% at mid-year. In the more volatile second half, only the defensive consumer staples sector gained ground; it often holds up better in times of slower growth. The sector returned 3.8% for the last six months of the year and an impressive 15.9% for the twelve months.

          For the full year, other solid contributions came from the consumer discretionary and health care sectors; they gained 5.6% and 5.2%, respectively. Together these three sectors made up more than one-third of the index on December 31, 2011.

          Conversely the benchmark’s return was constrained by losses in the materials & processing and producer durables sectors. Technology, the sector with the largest market capitalization at year-end, returned just 1.3%.

          The account lagged its benchmark chiefly because of unfavorable stock selections. These included underweight positions in Exxon Mobil, IBM and McDonald’s, as well as overweight holdings in technology firm Juniper Networks and Walter Energy.

          These detractors were partly offset by positive contributions to relative performance from successful stock choices, such as overweights in Visa, medical device manufacturer Intuitive Surgical and aerospace components manufacturer Goodrich. An underweight investment in technology giant Cisco Systems also helped returns.

12 2011 Annual Report § College Retirement Equities Fund

CREF Growth Account

Performance as of December 31, 2011
			Total return			Average annual total return
	Inception date		1 year			5 years			10 years
CREF Growth Account		4/29/1994		1.19	%		2.23	%		1.66	%
Russell 1000 Growth Index		—		2.64			2.50			2.60

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

You cannot invest directly in an 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 § 2011 Annual Report 13

CREF Growth Account

Expense example

Six months ended December 31, 2011

CREF Growth Account	Beginning account value (7/1/11		)	Ending account value (12/31/11		)	Expenses paid during period (7/1/11–12/31/11		* )
Actual return		$  1,000.00			$    951.75			$    2.31
5% annual hypothetical return		1,000.00			1,022.84			2.40

* “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, 2011. The account’s annualized six-month expense ratio for that period was 0.47%.

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

Actual expenses
Net expense ratio for the one-year period ended 12/31/2011		0.46	%
Portfolio composition
Sector	% of net assets as of 12/31/2011
Information technology		29.6
Consumer discretionary		15.6
Industrials		11.8
Health care		11.5
Energy		10.1
Consumer staples		9.7
Materials		5.2
Financials		4.5
Telecommunication services		1.3
Short-term investments		2.1
Other assets & liabilities, net		–1.4
Total		100.0

Holdings by company size
Market capitalization	% of equity investments as of 12/31/2011
Over $50 billion		39.2
$15 billion–$50 billion		27.8
$2 billion–$15 billion		32.3
Under $2 billion		0.7
Total		100.0

14 2011 Annual Report § College Retirement Equities Fund

CREF Equity Index Account

Performance for the twelve months ended December 31, 2011

The CREF Equity Index Account returned 0.66% for the year, compared with the 1.03% return of its benchmark, the Russell 3000^® Index.

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

          After gaining 16.93% in 2010, U.S. stocks continued to generate solid gains during the first half of 2011, rising 6.35%, as measured by the Russell 3000 Index. However, stocks fell sharply in the third quarter because of concerns about a slowing global economy and the intensifying debt crisis in Europe. A strong rally in October lifted the Russell index 11.51%, enabling it to post a positive return for the year.

          During the twelve months, large-cap stocks gained 1.50%, while mid-cap and small-cap issues fell 1.55% and 4.18%, respectively. Growth stocks within the Russell 3000 outperformed value issues, 2.18% to –0.10%. (Returns by investment style and market capitalization are based on the Russell indexes.)

Consumer staples and health care shine

For the period, five of the nine industry sectors of the Russell 3000 generated positive returns, with three scoring double-digit gains. Strong advances from consumer staples (up 14.2%) and health care (up 10.9%) drove the index’s return. Together these two sectors made up one-fifth of the benchmark’s market capitalization on December 31, 2011. Solid contributions from the utilities (up 12.5%) and consumer discretionary (up 4.2%) sectors also helped.

          These gains slightly offset weakness in the benchmark’s largest sector—financial services—which fell 11.9%. U.S. banks and financial companies continued to struggle with the housing slump at home and Europe’s debt problems.

          It was an excellent year for many mega-cap issues, and four of the five largest stocks in the Russell 3000 posted robust double-digit gains. IBM and Apple led the way, rising 27.4% and 25.6%, respectively. Chevron was next with a 20.3% return. Exxon Mobil, the benchmark’s largest issue in terms of market capitalization, advanced 18.7%. In contrast, Microsoft fell 4.5%.

College Retirement Equities Fund § 2011 Annual Report 15

CREF Equity Index Account

Performance as of December 31, 2011
			Total return			Average annual total return
	Inception date		1 year			5 years			10 years
CREF Equity Index Account	4/29/1994			0.66	%		–0.39	%		3.11	%
Russell 3000® Index		—		1.03			–0.01			3.51

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

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

$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.

16 2011 Annual Report § College Retirement Equities Fund

CREF Equity Index Account

Expense example
Six months ended December 31, 2011
CREF Equity Index Account	Beginning account value (7/1/11		)	Ending account value (12/31/11		)	Expenses paid during period (7/1/11–12/31/11		* )
Actual return	$	1,000.00		$	948.24		$	2.16
5% annual hypothetical return		1,000.00			1,022.99			2.24

* “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, 2011. The account’s annualized six-month expense ratio for that period was 0.44%.

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

Actual expenses
Net expense ratio for the one-year period ended 12/31/2011	0.41	%

Portfolio composition
Sector	% of net assets as of 12/31/2011
Information technology		18.2
Financials		15.0
Health care		11.7
Consumer discretionary		11.6
Energy		11.2
Industrials		11.2
Consumer staples		9.9
Materials		4.0
Utilities		3.9
Telecommunication services		2.8
Short-term investments		2.8
Other assets & liabilities, net		–2.3
Total		100.0

Holdings by company size
Market capitalization	% of equity investments as of 12/31/2011
Over $50 billion	41.0
$15 billion–$50 billion	24.5
$2 billion–$15 billion	26.9
Under $2 billion	7.6
Total	100.0

College Retirement Equities Fund § 2011 Annual Report 17

CREF Bond Market Account

Performance for the twelve months ended December 31, 2011

The CREF Bond Market Account returned 6.96% for the year, compared with the 7.84% return of its benchmark, the Barclays Capital U.S. Aggregate Bond Index.

          The year began with signs that the U.S. economy was reviving and Europe was solving its sovereign debt problems. By May, however, cooling global growth, the deepening crisis in Europe and Japan’s earthquake rattled investors and produced heightened stock market volatility.

          Seeking to stimulate the economy, the Federal Reserve continued its large-scale purchases of government bonds, in an effort to keep long-term interest rates low. Lower rates on new issues raised the value of existing bonds. When stock prices sharply declined in most world markets during the third quarter, many investors turned to bonds, particularly U.S. Treasury securities. The domestic investment-grade, fixed-rate bond market, as measured by the Barclays Capital U.S. Aggregate Bond Index, returned 2.72% for the first half of 2011 and 4.98% for the second half.

Treasury securities lead the way

U.S. Treasury securities, which made up more than one-third of the benchmark’s market capitalization on December 31, 2011, returned 9.8% for the year. Growing demand pushed their yields lower across the maturity curve. The yield on 10-year Treasuries fell from 3.30% at the beginning of the year to 1.89% at year-end. Two-year yields slid from 0.61% to 0.25%.

          Corporate bonds, which made up about one-fifth of the index, earned 8.2%. U.S. mortgage-backed securities, comprising almost one-third of the index, returned 6.2%, while the small commercial mortgage-backed, asset-backed and U.S. agency sectors returned 6.0%, 5.1% and 4.9%, respectively.

          The account trailed its benchmark primarily because of substantial underweight positions in U.S. Treasury securities, which led the bond market for the twelve months. Unfavorable security selections in mortgage-backed securities also weighed on the account’s results.

          One of the account’s investment strategies has been to underweight Treasuries, relative to their market capitalization in the benchmark, while maintaining an overweight position in corporate bonds, because, over the long term, corporate bonds have generally offered higher yields than government securities. During the year, the account’s holdings in investment-grade corporate bonds and asset-backed securities partly offset the drag on performance posed by the Treasury underweight.

18 2011 Annual Report § College Retirement Equities Fund

CREF Bond Market Account

Performance as of December 31, 2011
			Total return			Average annual total return
	Inception date		1 year			5 years			10 years
CREF Bond Market Account		3/1/1990		6.96	%		5.56	%		5.26	%
Barclays Capital U.S. Aggregate Bond Index		—		7.84			6.50			5.78

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

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

$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 § 2011 Annual Report 19

CREF Bond Market Account

Expense example

Six months ended December 31, 2011
	Beginning		Ending		Expenses paid
	account value		account value		during period	*
CREF Bond Market Account	(7/1/11	)	(12/31/11	)	(7/1/11–12/31/11	)
Actual return	$1,000.00		$1,041.74		$2.37
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, 2011. The account’s annualized six-month expense ratio for that period was 0.46%.

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

Actual expenses
Net expense ratio for the one-year period
ended 12/31/2011		0.44%
Portfolio composition
	% of net assets
	as of 12/31/2011
Mortgage-backed securities†		30.3
U.S. Treasury securities		23.2
Corporate bonds		19.3
Foreign government & corporate
bonds denominated in U.S. dollars		13.3
U.S. agency securities		7.4
Commercial mortgage-backed securities		3.3
Asset-backed securities		1.2
Municipal bonds		0.5
Bank loan obligations		0.1
Short-term investments		19.3
Other assets & liabilities, net		–17.9
Total		100.0

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

Holdings by maturity
% of fixed-income investments as of 12/31/2011
Less than 1 year	20.5
1–3 years	9.4
3–5 years	13.6
5–10 years	17.9
Over 10 years	38.6
Total	100.0
Holdings by credit quality‡
% of fixed-income investments as of 12/31/2011
Aaa/AAA	61.1
Aa/AA	9.2
A/A	12.4
Baa/BBB	12.5
Ba/BB	2.5
B/B	1.4
Below B/B	0.4
Non-rated	0.5
Total	100.0

^‡ Credit quality ratings are based on the Barclays Capital 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.

20 2011 Annual Report § College Retirement Equities Fund

CREF Inflation-Linked Bond Account

Performance for the twelve months ended December 31, 2011

The CREF Inflation-Linked Bond Account returned 13.16% for the year, compared with the 13.56% return of its benchmark, the Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L).
          Inflation trended upward in 2011. On December 31, the Consumer Price Index was 3.0% higher than it had been twelve months earlier—compared with 1.5% at year-end 2010—the largest calendar-year rise since 2007. Food prices rose almost 5%, while oil prices increased 10%, hovering near $100 a barrel at year-end. Although energy costs rose less than in 2010, they were still the main driver of prices in 2011.
          Anticipating that inflation would remain relatively tame in the near term, the Federal Reserve focused on stimulating the flagging U.S. economy: gross domestic product increased at an annual rate of just 1.8% in the third quarter.
          In August the Fed announced plans to maintain its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) within a range of 0% to 0.25% until at least 2013. In an effort to lower long-term interest rates, it also began buying U.S. Treasury securities with longer maturities, while selling its shorter-term holdings.

Investor flight-to-quality boosts TIPS

With growth slowing in the United States and sovereign debt problems intensifying in Europe, many investors sought safety in U.S. Treasury securities, including TIPS. For the year, the return of the TIPS index was more than five-and-a-half percentage points higher than the 7.84% advance of the U.S. investment-grade, fixed-rate bond market, as measured by the Barclays Capital U.S. Aggregate Bond Index. For the ten years ended December 31, 2011, the average annual return of TIPS was 7.57%, versus 5.78% for the aggregate index.
          The account produced a double-digit gain for the year, but its return lagged that of the TIPS index because the account’s return includes a deduction for expenses, while the benchmark’s does not. Because the account’s portfolio is similar to that of its benchmark, the above discussion of the benchmark’s performance also applies to the performance of the account.
          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 its benchmark. This strategy helped the account more closely track the characteristics of its benchmark index.

College Retirement Equities Fund § 2011 Annual Report 21

CREF Inflation-Linked Bond Account

Performance as of December 31, 2011
		Total return		Average annual total return
	Inception date	1 year		5 years		10 years
CREF Inflation-Linked Bond Account	5/1/1997	13.16	%	7.45	%	7.10	%
Barclays Capital U.S. Treasury
Inflation Protected Securities Index (Series-L)	—	13.56		7.95		7.57

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

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

$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.

22 2011 Annual Report § College Retirement Equities Fund

CREF Inflation-Linked Bond Account

Expense example

Six months ended December 31, 2011
	Beginning		Ending		Expenses paid
CREF Inflation-Linked	account value		account value		during period	*
Bond Account	(7/1/11	)	(12/31/11	)	(7/1/11–12/31/11	)
Actual return	$1,000.00		$1,072.54		$2.35
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, 2011. The account’s annualized six-month expense ratio for that period was 0.45%.

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

Actual expenses
Net expense ratio for the one-year period
ended 12/31/2011		0.43%
Holdings by maturity
% of portfolio investments
	as of 12/31/2011
Less than 1 year		0.9
1–3 years		16.1
3–5 years		18.8
5–10 years		30.9
Over 10 years		33.3
Total		100.0

College Retirement Equities Fund § 2011 Annual Report 23

CREF Social Choice Account

Performance for the twelve months ended December 31, 2011

The CREF Social Choice Account returned 1.82% for the year, compared with the 2.23% return of its composite benchmark, a weighted average of the Russell 3000^® Index, the MSCI EAFE+Canada Index and the Barclays Capital U.S. Aggregate Bond Index. The account screens investments according to social criteria, while the benchmark does not.
          Because of its social screens, the account did not invest in a number of stocks and bonds that were included in its composite benchmark. The account’s underperformance was due in part to its exclusion of a number of well-performing energy giants that strongly outpaced the broad stock market. These included Exxon Mobil (up 18.7%), Chevron (up 20.3%) and Royal Dutch Shell (up 16.3%). The absence of Apple, Philip Morris International, Pfizer and French drug maker Sanofi-Aventis trimmed results as well.
          Relative performance was aided, however, by avoiding five large-cap financial companies: Bank of America (down 58.1%), Citigroup (down 44.3%), Goldman Sachs (down 45.6%), JPMorgan Chase (down 20.0%) and Britain’s Lloyds Banking Group (down 60.9%). During the year, financial stocks continued to struggle with the ongoing housing slump in the United States and the sovereign debt crisis in Europe.

The account’s strategies help manage risk

To compensate for the account’s exclusion of some stocks, its managers use statistical techniques to help ensure that the risk characteristics of the portfolio nonetheless resemble those of its composite benchmark. One such method is to overweight or underweight specific stocks relative to the benchmark.
          During the period, the account’s relative performance was hurt by such overweights as United States Steel, Hewlett-Packard and Canadian mining company Teck Resources. In contrast, overweights in Bristol-Myers Squibb, biotechnology firm Biogen Idec and Canadian energy provider Enbridge boosted returns.
          The account’s fixed-income component generated a positive return and outpaced the Barclays Capital aggregate index, largely due to successful overweight holdings in municipal bonds, asset-backed securities and corporate bonds. An underweight in mortgage-backed securities helped as well. These results were partly offset by less favorable positions, including an overweight in commercial mortgage-backed securities. The superior performance of the fixed-income segment partly offset the negative effects of the account’s stock holdings, relative to its composite benchmark.

24 2011 Annual Report § College Retirement Equities Fund

CREF Social Choice Account

Performance as of December 31, 2011
		Total return		Average annual total return
	Inception date	1 year		5 years		10 years
CREF Social Choice Account	3/1/1990	1.82	%	2.29	%	4.36	%
CREF Social Choice
Composite Benchmark*	—	2.23		2.32		4.36
Broad market index
Russell 3000 Index	—	1.03		–0.01		3.51

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

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

* On December 31, 2011, the CREF Social Choice Composite Benchmark consisted of: 47% Russell 3000 Index; 40% Barclays Capital U.S. Aggregate Bond Index; and 13% MSCI EAFE+Canada Index. The account’s benchmark, the components that make up 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.

College Retirement Equities Fund § 2011 Annual Report 25

CREF Social Choice Account

Expense example

Six months ended December 31, 2011
CREF Social Choice Account	Beginning account value (7/1/11		)	Ending account value (12/31/11		)	Expenses paid during period (7/1/11–12/31/11		* )
Actual return		$1,000.00			$  976.18			$2.34
5% annual hypothetical return		1,000.00			1,022.84			2.40

* “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, 2011. The account’s annualized six-month expense ratio for that period was 0.47%.

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

Actual expenses
Net expense ratio for the one-year period ended 12/31/2011		0.44	%
Portfolio composition
	% of net assets as of 12/31/2011
Equities		59.4
Long-term bonds		39.1
Short-term investments		10.4
Other assets & liabilities, net		–8.9
Total		100.0

Holdings by company size
Market capitalization	% of equity investments as of 12/31/2011
Over $50 billion		24.6
$15 billion–$50 billion		41.9
$2 billion–$15 billion		30.5
Under $2 billion		3.0
Total		100.0
Holdings by maturity
% of fixed-income investments as of 12/31/2011
Less than 1 year		21.9
1–3 years		9.4
3–5 years		14.2
5–10 years		16.8
Over 10 years		37.7
Total		100.0

26 2011 Annual Report § College Retirement Equities Fund

CREF Money Market Account

Performance for the twelve months ended December 31, 2011

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.
          During 2011 the world’s credit markets were increasingly stressed by Europe’s debt problems and slowing global growth. To help stimulate the U.S. economy, revitalize the housing market and encourage the flow of credit, the Federal Reserve signaled its intention to keep its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) within a range of 0% to 0.25% until at least 2013. Seeking to lower long-term interest rates, the Fed also began purchasing U.S. Treasury securities with longer maturities, while selling its shorter-term holdings.

Treasury yields drop, while LIBOR climbs

In the uncertain market climate, many investors sought safety in U.S. Treasury securities. Increased demand and reduced issuance boosted their prices, and yields fell. (Bond prices and yields move in opposite directions.) By year-end, yields on Treasuries with one-month maturities had dipped to near zero.
          Conversely, Europe’s woes pushed up LIBOR yields, reflecting the higher cost of borrowing in that region. (LIBOR, an indication of the interest rates that banks expect to pay to other banks for loans on the London market, is the most widely used benchmark for short-term rates.) The yield on LIBOR with three-month maturities rose from 0.30% to 0.58%. The twelve-month LIBOR climbed from 0.78% to 1.13%.
          In pursuit of relative value and to comply with SEC regulations, the account maintained nearly 60% of its portfolio in U.S. Treasury and government securities. To take advantage of their higher yields, the account increased its investments in U.S. government floating-rate securities with two-year maturities. It also continued to purchase the securities of top-tier corporations, such as Coca-Cola, Johnson & Johnson and Exxon Mobil. In response to unstable conditions in Europe, the account discontinued its investment activities there. On December 27, 2011, the account’s weighted average maturity was 52 days, versus 42 days for the average iMoneyNet fund.
          In the low interest rate environment, part or all of the account’s 12b-1 distribution fees and/or administrative fees were voluntarily withheld by TIAA (waived) to keep the account’s yield from being negative.

College Retirement Equities Fund § 2011 Annual Report 27

CREF Money Market Account

Net annualized yield for the 7 days ended December 27, 2011*
	Current yield			Effective yield
CREF Money Market Account†		0.00	%		0.00	%
iMoneyNet Money Fund Report Averages™—All Taxable‡		0.02			0.02

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

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

Performance as of December 31, 2011
			Total   return			Average annual total return
	Inception date		1 year			5 years			10 years
CREF Money Market Account†		4/1/1988		0.00	%		1.47	%		1.82	%
iMoneyNet Money Fund Report
Averages—All Taxable‡		—		0.02			1.38			1.67

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

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

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

†

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

‡

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

28 2011 Annual Report § College Retirement Equities Fund

CREF Money Market Account

Expense example

Six months ended December 31, 2011
CREF Money Market Account	Beginning account value (7/1/11		)	Ending account value (12/31/11		)	Expenses paid during period (7/1/11–12/31/11		* )
Actual return		$1,000.00			$1,000.00			$0.71
5% annual hypothetical return		1,000.00			1,024.50			0.71

* “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, 2011. The account’s annualized six-month expense ratio for that period was 0.14%. 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 5.

Actual expenses
Net expense ratio for the one-year period ended 12/31/2011		0.17	%
Portfolio composition
	% of net assets as of 12/31/2011
Commercial paper		33.2
U.S. government agency securities		27.7
U.S. Treasury securities		16.9
Variable-rate securities, government		12.9
Certificates of deposit		6.1
Variable-rate securities, corporate		2.1
Bankers’ acceptances		0.5
Foreign government securities		0.1
Other assets & liabilities, net		0.5
Total		100.0

College Retirement Equities Fund § 2011 Annual Report 29

Summary portfolio of investments

CREF Stock Account § December 31, 2011

Principal			Issuer		Value (000)	% of net assets
CORPORATE BONDS
FOOD & STAPLES RETAILING				$	44	0.0	%
REAL ESTATE					19	0.0
			TOTAL CORPORATE BONDS (Cost $63)		63	0.0
	Shares		Company
COMMON STOCKS
AUTOMOBILES & COMPONENTS					1,629,902	1.7
BANKS
	11,951,466	e	US Bancorp		323,286	0.4
	30,622,713		Wells Fargo & Co		843,961	1.0
			Other		4,235,331	4.2
					5,402,578	5.6
CAPITAL GOODS
	4,796,843	e	Boeing Co		351,847	0.4
	3,276,436	e	Caterpillar, Inc		296,844	0.4
	43,059,222		General Electric Co		771,192	0.9
	7,760,776	e	Honeywell International, Inc		421,797	0.5
	5,768,697		Tyco International Ltd		269,456	0.4
			Other		6,022,651	5.8
					8,133,787	8.4
COMMERCIAL & PROFESSIONAL SERVICES					957,162	0.9
CONSUMER DURABLES & APPAREL
	6,335,701	a	Jarden Corp		189,311	0.2
			Other		1,669,957	1.7
					1,859,268	1.9
CONSUMER SERVICES
	3,839,523		McDonald’s Corp		385,220	0.5
			Other		1,542,400	1.5
					1,927,620	2.0
DIVERSIFIED FINANCIALS
	14,834,565		Citigroup, Inc		390,297	0.5
	8,823,000	*,a	Japan Asia Investment Co Ltd		5,945	0.0
	18,552,049		JPMorgan Chase & Co		616,855	0.7
			Other		3,329,169	3.2
					4,342,266	4.4

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

Summary portfolio of investments continued

CREF Stock Account § December 31, 2011

	Shares		Company		Value (000)	% of net assets
ENERGY
	9,285,766		Chevron Corp	$	988,007	1.0	%
	4,680,628		ConocoPhillips		341,077	0.4
	18,681,924		Exxon Mobil Corp		1,583,481	1.7
	7,215,496		Occidental Petroleum Corp		676,092	0.8
	6,243,883	e	Schlumberger Ltd		426,519	0.5
			Other		6,564,644	6.5
					10,579,820	10.9
FOOD & STAPLES RETAILING
	6,256,456	e	Wal-Mart Stores, Inc		373,885	0.5
			Other		1,362,254	1.3
					1,736,139	1.8
FOOD, BEVERAGE & TOBACCO
	9,616,959	e	Coca-Cola Co		672,899	0.8
	4,864,873		Nestle S.A.		279,359	0.4
	6,613,678	e	PepsiCo, Inc		438,818	0.6
	9,978,955	e	Philip Morris International, Inc		783,148	0.7
			Other		3,415,561	3.2
					5,589,785	5.7
HEALTH CARE EQUIPMENT & SERVICES
	7,064,096		UnitedHealth Group, Inc		358,009	0.4
			Other		2,751,240	2.8
					3,109,249	3.2
HOUSEHOLD & PERSONAL PRODUCTS
	10,620,216		Procter & Gamble Co		708,474	0.8
			Other		967,193	1.0
					1,675,667	1.8
INSURANCE
	5,600,924	*	Berkshire Hathaway, Inc (Class B)		427,350	0.5
			Other		3,013,393	3.2
					3,440,743	3.7
MATERIALS					6,123,505	6.3
MEDIA
	11,848,589		Comcast Corp (Class A)		280,929	0.4
	3,288,253	*,a	Stroer Out-of-Home Media AG.		53,978	0.1
	8,851,525	e	Walt Disney Co		331,931	0.4
			Other		2,054,321	1.9
					2,721,159	2.8

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

Summary portfolio of investments	continued
CREF Stock Account § December 31, 2011

	Shares		Company		Value (000)	% of net assets
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	5,802,336	e	Abbott Laboratories	$	326,265	0.4	%
	4,989,239		Bayer AG.		318,630	0.4
	6,577,848	*,e	Gilead Sciences, Inc		269,230	0.4
	8,613,405	e	Johnson & Johnson		564,867	0.7
	11,646,262	e	Merck & Co, Inc		439,064	0.6
	22,167,242	a	MPM Bioventures II		3,535	0.0
	49,889,231		Pfizer, Inc		1,079,602	1.2
	4,254,176	a	Skyline Venture Fund II Ltd		244	0.0
	1,440,089	*,a,e	Vanda Pharmaceuticals, Inc		6,855	0.0
			Other		4,025,892	3.6
					7,034,184	7.3
REAL ESTATE					2,908,506	3.0
RETAILING
	6,160,304	e	Target Corp		315,530	0.4
			Other		3,087,910	3.1
					3,403,440	3.5
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	23,145,088		Intel Corp		561,267	0.7
			Other		1,756,896	1.7
					2,318,163	2.4
SOFTWARE & SERVICES
	1,365,828	*	Google, Inc (Class A)		882,187	1.0
	4,407,887		International Business Machines Corp		810,521	0.9
	35,086,991		Microsoft Corp		910,857	1.0
	20,753,068		Oracle Corp		532,315	0.7
			Other		3,556,353	3.3
					6,692,233	6.9
TECHNOLOGY HARDWARE & EQUIPMENT
	5,373,049	*	Apple, Inc		2,176,084	2.3
	27,830,907		Cisco Systems, Inc		503,182	0.6
	13,294,473		Hewlett-Packard Co		342,465	0.5
	10,178,899	e	Qualcomm, Inc		556,785	0.7
			Other		2,188,861	2.0
					5,767,377	6.1
TELECOMMUNICATION SERVICES
	24,669,083		AT&T, Inc		745,994	0.9
	15,428,280	e	Verizon Communications, Inc		618,984	0.7
			Other		1,991,954	1.9
					3,356,932	3.5

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

Summary portfolio of investments	continued
CREF Stock Account § December 31, 2011

	Shares	Company		Value (000)		% of net assets
TRANSPORTATION
	4,207,193	United Parcel Service, Inc (Class B)	$	307,924		0.4	%
		Other		1,626,410		1.5
				1,934,334		1.9
UTILITIES				3,546,715		3.7
		TOTAL COMMON STOCKS (Cost $93,929,123)		96,190,534		99.4
PREFERRED STOCKS
DIVERSIFIED FINANCIALS				1,899		0.0
FOOD, BEVERAGE & TOBACCO				45,851		0.0
RETAILING				12		0.0
		TOTAL PREFERRED STOCKS (Cost $28,368)		47,762		0.0
RIGHTS/WARRANTS
AUTOMOBILES & COMPONENTS				0	^	0.0
CAPITAL GOODS				84		0.0
CONSUMER SERVICES				22		0.0
DIVERSIFIED FINANCIALS				45		0.0
ENERGY				35		0.0
FOOD, BEVERAGE & TOBACCO				0	^	0.0
HEALTH CARE EQUIPMENT & SERVICES				0	^	0.0
MATERIALS				2		0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				94		0.0
REAL ESTATE				53		0.0
TECHNOLOGY HARDWARE & EQUIPMENT				6		0.0
TRANSPORTATION				6		0.0
		TOTAL RIGHTS/WARRANTS (Cost $335)		347		0.0
	Principal	Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT				33,999		0.0
TREASURY DEBT				382,598		0.4

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

Summary portfolio of investments	concluded
CREF Stock Account § December 31, 2011

	Principal			Issuer			Value (000)	% of net assets
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
REPURCHASE AGREEMENTS
	$500,000,000	n		BNP	0.020%, 01/03/12	$	500,000	0.5	%
	800,000,000	o		Calyon	0.030%, 01/03/12		800,000	0.9
	787,000,000	p		CSFB	0.020%, 01/03/12		787,000	0.9
	700,000,000	q		Deutsche Bank	0.000%–0.010%, 01/03/12		700,000	0.8
	331,000,000	r		Royal Bank of Scotland	0.030%, 01/03/12		331,000	0.3
	293,000,000	s	��	Societe Generale	0.030%, 01/03/12		293,000	0.3
				Other			879,310	0.8
							4,290,310	4.5
VARIABLE RATE SECURITY							483,295	0.5

TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED				4,773,605		5.0
	TOTAL SHORT-TERM INVESTMENTS	(Cost $5,193,668)		5,190,202		5.4
	TOTAL PORTFOLIO	(Cost $99,151,557)		101,428,908		104.8
	OTHER ASSETS & LIABILITIES, NET			(4,646,107	)	(4.8	)
	NET ASSETS		$	96,782,801		100.0	%

*	Non-income producing.
^	Amount represents less than $1,000.
a	Affiliated holding.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $4,715,283,000.
n	Agreement with BNP, 0.02% dated 12/31/11 to be repurchased at $500,001,000 on 01/03/12, collateralized by U.S. Government Agency Securities valued at $510,200,000.
o	Agreement with Calyon, 0.03% dated 12/31/11 to be repurchased at $800,003,000 on 01/03/12, collateralized by U.S. Government Agency Securities valued at $816,000,000.
p	Agreement with CSFB, 0.02% dated 12/31/11 to be repurchased at $787,002,000 on 01/03/12, collateralized by U.S. Government Agency Securities valued at $802,743,000.
q	Agreement with Deutsche Bank, 0.00%–0.01% dated 12/31/11 to be repurchased at $700,000,000 on 01/03/12, collateralized by U.S. Government Agency Securities valued at $714,000,000.
r	Agreement with Royal Bank of Scotland, 0.03% dated 12/31/11 to be repurchased at $331,001,000 on 01/03/12, collateralized by U.S. Government Agency Securities valued at $337,623,000.
s	Agreement with Societe Generale, 0.03% dated 12/31/11 to be repurchased at $293,001,000 on 01/03/12, collateralized by U.S. Government Agency Securities valued at $299,000.000.

“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 12/31/11, the aggregate value of restricted securities amounted to $140,740,000 or 0.2% of net assets.

At 12/31/11, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 of which are deemed liquid. Such securities may be resold in transactions exempt from registration to qualified institutional buyers amounted to $5,719,000 or 0.0% of net assets.

Cost amounts are in thousands.

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

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

Summary of market values by country

CREF Stock Account § December 31, 2011

Country	Value (000)		% of total portfolio
DOMESTIC
UNITED STATES	$	72,441,783		71.4	%
TOTAL DOMESTIC		72,441,783		71.4
FOREIGN
ARGENTINA		3,397		0.0
AUSTRALIA		1,431,059		1.4
AUSTRIA		89,888		0.1
BAHAMAS		156		0.0
BELGIUM		258,849		0.3
BERMUDA		48,693		0.0
BRAZIL		969,016		1.0
CAMBODIA		357		0.0
CANADA		2,750,134		2.7
CAYMAN ISLANDS		1,657		0.0
CHILE		115,170		0.1
CHINA		1,158,215		1.1
COLOMBIA		55,780		0.1
CYPRUS		2,076		0.0
CZECH REPUBLIC		25,674		0.0
DENMARK		162,535		0.2
EGYPT		17,585		0.0
FAROE ISLANDS		228		0.0
FINLAND		139,295		0.1
FRANCE		1,523,011		1.5
GERMANY		1,706,889		1.7
GIBRALTAR		14,055		0.0
GREECE		26,239		0.0
GUERNSEY, C.I.		2,599		0.0
HONG KONG		669,142		0.7
HUNGARY		11,872		0.0
INDIA		477,228		0.5
INDONESIA		205,497		0.2
IRELAND		435,833		0.4
ISRAEL		233,809		0.2
ITALY		436,998		0.4
JAPAN		4,141,750		4.1

Country	Value (000)		% of total portfolio
JERSEY, C.I.	$	2,685		0.0	%
KAZAKHSTAN		14,010		0.0
KOREA, REPUBLIC OF		1,020,757		1.0
LIECHTENSTEIN		1,518		0.0
LUXEMBOURG		18,764		0.0
MACAU		63,993		0.1
MALAYSIA		236,165		0.2
MEXICO		371,304		0.4
MONACO		428		0.0
MOROCCO		8,310		0.0
NETHERLANDS		920,076		0.9
NEW ZEALAND		33,962		0.0
NIGERIA		267		0.0
NORWAY		164,386		0.2
PANAMA		19,312		0.0
PERU		34,282		0.0
PHILIPPINES		57,095		0.1
POLAND		94,352		0.1
PORTUGAL		59,927		0.1
RUSSIA		387,049		0.4
SINGAPORE		239,943		0.2
SOUTH AFRICA		518,230		0.5
SPAIN		412,619		0.4
SWEDEN		483,017		0.5
SWITZERLAND		1,430,304		1.4
TAIWAN		774,180		0.8
THAILAND		157,373		0.2
TURKEY		88,893		0.1
UKRAINE		2,315		0.0
UNITED ARAB EMIRATES		18,366		0.0
UNITED KINGDOM		4,238,369		4.2
VIRGIN ISLANDS, BRITISH		188		0.0
TOTAL FOREIGN		28,987,125		28.6
TOTAL PORTFOLIO	$	101,428,908		100.0	%

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

Summary portfolio of investments

CREF Global Equities Account § December 31, 2011

	Shares	Company	Value (000)		% of net assets
COMMON STOCKS
ARGENTINA			$	7,755		0.1	%
AUSTRALIA				287,482		2.1
AUSTRIA				16,619		0.1
BELGIUM
	1,053,726	InBev NV		64,312		0.6
		Other		37,431		0.3
				101,743		0.9
BERMUDA				2,460		0.0
BRAZIL				93,810		0.7
CANADA				535,764		4.1
CHILE				5,573		0.0
CHINA				45,681		0.3
CZECH REPUBLIC				5,570		0.1
DENMARK				53,343		0.4
FINLAND				22,262		0.2
FRANCE
	2,319,325	Alstom RGPT		70,068		0.5
	3,068,721	Edenred		75,277		0.7
	676,651	Sanofi-Aventis		49,462		0.4
		Other		335,060		2.5
				529,867		4.1
GERMANY
	1,065,218	Bayer AG.		68,027		0.6
		Other		423,700		3.2
				491,727		3.8
GIBRALTAR				3,559		0.0
GREECE				5,423		0.0
HONG KONG				155,365		1.3
INDIA				39,489		0.2
INDONESIA				34,053		0.2
IRELAND
	1,643,768	Shire Ltd		57,127		0.4
		Other		98,291		0.8
				155,418		1.2
ISRAEL
	1,268,245	Teva Pharmaceutical Industries Ltd (ADR)		51,186		0.4
		Other		6,971		0.0
				58,157		0.4

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

Summary portfolio of investments	continued
CREF Global Equities Account § December 31, 2011

	Shares		Company		Value (000)	% of net assets
ITALY
	1,249,868		Saipem S.p.A.	$	52,874	0.4	%
			Other		58,921	0.5
					111,795	0.9
JAPAN					1,042,396	7.9
JERSEY, C.I.					10,426	0.1
KAZAKHSTAN					136	0.0
KOREA, REPUBLIC OF					64,677	0.5
LUXEMBOURG					7,835	0.0
MACAU					40,809	0.4
MALAYSIA					9,251	0.0
MEXICO					17,834	0.1
NETHERLANDS
	13,251,748	*	ING Groep NV		94,772	0.8
	1,726,109		Royal Dutch Shell plc (A Shares)		63,330	0.6
			Other		86,075	0.6
					244,177	2.0
NEW ZEALAND					1,234	0.0
NIGERIA					429	0.0
NORWAY					13,588	0.0
PHILIPPINES					10,656	0.0
POLAND					3,853	0.0
PORTUGAL					34,163	0.3
RUSSIA					6,658	0.0
SINGAPORE					59,957	0.4
SOUTH AFRICA					21,973	0.2
SPAIN					94,626	0.8
SWEDEN					92,338	0.7
SWITZERLAND
	1,175,748		Nestle S.A.		67,515	0.5
	1,737,042		Novartis AG.		99,172	0.8
			Other		214,600	1.6
					381,287	2.9
TAIWAN					34,721	0.3
THAILAND					24,484	0.2
TURKEY					13,382	0.0
UKRAINE					6,084	0.0

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

Summary portfolio of investments	continued
CREF Global Equities Account § December 31, 2011

	Shares		Company		Value (000)			% of net assets
UNITED KINGDOM
	3,665,255		BG Group plc		$	78,303			0.6	%
	6,958,720		HSBC Holdings plc			53,123			0.5
	1,287,701		Rio Tinto plc			62,900			0.5
	3,090,086		Tullow Oil plc			67,142			0.5
	19,216,748		Vodafone Group plc			53,577			0.5
			Other			800,312			6.0
						1,115,357			8.6
UNITED STATES
	807,926	*	Apple, Inc			327,209			2.5
	3,111,296		AT&T, Inc			94,085			0.7
	1,080,538		Chevron Corp			114,969			0.9
	3,664,632		Cisco Systems, Inc			66,257			0.5
	1,141,133		Coca-Cola Co			79,845			0.6
	2,019,625		Exxon Mobil Corp			171,183			1.3
	3,737,103		General Electric Co			66,932			0.5
	2,223,261	*	Gilead Sciences, Inc			90,998			0.7
	189,571	*	Google, Inc (Class A)			122,444			0.9
	2,177,976		Hewlett-Packard Co			56,105			0.4
	1,045,332		Honeywell International, Inc			56,815			0.4
	528,439		International Business Machines Corp			97,168			0.7
	1,650,500		iShares MSCI EAFE Index Fund		��	81,750			0.6
	3,567,443		Microsoft Corp			92,611			0.8
	897,476		Occidental Petroleum Corp			84,094			0.6
	3,241,452		Oracle Corp			83,143			0.6
	889,501		PepsiCo, Inc			59,018			0.4
	6,570,594		Pfizer, Inc			142,187			1.1
	1,308,567		Philip Morris International, Inc			102,696			0.9
	918,014		Qualcomm, Inc			50,215			0.4
	796,744		Schlumberger Ltd			54,425			0.5
	1,892,000		SPDR Trust Series 1			237,447			1.8
	968,501		Target Corp			49,608			0.4
	1,065,204		Tyco International Ltd			49,756			0.4
	1,887,394		UnitedHealth Group, Inc			95,654			0.7
	1,251,995		Verizon Communications, Inc			50,229			0.4
	1,479,847		Walter Energy, Inc			89,620			0.7
	3,829,871		Wells Fargo & Co			105,552			0.8
			Other			4,149,814			31.4
						6,921,829			52.6
			TOTAL COMMON STOCKS	(Cost $13,074,942)		13,037,075			99.1
RIGHTS/WARRANTS
AUSTRALIA						0	^		0.0
FRANCE						71			0.0
MALAYSIA						15			0.0
			TOTAL RIGHTS/WARRANTS	(Cost $152)		86			0.0

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

Summary portfolio of investments	concluded
CREF Global Equities Account § December 31, 2011

Principal				Issuer		Value (000)			% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT						$	15,000			0.1	%
TREASURY DEBT							84,541			0.6
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
REPURCHASE AGREEMENTS
	$    55,000,000		n	BNP	0.020%, 01/03/12		55,000			0.4
	200,000,000		o	Calyon	0.030%, 01/03/12		200,000			1.5
	90,000,000		p	Deutsche Bank	0.000%, 01/03/12		90,000			0.7
	49,000,000		q	Morgan Stanley	0.030%, 01/03/12		49,000			0.4
	97,000,000		r	Royal Bank of Scotland	0.030%, 01/03/12		97,000			0.7
				Other			49,000			0.4
							540,000			4.1
VARIABLE RATE SECURITY							85,338			0.7
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED							625,338			4.8
	TOTAL SHORT-TERM INVESTMENTS				(Cost $725,465)		724,879			5.5
		TOTAL PORTFOLIO			(Cost $13,800,559)		13,762,040			104.6
OTHER ASSETS & LIABILITIES, NET							(603,788	)		(4.6	)
NET ASSETS						$	13,158,252			100.0	%

Abbreviation(s):
ADR	American Depositary Receipt
SPDR	Standard & Poor’s Depository Receipts
*	Non-income producing.
^	Amount represents less than $1,000.
n	Agreement with BNP, 0.02% dated 12/31/11 to be repurchased at $55,000,000 on 01/03/12, collateralized by U.S. Government Agency Securities valued at $56,106,000.
o	Agreement with Calyon, 0.03% dated 12/31/11 to be repurchased at $200,001,000 on 01/03/12, collateralized by U.S. Government Agency Securities valued at $204,000,000.
p	Agreement with Deutsche Bank, 0.00% dated 12/31/11 to be repurchased at $90,000,000 on 01/03/12, collateralized by U.S. Government Agency Securities valued at $91,800,000.
q	Agreement with Morgan Stanley, 0.03% dated 12/31/11 to be repurchased at $49,000,000 on 01/03/12, collateralized by U.S. Government Agency Securities valued at $50,027,000.
r	Agreement with Royal Bank of Scotland, 0.03% dated 12/31/11 to be repurchased at $97,000,000 on 01/03/12, collateralized by U.S. Government Agency Securities valued at $98,940,000.
“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 $609,940,000.
At 12/31/11, the aggregate value of restricted securities amounted to $5,404,000 or 0.0% of net assets.
At 12/31/11, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 of which are deemed liquid. Such securities may be resold in transactions exempt from registration to qualified institutional buyers amounted to $1,041,000 or 0.0% of net assets.
Cost amounts are in thousands.
For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.

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

Summary of market values by sector

CREF Global Equities Account § December 31, 2011

Sector	Value (000)			% of net assets
FINANCIALS	$	2,320,663			17.6	%
INFORMATION TECHNOLOGY		1,700,976			12.9
CONSUMER DISCRETIONARY		1,652,552			12.6
INDUSTRIALS		1,444,471			11.0
HEALTH CARE		1,427,545			10.9
ENERGY		1,382,704			10.5
CONSUMER STAPLES		1,259,031			9.6
MATERIALS		1,095,228			8.3
TELECOMMUNICATION SERVICES		405,606			3.1
UTILITIES		348,385			2.6
SHORT-TERM INVESTMENTS		724,879			5.5
OTHER ASSETS & LIABILITIES, NET		(603,788	)		(4.6	)
NET ASSETS	$	13,158,252			100.0	%

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

Summary portfolio of investments

CREF Growth Account § December 31, 2011

Shares			Company	Value (000)		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	99,879		0.8	%
BANKS					27,083		0.2
CAPITAL GOODS
	1,894,577		Boeing Co		138,968		1.1
	1,413,968		Caterpillar, Inc		128,107		1.1
	2,008,536		Honeywell International, Inc		109,165		0.9
	543,973		Precision Castparts Corp		89,641		0.7
	877,335		United Technologies Corp		64,124		0.5
			Other		697,087		4.8
					1,227,092		9.1
COMMERCIAL & PROFESSIONAL SERVICES					81,063		0.6
CONSUMER DURABLES & APPAREL
	1,068,594		Nike, Inc (Class B)		102,981		0.9
			Other		171,236		1.2
					274,217		2.1
CONSUMER SERVICES
	1,779,498	*	Las Vegas Sands Corp		76,038		0.6
	1,267,561		McDonald’s Corp		127,174		1.0
	2,165,971		Starbucks Corp		99,656		0.7
			Other		233,137		1.7
					536,005		4.0
DIVERSIFIED FINANCIALS
	2,220,750	e	iShares Russell 1000 Growth Index Fund		128,336		1.0
			Other		262,187		1.9
					390,523		2.9
ENERGY
	5,321,330	d	Exxon Mobil Corp		451,037		3.5
	1,179,918		National Oilwell Varco, Inc		80,223		0.6
	867,150		Occidental Petroleum Corp		81,253		0.6
	2,700,812		Schlumberger Ltd		184,492		1.5
			Other		546,025		3.9
					1,343,030		10.1
FOOD & STAPLES RETAILING
	888,215		Costco Wholesale Corp		74,006		0.6
	2,032,379		Wal-Mart Stores, Inc		121,456		0.8
			Other		98,828		0.8
					294,290		2.2
FOOD, BEVERAGE & TOBACCO
	2,061,500		Altria Group, Inc		61,123		0.5
	2,657,822		Coca-Cola Co		185,967		1.4
	1,635,976		PepsiCo, Inc		108,547		0.8
	2,804,917		Philip Morris International, Inc		220,130		1.6
			Other		222,370		1.7
					798,137		6.0

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

Summary portfolio of investments	continued
CREF Growth Account § December 31, 2011

Shares			Company	Value (000)		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	149,459	*	Intuitive Surgical, Inc	$	69,201		0.6	%
			Other		546,511		4.1
					615,712		4.7
HOUSEHOLD & PERSONAL PRODUCTS
	695,503		Estee Lauder Cos (Class A)		78,119		0.5
			Other		120,207		1.0
					198,326		1.5
INSURANCE					38,349		0.3
MATERIALS
	1,894,188		Freeport-McMoRan Copper & Gold, Inc (Class B)		69,687		0.6
	2,215,914		Monsanto Co		155,268		1.3
			Other		462,787		3.3
					687,742		5.2
MEDIA
	1,452,105	*	DIRECTV		62,093		0.5
	1,297,385		Viacom, Inc (Class B)		58,915		0.4
			Other		277,755		2.1
					398,763		3.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,905,104		Abbott Laboratories		107,124		0.9
	1,281,998		Allergan, Inc		112,483		0.9
	561,538	*	Biogen Idec, Inc		61,797		0.5
	1,280,650	*	Celgene Corp		86,572		0.8
	1,196,936	*	Watson Pharmaceuticals, Inc		72,223		0.5
			Other		463,222		3.2
					903,421		6.8
REAL ESTATE					145,902		1.1
RETAILING
	1,052,214	*	Amazon.com, Inc		182,139		1.4
	1,177,794	*	Bed Bath & Beyond, Inc		68,277		0.5
	1,853,022		Home Depot, Inc		77,901		0.5
			Other		426,010		3.3
					754,327		5.7
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					247,787		1.9
SOFTWARE & SERVICES
	1,151,800		Accenture plc		61,310		0.5
	2,172,727	*	Adobe Systems, Inc		61,423		0.5
	705,842	*	Google, Inc (Class A)		455,904		3.5
	1,711,156		International Business Machines Corp		314,647		2.3
	2,832,852		Intuit, Inc		148,980		1.2
	261,983		Mastercard, Inc (Class A)		97,673		0.7
	13,382,813		Microsoft Corp		347,417		2.7
	6,865,759		Oracle Corp		176,106		1.4
	1,265,986		Visa, Inc (Class A)		128,536		1.0
			Other		578,341		4.1
					2,370,337		17.9

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

Summary portfolio of investments	concluded
CREF Growth Account § December 31, 2011

Shares			Company		Value (000)			% of net assets
TECHNOLOGY HARDWARE & EQUIPMENT
	1,959,161	*	Apple, Inc		$	793,461			5.9	%
	3,652,481	*	EMC Corp			78,674			0.6
	4,109,532		Qualcomm, Inc			224,790			1.7
			Other			209,240			1.6
						1,306,165			9.8
TELECOMMUNICATION SERVICES
	1,130,194	*	American Tower Corp (Class A)			67,823			0.5
	1,780,035		Verizon Communications, Inc			71,415			0.6
			Other			36,268			0.2
						175,506			1.3
TRANSPORTATION
	1,172,030		United Parcel Service, Inc (Class B)			85,781			0.7
			Other			172,856			1.4
						258,637			2.1
UTILITIES						5,275			0.0
			TOTAL COMMON STOCKS	(Cost $11,523,617)		13,177,568			99.3
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT						25,000			0.2
TREASURY DEBT						47,777			0.4
Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	194,556,624	a,c	TIAA-CREF Short Term Lending Portfolio of the
			State Street Navigator Securities Lending Trust			194,557			1.5
						194,557			1.5
			TOTAL SHORT-TERM INVESTMENTS	(Cost $267,333)		267,334			2.1
			TOTAL PORTFOLIO	(Cost $11,790,950)		13,444,902			101.4
			OTHER ASSETS & LIABILITIES, NET			(179,818	)		(1.4	)
			NET ASSETS		$	13,265,084			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 is $188,306,000.

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

Cost amounts are in thousands.

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

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

Summary of market values by country

CREF Growth Account § December 31, 2011

Country	Value (000)		% of total portfolio
DOMESTIC
UNITED STATES	$	13,136,248		97.7	%
TOTAL DOMESTIC		13,136,248		97.7
FOREIGN
BERMUDA		6,083		0.1
CANADA		70,419		0.5
CHINA		16,764		0.1
GERMANY		7,065		0.1
IRELAND		82,566		0.6
ISRAEL		66,322		0.5
MACAU		10,020		0.1
MEXICO		5,120		0.0
NETHERLANDS		27,058		0.2
PANAMA		1,426		0.0
UNITED KINGDOM		15,811		0.1
TOTAL FOREIGN		308,654		2.3
TOTAL PORTFOLIO	$	13,444,902		100.0	%

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

Summary portfolio of investments

CREF Equity Index Account § December 31, 2011

Shares			Company	Value (000)		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	95,980		0.9	%
BANKS
	1,454,613		US Bancorp		39,348		0.5
	3,729,479		Wells Fargo & Co		102,785		1.1
			Other		186,986		1.5
					329,119		3.1
CAPITAL GOODS
	536,137		3M Co		43,818		0.5
	558,436		Boeing Co		40,961		0.4
	486,312		Caterpillar, Inc		44,059		0.5
	8,016,754		General Electric Co		143,581		1.3
	690,777		United Technologies Corp		50,489		0.6
			Other		563,347		5.1
					886,255		8.4
COMMERCIAL & PROFESSIONAL SERVICES					104,170		0.9
CONSUMER DURABLES & APPAREL					140,706		1.3
CONSUMER SERVICES
	783,078		McDonald’s Corp		78,567		0.8
			Other		178,768		1.6
					257,335		2.4
DIVERSIFIED FINANCIALS
	7,646,383		Bank of America Corp		42,514		0.5
	2,192,977		Citigroup, Inc		57,697		0.6
	3,003,829		JPMorgan Chase & Co		99,877		1.0
			Other		348,408		3.1
					548,496		5.2
ENERGY
	1,523,551		Chevron Corp		162,105		1.6
	1,005,847		ConocoPhillips		73,295		0.8
	3,729,604	d	Exxon Mobil Corp		316,120		3.1
	613,477		Occidental Petroleum Corp		57,483		0.6
	1,024,091		Schlumberger Ltd		69,955		0.8
			Other		520,627		4.3
					1,199,585		11.2
FOOD & STAPLES RETAILING
	1,021,715		CVS Corp		41,666		0.4
	1,340,713		Wal-Mart Stores, Inc		80,121		0.8
			Other		98,527		0.9
					220,314		2.1

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

Summary portfolio of investments	continued
CREF Equity Index Account § December 31, 2011

Shares			Company	Value (000)		% of net assets
FOOD, BEVERAGE & TOBACCO
	1,583,571		Altria Group, Inc	$	46,953		0.5	%
	1,497,303		Coca-Cola Co		104,767		1.1
	1,248,435		Kraft Foods, Inc (Class A)		46,641		0.4
	1,194,876		PepsiCo, Inc		79,280		0.7
	1,344,113		Philip Morris International, Inc		105,486		1.0
			Other		213,575		1.9
					596,702		5.6
HEALTH CARE EQUIPMENT & SERVICES
	819,406		UnitedHealth Group, Inc		41,528		0.5
			Other		416,081		3.8
					457,609		4.3
HOUSEHOLD & PERSONAL PRODUCTS
	2,109,899		Procter & Gamble Co		140,751		1.4
			Other		96,897		0.8
					237,648		2.2
INSURANCE
	1,326,528	*	Berkshire Hathaway, Inc (Class B)		101,214		1.0
			Other		290,577		2.6
					391,791		3.6
MATERIALS					427,331		4.0
MEDIA
	2,081,008		Comcast Corp (Class A)		49,341		0.6
	1,426,524		Walt Disney Co		53,495		0.6
			Other		230,177		2.0
					333,013		3.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,175,415		Abbott Laboratories		66,094		0.6
	668,075		Amgen, Inc		42,896		0.4
	1,286,596		Bristol-Myers Squibb Co		45,340		0.5
	2,077,274		Johnson & Johnson		136,228		1.3
	2,333,347		Merck & Co, Inc		87,967		0.8
	5,988,935		Pfizer, Inc		129,601		1.2
			Other		289,122		2.6
					797,248		7.4
REAL ESTATE					331,545		3.1
RETAILING
	274,960	*	Amazon.com, Inc		47,596		0.5
	1,211,531		Home Depot, Inc		50,934		0.6
			Other		313,335		2.7
					411,865		3.8

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

Summary portfolio of investments continued

CREF Equity Index Account § December 31, 2011

Shares			Company		Value (000)			% of net assets
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	4,018,845		Intel Corp		$	97,456			1.0	%
			Other			177,031			1.6
						274,487			2.6
SOFTWARE & SERVICES
	190,772	*	Google, Inc (Class A)			123,221			1.3
	916,701		International Business Machines Corp			168,563			1.7
	5,623,524		Microsoft Corp			145,988			1.5
	2,903,317		Oracle Corp			74,471			0.8
	395,597		Visa, Inc (Class A)			40,165			0.5
			Other			416,197			3.2
						968,605			9.0
TECHNOLOGY HARDWARE & EQUIPMENT
	699,416	*	Apple, Inc			283,263			2.5
	4,168,440		Cisco Systems, Inc			75,366			0.8
	1,265,234		Qualcomm, Inc			69,208			0.7
			Other			275,032			2.6
						702,869			6.6
TELECOMMUNICATION SERVICES
	4,487,920		AT&T, Inc			135,716			1.4
	2,138,494		Verizon Communications, Inc			85,796			0.8
			Other			80,416			0.6
						301,928			2.8
TRANSPORTATION
	370,994		Union Pacific Corp			39,304			0.3
	554,538		United Parcel Service, Inc (Class B)			40,587			0.5
			Other			128,821			1.1
						208,712			1.9
UTILITIES						415,662			3.9
			TOTAL COMMON STOCKS	(Cost $8,820,613)		10,638,975			99.5
PREFERRED STOCKS
RETAILING						5			0.0
			TOTAL PREFERRED STOCKS	(Cost $14)		5			0.0
RIGHTS/WARRANTS
ENERGY						0	^		0.0
			TOTAL RIGHTS/WARRANTS	(Cost $0)		0	^		0.0

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

Summary portfolio of investments	concluded
CREF Equity Index Account § December 31, 2011

Principal			Issuer		Value (000)			% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					$	7,000			0.1	%
TREASURY DEBT						28,546			0.3
Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	256,854,199	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust			256,854			2.4
						256,854			2.4
			TOTAL SHORT-TERM INVESTMENTS	(Cost $292,400)		292,400			2.8
			TOTAL PORTFOLIO	(Cost $9,113,027)		10,931,380			102.3
			OTHER ASSETS & LIABILITIES, NET			(239,628	)		(2.3	)
			NET ASSETS		$	10,691,752			100.0	%

*	Non-income producing.
^	Amount represents less than $1,000.
a	Affiliated holding.
c	Investments made with cash collateral received from securities on loan.
d	All or a portion of those securities have been segregated by the custodian to cover margin or other requirements on open futures transactions.
“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 $248,864,000.

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.

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

Summary portfolio of investments

CREF Bond Market Account § December 31, 2011

Principal			Issuer				Value (000)	% of net assets
BANK LOAN OBLIGATIONS
CAPITAL GOODS						$	4,904	0.0	%
HEALTH CARE EQUIPMENT & SERVICES							6,879	0.1
			TOTAL BANK LOAN OBLIGATIONS		(Cost $11,864)		11,783	0.1
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS							10,008	0.1
BANKS
	$96,600,000	g	Bank of Nova Scotia	1.450%–2.150%, 07/26/13–08/03/16			97,058	1.0
			Other				537,062	4.2
							634,120	5.2
CAPITAL GOODS							84,314	0.6
COMMERCIAL & PROFESSIONAL SERVICES							49,661	0.4
CONSUMER DURABLES & APPAREL							19,090	0.1
CONSUMER SERVICES							24,376	0.2
DIVERSIFIED FINANCIALS							590,098	4.1
ENERGY							380,321	2.8
FOOD & STAPLES RETAILING							44,570	0.3
FOOD, BEVERAGE & TOBACCO							146,435	1.1
HEALTH CARE EQUIPMENT & SERVICES							72,563	0.5
HOUSEHOLD & PERSONAL PRODUCTS							28,214	0.2
INSURANCE							152,122	1.1
MATERIALS							192,364	1.4
MEDIA							123,279	0.9
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							97,175	0.8
REAL ESTATE							84,511	0.7
RETAILING							76,707	0.5
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT							5,477	0.0
SOFTWARE & SERVICES							37,435	0.3
TECHNOLOGY HARDWARE & EQUIPMENT							61,853	0.5
TELECOMMUNICATION SERVICES							227,904	1.7
TRANSPORTATION							87,349	0.7
UTILITIES							376,542	2.8
			TOTAL CORPORATE BONDS		(Cost $3,441,416)		3,606,488	27.0

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

Summary portfolio of investments	continued
CREF Bond Market Account § December 31, 2011

Principal			Issuer				Value (000)	% of net assets
GOVERNMENT BONDS
AGENCY SECURITIES
	$  80,000,000		Federal Home Loan Mortgage Corp (FHLMC)		0.750%, 03/28/13	$	80,445	0.5	%
	76,000,000		Federal National Mortgage Association (FNMA)		2.750%, 03/13/14		79,638	0.6
	141,000,000		FNMA	1.125%–3.625%, 07/30/12–11/20/14			147,478	1.2
	54,875,000		GMAC, Inc		1.750%, 10/30/12		55,583	0.4
	129,000,000		Private Export Funding Corp	2.125%–5.450%, 04/15/13–12/15/21			143,416	1.2
			Other				532,372	3.8
							1,038,932	7.7
FOREIGN GOVERNMENT BONDS
	146,075,000		Province of Ontario Canada	1.600%–4.400%, 06/16/14–04/14/20			154,613	1.2
			Other				547,774	4.1
							702,387	5.3
MORTGAGE BACKED
	115,000,000	h	Federal Home Loan Mortgage Corp Gold (FGLMC)		4.500%, 01/15/41		121,846	0.9
	85,000,000	h	FGLMC		5.000%, 01/15/41		91,335	0.7
	417,369,399		FGLMC	4.000%–8.000%, 07/01/13–12/01/40			452,977	3.4
	303,000,000	h	Federal National Mortgage Association (FNMA)		4.000%, 01/25/40		318,291	2.4
	169,000,000	h	FNMA		4.500%, 01/25/40		179,827	1.3
	192,000,000	h	FNMA		5.000%, 01/25/40		207,420	1.6
	309,000,000	h	FNMA		5.500%, 01/25/40		336,471	2.5
	266,000,000	h	FNMA		6.000%, 01/25/40		292,890	2.2
	71,389,805		FNMA		4.500%, 09/01/40		76,030	0.6
	111,000,000	h	FNMA		3.500%, 01/25/41		114,157	0.9
	854,369,769	i	FNMA	2.385%–9.000%, 06/01/13–02/01/41			923,742	6.9
	115,000,000	h	Government National Mortgage Association (GNMA)		4.500%, 01/15/40		125,296	0.9
	135,000,000	h	GNMA		5.000%, 01/15/40		149,534	1.1
	155,000,000	h	GNMA		4.000%, 01/15/41		166,262	1.2
	91,000,000	h	GNMA		4.500%, 01/20/42		99,105	0.7
	284,447,117		GNMA	3.500%–9.500%, 06/15/16–01/15/44			315,862	2.4
			Other				86,372	0.6
							4,057,417	30.3
MUNICIPAL BONDS							68,415	0.5

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

Summary portfolio of investments	continued
CREF Bond Market Account § December 31, 2011

Principal			Issuer				Value (000)	% of net assets
U.S. TREASURY SECURITIES
	$324,372,000		United States Treasury Bond		8.000%, 11/15/21	$	506,984	3.9	%
	49,175,000		United States Treasury Bond		5.250%, 02/15/29		67,938	0.5
	154,861,000		United States Treasury Bond		5.375%, 02/15/31		220,726	1.7
	111,855,000		United States Treasury Bond		3.500%, 02/15/39		125,819	0.9
	86,135,000		United States Treasury Bond		4.375%, 05/15/41		112,231	0.8
	102,500,000		United States Treasury Note		1.375%, 11/15/12		103,593	0.8
	81,829,000		United States Treasury Note		3.125%, 09/30/13		85,911	0.6
	62,337,000		United States Treasury Note		2.750%, 10/31/13		65,159	0.5
	68,179,000		United States Treasury Note		2.000%, 11/30/13		70,429	0.5
	147,421,000		United States Treasury Note		2.125%, 05/31/15		155,633	1.2
	70,952,000		United States Treasury Note		1.750%, 07/31/15		74,056	0.6
	88,150,000		United States Treasury Note		1.000%, 08/31/16		89,114	0.7
	202,103,000		United States Treasury Note		1.000%, 10/31/16		204,060	1.6
	175,480,000		United States Treasury Note		0.875%, 11/30/16		176,014	1.3
	92,420,000		United States Treasury Note		2.375%, 05/31/18		99,106	0.7
	125,000,000		United States Treasury Note		2.250%, 07/31/18		132,949	1.0
	68,365,000		United States Treasury Note		1.750%, 10/31/18		70,363	0.5
	140,079,000		United States Treasury Note		3.750%, 08/15/41		164,746	1.2
	499,715,900		United States Treasury Note	0.125%–3.125%, 06/15/12–11/15/41			512,504	3.8
			Other				61,672	0.4
							3,099,007	23.2
			TOTAL GOVERNMENT BONDS		(Cost $8,520,536)		8,966,158	67.0
STRUCTURED ASSETS
ASSET BACKED							161,621	1.2
OTHER MORTGAGE BACKED							440,296	3.3
			TOTAL STRUCTURED ASSETS		(Cost $619,247)		601,917	4.5
			TOTAL BONDS		(Cost $12,581,199)		13,174,563	98.5
Shares			Company
PREFERRED STOCKS
BANKS							2,733	0.0
			TOTAL PREFERRED STOCKS		(Cost $49,941)		2,733	0.0
Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
	$150,000,000	d	Federal Home Loan Bank (FHLB)		0.013%, 02/22/12		149,997	1.1
	39,830,000		FHLB	0.009%–0.013%, 02/01/12–02/24/12			39,829	0.3
			Other				146,158	1.1
							335,984	2.5

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

Summary portfolio of investments	concluded
CREF Bond Market Account § December 31, 2011

Principal			Issuer				Value (000)		% of net assets
TREASURY DEBT
	$100,000,000	d	United States Treasury Bill	0.017%, 01/05/12		$	100,000		0.7	%
	100,000,000	d	United States Treasury Bill	0.024%, 01/12/12			99,999		0.7
	250,000,000	d	United States Treasury Bill	0.032%, 02/09/12			249,990		1.9
	100,000,000	d	United States Treasury Bill	0.036%, 03/08/12			99,996		0.7
	153,000,000	d	United States Treasury Bill	0.019%–0.028%, 04/12/12			152,993		1.2
	225,085,000	d	United States Treasury Bill	0.014%–0.028%, 04/19/12			225,071		1.8
	76,000,000	d	United States Treasury Bill	0.027%, 05/03/12			75,994		0.6
	350,000,000	d	United States Treasury Bill	0.014%–0.032%, 05/10/12			349,962		2.7
	82,800,000	d	United States Treasury Bill	0.020%–0.029%, 05/17/12			82,789		0.6
	70,000,000	d	United States Treasury Bill	0.034%, 05/24/12			69,990		0.5
	173,340,000	d	United States Treasury Bill	0.048%, 05/31/12			173,310		1.3
	60,000,000	d	United States Treasury Bill	0.030%, 06/14/12			59,986		0.4
	100,000,000	d	United States Treasury Bill	0.037%, 07/26/12			99,969		0.7
	100,000,000	d	United States Treasury Bill	0.049%, 08/23/12			99,955		0.7
	107,000,000	d	United States Treasury Bill	0.076%, 10/18/12			106,927		0.8
	190,110,000		Other				190,096		1.5
							2,237,027		16.8
			TOTAL SHORT-TERM INVESTMENTS		(Cost $2,573,005)		2,573,011		19.3
			TOTAL PORTFOLIO		(Cost $15,216,009)		15,762,090		117.9
			OTHER ASSETS & LIABILITIES, NET				(2,393,398	)	(17.9	)
			NET ASSETS			$	13,368,692		100.0	%

d	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on mortgage dollar rolls,
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 of which are deemed liquid. Such securities may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/2011, the aggregate value of these securities amounted to $993,693,000 or 7.4% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
“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.

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

Portfolio of investments

CREF Inflation-Linked Bond Account § December 31, 2011

Principal			Issuer			Value (000)	% of net assets
GOVERNMENT BONDS
U.S. TREASURY SECURITIES
	$199,101,105	k	United States Treasury Inflation Indexed Bonds	0.625%, 04/15/13	$	202,461	2.0	%
	344,102,972	k	United States Treasury Inflation Indexed Bonds	1.875%, 07/15/13		359,830	3.6
	349,681,737	k	United States Treasury Inflation Indexed Bonds	2.000%, 01/15/14		370,307	3.7
	236,779,935	k	United States Treasury Inflation Indexed Bonds	1.250%, 04/15/14		248,120	2.5
	330,559,472	k	United States Treasury Inflation Indexed Bonds	2.000%, 07/15/14		356,152	3.6
	299,936,170	k	United States Treasury Inflation Indexed Bonds	1.625%, 01/15/15		323,486	3.3
	225,482,946	k	United States Treasury Inflation Indexed Bonds	0.500%, 04/15/15		235,929	2.4
	283,584,504	k	United States Treasury Inflation Indexed Bonds	1.875%, 07/15/15		312,740	3.1
	270,899,582	k	United States Treasury Inflation Indexed Bonds	2.000%, 01/15/16		302,794	3.0
	332,785,740	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/16		346,929	3.5
	274,227,273	k	United States Treasury Inflation Indexed Bonds	2.500%, 07/15/16		317,161	3.2
	231,090,241	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/17		268,245	2.7
	208,675,140	k	United States Treasury Inflation Indexed Bonds	2.625%, 07/15/17		248,405	2.5
	231,358,083	k	United States Treasury Inflation Indexed Bonds	1.625%, 01/15/18		263,459	2.6
	217,994,532	k	United States Treasury Inflation Indexed Bonds	1.375%, 07/15/18		246,811	2.5
	215,677,970	k	United States Treasury Inflation Indexed Bonds	2.125%, 01/15/19		256,354	2.6
	234,370,500	k	United States Treasury Inflation Indexed Bonds	1.875%, 07/15/19		276,136	2.8
	257,905,656	k	United States Treasury Inflation Indexed Bonds	1.375%, 01/15/20		293,650	3.0
	284,107,293	k	United States Treasury Inflation Indexed Bonds	1.250%, 07/15/20		321,352	3.2
	393,801,053	k	United States Treasury Inflation Indexed Bonds	1.125%, 01/15/21		439,180	4.4
	397,648,386	k	United States Treasury Inflation Indexed Bonds	0.625%, 07/15/21		425,391	4.3
	386,520,635	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/25		491,424	4.9
	270,186,538	k	United States Treasury Inflation Indexed Bonds	2.000%, 01/15/26		332,118	3.3
	220,862,628	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/27		285,241	2.9
	216,063,914	k	United States Treasury Inflation Indexed Bonds	1.750%, 01/15/28		259,834	2.6
	296,835,000	k	United States Treasury Inflation Indexed Bonds	3.625%, 04/15/28		441,357	4.4
	210,826,534	k	United States Treasury Inflation Indexed Bonds	2.500%, 01/15/29		281,272	2.8
	291,857,286	k	United States Treasury Inflation Indexed Bonds	3.875%, 04/15/29		454,772	4.6
	88,354,982	k	United States Treasury Inflation Indexed Bonds	3.375%, 04/15/32		136,087	1.4
	165,160,446	k	United States Treasury Inflation Indexed Bonds	2.125%, 02/15/40		221,638	2.2
	288,382,600	k	United States Treasury Inflation Indexed Bonds	2.125%, 02/15/41		389,519	3.9
	52,000,000		United States Treasury Note	0.250%, 09/15/14		51,869	0.6
	21,000,000		United States Treasury Note	1.000%, 08/31/16		21,230	0.2
	11,000,000		United States Treasury Note	2.250%, 07/31/18		11,700	0.1
	4,000,000		United States Treasury Note	2.125%, 08/15/21		4,104	0.0
						9,797,057	98.4
			TOTAL GOVERNMENT BONDS	(Cost $8,557,136)		9,797,057	98.4

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

Portfolio of investments	concluded
CREF Inflation-Linked Bond Account § December 31, 2011

Principal		Issuer			Value (000)	% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
	$  2,995,000	Federal Farm Credit Bank (FFCB)	0.005%, 01/03/12	$	2,995	0.0	%
	11,875,000	Federal Home Loan Bank (FHLB)	0.014%, 02/10/12		11,875	0.1
	2,870,000	FHLB	0.051%, 05/18/12		2,870	0.0
	1,605,000	Federal Home Loan Mortgage Corp (FHLMC)	0.046%, 01/24/12		1,605	0.0
	9,835,000	FHLMC	0.014%, 03/05/12		9,835	0.1
	1,300,000	FHLMC	0.048%, 04/23/12		1,300	0.0
	12,190,000	FHLMC	0.067%, 06/11/12		12,187	0.2
	8,425,000	Federal National Mortgage Association (FNMA)	0.011%, 02/08/12		8,425	0.1
	5,370,000	FNMA	0.013%, 03/08/12		5,370	0.1
					56,462	0.6
TREASURY DEBT
	8,400,000	United States Treasury Bill	0.019%, 03/29/12		8,400	0.1
	20,000,000	United States Treasury Bill	0.030%, 06/14/12		19,995	0.2
	1,900,000	United States Treasury Note	0.875%, 01/31/12		1,901	0.0
					30,296	0.3
		TOTAL SHORT-TERM INVESTMENTS	(Cost $86,757)		86,758	0.9
		TOTAL PORTFOLIO	(Cost $8,643,893)		9,883,815	99.3
		OTHER ASSETS & LIABILITIES, NET			66,481	0.7
		NET ASSETS		$	9,950,296	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 2011 Annual Report § College Retirement Equities Fund See notes to financial statements

Summary portfolio of investments

CREF Social Choice Account § December 31, 2011

Principal			Issuer		Value (000)		% of net assets
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS					$	10,904		0.1	%
BANKS						218,609		2.3
CAPITAL GOODS						63,816		0.7
COMMERCIAL & PROFESSIONAL SERVICES						13,111		0.1
CONSUMER DURABLES & APPAREL						15,925		0.2
CONSUMER SERVICES						27,632		0.3
DIVERSIFIED FINANCIALS						71,524		0.7
ENERGY						78,942		0.8
FOOD & STAPLES RETAILING						15,085		0.1
FOOD, BEVERAGE & TOBACCO						56,737		0.5
HEALTH CARE EQUIPMENT & SERVICES						27,909		0.3
HOUSEHOLD & PERSONAL PRODUCTS						6,223		0.0
INSURANCE						46,147		0.4
MATERIALS						58,808		0.6
MEDIA						37,481		0.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						38,982		0.5
REAL ESTATE						44,574		0.4
RETAILING						20,751		0.2
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						12,696		0.1
SOFTWARE & SERVICES						22,186		0.2
TECHNOLOGY HARDWARE & EQUIPMENT						22,574		0.2
TELECOMMUNICATION SERVICES						7,679		0.0
TRANSPORTATION						33,557		0.2
UTILITIES						132,088		1.2
			TOTAL CORPORATE BONDS   (Cost $1,012,810)			1,083,940		10.5
GOVERNMENT BONDS
AGENCY SECURITIES
	$51,374,000	e	US Department of Housing
			and Urban Development	2.200%–5.380%, 08/01/14–08/01/21		60,407		0.6
			Other			299,566		2.9
						359,973		3.5
FOREIGN GOVERNMENT BONDS						256,624		2.5

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

Summary portfolio of investments	continued
CREF Social Choice Account § December 31, 2011

Principal			Issuer				Value (000)	% of net assets
MORTGAGE BACKED
$  40,000,000		h		Federal Home Loan Mortgage Corp Gold (FGLMC)	4.500%, 01/15/41	$	42,381	0.4	%
	43,000,000	h		FGLMC	5.000%, 01/15/41		46,205	0.4
	42,000,000	h		Federal National Mortgage Association (FNMA)	4.000%, 01/25/26		44,290	0.4
	80,000,000	h		FNMA	4.000%, 01/25/40		84,038	0.8
	107,000,000	h		FNMA	4.500%, 01/25/40		113,855	1.1
	54,000,000	h		FNMA	5.000%, 01/25/40		58,337	0.6
	44,000,000	h		FNMA	5.500%, 01/25/40		47,912	0.5
	55,000,000	h		FNMA	6.000%, 01/25/40		60,560	0.7
	39,000,000	h		FNMA	3.500%, 01/25/41		40,109	0.4
	233,815,538	i		FNMA	2.385%–8.500%, 04/01/12–11/01/40		251,902	2.4
	55,000,000	h		Government National Mortgage Association (GNMA)	4.500%, 01/15/40		59,924	0.6
	38,000,000	h		GNMA	4.500%, 01/20/42		41,384	0.4
	143,711,233			GNMA	2.300%–9.000%, 12/15/17–01/15/42		157,630	1.5
				Other			157,568	1.5
							1,206,095	11.7
MUNICIPAL BONDS							189,445	1.7
U.S. TREASURY SECURITIES
	60,000,000			United States Treasury Bond	8.000%, 11/15/21		93,778	0.9
	35,800,000			United States Treasury Bond	3.500%, 02/15/39		40,269	0.4
	79,793,500			United States Treasury Bond	3.875%–6.375%, 08/15/27–05/15/41		105,686	1.0
	106,225,000			United States Treasury Note	1.250%, 10/31/15		108,947	1.1
	90,132,500			United States Treasury Note	0.875%, 11/30/16		90,407	0.9
	41,578,000			United States Treasury Note	2.000%, 11/15/21		42,052	0.4
	37,200,000			United States Treasury Note	3.750%, 08/15/41		43,751	0.4
	190,048,500			United States Treasury Note	0.125%–3.125%, 06/30/12–10/31/18		194,459	1.9
							719,349	7.0
			TOTAL GOVERNMENT BONDS   (Cost $2,597,575)				2,731,486	26.4
STRUCTURED ASSETS
ASSET BACKED							69,489	0.7
OTHER MORTGAGE BACKED							159,396	1.5
				TOTAL STRUCTURED ASSETS   (Cost $236,830)			228,885	2.2
				TOTAL BONDS   (Cost $3,847,215)			4,044,311	39.1
Shares				Company
COMMON STOCKS
AUTOMOBILES & COMPONENTS							129,085	1.2
BANKS
	1,467,617			US Bancorp			39,700	0.5
				Other			294,705	2.7
							334,405	3.2

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

Summary portfolio of investments continued

CREF Social Choice Account § December 31, 2011

Shares			Company	Value (000)		% of net assets
CAPITAL GOODS
	531,124		3M Co	$	43,408		0.4	%
	457,368		Caterpillar, Inc		41,439		0.5
			Other		443,770		4.2
					528,617		5.1
COMMERCIAL & PROFESSIONAL SERVICES					45,542		0.4
CONSUMER DURABLES & APPAREL					86,276		0.8
CONSUMER SERVICES
	591,816		McDonald’s Corp		59,376		0.7
			Other		73,740		0.6
					133,116		1.3
DIVERSIFIED FINANCIALS
	845,613		American Express Co		39,888		0.5
			Other		252,872		2.4
					292,760		2.9
ENERGY					605,693		6.0
FOOD & STAPLES RETAILING					90,219		0.9
FOOD, BEVERAGE & TOBACCO
	1,196,446		Kraft Foods, Inc (Class A)		44,698		0.5
	900,711		PepsiCo, Inc		59,762		0.6
			Other		176,130		1.6
					280,590		2.7
HEALTH CARE EQUIPMENT & SERVICES
	996,064		Medtronic, Inc		38,100		0.5
			Other		160,670		1.4
					198,770		1.9
HOUSEHOLD & PERSONAL PRODUCTS
	413,480		Colgate-Palmolive Co		38,201		0.4
	1,278,167		Procter & Gamble Co		85,267		0.8
			Other		77,244		0.7
					200,712		1.9
INSURANCE
	909,874	*	Berkshire Hathaway, Inc (Class B)		69,424		0.8
			Other		289,377		2.8
					358,801		3.6
MATERIALS					404,830		3.8
MEDIA					107,294		1.0

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

Summary portfolio of investments	continued
CREF Social Choice Account § December 31, 2011

	Shares		Company	Value (000)		% of net assets
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	958,682		Abbott Laboratories	$	53,907	0.5	%
	1,289,367		Bristol-Myers Squibb Co		45,437	0.5
	1,319,378		Johnson & Johnson		86,524	0.8
	1,582,985		Merck & Co, Inc		59,679	0.7
			Other		210,140	1.9
					455,687	4.4
REAL ESTATE
	298,720	e	Simon Property Group, Inc		38,516	0.5
			Other		138,787	1.2
					177,303	1.7
RETAILING					239,975	2.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	2,800,744		Intel Corp		67,917	0.8
			Other		87,608	0.7
					155,525	1.5
SOFTWARE & SERVICES
	123,228	*	Google, Inc (Class A)		79,594	0.8
	538,285		International Business Machines Corp		98,981	1.0
	2,008,521		Oracle Corp		51,518	0.6
			Other		200,577	1.8
					430,670	4.2
TECHNOLOGY HARDWARE & EQUIPMENT
	3,174,458		Cisco Systems, Inc		57,395	0.7
	1,515,187		Hewlett-Packard Co		39,032	0.4
			Other		166,123	1.4
					262,550	2.5
TELECOMMUNICATION SERVICES					182,718	1.8
TRANSPORTATION
	548,148		United Parcel Service, Inc (Class B)		40,120	0.4
			Other		110,999	1.1
					151,119	1.5
UTILITIES					289,118	2.8
			TOTAL COMMON STOCKS  (Cost $5,500,347)		6,141,375	59.4
PREFERRED STOCKS
BANKS					1,333	0.0
			TOTAL PREFERRED STOCKS  (Cost $24,353)		1,333	0.0

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

Summary portfolio of investments	concluded
CREF Social Choice Account § December 31, 2011

	Principal		Issuer			Value (000)			% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT						$	107,290		1.0	%
TREASURY DEBT
	$   59,000,000	d	United States Treasury Bill		0.036%, 03/01/12		58,998		0.6
	97,900,000	d	United States Treasury Bill	0.012%–0.014%, 03/08/12			97,896		1.0
	139,000,000	d	United States Treasury Bill		0.041%, 03/29/12		138,992		1.3
	43,000,000	d	United States Treasury Bill		0.030%, 04/12/12		42,998		0.4
	68,425,000	d	United States Treasury Bill	0.020%–0.031%, 04/19/12			68,421		0.7
	101,000,000	d	United States Treasury Bill		0.037%, 05/03/12		100,992		1.0
	59,845,000	d	United States Treasury Bill	0.020%–0.021%, 05/17/12			59,837		0.6
	87,100,000	d	United States Treasury Bill		0.033%, 05/31/12		87,086		0.8
	45,000,000	d	United States Treasury Bill		0.036%, 06/07/12		44,991		0.4
	50,000,000	d	United States Treasury Bill		0.050%, 06/28/12		49,985		0.5
			Other				70,904		0.7
							821,100		8.0
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
GOVERNMENT AGENCY DEBT							36,263		0.4
TREASURY DEBT							107,514		1.0
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED							143,777		1.4
TOTAL SHORT-TERM INVESTMENTS					(Cost $1,072,152)		1,072,167		10.4
			TOTAL PORTFOLIO		(Cost $10,444,067)		11,259,186		108.9
			OTHER ASSETS & LIABILITIES, NET				(923,898	)	(8.9	)
			NET ASSETS			$	10,335,288		100.0	%

*	Non-income producing.
d	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on mortgage dollar rolls,
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $152,820,000.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.

“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 12/31/11, the aggregate value of securities exempted from registration under Rule 144(A) of the Securities Act of 1933 of which are deemed liquid. Such securities may be resold in transactions exempt from registration to qualified institutional buyers amounted to $180,067,000 or 1.7% 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 § 2011 Annual Report 59

Summary portfolio of investments

CREF Money Market Account ▪ December 31, 2011

	Principal		Issuer			Value (000)	% of net assets
SHORT-TERM INVESTMENTS
BANKERS’ ACCEPTANCES					$	59,486	0.5	%
CERTIFICATE OF DEPOSIT
	$ 143,000,000		Bank of Nova Scotia	0.290%–0.310%, 01/17/12–02/06/12		143,000	1.1
	147,000,000		Canadian Imperial Bank of Commerce	0.080%–0.110%, 01/30/12–02/27/12		147,000	1.3
	300,560,000		Toronto-Dominion Bank	0.070%–0.230%, 01/09/12–04/26/12		300,560	2.4
			Other			161,375	1.3
						751,935	6.1
COMMERCIAL PAPER
	128,253,000		Australia & New Zealand
			Banking Group Ltd	0.250%–0.325%, 01/17/12–02/07/12		128,222	1.1
	70,000,000		Bank of Nova Scotia	0.260%, 01/20/12		69,991	0.6
	75,000,000	y	Coca-Cola Co	0.170%, 02/03/12		74,988	0.6
	75,000,000	y	Coca-Cola Co	0.090%, 02/23/12		74,989	0.6
	214,834,000	y	Coca-Cola Co	0.080%–0.200%, 01/05/12–04/05/12		214,796	1.8
	90,000,000		Exxon Mobil Corp	0.025%, 01/17/12		89,998	0.8
	149,875,000		Exxon Mobil Corp	0.020%–0.030%, 01/09/12–01/23/12		149,875	1.2
	198,406,000	y	Fairway Finance LLC	0.160%–0.230%, 01/04/12–02/16/12		198,383	1.5
	284,187,000		General Electric Capital Corp	0.030%–3.500%, 01/04/12–08/13/12		284,270	2.4
	69,821,000	y	Johnson & Johnson	0.055%, 01/12/12		69,819	0.6
	225,426,000	y	Jupiter Securitization Co LLC	0.150%–0.220%, 01/04/12–03/20/12		225,394	1.8
	310,785,000	y	Nestle Capital Corp	0.025%–0.195%, 01/09/12–03/30/12		310,758	2.7
	167,751,000	y	Old Line Funding LLC	0.100%–0.240%, 01/10/12–03/06/12		167,726	1.3
	314,378,000	y	Private Export Funding Corp	0.070%–0.180%, 01/05/12–04/17/12		314,320	2.4
	191,800,000	y	Procter & Gamble Co	0.060%–0.100%, 01/19/12–03/23/12		191,780	1.5
	227,416,000		Province of Ontario Canada	0.050%–0.130%, 01/12/12–04/30/12		227,384	1.9
	335,932,000		Straight-A Funding LLC	0.120%–0.190%, 01/03/12–03/13/12		335,865	2.6
	231,050,000	y	Variable Funding Capital Co LLC	0.120%–0.250%, 01/06/12–02/17/12		231,020	1.9
			Other			754,589	5.9
						4,114,167	33.2
FOREIGN GOVERNMENT BONDS						17,620	0.1
GOVERNMENT AGENCY DEBT
	100,375,000		Federal Home Loan Bank (FHLB)	0.050%, 01/18/12		100,374	0.8
	127,235,000		FHLB	0.040%, 01/27/12		127,233	1.0
	119,130,000		FHLB	0.030%, 02/08/12		119,128	1.0
	130,446,000		FHLB	0.120%, 02/10/12		130,441	1.1
	69,150,000		FHLB	0.070%, 02/15/12		69,147	0.6
	105,535,000		FHLB	0.030%, 02/17/12		105,533	0.9
	230,650,000		FHLB	0.015%, 02/22/12		230,645	1.8
	111,903,000		FHLB	0.020%, 03/02/12		111,900	0.9
	168,993,000		FHLB	0.025%, 03/07/12		168,987	1.3
	491,466,000		FHLB	0.010%–0.150%, 01/04/12–08/08/12		491,447	3.8
	90,000,000		Federal Home Loan Mortgage Corp (FHLMC)	0.120%, 01/30/12		89,995	0.7
	71,560,000		FHLMC	0.030%, 02/06/12		71,558	0.6

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

Summary portfolio of investments	continued
CREF Money Market Account § December 31, 2011

Principal		Issuer			Value (000)	% of net assets
GOVERNMENT AGENCY DEBT—continued
$132,615,000		FHLMC	0.100%, 02/21/12	$	132,608	1.1	%
85,312,000		FHLMC	0.100%, 02/23/12		85,305	0.7
113,320,000		FHLMC	0.080%, 03/14/12		113,313	0.9
128,960,000		FHLMC	0.090%, 03/19/12		128,944	1.1
398,905,000		FHLMC	0.010%–0.160%, 01/03/12–05/18/12		398,873	3.3
74,570,000		Federal National Mortgage Association (FNMA)	0.120%, 01/04/12		74,570	0.6
66,130,000		FNMA	0.120%, 01/17/12		66,129	0.5
65,570,000		FNMA	0.125%, 02/01/12		65,566	0.5
66,700,000		FNMA	0.045%, 03/21/12		66,696	0.5
465,938,000		FNMA	0.015%–0.180%, 07/02/08–06/01/12		465,874	3.8
		Other			20,000	0.2
					3,434,266	27.7
TREASURY DEBT
85,550,000		United States Treasury Bill	0.036%, 03/22/12		85,546	0.7
85,350,000		United States Treasury Bill	0.040%, 03/29/12		85,346	0.7
110,000,000		United States Treasury Bill	0.030%, 04/19/12		109,990	1.0
262,455,000		United States Treasury Bill	0.011%–0.050%, 01/12/12–06/28/12		262,433	2.0
102,025,000		United States Treasury Note	1.125%, 01/15/12		102,065	0.8
104,685,000		United States Treasury Note	0.875%, 01/31/12		104,740	0.8
129,145,000		United States Treasury Note	0.875%, 02/29/12		129,299	1.0
112,105,000		United States Treasury Note	1.000%, 04/30/12		112,421	0.9
138,755,000		United States Treasury Note	1.375%, 05/15/12		139,427	1.2
167,443,000		United States Treasury Note	0.750%, 05/31/12		167,855	1.4
110,485,000		United States Treasury Note	1.875%, 06/15/12		111,365	0.9
77,125,000		United States Treasury Note	0.625%, 06/30/12		77,327	0.6
83,470,000		United States Treasury Note	1.500%, 07/15/12		84,092	0.7
80,271,000		United States Treasury Note	0.625%, 07/31/12		80,503	0.6
77,805,000		United States Treasury Note	1.750%, 08/15/12		78,583	0.6
113,315,000		United States Treasury Note	0.375%, 10/31/12		113,531	0.9
256,820,000		United States Treasury Note	0.375%–1.375%, 12/31/11–11/30/12		257,361	2.1
					2,101,884	16.9
VARIABLE RATE SECURITIES
90,000,000	i	Federal Farm Credit Bank (FFCB)	0.140%, 02/13/12		89,999	0.7
100,000,000	i	FFCB	0.095%, 01/28/13		99,887	0.8
69,750,000	i	FFCB	0.320%, 08/19/13		69,692	0.6
100,000,000	i	FFCB	0.290%, 09/23/13		99,993	0.8
293,575,000	i	FFCB	0.205%–0.354%, 02/01/13–11/01/13		293,538	2.4
170,000,000	i	Federal Home Loan Bank (FHLB)	0.150%, 01/13/12		170,000	1.4
100,000,000	i	FHLB	0.250%, 02/22/13		100,000	0.8
100,000,000	i	FHLB	0.260%, 08/16/13		100,000	0.8
160,000,000	i	FHLB	0.125%–0.250%, 07/02/12–03/08/13		159,998	1.3
100,000,000	i	Federal Home Loan Mortgage Corp (FHLMC)	0.230%, 01/09/12		100,002	0.8
144,500,000	i	FHLMC	0.221%, 02/04/13		144,441	1.1
80,290,000	i	Federal National Mortgage Association (FNMA)	0.310%, 10/28/13		80,290	0.6
90,000,000	i	Royal Bank of Canada	0.280%, 07/11/12		90,000	0.8
		Other			263,746	2.1
					1,861,586	15.0
		TOTAL SHORT-TERM INVESTMENTS  (Cost $12,340,944)			12,340,944	99.5

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

Summary portfolio of investments	concluded
CREF Money Market Account § December 31, 2011

		Value (000)		% of net assets
TOTAL PORTFOLIO	(Cost $12,340,944)	$	12,340,944	99.5	%
OTHER ASSETS & LIABILITIES, NET			58,142	0.5
NET ASSETS		$	12,399,086	100.0	%

i	Floating or variable rate security. Coupon rate reflects the rate at period end.
y	Security exempt from registration under Section 4(2) of the Securities Act of 1933 of which are deemed liquid. Such securities may be sold in transactions exempt from registration only to dealers in that program or other “accredited Investors.” At December 31, 2011, the aggregate value of these securities was $2,435,497,000 or 19.6% 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 2011 Annual Report § College Retirement Equities Fund See notes to financial statements

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College Retirement Equities Fund § 2011 Annual Report 63

Statements of assets and liabilities

College Retirement Equities Fund § December 31, 2011

(amounts in thousands, except accumulation unit value)	Stock Account		Global Equities Account
ASSETS
Unaffiliated issuers*†	$	101,169,040	$	13,762,040
Affiliated issuers‡		259,868		—
Total portfolio investments, at value	$	101,428,908	$	13,762,040
Cash		130,879		8,186
Cash — foreign^		30,761		761
Dividends and interest receivable		161,045		24,148
Receivable from securities transactions		232,345		897
Due from affiliates		—		248
Other		2,671		776
Total assets		101,986,609		13,797,056
LIABILITIES
Payable for collateral for securities loaned		4,910,789		633,727
Payable for securities transactions		185,929		3,642
Payable for delayed delivery securities		—		—
Due to affiliates		104,633		694
Payable for variation margin on open futures contracts		—		—
Other		2,457		741
Total liabilities		5,203,808		638,804
NET ASSETS:
Accumulation Fund	$	86,394,876	$	12,898,146
Annuity Funds		10,387,925		260,106
Total net assets	$	96,782,801	$	13,158,252
Accumulation units outstanding		377,118		145,930
Accumulation unit value	$	229.09	$	88.39
*   Includes securities loaned of:	$	4,715,283	$	609,940
†    Portfolio investments; unaffiliated issuers cost:	$	98,845,957	$	13,800,559
‡    Portfolio investments; affiliated issuers cost:	$	305,600	$	—
^   Foreign cash, cost:	$	30,803	$	761

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

Growth Account		Equity Index Account		Bond Market Account		Inflation-Linked Bond Account		Social Choice Account		Money Market Account
$	13,250,345	$	10,674,526	$	15,762,090	$	9,883,815	$	11,259,186	$	12,340,944
	194,557		256,854		—		—		—		—
$	13,444,902	$	10,931,380	$	15,762,090	$	9,883,815	$	11,259,186	$	12,340,944
	22		—		44,160		4		21,568		50,219
	—		—		—		—		163		—
	12,636		16,511		87,823		62,253		38,493		5,210
	4,245		117		82,613		—		590		—
	851		1,113		4,858		4,551		2,205		2,799
	1,057		670		644		634		657		745
	13,463,713		10,949,791		15,982,188		9,951,257		11,322,862		12,399,917
	194,557		256,854		—		—		159,126		—
	2,861		—		72,086		—		32,108		—
	—		—		2,540,237		—		795,276		—
	482		375		471		327		401		87
	15		128		—		—		—		—
	714		682		702		634		663		744
	198,629		258,039		2,613,496		961		987,574		831
$	13,079,041	$	10,501,676	$	13,123,856	$	9,699,035	$	10,073,553	$	12,177,563
	186,043		190,076		244,836		251,261		261,735		221,523
$	13,265,084	$	10,691,752	$	13,368,692	$	9,950,296	$	10,335,288	$	12,399,086
	180,735		112,460		125,915		145,847		71,680		476,924
$	72.37	$	93.38	$	104.23	$	66.50	$	140.54	$	25.53
$	188,306	$	248,864	$	—	$	—	$	152,820	$	—
$	11,596,393	$	8,856,173	$	15,216,009	$	8,643,893	$	10,444,067	$	12,340,944
$	194,557	$	256,854	$	—	$	—	$	—	$	—
$	—	$	—	$	—	$	—	$	163	$	—

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

Statements of operations

College Retirement Equities Fund § For the year ended December 31, 2011

(amounts in thousands)		Stock Account		Global Equities Account
INVESTMENT INCOME
Dividends:
Unaffiliated issuers*	$	2,257,321		$	314,649
Affiliated issuers†		2,182			—
Interest		162			77
Income from securities lending		65,497			10,212
Other		—			6
Total income		2,325,162			324,944
EXPENSES
Administrative		261,998			36,028
Investment advisory		141,654			24,955
Distribution		95,226			13,085
Mortality and expense risk charges		5,255			721
Total expenses		504,133			74,789
Less: Expenses withheld by TIAA		—			—
Net expenses		504,133			74,789
Net investment income (loss)		1,821,029			250,155
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments:
Unaffiliated issuers		7,284,340			710,768
Affiliated issuers		2,133			—
Futures transactions		(13,329	)		—
Swap transactions		(9,108	)		—
Foreign currency transactions		(23,976	)		(6,056	)
Net realized gain (loss) on total investments		7,240,060			704,712
Change in unrealized appreciation (depreciation) on:
Portfolio investments:
Unaffiliated issuers‡		(14,026,898	)		(2,073,105	)
Affiliated issuers		(87,604	)		—
Futures transactions		—			—
Swap transactions		(1,524	)		—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		(827	)		(182	)
Net change in unrealized appreciation (depreciation) on total investments		(14,116,853	)		(2,073,287	)
Net realized and unrealized gain (loss) on total investments		(6,876,793	)		(1,368,575	)
Net increase (decrease) from operations	$	(5,055,764	)	$	(1,118,420	)
*   Net of foreign withholding taxes of unaffiliated issuers:	$	(92,411	)	$	(16,907	)
†   Net of foreign withholding taxes of affiliated issuers:	$	(6	)	$	—
‡   Includes net change in unrealized foreign capital gains taxes of:	$	5,626		$	882

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

Growth Account			Equity Index Account			Bond Market Account			Inflation-Linked Bond Account		Social Choice Account			Money Market Account
$	182,341		$	212,498		$	—		$	—	$	145,258		$	—
	457			1,887			153			—		—			—
	87			32			415,937			399,068		129,793			21,089
	—			—			—			—		1,949			—
	—			—			444			—		—			—
	182,885			214,417			416,534			399,068		277,000			21,089
	33,840			27,306			31,142			21,990		25,833			30,382
	15,249			7,838			11,406			7,912		10,140			7,668
	12,370			9,960			11,541			8,211		9,479			11,232
	682			550			628			445		520			609
	62,141			45,654			54,717			38,558		45,972			49,891
	—			—			—			—		—			28,910
	62,141			45,654			54,717			38,558		45,972			20,981
	120,744			168,763			361,817			360,510		231,028			108
	799,769			150,867			228,427			35,457		395,797			1
	—			—			481			—		—			—
	5,021			2,762			(1,579	)		—		—			—
	—			—			41			—		—			—
	9			—			—			—		(243	)		—
	804,799			153,629			227,370			35,457		395,554			1
	(761,589	)		(250,476	)		253,869			686,958		(441,555	)		—
	—			—			(313	)		—		—			—
	(1,566	)		(661	)		—			—		—			—
	—			—			—			—		—			—
	(2	)		—			—			—		(80	)		—
	(763,157	)		(251,137	)		253,556			686,958		(441,635	)		—
	41,642			(97,508	)		480,926			722,415		(46,081	)		1
$	162,386		$	71,255		$	842,743		$	1,082,925	$	184,947		$	109
$	(1,047	)	$	(250	)	$	—		$	—	$	(4,478	)	$	—
$	—		$	—		$	—		$	—	$	—		$	—
$	1		$	—		$	—		$	—	$	—		$	—

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

Statements of changes in net assets

College Retirement Equities Fund § For the year ended

	Stock Account
(amounts in thousands except accumulation units)	December 31, 2011			December 31, 2010
OPERATIONS
Net investment income (loss)	$	1,821,029		$	1,618,989
Net realized gain (loss) on total investments		7,240,060			4,030,156
Net change in unrealized appreciation (depreciation) on total investments		(14,116,853	)		9,201,032
Net increase (decrease) from operations		(5,055,764	)		14,850,177
FROM PARTICIPANT TRANSACTIONS
Premiums		6,348,491			6,875,740
Net transfers between CREF Accounts		(1,690,508	)		(1,065,735	)
Annuity payments		(1,324,535	)		(1,045,265	)
Withdrawals and death benefits		(10,194,774	)		(9,424,290	)
Net increase (decrease) from participant transactions		(6,861,326	)		(4,659,550	)
Net increase (decrease) in net assets		(11,917,090	)		10,190,627
NET ASSETS
Beginning of period		108,699,891			98,509,264
End of period	$	96,782,801		$	108,699,891
ACCUMULATION UNITS:
Units purchased		26,438,098			32,235,510
Units sold / transferred		(50,143,050	)		(49,851,601	)
Outstanding:
Beginning of period		400,822,676			418,438,767
End of period		377,117,724			400,822,676

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

Global Equities Account						Growth Account
December 31, 2011			December 31, 2010			December 31, 2011			December 31, 2010
$	250,155		$	227,367		$	120,744		$	117,092
	704,712			145,667			804,799			547,290
	(2,073,287	)		1,230,041			(763,157	)		1,088,933
	(1,118,420	)		1,603,075			162,386			1,753,315
	1,197,297			1,304,955			1,084,372			1,144,489
	(270,686	)		(209,289	)		(208,892	)		(234,143	)
	(28,493	)		(22,267	)		(18,932	)		(14,314	)
	(1,454,574	)		(1,333,555	)		(1,293,545	)		(1,122,570	)
	(556,456	)		(260,156	)	��	(436,997	)		(226,538	)
	(1,674,876	)		1,342,919			(274,611	)		1,526,777
	14,833,128			13,490,209			13,539,695			12,012,918
$	13,158,252		$	14,833,128		$	13,265,084		$	13,539,695
	12,654,924			15,291,475			14,829,587			18,118,284
	(18,371,101	)		(18,356,953	)		(20,762,145	)		(21,833,848	)
	151,646,181			154,711,659			186,667,821			190,383,385
	145,930,004			151,646,181			180,735,263			186,667,821

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

Statements of changes in net assets

College Retirement Equities Fund § For the year ended

	Equity Index Account
(amounts in thousands except accumulation units)	December 31, 2011			December 31, 2010
OPERATIONS
Net investment income (loss)	$	168,763		$	150,722
Net realized gain (loss) on total investments		153,629			88,299
Net change in unrealized appreciation (depreciation) on total investments		(251,137	)		1,285,621
Net increase (decrease) from operations		71,255			1,524,642
FROM PARTICIPANT TRANSACTIONS
Premiums		1,012,763			1,048,901
Net transfers between CREF Accounts		(142,872	)		64,953
Annuity payments		(18,920	)		(14,187	)
Withdrawals and death benefits		(1,192,126	)		(1,088,977	)
Net increase (decrease) from participant transactions		(341,155	)		10,690
Net increase (decrease) in net assets		(269,900	)		1,535,332
NET ASSETS
Beginning of period		10,961,652			9,426,320
End of period	$	10,691,752		$	10,961,652
ACCUMULATION UNITS:
Units purchased		10,764,731			12,896,125
Units sold / transferred		(14,350,219	)		(13,006,576	)
Outstanding:
Beginning of period		116,045,713			116,156,164
End of period		112,460,225			116,045,713

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

continued

Bond Market Account						Inflation-Linked Bond Account
December 31, 2011			December 31, 2010			December 31, 2011			December 31, 2010
$	361,817		$	372,216		$	360,510		$	189,138
	227,370			249,814			35,457			26,115
	253,556			110,865			686,958			239,476
	842,743			732,895			1,082,925			454,729
	1,459,554			1,544,488			1,253,414			1,154,893
	606,066			1,032,101			843,766			320,912
	(21,556	)		(18,474	)		(20,663	)		(17,642	)
	(1,666,585	)		(1,654,383	)		(1,385,968	)		(1,401,070	)
	377,479			903,732			690,549			57,093
	1,220,222			1,636,627			1,773,474			511,822
	12,148,470			10,511,843			8,176,822			7,665,000
$	13,368,692		$	12,148,470		$	9,950,296		$	8,176,822
	14,500,362			16,516,310			19,955,145			19,964,332
	(10,857,014	)		(7,013,571	)		(9,468,225	)		(18,889,999	)
	122,271,365			112,768,626			135,359,754			134,285,421
	125,914,713			122,271,365			145,846,674			135,359,754

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

Statements of changes in net assets

College Retirement Equities Fund § For the year ended

	Social Choice Account
(amounts in thousands except accumulation units)	December 31, 2011			December 31, 2010
OPERATIONS
Net investment income (loss)	$	231,028		$	221,059
Net realized gain (loss) on total investments		395,554			164,880
Net change in unrealized appreciation (depreciation) on total investments		(441,635	)		687,809
Net increase (decrease) from operations		184,947			1,073,748
FROM PARTICIPANT TRANSACTIONS
Premiums		812,961			927,035
Net transfers between CREF Accounts		(1,640	)		294,562
Annuity payments		(25,302	)		(20,250	)
Withdrawals and death benefits		(874,204	)		(709,871	)
Net increase (decrease) from participant transactions		(88,185	)		491,476
Net increase (decrease) in net assets		96,762			1,565,224
NET ASSETS
Beginning of period		10,238,526			8,673,302
End of period	$	10,335,288		$	10,238,526
ACCUMULATION UNITS:
Units purchased		5,799,453			7,307,223
Units sold/transferred		(6,345,210	)		(3,465,952	)
Outstanding:
Beginning of period		72,225,927			68,384,656
End of period		71,680,170			72,225,927

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

concluded

Money Market Account
December 31, 2011			December 31, 2010
$	108		$	356
	1			4
	—			—
	109			360
	3,506,339			3,255,717
	864,766			(203,360	)
	(23,603	)		(22,504	)
	(4,002,210	)		(4,303,977	)
	345,292			(1,274,124	)
	345,401			(1,273,764	)
	12,053,685			13,327,449
$	12,399,086		$	12,053,685
	137,282,002			127,488,200
	(123,121,054	)		(176,604,913	)
	462,763,253			511,879,966
	476,924,201			462,763,253

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

Financial highlights

College Retirement Equities Fund § For the year ended

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

(a)	Based on average units outstanding.
(b)	Based on per accumulation unit data.
(c)	Millions

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

Financial highlights continued

College Retirement Equities Fund § For the year ended

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

(a)	Based on average units outstanding.
(b)	Based on per accumulation unit data.
(c)	Millions

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

Financial highlights continued

College Retirement Equities Fund § For the year ended

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

(a)	Based on average units outstanding.
(b)	Based on per accumulation unit data.
(c)	Millions

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

Financial highlights continued

College Retirement Equities Fund § For the year ended

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

(a)	Based on average units outstanding.
(b)	Based on per accumulation unit data.
(c)	Millions

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

Financial highlights continued

College Retirement Equities Fund § For the year ended

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

(a)	Based on average units outstanding.
(b)	Based on per accumulation unit data.
(c)	Millions
(d)	The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ending December 31, 2011, December 31, 2010 and December 31, 2009 were 62%, 62% and 96%, respectively.

78 2011 Annual Report § College Retirement Equities Fund See notes to financial statements

Financial highlights continued

College Retirement Equities Fund § For the year ended

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

(a)	Based on average units outstanding.
(b)	Based on per accumulation unit data.
(c)	Millions

See notes to financial statements College Retirement Equities Fund § 2011 Annual Report 79

Financial highlights continued

College Retirement Equities Fund § For the year ended

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

(a)	Based on average units outstanding.
(b)	Based on per accumulation unit data.
(c)	Millions
(d)	The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ending December 31, 2011, December 31, 2010 and December 31, 2009 were 45%, 40% and 49%, respectively.

80 2011 Annual Report § College Retirement Equities Fund See notes to financial statements

Financial highlights concluded

College Retirement Equities Fund § For the year ended

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

(a)	Based on average units outstanding.
(b)	Based on per accumulation unit data.
(c)	Millions

See notes to financial statements College Retirement Equities Fund § 2011 Annual Report 81

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. Annuitants bear the mortality risk under their contracts.

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

82 2011 Annual Report § College Retirement Equities Fund

Foreign currency transactions and translation: Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day using exchange rates obtained from an independent third party. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on realized and unrealized security gains and losses is reflected as a component of security gains and losses.

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

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

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

Note 2—valuation of investments

Portfolio investments are valued at fair value utilizing various valuation methods approved by the Board. U.S. GAAP establishes a hierarchy that prioritizes market inputs to valuation methods. The three levels of inputs are:

• Level 1 – quoted prices in active markets for identical securities

• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.)

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

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is

College Retirement Equities Fund § 2011 Annual Report 83

Notes to financial statements

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.

Short-term investments: Short-term investments, excluding investments in registered investment companies, with maturities of 60 days or less are valued at amortized cost. Short-term investments (other than those in the Money Market Account) with maturities in excess of 60 days are valued in the same manner as debt securities. Short-term investments in the Money Market Account are valued at amortized cost. Short-term investments are generally categorized in Level 2 of the fair value hierarchy.

Investments in registered investment companies: These investments are valued at their net asset value on the valuation date. These investments are categorized in Level 1 of the fair value hierarchy.

Futures contracts: Stock and bond index futures and options, which are traded on commodities exchanges, are valued at the last sale price as of the close of such commodities exchanges and are categorized in Level 1 of the fair value hierarchy.

84 2011 Annual Report § College Retirement Equities Fund

continued

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

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

Any portfolio security for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized as Level 3.

Transfers between levels are recognized at the end of the reporting period. For the year ended December 31, 2011, there were no significant transfers between levels by the Accounts.

As of December 31, 2011, 100% of the value of investments in the Inflation-Linked Bond and Money Market Accounts were valued based on Level 2 inputs.

The following is a summary of the inputs used to value the remaining Accounts’ investments as of December 31, 2011 (amounts are in thousands):

Account	Level 1		Level 2		Level 3		Total
Stock
Consumer discretionary*	$	8,495,144	$	3,045,408	$	—	$	11,540,552
Consumer staples*		6,358,408		2,693,321		—		9,051,729
Energy*		7,544,817		3,035,038		—		10,579,855
Financials*		10,039,063		6,052,423		—		16,091,486
Health care*		8,226,326		1,911,526		5,676		10,143,528
Industrials*		7,511,756		3,512,924		—		11,024,680
Information technology*		12,880,909		1,898,750		—		14,779,659
Materials*		2,878,479		3,245,028		—		6,123,507
Telecommunication services*		2,003,928		1,353,004		—		3,356,932
Utilities		2,580,553		966,162		—		3,546,715
Corporate bonds		—		63		—		63
Short-term investments		—		5,190,202		—		5,190,202
Total	$	68,519,383	$	32,903,849	$	5,676	$	101,428,908
Global Equities
Australia	$	—	$	287,482	$	—	$	287,482
Canada		28,706		507,058		—		535,764
France *		71		529,867		—		529,938
Germany		—		491,727		—		491,727
Japan		—		1,042,396		—		1,042,396
Switzerland		—		381,287		—		381,287
United Kingdom*		14,818		1,100,539		—		1,115,357
United States		6,918,607		3,222		—		6,921,829
Other*		146,488		1,584,893		—		1,731,381
Short-term investments		—		724,879		—		724,879
Total	$	7,108,690	$	6,653,350	$	—	$	13,762,040

College Retirement Equities Fund § 2011 Annual Report 85

Notes to financial statements

Account	Level 1			Level 2		Level 3		Total
Growth
Consumer discretionary	$	2,053,172		$	10,018	$	—	$	2,063,190
Consumer staples		1,290,753			—		—		1,290,753
Energy		1,304,985			38,045		—		1,343,030
Financials		601,857			—		—		601,857
Health care*		1,519,133			—		—		1,519,133
Industrials		1,566,792			—		—		1,566,792
Information technology*		3,924,290			—		—		3,924,290
Materials		680,677			7,065		—		687,742
Telecommunication services		175,506			—		—		175,506
Utilities		5,275			—		—		5,275
Short-term investments		194,557			72,777		—		267,334
Futures**		(18	)		—		—		(18	)
Total	$	13,316,979		$	127,905	$	—	$	13,444,884
Equity Index
Consumer discretionary	$	1,238,940		$	—	$	—	$	1,238,940
Consumer staples		1,054,664			—		—		1,054,664
Energy		1,199,585			—		—		1,199,585
Financials		1,600,951			—		—		1,600,951
Health care		1,254,857			—		—		1,254,857
Industrials		1,198,702			—		—		1,198,702
Information technology		1,946,360			—		—		1,946,360
Materials		427,331			—		—		427,331
Telecommunication services		301,928			—		—		301,928
Utilities		415,662			—		—		415,662
Short-term investments		256,854			35,546		—		292,400
Futures**		175			—		—		175
Total	$	10,896,009		$	35,546	$	—	$	10,931,555
Bond Market
Bank loan obligations	$	—		$	11,783	$	—	$	11,783
Corporate bonds		—			3,606,488		—		3,606,488
Government bonds		—			8,966,158		—		8,966,158
Structured assets		—			601,917		—		601,917
Preferred stocks		2,733			—		—		2,733
Short-term investments		—			2,573,011		—		2,573,011
Total	$	2,733		$	15,759,357	$	—	$	15,762,090

86 2011 Annual Report § College Retirement Equities Fund

continued

Account	Level 1		Level 2		Level 3		Total
Social Choice
Consumer discretionary	$	558,907	$	136,839	$	—	$	695,746
Consumer staples		445,992		125,529		—		571,521
Energy		473,643		132,050		—		605,693
Financials		891,017		273,586		—		1,164,603
Health care		550,411		104,048		—		654,459
Industrials		554,901		170,375		—		725,276
Information technology		797,567		51,177		—		848,744
Materials		245,467		159,363		—		404,830
Telecommunication services		104,367		78,351		—		182,718
Utilities		226,148		62,970		—		289,118
Corporate bonds		—		1,083,940		—		1,083,940
Government		—		2,731,486		—		2,731,486
Structured assets		—		228,885		—		228,885
Short-term investments		—		1,072,167		—		1,072,167
Total	$	4,848,420	$	6,410,766	$	—	$	11,259,186

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

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

	Stock Account
Balance as of December 31, 2010	$	8,653
Realized gain (loss)		(43	)
Change in unrealized appreciation (depreciation)		(2,228	)*
Gross purchases		4
Gross sales		(710	)
Balance as of December 31, 2011	$	5,676

* Includes $(2,336) related to Level 3 securities still held at period end.

Note 3—derivative instruments

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

At December 31, 2011, the following Accounts have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities as follows (amounts in thousands):

College Retirement Equities Fund § 2011 Annual Report 87

Notes to financial statements

	Asset derivatives					Liabilities derivatives
Derivative contracts	Location		Fair value amount			Location	Fair value amount
Growth Account
Equity contracts		Futures*	$	(18	)		$	—
Equity Index Account
Equity contracts		Futures*		175				—

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

For the period ended December 31, 2011, the effect of derivative contracts on the Accounts’ Statements of Operations was as follows (amounts in thousands):

Derivative contracts	Location	Realized gain (loss		)	Change in unrealized appreciation (depreciation		)
Stock Account
Equity contract	Futures transactions	$	(13,329	)	$	—
Equity contracts	Swap transactions		(9,108	)		(1,524	)
Growth Account
Equity contracts	Futures transactions		5,021			(1,566	)
Equity Index Account
Equity contracts	Futures transactions		2,762			(661	)
Bond Market Account
Equity contract	Futures transactions		(1,579	)		—
Credit contracts	Swap transactions		41			—

Futures contracts: Certain Accounts are subject to equity price risk in the normal course of pursuing their investment objectives. The Accounts use futures contracts to manage exposure to the equity markets and for cash management purposes to remain highly invested in these markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin payments are made or received reflecting daily changes in the value of the futures contracts. Daily changes in the value of such 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, 2011, the Stock Account, the Growth Account, the Equity Index Account, and the Bond Market Account had exposure to futures contracts, based on underlying notional values, generally between 0% and 1% of net assets.

88 2011 Annual Report § College Retirement Equities Fund

continued

At December 31, 2011, the Accounts held the following open futures contracts (amounts are in thousands):

Account	Futures	Number of contracts		‡	Market value		Expiration date	Unrealized gain (loss		)
Growth	CME E-mini S&P 500 Index		65		$	4,071	March 2012	$	(18	)
Equity Index	CME E-mini S&P 500 Index		370			23,173	March 2012		178
	CME E-mini S&P Mid-Cap 400 Index		28			2,456	March 2012		6
	Russell 2000 Mini Index		32			2,364	March 2012		(9	)
					$	27,993		$	175

‡ Number of contracts is not in thousands.

Total return swap contracts: Total return swaps are agreements that provide an Account with a return based on the performance of an underlying asset, in exchange for fee payments to a counterparty based on a specific interest rate. To the extent the total return of the reference security or index underlying the total return swap exceeds or falls short of the offsetting interest rate obligation, the Account will receive a payment or make a payment to the counterparty, respectively. Payments received or made at the end of each measurement period are recorded as a realized gain or loss in the Statements of Operations. Total return swaps are exposed to the market risk factor of the specific underlying financial instrument or index. Additional risks to the Account include the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The Account’s maximum loss from counterparty risk is the fair value of the contract. During the year ended December 31, 2011, the Stock Account was a party to a total return swap contract in order to gain exposure to certain foreign equity markets. During the year ended December 31, 2011, the Stock Account’s exposure to total return swaps, based on underlying notional amounts, was generally between 0% and 1% of net assets.

At December 31, 2011, the Accounts did not hold any total return swap contracts.

Credit default swap contracts: The 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

College Retirement Equities Fund § 2011 Annual Report 89

Notes to financial statements

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 on the contract plus or minus any unamortized premiums paid or received, respectively. Appreciated swaps and premiums paid are reflected as assets and depreciated swaps and premiums received are reflected as liabilities on the Statements of Assets and Liabilities.

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

The Accounts, (other than the Money Market Account), invest in credit default swaps to hedge or manage the risks associated with assets held in the Account and/or to facilitate the implementation of portfolio strategies to seek to increase the total return. During the year ended December 31, 2011, 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, 2011, the Accounts did not hold any credit default swap contracts.

Note 4—investment adviser and affiliates

Investment advisory services for the Accounts are provided by 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

90 2011 Annual Report § College Retirement Equities Fund

continued

Distribution Services Agreement with CREF and the Rule 12b-1 plan. Teachers Personal Investors Services, Inc. (“TPIS”), a wholly owned subsidiary of TIAA, may also provide distribution functions for the Accounts on a limited basis.

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

For the year ended December 31, 2011, TIAA withheld (“waived”) a portion of the distribution Rule 12b-1 and administrative expenses for the Money Market Account, totaling $28,910,000. The withholding of expenses is voluntary in nature and can be discontinued at any time. Any expenses waived after October 1, 2010 are subject to possible recovery by TIAA from the Account for three years after the waiver. TIAA may recover from the Account a portion of the amounts waived at such time as the Account’s daily yield would be positive absent the effect of the waiver, and in such event the amount of recovery on any day will be approximately 25% of the Account’s yield (net of all expenses) on that day.

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

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

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

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

College Retirement Equities Fund § 2011 Annual Report 91

Notes to financial statements

Issue	Value at December 31, 2010		Purchase cost		Sales proceeds
Stock Account
Biovitrum AB	$	72,724	$	7,006	$	20,674
Enteromedics, Inc		5,697		—		4,073
Information Development Co		3,027		—		559
Japan Asia Investment Co Ltd		6,194		—		—
Jarden Corp		149,730		67,871		17,087
MPM Bioventures II		5,409		—		—
Orient Express Hotels Ltd		77,211		5,383		18,479
Skyline Venture Fund II Ltd		466		—		—
Stroer Out of Home Media AG.		*		59,707		5,296
Vanda Pharmaceuticals, Inc		15,236		98		1,116
	$	335,694	$	140,065	$	67,284
Growth Account
TIAA-CREF Short Term Lending Portfolio of the
State Street Navigator Securities Lending Trust	$	*	$	194,557	$	—
Equity Index Account
TIAA-CREF Short Term Lending Portfolio of the
State Street Navigator Securities Lending Trust	$	*	$	310,994	$	54,139
Bond Market Account
TIAA-CREF High-Yield Fund	$	5,632	$	134	$	5,934

*	Not an affiliate investment as of December 31, 2010
**	Not an affiliate investment as of December 31, 2011
†	Shares are not in thousands

Note 5—investments

Securities lending: Certain Accounts may lend their securities to qualified institutional borrowers to earn additional income. An Account receives collateral (in the form of cash, Treasury securities, or other collateral permitted by applicable law) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of loaned securities during the period of the loan. Cash collateral received by an Account will generally be invested in high-quality short-term instruments or in one or more funds maintained by the securities lending agent for the purpose of investing cash collateral. The value of the loaned securities and the liability to return the cash collateral received are reflected in the Statements of Assets and Liabilities. Securities lending income, net of rebates, represents the income earned on investing cash collateral, less expenses associated with the loan. 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

92 2011 Annual Report § College Retirement Equities Fund

continued

Realized gain (loss		)	Dividend income		Withholding expense		Shares at December 31, 2011		†	Value at December 31, 2011
$	(1,015	)	$	—	$	—	$	—	**	$	—
	(424	)		—		—		—	**		—
	226			81		6		—	**		—
	—			—		—		8,823,000			5,945
	7,195			2,107		—		6,335,701			189,311
	—			—		—		22,167,242			3,535
	(2,774	)		—		—		—	**		—
	—			—		—		4,254,176			244
	312			—		—		3,288,253			53,978
	(1,387	)		—		—		1,440,089			6,855
$	2,133		$	2,188	$	6				$	259,868
$	—		$	457	$	—		194,556,624		$	194,557
$	—		$	1,887	$	—		256,854,199		$	256,854
$	481		$	153	$	—	$	—	**	$	—

terms of the repurchase agreement, securities purchased subject to repurchase agreements must have an aggregate market value greater than or equal to the agreed-upon repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the Account will require the seller to deposit additional collateral by the next business day. If a request for additional collateral is not met, or if the seller defaults on its repurchase obligation, the Account maintains the right to sell the underlying securities at market value and pursue a claim for any remaining loss against the seller.

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

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

College Retirement Equities Fund § 2011 Annual Report 93

Notes to financial statements

interest income due to inflation or deflation are reflected in interest income in the Statements of Operations.

Dollar rolls transactions: Some of the Accounts may enter into mortgage dollar rolls in which an Account sells mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously contracts to repurchase similar securities on a specified future date. During the roll period, an Account forgoes principal and interest paid on the securities. The Account is compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sales proceeds and the lower repurchase price is recorded as a realized gain. The Account maintains a segregated account, the dollar value of which is at least equal to its obligations with respect to dollar rolls.

Restricted securities: Restricted securities held by the Accounts, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.

Net unrealized appreciation (depreciation): At December 31, 2011, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments, consisting of gross unrealized appreciation and gross unrealized depreciation was, as follows (amounts are in thousands):

Account	Gross unrealized appreciation	Gross unrealized (depreciation)		Net unrealized appreciation (depreciation)
Stock	$10,199,912	$(7,922,561	)	$2,277,351
Global Equities	1,037,857	(1,076,376	)	(38,519	)
Growth	2,148,041	(494,089	)	1,653,952
Equity Index	3,261,957	(1,443,604	)	1,818,353
Bond Market	679,994	(133,913	)	546,081
Inflation-Linked Bond	1,239,924	(2	)	1,239,922
Social Choice	1,328,087	(512,968	)	815,119

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Accounts for the year ended December 31, 2011 were as follows:

	Stock Account		Global Equities Account		Growth Account
Purchases
Non-Government	$	58,934,038	$	11,256,246	$	7,831,915
Government		—		—		—
Total Purchases	$	58,934,038	$	11,256,246	$	7,831,915
Sales
Non-Government	$	64,203,021	$	11,520,287	$	8,054,042
Government		—		—		—
Total Sales	$	64,203,021	$	11,520,287	$	8,054,042

94 2011 Annual Report § College Retirement Equities Fund

concluded

	Equity Index Account		Bond Market Account		Inflation-Linked Bond Account		Social Choice Account
Purchases
Non-Government	$	549,409	$	2,843,835	$	—	$	2,600,828
Government		—		30,618,638		1,893,579		10,373,534
Total Purchases	$	549,409	$	33,462,473	$	1,893,579	$	12,974,362
Sales
Non-Government	$	668,056	$	2,558,740	$	—	$	2,084,645
Government		—		29,684,178		1,175,430		10,541,802
Total Sales	$	668,056	$	32,242,918	$	1,175,430	$	12,626,447

Note 6—line of credit

Each of the Accounts, except the Money Market Account, participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of participant withdrawals. Certain affiliated accounts and mutual funds, each of which is managed by TCIM, or an affiliate of TCIM, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts at a specified rate of interest. The Accounts are not liable for borrowings under the facility by other affiliated accounts or mutual funds. Prior to June 28, 2011, the unsecured revolving credit facility was $1.0 billion. For the year ended December 31, 2011, 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 indemnified against certain liabilities that may arise out of their duties to the Accounts. However, based on experience, the Accounts expect the risk of loss due to these warranties and indemnities to be unlikely.

College Retirement Equities Fund § 2011 Annual Report 95

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 referred to as the “Accounts”) at December 31, 2011, 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, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
February 16, 2012

96 2011 Annual Report § College Retirement Equities Fund

2011 annual meeting (unaudited)

College Retirement Equities Fund

Trustees

On July 19, 2011, 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	22,389,331,959.99	93.399	685,975,399.88	2.862	896,397,536.38	3.739
Nancy A. Eckl	22,442,716,329.46	93.622	672,685,258.88	2.806	856,303,307.91	3.572
Michael A. Forrester	22,257,811,938.20	92.850	760,229,008.47	3.171	953,663,949.58	3.978
Howell E. Jackson	22,421,981,436.35	93.535	679,982,024.90	2.837	869,741,435.00	3.628
Nancy L. Jacob	22,340,769,800.52	93.196	797,878,205.10	3.328	833,056,890.63	3.475
Bridget A. Macaskill	22,336,964,190.50	93.181	766,530,905.12	3.198	868,209,800.63	3.622
James M. Poterba	22,540,350,779.81	94.029	588,338,386.39	2.454	843,015,730.05	3.517
Maceo K. Sloan	22,258,500,047.01	92.853	818,594,296.06	3.415	894,610,553.18	3.732
Laura T. Starks	22,558,492,625.08	94.105	583,589,592.17	2.434	829,622,679.00	3.461

Forrest Berkley, Nancy A. Eckl, Michael A. Forrester, Howell E. Jackson, Nancy L. Jacob, 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	22,788,835,805.34	95.066	453,142,457.48	1.890	729,726,633.43	3.044

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

College Retirement Equities Fund § 2011 Annual Report 97

Trustees & officers (unaudited)

College Retirement Equities Fund § December 31, 2011

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).	76	Director of GMO; Director, the Maine Coast Heritage Trust; Investment Committee member, Maine Community Foundation, the Butler Conservation Fund, Inc. and the Elmina B. Sewall Foundation.
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.	Former Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	76	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: 11/05/67	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).	76	Director of Copper Rock Capital Partners, LLC (investment adviser).

98 2011 Annual Report § College Retirement Equities Fund

Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017–3206 DOB: 1/4/54	Trustee	One-year term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	76	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.	President and Founder (since 2006) of NLJ Advisors, Inc. (investment adviser); President and Managing Principal, Windermere Investment Associates (1997–2006).	76	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), Managing Director (2002–2010), Goldman Sachs Asset Management.	76	Investment committee member, College of Mount Saint Vincent; 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.
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; Principal, BAM Consulting LLC (2003–2009); Independent Consultant for Merrill Lynch (2003–2009).	76	Director, Arnhold and S. Bleichroeder Holdings; First Eagle Investment Management; American Legacy Foundation (Investment Committee); University of Edinburgh (Campaign Board); and North Shore Land Alliance.
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).	76	Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.

College Retirement Equities Fund § 2011 Annual Report 99

Trustees & officers (unaudited)	continued
College Retirement Equities Fund § December 31, 2011

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
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017–3206 DOB: 10/18/49	Chairman of the Board and Trustee	One-year term as Trustee; Chairman for term ending June 30, 2012. Trustee since 1991. Chairman since 2009.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman, Chief Executive Officer and Chief Investment Officer, NCM Capital Management Group, Inc. (since 1991); Chairman and Chief Executive Officer and Chief Investment Officer, NCM Capital Advisers Inc. (since 2003); and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (since 2007).	76	Director, SCANA Corporation (energy holding company) and NCM Capital Investment Trust; Member, Duke Children’s Hospital and Health Center National Board of Advisors.
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). Former Chairman, Department of Finance, University of Texas at Austin (2002–2011).	76	Member of the Governing Council, Independent Directors Council (an association for mutual fund directors), and Investment Advisory Committee, Employees Retirement System of Texas.

100 2011 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). Former 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. Chief Compliance Officer since 2008.	Chief Compliance Officer of the TIAA-CREF Fund Complex and TIAA Separate Accounts VA-1 and 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). Former Chief Compliance Officer (2008), Vice President, Senior Compliance Officer (2008–2011) and Managing Director, Senior Compliance Officer (since 2011) of Teachers Advisors, Inc. (“Advisors”). Former Managing Director/Director of Global Compliance, AIG Investments (2000–2008).
Scott C. Evans TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 5/11/59	Executive Vice President	One-year term. Executive Vice President since 1997.	President and Principal Executive Officer of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2007); and Executive Vice President of CREF and TIAA Separate Account VA-1 (since 1997). Executive Vice President, President of Asset Management (since 2011); Former Executive Vice President, Asset Management (2010–2011), Executive Vice President, Investments, Research Institute & Strategy (2009–2010), Executive Vice President, Head of Asset Management (2006–2009), and Executive Vice President and Chief Investment Officer (2004–2006) of TIAA. Former CIO of TIAA-CREF Fund Complex (2004–2006). Director of Advisors (since 2004). President and Chief Executive Officer of Investment Management and Advisors and Manager of Investment Management (since 2004). Director of TIAA-CREF Asset Management (“TCAM”) (since 10/2011) (Note: TCAM was formerly known as TIAA-CREF Enterprises, Inc. (“Enterprises”) until change of name 9/2011). Former Manager of TIAA Realty Capital Management, LLC (2004–2006). Former Director of TIAA-CREF Life Insurance Company (“T-C Life”) (1997–2006). Former Director of Teachers Personal Investors Services, Inc. (“TPIS”) (2006–2008).

College Retirement Equities Fund § 2011 Annual Report 101

Trustees & officers (unaudited) continued

College Retirement Equities Fund § December 31, 2011

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). Director of Covariance Capital Management, Inc. (“Covariance”) (since 2010). Former 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).
Eugene Flood, Jr. TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 10/31/55	Executive Vice President	One-year term. Executive Vice President since 2011.	Executive Vice President, President of Diversified Financial Services of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2011). President, Chief Executive Officer, Manager and Chairman of TIAA-CREF Redwood, LLC (“Redwood”) (since 2011). Director and Chairman of Covariance (since 2011). Manager and Chairman of Kaspick & Company LLC (since 2011). Director and Chairman of T-C Life (since 2011). Former President and Chief Executive Officer (2000–2010) and Director (1994–2010), Smith Breeden Associates, Inc., an investment adviser. Former Trustee of the TIAA-CREF Fund Complex (2005–2011). Dean’s Advisory Committee, Massachusetts Institute of Technology’s Sloan School of Management (since 2000).
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. Director of Advisors (since 2008). Director of TCAM (since 2011). Senior Vice President (since 2010) and Funds Treasurer (since 2007) of Advisors and Investment Management. Former Chief Financial Officer, Van Kampen Funds (2005–2006).

102 2011 Annual Report § College Retirement Equities Fund

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, Head of Risk Management of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2009). 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) of Advisors and Investment Management. Former Senior Managing Director, Acting Head of Risk Management of TIAA and Senior Managing Director of the TIAA-CREF Fund Complex (2008–2009). Former Senior Managing Director, Chief Credit Risk Officer (2004–2008) of TIAA. Former Director of T-C Life (2006–2008). Former Director of TPIS, Advisors and Investment Management (2008).
William Mostyn III TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 1/1/48	Senior Vice President and Corporate Secretary	One-year term. Senior Vice President since 2010 and Corporate Secretary since 2008.	Senior Vice President (since 2010), Vice President (2008–2010) and Corporate Secretary (since 2008) of TIAA and the TIAA-CREF Fund Complex. Former Deputy General Counsel and Corporate Secretary, Bank of America (2005–2008).
Dermot J. O’Brien TIAA-CREF 730 Third Avenue New York, NY 10017–3206 DOB: 3/13/66	Executive Vice President	One-year term. Executive Vice President since 2003.	Executive Vice President, Human Resources (since 2010, 2005–2007) and Former Executive Vice President of Human Resources and Corporate Services (2007–2010) of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex (since 2003); Director, T-C Life (2003–2006).
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 Services (since 2011) of TIAA, and Executive Vice President (since 2008) of the TIAA-CREF Fund Complex. Former 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 of TCT Holdings, Inc. (since 2007). Former Director (2007–2011) and Former Executive Vice President (2008–2010) of TCAM. Manager (since 2006), Former President and CEO (2006–2010) of Redwood. Former Director of Tuition Financing (2008–2009) and Former Executive Vice President of T-C 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); Former Chief Communications Officer of TIAA (2010–2011). Former Senior Vice President, The Hartford Financial Services Group, Inc. (2008–2010). Former Executive Vice President and Chief Marketing Officer, BearingPoint (2005–2008).

College Retirement Equities Fund § 2011 Annual Report 103

Trustees & officers (unaudited) concluded

College Retirement Equities Fund § December 31, 2011

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
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 and Executive Vice President of Redwood (since 2010). Director, Executive Vice President and Chief Financial Officer of TCT Holdings, Inc. (since 2010) and former Director of TCAM (2010–2011). Former 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 2011 Annual Report § College Retirement Equities Fund

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How to reach us

TIAA-CREF website

Account performance, personal account

information and transactions, product

descriptions, and information about

investment choices and income options

tiaa-cref.org

24 hours a day, 7 days a week

Automated telephone service

Check account performance and accumulation

balances, change allocations, transfer funds

and verify credited premiums

800 842-2252

24 hours a day, 7 days a week

Telephone counseling center

Retirement saving and planning, income

options and payments, beneficiary services

and tax reporting

800 842-2252

8 a.m. to 10 p.m. ET, Monday–Friday

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

Planning and service center

TIAA-CREF mutual funds

800 223-1200

8 a.m. to 10 p.m. ET, Monday–Friday

Insurance planning center

After-tax annuities and life insurance

For an existing policy or contract

800 223-1200

To apply for a new policy or contract

877 825-0411

8 a.m. to 6 p.m. ET, Monday–Friday

For the hearing- or

speech-impaired

800 842-2755

8 a.m. to 10 p.m. ET, Monday–Friday

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

TIAA-CREF brokerage services

Self-directed brokerage accounts for investing

in stocks, bonds and mutual funds

800 927-3059

8 a.m. to 7 p.m. ET, Monday–Friday

TIAA-CREF Trust Company, FSB

Asset management, trust administration,

estate planning, planned giving and

endowment management

888 842-9001

9 a.m. to 6 p.m. ET, Monday–Friday

Advisor services

888 842-0318

8 a.m. to 7:30 p.m. ET, Monday–Friday

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

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

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

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Item 2. Code of Ethics.

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, 2011 and December 31, 2010, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $990,000 and $985,800 respectively.

4(b) Audit Related Fees.

For the fiscal years ended December 31, 2011 and December 31, 2010, 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, 2011 and December 31, 2010, 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, 2011 and December 31, 2010, PwC’s aggregate fees for tax services billed to the Registrant were $0 and $0, respectively.

For the fiscal years ended December 31, 2011 and December 31, 2010, 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, 2011 and December 31, 2010, PwC’s aggregate fees for all other services billed to the Registrant were $25,800 and $0, respectively.

For the fiscal years ended December 31, 2011 and December 31, 2010, 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, 2011 and December 31, 2010 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, 2011 and December 31, 2010 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, 2011 and December 31, 2010 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, 2011 and December 31, 2010 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, 2011 and December 31, 2010 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 year ended December 31, 2011 and December 31, 2010 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, 2011 and December 31, 2010, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $256,730 and $245,730, 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, 2011

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
CORPORATE BONDS - 0.0%
FOOD & STAPLES RETAILING - 0.0%
	$  800	i	Marfrig Alimentos S.A.	1.000	%	07/15/15	$	44
			TOTAL FOOD & STAPLES RETAILING					44
REAL ESTATE - 0.0%
	22,559		Kiwi Income Property Trust	8.950		12/20/14		19
			TOTAL REAL ESTATE					19
			TOTAL CORPORATE BONDS					63
			(Cost $63)

SHARES			COMPANY
COMMON STOCKS - 99.4%
AUTOMOBILES & COMPONENTS - 1.7%
	99,129		Actron Technology Corp	261
	64,000	e	Aichi Machine Industry Co Ltd	226
	34,200		Aisan Industry Co Ltd	265
	452,022		Aisin Seiki Co Ltd	12,810
	103,500	e	Akebono Brake Industry Co Ltd	444
	2,277,492	*	American Axle & Manufacturing Holdings, Inc	22,524
	86,324	*,e	Amerigon, Inc (Class A)	1,231
	226,975		Amtek Auto Ltd	405
	359,768		Amtek India Ltd	645
	44,900		APM Automotive Holdings BHD	63
	11,259	*	Asahi India Glass Ltd	11
	12,161		AtlasBX Co Ltd	274
	530,781	e	Autoliv, Inc	28,391
	71,600		Autometal S.A.	533
	2,903	*	Autoneum Holding AG.	151
	2,956,000		AviChina Industry & Technology Co	1,232
	143,839		Bajaj Holdings and Investment Ltd	4,307
	548,663		Bayerische Motoren Werke AG.	36,677

1

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	397		Bayerische Motoren Werke AG. (Preference)	$	19
	63,782		Bharat Forge Ltd		303
	439,972	*,e	BorgWarner, Inc		28,044
	112,496	e	Brembo S.p.A.		960
	848,438	e	Bridgestone Corp		19,216
	6,818,200	*,e	Brilliance China Automotive Holdings Ltd		7,315
	724,400	*,e	Byd Co Ltd		1,566
	379,000	e	Calsonic Kansei Corp		2,154
	2,485,000		Chaowei Power Holdings Ltd		1,023
	2,031,513		Cheng Shin Rubber Industry Co Ltd		4,391
	525,000		China Motor Corp		476
	37,756	*	Cie Automotive Sa		274
	28,409		Compagnie Plastic-Omnium S.A.		562
	34,572	*	Continental AG.		2,147
	311,729		Cooper Tire & Rubber Co		4,367
	57,080		Dae Won Kang Up Co Ltd		239
	36,000		Daido Metal Co Ltd		396
	503,653	e	Daihatsu Motor Co Ltd		8,956
	1,783,907		DaimlerChrysler AG. (EUR)		78,151
	1,253,241	*	Dana Holding Corp		15,227
	1,132,920		Denso Corp		31,121
	203,000		Depo Auto Parts Ind Co Ltd		389
	1,300		Dong Ah Tire & Rubber Co Ltd		13
	4,989,600	e	Dongfeng Motor Group Co Ltd		8,520
	17,800		Dongyang Mechatronics Corp		196
	44,218	*,e	Dorman Products, Inc		1,633
	444,900		Double Coin Holdings Ltd		240
	1,853,600		Drb-Hicom BHD		1,192
	88,508	*,e	Drew Industries, Inc		2,171
	77,000	e	Eagle Industry Co Ltd		606
	46,757	e	ElringKlinger AG.		1,159
	54,182		Exedy Corp		1,556
	119,946		Exide Industries Ltd		237
	320,738	*,e	Exide Technologies		844
	96,823	e	Faurecia		1,825
	39,200	e	FCC Co Ltd		795
	793,155		Federal Corp		364
	209,073	*	Federal Mogul Corp (Class A)		3,084
	552,125	e	Fiat S.p.A.		2,520
	129,158		Fleetwood Corp Ltd		1,581
	16,158,276	*,e	Ford Motor Co		173,864
	235,149		Ford Otomotiv Sanayi AS		1,896
	64,030	*,e	Fuel Systems Solutions, Inc		1,056
	1,772,467		Fuji Heavy Industries Ltd		10,631
	67,797	e	Futaba Industrial Co Ltd		381
	5,410,000	e	Geely Automobile Holdings Ltd		1,179
	35,983,677	*	General Motors Co		0	^
	40,684,487	*	General Motors Co		0	^
	18,507,434	*	General Motors Co		0	^
	4,230,271	*,e	General Motors Co		0	^
	26,439,191	*	General Motors Co		0	^
	6,062,000	*	General Motors Co		0	^

2

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	24,057,000	*	General Motors Co	$	0	^
	85,268,000	*,e	General Motors Co		0	^
	2,455,992	*	General Motors Co		49,783
	7,950,000	*	General Motors Co		0	^
	722,689	*,e	General Motors Co		0	^
	383,448		Gentex Corp		11,346
	17,934		Ghabbour Auto		63
	5,237,587		GKN plc		14,873
	23,640		Global & Yuasa Battery Co Ltd		903
	1,037		Goodyear Lastikleri Turk AS.		23
	1,472,778	*	Goodyear Tire & Rubber Co		20,869
	7,884	*	Grammer AG.		133
	2,695,750	e	Great Wall Motor Co Ltd		3,920
	3,378,766	e	Guangzhou Automobile Group Co Ltd		2,811
	98,210		Halla Climate Control Corp		1,862
	93,460		Hanil E-Wha Co Ltd		732
	129,180		Hankook Tire Co Ltd		5,080
	636,567		Harley-Davidson, Inc		24,743
	141,293		Hero Honda Motors Ltd		5,066
	38,800		HI-LEX CORP		603
	4,200	*	Hiroca Holdings Ltd		14
	2,891,838	e	Honda Motor Co Ltd		88,089
	72,436		Hu Lane Associate, Inc		114
	17,797		Hudaco Industries Ltd		184
	52,470		Hwa Shin Co Ltd		573
	125,024		Hyundai Mobis		31,764
	300,676		Hyundai Motor Co		55,694
	59,516		Hyundai Motor Co Ltd (2nd Preference)		3,473
	36,617		Hyundai Motor Co Ltd (Preference)		2,021
	20,677	*	Hyundai Wia Corp		2,563
	373,047		IMMSI S.p.A.		270
	1,976,586		Isuzu Motors Ltd		9,099
	589,500	*	Jinan Qingqi Motorcycle Co		164
	2,572,575		Johnson Controls, Inc		80,418
	89,500	m	Kanto Auto Works Ltd		723
	366,896	e	Kayaba Industry Co Ltd		1,728
	136,700	e	Keihin Corp		2,259
	1,068,966		Kenda Rubber Industrial Co Ltd		1,065
	458,382		Kia Motors Corp		26,599
	93,000	e	Kinugawa Rubber Industrial Co Ltd		816
	69,196		Koito Manufacturing Co Ltd		967
	44,510	*	Kolao Holdings		329
	25,450	*	Kumho Tire Co, Inc		230
	62,290	e	Landi Renzo S.p.A.		98
	718,525		Lear Corp		28,596
	62,847		Leoni AG.		2,090
	89,698		Linamar Corp		1,233
	266,129	e	Magna International, Inc (Class A)		8,882
	508,314		Mahindra & Mahindra Ltd		6,519
	19,976		Mando Corp		3,579
	116,982	*	Martinrea International, Inc		855
	111,245		Maruti Udyog Ltd		1,921

3

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,124,942	*,e	Mazda Motor Corp	$	1,978
	674,646		Michelin (C.G.D.E.) (Class B)		39,750
	1,188,000	e	Minth Group Ltd		1,111
	47,000		Mitsuba Corp		366
	3,560,376	*,e	Mitsubishi Motors Corp		4,195
	203,826	*,e	Modine Manufacturing Co		1,928
	58,860		Motonic Corp		363
	49,263	*,e	Motorcar Parts of America, Inc		369
	4,838		MRF Ltd		635
	36,300		Musashi Seimitsu Industry Co Ltd		781
	533,217		Nan Kang Rubber Tire Co Ltd		799
	720		Nexen Corp		48
	46,030		Nexen Tire Corp		741
	262,613	e	NGK Spark Plug Co Ltd		3,246
	416,796		NHK Spring Co Ltd		3,684
	11,800	e	Nidec-Tosok Corp		140
	105,851	e	Nifco, Inc		2,942
	65,000	e	Nippon Seiki Co Ltd		704
	5,357,744		Nissan Motor Co Ltd		47,979
	94,941		Nissan Shatai Co Ltd		920
	55,600		Nissin Kogyo Co Ltd		796
	138,126		NOK Corp		2,356
	41,667	e	Nokian Renkaat Oyj		1,338
	848,000	*,m	Norstar Founders Group Ltd		0	^
	24,910		Otokar Otobus Karoseri Sanayi AS.		323
	142,407	e	Peugeot S.A.		2,218
	180,127	e	Piaggio & C S.p.A.		422
	55,251	e	Pirelli & C S.p.A.		463
	183,300	*	Plascar Participacoes Industriais S.A.		185
	1,493,870		Porsche AG.		79,751
	426,000		Press Kogyo Co Ltd		2,043
	269,000		Proton Holdings BHD		409
	3,596,631		PT Astra International Tbk		29,309
	2,810,500		PT Gajah Tunggal Tbk		927
	1,149,500		PT Multistrada Arah Sarana Tbk		63
	16,063		Pyeong Hwa Automotive Co Ltd		219
	5,478,000		Qingling Motors Co Ltd		1,443
	255,213		Renault S.A.		8,813
	200,000		Riken Corp		748
	28,660		S&T Daewoo Co Ltd		768
	29,820		S&T Dynamics Co Ltd		424
	52,563	*,e	SAF-Holland S.A.		241
	155,000	e	Sanden Corp		465
	50,100		Sanoh Industrial Co Ltd		352
	669,920		Sanyang Industry Co Ltd		363
	17,010		Sejong Industrial Co Ltd		171
	20,471	*,e	Shiloh Industries, Inc		172
	66,500	*	Showa Corp		382
	17,730	*	SL Corp		322
	7,139		Societe Fonciere Financiere et de Participations FFP		282
	200,768		Sogefi S.p.A.		505
	475,700		Somboon Advance Technology PCL		316

4

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	222,013		Spartan Motors, Inc	$	1,068
	1,336,100		Sri Trang Agro-Industry PCL		744
	48,450	*	Ssangyong Motor Co		214
	116,005		Standard Motor Products, Inc		2,326
	184,995		Stanley Electric Co Ltd		2,711
	102,922	*,e	Stoneridge, Inc		868
	400,603		Sumitomo Rubber Industries, Inc		4,811
	9,500		Sundram Fasteners Ltd		9
	26,745		Sungwoo Hitech Co Ltd		322
	115,761		Superior Industries International, Inc		1,915
	309,753		Suzuki Motor Corp		6,378
	2,372,653		T RAD Co Ltd		7,822
	56,000		Ta Yih Industrial Co Ltd		104
	29,100		Tachi-S Co Ltd		507
	42,100		Takata Corp		860
	210,400		TAN Chong Motor Holdings BHD		271
	3,071,183		Tata Motors Ltd		10,311
	22,200	e	Teikoku Piston Ring Co Ltd		259
	297,653	*	Tenneco, Inc		8,864
	141,490	*,e	Tesla Motors, Inc		4,041
	117,889		Thor Industries, Inc		3,234
	2,588,000		Tianneng Power International Ltd		1,162
	62,169		Tofas Turk Otomobil Fabrik		194
	67,363		Tokai Rika Co Ltd		1,029
	82,500		Tokai Rubber Industries, Inc		912
	758,630		Tong Yang Industry Co Ltd		813
	87,500		Topre Corp		859
	27,810	*	Tower International, Inc		299
	246,000		Toyo Tire & Rubber Co Ltd		557
	121,470	e	Toyoda Gosei Co Ltd		1,924
	55,100	m	Toyota Auto Body Co Ltd		806
	63,263	e	Toyota Boshoku Corp		659
	321,077		Toyota Industries Corp		8,687
	4,093,937		Toyota Motor Corp		135,376
	805,559	*	TRW Automotive Holdings Corp		26,261
	56,600		TS Tech Co Ltd		890
	14,700		Tube Investments Of India		30
	143,601		Tung Thih Electronic Co Ltd		226
	441,940		TVS Motor Co Ltd		433
	342,990		TYC Brother Industrial Co Ltd		134
	1,334,141		UMW Holdings BHD		2,946
	52,100		Unipres Corp		1,489
	174,956		Valeo S.A.		6,924
	945,586	*	Visteon Corp		47,222
	151,032		Volkswagen AG.		20,219
	74,113		Volkswagen AG. (Preference)		11,081
	112,221	*,e	Winnebago Industries, Inc		828
	2,206,000	e	Xinyi Glass Holdings Co Ltd		1,262
	206,672	*,e	Yamaha Motor Co Ltd		2,614
	399,000	e	Yokohama Rubber Co Ltd		2,234
	92,300	e	Yorozu Corp		2,098
	1,049,258		Yulon Motor Co Ltd		1,799
			TOTAL AUTOMOBILES & COMPONENTS		1,629,902

5

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
BANKS - 5.6%
	85,875	e	1st Source Corp	$	2,175
	96,952	*,e	1st United Bancorp, Inc		538
	908,030		77 Bank Ltd		3,897
	61,517	*	Aareal Bank AG.		1,110
	483,158		ABSA Group Ltd		8,426
	442,800		Affin Holdings BHD		430
	38,073,000	e	Agricultural Bank of China		16,299
	422,358	*	Agricultural Bank of Greece		161
	15,600		Aichi Bank Ltd		902
	1,646,291		Akbank TAS		5,217
	366,000		Akita Bank Ltd		1,053
	491,859		Albaraka Turk Katilim Bankasi AS		407
	22,194	e	Alliance Financial Corp		685
	1,107,700		Alliance Financial Group BHD		1,380
	1,084,430	*	Alpha Bank S.A.		747
	315,270	*,m	Amagerbanken AS		0	^
	102,213	*,e	Ameris Bancorp		1,051
	37,288	e	Ames National Corp		727
	121,154		Andhra Bank		182
	541,290	*,m	Anglo Irish Bank Corp plc		0	^
	294,000		Aomori Bank Ltd		895
	3,082,484	e	Aozora Bank Ltd		8,481
	52,164	*,e	Apollo Residential Mortgage		796
	48,284	e	Arrow Financial Corp		1,132
	286,450		Associated Banc-Corp		3,200
	498,741	e	Astoria Financial Corp		4,234
	630,108	*	Asya Katilim Bankasi AS		528
	72,394		Attijariwafa Bank		2,950
	3,551,699		Australia & New Zealand Banking Group Ltd		74,390
	291,721	e	Awa Bank Ltd		1,959
	478,218	e	Banca Carige S.p.A.		914
	296,359		Banca Civica S.A.		868
	13,039,205		Banca Intesa S.p.A.		21,717
	5,289,083		Banca Intesa S.p.A. RSP		6,561
	13,576,577	e	Banca Monte dei Paschi di Siena S.p.A.		4,409
	434,979		Banca Popolare dell’Emilia Romagna Scrl		3,100
	104,164	*	Banca Popolare dell’Etruria e del Lazio		151
	5,579,404	e	Banca Popolare di Milano		2,208
	427,350	e	Banca Popolare di Sondrio SCARL		3,429
	43,305	e	Bancfirst Corp		1,626
	606,701	e	Banche Popolari Unite Scpa		2,476
	114,600		Banco ABC Brasil S.A.		766
	4,662,166	e	Banco Bilbao Vizcaya Argentaria S.A.		40,161
	1,029,885	*,e	Banco BPI S.A.		639
	3,300		Banco Bradesco S.A. (ADR)		55
	3,408,246		Banco Bradesco S.A. (Preference)		56,187
	5,331,591	*,e	Banco Comercial Portugues S.A.		934
	66,900		Banco Daycoval S.A.		337
	32,880,803		Banco de Chile		4,480

6

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	41,623		Banco de Credito e Inversiones	$	2,324
	1,610,050		Banco de Oro Universal Bank		2,167
	859,523	e	Banco de Sabadell S.A.		3,255
	633,508	e	Banco de Valencia S.A.		503
	71,943		Banco di Desio e della Brianza S.p.A.		276
	1,430,376		Banco do Brasil S.A.		18,174
	425,681		Banco do Estado do Rio Grande do Sul		4,564
	380,191	e	Banco Espirito Santo S.A.		662
	157,300		Banco Industrial e Comercial S.A.		637
	4,404,800		Banco Itau Holding Financeira S.A.		80,267
	116,053		Banco Latinoamericano de Exportaciones S.A. (Class E)		1,863
	53,700		Banco Panamericano S.A.		174
	42,600		Banco Pine S.A.		303
	1,298,942	e	Banco Popolare Scarl		1,676
	788,084	e	Banco Popular Espanol S.A.		3,579
	1,261,739		Banco Santander Brasil S.A.		10,120
	14,128,719		Banco Santander Central Hispano S.A.		106,737
	75,180,292		Banco Santander Chile S.A.		5,427
	291,413		BanColombia S.A.		4,281
	56,000	e	BanColombia S.A. (ADR)		3,335
	170,835		BanColombia S.A. (Preference)		2,434
	14,057	e,m	Bancorp Rhode Island, Inc		558
	416,407	e	Bancorpsouth, Inc		4,589
	108,500		Bangkok Bank PCL		527
	2,186,700		Bangkok Bank PCL (Foreign)		11,350
	204,073	*,e	Banif SGPS S.A.		90
	65,623		Bank Handlowy w Warszawie S.A.		1,288
	837,904		Bank Hapoalim Ltd		2,740
	1,240,919		Bank Leumi Le-Israel		3,564
	441,194		Bank Millennium S.A.		484
	215,951	e	Bank Mutual Corp		687
	2,091,300		Bank of Ayudhya PCL		1,468
	433,400		Bank of Ayudhya PCL - NVDR		302
	131,229,000		Bank of China Ltd		48,121
	22,053,332	e	Bank of Communications Co Ltd		15,343
	1,166,099		Bank of Cyprus Public Co Ltd		916
	1,160,595	e	Bank of East Asia Ltd		4,379
	77,372	e	Bank of Hawaii Corp		3,442
	135,836		Bank of India		681
	37,033,817	*	Bank of Ireland		3,916
	20,400	e	Bank of Iwate Ltd		881
	895,183		Bank of Kaohsiung		264
	24,138	e	Bank of Kentucky Financial Corp		484
	531,125	e	Bank of Kyoto Ltd		4,566
	24,117	e	Bank of Marin Bancorp		907
	3,190		Bank of Montreal		175
	1,085,205	e	Bank of Montreal		59,525
	213,000		Bank of Nagoya Ltd		679
	1,430,107	e	Bank of Nova Scotia		71,354
	35,400		Bank of Okinawa Ltd		1,499
	452,785	e	Bank of Queensland Ltd		3,372
	271,541		Bank of Saga Ltd		680

7

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	120,654	e	Bank of the Ozarks, Inc	$	3,575
	2,143,111		Bank of the Philippine Islands		2,698
	81,300		Bank of the Ryukyus Ltd		1,004
	1,244,763		Bank of Yokohama Ltd		5,873
	162,226		Bank Pekao S.A.		6,615
	24,617,500		Bank Rakyat Indonesia		18,299
	103,684		BankFinancial Corp		572
	652,460	*	Bankia SAU		3,036
	157,380	e	Bankinter S.A.		963
	27,414		BankUnited		603
	87,443		Banner Corp		1,500
	5,862	e	Banque Cantonale Vaudoise		2,841
	35,889,976		Barclays plc		98,290
	2,117,819	e	BB&T Corp		53,306
	267,037	*	BBCN Bancorp, Inc		2,523
	863,586		Bendigo Bank Ltd		7,068
	164,982	*	Beneficial Mutual Bancorp, Inc		1,379
	75,955	e	Berkshire Hills Bancorp, Inc		1,685
	1,988,136		BNP Paribas		77,417
	16,096,987		BOC Hong Kong Holdings Ltd		37,983
	27,873	*,e	BofI Holding, Inc		453
	40,069		BOK Financial Corp		2,201
	334,307	e	Boston Private Financial Holdings, Inc		2,654
	15,244	*	BRE Bank S.A.		1,083
	29,125	e	Bridge Bancorp, Inc		580
	38,897	*,e	Bridge Capital Holdings		405
	251,919	e	Brookline Bancorp, Inc		2,126
	43,607		Bryn Mawr Bank Corp		850
	278,027	*	BS Financial Group		2,669
	7,376,996		Bumiputra-Commerce Holdings BHD		17,298
	41,069	e	Camden National Corp		1,339
	801,268	e	Canadian Imperial Bank of Commerce/Canada		58,037
	155,276	e	Canadian Western Bank		3,932
	152,855		Canara Bank		1,048
	48,273	*,e	Cape Bancorp, Inc		379
	30,431	*,e	Capital Bank Corp		61
	73,354	e	Capital City Bank Group, Inc		701
	883,835		CapitalSource, Inc		5,922
	45,701		Capitec Bank Holdings Ltd		1,007
	413,052		Capitol Federal Financial		4,767
	124,392	e	Cardinal Financial Corp		1,336
	14,093	*,e	Cascade Bancorp		62
	340,789		Cathay General Bancorp		5,088
	52,069	e	Center Bancorp, Inc		509
	106,327		Centerstate Banks of Florida, Inc		704
	75,331	*,e	Central Pacific Financial Corp		973
	17,968	e	Century Bancorp, Inc		507
	6,044,890		Chang Hwa Commercial Bank		3,279
	14,782	e	Charter Financial Corp		137
	121,199	e	Chemical Financial Corp		2,584
	2,400,189	e	Chiba Bank Ltd		15,432
	48,800	*	Chiba Kogyo Bank Ltd		257

8

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	20,553,000	e	China Citic Bank	$	11,512
	111,109,631	e	China Construction Bank		77,178
	13,141,270		China Development Financial Holding Corp		3,714
	8,632,622	e	China Merchants Bank Co Ltd		17,348
	7,229,800	e	China Minsheng Banking Corp Ltd		6,244
	19,412,417		Chinatrust Financial Holding Co		12,097
	159,000		Chong Hing Bank Ltd		282
	5,469,000	*,e	Chongqing Rural Commercial Bank		2,818
	75,734	e	Chugoku Bank Ltd		1,054
	690,678	*,e	CIT Group, Inc		24,084
	64,890	e	Citizens & Northern Corp		1,199
	73,106	e	City Holding Co		2,478
	73,532	e	City National Corp		3,249
	138,638		City Union Bank Ltd		113
	44,490	e	Clifton Savings Bancorp, Inc		413
	47,763	e	CNB Financial Corp		754
	125,178	e	CoBiz, Inc		722
	179,105		Columbia Banking System, Inc		3,451
	83,356		Comdirect Bank AG.		806
	325,807	e	Comerica, Inc		8,406
	387,560		Commerce Bancshares, Inc		14,774
	902,297		Commercial International Bank		2,806
	2,775,749	*,e	Commerzbank AG.		4,672
	1,762,295	e	Commonwealth Bank of Australia		88,522
	179,264	e	Community Bank System, Inc		4,984
	75,981	e	Community Trust Bancorp, Inc		2,235
	93,193,381		CorpBanca S.A.		1,197
	654,000	*	Cosmos Bank Taiwan		135
	124,539		Credicorp Ltd (NY)		13,633
	1,347,432	e	Credit Agricole S.A.		7,549
	115,512	e	Credito Emiliano S.p.A.		410
	706,591	e	Criteria Caixacorp S.A.		3,453
	84,502		Cullen/Frost Bankers, Inc		4,471
	373,334	e	CVB Financial Corp		3,745
	534,600	e	Dah Sing Banking Group Ltd		455
	183,600		Dah Sing Financial Holdings Ltd		548
	675,000		Daishi Bank Ltd		2,198
	505,116	*	Danske Bank AS		6,383
	2,161,596		DBS Group Holdings Ltd		19,187
	59,216		Dena Bank		54
	722,608	*	Development Credit Bank Ltd		432
	15,848		Dewan Housing Finance Corp Ltd		54
	994,599	*,e	Dexia		379
	203,390	*	DGB Financial Group Co Ltd		2,286
	2,090,892		Dhanalakshmi Bank Ltd		1,756
	154,006	e	Dime Community Bancshares		1,940
	1,743,513	e	DNB NOR Holding ASA		16,994
	570,051	*,e	Doral Financial Corp		545
	5,662,355		E.Sun Financial Holding Co Ltd		2,438
	58,448	*,e	Eagle Bancorp, Inc		850
	1,514,774		East West Bancorp, Inc		29,917
	877,737	*	EFG Eurobank Ergasias S.A.		427

9

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	225,904		Ehime Bank Ltd	$	670
	300,000		Eighteenth Bank Ltd		760
	27,659	*,e	Encore Bancshares, Inc		374
	24,674	e	Enterprise Bancorp, Inc		353
	78,882	e	Enterprise Financial Services Corp		1,167
	165,137		Erste Bank der Oesterreichischen Sparkassen AG.		2,899
	55,588	e	ESB Financial Corp		782
	62,295		ESSA Bancorp, Inc		652
	2,514,136		Far Eastern International Bank		933
	34,106		Federal Agricultural Mortgage Corp (Class C)		615
	186,861		Federal Bank Ltd		1,183
	9,316	*	FIBI Holdings Ltd		112
	276,500		FIDEA Holdings Co Ltd		716
	6,463,324		Fifth Third Bancorp		82,212
	62,613	e	Financial Institutions, Inc		1,011
	4,960	*,e,m	Fionia Bank AS		0	^
	90,716	e	First Bancorp (NC)		1,011
	2,309	*,e	First Bancorp (Puerto Rico)		8
	40,135	e	First Bancorp, Inc		617
	442,598	e	First Busey Corp		2,213
	8,491	e	First Citizens Bancshares, Inc (Class A)		1,486
	503,429	e	First Commonwealth Financial Corp		2,648
	60,067		First Community Bancshares, Inc		750
	40,300	e	First Connecticut Bancorp		524
	46,169	e	First Defiance Financial Corp		674
	297,588	e	First Financial Bancorp		4,952
	122,995	e	First Financial Bankshares, Inc		4,112
	55,186		First Financial Corp		1,837
	8,232,728		First Financial Holding Co Ltd		4,819
	104,682	e	First Financial Holdings, Inc		935
	5,297,360	e	First Horizon National Corp		42,379
	48,014	*	First International Bank Of Israel Ltd		429
	84,601		First Interstate Bancsystem, Inc		1,102
	140,301		First Merchants Corp		1,188
	324,023		First Midwest Bancorp, Inc		3,282
	493,300		First Niagara Financial Group, Inc		4,257
	29,664		First of Long Island Corp		781
	35,028	e	First Pactrust Bancorp, Inc		359
	545,101	*,e	First Republic Bank		16,686
	488,253	e	FirstMerit Corp		7,387
	635,916	*	Flagstar Bancorp, Inc		321
	170,664		Flushing Financial Corp		2,155
	610,727	e	FNB Corp		6,907
	57,721		Fox Chase Bancorp, Inc		729
	54,654	*,e	Franklin Financial Corp		647
	440,000		Fukui Bank Ltd		1,336
	998,350		Fukuoka Financial Group, Inc		4,183
	328,709		Fulton Financial Corp		3,225
	56,240	e	Genworth MI Canada, Inc		1,132
	63,969	e	German American Bancorp, Inc		1,164
	392,709	*	Getin Holding S.A.		798
	343,446	e	Glacier Bancorp, Inc		4,132

10

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	63,002	e	Great Southern Bancorp, Inc	$	1,486
	218,206	*	Greek Postal Savings Bank		112
	6,124		Gruh Finance Ltd		64
	353,359		Grupo Aval Acciones y Valores		233
	2,507,789	e	Grupo Financiero Banorte S.A. de C.V.		7,605
	2,570,732	e	Grupo Financiero Inbursa S.A.		4,727
	382,203		Gunma Bank Ltd		2,096
	801,150	e	Hachijuni Bank Ltd		4,564
	42,733	*,e	Hampton Roads Bankshares, Inc		117
	415,600		Hana Financial Group, Inc		12,878
	331,085		Hancock Holding Co		10,585
	903,377	e	Hang Seng Bank Ltd		10,701
	127,870	*,e	Hanmi Financial Corp		946
	2,269,049		HDFC Bank Ltd		18,248
	72,183		Heartland Financial USA, Inc		1,107
	85,773	*,e	Heritage Commerce Corp		407
	82,138	e	Heritage Financial Corp		1,032
	188,000		Higashi-Nippon Bank Ltd		392
	362,331		Higo Bank Ltd		2,044
	108,493	e	Hiroshima Bank Ltd		503
	458,000		Hokkoku Bank Ltd		1,674
	425,000		Hokuetsu Bank Ltd		859
	229,806		Hokuhoku Financial Group, Inc		447
	93,123		Home Bancshares, Inc		2,413
	42,869		Home Capital Group, Inc		2,066
	77,407		Home Federal Bancorp, Inc		805
	845,640		Hong Leong Bank BHD		2,907
	410,812		Hong Leong Credit BHD		1,510
	1,714,604		Housing Development Finance Corp		21,028
	30,648,291		HSBC Holdings plc		233,969
	7,221,551		Hua Nan Financial Holdings Co Ltd		3,895
	872,182	e	Hudson City Bancorp, Inc		5,451
	53,180		Hudson Valley Holding Corp		1,128
	14,262,777		Huntington Bancshares, Inc		78,303
	498,692		Hyakugo Bank Ltd		1,972
	496,000		Hyakujushi Bank Ltd		2,212
	127,375	e	IBERIABANK Corp		6,280
	710,752		ICICI Bank Ltd		9,241
	98,018	e	Independent Bank Corp		2,675
	44,800		Indian Overseas Bank		62
	438,490		IndusInd Bank Ltd		1,862
	127,883,166	e	Industrial & Commercial Bank of China		75,535
	318,970		Industrial Bank of Korea		3,462
	994,879		ING Vysya Bank Ltd		5,439
	283,547		International Bancshares Corp		5,199
	3,228,441		Investimentos Itau S.A. - PR		19,524
	179,530	*	Investors Bancorp, Inc		2,420
	586,469	*	Israel Discount Bank Ltd		787
	10,700		Itau Unibanco Banco Multiplo S.A. (ADR)		199
	46,236		Iyo Bank Ltd		456
	8,452		Jammu & Kashmir Bank Ltd		108
	134,640		Jeonbuk Bank		566

11

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	963,939		Joyo Bank Ltd	$	4,254
	656,555		Juroku Bank Ltd		2,140
	108,471	*	Jyske Bank		2,659
	204,000		Kagoshima Bank Ltd		1,431
	393,535		Kansai Urban Banking Corp		628
	171,700	e	Kanto Tsukuba Bank Ltd		563
	205,710		Karnataka Bank Ltd		252
	12,505		Karur Vusya Bank Ltd		82
	497,100		Kasikornbank PCL		1,918
	95,300		Kasikornbank PCL - NVDR		368
	2,025,800		Kasikornbank PCL (Foreign)		7,980
	887,504		KB Financial Group, Inc		27,966
	500,610		KBC Groep NV		6,260
	72,724	e	Kearny Financial Corp		691
	979,000		Keiyo Bank Ltd		4,843
	3,086,679		Keycorp		23,737
	537,300		Kiatnakin Bank PCL		544
	1,218,000	*	King’s Town Bank		685
	1,424,000		Kiyo Holdings, Inc		2,217
	33,523		Komercni Banka AS		5,650
	1,137,280		Korea Exchange Bank		7,265
	4,206,000		Krung Thai Bank PCL		1,983
	95,779	e	Lakeland Bancorp, Inc		826
	84,733	e	Lakeland Financial Corp		2,192
	5,687		Lakshmi Vilas Bank Ltd		10
	34,752	e	Laurentian Bank of Canada		1,632
	880,498		LIC Housing Finance Ltd		3,666
	24,690	e	Liechtenstein Landesbank		1,091
	52,515,494	*	Lloyds TSB Group plc		21,094
	296,317	e	M&T Bank Corp		22,621
	130,550	e	MainSource Financial Group, Inc		1,153
	4,545,308		Malayan Banking BHD		12,299
	1,767,700		Malaysia Building Society		1,047
	3,052,435	*	Marfin Popular Bank Public Co Ltd		1,160
	239,008	e	MB Financial, Inc		4,087
	12,765,987		Mega Financial Holding Co Ltd		8,500
	26,874	e	Merchants Bancshares, Inc		785
	50,021	*,e	Meridian Interstate Bancorp, Inc		623
	1,891,041		Metropolitan Bank & Trust		2,935
	922,231	*,e	MGIC Investment Corp		3,440
	28,069	e	Midsouth Bancorp, Inc		365
	205,000		Mie Bank Ltd		463
	414,000		Minato Bank Ltd		749
	15,846,864		Mitsubishi UFJ Financial Group, Inc		67,087
	6,632,097		Mitsui Trust Holdings, Inc		19,449
	316,000		Miyazaki Bank Ltd		774
	321,393		Mizrahi Tefahot Bank Ltd		2,552
	18,607,343		Mizuho Financial Group, Inc		25,196
	68,368		Musashino Bank Ltd		2,270
	381,928		Nanto Bank Ltd		2,115
	2,385,151		National Australia Bank Ltd		56,818
	298,352	e	National Bank of Canada		21,127

12

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	846,745	*	National Bank of Greece S.A.	$	1,750
	38,789	e	National Bankshares, Inc		1,083
	705,700		National Finance PCL		597
	568,687	e	National Penn Bancshares, Inc		4,800
	96,839		National Societe Generale Bank SAE		328
	1,006,053		Natixis		2,514
	162,947	e	NBT Bancorp, Inc		3,606
	259,736		Nedbank Group Ltd		4,657
	711,688	e	New York Community Bancorp, Inc		8,804
	785,185		Nishi-Nippon City Bank Ltd		2,252
	72,025	*,f	NOMOS-BANK (GDR) (purchased 04/19/11, cost $1,139)		683
	2,447,686		Nordea Bank AB		18,866
	69,804	e	Northfield Bancorp, Inc		988
	480,525		Northwest Bancshares, Inc		5,978
	65,218	e	OceanFirst Financial Corp		852
	341,663	*	Ocwen Financial Corp		4,947
	471,000		Ogaki Kyoritsu Bank Ltd		1,534
	326,000		Oita Bank Ltd		939
	420,057		Old National Bancorp		4,894
	43,241	*,e	OmniAmerican Bancorp, Inc		679
	166,852	e	Oriental Financial Group, Inc		2,021
	193,271	e	Oritani Financial Corp		2,468
	33,779	e	Orrstown Financial Services, Inc		279
	288,813	e	OTP Bank		3,802
	1,156,551	e	Oversea-Chinese Banking Corp		6,975
	36,303	*,e	Pacific Capital Bancorp		1,025
	68,813	e	Pacific Continental Corp		609
	155,992		PacWest Bancorp		2,956
	735,708		Paragon Group of Cos plc		2,090
	11,100		Parana Banco S.A.		64
	58,646	e	Park National Corp		3,816
	169,308	*	Park Sterling Bank		691
	18,087	e	Penns Woods Bancorp, Inc		701
	72,612	*	Pennsylvania Commerce Bancorp, Inc		608
	65,159	e	Peoples Bancorp, Inc		965
	1,392,231	e	People’s United Financial, Inc		17,890
	429,240	*	Philippine National Bank		552
	548,325		Piccolo Credito Valtellinese Scarl		1,241
	155,697	*,e	Pinnacle Financial Partners, Inc		2,515
	3,184,800	*	Piraeus Bank S.A.		1,035
	2,621,679	e	PNC Financial Services Group, Inc		151,191
	1,628,827	*	Popular, Inc		2,264
	1,098,202		Powszechna Kasa Oszczednosci Bank Polski S.A.		10,193
	287,423		PrivateBancorp, Inc		3,156
	210,596	e	Prosperity Bancshares, Inc		8,498
	280,683	e	Provident Financial Services, Inc		3,758
	173,421		Provident New York Bancorp		1,152
	7,786,000		PT Bank Bukopin Tbk		497
	15,491,500		PT Bank Central Asia Tbk		13,644
	4,237,735		PT Bank Danamon Indonesia Tbk		1,914
	13,684,500		PT Bank Jabar Banten Tbk		1,369
	13,193,636		PT Bank Mandiri Persero Tbk		9,805

13

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	13,611,523		PT Bank Negara Indonesia	$	5,694
	9,068,000		PT Bank Tabungan Negara Tbk		1,209
	78,946		Public Bank BHD		333
	1,854,911		Public Bank BHD (Foreign)		7,722
	18,510		Punjab & Sind Bank		21
	552,484	e	Radian Group, Inc		1,293
	152,461	e	Raiffeisen International Bank Holding AG.		3,947
	2,334,104		Regions Financial Corp		10,037
	138,998		Renasant Corp		2,085
	68,197	e	Republic Bancorp, Inc (Class A)		1,562
	2,711,840		Resona Holdings, Inc		11,938
	696,780		RHB Capital BHD		1,643
	728,400		Rizal Commercial Banking Corp		500
	115,538		Rockville Financial, Inc		1,197
	40,384	e	Roma Financial Corp		397
	5,200	*,m	Roskilde Bank		0	^
	135,601	e	Royal Bank of Canada		6,910
	2,117,152	e	Royal Bank of Canada (Toronto)		108,023
	20,001,036	*	Royal Bank of Scotland Group plc		6,304
	121,283	e	S&T Bancorp, Inc		2,371
	52,808	e	S.Y. Bancorp, Inc		1,084
	99,173		Sandy Spring Bancorp, Inc		1,740
	212,000		San-In Godo Bank Ltd		1,589
	605,400	e	Sapporo Hokuyo Holdings, Inc		2,165
	4,093,328	*	Sberbank of Russian Federation (ADR)		40,485
	76,449	e	SCBT Financial Corp		2,218
	393,916	*,e	Seacoast Banking Corp of Florida		599
	508,926		Security Bank Corp		1,132
	774,388		Sekerbank TAS		367
	1,298,800	e	Senshu Ikeda Holdings, Inc		1,913
	985,500		Seven Bank Ltd		1,929
	493,000		Shiga Bank Ltd		3,352
	294,000		Shikoku Bank Ltd		1,105
	9,800		Shimizu Bank Ltd		358
	706,372		Shinhan Financial Group Co Ltd		24,427
	16,325,823		Shinsei Bank Ltd		16,880
	1,775,559	e	Shizuoka Bank Ltd		18,679
	2,085,200		Siam Commercial Bank PCL		7,601
	63,071	e	Sierra Bancorp		555
	197,566	*,e	Signature Bank		11,852
	86,908	e	Simmons First National Corp (Class A)		2,363
	8,055,820		SinoPac Financial Holdings Co Ltd		2,450
	2,073,612		Skandinaviska Enskilda Banken AB (Class A)		12,031
	692,716		Societe Generale		15,292
	986,430		South Indian Bank Ltd		373
	95,931	e	Southside Bancshares, Inc		2,078
	113,421	*,e	Southwest Bancorp, Inc		676
	153,764		Sparebanken Midt-Norge		1,008
	3,627		St Galler Kantonalbank		1,365
	1,771,109		Standard Bank Group Ltd		21,635
	3,451,422		Standard Chartered plc		75,491
	43,774		Standard Chartered plc (Hong Kong)		955

14

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	74,956		State Bancorp, Inc	$	914
	116,085	*	State Bank & Trust Co		1,754
	10,927		State Bank of Bikaner & Jaip		63
	59,682		State Bank of India Ltd		1,817
	30,426	f	State Bank of India Ltd (GDR) (purchased 08/27/09, cost $2,972)		1,945
	2,543		State Bank of Travancore		22
	102,954		StellarOne Corp		1,172
	115,758		Sterling Bancorp		1,000
	127,727	*,e	Sterling Financial Corp		2,133
	42,380		Suffolk Bancorp		457
	3,860,071		Sumitomo Mitsui Financial Group, Inc		107,050
	260,105	*,e	Sun Bancorp, Inc		629
	868,330		SunTrust Banks, Inc		15,369
	1,330,678		Suruga Bank Ltd		11,877
	735,779		Susquehanna Bancshares, Inc		6,166
	211,377	*,e	SVB Financial Group		10,081
	1,169,893	e	Svenska Handelsbanken (A Shares)		30,658
	877,590		Swedbank AB (A Shares)		11,325
	91,803		Sydbank AS		1,435
	144,279		Syndicate Bank		185
	2,041,924	e	Synovus Financial Corp		2,879
	2,899,800	*	Ta Chong Bank Co Ltd		675
	2,048,762		Taichung Commercial Bank		590
	7,206,111		Taishin Financial Holdings Co Ltd		2,495
	3,640,453	*	Taiwan Business Bank		1,120
	5,770,273	*	Taiwan Cooperative Financial Holding		3,468
	65,187	*,e	Taylor Capital Group, Inc		634
	425,455	e	TCF Financial Corp		4,391
	64,079		Territorial Bancorp, Inc		1,266
	148,663	*,e	Texas Capital Bancshares, Inc		4,551
	122,646	*	TFS Financial Corp		1,099
	110,109	*,e	The Bancorp, Inc		796
	807,700		Tisco Bank PCL		971
	169,000		Tochigi Bank Ltd		604
	290,000		Toho Bank Ltd		840
	41,500		Tokyo Tomin Bank Ltd		504
	294,600		Tomony Holdings, Inc		1,293
	49,576	e	Tompkins Trustco, Inc		1,909
	1,518,552	e	Toronto-Dominion Bank		113,717
	491,000		Towa Bank Ltd		567
	56,200		Tower Bancorp, Inc		1,604
	95,189	e	TowneBank		1,165
	68,503	e	Trico Bancshares		974
	406,773	e	Trustco Bank Corp NY		2,282
	303,069	e	Trustmark Corp		7,362
	3,546,492		Turkiye Garanti Bankasi AS		11,026
	654,064		Turkiye Halk Bankasi AS		3,409
	2,214,274		Turkiye Is Bankasi (Series C)		3,863
	1,142,731		Turkiye Sinai Kalkinma Bankasi AS.		1,101
	2,629,461		Turkiye Vakiflar Bankasi Tao		3,395
	394,853		UCO Bank		338

15

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	152,903	e	UMB Financial Corp	$	5,696
	517,700	e	Umpqua Holdings Corp		6,414
	1,282,248	e	UniCredit S.p.A		10,576
	31,330	*	Union Bank of Israel		88
	541,000	*	Union Bank Of Taiwan		177
	97,261	e	Union Bankshares Corp		1,293
	203,245	e	United Bankshares, Inc		5,746
	151,607	*,e	United Community Banks, Inc		1,060
	70,876	e	United Financial Bancorp, Inc		1,140
	890,679	e	United Overseas Bank Ltd		10,482
	68,868	e	Univest Corp of Pennsylvania		1,008
	11,951,466	e	US Bancorp		323,286
	354,565		UTI Bank Ltd		5,386
	20,130		Valiant Holding		2,545
	279,282	e	Valley National Bancorp		3,455
	162,216		ViewPoint Financial Group		2,110
	436,660		Vijaya Bank		371
	129,657	*,e	Virginia Commerce Bancorp		1,002
	2,614,036	f	VTB Bank OJSC (GDR) (purchased 02/27/09, cost $14,204)		9,410
	45,193	*	Walker & Dunlop, Inc		568
	53,883		Washington Banking Co		642
	179,765	e	Washington Federal, Inc		2,515
	57,536	e	Washington Trust Bancorp, Inc		1,373
	331,104		Webster Financial Corp		6,751
	30,622,713		Wells Fargo & Co		843,961
	111,951	e	WesBanco, Inc		2,180
	89,806	e	West Bancorporation, Inc		860
	87,187	*,e	West Coast Bancorp		1,360
	122,797	e	Westamerica Bancorporation		5,391
	315,825	*,e	Western Alliance Bancorp		1,968
	122,631	e	Westfield Financial, Inc		903
	3,661,373	e	Westpac Banking Corp		74,744
	248,219	*,e	Wilshire Bancorp, Inc		901
	138,398		Wing Hang Bank Ltd		1,132
	171,675	e	Wintrust Financial Corp		4,815
	619,010		Woori Finance Holdings Co Ltd		5,075
	32,948	e	WSFS Financial Corp		1,185
	27,000		Yachiyo Bank Ltd		639
	216,000	e	Yamagata Bank Ltd		1,054
	166,905		Yamaguchi Financial Group, Inc		1,590
	221,000		Yamanashi Chuo Bank Ltd		898
	1,139,101	*	Yapi ve Kredi Bankasi		1,613
	44,620		Yes Bank Ltd		200
	674,469	e	Zions Bancorporation		10,980
			TOTAL BANKS		5,402,578
CAPITAL GOODS - 8.4%
	1,455,989		3M Co		118,998
	223,875		A.O. Smith Corp		8,982
	347,228	*,e	A123 Systems, Inc		559
	131,929		Aalberts Industries NV		2,207

16

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	76,404	e	Aaon, Inc	$	1,566
	186,047		AAR Corp		3,567
	763,980		ABB Ltd		14,352
	54,795	e	Abengoa S.A.		1,157
	48,201		ABG Shipyard Ltd		355
	3,746,092		Aboitiz Equity Ventures Inc		3,434
	547,000		AcBel Polytech, Inc		297
	174,535	*,e	Accuride Corp		1,243
	229,000		ACES Electronic Co Ltd		376
	109,785	e	Aceto Corp		758
	44,535	e	ACS Actividades Cons y Servicios S.A.		1,315
	116,970		Acter Co Ltd		367
	383,880	*,e	Active Power, Inc		253
	316,545	e	Actuant Corp (Class A)		7,182
	177,684		Acuity Brands, Inc		9,417
	320,610		Adani Enterprises Ltd		1,771
	56,609		Aditya Birla Nuvo Ltd		788
	168,000		Advan Co Ltd		1,450
	49,000		Advanced Ceramic X Corp		105
	481,450	*	Aecom Technology Corp		9,903
	111,555		Aecon Group, Inc		1,145
	183,815	*	Aegion Corp		2,820
	94,769	*,e	Aerovironment, Inc		2,982
	36,526		AFG Arbonia-Forster Hldg		683
	15,100	e	AG Growth International Inc		556
	1,433,702	*	AGCO Corp		61,606
	129,999		Aica Kogyo Co Ltd		1,756
	40,500		Aichi Corp		159
	75,000		Aida Engineering Ltd		345
	94,166	*,e	Air Lease Corp		2,233
	206,466		Aircastle Ltd		2,626
	126,857	*	Akfen Holding AS.		475
	58,501	e	Alamo Group, Inc		1,575
	226,239		Alarko Holding AS		363
	128,625		Albany International Corp (Class A)		2,974
	198,296		Alesco Corp Ltd		235
	49,244	e	Alfa Laval AB		930
	791,209	e	Alfa S.A. de C.V. (Class A)		8,618
	11,287,000		Alliance Global Group, Inc		2,668
	116,300	e	Alliant Techsystems, Inc		6,648
	28,092	e	Allied Electronics Corp Ltd		80
	164,679		Allied Electronics Corp Ltd (Preference)		461
	24,862		Alstom Projects India Ltd		138
	2,067,185	e	Alstom RGPT		62,449
	114,997	*,e	Altra Holdings, Inc		2,165
	1,131,025		Amada Co Ltd		7,159
	80,700		Amano Corp		716
	3,104		Amara Raja Batteries Ltd		12
	82,842	*,e	Ameresco, Inc		1,137
	56,597	*,e	American Railcar Industries, Inc		1,354
	56,562	e	American Science & Engineering, Inc		3,852
	173,430	*,e	American Superconductor Corp		640

17

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	43,103		American Woodmark Corp	$	589
	730,346		Ametek, Inc		30,748
	49,124		Ampco-Pittsburgh Corp		950
	34,000		Amrep Corp		0	^
	255,000		Amtek Engineering Ltd		116
	76,004		Andritz AG.		6,286
	3,360,000	*	Apac Resources Ltd		142
	135,207	e	Apogee Enterprises, Inc		1,658
	241,000		Applied Industrial Technologies, Inc		8,476
	71,878	e	Arcadis NV		1,122
	45,950		Areva T&D India Ltd		141
	45,950	*,m	Areva T&D India Ltd-detached		16
	50,708		Argan, Inc		771
	55,004	*,e	Armstrong World Industries, Inc		2,413
	494,940	*,e	ArvinMeritor, Inc		2,633
	73,200	e	Asahi Diamond Industrial Co Ltd		881
	1,729,205	e	Asahi Glass Co Ltd		14,456
	84,626		Aselsan Elektronik Sanayi Ve Ticaret AS		366
	1,707,086		Ashok Leyland Ltd		732
	1,284,841		Ashtead Group plc		4,500
	1,362,077	e	Assa Abloy AB (Class B)		34,060
	203,805		Astaldi S.p.A.		1,301
	92,655	*,e	Astec Industries, Inc		2,984
	45,061	*,e	Astronics Corp		1,614
	321,016		Asunaro Aoki Construction Co Ltd		1,634
	428,202	e	Atlas Copco AB (A Shares)		9,175
	98,860		Atlas Copco AB (B Shares)		1,871
	118,219	*	ATS Automation Tooling Systems, Inc		748
	650,912		Ausdrill Ltd		1,995
	107,833	e	Ausenco Ltd		273
	1,253,451		Austal Ltd		2,755
	57,652	e	Austin Engineering Ltd		233
	530,248	e	Aveng Ltd		2,165
	53,159		AZZ, Inc		2,416
	33,087		B&B Tools AB		287
	461,707	*	Babcock & Wilcox Co		11,146
	64,363	e	Badger Meter, Inc		1,894
	1,861,580		BAE Systems plc		8,226
	337,236	e	Balfour Beatty plc		1,386
	182,000		Bando Chemical Industries Ltd		683
	86,000		Baoye Group Co Ltd		40
	278,715		Barloworld Ltd		2,591
	220,501	e	Barnes Group, Inc		5,316
	122,565		Basil Read Holdings Ltd		214
	8,405	e	Bauer AG.		229
	16,802		BayWa AG.		592
	695,456	*	BE Aerospace, Inc		26,921
	51,554	*	BE Group AB		149
	57	*	Beacon Power Corp		0	^
	183,882	*,e	Beacon Roofing Supply, Inc		3,720
	725,400	e	Beijing Enterprises Holdings Ltd		4,343
	43,735	e	Bekaert S.A.		1,397

18

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	193,487	e	Belden CDT, Inc	$	6,439
	7,321		BEML Ltd		63
	242,800	*	Benalec Holdings BHD		103
	4,298,600		Berjaya Corp BHD		1,294
	39,902	*	Berliner Communications, Inc		181
	801,000		BES Engineering Corp		210
	528,759		Besalco S.A.		702
	761,565		Bharat Heavy Electricals		3,421
	10,415		BHI Co Ltd		193
	456,906		Bidvest Group Ltd		8,752
	17,968	*	Biesse S.p.A.		66
	92,449		Bilfinger Berger AG.		7,872
	83,838	e	Bird Construction Income Fund		949
	178,545	*,e	Blount International, Inc		2,592
	3,000		Blue Star Ltd		10
	664,697	e	Boart Longyear Group		1,891
	11,644	*	Bobst Group AG.		289
	568,289		Bodycote plc		2,317
	4,796,843	e	Boeing Co		351,847
	183,000		Boer Power Holdings Ltd		50
	1,892,205		Bombardier, Inc		7,541
	218,005		Boskalis Westminster		7,985
	5,162		Bossard Holding AG.		558
	169,049	e	Bouygues S.A.		5,317
	220,739		Bradken Ltd		1,612
	229,606	e	Brady Corp (Class A)		7,249
	41,556		Brenntag AG.		3,864
	257,543	e	Briggs & Stratton Corp		3,989
	370,611	*,e	Broadwind Energy, Inc		252
	16,980		Bucher Industries AG.		2,959
	11,106		Budimex S.A.		245
	205,510	*,e	Builders FirstSource, Inc		419
	68,000	e	Bunka Shutter Co Ltd		232
	134,466		Bunzl plc		1,845
	51,738		Burckhardt Compression Holding AG.		12,881
	984,578		CAE, Inc		9,558
	177,700		Cahya Mata Sarawak BHD		117
	45,038	*,e	CAI International, Inc		696
	957,603	*,e	Capstone Turbine Corp		1,111
	37,579		Carbone Lorraine		1,132
	178,420		Cardno Ltd		947
	48,914	e	Cargotec Corp (B Shares)		1,446
	739,597	e	Carillion plc		3,451
	163,729		Carlisle Cos, Inc		7,253
	52,878	*	Carraro S.p.A.		101
	39,468		Cascade Corp		1,862
	3,276,436	e	Caterpillar, Inc		296,844
	1,032,000		Central Glass Co Ltd		4,966
	9,491		CENTROTEC Sustainable AG.		138
	101,270	*	Ceradyne, Inc		2,712
	38,117	*	Cersanit Krasnystaw S.A.		45
	97,000		Champion Building Materials Co Ltd		40

19

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	218,500	*	Changchai Co Ltd	$	80
	60,239	*	Changs Ascending Enterprise Co Ltd		161
	11,263,639	e	Changsha Zoomlion Heavy Industry Science and Technology Development Co Ltd		12,045
	115,409	*	Chart Industries, Inc		6,240
	221,284	e	Charter International plc		3,244
	260,372	e	Chemring Group plc		1,618
	348,000		Chen Hsong Holdings		108
	212,000	*	Chengdu Putian Telecom Cable Co Ltd		20
	1,130,313		Chicago Bridge & Iron Co NV		42,727
	965,350		Chien Kuo Construction Co Ltd		419
	1,120,000	e	China Automation Group Ltd		323
	13,223,000	e	China Communications Construction Co Ltd		10,303
	5,804,000	*	China Daye Non-Ferrous Metals Mining Ltd		343
	570,000		China Electric Manufacturing Corp		347
	3,854,000	*	China Energine International Holdings Ltd		131
	531,050	*	China Fangda Group Co Ltd		144
	2,813,000		China High Speed Transmission Equipment Group Co Ltd		1,227
	1,103,070		China International Marine Containers Co Ltd (Class B)		1,261
	3,178,000	e	China Railway Construction Corp		1,744
	6,493,000	e	China Railway Group Ltd		2,023
	277,000		China Singyes Solar Technologies Holdings Ltd		106
	3,809,500	e	China South Locomotive and Rolling Stock Corp		2,167
	2,402,000	e	China State Construction International Holdings Ltd		1,697
	68,000		China Steel Structure Co Ltd		60
	182,380	*	China Textile Machinery		83
	397,928	e	Chiyoda Corp		4,040
	23,900		Chiyoda Integre Co Ltd		286
	5,306,000		Chongqing Machinery & Electric Co Ltd		870
	2,463		Chosun Refractories Co Ltd		137
	36,000		Chudenko Corp		380
	122,989		Chugai Ro Co Ltd		394
	845,000		Chung Hsin Electric & Machinery Manufacturing Corp		428
	25,300	e	Churchill Corp		284
	22,600		Cia Providencia Industria e Comercio S.A.		75
	873,107	e	Cintra Concesiones de Infraestructuras de Transporte S.A.		10,500
	737,306	e	CIR-Compagnie Industriali Riunite S.p.A.		1,176
	73,203	e	CIRCOR International, Inc		2,585
	1,943,814		Citic Pacific Ltd		3,491
	5,487,000	*	Citic Resources Holdings Ltd		746
	19,694		CJ Corp		1,318
	127,800		CKD Corp		874
	138,036		Clal Industries and Investments		640
	244,413	e	Clarcor, Inc		12,218
	346,736		Clough Ltd		245
	177,265	*,e	CNH Global NV		6,380
	572,966		Coastal Contracts BHD		349
	284,849		Cobham plc		811
	459,368		Cofide S.p.A.		330
	34,689	*,e	Coleman Cable, Inc		302
	124,935	*,e	Colfax Corp		3,558
	77,992	*	Columbus McKinnon Corp		990

20

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	204,102	e	Comfort Systems USA, Inc	$	2,188
	108,467	*,e	Commercial Vehicle Group, Inc		981
	1,587,173		Compagnie de Saint-Gobain		60,670
	7,985		Compagnie d’Entreprises CFE		391
	179,300	e	COMSYS Holdings Corp		1,880
	55,224	*	Concentric AB		319
	3,784	e	Construcciones y Auxiliar de Ferrocarriles S.A.		1,878
	1,081,000		Continental Engineering Corp		391
	1,965,593	e	Cookson Group plc		15,513
	425,158		Cooper Industries plc		23,022
	692,131	e	Cosco Corp Singapore Ltd		466
	1,452,000	e	Cosco International Holdings Ltd		608
	26,885	e	Cosel Co Ltd		382
	49,951	e	Costain Group plc		143
	35,858		Cramo Oyj (Series B)		366
	289,291		Crane Co		13,513
	855,441		Crompton Greaves Ltd		2,028
	1,438,000		CSBC Corp Taiwan		1,101
	678,922	e	CSR Ltd		1,359
	1,573,000		CTCI Corp		2,144
	110,367		Cubic Corp		4,811
	1,324,928		Cummins, Inc		116,619
	214,858	e	Curtiss-Wright Corp		7,591
	661,000		DA CIN Construction Co Ltd		371
	93,690	*	Daekyung Machinery & Engr Co		221
	38,276		Daelim Industrial Co		2,991
	137,885	*	Daewoo Engineering & Construction Co Ltd		1,259
	47,138		Daewoo International Corp		1,187
	182,631		Daewoo Shipbuilding & Marine Engineering Co Ltd		3,862
	264,500		Daifuku Co Ltd		1,357
	134,641		Daihen Corp		469
	125,000		Daiichi Jitsugyo Co Ltd		514
	125,622		Daikin Industries Ltd		3,429
	69,000		Daiwa Industries Ltd		348
	190,200		Dalian Refrigeration Co Ltd		109
	2,677,003		Danaher Corp		125,926
	46,415	e	Danieli & Co S.p.A.		976
	53,258		Danieli & Co S.p.A. (RSP)		566
	201,870		DCC plc		4,770
	94,237	*	Deceuninck NV		89
	278,721		Decmil Group Ltd		585
	890,170		Deere & Co		68,855
	9,042		Delek Group Ltd		1,706
	3,320		Delta Holding S.A.		15
	42,000		Denyo Co Ltd		560
	83,652	*	Deutz AG.		445
	2,164,500		Dialog Group BHD		1,793
	3,160,000	*	Dickson Group Holdings Ltd		32
	155,007	*,e	DigitalGlobe, Inc		2,652
	34,306		Discount Investment Corp		215
	192,400		DMCI Holdings, Inc		182
	205,039	*	Dogan Sirketler Grubu Holdings		57

21

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,470		Dohwa Consulting Engineers Co Ltd	$	55
	326,576		Donaldson Co, Inc		22,233
	8,330		Dong Yang Gang Chul Co Ltd		19
	2,586,800	e	Dongfang Electric Co Ltd		7,642
	26,169		Dongkuk Structures & Construction Co Ltd		92
	26,004		Doosan Corp		3,234
	24,330	*	Doosan Engine Co Ltd		249
	57,400		Doosan Heavy Industries and Construction Co Ltd		3,252
	178,440	*	Doosan Infracore Co Ltd		2,771
	93,806	e	Douglas Dynamics, Inc		1,371
	744,672		Dover Corp		43,228
	61,390	e	Ducommun, Inc		783
	37,085		Duerr AG.		1,630
	145,756	e	Duro Felguera S.A.		952
	56,674	*	DXP Enterprises, Inc		1,825
	194,844	*	Dycom Industries, Inc		4,076
	84,315	e	Dynamic Materials Corp		1,668
	176,000		Dynapack International Technology Corp		668
	423,900		Dynasty Ceramic PCL		812
	1,687		e Tec E&C Ltd		77
	1,708,543		Eaton Corp		74,372
	677,828	e	Ebara Corp		2,326
	15,696		Eczacibasi Yatirim Holding		34
	3,287		Eicher Motors Ltd		92
	34,017	e	Eiffage S.A.		820
	31,015		Elbit Systems Ltd		1,277
	1,307		Electra Israel Ltd		102
	62,023		Electrosteel Castings Ltd		20
	41,563		ElSwedy Cables Holding Co		144
	335,611		EMCOR Group, Inc		8,998
	1,640,475		Emeco Holdings Ltd		1,617
	2,311,211		Emerson Electric Co		107,679
	876,945		Empresa Brasileira de Aeronautica S.A.		5,529
	720,601		Empresas COPEC S.A.		9,661
	2,661,700	*,e	Empresas ICA Sociedad Controladora S.A. de C.V.		3,231
	75,742	e	Encore Wire Corp		1,962
	165,495	*,e	Energy Recovery, Inc		427
	267,686	*,e	EnerSys		6,952
	50,943		ENG Electric Co Ltd		111
	3,200,448		Engineers India Ltd		12,401
	418,227		Enka Insaat ve Sanayi AS		902
	97,093	*,e	EnPro Industries, Inc		3,202
	96,000	*	Enric Energy Equipment Holdings Ltd		27
	1,150		Entrepose Contracting		99
	4,140,000	*	Era Holdings Global Ltd		451
	155,686		ESCO Technologies, Inc		4,481
	258,803		Escorts Ltd		322
	88,288	*,e	Essex Rental Corp		260
	134,925	*	Esterline Technologies Corp		7,552
	95,300		Eucatex S.A. Industria e Comercio		337
	1,553,671	e	European Aeronautic Defence and Space Co		48,380
	1,336,000		EVA Precision Industrial Holdings Ltd		323

22

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	507,616	*	Exelis, Inc	$	4,594
	14,999		Fabryka Kotlow Rafako S.A.		34
	7,419		Faiveley S.A.		461
	267,603		Fanuc Ltd		40,818
	4,674,311		Far Eastern Textile Co Ltd		5,420
	905,936	e	Fastenal Co		39,508
	245,962	e	Federal Signal Corp		1,021
	548,446		Fenner plc		3,412
	339,218		Ferreyros S.A.		287
	2,859,243	*,e	FIAT Industrial S.p.A.		24,359
	571,547	e	Finmeccanica S.p.A.		2,104
	146,048	e	Finning International, Inc		3,184
	1,874,000		First Tractor Co		1,747
	183,323	*,e	Flow International Corp		642
	150,959		Flowserve Corp		14,993
	79,062	e	FLSmidth & Co AS		4,622
	1,035,904		Fluor Corp		52,055
	4,031		FMS Enterprises Migun Ltd		60
	68,633	e	Fomento de Construcciones y Contratas S.A.		1,772
	55,632		Forge Group Ltd		273
	102,179		Forjas Taurus S.A. (Preference)		80
	846,329	*	Fortune Brands Home & Security, Inc		14,413
	523,000		Fortune Electric Co Ltd		223
	290,100		Foshan Electrical and Lighting Co Ltd		211
	38	*	Foster Wheeler AG.		1
	142,140	e	Franklin Electric Co, Inc		6,192
	1,276,099	e	Fraser and Neave Ltd		6,092
	56,950	*	Freightcar America, Inc		1,193
	41,635		Frigoglass S.A.		194
	401,942		FSP Technology, Inc		326
	183,200	*,e	Fudo Tetra Corp		347
	500,940	*,e	FuelCell Energy, Inc		437
	188,302	e	Fuji Electric Holdings Co Ltd		516
	68,096		Fuji Machine Manufacturing Co Ltd		1,212
	546,978		Fujikura Ltd		1,593
	137,000		Fujitec Co Ltd		854
	154,639	*,e	Furmanite Corp		976
	413,000	*	Furukawa Co Ltd		338
	800,762	e	Furukawa Electric Co Ltd		1,837
	40,019		Futaba Corp/Chiba		636
	306,000		G Shank Enterprise Co Ltd		151
	668,000	*	Gallant Venture Ltd		123
	120,819	e	Galliford Try plc		890
	272,100	e	Gamesa Corp Tecnologica S.A.		1,124
	10,600		Gammon India Ltd		9
	2,491,800		Gamuda BHD		2,662
	509,224		Gardner Denver, Inc		39,241
	123,221	e	GATX Corp		5,380
	21,765		GEA Group AG.		614
	63,114		Geberit AG.		12,132
	484,037	*,e	GenCorp, Inc		2,575
	96,644	*,e	Generac Holdings, Inc		2,709

23

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	139,143	*,e	General Cable Corp	$	3,480
	767,814		General Dynamics Corp		50,991
	43,059,222		General Electric Co		771,192
	87,351	*	GeoEye, Inc		1,941
	9,124		Georg Fischer AG.		3,109
	6,735		Gesco AG.		551
	125,165	*	Gibraltar Industries, Inc		1,747
	292,221		Giken Seisakusho Co, Inc		1,686
	64,584	*	Gildemeister AG.		813
	67,859	*,e	Global Power Equipment Group, Inc		1,612
	430,000	*	Globe Union Industrial Corp		269
	75,256		Glory Ltd		1,619
	388,000		Good Friend International Holdings, Inc		187
	694,939		Goodrich Corp		85,964
	61,669		Gorman-Rupp Co		1,674
	167,235		Graco, Inc		6,838
	337,016	*	GrafTech International Ltd		4,600
	289,335	e	Grafton Group plc		892
	48,825		Graham Corp		1,096
	123,780		Grana y Montero S.A.		308
	164,519	e	Granite Construction, Inc		3,902
	52,211		Granite Hacarmel Investments Ltd		64
	9,950		Graphite India Ltd		13
	347,102	e	Great Lakes Dredge & Dock Corp		1,930
	22,415		Greaves Cotton Ltd		34
	89,133	*,e	Greenbrier Cos, Inc		2,164
	223,694	e	Griffon Corp		2,042
	21,188		Grontmij NV (ADR)		143
	149,813		Group Five Ltd		421
	829,837	e	Grupo Carso S.A. de C.V. (Series A1)		2,009
	52,489		GS Engineering & Construction Corp		4,206
	19,800		GS Global Corp		178
	378,065	e	GS Yuasa Corp		2,025
	218,800	e	Guangzhou Shipyard International Co Ltd		164
	312,604	e	GWA International Ltd		683
	114,675	*	H&E Equipment Services, Inc		1,539
	1,193,000		Haitian International Holdings Ltd		1,021
	160,335	e	Haldex AB		584
	6,670		Halla Engineering & Construction Corp		67
	3,357		Hamon & CIE S.A.		64
	82,199		Hamworthy plc		1,053
	549,140		Hangzhou Steam Turbine Co		579
	39,530	*	Hanjin Heavy Industries & Construction Co Ltd		639
	35,060		Hanjin Heavy Industries & Construction Holdings Co Ltd		216
	536,395		Hanwa Co Ltd		2,333
	167,700		HAP Seng Consolidated BHD		84
	2,174,000	e	Harbin Power Equipment		1,891
	10,800	e	Harmonic Drive Systems, Inc		207
	238,065		Harsco Corp		4,899
	113,990		Havells India Ltd		826
	12,945		Haw Par Corp Ltd		53
	3,390		HEG Ltd		10

24

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	162,292	e	Heico Corp	$	9,491
	259,276	*,e	Heidelberger Druckmaschinen		415
	19,209		Heijmans NV (ADR)		202
	167,708		Hellenic Technodomiki Tev S.A.		261
	4,403,800		Hemaraj Land and Development PCL		315
	2,804,000		Henderson Investment Ltd		205
	385,394	*	Hexcel Corp		9,330
	76,216	e	Hexpol AB (Series B)		2,223
	47,000		Hibiya Engineering Ltd		505
	306,659	e	Hills Industries Ltd		353
	1,195,866		Hindustan Construction Co		378
	434,977	e	Hino Motors Ltd		2,634
	27,000		Hisaka Works Ltd		296
	233,000	*,e	Hitachi Cable Ltd		492
	32,834	e	Hitachi Construction Machinery Co Ltd		551
	68,300		Hitachi Koki Co Ltd		518
	1,190,899		Hitachi Zosen Corp		1,493
	231,560		Hiwin Technologies Corp		1,877
	4,838,000		HKC Holdings Ltd		177
	1,201		HNK Machine Tool Co Ltd		20
	8,107		Hochtief AG.		468
	437,976		Hock Seng Lee BHD		182
	11,552		Homag Group AG.		117
	7,760,776	e	Honeywell International, Inc		421,797
	159,000		Hong Leong Asia Ltd		192
	65,700		Hoshizaki Electric Co Ltd		1,541
	78,000		Hosokawa Micron Corp		367
	78,754		Houston Wire & Cable Co		1,088
	911,000		HUA ENG Wire & Cable		219
	243,400		Huangshi Dongbei Electrical Appliance Co Ltd		132
	97,637		Hubbell, Inc (Class B)		6,528
	18,972		Huber & Suhner AG.		798
	80,997	*	Huntington Ingalls		2,534
	24,970	*	Hurco Cos, Inc		524
	2,434,961		Hutchison Whampoa Ltd		20,319
	17,644		Hy-Lok Corp		262
	24,570		Hyundai Corp		493
	75,936		Hyundai Development Co		1,110
	5,551		Hyundai Elevator Co Ltd		630
	97,726		Hyundai Engineering & Construction Co Ltd		5,985
	71,094		Hyundai Heavy Industries		15,896
	28,754		Hyundai Mipo Dockyard		2,803
	5,839	*	Hyunjin Materials Co Ltd		51
	67,700		Idec Corp		713
	223,151		IDEX Corp		8,281
	394,887	*	Ihlas Holding		160
	203,638	*,e	II-VI, Inc		3,739
	1,992,259		IJM Corp BHD		3,547
	31,410		Iljin Electric Co Ltd		166
	1,464,652	e	Illinois Tool Works, Inc		68,414
	29,950		IMARKETKOREA,Inc		422
	614,004		IMI plc		7,248

25

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	13,459		Implenia AG.	$	339
	389,975	e	Impregilo S.p.A.		1,203
	15,792	*	IMS-Intl Metal Service		163
	103,440	e	Imtech NV		2,668
	36,000		Inaba Denki Sangyo Co Ltd		1,008
	112,500		Inabata & Co Ltd		672
	1,410,212	m	Indiabulls Real Estate Ltd		206
	37,732	e	Indus Holding AG.		920
	866,119		Industrea Ltd		867
	6,809		Industria Macchine Automatiche S.p.A.		116
	39,000		Industrias Romi S.A.		141
	19,825		Indutrade AB		527
	996		Ingersoll-Rand India Ltd		7
	874,674		Ingersoll-Rand plc		26,651
	69,096		Insteel Industries, Inc		759
	2,925,000	*	Interchina Holdings Co		156
	145,117	*,e	Interline Brands, Inc		2,259
	916,500	e	International Mining Machinery Holdings Ltd		1,009
	89,272	e	Interpump Group S.p.A.		599
	316,694		Interserve plc		1,578
	3,225,249		Invensys plc		10,547
	128,700		Iochpe-Maxion S.A.		1,742
	419,820		IRB Infrastructure Developers Ltd		1,027
	251,000	*,e	Iseki & Co Ltd		536
	233,000	*	I-Sheng Electric Wire & Cable Co Ltd		276
	7,450,141		Ishikawajima-Harima Heavy Industries Co Ltd		18,063
	1,650,000		Italian-Thai Development PCL		189
	2,409,477		Itochu Corp		24,431
	245,558	e	ITT Corp		4,747
	687,880		IVRCL Infrastructures & Projects Ltd		365
	244,000		Iwatani International Corp		812
	467,396	*,e	Jacobs Engineering Group, Inc		18,968
	15,815	*	Jain Irrigation Systems Ltd		10
	292,620		Jain Irrigation Systems Ltd		476
	1,240,536		Jaiprakash Associates Ltd		1,221
	106,604		Japan Pulp & Paper Co Ltd		373
	378,443		Japan Steel Works Ltd		2,625
	1,233,000	*	Jaya Holdings Ltd		446
	79,000	*	Jenn Feng New Energy Co Ltd		52
	151,000		JFE Shoji Holdings, Inc		627
	231,800		JG Summit Holdings (Series B)		133
	267,294		JGC Corp		6,417
	2,660,000	e	Jiangsu Rongsheng Heavy Industry Group Co Ltd		729
	460,000		Jingwei Textile Machinery		221
	6,772		Jinsung T.E.C.		64
	120,855		John Bean Technologies Corp		1,858
	2,329,500	e	Johnson Electric Holdings Ltd		1,285
	907,170		Joy Global, Inc		68,011
	584,391		JS Group Corp		11,200
	1,131,677		JTEKT Corp		11,060
	489,000	e	Juki Corp		1,099
	52,261		Jungheinrich AG.		1,279

26

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	9,921	*	JVM Co Ltd	$	370
	7,005		Kaba Holding AG.		2,445
	109,546	*,e	Kadant, Inc		2,477
	822,434	e	Kajima Corp		2,524
	8,178		Kalpataru Power Transmission Ltd		14
	114,973	e	Kaman Corp		3,141
	128,000		Kandenko Co Ltd		620
	554,000	*,e	Kanematsu Corp		517
	23,600		Katakura Industries Co Ltd		220
	940,000	e	Kato Works Co Ltd		2,755
	23,000		Kaulin Manufacturing Co Ltd		15
	1,067,640	e	Kawasaki Heavy Industries Ltd		2,649
	134,811	e	Kaydon Corp		4,112
	2,360,254		KBR, Inc		65,781
	7,697		KCC Corp		1,910
	10,203		KCC Engineering & Construction Co Ltd		277
	66,866	e	KCI Konecranes Oyj		1,250
	21,660	*	Keangnam Enterprises Ltd		130
	10,039		KEC International Ltd		7
	25,000	e	Keihan Electric Railway Co Ltd		119
	70,433	e	Keller Group plc		293
	10,657		Kendrion NV		227
	185,050		Kenmec Mechanical Engineering Co Ltd		71
	491,961	e	Kennametal, Inc		17,966
	84,810		Kentz Corp Ltd		556
	8,030		KEPCO Engineering & Construction Co, Inc		647
	1,589,700	*	Kepler Weber S.A.		196
	3,717,707		Keppel Corp Ltd		26,611
	73,094	*,e	KEYW Holding Corp		541
	46,099	*	KHD Humboldt Wedag International AG.		298
	76,382		Kier Group plc		1,615
	114,937		Kinden Corp		969
	189,000		King Slide Works Co Ltd		898
	171,151		Kingspan Group plc		1,407
	49,000		Kinik Co		53
	89,000		Kinki Sharyo Co Ltd		283
	125,000		Kitz Corp		501
	132,944	e	Kloeckner & Co AG.		1,702
	1,639,980		KOC Holding AS		4,908
	1,717,763		Komatsu Ltd		40,055
	3,249		Komax Holding AG.		237
	80,690		Komori Corp		540
	19,756	e	Kone Oyj (Class B)		1,023
	307,328		Koninklijke BAM Groep NV		1,290
	476,231		Koninklijke Philips Electronics NV		9,992
	14,708	*	Koor Industries Ltd		168
	72,525	*	Kopex S.A.		440
	69,180	*	Korea Aerospace Industries Ltd		2,379
	23,810		Korea Electric Terminal Co Ltd		455
	177,180	*,e	Kratos Defense & Security Solutions, Inc		1,058
	14,777	e	Krones AG.		701
	112,000	*	KS Energy Services Ltd		85

27

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	235		KSB AG.	$	138
	500,707		Kubota Corp		4,190
	33,668	*,e	KUKA AG.		615
	5,000		Kumho Electric Co Ltd		109
	84,761	*	Kumho Industrial Co Ltd		537
	15,710	e	Kurita Water Industries Ltd		408
	28,270		Kuroda Electric Co Ltd		305
	67,000		Kyosan Electric Manufacturing Co Ltd		282
	111,600		Kyowa Exeo Corp		1,052
	69,000		Kyudenko Corp		421
	342,317	e	L-3 Communications Holdings, Inc		22,826
	1,074		Lakshmi Machine Works Ltd		30
	1,686,616	*	Lanco Infratech Ltd		301
	362,704		Larsen & Toubro Ltd		6,784
	339,076	e	Lavendon Group plc		460
	20,037	e	Lawson Products, Inc		309
	98,210	*,e	Layne Christensen Co		2,377
	50,496		LB Foster Co (Class A)		1,429
	61,879	e	Legrand S.A.		1,982
	170,654	e	Leighton Holdings Ltd		3,317
	144,520		Lennox International, Inc		4,878
	380,000		Leoch International Technology Ltd		94
	145,648		LG Corp		7,777
	13,364		LG Hausys Ltd		1,010
	60,630		LG International Corp		2,485
	445,991	e	Lincoln Electric Holdings, Inc		17,447
	80,310		Lindab International AB		435
	48,592	e	Lindsay Manufacturing Co		2,667
	7,342		LISI		482
	1,043,000		LK Technology Holdings Ltd		301
	38,476	*,e	LMI Aerospace, Inc		675
	716,088	e	Lockheed Martin Corp		57,932
	159,000		Longwell Co		153
	5,187,000	e	Lonking Holdings Ltd		1,741
	1,719,936	*,e	Lonrho plc		248
	23,516		LS Cable Ltd		1,554
	19,425		LS Industrial Systems Co Ltd		1,124
	78,944	e	LSI Industries, Inc		474
	134,000	*	Luoyang Glass Co Ltd		26
	22,700	*	Lupatech S.A.		54
	66,461	*,e	Lydall, Inc		631
	16,260		Mabuchi Motor Co Ltd		675
	124,351		MACA Ltd		233
	812,511	*	Macmahon Holdings Ltd		464
	362,000		Maeda Corp		1,332
	112,000	e	Maeda Road Construction Co Ltd		1,176
	156,247		Maire Tecnimont S.p.A.		200
	128,748	e	Makino Milling Machine Co Ltd		790
	92,211		Makita Corp		2,975
	653,649		Malaysia Marine and Heavy Engineering Sdn BHD		1,166
	2,224,300		Malaysian Resources Corp BHD		1,513
	15,077		MAN AG.		1,339

28

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	15,414	*,e	Manitou BF S.A.	$	233
	352,955	e	Manitowoc Co, Inc		3,244
	483,900		Marcopolo S.A.		1,839
	4,128,636		Marubeni Corp		25,130
	4,490,527	e	Masco Corp		47,060
	220,968	*	Mastec, Inc		3,838
	44,000		Max Co Ltd		551
	99,965	*	MAX India Ltd		275
	382,370		Meggitt plc		2,093
	236,000	e	Meidensha Corp		791
	571,748	e	Melrose plc		3,018
	5,009,000	e	Metallurgical Corp of China Ltd		1,131
	53,663		Metka S.A.		413
	58,934	e	Met-Pro Corp		533
	289,596		Metso Oyj		10,696
	119,805	*,e	Meyer Burger Technology AG.		1,871
	47,536	*	Michael Baker Corp		932
	73,103		Micron Machinery Co Ltd		1,567
	72,502	*,e	Middleby Corp		6,818
	53,068	e	Miller Industries, Inc		835
	168,600		Mills Estruturas e Servicos de		1,600
	1,065,967	e	Minebea Co Ltd		4,440
	123,600	e	Miraito Holdings Corp		929
	448,350		Mirle Automation Corp		345
	106,100	e	MISUMI Group, Inc		2,428
	2,813,299		Mitsubishi Corp		56,701
	2,778,820		Mitsubishi Electric Corp		26,632
	3,572,932	e	Mitsubishi Heavy Industries Ltd		15,175
	81,000		Mitsubishi Kakoki Kaisha Ltd		138
	109,700		Mitsuboshi Belting Co Ltd		562
	3,416,897		Mitsui & Co Ltd		52,959
	966,354	e	Mitsui Engineering & Shipbuilding Co Ltd		1,501
	158,000	e	Mitsui Matsushima Co Ltd		289
	31,600		Miura Co Ltd		890
	3,582,274		MMC Corp BHD		3,129
	1,438,298		Monadelphous Group Ltd		29,574
	216,494	*	Moog, Inc (Class A)		9,511
	761,443	e	Morgan Crucible Co plc		3,107
	70,662		Morgan Sindall plc		651
	130,000	e	Mori Seiki Co Ltd		1,155
	180,423	e	Mota Engil SGPS S.A.		241
	121,474		MSC Industrial Direct Co (Class A)		8,691
	81,460		MTU Aero Engines Holding AG.		5,201
	397,466		Mudajaya Group BHD		274
	6,515	e	Muehlbauer Holding AG. & Co KGaA		185
	189,109		Mueller Industries, Inc		7,266
	662,849	e	Mueller Water Products, Inc (Class A)		1,617
	591,400		Muhibbah Engineering M BHD		210
	673,510	*	Murray & Roberts Holdings Ltd		2,136
	92,020	*,e	MYR Group, Inc		1,761
	353,110	e	Nabtesco Corp		6,423
	32,771		Nacco Industries, Inc (Class A)		2,924

29

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	325,332	e	Nachi-Fujikoshi Corp	$	1,435
	96,910		Nagarjuna Construction Co		61
	257,000		Nagase & Co Ltd		2,797
	42,300		Namura Shipbuilding Co Ltd		152
	18,527	e	National Presto Industries, Inc		1,734
	3,396		Nava Bharat Ventures Ltd		12
	431,063	*	Navistar International Corp		16,329
	8,259		NCC AB		145
	142,299	e	NCC AB (B Shares)		2,493
	102,441	*	NCI Building Systems, Inc		1,114
	13,200		NEC Capital Solutions Ltd		192
	24,700	e	NEC Networks & System Integration Corp		360
	454,351	e	Neo-Neon Holdings Ltd		75
	30,704	e	Nexans S.A.		1,586
	319,050		NGK Insulators Ltd		3,777
	175,533		Nibe Industrier AB (Series B)		2,588
	252,000		Nichias Corp		1,390
	8,000		Nichiden Corp		263
	74,200		Nichiha Corp		795
	61,070	e	Nidec Corp		5,302
	180,000		Nippo Corp		1,723
	463,000	e	Nippon Carbon Co Ltd		1,297
	79,000		Nippon Densetsu Kogyo Co Ltd		762
	80,000		Nippon Koei Co Ltd		288
	137,000		Nippon Road Co Ltd		391
	93,730	e	Nippon Sharyo Ltd		358
	645,356	e	Nippon Sheet Glass Co Ltd		1,203
	64,800	e	Nippon Signal Co Ltd		384
	65,000		Nippon Steel Trading Co Ltd		175
	247,000	e	Nippon Thompson Co Ltd		1,433
	432,000		Nishimatsu Construction Co Ltd		741
	18,000		Nishio Rent All Co Ltd		137
	192,000		Nisshinbo Industries, Inc		1,726
	63,000		Nissin Electric Co Ltd		352
	62,700		Nitta Corp		1,176
	323,000	e	Nitto Boseki Co Ltd		1,120
	64,400		Nitto Kogyo Corp		739
	13,973		Nitto Kohki Co Ltd		317
	24,460		NK Co Ltd		80
	31,000	e	NKT Holding AS		1,025
	65,337	*,e	NN, Inc		392
	5,958,459	e	Noble Group Ltd		5,177
	51,800	*,e	Nordex AG.		265
	279,385	e	Nordson Corp		11,505
	232,919		Noritake Co Ltd		695
	37,200		Noritz Corp		675
	25,326	*	NORMA Group		524
	742,556	e	Northrop Grumman Corp		43,425
	38,501	*,e	Northwest Pipe Co		880
	569,878		NRW Holdings Ltd		1,505
	641,482		NSK Ltd		4,143
	4,111,497		NTN Corp		16,492

30

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,813,803		NWS Holdings Ltd	$	2,667
	31,200		Obara Corp		353
	681,809		Obayashi Corp		3,032
	56,625		Obrascon Huarte Lain S.A.		1,412
	215,301	*	OC Oerlikon Corp AG.		1,148
	4,295	e	OHB AG.		63
	132,300	e	Oiles Corp		2,499
	187,641		Okuma Holdings, Inc		1,195
	221,000		Okumura Corp		906
	6,291	*,e	Omega Flex, Inc		89
	13,600		Onoken Co Ltd		110
	133,413		Orascom Construction Industries		4,476
	271,387	*	Orbital Sciences Corp		3,943
	102,000		Organo Corp		776
	128,510	*	Orion Marine Group, Inc		855
	95,529		Orkla ASA		711
	82,184		Ormat Industries		392
	101,700	e	OSG Corp		1,279
	243,891	*	Oshkosh Truck Corp		5,214
	916,000		Otto Marine Ltd		83
	108,166		Outotec Oyj		5,066
	317,095	*,e	Owens Corning, Inc		9,107
	1,335,611		Paccar, Inc		50,045
	17,261		Palfinger AG.		275
	437,354		Pall Corp		24,995
	5,631,000		Pan-United Corp Ltd		1,911
	1,319,062		Parker Hannifin Corp		100,577
	45,015		PBG S.A.		921
	221,257		Peab AB (Series B)		1,100
	268,092		Pentair, Inc		8,925
	418,500	e	Penta-Ocean Construction Co Ltd		1,279
	152,379	*,e	Perini Corp		1,880
	11,097		Pfeiffer Vacuum Technology AG.		969
	107,000		Phihong Technology Co Ltd		125
	76,336	*,e	Pike Electric Corp		549
	15,495	*,e	Pinguely-Haulotte		94
	479,452	*	Pipavav Shipyard Ltd		597
	36,311		Pkc Group Oyj		537
	4,743		Plasson		104
	71,657	*,e	PMFG, Inc		1,398
	1,408,764		Polimex Mostostal S.A.		675
	896,800		Polyplex PCL		424
	105,129	*,e	Polypore International, Inc		4,625
	13,910		Ponsse Oy		126
	49,400	*,e	Powell Industries, Inc		1,545
	16,050	*	Powercom Co Ltd		8
	79,764	*,e	PowerSecure International, Inc		395
	215,931		Praj Industries Ltd		304
	1,176,265		Precision Castparts Corp		193,836
	13,968	e	Preformed Line Products Co		833
	157,973	e	Primoris Services Corp		2,359
	155,600	*	Promotora y Operadora de Infraestructura SAB de C.V.		625

31

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,440,000		Prosperity International Holdings HK Ltd	$	199
	24,819		Prysmian S.p.A.		307
	5,941,000		PT AKR Corporindo Tbk		1,979
	78,355,500	*	PT Bakrie and Brothers Tbk		440
	564,500		PT Hexindo Adiperkasa Tbk		557
	6,269,000		PT Pembangunan Perumahan Tbk		335
	6,465,000		PT Surya Semesta Internusa Tbk		512
	3,627,116		PT United Tractors Tbk		10,524
	5,300,000		PT Wijaya Karya		356
	751,670		Punj Lloyd Ltd		559
	77,305	*,e	Pursuit Dynamics plc		80
	1,458,233		QinetiQ plc		2,990
	189,200		Quanex Building Products Corp		2,842
	806,531	*,e	Quanta Services, Inc		17,374
	3,656		R Stahl AG.		128
	197,562		Ramirent Oyj		1,400
	204,200		Randon Participacoes S.A.		933
	4,546		Rational AG.		986
	310,464	e	Raubex Group Ltd		513
	68,759		Raven Industries, Inc		4,256
	1,534,042	e	Raytheon Co		74,217
	83,335	*,e	RBC Bearings, Inc		3,475
	46,350		Rechi Precision Co Ltd		36
	105,714	e	Regal-Beloit Corp		5,388
	351,114		Reunert Ltd		2,737
	397,603		Rheinmetall AG.		17,608
	281,537		Rich Development Co Ltd		96
	3,762	*	Rieter Holding AG.		564
	164,523		Robbins & Myers, Inc		7,988
	467,602		Rockwell Automation, Inc		34,308
	906,790		Rockwell Collins, Inc		50,209
	10,181		Rockwool International AS (B Shares)		815
	4,415,729		Rolls-Royce Group plc		51,126
	1,567,651		Roper Industries, Inc		136,181
	6,612		Rosenbauer International AG.		309
	331,000		Rotary Engineering Ltd		146
	119,747		Rotork plc		3,585
	262,392	*,e	RSC Holdings, Inc		4,854
	121,917	*,e	Rush Enterprises, Inc (Class A)		2,551
	152,133	e	Russel Metals, Inc		3,348
	330,000	e	Ryobi Ltd		1,205
	18,470		S&T Holdings Co Ltd		202
	149,574		Saab AB (Class B)		3,088
	170,356	e	Sacyr Vallehermoso S.A.		869
	764,885		Safran S.A.		22,875
	32,013	e	Saft Groupe S.A.		903
	409,950		Salfacorp S.A.		1,026
	195,611		Samsung Corp		11,580
	50,285		Samsung Engineering Co Ltd		8,805
	321,436		Samsung Heavy Industries Co Ltd		7,809
	47,734		Samsung Techwin Co Ltd		2,209
	273,000		San Shing Fastech Corp		378

32

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,269,496	e	Sandvik AB	$	27,746
	70,000		Sanki Engineering Co Ltd		365
	331,000	*	Sankyo-Tateyama Holdings, Inc		484
	303,000		Sanwa Shutter Corp		904
	1,629,000	e	Sany Heavy Equipment International		1,323
	91,000		Sanyo Denki Co Ltd		463
	239,000		Sasebo Heavy Industries Co Ltd		387
	334,921	*,e	SatCon Technology Corp		201
	88,119	*	Sauer-Danfoss, Inc		3,191
	96,149	e	Scania AB (B Shares)		1,419
	20,826		Schindler Holding AG.		2,421
	5,678		Schindler Holding AG. (Reg)		658
	415,465		Schneider Electric S.A.		21,721
	29,163		Schouw & Co		470
	1,123		Schweiter Technologies AG.		602
	1,725	*	Seaboard Corp		3,512
	53,059		SeaCube Container Leasing Ltd		786
	21,000		SEC Carbon Ltd		72
	231,503		Sedgman Ltd		434
	122,000		Seika Corp		324
	112,000		Sekisui Jushi Corp		1,129
	2,255,248		SembCorp Industries Ltd		7,034
	1,582,273	e	SembCorp Marine Ltd		4,650
	12,088		Semperit AG. Holding		465
	976,247		Senior plc		2,588
	69,881	*,e	Sensata Technologies Holding BV		1,836
	8,477		Seoul Marine Co Ltd		66
	129,160		Severfield-Rowen plc		333
	50,220		Sewon Cellontech Co Ltd		148
	71,709	*,e	SGL Carbon AG.		3,530
	385,308	*	SGSB Group Co Ltd		149
	144,200	*	Shanghai Automation Instrumentation Co Ltd		69
	576,400		Shanghai Diesel Engine Co Ltd		406
	10,764,000	e	Shanghai Electric Group Co Ltd		4,964
	746,600	*	Shanghai Erfangji Co Ltd		248
	347,800	*	Shanghai Highly Group Co Ltd		168
	799,400		Shanghai Industrial Holdings Ltd		2,211
	218,200	*	Shanghai Lingyun Industries Development Co Ltd		83
	131,800	*	Shanghai Material Trading Co Ltd		67
	426,020		Shanghai Mechanical and Electrical Industry Co Ltd		396
	1,414,000		Shanghai Prime Machinery Co Ltd		216
			Shanghai Waigaoqiao Free Trade Zone Development Co
	501,900		Ltd		292
	197,425	*	Shaw Group, Inc		5,311
	220,823		ShenMao Technology, Inc		242
	645,000		Shihlin Electric & Engineering Corp		681
	474,984		Shikun & Binui Ltd		780
	32,800	e	Shima Seiki Manufacturing Ltd		557
	286,933	e	Shimizu Corp		1,206
	184,000		Shin Zu Shing Co Ltd		355
	124,000	e	Shinko Electric Co Ltd		252
	24,000		Shin-Kobe Electric Machinery Co Ltd		531

33

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	338,590		Shinmaywa Industries Ltd	$	1,354
	65,000		Shinsho Corp		152
	21,400	e	SHO-BOND Holdings Co Ltd		470
	903,722		Siemens AG.		86,464
	70,205		Siemens India Ltd		848
	817,853		SIG plc		1,064
	516,950		Silitech Technology Corp		1,170
	5,078,371		Sime Darby BHD		14,733
	171,416		Simpson Manufacturing Co, Inc		5,770
	5,778,000		Singamas Container Holdings Ltd		1,088
	594,416		Singapore Technologies Engineering Ltd		1,233
	51,729	*	Singulus Technologies		136
	1,965,100		Sino Thai Engineering & Construction PCL		765
	508,001		Sintex Industries Ltd		602
	103,200		Sintokogio Ltd		905
	53,293		SK Corp		5,602
	295,540		SK Networks Co Ltd		2,596
	574,742		Skanska AB (B Shares)		9,486
	1,695,327	e	SKF AB (B Shares)		35,738
	6,197		SKF India Ltd		68
	303,161		SM Investments Corp		4,035
	45,577	e	SMC Corp		7,333
	3,213,448		Smiths Group plc		45,605
	157,244		Snap-On, Inc		7,960
	246,298		SNC-Lavalin Group, Inc		12,349
	438,016		SOCAM Development Ltd		403
	57,400	e	Sodick Co Ltd		280
	5,481,186	e	Sojitz Holdings Corp		8,466
	6,876		Solar Holdings AS (B Shares)		275
	58,976	e	Solaria Energia y Medio Ambiente S.A.		73
	1,107,389	e	Sonae SPGS S.A.		656
	753,938		Speedy Hire plc		233
	105,776	e	Spirax-Sarco Engineering plc		3,076
	468,424	*,e	Spirit Aerosystems Holdings, Inc (Class A)		9,734
	422,607	e	SPX Corp		25,471
	19,891		SRV Group plc		103
	25,990	*	Ssangyong Engineering & Construction Co Ltd		155
	64,153	e	Standex International Corp		2,192
	816,802		Stanley Works		55,216
	76,723		Stefanutti Stocks Holdings Ltd		101
	98,462	*	Sterling Construction Co, Inc		1,060
	76,289	e	Strabag SE		2,179
	32,049		STX Corp Co Ltd		323
	13,890		Stx Engine Co Ltd		164
	6,290		STX Enpaco Co Ltd		31
	554,000		STX OSV Holdings Ltd		495
	58,750		STX Shipbuilding Co Ltd		573
	4,375		Sulzer AG.		466
	132,000		Sumikin Bussan Corp		334
	2,336,668	e	Sumitomo Corp		31,585
	1,014,153		Sumitomo Electric Industries Ltd		10,980
	1,492,628		Sumitomo Heavy Industries Ltd		8,711

34

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	129,000		Sumitomo Precision Products Co Ltd	$	792
	81,635	e	Sun Hydraulics Corp		1,913
	28,990	*	Sung Jin Geotec Co Ltd		271
	13,371		Sung Kwang Bend Co Ltd		221
	530,000		Sunonwealth Electric Machine Industry Co Ltd		462
	148,000		Sunspring Metal Corp		141
	145,668	e	Superior Plus Corp		822
	828,148	*	Suzlon Energy Ltd		280
	329,000	*,e	SWCC Showa Holdings Co Ltd		298
	366,287	e	Swisslog Holding AG.		269
	1,350,370		Ta Ya Electric Wire & Cable		341
	143,000	e	Tadano Ltd		904
	10,658	*	Taewoong Co Ltd		254
	183,980		Taeyoung Engineering & Construction		880
	88,130	*	Taihan Electric Wire Co Ltd		227
	40,000		Taihei Dengyo Kaisha Ltd		309
	69,000		Taihei Kogyo Co Ltd		367
	103,100	e	Taikisha Ltd		2,199
	782,966		Taisei Corp		1,985
	1,247,468		Taiwan Glass Industrial Corp		1,284
	101,000	e	Takaoka Electric Manufacturing Co Ltd		217
	135,929		Takara Standard Co Ltd		1,027
	77,400	e	Takasago Thermal Engineering Co Ltd		660
	90,000	*,e	Takuma Co Ltd		370
	78,884	e	TAL International Group, Inc		2,271
	212,020	*	Taser International, Inc		1,086
	2,552,315		Tat Hong Holdings Ltd		1,735
	51,000		Tatsuta Electric Wire and Cable Co Ltd		216
	5,464,833		Teco Electric and Machinery Co Ltd		3,218
	79,241	*	Tecumseh Products Co (Class A)		372
	310,111	*	Teledyne Technologies, Inc		17,010
	97,159		Tennant Co		3,777
	292,529	*,e	Terex Corp		3,952
	42,057	e	Textainer Group Holdings Ltd		1,225
	4,361,484	e	Textron, Inc		80,644
	12,798	e	Thales S.A.		403
	13,507		Thermax Ltd		100
	40,137	*,e	Thermon Group Holdings		707
	139,893	e	THK Co Ltd		2,756
	284,985	*	Thomas & Betts Corp		15,560
	1,360,000	*	Tianjin Development Hldgs		700
	330,340		Timken Co		12,787
	162,697	e	Titan International, Inc		3,166
	56,501	*,e	Titan Machinery, Inc		1,228
	22,703	*	TK Corp		470
	384,000		Toa Corp/Tokyo		647
	17,900		Tocalo Co Ltd		378
	360,000		Toda Corp		1,311
	49,000		Toenec Corp		265
	50,000		Tokai Corp		248
	50,000		Tokyo Energy & Systems, Inc		259
	155,540		Tokyu Construction Co Ltd		375

35

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	52,920		Tong-Tai Machine & Tool Co Ltd	$	42
	147,625	*	Topco Technologies Corp		293
	23,000		Torishima Pump Manufacturing Co Ltd		294
	142,501		Toro Co		8,644
	112,942	e	Toromont Industries Ltd		2,364
	371,964	e	Toshiba Machine Co Ltd		1,873
	54,000	e	Toshiba Plant Systems & Services Corp		546
	59,000		Totetsu Kogyo Co Ltd		508
	147,297		Toto Ltd		1,137
	1,024,000		Tower Bersama Infrastructure		268
	380,000	e	Toyo Construction Co Ltd		345
	93,000	e	Toyo Electric Manufacturing Co Ltd		359
	548,957		Toyo Engineering Corp		1,960
	13,800	e	Toyo Tanso Co Ltd		566
	551,501		Toyota Tsusho Corp		9,721
	777,000		Tradewinds Corp BHD		184
	9,926	*	Trakcja-Tiltra S.A.		2
	62,000		Trakya Cam Sanayi AS		80
	167,860	*	TransDigm Group, Inc		16,061
	355,860	e	Travis Perkins plc		4,392
	481,743		Trelleborg AB (B Shares)		4,163
	39,981	e	Trevi Finanziaria S.p.A.		254
	63,920	*,e	Trex Co, Inc		1,464
	182,818	*,e	Trimas Corp		3,282
	302,823	e	Trinity Industries, Inc		9,103
	172,296		Triumph Group, Inc		10,071
	37,100		Trusco Nakayama Corp		675
	231,000		Tsubakimoto Chain Co		1,191
	70,000	e	Tsugami Corp		485
	32,000		Tsukishima Kikai Co Ltd		262
	692,000	e	Tuan Sing Holdings Ltd		139
	43,404	e	Twin Disc, Inc		1,576
	5,768,697		Tyco International Ltd		269,456
	91,686		Ultra Electronics Holdings		2,103
	30,100		Union Tool Co		520
	256,000		United Engineers Ltd		371
	570,484	e	United Group Ltd		6,933
	471,000		United Integrated Services Co Ltd		397
	568,719	*,e	United Rentals, Inc		16,806
	2,494,623		United Technologies Corp		182,332
	76,062		Universal Forest Products, Inc		2,348
	75,257	e	Uponor Oyj		668
	561,393	*	URS Corp		19,717
	357,519	*,e	USG Corp		3,632
	1,440,685		Ushio, Inc		20,707
	10,592		Uster Technologies AG.		463
	9,104,000	*	UURG Corp Ltd		198
	12,323	e	Vacon plc		491
	272,722	*,e	Valence Technology, Inc		267
	485,497	e	Vallourec		31,362
	64,952	e	Valmont Industries, Inc		5,897
	24,608	*,e	Vestas Wind Systems AS		265

36

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	84,496		Vicor Corp	$	673
	623,049	e	Vinci S.A.		27,121
	3,080,000	*	Vitar International Holdings Ltd		360
	62,886	e	Volex plc		255
	136,975		Voltas Ltd		189
	1,597,543		Volvo AB (B Shares)		17,404
	91,793	*,e	Von Roll Holding AG.		249
	11,041	e	Vossloh AG.		1,057
	181,849	e	W.W. Grainger, Inc		34,040
	256,617	*	Wabash National Corp		2,012
	448,176	*	WABCO Holdings, Inc		19,451
	35,785	e	Wacker Construction Equipment AG.		441
	280,300		Wafangdian Bearing Co Ltd		181
	36,138		Wajax Income Fund		1,368
	4,293,150		Walsin Lihwa Corp		1,235
	1,409		Walter Meier AG.		310
	199,124	e	Wartsila Oyj (B Shares)		5,727
	110,159	e	Watsco, Inc		7,233
	138,225	e	Watts Water Technologies, Inc (Class A)		4,729
	63,631	*	Wavin NV		781
	124,000		Ways Technical Corp Ltd		383
	1,238,000		WCT Berhad		929
	248,880		Wei Mon Industry Co Ltd		137
	652,000	e	Weichai Power Co Ltd		3,198
	161,634	e	Weir Group plc		5,102
	128,520		Well Shin Technology Co Ltd		141
	90,050		Wendel		5,978
	122,452	*,e	WESCO International, Inc		6,491
	306,996	e	Westinghouse Air Brake Technologies Corp		21,474
	54,805	*,e	Westport Innovations, Inc		1,817
	4,323,646	e	Wienerberger AG.		38,918
	169,568		Wilson Bayly Holmes-Ovcon Ltd		2,208
	5,692,752		Wolseley plc		188,290
	265,202		Woodward Governor Co		10,855
	26,127		Wooree ETI Co Ltd		103
	43,721	*,e	Xerium Technologies, Inc		286
	507,006	e	Xylem, Inc		13,025
	36,000		Yahagi Construction Co Ltd		178
	140,200		Yamazen Corp		1,025
	9,637,370	e	Yangzijiang Shipbuilding		6,745
	89,689		Yazicilar Holding AS.		472
	174,018	e	YIT Oyj		2,778
	43,000		Yokogawa Bridge Holdings Corp		282
	25,935		Young Poong Precision Corp		217
	473,000		Yuasa Trading Co Ltd		694
	548,000		Yungtay Engineering Co Ltd		824
	53,000		Yurtec Corp		264
	12,100		Yushin Precision Equipment Co Ltd		226
	70,340	e	Zardoya Otis S.A.		962
	12,160		Zehnder Group AG.		664
	2,054,000	e	Zhuzhou CSR Times Electric Co Ltd		4,484
	77,182		Zodiac S.A.		6,520
	39,309		Zumtobel AG.		544
			TOTAL CAPITAL GOODS		8,133,787

37

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
COMMERCIAL & PROFESSIONAL SERVICES - 0.9%
	34,070		Aangpanneforeningen AB (B Shares)	$	549
	270,049		ABM Industries, Inc		5,568
	274,778	*	Acacia Research (Acacia Technologies)		10,032
	238,124	*,e	ACCO Brands Corp		2,298
	29,793		Adcorp Holdings Ltd		94
	1,694,248	e	Adecco S.A.		70,609
	140,371		Administaff, Inc		3,558
	93,261	*	Advisory Board Co		6,921
	22,200		Aeon Delight Co Ltd		448
	704,178	e	Aggreko plc		22,034
	11,421		Akka Technologies S.A.		239
	84,025		American Banknote S.A.		982
	80,428	e	American Ecology Corp		1,510
	143,101	*	American Reprographics Co		657
	73,374	e	Asahi Holdings, Inc		1,453
	16,650,000	*,e	Asia Energy Logistics Group Ltd		257
	26,952		Assystem		413
	43,754	*,e	AT Cross Co		494
	240,440	e	Atkins WS plc		2,313
	181,226	e	Avery Dennison Corp		5,198
	418,256		Babcock International Group		4,772
	45,742	e	Barrett Business Services, Inc		913
	17,670	e	Bertrandt AG.		1,157
	159,150	e	BFI Canada Ltd		3,113
	87,699		Blue Label Telecoms Ltd		62
	1,625,154		Brambles Ltd		11,866
	227,548		Brink’s Co		6,116
	13,466		Brunel International		396
	7,002	e	Bureau Veritas S.A.		509
	12,237		BWT AG.		207
	145,427	e	Cabcharge Australia Ltd		664
	89,442		Campbell Brothers Ltd		4,479
	396,786	e	Cape plc		2,020
	91,890	e	Capita Group plc		896
	143,895	*,e	Casella Waste Systems, Inc (Class A)		921
	213,592	*,e	CBIZ, Inc		1,305
	49,819		CDI Corp		688
	241,584	*,e	Cenveo, Inc		821
	13,599		Cewe Color Holding AG.		552
	3,933,000	e	China Everbright International Ltd		1,417
	311,229		Cintas Corp		10,834
	222,831	*	Clean Harbors, Inc		14,201
	2,271	e	Compx International, Inc		33
	51,774	*	Consolidated Graphics, Inc		2,500
	59,800		Contax Participacoes S.A.		670
	338,645	*,e	Coolbrands International, Inc		1,267
	214,387	*	Copart, Inc		10,267

38

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	194,856		Corporate Executive Board Co	$	7,424
	373,422	*	Corrections Corp of America		7,607
	99,653	*,e	CoStar Group, Inc		6,650
	44,974	e	Courier Corp		528
	323,425		Covanta Holding Corp		4,428
	43,347	*	CRA International, Inc		860
	473,102	e	Dai Nippon Printing Co Ltd		4,542
	46,000		Daiseki Co Ltd		747
	374,076	e	Davis Service Group plc		2,521
	132,236		De La Rue plc		1,829
	201,745	e	Deluxe Corp		4,592
	114,315	*,e	Derichebourg		344
	135,398	*	Dolan Media Co		1,154
	583,782	*	Downer EDI Ltd		1,906
	245,392		Dun & Bradstreet Corp		18,362
	55,698		Duskin Co Ltd		1,095
	2,775,000	*	Eastern Media International Corp		364
	4,439,272	e	Edenred		108,894
	66,398	*,e	Encore Capital Group, Inc		1,412
	501,653	*,e	EnergySolutions, Inc		1,550
	86,699	*,e	EnerNOC, Inc		942
	150		en-japan, Inc		152
	140,679	e	Ennis, Inc		1,875
	342,414		Equifax, Inc		13,265
	1,139,306		Experian Group Ltd		15,486
	80,624	*,e	Exponent, Inc		3,706
	18,430	*	Fiera Milano S.p.A.		85
	1,158,000	*	Fook Woo Group Holdings Ltd		204
	55,352	*,e	Franklin Covey Co		469
	185,629	*,e	FTI Consulting, Inc		7,874
	103,700	*,e	Fuel Tech, Inc		682
	15,463,000	*	Fung Choi Media Group Ltd		1,184
	102,044	e	G & K Services, Inc (Class A)		2,971
	33,485	*	Gategroup Holding AG.		807
	30,400	e	Genivar Income Fund		785
	275,459	*	Geo Group, Inc		4,614
	9,568		GL Events		172
	70,408	*	GP Strategies Corp		949
	431,151	e	Group 4 Securicor plc		1,820
	3,716		Groupe CRIT		55
	60,817	e	Gunnebo AB		211
	1,857,256		Hays plc		1,845
	260,037		Healthcare Services Group		4,600
	110,564	e	Heidrick & Struggles International, Inc		2,382
	19,150	*,e	Heritage-Crystal Clean, Inc		317
	224,202		Herman Miller, Inc		4,137
	127,243	*	Hill International, Inc		654
	181,576	e	HNI Corp		4,739
	1,977,195	e	Homeserve plc		8,808
	127,325	*,e	Hudson Highland Group, Inc		610
	101,538	*,e	Huron Consulting Group, Inc		3,934
	124,451	*	ICF International, Inc		3,084

39

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	587,017	*	ICO Global Communications Holdings Ltd		$	1,503
	140,956	*	IHS, Inc (Class A)			12,145
	102,259	*,e	Innerworkings, Inc			952
	206,191		Interface, Inc (Class A)			2,379
	36,748		Intersections, Inc			408
	160,168	e	Intertek Group plc			5,058
	195,139		Intrum Justitia AB			3,048
	115,034	*	Ipek Matbacilik Sanayi Ve Ticaret AS			133
	484,816		Iron Mountain, Inc			14,932
	317,171	e	ITE Group plc			1,005
	76,426	*	KAR Auction Services, Inc			1,032
	126,428		Kelly Services, Inc (Class A)			1,730
	24,370		KEPCO Plant Service & Engineering Co Ltd			874
	157,110	*,e	Kforce, Inc			1,937
	620,800		K-Green Trust			433
	149,731	e	Kimball International, Inc (Class B)			759
	228,253	e	Knoll, Inc			3,390
	107,500		Kokuyo Co Ltd			758
	244,820	*,e	Korn/Ferry International			4,177
	158,000		Kyodo Printing Co Ltd			369
	424,000		L&K Engineering Co Ltd			372
	52,749		Lassila & Tikanoja Oyj			784
	149,426		Loomis AB			2,147
	224,592		Manpower, Inc			8,029
	38,762		Matsuda Sangyo Co Ltd			592
	95,484	e	McGrath RentCorp			2,768
	107,364		McMillan Shakespeare Ltd			942
	181,250		Mears Group plc			619
	41,900	e	Meitec Corp			808
	157,979	*,e	Metalico, Inc			520
	391,101		Michael Page International plc			2,119
	107,345		Mine Safety Appliances Co			3,555
	1,314,326		Mineral Resources Ltd			14,789
	88,113	*,e	Mistras Group, Inc			2,246
	931,656	e	Mitie Group			3,513
	36,672		Mitsubishi Pencil Co Ltd			661
	6,900		Mitsubishi Research Institute, Inc			126
	143,624	*,e	Mobile Mini, Inc			2,506
	62,460	e	Morneau Sobeco Income Fund	��		640
	125,600		Moshi Moshi Hotline, Inc			1,183
	48,003	e	Multi-Color Corp			1,235
	31,600		Multiplus S.A.			546
	221,484	*,e	Navigant Consulting, Inc			2,527
	89,313		Newalta, Inc			1,088
	373,953	*,e	Nielsen Holdings NV			11,103
	30		Nihon M&A Center, Inc			157
	10,100		Nippon Kanzai Co Ltd			183
	40,460	e	Nissha Printing Co Ltd			500
	33,581		NL Industries, Inc			436
	277,571	*,e	Odyssey Marine Exploration, Inc			761
	139,000		Okamura Corp			947
	174,621	*	On Assignment, Inc			1,952

40

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	22,768		Oyo Corp	$	263
	521,300	e	Park24 Co Ltd		6,895
	340		Pasona Group, Inc		329
	176	e	Pilot Corp		342
	503,912	e	Pitney Bowes, Inc		9,343
	122,372		PMP Ltd		61
	114,136	*,e	Portfolio Recovery Associates, Inc		7,706
	49,138	e	Poyry Oyj		344
	120,109		Proffice AB		374
	257,200	e	Programmed Maintenance Services Ltd		582
	87,300		PRONEXUS, Inc		437
	44,000	e	Prosegur Cia de Seguridad S.A.		1,917
	116,857	e	Quad		1,676
	536,366	e	R.R. Donnelley & Sons Co		7,740
	118,183		Randstad Holdings NV		3,477
	899,543		Regus plc		1,179
	2,530,719	*,e	Rentokil Initial plc		2,462
	1,549,030		Republic Services, Inc		42,675
	199,682	e	Resources Connection, Inc		2,115
	96,606	e	Ritchie Bros Auctioneers, Inc		2,124
	404,775	e	Robert Half International, Inc		11,520
	246,497		Rollins, Inc		5,477
	299,815	e	RPS Group plc		836
	37,507	*,e	RPX Corp		474
	24,138		S1 Corp (Korea)		1,214
	357,907		SAI Global Ltd (New)		1,648
	168,522	e	Salmat Ltd		414
	24,952		Sato Corp		309
	50,555	e	Schawk, Inc (Class A)		567
	75,611	*,e	School Specialty, Inc		189
	7,990		Seche Environnement S.A.		296
	246,978		Secom Co Ltd		11,357
	38,874		Securitas AB (B Shares)		334
	438,806	e	Seek Ltd		2,544
	308,666	e	Serco Group plc		2,271
	1,809		SGS S.A.		2,984
	549,263		Shanks Group plc		772
	31,800	*	Shenzhen Dongjiang Environmental Co Ltd		101
	275,198		Skilled Group Ltd		466
	63,590		Societe BIC S.A.		5,626
	280,500		Sohgo Security Services Co Ltd		2,957
	169,844		Sporton International, Inc		344
	542,995		Spotless Group Ltd		1,317
	92,421	*,e	Standard Parking Corp		1,652
	81,562	*	Stantec, Inc		2,207
	342,302		Steelcase, Inc (Class A)		2,554
	362,402	*	Stericycle, Inc		28,238
	134,838	e	Sthree plc		474
	180,274	*	SYKES Enterprises, Inc		2,823
	207,000		Taiwan Secom Co Ltd		372
	4,905,530		Taiwan-Sogo Shinkong Security Corp		4,373
	75,090	*	Team, Inc		2,234

41

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	69,969		Teleperformance	$	1,554
	33,400	e	Temp Holdings Co Ltd		301
	325,119	*,e	Tetra Tech, Inc		7,019
	486,000		Tianjin Capital Environmental Protection Group Co Ltd		124
	50,691	*,e	TMS International Corp		501
	10,400		Tokyu Community Corp		324
	207,664		Tomra Systems ASA		1,388
	100,300		Toppan Forms Co Ltd		762
	440,944	e	Toppan Printing Co Ltd		3,237
	362,519		Towers Watson & Co		21,725
	134,430	e	Transcontinental, Inc		1,664
	629,877	e	Transfield Services Ltd		1,395
	2,398,947	*	Transpacific Industries Group Ltd		2,004
	80,158	*,e	TRC Cos, Inc		482
	282,952	*,e	TrueBlue, Inc		3,927
	67,000		Uchida Yoko Co Ltd		183
	68,338	e	Unifirst Corp		3,877
	205,450		United Stationers, Inc		6,689
	83,406		USG People NV		688
	661,292	*	Verisk Analytics, Inc		26,537
	105,309	e	Viad Corp		1,841
	28,787	e	VSE Corp		699
	584,740	e	Waste Connections, Inc		19,378
	1,302,686		Waste Management, Inc		42,611
	69,488	*,e	WCA Waste Corp		452
	7,100	e	Weathernews, Inc		195
	420,000		WHK Group Ltd		354
	82,517	e	WSP Group plc		263
	167,816		Yem Chio Co Ltd		127
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		957,162
CONSUMER DURABLES & APPAREL - 1.9%
	1,492,000	e	361 Degrees International Ltd		591
	8,672		Accell Group		158
	236,351		Adidas-Salomon AG.		15,356
	86,000		Advanced International Multitech Co Ltd		82
	42,342		Aksa Akrilik Kimya Sanayii		99
	2,299,795		Alok Industries Ltd		778
	58,100		Alpine Electronics, Inc		623
	596,826		Altek Corp		474
	21,085		Altinyildiz Mensucat ve Konfeksiyon Fabrikalari AS.		250
	197,721		Amer Sports Oyj (A Shares)		2,298
	184,285	e	American Greetings Corp (Class A)		2,305
	1,251,000	e	Anta Sports Products Ltd		1,480
	174,714		Arab Cotton Ginning		61
	291,426		Arcelik AS		939
	59,271	*,e	Arctic Cat, Inc		1,337
	43,600		Arezzo Industria e Comercio S.A.		542
	54,600		Arnest One Corp		558
	52,500	e	Aruze Corp		1,440
	719,520	*	Arvind Ltd		903
	238,611	*	Ascena Retail Group, Inc		7,092

42

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	135,000	*	Asia Optical Co, Inc	$	106
	108,851		Asics Corp		1,224
	216,000		Atsugi Co Ltd		258
	138,095		Avgol Industries 1953 Ltd		103
	45,150		AVY Precision Technology, Inc		77
	50,191	*	Bang & Olufsen AS (B Shares)		471
	1,336,099	*	Barratt Developments plc		1,921
	9,040		Basic House Co Ltd		134
	72,290		Bata India Ltd		721
	307,934	*,e	Beazer Homes USA, Inc		764
	2,722,000	*	Beijing Properties Holdings Ltd		157
	150,320		Bellway plc		1,663
	44,433	e	Beneteau S.A.		464
	74,403	e	Benetton Group S.p.A.		284
	190,550	*	Berkeley Group Holdings plc		3,775
	272,227	e	Billabong International Ltd	��	493
	25,660		Bjoern Borg AB		131
	28,187		Blyth, Inc		1,601
	57,989		Bombay Dyeing & Manufacturing Co Ltd		377
	45,692		Bombay Rayon Fashions Ltd		233
	10,370,000		Bosideng International Holdings Ltd		2,928
	307,752	e	Bovis Homes Group plc		2,100
	295,762		Brookfield Incorporacoes S.A.		785
	404,043		Brunswick Corp		7,297
	1,332,402	e	Burberry Group plc		24,500
	65,932	e	BWG Homes ASA		105
	137,853	*	C Mahendra Exports Ltd		345
	252,856	e	Callaway Golf Co		1,398
	77,800		Camargo Correa Desenvolvimento Imobiliario S.A.		168
	197,272	*,e	Carter’s, Inc		7,853
	172,431	e	Casio Computer Co Ltd		1,043
	27,509	*,e	Cavco Industries, Inc		1,102
	38,765	e	Cherokee, Inc		452
	7,034,000		Chigo Holding Ltd		170
	4,397,400	e	China Dongxiang Group Co		746
	380,816	*	China Great Star International Ltd		569
	3,848,000		China Haidian Holdings Ltd		376
	836,000	e	China Lilang Ltd		728
	22,600		Chofu Seisakusho Co Ltd		572
	104,265		Christian Dior S.A.		12,307
	165,000	*,e	Clarion Co Ltd		293
	46,248	*,e	Clarus Corp		345
	28,500		Cleanup Corp		178
	1,821,474		Coach, Inc		111,182
	49,743	e	Columbia Sportswear Co		2,316
	1,096,273		Compagnie Financiere Richemont S.A.		55,145
	1,134,700	e	Consorcio ARA, S.A. de C.V.		317
	9,548,000	*	Coolpoint Energy Ltd		126
	12,000		Corona Corp		189
	543,600	*,e	Corp GEO S.A. de C.V. (Series B)		676
	332,000		Costin New Materials Group		169
	444,621	*,e	CROCS, Inc		6,567

43

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	48,632		CSS Industries, Inc	$	969
	394,681		Cyrela Brazil Realty S.A.		3,140
	30,200		Daidoh Ltd		271
	355,572	*	Deckers Outdoor Corp		26,871
	7,972,000	*	Dejin Resources Group Co Ltd		68
	156,250		De’Longhi S.p.A.		1,376
	37,737	*,e	Delta Apparel, Inc		720
	267,200	*,e	Desarrolladora Homex S.A. de C.V.		747
	54,590		Descente Ltd		287
	32,991		Dorel Industries, Inc (Class B)		827
	2,330,914	e	DR Horton, Inc		29,393
	45,542		Duni AB		357
	1,212,441	*,e	Eastman Kodak Co		787
	48,760		Eclat Textile Co Ltd		74
	11,270	*	Elco Holdings Ltd		55
	180,528	e	Electrolux AB (Series B)		2,868
	248,000		Embry Holdings Ltd		124
	103,585	e	Ethan Allen Interiors, Inc		2,456
	368,200		Even Construtora e Incorporadora S.A.		1,220
	434,000		Evergreen International Holdin		98
	207,000		Ez Tec Empreendimentos e Participacoes S.A.		1,752
	201,000		Feng TAY Enterprise Co Ltd		174
	138		Fields Corp		212
	6,646		Fila Korea Ltd		449
	751,899	*	Fisher & Paykel Appliances Holdings Ltd		211
	55,300		Fiyta Holdings Ltd		69
	2,056		Forbo Holding AG.		1,076
	742,220		Formosa Taffeta Co Ltd		687
	45,860		Forus S.A.		122
	405,146	*	Fossil, Inc		32,152
	21,291		Foster Electric Co Ltd		304
	175,000		France Bed Holdings Co Ltd		300
	80,000	e	Fujitsu General Ltd		456
	25,100	e	Funai Electric Co Ltd		600
	167,295	*	Furniture Brands International, Inc		206
	821,700		Gafisa S.A.		1,815
	497,694	e	Garmin Ltd		19,813
	22,408		Genius Electronic Optical Co Ltd		153
	113,353	e	Geox S.p.A.		317
	70,008		Gerry Weber International AG.		2,131
	328,149		Giant Manufacturing Co Ltd		1,267
	63,063	*,e	G-III Apparel Group Ltd		1,571
	90,513	e	Gildan Activewear, Inc		1,702
	233,782		Gitanjali Gems Ltd		1,327
	710,637		Glorious Sun Enterprises Ltd		218
	470,000		Goodbaby International Holding		128
	144,400		Grendene S.A.		595
	91,431	e	GUD Holdings Ltd		659
	1,562,000		Gunze Ltd		4,555
	962,000	*	Haier Electronics Group Co Ltd		858
	8,300		Hajime Construction Co Ltd		170
	16,140		Handsome Co Ltd		417

44

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	512,684	*	Hanesbrands, Inc	$	11,207
	60,559		Hansae Co Ltd		373
	30,580		Hanssem Co Ltd		541
	466,751		Harman International Industries, Inc		17,755
	197,165	e	Hasbro, Inc		6,288
	1,873,500	*	Haseko Corp		1,239
	12,720		Hefei Meiling Co Ltd		5
	74,300		Heiwa Corp		1,282
	78,300		Helbor Empreendimentos S.A.		869
	136,194	*	Helen of Troy Ltd		4,181
	348,000	*	Hisense Kelon Electrical Holdings Co Ltd		62
	442,083	*,e	Hovnanian Enterprises, Inc (Class A)		641
	329,278	e	Husqvarna AB (B Shares)		1,512
	11,066		IC Companys AS		197
	328,029	*	Iconix Brand Group, Inc		5,344
	47,239		Indesit Co S.p.A.		226
	274,300	*	Inpar S.A.		294
	806,000		International Taifeng Holdings Ltd		256
	96,897	*,e	iRobot Corp		2,892
	168,609	e	Jakks Pacific, Inc		2,379
	68,000		Japan Vilene Co Ltd		289
	99,000		Japan Wool Textile Co Ltd		736
	6,335,701	a	Jarden Corp		189,312
	87,382		JBF Industries Ltd		151
	203,699	*	Jinshan Development & Construction Co Ltd		75
	111,904	e	JM AB		1,815
	77,900		Johnson Health Tech Co Ltd		159
	18,337	*,e	Johnson Outdoors, Inc		281
	419,403		Jones Apparel Group, Inc		4,425
	239,200	*,e	JVC KENWOOD Holdings, Inc		823
	865,889	e	KB Home		5,819
	53,923	*,e	Kenneth Cole Productions, Inc (Class A)		571
	9,000		Kinko Optical Co Ltd		9
	563,500		Konka Group Co Ltd		126
	106,845	*,e	K-Swiss, Inc (Class A)		312
	432,000		Kurabo Industries Ltd		819
	591,000		Kwong Fong Industries		205
	1,555		Kyungbang Ltd		127
	329,160		LAN FA Textile		103
	247,871	*	La-Z-Boy, Inc		2,950
	588,000		Le Saunda Holdings		200
	90,400		Lealea Enterprise Co Ltd		29
	190,804	*,e	Leapfrog Enterprises, Inc		1,067
	609,652	e	Leggett & Platt, Inc		14,046
	441,796	e	Lennar Corp (Class A)		8,681
	170,677		LG Electronics, Inc		11,045
	22,070		LG Fashion Corp		775
	787,500	e	Li Ning Co Ltd		624
	829,500		Li Peng Enterprise Co Ltd		219
	71,373	*,e	Libbey, Inc		909
	42,623	e	Lifetime Brands, Inc		517
	419,675	*,e	Liz Claiborne, Inc		3,622

45

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	81,825	*,e	Lululemon Athletica, Inc	$	3,818
	553,600		Luthai Textile Co Ltd		435
	102,079		Luxottica Group S.p.A.		2,854
	286,639		LVMH Moet Hennessy Louis Vuitton S.A.		40,377
	73,940	*	M/I Homes, Inc		710
	98,074	*	Maidenform Brands, Inc		1,795
	8,907		Maisons France Confort		220
	343,000		Makalot Industrial Co Ltd		794
	537,600	e	Man Wah Holdings Ltd		322
	51,073		Marcolin S.p.A		209
	6,442	*,b	Mariella Burani S.p.A.		0	^
	47,808	*,e	Marine Products Corp		237
	8,300	e	Mars Engineering Corp		142
	1,882,488		Matsushita Electric Industrial Co Ltd		15,888
	1,049,189		Mattel, Inc		29,125
	147,317	e	MDC Holdings, Inc		2,597
	804,000		Meike International Holdings Ltd		73
	294,000		Meiloon Industrial Co		103
	465,000		Merida Industry Co Ltd		969
	138,314	*,e	Meritage Homes Corp		3,208
	114,000		Merry Electronics Co Ltd		126
	13,058,000	*	Ming Fung Jewellery Group Ltd		786
	65,000		Mitsui Home Co Ltd		332
	126,000		Mizuno Corp		648
	356,500		Modern Internasional Tbk		126
	203,517	*	Mohawk Industries, Inc		12,180
	69,474	e	Movado Group, Inc		1,262
	681,498		MRV Engenharia e Participacoes S.A.		3,909
	248,122		Namco Bandai Holdings, Inc		3,521
	62,918	e	New Wave Group AB (B Shares)		209
	2,571,359		Newell Rubbermaid, Inc		41,527
	100,318		Nexity		2,263
	21,300		Nidec Copal Corp		236
	635,250		Nien Hsing Textile Co Ltd		420
	1,534,010	e	Nike, Inc (Class B)		147,832
	354,935		Nikon Corp		7,866
	206,253	*,e	Nobia AB		732
	21,900	*	Noritsu Koki Co Ltd		99
	41,194	*	NVR, Inc		28,259
	18,840		Olympic Group Financial Investments		123
	595,531		Onward Kashiyama Co Ltd		4,362
	29,362		Oriental Weavers		147
	52,669	e	Oxford Industries, Inc		2,376
	836,870	e	Pace plc		934
	981,778		Pacific Textile Holdings Ltd		556
	211,000		PanaHome Corp		1,433
	745,934	e	Pandora AS		6,976
	3,480,626		PDG Realty S.A.		11,010
	402,000	*,m	Peace Mark Holdings Ltd		78
	1,569,000	e	Peak Sport Products Co Ltd		411
	15,000		Pegas Nonwovens S.A.		347
	60,079	*,e	Perry Ellis International, Inc		854

46

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	702,167		Persimmon plc	$	5,123
	393,170		Phillips-Van Heusen Corp		27,715
	363,100	*	Pioneer Corp		1,627
	10,424,857		Playmates Holdings Ltd		3,658
	577,451	e	Polaris Industries, Inc		32,327
	71,428	*	Poltrona Frau S.p.A.		81
	191,677	e	Pool Corp		5,769
	661,000	e	Ports Design Ltd		997
	2,687,230		Pou Chen Corp		2,204
	258,283	*,e	Prada S.p.A		1,162
	1,278,000		Prime Success International Group Ltd		1,420
	5,100,352	*,e	Pulte Homes, Inc		32,183
	625,103	*	Quiksilver, Inc		2,257
	267,001		Rajesh Exports Ltd		629
	260,027		Ralph Lauren Corp		35,905
	130,103		Raymond Ltd		759
	328,515	*,e	Redrow plc		578
	72,400	*	Restoque Comercio e Confeccoes de Roupas S.A.		1,060
	25,316	e	RG Barry Corp		306
	38,228		Rinnai Corp		2,737
	30,800		Rodobens Negocios Imobiliarios S.A.		184
	4,575	*	Rodriguez Group		18
	26,300		Roland Corp		238
	223,520		Rossi Residencial S.A.		959
	1,040,000		Royale Furniture Holdings Ltd		260
	626,962		Ruentex Industries Ltd		1,023
	177,930	e	Ryland Group, Inc		2,804
	540,834		S Kumars Nationwide Ltd		240
	6,482		Sabaf S.p.A.		94
	42,644	*	Safilo Group S.p.A.		268
	55,774	*,e	Salvatore Ferragamo Italia S.p.A		732
	269,000		Sampo Corp		74
	1,227,000		Samson Holding Ltd		142
	4,460,700	*	Samsonite International		6,979
	36,276		Sangetsu Co Ltd		933
	105,327		Sankyo Co Ltd		5,325
	144,000		Sanyo Electric Taiwan Co Ltd		132
	210,000	e	Sanyo Shokai Ltd		477
	322,007	*,e	Sealy Corp		554
	31,471		SEB S.A.		2,358
	788,938		Sega Sammy Holdings, Inc		17,044
	132,000		Seiko Holdings Corp		270
	1,507,430		Seiren Co Ltd		8,815
	2,417,054		Sekisui Chemical Co Ltd		19,911
	1,127,971		Sekisui House Ltd		10,024
	192,500	*	Shanghai Haixin Group Co		81
	1,832,160	e	Sharp Corp		15,971
	1,428,200	e	Shenzhou International Group Holdings Ltd		1,934
	56,604	e	Shimano, Inc		2,755
	221,000		Shinkong Textile Co Ltd		237
	360,000	*,f	Sitoy Group Holdings Ltd (purchased 11/30/11, cost $138)		137
	163,113	*,e	Skechers U.S.A., Inc (Class A)		1,977

47

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	35,800	*,e	Skullcandy, Inc	$	448
	33,185	e	Skyline Corp		144
	5,706,217	e	Skyworth Digital Holdings Ltd		1,990
	244,247	*,e	Smith & Wesson Holding Corp		1,065
	876,666		Socovesa S.A.		305
	34,341	*,e	SodaStream International Ltd		1,123
	1,297,484		Sony Corp		23,395
	29,424		SRF Ltd		132
	25,000		SRI Sports Ltd		272
	196,982	*	ST Dupont S.A.		99
	393,589	*,e	Standard-Pacific Corp		1,252
	314,000		Star Comgistic Capital Co Ltd		195
	1,432,913	*,e	Steinhoff International Holdings Ltd		4,072
	33,731	*	Steinway Musical Instruments, Inc		845
	882,000		Stella International Holdings Ltd		1,915
	210,902	*	Steven Madden Ltd		7,276
	109,435	e	Sturm Ruger & Co, Inc		3,662
	340,654	e	Sumitomo Forestry Co Ltd		3,019
	40,983	*	Summer Infant, Inc		289
	282,000		Sunny Optical Technology Group Co Ltd		68
	63,462		Swatch Group AG.		23,622
	252,146		Swatch Group AG. Reg		16,721
	121,000	*	Sxl		283
	97,000		Tainan Enterprises Co Ltd		113
	180,000		Taiwan Paiho Ltd		140
	20,400		Taiwan Sakura Corp		10
	114,893		Takamatsu Corp		1,820
	21,400		Tamron Co Ltd		516
	2,017,138	*	Tatung Co Ltd		506
	10,736,566	*,e	Taylor Woodrow plc		6,258
	792,000	*	TCL Multimedia Technology Holdings Ltd		252
	21,500	*	Technos S.A.		182
	2,228,117	e	Techtronic Industries Co		2,285
	203,600		Tecnisa S.A.		1,097
	772,754	*	Tempur-Pedic International, Inc		40,593
	43,305		Ten Cate NV		1,187
	830,000		Texhong Textile Group Ltd		194
	1,242,000	e	Texwinca Holdings Ltd		1,375
	106,700	*,e	Thomson		160
	9	*,m	Thomson (Non-Reg)		0	^
	461,422		Titan Industries Ltd		1,484
	48,508	*	TK Chemical Corp		86
	11,213	e	Tod’s S.p.A.		911
	6,640		Token Corp		224
	1,186,871	*	Toll Brothers, Inc		24,236
	133,941	*,e	TomTom NV		527
	72,168		Tomy Co Ltd		505
	16,400		Touei Housing Corp		167
	2,292,676		Toyobo Co Ltd		3,083
	30,017		Trigano S.A.		451
	2,130,000		Trinity Ltd		1,529
	27,700		Trisul S.A.		42

48

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	156,876	*	True Religion Apparel, Inc	$	5,425
	1,622,200	*	Tsann Kuen China Enterprise Co Ltd		219
	138,400	*	TSI Holdings Co Ltd		683
	17,056		TTK Prestige Ltd		806
	2,325,674		Tupperware Corp		130,169
	1,715,591		Turk Sise ve Cam Fabrikalari AS		2,579
	138,187	*,e	Under Armour, Inc (Class A)		9,920
	82,730	*	Unifi, Inc		629
	624,000	*,e	Unitika Ltd		339
	61,664	*	Universal Electronics, Inc		1,040
	1,605,515	*,e	Urbi Desarrollos Urbanos S.A. de C.V		1,827
	295	*	Vardhman Special Steels Ltd		0	^
	5,436		Vardhman Textiles Ltd		18
	76,609	*,e	Vera Bradley, Inc		2,471
	201,118		Vestel Beyaz Esya Sanayi ve Ticaret AS.		179
	179,066	*	Vestel Elektronik Sanayi		171
	470,530		VF Corp		59,752
	996,299	e	Victory City International Hldgs Ltd		96
	78,694		Videocon Industries Ltd		258
	259,205		VIP Industries Ltd		376
	148,627	e	Wacoal Holdings Corp		1,971
	212,648	*,e	Warnaco Group, Inc		10,641
	685,500	e	Weiqiao Textile Co		343
	2,602,000		Welling Holding Ltd		401
	32,167		Weyco Group, Inc		790
	550,734	e	Whirlpool Corp		26,132
	28,254	*	Whirlpool of India Ltd		83
	213,302		Wolverine World Wide, Inc		7,602
	160,780	*	Woongjin Chemical Co Ltd		134
	74,150		Woongjin Coway Co Ltd		2,361
	155,160		Wuxi Little Swan Co Ltd		167
	2,643,500	e	XTEP International Holdings		835
	113,350		Yamaha Corp		1,035
	98,000		YGM Trading Ltd		254
	22,000		Young Optics, Inc		47
	44,890		Youngone Corp		1,084
	10,670		Youngone Holdings Co Ltd		521
	1,377,114		Yue Yuen Industrial Holdings		4,346
	83,006	*,e	Zagg, Inc		587
	87,570		Zeng Hsing Industrial Co Ltd		269
	10,000	*	Zhonglu Co Ltd		6
	1,073,260		Zig Sheng Industrial Co Ltd		386
			TOTAL CONSUMER DURABLES & APPAREL		1,859,268
CONSUMER SERVICES - 2.0%
	202,053	*,e	888 Holdings plc		135
	6,000	*	Abril Educacao S.A.		66
	168,335		Accor S.A.		4,242
	2,056		Accordia Golf Co Ltd		1,488
	130,920		Advtech Ltd		101
	121,195	*	AFC Enterprises		1,782
	996,000	e	Ajisen China Holdings Ltd		1,095

49

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	630,400		Alsea SAB de C.V.	$	636
	255,000		Ambassador Hotel		263
	85,401		Ambassadors Group, Inc		385
	81,974	*,e	American Public Education, Inc		3,548
	195,956		Ameristar Casinos, Inc		3,388
	8,391	*	AmRest Holdings SE		155
	164,900		Anhanguera Educacional Participacoes S.A.		1,777
	659,201	*	Apollo Group, Inc (Class A)		35,511
	52,569	*,e	Archipelago Learning, Inc		508
	26,364	e	Arcos Dorados Holdings, Inc		541
	553,748	e	Aristocrat Leisure Ltd		1,244
	70,892	*	Ascent Media Corp (Series A)		3,596
	58,300	*	Atom Corp		219
	12,695		Autogrill S.p.A.		123
	121,189	*	Bally Technologies, Inc		4,794
	80,629		Benesse Corp		3,898
	30,694	*,e	Benihana, Inc		314
	1,467,372		Berjaya Sports Toto BHD		2,032
	106,365	e	BETFAIR Group Ltd		1,241
	99,588		Betsson AB (Series B)		2,186
	95,372	*,e	BJ’s Restaurants, Inc		4,322
	144,971	e	Bob Evans Farms, Inc		4,862
	355,365	*,e	Boyd Gaming Corp		2,651
	78,723	*	Bravo Brio Restaurant Group, Inc		1,350
	66,888	*,e	Bridgepoint Education, Inc		1,538
	696,311	e	Brinker International, Inc		18,633
	72,856	*,e	Buffalo Wild Wings, Inc		4,919
	436,000	e	Cafe de Coral Holdings Ltd		998
	71,927	*	Cambium Learning Group, Inc		217
	110,874	*,e	Capella Education Co		3,997
	244,927	*	Career Education Corp		1,952
	63,029	*,e	Caribou Coffee Co, Inc		879
	1,747,025	e	Carnival Corp		57,023
	60,562		Carnival plc		1,996
	51,076	*,e	Carrols Restaurant Group, Inc		591
	98,558	e	CBRL Group, Inc		4,968
	88,659		CEC Entertainment, Inc		3,054
	1,850,000		Central Plaza Hotel PCL		585
	2,774,040		Century City International		185
	289,257	*	Cheesecake Factory		8,490
	153,395,000	*	China LotSynergy Holdings Ltd		2,541
	4,480,000		China Travel International Inv HK		753
	104,789	*	Chipotle Mexican Grill, Inc (Class A)		35,391
	59,964	e	Choice Hotels International, Inc		2,282
	55,591	e	Churchill Downs, Inc		2,898
	11,133		Cie des Alpes		207
	66,425	e	City Lodge Hotels Ltd		630
	30,919	*,e	Club Mediterranee S.A.		525
	36,394	*	Codere S.A.		287
	160,540	*,e	Coinstar, Inc		7,327
	75,000	e	Colowide Co Ltd		523
	423,344		Compass Group plc		4,017

50

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	125,992	e	Consumers’ Waterheater Income Fund	$	1,145
	322,371	*,e	Corinthian Colleges, Inc		700
	63,279		Cox & Kings India Ltd		184
	2,888		Credu Corp		123
	197,476		Crown Ltd		1,629
	9,000	e	Daisyo Corp		116
	1,501,910	e	Darden Restaurants, Inc		68,457
	547,942	*,e	Denny’s Corp		2,060
	178,583		DeVry, Inc		6,868
	68,151	e	Dignity plc		869
	60,395	*	DineEquity, Inc		2,549
	156,793	e	Domino’s Pizza UK & IRL plc		980
	312,703	*	Domino’s Pizza, Inc		10,616
	64,500		Doutor Nichires Holdings Co Ltd		847
	196,675	*,e	Dunkin Brands Group, Inc		4,913
	1,090,065	*,e	Echo Entertainment Group Ltd		3,997
	64,127	*,e	Education Management Corp		1,795
	482,747		Educomp Solutions Ltd		1,742
	683,877	*	Egyptian for Tourism Resorts		96
	67,227		EIH Ltd		106
	23,174	e	Einstein Noah Restaurant Group, Inc		367
	1,459,631	*	Enjoy S.A.		288
	700,399	*	Enterprise Inns plc		304
	84,800		Estacio Participacoes S.A.		818
	31,247	*,e	Euro Disney SCA		143
	69,115		Everonn Education Ltd		431
	52,055		Famous Brands Ltd		293
	331,560		First Hotel		208
	151,635	e	Flight Centre Ltd		2,498
	50,337		Formosa International Hotels Corp		651
	48,000		Fortuna Entertainment Group NV		223
	80,000	e	Fuji Kyuko Co Ltd		472
	69,000		Fujita Kanko, Inc		228
	1,563,073	*,e,f	Galaxy Entertainment Group Ltd (purchased 09/23/11, cost $2,604)		2,841
	134,858	*,e	Gaylord Entertainment Co		3,255
	2,957,715		Genting BHD		10,253
	1,070,000	*,e	Genting Hong Kong Ltd		283
	3,751,028	*,e	Genting International plc		4,365
	39,944		Gold Reef Resorts Ltd		82
	4,790,000		Golden Resorts Group Ltd		492
	118,493	*	Grand Canyon Education, Inc		1,891
	16,230		Grand Korea Leisure Co Ltd		257
	90,015	*,e	Great Canadian Gaming Corp		740
	552,516	e	Greene King plc		4,178
	663,000	e	GuocoLeisure Ltd		304
	1,328,562	e	H&R Block, Inc		21,695
	9,577		Hana Tour Service, Inc		285
	243,858		Hillenbrand, Inc		5,443
	27,000		HIS Co Ltd		769
	43,000	*	Holiday Entertainment Co Ltd		58
	15,366	*,e	Home Inns & Hotels Management, Inc (ADR)		396

51

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	12,227		Hotel Leela Venture Ltd	$	7
	471,000		Hotel Properties Ltd		631
	32,820		Hotel Shilla Co Ltd		1,100
	254,050	*	Huangshan Tourism Development Co Ltd		307
	328,063	*	Hurtigruten Group ASA		166
	117,111	*,e	Hyatt Hotels Corp		4,408
	6,500		Ichibanya Co Ltd		190
	245,919		Indian Hotels Co Ltd		252
	518,446		Intercontinental Hotels Group plc		9,322
	485,757		International Game Technology		8,355
	110,890		International Speedway Corp (Class A)		2,811
	165,358	*	Interval Leisure Group, Inc		2,251
	154,029		Intralot S.A.-Integrated Lottery Systems & Services		133
	246,767		Invocare Ltd		1,943
	114,011	*	Isle of Capri Casinos, Inc		532
	276,737	*,e	ITT Educational Services, Inc		15,744
	183,864	*	Jack in the Box, Inc		3,843
	214,753	*,e	Jamba, Inc		281
	465,240		Jollibee Foods Corp		960
	65,031	*	Jubilant Foodworks Ltd		923
	98,256	*,e	K12, Inc		1,763
	188,230		Kangwon Land, Inc		4,452
	15,650		Kappa Create Co Ltd		370
	142,900		KFC Holdings Malaysia BHD		173
	23,300	e	Kisoji Co Ltd		434
	805,000		Kosmopolito Hotels International Ltd		123
	282,563	*,e	Krispy Kreme Doughnuts, Inc		1,848
	77,100	*	Kroton Educacional S.A.		760
	4,996		Kuoni Reisen Holding		1,194
	12,400	e	Kura Corp		163
	20,900		Kyoritsu Maintenance Co Ltd		386
	2,213,076	e	Ladbrokes plc		4,464
	356,500	*	Landmarks BHD		121
	3,358,607	*	Las Vegas Sands Corp		143,513
	139,891	*	Leofoo Development Co		79
	163,582	*,e	Life Time Fitness, Inc		7,647
	133,217		Lincoln Educational Services Corp		1,052
	653,000		Little Sheep Group Ltd		540
	10,220	*	Lotte Tour Development Co Ltd		130
	95,005	*,e	Lottomatica S.p.A.		1,422
	43,561	*,e	Luby’s, Inc		196
	68,343	e	Mac-Gray Corp		942
	486,617		Macquarie Leisure Trust Group		507
	106,762	e	Marcus Corp		1,346
	632,328		Marriott International, Inc (Class A)		18,445
	62,592	*,e	Marriott Vacations Worldwide Corp		1,074
	1,369,976	e	Marston’s plc		1,953
	736,500		Masterskill Education Group BHD		279
	15,300		Matsuya Foods Co Ltd		316
	114,844	e	Matthews International Corp (Class A)		3,610
	3,839,523		McDonald’s Corp		385,220

52

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	48,457	e	McDonald’s Holdings Co Japan Ltd	$	1,305
	7,858		MegaStudy Co Ltd		751
	1,448,213	e	Melco International Development		1,069
	1,084,235	*,e	Melco PBL Entertainment Macau Ltd (ADR)		10,430
	2,124,460	*,e	MGM China Holdings Ltd		2,764
	2,600,059	*	MGM Mirage		27,119
	214,220	e	Millennium & Copthorne Hotels plc		1,352
	3,045,800		Minor International PCL (Foreign)		1,080
	341,881	*	Mitchells & Butlers plc		1,241
	3,421		Modetour Network, Inc		72
	51,545	*,e	Monarch Casino & Resort, Inc		525
	94,183	*,e	Morgans Hotel Group Co		556
	32,000		MOS Food Services, Inc		637
	166,801	*,e	Multimedia Games, Inc		1,324
	1,418,000		NagaCorp Ltd		357
	32,007		National American University Holdings, Inc		243
	213,261	e	Navitas Ltd		763
	105,012	*,e	NH Hoteles S.A.		294
	85,009	*,e	O’Charleys, Inc		467
	14,300		Ohsho Food Service Corp		340
	228,680		OPAP S.A.		2,012
	17,637		Orascom Development Holding AG.		269
	14,894	*	Orbis S.A.		163
	42,877	e	Oriental Land Co Ltd		4,527
	4,598,488	*	Orient-Express Hotels Ltd (Class A)		34,351
	395,000	e	Overseas Union Enterprise Ltd		639
	395	e	Pacific Golf Group International Holdings KK		256
	108,112		Paddy Power plc		6,224
	768,436		Paliburg Holdings Ltd		221
	166,218	*,e	Panera Bread Co (Class A)		23,512
	129,565	*	Papa John’s International, Inc		4,882
	10,603		Paradise Co Ltd		77
	5,528,855		PartyGaming plc		14,055
	49,112	*,e	Peet’s Coffee & Tea, Inc		3,078
	614,256	*	Penn National Gaming, Inc		23,385
	123,239	e	PF Chang’s China Bistro, Inc		3,809
	548,100		Philweb Corp		192
	6,428		Pierre & Vacances		212
	270,789	*	Pinnacle Entertainment, Inc		2,751
	60,100		Plenus Co Ltd		982
	152,263	e	Prommethean World plc		129
	235,500		QSR Brands BHD		483
	793,666	e	Raffles Education Corp Ltd		259
	202,684		Rank Group plc		398
	55,346	*	Red Lion Hotels Corp		384
	60,962	*	Red Robin Gourmet Burgers, Inc		1,689
	737,000		Regal Hotels International Holdings Ltd		223
	284,037	e	Regis Corp		4,701
	5,143,800		Resorts World BHD		6,208
	39,400		Resorttrust, Inc		582
	275,981		Restaurant Group plc		1,277
	19,545,000		Rexcapital Financial Holdings Ltd		1,279

53

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	100,634	*	Rezidor Hotel Group AB	$	322
	19,200	e	Ringer Hut Co Ltd		264
	130,100	e	Round One Corp		844
	246,150	e	Royal Caribbean Cruises Ltd		6,097
	33,700	e	Royal Holdings Co Ltd		402
	308,745	*,e	Ruby Tuesday, Inc		2,130
	194,358	*,e	Ruth’s Chris Steak House, Inc		966
	40,000		Saizeriya Co Ltd		665
	21,271,061	*,e	Sands China Ltd		59,678
	257,303	*,e	Scientific Games Corp (Class A)		2,496
	924,778	e	Service Corp International		9,849
	1,418,000		Shanghai Jin Jiang International Hotels Group Co Ltd		171
	224,984		Shanghai Jinjiang International Hotels Development Co Ltd		267
	107,249		Shanghai Jinjiang International Travel Co Ltd		105
	1,126,929		Shangri-La Asia Ltd		1,941
	2,859		Shinsegae Food Co Ltd		195
	216,051	*,e	Shuffle Master, Inc		2,532
	2,451,000		SITC International Co Ltd		629
	159,075	e	Six Flags Entertainment Corp		6,560
	816,439		SJM Holdings Ltd		1,325
	33,595		SkiStar AB (Series B)		398
	116,896		Sky City Entertainment Group Ltd		312
	2,680,000	*,e	SMI Corp Ltd		76
	54,499	*	Snai S.p.A.		140
	73,370		Sodexho Alliance S.A.		5,251
	77,742	e	Sol Melia S.A.		390
	239,226	*	Sonic Corp		1,610
	391,550		Sotheby’s (Class A)		11,171
	49,682	e	Speedway Motorsports, Inc		762
	889,542	*,e	Spirit Pub Co plc		591
	1,379,758	e	Sportingbet plc		673
	6,400		St Marc Holdings Co Ltd		246
	674,000		Stamford Land Corp Ltd		291
	370	e	Starbucks Coffee Japan Ltd		235
	3,867,953	e	Starbucks Corp		177,966
	610,418	e	Starwood Hotels & Resorts Worldwide, Inc		29,282
	5,380	*	Steak N Shake Co		1,981
	59,285	*	Steiner Leisure Ltd		2,691
	304,207	e	Stewart Enterprises, Inc (Class A)		1,752
	48,991	e	Strayer Education, Inc		4,761
	120,629	e	Sun International Ltd		1,255
	135,764		Tabcorp Holdings Ltd		378
	316,508	e	Tattersall’s Ltd		789
	240,870	e	Texas Roadhouse, Inc (Class A)		3,589
	1,151,609	e	Thomas Cook Group plc		264
	336,538	e	Tim Hortons, Inc (Toronto)		16,306
	13,276	*	Tipp24 SE		566
	539,000	*	Tokyo Dome Corp		1,320
	210,000	e	Tokyotokeiba Co Ltd		286
	6,000		Toridoll.corp		56
	91,614	*,e	Town Sports International Holdings, Inc		673

54

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	171,780	*,e	TUI AG.	$	1,066
	114,490	e	TUI Travel plc		295
	48,393		Unibet Group plc (ADR)		1,113
	106,043	*	Universal Technical Institute, Inc		1,355
	64,035		UP, Inc		458
	157,461	e	Vail Resorts, Inc		6,670
	28,900	e	WATAMI Co Ltd		689
	269,170	e	Weight Watchers International, Inc		14,807
	513,915		Wendy’s		2,755
	155,048	e	Wetherspoon (J.D.) plc		999
	43,471		Whitbread plc		1,055
	1,634,651	e	William Hill plc		5,138
	92,341	*,e	WMS Industries, Inc		1,895
	1,267,234		Wyndham Worldwide Corp		47,939
	1,728,790	e	Wynn Macau Ltd		4,316
	265,454	e	Wynn Resorts Ltd		29,330
	335,000		YBM Sisa.com, Inc		1,988
	50,000		Yomiuri Land Co Ltd		157
	536	e	Yoshinoya D&C Co Ltd		751
	2,954,360	e	Yum! Brands, Inc		174,338
	6,694	*	Zee Learn Ltd		1
	168,100	e	Zensho Co Ltd		2,265
			TOTAL CONSUMER SERVICES		1,927,620
DIVERSIFIED FINANCIALS - 4.4%
	782,489	e	3i Group plc		2,197
	33,714	e	ABC Arbitrage		268
	1,722,277	e	Aberdeen Asset Management plc		5,670
	32,573		Ackermans & Van Haaren		2,422
	32,568	*	Acom Co Ltd		579
	157,106		Administradora de Fondos de Pensiones Provida S.A.		689
	384,986	e	Advance America Cash Advance Centers, Inc		3,446
	757,271		Aeon Credit Service Co Ltd		11,932
	778,303		Aeon Thana Sinsap Thailand PCL		703
	2,189,800		Aeon Thana Sinsap Thailand Pcl (ADR)		1,978
	775,501	*,e	Affiliated Managers Group, Inc		74,409
	1,183,955		African Bank Investments Ltd		5,025
	144,343	e	AGF Management Ltd		2,241
	525,700	*,e	Aiful Corp		738
	79,142	e	Aker ASA (A Shares)		2,045
	66,177	*	Altamir Amboise		514
	953,517	*	American Capital Ltd		6,417
	3,447,597		American Express Co		162,624
	633,194		Ameriprise Financial, Inc		31,432
	2,291,805		AMMB Holdings BHD		4,300
	796,040	e	Apollo Investment Corp		5,126
	413,788	e	Apollo Management LP		5,135
	926,520	g	ARA Asset Management Ltd		874
	550,746		Ares Capital Corp		8,509
	246,119	e	Artio Global Investors, Inc		1,201
	767,165	e	Ashmore Group plc		3,976
	618,088		Australian Stock Exchange Ltd		19,293

55

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	22,472		Avanza AB	$	536
	340,587		Ayala Corp		2,417
	2,215	*	Ayala Corp Preferred		0	^
	238,359		Azimut Holding S.p.A.		1,904
	5,332		Bajaj Auto Finance Ltd		61
	123,480		Banca Generali S.p.A		1,148
	17,510		Banca IFIS S.p.A.		91
	319,925	e	Banca Profilo S.p.A.		101
	37,032,767		Bank of America Corp		205,902
	3,649,368	e	Bank of New York Mellon Corp		72,659
	45,128		Bank Sarasin & Compagnie AG.		1,315
	377,838	e	BGC Partners, Inc (Class A)		2,244
	89,707		BinckBank NV		964
	276,865	e	BlackRock Kelso Capital Corp		2,259
	290,058		BlackRock, Inc		51,700
	5,098,649		Blackstone Group LP		71,432
	4,451,103		BM&FBOVESPA S.A.		23,386
	27,210,768		Bolsa de Valores de Colombia		376
	30,597		Bolsa de Valores de Lima S.A.		113
	905,300	e	Bolsa Mexicana de Valores S.A. de C.V.		1,456
	109,301	e	Bolsas y Mercados Espanoles		2,935
	31,677	*	Boursorama		227
	954,191	*	Brait S.A.		2,357
	331,884	e	Brewin Dolphin Holdings plc		706
	431,671	*,e	Broadpoint Securities Group, Inc		725
	89,761	e	BT Investment Management Ltd		165
	85,021	*	Bure Equity AB		197
	373,600		Bursa Malaysia BHD		789
	129,403	e	Calamos Asset Management, Inc (Class A)		1,619
	3,489	e	California First National Bancorp		56
	113,982	e	Canaccord Capital, Inc		873
	2,234,106	e	Capital One Financial Corp		94,481
	1,713,521		Capital Securities Corp		590
	15,960		Capital Southwest Corp		1,302
	145,619	e	Cash America International, Inc		6,790
	140,992		CBOE Holdings, Inc		3,646
	109,101		Century Leasing System, Inc		2,054
	264,844		CETIP S.A.-Balcao Organizado de Ativos e Derivativos		3,827
	143,000	*	Chailease Holding Co Ltd		130
	1,336,768	e	Challenger Financial Services Group Ltd		5,639
	1,706,072		Charles Schwab Corp		19,210
	1,353,000		China Bills Finance Corp		464
	2,664,000	e	China Everbright Ltd		4,151
	3,540,000	*	China Financial International Investments Ltd		228
	140,000	e	China Merchants China Direct Investments Ltd		171
	3,236		Cholamandalam DBS Finance Ltd		7
	175,539	e	CI Financial Corp		3,636
	425,039	*	Citadel Capital Corp		181
	14,834,565		Citigroup, Inc		390,297
	194,520	e	Close Brothers Group plc		1,871
	167,342	e	CME Group, Inc		40,776
	69,953	e	Cohen & Steers, Inc		2,022

56

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	560,726		Collins Stewart plc	$	753
	1,751,200	e	Compartamos SAB de C.V.		2,148
	179,048		Compass Diversified Trust		2,218
	961,275	*	Concord Securities Corp		196
	678,386		Coronation Fund Managers Ltd		1,907
	23,722		Corp Financiera Alba		925
	128,064		Corp Financiera Colombiana S.A.		2,236
	506,872	*,e	Cowen Group, Inc		1,313
	27,169	*	Credit Acceptance Corp		2,235
	1,628,000	e	Credit China Holdings Ltd		169
	236,268		Credit Saison Co Ltd		4,719
	1,639,826		Credit Suisse Group		38,435
	27,398		DAB Bank AG.		118
	312,391		Daewoo Securities Co Ltd		2,830
	64,400		Daishin Securities Co Ltd		591
	50,210		Daishin Securities Co Ltd PF		315
	1,251,235		Daiwa Securities Group, Inc		3,891
	72,816	e	Davis & Henderson Income Fund		1,204
	242,133	*,e	DeA Capital S.p.A.		416
	21,586	*,e	Deerfield Capital Corp		117
	1,572,476		Deutsche Bank AG.		59,598
	15,825	e	Deutsche Beteiligungs AG.		319
	146,753		Deutsche Boerse AG.		8,181
	125,181	*	Deutsche Boerse AG. - New		6,552
	12,177	e	Diamond Hill Investment Group, Inc		901
	6,363,696		Discover Financial Services		152,730
	169,062	*,e	Dollar Financial Corp		3,053
	53,250		Dongbu Securities Co Ltd		194
	116,971	e	Duff & Phelps Corp		1,696
	117,745	*	Dundee Corp		2,726
	2,671,408	*	E*Trade Financial Corp		21,264
	41,398		East Capital Explorer AB		322
	220,810	e	Eaton Vance Corp		5,220
	759,500		ECM Libra Financial Group BHD		185
	105,492		Edelweiss Capital Ltd		51
	72,240	e	EFG International		545
	795,687		Egypt Kuwait Holding Co		784
	520,461	*	Egyptian Financial Group-Hermes Holding		871
	21,043	*	Elron Electronic Industries		84
	56,832	e	Epoch Holding Corp		1,263
	78,275	*	Eugene Investment & Securities Co Ltd		247
	35,370		Eurazeo		1,254
	105,081	e	Evercore Partners, Inc (Class A)		2,797
	275,365	e	Exor S.p.A.		5,521
	239,720	*,e	Ezcorp, Inc (Class A)		6,321
	639,466	e	F&C Asset Management plc		649
	586,000	*	Far East Horizon Ltd		521
	218,106	*,e	FBR Capital Markets Corp		447
	147,360	e	Federated Investors, Inc (Class B)		2,233
	12,000		Fidus Investment Corp		156
	269,237	e	Fifth Street Finance Corp		2,577
	10,038	e	Fimalac		380

57

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	155,599	*,e	Financial Engines, Inc	$	3,475
	63,400		Financiera Independencia SAB de C.V.		33
	160,168	*	First Cash Financial Services, Inc		5,620
	353,815	*,e	First Marblehead Corp		414
	2,256,000		First Pacific Co		2,341
	5,749,389	e	FirstRand Ltd		14,753
	409,404		FlexiGroup Ltd		780
	519,861		Franklin Resources, Inc		49,938
	31,886	e	Friedman Billings Ramsey Group, Inc (Class A)		680
	13,248,029		Fubon Financial Holding Co Ltd		13,995
	15,549,344		Fuhwa Financial Holdings Co Ltd		7,925
	48,800		Fuyo General Lease Co Ltd		1,674
	82,894	e	FXCM, Inc		808
	11,610	e	Gain Capital Holdings, Inc		78
	27,227	e	GAMCO Investors, Inc (Class A)		1,184
	117	e	GCA Savvian Group Corp		119
	4,412,000		Get Nice Holdings Ltd		170
	320,774	e	GFI Group, Inc		1,322
	21,468		Gimv NV		1,023
	86,400	e	Gladstone Capital Corp		659
	137,107	e	Gladstone Investment Corp		997
	19,448		Gluskin Sheff + Associates, Inc		285
	162,166		GMP Capital, Inc		1,127
	2,207,058		Goldman Sachs Group, Inc		199,585
	34,716	e	Golub Capital BDC, Inc		538
	68,297	*,e	Green Dot Corp		2,132
	49,577	e	Greenhill & Co, Inc		1,803
	67,495		Groupe Bruxelles Lambert S.A.		4,490
	883	*	Groupe Bruxelles Lambert S.A. - STR VVPR		0	^
	3,751	*	Grupo de Inversiones Suramericana S.A.		64
	10,117,111		Guinness Peat Group plc		4,604
	568,000		Guotai Junan International Hol		142
	738,414		Haci Omer Sabanci Holding AS		2,101
	84,290		Hanwha Securities Co		331
	293,213	e	Hargreaves Lansdown plc		1,959
	127,228	*,e	Harris & Harris Group, Inc		440
	78,863		Hellenic Exchanges S.A.		294
	1,459,554	e	Henderson Group plc		2,324
	166,140	e	Hercules Technology Growth Capital, Inc		1,568
	488,270	*	HFF, Inc (Class A)		5,044
	199,800		Hitachi Capital Corp		2,759
	8,930	*	HMC Investment Securities Co Ltd		100
	872,882	e	Hong Kong Exchanges and Clearing Ltd		13,889
	1,194,000		Hongkong Chinese Ltd		206
	330,947		Hyundai Securities Co		2,483
	35,900		IBJ Leasing Co Ltd		795
	4,338,327		ICAP plc		23,368
	51,800	e	Ichiyoshi Securities Co Ltd		220
	1,525,432		IFCI Ltd		627
	676,397		IG Group Holdings plc		5,006
	123,631	e	IGM Financial, Inc		5,368
	111,795	*,e	Imperial Holdings, Inc		210

58

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	167,436		India Infoline Ltd	$	137
	335,438		Indiabulls Financial Services Ltd		869
	18,736	*	Indiabulls Securities Ltd		2
	380,485		Industrivarden AB		4,522
	1,438,979		Infrastructure Development Finance Co Ltd		2,479
	15,089,346	*	ING Groep NV		107,913
	99,902		Interactive Brokers Group, Inc (Class A)		1,493
	173,061	*	Interbolsa S.A.		210
	621,248	*	IntercontinentalExchange, Inc		74,891
	7,769	f	Intergroup Financial Services Corp (purchased 08/18/10, cost $196)		200
	1,078,232		Intermediate Capital Group plc		3,828
	85,893	*	International Assets Holding Corp		2,024
	345,122	e	International Personal Finance plc		917
	184,341	*	Internet Capital Group, Inc		1,423
	1,324,249	e	Invesco Ltd		26,604
	308,681		Investec Ltd		1,681
	403,559		Investec plc		2,124
	172,948	*	Investment Technology Group, Inc		1,870
	711,798	e	Investor AB (B Shares)		13,239
	613,570	e	IOOF Holdings Ltd		3,204
	11,971	*	Is Finansal Kiralama AS.		7
	150,823		Is Yatirim Menkul Degerler AS		110
	1,962,300	e	iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker		2,612
	105,000	e	iShares MSCI Canada Index Fund		2,793
	1,035,000	e	iShares MSCI EAFE Index Fund		51,264
	431,000	e	iShares MSCI Emerging Markets		16,352
	185,000	e	iShares Russell 2000 Index Fund		13,633
	179,000		Jaccs Co Ltd		533
	165,917	e	Jafco Co Ltd		3,031
	6,237,241		Janus Capital Group, Inc		39,357
	8,823,000	*,a,e	Japan Asia Investment Co Ltd		5,945
	1,520,600	e	Japan Securities Finance Co Ltd		6,848
	152,920	e	Jefferies Group, Inc		2,103
	7,320,000	*	Jia Sheng Holdings Ltd		333
	2,071,273		Jih Sun Financial Holdings Co Ltd		559
	109,071	e	JMP Group, Inc		780
	18,552,049		JPMorgan Chase & Co		616,855
	266,878	e	JSE Ltd		2,344
	453,022		Julius Baer Group Ltd		17,646
	618,916		Julius Baer Holding AG.		6,703
	348,462		Jupiter Investment Management Group Ltd		1,171
	846,000	e	K1 Ventures Ltd		50
	113,800	e	kabu.com Securities Co Ltd		335
	9,920,000	*	Kai Yuan Holdings Ltd		227
	79,360	*	Kardan NV		203
	15,075		KAS Bank NV		167
	43,613	*	KBC Ancora		271
	136,877	e	KBW, Inc		2,078
	5,364,526		KGI Securities Co Ltd		1,906
	468,814		Kinnevik Investment AB (Series B)		9,112

59

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	29,434		KIWOOM Securities Co Ltd	$	1,401
	468,388	*	Knight Capital Group, Inc (Class A)		5,536
	77,186	e	Kohlberg Capital Corp		487
	530		Korea Development Financing Corp		7
	59,980		Korea Investment Holdings Co Ltd		1,896
	417,354		Kotak Mahindra Bank Ltd		3,380
	82,410	*	KTB Securities Co Ltd		146
	47,580		Kyobo Securities Co		222
	429,719	*,e	Ladenburg Thalmann Financial Services, Inc		1,066
	392,788		Lazard Ltd (Class A)		10,256
	242,055	e	Legg Mason, Inc		5,821
	532,688	e	Leucadia National Corp		12,113
	399,403	e	London Stock Exchange Group plc		4,912
	110,291	*,e	LPL Investment Holdings, Inc		3,368
	89,213		Lundbergs AB (B Shares)		2,628
	430,347		Macquarie Group Ltd		10,450
	11,800		Mahindra & Mahindra Financial Services		136
	91,656		Main Street Capital Corp		1,947
	15,546,359	e	Man Group plc		30,339
	437,886		Manappuram General Finance & Leasing Ltd		379
	67,600	*	Manning & Napier, Inc		844
	863,086	*	Marfin Investment Group S.A		410
	156,161	e	MarketAxess Holdings, Inc		4,702
	35,312		Marlin Business Services Corp		448
	93,300	e	Marusan Securities Co Ltd		285
	1,973,000		Masterlink Securities Corp		609
	148,400	e	Matsui Securities Co Ltd		722
	195,450		Maybank Kim Eng Securities Thailand PCL		93
	302,036	e	MCG Capital Corp		1,205
	58,791		Medallion Financial Corp		669
	401,692	e	Mediobanca S.p.A.		2,306
	44,875	e	Medley Capital Corp		467
	241,284	*	Meritz finance Holdings Co Ltd		560
	435,970		Meritz Securities Co Ltd		267
	5,846,000		Metro Pacific Investments Corp		488
	396,000		MIN XIN Holdings Ltd		232
	29,741		Mirae Asset Securities Co Ltd		816
	140,377		Mitsubishi UFJ Lease & Finance Co Ltd		5,556
	67,199		MLP AG.		445
	36,938	e	Monex Beans Holdings, Inc		5,361
	1,250,920	e	Moody’s Corp		42,131
	6,083,243		Morgan Stanley		92,040
	324,799	*	MSCI, Inc (Class A)		10,696
	1,531,700	*	Mulpha International BHD		191
	1,510,600		Multi-Purpose Holdings BHD		1,272
	94,886	e	MVC Capital, Inc		1,100
	235,162	*	Mvelaphanda Group Ltd		102
	749,695	*	Nasdaq Stock Market, Inc		18,375
	139,633	e	Nelnet, Inc (Class A)		3,417
	111,080	*,e	Netspend Holdings, Inc		901
	34,319	e	New Mountain Finance Corp		460
	97,420	*	NewStar Financial, Inc		991

60

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	96,888	e	NGP Capital Resources Co	$	697
	73,032		NH Investment & Securities Co Ltd		373
	39,914	e	Nicholas Financial, Inc		512
	2,231,772		Nomura Holdings, Inc		6,719
	85,170		Nordnet AB (Series B)		193
	21,904,308		Norte Grande S.A.		232
	584,542		Northern Trust Corp		23,183
	2,461,057		NYSE Euronext		64,234
	245,000		Okasan Holdings, Inc		774
	422,530	e	OKO Bank (Class A)		4,094
	158,128	e	Onex Corp		5,150
	54,043	e	Oppenheimer Holdings, Inc		870
	46,332		Oresund Investment AB		630
	366,000	*,e	Orient Corp		332
	424,122	e	ORIX Corp		34,965
	342	e	Osaka Securities Exchange Co Ltd		1,963
	1,438,000		OSK Holdings BHD		807
	25,005		Pargesa Holding S.A.		1,633
	24,807		Partners Group		4,322
	1,239,600		Pearl Oriental Innovation Ltd		99
	177,436	e	PennantPark Investment Corp		1,790
	517,000	*,m	Peregrine Investment Holdings		0	^
	99,241	e	Perpetual Trustees Australia Ltd		2,070
	174,200		Phatra Capital PCL		159
	225,971	*,e	PHH Corp		2,418
	44,430		Philippine Stock Exchange, Inc		232
	90,923	*,e	Pico Holdings, Inc		1,871
	197,124	*,e	Pinetree Capital Ltd		284
	378,585	*	Pioneers Holding		140
	94,426	*,e	Piper Jaffray Cos		1,907
	271,967	e	Platinum Asset Mangement Ltd		976
	135,577		Power Finance Corp Ltd		352
	1,795,640		President Securities Corp		847
	440,417	e	Prospect Capital Corp		4,091
	182,517	e	Provident Financial plc		2,668
	1,889,000		PT Clipan Finance Indonesia Tbk		89
	480,000		Public Financial Holdings Ltd		214
	36,545	e	Pzena Investment Management, Inc (Class A)		158
	173,819		Quest Capital Corp		242
	63,963		Rathbone Brothers		1,052
	181,560		Ratos AB (B Shares)		2,125
	476,397		Raymond James Financial, Inc		14,749
	145,671		Reliance Capital Ltd		643
	716,938		Remgro Ltd		10,529
	99,247	*	RHJ International		450
	34,500		Ricoh Leasing Co Ltd		770
	688,000	*	Rising Development Holdings		86
	2,304,942		RMB Holdings Ltd		7,790
	504,255		Rural Electrification Corp Ltd		1,457
	90,774	*	Safeguard Scientifics, Inc		1,433
	122,629		Samsung Card Co		4,145
	85,387		Samsung Securities Co Ltd		3,674

61

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	118,242	e	Sanders Morris Harris Group, Inc	$	777
	40,000	*	Sawada Holdings Co Ltd		354
	18,884		SBI Holdings, Inc		1,379
	169,215		Schroders plc		3,450
	608,152	e	SEI Investments Co		10,551
	5	*,m	SFCG Co Ltd		0	^
	385,000		Shenyin Wanguo HK Ltd		102
	2,790		Shinyoung Securities Co Ltd		69
	154,664		Shriram Transport Finance Co Ltd		1,223
	1,016,849	e	Singapore Exchange Ltd		4,806
	126,570		SK Securities Co Ltd		127
	89,650	*	SKS Microfinance Pvt Ltd		158
	2,054,984		SLM Corp		27,537
	200,442	*	SNS Reaal		436
	108,270	e	Solar Capital Ltd		2,392
	38,641	e	Solar Senior Capital Ltd		609
	1,080	*	Sparx Group Co Ltd		75
	110,000	e	SPDR S&P MidCap 400 ETF Trust		17,550
	2,112,000		SPDR Trust Series 1		265,057
	63,868		Sprott, Inc		363
	409,246		SREI Infrastructure Finance Ltd		188
	2,585,332		State Street Corp		104,216
	233,616	*	Stifel Financial Corp		7,487
	4,620,000	*	Sun Innovation Holdings Ltd		64
	2,677		Sundaram Finance Ltd		25
	417,050		Suramericana de Inversiones S.A.		6,691
	11,691		Swissquote Group Holding S.A.		411
	189,593		SWS Group, Inc		1,303
	461,401		T Rowe Price Group, Inc		26,277
	498,000		Ta Chong Securities Co Ltd		115
	1,506,300		Ta Enterprise BHD		282
	294,337		Tai Fook Securities Group Ltd		96
	90,000		Taiwan Acceptance Corp		152
	170,000	*	Takagi Securities Co Ltd		136
	624,000	*	Tanrich Financial Holdings Ltd		108
	1,140		Tata Investment Corp Ltd		9
	549,528		TD Ameritrade Holding Corp		8,600
	286,038		Tetragon Financial Group Ltd		1,786
	34,427	e	THL Credit, Inc		420
	122,027	e	TICC Capital Corp		1,056
	248,919		TMX Group, Inc		10,186
	448,680		Tokai Tokyo Securities Co Ltd		1,214
	61,642		Tong Yang Investment Bank		234
	125,000		Transpac Industrial Holdings Ltd		152
	79,175	e	Triangle Capital Corp		1,514
	410,836		Tullett Prebon plc		1,721
	991,575	*,e	UBS A.G.		11,730
	6,435,149	*	UBS AG. (Switzerland)		76,338
	9,022		Union Financiere de France BQE S.A.		234
	1,088,565		UOB-Kay Hian Holdings Ltd		1,289
	142,337	*	Uranium Participation Corp		785
	844,000	e	Value Partners Group Ltd		431

62

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,835		Verwalt & Privat-Bank AG.	$	427
	22,198	*,e	Virtus Investment Partners, Inc		1,687
	57,549		Vontobel Holding AG.		1,285
	103,050	*	Vostok Nafta Investment Ltd		390
	417,089		Waddell & Reed Financial, Inc (Class A)		10,331
	103,260		Walter Investment Management Corp		2,118
	56,996		Warsaw Stock Exchange		581
	3,107,368		Waterland Financial Holdings		1,036
	25,828		Westwood Holdings Group, Inc		944
	15,680		Woori Financial Co Ltd		184
	154,423		Woori Investment & Securities Co Ltd		1,424
	63,068	*,e	World Acceptance Corp		4,635
			TOTAL DIVERSIFIED FINANCIALS		4,342,266
ENERGY - 10.9%
	153,447		Aban Offshore Ltd		989
	379,043	*,e	Abraxas Petroleum Corp		1,251
	35,347	*,e	Acergy S.A.		653
	23,715,027		Adaro Energy Tbk		4,615
	226,307	*	Advantage Oil & Gas Ltd		942
	348,364	m	AET&D Holdings No 1 Ptd Ltd		0	^
	9,619,116	*,e	Afren plc		12,799
	18,312		Aker Kvaerner ASA		192
	273,100	*	Alam Maritim Resources BHD		65
	451,639		Alliance Holdings GP LP		23,476
	100,715	e	Alon USA Energy, Inc		877
	1,108,540	*	Alpha Natural Resources, Inc		22,647
	129,419	e	AltaGas Income Trust		4,045
	148,703		AMEC plc		2,094
	1,104,678	*,e	Amerisur Resources plc		287
	73,253	*,e	Amyris Biotechnologies, Inc		845
	3,200,110		Anadarko Petroleum Corp		244,264
	89,000	*	Angle Energy, Inc		555
	228,463	e	Anglo Pacific Group plc		978
	184,000		Anhui Tianda Oil Pipe Co Ltd		31
	1,276,000		Anton Oilfield Services Group		141
	51,300	e	AOC Holdings, Inc		311
	2,031,885		Apache Corp		184,048
	34,952	e	APCO Argentina, Inc		2,856
	99,157	*,e	Approach Resources, Inc		2,916
	219,538	*,e	Aquila Resources Ltd		1,308
	563,738	e	ARC Energy Trust		13,889
	466,952		Arch Coal, Inc		6,775
	129,801	*	Archer Ltd		348
	219,127	*,e	Athabasca Oil Sands Corp		2,687
	189,903	*,e	ATP Oil & Gas Corp		1,398
	391,486	*	Atwood Oceanics, Inc		15,577
	559,305	*	Aurelian Oil & Gas plc		145
	460,113	*,e	Aurora Oil and Gas Ltd		1,595
	703,676	*	Australian Worldwide Exploration Ltd		936
	1,568,440	*	Bahamas Petroleum Co plc		156
	1,929,663	e	Baker Hughes, Inc		93,859

63

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	114,392	*	Bandanna Energy Ltd	$	72
	1,656,200		Bangchak Petroleum PCL		990
	303,626	*	Bankers Petroleum Ltd		1,323
	841,300		Banpu PCL		14,539
	100,667	*	Basic Energy Services, Inc		1,983
	545,198	e	Baytex Energy Trust		30,488
	2,802,203		Beach Petroleum Ltd		3,531
	144,000	*	Bellatrix Exploration Ltd		694
	231,945		Berry Petroleum Co (Class A)		9,746
	6,304,443		BG Group plc		134,686
	181,199		Bharat Petroleum Corp Ltd		1,630
	223,944	*	Bill Barrett Corp		7,630
	117,699	*,e	Birchcliff Energy Ltd		1,571
	362,400	*	BlackPearl Resources, Inc		1,462
	174,000	*	BNK Petroleum, Inc		265
	111,056	e	Bonavista Energy Trust		2,842
	36,825	e	Bonterra Oil & Gas Ltd		1,862
	517,045	*,e	Borders & Southern Petroleum plc		512
	54,344	e	Bourbon S.A.		1,488
	560,000		Boustead Singapore Ltd		350
	338,142	*	Bow Energy Ltd		524
	521,586	*	BowLeven plc		545
	14,189,884		BP plc		101,079
	1,326,306		BP plc (ADR)		56,686
	418,031	*,e	BPZ Energy, Inc		1,187
	205,000	*	Brasil Ecodiesel Industria e Comercio de Biocombustiveis e Oleos Vegetais S.A.		35
	3,155,000	e	Brightoil Petroleum Holdings Ltd		611
	171,961		Bristow Group, Inc		8,149
	1,055,300	*	Bumi Armada Bhd		1,366
	477,107	e	BW Offshore Ltd		751
	74,400	*,e	C&C Energia Ltd		553
	79,722	*,e	C&J Energy Services, Inc		1,669
	388,640		Cabot Oil & Gas Corp		29,498
	2,561,476	*,e	Cairn Energy plc		10,531
	543,920	*,e	Cal Dive International, Inc		1,224
	104,397		Calfrac Well Services Ltd		2,921
	354,401	*	Callon Petroleum Co		1,761
	563,522		Caltex Australia Ltd		6,767
	325,034	*,e	Cam Finanziaria S.p.A.		95
	539,584	e	Cameco Corp		9,751
	1,173,882	*	Cameron International Corp		57,743
	109,300	e	Canadian Energy Services & Technology Corp		1,196
	1,216,074	e	Canadian Natural Resources Ltd (Canada)		45,539
	1,222,699		Canadian Oil Sands Trust		27,905
	123,900	e	Canyon Services Group, Inc		1,453
	553,614		Capital Product Partners LP		3,394
	50,622	e	CARBO Ceramics, Inc		6,243
	237,976	*	Carbon Energy Ltd		23
	154,125	*	Carrizo Oil & Gas, Inc		4,061
	21,363		CAT Oil AG.		122
	116,911	*,e	Celtic Exploration Ltd		2,625

64

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,657,781	e	Cenovus Energy, Inc	$	121,438
	2,431,849	e	Cenovus Energy, Inc (Toronto)		80,755
	137,400	*	Cequence Energy Ltd		398
	411,000		CH Offshore Ltd		111
	139,949	*,e	Chariot Oil & Gas Ltd		231
	428,341	*,e	Cheniere Energy, Inc		3,722
	1,428,620	e	Chesapeake Energy Corp		31,844
	9,285,766		Chevron Corp		988,007
	467,000		China Aviation Oil Singapore Corp Ltd		355
	7,975,000	e	China Coal Energy Co		8,561
	3,154,000		China Oilfield Services Ltd		4,960
	972,000	*	China Qinfa Group Ltd		166
	6,836,299		China Shenhua Energy Co Ltd		29,562
	633,000		China Suntien Green Energy Cor		110
	362,279	*	Chinook Energy Inc		580
	190,522		Cimarex Energy Co		11,793
	1,061,427	*,e	Circle Oil plc		332
	24,314	*,e	Clayton Williams Energy, Inc		1,845
	185,640	*,e	Clean Energy Fuels Corp		2,313
	313,749	*	Cloud Peak Energy, Inc		6,062
	54,813,000		CNOOC Ltd		95,580
	1,404,554		Coal India Ltd		7,945
	2,816,586	*	Cobalt International Energy, Inc		43,713
	1,580,670	*,e	Cockatoo Coal Ltd		604
	17,755	*	Compagnie Generale de Geophysique S.A.		412
	374,485	*	Complete Production Services, Inc		12,568
	232,835	*,e	Comstock Resources, Inc		3,562
	2,533,635	*,e	Concho Resources, Inc		237,528
	593,957	*	Connacher Oil and Gas Ltd		443
	4,680,628		ConocoPhillips		341,077
	596,276		Consol Energy, Inc		21,883
	81,655	*,e	Contango Oil & Gas Co		4,751
	407,230	*,e	Continental Resources, Inc		27,166
	233,436	e	Core Laboratories NV		26,600
	115,388	*	Corridor Resources, Inc		112
	653,570		Cosmo Oil Co Ltd		1,824
	679,384	*,e	Cove Energy plc		1,220
	3,230,030	e	Crescent Point Energy Corp		142,359
	134,628	*	Crew Energy, Inc		1,487
	47,788	*,e	Crimson Exploration, Inc		137
	45,306		CropEnergies AG.		287
	261,855	e	Crosstex Energy, Inc		3,310
	574,080	*	CVR Energy, Inc		10,753
	606,128	*	Dart Energy Ltd		222
	29,030	*,e	Dawson Geophysical Co		1,148
	269,100		Dayang Enterprise Holdings BHD		155
	113,500	*	Deep Sea Supply plc		142
	668,838	*	Deep Yellow Ltd		89
	61,516	e	Delek US Holdings, Inc		702
	10,441,259	*	Denbury Resources, Inc		157,663
	395,408	*	Denison Mines Corp		493
	74,095	*	Det Norske Oljeselskap ASA		1,086

65

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,055,439		Devon Energy Corp	$	65,437
	276,737	e	DHT Maritime, Inc		205
	208,135	e	Diamond Offshore Drilling, Inc		11,502
	1,478,441	*,e	DNO International ASA		1,843
	20,241	*,e	Dockwise Ltd		326
	2,558,199		Dragon Oil plc		18,196
	419,359	*	Dresser-Rand Group, Inc		20,930
	141,444	*	Dril-Quip, Inc		9,310
	1,600,000	*	Dynamic Energy Holdings Ltd		22
	8,239,836		Ecopetrol S.A.		17,916
	69,045	e	Ecopetrol S.A. (ADR)		3,074
	3,672,662	e	El Paso Corp		97,583
	151,015	*	Electromagnetic GeoServices AS		333
	50,200	e	Enbridge Income Fund		990
	1,128,735	e	Enbridge, Inc		42,202
	697,639	e	EnCana Corp		12,936
	381,677	*	EnCore Oil plc		438
	181,544	*,e	Endeavour International Corp		1,578
	168,242		Enerflex Ltd		2,190
	154,817		Energen Corp		7,741
	120,501	*	Energy Partners Ltd		1,759
	906,196	*,e	Energy Resources of Australia Ltd		1,134
	323,761	*	Energy XXI Bermuda Ltd		10,322
	340,877	e	Enerplus Resources Fund		8,649
	2,393,965		ENI S.p.A.		49,358
	1,601,161	*	Enquest plc (London)		2,296
	851,739		Ensco International plc (ADR)		39,964
	316,833		Ensign Energy Services, Inc		5,054
	628,135		EOG Resources, Inc		61,878
	373,780		Equitable Resources, Inc		20,479
	170,304	e	ERG S.p.A.		1,930
	259,234	*,e	Essar Energy plc		691
	245,700		Esso Malaysia BHD		274
	5,636		Esso SA Francaise		494
	3,586,700		Esso Thailand PCL		1,228
	105,932	e	Etablissements Maurel et Prom		1,609
	28,523	f	Eurasia Drilling Co Ltd (GDR) (purchased 10/06/10, cost $705)		670
	30,174	*,e	Euronav NV		146
	62,682	*	Evolution Petroleum Corp		505
	319,430	e	EXCO Resources, Inc		3,338
	63,589		Exmar NV		471
	306,853	*,e	Exterran Holdings, Inc		2,792
	103,318	*,e	Extract Resources Ltd		894
	18,681,924		Exxon Mobil Corp		1,583,481
	2,057,000	e	Ezion Holdings Ltd		1,046
	697,200	e	Ezra Holdings Ltd		451
	226,096	*,e	Fairborne Energy Ltd		657
	134,810	*	Falkland Oil & Gas Ltd		109
	190,854	*	Faroe Petroleum plc		457
	98,190	*	Flint Energy Services Ltd		1,231
	1,111,340	*	FMC Technologies, Inc		58,045

66

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	239,964	*	Forest Oil Corp	$	3,252
	1,910,580		Formosa Petrochemical Corp		5,912
	97,521		Fred Olsen Energy ASA		3,269
	119,600	e	Freehold Royalty Trust		2,279
	201,861	e	Frontline Ltd		866
	74,818	e	Frontline Ltd (Norway)		317
	8,707		Fugro NV		504
	205,695	*,e	FX Energy, Inc		987
	157,807	*	Galleon Energy, Inc		489
	143,067		Galp Energia SGPS S.A.		2,102
	82,000	*	Gasfrac Energy Services, Inc		562
	213,232	*	Gastar Exploration Ltd		678
	8,885,744		Gazprom (ADR)		94,668
	54,648	e	Gazpromneft OAO (ADR)		1,281
	4,815,000	*	Genesis Energy Holdings Ltd		170
	44,441	*,e	Geokinetics, Inc		96
	81,500	*	Georesources, Inc		2,389
	65,879	*,e	Gevo, Inc		414
	62,600		Gibson Energy, Inc		1,169
	66,826	*,e	Global Geophysical Services, Inc		449
	94,078	*,e	Gloucester Coal Ltd		827
	294,118	*,e	GMX Resources, Inc		368
	205,256	e	Golar LNG Ltd		9,124
	94,149	*,e	Goodrich Petroleum Corp		1,293
	47,943		Great Eastern Shipping Co Ltd		171
	83,687	*	Green Plains Renewable Energy, Inc		817
	187,077	*	Grupa Lotos S.A.		1,256
	95,445		GS Holdings Corp		4,210
	276,456	*	Guildford Coal Ltd		212
	73,033		Gulf Island Fabrication, Inc		2,133
	1,073,942	*,e	Gulf Keystone Petroleum Ltd		3,189
	109,716	*,e	Gulfmark Offshore, Inc		4,609
	168,423	*,e	Gulfport Energy Corp		4,960
	390,109	*,e	Gulfsands Petroleum plc		1,122
	9,521	e	Hallador Petroleum Co		95
	3,228,409		Halliburton Co		111,412
	1,857		Hankook Shell Oil Co Ltd		329
	74,919	*	Hardy Oil & Gas plc		171
	61,334		Hargreaves Services plc		1,035
	127,032	*,e	Harvest Natural Resources, Inc		937
	757,402	*	Helix Energy Solutions Group, Inc		11,967
	163,908		Hellenic Petroleum S.A.		1,349
	685,796	e	Helmerich & Payne, Inc		40,023
	587,267	*	Hercules Offshore, Inc		2,607
	276,005	*,e	Heritage Oil Ltd		824
	1,386,431		Hess Corp		78,749
	235,849	*	Hindustan Oil Exploration		398
	776,784	e	Holly Corp		18,177
	1,549,000	*	Honghua Group Ltd		149
	1,394,691	*,e	Horizon Oil Ltd		286
	132,250	*,e	Hornbeck Offshore Services, Inc		4,102
	70,033	*,e	Houston American Energy Corp		854

67

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	7,500	*	HRT Participacoes em Petroleo SA	$	2,284
	285,297	e	Hunting PLC		3,320
	1,077,552	e	Husky Energy, Inc		25,967
	614,035	*,e	Hyperdynamics Corp		1,504
	99,525	e	Idemitsu Kosan Co Ltd		10,257
	792,218	e	Imperial Oil Ltd		35,297
	1,857,418		Inner Mongolia Yitai Coal Co		9,217
	1,193		Inpex Holdings, Inc		7,511
	705,377	*,e	ION Geophysical Corp		4,324
	37,725,200		IRPC PCL		4,870
	5,237	*,e	Isramco, Inc		469
	92,953		Itochu Enex Co Ltd		520
	376,273	*,e	Ivanhoe Energy, Inc		414
	157,818	*,e	James River Coal Co		1,092
	3,200	e	Japan Drilling Co Ltd		91
	25,254		Japan Petroleum Exploration Co		985
	8,078	*	Jerusalem Oil Exploration		132
	235,273		JKX Oil & Gas plc		497
	710,021		John Wood Group plc		7,062
	2,286,061		JX Holdings, Inc		13,795
	58,000		Kanto Natural Gas Development Ltd		290
	239,287	*	Karoon Gas Australia Ltd		1,102
	1,007,300		Kencana Petroleum BHD		943
	559,549	*,e	Key Energy Services, Inc		8,656
	149,748	e	Keyera Facilities Income Fund		7,350
	623,446	e	Kinder Morgan, Inc		20,056
	24,300	*,e	KiOR, Inc (Class A)		247
	80,731	e	Knightsbridge Tankers Ltd		1,104
	1,148,425		KNM Group BHD		358
	976,182	*,e	Kodiak Oil & Gas Corp		9,274
	591,987	*,e	Kosmos Energy LLC		7,258
	215,106	*	Kvaerner ASA		349
	108,968	*,e	L&L Energy, Inc		282
	660,590	*	Laredo Petroleum Holdings, Inc		14,731
	168,000	*	Legacy Oil & Gas, Inc		1,728
	373,336	*,e	Linc Energy Ltd		418
	35,383	*	Lone Pine Resources, Inc		248
	24,800		Longview Oil Corp		246
	39,416		Lubelski Wegiel Bogdanka S.A.		1,184
	142,372	e	Lufkin Industries, Inc		9,583
	963,348		LUKOIL (ADR)		50,989
	91,086	*	Lundin Petroleum AB		2,231
	434,272	*,e	Magnum Hunter Resources Corp		2,341
	4,359,365		Marathon Oil Corp		127,599
	1,382,712		Marathon Petroleum Corp		46,030
	190,719		Maridive & Oil Services SAE		271
	43,583	e	Matrix Composites & Engineering Ltd		136
	116,456	*	Matrix Service Co		1,099
	105,932	*,e	Maurel & Prom Nigeria		267
	982,871	*	McDermott International, Inc		11,313
	391,908	*,e	McMoRan Exploration Co		5,702
	140,198	*	MEG Energy Corp		5,721

68

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	114,787		Melrose Resources plc	$	210
	364,800	e	Miclyn Express Offshore Ltd		739
	64,714	*	Midnight Oil Exploration Ltd		273
	2,618,000		MIE Holdings Corp		660
	99,461	*,e	Miller Petroleum, Inc		277
	44,802	*	Mitcham Industries, Inc		978
	33,800		Mitsuuroko Co Ltd		192
	57,900	e	Modec, Inc		996
	68,893	*,e	MOL Hungarian Oil and Gas plc		4,897
	416,828	*,e	Molopo Energy Ltd		272
	11,909,117	*	Mongolia Energy Co ltd		1,068
	129,559		Motor Oil Hellas Corinth Refineries S.A.		990
	187,498	e	Mullen Group Ltd		3,617
	519,540		Murphy Oil Corp		28,959
	624,730	*	Nabors Industries Ltd		10,833
	200,800	e	NAL Oil & Gas Trust		1,553
	38,680	*	Naphtha Israel Petroleum Corp Ltd		115
	1,689,772	e	National Oilwell Varco, Inc		114,888
	51,955	*	Natural Gas Services Group, Inc		751
	111,843	*	Nautical Petroleum plc		446
	441,468		Neste Oil Oyj		4,440
	462,596	*	New Brazil Holding ASA		329
	804,343		New Zealand Oil & Gas Ltd		440
	286,548	*	Newfield Exploration Co		10,811
	994,000		Newocean Energy Holdings Ltd		194
	440,715	*,e	Newpark Resources, Inc		4,187
	748,863		Nexen, Inc		11,916
	1,117,197	*	Nexus Energy Ltd		234
	34,032		Niko Resources Ltd		1,611
	48,400	e	Nippon Gas Co Ltd		677
	403,552		Noble Corp		12,195
	546,011		Noble Energy, Inc		51,538
	186,065	e	Nordic American Tanker Shipping		2,231
	237,837		Northern Offshore Ltd		505
	243,546	*,e	Northern Oil And Gas, Inc		5,840
	282,500	*,e	Norwegian Energy Co AS		219
	372,497	f	NovaTek OAO (GDR) (purchased 03/30/07, cost $36,973)		46,598
	231,779		NuVista Energy Ltd		1,192
	233,589	*,e	Oasis Petroleum, Inc		6,795
	7,215,496		Occidental Petroleum Corp		676,092
	371,751		Oceaneering International, Inc		17,149
	2,518,277	*	OGX Petroleo e Gas Participacoes S.A.		18,388
	1,207,942	*	Oil Refineries Ltd		609
	112,324	*	Oil States International, Inc		8,578
	143,989		OMV AG.		4,362
	90,700	*	Open Range Energy Corp		166
	216,191	*,e	Ophir Energy plc		975
	776,388		Origin Energy Ltd		10,587
	142,500	*	OSX Brasil S.A.		879
	105,732	e	Overseas Shipholding Group, Inc		1,156
	20,155	*,e	OYO Geospace Corp		1,559
	796,920	*,e	PA Resources AB		244

69

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	213,362	*,e	Pacific Asia Petroleum, Inc	$	215
	9,164		Pacific Rubiales Energy Corp		168
	791,720		Pacific Rubiales Energy Corp (Toronto)		14,556
	1,028,294	*,e	Paladin Resources Ltd		1,446
	28,288	e	Panhandle Oil and Gas, Inc (Class A)		928
	159,561	e	Paramount Energy Trust		183
	62,089	*	Paramount Resources Ltd (Class A)		2,590
	484,616	*	Parker Drilling Co		3,475
	152,915	e	Parkland Income Fund		1,905
	137,256		Pason Systems, Inc		1,617
	473,190	*,e	Patriot Coal Corp		4,008
	347,402		Patterson-UTI Energy, Inc		6,941
	9,027		Paz Oil Co Ltd		1,096
	611,146	e	Peabody Energy Corp		20,235
	271,615	e	Pembina Pipeline Income Fund		7,908
	298,289	e	Pengrowth Energy Trust		3,151
	203,036	e	Penn Virginia Corp		1,074
	1,205,882	e	Penn West Energy Trust		23,899
	389,200	*	Perdana Petroleum BHD		96
	115,039	e	PetroBakken Energy Ltd		1,449
	227,100	*	Petrobank Energy & Resources Ltd		2,358
	654,327		Petrofac Ltd		14,634
	615,916	e	Petroleo Brasileiro S.A (ADR)		14,468
	5,657,298		Petroleo Brasileiro S.A.		69,759
	355,900		Petroleo Brasileiro S.A. (ADR)		8,844
	7,725,766		Petroleo Brasileiro S.A. (Preference)		89,010
	96,057	*,e	Petroleum Development Corp		3,373
	296,492	*	Petroleum Geo-Services ASA		3,231
	137,511	e	Petrominerales Ltd		2,235
	995,800		Petronas Dagangan BHD		5,588
	322,661	*,e	Petroplus Holdings AG.		593
	289,617	*,e	Petroquest Energy, Inc		1,911
	186,602	e	Peyto Energy Trust		4,467
	78,754	*,e	PHI, Inc		1,957
	224,584	*,e	Pioneer Drilling Co		2,174
	249,064	e	Pioneer Natural Resources Co		22,286
	342,942	*,e	Plains Exploration & Production Co		12,593
	363,491	*,e	Polarcus Ltd		169
	3,752,252		Polish Oil & Gas Co		4,428
	505,441	*	Polski Koncern Naftowy Orlen S.A.		4,949
	724,443	*	Precision Drilling Trust		7,467
	686,439	*,e	Premier Oil plc		3,866
	151,530	e	ProEx Energy Ltd		1,969
	302,376	e	ProSafe ASA		2,068
	604,100	e	Provident Energy Trust		5,841
	6,907,000	*	PT Benakat Petroleum Energy		156
	21,149,000		PT Bumi Resources Tbk		5,053
	7,693,000	*	PT Delta Dunia Petroindo Tbk		567
	3,973,500		PT Elnusa		101
	55,650,600	*	PT Energi Mega Persada Tbk		1,090
	683,000		PT Harum Energy Indonesia Tbk		515
	1,505,000		PT Indika Energy Tbk		360

70

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	796,000		PT Indo Tambangraya Megah	$	3,388
	2,639,500		PT Medco Energi Internasional Tbk		704
	20,000		PT Resource Alam Indonesia Tbk		14
	2,050,634		PT Tambang Batubara Bukit Asam Tbk		3,916
	1,680,169		PTT Exploration & Production PCL		8,961
	1,829,050		PTT PCL		18,402
	53,914		QGEP Participacoes S.A.		477
	378,737		Questar Market Resources, Inc		11,097
	375,067	*	Questerre Energy Corp		225
	246,726	*,e	Quicksilver Resources, Inc		1,656
	352,338		Range Resources Corp		21,824
	61,600	*	Refinaria de Petroleos de Manguinhos S.A.		45
	925,323		Refineria La Pampilla S.A. Relapasa		305
	2,152,344		Reliance Industries Ltd		28,038
	754,839	*,e	Rentech, Inc		989
	846,712		Repsol YPF S.A.		25,905
	188,568	*,e	Resolute Energy Corp		2,037
	129,650	*,e	Rex Energy Corp		1,914
	26,929	*,e	Rex Stores Corp		595
	27,169	*	RigNet, Inc		455
	1,948,437	*	Roc Oil Co Ltd		507
	4,349,637	*,e	Rockhopper Exploration plc		18,255
	272,052	*,e	Rosetta Resources, Inc		11,834
	2,847,749	f	Rosneft Oil Co (GDR) (purchased 09/01/09, cost $20,439)		18,741
	512,650	*,e	Rowan Cos, Inc		15,549
	6,003,699		Royal Dutch Shell plc (A Shares)		220,271
	3,895,923		Royal Dutch Shell plc (B Shares)		148,193
	127,613	e	RPC, Inc		2,329
	2,476,000	*	Ruifeng Petroleum Chemical Holdings Ltd		64
	1,954,827		Saipem S.p.A.		82,697
	335,721	*	Salamander Energy plc		1,051
	582,367	*	San Leon Energy plc		77
	107,000		San-Ai Oil Co Ltd		453
	925,705	*,e	SandRidge Energy, Inc		7,554
	371,169		Santos Ltd		4,645
	250,000		SapuraCrest Petroleum BHD		363
	404,937	*,e	Saras S.p.A.		505
	1,084,769	e	Sasol Ltd		51,638
	185,538	*	Savanna Energy Services Corp		1,357
	21,470		SBM Offshore NV		440
	6,243,883	e	Schlumberger Ltd		426,519
	15,236	e	Schoeller-Bleckmann Oilfield Equipment AG.		1,345
	569,500	*	Scomi Group BHD		50
	87,434	*,e	Scorpio Tankers, Inc		428
	166,462	*	SEACOR Holdings, Inc		14,808
	360,601	e	SeaDrill Ltd		12,026
	100,500	*	Secure Energy Services, Inc		678
	162,133	*	SemGroup Corp		4,225
	788,020	*	Senex Energy Ltd		512
	50		Serval Integrated Energy Services		0	^
	334,447	*	Sevan Drilling AS.		283
	164,800		Shandong Molong Petroleum Machinery Co Ltd		99

71

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	75,753		ShawCor Ltd	$	2,147
	1,522,500		Shengli Oil&Gas Pipe Holdings Ltd		154
	51,200	e	Shinko Plantech Co Ltd		413
	177,403	e	Ship Finance International Ltd		1,657
	128,947	e	Showa Shell Sekiyu KK		867
	132,800		Siamgas & Petrochemicals PCL		59
	85,000		Sinanen Co Ltd		375
	104,000	e	Sinopec Kantons Holdings Ltd		58
	94,014		SK Energy Co Ltd		11,608
	11,450		SK Gas Co Ltd		739
	276,994	*,e	Soco International plc		1,257
	77,702		S-Oil Corp		6,751
	225,577	*,e	Solazyme, Inc		2,684
	168,771	*	Songa Offshore SE		514
	446,700	*	Southern Pacific Resource Corp		614
	205,821	e	Southern Union Co		8,667
	109,200	*	SouthGobi Resources Ltd		643
	1,617,470	*	Southwestern Energy Co		51,662
	2,115,612		Spectra Energy Corp		65,055
	109,222	*	Sprott Resource Corp		426
	283,147		St. Mary Land & Exploration Co		20,698
	1,557,275		Statoil ASA		39,882
	270,345	*	Sterling Energy plc		168
	166,518	*	Sterling International Enterprises Ltd		238
	266,734	*	Stone Energy Corp		7,036
	1,612,000	e	Straits Asia Resources Ltd		2,287
	2,812,507	e	Suncor Energy, Inc		81,111
	2,766,751		Suncor Energy, Inc (NY)		79,765
	242,107	e	Sunoco, Inc		9,931
	376,966	*,e	Superior Energy Services		10,721
	1,742,474		Surgutneftegaz (ADR)		13,610
	339,700	e	Surgutneftegaz (ADR) (London)		2,680
	1,772,000	*,e	Swiber Holdings Ltd		730
	192,907	*,e	Swift Energy Co		5,733
	315,649	*,e	Syntroleum Corp		303
	980,332	e	Talisman Energy, Inc		12,491
	106,426		Targa Resources Investments, Inc		4,330
	493,269		Tatneft (GDR)		14,580
	355,961		Technip S.A.		33,371
	34,540	e	Tecnicas Reunidas S.A.		1,236
	115,993	e	Teekay Corp		3,100
	167,854	e	Teekay Tankers Ltd (Class A)		591
	59,316	e	Tenaris S.A.		1,091
	122,683	*,e	Tesco Corp		1,551
	847,569	*	Tesoro Corp		19,799
	111,500	*	Tethys Petroleum Ltd		57
	465,393	*,e	Tetra Technologies, Inc		4,347
	227,417		TGS Nopec Geophysical Co ASA		5,023
	2,203,100		Thai Oil PCL		4,075
	110,501	e	Tidewater, Inc		5,448
	4,060,000	*,e	Titan Petrochemicals Group Ltd		164
	133,319	f	TMK OAO (GDR) (purchased 06/17/10, cost $2,118)		1,197

72

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	648,931	e	TonenGeneral Sekiyu KK	$	7,076
	71,300		Total Energy Services, Inc		1,215
	2,698,646	e	Total S.A.		137,706
	111,389	*	Tourmaline Oil Corp		2,912
	162,000	e	Toyo Kanetsu K K		294
	790,629	e	TransCanada Corp		34,559
	91,700	*	TransGlobe Energy Corp		726
	375,284		Transocean Ltd		14,444
	441,529		Transocean Ltd		16,950
	165,599	*,e	Triangle Petroleum Corp		989
	322,200	e	Trican Well Service Ltd		5,551
	73,580	e	Trilogy Energy Corp		2,714
	237,766		Trinidad Drilling Ltd		1,813
	5,214,284	e	Tullow Oil plc		113,297
	253,550		Tupras Turkiye Petrol Rafine		5,340
	132,154		Turcas Petrolculuk AS.		155
	514,879	*	UK Coal plc		228
	325,439	*	Ultra Petroleum Corp		9,643
	482,100		Ultrapar Participacoes S.A.		8,273
	64,226	*	Union Drilling, Inc		401
	87,665	*	Unit Corp		4,068
	6,770,000	*	United Energy Group Ltd		1,139
	251,718	*,e	Uranerz Energy Corp		458
	279,884	*,e	Uranium Energy Corp		856
	650,654	*,e	Uranium One, Inc		1,380
	363,495	*,e	Uranium Resources, Inc		264
	464,484	*,e	Ur-Energy, Inc		399
	492,901	*,e	USEC, Inc		562
	404,773	*,e	Vaalco Energy, Inc		2,445
	2,271,846		Valero Energy Corp		47,822
	72,373	*	Valiant Petroleum plc		494
	658,256	*,e	Vantage Drilling Co		764
	205,802	*	Venoco, Inc		1,393
	213,200	e	Veresen, Inc		3,202
	172,871	e	Vermilion Energy Trust		7,699
	194,792	*,e	Voyager Oil & Gas, Inc		501
	261,461	e	W&T Offshore, Inc		5,546
	805,000		Wah Seong Corp BHD		525
	376,580	*	Warren Resources, Inc		1,228
	1,321,192	*,e	Weatherford International Ltd		19,342
	139,564	*,e	West Siberian Resources Ltd (GDR)		1,729
	270,984	*,e	Western Refining, Inc		3,601
	44,511	*,e	Westmoreland Coal Co		568
	10,042	m	White Energy 2011 Performance		0	^
	239,226	*,e	White Energy Co Ltd		93
	81,300	*	Whitecap Resources, Inc		662
	57,998	e	Whitehaven Coal Ltd		314
	274,857	*	Whiting Petroleum Corp		12,833
	281,141	*	Willbros Group, Inc		1,032
	2,624,439		Williams Cos, Inc		86,659
	152,234		Woodside Petroleum Ltd		4,765
	281,522	e	World Fuel Services Corp		11,818

73

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	742,860		WorleyParsons Ltd	$	19,453
	204,128	*,e	Xcite Energy Ltd		282
	421,571	*,e	Xenolith Resources Ltd		658
	4,138,000	e	Yanzhou Coal Mining Co Ltd		8,786
	36,800	e	Zargon Energy Trust		492
	118,463	*,e	Zion Oil & Gas, Inc		262
			TOTAL ENERGY		10,579,820
FOOD & STAPLES RETAILING - 1.8%
	749,509	e	Aeon Co Ltd		10,267
	9,400		Ain Pharmaciez Inc		452
	410,606	e	Alimentation Couche Tard, Inc		12,777
	415,361		Almacenes Exito S.A.		5,455
	88,221	e	Andersons, Inc		3,852
	31,379		Arcs Co Ltd		578
	5,715	e	Arden Group, Inc (Class A)		514
	28,786		Axfood AB		1,059
	124,000		Beijing Jingkelong Co Ltd		105
	165,815		BIM Birlesik Magazalar AS		4,592
	39,862		Bizim Toptan Satis Magazalari AS.		395
	12,492		Blue Square-Israel Ltd		51
	2,897,735		Booker Group plc		3,327
	138,000	*	Brazil Pharma S.A.		629
	200,946		Carrefour S.A.		4,572
	151,899		Casey’s General Stores, Inc		7,824
	141,254		Casino Guichard Perrachon S.A.		11,878
	16,600		Cawachi Ltd		335
	1,662,246		Centros Comerciales Sudamericanos S.A.		9,567
	44,399	*,e	Chefs’ Warehouse Holdings, Inc		793
	1,872,300	e	China Resources Enterprise		6,409
	141,106		Cia Brasileira de Distribuicao Grupo Pao de Acucar		5,069
	2,200	e	Cia Brasileira de Distribuicao Grupo Pao de Acucar (ADR)		80
	136,700		Circle K Sunkus Co Ltd		2,261
	18,660		Cocokara Fine Holdings, Inc		481
	27,883	e	Colruyt S.A.		1,053
	471,700	*,e	Controladora Comercial Mexicana S.A. de C.V.		791
	8,000		Cosmos Pharmaceutical Corp		413
	2,125,642		Costco Wholesale Corp		177,108
	4,100,300		CP Seven Eleven PCL		6,718
	8,400		Create SD Holdings Co Ltd		173
	6,139,478		CVS Corp		250,367
	5,900		Daikokutenbussaan Co Ltd		170
	154,580		Delhaize Group		8,665
	5,574,540	*,e	Distribuidora Internacional de Alimentacion S.A.		25,096
	10,381		Dongsuh Co, Inc		280
	36,935	*	E-Mart Co Ltd		8,931
	74,689		Empire Co Ltd		4,334
	102,691		Eurocash S.A.		846
	109,274		FamilyMart Co Ltd		4,413
	108,571	*,e	Fresh Market, Inc		4,332
	670,933		Fyffes plc		313
	58,300		George Weston Ltd		3,897

74

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	14,520		Growell Holdings Co Ltd	$	348
	80,324	e	Hakon Invest AB		1,121
	72,100		Heiwado Co Ltd		926
	2,662,274	e	Heng Tai Consumables Group Ltd		137
	4,924	*	Indiabulls Wholesale Service		0	^
	58,723	e	Ingles Markets, Inc (Class A)		884
	5,600		Itochu-Shokuhin Co Ltd		199
	84,741		Izumiya Co Ltd		450
	1,950,942	e	J Sainsbury plc		9,172
	312,636		Jean Coutu Group PJC, Inc		3,913
	1,092,031	*	Jeronimo Martins SGPS S.A.		18,038
	67,000		Kasumi Co Ltd		427
	41,900		Kato Sangyo Co Ltd		807
	29,516		Kesko Oyj (B Shares)		989
	3,437,574		Koninklijke Ahold NV		46,203
	3,518,991		Kroger Co		85,230
	116,559	e	Lawson, Inc		7,262
	28,100	e	Liquor Stores Income Fund		415
	132,350	e	Loblaw Cos Ltd		4,999
	423,444	e,f	Magnit OAO (GDR) (purchased 05/26/10, cost $8,711)		8,947
	124,361		Majestic Wine plc		628
	53,616		MARR S.p.A.		449
	43,233		Maruetsu, Inc		157
	170,524	e	Massmart Holdings Ltd		3,563
	100,300	e	Matsumotokiyoshi Holdings Co Ltd		2,030
	179,764	e	Metcash Ltd		741
	437,415		Metro AG.		15,950
	201,453	e	Metro, Inc		10,678
	34,800		Ministop Co Ltd		651
	63,848		Nash Finch Co		1,869
	65,419	e	North West Co Fund		1,294
	130,460	f	O’Key Group S.A. (GDR) (purchased 11/02/10, cost $1,278)		893
	46,000		Okuwa Co Ltd		701
	3,370,820	e	Olam International Ltd		5,525
	145,736	*	Pantry, Inc		1,744
	504,662	e	Pick’n Pay Holdings Ltd		1,202
	305,535		Pick’n Pay Stores Ltd		1,762
	969,320		President Chain Store Corp		5,279
	71,237		Pricesmart, Inc		4,957
	568,500		PT Sumber Alfaria Trijaya Tbk		247
	272,473		Raia Drogasil S.A.		1,895
	58,786		Rallye S.A.		1,639
	24,465		Rami Levi Chain Stores Hashikma Marketing 2006 Ltd		759
	3,944,593	*,e	Rite Aid Corp		4,970
	204,662		Ruddick Corp		8,727
	21,879		Ryoshoku Ltd		573
	23,500		S Foods, Inc		197
	1,543,456	e	Safeway, Inc		32,474
	10,200		San-A Co Ltd		403
	1,818,019		Seven & I Holdings Co Ltd		50,668
	533,000	*	Sheng Siong Group Ltd		181

75

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	247,128	e	Shoppers Drug Mart Corp	$	9,980
	700,352		Shoprite Holdings Ltd		11,798
	101,941		Shufersal Ltd		359
	208,300		Siam Makro PCL		1,576
	36,775		Sligro Food Group NV		988
	345,676		Spar Group Ltd		4,645
	123,235	e	Spartan Stores, Inc		2,280
	43,000		Sugi Pharmacy Co Ltd		1,251
	2,819,500	*,e	Sun Art Retail Group Ltd		3,520
	45,300		Sundrug Co Ltd		1,369
	986,944	e	Supervalu, Inc		8,014
	35,448	*	Susser Holdings Corp		802
	972,981	e	Sysco Corp		28,538
	127,000		Taiwan TEA Corp		56
	6,740,881		Tesco plc		42,177
	614,707		Total Produce plc		302
	23,988		Tsuruha Holdings, Inc		1,338
	213,011	*	United Natural Foods, Inc		8,523
	324,400		UNY Co Ltd		2,918
	74,900		Valor Co Ltd		1,163
	31,219		Village Super Market (Class A)		888
	2,839,149		Walgreen Co		93,862
	9,890,621	e	Wal-Mart de Mexico S.A. de C.V. (Series V)		27,096
	6,256,456	e	Wal-Mart Stores, Inc		373,885
	61,145		Weis Markets, Inc		2,442
	1,139,230		Wesfarmers Ltd		34,318
	15,752		Wesfarmers Ltd PPS		478
	837,091		Whole Foods Market, Inc		58,245
	230,122	*,e	Winn-Dixie Stores, Inc		2,159
	5,408,516	e	WM Morrison Supermarkets plc		27,356
	1,356,521		Woolworths Ltd		34,820
	1,082,149		Wumart Stores, Inc		2,256
	55,020	*,f	X 5 Retail Group NV (GDR) (purchased 08/04/11, cost $1,589)		1,254
	8,600		Yaoko Co Ltd		291
	85,600	e	Yokohama Reito Co Ltd		697
			TOTAL FOOD & STAPLES RETAILING		1,736,139
FOOD, BEVERAGE & TOBACCO - 5.7%
	34,967		AarhusKarlshamn AB		1,012
	323,209		Afgri Ltd		210
	95,862	*	AGV Products Corp		32
	695,781		Ajinomoto Co, Inc		8,353
	20,160	e	Alico, Inc		390
	113,464		Alicorp S.A.		252
	14,816		Alliance Grain Traders, Inc		302
	322,617	*,e	Alliance One International, Inc		878
	6,256,295		Altria Group, Inc		185,499
	30,726		Amsterdam Commodities NV		411
	273,906		Anadolu Efes Biracilik Ve Malt Sanayii AS		3,294
	2,974	*	Anheuser-Busch InBev NV		0	^

76

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	196,102	e	Anheuser-Busch InBev NV (ADR)	$	11,960
	76,655	*	AquaChile S.A.		59
	1,740,692	e	Archer Daniels Midland Co		49,784
	20,300		Ariake Japan Co Ltd		391
	63,360		Aryzta AG.		3,057
	790,061	e	Asahi Breweries Ltd		17,331
	37,945	e	Asian Bamboo AG.		729
	1,227,624	e	Asian Citrus Holdings Ltd		644
	246,400		Asiatic Development BHD		668
	1,713,028		Associated British Foods plc		29,426
	72,561		Astral Foods Ltd		1,131
	24,678		Atria Group plc		190
	771,000		Ausnutria Dairy Corp Ltd		127
	221,975	e	Austevoll Seafood ASA		776
	311,861	*	Australian Agricultural Co Ltd		425
	736,411		AVI Ltd		3,622
	192,729	e	B&G Foods, Inc (Class A)		4,639
	866,895		Bajaj Hindusthan Ltd		387
	37,197		Bakkafrost P		228
	179,659		Balrampur Chini Mills Ltd		114
	5,273	*	Baron de Ley		297
	1,279	*	Barry Callebaut AG.		1,258
	573,539		Beam, Inc		29,382
	217,000		Besunyen Holdings		33
	14,822		Binggrae Co Ltd		767
	344,500	e	Biostime Internatonal Holdings Ltd		606
	91,948	*,e	Black Earth Farming Ltd		185
	7,145		Bonduelle S.C.A.		578
	41,795	*,e	Boston Beer Co, Inc (Class A)		4,537
	5,000	e	BRF-Brasil Foods S.A. (ADR)		98
	6,400		Britannia Industries Ltd		54
	212,500		British American Tobacco Malaysia BHD		3,345
	3,215,640		British American Tobacco plc		152,551
	1,358,229		Britvic plc		6,780
	256,348	e	Brown-Forman Corp (Class B)		20,639
	395,649		Bunge Ltd		22,631
	462,657		C&C Group plc		1,718
	46,627	e	Calavo Growers, Inc		1,197
	19,200	e	Calbee, Inc		937
	79,773	e	Cal-Maine Foods, Inc		2,917
	361,753	e	Campbell Soup Co		12,025
	22,351		Campofrio Alimentacion S.A.		186
	81,976		Carlsberg AS (Class B)		5,772
	109,200		Carlsberg Brewery-Malay BHD		294
	82,161		Casa Grande S.A.		462
	310,609	*,e	Central European Distribution Corp		1,359
	152,332		Cermaq ASA		1,784
	4,356,300		Charoen Pokphand Foods PCL		4,551
	2,638,700	e	China Agri-Industries Holdings Ltd		2,002
	592,000		China Corn Oil Co Ltd		229
	840,000	e	China Green Holdings Ltd		221
	1,464,500		China Huiyuan Juice Group Ltd		496

77

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,912,100		China Mengniu Dairy Co Ltd	$	4,466
	1,260,292	*,e	China Minzhong Food Corp Ltd		792
	1,551,000	*	China Modern Dairy Holdings		327
	23,321		China Ocean Resources Co Ltd		119
	5,760,000	e	China Starch Holdings Ltd		178
	1,580,000		China Tontine Wines Group Ltd		188
	1,905,000	e	China Yurun Food Group Ltd		2,490
	252,897	*	Chiquita Brands International, Inc		2,109
	264,294		Cia Cervecerias Unidas S.A.		3,459
	22,300	e	Cia de Bebidas das Americas (ADR)		805
	1,480,926	*	Cia Pesquera Camanchaca S.A.		141
	22,582		CJ CheilJedang Corp		5,679
	67,016		Clover Industries Ltd		97
	198,637		Coca Cola Hellenic Bottling Co S.A.		3,406
	425,146		Coca-Cola Amatil Ltd		4,995
	30,711		Coca-Cola Bottling Co Consolidated		1,798
	61,300	e	Coca-Cola Central Japan Co Ltd		781
	9,616,959	e	Coca-Cola Co		672,899
	6,126,334		Coca-Cola Enterprises, Inc		157,937
	661,375	e	Coca-Cola Femsa S.A. de C.V.		6,290
	103,366		Coca-Cola Icecek AS		1,231
	60,267	e	Coca-Cola West Japan Co Ltd		1,044
	1,586,570	e	ConAgra Foods, Inc		41,885
	300,539	*	Constellation Brands, Inc (Class A)		6,212
	23,549	*	Copeinca ASA		132
	2,534,989	e	Corn Products International, Inc		133,315
	529,674		Cosan SA Industria e Comercio		7,667
	172,100	*	Cott Corp		1,081
	42,965	*,e	Craft Brewers Alliance, Inc		259
	88,800	e	CSM		1,380
	503,000	*	DaChan Food Asia Ltd		85
	2,160		Dae Han Flour Mills Co Ltd		317
	45,420		Daesang Corp		636
	306,040	e	Dairy Crest Group plc		1,597
	1,298,000	*,e	Daqing Dairy Holdings Ltd		241
	752,432	*	Darling International, Inc		10,000
	398,971		Davide Campari-Milano S.p.A.		2,652
	496,860	*	Dean Foods Co		5,565
	226,477	e	Devro plc		908
	4,523,324	e	Diageo plc		98,835
	744,044	e	Diamond Foods, Inc		24,010
	141,389	*,e	Dole Food Co, Inc		1,223
	4,594		Dongwon F&B Co Ltd		286
	5,708		Dongwon Industries Co Ltd		836
	985,511	e	Dr Pepper Snapple Group, Inc		38,908
	20,100		Dydo Drinco, Inc		796
	1,214,000	e	Dynasty Fine Wines Group Ltd		279
	26,474		East Asiatic Co Ltd AS		545
	156,468	e	Ebro Puleva S.A.		2,898
	682,358	e	Embotelladoras Arca SAB de C.V.		2,906
	3,565,492		Empresas Iansa S.A.		254
	153,464	e	Ezaki Glico Co Ltd		1,727

78

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	46,308	e	Farmer Bros Co	$	354
	645,000	e	First Resources Ltd		751
	333,447	e	Flowers Foods, Inc		6,329
	3,736,514	e	Fomento Economico Mexicano S.A. de C.V.		25,978
	198,910	e	Fresh Del Monte Produce, Inc		4,975
	76,373		Fuji Oil Co Ltd		1,091
	23,832		Fujicco Co Ltd		296
	150,000	*,e	Fujiya Co Ltd		318
	1,407,159	*,e	Futuris Corp Ltd		374
	1,988,669		General Mills, Inc		80,362
	301,200		GFPT PCL		98
	293,844		Glanbia plc		1,759
	3,818,000		Global Bio-Chem Technology Group Co Ltd		772
	1,018,000	*,e	Global Sweeteners Holdings Ltd		106
	91,111		Globus Spirits Ltd		168
	3,608,000		GMG Global Ltd		311
	44,536		Gokul Refoils & Solvent Ltd		68
	16,786,074		Golden Agri-Resources Ltd		9,249
	4,878,934	e	Goodman Fielder Ltd		2,161
	842,638	e	GrainCorp Ltd		6,743
	807,863		Great Wall Enterprise Co		744
	368,736	*,e	Green Mountain Coffee Roasters, Inc		16,538
	536,154		Greencore Group plc		437
	215,555	e	Greggs plc		1,694
	10,494		Griffin Land & Nurseries, Inc (Class A)		278
	1,590,693		Groupe Danone		99,820
	590,300	*,e	Gruma SAB de C.V.		1,117
	3,476,828	e	Grupo Bimbo S.A. de C.V. (Series A)		7,093
	186,800		Grupo Herdez SAB de C.V.		333
	1,883,201	e	Grupo Modelo S.A. (Series C)		11,942
	675,835		H.J. Heinz Co		36,522
	159,516	*	Hain Celestial Group, Inc		5,848
	585,743		Hansen Natural Corp		53,970
	225,000		Hap Seng Plantations Holdings BHD		196
	103,348	*	Harim & Co Ltd		426
	379,800	*,e	Heckmann Corp		2,526
	134,013		Heineken Holding NV		5,477
	40,460		Heineken NV		1,873
	1,099,379	e	Hershey Co		67,920
	790,000		Hey Song Corp		657
	21,910		Hite Holdings Co Ltd		205
	43,508		HKScan Oyj		317
	24,200		Hokuto Corp		528
	622,822		Hormel Foods Corp		18,242
	148,852	e	House Foods Corp		2,795
	250,500		IJM Plantations BHD		223
	297,050	*,e	Illovo Sugar Ltd		903
	51,577	e	Imperial Sugar Co		184
	2,136,634		Imperial Tobacco Group plc		80,851
	2,233,554		InBev NV		136,321
	674,978	*,e	Indofood Agri Resources Ltd		657
	4,706,576		IOI Corp BHD		7,980

79

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,149,900		ITC Ltd	$	15,716
	160,300		Ito En Ltd		2,754
	188,000	e	Itoham Foods, Inc		747
	67,992		J&J Snack Foods Corp		3,623
	418,403		J.M. Smucker Co		32,707
	5,996		Japan Tobacco, Inc		28,196
	952,321	*	JBS S.A.		3,104
	17,275		Jinro Distillers Co Ltd		171
	224,000		J-Oil Mills, Inc		640
	23,600		JT International BHD		55
	588,125	*	Juhayna Food Industries		383
	95,773	e	Kagome Co Ltd		1,904
	94,200		Keck Seng Malaysia BHD		117
	404,068	e	Kellogg Co		20,434
	64,244	*	Kernel Holding S.A.		1,289
	60,938		Kerry Group plc (Class A)		2,231
	20,200		KEY Coffee, Inc		364
	1,478,000		Khon Kaen Sugar Industry PCL		622
	127,160	e	Kikkoman Corp		1,459
	870,000		Kingway Brewery Holdings Ltd		243
	838,058	e	Kirin Brewery Co Ltd		10,183
	130,008		Koninklijke Wessanen NV		474
	1,027		Kook Soon Dang Brewery Co Ltd		7
	5,934,993		Kraft Foods, Inc (Class A)		221,731
	264,220		KT&G Corp		18,670
	916,873		Kuala Lumpur Kepong BHD		6,562
	2,279,508		Kulim Malaysia BHD		3,033
	318,010		Kwality Dairy India Ltd		225
	2,596		KWS Saat AG.		517
	70,642	e	Lancaster Colony Corp		4,898
	180,891		Lance, Inc		4,070
	3,440	e	Laurent-Perrier		323
	21,826		Leroy Seafood Group ASA		307
	342,987		Lien Hwa Industrial Corp		199
	22,994	*,e	Lifeway Foods, Inc		222
	32,674	e	Limoneira Co		553
	198		Lindt & Spruengli AG.		588
	157		Lindt & Spruengli AG. (Reg)		5,237
	2,144,906		Lorillard, Inc		244,519
	1,362		Lotte Chilsung Beverage Co Ltd		1,734
	854		Lotte Confectionery Co Ltd		1,267
	1,411		Lotte Samkang Co Ltd		503
	24,000		M Dias Branco S.A.		614
	26,607		Maeil Dairy Industry Co Ltd		423
	140,469		Maple Leaf Foods, Inc		1,493
	451,000		Marfrig Alimentos S.A.		2,065
	228,000		Marudai Food Co Ltd		836
	931,000		Maruha Nichiro Holdings, Inc		1,715
	212,042	e	McCormick & Co, Inc		10,691
	49,819		McLeod Russel India Ltd		177
	1,329,378		Mead Johnson Nutrition Co		91,368
	80,100	e	Megmilk Snow Brand Co Ltd		1,536

80

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	53,581		MEIJI Holdings Co Ltd	$	2,219
	11,500	e	Meito Sangyo Co Ltd		148
	404,000	e	Mewah International, Inc		145
	43,056		Mgp Ingredients, Inc		217
	96,158	*	MHP SA (GDR)		1,027
	62,100	e	Mikuni Coca-Cola Bottling Co Ltd		550
	79,600		Minerva S.A.		226
	124,000	e	Mitsui Sugar Co Ltd		422
	375,112		Molson Coors Brewing Co (Class B)		16,332
	236,302		Morinaga & Co Ltd		555
	259,000		Morinaga Milk Industry Co Ltd		1,000
	95,189	*	Morpol ASA		132
	108,500		MSM Malaysia Holdings BHD		167
	16,956		Muhak Co Ltd		164
	1,728,489		Multiexport Foods S.A.		502
	29,000		Nagatanien Co Ltd		328
	212,000		Namchow Chemical Industrial Ltd		161
	919		Namyang Dairy Products Co Ltd		641
	48,389	e	National Beverage Corp		778
	1,985	e	Naturex		133
	4,864,873		Nestle S.A.		279,359
	724,000	e	Nichirei Corp		3,499
	152,000		Nippon Beet Sugar Manufacturing Co Ltd		301
	272,000		Nippon Flour Mills Co Ltd		1,202
	151,294		Nippon Meat Packers, Inc		1,875
	584,666	e	Nippon Suisan Kaisha Ltd		2,002
	156,000	e	Nisshin Oillio Group Ltd		670
	160,208		Nisshin Seifun Group, Inc		1,939
	164,524	e	Nissin Food Products Co Ltd		6,451
	7,073		Nong Shim Co Ltd		1,429
	5,256		Nong Shim Holdings Co Ltd		231
	54,176		Nutreco Holding NV		3,558
	1,534,000	*,e	Oceanus Group Ltd		81
	158,840	*	Omega Protein Corp		1,133
	4,153		Orion Corp		2,444
	75,972		Osem Investments Ltd		1,112
	4,525		Ottogi Corp		609
	2,568,111	e	Pacific Andes International Holdings Ltd		224
	4,685,004	e	PAN Fish ASA		2,020
	71,995	e	Parmalat S.p.A.		124
	6,613,678	e	PepsiCo, Inc		438,818
	1,252,571		Perdigao S.A.		24,457
	31,802	e	Pernod-Ricard S.A.		2,944
	10,367	e	Pescanova S.A.		346
	300,000		Petra Foods Ltd		428
	354,451	*	PGG Wrightson Ltd		105
	1,900		Philip Morris CR		1,210
	9,978,955	e	Philip Morris International, Inc		783,148
	201,655	*,e	Pilgrim’s Pride Corp		1,162
	47,539		Pinar SUT Mamulleri Sanayii AS.		391
	647,320		PPB Group BHD		3,500
	2,734,901	*,e	Premier Foods plc		246

81

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	316,000		Prima Meat Packers Ltd	$	517
	58,763	*,e	Primo Water		179
	1,082,124		PT Astra Agro Lestari Tbk		2,586
	27,012,500		PT Bakrie Sumatera Plantations Tbk		847
	2,761,000		PT Bisi International		277
	3,839,500		PT BW Plantation Tbk		474
	9,315,500		PT Charoen Pokphand Indonesia Tbk		2,204
	872,000		PT Gudang Garam Tbk		5,958
	9,545,600		PT Indofood Sukses Makmur Tbk		4,837
	1,919,500		PT Japfa Comfeed Indonesia Tbk		808
	6,921,000		PT Perusahaan Perkebunan London Sumatra Indonesia Tbk		1,715
	2,057,500		PT Sampoerna Agro Tbk		674
	2,768,500		PT Tunas Baru Lampung Tbk		180
	131,700	e	Q.P. Corp		1,872
	852,700		QL Resources BHD		828
	19,517		Radico Khaitan Ltd		41
	200,747		Raisio plc (V Shares)		620
	379,851	*	Ralcorp Holdings, Inc		32,477
	833,359		REI Agro Ltd		259
	989,066	e	Remy Cointreau S.A.		79,324
	1,233,017		Reynolds American, Inc		51,072
	78,029	e	Robert Wiseman Dairies plc		311
	22,518		Royal UNIBREW AS		1,258
	82,634		Ruchi Soya Industries Ltd		145
	304,480		SABMiller plc		10,704
	8,263		Sajo Industries Co Ltd		408
	42,355		Sakata Seed Corp		606
	7,086		Samyang Corp		476
	3,692	*	Samyang Corp		155
	4,615		Samyang Genex Co Ltd		248
	214,540		San Miguel Corp		572
	84,466	e	Sanderson Farms, Inc		4,234
	49,700		Sao Martinho S.A.		446
	449,000	e	Sapporo Holdings Ltd		1,693
	246,728		Saputo, Inc		9,453
	1,661,859		Sara Lee Corp		31,442
	27,900		Sarawak Oil Palms BHD		49
	48,454	*,e	Seneca Foods Corp		1,251
	370,100	*	Shanghai Dajiang Group		113
	99,000		Showa Sangyo Co Ltd		305
	929,268		Shree Renuka Sugars Ltd		439
	16,700		Silla Co Ltd		179
	12,538		Sipef S.A		940
	97,400		SLC Agricola S.A.		809
	267,643	*	Smart Balance, Inc		1,435
	1,422,090	*	Smithfield Foods, Inc		34,528
	2,626		Societa per la Bonifica dei Terreni Ferraresi e Imprese Agricole S.p.A.		67
	329,002	*,e	SOS Cuetara S.A.		183
	630,855		Souza Cruz S.A.		7,748
	281,000		Standard Foods Corp		852
	410,348	*,e	Star Scientific, Inc		895

82

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	43,408		Strauss Group Ltd	$	533
	164,093		Suedzucker AG.		5,227
	225,000		Super Coffeemix Manufacturing Ltd		228
	178,869	e	Swedish Match AB		6,336
	80,328	*,e	Synutra International, Inc		406
	18,540		Taisun Enterprise Co Ltd		9
	78,000		Taiyen Biotech Co Ltd		53
	241,000		Takara Holdings, Inc		1,547
	157,149		Tassal Group Ltd		225
	156,384	*	TAT Konserve		152
	250,835		Tata Tea Ltd		425
	1,325,154		Tate & Lyle plc		14,487
	513,500		TH Plantations BHD		343
	608,200		Thai Union Frozen Products PCL		1,126
	467,400		Thai Vegetable Oil PCL		256
	278,000	*	Tibet 5100 Water Resources Holdings Ltd		75
	462,299		Tiger Brands Ltd		14,363
	2,828,000	e	Tingyi Cayman Islands Holding Corp		8,566
	148,834		Tongaat Hulett Ltd		1,864
	93,256	e	Tootsie Roll Industries, Inc		2,207
	137,542		Toyo Suisan Kaisha Ltd		3,328
	98,400		Tradewinds Malaysia BHD		311
	904,176		Treasury Wine Estates Ltd		3,409
	157,040	*	TreeHouse Foods, Inc		10,267
	9,130		TS Corp		190
	508,000	e	Tsingtao Brewery Co Ltd		2,808
	1,554,508	e	Tyson Foods, Inc (Class A)		32,085
	228,773		Ulker Biskuvi Sanayi AS		652
	2,756,264		Unilever NV		94,770
	195,000		Unilever NV (ADR)		6,702
	3,046,465	e	Unilever plc		102,160
	7,050,617		Uni-President Enterprises Corp		10,288
	3,747	e	United International Enterprises		463
	5,400		United Malacca BHD		11
	100,587		United Spirits Ltd		930
	126,671	e	Universal Corp		5,822
	2,173,650		Universal Robina		2,382
	151,000		Ve Wong Corp		97
	184,498	e	Vector Group Ltd		3,277
	6,104	e	Vilmorin & Cie		581
	645,883		Vina Concha Y Toro S.A.		1,212
	83,316		Viscofan S.A.		3,082
	1,154,000		Vitasoy International Holdings Ltd		849
	452,987		Viterra, Inc		4,776
	2,369		Vranken - Pommery Monopole		84
	8,220,000	e	Want Want China Holdings Ltd		8,188
	351,000		Wei Chuan Food Corp		373
	253,243	*	Westway Group, Inc		1,418
	1,483,588	e	Wilmar International Ltd		5,719
	504,000	*,e	Xiwang Sugar Holdings Co Ltd		75
	140,492	e	Yakult Honsha Co Ltd		4,417
	156,842	e	Yamazaki Baking Co Ltd		2,061

83

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	320,000		Yantai North Andre Juice Co	$	9
	2,679,000		YASHILI INTERNATIONAL		403
	23,000		Yonekyu Corp		221
	378,554		Zeder Investments Ltd		122
			TOTAL FOOD, BEVERAGE & TOBACCO		5,589,785
HEALTH CARE EQUIPMENT & SERVICES - 3.2%
	90,881	*	Abaxis, Inc		2,515
	141,548	*,e	Abiomed, Inc		2,614
	157,892	*,e	Accretive Health, Inc		3,628
	256,213	*,e	Accuray, Inc		1,084
	1,351,296	e	Aetna, Inc		57,011
	237,884	*	AGFA-Gevaert NV		377
	62,626	*	AGFA-Gevaert NV Bruessel		0	^
	123,393	*,e	Air Methods Corp		10,421
	97,758		Alfresa Holdings Corp		4,115
	267,622	*	Align Technology, Inc		6,349
	106,692	*,e	Alliance Imaging, Inc		134
	516,569	*	Allscripts Healthcare Solutions, Inc		9,784
	33,803	*,e	Almost Family, Inc		560
	223,298	*,e	Alphatec Holdings, Inc		384
	145,141	*,e	Amedisys, Inc		1,583
	82,834	*	American Dental Partners, Inc		1,560
	280,614	*,e	Amerigroup Corp		16,579
	2,029,619	e	AmerisourceBergen Corp		75,482
	172,800		Amil Participacoes S.A.		1,522
	157,664	*	AMN Healthcare Services, Inc		698
	101,232	e	Amplifon S.p.A.		427
	149,674	*,e	Amsurg Corp		3,898
	50,568	e	Analogic Corp		2,899
	34,554	*	Andor Technology Ltd		319
	126,026	*	Angiodynamics, Inc		1,866
	250,962	e	Ansell Ltd		3,726
	312,454	*,e	Antares Pharma, Inc		687
	23,582		Apollo Hospitals Enterprise Ltd		251
	48,426		Arseus NV		691
	169,549	*,e	Arthrocare Corp		5,371
	16,100		As One Corp		326
	11,600	e	Asahi Intecc Co Ltd		263
	77,296		Assisted Living Concepts, Inc (A Shares)		1,151
	159,682	*,e	athenahealth, Inc		7,844
	64,746	*,e	AtriCure, Inc		719
	5,936		Atrion Corp		1,426
	6,887		Audika		117
	2,108,200		Bangkok Chain Hospital PCL		458
	338,606		Bard (C.R.), Inc		28,951
	3,383,876		Baxter International, Inc		167,435
	649,905		Becton Dickinson & Co		48,562
	134,978	*,e	Biolase Technology, Inc		347
	94,914	*,e	Bio-Reference Labs, Inc		1,544
	168,610	*	BioScrip, Inc		921
	2,481,000	*	Biosensors International Group Ltd		2,731

84

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	22,600		BML, Inc	$	533
	6,617,084	*	Boston Scientific Corp		35,335
	156,157	*	Brookdale Senior Living, Inc		2,716
	497,600		Bumrungrad Hospital PCL		733
	70,811		Cantel Medical Corp		1,978
	119,192	*,e	Capital Senior Living Corp		946
	2,720,775	e	Cardinal Health, Inc		110,491
	165,213	*,e	CardioNet, Inc		392
	61,514	*,e	Cardiovascular Systems, Inc		606
	962,803	*	CareFusion Corp		24,465
	56,923		Carl Zeiss Meditec AG.		1,200
	2,311	*	Carmat		251
	124,082	*,e	Catalyst Health Solutions, Inc		6,452
	125,331	*,e	CBaySystems Holdings Ltd		1,206
	79,660	e	Celesio AG.		1,260
	261,204	*	Centene Corp		10,341
	963,538	*,e	Cerner Corp		59,016
	177,359	*,e	Cerus Corp		497
	24,343	*	CHA Bio & Diostech Co Ltd		222
	121,249	e	Chemed Corp		6,209
	50,442	*,e	Chindex International, Inc		430
	1,094,133		Cigna Corp		45,954
	123,417	e	CML Healthcare Income Fund		1,170
	57,491	e	Cochlear Ltd		3,651
	28,670	e	Coloplast AS (Class B)		4,114
	4,360		Coltene Holding AG.		148
	258,418	*	Community Health Systems, Inc		4,509
	42,674	e	Compagnie Generale d’Optique Essilor International S.A.		3,008
	78,161		Computer Programs & Systems, Inc		3,995
	154,200	*,e	Conceptus, Inc		1,949
	130,769	*,e	Conmed Corp		3,357
	282,548		Cooper Cos, Inc		19,925
	37,963	*,e	Corvel Corp		1,963
	572,919	*,e	Coventry Health Care, Inc		17,400
	2,105,935		Covidien plc		94,789
	26,100		Cremer S.A.		208
	161,809	*	Cross Country Healthcare, Inc		898
	91,908	*	Cruz Blanca Salud S.A.		90
	153,328	*	CryoLife, Inc		736
	26,930	*	Curexo, Inc		241
	123,013	*	Cyberonics, Inc		4,121
	44,218	*	Cynosure, Inc (Class A)		520
	740,485	*	DaVita, Inc		56,136
	181,797	*,e	Delcath Systems, Inc		554
	589,216	e	Dentsply International, Inc		20,617
	262,785	*,e	DexCom, Inc		2,447
	325,500		Diagnosticos da America S.A.		2,705
	39,887	e	DiaSorin S.p.A.		1,005
	22,807		Draegerwerk AG.		1,849
	6,111		Draegerwerk AG. & Co KGaA		394
	84,266	*,e	DynaVox, Inc		307
	780,247	*	Edwards Lifesciences Corp		55,164

85

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	154,056	e	Elekta AB (B Shares)	$	6,661
	118,643	*,e	Emeritus Corp		2,077
	238,758	*	Endologix, Inc		2,741
	65,635		Ensign Group, Inc		1,608
	300,737	*,e	EnteroMedics, Inc		511
	26,239	*,e	ePocrates, Inc		205
	37,068	*,e	Exactech, Inc		611
	110,907	*,e	EXamWorks, Inc		1,051
	133,000		Excelsior Medical Co Ltd		271
	2,509,846	*,e	Express Scripts, Inc		112,165
	487,900		Faber Group BHD		275
	793,468	e	Fisher & Paykel Healthcare Corp		1,550
	168,141	*,e	Five Star Quality Care, Inc		504
	117,607		Fleury S.A.		1,349
	81,549	*	Fortis Healthcare Ltd		129
	295,667		Fresenius Medical Care AG.		20,083
	180,477		Fresenius SE		16,689
	10,409	e	Galenica AG.		6,080
	144,984	*	Gen-Probe, Inc		8,571
	113,616	*	Gentiva Health Services, Inc		767
	349,990		Getinge AB (B Shares)		8,850
	22,928	*	Given Imaging Ltd		393
	279,565		GN Store Nord		2,346
	16,660,212	*	Golden Meditech Co Ltd		1,841
	127,439	*,e	Greatbatch, Inc		2,816
	49,200		Green Hospital Supply, Inc		1,074
	110,162	*	Haemonetics Corp		6,744
	125,440	*	Hanger Orthopedic Group, Inc		2,344
	156,622	*,e	Hansen Medical, Inc		404
	257,200		Hartalega Holdings BHD		474
	333,906	*	HCA Holdings, Inc		7,356
	690,038	*	Health Management Associates, Inc (Class A)		5,086
	383,728	*,e	Health Net, Inc		11,673
	854,923	*,e	Healthsouth Corp		15,106
	342,031	*	Healthspring, Inc		18,654
	105,809	*,e	HealthStream, Inc		1,952
	165,496	*	Healthways, Inc		1,135
	46,310	*,e	HeartWare International, Inc		3,195
	252,689	*	Henry Schein, Inc		16,281
	247,826	e	Hill-Rom Holdings, Inc		8,349
	823,000		Hitachi Medical Corp		8,449
	402,251	*,e	HMS Holdings Corp		12,864
	38,200		Hogy Medical Co Ltd		1,614
	2,038,923	*	Hologic, Inc		35,702
	1,320,084		Humana, Inc		115,653
	50,072	*,e	ICU Medical, Inc		2,253
	232,373	*	Idexx Laboratories, Inc		17,883
	29,533		Immunodiagnostic Systems Holdings plc		211
	178,027	*,e	Insulet Corp		3,352
	101,695	*,e	Integra LifeSciences Holdings Corp		3,135
	229,767	*,e	Intuitive Surgical, Inc		106,385
	168,562		Invacare Corp		2,577

86

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	230,957	*	Inverness Medical Innovations, Inc	$	5,333
	25,315		Ion Beam Applications		156
	63,953	*,e	IPC The Hospitalist Co, Inc		2,924
	78,033	*,e	IRIS International, Inc		730
	93,000	e	Jeol Ltd		232
	32,413	*	Kensey Nash Corp		622
	205,192	*,e	Kindred Healthcare, Inc		2,415
	58,187	*,e	K-Kitz, Inc		166
	271,100		Kossan Rubber Industries		278
	678,700		KPJ Healthcare BHD		1,006
	275,136	*	Laboratory Corp of America Holdings		23,653
	36,786	e	Landauer, Inc		1,894
	434,500		Latexx Partners BHD		262
	58,298	*	LHC Group, Inc		748
	2,318,034		Life Healthcare Group Holdings Pte Ltd		5,923
	138,884	*	LifePoint Hospitals, Inc		5,160
	259,113		Lincare Holdings, Inc		6,662
	4,475	*	LVL Medical Groupe S.A.		69
	140,038	*	Magellan Health Services, Inc		6,928
	124,841	*,e	MAKO Surgical Corp		3,147
	7,500		Mani, Inc		257
	235,149	*,e	Masimo Corp		4,394
	6,157	*	Mauna Kea Technologies		85
	1,191,073		McKesson Corp		92,796
	180,830	*	MedAssets, Inc		1,673
	1,474,548	*	Medco Health Solutions, Inc		82,427
	63,078		Medica		1,060
	106,291	*	Medical Action Industries, Inc		556
	142,278		Mediceo Paltac Holdings Co Ltd		1,485
	81,709	*,e	Medidata Solutions, Inc		1,777
	3,244,511		Medtronic, Inc		124,104
	202,181	*,e	Merge Healthcare, Inc		981
	164,718	e	Meridian Bioscience, Inc		3,103
	150,085	*	Merit Medical Systems, Inc		2,008
	174	e	Message Co Ltd		544
	179,966	*,e	Metropolitan Health Networks, Inc		1,344
	185,000		Microlife Corp		275
	719,000		Microport Scientific Corp		354
	3,990,000	*	Mingyuan Medicare Development Co Ltd		115
	106,178		Miraca Holdings, Inc		4,233
	180,526	*,e	Molina Healthcare, Inc		4,031
	47,687	*	MWI Veterinary Supply, Inc		3,168
	23,136		Nagaileben Co Ltd		306
	6,700		Nakanishi, Inc		618
	37,670	e	National Healthcare Corp		1,578
	3,974		National Research Corp		154
	208,456	*	Natus Medical, Inc		1,966
	91,791	*,e	Neogen Corp		2,812
	362,071	*	Neoprobe Corp		949
	1,731,194	e	Network Healthcare Holdings Ltd		2,885
	204,700		Nichii Gakkan Co		2,491
	59,400		Nihon Kohden Corp		1,461

87

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	77,767	e	Nikkiso Co Ltd	$	660
	116,332	e	Nipro Corp		978
	166,087		Nobel Biocare Holding AG.		1,927
	216,047	*	NuVasive, Inc		2,720
	179,928	*,e	NxStage Medical, Inc		3,199
	159,100		Odontoprev S.A.		2,269
	8,200	e	Olympus Corp		108
	319,179	e	Omnicare, Inc		10,996
	133,618	*	Omnicell, Inc		2,207
	119,548		OPG Groep NV		1,816
	42,934		Opto Circuits India Ltd		161
	189,278	*,e	OraSure Technologies, Inc		1,724
	255,562		Oriola-KD Oyj (B Shares)		569
	37,628	e	Orpea		1,225
	115,901	*,e	Orthofix International NV		4,083
	9,784	*	Osstem Implant Co Ltd		106
	284,998		Owens & Minor, Inc		7,920
	52,264		Pacific Hospital Supply Co Ltd		132
	82,677	*,e	Palomar Medical Technologies, Inc		769
	19,700	*	Paramount Bed Holdings Co Ltd		599
	316,178	e	Patterson Cos, Inc		9,334
	129,274	*	Pediatrix Medical Group, Inc		9,309
	12,205	*,m	Pharmaniaga BHD		20
	138,407	*,e	PharMerica Corp		2,101
	15,118		Phonak Holding AG.		1,575
	302,000	*	Pihsiang Machinery Manufacturing Co Ltd		387
	1,285,190	e	Primary Health Care Ltd		4,044
	4,400		Profarma Distribuidora de Produtos Farmaceuticos S.A.		25
	74,586	*,e	Providence Service Corp		1,026
	405,290	*,e	PSS World Medical, Inc		9,804
	26,844	*	PZ Cormay S.A.		130
	152,790	e	Quality Systems, Inc		5,652
	487,680		Quest Diagnostics, Inc		28,315
	109,454	*,e	Quidel Corp		1,656
	128,130	*,e	RadNet, Inc		273
	295,000		Raffles Medical Group Ltd		482
	261,426		Ramsay Health Care Ltd		5,145
	414,433	*,e	Resmed, Inc		10,527
	174,052		Rhoen Klinikum AG.		3,313
	64,062	*,e	Rockwell Medical Technologies, Inc		543
	394,511	*,e	RTI Biologics, Inc		1,752
	560,779		Ryman Healthcare Ltd		1,182
	18,639		Sartorius AG.		855
	8,248	e	Sartorius Stedim Biotech		522
	574,522		Selcuk Ecza Deposu Ticaret ve Sanayi AS		424
	180,753	*,e	Select Medical Holdings Corp		1,533
	2,758,000	e	Shandong Weigao Group Medical Polymer Co Ltd		2,478
	356,700	*	Shanghai Pharmaceuticals Holding Co Ltd		577
	119,978		Shenzhen Accord Pharmaceutical Co Ltd		223
	2,155,500		Sigma Pharmaceuticals Ltd		1,214
	1,224,800	e	Sinopharm Group Co		2,935
	223,226	*	Sirona Dental Systems, Inc		9,831

88

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	82,433	*,e	Skilled Healthcare Group, Inc (Class A)	$	450
	144,355		Smith & Nephew plc		1,401
	231,892	*,e	Solta Medical, Inc		728
	256		So-net M3, Inc		1,153
	390,770	e	Sonic Healthcare Ltd		4,504
	85,786	*	SonoSite, Inc		4,620
	342,858	*	Sorin S.p.A.		525
	133,684	*,e	Spectranetics Corp		965
	1,265,522		St. Jude Medical, Inc		43,408
	79,000		St. Shine Optical Co Ltd		833
	181,246	*	Staar Surgical Co		1,901
	176,078	*,e	Stereotaxis, Inc		145
	233,127	e	STERIS Corp		6,952
	8,659		Stratec Biomedical Systems AG.		355
	3,694		Straumann Holding AG.		636
	1,127,468		Stryker Corp		56,047
	85,332	*	Sun Healthcare Group, Inc		331
	225,360	*,e	Sunrise Senior Living, Inc		1,460
	388,800		Supermax Corp BHD		470
	68,158	*,e	SurModics, Inc		999
	65,254	e	Suzuken Co Ltd		1,807
	517,976	*	SXC Health Solutions Corp		29,254
	118,062	*	SXC Health Solutions Corp (Toronto)		6,637
	194,521	*,e	Symmetry Medical, Inc		1,554
	101,133	*,e	Synergetics USA, Inc		746
	108,854	e	Synergy Healthcare plc		1,432
	53,005	*	Synovis Life Technologies, Inc		1,475
	28,944	e,g	Synthes, Inc 144A		4,845
	27,163		Sysmex Corp		883
	155,577	*,e	Team Health Holdings, Inc		3,434
	65,124		Teleflex, Inc		3,991
	123,700	*	Tempo Participacoes S.A.		275
	1,308,712	*,e	Tenet Healthcare Corp		6,714
	162,516		Terumo Corp		7,640
	157,373	*	Thoratec Corp		5,281
	120,000	e	Toho Pharmaceutical Co Ltd		1,659
	625,400		Top Glove Corp BHD		986
	40,625	*,e	Tornier BV		731
	34,258	*	Transcend Services, Inc		813
	362,000		Trauson Holdings Co Ltd		82
	104,655	*,e	Triple-S Management Corp (Class B)		2,095
	217,246	*,e	Unilife Corp		678
	504,645		United Drug plc		1,337
	7,064,096		UnitedHealth Group, Inc		358,009
	153,861	*	Universal American Corp		1,956
	248,598	e	Universal Health Services, Inc (Class B)		9,661
	85,474	*,e	Uroplasty, Inc		363
	75,426	e	US Physical Therapy, Inc		1,484
	101,000	*,e	Vanguard Health Systems, Inc		1,032
	555,721	*	Varian Medical Systems, Inc		37,306
	72,667	*	Vascular Solutions, Inc		809
	234,797	*,e	VCA Antech, Inc		4,637

89

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	40,200	e	VITAL KSK Holdings, Inc	$	292
	236,797	*,e	Volcano Corp		5,633
	292,550	*	WellCare Health Plans, Inc		15,359
	1,920,822		WellPoint, Inc		127,255
	128,275	e	West Pharmaceutical Services, Inc		4,868
	5,881	*,e	William Demant Holding		488
	170,454	*,e	Wright Medical Group, Inc		2,812
	27,853		Young Innovations, Inc		825
	113,703	*,e	Zeltiq Aesthetics, Inc		1,292
	573,851	*	Zimmer Holdings, Inc		30,655
	127,351	*	Zoll Medical Corp		8,046
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		3,109,249
HOUSEHOLD & PERSONAL PRODUCTS - 1.8%
	20,266		Able C&C Co Ltd		471
	27,700	*	Aderans Co Ltd		355
	4,883		Amorepacific Corp		4,459
	32,244	*	Atrium Innovations Inc		376
	702,211		Avon Products, Inc		12,268
	2,004,000	*,e	BaWang International Group Holding Ltd		262
	147,581		Beiersdorf AG.		8,363
	225,115	*,e	Central Garden and Pet Co (Class A)		1,873
	72,320		China King-highway Holdings Lt		146
	760,591		Church & Dwight Co, Inc		34,805
	456,308		Clorox Co		30,372
	1,839,750	e	Colgate-Palmolive Co		169,974
	327,722		Dabur India Ltd		613
	138	e	Dr Ci:Labo Co Ltd		733
	134,739	*,e	Elizabeth Arden, Inc		4,991
	5,491		Emami Ltd		35
	1,055,432	*	Energizer Holdings, Inc		81,775
	957,029		Estee Lauder Cos (Class A)		107,494
	72,500	e	Fancl Corp		988
	77,514	e	Female Health Co		350
	158,000		Grape King Industrial Co		192
	94,306	*	Harbinger Group, Inc		378
	1,048,500		Hengan International Group Co Ltd		9,775
	46,921		Henkel KGaA		2,270
	1,052,902		Henkel KGaA (Preference)		60,698
	2,027,027		Herbalife Ltd		104,737
	1,433,428		Hindustan Lever Ltd		10,992
	367,625		Hypermarcas S.A.		1,675
	7,152		Inter Parfums S.A.		151
	63,815		Inter Parfums, Inc		993
	796,168		Kao Corp		21,725
	893,175	e	Kimberly-Clark Corp		65,702
	731,379		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		3,944
	36,900		Kobayashi Pharmaceutical Co Ltd		1,941
	14,880	*	Korea Kolmar Co Ltd		99
	41,500	e	Kose Corp		1,037
	19,222		LG Household & Health Care Ltd		8,136
	309,000	e	Lion Corp		1,823

90

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	40,302	e	L’Oreal S.A.	$	4,197
	465,600		Magic Holdings international Ltd		175
	64,479	e	Mandom Corp		1,702
	249,474		Mcbride plc		432
	61,912	*,e	Medifast, Inc		849
	239,082		Microbio Co Ltd		291
	12,200	e	Milbon Co Ltd		374
	229,838		Natura Cosmeticos S.A.		4,468
	39,983	*,e	Nature’s Sunshine Products, Inc		621
	6,392	*,m	Nirma Ltd		31
	412,951	e	Nu Skin Enterprises, Inc (Class A)		20,058
	59,963	*	Nutraceutical International Corp		679
	1,628,000	e	NVC Lighting Holdings Ltd		599
	21,645	e	Oil-Dri Corp of America		438
	58,742	e	Oriflame Cosmetics S.A.		1,850
	7,642		Pacific Corp		1,692
	20,800		Pigeon Corp		848
	116,900	e	Pola Orbis Holdings, Inc		3,158
	256,893	*,e	Prestige Brands Holdings, Inc		2,895
	10,620,216		Procter & Gamble Co		708,474
	3,398,000		PT Unilever Indonesia Tbk		7,039
	306,357	e	PZ Cussons plc		1,665
	2,497,112	e	Reckitt Benckiser Group plc		123,158
	44,799	*,e	Revlon, Inc (Class A)		666
	40,752,500		Ruinian International Ltd		13,259
	45,631	*	Schiff Nutrition International, Inc		488
	278,311		Shiseido Co Ltd		5,111
	93,657	*	Spectrum Brands, Inc		2,566
	99,905		Uni-Charm Corp		4,926
	26,798	*,e	USANA Health Sciences, Inc		814
	1,091,000	e	Vinda International Holdings Ltd		1,397
	93,453	e	WD-40 Co		3,776
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,675,667
INSURANCE - 3.7%
	3,429,768		ACE Ltd		240,494
	204,295	e	Admiral Group plc		2,709
	1,332,607	*	Aegon NV		5,326
	3,710,276	e	Aflac, Inc		160,507
	9,692,207		AIA Group Ltd		30,171
	13,511	*	Aksigorta AS		12
	10,833	*,e	Alleghany Corp		3,091
	759,202		Allianz AG.		72,507
	384,279	e	Allied World Assurance Co Holdings Ltd		24,183
	2,580,656		Allstate Corp		70,736
	88,520	*	Alm Brand AS		125
	264,552	e	American Equity Investment Life Holding Co		2,751
	755,726	e	American Financial Group, Inc		27,879
	635,618	*	American International Group, Inc		14,746
	10,796		American National Insurance Co		788
	75,342	*,e	American Safety Insurance Holdings Ltd		1,639
	73,945	*	Amerisafe, Inc		1,719

91

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	725,262		Amlin plc	$	3,532
	3,274,134		AMP Ltd		13,606
	105,952	e	Amtrust Financial Services, Inc		2,516
	257,614		Anadolu Hayat Emeklilik AS		373
	450,254		Anadolu Sigorta		187
	855,743	e	AON Corp		40,049
	36,632		April Group		557
	823,698	*	Arch Capital Group Ltd		30,666
	121,251	e	Argo Group International Holdings Ltd		3,511
	178,939		Arthur J. Gallagher & Co		5,984
	685,123		Aspen Insurance Holdings Ltd		18,156
	497,715	e	Assicurazioni Generali S.p.A.		7,471
	162,432	e	Assurant, Inc		6,669
	503,739	e	Assured Guaranty Ltd		6,619
	2,780,359		Aviva plc		12,932
	2,869,192		AXA S.A.		37,088
	1,920,057	e	Axis Capital Holdings Ltd		61,365
	4,146		Bajaj Finserv Ltd		33
	34,182	e	Baldwin & Lyons, Inc (Class B)		745
	61,396		Baloise Holding AG.		4,200
	1,267,149	e	Beazley plc		2,641
	5,600,924	*	Berkshire Hathaway, Inc (Class B)		427,350
	143,200		Brazil Insurance Participco		1,305
	183,806		Brown & Brown, Inc		4,160
	10,228,192		Cathay Financial Holding Co Ltd		11,027
	806,863		Catlin Group Ltd		4,996
	104,000		Central Reinsurance Co Ltd		43
	147,946		Chesnara plc		404
	1,267,508	*,e	China Insurance International Holdings Co Ltd		2,344
	12,304,419	e	China Life Insurance Co Ltd		30,325
	2,675,886		China Life Insurance Co Ltd (Taiwan)		2,160
	3,322,200		China Pacific Insurance Group Co Ltd		9,426
	1,123,528		Chubb Corp		77,771
	32,543	*	CIG Pannonia Life Insurance plc		68
	238,553	e	Cincinnati Financial Corp		7,266
	161,514	*,e	Citizens, Inc (Class A)		1,565
	44,988		Clal Insurance		671
	44,385		CNA Financial Corp		1,187
	353,435		CNP Assurances		4,375
	1,093,299	*,e	Conseco, Inc		6,899
	1,920,820	e	Corp Mapfre S.A.		6,076
	114,696	e	Crawford & Co (Class B)		707
	5,062		Dai-ichi Mutual Life Insurance Co		4,969
	217,655		Delphi Financial Group, Inc (Class A)		9,642
	80,882		Delta Lloyd NV		1,355
	774,507		Discovery Holdings Ltd		4,168
	32,451	e	Donegal Group, Inc (Class A)		460
	114,702		Dongbu Insurance Co Ltd		5,330
	86,857	*,e	eHealth, Inc		1,277
	33,283	e	EMC Insurance Group, Inc		685
	161,946	e	Employers Holdings, Inc		2,930
	66,380	e	Endurance Specialty Holdings Ltd		2,539

92

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	27,457	*	Enstar Group Ltd	$	2,696
	104,490		Erie Indemnity Co (Class A)		8,167
	32,008		Euler Hermes S.A.		1,889
	598,048		Everest Re Group Ltd		50,290
	19,542		Fairfax Financial Holdings Ltd		8,383
	52,141		FBD Holdings plc		439
	67,412	e	FBL Financial Group, Inc (Class A)		2,293
	1,481,733		Fidelity National Title Group, Inc (Class A)		23,604
	534,780	e	First American Financial Corp		6,776
	281,071	e	Flagstone Reinsurance Holdings Ltd		2,330
	223,352	*	Fondiaria-Sai S.p.A RSP		98
	466,302	*,e	Fondiaria-Sai S.p.A.		373
	14,041	*,e	Fortegra Financial Corp		94
	5,723,818		Fortis		8,843
	2,197,819	*	Genworth Financial, Inc (Class A)		14,396
	417,460	e	Gjensidige Forsikring BA		4,832
	719,486	e	Great-West Lifeco, Inc		14,407
	110,139	*	Greenlight Capital Re Ltd (Class A)		2,607
	57,430		Grupo Catalana Occidente S.A.		910
	74,870	*	Hallmark Financial Services		523
	258,568	e	Hannover Rueckversicherung AG.		12,812
	72,045		Hanover Insurance Group, Inc		2,518
	38,500	*	Hanwha Non-Life Insurance Co Ltd		248
	11,401		Harel Insurance Investments & Finances Ltd		417
	45,363	e	Harleysville Group, Inc		2,566
	2,837,331	e	Hartford Financial Services Group, Inc		46,107
	185,112	e	HCC Insurance Holdings, Inc		5,091
	11,943		Helvetia Holding AG.		3,743
	157,428	*,e	Hilltop Holdings, Inc		1,330
	517,260		Hiscox Ltd		2,996
	235,399		Horace Mann Educators Corp		3,227
	149,690		Hyundai Marine & Fire Insurance Co Ltd		4,491
	29,592	e	Independence Holding Co		241
	128,771	e	Industrial Alliance Insurance and Financial Services, Inc		3,323
	61,605	e	Infinity Property & Casualty Corp		3,495
	251,667		ING Canada, Inc		14,459
	2,309,395	e	Insurance Australia Group Ltd		7,035
	187,611	e	Jardine Lloyd Thompson Group plc		2,009
	17,666	e	Kansas City Life Insurance Co		580
	86,641		Kemper Corp		2,531
	220,610		Korea Life Insurance Co Ltd		1,420
	183,830		Korean Reinsurance Co		2,399
	360,512	e	Lancashire Holdings Ltd		4,058
	20,966,333		Legal & General Group plc		33,506
	166,258		Liberty Holdings Ltd		1,636
	47,850		LIG Insurance Co Ltd		953
	513,999	e	Lincoln National Corp		9,982
	514,885		Loews Corp		19,385
	29,280	*	Lotte Non-Life Insurance Co Ltd		139
	287,910	e	Maiden Holdings Ltd		2,522
	2,632,941	e	Manulife Financial Corp		28,042
	15,908	*	Markel Corp		6,597

93

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,309,825		Marsh & McLennan Cos, Inc	$	104,657
	1,127,320		Max Capital Group Ltd		26,639
	245,087	*,e	MBIA, Inc		2,841
	340,172	e	Meadowbrook Insurance Group, Inc		3,633
	481,008	e	Mediolanum S.p.A.		1,864
	29,995	*	Menorah Mivtachim Holdings Ltd		226
	42,478		Mercury General Corp		1,938
	133,875		Meritz Fire & Marine Insurance Co Ltd		1,372
	5,301,823		Metlife, Inc		165,310
	1,534,550		Metropolitan Holdings Ltd		3,251
	352,760		Migdal Insurance Holdings Ltd		481
	1,668,697	*	Milano Assicurazioni S.p.A.		484
	499,994		Millea Holdings, Inc		11,072
	458,536		Mitsui Sumitomo Insurance Group Holdings, Inc		8,464
	280,847	e	Montpelier Re Holdings Ltd		4,985
	312,915		Muenchener Rueckver AG.		38,345
	239,079	*,e	National Financial Partners Corp		3,232
	37,320		National Interstate Corp		921
	10,338	e	National Western Life Insurance Co (Class A)		1,408
	57,746	*	Navigators Group, Inc		2,753
	627,900		NKSJ Holdings, Inc		12,283
	4,468,242	e	Old Mutual plc		9,398
	360,191	e	Old Republic International Corp		3,339
	90,210	e	OneBeacon Insurance Group Ltd (Class A)		1,388
	533,239		PartnerRe Ltd		34,239
	449,969	*,e	Phoenix Cos, Inc		756
	157,252		Phoenix Group Holdings		1,282
	79,180		Phoenix Holdings Ltd		205
	5,248,500	e	PICC Property & Casualty Co Ltd		7,063
	2,621,000	e	Ping An Insurance Group Co of China Ltd		17,196
	147,124	e	Platinum Underwriters Holdings Ltd		5,018
	159,231		Porto Seguro S.A.		1,818
	589,069	e	Power Corp Of Canada		13,773
	473,051	e	Power Financial Corp		11,859
	110,105		Powszechny Zaklad Ubezpieczen S.A.		9,824
	269,160	*,e	Premafin Finanziaria S.p.A.		49
	97,094	e	Presidential Life Corp		970
	132,047		Primerica, Inc		3,069
	1,378,500		Principal Financial Group		33,911
	128,956		ProAssurance Corp		10,293
	1,007,711		Progressive Corp		19,660
	231,850		Protective Life Corp		5,231
	4,926,200		Prudential Financial, Inc		246,900
	4,693,117	e	Prudential plc		46,434
	88,425,000	*	PT Panin Life Tbk		1,119
	1,998,113	e	QBE Insurance Group Ltd		26,444
	169,925		Reinsurance Group of America, Inc (Class A)		8,879
	783,103		RenaissanceRe Holdings Ltd		58,239
	4,206,999		Resolution Ltd		16,400
	70,643	e	RLI Corp		5,147
	995,484		RMI Holdings		1,653
	2,735,829		Royal & Sun Alliance Insurance Group plc		4,466

94

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	49,120		Safety Insurance Group, Inc	$	1,988
	327,411		Sampo Oyj (A Shares)		8,099
	69,720		Samsung Fire & Marine Insurance Co Ltd		12,785
	69,179	f	Samsung Life Insurance Co Ltd (purchased 05/26/10, cost $6,046)		4,865
	3,832,512		Sanlam Ltd		13,657
	44,084		Santam Ltd		777
	25,554		Schweizerische National-Versicherungs-Gesellschaft		877
	508,449		SCOR		11,856
	95,131		SeaBright Insurance Holdings, Inc		728
	275,778		Selective Insurance Group, Inc		4,890
	13,895,195	*	Shin Kong Financial Holding Co Ltd		3,931
	265,000		Shinkong Insurance Co Ltd		131
	64,230	e	Societa Cattolica di Assicurazioni SCRL		1,199
	197,307		Sony Financial Holdings, Inc		2,910
	268,806	e	St. James’s Place plc		1,350
	73,025	e	Stancorp Financial Group, Inc		2,684
	2,599,374	e	Standard Life plc		8,328
	83,776	e	State Auto Financial Corp		1,139
	69,527	e	Stewart Information Services Corp		803
	633,793	e	Storebrand ASA		3,279
	164,200		Sul America SA		1,329
	948,955	e	Sun Life Financial, Inc		17,605
	3,769,348		Suncorp-Metway Ltd		32,217
	25,894		Swiss Life Holding		2,372
	1,090,090		Swiss Re Ltd		55,420
	295,517	e	Symetra Financial Corp		2,680
	150,200		T&D Holdings, Inc		1,399
	503,000		Taiwan Fire & Marine Insurance Co		349
	1,573,000		Taiwan Life Insurance Co Ltd		910
	112,480		Tong Yang Life Insurance		1,426
	16,901	*	Topdanmark AS		2,629
	491,400	e	Torchmark Corp		21,322
	192,422	e	Tower Group, Inc		3,881
	256,704		Tower Ltd		305
	100,906	e	Transatlantic Holdings, Inc		5,523
	1,294,782		Travelers Cos, Inc		76,612
	36,623		TrygVesta AS		2,029
	2,082,696	*	Unipol Gruppo Finanziario S.p.A.		671
	1,821,299	*	Unipol S.p.A.		403
	56,392	*	United America Indemnity Ltd		1,118
	98,754	e	United Fire & Casualty Co		1,993
	181,320	e	Universal Insurance Holdings, Inc		649
	1,377,028		UnumProvident Corp		29,014
	1,280,273	e	Validus Holdings Ltd		40,329
	61,412		Vittoria Assicurazioni S.p.A.		238
	463,493		W.R. Berkley Corp		15,940
	11,109		White Mountains Insurance Group Ltd		5,037
	55,441		Wiener Staedtische Allgemeine Versicherung AG.		2,190
	2,146,000		XL Capital Ltd		42,426
	38,080		Yapi Kredi Sigorta AS		247
	215,047		Zurich Financial Services AG.		48,452
			TOTAL INSURANCE		3,440,743

95

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
MATERIALS - 6.3%
	172,832		A. Schulman, Inc	$	3,661
	19,539	e	Acerinox S.A.		250
	488,925		ACHEM Technology Corp		192
	270,000		Achilles Corp		367
	105,581		Adana Cimento		187
	113,600	e	ADEKA Corp		1,112
	1,232,211		Adelaide Brighton Ltd		3,640
	472,212		Aditya Birla Minerals Ltd		332
	29,781	*,e	Advanced Metallurgical Group NV		291
	47,153	*	Advansa Sasa Polyester Sanayi AS		32
	139,556		Aeci Ltd		1,427
	18,071		Aekyung Petrochemical Co Ltd		574
	23,620	*	AEP Industries, Inc		665
	221,167	e	African Barrick Gold Ltd		1,578
	307,658	*,e	African Minerals Ltd		2,102
	132,870		African Oxygen Ltd		267
	154,857		African Rainbow Minerals Ltd		3,273
	89		Afyon Cimento Sanayi TAS		4
	138,850		Agnico-Eagle Mines Ltd		5,050
	372,803		Agrium, Inc (Toronto)		25,023
	138,000		Aichi Steel Corp		705
	244,824		Air Liquide		30,230
	498,632	e	Air Products & Chemicals, Inc		42,478
	107,311		Air Water, Inc		1,362
	440,638		Airgas, Inc		34,405
	186,863	e	AK Steel Holding Corp		1,543
	117,826		Akcansa Cimento AS		426
	59,593		Akzo Nobel NV		2,872
	38,348	*	Alacer Gold Corp (ADR)		398
	280,670		Alamos Gold, Inc		4,835
	232,317		Albemarle Corp		11,967
	23,678	*	Alchemia S.A.		32
	1,708,820	e	Alcoa, Inc		14,781
	75,500	*	Alexco Resource Corp		514
	252,675	*,e	Alkane Resources Ltd		234
	174,200		Allegheny Technologies, Inc		8,327
	264,629	*	Allied Gold Mining plc		596
	239,675	*,e	Allied Nevada Gold Corp		7,257
	174,690		Altri SGPS S.A.		271
	590,725		Alumina Ltd		676
	6,294,000	e	Aluminum Corp of China Ltd		2,722
	1,113,888		Ambuja Cements Ltd		3,255
	98,019	e	AMCOL International Corp		2,632
	1,318,911		Amcor Ltd		9,710
	107,295		American Vanguard Corp		1,431
	192,075	*	Ampella Mining Ltd		293
	2,590,800		AMVIG Holdings Ltd		1,373
	264,482		Anadolu Cam Sanayii AS		367
	311,300	*	Anatolia Minerals Development Ltd		3,205

96

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,642,720	e	Angang New Steel Co Ltd	$	2,607
	11,606	e	Anglo American plc		424
	2,121,857		Anglo American plc (London)		78,382
	92,272	e	Anglo Platinum Ltd		6,070
	732,303		AngloGold Ashanti Ltd		31,096
	2,639,304	e	Anhui Conch Cement Co Ltd		7,789
	158,000		ANN JOO Resources BHD		86
	1,995,831	e	Antofagasta plc		37,746
	138,730	*	Anvil Mining Ltd		1,000
	162,775		APERAM		2,285
	109,374		Aptargroup, Inc		5,706
	621,585	e	Aquarius Platinum Ltd		1,488
	347,782	*,e	Arafura Resources Ltd		130
	225,600		ArcelorMittal		4,099
	113,300	*	Argonaut Gold, Inc		773
	410,379		Arkema		28,837
	2,783,352		Asahi Kasei Corp		16,774
	94,000		Asahi Organic Chemicals Industry Co Ltd		249
	2,119,423		Ashland, Inc		121,145
	2,367,000		Asia Cement China Holdings Corp		1,103
	5,250		Asia Cement Co Ltd		167
	4,972,923		Asia Cement Corp		5,577
	203,750		Asia Polymer		207
	31,184		Asian Paints Ltd		1,522
	251,681	*	Aspire Mining Ltd		95
	83,410		Associated Cement Co Ltd		1,785
	733,594	*,e	Aston Resources Pty Ltd		6,822
	677,200	*	Atlas Consolidated Mining & Development		260
	1,001,687	e	Atlas Iron Ltd		2,765
	119,700	*	Augusta Resource Corp		372
	186,194	*	Aura Minerals, Inc		228
	31,249		Auriga Industries (Class B)		405
	221,111	*	Aurizon Mines Ltd		1,085
	125,200	*,e	Avalon Rare Metals, Inc		296
	1,259,000	*	Avion Gold Corp		2,002
	547,672	e	Avocet Mining plc		1,573
	406,139		AZ Electronic Materials S.A.		1,516
	768,735	*	B2Gold Corp		2,339
	7,949		Bagfas Bandirma Gubre Fabrik		638
	119,917		Balchem Corp		4,861
	519,026		Ball Corp		18,535
	264,598	*	Ballarpur Industries Ltd		92
	243,100	*	Banro Corp		902
	1,147,223		Barrick Gold Corp		51,912
	2,466,790	e	Barrick Gold Corp (Canada)		111,747
	1,357,325	e	BASF AG.		94,495
	3,038		BASF India Ltd		26
	759,728	*,e	Bathurst Resources Ltd		474
	59,397		Baticim Bati Anadolu Cimento Sanayii AS		161
	5,096		Bayer CropScience Ltd		68
	2,207,500	e	BBMG Corp		1,458
	751,278	*	Beadell Resources Ltd		463

97

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	171,370	e	Bemis Co, Inc	$	5,155
	49,361		Berger Paints India Ltd		80
	4,004,398	e	BHP Billiton Ltd		141,349
	2,459,662		BHP Billiton plc		71,910
	232,900		Bhushan Steel Ltd		1,361
	266,897		Billerud AB		2,258
	6,484,717		BlueScope Steel Ltd		2,675
	1,630	*	BNG Steel Co Ltd		16
	395,367	e	Boise, Inc		2,815
	871,980		Boliden AB		12,650
	287,103		Bolu Cimento Sanayii		204
	670,451	e	Boral Ltd		2,462
	10,943	*	Borusan Mannesmann Boru Sanayi		123
	3,604,759	*	Boryszew S.A.		653
	316,193		Bradespar S.A.		5,372
	568,828		Braskem S.A.		3,903
	57,896	*	Brockman Resources Ltd		121
	97,494	*,e	Brush Engineered Materials, Inc		2,367
	517,940		Buckeye Technologies, Inc		17,320
	136,550		Bursa Cimento		300
	102,997	*,e	Buzzi Unicem S.p.A.		897
	55,006		Buzzi Unicem S.p.A. RSP		242
	7,600		C Uyemura & Co Ltd		298
	107,216		Cabot Corp		3,446
	509,842	*,e	Calgon Carbon Corp		8,010
	138,168	*	Canfor Corp		1,444
	87,700		Canfor Pulp Products, Inc		1,069
	185,130		CAP S.A.		6,764
	29,150		Capro Corp		531
	372,811	*	Capstone Mining Corp		1,017
	166,194		Carpenter Technology Corp		8,556
	93,652		Cascades, Inc		407
	78,501	*,e	Castle (A.M.) & Co		743
	50,381		CCL Industries		1,548
	913,418	e	Celanese Corp (Series A)		40,437
	121,103	e	Cementir S.p.A.		249
	586,770		Cementos Argos S.A.		3,287
	128,282		Cementos Lima SAA		97
	15,268	*,e	Cementos Portland Valderrivas S.A.		134
	18,294,535	*,e	Cemex S.A. de C.V.		9,768
	1,353,317	*	Centamin plc		1,732
	637,595		Centerra Gold, Inc		11,265
	252,293	*,e	Century Aluminum Co		2,147
	103,882		Century Textile & Industries Ltd		443
	796,022		CF Industries Holdings, Inc		115,407
	549,466		Chambal Fertilizers & Chemicals Ltd		783
	27,164	e	Chase Corp		378
	79,259		Cheil Industries, Inc		6,960
	369,697	*	Chemtura		4,192
	1,704,560		Cheng Loong Corp		602
	1,013,520		Chia Hsin Cement Corp		396

98

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	710,000		Chiho-Tiande Group Ltd	$	373
	8,874,000	e	China BlueChemical Ltd		6,704
	198,000	*,m	China Forestry Holdings Ltd		75
	59,000	*	China General Plastics Corp		17
	1,820,000		China Glass Holdings Ltd		298
	194,000		China Hi-ment Corp		252
	670,000	*	China Manmade Fibers Corp		198
	354,240		China Metal Products		223
	14,852,000	e	China Metal Recycling Holdings Ltd		15,997
	4,994,000	*	China Mining Resources Group Ltd		73
	2,056,000	e	China Molybdenum Co Ltd		875
	4,895,722	e	China National Building Material Co Ltd		5,520
	646,000	*	China Nickel Resources Holding Co Ltd		51
	4,326,500		China Petrochemical Development Corp		3,845
	1,488,000	*,e	China Precious Metal Resources Holdings Co Ltd		276
	1,422,000	*,e	China Rare Earth Holdings Ltd		281
	4,206,000	e	China Resources Cement Holdings Ltd		3,119
	1,131,000		China Sanjiang Fine Chemicals		269
	3,019,000	e	China Shanshui Cement Group Ltd		1,997
	193,000		China Steel Chemical Corp		735
	14,482,550		China Steel Corp		13,766
	992,000	*	China Sunshine Paper Holdings Co Ltd		108
	937,000		China Synthetic Rubber Corp		881
	6,700,000	*	China Timber Resources Group Ltd		258
	663,000	e	China Vanadium Titano-Magnetite Mining Co Ltd		129
	568,000		China XLX Fertiliser Ltd		140
	6,240,600	e	China Zhongwang Holdings Ltd		2,132
	496,000	*,e	Chongqing Iron & Steel Co Ltd		70
	992,482		Christian Hansen Holding		21,549
	1,877,000		Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd		495
	111,000		Chuetsu Pulp & Paper Co Ltd		187
	77,000		Chugoku Marine Paints Ltd		476
	1,083,910		Chun Yuan Steel		417
	1,344,720		Chung Hung Steel Corp		391
	169,950		Chung Hwa Pulp Corp		51
	366,099		Cia de Minas Buenaventura S.A. (ADR) (Series B)		14,036
	463,786	*	Cia Minera Atacocha S.A.		139
	319,600	e	Cia Minera Autlan SAB de C.V.		360
	994,836		Cia Siderurgica Nacional S.A.		7,990
	112,930	*	Ciech S.A.		566
	15,815	e	Ciments Francais S.A.		1,222
	143,631	e	Cimpor Cimentos de Portugal S.A.		987
	171,818		Cimsa Cimento Sanayi Ve Tica		683
	1,108,000	*	Citic Dameng Holdings		164
	3,371,911	*,e	Clariant AG.		33,105
	2,984		Clariant Chemicals India Ltd		32
	108,601	*,e	Clearwater Paper Corp		3,867
	1,897,525		Cleveland-Cliffs, Inc		118,311
	198,500	*,e	Cline Mining Corp		314
	36,418	*	CNK International Co Ltd		273
	686,938	*,e	Coal of Africa Ltd		584

99

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	452,943	*	Coeur d’Alene Mines Corp	$	10,934
	128,700	*	Colossus Minerals, Inc		762
	188,618		Commercial Metals Co		2,609
	86,132		Companhia Vale do Rio Doce		0	^
	277,800		Companhia Vale do Rio Doce (ADR)		5,959
	26,843		Compania de Minas Buenaventura S.A.		1,012
	95,349		Compass Minerals International, Inc		6,565
	212,966		Confab Industrial S.A.		468
	129,100	*	Copper Mountain Mining Corp		713
	49,296		Coromandel International Ltd		257
	292,148		Corp Aceros Arequipa S.A.		206
	948,000	e	CPMC Holdings Ltd		407
	276,669		CRH plc		5,477
	774,567	e	Croda International plc		21,684
	234,800	*	Cronus Resources Ltd		1,733
	1,108,385	*	Crown Holdings, Inc		37,221
	374,600		CSC Steel Holdings BHD		157
	1,840,480		CSG Holding Co Ltd		1,229
	25,040,000	*	CST Mining Group Ltd		202
	140,972	*	Cudeco Ltd		534
	1,022,801		Cytec Industries, Inc		45,668
	314,000	*	Da Ming International Holdings Ltd		62
	32,950		Daehan Steel Co Ltd		184
	242,000	e	Dai Nippon Toryo Co Ltd		254
	729,309		Daicel Chemical Industries Ltd		4,430
	858,626	e	Daido Steel Co Ltd		5,360
	91,000		Daiken Corp		273
	151,857		Dainichiseika Color & Chemicals Manufacturing Co Ltd		656
	986,845		Dainippon Ink and Chemicals, Inc		1,789
	107,872	e	Daio Paper Corp		754
	90,000		Daiso Co Ltd		280
	21,741		DC Chemical Co Ltd		4,152
	16,565		Deepak Fertilizers & Petrochemicals Corp Ltd		38
	42,777		Deltic Timber Corp		2,583
	652,405		Denki Kagaku Kogyo KK		2,404
	140,232	*	Detour Gold Corp		3,462
	498,515	*	Discovery Metals Ltd		669
	348,344		Domtar Corp		27,855
	28,380	*	Dongbu HiTek Co Ltd		179
	23,360		Dongbu Steel Co Ltd		122
	5,478		Dongil Industries Co Ltd		274
	67,414		Dongjin Semichem Co Ltd		215
	108,188		Dongkuk Industries Co Ltd		381
	44,270		Dongkuk Steel Mill Co Ltd		790
	4,427,000	e	Dongyue Group		2,901
	6,055,822	e	Dow Chemical Co		174,164
	468,000	e	Dowa Holdings Co Ltd		2,946
	654,072	e	DRDGOLD Ltd		370
	598,895		DS Smith plc		1,840
	385,169		DSM NV		17,803
	3,210,777		Du Pont (E.I.) de Nemours & Co		146,988
	501,860	e	DuluxGroup Ltd		1,479

100

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	138,400	*	Dundee Precious Metals, Inc	$	1,117
	229,347	e	Eagle Materials, Inc		5,885
	24,400		Earth Chemical Co Ltd		899
	1,210,485	*	Eastern Platinum Ltd		642
	444,972		Eastman Chemical Co		17,381
	101,421	*	Eco Oro Minerals Corp		148
	1,735,130		Ecolab, Inc		100,308
	1,045		EG Corp		57
	2,735	*	Egyptian Financial & Industrial Co		4
	15,074		EID Parry India Ltd		54
	447,802		El Ezz Steel Co		279
	734,135		Eldorado Gold Corp		10,103
	176,642	*	Elemental Minerals Ltd		191
	787,306	e	Elementis plc		1,678
	1,521,104		Empresas CMPC S.A.		5,590
	10,760		EMS-Chemie Holding AG.		1,816
	101,237	*	Endeavour Mining Corp		241
	153,140	*	Endeavour Mining Corp (ADR)		374
	251,300	*	Endeavour Silver Corp		2,440
	162	e	Eramet		20
	1,044,646		Eregli Demir ve Celik Fabrikalari TAS		1,804
	972,994		Eternal Chemical Co Ltd		756
	120,500		Eternit S.A.		575
	41,223	*	Eugene Corp		184
	1,420,553		Eurasian Natural Resources Corp		14,010
	164,098	*	European Goldfields Ltd		1,914
	655,700		Evergreen Fibreboard BHD		192
	543,400		Everlight Chemical Industrial Corp		286
	441,267	*	Evolution Mining Ltd		680
	37,413	*	Evraz Highveld Steel and Vanadium Ltd		169
	46,077	*,e	Evraz plc		268
	96,100	*	Exeter Newco		710
	112,100	*	Exeter Resource Corp		294
	1,102,050		Feng Hsin Iron & Steel Co		1,756
	116,300		Ferbasa-Ferro Ligas DA Bahia		512
	599,719	e	Ferrexpo plc		2,503
	1,386,589	*,e	Ferro Corp		6,780
	12,944	m	Fertilizantes Fosfatados S.A.		174
	92,000	*	Fertilizantes Heringer S.A.		547
	583,359		Fibria Celulose S.A.		4,338
	31,100	e	Fibria Celulose S.A. (ADR)		242
	3,315,871		Filtrona plc		19,591
	242,500	*	First Majestic Silver Corp		4,089
	1,305,559		First Quantum Minerals Ltd		25,695
	1,456,055	e	Fletcher Building Ltd		6,953
	2,291,521	*	Flinders Mines Ltd		655
	198,777	*,e	Flotek Industries, Inc		1,980
	136,115		FMC Corp		11,711
	5,437,615	*	Focus Minerals Ltd		284
	28,690	*	Foosung Co Ltd		199
	5,953,733		Formosa Chemicals & Fibre Corp		15,689
	6,745,091		Formosa Plastics Corp		17,980

101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	405,000		Formosan Rubber Group, Inc	$	241
	873,120		Formosan Union Chemical		572
	5,548,863	e	Fortescue Metals Group Ltd		24,274
	13,900	*	Fortress Paper Ltd		363
	164,400	*	Fortuna Silver Mines, Inc		902
	3,375,200		Fosun International		1,762
	14,300		FP Corp		926
	140,911	e	Franco-Nevada Corp		5,364
	4,883,232		Freeport-McMoRan Copper & Gold, Inc (Class B)		179,653
	1,357,965		Fresnillo plc		32,177
	378,000	*	Froch Enterprise Co Ltd		130
	49,245		Frutarom Industries Ltd		439
	22,154		Fuchs Petrolub AG.		860
	48,446		Fuchs Petrolub AG. (Preference)		2,114
	2,394,000		Fufeng Group Ltd		1,094
	22,452		Fuji Seal International, Inc		405
	18,700		Fujimi, Inc		212
	259,000	e	Furukawa-Sky Aluminum Corp		641
	11,615,800		Fushan International Energy Group Ltd		3,917
	75,756	e	FutureFuel Corp		941
	10,974,800	*	G J Steel PCL		49
	5,146,900	*	G Steel PCL		60
	280,470	*	Gabriel Resources Ltd		1,729
	452,342	*,e	Gammon Gold, Inc		3,636
	248,980	*	Gem Diamonds Ltd		751
	254,769	*,e	General Moly, Inc		787
	1,113,771	*,e	Georgia Gulf Corp		21,707
	1,070,702		Gerdau S.A. Preference		8,323
	997,589	*,e	Gindalbie Metals Ltd		537
	14,566		Givaudan S.A.		13,841
	253,620		Glatfelter		3,581
	477,200	*	Gleichen Resources Ltd		801
	481,772	e	Glencore International AG.		2,942
	266,122	e	Globe Specialty Metals, Inc		3,563
	64,844		Gloria Material Technology Corp		52
	175,000	e	Godo Steel Ltd		433
	78,783		Godrej Industries Ltd		254
	1,042,842		Gold Fields Ltd		15,991
	147,109	*,e	Gold One International Ltd		77
	108,430	e	Gold Resource Corp		2,304
	1,098,364		Goldcorp, Inc		48,743
	80,160	*,e	Golden Minerals Co		466
	1,143,945	*,e	Golden Star Resources Ltd		1,888
	363,238	*	Golden Star Resources Ltd (Toronto)		595
	4,106,418		Goldsun Development & Construction Co Ltd		1,415
	348		Goltas Cimento		9
	2,345,000		Grand Pacific Petrochemical		1,005
	134,200	*	Grande Cache Coal Corp		1,305
	990,075	e	Grange Resources Ltd		566
	618,901	*	Graphic Packaging Holding Co		2,637
	6,807		Grasim Industries Ltd		319
	605,755	*	Great Basin Gold Ltd		565

102

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	148,000		Great China Metal Industry	$	147
	197,748	*,b,e	Great Southern Ltd		0	^
	539,000	*,e	Greatview Aseptic Packaging Co		180
	61,590	e	Greif, Inc (Class A)		2,805
	21,372,543	*	G-Resources Group Ltd		1,207
	377,152	e	Grupo Empresarial Ence S.A.		848
	4,890,849	e	Grupo Mexico S.A. de C.V. (Series B)		12,782
	158,400	*,e	Grupo Simec SAB de C.V.		382
	341,652	*,e	Gryphon Minerals Ltd		402
	26,092	*	Gubre Fabrikalari TAS		156
	41,946		Gujarat Flourochemicals		273
	94,398		Gujarat Mineral Development Corp Ltd		287
	24,544		Gujarat Narmada Valley Fertilizers Co Ltd		35
	457,304		Gujarat NRE Coke Ltd		138
	35,509		Gujarat State Fertilisers & Chemicals Ltd		222
	72,000		Gun-Ei Chemical Industry Co Ltd		186
	3,367,399	*,e	Gunns Ltd		432
	1,584	*	Gunns Ltd (Forest)		57
	433		Gurit Holding AG.		188
	105,742	*	Guyana Goldfields, Inc		778
	16,372		H&R WASAG AG.		350
	285,655		H.B. Fuller Co		6,601
	2,488	*	Hadera Paper Ltd		96
	54,038	*,e	Hanfeng Evergreen, Inc		146
	9,860		Hanil Cement Manufacturing		346
	12,080		Hansol Chemical Co Ltd		197
	23,750		Hansol Paper Co		176
	121,695		Hanwha Chemical Corp		2,601
	79,367		Hanwha Corp		2,288
	563,027		Harmony Gold Mining Co Ltd		6,570
	152,124	*	Harry Winston Diamond Corp		1,622
	35,706	e	Hawkins, Inc		1,316
	64,617		Haynes International, Inc		3,528
	282,955	*	Headwaters, Inc		628
	1,465,768	e	Hecla Mining Co		7,666
	16,795		HeidelbergCement AG.		711
	1,888,000	e	Hidili Industry International Development Ltd		559
	563,000	*	High River Gold Mines Ltd		663
	361,714		Highland Gold Mining Ltd		1,058
	103,174	e	Hill & Smith Holdings plc		402
	1,670,895		Hindalco Industries Ltd		3,636
	148,991		Hitachi Chemical Co Ltd		2,608
	25,329	e	Hitachi Metals Ltd		275
	498,920	*	Ho Tung Chemical Corp		245
	407,930	e	Hochschild Mining plc		2,446
	52,759		Hoganas AB (Class B)		1,622
	391,929	e	Hokuetsu Paper Mills Ltd		2,632
	33,263		Holcim Ltd		1,773
	38,312	e	Holmen AB (B Shares)		1,097
	22,858		Honam Petrochemical Corp		5,910
	2,436,000	*	Honbridge Holdings Ltd		379
	179,474	*,e	Horsehead Holding Corp		1,617

103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	49,000		Hsin Kuang Steel Co Ltd	$	29
	2,863,000	e	Huabao International Holdings Ltd		1,459
	615,800	*	Hubei Sanonda Co Ltd		179
	38,250		Huchems Fine Chemical Corp		663
	259,492		HudBay Minerals, Inc		2,583
	109,046		Huhtamaki Oyj		1,288
	41,870	*	Hulamin Ltd		44
	1,648,000	*	Hunan Non-Ferrous Metal Ltd		489
	3,005,940	e	Huntsman Corp		30,059
	31,768		Hyosung Corp		1,480
	47,109		Hyundai Hysco		1,440
	80,989		Hyundai Steel Co		6,738
	599,203		IAMGOLD Corp		9,517
	380,524		Iluka Resources Ltd		6,027
	554,812		Imdex Ltd		1,050
	70,295		Imerys S.A.		3,224
	678,931		Impala Platinum Holdings Ltd		14,057
	95,400	*	Imperial Metals Corp		1,171
	418,990		Impexmetal S.A.		423
	2,556,461		Incitec Pivot Ltd		8,116
	252,595		Independence Group NL		976
	131,393		India Cements Ltd		163
	816,810	*,e	Indophil Resources NL		346
	1,738,078		Indorama Ventures PCL (Foreign)		1,611
	159,600	*	Industrias CH SAB de C.V.		537
	246,815	e	Industrias Penoles S.A. de C.V.		10,815
	40,554		Inmet Mining Corp		2,607
	128,914		Innophos Holdings, Inc		6,260
	93,858	*,e	Innospec, Inc		2,635
	994,363	*,e	Integra Mining Ltd		549
	129,111		International Flavors & Fragrances, Inc		6,768
	1,941,080	e	International Paper Co		57,457
	93,505	*,e	International Tower Hill Mines Ltd		407
	536,118	*	Intrepid Mines Ltd		600
	83,917	*,e	Intrepid Potash, Inc		1,899
	387,912		Inversiones Argos S.A.		3,366
	1,354,000	*,e	IRC Ltd		184
	643,000	*,e	Ishihara Sangyo Kaisha Ltd		743
	1,333,273	*	Ispat Industries Ltd		234
	601,767		Israel Chemicals Ltd		6,267
	1,755		Israel Corp Ltd		1,099
	22,510		ISU Chemical Co Ltd		485
	188,425	e	Italcementi S.p.A.		1,108
	246,158		Italcementi S.p.A. RNC		619
	8,046		Italmobiliare S.p.A.		151
	32,726		Italmobiliare S.p.A. RSP		417
	223,213	*	Ivanhoe Australia Ltd		325
	300,279	*	Ivanhoe Mines Ltd		5,332
	34,318	*	Izmir Demir Celik Sanayi AS		79
	358,779	*,e	Jaguar Mining, Inc		2,289
	115,800	*,e	Jaguar Mining, Inc (Toronto)		739
	200,618		JAI Corp Ltd		193

104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	311,121	*,e	James Hardie Industries NV	$	2,169
	481,597	*	Jastrzebska Spolka Weglowa S.A.		11,657
	81,845		JFE Holdings, Inc		1,480
	2,309,000	e	Jiangxi Copper Co Ltd		4,954
	75,092		Jindal Saw Ltd		186
	518,919		Jindal Steel & Power Ltd		4,420
	218,000	*	Jinshan Gold Mines, Inc		548
	51,130		Johnson Matthey plc		1,457
	13,900		JSP Corp		219
	277,927		JSR Corp		5,122
	188,528		JSW Steel Ltd		1,799
	398,992	*	Jupiter Mines Ltd		111
	120,379		K&S AG.		5,429
	587,955	*,e	Kagara Zinc Ltd		154
	61,433	e	Kaiser Aluminum Corp		2,819
	176,513	*,e	Kalahari Minerals plc		662
	254,811		Kaneka Corp		1,352
	1,137,406	*	Kangaroo Resources Ltd		169
	309,837		Kansai Paint Co Ltd		2,760
	56,000	e	Kanto Denka Kogyo Co Ltd		205
	186,060	*	Kapstone Paper and Packaging Corp		2,929
	12,637	*	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class A)		7
	42,920	*	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class D)		17
	384		Kartonsan Karton Sanayi		39
	144,030		Kazakhmys plc		2,080
	100,500	*	Keegan Resources, Inc		384
	160,674	e	Kemira Oyj		1,901
	13,651	*	Kemrock Industries & Exports Ltd		133
	323,274		KGHM Polska Miedz S.A.		10,312
	734,400		Kian JOO CAN Factory BHD		486
	178,091		Kingsgate Consolidated Ltd		1,043
	205,539	*	Kingsrose Mining Ltd		298
	1,317,651		Kinross Gold Corp		15,042
	1,038,500		Kinsteel BHD		164
	108,038	*	Kirkland Lake Gold, Inc		1,635
	18,800		KISCO Corp		372
	12,588		KISWIRE Ltd		462
	631,465		Klabin S.A.		2,708
	536,911		KME Group S.p.A.		210
	25,634	e	KMG Chemicals, Inc		443
	53,000		Koatsu Gas Kogyo Co Ltd		322
	2,215,382		Kobe Steel Ltd		3,424
	9,720		Kolon Corp		161
	38,734		Kolon Industries, Inc		2,132
	2,330		Kolon Industries, Inc (Preference)		33
	437		Konya Cimento Sanayii		71
	124,057	e	Koppers Holdings, Inc		4,263
	23,763		Korea Kumho Petrochemical		3,461
	3,109		Korea Petrochemical Ind Co Ltd		242
	11,111		Korea Zinc Co Ltd		2,934

105

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	198,400		Koza Altin Isletmeleri AS	$	2,630
	15,672	*	Koza Anadolu Metal Madencilik Isletmeleri AS		22
	71,640		KP Chemical Corp		881
	3,822		KPX Chemical Co Ltd		192
	147,227	*,e	Kraton Polymers LLC		2,989
	57,201	e	Kronos Worldwide, Inc		1,032
	109,000	e	Krosaki Harima Corp		330
	6,691		Kukdo Chemical Co Ltd		290
	266,736	e	Kumba Iron Ore Ltd		16,486
	163,408	e	Kumba Resources Ltd		3,395
	54,000	e	Kumiai Chemical Industry Co Ltd		203
	719,081		Kuraray Co Ltd		10,205
	163,000		Kureha CORP		808
	21,200	e	Kyoei Steel Ltd		392
	5,890,441	*,e	La Seda de Barcelona S.A. (Class B)		388
	41,800	*	Labrador Iron Mines Holdings Ltd		205
	587,920		Lafarge Malayan Cement BHD		1,297
	41,346	e	Lafarge S.A.		1,447
	495,100	*	Lake Shore Gold Corp		622
	109,891	*,e	Landec Corp		607
	1,807,423	e	Lanxess AG.		93,347
	864,000	e	Lee & Man Holding Ltd		519
	2,773,000	e	Lee & Man Paper Manufacturing Ltd		893
	705,319		LEE Chang Yung Chem IND Corp		1,013
	14,069		Lenzing AG.		1,162
	1,426,000	*	Lepanto Consolidated Mining		58
	117,847		LG Chem Ltd		32,497
	12,672		LG Chem Ltd (Preference)		1,184
	111,820		Linde AG.		16,618
	436,000		Lingbao Gold Co Ltd		158
	385,800		Lingui Development BHD		157
	81,200		Lintec Corp		1,469
	784,100	*	Lion Industries Corp BHD		329
	28,854		Lock & Lock Co Ltd		963
	137,345	*,e	London Mining plc		632
	853,000		Long Chen Paper Co Ltd		239
	25,497		Lonmin plc		388
	894,000	e	Loudong General Nice Resources China Holdings Ltd		70
	1,529,120	*	Louisiana-Pacific Corp		12,340
	115,289	*	LSB Industries, Inc		3,232
	4,660,000	e	Lumena Resources Corp		858
	752,681	*	Lundin Mining Corp		2,859
	1,446,085	*,e	Lynas Corp Ltd		1,545
	1,577,107		LyondellBasell Industries AF S.C.A		51,240
	1,126,532	*	Madeco S.A.		51
	14,285		Madras Cements Ltd		28
	61,469	*	MAG. Silver Corp		404
	4,905		Maharashtra Seamless Ltd		29
	209,740		Major Drilling Group International		3,199
	2,510		Managem		451
	167	m	Managem-New		30
	135,077		Mardin Cimento Sanayii		426

106

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	7,000		Market Vectors Junior Gold Miners ETF	$	173
	125,800	e	Martin Marietta Materials, Inc		9,488
	15,775		Maruichi Steel Tube Ltd		351
	2,576,427		Masisa S.A.		233
	440,640		Mayer Steel Pipe Corp		192
	14,562	e	Mayr-Melnhof Karton AG.		1,234
	778,173		MeadWestvaco Corp		23,306
	201,124	e	Mechel Steel Group OAO (ADR)		1,710
	439,188	e	Medusa Mining Ltd		2,015
	2,964,930		Merafe Resources Ltd		337
	269,000	*	Mercator Minerals Ltd		399
	53,088	*	Metals USA Holdings Corp		597
	549,742	*	Metals X Ltd		132
	334,600		Metalurgica Gerdau S.A.		3,213
	129,500		Methanex Corp		2,964
	743,325	*,e	Metminco Ltd		91
	1,166,532	e	Mexichem SAB de C.V.		3,671
	959,000	e	Midas Holdings Ltd		244
	336,258	*,e	Midway Gold Corp		710
	48,700	*,e	Migao Corp		192
	607,093		Mincor Resources NL		420
	222,897	*	Minefinders Corp		2,370
	525,800	*	Minera Andes, Inc		790
	842,238	*,e	Minera Frisco SAB de C.V.		3,061
	205,314	*	Mineral Deposits Ltd		1,067
	84,014		Minerals Technologies, Inc		4,749
	3,444,000	*	Minmetals Resources Ltd		1,451
	15,860		Miquel y Costas & Miquel S.A.		379
	612,404	*,e	Mirabela Nickel Ltd		700
	2,618,917	e	Mitsubishi Chemical Holdings Corp		14,353
	343,143		Mitsubishi Gas Chemical Co, Inc		1,903
	1,520,172		Mitsubishi Materials Corp		4,110
	400,000	*,e	Mitsubishi Paper Mills Ltd		363
	352,000		Mitsubishi Steel Manufacturing Co Ltd		883
	657,212	e	Mitsui Chemicals, Inc		1,996
	1,282,000		Mitsui Mining & Smelting Co Ltd		3,297
	286,500		Mitsui Mining Co Ltd		367
	191,533	e	Mittal Steel South Africa Ltd		1,623
	863,709		MMC Norilsk Nickel (ADR)		13,198
	275,400	*	MMX Mineracao e Metalicos S.A.		985
	220,910	*,e	Moly Mines Ltd		70
	89,246	*,e	Molycorp, Inc		2,140
	248,047		Mondi Ltd		1,756
	797,961		Mondi plc		5,637
	412,000	*,e	Mongolian Mining Corp		309
	7,011		Monnet Ispat & Energy Ltd		48
	3,675,243	e	Monsanto Co		257,523
	53,400		Moorim P&P Co Ltd		242
	1,383,401		Mosaic Co		69,765
	1,551,073		Mount Gibson Iron Ltd		1,773
	267,267	*	Mpact Ltd		495
	262,570	*,e	M-real Oyj (B Shares)		449

107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	432,570	*,e	Murchison Metals Ltd	$	192
	207,096	e	Myers Industries, Inc		2,556
	248,877		Mytilineos Holdings S.A.		1,003
	482,904	m	Nagarjuna Fertilizers & Chemicals		214
	33,830		Namhae Chemical Corp		318
	980,937	e	Nampak Ltd		2,752
	7,295,057		Nan Ya Plastics Corp		14,467
	668,860		Nantex Industry Co Ltd		515
	76,981	e	Neenah Paper, Inc		1,718
	523,100	*	Neo Material Technologies Inc		3,764
	67,200		Neturen Co Ltd		501
	551,900		Nevsun Resources Ltd		3,066
	742,220	*	New Gold, Inc		7,490
	775,124		New World Resources plc (A Shares)		5,314
	648,908		Newcrest Mining Ltd		19,776
	35,324	e	NewMarket Corp		6,998
	969,667		Newmont Mining Corp		58,190
	1,060,000	*	Newton Resources Ltd		132
	167,200	*	NGEx Resources, Inc		443
	1,271,600		Nickel Asia Corp		594
	128,000		Nihon Nohyaku Co Ltd		526
	59,874		Nihon Parkerizing Co Ltd		716
	116,000	e	Nihon Yamamura Glass Co Ltd		290
	2,827,000	e	Nine Dragons Paper Holdings Ltd		1,771
	142,000		Nippon Denko Co Ltd		638
	213,000		Nippon Kayaku Co Ltd		2,048
	166,000		Nippon Koshuha Steel Co Ltd		183
	1,141,000	e	Nippon Light Metal Co Ltd		1,507
	181,000	*	Nippon Metal Industry Co Ltd		148
	273,523	e	Nippon Paint Co Ltd		1,889
	75,253	e	Nippon Paper Group, Inc		1,643
	345,000	e	Nippon Shokubai Co Ltd		3,696
	182,000	*	Nippon Soda Co Ltd		820
	3,969,958		Nippon Steel Corp		9,876
	67,810	e	Nippon Synthetic Chemical Industry Co Ltd		388
	194,000		Nippon Valqua Industries Ltd		501
	149,500	*	Nippon Yakin Kogyo Co Ltd		234
	183,600		Nissan Chemical Industries Ltd		1,773
	1,046,238	e	Nisshin Steel Co Ltd		1,601
	102,000		Nittetsu Mining Co Ltd		403
	282,956	e	Nitto Denko Corp		10,065
	296,876	*	Nkwe Platinum Ltd		74
	242,921		NOF Corp		1,238
	181,656		Noranda Aluminium Holding Corp		1,499
	29,985	*	Norbord, Inc		238
	85,202		Norddeutsche Affinerie AG.		4,534
	35,141	*	Nordic Mines AB		330
	114,750		Norsk Hydro ASA		530
	155,822	*	North American Palladium Ltd		399
	13,010,000	*	North Mining Shares Co Ltd		329
	282,177	e	Northam Platinum Ltd		1,049
	77,963	*	Northern Dynasty Minerals		471

108

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	205,853	*	Northern Iron Ltd	$	135
	302,140	*	Northland Resources S.A.		439
	249,149	*,e	Novagold Resources, Inc		2,123
	95,651	f	Novolipetsk Steel (GDR) (purchased 10/07/11, cost $2,371)		1,872
	271,775		Novozymes AS		8,373
	512,598		Nucor Corp		20,284
	436,670	*,e	Nufarm Ltd		1,851
	455,926	e	Nuplex Industries Ltd		811
	314,087	e	Nyrstar		2,467
	86,450	*	Nyrstar (Strip VVPR)		0	^
	124,000	*	Ocean Plastics Co Ltd		79
	580,500	*	OceanaGold Corp		1,282
	8,000		Ohara, Inc		82
	956,462	e	OJI Paper Co Ltd		4,911
	94,000		Okamoto Industries, Inc		360
	331,517	e	Olin Corp		6,514
	34,807		Olympic Steel, Inc		812
	144,207	*	OM Group, Inc		3,229
	749,809	e	OM Holdings Ltd		246
	48,314	*	Omnia Holdings Ltd		521
	192,300	*,e	Omnova Solutions, Inc		887
	1,814,636		OneSteel Ltd		1,297
	784,722		Orica Ltd		19,417
	11,200		Orient Paper & Industries Ltd		11
	479,000		Oriental Union Chemical Corp		600
	971		Orissa Minerals Development Co Ltd		534
	20,000	e	Osaka Steel Co Ltd		383
	554,194	*	Osisko Mining Corp		5,353
	331,507	*	Oswal Chemical & Fertilizers		269
	162,540	e	Outokumpu Oyj		1,063
	263,075	*	Owens-Illinois, Inc		5,098
	157,261	e	Oxiana Ltd		1,609
	188,507	e	Pacific Metals Co Ltd		911
	14,800		Pack Corp		214
	167,225		Packaging Corp of America		4,221
	43,771		Palabora Mining Co Ltd		751
	1,434,699		Pan African Resources plc		341
	167,991	e	Pan American Silver Corp		3,674
	1,344,895	*,e	Pan Australian Resources Ltd		4,414
	87,495		Papeles y Cartones de Europa S.A.		282
	460,407	*,e	Paramount Gold and Silver Corp		985
	7,395	*	Park Elektrik Madencilik Sanayi Ve Ticaret AS		14
	544,263	*,e	Patagonia Gold plc		361
	373,349	*	Perilya Ltd		126
	577,688	*,e	Perseus Mining Ltd		1,433
	221,060	e	Peter Hambro Mining plc		2,115
	506,462	*	Petra Diamonds Ltd		905
	4,026,500		Petronas Chemicals Group BHD		7,865
	537,000		Philex Mining Corp		256
	264,041	*,m	Pike River Coal Ltd		0	^
	985,632		PolyOne Corp		11,384

109

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	9,840		Poongsan	$	205
	24,880		Poongsan Corp		567
	255,724	*,e	Portucel Empresa Produtora de Pasta e Papel S.A.		607
	99,844		POSCO		32,935
	4,880		POSCO M-Tech Co Ltd		318
	5,231		POSCO Refractories & Environment Co Ltd		835
	1,464,608		Potash Corp of Saskatchewan Toronto		60,540
	641,708		PPG Industries, Inc		53,576
	610,674		Praxair, Inc		65,281
	127,400	*	Premier Gold Mines Ltd		565
	303,300		Press Metal BHD		168
	80,500	*	Pretium Resources, Inc		989
	686,060	e	Pretoria Portland Cement Co Ltd		2,328
	34,154	*	Prism Cement Ltd		24
	4,496,000		PT Aneka Tambang Tbk		802
	2,327,500	*	PT Barito Pacific Tbk		197
	22,947,000	*	PT Darma Henwa Tbk		197
	1,000		PT Fajar Surya Wisesa Tbk		0	^
	4,000,000		PT Holcim Indonesia Tbk		958
	2,593,000	*	PT Indah Kiat Pulp and Paper Corp Tbk		351
	2,364,300		PT Indocement Tunggal Prakarsa Tbk		4,439
	31,496,000		PT International Nickel Indonesia Tbk		11,092
	8,368,500		PT Krakatau Steel Tbk		774
	3,255,500	*	PT Polychem Indonesia Tbk		207
	4,063,500		PT Semen Gresik Persero Tbk		5,127
	5,553,500		PT Timah Tbk		1,021
	2,628,287	*	PTT Global Chemical PCL		5,082
	368,261	*	Quadra Mining Ltd		5,451
	50,117	e	Quaker Chemical Corp		1,949
	78,900	*	Queenston Mining, Inc		382
	144,000		Qunxing Paper Holdings Co Ltd		38
	93,891		Rain Commodities Ltd		52
	17,540		Rallis India Ltd		40
	838,991	*	Ramelius Resources Ltd		923
	12,767		Randgold Resources Ltd		1,305
	114,986	e	Rautaruukki Oyj		1,053
	156,500	e,m	Real Gold Mining Ltd		178
	42,802		Recticel S.A.		252
	431,917	*	Regis Resources Ltd		1,501
	174,634		Reliance Steel & Aluminum Co		8,503
	537,767		Rengo Co Ltd		3,750
	623,231	*	Resolute Mining Ltd		1,055
	102,435	*,e	Revett Minerals, Inc		483
	161,353	*,e	Rex Minerals Ltd		231
	130,534		Rexam plc		714
	29,385		RHI AG.		574
	43,510	*	Rio Alto Mining Ltd		137
	1,336,578	e	Rio Tinto Ltd		82,399
	3,912,569		Rio Tinto plc		191,114
	55,423		Rio Tinto plc (ADR)		2,711
	183,765		Rock-Tenn Co (Class A)		10,604
	566,398	*	Rockwood Holdings, Inc		22,299

110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	673,700	*	Romarco Minerals, Inc	$	714
	113,794	*	Royal Bafokeng Platinum Ltd		775
	145,618		Royal Gold, Inc		9,819
	213,708		RPM International, Inc		5,247
	130,218	*,e	RTI International Metals, Inc		3,022
	295,600	*,e	Rubicon Minerals Corp		1,123
	19,393	e	Sa des Ciments Vicat		1,109
	195,500	*	Sabina Gold & Silver Corp		737
	7,659,040	*	Sahaviriya Steel Industries PCL		172
	122,000		Sakai Chemical Industry Co Ltd		451
	269,929		Sally Malay Mining Ltd		320
	4,612		Salzgitter AG.		230
	6,309		Sam Kwang Glass Ind Co Ltd		372
	3,392,000		Samling Global Ltd		165
	25,546		Samsung Fine Chemicals Co Ltd		1,355
	138,600		San Fang Chemical Industry Co Ltd		100
	414,800	*	San Gold Corp		770
	139,564	*	Sandfire Resources NL		939
	141,000		Sanyo Chemical Industries Ltd		920
	388,000		Sanyo Special Steel Co Ltd		2,050
	712,118	*,e	Sappi Ltd		2,098
	495,267	*	Saracen Mineral Holdings Ltd		384
	1,646,000	*,e	Sateri Holdings Ltd		509
	322,400		Satipel Industrial S.A.		1,542
	104,920	*,e	Schmolz + Bickenbach AG.		595
	35,453		Schnitzer Steel Industries, Inc (Class A)		1,499
	68,227	e	Schweitzer-Mauduit International, Inc		4,534
	135,457	e	Scotts Miracle-Gro Co (Class A)		6,324
	47,200	*	Seabridge Gold, Inc		764
	18,016		Seah Besteel Corp		720
	2,498		SeAH Holdings Corp		271
	10,201		SeAH Steel Corp		587
	310,955		Sealed Air Corp		5,352
	757,000		Sekisui Plastics Co Ltd		2,896
	548,720	*	SEMAFO, Inc		3,555
	142,385	*,e	Semapa-Sociedade de Investimento e Gestao		987
	179,577	*,e	Senomyx, Inc		625
	205,852		Sensient Technologies Corp		7,802
	375,613	*	Sentula Mining Ltd		91
	27,948	e	Sequana		154
	483,398		Sesa Goa Ltd		1,485
	17,000		Sesoda Corp		18
	528,130	e,f	Severstal (GDR) (purchased 02/09/10, cost $7,605)		6,005
	357,200		Shandong Chenming Paper Holdings Ltd		176
	267,000		Shandong Chenming Paper Holdings Ltd		130
	246,300		Shanghai Yaohua Pilkington Glass Co Ltd		118
	201,000		Sheng Yu Steel Co Ltd		125
	396,100	e	Sherritt International Corp		2,123
	366,144	e	Sherwin-Williams Co		32,686
	218,000	*	Shihlin Paper Corp		298
	47,000		Shikoku Chemicals Corp		250
	482,227		Shin-Etsu Chemical Co Ltd		23,687

111

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	60,200		Shin-Etsu Polymer Co Ltd	$	251
	1,219,032		Shinkong Synthetic Fibers Corp		323
	259,000		Shiny Chemical Industrial Co Ltd		286
	3,738,000	e	Shougang Concord International Enterprises Co Ltd		221
	1,118,660	e	Showa Denko KK		2,258
	1,178		Shree Cement Ltd		47
	71,200		Siam Cement PCL (ADR)		705
	531,100		Siam Cement PCL (Foreign)		6,152
	53,000		Siam City Cement PCL		433
	49,044	*	Sidenor Steel Products Manufacturing Co S.A.		65
	203,450	e	Sigma-Aldrich Corp		12,707
	481,000		Sijia Group Co		139
	340		Sika AG.		639
	131,894		Silgan Holdings, Inc		5,096
	210,324	*	Silver Lake Resources Ltd		654
	226,742	*	Silver Standard Resources, Inc		3,138
	676,957	e	Silver Wheaton Corp		19,603
	415,619	e	Silvercorp Metals, Inc		2,668
	112,581	e	Sims Group Ltd		1,458
	8,240,000	*	Sino Union Energy Investment Group Ltd		561
	6,180,000	e	Sinochem Hong Kong Holding Ltd		1,725
	283,627	*,e	Sino-Forest Corp		1,339
	628,000		Sinon Corp		250
	10,256,600	e	Sinopec Shanghai Petrochemical Co Ltd		3,409
	34,895		SK Chemicals Co Ltd		1,945
	24,767		SKC Co Ltd		820
	918,401	*	Smurfit Kappa Group plc		5,538
	213,866	e	Sociedad Quimica y Minera de Chile S.A. (ADR)		11,517
	154,464		Sociedad Quimica y Minera de Chile S.A. (Class B)		8,319
	4,616		Societe Internationale de Plantations d’Heveas S.A.		355
	107,650		Soda Sanayii AS.		187
	9,872		SODIFF Advanced Materials Co Ltd		683
	890,500		Solar Applied Materials Technology Co		912
	364,556	*	Solutia, Inc		6,300
	27,285		Solvay S.A.		2,240
	71,427	*,e	Sonae Industria SGPS S.A.		58
	15,770		Songwon Industrial Co Ltd		127
	163,011		Sonoco Products Co		5,373
	259,351		South Valley Cement		129
	385,000		Southeast Cement Co Ltd		128
	1,899,678	e	Southern Copper Corp (NY)		57,332
	164,997	*,e	Spartech Corp		780
	49,105	e	Ssab Svenskt Stal AB (Series A)		430
	55,490	*	Ssangyong Cement Industrial Co Ltd		199
	1,092,621	*,e	St Barbara Ltd		2,194
	17,200		ST Corp		217
	357,180	e	Steel Dynamics, Inc		4,697
	11,500		Stella Chemifa Corp		349
	35,068		Stepan Co		2,811
	360,313		Sterling Biotech Ltd		145
	2,499,813		Sterlite Industries India Ltd		4,234
	457,589	*	Stillwater Mining Co		4,786

112

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,585		STO AG.	$	736
	914,579	e	Stora Enso Oyj (R Shares)		5,447
	87,300		STP & I PCL		79
	842,472	*	Sujana Towers Ltd		112
	800,221	e	Sumitomo Bakelite Co Ltd		4,464
	1,394,502	e	Sumitomo Chemical Co Ltd		5,063
	599,000	*	Sumitomo Light Metal Industries Ltd		551
	1,954,046		Sumitomo Metal Industries Ltd		3,544
	644,630		Sumitomo Metal Mining Co Ltd		8,253
	1,074,193		Sumitomo Osaka Cement Co Ltd		2,926
	106,000		Sumitomo Seika Chemicals Co Ltd		444
	24,712	e	Sumitomo Titanium Corp		1,091
	45,100	*,e	SunCoke Energy, Inc		505
	3,011,979	*	Sundance Resources Ltd		1,217
	2,524,000		SunVic Chemical Holdings Ltd		854
	84,088		Super Dragon Technology Co Ltd		78
	13,211		Supreme Industries Ltd		44
	217,363		Suzano Papel e Celulose S.A.		785
	546,922		Svenska Cellulosa AB (B Shares)		8,074
	169,457		Symrise AG.		4,513
	204,055		Syngenta AG.		59,962
	742,893		Synthos S.A.		942
	27,900	e	T Hasegawa Co Ltd		428
	1,091,200	*	TA Chen Stainless Pipe		535
	969		Taekwang Industrial Co Ltd		1,044
	129,200	*	Tahoe Resources, Inc		2,242
	1,823,553	e	Taiheiyo Cement Corp		3,490
	6,091,748		Taiwan Cement Corp		7,031
	1,218,500		Taiwan Fertilizer Co Ltd		2,832
	309,345		Taiwan Hon Chuan Enterprise Co Ltd		570
	268,000		Taiwan Prosperity Chemical Corp		589
	175,960		Taiwan Pulp & Paper Corp		52
	1,234,000	*	Taiwan Styrene Monomer		283
	19,700	e	Taiyo Ink Manufacturing Co Ltd		508
	214,560	e	Taiyo Nippon Sanso Corp		1,492
	157,000		Takasago International Corp		726
	90,000		Takiron Co Ltd		305
	530,106	*,e	Talvivaara Mining Co plc		1,705
	152,000	*	Tang Eng Iron Works Co Ltd		145
	120,154	*,e	Tanzanian Royalty Exploration Corp		290
	440,859	*	Taseko Mines Ltd		1,207
	1,004,800		Tata Steel Ltd		6,333
	2,370,800	*	Tata Steel Thailand PCL		62
	2,474,000		TCC International Holdings Ltd		841
	13,231		Technosemichem Co Ltd		444
	774,975		Teck Cominco Ltd		27,317
	8,268,412		Teijin Ltd		25,368
	293,005		Temple-Inland, Inc		9,292
	33,800		Tenma Corp		301
	58,556		Tessenderlo Chemie NV		1,552
	90,134	e	Texas Industries, Inc		2,774
	54,972	*	Texas Petrochemicals, Inc		1,282

113

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	632,000		Thai Plastic & Chemical PCL	$	590
	698,845	*	Thompson Creek Metals Co, Inc		4,864
	280,081	*,e	Thompson Creek Metals Co, Inc (Toronto)		1,957
	211,000		Thye Ming Industrial Co Ltd		190
	48,213		ThyssenKrupp AG.		1,106
	1,230,000		Tiangong International Co Ltd		205
	666,795	*	Tiger Resources Ltd		250
	49,968		Tikkurila Oy		832
	140,101		Time Technoplast Ltd		112
	13,377	*	Tire Kutsan Oluklu Mukavva		7
	73,935		Titan Cement Co S.A.		1,106
	499,683	e	Titanium Metals Corp		7,485
	586,000		Toagosei Co Ltd		2,397
	40,000	e	Toda Kogyo Corp		355
	42,400	e	Toho Titanium Co Ltd		726
	169,000		Toho Zinc Co Ltd		641
	485,000	e	Tokai Carbon Co Ltd		2,627
	563,000	e	Tokuyama Corp		1,786
	46,800	e	Tokyo Ohka Kogyo Co Ltd		927
	152,796	e	Tokyo Rope Manufacturing Co Ltd		297
	135,200	e	Tokyo Steel Manufacturing Co Ltd		1,095
	1,317,750		Ton Yi Industrial Corp		609
	18,613	*	Tong Yang Major Corp		19
	449,000		Topy Industries Ltd		1,100
	1,316,434	e	Toray Industries, Inc		9,419
	643,722		Tosoh Corp		1,711
	351,000		Toyo Ink Manufacturing Co Ltd		1,297
	131,000		Toyo Kohan Co Ltd		453
	114,844		Toyo Seikan Kaisha Ltd		1,563
	2,418,600		TPI Polene PCL		1,156
	112,783	e	Tredegar Corp		2,506
	87,432		Troy Resources NL		384
	787,950		TSRC Corp		1,931
	122,685	*,e	Tubacex S.A.		295
	127,313	e	Tubos Reunidos S.A.		252
	815,676		Tung Ho Steel Enterprise Corp		716
	1,775,359		UBE Industries Ltd		4,853
	253,268		Uflex Ltd		491
	98,451		Ultra Tech Cement Ltd		2,161
	89,211		Umicore		3,664
	34,600	*	Uniao de Industrias Petroquimicas S.A.		5
	9,791		Unid Co Ltd		435
	8,930		Union Steel		125
	110,000	*	Unipetrol		952
	305,264		United Phosphorus Ltd		729
	12,851	*	United States Lime & Minerals, Inc		772
	710,403	e	United States Steel Corp		18,797
	619,000		Universal Cement Corp		272
	27,958	*,e	Universal Stainless & Alloy		1,045
	2,029,000		UPC Technology Corp		1,037
	822,864		UPM-Kymmene Oyj		9,017
	642,701	e,f	Uralkali (GDR) (purchased 04/30/10, cost $25,555)		23,143

114

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	116,440	*,e	US Energy Corp Wyoming	$	339
	462,564	*,e	US Gold Corp		1,554
	48,850		Usha Martin Ltd		22
	1,607,250		USI Corp		1,290
	210,300		Usinas Siderurgicas de Minas Gerais S.A.		1,934
	564,162		Usinas Siderurgicas de Minas Gerais S.A. (Preference)		3,070
	2,439,294		Vale S.A.		51,591
	3,322,276		Vale SA (Preference)		67,363
	308,595		Valspar Corp		12,026
	224,965	e	Vedanta Resources plc		3,549
	26,628	*	Verbio AG.		111
	42,341	*,e	Verso Paper Corp		41
	441		Vetropack Holding AG.		770
	106,245		Victrex plc		1,808
	812,300		Vinythai PCL		430
	124,807	*	Viohalco S.A.		487
	342,620	*,e	Vista Gold Corp		1,052
	241,982		Voestalpine AG.		6,780
	707,001		Volcan Cia Minera S.A.		784
	354,724	e	Vulcan Materials Co		13,959
	36,305	e	Wacker Chemie AG.		2,916
	3,090,001		Walter Energy, Inc		187,129
	216,869	e	Wausau Paper Corp		1,791
	138,248		Welspun-Gujarat Stahl Ltd		218
	230,608	*	Wesizwe		42
	2,818,000	e	West China Cement Ltd		470
	59,962		West Fraser Timber Co Ltd		2,437
	455,666	e	Western Areas NL		2,375
	49,783		Westlake Chemical Corp		2,003
	24,641	*,e	WHX Corp		244
	2,480,000		Winsway Coking Coal Holding Ltd		728
	257,910		Worthington Industries, Inc		4,225
	874,004	*	WR Grace & Co		40,134
	262,500		WTK Holdings BHD		103
	1,291,000	e	Xingda International Holdings Ltd		580
	1,118,000	e	Xinjiang Xinxin Mining Industry Co Ltd		301
	3,993,509		Xstrata plc		60,802
	1,304,926	e	Yamana Gold, Inc		19,239
	8,711		Yamato Kogyo Co Ltd		249
	382,211		Yara International ASA		15,258
	570,000		Yeun Chyang Industrial Co Ltd		305
	1,858,500		Yieh Phui Enterprise		611
	1,365,500	e	Yingde Gases		1,389
	446,000		Yip’s Chemical Holdings Ltd		336
	291,000		Yodogawa Steel Works Ltd		1,260
	50,460		Youlchon Chemical Co Ltd		351
	852,000	*	Youyuan International Holdings Ltd		213
	2,049,285		Yuen Foong Yu Paper Manufacturing Co Ltd		818
	1,169,500	*	Yukon-Nevada Gold Corp		333
	350,178	e	Yule Catto & Co plc		893
	59,000		Yung Chi Paint & Varnish Manufacturing Co Ltd		83
	13,331		Zaklady Azotowe Pulawy S.A.		309

115

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	49,773	*	Zaklady Azotowe w Tarnowie-Moscicach S.A.	$	391
	37,487	*	Zaklady Chemiczne Police S.A.		108
	112,875	*	Zanaga Iron Ore Co Ltd		188
	541,512	e	Zeon Corp		4,677
	90,452		Zep, Inc		1,265
	2,435,500		Zhaojin Mining Industry Co Ltd		3,863
	64,123		Zignago Vetro S.p.A.		374
	13,729,000	e	Zijin Mining Group Co Ltd		5,135
	114,149	*,e	Zoltek Cos, Inc		870
	1,206		Zuari Industries Ltd		10
			TOTAL MATERIALS		6,123,505
MEDIA - 2.8%
	1,123,864	e	Aegis Group plc		2,519
	63,090		Agora S.A.		202
	78,010		AH Belo Corp (Class A)		371
	408,876	*	AMC Networks, Inc		15,366
	208,170	e	Antena 3 de Television S.A.		1,247
	570,626	e	APN News & Media Ltd		415
	159,550		Arbitron, Inc		5,490
	170,172	e	Arnoldo Mondadori Editore S.p.A.		297
	5,931	*	Artprice.com		391
	40,900	e	Asatsu-DK, Inc		1,072
	112,900		Astral Media, Inc		3,933
	7,360,325	*,e	Austar United Communications Ltd		8,984
	44,759	e	Avex Group Holdings, Inc		572
	52,036	e	Axel Springer AG.		2,233
	1,754,100		BEC World PCL (Foreign)		2,497
	365,333	e	Belo (A.H.) Corp (Class A)		2,302
	4,120,600		Benpres Holdings Corp		480
	3,935	*	Besiktas Futbol Yatirimlari Sanayi ve Ticaret AS		14
	70,058	*	Borussia Dortmund GmbH & Co KGaA		172
	3,308,251		British Sky Broadcasting plc		37,639
	835,440		Cablevision Systems Corp (Class A)		11,880
	55,348		Cairo Communication S.p.A.		201
	76,494		Canal Plus		424
	4,353,562	e	CBS Corp (Class B)		118,156
	71,000	*,e	Central European Media Enterprises Ltd (Class A)		458
	158,263	*,e	Central European Media Enterprises Ltd (Class A) Nasdaq		1,032
	205,852	*	Charter Communications, Inc		11,721
	141,960		Cheil Communications, Inc		2,337
	148,209		Chime Communications plc		394
	482,615		Cinemark Holdings, Inc		8,924
	78,400	e	Cineplex Galaxy Income Fund		1,979
	188,104		Cineworld Group plc		599
	25,640		CJ CGV Co Ltd		594
	25,844	*	CJ E&M Corp		680
	64,470	*,e	Clear Channel Outdoor Holdings, Inc (Class A)		809
	18,982		Cogeco Cable, Inc		957
	11,848,589		Comcast Corp (Class A)		280,929
	6,400	e	COOKPAD, Inc		141
	143,011	e	Corus Entertainment, Inc		2,881

116

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	204,840	*,e	Crown Media Holdings, Inc (Class A)	$	248
	33,222		CTS Eventim AG.		997
	156,309	*,e	Cumulus Media, Inc (Class A)		522
	652	e	CyberAgent, Inc		2,112
	137,582	*	Cyfrowy Polsat S.A.		537
	163,110		Daekyo Co Ltd		884
	68,700		Daiichikosho Co Ltd		1,300
	613,492		Daily Mail & General Trust		3,806
	390,942	*	Deccan Chronicle Holdings Ltd		268
	2,849,330	*	DEN Networks Ltd		2,594
	162,642	e	Dentsu, Inc		4,948
	8,074	*,e	Dial Global, Inc		26
	7,200	*,e	Digital Domain Media Group, Inc		44
	105,609	*,e	Digital Generation, Inc		1,259
	3,919,989	*	DIRECTV		167,618
	953,539	*	Discovery Communications, Inc (Class A)		39,066
	183,830	*	Discovery Communications, Inc (Class C)		6,930
	5,142,542		DISH Network Corp (Class A)		146,459
	772,072	*	Dogan Yayin Holding		203
	164,769	*,e	DreamWorks Animation SKG, Inc (Class A)		2,734
	80,662	*	EM.Sport Media AG.		134
	146,655	*,e	Eniro AB		243
	132,545	*,e	Entercom Communications Corp (Class A)		815
	213,710	e	Entravision Communications Corp (Class A)		333
	21,981	*	Eros International Media Ltd		84
	103,400	*,e	Eros International plc		368
	1,115,000	*	eSun Holdings Ltd		157
	80,089	e	Euromoney Institutional Investor plc		779
	83,477		Eutelsat Communications		3,252
	136,215	*,e	EW Scripps Co (Class A)		1,091
	1,157	*	Fenerbahce Sportif Hizmetleri Sanayi ve Ticaret AS		24
	37,327	*,e	Fisher Communications, Inc		1,076
	4,950		Fuji Television Network, Inc		7,484
	120,000	e	Gakken Co Ltd		218
	243	*	Galatasaray Sportif Sinai ve Ticari Yatirimlar AS		21
	559,880	e	Gannett Co, Inc		7,486
	221,988	e	Gestevision Telecinco S.A.		1,260
	21,306		GFK AG.		843
	1,360		GIIR, Inc		10
	51,972	*	Global Sources Ltd		252
	283,233	*,e	Gray Television, Inc		459
	247,560		Groupe Aeroplan, Inc		2,901
	3,339,027	e	Grupo Televisa S.A.		14,053
	174,408	e	Gruppo Editoriale L’Espresso S.p.A.		245
	28,006	e	Hakuhodo DY Holdings, Inc		1,606
	187,047		Harte-Hanks, Inc		1,700
	1,300,749	*	Hathway Cables and Datacom Pvt Ltd		2,700
	627,767	e	Havas S.A.		2,575
	51,624	*	Hi-Media S.A.		147
	31,816	*	Hot Telecommunication System Ltd		396
	242,999	*	Hurriyet Gazetecilik AS		90
	105,680	*	Hyundai Hy Communications & Network Co		247

117

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	6,747	*	IBN18 Broadcast Ltd	$	3
	6,552,000	*	Imagi International Holdings Ltd		159
	461,167	*	Independent News & Media plc		122
	1,095,607		Informa plc		6,143
	8,756,210		Interpublic Group of Cos, Inc		85,198
	40,212		IPSOS		1,141
	9,655		Israel Land Development Co Ltd		66
	10,761,533		ITV plc		11,369
	12,757		Jagran Prakashan Ltd		23
	1,066,515	*,e	JC Decaux S.A.		24,487
	3,582,147	e	John Fairfax Holdings Ltd		2,639
	86,916		John Wiley & Sons, Inc (Class A)		3,859
	234,518	*,e	Journal Communications, Inc (Class A)		1,032
	2,624		Jupiter Telecommunications Co		2,656
	97,559	*	Juventus Football Club S.p.A.		38
	454,798	*	Kabel Deutschland Holding AG.		23,056
	28,981	e	Kadokawa Holdings, Inc		1,004
	12,081		Kinepolis		862
	116,868	*,e	Knology, Inc		1,660
	11,620	*	KT Skylife Co Ltd		277
	14,120		Lagardere S.C.A.		372
	95,185	*,e	Lamar Advertising Co (Class A)		2,618
	956,775	*	Liberty Global, Inc (Class A)		39,256
	440,017	*	Liberty Interactive LLC		34,343
	217,306	*,e	Lin TV Corp (Class A)		919
	177,993	*,e	Lions Gate Entertainment Corp		1,481
	713,823	*,e	Live Nation, Inc		5,932
	78,643		M6-Metropole Television		1,170
	164,198	*,e	Madison Square Garden, Inc		4,703
	1,345,600		Major Cineplex Group PCL		608
	108,323	e	Martha Stewart Living Omnimedia, Inc (Class A)		477
	292,752	*,e	McClatchy Co (Class A)		700
	1,020,969		McGraw-Hill Cos, Inc		45,913
	454,600		MCOT PCL		385
	114,162		MDC Partners, Inc		1,543
	251,131	e	Mecom Group plc		798
	1,202,800		Media Chinese International Ltd		440
	77	*,e	Media General, Inc (Class A)		0	^
	1,725,500		Media Prima BHD		1,414
	589,828	e	Mediaset S.p.A.		1,627
	161,914	e	Meredith Corp		5,286
	5,931		Modern Times Group AB (B Shares)		282
	70,033	e	Morningstar, Inc		4,163
	580,315		Naspers Ltd (N Shares)		25,349
	348,591		National CineMedia, Inc		4,323
	161,717		Navneet Publications India		157
	1,289	*	Network 18 Media & Investments Ltd		1
	629,481	*,e	New York Times Co (Class A)		4,866
	5,332,323	e	News Corp (Class A)		95,129
	53,756	*	Nexstar Broadcasting Group, Inc (Class A)		421
	798,000	*	Next Media Ltd		70
	31,894		NRJ Group		278

118

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	470,504		Omnicom Group, Inc	$	20,975
	830,000		Oriental Press Group		82
	78,565	e	Outdoor Channel Holdings, Inc		586
	299,914	e	PagesJaunes Groupe S.A.		1,086
	44,641	*,e	Pandora Media, Inc		447
	4,179,215	e	Pearson plc		78,438
	3,070,000		Phoenix Satellite Television Holdings Ltd		772
	1,488,000		Pico Far East Holdings Ltd		266
	432,257	*,e	Premiere AG.		784
	365,953	*,e	Promotora de Informaciones S.A.		410
	308,694		ProSiebenSat.1 Media AG.		5,625
	5,800		Proto Corp		185
	25,863,500		PT Bhakti Investama Tbk		839
	51,922,000		PT Global MediaCom Tbk		5,662
	357,000	*	PT Indosiar Karya Media Tbk		114
	8,104,500		PT Media Nusantara Citra Tbk		1,170
	186,629	e	PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		560
	312,500		PT Surya Citra Media Tbk		270
	74,929	e	Publicis Groupe S.A.		3,439
	3,262		PubliGroupe AG.		445
	188,457	e	Publishing & Broadcasting Ltd		501
	95,436		Quebecor, Inc		3,268
	213,601	*,e	RCS MediaGroup S.p.A.		187
	88,736	e	REA Group Ltd		1,136
	50,241	*,e	ReachLocal, Inc		310
	2,628,201		Reed Elsevier NV		30,580
	4,207,486		Reed Elsevier plc		33,871
	492,378	e	Regal Entertainment Group (Class A)		5,879
	42,274	*	Rentrak Corp		604
	145,048		Rightmove plc		2,803
	4,652		Roularta Media Group NV		88
	14,236	*	Saga Communications, Inc		532
	14,297	e	Sanoma-WSOY Oyj		164
	33,000		Saraiva S.A. Livreiros Editores		370
	119,150	*	SBS Media Holdings Co Ltd		454
	164,458	e	Schibsted ASA		4,085
	137,490	e	Scholastic Corp		4,121
	658,251		Scripps Networks Interactive (Class A)		27,923
	126,268		SES Global S.A.		3,025
	500,135	e	Shaw Communications, Inc (B Shares)		9,941
	104,000	e	Shochiku Co Ltd		985
	228,552		Sinclair Broadcast Group, Inc (Class A)		2,589
	468,000		Sing Tao News Corp Ltd		66
	738,038	e	Singapore Press Holdings Ltd		2,098
	781,000		SinoMedia Holding Ltd		214
	12,378,556	*,e	Sirius XM Radio, Inc		22,529
	248,542	e	Sky Network Television Ltd		1,026
	5,937		Sky Perfect Jsat Corp		2,961
	5,965	*	SM Entertainment Co		237
	349,623		Societe Television Francaise 1		3,401
	705,424		Southern Cross Media Group		777

119

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	2,734	*	Spir Communication		$	75
	3,288,253	*,a	Stroer Out-of-Home Media AG.			53,978
	371,730	e	STW Communications Group Ltd			320
	85,804	*	T4F Entretenimento S.A.			527
	709,670	*	Telecom Italia Media S.p.A.			148
	861,343		Television Broadcasts Ltd			5,216
	841,467	e	Ten Network Holdings Ltd			721
	69,807	*	Tera Resource Co Ltd			46
	1,017,083	e	Thomson Corp			27,126
	534,490	e	Thomson Corp (Toronto)			14,286
	1,210,289	e	Time Warner Cable, Inc			76,938
	3,279,647		Time Warner, Inc			118,526
	271,000	e	Toei Animation Co Ltd			6,128
	394,885		Toei Co Ltd			1,868
	82,617	e	Toho Co Ltd			1,471
	22,600		Tohokushinsha Film Corp			153
	133,300		Tokyo Broadcasting System, Inc			1,713
	1,858,000	*	Tom Group Ltd			162
	115,479		Torstar Corp			939
	1,725	*	Trabzonspor Sportif Yatirim ve TAS			10
	600,320	*	Trinity Mirror plc			448
	268		TV Asahi Corp			442
	2,538,000	e	TV Azteca S.A. de C.V.			1,617
	14,000		TV Tokyo Corp			185
	137,506		TVN S.A.			408
	347,688		United Business Media Ltd			2,580
	143,246	*	Usen Corp	��		100
	24,666	*	UTV Software Communications Ltd			455
	180,400	*,e	Valassis Communications, Inc			3,469
	8,329	e	Value Line, Inc			86
	5,319,906		Viacom, Inc (Class B)			241,576
	1,794,794	e	Virgin Media, Inc			38,373
	3,740,000	e	VODone Ltd			489
	8,851,525	e	Walt Disney Co			331,931
	11,435	e	Washington Post Co (Class B)			4,309
	332,885	e	West Australian Newspapers Holdings Ltd			1,103
	37,682		Wolters Kluwer NV			650
	44,810	*	Woongjin Holdings Co Ltd			171
	39,350		Woongjin Thinkbig Co Ltd			544
	100,608	e	World Wrestling Entertainment, Inc (Class A)			938
	6,830,165		WPP plc			71,630
	8,203,751	*,e	Yell Group plc			674
	104,008	e	Yellow Pages Income Fund			19
	710,485		ZEE Telefilms Ltd			1,576
	49,400		Zenrin Co Ltd			441
			TOTAL MEDIA			2,721,159
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.3%
	740		Abbott India Ltd			20
	5,802,336	e	Abbott Laboratories			326,265
	390,497		Abcam plc			2,215

120

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	27,840	*	Ablynx NV	$	123
	195,130	*,e	Achillion Pharmaceuticals, Inc		1,487
	186,295	*,e	Acorda Therapeutics, Inc		4,441
	284,125		Acrux Ltd		833
	93,737		Actelion Ltd		3,206
	49,050	*,e	Active Biotech AB		157
	22,084	*,e	Acura Pharmaceuticals, Inc		77
	445,765		Adcock Ingram Holdings Ltd		3,411
	31,736	*,e	Aegerion Pharmaceuticals, Inc		531
	240,683	*,e	Affymax, Inc		1,591
	423,820	*,e	Affymetrix, Inc		1,733
	2,318,992	*	Agilent Technologies, Inc		81,001
	218,794	*,e	Akorn, Inc		2,433
	113,625	*,e	Albany Molecular Research, Inc		333
	1,210,579	*	Alexion Pharmaceuticals, Inc		86,555
	31,113	*,e	Algeta ASA		793
	46,188	*,e	Alimera Sciences, Inc		58
	7,470		ALK-Abello AS		417
	482,381	*	Alkermes PLC		8,374
	2,514,391	e	Allergan, Inc		220,613
	439,384	*,e	Allos Therapeutics, Inc		624
	144,832	*,e	Alnylam Pharmaceuticals, Inc		1,180
	161,747	*,e	AMAG Pharmaceuticals, Inc		3,059
	3,636,968	e	Amgen, Inc		233,529
	67,506	*,e	Amicus Therapeutics, Inc		232
	90,467	*,e	Ampio Pharmaceuticals, Inc		386
	360,621	*,e	Amylin Pharmaceuticals, Inc		4,104
	26,375	*,e	Anacor Pharmaceuticals, Inc		164
	70,313	*,e	Anthera Pharmaceuticals, Inc		432
	237,000		Apex Biotechnology Corp		472
	60,614	*	Ardea Biosciences, Inc		1,019
	543,667	*,e	Arena Pharmaceuticals, Inc		1,017
	603,560	*	Ariad Pharmaceuticals, Inc		7,394
	307,914	*,e	Arqule, Inc		1,737
	246,692	*,e	Array Biopharma, Inc		533
	53,000		ASKA Pharmaceutical Co Ltd		314
	381,175	e	Aspen Pharmacare Holdings Ltd		4,563
	388,439		Astellas Pharma, Inc		15,773
	421,195	*,e	Astex Pharmaceuticals		796
	580,289		AstraZeneca plc		26,805
	738,452	e	AstraZeneca plc (ADR)		34,183
	268,568		Aurobindo Pharma Ltd		430
	236,804	*	Auxilium Pharmaceuticals, Inc		4,720
	488,784	*,e	AVANIR Pharmaceuticals, Inc		1,002
	288,934	*,e	AVEO Pharmaceuticals, Inc		4,970
	506,038	*,e	AVI BioPharma, Inc		377
	6,116		Bachem Holding AG.		212
	11,315	*	Basilea Pharmaceutica		429
	30,332	*,e	Bavarian Nordic AS		202
	4,989,239		Bayer AG.		318,630
	17,199,208		BB Bioventures L.P.		1,730
	19,440	*,e	BG Medicine, Inc		92

121

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	45,387		Bilcare Ltd	$	155
	93,111		Biocon Ltd		480
	107,425	*,e	BioCryst Pharmaceuticals, Inc		265
	30,929		Biogaia AB (B Shares)		731
	1,227,593	*	Biogen Idec, Inc		135,096
	66,793	*	BioInvent International AB		156
	557,148	*,e	BioMarin Pharmaceuticals, Inc		19,154
	79,477	*,e	BioMimetic Therapeutics, Inc		227
	54,100	*	Bio-Rad Laboratories, Inc (Class A)		5,196
	393,478	*,e	Biosante Pharmaceuticals, Inc		198
	20,559	*,e	Biospecifics Technologies Corp		342
	406,093	*,e	Biota Holdings Ltd		331
	6,511		Biotest AG. (Preference)		335
	385,090	*	Biotie Therapies OYJ		250
	96,519	*,e	Biotime, Inc		561
	6,201,910	*	Bioton S.A.		108
	378,281	*	Biovail Corp		17,662
	387,815	*	Biovail Corp (Toronto)		18,143
	10,052,971	*,e	Biovitrum AB		22,003
	6,934	e	Boiron S.A.		180
	5,109,019		Bristol-Myers Squibb Co		180,042
	1,832,000	*	Broad Intelligence International Pharmaceutical Holdings Ltd		343
	228,947	*	Bruker BioSciences Corp		2,844
	470,395	*,e	BTG plc		2,290
	31,972		Bukwang Pharmaceutical Co Ltd		399
	137,869	*,e	Cadence Pharmaceuticals, Inc		545
	179,779	*	Cambrex Corp		1,291
	87,661	*,e	Cardiome Pharma Corp		231
	2,920,682	*	Celgene Corp		197,437
	695,213	*,e	Cell Therapeutics, Inc		806
	209,143	*,e	Celldex Therapeutics, Inc		544
	108,683		Celltrion, Inc		3,430
	292,290	*,e	Cepheid, Inc		10,058
	140,252	*	Charles River Laboratories International, Inc		3,833
	206,179	*,e	Chelsea Therapeutics International, Inc		1,058
	67,000		China Chemical & Pharmaceutical Co Ltd		38
	344,000	e	China Medical System Holdings Ltd		229
	2,356,000		China Pharmaceutical Group Ltd		517
	2,840,000	e	China Shineway Pharmaceutical Group Ltd		4,021
	28,240		Chong Kun Dang Pharm Corp		461
	19,322		Choongwae Pharma Corp		239
	387,883	e	Chugai Pharmaceutical Co Ltd		6,394
	597,570		Cipla Ltd		3,597
	508,587		Cipla Medpro South Africa Ltd		400
	5,190,000		CK Life Sciences International Holdings, Inc		233
	33,517	*	Clal Biotechnology Industries Ltd		162
	108,129	*,e	Cleveland Biolabs, Inc		309
	25,000	*,e	Clovis Oncology, Inc		352
	20,100		CMIC Co Ltd		325
	100,872	*,e	Codexis, Inc		535
	327,539	*,e	Columbia Laboratories, Inc		819

122

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	306,093	*,e	Combinatorx, Inc	$	370
	44,252	*,e	Complete Genomics, Inc		130
	144,055	*,e	Corcept Therapeutics, Inc		493
	53,078	*,e	Cornerstone Therapeutics, Inc		297
	167,920	*	Covance, Inc		7,677
	851,460	e	CSL Ltd		27,759
	290,816	*,e	Cubist Pharmaceuticals, Inc		11,522
	306,873	*,e	Curis, Inc		1,436
	189,868	*,e	Cytori Therapeutics, Inc		418
	14,378		Daewoong Pharmaceutical Co Ltd		362
	739,078		Daiichi Sankyo Co Ltd		14,638
	296,025	e	Dainippon Sumitomo Pharma Co Ltd		3,369
	832,000		Dawnrays Pharmaceutical Holdings Ltd		240
	393,919	*,e	Dendreon Corp		2,994
	214,432	*,e	Depomed, Inc		1,111
	186,617	*	Deva Holding AS		193
	20,049	*	Devgen		138
	8,685		Dong-A Pharmaceutical Co Ltd		670
	189,589		Dr Reddy’s Laboratories Ltd		5,619
	362,435	*,e	Durect Corp		428
	114,362	*,e	Dusa Pharmaceuticals, Inc		501
	384,294	*,e	Dyax Corp		523
	518,562	*,e	Dynavax Technologies Corp		1,722
	10,329		Egis Gyogyszergyar Rt		750
	95,153		EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS.		90
	321,153	e	Eisai Co Ltd		13,283
	32,589	*	Elan Corp plc		452
	223,878	*	Elan Corp plc (ADR)		3,076
	58,172		Elder Pharmaceuticals Ltd		392
	3,534,574		Eli Lilly & Co		146,897
	128,555	*	Emergent Biosolutions, Inc		2,165
	218,188	*,e	Endo Pharmaceuticals Holdings, Inc		7,534
	76,566	*,e	Endocyte, Inc		288
	155,960	*,e	Enzo Biochem, Inc		349
	176,743	*,e	Enzon Pharmaceuticals, Inc		1,184
	133		EPS Co Ltd		256
	196,557	*	eResearch Technology, Inc		922
	19,814		Eurofins Scientific		1,441
	128,488	*,e	Evolutec Group plc		103
	134,852	*	Evotec AG.		407
	202,855	*,e	Exact Sciences Corp		1,647
	494,604	*,e	Exelixis, Inc		2,342
	3,060,000	*	Extrawell Pharmaceutical Holdings Ltd		165
	283,522		FAES FARMA S.A.		458
	11,152		FDC Ltd		18
	48,133	*,e	Fluidigm Corp		633
	1,004,023	*,e	Forest Laboratories, Inc		30,382
	40,252	*	Furiex Pharmaceuticals Inc		673
	133,000	e	Fuso Pharmaceutical Industries Ltd		339
	197,777	*,e	Galapagos NV		2,654
	52,839	*	Genmab AS		345

123

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	71,720	*,e	Genomic Health, Inc	$	1,821
	1,774,300	*	Genomma Lab Internacional S.A. de C.V.		3,429
	109,086	e	Genus plc		1,767
	571,037	*,e	Geron Corp		845
	57,981		Gerresheimer AG.		2,412
	6,577,848	*,e	Gilead Sciences, Inc		269,230
	7,797,417		GlaxoSmithKline plc		177,671
	372,774		GlaxoSmithKline plc (ADR)		17,010
	9,220	*,e	Golf Trust Of America, Inc		85
	10,923		Green Cross Corp		1,386
	16,420		Green Cross Holdings Corp		211
	160,174	*,e	Grifols S.A.		2,684
	12,820	*	Grifols S.A. (Class B)		139
	78,050	*,e	GTx, Inc		262
	128,000		Guangzhou Pharmaceutical Co Ltd		100
	302,678	*,e	Halozyme Therapeutics, Inc		2,878
	25,910	*	Han All Pharmarceutical Co		206
	5,240		Handok Pharmaceuticals Co Ltd		56
	6,178	*	Hanmi Pharm Co Ltd		352
	95,097	*,e	Harvard Bioscience, Inc		368
	185,928	e	Hikma Pharmaceuticals plc		1,788
	53,331	e	Hisamitsu Pharmaceutical Co, Inc		2,260
	49,992	*,e	Hi-Tech Pharmacal Co, Inc		1,944
	10,700	*,e	Horizon Pharma, Inc		43
	412,569	*,e	Hospira, Inc		12,530
	1,992,000		Hua Han Bio-Pharmaceutical Holdings Ltd		333
	647,270	*,e	Human Genome Sciences, Inc		4,783
	279,195	*,e	Idenix Pharmaceuticals, Inc		2,079
	3,900		Il Dong Pharmaceutical Co Ltd		25
	353,099	*,e	Illumina, Inc		10,762
	2,924		Ilsung Pharmaceuticals Co Ltd		201
	18,415		Ilyang Pharmaceutical Co Ltd		528
	388,979	*,e	Immunogen, Inc		4,504
	274,062	*,e	Immunomedics, Inc		913
	277,160	*	Impax Laboratories, Inc		5,590
	384,743	*,e	Incyte Corp		5,775
	85,451	*,e	Infinity Pharmaceuticals, Inc		755
	227,938	*,e	Inhibitex, Inc		2,494
	116,810	*,e	Insmed, Inc		356
	53,810	*,e	Intercell AG.		132
	251,052	*	InterMune, Inc		3,163
	6,967		Ipca Laboratories Ltd		36
	68,750		Ipsen		2,155
	195,625	*,e	Ironwood Pharmaceuticals, Inc		2,342
	385,648	*	Isis Pharmaceuticals, Inc		2,781
	202,994	*,e	ISTA Pharmaceuticals, Inc		1,431
	129,430	*,e	Jazz Pharmaceuticals, Inc		5,000
	19,000		JCR Pharmaceuticals Co Ltd		188
	16,630		Jeil Pharmaceutical Co		190
	8,613,405	e	Johnson & Johnson		564,867
	228,521		Kaken Pharmaceutical Co Ltd		3,034
	270,693	*,e	Keryx Biopharmaceuticals, Inc		685

124

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	71,000		Kissei Pharmaceutical Co Ltd	$	1,460
	56,785	*	Komipharm International Co Ltd		477
	208,977	*,e	KV Pharmaceutical Co (Class A)		293
	153,970		Kwang Dong Pharmaceutical Co Ltd		500
	60,336		Kyorin Co Ltd		1,059
	948,187	e	Kyowa Hakko Kogyo Co Ltd		11,574
	69,345	e	Laboratorios Almirall S.A.		475
	25,509	e	Laboratorios Farmaceuticos Rovi S.A		168
	59,962	*	Lannett Co, Inc		265
	742,256	*,e	Lexicon Pharmaceuticals, Inc		958
	18,990	*	LG Life Sciences Ltd		566
	694,745	*	Life Technologies Corp		27,033
	81,355	*,e	Ligand Pharmaceuticals, Inc (Class B)		966
	1,270,000		Lijun International Pharmaceutical Holding Ltd		145
	118,200		Livzon Pharmaceutical, Inc		235
	348,463		Lonza Group AG.		20,532
	141,881	*,e	Luminex Corp		3,012
	226,894		Lupin Ltd		1,912
	281,744	*,e	MannKind Corp		704
	95,114	*,e	MAP Pharmaceuticals, Inc		1,253
	118,928	*	Maxygen, Inc		670
	510,495		Meda AB (A Shares)		5,297
	343,610	*	Medicines Co		6,405
	324,463	e	Medicis Pharmaceutical Corp (Class A)		10,788
	8,205	*	Medipost Co Ltd		1,271
	157,476	*,e	Medivation, Inc		7,261
	28,097	*	Medivir AB		271
	35,955	*,e	Medtox Scientific, Inc		505
	11,646,262	e	Merck & Co, Inc		439,064
	165,698		Merck KGaA		16,501
	1,270	*	Merck Ltd		14
	134,450	*,e	Mesoblast Ltd		945
	119,707	*,e	Metabolix, Inc		545
	271,784	*	Mettler-Toledo International, Inc		40,145
	343,531	*,e	Micromet, Inc		2,470
	82,516		Mochida Pharmaceutical Co Ltd		925
	176,240	*,e	Momenta Pharmaceuticals, Inc		3,065
	29,508	*,e	Morphosys AG.		669
	22,167,242	a	MPM Bioventures II		3,536
	4,852,901	*	Mylan Laboratories, Inc		104,143
	257,310	*	Myriad Genetics, Inc		5,388
	310,380	*,e	Nabi Biopharmaceuticals		584
	424,682	*,e	Nektar Therapeutics		2,376
	75,139	*,e	Neostem, Inc		38
	369,890	*,e	Neurocrine Biosciences, Inc		3,144
	25,900	*,e	NewLink Genetics Corp		182
	38,000	e	Nichi-iko Pharmaceutical Co Ltd		891
	425,550		Nippon Chemiphar Co Ltd		1,577
	68,000		Nippon Shinyaku Co Ltd		841
	10,388	*,e	Novacea, Inc		81
	4,074,797		Novartis AG.		232,643
	1,554		Novartis India Ltd		19

125

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	346,587	*,e	Novavax, Inc	$	437
	360,063		Novo Nordisk AS (Class B)		41,365
	436,772	*	NPS Pharmaceuticals, Inc		2,878
	66,394	*,e	Nymox Pharmaceutical Corp		546
	76,722	*,e	Obagi Medical Products, Inc		779
	47,555	*,e	OncoGenex Pharmaceutical, Inc		558
	115	*,e	OncoTherapy Science, Inc		175
	181,608	*,e	Oncothyreon, Inc		1,377
	109,595	e	Ono Pharmaceutical Co Ltd		6,146
	318,402	*	Onyx Pharmaceuticals, Inc		13,994
	395,128	*,e	Opko Health, Inc		1,936
	247,051	*,e	Optimer Pharmaceuticals, Inc		3,024
	189,272		Orchid Chemicals & Pharmaceuticals Ltd		450
	396,863	*,e	Orexigen Therapeutics, Inc		639
	125,742	e	Orion Oyj (Class B)		2,443
	73,955	*,e	Osiris Therapeutics, Inc		396
	627,254		Otsuka Holdings KK		17,604
	137,685	*,e	Pacific Biosciences of California, Inc		386
	10,563	*,e	Pacira Pharmaceuticals, Inc		91
	157,644	*,e	Pain Therapeutics, Inc		599
	18,600	*	Paladin Labs, Inc		762
	205,468	*	Par Pharmaceutical Cos, Inc		6,725
	237,971	*	Parexel International Corp		4,936
	715,289	e	PDL BioPharma, Inc		4,435
	258,092	*,e	Peregrine Pharmaceuticals, Inc		266
	702,072	e	PerkinElmer, Inc		14,041
	459,830		Perrigo Co		44,741
	926		Pfizer Ltd		19
	49,889,231		Pfizer, Inc		1,079,602
	179,281	*,e	Pharmacyclics, Inc		2,657
	204,647	*	Pharmasset, Inc		26,235
	157,944	*,e	PharmAthene, Inc		201
	317,591	*,e	Pharmaxis Ltd		339
	48,896	*,e,f	Pharmstandard (GDR) (purchased 01/07/11, cost $1,200)		688
	193,000	*	Phytohealth Corp		203
	145,001		Piramal Healthcare Ltd		1,031
	136,979	*,e	Pozen, Inc		541
	127,629	*,e	Progenics Pharmaceuticals, Inc		1,090
	313,618	*,e	Pronova BioPharma AS		410
	8,107,000		PT Kalbe Farma Tbk		3,038
	42,817	*	Qiagen N.V.		590
	630,499	*,e	Qiagen N.V. (NASDAQ)		8,707
	277,670	*	Questcor Pharmaceuticals, Inc		11,546
	169,542		Ranbaxy Laboratories Ltd		1,291
	180,054	*,e	Raptor Pharmaceutical Corp		1,127
	298,204		Recordati S.p.A.		2,151
	197,151	*,e	Regeneron Pharmaceuticals, Inc		10,928
	16,768		Richter Gedeon Nyrt		2,353
	270,226	*,e	Rigel Pharmaceuticals, Inc		2,132
	80,430	*	RNL BIO Co Ltd		348
	987,734		Roche Holding AG.		167,044
	265,000		Rohto Pharmaceutical Co Ltd		3,401

126

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	31,563	*,e	Sagent Pharmaceuticals	$	663
	283,654	*	Salix Pharmaceuticals Ltd		13,573
	209,042	*,e	Sangamo Biosciences, Inc		594
	2,066,431		Sanofi-Aventis		151,051
	374,610	*,e	Santarus, Inc		1,240
	91,569		Santen Pharmaceutical Co Ltd		3,782
	281,407	*,e	Savient Pharmaceuticals, Inc		628
	16,400	e	Sawai Pharmaceutical Co Ltd		1,701
	6,758		Schweizerhall Holding AG.		723
	139,312	*	Sciclone Pharmaceuticals, Inc		598
	402,035	*,e	Seattle Genetics, Inc		6,720
	7,554	*	Seegene, Inc		492
	153,800		Seikagaku Corp		1,649
	380,394	*,e	Sequenom, Inc		1,693
	318,000		Shandong Luoxin Pharmacy Stock Co Ltd		214
	520,347		Shionogi & Co Ltd		6,675
	2,761,592		Shire Ltd		95,977
	193,189		Shire plc (ADR)		20,072
	4,027	*	Siegfried Holding AG.		385
	136,717	*,e	SIGA Technologies, Inc		345
	2,937,000	e	Sihuan Pharmaceutical Holdings		1,036
	6,932,000		Sino Biopharmaceutical		2,057
	4,254,176	a	Skyline Venture Fund II Ltd		244
	976,029		Skyline Venture Fund III Ltd		166
	343,380	*	Spectrum Pharmaceuticals, Inc		5,024
	112,539		Stada Arzneimittel AG.		2,800
	5,318		Stallergenes		290
	246,100		Standard Chemical & Pharma		187
	207,009		Strides Arcolab Ltd		1,563
	53,955	*,e	Sucampo Pharmaceuticals, Inc (Class A)		239
	127,373	*	Sun Pharmaceutical Industries Ltd		180
	608,369		Sun Pharmaceuticals Industries Ltd		5,696
	59,899	*,e	Sunesis Pharmaceuticals, Inc		70
	98,082	*,e	Synta Pharmaceuticals Corp		458
	10,800		Taiko Pharmaceutical Co Ltd		109
	40,500	*	Taisho Pharmaceutical Holdings Co Ltd		3,126
	46,400	*,e	Takara Bio, Inc		235
	1,227,575		Takeda Pharmaceutical Co Ltd		53,922
	213,900		Tanabe Seiyaku Co Ltd		3,379
	115,009	*,e	Targacept, Inc		641
	371,223	e	Tecan Group AG.		25,064
	112,027	e	Techne Corp		7,647
	555,468		Teva Pharmaceutical Industries Ltd		22,423
	3,923,570		Teva Pharmaceutical Industries Ltd (ADR)		158,355
	88,001	*,e	Theratechnologies, Inc		241
	266,508	*,e	Theravance, Inc		5,890
	1,425,263	*	Thermo Electron Corp		64,093
	37,897	*,e	ThromboGenics NV		924
	472,000		Tong Ren Tang Technologies Co Ltd		516
	15,800	e	Torii Pharmaceutical Co Ltd		296
	3,100		Torrent Pharmaceuticals Ltd		32
	9,900		Towa Pharmaceutical Co Ltd		421

127

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	22,411	*,e	Transgene S.A.	$	223
	16,072	*,e,m	Trius Therapeutics, Inc		115
	63,333		Tsumura & Co		1,867
	75,274		TTY Biopharm Co Ltd		212
	681,133	e	UCB S.A.		28,576
	6,460		Unichem Laboratories Ltd		14
	13,440,000	*	United Gene High-Tech Group Ltd		119
	694,000	e	United Laboratories Ltd		398
	162,369	*	United Therapeutics Corp		7,672
	1,440,089	*,a,e	Vanda Pharmaceuticals, Inc		6,855
	445,681	*	Vectura Group plc		390
	580,916	*	Vertex Pharmaceuticals, Inc		19,291
	284,536	*,e	Vical, Inc		1,255
	6,635		Virbac S.A.		1,028
	382,014	*	Viropharma, Inc		10,463
	333,705	*,e	Vivus, Inc		3,254
	3,306,913	*	Warner Chilcott plc		50,034
	299,860	*	Waters Corp		22,205
	4,012,857	*	Watson Pharmaceuticals, Inc		242,136
	528,000	*	Winteam Pharmaceutical Group Ltd		87
	84,470	*	Wockhardt Ltd		440
	20,093	*	WuXi PharmaTech Cayman, Inc (ADR)		222
	151,750	*,e	Xenoport, Inc		578
	10,838		Yuhan Corp		1,200
	214,410	*	Yungjin Pharmaceutical Co Ltd		366
	170,000		YungShin Global Holding Corp		228
	215,313	*,e	Zeltia S.A.		477
	27,000		Zeria Pharmaceutical Co Ltd		465
	237,403	*,e	ZIOPHARM Oncology, Inc		1,047
	26,619	*,e	Zogenix, Inc		60
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		7,034,184
REAL ESTATE - 3.0%
	335,881	e	Abacus Property Group		651
	42,900		Able Chintai Holdings, Inc		213
	155,582		Acadia Realty Trust		3,133
	180,106		Acucap Properties Ltd		848
	7,628		Advance Residence Investment Corp		14,716
	26,055		Aeon Mall Co Ltd		553
	14,825	*,e	Affine S.A.		239
	91,780	*	Africa Israel Investments Ltd		279
	14,138	*	Africa Israel Properties Ltd		92
	21,400		AG Mortgage Investment Trust		431
	3,174,000	e	Agile Property Holdings Ltd		2,827
	65,433		Agree Realty Corp		1,595
	356,200		AIMS AMP Capital Industrial REIT		259
	61,110	*	Airport City Ltd		260
	50,700		Airport Facilities Co Ltd		203
	39,438		Akmerkez Gayrimenkul Yatirim Ortakligi AS		351
	7,930		Alexander’s, Inc		2,934
	171,528		Alexandria Real Estate Equities, Inc		11,830
	261,684		Aliansce Shopping Centers S.A.		1,999

128

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,421,920	e	Allan Gray Property Trust	$	1,210
	16,970,079		Allco Commercial Real Estate Investment Trust		9,671
	27,817		Allied Properties Real Estate Investment Trust		690
	19,882		Allreal Holding AG.		2,888
	180,919		Alony Hetz Properties & Investments Ltd		804
	5,797	*	AL-ROV Israel Ltd		118
	6,102		Alrov Properties and Lodgings Ltd		96
	76,342		Alstria Office REIT-AG.		908
	1,939,400		Amata Corp PCL (Foreign)		773
	1,048,562		AMB Property Corp		29,978
	3,762,676	*	Amer Group Holding		345
	184,363		American Assets Trust,Inc		3,781
	380,202		American Campus Communities, Inc		15,953
	1,084,962		American Capital Agency Corp		30,466
	31,669		American Capital Mortgage, Inc		596
	133,683		Amot Investments Ltd		325
	1,104,875	e	AMP NZ Office Trust		706
	298,004		Anant Raj Industries Ltd		222
	4,433,942		Annaly Capital Management, Inc		70,766
	533,858		Anworth Mortgage Asset Corp		3,353
	820,831		Apartment Investment & Management Co (Class A)		18,805
	68,658		Apollo Commercial Real Estate Finance, Inc		901
	353,404	e	ARMOUR Residential REIT, Inc		2,491
	96,648	*	Arrowhead Properties Ltd		68
	125,451		Artis Real Estate Investment Trust		1,723
	719,000	f	Ascendas India Trust (purchased 05/31/11, cost $565)		383
	891,619	e	Ascendas Real Estate Investment Trust		1,259
	838,586		Ascott Residence Trust		639
	263,054		Ashford Hospitality Trust, Inc		2,104
	1,182,600		Asian Property Development PCL (Foreign)		186
	750,103		Aspen Group		326
	237,578		Associated Estates Realty Corp		3,789
	425,652		Atrium European Real Estate Ltd		1,919
	359,319		Australand Property Group		882
	454,313		AvalonBay Communities, Inc		59,333
	36,227	*,e	Avatar Holdings, Inc		260
	7,524,823		Ayala Land, Inc		2,605
	9,247,920	m	Ayala Land, Inc (Preference)		21
	74,082		Babcock & Brown Japan Property Trust		159
	9,897,400	*	Bangkokland PCL		222
	1,583		Bayside Land Corp		320
	35,887		Befimmo SCA Sicafi		2,331
	2,088,000		Beijing Capital Land Ltd		410
	706,000		Beijing North Star Co		104
	3,893,950	*	Belle Corp		452
	2,852,516		Beni Stabili S.p.A.		1,274
	216,875		Big Yellow Group plc		825
	704,477		BioMed Realty Trust, Inc		12,737
	1,047		BLife Investment Corp		6,481
	80,659		Boardwalk Real Estate Investment Trust		3,994
	898,773		Boston Properties, Inc		89,518
	650,156		BR Malls Participacoes S.A.		6,316

129

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	327,611		BR Properties S.A.	$	3,249
	216,811		Brandywine Realty Trust		2,060
	328,700		Brasil Brokers Participacoes S.A.		983
	172,483		BRE Properties, Inc (Class A)		8,707
	129,985		British Israel Investments Ltd		450
	1,264,317		British Land Co plc		9,074
	578,015		Brookfield Asset Management, Inc		15,909
	5,708	*	Brookfield Multiplex Group		432
	45,000		Brookfield Office Properties, Inc		704
	667,276	e	Brookfield Office Properties, Inc (Toronto)		10,460
	824,753		Bunnings Warehouse Property Trust		1,449
	12,150,000		C C Land Holdings Ltd		2,239
	90,089	*	CA Immobilien Anlagen AG.		966
	789,000	e	Cache Logistics Trust		578
	85,275		Calloway Real Estate Investment Trust		2,241
	1,191,840		Cambridge Industrial Trust		437
	236,443		Camden Property Trust		14,716
	118,256	e	Campus Crest Communities, Inc		1,190
	65,891		Canadian Apartment Properties REIT		1,443
	85,156		Canadian Real Estate Investment Trust		2,959
	5,266,974	e	CapitaCommercial Trust		4,286
	894,715		Capital & Counties Properties		2,568
	413,625		Capital Lease Funding, Inc		1,671
	2,160,562		Capital Property Fund		2,356
	1,533,404		CapitaLand Ltd		2,610
	2,586,474	e	CapitaMall Trust		3,386
	1,002,480	e	CapitaMalls Asia Ltd		873
	664,600		CapitaMalls Malaysia Trust		302
	837,000		CapitaRetail China Trust		742
	426,984		Capstead Mortgage Corp		5,312
	388,257		Castellum AB		4,804
	1,923,000		Cathay Real Estate Development Co Ltd		656
	656,926		CBL & Associates Properties, Inc		10,314
	893,817	*	CBRE Group, Inc		13,604
	861,000	e	CDL Hospitality Trusts		1,026
	386,271		Cedar Shopping Centers, Inc		1,665
	1,367,000		Central China Real Estate Ltd		272
	98,000		Central Pattana PCL (Foreign)		117
	2,575	*,m	Centro Properties Group		0	^
	1,499,812	e	CFS Gandel Retail Trust		2,583
	953,000		CH Karnchang PCL		228
	695,438		Challenger Diversified Property Group		345
	4,542,636		Champion Real Estate Investment Trust		1,705
	685,682		Charter Hall Group		1,396
	52,524		Chatham Lodging Trust		566
	139,002	e	Chesapeake Lodging Trust		2,149
	5,700,198		Cheuk Nang Holdings Ltd		2,051
	1,892,607		Cheung Kong Holdings Ltd		22,451
	7,050,748		Chimera Investment Corp		17,697
	1,300,000		China Aoyuan Property Group Ltd		145
	2,092,000		China Chengtong Development Group Ltd		77
	6,579,800	e	China Overseas Land & Investment Ltd		10,920

130

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	652,000	*	China Properties Group Ltd	$	174
	3,488,000	e	China Resources Land Ltd		5,579
	2,311,000		China SCE Property Holdings Ltd		473
	3,902,000	e	China South City Holdings Ltd		502
	2,130,520		China Vanke Co Ltd		2,102
	335,500		Chinese Estates Holdings Ltd		539
	205,030		Chong Hong Construction Co		339
	143,619	e	City Developments Ltd		984
	240,670		Citycon Oyj		719
	19,869	e	Cofinimmo		2,331
	191,594		Cogdell Spencer, Inc		814
	26,001	*	Colonia Real Estate AG.		101
	420,507		Colonial Properties Trust		8,772
	129,312	e	Colony Financial, Inc		2,031
	41,498		Cominar Real Estate Investment Trust		897
	5,294,279	e	Commonwealth Property Office Fund		5,169
	19,726	e	Consolidated-Tomoka Land Co		534
	91,624	e	Conwert Immobilien Invest AG.		1,014
	77,428		Coresite Realty		1,380
	54,004		Corio NV		2,338
	178,060		Corporate Office Properties Trust		3,786
	6,640,000	e	Country Garden Holdings Co Ltd		2,480
	503,676		Cousins Properties, Inc		3,229
	1,021		Crescendo Investment Corp		489
	239,463		CreXus Investment Corp		2,486
	13,990,000		CSI Properties Ltd		404
	577,134		CubeSmart		6,141
	414,224	e	CYS Investments, Inc		5,443
	1,379	e	DA Office Investment Corp		2,923
	75,100		Daibiru Corp		471
	415,000	*,e	Daikyo, Inc		818
	1,245,900		Daiman Development BHD		718
	152,265		Daito Trust Construction Co Ltd		13,038
	534,879		Daiwa House Industry Co Ltd		6,394
	2,845,689		DB RREEF Trust		2,412
	1,253,065		DCT Industrial Trust, Inc		6,416
	1,202,913		DDR Corp		14,639
	409,483		Delta Corp Ltd		428
	151,521	e	Derwent London plc		3,672
	66,143	e	Deutsche Euroshop AG.		2,122
	104,168		Deutsche Wohnen AG.		1,383
	172,389	e	Development Securities plc		403
	851,178		DiamondRock Hospitality Co		8,205
	67,582		DIC Asset AG.		468
	628,809	e	Digital Realty Trust, Inc		41,923
	6,543,969		DLF Ltd		22,511
	209,661		Douglas Emmett, Inc		3,824
	98,779		Douja Promotion Groupe Addoha S.A.		804
	423,607		Duke Realty Corp		5,104
	47,194		Dundee Real Estate Investment Trust		1,513
	228,579	e	DuPont Fabros Technology, Inc		5,536

131

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	232,257		Dynex Capital, Inc	$	2,121
	1,169,800		Eastern & Oriental BHD		516
	118,225		EastGroup Properties, Inc		5,140
	458,148		Education Realty Trust, Inc		4,687
	663,724		Emira Property Fund		978
	963,410		Emlak Konut Gayrimenkul Yatiri		989
	3,458,666		Emperor International Holdings		532
	214,074		Entertainment Properties Trust		9,357
	166,935		Equity Lifestyle Properties, Inc		11,133
	209,062		Equity One, Inc		3,550
	771,785		Equity Residential		44,015
	160,596		Essex Property Trust, Inc		22,565
	24,341		Eurobank Properties Real Estate Investment Co		120
	113,175		Eurocommercial Properties NV		3,581
	10,036,000	e	Evergrande Real Estate Group		4,130
	99,199		Excel Trust, Inc		1,190
	48,300		Extendicare Real Estate Investment Trust		403
	422,277		Extra Space Storage, Inc		10,232
	217,753		Fabege AB		1,702
	5,380,500		Fantasia Holdings Group Co Ltd		470
	314,700		Farglory Land Development Co Ltd		493
	91,274	*,e	Fastighets AB Balder		334
	137,781		Federal Realty Investment Trust		12,504
	723,557	*	FelCor Lodging Trust, Inc		2,207
	17,839,000		Filinvest Land, Inc		403
	94,280	e	First Capital Realty, Inc		1,601
	425,003	*	First Industrial Realty Trust, Inc		4,348
	192,506	e	First Potomac Realty Trust		2,512
	585,000		First Real Estate Investment Trust		342
	39,010	*	FirstService Corp		1,032
	918,673	e	FKP Property Group		449
	30,799		Fonciere Des Regions		1,970
	465,542	*,e	Forest City Enterprises, Inc (Class A)		5,503
	155,259	*	Forestar Real Estate Group, Inc		2,349
	273,784	e	Franklin Street Properties Corp		2,724
	6,819,200	e	Franshion Properties China Ltd		1,312
	1,105,000		Frasers Centrepoint Trust		1,227
	481	e	Frontier Real Estate Investment Corp		3,897
	233		Fukuoka REIT Corp		1,531
	725	*	Future Mall Management Ltd		0	^
	137,120	e	GAGFAH S.A.		704
	92,082		Gazit Globe Ltd		877
	15,600		Gazit, Inc		275
	18,185	e	Gecina S.A.		1,524
	2,057,420		General Growth Properties, Inc		30,902
	69,900	*	General Shopping Brasil S.A.		425
	106,536		Getty Realty Corp		1,486
	40,018		Gladstone Commercial Corp		702
	460,657		Glimcher Realty Trust		4,238
	336,729	*	Global Logistic Properties		455
	267	e	Global One Real Estate Investment Corp		1,735
	9,586,000	*	Global-Estate Resorts, Inc		465

132

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	76,340	*	Globe Trade Centre S.A.	$	205
	1,414,000	*,e	Glorious Property Holdings Ltd		247
	49,721	f	Gold Wheaton Gold Corp (GDR) (purchased 05/31/11, cost $367)		167
	34,280		Goldcrest Co Ltd		546
	1,030,826	e	Goodman Property Trust		798
	127,745		Government Properties Income Trust		2,881
	1,570,379		GPT Group (ASE)		4,922
	626,795	e	Grainger plc		1,042
	865,011		Great Eagle Holdings Ltd		1,694
	584,328		Great Portland Estates plc		2,930
	998,000		Greentown China Holdings Ltd		431
	2,556,650	e	Growthpoint Properties Ltd		5,875
	29,911	*	GSW Immobilien AG.		867
	8,476,400	e	Guangzhou Investment Co Ltd		1,217
	4,307,536	e	Guangzhou R&F Properties Co Ltd		3,390
	1,209,000		GZI Real Estate Investment Trust		533
	79,103		H&R Real Estate Investment Trust		1,806
	42,939		Hamborner AG.		356
	701,107		Hammerson plc		3,915
	140,622	e	Hang Lung Group Ltd		770
	4,091,071		Hang Lung Properties Ltd		11,613
	81		Hankyu Reit, Inc		343
	333,937		Hatteras Financial Corp		8,806
	1,151,993		HCP, Inc		47,727
	480,262		Health Care REIT, Inc		26,189
	344,852		Healthcare Realty Trust, Inc		6,411
	418,500		Heiwa Real Estate Co Ltd		831
	124,877		Helical Bar plc		361
	14,816		Heliopolis Housing		27
	2,304,098	e	Henderson Land Development Co Ltd		11,414
	622,657		Hersha Hospitality Trust		3,039
	453,000		Highwealth Construction Corp		650
	324,483		Highwoods Properties, Inc		9,627
	1,192,000		HKR International Ltd		372
	376,000	e	Ho Bee Investment Ltd		297
	229,214		Home Properties, Inc		13,196
	481,000	*	Hong Fok Corp Ltd		150
	290,000		Hongkong Land Holdings Ltd		1,314
	598,887		Hopewell Holdings		1,530
	1,246,000	e	Hopson Development Holdings Ltd		644
	780,575		Hospitality Properties Trust		17,938
	2,327,997		Host Marriott Corp		34,385
	419,243	*	Housing Development & Infrastruture Ltd		420
	58,447	*	Howard Hughes Corp		2,582
	120,976		HRPT Properties Trust		2,013
	525,815		Huaku Development Co Ltd		1,063
	154,000		Huang Hsiang Construction Co		233
	84,960		Hudson Pacific Properties		1,203
	291,215		Hufvudstaden AB (Series A)		2,960
	83,200	e	Hulic Co Ltd		969
	299,000	*	Hung Ching Development Co		111

133

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	565,362		Hung Poo Real Estate Development Corp	$	373
	952,000		Hung Sheng Construction Co Ltd		418
	199,037		Hyprop Investments Ltd		1,313
	449,976		Hysan Development Co Ltd		1,473
	57,010	e	Icade		4,467
	1,603,532		IGB Corp BHD		1,244
	78,500		Iguatemi Empresa de Shopping Centers S.A.		1,459
	20,000	e	Iida Home Max		149
	1,452,000		IJM Land BHD		1,054
	374,491		Immobiliare Grande Distribuzione		358
	909,686	e	IMMOFINANZ Immobilien Anlagen AG.		2,726
	478,038		Indiabulls Real Estate Ltd		421
	286		Industrial & Infrastructure Fund Investment Corp		1,408
	122,941		Industrial Buildings Corp		191
	5,302,183		ING Office Fund		3,242
	402,231		Inland Real Estate Corp		3,061
	138,000		InnVest Real Estate Investment Trust		559
	1,845		Intershop Holdings		629
	9,356		Intervest Offices		219
	440,196		Invesco Mortgage Capital, Inc		6,185
	353,178		Investors Real Estate Trust		2,576
	1,100,963		Is Gayrimenkul Yatirim Ortakligi AS		581
	376,543	*,e	iStar Financial, Inc		1,992
	181,317	*,e	IVG Immobilien AG.		492
	85,506	*	IVR Prime Urban Developers Ltd		35
	686	e	Japan Excellent, Inc		2,692
	266	e	Japan Logistics Fund Inc		2,303
	1,624		Japan Prime Realty Investment Corp		3,816
	263	e	Japan Real Estate Investment Corp		2,048
	1,565	e	Japan Rental Housing Investments, Inc		697
	6,081		Japan Retail Fund Investment Corp		8,995
	52,000		Jereissati Participacoes S.A.		39
	75,354		Jerusalem Economy Ltd		471
	289,700		JHSF Participacoes S.A.		851
	1,619,450		Jiangsu Future Land Co Ltd		810
	1,015		Joint Reit Investment Corp		3,866
	134,479		Jones Lang LaSalle, Inc		8,238
	5,024	*	JW Construction Holding S.A.		8
	1,385,282	e	K Wah International Holdings Ltd		350
	3,020,000	*,e	Kaisa Group Holdings Ltd		520
	228,480		KEE TAI Properties Co Ltd		94
	1,566		Kenedix Realty Investment Corp		4,540
	29,392	*,e	Kenedix, Inc		3,814
	92,984	e	Kennedy-Wilson Holdings, Inc		984
	5,481,546	e	Keppel Land Ltd		9,370
	3,270,140		Kerry Properties Ltd		10,806
	58,900	e	Killam Properties, Inc		669
	241,309		Kilroy Realty Corp		9,187
	1,430,231		Kimco Realty Corp		23,227
	109,000		Kindom Construction Co		52
	453,600		King’s Town Construction Co Ltd		269
	325,364		Kite Realty Group Trust		1,467

134

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,011,059	e	Kiwi Income Property Trust	$	794
	4,577,478		KLCC Property Holdings BHD		4,546
	102,721	e	Klepierre		2,919
	322,954		Klovern AB		1,213
	3,125,130		Kowloon Development Co Ltd		2,730
	1,245,799	e	K-REIT Asia		798
	106,800		KrisAssets Holdings BHD		211
	203,954		Kungsleden AB		1,360
	470,000	*	Kuoyang Construction Co Ltd		166
	21,806,000	e	KWG Property Holding Ltd		7,325
	37,423,000		Lai Fung Holdings Ltd		822
	11,088,250	*	Lai Sun Development		148
	1,786,080		Land Securities Group plc		17,616
	424,273	e	LaSalle Hotel Properties		10,272
	39,110	*	LC Corp S.A.		10
	2,575		Leasinvest Real Estate SCA		217
	379,830		Lend Lease Corp Ltd		2,781
	186,011	*,e	Leopalace21 Corp		364
	581,920		Lexington Corporate Properties Trust		4,359
	495,886		Liberty International plc		2,403
	192,272		Liberty Property Trust		5,937
	4,245,711	e	Link Real Estate Investment Trust		15,614
	3,380,000		Lippo-Mapletree Indonesia Retail Trust		913
	220,000		Liu Chong Hing Investment		219
	650,727		London & Stamford Property plc		1,092
	584,000		Long Bon International Co Ltd		205
	2,111,000	e	Longfor Properties Co Ltd		2,379
	2,578,600		LPN Development PCL		1,044
	121,600		LPN Development PCL (ADR)		49
	63,700		LPS Brasil Consultoria de Imoveis S.A.		888
	151,913		LTC Properties, Inc		4,688
	392,018		Macerich Co		19,836
	145,311		Mack-Cali Realty Corp		3,878
	825,682		Macquarie CountryWide Trust		2,701
	3,623,332	e	Macquarie Goodman Group		2,107
	1,694,590		Macquarie MEAG Prime REIT		738
	655,484	e	Macquarie Office Trust		2,347
	259,727	*	Maguire Properties, Inc		517
	1,037,000		Mah Sing Group BHD		686
	35,779	*,e,m	Mapeley Ltd		113
	2,070,000		Mapletree Commercial Trust		1,357
	2,614,360		Mapletree Industrial Trust		2,166
	1,846,523	e	Mapletree Logistics Trust		1,202
	449,153		Medical Properties Trust, Inc		4,433
	13,590	*	Medinet Nasr Housing		25
	15,955,000	f	Megaworld Corp (purchased 12/09/10, cost $801)		620
	15,693		Melisron Ltd		252
	42,916	e	Mercialys S.A		1,382
	312,929		Metric Property Investments plc		413
	1,674,439		MFA Mortgage Investments, Inc		11,252
	401	e	MID Reit, Inc		948
	184,843		Mid-America Apartment Communities, Inc		11,562

135

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,792,929	e	Midland Holdings Ltd	$	930
	2,658,000		Minmetals Land Ltd		256
	1,687,020		Mirvac Group		2,033
	308,291	e	Mission West Properties, Inc		2,781
	1,271,837		Mitsubishi Estate Co Ltd		18,965
	1,665,322		Mitsui Fudosan Co Ltd		24,282
	7,956		Mobimo Holding AG.		1,760
	136,317		Monmouth Real Estate Investment Corp (Class A)		1,247
	38,521		Morguard Real Estate Investment Trust		605
	1,853		Mori Hills REIT Investment Corp		6,051
	946	e	Mori Trust Sogo Reit, Inc		7,716
	111,896		Multiplan Empreendimentos Imobiliarios S.A.		2,296
	383,600		Naim Holdings BHD		198
	98,169		National Health Investors, Inc		4,317
	472,825		National Retail Properties, Inc		12,473
	1,718,000	*	Neo-China Land Group Holdings Ltd		309
	4,856,666	e	New World China Land Ltd		966
	24,346,759	e	New World Development Ltd		19,549
	438,126	e	Newcastle Investment Corp		2,037
	72,762		Nieuwe Steen Investments NV		888
	248		Nippon Accommodations Fund, Inc		1,666
	128	e	Nippon Building Fund, Inc		1,048
	61,385	*	Nitsba Holdings 1995 Ltd		492
	165,429	e	Nomura Real Estate Holdings, Inc		2,455
	572		Nomura Real Estate Office Fund, Inc		2,936
	365		Nomura Real Estate Residential Fund, Inc		1,571
	33,869		Northern Property Real Estate Investment Trust		988
	376,948		NorthStar Realty Finance Corp		1,798
	535,190	e	Norwegian Property ASA		657
	172,635		NRDC Acquisition Corp		2,044
	1,234		NTT Urban Development Corp		839
	397,255		Omega Healthcare Investors, Inc		7,687
	60,744	e	One Liberty Properties, Inc		1,002
	411		Orix JREIT, Inc		1,690
	499,000		Oxley Holdings Ltd		135
	1,228,000	*	Pacific Century Premium Developments Ltd		177
	825,654	*	Palm Hills Developments SAE		150
	140,920		Paramount Corp BHD		68
	514,000		Parkway Life Real Estate Investment Trust		709
	146,086	e	Parkway Properties, Inc		1,440
	864,415		Parque Arauco S.A		1,408
	358,802	*	Parsvnath Developers Ltd		294
	67,519	*	Patrizia Immobilien AG.		299
	369,637		PAZ Corp S.A.		144
	244,183		Pebblebrook Hotel Trust		4,683
	226,898		Pennsylvania Real Estate Investment Trust		2,369
	107,134		Pennymac Mortgage Investment Trust		1,781
	1,114,000	*,e	Perennial China Retail Trust		408
	441,195		Phoenix Mills Ltd		1,382
	282,790	e	Piedmont Office Realty Trust, Inc		4,819
	815,080	*,e	Pirelli & C Real Estate S.p.A.		86
	376,929		Plum Creek Timber Co, Inc		13,781

136

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,102,000	e	Poly Hong Kong Investment Ltd	$	1,340
	7,091,160		Polytec Asset Holdings Ltd		737
	219,916		Post Properties, Inc		9,615
	391,798		Potlatch Corp		12,189
	952,000		Powerlong Real Estate Holdings Ltd		127
	540		Premier Investment Co		1,748
	1,331,880		Prestige Estates Projects Ltd		1,786
	2,257,100		Preuksa Real Estate PCL (Foreign)		828
	46,316		Primaris Retail Real Estate Investment Trust		937
	133,366		Primary Health Properties plc		660
	48,165	*	Prime Office REIT-AG.		271
	588,600		Prince Housing & Development Corp		314
	3,637		Property & Building Corp		141
	2,665,000		Prosperity REIT		514
	125,058		PS Business Parks, Inc		6,932
	82,239		PSP Swiss Property AG.		6,875
	8,067,500	*	PT Agung Podomoro Land Tbk		311
	26,872,500		PT Alam Sutera Realty Tbk		1,361
	61,632,500	*	PT Bakrieland Development Tbk		807
	10,609,000		PT Ciputra Development Tbk		631
	4,321,000		PT Ciputra Property Tbk		233
	9,451,500	*	PT Intiland Development Tbk		265
	38,932,500	*	PT Kawasan Industri Jababeka Tbk		814
	32,236,313		PT Lippo Karawaci Tbk		2,344
	4,218,000	*	PT Pakuwon Jati Tbk		349
	26,270,500	*	PT Sentul City Tbk		765
	5,394,500		PT Summarecon Agung Tbk		737
	580,523		Public Storage, Inc		78,057
	2,003,815	f	Puravankara Projects Ltd (purchased 01/21/08, cost $7,383)		2,112
	10,359,600		Quality House PCL		488
	758,306	*	Quintain Estates & Development plc		445
	265,022		Radium Life Tech Co Ltd		185
	157,734	e	RAIT Investment Trust		749
	224,406		Ramco-Gershenson Properties		2,206
	1,005,315		Raven Russia Ltd		813
	1,175,594		Rayonier, Inc		52,467
	91,859	*	Realia Business S.A.		130
	214,935		Realty Income Corp		7,514
	3,064,590		Redefine Income Fund Ltd		2,810
	340,580		Redwood Trust, Inc		3,467
	29,909,000	e	Regal Real Estate Investment Trust		6,884
	317,219		Regency Centers Corp		11,934
	13,100	e	Relo Holdings, Inc		327
	17,832,500	e	Renhe Commercial Holdings Co Ltd		2,035
	362,569		Resilient Property Income Fund Ltd		1,556
	264,266	e	Resource Capital Corp		1,483
	1,784,000		Richfield Group Holdings Ltd		86
	459,039		RioCan Real Estate Investment Trust		11,909
	101,934		RLJ Lodging Trust		1,716
	2,943,300		Robinsons Land Corp		760
	566,973		Ruentex Development Co Ltd		606
	2,611,288		S.A. Corporate Real Estate Fund		1,119

137

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,268,000		Sabana Shari’ah Compliant Industrial REIT	$	855
	224,371		Sabra Healthcare REIT, Inc		2,713
	38,790		Sankei Building Co Ltd		149
	9,921,932		Sansiri PCL		383
	44,676		Saul Centers, Inc		1,582
	260,506	e	Savills plc		1,326
	243,970		SC Global Developments Ltd		186
	784,846		Segro plc		2,541
	805,361		Senior Housing Properties Trust		18,072
	603,287		Shaftesbury plc		4,376
	542,840		Shanghai Jinqiao Export Processing Zone Development Co Ltd		338
	72,000		Shanghai Lujiazui Finance & Trade Zone Development Co Ltd		59
	21,738,000	e	Shanghai Real Estate Ltd		963
	650,000	*	Shanghai Zendai Property Ltd		10
	4,328,000		Shenzhen Investment Ltd		773
	6,122,500	e	Shimao Property Holdings Ltd		5,205
	693,450	*	Shining Building Business Co Ltd		512
	42,200	e	Shoei Co Ltd		176
	7,338,305	e	Shui On Land Ltd		2,222
	2,750,000		Silver Grant International		576
	1,617,216		Simon Property Group, Inc		208,523
	214,000		Singapore Land Ltd		920
	1,343,984	e	Sino Land Co		1,910
	2,132,000	*	Sinolink Worldwide Holdings Ltd		159
	13,492,326	e	Sino-Ocean Land Holdings Ltd		6,225
	1,694,394		Sinpas Gayrimenkul Yatirim Ortakligi AS		884
	677,800		Sinyi Realty Co		834
	66,083		Six of October Development & Investment		88
	462,089		SL Green Realty Corp		30,794
	2,464,662		SM Development Corp		383
	6,889,352		SM Prime Holdings		2,090
	934,544		Sobha Developers Ltd		3,360
	13,642	e	Societe de la Tour Eiffel		677
	14,383	e	Societe Immobiliere de Location pour l’Industrie et le Commerce		1,391
	5,945,500	e	Soho China Ltd		3,947
	28,700		Sonae Sierra Brasil S.A.		369
	537,531	*,e	Songbird Estates plc		960
	98,000	e	Soundwill Holdings Ltd		109
	123,238		Sovran Self Storage, Inc		5,259
	1,251,675		SP Setia BHD		1,521
	109,867	*	Sparkassen Immobilien AG.		640
	3,114,929		SPG Land Holdings Ltd		516
	565,510		Sponda Oyj		2,280
	312,730		ST Modwen Properties plc		550
	110,345	*,e	St. Joe Co		1,618
	60,527		STAG Industrial, Inc		694
	600,222		Starwood Property Trust, Inc		11,110
	4,067,734		Stockland Trust Group		13,288
	914,220	*	Strategic Hotels & Resorts, Inc		4,909

138

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	23,870		Sumitomo Real Estate Sales Co Ltd	$	927
	338,362		Sumitomo Realty & Development Co Ltd		5,912
	107,243		Summit Hotel Properties, Inc		1,012
	89,299		Sun Communities, Inc		3,262
	2,742,047		Sun Hung Kai Properties Ltd		34,266
	1,321,000	*	Sunac China Holdings Ltd		273
	2,610,000		Sunlight Real Estate Investment Trust		745
	626,036	*	Sunstone Hotel Investors, Inc		5,102
	3,034,000		Suntec Real Estate Investment Trust		2,517
	1,704,952		Sunteck Realty Ltd		9,696
	791,794	*	Sunway BHD		637
	1,731,100		Sunway Real Estate Investment		683
	4,637,700		Supalai PCL		2,099
	952,114	e	Swire Pacific Ltd (Class A)		11,472
	88,211		Swiss Prime Site AG.		6,621
	116,139		Sycom Property Fund		344
	1,256,600		TA Global BHD		115
	72,555		TAG Tegernsee Immobilien und Beteiligungs AG.		578
	391,741	*	Taiwan Land Development Corp		149
	1,150,573	*	Talaat Moustafa Group		568
	21,181,700		Tanayong PCL		470
	440,014		Tanger Factory Outlet Centers, Inc		12,901
	357,486		Taubman Centers, Inc		22,200
	120,176		Technopolis plc		520
	55,143	*	Tejon Ranch Co		1,350
	57,922	e	Terreno Realty Corp		877
	745,000	e	Thomas Properties Group, Inc		2,481
	1,316,800		Ticon Industrial Connection PCL		454
	106,800		TOC Co Ltd		484
	28,400		Toho Real Estate Co Ltd		146
	1,368,982	e	Tokyo Tatemono Co Ltd		4,125
	2,062,329		Tokyu Land Corp		7,782
	68,600		Tokyu Livable, Inc		526
	296		Tokyu REIT, Inc		1,486
	190,000		Tomson Group Ltd		45
	800		Top REIT Inc		3,583
	218,242		Torunlar Gayrimenkul Yatirim Ortakligi AS		456
	12,431	e	Tosei Corp		3,173
	675,730		Two Harbors Investment Corp		6,244
	435,485		UDR, Inc		10,931
	887,430	*	UEM Land Holdings BHD		676
	45,876		UMH Properties, Inc		427
	134,850		Unibail		24,135
	389,132	e	Unite Group plc		1,012
	7,639,635	*	Unitech Corporate Parks plc		3,070
	21,848,467		Unitech Ltd		7,951
	1,126,637		United Overseas Land Ltd		3,470
	8,444	e	United Urban Investment Corp		9,608
	44,809		Universal Health Realty Income Trust		1,748
	569,900	*	UOA Development BHD		246
	88,414	e	Urstadt Biddle Properties, Inc (Class A)		1,599
	25,284		Vastned Retail NV		1,129

139

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,279,287		Ventas, Inc	$	70,527
	7,557,000		Vista Land & Lifescapes, Inc		490
	662,567		Vornado Realty Trust		50,925
	182,555		Vukile Property Fund Ltd		331
	117,890		Wallenstam Byggnads AB (B Shares)		1,085
	22,047		Warehouses De Pauw SCA		1,057
	261,905	e	Washington Real Estate Investment Trust		7,163
	200,918	e	Weingarten Realty Investors		4,384
	2,817		Wereldhave Belgium NV		244
	31,474		Wereldhave NV		2,083
	6,706,623		Westfield Group		53,508
	5,912,313		Westfield Retail Trust		15,068
	2,539,646		Weyerhaeuser Co		47,415
	10,972,413		Wharf Holdings Ltd		49,459
	981,763		Wheelock & Co Ltd		2,428
	374,097		Wheelock Properties S Ltd		436
	27,832		Whitestone REIT		331
	85,638		Wihlborgs Fastigheter AB		1,130
	720,267		Wing Tai Holdings Ltd		524
	113,712	e	Winthrop Realty Trust		1,156
	249,569		Workspace Group plc		875
	3,203,000	e	Yanlord Land Group Ltd		2,353
	1,197,000	*	Ying Li International Real Estate Ltd		234
	150,759		YNH Property BHD		86
	1,133,600	*	YTL Land & Development BHD		375
	538,000		Yuzhou Properties Co		136
	4,880,800	*	Zhong An Real Estate Ltd		666
	550,000	*	Zhuguang Holdings Group Co Ltd		62
	56,590	*	Zueblin Immobilien Holding AG.		144
			TOTAL REAL ESTATE		2,908,506
RETAILING - 3.5%
	164,729	*,e	1-800-FLOWERS.COM, Inc (Class A)		362
	206,267	*	99 Cents Only Stores		4,528
	441,513		Aaron’s, Inc		11,780
	19,001	e	ABC-Mart, Inc		722
	1,514,699	e	Abercrombie & Fitch Co (Class A)		73,978
	403,469		Advance Auto Parts, Inc		28,094
	398,654	*,e	Aeropostale, Inc		6,079
	46,300	e	Alpen Co Ltd		814
	1,537,509	*	Amazon.com, Inc		266,144
	325,047		American Eagle Outfitters, Inc		4,970
	34,640	*,e	America’s Car-Mart, Inc		1,357
	281,074	*	Ann Taylor Stores Corp		6,965
	46,600		AOKI Holdings, Inc		759
	72,341		Aoyama Trading Co Ltd		1,353
	85,284		ARB Corp Ltd		675
	35,800		Arc Land Sakamoto Co Ltd		667
	17,200	e	Asahi Co Ltd		368
	112,135	*	Asbury Automotive Group, Inc		2,418
	26,400	e	ASKUL Corp		375
	487,650	*,e	ASOS plc		9,357

140

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	122,334	*	Audiovox Corp (Class A)	$	1,034
	274,000		Aurora Corp		422
	71,378		Autobacs Seven Co Ltd		3,264
	202,470		Automotive Holdings Group		359
	113,841	*,e	Autonation, Inc		4,197
	184,157	*,e	Autozone, Inc		59,846
	90,900		B2W Companhia Global Do Varejo		439
	113,214	*,e	Barnes & Noble, Inc		1,639
	50,661		BasicNet S.p.A		139
	142,038		Bebe Stores, Inc		1,183
	2,071,080	*,e	Bed Bath & Beyond, Inc		120,061
	6,511,600	e	Belle International Holdings Ltd		11,312
	31,300		Belluna Co Ltd		231
	1,396,885	e	Best Buy Co, Inc		32,645
	66,000	*	Best Denki Co Ltd		160
	37,962		Beter BED Holding NV		687
	804	e	BIC CAMERA, Inc		447
	120,546	e	Big 5 Sporting Goods Corp		1,259
	231,136	*	Big Lots, Inc		8,728
	58,875	e	Bilia AB (A Shares)		825
	54,656	*,e	Blue Nile, Inc		2,234
	95,171	*,e	Body Central Corp		2,375
	4,328,000	e	Bonjour Holdings Ltd		661
	64,162	e	Bon-Ton Stores, Inc		216
	1,287,000	e	Boshiwa International Holding		289
	4,465	*	Boyner Buyuk Magazacilik		5
	173,652	e	Brown Shoe Co, Inc		1,546
	109,944	e	Buckle, Inc		4,493
	58,467	*,e	Build-A-Bear Workshop, Inc		495
	46,241		Byggmax Group AB		178
	193,658	*,e	Cabela’s, Inc		4,923
	122,068		Canadian Tire Corp Ltd		7,896
	170,300		Canon Marketing Japan, Inc		1,984
	380,963	*,e	Carmax, Inc		11,612
	42,504	e	Carpetright plc		317
	10,585		Cashbuild Ltd		155
	197,240	*,e	Casual Male Retail Group, Inc		675
	110,101	e	Cato Corp (Class A)		2,664
	71,294	*	CDON Group AB		390
	50,701	e	CFAO S.A.		1,715
	18,310		Charles Voegele Holding AG.		357
	478,204	*	Charming Shoppes, Inc		2,343
	743,263		Chico’s FAS, Inc		8,280
	245,381	*,e	Children’s Place Retail Stores, Inc		13,035
	1,249,000	*,e	China ZhengTong Auto Services Holdings Ltd		1,220
	33,400		Chiyoda Co Ltd		592
	810,000	e	Chow Sang Sang Holding		1,815
	147,531		Christopher & Banks Corp		345
	203,700		Cia Hering		3,545
	71,174	*	Citi Trends, Inc		625
	3,813		CJ O Shopping Co Ltd		854

141

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	49,700	e	Clas Ohlson AB (B Shares)	$	581
	748,634		Clicks Group Ltd		4,287
	312,554	*,e	Coldwater Creek, Inc		369
	286,402	*,e	Collective Brands, Inc		4,116
	76,619	*,e	Conn’s, Inc		850
	56,360	e	Core-Mark Holding Co, Inc		2,232
	75,960	*,e	Cost Plus, Inc		741
	910,000		Dah Chong Hong Holdings Ltd		1,068
	214,850	*,e	Daiei, Inc		774
	2,710,605	e	David Jones Ltd		6,552
	283,400	e	DCM Japan Holdings Co Ltd		2,229
	3,030,946	e	Debenhams plc		2,751
	37,103		Delek Automotive Systems Ltd		225
	16,421		Delticom AG.		1,415
	45,422	e	Destination Maternity Corp		759
	420,838		Dick’s Sporting Goods, Inc		15,521
	14,502,500		Dickson Concepts International Ltd		7,529
	30,350		D’ieteren S.A.		1,336
	50,098	e	Dillard’s, Inc (Class A)		2,248
	70,073	*	Dogus Otomotiv Servis ve Ticaret AS		109
	303,655	*	Dollar General Corp		12,492
	481,676	*	Dollar Tree, Inc		40,032
	121,604		Dollarama, Inc		5,312
	61,500	e	Don Quijote Co Ltd		2,112
	11,300		Doshisha Co Ltd		326
	29,936	e	Douglas Holding AG.		1,076
	4,997,135	*,e	DSG International plc		761
	286,846	e	DSW, Inc (Class A)		12,681
	26,965	*	Dufry Group		2,475
	137,474	e	Dunelm Group plc		919
	95,483	e	EDION Corp		776
	102,900		El Puerto de Liverpool SAB de C.V.		738
	326,000		E-LIFE MALL Corp		580
	4,030,000		Emperor Watch & Jewellery Ltd		500
	431,675		Empresas Hites S.A.		268
	483,091		Empresas La Polar S.A.		270
	1,678,168	e	Esprit Holdings Ltd		2,160
	3,912	*	Etam Developpement S.A.		53
	524,342	e	Expedia, Inc		15,216
	313,061	*	Express Parent LLC		6,242
	356,384		Family Dollar Stores, Inc		20,549
	1,676,288		Far Eastern Department Stores Co Ltd		1,974
	76,689		Fast Retailing Co Ltd		13,950
	265,621	e	Finish Line, Inc (Class A)		5,123
	2,257,905		Foot Locker, Inc		53,828
	296,631		Foschini Ltd		3,851
	54,239	*	Fourlis Holdings S.A.		100
	31,900	*,e	Francesca’s Holdings Corp		552
	184,429	e	Fred’s, Inc (Class A)		2,689
	24,400	e	Fuji Co Ltd		571
	3,258,163	e	Game Group plc		379
	2,051,017	*,e	GameStop Corp (Class A)		49,491

142

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	577,072	e	Gap, Inc	$	10,705
	110,436	*	Genesco, Inc		6,818
	873,842	e	Genuine Parts Co		53,478
	760	e	Geo Corp		787
	4,518,000		Giordano International Ltd		3,264
	107,478	*	GNC Holdings, Inc		3,111
	1,148,000	e	Golden Eagle Retail Group Ltd		2,420
	464,000		Goldlion Holdings Ltd		176
	21,600		Golf & Co Ltd		78
	14,855,408	e	GOME Electrical Appliances Holdings Ltd		3,417
	22,926	*,e	Gordmans Stores, Inc		288
	111,467	e	Group 1 Automotive, Inc		5,774
	60,500	*,e	Groupon, Inc		1,248
	172,870	e	Grupo Elektra S.A. de C.V.		17,166
	316,500	*,e	Grupo Famsa SAB de C.V.		276
	3,788		GS Home Shopping, Inc		382
	110,539		Guess?, Inc		3,296
	17,480		Gulliver International Co Ltd		716
	1,048		GwangjuShinsegae Co Ltd		156
	93,500		Hai-O Enterprise BHD		56
	279,278		Halfords Group plc		1,254
	124,825	e	Hankyu Department Stores, Inc		949
	460,639	e	Harvey Norman Holdings Ltd		860
	80,526	e	Haverty Furniture Cos, Inc		884
	46,859	*	Hellenic Duty Free Shops S.A.		468
	13,408,000	e	Hengdeli Holdings Ltd		4,364
	1,029,301	e	Hennes & Mauritz AB (B Shares)		33,020
	72,757	*,e	HHgregg, Inc		1,051
	109,236	*	Hibbett Sports, Inc		4,935
	27,401	e	Hikari Tsushin, Inc		681
	5,805,020	e	Home Depot, Inc		244,044
	4,737,123		Home Product Center PCL		1,650
	1,118,603		Home Retail Group		1,442
	18,504	*,e	HomeAway, Inc		430
	20,620	e	Honeys Co Ltd		302
	152,818		Hot Topic, Inc		1,010
	601,000		Hotai Motor Co Ltd		2,886
	155,432		HSN, Inc		5,636
	30,930		Hyundai Department Store Co Ltd		4,384
	39,640		Hyundai H&S Co Ltd		556
	8,582		Hyundai Home Shopping Network Corp		993
	477,648		Imperial Holdings Ltd		7,308
	1,031,849	e	Inchcape plc		4,695
	336,883		Inditex S.A.		27,501
	14,492	*	Interpark Corp		84
	1,660,500	e	Intime Department Store Group Co Ltd		1,695
	285,087		Isetan Mitsukoshi Holdings Ltd		2,978
	578,000	e	IT Ltd		317
	74,800		Izumi Co Ltd		1,236
	375,527		J Front Retailing Co Ltd		1,810
	198,687		Jardine Cycle & Carriage Ltd		7,372
	132,204	e	JB Hi-Fi Ltd		1,524

143

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	821,646	e	JC Penney Co, Inc	$	28,881
	351,715		JD Group Ltd		2,112
	73,714		John Menzies plc		607
	110,250	*,e	JOS A Bank Clothiers, Inc		5,376
	55,000	e	Joshin Denki Co Ltd		604
	204,052		JUMBO S.A.		1,001
	253,486	*,e	KappAhl Holding AB		220
	66,187	e	Keiyo Co Ltd		410
	733,322	e	Kesa Electricals plc		768
	5,501,607	e	Kingfisher plc		21,379
	76,502	*	Kirkland’s, Inc		1,017
	912,943		Kohl’s Corp		45,054
	27,400	e	Kohnan Shoji Co Ltd		449
	26,200	e	Kojima Co Ltd		171
	47,900		Komeri Co Ltd		1,473
	77,403	e	K’s Holdings Corp		3,063
	1,270,500	e	L’ Occitane International S.A.		2,548
	13,195		LES Enphants Co Ltd		13
	283,894		Lewis Group Ltd		2,818
	16,784,777	e	Li & Fung Ltd		30,927
	1,859,362	*	Liberty Media Holding Corp (Interactive A)		30,151
	164,002		Lifestyle International Holdings Ltd		361
	1,637,748	e	Limited Brands, Inc		66,083
	83,285	e	Lithia Motors, Inc (Class A)		1,821
	395,807	*	LKQ Corp		11,906
	426,914		Lojas Americanas S.A.		3,273
	168,249		Lojas Renner S.A.		4,367
	637,409		Lookers plc		502
	29,790		Lotte Midopa Co Ltd		415
	15,866		Lotte Shopping Co Ltd		4,683
	6,136,721		Lowe’s Companies, Inc		155,751
	561,000	e	Luk Fook Holdings International Ltd		1,945
	90,880	*,e	Lumber Liquidators, Inc		1,605
	3,697,748		Macy’s, Inc		118,993
	157,700	*	Magazine Luiza S.A.		807
	87,520	*,e	MarineMax, Inc		571
	1,308,451	e	Marks & Spencer Group plc		6,320
	1,109,597		Marui Co Ltd		8,626
	37,800	*,e	Matsuya Co Ltd		214
	72,728	*,e	Mattress Firm Holding Corp		1,687
	39,700		Megane TOP Co Ltd		456
	48,633		Mekonomen AB		1,587
	233,027		Men’s Wearhouse, Inc		7,552
	1,124,004		Mercuries & Associates Ltd		1,067
	607,200		Metro Holdings Ltd		307
	877,157	*,e	MFI Furniture plc		1,368
	482	*,e	Midas, Inc		4
	44,325		Mobilezone Holding AG.		448
	119,405	e	Monro Muffler, Inc		4,632
	104,217	e	Mothercare plc		269
	561,852		Mr Price Group Ltd		5,549
	4,495,754	e	Myer Holdings Ltd		8,875

144

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	217,333	e	N Brown Group plc	$	784
	13,000		Nafco Co Ltd		222
	341,000		National Petroleum Co Ltd		349
	52,771	*	NET Holding AS.		44
	143,364	*,e	NetFlix, Inc		9,934
	2,583,094	e	New Carphone Warehouse plc		12,383
	1,033,000	e	New World Department Store China Ltd		588
	91,931	*,e	New York & Co, Inc		245
	344,545	e	Next plc		14,617
	24,143		NFI Empik Media & Fasion S.A.		56
	94,000		Nice Holdings, Inc		197
	77,100	e	Nishimatsuya Chain Co Ltd		595
	93,100	e	Nissen Holdings Co Ltd		415
	27,327		Nitori Co Ltd		2,562
	676,697	e	Nordstrom, Inc		33,639
	107,612	e	Nutri/System, Inc		1,391
	4,412,365	*,e	Ocado Ltd		3,720
	1,119,501	*	Office Depot, Inc		2,407
	1,401,024	*,e	OfficeMax, Inc		6,361
	137,289	*,e	Orbitz Worldwide, Inc		516
	2,868	*	Orchard Supply Hardware Stores Corp		10
	715,092	*,e	O’Reilly Automotive, Inc		57,172
	1,430,000	e	Oriental Watch Holdings		652
	24,371		OrotonGroup Ltd		189
	331,000		OSIM International Ltd		295
	12,100		Otsuka Kagu Ltd		99
	53,142	*,e	Overstock.com, Inc		417
	2,402,610		Pacific Brands Ltd		1,351
	259,136	*,e	Pacific Sunwear Of California, Inc		443
	5,950		Pal Co Ltd		230
	70,350		Paltac Corp		900
	2,020,403		Pantaloon Retail India Ltd		4,889
	61,782		Parco Co Ltd		470
	36,800		Paris Miki, Inc		300
	555,660		Parkson Holdings BHD		991
	1,965,000	e	Parkson Retail Group Ltd		2,407
	4,488,000	e	PCD Stores Ltd		616
	1,765,064	*	Pendragon plc		208
	200,163	e	Penske Auto Group, Inc		3,853
	253,212	e	PEP Boys - Manny Moe & Jack		2,785
	81,567	e	PetMed Express, Inc		847
	893,249		Petsmart, Inc		45,815
	526,636	*,e	Pier 1 Imports, Inc		7,336
	21,970		Point, Inc		932
	2,118,000	*,e	Pou Sheng International Holdings Ltd		267
	60,370	e	PPR		8,617
	80,287	e	Praktiker Bau- und Heimwerkermaerkte AG.		142
	109,213		Premier Investments Ltd		531
	189,054	*	Priceline.com, Inc		88,423
	541,669	*	Prraneta Industries Ltd		7
	614,500		PT ACE Hardware Indonesia Tbk		278
	485,000	*	PT Indomobil Sukses Internasional Tbk		684

145

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	459,500		PT Mitra Adiperkasa Tbk	$	261
	2,628,000		PT Ramayana Lestari Sentosa Tbk		209
	385,882	e	RadioShack Corp		3,747
	13,407	e	Rakuten, Inc		14,424
	85,937		Reitmans Canada Ltd		1,250
	26,076		Reject Shop Ltd		274
	283,733		Rent-A-Center, Inc		10,498
	694,400		Robinson Department Store PCL		933
	203,200		Robinson Department Store PCL (ADR)		273
	171,722		RONA, Inc		1,642
	1,696,586		Ross Stores, Inc		80,639
	60,339	*,e	Rue21, Inc		1,303
	54,600		Ryohin Keikaku Co Ltd		2,666
	1,352,000	e	SA SA International Holdings Ltd		745
	542,120		SACI Falabella		4,216
	507,364	*,e	Saks, Inc		4,947
	881,519	*,e	Sally Beauty Holdings, Inc		18,626
	66,900		Sanrio Co Ltd		3,431
	63,498	*,e	Sears Holdings Corp		2,018
	305,194	*	Select Comfort Corp		6,620
	72,400	e	Senshukai Co Ltd		486
	25,250	*	Seobu Truck Terminal Co Ltd		534
	108,500		Shimachu Co Ltd		2,485
	36,345		Shimamura Co Ltd		3,714
	16,600	e	Shimojima Co Ltd		208
	10,337		Shinsegae Co Ltd		2,201
	1,071	*	Shinsegae International Co Ltd		106
	1,972,000		Shirble Department Stores		205
	42,697	*,e	Shoe Carnival, Inc		1,097
	21,660		Shopper’s Stop Ltd		107
	119,723	*,e	Shutterfly, Inc		2,725
	655,000		Sichuan Xinhua Winshare Chainstore Co Ltd		265
	453,886		Signet Jewelers Ltd		19,953
	577,000	e	Silver base Group Holdings Ltd		467
	204,100	e	Sonic Automotive, Inc (Class A)		3,023
	17,994	*	Sourceforge, Inc		307
	4,224,000		Sparkle Roll Group Ltd		406
	417,190	*	Sports Direct International plc		1,381
	167,483		Stage Stores, Inc		2,326
	4,482,179		Staples, Inc		62,257
	65,900	e	Start Today Co Ltd		1,546
	403,753		Statoil Fuel & Retail ASA		3,003
	143,058	*	Stein Mart, Inc		974
	41,674	e	Stockmann Oyj Abp (B Share)		645
	282,750		Super Cheap Auto Group Ltd		1,534
	484,551	*	Super Group Ltd		645
	35,840	*,e	SuperGroup plc		282
	50,539	*,e	Systemax, Inc		829
	1,367,795		Takashimaya Co Ltd		9,852
	36,569		Takihyo Co Ltd		197
	48,219	e	Takkt AG.		531
	316,878	*,e	Talbots, Inc		843

146

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	6,160,304	e	Target Corp	$	315,530
	27,900	*,e	Teavana Holdings, Inc		524
	181		Telepark Corp		336
	7,534,605		Test-Rite International Co		5,171
	659,753		Tiffany & Co		43,715
	2,022,296	e	TJX Companies, Inc		130,540
	19,706	*	Tom Tailor Holding AG.		314
	499,870		Tractor Supply Co		35,066
	1,143		Trent Ltd		18
	522,532	*,e	TripAdvisor, Inc		13,173
	616,750		Truworths International Ltd		5,635
	270,000		Tsann Kuen Enterprise Co Ltd		575
	175,603		Tsutsumi Jewelry Co Ltd		4,160
	179,835	*,e	Tuesday Morning Corp		620
	236,713	*	Ulta Salon Cosmetics & Fragrance, Inc		15,367
	514,099		United Arrows Ltd		9,911
	557,227	*	Urban Outfitters, Inc		15,357
	54,490	*,e	US Auto Parts Network, Inc		238
	70,255		USS Co Ltd		6,350
	3,749		Valora Holding AG.		783
	164,367	*,e	Valuevision International, Inc (Class A)		309
	106,394	*	Vitamin Shoppe, Inc		4,243
	158,765	e	Warehouse Group Ltd		371
	85,840	*,e	West Marine, Inc		998
	490,853	*	Wet Seal, Inc (Class A)		1,600
	406,188	e	WH Smith plc		3,347
	287,310	e	Williams-Sonoma, Inc		11,061
	8,018	e	Winmark Corp		460
	1,339,356		Woolworths Holdings Ltd		6,461
	137,041	e	Wotif.com Holdings Ltd		499
	51,500		Xebio Co Ltd		1,221
	190,926	e	Yamada Denki Co Ltd		13,006
	21,500		Yellow Hat Ltd		342
	50,638	*,e	Yoox S.p.A		544
	118,615	*,e	Zale Corp		452
	268,500		Zhongsheng Group Holdings Ltd		446
	3,016	*	zooplus AG.		168
	81,466	*,e	Zumiez, Inc		2,261
			TOTAL RETAILING		3,403,440
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.4%
	172,141	*,e	Advanced Analogic Technologies, Inc		995
	195,387	*	Advanced Energy Industries, Inc		2,097
	995,350	*	Advanced Micro Devices, Inc		5,375
	7,963,016		Advanced Semiconductor Engineering, Inc		6,822
	83,293		Advanced Wireless Semiconductor Co		57
	122,612	e	Advantest Corp		1,164
	128,831	e	Aixtron AG.		1,637
	139,000		Alcor Micro Corp		179
	544,000		ALI Corp		537
	86,538	*,e	Alpha & Omega Semiconductor Lt		633
	673,923		Altera Corp		25,003

147

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	26,422	*	Aminologics Co Ltd	$	87
	510,895	*,e	Amkor Technology, Inc		2,228
	35,429	*,e	Amtech Systems, Inc		302
	337,713	*,e	Anadigics, Inc		740
	867,007		Analog Devices, Inc		31,022
	2,302,191		Applied Materials, Inc		24,656
	250,507	*	Applied Micro Circuits Corp		1,683
	180,788		Ardentec Corp		112
	2,339,858	e	ARM Holdings plc		21,598
	10,331	*	Asia Pacific Systems, Inc		117
	110,977	e	ASM International NV		3,250
	385,062	e	ASM Pacific Technology		4,313
	367,335		ASML Holding NV		15,344
	2,345,644	*,e	Atmel Corp		19,000
	157,753	*	ATMI, Inc		3,160
	50,764	*	Atto Co Ltd		425
	156,450		AUK Corp		435
	22,793	e	Austriamicrosystems AG.		930
	2,677,704	e	Avago Technologies Ltd		77,279
	425,319	*	Axcelis Technologies, Inc		566
	5,100	e	Axell Corp		103
	134,390	*,e	AXT, Inc		560
	72,806		BE Semiconductor Industries NV		481
	382,000		Bright Led Electronics Corp		292
	1,299,561		Broadcom Corp (Class A)		38,155
	372,689	e	Brooks Automation, Inc		3,828
	107,600	*	Cabot Microelectronics Corp		5,084
	48,309		Capella Microsystems Taiwan, Inc		148
	195,276	*,e	Cavium Networks, Inc		5,552
	54,667	e	Centrotherm Photovoltaics AG.		699
	91,052	*,e	Ceva, Inc		2,755
	11,538	*,e,m	China Energy Savings Technology, Inc		0	^
	1,076,000		Chipbond Technology Corp		1,044
	375,333	*	Cirrus Logic, Inc		5,949
	129,722	e	Cohu, Inc		1,472
	1,436,000	*	Comtec Solar Systems Group Ltd		199
	181,268	*,e	Cree, Inc		3,995
	237,381		CSR plc		676
	141,456	*	Cymer, Inc		7,039
	581,688	*	Cypress Semiconductor Corp		9,825
	322,616	e	Dainippon Screen Manufacturing Co Ltd		2,711
	115,874	*	DelSolar Co Ltd		58
	74,209	*,e	Dialog Semiconductor plc		1,204
	141,747	*,e	Diodes, Inc		3,019
	37,372	e	Disco Corp		1,946
	143,269	*	DSP Group, Inc		746
	25,908	*	Duksan Hi-Metal Co Ltd		573
	111,864		Edison Opto Corp		214
	846,000		Elan Microelectronics Corp		685
	11,000		Elite Advanced Laser Corp		15
	252,000		Elite Semiconductor Memory Technology, Inc		204
	12,506		ELK Corp		154

148

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	29,359		Elmos Semiconductor AG.		$	302
	503,254	*,e	Elpida Memory, Inc			2,328
	209,571		eMemory Technology, Inc			461
	761,950	*,e	Entegris, Inc			6,648
	339,742	*,e	Entropic Communications, Inc			1,736
	8,127		Eo Technics Co Ltd			167
	192,000	*	Episil Technologies, Inc			59
	963,578		Epistar Corp			2,042
	292,000	*	E-Ton Solar Tech Co Ltd			123
	859,997		Etron Technology, Inc			274
	11,667		Eugene Technology Co Ltd			237
	164,960	*	Exar Corp	��		1,072
	4,434,605	*	Fairchild Semiconductor International, Inc			53,393
	339,101		Faraday Technology Corp			323
	58,100	e	Ferrotec			544
	161,433	*,e	First Solar, Inc			5,450
	1,472,000		Forhouse Corp			796
	175,510	*	Formfactor, Inc			888
	353,000		Formosa Advanced Technologies Co Ltd			268
	262,000		Formosa Epitaxy, Inc			157
	3,689,314	*,e	Freescale Semiconductor Holdings Ltd			46,670
	159,107	*,e	FSI International, Inc			582
	3,000	e	Furuya Metal Co Ltd			116
	10,236,000	e	GCL Poly Energy Holdings Ltd			2,842
	23,213	*	GemVax & Kael Co Ltd			721
	249,910	*	Genesis Photonics, Inc			315
	26,150		Giga Solar Materials Corp			220
	248,850		Gintech Energy Corp			268
	172,000		Global Mixed Mode Technology, Inc			398
	117,000		Global Unichip Corp			384
	983,000		Greatek Electronics, Inc			779
	169,606		Green Energy Technology, Inc			191
	90,827	*,e	GSI Technology, Inc			425
	597,380	*,e	GT Solar International, Inc			4,325
	15,054		Hana Micron, Inc			149
	65,320		Hanmi Semiconductor Co Ltd			356
	6,485		Hansol LCD, Inc			115
	134,637		Harvatek Corp			75
	2,992,000	*	Heng Xin China Holdings Ltd			238
	132,465	*	Hittite Microwave Corp			6,541
	458,000		Holtek Semiconductor, Inc			400
	225,862		Huga Optotech, Inc			101
	917,080		Hynix Semiconductor, Inc			17,510
	2,334	*	ICD Co Ltd			108
	24,010	*	Iljin Display Co Ltd			242
	3,142,447		Infineon Technologies AG.			23,601
	1,752,377	*	Inotera Memories, Inc			288
	78,828	*,e	Inphi Corp			943
	656,881	*	Integrated Device Technology, Inc			3,587
	42,000	*	Integrated Memory Logic Ltd			122
	120,897	*	Integrated Silicon Solution, Inc			1,105
	23,145,088		Intel Corp			561,267

149

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	165,000	*,e	Intermolecular, Inc	$	1,416
	115,405	*	International Rectifier Corp		2,241
	209,522	e	Intersil Corp (Class A)		2,187
	635,648	*,e	IQE plc		183
	161,000		ITE Technology, Inc		125
	106,292	*,e	IXYS Corp		1,151
	31,816	*	Jusung Engineering Co Ltd		299
	20,841		KC Tech Co Ltd		95
	1,857,000		King Yuan Electronics Co Ltd		619
	319,669		Kinsus Interconnect Technology Corp		847
	792,004	e	Kla-Tencor Corp		38,214
	3,161		Koh Young Technology, Inc		85
	119,399	e	Kontron AG.		781
	275,953	*,e	Kopin Corp		1,071
	397,727	*	Kulicke & Soffa Industries, Inc		3,679
	1,127,874	*	Lam Research Corp		41,754
	1,251,017	*	Lattice Semiconductor Corp		7,431
	292,726		Lextar Electronics Corp		197
	399,166	e	Linear Technology Corp		11,987
	142,000		Lingsen Precision Industries Ltd		61
	6,410,825	*,e	LSI Logic Corp		38,144
	285,077	*,e	LTX-Credence Corp		1,525
	16,088	*	Lumens Co Ltd		87
	19,000		Macroblock, Inc		57
	4,465,640		Macronix International		1,782
	6,551,119	*	Marvell Technology Group Ltd		90,732
	1,323,508	e	Maxim Integrated Products, Inc		34,464
	68,129	*,e	MaxLinear, Inc		324
	1,631,227		MediaTek, Inc		14,931
	21,800	e	Megachips Corp		362
	49,632		Melexis NV		664
	13,057		Melfas, Inc		289
	38,653	*	Mellanox Technologies Ltd		1,264
	380,357	*,e	MEMC Electronic Materials, Inc		1,499
	352,329	e	Micrel, Inc		3,562
	305,648	e	Microchip Technology, Inc		11,196
	6,572,953	*	Micron Technology, Inc		41,344
	43,259	*	Micronas Semiconductor Holdings, Inc		287
	343,117	*,e	Microsemi Corp		5,747
	21,900	e	Mimasu Semiconductor Industry Co Ltd		182
	151,115	*,e	Mindspeed Technologies, Inc		692
	201,355	*,e	MIPS Technologies, Inc		898
	55,100		Mitsui High-Tec, Inc		233
	249,943		MKS Instruments, Inc		6,953
	132,125	*,e	Monolithic Power Systems, Inc		1,991
	1,271,000	*	Mosel Vitelic, Inc		172
	124,650	*,e	MoSys, Inc		524
	410,026		Motech Industries, Inc		716
	66,000		MPI Corp		143
	1,074,356		MStar Semiconductor, Inc		5,597
	103,377	*,e	Nanometrics, Inc		1,904
	384,551	*	Nanya Technology Corp		29

150

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	736,700	*,e	NEC Electronics Corp	$	4,481
	345,277		Neo Solar Power Corp		217
	16,406		NEPES Corp		236
	335,959	*	Netlogic Microsystems, Inc		16,653
	169,803	e	Nordic Semiconductor ASA		405
	624,826		Novatek Microelectronics Corp Ltd		1,563
	346,876	*,e	Novellus Systems, Inc		14,323
	15,300	e	NPC, Inc		122
	23,533	*,e	NVE Corp		1,307
	2,554,846	*	Nvidia Corp		35,410
	345,304	*,e	Omnivision Technologies, Inc		4,225
	3,259,308	*	ON Semiconductor Corp		25,162
	1,366,000		Opto Technology Corp		509
	897,000	*	Orient Semiconductor Electronics Ltd		127
	50,000		Orise Technology Co Ltd		46
	24,728	*	Osung LST Co Ltd		248
	263,000		Pan Jit International, Inc		126
	92,774	*,e	PDF Solutions, Inc		647
	112,125	*	Pericom Semiconductor Corp		853
	417,547		Phison Electronics Corp		2,506
	272,827	*,e	Photronics, Inc		1,659
	131,300		Pixart Imaging, Inc		297
	163,167	*	PLX Technology, Inc		468
	390,895	*	PMC - Sierra, Inc		2,154
	113,115	e	Power Integrations, Inc		3,751
	1,461,401	*	Powerchip Semiconductor Corp		41
	915,725		Powertech Technology, Inc		1,936
	525,000		Radiant Opto-Electronics Corp		1,498
	456,897	*,e	Rambus, Inc		3,450
	150,890	*	Raydium Semiconductor Corp		313
	460,467		Realtek Semiconductor Corp		674
	1,240,000		Regent Manner International Ltd		280
	856,805	*,e	Renewable Energy Corp AS		472
	3,173,678	*,e	RF Micro Devices, Inc		17,138
	158,661		Richtek Technology Corp		657
	141,001		Rohm Co Ltd		6,557
	4,294	*,e	Roth & Rau AG.		98
	66,112	*,e	Rubicon Technology, Inc		621
	160,714	*	Rudolph Technologies, Inc		1,488
	216,467		Samsung Electronics Co Ltd		199,113
	30,991		Samsung Electronics Co Ltd (Preference)		17,961
	3,358		San Chih Semiconductor Co		3
	155,000	e	Sanken Electric Co Ltd		485
	321,000		SDI Corp		192
	26,657,000	*,e	Semiconductor Manufacturing International		1,281
	257,500	*	Semtech Corp		6,391
	35,115		Seoul Semiconductor Co Ltd		641
	42,000		Shibaura Mechatronics Corp		105
	149,000		Shindengen Electric Manufacturing Co Ltd		623
	120,600	e	Shinko Electric Industries		818
	5,710		Shinsung Holdings Co Ltd		18
	125,202	*,e	Sigma Designs, Inc		751

151

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	36,340	*	Signetics Corp	$	127
	233,000		Sigurd Microelectronics Corp		149
	158,190	*	Silex Systems Ltd		397
	520,872	*	Silicon Image, Inc		2,448
	1,350,000		Silicon Integrated Systems Corp		546
	69,958	*,e	Silicon Laboratories, Inc		3,038
	10,655		Silicon Works Co Ltd		289
	3,693,031		Siliconware Precision Industries Co		3,318
	60,101		Simm Tech Co Ltd		640
	1,008,850		Sino-American Silicon Products, Inc		1,546
	4,900,000	*	Sino-Tech International Holdings Ltd		53
	65,000		Sitronix Technology Corp		70
	75,584	*	Skymedi Corp		186
	308,478	*	Skyworks Solutions, Inc		5,004
	148,621	*,e	SOITEC		727
	2,160,000	*	Solargiga Energy Holdings Ltd		216
	155,450		Solartech Energy Corp		151
	119,379	e	Solarworld AG.		503
	35,190,511	*	Solomon Systech International Ltd		796
	401,000	*	Sonix Technology Co Ltd		484
	218,658	*,e	Spansion, Inc		1,810
	87,431	*	Standard Microsystems Corp		2,253
	638,392		STMicroelectronics NV		3,779
	163,827	*,e	STR Holdings, Inc		1,348
	37,592	*	STS Semiconductor & Telecommunications		299
	91,284	*,e	Sumco Corp		672
	1,407,000		Sunplus Technology Co Ltd		463
	215,305	*,e	SunPower Corp		1,341
	45,189	*	Supertex, Inc		853
	25,119	*	Suss Microtec AG.		182
	2,606,800		SVI PCL		264
	315,305		TA-I Technology Co Ltd		183
	529,000		Taiwan Semiconductor Co Ltd		252
	43,069,667		Taiwan Semiconductor Manufacturing Co Ltd		107,613
	607,700		Taiwan Surface Mounting Technology Co Ltd		1,196
	431,000		Tekcore Co Ltd		189
	4,017,410	*,e	Teradyne, Inc		54,757
	210,323	*	Tessera Technologies, Inc		3,523
	6,213,762	e	Texas Instruments, Inc		180,882
	350,302		Tokyo Electron Ltd		17,749
	123,700		Tokyo Seimitsu Co Ltd		2,344
	502,860		Topco Scientific Co Ltd		709
	8,610	*	Toptec Co Ltd		127
	274,015	*	Tower Semiconductor Ltd		166
	515,508		Transcend Information, Inc		1,346
	636,503	*	Triquint Semiconductor, Inc		3,100
	2,094,000	e	Trony Solar Holdings Co Ltd.		293
	811,000		Tyntek Corp		296
	84,259	*,e	Ultra Clean Holdings		515
	175,193	*	Ultratech, Inc		4,304
	54,200	*,e	Ulvac, Inc		662
	971,100		Unisem M BHD		334

152

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	30,860,022		United Microelectronics Corp	$	12,929
	408,029		Unity Opto Technology Co Ltd		338
	402,000		Vanguard International Semiconductor Corp		140
	172,973	*,e	Veeco Instruments, Inc		3,598
	1,311,000	*	Via Technologies, Inc		706
	256,750		Visual Photonics Epitaxy Co Ltd		279
	99,333	*	Volterra Semiconductor Corp		2,544
	293,550		Wafer Works Corp		179
	703,000		Walton Advanced Engineering, Inc		223
	644,000		Weltrend Semiconductor		291
	540,737		Win Semiconductors Corp		524
	2,108,000	*	Winbond Electronics Corp		292
	159,582	*,e	Wolfson Microelectronics plc		325
	32,630	*	Woongjin Energy Co Ltd		120
	431,709		Xilinx, Inc		13,841
	105,069	*	XinTec, Inc		66
	41,383		Youngtek Electronics Corp		76
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		2,318,163
SOFTWARE & SERVICES - 6.9%
	225,849	*,e	Accelrys, Inc		1,518
	2,970,573	e	Accenture plc		158,124
	233	*	Access Co Ltd		98
	178,490	*	ACI Worldwide, Inc		5,112
	53,284	*,e	Active Network, Inc		725
	1,923,403		Activision Blizzard, Inc		23,696
	176,463	*	Actuate Corp		1,034
	350,906	*,e	Acxiom Corp		4,285
	1,842,016	*	Adobe Systems, Inc		52,074
	127,565	*	Advent Software, Inc		3,107
	16,197		Ahnlab, Inc		1,953
	521,990	*	Akamai Technologies, Inc		16,850
	1,718,000	e	Alibaba.com Ltd		1,770
	597,860	*,e	Alliance Data Systems Corp		62,082
	256,147		Alpha Systems, Inc		3,917
	63,287		Alten		1,485
	122,277	*,e	Altran Technologies S.A.		440
	565,622		Amadeus IT Holding S.A.		9,134
	672,225	*	Amdocs Ltd		19,179
	96,320	e	American Software, Inc (Class A)		910
	176,503	*,e	Ancestry.com, Inc		4,053
	50,500	*	Angie’s List, Inc		813
	383,054	*	Ansys, Inc		21,941
	1,271,745	*,e	AOL, Inc		19,203
	279,387		Argo Graphics, Inc		3,637
	260,817	*	Ariba, Inc		7,324
	766,899	*	Aspen Technology, Inc		13,306
	66,505		Asseco Poland S.A.		931
	19,000	*	Astro Corp		23
	310,985		Atos Origin S.A.		13,587
	1,506,353	*,e	Autodesk, Inc		45,688
	1,545,691		Automatic Data Processing, Inc		83,483

153

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	392,742		Aveva Group plc	$	8,731
	4,275	*	Axway Software S.A.		91
	76,005	*	Baidu, Inc (ADR)		8,852
	63,300	*,e	Bankrate, Inc		1,361
	40,625		Bechtle AG.		1,375
	89	e	Bit-isle, Inc		240
	259,335	e	Blackbaud, Inc		7,184
	368,457	*,e	Blinkx plc		438
	1,822,357	*	BMC Software, Inc		59,737
	38,568	*,e	Booz Allen Hamilton Holding Co		665
	138,508	*	Bottomline Technologies, Inc		3,209
	337,572		Broadridge Financial Solutions, Inc		7,612
	91,600	*,e	BroadSoft, Inc		2,766
	100,769	*,e	Buongiorno S.p.A.		133
	1,450,192		CA, Inc		29,316
	150,020	*	CACI International, Inc (Class A)		8,389
	794,282	*,e	Cadence Design Systems, Inc		8,261
	117,904	*,e	Callidus Software, Inc		757
	111,115		Cap Gemini S.A.		3,455
	286,686		Capcom Co Ltd		6,779
	16,200	*,e	Carbonite, Inc		180
	229,060	*	Cardtronics, Inc		6,198
	459,906	e	carsales.com.au Ltd		2,241
	39,097	e	Cass Information Systems, Inc		1,423
	10,140		Cegid Group		188
	343,043	*	CGI Group, Inc		6,465
	66,556	*	Check Point Software Technologies		3,497
	336,000	*	China Cyber Port International Co Ltd		40
	1,060,000	*	Chinasoft International Ltd		293
	25,000		Chinese Gamer International Corp		60
	257,773	*	Ciber, Inc		995
	923,746	*	Citrix Systems, Inc		56,090
	55,620	*,m	Clinical Data, Inc		53
	3,557		CMC Ltd		53
	1,123,063	*	Cognizant Technology Solutions Corp (Class A)		72,224
	233,693	*	Commvault Systems, Inc		9,983
	355,906		Companhia Brasileira de Meios de Pagamento		9,197
	194,369	e	Computacenter plc		1,009
	1,123,549		Computer Sciences Corp		26,628
	65,569	*,e	Computer Task Group, Inc		923
	462,015		Computershare Ltd		3,777
	597,666	*,e	Compuware Corp		4,973
	131,381	*,e	comScore, Inc		2,785
	173,731	*,e	Concur Technologies, Inc		8,824
	111,994	*,e	Constant Contact, Inc		2,599
	445,390	*	Convergys Corp		5,688
	49,397	*,e	Convio, Inc		546
	61,572		Core Projects & Technologies Ltd		299
	45,471	*,e	Cornerstone OnDemand, Inc		829
	582,869		CSE Global Ltd		338
	436,299		CSG Ltd		265
	132,902	*,e	CSG Systems International, Inc		1,955

154

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	47,828		Cupid plc	$	140
	229,773		Customers Ltd		233
	155,252		Cyberlink Corp		324
	92,200		Daou Technology, Inc		826
	53,911	e	Dassault Systemes S.A.		4,307
	17,205		Daum Communications		1,795
	159,499	*,e	DealerTrack Holdings, Inc		4,348
	98,591	*,e	Deltek, Inc		968
	92,041	*,e	Demand Media, Inc		612
	158,026	*,e	DemandTec, Inc		2,081
	155,989		Dena Co Ltd		4,673
	10,040	e	Devoteam S.A.		131
	327,807	*,e	Dice Holdings, Inc		2,718
	2,479	*	Digital Garage, Inc		7,161
	171,745	*	Digital River, Inc		2,580
	29,941	*,e	DMRC Corp		715
	21,551		Dragonfly GF Co Ltd		328
	392,799		DST Systems, Inc		17,880
	57,400		DTS Corp		666
	11,080	*	DuzonBIzon Co Ltd		65
	72		Dwango Co Ltd		118
	34,440	*	Dynamics Research Corp		391
	5,021	e	eAccess Ltd		1,191
	601,286		Earthlink, Inc		3,872
	7,113,617	*	eBay, Inc		215,756
	123,978	e	Ebix, Inc		2,740
	43,203	*,e	Echo Global Logistics, Inc		698
	19,668		Econocom Group		396
	93,000	*	EDB Business Partner ASA		151
	2,755,621	*	Electronic Arts, Inc		56,766
	18,335	*,e	Ellie Mae, Inc		104
	176,158	e	Ementor ASA		1,760
	10,140		Engineering Ingegneria Informatica S.p.A.		290
	74,390	*,e	Envestnet, Inc		890
	147,111		EPIQ Systems, Inc		1,768
	17,189	*,e	ePlus, Inc		486
	75,919	*	Equinix, Inc		7,698
	211,036	*,e	Euronet Worldwide, Inc		3,900
	25,824		Exact Holding NV		534
	65,140	*	ExlService Holdings, Inc		1,457
	125,376	e	Factset Research Systems, Inc		10,943
	168,852		Fair Isaac Corp		6,052
	149,731	*,e	FalconStor Software, Inc		386
	724,601		Fidelity National Information Services, Inc		19,267
	73,745	e	Fidessa Group plc		1,733
	31,893		Financial Technologies India Ltd		318
	159,077	*	First American Corp		2,057
	581,135	*	Fiserv, Inc		34,136
	40,199	*	FleetCor Technologies, Inc		1,201
	55,867	*,e	Forrester Research, Inc		1,896
	1,152,655	*,e	Fortinet, Inc		25,139
	13,369	*,e	FriendFinder Networks, Inc		10

155

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	125,728	e	F-Secure Oyj	$	327
	44,100		FUJI SOFT, Inc		790
	206		Future Architect, Inc		80
	97,000		Gamania Digital Entertainment Co Ltd		88
	13,393	*	GameHi Co Ltd		117
	90,239	*,e	GameLoft		564
	2,048	*	Gamevil, Inc		121
	438,222	*,e	Gartner, Inc		15,237
	341,036	*	Genpact Ltd		5,098
	630,655		Geodesic Information Systems Ltd		502
	141,205	*,e,m	Gerber Scientific, Inc		0	^
	55,397	*,e	GFI Informatique		162
	325,821	*	Global Cash Access, Inc		1,450
	293,355		Global Payments, Inc		13,899
	98,703		Glodyne Technoserve Ltd		444
	179,634	*,e	Glu Mobile, Inc		564
	62,300		GMO internet, Inc		238
	51		GMO Payment Gateway, Inc		208
	1,365,828	*	Google, Inc (Class A)		882,187
	39,000	e	Gourmet Navigator, Inc		414
	350,000	*,e	Gravity Co Ltd (ADR)		494
	144,448	e	Gree, Inc		4,966
	30,274	e	Groupe Steria SCA		513
	52,025	*	Guidance Software, Inc		337
	134,899	*,e	Hackett Group, Inc		505
	31,308		HCL Infosystems Ltd		23
	249,466		HCL Technologies Ltd		1,819
	155,745		Heartland Payment Systems, Inc		3,794
	425,165		Hexaware Technologies Ltd		600
	3,390,000	*	Hi Sun Technology China Ltd		921
	125,986	*,e	Higher One Holdings, Inc		2,323
	67,702		HIQ International AB		284
	1,377,700	e	IAC/InterActiveCorp		58,690
	121,928	*,e	iGate Corp		1,918
	22,357	*,e	Imperva, Inc		778
	447,918	e	Indra Sistemas S.A.		5,679
	38,934		Industrial & Financial Systems		498
	410,200		Ines Corp		2,884
	283,412	*,e	Informatica Corp		10,466
	351,900		Information Development Co		2,316
	36,800		Information Services International-Dentsu Ltd		364
	172,726	*	Infospace, Inc		1,898
	784,898		Infosys Technologies Ltd		40,852
	6,220	*	Infraware, Inc		78
	7,000		Insyde Software Corp		33
	54,953	*,e	Interactive Intelligence, Inc		1,260
	211,135	*	Internap Network Services Corp		1,254
	4,407,887		International Business Machines Corp		810,521
	91,000		International Games System Co Ltd		608
	135	e	Internet Initiative Japan, Inc		485
	1,613,476		Intuit, Inc		84,852
	148,273		Iress Market Technology Ltd		1,050

156

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	264,460		IT Holdings Corp	$	3,166
	33,821	e	Itochu Techno-Science Corp		1,517
	179,789	e	j2 Global, Inc		5,059
	427,054		Jack Henry & Associates, Inc		14,353
	2,506		JCEntertainment Corp		87
	199,225	*	JDA Software Group, Inc		6,453
	87,900		Kakaku.com, Inc		3,223
	105,436	*	Kenexa Corp		2,815
	67,581		Keynote Systems, Inc		1,388
	2,704,000	e	Kingdee International Software Group Co Ltd		726
	904,000	e	Kingsoft Corp Ltd		336
	143,040	*,e	KIT Digital, Inc		1,209
	155,527	*	Knot, Inc		1,297
	185,417	e	Konami Corp		5,545
	45,619	*	KT Hitel Co Ltd		288
	449,102	e	Lender Processing Services, Inc		6,768
	260,512	*,e	Limelight Networks, Inc		771
	45,923	*,e	LinkedIn Corp		2,894
	291,910	*,e	Lionbridge Technologies		668
	130,763	*,e	Liquidity Services, Inc		4,825
	235,467	*,e	Liveperson, Inc		2,955
	3,449,979	e	LogicaCMG plc		3,311
	83,160	*,e	LogMeIn, Inc		3,206
	133,552	*	LoopNet, Inc		2,441
	70,225		MacDonald Dettwiler & Associates Ltd		3,246
	75,200	e	Macromill, Inc		761
	268,338	*,e	Magma Design Automation, Inc		1,927
	16,962	*,f	Mail.ru (GDR) (purchased 06/17/11, cost $589)		440
	128,731	*	Manhattan Associates, Inc		5,211
	126,087		Mantech International Corp (Class A)		3,939
	87,002	e	Marchex, Inc (Class B)		544
	607,903		Mastercard, Inc (Class A)		226,637
	78,792		Matrix IT Ltd		391
	198,065		MAXIMUS, Inc		8,190
	424,134	*	Mentor Graphics Corp		5,751
	538,730	*	Micro Focus International plc		3,246
	561,892	*	Micros Systems, Inc		26,173
	35,086,991		Microsoft Corp		910,857
	48,619	*,e	MicroStrategy, Inc (Class A)		5,266
	344,052		Misys plc		1,241
	86	e	Mixi Inc		257
	194,094		ModusLink Global Solutions, Inc		1,048
	61,156	*	MoneyGram International, Inc		1,086
	686,170	e	Moneysupermarket.com Group plc		1,120
	815,308	*	Monitise plc		380
	149,127	*	Monotype Imaging Holdings, Inc		2,325
	273,730	*,e	Monster Worldwide, Inc		2,171
	150,709	*,e	Motricity, Inc		136
	160,303	*,e	Move, Inc		1,013
	370	e	MTI Ltd		455
	48,248	*	Myriad Group AG.		195
	3,850,000	*	Nan Hai Corp Ltd		16

157

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	33,837	*	NCI, Inc (Class A)	$	394
	23,766		NCsoft		6,353
	42,200		NEC Fielding Ltd		543
	10,178		Nemetschek AG.		339
	25,708	*	Neowiz Games Corp		965
	33,617		Net Entertainment NE AB		313
	1,209		NET One Systems Co Ltd		3,291
	247,500		NetDragon Websoft, Inc		146
	203,925	*	Netscout Systems, Inc		3,589
	107,201	*,e	NetSuite, Inc		4,347
	304,330	*	NeuStar, Inc (Class A)		10,399
	500,000	*,e	Nexon Co Ltd		7,191
	67,941	*	NHN Corp		12,452
	247,557	*	NIC, Inc		3,295
	46,271	*	Nice Systems Ltd		1,590
	75,900		Nihon Unisys Ltd		482
	31,800		NIIT Ltd		22
	17,491		NIIT Technologies Ltd		61
	157,264		Nintendo Co Ltd		21,591
	46,100		Nippon System Development Co Ltd		361
	370,102		Nomura Research Institute Ltd		8,349
	23,300		NS Solutions Corp		461
	1,350		NTT Data Corp		4,299
	1,167,991	*	Nuance Communications, Inc		29,387
	6,300		OBIC Business Consultants Ltd		294
	9,290		Obic Co Ltd		1,770
	46,086	*	Open Text Corp		2,363
	102,580	*,e	OpenTable, Inc		4,014
	360,132	*,e	Openwave Systems, Inc		569
	196,592	e	Opera Software ASA		953
	57,640	e	Opnet Technologies, Inc		2,114
	20,753,068		Oracle Corp		532,315
	118,791		Oracle Corp Japan		3,927
	27,768	e	ORC Software AB		346
	62,121		Otsuka Corp		4,275
	417,700		Pacific Online		199
	592,516	*	Parametric Technology Corp		10,819
	18,600	*	Patni Computer Systems Ltd		156
	890,058	e	Paychex, Inc		26,800
	56,942		PC Home Online		350
	275,000		PCA Corp		2,965
	84,083	e	Pegasystems, Inc		2,472
	100,842	*,e	Perficient, Inc		1,009
	201,102	e	Playtech Ltd		877
	96,454	*	POSDATA Co Ltd		736
	80,953	*,e	PRG-Schultz International, Inc		482
	345,990	*	Progress Software Corp		6,695
	90,153	*,e	PROS Holdings, Inc		1,341
	14,123		PSI AG. Gesellschaft Fuer Produkte und Systeme der Informationstechnologie		269
	32,231	*,e	QAD, Inc (Class A)		338
	338,209	*,e	QLIK Technologies, Inc		8,185

158

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	14,691	*	Quepasa Corp	$	49
	324,933	*	Quest Software, Inc		6,044
	131,012	*	QuinStreet, Inc		1,226
	405,559	*,e	Rackspace Hosting, Inc		17,443
	87,088	e	RealNetworks, Inc		653
	119,305	*,e	RealPage, Inc		3,015
	1,972,713	*	Red Hat, Inc		81,453
	654,000		Redecard S.A.		10,235
	88,193		Redflex Holdings Ltd		151
	9,057	*,e	RENREN,Inc (ADR)		32
	5,378		Reply S.p.A.		111
	39,274	*,e	Responsys, Inc		349
	20,509	*	Retalix Ltd		333
	97,971	*,e	RightNow Technologies, Inc		4,186
	131,891		Rolta India Ltd		140
	58,986	*,e	Rosetta Stone, Inc		450
	303,939	*	Rovi Corp		7,471
	290,409	*,e	S1 Corp		2,779
	125,573	*,e	Saba Software, Inc		991
	1,042,804		Sage Group plc		4,765
	532,738	*	SAIC, Inc		6,547
	514,642	*,e	Salesforce.com, Inc		52,216
	1,096,200		Samart Corp PCL		250
	1,572,365		SAP AG.		83,165
	417,439	e	Sapient Corp		5,260
	726,568	*	Satyam Computer Services Ltd		890
	20,016		SBSi Co Ltd		206
	56,891	*,e	Sciquest, Inc		812
	147,826		SDL plc		1,526
	137,598	*,e	Seachange International, Inc		967
	39,590	*,e	ServiceSource International LLC		621
	299,630		Shanghai Baosight Software Co Ltd		303
	9,872		SimCorp AS		1,509
	289		Simplex Technology, Inc		93
	8,435	*,e	Sina Corp		439
	23,461		SK C&C Co Ltd		2,385
	14,948	*	SK Communications Co Ltd		150
	176,816	*,e	Smith Micro Software, Inc		200
	182,014		SMS Management & Technology Ltd		842
	97,058		Software AG.		3,578
	229,670		Soft-World International Corp		406
	238,081	*,e	Sohu.com, Inc		11,904
	284,841	*	SolarWinds, Inc		7,961
	201,523		Solera Holdings, Inc		8,976
	499,873		Sonda S.A.		1,198
	151		So-net Entertainment Corp		549
	5,679	e	Sopra Group S.A.		262
	111,947	*,e	Sourcefire, Inc		3,625
	84,000		Springsoft, Inc		92
	33,659	*,e	SPS Commerce, Inc		873
	203,416	e	Square Enix Co Ltd		3,987
	54,056	*,e	SRS Labs, Inc		311

159

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	98,456	*	SS&C Technologies Holdings, Inc	$	1,778
	50,627	*,e	Stamps.com, Inc		1,323
	21,956	*	Stream Global Services, Inc		73
	508,325	*	SuccessFactors, Inc		20,267
	61,570		Sumisho Computer Systems Corp		983
	197,350	*,e	SupportSoft, Inc		444
	8,485		Sword Group		132
	7,398,135	*,e	Symantec Corp		115,780
	104,644	*,e	Synchronoss Technologies, Inc		3,161
	675,735	*,e	Synopsys, Inc		18,380
	79,546	e	Syntel, Inc		3,720
	502		Systena Corp		346
	356,000		Systex Corp		374
	268,861	*,e	TA Indigo Holding Corp		1,678
	327,650	*	Take-Two Interactive Software, Inc		4,440
	284,909	*,e	Taleo Corp (Class A)		11,023
	142,695	*,e	Tangoe, Inc		2,198
	844,975		Tata Consultancy Services Ltd		18,438
	52,065	*,e	TechTarget, Inc		304
	135,800	e	Tecmo Koei Holdings Co Ltd		1,116
	233,076	*	Telecity Group plc		2,342
	289,888	*	TeleCommunication Systems, Inc (Class A)		681
	161,270	*,e	TeleNav, Inc		1,260
	182,713	*,e	TeleTech Holdings, Inc		2,960
	95,335	*,e	Temenos Group AG.		1,556
	1,542,600	e	Tencent Holdings Ltd		30,888
	476,935	*	Teradata Corp		23,136
	3,191		Tessi S.A.		288
	268,602	*,e	THQ, Inc		204
	446,623	*	TIBCO Software, Inc		10,679
	178,548	e	Tietoenator Oyj		2,534
	608,889	*	TiVo, Inc		5,462
	18,700		TKC		388
	101,830	*	TNS, Inc		1,804
	1,045,498		Total System Services, Inc		20,450
	177,100		Totvus S.A.		3,158
	59,257	*	TradeDoubler AB		234
	60,400		Trans Cosmos, Inc/Japan		720
	1,279,999	e	Travelsky Technology Ltd		664
	67,170	*,e	Travelzoo, Inc		1,651
	142,451	e	Trend Micro, Inc		4,248
	119,932	*,e	Tyler Technologies, Inc		3,611
	153,338	*	Ubisoft Entertainment		1,020
	100,240	*	Ultimate Software Group, Inc		6,528
	242,909	*	Unisys Corp		4,788
	36,234	e	Unit 4 Agresso NV		857
	126,449	e	United Internet AG.		2,254
	552,256	e	United Online, Inc		3,004
	308,660	*	Valueclick, Inc		5,028
	142,421	*,e	Vasco Data Security International		929
	882,216	*	VeriFone Systems, Inc		31,336
	81,635	*	Verint Systems, Inc		2,248

160

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	283		VeriSign Japan KK	$	93
	462,132	e	VeriSign, Inc		16,507
	137,217	*,e	VirnetX Holding Corp		3,426
	62,334	*,e	Virtusa Corp		903
	2,270,265	e	Visa, Inc (Class A)		230,499
	111,574	*,e	VistaPrint Ltd		3,414
	996,375	*	VMware, Inc (Class A)		82,888
	68,718	*,e	Vocus, Inc		1,518
	339,629	*,e	Wave Systems Corp		737
	161,668	*,e	WebMD Health Corp (Class A)		6,071
	212,764	*	Websense, Inc		3,985
	109,335	*,e	Website Pros, Inc		1,252
	17,589	*	Webzen, Inc		190
	10,306		WeMade Entertainment Co Ltd		673
	3,833,734		Western Union Co		70,004
	761,290		Wipro Ltd		5,727
	133,557		Wirecard AG.		2,144
	155,482	*	Wright Express Corp		8,440
	286,066	*	Xchanging plc		288
	12,165	*	XING AG.		645
	22,124	e	Yahoo! Japan Corp		7,118
	5,825,099	*	Yahoo!, Inc		93,959
	194,084	*,e	Yandex NV		3,823
	299,600		YTL E-Solutions BHD		75
	16,100	*,e	Zillow, Inc		362
	287,395	*,e	Zix Corp		810
			TOTAL SOFTWARE & SERVICES		6,692,233
TECHNOLOGY HARDWARE & EQUIPMENT - 6.1%
	158,774	*,e	3D Systems Corp		2,286
	32,449	*	3S Korea Co Ltd		708
	100,800	*,e	5N Plus, Inc		508
	1,242,000	e	AAC Acoustic Technologies Holdings, Inc		2,779
	23,847		Aastra Technologies Ltd		324
	415,000		Ability Enterprise Co Ltd		356
	891,292		Accton Technology Corp		404
	3,161,174		Acer, Inc		3,658
	13,934		Acme Electronics Corp		20
	428,404	*	Acme Packet, Inc		13,242
	576,000	*	A-DATA Technology Co Ltd		604
	243,800		Adlink Technology, Inc		247
	329,714		Adtran, Inc		9,944
	52,403	*	ADVA AG. Optical Networking		245
	336,775		Advantech Co Ltd		931
	114,346	*	Agilysys, Inc		909
	18,500		Aiphone Co Ltd		352
	1,468,847	*,e	Alcatel S.A.		2,283
	1,207,000		Alpha Networks, Inc		860
	340,800	e	Alps Electric Co Ltd		2,333
	284,325		Amphenol Corp (Class A)		12,906
	2,080,949		AmTRAN Technology Co Ltd		1,085
	79,192	*,e	Anaren, Inc		1,316

161

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	132,464	*	Anixter International, Inc	$	7,900
	169,000	e	Anritsu Corp		1,856
	122,000		APCB, Inc		74
	5,373,049	*	Apple, Inc		2,176,084
	283,266		Arcadyan Technology Corp		309
	29,841	*	Archos		255
	344,000	*	Arima Communications Corp		230
	40,800		Arisawa Manufacturing Co Ltd		151
	595,555	*	Arris Group, Inc		6,444
	502,164	*	Arrow Electronics, Inc		18,786
	374,718	*,e	Aruba Networks, Inc		6,940
	33,812		Ascom Holding AG.		302
	103,323		Asia Vital Components Co Ltd		66
	112,000		ASROCK, Inc		362
	1,132,701		Asustek Computer, Inc		8,049
	118,000		Aten International Co Ltd		197
	10,234,853		AU Optronics Corp		4,417
	45,629	*	Audiocodes Ltd		175
	19,295		Austria Technologie & Systemtechnik AG.		210
	254,000		AV Tech Corp		754
	4,268,741		Avermedia Technologies		3,351
	124,127	*,e	Avid Technology, Inc		1,059
	414,641	*	Avnet, Inc		12,891
	74,334	e	AVX Corp		949
	76,317	*,e	AX Holding Corp		781
	108,449	e	Axis Communications AB		2,173
	49,966	*,e	Balda AG.		280
	29,978		Barco NV		1,498
	62,516		Bel Fuse, Inc (Class B)		1,172
	332,072	*	Benchmark Electronics, Inc		4,473
	1,565,000		Benq Corp		322
	94,783	e	Black Box Corp		2,658
	267,542	*	Blue Coat Systems, Inc		6,809
	190,182	*,e	Bookham, Inc		536
	463,665	*	Brightpoint, Inc		4,989
	770,278	*	Brocade Communications Systems, Inc		3,998
	331,178		Brother Industries Ltd		4,053
	296,613	*,e	Bull S.A.		1,093
	1,818,500	*	BYD Electronic International Co Ltd		516
	1,889,400		CalComp Electronics Thailand PCL		153
	147,454	*,e	Calix Networks, Inc		954
	1,194,716	*	Cando Corp		504
	26,400		Canon Electronics, Inc		661
	1,628,025	e	Canon, Inc		71,645
	4,859,000		Career Technology Co Ltd		6,264
	2,068,943		Catcher Technology Co Ltd		9,582
	266,000		Catic Shenzhen Holdings Ltd		107
	262,985	*	Celestica, Inc		1,934
	37,029	*	Ceragon Networks Ltd		295
	126,670		Chang Wah Electromaterials, Inc		245
	171,178	*	Checkpoint Systems, Inc		1,873
	454,431		Cheng Uei Precision Industry Co Ltd		887

162

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	54,000		Chenming Mold Industry Corp	$	37
	494,054		Chicony Electronics Co Ltd		809
	202,779	*	Chimei Materials Technology Corp		136
	3,714,000		China Aerospace International Holdings Ltd		272
	1,434,000	e	China All Access Holdings Ltd		303
	1,105,000	e	China High Precision Automation Group Ltd		382
	2,325,000	*,e	China ITS Holdings Co Ltd		319
	3,956,000		China Wireless Technologies Ltd		710
	628,000		Chin-Poon Industrial Co		405
	567,840		Chroma ATE, Inc		1,113
	2,513,000	*	Chunghwa Picture Tubes Ltd		104
	151,540	*,e	Ciena Corp		1,834
	27,830,907		Cisco Systems, Inc		503,182
	441,384		Citizen Watch Co Ltd		2,558
	578,212		Clevo Co		914
	2,783,000	*	CMC Magnetics Corp		459
	129,200	*	CMK Corp		409
	216,890		Cognex Corp		7,762
	128,781	*	Coherent, Inc		6,731
	1,280,299	e	Comba Telecom Systems Holdings Ltd		1,028
	28,162	e	Communications Systems, Inc		396
	469,000		Compal Communications, Inc		704
	7,675,648		Compal Electronics, Inc		7,640
	778,000	*	Compeq Manufacturing Co		239
	127,548		Comtech Telecommunications Corp		3,650
	1,544,000		Coretronic Corp		1,042
	4,906,636		Corning, Inc		63,689
	201,000		Coxon Precise Industrial Co Ltd		229
	221,359	*,e	Cray, Inc		1,432
	16,824	*	CrucialTec Co Ltd		211
	174,373	e	CTS Corp		1,604
	75,000		CyberPower Systems, Inc		128
	315,000		CyberTAN Technology, Inc		275
	80,020		Daeduck Electronics Co		790
	48,450		Daeduck GDS Co Ltd		413
	7,800	e	Dai-ichi Seiko Co Ltd		218
	533,000		Daiwabo Co Ltd		1,212
	143,377		Daktronics, Inc		1,372
	266,000		Darfon Electronics Corp		139
	309,143	e	DataTec Ltd		1,563
	487,416		Daxon Technology, Inc		174
	324,000		DBA Telecommunication Asia Holdings Ltd		97
	129,958	e	DDi Corp		1,213
	5,350,216	*,e	Dell, Inc		78,274
	1,240,100		Delta Electronics Thai PCL		853
	2,220,964		Delta Electronics, Inc		5,277
	82,000		Denki Kogyo Co Ltd		356
	106,913		Diebold, Inc		3,215
	113,457	*,e	Digi International, Inc		1,266
	1,908,000	e	Digital China Holdings Ltd		2,949
	9,063	*	Digital Multimedia Technologies S.p.A.		220
	7,173	*	Digitech Systems Co Ltd		70

163

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	277,776		Diploma plc	$	1,464
	1,242,000		D-Link Corp		838
	232,302	*	Dolby Laboratories, Inc (Class A)		7,088
	240,702	*	Dot Hill Systems Corp		320
	68,073	*,e	DTS, Inc		1,854
	683,753		Dynamic Electronics Co Ltd		241
	320,900		Eastern Communications Co Ltd		121
	135,146	*,e	Echelon Corp		658
	99,990	*	EchoStar Corp (Class A)		2,094
	16,971		Eizo Nanao Corp		347
	75,000		Elec & Eltek International Co Ltd		173
	72,970	e	Electro Rent Corp		1,251
	111,570	*,e	Electro Scientific Industries, Inc		1,616
	721,790	e	Electrocomponents plc		2,109
	218,914	*	Electronics for Imaging, Inc		3,120
	742,938		Elite Material Co Ltd		458
	2,510,000	*	Elitegroup Computer Systems Co Ltd		526
	288,300	*,e	Eltek ASA		156
	70,648	*,e	eMagin Corp		261
	8,756,382	*,e	EMC Corp		188,611
	404,772	*,e	EMCORE Corp		349
	335,084	*	Emulex Corp		2,299
	15,900	e	Enplas Corp		329
	168,900		Entire Technology Co Ltd		207
	3,921,970		Ericsson (LM) (B Shares)		39,771
	56,899	e	Esprinet S.p.A.		192
	364,970		Everlight Electronics Co Ltd		634
	26,019	e	EVS Broadcast Equipment S.A.		1,327
	31,663	*	Exfo Electro Optical Engineering, Inc		190
	396,158	*,e	Extreme Networks, Inc		1,157
	315,471	*	F5 Networks, Inc		33,478
	79,513	*,e	Fabrinet		1,088
	66,278	*,e	FARO Technologies, Inc		3,049
	111,000	*	FDK Corp		112
	192,503	*,e	FEI Co		7,850
	398,139	*,e	Finisar Corp		6,667
	127,000	*	Firich Enterprises Co Ltd		104
	1,441,183		FLEXium Interconnect, Inc		3,856
	258,701	e	Flir Systems, Inc		6,486
	222,183		Flytech Technology Co Ltd		419
	2,351,462	*,e	Foxconn International Holdings Ltd		1,512
	1,373,246		Foxconn Technology Co Ltd		4,377
	1,265,682		Fuji Folms Holdings Corp		29,858
	2,900,146		Fujitsu Ltd		15,037
	222,438		Fulltech Fiber Glass Corp		110
	28,700		Furuno Electric Co Ltd		137
	43,626	*,e	Fusion-io, Inc		1,056
	247,153		G Tech Optoelectronics Corp		517
	119,499	e	Gemalto NV		5,792
	384,913		Gemtek Technology Corp		259
	92,368		GeoVision, Inc		329
	693,000		Getac Technology Corp		324

164

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	20,000	*	Giantplus Technology Co Ltd	$	5
	1,696,000		Gigabyte Technology Co Ltd		1,186
	228,986		Gigastorage Corp		123
	40,103	*	Gilat Satellite Networks Ltd		158
	694,748		Global Brands Manufacture Ltd		290
	92,789	*,e	Globecomm Systems, Inc		1,269
	492,000		Gold Circuit Electronics Ltd		112
	924,000	e	Great Wall Technology Co Ltd		190
	114,029	*,e	GSI Group, Inc		1,167
	32,500		Hakuto Co Ltd		315
	505,405	e	Halma plc		2,593
	20,934	e	Hamamatsu Photonics KK		730
	780,600		Hana Microelectronics PCL		468
	623,838		Hannstar Board Corp		241
	3,468,000	*	HannStar Display Corp		180
	441,719	*	Harmonic, Inc		2,226
	225,303	e	Harris Corp		8,120
	313,690	*	Harris Stratex Networks, Inc (Class A)		574
	13,294,473		Hewlett-Packard Co		342,465
	31,311	e	Hexagon AB (B Shares)		466
	1,582,415		High Tech Computer Corp		25,937
	2,367,878	*	Himachal Futuristic Communications		472
	9,100		Hioki EE Corp		158
	323,000		Hi-P International Ltd		151
	24,966	e	Hirose Electric Co Ltd		2,184
	49,030		Hitachi High-Technologies Corp		1,062
	865,000		Hitachi Kokusai Electric, Inc		7,001
	17,920,237	e	Hitachi Ltd		93,222
	616,000		Holystone Enterprise Co Ltd		528
	15,247,650		Hon Hai Precision Industry Co, Ltd		41,698
	58,195	e	Horiba Ltd		1,746
	80,900	e	Hosiden Corp		539
	248,791		Hoya Corp		5,349
	58,554		Humax Co Ltd		571
	246,133		Ibiden Co Ltd		4,846
	155,000	*	Ichia Technologies, Inc		94
	236,000		I-Chiun Precision Industry Co Ltd		109
	10,700	e	Icom, Inc		274
	258,000		ICP Electronics, Inc		330
	134,100	*	IdeiasNet S.A.		189
	27,360	*	Iljin Materials Co Ltd		405
	1,841,811	*,e	Imagination Technologies Group plc		15,702
	160,225	*,e	Imation Corp		918
	125,596	*	Immersion Corp		651
	3,567		Inficon Holding AG.		584
	427,101	*,e	Infinera Corp		2,682
	404,000		Infortrend Technology, Inc		316
	53,808	e	Ingenico		1,938
	254,841	*	Ingram Micro, Inc (Class A)		4,636
	6,428,243	*	InnoLux Display Corp		2,586
	223,853	*	Insight Enterprises, Inc		3,423
	9,560,000		Inspur International Ltd		251

165

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	185,321	e	InterDigital, Inc	$	8,074
	7,059		Interflex Co Ltd		228
	236,290	*,e	Intermec, Inc		1,621
	138,926	*,e	Intevac, Inc		1,028
	32,024		INTOPS Co Ltd		536
	37,800	*,e	InvenSense, Inc		376
	4,999,356		Inventec Co Ltd		1,831
	85,217	*	IPG Photonics Corp		2,886
	674,325		ITEQ Corp		604
	110,930	*	Itron, Inc		3,968
	35,982		Ituran Location and Control Ltd		495
	145,078	*,e	Ixia		1,525
	39,159		J Touch Corp		48
	2,153,658		Jabil Circuit, Inc		42,342
	150,000		Japan Aviation Electronics Industry Ltd		1,032
	18,900		Japan Cash Machine Co Ltd		140
	38,000		Japan Digital Laboratory Co Ltd		375
	55,535	e	Japan Radio Co Ltd		126
	2,145,300		JCY International BHD		723
	4,136,357	*	JDS Uniphase Corp		43,184
	97,849	*	Jenoptik AG.		577
	59,701		Jentech Precision Industrial Co Ltd		133
	153,528	*	Jess-Link Products Co Ltd		142
	1,394,000	e	Ju Teng International Holdings Ltd		159
	4,522,980	*	Juniper Networks, Inc		92,313
	27,600		Kaga Electronics Co Ltd		288
	7,986	e	Kapsch TrafficCom AG.		604
	203,739	*	Kemet Corp		1,436
	43,451		Keyence Corp		10,473
	5,950		KH Vatec Co Ltd		45
	1,527,676	e	Kingboard Chemical Holdings Ltd		4,507
	352,000		Kingboard Laminates Holdings Ltd		160
	2,318,000		Kinpo Electronics		482
	55,400		Koa Corp		486
	984,350	e	Konica Minolta Holdings, Inc		7,319
	71,120	e	Kudelski S.A.		641
	65,119	*	KVH Industries, Inc		507
	505,000		KYE Systems Corp		183
	217,444		Kyocera Corp		17,438
	368,632	e	Laird Group plc		884
	146,544		Largan Precision Co Ltd		2,736
	65,151	*	LeCroy Corp		548
	762		LEM Holding S.A.		312
	13,805,300		Lenovo Group Ltd		9,184
	1,042,573		Lexmark International, Inc (Class A)		34,478
	10,401		LG Innotek Co Ltd		613
	460,232		LG.Philips LCD Co Ltd		9,769
	434,000	*	LionGold Corp Ltd		291
	1,359,058		LITE-ON IT Corp		1,116
	655,000		Lite-On Semiconductor Corp		260
	5,488,510		Lite-On Technology Corp		6,175
	89,901	e	Littelfuse, Inc		3,864

166

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	231,377	*,e	Logitech International S.A.	$	1,795
	42,721	*	Loral Space & Communications, Inc		2,772
	69,000		Lotes Co Ltd		167
	173,250		Lumax International Corp Ltd		347
	19,300		Macnica, Inc		443
	145,000		Marubun Corp		593
	7,300		Maruwa Co Ltd		336
	108,572	*,e	Maxwell Technologies, Inc		1,763
	60,614	*,e	Measurement Specialties, Inc		1,695
	32,800	*,e	Meiko Electronics Co		288
	62,400		Melco Holdings, Inc		1,685
	139,878	*	Mercury Computer Systems, Inc		1,859
	35,601	*,e	Meru Networks, Inc		147
	166,519		Methode Electronics, Inc		1,380
	78,824	*	Micronic Laser Systems AB		136
	2,506,000		Micro-Star International Co Ltd		1,066
	422,204	*,e	Microvision, Inc		152
	96,000		MIN AIK Technology Co Ltd		172
	2,096,000		Mitac International		639
	1,000		Mitsui Knowledge Industry Co Ltd		182
	153,900		Mitsumi Electric Co Ltd		1,140
	221,432	e	Molex, Inc		5,283
	681,845	*	Motorola Mobility Holdings, Inc		26,456
	729,119		Motorola, Inc		33,751
	61,856		MTS Systems Corp		2,521
	49,996	*,e	Multi-Fineline Electronix, Inc		1,027
	306,781	e	Murata Manufacturing Co Ltd		15,711
	234,850		Nan Ya Printed Circuit Board Corp		476
	458,000	*	Nanjing Panda Electronics		80
	149,935		National Instruments Corp		3,891
	502,461	*	NCR Corp		8,271
	432,382	*	NEC Corp		875
	18,400		NEC Mobiling Ltd		616
	20,198	*,e	NeoPhotonics Corp Ltd		93
	27,967	e	Neopost S.A.		1,881
	460,480	*	Net Insight AB		137
	1,744,343	*,e	NetApp, Inc		63,267
	168,400	*	Netgear, Inc		5,653
	76,000		Newmax Technology Co Ltd		101
	247,579	*,e	Newport Corp		3,370
	79,626	e	Nichicon Corp		798
	35,900		Nidec Copal Electronics Corp		214
	52,000		Nidec Sankyo Corp		330
	54,100	e	Nihon Dempa Kogyo Co Ltd		645
	19,800	e	Nippon Ceramic Co Ltd		368
	254,000	e	Nippon Chemi-Con Corp		855
	700,613		Nippon Electric Glass Co Ltd		6,897
	31,000		Nohmi Bosai Ltd		193
	7,081,976	e	Nokia Oyj		34,141
	27,459		Nolato AB (B Shares)		202
	1,985		Nortel Networks Netas Telekomunikasyon AS		128
	124,713	*,e	Novatel Wireless, Inc		390

167

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	40,611	*,e	Numerex Corp	$	334
	199,134	*,e	OCZ Technology Group, Inc		1,316
	997,000	*	Oki Electric Industry Co Ltd		891
	181,053		Omron Corp		3,634
	1,240,000	*	O-Net Communications Group		350
	92,620	*,e	Oplink Communications, Inc		1,525
	220,457	*,e	OpNext, Inc		178
	80,248	*	Orbcomm, Inc		240
	34,000		Osaki Electric Co Ltd		324
	124,819	*	OSI Systems, Inc		6,089
	806,990		Pan-International Industrial		623
	84,756		Park Electrochemical Corp		2,171
	17,558	*	Parrot S.A.		393
	31,546		Partron Co Ltd		396
	188,000	*	PAX Global Technology Ltd		41
	55,847	e	PC Connection, Inc		619
	839	e	PC-Tel, Inc		6
	4,624,217		Pegatron Technology Corp		5,025
	998		Phoenix Mecano AG.		520
	199,270	e	Plantronics, Inc		7,102
	155,891	*,e	Plexus Corp		4,268
	293,226	*	Polycom, Inc		4,780
	102,400		Positivo Informatica S.A.		317
	394,748	*,e	Power-One, Inc		1,543
	143,764	*,e	Powerwave Technologies, Inc		299
	510,657	e	Premier Farnell plc		1,427
	61,845	*	Primax Electronics Ltd		33
	2,796,000		Prime View International Co Ltd		3,633
	50,316	*	Procera Networks, Inc		784
	456,330	*	QLogic Corp		6,845
	10,178,899	e	Qualcomm, Inc		556,785
	4,295,532		Quanta Computer, Inc		9,028
	427,000		Quanta Storage, Inc		267
	1,019,608	*	Quantum Corp		2,447
	119,126	*,e	Rackable Systems, Inc		1,365
	98,239	*	Radisys Corp		497
	155,281	*,e	RealD, Inc		1,233
	37,087		Redington India Ltd		57
	97,129	e	Renishaw plc		1,515
	364,454	*	Research In Motion Ltd		5,285
	870,227	*	Research In Motion Ltd (Canada)		12,642
	79,940	e	Richardson Electronics Ltd		982
	603,228	e	Ricoh Co Ltd		5,247
	54,348		Rimage Corp		611
	42,500		Riso Kagaku Corp		606
	3,588,000	*	Ritek		541
	428,072	*,e	Riverbed Technology, Inc		10,060
	122,975	*,e	Rofin-Sinar Technologies, Inc		2,810
	65,119	*,e	Rogers Corp		2,400
	11,200		Roland DG Corp		124
	40,400	e	Ryosan Co Ltd		854
	32,700		Ryoyo Electro Corp		362

168

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	32,150		Sam Young Electronics Co Ltd	$	260
	86,052		Samsung Electro-Mechanics Co Ltd		5,818
	44,696		Samsung SDI Co Ltd		5,188
	2,436,104	*,e	SanDisk Corp		119,881
	158,413	*	Sandvine Corp		177
	362,506	*,e	Sanmina-SCI Corp		3,375
	33,200	e	Sanshin Electronics Co Ltd		275
	134,536	*,e	Scansource, Inc		4,843
	162,811	*,e	SCM Microsystems, Inc		363
	925,500	e	Seagate Technology, Inc		15,178
	31,760	e	Seiko Epson Corp		420
	217,000		Senao International Co Ltd		664
	132,000		Sercomm Corp		136
	12,421		SFA Engineering Corp		659
	308,800	*	Shanghai Potevio Co Ltd		158
	20,700	*,m	Shenzhen SEG Co Ltd		8
	133,100	*	Shijiazhuang Baoshi Electronic Glass Co Ltd		82
	70,289		Shimadzu Corp		593
	23,200		Shinko Shoji Co Ltd		184
	249,486	*,e	ShoreTel, Inc		1,592
	535,000	*	Shuttle, Inc		143
	37,711	*	Sierra Wireless, Inc		265
	18,600	e	Siix Corp		236
	2,242,000	e	SIM Technology Group Ltd		218
	277,739		Simplo Technology Co Ltd		1,616
	548,000		Sinbon Electronics Co Ltd		345
	15,658		Sindoh Co Ltd		673
	1,242,000	*	Sintek Photronic Corp		500
	330,000		Sirtec International Co Ltd		361
	86,000	e	SMK Corp		277
	7,363		SNU Precision Co Ltd		68
	823,140	*,e	Sonus Networks, Inc		1,976
	271,360		Spectris plc		5,422
	1,012,418		Spirent Communications plc		1,848
	53,100	e	Star Micronics Co Ltd		478
	148,868	*,e	STEC, Inc		1,279
	330,286		Sterlite Technologies Ltd		176
	81,850	*,e	Stratasys, Inc		2,489
	238,000		Sunrex Technology Corp		129
	99,679	*,e	Super Micro Computer, Inc		1,563
	14,356		Suprema, Inc		156
	40,000		Supreme Electronics Co Ltd		19
	656,686	*	SVA Electron Co Ltd		244
	77,139	*,e	Sycamore Networks, Inc		1,381
	220,028	*	Symmetricom, Inc		1,186
	165,329	*,e	Synaptics, Inc		4,985
	246,000		Syncmold Enterprise Corp		263
	138,151	*,e	SYNNEX Corp		4,208
	1,889,198		Synnex Technology International Corp		4,556
	165,972		Taiflex Scientific Co Ltd		182
	263,160		Taiwan PCB Techvest Co Ltd		202
	132,803	e	Taiyo Yuden Co Ltd		988

169

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	152,000	e	Tamura Corp	$	362
	2,037,000	e	TCL Communication Technology Holdings Ltd		911
	225,116		TDK Corp		9,928
	75,309	*,e	Tech Data Corp		3,721
	164,558	e	Technitrol, Inc		461
	292,909	*	Tekelec		3,201
	599,074		Tellabs, Inc		2,420
	111,280		Test Research, Inc		103
	319,000		Thinking Electronic Industrial Co Ltd		277
	8,199		Thrane & Thrane AS		365
	55,991		TKH Group NV		1,223
	107,000	*,e	Toko, Inc		183
	135,105	e	Tokyo Denpa Co Ltd		624
	151,625		Tong Hsing Electronic Industries Ltd		366
	81,100	e	Topcon Corp		372
	66,618		Topoint Technology Co Ltd		40
	6,721,371	e	Toshiba Corp		27,430
	179,000		Toshiba TEC Corp		635
	63,200	e	Toyo Corp/Chuo-ku		664
	119,450	*	TPK Holding Co Ltd		1,553
	1,754,000		Tpv Technology Ltd		320
	248,868	*	Trimble Navigation Ltd		10,801
	507,832		Tripod Technology Corp		1,223
	22,831		Triveni Turbine Ltd		15
	2,850,000		Truly International Holdings		493
	436,232		TT electronics plc		910
	244,249	*,e	TTM Technologies, Inc		2,677
	512,039		TXC Corp		586
	23,700	*,e	Ubiquiti Networks, Inc		432
	6,914	*	U-Blox AG.		302
	211,200		Uchi Technologies BHD		73
	15,742		Uju Electronics Co Ltd		318
	197,000		Uniden Corp		657
	1,635,756		Unimicron Technology Corp		1,921
	253,937		Unitech Printed Circuit Board Corp		101
	170,591	*,e	Universal Display Corp		6,259
	25	e	V Technology Co Ltd		114
	405,795		Venture Corp Ltd		1,942
	36,183	*,e	Veraz Networks, Inc		43
	144,931	*,e	Viasat, Inc		6,684
	11,882	*,e	Viasystems Group, Inc		201
	244,231	*,e	Vishay Intertechnology, Inc		2,196
	50,209	*,e	Vishay Precision Group, Inc		802
	2,020,000	*	VST Holdings Ltd		251
	231,600	e	Vtech Holdings Ltd		2,315
	478	e	Wacom Co Ltd		725
	44,042		Wah Hong Industrial Corp		55
	1,777,767		Wah Lee Industrial Corp		2,112
	476,769		Walsin Technology Corp		127
	1,016,000	e	Wasion Group Holdings Ltd		300
	637,350		Weikeng Industrial Co Ltd		424
	209,863	*	Westell Technologies, Inc		466

170

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,606,146	*	Western Digital Corp	$	49,710
	232,500	e	Wi-Lan, Inc		1,340
	42,020		Wincor Nixdorf AG.		1,877
	1,882,962		Wintek Corp		1,335
	2,834,496		Wistron Corp		3,586
	351,545		Wistron NeWeb Corp		574
	1,585,283		WPG Holdings Co Ltd		1,825
	724,642		WT Microelectronics Co Ltd		935
	308,000	*	WUS Printed Circuit Co Ltd		108
	4,694,612		Xerox Corp		37,369
	111,933	*,e	X-Rite, Inc		519
	167,917		Xyratex Ltd		2,237
	15,750	*,b,m	Ya Hsin Industrial Co Ltd		0	^
	2,213,000		Yageo Corp		572
	103,693		Yamatake Corp		2,253
	175,203	e	Yaskawa Electric Corp		1,484
	458,385	*,e	Yokogawa Electric Corp		4,116
	141,000		Young Fast Optoelectronics Co Ltd		289
	88,700	*	Zebra Technologies Corp (Class A)		3,174
	229,000		Zinwell Corp		248
	2,623,547	e	ZTE Corp		8,195
	85,465	*,e	Zygo Corp		1,508
	988,000		Zyxel Communications		535
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		5,767,377
TELECOMMUNICATION SERVICES - 3.5%
	12,152	*	012 Smile.Communications Ltd		177
	239,200	*,e	8x8, Inc		758
	89,929	*,e	AboveNet, Inc		5,846
	1,554,300		Advanced Info Service PCL		6,910
	159,062	e,f	AFK Sistema (GDR) (purchased 03/30/07, cost $2,751)		2,670
	179,790	e	Alaska Communications Systems Group, Inc		541
	62,685		Allied Technologies Ltd		415
	65,519,160	e	America Movil S.A. de C.V. (Series L)		74,277
	3,322,974	*	American Tower Corp (Class A)		199,411
	24,669,083		AT&T, Inc		745,994
	41,029	e	Atlantic Tele-Network, Inc		1,602
	96,883	*,e	Avanti Communications Group plc		435
	1,657,200	*,e	Axtel SAB de CV		528
	518,073	e	BCE, Inc		21,598
	327,842		Belgacom S.A.		10,258
	105,041		Bell Aliant Regional Communications Income Fund		2,948
	2,060,850		Bezeq Israeli Telecommunication Corp Ltd		3,782
	1,341,596		Bharti Airtel Ltd		8,669
	14,524	*,e	Boingo Wireless, Inc		125
	749,262		Brasil Telecom S.A. (Preference)		4,370
	18,305,368		BT Group plc		54,260
	12,465,768	e	Cable & Wireless plc		7,382
	5,388,169		Cable & Wireless Worldwide		1,360
	129,171	*,e	Cbeyond Communications, Inc		1,035
	39,300		Cellcom Israel Ltd		659
	3,699,100	e	CenturyTel, Inc		137,607

171

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,015,768		China Communications Services Corp Ltd	$	1,803
	10,085,890		China Mobile Hong Kong Ltd		97,990
	23,119,889		China Telecom Corp Ltd		13,150
	13,001,601	e	China Unicom Ltd		27,409
	509,933	*,e	Chorus Ltd		1,238
	6,035,118		Chunghwa Telecom Co Ltd		19,937
	993,555	e	Cincinnati Bell, Inc		3,010
	1,320,000	e	Citic 1616 Holdings Ltd		271
	3,282,000	*	Citic 21CN Co Ltd		181
	679,000	e	City Telecom (HK) Ltd		354
	3,093,339	*,e	Clearwire Corp (Class A)		6,001
	178,492	*	Cogent Communications Group, Inc		3,015
	431,965	*,e	Colt Telecom Group S.A.		611
	164,608	e	Consolidated Communications Holdings, Inc		3,136
	1,419,945	*	Crown Castle International Corp		63,614
	5,769,322		Deutsche Telekom AG.		66,179
	4,948,900		Digi.Com BHD		6,053
	94,971		Drillisch AG.		871
	39,782		Egyptian Co for Mobile Services		519
	17,752	e	Elisa Oyj (Series A)		370
	277,064		Empresa Nacional de Telecomunicaciones S.A.		5,147
	102,911	*,e	Fairpoint Communications, Inc		446
	3,434,019		Far EasTone Telecommunications Co Ltd		6,451
	1,983,690		France Telecom S.A.		31,048
	300,380	e	Freenet AG.		3,885
	1,624,108	e	Frontier Communications Corp		8,364
	202,490	*,e	General Communication, Inc (Class A)		1,982
	380,921	*,e	Globalstar, Inc		206
	48,200		Globe Telecom, Inc		1,246
	23,164		Hellenic Telecommunications Organization S.A.		86
	39,925	e	HickoryTech Corp		442
	301,960	*	HKT Trust and HKT Ltd		177
	2,108,651	e	Hutchison Telecommunications Hong Kong Holdings Ltd		810
	232,981	*	Idea Cellular Ltd		361
	180,983	e	IDT Corp (Class B)		1,698
	172,388		iiNET Ltd		503
	4,881	e	Iliad S.A.		601
	119,433	*,e	inContact, Inc		529
	1,177,757		Inmarsat plc		7,376
	8,299	*	Internet Gold-Golden Lines Ltd		95
	171,697	*,e	Iridium Communications, Inc		1,324
	1,807,800		Jasmine International PCL		118
	279,401	*,e	Jazztel plc		1,347
	1,129,843		Kcom Group plc		1,228
	3,997	e	KDDI Corp		25,670
	161,000		Keppel Telecommunications & Transportation Ltd		138
	90,052		KT Corp		2,792
	305,427	*,e	Leap Wireless International, Inc		2,837
	245,460	*	Level 3 Communications, Inc		4,170
	524,166		LG Telecom Ltd		3,372
	62,130	*	Lumos Networks Corp		953
	118,984		M2 Telecommunications Group Ltd		340

172

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	489,804		Magyar Telekom	$	1,043
	277,502	*	Mahanagar Telephone Nigam		119
	59,600		Manitoba Telecom Services, Inc		1,736
	257,125		Maroc Telecom		4,059
	3,563,900		Maxis BHD		6,158
	4,479,355	*,e	MetroPCS Communications, Inc		38,881
	57,223	e	Millicom International Cellular S.A.		5,717
	884,598	e	Mobile TeleSystems (ADR)		12,986
	508,809		MobileOne Ltd		981
	19,142		Mobistar S.A.		999
	3,130,084	e	MTN Group Ltd		55,613
	640,645	*	Netia S.A.		981
	133,900	*,e	Neutral Tandem, Inc		1,431
	1,064,317	*	NII Holdings, Inc (Class B)		22,670
	1,668,789		Nippon Telegraph & Telephone Corp		84,958
	62,700		NTELOS Holdings Corp		1,278
	14,785		NTT DoCoMo, Inc		27,146
	4,005,036	*	Orascom Telecom Holding SAE		1,979
	155,203		Partner Communications		1,378
	13,890,161		PCCW Ltd		4,766
	127,762		Philippine Long Distance Telephone Co		7,419
	150,720	e	Portugal Telecom SGPS S.A.		868
	246,542	*,e	Premiere Global Services, Inc		2,088
	27,998,500	*	PT Bakrie Telecom Tbk		802
	1,740,000		PT Excelcomindo Pratama		867
	1,369,176		PT Indosat Tbk		852
	13,265,521		PT Telekomunikasi Indonesia Tbk (Series B)		10,288
	109,837	*	QSC AG.		296
	759,269		Reliance Communication Ventures Ltd		999
	434,972	e	Rogers Communications, Inc (Class B)		16,758
	349,645	e	Rostelecom (ADR)		9,847
	1,674,429		Royal KPN NV		19,988
	727,372	*,e	SBA Communications Corp (Class A)		31,248
	104,225		Shenandoah Telecom Co		1,092
	6,340,773		Singapore Telecommunications Ltd		15,102
	327,329	*	SK Broadband Co Ltd		985
	55,551		SK Telecom Co Ltd		6,830
	1,340,518	e	SmarTone Telecommunications Holding Ltd		2,311
	1,044,993		Softbank Corp		30,689
	252,616	e	Sonaecom - SGPS S.A.		396
	9,322,275	*	Sprint Nextel Corp		21,814
	706,321	e	StarHub Ltd		1,585
	45,421	e	SureWest Communications		546
	6,543		Swisscom AG.		2,475
	4,218,443		Taiwan Mobile Co Ltd		13,143
	670,065	e	TalkTalk Telecom Group plc		1,408
	924,890	*	Tata Teleservices Maharashtra Ltd		207
	1,099,264	e	TDC AS		8,803
	150,513		Tele Norte Leste Participacoes S.A.		1,732
	646,994		Tele Norte Leste Participacoes S.A. (Preference)		6,091
	635,521	e	Tele2 AB (B Shares)		12,316
	3,882,280		Telecom Corp of New Zealand Ltd		6,220

173

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	543,163		Telecom Egypt	$	1,195
	8,760,081		Telecom Italia RSP		7,839
	12,809,556		Telecom Italia S.p.A.		13,692
	56,073		Telecom Plus plc		673
	613,417		Telefonica Brasil S.A.		17,068
	227,407		Telefonica O2 Czech Republic AS		4,410
	2,207,774		Telefonica S.A.		38,036
	254,887		Telekom Austria AG.		3,049
	4,792,200		Telekom Malaysia BHD		7,502
	1,644,801		Telekomunikacja Polska S.A.		8,198
	73,696		Telemar Norte Leste S.A.		1,769
	80,717		Telenet Group Holding NV		3,074
	977,227		Telenor ASA		15,991
	350,278	e	Telephone & Data Systems, Inc		9,069
	1,385,366		TeliaSonera AB		9,387
	390,212	e	Telkom S.A. Ltd		1,401
	13,875,535		Telstra Corp Ltd		47,191
	86,674		TELUS Corp		4,904
	220,697	e	TELUS Corp, non-voting shares		11,837
	398,400	*	Thaicom PCL		129
	1,451,262		Tim Participacoes S.A.		7,189
	1,089	e	Tim Participacoes S.A. (ADR)		28
	3,773,600	*	Time dotCom BHD		862
	4,318,900		TM International BHD		7,003
	155,812	*,e	Towerstream Corp		327
	377,993	e	TPG Telecom Ltd		514
	486,822	*	True Corp PCL		48
	17,567		Tulip Telecom Ltd		34
	882,219		Turk Telekomunikasyon AS		3,265
	1,040,781		Turkcell Iletisim Hizmet AS		4,905
	243,883	*	tw telecom inc (Class A)		4,726
	24,389	*	US Cellular Corp		1,064
	138,397		USA Mobility, Inc		1,920
	15,428,280	e	Verizon Communications, Inc		618,984
	1,474,794		Vivendi Universal S.A.		32,194
	738,609	e	Vodacom Group Pty Ltd		8,136
	66,057,032		Vodafone Group plc		184,173
	883,841	e	Vodafone Group plc (ADR)		24,774
	971,721	*,e	Vonage Holdings Corp		2,381
	1,020,067		Windstream Corp		11,976
			TOTAL TELECOMMUNICATION SERVICES		3,356,932
TRANSPORTATION - 1.9%
	559,418		Abertis Infraestructuras S.A.		8,890
	45,012	*	ACE Aviation Holdings, Inc (Class A)		471
	272,473	*	AER Lingus		222
	6,543	e	Aeroports de Paris		448
	53,088	*,e	Air Berlin plc		171
	5,672,600	e	Air China Ltd		4,174
	184,159	*,e	Air France-KLM		941
	386,370	e	Air New Zealand Ltd		270
	208,807	*	Air Transport Services Group, Inc		986

174

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,095,000		AirAsia BHD	$	2,489
	182,433	*,e	Alaska Air Group, Inc		13,699
	113,110		Alexander & Baldwin, Inc		4,617
	571,052		All America Latina Logistica S.A.		2,847
	1,833,324	e	All Nippon Airways Co Ltd		5,123
	56,918	*,e	Allegiant Travel Co		3,036
	40,278	*,e	Amerco, Inc		3,561
	954,000		Anhui Expressway Co		559
	1,161,719		Ansaldo STS S.p.A.		11,019
	812		AP Moller - Maersk AS (Class A)		5,044
	3,797	e	AP Moller - Maersk AS (Class B)		24,974
	126,373		Arkansas Best Corp		2,435
	965,573		Asciano Group		4,437
	192,560	*	Asiana Airlines		1,082
	132,371	*	Atlas Air Worldwide Holdings, Inc		5,087
	889,826		Auckland International Airport Ltd		1,743
	1,207,771	e	Australian Infrastructure Fund		2,377
	104,553	e	Autostrada Torino-Milano S.p.A.		1,010
	378,830	e	Autostrade S.p.A.		6,047
	400,080	*	Avis Budget Group, Inc		4,289
	61,165	e	Baltic Trading Ltd		291
	989,200		Bangkok Expressway PCL		570
	331,000	*	Bangkok Metro PCL		6
	783,996		BBA Aviation plc		2,164
	2,937,600		Beijing Capital International Airport Co Ltd		1,473
	241,515	e	Brisa-Auto Estradas de Portugal S.A.		794
	1,021,104	e	Canadian National Railway Co		80,335
	287,519	e	Canadian Pacific Railway Ltd		19,477
	4,133,773	e	Cathay Pacific Airways Ltd		7,068
	522,750		Cebu Air, Inc		773
	195,228		Celadon Group, Inc		2,306
	14,613		Celebi Hava Servisi		146
	3,286		Central Japan Railway Co		27,731
	598,830		CH Robinson Worldwide, Inc		41,786
	2,910,127		China Airlines		1,267
	1,730,321	e	China Merchants Holdings International Co Ltd		5,005
	10,698,800	*,e	China Shipping Container Lines Co Ltd		2,425
	1,959,300	e	China Shipping Development Co Ltd		1,219
	4,802,000	*,e	China Southern Airlines Co Ltd		2,420
	254,000		Chinese Maritime Transport Ltd		344
	1,331,148		Cia de Concessoes Rodoviarias		8,721
	19,207		Clarkson plc		343
	2,721,631	e	ComfortDelgro Corp Ltd		2,970
	16,776		Compagnie Maritime Belge S.A.		367
	2,670,932		Compania SudAmericana de Vapores S.A.		519
	93,382		Con-Way, Inc		2,723
	297,409		Copa Holdings S.A. (Class A)		17,449
	4,212,475	e	COSCO Holdings		2,063
	3,302,000	e	COSCO Pacific Ltd		3,846
	212,233	e	Costamare, Inc		3,005
	18,270	*,e	Covenant Transportation Group, Inc		54
	3,918,698		CSX Corp		82,528

175

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	293,000		CWT Ltd	$	223
	30,517	e	D/S Norden		713
	173,000	*,e	Daiichi Chuo Kisen Kaisha		224
	892,050		Dazhong Transportation Group Co Ltd		427
	3,087,993	*	Delta Air Lines, Inc		24,981
	1,076,975		Deutsche Lufthansa AG.		12,810
	629,108		Deutsche Post AG.		9,672
	4,583		Dfds AS		283
	113,642	*,e	Dollar Thrifty Automotive Group, Inc		7,984
	150,736		DSV AS		2,694
	380,241	*,e	Eagle Bulk Shipping, Inc		358
	626,325		East Japan Railway Co		39,921
	235,547	*,e	easyJet plc		1,433
	394,400		EcoRodovias Infraestrutura e Logistica S.A.		2,950
	2,081,772		Eva Airways Corp		1,318
	2,191,407		Evergreen Marine Corp Tawain Ltd		1,106
	369,131	*,e	Excel Maritime Carriers Ltd		535
	565,312		Expeditors International Washington, Inc		23,155
	885,466		FedEx Corp		73,946
	77,000		First Steamship Co Ltd		90
	808,826	e	Firstgroup plc		4,239
	12,314	e	Flughafen Wien AG.		466
	7,360		Flughafen Zuerich AG.		2,553
	119,314	e	Forward Air Corp		3,824
	35,194		Fraport AG. Frankfurt Airport Services Worldwide		1,730
	317,795		Freightways Ltd		910
	307,000	e	Fukuyama Transporting Co Ltd		1,853
	6,917		Gateway Distriparks Ltd		17
	1,348,924	*,e	Gemina S.p.A.		1,040
	162,233	*,e	Genco Shipping & Trading Ltd		1,097
	154,648	*,e	Genesee & Wyoming, Inc (Class A)		9,369
	22,532	f	Globaltrans Investment plc (GDR) (purchased 07/05/10, cost $338)		309
	16,995		GLOVIS Co Ltd		2,838
	97,422	e	Go-Ahead Group plc		2,087
	171,962		Gol Linhas Aereas Inteligentes S.A.		1,147
	433,000		Golden Ocean Group Ltd		272
	518,000		Goodpack Ltd		553
	819,717		Grindrod Ltd		1,420
	364,279		Groupe Eurotunnel S.A.		2,471
	57,300	*	Grupo Aeromexico SAB de C.V.		97
	205,100		Grupo Aeroportuario del Centro Norte Sab de C.V.		321
	973,891	e	Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		3,296
	439,700	e	Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		2,475
	303,560		Guangdong Provincial Expressway Development Co Ltd		90
	1,214,000		GZI Transportation Ltd		531
	132,000		Hainan Meilan International Airport Co Ltd		90
	48,598	e	Hamburger Hafen und Logistik AG.		1,434
	168,340		Hanjin Shipping Co Ltd		1,662
	37,170		Hanjin Shipping Holdings Co Ltd		248
	4,330		Hanjin Transportation Co Ltd		81
	194,815	*,e	Hawaiian Holdings, Inc		1,130

176

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	201,734	e	Heartland Express, Inc	$	2,883
	656,596	*,e	Hertz Global Holdings, Inc		7,695
	68,500		Hitachi Transport System Ltd		1,175
	69,200		Hong Kong Aircraft Engineerg		890
	7,585		Hopewell Highway Infrastructure Ltd		4
	181,441	*,e	Hub Group, Inc (Class A)		5,884
	5,229,294	e	Hutchison Port Holdings Trust		3,235
	49,520		Hyundai Merchant Marine Co Ltd		1,081
	107,757	e	Iino Kaiun Kaisha Ltd		450
	1,490,323	*	International Consolidated Airlines		3,342
	998,510		International Container Term Services, Inc		1,208
	31,722	e	International Shipholding Corp		593
	30,212		Irish Continental Group plc		593
	933,944		J.B. Hunt Transport Services, Inc		42,093
	52,855	e	Japan Airport Terminal Co Ltd		688
	143,602	*	Jet Airways India Ltd		459
	2,626,987	*,e	JetBlue Airways Corp		13,660
	2,196,000	e	Jiangsu Express		2,015
	166,000		Jinzhou Port Co Ltd		82
	99,500		Julio Simoes Logistica S.A.		498
	487,083		Kamigumi Co Ltd		4,204
	1,047,241	*	Kansas City Southern Industries, Inc		71,223
	3,562,538	e	Kawasaki Kisen Kaisha Ltd		6,414
	358,263	e	Keihin Electric Express Railway Co Ltd		3,218
	441,104	e	Keio Corp		3,111
	206,128		Keisei Electric Railway Co Ltd		1,516
	1,214,487	e	Kintetsu Corp		4,744
	19,200		Kintetsu World Express, Inc		558
	317,816	*	Kirby Corp		20,924
	279,533	e	Knight Transportation, Inc		4,372
	88,391		Koninklijke Vopak NV		4,661
	13,321	*	Korea Express Co Ltd		869
	59,457		Korean Air Lines Co Ltd		2,250
	23,600		Kuehne & Nagel International AG.		2,643
	194,303		Lan Airlines S.A.		4,578
	233,005		Landstar System, Inc		11,166
	393,700	*	LLX Logistica S.A.		711
	177,792		Localiza Rent A Car		2,440
	42,200	*	Log-in Logistica Intermodal S.A.		155
	515,893	*,e	Macquarie Atlas Roads Group		712
	153,897		Mainfreight Ltd		1,184
	282,500		Malaysia Airports Holdings BHD		517
	344,500	*	Malaysian Airline System BHD		141
	246,800		Malaysian Bulk Carriers BHD		120
	201,000	*	Manhattan Resources Ltd		146
	72,404		Marten Transport Ltd		1,303
	103,000		Maruzen Showa Unyu Co Ltd		331
	346,609	*	Mercator Lines Ltd		105
	544,778		Mermaid Marine Australia Ltd		1,582
	1,263,000		MISC BHD		2,177
	81,556		Mitsubishi Logistics Corp		903
	879,079		Mitsui OSK Lines Ltd		3,390

177

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	223,610		Mitsui-Soko Co Ltd	$	841
	1,039,108		MTR Corp		3,358
	492,826		Mundra Port and Special Economic Zone Ltd		1,112
	1,061,773	e	National Express Group plc		3,673
	856,658	e	Neptune Orient Lines Ltd		741
	668,134		Nippon Express Co Ltd		2,597
	136,500		Nippon Konpo Unyu Soko Co Ltd		1,469
	2,344,348	e	Nippon Yusen Kabushiki Kaisha		5,975
	523,714		Nishi-Nippon Railroad Co Ltd		2,506
	96,000		Nissin Corp		234
	1,482,109		Norfolk Southern Corp		107,985
	303,188	*	Northgate plc		904
	27,912	*	Norwegian Air Shuttle AS		257
	75,378	f	Novorossiysk Commercial Sea Port (GDR) (purchased 11/03/10, cost $687)		564
	476,763	e	Odakyu Electric Railway Co Ltd		4,609
	82,363	e	Oesterreichische Post AG.		2,480
	235,231	*,e	Old Dominion Freight Line		9,534
	716,976		Orient Overseas International Ltd		4,168
	194,788	*,e	Pacer International, Inc		1,042
	2,958,290		Pacific Basin Shipping Ltd		1,181
	18,886	*	Panalpina Welttransport Holding AG.		1,927
	32,364	*	Park-Ohio Holdings Corp		577
	27,231	*,e	Patriot Transportation Holding, Inc		591
	654,700		Pos Malaysia & Services Holdings BHD		535
	550,600		Precious Shipping PCL		282
	12,753,500	*	PT Berlian Laju Tanker Tbk		265
	1,390,500		PT Citra Marga Nusaphala Persada Tbk		257
	6,940,500	*	PT Garuda Indonesia Tbk		363
	908,000		PT Jasa Marga Tbk		420
	4,544,000		PT Trada Maritime Tbk		496
	4,917,388	*	Qantas Airways Ltd		7,320
	1,358,883	e	QR National Ltd		4,747
	75,266	*	Quality Distribution, Inc		847
	478,053		Qube Logistics Holdings Ltd		649
	109,576	*,e	RailAmerica, Inc		1,632
	159,421	*,e	Republic Airways Holdings, Inc		547
	362,000		Road King Infrastructure		207
	50,198	*	Roadrunner Transportation Services Holdings, Inc		709
	55,719	*	Ryanair Holdings plc		261
	139,031	*	Ryanair Holdings plc (ADR)		3,873
	131,557		Ryder System, Inc		6,991
	534,000		Sagami Railway Co Ltd		1,636
	98,981	*,e	Saia, Inc		1,235
	96	*,m	SAir Group		0	^
	388,000		Sankyu, Inc		1,462
	120,600		Santos Brasil Participacoes S.A.		1,595
	232,067	*,e	SAS AB		269
	29,200		Sebang Co Ltd		410
	418,000		Seino Holdings Corp		3,232
	116,000		Senko Co Ltd		460
	356,700		Shandong Airlines Co Ltd		526

178

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	310,560	m	Shanghai Jinjiang International Investment Holdings Co	$	228
	141,400		Shenzhen Chiwan Petroleum		134
	259,100	m	Shenzhen Chiwan Wharf Holdings Ltd		281
	876,000	e	Shenzhen Expressway Co Ltd		369
	14,295,000		Shenzhen International Holdings		937
	94,000		Shibusawa Warehouse Co Ltd		262
	438,000		Shih Wei Navigation Co Ltd		360
	249,000		Shinwa Kaiun Kaisha Ltd		373
	1,372,000	e	Shun TAK Holdings Ltd		510
	480,000		Sincere Navigation		402
	278,005		Singapore Airlines Ltd		2,176
	926,000		Singapore Airport Terminal Services Ltd		1,533
	1,683,419		Singapore Post Ltd		1,213
	2,151,000		Sinotrans Ltd		382
	2,700,000	e	Sinotrans Shipping Ltd		655
	38,593		Sixt AG.		681
	38,486		Sixt AG. (Preference)		622
	173,927		Skymark Airlines, Inc		2,305
	231,576	e	Skywest, Inc		2,916
	1,473,000	e	SMRT Corp Ltd		2,008
	203,330		Societa Iniziative Autostradali e Servizi S.p.A.		1,528
	2,970,370	e	Southwest Airlines Co		25,425
	2,391,386	*	SpiceJet Ltd		758
	61,350	*,e	Spirit Airlines, Inc		957
	732,271	e	Stagecoach Group plc		3,093
	446,897	e	Stobart Group Ltd		833
	56,062	e	Stolt-Nielsen S.A.		1,123
	73,400	e	Student Transportation, Inc		473
	115,390		STX Pan Ocean Co Ltd		610
	228,767	e	Sumitomo Warehouse Co Ltd		1,084
	900,684	*,e	Swift Transportation Co, Inc		7,422
	501,760		Sydney Airport		1,364
	516,000		T.Join Transportation Co		529
	214,000		Taiwan Navigation Co Ltd		222
	101,570		Tam S.A. (Preference)		1,944
	395,532	*	TAV Havalimanlari Holding AS		1,679
	55,000		Tegma Gestao Logistica		756
	331,100		Thai Airways International PCL		210
	69,700		Thoresen Thai Agencies PCL		43
	415,500	*	Tianjin Marine Shipping Co Ltd		123
	4,626,000		Tianjin Port Development Holdings Ltd		605
	379,000	*,e	Tiger Airways Holdings Ltd		185
	56,274		TNT Express NV		419
	2,307,955		TNT NV		7,323
	771,534	e	Tobu Railway Co Ltd		3,937
	1,995,170	e	Tokyu Corp		9,825
	1,313,383	e	Toll Holdings Ltd		5,655
	53,200		TPI-Triunfo Participacoes e Investimentos S.A.		268
	99,253	f	TransContainer OAO (GDR) (purchased 03/30/11, cost $1,064)		774
	173,256		TransForce, Inc		2,202
	983,666	e	Transurban Group		5,650

179

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	622,152	*	Turk Hava Yollari	$	696
	2,719,985	*,e	UAL Corp		51,325
	95,532	*,e	Ultrapetrol Bahamas Ltd		285
	1,279,300		U-Ming Marine Transport Corp		1,893
	2,452,077		Union Pacific Corp		259,772
	4,207,193		United Parcel Service, Inc (Class B)		307,925
	38,023		Universal Truckload Services, Inc		690
	839,785	*,e	US Airways Group, Inc		4,258
	874,811		UTI Worldwide, Inc		11,626
	67,336	*	Virgin Australia Holdings Ltd		20
	11,668		VTG AG.		201
	55,218	*	Vueling Airlines S.A.		275
	1,111,057		Wan Hai Lines Ltd		537
	207,000		Werner Enterprises, Inc		4,989
	118,402	*,e	Wesco Aircraft Holdings, Inc		1,656
	417,392		West Japan Railway Co		18,136
	168,472		Wincanton plc		163
	390,500		Wisdom Marine Lines Co Ltd		496
	6,850,000		Xiamen International Port Co Ltd		1,012
	497,757		Yamato Transport Co Ltd		8,378
	3,022,415		Yang Ming Marine Transport		1,206
	20,400		Yusen Air & Sea Service Co Ltd		261
	5,360,000		Zhejiang Expressway Co Ltd		3,472
	40,279	*,e	Zipcar, Inc		540
			TOTAL TRANSPORTATION		1,934,334
UTILITIES - 3.7%
	7,297,990	e	A2A S.p.A.		6,839
	4,029,931		Aboitiz Power Corp		2,751
	194,516	e	Acciona S.A.		16,718
	1,658,213	e	ACEA S.p.A.		10,456
	1,771,964	*	AES Corp		20,980
	4,156,082		AES Gener S.A.		2,200
	165,244		AES Tiete S.A.		2,381
	551,746	e	AGL Energy Ltd		8,073
	517,009	e	AGL Resources, Inc		21,849
	42,810	*	Akenerji Elektrik Uretim AS		42
	22,453		Alerion Industries S.p.A.		120
	324,125	e	Algonquin Power & Utilities Corp		2,043
	143,539		Allete, Inc		6,026
	560,033		Alliant Energy Corp		24,703
	635,549	e	Ameren Corp		21,056
	1,654,715		American Electric Power Co, Inc		68,356
	74,750	e	American States Water Co		2,609
	1,152,106		American Water Works Co, Inc		36,706
	997,925	e	APA Group		4,580
	236,327	e	Aqua America, Inc		5,211
	29,456	e	Artesian Resources Corp		555
	89,273		Ascopiave S.p.A.		156
	86,823		Atco Ltd		5,134
	42,859		Athens Water Supply & Sewage Co S.A.		171
	388,779	e	Atlantic Power Corp		5,560

180

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	142,834	e	Atlantic Power Corp (Toronto)	$	2,036
	149,082		Atmos Energy Corp		4,972
	6,524,000	*	AVIC International Holding HK Ltd		209
	280,192		Avista Corp		7,215
	2,086,285		Babcock & Brown Wind Partners		575
	5,004,000	*,e	Beijing Enterprises Water Group Ltd		1,364
	72,135	*	BF Utilities Ltd		378
	2,324,000	*	Binhai Investment Co Ltd		116
	17,711	e	Bkw Fmb Energie AG.		618
	162,908	e	Black Hills Corp		5,470
	45,395	*	Boralex, Inc		318
	61,358	*,e	Cadiz, Inc		591
	158,034	e	California Water Service Group		2,886
	3,717,375	*	Calpine Corp		60,704
	222,664	e	Canadian Utilities Ltd		13,451
	64,500	e	Capital Power Corp		1,590
	5,569,410		Centerpoint Energy, Inc		111,890
	390,910		Centrais Eletricas Brasileiras S.A.		3,739
	329,324		Centrais Eletricas Brasileiras S.A. (Preference)		4,741
	13,900		Centrais Eletricas de Santa Catarina S.A.		270
	70,350		Central Vermont Public Service Corp		2,469
	3,955,119		Centrica plc		17,764
	11,094		CESC Ltd		42
	322,401		CEZ AS		12,826
	58,472	e	CH Energy Group, Inc		3,414
	244,853		Challenger Infrastructure Fund		281
	59,513	e	Chesapeake Utilities Corp		2,580
	803,852	e	Cheung Kong Infrastructure Holdings Ltd		4,700
	5,316,000		China Gas Holdings Ltd		2,436
	2,890,000	e	China Longyuan Power Group Corp		2,253
	5,300,000	*	China Oil and Gas Group Ltd		442
	5,113,000	e	China Power International Development Ltd		1,196
	8,540,000	*	China Power New Energy Development Co Ltd		399
	1,268,000	e	China Resources Gas Group Ltd		1,808
	2,476,599		China Resources Power Holdings Co		4,768
	2,302,000	e	China Water Affairs Group Ltd		639
	4,540,000	*	China WindPower Group Ltd		169
	861,142		Chubu Electric Power Co, Inc		16,114
	225,191	e	Chugoku Electric Power Co, Inc		3,946
	314,773		Cia de Saneamento Basico do Estado de Sao Paulo		8,780
	159,800		Cia de Saneamento de Minas Gerais-COPASA		2,861
	56,445		Cia de Transmissao de Energia Electrica Paulista		1,755
	635,037		Cia Energetica de Minas Gerais		11,327
	225,471		Cia Energetica de Sao Paulo (Class B)		3,995
	59,300		Cia Energetica do Ceara		1,095
	362,719		Cia Paranaense de Energia		7,565
	298,067		Cleco Corp		11,356
	2,267,322		CLP Holdings Ltd		19,263
	1,253,443	e	CMS Energy Corp		27,676
	10,097,572		Colbun S.A.		2,585
	34,129	e	Connecticut Water Service, Inc		926
	861,505		Consolidated Edison, Inc		53,439

181

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	66,362	e	Consolidated Water Co, Inc	$	569
	756,134		Constellation Energy Group, Inc		29,995
	1,117,552	*	Contact Energy Ltd		4,586
	312,240		CPFL Energia S.A.		4,356
	12,006,000	e	Datang International Power Generation Co Ltd		3,962
	1,771,458		Dominion Resources, Inc		94,029
	775,697		Drax Group plc		6,561
	774,749		DTE Energy Co		42,185
	1,885,345	e	DUET Group		3,385
	5,451,207	e	Duke Energy Corp		119,927
	442,292	*,e	Dynegy, Inc (Class A)		1,225
	2,142,042		E.ON AG.		46,161
	8,060		E1 Corp		372
	2,869,082	e	Edison International		118,780
	6,499,386	*,e	Edison S.p.A.		6,886
	122,767		EDP - Energias do Brasil S.A.		2,731
	261,796	*,e	EDP Renovaveis S.A.		1,599
	205,009	e	El Paso Electric Co		7,102
	151,641	e	Electric Power Development Co		4,032
	180,821	e	Electricite de France		4,388
	310,500		Electricity Generating PCL		947
	347,552		Eletropaulo Metropolitana de Sao Paulo S.A.		6,801
	55,184		Elia System Operator S.A.		2,135
	161,184		Empire District Electric Co		3,399
	1,082,351		Empresa Electrica del Norte Grande S.A.		2,881
	5,250,448		Empresa Nacional de Electricidad S.A.		7,732
	651,326		Enagas		12,025
	202,741		Enea S.A.		1,054
	1,822,537	e	Enel Green Power S.p.A		3,798
	15,235,609		Enel S.p.A.		61,807
	9,307,362		Energias de Portugal S.A.		28,745
	1,234,339	*,e	Energy World Corp Ltd		861
	19,284,366		Enersis S.A.		6,793
	324,836		Entergy Corp		23,729
	2,023,032		Envestra Ltd		1,476
	1,327,000		Epure International Ltd		513
	172,100		Equatorial Energia S.A.		1,169
	48,270		EVN AG.		673
	5,898,420	e	Exelon Corp		255,814
	99,359	*,e	Fersa Energias Renovables S.A.		91
	2,298,200	*	First Gen Corp		767
	493,930		First Philippine Holdings Corp		693
	2,353,253	e	FirstEnergy Corp		104,249
	167,682	e	Fortis, Inc		5,493
	769,412		Fortum Oyj		16,387
	821,057		GAIL India Ltd		5,926
	990,989		Gas Natural SDG S.A.		16,984
	1,484,562		Gaz de France		40,340
	148,038	*,e	Genie Energy Ltd		1,174
	555,300		Glow Energy PCL		1,002
	2,008,306	*	GMR Infrastructure Ltd		792
	224,325		Great Plains Energy, Inc		4,886

182

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	264,000		Great Taipei Gas Co Ltd	$	157
	42,390	*	Greentech Energy Systems		133
	10,588,000	e	Guangdong Investments Ltd		6,410
	2,770		Gujarat Gas Co Ltd		19
	194,239		Gujarat State Petronet Ltd		284
	2,353,042	*	GVK Power & Infrastructure Ltd		512
	1,065,699	e	Hastings Diversified Utilities Fund		2,228
	331,611		Hawaiian Electric Industries, Inc		8,781
	964,826		Hera S.p.A.		1,373
	136,895		Hokkaido Electric Power Co, Inc		1,946
	166,273		Hokuriku Electric Power Co		3,105
	5,803,186	e	Hong Kong & China Gas Ltd		13,437
	1,747,288		Hong Kong Electric Holdings Ltd		12,919
	1,137,130	*	Huadian Energy Co Ltd		308
	7,550,000	e	Huaneng Power International, Inc		4,000
	723,000	e	Hyflux Ltd		671
	901,042		Iberdrola S.A.		5,628
	221,887		Idacorp, Inc		9,410
	30,672		Indraprastha Gas Ltd		217
	868,025	e	Infratil Ltd		1,269
	155,523		Innergex Renewable Energy, Inc		1,572
	126,639		Integrys Energy Group, Inc		6,861
	488,301		Interconexion Electrica S.A.		2,821
	1,724,904	e	International Power plc		9,019
	661,907		Inversiones Aguas Metropolitanas S.A.		1,017
	554,950	e	Iride S.p.A.		522
	327,268		ITC Holdings Corp		24,833
	135	*,e	Japan Wind Development Co Ltd		131
	183,825	e	Just Energy Income Fund		2,068
	1,573,771		Kansai Electric Power Co, Inc		24,175
	9,877		Korea District Heating Corp		537
	323,010	*	Korea Electric Power Corp		7,171
	34,709		Korea Gas Corp		1,258
	22,828	*	KSK Energy Ventures Ltd		16
	405,799		Kyushu Electric Power Co, Inc		5,813
	123,008		Laclede Group, Inc		4,978
	86,300		Light S.A.		1,332
	78,100	e	Macquarie Power & Infrastructure Income Fund		292
	260,400	*,e	Magma Energy Corp		105
	383,107		Manila Electric Co		2,162
	1,963,500		Manila Water Co, Inc		869
	408,333		MDU Resources Group, Inc		8,763
	105,080		MGE Energy, Inc		4,915
	59,914		Middlesex Water Co		1,118
	23,500	*	MPX Energia S.A.		586
	184,089		National Fuel Gas Co		10,232
	6,518,372		National Grid plc		63,005
	203,469	e	New Jersey Resources Corp		10,011
	1,434,393		NextEra Energy, Inc		87,326
	3,290,501		NiSource, Inc		78,347
	994,152		Northeast Utilities		35,859
	93,859	e	Northland Power Income Fund		1,652

183

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	116,773	e	Northwest Natural Gas Co	$	5,597
	151,016		NorthWestern Corp		5,405
	2,139,405	*	NRG Energy, Inc		38,765
	203,734		NSTAR		9,567
	1,254,884		NTPC Ltd		3,798
	4,376,509	e	NV Energy, Inc		71,556
	10,528	e	Oest Elektrizitatswirts AG. (Class A)		282
	528,945		OGE Energy Corp		29,996
	95,100		Okinawa Electric Power Co, Inc		4,054
	381,218	e	Oneok, Inc		33,049
	69,934	e	Ormat Technologies, Inc		1,261
	4,267,406		Osaka Gas Co Ltd		16,860
	143,952	e	Otter Tail Corp		3,170
	20,839	e	Pennichuck Corp		601
	537,808	e	Pennon Group plc		5,956
	1,038,075	e	Pepco Holdings, Inc		21,073
	1,717,600		Petronas Gas BHD		8,232
	1,563,535	e	PG&E Corp		64,449
	368,662		Piedmont Natural Gas Co, Inc		12,527
	568,520	e	Pinnacle West Capital Corp		27,391
	335,644		PNM Resources, Inc		6,119
	11,070,850		PNOC Energy Development Corp		1,590
	1,056,136		Polska Grupa Energetyczna S.A.		6,315
	350,743		Portland General Electric Co		8,870
	1,767,835		Power Grid Corp of India Ltd		3,330
	2,193,582	e	PPL Corp		64,535
	1,257,671		Progress Energy, Inc		70,455
	16,873,500		PT Perusahaan Gas Negara		5,902
	263,957		PTC India Ltd		193
	188,180		Public Power Corp		922
	1,655,639		Public Service Enterprise Group, Inc		54,653
	377,000	*	Puncak Niaga Holding BHD		115
	7,260		Pusan City Gas Co Ltd		117
	826,246	e	Questar Corp		16,409
	954,500		Ratchaburi Electricity Generating Holding PCL		1,331
	52,190	e	Red Electrica de Espana		2,229
	254,045	e	Redes Energeticas Nacionais S.A.		693
	313,716		Reliance Energy Ltd		2,010
	721,529	*	Reliance Power Ltd		963
	6,819,331	*	RRI Energy, Inc		17,798
	42,746		Rubis		2,228
	1,631,562		RusHydro (ADR)		4,969
	738,762	e	RWE AG.		25,933
	299		RWE AG. (Preference)		10
	7,968		Samchully Co Ltd		633
	183,120	e	SCANA Corp		8,251
	1,116,194		Scottish & Southern Energy plc		22,343
	23,693		Sechilienne-Sidec		335
	519,970		Sempra Energy		28,598
	232,266	e	Severn Trent plc		5,390
	192,650		Shikoku Electric Power Co, Inc		5,527
	116,000		Shizuoka Gas Co Ltd		734

184

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	56,993	e	SJW Corp	$	1,347
	2,107,396		Snam Rete Gas S.p.A.		9,282
	120,627		South Jersey Industries, Inc		6,853
	3,162,530		Southern Co		146,394
	236,320	e	Southwest Gas Corp		10,041
	1,203,892		SP AusNet		1,155
	1,859,524	f	Spark Infrastructure Group (purchased 05/29/09, cost $1,828)		2,612
	210,393		Suez Environnement S.A.		2,417
	1,214,450		Taiwan Cogeneration Corp		762
	1,390,893		Tata Power Co Ltd		2,283
	2,333,166		Tauron Polska Energia S.A.		3,604
	353,933		TECO Energy, Inc		6,774
	3,726,518		Tenaga Nasional BHD		6,928
	47,811		Terna Energy S.A.		81
	2,546,951		Terna Rete Elettrica Nazionale S.p.A.		8,571
	3,045,800		Thai Tap Water Supply PCL		487
	99,391	*,e	Theolia S.A.		110
	440,208		Toho Gas Co Ltd		2,803
	766,898	e	Tohoku Electric Power Co, Inc		7,368
	1,548,806	*,e	Tokyo Electric Power Co, Inc		3,717
	6,202,585		Tokyo Gas Co Ltd		28,585
	1,176,000		Towngas China Co Ltd		635
	196,920		Tractebel Energia S.A.		3,163
	315,219	e	TransAlta Corp		6,504
	178,665		UGI Corp		5,253
	240,399	e	UIL Holdings Corp		8,503
	189,770		Unisource Energy Corp		7,006
	513,986		United Utilities Group plc		4,833
	43,250		Unitil Corp		1,227
	205,989	e	Utilities Select Sector SPDR Fund		7,411
	68,500		Valener, Inc		1,074
	499,848		Vector Ltd		959
	215,420		Vectren Corp		6,512
	572,960		Veolia Environnement		6,278
	381,090		Westar Energy, Inc		10,968
	254,864	e	WGL Holdings, Inc		11,270
	808,179		Wisconsin Energy Corp		28,254
	4,124,023		Xcel Energy, Inc		113,989
	1,166,000	e	Xinao Gas Holdings Ltd		3,733
	1,090		YESCO Co Ltd		24
	54,365	e	York Water Co		959
	7,867,925		YTL Corp BHD		3,670
	4,703,290		YTL Power International BHD		2,640
	1,808,530		Zhejiang Southeast Electric Power Co (Class B)		784
	52,000	*	Zhengzhou Gas Co Ltd		108
	354,478	*	Zorlu Enerji Elektrik Uretim AS		278
			TOTAL UTILITIES		3,546,715
			TOTAL COMMON STOCKS		96,190,534
			(Cost $93,929,123)

185

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
PREFERRED STOCKS - 0.0%
DIVERSIFIED FINANCIALS - 0.0%
	319,300		Daishin Securities Co Ltd Pref 2	$	1,899
			TOTAL DIVERSIFIED FINANCIALS		1,899
FOOD, BEVERAGE & TOBACCO - 0.0%
	1,270,776		Ambev Cia De Bebidas Das		45,851
			TOTAL FOOD, BEVERAGE & TOBACCO		45,851
RETAILING - 0.0%
	2,868	*	Orchard Supply Hardware Stores Corp		12
			TOTAL RETAILING		12
			TOTAL PREFERRED STOCKS		47,762
			(Cost $28,368)
RIGHTS / WARRANTS - 0.0%
AUTOMOBILES & COMPONENTS - 0.0%
	574,750	*	PT Multistrada Arah Sarana Tbk		0	^
			TOTAL AUTOMOBILES & COMPONENTS		0	^
CAPITAL GOODS - 0.0%
	242,887	*	Gamuda Berhad		77
	13,548	*	IJM Corp BHD - Warrants		7
			TOTAL CAPITAL GOODS		84
CONSUMER SERVICES - 0.0%
	97,559	*	Juventus Football Club S.p.A		13
	31,086	*	Kroton Educacional S.A.		9
			TOTAL CONSUMER SERVICES		22
DIVERSIFIED FINANCIALS - 0.0%
	46,332	*	Oresund Investment AB		45
			TOTAL DIVERSIFIED FINANCIALS		45
ENERGY - 0.0%
	123,722	*,e	Etablissements Maurel et Prom CW14		35
	45,556	e,m	Magnum Hunter Resources Corp		0	^
			TOTAL ENERGY		35
FOOD, BEVERAGE & TOBACCO - 0.0%
	143,327	*,e,m	Lonrho plc		0	^
	8,333	*	Xiwang Sugar Holdings Co Ltd		0	^
			TOTAL FOOD, BEVERAGE & TOBACCO		0	^

186

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	RATE		MATURITY DATE	VALUE (000)
HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	1,300,000	m	EnteroMedics, Inc				$	0	^
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					0	^
MATERIALS - 0.0%
	1,558	*	Kinross Gold Corp					2
	37,166	m	Metminco Ltd					0	^
	696	m	Sahaviriya Steel Industries PCL					0	^
			TOTAL MATERIALS					2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	78,480	*	Sanofi-Aventis S.A.		��			94
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					94
REAL ESTATE - 0.0%
	4,761,352	m	GPT Group					0	^
	66,140	*	IJM Land BHD - CW13					19
	24,524	*,m	Nieuwe Steen Investments NV					0	^
	122,437	*	SP Setia BHD					34
			TOTAL REAL ESTATE					53
TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
	2,455	*	Hansol Technics Co Ltd					6
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					6
TRANSPORTATION - 0.0%
	5,499,313	*,m	Cia Sudamericana de Vapores S.A.					6
	8,565	*	Gol Linhas Aereas Inteligentes S.A.					0	^
			TOTAL TRANSPORTATION					6
			TOTAL RIGHTS / WARRANTS					347
			(Cost $335)

PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 5.4%
GOVERNMENT AGENCY DEBT - 0.0%
	$  30,000,000	Federal Home Loan Bank (FHLB)	0.010	%	02/24/12	29,999
	4,000,000	Federal Home Loan Mortgage Corp (FHLMC)	0.047		01/09/12	4,000
		TOTAL GOVERNMENT AGENCY DEBT				33,999
TREASURY DEBT - 0.4%
	55,200,000	United States Treasury Bill	0.020		02/16/12	55,199
	16,500,000	United States Treasury Bill	0.020		04/19/12	16,499
	34,400,000	United States Treasury Bill	0.015-0.030		05/03/12	34,397
	88,900,000	United States Treasury Bill	0.010		05/10/12	88,890
	52,000,000	United States Treasury Bill	0.020		05/17/12	51,993
	34,500,000	United States Treasury Bill	0.040		05/24/12	34,495
	5,150,000	United States Treasury Bill	0.042		05/31/12	5,149
	57,000,000	United States Treasury Bill	0.035-0.040		06/07/12	56,989

187

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$  32,000,000		United States Treasury Bill	0.045	%	06/28/12	$	31,991
	7,000,000		United States Treasury Bill	0.098		09/20/12		6,996
			TOTAL TREASURY DEBT					382,598
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 5.0%
REPURCHASE AGREEMENTS - 4.5%
	163,000,000	o	Barclays Capital	0.020		01/03/12		163,000
	500,000,000	p	BNP	0.020		01/03/12		500,000
	800,000,000	q	Calyon	0.030		01/03/12		800,000
	40,000,000	r	Citigroup	0.020		01/03/12		40,000
	787,000,000	s	CSFB	0.020		01/03/12		787,000
	700,000,000	t	Deutsche Bank	0.000-0.010		01/03/12		700,000
	225,000,000	u	HSBC	0.000		01/03/12		225,000
	100,310,000	v	Merrill Lynch	0.020		01/03/12		100,310
	125,000,000	w	Morgan Stanley	0.030		01/03/12		125,000
	331,000,000	x	Royal Bank of Scotland	0.030		01/03/12		331,000
	293,000,000	y	Societe Generale	0.030		01/03/12		293,000
	226,000,000	z	UBS Warburg	0.020		01/03/12		226,000
			TOTAL REPURCHASE AGREEMENTS					4,290,310
VARIABLE RATE SECURITY - 0.5%
	58,000,000		American Express Credit Account Master	0.580		10/15/12		58,129
	51,000,000		Chase Issuance Trust 2007	0.640		06/15/12		50,985
	18,360,272		Granite Master Issuer plc 2006	0.610		12/20/50		17,534
	13,651,459		Granite Master Issuer plc 2007	0.540		12/20/50		13,037
	7,733,653		Medallion Trust Series 2005	0.650		08/22/36		7,495
	27,757,186		Nelnet Student Loan Trust 2006	0.650		11/23/18		27,717
	22,557,875		Nelnet Student Loan Trust 2007	0.820		09/25/18		22,497
	67,500,000		Permanent Master Issuer plc	0.860		10/15/33		67,469
	16,673,800		Puma Global Mortgage Backed Trust	0.660		02/21/38		16,012
	170,000,000		SLM Student Loan Trust 2007	0.610		01/25/19		164,194
	38,377,658		SLM Student Loan Trust 2008	0.770		10/25/16		38,226
			TOTAL VARIABLE RATE SECURITY					483,295
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED					4,773,605
			TOTAL SHORT-TERM INVESTMENTS					5,190,202
			(Cost $5,193,668)
			TOTAL INVESTMENTS - 104.8%					101,428,908
			(Cost $99,151,557)
			OTHER ASSETS & LIABILITIES, NET - (4.8)%					(4,646,107	)
			NET ASSETS - 100.0%				$	96,782,801
			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

188

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

*	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 $4,715,283,000.
f	Restricted security. At 12/31/2011, the total value of these securities amounted to $140,740,000 or 0.2% of net assets.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 of which are deemed liquid. Such securities may be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 2011 the aggregate value of these securities amounted to $5,719,000 or 0.0% of net assets.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
m	Indicates a security that has been deemed illiquid.
o	Agreement with Barclays Capital, 0.02% dated 12/31/11 to be repurchased at $163,000,000 on 01/03/12, collateralized by U.S. Government Agency Securities valued at $166,000,000.
p	Agreement with BNP, 0.02% dated 12/31/11 to be repurchased at $500,001,000 on 01/03/12, collateralized by U.S. Government Agency Securities valued at $510,200,000.
q	Agreement with Calyon, 0.03% dated 12/31/11 to be repurchased at $800,003,000 on 01/03/12, collateralized by U.S. Government Agency Securities valued at $816,000,000.
r	Agreement with Citigroup, 0.02% dated 12/31/11 to be repurchased at $40,000,000 on 01/03/12, collateralized by U.S. Government Agency Securities valued at $40,800,000.
s	Agreement with CSFB, 0.02% dated 12/31/11 to be repurchased at $787,002,000 on 01/03/12, collateralized by U.S. Government Agency Securities valued at $802,743,000.
t	Agreement with Deutsche Bank, 0.00%-0.01% dated 12/31/11 to be repurchased at $700,000,000 on 01/03/12, collateralized by U.S. Government Agency Securities valued at $714,000,000.
u	Agreement with HSBC, 0.00% dated 12/31/11 to be repurchased at $225,000,000 on 01/03/12, collateralized by U.S. Government Agency Securities valued at $229,503,000.
v	Agreement with Merrill Lynch, 0.02% dated 12/31/11 to be repurchased at $100,000,000 on 01/03/12, collateralized by U.S. Government Agency Securities valued at $102,000,000.
w	Agreement with Morgan Stanley, 0.03% dated 12/31/11 to be repurchased at $125,000,000 on 01/03/12, collateralized by U.S. Government Agency Securities valued at $127,500,000.
x	Agreement with Royal Bank of Scotland, 0.03% dated 12/31/11 to be repurchased at $331,001,000 on 01/03/12, collateralized by U.S. Government Agency Securities valued at $337,623,000.
y	Agreement with Societe Generate, 0.03% dated 12/31/11 to be repurchased at $293,001,000 on 01/03/12, collateralized by U.S. Government Agency Securities valued at $299,000,000.
z	Agreement with UBS Warburg, 0.02% dated 12/31/11 to be repurchased at $226,000,000 on 01/03/12, collateralized by U.S. Government Agency Securities valued at $231,000,000.
	Cost amounts are in thousands.

189

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
SUMMARY OF MARKET VALUES BY COUNTRY
December 31, 2011

COUNTRY	VALUE (000)		% OF TOTAL PORTFOLIO
DOMESTIC
UNITED STATES	$	72,441,783		71.4	%
TOTAL DOMESTIC		72,441,783		71.4
FOREIGN
ARGENTINA		3,397		0.0
AUSTRALIA		1,431,059		1.4
AUSTRIA		89,888		0.1
BAHAMAS		156		0.0
BELGIUM		258,849		0.3
BERMUDA		48,693		0.0
BRAZIL		969,016		1.0
CAMBODIA		357		0.0
CANADA		2,750,134		2.7
CAYMAN ISLANDS		1,657		0.0
CHILE		115,170		0.1
CHINA		1,158,215		1.1
COLOMBIA		55,780		0.1
CYPRUS		2,076		0.0
CZECH REPUBLIC		25,674		0.0
DENMARK		162,535		0.2
EGYPT		17,585		0.0
FAROE ISLANDS		228		0.0
FINLAND		139,295		0.1
FRANCE		1,523,011		1.5
GERMANY		1,706,889		1.7
GIBRALTAR		14,055		0.0
GREECE		26,239		0.0
GUERNSEY, C.I.		2,599		0.0
HONG KONG		669,142		0.7
HUNGARY		11,872		0.0
INDIA		477,228		0.5
INDONESIA		205,497		0.2
IRELAND		435,833		0.4
ISRAEL		233,809		0.2
ITALY		436,998		0.4
JAPAN		4,141,750		4.1
JERSEY, C.I.		2,685		0.0
KAZAKHSTAN		14,010		0.0
KOREA, REPUBLIC OF		1,020,757		1.0
LIECHTENSTEIN		1,518		0.0
LUXEMBOURG		18,764		0.0
MACAU		63,993		0.1
MALAYSIA		236,165		0.2

190

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COUNTRY	VALUE (000)		% OF TOTAL PORTFOLIO
MEXICO	$	371,304		0.4	%
MONACO		428		0.0
MOROCCO		8,310		0.0
NETHERLANDS		920,076		0.9
NEW ZEALAND		33,962		0.0
NIGERIA		267		0.0
NORWAY		164,386		0.2
PANAMA		19,312		0.0
PERU		34,282		0.0
PHILIPPINES		57,095		0.1
POLAND		94,352		0.1
PORTUGAL		59,927		0.1
RUSSIA		387,049		0.4
SINGAPORE		239,943		0.2
SOUTH AFRICA		518,230		0.5
SPAIN		412,619		0.4
SWEDEN		483,017		0.5
SWITZERLAND		1,430,304		1.4
TAIWAN		774,180		0.8
THAILAND		157,373		0.2
TURKEY		88,893		0.1
UKRAINE		2,315		0.0
UNITED ARAB EMIRATES		18,366		0.0
UNITED KINGDOM		4,238,369		4.2
VIRGIN ISLANDS, BRITISH		188		0.0
TOTAL FOREIGN		28,987,125		28.6
TOTAL PORTFOLIO	$	101,428,908		100.0	%

191

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2011

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 99.1%
ARGENTINA - 0.1%
	377,743	e	Arcos Dorados Holdings, Inc	$	7,755
			TOTAL ARGENTINA		7,755
AUSTRALIA - 2.1%
	136,995		AGL Energy Ltd		2,004
	739,880	e	Alumina Ltd		847
	328,292		Amcor Ltd		2,417
	929,820		AMP Ltd		3,864
	183,042		Asciano Group		841
	5,000,000	*	Austar United Communications Ltd		6,103
	532,537		Australia & New Zealand Banking Group Ltd		11,154
	50,623		Australian Stock Exchange Ltd		1,580
	40,740	e	Bendigo Bank Ltd		333
	1,161,556		BHP Billiton Ltd		41,001
	758,880		BlueScope Steel Ltd		313
	82,002	e	Boral Ltd		301
	314,470		Brambles Ltd		2,296
	15,362		Caltex Australia Ltd		184
	4,506		Campbell Brothers Ltd		226
	203,961	e	CFS Gandel Retail Trust		351
	168,296	e	Coca-Cola Amatil Ltd		1,977
	3,774	e	Cochlear Ltd		240
	271,271	e	Commonwealth Bank of Australia		13,626
	135,266		Computershare Ltd		1,106
	53,285		Crown Ltd		440
	134,477		CSL Ltd		4,384
	799,457	e	David Jones Ltd		1,932
	549,144		DB RREEF Trust		465
	66,488	e	DuluxGroup Ltd		196
	77,137	*	Echo Entertainment Group Ltd		283
	156,783		First Quantum Minerals Ltd		3,086
	82,914		Fortescue Metals Group Ltd		363
	197,925		GPT Group (ASE)		620
	59,527	e	Harvey Norman Holdings Ltd		111
	27,794		Iluka Resources Ltd		440
	281,904	e	Incitec Pivot Ltd		895
	584,790		Insurance Australia Group Ltd		1,782
	247,101	e	John Fairfax Holdings Ltd		182
	43,286	e	Leighton Holdings Ltd		841
	180,136		Lend Lease Corp Ltd		1,319
	112,808	*,e	Lynas Corp Ltd		121
	740,323		Macquarie Goodman Group		430
	110,301		Macquarie Group Ltd		2,678

192

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	87,180		Metcash Ltd	$	359
	1,022,407		Mirvac Group		1,232
	3,796,400	e	Myer Holdings Ltd		7,495
	754,331		National Australia Bank Ltd		17,969
	216,770		Newcrest Mining Ltd		6,606
	411,061		OneSteel Ltd		294
	107,886		Orica Ltd		2,670
	337,981		Origin Energy Ltd		4,609
	108,819		Oxiana Ltd		1,113
	125,553	*	Qantas Airways Ltd		187
	418,815		QBE Insurance Group Ltd		5,543
	112,249	e	QR National Ltd		392
	208,488	e	Ramsay Health Care Ltd		4,103
	497,751	e	Rio Tinto Ltd		30,686
	265,460		Santos Ltd		3,322
	18,252		Sims Group Ltd		236
	24,600	e	Sonic Healthcare Ltd		284
	159,090		SP AusNet		153
	773,580		Stockland Trust Group		2,527
	428,576		Suncorp-Metway Ltd		3,663
	61,442		Sydney Airport		167
	77,246		Tabcorp Holdings Ltd		215
	147,801		Tattersall’s Ltd		368
	1,493,844		Telstra Corp Ltd		5,081
	238,167		Toll Holdings Ltd		1,025
	338,190	e	Transurban Group		1,942
	339,627		Wesfarmers Ltd		10,231
	4,086,950		Westfield Group		32,608
	1,267,233		Westfield Retail Trust		3,230
	587,571	e	Westpac Banking Corp		11,995
	194,935		Woodside Petroleum Ltd		6,102
	344,153		Woolworths Ltd		8,834
	34,706	e	WorleyParsons Ltd		909
			TOTAL AUSTRALIA		287,482
AUSTRIA - 0.1%
	40,000		Andritz AG.		3,308
	19,762		Erste Bank der Oesterreichischen Sparkassen AG.		347
	50,366	e	IMMOFINANZ Immobilien Anlagen AG.		151
	7,533	e	Oest Elektrizitatswirts AG. (Class A)		202
	110,000	e	Oesterreichische Post AG.		3,313
	15,733		OMV AG.		477
	5,218	e	Raiffeisen International Bank Holding AG.		135
	32,804		Telekom Austria AG.		392
	11,225		Voestalpine AG.		314
	3,818		Wiener Staedtische Allgemeine Versicherung AG.		151
	869,798	e	Wienerberger AG.		7,829
			TOTAL AUSTRIA		16,619

193

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
BELGIUM - 0.9%
	31,925	*	Anheuser-Busch InBev NV	$	0	^
	142,500		Anheuser-Busch InBev NV (ADR)		8,691
	2,157	e	Bekaert S.A.		69
	15,293		Belgacom S.A.		479
	7,580		Colruyt S.A.		286
	10,145		Delhaize Group		569
	222,637		Fortis		344
	8,082		Groupe Bruxelles Lambert S.A.		538
	477	*	Groupe Bruxelles Lambert S.A. - STR VVPR		0	^
	1,053,726		InBev NV		64,312
	16,569		KBC Groep NV		207
	3,068		Mobistar S.A.		160
	5,945	*	Solvay S.A.		488
	599,049		UCB S.A.		25,132
	11,401		Umicore		468
			TOTAL BELGIUM		101,743
BERMUDA - 0.0%
	78,100		Validus Holdings Ltd		2,460
			TOTAL BERMUDA		2,460
BRAZIL - 0.7%
	400,000		Banco Bradesco S.A. (Preference)		6,594
	130,000		Banco do Brasil S.A.		1,652
	700,000		Banco do Estado do Rio Grande do Sul		7,506
	1,523,820		BM&FBOVESPA S.A.		8,006
	140,000		Bradespar S.A.		2,379
	145,000	e	Braskem S.A. (ADR)		2,045
	180,000		Cia de Saneamento Basico do Estado de Sao Paulo		5,021
	250,000		EDP - Energias do Brasil S.A.		5,562
	170,000		Eletropaulo Metropolitana de Sao Paulo S.A.		3,327
	300,000		Light S.A.		4,632
	1,150,000		Marcopolo S.A.		4,371
	650,000		MRV Engenharia e Participacoes S.A.		3,729
	2,049,700	*	OGX Petroleo e Gas Participacoes S.A.		14,967
	2,416,240		PDG Realty S.A.		7,643
	250,000		Perdigao S.A.		4,881
	140,000		Petroleo Brasileiro S.A.		1,726
	192,032		Petroleo Brasileiro S.A. (ADR)		4,772
	1,008,720		Tim Participacoes S.A.		4,997
			TOTAL BRAZIL		93,810
CANADA - 4.1%
	56,658		Agnico-Eagle Mines Ltd		2,061
	197,247		Agrium, Inc (Toronto)		13,240
	42,434	e	Alimentation Couche Tard, Inc		1,320
	89,128	e	ARC Energy Trust		2,196
	87,968	*,e	Athabasca Oil Sands Corp		1,078
	209,703		Bank of Montreal		11,503
	360,951	e	Bank of Nova Scotia		18,009
	257,944		Barrick Gold Corp		11,672
	785,698		Barrick Gold Corp (Canada)		35,593
	33,154	e	Baytex Energy Trust		1,854
	210,526	e	BCE, Inc		8,775

194

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	22,114		Bell Aliant Regional Communications Income Fund	$	621
	94,155	*	Biovail Corp (Toronto)		4,405
	491,497	e	Bombardier, Inc		1,959
	41,513	e	Bonavista Energy Trust		1,062
	184,436		Brookfield Asset Management, Inc		5,076
	87,825		CAE, Inc		853
	134,297	e	Cameco Corp		2,427
	133,727	e	Canadian Imperial Bank of Commerce/Canada		9,686
	341,971	e	Canadian National Railway Co		26,905
	407,273		Canadian Natural Resources Ltd (Canada)		15,251
	152,254		Canadian Oil Sands Trust		3,475
	155,378	e	Canadian Pacific Railway Ltd		10,525
	26,640		Canadian Tire Corp Ltd		1,723
	29,474	e	Canadian Utilities Ltd		1,780
	261,394		Cenovus Energy, Inc		8,678
	345,631		Cenovus Energy, Inc (Toronto)		11,477
	48,367		Centerra Gold, Inc		855
	372,338	*	CGI Group, Inc		7,017
	54,140	e	CI Financial Corp		1,121
	367,416	e	Crescent Point Energy Corp		16,193
	176,761		Eldorado Gold Corp		2,433
	9,851		Empire Co Ltd		572
	246,428	e	Enbridge, Inc		9,214
	248,560		EnCana Corp		4,609
	60,754	e	Enerplus Resources Fund		1,542
	6,746		Fairfax Financial Holdings Ltd		2,894
	58,417	e	Finning International, Inc		1,274
	62,102	e	Fortis, Inc		2,034
	42,436		Franco-Nevada Corp		1,615
	17,550	e	George Weston Ltd		1,173
	39,464	e	Gildan Activewear, Inc		742
	268,100		Goldcorp, Inc		11,898
	96,956	e	Great-West Lifeco, Inc		1,941
	22,295		H&R Real Estate Investment Trust		509
	107,499	e	Husky Energy, Inc		2,591
	125,876		IAMGOLD Corp		1,999
	39,078	e	IGM Financial, Inc		1,697
	99,889	e	Imperial Oil Ltd		4,451
	28,554	e	Industrial Alliance Insurance and Financial Services, Inc		737
	41,352		ING Canada, Inc		2,376
	17,766		Inmet Mining Corp		1,142
	82,413	*	Ivanhoe Mines Ltd		1,463
	363,899		Kinross Gold Corp		4,154
	38,105	e	Loblaw Cos Ltd		1,439
	2,766	*,e	Lululemon Athletica, Inc		129
	78,441		Magna International, Inc (Class A)		2,618
	150,000		Manitoba Telecom Services, Inc		4,369
	594,440		Manulife Financial Corp		6,331
	36,610	*	MEG Energy Corp		1,494
	34,514	e	Metro, Inc		1,829
	54,564	e	National Bank of Canada		3,864
	124,642	*	New Gold, Inc		1,258

195

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	178,693		Nexen, Inc	$	2,843
	15,687		Niko Resources Ltd		743
	32,390		Onex Corp		1,055
	19,367	*	Open Text Corp		993
	100,977	*	Osisko Mining Corp		975
	84,850		Pacific Rubiales Energy Corp (Toronto)		1,560
	34,002		Pan American Silver Corp		744
	48,461	e	Pembina Pipeline Income Fund		1,411
	103,288	e	Pengrowth Energy Trust		1,091
	155,096	e	Penn West Energy Trust		3,074
	100,000	e	Petrominerales Ltd		1,626
	387,062		Potash Corp of Saskatchewan Toronto		15,999
	117,302	e	Power Corp Of Canada		2,743
	84,295	e	Power Financial Corp		2,113
	418,363	*	Precision Drilling Trust		4,312
	61,696	e	ProEx Energy Ltd		802
	162,073	*	Research In Motion Ltd (Canada)		2,355
	42,615		RioCan Real Estate Investment Trust		1,106
	32,611		Ritchie Bros Auctioneers, Inc		717
	143,227	e	Rogers Communications, Inc (Class B)		5,518
	687,277	e	Royal Bank of Canada (Toronto)		35,067
	48,123	e	Saputo, Inc		1,844
	125,272	e	Shaw Communications, Inc (B Shares)		2,490
	72,608	e	Shoppers Drug Mart Corp		2,932
	117,882	e	Silver Wheaton Corp		3,414
	50,811		SNC-Lavalin Group, Inc		2,548
	195,121	e	Sun Life Financial, Inc		3,620
	528,907		Suncor Energy, Inc		15,253
	285,345		Suncor Energy, Inc (NY)		8,226
	347,095	e	Talisman Energy, Inc		4,422
	191,340	e	Teck Cominco Ltd		6,745
	19,769		TELUS Corp		1,119
	50,115		TELUS Corp, non-voting shares		2,688
	126,500	e	Thomson Corp (Toronto)		3,381
	56,602		Tim Hortons, Inc (Toronto)		2,742
	106,018		TMX Group, Inc		4,339
	481,490	e	Toronto-Dominion Bank		36,057
	35,269	*	Tourmaline Oil Corp		922
	70,899	e	TransAlta Corp		1,463
	234,615	e	TransCanada Corp		10,255
	200,000	e	Trican Well Service Ltd		3,445
	27,611	e	Vermilion Energy Trust		1,230
	124,178		Viterra, Inc		1,309
	250,412	e	Yamana Gold, Inc		3,692
			TOTAL CANADA		535,764
CHILE - 0.0%
	300,000		Empresa Nacional de Telecomunicaciones S.A.		5,573
			TOTAL CHILE		5,573

196

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
CHINA - 0.3%
	794,000	e	Agricultural Bank of China	$	340
	22,700	*	Baidu, Inc (ADR)		2,644
	2,708,700	e	Bank of Communications Co Ltd		1,885
	4,000,000	*,e	Brilliance China Automotive Holdings Ltd		4,292
	5,710,200	e	Changsha Zoomlion Heavy Industry Science and Technology Development Co Ltd		6,107
	1,122,000		China Aoyuan Property Group Ltd		125
	1,119,500	e	China Merchants Bank Co Ltd		2,250
	4,000,000	e	China Metal Recycling Holdings Ltd		4,308
	2,930,000		CNOOC Ltd		5,109
	209,000	*,e	Glorious Property Holdings Ltd		36
	3,300,000	e	Great Wall Motor Co Ltd		4,799
	6,877,000		Industrial & Commercial Bank of China		4,062
	8,736	*,e	RENREN,Inc (ADR)		31
	2,123,000	e	Shimao Property Holdings Ltd		1,805
	3,832,524	e	Sino-Ocean Land Holdings Ltd		1,768
	35,000	*,e	Sohu.com, Inc		1,750
	1,650,000	e	Yanlord Land Group Ltd		1,212
	1,400,000		Zhaojin Mining Industry Co Ltd		2,221
	300,000	e	ZTE Corp		937
			TOTAL CHINA		45,681
CZECH REPUBLIC - 0.1%
	140,000	e	CEZ AS		5,570
			TOTAL CZECH REPUBLIC		5,570
DENMARK - 0.4%
	56		AP Moller - Maersk AS (Class A)		348
	123	e	AP Moller - Maersk AS (Class B)		809
	10,669		Carlsberg AS (Class B)		751
	1,094,875		Christian Hansen Holding		23,772
	2,280	e	Coloplast AS (Class B)		327
	55,713	*	Danske Bank AS		704
	20,722		DSV AS		370
	140,000		H Lundbeck AS		2,626
	99,849		Novo Nordisk AS (Class B)		11,471
	38,112		Novozymes AS		1,174
	719,640	e	TDC AS		5,763
	30,000	*	Topdanmark AS		4,667
	2,442		TrygVesta AS		135
	21,013	*,e	Vestas Wind Systems AS		226
	2,413	*,e	William Demant Holding		200
			TOTAL DENMARK		53,343
FINLAND - 0.2%
	13,579	e	Elisa Oyj (Series A)		283
	459,147		Fortum Oyj		9,779
	6,588		Kesko Oyj (B Shares)		221
	15,491	e	Kone Oyj (Class B)		802
	12,776		Metso Oyj		472
	13,232		Neste Oil Oyj		133
	295,921		Nokia Oyj		1,427
	10,817		Nokian Renkaat Oyj		347

197

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	214,277		OKO Bank (Class A)	$	2,076
	215,225	e	Orion Oyj (Class B)		4,182
	42,119		Sampo Oyj (A Shares)		1,042
	8,392	e	Sanoma-WSOY Oyj		96
	58,551		Stora Enso Oyj (R Shares)		349
	52,271		UPM-Kymmene Oyj		573
	16,698		Wartsila Oyj (B Shares)		480
			TOTAL FINLAND		22,262
FRANCE - 4.1%
	14,538		Accor S.A.		366
	3,196		Aeroports de Paris		219
	15,990		Air Liquide		1,974
	231,582	*,e	Alcatel S.A.		360
	2,319,325		Alstom RGPT		70,068
	230,489		Arkema		16,196
	330,672		Atos Origin S.A.		14,447
	166,212		AXA S.A.		2,148
	514,974		BNP Paribas		20,053
	10,399	e	Bouygues S.A.		327
	5,145	e	Bureau Veritas S.A.		374
	14,702		Cap Gemini S.A.		457
	60,786		Carrefour S.A.		1,383
	5,525		Casino Guichard Perrachon S.A.		465
	2,971		Christian Dior S.A.		351
	15,413		CNP Assurances		191
	590,662		Compagnie de Saint-Gobain		22,579
	14,404	*	Compagnie Generale de Geophysique S.A.		334
	1	*	Compagnie Generale de Geophysique-Veritas (ADR)		0	^
	20,147	e	Compagnie Generale d’Optique Essilor International S.A.		1,420
	95,189		Credit Agricole S.A.		533
	6,241	e	Dassault Systemes S.A.		499
	3,068,721		Edenred		75,277
	79,361	e	Eiffage S.A.		1,912
	25,366	e	Electricite de France		616
	170,000	e	Etablissements Maurel et Prom		2,582
	3,273		Eurazeo		116
	5,239		Eutelsat Communications		204
	120,000	e	Faurecia		2,262
	2,620		Fonciere Des Regions		168
	115,832		France Telecom S.A.		1,813
	593,300	*	GameLoft		3,706
	132,998		Gaz de France		3,614
	2,093	e	Gecina S.A.		175
	560,711		Groupe Danone		35,185
	29,050		Groupe Eurotunnel S.A.		197
	2,244	e	Icade		176
	996	e	Iliad S.A.		123
	3,540		Imerys S.A.		162
	683,218	*,e	JC Decaux S.A.		15,687
	9,730	e	Klepierre		276
	20,078		Lafarge S.A.		703

198

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	6,302		Lagardere S.C.A.	$	166
	16,812		Legrand S.A.		538
	17,041	e	L’Oreal S.A.		1,775
	106,887		LVMH Moet Hennessy Louis Vuitton S.A.		15,057
	12,928		Michelin (C.G.D.E.) (Class B)		762
	88,431		Natixis		221
	3,236	e	Neopost S.A.		218
	17,660		Pernod-Ricard S.A.		1,635
	8,500	e	Peugeot S.A.		132
	6,616	e	PPR		944
	7,511	e	Publicis Groupe S.A.		345
	493,681		Remy Cointreau S.A.		39,594
	18,941		Renault S.A.		654
	512,786	e	Rexel S.A.		8,733
	17,659		Safran S.A.		528
	676,651		Sanofi-Aventis		49,462
	47,884		Schneider Electric S.A.		2,503
	17,208		SCOR		401
	62,763		Societe BIC S.A.		5,552
	61,623		Societe Generale		1,360
	6,279		Societe Television Francaise 1		61
	5,003		Sodexho Alliance S.A.		358
	15,010		Suez Environnement S.A.		172
	365,327		Technip S.A.		34,249
	9,698	e	Thales S.A.		305
	548,288		Total S.A.		27,978
	8,720		Unibail		1,561
	106,000		Valeo S.A.		4,195
	343,258		Vallourec		22,172
	19,441		Veolia Environnement		213
	43,735		Vinci S.A.		1,904
	121,323		Vivendi Universal S.A.		2,648
	56,842		Wendel		3,773
			TOTAL FRANCE		529,867
GERMANY - 3.8%
	11,159		Adidas-Salomon AG.		725
	391,250		Allianz AG.		37,366
	2,196	e	Axel Springer AG.		94
	586,285		BASF AG.		40,817
	1,065,218		Bayer AG.		68,027
	173,499		Bayerische Motoren Werke AG.		11,598
	448		Bayerische Motoren Werke AG. (Preference)		21
	273,918		Beiersdorf AG.		15,522
	135,433		Brenntag AG.		12,594
	8,720		Celesio AG.		138
	374,544	*,e	Commerzbank AG.		630
	4,034	*	Continental AG.		251
	857,768		DaimlerChrysler AG. (EUR)		37,577
	622,462		Deutsche Bank AG.		23,592
	9,172		Deutsche Boerse AG.		511
	10,420	*	Deutsche Boerse AG. - New		545

199

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	23,413		Deutsche Lufthansa AG.	$	278
	85,308		Deutsche Post AG.		1,312
	581,294		Deutsche Telekom AG.		6,668
	155,497		E.ON AG.		3,351
	3,749		Fraport AG. Frankfurt Airport Services Worldwide		184
	204,683		Fresenius Medical Care AG.		13,903
	11,147		Fresenius SE		1,031
	60,000		Fuchs Petrolub AG. (Preference)		2,618
	9,292		GEA Group AG.		262
	6,201		Hannover Rueckversicherung AG.		307
	14,101		HeidelbergCement AG.		597
	13,086		Henkel KGaA		633
	17,886		Henkel KGaA (Preference)		1,031
	2,392		Hochtief AG.		138
	108,223		Infineon Technologies AG.		813
	17,169		K&S AG.		774
	590,792	*	Kabel Deutschland Holding AG.		29,950
	398,488		Lanxess AG.		20,581
	9,089		Linde AG.		1,351
	34,065		MAN AG.		3,026
	3,460		Merck KGaA		345
	12,359		Metro AG.		451
	73,000		MTU Aero Engines Holding AG.		4,661
	242,409		Muenchener Rueckver AG.		29,705
	60,000		Norddeutsche Affinerie AG.		3,193
	70,301		Porsche AG.		3,753
	3,988		ProSiebenSat.1 Media AG.		73
	80,878		Rheinmetall AG.		3,582
	35,334		RWE AG.		1,240
	2,991		RWE AG. (Preference)		98
	4,075		Salzgitter AG.		203
	740,788		SAP AG.		39,181
	394,551		Siemens AG.		37,749
	500,269	*	Stroer Out-of-Home Media AG.		8,212
	136,885		Suedzucker AG.		4,361
	35,930		ThyssenKrupp AG.		824
	5,876	e	United Internet AG.		105
	32,266		Volkswagen AG.		4,320
	72,150		Volkswagen AG. (Preference)		10,787
	851	e	Wacker Chemie AG.		68
			TOTAL GERMANY		491,727
GIBRALTAR - 0.0%
	1,400,000		PartyGaming plc		3,559
			TOTAL GIBRALTAR		3,559
GREECE - 0.0%
	389,781		Capital Product Partners LP		2,389
	18,358		Coca Cola Hellenic Bottling Co S.A.		315
	162,767	e	Costamare, Inc		2,305
	13,098		Hellenic Telecommunications Organization S.A.		49
	81,396	*	National Bank of Greece S.A.		168
	22,423		OPAP S.A.		197
			TOTAL GREECE		5,423

200

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
HONG KONG - 1.3%
	2,575,800		AIA Group Ltd	$	8,018
	13,258	e	ASM Pacific Technology		148
	102,876	e	Bank of East Asia Ltd		388
	6,555,448		BOC Hong Kong Holdings Ltd		15,469
	78,237	e	Cathay Pacific Airways Ltd		134
	592,111		Cheung Kong Holdings Ltd		7,024
	31,661		Cheung Kong Infrastructure Holdings Ltd		185
	6,500,000	e	China Resources Cement Holdings Ltd		4,819
	1,000,000	e	Chow Sang Sang Holding		2,241
	459,456		CLP Holdings Ltd		3,903
	210,121	e	Esprit Holdings Ltd		271
	140,504		First Pacific Co		146
	82,000	*,e,f	Galaxy Entertainment Group Ltd (purchased 05/31/11, cost $183)		149
	195,927	e	Hang Lung Group Ltd		1,072
	2,061,337		Hang Lung Properties Ltd		5,851
	342,470	e	Hang Seng Bank Ltd		4,057
	288,005		Henderson Land Development Co Ltd		1,427
	5,733	*	HKT Trust and HKT Ltd		3
	1,401,690		Hong Kong & China Gas Ltd		3,245
	261,779		Hong Kong Electric Holdings Ltd		1,936
	222,385	e	Hong Kong Exchanges and Clearing Ltd		3,539
	37,903		Hopewell Holdings		97
	344,700		Hutchison Port Holdings Trust		213
	310,416		Hutchison Whampoa Ltd		2,590
	42,294		Hysan Development Co Ltd		138
	2,000,000	e	iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker		2,663
	100,000		Jardine Matheson Holdings Ltd		4,698
	1,950,427		Kerry Properties Ltd		6,445
	9,206,500	e	KWG Property Holding Ltd		3,093
	3,720,638	e	Li & Fung Ltd		6,856
	39,500		Lifestyle International Holdings Ltd		87
	151,146		Link Real Estate Investment Trust		556
	1,024,000	*,e	MGM China Holdings Ltd		1,332
	399,915		MTR Corp		1,292
	7,824,594	e	New World Development Ltd		6,283
	249,668		Noble Group Ltd		217
	93,398		NWS Holdings Ltd		137
	15,364		Orient Overseas International Ltd		89
	263,749		PCCW Ltd		91
	13,155,000		Rexcapital Financial Holdings Ltd		861
	43,367,400		Ruinian International Ltd		14,110
	7,255,200	*,e	Samsonite International		11,352
	2,424,000	e	Shanghai Real Estate Ltd		107
	93,345		Shangri-La Asia Ltd		161
	188,964	e	Sino Land Co		269
	77,120	*,e	Sino-Forest Corp		364
	107,000		SJM Holdings Ltd		174

201

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	14,335,611		Solomon Systech International Ltd	$	324
	255,452		Sun Hung Kai Properties Ltd		3,192
	144,793		Swire Pacific Ltd (Class A)		1,745
	4,747,662		Wharf Holdings Ltd		21,402
	60,780		Wheelock & Co Ltd		150
	11,696		Wing Hang Bank Ltd		96
	49,589		Yue Yuen Industrial Holdings		156
			TOTAL HONG KONG		155,365
INDIA - 0.2%
	2,189,562	*	DEN Networks Ltd		1,993
	1,530,483		Dhanalakshmi Bank Ltd		1,285
	2,251,347		DLF Ltd		7,745
	16,968	*	Essar Energy plc		45
	787,416		Geodesic Information Systems Ltd		627
	910,700	*	Hathway Cables and Datacom Pvt Ltd		1,890
	400,070		ING Vysya Bank Ltd		2,187
	350,000		ITC Ltd		1,325
	454,322		LIC Housing Finance Ltd		1,891
	400,000		Pantaloon Retail India Ltd		968
	765,751		Prestige Estates Projects Ltd		1,027
	779,738	f	Puravankara Projects Ltd (purchased 11/26/07, cost $2,222)		822
	303,397		Sobha Developers Ltd		1,091
	675,935		Sun Pharmaceuticals Industries Ltd		6,329
	1,074,642		Sunteck Realty Ltd		6,111
	11,134,353		Unitech Ltd		4,052
	6,413	e	Vedanta Resources plc		101
			TOTAL INDIA		39,489
INDONESIA - 0.2%
	7,879,000		Bank Rakyat Indonesia		5,857
	816,563		PT Astra International Tbk		6,654
	12,000,000		PT Bank Negara Indonesia		5,020
	6,000,000		PT Charoen Pokphand Indonesia Tbk		1,420
	5,001,000		PT Harum Energy Indonesia Tbk		3,770
	5,933,300		PT Tambang Batubara Bukit Asam Tbk		11,332
			TOTAL INDONESIA		34,053
IRELAND - 1.2%
	262,041		Accenture plc		13,948
	147,992	*,m	Anglo Irish Bank Corp plc		0	^
	64,441		CRH plc		1,276
	6,125	e	CRH plc (Ireland)		122
	47,952	*	Elan Corp plc		665
	49,440	*,e	James Hardie Industries NV		345
	14,070		Kerry Group plc (Class A)		515
	135,500		Paddy Power plc		7,800
	20,187	*	Ryanair Holdings plc		94
	1,643,768		Shire Ltd		57,127
	139,135		Shire plc (ADR)		14,456
	2,290,690	*	Smurfit Kappa Group plc		13,814
	3,544,078		WPP plc		37,168
	409,097		XL Capital Ltd		8,088
			TOTAL IRELAND		155,418

202

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
ISRAEL - 0.4%
	55,855		Bank Hapoalim Ltd	$	183
	62,881		Bank Leumi Le-Israel		181
	93,641		Bezeq Israeli Telecommunication Corp Ltd		172
	3,070		Cellcom Israel Ltd		52
	70,000	*	Check Point Software Technologies		3,678
	250		Delek Group Ltd		47
	1,340		Elbit Systems Ltd		55
	23,662		Israel Chemicals Ltd		246
	123		Israel Corp Ltd		77
	42,434	*	Israel Discount Bank Ltd		57
	6,605		Mizrahi Tefahot Bank Ltd		52
	3,217	*	Nice Systems Ltd		111
	4,862		Partner Communications		43
	49,968		Teva Pharmaceutical Industries Ltd		2,017
	1,268,245		Teva Pharmaceutical Industries Ltd (ADR)		51,186
			TOTAL ISRAEL		58,157
ITALY - 0.9%
	62,000		A2A S.p.A.		58
	228,506		ACEA S.p.A.		1,441
	117,224	e	Assicurazioni Generali S.p.A.		1,760
	11,239		Autogrill S.p.A.		109
	29,616	e	Autostrade S.p.A.		473
	66,456	e	Banca Carige S.p.A.		127
	897,915		Banca Intesa S.p.A.		1,495
	96,435		Banca Intesa S.p.A. RSP		120
	327,600	e	Banca Monte dei Paschi di Siena S.p.A.		106
	69,697	e	Banche Popolari Unite Scpa		284
	126,219	e	Banco Popolare Scarl		163
	1,018,777		De’Longhi S.p.A.		8,969
	91,372		Enel Green Power S.p.A		190
	350,730		Enel S.p.A.		1,423
	416,473		ENI S.p.A.		8,587
	6,999		Exor S.p.A.		140
	76,514	*	FIAT Industrial S.p.A.		652
	76,477	e	Fiat S.p.A.		349
	41,633	e	Finmeccanica S.p.A.		153
	1,033,209	*,e	Lottomatica S.p.A.		15,462
	11,596		Luxottica Group S.p.A.		324
	73,198		Mediaset S.p.A.		202
	49,646		Mediobanca S.p.A.		285
	554,750	e	Pirelli & C S.p.A.		4,650
	15,324		Prysmian S.p.A.		189
	1,249,868		Saipem S.p.A.		52,874
	84,449		Snam Rete Gas S.p.A.		372
	320,453		Telecom Italia RSP		287
	771,638		Telecom Italia S.p.A.		825
	65,330		Terna Rete Elettrica Nazionale S.p.A.		220

203

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	142,719	e	UniCredit S.p.A	$	1,177
	774,699	*,e	Yoox S.p.A		8,329
			TOTAL ITALY		111,795
JAPAN - 7.9%
	40,000		77 Bank Ltd		172
	1,600		ABC-Mart, Inc		61
	5,390		Advance Residence Investment Corp		10,398
	15,543		Advantest Corp		148
	210,209	e	Aeon Co Ltd		2,879
	7,803		Aeon Credit Service Co Ltd		123
	7,800		Aeon Mall Co Ltd		165
	8,000		Air Water, Inc		102
	106,042		Aisin Seiki Co Ltd		3,005
	202,529		Ajinomoto Co, Inc		2,431
	5,957		Alfresa Holdings Corp		251
	45,435	e	All Nippon Airways Co Ltd		127
	309,744		Amada Co Ltd		1,961
	5,592,848	e	Aozora Bank Ltd		15,389
	54,507	e	Asahi Breweries Ltd		1,196
	244,773	e	Asahi Glass Co Ltd		2,046
	431,834		Asahi Kasei Corp		2,602
	238,200		Asics Corp		2,677
	119,841		Astellas Pharma, Inc		4,866
	75,653	e	Bank of Kyoto Ltd		650
	339,971		Bank of Yokohama Ltd		1,604
	22,853		Benesse Corp		1,105
	467,304		Bridgestone Corp		10,584
	23,185		Brother Industries Ltd		284
	382,897	e	Canon, Inc		16,850
	392,600	e	Capcom Co Ltd		9,284
	84,923	e	Casio Computer Co Ltd		514
	526		Central Japan Railway Co		4,439
	278,323	e	Chiba Bank Ltd		1,789
	224,000	e	Chiyoda Corp		2,274
	232,366		Chubu Electric Power Co, Inc		4,348
	77,458	e	Chugai Pharmaceutical Co Ltd		1,277
	39,100	e	Chugoku Bank Ltd		544
	101,053	e	Chugoku Electric Power Co, Inc		1,771
	14,442		Citizen Watch Co Ltd		84
	6,271	e	Coca-Cola West Japan Co Ltd		109
	200,343		Cosmo Oil Co Ltd		559
	249,455		Credit Saison Co Ltd		4,982
	106,076	e	Dai Nippon Printing Co Ltd		1,018
	15,630		Daicel Chemical Industries Ltd		95
	56,698		Daido Steel Co Ltd		354
	84,290	e	Daihatsu Motor Co Ltd		1,499
	772		Dai-ichi Mutual Life Insurance Co		758
	104,997		Daiichi Sankyo Co Ltd		2,079
	23,846		Daikin Industries Ltd		651
	16,263	e	Dainippon Sumitomo Pharma Co Ltd		185
	69,311		Daito Trust Construction Co Ltd		5,935

204

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	49,856		Daiwa House Industry Co Ltd	$	596
	90,300		Daiwa Securities Group, Inc		281
	28,800		Dena Co Ltd		863
	47,676		Denki Kagaku Kogyo KK		176
	197,645		Denso Corp		5,429
	17,655	e	Dentsu, Inc		537
	4,377	*,e	Digital Garage, Inc		12,644
	129,152		East Japan Railway Co		8,232
	25,517	e	Eisai Co Ltd		1,055
	12,693	e	Electric Power Development Co		338
	21,208	*,e	Elpida Memory, Inc		98
	6,144		FamilyMart Co Ltd		248
	78,543		Fanuc Ltd		11,980
	90,418	e	Fast Retailing Co Ltd		16,447
	39,300	e	FCC Co Ltd		797
	30,822	e	Fuji Electric Holdings Co Ltd		84
	348,184		Fuji Folms Holdings Corp		8,214
	90,342		Fuji Heavy Industries Ltd		542
	547		Fuji Television Network, Inc		827
	419,991		Fujitsu Ltd		2,178
	160,167		Fukuoka Financial Group, Inc		671
	212,805	e	Furukawa Electric Co Ltd		488
	39,500	e	Gree, Inc		1,358
	37,110	e	GS Yuasa Corp		199
	80,879		Gunma Bank Ltd		443
	82,842		Hachijuni Bank Ltd		472
	2,455	e	Hakuhodo DY Holdings, Inc		141
	3,537		Hamamatsu Photonics KK		123
	146,182	e	Hino Motors Ltd		885
	2,987		Hirose Electric Co Ltd		261
	51,744	e	Hiroshima Bank Ltd		240
	14,400	e	Hisamitsu Pharmaceutical Co, Inc		610
	10,452		Hitachi Chemical Co Ltd		183
	5,922	e	Hitachi Construction Machinery Co Ltd		99
	323,300	e	Hitachi High-Technologies Corp		7,004
	200,000		Hitachi Kokusai Electric, Inc		1,619
	6,222,685	e	Hitachi Ltd		32,369
	236,000		Hitachi Medical Corp		2,423
	47,000	e	Hitachi Metals Ltd		510
	62,182		Hokkaido Electric Power Co, Inc		884
	158,446		Hokuhoku Financial Group, Inc		308
	61,175	e	Hokuriku Electric Power Co		1,142
	988,668	e	Honda Motor Co Ltd		30,116
	104,153		Hoya Corp		2,239
	41,866		Ibiden Co Ltd		824
	39,747	e	Idemitsu Kosan Co Ltd		4,096
	633		Inpex Holdings, Inc		3,986
	135,681	e	Isetan Mitsukoshi Holdings Ltd		1,417
	4,856,178		Ishikawajima-Harima Heavy Industries Co Ltd		11,774
	1,102,169		Isuzu Motors Ltd		5,074
	1,276,123		Itochu Corp		12,939
	103,062	e	Itochu Techno-Science Corp		4,623

205

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	53,652		Iyo Bank Ltd	$	529
	289,989		J Front Retailing Co Ltd		1,398
	362,000	e	Japan Aviation Electronics Industry Ltd		2,490
	9,700		Japan Petroleum Exploration Co		379
	505		Japan Prime Realty Investment Corp		1,187
	158		Japan Real Estate Investment Corp		1,230
	151		Japan Retail Fund Investment Corp		223
	217,560	e	Japan Steel Works Ltd		1,509
	1,474		Japan Tobacco, Inc		6,932
	93,304		JFE Holdings, Inc		1,687
	245,978		JGC Corp		5,906
	129,624		Joyo Bank Ltd		572
	26,223		JS Group Corp		503
	18,353		JSR Corp		338
	287,503		JTEKT Corp		2,810
	175		Jupiter Telecommunications Co		177
	773,800		JX Holdings, Inc		4,670
	171,372	e	Kajima Corp		526
	56,000		Kakaku.com, Inc		2,053
	23,852		Kamigumi Co Ltd		206
	28,900		Kaneka Corp		153
	256,874		Kansai Electric Power Co, Inc		3,946
	21,480	e	Kansai Paint Co Ltd		191
	145,253		Kao Corp		3,963
	478,212	e	Kawasaki Heavy Industries Ltd		1,186
	362,817	e	Kawasaki Kisen Kaisha Ltd		653
	1,011		KDDI Corp		6,493
	164,722	e	Keihin Electric Express Railway Co Ltd		1,479
	206,310	e	Keio Corp		1,455
	96,426		Keisei Electric Railway Co Ltd		709
	11,185		Keyence Corp		2,696
	48,795	e	Kikkoman Corp		560
	14,131		Kinden Corp		119
	351,914	e	Kintetsu Corp		1,375
	241,849	e	Kirin Brewery Co Ltd		2,939
	792,084		Kobe Steel Ltd		1,224
	5,000		Koito Manufacturing Co Ltd		70
	151,122		Komatsu Ltd		3,524
	5,073	e	Konami Corp		152
	141,613		Konica Minolta Holdings, Inc		1,053
	63,158		Kubota Corp		529
	43,287		Kuraray Co Ltd		614
	6,145		Kurita Water Industries Ltd		160
	69,712		Kyocera Corp		5,590
	75,486	e	Kyowa Hakko Kogyo Co Ltd		921
	136,584		Kyushu Electric Power Co, Inc		1,957
	64,851		Lawson, Inc		4,041
	2,616		Mabuchi Motor Co Ltd		109
	18,936		Makita Corp		611
	1,343,072		Marubeni Corp		8,175
	12,109		Marui Co Ltd		94
	4,396		Maruichi Steel Tube Ltd		98

206

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	636,255		Matsushita Electric Industrial Co Ltd	$	5,370
	459,150	*,e	Mazda Motor Corp		807
	3,600	e	McDonald’s Holdings Co Japan Ltd		97
	14,812		Mediceo Paltac Holdings Co Ltd		155
	3,749		MEIJI Holdings Co Ltd		155
	214,664		Millea Holdings, Inc		4,753
	46,700		Miraca Holdings, Inc		1,862
	457,219	e	Mitsubishi Chemical Holdings Corp		2,506
	589,795		Mitsubishi Corp		11,887
	1,133,037		Mitsubishi Electric Corp		10,859
	398,705		Mitsubishi Estate Co Ltd		5,945
	38,160		Mitsubishi Gas Chemical Co, Inc		212
	921,150		Mitsubishi Heavy Industries Ltd		3,912
	11,262		Mitsubishi Logistics Corp		125
	1,054,293		Mitsubishi Materials Corp		2,850
	459,130	*,e	Mitsubishi Motors Corp		541
	3,878,454		Mitsubishi UFJ Financial Group, Inc		16,419
	5,870		Mitsubishi UFJ Lease & Finance Co Ltd		232
	1,182,704		Mitsui & Co Ltd		18,331
	291,087		Mitsui Chemicals, Inc		884
	372,137		Mitsui Fudosan Co Ltd		5,426
	115,499		Mitsui OSK Lines Ltd		445
	56,407		Mitsui Sumitomo Insurance Group Holdings, Inc		1,041
	1,654,749		Mitsui Trust Holdings, Inc		4,853
	6,433,456		Mizuho Financial Group, Inc		8,712
	5,474	e	Monex Beans Holdings, Inc		794
	21,120	e	Murata Manufacturing Co Ltd		1,082
	5,000	e	Nabtesco Corp		91
	311,106	e	Namco Bandai Holdings, Inc		4,415
	141,615	*	NEC Corp		287
	299		NET One Systems Co Ltd		814
	56,179		NGK Insulators Ltd		665
	14,988		NGK Spark Plug Co Ltd		185
	94,038		NHK Spring Co Ltd		831
	37,406		Nidec Corp		3,248
	82,581		Nikon Corp		1,830
	16,758		Nintendo Co Ltd		2,301
	160		Nippon Building Fund, Inc		1,309
	93,175	e	Nippon Electric Glass Co Ltd		917
	86,441		Nippon Express Co Ltd		336
	9,944		Nippon Meat Packers, Inc		123
	9,787	e	Nippon Paper Group, Inc		214
	76,507		Nippon Sheet Glass Co Ltd		143
	1,410,884		Nippon Steel Corp		3,510
	495,830		Nippon Telegraph & Telephone Corp		25,242
	931,408	e	Nippon Yusen Kabushiki Kaisha		2,374
	40,721		Nishi-Nippon City Bank Ltd		117
	844,743		Nissan Motor Co Ltd		7,565
	63,618		Nisshin Seifun Group, Inc		770
	70,321	e	Nisshin Steel Co Ltd		108
	10,535	e	Nissin Food Products Co Ltd		413
	2,006		Nitori Co Ltd		188

207

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	31,537		Nitto Denko Corp	$	1,122
	37,700		NKSJ Holdings, Inc		737
	89,651		NOK Corp		1,529
	360,763		Nomura Holdings, Inc		1,086
	9,574		Nomura Real Estate Holdings, Inc		142
	97		Nomura Real Estate Office Fund, Inc		498
	10,164		Nomura Research Institute Ltd		229
	23,911		NSK Ltd		154
	3,241,948	e	NTN Corp		13,004
	344		NTT Data Corp		1,095
	5,297		NTT DoCoMo, Inc		9,725
	416		NTT Urban Development Corp		283
	221,259		Obayashi Corp		984
	220,398	e	Odakyu Electric Railway Co Ltd		2,131
	84,797	e	OJI Paper Co Ltd		435
	70,602		Omron Corp		1,417
	78,698	e	Ono Pharmaceutical Co Ltd		4,414
	42,717	e	Oriental Land Co Ltd		4,510
	223,861	e	ORIX Corp		18,455
	669,981		Osaka Gas Co Ltd		2,647
	1,687		Otsuka Corp		116
	145,000		Otsuka Holdings KK		4,070
	1,549,900	e	Park24 Co Ltd		20,500
	16,420		Point, Inc		696
	3,176	e	Rakuten, Inc		3,417
	194,330		Resona Holdings, Inc		855
	62,581	e	Ricoh Co Ltd		544
	135,899	e	Rinnai Corp		9,731
	18,724		Rohm Co Ltd		871
	2,980		Sankyo Co Ltd		151
	225,400	e	Sanrio Co Ltd		11,561
	9,356		Santen Pharmaceutical Co Ltd		386
	1,088		SBI Holdings, Inc		79
	57,634		Secom Co Ltd		2,650
	1,559,843		Sega Sammy Holdings, Inc		33,697
	7,183	e	Seiko Epson Corp		95
	663,951		Sekisui Chemical Co Ltd		5,469
	50,920		Sekisui House Ltd		452
	689,881		Seven & I Holdings Co Ltd		19,227
	30,000		Seven Bank Ltd		59
	113,106	e	Sharp Corp		986
	63,619		Shikoku Electric Power Co, Inc		1,825
	24,982		Shimadzu Corp		211
	1,197		Shimamura Co Ltd		122
	3,881	e	Shimano, Inc		189
	191,062	e	Shimizu Corp		803
	75,500		Shin-Etsu Chemical Co Ltd		3,709
	2,699,649		Shinsei Bank Ltd		2,791
	58,773		Shionogi & Co Ltd		754
	19,485		Shiseido Co Ltd		358
	183,301	e	Shizuoka Bank Ltd		1,928
	147,654	e	Showa Denko KK		298

208

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	19,073	e	Showa Shell Sekiyu KK	$	128
	148,900		Skymark Airlines, Inc		1,973
	9,988	e	SMC Corp		1,607
	364,060		Softbank Corp		10,692
	125,836	e	Sojitz Holdings Corp		194
	195,802		Sony Corp		3,531
	17,700		Sony Financial Holdings, Inc		261
	80,199	e	Square Enix Co Ltd		1,572
	14,515		Stanley Electric Co Ltd		213
	746,300	e	Start Today Co Ltd		17,508
	11,876	*,e	Sumco Corp		87
	187,000	e	Sumitomo Bakelite Co Ltd		1,043
	156,883	e	Sumitomo Chemical Co Ltd		570
	394,263		Sumitomo Corp		5,329
	180,776		Sumitomo Electric Industries Ltd		1,957
	56,625		Sumitomo Heavy Industries Ltd		330
	1,959,400		Sumitomo Metal Industries Ltd		3,553
	154,464		Sumitomo Metal Mining Co Ltd		1,977
	980,279		Sumitomo Mitsui Financial Group, Inc		27,186
	526,256		Sumitomo Realty & Development Co Ltd		9,195
	417,263		Sumitomo Rubber Industries, Inc		5,011
	476,654		Suruga Bank Ltd		4,254
	6,987		Suzuken Co Ltd		193
	48,722		Suzuki Motor Corp		1,003
	69,700		Sysmex Corp		2,266
	53,200		T&D Holdings, Inc		495
	319,943		Taisei Corp		811
	57,700	*	Taisho Pharmaceutical Holdings Co Ltd		4,453
	26,357	e	Taiyo Nippon Sanso Corp		183
	104,718		Takashimaya Co Ltd		754
	316,048		Takeda Pharmaceutical Co Ltd		13,883
	368,100		Tamron Co Ltd		8,874
	74,981		Tanabe Seiyaku Co Ltd		1,185
	12,227		TDK Corp		539
	3,688,613		Teijin Ltd		11,317
	48,376		Terumo Corp		2,274
	41,876		THK Co Ltd		825
	297,878	e	Tobu Railway Co Ltd		1,520
	11,775	e	Toho Co Ltd		210
	171,000		Toho Gas Co Ltd		1,089
	153,015	e	Tohoku Electric Power Co, Inc		1,470
	479,560	*,e	Tokyo Electric Power Co, Inc		1,151
	56,810		Tokyo Electron Ltd		2,878
	1,418,624		Tokyo Gas Co Ltd		6,538
	198,000		Tokyo Tatemono Co Ltd		597
	369,852		Tokyu Corp		1,821
	44,414		Tokyu Land Corp		168
	86,427	e	Toppan Printing Co Ltd		635
	581,764	e	Toray Industries, Inc		4,162
	2,956	e	Tosei Corp		755
	1,016,481		Toshiba Corp		4,148
	951,647	e	Tosoh Corp		2,529

209

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	28,681		Toto Ltd	$	221
	15,239		Toyo Seikan Kaisha Ltd		207
	38,099		Toyo Suisan Kaisha Ltd		922
	16,397	e	Toyoda Gosei Co Ltd		260
	6,700	e	Toyota Boshoku Corp		70
	210,861		Toyota Industries Corp		5,705
	956,648		Toyota Motor Corp		31,634
	21,494		Toyota Tsusho Corp		379
	5,728	e	Trend Micro, Inc		171
	99,774	e	Tsumura & Co		2,941
	327,932		UBE Industries Ltd		896
	175,751	e	Uni-Charm Corp		8,665
	835,300		United Arrows Ltd		16,103
	1,095		United Urban Investment Corp		1,246
	332,684		Ushio, Inc		4,782
	41,203		USS Co Ltd		3,724
	37,000		West Japan Railway Co		1,608
	4,740	e	Yahoo! Japan Corp		1,525
	26,577	e	Yakult Honsha Co Ltd		836
	4,469		Yamada Denki Co Ltd		304
	40,666		Yamaguchi Financial Group, Inc		387
	8,688		Yamaha Corp		79
	44,683	*	Yamaha Motor Co Ltd		565
	4,500		Yamato Kogyo Co Ltd		129
	40,055		Yamato Transport Co Ltd		674
	11,553	e	Yamazaki Baking Co Ltd		152
	22,384	e	Yaskawa Electric Corp		190
	22,510	*,e	Yokogawa Electric Corp		202
			TOTAL JAPAN		1,042,396
JERSEY, C.I. - 0.1%
	101,976		Randgold Resources Ltd		10,426
			TOTAL JERSEY, C.I.		10,426
KAZAKHSTAN - 0.0%
	13,767		Eurasian Natural Resources Corp		136
			TOTAL KAZAKHSTAN		136
KOREA, REPUBLIC OF - 0.5%
	100,000		Daewoo Shipbuilding & Marine Engineering Co Ltd		2,115
	110,000		Dongbu Insurance Co Ltd		5,112
	54,520	*	Duksan Hi-Metal Co Ltd		1,205
	232,960		Hanwha Chemical Corp		4,979
	13,900		Hyundai Mobis		3,532
	48,797		Hyundai Motor Co		9,039
	27,000		Hyundai Steel Co		2,246
	193,081		KB Financial Group, Inc		6,084
	120,780		Kia Motors Corp		7,009
	40,000		KT&G Corp		2,826
	10,838		LG Chem Ltd		2,989
	40,000		LS Cable Ltd		2,644
	7,500		Samsung Electronics Co Ltd		6,899

210

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	120,000		Samsung Heavy Industries Co Ltd	$	2,915
	50,000		SK C&C Co Ltd		5,083
			TOTAL KOREA, REPUBLIC OF		64,677
LUXEMBOURG - 0.0%
	86,067		ArcelorMittal		1,564
	1,964,000	e	L’ Occitane International S.A.		3,939
	7,617	e	Millicom International Cellular S.A.		761
	29,225		SES Global S.A.		700
	47,374	e	Tenaris S.A.		871
			TOTAL LUXEMBOURG		7,835
MACAU - 0.4%
	14,454,100	*	Sands China Ltd		40,551
	103,200	e	Wynn Macau Ltd		258
			TOTAL MACAU		40,809
MALAYSIA - 0.0%
	3,680,000		AirAsia BHD		4,373
	1,151,800		Public Bank BHD		4,859
	33,959		YNH Property BHD		19
			TOTAL MALAYSIA		9,251
MEXICO - 0.1%
	200,000		Alfa S.A. de C.V. (Class A)		2,178
	660,741		Fresnillo plc		15,656
			TOTAL MEXICO		17,834
NETHERLANDS - 2.0%
	164,222	*	Aegon NV		656
	23,304		Akzo Nobel NV		1,123
	43,353		ASML Holding NV		1,811
	6,375		Boskalis Westminster		233
	199,159		Chicago Bridge & Iron Co NV		7,529
	50,000	*	CNH Global NV		1,800
	5,852		Corio NV		253
	5,432		Delta Lloyd NV		91
	8,195		DSM NV		379
	458,550		European Aeronautic Defence and Space Co		14,279
	6,839		Fugro NV		396
	11,266		Heineken Holding NV		460
	25,049		Heineken NV		1,160
	13,251,748	*	ING Groep NV		94,772
	118,133		Koninklijke Ahold NV		1,588
	100,524		Koninklijke Philips Electronics NV		2,109
	3,716		Koninklijke Vopak NV		196
	23,160	*	Qiagen N.V.		319
	11,158		Randstad Holdings NV		328
	210,604		Reed Elsevier NV		2,450
	1,726,109		Royal Dutch Shell plc (A Shares)		63,330
	628,969		Royal Dutch Shell plc (B Shares)		23,925

211

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	496,999		Royal KPN NV	$	5,933
	16,416		SBM Offshore NV		337
	36,280		TNT Express NV		270
	377,068		Unilever NV		12,965
	145,000		Unilever NV (ADR)		4,984
	29,046		Wolters Kluwer NV		501
			TOTAL NETHERLANDS		244,177
NEW ZEALAND - 0.0%
	103,700		Auckland International Airport Ltd		203
	39,515	*	Contact Energy Ltd		162
	73,072	e	Fletcher Building Ltd		349
	65,682		Sky City Entertainment Group Ltd		175
	215,475		Telecom Corp of New Zealand Ltd		345
			TOTAL NEW ZEALAND		1,234
NIGERIA - 0.0%
	170,000	*,e	Maurel & Prom Nigeria		429
			TOTAL NIGERIA		429
NORWAY - 0.0%
	8,824		Aker Kvaerner ASA		92
	326,354		DNB NOR Holding ASA		3,181
	10,493	e	Gjensidige Forsikring BA		121
	90,969		Norsk Hydro ASA		420
	77,480		Orkla ASA		577
	30,085	e	SeaDrill Ltd		1,003
	112,185		Statoil ASA		2,873
	278,712		Telenor ASA		4,561
	19,049		Yara International ASA		760
			TOTAL NORWAY		13,588
PHILIPPINES - 0.0%
	7,000,000		Aboitiz Power Corp		4,778
	10,195,901	m	Ayala Land, Inc (Preference)		23
	3,771,610		Metropolitan Bank & Trust		5,855
			TOTAL PHILIPPINES		10,656
POLAND - 0.0%
	120,789		KGHM Polska Miedz S.A.		3,853
			TOTAL POLAND		3,853
PORTUGAL - 0.3%
	55,039	e	Banco Espirito Santo S.A.		96
	23,082	e	Cimpor Cimentos de Portugal S.A.		159
	12,382	*	EDP Renovaveis S.A.		76
	100,679		Energias de Portugal S.A.		311
	19,675		Galp Energia SGPS S.A.		289
	1,990,236	*	Jeronimo Martins SGPS S.A.		32,874
	62,170	e	Portugal Telecom SGPS S.A.		358
			TOTAL PORTUGAL		34,163

212

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
RUSSIA - 0.0%
	315,187	*,f	Pharmstandard (GDR) (purchased 10/08/10, cost $7,395)	$	4,433
	225,000	*	Sberbank of Russian Federation (ADR)		2,225
			TOTAL RUSSIA		6,658
SINGAPORE - 0.4%
	184,473	e	Ascendas Real Estate Investment Trust		260
	822,082		CapitaLand Ltd		1,399
	667,362		CapitaMall Trust		874
	92,000	e	CapitaMalls Asia Ltd		80
	155,868	e	City Developments Ltd		1,068
	126,028	e	ComfortDelgro Corp Ltd		138
	78,584	e	Cosco Corp Singapore Ltd		53
	909,025		DBS Group Holdings Ltd		8,069
	143,766	*	Flextronics International Ltd		814
	61,103		Fraser and Neave Ltd		292
	405,384	*,e	Genting International plc		472
	118,000	*	Global Logistic Properties		160
	444,497		Golden Agri-Resources Ltd		245
	514,000		Hotel Properties Ltd		688
	251,082		Jardine Cycle & Carriage Ltd		9,316
	1,166,326	e	Keppel Corp Ltd		8,348
	2,932,000	e	Keppel Land Ltd		5,012
	26,000		K-Green Trust		18
	70,465	e	Neptune Orient Lines Ltd		61
	96,155	e	Olam International Ltd		158
	287,699		Oversea-Chinese Banking Corp		1,735
	765,609		SembCorp Industries Ltd		2,388
	342,857	e	SembCorp Marine Ltd		1,008
	137,492		Singapore Airlines Ltd		1,076
	247,560	e	Singapore Exchange Ltd		1,170
	469,963	e	Singapore Press Holdings Ltd		1,336
	437,896		Singapore Technologies Engineering Ltd		908
	2,390,704		Singapore Telecommunications Ltd		5,694
	40,274	e	StarHub Ltd		90
	141,022		United Overseas Bank Ltd		1,660
	1,554,965		United Overseas Land Ltd		4,790
	127,230	e	Wilmar International Ltd		490
	124,000		Yangzijiang Shipbuilding		87
			TOTAL SINGAPORE		59,957
SOUTH AFRICA - 0.2%
	102,071	e	Kumba Iron Ore Ltd		6,309
	1,500,000		Life Healthcare Group Holdings Pte Ltd		3,833
	570,000		Mr Price Group Ltd		5,630
	110,000		Sasol Ltd		5,236
	200,000		Woolworths Holdings Ltd		965
			TOTAL SOUTH AFRICA		21,973

213

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
SPAIN - 0.8%
	33,907		Abertis Infraestructuras S.A.	$	539
	2,624		Acciona S.A.		226
	12,227	e	Acerinox S.A.		156
	14,308	e	ACS Actividades Cons y Servicios S.A.		422
	871,006	e	Amadeus IT Holding S.A.		14,065
	503,321		Banco Bilbao Vizcaya Argentaria S.A.		4,336
	101,180	e	Banco de Sabadell S.A.		383
	92,480	e	Banco Popular Espanol S.A.		420
	2,923,190		Banco Santander Central Hispano S.A.		22,084
	45,768	*	Bankia SAU		213
	26,014	e	Bankinter S.A.		159
	426,631	e	Bolsas y Mercados Espanoles		11,454
	39,922		Cintra Concesiones de Infraestructuras de Transporte S.A.		480
	77,634	e	Corp Mapfre S.A.		246
	80,469	e	Criteria Caixacorp S.A.		393
	3,529,638	*,e	Distribuidora Internacional de Alimentacion S.A.		15,890
	9,631		Enagas		178
	4,577	e	Fomento de Construcciones y Contratas S.A.		118
	17,296		Gas Natural SDG S.A.		296
	12,919	*,e	Grifols S.A.		216
	774	*	Grifols S.A. (Class B)		8
	403,343		Iberdrola S.A.		2,519
	118,849		Inditex S.A.		9,702
	10,112	e	Indra Sistemas S.A.		128
	5,801	e	Red Electrica de Espana		248
	76,158		Repsol YPF S.A.		2,330
	418,917		Telefonica S.A.		7,217
	14,638	e	Zardoya Otis S.A.		200
			TOTAL SPAIN		94,626
SWEDEN - 0.7%
	34,489		Alfa Laval AB		651
	16,688		Assa Abloy AB (Class B)		417
	67,403	e	Atlas Copco AB (A Shares)		1,444
	39,103		Atlas Copco AB (B Shares)		740
	2,112,895	*	Biovitrum AB		4,625
	214,587		Boliden AB		3,113
	250,000		Castellum AB		3,094
	24,171	e	Electrolux AB (Series B)		384
	300,446		Ericsson (LM) (B Shares)		3,047
	20,017		Getinge AB (B Shares)		506
	878,653	e	Hennes & Mauritz AB (B Shares)		28,188
	13,228	e	Hexagon AB (B Shares)		197
	5,477		Holmen AB (B Shares)		157
	43,800		Husqvarna AB (B Shares)		201
	6,385		Industrivarden AB		76
	45,733	e	Investor AB (B Shares)		851
	10,996		Kinnevik Investment AB (Series B)		214
	11,803	*	Lundin Petroleum AB		289
	2,709		Modern Times Group AB (B Shares)		129
	292,313		Nordea Bank AB		2,253
	10,290		Ratos AB (B Shares)		120
	1,784,271		Sandvik AB		21,814

214

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	32,045		Scania AB (B Shares)	$	473
	30,932		Securitas AB (B Shares)		266
	147,163		Skandinaviska Enskilda Banken AB (Class A)		854
	39,758		Skanska AB (B Shares)		656
	160,861		SKF AB (B Shares)		3,391
	16,939	e	Ssab Svenskt Stal AB (Series A)		148
	57,575		Svenska Cellulosa AB (B Shares)		850
	49,073		Svenska Handelsbanken (A Shares)		1,286
	66,817		Swedbank AB (A Shares)		862
	133,327		Swedish Match AB		4,723
	31,159		Tele2 AB (B Shares)		604
	221,631		TeliaSonera AB		1,502
	330,000		Trelleborg AB (B Shares)		2,852
	124,887		Volvo AB (B Shares)		1,361
			TOTAL SWEDEN		92,338
SWITZERLAND - 2.9%
	170,710		ABB Ltd		3,207
	10,548		Actelion Ltd		361
	295,013		Adecco S.A.		12,294
	8,302		Aryzta AG.		401
	4,952		Baloise Holding AG.		339
	100	*	Barry Callebaut AG.		98
	421,596		Compagnie Financiere Richemont S.A.		21,208
	720,902		Credit Suisse Group		16,897
	4,017		Geberit AG.		772
	795		Givaudan S.A.		755
	43,978	e	Glencore International AG.		269
	24,611		Holcim Ltd		1,312
	251,731		Julius Baer Group Ltd		9,806
	10,584		Julius Baer Holding AG.		115
	5,419		Kuehne & Nagel International AG.		607
	88		Lindt & Spruengli AG.		261
	11		Lindt & Spruengli AG. (Reg)		367
	35,370		Lonza Group AG.		2,084
	1,175,748		Nestle S.A.		67,515
	1,737,042		Novartis AG.		99,172
	2,654		Pargesa Holding S.A.		173
	703		Partners Group		122
	4,770		Phonak Holding AG.		497
	9,000	*	Rieter Holding AG.		1,348
	267,925		Roche Holding AG.		45,311
	2,590		Schindler Holding AG.		301
	1,205		Schindler Holding AG. (Reg)		140
	513		SGS S.A.		846
	109		Sika AG.		205
	66,181		STMicroelectronics NV		392
	790		Straumann Holding AG.		136
	1,331		Sulzer AG.		142
	3,353		Swatch Group AG.		1,248
	2,898		Swatch Group AG. Reg		192
	3,033		Swiss Life Holding		278

215

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	395,980		Swiss Re Ltd	$	20,132
	2,375		Swisscom AG.		898
	151,053		Syngenta AG.		44,388
	6,220	g	Synthes, Inc 144A		1,041
	432,900	*,e	Temenos Group AG.		7,067
	1,098,309	*	UBS AG. (Switzerland)		13,029
	24,684		Zurich Financial Services AG.		5,561
			TOTAL SWITZERLAND		381,287
TAIWAN - 0.3%
	1,000,000		Catcher Technology Co Ltd		4,631
	280,000		FLEXium Interconnect, Inc		749
	143,728	*,e	Foxconn International Holdings Ltd		92
	1,411,740		Hon Hai Precision Industry Co, Ltd		3,861
	1,265,000		King Slide Works Co Ltd		6,012
	3,030,250	*	Shining Building Business Co Ltd		2,237
	1,200,000		Taiwan Mobile Co Ltd		3,739
	400,000		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		5,164
	3,361,230		TSRC Corp		8,236
			TOTAL TAIWAN		34,721
THAILAND - 0.2%
	4,538,000		Bank of Ayudhya PCL - NVDR		3,159
	219,437		Banpu PCL		3,792
	4,227,800		Charoen Pokphand Foods PCL		4,416
	1,157,000		Kasikornbank PCL - NVDR		4,465
	1,701,654	*	PTT Global Chemical PCL		3,290
	533,000		PTT PCL		5,362
			TOTAL THAILAND		24,484
TURKEY - 0.0%
	500,000		Ford Otomotiv Sanayi AS		4,030
	200,000		Koza Altin Isletmeleri AS		2,651
	930,000		Tofas Turk Otomobil Fabrik		2,904
	1,025,936		Turk Telekomunikasyon AS		3,797
			TOTAL TURKEY		13,382
UKRAINE - 0.0%
	569,454	*	MHP S.A.		6,084
			TOTAL UKRAINE		6,084
UNITED KINGDOM - 8.6%
	97,170		3i Group plc		273
	14,718	*,e	Acergy S.A.		272
	19,583	e	Admiral Group plc		260
	2,400,000	*	Afren plc		3,193
	1,238,460	e	Aggreko plc		38,753
	17,785		AMEC plc		250
	679,271		Anglo American plc (London)		25,092
	1,195,734		Antofagasta plc		22,614
	71,390		ARM Holdings plc		659

216

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	108,406	*,e	ASOS plc	$	2,080
	288,854		Associated British Foods plc		4,962
	139,695		AstraZeneca plc		6,453
	1,122,234	*,e	Avanti Communications Group plc		5,036
	562,461		Aveva Group plc		12,504
	280,362		Aviva plc		1,304
	19,121		Babcock International Group		218
	345,275		BAE Systems plc		1,526
	70,675		Balfour Beatty plc		291
	14,754,672		Barclays plc		40,408
	3,665,255		BG Group plc		78,303
	453,350		BHP Billiton plc		13,254
	5,130,100	*,e	Blinkx plc		6,092
	4,826,113		BP plc		34,378
	502,579		British American Tobacco plc		23,843
	1,636,955		British Land Co plc		11,749
	60,602		British Sky Broadcasting plc		689
	8,743,660		BT Group plc		25,917
	317,589		Bunzl plc		4,358
	556,890		Burberry Group plc		10,240
	139,629	*	Cairn Energy plc		574
	32,731	e	Capita Group plc		319
	800,000		Carillion plc		3,733
	9,623		Carnival plc		317
	3,272,377		Centrica plc		14,698
	59,436		Cobham plc		169
	187,644		Compass Group plc		1,781
	578,044		Croda International plc		16,182
	1,502,280		Diageo plc		32,825
	190,900		Ensco International plc (ADR)		8,957
	258,858		Experian Group Ltd		3,519
	82,134		GKN plc		233
	1,158,427		GlaxoSmithKline plc		26,396
	134,681		Group 4 Securicor plc		568
	71,399		Hammerson plc		399
	6,958,720		HSBC Holdings plc		53,123
	54,352		ICAP plc		293
	1,886,021	*	Imagination Technologies Group plc		16,079
	240,000		IMI plc		2,833
	754,982		Imperial Tobacco Group plc		28,569
	24,049		Inmarsat plc		151
	27,240		Intercontinental Hotels Group plc		490
	73,361	*	International Consolidated Airlines		164
	413,037	e	International Power plc		2,160
	8,376		Intertek Group plc		265
	45,245		Invensys plc		148
	46,599		Investec plc		245
	196,802		ITV plc		208
	120,706	e	J Sainsbury plc		568
	11,423		Johnson Matthey plc		325
	11,451		Kazakhmys plc		165
	125,783		Kingfisher plc		489

217

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	76,673		Land Securities Group plc	$	756
	11,457,505		Legal & General Group plc		18,310
	52,427		Liberty International plc		254
	3,193,189	*	Lloyds TSB Group plc		1,283
	235,251		London Stock Exchange Group plc		2,893
	8,986		Lonmin plc		137
	180,279		Man Group plc		352
	84,373	e	Marks & Spencer Group plc		408
	41,144		Meggitt plc		225
	540,000		Mondi plc		3,815
	8,407,850	*	Monitise plc		3,917
	349,307		National Grid plc		3,376
	5,364,011		New Carphone Warehouse plc		25,714
	309,566		New World Resources plc (A Shares)		2,122
	363,078	e	Next plc		15,403
	541,673		Old Mutual plc		1,139
	1,340,712		Pearson plc		25,163
	23,541		Petrofac Ltd		527
	2,458,465		Prudential plc		24,324
	315,949		Reckitt Benckiser Group plc		15,583
	64,747		Reed Elsevier plc		521
	81,447		Resolution Ltd		317
	87,908		Rexam plc		481
	1,287,701		Rio Tinto plc		62,900
	79,600		Rio Tinto plc (ADR)		3,894
	1,228,459	*	Rockhopper Exploration plc		5,156
	1,416,040		Rolls-Royce Group plc		16,395
	344,768		Royal & Sun Alliance Insurance Group plc		563
	1,740,626	*	Royal Bank of Scotland Group plc		549
	70,698		SABMiller plc		2,485
	132,025		Sage Group plc		603
	11,782		Schroders plc		240
	93,533		Scottish & Southern Energy plc		1,872
	75,898		Segro plc		246
	49,706		Serco Group plc		366
	23,752	e	Severn Trent plc		551
	89,106		Smith & Nephew plc		865
	371,668		Smiths Group plc		5,275
	180,000		Spectris plc		3,597
	1,940,792		Standard Chartered plc		42,450
	226,307		Standard Life plc		725
	24,746		Tate & Lyle plc		271
	680,029		Tesco plc		4,255
	53,747	e	TUI Travel plc		139
	3,090,086		Tullow Oil plc		67,142
	191,900		Ultra Electronics Holdings		4,402
	433,801		Unilever plc		14,547
	3,631,384	*	Unitech Corporate Parks plc		1,459
	68,566		United Utilities Group plc		645
	91,991	e	Virgin Media, Inc		1,967
	19,216,748		Vodafone Group plc		53,577
	11,090	e	Weir Group plc		350

218

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	17,637		Whitbread plc	$	428
	900,000		William Hill plc		2,829
	215,049		WM Morrison Supermarkets plc		1,088
	846,283		Wolseley plc		27,991
	2,646,547		Xstrata plc		40,294
	2,471,170		Yule Catto & Co plc		6,305
			TOTAL UNITED KINGDOM		1,115,357
UNITED STATES - 52.6%
	56,058		3M Co		4,582
	77,500		A.O. Smith Corp		3,109
	600,942		Abbott Laboratories		33,791
	40,084		Abercrombie & Fitch Co (Class A)		1,958
	440,610		ACE Ltd		30,896
	443,441		Activision Blizzard, Inc		5,463
	233,738	*	Adobe Systems, Inc		6,608
	72,886		Advance Auto Parts, Inc		5,075
	15,894	*	Advanced Micro Devices, Inc		86
	51,431	*	AES Corp		609
	178,276		Aetna, Inc		7,521
	253,618		Aflac, Inc		10,972
	17,303	*	AGCO Corp		744
	155,891	*	Agilent Technologies, Inc		5,445
	13,907		Air Products & Chemicals, Inc		1,185
	14,466		Airgas, Inc		1,130
	4,927	*	Akamai Technologies, Inc		159
	28,789		Alcoa, Inc		249
	40,545	*	Alexion Pharmaceuticals, Inc		2,899
	2,644		Allegheny Technologies, Inc		126
	256,256		Allergan, Inc		22,484
	198,563	*,e	Alliance Data Systems Corp		20,619
	49,318		Alliant Energy Corp		2,175
	19,380		Allied World Assurance Co Holdings Ltd		1,220
	125,456		Allstate Corp		3,439
	53,596	*	Alpha Natural Resources, Inc		1,095
	8,633		Altera Corp		320
	541,708		Altria Group, Inc		16,062
	117,066	*	Amazon.com, Inc		20,264
	23,033		AMB Property Corp		659
	41,735		Ameren Corp		1,383
	33,360		American Electric Power Co, Inc		1,378
	77,498		American Express Co		3,656
	83,000		American Financial Group, Inc		3,062
	12,830	*	American International Group, Inc		298
	155,878	*	American Tower Corp (Class A)		9,354
	216,770		American Water Works Co, Inc		6,906
	42,441		Ameriprise Financial, Inc		2,107
	518,509		AmerisourceBergen Corp		19,283
	35,424		Ametek, Inc		1,491
	462,981		Amgen, Inc		29,728
	13,521		Amphenol Corp (Class A)		614
	377,080		Anadarko Petroleum Corp		28,783

219

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	86,208		Analog Devices, Inc	$	3,085
	406,813		Annaly Capital Management, Inc		6,493
	97,925		AON Corp		4,583
	373,450		Apache Corp		33,827
	41,007	*,e	Apollo Group, Inc (Class A)		2,209
	807,926	*	Apple, Inc		327,209
	97,827		Applied Materials, Inc		1,048
	212,282	*	Arch Capital Group Ltd		7,903
	5,374		Arch Coal, Inc		78
	90,868		Archer Daniels Midland Co		2,599
	118,280	*	Arrow Electronics, Inc		4,425
	348,891		Ashland, Inc		19,943
	129,456		Assurant, Inc		5,315
	3,111,296		AT&T, Inc		94,085
	26,276	*	Autodesk, Inc		797
	113,655	e	Autoliv, Inc		6,079
	125,537		Automatic Data Processing, Inc		6,780
	28,615	*	Autozone, Inc		9,299
	474,692		Avago Technologies Ltd		13,700
	25,480	e	AvalonBay Communities, Inc		3,328
	2,715		Avery Dennison Corp		78
	19,693	*	Avnet, Inc		612
	33,196		Avon Products, Inc		580
	453,506		Axis Capital Holdings Ltd		14,494
	53,799	*	Babcock & Wilcox Co		1,299
	404,166		Baker Hughes, Inc		19,659
	149,967		Ball Corp		5,355
	1,217,187		Bank of America Corp		6,768
	54,726		Bank of New York Mellon Corp		1,090
	2,573		Bard (C.R.), Inc		220
	513,486		Baxter International, Inc		25,408
	115,834		BB&T Corp		2,916
	17,890		Beam, Inc		917
	27,326		Becton Dickinson & Co		2,042
	228,213	*	Bed Bath & Beyond, Inc		13,230
	70,121	*	Berkshire Hathaway, Inc (Class B)		5,350
	131,898		Best Buy Co, Inc		3,082
	45,078	*	Biogen Idec, Inc		4,961
	28,542		BlackRock, Inc		5,087
	258,654		Blackstone Group LP		3,624
	199,734	*	BMC Software, Inc		6,547
	583,377		Boeing Co		42,792
	51,975	*,e	BorgWarner, Inc		3,313
	125,997		Boston Properties, Inc		12,549
	119,466	*	Boston Scientific Corp		638
	25,000		Brinker International, Inc		669
	284,722		Bristol-Myers Squibb Co		10,034
	85,432		Broadcom Corp (Class A)		2,508
	85,813	e	Brookfield Office Properties, Inc (Toronto)		1,345
	10,752		Brown-Forman Corp (Class B)		866
	3,911		Bunge Ltd		224
	253,325		CA, Inc		5,121

220

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	108,404		Cablevision Systems Corp (Class A)	$	1,542
	59,842		Cabot Oil & Gas Corp		4,542
	97,000	*	CACI International, Inc (Class A)		5,424
	40,586	*	Calpine Corp		663
	131,670	*	Cameron International Corp		6,477
	5,368		Campbell Soup Co		178
	240,698		Capital One Financial Corp		10,179
	171,348		Cardinal Health, Inc		6,958
	199,524	*	CareFusion Corp		5,070
	6,210	*	Carmax, Inc		189
	12,536		Carnival Corp		409
	191,102		Caterpillar, Inc		17,314
	18,019	*	CBRE Group, Inc		274
	715,111		CBS Corp (Class B)		19,408
	133,645		Celanese Corp (Series A)		5,916
	517,508	*	Celgene Corp		34,984
	1,595,370		Centerpoint Energy, Inc		32,052
	203,462		CenturyTel, Inc		7,569
	78,764	*	Cerner Corp		4,824
	117,683		CF Industries Holdings, Inc		17,062
	4,573		CH Robinson Worldwide, Inc		319
	130,000	*	Charles River Laboratories International, Inc		3,553
	58,548		Charles Schwab Corp		659
	18,391		Chesapeake Energy Corp		410
	1,080,538		Chevron Corp		114,969
	1,884,013	e	Chimera Investment Corp		4,729
	902	*	Chipotle Mexican Grill, Inc (Class A)		305
	220,978		Chubb Corp		15,296
	333,210		Church & Dwight Co, Inc		15,248
	151,148		Cigna Corp		6,348
	2,317		Cimarex Energy Co		143
	8,172		Cincinnati Financial Corp		249
	3,365		Cintas Corp		117
	3,664,632		Cisco Systems, Inc		66,257
	99,362	*	CIT Group, Inc		3,465
	1,576,250		Citigroup, Inc		41,471
	40,913	*	Citrix Systems, Inc		2,484
	60,000	*	Clean Harbors, Inc		3,824
	178,131		Cleveland-Cliffs, Inc		11,106
	35,507		Clorox Co		2,363
	3,733		CME Group, Inc		910
	80,000		Coach, Inc		4,883
	95,000	*	Cobalt International Energy, Inc		1,474
	1,141,133		Coca-Cola Co		79,845
	526,186		Coca-Cola Enterprises, Inc		13,565
	8,212	*	Cognizant Technology Solutions Corp (Class A)		528
	99,879		Colgate-Palmolive Co		9,228
	686,547		Comcast Corp (Class A)		16,278
	86,490	e	Comcast Corp (Special Class A)		2,038
	15,316		Comerica, Inc		395
	104,100		Computer Sciences Corp		2,467
	99,814		ConAgra Foods, Inc		2,635

221

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	172,892	*	Concho Resources, Inc	$	16,209
	331,949		ConocoPhillips		24,189
	224,734		Consol Energy, Inc		8,248
	90,424		Consolidated Edison, Inc		5,609
	5,580	*	Constellation Brands, Inc (Class A)		115
	252,756	e	Constellation Energy Group, Inc		10,027
	24,220	*,e	Continental Resources, Inc		1,616
	119,116		Cooper Industries plc		6,450
	214,354		Corn Products International, Inc		11,273
	118,595		Corning, Inc		1,539
	227,006		Costco Wholesale Corp		18,914
	4,822	*	Covance, Inc		220
	111,648	*	Coventry Health Care, Inc		3,391
	189,656		Covidien plc		8,536
	2,912	*	Cree, Inc		64
	45,869	*	Crown Castle International Corp		2,055
	563,911	*	Crown Holdings, Inc		18,937
	333,861		CSX Corp		7,031
	110,355		Cummins, Inc		9,713
	1,038,324		CVS Corp		42,343
	347,795		Cytec Industries, Inc		15,529
	893,031	*	Dana Holding Corp		10,850
	692,302		Danaher Corp		32,566
	112,708		Darden Restaurants, Inc		5,137
	200,829	*	DaVita, Inc		15,225
	53,665		Deere & Co		4,151
	941,305	*	Dell, Inc		13,771
	29,357	*	Delta Air Lines, Inc		237
	808,303	*	Denbury Resources, Inc		12,205
	25,929		Dentsply International, Inc		907
	30,114		Devon Energy Corp		1,867
	1,924		DeVry, Inc		74
	12,496	e	Diamond Offshore Drilling, Inc		691
	60,000		Dick’s Sporting Goods, Inc		2,213
	10,709	e	Digital Realty Trust, Inc		714
	97,385	e	Dillard’s, Inc (Class A)		4,371
	475,693	*	DIRECTV		20,341
	669,472		Discover Financial Services		16,067
	456,516	*	Discovery Communications, Inc (Class A)		18,703
	6,549	*	Discovery Communications, Inc (Class C)		247
	730,564		DISH Network Corp (Class A)		20,806
	1,493	*	Dolby Laboratories, Inc (Class A)		46
	72,566	*	Dollar General Corp		2,985
	57,191	*	Dollar Tree, Inc		4,753
	84,571		Dominion Resources, Inc		4,489
	22,880		Domtar Corp		1,829
	29,242		Dover Corp		1,697
	1,373,542		Dow Chemical Co		39,504
	419,768		DR Horton, Inc		5,293
	86,452		Dr Pepper Snapple Group, Inc		3,413
	113,747	e	DSW, Inc (Class A)		5,029
	52,813		DTE Energy Co		2,876

222

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	189,817		Du Pont (E.I.) de Nemours & Co	$	8,690
	109,656		Duke Energy Corp		2,412
	15,033		Duke Realty Corp		181
	1,421		Dun & Bradstreet Corp		106
	118,980	*	E*Trade Financial Corp		947
	93,999		East West Bancorp, Inc		1,856
	116,677		Eastman Chemical Co		4,557
	8,803		Eaton Corp		383
	3,220	e	Eaton Vance Corp		76
	747,122	*	eBay, Inc		22,660
	353,508		Ecolab, Inc		20,436
	40,730		Edison International		1,686
	236,158	*	Edwards Lifesciences Corp		16,697
	521,741		El Paso Corp		13,863
	215,065	*	Electronic Arts, Inc		4,430
	201,434		Eli Lilly & Co		8,372
	901,080	*	EMC Corp		19,409
	103,872		Emerson Electric Co		4,839
	2,036		Energen Corp		102
	125,238	*	Energizer Holdings, Inc		9,703
	14,504		Entergy Corp		1,060
	79,636		EOG Resources, Inc		7,845
	3,390		Equifax, Inc		131
	38,650		Equitable Resources, Inc		2,118
	21,739		Equity Residential		1,240
	14,500	e	Essex Property Trust, Inc		2,037
	86,224		Estee Lauder Cos (Class A)		9,685
	52,762		Everest Re Group Ltd		4,437
	932,983		Exelon Corp		40,463
	32,530		Expedia, Inc		944
	26,848		Expeditors International Washington, Inc		1,100
	120,000	*	Express Parent LLC		2,393
	192,411	*	Express Scripts, Inc		8,599
	2,019,625		Exxon Mobil Corp		171,183
	2,150	*	F5 Networks, Inc		228
	210,400	*	Fairchild Semiconductor International, Inc		2,533
	36,717		Family Dollar Stores, Inc		2,117
	36,616		Fastenal Co		1,597
	109,074	*	Federal Mogul Corp (Class A)		1,609
	21,546		Federal Realty Investment Trust		1,955
	101,546		FedEx Corp		8,480
	515,625	*	Ferro Corp		2,521
	17,434		Fidelity National Information Services, Inc		464
	116,495		Fidelity National Title Group, Inc (Class A)		1,856
	386,222		Fifth Third Bancorp		4,913
	330,000		First Horizon National Corp		2,640
	1,491	*,e	First Solar, Inc		50
	112,598		FirstEnergy Corp		4,988
	27,149	*	Fiserv, Inc		1,595
	4,328		Flir Systems, Inc		109
	4,467		Flowserve Corp		444
	69,640		Fluor Corp		3,499

223

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY		VALUE (000)
	1,969		FMC Corp		$	169
	149,800	*	FMC Technologies, Inc			7,824
	200,000		Foot Locker, Inc			4,768
	1,627,424	*	Ford Motor Co			17,511
	90,174	*	Forest Laboratories, Inc			2,729
	6,930	*	Fossil, Inc			550
	62,413		Franklin Resources, Inc			5,995
	746,259		Freeport-McMoRan Copper & Gold, Inc (Class B)			27,455
	58,132		Frontier Communications Corp			299
	312,115	*,e	GameStop Corp (Class A)			7,531
	32,031		Gap, Inc	��		594
	48,765	e	Garmin Ltd			1,941
	21,824		General Dynamics Corp			1,449
	3,737,103		General Electric Co			66,932
	11,624		General Growth Properties, Inc			175
	485,986		General Mills, Inc			19,639
	4,461,000	*	General Motors Co			0	^
	18,106,794	*,e	General Motors Co			0	^
	69,850,000	*	General Motors Co			0	^
	19,417,463	*	General Motors Co			0	^
	200,527	*	General Motors Co			4,065
	13,592,224	*	General Motors Co			0	^
	26,439,985	*	General Motors Co			0	^
	29,845,445	*	General Motors Co			0	^
	530,757	*	General Motors Co			0	^
	18,159,000	*	General Motors Co			0	^
	61,921,000	*,e	General Motors Co			0	^
	30,573		Genuine Parts Co			1,871
	64,223	*	Genworth Financial, Inc (Class A)			421
	97,175	*	Georgia Gulf Corp			1,894
	2,223,261	*	Gilead Sciences, Inc			90,998
	361,917		Goldman Sachs Group, Inc			32,728
	191,275		Goodrich Corp			23,661
	32,038	*	Goodyear Tire & Rubber Co			454
	189,571	*	Google, Inc (Class A)			122,444
	3,499	*,e	Green Mountain Coffee Roasters, Inc			157
	200,000	*,e	GT Solar International, Inc			1,448
	120,561		H&R Block, Inc			1,969
	1		H.B. Fuller Co			0	^
	149,823		H.J. Heinz Co			8,096
	274,297		Halliburton Co			9,466
	22,437		Hansen Natural Corp			2,067
	6,496		Harley-Davidson, Inc			252
	3,342		Harris Corp			120
	11,488		Hartford Financial Services Group, Inc			187
	9,743		Hasbro, Inc			311
	4,938	*	HCA Holdings, Inc			109
	22,479		HCP, Inc			931
	5,262		Health Care REIT, Inc			287
	322,265	*	Healthsouth Corp			5,694
	39,877		Helmerich & Payne, Inc			2,327
	2,468	*	Henry Schein, Inc			159

224

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	173,651		Herbalife Ltd	$	8,973
	71,295		Hershey Co		4,405
	7,733	*	Hertz Global Holdings, Inc		91
	83,548		Hess Corp		4,746
	2,177,976		Hewlett-Packard Co		56,105
	43,515		Holly Corp		1,018
	345,905	*	Hologic, Inc		6,057
	456,148		Home Depot, Inc		19,176
	1,045,332		Honeywell International, Inc		56,815
	60,227		Hormel Foods Corp		1,764
	183,337	*	Hospira, Inc		5,568
	191,107		Host Marriott Corp		2,823
	38,641		Hudson City Bancorp, Inc		242
	145,994		Humana, Inc		12,791
	2,998,812		Huntington Bancshares, Inc		16,463
	1,501	*	Huntington Ingalls		47
	440,000		Huntsman Corp		4,400
	296,783		IAC/InterActiveCorp		12,643
	1,221	*	IHS, Inc (Class A)		105
	112,519		Illinois Tool Works, Inc		5,256
	3,592	*	Illumina, Inc		109
	19,191		Ingersoll-Rand plc		585
	2,116		Integrys Energy Group, Inc		115
	1,877,821		Intel Corp		45,537
	167,345	*	IntercontinentalExchange, Inc		20,173
	528,439		International Business Machines Corp		97,168
	2,184		International Flavors & Fragrances, Inc		114
	24,215		International Game Technology		416
	75,280		International Paper Co		2,228
	1,080,988		Interpublic Group of Cos, Inc		10,518
	110,800		Intuit, Inc		5,827
	10,151	*	Intuitive Surgical, Inc		4,700
	79,193		Invesco Ltd		1,591
	4,980		Iron Mountain, Inc		153
	378,000	e	iShares MSCI Canada Index Fund		10,055
	1,650,500		iShares MSCI EAFE Index Fund		81,750
	2,790,261	e	iShares MSCI Japan Index Fund		25,419
	20,500	*,e	ITT Educational Services, Inc		1,166
	27,403		J.B. Hunt Transport Services, Inc		1,235
	30,544		J.M. Smucker Co		2,388
	291,750		Jabil Circuit, Inc		5,736
	9,560	*	Jacobs Engineering Group, Inc		388
	683,900		Janus Capital Group, Inc		4,315
	817,661		Jarden Corp		24,432
	4,802		JC Penney Co, Inc		169
	524,429		Johnson & Johnson		34,392
	196,899		Johnson Controls, Inc		6,155
	113,773		Joy Global, Inc		8,530
	1,423,273	e	JPMorgan Chase & Co		47,324
	580,370	*	Juniper Networks, Inc		11,845
	70,855	*	Kansas City Southern Industries, Inc		4,819
	519,033		KBR, Inc		14,466

225

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	32,723		Kellogg Co	$	1,655
	50,000		Kennametal, Inc		1,826
	204,347		Keycorp		1,571
	58,204		Kimberly-Clark Corp		4,281
	22,373	e	Kimco Realty Corp		363
	2,421	*,e	Kinder Morgan Management LLC		190
	62,187	e	Kinder Morgan, Inc		2,001
	112,554		Kla-Tencor Corp		5,431
	145,190		Kohl’s Corp		7,165
	1,031,298		Kraft Foods, Inc (Class A)		38,528
	522,385		Kroger Co		12,652
	13,653		L-3 Communications Holdings, Inc		910
	2,840	*	Laboratory Corp of America Holdings		244
	49,215	*	Lam Research Corp		1,822
	258,138	*	Laredo Petroleum Holdings, Inc		5,756
	410,241	*	Las Vegas Sands Corp		17,530
	127,268		Lear Corp		5,065
	3,992		Legg Mason, Inc		96
	19,215		Leggett & Platt, Inc		443
	5,557		Leucadia National Corp		126
	4,390	*	Level 3 Communications, Inc		75
	123,180		Lexmark International, Inc (Class A)		4,074
	43,822	*	Liberty Global, Inc (Class A)		1,798
	5,897	*	Liberty Global, Inc (Series C)		233
	13,987	*	Liberty Interactive LLC		1,092
	189,313	*	Liberty Media Holding Corp (Interactive A)		3,070
	7,730	e	Liberty Property Trust		239
	246,508	*	Life Technologies Corp		9,592
	503,216		Limited Brands, Inc		20,305
	70,033		Lincoln National Corp		1,360
	6,177		Linear Technology Corp		185
	66,531		Lockheed Martin Corp		5,382
	19,158		Loews Corp		721
	312,526		Lorillard, Inc		35,628
	98,395		Lowe’s Companies, Inc		2,497
	16,443	*	LSI Logic Corp		98
	52,481		LyondellBasell Industries AF S.C.A		1,705
	3,070		M&T Bank Corp		234
	7,432		Macerich Co		376
	581,212		Macy’s, Inc		18,703
	1	*	Madison Square Garden, Inc		0	^
	2,230		Manpower, Inc		80
	233,332		Marathon Oil Corp		6,830
	81,600		Marathon Petroleum Corp		2,716
	7,707		Marriott International, Inc (Class A)		225
	334,332		Marsh & McLennan Cos, Inc		10,572
	1,300	e	Martin Marietta Materials, Inc		98
	1,513,788	*,e	Marvell Technology Group Ltd		20,966
	1,261,331		Masco Corp		13,219
	61,706		Mastercard, Inc (Class A)		23,005
	9,501		Mattel, Inc		264
	188,254		Maxim Integrated Products, Inc		4,902

226

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	3,250		McCormick & Co, Inc	$	164
	198,317	*	McDermott International, Inc		2,283
	284,338		McDonald’s Corp		28,528
	169,857		McGraw-Hill Cos, Inc		7,638
	97,509		McKesson Corp		7,597
	10,095		MDU Resources Group, Inc		217
	172,509		Mead Johnson Nutrition Co		11,857
	63,182		MeadWestvaco Corp		1,892
	66,836	*	Medco Health Solutions, Inc		3,736
	85,867		Medtronic, Inc		3,284
	737,630		Merck & Co, Inc		27,809
	778,502		Metlife, Inc		24,274
	7,242	*	MetroPCS Communications, Inc		63
	9,321	*	MGM Mirage		97
	5,210	e	Microchip Technology, Inc		191
	1,238,061	*	Micron Technology, Inc		7,787
	3,567,443		Microsoft Corp		92,611
	41,735	*	Mohawk Industries, Inc		2,498
	4,518		Molson Coors Brewing Co (Class B)		197
	289,649		Monsanto Co		20,296
	60,889		Moody’s Corp		2,051
	95,095		Morgan Stanley		1,439
	62,348		Mosaic Co		3,144
	341,604	*	Motorola Mobility Holdings, Inc		13,254
	49,193		Motorola, Inc		2,277
	12,047		Murphy Oil Corp		671
	616,944	*,e	Mylan Laboratories, Inc		13,240
	21,734	*	Nabors Industries Ltd		377
	39,718	*	Nasdaq Stock Market, Inc		973
	175,776		National Oilwell Varco, Inc		11,951
	200,000	*	NCR Corp		3,292
	27,723	*	NetApp, Inc		1,006
	1,438	*	NetFlix, Inc		100
	50,000	*	NeuStar, Inc (Class A)		1,709
	26,055		New York Community Bancorp, Inc		322
	7,898		Newell Rubbermaid, Inc		128
	3,684	*	Newfield Exploration Co		139
	13,447		Newmont Mining Corp		807
	49,991		News Corp (Class A)		892
	12,007	e	News Corp (Class B)		218
	29,364		NextEra Energy, Inc		1,788
	31,422	*	Nielsen Holdings NV		933
	391,638	*	NII Holdings, Inc (Class B)		8,342
	188,998		Nike, Inc (Class B)		18,214
	140,667		NiSource, Inc		3,349
	80,304		Noble Corp		2,427
	137,672		Noble Energy, Inc		12,995
	188,929		Nordstrom, Inc		9,392
	179,598		Norfolk Southern Corp		13,086
	55,816		Northeast Utilities		2,013
	11,059		Northern Trust Corp		439
	45,486		Northrop Grumman Corp		2,660

227

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	590,972	*	NRG Energy, Inc	$	10,707
	13,407		NSTAR		630
	212,185	e	Nu Skin Enterprises, Inc (Class A)		10,306
	440,052	*	Nuance Communications, Inc		11,072
	8,658		Nucor Corp		343
	16,083	*	Nvidia Corp		223
	9,180	*	NVR, Inc		6,297
	7,096		NYSE Euronext		185
	897,476		Occidental Petroleum Corp		84,094
	3,249		Omnicare, Inc		112
	35,231		Omnicom Group, Inc		1,571
	32,584		Oneok, Inc		2,825
	3,241,452		Oracle Corp		83,143
	2,303		Oracle Corp Japan		76
	57	*	Orchard Supply Hardware Stores Corp		0	^
	57		Orchard Supply Hardware Stores Corp (Class A)		0	^
	68,275	*	O’Reilly Automotive, Inc		5,459
	623,543	*	Orient-Express Hotels Ltd (Class A)		4,658
	9,747	*	Owens-Illinois, Inc		189
	414,326		Paccar, Inc		15,525
	53,930		Pall Corp		3,082
	8,750	*	Panera Bread Co (Class A)		1,238
	77,704		Parker Hannifin Corp		5,925
	147,522		PartnerRe Ltd		9,472
	9,122		Patterson Cos, Inc		269
	15,942		Paychex, Inc		480
	50,786		Peabody Energy Corp		1,682
	10,459		Pentair, Inc		348
	113,298		People’s United Financial, Inc		1,456
	103,609		Pepco Holdings, Inc		2,103
	889,501		PepsiCo, Inc		59,018
	223,957		PerkinElmer, Inc		4,479
	83,882		Perrigo Co		8,162
	268,274		Petsmart, Inc		13,760
	6,570,594		Pfizer, Inc		142,187
	146,288		PG&E Corp		6,030
	1,803	*	Pharmasset, Inc		231
	1,308,567		Philip Morris International, Inc		102,696
	44,721	e	Pinnacle West Capital Corp		2,155
	2,914		Pioneer Natural Resources Co		261
	16,739	e	Pitney Bowes, Inc		310
	53,426	*	Plains Exploration & Production Co		1,962
	13,071	e	Plum Creek Timber Co, Inc		478
	267,681		PNC Financial Services Group, Inc		15,437
	99,992		PPG Industries, Inc		8,348
	208,628		PPL Corp		6,138
	59,441		Praxair, Inc		6,354
	139,945		Precision Castparts Corp		23,062
	18,578	*	Priceline.com, Inc		8,689
	105,148		Principal Financial Group		2,587
	696,692		Procter & Gamble Co		46,477
	96,969	e	Progress Energy, Inc		5,432
	16,912		Progressive Corp		330

228

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	774,562		Prudential Financial, Inc	$	38,821
	111,553	*	PSS World Medical, Inc		2,698
	381,059		Public Service Enterprise Group, Inc		12,579
	35,161		Public Storage, Inc		4,728
	769,360	*	Pulte Homes, Inc		4,855
	918,014		Qualcomm, Inc		50,215
	27,699	*	Quanta Services, Inc		597
	4,330		Quest Diagnostics, Inc		251
	97,372		Questar Corp		1,934
	13,461		Questar Market Resources, Inc		394
	5,278	e	R.R. Donnelley & Sons Co		76
	30,530	e	RadioShack Corp		296
	116,745	*	Ralcorp Holdings, Inc		9,982
	15,971		Ralph Lauren Corp		2,205
	12,039		Range Resources Corp		746
	44,691	e	Rayonier, Inc		1,995
	25,883		Raytheon Co		1,252
	40,006	*	Red Hat, Inc		1,652
	5,964		Regency Centers Corp		224
	33,939		Regions Financial Corp		146
	194,529		RenaissanceRe Holdings Ltd		14,467
	582,730		Republic Services, Inc		16,054
	155,323		Reynolds American, Inc		6,433
	3,801		Robert Half International, Inc		108
	1,944		Rock-Tenn Co (Class A)		112
	13,096		Rockwell Automation, Inc		961
	246,444		Rockwell Collins, Inc		13,646
	65,000	*	Rockwood Holdings, Inc		2,559
	117,969		Roper Industries, Inc		10,248
	238,810		Ross Stores, Inc		11,351
	198,767	*	Rowan Cos, Inc		6,029
	22,481		Royal Caribbean Cruises Ltd		557
	9,888		Safeway, Inc		208
	8,462	*	SAIC, Inc		104
	3,403	*	Salesforce.com, Inc		345
	358,225	*	SanDisk Corp		17,628
	135,151		Sara Lee Corp		2,557
	10,008	*	SBA Communications Corp (Class A)		430
	8,730	e	SCANA Corp		393
	796,744		Schlumberger Ltd		54,425
	399,803		Scripps Networks Interactive (Class A)		16,960
	13,880	*	SEACOR Holdings, Inc		1,235
	147,221		Seagate Technology, Inc		2,414
	4,428		Sealed Air Corp		76
	1,255	*,e	Sears Holdings Corp		40
	3,935		SEI Investments Co		68
	241,436		Sempra Energy		13,279
	101,074	*	Sensata Technologies Holding BV		2,656
	300,000		Service Corp International		3,194
	18,784		Sherwin-Williams Co		1,677
	10,339		Sigma-Aldrich Corp		646
	246,784		Simon Property Group, Inc		31,820

229

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	101,861	*,e	Sirius XM Radio, Inc	$	185
	10,907	e	SL Green Realty Corp		727
	61,792		SLM Corp		828
	433,107	*	Smithfield Foods, Inc		10,516
	57,262		Sotheby’s (Class A)		1,634
	351,051		Southern Co		16,250
	5,925		Southwest Airlines Co		51
	91,718	*	Southwestern Energy Co		2,929
	1,892,000		SPDR Trust Series 1		237,447
	49,109		Spectra Energy Corp		1,510
	94,201	*	Spirit Aerosystems Holdings, Inc (Class A)		1,957
	733,128	*	Sprint Nextel Corp		1,716
	1,468		SPX Corp		88
	22,371		St. Jude Medical, Inc		767
	104,282		Stanley Works		7,049
	947,526		Staples, Inc		13,161
	369,282		Starbucks Corp		16,991
	59,907		Starwood Hotels & Resorts Worldwide, Inc		2,874
	129,254		State Street Corp		5,210
	25,045	*	Stericycle, Inc		1,952
	98,992		Stryker Corp		4,921
	3,238		Sunoco, Inc		133
	14,380		SunTrust Banks, Inc		255
	56,800	e	Supervalu, Inc		461
	1,034,202	*	Symantec Corp		16,185
	18,943	*	Synopsys, Inc		515
	16,174		Sysco Corp		474
	9,028		T Rowe Price Group, Inc		514
	968,501		Target Corp		49,608
	42,866		Taubman Centers, Inc		2,662
	61,679		TD Ameritrade Holding Corp		965
	46,455	*	Teradata Corp		2,254
	173,900	*	Teradyne, Inc		2,370
	540,554		Texas Instruments, Inc		15,736
	273,352		Textron, Inc		5,054
	305,337	*	Thermo Electron Corp		13,731
	32,518		Tiffany & Co		2,155
	168,641		Time Warner Cable, Inc		10,721
	48,991		Time Warner, Inc		1,771
	106,233		Timken Co		4,112
	256,018		TJX Companies, Inc		16,526
	52,656	*	Toll Brothers, Inc		1,075
	101,626	e	TonenGeneral Sekiyu KK		1,108
	44,284		Torchmark Corp		1,921
	83,622		Total System Services, Inc		1,636
	17,754		Transocean Ltd		683
	106,143		Transocean Ltd		4,075
	26,459		Travelers Cos, Inc		1,566
	55,000		Trinity Industries, Inc		1,653
	29,750	*	TripAdvisor, Inc		750
	202,275	*	TRW Automotive Holdings Corp		6,594
	77,311		Tupperware Corp		4,327

230

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	83,111		Tyco Electronics Ltd	$	2,561
	1,065,204		Tyco International Ltd		49,756
	162,198		Tyson Foods, Inc (Class A)		3,348
	321,186	*	UAL Corp		6,062
	11,897	*	Ultra Petroleum Corp		353
	297,598		Union Pacific Corp		31,527
	365,107		United Parcel Service, Inc (Class B)		26,722
	4,153	e	United States Steel Corp		110
	111,753		United Technologies Corp		8,168
	1,887,394		UnitedHealth Group, Inc		95,654
	213,308		UnumProvident Corp		4,494
	4,246	*	Urban Outfitters, Inc		117
	43,230	*	URS Corp		1,518
	1,556,382		US Bancorp		42,100
	156,177		Valero Energy Corp		3,288
	173,454	*	Vanda Pharmaceuticals, Inc		826
	3,403	*	Varian Medical Systems, Inc		228
	57,410	e	Ventas, Inc		3,165
	30,000	*	VeriFone Systems, Inc		1,066
	4,518		VeriSign, Inc		161
	48,009	*	Verisk Analytics, Inc		1,927
	1,251,995		Verizon Communications, Inc		50,229
	5,644	*	Vertex Pharmaceuticals, Inc		187
	28,555		VF Corp		3,626
	850,375		Viacom, Inc (Class B)		38,616
	199,830		Visa, Inc (Class A)		20,289
	200,000	*	Vishay Intertechnology, Inc		1,798
	489,900	*	Visteon Corp		24,466
	221,526	*	VMware, Inc (Class A)		18,429
	74,719		Vornado Realty Trust		5,743
	3,510	e	Vulcan Materials Co		138
	35,424		W.R. Berkley Corp		1,218
	16,722		W.W. Grainger, Inc		3,130
	92,217	*	WABCO Holdings, Inc		4,002
	65,728	e	Walgreen Co		2,173
	496,678		Wal-Mart Stores, Inc		29,681
	647,446		Walt Disney Co		24,279
	1,479,847		Walter Energy, Inc		89,620
	199,002	*	Warner Chilcott plc		3,011
	145	e	Washington Post Co (Class B)		55
	12,335		Waste Management, Inc		403
	11,932	*	Waters Corp		884
	623,764	*	Watson Pharmaceuticals, Inc		37,638
	54,594	*	Weatherford International Ltd		799
	20,380	*	WellCare Health Plans, Inc		1,070
	287,232		WellPoint, Inc		19,029
	3,829,871		Wells Fargo & Co		105,552
	130,715	*	Western Digital Corp		4,046
	452,328		Western Union Co		8,260
	23,000		Westinghouse Air Brake Technologies Corp		1,609
	176,757	*	Westway Group, Inc		990
	14,864	e	Weyerhaeuser Co		278

231

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	49,378		Whirlpool Corp	$	2,343
	3,154	*	Whiting Petroleum Corp		147
	69,481		Whole Foods Market, Inc		4,834
	398,560		Williams Cos, Inc		13,160
	145,300		Williams-Sonoma, Inc		5,594
	21,618		Willis Group Holdings plc		839
	39,602		Windstream Corp		465
	78,660		Wisconsin Energy Corp		2,750
	429,604	*	WR Grace & Co		19,727
	150,000		Wyndham Worldwide Corp		5,675
	20,256	e	Wynn Resorts Ltd		2,238
	503,464		Xcel Energy, Inc		13,916
	797,994		Xerox Corp		6,352
	7,386		Xilinx, Inc		237
	13,154		Xylem, Inc		338
	530,491	*	Yahoo!, Inc		8,557
	355,450		Yum! Brands, Inc		20,975
	36,958	*	Zimmer Holdings, Inc		1,974
			TOTAL UNITED STATES		6,921,829
			TOTAL COMMON STOCKS		13,037,075
			(Cost $13,074,942)
RIGHTS / WARRANTS - 0.0%
AUSTRALIA - 0.0%
	681,005	m	GPT Group		0	^
			TOTAL AUSTRALIA		0	^
FRANCE - 0.0%
	59,520		Sanofi-Aventis S.A.		71
			TOTAL FRANCE		71
MALAYSIA - 0.0%
	51,780	*	IJM Land BHD - CW13		15
			TOTAL MALAYSIA		15
			TOTAL RIGHTS / WARRANTS		86
			(Cost $152)

232

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

PRINCIPAL			ISSUER		RATE		MATURITY DATE	VALUE (000)
SHORT-TERM INVESTMENTS - 5.5%
GOVERNMENT AGENCY DEBT - 0.1%
	$    15,000,000		Federal Home Loan Bank (FHLB)		0.008	%	02/24/12	$	15,000
			TOTAL GOVERNMENT AGENCY DEBT						15,000
TREASURY DEBT - 0.6%
	15,250,000		United States Treasury Bill		0.024		03/29/12		15,249
	20,000,000		United States Treasury Bill		0.015		04/05/12		19,999
	19,800,000		United States Treasury Bill	0.012-0.023			05/03/12		19,798
	7,900,000		United States Treasury Bill		0.026		05/17/12		7,899
	600,000		United States Treasury Bill		0.031		05/31/12		600
	21,000,000		United States Treasury Bill		0.033		06/14/12		20,996
			TOTAL TREASURY DEBT						84,541
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 4.8%
REPURCHASE AGREEMENTS - 4.1%
	55,000,000	o	BNP		0.020		01/03/12		55,000
	200,000,000	p	Calyon		0.030		01/03/12		200,000
	90,000,000	q	Deutsche Bank		0.000		01/03/12		90,000
	49,000,000	r	Morgan Stanley		0.030		01/03/12		49,000
	97,000,000	s	Royal Bank of Scotland		0.030		01/03/12		97,000
	49,000,000	t	Societe Generale		0.030		01/03/12		49,000
			TOTAL REPURCHASE AGREEMENTS						540,000
VARIABLE RATE SECURITY - 0.7%
	11,000,000		American Express Credit Account Master		0.580		10/15/12		11,024
	9,000,000		Chase Issuance Trust 2007		0.640		06/15/12		8,997
	2,910,157		Granite Master Issuer plc 2006		0.610		12/20/50		2,779
	2,494,419		Granite Master Issuer plc 2007		0.540		12/20/50		2,382
	1,473,077		Medallion Trust Series 2005		0.650		08/22/36		1,428
	4,943,061		Nelnet Student Loan Trust 2006		0.650		11/23/18		4,936
	2,506,431		Nelnet Student Loan Trust 2007		0.820		09/25/18		2,500
	12,500,000		Permanent Master Issuer plc		0.860		10/15/33		12,494
	2,821,720		Puma Global Mortgage Backed Trust		0.660		02/21/38		2,710
	30,000,000		SLM Student Loan Trust 2007		0.610		01/25/19		28,976
	7,140,029		SLM Student Loan Trust 2008		0.770		10/16/25		7,112
			TOTAL VARIABLE RATE SECURITY						85,338
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						625,338
			TOTAL SHORT-TERM INVESTMENTS						724,879
			(Cost $725,465)
			TOTAL INVESTMENTS - 104.6%						13,762,040
			(Cost $13,800,559)
			OTHER ASSETS & LIABILITIES, NET - (4.6)%						(603,788	)
			NET ASSETS - 100.0%					$	13,158,252

233

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

	Abbreviation(s):
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
NVDR	Non Voting Depositary Receipt
SPDR	Standard & Poor’s Depository Receipts
*	Non-income producing.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $609,940,000.
f	Restricted security. As of 12/31/2011, the aggregate total value of these securities amounted to $5,404,000 or 0.0% of net assets.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 of which are deemed liquid. Such securities may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/2011, the total value of these securities amounted to $1,041,000 or 0.0% of net assets.
m	Indicates a security that has been deemed illiquid.
o	Agreement with BNP, 0.02% dated 12/31/11 to be repurchased at $55,000,000 on 01/03/12, collateralized by U.S. Government Agency Securities valued at $56,106,000.
p	Agreement with Calyon, 0.03% dated 12/31/11 to be repurchased at $200,001,000 on 01/03/12, collateralized by U.S. Government Agency Securities valued at $204,000,000.
q	Agreement with Deutsche Bank, 0.00% dated 12/31/11 to be repurchased at $90,000,000 on 01/03/12, collateralized by U.S. Government Agency Securities valued at $91,800,000.
r	Agreement with Morgan Stanley, 0.03% dated 12/31/11 to be repurchased at $49,000,000 on 01/03/12, collateralized by U.S. Government Agency Securities valued at $50,027,000.
s	Agreement with Royal Bank of Scotland, 0.03% dated 12/31/11 to be repurchased at $97,000,000 on 01/03/12, collateralized by U.S. Government Agency Securities valued at $98,941,000.
t	Agreement with Societe Generale, 0.03% dated 12/31/11 to be repurchased at $49,000,000 on 01/03/12, collateralized by U.S. Government Agency Securities valued at $50,000,000.
	Cost amounts are in thousands.

234

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
SUMMARY OF MARKET VALUES BY SECTOR
December 31, 2011

SECTOR	VALUE (000)			% OF NET ASSETS
FINANCIALS	$	2,320,663			17.6	%
INFORMATION TECHNOLOGY		1,700,976			12.9
CONSUMER DISCRETIONARY		1,652,552			12.6
INDUSTRIALS		1,444,471			11.0
HEALTH CARE		1,427,545			10.9
ENERGY		1,382,704			10.5
CONSUMER STAPLES		1,259,031			9.6
MATERIALS		1,095,228			8.3
TELECOMMUNICATION SERVICES		405,606			3.1
UTILITIES		348,385			2.6
SHORT - TERM INVESTMENTS		724,879			5.5
OTHER ASSETS & LIABILITIES, NET		(603,788	)		(4.6	)
NET ASSETS	$	13,158,252			100.0	%

235

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2011

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 99.3%
AUTOMOBILES & COMPONENTS - 0.8%
	148,963	*,e	BorgWarner, Inc	$	9,495
	2,088,802	*	Ford Motor Co		22,476
	142,294		Gentex Corp		4,210
	1,168,681	*	Goodyear Tire & Rubber Co		16,560
	235,532		Harley-Davidson, Inc		9,155
	768,957		Johnson Controls, Inc		24,038
	55,353	*,e	Tesla Motors, Inc		1,581
	374,823	*	TRW Automotive Holdings Corp		12,219
	2,900	*	Visteon Corp		145
			TOTAL AUTOMOBILES & COMPONENTS		99,879
BANKS - 0.2%
	42,487		Hudson City Bancorp, Inc		266
	72,867		People’s United Financial, Inc		936
	939,094		Wells Fargo & Co		25,881
			TOTAL BANKS		27,083
CAPITAL GOODS - 9.1%
	625,476		3M Co		51,120
	57,642	*	Aecom Technology Corp		1,186
	2,348		Alliant Techsystems, Inc		134
	160,315		Ametek, Inc		6,749
	2,269	*,e	Armstrong World Industries, Inc		100
	117,180	*	Babcock & Wilcox Co		2,829
	139,453	*	BE Aerospace, Inc		5,398
	1,894,577		Boeing Co		138,968
	5,375		Carlisle Cos, Inc		238
	1,413,968		Caterpillar, Inc		128,107
	362,673		Chicago Bridge & Iron Co NV		13,709
	292,100	*	CNH Global NV		10,513
	107,587		Cooper Industries plc		5,826
	522,969		Cummins, Inc		46,032
	1,135,850		Danaher Corp		53,431
	685,595		Deere & Co		53,031
	161,761		Donaldson Co, Inc		11,013
	144,705		Dover Corp		8,400
	128,909		Eaton Corp		5,611
	749,318		Emerson Electric Co		34,911
	293,938		Fastenal Co		12,819
	50,645		Flowserve Corp		5,030
	173,737		Fluor Corp		8,730
	177,216		Gardner Denver, Inc		13,656
	21,788	*	General Cable Corp		545
	50,912		Goodrich Corp		6,298

236

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	65,045		Graco, Inc	$	2,660
	7,400	*	GrafTech International Ltd		101
	7,215		Harsco Corp		148
	2,008,536		Honeywell International, Inc		109,165
	74,030		IDEX Corp		2,747
	415,301		Illinois Tool Works, Inc		19,399
	246,935		Ingersoll-Rand plc		7,524
	119,491	*	Jacobs Engineering Group, Inc		4,849
	369,393		Joy Global, Inc		27,693
	228,718		KBR, Inc		6,374
	172,909		Kennametal, Inc		6,315
	51,766		Lennox International, Inc		1,747
	205,631		Lincoln Electric Holdings, Inc		8,044
	231,423		Lockheed Martin Corp		18,722
	123,358		Manitowoc Co, Inc		1,134
	360,004		Masco Corp		3,772
	43,544		MSC Industrial Direct Co (Class A)		3,116
	36,854	*	Navistar International Corp		1,396
	60,482		Nordson Corp		2,491
	364,325		Paccar, Inc		13,651
	115,756		Pall Corp		6,615
	369,489		Parker Hannifin Corp		28,174
	38,176	*,e	Polypore International, Inc		1,679
	543,973		Precision Castparts Corp		89,641
	143,857		Rockwell Automation, Inc		10,555
	153,571		Rockwell Collins, Inc		8,503
	561,243		Roper Industries, Inc		48,755
	11,427		Snap-On, Inc		578
	17,196	*	Spirit Aerosystems Holdings, Inc (Class A)		357
	15,133		SPX Corp		912
	519,131		Stanley Works		35,093
	238,217		Textron, Inc		4,405
	9,816	*	Thomas & Betts Corp		536
	256,660		Timken Co		9,935
	29,900		Toro Co		1,814
	49,824	*	TransDigm Group, Inc		4,767
	212,400		Tyco International Ltd		9,921
	877,335		United Technologies Corp		64,124
	23,525		Valmont Industries, Inc		2,136
	122,462		W.W. Grainger, Inc		22,923
	67,262	*	WABCO Holdings, Inc		2,919
	22,003	*	WESCO International, Inc		1,166
	87,949		Westinghouse Air Brake Technologies Corp		6,152
			TOTAL CAPITAL GOODS		1,227,092
COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
	6,855		Avery Dennison Corp		197
	186,632	*	Copart, Inc		8,938
	8,000		Covanta Holding Corp		110
	49,251		Dun & Bradstreet Corp		3,685
	6,768		Equifax, Inc		262
	49,252	*	IHS, Inc (Class A)		4,244

237

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	166,755		Iron Mountain, Inc	$	5,136
	4,208	*	KAR Auction Services, Inc		57
	389,991	*	Nielsen Holdings NV		11,579
	146,372		Robert Half International, Inc		4,166
	175,680	*	Stericycle, Inc		13,689
	177,944		Towers Watson & Co		10,664
	99,741	*	Verisk Analytics, Inc		4,003
	432,524		Waste Connections, Inc		14,333
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		81,063
CONSUMER DURABLES & APPAREL - 2.1%
	292,685		Coach, Inc		17,865
	38,557	*	Deckers Outdoor Corp		2,914
	52,161	*	Fossil, Inc		4,139
	83,168	e	Garmin Ltd		3,311
	93,404	*	Hanesbrands, Inc		2,042
	44,981		Harman International Industries, Inc		1,711
	121,414		Hasbro, Inc		3,872
	636,264		Jarden Corp		19,012
	106,980		Leggett & Platt, Inc		2,465
	257,449		Mattel, Inc		7,147
	1,068,594		Nike, Inc (Class B)		102,981
	9,537		Phillips-Van Heusen Corp		672
	209,890		Polaris Industries, Inc		11,749
	305,729		Ralph Lauren Corp		42,215
	297,036	*	Tempur-Pedic International, Inc		15,603
	526,648		Tupperware Corp		29,476
	36,287	*,e	Under Armour, Inc (Class A)		2,605
	34,944		VF Corp		4,438
			TOTAL CONSUMER DURABLES & APPAREL		274,217
CONSUMER SERVICES - 4.0%
	110,908	*	Apollo Group, Inc (Class A)		5,975
	44,231	*	Bally Technologies, Inc		1,750
	479,716		Brinker International, Inc		12,837
	1,305,344		Carnival Corp		42,606
	122,623	*	Chipotle Mexican Grill, Inc (Class A)		41,415
	2,133		Choice Hotels International, Inc		81
	136,003		Darden Restaurants, Inc		6,199
	54,731		DeVry, Inc		2,105
	23,700	*,e	Dunkin Brands Group, Inc		592
	178,926		H&R Block, Inc		2,922
	2,400	*	Hyatt Hotels Corp		90
	153,666		International Game Technology		2,643
	26,580	*,e	ITT Educational Services, Inc		1,512
	1,779,498	*	Las Vegas Sands Corp		76,038
	258,575		Marriott International, Inc (Class A)		7,543
	27,864	*	Marriott Vacations Worldwide Corp		478
	1,267,561		McDonald’s Corp		127,174
	1,202,019	*	MGM Mirage		12,537
	735,446	*	Orient-Express Hotels Ltd (Class A)		5,494
	28,923	*	Panera Bread Co (Class A)		4,091

238

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	74,054		Royal Caribbean Cruises Ltd	$	1,834
	3,571,400	*	Sands China Ltd		10,020
	2,165,971		Starbucks Corp		99,656
	194,463		Starwood Hotels & Resorts Worldwide, Inc		9,328
	154,719	e	Weight Watchers International, Inc		8,511
	78,973		Wynn Resorts Ltd		8,726
	743,056		Yum! Brands, Inc		43,848
			TOTAL CONSUMER SERVICES		536,005
DIVERSIFIED FINANCIALS - 2.9%
	37,050	*	Affiliated Managers Group, Inc		3,555
	985,673		American Express Co		46,494
	126,190		BlackRock, Inc		22,492
	1,776,775		Blackstone Group LP		24,893
	49,490		CBOE Holdings, Inc		1,280
	1,044,105		Charles Schwab Corp		11,757
	787,505		Discover Financial Services		18,900
	125,825	e	Eaton Vance Corp		2,975
	79,256	e	Federated Investors, Inc (Class B)		1,201
	295,428		Franklin Resources, Inc		28,379
	23,857	*,e	Green Dot Corp		745
	26,462	e	Greenhill & Co, Inc		962
	414,846	*	IntercontinentalExchange, Inc		50,009
	2,220,750	e	iShares Russell 1000 Growth Index Fund		128,336
	110,558		Lazard Ltd (Class A)		2,887
	31,289	*	LPL Investment Holdings, Inc		956
	198,702		Moody’s Corp		6,692
	119,761	*	MSCI, Inc (Class A)		3,944
	365,965	*	Nasdaq Stock Market, Inc		8,970
	87,473		NYSE Euronext		2,283
	145,302		SEI Investments Co		2,521
	258,936		T Rowe Price Group, Inc		14,746
	218,145		TD Ameritrade Holding Corp		3,414
	86,077		Waddell & Reed Financial, Inc (Class A)		2,132
			TOTAL DIVERSIFIED FINANCIALS		390,523
ENERGY - 10.1%
	126,695	*	Alpha Natural Resources, Inc		2,588
	494,588		Anadarko Petroleum Corp		37,752
	364,784		Apache Corp		33,042
	12,420		Arch Coal, Inc		180
	12,230	*	Atwood Oceanics, Inc		487
	172,443		Baker Hughes, Inc		8,388
	104,140		Cabot Oil & Gas Corp		7,904
	180,014	*	Cameron International Corp		8,855
	49,024	e	CARBO Ceramics, Inc		6,046
	610,016		Cenovus Energy, Inc		20,253
	324,324		Chevron Corp		34,508
	24,354		Cimarex Energy Co		1,508
	119,251	*	Cobalt International Energy, Inc		1,851
	622,501	*	Concho Resources, Inc		58,359
	225,929		Consol Energy, Inc		8,292

239

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	41,752	*,e	Continental Resources, Inc	$	2,785
	45,470		Core Laboratories NV		5,181
	649,977	e	Crescent Point Energy Corp		28,647
	1,395,935	*	Denbury Resources, Inc		21,079
	31,802	e	Diamond Offshore Drilling, Inc		1,757
	79,524	*	Dresser-Rand Group, Inc		3,969
	721,332		El Paso Corp		19,166
	326,881		EOG Resources, Inc		32,201
	52,495		Equitable Resources, Inc		2,876
	135,146	e	EXCO Resources, Inc		1,412
	5,321,330	d	Exxon Mobil Corp		451,037
	239,575	*	FMC Technologies, Inc		12,513
	83,769	*	Forest Oil Corp		1,135
	1,255,153		Halliburton Co		43,315
	161,018		Helmerich & Payne, Inc		9,397
	379,796		Holly Corp		8,887
	116,289	e	Kinder Morgan, Inc		3,741
	30,050	*	Kosmos Energy LLC		368
	204,541	*	McDermott International, Inc		2,354
	244,757		Murphy Oil Corp		13,643
	1,179,918		National Oilwell Varco, Inc		80,223
	77,350	*	Newfield Exploration Co		2,918
	61,447		Noble Energy, Inc		5,800
	867,150		Occidental Petroleum Corp		81,253
	199,762		Oceaneering International, Inc		9,215
	42,943	*	Oil States International, Inc		3,280
	18,605		Patterson-UTI Energy, Inc		372
	269,889		Peabody Energy Corp		8,936
	94,393		Pioneer Natural Resources Co		8,446
	138,322		Questar Market Resources, Inc		4,053
	7,745	*,e	Quicksilver Resources, Inc		52
	160,201		Range Resources Corp		9,923
	22,705	*	Rowan Cos, Inc		689
	46,415	e	RPC, Inc		847
	408,722	*	SandRidge Energy, Inc		3,335
	2,700,812		Schlumberger Ltd		184,492
	346,812	*	Southwestern Energy Co		11,077
	51,250		St. Mary Land & Exploration Co		3,746
	245,704		Suncor Energy, Inc (NY)		7,084
	79,433	*,e	Superior Energy Services		2,259
	3,600		Tidewater, Inc		177
	432,500		Tullow Oil plc		9,397
	152,452	*	Ultra Petroleum Corp		4,517
	117,001	*	Whiting Petroleum Corp		5,463
			TOTAL ENERGY		1,343,030
FOOD & STAPLES RETAILING - 2.2%
	888,215		Costco Wholesale Corp		74,006
	1,538,122		Kroger Co		37,253
	762,674		Sysco Corp		22,369
	861,489		Walgreen Co		28,481
	2,032,379		Wal-Mart Stores, Inc		121,456
	154,143		Whole Foods Market, Inc		10,725
			TOTAL FOOD & STAPLES RETAILING		294,290

240

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
FOOD, BEVERAGE & TOBACCO - 6.0%
	2,061,500		Altria Group, Inc	$	61,123
	15,800	*,e	Boston Beer Co, Inc (Class A)		1,715
	87,159		Brown-Forman Corp (Class B)		7,017
	105,412		Bunge Ltd		6,030
	133,877		Campbell Soup Co		4,450
	2,657,822		Coca-Cola Co		185,967
	1,658,093		Coca-Cola Enterprises, Inc		42,746
	68,447		ConAgra Foods, Inc		1,807
	186,974		Corn Products International, Inc		9,833
	343,690		Dr Pepper Snapple Group, Inc		13,569
	110,750		Flowers Foods, Inc		2,102
	479,850		General Mills, Inc		19,391
	218,822	*,e	Green Mountain Coffee Roasters, Inc		9,814
	187,356		H.J. Heinz Co		10,125
	116,448		Hansen Natural Corp		10,730
	113,029		Hershey Co		6,983
	213,203		Hormel Foods Corp		6,245
	229,318		Kellogg Co		11,597
	177,268		Lorillard, Inc		20,209
	90,344		McCormick & Co, Inc		4,555
	292,049		Mead Johnson Nutrition Co		20,072
	1,635,976		PepsiCo, Inc		108,547
	2,804,917		Philip Morris International, Inc		220,130
	101,903		Reynolds American, Inc		4,221
	484,114		Sara Lee Corp		9,159
			TOTAL FOOD, BEVERAGE & TOBACCO		798,137
HEALTH CARE EQUIPMENT & SERVICES - 4.7%
	297,500		Aetna, Inc		12,552
	152,843	*	Allscripts Healthcare Solutions, Inc		2,895
	28,049	*	Amerigroup Corp		1,657
	815,297		AmerisourceBergen Corp		30,321
	85,387		Bard (C.R.), Inc		7,301
	804,334		Baxter International, Inc		39,798
	218,067		Becton Dickinson & Co		16,294
	78,654	*	Brookdale Senior Living, Inc		1,368
	556,844		Cardinal Health, Inc		22,613
	75,539	*	CareFusion Corp		1,919
	42,196	*	Catalyst Health Solutions, Inc		2,194
	674,086	*	Cerner Corp		41,287
	167,349		Cigna Corp		7,029
	73,551		Cooper Cos, Inc		5,187
	537,093		Covidien plc		24,175
	268,401	*	DaVita, Inc		20,347
	56,185		Dentsply International, Inc		1,966
	485,450	*	Edwards Lifesciences Corp		34,321
	826,286	*	Express Scripts, Inc		36,927
	47,791	*	Gen-Probe, Inc		2,825

241

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	70,197	*	HCA Holdings, Inc	$	1,546
	242,415	*	Health Management Associates, Inc (Class A)		1,787
	48,650	*	Henry Schein, Inc		3,135
	142,444		Hill-Rom Holdings, Inc		4,799
	85,616	*	Idexx Laboratories, Inc		6,589
	149,459	*	Intuitive Surgical, Inc		69,201
	99,887	*	Laboratory Corp of America Holdings		8,587
	88,616		Lincare Holdings, Inc		2,278
	507,931		McKesson Corp		39,572
	499,511	*	Medco Health Solutions, Inc		27,923
	920,660		Medtronic, Inc		35,215
	131,801		Patterson Cos, Inc		3,891
	47,976	*	Pediatrix Medical Group, Inc		3,455
	143,995		Quest Diagnostics, Inc		8,360
	152,436	*	Resmed, Inc		3,872
	55,587	*	Sirona Dental Systems, Inc		2,448
	467,194		St. Jude Medical, Inc		16,025
	312,526		Stryker Corp		15,536
	61,524	*	SXC Health Solutions Corp		3,475
	29,156	*	Tenet Healthcare Corp		150
	55,166	*	Thoratec Corp		1,851
	254,073		UnitedHealth Group, Inc		12,876
	90,065		Universal Health Services, Inc (Class B)		3,500
	231,713	*	Varian Medical Systems, Inc		15,555
	167,700		WellPoint, Inc		11,110
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		615,712
HOUSEHOLD & PERSONAL PRODUCTS - 1.5%
	428,843		Avon Products, Inc		7,492
	178,150		Church & Dwight Co, Inc		8,152
	5,327		Clorox Co		355
	445,334		Colgate-Palmolive Co		41,144
	695,503		Estee Lauder Cos (Class A)		78,119
	414,789		Herbalife Ltd		21,432
	343,085		Kimberly-Clark Corp		25,237
	81,500		Nu Skin Enterprises, Inc (Class A)		3,958
	186,431		Procter & Gamble Co		12,437
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		198,326
INSURANCE - 0.3%
	152,019		ACE Ltd		10,660
	218,469		Aflac, Inc		9,451
	34,497		Erie Indemnity Co (Class A)		2,696
	354,062		Metlife, Inc		11,039
	142,945		Validus Holdings Ltd		4,503
			TOTAL INSURANCE		38,349
MATERIALS - 5.2%
	211,234		Air Products & Chemicals, Inc		17,995
	78,254		Airgas, Inc		6,110
	17,407	e	AK Steel Holding Corp		144
	234,105		Albemarle Corp		12,059

242

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	105,794		Allegheny Technologies, Inc	$	5,057
	87,913	*	Allied Nevada Gold Corp		2,662
	318,113		Ashland, Inc		18,183
	500,938		Ball Corp		17,889
	214,712		Barrick Gold Corp		9,716
	43,638		Carpenter Technology Corp		2,246
	561,370		Celanese Corp (Series A)		24,852
	217,589		CF Industries Holdings, Inc		31,546
	313,849		Cleveland-Cliffs, Inc		19,568
	64,927		Compass Minerals International, Inc		4,470
	155,452	*	Crown Holdings, Inc		5,220
	925,800		Du Pont (E.I.) de Nemours & Co		42,383
	546,313		Eastman Chemical Co		21,339
	297,194		Ecolab, Inc		17,181
	71,515		FMC Corp		6,153
	1,894,188		Freeport-McMoRan Copper & Gold, Inc (Class B)		69,687
	533,632		Huntsman Corp		5,336
	80,133		International Flavors & Fragrances, Inc		4,201
	581,100		International Paper Co		17,201
	56,522	*	Intrepid Potash, Inc		1,279
	23,647		Kronos Worldwide, Inc		427
	136,800		Lanxess AG.		7,065
	55,285		LyondellBasell Industries AF S.C.A		1,796
	21,314	e	Martin Marietta Materials, Inc		1,607
	54,737	*,e	Molycorp, Inc		1,313
	2,215,914		Monsanto Co		155,268
	274,672		Mosaic Co		13,852
	99,620		Packaging Corp of America		2,514
	228,857		PPG Industries, Inc		19,107
	302,431		Praxair, Inc		32,330
	8,600		Reliance Steel & Aluminum Co		419
	69,049		Rock-Tenn Co (Class A)		3,984
	358,692	*	Rockwood Holdings, Inc		14,122
	54,165		Royal Gold, Inc		3,652
	5,112		Schnitzer Steel Industries, Inc (Class A)		216
	38,928	e	Scotts Miracle-Gro Co (Class A)		1,818
	89,468		Sherwin-Williams Co		7,987
	121,446		Sigma-Aldrich Corp		7,586
	48,366		Silgan Holdings, Inc		1,869
	119,723	*	Solutia, Inc		2,069
	169,651		Southern Copper Corp (NY)		5,120
	157,263		Steel Dynamics, Inc		2,068
	30,447		Temple-Inland, Inc		965
	48,904	e	Titanium Metals Corp		733
	10,738		Valspar Corp		418
	247,043		Walter Energy, Inc		14,961
	4,566		Westlake Chemical Corp		184
	475,061	*	WR Grace & Co		21,815
			TOTAL MATERIALS		687,742

243

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
MEDIA - 3.0%
	53,171	*	AMC Networks, Inc	$	1,998
	216,539		Cablevision Systems Corp (Class A)		3,079
	1,316,437		CBS Corp (Class B)		35,728
	58,270	*	Charter Communications, Inc		3,318
	1,468,122		Comcast Corp (Class A)		34,809
	1,452,105	*	DIRECTV		62,093
	264,193	*	Discovery Communications, Inc (Class A)		10,824
	978,233		DISH Network Corp (Class A)		27,860
	4,030,593		Interpublic Group of Cos, Inc		39,218
	46,183		John Wiley & Sons, Inc (Class A)		2,051
	12,926	*,e	Lamar Advertising Co (Class A)		355
	276,305	*	Liberty Global, Inc (Class A)		11,337
	249,985		McGraw-Hill Cos, Inc		11,242
	23,067		Morningstar, Inc		1,371
	280,241		Omnicom Group, Inc		12,493
	9,500	*,e	Pandora Media, Inc		95
	20,191	e	Regal Entertainment Group (Class A)		241
	195,536		Scripps Networks Interactive (Class A)		8,295
	3,934,037	*,e	Sirius XM Radio, Inc		7,160
	176,982	e	Thomson Corp		4,720
	319,149		Time Warner Cable, Inc		20,288
	1,297,385		Viacom, Inc (Class B)		58,915
	299,975		Virgin Media, Inc		6,413
	929,608		Walt Disney Co		34,860
			TOTAL MEDIA		398,763
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.8%
	1,905,104		Abbott Laboratories		107,124
	1,514,033	*	Agilent Technologies, Inc		52,885
	800,671	*	Alexion Pharmaceuticals, Inc		57,248
	1,281,998		Allergan, Inc		112,483
	122,333	*	Amylin Pharmaceuticals, Inc		1,392
	561,538	*	Biogen Idec, Inc		61,797
	110,562	*	BioMarin Pharmaceuticals, Inc		3,801
	91,533	*	Bruker BioSciences Corp		1,137
	1,280,650	*	Celgene Corp		86,572
	55,752	*	Charles River Laboratories International, Inc		1,524
	60,335	*	Covance, Inc		2,759
	131,458	*,e	Dendreon Corp		999
	337,295		Eli Lilly & Co		14,018
	116,182	*	Endo Pharmaceuticals Holdings, Inc		4,012
	1,360,362	*	Gilead Sciences, Inc		55,680
	140,323	*	Hospira, Inc		4,262
	475,332	*	Human Genome Sciences, Inc		3,513
	122,747	*	Illumina, Inc		3,741
	557,443		Johnson & Johnson		36,557
	18,220	*	Life Technologies Corp		709
	32,042	*	Mettler-Toledo International, Inc		4,733
	1,414,429	*	Mylan Laboratories, Inc		30,354
	82,810	*	Myriad Genetics, Inc		1,734
	459,639		Perrigo Co		44,723
	1,102,280		Pfizer, Inc		23,853
	74,135	*	Pharmasset, Inc		9,504

244

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	71,621	*,e	Regeneron Pharmaceuticals, Inc	$	3,970
	204,575		Shire plc (ADR)		21,255
	36,830		Techne Corp		2,514
	1,118,634		Teva Pharmaceutical Industries Ltd (ADR)		45,148
	101,300	*	Thermo Electron Corp		4,555
	51,116	*	United Therapeutics Corp		2,415
	181,738	*	Vertex Pharmaceuticals, Inc		6,036
	755,182	*	Warner Chilcott plc		11,426
	91,352	*	Waters Corp		6,765
	1,196,936	*	Watson Pharmaceuticals, Inc		72,223
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		903,421
REAL ESTATE - 1.1%
	87,612		Apartment Investment & Management Co (Class A)		2,007
	119,161		Boston Properties, Inc		11,868
	50,442		Camden Property Trust		3,140
	291,249	*	CBRE Group, Inc		4,433
	24,141	e	Corporate Office Properties Trust		513
	100,278	e	Digital Realty Trust, Inc		6,686
	13		Duke Realty Corp		0	^
	94,976		Equity Residential		5,416
	18,128		Essex Property Trust, Inc		2,547
	46,907		Federal Realty Investment Trust		4,257
	32,088		Jones Lang LaSalle, Inc		1,966
	50,628		Macerich Co		2,562
	97,341		Plum Creek Timber Co, Inc		3,559
	165,341		Public Storage, Inc		22,232
	174,504		Rayonier, Inc		7,788
	415,631		Simon Property Group, Inc		53,592
	11,482		UDR, Inc		288
	153,387		Ventas, Inc		8,456
	21,928		Vornado Realty Trust		1,685
	155,701		Weyerhaeuser Co		2,907
			TOTAL REAL ESTATE		145,902
RETAILING - 5.7%
	125,182		Aaron’s, Inc		3,340
	75,270		Abercrombie & Fitch Co (Class A)		3,676
	73,503		Advance Auto Parts, Inc		5,118
	1,052,214	*	Amazon.com, Inc		182,139
	20,760	*,e	Autonation, Inc		765
	77,164	*	Autozone, Inc		25,076
	1,177,794	*	Bed Bath & Beyond, Inc		68,277
	245,779	*	Big Lots, Inc		9,281
	41,162	*	Carmax, Inc		1,255
	946,049		Chico’s FAS, Inc		10,539
	93,879		Dick’s Sporting Goods, Inc		3,462
	98,731	*	Dollar General Corp		4,062
	436,794	*	Dollar Tree, Inc		36,301
	210,190		DSW, Inc (Class A)		9,292
	56,693		Expedia, Inc		1,645
	173,918		Family Dollar Stores, Inc		10,028

245

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	201,813		Genuine Parts Co	$	12,351
	32,200	*,e	Groupon, Inc		664
	63,298		Guess?, Inc		1,888
	1,853,022		Home Depot, Inc		77,901
	5,600	*,e	HomeAway, Inc		130
	214,733		Kohl’s Corp		10,597
	562,737		Limited Brands, Inc		22,706
	143,880	*	LKQ Corp		4,328
	429,431		Macy’s, Inc		13,819
	91,662	*	NetFlix, Inc		6,351
	432,681		Nordstrom, Inc		21,509
	287,538	*	O’Reilly Automotive, Inc		22,989
	465,139		Petsmart, Inc		23,857
	49,492	*	Priceline.com, Inc		23,148
	736,014		Ross Stores, Inc		34,983
	84,910	*	Sally Beauty Holdings, Inc		1,794
	230,101		Target Corp		11,786
	127,313		Tiffany & Co		8,436
	734,399		TJX Companies, Inc		47,405
	153,819		Tractor Supply Co		10,790
	56,693	*	TripAdvisor, Inc		1,429
	102,878	*	Ulta Salon Cosmetics & Fragrance, Inc		6,679
	119,854	*	Urban Outfitters, Inc		3,303
	291,625		Williams-Sonoma, Inc		11,228
			TOTAL RETAILING		754,327
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.9%
	612,744	*	Advanced Micro Devices, Inc		3,309
	457,708		Altera Corp		16,981
	630,818		Analog Devices, Inc		22,571
	93,937		Applied Materials, Inc		1,006
	426,871	*	Atmel Corp		3,458
	529,985		Avago Technologies Ltd		15,295
	534,422		Broadcom Corp (Class A)		15,691
	928	*	Cree, Inc		20
	153,785	*	Cypress Semiconductor Corp		2,597
	59,351	*,e	First Solar, Inc		2,004
	29,110	*,e	Freescale Semiconductor Holdings Ltd		368
	67,531		Intersil Corp (Class A)		705
	451,083		Kla-Tencor Corp		21,765
	124,102	*	Lam Research Corp		4,594
	227,022		Linear Technology Corp		6,817
	1,331,439	*	LSI Logic Corp		7,922
	1,379,589	*	Marvell Technology Group Ltd		19,107
	865,145		Maxim Integrated Products, Inc		22,528
	100,204	*,e	MEMC Electronic Materials, Inc		395
	189,884	e	Microchip Technology, Inc		6,955
	1,325,200	*	Micron Technology, Inc		8,336
	648,543	*	Nvidia Corp		8,989
	443,316	*	ON Semiconductor Corp		3,422
	12,500	*	PMC - Sierra, Inc		69
	38,294	*,e	Silicon Laboratories, Inc		1,663

246

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	198,640	*	Skyworks Solutions, Inc	$	3,222
	728,400	*	Teradyne, Inc		9,928
	1,016,134		Texas Instruments, Inc		29,581
	264,793		Xilinx, Inc		8,489
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		247,787
SOFTWARE & SERVICES - 17.9%
	1,151,800		Accenture plc		61,310
	2,172,727	*	Adobe Systems, Inc		61,423
	169,372	*	Akamai Technologies, Inc		5,467
	268,133	*	Alliance Data Systems Corp		27,843
	356,691	*	Amdocs Ltd		10,176
	91,520	*	Ansys, Inc		5,242
	96,262	*	Ariba, Inc		2,703
	778,825	*	Autodesk, Inc		23,622
	498,141		Automatic Data Processing, Inc		26,905
	61,200	*	Baidu, Inc (ADR)		7,128
	176,305	*	BMC Software, Inc		5,779
	11,100	*	Booz Allen Hamilton Holding Co		191
	114,319		Broadridge Financial Solutions, Inc		2,578
	263,853	*	Cadence Design Systems, Inc		2,744
	403,010	*	Check Point Software Technologies		21,174
	187,407	*	Citrix Systems, Inc		11,379
	303,298	*	Cognizant Technology Solutions Corp (Class A)		19,505
	173,017	*	Compuware Corp		1,440
	5,640		DST Systems, Inc		257
	1,644,512	*	eBay, Inc		49,878
	1,528,794	*	Electronic Arts, Inc		31,493
	46,693	*	Equinix, Inc		4,735
	45,996		Factset Research Systems, Inc		4,015
	114,673	*	Fiserv, Inc		6,736
	16,105	*	FleetCor Technologies, Inc		481
	119,524	*	Fortinet, Inc		2,607
	391,263	*	Gartner, Inc		13,604
	105,693	*	Genpact Ltd		1,580
	79,802		Global Payments, Inc		3,781
	705,842	*	Google, Inc (Class A)		455,904
	362,200		IAC/InterActiveCorp		15,430
	105,446	*	Informatica Corp		3,894
	1,711,156		International Business Machines Corp		314,647
	2,832,852		Intuit, Inc		148,980
	93,314		Lender Processing Services, Inc		1,406
	9,752	*,e	LinkedIn Corp		614
	261,983		Mastercard, Inc (Class A)		97,673
	80,859	*	Micros Systems, Inc		3,766
	13,382,813		Microsoft Corp		347,417
	343,254	*	NeuStar, Inc (Class A)		11,729
	1,490,289	*	Nuance Communications, Inc		37,496
	6,865,759		Oracle Corp		176,106
	296,351		Paychex, Inc		8,923
	102,724	*	Rackspace Hosting, Inc		4,418
	1,325,586	*	Red Hat, Inc		54,733

247

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	112,582	*	Rovi Corp	$	2,767
	100,529	*	SAIC, Inc		1,236
	133,481	*	Salesforce.com, Inc		13,543
	192,728	*,e	Sohu.com, Inc		9,636
	68,544		Solera Holdings, Inc		3,053
	1,594,371	*	Symantec Corp		24,952
	9,848	*	Synopsys, Inc		268
	168,271	*	Teradata Corp		8,163
	165,415	*	TIBCO Software, Inc		3,955
	256,699	*	VeriFone Systems, Inc		9,118
	167,945		VeriSign, Inc		5,999
	1,265,986		Visa, Inc (Class A)		128,536
	92,701	*,e	VistaPrint Ltd		2,837
	525,010	*	VMware, Inc (Class A)		43,676
	57,981	*,e	WebMD Health Corp (Class A)		2,177
	630,284		Western Union Co		11,509
			TOTAL SOFTWARE & SERVICES		2,370,337
TECHNOLOGY HARDWARE & EQUIPMENT - 9.8%
	51,947	*	Acme Packet, Inc		1,606
	165,804		Amphenol Corp (Class A)		7,526
	1,959,161	*	Apple, Inc		793,461
	190,204	*	Arrow Electronics, Inc		7,116
	83,104	*,e	Ciena Corp		1,006
	2,851,921	*	Dell, Inc		41,724
	57,169	*	Dolby Laboratories, Inc (Class A)		1,744
	3,652,481	*	EMC Corp		78,674
	80,857	*	F5 Networks, Inc		8,581
	159,184		Flir Systems, Inc		3,991
	9,300	*,e	Fusion-io, Inc		225
	31,803		Harris Corp		1,146
	29,795	*	IPG Photonics Corp		1,009
	520,517		Jabil Circuit, Inc		10,233
	225,908	*	JDS Uniphase Corp		2,358
	2,374,589	*	Juniper Networks, Inc		48,465
	93,054		National Instruments Corp		2,415
	639,146	*	NCR Corp		10,520
	725,153	*	NetApp, Inc		26,301
	175,921	*	Polycom, Inc		2,868
	85,221	*	QLogic Corp		1,278
	4,109,532		Qualcomm, Inc		224,790
	153,011	*	Riverbed Technology, Inc		3,596
	174,700	*	SanDisk Corp		8,597
	591,800		Seagate Technology, Inc		9,706
	122,244	*	Trimble Navigation Ltd		5,305
	53,760	*	Zebra Technologies Corp (Class A)		1,924
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,306,165
TELECOMMUNICATION SERVICES - 1.3%
	1,130,194	*	American Tower Corp (Class A)		67,823
	121,210	*	Clearwire Corp (Class A)		235
	289,522	*	Crown Castle International Corp		12,971

248

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	16,000	*	Level 3 Communications, Inc	$	272
	987,937	*	MetroPCS Communications, Inc		8,575
	148,458	*	NII Holdings, Inc (Class B)		3,162
	112,987	*	SBA Communications Corp (Class A)		4,854
	138,331	*	tw telecom inc (Class A)		2,681
	1,780,035		Verizon Communications, Inc		71,415
	299,645		Windstream Corp		3,518
			TOTAL TELECOMMUNICATION SERVICES		175,506
TRANSPORTATION - 2.1%
	165,046		CH Robinson Worldwide, Inc		11,517
	4,550		Con-Way, Inc		133
	24,302		Copa Holdings S.A. (Class A)		1,426
	1,611,865		CSX Corp		33,946
	506,761	*	Delta Air Lines, Inc		4,100
	324,186		Expeditors International Washington, Inc		13,279
	19,488		FedEx Corp		1,627
	244,281	*	Hertz Global Holdings, Inc		2,863
	90,902		J.B. Hunt Transport Services, Inc		4,097
	419,590	*	Kansas City Southern Industries, Inc		28,536
	102,782	*	Kirby Corp		6,767
	77,282		Landstar System, Inc		3,703
	97,746		Ryder System, Inc		5,194
	146,131		Southwest Airlines Co		1,251
	281,509	*	UAL Corp		5,311
	452,133		Union Pacific Corp		47,899
	1,172,030		United Parcel Service, Inc (Class B)		85,781
	90,829		UTI Worldwide, Inc		1,207
			TOTAL TRANSPORTATION		258,637
UTILITIES - 0.0%
	6,272		Aqua America, Inc		138
	50,877		ITC Holdings Corp		3,861
	13,095		National Fuel Gas Co		727
	6,328		Oneok, Inc		549
			TOTAL UTILITIES		5,275
			TOTAL COMMON STOCKS		13,177,568
			(Cost $11,523,617)

PRINCIPAL		ISSUER	RATE		MATURITY DATE
SHORT-TERM INVESTMENTS - 2.1%
GOVERNMENT AGENCY DEBT - 0.2%
$	25,000,000	Federal Home Loan Bank (FHLB)	0.009	%	02/24/12	25,000
		TOTAL GOVERNMENT AGENCY DEBT				25,000
TREASURY DEBT - 0.4%
	17,600,000	United States Treasury Bill	0.041		03/01/12	17,600
	2,680,000	United States Treasury Bill	0.024		04/12/12	2,680
	12,700,000	United States Treasury Bill	0.020		04/19/12	12,699

249

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	1,000,000		United States Treasury Bill	0.020	%	05/03/12	$	1,000
	10,000,000		United States Treasury Bill	0.022		05/10/12		9,999
	3,800,000		United States Treasury Bill	0.038		06/14/12		3,799
			TOTAL TREASURY DEBT					47,777
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.5%
			TIAA-CREF Short Term Lending Portfolio of the State Street
	194,556,624	a,c	Navigator Securities Lending Trust					194,557
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES					194,557
			TOTAL SHORT-TERM INVESTMENTS					267,334
			(Cost $267,333)
			TOTAL INVESTMENTS - 101.4%					13,444,902
			(Cost $11,790,950)
			OTHER ASSETS & LIABILITIES, NET - (1.4)%					(179,818	)
			NET ASSETS - 100.0%				$	13,265,084
			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 those securities have been segregated by the custodian to cover margin or other requirements on open futures transactions.
	e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $188,306,000.
			Cost amounts are in thousands.

250

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND

GROWTH ACCOUNT

SUMMARY OF MARKET VALUES BY COUNTRY

December 31, 2011

COUNTRY	VALUE (000)		% OF TOTAL PORTFOLIO
DOMESTIC
UNITED STATES	$	13,136,248		97.7	%
TOTAL DOMESTIC		13,136,248		97.7
FOREIGN
BERMUDA		6,083		0.1
CANADA		70,419		0.5
CHINA		16,764		0.1
GERMANY		7,065		0.1
IRELAND		82,566		0.6
ISRAEL		66,322		0.5
MACAU		10,020		0.1
MEXICO		5,120		0.0
NETHERLANDS		27,058		0.2
PANAMA		1,426		0.0
UNITED KINGDOM		15,811		0.1
TOTAL FOREIGN		308,654		2.3
TOTAL PORTFOLIO	$	13,444,902		100.0	%

251

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

COLLEGE RETIREMENT EQUITIES FUND
EQUITY INDEX ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2011

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 99.5%
AUTOMOBILES & COMPONENTS - 0.9%
	51,119	*	American Axle & Manufacturing Holdings, Inc	$	506
	15,097	*,e	Amerigon, Inc (Class A)		215
	65,947		Autoliv, Inc		3,528
	82,199	*,e	BorgWarner, Inc		5,239
	45,804		Cooper Tire & Rubber Co		642
	110,265	*	Dana Holding Corp		1,340
	7,682	*	Dorman Products, Inc		284
	16,941	*	Drew Industries, Inc		416
	58,919	*	Exide Technologies		155
	13,635	*	Federal Mogul Corp (Class A)		201
	2,816,300	*	Ford Motor Co		30,304
	14,261	*,e	Fuel Systems Solutions, Inc		235
	574,351	*	General Motors Co		11,642
	109,188		Gentex Corp		3,231
	180,426	*	Goodyear Tire & Rubber Co		2,557
	179,291		Harley-Davidson, Inc		6,969
	510,688		Johnson Controls, Inc		15,963
	79,404		Lear Corp		3,160
	36,302	*	Modine Manufacturing Co		343
	9,067	*,e	Motorcar Parts of America, Inc		68
	30,024		Spartan Motors, Inc		144
	11,969		Standard Motor Products, Inc		240
	20,247	*	Stoneridge, Inc		171
	17,815		Superior Industries International, Inc		295
	46,120	*	Tenneco, Inc		1,373
	39,362	*,e	Tesla Motors, Inc		1,124
	33,978		Thor Industries, Inc		932
	5,700	*	Tower International, Inc		61
	77,381	*	TRW Automotive Holdings Corp		2,523
	38,775	*	Visteon Corp		1,936
	24,826	*,e	Winnebago Industries, Inc		183
			TOTAL AUTOMOBILES & COMPONENTS		95,980
BANKS - 3.1%
	11,459		1st Source Corp		290
	17,104	*	1st United Bancorp, Inc		95
	3,251		Alliance Financial Corp		100
	18,171	*	Ameris Bancorp		187
	4,648	e	Ames National Corp		91
	8,700	*,e	Apollo Residential Mortgage		133
	6,923		Arrow Financial Corp		162
	130,985		Associated Banc-Corp		1,463
	66,701		Astoria Financial Corp		566
	5,016		Bancfirst Corp		188

252

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	21,466		Banco Latinoamericano de Exportaciones S.A. (Class E)	$	345
	2,914	m	Bancorp Rhode Island, Inc		116
	64,583	e	Bancorpsouth, Inc		712
	41,404		Bank Mutual Corp		132
	36,026		Bank of Hawaii Corp		1,603
	4,416		Bank of Kentucky Financial Corp		89
	3,864		Bank of Marin Bancorp		145
	22,826		Bank of the Ozarks, Inc		676
	17,629		BankFinancial Corp		97
	25,535		BankUnited		562
	12,480		Banner Corp		214
	528,398		BB&T Corp		13,301
	47,216	*	BBCN Bancorp, Inc		446
	23,421	*	Beneficial Mutual Bancorp, Inc		196
	10,481	e	Berkshire Hills Bancorp, Inc		233
	5,599	*,e	BofI Holding, Inc		91
	21,305	e	BOK Financial Corp		1,170
	59,217		Boston Private Financial Holdings, Inc		470
	4,741		Bridge Bancorp, Inc		94
	7,190	*	Bridge Capital Holdings		75
	48,082		Brookline Bancorp, Inc		406
	8,337		Bryn Mawr Bank Corp		162
	5,527		Camden National Corp		180
	8,819	*	Cape Bancorp, Inc		69
	9,158	e	Capital City Bank Group, Inc		87
	246,176		CapitalSource, Inc		1,649
	128,335		Capitol Federal Financial		1,481
	18,053		Cardinal Financial Corp		194
	61,647		Cathay General Bancorp		920
	9,768		Center Bancorp, Inc		95
	16,756		Centerstate Banks of Florida, Inc		111
	11,577	*,e	Central Pacific Financial Corp		150
	2,883		Century Bancorp, Inc		81
	18,856		Chemical Financial Corp		402
	150,892	*	CIT Group, Inc		5,262
	6,398		Citizens & Northern Corp		118
	12,921	e	City Holding Co		438
	31,313		City National Corp		1,383
	10,007		Clifton Savings Bancorp, Inc		93
	6,672		CNB Financial Corp		105
	21,290		CoBiz, Inc		123
	31,348		Columbia Banking System, Inc		604
	152,119		Comerica, Inc		3,925
	59,084		Commerce Bancshares, Inc		2,252
	28,981		Community Bank System, Inc		806
	11,562		Community Trust Bancorp, Inc		340
	40,227		Cullen/Frost Bankers, Inc		2,128
	67,239	e	CVB Financial Corp		674
	19,824		Dime Community Bancshares		250
	96,753	*,e	Doral Financial Corp		92
	12,747	*,e	Eagle Bancorp, Inc		185
	116,790		East West Bancorp, Inc		2,307

253

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	6,100	*,e	Encore Bancshares, Inc	$	82
	4,559	e	Enterprise Bancorp, Inc		65
	11,656		Enterprise Financial Services Corp		173
	8,385		ESB Financial Corp		118
	12,436		ESSA Bancorp, Inc		130
	7,387		Federal Agricultural Mortgage Corp (Class C)		133
	697,023		Fifth Third Bancorp		8,866
	7,979		Financial Institutions, Inc		129
	9,860		First Bancorp (NC)		110
	6,485	e	First Bancorp, Inc		100
	58,052		First Busey Corp		290
	4,158		First Citizens Bancshares, Inc (Class A)		728
	84,375		First Commonwealth Financial Corp		444
	12,139		First Community Bancshares, Inc		151
	6,200	e	First Connecticut Bancorp		81
	7,726		First Defiance Financial Corp		113
	44,691		First Financial Bancorp		744
	23,120	e	First Financial Bankshares, Inc		773
	8,954		First Financial Corp		298
	12,966		First Financial Holdings, Inc		116
	202,896		First Horizon National Corp		1,623
	9,546		First Interstate Bancsystem, Inc		124
	19,481		First Merchants Corp		165
	57,533		First Midwest Bancorp, Inc		583
	263,698		First Niagara Financial Group, Inc		2,276
	4,191		First of Long Island Corp		110
	6,248	e	First Pactrust Bancorp, Inc		64
	56,357	*	First Republic Bank		1,725
	82,846		FirstMerit Corp		1,253
	150,505	*	Flagstar Bancorp, Inc		76
	19,779		Flushing Financial Corp		250
	96,816		FNB Corp		1,095
	11,394		Fox Chase Bancorp, Inc		144
	10,443	*	Franklin Financial Corp		124
	152,821		Fulton Financial Corp		1,499
	8,476	e	German American Bancorp, Inc		154
	56,600		Glacier Bancorp, Inc		681
	7,809		Great Southern Bancorp, Inc		184
	7,762	*,e	Hampton Roads Bankshares, Inc		21
	58,181		Hancock Holding Co		1,860
	14,111	*	Hanmi Financial Corp		104
	10,342		Heartland Financial USA, Inc		159
	15,254	*,e	Heritage Commerce Corp		72
	11,990		Heritage Financial Corp		151
	14,896		Home Bancshares, Inc		386
	12,641		Home Federal Bancorp, Inc		131
	329,334		Hudson City Bancorp, Inc		2,058
	11,015		Hudson Valley Holding Corp		234
	664,830		Huntington Bancshares, Inc		3,650
	22,391		IBERIABANK Corp		1,104
	17,904	e	Independent Bank Corp		489
	40,567		International Bancshares Corp		744

254

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	37,852	*	Investors Bancorp, Inc	$	510
	14,732		Kearny Financial Corp		140
	728,383		Keycorp		5,601
	14,481		Lakeland Bancorp, Inc		125
	12,420		Lakeland Financial Corp		321
	94,845		M&T Bank Corp		7,240
	11,504		MainSource Financial Group, Inc		102
	41,491		MB Financial, Inc		709
	3,784		Merchants Bancshares, Inc		110
	7,250	*	Meridian Interstate Bancorp, Inc		90
	118,224	*,e	MGIC Investment Corp		441
	3,556		Midsouth Bancorp, Inc		46
	5,351	e	National Bankshares, Inc		149
	101,297		National Penn Bancshares, Inc		855
	27,027		NBT Bancorp, Inc		598
	331,783		New York Community Bancorp, Inc		4,104
	14,313	e	Northfield Bancorp, Inc		203
	81,183		Northwest Bancshares, Inc		1,010
	10,808		OceanFirst Financial Corp		141
	57,265	*	Ocwen Financial Corp		829
	76,288		Old National Bancorp		889
	9,164	*	OmniAmerican Bancorp, Inc		144
	33,903		Oriental Financial Group, Inc		411
	45,254		Oritani Financial Corp		578
	3,841		Orrstown Financial Services, Inc		32
	2,800	*,e	Pacific Capital Bancorp		79
	14,467		Pacific Continental Corp		128
	22,250	e	PacWest Bancorp		422
	11,191	e	Park National Corp		728
	22,441	*	Park Sterling Bank		92
	2,964	e	Penns Woods Bancorp, Inc		115
	10,509	*	Pennsylvania Commerce Bancorp, Inc		88
	6,808		Peoples Bancorp, Inc		101
	278,935		People’s United Financial, Inc		3,584
	25,469	*,e	Pinnacle Financial Partners, Inc		411
	400,312		PNC Financial Services Group, Inc		23,087
	772,337	*	Popular, Inc		1,074
	45,847		PrivateBancorp, Inc		503
	35,938	e	Prosperity Bancshares, Inc		1,450
	45,191		Provident Financial Services, Inc		605
	30,181		Provident New York Bancorp		200
	100,581	e	Radian Group, Inc		235
	949,890		Regions Financial Corp		4,085
	19,501		Renasant Corp		293
	6,104		Republic Bancorp, Inc (Class A)		140
	22,920		Rockville Financial, Inc		237
	7,271		Roma Financial Corp		72
	20,998	e	S&T Bancorp, Inc		411
	8,198	e	S.Y. Bancorp, Inc		168
	18,232		Sandy Spring Bancorp, Inc		320
	9,604		SCBT Financial Corp		279
	55,743	*	Seacoast Banking Corp of Florida		85

255

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	8,919	e	Sierra Bancorp	$	78
	34,819	*	Signature Bank		2,089
	13,207		Simmons First National Corp (Class A)		359
	11,606		Southside Bancshares, Inc		251
	14,769	*	Southwest Bancorp, Inc		88
	10,282		State Bancorp, Inc		125
	24,453	*	State Bank & Trust Co		369
	16,183		StellarOne Corp		184
	27,752		Sterling Bancorp		240
	20,641	*	Sterling Financial Corp		345
	7,140		Suffolk Bancorp		77
	29,193	*,e	Sun Bancorp, Inc		71
	410,984		SunTrust Banks, Inc		7,274
	125,314		Susquehanna Bancshares, Inc		1,050
	32,913	*	SVB Financial Group		1,570
	597,443	e	Synovus Financial Corp		842
	8,851	*,e	Taylor Capital Group, Inc		86
	122,960		TCF Financial Corp		1,269
	9,400		Territorial Bancorp, Inc		186
	31,378	*	Texas Capital Bancshares, Inc		960
	52,101	*	TFS Financial Corp		467
	16,995	*	The Bancorp, Inc		123
	7,054	e	Tompkins Trustco, Inc		272
	8,003		Tower Bancorp, Inc		228
	17,850	e	TowneBank		218
	9,919		Trico Bancshares		141
	62,026		Trustco Bank Corp NY		348
	49,168		Trustmark Corp		1,194
	24,801		UMB Financial Corp		924
	91,424		Umpqua Holdings Corp		1,133
	14,087		Union Bankshares Corp		187
	33,421	e	United Bankshares, Inc		945
	15,882	*,e	United Community Banks, Inc		111
	15,445		United Financial Bancorp, Inc		249
	12,704		Univest Corp of Pennsylvania		186
	1,454,613		US Bancorp		39,348
	130,458	e	Valley National Bancorp		1,614
	26,270		ViewPoint Financial Group		342
	14,744	*	Virginia Commerce Bancorp		114
	7,900	*	Walker & Dunlop, Inc		99
	12,184		Washington Banking Co		145
	86,794		Washington Federal, Inc		1,214
	10,818		Washington Trust Bancorp, Inc		258
	52,669		Webster Financial Corp		1,074
	3,729,479		Wells Fargo & Co		102,785
	19,012		WesBanco, Inc		370
	11,970		West Bancorporation, Inc		115
	14,484	*	West Coast Bancorp		226
	21,501		Westamerica Bancorporation		944
	49,360	*	Western Alliance Bancorp		308
	23,121		Westfield Financial, Inc		170
	44,266	*	Wilshire Bancorp, Inc		161

256

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	26,249		Wintrust Financial Corp	$	736
	4,467		WSFS Financial Corp		161
	139,772		Zions Bancorporation		2,275
			TOTAL BANKS		329,119
CAPITAL GOODS - 8.4%
	536,137		3M Co		43,818
	29,148		A.O. Smith Corp		1,169
	54,877	*,e	A123 Systems, Inc		88
	13,279	e	Aaon, Inc		272
	29,552		AAR Corp		567
	30,986	*	Accuride Corp		221
	17,815		Aceto Corp		123
	62,960	*	Active Power, Inc		42
	52,376		Actuant Corp (Class A)		1,188
	31,651	e	Acuity Brands, Inc		1,678
	90,136	*	Aecom Technology Corp		1,854
	28,439	*	Aegion Corp		436
	14,335	*	Aerovironment, Inc		451
	71,219	*	AGCO Corp		3,060
	26,678	*,e	Air Lease Corp		633
	43,373		Aircastle Ltd		552
	4,490		Alamo Group, Inc		121
	23,047		Albany International Corp (Class A)		533
	23,985		Alliant Techsystems, Inc		1,371
	18,705	*	Altra Holdings, Inc		352
	13,776	*,e	Ameresco, Inc		189
	7,032	*	American Railcar Industries, Inc		168
	7,536		American Science & Engineering, Inc		513
	35,994	*,e	American Superconductor Corp		133
	8,518		American Woodmark Corp		116
	123,000		Ametek, Inc		5,178
	8,632		Ampco-Pittsburgh Corp		167
	25,458		Apogee Enterprises, Inc		312
	32,556		Applied Industrial Technologies, Inc		1,145
	5,631		Argan, Inc		86
	16,319	*,e	Armstrong World Industries, Inc		716
	73,192	*	ArvinMeritor, Inc		389
	15,638	*	Astec Industries, Inc		504
	7,762	*	Astronics Corp		278
	10,559		AZZ, Inc		480
	90,144	*	Babcock & Wilcox Co		2,176
	13,564	e	Badger Meter, Inc		399
	37,827		Barnes Group, Inc		912
	74,030	*	BE Aerospace, Inc		2,866
	35,044	*	Beacon Roofing Supply, Inc		709
	36,981		Belden CDT, Inc		1,231
	8,617	*	Berliner Communications, Inc		39
	35,059	*	Blount International, Inc		509
	558,436		Boeing Co		40,961
	37,869		Brady Corp (Class A)		1,196
	39,839		Briggs & Stratton Corp		617

257

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	71,104	*,e	Broadwind Energy, Inc	$	48
	22,099	*,e	Builders FirstSource, Inc		45
	9,868	*	CAI International, Inc		153
	177,093	*,e	Capstone Turbine Corp		205
	46,691		Carlisle Cos, Inc		2,068
	4,845		Cascade Corp		229
	486,312		Caterpillar, Inc		44,059
	19,382	*	Ceradyne, Inc		519
	21,260	*	Chart Industries, Inc		1,150
	76,040		Chicago Bridge & Iron Co NV		2,874
	12,832		CIRCOR International, Inc		453
	38,968		Clarcor, Inc		1,948
	19,959	*	CNH Global NV		718
	6,482	*,e	Coleman Cable, Inc		56
	18,683	*,e	Colfax Corp		532
	12,813	*	Columbus McKinnon Corp		163
	33,040		Comfort Systems USA, Inc		354
	18,507	*	Commercial Vehicle Group, Inc		167
	124,177		Cooper Industries plc		6,724
	38,179		Crane Co		1,783
	12,848		Cubic Corp		560
	148,143		Cummins, Inc		13,039
	35,284		Curtiss-Wright Corp		1,247
	413,059		Danaher Corp		19,430
	316,133		Deere & Co		24,452
	26,753	*	DigitalGlobe, Inc		458
	58,497		Donaldson Co, Inc		3,982
	14,128		Douglas Dynamics, Inc		207
	140,993		Dover Corp		8,185
	7,637		Ducommun, Inc		97
	5,160	*	DXP Enterprises, Inc		166
	22,876	*	Dycom Industries, Inc		479
	12,440		Dynamic Materials Corp		246
	257,797		Eaton Corp		11,222
	50,074		EMCOR Group, Inc		1,342
	567,589		Emerson Electric Co		26,445
	15,305		Encore Wire Corp		396
	25,675	*,e	Energy Recovery, Inc		66
	37,162	*	EnerSys		965
	15,889	*	EnPro Industries, Inc		524
	20,938		ESCO Technologies, Inc		603
	13,418	*	Essex Rental Corp		40
	22,100	*	Esterline Technologies Corp		1,237
	139,194		Exelis, Inc		1,260
	222,424		Fastenal Co		9,699
	50,117		Federal Signal Corp		208
	26,655	*	Flow International Corp		93
	42,235		Flowserve Corp		4,195
	131,109		Fluor Corp		6,587
	117,473	*	Fortune Brands Home & Security, Inc		2,001
	19,315		Franklin Electric Co, Inc		841
	12,439	*	Freightcar America, Inc		261

258

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY		VALUE (000)
	89,877	*,e	FuelCell Energy, Inc		$	78
	25,764	*	Furmanite Corp			163
	39,732		Gardner Denver, Inc			3,062
	35,871		GATX Corp			1,566
	42,477	*	GenCorp, Inc			226
	18,874	*	Generac Holdings, Inc			529
	40,126	*	General Cable Corp			1,004
	250,762		General Dynamics Corp			16,653
	8,016,754		General Electric Co			143,581
	16,043	*	GeoEye, Inc			356
	20,138	*	Gibraltar Industries, Inc			281
	12,250	*	Global Power Equipment Group, Inc			291
	94,487		Goodrich Corp			11,688
	12,953		Gorman-Rupp Co			352
	46,150		Graco, Inc			1,887
	93,433	*	GrafTech International Ltd			1,275
	12,308		Graham Corp			276
	26,732		Granite Construction, Inc			634
	44,924		Great Lakes Dredge & Dock Corp			250
	10,367	*	Greenbrier Cos, Inc			252
	37,869		Griffon Corp			346
	21,180	*	H&E Equipment Services, Inc			284
	61,544		Harsco Corp			1,267
	31,872	e	Heico Corp			1,864
	74,803	*	Hexcel Corp			1,811
	593,599		Honeywell International, Inc			32,262
	12,024		Houston Wire & Cable Co			166
	45,393		Hubbell, Inc (Class B)			3,035
	35,859	*	Huntington Ingalls			1,122
	4,796	*	Hurco Cos, Inc			101
	62,789		IDEX Corp	��		2,330
	39,772	*	II-VI, Inc			730
	336,453		Illinois Tool Works, Inc			15,715
	243,148		Ingersoll-Rand plc			7,409
	10,094		Insteel Industries, Inc			111
	27,412	*	Interline Brands, Inc			427
	69,597		ITT Corp			1,345
	96,369	*	Jacobs Engineering Group, Inc			3,911
	20,027		John Bean Technologies Corp			308
	79,748		Joy Global, Inc			5,979
	9,545	*	Kadant, Inc			216
	21,747		Kaman Corp			594
	25,042		Kaydon Corp			764
	115,976		KBR, Inc			3,232
	62,712		Kennametal, Inc			2,290
	14,447	*,e	KEYW Holding Corp			107
	24,942	*,e	Kratos Defense & Security Solutions, Inc			149
	79,754		L-3 Communications Holdings, Inc			5,318
	3,000		Lawson Products, Inc			46
	13,874	*	Layne Christensen Co			336
	7,262		LB Foster Co (Class A)			205
	37,224		Lennox International, Inc			1,256

259

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	65,044		Lincoln Electric Holdings, Inc	$	2,545
	10,010		Lindsay Manufacturing Co		549
	6,398	*	LMI Aerospace, Inc		112
	200,579		Lockheed Martin Corp		16,227
	12,960		LSI Industries, Inc		78
	12,907	*	Lydall, Inc		122
	87,671		Manitowoc Co, Inc		806
	276,648		Masco Corp		2,900
	43,578	*	Mastec, Inc		757
	10,825		Met-Pro Corp		98
	7,039	*	Michael Baker Corp		138
	14,602	*	Middleby Corp		1,373
	7,280		Miller Industries, Inc		115
	32,829	*	Moog, Inc (Class A)		1,442
	33,838		MSC Industrial Direct Co (Class A)		2,421
	28,928		Mueller Industries, Inc		1,111
	118,277	e	Mueller Water Products, Inc (Class A)		289
	13,261	*	MYR Group, Inc		254
	4,424		Nacco Industries, Inc (Class A)		395
	3,938	e	National Presto Industries, Inc		369
	54,812	*	Navistar International Corp		2,076
	19,754	*	NCI Building Systems, Inc		215
	12,459	*	NN, Inc		75
	46,455		Nordson Corp		1,913
	197,761		Northrop Grumman Corp		11,565
	8,845	*	Northwest Pipe Co		202
	44,747	*	Orbital Sciences Corp		650
	19,593	*	Orion Marine Group, Inc		130
	69,175	*	Oshkosh Truck Corp		1,479
	86,991	*	Owens Corning, Inc		2,499
	276,402		Paccar, Inc		10,357
	88,975		Pall Corp		5,085
	114,637		Parker Hannifin Corp		8,741
	76,198		Pentair, Inc		2,537
	20,289	*	Perini Corp		250
	12,323	*	Pike Electric Corp		89
	13,529	*,e	PMFG, Inc		264
	29,527	*,e	Polypore International, Inc		1,299
	5,761	*	Powell Industries, Inc		180
	12,071	*,e	PowerSecure International, Inc		60
	108,427		Precision Castparts Corp		17,868
	1,801		Preformed Line Products Co		107
	19,995	e	Primoris Services Corp		299
	28,579		Quanex Building Products Corp		429
	162,009	*	Quanta Services, Inc		3,490
	13,791		Raven Industries, Inc		854
	267,449		Raytheon Co		12,939
	16,219	*	RBC Bearings, Inc		676
	29,618		Regal-Beloit Corp		1,510
	29,287		Robbins & Myers, Inc		1,422
	109,940		Rockwell Automation, Inc		8,067
	116,117		Rockwell Collins, Inc		6,429

260

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	71,848		Roper Industries, Inc	$	6,241
	50,633	*,e	RSC Holdings, Inc		937
	24,579	*	Rush Enterprises, Inc (Class A)		514
	40,673	*,e	SatCon Technology Corp		24
	8,467	*	Sauer-Danfoss, Inc		307
	240	*	Seaboard Corp		489
	8,300		SeaCube Container Leasing Ltd		123
	55,138	*	Shaw Group, Inc		1,483
	31,950		Simpson Manufacturing Co, Inc		1,075
	44,614		Snap-On, Inc		2,258
	83,416	*	Spirit Aerosystems Holdings, Inc (Class A)		1,733
	37,552		SPX Corp		2,263
	11,927		Standex International Corp		408
	124,240		Stanley Works		8,399
	12,518	*	Sterling Construction Co, Inc		135
	15,189		Sun Hydraulics Corp		356
	15,435		TAL International Group, Inc		444
	44,785	*	Taser International, Inc		229
	10,545	*	Tecumseh Products Co (Class A)		50
	28,168	*	Teledyne Technologies, Inc		1,545
	14,645		Tennant Co		569
	83,491	*	Terex Corp		1,128
	7,088	e	Textainer Group Holdings Ltd		206
	208,523		Textron, Inc		3,856
	7,771	*	Thermon Group Holdings		137
	40,166	*	Thomas & Betts Corp		2,193
	66,676		Timken Co		2,581
	32,571	e	Titan International, Inc		634
	11,613	*	Titan Machinery, Inc		252
	22,572		Toro Co		1,369
	37,710	*	TransDigm Group, Inc		3,608
	13,203	*,e	Trex Co, Inc		302
	19,750	*	Trimas Corp		355
	61,064		Trinity Industries, Inc		1,836
	28,842		Triumph Group, Inc		1,686
	6,504	e	Twin Disc, Inc		236
	354,409		Tyco International Ltd		16,554
	45,976	*,e	United Rentals, Inc		1,359
	690,777		United Technologies Corp		50,489
	14,766		Universal Forest Products, Inc		456
	60,216	*	URS Corp		2,115
	51,472	*,e	USG Corp		523
	47,033	*,e	Valence Technology, Inc		46
	16,747		Valmont Industries, Inc		1,520
	12,845		Vicor Corp		102
	42,855		W.W. Grainger, Inc		8,022
	39,545	*	Wabash National Corp		310
	51,712	*	WABCO Holdings, Inc		2,244
	22,186	e	Watsco, Inc		1,457
	23,144		Watts Water Technologies, Inc (Class A)		792
	32,103	*	WESCO International, Inc		1,702
	35,290		Westinghouse Air Brake Technologies Corp		2,469

261

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	46,990		Woodward Governor Co	$	1,923
	5,984	*	Xerium Technologies, Inc		39
	139,194		Xylem, Inc		3,576
			TOTAL CAPITAL GOODS		886,255
COMMERCIAL & PROFESSIONAL SERVICES - 0.9%
	37,566		ABM Industries, Inc		775
	32,312	*	Acacia Research (Acacia Technologies)		1,180
	46,006	*	ACCO Brands Corp		444
	16,355		Administaff, Inc		415
	11,265	*	Advisory Board Co		836
	14,202		American Ecology Corp		267
	26,021	*	American Reprographics Co		119
	7,698	*	AT Cross Co		87
	81,325		Avery Dennison Corp		2,332
	6,166		Barrett Business Services, Inc		123
	35,828		Brink’s Co		963
	19,056	*	Casella Waste Systems, Inc (Class A)		122
	41,673	*,e	CBIZ, Inc		255
	7,981		CDI Corp		110
	38,005	*	Cenveo, Inc		129
	87,464		Cintas Corp		3,045
	35,102	*	Clean Harbors, Inc		2,237
	8,210	*	Consolidated Graphics, Inc		396
	61,340	*,e	Coolbrands International, Inc		229
	44,329	*	Copart, Inc		2,123
	27,057		Corporate Executive Board Co		1,031
	82,362	*	Corrections Corp of America		1,678
	19,267	*,e	CoStar Group, Inc		1,286
	6,267		Courier Corp		74
	92,927		Covanta Holding Corp		1,272
	8,400	*	CRA International, Inc		167
	37,676		Deluxe Corp		858
	23,101	*	Dolan Media Co		197
	37,542		Dun & Bradstreet Corp		2,809
	11,162	*	Encore Capital Group, Inc		237
	67,718	*	EnergySolutions, Inc		209
	20,747	*,e	EnerNOC, Inc		226
	17,307		Ennis, Inc		231
	94,166		Equifax, Inc		3,647
	11,236	*	Exponent, Inc		517
	9,375	*	Franklin Covey Co		79
	32,036	*	FTI Consulting, Inc		1,359
	12,288	*	Fuel Tech, Inc		81
	15,088		G & K Services, Inc (Class A)		439
	49,785	*	Geo Group, Inc		834
	12,104	*	GP Strategies Corp		163
	49,713		Healthcare Services Group		879
	14,300		Heidrick & Struggles International, Inc		308
	3,302	*	Heritage-Crystal Clean, Inc		55
	43,782		Herman Miller, Inc		808
	17,074	*	Hill International, Inc		88

262

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	33,809		HNI Corp	$	882
	24,166	*	Hudson Highland Group, Inc		116
	16,505	*	Huron Consulting Group, Inc		639
	13,014	*	ICF International, Inc		322
	114,792	*	ICO Global Communications Holdings Ltd		294
	37,578	*	IHS, Inc (Class A)		3,237
	22,974	*,e	Innerworkings, Inc		214
	38,561		Interface, Inc (Class A)		445
	6,998		Intersections, Inc		78
	127,601		Iron Mountain, Inc		3,930
	21,500	*	KAR Auction Services, Inc		290
	20,372		Kelly Services, Inc (Class A)		279
	21,985	*	Kforce, Inc		271
	18,600		Kimball International, Inc (Class B)		94
	35,963		Knoll, Inc		534
	34,304	*	Korn/Ferry International		585
	63,464		Manpower, Inc		2,269
	17,708		McGrath RentCorp		513
	39,317	*	Metalico, Inc		129
	21,996		Mine Safety Appliances Co		729
	13,300	*	Mistras Group, Inc		339
	28,189	*	Mobile Mini, Inc		492
	8,734		Multi-Color Corp		225
	40,393	*	Navigant Consulting, Inc		461
	58,900	*	Nielsen Holdings NV		1,749
	4,943		NL Industries, Inc.		64
	50,328	*,e	Odyssey Marine Exploration, Inc		138
	25,372	*	On Assignment, Inc		284
	139,284	e	Pitney Bowes, Inc		2,582
	13,016	*	Portfolio Recovery Associates, Inc		879
	19,286	e	Quad		277
	158,991	e	R.R. Donnelley & Sons Co		2,294
	240,647		Republic Services, Inc		6,630
	32,857		Resources Connection, Inc		348
	112,120		Robert Half International, Inc		3,191
	50,683		Rollins, Inc		1,126
	7,412	*	RPX Corp		94
	10,767		Schawk, Inc (Class A)		121
	14,249	*	School Specialty, Inc		36
	12,140	*	Standard Parking Corp		217
	54,705		Steelcase, Inc (Class A)		408
	64,756	*	Stericycle, Inc		5,046
	31,978	*	SYKES Enterprises, Inc		501
	13,336	*	Team, Inc		397
	47,935	*	Tetra Tech, Inc		1,035
	9,816	*	TMS International Corp		97
	43,886		Towers Watson & Co		2,630
	13,579	*	TRC Cos, Inc		82
	37,265	*	TrueBlue, Inc		517
	11,503		Unifirst Corp		653
	36,394		United Stationers, Inc		1,185
	87,867	*	Verisk Analytics, Inc		3,525
	15,178		Viad Corp		265

263

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	2,793		VSE Corp	$	68
	83,921	e	Waste Connections, Inc		2,781
	360,208		Waste Management, Inc		11,781
	12,744	*,e	WCA Waste Corp		83
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		104,170
CONSUMER DURABLES & APPAREL - 1.3%
	30,538	e	American Greetings Corp (Class A)		382
	9,523	*	Arctic Cat, Inc		215
	45,763	*	Ascena Retail Group, Inc		1,360
	58,119	*,e	Beazer Homes USA, Inc		144
	4,923		Blyth, Inc		280
	60,835	e	Brunswick Corp		1,099
	51,179	e	Callaway Golf Co		283
	37,626	*	Carter’s, Inc		1,498
	4,557	*	Cavco Industries, Inc		183
	5,581	e	Cherokee, Inc		65
	31,639	*	Clarus Corp		236
	222,939		Coach, Inc		13,607
	9,339	e	Columbia Sportswear Co		435
	64,294	*	CROCS, Inc		950
	5,480		CSS Industries, Inc		109
	29,784	*	Deckers Outdoor Corp		2,251
	4,329	*	Delta Apparel, Inc		83
	215,214		DR Horton, Inc		2,714
	204,406	*,e	Eastman Kodak Co		133
	18,783	e	Ethan Allen Interiors, Inc		445
	39,142	*	Fossil, Inc		3,106
	34,198	*	Furniture Brands International, Inc		42
	82,384	e	Garmin Ltd		3,279
	13,268	*	G-III Apparel Group Ltd		331
	73,677	*	Hanesbrands, Inc		1,611
	53,605		Harman International Industries, Inc		2,039
	90,667		Hasbro, Inc		2,891
	23,782	*	Helen of Troy Ltd		730
	49,581	*,e	Hovnanian Enterprises, Inc (Class A)		72
	54,965	*	Iconix Brand Group, Inc		895
	18,236	*,e	iRobot Corp		544
	24,481	e	Jakks Pacific, Inc		345
	71,707		Jarden Corp		2,143
	3,583	*	Johnson Outdoors, Inc		55
	66,643		Jones Apparel Group, Inc		703
	58,687	e	KB Home		394
	6,203	*	Kenneth Cole Productions, Inc (Class A)		66
	19,366	*,e	K-Swiss, Inc (Class A)		57
	39,237	*	La-Z-Boy, Inc		467
	34,167	*,e	Leapfrog Enterprises, Inc		191
	109,499		Leggett & Platt, Inc		2,523
	122,890	e	Lennar Corp (Class A)		2,415
	12,366	*	Libbey, Inc		158
	7,210		Lifetime Brands, Inc		88
	71,814	*,e	Liz Claiborne, Inc		620

264

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	16,303	*	M/I Homes, Inc	$	157
	17,427	*	Maidenform Brands, Inc		319
	8,407	*,e	Marine Products Corp		42
	262,506		Mattel, Inc		7,288
	29,150	e	MDC Holdings, Inc		514
	24,046	*	Meritage Homes Corp		558
	43,299	*	Mohawk Industries, Inc		2,591
	12,667		Movado Group, Inc		230
	221,507		Newell Rubbermaid, Inc		3,576
	270,881		Nike, Inc (Class B)		26,104
	4,055	*	NVR, Inc		2,782
	10,106		Oxford Industries, Inc		456
	8,860	*	Perry Ellis International, Inc		126
	43,642		Phillips-Van Heusen Corp		3,076
	48,524		Polaris Industries, Inc		2,716
	38,375		Pool Corp		1,155
	256,906	*	Pulte Homes, Inc		1,621
	107,027	*	Quiksilver, Inc		386
	45,710		Ralph Lauren Corp		6,312
	6,477		RG Barry Corp		78
	35,106	e	Ryland Group, Inc		553
	47,340	*,e	Sealy Corp		81
	27,339	*	Skechers U.S.A., Inc (Class A)		331
	7,200	*,e	Skullcandy, Inc		90
	7,407		Skyline Corp		32
	52,271	*	Smith & Wesson Holding Corp		228
	70,229	*,e	Standard-Pacific Corp		223
	4,356	*	Steinway Musical Instruments, Inc		109
	26,200	*	Steven Madden Ltd		904
	14,503		Sturm Ruger & Co, Inc		485
	8,138	*	Summer Infant, Inc		57
	50,128	*	Tempur-Pedic International, Inc		2,633
	109,135	*	Toll Brothers, Inc		2,229
	19,300	*	True Religion Apparel, Inc		667
	47,753		Tupperware Corp		2,673
	27,184	*,e	Under Armour, Inc (Class A)		1,952
	10,905	*	Unifi, Inc		83
	11,370	*	Universal Electronics, Inc		192
	12,069	*,e	Vera Bradley, Inc		389
	66,632		VF Corp		8,462
	32,732	*	Warnaco Group, Inc		1,638
	5,214		Weyco Group, Inc		128
	57,906		Whirlpool Corp		2,748
	38,905		Wolverine World Wide, Inc		1,387
	15,230	*,e	Zagg, Inc		108
			TOTAL CONSUMER DURABLES & APPAREL		140,706
CONSUMER SERVICES - 2.4%
	18,260	*	AFC Enterprises		268
	14,656		Ambassadors Group, Inc		66
	13,862	*,e	American Public Education, Inc		600
	24,907		Ameristar Casinos, Inc		431

265

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	87,271	*	Apollo Group, Inc (Class A)	$	4,702
	5,600	*,e	Archipelago Learning, Inc		54
	10,098	*	Ascent Media Corp (Series A)		512
	33,030	*	Bally Technologies, Inc		1,307
	10,282	*	Benihana, Inc		105
	17,427	*	BJ’s Restaurants, Inc		790
	24,666		Bob Evans Farms, Inc		827
	35,903	*,e	Boyd Gaming Corp		268
	14,947	*	Bravo Brio Restaurant Group, Inc		256
	14,051	*,e	Bridgepoint Education, Inc		323
	65,006		Brinker International, Inc		1,740
	13,602	*	Buffalo Wild Wings, Inc		918
	12,339	*	Cambium Learning Group, Inc		37
	12,593	*,e	Capella Education Co		454
	46,334	*	Career Education Corp		369
	5,895	*,e	Caribou Coffee Co, Inc		82
	323,451		Carnival Corp		10,557
	8,099	*	Carrols Restaurant Group, Inc		94
	17,289		CBRL Group, Inc		872
	15,042		CEC Entertainment, Inc		518
	46,024	*	Cheesecake Factory		1,351
	23,322	*	Chipotle Mexican Grill, Inc (Class A)		7,877
	21,525		Choice Hotels International, Inc		819
	9,609		Churchill Downs, Inc		501
	23,500	*,e	Coinstar, Inc		1,073
	59,209	*,e	Corinthian Colleges, Inc		128
	104,522		Darden Restaurants, Inc		4,764
	75,312	*	Denny’s Corp		283
	51,986		DeVry, Inc		1,999
	11,939	*	DineEquity, Inc		504
	47,224	*	Domino’s Pizza, Inc		1,603
	18,900	*,e	Dunkin Brands Group, Inc		472
	30,412	*,e	Education Management Corp		851
	4,221		Einstein Noah Restaurant Group, Inc		67
	27,229	*,e	Gaylord Entertainment Co		657
	24,016	*	Grand Canyon Education, Inc		383
	228,332		H&R Block, Inc		3,730
	47,975		Hillenbrand, Inc		1,071
	33,800	*	Hyatt Hotels Corp		1,272
	230,043		International Game Technology		3,957
	22,405		International Speedway Corp (Class A)		568
	34,104	*	Interval Leisure Group, Inc		464
	15,534	*	Isle of Capri Casinos, Inc		73
	21,273	*,e	ITT Educational Services, Inc		1,210
	39,870	*	Jack in the Box, Inc		833
	47,403	*,e	Jamba, Inc		62
	18,366	*,e	K12, Inc		329
	39,822	*	Krispy Kreme Doughnuts, Inc		260
	296,147	*	Las Vegas Sands Corp		12,654
	31,445	*	Life Time Fitness, Inc		1,470
	17,103		Lincoln Educational Services Corp		135
	13,766	*	Luby’s, Inc		62

266

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	8,861		Mac-Gray Corp	$	122
	14,891		Marcus Corp		188
	197,861		Marriott International, Inc (Class A)		5,772
	19,786	*	Marriott Vacations Worldwide Corp		340
	23,085	e	Matthews International Corp (Class A)		726
	783,078		McDonald’s Corp		78,567
	262,267	*	MGM Mirage		2,735
	8,692	*	Monarch Casino & Resort, Inc		89
	23,956	*,e	Morgans Hotel Group Co		141
	20,438	*	Multimedia Games, Inc		162
	5,638		National American University Holdings, Inc		43
	14,289	*	O’Charleys, Inc		78
	78,277	*	Orient-Express Hotels Ltd (Class A)		585
	21,333	*	Panera Bread Co (Class A)		3,018
	14,983	*	Papa John’s International, Inc		565
	8,992	*,e	Peet’s Coffee & Tea, Inc		564
	51,627	*	Penn National Gaming, Inc		1,965
	18,084		PF Chang’s China Bistro, Inc		559
	48,180	*	Pinnacle Entertainment, Inc		490
	9,873	*	Red Lion Hotels Corp		68
	11,853	*	Red Robin Gourmet Burgers, Inc		328
	44,951	e	Regis Corp		744
	101,674		Royal Caribbean Cruises Ltd		2,518
	50,005	*	Ruby Tuesday, Inc		345
	26,831	*	Ruth’s Chris Steak House, Inc		133
	49,874	*	Scientific Games Corp (Class A)		484
	183,181		Service Corp International		1,951
	44,601	*	Shuffle Master, Inc		523
	31,480	e	Six Flags Entertainment Corp		1,298
	45,772	*	Sonic Corp		308
	51,448		Sotheby’s (Class A)		1,468
	9,984		Speedway Motorsports, Inc		153
	567,253		Starbucks Corp		26,100
	147,494		Starwood Hotels & Resorts Worldwide, Inc		7,075
	958	*	Steak N Shake Co		353
	11,970	*	Steiner Leisure Ltd		543
	68,986	e	Stewart Enterprises, Inc (Class A)		397
	9,323	e	Strayer Education, Inc		906
	42,904		Texas Roadhouse, Inc (Class A)		639
	16,126	*	Town Sports International Holdings, Inc		119
	15,190	*	Universal Technical Institute, Inc		194
	27,599		Vail Resorts, Inc		1,169
	22,133	e	Weight Watchers International, Inc		1,218
	241,251		Wendy’s		1,293
	43,711	*	WMS Industries, Inc		897
	117,938		Wyndham Worldwide Corp		4,462
	59,484		Wynn Resorts Ltd		6,572
	351,395		Yum! Brands, Inc		20,736
			TOTAL CONSUMER SERVICES		257,335

267

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
DIVERSIFIED FINANCIALS - 5.2%
	36,918		Advance America Cash Advance Centers, Inc	$	330
	39,037	*	Affiliated Managers Group, Inc		3,746
	270,566	*	American Capital Ltd		1,821
	794,899		American Express Co		37,496
	171,441		Ameriprise Financial, Inc		8,510
	149,594		Apollo Investment Corp		963
	147,601		Ares Capital Corp		2,280
	21,300	e	Artio Global Investors, Inc		104
	7,646,383		Bank of America Corp		42,514
	941,975		Bank of New York Mellon Corp		18,754
	58,435		BGC Partners, Inc (Class A)		347
	54,667	e	BlackRock Kelso Capital Corp		446
	65,468		BlackRock, Inc		11,669
	77,753	*,e	Broadpoint Securities Group, Inc		131
	16,951		Calamos Asset Management, Inc (Class A)		212
	346,072		Capital One Financial Corp		14,636
	2,167		Capital Southwest Corp		177
	22,738		Cash America International, Inc		1,060
	35,130		CBOE Holdings, Inc		908
	791,596		Charles Schwab Corp		8,913
	2,192,977		Citigroup, Inc		57,697
	50,689		CME Group, Inc		12,351
	12,285	e	Cohen & Steers, Inc		355
	30,640		Compass Diversified Trust		380
	50,765	*	Cowen Group, Inc		131
	5,106	*	Credit Acceptance Corp		420
	9,816	*	Deerfield Capital Corp		53
	1,420		Diamond Hill Investment Group, Inc		105
	414,926		Discover Financial Services		9,959
	33,079	*	Dollar Financial Corp		597
	21,313		Duff & Phelps Corp		309
	191,552	*	E*Trade Financial Corp		1,525
	92,658	e	Eaton Vance Corp		2,190
	10,984		Epoch Holding Corp		244
	14,946		Evercore Partners, Inc (Class A)		398
	36,390	*	Ezcorp, Inc (Class A)		960
	39,284	*	FBR Capital Markets Corp		81
	69,691	e	Federated Investors, Inc (Class B)		1,056
	51,357	e	Fifth Street Finance Corp		491
	29,176	*,e	Financial Engines, Inc		652
	23,334	*	First Cash Financial Services, Inc		819
	58,259	*,e	First Marblehead Corp		68
	109,286		Franklin Resources, Inc		10,498
	5,142	e	Friedman Billings Ramsey Group, Inc (Class A)		110
	17,300	e	FXCM, Inc		169
	7,000	e	Gain Capital Holdings, Inc		47
	6,584		GAMCO Investors, Inc (Class A)		286
	54,396		GFI Group, Inc		224
	15,081		Gladstone Capital Corp		115
	15,921		Gladstone Investment Corp		116
	390,654		Goldman Sachs Group, Inc		35,326
	5,889	e	Golub Capital BDC, Inc		91

268

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	16,998	*,e	Green Dot Corp	$	531
	22,433	e	Greenhill & Co, Inc		816
	16,757	*	Harris & Harris Group, Inc		58
	33,744		Hercules Technology Growth Capital, Inc		319
	22,560	*	HFF, Inc (Class A)		233
	13,505	*	Imperial Holdings, Inc		25
	30,361		Interactive Brokers Group, Inc (Class A)		454
	54,957	*	IntercontinentalExchange, Inc		6,625
	13,392	*	International Assets Holding Corp		316
	32,107	*	Internet Capital Group, Inc		248
	346,461		Invesco Ltd		6,960
	34,884	*	Investment Technology Group, Inc		377
	37,000	e	iShares Russell 2000 Index Fund		2,727
	50,823	e	iShares Russell 3000 Index Fund		3,770
	137,373		Janus Capital Group, Inc		867
	88,527	e	Jefferies Group, Inc		1,217
	11,011		JMP Group, Inc		79
	3,003,829		JPMorgan Chase & Co		99,877
	26,819		KBW, Inc		407
	73,616	*	Knight Capital Group, Inc (Class A)		870
	15,310	e	Kohlberg Capital Corp		97
	73,441	*,e	Ladenburg Thalmann Financial Services, Inc		182
	84,822		Lazard Ltd (Class A)		2,215
	113,921		Legg Mason, Inc		2,740
	148,551		Leucadia National Corp		3,378
	26,205	*	LPL Investment Holdings, Inc		800
	15,412		Main Street Capital Corp		327
	2,900	*	Manning & Napier, Inc		36
	21,429		MarketAxess Holdings, Inc		645
	6,533		Marlin Business Services Corp		83
	64,585		MCG Capital Corp		258
	9,981		Medallion Financial Corp		114
	7,998		Medley Capital Corp		83
	152,732		Moody’s Corp		5,144
	1,162,927		Morgan Stanley		17,595
	91,923	*	MSCI, Inc (Class A)		3,027
	17,411		MVC Capital, Inc		202
	94,841	*	Nasdaq Stock Market, Inc		2,325
	20,204		Nelnet, Inc (Class A)		494
	23,100	*,e	Netspend Holdings, Inc		187
	5,367		New Mountain Finance Corp		72
	21,889	*	NewStar Financial, Inc		223
	12,077		NGP Capital Resources Co		87
	7,402	e	Nicholas Financial, Inc		95
	164,117		Northern Trust Corp		6,509
	198,629		NYSE Euronext		5,184
	7,363		Oppenheimer Holdings, Inc		119
	35,056	e	PennantPark Investment Corp		354
	41,814	*	PHH Corp		447
	17,372	*	Pico Holdings, Inc		358
	13,978	*	Piper Jaffray Cos		282
	75,446	e	Prospect Capital Corp		701

269

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	9,591		Pzena Investment Management, Inc (Class A)	$	42
	75,031		Raymond James Financial, Inc		2,323
	21,125	*	Safeguard Scientifics, Inc		334
	8,937		Sanders Morris Harris Group, Inc		59
	110,255		SEI Investments Co		1,913
	400,986		SLM Corp		5,373
	28,070		Solar Capital Ltd		620
	6,100		Solar Senior Capital Ltd		96
	233,000		SPDR Trust Series 1		29,241
	380,776		State Street Corp		15,349
	40,347	*,e	Stifel Financial Corp		1,293
	37,258		SWS Group, Inc		256
	194,627		T Rowe Price Group, Inc		11,084
	167,448		TD Ameritrade Holding Corp		2,621
	6,653		THL Credit, Inc		81
	20,926		TICC Capital Corp		181
	14,296	e	Triangle Capital Corp		273
	4,394	*	Virtus Investment Partners, Inc		334
	67,558		Waddell & Reed Financial, Inc (Class A)		1,673
	21,153		Walter Investment Management Corp		434
	3,869		Westwood Holdings Group, Inc		141
	10,829	*	World Acceptance Corp		796
			TOTAL DIVERSIFIED FINANCIALS		548,496
ENERGY - 11.2%
	70,225	*,e	Abraxas Petroleum Corp		232
	9,171		Alon USA Energy, Inc		80
	172,068	*	Alpha Natural Resources, Inc		3,515
	13,406	*,e	Amyris Biotechnologies, Inc		155
	375,256		Anadarko Petroleum Corp		28,643
	289,823		Apache Corp		26,252
	6,580	e	APCO Argentina, Inc		538
	16,856	*,e	Approach Resources, Inc		496
	154,928		Arch Coal, Inc		2,248
	33,846	*,e	ATP Oil & Gas Corp		249
	44,174	*	Atwood Oceanics, Inc		1,758
	328,852		Baker Hughes, Inc		15,995
	18,593	*	Basic Energy Services, Inc		366
	39,652		Berry Petroleum Co (Class A)		1,666
	35,237	*	Bill Barrett Corp		1,201
	90,573	*,e	BPZ Energy, Inc		257
	27,721		Bristow Group, Inc		1,314
	9,000	*,e	C&J Energy Services, Inc		188
	79,061		Cabot Oil & Gas Corp		6,001
	79,978	*	Cal Dive International, Inc		180
	27,753	*	Callon Petroleum Co		138
	183,191	*	Cameron International Corp		9,011
	14,570	e	CARBO Ceramics, Inc		1,797
	29,745	*	Carrizo Oil & Gas, Inc		784
	71,149	*	Cheniere Energy, Inc		618
	496,966		Chesapeake Energy Corp		11,077
	1,523,551		Chevron Corp		162,105

270

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	64,690		Cimarex Energy Co	$	4,004
	4,602	*,e	Clayton Williams Energy, Inc		349
	37,262	*,e	Clean Energy Fuels Corp		464
	46,507	*	Cloud Peak Energy, Inc		899
	83,572	*	Cobalt International Energy, Inc		1,297
	60,400	*	Complete Production Services, Inc		2,027
	36,545	*	Comstock Resources, Inc		559
	78,411	*	Concho Resources, Inc		7,351
	1,005,847		ConocoPhillips		73,295
	173,265		Consol Energy, Inc		6,359
	9,289	*	Contango Oil & Gas Co		540
	29,565	*,e	Continental Resources, Inc		1,972
	34,938		Core Laboratories NV		3,981
	15,591	*,e	Crimson Exploration, Inc		45
	37,807		Crosstex Energy, Inc		478
	67,340	*	CVR Energy, Inc		1,261
	4,728	*,e	Dawson Geophysical Co		187
	7,530		Delek US Holdings, Inc		86
	308,251	*	Denbury Resources, Inc		4,655
	318,030		Devon Energy Corp		19,718
	38,961		DHT Maritime, Inc		29
	51,948	e	Diamond Offshore Drilling, Inc		2,871
	59,365	*	Dresser-Rand Group, Inc		2,963
	26,285	*	Dril-Quip, Inc		1,730
	584,057		El Paso Corp		15,518
	28,282	*,e	Endeavour International Corp		246
	53,820		Energen Corp		2,691
	21,960	*	Energy Partners Ltd		321
	56,747	*	Energy XXI Bermuda Ltd		1,809
	201,894		EOG Resources, Inc		19,889
	102,738		Equitable Resources, Inc		5,629
	11,704	*	Evolution Petroleum Corp		94
	111,561		EXCO Resources, Inc		1,166
	48,293	*	Exterran Holdings, Inc		439
	3,729,604	d	Exxon Mobil Corp		316,120
	181,806	*	FMC Technologies, Inc		9,496
	85,352	*	Forest Oil Corp		1,157
	39,564	e	Frontline Ltd		170
	36,931	*	FX Energy, Inc		177
	54,404	*	Gastar Exploration Ltd		173
	7,921	*,e	Geokinetics, Inc		17
	15,376	*	Georesources, Inc		451
	3,300	*,e	Gevo, Inc		21
	14,135	*	Global Geophysical Services, Inc		95
	46,474	*,e	GMX Resources, Inc		58
	28,774	e	Golar LNG Ltd		1,279
	20,317	*,e	Goodrich Petroleum Corp		279
	20,962	*	Green Plains Renewable Energy, Inc		205
	9,089		Gulf Island Fabrication, Inc		265
	15,761	*	Gulfmark Offshore, Inc		662
	29,832	*	Gulfport Energy Corp		879
	690,553		Halliburton Co		23,831

271

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	29,621	*,e	Harvest Natural Resources, Inc	$	219
	81,706	*	Helix Energy Solutions Group, Inc		1,291
	72,674		Helmerich & Payne, Inc		4,241
	87,818	*	Hercules Offshore, Inc		390
	229,736		Hess Corp		13,049
	142,620		Holly Corp		3,337
	18,746	*,e	Hornbeck Offshore Services, Inc		582
	14,150	*,e	Houston American Energy Corp		172
	130,217	*,e	Hyperdynamics Corp		319
	100,154	*	ION Geophysical Corp		614
	823	*,e	Isramco, Inc		74
	27,417	*,e	James River Coal Co		190
	95,985	*	Key Energy Services, Inc		1,485
	127,114	e	Kinder Morgan, Inc		4,089
	7,900	*,e	KiOR, Inc (Class A)		80
	18,775	e	Knightsbridge Tankers Ltd		257
	195,747	*	Kodiak Oil & Gas Corp		1,860
	24,954	*	Kosmos Energy LLC		306
	12,300	*	L&L Energy, Inc		32
	22,968		Lufkin Industries, Inc		1,546
	81,929	*,e	Magnum Hunter Resources Corp		442
	536,438		Marathon Oil Corp		15,702
	270,119		Marathon Petroleum Corp		8,992
	23,922	*	Matrix Service Co		226
	176,324	*	McDermott International, Inc		2,029
	78,067	*,e	McMoRan Exploration Co		1,136
	31,904	*,e	Miller Petroleum, Inc		89
	7,684	*	Mitcham Industries, Inc		168
	147,218		Murphy Oil Corp		8,206
	217,056	*	Nabors Industries Ltd		3,764
	320,105		National Oilwell Varco, Inc		21,764
	5,226	*	Natural Gas Services Group, Inc		76
	101,438	*	Newfield Exploration Co		3,827
	69,901	*	Newpark Resources, Inc		664
	133,406		Noble Energy, Inc		12,592
	37,402	e	Nordic American Tanker Shipping		448
	48,403	*,e	Northern Oil And Gas, Inc		1,161
	45,751	*,e	Oasis Petroleum, Inc		1,331
	613,477		Occidental Petroleum Corp		57,483
	82,172		Oceaneering International, Inc		3,791
	37,449	*	Oil States International, Inc		2,860
	19,618	e	Overseas Shipholding Group, Inc		214
	3,307	*	OYO Geospace Corp		256
	37,088	*,e	Pacific Asia Petroleum, Inc		37
	5,367	e	Panhandle Oil and Gas, Inc (Class A)		176
	96,030	*	Parker Drilling Co		689
	69,102	*	Patriot Coal Corp		585
	119,282		Patterson-UTI Energy, Inc		2,383
	205,078		Peabody Energy Corp		6,790
	35,015		Penn Virginia Corp		185
	16,488	*	Petroleum Development Corp		579
	43,261	*,e	Petroquest Energy, Inc		286

272

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	9,723	*	PHI, Inc	$	242
	42,944	*	Pioneer Drilling Co		416
	88,660		Pioneer Natural Resources Co		7,933
	108,164	*	Plains Exploration & Production Co		3,972
	132,552		Questar Market Resources, Inc		3,884
	86,019	*,e	Quicksilver Resources, Inc		577
	121,181		Range Resources Corp		7,506
	167,304	*,e	Rentech, Inc		219
	35,433	*,e	Resolute Energy Corp		383
	26,939	*,e	Rex Energy Corp		398
	6,400	*	Rex Stores Corp		142
	4,515	*	RigNet, Inc		76
	40,850	*	Rosetta Resources, Inc		1,777
	96,528	*	Rowan Cos, Inc		2,928
	33,284	e	RPC, Inc		607
	304,794	*	SandRidge Energy, Inc		2,487
	1,024,091		Schlumberger Ltd		69,955
	19,383	*	Scorpio Tankers, Inc		95
	16,143	*	SEACOR Holdings, Inc		1,436
	31,863	*	SemGroup Corp		830
	34,031	e	Ship Finance International Ltd		318
	8,338	*,e	Solazyme, Inc		99
	93,776		Southern Union Co		3,949
	263,405	*	Southwestern Energy Co		8,413
	493,023		Spectra Energy Corp		15,160
	47,139		St. Mary Land & Exploration Co		3,446
	36,323	*	Stone Energy Corp		958
	88,549		Sunoco, Inc		3,632
	59,956	*,e	Superior Energy Services		1,705
	32,148	*	Swift Energy Co		955
	49,984	*,e	Syntroleum Corp		48
	12,700		Targa Resources Investments, Inc		517
	32,878		Teekay Corp		879
	32,183	e	Teekay Tankers Ltd (Class A)		113
	23,351	*	Tesco Corp		295
	108,582	*	Tesoro Corp		2,536
	61,337	*	Tetra Technologies, Inc		573
	38,204		Tidewater, Inc		1,883
	32,149	*,e	Triangle Petroleum Corp		192
	113,637	*	Ultra Petroleum Corp		3,367
	10,127	*	Union Drilling, Inc		63
	29,837	*	Unit Corp		1,384
	49,078	*,e	Uranerz Energy Corp		89
	76,523	*,e	Uranium Energy Corp		234
	13,262	*,e	Uranium Resources, Inc		10
	80,628	*,e	Ur-Energy, Inc		69
	64,074	*,e	USEC, Inc		73
	48,465	*	Vaalco Energy, Inc		293
	431,477		Valero Energy Corp		9,083
	169,150	*	Vantage Drilling Co		196
	22,450	*	Venoco, Inc		152
	34,077	*,e	Voyager Oil & Gas, Inc		88

273

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	26,733	e	W&T Offshore, Inc	$	567
	67,894	*	Warren Resources, Inc		221
	41,000	*,e	Western Refining, Inc		545
	7,723	*	Westmoreland Coal Co		98
	89,390	*	Whiting Petroleum Corp		4,174
	29,621	*	Willbros Group, Inc		109
	446,175		Williams Cos, Inc		14,733
	54,207		World Fuel Services Corp		2,276
	18,939	*,e	Zion Oil & Gas, Inc		42
			TOTAL ENERGY		1,199,585
FOOD & STAPLES RETAILING - 2.1%
	13,080		Andersons, Inc		571
	837		Arden Group, Inc (Class A)		75
	29,235		Casey’s General Stores, Inc		1,506
	7,700	*	Chefs’ Warehouse Holdings, Inc		138
	329,717		Costco Wholesale Corp		27,472
	1,021,715		CVS Corp		41,666
	21,250	*,e	Fresh Market, Inc		848
	8,163		Ingles Markets, Inc (Class A)		123
	432,445		Kroger Co		10,474
	10,977		Nash Finch Co		321
	16,292	*	Pantry, Inc		195
	13,557		Pricesmart, Inc		943
	445,462	*	Rite Aid Corp		561
	33,448		Ruddick Corp		1,426
	271,027	e	Safeway, Inc		5,702
	18,527		Spartan Stores, Inc		343
	165,275	e	Supervalu, Inc		1,342
	5,570	*	Susser Holdings Corp		126
	442,709		Sysco Corp		12,985
	36,743	*	United Natural Foods, Inc		1,470
	4,652		Village Super Market (Class A)		132
	692,698		Walgreen Co		22,901
	1,340,713		Wal-Mart Stores, Inc		80,121
	8,834		Weis Markets, Inc		353
	116,808		Whole Foods Market, Inc		8,128
	41,829	*	Winn-Dixie Stores, Inc		392
			TOTAL FOOD & STAPLES RETAILING		220,314
FOOD, BEVERAGE & TOBACCO - 5.6%
	2,319		Alico, Inc		45
	68,179	*	Alliance One International, Inc		185
	1,583,571		Altria Group, Inc		46,953
	508,614		Archer Daniels Midland Co		14,546
	37,577		B&G Foods, Inc (Class A)		904
	117,473		Beam, Inc		6,018
	6,724	*,e	Boston Beer Co, Inc (Class A)		730
	76,741		Brown-Forman Corp (Class B)		6,178
	110,705		Bunge Ltd		6,332
	7,129	e	Calavo Growers, Inc		183
	10,929	e	Cal-Maine Foods, Inc		400

274

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	131,903		Campbell Soup Co	$	4,384
	53,541	*,e	Central European Distribution Corp		234
	31,603	*	Chiquita Brands International, Inc		264
	4,202		Coca-Cola Bottling Co Consolidated		246
	1,497,303		Coca-Cola Co		104,767
	248,992		Coca-Cola Enterprises, Inc		6,419
	312,873		ConAgra Foods, Inc		8,260
	141,361	*	Constellation Brands, Inc (Class A)		2,922
	57,268		Corn Products International, Inc		3,012
	7,653	*	Craft Brewers Alliance, Inc		46
	88,594	*	Darling International, Inc		1,177
	140,023	*	Dean Foods Co		1,568
	16,103	e	Diamond Foods, Inc		520
	27,600	*,e	Dole Food Co, Inc		239
	169,553		Dr Pepper Snapple Group, Inc		6,694
	5,320	e	Farmer Bros Co		41
	85,492		Flowers Foods, Inc		1,623
	27,866		Fresh Del Monte Produce, Inc		697
	480,957		General Mills, Inc		19,434
	92,988	*,e	Green Mountain Coffee Roasters, Inc		4,171
	2,482		Griffin Land & Nurseries, Inc (Class A)		66
	241,687		H.J. Heinz Co		13,061
	27,245	*	Hain Celestial Group, Inc		999
	51,477		Hansen Natural Corp		4,743
	70,305	*,e	Heckmann Corp		468
	114,632		Hershey Co		7,082
	105,226		Hormel Foods Corp		3,082
	8,158	e	Imperial Sugar Co		29
	11,326		J&J Snack Foods Corp		603
	87,000		J.M. Smucker Co		6,801
	186,439		Kellogg Co		9,428
	1,248,435		Kraft Foods, Inc (Class A)		46,641
	14,250	e	Lancaster Colony Corp		988
	36,396		Lance, Inc		819
	3,603	*,e	Lifeway Foods, Inc		35
	6,464	e	Limoneira Co		109
	102,064		Lorillard, Inc		11,635
	100,117		McCormick & Co, Inc		5,048
	154,798		Mead Johnson Nutrition Co		10,639
	9,066		Mgp Ingredients, Inc		46
	99,012		Molson Coors Brewing Co (Class B)		4,311
	5,604		National Beverage Corp		90
	15,084	*	Omega Protein Corp		108
	1,194,876		PepsiCo, Inc		79,280
	1,344,113		Philip Morris International, Inc		105,486
	37,600	*,e	Pilgrim’s Pride Corp		217
	9,350	*,e	Primo Water		28
	42,347	*	Ralcorp Holdings, Inc		3,621
	253,791		Reynolds American, Inc		10,512
	17,484	e	Sanderson Farms, Inc		876
	447,735		Sara Lee Corp		8,471
	7,792	*	Seneca Foods Corp		201

275

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	53,670	*	Smart Balance, Inc	$	288
	125,524	*	Smithfield Foods, Inc		3,048
	69,350	*,e	Star Scientific, Inc		151
	14,223	*,e	Synutra International, Inc		72
	18,111	e	Tootsie Roll Industries, Inc		429
	26,938	*	TreeHouse Foods, Inc		1,761
	230,318		Tyson Foods, Inc (Class A)		4,754
	18,707	e	Universal Corp		860
	35,109	e	Vector Group Ltd		624
			TOTAL FOOD, BEVERAGE & TOBACCO		596,702
HEALTH CARE EQUIPMENT & SERVICES - 4.3%
	15,924	*	Abaxis, Inc		441
	27,756	*	Abiomed, Inc		513
	30,836	*,e	Accretive Health, Inc		709
	52,299	*	Accuray, Inc		221
	288,207		Aetna, Inc		12,159
	8,631	*	Air Methods Corp		729
	47,580	*	Align Technology, Inc		1,129
	18,580	*	Alliance Imaging, Inc		23
	145,378	*	Allscripts Healthcare Solutions, Inc		2,754
	7,268	*	Almost Family, Inc		121
	39,818	*	Alphatec Holdings, Inc		68
	21,596	*,e	Amedisys, Inc		236
	9,851	*	American Dental Partners, Inc		185
	32,663	*	Amerigroup Corp		1,930
	197,849		AmerisourceBergen Corp		7,358
	30,580	*	AMN Healthcare Services, Inc		135
	25,648	*	Amsurg Corp		668
	10,953		Analogic Corp		628
	18,523	*	Angiodynamics, Inc		274
	54,175	*,e	Antares Pharma, Inc		119
	20,843	*	Arthrocare Corp		660
	17,166		Assisted Living Concepts, Inc (A Shares)		256
	25,682	*,e	athenahealth, Inc		1,261
	10,854	*	AtriCure, Inc		120
	1,039		Atrion Corp		250
	64,525		Bard (C.R.), Inc		5,517
	431,603		Baxter International, Inc		21,356
	165,298		Becton Dickinson & Co		12,351
	21,912	*,e	Biolase Technology, Inc		56
	18,346	*,e	Bio-Reference Labs, Inc		298
	31,488	*	BioScrip, Inc		172
	1,149,568	*	Boston Scientific Corp		6,139
	74,076	*	Brookdale Senior Living, Inc		1,288
	12,419		Cantel Medical Corp		347
	15,384	*	Capital Senior Living Corp		122
	265,985		Cardinal Health, Inc		10,802
	18,454	*	CardioNet, Inc		44
	9,837	*,e	Cardiovascular Systems, Inc		97
	164,978	*	CareFusion Corp		4,192
	32,577	*	Catalyst Health Solutions, Inc		1,694

276

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	24,036	*,e	CBaySystems Holdings Ltd	$	231
	39,667	*	Centene Corp		1,570
	107,062	*	Cerner Corp		6,559
	28,816	*	Cerus Corp		81
	16,152		Chemed Corp		827
	8,056	*	Chindex International, Inc		69
	213,264		Cigna Corp		8,957
	72,212	*	Community Health Systems, Inc		1,260
	7,737		Computer Programs & Systems, Inc		395
	25,681	*,e	Conceptus, Inc		325
	22,053	*	Conmed Corp		566
	34,815		Cooper Cos, Inc		2,455
	6,016	*	Corvel Corp		311
	110,716	*	Coventry Health Care, Inc		3,362
	374,197		Covidien plc		16,843
	22,090	*	Cross Country Healthcare, Inc		123
	27,223	*	CryoLife, Inc		131
	19,734	*	Cyberonics, Inc		661
	5,493	*	Cynosure, Inc (Class A)		65
	71,147	*	DaVita, Inc		5,394
	29,659	*,e	Delcath Systems, Inc		90
	107,747		Dentsply International, Inc		3,770
	51,238	*	DexCom, Inc		477
	7,198	*	DynaVox, Inc		26
	85,857	*	Edwards Lifesciences Corp		6,070
	23,206	*,e	Emeritus Corp		406
	34,017	*	Endologix, Inc		391
	10,891		Ensign Group, Inc		267
	4,100	*,e	ePocrates, Inc		32
	4,898	*	Exactech, Inc		81
	20,845	*	EXamWorks, Inc		198
	368,220	*	Express Scripts, Inc		16,456
	24,001	*	Five Star Quality Care, Inc		72
	35,041	*	Gen-Probe, Inc		2,072
	22,160	*	Gentiva Health Services, Inc		150
	19,254	*	Greatbatch, Inc		426
	18,549	*	Haemonetics Corp		1,136
	25,502	*	Hanger Orthopedic Group, Inc		477
	32,412	*,e	Hansen Medical, Inc		84
	86,994	*	HCA Holdings, Inc		1,916
	197,006	*	Health Management Associates, Inc (Class A)		1,452
	69,494	*	Health Net, Inc		2,114
	71,500	*	Healthsouth Corp		1,263
	48,395	*	Healthspring, Inc		2,639
	12,083	*	HealthStream, Inc		223
	28,116	*	Healthways, Inc		193
	9,160	*,e	HeartWare International, Inc		632
	69,502	*	Henry Schein, Inc		4,478
	49,054		Hill-Rom Holdings, Inc		1,653
	62,121	*	HMS Holdings Corp		1,987
	200,085	*	Hologic, Inc		3,503
	126,179		Humana, Inc		11,055

277

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	9,095	*	ICU Medical, Inc	$	409
	43,803	*	Idexx Laboratories, Inc		3,371
	34,069	*,e	Insulet Corp		642
	16,250	*	Integra LifeSciences Holdings Corp		501
	29,788	*	Intuitive Surgical, Inc		13,792
	23,110		Invacare Corp		353
	65,672	*	Inverness Medical Innovations, Inc		1,516
	11,925	*	IPC The Hospitalist Co, Inc		545
	12,955	*	IRIS International, Inc		121
	8,260	*	Kensey Nash Corp		159
	38,766	*	Kindred Healthcare, Inc		456
	75,460	*	Laboratory Corp of America Holdings		6,487
	8,629		Landauer, Inc		444
	11,927	*	LHC Group, Inc		153
	40,314	*	LifePoint Hospitals, Inc		1,498
	72,282		Lincare Holdings, Inc		1,858
	23,696	*	Magellan Health Services, Inc		1,172
	24,243	*,e	MAKO Surgical Corp		611
	38,810	*	Masimo Corp		725
	191,202		McKesson Corp		14,897
	33,286	*	MedAssets, Inc		308
	302,273	*	Medco Health Solutions, Inc		16,897
	9,627	*	Medical Action Industries, Inc		50
	14,224	*	Medidata Solutions, Inc		309
	805,576		Medtronic, Inc		30,812
	38,200	*	Merge Healthcare, Inc		185
	31,965		Meridian Bioscience, Inc		602
	29,037	*	Merit Medical Systems, Inc		389
	31,344	*	Metropolitan Health Networks, Inc		234
	21,513	*	Molina Healthcare, Inc		480
	9,533	*	MWI Veterinary Supply, Inc		633
	6,756		National Healthcare Corp		283
	19,956	*	Natus Medical, Inc		188
	18,486	*	Neogen Corp		566
	66,756	*	Neoprobe Corp		175
	30,456	*	NuVasive, Inc		383
	33,986	*	NxStage Medical, Inc		604
	86,850		Omnicare, Inc		2,992
	24,067	*	Omnicell, Inc		398
	30,922	*	OraSure Technologies, Inc		282
	14,876	*	Orthofix International NV		524
	48,567		Owens & Minor, Inc		1,350
	12,302	*	Palomar Medical Technologies, Inc		114
	79,206		Patterson Cos, Inc		2,338
	35,351	*	Pediatrix Medical Group, Inc		2,546
	23,814	*	PharMerica Corp		361
	8,598	*	Providence Service Corp		118
	41,924	*	PSS World Medical, Inc		1,014
	27,176	e	Quality Systems, Inc		1,005
	118,730		Quest Diagnostics, Inc		6,893
	21,781	*,e	Quidel Corp		330
	23,354	*,e	RadNet, Inc		50

278

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	116,858	*	Resmed, Inc	$	2,968
	12,187	*,e	Rockwell Medical Technologies, Inc		103
	38,631	*	RTI Biologics, Inc		172
	34,640	*	Select Medical Holdings Corp		294
	42,129	*	Sirona Dental Systems, Inc		1,855
	15,881	*	Skilled Healthcare Group, Inc (Class A)		87
	44,003	*	Solta Medical, Inc		138
	12,040	*	SonoSite, Inc		648
	21,581	*	Spectranetics Corp		156
	249,528		St. Jude Medical, Inc		8,559
	26,141	*	Staar Surgical Co		274
	16,786	*,e	Stereotaxis, Inc		14
	45,845		STERIS Corp		1,367
	237,874		Stryker Corp		11,825
	19,029	*	Sun Healthcare Group, Inc		74
	40,216	*,e	Sunrise Senior Living, Inc		261
	13,627	*	SurModics, Inc		200
	47,188	*	SXC Health Solutions Corp		2,665
	32,497	*	Symmetry Medical, Inc		260
	16,509	*,e	Synergetics USA, Inc		122
	9,221	*	Synovis Life Technologies, Inc		257
	20,027	*	Team Health Holdings, Inc		442
	30,710		Teleflex, Inc		1,882
	367,275	*	Tenet Healthcare Corp		1,884
	43,318	*	Thoratec Corp		1,454
	7,882	*	Tornier BV		142
	4,824	*	Transcend Services, Inc		114
	14,800	*	Triple-S Management Corp (Class B)		296
	37,485	*,e	Unilife Corp		117
	819,406		UnitedHealth Group, Inc		41,528
	23,233	*	Universal American Corp		295
	69,358		Universal Health Services, Inc (Class B)		2,695
	15,919	*,e	Uroplasty, Inc		68
	8,422		US Physical Therapy, Inc		166
	23,000	*	Vanguard Health Systems, Inc		235
	87,360	*	Varian Medical Systems, Inc		5,864
	12,709	*	Vascular Solutions, Inc		141
	66,310	*	VCA Antech, Inc		1,310
	39,957	*	Volcano Corp		951
	32,075	*	WellCare Health Plans, Inc		1,684
	263,264		WellPoint, Inc		17,442
	26,348		West Pharmaceutical Services, Inc		1,000
	28,863	*	Wright Medical Group, Inc		476
	4,290		Young Innovations, Inc		127
	1,700	*,e	Zeltiq Aesthetics, Inc		19
	138,078	*	Zimmer Holdings, Inc		7,376
	17,148	*	Zoll Medical Corp		1,083
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		457,609

279

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
HOUSEHOLD & PERSONAL PRODUCTS - 2.2%
	327,248		Avon Products, Inc	$	5,717
	46,305	*	Central Garden and Pet Co (Class A)		385
	106,968		Church & Dwight Co, Inc		4,895
	100,687		Clorox Co		6,702
	369,332		Colgate-Palmolive Co		34,123
	17,426	*	Elizabeth Arden, Inc		645
	52,776	*	Energizer Holdings, Inc		4,089
	85,023		Estee Lauder Cos (Class A)		9,549
	11,623	e	Female Health Co		52
	7,067	*	Harbinger Group, Inc		28
	91,346		Herbalife Ltd		4,720
	12,258		Inter Parfums, Inc		191
	297,029		Kimberly-Clark Corp		21,849
	9,661	*,e	Medifast, Inc		133
	5,868	*	Nature’s Sunshine Products, Inc		91
	38,826		Nu Skin Enterprises, Inc (Class A)		1,886
	8,067	*	Nutraceutical International Corp		91
	3,981	e	Oil-Dri Corp of America		81
	38,233	*	Prestige Brands Holdings, Inc		431
	2,109,899		Procter & Gamble Co		140,751
	9,587	*	Revlon, Inc (Class A)		143
	9,325	*	Schiff Nutrition International, Inc		100
	11,963	*	Spectrum Brands, Inc		328
	6,878	*,e	USANA Health Sciences, Inc		209
	11,364		WD-40 Co		459
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		237,648
INSURANCE - 3.6%
	255,207		ACE Ltd		17,895
	352,489		Aflac, Inc		15,249
	4,966	*,e	Alleghany Corp		1,417
	28,991		Allied World Assurance Co Holdings Ltd		1,824
	396,548		Allstate Corp		10,869
	46,461		American Equity Investment Life Holding Co		483
	61,424		American Financial Group, Inc		2,266
	335,080	*	American International Group, Inc		7,774
	4,964		American National Insurance Co		363
	7,468	*	American Safety Insurance Holdings Ltd		162
	13,065	*	Amerisafe, Inc		304
	17,807		Amtrust Financial Services, Inc		423
	249,687		AON Corp		11,685
	101,080	*	Arch Capital Group Ltd		3,763
	21,131		Argo Group International Holdings Ltd		612
	81,896		Arthur J. Gallagher & Co		2,739
	54,260		Aspen Insurance Holdings Ltd		1,438
	73,810		Assurant, Inc		3,031
	141,003		Assured Guaranty Ltd		1,853
	91,618		Axis Capital Holdings Ltd		2,928
	4,897		Baldwin & Lyons, Inc (Class B)		107
	1,326,528	*	Berkshire Hathaway, Inc (Class B)		101,214
	84,688		Brown & Brown, Inc		1,916
	220,762		Chubb Corp		15,281
	108,469		Cincinnati Financial Corp		3,304
	32,879	*,e	Citizens, Inc (Class A)		319

280

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	19,762		CNA Financial Corp	$	529
	170,071	*,e	Conseco, Inc		1,073
	14,025	e	Crawford & Co (Class B)		86
	36,264		Delphi Financial Group, Inc (Class A)		1,606
	9,364		Donegal Group, Inc (Class A)		133
	17,698	*,e	eHealth, Inc		260
	4,503		EMC Insurance Group, Inc		93
	34,055		Employers Holdings, Inc		616
	31,116		Endurance Specialty Holdings Ltd		1,190
	4,920	*	Enstar Group Ltd		483
	21,144		Erie Indemnity Co (Class A)		1,653
	33,466		Everest Re Group Ltd		2,814
	9,829		FBL Financial Group, Inc (Class A)		334
	171,742		Fidelity National Title Group, Inc (Class A)		2,736
	77,697		First American Financial Corp		984
	40,236		Flagstone Reinsurance Holdings Ltd		334
	364,848	*	Genworth Financial, Inc (Class A)		2,390
	20,683	*	Greenlight Capital Re Ltd (Class A)		490
	7,438	*	Hallmark Financial Services		52
	32,699		Hanover Insurance Group, Inc		1,143
	10,427		Harleysville Group, Inc		590
	338,501		Hartford Financial Services Group, Inc		5,501
	87,439		HCC Insurance Holdings, Inc		2,405
	20,059	*	Hilltop Holdings, Inc		169
	29,235		Horace Mann Educators Corp		401
	5,411	e	Independence Holding Co		44
	10,619		Infinity Property & Casualty Corp		603
	2,078		Kansas City Life Insurance Co		68
	39,343		Kemper Corp		1,149
	233,947		Lincoln National Corp		4,543
	237,462		Loews Corp		8,940
	34,934		Maiden Holdings Ltd		306
	7,078	*	Markel Corp		2,935
	414,979		Marsh & McLennan Cos, Inc		13,122
	69,338		Max Capital Group Ltd		1,638
	100,530	*,e	MBIA, Inc		1,165
	42,189		Meadowbrook Insurance Group, Inc		451
	17,944		Mercury General Corp		819
	621,472		Metlife, Inc		19,377
	47,771		Montpelier Re Holdings Ltd		848
	36,167	*	National Financial Partners Corp		489
	9,917		National Interstate Corp		245
	1,551		National Western Life Insurance Co (Class A)		211
	8,338	*	Navigators Group, Inc		398
	195,723		Old Republic International Corp		1,814
	20,220		OneBeacon Insurance Group Ltd (Class A)		311
	51,773		PartnerRe Ltd		3,324
	98,653	*	Phoenix Cos, Inc		166
	28,637		Platinum Underwriters Holdings Ltd		977
	13,808		Presidential Life Corp		138
	21,424		Primerica, Inc		498
	243,784		Principal Financial Group		5,997

281

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	22,204		ProAssurance Corp	$	1,772
	477,045		Progressive Corp		9,307
	65,519		Protective Life Corp		1,478
	367,158		Prudential Financial, Inc		18,402
	56,415		Reinsurance Group of America, Inc (Class A)		2,948
	39,604		RenaissanceRe Holdings Ltd		2,945
	12,489	e	RLI Corp		910
	11,015		Safety Insurance Group, Inc		446
	14,868		SeaBright Insurance Holdings, Inc		114
	40,400		Selective Insurance Group, Inc		716
	35,995		Stancorp Financial Group, Inc		1,323
	9,480		State Auto Financial Corp		129
	12,744		Stewart Information Services Corp		147
	51,687		Symetra Financial Corp		469
	79,519		Torchmark Corp		3,450
	31,231		Tower Group, Inc		630
	47,478		Transatlantic Holdings, Inc		2,598
	316,878		Travelers Cos, Inc		18,750
	12,914	*	United America Indemnity Ltd		256
	17,338		United Fire & Casualty Co		350
	10,064		Universal Insurance Holdings, Inc		36
	234,134		UnumProvident Corp		4,933
	58,995		Validus Holdings Ltd		1,858
	84,224		W.R. Berkley Corp		2,896
	5,268		White Mountains Insurance Group Ltd		2,389
	236,648		XL Capital Ltd		4,679
			TOTAL INSURANCE		391,791
MATERIALS - 4.0%
	24,943		A. Schulman, Inc		528
	5,113	*	AEP Industries, Inc		144
	159,479		Air Products & Chemicals, Inc		13,586
	58,464		Airgas, Inc		4,565
	84,458	e	AK Steel Holding Corp		698
	69,587		Albemarle Corp		3,584
	801,888		Alcoa, Inc		6,936
	81,466	*	Allegheny Technologies, Inc		3,894
	68,161	*	Allied Nevada Gold Corp		2,064
	18,051		AMCOL International Corp		485
	18,079		American Vanguard Corp		241
	50,149		Aptargroup, Inc		2,616
	60,252		Ashland, Inc		3,444
	21,090		Balchem Corp		855
	125,914		Ball Corp		4,495
	80,502		Bemis Co, Inc		2,422
	76,383		Boise, Inc		544
	14,781	*	Brush Engineered Materials, Inc		359
	31,123		Buckeye Technologies, Inc		1,041
	50,868		Cabot Corp		1,635
	45,612	*	Calgon Carbon Corp		717
	33,678		Carpenter Technology Corp		1,734
	11,808	*,e	Castle (A.M.) & Co		112

282

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	118,461		Celanese Corp (Series A)	$	5,244
	39,702	*	Century Aluminum Co		338
	49,555		CF Industries Holdings, Inc		7,184
	5,158		Chase Corp		72
	73,547	*	Chemtura		834
	21,602	*	Clearwater Paper Corp		769
	110,374		Cleveland-Cliffs, Inc		6,882
	64,083	*	Coeur d’Alene Mines Corp		1,547
	86,134		Commercial Metals Co		1,191
	25,270		Compass Minerals International, Inc		1,740
	116,848	*	Crown Holdings, Inc		3,924
	38,318		Cytec Industries, Inc		1,711
	9,014		Deltic Timber Corp		544
	31,420		Domtar Corp		2,512
	889,490		Dow Chemical Co		25,581
	699,853		Du Pont (E.I.) de Nemours & Co		32,038
	33,735		Eagle Materials, Inc		866
	108,038		Eastman Chemical Co		4,220
	224,072		Ecolab, Inc		12,954
	66,070	*	Ferro Corp		323
	38,825	*,e	Flotek Industries, Inc		387
	53,112		FMC Corp		4,570
	717,022		Freeport-McMoRan Copper & Gold, Inc (Class B)		26,378
	14,460		FutureFuel Corp		180
	51,402	*,e	General Moly, Inc		159
	25,535	*	Georgia Gulf Corp		498
	35,119		Glatfelter		496
	47,286		Globe Specialty Metals, Inc		633
	21,606	e	Gold Resource Corp		459
	9,348	*,e	Golden Minerals Co		54
	196,126	*	Golden Star Resources Ltd		324
	122,089	*	Graphic Packaging Holding Co		520
	26,849		Greif, Inc (Class A)		1,223
	36,079		H.B. Fuller Co		834
	6,809	e	Hawkins, Inc		251
	9,402		Haynes International, Inc		513
	54,162	*	Headwaters, Inc		120
	214,218	e	Hecla Mining Co		1,120
	33,599	*	Horsehead Holding Corp		303
	145,355		Huntsman Corp		1,454
	16,427		Innophos Holdings, Inc		798
	18,027	*	Innospec, Inc		506
	59,727		International Flavors & Fragrances, Inc		3,131
	330,657		International Paper Co		9,787
	40,015	*	Intrepid Potash, Inc		906
	65,101	*,e	Jaguar Mining, Inc		415
	11,905	e	Kaiser Aluminum Corp		546
	32,261	*	Kapstone Paper and Packaging Corp		508
	4,800		KMG Chemicals, Inc		83
	16,539		Koppers Holdings, Inc		568
	24,388	*	Kraton Polymers LLC		495
	14,288		Kronos Worldwide, Inc		258

283

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	14,893	*	Landec Corp	$	82
	101,464	*	Louisiana-Pacific Corp		819
	13,887	*	LSB Industries, Inc		389
	237,032		LyondellBasell Industries AF S.C.A		7,701
	34,945	e	Martin Marietta Materials, Inc		2,635
	126,929		MeadWestvaco Corp		3,802
	8,652	*	Metals USA Holdings Corp		97
	60,363	*,e	Midway Gold Corp		127
	14,800		Minerals Technologies, Inc		837
	42,981	*,e	Molycorp, Inc		1,031
	404,416		Monsanto Co		28,336
	208,415		Mosaic Co		10,510
	23,791		Myers Industries, Inc		294
	11,726		Neenah Paper, Inc		262
	6,813		NewMarket Corp		1,350
	368,379		Newmont Mining Corp		22,105
	16,993		Noranda Aluminium Holding Corp		140
	240,123		Nucor Corp		9,502
	63,038		Olin Corp		1,239
	9,331		Olympic Steel, Inc		218
	23,303	*	OM Group, Inc		522
	32,453	*	Omnova Solutions, Inc		150
	123,223	*	Owens-Illinois, Inc		2,388
	79,420		Packaging Corp of America		2,005
	90,889	*,e	Paramount Gold and Silver Corp		195
	71,742		PolyOne Corp		829
	119,875		PPG Industries, Inc		10,008
	228,879		Praxair, Inc		24,467
	9,804		Quaker Chemical Corp		381
	55,860		Reliance Steel & Aluminum Co		2,720
	18,123	*	Revett Minerals, Inc		86
	52,434		Rock-Tenn Co (Class A)		3,025
	52,353	*	Rockwood Holdings, Inc		2,061
	41,544		Royal Gold, Inc		2,801
	98,223		RPM International, Inc		2,411
	23,200	*	RTI International Metals, Inc		538
	16,575		Schnitzer Steel Industries, Inc (Class A)		701
	13,962		Schweitzer-Mauduit International, Inc		928
	34,625	e	Scotts Miracle-Gro Co (Class A)		1,617
	143,206		Sealed Air Corp		2,465
	30,735	*	Senomyx, Inc		107
	38,347		Sensient Technologies Corp		1,453
	67,242		Sherwin-Williams Co		6,003
	90,851		Sigma-Aldrich Corp		5,675
	37,804		Silgan Holdings, Inc		1,461
	93,627	*	Solutia, Inc		1,618
	76,188		Sonoco Products Co		2,511
	130,301		Southern Copper Corp (NY)		3,932
	25,932	*	Spartech Corp		123
	165,292		Steel Dynamics, Inc		2,174
	5,500		Stepan Co		441

284

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	78,944	*	Stillwater Mining Co	$	826
	10,000	*,e	SunCoke Energy, Inc		112
	79,885		Temple-Inland, Inc		2,533
	17,319		Texas Industries, Inc		533
	10,121	*	Texas Petrochemicals, Inc		236
	117,009	*	Thompson Creek Metals Co, Inc		814
	65,998	e	Titanium Metals Corp		989
	19,671		Tredegar Corp		437
	1,357	*	United States Lime & Minerals, Inc		82
	110,404	e	United States Steel Corp		2,921
	4,623	*	Universal Stainless & Alloy		173
	21,458	*	US Energy Corp Wyoming		62
	79,913	*,e	US Gold Corp		269
	73,237		Valspar Corp		2,854
	11,300	*,e	Verso Paper Corp		11
	52,408	*,e	Vista Gold Corp		161
	98,368	e	Vulcan Materials Co		3,871
	46,839		Walter Energy, Inc		2,837
	37,679		Wausau Paper Corp		311
	15,532		Westlake Chemical Corp		625
	4,506	*	WHX Corp		45
	46,555		Worthington Industries, Inc		763
	56,274	*	WR Grace & Co		2,584
	15,316		Zep, Inc		214
	19,213	*,e	Zoltek Cos, Inc		146
			TOTAL MATERIALS		427,331
MEDIA - 3.2%
	13,486		AH Belo Corp (Class A)		64
	41,954	*	AMC Networks, Inc		1,577
	20,466		Arbitron, Inc		704
	72,008		Belo (A.H.) Corp (Class A)		454
	167,818		Cablevision Systems Corp (Class A)		2,386
	502,970		CBS Corp (Class B)		13,651
	27,491	*,e	Central European Media Enterprises Ltd (Class A) Nasdaq		179
	43,790	*	Charter Communications, Inc		2,493
	70,211		Cinemark Holdings, Inc		1,298
	28,047	*	Clear Channel Outdoor Holdings, Inc (Class A)		352
	2,081,008		Comcast Corp (Class A)		49,341
	13,062	*,e	Crown Media Holdings, Inc (Class A)		16
	17,373	*,e	Cumulus Media, Inc (Class A)		58
	3,997	*,e	Dial Global, Inc		13
	20,194	*	Digital Generation, Inc		241
	537,483	*	DIRECTV		22,983
	202,192	*	Discovery Communications, Inc (Class A)		8,284
	153,317		DISH Network Corp (Class A)		4,366
	54,653	*,e	DreamWorks Animation SKG, Inc (Class A)		907
	18,269	*,e	Entercom Communications Corp (Class A)		112
	38,482		Entravision Communications Corp (Class A)		60
	21,197	*,e	EW Scripps Co (Class A)		170
	5,404	*	Fisher Communications, Inc		156

285

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	184,081		Gannett Co, Inc	$	2,461
	8,856	*	Global Sources Ltd		43
	37,922	*,e	Gray Television, Inc		61
	33,505		Harte-Hanks, Inc		305
	376,254		Interpublic Group of Cos, Inc		3,661
	33,375		John Wiley & Sons, Inc (Class A)		1,482
	42,642	*	Journal Communications, Inc (Class A)		188
	23,300	*	Knology, Inc		331
	43,505	*,e	Lamar Advertising Co (Class A)		1,196
	207,281	*	Liberty Global, Inc (Class A)		8,505
	86,481	*	Liberty Interactive LLC		6,750
	29,608	*	Lin TV Corp (Class A)		125
	40,329	*,e	Lions Gate Entertainment Corp		336
	108,249	*,e	Live Nation, Inc		900
	45,616	*	Madison Square Garden, Inc		1,306
	29,313	e	Martha Stewart Living Omnimedia, Inc (Class A)		129
	45,516	*,e	McClatchy Co (Class A)		109
	230,598		McGraw-Hill Cos, Inc		10,370
	19,518		MDC Partners, Inc		264
	26,535	e	Meredith Corp		866
	16,901		Morningstar, Inc		1,005
	40,500		National CineMedia, Inc		502
	104,815	*,e	New York Times Co (Class A)		810
	1,738,349		News Corp (Class A)		31,012
	7,914	*	Nexstar Broadcasting Group, Inc (Class A)		62
	213,171		Omnicom Group, Inc		9,503
	11,051		Outdoor Channel Holdings, Inc		82
	12,300	*,e	Pandora Media, Inc		123
	7,422	*,e	ReachLocal, Inc		46
	60,087	e	Regal Entertainment Group (Class A)		717
	7,217	*	Rentrak Corp		103
	2,741	*	Saga Communications, Inc		102
	22,736		Scholastic Corp		681
	69,106		Scripps Networks Interactive (Class A)		2,931
	34,573		Sinclair Broadcast Group, Inc (Class A)		392
	2,997,389	*,e	Sirius XM Radio, Inc		5,455
	285,406	e	Thomson Corp		7,612
	241,482		Time Warner Cable, Inc		15,351
	757,403		Time Warner, Inc		27,373
	38,340	*,e	Valassis Communications, Inc		737
	418,070		Viacom, Inc (Class B)		18,985
	242,160	e	Virgin Media, Inc		5,177
	1,426,524		Walt Disney Co		53,495
	3,529	e	Washington Post Co (Class B)		1,330
	18,692	e	World Wrestling Entertainment, Inc (Class A)		174
			TOTAL MEDIA		333,013
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.4%
	1,175,415		Abbott Laboratories		66,094
	30,051	*,e	Achillion Pharmaceuticals, Inc		229
	29,951	*	Acorda Therapeutics, Inc		714
	6,188	*,e	Acura Pharmaceuticals, Inc		22

286

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	5,695	*	Aegerion Pharmaceuticals, Inc	$	95
	30,064	*	Affymax, Inc		199
	56,476	*	Affymetrix, Inc		231
	264,050	*	Agilent Technologies, Inc		9,224
	50,321	*	Akorn, Inc		560
	17,349	*	Albany Molecular Research, Inc		51
	138,256	*	Alexion Pharmaceuticals, Inc		9,885
	4,887	*,e	Alimera Sciences, Inc		6
	70,988	*	Alkermes PLC		1,232
	230,440		Allergan, Inc		20,219
	63,430	*	Allos Therapeutics, Inc		90
	27,380	*	Alnylam Pharmaceuticals, Inc		223
	16,995	*	AMAG Pharmaceuticals, Inc		321
	668,075		Amgen, Inc		42,896
	12,703	*,e	Amicus Therapeutics, Inc		44
	15,482	*	Ampio Pharmaceuticals, Inc		66
	96,782	*	Amylin Pharmaceuticals, Inc		1,101
	12,511	*	Anthera Pharmaceuticals, Inc		77
	12,961	*	Ardea Biosciences, Inc		218
	148,696	*,e	Arena Pharmaceuticals, Inc		278
	101,217	*	Ariad Pharmaceuticals, Inc		1,240
	40,003	*	Arqule, Inc		226
	33,623	*	Array Biopharma, Inc		73
	44,629	*	Astex Pharmaceuticals		84
	36,727	*	Auxilium Pharmaceuticals, Inc		732
	96,279	*,e	AVANIR Pharmaceuticals, Inc		197
	27,927	*,e	AVEO Pharmaceuticals, Inc		480
	98,905	*,e	AVI BioPharma, Inc		74
	22,254	*,e	BioCryst Pharmaceuticals, Inc		55
	182,645	*	Biogen Idec, Inc		20,100
	84,714	*,e	BioMarin Pharmaceuticals, Inc		2,912
	8,360	*,e	BioMimetic Therapeutics, Inc		24
	15,217	*	Bio-Rad Laboratories, Inc (Class A)		1,461
	71,471	*,e	Biosante Pharmaceuticals, Inc		36
	2,885	*	Biospecifics Technologies Corp		48
	16,168	*,e	Biotime, Inc		94
	1,286,596		Bristol-Myers Squibb Co		45,340
	64,623	*	Bruker BioSciences Corp		803
	28,637	*,e	Cadence Pharmaceuticals, Inc		113
	20,927	*	Cambrex Corp		150
	349,491	*	Celgene Corp		23,626
	128,007	*,e	Cell Therapeutics, Inc		148
	24,391	*,e	Celldex Therapeutics, Inc		63
	45,716	*	Cepheid, Inc		1,573
	39,385	*	Charles River Laboratories International, Inc		1,076
	50,100	*,e	Chelsea Therapeutics International, Inc		257
	17,313	*,e	Cleveland Biolabs, Inc		50
	19,275	*	Codexis, Inc		102
	56,439	*,e	Columbia Laboratories, Inc		141
	51,595	*,e	Combinatorx, Inc		62
	7,924	*,e	Complete Genomics, Inc		23
	19,348	*,e	Corcept Therapeutics, Inc		66

287

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	5,072	*	Cornerstone Therapeutics, Inc	$	28
	46,271	*	Covance, Inc		2,116
	45,663	*	Cubist Pharmaceuticals, Inc		1,809
	47,886	*,e	Curis, Inc		224
	47,980	*,e	Cytori Therapeutics, Inc		106
	110,216	*,e	Dendreon Corp		838
	40,825	*	Depomed, Inc		211
	50,131	*	Durect Corp		59
	18,782	*	Dusa Pharmaceuticals, Inc		82
	69,074	*	Dyax Corp		94
	88,678	*,e	Dynavax Technologies Corp		294
	771,910		Eli Lilly & Co		32,081
	16,293	*	Emergent Biosolutions, Inc		274
	89,664	*	Endo Pharmaceuticals Holdings, Inc		3,096
	11,335	*	Endocyte, Inc		43
	18,855	*	Enzo Biochem, Inc		42
	31,349	*,e	Enzon Pharmaceuticals, Inc		210
	35,238	*	eResearch Technology, Inc		165
	44,787	*	Exact Sciences Corp		364
	97,774	*	Exelixis, Inc		463
	4,820	*,e	Fluidigm Corp		63
	206,110	*	Forest Laboratories, Inc		6,237
	7,338	*	Furiex Pharmaceuticals Inc		123
	11,423	*,e	Genomic Health, Inc		290
	88,925	*,e	Geron Corp		132
	592,986	*	Gilead Sciences, Inc		24,270
	14,714	*,e	GTx, Inc		49
	59,871	*,e	Halozyme Therapeutics, Inc		569
	16,723	*	Harvard Bioscience, Inc		65
	6,140	*	Hi-Tech Pharmacal Co, Inc		239
	126,136	*	Hospira, Inc		3,831
	144,582	*	Human Genome Sciences, Inc		1,068
	41,403	*,e	Idenix Pharmaceuticals, Inc		308
	93,634	*	Illumina, Inc		2,854
	54,113	*,e	Immunogen, Inc		627
	54,649	*,e	Immunomedics, Inc		182
	49,816	*	Impax Laboratories, Inc		1,005
	67,377	*,e	Incyte Corp		1,011
	14,237	*,e	Infinity Pharmaceuticals, Inc		126
	36,185	*	Inhibitex, Inc		396
	19,213	*,e	Insmed, Inc		59
	37,443	*	InterMune, Inc		472
	38,336	*	Ironwood Pharmaceuticals, Inc		459
	74,058	*	Isis Pharmaceuticals, Inc		534
	19,803	*	ISTA Pharmaceuticals, Inc		140
	16,809	*	Jazz Pharmaceuticals, Inc		649
	2,077,274		Johnson & Johnson		136,228
	53,997	*,e	Keryx Biopharmaceuticals, Inc		137
	38,103	*,e	KV Pharmaceutical Co (Class A)		53
	7,363	*	Lannett Co, Inc		33
	154,334	*	Lexicon Pharmaceuticals, Inc		199
	136,670	*	Life Technologies Corp		5,318

288

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY		VALUE (000)
	14,627	*	Ligand Pharmaceuticals, Inc (Class B)		$	174
	31,134	*	Luminex Corp			661
	55,893	*,e	MannKind Corp			140
	16,568	*	MAP Pharmaceuticals, Inc			218
	16,427	*	Maxygen, Inc			92
	41,466	*	Medicines Co			773
	47,245		Medicis Pharmaceutical Corp (Class A)			1,571
	27,156	*	Medivation, Inc			1,252
	5,876	*	Medtox Scientific, Inc			83
	2,333,347		Merck & Co, Inc			87,967
	25,691	*,e	Metabolix, Inc			117
	24,299	*	Mettler-Toledo International, Inc			3,589
	75,576	*,e	Micromet, Inc			543
	34,069	*	Momenta Pharmaceuticals, Inc			592
	332,461	*	Mylan Laboratories, Inc			7,135
	65,398	*	Myriad Genetics, Inc			1,369
	40,164	*	Nabi Biopharmaceuticals			76
	87,448	*,e	Nektar Therapeutics			489
	19,348	*,e	Neostem, Inc			10
	37,513	*	Neurocrine Biosciences, Inc			319
	69,550	*,e	Novavax, Inc			88
	62,195	*	NPS Pharmaceuticals, Inc			410
	15,169	*	Nymox Pharmaceutical Corp			125
	12,855	*	Obagi Medical Products, Inc			131
	7,745	*,e	OncoGenex Pharmaceutical, Inc			91
	31,842	*,e	Oncothyreon, Inc			241
	48,332	*	Onyx Pharmaceuticals, Inc			2,124
	69,903	*,e	Opko Health, Inc			343
	31,166	*,e	Optimer Pharmaceuticals, Inc			381
	23,670	*,e	Orexigen Therapeutics, Inc			38
	12,630	*,e	Osiris Therapeutics, Inc			68
	26,111	*,e	Pacific Biosciences of California, Inc			73
	24,948	*,e	Pain Therapeutics, Inc			95
	26,028	*	Par Pharmaceutical Cos, Inc			852
	46,620	*	Parexel International Corp			967
	115,867	e	PDL BioPharma, Inc			718
	39,629	*,e	Peregrine Pharmaceuticals, Inc			41
	86,372		PerkinElmer, Inc			1,727
	61,479		Perrigo Co			5,982
	5,988,935		Pfizer, Inc			129,601
	35,539	*,e	Pharmacyclics, Inc			527
	57,030	*	Pharmasset, Inc			7,311
	25,992	*,e	PharmAthene, Inc			33
	15,548	*	Pozen, Inc			61
	15,641	*	Progenics Pharmaceuticals, Inc			134
	178,940	*,e	Qiagen N.V. (NASDAQ)			2,471
	40,523	*	Questcor Pharmaceuticals, Inc			1,685
	24,692	*,e	Raptor Pharmaceutical Corp			155
	55,800	*,e	Regeneron Pharmaceuticals, Inc			3,093
	52,596	*	Rigel Pharmaceuticals, Inc			415
	5,222	*,e	Sagent Pharmaceuticals			110
	44,827	*	Salix Pharmaceuticals Ltd	��		2,145

289

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	45,925	*,e	Sangamo Biosciences, Inc	$	130
	40,020	*	Santarus, Inc		132
	60,281	*,e	Savient Pharmaceuticals, Inc		134
	28,586	*	Sciclone Pharmaceuticals, Inc		123
	72,220	*,e	Seattle Genetics, Inc		1,207
	87,069	*,e	Sequenom, Inc		387
	26,901	*,e	SIGA Technologies, Inc		68
	47,540	*	Spectrum Pharmaceuticals, Inc		696
	6,322	*	Sucampo Pharmaceuticals, Inc (Class A)		28
	11,524	*,e	Synta Pharmaceuticals Corp		54
	21,017	*	Targacept, Inc		117
	27,021		Techne Corp		1,844
	53,148	*,e	Theravance, Inc		1,175
	289,600	*	Thermo Electron Corp		13,024
	39,512	*	United Therapeutics Corp		1,867
	26,661	*	Vanda Pharmaceuticals, Inc		127
	156,727	*	Vertex Pharmaceuticals, Inc		5,205
	44,579	*,e	Vical, Inc		197
	60,661	*	Viropharma, Inc		1,662
	62,291	*	Vivus, Inc		607
	128,177	*	Warner Chilcott plc		1,939
	70,145	*	Waters Corp		5,194
	95,597	*	Watson Pharmaceuticals, Inc		5,768
	22,676	*,e	Xenoport, Inc		86
	54,772	*,e	ZIOPHARM Oncology, Inc		242
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		797,248
REAL ESTATE - 3.1%
	30,272		Acadia Realty Trust		610
	4,700	e	AG Mortgage Investment Trust		95
	10,360	e	Agree Realty Corp		253
	1,574		Alexander’s, Inc		582
	46,674		Alexandria Real Estate Equities, Inc		3,219
	345,824		AMB Property Corp		9,887
	24,506		American Assets Trust,Inc		503
	51,788		American Campus Communities, Inc		2,173
	167,512		American Capital Agency Corp		4,704
	714,434		Annaly Capital Management, Inc		11,403
	96,360		Anworth Mortgage Asset Corp		605
	90,448	e	Apartment Investment & Management Co (Class A)		2,072
	13,700	e	Apollo Commercial Real Estate Finance, Inc		180
	38,135	e	ARMOUR Residential REIT, Inc		269
	36,163		Ashford Hospitality Trust, Inc		289
	38,683	e	Associated Estates Realty Corp		617
	70,799		AvalonBay Communities, Inc		9,246
	7,072	*	Avatar Holdings, Inc		51
	116,685	e	BioMed Realty Trust, Inc		2,110
	110,472		Boston Properties, Inc		11,004
	101,192	e	Brandywine Realty Trust		961
	55,761	e	BRE Properties, Inc (Class A)		2,815
	52,573		Camden Property Trust		3,272
	23,300		Campus Crest Communities, Inc		234

290

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	54,804		Capital Lease Funding, Inc	$	221
	59,367	e	Capstead Mortgage Corp		739
	113,740	e	CBL & Associates Properties, Inc		1,786
	223,662	*	CBRE Group, Inc		3,403
	41,738		Cedar Shopping Centers, Inc		180
	10,703		Chatham Lodging Trust		115
	24,872	e	Chesapeake Lodging Trust		385
	757,920		Chimera Investment Corp		1,902
	39,627		Cogdell Spencer, Inc		168
	66,987		Colonial Properties Trust		1,397
	25,359	e	Colony Financial, Inc		398
	4,977		Consolidated-Tomoka Land Co		135
	15,000		Coresite Realty		267
	54,562	e	Corporate Office Properties Trust		1,160
	67,154	e	Cousins Properties, Inc		430
	44,020		CreXus Investment Corp		457
	82,463		CubeSmart		877
	69,256	e	CYS Investments, Inc		910
	189,300	e	DCT Industrial Trust, Inc		969
	156,133		DDR Corp		1,900
	131,313	e	DiamondRock Hospitality Co		1,266
	72,895	e	Digital Realty Trust, Inc		4,860
	94,119		Douglas Emmett, Inc		1,717
	192,154		Duke Realty Corp		2,315
	45,206	e	DuPont Fabros Technology, Inc		1,095
	31,087	e	Dynex Capital, Inc		284
	20,779		EastGroup Properties, Inc		903
	56,527		Education Realty Trust, Inc		578
	35,904	e	Entertainment Properties Trust		1,569
	19,332		Equity Lifestyle Properties, Inc		1,289
	40,925		Equity One, Inc		695
	223,532		Equity Residential		12,749
	24,154		Essex Property Trust, Inc		3,394
	11,724	e	Excel Trust, Inc		141
	71,827		Extra Space Storage, Inc		1,740
	46,443		Federal Realty Investment Trust		4,215
	102,427	*,e	FelCor Lodging Trust, Inc		312
	62,210	*	First Industrial Realty Trust, Inc		636
	38,591	e	First Potomac Realty Trust		504
	104,902	*,e	Forest City Enterprises, Inc (Class A)		1,240
	29,389	*	Forestar Real Estate Group, Inc		445
	56,329	e	Franklin Street Properties Corp		560
	431,127		General Growth Properties, Inc		6,476
	18,098	e	Getty Realty Corp		252
	6,667	e	Gladstone Commercial Corp		117
	82,965		Glimcher Realty Trust		763
	24,781		Government Properties Income Trust		559
	56,136	e	Hatteras Financial Corp		1,480
	309,882		HCP, Inc		12,839
	139,312		Health Care REIT, Inc		7,597
	55,374		Healthcare Realty Trust, Inc		1,029
	104,583		Hersha Hospitality Trust		510

291

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	54,288	e	Highwoods Properties, Inc	$	1,611
	36,266		Home Properties, Inc		2,088
	94,278		Hospitality Properties Trust		2,167
	524,013		Host Marriott Corp		7,740
	16,459	*	Howard Hughes Corp		727
	55,294		HRPT Properties Trust		920
	14,600	e	Hudson Pacific Properties		207
	64,150	e	Inland Real Estate Corp		488
	80,500		Invesco Mortgage Capital, Inc		1,131
	61,579	e	Investors Real Estate Trust		449
	71,105	*,e	iStar Financial, Inc		376
	32,173		Jones Lang LaSalle, Inc		1,971
	16,390	e	Kennedy-Wilson Holdings, Inc		173
	45,316		Kilroy Realty Corp		1,725
	312,567	e	Kimco Realty Corp		5,076
	35,097		Kite Realty Group Trust		158
	65,968		LaSalle Hotel Properties		1,597
	87,513	e	Lexington Corporate Properties Trust		655
	88,122	e	Liberty Property Trust		2,721
	21,755		LTC Properties, Inc		671
	99,256		Macerich Co		5,022
	67,066		Mack-Cali Realty Corp		1,790
	37,179	*	Maguire Properties, Inc		74
	86,187		Medical Properties Trust, Inc		851
	267,655		MFA Mortgage Investments, Inc		1,799
	27,705		Mid-America Apartment Communities, Inc		1,733
	14,218	e	Mission West Properties, Inc		128
	20,723		Monmouth Real Estate Investment Corp (Class A)		190
	20,485	e	National Health Investors, Inc		901
	79,211		National Retail Properties, Inc		2,090
	50,379	e	Newcastle Investment Corp		234
	63,283	e	NorthStar Realty Finance Corp		302
	32,022	e	NRDC Acquisition Corp		379
	76,065	e	Omega Healthcare Investors, Inc		1,472
	6,398	e	One Liberty Properties, Inc		106
	16,523		Parkway Properties, Inc		163
	36,600	e	Pebblebrook Hotel Trust		702
	46,426		Pennsylvania Real Estate Investment Trust		485
	21,080		Pennymac Mortgage Investment Trust		350
	130,905	e	Piedmont Office Realty Trust, Inc		2,231
	120,633		Plum Creek Timber Co, Inc		4,410
	38,129		Post Properties, Inc		1,667
	30,874		Potlatch Corp		960
	13,382		PS Business Parks, Inc		742
	106,468		Public Storage, Inc		14,317
	21,923	e	RAIT Investment Trust		104
	29,459		Ramco-Gershenson Properties		290
	92,230		Rayonier, Inc		4,116
	95,037	e	Realty Income Corp		3,322
	60,300	e	Redwood Trust, Inc		614
	69,743		Regency Centers Corp		2,624
	48,367	e	Resource Capital Corp		271

292

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	20,274	e	RLJ Lodging Trust	$	341
	19,029		Sabra Healthcare REIT, Inc		230
	6,582		Saul Centers, Inc		233
	120,382		Senior Housing Properties Trust		2,701
	222,237		Simon Property Group, Inc		28,656
	66,937		SL Green Realty Corp		4,461
	21,282		Sovran Self Storage, Inc		908
	49,920	*,e	St. Joe Co		732
	12,552	e	STAG Industrial, Inc		144
	72,400		Starwood Property Trust, Inc		1,340
	134,064	*	Strategic Hotels & Resorts, Inc		720
	16,200		Summit Hotel Properties, Inc		153
	16,244	e	Sun Communities, Inc		593
	89,758	*,e	Sunstone Hotel Investors, Inc		732
	64,882	e	Tanger Factory Outlet Centers, Inc		1,902
	42,522		Taubman Centers, Inc		2,641
	11,747	*	Tejon Ranch Co		288
	6,500		Terreno Realty Corp		98
	106,189		Two Harbors Investment Corp		981
	162,214		UDR, Inc		4,072
	6,794		UMH Properties, Inc		63
	10,285	e	Universal Health Realty Income Trust		401
	19,529		Urstadt Biddle Properties, Inc (Class A)		353
	191,957		Ventas, Inc		10,583
	139,893		Vornado Realty Trust		10,752
	49,089		Washington Real Estate Investment Trust		1,343
	92,487		Weingarten Realty Investors		2,018
	407,759	e	Weyerhaeuser Co		7,613
	6,173	e	Whitestone REIT		73
	24,416		Winthrop Realty Trust		248
			TOTAL REAL ESTATE		331,545
RETAILING - 3.8%
	14,742	*	1-800-FLOWERS.COM, Inc (Class A)		32
	34,292	*	99 Cents Only Stores		753
	61,275		Aaron’s, Inc		1,635
	67,299		Abercrombie & Fitch Co (Class A)		3,287
	57,625		Advance Auto Parts, Inc		4,012
	61,843	*	Aeropostale, Inc		943
	274,960	*	Amazon.com, Inc		47,596
	149,222		American Eagle Outfitters, Inc		2,282
	6,968	*	America’s Car-Mart, Inc		273
	39,729	*	Ann Taylor Stores Corp		984
	19,614	*	Asbury Automotive Group, Inc		423
	10,900	*	Audiovox Corp (Class A)		92
	31,301	*,e	Autonation, Inc		1,154
	20,083	*	Autozone, Inc		6,526
	23,047	*,e	Barnes & Noble, Inc		334
	23,033	e	Bebe Stores, Inc		192
	188,717	*	Bed Bath & Beyond, Inc		10,940
	225,182		Best Buy Co, Inc		5,263
	15,894		Big 5 Sporting Goods Corp		166

293

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	54,783	*	Big Lots, Inc	$	2,069
	8,066	*,e	Blue Nile, Inc		330
	8,762	*	Body Central Corp		219
	9,116	e	Bon-Ton Stores, Inc		31
	32,106	e	Brown Shoe Co, Inc		286
	19,480	e	Buckle, Inc		796
	10,668	*	Build-A-Bear Workshop, Inc		90
	31,259	*	Cabela’s, Inc		795
	168,507	*	Carmax, Inc		5,136
	32,976	*	Casual Male Retail Group, Inc		113
	21,208		Cato Corp (Class A)		513
	88,714	*	Charming Shoppes, Inc		435
	136,364		Chico’s FAS, Inc		1,519
	20,820	*,e	Children’s Place Retail Stores, Inc		1,106
	27,159		Christopher & Banks Corp		64
	12,866	*	Citi Trends, Inc		113
	46,768	*,e	Coldwater Creek, Inc		55
	48,995	*	Collective Brands, Inc		704
	12,208	*	Conn’s, Inc		136
	8,334		Core-Mark Holding Co, Inc		330
	14,401	*,e	Cost Plus, Inc		140
	7,524		Destination Maternity Corp		126
	72,153		Dick’s Sporting Goods, Inc		2,661
	25,912	e	Dillard’s, Inc (Class A)		1,163
	74,326	*	Dollar General Corp		3,058
	91,848	*	Dollar Tree, Inc		7,633
	16,500		DSW, Inc (Class A)		729
	71,992		Expedia, Inc		2,089
	41,844	*	Express Parent LLC		834
	91,780		Family Dollar Stores, Inc		5,292
	39,004		Finish Line, Inc (Class A)		752
	118,869		Foot Locker, Inc		2,834
	7,500	*,e	Francesca’s Holdings Corp		130
	29,664		Fred’s, Inc (Class A)		433
	108,324	*,e	GameStop Corp (Class A)		2,614
	266,695		Gap, Inc		4,947
	18,687	*	Genesco, Inc		1,154
	118,350		Genuine Parts Co		7,244
	16,735	*	GNC Holdings, Inc		484
	3,931	*	Gordmans Stores, Inc		49
	16,517	e	Group 1 Automotive, Inc		856
	30,800	*,e	Groupon, Inc		635
	47,951		Guess?, Inc		1,430
	16,062		Haverty Furniture Cos, Inc		176
	13,509	*,e	HHgregg, Inc		195
	20,590	*	Hibbett Sports, Inc		930
	1,211,531		Home Depot, Inc		50,934
	6,500	*,e	HomeAway, Inc		151
	36,184		Hot Topic, Inc		239
	30,139		HSN, Inc		1,093
	126,540		JC Penney Co, Inc		4,448
	19,864	*,e	JOS A Bank Clothiers, Inc		969

294

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	13,001	*	Kirkland’s, Inc	$	173
	192,304		Kohl’s Corp		9,490
	453,658	*	Liberty Media Holding Corp (Interactive A)		7,356
	188,193		Limited Brands, Inc		7,594
	20,412		Lithia Motors, Inc (Class A)		446
	110,420	*	LKQ Corp		3,321
	985,152		Lowe’s Companies, Inc		25,004
	16,815	*	Lumber Liquidators, Inc		297
	321,128		Macy’s, Inc		10,334
	16,477	*	MarineMax, Inc		107
	1,300	*	Mattress Firm Holding Corp		30
	35,909		Men’s Wearhouse, Inc		1,164
	22,581		Monro Muffler, Inc		876
	39,734	*	NetFlix, Inc		2,753
	13,306	*,e	New York & Co, Inc		35
	124,877		Nordstrom, Inc		6,208
	20,499	e	Nutri/System, Inc		265
	212,310	*	Office Depot, Inc		456
	64,982	*,e	OfficeMax, Inc		295
	23,547	*	Orbitz Worldwide, Inc		89
	1,271	*	Orchard Supply Hardware Stores Corp		4
	98,156	*	O’Reilly Automotive, Inc		7,848
	11,517	*,e	Overstock.com, Inc		90
	47,625	*,e	Pacific Sunwear Of California, Inc		81
	30,900		Penske Auto Group, Inc		595
	37,199		PEP Boys - Manny Moe & Jack		409
	6,350	e	PetMed Express, Inc		66
	86,299		Petsmart, Inc		4,426
	81,262	*	Pier 1 Imports, Inc		1,132
	37,423	*	Priceline.com, Inc		17,503
	78,808		RadioShack Corp		765
	48,714		Rent-A-Center, Inc		1,802
	177,252		Ross Stores, Inc		8,425
	11,225	*,e	Rue21, Inc		242
	88,313	*,e	Saks, Inc		861
	72,533	*	Sally Beauty Holdings, Inc		1,533
	28,136	*,e	Sears Holdings Corp		894
	36,072	*	Select Comfort Corp		782
	6,965	*	Shoe Carnival, Inc		179
	22,139	*	Shutterfly, Inc		504
	65,800		Signet Jewelers Ltd		2,893
	27,187	e	Sonic Automotive, Inc (Class A)		403
	3,181	*	Sourceforge, Inc		54
	30,798		Stage Stores, Inc		428
	539,841		Staples, Inc		7,498
	17,973	*	Stein Mart, Inc		122
	9,938	*	Systemax, Inc		163
	54,244	*,e	Talbots, Inc		144
	521,499		Target Corp		26,710
	5,400	*,e	Teavana Holdings, Inc		101
	97,585		Tiffany & Co		6,466
	291,314		TJX Companies, Inc		18,804

295

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	54,506		Tractor Supply Co	$	3,824
	71,992	*	TripAdvisor, Inc		1,815
	21,617	*	Tuesday Morning Corp		75
	34,631	*	Ulta Salon Cosmetics & Fragrance, Inc		2,248
	90,986	*	Urban Outfitters, Inc		2,508
	9,604	*	US Auto Parts Network, Inc		42
	31,872	*,e	Valuevision International, Inc (Class A)		60
	19,111	*	Vitamin Shoppe, Inc		762
	11,292	*	West Marine, Inc		131
	73,584	*	Wet Seal, Inc (Class A)		240
	80,479		Williams-Sonoma, Inc		3,098
	1,945		Winmark Corp		112
	24,636	*,e	Zale Corp		94
	17,544	*,e	Zumiez, Inc		487
			TOTAL RETAILING		411,865
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.6%
	25,828	*	Advanced Analogic Technologies, Inc		149
	29,482	*	Advanced Energy Industries, Inc		316
	466,383	*	Advanced Micro Devices, Inc		2,518
	11,245	*	Alpha & Omega Semiconductor Lt		82
	244,350		Altera Corp		9,065
	86,945	*,e	Amkor Technology, Inc		379
	7,247	*	Amtech Systems, Inc		62
	47,982	*,e	Anadigics, Inc		105
	226,802		Analog Devices, Inc		8,115
	989,600		Applied Materials, Inc		10,599
	51,846	*	Applied Micro Circuits Corp		348
	351,660	*	Atmel Corp		2,848
	24,963	*	ATMI, Inc		500
	141,941		Avago Technologies Ltd		4,096
	61,290	*	Axcelis Technologies, Inc		82
	23,951	*	AXT, Inc		100
	404,673		Broadcom Corp (Class A)		11,881
	52,087		Brooks Automation, Inc		535
	17,924	*	Cabot Microelectronics Corp		847
	36,515	*	Cavium Networks, Inc		1,038
	18,075	*,e	Ceva, Inc		547
	50,384	*	Cirrus Logic, Inc		799
	15,857		Cohu, Inc		180
	80,481	*	Cree, Inc		1,774
	23,525	*	Cymer, Inc		1,171
	128,589	*	Cypress Semiconductor Corp		2,172
	28,713	*	Diodes, Inc		612
	21,955	*	DSP Group, Inc		114
	105,554	*	Entegris, Inc		921
	59,143	*,e	Entropic Communications, Inc		302
	25,111	*	Exar Corp		163
	95,996	*	Fairchild Semiconductor International, Inc		1,156
	44,208	*,e	First Solar, Inc		1,492
	34,973	*	Formfactor, Inc		177
	31,290	*,e	Freescale Semiconductor Holdings Ltd		396

296

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	12,025	*	FSI International, Inc	$	44
	13,134	*	GSI Technology, Inc		61
	94,807	*,e	GT Solar International, Inc		686
	22,180	*	Hittite Microwave Corp		1,095
	15,509	*,e	Inphi Corp		185
	110,719	*	Integrated Device Technology, Inc		605
	19,660	*	Integrated Silicon Solution, Inc		180
	4,018,845		Intel Corp		97,456
	2,200	*	Intermolecular, Inc		19
	54,670	*	International Rectifier Corp		1,062
	94,162		Intersil Corp (Class A)		983
	16,725	*	IXYS Corp		181
	128,607		Kla-Tencor Corp		6,205
	50,517	*	Kopin Corp		196
	53,200	*	Kulicke & Soffa Industries, Inc		492
	94,102	*	Lam Research Corp		3,484
	90,159	*	Lattice Semiconductor Corp		536
	172,947		Linear Technology Corp		5,194
	463,465	*	LSI Logic Corp		2,758
	37,527	*	LTX-Credence Corp		201
	378,552	*	Marvell Technology Group Ltd		5,243
	226,036		Maxim Integrated Products, Inc		5,886
	12,640	*	MaxLinear, Inc		60
	172,909	*,e	MEMC Electronic Materials, Inc		681
	40,439		Micrel, Inc		409
	144,577	e	Microchip Technology, Inc		5,296
	661,530	*	Micron Technology, Inc		4,161
	65,939	*	Microsemi Corp		1,104
	24,281	*	Mindspeed Technologies, Inc		111
	39,820	*	MIPS Technologies, Inc		178
	38,788		MKS Instruments, Inc		1,079
	21,310	*	Monolithic Power Systems, Inc		321
	20,301	*,e	MoSys, Inc		85
	13,765	*	Nanometrics, Inc		254
	52,264	*	Netlogic Microsystems, Inc		2,591
	52,784	*	Novellus Systems, Inc		2,179
	3,184	*,e	NVE Corp		177
	452,420	*	Nvidia Corp		6,271
	42,750	*	Omnivision Technologies, Inc		523
	334,921	*	ON Semiconductor Corp		2,586
	17,237	*,e	PDF Solutions, Inc		120
	19,298	*	Pericom Semiconductor Corp		147
	46,544	*	Photronics, Inc		283
	26,715	*	PLX Technology, Inc		77
	173,538	*	PMC - Sierra, Inc		956
	22,028	e	Power Integrations, Inc		730
	74,010	*	Rambus, Inc		559
	209,504	*	RF Micro Devices, Inc		1,131
	11,027	*,e	Rubicon Technology, Inc		104
	20,900	*	Rudolph Technologies, Inc		194
	50,038	*	Semtech Corp		1,242
	27,850	*	Sigma Designs, Inc		167

297

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	56,384	*	Silicon Image, Inc	$	265
	32,688	*,e	Silicon Laboratories, Inc		1,419
	143,829	*	Skyworks Solutions, Inc		2,333
	38,295	*	Spansion, Inc		317
	18,903	*	Standard Microsystems Corp		487
	21,697	*	STR Holdings, Inc		179
	69,345	*,e	SunPower Corp		432
	8,595	*	Supertex, Inc		162
	138,239	*	Teradyne, Inc		1,884
	36,930	*	Tessera Technologies, Inc		619
	877,245		Texas Instruments, Inc		25,536
	121,131	*	Triquint Semiconductor, Inc		590
	17,159	*	Ultra Clean Holdings		105
	18,851	*	Ultratech, Inc		463
	31,233	*,e	Veeco Instruments, Inc		650
	18,190	*	Volterra Semiconductor Corp		466
	199,973		Xilinx, Inc		6,411
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		274,487
SOFTWARE & SERVICES - 9.0%
	38,595	*	Accelrys, Inc		259
	485,564		Accenture plc		25,847
	27,282	*	ACI Worldwide, Inc		781
	9,202	*,e	Active Network, Inc		125
	323,808		Activision Blizzard, Inc		3,989
	40,528	*	Actuate Corp		237
	62,110	*	Acxiom Corp		758
	381,125	*	Adobe Systems, Inc		10,774
	24,736	*	Advent Software, Inc		603
	143,070	*	Akamai Technologies, Inc		4,618
	39,116	*	Alliance Data Systems Corp		4,062
	138,680	*	Amdocs Ltd		3,957
	15,720		American Software, Inc (Class A)		149
	23,866	*,e	Ancestry.com, Inc		548
	8,000	*	Angie’s List, Inc		129
	70,574	*	Ansys, Inc		4,042
	80,190	*,e	AOL, Inc		1,211
	74,946	*	Ariba, Inc		2,104
	63,576	*	Aspen Technology, Inc		1,103
	173,236	*	Autodesk, Inc		5,254
	378,100		Automatic Data Processing, Inc		20,421
	17,200	*,e	Bankrate, Inc		370
	35,258		Blackbaud, Inc		977
	135,036	*	BMC Software, Inc		4,426
	16,977	*	Booz Allen Hamilton Holding Co		293
	24,349	*	Bottomline Technologies, Inc		564
	90,770		Broadridge Financial Solutions, Inc		2,047
	16,789	*,e	BroadSoft, Inc		507
	288,789		CA, Inc		5,838
	23,036	*	CACI International, Inc (Class A)		1,288
	201,713	*	Cadence Design Systems, Inc		2,098
	23,561	*,e	Callidus Software, Inc		151
	32,719	*	Cardtronics, Inc		885

298

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	7,040		Cass Information Systems, Inc	$	256
	52,926	*	Ciber, Inc		204
	142,733	*	Citrix Systems, Inc		8,667
	10,743	*,m	Clinical Data, Inc		10
	229,932	*	Cognizant Technology Solutions Corp (Class A)		14,787
	33,451	*	Commvault Systems, Inc		1,429
	116,063		Computer Sciences Corp		2,751
	11,045	*	Computer Task Group, Inc		156
	173,306	*	Compuware Corp		1,442
	24,577	*	comScore, Inc		521
	34,178	*,e	Concur Technologies, Inc		1,736
	21,930	*,e	Constant Contact, Inc		509
	80,273	*	Convergys Corp		1,025
	9,530	*	Convio, Inc		105
	8,741	*,e	Cornerstone OnDemand, Inc		159
	28,626	*	CSG Systems International, Inc		421
	30,663	*	DealerTrack Holdings, Inc		836
	13,498	*	Deltek, Inc		133
	6,000	*,e	Demand Media, Inc		40
	25,056	*	DemandTec, Inc		330
	37,330	*	Dice Holdings, Inc		309
	29,296	*	Digital River, Inc		440
	5,437	*	DMRC Corp		130
	27,367		DST Systems, Inc		1,246
	7,224	*	Dynamics Research Corp		82
	82,942		Earthlink, Inc		534
	869,111	*	eBay, Inc		26,361
	23,473	e	Ebix, Inc		519
	7,871	*,e	Echo Global Logistics, Inc		127
	250,141	*	Electronic Arts, Inc		5,153
	15,051	*	Envestnet, Inc		180
	25,591		EPIQ Systems, Inc		308
	2,603	*	ePlus, Inc		74
	35,741	*	Equinix, Inc		3,624
	36,402	*	Euronet Worldwide, Inc		673
	13,663	*	ExlService Holdings, Inc		306
	34,865		Factset Research Systems, Inc		3,043
	30,409		Fair Isaac Corp		1,090
	22,225	*	FalconStor Software, Inc		57
	197,402		Fidelity National Information Services, Inc		5,249
	74,050	*	First American Corp		957
	108,079	*	Fiserv, Inc		6,349
	11,158	*	FleetCor Technologies, Inc		333
	11,266	*	Forrester Research, Inc		382
	86,075	*	Fortinet, Inc		1,877
	74,422	*	Gartner, Inc		2,588
	96,351	*	Genpact Ltd		1,440
	19,206	*,e,m	Gerber Scientific, Inc		0	^
	38,913	*	Global Cash Access, Inc		173
	60,916		Global Payments, Inc		2,886
	49,882	*,e	Glu Mobile, Inc		157
	190,772	*	Google, Inc (Class A)		123,221

299

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	9,927	*	Guidance Software, Inc	$	64
	30,102	*	Hackett Group, Inc		113
	28,656		Heartland Payment Systems, Inc		698
	23,633	*,e	Higher One Holdings, Inc		436
	58,809		IAC/InterActiveCorp		2,505
	23,666	*,e	iGate Corp		372
	3,700	*	Imperva, Inc		129
	80,970	*	Informatica Corp		2,990
	23,086	*	Infospace, Inc		254
	9,285	*	Interactive Intelligence, Inc		213
	34,783	*	Internap Network Services Corp		207
	916,701		International Business Machines Corp		168,563
	226,527		Intuit, Inc		11,914
	34,679	e	j2 Global, Inc		976
	64,463		Jack Henry & Associates, Inc		2,167
	32,026	*	JDA Software Group, Inc		1,037
	20,173	*	Kenexa Corp		539
	10,875		Keynote Systems, Inc		223
	27,331	*,e	KIT Digital, Inc		231
	19,259	*	Knot, Inc		161
	68,025		Lender Processing Services, Inc		1,025
	50,961	*,e	Limelight Networks, Inc		151
	6,825	*,e	LinkedIn Corp		430
	44,720	*	Lionbridge Technologies		102
	14,351	*	Liquidity Services, Inc		530
	40,701	*	Liveperson, Inc		511
	15,508	*	LogMeIn, Inc		598
	12,620	*	LoopNet, Inc		231
	51,504	*	Magma Design Automation, Inc		370
	15,963	*,e	Manhattan Associates, Inc		646
	18,418		Mantech International Corp (Class A)		575
	16,386	e	Marchex, Inc (Class B)		102
	81,137		Mastercard, Inc (Class A)		30,249
	25,522		MAXIMUS, Inc		1,055
	73,403	*	Mentor Graphics Corp		995
	60,589	*	Micros Systems, Inc		2,822
	5,623,524		Microsoft Corp		145,988
	6,006	*	MicroStrategy, Inc (Class A)		651
	33,165		ModusLink Global Solutions, Inc		179
	7,866	*	MoneyGram International, Inc		140
	27,277	*	Monotype Imaging Holdings, Inc		425
	95,930	*	Monster Worldwide, Inc		761
	27,889	*,e	Motricity, Inc		25
	29,335	*	Move, Inc		185
	7,188	*	NCI, Inc (Class A)		84
	28,739	*	Netscout Systems, Inc		506
	20,451	*	NetSuite, Inc		829
	55,861	*	NeuStar, Inc (Class A)		1,909
	48,579	*	NIC, Inc		647
	178,400	*	Nuance Communications, Inc		4,489
	17,950	*,e	OpenTable, Inc		702
	63,876	*	Openwave Systems, Inc		101

300

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	11,138		Opnet Technologies, Inc	$	408
	2,903,317		Oracle Corp		74,471
	90,859	*	Parametric Technology Corp		1,659
	243,091		Paychex, Inc		7,319
	12,459	e	Pegasystems, Inc		366
	20,679	*	Perficient, Inc		207
	14,513	*	PRG-Schultz International, Inc		86
	50,287	*	Progress Software Corp		973
	14,689	*	PROS Holdings, Inc		219
	3,320	*	QAD, Inc (Class A)		35
	53,768	*	QLIK Technologies, Inc		1,301
	47,293	*	Quest Software, Inc		880
	20,643	*	QuinStreet, Inc		193
	77,245	*	Rackspace Hosting, Inc		3,322
	18,038		RealNetworks, Inc		135
	22,836	*	RealPage, Inc		577
	145,439	*	Red Hat, Inc		6,005
	7,378	*	Responsys, Inc		66
	17,574	*	RightNow Technologies, Inc		751
	8,173	*,e	Rosetta Stone, Inc		62
	85,331	*	Rovi Corp		2,097
	41,988	*	S1 Corp		402
	18,173	*	Saba Software, Inc		143
	211,037	*	SAIC, Inc		2,594
	100,810	*	Salesforce.com, Inc		10,228
	83,759		Sapient Corp		1,055
	9,258	*	Sciquest, Inc		132
	21,571	*	Seachange International, Inc		152
	7,451	*,e	ServiceSource International LLC		117
	20,806	*,e	Smith Micro Software, Inc		24
	43,415	*	SolarWinds, Inc		1,213
	53,861		Solera Holdings, Inc		2,399
	20,938	*,e	Sourcefire, Inc		678
	6,377	*	SPS Commerce, Inc		165
	8,406	*	SRS Labs, Inc		48
	19,523	*	SS&C Technologies Holdings, Inc		353
	12,380	*	Stamps.com, Inc		323
	60,325	*	SuccessFactors, Inc		2,405
	32,388	*	SupportSoft, Inc		73
	570,729	*	Symantec Corp		8,932
	20,217	*	Synchronoss Technologies, Inc		611
	111,101	*	Synopsys, Inc		3,022
	11,726		Syntel, Inc		548
	24,737	*	TA Indigo Holding Corp		154
	54,620	*	Take-Two Interactive Software, Inc		740
	30,543	*	Taleo Corp (Class A)		1,182
	6,100	*	Tangoe, Inc		94
	4,323	*	TechTarget, Inc		25
	29,873	*	TeleCommunication Systems, Inc (Class A)		70
	12,644	*	TeleNav, Inc		99
	19,317	*,e	TeleTech Holdings, Inc		313
	128,452	*	Teradata Corp		6,231

301

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	48,928	*,e	THQ, Inc	$	37
	124,754	*	TIBCO Software, Inc		2,983
	92,801	*	TiVo, Inc		832
	19,243	*	TNS, Inc		341
	121,982		Total System Services, Inc		2,386
	4,369	*,e	Travelzoo, Inc		107
	27,050	*,e	Tyler Technologies, Inc		814
	19,182	*	Ultimate Software Group, Inc		1,249
	32,818	*	Unisys Corp		647
	61,183		United Online, Inc		333
	62,276	*	Valueclick, Inc		1,014
	19,828	*	Vasco Data Security International		129
	76,311	*	VeriFone Systems, Inc		2,711
	14,384	*	Verint Systems, Inc		396
	127,769		VeriSign, Inc		4,564
	29,764	*,e	VirnetX Holding Corp		743
	11,849	*	Virtusa Corp		172
	395,597		Visa, Inc (Class A)		40,165
	33,510	*,e	VistaPrint Ltd		1,025
	63,347	*	VMware, Inc (Class A)		5,270
	11,624	*	Vocus, Inc		257
	60,808	*,e	Wave Systems Corp		132
	46,090	*,e	WebMD Health Corp (Class A)		1,731
	29,640	*	Websense, Inc		555
	22,635	*,e	Website Pros, Inc		259
	478,647		Western Union Co		8,740
	29,100	*	Wright Express Corp		1,580
	989,958	*	Yahoo!, Inc		15,968
	3,100	*,e	Zillow, Inc		70
	47,197	*	Zix Corp		133
			TOTAL SOFTWARE & SERVICES		968,605
TECHNOLOGY HARDWARE & EQUIPMENT - 6.6%
	32,404	*,e	3D Systems Corp		467
	41,025	*	Acme Packet, Inc		1,268
	49,633		Adtran, Inc		1,497
	18,766	*	Agilysys, Inc		149
	133,451		Amphenol Corp (Class A)		6,057
	14,600	*	Anaren, Inc		243
	21,570	*	Anixter International, Inc		1,286
	699,416	*	Apple, Inc		283,263
	94,272	*	Arris Group, Inc		1,020
	89,079	*	Arrow Electronics, Inc		3,332
	65,293	*,e	Aruba Networks, Inc		1,209
	24,879	*	Avid Technology, Inc		212
	115,335	*	Avnet, Inc		3,586
	34,410		AVX Corp		439
	15,077	*	AX Holding Corp		154
	7,316		Bel Fuse, Inc (Class B)		137
	29,704	*	Benchmark Electronics, Inc		400
	13,787		Black Box Corp		387
	32,159	*	Blue Coat Systems, Inc		818

302

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	30,312	*,e	Bookham, Inc	$	85
	53,964	*	Brightpoint, Inc		581
	362,901	*	Brocade Communications Systems, Inc		1,883
	28,887	*	Calix Networks, Inc		187
	30,668	*	Checkpoint Systems, Inc		336
	70,799	*,e	Ciena Corp		857
	4,168,440		Cisco Systems, Inc		75,366
	32,766		Cognex Corp		1,173
	19,403	*	Coherent, Inc		1,014
	5,175		Communications Systems, Inc		73
	22,382		Comtech Telecommunications Corp		641
	1,187,054		Corning, Inc		15,409
	22,453	*	Cray, Inc		145
	23,637		CTS Corp		217
	22,322		Daktronics, Inc		214
	10,171		DDi Corp		95
	1,231,693	*	Dell, Inc		18,020
	47,853		Diebold, Inc		1,439
	18,652	*	Digi International, Inc		208
	41,327	*	Dolby Laboratories, Inc (Class A)		1,261
	44,988	*	Dot Hill Systems Corp		60
	15,044	*	DTS, Inc		410
	24,998	*,e	Echelon Corp		122
	28,785	*	EchoStar Corp (Class A)		603
	11,677		Electro Rent Corp		200
	17,062	*	Electro Scientific Industries, Inc		247
	39,428	*	Electronics for Imaging, Inc		562
	12,190	*,e	eMagin Corp		45
	1,551,021	*	EMC Corp		33,409
	35,109	*,e	EMCORE Corp		30
	65,177	*	Emulex Corp		447
	89,895	*	Extreme Networks, Inc		262
	61,700	*	F5 Networks, Inc		6,548
	15,539	*,e	Fabrinet		213
	12,851	*	FARO Technologies, Inc		591
	29,895	*	FEI Co		1,219
	65,242	*	Finisar Corp		1,092
	118,407		Flir Systems, Inc		2,968
	12,700	*,e	Fusion-io, Inc		307
	14,375	*	Globecomm Systems, Inc		197
	20,123	*	GSI Group, Inc		206
	85,574	*	Harmonic, Inc		431
	94,007		Harris Corp		3,388
	42,057	*	Harris Stratex Networks, Inc (Class A)		77
	1,502,129		Hewlett-Packard Co		38,695
	21,588	*	Imation Corp		124
	18,659	*	Immersion Corp		97
	88,583	*,e	Infinera Corp		556
	116,956	*	Ingram Micro, Inc (Class A)		2,127
	34,716	*	Insight Enterprises, Inc		531
	32,759	e	InterDigital, Inc		1,427
	45,111	*	Intermec, Inc		309

303

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	14,156	*	Intevac, Inc	$	105
	7,800	*	InvenSense, Inc		78
	21,046	*	IPG Photonics Corp		713
	31,091	*	Itron, Inc		1,112
	29,634	*	Ixia		311
	147,311		Jabil Circuit, Inc		2,896
	165,013	*	JDS Uniphase Corp		1,723
	401,021	*	Juniper Networks, Inc		8,185
	33,781	*	Kemet Corp		238
	10,929	*	KVH Industries, Inc		85
	12,911	*	LeCroy Corp		109
	60,595		Lexmark International, Inc (Class A)		2,004
	17,104		Littelfuse, Inc		735
	8,072	*	Loral Space & Communications, Inc		524
	22,942	*,e	Maxwell Technologies, Inc		373
	11,532	*	Measurement Specialties, Inc		322
	23,128	*	Mercury Computer Systems, Inc		307
	8,476	*,e	Meru Networks, Inc		35
	28,385		Methode Electronics, Inc		235
	60,310	*,e	Microvision, Inc		22
	103,296	e	Molex, Inc		2,465
	194,156	*	Motorola Mobility Holdings, Inc		7,533
	228,165		Motorola, Inc		10,562
	13,932		MTS Systems Corp		568
	9,079	*	Multi-Fineline Electronix, Inc		187
	69,482		National Instruments Corp		1,803
	122,276	*	NCR Corp		2,013
	6,600	*,e	NeoPhotonics Corp Ltd		30
	277,187	*	NetApp, Inc		10,054
	28,803	*	Netgear, Inc		967
	27,910	*	Newport Corp		380
	26,247	*	Novatel Wireless, Inc		82
	7,509	*	Numerex Corp		62
	38,785	*,e	OCZ Technology Group, Inc		256
	15,398	*	Oplink Communications, Inc		254
	39,024	*	OpNext, Inc		32
	28,044	*	Orbcomm, Inc		84
	14,702	*	OSI Systems, Inc		717
	18,452		Park Electrochemical Corp		473
	6,868		PC Connection, Inc		76
	37,039		Plantronics, Inc		1,320
	27,845	*	Plexus Corp		762
	135,032	*	Polycom, Inc		2,201
	53,353	*,e	Power-One, Inc		209
	18,766	*,e	Powerwave Technologies, Inc		39
	8,810	*	Procera Networks, Inc		137
	79,841	*	QLogic Corp		1,198
	1,265,234		Qualcomm, Inc		69,208
	171,155	*	Quantum Corp		411
	25,143	*,e	Rackable Systems, Inc		288
	15,185	*	Radisys Corp		77
	29,852	*,e	RealD, Inc		237

304

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	11,626		Richardson Electronics Ltd	$	143
	7,282		Rimage Corp		82
	117,498	*,e	Riverbed Technology, Inc		2,761
	21,664	*	Rofin-Sinar Technologies, Inc		495
	12,342	*	Rogers Corp		455
	180,113	*	SanDisk Corp		8,863
	61,646	*	Sanmina-SCI Corp		574
	22,159	*	Scansource, Inc		798
	28,820	*	SCM Microsystems, Inc		64
	31,292	*	ShoreTel, Inc		200
	165,491	*	Sonus Networks, Inc		397
	20,704	*	STEC, Inc		178
	15,369	*,e	Stratasys, Inc		467
	20,839	*	Super Micro Computer, Inc		327
	14,861	*	Sycamore Networks, Inc		266
	35,188	*	Symmetricom, Inc		190
	26,694	*,e	Synaptics, Inc		805
	16,588	*	SYNNEX Corp		505
	35,560	*	Tech Data Corp		1,757
	38,313		Technitrol, Inc		107
	50,795	*	Tekelec		555
	277,614		Tellabs, Inc		1,122
	94,008	*	Trimble Navigation Ltd		4,080
	41,884	*	TTM Technologies, Inc		459
	2,000	*,e	Ubiquiti Networks, Inc		36
	29,474	*,e	Universal Display Corp		1,081
	27,617	*	Viasat, Inc		1,274
	3,408	*	Viasystems Group, Inc		58
	119,020	*	Vishay Intertechnology, Inc		1,070
	9,508	*	Vishay Precision Group, Inc		152
	40,762	*	Westell Technologies, Inc		90
	175,363	*	Western Digital Corp		5,427
	1,063,212		Xerox Corp		8,463
	25,096	*	X-Rite, Inc		116
	23,047		Xyratex Ltd		307
	41,665	*	Zebra Technologies Corp (Class A)		1,491
	12,959	*	Zygo Corp		229
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		702,869
TELECOMMUNICATION SERVICES - 2.8%
	46,463	*,e	8x8, Inc		147
	16,682	*	AboveNet, Inc		1,084
	39,332	e	Alaska Communications Systems Group, Inc		118
	299,404	*	American Tower Corp (Class A)		17,968
	4,487,920		AT&T, Inc		135,716
	7,918		Atlantic Tele-Network, Inc		309
	20,132	*,e	Cbeyond Communications, Inc		161
	462,109		CenturyTel, Inc		17,190
	168,115	*	Cincinnati Bell, Inc		509
	136,103	*	Clearwire Corp (Class A)		264
	35,274	*	Cogent Communications Group, Inc		596
	20,626		Consolidated Communications Holdings, Inc		393

305

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	219,871	*	Crown Castle International Corp	$	9,851
	16,551	*,e	Fairpoint Communications, Inc		72
	762,890	e	Frontier Communications Corp		3,929
	38,028	*	General Communication, Inc (Class A)		372
	55,768	*,e	Globalstar, Inc		30
	10,686		HickoryTech Corp		118
	10,513		IDT Corp (Class B)		99
	24,433	*	inContact, Inc		108
	33,317	*,e	Iridium Communications, Inc		257
	46,753	*	Leap Wireless International, Inc		434
	111,700	*	Level 3 Communications, Inc		1,898
	11,759	*	Lumos Networks Corp		180
	212,720	*	MetroPCS Communications, Inc		1,846
	25,073	*	Neutral Tandem, Inc		268
	128,973	*	NII Holdings, Inc (Class B)		2,747
	11,759		NTELOS Holdings Corp		240
	46,371	*	Premiere Global Services, Inc		393
	86,257	*	SBA Communications Corp (Class A)		3,706
	18,151		Shenandoah Telecom Co		190
	2,271,081	*	Sprint Nextel Corp		5,314
	11,067		SureWest Communications		133
	65,013	e	Telephone & Data Systems, Inc		1,683
	26,456	*,e	Towerstream Corp		56
	108,826	*	tw telecom inc (Class A)		2,109
	5,129	*	US Cellular Corp		224
	18,421		USA Mobility, Inc		255
	2,138,494		Verizon Communications, Inc		85,796
	95,787	*	Vonage Holdings Corp		235
	419,935		Windstream Corp		4,930
			TOTAL TELECOMMUNICATION SERVICES		301,928
TRANSPORTATION - 1.9%
	44,655	*	Air Transport Services Group, Inc		211
	27,508	*	Alaska Air Group, Inc		2,066
	30,756		Alexander & Baldwin, Inc		1,255
	9,924		Allegiant Travel Co		529
	6,973	*	Amerco, Inc		616
	19,331		Arkansas Best Corp		373
	19,165	*	Atlas Air Worldwide Holdings, Inc		737
	79,295	*	Avis Budget Group, Inc		850
	12,726	e	Baltic Trading Ltd		60
	16,346		Celadon Group, Inc		193
	125,392		CH Robinson Worldwide, Inc		8,750
	40,201		Con-Way, Inc		1,172
	23,678		Copa Holdings S.A. (Class A)		1,389
	834,193		CSX Corp		17,568
	644,364	*	Delta Air Lines, Inc		5,213
	22,195	*	Dollar Thrifty Automotive Group, Inc		1,559
	51,764	*,e	Eagle Bulk Shipping, Inc		49
	26,769	*,e	Excel Maritime Carriers Ltd		39
	162,491		Expeditors International Washington, Inc		6,656
	239,546		FedEx Corp		20,004

306

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	22,919		Forward Air Corp	$	735
	20,776	*,e	Genco Shipping & Trading Ltd		140
	29,936	*	Genesee & Wyoming, Inc (Class A)		1,814
	40,654	*	Hawaiian Holdings, Inc		236
	38,365		Heartland Express, Inc		548
	183,917	*	Hertz Global Holdings, Inc		2,156
	28,105	*	Hub Group, Inc (Class A)		911
	4,290		International Shipholding Corp		80
	70,799		J.B. Hunt Transport Services, Inc		3,191
	181,414	*	JetBlue Airways Corp		943
	82,727	*	Kansas City Southern Industries, Inc		5,626
	39,152	*	Kirby Corp		2,579
	42,524		Knight Transportation, Inc		665
	34,523		Landstar System, Inc		1,654
	10,239		Marten Transport Ltd		184
	265,397		Norfolk Southern Corp		19,338
	36,263	*	Old Dominion Freight Line		1,470
	31,042	*	Pacer International, Inc		166
	6,136	*	Park-Ohio Holdings Corp		109
	3,411	*	Patriot Transportation Holding, Inc		74
	11,331	*	Quality Distribution, Inc		127
	16,300	*	RailAmerica, Inc		243
	40,702	*,e	Republic Airways Holdings, Inc		140
	8,012	*	Roadrunner Transportation Services Holdings, Inc		113
	39,335		Ryder System, Inc		2,090
	9,635	*	Saia, Inc		120
	40,260		Skywest, Inc		507
	598,461		Southwest Airlines Co		5,123
	12,178	*,e	Spirit Airlines, Inc		190
	60,697	*	Swift Transportation Co, Inc		500
	254,115	*	UAL Corp		4,795
	18,066	*,e	Ultrapetrol Bahamas Ltd		54
	370,994		Union Pacific Corp		39,304
	554,538		United Parcel Service, Inc (Class B)		40,587
	3,884		Universal Truckload Services, Inc		70
	126,271	*,e	US Airways Group, Inc		640
	81,226		UTI Worldwide, Inc		1,079
	33,067		Werner Enterprises, Inc		797
	15,800	*	Wesco Aircraft Holdings, Inc		221
	7,765	*,e	Zipcar, Inc		104
			TOTAL TRANSPORTATION		208,712
UTILITIES - 3.9%
	502,487	*	AES Corp		5,950
	89,215		AGL Resources, Inc		3,770
	24,428		Allete, Inc		1,025
	81,807		Alliant Energy Corp		3,609
	183,716		Ameren Corp		6,087
	362,712		American Electric Power Co, Inc		14,984
	16,487		American States Water Co		575
	131,951		American Water Works Co, Inc		4,205
	104,679		Aqua America, Inc		2,308

307

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	4,909		Artesian Resources Corp	$	92
	85,946	e	Atlantic Power Corp		1,229
	69,174		Atmos Energy Corp		2,307
	43,026		Avista Corp		1,108
	29,085		Black Hills Corp		977
	8,402	*,e	Cadiz, Inc		81
	35,650		California Water Service Group		651
	291,009	*	Calpine Corp		4,752
	321,488		Centerpoint Energy, Inc		6,459
	10,819		Central Vermont Public Service Corp		380
	13,300		CH Energy Group, Inc		776
	8,826		Chesapeake Utilities Corp		383
	45,284		Cleco Corp		1,725
	188,036		CMS Energy Corp		4,152
	6,221		Connecticut Water Service, Inc		169
	220,183		Consolidated Edison, Inc		13,657
	10,306	e	Consolidated Water Co, Inc		88
	142,412		Constellation Energy Group, Inc		5,649
	435,837		Dominion Resources, Inc		23,133
	127,357		DTE Energy Co		6,935
	1,006,612		Duke Energy Corp		22,144
	75,150	*,e	Dynegy, Inc (Class A)		208
	245,806		Edison International		10,176
	34,619		El Paso Electric Co		1,199
	35,476		Empire District Electric Co		748
	134,820		Entergy Corp		9,849
	501,378		Exelon Corp		21,745
	317,277		FirstEnergy Corp		14,055
	10,513	*	Genie Energy Ltd		83
	104,313		Great Plains Energy, Inc		2,272
	73,366		Hawaiian Electric Industries, Inc		1,943
	34,349		Idacorp, Inc		1,457
	59,780		Integrys Energy Group, Inc		3,239
	37,881		ITC Holdings Corp		2,874
	18,300		Laclede Group, Inc		741
	144,690		MDU Resources Group, Inc		3,105
	16,000		MGE Energy, Inc		748
	9,765		Middlesex Water Co		182
	58,843		National Fuel Gas Co		3,270
	31,721		New Jersey Resources Corp		1,561
	317,782		NextEra Energy, Inc		19,347
	208,593		NiSource, Inc		4,967
	134,366		Northeast Utilities		4,847
	18,551		Northwest Natural Gas Co		889
	27,832		NorthWestern Corp		996
	184,642	*	NRG Energy, Inc		3,346
	76,892		NSTAR		3,611
	176,210		NV Energy, Inc		2,881
	75,923		OGE Energy Corp		4,306
	81,923		Oneok, Inc		7,101
	13,917	e	Ormat Technologies, Inc		251
	29,407		Otter Tail Corp		648

308

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	3,531		Pennichuck Corp	$	102
	168,153		Pepco Holdings, Inc		3,414
	299,242		PG&E Corp		12,335
	56,255		Piedmont Natural Gas Co, Inc		1,912
	81,375		Pinnacle West Capital Corp		3,921
	64,221		PNM Resources, Inc		1,171
	58,032		Portland General Electric Co		1,468
	436,957		PPL Corp		12,855
	222,068		Progress Energy, Inc		12,440
	380,899		Public Service Enterprise Group, Inc		12,573
	135,152		Questar Corp		2,684
	582,024	*	RRI Energy, Inc		1,519
	87,177		SCANA Corp		3,928
	178,686		Sempra Energy		9,828
	10,436		SJW Corp		247
	22,925		South Jersey Industries, Inc		1,302
	643,005		Southern Co		29,764
	34,400		Southwest Gas Corp		1,462
	163,004		TECO Energy, Inc		3,120
	85,402		UGI Corp		2,511
	38,476	e	UIL Holdings Corp		1,361
	27,775		Unisource Energy Corp		1,025
	11,594		Unitil Corp		329
	62,527		Vectren Corp		1,890
	86,960		Westar Energy, Inc		2,503
	38,842		WGL Holdings, Inc		1,718
	175,600		Wisconsin Energy Corp		6,139
	360,957		Xcel Energy, Inc		9,977
	9,006		York Water Co		159
			TOTAL UTILITIES		415,662
			TOTAL COMMON STOCKS		10,638,975
			(Cost $8,820,613)
PREFERRED STOCKS - 0.0%
RETAILING - 0.0%
	1,271	*	Orchard Supply Hardware Stores Corp		5
			TOTAL RETAILING		5
			TOTAL PREFERRED STOCKS		5
			(Cost $14)
RIGHTS / WARRANTS - 0.0%
ENERGY - 0.0%
	8,193	e,m	Magnum Hunter Resources Corp		0	^
			TOTAL ENERGY		0	^
			TOTAL RIGHTS / WARRANTS		0	^
			(Cost $0)

309

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
SHORT-TERM INVESTMENTS - 2.8%
GOVERNMENT AGENCY DEBT - 0.1%
	$  7,000,000		Federal Home Loan Bank (FHLB)	0.009	%	02/24/12	$	7,000
			TOTAL GOVERNMENT AGENCY DEBT					7,000
TREASURY DEBT - 0.3%
	13,500,000		United States Treasury Bill	0.020		04/19/12		13,499
	1,950,000		United States Treasury Bill	0.020		05/03/12		1,950
	13,100,000		United States Treasury Bill	0.038		06/14/12		13,097
			TOTAL TREASURY DEBT					28,546
SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.4%
			TIAA-CREF Short Term Lending Portfolio of the State
	256,854,199	a,c	Street Navigator Securities Lending Trust					256,854
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES					256,854
			TOTAL SHORT-TERM INVESTMENTS					292,400
			(Cost $292,400)
			TOTAL INVESTMENTS - 102.3%					10,931,380
			(Cost $9,113,027)
			OTHER ASSETS & LIABILITIES, NET - (2.3)%					(239,628	)
			NET ASSETS - 100.0%				$	10,691,752
			Abbreviation(s):
	ADR		American Depositary Receipt
	REIT		Real Estate Investment Trust
	SPDR		Standard & Poor’s Depository Receipts
	*		Non-income producing.
	^		Amount represents less than $1,000.
	a		Affiliated holding.
	c		Investments made with cash collateral received from securites on loan.
	d		All or a portion of those securities have been segregated by the custodian to cover margin or other requirements on open futures transactions.
	e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $248,864,000.
	m		Indicates a security that has been deemed illiquid.
			Cost amounts are in thousands.

310

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

COLLEGE RETIREMENT EQUITIES FUND
BOND MARKET ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2011

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
BANK LOAN OBLIGATIONS - 0.1%
CAPITAL GOODS - 0.0%
	$ 4,950,000	i	TransDigm, Inc	4.000	%	02/14/17	$	4,904
			TOTAL CAPITAL GOODS					4,904
HEALTH CARE EQUIPMENT & SERVICES - 0.1%
	1,828,454	i	Fresenius US Finance I, Inc	3.500		09/10/14		1,819
	5,085,392	i	Fresenius US Finance I, Inc	3.500		09/10/14		5,060
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					6,879
			TOTAL BANK LOAN OBLIGATIONS					11,783
			(Cost $11,864)
BONDS - 98.5%
CORPORATE BONDS - 27.0%
AUTOMOBILES & COMPONENTS - 0.1%
	4,500,000		Ford Motor Co	7.450		07/16/31		5,400
	4,500,000	g	Hyundai Motor Manufacturer	4.500		04/15/15		4,608
			TOTAL AUTOMOBILES & COMPONENTS					10,008
BANKS - 5.2%
	5,480,000	g	Akbank TAS	5.125		07/22/15		5,316
	4,500,000	g	Alfa Bond Issuance plc for OJSC Alfa Bank	7.875		09/25/17		4,253
	4,500,000	g	Alfa Bond Issuance plc for OJSC Alfa Bank	7.750		04/28/21		3,960
	4,500,000	g	Banco Bradesco S.A.	4.125		05/16/16		4,538
	5,395,000	g	Banco de Bogota S.A.	5.000		01/15/17		5,438
	7,580,000	g	Banco de Credito del Peru	4.750		03/16/16		7,561
	4,500,000		Banco de Oro Unibank, Inc	3.875		04/22/16		4,360
	5,000,000	g	Banco do Brasil S.A.	5.875		01/26/22		5,005
	4,400,000	g,i	Banco Santander Chile	1.659		04/20/12		4,401
	4,905,000		BanColombia S.A.	5.950		06/03/21		4,923
	3,555,000		Bank of America Corp	4.875		01/15/13		3,569
	16,040,000		Bank of America Corp	3.625		03/17/16		14,785
	14,800,000		Bank of America Corp	3.750		07/12/16		13,704
	18,550,000		Bank of America Corp	5.300		03/15/17		16,730
	8,525,000		Bank of America Corp	6.000		09/01/17		8,326
	5,725,000		Bank of America Corp	5.750		12/01/17		5,407
	3,150,000		Bank of America Corp	5.000		05/13/21		2,869
	5,700,000		Bank of New York Mellon Corp	4.300		05/15/14		6,116
	10,000,000		Bank of New York Mellon Corp	2.300		07/28/16		10,031
	4,125,000		Bank of New York Mellon Corp	5.450		05/15/19		4,702

311

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$ 19,400,000	g	Bank of Nova Scotia	1.450	%	07/26/13	$	19,625
	37,700,000	g	Bank of Nova Scotia	1.650		10/29/15		37,654
	39,500,000	g	Bank of Nova Scotia	2.150		08/03/16		39,779
	6,000,000		BB&T Corp	3.850		07/27/27		6,098
	3,750,000		Capital One Bank USA NA	8.800		07/15/19		4,290
	5,000,000		Capital One Capital V	8.875		05/15/40		5,189
	4,400,000		Capital One Financial Corp	3.150		07/15/16		4,419
	8,075,000		Citigroup, Inc	6.000		12/13/13		8,356
	12,640,000		Citigroup, Inc	5.000		09/15/14		12,510
	6,000,000		Citigroup, Inc	4.750		05/19/15		6,077
	29,300,000		Citigroup, Inc	3.953		06/15/16		29,200
	4,525,000		Citigroup, Inc	6.125		05/15/18		4,816
	11,406,000		Citigroup, Inc	5.375		08/09/20		11,728
	7,575,000		Citigroup, Inc	6.875		03/05/38		8,322
	3,825,000		Citigroup, Inc	8.125		07/15/39		4,683
	45,000,000	g	Depfa ACS Bank	5.125		03/16/37		32,170
	3,500,000		Deutsche Bank AG	3.875		08/18/14		3,560
	5,980,000		Discover Bank	7.000		04/15/20		6,257
	4,700,000		First Horizon National Corp	5.375		12/15/15		4,758
	3,500,000		Golden West Financial Corp	4.750		10/01/12		3,594
	4,600,000	g	HSBC Bank plc	3.500		06/28/15		4,637
	7,350,000	g	HSBC Bank plc	4.125		08/12/20		7,253
	7,000,000		HSBC Bank USA NA	4.625		04/01/14		7,153
	3,000,000	g,i	HSBC Capital Funding LP	4.610		12/30/49		2,758
	2,100,000		HSBC Holdings plc	6.500		09/15/37		2,073
	4,000,000		JP Morgan Chase Capital XXV	6.800		10/01/37		4,015
	2,595,000		JPMorgan Chase & Co	5.125		09/15/14		2,736
	25,495,000		JPMorgan Chase & Co	3.150		07/05/16		25,614
	26,500,000		JPMorgan Chase & Co	4.350		08/15/21		26,763
	3,025,000		JPMorgan Chase & Co	5.500		10/15/40		3,135
	12,375,000		JPMorgan Chase & Co	5.400		01/06/42		12,914
	4,250,000	i	Manufacturers & Traders Trust Co	5.629		12/01/21		3,998
	12,750,000		Northern Trust Corp	4.625		05/01/14		13,714
	8,000,000		PNC Funding Corp	5.125		02/08/20		9,040
	4,500,000	g	Shinhan Bank	4.125		10/04/16		4,531
	6,350,000		State Street Corp	4.300		05/30/14		6,796
	2,355,000	g	Sumitomo Mitsui Banking Corp	3.150		07/22/15		2,457
	26,500,000	g	Toronto-Dominion Bank	1.625		09/14/16		26,151
	4,500,000	g	Turkiye Garanti Bankasi AS.	6.250		04/20/21		4,286
	4,500,000	g	Turkiye Is Bankasi	5.100		02/01/16		4,365
	2,000,000		Union Bank of California NA	5.950		05/11/16		2,164
	5,000,000		US Bancorp	4.950		10/30/14		5,434
	1,925,000		USB Capital XIII Trust	6.625		12/15/39		1,956
	8,275,000		Wachovia Bank NA	4.800		11/01/14		8,695
	3,605,000		Wachovia Bank NA	4.875		02/01/15		3,820
	2,050,000		Wachovia Bank NA	5.850		02/01/37		2,145
	5,000,000		Wachovia Corp	4.875		02/15/14		5,215
	3,000,000		Wells Fargo & Co	4.375		01/31/13		3,101
	18,075,000		Wells Fargo & Co	2.625		12/15/16		18,064
	10,650,000		Wells Fargo Bank NA	4.750		02/09/15		11,111
	5,700,000		Westpac Banking Corp	3.000		08/04/15		5,766
	3,000,000		Zions Bancorporation	7.750		09/23/14		3,181
			TOTAL BANKS					634,120

312

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
CAPITAL GOODS - 0.6%
	$    1,500,000		Black & Decker Corp	8.950	%	04/15/14	$	1,732
	8,000,000		Caterpillar, Inc	1.375		05/27/14		8,093
	5,200,000		Caterpillar, Inc	5.200		05/27/41		6,229
	4,175,000	g	China Liansu Group Holdings Ltd	7.875		05/13/16		3,465
	3,800,000		CRH America, Inc	4.125		01/15/16		3,794
	5,000,000		Danaher Corp	1.300		06/23/14		5,073
	4,150,000		Danaher Corp	2.300		06/23/16		4,313
	4,000,000		Emerson Electric Co	4.500		05/01/13		4,183
	4,500,000	g	Empresas ICA SAB de C.V.	8.900		02/04/21		4,028
	3,300,000		General Electric Co	5.250		12/06/17		3,788
	3,515,000		Goodrich Corp	6.125		03/01/19		4,275
	1,500,000		Goodrich Corp	4.875		03/01/20		1,711
	4,500,000	g	Hyva Global BV	8.625		03/24/16		3,713
	3,300,000	g	Illinois Tool Works, Inc	4.875		09/15/41		3,755
	1,500,000		Kennametal, Inc	7.200		06/15/12		1,540
	9,250,000		Lockheed Martin Corp	3.350		09/15/21		9,202
	4,245,000	g	Myriad International Holding BV	6.375		07/28/17		4,521
	3,040,000	g	Sigma Alimentos S.A.	5.625		04/14/18		3,101
	2,000,000		SPX Corp	6.875		09/01/17		2,160
	3,050,000		Tyco International Finance S.A.	6.000		11/15/13		3,304
	2,190,000		Tyco International Finance S.A.	4.125		10/15/14		2,334
			TOTAL CAPITAL GOODS					84,314
COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
	5,200,000	g	Centrais Eletricas Brasileiras S.A.	5.750		10/27/21		5,403
	1,750,000		Corrections Corp of America	7.750		06/01/17		1,899
	3,220,000	g	National Agricultural Cooperative Federation	4.250		01/28/16		3,269
	10,290,000		Republic Services, Inc	3.800		05/15/18		10,659
	5,810,000		Republic Services, Inc	6.200		03/01/40		7,024
	3,270,000	g	VIP Finance Ireland Ltd	6.493		02/02/16		3,062
	7,150,000		Waste Management, Inc	2.600		09/01/16		7,257
	9,040,000		Waste Management, Inc	6.125		11/30/39		11,088
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					49,661
CONSUMER DURABLES & APPAREL - 0.1%
	4,500,000		Axiata SPV1 (Labuan) Ltd	5.375		04/28/20		4,744
	3,000,000		Hanesbrands, Inc	8.000		12/15/16		3,263
	3,000,000		Phillips-Van Heusen Corp	7.375		05/15/20		3,255
	5,600,000		Whirlpool Corp	8.000		05/01/12		5,725
	2,075,000		Xerox Corp	4.500		05/15/21		2,103
			TOTAL CONSUMER DURABLES & APPAREL					19,090
CONSUMER SERVICES - 0.2%
	2,000,000		DineEquity, Inc	9.500		10/30/18		2,148
	648,000	g	Knowledge Learning Corp, Inc	7.750		02/01/15		604
	2,000,000		Penn National Gaming, Inc	8.750		08/15/19		2,175
	3,500,000	g	Transnet Ltd	4.500		02/10/16		3,545
	6,375,000		Walt Disney Co	4.500		12/15/13		6,862
	9,000,000		Walt Disney Co	0.875		12/01/14		9,042
			TOTAL CONSUMER SERVICES					24,376

313

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
DIVERSIFIED FINANCIALS - 4.1%
	$      7,750,000		Abbey National Treasury Services plc	4.000	%	04/27/16	$	6,953
	8,875,000		American Express Co	8.125		05/20/19		11,474
	7,700,000		American Express Credit Corp	2.800		09/19/16		7,738
	3,550,000		Ameriprise Financial, Inc	5.300		03/15/20		3,820
	4,500,000	g	Banco Mercantil del Norte S.A.	4.375		07/19/15		4,517
	4,500,000	g	Bangkok Bank PCL	4.800		10/18/20		4,476
	8,067,000	g	Banque PSA Finance	3.375		04/04/14		7,781
	3,750,000		Barclays Bank plc	5.200		07/10/14		3,866
	4,330,000	g	BBVA Bancomer S.A.	4.500		03/10/16		4,243
	7,250,000		BlackRock, Inc	3.500		12/10/14		7,742
	7,000,000		BlackRock, Inc	4.250		05/24/21		7,318
	3,200,000	g	BM&FBOVESPA S.A.	5.500		07/16/20		3,280
	5,000,000		Brookfield Asset Management, Inc	7.125		06/15/12		5,120
	3,000,000	g	CC Holdings GS V LLC	7.750		05/01/17		3,233
	3,700,000		Countrywide Financial Corp	6.250		05/15/16		3,486
	6,850,000		Credit Suisse	5.000		05/15/13		7,027
	8,250,000		Credit Suisse	5.500		05/01/14		8,575
	4,725,000		Credit Suisse	5.400		01/14/20		4,456
	3,275,000		Credit Suisse	4.375		08/05/20		3,211
	3,000,000		Credit Suisse USA, Inc	4.875		01/15/15		3,134
	4,664,000		Eaton Vance Corp	6.500		10/02/17		5,234
	2,000,000		Ford Motor Credit Co LLC	7.500		08/01/12		2,064
	5,792,000		Ford Motor Credit Co LLC	5.875		08/02/21		6,036
	2,100,000		General Electric Capital Corp	2.800		01/08/13		2,140
	11,950,000		General Electric Capital Corp	1.875		09/16/13		12,097
	14,425,000		General Electric Capital Corp	5.500		06/04/14		15,681
	9,850,000		General Electric Capital Corp	2.950		05/09/16		10,131
	3,755,000		General Electric Capital Corp	3.350		10/17/16		3,910
	8,600,000		General Electric Capital Corp	5.300		02/11/21		9,193
	17,765,000		General Electric Capital Corp	4.650		10/17/21		18,541
	5,000,000		General Electric Capital Corp	6.150		08/07/37		5,469
	375,000		General Electric Capital Corp	6.875		01/10/39		449
	4,900,000	i	Goldman Sachs Capital II	5.793		12/30/49		3,014
	3,250,000		Goldman Sachs Group, Inc	5.450		11/01/12		3,305
	9,700,000		Goldman Sachs Group, Inc	4.750		07/15/13		9,828
	14,202,000		Goldman Sachs Group, Inc	3.625		02/07/16		13,722
	4,000,000		Goldman Sachs Group, Inc	6.150		04/01/18		4,128
	4,975,000		Goldman Sachs Group, Inc	7.500		02/15/19		5,494
	1,150,000		Goldman Sachs Group, Inc	6.450		05/01/36		1,038
	3,100,000		Goldman Sachs Group, Inc	6.750		10/01/37		2,885
	10,250,000		Goldman Sachs Group, Inc	6.250		02/01/41		10,056
	5,500,000	g	Harley-Davidson Financial Services, Inc	3.875		03/15/16		5,698
	8,465,000		HSBC Finance Corp	4.750		07/15/13		8,644
	9,599,000		HSBC Finance Corp	6.676		01/15/21		9,929
	1,440,000	g	Hyundai Capital America	3.750		04/06/16		1,436
	1,800,000	g	Hyundai Capital Services, Inc	4.375		07/27/16		1,836
	5,590,000	g	ICICI Bank Ltd	5.500		03/25/15		5,591
	4,500,000	g	ICICI Bank Ltd	4.750		11/25/16		4,276
	3,750,000	g	International Lease Finance Corp	6.500		09/01/14		3,834
	2,325,000		International Lease Finance Corp	8.625		09/15/15		2,383
	13,450,000		International Lease Finance Corp	5.750		05/15/16		12,475
	3,200,000		International Lease Finance Corp	6.250		05/15/19		2,956

314

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$      4,500,000	g	Inversiones CMPC S.A.	4.750	%	01/19/18	$	4,695
	8,500,000		Jefferies Group, Inc	5.125		04/13/18		7,480
	1,450,000		Jefferies Group, Inc	6.250		01/15/36		1,186
	7,440,000		John Deere Capital Corp	2.250		06/07/16		7,643
	3,150,000	n	Lehman Brothers Holdings Capital Trust V	5.857		12/30/49		0	^
	9,070,000	g	Lukoil International Finance BV	6.125		11/09/20		8,889
	4,500,000	g	Majapahit Holding BV	7.875		06/29/37		5,254
	4,000,000		MBNA Corp	6.125		03/01/13		4,016
	4,825,000		Merrill Lynch & Co, Inc	5.450		02/05/13		4,860
	4,675,000		Merrill Lynch & Co, Inc	6.400		08/28/17		4,527
	9,075,000		Merrill Lynch & Co, Inc	6.875		04/25/18		8,947
	14,775,000		Morgan Stanley	6.000		05/13/14		14,920
	9,150,000		Morgan Stanley	2.875		07/28/14		8,617
	3,925,000		Morgan Stanley	6.000		04/28/15		3,932
	8,350,000		Morgan Stanley	5.375		10/15/15		8,159
	9,250,000		Morgan Stanley	3.800		04/29/16		8,522
	9,125,000		Morgan Stanley	5.450		01/09/17		8,785
	4,775,000		Morgan Stanley	5.950		12/28/17		4,549
	4,975,000		Morgan Stanley	7.300		05/13/19		5,067
	3,415,000		Morgan Stanley	5.625		09/23/19		3,163
	10,000,000		Morgan Stanley	5.750		01/25/21		9,328
	16,900,000		Morgan Stanley	5.500		07/28/21		15,627
	3,500,000		NASDAQ OMX Group, Inc	4.000		01/15/15		3,586
	2,625,000		NASDAQ OMX Group, Inc	5.550		01/15/20		2,689
	3,415,000		National Rural Utilities Cooperative Finance Corp	2.625		09/16/12		3,458
	5,990,000		National Rural Utilities Cooperative Finance Corp	5.500		07/01/13		6,407
	3,800,000		National Rural Utilities Cooperative Finance Corp	10.375		11/01/18		5,467
	3,750,000		Nomura Holdings, Inc	4.125		01/19/16		3,660
	4,500,000	g	Odebrecht Finance Ltd	7.000		04/21/20		4,815
	2,250,000	g	Odebrecht Finance Ltd	6.000		04/05/23		2,256
	4,500,000	g	PTTEP Australia International Finance Pty Ltd	4.152		07/19/15		4,627
	7,000,000		Rabobank Nederland NV	2.125		10/13/15		6,859
	4,900,000	g,i	Rabobank Nederland NV	11.000		12/30/49		5,733
	5,645,000	g	RCI Banque S.A.	3.400		04/11/14		5,506
	40,000,000	g	Toronto-Dominion Bank	0.875		09/12/14		39,602
	5,495,000		Toronto-Dominion Bank	2.500		07/14/16		5,604
	10,000,000		Toronto-Dominion Bank	2.375		10/19/16		10,176
	4,000,000		UBS AG.	2.250		01/28/14		3,892
	6,675,000		UBS AG.	4.875		08/04/20		6,629
	4,050,000	g	Waha Aerospace BV	3.925		07/28/20		4,157
	1,800,000	g	WT Finance Aust Pty Ltd	5.125		11/15/14		1,886
			TOTAL DIVERSIFIED FINANCIALS					590,098
ENERGY - 2.8%
	5,450,000		Anadarko Petroleum Corp	5.950		09/15/16		6,178
	2,400,000		Anadarko Petroleum Corp	6.375		09/15/17		2,782
	2,445,000		Anadarko Petroleum Corp	6.950		06/15/19		2,919
	2,145,000		Anadarko Petroleum Corp	6.450		09/15/36		2,446
	5,000,000		Apache Corp	5.100		09/01/40		5,844
	3,415,000	g	Baker Hughes, Inc	3.200		08/15/21		3,528
	4,725,000		BP Capital Markets plc	3.125		03/10/12		4,747
	21,565,000		BP Capital Markets plc	3.200		03/11/16		22,600
	6,700,000		BP Capital Markets plc	3.561		11/01/21		6,975

315

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$     7,750,000		Burlington Resources Finance Co	7.200	%	08/15/31	$	10,638
	3,250,000		Chesapeake Energy Corp	6.500		08/15/17		3,461
	1,000,000		Cloud Peak Energy Resources LLC	8.250		12/15/17		1,065
	2,000,000		Cloud Peak Energy Resources LLC	8.500		12/15/19		2,160
	9,725,000		ConocoPhillips	4.600		01/15/15		10,755
	7,600,000		ConocoPhillips	6.500		02/01/39		10,513
	6,800,000		Devon Energy Corp	5.600		07/15/41		8,176
	3,793,050		Dolphin Energy Ltd	5.888		06/15/19		4,115
	4,500,000	g	Empresa Nacional del Petroleo	6.250		07/08/19		5,036
	3,448,000	g	Empresa Nacional del Petroleo	4.750		12/06/21		3,434
	3,250,000		Enbridge Energy Partners LP	5.200		03/15/20		3,611
	1,525,000		EnCana Corp	6.625		08/15/37		1,842
	2,000,000		Encore Acquisition Co	9.500		05/01/16		2,205
	5,950,000		Enterprise Products Operating LLC	4.600		08/01/12		6,038
	4,000,000		Enterprise Products Operating LLC	5.600		10/15/14		4,383
	1,150,000		Enterprise Products Operating LLC	5.000		03/01/15		1,253
	4,260,000		Enterprise Products Operating LLC	6.500		01/31/19		4,961
	3,545,000		Enterprise Products Operating LLC	6.125		10/15/39		3,960
	4,105,000		Enterprise Products Operating LLC	5.950		02/01/41		4,601
	3,500,000		Enterprise Products Operating LLC	5.700		02/15/42		3,813
	2,325,000		EOG Resources, Inc	4.100		02/01/21		2,532
	3,000,000	g	Gaz Capital S.A.	5.092		11/29/15		3,035
	4,000,000		Gaz Capital S.A.	6.212		11/22/16		4,140
	700,000		Gaz Capital S.A.	6.510		03/07/22		711
	3,600,000		Hess Corp	8.125		02/15/19		4,621
	1,075,000		Hess Corp	6.000		01/15/40		1,272
	4,625,000		Hess Corp	5.600		02/15/41		5,167
	2,000,000		Kaneb Pipe Line Operating Partnership LP	5.875		06/01/13		2,108
	998,198		Lyondell Chemical Co	11.000		05/01/18		1,091
	5,530,000		Marathon Petroleum Corp	3.500		03/01/16		5,629
	4,275,000		Marathon Petroleum Corp	5.125		03/01/21		4,466
	1,000,000		MarkWest Energy Partners LP	6.750		11/01/20		1,048
	2,475,000		Noble Holding International Ltd	3.450		08/01/15		2,575
	7,550,000		Noble Holding International Ltd	4.900		08/01/20		7,998
	4,570,000	g	Novatek Finance Ltd	6.604		02/03/21		4,616
	12,000,000		Occidental Petroleum Corp	1.750		02/15/17		12,153
	7,450,000		Occidental Petroleum Corp	4.100		02/01/21		8,346
	800,000		Pemex Project Funding Master Trust	5.750		03/01/18		880
	1,150,000		Pemex Project Funding Master Trust	6.625		06/15/35		1,304
	1,890,000		Pemex Project Funding Master Trust	6.625		06/15/38		2,140
	3,650,000	g	Pertamina PT	5.250		05/23/21		3,736
	1,750,000	g	Pertamina PT	6.500		05/27/41		1,811
	2,080,000		Petrobras International Finance Co	3.875		01/27/16		2,143
	4,500,000		Petrobras International Finance Co	7.875		03/15/19		5,372
	4,450,000		Petrobras International Finance Co	6.875		01/20/40		5,154
	2,900,000		Petroleos Mexicanos	8.000		05/03/19		3,618
	2,500,000		Petroleos Mexicanos	6.000		03/05/20		2,776
	4,000,000		Petroleos Mexicanos	5.500		01/21/21		4,340
	3,440,000		Petroleos Mexicanos	6.500		06/02/41		3,870
	2,710,000	g	Petroleos Mexicanos	6.500		06/02/41		3,049
	3,960,000	g	Petroleum Co of Trinidad & Tobago Ltd	9.750		08/14/19		4,673
	3,000,000		Plains All American Pipeline LP	5.625		12/15/13		3,205
	8,200,000		Plains All American Pipeline LP	5.000		02/01/21		9,033

316

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$     2,674,000		Precision Drilling Trust	6.625	%	11/15/20	$	2,734
	4,500,000	g	PTTEP Canada International Finance Ltd	5.692		04/05/21		4,707
	700,000		Range Resources Corp	7.250		05/01/18		749
	3,454,304		Ras Laffan Liquefied Natural Gas Co Ltd	5.298		09/30/20		3,705
	3,000,000	g	Reliance Holdings USA	4.500		10/19/20		2,726
	4,025,000	g	Rockies Express Pipeline LLC	6.250		07/15/13		4,248
	15,900,000	g	Schlumberger Investment S.A.	3.300		09/14/21		16,335
	3,750,000		SEACOR Holdings, Inc	7.375		10/01/19		3,955
	6,250,000		Shell International Finance BV	3.100		06/28/15		6,701
	7,620,000		Shell International Finance BV	4.300		09/22/19		8,842
	1,925,000		Shell International Finance BV	6.375		12/15/38		2,649
	3,464,000		Southwestern Energy Co	7.500		02/01/18		3,992
	2,800,000		Statoil ASA	2.900		10/15/14		2,938
	2,175,000		TransCanada Pipelines Ltd	4.000		06/15/13		2,263
	3,400,000		TransCanada Pipelines Ltd	5.850		03/15/36		4,036
	2,750,000	i	TransCanada Pipelines Ltd	6.350		05/15/67		2,759
	2,000,000		Vale Overseas Ltd	6.250		01/23/17		2,254
	2,760,000		Vale Overseas Ltd	6.875		11/21/36		3,142
	4,650,000		Vale Overseas Ltd	6.875		11/10/39		5,326
	3,375,000		Valero Energy Corp	4.500		02/01/15		3,611
	5,000,000		XTO Energy, Inc	6.250		04/15/13		5,350
	4,400,000		XTO Energy, Inc	4.625		06/15/13		4,648
			TOTAL ENERGY					380,321
FOOD & STAPLES RETAILING - 0.3%
	5,690,000		CVS Caremark Corp	3.250		05/18/15		5,999
	10,500,000		CVS Caremark Corp	5.750		06/01/17		12,251
	795,000		CVS Caremark Corp	6.600		03/15/19		969
	3,800,000		Delhaize Group S.A.	5.875		02/01/14		4,124
	3,800,000		Delhaize Group S.A.	6.500		06/15/17		4,466
	1,500,000		Ingles Markets, Inc	8.875		05/15/17		1,624
	1,500,000		Kroger Co	6.200		06/15/12		1,536
	1,205,000		Kroger Co	5.000		04/15/13		1,261
	1,600,000		Kroger Co	6.400		08/15/17		1,903
	775,000		Kroger Co	6.800		12/15/18		952
	7,000,000		Safeway, Inc	3.400		12/01/16		7,179
	900,000		Stater Bros Holdings, Inc	7.375		11/15/18		950
	880,000		Stater Brothers Holdings	7.750		04/15/15		903
	439,000		SuperValu, Inc	8.000		05/01/16		453
			TOTAL FOOD & STAPLES RETAILING					44,570
FOOD, BEVERAGE & TOBACCO - 1.1%
	6,300,000		Anheuser-Busch InBev Worldwide, Inc	2.875		02/15/16		6,647
	5,710,000		Anheuser-Busch InBev Worldwide, Inc	5.375		01/15/20		6,697
	7,175,000		Anheuser-Busch InBev Worldwide, Inc	5.000		04/15/20		8,224
	6,400,000		Bottling Group LLC	6.950		03/15/14		7,194
	4,500,000	g	CCL Finance Ltd	9.500		08/15/14		5,012
	18,750,000		Coca-Cola Co	1.800		09/01/16		19,072
	7,200,000		Coca-Cola Co	3.150		11/15/20		7,556
	7,600,000		Coca-Cola Co	3.300		09/01/21		8,003
	7,250,000		Dr Pepper Snapple Group, Inc	2.350		12/21/12		7,350
	3,775,000		Dr Pepper Snapple Group, Inc	6.120		05/01/13		4,021
	4,080,000		General Mills, Inc	5.200		03/17/15		4,545

317

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$     1,650,000	g	Grupo Bimbo SAB de C.V.	4.875	%	06/30/20	$	1,738
	3,600,000		JM Smucker Co	3.500		10/15/21		3,683
	2,530,000		Kraft Foods, Inc	6.125		02/01/18		2,966
	8,750,000		Kraft Foods, Inc	5.375		02/10/20		10,096
	8,105,000		Kraft Foods, Inc	6.500		02/09/40		10,543
	2,025,000		PepsiAmericas, Inc	5.750		07/31/12		2,086
	625,000		PepsiAmericas, Inc	4.375		02/15/14		671
	4,800,000		PepsiCo, Inc	0.875		10/25/13		4,824
	680,000		PepsiCo, Inc	7.900		11/01/18		918
	9,475,000	g	Pernod-Ricard S.A.	4.450		01/15/22		9,926
	2,900,000		Philip Morris International, Inc	4.875		05/16/13		3,060
	7,425,000		Philip Morris International, Inc	6.875		03/17/14		8,354
	1,600,000		Philip Morris International, Inc	6.375		05/16/38		2,086
	1,000,000		Smithfield Foods, Inc	10.000		07/15/14		1,163
			TOTAL FOOD, BEVERAGE & TOBACCO					146,435
HEALTH CARE EQUIPMENT & SERVICES - 0.5%
	3,900,000		Becton Dickinson and Co	1.750		11/08/16		3,929
	3,750,000		Boston Scientific Corp	4.500		01/15/15		3,935
	1,094,000		CHS/Community Health Systems	8.875		07/15/15		1,130
	4,500,000	g	Fresenius Medical Care Capital Trust	5.750		02/15/21		4,494
	2,560,000		HCA, Inc	6.500		02/15/20		2,656
	2,000,000		Healthsouth Corp	7.250		10/01/18		1,985
	3,852,000		McKesson Corp	3.250		03/01/16		4,077
	5,000,000		Medtronic, Inc	4.750		09/15/15		5,600
	4,450,000		Medtronic, Inc	4.450		03/15/20		5,022
	3,500,000		Quest Diagnostics, Inc	6.400		07/01/17		4,140
	6,225,000		Thermo Fisher Scientific, Inc	2.150		12/28/12		6,300
	1,695,000		Thermo Fisher Scientific, Inc	3.200		05/01/15		1,792
	1,750,000		Thermo Fisher Scientific, Inc	5.000		06/01/15		1,947
	12,280,000		Thermo Fisher Scientific, Inc	3.200		03/01/16		12,971
	6,125,000		Thermo Fisher Scientific, Inc	2.250		08/15/16		6,244
	2,560,000		Thermo Fisher Scientific, Inc	4.700		05/01/20		2,894
	3,300,000		Thermo Fisher Scientific, Inc	3.600		08/15/21		3,447
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					72,563
HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
	7,175,000		Clorox Co	3.800		11/15/21		7,309
	6,325,000		Ecolab, Inc	4.350		12/08/21		6,754
	2,000,000	g	Hypermarcas S.A.	6.500		04/20/21		1,775
	4,975,000		Procter & Gamble Co	5.550		03/05/37		6,608
	3,000,000		Unilever Capital Corp	4.800		02/15/19		3,489
	2,000,000		Unilever Capital Corp	4.250		02/10/21		2,279
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					28,214
INSURANCE - 1.1%
	3,825,000		ACE INA Holdings, Inc	5.875		06/15/14		4,220
	2,155,000		Aetna, Inc	6.500		09/15/18		2,629
	1,925,000		Aetna, Inc	6.625		06/15/36		2,391
	1,525,000		Aflac, Inc	6.900		12/17/39		1,696
	5,375,000		Allstate Corp	7.450		05/16/19		6,535
	4,375,000		American Financial Group, Inc	9.875		06/15/19		5,089
	500,000		American International Group, Inc	3.650		01/15/14		486

318

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$     3,750,000		Chubb Corp	6.000	%	05/11/37	$	4,522
	1,390,000		CIGNA Corp	5.125		06/15/20		1,499
	6,900,000		CIGNA Corp	4.500		03/15/21		7,097
	7,600,000		Hartford Financial Services Group, Inc	4.000		03/30/15		7,637
	7,600,000		Hartford Financial Services Group, Inc	5.500		03/30/20		7,712
	3,725,000		Hartford Financial Services Group, Inc	6.625		03/30/40		3,697
	2,800,000		Lincoln National Corp	7.000		06/15/40		3,166
	7,500,000		Markel Corp	5.350		06/01/21		7,853
	5,620,000		Metlife, Inc	5.000		06/15/15		6,122
	7,675,000		Metlife, Inc	6.750		06/01/16		8,841
	4,500,000		Metlife, Inc	5.700		06/15/35		5,023
	5,500,000	g	Principal Life Global Funding I	5.125		10/15/13		5,819
	5,000,000		Progressive Corp	3.750		08/23/21		5,196
	2,000,000		Prudential Financial, Inc	5.100		09/20/14		2,151
	8,050,000		Prudential Financial, Inc	7.375		06/15/19		9,515
	5,000,000		Prudential Financial, Inc	6.625		06/21/40		5,523
	7,000,000		Prudential Financial, Inc	6.200		11/15/40		7,325
	3,000,000	g	Prudential Funding LLC	6.750		09/15/23		3,320
	4,250,000		Travelers Cos, Inc	5.800		05/15/18		4,996
	1,150,000		Travelers Cos, Inc	5.900		06/02/19		1,368
	1,500,000		Unum Group	5.625		09/15/20		1,545
	4,902,000		WellPoint, Inc	6.375		01/15/12		4,911
	1,800,000		WellPoint, Inc	5.875		06/15/17		2,074
	2,250,000		WellPoint, Inc	5.850		01/15/36		2,633
	7,000,000		Willis Group Holdings plc	4.125		03/15/16		7,109
	2,400,000		WR Berkley Corp	5.375		09/15/20		2,422
			TOTAL INSURANCE					152,122
MATERIALS - 1.4%
	3,385,000		3M Co	4.375		08/15/13		3,598
	4,150,000		3M Co	5.700		03/15/37		5,574
	4,500,000	g	Adaro Indonesia PT	7.625		10/22/19		4,888
	4,600,000		Air Products & Chemicals, Inc	4.150		02/01/13		4,775
	6,630,000		Air Products & Chemicals, Inc	4.375		08/21/19		7,477
	1,125,000		Airgas, Inc	4.500		09/15/14		1,192
	1,000,000		Airgas, Inc	7.125		10/01/18		1,071
	2,150,000	g	Anglo American Capital plc	4.450		09/27/20		2,146
	6,540,000		AngloGold Ashanti Holdings plc	5.375		04/15/20		6,497
	1,860,000		ArcelorMittal	3.750		08/05/15		1,778
	3,750,000		ArcelorMittal	3.750		02/01/16		3,560
	2,085,000		ArcelorMittal	9.850		06/01/19		2,319
	3,650,000		ArcelorMittal	6.750		03/01/41		3,282
	1,015,000		Ball Corp	7.125		09/01/16		1,104
	355,000		Ball Corp	7.375		09/01/19		389
	4,000,000		Ball Corp	5.750		05/15/21		4,189
	7,175,000		Barrick North America Finance LLC	4.400		05/30/21		7,770
	2,000,000	g	Braskem SA	7.000		05/07/20		2,135
	3,000,000		Celanese US Holdings LLC	6.625		10/15/18		3,188
	1,990,000	g,i	Cemex SAB de C.V.	5.579		09/30/15		1,480
	4,500,000	g	Cemex SAB de C.V.	9.500		12/14/16		3,949
	2,000,000		CF Industries, Inc	6.875		05/01/18		2,290
	3,175,000		CF Industries, Inc	7.125		05/01/20		3,754
	7,800,000		Cliffs Natural Resources, Inc	6.250		10/01/40		7,682

319

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$   5,600,000	g	Corp Nacional del Cobre de Chile-CODELCO	3.750	%	11/04/20	$	5,687
	2,100,000	g	Corp Nacional del Cobre de Chile-CODELCO	3.875		11/03/21		2,138
	2,770,000		Crown Americas LLC	6.250		02/01/21		2,895
	7,734,000		Dow Chemical Co	4.125		11/15/21		7,932
	1,000,000		Eastman Chemical Co	5.500		11/15/19		1,138
	6,450,000		EI Du Pont de Nemours & Co	3.250		01/15/15		6,879
	6,000,000		EI Du Pont de Nemours & Co	4.625		01/15/20		6,888
	2,350,000	g	Fibria Overseas Finance Ltd	6.750		05/04/20		2,144
	4,500,000		Fibria Overseas Finance Ltd	7.500		05/04/20		4,399
	3,315,000	g	Fufeng Group Ltd	7.625		04/13/16		2,718
	1,250,000	g	Georgia Gulf Corp	9.000		01/15/17		1,322
	1,500,000		Graphic Packaging International, Inc	9.500		06/15/17		1,643
	1,400,000		Greif, Inc	7.750		08/01/19		1,512
	4,250,000		International Paper Co	7.300		11/15/39		5,170
	5,900,000		International Paper Co	6.000		11/15/41		6,405
	3,000,000		Martin Marietta Materials, Inc	6.600		04/15/18		3,161
	5,050,000		Praxair, Inc	5.250		11/15/14		5,668
	7,500,000		Rio Tinto Finance USA Ltd	2.250		09/20/16		7,639
	10,115,000		Rio Tinto Finance USA Ltd	3.500		11/02/20		10,340
	2,000,000		Silgan Holdings, Inc	7.250		08/15/16		2,135
	3,140,000	g	Sociedad Quimica y Minera de Chile S.A.	5.500		04/21/20		3,359
	3,000,000		Solutia, Inc	7.875		03/15/20		3,263
	4,500,000	g	Suzano Trading Ltd	5.875		01/23/21		4,140
	1,940,000		Teck Resources Ltd	6.000		08/15/40		2,134
	5,450,000	g	Xstrata Canada Financial Corp	4.950		11/15/21		5,568
			TOTAL MATERIALS					192,364
MEDIA - 0.9%
	1,000,000		AMC Entertainment, Inc	8.750		06/01/19		1,035
	3,750,000		CBS Corp	4.300		02/15/21		3,872
	1,388,000		Cinemark USA, Inc	8.625		06/15/19		1,509
	1,011,000		Comcast Cable Communications Holdings, Inc	8.375		03/15/13		1,099
	6,500,000		Comcast Corp	5.650		06/15/35		7,181
	3,475,000		Comcast Corp	6.400		03/01/40		4,320
	1,455,000		CSC Holdings LLC	8.500		04/15/14		1,610
	4,740,000		DIRECTV Holdings LLC	7.625		05/15/16		5,030
	5,000,000		Grupo Televisa S.A.	6.000		05/15/18		5,566
	1,970,000		Interpublic Group of Cos, Inc	6.250		11/15/14		2,093
	375,000		Lamar Media Corp	6.625		08/15/15		382
	2,160,000		Lamar Media Corp	7.875		04/15/18		2,290
	8,700,000		NBC Universal Media LLC	5.150		04/30/20		9,686
	11,930,000		NBC Universal Media LLC	4.375		04/01/21		12,589
	1,274,000		News America, Inc	7.250		05/18/18		1,535
	2,105,000		News America, Inc	7.625		11/30/28		2,542
	1,578,000		News America, Inc	6.550		03/15/33		1,718
	3,800,000		News America, Inc	6.200		12/15/34		4,085
	3,575,000		News America, Inc	6.650		11/15/37		4,050
	3,800,000		News America, Inc	6.900		08/15/39		4,393
	3,315,000		Nielsen Finance LLC	7.750		10/15/18		3,580
	2,100,000		Time Warner Cable, Inc	8.750		02/14/19		2,682
	9,675,000		Time Warner Cable, Inc	8.250		04/01/19		12,151
	5,000,000		Time Warner Cable, Inc	4.000		09/01/21		5,059
	3,000,000		Time Warner, Inc	3.150		07/15/15		3,120

320

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$     3,825,000		Time Warner, Inc	6.500	%	11/15/36	$	4,615
	5,000,000		Time Warner, Inc	5.375		10/15/41		5,416
	10,075,000		Viacom, Inc	2.500		12/15/16		10,071
			TOTAL MEDIA					123,279
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.8%
	3,975,000		Abbott Laboratories	5.300		05/27/40		4,760
	9,575,000		Amgen, Inc	3.450		10/01/20		9,353
	6,170,000		Eli Lilly & Co	3.550		03/06/12		6,202
	5,450,000		Johnson & Johnson	2.150		05/15/16		5,684
	4,000,000		Johnson & Johnson	5.850		07/15/38		5,401
	3,140,000		Life Technologies Corp	3.500		01/15/16		3,153
	4,115,000		Mead Johnson Nutrition Co	4.900		11/01/19		4,529
	2,750,000		Mead Johnson Nutrition Co	5.900		11/01/39		3,214
	7,750,000		Merck & Co, Inc	3.875		01/15/21		8,725
	1,500,000	g	Mylan, Inc	7.875		07/15/20		1,656
	1,750,000		NBTY, Inc	9.000		10/01/18		1,925
	3,750,000		Novartis Capital Corp	4.125		02/10/14		4,012
	15,775,000		Novartis Capital Corp	2.900		04/24/15		16,694
	2,715,000		Novartis Capital Corp	4.400		04/24/20		3,095
	3,230,000		Pfizer, Inc	5.350		03/15/15		3,654
	8,750,000		Sanofi-Aventis S.A.	2.625		03/29/16		9,124
	3,225,000		Schering-Plough Corp	6.550		09/15/37		4,496
	1,500,000	g	Valeant Pharmaceuticals International	6.750		10/01/17		1,498
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					97,175
REAL ESTATE - 0.7%
	4,500,000	g	Agile Property Holdings Ltd	8.875		04/28/17		3,690
	1,485,000		AMB Property LP	7.625		08/15/14		1,626
	2,310,000		AMB Property LP	4.500		08/15/17		2,306
	3,750,000		Boston Properties LP	3.700		11/15/18		3,829
	2,000,000		Brandywine Operating Partnership LP	5.400		11/01/14		2,064
	1,525,000		Brandywine Operating Partnership LP	7.500		05/15/15		1,672
	7,000,000		Brandywine Operating Partnership LP	4.950		04/15/18		6,890
	3,965,000		Camden Property Trust	4.625		06/15/21		3,966
	6,800,000		Developers Diversified Realty Corp	4.750		04/15/18		6,505
	3,460,000		Developers Diversified Realty Corp	7.875		09/01/20		3,860
	3,050,000		ERP Operating LP	4.625		12/15/21		3,110
	255,000		Federal Realty Investment Trust	5.650		06/01/16		275
	700,000		Federal Realty Investment Trust	5.900		04/01/20		758
	4,445,000		HCP, Inc	3.750		02/01/16		4,523
	3,335,000		Health Care REIT, Inc	3.625		03/15/16		3,282
	2,775,000		Healthcare Realty Trust, Inc	5.750		01/15/21		2,806
	1,600,000		Highwoods Properties, Inc	5.850		03/15/17		1,692
	1,925,000		Kilroy Realty Corp	5.000		11/03/15		1,980
	3,250,000		Kilroy Realty LP	4.800		07/15/18		3,210
	840,000		Kimco Realty Corp	5.700		05/01/17		905
	4,000,000		National Retail Properties, Inc	5.500		07/15/21		4,008
	900,000		Nationwide Health Properties, Inc	6.250		02/01/13		929
	2,325,000		Regency Centers LP	5.250		08/01/15		2,478
	225,000		Regency Centers LP	5.875		06/15/17		245
	800,000		Simon Property Group LP	5.250		12/01/16		887
	4,150,000		Simon Property Group LP	2.800		01/30/17		4,239

321

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$     3,040,000		Simon Property Group LP	10.350	%	04/01/19	$	4,173
	1,750,000	g,i	USB Realty Corp	6.091		12/30/49		1,216
	3,750,000		Washington Real Estate Investment Trust	4.950		10/01/20		3,922
	4,500,000	g	Yanlord Land Group Ltd	10.625		03/29/18		3,465
			TOTAL REAL ESTATE					84,511
RETAILING - 0.5%
	5,250,000	g	Ace Hardware Corp	9.125		06/01/16		5,565
	3,000,000		AmeriGas Partners LP	6.250		08/20/19		2,985
	2,000,000		Asbury Automotive Group, Inc	7.625		03/15/17		2,005
	2,000,000		Ferrellgas LP	6.500		05/01/21		1,760
	2,400,000		Home Depot, Inc	4.400		04/01/21		2,706
	3,900,000		Home Depot, Inc	5.875		12/16/36		4,894
	7,850,000		Home Depot, Inc	5.950		04/01/41		10,127
	3,150,000		Limited Brands, Inc	7.000		05/01/20		3,410
	14,062,000		Macy’s Retail Holdings, Inc	5.900		12/01/16		15,715
	2,425,000		Nordstrom, Inc	4.000		10/15/21		2,528
	8,050,000		O’Reilly Automotive, Inc	4.625		09/15/21		8,441
	1,000,000	g	QVC, Inc	7.125		04/15/17		1,060
	2,000,000	g	QVC, Inc	7.500		10/01/19		2,145
	3,875,000		Staples, Inc	9.750		01/15/14		4,431
	875,000		Wal-Mart Stores, Inc	3.000		02/03/14		921
	3,450,000		Wal-Mart Stores, Inc	3.250		10/25/20		3,689
	3,675,000		Wal-Mart Stores, Inc	5.000		10/25/40		4,325
			TOTAL RETAILING					76,707
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
	5,350,000		Broadcom Corp	2.375		11/01/15		5,477
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					5,477
SOFTWARE & SERVICES - 0.3%
	7,325,000		International Business Machines Corp	1.000		08/05/13		7,383
	4,030,000		International Business Machines Corp	1.950		07/22/16		4,148
	3,655,000		Microsoft Corp	0.875		09/27/13		3,687
	8,825,000		Microsoft Corp	1.625		09/25/15		9,079
	3,925,000		Oracle Corp	3.750		07/08/14		4,221
	3,100,000		Oracle Corp	5.750		04/15/18		3,762
	3,750,000		Oracle Corp	3.875		07/15/20		4,131
	1,000,000		SunGard Data Systems, Inc	7.375		11/15/18		1,024
			TOTAL SOFTWARE & SERVICES					37,435
TECHNOLOGY HARDWARE & EQUIPMENT - 0.5%
	4,000,000		Amphenol Corp	4.750		11/15/14		4,286
	1,000,000		Brocade Communications Systems, Inc	6.875		01/15/20		1,065
	7,525,000		Hewlett-Packard Co	4.250		02/24/12		7,559
	1,660,000		Hewlett-Packard Co	4.500		03/01/13		1,707
	5,250,000		Hewlett-Packard Co	4.750		06/02/14		5,544
	8,250,000		Hewlett-Packard Co	4.650		12/09/21		8,703
	3,500,000		Jabil Circuit, Inc	5.625		12/15/20		3,561
	2,212,000		L-3 Communications Corp	6.375		10/15/15		2,267
	9,500,000		L-3 Communications Corp	3.950		11/15/16		9,589
	2,255,000		L-3 Communications Corp	5.200		10/15/19		2,288
	2,000,000		L-3 Communications Corp	4.950		02/15/21		1,982

322

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$     4,000,000		NII Capital Corp	7.625	%	04/01/21	$	3,970
	3,600,000		Xerox Corp	8.250		05/15/14		4,062
	5,000,000		Xerox Corp	4.250		02/15/15		5,270
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					61,853
TELECOMMUNICATION SERVICES - 1.7%
	2,870,000		America Movil SAB de C.V.	2.375		09/08/16		2,862
	2,400,000		America Movil SAB de C.V.	5.000		03/30/20		2,651
	4,050,000		American Tower REIT, Inc	5.900		11/01/21		4,258
	2,500,000		AT&T, Inc	2.500		08/15/15		2,589
	20,750,000		AT&T, Inc	2.950		05/15/16		21,623
	2,000,000		AT&T, Inc	6.150		09/15/34		2,373
	11,500,000		AT&T, Inc	6.300		01/15/38		14,119
	13,125,000		BellSouth Corp	5.200		09/15/14		14,510
	1,975,000		BellSouth Corp	6.550		06/15/34		2,351
	13,850,000		Cellco Partnership	8.500		11/15/18		18,693
	4,000,000		Deutsche Telekom International Finance BV	8.750		06/15/30		5,580
	8,500,000		France Telecom S.A.	2.125		09/16/15		8,421
	4,500,000	g	Globo Comunicacao e Participacoes S.A.	6.250		12/30/49		4,714
	2,000,000		Intelsat Jackson Holdings Ltd	11.250		06/15/16		2,101
	5,150,000	g	Qtel International Finance	4.750		02/16/21		5,189
	3,000,000		Qwest Communications International, Inc	7.125		04/01/18		3,120
	1,225,000		Sprint Nextel Corp	6.000		12/01/16		1,017
	3,075,000		Telecom Italia Capital S.A.	6.175		06/18/14		2,958
	4,825,000		Telecom Italia Capital S.A.	6.999		06/04/18		4,511
	4,275,000		Telecom Italia Capital S.A.	7.175		06/18/19		4,006
	21,100,000		Telefonica Emisiones SAU	3.992		02/16/16		20,287
	7,465,000		Telefonica Emisiones SAU	5.134		04/27/20		7,012
	4,750,000		Telefonica Emisiones SAU	5.462		02/16/21		4,533
	3,315,000	g	Telefonica Moviles Chile S.A.	2.875		11/09/15		3,272
	4,500,000		Telefonos de Mexico SAB de C.V.	5.500		11/15/19		4,976
	8,728,000	g	Telemar Norte Leste S.A.	5.500		10/23/20		8,597
	5,125,000		Verizon Communications, Inc	5.250		04/15/13		5,408
	1,250,000		Verizon Communications, Inc	6.100		04/15/18		1,502
	2,905,000		Verizon Communications, Inc	8.750		11/01/18		3,924
	9,000,000		Verizon Communications, Inc	3.500		11/01/21		9,370
	3,100,000		Verizon Communications, Inc	8.950		03/01/39		4,965
	4,000,000		Verizon Communications, Inc	4.750		11/01/41		4,305
	6,500,000		Verizon Virginia, Inc	4.625		03/15/13		6,768
	4,500,000	g	Vimpelcom Holdings	7.504		03/01/22		3,780
	4,500,000		Virgin Media Finance plc	9.500		08/15/16		5,051
	5,400,000		Virgin Media Secured Finance plc	5.250		01/15/21		5,721
	735,000		Windstream Corp	8.125		09/01/18		787
			TOTAL TELECOMMUNICATION SERVICES					227,904
TRANSPORTATION - 0.7%
	5,730,000	g	Asciano Finance	5.000		04/07/18		5,746
	1,800,000	g	Asciano Finance Ltd	3.125		09/23/15		1,741
	2,840,000		Bristow Group, Inc	7.500		09/15/17		2,954
	2,400,000		Burlington Northern Santa Fe Corp	6.150		05/01/37		3,031
	7,000,000		Burlington Northern Santa Fe Corp	5.750		05/01/40		8,375
	5,000,000		Burlington Northern Santa Fe LLC	3.450		09/15/21		5,153
	4,700,000		Burlington Northern Santa Fe LLC	5.050		03/01/41		5,212

323

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    3,500,000		Burlington Northern Santa Fe LLC	4.950	%	09/15/41	$	3,861
	2,325,000		Embraer Overseas Ltd	6.375		01/15/20		2,482
	2,640,000		Kansas City Southern de Mexico S.A. de C.V.	8.000		02/01/18		2,891
	4,500,000		Kansas City Southern de Mexico S.A. de C.V.	6.625		12/15/20		4,770
	2,085,000		Kansas City Southern de Mexico S.A. de C.V.	6.125		06/15/21		2,142
	5,650,000	g	Kazakhstan Temir Zholy Finance BV	6.375		10/06/20		5,861
	2,500,000		Norfolk Southern Corp	5.750		01/15/16		2,894
	2,800,000		Norfolk Southern Corp	5.750		04/01/18		3,301
	2,056,000		Norfolk Southern Corp	5.590		05/17/25		2,375
	4,250,000	g	TAM Capital 3, Inc	8.375		06/03/21		4,293
	5,578,000		Union Pacific Corp	4.163		07/15/22		6,054
	5,500,000		Union Pacific Corp	4.750		09/15/41		5,992
	7,750,000		United Parcel Service, Inc	3.125		01/15/21		8,221
			TOTAL TRANSPORTATION					87,349
UTILITIES - 2.8%
	3,630,000	g	Abu Dhabi National Energy Co	5.875		12/13/21		3,775
	2,500,000		AES Corp	7.750		03/01/14		2,700
	4,300,000		AES El Salvador Trust	6.750		02/01/16		4,171
	3,785,000	g	AES Gener S.A.	5.250		08/15/21		3,804
	2,250,000		AGL Capital Corp	5.250		08/15/19		2,515
	2,000,000		AGL Capital Corp	6.000		10/01/34		2,326
	8,435,000		Alliant Energy Corp	4.000		10/15/14		8,839
	1,667,000		Arizona Public Service Co	5.050		09/01/41		1,871
	5,500,000		Atmos Energy Corp	8.500		03/15/19		7,268
	2,000,000	g	Calpine Corp	7.500		02/15/21		2,140
	4,500,000		Carolina Power & Light Co	5.125		09/15/13		4,823
	4,750,000		Carolina Power & Light Co	5.300		01/15/19		5,562
	2,750,000		Carolina Power & Light Co	5.700		04/01/35		3,352
	2,100,000		CenterPoint Energy Houston Electric LLC	7.000		03/01/14		2,361
	3,670,000		CenterPoint Energy Resources Corp	4.500		01/15/21		3,887
	3,550,000		CenterPoint Energy Resources Corp	6.250		02/01/37		4,258
	7,500,000		CenterPoint Energy Resources Corp	5.850		01/15/41		8,644
	2,500,000		CMS Energy Corp	5.050		02/15/18		2,494
	2,500,000	g	Colbun S.A.	6.000		01/21/20		2,646
	1,860,000	g	Comision Federal Electricidad	4.875		05/26/21		1,916
	3,055,000		Commonwealth Edison Co	4.000		08/01/20		3,291
	4,200,000		Commonwealth Edison Co	5.900		03/15/36		5,151
	2,750,000		Connecticut Light & Power Co	5.500		02/01/19		3,209
	3,500,000		Consolidated Edison Co of New York, Inc	5.700		06/15/40		4,391
	4,250,000		Consolidated Natural Gas Co	5.000		12/01/14		4,657
	3,535,000		Dominion Resources, Inc	4.450		03/15/21		3,937
	4,000,000		Dominion Resources, Inc	4.900		08/01/41		4,319
	900,000	g	Dubai Electricity & Water Authority	8.500		04/22/15		972
	3,600,000	g	Dubai Electricity & Water Authority	7.375		10/21/20		3,690
	7,150,000		Duke Energy Carolinas LLC	5.750		11/15/13		7,775
	1,400,000		Duke Energy Carolinas LLC	4.300		06/15/20		1,577
	2,430,000	g	Empresa de Energia de Bogota S.A.	6.125		11/10/21		2,442
	2,000,000		Florida Power Corp	6.400		06/15/38		2,713
	3,500,000		FPL Group Capital, Inc	2.600		09/01/15		3,532
	5,000,000		Georgia Power Co	5.400		06/01/40		6,024
	6,170,000		Great Plains Energy, Inc	4.850		06/01/21		6,468
	5,000,000		Indiana Michigan Power Co	7.000		03/15/19		6,150

324

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    3,855,000	g	Instituto Costarricense de Electricidad	6.950	%	11/10/21	$	3,913
	2,725,000		Integrys Energy Group, Inc	4.170		11/01/20		2,911
	1,000,000	g	Kansas Gas & Electric	6.700		06/15/19		1,240
	2,815,000		Kinder Morgan Energy Partners LP	5.850		09/15/12		2,906
	6,650,000		Kinder Morgan Energy Partners LP	3.500		03/01/16		6,914
	2,825,000		Kinder Morgan Energy Partners LP	9.000		02/01/19		3,564
	6,430,000	g	KMG Finance Sub BV	6.375		04/09/21		6,526
	1,850,000	g	Korea Hydro & Nuclear Power Co Ltd	3.125		09/16/15		1,852
	5,150,000	g	Korea Hydro & Nuclear Power Co Ltd	4.750		07/13/21		5,220
	5,000,000		LG&E and KU Energy LLC	3.750		11/15/20		5,048
	5,950,000		Midamerican Energy Holdings Co	5.950		05/15/37		7,031
	4,000,000		National Fuel Gas Co	5.250		03/01/13		4,164
	2,800,000		Nevada Power Co	6.500		08/01/18		3,376
	3,500,000		Nevada Power Co	6.650		04/01/36		4,689
	3,250,000		Nevada Power Co	5.375		09/15/40		3,814
	3,335,000		Nevada Power Co	5.450		05/15/41		3,962
	2,850,000		Oncor Electric Delivery Co LLC	5.250		09/30/40		3,236
	8,400,000	g	Oncor Electric Delivery Co LLC	4.550		12/01/41		8,588
	4,075,000		ONEOK Partners LP	5.900		04/01/12		4,120
	5,250,000		Pacific Gas & Electric Co	8.250		10/15/18		6,921
	2,350,000		Pacific Gas & Electric Co	3.250		09/15/21		2,385
	2,750,000		PacifiCorp	6.000		01/15/39		3,512
	4,825,000		Pepco Holdings, Inc	2.700		10/01/15		4,887
	5,550,000	g	Perusahaan Listrik Negara PT	5.500		11/22/21		5,647
	6,750,000		PG&E Corp	5.750		04/01/14		7,355
	750,000		Potomac Electric Power Co	7.900		12/15/38		1,160
	2,000,000		PPL Electric Utilities Corp	3.000		09/15/21		2,021
	1,750,000		PPL Electric Utilities Corp	5.200		07/15/41		2,090
	3,825,000		Progress Energy, Inc	7.050		03/15/19		4,731
	2,000,000		Public Service Co of Colorado	7.875		10/01/12		2,104
	4,625,000		Public Service Co of Colorado	3.200		11/15/20		4,798
	8,800,000		Public Service Co of Oklahoma	5.150		12/01/19		9,812
	2,640,000		Public Service Electric & Gas Co	5.300		05/01/18		3,125
	5,000,000		Public Service Electric & Gas Co	3.500		08/15/20		5,277
	1,250,000		Questar Market Resources, Inc	6.875		03/01/21		1,347
	2,000,000		Sabine Pass LNG LP	7.250		11/30/13		2,020
	4,275,000		San Diego Gas & Electric Co	3.000		08/15/21		4,396
	3,100,000		San Diego Gas & Electric Co	3.950		11/15/41		3,175
	4,000,000		Sempra Energy	6.000		10/15/39		4,935
	9,475,000		Southern California Edison Co	3.875		06/01/21		10,457
	2,000,000		Spectra Energy Capital LLC	6.250		02/15/13		2,097
	2,600,000		Veolia Environnement	5.250		06/03/13		2,736
	4,500,000		Virginia Electric and Power Co	4.750		03/01/13		4,691
	3,000,000		Williams Partners LP	3.800		02/15/15		3,149
	5,075,000		Williams Partners LP	4.000		11/15/21		5,211
	6,200,000		Williams Partners LP	6.300		04/15/40		7,560
	3,000,000		Wisconsin Electric Power Co	5.625		05/15/33		3,763
	14,000,000	g	Wpd Investment Holdings Ltd	3.900		05/01/16		14,033
	4,000,000		Xcel Energy, Inc	4.800		09/15/41		4,359
	4,500,000	g	Xinao Gas Holdings Ltd	6.000		05/13/21		4,064
			TOTAL UTILITIES					376,542
			TOTAL CORPORATE BONDS					3,606,488
			(Cost $3,441,416)

325

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
GOVERNMENT BONDS - 67.0%
AGENCY SECURITIES - 7.7%
	$     9,750,000		Federal Farm Credit Bank (FFCB)	1.375	%	06/25/13	$	9,909
	15,000,000		Federal Home Loan Bank (FHLB)	1.875		06/21/13		15,335
	5,000,000		Federal Home Loan Mortgage Corp (FHLMC)	1.750		06/15/12		5,037
	80,000,000		FHLMC	0.750		03/28/13		80,445
	6,000,000		FHLMC	3.500		05/29/13		6,267
	19,000,000		FHLMC	0.550		09/30/13		18,984
	18,350,000		FHLMC	2.500		04/23/14		19,182
	20,000,000		FHLMC	3.000		07/28/14		21,222
	425,773		FHLMC	5.750		12/15/18		432
	2,000,000		Federal National Mortgage Association (FNMA)	1.125		07/30/12		2,011
	10,000,000		FNMA	3.625		02/12/13		10,371
	20,500,000		FNMA	1.250		08/20/13		20,787
	24,500,000		FNMA	2.750		02/05/14		25,614
	76,000,000		FNMA	2.750		03/13/14		79,638
	25,500,000		FNMA	2.500		05/15/14		26,614
	23,500,000		FNMA	3.000		09/16/14		25,050
	35,000,000		FNMA	2.625		11/20/14		37,031
	21,031,294		AMAL Ltd	3.465		08/21/21		22,112
	4,898,904		Cal Dive I- Title XI, Inc	4.930		02/01/27		5,653
	34,000,000		Citigroup Funding, Inc	2.000		03/30/12		34,152
	35,000,000		Citigroup Funding, Inc	1.875		10/22/12		35,482
	12,000,000		Citigroup Funding, Inc	2.250		12/10/12		12,223
	5,500,000		Citigroup, Inc	2.125		04/30/12		5,537
	26,000,000	g,j	FDIC Structured Sale Guarantee	0.000		10/25/12		25,794
	43,000,000		General Electric Capital Corp	2.250		03/12/12		43,176
	15,000,000		General Electric Capital Corp	2.125		12/21/12		15,279
	7,000,000		General Electric Capital Corp	2.625		12/28/12		7,168
	54,875,000		GMAC, Inc	1.750		10/30/12		55,583
	21,800,000		GMAC, Inc	2.200		12/19/12		22,216
	30,000,000		Morgan Stanley	2.250		03/13/12		30,130
	2,696,604		National Credit Union Administration	1.840		10/07/20		2,713
	25,000,000	m	NCUA Guaranteed Notes	3.450		06/12/21		26,929
	1,395,352		Overseas Private Investment Corp	3.420		01/15/15		1,446
	21,937,599		Premier Aircraft Leasing	3.576		02/06/22		23,178
	25,000,000		Private Export Funding Corp	3.550		04/15/13		26,006
	10,000,000		Private Export Funding Corp	3.050		10/15/14		10,625
	7,000,000		Private Export Funding Corp	4.550		05/15/15		7,864
	15,000,000		Private Export Funding Corp	2.125		07/15/16		15,596
	17,000,000		Private Export Funding Corp	5.450		09/15/17		20,597
	10,000,000		Private Export Funding Corp	2.250		12/15/17		10,442
	10,000,000		Private Export Funding Corp	4.375		03/15/19		11,675
	35,000,000		Private Export Funding Corp	4.300		12/15/21		40,611
	3,863,429		Rowan Cos, Inc	3.525		05/01/20		4,034
	8,333,160		Rowan Cos, Inc	3.158		07/15/21		8,615

326

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$     8,439,670		San Clemente Leasing LLC	3.585	%	08/27/21	$	8,925
	6,500,000		Sovereign Bancorp, Inc	2.750		01/17/12		6,506
	39,000,000		State Street Corp	2.150		04/30/12		39,263
	3,362,500		Totem Ocean Trailer Express, Inc	4.514		12/18/19		3,621
	15,000,000		US Bancorp	2.250		03/13/12		15,060
	9,500,000		US Central Federal Credit Union	1.900		10/19/12		9,633
	3,000,000		US Department of Housing and Urban Development	5.380		08/01/18		3,530
	18,400,000		Wells Fargo & Co	2.125		06/15/12		18,566
	5,000,000		Western Corporate Federal Credit Union	1.750		11/02/12		5,063
			TOTAL AGENCY SECURITIES					1,038,932
FOREIGN GOVERNMENT BONDS - 5.3%
	16,500,000	g	Bank of Montreal	2.850		06/09/15		17,103
	27,700,000	g	Bank of Montreal	2.625		01/25/16		28,593
	2,000,000	g	Barbados Government International Bond	7.000		08/04/22		2,000
	4,210,000		Brazilian Government International Bond	5.875		01/15/19		4,978
	6,920,000		Brazilian Government International Bond	4.875		01/22/21		7,733
	825,000		Brazilian Government International Bond	7.125		01/20/37		1,139
	4,500,000		Brazilian Government International Bond	5.625		01/07/41		5,220
	10,680,000	g	Caisse Centrale Desjardins du Quebec	2.550		03/24/16		10,967
	12,200,000		Canada Government International Bond	2.375		09/10/14		12,812
	6,000,000	g	Canadian Imperial Bank of Commerce	2.000		02/04/13		6,067
	6,000,000	g	Canadian Imperial Bank of Commerce	2.600		07/02/15		6,206
	12,500,000	g	Canadian Imperial Bank of Commerce	2.750		01/27/16		12,932
	3,630,000		Chile Government International Bond	3.875		08/05/20		3,929
	2,675,000		Colombia Government International Bond	4.375		07/12/21		2,876
	4,500,000		Colombia Government International Bond	6.125		01/18/41		5,558
	3,800,000	g	Commonwealth of the Bahamas	6.950		11/20/29		4,287
	15,000,000		Council of Europe Development Bank	2.750		02/10/15		15,584
	2,000,000	g	Croatia Government International Bond	6.625		07/14/20		1,865
	3,350,000	g	Croatia Government International Bond	6.375		03/24/21		3,057
	2,350,000	g	Democratic Socialist Republic of Sri Lanka	7.400		01/22/15		2,459
	4,500,000	g	Dominican Republic International Bond	7.500		05/06/21		4,410
	4,660,000		Eksportfinans ASA	5.000		02/14/12		4,635
	5,208,000		Eksportfinans ASA	2.000		09/15/15		4,314
	4,000,000	g	El Salvador Government International Bond	7.625		02/01/41		4,040
	5,690,000	g	Eskom Holdings Ltd	5.750		01/26/21		5,790
	3,500,000		European Investment Bank	4.875		02/15/36		3,820
	15,350,000		Export Development Canada	2.250		05/28/15		16,099
	1,900,000		Export-Import Bank of Korea	5.125		06/29/20		1,989
	4,200,000		Export-Import Bank of Korea	4.375		09/15/21		4,151
	3,000,000		Federative Republic of Brazil	6.000		01/17/17		3,503
	3,105,556		Federative Republic of Brazil	8.000		01/15/18		3,633
	2,000,000		Hungary Government International Bond	4.750		02/03/15		1,820
	2,810,000		Hungary Government International Bond	6.375		03/29/21		2,515
	2,310,000		Hungary Government International Bond	7.625		03/29/41		2,033
	4,400,000		Italy Government International Bond	5.375		06/12/17		4,074
	1,610,000		Italy Government International Bond	6.875		09/27/23		1,551
	3,670,000	g	Korea Housing Finance Corp	3.500		12/15/16		3,697
	4,150,000		Landwirtschaftliche Rentenbank	5.250		07/02/12		4,244
	5,000,000		Landwirtschaftliche Rentenbank	5.125		02/01/17		5,837
	5,000,000	g	Lithuania Government International Bond	5.125		09/14/17		4,900
	1,680,000	g	Lithuania Government International Bond	6.125		03/09/21		1,672

327

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$     1,000,000		Mexico Government International Bond	5.625	%	01/15/17	$	1,150
	2,900,000		Mexico Government International Bond	6.750		09/27/34		3,777
	5,000,000		Mexico Government International Bond	6.050		01/11/40		6,113
	1,600,000	g	Namibia International Bonds	5.500		11/03/21		1,632
	9,250,000	g	National Bank of Canada	1.650		01/30/14		9,348
	2,000,000		Panama Government International Bond	5.200		01/30/20		2,265
	4,500,000		Panama Government International Bond	6.700		01/26/36		5,873
	1,000,000		Peruvian Government International Bond	7.125		03/30/19		1,258
	1,200,000		Peruvian Government International Bond	7.350		07/21/25		1,590
	1,250,000		Peruvian Government International Bond	6.550		03/14/37		1,588
	2,500,000		Philippine Government International Bond	5.500		03/30/26		2,800
	4,500,000		Poland Government International Bond	3.875		07/16/15		4,578
	6,350,000		Poland Government International Bond	6.375		07/15/19		7,033
	10,667,000		Poland Government International Bond	5.125		04/21/21		10,854
	3,330,000		Poland Government International Bond	5.000		03/23/22		3,347
	13,825,000		Province of British Columbia Canada	2.850		06/15/15		14,647
	7,400,000		Province of Manitoba Canada	5.000		02/15/12		7,437
	3,000,000		Province of Manitoba Canada	2.125		04/22/13		3,060
	20,000,000		Province of Manitoba Canada	1.375		04/28/14		20,326
	20,000,000		Province of New Brunswick Canada	2.750		06/15/18		20,906
	12,000,000		Province of Nova Scotia Canada	2.375		07/21/15		12,509
	27,400,000		Province of Ontario Canada	4.100		06/16/14		29,441
	24,250,000		Province of Ontario Canada	2.950		02/05/15		25,537
	35,525,000		Province of Ontario Canada	2.700		06/16/15		37,206
	24,000,000		Province of Ontario Canada	2.300		05/10/16		24,714
	11,900,000		Province of Ontario Canada	1.600		09/21/16		11,863
	10,000,000		Province of Ontario Canada	4.000		10/07/19		11,040
	13,000,000		Province of Ontario Canada	4.400		04/14/20		14,812
	2,250,000		Province of Quebec Canada	5.125		11/14/16		2,617
	8,835,000		Province of Quebec Canada	4.625		05/14/18		10,158
	22,500,000		Province of Quebec Canada	3.500		07/29/20		24,094
	20,000,000		Province of Quebec Canada	2.750		08/25/21		19,977
	6,000,000		Province of Quebec Canada	7.500		09/15/29		8,977
	3,800,000	g	Qatar Government International Bond	3.125		01/20/17		3,833
	3,000,000		Qatar Government International Bond	5.250		01/20/20		3,293
	2,500,000	g	Qatar Government International Bond	4.500		01/20/22		2,575
	2,500,000	g	Republic of Ghana	8.500		10/04/17		2,738
	2,700,000		Republic of Hungary	6.250		01/29/20		2,430
	4,230,000	g	Republic of Indonesia	4.875		05/05/21		4,526
	2,480,000	g	Republic of Serbia	7.250		09/28/21		2,412
	3,466,667		Republic of Serbia	6.750		11/01/24		3,276
	4,500,000		Republic of Turkey	7.500		07/14/17		5,063
	7,000,000	g	Russian Foreign Bond - Eurobond	3.625		04/29/15		7,035
	3,375,000	g	Russian Foreign Bond - Eurobond	5.000		04/29/20		3,482
	1,940,000	g	Senegal Government International Bond	8.750		05/13/21		1,921
	4,502,000		South Africa Government International Bond	6.875		05/27/19		5,425
	3,500,000		South Africa Government International Bond	5.500		03/09/20		3,920
	1,600,000		South Africa Government International Bond	6.250		03/08/41		1,860
	3,700,000	g	Sri Lanka Government International Bond	6.250		10/04/20		3,700
	1,630,000	g	Sri Lanka Government International Bond	6.250		07/27/21		1,606
	7,680,000		Svensk Exportkredit AB	5.125		03/01/17		8,556
	9,000,000	g	Toronto-Dominion Bank	2.200		07/29/15		9,216
	4,450,000		Turkey Government International Bond	5.125		03/25/22		4,250

328

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$     2,000,000	g	Ukraine Government International Bond	6.250	%	06/17/16	$	1,755
	2,180,000		United Mexican States	5.875		02/17/14		2,360
	3,500,000		United Mexican States	5.950		03/19/19		4,160
	500,000		United Mexican States	5.125		01/15/20		571
	4,500,000		Uruguay Government International Bond	6.875		09/28/25		5,805
			TOTAL FOREIGN GOVERNMENT BONDS					702,387
MORTGAGE BACKED - 30.3%
	23,099,779		Federal Home Loan Mortgage Corp (FHLMC) (interest only)	4.000		06/15/34		1,647
	4,130,586	i	FHLMC	2.455		02/01/36		4,347
	5,657,746	i	FHLMC	2.568		07/01/36		5,989
	3,079,566	i	FHLMC	2.305		09/01/36		3,259
	3,975,225	i	FHLMC	2.483		09/01/36		4,207
	3,438,407	i	FHLMC	2.508		09/01/36		3,632
	3,836,168	i	FHLMC	2.662		09/01/36		4,048
	6,659,768	i	FHLMC	5.732		02/01/37		7,172
	8,346,598	i	FHLMC	3.941		03/01/37		8,797
	6,358,161	i	FHLMC	5.946		04/01/37		6,912
	344,647	i	FHLMC	5.748		05/01/37		371
	5,317,295	i	FHLMC	5.584		06/01/37		5,672
	5,306,458	i	FHLMC	5.518		08/01/37		5,662
	3,926,329	i	FHLMC	5.163		09/01/37		4,184
	18,605,812		FHLMC	5.500		08/01/39		20,473
	74,437		Federal Home Loan Mortgage Corp Gold (FGLMC)	7.000		07/01/13		77
	637,169		FGLMC	6.500		12/01/16		695
	4,591,888		FGLMC	5.000		09/01/18		4,945
	2,393,164		FGLMC	4.500		10/01/18		2,584
	1,452,204		FGLMC	4.500		11/01/18		1,568
	1,488,595		FGLMC	5.500		01/01/19		1,632
	630,918		FGLMC	4.000		06/01/19		669
	2,521,216		FGLMC	4.500		01/01/20		2,687
	2,053,965		FGLMC	4.500		07/01/20		2,210
	1,344,036		FGLMC	4.500		08/01/20		1,432
	212,645		FGLMC	7.000		10/01/20		243
	6,207,469		FGLMC	4.500		06/01/21		6,612
	18,411,115		FGLMC	4.500		06/01/21		19,610
	2,348,741		FGLMC	5.000		04/01/23		2,519
	41,039		FGLMC	7.000		05/01/23		47
	518,456		FGLMC	6.000		10/01/23		571
	437,528		FGLMC	6.000		11/01/23		482
	9,155,526		FGLMC	4.000		07/01/24		9,612
	3,081,081		FGLMC	4.500		09/01/24		3,267
	33,000,000	h	FGLMC	5.000		01/15/26		35,362
	101,032		FGLMC	8.000		01/01/31		121
	84,197		FGLMC	7.000		12/01/31		97
	140,760		FGLMC	7.000		12/01/31		162
	167,368		FGLMC	7.000		12/01/31		192
	6,472		FGLMC	7.000		01/01/32		7
	357,179		FGLMC	8.000		02/01/32		432
	4,387,782		FGLMC	4.500		07/01/33		4,667
	2,175,641		FGLMC	5.500		11/01/33		2,409

329

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$     10,228,238		FGLMC	5.500	%	12/01/33	$	11,148
	3,537,651		FGLMC	5.500		12/01/33		3,901
	16,273,589		FGLMC	7.000		12/01/33		18,845
	31,933,606	d	FGLMC	5.000		01/01/34		34,380
	6,983,589		FGLMC	5.000		05/01/34		7,514
	4,331,608		FGLMC	6.000		09/01/34		4,806
	14,427,537		FGLMC	4.500		10/01/34		15,346
	1,077,105		FGLMC	5.500		12/01/34		1,179
	5,833,696		FGLMC	4.500		04/01/35		6,202
	4,194,559		FGLMC	6.000		05/01/35		4,650
	1,862,234		FGLMC	6.000		05/01/35		2,066
	2,027,886		FGLMC	6.000		05/01/35		2,255
	2,498,389		FGLMC	6.000		05/01/35		2,770
	1,267,214		FGLMC	6.000		05/01/35		1,410
	2,278,172		FGLMC	6.000		05/01/35		2,533
	6,609,992		FGLMC	7.000		05/01/35		7,655
	3,251,228		FGLMC	5.500		06/01/35		3,545
	13,703,799		FGLMC	5.500		06/01/35		14,944
	1,127,113		FGLMC	5.500		06/01/35		1,229
	1,393,852		FGLMC	5.500		06/01/35		1,520
	2,656,412		FGLMC	6.000		06/01/35		2,950
	9,563,801		FGLMC	4.500		08/01/35		10,161
	1,340,486		FGLMC	5.000		10/01/35		1,442
	439,134		FGLMC	6.500		11/01/35		497
	1,121,444		FGLMC	6.000		01/01/36		1,236
	2,515,618		FGLMC	5.000		02/01/36		2,707
	1,068,319		FGLMC	5.500		04/01/36		1,169
	563,102		FGLMC	6.500		05/01/36		634
	6,568,322		FGLMC	6.500		10/01/36		7,395
	11,794,108		FGLMC	5.500		04/01/37		12,814
	17,636,020		FGLMC	5.500		05/01/37		19,161
	7,204,671		FGLMC	6.000		08/01/37		7,972
	2,875,388		FGLMC	6.000		09/01/37		3,181
	4,238,054		FGLMC	6.500		11/01/37		4,755
	12,828,088		FGLMC	5.000		04/01/38		13,927
	9,116,342		FGLMC	6.000		11/01/38		10,024
	11,109,523		FGLMC	4.500		05/01/39		11,782
	15,221,127		FGLMC	4.000		06/01/39		15,987
	7,980,008		FGLMC	5.000		07/01/39		8,584
	11,571,533		FGLMC	6.000		07/01/39		12,890
	22,207,666		FGLMC	4.500		11/01/40		24,031
	24,887,553		FGLMC	4.500		12/01/40		26,869
	115,000,000	h	FGLMC	4.500		01/15/41		121,846
	85,000,000	h	FGLMC	5.000		01/15/41		91,335
	47,592		Federal National Mortgage Association (FNMA)	5.000		06/01/13		50
	2,586,944		FNMA	4.440		07/01/13		2,670
	3,277,956		FNMA	4.754		10/01/13		3,316
	1,324,308		FNMA	4.778		02/01/14		1,389
	5,137,379		FNMA	4.440		04/01/14		5,416
	1,473,098		FNMA	4.563		01/01/15		1,571
	178,496		FNMA	7.500		02/01/15		191
	394,325		FNMA	7.500		04/01/15		422

330

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$     507,084		FNMA	7.500	%	04/01/15	$	542
	40,539		FNMA	6.500		03/01/16		45
	15,799		FNMA	6.500		04/01/16		18
	307,081		FNMA	6.500		10/01/16		336
	267,773		FNMA	6.500		11/01/16		293
	2,742,008		FNMA	5.000		12/01/17		2,962
	733,294		FNMA	6.500		02/01/18		806
	2,055,463		FNMA	5.500		03/01/18		2,238
	428,636		FNMA	5.500		04/01/18		470
	4,896,848		FNMA	5.500		04/01/18		5,332
	654,459		FNMA	6.500		04/01/18		719
	161,939		FNMA	5.500		05/01/18		177
	8,295,715		FNMA	4.500		12/01/18		9,010
	251,568		FNMA	6.000		01/01/19		277
	57,053		FNMA	6.000		02/01/19		63
	4,774,261		FNMA	5.000		04/01/19		5,157
	2,348,467		FNMA	4.500		06/01/19		2,513
	3,360,787		FNMA	5.000		03/01/20		3,630
	1,903,142		FNMA	5.500		07/01/20		2,085
	1,131,514		FNMA	4.500		11/01/20		1,211
	3,193,625		FNMA	5.000		12/01/20		3,452
	5,140,318		FNMA	5.000		03/01/21		5,552
	3,031,168		FNMA	5.500		08/01/21		3,293
	2,734,142		FNMA	4.500		03/01/23		2,917
	97,002		FNMA	8.000		03/01/23		110
	5,414,550		FNMA	4.500		06/01/23		5,777
	6,263,568		FNMA	5.000		07/01/23		6,742
	5,402,716		FNMA	5.000		07/01/23		5,815
	2,668,965		FNMA	5.000		12/01/23		2,925
	807,392		FNMA	5.500		02/01/24		887
	7,643,399		FNMA	4.000		05/01/24		8,064
	1,585,606		FNMA	5.500		07/01/24		1,739
	251,146		FNMA	8.000		07/01/24		297
	3,124,178		FNMA	4.500		08/01/24		3,332
	2,125,673		FNMA	5.500		08/01/24		2,332
	14,394,239		FNMA	4.000		09/01/24		15,186
	22,000,000	h	FNMA	4.500		01/25/25		23,451
	7,066,067		FNMA	5.000		10/01/25		7,699
	56,729		FNMA	9.000		11/01/25		69
	22,000,000	h	FNMA	4.000		01/25/26		23,200
	12,000,000	h	FNMA	3.000		01/25/27		12,392
	4,005,614		FNMA	6.500		07/01/32		4,549
	253,642		FNMA	7.000		07/01/32		294
	242,227		FNMA	7.000		07/01/32		281
	4,887,071		FNMA	5.500		01/01/33		5,342
	3,740,363		FNMA	6.000		01/01/33		4,125
	735,359		FNMA	5.000		02/01/33		795
	5,817,239		FNMA	4.500		03/25/33		6,182
	2,671,879		FNMA	4.500		08/01/33		2,851
	3,494,288		FNMA	5.000		08/01/33		3,779
	5,135,826		FNMA	4.500		10/01/33		5,481
	851,413		FNMA	5.000		10/01/33		921
	1,548,065		FNMA	5.000		10/01/33		1,674

331

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$     3,194,948		FNMA	5.000	%	10/01/33	$	3,455
	5,592,131		FNMA	5.000		11/01/33		6,182
	518,964		FNMA	5.000		11/01/33		574
	23,771,259		FNMA	5.000		11/01/33		25,707
	5,559,992		FNMA	5.000		11/01/33		6,013
	549,003		FNMA	5.500		12/01/33		602
	1,794,316		FNMA	5.500		12/01/33		1,961
	4,686,716		FNMA	5.500		12/01/33		5,220
	8,440,986		FNMA	5.000		03/01/34		9,128
	1,269,467		FNMA	5.000		03/01/34		1,373
	1,113,903		FNMA	5.000		03/01/34		1,205
	3,244,659		FNMA	5.000		03/01/34		3,509
	1,000,112		FNMA	5.000		03/01/34		1,082
	4,418,714		FNMA	5.500		03/01/34		4,890
	8,602,716		FNMA	5.000		04/01/34		9,303
	31,544,714		FNMA	5.000		08/01/34		34,204
	5,035,117		FNMA	6.000		08/01/34		5,613
	1,649,188		FNMA	5.500		09/01/34		1,822
	2,332,190		FNMA	5.500		09/01/34		2,581
	1,747,755		FNMA	5.500		10/01/34		1,934
	1,413,308		FNMA	5.500		10/01/34		1,564
	1,724,406		FNMA	6.000		12/01/34		1,919
	3,069,208		FNMA	5.500		01/01/35		3,370
	34,009,592		FNMA	5.500		02/01/35		37,178
	2,543,189		FNMA	5.500		04/01/35		2,814
	3,282,003		FNMA	6.000		04/01/35		3,647
	8,425,159		FNMA	4.500		05/01/35		8,991
	11,855,628		FNMA	5.500		05/01/35		12,945
	4,214,396		FNMA	6.000		05/01/35		4,676
	2,026,891		FNMA	5.500		06/01/35		2,218
	612,189		FNMA	5.500		06/01/35		677
	558,954		FNMA	5.500		06/01/35		610
	1,466,253		FNMA	5.500		06/01/35		1,605
	3,180,521		FNMA	5.500		06/01/35		3,473
	112,415		FNMA	7.500		06/01/35		125
	1,393,505		FNMA	5.500		07/01/35		1,522
	1,986,973		FNMA	6.000		07/01/35		2,198
	4,772,279		FNMA	4.500		08/01/35		5,088
	7,143,928		FNMA	5.000		08/01/35		7,724
	7,557,674		FNMA	5.500		09/01/35		8,363
	7,519,566		FNMA	5.000		10/01/35		8,130
	3,742,241		FNMA	5.500		11/01/35		4,086
	4,115,256	i	FNMA	2.395		02/01/36		4,326
	7,375,708		FNMA	5.000		02/01/36		7,974
	14,909,116		FNMA	6.000		03/01/36		16,447
	2,141,201		FNMA	5.000		04/01/36		2,315
	1,666,552	i	FNMA	2.385		07/01/36		1,747
	3,120,298		FNMA	6.500		09/01/36		3,512
	5,268,809		FNMA	6.000		12/01/36		5,812
	184,572		FNMA	6.500		03/01/37		207
	5,507,510		FNMA	6.500		03/01/37		6,200
	3,826,844		FNMA	7.000		04/01/37		4,371
	2,277,521		FNMA	6.500		08/01/37		2,560

332

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$     6,625,367		FNMA	6.500	%	08/01/37	$	7,427
	2,533,984		FNMA	6.000		09/01/37		2,838
	3,396,038		FNMA	6.000		09/01/37		3,804
	3,995,463		FNMA	6.000		09/01/37		4,475
	4,541,464		FNMA	6.000		09/01/37		5,087
	5,089,906		FNMA	6.500		09/01/37		5,698
	701,282		FNMA	6.500		09/01/37		786
	2,619,836		FNMA	6.500		09/01/37		2,933
	5,976,497		FNMA	6.500		09/01/37		6,690
	5,860,939		FNMA	6.500		09/01/37		6,570
	8,966,422	i	FNMA	5.895		10/01/37		9,612
	1,930,905		FNMA	7.000		11/01/37		2,205
	467,324		FNMA	6.500		01/01/38		523
	212,771		FNMA	6.500		02/01/38		239
	877,895		FNMA	6.500		03/01/38		982
	367,804		FNMA	6.500		03/01/38		411
	3,009,330		FNMA	6.500		03/01/38		3,365
	3,105,440		FNMA	5.000		04/01/38		3,357
	6,437,277		FNMA	5.000		05/01/38		6,959
	12,161,081		FNMA	6.000		07/01/38		13,404
	4,872,212	i	FNMA	4.930		10/01/38		5,200
	22,403,575		FNMA	6.000		10/01/38		24,694
	8,322,342		FNMA	4.500		01/01/39		8,863
	5,316,339		FNMA	5.500		01/01/39		5,793
	4,803,123		FNMA	6.000		01/01/39		5,293
	6,327,379		FNMA	6.000		01/01/39		6,972
	9,146,882		FNMA	4.500		02/01/39		9,741
	15,384,286		FNMA	4.500		02/01/39		16,384
	5,075,952		FNMA	5.500		02/01/39		5,531
	9,429,578		FNMA	4.000		04/01/39		10,004
	11,148,408		FNMA	4.500		05/01/39		11,873
	11,383,018		FNMA	4.500		08/01/39		12,123
	303,000,000	h	FNMA	4.000		01/25/40		318,291
	169,000,000	h	FNMA	4.500		01/25/40		179,827
	192,000,000	h	FNMA	5.000		01/25/40		207,420
	309,000,000	h	FNMA	5.500		01/25/40		336,471
	266,000,000	h	FNMA	6.000		01/25/40		292,890
	25,000,000	h	FNMA	6.500		01/25/40		27,816
	31,000,000		FNMA	4.000		02/25/40		32,857
	40,808,677		FNMA	4.500		09/01/40		43,461
	71,389,805		FNMA	4.500		09/01/40		76,030
	17,909,544		FNMA	4.000		11/01/40		18,831
	31,012,201		FNMA	4.500		11/01/40		33,027
	111,000,000	h	FNMA	3.500		01/25/41		114,157
	27,341,716	h	FNMA	4.000		02/01/41		28,748
	17,780		Government National Mortgage Association (GNMA)	9.000		06/15/16		20
	3,897		GNMA	9.000		09/15/16		4
	7,194		GNMA	9.000		09/15/16		8
	11,060		GNMA	9.000		11/15/16		11
	7,811		GNMA	9.000		12/15/16		8
	3,452		GNMA	9.000		12/15/16		3
	70,837		GNMA	9.500		12/15/16		80

333

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$        33,377		GNMA	8.000	%	06/15/24	$	39
	56,883		GNMA	8.500		11/20/30		70
	66,455		GNMA	8.500		12/20/30		81
	2,655,847		GNMA	5.500		07/15/33		2,998
	1,289,655		GNMA	5.500		11/20/33		1,456
	4,848,784		GNMA	5.500		03/20/35		5,473
	2,805,238		GNMA	5.500		12/20/35		3,164
	1,782,710		GNMA	6.000		10/20/36		2,021
	1,870,673		GNMA	6.000		01/20/37		2,121
	5,245,695		GNMA	6.000		02/20/37		5,938
	4,977,312		GNMA	6.000		12/15/37		5,643
	6,907,907		GNMA	5.000		04/15/38		7,659
	8,854,848		GNMA	5.500		07/15/38		9,946
	8,107,905		GNMA	5.500		07/20/38		9,100
	2,510,768		GNMA	6.000		08/15/38		2,846
	2,633,308		GNMA	6.000		08/20/38		2,977
	3,459,283		GNMA	6.500		11/20/38		3,945
	11,637,949		GNMA	4.500		03/15/39		12,721
	12,233,591		GNMA	4.500		05/15/39		13,372
	6,244,455		GNMA	5.000		06/15/39		6,965
	5,649,007		GNMA	5.000		06/15/39		6,301
	14,237,188		GNMA	4.500		07/20/39		15,574
	4,428,156		GNMA	5.000		07/20/39		4,903
	5,174,363		GNMA	4.000		08/15/39		5,559
	1,731,087		GNMA	4.000		11/20/39		1,853
	115,000,000	h	GNMA	4.500		01/15/40		125,296
	135,000,000	h	GNMA	5.000		01/15/40		149,534
	48,000,000	h	GNMA	5.500		01/15/40		53,873
	155,000,000	h	GNMA	4.000		01/15/41		166,262
	40,000,000	h	GNMA	6.000		01/15/41		45,275
	50,000,000	h	GNMA	5.000		01/20/41		55,281
	19,000,000	h	GNMA	3.500		01/15/42		19,843
	91,000,000	h	GNMA	4.500		01/20/42		99,105
	7,882,640		GNMA	6.500		01/15/44		8,731
			TOTAL MORTGAGE BACKED					4,057,417
MUNICIPAL BONDS - 0.5%
	2,000,000		Charlotte-Mecklenburg Hospital Authority	5.000		08/01/15		2,175
	13,000,000		Grant County Public Utility District No 2	5.630		01/01/27		14,713
	16,100,000		State of California	7.625		03/01/40		19,809
	15,250,000		State of Illinois	6.725		04/01/35		15,843
	15,000,000		UNM Sandoval Regional Medical Center	4.500		07/20/36		15,875
			TOTAL MUNICIPAL BONDS					68,415
U.S. TREASURY SECURITIES - 23.2%
	324,372,000		United States Treasury Bond	8.000		11/15/21		506,984
	22,000,000		United States Treasury Bond	6.375		08/15/27		33,347
	49,175,000		United States Treasury Bond	5.250		02/15/29		67,938
	154,861,000		United States Treasury Bond	5.375		02/15/31		220,726
	677,000		United States Treasury Bond	4.500		02/15/36		886
	111,855,000		United States Treasury Bond	3.500		02/15/39		125,819
	9,070,000		United States Treasury Bond	3.875		08/15/40		10,873
	86,135,000		United States Treasury Bond	4.375		05/15/41		112,231

334

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$   16,650,000		United States Treasury Note	1.875	%	06/15/12	$	16,786
	5,410,000		United States Treasury Note	0.625		06/30/12		5,425
	30,000,000		United States Treasury Note	0.625		07/31/12		30,093
	6,477,000		United States Treasury Note	1.375		10/15/12		6,540
	102,500,000		United States Treasury Note	1.375		11/15/12		103,593
	24,690,000		United States Treasury Note	0.625		01/31/13		24,811
	30,940,000		United States Treasury Note	1.125		06/15/13		31,347
	8,435,000		United States Treasury Note	0.750		08/15/13		8,505
	1,575,000		United States Treasury Note	0.125		08/31/13		1,572
	25,195,000		United States Treasury Note	3.125		08/31/13		26,396
	81,829,000		United States Treasury Note	3.125		09/30/13		85,911
	3,835,000		United States Treasury Note	0.500		10/15/13		3,852
	2,230,000		United States Treasury Note	0.250		10/31/13		2,230
	62,337,000		United States Treasury Note	2.750		10/31/13		65,159
	68,179,000		United States Treasury Note	2.000		11/30/13		70,429
	30,000,000		United States Treasury Note	0.125		12/31/13		29,925
	6,467,000		United States Treasury Note	2.250		05/31/14		6,766
	6,830,000		United States Treasury Note	0.250		09/15/14		6,813
	5,485,000		United States Treasury Note	0.500		10/15/14		5,508
	22,415,000		United States Treasury Note	2.125		11/30/14		23,543
	19,897,000		United States Treasury Note	2.500		04/30/15		21,234
	147,421,000		United States Treasury Note	2.125		05/31/15		155,633
	37,717,000		United States Treasury Note	1.875		06/30/15		39,520
	70,952,000		United States Treasury Note	1.750		07/31/15		74,056
	26,332,500		United States Treasury Note	1.250		09/30/15		27,016
	18,485,000		United States Treasury Note	1.250		10/31/15		18,959
	9,900,000		United States Treasury Note	2.250		03/31/16		10,560
	9,800,000		United States Treasury Note	2.375		03/31/16		10,494
	34,000,000		United States Treasury Note	1.500		06/30/16		35,161
	88,150,000		United States Treasury Note	1.000		08/31/16		89,114
	202,103,000		United States Treasury Note	1.000		10/31/16		204,060
	10,000,000		United States Treasury Note	3.125		10/31/16		11,088
	175,480,000		United States Treasury Note	0.875		11/30/16		176,014
	10,000,000		United States Treasury Note	0.875		12/31/16		10,018
	92,420,000		United States Treasury Note	2.375		05/31/18		99,106
	125,000,000		United States Treasury Note	2.250		07/31/18		132,949
	68,365,000		United States Treasury Note	1.750		10/31/18		70,363
	29,000,000		United States Treasury Note	1.375		11/30/18		29,100
	40,000,000		United States Treasury Note	1.375		12/31/18		40,075
	319,500		United States Treasury Note	2.625		11/15/20		344
	5,630,900		United States Treasury Note	2.125		08/15/21		5,775
	140,079,000		United States Treasury Note	3.750		08/15/41		164,746
	22,000,000		United States Treasury Note	3.125		11/15/41		23,048
	25,000,000	j	United States Treasury Strip Principal	0.000		08/15/27		16,566
			TOTAL U.S. TREASURY SECURITIES					3,099,007
			TOTAL GOVERNMENT BONDS					8,966,158
			(Cost $8,520,536)
STRUCTURED ASSETS - 4.5%
ASSET BACKED - 1.2%
	4,950,000		AmeriCredit Automobile Receivables Trust	3.340		04/08/16		4,984
			Series - 2010 3 (Class C)

335

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$ 5,350,000		AmeriCredit Automobile Receivables Trust	2.850	%	08/08/16	$	5,313
			Series - 2011 1 (Class C)
	74,236	g	Asset Backed Funding Corp NIM Trust	5.900		07/26/35		0	^
			Series - 2006 WMC1 (Class N1)
	1,450,000	g	Avis Budget Rental Car Funding AESOP LLC	3.150		03/20/17		1,466
			Series - 2010 5A (Class A)
	2,360,274	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		1,265
			Series - 2004 2 (Class 1M1)
	1,180,137	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		403
			Series - 2004 2 (Class 1M2)
	927,250	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		208
			Series - 2004 2 (Class 1B)
	2,722,641		CIT Group Home Equity Loan Trust	6.200		02/25/30		2,715
			Series - 2002 1 (Class AF6)
	682,305		CIT Group Home Equity Loan Trust	6.390		12/25/30		105
			Series - 2002 2 (Class MF2)
	2,979		CIT Group Home Equity Loan Trust	6.830		06/25/33		0	^
			Series - 2002 2 (Class BF)
	5,606,004		Citicorp Mortgage Securities, Inc	5.706		07/25/36		5,615
			Series - 2006 1 (Class A3)
	1,015,481	i	Countrywide Asset-Backed Certificates	0.704		05/25/36		900
			Series - 2004 AB2 (Class A3)
	4,229,030	i	Countrywide Asset-Backed Certificates	5.683		10/25/46		4,149
			Series - 2006 15 (Class A2)
	595,641	i	Countrywide Home Equity Loan Trust	0.498		02/15/29		384
			Series - 2004 B (Class 1A)
	3,183,801	g	Credit-Based Asset Servicing and Securitization LLC	6.159		12/25/36		3,056
			Series - 2007 MX1 (Class A1)
	5,525,000	g,i	DB/UBS Mortgage Trust	5.557		11/10/46		5,201
			Series - 2011 LC1A (Class C)
	13,144,479	g	Flagstar Home Equity Loan Trust	5.781		01/25/35		12,334
			Series - 2007 1A (Class AF3)
	2,725,000		Ford Credit Auto Owner Trust	3.210		07/15/17		2,746
			Series - 2011 A (Class D)
	578,551		GMAC Commercial Mortgage Securities, Inc	5.590		10/25/29		574
			Series - 2006 HLTV (Class A3)
	2,600,000		GMAC Commercial Mortgage Securities, Inc	5.810		10/25/29		2,090
			Series - 2006 HLTV (Class A4)
	3,540,721	i	Irwin Home Equity Corp	0.674		02/25/34		2,849
			Series - 2005 A (Class A3)
	21,110,851		Lehman XS Trust	6.500		06/25/46		11,924
			Series - 2006 13 (Class 2A1)
	2,643,015	i	Long Beach Mortgage Loan Trust	0.794		02/25/35		2,605
			Series - 2005 1 (Class M1)
	801,335	i	Morgan Stanley ABS Capital I	0.334		01/25/37		787
			Series - 2007 HE2 (Class A2A)
	2,886,016	i	Park Place Securities, Inc	1.239		09/25/34		2,555
			Series - 2004 WHQ1 (Class M1)
	42,628	i	Renaissance Home Equity Loan Trust	0.734		08/25/33		35
			Series - 2003 2 (Class A)
	8,025,000		Renaissance Home Equity Loan Trust	5.586		11/25/36		3,186
			Series - 2006 3 (Class AF3)

336

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    8,412,417	i	Residential Asset Mortgage Products, Inc	0.914	%	11/25/34	$	7,693
			Series - 2004 RS11 (Class M1)
	436,837	i	Residential Asset Securities Corp	6.489		10/25/30		397
			Series - 2001 KS2 (Class AI6)
	2,675,048	i	Residential Asset Securities Corp	0.724		04/25/35		2,341
			Series - 2005 KS3 (Class M3)
	398,305		Residential Funding Mortgage Securities II, Inc	5.520		04/25/21		395
			Series - 2006 HI5 (Class A2)
	13,500,000		Residential Funding Mortgage Securities II, Inc	5.500		08/25/25		11,364
			Series - 2006 HI5 (Class A3)
	3,509,927		Residential Funding Mortgage Securities II, Inc	5.450		08/25/34		2,732
			Series - 2005 HI1 (Class A5)
	4,768,419		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36		4,316
			Series - 2006 HI3 (Class A3)
	2,500,000		Residential Funding Mortgage Securities II, Inc	6.010		02/25/36		2,168
			Series - 2006 HI1 (Class M1)
	350,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		266
			Series - 2006 HI1 (Class M2)
	17,991,251		Residential Funding Mortgage Securities II, Inc	5.440		09/25/36		16,045
			Series - 2006 HI4 (Class A3)
	1,988,439	i	Securitized Asset Backed Receivables LLC Trust	0.444		03/25/36		1,924
			Series - 2006 NC2 (Class A2)
	6,000,000	g	SLM Student Loan Trust	4.370		04/17/28		6,093
			Series - 2011 A (Class A2)
	2,000,000	g	SLM Student Loan Trust	3.740		02/15/29		1,952
			Series - 2011 B (Class A2)
	4,822,691	i	Soundview Home Equity Loan Trust	0.404		10/25/36		4,734
			Series - 2006 EQ1 (Class A2)
	1,739,328	i	Structured Asset Investment Loan Trust	0.694		05/25/35		1,661
			Series - 2005 4 (Class M1)
	8,585,000	g	Vornado DP LLC	5.280		09/13/28		8,462
			Series - 2010 VNO (Class C)
	1,256,855	g,m	Wachovia Amortization Controlled Heloc NIM	5.683		08/12/47		1,037
			Series - 2006 N1 (Class N1)
	2,608,971	g,i	Wachovia Loan Trust	0.654		05/25/35		2,019
			Series - 2005 SD1 (Class A)
	2,837,413	i	Wells Fargo Home Equity Trust	0.434		07/25/36		2,467
			Series - 2006 2 (Class A3)
	540,000		World Financial Network Credit Card Master Trust	5.200		04/15/19		583
			Series - 2010 A (Class M)
	5,000,000		World Financial Network Credit Card Master Trust	6.750		04/15/19		5,523
			Series - 2010 A (Class B)
			TOTAL ASSET BACKED					161,621
OTHER MORTGAGE BACKED - 3.3%
	4,094,000	i	Banc of America Commercial Mortgage, Inc	4.767		07/10/43		3,743
			Series - 2005 3 (Class AJ)
	10,500,000		Banc of America Commercial Mortgage, Inc	5.675		07/10/46		10,780
			Series - 2006 4 (Class AM)
	9,773,000	i	Banc of America Commercial Mortgage, Inc	5.633		04/10/49		10,445
			Series - 2007 2 (Class A4)
	302,357		Bank of America Alternative Loan Trust	5.500		09/25/19		302
			Series - 2004 8 (Class 3A1)

337

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    4,980,351		Bear Stearns Asset Backed Securities Trust	5.250	%	04/25/35	$	4,447
			Series - 2005 AC2 (Class 1A)
	3,570,153		Bear Stearns Commercial Mortgage Securities	5.201		12/11/38		3,918
			Series - 2006 PW14 (Class A4)
	6,800,000	i	Bear Stearns Commercial Mortgage Securities	5.582		09/11/41		6,968
			Series - 2006 PW13 (Class AM)
	6,375,000	i	Bear Stearns Commercial Mortgage Securities	5.568		10/12/41		6,657
			Series - 2006 T24 (Class AM)
	10,445,000	i	Bear Stearns Commercial Mortgage Securities	4.750		02/13/46		11,167
			Series - 2004 T16 (Class A6)
	1,290,000	i	Bear Stearns Commercial Mortgage Securities	5.694		06/11/50		1,420
			Series - 2007 PW17 (Class A4)
	2,695,000		Bear Stearns Commercial Mortgage Securities	5.700		06/11/50		2,980
			Series - 2007 PW18 (Class A4)
	5,625,000	g	Commercial Mortgage Pass Through Certificates	2.555		12/10/12		5,625
			Series - 2011 STRT (Class A)
	9,330,000	i	Commercial Mortgage Pass Through Certificates	5.650		12/10/49		9,114
			Series - 2007 C9 (Class AM)
	5,856,785		Countrywide Alternative Loan Trust	5.500		08/25/16		5,853
			Series - 2004 30CB (Class 1A15)
	4,920,897		Countrywide Home Loan Mortgage Pass Through Trust	5.250		02/25/16		4,645
			Series - 2005 6 (Class 1A10)
	2,712,703		Countrywide Home Loan Mortgage Pass Through Trust	5.250		05/25/35		2,577
			Series - 2005 12 (Class 1A5)
	1,523,174		Countrywide Home Loan Mortgage Pass Through Trust	5.500		09/25/35		1,518
			Series - 2005 J3 (Class 1A1)
	4,482,000	g,i	Credit Suisse Mortgage Capital Certificates	0.458		04/15/22		4,047
			Series - 2007 TF2A (Class A1)
	14,450,000	g	Credit Suisse Mortgage Capital Certificates	5.383		02/15/40		13,748
			Series - 2009 RR1 (Class A3C)
	3,700,000		CS First Boston Mortgage Securities Corp	4.052		05/15/38		3,775
			Series - 2003 C3 (Class B)
	9,863,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		10,797
			Series - 2005 C5 (Class A4)
	5,399,141	i	GMAC Mortgage Corp Loan Trust	4.557		10/19/33		5,528
			Series - 2003 AR1 (Class A5)
	27,604,000	i	Greenwich Capital Commercial Funding Corp	5.882		07/10/38		28,006
			Series - 2006 GG7 (Class AM)
	19,762,248		Greenwich Capital Commercial Funding Corp	5.736		12/10/49		21,318
			Series - 2007 GG11 (Class A4)
	8,762,000	g	GS Mortgage Securities Corp II	5.148		08/10/43		8,229
			Series - 2010 C1 (Class B)
	5,910,000	g,i	GS Mortgage Securities Corp II	5.229		12/10/43		5,992
			Series - 2010 C2 (Class B)
	4,670,000	g,i	GS Mortgage Securities Corp II	5.229		12/10/43		4,225
			Series - 2010 C2 (Class C)
	2,062,756	i	GSR Mortgage Loan Trust	2.765		01/25/36		1,937
			Series - 2006 AR1 (Class 2A2)
	1,280,000	g,i	HVB Mortgage Capital Corp	2.326		09/10/22		1,237
			Series - 2003 FL1A (Class J)
	1,045,192	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.458		02/15/20		1,025
			Series - 2006 FL1A (Class A2)
	1,290,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.075		11/15/43		1,256
			Series - 2010 C2 (Class B)

338

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$   2,500,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.528	%	11/15/43	$	2,408
			Series - 2010 C2 (Class C)
	11,025,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.440		05/15/45		11,224
			Series - 2006 LDP8 (Class AM)
	7,000,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.480		05/15/45		5,864
			Series - 2006 LDP8 (Class AJ)
	6,455,000	g,i,m	JP Morgan Chase Commercial Mortgage Securities Corp	5.251		07/15/46		5,508
			Series - 2011 C4 (Class C)
	4,695,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.336		05/15/47		4,979
			Series - 2006 LDP9 (Class A3)
	1,400,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.817		06/15/49		1,488
			Series - 2007 LD11 (Class A4)
	2,011,006	i	JP Morgan Mortgage Trust	4.307		04/25/35		2,003
			Series - 2005 A2 (Class 5A1)
	3,774,000		LB-UBS Commercial Mortgage Trust	4.742		02/15/30		4,032
			Series - 2005 C1 (Class A4)
	7,500,000	i	LB-UBS Commercial Mortgage Trust	5.150		04/15/30		8,052
			Series - 2005 C2 (Class A5)
	5,425,000		LB-UBS Commercial Mortgage Trust	5.430		02/15/40		5,787
			Series - 2007 C2 (Class A3)
	20,307,000		LB-UBS Commercial Mortgage Trust	5.455		02/15/40		20,273
			Series - 2007 C1 (Class AM)
	2,594,000	i	LB-UBS Commercial Mortgage Trust	5.858		07/15/40		2,841
			Series - 2007 C6 (Class A4)
	2,722,767		MASTER Asset Securitization Trust	5.000		05/25/35		2,708
			Series - 2005 1 (Class 2A5)
	3,729,128	i	Merrill Lynch Mortgage Trust	5.107		07/12/38		3,910
			Series - 2005 CIP1 (Class AM)
	4,700,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.430		02/12/39		5,171
			Series - 2006 1 (Class A4)
	12,565,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.172		12/12/49		13,527
			Series - 2006 4 (Class A3)
	13,200,000	i	Morgan Stanley Capital I	5.447		02/12/44		14,440
			Series - 2007 HQ11 (Class A4)
	6,710,000		Morgan Stanley Capital I	5.364		03/15/44		7,090
			Series - 2007 IQ13 (Class A4)
	3,550,000	g,i	Morgan Stanley Capital I	5.255		09/15/47		2,969
			Series - 2011 C1 (Class D)
	6,560,000	g,i	Morgan Stanley Capital I	5.255		09/15/47		5,797
			Series - 2011 C1 (Class C)
	3,075,000	i	Morgan Stanley Capital I	5.544		11/12/49		3,181
			Series - 2007 T25 (Class AM)
	3,600,000	i	Nomura Asset Securities Corp	7.070		03/15/30		3,770
			Series - 1998 D6 (Class A2)
	6,714,000	g,i	RBSCF Trust	4.673		04/15/24		6,160
			Series - 2010 MB1 (Class D)
	8,254,637		Residential Accredit Loans, Inc	6.000		06/25/36		4,776
			Series - 2006 QS7 (Class A3)
	15,164,302	i	Residential Accredit Loans, Inc	0.484		05/25/46		7,445
			Series - 2006 QO5 (Class 2A1)
	4,698,119	i	Residential Funding Mortgage Securities I, Inc	2.886		08/25/35		3,816
			Series - 2005 SA3 (Class 2A1)

339

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$ 1,293,516	i	Structured Adjustable Rate Mortgage Loan Trust	0.674	%	03/25/35	$	1,228
			Series - 2005 6XS (Class A3)
	1,567,101	i	Wachovia Bank Commercial Mortgage Trust	4.957		08/15/35		1,572
			Series - 2003 C6 (Class A3)
	4,082,000		Wachovia Bank Commercial Mortgage Trust	5.246		12/15/43		4,125
			Series - 2007 C30 (Class A3)
	9,725,000		Wachovia Bank Commercial Mortgage Trust	5.383		12/15/43		8,101
			Series - 2007 C30 (Class AM)
	17,352,000	i	Wachovia Bank Commercial Mortgage Trust	5.970		06/15/45		17,973
			Series - 2006 C26 (Class AM)
	3,225,000	i	Wachovia Bank Commercial Mortgage Trust	5.818		05/15/46		3,109
			Series - 2007 C34 (Class AM)
	7,595,000		Wachovia Bank Commercial Mortgage Trust	5.500		04/15/47		8,013
			Series - 2007 C31 (Class A5)
	3,660,000		Wachovia Bank Commercial Mortgage Trust	5.339		11/15/48		3,619
			Series - 2006 C29 (Class AM)
	15,255,000	i	Wachovia Bank Commercial Mortgage Trust	5.368		11/15/48		9,660
			Series - 2006 C29 (Class AJ)
	6,125,000	i	Wachovia Bank Commercial Mortgage Trust	5.899		02/15/51		6,632
			Series - 2007 C33 (Class A4)
	6,565,000	i	Wachovia Bank Commercial Mortgage Trust	5.899		02/15/51		6,988
			Series - 2007 C33 (Class A5)
	2,011,560		Wells Fargo Mortgage Backed Securities Trust	5.500		04/25/35		2,020
			Series - 2005 2 (Class 1A1)
	4,725,000	g,i	Wells Fargo Mortgage Backed Securities Trust	5.276		10/15/57		4,758
			Series - 2010 C1 (Class B)
			TOTAL OTHER MORTGAGE BACKED					440,296
			TOTAL STRUCTURED ASSETS					601,917
			(Cost $619,247)
			TOTAL BONDS					13,174,563
			(Cost $12,581,199)

SHARES			COMPANY
PREFERRED STOCKS - 0.0%
BANKS - 0.0%
	470,597	*	Federal Home Loan Mortgage Corp	8.375	12/30/49	626
	1,527,061	*	Federal National Mortgage Association	8.250	12/30/49	2,107
			TOTAL BANKS			2,733
			TOTAL PREFERRED STOCKS			2,733
			(Cost $49,941)

PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 19.3%
GOVERNMENT AGENCY DEBT - 2.5%
	$   30,000,000	d	Federal Home Loan Bank (FHLB)	0.013	02/01/12	29,999
	150,000,000	d	FHLB	0.013	02/22/12	149,997
	9,830,000		FHLB	0.009	02/24/12	9,830
	37,675,000	d	Federal Home Loan Mortgage Corp (FHLMC)	0.047	01/09/12	37,674

340

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    19,250,000	d	FHLMC	0.071	%	05/29/12	$	19,249
	39,240,000	d	Federal National Mortgage Association (FNMA)	0.009		01/25/12		39,239
	50,000,000	d	FNMA	0.022		02/22/12		49,996
			TOTAL GOVERNMENT AGENCY DEBT					335,984
TREASURY DEBT - 16.8%
	100,000,000	d	United States Treasury Bill	0.017		01/05/12		100,000
	100,000,000	d	United States Treasury Bill	0.024		01/12/12		99,999
	19,160,000	d	United States Treasury Bill	0.005		01/26/12		19,160
	250,000,000	d	United States Treasury Bill	0.032		02/09/12		249,990
	9,000,000	d	United States Treasury Bill	0.047		02/16/12		8,999
	50,000,000	d	United States Treasury Bill	0.036		03/01/12		49,999
	100,000,000	d	United States Treasury Bill	0.036		03/08/12		99,996
	49,000,000	d	United States Treasury Bill	0.012		03/15/12		48,998
	12,950,000	d	United States Treasury Bill	0.025		03/22/12		12,950
	153,000,000	d	United States Treasury Bill	0.028		04/12/12		152,993
	225,085,000	d	United States Treasury Bill	0.031		04/19/12		225,071
	76,000,000	d	United States Treasury Bill	0.027		05/03/12		75,994
	350,000,000	d	United States Treasury Bill	0.032		05/10/12		349,962
	82,800,000	d	United States Treasury Bill	0.029		05/17/12		82,789
	70,000,000	d	United States Treasury Bill	0.034		05/24/12		69,990
	173,340,000	d	United States Treasury Bill	0.048		05/31/12		173,310
	50,000,000	d	United States Treasury Bill	0.030		06/07/12		49,990
	60,000,000	d	United States Treasury Bill	0.030		06/14/12		59,986
	100,000,000	d	United States Treasury Bill	0.037		07/26/12		99,969
	100,000,000	d	United States Treasury Bill	0.049		08/23/12		99,955
	107,000,000	d	United States Treasury Bill	0.076		10/18/12		106,927
			TOTAL TREASURY DEBT					2,237,027
			TOTAL SHORT-TERM INVESTMENTS					2,573,011
			(Cost $2,573,005)
			TOTAL INVESTMENTS - 117.9%					15,762,090
			(Cost $15,216,009)
			OTHER ASSETS & LIABILITIES, NET - (17.9)%					(2,393,398	)
			NET ASSETS - 100.0%				$	13,368,692
	*		Non-income producing.
	^		Amount represents less than $1,000.
	d		All or a portion of these securities have been segregated by the custodian to cover collateral requirements on mortgage dollar rolls.
	g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 of which are deemed liquid. Such secutities may be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 2011 the aggregate value of these securities amounted to $993,693,000 or 7.4% of net assets.
	h		All or a portion of these securities were purchased on a delayed delivery basis.
	i		Floating or variable rate security. Coupon rate reflects the rate at period end.
	j		Zero coupon
	m		Indicates a security that has been deemed illiquid.
	n		In default.
			Cost amounts are in thousands.

341

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

COLLEGE RETIREMENT EQUITIES FUND
INFLATION-LINKED BOND
SCHEDULE OF INVESTMENTS
December 31, 2011

PRINCIPAL			ISSUER	VALUE (000)
GOVERNMENT BONDS - 98.4%
U.S. TREASURY SECURITIES - 98.4%
		k	United States Treasury Inflation Indexed Bonds
	$    199,101,105		0.625%, 04/15/13	$	202,461
	344,102,972		1.875%, 07/15/13		359,830
	349,681,737		2.000%, 01/15/14		370,307
	236,779,935		1.250%, 04/15/14		248,120
	330,559,472		2.000%, 07/15/14		356,152
	299,936,170		1.625%, 01/15/15		323,486
	225,482,946		0.500%, 04/15/15		235,929
	283,584,504		1.875%, 07/15/15		312,740
	270,899,582		2.000%, 01/15/16		302,794
	332,785,740		0.125%, 04/15/16		346,929
	274,227,273		2.500%, 07/15/16		317,161
	231,090,241		2.375%, 01/15/17		268,245
	208,675,140		2.625%, 07/15/17		248,405
	231,358,083		1.625%, 01/15/18		263,459
	217,994,532		1.375%, 07/15/18		246,811
	215,677,970		2.125%, 01/15/19		256,354
	234,370,500		1.875%, 07/15/19		276,136
	257,905,656		1.375%, 01/15/20		293,650
	284,107,293		1.250%, 07/15/20		321,352
	393,801,053		1.125%, 01/15/21		439,180
	397,648,386		0.625%, 07/15/21		425,391
	386,520,635		2.375%, 01/15/25		491,424
	270,186,538		2.000%, 01/15/26		332,118
	220,862,628		2.375%, 01/15/27		285,241
	216,063,914		1.750%, 01/15/28		259,834
	296,835,000		3.625%, 04/15/28		441,357
	210,826,534		2.500%, 01/15/29		281,272
	291,857,286		3.875%, 04/15/29		454,772
	88,354,982		3.375%, 04/15/32		136,087
	165,160,446		2.125%, 02/15/40		221,638
	288,382,600		2.125%, 02/15/41		389,519
			United States Treasury Note
	52,000,000		0.250%, 09/15/14		51,869
	21,000,000		1.000%, 08/31/16		21,230
	11,000,000		2.250%, 07/31/18		11,700
	4,000,000		2.125%, 08/15/21		4,104
			TOTAL U.S. TREASURY SECURITIES		9,797,057
			TOTAL GOVERNMENT BONDS		9,797,057
			(Cost $8,557,136)

342

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
SHORT-TERM INVESTMENTS - 0.9%
GOVERNMENT AGENCY DEBT - 0.6%
	$    2,995,000	Federal Farm Credit Bank (FFCB)	0.005	%	01/03/12	$	2,995
	2,870,000	Federal Home Loan Bank (FHLB)	0.051		05/18/12		2,870
	11,875,000	FHLB	0.014		02/10/12		11,875
	1,300,000	Federal Home Loan Mortgage Corp (FHLMC)	0.048		04/23/12		1,300
	12,190,000	FHLMC	0.067		06/11/12		12,187
	1,605,000	FHLMC	0.046		01/24/12		1,605
	9,835,000	FHLMC	0.014		03/05/12		9,835
	5,370,000	Federal National Mortgage Association (FNMA)	0.013		03/08/12		5,370
	8,425,000	FNMA	0.011		02/08/12		8,425
							56,462
TREASURY DEBT - 0.3%
	20,000,000	United States Treasury Bill	0.030		06/14/12		19,995
	8,400,000	United States Treasury Bill	0.019		03/29/12		8,400
	1,900,000	United States Treasury Note	0.875		01/31/12		1,901
							30,296
		TOTAL SHORT-TERM INVESTMENTS					86,758
		(Cost $86,757)
		TOTAL INVESTMENTS - 99.3%					9,883,815
		(Cost $8,643,893)
		OTHER ASSETS AND LIABILITIES, NET - 0.7%					66,481
		NET ASSETS - 100.0%				$	9,950,296
	k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
		Cost amounts are in thousands.

343

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

COLLEGE RETIREMENT EQUITIES FUND

SOCIAL CHOICE ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2011

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
BONDS - 39.1%
CORPORATE BONDS - 10.5%
AUTOMOBILES & COMPONENTS - 0.1%
	$    2,350,000		BorgWarner, Inc	4.625	%	09/15/20	$	2,497
	4,750,000		Johnson Controls, Inc	2.600		12/01/16		4,792
	3,250,000		Johnson Controls, Inc	5.000		03/30/20		3,615
			TOTAL AUTOMOBILES & COMPONENTS					10,904
BANKS - 2.3%
	3,400,000		Bank of New York Mellon Corp	4.300		05/15/14		3,648
	5,000,000		Bank of New York Mellon Corp	3.100		01/15/15		5,215
	5,000,000		Bank of New York Mellon Corp	2.950		06/18/15		5,185
	5,000,000		Bank of New York Mellon Corp	2.300		07/28/16		5,016
	2,675,000		Bank of New York Mellon Corp	5.450		05/15/19		3,049
	4,750,000	e	Bank of New York Mellon Corp	3.550		09/23/21		4,819
	6,120,000	e,g	Bank of Nova Scotia	1.450		07/26/13		6,191
	14,090,000	e,g	Bank of Nova Scotia	1.650		10/29/15		14,073
	9,800,000	g	Bank of Nova Scotia	2.150		08/03/16		9,869
	5,000,000		BB&T Corp	3.375		09/25/13		5,172
	5,000,000		BB&T Corp	3.850		07/27/27		5,082
	5,000,000		Capital One Bank USA NA	8.800		07/15/19		5,720
	3,500,000		Capital One Capital V	8.875		05/15/40		3,633
	4,750,000	i	Capital One Financial Corp	1.553		07/15/14		4,598
	6,500,000		Capital One Financial Corp	2.125		07/15/14		6,417
	7,250,000		Capital One Financial Corp	3.150		07/15/16		7,281
	6,900,000		Comerica, Inc	3.000		09/16/15		7,049
	8,800,000	g	Depfa ACS Bank	5.125		03/16/37		6,291
	2,375,000	e	Discover Bank	7.000		04/15/20		2,485
	8,750,000		First Horizon National Corp	5.375		12/15/15		8,857
	5,000,000		First Niagara Financial Group, Inc	6.750		03/19/20		5,265
	10,400,000		Manufacturers & Traders Trust Co	6.625		12/04/17		11,980
	4,644,000	i	Manufacturers & Traders Trust Co	5.585		12/28/20		4,527
	6,076,000	i	Manufacturers & Traders Trust Co	5.629		12/01/21		5,715
	5,000,000		Mercantile Bankshares Corp	4.625		04/15/13		5,210
	6,100,000		Northern Trust Corp	4.625		05/01/14		6,561
	5,000,000		PNC Funding Corp	3.625		02/08/15		5,252
	4,750,000		PNC Funding Corp	2.700		09/19/16		4,835
	5,000,000		PNC Funding Corp	5.125		02/08/20		5,650
	3,000,000		State Street Corp	4.300		05/30/14		3,211
	4,650,000	e	SVB Financial Group	5.375		09/15/20		4,764
	11,000,000	e,g	Toronto-Dominion Bank	1.625		09/14/16		10,855
	3,000,000		US Bancorp	4.950		10/30/14		3,260
	5,000,000	e	US Bancorp	2.875		11/20/14		5,211
	4,750,000		US Bancorp	2.200		11/15/16		4,796
	2,500,000		USB Capital XIII Trust	6.625		12/15/39		2,540

344

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    5,000,000		Webster Bank	5.875	%	01/15/13	$	5,086
	4,000,000		Zions Bancorporation	7.750		09/23/14		4,241
			TOTAL BANKS					218,609
CAPITAL GOODS - 0.7%
	2,500,000		3M Co	6.375		02/15/28		3,348
	8,200,000		Caterpillar, Inc	1.375		05/27/14		8,296
	5,330,000		Caterpillar, Inc	5.200		05/27/41		6,384
	5,000,000		Danaher Corp	1.300		06/23/14		5,072
	5,000,000		Danaher Corp	2.300		06/23/16		5,197
	1,800,000		Deere & Co	5.375		10/16/29		2,262
	4,340,000		Deere & Co	8.100		05/15/30		6,554
	6,000,000		Fluor Corp	3.375		09/15/21		6,075
	2,500,000	g	Illinois Tool Works, Inc	4.875		09/15/41		2,845
	3,150,000		Masco Corp	7.125		03/15/20		3,179
	5,155,000		Pall Corp	5.000		06/15/20		5,836
	3,300,000		Rockwell Collins, Inc	3.100		11/15/21		3,357
	5,000,000		Timken Co	6.000		09/15/14		5,411
			TOTAL CAPITAL GOODS					63,816
COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
	5,000,000		Howard Hughes Medical Institute	3.450		09/01/14		5,332
	4,750,000		Waste Management, Inc	2.600		09/01/16		4,821
	2,730,000		Waste Management, Inc	4.600		03/01/21		2,958
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					13,111
CONSUMER DURABLES & APPAREL - 0.2%
	2,500,000		Whirlpool Corp	8.000		05/01/12		2,556
	1,100,000		Whirlpool Corp	8.600		05/01/14		1,228
	9,750,000	i	Xerox Corp	1.281		05/16/14		9,607
	2,500,000	e	Xerox Corp	4.500		05/15/21		2,534
			TOTAL CONSUMER DURABLES & APPAREL					15,925
CONSUMER SERVICES - 0.3%
	2,000,000		American National Red Cross	5.392		11/15/12		2,017
	4,000,000		American National Red Cross	5.567		11/15/17		4,161
	5,000,000		Andrew W Mellon Foundation	3.950		08/01/14		5,379
	1,250,000		McDonald’s Corp	5.000		02/01/19		1,483
	7,550,000		Nature Conservancy	6.300		07/01/19		8,963
	5,145,000		Salvation Army	5.637		09/01/26		5,629
			TOTAL CONSUMER SERVICES					27,632
DIVERSIFIED FINANCIALS - 0.7%
	1,675,000		American Express Co	7.000		03/19/18		2,024
	3,325,000		American Express Co	8.125		05/20/19		4,299
	2,200,000		Ameriprise Financial, Inc	5.300		03/15/20		2,367
	4,750,000	i	Berkshire Hathaway, Inc	1.157		08/15/14		4,761
	4,750,000		Berkshire Hathaway, Inc	2.200		08/15/16		4,890
	5,000,000		BlackRock, Inc	4.250		05/24/21		5,227
	5,000,000		Caterpillar Financial Services Corp	1.125		12/15/14		5,006
	1,000,000		Eaton Vance Corp	6.500		10/02/17		1,122

345

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER		RATE		MATURITY DATE	VALUE (000)
	$    5,000,000		Ford Motor Credit Co LLC		3.875	%	01/15/15	$	4,981
	5,900,000		Ford Motor Credit Co LLC		7.000		04/15/15		6,343
	4,950,000		Ford Motor Credit Co LLC		5.000		05/15/18		4,963
	3,500,000		Ford Motor Credit Co LLC		5.875		08/02/21		3,648
	7,500,000	g	Harley-Davidson Financial Services, Inc		3.875		03/15/16		7,769
	9,750,000		John Deere Capital Corp		1.250		12/02/14		9,856
	4,155,000		John Deere Capital Corp		2.250		06/07/16		4,268
			TOTAL DIVERSIFIED FINANCIALS						71,524
ENERGY - 0.8%
	5,500,000		Apache Corp		5.100		09/01/40		6,428
	1,750,000	e	Chesapeake Energy Corp		6.500		08/15/17		1,864
	1,500,000		Chesapeake Energy Corp		6.625		08/15/20		1,609
	2,630,000		Chesapeake Energy Corp		6.125		02/15/21		2,702
	2,500,000		Devon Energy Corp		6.300		01/15/19		3,058
	2,000,000		Devon Energy Corp		5.600		07/15/41		2,405
	5,000,000		Diamond Offshore Drilling, Inc	��	4.875		07/01/15		5,425
	5,000,000		EOG Resources, Inc		2.950		06/01/15		5,225
	3,000,000		EOG Resources, Inc		4.100		02/01/21		3,267
	5,000,000		EQT Corp		8.125		06/01/19		5,865
	4,750,000		EQT Corp		4.875		11/15/21		4,795
	2,500,000		Hess Corp		8.125		02/15/19		3,209
	4,000,000		Hess Corp		6.000		01/15/40		4,733
	2,000,000		Hess Corp		5.600		02/15/41		2,235
	1,526,000		Marathon Oil Corp		5.900		03/15/18		1,786
	1,870,000		Marathon Petroleum Corp		3.500		03/01/16		1,903
	2,500,000		Noble Energy, Inc		8.250		03/01/19		3,251
	5,000,000		SEACOR Holdings, Inc		7.375		10/01/19		5,274
	5,000,000		Spectra Energy Capital LLC		5.650		03/01/20		5,550
	2,500,000		Tennessee Gas Pipeline Co		8.000		02/01/16		2,951
	5,000,000	g	Texas Eastern Transmission LP		4.125		12/01/20		5,407
			TOTAL ENERGY						78,942
FOOD & STAPLES RETAILING - 0.1%
	7,250,000		Safeway, Inc		3.400		12/01/16		7,435
	4,100,000		Safeway, Inc		3.950		08/15/20		4,049
	2,500,000		Sysco Corp		6.625		03/17/39		3,601
			TOTAL FOOD & STAPLES RETAILING						15,085
FOOD, BEVERAGE & TOBACCO - 0.5%
	5,900,000		Coca-Cola Enterprises, Inc		1.125		11/12/13		5,919
	4,750,000		Coca-Cola Enterprises, Inc		2.000		08/19/16		4,721
	1,100,000		General Mills, Inc		5.650		02/15/19		1,305
	7,650,000		HJ Heinz Co		2.000		09/12/16		7,723
	1,600,000	g	HJ Heinz Finance Co		7.125		08/01/39		2,207
	2,000,000		JM Smucker Co		3.500		10/15/21		2,046
	5,000,000	e	Kellogg Co		1.875		11/17/16		5,020
	2,500,000		Kellogg Co		4.150		11/15/19		2,705
	4,900,000		Kellogg Co		4.000		12/15/20		5,186
	5,000,000		Kraft Foods, Inc		2.625		05/08/13		5,108
	5,000,000		Kraft Foods, Inc		6.500		02/09/40		6,505
	2,500,000	e	PepsiCo, Inc		0.875		10/25/13		2,512

346

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$   5,000,000		PepsiCo, Inc	2.500	%	05/10/16	$	5,202
	428,000		PepsiCo, Inc	7.900		11/01/18		578
			TOTAL FOOD, BEVERAGE & TOBACCO					56,737
HEALTH CARE EQUIPMENT & SERVICES - 0.3%
	4,000,000		Becton Dickinson & Co	5.000		05/15/19		4,618
	2,000,000		Becton Dickinson & Co	6.000		05/15/39		2,569
	4,750,000		Becton Dickinson and Co	1.750		11/08/16		4,786
	3,500,000		Medtronic, Inc	4.750		09/15/15		3,920
	2,650,000		Medtronic, Inc	4.450		03/15/20		2,990
	2,500,000		Medtronic, Inc	6.500		03/15/39		3,445
	5,000,000		Providence Health & Services	5.050		10/01/14		5,581
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					27,909
HOUSEHOLD & PERSONAL PRODUCTS - 0.0%
	3,750,000		Clorox Co	3.800		11/15/21		3,820
	2,250,000		Ecolab, Inc	4.350		12/08/21		2,403
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					6,223
INSURANCE - 0.4%
	2,500,000		Aflac, Inc	6.900		12/17/39		2,780
	3,500,000		Cincinnati Financial Corp	6.125		11/01/34		3,483
	4,150,000		Lincoln National Corp	4.300		06/15/15		4,298
	2,000,000		Markel Corp	6.800		02/15/13		2,075
	2,500,000		Markel Corp	7.125		09/30/19		2,903
	7,500,000		Markel Corp	5.350		06/01/21		7,854
	5,300,000		Markel Corp	7.350		08/15/34		5,956
	2,500,000	g	Principal Life Global Funding I	5.125		10/15/13		2,645
	3,000,000		Progressive Corp	6.375		01/15/12		3,004
	3,100,000		Progressive Corp	3.750		08/23/21		3,221
	5,000,000		Protective Life Corp	7.375		10/15/19		5,549
	2,000,000		Travelers Cos, Inc	5.900		06/02/19		2,379
			TOTAL INSURANCE					46,147
MATERIALS - 0.6%
	3,335,000		Air Products & Chemicals, Inc	4.375		08/21/19		3,761
	4,750,000		Air Products & Chemicals, Inc	3.000		11/03/21		4,822
	2,800,000		Airgas, Inc	4.500		09/15/14		2,967
	3,650,000		Alcoa, Inc	5.400		04/15/21		3,657
	1,000,000		Ball Corp	6.750		09/15/20		1,088
	4,000,000		Bemis Co, Inc	6.800		08/01/19		4,768
	1,750,000		Bemis Co, Inc	4.500		10/15/21		1,854
	5,000,000		Cliffs Natural Resources, Inc	6.250		10/01/40		4,925
	2,300,000		Eastman Chemical Co	5.500		11/15/19		2,618
	2,650,000		International Paper Co	7.300		11/15/39		3,224
	5,000,000		International Paper Co	6.000		11/15/41		5,428
	5,000,000		MeadWestvaco Corp	7.375		09/01/19		5,809
	5,000,000		Praxair, Inc	4.375		03/31/14		5,363
	2,500,000		Praxair, Inc	5.250		11/15/14		2,806
	5,000,000		Praxair, Inc	4.500		08/15/19		5,718
			TOTAL MATERIALS					58,808

347

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
MEDIA - 0.4%
	$   3,500,000	e	Time Warner Cable, Inc	3.500	%	02/01/15	$	3,668
	3,200,000		Time Warner Cable, Inc	8.750		02/14/19		4,086
	3,900,000		Time Warner Cable, Inc	8.250		04/01/19		4,898
	5,000,000		Time Warner Cable, Inc	4.125		02/15/21		5,135
	5,000,000		Time Warner Cable, Inc	4.000		09/01/21		5,059
	3,500,000		Time Warner Cable, Inc	6.550		05/01/37		3,981
	5,000,000		Time Warner Cable, Inc	5.500		09/01/41		5,269
	5,234,000		Time Warner Entertainment Co LP	10.150		05/01/12		5,385
			TOTAL MEDIA					37,481
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.5%
	3,100,000		Abbott Laboratories	2.700		05/27/15		3,251
	2,250,000		Gilead Sciences, Inc	4.400		12/01/21		2,382
	10,000,000	i	Johnson & Johnson	0.547		05/15/14		10,024
	4,600,000	e	Johnson & Johnson	2.150		05/15/16		4,798
	4,600,000		Johnson & Johnson	4.500		09/01/40		5,225
	8,080,000		Life Technologies Corp	3.500		01/15/16		8,114
	5,000,000		Merck & Co, Inc	2.250		01/15/16		5,188
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					38,982
REAL ESTATE - 0.4%
	1,000,000		AMB Property LP	7.625		08/15/14		1,095
	3,500,000		Boston Properties LP	3.700		11/15/18		3,574
	3,011,000		Federal Realty Investment Trust	6.000		07/15/12		3,063
	1,400,000		Federal Realty Investment Trust	5.900		04/01/20		1,515
	5,325,000		HCP, Inc	3.750		02/01/16		5,418
	3,665,000		Health Care REIT, Inc	3.625		03/15/16		3,607
	3,400,000		Healthcare Realty Trust, Inc	5.750		01/15/21		3,437
	2,500,000		Kilroy Realty Corp	5.000		11/03/15		2,571
	3,400,000		Kilroy Realty LP	4.800		07/15/18		3,358
	3,125,000		Simon Property Group LP	2.800		01/30/17		3,192
	5,750,000		Washington Real Estate Investment Trust	5.125		03/15/13		5,900
	7,500,000		Washington Real Estate Investment Trust	4.950		10/01/20		7,844
			TOTAL REAL ESTATE					44,574
RETAILING - 0.2%
	5,000,000		AutoZone, Inc	5.750		01/15/15		5,535
	3,050,000		Macy’s Retail Holdings, Inc	5.900		12/01/16		3,408
	1,450,000		Nordstrom, Inc	4.000		10/15/21		1,512
	5,095,000		O’Reilly Automotive, Inc	4.625		09/15/21		5,342
	500,000		Staples, Inc	9.750		01/15/14		572
	4,350,000		Target Corp	1.125		07/18/14		4,382
			TOTAL RETAILING					20,751
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	4,750,000		Intel Corp	1.950		10/01/16		4,883
	7,500,000		Texas Instruments, Inc	2.375		05/16/16		7,813
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					12,696

348

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
SOFTWARE & SERVICES - 0.2%
	$   5,000,000		Adobe Systems, Inc	3.250	%	02/01/15	$	5,248
	5,000,000		International Business Machines Corp	1.000		08/05/13		5,039
	8,055,000		International Business Machines Corp	1.950		07/22/16		8,290
	3,550,000		Symantec Corp	2.750		09/15/15		3,609
			TOTAL SOFTWARE & SERVICES					22,186
TECHNOLOGY HARDWARE & EQUIPMENT - 0.2%
	666,000		Cisco Systems, Inc	2.900		11/17/14		705
	1,955,000		Hewlett-Packard Co	4.500		03/01/13		2,011
	4,750,000	e,i	Hewlett-Packard Co	2.109		09/19/14		4,727
	4,750,000		Hewlett-Packard Co	3.300		12/09/16		4,850
	2,030,000		Hewlett-Packard Co	3.750		12/01/20		2,004
	5,000,000		Xerox Corp	8.250		05/15/14		5,642
	2,500,000		Xerox Corp	4.250		02/15/15		2,635
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					22,574
TELECOMMUNICATION SERVICES - 0.0%
	4,750,000	e	American Tower REIT, Inc	5.900		11/01/21		4,994
	3,235,000		Sprint Nextel Corp	6.000		12/01/16		2,685
			TOTAL TELECOMMUNICATION SERVICES					7,679
TRANSPORTATION - 0.2%
	4,600,000		Burlington Northern Santa Fe LLC	5.050		03/01/41		5,101
	2,100,000		Burlington Northern Santa Fe LLC	4.950		09/15/41		2,317
	2,000,000		CSX Corp	4.750		05/30/42		2,064
	2,500,000		Norfolk Southern Corp	5.750		01/15/16		2,894
	5,000,000		Norfolk Southern Corp	3.250		12/01/21		5,073
	2,500,000		Norfolk Southern Corp	5.590		05/17/25		2,888
	4,815,000		Norfolk Southern Corp	5.640		05/17/29		5,924
			United Parcel Service of America, Inc (Step Bond 8.375%
	1,360,000		until 04/01/20, 7.620% until 04/01/30)	8.375		04/01/30		1,992
	5,000,000	e	United Parcel Service, Inc	3.125		01/15/21		5,304
			TOTAL TRANSPORTATION					33,557
UTILITIES - 1.2%
	7,850,000		American Water Capital Corp	6.085		10/15/17		9,131
	1,667,000		Arizona Public Service Co	5.050		09/01/41		1,871
	2,000,000		Atmos Energy Corp	8.500		03/15/19		2,643
	5,000,000		CenterPoint Energy Houston Electric LLC	7.000		03/01/14		5,620
	2,000,000		CenterPoint Energy Resources Corp	5.850		01/15/41		2,305
	1,200,000		Connecticut Light & Power Co	5.500		02/01/19		1,400
	2,000,000		Connecticut Light & Power Co	5.750		03/01/37		2,403
	8,000,000		Detroit Edison Co	3.900		06/01/21		8,742
	5,000,000	i	DTE Energy Co	1.227		06/03/13		4,995
	2,738,456	g	Great River Energy	5.829		07/01/17		3,110
	850,000		Idaho Power Co	4.750		11/15/12		875
	5,000,000		Idaho Power Co	5.500		04/01/33		5,780
	2,500,000		Idaho Power Co	6.250		10/15/37		3,217
	7,500,000	g	International Transmission Co	4.450		07/15/13		7,775
	2,000,000		Laclede Gas Co	6.150		06/01/36		2,516
	6,000,000		Nevada Power Co	6.650		04/01/36		8,039

349

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    1,000,000		Nevada Power Co	5.375	%	09/15/40	$	1,174
	3,335,000		Nevada Power Co	5.450		05/15/41		3,962
	2,000,000		Nicor, Inc	6.580		02/15/28		2,487
	5,000,000		Northeast Utilities	5.650		06/01/13		5,288
	1,500,000		Northwest Natural Gas Co	5.620		11/21/23		1,836
	1,600,000		NSTAR Electric Co	5.500		03/15/40		1,968
	5,000,000		Pacific Gas & Electric Co	8.250		10/15/18		6,591
	4,650,000		Pacific Gas & Electric Co	3.250		09/15/21		4,718
	4,750,000		Pacific Gas & Electric Co	5.800		03/01/37		5,785
	3,750,000		Pacific Gas & Electric Co	5.400		01/15/40		4,361
	3,000,000		Pepco Holdings, Inc	2.700		10/01/15		3,039
	3,850,000		Portland General Electric Co	6.100		04/15/19		4,746
	630,000		Public Service Co of Colorado	4.750		08/15/41		722
	5,500,000		San Diego Gas & Electric Co	3.000		08/15/21		5,656
	620,000		San Diego Gas & Electric Co	6.000		06/01/39		849
	1,380,000		San Diego Gas & Electric Co	3.950		11/15/41		1,413
	5,000,000		Washington Gas Light Co	5.440		08/11/25		5,910
	1,000,000		Wisconsin Power & Light Co	5.000		07/15/19		1,161
			TOTAL UTILITIES					132,088
			TOTAL CORPORATE BONDS					1,083,940
			(Cost $1,012,810)
GOVERNMENT BONDS 26.4%
AGENCY SECURITIES - 3.5%
	5,500,000		Federal Home Loan Bank (FHLB)	5.000		11/17/17		6,601
	4,635,000		Federal Home Loan Mortgage Corp (FHLMC)	2.500		04/23/14		4,845
	3,000,000		FHLMC	3.500		05/29/13		3,133
	3,000,000		Federal National Mortgage Association (FNMA)	2.500		05/15/14		3,131
	10,000,000		FNMA	2.625		11/20/14		10,580
	2,000,000		FNMA	1.125		07/30/12		2,011
	6,000,000		FNMA	1.250		08/20/13		6,084
	21,700,089		AMAL Ltd	3.465		08/21/21		22,815
	7,524,717		Cal Dive I- Title XI, Inc	4.930		02/01/27		8,684
	8,643,145		COP I LLC	3.613		12/05/21		9,581
	8,489,391		Gate Capital Cayman Two	3.550		06/11/21		8,946
	4,000,000	j	Government Trust Certificate	0.000		04/01/21		3,080
	4,865,000	g	Montefiore Medical Center	3.896		05/20/27		5,207
	1,498,114		National Credit Union Administration	1.840		10/07/20		1,507
	2,750,000	m	NCUA Guaranteed Notes	3.450		06/12/21		2,962
	3,850,000	j	Overseas Private Investment Corp	0.000		07/12/14		3,999
	4,700,000	j	Overseas Private Investment Corp	0.000		07/12/14		5,251
	1,236,434	j	Overseas Private Investment Corp	0.000		12/14/14		1,270
	3,000,000	j	Overseas Private Investment Corp	0.000		12/14/14		3,444
	12,750,000	j	Overseas Private Investment Corp	0.000		11/17/16		12,865
	3,000,000	j,m	Overseas Private Investment Corp	1.900		04/30/18		3,015

350

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$   2,750,000	m	Overseas Private Investment Corp	1.300	%	06/15/19	$	2,770
	3,981,139		Overseas Private Investment Corp	5.142		12/15/23		4,620
	7,100,000	m	Overseas Private Investment Corp	2.290		09/15/26		7,046
	8,905,271		Overseas Private Investment Corp	4.440		02/27/27		9,949
	7,850,000		Overseas Private Investment Corp	3.040		05/15/30		7,746
	5,000,000		Overseas Private Investment Corp	3.430		05/15/30		5,094
	4,750,000	m	Overseas Private Investment Corp	4.010		05/15/30		5,123
	9,051,453		Premier Aircraft Leasing	3.576		02/06/22		9,563
	1,050,000		Private Export Funding Corp	4.550		05/15/15		1,180
	9,750,000		Private Export Funding Corp	2.125		07/15/16		10,137
	8,000,000		Private Export Funding Corp	2.250		12/15/17		8,354
	10,000,000		Private Export Funding Corp	4.375		03/15/19		11,675
	17,500,000		Private Export Funding Corp	4.300		12/15/21		20,306
	1,931,714		Rowan Cos, Inc	3.525		05/01/20		2,017
	5,299,056		Rowan Cos, Inc	3.158		07/15/21		5,478
	8,781,477		San Clemente Leasing LLC	3.585		08/27/21		9,287
	4,393,560		Tayarra Ltd	3.628		02/15/22		4,666
	4,308,692		Tricahue Leasing LLC	3.503		11/19/21		4,495
			United States Department of Housing and Urban
	5,250,000		Development	4.330		08/01/15		5,886
			United States Department of Housing and Urban
	3,894,000		Development	2.910		08/01/17		4,222
			United States Department of Housing and Urban
	10,750,000		Development	1.770		08/01/18		10,814
	10,000,000	e	US Central Federal Credit Union	1.900		10/19/12		10,140
	9,000,000		US Department of Housing and Urban Development	5.190		08/01/14		10,052
	1,900,000		US Department of Housing and Urban Development	2.200		08/01/15		1,992
	8,000,000		US Department of Housing and Urban Development	4.560		08/01/17		9,380
	5,007,000		US Department of Housing and Urban Development	5.380		08/01/18		5,891
	13,967,000		US Department of Housing and Urban Development	4.960		08/01/20		16,915
	13,500,000	e	US Department of Housing and Urban Development	5.050		08/01/21		16,177
	4,692,927	g	US Trade Funding Corp	4.260		11/15/14		4,924
	5,000,000		Western Corporate Federal Credit Union	1.750		11/02/12		5,063
			TOTAL AGENCY SECURITIES					359,973
FOREIGN GOVERNMENT BONDS - 2.5%
	5,000,000	g	Bank of Montreal	2.625		01/25/16		5,161
	4,000,000	g	Caisse Centrale Desjardins du Quebec	2.550		03/24/16		4,107
	3,900,000		Canada Government International Bond	2.375		09/10/14		4,096
	9,000,000	g	Canadian Imperial Bank of Commerce	2.000		02/04/13		9,100
	7,000,000	e,g	Canadian Imperial Bank of Commerce	2.750		01/27/16		7,242
	24,750,000	e	Council of Europe Development Bank	1.500		01/15/15		24,851
	8,500,000		Council of Europe Development Bank	2.750		02/10/15		8,831
	2,000,000		European Investment Bank	4.875		02/15/36		2,183
	14,500,000		Hydro Quebec	2.000		06/30/16		14,802
	6,082,000		Hydro Quebec	8.400		01/15/22		8,893
	11,625,000	i	India Government AID Bond	0.529		02/01/27		10,669
	2,850,000	e	Italy Government International Bond	5.375		06/12/17		2,639
	3,145,000	e,g	National Bank of Canada	1.650		01/30/14		3,178
	7,500,000	g	National Bank of Canada	2.200		10/19/16		7,562
	4,000,000		Province of British Columbia Canada	2.850		06/15/15		4,238
	12,000,000		Province of British Columbia Canada	2.100		05/18/16		12,486

351

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$   5,000,000	e	Province of Manitoba Canada	5.000	%	02/15/12	$	5,025
	2,000,000	e	Province of Manitoba Canada	2.125		04/22/13		2,040
	10,000,000		Province of Manitoba Canada	1.375		04/28/14		10,164
	10,000,000		Province of New Brunswick Canada	2.750		06/15/18		10,453
	5,000,000		Province of Nova Scotia Canada	2.375		07/21/15		5,212
	8,700,000		Province of Ontario Canada	4.100		06/16/14		9,348
	8,100,000		Province of Ontario Canada	2.950		02/05/15		8,530
	9,450,000		Province of Ontario Canada	2.700		06/16/15		9,898
	15,000,000	e	Province of Ontario Canada	2.300		05/10/16		15,447
	10,000,000		Province of Ontario Canada	1.600		09/21/16		9,969
	6,000,000		Province of Ontario Canada	4.000		10/07/19		6,624
	5,000,000		Province of Ontario Canada	4.400		04/14/20		5,697
	10,000,000		Province of Quebec Canada	3.500		07/29/20		10,709
	10,000,000		Province of Quebec Canada	2.750		08/25/21		9,989
	5,000,000		Province of Quebec Canada	7.500		09/15/29		7,481
			TOTAL FOREIGN GOVERNMENT BONDS					256,624
MORTGAGE BACKED - 11.7%
	3,473,537	i	Federal Home Loan Mortgage Corp (FHLMC)	5.946		04/01/37		3,776
	4,550,970	i	FHLMC	3.941		03/01/37		4,797
	2,642,626	i	FHLMC	5.518		08/01/37		2,820
	6,749,391		FHLMC	5.500		08/01/39		7,427
	3,680,151	i	FHLMC	5.163		09/01/37		3,921
	3,185,107	i	FHLMC	5.732		02/01/37		3,430
	2,123,751	i	FHLMC	2.455		02/01/36		2,235
	8,139,793		FHLMC (interest only)	4.000		06/15/34		580
	3,511,705	i	FHLMC	2.568		07/01/36		3,718
	1,276,440	i	FHLMC	2.662		09/01/36		1,347
	4,619,350	i	FHLMC	2.305		09/01/36		4,889
	971,972		Federal Home Loan Mortgage Corp Gold (FGLMC)	4.500		09/01/35		1,033
	1,258,256		FGLMC	6.000		08/01/35		1,389
	1,004,279		FGLMC	5.500		06/01/35		1,095
	733,722		FGLMC	5.000		02/01/36		789
	519,377		FGLMC	4.500		12/01/35		552
	1,172,925		FGLMC	5.000		10/01/35		1,262
	2,903,210		FGLMC	7.000		05/01/35		3,362
	1,462,299		FGLMC	6.000		05/01/35		1,622
	899,518		FGLMC	6.000		05/01/35		997
	735,802		FGLMC	6.000		05/01/35		816
	1,337,632		FGLMC	6.000		05/01/35		1,484
	448,657		FGLMC	6.000		05/01/35		496
	334,184		FGLMC	6.000		05/01/35		370
	112,620		FGLMC	6.500		05/01/36		127
	5,773,993		FGLMC	4.500		11/01/40		6,248
	7,714,355		FGLMC	6.000		07/01/39		8,593
	2,491,830		FGLMC	5.000		07/01/39		2,680
	43,000,000	h	FGLMC	5.000		01/15/41		46,205
	40,000,000	h	FGLMC	4.500		01/15/41		42,381
	6,481,092		FGLMC	4.500		12/01/40		6,997
	4,806,672		FGLMC	4.000		06/01/39		5,049

352

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$   1,323,499		FGLMC	6.500	%	11/01/37	$	1,485
	1,540,387		FGLMC	6.000		09/01/37		1,704
	1,100,154		FGLMC	6.500		10/01/36		1,239
	1,388,690		FGLMC	4.500		05/01/39		1,473
	985,551		FGLMC	6.000		11/01/38		1,084
	3,559,458		FGLMC	6.000		02/01/38		3,965
	221,553		FGLMC	4.500		07/01/20		238
	787,349		FGLMC	4.500		01/01/20		839
	1,343,918		FGLMC	5.000		02/01/19		1,460
	1,692,946		FGLMC	4.500		06/01/21		1,803
	5,881,328		FGLMC	4.500		06/01/21		6,264
	177,204		FGLMC	7.000		10/01/20		203
	1,446,806		FGLMC	5.500		01/01/19		1,586
	2,265,372		FGLMC	4.500		10/01/18		2,446
	284,040		FGLMC	6.000		12/01/17		306
	165,941		FGLMC	6.500		12/01/16		181
	3,941,973		FGLMC	4.500		01/01/19		4,257
	3,204,708		FGLMC	4.500		11/01/18		3,461
	2,672,833		FGLMC	4.500		11/01/18		2,886
	1,333,137		FGLMC	4.500		03/01/23		1,415
	5,233,052		FGLMC	5.500		12/01/33		5,703
	3,216,878		FGLMC	5.500		09/01/33		3,520
	2,816,613		FGLMC	5.500		09/01/33		3,085
	821,711		FGLMC	5.500		12/01/34		899
	1,384,576		FGLMC	6.000		09/01/34		1,536
	7,150,610		FGLMC	7.000		12/01/33		8,281
	1,925,711		FGLMC	4.500		07/01/33		2,048
	2,849,640		FGLMC	4.000		07/01/24		2,992
	16,425		FGLMC	7.000		05/01/23		19
	754,616		FGLMC	5.000		04/01/23		809
	60,054		FGLMC	8.000		01/01/31		72
	5,000,000	h	FGLMC	5.000		01/15/26		5,358
	989,905		FGLMC	4.500		09/01/24		1,050
	3,151,337		Federal National Mortgage Association (FNMA)	5.000		08/01/35		3,407
	1,526,218		FNMA	4.500		08/01/35		1,627
	7,380,604		FNMA	5.500		10/01/35		8,167
	8,042,673		FNMA	4.000		10/01/35		8,499
	1,157,520		FNMA	5.500		06/01/35		1,281
	1,685,979		FNMA	5.500		06/01/35		1,866
	558,067		FNMA	6.000		07/01/35		617
	57,044		FNMA	7.500		06/01/35		63
	1,051,677	i	FNMA	2.395		02/01/36		1,106
	1,537,853		FNMA	6.000		12/01/36		1,696
	1,560,149		FNMA	6.500		09/01/36		1,756
	670,074		FNMA	7.000		02/01/37		765
	10,311,066	i	FNMA	5.846		01/01/37		11,160
	910,567		FNMA	6.500		02/01/36		1,026
	408,841		FNMA	6.500		02/01/36		461
	984,295	i	FNMA	2.385		07/01/36		1,032
	2,724,002		FNMA	6.000		03/01/36		3,005
	2,397,684		FNMA	5.500		06/01/35		2,653

353

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    447,068		FNMA	6.000	%	12/01/34	$	498
	45,795		FNMA	4.500		09/01/34		49
	1,802,964		FNMA	5.500		01/01/35		1,980
	6,703,747		FNMA	5.500		01/01/35		7,418
	36,315		FNMA	4.500		07/01/34		39
	95,595		FNMA	4.500		07/01/34		102
	1,093,476		FNMA	4.500		08/01/34		1,167
	40,682		FNMA	4.500		08/01/34		43
	432,793		FNMA	5.500		03/01/35		479
	262,280		FNMA	5.500		05/01/35		287
	427,492		FNMA	5.500		05/01/35		469
	2,037,531		FNMA	6.000		05/01/35		2,273
	270,366		FNMA	5.500		05/01/35		296
	1,255,284		FNMA	5.500		04/01/35		1,387
	1,069,287		FNMA	5.500		04/01/35		1,183
	2,399,894		FNMA	5.500		05/01/35		2,656
	1,429,227		FNMA	5.500		04/01/35		1,582
	2,753,755		FNMA	6.500		03/01/37		3,100
	2,936,324		FNMA	4.500		02/01/39		3,127
	1,541,894		FNMA	6.000		01/01/39		1,699
	5,190,760		FNMA	4.500		04/01/39		5,528
	3,428,937		FNMA	4.000		04/01/39		3,638
	2,673,485		FNMA	4.500		01/01/39		2,847
	1,871,564	i	FNMA	4.930		10/01/38		1,997
	1,925,377		FNMA	6.000		01/01/39		2,122
	1,595,706		FNMA	5.500		01/01/39		1,739
	3,683,172		FNMA	4.500		08/01/39		3,923
	10,500,000		FNMA	4.000		02/25/40		11,129
	55,000,000		FNMA	6.000		01/25/40		60,560
	39,000,000	h	FNMA	3.500		01/25/41		40,109
	8,954,772		FNMA	4.000		11/01/40		9,415
	107,000,000	h	FNMA	4.500		01/25/40		113,855
	80,000,000	h	FNMA	4.000		01/25/40		84,038
	44,000,000	h	FNMA	5.500		01/25/40		47,912
	54,000,000	h	FNMA	5.000		01/25/40		58,337
	234,047		FNMA	6.500		03/01/38		262
	1,357,492		FNMA	6.000		09/01/37		1,520
	2,432,927		FNMA	6.000		09/01/37		2,725
	1,120,593		FNMA	6.500		09/01/37		1,254
	1,819,306		FNMA	6.000		09/01/37		2,038
	613,460		FNMA	6.500		08/01/37		688
	765,369		FNMA	7.000		04/01/37		874
	2,140,426		FNMA	6.000		09/01/37		2,397
	1,004,169		FNMA	6.500		08/01/37		1,129
	542,681		FNMA	6.500		09/01/37		608
	56,680		FNMA	6.500		02/01/38		64
	124,700		FNMA	6.500		01/01/38		140
	98,161		FNMA	6.500		03/01/38		110
	802,479		FNMA	6.500		03/01/38		897
	301,038		FNMA	6.500		09/01/37		337
	491,219		FNMA	6.500		09/01/37		550
	987,188		FNMA	7.000		11/01/37		1,128

354

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$      834,376	i	FNMA	5.895	%	10/01/37	$	894
	817,489		FNMA	5.000		03/01/20		883
	733,401		FNMA	4.500		06/01/19		785
	933,173		FNMA	5.000		12/01/20		1,009
	353,359		FNMA	4.500		11/01/20		378
	600,000		FNMA	4.000		02/25/19		641
	244,448		FNMA	6.000		02/01/19		269
	386,737		FNMA	4.500		05/01/19		414
	89,001		FNMA	4.500		03/01/19		95
	1,250,348		FNMA	5.000		03/01/21		1,350
	403,696		FNMA	5.500		02/01/24		443
	129,575		FNMA	5.000		01/01/24		142
	69,484		FNMA	8.000		07/01/24		82
	2,697,670		FNMA	4.000		05/01/24		2,846
	1,200,355		FNMA	4.500		03/01/23		1,281
	2,598,144		FNMA	5.500		08/01/21		2,822
	2,780,455		FNMA	5.000		07/01/23		2,993
	26,604		FNMA	8.000		03/01/23		30
	229,705		FNMA	6.000		01/01/19		253
	3,988,814		FNMA	4.265		06/01/14		4,209
	1,555,643		FNMA	4.563		05/01/14		1,648
	4,032		FNMA	8.500		11/01/14		4
	2,891,954		FNMA	4.530		10/01/14		3,081
	17,627		FNMA	5.000		06/01/13		18
	3,294		FNMA	7.000		04/01/12		3
	3,524,518		FNMA	4.021		08/01/13		3,643
	2,586,944		FNMA	4.440		07/01/13		2,670
	104,920		FNMA	6.500		10/01/16		115
	3,501,266		FNMA	5.500		11/01/18		3,835
	33,979		FNMA	5.500		05/01/18		37
	1,978,714		FNMA	5.000		01/01/19		2,158
	2,084,699		FNMA	5.000		12/01/18		2,273
	1,212,533		FNMA	5.000		12/01/17		1,310
	530,790		FNMA	6.500		04/01/17		583
	214,318		FNMA	5.500		04/01/18		235
	221,238		FNMA	6.500		02/01/18		243
	1,879,852		FNMA	4.500		08/01/24		2,005
	330,061		FNMA	5.000		03/01/34		357
	289,690		FNMA	5.000		03/01/34		313
	250,028		FNMA	5.000		03/01/34		270
	755,876		FNMA	5.000		03/01/34		817
	248,554		FNMA	5.500		12/01/33		273
	1,588,874		FNMA	5.500		11/01/33		1,770
	91,711		FNMA	7.000		01/01/34		106
	654,400		FNMA	5.500		12/01/33		715
	2,294,947		FNMA	5.000		04/01/34		2,482
	35,929		FNMA	4.500		06/01/34		38
	41,958		FNMA	4.500		06/01/34		45
	148,368		FNMA	4.500		07/01/34		158
	158,142		FNMA	4.500		06/01/34		169
	35,823		FNMA	4.500		05/01/34		38
	624,538		FNMA	4.500		05/01/34		666

355

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$      30,426		FNMA	4.500	%	06/01/34	$	32
	40,361		FNMA	4.500		05/01/34		43
	1,923,052		FNMA	5.500		11/01/33		2,142
	196,576		FNMA	5.000		02/01/33		213
	1,245,405		FNMA	6.500		07/01/32		1,414
	731,175		FNMA	5.500		07/01/33		809
	2,908,619		FNMA	4.500		03/25/33		3,091
	8,000,000	h	FNMA	4.500		01/25/25		8,528
	7,197,119		FNMA	4.000		09/01/24		7,593
	24,000,000	h	FNMA	3.000		01/25/27		24,784
	42,000,000	h	FNMA	4.000		01/25/26		44,290
	1,139,224		FNMA	4.500		08/01/33		1,216
	1,072,417		FNMA	5.500		11/01/33		1,194
	1,229,743		FNMA	5.000		11/01/33		1,359
	1,565,923		FNMA	5.500		11/01/33		1,744
	1,555,367		FNMA	5.500		11/01/33		1,732
	276,679		FNMA	4.500		09/01/33		296
	873,572		FNMA	5.000		08/01/33		945
	734,140		FNMA	5.000		10/01/33		794
	920,558		FNMA	5.000		10/01/33		996
	1,382,866		Government National Mortgage Association (GNMA)	5.000		07/20/39		1,531
	1,662,446		GNMA	4.000		08/15/39		1,786
	55,000,000	h	GNMA	4.500		01/15/40		59,924
	4,174,038		GNMA	4.500		07/20/39		4,566
	1,729,642		GNMA	6.500		11/20/38		1,972
	3,636,859		GNMA	4.500		03/15/39		3,975
	719,623		GNMA	4.500		05/15/39		787
	20,000,000	h	GNMA	5.000		01/20/41		22,112
	6,000,000	h	GNMA	3.500		01/15/42		6,266
	38,000,000	h	GNMA	4.500		01/20/42		41,384
	10,000,000	h	GNMA	6.000		01/15/41		11,319
	25,000,000	h	GNMA	5.000		01/15/40		27,691
	22,000,000	h	GNMA	5.500		01/15/40		24,692
	29,000,000	h	GNMA	4.000		01/15/41		31,107
	11,272		GNMA	6.500		08/15/23		13
	196,674		GNMA	6.500		05/20/31		225
	751,760		GNMA	5.500		07/15/33		849
	39,151		GNMA	6.500		08/15/23		45
	54,523		GNMA	9.000		12/15/17		61
	7,122,909		GNMA	2.300		10/15/19		7,119
	35,452		GNMA	8.000		06/15/22		41
	2,102,027		GNMA	5.000		04/15/38		2,331
	1,050,968		GNMA	6.000		08/15/38		1,191
	1,101,896		GNMA	6.000		08/20/38		1,246
	2,626,172		GNMA	6.000		02/20/37		2,973
	477,414		GNMA	6.000		10/20/36		541
	500,959		GNMA	6.000		01/20/37		568
	2,334,582		GNMA	5.500		02/15/37		2,623
			TOTAL MORTGAGE BACKED					1,206,095

356

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
MUNICIPAL BONDS - 1.7%
	$    5,600,000		American Municipal Power-Ohio, Inc	6.270	%	02/15/50	$	6,311
	4,500,000	g	Basin Electric Power Coop	6.127		06/01/41		4,786
	2,390,000		Charlotte-Mecklenburg Hospital Authority	5.000		08/01/15		2,599
	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		2,315
	5,800,000		Chelan County Public Utility District No	2.655		07/01/17		5,915
			Chicago Metropolitan Water Reclamation District-Greater
	5,000,000		Chicago	5.720		12/01/38		6,123
	1,250,000		City & County of Honolulu, HI	6.114		07/01/29		1,354
	4,000,000		City of Dallas, TX	5.078		02/15/22		4,575
	1,500,000		City of Dallas, TX	5.195		02/15/35		1,659
	890,000		City of Eugene, OR	6.320		08/01/22		996
	5,000,000		City of New York, NY	4.500		06/01/15		5,364
	4,750,000		Clean Water Services	5.701		10/01/30		5,554
	5,000,000		Commonwealth of Massachusetts	5.456		12/01/39		5,914
	55,000		County of Harnett, NC	5.150		05/01/12		55
	2,050,000		County of Mercer, NJ	5.380		02/01/17		2,186
	4,000,000		Dallas County Hospital District	5.621		08/15/44		4,909
			Douglas County Public Utility District No 1 Wells
	1,680,000		Hydroelectric	5.112		09/01/18		1,830
	1,400,000		Elkhart Redevelopment District	5.500		06/15/18		1,483
	7,440,000		Fiscal Year 2005 Securitization Corp	4.760		08/15/19		8,102
	3,500,000		Grant County Public Utility District No 2	5.630		01/01/27		3,961
	1,900,000		Guadalupe Valley Electric Coop, Inc	5.671		10/01/32		1,757
	1,000,000		Kansas Development Finance Authority	4.592		05/01/14		1,067
	1,350,000		Kansas Development Finance Authority	4.722		05/01/15		1,480
	965,000	g	LL & P Wind Energy, Inc	5.217		12/01/12		966
	6,960,000		Massachusetts Housing Finance Agency	4.782		12/01/20		7,202
	5,400,000		Massachusetts St. Water Pollution Abatement	5.192		08/01/40		6,199
	3,000,000		Metropolitan Washington Airports Authority	5.690		10/01/30		3,231
	5,000,000		Metropolitan Water District of Southern California	6.250		07/01/39		5,553
	750,000		Metropolitan Water Reclamation District of Greater Chicago	2.229		12/01/16		770
	5,000,000		Mississippi Development Bank Special Obligation	5.320		07/01/14		5,349
	3,000,000		New York State Urban Development Corp	6.500		12/15/18		3,590
	2,500,000		Newport News Economic Development Authority	5.640		01/15/29		2,668
	2,450,000		Ohio State Water Development Authority	4.879		12/01/34		2,720
	2,500,000		Oklahoma Capital Improvement Authority	5.180		07/01/14		2,779
	3,750,000		State of California	7.625		03/01/40		4,614
	5,000,000		State of Connecticut	5.090		10/01/30		5,500
	2,050,000		State of Hawaii	4.670		05/01/14		2,212
	5,000,000		State of Illinois	4.071		01/01/14		5,134
	5,570,000		State of Illinois	4.350		06/01/18		5,529
	5,000,000		State of Michigan	2.302		11/01/14		5,171
	4,505,000		State of Michigan	3.375		12/01/20		4,544
	2,500,000		State of Ohio	5.412		09/01/28		2,927
	3,050,000		State of Oregon	5.030		08/01/14		3,361
	3,265,000		State of Texas	4.900		08/01/20		3,595
	5,000,000		State of Texas	6.072		10/01/29		5,732
	4,240,000		State of Washington	5.050		01/01/18		4,342
	1,033,000		State of Wisconsin	5.700		05/01/26		1,184
	5,000,000		Tuolumne Wind Project Authority	6.918		01/01/34		5,767
	2,025,000		University Central Florida University Revenues	5.125		10/01/20		1,920
	4,900,000		UNM Sandoval Regional Medical Center	4.500		07/20/36		5,186
			TOTAL MUNICIPAL BONDS					189,445

357

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL				ISSUER	RATE		MATURITY DATE	VALUE (000)
U.S. TREASURY SECURITIES - 7.0%
	$    60,000,000			United States Treasury Bond	8.000	%	11/15/21	$	93,778
	5,000,000			United States Treasury Bond	6.375		08/15/27		7,579
	20,000,000			United States Treasury Bond	5.250		02/15/29		27,631
	13,176,000			United States Treasury Bond	5.375		02/15/31		18,780
	35,800,000			United States Treasury Bond	3.500		02/15/39		40,269
	24,282,500		��	United States Treasury Bond	3.875		08/15/40		29,109
	17,335,000			United States Treasury Bond	4.375		05/15/41		22,587
	4,275,000			United States Treasury Note	0.625		06/30/12		4,287
	1,400,000			United States Treasury Note	0.500		11/30/12		1,404
	4,500,000			United States Treasury Note	0.625		02/28/13		4,523
	15,000,000			United States Treasury Note	0.500		05/31/13		15,063
	2,325,000			United States Treasury Note	0.125		08/31/13		2,321
	2,595,000			United States Treasury Note	0.125		09/30/13		2,590
	2,670,000			United States Treasury Note	3.125		09/30/13		2,803
	34,100,000			United States Treasury Note	0.500		10/15/13		34,248
	22,395,000			United States Treasury Note	2.375		08/31/14		23,592
	3,690,000			United States Treasury Note	0.250		09/15/14		3,681
	2,935,000			United States Treasury Note	0.500		10/15/14		2,947
	15,200,000			United States Treasury Note	0.375		11/15/14		15,210
	17,585,000			United States Treasury Note	2.125		11/30/14		18,470
	3,631,000			United States Treasury Note	2.500		04/30/15		3,875
	17,895,000			United States Treasury Note	1.875		06/30/15		18,751
	500			United States Treasury Note	1.250		09/30/15		1
	106,225,000			United States Treasury Note	1.250		10/31/15		108,947
	11,325,000			United States Treasury Note	1.500		06/30/16		11,712
	90,132,500			United States Treasury Note	0.875		11/30/16		90,407
	20,000,000			United States Treasury Note	0.875		12/31/16		20,036
	3,905,000			United States Treasury Note	2.375		05/31/18		4,188
	4,622,000			United States Treasury Note	1.750		10/31/18		4,757
	41,578,000			United States Treasury Note	2.000		11/15/21		42,052
	37,200,000			United States Treasury Note	3.750		08/15/41		43,751
				TOTAL U.S. TREASURY SECURITIES					719,349
				TOTAL GOVERNMENT BONDS					2,731,486
				(Cost $2,597,575)
STRUCTURED ASSETS - 2.2%
ASSET BACKED - 0.7%
	5,000,000			AmeriCredit Automobile Receivables Trust	2.850		08/08/16		4,965
				Series - 2011 1 (Class C)
	1,500,000	g		Avis Budget Rental Car Funding AESOP LLC	3.150		03/20/17		1,517
				Series - 2010 5A (Class A)
	3,501,139	i		Chase Funding Loan Acquisition Trust	0.864		06/25/34		2,444
				Series - 2004 OPT1 (Class M1)
	674,364	i		Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		151
				Series - 2004 2 (Class 1B)

358

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    1,383,929	i	Countrywide Asset-Backed Certificates	5.683	%	10/25/46	$	1,358
			Series - 2006 15 (Class A2)
	541,492	i	Countrywide Home Equity Loan Trust	0.498		02/15/29		350
			Series - 2004 B (Class 1A)
	1,794,506	g	Credit-Based Asset Servicing and Securitization LLC	6.159		12/25/36		1,722
			Series - 2007 MX1 (Class A1)
	1,715,000	g,i	DB/UBS Mortgage Trust	5.557		11/10/46		1,614
			Series - 2011 LC1A (Class C)
	6,309,350	g	Flagstar Home Equity Loan Trust	5.781		01/25/35		5,921
			Series - 2007 1A (Class AF3)
	1,500,000		Ford Credit Auto Owner Trust	3.210		07/15/17		1,512
			Series - 2011 A (Class D)
	309,764		GMAC Commercial Mortgage Securities, Inc	5.590		10/25/29		307
			Series - 2006 HLTV (Class A3)
	2,282,000		GMAC Commercial Mortgage Securities, Inc	5.810		10/25/29		1,834
			Series - 2006 HLTV (Class A4)
	7,522,257		Lehman XS Trust	6.500		06/25/46		4,249
			Series - 2006 13 (Class 2A1)
	1,214,860	i	Long Beach Mortgage Loan Trust	0.794		02/25/35		1,197
			Series - 2005 1 (Class M1)
	263,747	i	Morgan Stanley ABS Capital I	0.334		01/25/37		259
			Series - 2007 HE2 (Class A2A)
	4,010,000		Renaissance Home Equity Loan Trust	5.586		11/25/36		1,592
			Series - 2006 3 (Class AF3)
	1,455,452		Residential Asset Mortgage Products, Inc	4.970		09/25/33		1,456
			Series - 2003 RZ5 (Class A7)
	939,619	i	Residential Asset Securities Corp	0.724		04/25/35		822
			Series - 2005 KS3 (Class M3)
	284,675		Residential Funding Mortgage Securities II, Inc	5.520		04/25/21		283
			Series - 2006 HI5 (Class A2)
	9,000,000		Residential Funding Mortgage Securities II, Inc	5.500		08/25/25		7,576
			Series - 2006 HI5 (Class A3)
	4,529,998		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36		4,100
			Series - 2006 HI3 (Class A3)
	2,000,000		Residential Funding Mortgage Securities II, Inc	6.010		02/25/36		1,734
			Series - 2006 HI1 (Class M1)
	200,000		Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		152
			Series - 2006 HI1 (Class M2)
	10,951,196		Residential Funding Mortgage Securities II, Inc	5.440		09/25/36		9,767
			Series - 2006 HI4 (Class A3)
	1,968,028	i	Securitized Asset Backed Receivables LLC Trust	0.444		03/25/36		1,904
			Series - 2006 NC2 (Class A2)
	1,400,000	g	SLM Student Loan Trust	4.370		04/17/28		1,422
			Series - 2011 A (Class A2)
	1,750,000	g	SLM Student Loan Trust	3.740		02/15/29		1,708
			Series - 2011 B (Class A2)
	1,203,184	i	Soundview Home Equity Loan Trust	0.404		10/25/36		1,181
			Series - 2006 EQ1 (Class A2)
	1,117,518	i	Structured Asset Investment Loan Trust	0.694		05/25/35		1,067
			Series - 2005 4 (Class M1)
	2,750,000	g	Vornado DP LLC	5.280		09/13/28		2,711
			Series - 2010 VNO (Class C)

359

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    919,650	g,m	Wachovia Amortization Controlled Heloc NIM	5.683	%	08/12/47	$	759
			Series - 2006 N1 (Class N1)
	1,352,800	g,i	Wachovia Loan Trust	0.654		05/25/35		1,047
			Series - 2005 SD1 (Class A)
	929,035	i	Wells Fargo Home Equity Trust	0.434		07/25/36		808
			Series - 2006 2 (Class A3)
			TOTAL ASSET BACKED					69,489
OTHER MORTGAGE BACKED - 1.5%
	1,355,000	i	Banc of America Commercial Mortgage, Inc	4.767		07/10/43		1,239
			Series - 2005 3 (Class AJ)
	950,000		Banc of America Commercial Mortgage, Inc	5.675		07/10/46		975
			Series - 2006 4 (Class AM)
	3,220,000	i	Banc of America Commercial Mortgage, Inc	5.633		04/10/49		3,441
			Series - 2007 2 (Class A4)
	412,392	g,i	Banc of America Large Loan, Inc	0.538		03/15/22		404
			Series - 2005 MIB1 (Class B)
	181,670	g,i	Banc of America Large Loan, Inc	0.588		03/15/22		173
			Series - 2005 MIB1 (Class C)
	184,000	g,i	Banc of America Large Loan, Inc	0.638		03/15/22		174
			Series - 2005 MIB1 (Class D)
	152,000	g,i	Banc of America Large Loan, Inc	0.678		03/15/22		142
			Series - 2005 MIB1 (Class E)
	1,033,053		Bank of America Alternative Loan Trust	5.500		09/25/19		1,031
			Series - 2004 8 (Class 3A1)
	1,328,094		Bear Stearns Asset Backed Securities Trust	5.250		04/25/35		1,186
			Series - 2005 AC2 (Class 1A)
	505,000		Bear Stearns Commercial Mortgage Securities	5.201		12/11/38		554
			Series - 2006 PW14 (Class A4)
	2,200,000	i	Bear Stearns Commercial Mortgage Securities	5.582		09/11/41		2,254
			Series - 2006 PW13 (Class AM)
	2,405,000	i	Bear Stearns Commercial Mortgage Securities	5.568		10/12/41		2,511
			Series - 2006 T24 (Class AM)
	2,655,000	i	Bear Stearns Commercial Mortgage Securities	4.750		02/13/46		2,838
			Series - 2004 T16 (Class A6)
	555,000	i	Bear Stearns Commercial Mortgage Securities	5.694		06/11/50		611
			Series - 2007 PW17 (Class A4)
	895,000		Bear Stearns Commercial Mortgage Securities	5.700		06/11/50		990
			Series - 2007 PW18 (Class A4)
	1,750,000	g	Commercial Mortgage Pass Through Certificates	2.555		12/10/12		1,750
			Series - 2011 STRT (Class A)
	2,515,000	i	Commercial Mortgage Pass Through Certificates	5.650		12/10/49		2,457
			Series - 2007 C9 (Class AM)
	2,869,944		Countrywide Alternative Loan Trust	5.500		08/25/16		2,868
			Series - 2004 30CB (Class 1A15)
	1,735,129		Countrywide Home Loan Mortgage Pass Through Trust	5.250		02/25/16		1,638
			Series - 2005 6 (Class 1A10)
	2,156,440		Countrywide Home Loan Mortgage Pass Through Trust	4.750		09/25/18		2,232
			Series - 2003 35 (Class 1A1)
	956,152		Countrywide Home Loan Mortgage Pass Through Trust	5.250		05/25/35		908
			Series - 2005 12 (Class 1A5)
	515,556		Countrywide Home Loan Mortgage Pass Through Trust	5.500		09/25/35		514
			Series - 2005 J3 (Class 1A1)

360

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    1,532,705	g,i	Credit Suisse Mortgage Capital Certificates	0.458	%	04/15/22	$	1,384
			Series - 2007 TF2A (Class A1)
	4,500,000	g	Credit Suisse Mortgage Capital Certificates	5.383		02/15/40		4,281
			Series - 2009 RR1 (Class A3C)
	1,210,000		CS First Boston Mortgage Securities Corp	4.052		05/15/38		1,235
			Series - 2003 C3 (Class B)
	2,462,000	i	CS First Boston Mortgage Securities Corp	5.100		08/15/38		2,695
			Series - 2005 C5 (Class A4)
	1,676,752	i	GMAC Mortgage Corp Loan Trust	4.557		10/19/33		1,717
			Series - 2003 AR1 (Class A5)
	15,430,000	i	Greenwich Capital Commercial Funding Corp	5.882		07/10/38		15,655
			Series - 2006 GG7 (Class AM)
	2,750,000	g	GS Mortgage Securities Corp II	5.148		08/10/43		2,583
			Series - 2010 C1 (Class B)
	2,535,000	g,i	GS Mortgage Securities Corp II	5.229		12/10/43		2,570
			Series - 2010 C2 (Class B)
	1,690,000	g,i	GS Mortgage Securities Corp II	5.229		12/10/43		1,529
			Series - 2010 C2 (Class C)
	675,357	i	GSR Mortgage Loan Trust	2.765		01/25/36		634
			Series - 2006 AR1 (Class 2A2)
	390,000	g,i	HVB Mortgage Capital Corp	2.326		09/10/22		377
			Series - 2003 FL1A (Class J)
	783,894	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.458		02/15/20		769
			Series - 2006 FL1A (Class A2)
	3,928,107	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.598		02/15/20		3,681
			Series - 2006 FL1A (Class D)
	380,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.075		11/15/43		370
			Series - 2010 C2 (Class B)
	775,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.528		11/15/43		746
			Series - 2010 C2 (Class C)
	3,375,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.440		05/15/45		3,436
			Series - 2006 LDP8 (Class AM)
	2,125,000	g,i,m	JP Morgan Chase Commercial Mortgage Securities Corp	5.251		07/15/46		1,813
			Series - 2011 C4 (Class C)
	4,120,000	i	JP Morgan Chase Commercial Mortgage Securities Corp	5.817		06/15/49		4,378
			Series - 2007 LD11 (Class A4)
	615,066	i	JP Morgan Mortgage Trust	4.307		04/25/35		613
			Series - 2005 A2 (Class 5A1)
	1,125,000		LB-UBS Commercial Mortgage Trust	4.742		02/15/30		1,202
			Series - 2005 C1 (Class A4)
	900,000	i	LB-UBS Commercial Mortgage Trust	5.150		04/15/30		966
			Series - 2005 C2 (Class A5)
	6,120,000		LB-UBS Commercial Mortgage Trust	5.424		02/15/40		6,668
			Series - 2007 C1 (Class A4)
	1,750,000		LB-UBS Commercial Mortgage Trust	5.430		02/15/40		1,867
			Series - 2007 C2 (Class A3)
	3,900,000		LB-UBS Commercial Mortgage Trust	5.455		02/15/40		3,894
			Series - 2007 C1 (Class AM)
	2,450,000	i	LB-UBS Commercial Mortgage Trust	5.858		07/15/40		2,684
			Series - 2007 C6 (Class A4)
	1,110,657		MASTER Asset Securitization Trust	5.000		05/25/35		1,105
			Series - 2005 1 (Class 2A5)

361

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    1,645,209	i	Merrill Lynch Mortgage Trust	5.107	%	07/12/38	$	1,725
			Series - 2005 CIP1 (Class AM)
	4,040,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust	5.172		12/12/49		4,349
			Series - 2006 4 (Class A3)
	6,300,000	i	Morgan Stanley Capital I	5.447		02/12/44		6,892
			Series - 2007 HQ11 (Class A4)
	710,000	g,i	Morgan Stanley Capital I	5.255		09/15/47		594
			Series - 2011 C1 (Class D)
	2,185,000	g,i	Morgan Stanley Capital I	5.255		09/15/47		1,931
			Series - 2011 C1 (Class C)
	850,000	i	Morgan Stanley Capital I	5.544		11/12/49		879
			Series - 2007 T25 (Class AM)
	6,000,000	i	Nomura Asset Securities Corp	7.070		03/15/30		6,284
			Series - 1998 D6 (Class A2)
	2,750,000	g	OBP DEPOSITOR LLC TRUST	4.646		07/15/45		3,074
			Series - 2010 OBP (Class A)
	2,215,000	g,i	RBSCF Trust	4.673		04/15/24		2,032
			Series - 2010 MB1 (Class D)
	2,906,305		Residential Accredit Loans, Inc	6.000		06/25/36		1,682
			Series - 2006 QS7 (Class A3)
	5,388,505	i	Residential Accredit Loans, Inc	0.484		05/25/46		2,646
			Series - 2006 QO5 (Class 2A1)
	1,624,736	i	Residential Funding Mortgage Securities I, Inc	2.886		08/25/35		1,320
			Series - 2005 SA3 (Class 2A1)
	438,672	i	Structured Adjustable Rate Mortgage Loan Trust	0.674		03/25/35		416
			Series - 2005 6XS (Class A3)
	522,367	i	Wachovia Bank Commercial Mortgage Trust	4.957		08/15/35		524
			Series - 2003 C6 (Class A3)
	1,265,000		Wachovia Bank Commercial Mortgage Trust	5.246		12/15/43		1,278
			Series - 2007 C30 (Class A3)
	3,390,000		Wachovia Bank Commercial Mortgage Trust	5.383		12/15/43		2,824
			Series - 2007 C30 (Class AM)
	6,880,000	i	Wachovia Bank Commercial Mortgage Trust	5.970		06/15/45		7,126
			Series - 2006 C26 (Class AM)
	1,060,000	i	Wachovia Bank Commercial Mortgage Trust	5.818		05/15/46		1,022
			Series - 2007 C34 (Class AM)
	2,505,000		Wachovia Bank Commercial Mortgage Trust	5.500		04/15/47		2,643
			Series - 2007 C31 (Class A5)
	1,160,000		Wachovia Bank Commercial Mortgage Trust	5.339		11/15/48		1,147
			Series - 2006 C29 (Class AM)
	6,385,000	i	Wachovia Bank Commercial Mortgage Trust	5.368		11/15/48		4,043
			Series - 2006 C29 (Class AJ)
	2,175,000	i	Wachovia Bank Commercial Mortgage Trust	5.899		02/15/51		2,355
			Series - 2007 C33 (Class A4)
	1,745,000	i	Wachovia Bank Commercial Mortgage Trust	5.899		02/15/51		1,858
			Series - 2007 C33 (Class A5)
	1,005,780		Wells Fargo Mortgage Backed Securities Trust	5.500		04/25/35		1,010
			Series - 2005 2 (Class 1A1)
			TOTAL OTHER MORTGAGE BACKED					159,396
			TOTAL STRUCTURED ASSETS					228,885
			(Cost $236,830)
			TOTAL BONDS					4,044,311
			(Cost $3,847,215)

362

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 59.4%
AUTOMOBILES & COMPONENTS - 1.2%
	34,600		Aisin Seiki Co Ltd	$	981
	81,409	*,e	American Axle & Manufacturing Holdings, Inc		805
	898		Autoliv, Inc		48
	127,203		Bayerische Motoren Werke AG.		8,503
	10,822		Bayerische Motoren Werke AG. (Preference)		511
	57,644	*,e	BorgWarner, Inc		3,674
	151,700		Denso Corp		4,167
	3,111,622	*,e	Ford Motor Co		33,482
	8,129	*,e	Fuel Systems Solutions, Inc		134
	203,430		Harley-Davidson, Inc		7,907
	361,780		Honda Motor Co Ltd		11,020
	816,059		Johnson Controls, Inc		25,511
	177,000	*	Mitsubishi Motors Corp		209
	38,400	*	Modine Manufacturing Co		363
	799,600		Nissan Motor Co Ltd		7,160
	57,840		Peugeot S.A.		901
	97,815		Pirelli & C S.p.A.		820
	95,046		Renault S.A.		3,282
	9,200		Stanley Electric Co Ltd		135
	48,870		Superior Industries International, Inc		808
	49,500		Suzuki Motor Corp		1,019
	124,285	*	Tenneco, Inc		3,701
	2,900		Toyoda Gosei Co Ltd		46
	34,900		Toyota Industries Corp		944
	77,972		Volkswagen AG. (Preference)		11,658
	102,500	*	Yamaha Motor Co Ltd		1,296
			TOTAL AUTOMOBILES & COMPONENTS		129,085
BANKS - 3.2%
	1,078		Arrow Financial Corp		25
	7,264		Associated Banc-Corp		81
	502,147		Australia & New Zealand Banking Group Ltd		10,517
	1,911,833		Banca Intesa S.p.A.		3,184
	766,621		Banca Intesa S.p.A. RSP		951
	880,132		Banco Bilbao Vizcaya Argentaria S.A.		7,582
	993,906		Banco Santander Central Hispano S.A.		7,509
	18,612		Bank of Hawaii Corp		828
	205,100		Bank of Nova Scotia		10,233
	1,286,316		Barclays plc		3,523
	1,068,820		BB&T Corp		26,902
	4,400		Bendigo Bank Ltd		36

363

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	8,742	e	CapitalSource, Inc	$	59
	7,221		Capitol Federal Financial		83
	3,360		Cathay General Bancorp		50
	64,852	*	Citizens Republic Bancorp, Inc		739
	2,120		Columbia Banking System, Inc		41
	153,315		Comerica, Inc		3,956
	1,156		Commerce Bancshares, Inc		44
	301,281		Commonwealth Bank of Australia		15,134
	3,936		Community Bank System, Inc		109
	1,591		Cullen/Frost Bankers, Inc		84
	88,910	*	Danske Bank AS		1,123
	218,288		DNB NOR Holding ASA		2,128
	2,420	e	East West Bancorp, Inc		48
	1,353,842		Fifth Third Bancorp		17,221
	187,908		First Horizon National Corp		1,503
	7,421		First Niagara Financial Group, Inc		64
	5,385		FNB Corp		61
	2,590		Glacier Bancorp, Inc		31
	1,710		Hancock Holding Co		55
	323,200		Hang Seng Bank Ltd		3,828
	2,911,418		HSBC Holdings plc		22,226
	235,232		Hudson City Bancorp, Inc		1,470
	9,132		Huntington Bancshares, Inc		50
	1,147	e	International Bancshares Corp		21
	90,119		KBC Groep NV		1,127
	1,111,500		Keycorp		8,547
	159,011		M&T Bank Corp		12,139
	1,800		MB Financial, Inc		31
	1,746,800		Mitsubishi UFJ Financial Group, Inc		7,395
	3,311,900		Mizuho Financial Group, Inc		4,485
	403,419		National Australia Bank Ltd		9,610
	6,490		National Penn Bancshares, Inc		55
	1,500		NBT Bancorp, Inc		33
	139,542		New York Community Bancorp, Inc		1,726
	644,338		Nordea Bank AB		4,966
	19,938		Old National Bancorp		232
	600	e	Park National Corp		39
	2,500	*	Pinnacle Financial Partners, Inc		40
	555,795		PNC Financial Services Group, Inc		32,054
	1,987,455	*	Popular, Inc		2,763
	53,363		Provident Financial Services, Inc		715
	1,137,744		Regions Financial Corp		4,892
	2,569		Rockville Financial, Inc		27
	250,810		Royal Bank of Canada (Toronto)		12,797
	5,806,276	*	Royal Bank of Scotland Group plc		1,830
	1,000	e	S&T Bancorp, Inc		20
	685,000		Shinsei Bank Ltd		708
	410,200		Shizuoka Bank Ltd		4,315
	1,200	*	Signature Bank		72
	221,278		Skandinaviska Enskilda Banken AB (Class A)		1,284
	328,241		Standard Chartered plc		7,179
	5,030		Susquehanna Bancshares, Inc		42

364

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	26,013	*	SVB Financial Group	$	1,241
	244,510		Svenska Handelsbanken (A Shares)		6,408
	6,304		TCF Financial Corp		65
	150,111		Toronto-Dominion Bank		11,241
	1,700		Trustmark Corp		41
	3,150		Umpqua Holdings Corp		39
	212,246		UniCredit S.p.A		1,751
	1,467,617		US Bancorp		39,700
	5,844		Webster Financial Corp		119
	5,690	*	Western Alliance Bancorp		35
	629,923		Westpac Banking Corp		12,859
	1,110		Wintrust Financial Corp		31
	15,516		Zions Bancorporation		253
			TOTAL BANKS		334,405
CAPITAL GOODS - 5.1%
	531,124		3M Co		43,408
	5,700		A.O. Smith Corp		229
	9,214	*,e	A123 Systems, Inc		15
	40,150		ACS Actividades Cons y Servicios S.A.		1,185
	4,358		Actuant Corp (Class A)		99
	1,900	*	Aegion Corp		29
	75,930		Alfa Laval AB		1,434
	2,655	*,e	American Superconductor Corp		10
	448,218		Ametek, Inc		18,870
	4,300		Ampco-Pittsburgh Corp		83
	5,965		Apogee Enterprises, Inc		73
	3,036		Applied Industrial Technologies, Inc		107
	56,219	*,e	ArvinMeritor, Inc		299
	339,000		Asahi Glass Co Ltd		2,834
	51,800		Assa Abloy AB (Class B)		1,295
	10,969	*	Astec Industries, Inc		353
	126,814		Balfour Beatty plc		521
	120,801		Barnes Group, Inc		2,913
	2,120	*	Beacon Roofing Supply, Inc		43
	258		Belden CDT, Inc		9
	366,700		Bombardier, Inc		1,461
	100,447		Bouygues S.A.		3,160
	1,300		Brady Corp (Class A)		41
	29,997		Briggs & Stratton Corp		465
	23,239	*,e	Builders FirstSource, Inc		47
	299,328		Bunzl plc		4,107
	8,500		CAE, Inc		83
	457,368		Caterpillar, Inc		41,439
	1,131	*	Chart Industries, Inc		61
	118,516		Cintra Concesiones de Infraestructuras de Transporte S.A.		1,425
	2,153		Clarcor, Inc		108
	1,734	*,e	Colfax Corp		49
	113,374		Compagnie de Saint-Gobain		4,335
	32,100		Cooper Industries plc		1,738
	241,660		Cummins, Inc		21,271
	26,300		Daikin Industries Ltd		718

365

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	656,611		Danaher Corp	$	30,887
	405,664		Deere & Co		31,378
	2,541		Delek Group Ltd		479
	32,288		Dover Corp		1,874
	5,722		Ducommun, Inc		73
	341,115		Eaton Corp		14,849
	737,594		Emerson Electric Co		34,364
	1,885	*	EnerSys		49
	1,280	*	EnPro Industries, Inc		42
	1,450		ESCO Technologies, Inc		42
	59,100		Fanuc Ltd		9,015
	36,274		Fastenal Co		1,582
	105,500	*	FIAT Industrial S.p.A.		899
	15,300		Finning International, Inc		334
	41,048		Fluor Corp		2,063
	26,280		Fomento de Construcciones y Contratas S.A.		678
	2,330		Gardner Denver, Inc		180
	1,473		GATX Corp		64
	15,000		GEA Group AG.		423
	11,391		Geberit AG.		2,190
	1,350	*	General Cable Corp		34
	48,876	*	Gibraltar Industries, Inc		682
	1,500		Gorman-Rupp Co		41
	71,827		Graco, Inc		2,937
	57,000	*	GrafTech International Ltd		778
	1,240		Granite Construction, Inc		29
	966	e	Heico Corp		56
	2,491	*	Hexcel Corp		60
	32,600		Hitachi Construction Machinery Co Ltd		547
	10,400		Hochtief AG.		600
	619,162		Illinois Tool Works, Inc		28,921
	74,873		Ingersoll-Rand plc		2,281
	2,300		Insteel Industries, Inc		25
	349,846		Invensys plc		1,144
	1,359	*	Jacobs Engineering Group, Inc		55
	2,187		Joy Global, Inc		164
	27,700		JS Group Corp		531
	7,600		JTEKT Corp		74
	159,000		Komatsu Ltd		3,708
	380,797		Koninklijke Philips Electronics NV		7,990
	320,000		Kubota Corp		2,678
	6,983	*	Layne Christensen Co		169
	36,587		LB Foster Co (Class A)		1,035
	26,197		Lincoln Electric Holdings, Inc		1,025
	15,600		Makita Corp		503
	474,000		Marubeni Corp		2,885
	363,959		Masco Corp		3,814
	16,896		Metso Oyj		624
	750	*	Middleby Corp		71
	394,000		Mitsubishi Electric Corp		3,776
	1,721		MSC Industrial Direct Co (Class A)		123
	114,717	*	NCI Building Systems, Inc		1,247

366

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	83,000		NGK Insulators Ltd	$	983
	28,000		Nidec Corp		2,431
	147,946		Nordson Corp		6,092
	86,000		NSK Ltd		555
	1,690		NWS Holdings Ltd		2
	152,793		Orkla ASA		1,138
	134,416	*	Owens Corning, Inc		3,861
	281,636		Paccar, Inc		10,553
	52,309		Pall Corp		2,989
	724		Parker Hannifin Corp		55
	43,748		Pentair, Inc		1,456
	31,051	*,e	Polypore International, Inc		1,366
	180,225		Precision Castparts Corp		29,700
	35,452		Quanex Building Products Corp		532
	65,025	*	Quanta Services, Inc		1,401
	72,730		Rockwell Automation, Inc		5,336
	5,406		Rockwell Collins, Inc		299
	43,584		Roper Industries, Inc		3,786
	3,300	*	Rush Enterprises, Inc (Class A)		69
	236,880		Sandvik AB		2,896
	2,100	*	Sauer-Danfoss, Inc		76
	172,100		Scania AB (B Shares)		2,540
	182,088		Schneider Electric S.A.		9,520
	1,857,500		SembCorp Industries Ltd		5,794
	71,789	*	Sensata Technologies Holding BV		1,887
	98,000		Shimizu Corp		412
	2,998		Simpson Manufacturing Co, Inc		101
	66,100		Skanska AB (B Shares)		1,091
	27,000		SKF AB (B Shares)		569
	32,670		Smiths Group plc		464
	22,250		Snap-On, Inc		1,126
	204,348	*	Spirit Aerosystems Holdings, Inc (Class A)		4,247
	132,300		Sumitomo Electric Industries Ltd		1,432
	104,755		Tennant Co		4,072
	2,732		Timken Co		106
	1,716	*	TransDigm Group, Inc		164
	1,800	*,e	Trex Co, Inc		41
	406,031		Tyco International Ltd		18,966
	1,070		Universal Forest Products, Inc		33
	544		Valmont Industries, Inc		49
	37,780	*	Vestas Wind Systems AS		406
	176,760		Vinci S.A.		7,695
	408,690		Volvo AB (B Shares)		4,452
	118,513		W.W. Grainger, Inc		22,184
	9,022	*	Wabash National Corp		71
	48,027	*	WABCO Holdings, Inc		2,084
	1,517		Watsco, Inc		100
	19,023	*	WESCO International, Inc		1,008
	49,151		Westinghouse Air Brake Technologies Corp		3,438
	131,715		Wolseley plc		4,357
	17,783		Zardoya Otis S.A.		243
			TOTAL CAPITAL GOODS		528,617

367

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
	2,604		ABM Industries, Inc	$	54
	23,001	*	ACCO Brands Corp		222
	63,258		Adecco S.A.		2,636
	13,075		Aggreko plc		409
	190,700		Avery Dennison Corp		5,468
	176,302		Brambles Ltd		1,287
	2,370		Brink’s Co		64
	2,800		Bureau Veritas S.A.		203
	120,569		Capita Group plc		1,176
	2,000		CDI Corp		28
	1,197	*	Copart, Inc		57
	6,678		Corporate Executive Board Co		254
	3,144		Covanta Holding Corp		43
	218,000		Dai Nippon Printing Co Ltd		2,093
	18,020		Deluxe Corp		410
	73,870		Dun & Bradstreet Corp		5,529
	1,517		Equifax, Inc		59
	313,217		Experian Group Ltd		4,258
	2,000		Heidrick & Struggles International, Inc		43
	8,629		Herman Miller, Inc		159
	21,504		HNI Corp		561
	700	*	IHS, Inc (Class A)		60
	7,700		Intertek Group plc		243
	75,492		Iron Mountain, Inc		2,325
	2,980		Knoll, Inc		44
	3,300	*	Korn/Ferry International		56
	42,601		Manpower, Inc		1,523
	2,100	*	Mobile Mini, Inc		37
	19,264	e	Pitney Bowes, Inc		357
	78,711	e	R.R. Donnelley & Sons Co		1,136
	34,400		Randstad Holdings NV		1,012
	144,390		Robert Half International, Inc		4,109
	54,900		Secom Co Ltd		2,525
	400		Societe BIC S.A.		35
	1,544	*	Standard Parking Corp		28
	44,676	*	Tetra Tech, Inc		965
	179,000		Toppan Printing Co Ltd		1,314
	1,400		United Stationers, Inc		46
	2,100		Viad Corp		37
	142,969		Waste Management, Inc		4,677
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		45,542
CONSUMER DURABLES & APPAREL - 0.8%
	18,048		Adidas-Salomon AG.		1,173
	4,859		American Greetings Corp (Class A)		61
	52,300		Burberry Group plc		962
	32,738		Callaway Golf Co		181
	1,557	*	Carter’s, Inc		62
	30,920		Christian Dior S.A.		3,650
	341	e	Columbia Sportswear Co		16

368

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	111,473		Compagnie Financiere Richemont S.A.	$	5,607
	2,733	*	Deckers Outdoor Corp		207
	24,204	*,e	Eastman Kodak Co		16
	24,000		Electrolux AB (Series B)		381
	2,380	e	Ethan Allen Interiors, Inc		56
	11,700		Gildan Activewear, Inc		220
	1,769	*	Hanesbrands, Inc		39
	1,563	*	Iconix Brand Group, Inc		25
	1,990	*	Maidenform Brands, Inc		36
	442,900		Matsushita Electric Industrial Co Ltd		3,738
	520,146		Mattel, Inc		14,439
	1,009	*	Mohawk Industries, Inc		60
	23,800		Movado Group, Inc		432
	3,748		Newell Rubbermaid, Inc		61
	349,773		Nike, Inc (Class B)		33,707
	197,000		Nikon Corp		4,366
	21,393	e	Oxford Industries, Inc		965
	30,614		Phillips-Van Heusen Corp		2,158
	2,000	e	Pool Corp		60
	50,000		Sekisui Chemical Co Ltd		412
	81,000		Sekisui House Ltd		720
	132,000		Sharp Corp		1,151
	208,900		Sony Corp		3,766
	9,814	*	Tempur-Pedic International, Inc		516
	1,519	*	True Religion Apparel, Inc		53
	22,874		Tupperware Corp		1,280
	1,150	*,e	Under Armour, Inc (Class A)		83
	34,618		VF Corp		4,396
	1,872	*	Warnaco Group, Inc		94
	123,400		Yamaha Corp		1,127
			TOTAL CONSUMER DURABLES & APPAREL		86,276
CONSUMER SERVICES - 1.3%
	35,220	*	AFC Enterprises		518
	800	*,e	American Public Education, Inc		35
	5,100		Autogrill S.p.A.		50
	30,700		Benesse Corp		1,483
	1,710	*	BJ’s Restaurants, Inc		77
	7,343		Bob Evans Farms, Inc		246
	2,181		Brinker International, Inc		58
	1,171		CBRL Group, Inc		59
	1,020		CEC Entertainment, Inc		35
	1,799	*	Cheesecake Factory		53
	154	*	Chipotle Mexican Grill, Inc (Class A)		52
	103,153	e	Choice Hotels International, Inc		3,925
	2,246	*,e	Coinstar, Inc		103
	514,283		Compass Group plc		4,880
	113,052		Darden Restaurants, Inc		5,153
	1,679		DeVry, Inc		65
	1,346	*	DineEquity, Inc		57
	3,400	*	Domino’s Pizza, Inc		115
	74,462	*,e	Gaylord Entertainment Co		1,798

369

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	3,984	*	Jack in the Box, Inc	$	83
	317,129		Marriott International, Inc (Class A)		9,251
	591,816		McDonald’s Corp		59,376
	12,376	*	O’Charleys, Inc		68
	949	*	Panera Bread Co (Class A)		134
	1,300	*	Papa John’s International, Inc		49
	1,110	*,e	Peet’s Coffee & Tea, Inc		70
	2,433		PF Chang’s China Bistro, Inc		75
	11,375	*	Ruby Tuesday, Inc		78
	29,578	*	Sonic Corp		199
	775,474		Starbucks Corp		35,680
	134,327		Starwood Hotels & Resorts Worldwide, Inc		6,444
	607	e	Strayer Education, Inc		59
	9,100		Tim Hortons, Inc (Toronto)		441
	2,200	*	Universal Technical Institute, Inc		28
	6,203	e	Weight Watchers International, Inc		341
	10,500		Whitbread plc		255
	45,536		Wyndham Worldwide Corp		1,723
			TOTAL CONSUMER SERVICES		133,116
DIVERSIFIED FINANCIALS - 2.9%
	4,200		Aeon Credit Service Co Ltd		66
	211,373	*	American Capital Ltd		1,423
	845,613		American Express Co		39,888
	185,058		Ameriprise Financial, Inc		9,186
	3,458		Ares Capital Corp		53
	1,376,656		Bank of New York Mellon Corp		27,410
	149,098		BlackRock, Inc		26,575
	555,503		Capital One Financial Corp		23,492
	2,073		CBOE Holdings, Inc		54
	1,624,065		Charles Schwab Corp		18,287
	63,026		CME Group, Inc		15,357
	1,362	e	Cohen & Steers, Inc		39
	51,900	*	Deutsche Boerse AG. - New		2,716
	601,671		Discover Financial Services		14,440
	4,119	*	E*Trade Financial Corp		33
	34,040	e	Eaton Vance Corp		805
	51,550		Evercore Partners, Inc (Class A)		1,372
	252,560		Franklin Resources, Inc		24,261
	1,704	*,e	Green Dot Corp		53
	1,736	e	Greenhill & Co, Inc		63
	92,514	*	IntercontinentalExchange, Inc		11,153
	1,750	*	International Assets Holding Corp		41
	447,231		Invesco Ltd		8,985
	3,030	*	Investment Technology Group, Inc		33
	9,972		Janus Capital Group, Inc		63
	1,570		KBW, Inc		24
	25,700		Kinnevik Investment AB (Series B)		500
	4,153	*	Knight Capital Group, Inc (Class A)		49
	99,297		Legg Mason, Inc		2,388
	3,800		Mitsubishi UFJ Lease & Finance Co Ltd		150
	94,335	*	Nasdaq Stock Market, Inc		2,312

370

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	135,919	*	NewStar Financial, Inc	$	1,382
	1,036,600		Nomura Holdings, Inc		3,121
	240,401		Northern Trust Corp		9,534
	296,636		NYSE Euronext		7,742
	2,760	*	PHH Corp		30
	15,778	*	Safeguard Scientifics, Inc		249
	107,051		SEI Investments Co		1,857
	522,363		State Street Corp		21,056
	290,036		T Rowe Price Group, Inc		16,518
			TOTAL DIVERSIFIED FINANCIALS		292,760
ENERGY - 6.0%
	31,900	*	Acergy S.A.		589
	38,100		Aker Kvaerner ASA		399
	31,400		AMEC plc		442
	333,022		Apache Corp		30,165
	19,900		ARC Energy Trust		490
	235,018	*,e	ATP Oil & Gas Corp		1,730
	4,366	*	Atwood Oceanics, Inc		174
	2,112	*	Basic Energy Services, Inc		42
	727,710		BG Group plc		15,547
	8,300		Bonavista Energy Trust		212
	124,112		Cabot Oil & Gas Corp		9,420
	250,802	*	Cairn Energy plc		1,031
	7,080	*	Cal Dive International, Inc		16
	214,719	*	Cameron International Corp		10,562
	24,454	e	CARBO Ceramics, Inc		3,016
	5,590	*	Carrizo Oil & Gas, Inc		147
	287,400		Cenovus Energy, Inc (Toronto)		9,544
	7,183	*	Cheniere Energy, Inc		62
	775,814		Chesapeake Energy Corp		17,293
	111,359		Cimarex Energy Co		6,893
	268,523	*,e	Clean Energy Fuels Corp		3,346
	5,145	*	Cobalt International Energy, Inc		80
	45,027	*	Compagnie Generale de Geophysique S.A.		1,045
	53,268	*	Complete Production Services, Inc		1,788
	1,993	*	Comstock Resources, Inc		30
	2,731	*	Concho Resources, Inc		256
	46,605	*	Contango Oil & Gas Co		2,711
	934	*,e	Continental Resources, Inc		62
	163,000		Cosmo Oil Co Ltd		455
	21,100		Crescent Point Energy Corp		930
	190,536		Crosstex Energy, Inc		2,408
	124,890	*	CVR Energy, Inc		2,339
	8,261	*	Dawson Geophysical Co		327
	486,380	*	Denbury Resources, Inc		7,344
	455,616		Devon Energy Corp		28,248
	218,769	e	Diamond Offshore Drilling, Inc		12,089
	2,499	*	Dresser-Rand Group, Inc		125
	930,912		El Paso Corp		24,734
	290,374		Enbridge, Inc		10,857
	11,000		Enerplus Resources Fund		279

371

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	624,899		ENI S.p.A.	$	12,884
	317,902		EOG Resources, Inc		31,318
	343,498		Equitable Resources, Inc		18,820
	903	*	Exterran Holdings, Inc		8
	257,424	*	FMC Technologies, Inc		13,445
	16,800		Fugro NV		972
	140,158		Galp Energia SGPS S.A.		2,059
	16,840	*,e	GMX Resources, Inc		21
	47,986	*,e	Goodrich Petroleum Corp		659
	22,906		Gulf Island Fabrication, Inc		669
	65,116	*	Gulfmark Offshore, Inc		2,736
	108,787	*,e	Hercules Offshore, Inc		483
	419,855		Hess Corp		23,848
	159,117	*,e	Hornbeck Offshore Services, Inc		4,936
	5,100		Idemitsu Kosan Co Ltd		526
	670		Inpex Holdings, Inc		4,218
	38,515	*	ION Geophysical Corp		236
	4,180	*	Key Energy Services, Inc		65
	846	*,e	Kinder Morgan Management LLC		66
	9,058	*	Kodiak Oil & Gas Corp		86
	15,039		Lufkin Industries, Inc		1,012
	778,075		Marathon Oil Corp		22,774
	456,457		National Oilwell Varco, Inc		31,034
	3,769	*	Natural Gas Services Group, Inc		54
	126,731		Neste Oil Oyj		1,275
	148,046	*	Newfield Exploration Co		5,586
	252,677		Nexen, Inc		4,021
	125,262		Noble Corp		3,785
	311,159		Noble Energy, Inc		29,370
	14,826	*,e	Northern Oil And Gas, Inc		356
	2,078	*,e	Oasis Petroleum, Inc		60
	23,381		Oceaneering International, Inc		1,079
	16,241	*	Oil States International, Inc		1,240
	142,009		OMV AG.		4,302
	558,343		Origin Energy Ltd		7,614
	4,321	*	OYO Geospace Corp		334
	25,100		Pacific Rubiales Energy Corp (Toronto)		461
	116,848	*	Parker Drilling Co		838
	82,000		Penn West Energy Trust		1,625
	28,200		Petrofac Ltd		631
	37,146	*,e	Petroleum Development Corp		1,304
	68,060	*,e	Petroquest Energy, Inc		449
	87,693	*	Pioneer Drilling Co		849
	174,885		Pioneer Natural Resources Co		15,649
	1,514	*	Plains Exploration & Production Co		56
	308,642		Questar Market Resources, Inc		9,043
	90,760	*,e	Quicksilver Resources, Inc		609
	107,336		Range Resources Corp		6,648
	769,765	*,e	Rentech, Inc		1,008
	314,475		Repsol YPF S.A.		9,621
	36,777	*,e	Rex Energy Corp		543
	13,890	*	Rosetta Resources, Inc		604

372

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	42,882	e	RPC, Inc	$	783
	41,511		Saipem S.p.A.		1,756
	466,753		Santos Ltd		5,841
	894	*	SEACOR Holdings, Inc		80
	122,725		SeaDrill Ltd		4,093
	58,600		Showa Shell Sekiyu KK		394
	233,642	*	Southwestern Energy Co		7,463
	1,012,393		Spectra Energy Corp		31,132
	93,305		St. Mary Land & Exploration Co		6,821
	104		Statoil ASA		3
	414,704		Suncor Energy, Inc		11,960
	50,807		Sunoco, Inc		2,084
	1,449	*,e	Superior Energy Services		41
	458,500		Talisman Energy, Inc		5,842
	10,769		Technip S.A.		1,010
	159,456		Tenaris S.A.		2,933
	5,071	*	Tetra Technologies, Inc		47
	800		Tidewater, Inc		39
	31,000		TonenGeneral Sekiyu KK		338
	262,191		Tullow Oil plc		5,697
	135,014	*	Ultra Petroleum Corp		4,000
	41,805	*	Unit Corp		1,940
	3,500		Vermilion Energy Trust		156
	890,401	*	Weatherford International Ltd		13,035
	312,290	*,e	Western Refining, Inc		4,150
	105,778	*	Whiting Petroleum Corp		4,939
			TOTAL ENERGY		605,693
FOOD & STAPLES RETAILING - 0.9%
	156,800		Aeon Co Ltd		2,148
	179,256		Carrefour S.A.		4,078
	844		Casey’s General Stores, Inc		43
	12,176		Casino Guichard Perrachon S.A.		1,024
	5,000		Colruyt S.A.		189
	10,250		Delhaize Group		575
	177,850	*	Distribuidora Internacional de Alimentacion S.A.		801
	172,768		J Sainsbury plc		812
	59,300	*	Jeronimo Martins SGPS S.A.		979
	6,988		Kesko Oyj (B Shares)		234
	302,457		Koninklijke Ahold NV		4,065
	238,990		Kroger Co		5,788
	9,800		Lawson, Inc		611
	35,900		Loblaw Cos Ltd		1,356
	57,100		Metcash Ltd		235
	68,666		Metro AG.		2,504
	12,200		Metro, Inc		647
	221		Pricesmart, Inc		15
	2,468		Ruddick Corp		105
	372,221	e	Safeway, Inc		7,832
	128,700		Seven & I Holdings Co Ltd		3,587
	18,582		Spartan Stores, Inc		344
	881,241		Sysco Corp		25,847

373

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	1,918,076		Tesco plc	$	12,001
	1,270	*	United Natural Foods, Inc		51
	102,211		Whole Foods Market, Inc		7,112
	2,600	*	Winn-Dixie Stores, Inc		24
	152,243		WM Morrison Supermarkets plc		770
	250,972		Woolworths Ltd		6,442
			TOTAL FOOD & STAPLES RETAILING		90,219
FOOD, BEVERAGE & TOBACCO - 2.7%
	150,000		Ajinomoto Co, Inc		1,801
	29,818		Aryzta AG.		1,439
	191,588		Associated British Foods plc		3,291
	2,423	e	Calavo Growers, Inc		62
	326,552	e	Campbell Soup Co		10,855
	189,544		Coca Cola Hellenic Bottling Co S.A.		3,250
	72,900		Coca-Cola Amatil Ltd		857
	6,100		Coca-Cola West Japan Co Ltd		106
	37,233		ConAgra Foods, Inc		983
	5,450	*	Darling International, Inc		72
	1,010	e	Diamond Foods, Inc		33
	1,266		Dr Pepper Snapple Group, Inc		50
	2,100	e	Flowers Foods, Inc		40
	732,761		General Mills, Inc		29,610
	90,910	*,e	Green Mountain Coffee Roasters, Inc		4,077
	171,325		Groupe Danone		10,751
	511,484		H.J. Heinz Co		27,640
	2,100	*	Hain Celestial Group, Inc		77
	12,293		Hansen Natural Corp		1,133
	9,909		Hormel Foods Corp		290
	30,946		J.M. Smucker Co		2,419
	531,419		Kellogg Co		26,873
	28,997		Kerry Group plc (Class A)		1,061
	31,000		Kikkoman Corp		356
	1,196,446		Kraft Foods, Inc (Class A)		44,698
	3,503	e	Lancaster Colony Corp		243
	16,889		McCormick & Co, Inc		852
	81,925		Mead Johnson Nutrition Co		5,631
	3,800		MEIJI Holdings Co Ltd		157
	13,000		Nippon Meat Packers, Inc		161
	39,000		Nisshin Seifun Group, Inc		472
	14,500		Nissin Food Products Co Ltd		569
	900,711		PepsiCo, Inc		59,762
	29,100		Saputo, Inc		1,115
	590,596		Sara Lee Corp		11,174
	13,800		Suedzucker AG.		440
	11,095	e	Tootsie Roll Industries, Inc		263
	393,114		Unilever NV		13,517
	361,651		Unilever plc		12,128
	81,300		Viterra, Inc		857
	42,800		Yakult Honsha Co Ltd		1,346
	6,000		Yamazaki Baking Co Ltd		79
			TOTAL FOOD, BEVERAGE & TOBACCO		280,590

374

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
HEALTH CARE EQUIPMENT & SERVICES - 1.9%
	2,108	*,e	Accretive Health, Inc	$	48
	512,719		Aetna, Inc		21,632
	2,548	*,e	Align Technology, Inc		60
	1,123	*	Amerigroup Corp		66
	10,800	*	Amsurg Corp		281
	637,419		Baxter International, Inc		31,539
	315,347		Becton Dickinson & Co		23,563
	3,075	*	Brookdale Senior Living, Inc		53
	42,005	*	Centene Corp		1,663
	8,837		Chemed Corp		453
	174,588		Cigna Corp		7,333
	2,310	*,e	Conceptus, Inc		29
	1,930	*	Coventry Health Care, Inc		59
	6,786	*	CryoLife, Inc		33
	17,387	*,e	Delcath Systems, Inc		53
	3,100	*	Gen-Probe, Inc		183
	12,050	*	Greatbatch, Inc		266
	730	*	Haemonetics Corp		45
	11,364	*	Health Management Associates, Inc (Class A)		84
	1,538	*	Healthspring, Inc		84
	14,099	*	Henry Schein, Inc		908
	78,382		Hill-Rom Holdings, Inc		2,641
	3,907	*	HMS Holdings Corp		125
	95,210		Humana, Inc		8,341
	45,302	*	Idexx Laboratories, Inc		3,486
	1,200	*	Integra LifeSciences Holdings Corp		37
	2,446		Invacare Corp		37
	50,021	*	Inverness Medical Innovations, Inc		1,155
	58,522	*	LifePoint Hospitals, Inc		2,174
	997	*	Magellan Health Services, Inc		49
	2,103	*,e	MAKO Surgical Corp		53
	1,760	*,e	Masimo Corp		33
	1,730	*	MedAssets, Inc		16
	292,241	*	Medco Health Solutions, Inc		16,336
	5,257	*	Medidata Solutions, Inc		114
	996,064		Medtronic, Inc		38,100
	45,847	*	Molina Healthcare, Inc		1,024
	8,672	*	MWI Veterinary Supply, Inc		576
	6,840	*	Natus Medical, Inc		65
	1,976	*	NuVasive, Inc		25
	2,364	*	NxStage Medical, Inc		42
	3,000	*	Omnicell, Inc		50
	7,475	*	OraSure Technologies, Inc		68
	5,635		Owens & Minor, Inc		157
	5,380	*	Palomar Medical Technologies, Inc		50
	90,384		Patterson Cos, Inc		2,668
	2,500	*	PSS World Medical, Inc		60
	1,198	e	Quality Systems, Inc		44
	25,322	*	Resmed, Inc		643
	1,120	*	Sirona Dental Systems, Inc		49

375

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	42,215		STERIS Corp	$	1,259
	4,400		Suzuken Co Ltd		122
	7,700		Sysmex Corp		250
	459,628		WellPoint, Inc		30,451
	2,100	*	Wright Medical Group, Inc		35
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		198,770
HOUSEHOLD & PERSONAL PRODUCTS - 1.9%
	249,577		Avon Products, Inc		4,360
	9,680		Beiersdorf AG.		549
	62,106		Clorox Co		4,134
	413,480		Colgate-Palmolive Co		38,201
	59,615		Estee Lauder Cos (Class A)		6,697
	210		Henkel KGaA		10
	156,880		Henkel KGaA (Preference)		9,044
	181,200		Kao Corp		4,944
	447,617		Kimberly-Clark Corp		32,927
	63,795		L’Oreal S.A.		6,644
	23,931	*,e	Medifast, Inc		328
	1,610	e	Nu Skin Enterprises, Inc (Class A)		78
	1,278,167		Procter & Gamble Co		85,267
	152,666		Reckitt Benckiser Group plc		7,529
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		200,712
INSURANCE - 3.6%
	295,590		ACE Ltd		20,727
	651,988		Aflac, Inc		28,205
	777	*,e	Alleghany Corp		222
	4,400		American Equity Investment Life Holding Co		46
	1,538,155		AMP Ltd		6,392
	60,941	*,e	Arch Capital Group Ltd		2,269
	3,203		Arthur J. Gallagher & Co		107
	126,789	e	Aspen Insurance Holdings Ltd		3,360
	421,903		Assicurazioni Generali S.p.A.		6,333
	112,933		Assurant, Inc		4,637
	9,623		Axis Capital Holdings Ltd		308
	909,874	*	Berkshire Hathaway, Inc (Class B)		69,424
	454,051		Chubb Corp		31,430
	450,599		Cincinnati Financial Corp		13,725
	142,760		CNP Assurances		1,767
	1,200		Dai-ichi Mutual Life Insurance Co		1,178
	2,054		Delphi Financial Group, Inc (Class A)		91
	37,351		Delta Lloyd NV		626
	1,400		Donegal Group, Inc (Class A)		20
	4,146	*,e	eHealth, Inc		61
	2,400		Employers Holdings, Inc		43
	47,737		Endurance Specialty Holdings Ltd		1,826
	4,380		Everest Re Group Ltd		368
	3,539		First American Financial Corp		45
	702,131	*	Genworth Financial, Inc (Class A)		4,599
	1,200		Harleysville Group, Inc		68
	3,500	*	Hilltop Holdings, Inc		30

376

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	547,527		Insurance Australia Group Ltd	$	1,668
	1,916		Kemper Corp		56
	363,115		Lincoln National Corp		7,052
	5,262	*	Markel Corp		2,182
	4,850		Meadowbrook Insurance Group, Inc		52
	78,600		Mitsui Sumitomo Insurance Group Holdings, Inc		1,451
	123,177		Montpelier Re Holdings Ltd		2,186
	75,286		Muenchener Rueckver AG.		9,226
	59,105	*	National Financial Partners Corp		799
	700	*	Navigators Group, Inc		33
	3,256,923		Old Mutual plc		6,850
	733		PartnerRe Ltd		47
	436,156	*	Phoenix Cos, Inc		733
	56,579		Platinum Underwriters Holdings Ltd		1,930
	2,297		Primerica, Inc		53
	388,270		Principal Financial Group		9,551
	998,873		Progressive Corp		19,488
	26,747		Protective Life Corp		603
	576,474		Prudential Financial, Inc		28,893
	912,978		Prudential plc		9,033
	984		Reinsurance Group of America, Inc (Class A)		51
	749		RenaissanceRe Holdings Ltd		56
	1,421	e	RLI Corp		104
	1,522,946		Royal & Sun Alliance Insurance Group plc		2,486
	900		Safety Insurance Group, Inc		36
	6,001		SeaBright Insurance Holdings, Inc		46
	2,400		Selective Insurance Group, Inc		43
	5,540		Stancorp Financial Group, Inc		204
	1,244,153		Standard Life plc		3,986
	13,455		Stewart Information Services Corp		155
	169,853		Swiss Re Ltd		8,635
	177,900		T&D Holdings, Inc		1,656
	537,100		Travelers Cos, Inc		31,781
	800		TrygVesta AS		44
	148,834		W.R. Berkley Corp		5,118
	233,049		XL Capital Ltd		4,607
			TOTAL INSURANCE		358,801
MATERIALS - 3.8%
	66,358		Agnico-Eagle Mines Ltd		2,413
	20,600		Agrium, Inc (Toronto)		1,383
	87,628		Air Liquide		10,820
	314,939		Air Products & Chemicals, Inc		26,830
	21,000		Air Water, Inc		267
	6,480		Airgas, Inc		506
	19,300		Akzo Nobel NV		930
	1,144,312	e	Alcoa, Inc		9,898
	75,375		Allegheny Technologies, Inc		3,603
	126,296	*	Allied Nevada Gold Corp		3,824
	1,251,717		Alumina Ltd		1,433
	128,690		AMCOL International Corp		3,455
	71,800		Amcor Ltd		529

377

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	335,241		Antofagasta plc	$	6,340
	23,319		Aptargroup, Inc		1,217
	203,000		Asahi Kasei Corp		1,223
	40,985		Ball Corp		1,464
	116,110		BASF AG.		8,083
	99,179		Bemis Co, Inc		2,983
	102,756		Boliden AB		1,491
	19,400		Boral Ltd		71
	52,186		Buckeye Technologies, Inc		1,745
	1,160		Carpenter Technology Corp		60
	1,187		Celanese Corp (Series A)		53
	2,372	*	Clearwater Paper Corp		84
	166,221	e	Cleveland-Cliffs, Inc		10,364
	138,860	*	Coeur d’Alene Mines Corp		3,352
	115,751		Commercial Metals Co		1,601
	10,420		Compass Minerals International, Inc		717
	295,427		CRH plc		5,849
	17,000		Daido Steel Co Ltd		106
	4,674		Domtar Corp		374
	5,800		DSM NV		268
	2,936		Eastman Chemical Co		115
	414,840		Ecolab, Inc		23,982
	5,690	*	Ferro Corp		28
	156,723		Fletcher Building Ltd		748
	958,826		Fortescue Metals Group Ltd		4,194
	8,200		Franco-Nevada Corp		312
	72,620		Fresnillo plc		1,721
	74,210	*,e	General Moly, Inc		229
	1,052		Givaudan S.A.		1,000
	2,623		Globe Specialty Metals, Inc		35
	914		Greif, Inc (Class A)		42
	94,290		H.B. Fuller Co		2,179
	48,214		HeidelbergCement AG.		2,042
	50,000		Hitachi Metals Ltd		543
	3,600		Holmen AB (B Shares)		103
	900		Imerys S.A.		41
	50,500		Inmet Mining Corp		3,247
	23,190		Innophos Holdings, Inc		1,126
	1,763		International Flavors & Fragrances, Inc		92
	206,873		International Paper Co		6,123
	48,900		JSR Corp		901
	77,699		K&S AG.		3,504
	38,000		Kaneka Corp		202
	423,100		Kinross Gold Corp		4,830
	290,000		Kobe Steel Ltd		448
	2,112	*	Kraton Polymers LLC		43
	58,000		Kuraray Co Ltd		823
	46,374		Linde AG.		6,892
	71,634		Lonmin plc		1,091
	102,400	*	Louisiana-Pacific Corp		826
	636,655		LyondellBasell Industries AF S.C.A		20,685
	673	e	Martin Marietta Materials, Inc		51

378

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	230,013		MeadWestvaco Corp	$	6,890
	26,544		Minerals Technologies, Inc		1,501
	297,500		Mitsubishi Chemical Holdings Corp		1,630
	48,000		Mitsubishi Gas Chemical Co, Inc		266
	120,960		Mitsui Chemicals, Inc		367
	2,100		Myers Industries, Inc		26
	2,220		Neenah Paper, Inc		50
	267,783		Newcrest Mining Ltd		8,161
	2,015,000		Nippon Steel Corp		5,012
	241,000		Nisshin Steel Co Ltd		369
	31,500		Nitto Denko Corp		1,120
	967,290		Norsk Hydro ASA		4,465
	31,650		Novozymes AS		975
	476,434		Nucor Corp		18,852
	1,370	*	OM Group, Inc		31
	693,277		OneSteel Ltd		496
	46,342		Orica Ltd		1,147
	29,400	*	Osisko Mining Corp		284
	34,763	*	Owens-Illinois, Inc		674
	159,925		Oxiana Ltd		1,636
	3,815		PolyOne Corp		44
	115,400		Potash Corp of Saskatchewan Toronto		4,770
	329,748		Praxair, Inc		35,249
	1,380		Quaker Chemical Corp		54
	6,500		Randgold Resources Ltd		665
	43,300		Rexam plc		237
	8,241		Rock-Tenn Co (Class A)		476
	150,036		Royal Gold, Inc		10,117
	15,553		Salzgitter AG.		776
	850		Schnitzer Steel Industries, Inc (Class A)		36
	52,009		Sealed Air Corp		895
	92,200		Shin-Etsu Chemical Co Ltd		4,529
	220,178		Sigma-Aldrich Corp		13,752
	76,875		Sims Group Ltd		996
	10,200		Solvay S.A.		837
	117,186		Sonoco Products Co		3,861
	81,600		Ssab Svenskt Stal AB (Series A)		715
	600		Stepan Co		48
	49,061	*	Stillwater Mining Co		513
	334,517		Stora Enso Oyj (R Shares)		1,992
	360,000		Sumitomo Chemical Co Ltd		1,307
	1,477,000		Sumitomo Metal Industries Ltd		2,679
	358,000		Sumitomo Metal Mining Co Ltd		4,583
	145,090		Svenska Cellulosa AB (B Shares)		2,142
	4,300		Syngenta AG.		1,264
	42,000		Taiyo Nippon Sanso Corp		292
	219,300		Teck Cominco Ltd		7,730
	74,000		Teijin Ltd		227
	74,966	e	Titanium Metals Corp		1,123
	305,000		Toray Industries, Inc		2,182
	41,000		Tosoh Corp		109
	117,300		Toyo Seikan Kaisha Ltd		1,596

379

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	69,914		Tredegar Corp	$	1,553
	268,000		UBE Industries Ltd		733
	15,649		Umicore		643
	397,316	e	United States Steel Corp		10,513
	198,855		UPM-Kymmene Oyj		2,179
	29,695	*,e	US Gold Corp		100
	49,905		Valspar Corp		1,945
	112,198	e	Vulcan Materials Co		4,415
	10,800		Wausau Paper Corp		89
	1,211		Westlake Chemical Corp		49
	300,696		Worthington Industries, Inc		4,925
	703,223		Xstrata plc		10,707
	309,400		Yamana Gold, Inc		4,562
	10,500		Yamato Kogyo Co Ltd		301
	20,900		Yara International ASA		834
			TOTAL MATERIALS		404,830
MEDIA - 1.0%
	2,580		Arbitron, Inc		89
	152,210		British Sky Broadcasting plc		1,732
	199,065		Cablevision Systems Corp (Class A)		2,831
	4,766		Cinemark Holdings, Inc		88
	10,955	*	Clear Channel Outdoor Holdings, Inc (Class A)		137
	2,120	*	Digital Generation, Inc		25
	428,238	*	Discovery Communications, Inc (Class A)		17,546
	57,029	*	Discovery Communications, Inc (Class C)		2,150
	52,293	*,e	DreamWorks Animation SKG, Inc (Class A)		868
	22,935	*	Fisher Communications, Inc		661
	1,900	*	JC Decaux S.A.		44
	10,069		John Wiley & Sons, Inc (Class A)		447
	235,872	*	Journal Communications, Inc (Class A)		1,038
	15,813		Lagardere S.C.A.		416
	290,297	*	Liberty Global, Inc (Class A)		11,911
	1,406	*	Liberty Global, Inc (Series C)		56
	1,500		Modern Times Group AB (B Shares)		71
	213,630	*,e	New York Times Co (Class A)		1,651
	551,411		Pearson plc		10,349
	12,800		ProSiebenSat.1 Media AG.		233
	1,550		Scholastic Corp		46
	3,000		Societe Television Francaise 1		29
	200,961		Thomson Corp (Toronto)		5,371
	413,584		Time Warner Cable, Inc		26,293
	34,079	*,e	Valassis Communications, Inc		655
	315,358	e	Virgin Media, Inc		6,742
	20,820	e	Washington Post Co (Class B)		7,845
	46,200		Wolters Kluwer NV		797
	683,960		WPP plc		7,173
			TOTAL MEDIA		107,294
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.4%
	958,682		Abbott Laboratories		53,907
	1,969	*	Acorda Therapeutics, Inc		47

380

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	17,804	*	Affymetrix, Inc	$	73
	333,819	*	Agilent Technologies, Inc		11,661
	94,231	*	Akorn, Inc		1,048
	21,606	*,e	Amylin Pharmaceuticals, Inc		246
	128,768	*	Ariad Pharmaceuticals, Inc		1,577
	7,946	*	Arqule, Inc		45
	167,180		Astellas Pharma, Inc		6,789
	13,554	*	Auxilium Pharmaceuticals, Inc		270
	277,392	*	Biogen Idec, Inc		30,528
	400	*	Bio-Rad Laboratories, Inc (Class A)		38
	47,562	*	Biovail Corp (Toronto)		2,225
	1,289,367		Bristol-Myers Squibb Co		45,437
	8,887	*,e	Cadence Pharmaceuticals, Inc		35
	9,467	*	Cambrex Corp		68
	56,411	*	Cepheid, Inc		1,941
	180,400		Chugai Pharmaceutical Co Ltd		2,974
	19,300		Dainippon Sumitomo Pharma Co Ltd		220
	23,000		Eisai Co Ltd		951
	123,374	*	Endo Pharmaceuticals Holdings, Inc		4,260
	4,664	*,e	Genomic Health, Inc		118
	29,826	*,e	Geron Corp		44
	826,873	*	Gilead Sciences, Inc		33,845
	916,615		GlaxoSmithKline plc		20,886
	4,270	*,e	Immunogen, Inc		49
	15,329	*,e	Immunomedics, Inc		51
	97,753	*,e	Incyte Corp		1,467
	1,319,378		Johnson & Johnson		86,524
	121,403	*	Life Technologies Corp		4,724
	1,582,985		Merck & Co, Inc		59,679
	8,809		Merck KGaA		877
	2,769	*	Momenta Pharmaceuticals, Inc		48
	243,310	*,e	Nektar Therapeutics		1,361
	83,237	*	Neurocrine Biosciences, Inc		708
	404,450		Novartis AG.		23,091
	122,745		Novo Nordisk AS (Class B)		14,101
	1,100	*	Onyx Pharmaceuticals, Inc		48
	170,097	e	PDL BioPharma, Inc		1,055
	27,366	*	Progenics Pharmaceuticals, Inc		234
	127,225		Roche Holding AG.		21,516
	81,253	*	Salix Pharmaceuticals Ltd		3,888
	38,313	*,e	Sangamo Biosciences, Inc		109
	7,000		Santen Pharmaceutical Co Ltd		289
	16,464	*,e	SIGA Technologies, Inc		41
	1,297	*,e	Synta Pharmaceuticals Corp		6
	220,900		Takeda Pharmaceutical Co Ltd		9,703
	3,990		Techne Corp		272
	3,140	*,e	Theravance, Inc		69
	1,800		Tsumura & Co		53
	6,479	*	United Therapeutics Corp		306
	2,960	*	Viropharma, Inc		81
	88,049	*	Vivus, Inc		858
	70,294	*	Waters Corp		5,205
	10,632	*,e	Xenoport, Inc		41
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		455,687

381

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
REAL ESTATE - 1.7%
	58,900		Aeon Mall Co Ltd	$	1,250
	324,512		AMB Property Corp		9,278
	1,001,223		Annaly Capital Management, Inc		15,979
	105,279	e	Boston Properties, Inc		10,486
	218,140		British Land Co plc		1,566
	752,000		CapitaMall Trust		985
	40,398	*	CBRE Group, Inc		615
	192,000		CFS Gandel Retail Trust		331
	2,665		Colonial Properties Trust		56
	1,080	e	Corporate Office Properties Trust		23
	198,000		Daiwa House Industry Co Ltd		2,367
	2,200,199		DB RREEF Trust		1,865
	5,432		Douglas Emmett, Inc		99
	173,566	e	Duke Realty Corp		2,091
	1,000	e	EastGroup Properties, Inc		43
	5,348		Equity One, Inc		91
	11,912	e	Federal Realty Investment Trust		1,081
	286,038	*,e	First Industrial Realty Trust, Inc		2,926
	2,600	e	Franklin Street Properties Corp		26
	3,048		Gecina S.A.		255
	679,187	e	General Growth Properties, Inc		10,201
	435,396		GPT Group (ASE)		1,365
	486,972		HCP, Inc		20,174
	63,063		Health Care REIT, Inc		3,439
	2,000		Healthcare Realty Trust, Inc		37
	687,813	e	Host Marriott Corp		10,159
	3,053		Jones Lang LaSalle, Inc		187
	2,723	e	Kilroy Realty Corp		104
	291,636		Land Securities Group plc		2,876
	4,206		LaSalle Hotel Properties		102
	59,200		Lend Lease Corp Ltd		434
	381,212		Liberty International plc		1,847
	49,180	e	Liberty Property Trust		1,519
	40,663	e	Macerich Co		2,058
	802,200		Macquarie Goodman Group		466
	9,064		Medical Properties Trust, Inc		89
	16,084		Mid-America Apartment Communities, Inc		1,006
	726,832		Mirvac Group		876
	305,810		Mitsui Fudosan Co Ltd		4,458
	2,630	e	Piedmont Office Realty Trust, Inc		45
	5,168	e	Post Properties, Inc		226
	700		PS Business Parks, Inc		39
	269,490	e	RAIT Investment Trust		1,280
	13,556	e	Regency Centers Corp		510
	462,184		Segro plc		1,497
	298,720	e	Simon Property Group, Inc		38,516
	1,108,010		Stockland Trust Group		3,620
	20,745		Unibail		3,713

382

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	47,418	e	Ventas, Inc	$	2,614
	160,650		Vornado Realty Trust		12,347
	3,131	e	Washington Real Estate Investment Trust		86
			TOTAL REAL ESTATE		177,303
RETAILING - 2.3%
	2,757	*	99 Cents Only Stores		61
	2,050		Aaron’s, Inc		55
	96,138		American Eagle Outfitters, Inc		1,470
	13,226	*	Ann Taylor Stores Corp		328
	42,991	*	Autozone, Inc		13,971
	900	*,e	Barnes & Noble, Inc		13
	188,133	*	Bed Bath & Beyond, Inc		10,906
	330,055		Best Buy Co, Inc		7,713
	810	*,e	Blue Nile, Inc		33
	1,200	e	Buckle, Inc		49
	11,600		Canadian Tire Corp Ltd		750
	57,629	*	Carmax, Inc		1,757
	52,582		Chico’s FAS, Inc		586
	2,648	*	Express Parent LLC		53
	12,500		Fast Retailing Co Ltd		2,274
	621		Finish Line, Inc (Class A)		12
	58,957		Foot Locker, Inc		1,406
	28,903	*,e	GameStop Corp (Class A)		697
	531,445		Gap, Inc		9,858
	1,053	*	Genesco, Inc		65
	316,915		Genuine Parts Co		19,395
	2,200	e	Haverty Furniture Cos, Inc		24
	259,489		Hennes & Mauritz AB (B Shares)		8,324
	36,848		HSN, Inc		1,336
	56,720		Inditex S.A.		4,630
	137,778	e	JC Penney Co, Inc		4,843
	417,700		Kingfisher plc		1,623
	321,538		Kohl’s Corp		15,868
	2,891,620		Li & Fung Ltd		5,328
	444,011	*	Liberty Media Holding Corp (Interactive A)		7,200
	4,443	*	LKQ Corp		134
	1,266,461		Lowe’s Companies, Inc		32,144
	110,511		Macy’s, Inc		3,556
	85,700		Marks & Spencer Group plc		414
	3,280		Men’s Wearhouse, Inc		106
	107,339		Nordstrom, Inc		5,336
	94,621	*	Office Depot, Inc		203
	1,510	*	O’Reilly Automotive, Inc		121
	10,103	*,e	Overstock.com, Inc		79
	35,695		Petsmart, Inc		1,831
	9,430	*	Pier 1 Imports, Inc		131
	29,641	e	RadioShack Corp		288
	1,292		Ross Stores, Inc		61
	5,240	*	Sally Beauty Holdings, Inc		111
	1,800	*	Shoe Carnival, Inc		46
	1,065	*	Shutterfly, Inc		24

383

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	661,620		Staples, Inc	$	9,190
	3,300	*	Stein Mart, Inc		22
	4,010	*,e	Talbots, Inc		11
	656,356		Target Corp		33,618
	43,291		Tiffany & Co		2,868
	435,031		TJX Companies, Inc		28,081
	1,220	e	Tractor Supply Co		86
	1,820	*	Ulta Salon Cosmetics & Fragrance, Inc		118
	13,577		Williams-Sonoma, Inc		523
	3,600		Yamada Denki Co Ltd		245
			TOTAL RETAILING		239,975
					��
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.5%
	80,003	*	Advanced Energy Industries, Inc		858
	878,509	*	Advanced Micro Devices, Inc		4,744
	66,711		Analog Devices, Inc		2,387
	2,168,345		Applied Materials, Inc		23,223
	106,924		ASML Holding NV		4,466
	7,922	*	Cabot Microelectronics Corp		374
	1,100	*	Cymer, Inc		55
	2,699	*	Cypress Semiconductor Corp		46
	2,380	*	Diodes, Inc		51
	4,236	*	DSP Group, Inc		22
	114,773	*	Entegris, Inc		1,001
	7,010	*,e	GT Solar International, Inc		51
	7,300	*	Integrated Device Technology, Inc		40
	2,800,744		Intel Corp		67,917
	687		Intersil Corp (Class A)		7
	4,049	*	IXYS Corp		44
	60,054	*	Lattice Semiconductor Corp		357
	27,338	*	LTX-Credence Corp		146
	3,840	e	Micrel, Inc		39
	2,671	*	Microsemi Corp		45
	9,990	*	Mindspeed Technologies, Inc		46
	20,792		MKS Instruments, Inc		578
	504,430	*	Nvidia Corp		6,991
	2,006	*	Omnivision Technologies, Inc		25
	478,118	*	ON Semiconductor Corp		3,691
	1,300	e	Power Integrations, Inc		43
	4,329	*	Rambus, Inc		33
	62,756	*	RF Micro Devices, Inc		339
	21,400		Rohm Co Ltd		995
	9,021	*	Rudolph Technologies, Inc		84
	23,614	*	Sigma Designs, Inc		142
	67,220	*	Skyworks Solutions, Inc		1,090
	185,963		STMicroelectronics NV		1,101
	141,552	*,e	SunPower Corp		882
	195	*	Teradyne, Inc		3
	1,142,446		Texas Instruments, Inc		33,256
	6,991	*	Triquint Semiconductor, Inc		34
	12,987	*	Ultratech, Inc		319
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		155,525

384

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
SOFTWARE & SERVICES - 4.2%
	590,790		Accenture plc	$	31,448
	499,142	*	Adobe Systems, Inc		14,111
	1,660	*	Advent Software, Inc		40
	4,609	*	Ansys, Inc		264
	3,260	*,e	AOL, Inc		49
	172,657	*	Autodesk, Inc		5,237
	120,509		Broadridge Financial Solutions, Inc		2,717
	426,167		CA, Inc		8,615
	5,437	*	Cadence Design Systems, Inc		57
	12,600	*	CGI Group, Inc		237
	405,344	*	Cognizant Technology Solutions Corp (Class A)		26,068
	47,900		Computershare Ltd		392
	113,310	*	Compuware Corp		943
	7,569	*	Convergys Corp		97
	2,200		Dassault Systemes S.A.		176
	6,198	*	DemandTec, Inc		82
	94,949		Earthlink, Inc		611
	2,100		EPIQ Systems, Inc		25
	28,235	*	Equinix, Inc		2,863
	1,098		Factset Research Systems, Inc		96
	1,845		Fair Isaac Corp		66
	2,731	*	Fortinet, Inc		60
	1,909		Global Payments, Inc		90
	123,228	*	Google, Inc (Class A)		79,594
	2,815	*,e	Higher One Holdings, Inc		52
	83,898	*	Informatica Corp		3,098
	7,303	*	Infospace, Inc		80
	538,285		International Business Machines Corp		98,981
	361,352		Intuit, Inc		19,004
	1,740	e	j2 Global, Inc		49
	1,810	*	JDA Software Group, Inc		59
	9,308	*	Knot, Inc		78
	24,926	*	Liquidity Services, Inc		920
	47,222	e	Marchex, Inc (Class B)		295
	7,188		ModusLink Global Solutions, Inc		39
	1,488	*	NetSuite, Inc		60
	14,350	*	NeuStar, Inc (Class A)		490
	165,999	*	NIC, Inc		2,209
	10,700		Nomura Research Institute Ltd		241
	104		NTT Data Corp		331
	2,000	*	Open Text Corp		103
	2,008,521		Oracle Corp		51,518
	183,169	*,e	Rackspace Hosting, Inc		7,878
	151,215	*	Salesforce.com, Inc		15,342
	215,240		SAP AG.		11,384
	10,057	*	Seachange International, Inc		71
	2,149	*	SolarWinds, Inc		60
	867,245	*	Symantec Corp		13,572
	17,553	*	Ultimate Software Group, Inc		1,143
	4,877	*	Unisys Corp		96
	1,833,799	*	Yahoo!, Inc		29,579
			TOTAL SOFTWARE & SERVICES		430,670

385

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
TECHNOLOGY HARDWARE & EQUIPMENT - 2.5%
	70,560	*	Acme Packet, Inc	$	2,181
	1,612		Adtran, Inc		49
	93,199	*,e	Aruba Networks, Inc		1,726
	11,531	*	Avid Technology, Inc		98
	24,158	*	Benchmark Electronics, Inc		325
	2,747	*	Blue Coat Systems, Inc		70
	36,913	*,e	Bookham, Inc		104
	25,500		Brother Industries Ltd		312
	3,303	*,e	Calix Networks, Inc		21
	223,500		Canon, Inc		9,836
	3,174,458		Cisco Systems, Inc		57,395
	4,800		Cognex Corp		172
	909	*	Coherent, Inc		48
	136,007	*	Cray, Inc		880
	1,918,120	*	Dell, Inc		28,062
	4,840	*	Digi International, Inc		54
	3,605	*	DTS, Inc		98
	1,691,797	*	EMC Corp		36,441
	1,558	*	FEI Co		64
	85,335	*	Finisar Corp		1,429
	30,068	*,e	Flextronics International Ltd		170
	116,900		Fuji Folms Holdings Corp		2,758
	592,000		Fujitsu Ltd		3,069
	1,515,187		Hewlett-Packard Co		39,032
	28,400		Hexagon AB (B Shares)		423
	5,600		Hitachi High-Technologies Corp		121
	28,700		Ibiden Co Ltd		565
	10,802	*	Imation Corp		62
	11,854	*	Infinera Corp		74
	1,900	*	Ingram Micro, Inc (Class A)		35
	24,015	e	InterDigital, Inc		1,046
	22,664	*	Intevac, Inc		168
	26,731	*	IPG Photonics Corp		905
	1,920	*	Itron, Inc		69
	3,197		Jabil Circuit, Inc		63
	118,500		Konica Minolta Holdings, Inc		881
	31,300		Kyocera Corp		2,510
	43,832		Lexmark International, Inc (Class A)		1,450
	1,068		Littelfuse, Inc		46
	4,248	e	Molex, Inc		101
	113,875	*	Motorola Mobility Holdings, Inc		4,418
	438,385		Motorola, Inc		20,294
	14,300		Murata Manufacturing Co Ltd		732
	2,100		National Instruments Corp		54
	3,405	*	Netgear, Inc		114
	1,185,120		Nokia Oyj		5,713
	45,500		Omron Corp		913
	69,596	*	Oplink Communications, Inc		1,146

386

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	44,497		Plantronics, Inc	$	1,586
	1,420	*	Plexus Corp		39
	123,725	*	Polycom, Inc		2,017
	231,781	*,e	Power-One, Inc		906
	903,685	*	Quantum Corp		2,169
	112,997	*	Radisys Corp		572
	109,100	*	Research In Motion Ltd (Canada)		1,585
	163,000		Ricoh Co Ltd		1,418
	2,500	*	Rofin-Sinar Technologies, Inc		57
	1,300	*	Scansource, Inc		47
	53,527	*	STEC, Inc		460
	6,268	*	Super Micro Computer, Inc		98
	8,445	*	Sycamore Networks, Inc		151
	20,433	*,e	Synaptics, Inc		616
	20,700		TDK Corp		913
	1,838	*	Tech Data Corp		91
	232,684		Tellabs, Inc		940
	41,423	*	Trimble Navigation Ltd		1,798
	13,773	*	TTM Technologies, Inc		151
	4,068	*,e	Universal Display Corp		149
	2,708	*	Vishay Precision Group, Inc		43
	2,568,775		Xerox Corp		20,447
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		262,550
TELECOMMUNICATION SERVICES - 1.8%
	805	*	AboveNet, Inc		52
	520,732	*	American Tower Corp (Class A)		31,249
	122,400		BCE, Inc		5,103
	808,199		CenturyTel, Inc		30,066
	161,417	*	Cincinnati Bell, Inc		489
	165,022	*	Crown Castle International Corp		7,393
	524,430		France Telecom S.A.		8,208
	1,561,009		Frontier Communications Corp		8,039
	894		KDDI Corp		5,742
	339,677	*	MetroPCS Communications, Inc		2,948
	2,950	*	Neutral Tandem, Inc		32
	180,834	*	NII Holdings, Inc (Class B)		3,852
	5,326		NTT DoCoMo, Inc		9,779
	219,990		Portugal Telecom SGPS S.A.		1,267
	69,400		Rogers Communications, Inc (Class B)		2,674
	13,176	*	SBA Communications Corp (Class A)		566
	89,700		Softbank Corp		2,634
	3,571,487	*	Sprint Nextel Corp		8,357
	20,557		Swisscom AG.		7,775
	2,598,797		Telecom Italia S.p.A.		2,778
	42,900		Telekom Austria AG.		513
	177,422		Telenor ASA		2,903
	699,891		TeliaSonera AB		4,742
	62,022	*	tw telecom inc (Class A)		1,202
	2,448	*	US Cellular Corp		107
	8,691,163		Vodafone Group plc		24,232
	853,138		Windstream Corp		10,016
			TOTAL TELECOMMUNICATION SERVICES		182,718

387

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
TRANSPORTATION - 1.5%
	182,643		Abertis Infraestructuras S.A.	$	2,902
	800	*	Allegiant Travel Co		43
	1,490		Arkansas Best Corp		29
	639,647		Auckland International Airport Ltd		1,253
	99,778		Autostrade S.p.A.		1,593
	95,000		Canadian National Railway Co		7,474
	25,000		Canadian Pacific Railway Ltd		1,693
	1,437,000		Cathay Pacific Airways Ltd		2,457
	205		Central Japan Railway Co		1,730
	30,341		CH Robinson Worldwide, Inc		2,117
	1,783		Con-Way, Inc		52
	1,162,997		CSX Corp		24,493
	134,669		Deutsche Lufthansa AG.		1,602
	534,498		Deutsche Post AG.		8,217
	58,500		East Japan Railway Co		3,729
	28,564		Expeditors International Washington, Inc		1,170
	5,413		Fraport AG. Frankfurt Airport Services Worldwide		266
	5,568	*	Genesee & Wyoming, Inc (Class A)		337
	5,334		Heartland Express, Inc		76
	66,237	*	International Consolidated Airlines		149
	1,861		International Shipholding Corp		35
	2,153		J.B. Hunt Transport Services, Inc		97
	153,000		Kawasaki Kisen Kaisha Ltd		276
	41,000		Keihin Electric Express Railway Co Ltd		368
	56,000		Keio Corp		395
	1,947	*	Kirby Corp		128
	900		Landstar System, Inc		43
	103,000		Mitsui OSK Lines Ltd		397
	1,559,197		MTR Corp		5,039
	417,854		Norfolk Southern Corp		30,445
	102,900		Odakyu Electric Railway Co Ltd		995
	9,835		Ryder System, Inc		523
	799,390		Southwest Airlines Co		6,842
	102,000		Tobu Railway Co Ltd		520
	228,000		Tokyu Corp		1,123
	108,231		Transurban Group		622
	548,148		United Parcel Service, Inc (Class B)		40,120
	105,100		Yamato Transport Co Ltd		1,769
			TOTAL TRANSPORTATION		151,119
UTILITIES - 2.8%
	44,200		A2A S.p.A.		41
	5,000		Acciona S.A.		430
	25,548		AGL Energy Ltd		374
	155,678		Alliant Energy Corp		6,867
	1,762		American Water Works Co, Inc		56
	164,256	e	Atmos Energy Corp		5,478
	176,186	*	Calpine Corp		2,877
	9,700		Canadian Utilities Ltd		586

388

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	203,900		Centerpoint Energy, Inc	$	4,096
	23,077		CH Energy Group, Inc		1,347
	3,130		Chesapeake Utilities Corp		136
	42,300		Chugoku Electric Power Co, Inc		741
	405,638		Cleco Corp		15,455
	881,500		CLP Holdings Ltd		7,489
	474,322		Consolidated Edison, Inc		29,423
	166,707	*	Contact Energy Ltd		684
	11,457		DTE Energy Co		624
	6,900	*	EDP Renovaveis S.A.		42
	2,474		Empire District Electric Co		52
	287,258		Enel Green Power S.p.A		599
	337,059		Energias de Portugal S.A.		1,041
	161,985		Gas Natural SDG S.A.		2,776
	2,100,675		Hong Kong & China Gas Ltd		4,864
	987,020		Iberdrola S.A.		6,165
	337,152		Idacorp, Inc		14,299
	1,026		Integrys Energy Group, Inc		56
	845,869		International Power plc		4,422
	7,871		ITC Holdings Corp		597
	33,619		Laclede Group, Inc		1,361
	4,056		MDU Resources Group, Inc		87
	67,199		MGE Energy, Inc		3,143
	1,088,320		National Grid plc		10,519
	25,454		New Jersey Resources Corp		1,252
	544,751		NextEra Energy, Inc		33,164
	590,674		NiSource, Inc		14,064
	170,797		Northeast Utilities		6,161
	20,077	e	Northwest Natural Gas Co		962
	103,339		NSTAR		4,853
	428,434		NV Energy, Inc		7,005
	54,813		Oest Elektrizitatswirts AG. (Class A)		1,470
	68,273		Oneok, Inc		5,919
	1,420	e	Ormat Technologies, Inc		26
	897,000		Osaka Gas Co Ltd		3,544
	861,254		Pepco Holdings, Inc		17,483
	481,981		PG&E Corp		19,867
	202,393		Piedmont Natural Gas Co, Inc		6,877
	1,185	e	Pinnacle West Capital Corp		57
	3,408		PNM Resources, Inc		62
	1,700		Portland General Electric Co		43
	455,571		Scottish & Southern Energy plc		9,119
	221,640		Sempra Energy		12,190
	6,800		Severn Trent plc		158
	23,900		Shikoku Electric Power Co, Inc		686
	30,331		SJW Corp		717
	354,000		Snam Rete Gas S.p.A.		1,559
	69,460		South Jersey Industries, Inc		3,946
	47,754		SP AusNet		46
	31,026		Suez Environnement S.A.		356
	2,793		TECO Energy, Inc		53
	179,100		Terna Rete Elettrica Nazionale S.p.A.		603

389

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	722,790		Tokyo Gas Co Ltd	$	3,331
	12,300		TransAlta Corp		254
	1,736		UGI Corp		51
	1,300		Unisource Energy Corp		48
	16,600		United Utilities Group plc		156
	1,884		Vectren Corp		57
	83,441		Veolia Environnement		914
	1,978		Westar Energy, Inc		57
	61,818		WGL Holdings, Inc		2,734
	22,672		Wisconsin Energy Corp		793
	63,441		Xcel Energy, Inc		1,754
			TOTAL UTILITIES		289,118
			TOTAL COMMON STOCKS		6,141,375
			(Cost $5,500,347)
PREFERRED STOCKS - 0.0%
BANKS - 0.0%
	233,115	*	Federal Home Loan Mortgage Corp		310
	740,991	*	Federal National Mortgage Association		1,023
			TOTAL BANKS		1,333
			TOTAL PREFERRED STOCKS		1,333
			(Cost $24,353)

PRINCIPAL			ISSUER	RATE		MATURITY DATE
SHORT-TERM INVESTMENTS - 10.4%
GOVERNMENT AGENCY DEBT - 1.0%
	$    25,000,000		Federal Home Loan Bank (FHLB)	0.013	%	02/22/12	24,999
	3,270,000		FHLB	0.009		02/24/12	3,270
	27,440,000		Federal Home Loan Mortgage Corp (FHLMC)	0.049		04/10/12	27,438
	29,500,000	d	FHLMC	0.047		01/09/12	29,500
	10,765,000		FHLMC	0.066		05/29/12	10,764
	11,320,000		Federal National Mortgage Association (FNMA)	0.061		06/06/12	11,319
			TOTAL GOVERNMENT AGENCY DEBT				107,290
TREASURY DEBT - 8.0%
	8,705,000	d	United States Treasury Bill	0.005		01/26/12	8,705
	5,000,000	d	United States Treasury Bill	0.032		02/23/12	5,000
	59,000,000	d	United States Treasury Bill	0.036		03/01/12	58,998
	97,900,000	d	United States Treasury Bill	0.014		03/08/12	97,896
	2,095,000		United States Treasury Bill	0.013		03/22/12	2,095
	139,000,000	d	United States Treasury Bill	0.041		03/29/12	138,992
	10,150,000	d	United States Treasury Bill	0.058		04/05/12	10,149
	43,000,000	d	United States Treasury Bill	0.030		04/12/12	42,998
	68,425,000	d	United States Treasury Bill	0.031		04/19/12	68,421
	101,000,000	d	United States Treasury Bill	0.037		05/03/12	100,992
	9,965,000		United States Treasury Bill	0.009		05/10/12	9,964
	59,845,000	d	United States Treasury Bill	0.021		05/17/12	59,837
	87,100,000	d	United States Treasury Bill	0.033		05/31/12	87,086
	45,000,000	d	United States Treasury Bill	0.036		06/07/12	44,991
	15,000,000		United States Treasury Bill	0.030		06/14/12	14,997
	50,000,000	d	United States Treasury Bill	0.050		06/28/12	49,985
	20,000,000	d	United States Treasury Bill	0.037		07/26/12	19,994
			TOTAL TREASURY DEBT				821,100

390

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 1.4%
GOVERNMENT AGENCY DEBT 0.4%
	$     3,064,000	Federal Home Loan Mortgage Corp (FHLMC)	0.020	%	03/15/12	$	3,064
	15,700,000	FHLMC	0.065		01/19/12		15,700
	10,000,000	FHLMC	0.022		03/21/12		9,999
	7,500,000	Federal National Mortgage Association (FNMA)	0.020		03/14/12		7,500
		TOTAL GOVERNMENT AGENCY DEBT					36,263
TREASURY DEBT 1.0%
	28,000,000	United States Treasury Bill	0.041		05/13/12		27,997
	5,000,000	United States Treasury Bill	0.033		05/31/12		4,999
	30,000,000	United States Treasury Bill	0.010		07/26/12		29,990
	1,000,000	United States Treasury Bill	0.010		02/23/12		1,000
	6,000,000	United States Treasury Bill	0.030		04/19/12		6,000
	6,035,000	United States Treasury Bill	0.010		05/10/12		6,034
	7,000,000	United States Treasury Bill	0.040		05/17/12		6,999
	5,000,000	United States Treasury Bill	0.010		06/14/12		4,999
	9,450,000	United States Treasury Note	0.375		08/31/12		9,467
	10,000,000	United States Treasury Note	0.750		05/31/12		10,029
		TOTAL TREASURY DEBT					107,514
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED					143,777
		TOTAL SHORT-TERM INVESTMENTS					1,072,167
		(Cost $1,072,152)
		TOTAL INVESTMENTS - 108.9%					11,259,186
		(Cost $10,444,067)
		OTHER ASSETS & LIABILITIES, NET - (8.9)%					(923,898	)
		NET ASSETS - 100.0%				$	10,335,288
		Abbreviation(s)
	REIT	Real Estate Investment Trust
	*	Non-income producing.
	d	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on mortgage dollar rolls.
	e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $152,820,000.
	g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 of which are deemed liquid. Such securities may be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 2011 the aggregate value of these securities amounted to $180,067,000 or 1.7% of net assets.
	h	All or a portion of these securities were purchased on a delayed delivery basis.
	i	Floating or variable rate security. Coupon rate reflects the rate at period end.
	j	Zero coupon
	m	Indicates a security that has been deemed illiquid.
		Cost amounts are in thousands.

391

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

COLLEGE RETIREMENT EQUITIES FUND
MONEY MARKET ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2011

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
SHORT-TERM INVESTMENTS - 99.5%
BANKERS’ ACCEPTANCES - 0.5%
	$     25,189,000	JPMorgan Chase Bank NA	0.080	%	01/06/12	$	25,189
	10,629,000	JPMorgan Chase Bank NA	0.135		01/27/12		10,628
	1,372,000	JPMorgan Chase Bank NA	0.290		02/10/12		1,372
	307,000	JPMorgan Chase Bank NA	0.290		02/29/12		307
	22,000,000	US Bank NA	0.350		02/14/12		21,990
		TOTAL BANKERS’ ACCEPTANCES					59,486
CERTIFICATE OF DEPOSIT - 6.1%
	25,000,000	Bank of Montreal	0.120		01/23/12		25,000
	19,375,000	Bank of Montreal	0.100		01/24/12		19,375
	50,000,000	Bank of Montreal	0.120		01/30/12		50,000
	18,000,000	Bank of Nova Scotia	0.290		01/17/12		18,000
	25,000,000	Bank of Nova Scotia	0.300		01/26/12		25,000
	25,000,000	Bank of Nova Scotia	0.290		01/27/12		25,000
	50,000,000	Bank of Nova Scotia	0.310		02/02/12		50,000
	25,000,000	Bank of Nova Scotia	0.310		02/06/12		25,000
	47,000,000	Canadian Imperial Bank of Commerce	0.080		01/30/12		47,000
	50,000,000	Canadian Imperial Bank of Commerce	0.100		02/13/12		50,000
	50,000,000	Canadian Imperial Bank of Commerce	0.110		02/27/12		50,000
	42,000,000	National Australia Bank Ltd	0.200		01/10/12		42,000
	25,000,000	Royal Bank of Canada	0.260		01/13/12		25,000
	40,000,000	Toronto-Dominion Bank	0.070		01/09/12		40,000
	30,560,000	Toronto-Dominion Bank	0.210		01/10/12		30,560
	50,000,000	Toronto-Dominion Bank	0.150		01/17/12		50,000
	25,000,000	Toronto-Dominion Bank	0.180		01/19/12		25,000
	25,000,000	Toronto-Dominion Bank	0.200		01/23/12		25,000
	50,000,000	Toronto-Dominion Bank	0.230		02/02/12		50,000
	10,000,000	Toronto-Dominion Bank	0.210		02/09/12		10,000
	20,000,000	Toronto-Dominion Bank	0.120		02/28/12		20,000
	50,000,000	Toronto-Dominion Bank	0.170		04/26/12		50,000
		TOTAL CERTIFICATE OF DEPOSIT					751,935
COMMERCIAL PAPER - 33.2%
	9,538,000	Australia & New Zealand Banking Group Ltd	0.250		01/17/12		9,537
	11,000,000	Australia & New Zealand Banking Group Ltd	0.250		01/25/12		10,998
	61,450,000	Australia & New Zealand Banking Group Ltd	0.260		01/31/12		61,436
	46,265,000	Australia & New Zealand Banking Group Ltd	0.325		02/07/12		46,251
	20,075,000	Bank of Nova Scotia	0.060		01/04/12		20,075
	4,680,000	Bank of Nova Scotia	0.050		01/10/12		4,680
	3,325,000	Bank of Nova Scotia	0.160		01/12/12		3,325
	3,000,000	Bank of Nova Scotia	0.270		01/17/12		3,000
	70,000,000	Bank of Nova Scotia	0.260		01/20/12		69,991
	16,900,000	Bank of Nova Scotia	0.120		01/31/12		16,898
	7,000,000	Bank of Nova Scotia	0.225		03/02/12		6,997
	7,500,000	Bank of Nova Scotia	0.230		03/12/12		7,497

392

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    50,000,000		Canadian Imperial Holdings, Inc	0.085	%	01/26/12	$	49,997
	50,000,000		Canadian Imperial Holdings, Inc	0.110		02/16/12		49,993
	12,675,000	y	Coca-Cola Co	0.170		01/05/12		12,675
	56,800,000	y	Coca-Cola Co	0.170		01/13/12		56,797
	4,393,000	y	Coca-Cola Co	0.160		01/17/12		4,393
	10,750,000	y	Coca-Cola Co	0.180		02/02/12		10,748
	75,000,000	y	Coca-Cola Co	0.170		02/03/12		74,988
	776,000	y	Coca-Cola Co	0.090		02/09/12		776
	75,000,000	y	Coca-Cola Co	0.090		02/23/12		74,989
	20,000,000	y	Coca-Cola Co	0.080		02/24/12		19,998
	19,530,000	y	Coca-Cola Co	0.200		03/05/12		19,523
	10,000,000	y	Coca-Cola Co	0.140		03/06/12		9,997
	16,110,000	y	Coca-Cola Co	0.170		03/07/12		16,105
	33,000,000	y	Coca-Cola Co	0.090		03/21/12		32,993
	30,800,000	y	Coca-Cola Co	0.110		04/05/12		30,791
	4,860,000	y	Commonwealth Bank of Australia	0.390		02/23/12		4,857
	665,000	y	Commonwealth Bank of Australia	0.460		04/24/12		664
	40,000,000		Exxon Mobil Corp	0.030		01/09/12		40,000
	37,875,000		Exxon Mobil Corp	0.025		01/11/12		37,875
	90,000,000		Exxon Mobil Corp	0.025		01/17/12		89,998
	40,000,000		Exxon Mobil Corp	0.020		01/18/12		40,000
	32,000,000		Exxon Mobil Corp	0.020		01/23/12		32,000
	25,013,000	y	Fairway Finance LLC	0.200		01/04/12		25,013
	4,000,000	y	Fairway Finance LLC	0.160		01/05/12		4,000
	15,000,000	y	Fairway Finance LLC	0.230		01/06/12		15,000
	19,200,000	y	Fairway Finance LLC	0.220		01/10/12		19,199
	42,044,000	y	Fairway Finance LLC	0.220		01/12/12		42,041
	10,000,000	y	Fairway Finance LLC	0.220		01/18/12		9,999
	14,195,000	y	Fairway Finance LLC	0.190		01/19/12		14,194
	25,020,000	y	Fairway Finance LLC	0.230		02/06/12		25,014
	27,548,000	y	Fairway Finance LLC	0.190		02/10/12		27,542
	16,386,000	y	Fairway Finance LLC	0.230		02/16/12		16,381
	17,735,000		General Electric Capital Corp	0.030		01/04/12		17,735
	22,000,000		General Electric Capital Corp	0.180		01/27/12		21,997
	8,300,000		General Electric Capital Corp	0.230		02/08/12		8,298
	47,600,000		General Electric Capital Corp	0.040		02/14/12		47,598
	40,000,000		General Electric Capital Corp	0.060		02/16/12		39,997
	40,000,000		General Electric Capital Corp	0.300		02/27/12		39,981
	49,000,000		General Electric Capital Corp	0.300		02/28/12		48,976
	20,000,000		General Electric Capital Corp	0.180		03/06/12		19,994
	20,000,000		General Electric Capital Corp	0.270		03/20/12		19,988
	10,000,000		General Electric Capital Corp	0.280		04/10/12		9,992
	9,552,000		General Electric Capital Corp	3.500		08/13/12		9,714
	15,000,000		General Electric Co	0.130		03/30/12		14,995
	29,600,000	y	International Business Machines Corp	0.060		01/19/12		29,599
	16,419,000	y	International Business Machines Corp	0.050		01/26/12		16,418
	69,821,000	y	Johnson & Johnson	0.055		01/12/12		69,819
	20,000,000	y	Johnson & Johnson	0.100		03/19/12		19,996
	33,600,000	y	Johnson & Johnson	0.050		04/03/12		33,596
	5,000,000	y	Jupiter Securitization Co LLC	0.190		01/04/12		5,000
	20,000,000	y	Jupiter Securitization Co LLC	0.200		01/05/12		20,000
	30,000,000	y	Jupiter Securitization Co LLC	0.200		01/06/12		29,999
	6,165,000	y	Jupiter Securitization Co LLC	0.150		01/09/12		6,165

393

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    43,000,000	y	Jupiter Securitization Co LLC	0.190	%	01/11/12	$	42,998
	20,000,000	y	Jupiter Securitization Co LLC	0.180		01/26/12		19,998
	20,000,000	y	Jupiter Securitization Co LLC	0.190		02/03/12		19,997
	25,000,000	y	Jupiter Securitization Co LLC	0.180		02/07/12		24,995
	8,000,000	y	Jupiter Securitization Co LLC	0.170		02/15/12		7,998
	28,261,000	y	Jupiter Securitization Co LLC	0.190		02/21/12		28,254
	20,000,000	y	Jupiter Securitization Co LLC	0.220		03/20/12		19,990
	4,081,000		National Australia Funding (Delaware)	0.310		01/03/12		4,081
	20,000,000		National Australia Funding (Delaware)	0.315		01/09/12		19,999
	27,580,000		National Australia Funding (Delaware)	0.250		01/23/12		27,576
	16,475,000		National Australia Funding (Delaware)	0.245		01/24/12		16,472
	1,000,000		National Australia Funding (Delaware)	0.320		01/31/12		1,000
	40,500,000		National Australia Funding (Delaware)	0.290		02/21/12		40,484
	10,000,000	y	Nestle Capital Corp	0.195		01/09/12		10,000
	50,000,000	y	Nestle Capital Corp	0.080		01/10/12		49,999
	20,000,000	y	Nestle Capital Corp	0.035		01/18/12		20,000
	20,000,000	y	Nestle Capital Corp	0.025		01/19/12		20,000
	4,500,000	y	Nestle Capital Corp	0.040		02/02/12		4,500
	20,000,000	y	Nestle Capital Corp	0.040		02/06/12		19,999
	20,000,000	y	Nestle Capital Corp	0.060		02/07/12		19,999
	26,600,000	y	Nestle Capital Corp	0.110		02/09/12		26,597
	50,000,000	y	Nestle Capital Corp	0.120		02/10/12		49,993
	25,000,000	y	Nestle Capital Corp	0.040		02/14/12		24,999
	8,000,000	y	Nestle Capital Corp	0.080		02/16/12		7,999
	9,600,000	y	Nestle Capital Corp	0.185		02/28/12		9,597
	10,000,000	y	Nestle Capital Corp	0.160		03/01/12		9,997
	21,535,000	y	Nestle Capital Corp	0.075		03/05/12		21,532
	10,000,000	y	Nestle Capital Corp	0.060		03/07/12		9,999
	5,550,000	y	Nestle Capital Corp	0.110		03/30/12		5,548
	27,545,000	y	Old Line Funding LLC	0.230		01/10/12		27,543
	2,200,000	y	Old Line Funding LLC	0.100		01/13/12		2,200
	34,159,000	y	Old Line Funding LLC	0.225		01/17/12		34,156
	19,400,000	y	Old Line Funding LLC	0.240		01/18/12		19,398
	41,595,000	y	Old Line Funding LLC	0.140		01/23/12		41,591
	17,000,000	y	Old Line Funding LLC	0.220		02/08/12		16,996
	852,000	y	Old Line Funding LLC	0.210		02/10/12		852
	25,000,000	y	Old Line Funding LLC	0.220		03/06/12		24,990
	29,500,000	y	Private Export Funding Corp	0.120		01/05/12		29,500
	21,650,000	y	Private Export Funding Corp	0.130		01/19/12		21,649
	53,200,000	y	Private Export Funding Corp	0.120		01/24/12		53,196
	19,060,000	y	Private Export Funding Corp	0.140		02/02/12		19,058
	6,000,000	y	Private Export Funding Corp	0.070		02/07/12		6,000
	15,000,000	y	Private Export Funding Corp	0.140		02/08/12		14,998
	17,950,000	y	Private Export Funding Corp	0.180		02/28/12		17,945
	26,018,000	y	Private Export Funding Corp	0.160		02/29/12		26,011
	30,000,000	y	Private Export Funding Corp	0.150		03/01/12		29,993
	15,000,000	y	Private Export Funding Corp	0.120		03/02/12		14,997
	12,000,000	y	Private Export Funding Corp	0.140		03/06/12		11,997
	35,000,000	y	Private Export Funding Corp	0.140		03/07/12		34,991
	10,000,000	y	Private Export Funding Corp	0.120		03/23/12		9,997
	9,000,000	y	Private Export Funding Corp	0.170		04/11/12		8,996
	15,000,000	y	Private Export Funding Corp	0.175		04/17/12		14,992
	48,000,000	y	Procter & Gamble Co	0.100		01/19/12		47,998

394

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    50,000,000	y	Procter & Gamble Co	0.100	%	02/09/12	$	49,995
	30,000,000	y	Procter & Gamble Co	0.100		02/13/12		29,996
	15,000,000	y	Procter & Gamble Co	0.070		03/20/12		14,998
	48,800,000	y	Procter & Gamble Co	0.060		03/23/12		48,793
	34,450,000	y	Procter & Gamble International Funding S.C.A	0.060		01/05/12		34,450
	50,000,000		Province of Ontario Canada	0.100		01/12/12		49,998
	23,196,000		Province of Ontario Canada	0.090		01/31/12		23,194
	6,460,000		Province of Ontario Canada	0.080		02/28/12		6,459
	50,000,000		Province of Ontario Canada	0.050		02/29/12		49,996
	17,700,000		Province of Ontario Canada	0.070		03/09/12		17,698
	33,060,000		Province of Ontario Canada	0.075		03/13/12		33,055
	25,000,000		Province of Ontario Canada	0.090		04/02/12		24,994
	22,000,000		Province of Ontario Canada	0.130		04/30/12		21,990
	50,000,000		Royal Bank of Canada	0.020		01/09/12		50,000
	7,999,000		Royal Bank of Canada	0.050		01/18/12		7,999
	5,000,000		Royal Bank of Canada	0.050		01/19/12		5,000
	6,720,000		Straight-A Funding LLC	0.190		01/03/12		6,720
	20,000,000		Straight-A Funding LLC	0.190		01/05/12		20,000
	15,522,000		Straight-A Funding LLC	0.120		01/11/12		15,521
	5,000,000		Straight-A Funding LLC	0.150		01/11/12		5,000
	30,000,000		Straight-A Funding LLC	0.120		01/19/12		29,998
	15,000,000		Straight-A Funding LLC	0.150		01/19/12		14,999
	6,000,000		Straight-A Funding LLC	0.190		01/23/12		5,999
	37,263,000		Straight-A Funding LLC	0.190		02/01/12		37,257
	28,000,000		Straight-A Funding LLC	0.190		02/03/12		27,995
	12,700,000		Straight-A Funding LLC	0.190		02/07/12		12,698
	20,000,000		Straight-A Funding LLC	0.150		02/08/12		19,997
	48,000,000		Straight-A Funding LLC	0.190		02/24/12		47,986
	6,127,000		Straight-A Funding LLC	0.190		03/01/12		6,125
	51,600,000		Straight-A Funding LLC	0.190		03/05/12		51,583
	19,000,000		Straight-A Funding LLC	0.190		03/06/12		18,993
	15,000,000		Straight-A Funding LLC	0.190		03/13/12		14,994
	3,750,000	y	Toronto-Dominion Holdings USA, Inc	0.070		01/09/12		3,750
	20,000,000	y	Toronto-Dominion Holdings USA, Inc	0.060		01/24/12		19,999
	5,000,000	y	Toronto-Dominion Holdings USA, Inc	0.300		03/07/12		4,997
	39,000,000	y	Unilever Capital Corp	0.060		01/03/12		39,000
	15,000,000	y	Unilever Capital Corp	0.070		01/05/12		15,000
	24,700,000	y	Unilever Capital Corp	0.060		01/06/12		24,700
	43,000,000		US Bank NA	0.210		01/18/12		42,996
	40,000,000	y	Variable Funding Capital Co LLC	0.210		01/06/12		39,999
	15,000,000	y	Variable Funding Capital Co LLC	0.150		01/10/12		14,999
	10,000,000	y	Variable Funding Capital Co LLC	0.150		01/12/12		10,000
	45,500,000	y	Variable Funding Capital Co LLC	0.250		01/20/12		45,494
	46,700,000	y	Variable Funding Capital Co LLC	0.250		01/25/12		46,692
	35,350,000	y	Variable Funding Capital Co LLC	0.240		01/26/12		35,344
	12,500,000	y	Variable Funding Capital Co LLC	0.120		01/30/12		12,499
	26,000,000	y	Variable Funding Capital Co LLC	0.210		02/17/12		25,993
	5,000,000	y	Wal-Mart Stores, Inc	0.060		01/10/12		5,000
	9,000,000	y	Wal-Mart Stores, Inc	0.060		01/11/12		9,000
	25,000,000	y	Westpac Banking Corp	0.300		01/03/12		25,000
	45,000,000	y	Westpac Banking Corp	0.350		01/11/12		44,997
	16,115,000	y	Westpac Banking Corp	0.375		02/10/12		16,109
	14,400,000	y	Westpac Banking Corp	0.300		03/01/12		14,393
			TOTAL COMMERCIAL PAPER					4,114,167

395

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
FOREIGN GOVERNMENT BONDS - 0.1%
	$   17,600,000	Province of Ontario Canada	2.625	%	01/20/12	$	17,620
		TOTAL FOREIGN GOVERNMENT BONDS					17,620
GOVERNMENT AGENCY DEBT - 27.7%
	10,000,000	Federal Farm Credit Bank (FFCB)	0.010		02/08/12		10,000
	10,000,000	FFCB	0.010		02/09/12		10,000
	29,300,000	Federal Home Loan Bank (FHLB)	0.035		01/04/12		29,300
	52,550,000	FHLB	0.010		01/06/12		52,550
	25,000,000	FHLB	0.025		01/11/12		25,000
	14,820,000	FHLB	0.020		01/13/12		14,820
	100,375,000	FHLB	0.050		01/18/12		100,374
	62,565,000	FHLB	0.040		01/20/12		62,564
	44,600,000	FHLB	0.020		01/25/12		44,599
	127,235,000	FHLB	0.040		01/27/12		127,233
	29,855,000	FHLB	0.035		02/01/12		29,854
	25,725,000	FHLB	0.100		02/03/12		25,724
	11,900,000	FHLB	0.030		02/06/12		11,900
	119,130,000	FHLB	0.030		02/08/12		119,128
	130,446,000	FHLB	0.120		02/10/12		130,441
	69,150,000	FHLB	0.070		02/15/12		69,147
	105,535,000	FHLB	0.030		02/17/12		105,533
	230,650,000	FHLB	0.015		02/22/12		230,645
	51,055,000	FHLB	0.010		02/24/12		51,054
	22,391,000	FHLB	0.015		02/29/12		22,390
	13,470,000	FHLB	0.105		03/01/12		13,468
	111,903,000	FHLB	0.020		03/02/12		111,900
	168,993,000	FHLB	0.025		03/07/12		168,987
	30,000,000	FHLB	0.020		03/09/12		29,999
	30,000,000	FHLB	0.020		03/16/12		29,999
	25,600,000	FHLB	0.025		03/21/12		25,599
	11,135,000	FHLB	0.020		03/30/12		11,134
	10,500,000	FHLB	0.110		06/21/12		10,494
	1,000,000	FHLB	0.150		08/08/12		999
	3,100,000	Federal Home Loan Mortgage Corp (FHLMC)	0.011		01/03/12		3,100
	19,072,000	FHLMC	0.011		01/09/12		19,072
	4,444,000	FHLMC	0.080		01/10/12		4,444
	14,285,000	FHLMC	0.025		01/17/12		14,285
	4,500,000	FHLMC	0.030		01/18/12		4,500
	19,300,000	FHLMC	0.011		01/23/12		19,300
	10,900,000	FHLMC	0.040		01/24/12		10,900
	42,800,000	FHLMC	0.020		01/25/12		42,799
	90,000,000	FHLMC	0.120		01/30/12		89,995
	71,560,000	FHLMC	0.030		02/06/12		71,558
	28,763,000	FHLMC	0.100		02/07/12		28,761
	9,150,000	FHLMC	0.110		02/13/12		9,149
	10,000,000	FHLMC	0.050		02/14/12		9,999
	9,800,000	FHLMC	0.010		02/15/12		9,800

396

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    34,275,000	FHLMC	0.010	%	02/17/12	$	34,275
	132,615,000	FHLMC	0.100		02/21/12		132,608
	85,312,000	FHLMC	0.100		02/23/12		85,305
	51,565,000	FHLMC	0.110		03/05/12		51,558
	25,000,000	FHLMC	0.020		03/06/12		24,999
	23,000,000	FHLMC	0.025		03/12/12		22,999
	26,600,000	FHLMC	0.040		03/13/12		26,598
	113,320,000	FHLMC	0.080		03/14/12		113,313
	10,676,000	FHLMC	0.030		03/16/12		10,675
	128,960,000	FHLMC	0.090		03/19/12		128,944
	25,000,000	FHLMC	0.085		03/26/12		24,995
	10,375,000	FHLMC	0.115		03/27/12		10,372
	9,500,000	FHLMC	0.085		04/23/12		9,497
	6,800,000	FHLMC	0.160		05/18/12		6,796
	1,275,000	Federal National Mortgage Association (FNMA)	0.180		07/02/12		1,274
	25,000,000	FNMA	0.110		07/16/12		24,985
	8,672,000	FNMA	0.135		08/01/12		8,665
	10,000,000	FNMA	0.050		01/03/12		10,000
	74,570,000	FNMA	0.120		01/04/12		74,570
	10,000,000	FNMA	0.025		01/06/12		10,000
	56,425,000	FNMA	0.035		01/11/12		56,425
	66,130,000	FNMA	0.120		01/17/12		66,129
	23,200,000	FNMA	0.035		01/18/12		23,200
	8,200,000	FNMA	0.020		01/19/12		8,200
	38,268,000	FNMA	0.120		01/25/12		38,267
	65,570,000	FNMA	0.125		02/01/12		65,566
	40,000,000	FNMA	0.020		02/06/12		39,999
	27,000,000	FNMA	0.035		02/17/12		26,999
	56,500,000	FNMA	0.115		02/22/12		56,491
	65,200,000	FNMA	0.025		03/01/12		65,197
	5,000,000	FNMA	0.160		03/06/12		4,999
	6,000,000	FNMA	0.015		03/07/12		6,000
	23,050,000	FNMA	0.015		03/08/12		23,049
	12,956,000	FNMA	0.060		03/15/12		12,954
	66,700,000	FNMA	0.045		03/21/12		66,696
	10,000,000	FNMA	0.050		03/28/12		9,999
	1,112,000	FNMA	0.160		03/30/12		1,112
	25,000,000	FNMA	0.150		05/03/12		24,987
	13,080,000	FNMA	0.150		06/01/12		13,072
		TOTAL GOVERNMENT AGENCY DEBT					3,434,266
TREASURY DEBT - 16.9%
	28,250,000	United States Treasury Bill	0.050		01/12/12		28,250
	25,000,000	United States Treasury Bill	0.020		02/09/12		24,999
	16,560,000	United States Treasury Bill	0.011		02/16/12		16,560
	33,025,000	United States Treasury Bill	0.025		03/15/12		33,023
	85,550,000	United States Treasury Bill	0.036		03/22/12		85,546
	85,350,000	United States Treasury Bill	0.040		03/29/12		85,346
	12,725,000	United States Treasury Bill	0.012		04/05/12		12,725
	110,000,000	United States Treasury Bill	0.030		04/19/12		109,990
	30,000,000	United States Treasury Bill	0.040		04/26/12		29,996
	54,995,000	United States Treasury Bill	0.022		05/10/12		54,992

397

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$    20,000,000		United States Treasury Bill	0.025	%	05/24/12	$	19,998
	41,900,000		United States Treasury Bill	0.050		06/28/12		41,890
	102,025,000		United States Treasury Note	1.125		01/15/12		102,065
	104,685,000		United States Treasury Note	0.875		01/31/12		104,740
	61,320,000		United States Treasury Note	1.375		02/15/12		61,405
	129,145,000		United States Treasury Note	0.875		02/29/12		129,299
	24,600,000		United States Treasury Note	1.375		03/15/12		24,666
	38,245,000		United States Treasury Note	1.000		03/31/12		38,332
	25,000,000		United States Treasury Note	1.375		04/15/12		25,091
	112,105,000		United States Treasury Note	1.000		04/30/12		112,421
	138,755,000		United States Treasury Note	1.375		05/15/12		139,427
	167,443,000		United States Treasury Note	0.750		05/31/12		167,855
	110,485,000		United States Treasury Note	1.875		06/15/12		111,365
	77,125,000		United States Treasury Note	0.625		06/30/12		77,327
	83,470,000		United States Treasury Note	1.500		07/15/12		84,092
	80,271,000		United States Treasury Note	0.625		07/31/12		80,503
	77,805,000		United States Treasury Note	1.750		08/15/12		78,583
	35,335,000		United States Treasury Note	0.375		08/31/12		35,390
	47,765,000		United States Treasury Note	0.375		09/30/12		47,845
	113,315,000		United States Treasury Note	0.375		10/31/12		113,531
	24,555,000		United States Treasury Note	0.500		11/30/12		24,632
			TOTAL TREASURY DEBT					2,101,884
VARIABLE RATE SECURITIES - 15.0%
	90,000,000	i	Federal Farm Credit Bank (FFCB)	0.140		02/13/12		89,999
	100,000,000	i	FFCB	0.095		01/28/13		99,887
	50,000,000	i	FFCB	0.240		02/01/13		49,989
	44,800,000	i	FFCB	0.230		03/28/13		44,800
	25,050,000	i	FFCB	0.286		06/12/13		25,054
	32,435,000	i	FFCB	0.354		06/26/13		32,464
	69,750,000	i	FFCB	0.320		08/19/13		69,692
	45,000,000	i	FFCB	0.205		08/26/13		44,963
	36,290,000	i	FFCB	0.270		08/26/13		36,284
	100,000,000	i	FFCB	0.290		09/23/13		99,993
	10,000,000	i	FFCB	0.210		10/15/13		9,984
	50,000,000	i	FFCB	0.310		11/01/13		50,000
	170,000,000	i	Federal Home Loan Bank (FHLB)	0.150		01/13/12		170,000
	45,000,000	i	FHLB	0.125		07/02/12		45,000
	50,000,000	i	FHLB	0.130		07/20/12		50,000
	100,000,000	i	FHLB	0.250		02/22/13		100,000
	10,000,000	i	FHLB	0.245		03/06/13		10,001
	55,000,000	i	FHLB	0.250		03/08/13		54,997
	100,000,000	i	FHLB	0.260		08/16/13		100,000
	100,000,000	i	Federal Home Loan Mortgage Corp (FHLMC)	0.230		01/09/12		100,002
	144,500,000	i	FHLMC	0.221		02/04/13		144,441
	22,070,000	i	FHLMC	0.220		05/06/13		22,055
	27,000,000	i	FHLMC	0.221		06/03/13		27,004
	44,700,000	i	Federal National Mortgage Association (FNMA)	0.185		03/14/13		44,685
	80,290,000	i	FNMA	0.310		10/28/13		80,290

398

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
	$   30,000,000	i	Bank of Nova Scotia	0.270	%	02/17/12	$	30,000
	50,000,000	i	Canadian Imperial Bank of Commerce	0.320		03/08/12		50,000
	50,000,000	i	Canadian Imperial Bank of Commerce	0.370		05/02/12		50,000
	40,000,000	i	Royal Bank of Canada	0.394		01/27/12		40,002
	90,000,000	i	Royal Bank of Canada	0.280		07/11/12		90,000
			TOTAL VARIABLE RATE SECURITIES					1,861,586
			TOTAL SHORT-TERM INVESTMENTS					12,340,944
			(Cost $12,340,944)
			TOTAL INVESTMENTS - 99.5%					12,340,944
			(Cost $12,340,944)
			OTHER ASSETS & LIABILITIES, NET - 0.5%					58,142
			NET ASSETS - 100.0%				$	12,399,086
	i		Floating or variable rate security. Coupon rate reflects the rate at period end.
	y		Security exempt from registration under Section 4(2) of the Securities Act of 1933 of which are deemed liquid. Such securities may be sold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At December 31, 2011, the aggregate value of these securities was $2,435,497,000, representing 19.6% of net assets.
			Cost amounts are in thousands.

399

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, 2011, and for the year then ended, and have issued our unqualified report thereon dated February 16, 2012 (which report and financial statements are included in Item 1 of this Certified Shareholder Report on Form N-CSR). Our audit included an audit of each of the Account’s schedule of investments in securities (the “Schedules”) as of December 31, 2011 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 Accounts referred to above, present fairly, in all material respects, the information set forth therein.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP
Boston, Masachusetts
February 16, 2012

400

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

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

Item 11. Controls and Procedures.

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

          (b) Disclose any change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

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 16, 2012	By:	/s/ Roger W. Ferguson, Jr.
		Roger W. Ferguson, Jr.
		President and Chief Executive Officer

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

Dated: February 16, 2012	By:	/s/ Roger W. Ferguson, Jr.
		Roger W. Ferguson, Jr.
		President and Chief Executive Officer
		(principal executive officer)
Dated: February 16, 2012	By:	/s/ Virginia Wilson
		Virginia Wilson
		Executive Vice President and Chief Financial 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