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, 2012

Item 1. Reports to Stockholders.

2012 Annual Report

College Retirement
Equities Fund

December 31, 2012

	Contents
	Understanding your CREF report	2
	Information for CREF participants	3
	About the accounts’ benchmarks	4
	Important information about expenses	6
	Account performance
	CREF Stock Account	7
	CREF Global Equities Account	10
	CREF Growth Account	13
	CREF Equity Index Account	16
	CREF Bond Market Account	19
	CREF Inflation-Linked Bond Account	22
	CREF Social Choice Account	25
	CREF Money Market Account	28
	Summary portfolios of investments	31
	Audited financial statements
	Statements of assets and liabilities	64
	Statements of operations	66
	Statements of changes in net assets	68
	Financial highlights	74
	Notes to financial statements	82
	Report of independent registered public accounting firm	97
	2012 annual meeting	98
	Trustees and officers	99
	How to reach us	Inside back cover

Understanding your CREF report

This annual report contains information about the eight CREF accounts and describes the accounts’ results for the twelve months ended December 31, 2012. The report contains three main sections:
	•	The account performance section compares each account’s investment returns with those of its benchmark index.
	•	The summary portfolios of investments list the industries and types of securities in which each account had investments as of December 31, 2012.
	•	The financial statements provide detailed information about the operations and financial condition of each account.

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

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

2 2012 Annual Report § College Retirement Equities Fund

Information for CREF participants

Portfolio holdings

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

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

Proxy voting

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

Contacting TIAA-CREF

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

Account management

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

College Retirement Equities Fund § 2012 Annual Report 3

About the accounts’ benchmarks

CREF Stock Account

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

CREF Global Equities Account

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

CREF Growth Account

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

CREF Equity Index Account

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

CREF Bond Market Account

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

CREF Inflation-Linked Bond Account

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

4 2012 Annual Report § College Retirement Equities Fund

About the accounts’ benchmarks

CREF Social Choice Account

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

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

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

College Retirement Equities Fund § 2012 Annual Report 5

Important information about expenses

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

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

          The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (July 1, 2012–December 31, 2012).

Actual expenses

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

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

Hypothetical example for comparison purposes

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

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

6 2012 Annual Report § College Retirement Equities Fund

CREF Stock Account

Performance for the twelve months ended December 31, 2012

The CREF Stock Account returned 17.26% for the year, compared with the 16.69% return of its composite benchmark, a weighted average of the Russell 3000^® Index and the MSCI All Country World ex USA Investable Market Index.

          Global stocks made a strong comeback in 2012, as investors took heart from signs of improvement in the U.S. economy, progress on sovereign debt issues in Europe and efforts by central banks to stimulate their nations’ economies.

          U.S. stocks, which constituted more than two-thirds of the account’s composite benchmark at year-end, advanced 16.42%, as measured by the Russell 3000 Index. Foreign stocks did even better; the MSCI All Country World ex USA Investable Market Index, which measures stock performance in 44 developed and emerging market nations, gained 17.04% in U.S. dollar terms. The European segment performed well, led by strong results from the United Kingdom, Germany and France. Those gains were tempered by more modest results from Canada and Japan, which rose 8.1% and 7.5%, respectively.

          For the year, the MSCI index’s return was relatively unaffected by currency factors; it returned 16.59% in terms of local currencies.

Stock selections lift returns

The account outperformed its composite benchmark mainly because of numerous successful stock selections. These included overweight holdings in Apple, consumer products maker Jarden, German drug maker Bayer and biotechnology firm Gilead Sciences. Underweights in Exxon Mobil and Spanish telecommunications company Telefónica helped as well. The account also benefited from participating in a securities lending program.

          Positions that detracted from relative performance included overweights in Israeli drug maker Teva and two energy providers, Occidental Petroleum and Concho Resources. An underweight in Bank of America, whose stock more than doubled during the year, also reduced the account’s relative results.

          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 § 2012 Annual Report 7

CREF Stock Account

Performance as of December 31, 2012
			Total return		Average annual total return
	Inception date		1 year		5 years			10 years
CREF Stock Account		7/31/1952	17.26	%		0.54	%		7.63	%
CREF Stock Composite Benchmark*		—	16.69			0.71			7.86
Broad market index
Russell 3000® Index		—	16.42			2.04			7.68

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

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

* On December 31, 2012, the CREF Stock Composite Benchmark consisted of: 70.0% Russell 3000 Index and 30.0% MSCI All Country World ex USA Investable Market Index. The account’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.

$10,000 over 10 years

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

8 2012 Annual Report § College Retirement Equities Fund

CREF Stock Account

Expense example

Six months ended December 31, 2012
CREF Stock Account	Beginning account value (7/1/12		)	Ending account value (12/31/12		)	Expenses paid during period (7/1/12–12/31/12		* )
Actual return	$	1,000.00		$	1,087.11		$	2.62
5% annual hypothetical return		1,000.00			1,022.62			2.54

* “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 184/366. There were 184 days in the six months ended December 31, 2012. The account’s annualized six-month expense ratio for that period was 0.50%.

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

Actual expenses
Net expense ratio for the one-year period ended 12/31/2012		0.49	%
Portfolio composition
Sector	% of net assets as of 12/31/2012
Financials		19.0
Information technology		14.8
Consumer discretionary		12.8
Industrials		11.4
Health care		10.4
Energy		9.5
Consumer staples		8.8
Materials		6.8
Utilities		3.2
Telecommunication services		2.9
Short-term investments, other assets & liabilities, net		0.4
Total		100.0

Holdings by company size
Market capitalization	% of equity investments as of 12/31/2012
More than $50 billion		37.1
More than $15 billion–$50 billion		25.2
More than $2 billion–$15 billion		29.4
$2 billion or less		8.3
Total		100.0
Holdings by country
	% of portfolio investments as of 12/31/2012
United States		65.5
United Kingdom		4.7
Japan		4.1
Canada		2.5
France		1.8
Germany		1.7
Switzerland		1.6
Australia		1.5
55 other nations		12.6
Short-term investments		4.0
Total		100.0

College Retirement Equities Fund § 2012 Annual Report 9

CREF Global Equities Account

Performance for the twelve months ended December 31, 2012

The CREF Global Equities Account returned 18.45% for the year, compared with the 15.83% return of its benchmark, the MSCI World Index.

          Global stocks made a strong comeback in 2012. The double-digit advance of the World index more than made up for its 5.54% loss in 2011. Investors took heart from some improvement in the U.S. economy, signs of progress on sovereign debt issues in Europe and efforts by central banks to stimulate their nations’ economies.

          For the year, the return of the index was relatively unaffected by currency factors; its values in local currencies and in U.S. dollars were nearly identical. The euro and pound rose relative to the dollar, while the yen fell.

          U.S. stocks, which made up more than half of the benchmark’s total market capitalization on December 31, 2012, climbed 15.3%. The European segment earned 19.1%, boosted by strong gains in the United Kingdom, Germany, France and Switzerland. An 8.2% return from Japan tempered results in the Pacific segment, which lagged with a 14.4% return.

Stock choices provide a superior return

The account outpaced its benchmark by more than two-and-a-half percentage points on the strength of numerous successful stock selections, including overweight holdings in Apple, British banking giant Barclays, biotechnology company Gilead Sciences, French industrial giant Alstom and resorts operator Sands China. An underweight in Spain’s Telefónica and an out-of-benchmark stake in consumer products maker Jarden helped results as well.

          These positive contributors were partly offset by several detractors from relative performance. Chief among these were overweight positions in two British firms, Tullow Oil and drug maker Shire, in Occidental Petroleum and in Israeli drug manufacturer Teva. An underweight in Bank of America also trimmed results slightly.

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

10 2012 Annual Report § College Retirement Equities Fund

CREF Global Equities Account

Performance as of December 31, 2012
			Total return		Average annual total return
	Inception date		1 year		5 years			10 years
CREF Global Equities Account		5/1/1992	18.45	%		–1.21	%		7.44	%
MSCI World Index		—	15.83			–1.18			7.51

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

$10,000 over 10 years

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

College Retirement Equities Fund § 2012 Annual Report 11

CREF Global Equities Account

Expense example

Six months ended December 31, 2012
CREF Global Equities Account	Beginning account value (7/1/12		)	Ending account value (12/31/12		)	Expenses paid during period (7/1/12–12/31/12		* )
Actual return	$	1,000.00		$	1,095.77		$	2.90
5% annual hypothetical return		1,000.00			1,022.37			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 184/366. There were 184 days in the six months ended December 31, 2012. The account’s annualized six-month expense ratio for that period was 0.55%.

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

Actual expenses
Net expense ratio for the one-year period ended 12/31/2012		0.53	%
Portfolio composition
Sector	% of net assets as of 12/31/2012
Financials		21.2
Consumer discretionary		13.6
Information technology		12.6
Industrials		11.1
Health care		9.7
Consumer staples		8.8
Energy		8.7
Materials		8.1
Telecommunication services		2.5
Utilities		2.4
Short-term investments, other assets & liabilities, net		1.3
Total		100.0

Holdings by company size
Market capitalization	% of equity investments as of 12/31/2012
More than $50 billion		41.4
More than $15 billion–$50 billion		29.2
More than $2 billion–$15 billion		27.4
$2 billion or less		2.0
Total		100.0
Holdings by country
	% of portfolio investments as of 12/31/2012
United States		50.9
United Kingdom		8.8
Japan		7.2
Canada		3.9
Germany		3.6
France		3.4
Switzerland		3.2
Australia		2.5
36 other nations		12.9
Short-term investments		3.6
Total		100.0

12 2012 Annual Report § College Retirement Equities Fund

CREF Growth Account

Performance for the twelve months ended December 31, 2012

The CREF Growth Account returned 15.87% for the year, compared with the 15.26% return of its benchmark, the Russell 1000^® Growth Index.

          U.S. stocks performed much better than in 2011, when they returned just 1.03%, as measured by the Russell 3000^® Index. Most of the 16.42% gain of stocks in 2012 came in the first quarter. For much of the rest of the year, equity markets were overshadowed by concerns about slowing global growth, sovereign debt problems in Europe and political uncertainty in the United States.

          Large-cap growth stocks, however, trailed the broad U.S. stock market by more than a percentage point. In the growth category, they outpaced the 14.59% return of small caps but lagged the 15.81% return of mid-cap issues. (Returns by capitalization size and investment style are based on the Russell indexes.)

          For the ten years ended December 31, 2012, the Russell 1000 Growth Index posted an average annual return of 7.52%, slightly less than the 7.68% average return of the Russell 3000 Index.

Sound stock choices boost the account’s relative return

All but one of the Russell 1000 Growth Index’s ten industry sectors scored positive results for 2012, and seven recorded double-digit gains. Information technology, the benchmark’s largest sector, returned 16.5% and made the biggest contribution to results. Consumer discretionary (up 20.2%) and health care (up 24.0%) also made significant contributions. Together, these three sectors made up almost two-thirds of the index’s total market capitalization on December 31, 2012. Utilities posted a 3.9% loss, and energy’s 8.8% return lagged the index, but because these two sectors made up less than 5% of the index they had a limited effect on its overall performance.

          The account surpassed its benchmark because of numerous successful stock selections. These included underweight positions in Intel and Exxon Mobil, both of which lagged the benchmark. Overweights in Amazon, casino operator Las Vegas Sands and Visa also helped relative performance.

          Those positive contributors were partly offset by detractions from other stock choices, such as overweights in Google and Herbalife, a global nutrition company. Nonbenchmark positions in Japanese social networking provider Gree and clothing retailer Burberry, and an underweight holding in Wynn Resorts also constrained returns slightly.

College Retirement Equities Fund § 2012 Annual Report 13

CREF Growth Account

Performance as of December 31, 2012
			Total return		Average annual total return
	Inception date		1 year		5 years			10 years
CREF Growth Account		4/29/1994	15.87	%		2.08	%		6.93	%
Russell 1000® Growth Index		—	15.26			3.12			7.52

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

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

$10,000 over 10 years

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

14 2012 Annual Report § College Retirement Equities Fund

CREF Growth Account

Expense example

Six months ended December 31, 2012
CREF Growth Account	Beginning account value (7/1/12		)	Ending account value (12/31/12		)	Expenses paid during period (7/1/12–12/31/12		* )
Actual return	$	1,000.00		$	1,049.99		$	2.47
5% annual hypothetical return		1,000.00			1,022.72			2.44

* “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 184/366. There were 184 days in the six months ended December 31, 2012. The account’s annualized six-month expense ratio for that period was 0.48%.

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

Actual expenses
Net expense ratio for the one-year period ended 12/31/2012		0.47	%
Portfolio composition
Sector	% of net assets as of 12/31/2012
Information technology		31.4
Consumer discretionary		17.9
Health care		12.8
Industrials		12.3
Consumer staples		9.3
Financials		5.8
Materials		4.4
Energy		3.6
Telecommunication services		1.5
Utilities		0.1
Short-term investments, other assets & liabilities, net		0.9
Total		100.0

Holdings by company size
Market capitalization	% of equity investments as of 12/31/2012
More than $50 billion		46.0
More than $15 billion–$50 billion		26.0
More than $2 billion–$15 billion		27.7
$2 billion or less		0.3
Total		100.0

College Retirement Equities Fund § 2012 Annual Report 15

CREF Equity Index Account

Performance for the twelve months ended December 31, 2012

The CREF Equity Index Account returned 15.98% for the year, compared with the 16.42% return of its benchmark, the Russell 3000^® Index.

          For the period, the account’s return trailed that of its benchmark primarily because of the effect of expenses. The account’s return includes a deduction for expenses, while the benchmark’s does not. The account benefited from participating in a securities lending program and had a risk profile similar to that of its benchmark.

          U.S. stocks performed much better than in 2011, when they returned just 1.03%, as measured by the Russell 3000 Index. Most of the gain of stocks in 2012 came in the first quarter. For much of the rest of the year, equity markets were overshadowed by concerns about slowing global growth, sovereign debt problems in Europe and political uncertainty in the United States.

          For the period, companies of different capitalization sizes performed within a narrow range. Mid-cap stocks led with a 17.28% gain, while large- and small-cap issues returned 16.42% and 16.35%, respectively. Value stocks outperformed their growth counterparts, 17.55% to 15.21%. (Returns by investment style and market capitalization are based on the Russell indexes.)

Financials push the benchmark higher

For the year, all ten industry sectors of the Russell 3000 Index generated positive returns, and eight achieved double-digit gains. Financial stocks were the driving force; they soared 26.2% and were the benchmark’s second-largest sector in terms of market capitalization on December 31, 2012. Many investors were drawn to financials because of their generally attractive valuations and improving business fundamentals. The benchmark’s largest sector, information technology (up 14.0%), and consumer discretionary (up 24.8%) also gave the index a lift. Together, these three sectors made up almost half of the benchmark at period-end.

          The two weakest sectors were energy and utilities, which returned 3.9% and 2.1%, respectively. Traditionally viewed as a defensive sector, utilities were hindered by investor preference for riskier securities, particularly during the fourth quarter of the year. Energy stocks were constrained by falling oil prices.

          Two of the benchmark’s five largest stocks, in terms of market capitalization at period-end, scored exceptional gains for the year. Apple advanced 32.6%, and General Electric climbed 21.3%. The others, however—IBM, Chevron and Exxon Mobil—lagged far behind the broad market, returning 5.9%, 5.1% and 4.7%, respectively.

16 2012 Annual Report § College Retirement Equities Fund

CREF Equity Index Account

Performance as of December 31, 2012
			Total return		Average annual total return
	Inception date		1 year			5 years		10 years
CREF Equity Index Account		4/29/1994	15.98	%		1.67	%	7.25	%
Russell 3000 Index		—	16.42			2.04		7.68

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

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

$10,000 over 10 years

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

College Retirement Equities Fund § 2012 Annual Report 17

CREF Equity Index Account

Expense example

Six months ended December 31, 2012
CREF Equity Index Account	Beginning account value (7/1/12		)	Ending account value (12/31/12		)	Expenses paid during period (7/1/12–12/31/12		* )
Actual return	$	1,000.00		$	1,062.90		$	2.23
5% annual hypothetical return		1,000.00			1,022.97			2.19

* “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 184/366. There were 184 days in the six months ended December 31, 2012. The account’s annualized six-month expense ratio for that period was 0.43%.

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

Actual expenses
Net expense ratio for the one-year period ended 12/31/2012		0.43	%
Portfolio composition
Sector	% of net assets as of 12/31/2012
Information technology		18.2
Financials		17.0
Consumer discretionary		12.4
Health care		11.7
Industrials		11.2
Energy		9.9
Consumer staples		9.2
Materials		4.0
Utilities		3.4
Telecommunication services		2.7
Short-term investments, other assets & liabilities, net		0.3
Total		100.0

Holdings by company size
Market capitalization	% of equity investments as of 12/31/2012
More than $50 billion		42.8
More than $15 billion–$50 billion		25.5
More than $2 billion–$15 billion		24.9
$2 billion or less		6.8
Total		100.0

18 2012 Annual Report § College Retirement Equities Fund

CREF Bond Market Account

Performance for the twelve months ended December 31, 2012

The CREF Bond Market Account returned 5.29% for the year, compared with the 4.21% return of its benchmark, the Barclays U.S. Aggregate Bond Index.

          In 2012 the U.S. economy showed signs of improvement. Gross domestic product grew by 2.6% in the third quarter, on a year-over-year basis. Nevertheless, persistently high unemployment, stagnant household income and reduced business investment continued to restrain growth.

          Aiming to stimulate the economy by further lowering long-term interest rates, the Federal Reserve extended its bond buying initiatives into 2013. The Fed also signaled its intention to keep its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) near 0% until unemployment falls below 6.5%.

          The broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index, returned 2.37% for the first half of 2012, when a global economic slowdown in the second quarter triggered a stock sell-off, and investors sought safety in U.S. Treasuries and other fixed-income securities. When growth resumed, however, newly confident investors once again sought higher yields in riskier investments, and the Barclays aggregate index returned just 1.80% for the second half of the year.

Corporate securities lead the index

Corporate bonds, which represented one-fifth of the benchmark at year-end, returned 9.8% in 2012, as strong demand pushed up their prices. U.S. mortgage-backed securities, comprising nearly one-third of the index, earned 2.6%, while the commercial mortgage-backed, asset-backed and U.S. agency sectors returned 9.7%, 3.7% and 3.0%, respectively.

          The benchmark’s largest sector, U.S. Treasuries, returned 2.0% for the year. The yield on 10-year Treasuries fell from 1.89% at year-end 2011 to 1.78% on December 31, 2012.

          The account outperformed its benchmark by more than one percentage point mainly because of an overweight position in high-quality corporate bonds and astute security selections in that sector; these provided greater yields than Treasury and agency securities, while offering relative safety. Holdings in commercial mortgage-backed and asset-backed securities also boosted relative results, as did selective out-of-benchmark investments in high-yield and emerging market securities.

          These positive results were partly offset by the negative effects of the account’s long-standing underweight position in U.S. Treasury securities, which led the benchmark in the second quarter.

College Retirement Equities Fund § 2012 Annual Report 19

CREF Bond Market Account

Performance as of December 31, 2012
			Total return		Average annual total return
	Inception date		1 year			5 years		10 years
CREF Bond Market Account		3/1/1990	5.29	%		5.42	%	4.79	%
Barclays U.S. Aggregate Bond Index		—	4.21			5.95		5.18

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

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

$10,000 over 10 years

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

20 2012 Annual Report § College Retirement Equities Fund

CREF Bond Market Account

Expense example

Six months ended December 31, 2012
	Beginning		Ending		Expenses paid
	account value		account value		during period	*
CREF Bond Market Account	(7/1/12	)	(12/31/12	)	(7/1/12–12/31/12	)
Actual return	$1,000.00		$1,023.81		$2.29
5% annual hypothetical return	1,000.00		1,022.87		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 184/366. There were 184 days in the six months ended December 31, 2012. The account’s annualized six-month expense ratio for that period was 0.45%.

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

Actual expenses
Net expense ratio for the one-year period ended 12/31/2012	0.45%
Portfolio composition
	% of net assets
	as of 12/31/2012
Mortgage-backed securities†	29.0
Corporate bonds	25.4
Foreign government & corporate
bonds denominated in U.S. dollars	17.9
U.S. Treasury securities	14.8
U.S. agency securities	4.1
Asset-backed securities	2.5
Commercial mortgage-backed securities	1.9
Municipal bonds	1.6
Bank loan obligations	0.1
Short-term investments,
other assets & liabilities, net	2.7
Total	100.0

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

Holdings by maturity
% of fixed-income investments (excluding short-term investments) as of 12/31/2012
Less than 1 year	6.3
1–3 years	28.4
3–5 years	24.2
5–10 years	28.5
Over 10 years	12.6
Total	100.0
Holdings by credit quality‡
% of fixed-income investments (excluding short-term investments) as of 12/31/2012
Aaa/AAA	55.3
Aa/AA	9.7
A/A	16.0
Baa/BBB	14.8
Ba/BB	2.5
B/B	0.6
Below B/B	0.3
Non-rated	0.8
Total	100.0

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

College Retirement Equities Fund § 2012 Annual Report 21

CREF Inflation-Linked Bond Account

Performance for the twelve months ended December 31, 2012

The CREF Inflation-Linked Bond Account returned 6.40% for the year, compared with the 6.98% return of its benchmark, the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L).

          The Consumer Price Index rose 1.7% in 2012, the third-smallest calendar year increase in the past ten years, according to the U.S. Bureau of Labor Statistics, and about half its 3.0% rise in 2011. This deceleration reflected the relatively modest pace of economic growth during the year, the result of persistently high unemployment, reduced business investment and less government spending. Oil prices, usually the main driver of inflation, fell 7%, from $99 a barrel at year-end 2011 to $92 on December 31, 2012.

          Expanding its efforts to stimulate the economy, the Federal Reserve initiated a new round of bond buying in an attempt to lower long-term interest rates. Concerned about price stability as well as unemployment, the Fed signaled its intention to keep its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) near 0% until inflation reaches 2.5% and unemployment falls below 6.5%.

TIPS lose luster but top the broad bond market

The return of TIPS was slightly more than half their 13.56% return in 2011. When slowing economic growth triggered a stock sell-off in the first half of 2012, many investors turned to the relative safety of U.S. Treasury securities, including TIPS, and the benchmark rose 4.04% for the six months. However, as the economy gained momentum in the year’s second half, many investors sought higher returns in riskier investments, such as stocks and high-yield bonds, and TIPS returned just 2.82%.

          Nevertheless, the return of TIPS outpaced the 4.21% gain of the broad domestic investment-grade, fixed-rate bond market, as measured by the Barclays U.S. Aggregate Bond Index. For the ten years ended December 31, 2012, TIPS outperformed the broad bond market, 6.65% to 5.18%.

          In 2012 the account trailed the TIPS index primarily 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 the TIPS index, 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 the TIPS index. This strategy helped the account’s risk and reward characteristics resemble more closely those of its benchmark.

22 2012 Annual Report § College Retirement Equities Fund

CREF Inflation-Linked Bond Account

Performance as of December 31, 2012
			Total return		Average annual total return
	Inception date		1 year		5 years		10 years
CREF Inflation-Linked Bond Account	5/1/1997		6.40	%	6.54	%		6.15	%
Barclays U.S. Treasury
Inflation Protected Securities
Index (Series-L)		—	6.98		7.04			6.65

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

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

$10,000 over 10 years

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

College Retirement Equities Fund § 2012 Annual Report 23

CREF Inflation-Linked Bond Account

Expense example

Six months ended December 31, 2012
CREF Inflation-Linked Bond Account	Beginning account value (7/1/12	)	Ending account value (12/31/12	)	Expenses paid during period (7/1/12–12/31/12	* )
Actual return	$1,000.00		$1,026.43		$2.29
5% annual hypothetical return	1,000.00		1,022.87		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 184/366. There were 184 days in the six months ended December 31, 2012. The account’s annualized six-month expense ratio for that period was 0.45%.

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

Actual expenses
Net expense ratio for the one-year period ended 12/31/2012	0.45%
Portfolio composition
	% of net assets
	as of 12/31/2012
U.S. Treasury securities	99.3
Short-term investments,
other assets & liabilities, net	0.7
Total	100.0

Holdings by maturity
	% of fixed-income investments
	(excluding short-term investments)
	as of 12/31/2012
1–3 years	17.9
3–5 years	18.3
5–10 years	30.5
Over 10 years	33.3
Total	100.0

24 2012 Annual Report § College Retirement Equities Fund

CREF Social Choice Account

Performance for the twelve months ended December 31, 2012

The CREF Social Choice Account returned 10.98% for the year, compared with the 11.62% return of its composite benchmark, a weighted average of the Russell 3000^® Index, the MSCI EAFE+Canada Index and the Barclays U.S. Aggregate Bond Index. The account screens investments according to social criteria, while its benchmark does not.

          Because of its social screens, the account did not invest in a number of stocks and bonds that were included in the indexes that are components of its composite benchmark. The account’s underperformance was due in part to its exclusion of Apple, whose stock rose 32.6% for the year, as a result of successful product releases. The absence of three well-performing financial companies—Bank of America (up 109.8%), Citigroup (up 50.6%) and JPMorgan Chase (up 36.2%)—reduced the account’s results as well.

          In contrast, the account’s exclusion of lagging energy giants Exxon Mobil, Chevron, Occidental Petroleum and Royal Dutch Shell enhanced relative performance. Energy stocks came under pressure as a result of falling oil and natural gas prices.

Account trails the index in an upward market

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

          During the period, the account’s results were negatively affected by several overweight positions in the technology sector that did not perform as expected. Chief among these were Hewlett-Packard, Dell and Intel, which lost 43.1%, 29.6% and 12.0%, respectively. An overweight in British energy provider BG Group trimmed returns as well.

          These unfavorable effects were partly offset by several positive contributors to relative performance, including overweight holdings in chemical company LyondellBasell, biotechnology firm Gilead Sciences and telecommunications provider Sprint Nextel.

Bonds lift account’s relative return

For the twelve months, the account’s fixed-income component generated a positive return and outpaced the Barclays aggregate index. This outperformance was due in large part to successful investments in corporate bonds, commercial mortgage-backed securities and municipal bonds.

College Retirement Equities Fund § 2012 Annual Report 25

CREF Social Choice Account

Performance as of December 31, 2012
			Total return		Average annual total return
	Inception date		1 year		5 years		10 years
CREF Social Choice Account		3/1/1990	10.98	%	3.46	%		6.47	%
CREF Social Choice
Composite Benchmark*		—	11.62		3.38			6.63
Broad market index
Russell 3000® Index		—	16.42		2.04			7.68

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

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

* On December 31, 2012, the CREF Social Choice Composite Benchmark consisted of: 47.0% Russell 3000 Index; 40.0% Barclays U.S. Aggregate Bond Index; and 13.0% MSCI EAFE+Canada Index. The account’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.

$10,000 over 10 years

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

26 2012 Annual Report § College Retirement Equities Fund

CREF Social Choice Account

Expense example

Six months ended December 31, 2012

CREF Social Choice Account	Beginning account value (7/1/12		)	Ending account value (12/31/12		)	Expenses paid during period (7/1/12–12/31/12		* )
Actual return	$	1,000.00		$	1,060.46		$	2.38
5% annual hypothetical return		1,000.00			1,022.82			2.34

* “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 184/366. There were 184 days in the six months ended December 31, 2012. The account’s annualized six-month expense ratio for that period was 0.46%.

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

Actual expenses
Net expense ratio for the one-year period ended 12/31/2012		0.45	%
Portfolio composition
	% of net assets as of 12/31/2012
Equities		60.6
Long-term bonds		38.2
Short-term investments, other assets & liabilities, net		1.2
Total		100.0

Holdings by company size
Market capitalization	% of equity investments as of 12/31/2012
More than $50 billion		25.0
More than $15 billion–$50 billion		44.5
More than $2 billion–$15 billion		27.6
$2 billion or less		2.9
Total		100.0
Holdings by maturity
% of fixed-income investments (excluding short-term investments as of 12/31/2012			)
Less than 1 year		5.4
1–3 years		24.7
3–5 years		25.9
5–10 years		30.1
Over 10 years		13.9
Total		100.0

College Retirement Equities Fund § 2012 Annual Report 27

CREF Money Market Account

Performance for the twelve months ended December 31, 2012

The CREF Money Market Account returned 0.00% for the year, compared with the 0.03% 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 2012, the U.S. economy slowly improved. Gross domestic product, which measures the value of all goods and services produced in the United States, grew by 2.6% in the third quarter, on a year-over-year basis. Nevertheless, persistently high unemployment, stagnant household income and reduced business investment continued to restrain growth.

          Aiming to stimulate the economy by further lowering long-term interest rates, the Federal Reserve began a sizable new bond buying initiative and extended through year-end its purchases of longer-term U.S. Treasury securities and sales of shorter-term holdings. The Fed also signaled its intention to keep its target federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) near 0% until unemployment falls below 6.5%.

          As the supply of short-term Treasuries increased in the marketplace, their prices fell, sending yields slightly higher. The yield on six-month Treasuries went from 0.06% at year-end 2011 to 0.11% one year later.

          Conversely, LIBOR yields fell to a greater degree, following government investigations into possible rate manipulation by several major banks. (LIBOR, an indication of the interest rates that banks expect to pay to other banks for loans on the London market, has historically been the most widely used benchmark for short-term rates.) The yield on the three-month LIBOR declined from 0.58% at the end of 2011 to 0.31% on December 31, 2012.

Strategies focus on both safety and yield

In pursuit of relative value and to comply with SEC regulations, the account maintained more than half of its portfolio in U.S. Treasury and agency securities. For additional yield, it purchased U.S. government floating-rate securities with one-year maturities. Although some money market funds returned to the still-risky European market in search of higher yields, the account continued to avoid that region in favor of high-quality Canadian and Australian banks. On December 24, 2012, the account’s weighted average maturity was 52 days, versus 48 days for the average iMoneyNet fund.

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

28 2012 Annual Report § College Retirement Equities Fund

CREF Money Market Account

Net annualized yield for the 7 days ended December 24, 2012*
	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.

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

Performance as of December 31, 2012
			Total return			Average annual total return
	Inception date		1 year			5 years			10 years
CREF Money Market Account†		4/1/1988		0.00	%		0.51	%		1.67	%
iMoneyNet Money Fund Report Averages—All Taxable‡		—		0.03			0.46			1.54

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

An investment in the CREF Money Market Account is neither insured nor guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. As with any investment, you can lose money by investing in this account.

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

†

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

‡

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

College Retirement Equities Fund § 2012 Annual Report 29

CREF Money Market Account

Expense example

Six months ended December 31, 2012

CREF Money Market Account	Beginning account value (7/1/12		)	Ending account value (12/31/12		)	Expenses paid during period (7/1/12–12/31/12		* )
Actual return	$	1,000.00		$	1,000.00		$	0.96
5% annual hypothetical return		1,000.00			1,024.18			0.97

* “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 184/366. There were 184 days in the six months ended December 31, 2012. The account’s annualized six-month expense ratio for that period was 0.19%. The expense charges of the account reflect a voluntary waiver. Without this waiver, the expenses of the account would have been higher and its performance lower.

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

Actual expenses
Net expense ratio for the one-year period ended 12/31/2012		0.17	%
Portfolio composition
	% of net assets as of 12/31/2012
U.S. government agency securities		30.4
Commercial paper		29.5
U.S. Treasury securities		19.7
Floating rate securities, government		17.2
Certificates of deposit		3.2
Total		100.0

30 2012 Annual Report § College Retirement Equities Fund

Summary portfolio of investments

CREF Stock Account § December 31, 2012

	Principal	Issuer		Value (000)	% of net assets
BONDS
CORPORATE BONDS
CAPITAL GOODS			$	27	0.0	%
DIVERSIFIED FINANCIALS				3,891	0.0
FOOD & STAPLES RETAILING				40	0.0
REAL ESTATE				19	0.0
		TOTAL CORPORATE BONDS (Cost $2,744)		3,977	0.0
GOVERNMENT BONDS
U.S. TREASURY SECURITIES				303	0.0
		TOTAL GOVERNMENT BONDS (Cost $304)		303	0.0
		TOTAL BONDS (Cost $3,048)		4,280	0.0
EQUITY-LINKED NOTES
BANKS				1,341	0.0
CAPITAL GOODS				436	0.0
DIVERSIFIED FINANCIALS				1,002	0.0
		TOTAL EQUITY LINKED NOTES (Cost $2,631)		2,779	0.0
	Shares	Company
COMMON STOCKS
AUTOMOBILES & COMPONENTS				2,062,396	1.9
BANKS
	10,991,060	US Bancorp		351,055	0.3
	27,722,009	Wells Fargo & Co		947,538	0.9
		Other		5,374,504	5.1
				6,673,097	6.3
CAPITAL GOODS
	5,319,740	Boeing Co		400,896	0.4
	44,389,784	General Electric Co		931,742	0.9
	5,947,210	Honeywell International, Inc		377,469	0.3
		Other		6,745,546	6.4
				8,455,653	8.0
COMMERCIAL & PROFESSIONAL SERVICES				1,338,890	1.3
CONSUMER DURABLES & APPAREL				1,857,996	1.8
CONSUMER SERVICES				2,144,850	2.0

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

Summary portfolio of investments	continued
CREF Stock Account § December 31, 2012

	Shares		Company		Value (000)	% of net assets
DIVERSIFIED FINANCIALS
	41,541,582		Bank of America Corp	$	481,882	0.5	%
	17,451,765		Citigroup, Inc		690,392	0.6
	7,503,000	*,a,e	Japan Asia Investment Co Ltd		6,408	0.0
	16,871,515		JPMorgan Chase & Co		741,841	0.7
			Other		3,772,365	3.6
					5,692,888	5.4
ENERGY
	7,633,759		Chevron Corp		825,514	0.8
	17,726,116		Exxon Mobil Corp		1,534,195	1.4
	6,276,148		Occidental Petroleum Corp		480,816	0.5
	6,142,239		Schlumberger Ltd		425,596	0.4
			Other		6,834,540	6.4
					10,100,661	9.5
FOOD & STAPLES RETAILING
	6,394,192		Wal-Mart Stores, Inc		436,276	0.4
			Other		1,354,998	1.3
					1,791,274	1.7
FOOD, BEVERAGE & TOBACCO
	11,549,515		Altria Group, Inc		362,886	0.3
	17,923,889		Coca-Cola Co		649,741	0.6
	5,682,481		PepsiCo, Inc		388,852	0.4
	9,897,634		Philip Morris International, Inc		827,838	0.8
			Other		3,619,374	3.4
					5,848,691	5.5
HEALTH CARE EQUIPMENT & SERVICES
	9,191,904		Abbott Laboratories		602,070	0.6
			Other		3,232,358	3.0
					3,834,428	3.6
HOUSEHOLD & PERSONAL PRODUCTS
	9,647,617		Procter & Gamble Co		654,977	0.6
			Other		944,545	0.9
					1,599,522	1.5
INSURANCE
	3,990,104	e	ACE Ltd		318,410	0.3
	6,274,332	*	Berkshire Hathaway, Inc (Class B)		562,807	0.6
			Other		3,094,675	2.9
					3,975,892	3.8
MATERIALS
	3,530,471		Monsanto Co		334,159	0.3
			Other		6,869,937	6.5
					7,204,096	6.8

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

Summary portfolio of investments	continued
CREF Stock Account § December 31, 2012

	Shares		Company		Value (000)	% of net assets
MEDIA
	17,067,794		Comcast Corp (Class A)	$	637,994	0.6	%
	9,254,848		Walt Disney Co		460,799	0.4
			Other		2,394,351	2.3
					3,493,144	3.3
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	4,256,094		Amgen, Inc		367,386	0.4
	3,775,100		Bayer AG.		360,000	0.3
	4,758,109	*	Gilead Sciences, Inc		349,483	0.3
	10,798,034	e	Johnson & Johnson		756,942	0.7
	10,835,103		Merck & Co, Inc		443,589	0.4
	22,167,242	*,a	MPM Bioventures II		4,846	0.0
	44,059,992		Pfizer, Inc		1,105,025	1.1
	4,254,176	*,a	Skyline Venture Fund II Ltd		246	0.0
			Other		3,803,517	3.6
					7,191,034	6.8
REAL ESTATE					3,847,215	3.6
RETAILING
	1,570,100	*	Amazon.com, Inc		394,315	0.4
	6,978,904		Home Depot, Inc		431,645	0.4
			Other		3,140,064	2.9
					3,966,024	3.7
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	17,010,995	e	Intel Corp		350,937	0.3
	247,793		Samsung Electronics Co Ltd		356,029	0.4
			Other		1,473,396	1.4
					2,180,362	2.1
SOFTWARE & SERVICES
	7,098,475	*	eBay, Inc		362,164	0.4
	1,206,766	*	Google, Inc (Class A)		856,044	0.8
	4,611,221		International Business Machines Corp		883,279	0.8
	32,659,421		Microsoft Corp		872,986	0.8
	23,197,348		Oracle Corp		772,936	0.7
	2,493,807		Visa, Inc (Class A)		378,011	0.4
			Other		3,455,119	3.2
					7,580,539	7.1
TECHNOLOGY HARDWARE & EQUIPMENT
	4,545,617		Apple, Inc		2,422,950	2.3
	30,191,911		Cisco Systems, Inc		593,271	0.6
	9,482,789		Qualcomm, Inc		588,123	0.5
			Other		2,347,010	2.2
					5,951,354	5.6

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

Summary portfolio of investments	continued
CREF Stock Account § December 31, 2012

	Shares		Company		Value (000)	% of net assets
TELECOMMUNICATION SERVICES
	18,667,632	e	AT&T, Inc	$	629,286	0.6	%
	9,742,303		Verizon Communications, Inc		421,550	0.4
			Other		2,002,351	1.9
					3,053,187	2.9
TRANSPORTATION
	2,745,744		Union Pacific Corp		345,195	0.3
			Other		1,911,462	1.8
					2,256,657	2.1
UTILITIES					3,338,001	3.2
			TOTAL COMMON STOCKS (Cost $93,546,997)		105,437,851	99.5
PREFERRED STOCKS
DIVERSIFIED FINANCIALS					1,866	0.0
FOOD, BEVERAGE & TOBACCO					62,441	0.1
REAL ESTATE					21	0.0
			TOTAL PREFERRED STOCKS (Cost $41,406)		64,328	0.1
RIGHTS / WARRANTS
CAPITAL GOODS					204	0.0
COMMERCIAL & PROFESSIONAL SERVICES					24	0.0
CONSUMER SERVICES					2	0.0
DIVERSIFIED FINANCIALS					12	0.0
ENERGY					1,005	0.0
FOOD, BEVERAGE & TOBACCO					5	0.0
HEALTH CARE EQUIPMENT & SERVICES					22	0.0
MATERIALS					44	0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	588,021	a	Allos Therapeutics, Inc		12	0.0
			Other		484	0.0
					496	0.0
REAL ESTATE					16	0.0
TECHNOLOGY HARDWARE & EQUIPMENT					11	0.0
TELECOMMUNICATION SERVICES					15	0.0
TRANSPORTATION					3	0.0
			TOTAL RIGHTS / WARRANTS (Cost $1,146)		1,859	0.0

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

Summary portfolio of investments	concluded
CREF Stock Account § December 31, 2012

	Principal		Issuer			Value (000)		% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					$	19,999		0.0	%
TREASURY DEBT						416,316		0.4
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
REPURCHASE AGREEMENT
	$ 800,000,000	n	Barclays	0.200%, 01/02/13		800,000		0.7
	614,000,000	o	Calyon	0.180%, 01/02/13		614,000		0.6
	500,000,000	p	CSFB	0.200%, 01/02/13		500,000		0.5
	608,000,000	q	Merrill Lynch	0.070%, 01/02/13		608,000		0.6
	1,179,000,000	r	Other Repurchase Agreements                                      0.150 – 0.280%, 01/02/13			1,179,000		1.1
						3,701,000		3.5
VARIABLE RATE SECURITIES						247,716		0.2
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						3,948,716		3.7
			TOTAL SHORT-TERM INVESTMENTS	(Cost $4,387,121)		4,385,031		4.1
			TOTAL PORTFOLIO	(Cost $97,982,349)		109,896,128		103.7
			OTHER ASSETS & LIABILITIES, NET			(3,922,789	)	(3.7	)
			NET ASSETS		$	105,973,339		100.0	%

*	Non-income producing.
a	Affiliated holding.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan, including those in “Other,” is $4,331,121,000.
n	Agreement with Barclays, 0.20% dated 12/31/12 to be repurchased at $800,009,000 on 1/2/13, collateralized by U.S. Government Agency Securities valued at $816,001,000.
o	Agreement with Calyon, 0.18% dated 12/31/12 to be repurchased at $614,006,000 on 1/2/13, collateralized by U.S. Government Agency Securities valued at $626,280,000.
p	Agreement with CSFB, 0.20% dated 12/31/12 to be repurchased at $500,006,000 on 1/2/13, collateralized by U.S. Government Agency Securities valued at $510,008,000.
q	Agreement with Merrill Lynch, 0.070% dated 12/31/12 to be repurchased at $608,004,000 on 1/2/13, collateralized by U.S. Government Agency Securities valued at $620,160,000.
r	Agreements, 0.150% – 0.280% dated 12/31/12 to be repurchased at $1,179,017,000 on 1/2/13, collateralized by U.S. Government Agency Securities valued at $1,198,427,000.

“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 12/31/12, the aggregate value of restricted securities amounted to $1,122,000 or 0.0% of net assets.

At 12/31/12, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $1,210,000 or 0.0% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

Cost amounts are in thousands.

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

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

Summary of market values by country

CREF Stock Account § December 31, 2012

Country	Value (000)		% of total portfolio
DOMESTIC
UNITED STATES	$	76,332,437		69.5	%
TOTAL DOMESTIC		76,332,437		69.5
FOREIGN
ARGENTINA		1,682		0.0
AUSTRALIA		1,644,808		1.5
AUSTRIA		104,433		0.1
BELGIUM		225,325		0.2
BERMUDA		39,967		0.0
BRAZIL		964,246		0.9
CAMBODIA		1,972		0.0
CANADA		2,772,970		2.5
CAYMAN ISLANDS		1,575		0.0
CHILE		146,452		0.1
CHINA		1,476,681		1.4
COLOMBIA		112,711		0.1
CYPRUS		5,971		0.0
CZECH REPUBLIC		27,007		0.0
DENMARK		240,580		0.2
EGYPT		21,061		0.0
FINLAND		134,779		0.1
FRANCE		1,985,272		1.8
GERMANY		1,878,111		1.7
GIBRALTAR		1,497		0.0
GREECE		30,416		0.0
GUERNSEY, C.I.		2,660		0.0
HONG KONG		815,047		0.7
HUNGARY		16,979		0.0
INDIA		651,289		0.6
INDONESIA		252,360		0.2
IRELAND		247,107		0.2
ISLE OF MAN		4,345		0.0
ISRAEL		183,074		0.2
ITALY		491,801		0.5
JAPAN		4,534,439		4.1

Country	Value (000)		% of total portfolio
JERSEY, C.I.	$	5,997		0.0	%
KOREA, REPUBLIC OF		1,268,159		1.2
LIECHTENSTEIN		442		0.0
LUXEMBOURG		37,054		0.0
MACAU		66,076		0.1
MALAYSIA		265,001		0.2
MEXICO		431,875		0.4
MONACO		1,894		0.0
MOROCCO		5,330		0.0
NETHERLANDS		1,059,523		1.1
NEW ZEALAND		69,451		0.1
NIGERIA		1,341		0.0
NORWAY		287,708		0.3
PANAMA		21,980		0.0
PERU		39,374		0.0
PHILIPPINES		105,340		0.1
POLAND		123,745		0.1
PORTUGAL		20,453		0.0
PUERTO RICO		1,510		0.0
RUSSIA		460,606		0.4
SINGAPORE		341,523		0.3
SOUTH AFRICA		604,434		0.6
SPAIN		463,266		0.4
SWEDEN		603,224		0.6
SWITZERLAND		1,807,489		1.6
TAIWAN		896,083		0.8
THAILAND		215,831		0.2
TURKEY		202,185		0.2
UKRAINE		5,508		0.0
UNITED ARAB EMIRATES		22,660		0.0
UNITED KINGDOM		5,112,012		4.7
TOTAL FOREIGN		33,563,691		30.5
TOTAL PORTFOLIO	$	109,896,128		100.0	%

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

Summary portfolio of investments

CREF Global Equities Account § December 31, 2012

	Shares		Company	Value (000)		% of net assets
COMMON STOCKS
AUSTRALIA
	1,791,481		BHP Billiton Ltd	$	69,940	0.4	%
			Other		315,296	2.1
					385,236	2.5
AUSTRIA					26,256	0.2
BELGIUM					85,605	0.6
BERMUDA					7,448	0.1
BRAZIL					27,474	0.2
CANADA					599,401	3.9
CHINA					114,831	0.8
COLOMBIA					17,507	0.1
DENMARK					63,846	0.4
FINLAND					30,476	0.2
FRANCE
	1,004,579		BNP Paribas		57,191	0.4
			Other		475,337	3.1
					532,528	3.5
GERMANY
	545,464		Allianz AG.		76,036	0.5
	944,587	��	Bayer AG.		90,078	0.6
	707,689		SAP AG.		56,907	0.4
			Other		337,661	2.2
					560,682	3.7
GREECE					591	0.0
HONG KONG					174,870	1.2
INDIA					78,694	0.5
INDONESIA					9,756	0.1
IRELAND					128,137	0.8
ISLE OF MAN					2,242	0.0
ISRAEL					27,747	0.2
ITALY					148,920	1.0
JAPAN
	2,180,448		Toyota Motor Corp		101,819	0.7
			Other		1,021,426	6.7
					1,123,245	7.4

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

Summary portfolio of investments continued

CREF Global Equities Account § December 31, 2012

	Shares	Company	Value (000)		% of net assets
JERSEY, C.I.			$	831		0.0	%
KOREA, REPUBLIC OF				42,088		0.3
LUXEMBOURG				3,799		0.0
MACAU				360		0.0
MALAYSIA				12,023		0.1
MEXICO				40,770		0.3
NETHERLANDS				311,170		2.0
NEW ZEALAND				1,733		0.0
NORWAY				83,092		0.5
PHILIPPINES				16,788		0.1
PORTUGAL				1,387		0.0
RUSSIA				6,895		0.0
SINGAPORE				82,855		0.5
SOUTH AFRICA				31,703		0.2
SPAIN				153,849		1.0
SWEDEN				135,855		0.9
SWITZERLAND
	1,277,783	Nestle S.A.		83,367		0.6
	379,664	Roche Holding AG.		76,761		0.5
	149,201	Syngenta AG.		60,275		0.4
		Other		275,355		1.8
				495,758		3.3
TAIWAN				43,183		0.3
THAILAND				32,048		0.2
TURKEY				43,854		0.3
UKRAINE				9,036		0.1
UNITED KINGDOM
	20,581,481	Barclays plc		89,405		0.6
	6,793,235	HSBC Holdings plc		71,986		0.5
	1,294,518	Rio Tinto plc		75,504		0.5
	2,436,290	Standard Chartered plc		63,051		0.4
		Other		1,066,706		7.0
				1,366,652		9.0

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

Summary portfolio of investments continued

CREF Global Equities Account § December 31, 2012

	Shares		Company		Value (000)		% of net assets
UNITED STATES
	851,668		Abbott Laboratories		$	55,784		0.4	%
	728,217		ACE Ltd			58,112		0.4
	687,357		Amgen, Inc			59,333		0.4
	562,024		Apple, Inc			299,576		2.0
	3,297,967		AT&T, Inc			111,174		0.7
	683,474	*	Berkshire Hathaway, Inc (Class B)			61,308		0.4
	1,243,043		Chevron Corp			134,423		0.9
	4,399,496		Cisco Systems, Inc			86,450		0.6
	1,956,105		Citigroup, Inc			77,383		0.5
	1,978,729		Coca-Cola Co			71,729		0.5
	2,043,200		Comcast Corp (Class A)			76,375		0.5
	2,247,883	d	Exxon Mobil Corp			194,554		1.3
	5,775,820		General Electric Co			121,234		0.8
	149,121	*	Google, Inc (Class A)			105,782		0.7
	1,205,548		Home Depot, Inc			74,563		0.5
	1,009,912		Honeywell International, Inc			64,099		0.4
	739,353		International Business Machines Corp			141,623		0.9
	2,377,043		iShares MSCI EAFE Index Fund			135,064		0.9
	1,503,582		Johnson & Johnson			105,401		0.7
	2,261,310		JPMorgan Chase & Co			99,430		0.6
	1,561,173		Merck & Co, Inc			63,914		0.4
	3,744,384		Microsoft Corp			100,087		0.6
	880,027		Occidental Petroleum Corp			67,419		0.4
	3,065,770		Oracle Corp			102,151		0.7
	5,898,431		Pfizer, Inc			147,933		1.0
	1,167,082		Philip Morris International, Inc			97,615		0.6
	1,352,372		Procter & Gamble Co			91,813		0.6
	1,133,485		Qualcomm, Inc			70,299		0.4
	819,858		Schlumberger Ltd			56,808		0.4
	843,818		SPDR Trust Series 1			120,261		0.8
	443,890		Union Pacific Corp			55,806		0.4
	1,031,052		UnitedHealth Group, Inc			55,924		0.4
	1,835,976		US Bancorp			58,641		0.4
	3,847,643		Wells Fargo & Co			131,512		0.8
			Other			4,589,686		30.2
						7,943,266		52.2
			TOTAL COMMON STOCKS	(Cost $13,393,792)		15,004,487		98.7
RIGHTS / WARRANTS
MALAYSIA						13		0.0
SINGAPORE						4		0.0
SPAIN						52		0.0
UNITED STATES						564		0.0
			TOTAL RIGHTS / WARRANTS	(Cost $346)		633		0.0

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

Summary portfolio of investments concluded

CREF Global Equities Account § December 31, 2012

	Principal		Issuer		Value (000)			% of net assets
SHORT-TERM INVESTMENTS
TREASURY DEBT
	$112,000,000	d	United States Treasury Bill	0.020%–0.100%, 01/17/13	$	111,998			0.7	%
			Other			70,592			0.5
						182,590			1.2
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
REPURCHASE AGREEMENT
	106,000,000	n	Barclays	0.200%, 01/02/13		106,000			0.7
	58,000,000	o	Deutsche Bank	0.150%, 01/02/13		58,000			0.4
	167,000,000	p	Other Repurchase Agreements	0.070%–0.180%, 01/02/13		167,000			1.1
						331,000			2.2
VARIABLE RATE SECURITIES						43,067			0.2
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						374,067			2.4
			TOTAL SHORT-TERM INVESTMENTS	(Cost $557,017)		556,657			3.6
			TOTAL PORTFOLIO	(Cost $13,951,155)		15,561,777			102.3
			OTHER ASSETS & LIABILITIES, NET			(354,093	)		(2.3	)
			NET ASSETS		$	15,207,684			100.0	%

Abbreviation(s):
SPDR Standard & Poor’s Depositary Receipts
*	Non-income producing.
d	All or a portion of these securities have been segregated to cover margin or other requirements on open futures transactions.
n	Agreement with Barclays, 0.20% dated 12/31/12 to be repurchased at $106,001,000 on 1/2/13, collateralized by U.S. Government Agency Securities valued at $108,120,000.
o	Agreement with Deutsche Bank, 0.15% dated 12/31/12 to be repurchased at $58,000,000 on 1/2/13, collateralized by U.S. Government Agency Securities valued at $59,160,000.
p	Agreements, 0.070%–0.180% dated 12/31/12 to be repurchased at $167,001,000 on 1/2/13, collateralized by U.S. Government Agency Securities valued at $170,342,000.

“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 $490,267,000.

Cost amounts are in thousands.

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

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

Summary of market values by sector

CREF Global Equities Account § December 31, 2012

Sector	Value (000)			% of net assets
FINANCIALS	$	3,211,399			21.2	%
CONSUMER DISCRETIONARY		2,073,249			13.6
INFORMATION TECHNOLOGY		1,913,052			12.6
INDUSTRIALS		1,690,664			11.1
HEALTH CARE		1,481,650			9.7
CONSUMER STAPLES		1,335,562			8.8
ENERGY		1,315,660			8.7
MATERIALS		1,238,645			8.1
TELECOMMUNICATION SERVICES		385,486			2.5
UTILITIES		359,753			2.4
SHORT-TERM INVESTMENTS		556,657			3.6
OTHER ASSETS & LIABILITES, NET		(354,093	)		(2.3	)
NET ASSETS	$	15,207,684			100.0	%

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

Summary portfolio of investments

CREF Growth Account § December 31, 2012

	Shares		Company		Value (000)	% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	122,563	0.8	%
BANKS					31,682	0.2
CAPITAL GOODS
	1,989,353		Boeing Co		149,918	1.0
	745,421		Cummins, Inc		80,766	0.5
	1,206,489		Honeywell International, Inc		76,576	0.5
	709,752		Precision Castparts Corp		134,441	0.9
	405,094		W.W. Grainger, Inc		81,979	0.6
			Other		762,951	5.1
					1,286,631	8.6
COMMERCIAL & PROFESSIONAL SERVICES					196,208	1.3
CONSUMER DURABLES & APPAREL
	1,519,198		Nike, Inc (Class B)		78,391	0.5
			Other		284,694	1.9
					363,085	2.4
CONSUMER SERVICES
	2,006,555		Las Vegas Sands Corp		92,622	0.6
	1,181,156		McDonald’s Corp		104,190	0.7
	1,799,442		Starbucks Corp		96,486	0.7
			Other		184,698	1.2
					477,996	3.2
DIVERSIFIED FINANCIALS
	2,220,750	e	iShares Russell 1000 Growth Index Fund		145,437	1.0
			Other		359,385	2.4
					504,822	3.4
ENERGY
	3,122,678		Schlumberger Ltd		216,370	1.4
			Other		323,278	2.2
					539,648	3.6
FOOD & STAPLES RETAILING
	1,823,368		Wal-Mart Stores, Inc		124,408	0.8
			Other		156,001	1.1
					280,409	1.9
FOOD, BEVERAGE & TOBACCO
	5,348,044		Coca-Cola Co		193,867	1.3
	2,152,417		PepsiCo, Inc		147,290	1.0
	2,611,665		Philip Morris International, Inc		218,440	1.4
			Other		341,285	2.3
					900,882	6.0

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

Summary portfolio of investments	continued
CREF Growth Account § December 31, 2012

	Shares		Company	Value (000)		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	2,279,499		Abbott Laboratories	$	149,307		1.0	%
	203,294	*	Intuitive Surgical, Inc		99,690		0.7
			Other		483,065		3.1
					732,062		4.8
HOUSEHOLD & PERSONAL PRODUCTS					204,446		1.4
INSURANCE					65,804		0.4
MATERIALS
	1,921,283		Monsanto Co		181,849		1.2
			Other		468,044		3.2
					649,893		4.4
MEDIA
	2,169,993		CBS Corp (Class B)		82,568		0.5
	5,053,686		Comcast Corp (Class A)		188,907	��	1.3
	1,783,018		Walt Disney Co		88,777		0.6
			Other		354,945		2.4
					715,197		4.8
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	800,338	*	Alexion Pharmaceuticals, Inc		75,080		0.5
	1,332,539		Allergan, Inc		122,234		0.8
	2,047,826		Amgen, Inc		176,768		1.2
	617,529	*	Biogen Idec, Inc		90,573		0.6
	1,813,791	*	Celgene Corp		142,782		1.0
	1,898,904	*	Gilead Sciences, Inc		139,474		0.9
			Other		433,121		2.9
					1,180,032		7.9
REAL ESTATE
	582,790		Simon Property Group, Inc		92,133		0.6
			Other		170,984		1.2
					263,117		1.8
RETAILING
	1,046,491	*	Amazon.com, Inc		262,816		1.8
	3,168,525		Home Depot, Inc		195,973		1.3
	1,806,278		TJX Companies, Inc		76,677		0.5
			Other		456,372		3.0
					991,838		6.6
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	4,081,130		Intel Corp		84,194		0.6
			Other		222,080		1.5
					306,274		2.1

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

Summary portfolio of investments	continued
CREF Growth Account § December 31, 2012

	Shares		Company			Value (000)	% of net assets
SOFTWARE & SERVICES
	1,408,026		Accenture plc		$	93,634	0.6	%
	2,616,392	*	Adobe Systems, Inc			98,586	0.7
	4,193,284	*	eBay, Inc			213,941	1.4
	549,703	*	Google, Inc (Class A)			389,943	2.6
	1,698,493		International Business Machines Corp			325,346	2.2
	2,816,369		Intuit, Inc			167,574	1.1
	354,025		Mastercard, Inc (Class A)			173,925	1.2
	11,600,109		Microsoft Corp			310,071	2.1
	8,555,157		Oracle Corp			285,058	1.9
	1,515,991		Visa, Inc (Class A)			229,794	1.5
			Other			566,166	3.8
						2,854,038	19.1
TECHNOLOGY HARDWARE & EQUIPMENT
	1,951,947	d	Apple, Inc			1,040,446	7.0
	5,450,611	*	EMC Corp			137,900	0.9
	4,098,535		Qualcomm, Inc			254,191	1.7
			Other			129,824	0.9
						1,562,361	10.5
TELECOMMUNICATION SERVICES
	3,583,340		Verizon Communications, Inc			155,051	1.1
			Other			64,702	0.4
						219,753	1.5
TRANSPORTATION
	623,559		Union Pacific Corp			78,394	0.5
	1,025,040		United Parcel Service, Inc (Class B)			75,576	0.5
			Other			193,755	1.3
						347,725	2.3
UTILITIES						10,502	0.1
			TOTAL COMMON STOCKS	(Cost $12,506,120)		14,806,968	99.1

	Principal		Issuer
SHORT-TERM INVESTMENTS
TREASURY DEBT
	$99,780,000	d	United States Treasury Bill	0.020%–0.024%, 01/17/13	99,779	0.7
			Other		28,997	0.1
					128,776	0.8

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

Summary portfolio of investments	concluded
CREF Growth Account § December 31, 2012

	Shares		Company			Value (000)		% of net assets
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	327,922,596	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		$	327,923		2.2	%
						327,923		2.2
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						327,923		2.2
			TOTAL SHORT-TERM INVESTMENTS	(Cost $456,698)		456,699		3.0
			TOTAL PORTFOLIO	(Cost $12,962,818)		15,263,667		102.1
			OTHER ASSETS & LIABILITIES, NET			(318,967	)	(2.1	)
			NET ASSETS		$	14,944,700		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 to cover margin or other requirements on open futures transactions.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan, including those in “Other,” is $327,504,000.

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

Cost amounts are in thousands.

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

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

Summary portfolio of investments

CREF Equity Index Account § December 31, 2012

	Shares		Company		Value (000)	% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	120,423	1.0	%
BANKS
	1,436,210		US Bancorp		45,872	0.4
	3,715,102		Wells Fargo & Co		126,982	1.0
			Other		224,426	1.9
					397,280	3.3
CAPITAL GOODS
	526,181		3M Co		48,856	0.4
	568,048		Boeing Co		42,808	0.3
	494,790		Caterpillar, Inc		44,323	0.4
	8,034,132		General Electric Co		168,637	1.4
	691,116		United Technologies Corp		56,678	0.5
			Other		627,868	5.2
					989,170	8.2
COMMERCIAL & PROFESSIONAL SERVICES					131,034	1.1
CONSUMER DURABLES & APPAREL					178,201	1.5
CONSUMER SERVICES
	770,602		McDonald’s Corp		67,975	0.6
			Other		193,484	1.6
					261,459	2.2
DIVERSIFIED FINANCIALS
	759,323		American Express Co		43,646	0.4
	8,170,589		Bank of America Corp		94,779	0.8
	2,223,189		Citigroup, Inc		87,949	0.7
	373,049		Goldman Sachs Group, Inc		47,586	0.4
	2,886,420		JPMorgan Chase & Co		126,916	1.0
			Other		345,058	2.9
					745,934	6.2
ENERGY
	1,495,879		Chevron Corp		161,764	1.3
	958,863		ConocoPhillips		55,605	0.5
	3,545,846	d	Exxon Mobil Corp		306,893	2.6
	615,028		Occidental Petroleum Corp		47,117	0.4
	1,011,215		Schlumberger Ltd		70,067	0.6
			Other		544,815	4.5
					1,186,261	9.9
FOOD & STAPLES RETAILING
	971,774		CVS Corp		46,985	0.4
	1,281,621		Wal-Mart Stores, Inc		87,445	0.7
			Other		107,538	0.9
					241,968	2.0

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

Summary portfolio of investments	continued
CREF Equity Index Account § December 31, 2012

	Shares		Company		Value (000)	% of net assets
FOOD, BEVERAGE & TOBACCO
	1,543,011		Altria Group, Inc	$	48,481	0.4	%
	2,945,730		Coca-Cola Co		106,783	0.9
	1,185,927		PepsiCo, Inc		81,153	0.7
	1,293,293		Philip Morris International, Inc		108,171	0.9
			Other		277,102	2.3
					621,690	5.2
HEALTH CARE EQUIPMENT & SERVICES
	1,193,137		Abbott Laboratories		78,150	0.7
	786,701		UnitedHealth Group, Inc		42,671	0.4
			Other		450,175	3.7
					570,996	4.8
HOUSEHOLD & PERSONAL PRODUCTS
	2,077,805		Procter & Gamble Co		141,062	1.2
			Other		104,395	0.9
					245,457	2.1
INSURANCE
	1,350,433	*	Berkshire Hathaway, Inc (Class B)		121,134	1.0
			Other		335,246	2.8
					456,380	3.8
MATERIALS					485,199	4.0
MEDIA
	2,036,314		Comcast Corp (Class A)		76,118	0.6
	1,355,291		Walt Disney Co		67,480	0.6
			Other		288,646	2.4
					432,244	3.6
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	589,792		Amgen, Inc		50,911	0.4
	2,082,523		Johnson & Johnson		145,985	1.2
	2,306,396		Merck & Co, Inc		94,424	0.8
	5,678,079		Pfizer, Inc		142,406	1.2
			Other		401,702	3.4
					835,428	7.0
REAL ESTATE					446,806	3.7
RETAILING
	274,373	*	Amazon.com, Inc		68,906	0.6
	1,160,714		Home Depot, Inc		71,790	0.6
			Other		363,345	3.0
					504,041	4.2

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

Summary portfolio of investments	continued
CREF Equity Index Account § December 31, 2012

	Shares		Company			Value (000)	% of net assets
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	3,814,775		Intel Corp		$	78,699	0.6	%
			Other			178,090	1.5
						256,789	2.1
SOFTWARE & SERVICES
	877,908	*	eBay, Inc			44,791	0.4
	196,359	*	Google, Inc (Class A)			139,291	1.1
	826,644		International Business Machines Corp			158,344	1.3
	5,707,699		Microsoft Corp			152,567	1.3
	2,897,296		Oracle Corp			96,538	0.8
	396,276		Visa, Inc (Class A)			60,067	0.5
			Other			467,627	3.9
						1,119,225	9.3
TECHNOLOGY HARDWARE & EQUIPMENT
	708,996		Apple, Inc			377,916	3.1
	4,062,037		Cisco Systems, Inc			79,819	0.7
	1,299,916		Qualcomm, Inc			80,621	0.7
			Other			256,313	2.1
						794,669	6.6
TELECOMMUNICATION SERVICES
	4,445,694		AT&T, Inc			149,864	1.2
	2,154,249		Verizon Communications, Inc			93,215	0.8
			Other			78,736	0.7
						321,815	2.7
TRANSPORTATION
	360,989		Union Pacific Corp			45,383	0.4
			Other			174,657	1.4
						220,040	1.8
UTILITIES						411,309	3.4
			TOTAL COMMON STOCKS	(Cost $8,840,316)		11,973,818	99.7
RIGHTS / WARRANTS
ENERGY						4	0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						1	0.0
			TOTAL RIGHTS / WARRANTS	(Cost $0)		5	0.0
SHORT-TERM INVESTMENTS
TREASURY DEBT						23,996	0.2

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

Summary portfolio of investments	concluded
CREF Equity Index Account § December 31, 2012

	Shares		Company			Value (000)		% of net assets
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	303,937,818	a,c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		$	303,938		2.5	%
						303,938		2.5
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						303,938		2.5
			TOTAL SHORT-TERM INVESTMENTS	(Cost $327,934)		327,934		2.7
			TOTAL PORTFOLIO	(Cost $9,168,250)		12,301,757		102.4
			OTHER ASSETS & LIABILITIES, NET			(288,674	)	(2.4	)
			NET ASSETS		$	12,013,083		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 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 $301,382,000.

Cost amounts are in thousands.

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

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

Summary portfolio of investments

CREF Bond Market Account § December 31, 2012

	Principal		Issuer			Value (000)	% of net assets
BANK LOAN OBLIGATIONS
CAPITAL GOODS					$	4,923	0.0	%
HEALTH CARE EQUIPMENT & SERVICES						6,822	0.1
UTILITIES						201	0.0
			TOTAL BANK LOAN OBLIGATIONS   (Cost $11,928)			11,946	0.1
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS						10,509	0.1
BANKS
	$70,000,000	g	Toronto-Dominion Bank	1.500%, 03/13/17		71,645	0.5
			Other			841,790	5.8
						913,435	6.3
CAPITAL GOODS						138,061	1.0
COMMERCIAL & PROFESSIONAL SERVICES						77,569	0.5
CONSUMER DURABLES & APPAREL						14,154	0.1
CONSUMER SERVICES						122,391	0.8
DIVERSIFIED FINANCIALS						1,003,808	6.9
ENERGY						519,161	3.6
FOOD & STAPLES RETAILING						26,731	0.2
FOOD, BEVERAGE & TOBACCO						193,595	1.3
HEALTH CARE EQUIPMENT & SERVICES						92,272	0.7
HOUSEHOLD & PERSONAL PRODUCTS						7,147	0.1
INSURANCE						204,418	1.4
MATERIALS						294,419	2.0
MEDIA						203,777	1.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						145,112	1.0
REAL ESTATE						120,559	0.8
RETAILING						122,843	0.8
SOFTWARE & SERVICES
	88,000,000		International Business Machines Corp	0.750%, 05/11/15		88,533	0.6
			Other			141,023	1.0
						229,556	1.6
TECHNOLOGY HARDWARE & EQUIPMENT						98,619	0.7

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

Summary portfolio of investments	continued
CREF Bond Market Account § December 31, 2012

	Principal		Issuer				Value (000)	% of net assets
TELECOMMUNICATION SERVICES						$	269,542	1.9	%
TRANSPORTATION							84,382	0.6
UTILITIES							434,279	2.9
			TOTAL CORPORATE BONDS   (Cost $5,014,888)				5,326,339	36.7
GOVERNMENT BONDS
AGENCY SECURITIES
	$221,300,000		Private Export Funding Corp
			(PEFCO)	1.375%–5.450%, 04/15/13–11/15/22			237,493	1.7
			Other				381,097	2.6
							618,590	4.3
FOREIGN GOVERNMENT BONDS
	89,950,000		North American Development Bank		2.400%, 10/26/22		90,721	0.6
	121,175,000		Province of Ontario Canada	2.300%–4.100%, 06/16/14–10/07/19			128,494	1.0
			Other				703,964	4.8
							923,179	6.4
MORTGAGE BACKED
	143,000,000	h	Federal Home Loan Mortgage Corp Gold (FGLMC)		4.500%, 01/15/43		153,434	1.1
	85,000,000	h	FGLMC		5.000%, 01/15/43		91,455	0.6
	365,284,383		FGLMC	3.500%–8.000%, 07/01/13–01/15/43			398,353	2.8
	93,000,000	h	Federal National Mortgage Association (FNMA)		3.000%, 01/25/28		98,158	0.7
	327,000,000	h	FNMA		4.000%, 01/25/43		350,503	2.4
	111,000,000	h	FNMA		4.500%, 01/25/43		119,902	0.8
	327,000,000	h	FNMA		5.000%, 01/25/43		354,182	2.4
	183,000,000	h	FNMA		5.500%, 01/25/43		198,812	1.4
	127,000,000	h	FNMA		6.000%, 01/25/43		138,708	1.0
	218,000,000	h	FNMA		3.500%, 01/25/43		232,417	1.6
	295,000,000	h	FNMA		3.000%, 01/25/43		309,105	2.1
	762,564,588		FNMA	2.481%–9.000%, 06/01/13–01/25/43			829,547	5.6
	110,000,000	h	Government National Mortgage Association (GNMA)		4.500%, 01/15/43		120,433	0.8
	102,000,000	h	GNMA		5.000%, 01/15/43		111,260	0.8
	106,000,000	h	GNMA		4.000%, 01/15/43		116,252	0.8
	109,000,000	h	GNMA		3.500%, 01/15/43		118,410	0.8
	121,000,000	h	GNMA		4.500%, 01/20/43		132,476	0.9
	264,056,378		GNMA	3.000%–9.500%, 06/15/16–01/15/44			289,628	2.0
			Other				52,348	0.4
							4,215,383	29.0
MUNICIPAL BONDS							226,152	1.6

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

Summary portfolio of investments	continued
CREF Bond Market Account § December 31, 2012

Principal			Issuer				Value (000)		% of net assets
U.S. TREASURY SECURITIES
	$209,872,000		United States Treasury Bond	8.000%, 11/15/21			$	324,072	2.3	%
	49,175,000		United States Treasury Bond	5.250%, 02/15/29				68,100	0.4
	110,511,000		United States Treasury Bond	5.375%, 02/15/31				157,754	1.1
	111,855,000		United States Treasury Bond	3.500%, 02/15/39				126,449	0.9
	68,179,000		United States Treasury Note	2.000%, 11/30/13				69,303	0.5
	92,532,000		United States Treasury Note	0.250%, 09/30/14				92,554	0.6
	171,110,000		United States Treasury Note	0.250%, 08/15/15				170,803	1.2
	88,005,000		United States Treasury Note	0.250%, 09/15/15				87,812	0.6
	68,788,000		United States Treasury Note	0.250%, 10/15/15				68,632	0.5
	235,747,000		United States Treasury Note	0.375%, 11/15/15				235,968	1.6
	68,903,000		United States Treasury Note	1.000%, 10/31/16				70,216	0.5
	92,420,000		United States Treasury Note	2.375%, 05/31/18				100,131	0.7
	443,796,800		United States Treasury Note	0.125%–3.125%, 01/31/13–11/15/22				450,967	3.1
			Other					115,243	0.8
								2,138,004	14.8
			TOTAL GOVERNMENT BONDS			(Cost $7,812,916)		8,121,308	56.1
STRUCTURED ASSETS
ASSET BACKED
	90,000,000		AEP Texas Central Transtion Funding LLC,
			Series - 2012 1 (Class A2)		1.976%, 06/01/21			93,065	0.7
			Other					274,194	1.8
								367,259	2.5
OTHER MORTGAGE BACKED								277,026	1.9
			TOTAL STRUCTURED ASSETS			(Cost $618,121)		644,285	4.4
			TOTAL BONDS			(Cost $13,445,925)		14,091,932	97.2
PREFERRED STOCKS
BANKS								3,374	0.0
			TOTAL PREFERRED STOCKS			(Cost $49,942)		3,374	0.0
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
	$100,000,000	w	Federal Home Loan Mortgage Corp (FHLMC)		0.099%, 02/01/13			99,991	0.7
			Other					10,000	0.1
								109,991	0.8

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

Summary portfolio of investments	concluded
CREF Bond Market Account § December 31, 2012

Principal			Issuer			Value (000)			% of net assets
TREASURY DEBT
	$122,700,000	w	United States Treasury Bill	0.024%–0.128%, 01/17/13		$	122,696			0.8	%
	84,600,000	w	United States Treasury Bill	0.105%–0.110%, 01/24/13			84,594			0.6
	100,000,000	w	United States Treasury Bill	0.131%, 01/31/13			99,989			0.7
	237,500,000	w	United States Treasury Bill	0.111%–0.121%, 02/14/13			237,466			1.6
	300,000,000	w	United States Treasury Bill	0.118%–0.125%, 02/21/13			299,947			2.1
	166,000,000	w	United States Treasury Bill	0.110%, 02/28/13			165,971			1.1
	275,000,000	w	United States Treasury Bill	0.090%–0.135%, 03/07/13			274,984			1.9
	250,000,000	w	United States Treasury Bill	0.135%, 03/14/13			249,983			1.7
	74,500,000		United States Treasury Bill	0.030%–0.103%, 03/21/13			74,494			0.5
	140,900,000	w	United States Treasury Bill	0.080%–0.115%, 03/28/13			140,888			1.0
	100,000,000	w	United States Treasury Bill	0.115%, 04/04/13			99,984			0.7
	89,100,000	w	United States Treasury Bill	0.140%, 04/11/13			89,084			0.6
	235,000,000	w	United States Treasury Bill	0.129%–0.151%, 04/18/13			234,952			1.6
	171,100,000	w	United States Treasury Bill	0.085%–0.113%, 04/25/13			171,060			1.2
	100,000,000	w	United States Treasury Bill	0.125%, 05/09/13			99,968			0.7
	144,000,000	w	United States Treasury Bill	0.130%, 05/16/13			143,950			1.0
	159,600,000	w	United States Treasury Bill	0.095%, 06/06/13			159,530			1.1
	305,000,000	w	United States Treasury Bill	0.088%–0.104%, 06/13/13			304,856			2.1
	187,270,000		United States Treasury Bill	0.025%–0.126%, 01/10/13–06/27/13			187,218			1.3
							3,241,614			22.3
			TOTAL SHORT-TERM INVESTMENTS		(Cost $3,351,365)		3,351,605			23.1
			TOTAL PORTFOLIO		(Cost $16,859,160)		17,458,857			120.4
			OTHER ASSETS & LIABILITIES, NET				(2,967,756	)		(20.4	)
			NET ASSETS			$	14,491,101			100.0	%

g	Security exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/2012, the aggregate value of these securities, including those in “Other,” was $1,606,725,000 or 11.1% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
w	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on mortgage dollar rolls.

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

Cost amounts are in thousands.

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

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

Portfolio of investments

CREF Inflation-Linked Bond Account § December 31, 2012

Principal			Issuer			Value (000)		% of net assets
GOVERNMENT BONDS
U.S. TREASURY SECURITIES
	$12,000,000		United States Treasury Bond	2.750%, 08/15/42		$	11,588		0.1	%
	28,800,000		United States Treasury Bond	2.750%, 11/15/42			27,747		0.3
	342,203,339	k	United States Treasury Inflation Indexed Bonds	2.000%, 01/15/14			353,138		3.3
	241,885,326	k	United States Treasury Inflation Indexed Bonds	1.250%, 04/15/14			249,369		2.3
	337,689,257	k	United States Treasury Inflation Indexed Bonds	2.000%, 07/15/14			356,341		3.3
	316,097,591	k	United States Treasury Inflation Indexed Bonds	1.625%, 01/15/15			335,829		3.1
	299,728,728	k	United States Treasury Inflation Indexed Bonds	0.500%, 04/15/15			312,748		2.9
	289,701,300	k	United States Treasury Inflation Indexed Bonds	1.875%, 07/15/15			315,842		2.9
	276,740,852	k	United States Treasury Inflation Indexed Bonds	2.000%, 01/15/16			306,836		2.8
	450,002,612	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/16			473,839		4.4
	280,141,097	k	United States Treasury Inflation Indexed Bonds	2.500%, 07/15/16			321,944		3.0
	259,816,804	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/17			301,976		2.8
	287,143,047	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/17			307,490		2.8
	213,177,010	k	United States Treasury Inflation Indexed Bonds	2.625%, 07/15/17			255,446		2.4
	236,347,589	k	United States Treasury Inflation Indexed Bonds	1.625%, 01/15/18			274,108		2.5
	222,694,596	k	United States Treasury Inflation Indexed Bonds	1.375%, 07/15/18			259,230		2.4
	220,330,345	k	United States Treasury Inflation Indexed Bonds	2.125%, 01/15/19			267,512		2.5
	232,924,550	k	United States Treasury Inflation Indexed Bonds	1.875%, 07/15/19			283,495		2.6
	263,469,573	k	United States Treasury Inflation Indexed Bonds	1.375%, 01/15/20			312,314		2.9
	290,236,605	k	United States Treasury Inflation Indexed Bonds	1.250%, 07/15/20			344,293		3.2
	402,296,278	k	United States Treasury Inflation Indexed Bonds	1.125%, 01/15/21			472,509		4.4
	406,225,372	k	United States Treasury Inflation Indexed Bonds	0.625%, 07/15/21			461,764		4.3
	292,280,139	k	United States Treasury Inflation Indexed Bonds	0.125%, 01/15/22			317,398		2.9
	263,545,800	k	United States Treasury Inflation Indexed Bonds	0.125%, 07/15/22			286,091		2.6
	385,653,587	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/25			520,241		4.8
	276,012,433	k	United States Treasury Inflation Indexed Bonds	2.000%, 01/15/26			361,964		3.3
	219,889,485	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/27			303,173		2.8
	220,723,583	k	United States Treasury Inflation Indexed Bonds	1.750%, 01/15/28			285,716		2.6
	260,332,155	k	United States Treasury Inflation Indexed Bonds	3.625%, 04/15/28			412,667		3.8
	209,987,209	k	United States Treasury Inflation Indexed Bonds	2.500%, 01/15/29			299,494		2.8
	250,592,220	k	United States Treasury Inflation Indexed Bonds	3.875%, 04/15/29			415,357		3.8
	83,744,275	k	United States Treasury Inflation Indexed Bonds	3.375%, 04/15/32			138,028		1.3
	168,721,760	k	United States Treasury Inflation Indexed Bonds	2.125%, 02/15/40			247,573		2.3
	224,886,270	k	United States Treasury Inflation Indexed Bonds	2.125%, 02/15/41			332,076		3.1
	203,003,676	k	United States Treasury Inflation Indexed Bonds	0.750%, 02/15/42			222,337		2.0
							10,747,473		99.3
			TOTAL GOVERNMENT BONDS		(Cost $9,183,837)		10,747,473		99.3

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

Portfolio of investments	concluded
CREF Inflation-Linked Bond Account § December 31, 2012

	Principal	Issuer			Value (000)		% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
	$5,000,000	Federal Home Loan Bank (FHLB)	0.040%, 02/13/13		$	5,000		0.0	%
						5,000		0.0
TREASURY DEBT
	6,800,000	United States Treasury Bill	0.030%, 01/24/13			6,800		0.1
						6,800		0.1
		TOTAL SHORT-TERM INVESTMENTS		(Cost $11,800)		11,800		0.1
		TOTAL PORTFOLIO		(Cost $9,195,637)		10,759,273		99.4
		OTHER ASSETS & LIABILITIES, NET				63,826		0.6
		NET ASSETS			$	10,823,099		100.0	%

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

Cost amounts are in thousands.

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

Summary portfolio of investments

CREF Social Choice Account § December 31, 2012

	Principal	Issuer			Value (000)		% of net assets
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS					$	11,228		0.1	%
BANKS						277,137		2.5
CAPITAL GOODS						74,992		0.7
COMMERCIAL & PROFESSIONAL SERVICES						13,322		0.1
CONSUMER DURABLES & APPAREL						11,301		0.1
CONSUMER SERVICES						26,013		0.2
DIVERSIFIED FINANCIALS						280,684		2.6
ENERGY						113,027		1.0
FOOD & STAPLES RETAILING						12,396		0.1
FOOD, BEVERAGE & TOBACCO						29,762		0.3
HEALTH CARE EQUIPMENT & SERVICES						34,460		0.3
HOUSEHOLD & PERSONAL PRODUCTS						10,238		0.1
INSURANCE						52,077		0.5
MATERIALS						106,404		1.0
MEDIA						48,623		0.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						60,127		0.5
REAL ESTATE						67,710		0.6
RETAILING						25,127		0.2
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						13,273		0.1
SOFTWARE & SERVICES						20,293		0.2
TECHNOLOGY HARDWARE & EQUIPMENT						27,386		0.2
TELECOMMUNICATION SERVICES						11,361		0.1
TRANSPORTATION						81,369		0.7
UTILITIES						215,199		1.9
		TOTAL CORPORATE BONDS		(Cost $1,537,846)		1,623,509		14.5
GOVERNMENT BONDS
AGENCY SECURITIES
	$124,906,752	Overseas Private Investment Corp
		(OPIC)	0.000%–5.142%, 07/12/14–11/15/30			131,529		1.1
		Other				359,044		3.2
						490,573		4.3
FOREIGN GOVERNMENT BONDS						356,272		3.2

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

Summary portfolio of investments	continued
CREF Social Choice Account § December 31, 2012

Principal			Issuer			Value (000)		% of net assets
MORTGAGE BACKED
	$   93,000,000	h	Federal National Mortgage Association (FNMA)		4.000%, 01/25/43	$	99,684		0.9	%
	103,000,000	h	FNMA		4.500%, 01/25/43		111,260		1.0
	64,000,000	h	FNMA		5.000%, 01/25/43		69,320		0.6
	44,000,000	h	FNMA		3.500%, 01/25/43		46,910		0.4
	74,000,000	h	FNMA		3.000%, 01/25/43		77,538		0.7
	272,716,494		FNMA	2.481%–8.500%, 06/01/13–01/25/43			295,060		2.6
	46,000,000	h	Government National Mortgage Association (GNMA)		3.500%, 01/15/43		49,971		0.4
	38,000,000	h	GNMA		4.500%, 01/20/43		41,604		0.4
	41,000,000	h	GNMA		3.000%, 01/15/43		43,582		0.4
	123,643,938		GNMA	2.300%–9.000%, 12/15/17–01/20/43			135,433		1.2
			Other				132,471		1.2
							1,102,833		9.8
MUNICIPAL BONDS							279,891		2.5
U.S. TREASURY SECURITIES
	56,422,000		United States Treasury Bond		2.750%, 08/15/42		54,482		0.5
	72,050,000		United States Treasury Note		1.625%, 11/15/22		71,262		0.6
	124,674,900		United States Treasury Note	0.125%–3.125%, 02/28/13–11/30/19			126,298		1.1
			Other				23,506		0.2
							275,548		2.4
			TOTAL GOVERNMENT BONDS		(Cost $2,419,294)		2,505,117		22.2
STRUCTURED ASSETS
ASSET BACKED							68,294		0.6
OTHER MORTGAGE BACKED							99,163		0.9
			TOTAL STRUCTURED ASSETS		(Cost $160,404)		167,457		1.5
			TOTAL BONDS		(Cost $4,117,544)		4,296,083		38.2

Shares		Company
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	3,187,568	Ford Motor Co	41,279	0.4
		Other	104,042	0.9
			145,321	1.3
BANKS
	1,369,982	US Bancorp	43,757	0.4
		Other	347,444	3.1
			391,201	3.5
CAPITAL GOODS
	489,783	3M Co	45,476	0.4
	707,138	Emerson Electric Co	37,450	0.3
		Other	486,045	4.3
			568,971	5.0
COMMERCIAL & PROFESSIONAL SERVICES			70,850	0.6

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

Summary portfolio of investments	continued
CREF Social Choice Account § December 31, 2012

Shares			Company	Value (000)		% of net assets
CONSUMER DURABLES & APPAREL				$	91,126		0.8	%
CONSUMER SERVICES
	595,733		McDonald’s Corp		52,549		0.5
			Other		83,627		0.7
					136,176		1.2
DIVERSIFIED FINANCIALS
	749,602		American Express Co		43,087		0.4
			Other		312,439		2.8
					355,526		3.2
ENERGY					638,947		5.7
FOOD & STAPLES RETAILING					96,198		0.9
FOOD, BEVERAGE & TOBACCO
	857,662		PepsiCo, Inc		58,690		0.5
			Other		214,691		1.9
					273,381		2.4
HEALTH CARE EQUIPMENT & SERVICES
	888,663		Abbott Laboratories		58,207		0.5
			Other		192,416		1.7
					250,623		2.2
HOUSEHOLD & PERSONAL PRODUCTS
	377,785		Colgate-Palmolive Co		39,493		0.3
	1,253,495		Procter & Gamble Co		85,100		0.8
			Other		93,103		0.8
					217,696		1.9
INSURANCE
	862,610	*	Berkshire Hathaway, Inc (Class B)		77,376		0.7
			Other		316,045		2.8
					393,421		3.5
MATERIALS					453,596		4.0
MEDIA
	828,962		Time Warner, Inc		39,649		0.4
			Other		159,115		1.4
					198,764		1.8
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,278,244		Bristol-Myers Squibb Co		41,658		0.4
	567,078	*	Gilead Sciences, Inc		41,652		0.4
	1,252,894		Johnson & Johnson		87,828		0.8
	1,544,250		Merck & Co, Inc		63,221		0.5
			Other		226,082		2.0
					460,441		4.1

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

Summary portfolio of investments	continued
CREF Social Choice Account § December 31, 2012

Shares			Company		Value (000)		% of net assets
REAL ESTATE
	255,010	e	Simon Property Group, Inc		$	40,315		0.4	%
			Other			213,931		1.9
						254,246		2.3
RETAILING
	1,065,451		Lowe’s Companies, Inc			37,845		0.3
			Other			229,764		2.1
						267,609		2.4
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	2,744,915		Intel Corp			56,628		0.5
			Other			93,896		0.8
						150,524		1.3
SOFTWARE & SERVICES
	120,590	*	Google, Inc (Class A)			85,543		0.7
	488,585		International Business Machines Corp			93,589		0.8
	2,008,922		Oracle Corp			66,937		0.6
			Other			266,917		2.4
						512,986		4.5
TECHNOLOGY HARDWARE & EQUIPMENT
	3,009,314		Cisco Systems, Inc			59,133		0.5
	1,630,608	*	EMC Corp			41,254		0.4
	847,188		Qualcomm, Inc			52,543		0.5
			Other			137,207		1.2
						290,137		2.6
TELECOMMUNICATION SERVICES						161,676		1.3
TRANSPORTATION
	554,151		United Parcel Service, Inc (Class B)			40,857		0.3
			Other			120,928		1.1
						161,785		1.4
UTILITIES						291,871		2.6
			TOTAL COMMON STOCKS	(Cost $5,560,036)		6,833,072		60.5
PREFERRED STOCKS
BANKS						16,577		0.1
			TOTAL PREFERRED STOCKS	(Cost $38,865)		16,577		0.1
RIGHTS / WARRANTS
ENERGY						201		0.0
			TOTAL RIGHTS / WARRANTS	(Cost $206)		201		0.0

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

Summary portfolio of investments	concluded
CREF Social Choice Account § December 31, 2012

Principal			Issuer			Value (000)			% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
	$  45,000,000		Federal Home Loan Bank (FHLB)		0.050%, 02/06/13	$	44,998			0.4	%
							44,998			0.4
TREASURY DEBT
	136,800,000	w	United States Treasury Bill	0.024%–0.101%, 01/17/13			136,794			1.2
	43,800,000	w	United States Treasury Bill		0.117%, 02/07/13		43,795			0.4
	55,200,000	w	United States Treasury Bill	0.103%–0.115%, 02/14/13			55,193			0.5
	79,700,000	w	United States Treasury Bill	0.030%–0.103%, 03/21/13			79,694			0.7
	102,000,000	w	United States Treasury Bill	0.080%–0.132%, 03/28/13			101,992			0.9
	50,000,000	w	United States Treasury Bill		0.100%, 04/04/13		49,992			0.5
	50,000,000	w	United States Treasury Bill		0.113%, 04/25/13		49,988			0.4
	100,000,000	w	United States Treasury Bill		0.075%, 05/16/13		99,966			0.9
	50,000,000	w	United States Treasury Bill		0.076%, 06/06/13		49,978			0.4
	100,000,000	w	United States Treasury Bill		0.100%, 06/13/13		99,953			0.9
			Other				62,990			0.6
							830,335			7.4
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
TREASURY DEBT
	75,000,000		United States Treasury Bill	0.090%–0.130%, 03/07/13			74,996			0.7
	60,000,000		United States Treasury Bill	0.080%–0.129%, 03/28/13			59,995			0.5
	40,000,000		United States Treasury Bill	0.073%–0.090%, 05/23/13			39,984			0.3
			Other				111,597			1.0
							286,572			2.5
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED							286,572			2.5
			TOTAL SHORT-TERM INVESTMENTS		(Cost $1,161,864)		1,161,905			10.3
			TOTAL PORTFOLIO		(Cost $10,878,515)		12,307,838			109.1
			OTHER ASSETS & LIABILITIES, NET				(1,026,542	)		(9.1	)
			NET ASSETS			$	11,281,296			100.0	%

*	Non-income producing.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan including those in “Other,” is $297,934,000.
h	All or a portion of these securities were purchased on a delayed delivery basis.
w	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on mortgage dollar rolls.
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 12/31/12, the aggregate value of securities exempted from registration under Rule 144(A) of the Securities Act of 1933 amounted to $379,052,000 or 3.4% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.
Cost amounts are in thousands.
For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.

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

Summary portfolio of investments

CREF Money Market Account § December 31, 2012

	Principal		Issuer				Value (000)	% of net assets
SHORT-TERM INVESTMENTS
CERTIFICATE OF DEPOSIT
	$ 130,000,000		Bank of Nova Scotia	0.170%–0.220%, 01/09/13–03/12/13		$	130,000	1.1	%
	195,000,000		Toronto-Dominion Bank	0.200%–0.240%, 01/16/13–03/27/13			195,000	1.6
			Other				60,000	0.5
							385,000	3.2
COMMERCIAL PAPER
	133,450,000		Australia & New Zealand Banking
			Group Ltd	0.190%–0.210%, 01/30/13–03/21/13			133,413	1.1
	266,531,000	y	Coca-Cola Co	0.130%–0.250%, 01/11/13–05/13/13			266,449	2.2
	65,000,000	y	Commonwealth Bank of Australia	0.215%–0.220%, 02/28/13			64,977	0.5
	195,744,000	y	Fairway Finance LLC	0.190%–0.220%, 01/17/13–02/26/13			195,711	1.6
	200,533,000		General Electric Capital Corp	0.160%–2.800%, 01/08/13–04/18/13			200,491	1.7
	125,000,000		Merck & Co, Inc	0.090%–0.130%, 01/14/13–03/05/13			124,985	1.1
	68,000,000	y	National Australia Funding Delaware, Inc	0.200%–0.220%, 02/06/13			67,986	0.6
	196,443,000	y	Old Line Funding LLC	0.160%–0.230%, 01/02/13–03/19/13			196,397	1.7
	303,710,000	y	Procter & Gamble Co	0.120%–0.170%, 01/22/13–03/04/13			303,655	2.6
	211,238,000		Province of Ontario Canada	0.130%–0.165%, 01/04/13–03/07/13			211,215	1.8
	63,000,000		Province of Quebec Canada	0.165%–0.180%, 02/21/13			62,985	0.5
	189,825,000		Province of Quebec Canada	0.150%–0.170%, 01/03/13–02/27/13			189,794	1.6
	386,061,000		Straight-A Funding LLC	0.170%–0.190%, 01/03/13–03/11/13			385,988	3.2
	75,000,000		US Bank NA		0.180%, 03/18/13		74,971	0.6
			Other				1,037,055	8.7
							3,516,072	29.5
GOVERNMENT AGENCY DEBT
	118,000,000		Federal Home Loan Bank (FHLB)	0.125%–0.140%, 01/11/13			117,996	1.0
	100,315,000		FHLB	0.090%–0.140%, 01/18/13			100,309	0.8
	94,490,000		FHLB	0.100%–0.143%, 02/06/13			94,478	0.8
	109,702,000		FHLB	0.055%–0.142%, 02/13/13			109,687	0.9
	144,020,000		FHLB	0.115%–0.127%, 03/06/13			143,989	1.2
	113,245,000		FHLB	0.085%–0.120%, 03/13/13			113,219	0.9
	88,855,000		FHLB	0.082%–0.090%, 03/20/13			88,838	0.7
	798,481,000		FHLB	0.050%–0.175%, 01/02/13–04/15/13			798,376	6.7
	92,281,000		Federal Home Loan Mortgage Corp
			(FHLMC)	0.100%–0.190%, 01/22/13			92,273	0.8
	137,690,000		FHLMC	0.125%–0.145%, 02/11/13			137,670	1.2
	67,351,000		FHLMC	0.130%–0.135%, 02/12/13			67,341	0.6
	71,136,000		FHLMC	0.130%–0.145%, 02/19/13			71,122	0.6
	138,430,000		FHLMC	0.070%–0.155%, 02/25/13			138,405	1.2
	94,975,000		FHLMC	0.125%–0.150%, 02/27/13			94,953	0.8
	84,600,000		FHLMC	0.090%, 04/15/13			84,578	0.7
	583,358,000		FHLMC	0.050%–0.195%, 01/03/13–06/10/13			583,266	4.9
	66,400,000		Federal National Mortgage Association
			(FNMA)	0.115%–0.145%, 02/13/13			66,389	0.6
	112,590,000		FNMA	0.110%–0.145%, 02/20/13			112,570	0.9
	66,000,000		FNMA	0.095%, 03/27/13			65,985	0.6
	491,704,000		FNMA	0.055%–0.180%, 01/02/13–03/20/13			491,655	4.1
			Other				49,897	0.4
							3,622,996	30.4

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

Summary portfolio of investments	continued
CREF Money Market Account § December 31, 2012

										��
	Principal		Issuer				Value (000)		% of net assets
TREASURY DEBT
	$  85,395,000		United States Treasury Bill	0.059%–0.132%, 01/10/13		$	85,393		0.7	%
	66,850,000		United States Treasury Bill	0.055%–0.112%, 01/24/13			66,845		0.6
	91,295,000		United States Treasury Bill	0.068%–0.152%, 02/07/13			91,284		0.8
	77,630,000		United States Treasury Bill	0.079%–0.126%, 02/14/13			77,620		0.6
	70,000,000		United States Treasury Bill	0.093%–0.141%, 03/07/13			69,985		0.6
	546,667,000		United States Treasury Bill	0.040%–0.150%, 01/03/13–08/22/13			546,502		4.6
	100,370,000		United States Treasury Note		1.375%, 01/15/13		100,416		0.9
	100,000,000		United States Treasury Note		0.625%, 01/31/13		100,036		0.8
	120,000,000		United States Treasury Note		1.375%, 02/15/13		120,180		1.0
	100,000,000		United States Treasury Note		0.625%, 02/28/13		100,070		0.8
	100,000,000		United States Treasury Note		1.375%, 03/15/13		100,241		0.9
	95,000,000		United States Treasury Note		1.750%, 04/15/13		95,432		0.8
	100,000,000		United States Treasury Note		0.625%, 04/30/13		100,142		0.8
	98,000,000		United States Treasury Note		1.375%, 05/15/13		98,431		0.8
	100,000,000		United States Treasury Note		0.500%, 05/31/13		100,129		0.8
	100,000,000		United States Treasury Note		0.375%, 07/31/13		100,116		0.8
	100,000,000		United States Treasury Note		0.750%, 08/15/13		100,354		0.9
	68,940,000		United States Treasury Note		0.125%, 09/30/13		68,899		0.6
	218,725,000		United States Treasury Note	0.250%–1.000%, 03/31/13–11/15/13			219,244		1.9
							2,341,319		19.7
VARIABLE RATE SECURITIES
	100,000,000	i	Federal Farm Credit Bank (FFCB)		0.151%, 01/28/13		99,992		0.8
	69,750,000	i	FFCB		0.578%, 08/19/13		69,728		0.6
	100,000,000	i	FFCB		0.390%, 09/23/13		99,997		0.8
	91,000,000	i	FFCB		0.250%, 02/10/14		90,980		0.8
	75,000,000	i	FFCB		0.240%, 10/27/14		74,972		0.6
	545,625,000	i	FFCB	0.179%–0.410%, 02/01/13–10/14/14			545,611		4.6
	100,000,000	i	Federal Home Loan Bank (FHLB)		0.350%, 02/22/13		100,000		0.8
	100,000,000	i	FHLB		0.360%, 08/16/13		100,000		0.9
	100,000,000	i	FHLB		0.220%, 09/06/13		100,017		0.9
	170,000,000	i	FHLB	0.200%–0.350%, 03/06/13–09/04/13			170,003		1.4
	144,500,000	i	Federal Home Loan Mortgage Corp (FHLMC)		0.165%, 02/04/13		144,495		1.2
	80,290,000	i	Federal National Mortgage Association (FNMA)		0.410%, 10/28/13		80,290		0.7
	80,000,000	i	FNMA		0.191%, 06/20/14		79,980		0.6
	69,000,000	i	Royal Bank of Canada		0.470%, 07/15/13		69,000		0.6
			Other				220,766		1.9
							2,045,831		17.2
			TOTAL SHORT-TERM INVESTMENTS		(Cost $11,911,218)		11,911,218		100.0
			TOTAL PORTFOLIO		(Cost $11,911,218)		11,911,218		100.0
			OTHER ASSETS & LIABILITIES, NET				(2,000	)	0.0
				NET ASSETS		$	11,909,218		100.0	%

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

Summary portfolio of investments	concluded
CREF Money Market Account § December 31, 2012

i	Floating or variable rate security. Coupon rate reflects the rate at period end.
y	Security exempt from registration under Section 4(2) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At 12/31/2012, the aggregate value of these securities, including those in “Other,” was $1,780,199,000 or 14.9% of net assets.

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

Cost amounts are in thousands.

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

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

Statements of assets and liabilities

College Retirement Equities Fund § December 31, 2012

(amounts in thousands, except accumulation unit value)		Stock Account		Global Equities Account		Growth Account		Equity Index Account		Bond Market Account		Inflation-Linked Bond Account		Social Choice Account		Money Market Account
ASSETS
Unaffiliated issuers*†		$	109,884,616	$	15,561,777	$	14,935,744	$	11,997,819	$	17,458,857	$	10,759,273	$	12,307,838	$	11,911,218
Affiliated issuers‡			11,512		–		327,923		303,938		–		–		–		–
Total portfolio investments, at value		$	109,896,128	$	15,561,777	$	15,263,667	$	12,301,757	$	17,458,857	$	10,759,273	$	12,307,838	$	11,911,218
Cash**			499,844		135,503		6		823		44,289		8,244		26,178		34
Cash — foreign^			16,960		4,595		68		–		–		–		402		–
Dividends and interest receivable			127,575		18,150		10,163		14,200		82,534		59,935		34,643		6,139
Receivable from securities transactions			287,475		8,418		22,908		13		839		–		1,933		–
Receivable for delayed delivery securities			–		–		–		–		3,282		–		9,767		–
Due from affiliates			–		2,928		–		–		3,856		–		4,667		–
Receivable for variation margin on open futures contracts			–		1,112		1,868		487		–		–		–		–
Unrealized appreciation on swap agreements			–		–		–		–		96		–		–		–
Other			7,703		1,122		1,505		1,220		915		843		943		989
Total assets			110,835,685		15,733,605		15,300,185		12,318,500		17,594,668		10,828,295		12,386,371		11,918,380
LIABILITIES
Payable for collateral for securites loaned			4,443,654		508,788		327,923		303,938		–		–		312,122		–
Payable for securities transactions			303,548		15,640		23,565		305		–		–		845		–
Payable for delayed delivery securities			–		–		–		–		3,102,069		–		791,132		–
Due to affiliates			108,302		618		3,257		490		503		4,588		383		8,354
Swap premiums received			–		–		–		–		327		–		–		–
Other			6,842		875		740		684		668		608		593		808
Total liabilities			4,862,346		525,921		355,485		305,417		3,103,567		5,196		1,105,075		9,162
NET ASSETS:
Accumulation Fund		$	94,886,687	$	14,917,219	$	14,728,284	$	11,797,256	$	14,221,930	$	10,544,184	$	10,999,479	$	11,701,157
Annuity Funds			11,086,652		290,465		216,416		215,827		269,171		278,915		281,817		208,061
Total net assets		$	105,973,339	$	15,207,684	$	14,944,700	$	12,013,083	$	14,491,101	$	10,823,099	$	11,281,296	$	11,909,218
Accumulation units outstanding			353,206		142,489		175,645		108,924		129,592		149,003		70,525		458,266
Accumulation unit value		$	268.64	$	104.69	$	83.85	$	108.31	$	109.74	$	70.77	$	155.97	$	25.53
*	Includes securities loaned of	$	4,331,121	$	490,267	$	327,504	$	301,382	$	–	$	–	$	297,934	$	–
**	Includes cash collateral for securities loaned of	$	494,454	$	134,657	$	–	$	–	$	–	$	–	$	19,779	$	–
†	Portfolio investments; unaffilated issuers cost	$	97,962,886	$	13,951,155	$	12,634,895	$	8,864,312	$	16,859,160	$	9,195,637	$	10,878,515	$	11,911,218
‡	Portfolio investments; affiliated issuers cost	$	19,463	$	–	$	327,923	$	303,938	$	–	$	–	$	–	$	–
^	Foreign cash, cost	$	17,056	$	4,589	$	68	$	–	$	–	$	–	$	401	$	–

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

Statements of operations

College Retirement Equities Fund § For the year ended December 31, 2012

(amounts in thousands)		Stock Account			Global Equities Account			Growth Account			Equity Index Account			Bond Market Account		Inflation-Linked Bond Account		Social Choice Account			Money Market Account
INVESTMENT INCOME
Dividends:
Unaffiliated issuers*		$	2,506,209		$	366,826		$	248,642		$	264,506		$	–	$	–	$	168,130		$	–
Affiliated issuers			546			–			–			–			–		–		–			–
Income from securities lending			85,243			10,202			3,786			5,950			–		–		4,293			–
Interest			324			109			70			10			368,928		311,208		110,308			20,602
Other			4			–			–			–			210		–		33			–
Total income			2,592,326			377,137			252,498			270,466			369,138		311,208		282,764			20,602
EXPENSES
Administrative			268,594			37,219			38,353			30,351			36,372		27,376		28,381			31,067
Investment advisory			140,005			25,558			16,872			8,198			12,751		9,423		10,498			7,546
Distribution			95,706			13,262			13,657			10,811			12,943		9,735		10,102			11,091
Mortality and expense risk changes			5,181			720			738			584			699		525		546			600
Total expenses			509,486			76,759			69,620			49,944			62,765		47,059		49,527			50,304
Less: Expenses withheld by TIAA			–			–			–			–			–		–		–			29,702
Net expenses			509,486			76,759			69,620			49,944			62,765		47,059		49,527			20,602
Net investment income (loss)			2,082,840			300,378			182,878			220,522			306,373		264,149		233,237			–
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments:
Unaffiliated issuers			4,582,656			446,125			1,266,081			157,126			356,320		55,049		280,890			3
Affiliated issuers			15,686			–			–			–			–		–		–			–
Futures transactions			1,011			4,188			(334	)		2,586			–		–		–			–
Foreign currency transactions			(10,019	)		(1,080	)		(99	)		(2	)		–		–		(170	)		–
Net realized gain (loss) on total investments			4,589,334			449,233			1,265,648			159,710			356,320		55,049		280,720			3
Change in unrealized appreciation (depreciation) on:
Portfolio investments:
Unaffiliated issuers‡			9,595,240			1,649,141			646,898			1,315,153			53,632		323,715		614,204			–
Affiliated issuers			37,781			–			–			–			–		–		–			–
Swaps transactions			–			–			–			–			96		–		–			–
Futures transactions			–			(32	)		(66	)		(151	)		–		–		–			–
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies			(1,350	)		(384	)		(8	)		–			–		–		(122	)		–
Net change in unrealized appreciation (depreciation) on total investments			9,631,671			1,648,725			646,824			1,315,002			53,728		323,715		614,082			–
Net realized and unrealized gain (loss) on total investments			14,221,005			2,097,958			1,912,472			1,474,712			410,048		378,764		894,802			3
Net increase (decrease) in net assets from operations		$	16,303,845		$	2,398,336		$	2,095,350		$	1,695,234		$	716,421	$	642,913	$	1,128,039		$	3
*	Net of foreign withholding taxes of unaffiliated issuers	$	90,749		$	16,883		$	846		$	265		$	–	$	–	$	4,485		$	–
‡	Includes net change in unrealized foreign capital gains taxes of		(3,407	)		–			–			–			–		–		–			–

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

Statements of changes in net assets

College Retirement Equities Fund § For the year ended

	Stock Account						Global Equities Account						Growth Account
(amounts in thousands except accumulation units)	December 31, 2012			December 31, 2011			December 31, 2012			December 31, 2011			December 31, 2012			December 31, 2011
OPERATIONS
Net investment income (loss)	$	2,082,840		$	1,821,029		$	300,378		$	250,155		$	182,878		$	120,744
Net realized gain (loss) on total investments		4,589,334			7,240,060			449,233			704,712			1,265,648			804,799
Net change in unrealized appreciation (depreciation) on total investments		9,631,671			(14,116,853	)		1,648,725			(2,073,287	)		646,824			(763,157	)
Net increase (decrease) in net assets from operations		16,303,845			(5,055,764	)		2,398,336			(1,118,420	)		2,095,350			162,386
FROM PARTICIPANT TRANSACTIONS
Premiums		4,292,100			6,348,491			984,197			1,197,297			982,835			1,084,372
Net transfers between CREF Accounts		(1,326,978	)		(1,690,508	)		(23,773	)		(270,686	)		(68,567	)		(208,892	)
Annuity payments		(1,204,583	)		(1,324,535	)		(26,048	)		(28,493	)		(19,876	)		(18,932	)
Withdrawals and death benefits		(8,873,846	)		(10,194,774	)		(1,283,280	)		(1,454,574	)		(1,310,126	)		(1,293,545	)
Net increase (decrease) from participant transactions		(7,113,307	)		(6,861,326	)		(348,904	)		(556,456	)		(415,734	)		(436,997	)
Net increase (decrease) in net assets		9,190,538			(11,917,090	)		2,049,432			(1,674,876	)		1,679,616			(274,611	)
NET ASSETS
Beginning of period		96,782,801			108,699,891			13,158,252			14,833,128			13,265,084			13,539,695
End of period	$	105,973,339		$	96,782,801		$	15,207,684		$	13,158,252		$	14,944,700		$	13,265,084
ACCUMULATION UNITS:
Units purchased		16,932,747			26,438,098			10,028,844			12,654,924			12,106,394			14,829,587
Units sold / transferred		(40,844,632	)		(50,143,050	)		(13,469,376	)		(18,371,101	)		(17,196,832	)		(20,762,145	)
Outstanding:
Beginning of period		377,117,724			400,822,676			145,930,004			151,646,181			180,735,263			186,667,821
End of period		353,205,839			377,117,724			142,489,472			145,930,004			175,644,825			180,735,263

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

Statements of changes in net assets

College Retirement Equities Fund § For the year ended

	Equity Index Account						Bond Market Account						Inflation-Linked Bond Account
(amounts in thousands except accumulation units)	December 31, 2012			December 31, 2011			December 31, 2012			December 31, 2011			December 31, 2012			December 31, 2011
OPERATIONS
Net investment income (loss)	$	220,522		$	168,763		$	306,373		$	361,817		$	264,149		$	360,510
Net realized gain (loss) on total investments		159,710			153,629			356,320			227,370			55,049			35,457
Net change in unrealized appreciation (depreciation) on total investments		1,315,002			(251,137	)		53,728			253,556			323,715			686,958
Net increase (decrease) in net assets from operations		1,695,234			71,255			716,421			842,743			642,913			1,082,925
FROM PARTICIPANT TRANSACTIONS
Premiums		839,362			1,012,763			1,205,338			1,459,554			1,014,337			1,253,414
Net transfers between CREF Accounts		(51,156	)		(142,872	)		777,288			606,066			566,952			843,766
Annuity payments		(18,980	)		(18,920	)		(22,148	)		(21,556	)		(22,407	)		(20,663	)
Withdrawals and death benefits		(1,143,129	)		(1,192,126	)		(1,554,490	)		(1,666,585	)		(1,328,992	)		(1,385,968	)
Net increase (decrease) from participant transactions		(373,903	)		(341,155	)		405,988			377,479			229,890			690,549
Net increase (decrease) in net assets		1,321,331			(269,900	)		1,122,409			1,220,222			872,803			1,773,474
NET ASSETS
Beginning of period		10,691,752			10,961,652			13,368,692			12,148,470			9,950,296			8,176,822
End of period	$	12,013,083		$	10,691,752		$	14,491,101		$	13,368,692		$	10,823,099		$	9,950,296
ACCUMULATION UNITS:
Units purchased		8,121,218			10,764,731			11,223,897			14,500,362			14,664,581			19,955,145
Units sold / transferred		(11,657,858	)		(14,350,219	)		(7,546,388	)		(10,857,014	)		(11,508,551	)		(9,468,225	)
Outstanding:
Beginning of period		112,460,225			116,045,713			125,914,713			122,271,365			145,846,674			135,359,754
End of period		108,923,585			112,460,225			129,592,222			125,914,713			149,002,704			145,846,674

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

Statements of changes in net assets

College Retirement Equities Fund § For the year ended

	Social Choice Account						Money Market Account
(amounts in thousands except accumulation units)	December 31, 2012			December 31, 2011			December 31, 2012			December 31, 2011
OPERATIONS
Net investment income (loss)	$	233,237		$	231,028		$	–		$	108
Net realized gain (loss) on total investments		280,720			395,554			3			1
Net change in unrealized appreciation (depreciation) on total investments		614,082			(441,635	)		–			–
Net increase (decrease) in net assets from operations		1,128,039			184,947			3			109
FROM PARTICIPANT TRANSACTIONS
Premiums		685,306			812,961			3,954,609			3,506,339
Net transfers between CREF Accounts		21,316			(1,640	)		104,918			864,766
Annuity payments		(24,492	)		(25,302	)		(20,951	)		(23,603	)
Withdrawals and death benefits		(864,161	)		(874,204	)		(4,528,447	)		(4,002,210	)
Net increase (decrease) from participant transactions		(182,031	)		(88,185	)		(489,871	)		345,292
Net increase (decrease) in net assets		946,008			96,762			(489,868	)		345,401
NET ASSETS
Beginning of period		10,335,288			10,238,526			12,399,086			12,053,685
End of period	$	11,281,296		$	10,335,288		$	11,909,218		$	12,399,086
ACCUMULATION UNITS:
Units purchased		4,588,321			5,799,453			154,879,058			137,282,002
Units sold / transferred		(5,743,840	)		(6,345,210	)		(173,537,292	)		(123,121,054	)
Outstanding:
Beginning of period		71,680,170			72,225,927			476,924,201			462,763,253
End of period		70,524,651			71,680,170			458,265,967			476,924,201

72 2012 Annual Report § College Retirement Equities Fund See notes to financial statements See notes to financial statements College Retirement Equities Fund § 2012 Annual Report 73

Financial highlights

College Retirement Equities Fund § For the year ended

	Stock Account
	12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	6.328		$	5.308		$	4.506		$	4.251		$	5.339
Expenses (a)		1.244			1.151			1.006			0.849			1.113
Net investment income (loss) (a)		5.084			4.157			3.500			3.402			4.226
Net realized and unrealized gain (loss) on total investments		34.469			(16.066	)		29.246			47.129			(107.993	)
Net change in accumulation unit value		39.553			(11.909	)		32.746			50.531			(103.767	)
Accumulation unit value:
Beginning of period		229.091			241.000			208.254			157.723			261.490
End of period	$	268.644		$	229.091		$	241.000		$	208.254		$	157.723
TOTAL RETURN (b)		17.26	%		(4.94	)%		15.72	%		32.04	%		(39.68	)%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.49	%		0.48	%		0.47	%		0.49	%		0.64	%
Net investment income (loss)		2.01	%		1.73	%		1.63	%		1.97	%		1.95	%
SUPPLEMENTAL DATA
Portfolio turnover rate		57	%		56	%		61	%		58	%		53	%
Accumulation units outstanding at the end of period (e)		353			377			401			418			424
Accumulation fund net assets (e)	$	94,887		$	86,395		$	96,598		$	87,141		$	66,931
Net assets at the end of period (e)	$	105,973		$	96,783		$	108,700		$	98,509		$	76,505

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

74 2012 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
	12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	2.566		$	2.131		$	1.888		$	1.862		$	2.587
Expenses (a)		0.522			0.490			0.432			0.374			0.462
Net investment income (loss) (a)		2.044			1.641			1.456			1.488			2.125
Net realized and unrealized gain (loss) on total investments		14.260			(9.051	)		8.987			19.648			(49.181	)
Net change in accumulation unit value		16.304			(7.410	)		10.443			21.136			(47.056	)
Accumulation unit value:
Beginning of period		88.386			95.796			85.353			64.217			111.273
End of period	$	104.690		$	88.386		$	95.796		$	85.353		$	64.217
TOTAL RETURN (b)		18.45	%		(7.74	)%		12.24	%		32.91	%		(42.29	)%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.53	%		0.52	%		0.50	%		0.53	%		0.68	%
Net investment income (loss)		2.09	%		1.74	%		1.69	%		2.11	%		2.34	%
SUPPLEMENTAL DATA
Portfolio turnover rate		70	%		78	%		81	%		59	%		76	%
Accumulation units outstanding at the end of period (e)		142			146			152			155			147
Accumulation fund net assets (e)	$	14,917		$	12,898		$	14,527		$	13,205		$	9,429
Net assets at the end of period (e)	$	15,208		$	13,158		$	14,833		$	13,490		$	9,652

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

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

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

	Growth Account
	12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	1.388		$	0.979		$	0.907		$	0.836		$	0.740
Expenses (a)		0.382			0.333			0.293			0.249			0.316
Net investment income (loss) (a)		1.006			0.646			0.614			0.587			0.424
Net realized and unrealized gain (loss) on total investments		10.481			0.202			8.706			16.058			(30.509	)
Net change in accumulation unit value		11.487			0.848			9.320			16.645			(30.085	)
Accumulation unit value:
Beginning of period		72.366			71.518			62.198			45.553			75.638
End of period	$	83.853		$	72.366		$	71.518		$	62.198		$	45.553
TOTAL RETURN (b)		15.87	%		1.19	%		14.98	%		36.54	%		(39.78	)%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.47	%		0.46	%		0.46	%		0.48	%		0.69	%
Net investment income (loss)		1.24	%		0.88	%		0.96	%		1.14	%		0.68	%
SUPPLEMENTAL DATA
Portfolio turnover rate		67	%		57	%		77	%		81	%		82	%
Accumulation units outstanding at the end of period (e)		176			181			187			190			178
Accumulation fund net assets (e)	$	14,728		$	13,079		$	13,350		$	11,842		$	8,098
Net assets at the end of period (e)	$	14,945		$	13,265		$	13,540		$	12,013		$	8,222

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

76 2012 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
	12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	2.391		$	1.832		$	1.613		$	1.470		$	1.823
Expenses (a)		0.442			0.390			0.343			0.288			0.429
Net investment income (loss) (a)		1.949			1.442			1.270			1.182			1.394
Net realized and unrealized gain (loss) on total investments		12.978			(0.825	)		11.830			16.176			(38.771	)
Net change in accumulation unit value		14.927			0.617			13.100			17.358			(37.377	)
Accumulation unit value:
Beginning of period		93.381			92.764			79.664			62.306			99.683
End of period	$	108.308		$	93.381		$	92.764		$	79.664		$	62.306
TOTAL RETURN (b)		15.98	%		0.66	%		16.45	%		27.86	%		(37.50	)%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.43	%		0.41	%		0.42	%		0.43	%		0.59	%
Net investment income (loss)		1.89	%		1.53	%		1.54	%		1.77	%		1.67	%
SUPPLEMENTAL DATA
Portfolio turnover rate		4	%		5	%		8	%		5	%		7	%
Accumulation units outstanding at the end of period (e)		109			112			116			116			113
Accumulation fund net assets (e)	$	11,797		$	10,502		$	10,765		$	9,253		$	7,030
Net assets at the end of period (e)	$	12,013		$	10,692		$	10,962		$	9,426		$	7,174

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

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

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

	Bond Market Account
	12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	2.835		$	3.341		$	3.470		$	3.818		$	4.241
Expenses (a)		0.482			0.439			0.422			0.399			0.416
Net investment income (loss) (a)		2.353			2.902			3.048			3.419			3.825
Net realized and unrealized gain (loss) on total investments		3.163			3.876			3.096			2.556			(2.777	)
Net change in accumulation unit value		5.516			6.778			6.144			5.975			1.048
Accumulation unit value:
Beginning of period		104.228			97.450			91.306			85.331			84.283
End of period	$	109.744		$	104.228		$	97.450		$	91.306		$	85.331
TOTAL RETURN (b)		5.29	%		6.96	%		6.73	%		7.00	%		1.24	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.45	%		0.44	%		0.44	%		0.45	%		0.61	%
Net investment income (loss)		2.19	%		2.88	%		3.19	%		3.88	%		4.53	%
SUPPLEMENTAL DATA
Portfolio turnover rate		356	%(d)		261	%(d)		230	%(d)		185	%(d)		125	%
Accumulation units outstanding at the end of period (e)		130			126			122			113			100
Accumulation fund net assets (e)	$	14,222		$	13,124		$	11,915		$	10,296		$	8,520
Net assets at the end of period (e)	$	14,491		$	13,369		$	12,148		$	10,512		$	8,711

(a)	Based on average units outstanding.
(b)	Based on per accumulation unit data.
(d)	The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ending December 31, 2012, December 31, 2011, December 31, 2010, and December 31, 2009 were 117%, 62%, 62%, and 96%, respectively.
(e)	Millions

78 2012 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
	12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	2.050		$	2.817		$	1.596		$	0.974		$	2.700
Expenses (a)		0.310			0.272			0.254			0.241			0.249
Net investment income (loss) (a)		1.740			2.545			1.342			0.733			2.451
Net realized and unrealized gain (loss) on total investments		2.523			5.187			1.929			4.119			(3.367	)
Net change in accumulation unit value		4.263			7.732			3.271			4.852			(0.916	)
Accumulation unit value:
Beginning of period		66.502			58.770			55.499			50.647			51.563
End of period	$	70.765		$	66.502		$	58.770		$	55.499		$	50.647
TOTAL RETURN (b)		6.40	%		13.16	%		5.89	%		9.58	%		(1.78	)%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.45	%		0.43	%		0.44	%		0.45	%		0.58	%
Net investment income (loss)		2.52	%		4.05	%		2.33	%		1.38	%		4.69	%
SUPPLEMENTAL DATA
Portfolio turnover rate		11	%		13	%		15	%		11	%		19	%
Accumulation units outstanding at the end of period (e)		149			146			135			134			116
Accumulation fund net assets (e)	$	10,544		$	9,699		$	7,955		$	7,453		$	5,871
Net assets at the end of period (e)	$	10,823		$	9,950		$	8,177		$	7,665		$	6,060

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

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

Financial highlights continued

College Retirement Equities Fund § For the year ended

	Social Choice Account
	12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	3.866		$	3.732		$	3.618		$	3.517		$	4.191
Expenses (a)		0.677			0.619			0.561			0.488			0.600
Net investment income (loss) (a)		3.189			3.113			3.057			3.029			3.591
Net realized and unrealized gain (loss) on total investments		12.242			(0.595	)		11.683			19.530			(34.439	)
Net change in accumulation unit value		15.431			2.518			14.740			22.559			(30.848	)
Accumulation unit value:
Beginning of period		140.535			138.017			123.277			100.718			131.566
End of period	$	155.966		$	140.535		$	138.017		$	123.277		$	100.718
TOTAL RETURN (b)		10.98	%		1.82	%		11.95	%		22.41	%		(23.45	)%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.45	%		0.44	%		0.44	%		0.45	%		0.61	%
Net investment income (loss)		2.14	%		2.22	%		2.39	%		2.81	%		3.02	%
SUPPLEMENTAL DATA
Portfolio turnover rate		149	%(d)		122	%(d)		98	%(d)		85	%(d)		77	%
Accumulation units outstanding at the end of period (e)		71			72			72			68			66
Accumulation fund net assets (e)	$	10,999		$	10,074		$	9,968		$	8,430		$	6,685
Net assets at the end of period (e)	$	11,281		$	10,335		$	10,239		$	8,673		$	6,891

(a)	Based on average units outstanding.
(b)	Based on per accumulation unit data.
(d)	The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ending December 31, 2012, December 31, 2011, December 31, 2010, and December 31, 2009 were 52%, 45%, 40%, and 49%, respectively.
(e)	Millions

80 2012 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
	12/31/12			12/31/11			12/31/10			12/31/09			12/31/08
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	0.044		$	0.044		$	0.062		$	0.164		$	0.700
Expenses (a)		0.044			0.044			0.062			0.104			0.124
Net investment income (loss) (a)		0.000			0.000			0.000			0.060			0.576
Net realized and unrealized gain (loss) on total investments		0.000			0.001			0.000			(0.031	)		0.032
Net change in accumulation unit value		0.000			0.001			0.000			0.029			0.608
Accumulation unit value:
Beginning of period		25.534			25.533			25.533			25.504			24.896
End of period	$	25.534		$	25.534		$	25.533		$	25.533		$	25.504
TOTAL RETURN (b)		0.00	%		0.00	%		0.00	%		0.11	%		2.44	%
RATIOS TO AVERAGE NET ASSETS:
Total expenses		0.42	%		0.41	%		0.41	%		0.43	%		0.56	%
Expenses net of TIAA withholding		0.17	%		0.17	%		0.24	%		0.41	%		0.56	%
Net investment income (loss)		0.00	%		0.00	%		0.00	%		0.21	%		2.25	%
SUPPLEMENTAL DATA
Accumulation units outstanding at the end of period (e)		458			477			463			512			582
Accumulation fund net assets (e)	$	11,701		$	12,178		$	11,816		$	13,070		$	14,846
Net assets at the end of period (e)	$	11,909		$	12,399		$	12,054		$	13,327		$	15,133

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

See notes to financial statements College Retirement Equities Fund § 2012 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. Death benefits are paid to beneficiaries if the annuitant dies during the accumulation period or the annuity period. Annuitants bear the mortality risk under their contracts.

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

82 2012 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 (2007–2012) and has concluded that no provision for federal income tax is required in the Accounts’ financial statements.

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

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

New accounting pronouncement: In December 2011, the Financial Accounting Standards Board issued Accounting Standard Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities, and in January 2013, issued ASU 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities (collectively, the “Update”). The Update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. The Accounts expect to adopt these new disclosure requirements for the June 30, 2013 semiannual report. Management is currently evaluating the impact of the Update’s adoption on the Accounts’ financial statements and notes disclosures.

College Retirement Equities Fund § 2012 Annual Report 83

Notes to financial statements

Note 2—valuation of investments

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

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

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

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

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

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

Exchange-traded equity securities, common and preferred stock: Equity securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Foreign investments are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Accounts’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. Foreign securities are generally categorized in Level 2 of the fair value hierarchy.

Debt securities: Debt securities will generally be valued using prices provided by a pricing service that may employ various indications of value including but not limited to broker-dealer quotations. Certain debt securities, other than money market instruments, are valued based on the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Debt securities are generally categorized in Level 2 of the fair value hierarchy; in instances where prices, yields or any other key inputs are unobservable, they are categorized in Level 3 of the hierarchy.

84 2012 Annual Report § College Retirement Equities Fund

continued

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

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

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

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

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

Transfers between levels are recognized at the end of the reporting period. For the period ended December 31, 2012, there were no material transfers between levels by the Accounts.

As of December 31, 2012, 100% of the value of investments in the Inflation-Linked Bond and Money Market Accounts were valued based on Level 2 inputs.

The following table summarizes the market value of the Accounts’ investments as of December 31, 2012, based on the inputs used to value them (amounts are in thousands):

Account	Level 1		Level 2		Level 3		Total
Stock
Consumer discretionary*	$	9,711,406	$	3,800,151	$	270	$	13,511,827
Consumer staples*		6,249,076		3,052,643		213		9,301,932
Energy*		7,172,889		2,928,773		4		10,101,666
Financials*		12,129,943		8,062,315		8		20,192,266
Health care*		8,772,781		2,247,856		5,159		11,025,796
Industrials*		8,091,289		3,960,355		120		12,051,764
Information technology*		13,377,368		2,345,994		82		15,723,444
Materials*		3,368,320		3,835,502		318		7,204,140
Telecommunication services*		1,780,808		1,272,394		—		3,053,202
Utilities*		2,336,397		1,001,604		—		3,338,001
Corporate bonds		—		3,977		—		3,977
Government bonds		—		303		—		303
Equity-linked notes		—		2,779		—		2,779
Short-term investments		—		4,385,031		—		4,385,031
Total	$	72,990,277	$	36,899,677	$	6,174	$	109,896,128

College Retirement Equities Fund § 2012 Annual Report 85

Notes to financial statements

Account	Level 1			Level 2		Level 3		Total
Global Equities
Australia	$	—		$	385,236	$	—	$	385,236
Canada		20,507			578,894		—		599,401
France		—			532,528		—		532,528
Germany		—			560,682		—		560,682
Japan		—			1,123,245		—		1,123,245
Netherlands		—			311,170		—		311,170
Switzerland*		18,626			477,132		—		495,758
United Kingdom*		76,200			1,290,452		—		1,366,652
United States		7,896,725			47,105		—		7,943,830
Other*		56,324			1,630,294		—		1,686,618
Short-term investments		—			556,657		—		556,657
Futures**		(32	)		—		—		(32	)
Total	$	8,068,350		$	7,493,395	$	—	$	15,561,745
Growth
Consumer discretionary*	$	2,609,819		$	60,859	$	—	$	2,670,678
Consumer staples		1,353,972			31,765		—		1,385,737
Energy		534,343			5,305		—		539,648
Financials		865,426			—		—		865,426
Health care*		1,912,094			—		—		1,912,094
Industrials		1,823,027			7,537		—		1,830,564
Information technology		4,722,673			—		—		4,722,673
Materials		649,893			—		—		649,893
Telecommunication services		219,753			—		—		219,753
Utilities		10,502			—		—		10,502
Short-term investments		327,923			128,776		—		456,699
Futures**		(84	)		—		—		(84	)
Total	$	15,029,341		$	234,242	$	—	$	15,263,583
Equity Index
Consumer discretionary	$	1,494,175		$	—	$	—	$	1,494,175
Consumer staples		1,109,115			—		—		1,109,115
Energy		1,186,265			—		—		1,186,265
Financials		2,046,400			—		—		2,046,400
Health care		1,406,425			—		—		1,406,425
Industrials		1,340,244			—		—		1,340,244
Information technology		2,172,876			—		—		2,172,876
Materials		485,199			—		—		485,199
Telecommunication services		321,815			—		—		321,815
Utilities		411,309			—		—		411,309
Short-term investments		303,938			23,996		—		327,934
Futures**		24			—		—		24
Total	$	12,277,785		$	23,996	$	—	$	12,301,781

86 2012 Annual Report § College Retirement Equities Fund

continued

Account	Level 1		Level 2			Level 3		Total
Bond Market
Bank loan obligations	$	—	$	11,946		$	—	$	11,946
Corporate bonds		—		5,326,339			—		5,326,339
Government bonds		—		8,121,308			—		8,121,308
Structured assets		—		644,285			—		644,285
Preferred stocks		3,374		—			—		3,374
Short-term investments		—		3,351,605			—		3,351,605
Swaps **		—		(231	)		—		(231	)
Total	$	3,374	$	17,455,252		$	—	$	17,458,626
Social Choice
Consumer discretionary	$	669,615	$	169,382		$	—	$	838,997
Consumer staples		439,605		147,670			—		587,275
Energy		488,545		150,603			—		639,148
Financials		1,042,732		368,238			—		1,410,970
Health care		587,140		123,924			—		711,064
Industrials		591,768		209,839			—		801,607
Information technology		895,209		58,437			—		953,646
Materials		264,401		189,195			—		453,596
Telecommunication services		94,771		66,905			—		161,676
Utilities		227,772		64,099			—		291,871
Corporate bonds		—		1,623,509			—		1,623,509
Government		—		2,505,117		��	—		2,505,117
Structured assets		—		167,457			—		167,457
Short-term investments		—		1,161,905			—		1,161,905
Total	$	5,301,558	$	7,006,280		$	—	$	12,307,838

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

Note 3—derivative instruments

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

College Retirement Equities Fund § 2012 Annual Report 87

Notes to financial statements

At December 31, 2012, the following Accounts have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities (amounts in thousands):

		Asset derivatives					Liabilities derivatives
Derivative contracts		Location		Fair value amount			Location		Fair value amount
Global Equities Account
Equity contracts				$	—			Futures*	$	32
Growth Account
Equity contracts					—			Futures*		84
Equity Index Account
Equity contracts			Futures*		24					—
Bond Market Account
Credit contracts	Unrealized appreciation on swap agreements				96	Swap premiums received			$	327

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

For the year ended December 31, 2012, the effect of derivative contracts on the Accounts Statements of Operations was as follows (amounts in thousands):

Derivative contracts	Location	Realized gain (loss)			Change in unrealized appreciation (depreciation)
Stock Account
Equity contract	Futures transactions	$	1,011		$	—
Global Equities Account
Equity contracts	Futures transactions		4,188			(32	)
Growth Account
Equity contracts	Futures transactions		(334	)		(66	)
Equity Index Account
Equity contracts	Futures transactions		2,586			(151	)
Bond Market Account
Credit contracts	Swap transactions		—			96

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

88 2012 Annual Report § College Retirement Equities Fund

continued

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

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

Account	Futures	Number of contracts	‡	Settlement value		Expiration date	Unrealized gain (loss		)
Global Equities	S&P 500 Index E-mini	616		$	43,739	March 2013	$	(32	)
Growth	S&P 500 Index E-mini	1,035			73,490	March 2013		(84	)
Equity Index	S&P 500 Index E-mini	215			15,266	March 2013		(25	)
	S&P Mid-Cap 400 Index E-mini	21			2,138	March 2013		13
	Russell 2000 Mini Index	23			1,947	March 2013		36
Total		259		$	19,351		$	24

‡ Number of contracts are not in thousands.

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

College Retirement Equities Fund § 2012 Annual Report 89

Notes to financial statements

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 period ended December 31, 2012, 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, 2012, open credit default swap contracts sold by the Bond Market Account were as follows (amounts in thousands):

Account	Reference entity	Counterparty	Maturity Date	Fixed payments received by fund per annum	Implied credit spread at 12/31/12	(1)	Notional amount	(2)	Upfront premium paid (received	)	Unrealized appreciation (depreciation	)
Bond Market	Federative Republic of Brazil	UBS AG	9/20/22	1.00%	1.45%		$5,500		$(327	)	$96

(1)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues, U.S. municipal issues or sovereign issues of an emerging country as of period end, serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
(2)	The maximum potential amount the Account could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is defined under the terms of that particular swap agreement.
90	2012 Annual Report § College Retirement Equities Fund

continued

Note 4—investment adviser and affiliates

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

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

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

For the year ended December 31, 2012, TIAA withheld (“waived”) a portion of the distribution Rule 12b-1 and administrative expenses for the Money Market Account, totaling $29,702,000. 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, payments for units purchased, and receipt for units sold are disclosed as due to/from affiliates on the Statements of Assets and Liabilities. Account expenses owed to affiliates are reflected in the Statements of Operations.

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

College Retirement Equities Fund § 2012 Annual Report 91

Notes to financial statements

Companies in which an Account holds 5% or more of the outstanding voting shares are considered “affiliated companies” of the Account, pursuant to the 1940 Act. Information regarding transactions with affiliated companies is as follows (amounts are in thousands):

Issue	Value at December 31, 2011		Purchase cost		Sales proceeds		Realized gain (loss)			Dividend income		Shares at December 31, 2012†			Value at December 31, 2012
Stock Account
Allos Therapeutics, Inc	$	*	$	–	$	–	$	–		$	–		588,021		$	12
Japan Asia Investment Co Ltd		5,945		–		889		3			–		7,503,000			6,408
Jarden Corp		189,311		14,502		174,059		55,268			546		–	**		–
MPM Bioventures II		3,535		–		–		–			–		22,167,242			4,846
Skyline Venture Fund II Ltd		244		–		–		–			–		4,254,176			246
Stroer Out of Home Media AG.		53,978		250		42,543		(31,797	)		–		–	**		–
Vanda Pharmaceuticals, Inc		6,855		–		4,328		(7,788	)		–		–	**		–
	$	259,868	$	14,752	$	221,819	$	15,686		$	546				$	11,512
Growth Account
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	194,557	$	419,940	$	286,574	$	–		$	–		327,922,596		$	327,923
Equity Index Account
TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust	$	256,854	$	187,853	$	140,769	$	–		$	–		303,937,818		$	303,938

*	Not an affiliate investment as of December 31, 2011
**	Not an affiliate investment as of December 31, 2012
†	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 recognized by the Accounts consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the lending agent. Such income is reflected separately in the Statements of Operations. In lending its securities, an Account bears the market risk with respect to the collateral investment as well as the securities loaned and also bears the risk that the counterparty may default on its obligations to the Account.

92 2012 Annual Report § College Retirement Equities Fund

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

Securities purchased on a when-issued or delayed-delivery basis: The Accounts may purchase securities on a when-issued or delayed-delivery basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after trade date; interest income is not accrued until settlement date. At the

College Retirement Equities Fund § 2012 Annual Report 93

Notes to financial statements

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.

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

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

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

Net unrealized appreciation (depreciation): At December 31, 2012, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments, consisting of gross unrealized appreciation and gross unrealized depreciation was as follows (amounts are in thousands):

94 2012 Annual Report § College Retirement Equities Fund

continued

Account	Gross unrealized appreciation		Gross unrealized (depreciation		)	Net unrealized appreciation (depreciation		)
Stock		$14,825,964		$(2,912,185	)		$11,913,779
Global Equities		1,913,280		(302,658	)		1,610,622
Growth		2,494,207		(193,358	)		2,300,849
Equity Index		4,204,080		(1,070,573	)		3,133,507
Bond Market		662,500		(62,803	)		599,697
Inflation-Linked Bond		1,564,691		(1,055	)		1,563,636
Social Choice		1,754,531		(325,208	)		1,429,323

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Accounts for the year ended December 31, 2012, were as follows (amounts are in thousands):

	Stock Account		Global Equities Account		Growth Account
Purchases:
Non-Government	$	58,930,910	$	9,928,247	$	9,831,087
Government		304		—		—
Total Purchases	$	58,931,214	$	9,928,247	$	9,831,087
Sales:
Non-Government	$	63,863,618	$	10,054,027	$	10,111,639
Government		—		—		—
Total Sales	$	63,863,618	$	10,054,027	$	10,111,639

	Equity Index		Bond Market		Inflation-Linked		Social Choice
	Account		Account		Bond Account		Account
Purchases
Non-Government	$	474,242	$	5,691,322	$	—	$	3,209,884
Government		—		44,467,847		1,518,546		13,009,320
Total Purchases	$	474,242	$	50,159,169	$	1,518,546	$	16,219,204
Sales:
Non-Government	$	607,223	$	4,065,687	$	—	$	2,302,252
Government		—		45,015,728		1,107,289		13,702,423
Total Sales	$	607,223	$	49,081,415	$	1,107,289	$	16,004,675

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

College Retirement Equities Fund § 2012 Annual Report 95

Notes to financial statements concluded

with any borrowing under the facility is charged to the borrowing accounts at a specified rate of interest. The Accounts are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the year ended December 31, 2012, 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.

96 2012 Annual Report § College Retirement Equities Fund

Report of independent registered public accounting firm

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

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Stock Account, Global Equities Account, Growth Account, Equity Index Account, Bond Market Account, Inflation-Linked Bond Account, Social Choice Account, and Money Market Account (constituting the College Retirement Equities Fund, hereafter referred to as the “Accounts”) at December 31, 2012, 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, 2012 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
February 19, 2013

College Retirement Equities Fund § 2012 Annual Report 97

2012 annual meeting (unaudited)

College Retirement Equities Fund

Trustees

On July 17, 2012, 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	18,280,035,555.48	92.316	671,972,179.07	3.394	849,515,619.80	4.290
Nancy A. Eckl	18,382,288,006.02	92.833	614,946,323.21	3.106	804,289,025.12	4.062
Michael A. Forrester	18,190,147,028.19	91.862	720,158,862.63	3.637	891,217,463.53	4.501
Howell E. Jackson	18,344,481,305.25	92.642	645,768,384.98	3.261	811,273,664.12	4.097
Nancy L. Jacob	18,288,515,326.40	92.359	731,307,505.41	3.693	781, 700,522.54	3.948
Thomas J. Kenny	17,977,787,786.61	90.790	960,055,413.62	4.848	863,680,154.12	4.362
Bridget A. Macaskill	18,342,753,732.78	92.633	659,004,152.28	3.328	799,765,469.29	4.039
James M. Poterba	18,449,764,859.87	93.173	568,743,093.92	2.872	783,015,400.56	3.954
Maceo K. Sloan	18,226,852,706.98	92.048	735,821,128.65	3.716	838,849,518.72	4.236
Laura T. Starks	18,481,108,777.53	93.332	553,319,804.84	2.794	767,094,771.98	3.874

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

Independent registered public accounting firm

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

Account	Dollars for	Percent	Dollars against	Percent	Dollars abstain	Percent
Overall
CREF Accounts	18,701,828,413.72	94.446	437,074,153.51	2.207	662,620,787.12	3.346

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

98 2012 Annual Report § College Retirement Equities Fund

Trustees and officers (unaudited)

College Retirement Equities Fund § December 31, 2012

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).	77	Director of GMO; Director, the Maine Coast Heritage Trust; Investment Committee member, Maine Community Foundation 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.	77	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).	77	Director of Copper Rock Capital Partners, LLC (investment adviser).

College Retirement Equities Fund § 2012 Annual Report 99

Trustees and officers (unaudited) continued

College Retirement Equities Fund § December 31, 2012

Trustees — continued

Name, address and date of birth (“DOB”)	Position(s) held with CREF	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by Trustee	Other directorship(s) held by Trustee
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/4/54	Chairman of the Board and Trustee	One-year term. Trustee since 2005; Chairman for term ending December 31, 2015. Chairman since 2013.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	77	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.	Former President and Founder (2006–2012) of NLJ Advisors, Inc. (investment adviser); President and Managing Principal, Windermere Investment Associates (1997–2006).	77	None
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 3/27/63	Trustee	One-year term. Trustee since 2011.	Partner (2004–2010) and Managing Director (1999–2010), Goldman Sachs Asset Management.	77	Director, Sansum Clinic; Investment committee member, College of Mount Saint Vincent, Cottage Health System; Member, United States Olympics Paralympics Advisory Committee, University of California at Santa Barbara Arts and Lectures Advisory Council; Trustee and Treasurer, Crane County Day School.

100 2012 Annual Report § College Retirement Equities Fund

Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 8/5/48	Trustee	One-year term. Trustee since 2003.	Chief Executive Officer (since 2010), President (since 2009) and Chief Operating Officer (2009–2010), First Eagle Investment Management; Principal, BAM Consulting LLC (2003–2009); Independent Consultant for Merrill Lynch (2003–2009).	77	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).	77	Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/18/49	Trustee	One-year term. Trustee since 1991.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman, 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 Former Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	77	Director, SCANA Corporation (energy holding company); Member, Duke Children’s Hospital and Health Center National Board of Advisors.

College Retirement Equities Fund § 2012 Annual Report 101

Trustees and officers (unaudited) continued

College Retirement Equities Fund § December 31, 2012

Trustees — concluded

Name, address and date of birth (“DOB”)	Position(s) held with CREF	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by Trustee	Other directorship(s) held by Trustee
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 2/17/50	Trustee	One-year term. Trustee since 2006.	Associate Dean for Research (since 2011), McCombs School of Business, University of Texas at Austin (“McCombs”), and Director, AIM Investment Center at McCombs (since 2000). Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002); Professor, University of Texas at Austin (since 1987). Former Chairman, Department of Finance, University of Texas at Austin (2002–2011).	77	Member of the Board of Governors of the Investment Company Institute, the Governing Council of Independent Directors Council (an association for mutual fund directors), and Investment Advisory Committee, Employees Retirement System of Texas.

102 2012 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. Vice President and Chief Compliance Officer since 2008.	Chief Compliance Officer of the TIAA-CREF Fund Complex and TIAA Separate Account VA-3 (since 2008). Vice President, Senior Compliance Officer (2008–2011) and Managing Director, Senior Compliance Officer (since 2011) of Asset Management Compliance of TIAA. Chief Compliance Officer of TIAA-CREF Investment Management, LLC (“Investment Management”) (since 2008). 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”). Managing Director and Senior Compliance Officer of TIAA-CREF Alternatives Advisors, LLC. (“TCAA”) (since 2011). Managing Director and Senior Compliance Officer of TIAA-CREF Alternatives Services, LLC (“TCAS”) (since 2011). Former Managing Director/Director of Global Compliance, AIG Investments (2000–2008).
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.	Principal Executive Officer and President of the TIAA-CREF Funds and TIAA-CREF Life Funds since 2012. 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).

College Retirement Equities Fund § 2012 Annual Report 103

Trustees and officers (unaudited) concluded

College Retirement Equities Fund § December 31, 2012

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
Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 11/22/63	Treasurer	One-year term. Treasurer since 2008.	Treasurer of CREF (since 2008); Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2007) and Chief Financial Officer and Principal Accounting Officer (since 2009) and Treasurer (since 2008) of TIAA Separate Account VA-1. Senior Vice President (since 2010) and Funds Treasurer (since 2006) of TIAA. Director of Advisors (since 2008). Director of TIAA-CREF Asset Management (“TCAM”) (since 2011). Senior Vice President (since 2010) and Funds Treasurer (since 2007) of Advisors and Investment Management. Assistant Treasurer of TIAA-CREF Life Insurance Company (“T-C Life”) (since 2012). Director of TIAA-CREF Trust Company, FSB (“Trust”) (since 2008). Director, Senior Vice President and Funds Treasurer of TCAA (since 2011). Director, Senior Vice President and Funds Treasurer of TCAS (since 2011). Former Chief Financial Officer, Van Kampen Funds (2005–2006).
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). Former Senior Managing Director, Acting Head of Risk Management of TIAA and Senior Managing Director of the TIAA-CREF Fund Complex (2008–2009). Executive Vice President, Risk Management of TCAA (since 2011). Executive Vice President, Risk Management of TCAS (since 2011). 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).
Ronald R. Pressman TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 4/11/58	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Operating Officer (since 2012) of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex (since 2012). Former President and Chief Executive Officer of General Electric Capital Real Estate (2007–2011).

104 2012 Annual Report § College Retirement Equities Fund

Phillip T. Rollock TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/31/62	Senior Vice President and Corporate Secretary	One-year term. Senior Vice President and Corporate Secretary since 2012.	Senior Vice President and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex (since 2012). Former Managing Director, Retirement and Individual Financial Services (2010–2012) and Vice President, Product Development and Management, Institutional Client Services (2006–2010) of TIAA.
Otha T. Spriggs, III TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 2/16/51	Executive Vice President	One-year term. Executive Vice President since 2012.	Executive Vice President and Chief Human Resources Officer (since 2012) of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2012). Former Senior Vice President of Human Resources, Boston Scientific (2010–2012); President of Integrated People Solutions (2009–2010); Senior Vice President, Human Resources and various human resources leadership roles, CIGNA Corp. (2001–2009).
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 (since 2007), Chairman and President (since 2012) of TCT Holdings, Inc. 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).
Virginia M. Wilson TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 7/22/54	Executive Vice President, Chief Financial Officer and Principal Accounting Officer	One-year term. Executive Vice President, Chief Financial Officer and Principal Accounting Officer since 2010.	Executive Vice President, Chief Financial Officer of TIAA and Executive Vice President, Chief Financial Officer and Principal Accounting Officer of CREF (since 2010). Manager, Executive Vice President and Chief Financial Officer of Redwood (since 2010). Director, Executive Vice President and Chief Financial Officer of TCT Holdings, Inc. (since 2010) and 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.

College Retirement Equities Fund § 2012 Annual Report 105

[This page intentionally left blank.]

How to reach us

TIAA-CREF website

Account performance, personal account

information and transactions, product

descriptions, and information about

investment choices and income options

tiaa-cref.org

24 hours a day, 7 days a week

Automated telephone service

Check account performance and accumulation

balances, change allocations, transfer funds

and verify credited premiums

800 842-2252

24 hours a day, 7 days a week

National contact center

Retirement saving and planning, income

options and payments, beneficiary services

and tax reporting

800 842-2252

8 a.m. to 10 p.m. ET, Monday–Friday

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

Planning and service center

TIAA-CREF mutual funds

800 223-1200

8 a.m. to 10 p.m. ET, Monday–Friday

Insurance planning center

After-tax annuities and life insurance

For an existing policy or contract

800 223-1200

To apply for a new policy or contract

877 825-0411

8 a.m. to 8 p.m. ET, Monday–Friday

For the hearing- or

speech-impaired

800 842-2755

8 a.m. to 10 p.m. ET, Monday–Friday

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

TIAA-CREF brokerage services

Self-directed brokerage accounts for investing

in stocks, bonds and mutual funds

800 927-3059

8 a.m. to 7 p.m. ET, Monday–Friday

TIAA-CREF Trust Company, FSB

Asset management, trust administration,

estate planning, planned giving and

endowment management

888 842-9001

9 a.m. to 6 p.m. ET, Monday–Friday

Advisor services

888 842-0318

8 a.m. to 7:30 p.m. ET, Monday–Friday

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

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

©2013 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017-3206.

	730 Third Avenue New York, NY 10017-3206
NCI-SFI-COC-163/S08/SFI/162
Printed on paper containing recycled fiber
eDelivery will save trees, conserve paper and reduce mailbox clutter.
Sign up today at www.tiaa-cref.org/eDelivery
C8023		A10922 (2/13)

	730 Third Avenue New York, NY 10017-3206
NCI-SFI-COC-163/S08/SFI/162
Printed on paper containing recycled fiber
C8023		A10922 (2/13)

	730 Third Avenue New York, NY 10017-3206
C8023		A10922 (2/13)

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, 2012 and December 31, 2011, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $1,004,000 and $990,000, respectively.

4(b)   Audit Related Fees.

For the fiscal years ended December 31, 2012 and December 31, 2011, 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, 2012 and December 31, 2011, 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, 2012 and December 31, 2011, PwC’s aggregate fees for tax services billed to the Registrant were $0 and $0, respectively.

For the fiscal years ended December 31, 2012 and December 31, 2011, 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, 2012 and December 31, 2011, PwC’s aggregate fees for all other services billed to the Registrant were $6,150 and $25,800, respectively.

For the fiscal years ended December 31, 2012 and December 31, 2011, 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, 2012 and December 31, 2011 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, 2012 and December 31, 2011 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, 2012 and December 31, 2011 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, 2012 and December 31, 2011 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, 2012 and December 31, 2011 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, 2012 and December 31, 2011 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, 2012 and December 31, 2011, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $417,730 and $256,730, 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, 2012

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
BONDS - 0.0%
CORPORATE BONDS - 0.0%
CAPITAL GOODS - 0.0%
$	140,741	j,m	PDG Realty S.A. Empreendimentos e Participacoes	0.000	%	09/19/16	$	27
			TOTAL CAPITAL GOODS					27
DIVERSIFIED FINANCIALS - 0.0%
	2,588,000		Credit Suisse Group Guernsey V Ltd	4.000		03/29/13		3,891
			TOTAL DIVERSIFIED FINANCIALS					3,891
FOOD & STAPLES RETAILING - 0.0%
	800	i	Marfrig Alimentos S.A.	1.000		07/15/15		40
			TOTAL FOOD & STAPLES RETAILING					40
REAL ESTATE - 0.0%
	22,147		Kiwi Income Property Trust	8.950		12/20/14		19
			TOTAL REAL ESTATE					19
			TOTAL CORPORATE BONDS					3,977
			(Cost $2,744)
GOVERNMENT BONDS 0.0%
U.S. TREASURY SECURITIES - 0.0%
	300,000		United States Treasury Note	1.750		05/15/22		303
			TOTAL U.S. TREASURY SECURITIES					303
			TOTAL GOVERNMENT BONDS					303
			(Cost $304)
			TOTAL BONDS					4,280
			(Cost $3,048)
EQUITY LINKED NOTES - 0.0%
BANKS - 0.0%
	14,899,365	*,m	Deutsche Bank, First Bank of Nigeria plc	0.000		04/04/18		1,341
			TOTAL BANKS					1,341

1

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
CAPITAL GOODS - 0.0%
$	3,094,000	*	Deutsche Bank, Access Engineering Ltd	0.000	%	09/23/22	$	436
			TOTAL CAPITAL GOODS					436
DIVERSIFIED FINANCIALS - 0.0%
	582,000	*	Deutsche Bank, John Keells	0.000		07/05/19		1,002
			TOTAL DIVERSIFIED FINANCIALS					1,002
			TOTAL EQUITY LINKED NOTES					2,779
			(Cost $2,631)

SHARES			COMPANY
COMMON STOCKS - 99.5%
AUTOMOBILES & COMPONENTS - 1.9%
	104,085		Actron Technology Corp		240
	69,300		Aisan Industry Co Ltd		581
	469,948	*	Aisin Seiki Co Ltd		14,675
	103,500	e	Akebono Brake Industry Co Ltd		485
	64,116	e	Allison Transmission Holdings, Inc		1,309
	1,142,032	*	American Axle & Manufacturing Holdings, Inc		12,791
	211,675		Amtek Auto Ltd		343
	359,768		Amtek India Ltd		696
	44,900		APM Automotive Holdings BHD		69
	233,190	*	Apollo Tyres Ltd		381
	11,259	*	Asahi India Glass Ltd		11
	31,561		AtlasBX Co Ltd		982
	234,240	e	Autoliv, Inc		15,785
	187,052	e	Autoliv, Inc (ADR)		12,576
	71,600		Autometal S.A.		735
	5,249	*	Autoneum Holding AG.		255
	120,126		Bajaj Holdings and Investment Ltd	��	4,699
	312,247		Bayerische Motoren Werke AG.		30,385
	460		Bayerische Motoren Werke AG. (Preference)		30
	87,562		Bharat Forge Ltd		406
	349,757	*	BorgWarner, Inc		25,050
	33,978		Brembo S.p.A.		439
	908,538		Bridgestone Corp		23,651
	5,034,600	*,e	Brilliance China Automotive Holdings Ltd		6,327
	751,400	*,e	Byd Co Ltd		2,303
	458,109		Calsonic Kansei Corp		1,887
	1,956,000	e	Chaowei Power Holdings Ltd		1,025
	3,069,904		Cheng Shin Rubber Industry Co Ltd		8,040
	2,104,700		China Motor Corp		1,985
	59,601		Cie Automotive Sa		409
	82,125		Compagnie Plastic-Omnium S.A.		2,498
	517,647		Continental AG.		60,333
	405,581		Cooper Tire & Rubber Co		10,286
	94,880		Dae Won Kang Up Co Ltd		767

2

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	28,000	e	Daido Metal Co Ltd	$	245
	824,653	*	Daihatsu Motor Co Ltd		16,429
	477,077		Daimler AG. (Reg)		26,266
	606,342		Dana Holding Corp		9,465
	3,440,639	*	Delphi Automotive plc		131,604
	855,778		Denso Corp		29,802
	174,000		Depo Auto Parts Ind Co Ltd		398
	9,600		Dong Ah Tire & Rubber Co Ltd		142
	11,254,500	e	Dongfeng Motor Group Co Ltd		17,719
	17,800		Dongyang Mechatronics Corp		178
	86,134	e	Dorman Products, Inc		3,044
	308,900		Double Coin Holdings Ltd		179
	2,274,800		Drb-Hicom BHD		2,045
	140,876	e	Drew Industries, Inc		4,543
	59,000	*	Eagle Industry Co Ltd		490
	42,906		ElringKlinger AG.		1,455
	35,382		Exedy Corp		785
	327,977	*	Exide Technologies		1,122
	58,783	e	Faurecia		923
	35,200		FCC Co Ltd		731
	844,710		Federal Corp		639
	84,949	*	Federal Mogul Corp (Class A)		681
	206,252	*,e	Fiat S.p.A.		1,039
	57,622	e	Fleetwood Corp Ltd		591
	22,504,137	e	Ford Motor Co		291,429
	70,785		Ford Otomotiv Sanayi AS		852
	53,112	*,e	Fuel Systems Solutions, Inc		781
	1,099,052		Fuji Heavy Industries Ltd		13,859
	67,797	*,e	Futaba Industrial Co Ltd		294
	5,130,000	e	Geely Automobile Holdings Ltd		2,479
	1,989,817	*	General Motors Co		57,366
	35,983,677	*,n	General Motors Co		0	^
	40,684,487	*,n	General Motors Co		0	^
	18,507,434	*,n	General Motors Co		0	^
	4,230,271	*,e,n	General Motors Co		0	^
	26,439,191	*,n	General Motors Co		0	^
	6,062,000	*,n	General Motors Co		0	^
	24,057,000	*,n	General Motors Co		0	^
	85,268,000	*,e,n	General Motors Co		0	^
	7,950,000	*,n	General Motors Co		0	^
	722,689	*,e	General Motors Co		0	^
	205,515		Gentex Corp		3,868
	105,225	*	Gentherm, Inc		1,400
	2,417,775		GKN plc		9,122
	17,810		Global & Yuasa Battery Co Ltd		784
	1,037		Goodyear Lastikleri Turk AS.		38
	713,831	*	Goodyear Tire & Rubber Co		9,858
	22,605		Grammer AG.		481
	1,638,500	e	Great Wall Motor Co Ltd		5,270
	17,900	*	G-Tekt Corp		382
	3,416,766		Guangzhou Automobile Group Co Ltd		3,081
	106,580		Halla Climate Control Corp		2,376

3

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	59,950		Hanil E-Wha Co Ltd	$	411
	121,532	*	Hankook Tire Co Ltd		5,335
	60,633		Hankook Tire Worldwide Co Ltd		1,127
	504,006		Harley-Davidson, Inc		24,616
	78,625		Hero Honda Motors Ltd		2,752
	2,025,397		Honda Motor Co Ltd		75,010
	73,884		Hu Lane Associate, Inc		121
	17,797		Hudaco Industries Ltd		241
	21,260		Hwa Shin Co Ltd		201
	111,856		Hyundai Mobis		30,348
	305,215		Hyundai Motor Co		62,918
	57,009		Hyundai Motor Co Ltd (2nd Preference)		4,045
	34,350		Hyundai Motor Co Ltd (Preference)		2,245
	38,901		Hyundai Wia Corp		6,336
	417,800		IMMSI S.p.A.		247
	2,223,586		Isuzu Motors Ltd		13,269
	289,500	*,m	Jinan Qingqi Motorcycle Co		64
	948,620	e	Johnson Controls, Inc		29,123
	351,896	e	Kayaba Industry Co Ltd		1,434
	249,600		Keihin Corp		3,580
	1,432,811		Kenda Rubber Industrial Co Ltd		1,862
	436,631		Kia Motors Corp		23,217
	58,000	e	Kinugawa Rubber Industrial Co Ltd		365
	70,196	*	Koito Manufacturing Co Ltd		1,024
	37,705		Kolao Holdings		651
	72,810	*	Kumho Tire Co, Inc		890
	62,290	*	Landi Renzo S.p.A.		122
	498,720		Lear Corp		23,360
	68,194		Leoni AG.		2,594
	106,830		Linamar Corp		2,492
	462,315	e	Magna International, Inc (Class A)		23,090
	549,559		Mahindra & Mahindra Ltd		9,438
	80,700		Mahle-Metal Leve S.A. Industria e Comercio		985
	16,840		Mando Corp		2,038
	104,582	*	Martinrea International, Inc		815
	100,067		Maruti Udyog Ltd		2,742
	15,224,142	*	Mazda Motor Corp		31,245
	96,986	e	Metair Investments Ltd		369
	665,486		Michelin (C.G.D.E.) (Class B)		63,766
	1,188,000		Minth Group Ltd		1,381
	47,000		Mitsuba Corp		340
	803,376	*	Mitsubishi Motors Corp		831
	184,568	*,e	Modine Manufacturing Co		1,501
	37,940		Motonic Corp		449
	5,268		MRF Ltd		1,247
	23,000	e	Musashi Seimitsu Industry Co Ltd		484
	548,648		Nan Kang Rubber Tire Co Ltd		673
	2,037		Nexen Corp		148
	41,427		Nexen Tire Corp		623
	129,613		NGK Spark Plug Co Ltd		1,727
	299,296	*	NHK Spring Co Ltd		2,466
	11,800	e	Nidec-Tosok Corp		86

4

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	99,451	e	Nifco, Inc	$	2,206
	73,000		Nippon Seiki Co Ltd		787
	3,251,204		Nissan Motor Co Ltd		30,850
	140,941		Nissan Shatai Co Ltd		1,772
	57,200		Nissin Kogyo Co Ltd		886
	64,326	*	NOK Corp		1,007
	14,385		Nokian Renkaat Oyj		576
	848,000	*,m	Norstar Founders Group Ltd		0	^
	121,700		Oriental Holdings BHD		347
	24,910		Otokar Otobus Karoseri Sanayi AS		595
	41,000	*	Pacific Industrial Co Ltd		225
	85,597	*,e	Peugeot S.A.		625
	180,127		Piaggio & C S.p.A.		485
	422,283	e	Pirelli & C S.p.A.		4,865
	23,967		Porsche AG.		1,973
	357,436		Press Kogyo Co Ltd		1,628
	28,095,400		PT Astra International Tbk		22,256
	2,810,500		PT Gajah Tunggal Tbk		653
	348,000		PT Selamat Sempurna Tbk		91
	6,963		Pyeong Hwa Automotive Co Ltd		103
	8,574,000	e	Qingling Motors Co Ltd		2,085
	1,015,567		Renault S.A.		55,153
	126,000		Riken Corp		468
	17,070		S&T Daewoo Co Ltd		375
	75,040		S&T Dynamics Co Ltd		840
	52,563	*	SAF-Holland S.A.		367
	162,900		Sanden Corp		692
	56,500		Sanoh Industrial Co Ltd		375
	669,920		Sanyang Industry Co Ltd		409
	24,810		Sejong Industrial Co Ltd		277
	22,556	e	Shiloh Industries, Inc		232
	228,100		Showa Corp		2,266
	10,230		SL Corp		136
	7,139		Societe Fonciere Financiere et de Participations FFP		273
	106,264		Sogefi S.p.A.		271
	475,700		Somboon Advance Technology PCL		475
	129,557	e	Spartan Motors, Inc		639
	519,500		Sri Trang Agro-Industry PCL		299
	48,450	*	Ssangyong Motor Co		244
	139,329		Standard Motor Products, Inc		3,096
	245,595		Stanley Electric Co Ltd		3,491
	99,389	*	Stoneridge, Inc		509
	372,303		Sumitomo Rubber Industries, Inc		4,502
	9,500		Sundram Fasteners Ltd		9
	26,745		Sungwoo Hitech Co Ltd		295
	114,843		Superior Industries International, Inc		2,343
	207,653		Suzuki Motor Corp		5,434
	2,308,653		T RAD Co Ltd		6,055
	51,200		Tachi-S Co Ltd		878
	15,400	*	Taiho Kogyo Co Ltd		167
	41,000	*,e	Takata Corp		839
	210,400		TAN Chong Motor Holdings BHD		319

5

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,562,035		Tata Motors Ltd	$	8,979
	22,200		Teikoku Piston Ring Co Ltd		303
	304,167	*	Tenneco, Inc		10,679
	1,753,788	*,e	Tesla Motors, Inc		59,401
	359,073		Thor Industries, Inc		13,440
	2,050,000	e	Tianneng Power International Ltd		1,336
	72,596		Tofas Turk Otomobil Fabrik		427
	68,306		Tokai Rika Co Ltd		951
	51,700		Tokai Rubber Industries, Inc		521
	788,975		Tong Yang Industry Co Ltd		710
	70,200		Topre Corp		642
	30,511	*	Tower International, Inc		246
	676,000		Toyo Tire & Rubber Co Ltd		2,020
	155,970		Toyoda Gosei Co Ltd		3,170
	48,737	*,e	Toyota Boshoku Corp		565
	135,693		Toyota Industries Corp		4,332
	6,338,637	*	Toyota Motor Corp		295,990
	411,124	*	TRW Automotive Holdings Corp		22,040
	107,800		TS Tech Co Ltd		1,943
	14,700		Tube Investments Of India		54
	143,601		Tung Thih Electronic Co Ltd		316
	482,066		TVS Motor Co Ltd		368
	1,746,082		UMW Holdings BHD		6,818
	41,600		Unipres Corp		916
	162,614		Valeo S.A.		8,168
	66,409	*	Visteon Corp		3,574
	125,858		Volkswagen AG.		27,303
	193,260		Volkswagen AG. (Preference)		44,343
	164,162	*	Winnebago Industries, Inc		2,812
	2,770,900	e	Xingda International Holdings Ltd		1,453
	2,230,785	e	Xinyi Glass Holdings Co Ltd		1,402
	37,672	e	Yamaha Motor Co Ltd		417
	284,000		Yokohama Rubber Co Ltd		2,059
	252,700		Yorozu Corp		3,734
	1,108,158		Yulon Motor Co Ltd		2,108
			TOTAL AUTOMOBILES & COMPONENTS		2,062,396
BANKS - 6.3%
	77,323		1st Source Corp		1,708
	101,497	e	1st United Bancorp, Inc		634
	1,343,030		77 Bank Ltd		5,381
	57,123	*	Aareal Bank AG.		1,196
	390,170		ABSA Group Ltd		7,596
	30,528	e	Access National Corp		397
	442,800		Affin Holdings BHD		501
	50,009,000	e	Agricultural Bank of China		25,237
	11,519		Aichi Bank Ltd		646
	2,769,968		Akbank TAS		13,744
	821,285		Albaraka Turk Katilim Bankasi AS		786
	22,185		Alliance Financial Corp		965
	1,332,900		Alliance Financial Group BHD		1,925
	1,292,826	*	Alpha Bank S.A.		2,508

6

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	315,270	*,m	Amagerbanken AS	$	0	^
	28,100		American National Bankshares, Inc		567
	118,558	*	Ameris Bancorp		1,481
	36,673	e	Ames National Corp		803
	180,854		Andhra Bank		391
	541,290	*,m	Anglo Irish Bank Corp plc		0	^
	3,891,384		Aozora Bank Ltd		11,965
	149,969		Apollo Residential Mortgage		3,028
	50,982	e	Arrow Financial Corp		1,272
	225,728		Associated Banc-Corp		2,962
	311,347	e	Astoria Financial Corp		2,914
	548,061	*	Asya Katilim Bankasi AS		682
	61,983		Attijariwafa Bank		2,295
	3,974,140	*	Australia & New Zealand Banking Group Ltd		104,665
	404,721		Awa Bank Ltd		2,311
	2,448,485	e	Banca Carige S.p.A.		2,508
	8,923,378		Banca Intesa S.p.A.		15,431
	3,534,550		Banca Intesa S.p.A. RSP		5,020
	1,403,327	e	Banca Monte dei Paschi di Siena S.p.A.		420
	461,119		Banca Popolare dell’Emilia Romagna Scrl		3,205
	8,532,544		Banca Popolare di Milano		5,109
	410,617		Banca Popolare di Sondrio SCARL		2,384
	42,340	e	Bancfirst Corp		1,794
	72,356		Banche Popolari Unite Scpa		337
	146,711		Banco ABC Brasil S.A.		1,012
	4,997,465	*,e	Banco Bilbao Vizcaya Argentaria S.A.		46,431
	593,076	*	Banco BPI S.A.		741
	287,700		Banco Bradesco S.A.		4,769
	3,188,046		Banco Bradesco S.A. (Preference)		54,761
	13,716,784	*,e	Banco Comercial Portugues S.A.		1,364
	59,788		Banco Davivienda S.A.		794
	94,200		Banco Daycoval S.A.		467
	23,663,935		Banco de Chile		3,825
	40,387		Banco de Credito e Inversiones		2,779
	3,106,235		Banco de Oro Universal Bank		5,519
	332,264	*	Banco de Sabadell S.A.		869
	1,394,322		Banco do Brasil S.A.		17,433
	362,381		Banco do Estado do Rio Grande do Sul		2,745
	135,301	*	Banco Espirito Santo S.A.		161
	157,300		Banco Industrial e Comercial S.A.		515
	4,259,800		Banco Itau Holding Financeira S.A.		69,468
	99,937	e	Banco Latinoamericano de Exportaciones S.A. (Class E)		2,155
	53,700		Banco Panamericano S.A.		135
	65,800		Banco Pine S.A.		482
	119,343	*	Banco Popolare Scarl		199
	2,231,059	*	Banco Popular Espanol S.A.		1,744
	1,134,244		Banco Santander Brasil S.A.		8,293
	9,890,041	*	Banco Santander Central Hispano S.A.		80,376
	86,551,312		Banco Santander Chile S.A.		6,096
	421,116		BanColombia S.A.		7,150
	56,000	e	BanColombia S.A. (ADR)		3,728
	213,887		BanColombia S.A. (Preference)		3,610

7

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	450,571		Bancorpsouth, Inc	$	6,551
	97,500		Bangkok Bank PCL		627
	252,600		Bangkok Bank PCL (ADR)		1,624
	1,661,200		Bangkok Bank PCL (Foreign)		11,397
	25,534		Bank Handlowy w Warszawie S.A.		811
	700,263	*	Bank Hapoalim Ltd		3,004
	163,440	*	Bank Leumi Le-Israel		556
	235,638	*	Bank Millennium S.A.		335
	200,034		Bank Mutual Corp		860
	29,700		Bank of Ayudhya PCL		32
	2,118,400		Bank of Ayudhya PCL (Foreign)		2,263
	38,863		Bank of Baroda		620
	146,097,000		Bank of China Ltd		66,165
	15,719,372		Bank of Communications Co Ltd		12,021
	6,749,756		Bank of Cyprus Public Co Ltd		2,298
	1,050,024		Bank of East Asia Ltd		4,078
	90,404		Bank of Georgia Holdings plc		1,525
	57,580	e	Bank of Hawaii Corp		2,536
	150,633		Bank of India		951
	35,673,932	*,e	Bank of Ireland		5,453
	780,183	*	Bank of Kaohsiung		248
	23,933		Bank of Kentucky Financial Corp		592
	439,125	e	Bank of Kyoto Ltd		3,719
	29,256	e	Bank of Marin Bancorp		1,096
	3,090		Bank of Montreal		189
	1,007,416	e	Bank of Montreal (Toronto)		61,638
	345,000		Bank of Nagoya Ltd		1,250
	1,740,956	e	Bank of Nova Scotia		100,568
	367,931	e	Bank of Queensland Ltd		2,840
	184,541		Bank of Saga Ltd		427
	104,704		Bank of the Ozarks, Inc		3,504
	1,811,661		Bank of the Philippine Islands		4,203
	80,800		Bank of the Ryukyus Ltd		937
	1,447,763		Bank of Yokohama Ltd		6,732
	159,698		Bank Pekao S.A.		8,666
	14,751,300		Bank Rakyat Indonesia		10,698
	95,506	e	BankFinancial Corp		709
	617,942	*,e	Bankia SAU		319
	818,414	e	Bankinter S.A.		3,426
	49,860	e	BankUnited		1,219
	93,650	e	Banner Corp		2,878
	3,891		Banque Cantonale Vaudoise		2,072
	13,532		Bar Harbor Bankshares		455
	44,131,542		Barclays plc		191,706
	1,972,653	e	BB&T Corp		57,424
	279,653	e	BBCN Bancorp, Inc		3,236
	215,255		Bendigo Bank Ltd		1,918
	137,341	*	Beneficial Mutual Bancorp, Inc		1,305
	10,811		Berkshire Bancorp, Inc		89
	79,072		Berkshire Hills Bancorp, Inc		1,887
	160,800		BIMB Holdings Bhd		148
	2,915,794		BNP Paribas		165,996

8

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,542,037	e	BOC Hong Kong Holdings Ltd	$	17,434
	31,101	*,e	BofI Holding, Inc		867
	31,572		BOK Financial Corp		1,719
	274,516		Boston Private Financial Holdings, Inc		2,473
	15,353	*	BRE Bank S.A.		1,619
	35,228		Bridge Bancorp, Inc		717
	39,307	*,e	Bridge Capital Holdings		612
	424,947	e	Brookline Bancorp, Inc		3,612
	46,051	e	Bryn Mawr Bank Corp		1,026
	236,637		BS Financial Group		2,934
	29,823	*,e	BSB Bancorp, Inc		365
	6,583,496		Bumiputra-Commerce Holdings BHD		16,479
	9,631		C&F Financial Corp		375
	12,879	m	CaixaBank		45
	30,415		Camden National Corp		1,033
	826,237	e	Canadian Imperial Bank of Commerce/Canada		66,426
	154,532	e	Canadian Western Bank		4,418
	128,145	*	Canara Bank		1,169
	46,754	e	Cape Bancorp, Inc		406
	3,153	*	Capital Bank Financial Corp		54
	72,921	*,e	Capital City Bank Group, Inc		829
	556,258	e	CapitalSource, Inc		4,216
	69,848		Capitec Bank Holdings Ltd		1,508
	342,953		Capitol Federal Financial		4,009
	160,798		Cardinal Financial Corp		2,616
	14,093	*,e	Cascade Bancorp		88
	278,330		Cathay General Bancorp		5,427
	55,049	e	Center Bancorp, Inc		637
	119,945	e	Centerstate Banks of Florida, Inc		1,023
	200,000	*	Central Bank Of India		310
	120,417	*	Central Pacific Financial Corp		1,877
	17,869		Century Bancorp, Inc		589
	10,426,142		Chang Hwa Commercial Bank		5,761
	13,476	e	Charter Financial Corp		143
	138,068	e	Chemical Financial Corp		3,281
	875,189		Chiba Bank Ltd		5,127
	48,800	*	Chiba Kogyo Bank Ltd		320
	24,703,000	e	China Citic Bank		14,971
	137,215,631		China Construction Bank		112,134
	16,655,870	*	China Development Financial Holding Corp		4,385
	7,105,622	e	China Merchants Bank Co Ltd		15,976
	15,899,300	e	China Minsheng Banking Corp Ltd		18,677
	17,009,195		Chinatrust Financial Holding Co		10,113
	16,687,000	e	Chongqing Rural Commercial Bank		9,315
	208,734		Chugoku Bank Ltd		2,913
	671,239	*	CIT Group, Inc		25,937
	58,050	e	Citizens & Northern Corp		1,097
	143,771	*	Citizens Republic Bancorp, Inc		2,727
	73,654	e	City Holding Co		2,567
	58,701		City National Corp		2,907
	42,684		Clifton Savings Bancorp, Inc		481
	47,897	e	CNB Financial Corp		785

9

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	132,753		CoBiz, Inc	$	992
	240,897		Columbia Banking System, Inc		4,322
	65,576		Comdirect Bank AG.		683
	310,765		Comerica, Inc		9,429
	158,814		Commerce Bancshares, Inc		5,568
	849,121		Commercial International Bank		4,615
	555,264	*	Commerzbank AG.		1,064
	1,452,455		Commonwealth Bank of Australia		94,593
	177,604	e	Community Bank System, Inc		4,859
	47,423	e	Community Trust Bancorp, Inc		1,555
	12,993		Corp Bank		109
	125,684,949		CorpBanca S.A.		1,688
	654,000	*	Cosmos Bank Taiwan		223
	137,224		Credicorp Ltd (NY)		20,112
	32,543		Credit Agricole Nord de France		518
	672,372	*	Credit Agricole S.A.		5,476
	93,950		Credito Emiliano S.p.A.		512
	5,725	*	Crescent Financial Bancshares, Inc		26
	570,820	e	Criteria Caixacorp S.A.		2,000
	67,375		Cullen/Frost Bankers, Inc		3,656
	341,542		CVB Financial Corp		3,552
	895,639		Dah Sing Banking Group Ltd		986
	300,656		Dah Sing Financial Holdings Ltd		1,375
	533,009		Daishi Bank Ltd		1,682
	121,033	*	Danske Bank AS		2,056
	1,751,803	e	DBS Group Holdings Ltd		21,506
	59,216		Dena Bank		125
	1,822,608	*	Development Credit Bank Ltd		1,642
	38,445	*	Dewan Housing Finance Corp Ltd		128
	774,553	*,e	Dexia		72
	185,780		DGB Financial Group Co Ltd		2,535
	2,090,892	*	Dhanalakshmi Bank Ltd		2,565
	170,125		Dime Community Bancshares		2,363
	8,979,126		DNB NOR Holding ASA		114,768
	462,305	*	Doral Financial Corp		335
	5,294,522		E.Sun Financial Holding Co Ltd		2,980
	73,568	*,e	Eagle Bancorp, Inc		1,469
	1,116,907		East West Bancorp, Inc		24,002
	410,000	*	EastWest Banking Corp		290
	439,501	*	EFG Eurobank Ergasias S.A.		376
	263,000		Eighteenth Bank Ltd		693
	23,957	e	Enterprise Bancorp, Inc		396
	82,601		Enterprise Financial Services Corp		1,080
	228,000		Entie Commercial Bank		127
	353,383	*	Erste Bank der Oesterreichischen Sparkassen AG.		11,236
	47,300	e	ESB Financial Corp		656
	46,051	e	ESSA Bancorp, Inc		502
	71,344		EverBank Financial Corp		1,064
	2,133,390		Far Eastern International Bank		861
	67,946	e	Farmers National Banc Corp		421
	33,447	e	Federal Agricultural Mortgage Corp (Class C)		1,087
	96,648	*	Federal Bank Ltd		955

10

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	32,309	e	Fidelity Southern Corp	$	309
	2,324,943		Fifth Third Bancorp		35,316
	75,274	e	Financial Institutions, Inc		1,402
	85,630	e	First Bancorp (NC)		1,098
	245,487	*,e	First Bancorp (Puerto Rico)		1,124
	40,405		First Bancorp, Inc		665
	382,190		First Busey Corp		1,777
	78,933	*,e	First California Financial Group, Inc		609
	8,204		First Citizens Bancshares, Inc (Class A)		1,341
	382,368	e	First Commonwealth Financial Corp		2,608
	57,772	e	First Community Bancshares, Inc		923
	83,937		First Connecticut Bancorp		1,154
	48,261		First Defiance Financial Corp		926
	10,260	*,e	First Federal Bancshares of Arkansas, Inc		100
	338,176		First Financial Bancorp		4,944
	160,855	e	First Financial Bankshares, Inc		6,275
	45,164		First Financial Corp		1,366
	9,763,491		First Financial Holding Co Ltd		5,982
	96,215	e	First Financial Holdings, Inc		1,259
	64,547	*,e	First Financial Northwest, Inc		487
	404,807		First Horizon National Corp		4,012
	25,023	*	First International Bank Of Israel Ltd		369
	84,761		First Interstate Bancsystem, Inc		1,308
	98,870		First Merchants Corp		1,467
	351,219		First Midwest Bancorp, Inc		4,397
	449,170		First Niagara Financial Group, Inc		3,562
	30,680	e	First of Long Island Corp		869
	39,534		First Pactrust Bancorp, Inc		485
	161,311		First Republic Bank		5,288
	488,386	e	FirstMerit Corp		6,930
	105,346		Flushing Financial Corp		1,616
	501,767		FNB Corp		5,329
	34,685	e	FNB United Corp		402
	52,089		Fox Chase Bancorp, Inc		867
	53,158		Franklin Financial Corp		881
	764,350		Fukuoka Financial Group, Inc		3,061
	256,837		Fulton Financial Corp		2,468
	58,740	e	Genworth MI Canada, Inc		1,334
	59,776	e	German American Bancorp, Inc		1,298
	1,422,050	*	Get Bank S.A.		827
	278,358		Getin Holding S.A.		254
	259,938		Glacier Bancorp, Inc		3,824
	59,088	e	Great Southern Bancorp, Inc		1,504
	30,620	*	Gruh Finance Ltd		133
	1,158,653		Grupo Aval Acciones y Valores		852
	3,867,889	e	Grupo Financiero Banorte S.A. de C.V.		24,970
	2,628,632		Grupo Financiero Inbursa S.A.		7,974
	1,560,200	e	Grupo Financiero Santander Mexico SAB de C.V.		5,048
	161,382	*	Grupo Financiero Santander Mexico SAB de C.V. (ADR)		2,611
	279,734	*,e	Guaranty Bancorp		545
	354,203		Gunma Bank Ltd		1,733
	508,150		Hachijuni Bank Ltd		2,549

11

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	40,483	*,e	Hampton Roads Bankshares, Inc	$	48
	320,070		Hana Financial Group, Inc		10,463
	292,016		Hancock Holding Co		9,269
	918,777	e	Hang Seng Bank Ltd		14,183
	247,687	*	Hanmi Financial Corp		3,366
	2,601,272		HDFC Bank Ltd		32,430
	54,092	e	Heartland Financial USA, Inc		1,415
	109,798	*	Heritage Commerce Corp		766
	59,591	e	Heritage Financial Corp		875
	32,262		Heritage Financial Group		445
	78,068	*,e	Heritage Oaks Bancorp		453
	324,000		Higashi-Nippon Bank Ltd		714
	422,331		Higo Bank Ltd		2,355
	5,048	e	Hingham Institution for Savings		316
	360,000		Hiroshima Bank Ltd		1,510
	602,000		Hokkoku Bank Ltd		2,224
	424,000		Hokuetsu Bank Ltd		863
	63,200		Hokuhoku Financial Group, Inc		93
	27,587	*	Home Bancorp, Inc		503
	80,851	e	Home Bancshares, Inc		2,670
	64,069		Home Capital Group, Inc		3,805
	66,501		Home Federal Bancorp, Inc		827
	100,088	e	Home Loan Servicing Solutions Ltd		1,892
	49,178	*	HomeStreet, Inc		1,257
	48,900	*	HomeTrust Bancshares, Inc		661
	763,440		Hong Leong Bank BHD		3,700
	198,412		Hong Leong Credit BHD		859
	13,990	e	Horizon Bancorp		275
	2,000,541	*	Housing Development Finance Corp		30,562
	26,948,594		HSBC Holdings plc		285,568
	7,361,378		Hua Nan Financial Holdings Co Ltd		4,274
	742,361	e	Hudson City Bancorp, Inc		6,035
	49,780	e	Hudson Valley Holding Corp		775
	11,367,577		Huntington Bancshares, Inc		72,639
	455,692		Hyakugo Bank Ltd		2,062
	495,000		Hyakujushi Bank Ltd		1,832
	102,650		IBERIABANK Corp		5,042
	686,928		ICICI Bank Ltd		14,375
	29,576	e	ICICI Bank Ltd (ADR)		1,290
	93,001	e	Independent Bank Corp		2,692
	168,572	*	Indian Overseas Bank		266
	143,520,166	e	Industrial & Commercial Bank of China		103,589
	371,670		Industrial Bank of Korea		4,155
	994,879		ING Vysya Bank Ltd		9,654
	187,336		International Bancshares Corp		3,381
	3,910,435		Investimentos Itau S.A. - PR		18,507
	154,983		Investors Bancorp, Inc		2,756
	1,015,998	*	Israel Discount Bank Ltd		1,688
	45,236		Iyo Bank Ltd		359
	15,922		Jammu & Kashmir Bank Ltd		378
	77,574		Jeonbuk Bank		304
	882,406	e	Joyo Bank Ltd		4,193

12

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	742,555		Juroku Bank Ltd	$	2,518
	88,329	*	Jyske Bank		2,465
	195,000		Kagoshima Bank Ltd		1,226
	546,535		Kansai Urban Banking Corp		736
	174,900		Kanto Tsukuba Bank Ltd		610
	492,095		Karnataka Bank Ltd		1,522
	12,505	*	Karur Vusya Bank Ltd		128
	508,800		Kasikornbank PCL		3,238
	201,400		Kasikornbank PCL - NVDR		1,282
	1,999,700		Kasikornbank PCL (Foreign)		12,712
	781,724		KB Financial Group, Inc		27,922
	186,050		KBC Groep NV		6,484
	76,556		Kearny Financial Corp		746
	878,404		Keiyo Bank Ltd		3,876
	2,620,902		Keycorp		22,068
	696,432		Kiatnakin Bank PCL		1,108
	1,218,000	*	King’s Town Bank		918
	1,045,000		Kiyo Holdings, Inc		1,528
	31,608		Komercni Banka AS		6,682
	740,140	*	Korea Exchange Bank		5,295
	9,458,000		Krung Thai Bank PCL		6,184
	101,983	e	Lakeland Bancorp, Inc		1,038
	91,360		Lakeland Financial Corp		2,361
	34,552		Laurentian Bank of Canada		1,537
	899,273	*	LIC Housing Finance Ltd		4,812
	119,027,353	*	Lloyds TSB Group plc		94,852
	162,400	e	M&T Bank Corp		15,992
	92,622	e	MainSource Financial Group, Inc		1,174
	5,387,678		Malayan Banking BHD		16,249
	1,278,600		Malaysia Building Society		950
	1,238,191	*	Marfin Popular Bank Public Co Ltd		72
	200,137		MB Financial, Inc		3,953
	22,127,928		Mega Financial Holding Co Ltd		17,332
	28,992		Mercantile Bank Corp		478
	24,576		Merchants Bancshares, Inc		658
	47,424	*,e	Meridian Interstate Bancorp, Inc		796
	63,050	*,e	MetroCorp Bancshares, Inc		693
	1,550,801		Metropolitan Bank & Trust		3,861
	661,086	*,e	MGIC Investment Corp		1,759
	19,460	e	Middleburg Financial Corp		344
	30,637	e	Midsouth Bancorp, Inc		501
	25,538	e	MidWestOne Financial Group, Inc		524
	194,000		Mie Bank Ltd		417
	285,000		Minato Bank Ltd		495
	17,697,964		Mitsubishi UFJ Financial Group, Inc		95,766
	3,909,022		Mitsui Trust Holdings, Inc		13,773
	266,000		Miyazaki Bank Ltd		649
	38,759		Mizrahi Tefahot Bank Ltd		402
	29,575,543		Mizuho Financial Group, Inc		54,226
	39,768		Musashino Bank Ltd		1,299
	492,928		Nanto Bank Ltd		2,240
	15,196	*,e	NASB Financial, Inc		325

13

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,108,683		National Australia Bank Ltd	$	55,465
	2,100		National Bank Holdings Corp		40
	367,233	e	National Bank of Canada		28,516
	1,248,741	*	National Bank of Greece S.A.		2,160
	37,526	e	National Bankshares, Inc		1,215
	562,022	e	National Penn Bancshares, Inc		5,238
	113,044		National Societe Generale Bank SAE		626
	234,486	*,e	Nationstar Mortgage Holdings, Inc		7,264
	500,661		Natixis		1,711
	156,306		NBT Bancorp, Inc		3,168
	563,571		Nedbank Group Ltd		12,595
	563,009	e	New York Community Bancorp, Inc		7,375
	487,829		Nishi-Nippon City Bank Ltd		1,210
	30,671	*	NOMOS-BANK (GDR)		416
	1,008,866		Nordea Bank AB		9,704
	428,700	*	North Pacific Bank Ltd		1,207
	65,044	e	Northfield Bancorp, Inc		992
	23,797	e	Northrim BanCorp, Inc		539
	339,642		Northwest Bancshares, Inc		4,123
	44,159		OceanFirst Financial Corp		607
	556,602	*	Ocwen Financial Corp		19,253
	448,000		Ogaki Kyoritsu Bank Ltd		1,529
	340,000		Oita Bank Ltd		1,110
	346,111		Old National Bancorp		4,108
	40,639	*	OmniAmerican Bancorp, Inc		940
	148,865		Oriental Financial Group, Inc		1,987
	303,352		Oritani Financial Corp		4,647
	479,494		OTP Bank		9,032
	3,700,551		Oversea-Chinese Banking Corp		29,819
	64,177		Pacific Continental Corp		624
	39,572	*,e	Pacific Mercantile Bancorp		249
	145,511	e	PacWest Bancorp		3,606
	552,404		Paragon Group of Cos plc		2,309
	11,100		Parana Banco S.A.		75
	38,725	e	Park National Corp		2,503
	126,846	*,e	Park Sterling Bank		663
	30,519	e	Peapack Gladstone Financial Corp		430
	18,861	e	Penns Woods Bancorp, Inc		706
	68,465	*	Pennsylvania Commerce Bancorp, Inc		905
	55,738	e	Peoples Bancorp, Inc		1,139
	24,541	e	Peoples Federal Bancshares, Inc		427
	441,560	e	People’s United Financial, Inc		5,338
	429,240	*	Philippine National Bank		954
	754,174		Piccolo Credito Valtellinese Scarl		1,161
	125,063	*,e	Pinnacle Financial Partners, Inc		2,356
	1,563,172	*	Piraeus Bank S.A.		712
	1,401,542		PNC Financial Services Group, Inc		81,724
	127,458	*	Popular, Inc		2,650
	1,041,598		Powszechna Kasa Oszczednosci Bank Polski S.A.		12,474
	45,101	*,e	Preferred Bank		640
	242,741	e	PrivateBancorp, Inc		3,719
	215,579		Prosperity Bancshares, Inc		9,054

14

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	30,331		Provident Financial Holdings, Inc	$	531
	220,597		Provident Financial Services, Inc		3,291
	138,068		Provident New York Bancorp		1,285
	14,550,000		PT Bank Bukopin Tbk		940
	15,149,000		PT Bank Central Asia Tbk		14,353
	4,486,735		PT Bank Danamon Indonesia Tbk		2,633
	10,698,500		PT Bank Jabar Banten Tbk		1,182
	14,302,248		PT Bank Mandiri Persero Tbk		12,081
	10,097,750		PT Bank Negara Indonesia		3,892
	11,719,500	*	PT Bank Pembangunan Daerah Jawa Timur Tbk		463
	7,076,194		PT Bank Tabungan Negara Tbk		1,070
	78,946		Public Bank BHD		421
	1,676,811		Public Bank BHD (Foreign)		8,938
	6,969		Punjab & Sind Bank		9
	460,830	e	Radian Group, Inc		2,816
	99,006	e	Raiffeisen International Bank Holding AG.		4,119
	9,189,606		Regions Financial Corp		65,430
	102,225	e	Renasant Corp		1,957
	47,859	e	Republic Bancorp, Inc (Class A)		1,011
	5,802,740		Resona Holdings, Inc		26,532
	825,890		RHB Capital BHD		2,083
	467,800		Rizal Commercial Banking Corp		685
	161,171		Rockville Financial, Inc		2,079
	36,128	e	Roma Financial Corp		546
	5,200	*,m	Roskilde Bank		0	^
	135,601	e	Royal Bank of Canada		8,177
	2,186,784	e	Royal Bank of Canada (Toronto)		131,642
	9,671,453	*	Royal Bank of Scotland Group plc		51,693
	156,980	e	S&T Bancorp, Inc		2,837
	44,738	e	S.Y. Bancorp, Inc		1,003
	82,274	e	Sandy Spring Bancorp, Inc		1,598
	178,000		San-In Godo Bank Ltd		1,253
	6,022,577		Sberbank of Russian Federation (ADR)		75,506
	72,671		SCBT Financial Corp		2,920
	302,925	*,e	Seacoast Banking Corp of Florida		488
	553,316		Security Bank Corp		2,107
	465,036		Sekerbank TAS		472
	257,980		Senshu Ikeda Holdings, Inc		1,476
	249,400		Seven Bank Ltd		658
	321,000	e	Shiga Bank Ltd		1,991
	769,412		Shinhan Financial Group Co Ltd		28,159
	6,764,823		Shinsei Bank Ltd		13,540
	687,559		Shizuoka Bank Ltd		6,716
	39,112	e	SI Financial Group, Inc		450
	2,658,300		Siam Commercial Bank PCL		15,729
	61,471	e	Sierra Bancorp		703
	224,129	*	Signature Bank		15,989
	92,921	e	Simmons First National Corp (Class A)		2,356
	34,279	e	Simplicity Bancorp, Inc		512
	8,441,551		SinoPac Financial Holdings Co Ltd		3,644
	2,604,222		Skandinaviska Enskilda Banken AB (Class A)		22,281
	1,423,835	*	Societe Generale		54,138

15

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	76,655	e	Southside Bancshares, Inc	$	1,614
	115,746	*	Southwest Bancorp, Inc		1,296
	209,840		Sparebanken Midt-Norge		1,319
	3,848		St Galler Kantonalbank		1,576
	1,688,138		Standard Bank Group Ltd		23,811
	5,147,940		Standard Chartered plc		133,227
	128,174	e	Standard Chartered plc (Hong Kong)		3,309
	150,172		State Bank & Trust Co		2,385
	10,927		State Bank of Bikaner & Jaip		90
	66,611		State Bank of India Ltd		2,940
	77,295		State Bank of India Ltd (GDR)		7,049
	2,543		State Bank of Travancore		27
	117,571		StellarOne Corp		1,662
	156,685		Sterling Bancorp		1,427
	89,348		Sterling Financial Corp		1,866
	42,007	*	Suffolk Bancorp		550
	3,785,671		Sumitomo Mitsui Financial Group, Inc		137,578
	156,544	*,e	Sun Bancorp, Inc		554
	1,712,601		SunTrust Banks, Inc		48,552
	76,678		Suruga Bank Ltd		943
	756,974	e	Susquehanna Bancshares, Inc		7,933
	108,673	*	SVB Financial Group		6,082
	593,349		Svenska Handelsbanken (A Shares)		21,332
	2,238,210		Swedbank AB (A Shares)		43,970
	84,739		Sydbank AS		1,502
	218,579		Syndicate Bank		518
	5,512,949	e	Synovus Financial Corp		13,507
	2,201,934	*	Ta Chong Bank Co Ltd		764
	2,126,615		Taichung Commercial Bank		740
	7,883,768		Taishin Financial Holdings Co Ltd		3,151
	3,938,071	*	Taiwan Business Bank		1,191
	7,290,813		Taiwan Cooperative Financial Holding		4,122
	56,694	*,e	Taylor Capital Group, Inc		1,023
	4,953,671	e	TCF Financial Corp		60,187
	46,258		Territorial Bancorp, Inc		1,057
	317,738	*	Texas Capital Bancshares, Inc		14,241
	99,394	*	TFS Financial Corp		956
	1,414,500		Thanachart Capital PCL		1,758
	168,356	*	The Bancorp, Inc		1,847
	1,238,800		Tisco Bank PCL		2,157
	63,700		Tisco Financial Group PCL		109
	126,000		Tochigi Bank Ltd		436
	472,000		Toho Bank Ltd		1,536
	66,000		Tokyo Tomin Bank Ltd		599
	229,400		Tomony Holdings, Inc		1,015
	35,086		Tompkins Trustco, Inc		1,391
	1,400,642	e	Toronto-Dominion Bank		117,929
	491,000		Towa Bank Ltd		536
	94,143	e	TowneBank		1,458
	19,308	e	Tree.com, Inc		348
	71,349	e	Trico Bancshares		1,195
	512,803		Trustco Bank Corp NY		2,708

16

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	245,897		Trustmark Corp	$	5,523
	4,103,467		Turkiye Garanti Bankasi AS		21,418
	1,318,350		Turkiye Halk Bankasi AS		12,996
	3,929,447		Turkiye Is Bankasi (Series C)		13,705
	711,835		Turkiye Sinai Kalkinma Bankasi AS		918
	999,940		Turkiye Vakiflar Bankasi Tao		2,601
	620,191		UCO Bank		901
	163,696	e	UMB Financial Corp		7,176
	532,872		Umpqua Holdings Corp		6,283
	7,148,925	*	UniCredit S.p.A		35,205
	31,330	*	Union Bank of Israel		103
	562,640	*	Union Bank Of Taiwan		206
	94,410		Union Bankshares Corp		1,489
	207,825	e	United Bankshares, Inc		5,054
	174,491	*,e	United Community Banks, Inc		1,644
	95,447		United Financial Bancorp, Inc		1,500
	1,332,679		United Overseas Bank Ltd		21,861
	66,849	e	Univest Corp of Pennsylvania		1,143
	10,991,060		US Bancorp		351,055
	357,010		UTI Bank Ltd		8,970
	19,077		Valiant Holding		1,812
	253,072	e	Valley National Bancorp		2,354
	206,261		ViewPoint Financial Group		4,319
	514,060		Vijaya Bank		595
	104,713	*,e	Virginia Commerce Bancorp		937
	1,555,863	e	VTB Bank OJSC (GDR)		5,506
	40,518	*,e	Walker & Dunlop, Inc		675
	64,570		Washington Banking Co		879
	203,186		Washington Federal, Inc		3,428
	55,161	e	Washington Trust Bancorp, Inc		1,451
	18,764	*,e	Waterstone Financial, Inc		146
	367,637		Webster Financial Corp		7,555
	27,722,009		Wells Fargo & Co		947,538
	83,767		WesBanco, Inc		1,861
	71,430	e	West Bancorporation, Inc		770
	70,784	e	West Coast Bancorp		1,568
	96,799	e	Westamerica Bancorporation		4,123
	267,457	*,e	Western Alliance Bancorp		2,816
	136,773		Westfield Financial, Inc		989
	4,910,158		Westpac Banking Corp		134,537
	415,907	*	Wilshire Bancorp, Inc		2,441
	143,461		Wing Hang Bank Ltd		1,511
	173,073		Wintrust Financial Corp		6,352
	464,830		Woori Finance Holdings Co Ltd		5,185
	41,751		WSFS Financial Corp		1,764
	27,500		Yachiyo Bank Ltd		586
	235,000	e	Yamagata Bank Ltd		1,050
	67,905		Yamaguchi Financial Group, Inc		600
	246,354		Yamanashi Chuo Bank Ltd		1,027
	1,711,650	*	Yapi ve Kredi Bankasi		5,020
	236,147		Zions Bancorporation		5,054
			TOTAL BANKS		6,673,097

17

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
CAPITAL GOODS - 8.0%
	1,835,486		3M Co	$	170,425
	212,817		A.O. Smith Corp		13,422
	114,754		Aalberts Industries NV		2,403
	65,283	e	Aaon, Inc		1,362
	235,586	e	AAR Corp		4,401
	686,751		ABB Ltd		14,242
	54,795	e	Abengoa S.A.		175
	219,180	*,e	Abengoa S.A. (B Shares)		677
	40,001		ABG Shipyard Ltd		263
	3,765,112		Aboitiz Equity Ventures, Inc		4,872
	1,713,000		AcBel Polytech, Inc		1,220
	224,770	*,e	Accuride Corp		722
	199,000		ACES Electronic Co Ltd		251
	100,422		Aceto Corp		1,008
	69,803		ACS Actividades Cons y Servicios S.A.		1,769
	80,970		Acter Co Ltd		350
	303,117	e	Actuant Corp (Class A)		8,460
	201,843		Acuity Brands, Inc		13,671
	592,150		Adani Enterprises Ltd		2,966
	46,972		Aditya Birla Nuvo Ltd		944
	169,500		Advan Co Ltd		1,762
	49,000		Advanced Ceramic X Corp		134
	546,305	*	Aecom Technology Corp		13,002
	138,987		Aecon Group, Inc		1,488
	139,443	*,e	Aegion Corp		3,094
	68,504	*,e	Aerovironment, Inc		1,489
	15,100		AFG Arbonia-Forster Hldg		383
	15,100	e	AG Growth International Inc		476
	411,245	*	AGCO Corp		20,200
	55,899		Aica Kogyo Co Ltd		903
	40,500		Aichi Corp		209
	189,200		Aida Engineering Ltd		1,501
	158,372	*,e	Air Lease Corp		3,405
	206,216		Aircastle Ltd		2,586
	89,000		Airtac International Group		519
	68,073	*	Akfen Holding AS.		355
	27,435		Alamo Group, Inc		895
	226,239		Alarko Holding AS		649
	99,811	e	Albany International Corp (Class A)		2,264
	26,684		Alfa Laval AB		558
	9,113,540	e	Alfa S.A. de C.V. (Class A)		19,304
	14,102,400		Alliance Global Group, Inc		5,779
	190,993		Alliant Techsystems, Inc		11,834
	28,092		Allied Electronics Corp Ltd		69
	164,679		Allied Electronics Corp Ltd (Preference)		407
	24,862		Alstom Projects India Ltd		189
	848,163		Alstom RGPT		34,167
	41,890		Alstom T&D India Ltd		143
	112,253	e	Altra Holdings, Inc		2,475
	1,186,025		Amada Co Ltd		7,718

18

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	134,600		Amano Corp	$	1,176
	6,208		Amara Raja Batteries Ltd		27
	71,794	*,e	Ameresco, Inc		704
	41,327	e	American Railcar Industries, Inc		1,311
	51,513		American Science & Engineering, Inc		3,359
	144,007	*,e	American Superconductor Corp		377
	54,005	*	American Woodmark Corp		1,502
	729,437		Ametek, Inc		27,405
	46,254		Ampco-Pittsburgh Corp		924
	34,000	*	Amrep Corp		0	^
	255,000	e	Amtek Engineering Ltd		104
	129,084		Andritz AG.		8,295
	119,799	*,e	API Technologies Corp		352
	101,131	e	Apogee Enterprises, Inc		2,424
	169,317		Applied Industrial Technologies, Inc		7,113
	134,439		Arcadis NV		3,192
	104,542		Argan, Inc		1,882
	31,605	e	Armstrong World Industries, Inc		1,603
	366,392	*,e	ArvinMeritor, Inc		1,733
	57,600		Asahi Diamond Industrial Co Ltd		570
	1,756,205	e	Asahi Glass Co Ltd		12,823
	640,660		Aselsan Elektronik Sanayi Ve Ticaret AS		3,045
	1,515,208		Ashok Leyland Ltd		745
	4,333,223		Ashtead Group plc		30,477
	923,570		Assa Abloy AB (Class B)		34,766
	175,727		Astaldi S.p.A.		1,182
	67,836		Astec Industries, Inc		2,261
	42,046	*	Astronics Corp		962
	2,579	*,e	Astronics Corp (Class B)		56
	598,016		Asunaro Aoki Construction Co Ltd		3,813
	218,777		Atlas Copco AB (A Shares)		6,067
	456,800		Atlas Copco AB (B Shares)		11,213
	129,119	*	ATS Automation Tooling Systems, Inc		1,141
	339,337	e	Ausdrill Ltd		1,013
	269,672	e	Ausenco Ltd		905
	1,102,675	e	Austal Ltd		653
	81,264	e	Austin Engineering Ltd		366
	513,173		Aveng Ltd		1,856
	6,524,000	*	AVIC International Holding HK Ltd		244
	3,308,000		AviChina Industry & Technology Co		1,487
	120,748		AZZ, Inc		4,640
	33,087		B&B Tools AB		335
	318,622		Babcock & Wilcox Co		8,348
	6,996,479	*	BAE Systems plc		38,888
	549,381		Balfour Beatty plc		2,473
	172,121		Bando Chemical Industries Ltd		578
	546,000		Baoye Group Co Ltd		378
	332,331		Barloworld Ltd		3,447
	255,351		Barnes Group, Inc		5,735
	78,615	*	Basil Read Holdings Ltd		101
	8,405		Bauer AG.		215
	15,285		BayWa AG.		660

19

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	521,296	*	BE Aerospace, Inc	$	25,752
	57	*	Beacon Power Corp		0	^
	165,665	*,e	Beacon Roofing Supply, Inc		5,513
	932,900	e	Beijing Enterprises Holdings Ltd		6,119
	169,377		Belden CDT, Inc		7,620
	7,321	*	BEML Ltd		38
	972,800		Benalec Holdings BHD		445
	3,367,400		Berjaya Corp BHD		650
	801,000		BES Engineering Corp		223
	528,759		Besalco S.A.		966
	1,011,497		Bharat Heavy Electricals		4,275
	8,821		BHI Co Ltd		222
	502,422		Bidvest Group Ltd		12,854
	86,459	e	Bird Construction Income Fund		1,149
	174,654	*	Blount International, Inc		2,763
	3,000		Blue Star Ltd		10
	58,459	*,e	Bluelinx Holdings, Inc		164
	1,101,020		Boart Longyear Group		2,200
	15,451	*	Bobst Group AG.		441
	487,101		Bodycote plc		3,642
	5,319,740		Boeing Co		400,896
	441,000		Boer Power Holdings Ltd		214
	2,087,330		Bombardier, Inc		7,890
	243,499		Boskalis Westminster		11,022
	3,287		Bossard Holding AG.		482
	144,070		Bouygues S.A.		4,287
	224,864	e	Bradken Ltd		1,300
	208,169		Brady Corp (Class A)		6,953
	46,928		Brenntag AG.		6,183
	177,287	e	Briggs & Stratton Corp		3,737
	17,881		Bucher Industries AG.		3,537
	16,806		Budimex S.A.		381
	157,782	*,e	Builders FirstSource, Inc		880
	102,000		Bunka Shutter Co Ltd		476
	254,707		Bunzl plc		4,216
	57,469		Burckhardt Compression Holding AG.		18,850
	242,209	e	CAE, Inc		2,452
	51,964	*	CAI International, Inc		1,141
	1,012,113	*,e	Capstone Turbine Corp		901
	15,923		Carbone Lorraine		445
	144,904		Cardno Ltd		1,061
	42,319	e	Cargotec Corp (B Shares)		1,126
	563,006		Carillion plc		2,934
	402,509		Carlisle Cos, Inc		23,651
	46,187		Cascade Corp		2,970
	2,131,799		Caterpillar, Inc		190,967
	328,000		CB Industrial Product Holding BHD		294
	1,195,000		Central Glass Co Ltd		4,037
	22,652		CENTROTEC Sustainable AG.		403
	123,517	*	Cersanit Krasnystaw S.A.		57
	97,000		Champion Building Materials Co Ltd		38
	218,500		Changchai Co Ltd		101

20

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,929,840	e	Changsha Zoomlion Heavy Industry Science and Technology Development Co Ltd	$	5,917
	109,023	*	Chart Industries, Inc		7,269
	576,565		Chemring Group plc		2,150
	348,000		Chen Hsong Holdings		106
	712,000	*	Chengdu Putian Telecom Cable Co Ltd		93
	1,227,797	e	Chicago Bridge & Iron Co NV		56,908
	574,050		Chien Kuo Construction Co Ltd		280
	819,000		China Automation Group Ltd		232
	5,872,000	e	China Communications Construction Co Ltd		5,782
	5,804,000	*	China Daye Non-Ferrous Metals Mining Ltd		237
	570,000		China Electric Manufacturing Corp		338
	3,854,000	*	China Energine International Holdings Ltd		179
	531,050	*	China Fangda Group Co Ltd		175
	882,000		China Glass Holdings Ltd		137
	1,566,000	*,e	China High Speed Transmission Equipment Group Co Ltd		625
	1,136,470	*	China International Marine Containers Group Co Ltd		1,742
	3,577,000	e	China Liansu Group Holdings Ltd		2,504
	4,672,000	e	China National Materials Co Ltd		1,469
	5,900,500	e	China Railway Construction Corp		6,826
	8,333,000		China Railway Group Ltd		4,955
	862,400	e	China Singyes Solar Technologies Holdings Ltd		744
	9,797,400	e	China South Locomotive and Rolling Stock Corp		8,724
	2,830,800	e	China State Construction International Holdings Ltd		3,455
	145,000		China Steel Structure Co Ltd		154
	1,058,000		Chip Eng Seng Corp Ltd		525
	389,928		Chiyoda Corp		5,586
	26,200		Chiyoda Integre Co Ltd		263
	6,666,000		Chongqing Machinery & Electric Co Ltd		1,105
	2,463		Chosun Refractories Co Ltd		138
	56,800		Chudenko Corp		529
	94,989	e	Chugai Ro Co Ltd		246
	672,000		Chung Hsin Electric & Machinery Manufacturing Corp		361
	25,300		Churchill Corp		221
	622,825		Cintra Concesiones de Infraestructuras de Transporte S.A.		9,272
	629,601		CIR-Compagnie Industriali Riunite S.p.A.		664
	62,903		CIRCOR International, Inc		2,490
	1,902,814	e	Citic Pacific Ltd		2,879
	5,891,000	*,e	Citic Resources Holdings Ltd		921
	183,000	e	Civmec Ltd		171
	44,696		CJ Corp		4,968
	52,800		CKD Corp		333
	128,102		Clal Industries and Investments		410
	234,403	e	Clarcor, Inc		11,200
	549,837		Clough Ltd		531
	311,301	e	CNH Global NV		12,542
	403,866		Coastal Contracts BHD		265
	861,005		Cobham plc		3,128
	459,368		Cofide S.p.A.		244
	34,935	e	Coleman Cable, Inc		324

21

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	108,997	*	Colfax Corp	$	4,398
	103,837	*	Columbus McKinnon Corp		1,715
	187,273		Comfort Systems USA, Inc		2,277
	94,703	*	Commercial Vehicle Group, Inc		778
	1,446,607		Compagnie de Saint-Gobain		62,123
	7,985		Compagnie d’Entreprises CFE		462
	283,700		COMSYS Holdings Corp		3,644
	49,911		Concentric AB		431
	2,022		Construcciones y Auxiliar de Ferrocarriles S.A.		934
	827,000		Continental Engineering Corp		327
	2,127,400	e	Cosco Corp Singapore Ltd		1,586
	2,242,000		Cosco International Holdings Ltd		999
	26,885		Cosel Co Ltd		331
	91,657	e	Costain Group plc		378
	14,203	*	CPI Aerostructures, Inc		142
	63,577	e	Cramo Oyj (Series B)		669
	65,739	e	Crane Co		3,042
	30,000		Crompton Greaves Ltd		64
	1,084,590		CSBC Corp Taiwan		667
	713,222		CSR Ltd		1,462
	836,000		CTCI Corp		1,661
	122,090		Cubic Corp		5,857
	974,665		Cummins, Inc		105,605
	232,003		Curtiss-Wright Corp		7,617
	550,000		DA CIN Construction Co Ltd		384
	37,938		Daelim Industrial Co		3,107
	131,575	*	Daewoo Engineering & Construction Co Ltd		1,232
	49,488		Daewoo International Corp		1,843
	116,291		Daewoo Shipbuilding & Marine Engineering Co Ltd		2,982
	196,500		Daifuku Co Ltd		1,265
	134,641		Daihen Corp		397
	104,280		Daiichi Jitsugyo Co Ltd		484
	635,082		Daikin Industries Ltd		21,815
	77,000		Daiwa Industries Ltd		432
	190,200		Dalian Refrigeration Co Ltd		120
	1,672,974		Danaher Corp		93,519
	19,311	e	Danieli & Co S.p.A.		557
	138,044		Danieli & Co S.p.A. (RSP)		2,334
	193,776		DCC plc		6,343
	455,819		Decmil Group Ltd		1,229
	814,560	e	Deere & Co		70,394
	29,100		Denyo Co Ltd		357
	105,282	*	Deutz AG.		495
	2,813,850		Dialog Group BHD		2,221
	3,160,000	*,m	Dickson Group Holdings Ltd		18
	126,196	*,e	DigitalGlobe, Inc		3,084
	61,306	*	Discount Investment Corp		177
	1,722,530		DMCI Holdings, Inc		2,263
	738,308	*	Dogan Sirketler Grubu Holdings		383
	328,200		Donaldson Co, Inc		10,778
	538,400	e	Dongfang Electric Co Ltd		1,108
	26,169	*	Dongkuk Structures & Construction Co Ltd		67

22

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	10,404		Doosan Corp	$	1,264
	24,330	*	Doosan Engine Co Ltd		197
	65,213		Doosan Heavy Industries and Construction Co Ltd		2,775
	135,100	*	Doosan Infracore Co Ltd		2,172
	94,628		Douglas Dynamics, Inc		1,362
	541,480		Dover Corp		35,581
	47,766		Duerr AG.		4,280
	139,787	e	Duro Felguera S.A.		888
	39,333	*,e	DXP Enterprises, Inc		1,930
	148,243	*	Dycom Industries, Inc		2,935
	68,468		Dynamic Materials Corp		952
	218,000		Dynapack International Technology Corp		867
	423,900		Dynasty Ceramic PCL		633
	22,868		Eastern Co		362
	2,275,821		Eaton Corp		123,350
	531,828		Ebara Corp		2,238
	29,315		Eczacibasi Yatirim Holding		104
	56,447	*	Edgen Group, Inc		399
	574,415	*	Edwards Group Ltd (ADR)		3,492
	3,287	*	Eicher Motors Ltd		174
	107,021		Eiffage S.A.		4,795
	28,021		Elbit Systems Ltd		1,124
	2,620		Electra Israel Ltd		256
	360,435		EMCOR Group, Inc		12,475
	843,921		Emeco Holdings Ltd		547
	1,739,281		Emerson Electric Co		92,112
	735,082		Empresa Brasileira de Aeronautica S.A.		5,188
	1,251,500	*,e	Empresas ICA Sociedad Controladora S.A. de C.V.		3,117
	60,051		Encore Wire Corp		1,820
	10,400	*,e	Endo Lighting Corp		311
	206,079	*,e	Energy Recovery, Inc		701
	257,513	*	EnerSys		9,690
	66,792		ENG Electric Co Ltd		81
	19,388	*,e	Engility Holdings, Inc		373
	2,315,354		Engineers India Ltd		9,679
	1,156,378		Enka Insaat ve Sanayi AS		3,452
	20,028	*,e	Enphase Energy, Inc		73
	75,540	*,e	EnPro Industries, Inc		3,090
	96,000		Enric Energy Equipment Holdings Ltd		87
	99,749		ESCO Technologies, Inc		3,732
	169,862		Escorts Ltd		232
	133,997	*	Esterline Technologies Corp		8,524
	1,144,901		European Aeronautic Defence and Space Co		45,133
	234,282		Exelis, Inc		2,640
	48,131	*	Fabryka Kotlow Rafako S.A.		131
	7,419		Faiveley S.A.		480
	105,964	*	Fanuc Ltd		19,715
	4,000,000	*	Far East Global Group Ltd		795
	4,308,852		Far Eastern Textile Co Ltd		4,947
	770,534		Fastenal Co		35,976
	252,065	*,e	Federal Signal Corp		1,918

23

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	231,840	*	Fenner plc	$	1,511
	1,194,356		Ferreyros S.A.		1,029
	1,780,558		Fiat Industrial S.p.A.		19,507
	298,362	*	Finmeccanica S.p.A.		1,727
	212,928	e	Finning International, Inc		5,260
	588,000	*,e	First Tractor Co		585
	172,637	*,e	Flow International Corp		604
	226,221	e	Flowserve Corp		33,209
	74,350	e	FLSmidth & Co AS		4,330
	811,702	e	Fluor Corp		47,679
	171,874	*,e	Fomento de Construcciones y Contratas S.A.		2,140
	109,173		Forge Group Ltd		567
	881,879		Forjas Taurus S.A. (Preference)		1,249
	1,367,167	*	Fortune Brands Home & Security, Inc		39,949
	290,100		Foshan Electrical and Lighting Co Ltd		198
	144,733	*	Foster Wheeler AG.		3,520
	107,692		Franklin Electric Co, Inc		6,695
	1,297,099		Fraser and Neave Ltd		10,365
	69,051		Freightcar America, Inc		1,548
	33,164	*	Frigoglass S.A.		231
	401,942		FSP Technology, Inc		374
	183,200	*,e	Fudo Tetra Corp		366
	525,266	*,e	FuelCell Energy, Inc		482
	554,302	*	Fuji Electric Holdings Co Ltd		1,364
	85,192		Fuji Machine Manufacturing Co Ltd		804
	472,978		Fujikura Ltd		1,476
	149,000		Fujitec Co Ltd		1,082
	137,747	*,e	Furmanite Corp		740
	840,000	*	Furukawa Co Ltd		852
	693,762	*	Furukawa Electric Co Ltd		1,560
	40,019	*	Futaba Corp/Chiba		453
	306,000		G Shank Enterprise Co Ltd		183
	668,000	*	Gallant Venture Ltd		158
	176,263		Galliford Try plc		2,151
	280,344	e	Gamesa Corp Tecnologica S.A.		622
	3,943,400		Gamuda BHD		4,709
	124,130	e	Gardner Denver, Inc		8,503
	111,149		GATX Corp		4,813
	68,789		GEA Group AG.		2,237
	17,781		Geberit AG.		3,942
	243,998	*,e	GenCorp, Inc		2,233
	167,879	e	Generac Holdings, Inc		5,760
	119,793	*,e	General Cable Corp		3,643
	743,204		General Dynamics Corp		51,482
	44,389,784		General Electric Co		931,742
	56,568	*	GeoEye, Inc		1,738
	4,697		Georg Fischer AG.		1,898
	5,556		Gesco AG.		502
	159,055	*,e	Gibraltar Industries, Inc		2,532
	292,221		Giken Seisakusho Co, Inc		1,548
	150,720		Gildemeister AG.		3,071
	59,361	e	Global Power Equipment Group, Inc		1,018

24

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	591,000		Globe Union Industrial Corp	$	306
	75,256		Glory Ltd		1,744
	1,923,251	*	GMR Infrastructure Ltd		686
	52,595	e	Gorman-Rupp Co		1,569
	154,290		Graco, Inc		7,944
	149,571	*,e	GrafTech International Ltd		1,404
	248,831		Grafton Group plc		1,288
	38,923	e	Graham Corp		759
	303,765		Grana y Montero S.A.		1,154
	189,533		Granite Construction, Inc		6,372
	9,950		Graphite India Ltd		15
	205,648	e	Great Lakes Dredge & Dock Corp		1,836
	22,415		Greaves Cotton Ltd		34
	81,949	*	Greenbrier Cos, Inc		1,325
	198,595	e	Griffon Corp		2,276
	58,821	*	Grontmij (ADR)		224
	149,813		Group Five Ltd		498
	1,076,037	e	Grupo Carso S.A. de C.V. (Series A1)		5,207
	47,644		GS Engineering & Construction Corp		2,579
	10,060		GS Global Corp		113
	73,065	e	GS Yuasa Corp		295
	98,800	e	Guangzhou Shipyard International Co Ltd		86
	313,342	e	GWA International Ltd		756
	121,355		H&E Equipment Services, Inc		1,829
	1,193,000	e	Haitian International Holdings Ltd		1,424
	55,224	e	Haldex AB		286
	6,670		Halla Engineering & Construction Corp		50
	430,596		Hangzhou Steam Turbine Co		583
	39,530	*	Hanjin Heavy Industries & Construction Co Ltd		466
	38,340		Hanjin Heavy Industries & Construction Holdings Co Ltd		267
	241,395	*	Hanwa Co Ltd		945
	790,700		HAP Seng Consolidated BHD		452
	2,186,000		Harbin Power Equipment		1,915
	42,578		Hardinge, Inc		423
	103,876		Harsco Corp		2,441
	164,602		Havells India Ltd		1,926
	186,984	e	Heico Corp		8,369
	259,276	*,e	Heidelberger Druckmaschinen		424
	167,708	*	Hellenic Technodomiki Tev S.A.		428
	2,804,000		Henderson Investment Ltd		219
	691,027	*,e	Hexcel Corp		18,630
	21,400		Hibiya Engineering Ltd		245
	571,021		Hills Industries Ltd		537
	1,195,866	*	Hindustan Construction Co		398
	1,057,577	*	Hino Motors Ltd		9,559
	19,000		Hisaka Works Ltd		157
	233,000	*,e	Hitachi Cable Ltd		381
	201,934	e	Hitachi Construction Machinery Co Ltd		4,247
	55,000	e	Hitachi Koki Co Ltd		451
	1,046,899	*	Hitachi Zosen Corp		1,475
	241,138		Hiwin Technologies Corp		1,782
	4,838,000	e	HKC Holdings Ltd		185

25

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	7,589	*	Hochtief AG.	$	444
	446,735		Hock Seng Lee BHD		219
	11,552	*	Homag Group AG.		175
	5,947,210		Honeywell International, Inc		377,469
	159,000		Hong Leong Asia Ltd		221
	1,112,387		Hopewell Holdings		4,823
	43,000		Hoshizaki Electric Co Ltd		1,143
	38,000		Hosokawa Micron Corp		237
	68,768	e	Houston Wire & Cable Co		844
	911,000	*	HUA ENG Wire & Cable		393
	88,371		Hubbell, Inc (Class B)		7,479
	21,498		Huber & Suhner AG.		1,027
	157,113		Huntington Ingalls		6,809
	24,380	*	Hurco Cos, Inc		561
	3,199,961		Hutchison Whampoa Ltd		33,910
	17,644		Hy-Lok Corp		330
	71,978	e	Hyster-Yale Materials Handling, Inc		3,513
	40,020		Hyundai Corp		781
	201,686		Hyundai Development Co		4,113
	91,280		Hyundai Engineering & Construction Co Ltd		6,017
	71,622		Hyundai Heavy Industries		16,296
	12,968		Hyundai Mipo Dockyard		1,556
	54,200	*,e	Idec Corp		504
	111,469		IDEX Corp		5,187
	669,019	*	Ihlas Holding		471
	188,159	*	II-VI, Inc		3,438
	1,619,807		IJM Corp BHD		2,650
	31,410		Iljin Electric Co Ltd		134
	1,793,690	e	Illinois Tool Works, Inc		109,074
	21,470		IMARKETKOREA,Inc		572
	56,537		IMI plc		1,023
	40,482		Implenia AG.		1,766
	873,648		Impregilo S.p.A.		4,095
	28,640		IMS-Intl Metal Service		332
	200,749		Imtech NV		4,663
	38,610		Inaba Denki Sangyo Co Ltd		1,109
	98,884		Inabata & Co Ltd		667
	41,698		Indus Holding AG.		1,116
	14,700		Industria Macchine Automatiche S.p.A.		279
	39,000	*	Industrias Romi S.A.		88
	21,876		Indutrade AB		663
	996		Ingersoll-Rand India Ltd		9
	2,387,193		Ingersoll-Rand plc		114,490
	66,599		Insteel Industries, Inc		831
	2,925,000	*	Interchina Holdings Co		173
	89,272		Interpump Group S.p.A.		686
	273,490		Interserve plc		1,745
	14,510,048		Invensys plc		77,651
	266,900		Iochpe-Maxion S.A.		3,565
	12,320		IS Dongseo Co Ltd		117
	542,000		Iseki & Co Ltd		1,412
	296,000		I-Sheng Electric Wire & Cable Co Ltd		413

26

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	11,008,341		Ishikawajima-Harima Heavy Industries Co Ltd	$	28,546
	1,650,000		Italian-Thai Development PCL		227
	3,410,677		Itochu Corp		36,048
	225,740		ITT Corp		5,296
	759,135	*	IVRCL Infrastructures & Projects Ltd		638
	244,000		Iwatani International Corp		908
	307,350	*	Jacobs Engineering Group, Inc		13,084
	198,102		Jain Irrigation Systems Ltd		274
	1,300,978		Jaiprakash Associates Ltd		2,351
	106,604	*	Japan Pulp & Paper Co Ltd		351
	297,443		Japan Steel Works Ltd		1,938
	1,199,957		JG Summit Holdings (Series B)		1,158
	109,894		JGC Corp		3,424
	4,536,000	e	Jiangsu Rongsheng Heavy Industry Group Co Ltd		743
	20,000		Jingwei Textile Machinery		13
	8,516		Jinsung T.E.C.		67
	128,536		John Bean Technologies Corp		2,284
	1,993,000		Johnson Electric Holdings Ltd		1,337
	998,291		Joy Global, Inc		63,671
	660,577		JTEKT Corp		6,298
	179,000	e	Juki Corp		259
	43,087		Jungheinrich AG.		1,681
	7,506	*	JVM Co Ltd		327
	3,805		Kaba Holding AG.		1,612
	73,810	*	Kadant, Inc		1,957
	180,434		Kajima Corp		597
	8,178		Kalpataru Power Transmission Ltd		14
	94,678	e	Kaman Corp		3,484
	26,000	*	Kamei Corp		235
	27,000		Kanamoto Co Ltd		415
	229,000		Kandenko Co Ltd		1,030
	554,000	*	Kanematsu Corp		764
	23,600		Katakura Industries Co Ltd		209
	23,000		Kaulin Manufacturing Co Ltd		14
	1,828,640	*	Kawasaki Heavy Industries Ltd		4,973
	115,407		Kaydon Corp		2,762
	1,016,252		KBR, Inc		30,406
	14,427		KCC Corp		4,032
	6,490		KCC Engineering & Construction Co Ltd		159
	62,368	e	KCI Konecranes Oyj		2,128
	10,039	*	KEC International Ltd		12
	25,000		Keihan Electric Railway Co Ltd		113
	149,638		Keller Group plc		1,686
	10,657		Kendrion NV		225
	342,020	e	Kennametal, Inc		13,681
	182,243		Kentz Corp Ltd		1,160
	2,581,438	e	Keppel Corp Ltd		23,573
	65,538	*,e	KEYW Holding Corp		832
	46,099		KHD Humboldt Wedag International AG.		285
	55,739		Kier Group plc		1,211
	118,937		Kinden Corp		775

27

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	192,000		King Slide Works Co Ltd		$	1,221
	161,744		Kingspan Group plc			1,789
	49,000		Kinik Co			70
	50,000		Kinki Sharyo Co Ltd			168
	249,300		Kitz Corp			1,179
	119,432	e	Kloeckner & Co AG.			1,428
	1,422,956		KOC Holding AS			7,435
	19,790		Kolon Engineering & Construction Co Ltd			65
	1,325,367		Komatsu Ltd			34,009
	3,179		Komax Holding AG.			249
	66,090		Komori Corp			550
	176,424		Kone Oyj (Class B)			13,048
	307,328	e	Koninklijke BAM Groep NV			1,326
	1,324,737		Koninklijke Philips Electronics NV			35,079
	14,708	*	Koor Industries Ltd			186
	72,525	*	Kopex S.A.			415
	47,770		Korea Aerospace Industries Ltd			1,158
	21,090		Korea Electric Terminal Co Ltd			575
	136,629	*,e	Kratos Defense & Security Solutions, Inc			687
	16,045		Krones AG.			1,000
	235		KSB AG.			144
	887,757		Kubota Corp			10,207
	31,690	*	KUKA AG.			1,164
	5,000		Kumho Electric Co Ltd			101
	54,571	*	Kumho Industrial Co Ltd			79
	15,610		Kurita Water Industries Ltd			343
	83,579	e	Kuroda Electric Co Ltd			989
	80,500	*	Kyokuto Kaihatsu Kogyo Co Ltd			886
	67,000		Kyosan Electric Manufacturing Co Ltd			230
	97,700		Kyowa Exeo Corp			983
	54,000		Kyudenko Corp			279
	367,473		L-3 Communications Holdings, Inc			28,156
	1,074	*	Lakshmi Machine Works Ltd			44
	1,161,918	*	Lanco Infratech Ltd			293
	425,265		Larsen & Toubro Ltd			12,627
	67,460	*	Layne Christensen Co			1,637
	57,931		LB Foster Co (Class A)			2,517
	125,696		Legrand S.A.			5,334
	132,425		Leighton Holdings Ltd			2,500
	420,160		Lennox International, Inc			22,067
	380,000		Leoch International Technology Ltd			60
	175,585		LG Corp			10,756
	18,272		LG Hausys Ltd			1,358
	70,170		LG International Corp			3,193
	298,541		Lincoln Electric Holdings, Inc			14,533
	80,310		Lindab International AB			531
	66,924	e	Lindsay Manufacturing Co	��		5,362
	4,131		LISI			336
	687,591		LIXIL Group Corp			15,337
	34,856	*	LMI Aerospace, Inc			674
	586,708		Lockheed Martin Corp			54,147
	159,000		Longwell Co			156
	13,787,000	e	Lonking Holdings Ltd			3,742

28

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,719,936	*,e	Lonrho plc	$	241
	24,016		LS Cable Ltd		2,128
	19,692		LS Industrial Systems Co Ltd		1,242
	78,142	e	LSI Industries, Inc		548
	134,000	*	Luoyang Glass Co Ltd		27
	61,039	*,e	Lydall, Inc		875
	8,960		Mabuchi Motor Co Ltd		382
	174,021		MACA Ltd		414
	3,227,878		Macmahon Holdings Ltd		773
	205,000		Maeda Corp		1,084
	181,000		Maeda Road Construction Co Ltd		2,765
	156,247		Maire Tecnimont S.p.A.		84
	226,748		Makino Milling Machine Co Ltd		1,409
	108,511	*	Makita Corp		5,041
	514,449		Malaysia Marine and Heavy Engineering Sdn BHD		744
	2,224,300		Malaysian Resources Corp BHD		1,139
	173,427		MAN AG.		18,630
	12,016		Manitou BF S.A.		207
	185,191		Manitowoc Co, Inc		2,904
	262,700		Marcopolo S.A.		1,655
	3,937,636	*	Marubeni Corp		28,253
	1,960,570		Masco Corp		32,663
	192,708	*,e	Mastec, Inc		4,804
	37,000		Max Co Ltd		451
	137,165		MAX India Ltd		611
	602,686		Meggitt plc		3,774
	236,000	e	Meidensha Corp		800
	21,000	*,e	Meiwa Corp		90
	946,135		Melrose Industries plc		3,475
	59,668		Metka S.A.		771
	54,877	e	Met-Pro Corp		532
	467,787	e	Metso Oyj		19,971
	59,864	*,e	Meyer Burger Technology AG.		449
	45,414		Michael Baker Corp		1,132
	70,003		Micron Machinery Co Ltd		1,913
	70,327	*,e	Middleby Corp		9,017
	65,366	e	Miller Industries, Inc		997
	333,100		Mills Estruturas e Servicos de		5,531
	1,589,000	e	Minebea Co Ltd		5,645
	183,000		Miraito Holdings Corp		1,661
	99,200		MISUMI Group, Inc		2,711
	2,383,958		Mitsubishi Corp		45,898
	1,117,190		Mitsubishi Electric Corp		9,512
	3,453,800		Mitsubishi Heavy Industries Ltd		16,707
	109,700		Mitsuboshi Belting Co Ltd		610
	3,054,297		Mitsui & Co Ltd		45,780
	2,533,304		Mitsui Engineering & Shipbuilding Co Ltd		3,908
	686,000		Mitsui Matsushima Co Ltd		1,152
	31,600	e	Miura Co Ltd		830
	4,058,474		MMC Corp BHD		3,492
	1,274,635	e	Monadelphous Group Ltd		32,816
	39,300	e	MonotaRO Co Ltd		1,266

29

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	162,475	*	Moog, Inc (Class A)	$	6,666
	672,856	*	Morgan Crucible Co plc		3,014
	40,262		Morgan Sindall plc		337
	111,100	e	Mori Seiki Co Ltd		973
	213,070	e	Mota Engil SGPS S.A.		441
	203,066	*	MRC Global, Inc		5,641
	126,250		MSC Industrial Direct Co (Class A)		9,517
	77,951		MTU Aero Engines Holding AG.		7,114
	726,166		Mudajaya Group BHD		625
	179,879		Mueller Industries, Inc		8,999
	831,372		Mueller Water Products, Inc (Class A)		4,664
	591,400		Muhibbah Engineering M BHD		160
	902,504	*,e	Murray & Roberts Holdings Ltd		2,635
	91,151	*	MYR Group, Inc		2,028
	26,910	e	Nabtesco Corp		601
	217,332		Nachi-Fujikoshi Corp		888
	86,810		Nagarjuna Construction Co		92
	269,600		Nagase & Co Ltd		2,987
	42,300		Namura Shipbuilding Co Ltd		139
	16,890	e	National Presto Industries, Inc		1,167
	83,025	*,e	Navistar International Corp		1,807
	10,050		NCC AB		210
	98,400	e	NCC AB (B Shares)		2,069
	123,710	*	NCI Building Systems, Inc		1,720
	77,700		NEC Capital Solutions Ltd		1,171
	2,023,351	*	Neo-Neon Holdings Ltd		536
	26,134		Nexans S.A.		1,170
	196,050		NGK Insulators Ltd		2,326
	105,029	e	Nibe Industrier AB (Series B)		1,520
	130,000	e	Nichias Corp		711
	8,000		Nichiden Corp		194
	61,100		Nichiha Corp		709
	62,291	e	Nidec Corp		3,638
	82,000		Nippo Corp		1,134
	155,000	e	Nippon Carbon Co Ltd		322
	69,000		Nippon Densetsu Kogyo Co Ltd		655
	128,000		Nippon Koei Co Ltd		471
	224,000		Nippon Road Co Ltd		1,049
	93,730	e	Nippon Sharyo Ltd		359
	1,577,000	e	Nippon Sheet Glass Co Ltd		2,085
	158,300		Nippon Signal Co Ltd		1,120
	65,000		Nippon Steel Trading Co Ltd		174
	92,000		Nippon Thompson Co Ltd		413
	385,000		Nishimatsu Construction Co Ltd		807
	13,400		Nishio Rent All Co Ltd		188
	160,000	e	Nisshinbo Industries, Inc		1,354
	63,000		Nissin Electric Co Ltd		324
	24,300		Nitta Corp		390
	246,000	*	Nitto Boseki Co Ltd		972
	81,600		Nitto Kogyo Corp		1,110
	13,973		Nitto Kohki Co Ltd		297
	24,460		NK Co Ltd		73

30

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	28,238	e	NKT Holding AS	$	1,021
	59,178	*	NN, Inc		542
	4,523,122		Noble Group Ltd		4,370
	51,800	*,e	Nordex AG.		206
	332,065		Nordson Corp		20,960
	268,919		Noritake Co Ltd		654
	77,800		Noritz Corp		1,301
	48,824		NORMA Group		1,353
	34,734	*	Nortek, Inc		2,301
	654,077		Northrop Grumman Corp		44,203
	34,155	*	Northwest Pipe Co		815
	972,744		NRW Holdings Ltd		1,946
	172,482		NSK Ltd		1,227
	927,000		NTN Corp		2,513
	2,349,328	e	NWS Holdings Ltd		3,993
	25,438		Obara Corp		285
	1,041,809		Obayashi Corp		5,874
	104,286		Obrascon Huarte Lain S.A.		3,047
	618,253		OC Oerlikon Corp AG.		7,041
	10,093		OHB AG.		202
	127,500		Oiles Corp		2,569
	253,641		Okuma Holdings, Inc		1,750
	221,000		Okumura Corp		905
	6,089	e	Omega Flex, Inc		75
	13,600		Onoken Co Ltd		121
	139,958		Orascom Construction Industries		5,553
	214,335	*	Orbital Sciences Corp		2,951
	46,000		Organo Corp		261
	93,272	*,e	Orion Marine Group, Inc		682
	61,541		Orkla ASA		539
	82,184	*	Ormat Industries		494
	82,400		OSG Corp		1,143
	203,141	*	Oshkosh Truck Corp		6,023
	120,484	e	Outotec Oyj		6,807
	2,456,180	*	Owens Corning, Inc		90,854
	892,714	e	Paccar, Inc		40,360
	17,261		Palfinger AG.		375
	466,298	e	Pall Corp		28,099
	1,631,000		Pan-United Corp Ltd		1,044
	1,481,210		Parker Hannifin Corp		125,992
	28,480	*	Patrick Industries, Inc		443
	221,257	e	Peab AB (Series B)		1,058
	1,454,112		Pentair Ltd		71,470
	340,500	e	Penta-Ocean Construction Co Ltd		921
	156,998	*	Perini Corp		2,151
	11,804		Pfeiffer Vacuum Technology AG.		1,438
	49,388	*,e	Pgt, Inc		222
	107,000		Phihong Technology Co Ltd		92
	71,309		Pike Electric Corp		681
	15,495	*	Pinguely-Haulotte		113
	603,843	*	Pipavav Shipyard Ltd		1,008
	37,035		Pkc Group Oyj		762

31

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,743		Plasson	$	135
	104,097	*,e	PMFG, Inc		946
	112,300		Polyplex PCL		51
	322,395	*,e	Polypore International, Inc		14,991
	32,393	*	Powell Industries, Inc		1,345
	1,059,405		Precision Castparts Corp		200,673
	10,888		Preformed Line Products Co		647
	195,960	e	Primoris Services Corp		2,947
	120,000	*,e	Promotora y Operadora de Infraestructura SAB de C.V.		800
	60,681	*,e	Proto Labs, Inc		2,392
	43,337		Prysmian S.p.A.		865
	1,290,000		PT Adhi Karya Persero Tbk		237
	6,282,500		PT AKR Corporindo Tbk		2,721
	564,500		PT Hexindo Adiperkasa Tbk		478
	10,613,000		PT Pembangunan Perumahan Tbk		916
	12,877,500		PT Surya Semesta Internusa Tbk		1,451
	2,748,664		PT United Tractors Tbk		5,670
	7,843,500		PT Wijaya Karya		1,209
	751,670	*	Punj Lloyd Ltd		835
	1,726,614	*	QinetiQ plc		5,190
	129,492		Quanex Building Products Corp		2,643
	930,670	*	Quanta Services, Inc		25,398
	3,656		R Stahl AG.		130
	140,631		Ramirent Oyj		1,167
	706,700		Randon Participacoes S.A.		4,380
	4,076		Rational AG.		1,177
	310,464		Raubex Group Ltd		622
	126,515		Raven Industries, Inc		3,335
	924,514		Raytheon Co		53,215
	76,684	*	RBC Bearings, Inc		3,840
	47,740		Rechi Precision Co Ltd		42
	266,265		Regal-Beloit Corp		18,764
	203,317	e	Reunert Ltd		1,825
	714,982		Rexel S.A.		14,623
	141,347	*,e	Rexnord Corp		3,011
	104,976		Rheinmetall AG.		5,100
	304,365		Rich Development Co Ltd		161
	3,762		Rieter Holding AG.		660
	182,608		Robbins & Myers, Inc		10,856
	679,740		Rockwell Automation, Inc		57,091
	795,441		Rockwell Collins, Inc		46,271
	9,557		Rockwool International AS (B Shares)		1,074
	2,932,025	*	Rolls-Royce Group plc		42,055
	1,512,127		Roper Industries, Inc		168,572
	4,235	e	Rosenbauer International AG.		257
	331,000		Rotary Engineering Ltd		122
	123,284		Rotork plc		5,146
	195,000		Run Long Construction Co Ltd		227
	113,588	*	Rush Enterprises, Inc (Class A)		2,348
	158,333	e	Russel Metals, Inc		4,395
	166,000	e	Ryobi Ltd		450
	15,330		S&T Holdings Co Ltd		140

32

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	145,377		Saab AB (Class B)	$	3,028
	173,402		Safran S.A.		7,510
	27,641		Saft Groupe S.A.		651
	533,199		Salfacorp S.A.		1,091
	171,579		Samsung Corp		10,135
	41,258		Samsung Engineering Co Ltd		6,428
	453,056		Samsung Heavy Industries Co Ltd		16,554
	45,674		Samsung Techwin Co Ltd		2,564
	367,370		San Miguel Corp		944
	242,000		San Shing Fastech Corp		356
	756,424		Sandvik AB		12,157
	121,003		Sanki Engineering Co Ltd		592
	27,800	*	Sankyo Tateyama, Inc		494
	627,000		Sanwa Shutter Corp		2,768
	1,348,000	e	Sany Heavy Equipment International		714
	98,000		Sanyo Denki Co Ltd		537
	83,409	e	Sauer-Danfoss, Inc		4,452
	1,118,171		Scania AB (B Shares)		23,248
	6,234		Schindler Holding AG.		902
	6,553		Schindler Holding AG. (Reg)		929
	41,890	*	Schneider Electric Infrastructure Ltd		65
	436,364		Schneider Electric S.A.		31,960
	28,747		Schouw & Co		758
	1,730		Schweiter Technologies AG.		993
	1,628		Seaboard Corp		4,119
	39,540	e	SeaCube Container Leasing Ltd		745
	367,356		Sedgman Ltd		478
	80,000		Seika Corp		221
	156,000		Sekisui Jushi Corp		1,636
	1,249,924		SembCorp Industries Ltd		5,450
	1,403,273	e	SembCorp Marine Ltd		5,361
	15,716		Semperit AG. Holding		650
	933,574		Senior plc		3,056
	69,881	*	Sensata Technologies Holding BV		2,270
	43,670	e	SGL Carbon AG.		1,741
	385,308	*	SGSB Group Co Ltd	��	170
	144,200	*	Shanghai Automation Instrumentation Co Ltd		73
	754,880		Shanghai Diesel Engine Co Ltd		512
	7,840,000	e	Shanghai Electric Group Co Ltd		3,415
	746,600	*	Shanghai Erfangji Co Ltd		333
	605,800		Shanghai Highly Group Co Ltd		320
	1,791,400		Shanghai Industrial Holdings Ltd		6,387
	218,200	*	Shanghai Lingyun Industries Development Co Ltd		112
	131,800		Shanghai Material Trading Co Ltd		65
	479,420		Shanghai Mechanical and Electrical Industry Co Ltd		506
	438,400		Shanghai Waigaoqiao Free Trade Zone Development Co Ltd		355
	167,538	*	Shaw Group, Inc		7,809
	342,823		ShenMao Technology, Inc		382
	584,000		Shihlin Electric & Engineering Corp		726
	256,179		Shikun & Binui Ltd		477
	29,100		Shima Seiki Manufacturing Ltd		475

33

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	442,733		Shimizu Corp	$	1,664
	184,000		Shin Zu Shing Co Ltd		572
	124,000		Shinko Electric Co Ltd		236
	472,590		Shinmaywa Industries Ltd		3,203
	65,000		Shinsho Corp		128
	23,900	e	SHO-BOND Holdings Co Ltd		895
	560,800		Siam Future Development PCL		130
	787,828	*	Siemens AG.		86,149
	58,154		Siemens India Ltd		714
	6,307	e	SIFCO Industries, Inc		99
	789,252		SIG plc		1,565
	72,669		Silitech Technology Corp		126
	3,673,771		Sime Darby BHD		11,474
	174,670		Simpson Manufacturing Co, Inc		5,727
	8,134,000		Singamas Container Holdings Ltd		1,990
	2,360,916		Singapore Technologies Engineering Ltd		7,452
	1,965,100		Sino Thai Engineering & Construction PCL		1,755
	433,988		Sintex Industries Ltd		525
	46,300		Sintokogio Ltd		368
	40,756		SK Corp		6,893
	164,640		SK Networks Co Ltd		1,305
	31,359		Skanska AB (B Shares)		515
	2,425,096		SKF AB (B Shares)		61,422
	6,197	*	SKF India Ltd		72
	398,225		SM Investments Corp		8,593
	13,949		SMC Corp		2,534
	2,584,169		Smiths Group plc		50,618
	433,141		Snap-On, Inc		34,214
	159,074		SNC-Lavalin Group, Inc		6,448
	522,016		SOCAM Development Ltd		593
	120,200		Sodick Co Ltd		562
	5,957,986		Sojitz Holdings Corp		8,809
	6,876		Solar Holdings AS (B Shares)		315
	2,086,159		Sonae SPGS S.A.		1,895
	835,338	*	Speedy Hire plc		529
	100,171		Spirax-Sarco Engineering plc		3,751
	427,969	*	Spirit Aerosystems Holdings, Inc (Class A)		7,263
	546,487		SPX Corp		38,336
	145,000		Sriracha Construction PCL		181
	62,925		Standex International Corp		3,227
	467,580		Stanley Works		34,587
	76,723		Stefanutti Stocks Holdings Ltd		84
	98,233	*,e	Sterling Construction Co, Inc		976
	31,646	e	Strabag SE		853
	37,619		STX Corp Co Ltd		298
	13,890		STX Engine Co Ltd		122
	1,240,234	e	STX OSV Holdings Ltd		1,343
	58,750		STX Shipbuilding Co Ltd		406
	3,452		Sulzer AG.		546
	255,000		Sumikin Bussan Corp		660
	2,286,068		Sumitomo Corp		29,330
	24,500	*	Sumitomo Densetsu Co Ltd		267

34

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,015,653		Sumitomo Electric Industries Ltd	$	11,740
	910,628		Sumitomo Heavy Industries Ltd		4,364
	43,000		Sumitomo Precision Products Co Ltd		208
	74,050		Sun Hydraulics Corp		1,931
	28,990	*	Sung Jin Geotec Co Ltd		293
	13,371		Sung Kwang Bend Co Ltd		309
	373,000		Sunonwealth Electric Machine Industry Co Ltd		229
	148,000		Sunspring Metal Corp		157
	263,526	e	Superior Plus Corp		2,713
	648,661	*	Suzlon Energy Ltd		223
	329,000	e	SWCC Showa Holdings Co Ltd		283
	605,228		Swisslog Holding AG.		781
	67,512		Sypris Solutions, Inc		267
	1,176,370		Ta Ya Electric Wire & Cable		290
	133,000		Tadano Ltd		1,117
	10,658	*	Taewoong Co Ltd		207
	116,440		Taeyoung Engineering & Construction		570
	48,319	*	Taihan Electric Wire Co Ltd		169
	89,000		Taihei Dengyo Kaisha Ltd		549
	69,000		Taihei Kogyo Co Ltd		284
	83,855		Taikisha Ltd		1,584
	1,154,166		Taisei Corp		3,838
	1,100,872		Taiwan Glass Industrial Corp		1,144
	10,100	*	Takaoka Toko Holdings Co Ltd		148
	145,929		Takara Standard Co Ltd		1,034
	137,800		Takasago Thermal Engineering Co Ltd		1,084
	290,000		Takuma Co Ltd		1,645
	105,091	e	TAL International Group, Inc		3,823
	360,630	*	Taser International, Inc		3,224
	702,000	e	Tat Hong Holdings Ltd		785
	46,000		Tatsuta Electric Wire and Cable Co Ltd		401
	2,660,833		Teco Electric and Machinery Co Ltd		2,048
	318,153	*	Teledyne Technologies, Inc		20,702
	108,207	e	Tennant Co		4,756
	361,632	*	Terex Corp		10,165
	44,203	e	Textainer Group Holdings Ltd		1,391
	3,881,286		Textron, Inc		96,217
	217,139		Thales S.A.		7,566
	22,707	*	Thermax Ltd		256
	99,498	*,e	Thermon Group Holdings		2,242
	114,893		THK Co Ltd		2,066
	1,360,000	*	Tianjin Development Hldgs		762
	534,922	e	Timken Co		25,585
	155,642	e	Titan International, Inc		3,381
	59,121	*,e	Titan Machinery, Inc		1,460
	23,386	*	TK Corp		473
	246,000		Toa Corp/Tokyo		407
	14,000		Tocalo Co Ltd		235
	339,000		Toda Corp		1,034
	70,000		Toenec Corp		368
	187,200		Tokai Corp		602
	57,000		Tokyo Energy & Systems, Inc		327

35

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	96,060	e	Tokyu Construction Co Ltd	$	277
	53,978		Tong-Tai Machine & Tool Co Ltd		41
	178,625		Topco Technologies Corp		380
	23,000		Torishima Pump Manufacturing Co Ltd		185
	348,985		Toro Co		14,999
	100,342		Toromont Industries Ltd		2,129
	445,964		Toshiba Machine Co Ltd		2,213
	45,000		Toshiba Plant Systems & Services Corp		648
	25,400	e	Totetsu Kogyo Co Ltd		348
	80,297		Toto Ltd		604
	90,800		Toyo Construction Co Ltd		323
	160,000		Toyo Engineering Corp		758
	12,100	e	Toyo Tanso Co Ltd		248
	630,501		Toyota Tsusho Corp		15,563
	777,000		Tradewinds Corp BHD		264
	217,766		Trakya Cam Sanayi AS		298
	193,704		TransDigm Group, Inc		26,413
	2,547,862	e	Travis Perkins plc		45,653
	1,146,570		Trelleborg AB (B Shares)		14,339
	39,981		Trevi Finanziaria S.p.A.		215
	88,917	*,e	Trex Co, Inc		3,310
	202,564	*	Trimas Corp		5,664
	257,907	e	Trinity Industries, Inc		9,238
	176,498		Triumph Group, Inc		11,525
	22,831		Triveni Turbine Ltd		25
	47,262		Trusco Nakayama Corp		865
	168,000		Tsubakimoto Chain Co		948
	70,000	e	Tsugami Corp		462
	46,000		Tsukishima Kikai Co Ltd		399
	692,000	e	Tuan Sing Holdings Ltd		192
	514,483		Turk Sise ve Cam Fabrikalari AS		855
	83,749		Turk Traktor ve Ziraat Makineleri AS		2,748
	27,976	e	Twin Disc, Inc		488
	87,687		Ultra Electronics Holdings		2,389
	11,700		Union Tool Co		182
	151,172	*	Unison Co Ltd		975
	205,000	e	United Engineers Ltd		569
	513,061	e	United Group Ltd		5,857
	404,000		United Integrated Services Co Ltd		341
	280,749	*	United Rentals, Inc		12,780
	2,089,069		United Technologies Corp		171,325
	107,351		Universal Forest Products, Inc		4,084
	64,407	e	Uponor Oyj		823
	230,889		URS Corp		9,065
	333,230	*,e	USG Corp		9,354
	2,082,985		Ushio, Inc		22,841
	158,102		Vallourec		8,299
	145,000		Valmont Industries, Inc		19,800
	243,086	*,e	Vestas Wind Systems AS		1,370
	525,743		Vesuvius plc		2,955
	77,843	*	Vicor Corp		422
	873,437		Vinci S.A.		42,053

36

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	136,975		Voltas Ltd	$	268
	148,664		Volvo AB (B Shares)		2,050
	91,793	*,e	Von Roll Holding AG.		204
	6,141		Vossloh AG.		605
	271,983	e	W.W. Grainger, Inc		55,041
	232,564	*	Wabash National Corp		2,086
	463,676	*	WABCO Holdings, Inc		30,227
	44,262		Wacker Construction Equipment AG.		608
	280,300		Wafangdian Bearing Co Ltd		196
	22,938	e	Wajax Income Fund		939
	50,000	*	Wakita & Co Ltd		411
	9,157,050	*	Walsin Lihwa Corp		3,153
	1,253		Walter Meier AG.		325
	13,341		Wartsila Oyj (B Shares)		581
	105,295		Watsco, Inc		7,887
	121,876		Watts Water Technologies, Inc (Class A)		5,239
	397,000		Ways Technical Corp Ltd		1,140
	1,423,700		WCT Berhad		1,100
	24,500		Weg S.A.		323
	248,880		Wei Mon Industry Co Ltd		101
	832,800	e	Weichai Power Co Ltd		3,764
	23,609		Weir Group plc		730
	198,520		Well Shin Technology Co Ltd		280
	220,592	*,e	WESCO International, Inc		14,875
	192,879		Westinghouse Air Brake Technologies Corp		16,885
	57,805	*,e	Westport Innovations, Inc		1,530
	3,747,641	e	Wienerberger AG.		34,501
	15,196	*,e	Willis Lease Finance Corp		217
	165,768		Wilson Bayly Holmes-Ovcon Ltd		3,070
	1,811,849		Wolseley plc		86,640
	304,215	e	Woodward Governor Co		11,600
	26,127		Wooree ETI Co Ltd		122
	24,863	e	XP Power Ltd		411
	127,137		Xxentria Technology Materials Corp		229
	307,963		Xylem, Inc		8,346
	11,360		Y G-1 Co Ltd		129
	36,000		Yahagi Construction Co Ltd		182
	118,500		Yamazen Corp		889
	2,534,370	e	Yangzijiang Shipbuilding		2,030
	105,037		Yazicilar Holding AS		941
	226,485	e	YIT Oyj		4,458
	43,000		Yokogawa Bridge Holdings Corp		396
	480,000	e	Yoma Strategic Holdings Ltd		283
	22,070		Young Poong Precision Corp		225
	5,190,000		Yuanda China Holdings Ltd		626
	478,782		Yuasa Trading Co Ltd		859
	834,000		Yungtay Engineering Co Ltd		1,543
	53,000		Yurtec Corp		187
	12,100		Yushin Precision Equipment Co Ltd		237
	56,850		Zardoya Otis S.A.		810
	12,160		Zehnder Group AG.		588
	626,000	e	Zhuzhou CSR Times Electric Co Ltd		2,376

37

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	74,823	*	Zodiac S.A.	$	8,284
	31,286		Zumtobel AG.		415
			TOTAL CAPITAL GOODS		8,455,653
COMMERCIAL & PROFESSIONAL SERVICES - 1.3%
	67,923		Aangpanneforeningen AB (B Shares)		1,629
	221,180		ABM Industries, Inc		4,413
	251,987	*	Acacia Research (Acacia Technologies)		6,463
	434,016	*,e	ACCO Brands Corp		3,186
	63,973		Acorn Energy, Inc		500
	29,793		Adcorp Holdings Ltd		105
	1,336,095		Adecco S.A.		70,757
	100,170		Administaff, Inc		3,262
	2,444,917		ADT Corp		113,664
	174,016	*	Advisory Board Co		8,142
	22,200		Aeon Delight Co Ltd		435
	330,279	e	Aggreko plc		9,426
	14,124		Akka Technologies S.A.		447
	350,371	e	ALS Ltd		3,997
	154,525		American Banknote S.A.		3,434
	129,969	e	American Ecology Corp		3,060
	160,109	*	ARC Document Solutions, Inc		410
	16,650,000	*	Asia Energy Logistics Group Ltd		211
	27,540		Assystem		541
	39,557	*	AT Cross Co		426
	231,895	*	Atkins WS plc		2,890
	133,593		Avery Dennison Corp		4,665
	291,630	*	Babcock International Group		4,603
	44,215	e	Barrett Business Services, Inc		1,684
	12,576	*,e	Bertrandt AG.		1,263
	156,150	e	BFI Canada Ltd		3,372
	98,869		Bilfinger Berger AG.		9,587
	75,000		Black Diamond Group Ltd		1,512
	296,699		Blue Label Telecoms Ltd		282
	2,262,900		Brambles Ltd		17,943
	236,328		Brink’s Co		6,742
	31,959		Brunel International		1,559
	68,671		Bureau Veritas S.A.		7,700
	16,442		BWT AG.		346
	145,427	e	Cabcharge Australia Ltd		671
	397,510		Cape plc		1,369
	1,390,951		Capita Group plc		17,188
	98,951	*	Casella Waste Systems, Inc (Class A)		433
	124,651	*,e	CBIZ, Inc		737
	49,105	e	CDI Corp		841
	54,827		Ceco Environmental Corp		546
	201,923	*,e	Cenveo, Inc		545
	10,312		Cewe Color Holding AG.		422
	3,121,000	e	China Everbright International Ltd		1,601
	267,527		Cintas Corp		10,942
	125,615	*	Clean Harbors, Inc		6,910
	220,000		Cleanaway Co Ltd		1,455

38

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,271	e	Compx International, Inc	$	32
	37,909	*	Consolidated Graphics, Inc		1,324
	119,800		Contax Participacoes S.A.		1,445
	485,588	*,e	Coolbrands International, Inc		850
	887,307	*	Copart, Inc		26,176
	179,196	e	Corporate Executive Board Co		8,505
	408,074		Corrections Corp of America		14,474
	42,056		Courier Corp		463
	260,289		Covanta Holding Corp		4,795
	39,166	*	CRA International, Inc		774
	93,992		Credit Corp Group Ltd		798
	690,102		Dai Nippon Printing Co Ltd		5,411
	41,500		Daiseki Co Ltd		574
	359,620		Davis Service Group plc		3,485
	120,065		De La Rue plc		1,780
	180,333		Deluxe Corp		5,814
	114,315		Derichebourg		483
	115,331	*	Dolan Media Co		449
	529,168	*	Downer EDI Ltd		2,269
	114,582	e	Dun & Bradstreet Corp		9,012
	55,698		Duskin Co Ltd		1,009
	2,323,000	*	Eastern Media International Corp		321
	3,411,874		Edenred		105,524
	603,170	*	EnergySolutions, Inc		1,882
	113,158	*,e	EnerNOC, Inc		1,330
	90,288	e	Ennis, Inc		1,397
	490,284		Equifax, Inc		26,534
	2,017,679		Experian Group Ltd		32,519
	80,006	*	Exponent, Inc		4,467
	1,158,000	*,e,m	Fook Woo Group Holdings Ltd		102
	56,506	*	Franklin Covey Co		729
	149,581	*	FTI Consulting, Inc		4,936
	15,463,000		Fung Choi Media Group Ltd		1,709
	75,738		G & K Services, Inc (Class A)		2,586
	29,561		Gategroup Holding AG.		780
	48,600		Genivar Income Fund		967
	257,295		Geo Group, Inc		7,256
	9,568		GL Events		213
	63,507	*	GP Strategies Corp		1,311
	1,087,283		Group 4 Securicor plc		4,556
	60,817		Gunnebo AB		229
	1,857,256		Hays plc		2,526
	247,183		Healthcare Services Group		5,742
	125,439		Heidrick & Struggles International, Inc		1,914
	25,857	*,e	Heritage-Crystal Clean, Inc		388
	201,920		Herman Miller, Inc		4,325
	101,015	*,e	Hill International, Inc		370
	157,768		HNI Corp		4,743
	650,878	*	Homeserve plc		2,501
	131,492	*,e	Hudson Highland Group, Inc		589
	90,852	*	Huron Consulting Group, Inc		3,061
	73,935	*,e	ICF International, Inc		1,733

39

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	547,716	*	ICO Global Communications Holdings Ltd	$	696
	127,774	*,e	IHS, Inc (Class A)		12,266
	106,622	*,e	Innerworkings, Inc		1,469
	204,030	e	Interface, Inc		3,281
	62,560	e	Intersections, Inc		593
	313,799		Intertek Group plc		15,940
	230,677		Intrum Justitia AB		3,456
	106,080	*	Ipek Matbacilik Sanayi Ve Ticaret AS		359
	415,710		Iron Mountain, Inc		12,908
	500,409	*	ITE Group plc		2,018
	35,900		Itoki Corp		177
	57,159	e	KAR Auction Services, Inc		1,157
	96,899		Kelly Services, Inc (Class A)		1,525
	17,832		KEPCO Plant Service & Engineering Co Ltd		1,018
	137,287	e	Kforce, Inc		1,967
	605,800		K-Green Trust		510
	121,093		Kimball International, Inc (Class B)		1,406
	177,284		Knoll, Inc		2,723
	209,000		Kokuyo Co Ltd		1,499
	258,844	*	Korn/Ferry International		4,105
	105,000		Kyodo Printing Co Ltd		271
	487,000		L&K Engineering Co Ltd		454
	88,516		Loomis AB		1,424
	247,567	e	Manpower, Inc		10,507
	16,162		Matsuda Sangyo Co Ltd		197
	88,405		McGrath RentCorp		2,566
	117,879		McMillan Shakespeare Ltd		1,709
	167,593		Mears Group plc		893
	36,700		Meitec Corp		808
	141,129	*,e	Metalico, Inc		277
	347,808		Michael Page International plc		2,273
	139,243		Mine Safety Appliances Co		5,947
	698,009	e	Mineral Resources Ltd		7,181
	55,490	*	Mistras Group, Inc		1,370
	938,436	*	Mitie Group		4,034
	22,072		Mitsubishi Pencil Co Ltd		369
	6,900		Mitsubishi Research Institute, Inc		142
	136,681	*	Mobile Mini, Inc		2,847
	94,760	e	Morneau Sobeco Income Fund		1,210
	183,183		Moshi Moshi Hotline, Inc		2,333
	48,689	e	Multi-Color Corp		1,168
	58,400		Multiplus S.A.		1,361
	183,527	*	Navigant Consulting, Inc		2,048
	62,393		Newalta, Inc		972
	544,387	*	Nielsen Holdings NV		16,653
	11,000		Nihon M&A Center, Inc		367
	6,200		Nippon Kanzai Co Ltd		110
	29,560	e	Nissha Printing Co Ltd		352
	25,602		NL Industries, Inc		293
	257,963	*,e	Odyssey Marine Exploration, Inc		766
	75,000		Okamura Corp		539
	147,396	*	On Assignment, Inc		2,989

40

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	22,768		Oyo Corp	$	277
	60,800		Park24 Co Ltd		960
	224		Pasona Group, Inc		131
	43,800		PayPoint plc		587
	20,200	*,e	Performant Financial Corp		204
	224		Pilot Corp		417
	426,216	e	Pitney Bowes, Inc		4,535
	49,138		Poyry Oyj		191
	117,321	e	Proffice AB		404
	180,880		Programmed Maintenance Services Ltd		361
	87,300		PRONEXUS, Inc		496
	359,590		Prosegur Cia de Seguridad S.A.		2,107
	135,640	e	Quad		2,766
	544,613	e	R.R. Donnelley & Sons Co		4,902
	86,451		Randstad Holdings NV		3,209
	1,045,162		Regus plc		1,874
	2,367,685		Rentokil Initial plc		3,733
	734,577		Republic Services, Inc		21,545
	162,042		Resources Connection, Inc		1,935
	92,737	e	Ritchie Bros Auctioneers, Inc		1,935
	456,729	e	Robert Half International, Inc		14,533
	338,492		Rollins, Inc		7,460
	475,978		RPS Group plc		1,638
	226,761	*	RPX Corp		2,050
	22,319		S1 Corp (Korea)		1,459
	243,095	e	SAI Global Ltd (New)		1,080
	21,152	e	Sato Corp		342
	45,700		Schawk, Inc (Class A)		601
	4,345		Seche Environnement S.A.		158
	200,258		Secom Co Ltd		10,089
	383,100		Securitas AB (B Shares)		3,359
	455,001	e	Seek Ltd		3,362
	403,368		Serco Group plc		3,533
	4,715	*	SGS S.A.		10,472
	549,263		Shanks Group plc		791
	17,800		Shenzhen Dongjiang Environmental Co Ltd		74
	697,356		Skilled Group Ltd		1,890
	81,093		Societe BIC S.A.		9,720
	294,700		Sohgo Security Services Co Ltd		3,666
	151,240		Sporton International, Inc		343
	77,088	*	Standard Parking Corp		1,695
	98,004	e	Stantec, Inc		3,916
	374,730		Steelcase, Inc (Class A)		4,774
	453,323	*	Stericycle, Inc		42,281
	192,357		Sthree plc		1,054
	250,729	*	SYKES Enterprises, Inc		3,816
	207,000		Taiwan Secom Co Ltd		462
	498,000		Taiwan-Sogo Shinkong Security Corp		602
	70,481	*,e	Team, Inc		2,681
	87,669		Teleperformance		3,188
	62,600	e	Temp Holdings Co Ltd		774
	286,755	*	Tetra Tech, Inc		7,585

41

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	486,000		Tianjin Capital Environmental Protection Group Co Ltd	$	130
	87,170	*	TMS International Corp		1,091
	10,300		Tokyu Community Corp		351
	235,956		Tomra Systems ASA		2,147
	159,300	e	Toppan Forms Co Ltd		1,431
	1,453,944	e	Toppan Printing Co Ltd		9,013
	221,870		Towers Watson & Co		12,471
	90,830	e	Transcontinental, Inc		1,018
	1,554,301		Transfield Services Ltd		3,181
	1,058,777	*	Transpacific Industries Group Ltd		871
	67,925	*,e	TRC Cos, Inc		395
	247,036	*,e	TrueBlue, Inc		3,891
	5,205,849		Tyco International Ltd		152,271
	67,000		Uchida Yoko Co Ltd		193
	60,638		Unifirst Corp		4,446
	145,224		United Stationers, Inc		4,501
	83,406		USG People NV		674
	1,394,675	*	Verisk Analytics, Inc		71,128
	75,160		Viad Corp		2,041
	22,210		VSE Corp		544
	44,737	*	WageWorks, Inc		796
	671,292	e	Waste Connections, Inc		22,683
	1,097,734		Waste Management, Inc		37,038
	7,100	e	Weathernews, Inc		196
	990,000		WHK Group Ltd		1,013
	581,686		Yem Chio Co Ltd		378
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		1,338,890
CONSUMER DURABLES & APPAREL - 1.8%
	1,492,000	e	361 Degrees International Ltd		433
	36,965		Accell Group		652
	237,257		Adidas-Salomon AG.		21,175
	86,000		Advanced International Multitech Co Ltd		123
	17,402		Agabang&Company		152
	293,542		Aksa Akrilik Kimya Sanayii		848
	2,530,735	*	Alok Industries Ltd		515
	47,000		Alpine Electronics, Inc		435
	592,940		Altek Corp		350
	139,556		Amer Sports Oyj (A Shares)		2,080
	158,309	e	American Greetings Corp (Class A)		2,674
	4,641,000	e	Anta Sports Products Ltd		4,176
	460,005		Arcelik AS		3,017
	73,115	*	Arctic Cat, Inc		2,441
	68,600		Arezzo Industria e Comercio S.A.		1,325
	97,400		Arnest One Corp		1,595
	29,600		Aruze Corp		510
	2,785,678	*	Arvind Ltd		5,134
	135,000	*	Asia Optical Co, Inc		126
	107,051		Asics Corp		1,635
	478,000	e	Atsugi Co Ltd		576
	138,095		Avgol Industries 1953 Ltd		129
	45,150		AVY Precision Technology, Inc		79

42

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	50,191	*,e	Bang & Olufsen AS (B Shares)	$	599
	1,394,286	*	Barratt Developments plc		4,762
	9,040	*	Basic House Co Ltd		125
	41,634	e	Bassett Furniture Industries, Inc		519
	72,290	*	Bata India Ltd		1,151
	136,013	*,e	Beazer Homes USA, Inc		2,297
	2,722,000	*	Beijing Properties Holdings Ltd		199
	165,702	*	Bellway plc		2,800
	44,433	e	Beneteau S.A.		483
	180,154	*	Berkeley Group Holdings plc		5,183
	13,141,842	e	Billabong International Ltd		11,472
	775,000	e	Billion Industrial Holdings Ltd		498
	52,707	e	Blyth, Inc		820
	289,945	*	Bombay Dyeing & Manufacturing Co Ltd		725
	4,558,000		Bosideng International Holdings Ltd		1,372
	197,631		Bovis Homes Group plc		1,865
	405,192		Brookfield Incorporacoes S.A.		677
	57,531	*,e	Brunello Cucinelli S.p.A		1,015
	345,708	e	Brunswick Corp		10,057
	101,830	*	Burberry Group plc		2,047
	74,780	e	BWG Homes ASA		162
	352,932	e	Callaway Golf Co		2,294
	338,438	*,e	Carter’s, Inc		18,834
	654,731	*,e	Casio Computer Co Ltd		5,747
	24,558	*	Cavco Industries, Inc		1,227
	332,000		Cecep Costin New Materials Grp Ltd		128
	49,560	e	Cherokee, Inc		679
	2,296,000	*	Chigo Holding Ltd		59
	2,472,400		China Dongxiang Group Co		333
	3,848,000	e	China Haidian Holdings Ltd		390
	836,000		China Lilang Ltd		504
	26,900		Chofu Seisakusho Co Ltd		596
	44,630		Christian Dior S.A.		7,607
	22,600		Cia Providencia Industria e Comercio S.A.		99
	165,000	*,e	Clarion Co Ltd		286
	74,657	*,e	Clarus Corp		612
	52,800		Cleanup Corp		377
	816,712		Coach, Inc		45,336
	40,488	e	Columbia Sportswear Co		2,160
	1,146,496		Compagnie Financiere Richemont S.A.		89,995
	1,134,700	*,e	Consorcio ARA, S.A. de C.V.		363
	23,800		Corona Corp		295
	1,391,600	*	Corp GEO S.A. de C.V. (Series B)		1,628
	460,681	*	CROCS, Inc		6,629
	48,484		CSS Industries, Inc		1,061
	36,510		Culp, Inc		548
	619,881		Cyrela Brazil Realty S.A.		5,416
	30,200	e	Daidoh Ltd		203
	6,800	*	Daikoku Denki Co Ltd		142
	52,518	*,e	Deckers Outdoor Corp		2,115
	156,250	*	Delclima		139
	170,245		De’Longhi S.p.A.		2,446

43

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	23,138	*,e	Delta Apparel, Inc	$	323
	267,200	*,e	Desarrolladora Homex S.A. de C.V.		552
	84,590		Descente Ltd		520
	67,033		Dorel Industries, Inc (Class B)		2,423
	2,087,293		DR Horton, Inc		41,287
	190,274		Eclat Textile Co Ltd		701
	1,359,002		Electrolux AB (Series B)		35,897
	248,000		Embry Holdings Ltd		148
	87,594	e	Ethan Allen Interiors, Inc		2,252
	529,200		Even Construtora e Incorporadora S.A.		2,430
	434,000		Evergreen International Holdin		83
	207,000		Ez Tec Empreendimentos e Participacoes S.A.		2,598
	2,713,980	*	Fabricato S.A.		111
	343,030		Feng TAY Enterprise Co Ltd		413
	13,800		Fields Corp		188
	410,743	*,e	Fifth & Pacific Cos, Inc		5,114
	11,884		Fila Korea Ltd		712
	55,300		Fiyta Holdings Ltd		48
	19,835	e	Flexsteel Industries, Inc		425
	4,915		Forbo Holding AG.		3,154
	1,380,220		Formosa Taffeta Co Ltd		1,336
	260,000		Forus S.A.		1,463
	106,864	*	Fossil, Inc		9,949
	49,491	e	Foster Electric Co Ltd		804
	175,000		France Bed Holdings Co Ltd		341
	204,000	*,e	Fujibo Holdings Inc		726
	182,000		Fujitsu General Ltd		1,726
	90,200		Funai Electric Co Ltd		1,180
	580,000	*	Gafisa S.A.		1,334
	168,715	*,e	Garmin Ltd		6,887
	50,408		Genius Electronic Optical Co Ltd		372
	113,353	e	Geox S.p.A.		329
	29,560		Gerry Weber International AG.		1,432
	324,749		Giant Manufacturing Co Ltd		1,869
	62,440	*	G-III Apparel Group Ltd		2,137
	191,115		Gildan Activewear, Inc		6,980
	279,552		Gitanjali Gems Ltd		2,728
	676,637	e	Glorious Sun Enterprises Ltd		197
	32,000	*	Goldwin, Inc		190
	470,000		Goodbaby International Holding		172
	240,400		Grendene S.A.		1,936
	187,484	e	GUD Holdings Ltd		1,694
	2,667,111		Guinness Peat Group plc		1,316
	1,284,000		Gunze Ltd		3,365
	1,405,000	*	Haier Electronics Group Co Ltd		2,084
	13,500		Hajime Construction Co Ltd		502
	17,070		Handsome Co Ltd		471
	481,541	*	Hanesbrands, Inc		17,249
	87,829		Hansae Co Ltd		1,363
	27,650		Hanssem Co Ltd		481
	132,208		Harman International Industries, Inc		5,902
	164,043	e	Hasbro, Inc		5,889

44

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,873,500	*	Haseko Corp	$	1,490
	15,264		Hefei Meiling Co Ltd		7
	50,600		Heiwa Corp		825
	307,100		Helbor Empreendimentos S.A.		1,882
	147,388	*	Helen of Troy Ltd		4,921
	1,478,000	*	Hisense Kelon Electrical Holdings Co Ltd		642
	33,848	e	Hooker Furniture Corp		492
	398,385	*,e	Hovnanian Enterprises, Inc (Class A)		2,789
	54,244		Hugo Boss AG.		5,765
	487,648		Husqvarna AB (B Shares)		2,960
	133,180	*	Huvis Corp		1,298
	11,066		IC Companys AS		262
	280,957	*	Iconix Brand Group, Inc		6,271
	47,239		Indesit Co S.p.A.		363
	274,300	*	Inpar S.A.		86
	910,000	e	International Taifeng Holdings Ltd		252
	109,481	*,e	iRobot Corp		2,052
	150,565	e	Jakks Pacific, Inc		1,885
	61,000		Japan Vilene Co Ltd		255
	124,000		Japan Wool Textile Co Ltd		807
	2,453,259	*	Jarden Corp		126,833
	203,699	*	Jinshan Development & Construction Co Ltd		93
	233,960	e	JM AB		4,196
	78,289		Johnson Health Tech Co Ltd		201
	27,758	*	Johnson Outdoors, Inc		553
	340,523		Jones Apparel Group, Inc		3,766
	148,200	e	JVC KENWOOD Holdings, Inc		551
	449,291	e	KB Home		7,099
	9,000		Kinko Optical Co Ltd		10
	1,043,500		Konka Group Co Ltd		310
	131,125	*,e	K-Swiss, Inc (Class A)		441
	470,000		Kurabo Industries Ltd		803
	591,000		Kwong Fong Industries		355
	1,866	*	Kyungbang Ltd		156
	395,035		Lao Feng Xiang Co Ltd		759
	201,364		La-Z-Boy, Inc		2,849
	588,000		Le Saunda Holdings		195
	93,112		Lealea Enterprise Co Ltd		37
	227,554	*,e	Leapfrog Enterprises, Inc		1,964
	575,510		Leggett & Platt, Inc		15,665
	673,800	e	Lennar Corp (Class A)		26,056
	148,572		LG Electronics, Inc		10,311
	22,070		LG Fashion Corp		648
	978,500	e	Li Ning Co Ltd		646
	98,179		Li Peng Enterprise Co Ltd		35
	69,850	*	Libbey, Inc		1,352
	37,747		Lifetime Brands, Inc		400
	652,000		Luthai Textile Co Ltd		586
	875,484		Luxottica Group S.p.A.		36,135
	168,502		LVMH Moet Hennessy Louis Vuitton S.A.		31,098
	70,234	*,e	M/I Homes, Inc		1,861
	80,979	*	Maidenform Brands, Inc		1,578

45

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	8,834		Maisons France Confort	$	279
	496,000		Makalot Industrial Co Ltd		1,546
	1,441,600	e	Man Wah Holdings Ltd		1,219
	25,012		Marcolin S.p.A		140
	6,442	*	Mariella Burani S.p.A.		0	^
	43,039	e	Marine Products Corp		246
	8,300		Mars Engineering Corp		166
	2,164,733	e	Matsushita Electric Industrial Co Ltd		13,230
	658,045		Mattel, Inc		24,098
	172,593		MDC Holdings, Inc		6,345
	198,000		Merida Industry Co Ltd		889
	114,930	*	Meritage Homes Corp		4,293
	119,700		Merry Electronics Co Ltd		168
	733,563	*	Michael Kors Holdings Ltd		37,434
	3,120,000	*	Ming Fung Jewellery Group Ltd		143
	30,400		Misawa Homes Co Ltd		448
	39,000		Mitsui Home Co Ltd		228
	193,000		Mizuno Corp		867
	294,739	*	Mohawk Industries, Inc		26,665
	97,375		Movado Group, Inc		2,987
	393,198		MRV Engenharia e Participacoes S.A.		2,301
	29,203	e	Nacco Industries, Inc (Class A)		1,772
	900	*	Nagawa Co Ltd		16
	730,122		Namco Bandai Holdings, Inc		9,464
	62,918	e	New Wave Group AB (B Shares)		244
	1,679,897		Newell Rubbermaid, Inc		37,411
	119,231		Nexity		4,044
	12,900	e	Nidec Copal Corp		101
	517,725		Nien Hsing Textile Co Ltd		361
	2,671,618		Nike, Inc (Class B)		137,855
	48,935		Nikon Corp		1,445
	150,468	*	Nobia AB		615
	55,571	*	NVR, Inc		51,125
	787,531		Onward Kashiyama Co Ltd		5,954
	29,362		Oriental Weavers		108
	54,577	e	Oxford Industries, Inc		2,530
	991,637		Pacific Textile Holdings Ltd		897
	226,000		PanaHome Corp		1,517
	215,384	e	Pandora AS		4,779
	1,520,256		PDG Realty S.A.		2,458
	402,000	*,m	Peace Mark Holdings Ltd		0	^
	1,569,000	e	Peak Sport Products Co Ltd		310
	15,000		Pegas Nonwovens S.A.		389
	42,313		Perry Ellis International, Inc		842
	631,025	*	Persimmon plc		8,283
	605,113		Phillips-Van Heusen Corp		67,174
	363,100	*,e	Pioneer Corp		910
	10,124,857		Playmates Holdings Ltd		7,694
	390,121		Polaris Industries, Inc		32,829
	71,428	*	Poltrona Frau S.p.A.		92
	170,780		Pool Corp		7,227
	661,000	e	Ports Design Ltd		529

46

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,969,230		Pou Chen Corp	$	3,128
	592,900	e	Prada S.p.A		5,761
	1,256,000	e	Prime Success International Group Ltd		1,749
	5,567,250		PT Modern Internasional Tbk		439
	2,015,723	*	Pulte Homes, Inc		36,606
	450,186	*	Quiksilver, Inc		1,913
	267,001	*	Rajesh Exports Ltd		680
	205,058	e	Ralph Lauren Corp		30,742
	130,103		Raymond Ltd		1,099
	413,153	e	Redrow plc		1,141
	155,700		Restoque Comercio e Confeccoes de Roupas S.A.		724
	24,068	e	RG Barry Corp		341
	5,128		Rinnai Corp		348
	30,800		Rodobens Negocios Imobiliarios S.A.		190
	26,300		Roland Corp		211
	756,580		Rossi Residencial S.A.		1,681
	348,060	*	Rossi Residencial S.A. (ADR)		745
	291,375	e	Royale Furniture Holdings Ltd		29
	524,314		Ruentex Industries Ltd		1,310
	177,181		Ryland Group, Inc		6,467
	42,644	*	Safilo Group S.p.A.		377
	50,043		Salvatore Ferragamo Italia S.p.A		1,108
	269,000		Sampo Corp		92
	1,227,000		Samson Holding Ltd		204
	5,774,600		Samsonite International		12,119
	50,076		Sangetsu Co Ltd		1,223
	11,193		Sankyo Co Ltd		444
	144,000		Sanyo Electric Taiwan Co Ltd		147
	125,000	e	Sanyo Shokai Ltd		333
	180,797	*,e	Sealy Corp		392
	27,130		SEB S.A.		2,007
	116,950	e	Sega Sammy Holdings, Inc		1,974
	132,000	*	Seiko Holdings Corp		319
	1,422,930		Seiren Co Ltd		8,882
	1,835,054		Sekisui Chemical Co Ltd		16,008
	905,971		Sekisui House Ltd		9,920
	192,500	*	Shanghai Haixin Group Co		79
	1,491,425	e	Sharp Corp		5,216
	1,133,000	e	Shenzhou International Group Holdings Ltd		2,573
	74,904		Shimano, Inc		4,796
	221,000		Shinkong Textile Co Ltd		308
	174,000		Sitoy Group Holdings Ltd		113
	207,845	*	Skechers U.S.A., Inc (Class A)		3,845
	51,403	*,e	Skullcandy, Inc		400
	5,111,072	e	Skyworth Digital Holdings Ltd		2,675
	355,386	*,e	Smith & Wesson Holding Corp		2,999
	876,666		Socovesa S.A.		415
	2,479,384	*,e	Sony Corp		27,807
	29,424		SRF Ltd		108
	22,800		SRI Sports Ltd		268
	399,317	*,e	Standard-Pacific Corp		2,935
	19,000		Star Comgistic Capital Co Ltd		8

47

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,151,224	*,e	Steinhoff International Holdings Ltd	$	6,993
	25,841	*,e	Steinway Musical Instruments, Inc		547
	732,000	e	Stella International Holdings Ltd		1,994
	219,548	*	Steven Madden Ltd		9,280
	72,695	e	Sturm Ruger & Co, Inc		3,300
	159,454		Sumitomo Forestry Co Ltd		1,508
	282,000		Sunny Optical Technology Group Co Ltd		187
	49,350		Swatch Group AG.		25,026
	190,702		Swatch Group AG. Reg		16,497
	121,000	*,e	Sxl		203
	97,000		Tainan Enterprises Co Ltd		101
	363,000		Tainan Spinning Co Ltd		184
	192,600		Taiwan Paiho Ltd		117
	20,400		Taiwan Sakura Corp		12
	97,693		Takamatsu Corp		1,523
	54,500		Tamron Co Ltd		1,544
	1,331,138	*	Tatung Co Ltd		338
	7,664,892		Taylor Woodrow plc		8,314
	1,840,000		TCL Multimedia Technology Holdings Ltd		1,045
	18,300		Technos S.A.		225
	3,775,617		Techtronic Industries Co		7,147
	140,100		Tecnisa S.A.		552
	231,837	*,e	Tempur-Pedic International, Inc		7,301
	378,000	*,e	Texhong Textile Group Ltd		239
	752,000	e	Texwinca Holdings Ltd		716
	732,669	*	Thomson		1,866
	273,992	*	Titan Industries Ltd		1,436
	65,508	*	TK Chemical Corp		112
	14,766		Tod’s S.p.A.		1,875
	6,640		Token Corp		371
	236,337	*	Toll Brothers, Inc		7,641
	133,941	*,e	TomTom NV		678
	72,168		Tomy Co Ltd		400
	16,400		Touei Housing Corp		227
	1,127,676		Toyobo Co Ltd		1,608
	21,653		Trigano S.A.		294
	1,198,000	e	Trinity Ltd		793
	121,433	e	True Religion Apparel, Inc		3,087
	270,367	*	Tsann Kuen China Enterprise Co Ltd		12
	200,000		TSI Holdings Co Ltd		1,158
	17,056	*	TTK Prestige Ltd		1,060
	74,980	*,e	Tumi Holdings, Inc		1,563
	92,000	*	Tuni Textile Mills Ltd		222
	872,775		Tupperware Corp		55,945
	283,456	*,e	Under Armour, Inc (Class A)		13,756
	124,000	*	UNICASA Industria de Moveis S.A.		678
	48,111	*	Unifi, Inc		626
	624,000	*	Unitika Ltd		341
	57,502	*,e	Universal Electronics, Inc		1,113
	591,479	*,e	Urbi Desarrollos Urbanos S.A. de C.V		370
	5,436	*	Vardhman Textiles Ltd		24
	70,664	*,e	Vera Bradley, Inc		1,774

48

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	201,118	*	Vestel Beyaz Esya Sanayi ve Ticaret AS	$	302
	179,066	*	Vestel Elektronik Sanayi		191
	468,598		VF Corp		70,744
	259,205		VIP Industries Ltd		404
	185,627		Wacoal Holdings Corp		1,929
	177,122	*	Warnaco Group, Inc		12,677
	131,500	e	Weiqiao Textile Co		52
	2,602,000		Welling Holding Ltd		401
	29,573	e	Weyco Group, Inc		691
	435,219		Whirlpool Corp		44,284
	28,254	*	Whirlpool of India Ltd		137
	237,343	e	Wolverine World Wide, Inc		9,726
	160,780	*	Woongjin Chemical Co Ltd		110
	71,440		Woongjin Coway Co Ltd		2,906
	155,160		Wuxi Little Swan Co Ltd		168
	2,736,500	e	XTEP International Holdings		1,193
	120,850	*	Yamaha Corp		1,282
	112,000		YGM Trading Ltd		264
	22,000		Young Optics, Inc		64
	31,260		Youngone Corp		967
	10,670		Youngone Holdings Co Ltd		595
	588,614	e	Yue Yuen Industrial Holdings		1,991
	85,421	*,e	Zagg, Inc		629
	115,835		Zeng Hsing Industrial Co Ltd		400
	10,000	*	Zhonglu Co Ltd		7
	25,115		Zig Sheng Industrial Co Ltd		9
			TOTAL CONSUMER DURABLES & APPAREL		1,857,996
CONSUMER SERVICES - 2.0%
	522,457		888 Holdings plc		1,022
	88,300		Abril Educacao S.A.		1,725
	11,905		Accor S.A.		425
	1,190	e	Accordia Golf Co Ltd		1,104
	262,926		Advtech Ltd		192
	118,599	*	AFC Enterprises		3,099
	70,504	*	Ainsworth Game Technology Ltd		206
	711,000	e	Ajisen China Holdings Ltd		688
	1,906,350	e	Alsea SAB de C.V.		3,802
	255,000		Ambassador Hotel		279
	70,783	*,e	American Public Education, Inc		2,556
	150,505		Ameristar Casinos, Inc		3,949
	187,500		Anhanguera Educacional Participacoes S.A.		3,166
	250,274	*	Apollo Group, Inc (Class A)		5,236
	664,662	e	Aristocrat Leisure Ltd		2,198
	57,401	*	Ascent Media Corp (Series A)		3,555
	58,300	*,e	Atom Corp		307
	137,014	e	Autogrill S.p.A.		1,583
	248,864	*	Bally Technologies, Inc		11,127
	98,599		Benesse Corp		4,103
	1,271,572		Berjaya Sports Toto BHD		1,854
	91,323	*	BETFAIR Group Ltd		1,026
	37,115		Betsson AB (Series B)		1,148

49

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	93,144	*,e	BJ’s Restaurants, Inc	$	3,064
	19,668,300	*	Bloomberry Resorts Corp		6,323
	467,556	*,e	Bloomin’ Brands, Inc		7,313
	45,730	*,e	Bluegreen Corp		429
	128,779		Bob Evans Farms, Inc		5,177
	203,661	*,e	Boyd Gaming Corp		1,352
	65,671	*	Bravo Brio Restaurant Group, Inc		882
	85,758	*,e	Bridgepoint Education, Inc		883
	846,113		Brinker International, Inc		26,221
	68,058	*,e	Buffalo Wild Wings, Inc		4,956
	137,061	*,e	Caesars Entertainment Corp		948
	596,000		Cafe de Coral Holdings Ltd		1,700
	100,261	*	Capella Education Co		2,830
	310,674	*,e	Career Education Corp		1,094
	75,179	*	Caribou Coffee Co, Inc		1,217
	3,142,211		Carnival Corp		115,539
	1,231,960		Carnival plc		47,840
	58,321		Carriage Services, Inc		692
	59,515	*,e	Carrols Restaurant Group, Inc		356
	97,105		CBRL Group, Inc		6,240
	72,461	e	CEC Entertainment, Inc		2,405
	1,301,300		Central Plaza Hotel PCL		1,112
	2,978,040		Century City International		222
	218,378		Cheesecake Factory		7,145
	4,480,000		China Travel International Inv HK		930
	121,998	*	Chipotle Mexican Grill, Inc (Class A)		36,290
	34,756	e	Choice Hotels International, Inc		1,168
	64,906		Churchill Downs, Inc		4,313
	286,002	*	Chuy’s Holdings, Inc		6,389
	11,133		Cie des Alpes		212
	66,425		City Lodge Hotels Ltd		811
	30,919	*	Club Mediterranee S.A.		549
	22,467	*,e	Codere S.A.		110
	157,181	*,e	Coinstar, Inc		8,175
	23,034	e	Collectors Universe		231
	75,000	e	Colowide Co Ltd		678
	2,949,851		Compass Group plc		35,017
	129,892	e	Consumers’ Waterheater Income Fund		1,068
	507,627	*,e	Corinthian Colleges, Inc		1,239
	63,279		Cox & Kings India Ltd		157
	2,888		Credu Corp		112
	312,177		Crown Ltd		3,489
	65,000	*,e	Ctrip.com International Ltd (ADR)		1,481
	16,300	e	Daisyo Corp		201
	256,344		Darden Restaurants, Inc		11,553
	276,162	*,e	Del Frisco’s Restaurant Group, Inc		4,305
	473,520	*,e	Denny’s Corp		2,311
	237,442	e	DeVry, Inc		5,634
	84,228		Dignity plc		1,491
	55,590	*	DineEquity, Inc		3,725
	156,793		Domino’s Pizza UK & IRL plc		1,280
	270,942		Domino’s Pizza, Inc		11,800

50

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	79,100		Doutor Nichires Holdings Co Ltd	$	1,031
	191,501	e	Dunkin Brands Group, Inc		6,354
	544,700		Echo Entertainment Group Ltd		1,967
	160,223	*,e	Education Management Corp		702
	142,747		Educomp Solutions Ltd		367
	683,877	*	Egyptian for Tourism Resorts		113
	67,227		EIH Ltd		86
	25,816		Einstein Noah Restaurant Group, Inc		315
	1,459,631		Enjoy S.A.		357
	700,399	*	Enterprise Inns plc		1,180
	84,800		Estacio Participacoes S.A.		1,728
	31,247	*	Euro Disney SCA		214
	63,585		Famous Brands Ltd		532
	55,657	*	Fiesta Restaurant Group, Inc		853
	348,138		First Hotel		239
	159,629	e	Flight Centre Ltd		4,517
	101,072		Formosa International Hotels Corp		1,364
	48,000		Fortuna Entertainment Group NV		215
	11,751		Frisch’s Restaurants, Inc		217
	69,000		Fujita Kanko, Inc		236
	4,870,273	*,e	Galaxy Entertainment Group Ltd		19,529
	2,511,205		Genting BHD		7,592
	4,102,628	e	Genting International plc		4,713
	180,095	*	Grand Canyon Education, Inc		4,227
	40,500		Grand Korea Leisure Co Ltd		1,086
	69,254	*	Great Canadian Gaming Corp		665
	501,892	*	Greene King plc		5,142
	663,000	e	GuocoLeisure Ltd		359
	695,275		H&R Block, Inc		12,911
	9,577		Hana Tour Service, Inc		549
	227,605		Hillenbrand, Inc		5,146
	54,500		HIS Co Ltd		1,846
	62,801	*	Home Inns & Hotels Management, Inc (ADR)		1,815
	12,227	*	Hotel Leela Venture Ltd		7
	456,000		Hotel Properties Ltd		1,132
	45,524		Hotel Shilla Co Ltd		1,887
	254,050		Huangshan Tourism Development Co Ltd		316
	328,063	*	Hurtigruten Group ASA		177
	615,201	*	Hyatt Hotels Corp		23,728
	6,500		Ichibanya Co Ltd		203
	35,403	*	Ignite Restaurant Group, Inc		460
	245,919		Indian Hotels Co Ltd		284
	594,595		InterContinental Hotels Group plc		16,673
	368,839		International Game Technology		5,226
	61,000		International Meal Co Holdings S.A.		754
	92,414	e	International Speedway Corp (Class A)		2,552
	666,705		Interval Leisure Group, Inc		12,927
	154,029		Intralot S.A.-Integrated Lottery Systems & Services		393
	260,021		Invocare Ltd		2,388
	74,379	*	Isle of Capri Casinos, Inc		417
	354,781	*,e	ITT Educational Services, Inc		6,141
	248,352	*,e	Jack in the Box, Inc		7,103

51

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	212,258	*	Jamba, Inc	$	475
	433,370		Jollibee Foods Corp		1,076
	65,031	*	Jubilant Foodworks Ltd		1,544
	93,378	*,e	K12, Inc		1,909
	360,760		Kangwon Land, Inc		9,860
	15,650	e	Kappa Create Co Ltd		337
	142,900		KFC Holdings Malaysia BHD		186
	23,300		Kisoji Co Ltd		455
	2,012,000		Kosmopolito Hotels International Ltd		494
	294,840	*	Krispy Kreme Doughnuts, Inc		2,766
	47,200	*	Kroton Educacional S.A.		1,066
	9,047		Kuoni Reisen Holding		2,721
	12,400	e	Kura Corp		172
	19,500		Kyoritsu Maintenance Co Ltd		421
	2,271,563	e	Ladbrokes plc		7,377
	356,500	*	Landmarks BHD		113
	2,947,864		Las Vegas Sands Corp		136,073
	139,891	*	Leofoo Development Co		79
	152,265	*,e	Life Time Fitness, Inc		7,493
	31,485	*	LifeLock, Inc		256
	87,215	e	Lincoln Educational Services Corp		488
	460,446		Lottomatica S.p.A.		10,521
	71,048	*	Luby’s, Inc		475
	64,939	e	Mac-Gray Corp		815
	688,855		Macquarie Leisure Trust Group		1,028
	70,106		Marcus Corp		874
	497,106		Marriott International, Inc (Class A)		18,527
	120,627	*	Marriott Vacations Worldwide Corp		5,027
	807,719	*	Marston’s plc		1,619
	8,700	e	Matsuya Foods Co Ltd		156
	97,278		Matthews International Corp (Class A)		3,123
	3,111,495		McDonald’s Corp		274,465
	26,457	e	McDonald’s Holdings Co Japan Ltd		698
	18,858		MegaStudy Co Ltd		1,391
	1,669,213		Melco International Development		1,982
	1,170,805	*,e	Melco PBL Entertainment Macau Ltd (ADR)		19,716
	2,108,600	e	MGM China Holdings Ltd		3,884
	474,220	*	MGM Mirage		5,520
	241,777		Millennium & Copthorne Hotels plc		2,004
	4,974,800		Minor International PCL (Foreign)		3,209
	244,500	*	Mitchells & Butlers plc		1,300
	5,208		Modetour Network, Inc		148
	43,624	*	Monarch Casino & Resort, Inc		476
	107,341	*	Morgans Hotel Group Co		595
	32,000	e	MOS Food Services, Inc		589
	84,236	*,e	MTR Gaming Group, Inc		351
	143,968	*	Multimedia Games, Inc		2,118
	3,228,000	e	NagaCorp Ltd		1,972
	10,859	*	Nathan’s Famous, Inc		366
	32,007	e	National American University Holdings, Inc		123
	213,261	e	Navitas Ltd		1,052
	105,012	*,e	NH Hoteles S.A.		362

52

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	14,300		Ohsho Food Service Corp		$	338
	98,495		OPAP S.A.			706
	17,637	*	Orascom Development Holding AG.			244
	57,481		Oriental Land Co Ltd			6,961
	2,827,137	*	Orient-Express Hotels Ltd (Class A)			33,049
	395,000	e	Overseas Union Enterprise Ltd			906
	275	e	Pacific Golf Group International Holdings KK			220
	115,128	e	Paddy Power plc			9,498
	790,436		Paliburg Holdings Ltd			285
	265,220	*	Panera Bread Co (Class A)			42,125
	106,835	*,e	Papa John’s International, Inc			5,869
	44,108		Paradise Co Ltd			714
	822,625		PartyGaming plc			1,497
	2,459,669	*	Penn National Gaming, Inc			120,794
	657,720		Philweb Corp			201
	225,503	*	Pinnacle Entertainment, Inc			3,570
	22,100		Plenus Co Ltd			358
	64,427	*,e	Premier Exhibitions, Inc			175
	235,500	*	QSR Brands BHD			521
	952,398	e	Raffles Education Corp Ltd			268
	189,569		Rank Group plc			446
	53,455	*,e	Red Lion Hotels Corp			422
	80,523	*	Red Robin Gourmet Burgers, Inc			2,842
	737,000		Regal Hotels International Holdings Ltd			341
	237,598	e	Regis Corp			4,020
	5,903,200		Resorts World BHD			6,891
	86,400		Resorttrust, Inc			1,701
	449,058		Restaurant Group plc			2,849
	9,050,000	e	Rexcapital Financial Holdings Ltd			694
	100,634	*	Rezidor Hotel Group AB			359
	19,200	e	Ringer Hut Co Ltd			237
	1,282	*	Riso Kyoiku Co Ltd			103
	340,200	e	Round One Corp			1,952
	987,347		Royal Caribbean Cruises Ltd			33,570
	33,700	e	Royal Holdings Co Ltd			389
	246,176	*,e	Ruby Tuesday, Inc			1,935
	128,716	*	Ruth’s Chris Steak House, Inc			936
	34,500	e	Saizeriya Co Ltd			473
	14,251,461		Sands China Ltd			63,713
	332,534	*,e	Scientific Games Corp (Class A)			2,883
	721,238		Service Corp International	��		9,960
	2,914,000	e	Shanghai Jin Jiang International Hotels Group Co Ltd			561
	699,996		Shanghai Jinjiang International Hotels Development Co Ltd			999
	107,249		Shanghai Jinjiang International Travel Co Ltd			140
	1,119,229		Shangri-La Asia Ltd			2,255
	310,008	*	SHFL Entertainment, Inc			4,495
	3,959		Shinsegae Food Co Ltd			373
	434,967		Six Flags Entertainment Corp			26,620
	3,500,239		SJM Holdings Ltd			8,261
	28,447	e	SkiStar AB (Series B)			376
	620,122		Sky City Entertainment Group Ltd			1,947

53

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	30,012	*	SM Culture & Contents Co Ltd	$	102
	24,532	*	Sodexho Alliance S.A.		2,073
	59,158	e	Sol Melia S.A.		456
	425,055	*	Sonic Corp		4,425
	387,672	e	Sotheby’s (Class A)		13,034
	42,801	e	Speedway Motorsports, Inc		764
	1,099,367		Spirit Pub Co plc		1,158
	657,911		Sportingbet plc		575
	6,400		St Marc Holdings Co Ltd		228
	1,011,000		Stamford Land Corp Ltd		479
	370	e	Starbucks Coffee Japan Ltd		249
	3,256,161		Starbucks Corp		174,595
	636,724	e	Starwood Hotels & Resorts Worldwide, Inc		36,522
	5,385	*	Steak N Shake Co		2,100
	55,708	*	Steiner Leisure Ltd		2,685
	269,074	e	Stewart Enterprises, Inc (Class A)		2,056
	43,376	e	Strayer Education, Inc		2,436
	136,149		Sun International Ltd		1,526
	2,005,300		Ta Enterprise BHD		334
	151,857		Tabcorp Holdings Ltd		485
	2,710,535		Tattersall’s Ltd		8,538
	221,732		Texas Roadhouse, Inc (Class A)		3,725
	1,151,609	*,e	Thomas Cook Group plc		914
	190,350	e	Tim Hortons, Inc (Toronto)		9,344
	5,667	*	Tipp24 SE		281
	239,000	*,e	Tokyo Dome Corp		868
	210,000	e	Tokyotokeiba Co Ltd		429
	60,300		Toridoll.corp		642
	80,104		Town Sports International Holdings, Inc		853
	166,714	*	TUI AG.		1,743
	1,009,465	*	TUI Travel plc		4,684
	69,564		Unibet Group plc (ADR)		2,227
	169,146		Universal Technical Institute, Inc		1,698
	133,813		Vail Resorts, Inc		7,238
	23,700		Watami Co Ltd		471
	245,864	e	Weight Watchers International, Inc		12,873
	367,367	e	Wendy’s		1,727
	245,359		Wetherspoon (J.D.) plc		2,143
	622,709		Whitbread plc		25,023
	1,516,460		William Hill plc		8,641
	215,968	*,e	WMS Industries, Inc		3,779
	50,000		Wowprime Corp		714
	619,583		Wyndham Worldwide Corp		32,968
	857,990	*,e	Wynn Macau Ltd		2,363
	148,666	e	Wynn Resorts Ltd		16,723
	335,000		YBM Sisa.com, Inc		1,827
	50,000		Yomiuri Land Co Ltd		187
	536		Yoshinoya D&C Co Ltd		655
	2,673,946	e	Yum! Brands, Inc		177,550
	78,600	e	Zensho Co Ltd		907
			TOTAL CONSUMER SERVICES		2,144,850

54

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
DIVERSIFIED FINANCIALS - 5.4%
	139,543	*	3i Group plc	$	498
	33,714		ABC Arbitrage		257
	3,205,737	*	Aberdeen Asset Management plc		19,290
	32,004		Ackermans & Van Haaren		2,645
	5,598	*,e	Acom Co Ltd		161
	247,006		Administradora de Fondos de Pensiones Provida S.A.		1,677
	305,671	e	Aeon Credit Service Co Ltd		6,185
	53,360		Aeon Credit Service M BHD		215
	778,303		Aeon Thana Sinsap Thailand PCL		2,366
	474,800		Aeon Thana Sinsap Thailand PCL (ADR)		1,443
	821,129	*	Affiliated Managers Group, Inc		106,870
	1,606,584	e	African Bank Investments Ltd		6,131
	101,469	e	AGF Management Ltd		1,012
	169,400	*,e	Aiful Corp		1,159
	57,139		Aker ASA (A Shares)		2,199
	36,725		Alaris Royalty Corp		875
	51,982		Altamir Amboise		508
	1,700,422	*	American Capital Ltd		20,405
	5,286,430		American Express Co		303,864
	1,570,966		Ameriprise Financial, Inc		98,390
	3,688,305		AMMB Holdings BHD		8,202
	929,929	e	Apollo Investment Corp		7,774
	339,917		Apollo Management LP		5,901
	904,520	e,g	ARA Asset Management Ltd		1,210
	564,849		Ares Capital Corp		9,885
	234,574		Artio Global Investors, Inc		446
	917,274		Ashmore Group plc		5,416
	12,981	*,m	Asia Pacific Investment Partners Limited		92
	422,000	*,e	Asiasons Capital Ltd		278
	60,338	*	Asset Acceptance Capital Corp		272
	39,023	e	Asta Funding, Inc		371
	6,705		Aurelius AG.		354
	298,489		Australian Stock Exchange Ltd		9,741
	22,472	*,e	Avanza AB		455
	311,537		Ayala Corp		3,934
	2,215	*	Ayala Corp Preferred		0	^
	383,811		Azimut Holding S.p.A.		5,523
	5,332		Bajaj Auto Finance Ltd		133
	163,046		Banca Generali S.p.A		2,794
	21,510		Banca IFIS S.p.A.		156
	319,925		Banca Profilo S.p.A.		104
	41,541,582		Bank of America Corp		481,882
	3,552,625	e	Bank of New York Mellon Corp		91,302
	382,488		BGC Partners, Inc (Class A)		1,323
	151,774	e	BinckBank NV		1,252
	423,833		BlackRock Kelso Capital Corp		4,264
	409,525		BlackRock, Inc		84,653
	3,364,725		Blackstone Group LP		52,456
	265,000	*	Blue Circle Services Ltd		261
	3,129,411		BM&F Bovespa S.A.		21,398
	37,984,234		Bolsa de Valores de Colombia		638

55

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	32,890		Bolsa de Valores de Lima S.A.	$	129
	1,283,100	e	Bolsa Mexicana de Valores S.A. de C.V.		3,235
	80,658	e	Bolsas y Mercados Espanoles		1,977
	31,677	*	Boursorama		209
	1,089,005	*	Brait S.A.		4,740
	395,244	*,e	Brewin Dolphin Holdings plc		1,339
	593,837		BT Investment Management Ltd		1,449
	215,957		BTG Pactual Participations Ltd		3,270
	85,021		Bure Equity AB		287
	95,300		Bursa Malaysia BHD		194
	124,327		Calamos Asset Management, Inc (Class A)		1,314
	5,841	e	California First National Bancorp		87
	99,782		Canaccord Financial, Inc		672
	2,432,638		Capital One Financial Corp		140,923
	1,700,521		Capital Securities Corp		657
	12,571		Capital Southwest Corp		1,252
	138,171	e	Cash America International, Inc		5,481
	218,341		CBOE Holdings, Inc		6,432
	129,301		Century Leasing System, Inc		2,685
	269,644		CETIP S.A.-Balcao Organizado de Ativos e Derivativos		3,344
	614,000		Chailease Holding Co Ltd		1,417
	914,968		Challenger Financial Services Group Ltd		3,409
	1,731,115		Charles Schwab Corp		24,859
	1,130,000		China Bills Finance Corp		437
	1,436,000	e	China Everbright Ltd		2,829
	3,540,000	*,e	China Financial International Investments Ltd		193
	140,000	e	China Merchants China Direct Investments Ltd		218
	3,236	*	Cholamandalam DBS Finance Ltd		16
	287,193	e	CI Financial Corp		7,198
	425,039	*	Citadel Capital Corp		253
	1,951,000	e	CITIC Securities Co Ltd		5,020
	17,451,765		Citigroup, Inc		690,392
	193,267		Close Brothers Group plc		2,714
	579,009		CME Group, Inc		29,362
	66,554	e	Cohen & Steers, Inc		2,028
	2,801,700	e	Compartamos SAB de C.V.		3,982
	961,275	*	Concord Securities Corp		217
	792,156		Coronation Fund Managers Ltd		3,709
	24,365		Corp Financiera Alba		1,148
	110,203		Corp Financiera Colombiana S.A.		2,275
	349,941	*,e	Cowen Group, Inc		857
	29,536	*	Credit Acceptance Corp		3,003
	1,953,600	e	Credit China Holdings Ltd		189
	87,668		Credit Saison Co Ltd		2,193
	3,293,949	e	Credit Suisse Group		80,393
	456,300	*	Credito Real SAB de C.V.		775
	726,400	*	CSOP FTSE China A50 ETF CNY RQFII		1,003
	27,398		DAB Bank AG.		132
	222,811		Daewoo Securities Co Ltd		2,532
	64,400		Daishin Securities Co Ltd		604
	42,120		Daishin Securities Co Ltd PF		268
	2,427,135	*	Daiwa Securities Group, Inc		13,541

56

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	165,979	e	Davis & Henderson Income Fund	$	3,598
	130,557	*	DeA Capital S.p.A.		231
	19,805	*,e	Deerfield Capital Corp		158
	795,863		Deutsche Bank AG.		35,014
	15,825	*	Deutsche Beteiligungs AG.		409
	150,727		Deutsche Boerse AG.		9,243
	13,076	e	Diamond Hill Investment Group, Inc		887
	4,968,922		Discover Financial Services		191,552
	154,977	*,e	Dollar Financial Corp		2,869
	53,250		Dongbu Securities Co Ltd		181
	185,025		Duff & Phelps Corp		2,890
	61,091	*	Dundee Corp		1,882
	723,248	*	E*Trade Financial Corp		6,473
	41,398		East Capital Explorer AB		312
	176,984	e	Eaton Vance Corp		5,637
	759,500		ECM Libra Financial Group BHD		217
	105,492		Edelweiss Capital Ltd		69
	67,567		EFG International		652
	913,525		Egypt Kuwait Holding Co		1,169
	438,855	*	Egyptian Financial Group-Hermes Holding		760
	80,700	*	Element Financial Corp		576
	79,064	*,e	Encore Capital Group, Inc		2,421
	56,249		Epoch Holding Corp		1,569
	78,275	*	Eugene Investment & Securities Co Ltd		192
	24,284		Eurazeo		1,176
	177,893		Evercore Partners, Inc (Class A)		5,371
	57,494		Exor S.p.A.		1,449
	266,342	*	Ezcorp, Inc (Class A)		5,290
	552,042		F&C Asset Management plc		916
	1,918,000		Far East Horizon Ltd		1,560
	186,030	*	FBR Capital Markets Corp		720
	132,439	e	Federated Investors, Inc (Class B)		2,679
	64,699	e	Fidus Investment Corp		1,064
	482,650	e	Fifth Street Finance Corp		5,029
	8,799		Fimalac		407
	352,449	*,e	Financial Engines, Inc		9,780
	106,890	*	First Cash Financial Services, Inc		5,304
	241,593	*,e	First Marblehead Corp		188
	3,110,000		First Pacific Co		3,434
	21,344	*	Firsthand Technology Value Fund, Inc		372
	5,435,839		FirstRand Ltd		20,003
	222,880		FlexiGroup Ltd		861
	395,606		Franklin Resources, Inc		49,728
	88,457		Friedman Billings Ramsey Group, Inc (Class A)		1,837
	15,629,818		Fubon Financial Holding Co Ltd		18,976
	13,714,234		Fuhwa Financial Holdings Co Ltd		7,113
	7,672		Fundo de Investimento Imobiliario Brazilian Capital Real Estate Fund I		581
	86,438		Fuyo General Lease Co Ltd		2,814
	80,154	e	FXCM, Inc		807
	43,233	e	Gain Capital Holdings, Inc		177
	23,891	e	GAMCO Investors, Inc (Class A)		1,268

57

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	11,700		GCA Savvian Group Corp	$	130
	7,468,000		Get Nice Holdings Ltd		340
	251,509	e	GFI Group, Inc		815
	35,317		Gimv NV		1,768
	134,850	e	Gladstone Capital Corp		1,100
	107,216		Gladstone Investment Corp		746
	29,248		Gluskin Sheff + Associates, Inc		440
	119,424		GMP Capital, Inc		702
	2,091,228		Goldman Sachs Group, Inc		266,757
	51,295	e	Golub Capital BDC, Inc		820
	90,256	*,e	Green Dot Corp		1,101
	105,999	e	Greenhill & Co, Inc		5,511
	157,512		Groupe Bruxelles Lambert S.A.		12,563
	883	*	Groupe Bruxelles Lambert S.A. - STR VVPR		0	^
	70,379	*,e	GSV Capital Corp		593
	230,950		GT Capital Holdings, Inc		3,492
	568,000	e	Guotai Junan International Hol		238
	1,071,930		Haci Omer Sabanci Holding AS		5,931
	402,400	*	Haitong Securities Co Ltd		702
	84,290		Hanwha Securities Co		334
	178,977		Hargreaves Lansdown plc		2,002
	120,631	*,e	Harris & Harris Group, Inc		398
	78,863		Hellenic Exchanges S.A.		455
	2,669,939		Henderson Group plc		5,814
	223,671	e	Hercules Technology Growth Capital, Inc		2,489
	394,139	e	HFF, Inc (Class A)		5,873
	229,100		Hitachi Capital Corp		4,726
	8,930		HMC Investment Securities Co Ltd		119
	802,960	e	Hong Kong Exchanges and Clearing Ltd		13,896
	23,065	e	Horizon Technology Finance Corp		343
	142,087		Hyundai Securities Co		1,208
	19,800		IBJ Leasing Co Ltd		556
	579,786		ICAP plc		2,932
	51,800		Ichiyoshi Securities Co Ltd		368
	1,525,432		IFCI Ltd		933
	505,081	*	IG Group Holdings plc		3,717
	180,337	e	IGM Financial, Inc		7,542
	167,436		India Infoline Ltd		265
	426,628		Indiabulls Financial Services Ltd		2,167
	18,736		Indiabulls Securities Ltd		4
	216,171		Industrivarden AB		3,602
	1,708,072		Infrastructure Development Finance Co Ltd		5,417
	9,314,741	*	ING Groep NV		88,471
	97,818		Interactive Brokers Group, Inc (Class A)		1,338
	179,983	*,m	Interbolsa S.A.		0	^
	246,732	*	IntercontinentalExchange, Inc		30,548
	27,362		Intergroup Financial Services Corp		980
	654,030		Intermediate Capital Group plc		3,415
	53,526	*,e	International Assets Holding Corp		932
	643,455		International Personal Finance plc		3,947
	137,006	*	Internet Capital Group, Inc		1,566

58

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	60,811		Inversiones La Construccion S.A.	$	1,185
	1,317,729		Invesco Ltd		34,380
	294,410		Investec Ltd		2,053
	96,066		Investec plc		669
	224,369	*	Investment Technology Group, Inc		2,019
	824,831		Investor AB (B Shares)		21,668
	441,622		IOOF Holdings Ltd		3,356
	13,736	*	Is Finansal Kiralama AS.		8
	165,905		Is Yatirim Menkul Degerler AS		154
	1,500,000	e	iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker		2,156
	339,500		iShares CSI 300 A-Share Index ETF		981
	1,849,864	e	iShares MSCI Canada Index Fund		52,536
	960,587		iShares MSCI EAFE Index Fund		54,581
	426,742		iShares MSCI Emerging Markets		18,926
	167,236	e	iShares Russell 2000 Index Fund		14,096
	28,100	*	J Trust Co Ltd		482
	271,089		Jaccs Co Ltd		1,477
	134,717	*	Jafco Co Ltd		3,988
	244,674	e	Janus Capital Group, Inc		2,085
	7,503,000	*,a,e	Japan Asia Investment Co Ltd		6,409
	1,660,500		Japan Securities Finance Co Ltd		10,681
	179,528	e	Jefferies Group, Inc		3,334
	2,209,484		Jih Sun Financial Holdings Co Ltd		635
	64,873	e	JMP Group, Inc		394
	16,871,515		JPMorgan Chase & Co		741,841
	190,218		JSE Ltd		1,758
	150,120		Julius Baer Group Ltd		5,345
	212,574		Julius Baer Holding AG.		2,892
	394,045		Jupiter Investment Management Group Ltd		1,804
	846,000		K1 Ventures Ltd		104
	113,800		kabu.com Securities Co Ltd		523
	9,920,000	*	Kai Yuan Holdings Ltd		257
	35,423	*	KBC Ancora		612
	128,205		KBW, Inc		1,962
	113,668	e	KCAP Financial, Inc		1,045
	267,962		Kinnevik Investment AB (Series B)		5,605
	20,933		KIWOOM Securities Co Ltd		1,160
	401,300	*	Knight Capital Group, Inc (Class A)		1,409
	51,850		Korea Investment Holdings Co Ltd		2,082
	467,308	*	Kotak Mahindra Bank Ltd		5,592
	82,410	*	KTB Securities Co Ltd		174
	47,580		Kyobo Securities Co		216
	411,517	*,e	Ladenburg Thalmann Financial Services, Inc		576
	189,010		Lazard Ltd (Class A)		5,640
	653,105		Legg Mason, Inc		16,798
	476,863	e	Leucadia National Corp		11,345
	330,014	*	London Stock Exchange Group plc		5,887
	165,354		LPL Financial Holdings, Inc		4,656
	66,688		Lundbergs AB (B Shares)		2,367
	431,223		Macquarie Group Ltd		16,154
	43,700		Mahindra & Mahindra Financial Services		879

59

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	102,038	e	Main Street Capital Corp	$	3,113
	5,651,451		Man Group plc		7,751
	797,636		Manappuram General Finance & Leasing Ltd		498
	93,463		Manning & Napier, Inc		1,178
	863,086	*	Marfin Investment Group S.A		492
	193,138	e	MarketAxess Holdings, Inc		6,818
	37,560	e	Marlin Business Services Corp		753
	192,100		Marusan Securities Co Ltd		1,039
	1,973,000		Masterlink Securities Corp		630
	126,500		Matsui Securities Co Ltd		1,156
	195,450		Maybank Kim Eng Securities Thailand PCL		93
	412,592	e	MCG Capital Corp		1,898
	59,544	e	Medallion Financial Corp		699
	942,143		Mediobanca S.p.A.		5,820
	69,530		Medley Capital Corp		1,012
	229,894	*	Meritz finance Holdings Co Ltd		856
	557,020		Meritz Securities Co Ltd		733
	11,304,000		Metro Pacific Investments Corp		1,230
	24,160		MicroFinancial, Inc		176
	396,000		MIN XIN Holdings Ltd		234
	27,761		Mirae Asset Securities Co Ltd		933
	130,247		Mitsubishi UFJ Lease & Finance Co Ltd		5,603
	100,098		MLP AG.		665
	11,139	e	Monex Beans Holdings, Inc		2,808
	780,897		Moody’s Corp		39,295
	12,748,565		Morgan Stanley		243,753
	311,146	*	MSCI, Inc (Class A)		9,642
	1,531,700	*	Mulpha International BHD		196
	23,100		Multi Commodity Exchange of India Ltd		621
	1,066,600		Multi-Purpose Holdings BHD		1,224
	84,855		MVC Capital, Inc		1,031
	612,446	*	Narodowy Fundusz Inwestycyjny Midas S.A.		130
	153,787	e	Nasdaq Stock Market, Inc		3,846
	84,011		Nelnet, Inc (Class A)		2,503
	126,393	*,e	Netspend Holdings, Inc		1,494
	110,775		New Mountain Finance Corp		1,651
	91,778	*,e	NewStar Financial, Inc		1,286
	83,137		NGP Capital Resources Co		600
	76,683		NH Investment & Securities Co Ltd		371
	401		NICE Holdings Co Ltd		24
	42,458	e	Nicholas Financial, Inc		526
	4,903,072		Nomura Holdings, Inc		29,023
	149,382		Nordnet AB (Series B)		387
	21,904,308		Norte Grande S.A.		210
	1,304,255	e	Northern Trust Corp		65,421
	330,466		NYSE Euronext		10,423
	4,867,866	e	NZX Ltd		4,888
	2,100	*,e	OFS Capital Corp		29
	443,000		Okasan Holdings, Inc		2,245
	89,464		OKO Bank (Class A)		1,340
	112,449		Onex Corp		4,733
	39,636		Oppenheimer Holdings, Inc		685

60

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	37,119	*	Oresund Investment AB	$	586
	366,000	*	Orient Corp		1,397
	556,633	*	ORIX Corp		62,876
	11,700	e	Osaka Securities Exchange Co Ltd		582
	720,575		OSK Holdings BHD		341
	10,520		Pargesa Holding S.A.		725
	38,505		Partners Group		8,902
	1,239,600	*	Pearl Oriental Innovation Ltd		105
	212,847		PennantPark Investment Corp		2,340
	517,000	*,m	Peregrine Investment Holdings		0	^
	151,491		Perpetual Trustees Australia Ltd		5,552
	371,991	*,e	PHH Corp		8,463
	57,560		Philippine Stock Exchange, Inc		583
	79,816	*	Pico Holdings, Inc		1,618
	378,585	*	Pioneers Holding		289
	64,132	*,e	Piper Jaffray Cos		2,061
	444,043	e	Platinum Asset Mangement Ltd		1,851
	142,776	*,e	Portfolio Recovery Associates, Inc		15,257
	822,830		Power Finance Corp Ltd		3,091
	120,000		PowerShares QQQ Trust Series		7,813
	1,686,509		President Securities Corp		987
	856,338	e	Prospect Capital Corp		9,308
	310,361		Provident Financial plc		6,919
	1,889,000		PT Clipan Finance Indonesia Tbk		80
	41,573	e	Pzena Investment Management, Inc (Class A)		224
	68,859		Rathbone Brothers		1,453
	294,985	*	Ratos AB (B Shares)		2,841
	496,226		Raymond James Financial, Inc		19,120
	10,794	*,e	Regional Management Corp		179
	135,256		Reliance Capital Ltd		1,203
	784,443		Remgro Ltd		14,805
	47,324	e	Resource America, Inc (Class A)		316
	121,377	*	RHJ International		639
	36,018		Ricoh Leasing Co Ltd		911
	927,786		RMB Holdings Ltd		4,487
	602,649		Rural Electrification Corp Ltd		2,730
	78,718	*	Safeguard Scientifics, Inc		1,161
	57,799		Samsung Card Co		1,981
	83,493		Samsung Securities Co Ltd		4,210
	70,000	*	Sawada Holdings Co Ltd		427
	52,184	*	SBI Holdings, Inc		466
	44,793		Schroders plc		1,245
	821,175	e	SEI Investments Co		19,166
	5	*,m	SFCG Co Ltd		0	^
	159,289		Shriram Transport Finance Co Ltd		2,214
	1,915,849		Singapore Exchange Ltd		11,133
	126,570		SK Securities Co Ltd		141
	1,443,290		SLM Corp		24,724
	768,475	*,e	SNS Reaal		1,059
	166,174	e	Solar Capital Ltd		3,973
	40,812	e	Solar Senior Capital Ltd		762
	100,894	e	SPDR S&P MidCap 400 ETF Trust		18,737

61

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,066,465		SPDR Trust Series 1	$	151,993
	98,587		Sprott, Inc		392
	409,246		SREI Infrastructure Finance Ltd		334
	2,004,910		State Street Corp		94,251
	18,684	e	Stellus Capital Investment Corp		306
	252,179	*	Stifel Financial Corp		8,062
	5,354		Sundaram Finance Ltd		50
	501,062		Suramericana de Inversiones S.A.		10,776
	11,691		Swissquote Group Holding S.A.		367
	182,906	*,e	SWS Group, Inc		968
	645,999		T Rowe Price Group, Inc		42,074
	294,337		Tai Fook Securities Group Ltd		129
	90,000		Taiwan Acceptance Corp		205
	170,000	*	Takagi Securities Co Ltd		291
	43,960	e	TCP Capital Corp		648
	692,776		TD Ameritrade Holding Corp		11,646
	275,035	e	Tetragon Financial Group Ltd		2,660
	222,000		Thitikorn PCL		120
	53,102		THL Credit, Inc		785
	136,854	e	TICC Capital Corp		1,385
	23,257		TMX Group Ltd		1,186
	403,680		Tokai Tokyo Securities Co Ltd		1,855
	61,642		Tong Yang Investment Bank		238
	193,333		Transpac Industrial Holdings Ltd		260
	97,241	e	Triangle Capital Corp		2,479
	257,155		Tullett Prebon plc		1,071
	8,038,571		UBS AG. (Switzerland)		125,795
	557,565		UOB-Kay Hian Holdings Ltd		745
	142,337	*	Uranium Participation Corp		773
	844,000	e	Value Partners Group Ltd		569
	6,226		Verwalt & Privat-Bank AG.		442
	31,445	*	Virtus Investment Partners, Inc		3,803
	56,340		Vontobel Holding AG.		1,737
	103,050		Vostok Nafta Investment Ltd		310
	224,990		Waddell & Reed Financial, Inc (Class A)		7,834
	148,008	*	Walter Investment Management Corp		6,367
	56,848		Warsaw Stock Exchange		712
	3,492,702		Waterland Financial Holdings		1,204
	32,077		Wendel		3,307
	27,089	e	Westwood Holdings Group, Inc		1,108
	393,456	*	WisdomTree Investments, Inc		2,408
	24,388		Woori Financial Co Ltd		384
	168,623		Woori Investment & Securities Co Ltd		1,891
	37,570	*,e	World Acceptance Corp		2,801
			TOTAL DIVERSIFIED FINANCIALS		5,692,888
ENERGY - 9.5%
	123,121	*	Aban Offshore Ltd		859
	295,140	*,e	Abraxas Petroleum Corp		646
	232,415	e	Acergy S.A.		5,585
	8,452		Adams Resources & Energy, Inc		296
	21,729,127		Adaro Energy Tbk		3,604

62

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	226,307	*	Advantage Oil & Gas Ltd	$	728
	9,932,916	*	Afren plc		21,554
	110,770		Aker Kvaerner ASA		2,294
	273,100	*	Alam Maritim Resources BHD		61
	347,246		Alliance Holdings GP LP		16,522
	125,528		Alon USA Energy, Inc		2,271
	1,526,803	*,e	Alpha Natural Resources, Inc		14,871
	152,139	e	AltaGas Income Trust		5,134
	155,626	*	AMEC plc		2,573
	1,104,678	*	Amerisur Resources plc		854
	96,449	*,e	Amyris Biotechnologies, Inc		301
	2,883,781		Anadarko Petroleum Corp		214,294
	89,000	*	Angle Energy, Inc		319
	226,350	*	Anglo Pacific Group plc		1,003
	184,000		Anhui Tianda Oil Pipe Co Ltd		38
	1,276,000	e	Anton Oilfield Services Group		683
	140,500		AOC Holdings, Inc		645
	1,038,449		Apache Corp		81,518
	32,025	e	APCO Argentina, Inc		394
	116,091	*,e	Approach Resources, Inc		2,903
	526,091	*,e	Aquila Resources Ltd		1,440
	212,644	e	ARC Energy Trust		5,225
	895,189	e	Arch Coal, Inc		6,553
	129,801	*,e	Archer Ltd		108
	454,977	*	Athabasca Oil Corp		4,780
	350,725	*	Atwood Oceanics, Inc		16,060
	522,361	*,e	Aurora Oil and Gas Ltd		2,008
	703,676		Australian Worldwide Exploration Ltd		902
	3,089,007		Baker Hughes, Inc		126,155
	114,392	*,e	Bandanna Energy Ltd		31
	1,523,000		Bangchak Petroleum PCL		1,590
	303,626	*	Bankers Petroleum Ltd		980
	168,650		Banpu PCL		2,232
	130,876	*,e	Basic Energy Services, Inc		1,493
	528,671	e	Baytex Energy Trust		22,785
	4,089,009		Beach Petroleum Ltd		6,417
	144,000	*	Bellatrix Exploration Ltd		618
	250,308	e	Berry Petroleum Co (Class A)		8,398
	4,283,776		BG Group plc		71,452
	585,892		Bharat Petroleum Corp Ltd		3,830
	191,044	*	Bill Barrett Corp		3,399
	117,699	*,e	Birchcliff Energy Ltd		883
	362,400	*	BlackPearl Resources, Inc		1,104
	34,252	e	Bolt Technology Corp		489
	44,349	*,e	Bonanza Creek Energy, Inc		1,232
	106,350	e	Bonavista Energy Trust		1,584
	18,525	e	Bonterra Oil & Gas Ltd		850
	517,045	*,e	Borders & Southern Petroleum plc		166
	48,679		Bourbon S.A.		1,349
	514,000		Boustead Singapore Ltd		429
	267,703	*,e	BowLeven plc		292
	15,075,953		BP plc		104,822

63

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,330,952		BP plc (ADR)	$	55,421
	361,932	*,e	BPZ Energy, Inc		1,140
	1,184,600	*	Brasil Ecodiesel Industria e Comercio de Biocombustiveis e Oleos Vegetais S.A.		237
	5,007,000	*,e	Brightoil Petroleum Holdings Ltd		1,023
	128,658		Bristow Group, Inc		6,904
	2,468,700		Bumi Armada BHD		3,224
	65,049	*	BUMI plc		295
	274,423	*,e	Buru Energy Ltd		697
	477,107	e	BW Offshore Ltd		445
	101,500	*	C&C Energia Ltd		969
	210,743	*	C&J Energy Services, Inc		4,518
	993,608		Cabot Oil & Gas Corp		49,422
	870,341		Cairn Energy plc		3,801
	272,770		Cairn India Ltd		1,601
	499,176	*,e	Cal Dive International, Inc		864
	127,486	e	Calfrac Well Services Ltd		3,211
	183,502	*,e	Callon Petroleum Co		862
	198,005		Caltex Australia Ltd		3,994
	388,534	*	Cam Finanziaria S.p.A.		280
	532,711		Cameco Corp		10,491
	1,322,913	*	Cameron International Corp		74,692
	76,200	*	Canacol Energy Ltd		244
	109,700	e	Canadian Energy Services & Technology Corp		1,169
	1,244,858		Canadian Natural Resources Ltd (Canada)		35,843
	1,386,257	e	Canadian Oil Sands Trust		28,110
	186,659	e	Canyon Services Group, Inc		2,130
	770,000		Capital Product Partners LP		5,067
	39,395	e	CARBO Ceramics, Inc		3,086
	152,231	*,e	Carrizo Oil & Gas, Inc		3,185
	21,363		CAT Oil AG.		191
	111,611	*	Celtic Exploration Ltd		2,950
	2,979,176	e	Cenovus Energy, Inc		99,922
	2,126,833	e	Cenovus Energy, Inc (Toronto)		71,179
	137,400	*	Cequence Energy Ltd		199
	12,877	*,e	Ceres, Inc		58
	4,320,532	*	Cheniere Energy, Inc		81,140
	1,219,242	e	Chesapeake Energy Corp		20,264
	7,633,759		Chevron Corp		825,514
	316,000		China Aviation Oil Singapore Corp Ltd		261
	7,934,000	e	China Coal Energy Co		8,818
	4,761,700		China Oilfield Services Ltd		9,984
	972,000		China Qinfa Group Ltd		153
	5,656,799	e	China Shenhua Energy Co Ltd		25,339
	633,000		China Suntien Green Energy Cor		139
	5,177,000		Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd		2,788
	259,573	e	Cimarex Energy Co		14,985
	1,355,702	*,e	Circle Oil plc		350
	20,896	*,e	Clayton Williams Energy, Inc		836
	233,159	*,e	Clean Energy Fuels Corp		2,903
	290,730	*	Cloud Peak Energy, Inc		5,620

64

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	37,983,000		CNOOC Ltd	$	83,677
	1,090,106		Coal India Ltd		7,106
	2,365,155	*	Cobalt International Energy, Inc		58,088
	1,462,912	*,e	Cockatoo Coal Ltd		180
	72,019	*	Compagnie Generale de Geophysique S.A.		2,188
	174,975	*	Comstock Resources, Inc		2,647
	2,060,777	*	Concho Resources, Inc		166,016
	593,957	*	Connacher Oil and Gas Ltd		107
	3,771,925		ConocoPhillips		218,734
	679,404		Consol Energy, Inc		21,809
	76,832		Contango Oil & Gas Co		3,255
	510,121	*	Continental Resources, Inc		37,489
	133,683		Core Laboratories NV		14,613
	444,174		Cosan SA Industria e Comercio		9,057
	120,570	*	Cosmo Oil Co Ltd		270
	2,608,914	e	Crescent Point Energy Corp		98,670
	126,728	*	Crew Energy, Inc		827
	76,108	*	Crimson Exploration, Inc		209
	49,052		CropEnergies AG.		335
	155,536		Crosstex Energy, Inc		2,230
	80,018	*	CVR Energy, Inc		3,904
	489,815	*	CVR Energy, Inc (Contingent value right)		0	^
	41,181	*	Dawson Geophysical Co		1,086
	269,100		Dayang Enterprise Holdings BHD		209
	113,500	*	Deep Sea Supply plc		204
	90,300	*	DeeThree Exploration Ltd		591
	12,909		Delek Group Ltd		3,038
	192,427		Delek US Holdings, Inc		4,872
	8,110,395	*	Denbury Resources, Inc		131,388
	395,408	*	Denison Mines Corp		489
	68,136	*	Det Norske Oljeselskap ASA		1,023
	784,751	*,e	Devon Energy Corp		40,838
	328,868	e	Diamond Offshore Drilling, Inc		22,350
	27,924	*	Diamondback Energy, Inc		534
	1,620,714	*,e	DNO International ASA		2,736
	2,464,174	e	Dragon Oil plc		22,216
	940,221	*	Dresser-Rand Group, Inc		52,784
	370,962	*,e	Drillsearch Energy Ltd		597
	146,498	*	Dril-Quip, Inc		10,702
	7,834,273		Ecopetrol S.A.		24,208
	60,716	e	Ecopetrol S.A. (ADR)		3,623
	151,015	*,e	Electromagnetic GeoServices AS		360
	24,787	*	Emerald Oil, Inc		130
	606,295		Empresas COPEC S.A.		8,600
	66,411	e	Enbridge Income Fund		1,611
	807,492		Enbridge, Inc		34,923
	701,789	e	EnCana Corp		13,871
	170,411	*,e	Endeavour International Corp		883
	163,918		Enerflex Ltd		1,974
	132,622		Energen Corp		5,980
	769,200	*	Energy Earth PCL		188
	353,961	*,e	Energy Resources of Australia Ltd		474

65

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	233,622		Energy Transfer Partners LP	$	10,029
	359,228	e	Energy XXI Bermuda Ltd		11,564
	172,919	e	Enerplus Resources Fund		2,243
	5,255,394		ENI S.p.A.		128,744
	1,815,080	*	Enquest plc (London)		3,580
	334,717		Ensco plc		19,842
	289,493	e	Ensign Energy Services, Inc		4,473
	1,453,582		EOG Resources, Inc		175,578
	232,942	*	EPL Oil & Gas, Inc		5,253
	514,015		Equitable Resources, Inc		30,317
	146,673		ERG S.p.A.		1,491
	411,996	*,e	Essar Energy plc		810
	5,564		Esso SA Francaise		396
	616,900		Esso Thailand PCL		204
	163,015	e	Etablissements Maurel et Prom		2,748
	61,521	*	Eurasia Drilling Co Ltd (GDR)		2,230
	30,174	*	Euronav NV		183
	55,781	*	Evolution Petroleum Corp		453
	1,674,845	e	EXCO Resources, Inc		11,339
	57,818		Exmar NV		591
	279,819	*	Exterran Holdings, Inc		6,134
	17,726,116		Exxon Mobil Corp		1,534,195
	1,862,000	e	Ezion Holdings Ltd		2,632
	858,200	*,e	Ezra Holdings Ltd		813
	119,496	*,e	Fairborne Energy Ltd		168
	376,933	*,e	Falkland Oil & Gas Ltd		174
	344,153	*	Faroe Petroleum plc		778
	1,478,885	*	FMC Technologies, Inc		63,341
	55,837	*,e	Forbes Energy Services Ltd		141
	463,069	*	Forest Oil Corp		3,098
	1,850,880		Formosa Petrochemical Corp		5,510
	76,710	*	Forum Energy Technologies, Inc		1,899
	109,705	e	Fred Olsen Energy ASA		4,817
	143,113	e	Freehold Royalty Trust		3,223
	177,291	*,e	Frontline Ltd		578
	74,818	*,e	Frontline Ltd (Norway)		250
	5,338		Fugro NV		317
	182,761	*,e	FX Energy, Inc		751
	180,976		Galp Energia SGPS S.A.		2,809
	73,554		GasLog Ltd		914
	229,555	*	Gastar Exploration Ltd		278
	9,070,392	e	Gazprom OAO (ADR)		87,669
	62,984	e	Gazpromneft OAO (ADR)		1,478
	4,815,000	*,e	Genesis Energy Holdings Ltd		121
	56,107	*,e	Geospace Technologies Corp		4,986
	95,589	*,e	Gevo, Inc		147
	255,709	e	Gibson Energy, Inc		6,183
	65,810	*,e	Global Geophysical Services, Inc		253
	108,371	e	Golar LNG Ltd		3,986
	91,693	*,e	Goodrich Petroleum Corp		855
	47,943		Great Eastern Shipping Co Ltd		233
	83,616	*,e	Green Plains Renewable Energy, Inc		661

66

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	171,620	*	Grupa Lotos S.A.	$	2,295
	105,264		GS Holdings Corp		7,175
	276,456	*,e	Guildford Coal Ltd		162
	53,703	e	Gulf Island Fabrication, Inc		1,290
	1,153,164	*,e	Gulf Keystone Petroleum Ltd		3,389
	132,258		Gulfmark Offshore, Inc		4,556
	200,867	*	Gulfport Energy Corp		7,677
	588,433	*,e	Halcon Resources Corp		4,072
	14,600	e	Hallador Petroleum Co		121
	2,765,159		Halliburton Co		95,923
	1,424		Hankook Shell Oil Co Ltd		328
	61,034		Hargreaves Services plc		644
	157,902	*,e	Harvest Natural Resources, Inc		1,432
	473,083	*,e	Heckmann Corp		1,907
	488,963	*	Helix Energy Solutions Group, Inc		10,092
	89,198		Hellenic Petroleum S.A.		878
	463,512		Helmerich & Payne, Inc		25,961
	685,586	*	Hercules Offshore, Inc		4,237
	276,005	*	Heritage Oil Ltd		864
	1,034,044		Hess Corp		54,763
	190,900	*	Hibiscus Petroleum BHD		88
	2,188,000	e	Hidili Industry International Development Ltd		590
	1,329,000	e	Hilong Holding Ltd		473
	235,849	*	Hindustan Oil Exploration		445
	45,851	*,e	Hoegh LNG Holdings Ltd		387
	1,180,297		Holly Corp		54,943
	1,549,000	e	Honghua Group Ltd		691
	1,394,691	*,e	Horizon Oil Ltd		635
	125,974	*	Hornbeck Offshore Services, Inc		4,326
	400,800	*	HRT Participacoes em Petroleo S.A.		926
	150,995		Hunting plc		1,963
	1,107,075	e	Husky Energy, Inc		32,721
	41,725		Idemitsu Kosan Co Ltd		3,636
	822,706		Imperial Oil Ltd		35,342
	1,480,705		Inner Mongolia Yitai Coal Co		8,454
	3,173		Inpex Holdings, Inc		16,970
	502,366	*	ION Geophysical Corp		3,270
	27,865,700		IRPC PCL		3,784
	5,085	*,e	Isramco, Inc		529
	322,700	*	Ithaca Energy, Inc		646
	114,753		Itochu Enex Co Ltd		597
	3,200	e	Japan Drilling Co Ltd		96
	3,754		Japan Petroleum Exploration Co		133
	159,363	*,e	JKX Oil & Gas plc		201
	730,546		John Wood Group plc		8,733
	2,608,061		JX Holdings, Inc		14,724
	59,000		Kanto Natural Gas Development Ltd		322
	209,649	*	Karoon Gas Australia Ltd		1,189
	535,919	*	Key Energy Services, Inc		3,725
	115,821	e	Keyera Facilities Income Fund		5,732
	1,296,905		Kinder Morgan, Inc		45,820
	95,156	*,e	KiOR, Inc (Class A)		610

67

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	79,069	e	Knightsbridge Tankers Ltd	$	415
	1,722,637	*	KNM Group BHD		258
	3,939,122	*	Kodiak Oil & Gas Corp		34,861
	468,384	*,e	Kosmos Energy LLC		5,785
	190,232	e	Kumba Resources Ltd		3,833
	215,106		Kvaerner ASA		634
	1,380,865	*,e	Laredo Petroleum Holdings, Inc		25,076
	168,000	*	Legacy Oil & Gas, Inc		1,159
	373,336	*,e	Linc Energy Ltd		468
	52,400		Longview Oil Corp		284
	53,406		Lubelski Wegiel Bogdanka S.A.		2,358
	632,903	e	Lufkin Industries, Inc		36,791
	1,075,455		LUKOIL (ADR)		72,207
	17,813	*	Lundin Petroleum AB		412
	541,079	*,e	Magnum Hunter Resources Corp		2,159
	2,846,276		Marathon Oil Corp		87,267
	1,486,875		Marathon Petroleum Corp		93,673
	222,505		Maridive & Oil Services SAE		258
	775,412	*,e	Matador Resources Co		6,358
	43,583	e	Matrix Composites & Engineering Ltd		85
	88,980	*	Matrix Service Co		1,023
	105,932	*	Maurel & Prom Nigeria		314
	152,731	*,e	Maverick Drilling & Exploration Ltd		117
	643,068	*	McDermott International, Inc		7,087
	404,998	*,e	McMoRan Exploration Co		6,500
	108,062	*	MEG Energy Corp		3,307
	234,515	e	Miclyn Express Offshore Ltd		599
	121,114	*	Midnight Oil Exploration Ltd		401
	163,415	*	Midstates Petroleum Co, Inc		1,126
	2,470,000		MIE Holdings Corp		794
	111,797	*,e	Miller Petroleum, Inc		443
	42,352	*	Mitcham Industries, Inc		577
	18,000		Modec, Inc		393
	66,815	e	MOL Hungarian Oil and Gas plc		5,390
	4,993,117	*	Mongolia Energy Co ltd		245
	154,413		Motor Oil Hellas Corinth Refineries S.A.		1,710
	212,967		Mullen Group Ltd		4,475
	903,240		Murphy Oil Corp		53,788
	548,174	*	Nabors Industries Ltd		7,921
	482,904	*	Nagarjuna Oil Refinery Ltd		45
	48,350	*	Naphtha Israel Petroleum Corp Ltd		212
	1,708,093		National Oilwell Varco, Inc		116,748
	62,870	*	Natural Gas Services Group, Inc		1,032
	98,782	e	Neste Oil Oyj		1,281
	874,366		New Zealand Oil & Gas Ltd		635
	403,136	*	Newfield Exploration Co		10,796
	4,830,000	e	Newocean Energy Holdings Ltd		2,854
	360,924	*,e	Newpark Resources, Inc		2,833
	653,072		Nexen, Inc		17,445
	1,117,197	*	Nexus Energy Ltd		181
	66,600		Niko Resources Ltd		713
	753,309	e	Noble Energy, Inc		76,642

68

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	195,105	e	Nordic American Tanker Shipping	$	1,707
	163,404		Northern Offshore Ltd		294
	225,209	*,e	Northern Oil And Gas, Inc		3,788
	282,500	*,e	Norwegian Energy Co AS		195
	309,250		NovaTek OAO (GDR)		37,780
	123,079	*	NuVista Energy Ltd		726
	296,012	*	Oasis Petroleum, Inc		9,413
	6,276,148		Occidental Petroleum Corp		480,816
	317,188		Oceaneering International, Inc		17,062
	1,931,077	*	OGX Petroleo e Gas Participacoes S.A.		4,131
	1,207,942	*	Oil Refineries Ltd		648
	335,267		Oil Search Ltd		2,479
	105,806	*	Oil States International, Inc		7,569
	324,402		OMV AG.		11,755
	290,042	*	Ophir Energy plc		2,397
	1,644,772		Origin Energy Ltd		20,219
	1,094	*,b,e,m	Overseas Shipholding Group, Inc		1
	70,130		Pacific Rubiales Energy Corp		1,639
	1,048,513	e	Pacific Rubiales Energy Corp (Toronto)		24,360
	995,999	*,e	Paladin Resources Ltd		1,100
	26,803	e	Panhandle Oil and Gas, Inc (Class A)		757
	56,789	*,e	Paramount Resources Ltd (Class A)		1,827
	190,100	*	Parex Resources, Inc		1,108
	496,194	*	Parker Drilling Co		2,282
	240,815	e	Parkland Income Fund		4,583
	171,870		Pason Systems, Inc		2,963
	445,532	e	Patterson-UTI Energy, Inc		8,300
	5,331	*	Paz Oil Co Ltd		798
	108,833	*	PDC Energy, Inc		3,614
	920,090		Peabody Energy Corp		24,484
	237,203	e	Pembina Pipeline Income Fund		6,787
	469,623	e	Pengrowth Energy Trust		2,337
	510,910	e	Penn Virginia Corp		2,253
	607,594	e	Penn West Energy Trust		6,597
	283,934	e	PetroBakken Energy Ltd		2,926
	113,300	*	Petrobank Energy & Resources Ltd		1,412
	1,562,995		Petrofac Ltd		41,772
	5,507,376		Petroleo Brasileiro S.A.		52,586
	655,500		Petroleo Brasileiro S.A. (ADR)		12,763
	7,601,866		Petroleo Brasileiro S.A. (Preference)		72,473
	971,420		Petroleum Geo-Services ASA		16,920
	263,511	e	Petrominerales Ltd		2,278
	739,318		Petronas Dagangan BHD		5,681
	334,094	*,e	Petroquest Energy, Inc		1,654
	191,102	e	Peyto Energy Trust		4,417
	54,468	*,e	PHI, Inc		1,824
	132,300	*	Philex Petroleum Corp		96
	2,524,345	e	Phillips 66		134,043
	216,477	*	Pioneer Energy Services Corp		1,572
	519,672		Pioneer Natural Resources Co		55,392
	320,641	*	Plains Exploration & Production Co		15,051
	363,491	*,e	Polarcus Ltd		444

69

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,123,196	*	Polish Oil & Gas Co	$	5,268
	429,635	*	Polski Koncern Naftowy Orlen S.A.		6,887
	100,100	e	Poseidon Concepts Corp		141
	285,400		Precision Drilling Trust		2,358
	766,146	*	Premier Oil plc		4,239
	295,904	e	ProSafe ASA		2,539
	6,907,000	*	PT Benakat Petroleum Energy		141
	13,891,000		PT Bumi Resources Tbk		857
	7,693,000	*	PT Delta Dunia Petroindo Tbk		123
	27,384,000	*	PT Energi Mega Persada Tbk		235
	5,845,000		PT Indika Energy Tbk		868
	1,175,000		PT Indo Tambangraya Megah		5,087
	2,234,000		PT Medco Energi Internasional Tbk		380
	401,000		PT Resource Alam Indonesia Tbk		103
	10,837,834		PT Tambang Batubara Bukit Asam Tbk		17,086
	2,319,528		PTT Exploration & Production PCL		12,398
	1,792,950		PTT PCL		19,601
	495,410		Questar Market Resources, Inc		14,996
	407,928	*,e	Quicksilver Resources, Inc		1,167
	343,114		Range Resources Corp		21,558
	308,610	*,e	Red Fork Energy Ltd		243
	245,600	*	Refinaria de Petroleos de Manguinhos S.A.		31
	1,156,654		Refineria La Pampilla S.A. Relapasa		285
	2,171,443		Reliance Industries Ltd		33,621
	53,554	*,e	Renewable Energy Group, Inc		314
	907,434		Rentech, Inc		2,387
	955,948	*	Repsol YPF S.A.		19,513
	167,418	*,e	Resolute Energy Corp		1,361
	152,878	*,e	Rex Energy Corp		1,990
	20,864	*	Rex Stores Corp		402
	47,718	*,e	RigNet, Inc		975
	1,755,492	*	Roc Oil Co Ltd		814
	387,158	*,e	Rockhopper Exploration plc		984
	524,854	*	Rosetta Resources, Inc		23,807
	2,730,478	*	Rosneft Oil Co (GDR)		24,742
	480,271	*,e	Rowan Cos PLC		15,018
	5,672,870		Royal Dutch Shell plc (A Shares)		196,906
	3,443,810		Royal Dutch Shell plc (B Shares)		122,862
	122,814	e	RPC, Inc		1,503
	181,870	*	RusPetro plc		233
	702,508		Saipem S.p.A.		27,365
	368,966	*	Salamander Energy plc		1,142
	115,000		San-Ai Oil Co Ltd		478
	39,400	*,e	Sanchez Energy Corp		709
	916,462	*,e	SandRidge Energy, Inc		5,820
	696,944		Santos Ltd		8,166
	3,798,100	*	Sapurakencana Petroleum BHD		3,938
	404,937	*	Saras S.p.A.		532
	67,005	*,e	Saratoga Resources, Inc		237
	1,039,643		Sasol Ltd		44,833
	109,438	e	Savanna Energy Services Corp		790
	207,860	*	SBM Offshore NV		2,931

70

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	6,142,239		Schlumberger Ltd	$	425,596
	13,703		Schoeller-Bleckmann Oilfield Equipment AG.		1,436
	569,500	*	Scomi Group BHD		66
	137,806	*,e	Scorpio Tankers, Inc		980
	55,028		SEACOR Holdings, Inc		4,611
	113,618	e	SeaDrill Ltd		4,186
	131,300	*	Secure Energy Services, Inc		1,309
	144,926	*	SemGroup Corp		5,664
	909,254	*	Senex Energy Ltd		669
	50	*	Serval Integrated Energy Services		0	^
	334,447	*,e	Sevan Drilling AS.		239
	1,128,400		Shandong Molong Petroleum Machinery Co Ltd		495
	147,479		ShawCor Ltd		5,781
	1,522,500	*	Shengli Oil&Gas Pipe Holdings Ltd		162
	103,982		Shinko Plantech Co Ltd		823
	168,772	e	Ship Finance International Ltd		2,807
	22,347	*	Showa Shell Sekiyu KK		127
	132,800		Siamgas & Petrochemicals PCL		60
	61,000		Sinanen Co Ltd		254
	8,240,000	*,e	Sino Union Energy Investment Group Ltd		591
	584,000		Sinopec Kantons Holdings Ltd		387
	124,290		SK Energy Co Ltd		20,565
	10,325		SK Gas Co Ltd		847
	503,264	*	Soco International plc		2,959
	72,278		S-Oil Corp		7,139
	196,515	*,e	Solazyme, Inc		1,545
	168,771	*,e	Songa Offshore SE		229
	446,700	*	Southern Pacific Resource Corp		579
	109,200	*	SouthGobi Resources Ltd		225
	1,018,606	*	Southwestern Energy Co		34,032
	44,400	*	Spartan Oil Corp		234
	1,975,765		Spectra Energy Corp		54,096
	109,222		Sprott Resource Corp		478
	211,741		St. Mary Land & Exploration Co		11,055
	822,444		Statoil ASA		20,729
	224,570	*	Stone Energy Corp		4,608
	3,425,294	e	Suncor Energy, Inc		112,638
	2,240,098		Suncor Energy, Inc (NY)		73,878
	300,966	*	Superior Energy Services		6,236
	89,300	*	Surge Energy, Inc		494
	2,271,503		Surgutneftegaz (ADR)		20,460
	339,700	e	Surgutneftegaz (ADR) (London)		3,064
	933,000	*,e	Swiber Holdings Ltd		473
	207,558	*	Swift Energy Co		3,194
	139,407	*,e	Synergy Resources Corp		751
	70,300	*	TAG Oil Ltd		403
	895,909		Talisman Energy, Inc		10,133
	144,421		Targa Resources Investments, Inc		7,631
	383,759		Tatneft (GDR)		17,086
	342,093		Technip S.A.		39,558
	264,957	*	Tecnicas Reunidas S.A.		12,410
	87,165		Teekay Corp		2,798

71

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	225,091	e	Teekay Tankers Ltd (Class A)	$	653
	261,283		Tenaris S.A.		5,448
	148,196	*	Tesco Corp		1,688
	613,800		Tesoro Corp		27,038
	418,435	*	Tetra Technologies, Inc		3,176
	57,345	e	TGC Industries, Inc		470
	240,420		TGS Nopec Geophysical Co ASA		7,940
	1,352,300		Thai Oil PCL		3,018
	94,214		Tidewater, Inc		4,209
	2,800,000	*,m	Titan Petrochemicals Group Ltd		4
	120,274	*	TMK OAO (GDR)		1,865
	40,931	e	TonenGeneral Sekiyu KK		354
	48,243		Total Energy Services, Inc		727
	2,275,699		Total S.A.		118,411
	88,681	*	Tourmaline Oil Corp		2,784
	162,000		Toyo Kanetsu K K		335
	889,994	e	TransCanada Corp		42,070
	181,000	*	TransGlobe Energy Corp		1,698
	472,963	*	Transocean Ltd		21,205
	654,022		Transocean Ltd-NYSE		29,202
	303,602	*,e	Triangle Petroleum Corp		1,819
	193,130	e	Trican Well Service Ltd		2,547
	65,680	e	Trilogy Energy Corp		1,922
	320,966		Trinidad Drilling Ltd		2,220
	3,596,814		Tullow Oil plc		74,984
	191,251		Tupras Turkiye Petrol Rafine		5,553
	340,343		Turcas Petrolculuk AS		623
	695,486		Twin Butte Energy Ltd		1,804
	282,942	*,e	Ultra Petroleum Corp		5,130
	539,400		Ultrapar Participacoes S.A.		12,195
	125,285	*	Unit Corp		5,644
	235,256	*,e	Uranerz Energy Corp		327
	302,092	*,e	Uranium Energy Corp		773
	650,654	*	Uranium One, Inc		1,537
	336,610	*	Vaalco Energy, Inc		2,912
	1,743,694		Valero Energy Corp		59,495
	78,145	*	Valiant Petroleum plc		517
	646,960	*,e	Vantage Drilling Co		1,184
	246,300	e	Veresen, Inc		2,929
	306,031	e	Vermilion Energy Trust		15,989
	201,655	e	W&T Offshore, Inc		3,233
	4,838,400		Wah Seong Corp BHD		2,611
	437,372	*	Warren Resources, Inc		1,229
	2,906,495	*	Weatherford International Ltd		32,524
	110,775	*,e	West Siberian Resources Ltd (GDR)		910
	64,800		Western Energy Services Corp		461
	351,213	e	Western Refining, Inc		9,901
	105,574	*	Westfire Energy Ltd		520
	41,088	*,e	Westmoreland Coal Co		384
	155,600	*	Whitecap Resources, Inc		1,353
	311,774	e	Whitehaven Coal Ltd		1,162
	283,469	*	Whiting Petroleum Corp		12,294

72

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	432,368	*	Willbros Group, Inc	$	2,317
	2,487,776		Williams Cos, Inc		81,450
	532,337		Woodside Petroleum Ltd		18,970
	231,338		World Fuel Services Corp		9,524
	306,947		WorleyParsons Ltd		7,561
	495,371	*	WPX Energy, Inc		7,371
	204,128	*,e	Xcite Energy Ltd		308
	421,571	*,e	Xenolith Resources Ltd		324
	6,610,000	e	Yanzhou Coal Mining Co Ltd		11,268
	65,735	e	Zargon Energy Trust		554
	152,977	*,e	ZaZa Energy Corp		314
			TOTAL ENERGY		10,100,661
FOOD & STAPLES RETAILING - 1.7%
	835,409	e	Aeon Co Ltd		9,547
	11,900		Ain Pharmaciez Inc		651
	206,444		Alimentation Couche Tard, Inc		10,155
	378,817		Almacenes Exito S.A.		7,611
	86,425		Andersons, Inc		3,708
	41,479		Arcs Co Ltd		849
	4,641	e	Arden Group, Inc (Class A)		418
	41,289	e	Axfood AB		1,562
	124,000		Beijing Jingkelong Co Ltd		87
	140,360		BIM Birlesik Magazalar AS		6,882
	39,862		Bizim Toptan Satis Magazalari AS		623
	2,949,638		Booker Group plc		4,707
	386,768		Brazil Pharma S.A.		2,720
	907,789		Carrefour S.A.		23,373
	139,803	e	Casey’s General Stores, Inc		7,424
	139,194		Casino Guichard Perrachon S.A.		13,332
	20,400		Cawachi Ltd		406
	2,173,093		Centros Comerciales Sudamericanos S.A.		11,781
	61,178	*	Chefs’ Warehouse Holdings, Inc		967
	1,793,900	e	China Resources Enterprise		6,565
	177,206		Cia Brasileira de Distribuicao Grupo Pao de Acucar		7,833
	14,300		CJ Freshway Corp		490
	509,314		Clicks Group Ltd		3,925
	41,260		Cocokara Fine Holdings, Inc		1,292
	26,095		Colruyt S.A.		1,292
	796,600		Controladora Comercial Mexicana S.A. de C.V.		2,790
	9,900		Cosmos Pharmaceutical Corp		984
	1,820,845		Costco Wholesale Corp		179,845
	11,179,600		CP Seven Eleven PCL		16,811
	8,400		Create SD Holdings Co Ltd		238
	3,848,161		CVS Corp		186,059
	5,900		Daikokutenbussaan Co Ltd		178
	173,998	e	Delhaize Group		7,008
	1,106,280		Distribuidora Internacional de Alimentacion S.A.		7,068
	26,882		Dongsuh Co, Inc		463
	29,054		E-Mart Co Ltd		6,459
	59,032		Empire Co Ltd		3,498
	65,976		Eurocash S.A.		931

73

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	47,174		FamilyMart Co Ltd	$	1,943
	130,000	*	Fonterra Shareholders’ Fund		775
	85,358	*,e	Fresh Market, Inc		4,105
	55,710		George Weston Ltd		3,959
	117,776		Greggs plc		879
	22,930		Growell Holdings Co Ltd		799
	112,073	e	Hakon Invest AB		2,042
	206,770		Harris Teeter Supermarkets, Inc		7,973
	36,200		Heiwado Co Ltd		503
	3,032	*	Indiabulls Wholesale Service		1
	54,043	e	Ingles Markets, Inc (Class A)		933
	17,288	*	Inretail Peru Corp		362
	5,600		Itochu-Shokuhin Co Ltd		189
	84,741		Izumiya Co Ltd		433
	3,271,362		J Sainsbury plc		18,508
	189,761		Jean Coutu Group PJC, Inc		2,772
	190,169	e	Jeronimo Martins SGPS S.A.		3,677
	56,300		Kasumi Co Ltd		356
	26,200		Kato Sangyo Co Ltd		468
	21,063		Kesko Oyj (B Shares)		691
	2,849,768		Koninklijke Ahold NV		38,213
	3,308,517		Kroger Co		86,088
	3,100	*,e	Kusuri No Aoki Co Ltd		167
	97,759		Lawson, Inc		6,631
	825,000	e	Lianhua Supermarket Holdings Co Ltd		795
	28,100	e	Liquor Stores Income Fund		524
	127,491		Loblaw Cos Ltd		5,374
	765,059	e	Magnit OAO (GDR)		31,104
	93,840	*	Majestic Wine plc		722
	66,767		MARR S.p.A.		698
	43,233		Maruetsu, Inc		143
	142,434		Massmart Holdings Ltd		3,229
	109,766	e	Matsumotokiyoshi Holdings Co Ltd		2,593
	201,813	e	Metcash Ltd		700
	180,425		Metro AG.		5,012
	278,902	e	Metro, Inc		17,757
	49,700		Ministop Co Ltd		834
	50,584		Nash Finch Co		1,076
	29,300	*,e	Natural Grocers by Vitamin C		559
	124,771		North West Co Fund		2,808
	143,610		O’Key Group S.A. (GDR)		1,680
	24,000		Okuwa Co Ltd		303
	179,810	e	Olam International Ltd		231
	173,973	*	Pantry, Inc		2,110
	569,651	e	Pick’n Pay Holdings Ltd		1,327
	308,712		Pick’n Pay Stores Ltd		1,620
	1,431,320		President Chain Store Corp		7,680
	63,717		Pricesmart, Inc		4,909
	2,947,500		PT Sumber Alfaria Trijaya Tbk		1,606
	397,000		Puregold Price Club, Inc		319
	471,572		Raia Drogasil S.A.		5,313
	52,019		Rallye S.A.		1,754

74

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	7,417		Rami Levi Chain Stores Hashikma Marketing 2006 Ltd	$	253
	3,195,270	*	Rite Aid Corp		4,346
	107,209	e	Roundy’s, Inc		477
	10,379	e	Ryoshoku Ltd		262
	25,500		S Foods, Inc		238
	383,120	e	Safeway, Inc		6,931
	12,000		San-A Co Ltd		448
	1,426,719		Seven & I Holdings Co Ltd		40,220
	533,000	e	Sheng Siong Group Ltd		233
	279,411		Shoppers Drug Mart Corp		12,022
	827,147		Shoprite Holdings Ltd		20,066
	157,741		Shufersal Ltd		445
	47,100		Siam Makro PCL		689
	227,476		Spar Group Ltd		3,551
	77,662	e	Spartan Stores, Inc		1,193
	54,500		Sugi Pharmacy Co Ltd		1,923
	3,274,000	e	Sun Art Retail Group Ltd		5,062
	40,300		Sundrug Co Ltd		1,378
	889,284	e	Supervalu, Inc		2,197
	41,818	*	Susser Holdings Corp		1,442
	848,912		Sysco Corp		26,877
	474,000		Taiwan TEA Corp		260
	11,391,042		Tesco plc		62,748
	672,991		Total Produce plc		541
	36,888		Tsuruha Holdings, Inc		2,909
	185,539	*	United Natural Foods, Inc		9,943
	584,300		UNY Co Ltd		4,330
	63,200		Valor Co Ltd		995
	38,851	e	Village Super Market (Class A)		1,277
	2,529,986		Walgreen Co		93,635
	8,896,221	e	Wal-Mart de Mexico S.A. de C.V. (Series V)		29,133
	6,394,192		Wal-Mart Stores, Inc		436,276
	41,736		Weis Markets, Inc		1,635
	1,421,504		Wesfarmers Ltd		54,843
	972,807		Whole Foods Market, Inc		88,846
	1,799,548		WM Morrison Supermarkets plc		7,727
	1,232,212		Woolworths Ltd		37,802
	795,999	*	Wumart Stores, Inc		1,722
	8,600		Yaoko Co Ltd		319
	42,700		Yokohama Reito Co Ltd		301
			TOTAL FOOD & STAPLES RETAILING		1,791,274
FOOD, BEVERAGE & TOBACCO - 5.5%
	33,990		AarhusKarlshamn AB		1,446
	95,862	*	AGV Products Corp		35
	585,181	*	Ajinomoto Co, Inc		7,743
	19,830	e	Alico, Inc		726
	366,080		Alicorp S.A.		1,190
	14,816		Alliance Grain Traders, Inc		195
	300,112	*,e	Alliance One International, Inc		1,092
	11,549,515		Altria Group, Inc		362,886
	36,097		Amsterdam Commodities NV		665

75

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	265,164		Anadolu Efes Biracilik Ve Malt Sanayii AS	$	3,822
	2,974	*	Anheuser-Busch InBev NV		0	^
	26,539	*,e	Annie’s, Inc		887
	76,655	*	AquaChile S.A.		53
	1,736,186		Archer Daniels Midland Co		47,554
	20,300		Ariake Japan Co Ltd		371
	14,055		Aryzta AG.		723
	438,861		Asahi Breweries Ltd		9,345
	1,227,624	e	Asian Citrus Holdings Ltd		589
	290,900		Asiatic Development BHD		856
	1,438,293	*	Associated British Foods plc		36,746
	84,351	e	Astral Foods Ltd		1,030
	27,924		Atria Group plc		231
	771,000	*,m	Ausnutria Dairy Corp Ltd		73
	136,912	e	Austevoll Seafood ASA		702
	311,861	*	Australian Agricultural Co Ltd		380
	931,330		AVI Ltd		6,598
	181,689	e	B&G Foods, Inc (Class A)		5,144
	866,895		Bajaj Hindusthan Ltd		401
	179,659		Balrampur Chini Mills Ltd		163
	1,745	*	Barry Callebaut AG.		1,688
	551,255		Beam, Inc		33,676
	217,000	*,e	Besunyen Holdings		14
	10,905		Binggrae Co Ltd		1,141
	344,500	e	Biostime Internatonal Holdings Ltd		1,085
	153,246	*,e	Black Earth Farming Ltd		209
	6,753	*	Bonduelle S.C.A.		636
	27,219	*,e	Boston Beer Co, Inc (Class A)		3,660
	208,818	*	Boulder Brands, Inc		2,694
	6,400	*	Britannia Industries Ltd		58
	204,800		British American Tobacco Malaysia BHD		4,168
	2,721,617	*	British American Tobacco plc		138,353
	671,687		Britvic plc		4,476
	611,544		Brown-Forman Corp (Class B)		38,680
	771,000	*,e	Bumitama Agri Ltd		673
	682,911		Bunge Ltd		49,641
	486,818		C&C Group plc		2,928
	41,357	e	Calavo Growers, Inc		1,043
	19,400	e	Calbee, Inc		1,367
	85,424	e	Cal-Maine Foods, Inc		3,436
	702,363	e	Campbell Soup Co		24,505
	213,889		Carlsberg AS (Class B)		21,072
	187,500		Carlsberg Brewery-Malay BHD		768
	82,161		Casa Grande S.A.		465
	234,129	*,e	Central European Distribution Corp		508
	67,625		Cermaq ASA		1,026
	592,000		Changshouhua Food Co Ltd		322
	3,744,400		Charoen Pokphand Foods PCL		4,150
	7,511,710	e	China Agri-Industries Holdings Ltd		4,268
	840,000	*,e	China Green Holdings Ltd		170
	1,273,500	*,e	China Huiyuan Juice Group Ltd		469
	1,688,000	e	China Mengniu Dairy Co Ltd		4,825

76

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	365,292	*,e	China Minzhong Food Corp Ltd	$	244
	1,551,000	*,e	China Modern Dairy Holdings		432
	5,760,000		China Starch Holdings Ltd		186
	1,580,000		China Tontine Wines Group Ltd		159
	1,762,000	*,e	China Yurun Food Group Ltd		1,304
	164,450	*,e	Chiquita Brands International, Inc		1,357
	247,191		Cia Cervecerias Unidas S.A.		3,892
	107,700		Cia de Bebidas das Americas		4,403
	11,041		CJ CheilJedang Corp		3,691
	67,016		Clover Industries Ltd		139
	15,521		Coca Cola Hellenic Bottling Co S.A.		363
	356,089		Coca-Cola Amatil Ltd		5,004
	28,445		Coca-Cola Bottling Co Consolidated		1,892
	59,695	e	Coca-Cola Central Japan Co Ltd		739
	17,923,889		Coca-Cola Co		649,741
	1,361,827		Coca-Cola Enterprises, Inc		43,211
	596,487	e	Coca-Cola Femsa S.A. de C.V.		8,829
	178,970		Coca-Cola Icecek AS		3,730
	29,767		Coca-Cola West Japan Co Ltd		460
	1,009,000	e	Cofco International Ltd		939
	1,580,638		ConAgra Foods, Inc		46,629
	1,044,498	*	Constellation Brands, Inc (Class A)		36,965
	50,778	e	Copeinca ASA		375
	193,442		Cott Corp		1,556
	45,275	*,e	Craft Brewers Alliance, Inc		293
	1,787		Crown Confectionery Co Ltd		339
	202,422		CSM		4,357
	8,292,351	*	D.E Master Blenders 1753 NV		95,268
	694,000		DaChan Food Asia Ltd		104
	2,160		Dae Han Flour Mills Co Ltd		281
	24,590		Daesang Corp		604
	157,450	*	Dairy Crest Group plc		998
	1,298,000	*,e,m	Daqing Dairy Holdings Ltd		141
	583,910	*	Darling International, Inc		9,366
	365,253		Davide Campari-Milano S.p.A.		2,807
	4,680,258	*	Dean Foods Co		77,271
	396,687		Devro plc		1,999
	4,228,811		Diageo plc		123,171
	52,787		Diageo plc (ADR)		6,154
	75,933	e	Diamond Foods, Inc		1,038
	126,690	*	Dole Food Co, Inc		1,453
	5,294		Dongwon F&B Co Ltd		366
	2,650		Dongwon Industries Co Ltd		707
	415,084		Dr Pepper Snapple Group, Inc		18,338
	9,300		Dydo Drinco, Inc		378
	1,214,000	e	Dynasty Fine Wines Group Ltd		223
	11,424		East Asiatic Co Ltd AS		193
	92,625		Ebro Puleva S.A.		1,839
	7,604		Embotelladora Andina S.A.		48
	443,358	e	Embotelladoras Arca SAB de C.V.		3,296
	5,265,492		Empresas Iansa S.A.		382
	141,464		Ezaki Glico Co Ltd		1,459

77

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	38,336	*	Farmer Bros Co	$	553
	1,252,300		Felda Global Ventures Holdings BHD		1,892
	1,238,357	e	First Resources Ltd		2,065
	282,828		Flowers Foods, Inc		6,581
	3,851,733		Fomento Economico Mexicano S.A. de C.V.		38,531
	139,123		Fresh Del Monte Produce, Inc		3,666
	67,373		Fuji Oil Co Ltd		975
	35,832		Fujicco Co Ltd		425
	150,000	*,e	Fujiya Co Ltd		338
	1,713,977		General Mills, Inc		69,262
	301,200		GFPT PCL		79
	314,979		Glanbia plc		3,472
	6,042,000	e	Global Bio-Chem Technology Group Co Ltd		696
	3,608,000		GMG Global Ltd		398
	55,511,021	e	Golden Agri-Resources Ltd		29,873
	2,950,590	*	Goodman Fielder Ltd		1,928
	484,319		GrainCorp Ltd-A		6,281
	681,517		Great Wall Enterprise Co		627
	988,598	*,e	Green Mountain Coffee Roasters, Inc		40,888
	536,154	e	Greencore Group plc		893
	12,228	e	Griffin Land & Nurseries, Inc (Class A)		330
	623,267		Groupe Danone		41,056
	720,300	*,e	Gruma SAB de C.V.		2,183
	2,251,528	e	Grupo Bimbo S.A. de C.V. (Series A)		5,830
	320,400		Grupo Herdez SAB de C.V.		984
	1,396,994	e	Grupo Modelo S.A. (Series C)		12,539
	497,089		H.J. Heinz Co		28,672
	193,222	*,e	Hain Celestial Group, Inc		10,476
	225,000		Hap Seng Plantations Holdings BHD		207
	98,254		Harim & Co Ltd		261
	138,595		Heineken Holding NV		7,631
	326,356		Heineken NV		21,880
	1,690,347		Hershey Co		122,077
	790,000		Hey Song Corp		1,052
	319,820		Hillshire Brands Co		9,000
	31,320		Hite Holdings Co Ltd		481
	61,220	e	HKScan Oyj		293
	24,200	e	Hokuto Corp		475
	183,446		Hormel Foods Corp		5,725
	76,352	e	House Foods Corp		1,150
	250,500		IJM Plantations BHD		244
	319,050		Illovo Sugar Ltd		1,112
	1,646,889		Imperial Tobacco Group plc		63,852
	964,316		InBev NV		83,977
	674,978	e	Indofood Agri Resources Ltd		746
	952,369		Ingredion, Inc		61,361
	84,859	*	Inventure Foods, Inc		551
	4,055,576		IOI Corp BHD		6,779
	4,672,896		ITC Ltd		24,607
	159,200	e	Ito En Ltd		2,931
	188,000		Itoham Foods, Inc		823
	70,828	e	J&J Snack Foods Corp		4,529

78

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	246,895		J.M. Smucker Co	$	21,292
	1,866,500		Japan Tobacco, Inc		52,727
	2,113,621	*	JBS S.A.		6,194
	28,490	e	John B. Sanfilippo & Son, Inc		518
	222,944		J-Oil Mills, Inc		622
	588,125		Juhayna Food Industries		711
	90,073	e	Kagome Co Ltd		1,721
	119,325		Kaveri Seed Co Ltd		2,800
	2,404,218		Kellogg Co		134,276
	115,229	*	Kernel Holding S.A.		2,485
	208,949		Kerry Group plc (Class A)		11,037
	20,200		KEY Coffee, Inc		362
	2,170,900		Khon Kaen Sugar Industry PCL		975
	386,560		Kikkoman Corp		5,520
	812,000		Kingway Brewery Holdings Ltd		304
	550,358		Kirin Brewery Co Ltd		6,475
	94,664		Koninklijke Wessanen NV		275
	1,027		Kook Soon Dang Brewery Co Ltd		7
	2,172,686	*	Kraft Foods Group, Inc		98,792
	242,693		KT&G Corp		18,317
	668,673		Kuala Lumpur Kepong BHD		5,269
	2,596	e	KWS Saat AG.		836
	727,000		Labixiaoxin Snacks Group Ltd		289
	63,456	e	Lancaster Colony Corp		4,390
	188,581		Lance, Inc		4,547
	25,913	e	Leroy Seafood Group ASA		604
	342,987		Lien Hwa Industrial Corp		224
	24,248	e	Lifeway Foods, Inc		212
	32,347	e	Limoneira Co		627
	222		Lindt & Spruengli AG.		724
	115		Lindt & Spruengli AG. (Reg)		4,353
	861,089		Lorillard, Inc		100,463
	1,073		Lotte Chilsung Beverage Co Ltd		1,519
	833		Lotte Confectionery Co Ltd		1,270
	1,411		Lotte Samkang Co Ltd		868
	7,627		Maeil Dairy Industry Co Ltd		224
	136,645	e	Maple Leaf Foods, Inc		1,644
	181,000	*	Marfrig Alimentos S.A.		750
	144,000		Marudai Food Co Ltd		477
	563,000		Maruha Nichiro Holdings, Inc		984
	353,378	e	McCormick & Co, Inc		22,450
	75,219	*	McLeod Russel India Ltd		480
	893,713		Mead Johnson Nutrition Co		58,887
	56,900	e	Megmilk Snow Brand Co Ltd		893
	13,381		MEIJI Holdings Co Ltd		580
	404,000	e	Mewah International, Inc		184
	190,318	*	MHP SA (GDR)		3,020
	71,000		Mikuni Coca-Cola Bottling Co Ltd		670
	262,100		Minerva S.A.		1,439
	222,000		Mitsui Sugar Co Ltd		640
	164,022	e	Molson Coors Brewing Co (Class B)		7,018
	4,955,695		Mondelez International, Inc		126,222

79

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,756,007	*	Monster Beverage Corp	$	92,858
	236,302		Morinaga & Co Ltd		506
	496,000		Morinaga Milk Industry Co Ltd		1,588
	95,189	*	Morpol ASA		194
	299,900		MSM Malaysia Holdings BHD		466
	17,212		Muhak Co Ltd		220
	1,728,489		Multiexport Foods S.A.		413
	46,000		Namchow Chemical Industrial Ltd		46
	1,319		Namyang Dairy Products Co Ltd		1,161
	43,730	e	National Beverage Corp		638
	4,812		Naturex		362
	4,196,356		Nestle S.A.		273,785
	908,000		Nichirei Corp		4,743
	152,000		Nippon Beet Sugar Manufacturing Co Ltd		284
	305,000		Nippon Flour Mills Co Ltd		1,237
	36,594		Nippon Meat Packers, Inc		507
	314,766		Nippon Suisan Kaisha Ltd		651
	289,000		Nisshin Oillio Group Ltd		1,072
	49,308		Nisshin Seifun Group, Inc		617
	32,235		Nissin Food Products Co Ltd		1,223
	8,173		Nong Shim Co Ltd		2,073
	4,182		Nong Shim Holdings Co Ltd		238
	5,853		Nong Woo Bio Co Ltd		121
	86,360		Nutreco Holding NV		7,342
	140,790	*	Omega Protein Corp		862
	4,499		Orion Corp		4,615
	45,304		Osem Investments Ltd		780
	4,411		Ottogi Corp		900
	2,463,166	e	Pacific Andes International Holdings Ltd		127
	4,273,369	*	PAN Fish ASA		3,981
	5,682,481		PepsiCo, Inc		388,852
	929,771		Perdigao S.A.		19,158
	194,975		Pernod-Ricard S.A.		22,621
	51,036		Pescanova S.A.		944
	777,000	e	Petra Foods Ltd		2,192
	354,451	*	PGG Wrightson Ltd		129
	1,400		Philip Morris CR		788
	9,897,634		Philip Morris International, Inc		827,838
	573,457	*,e	Pilgrim’s Pride Corp		4,158
	56,539		Pinar SUT Mamulleri Sanayii AS		510
	135,061	*	Post Holdings, Inc		4,626
	616,220		PPB Group BHD		2,338
	273,490	*,e	Premier Foods plc		505
	20,700	e	Premium Brands Holdings Corp		357
	180,000		Prima Meat Packers Ltd		305
	791,224		PT Astra Agro Lestari Tbk		1,625
	2,761,000		PT Bisi International		227
	7,188,700		PT BW Plantation Tbk		1,034
	14,783,000		PT Charoen Pokphand Indonesia Tbk		5,626
	913,200		PT Gudang Garam Tbk		5,351
	8,340,600		PT Indofood Sukses Makmur Tbk		5,074
	1,536,500		PT Japfa Comfeed Indonesia Tbk		983

80

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,770,000		PT Malindo Feedmill Tbk	$	437
	1,512,500		PT Sampoerna Agro Tbk		394
	2,768,500		PT Tunas Baru Lampung Tbk		141
	252,000		Q.P. Corp		3,477
	852,700		QL Resources BHD		866
	19,517		Radico Khaitan Ltd		54
	103,042	*	Ralcorp Holdings, Inc		9,238
	833,359	*	REI Agro Ltd		163
	861,443		Remy Cointreau S.A.		94,069
	1,044,618	e	Reynolds American, Inc		43,279
	276,500		Rimbunan Sawit BHD		77
	25,133		Royal UNIBREW AS		2,193
	82,634	*	Ruchi Soya Industries Ltd		97
	738,886		SABMiller plc		34,292
	8,263		Sajo Industries Co Ltd		389
	36,555		Sakata Seed Corp		459
	4,615		Samyang Genex Co Ltd		244
	11,162		Samyang Holdings Corp		740
	117,558	e	Sanderson Farms, Inc		5,590
	77,600		Sao Martinho S.A.		1,061
	1,569,000	*,e	Sapporo Holdings Ltd		5,082
	215,015		Saputo, Inc		10,875
	33,172	*	Seneca Foods Corp		1,008
	370,100	*	Shanghai Dajiang Group		104
	99,000		Showa Sangyo Co Ltd		322
	1,374,268		Shree Renuka Sugars Ltd		812
	16,700		Silla Co Ltd		373
	12,403		Sipef S.A		958
	97,400		SLC Agricola S.A.		944
	602,036	*	Smithfield Foods, Inc		12,986
	2,626		Societa per la Bonifica dei Terreni Ferraresi e Imprese Agricole S.p.A.		126
	329,002	*,e	SOS Cuetara S.A.		119
	693,855		Souza Cruz S.A.		10,441
	986,680		Standard Foods Corp		2,718
	43,408		Strauss Group Ltd		568
	277,692		Suedzucker AG.		11,398
	417,000	e	Super Coffeemix Manufacturing Ltd		1,106
	202,313		Swedish Match AB		6,792
	75,044	*,e	Synutra International, Inc		347
	19,096		Taisun Enterprise Co Ltd		11
	78,000		Taiyen Biotech Co Ltd		57
	209,000	e	Takara Holdings, Inc		1,663
	191,049		Tassal Group Ltd		284
	156,384	*	TAT Konserve		204
	250,835		Tata Tea Ltd		737
	5,797,210	*	Tate & Lyle plc		71,724
	416,400		TH Plantations BHD		272
	2,025,200		Thai Vegetable Oil PCL		1,601
	493,000	e	Tibet 5100 Water Resources Holdings Ltd		162
	4,738,000		Tiga Pilar Sejahtera Food Tbk		534
	285,638		Tiger Brands Ltd		11,015

81

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,596,000		Tingyi Cayman Islands Holding Corp	$	7,304
	151,761	e	Tongaat Hulett Ltd		2,413
	80,186	e	Tootsie Roll Industries, Inc		2,078
	387,942		Toyo Suisan Kaisha Ltd		10,336
	128,500		Tradewinds Malaysia BHD		376
	448,184		Treasury Wine Estates Ltd		2,206
	174,358	*	TreeHouse Foods, Inc		9,089
	14,010		TS Corp		341
	480,000	e	Tsingtao Brewery Co Ltd		2,861
	1,227,874	e	Tyson Foods, Inc (Class A)		23,821
	150,273		Ulker Biskuvi Sanayi AS		814
	2,781,183		Unilever NV		106,418
	170,000	e	Unilever NV (ADR)		6,511
	2,337,373		Unilever plc		90,856
	1,696,100		Uni-President China Holdings Ltd		1,806
	6,224,147		Uni-President Enterprises Corp		11,466
	3,406		United Breweries Ltd		58
	3,896		United International Enterprises		670
	5,400		United Malacca BHD		12
	119,398		United Spirits Ltd		4,138
	112,912	e	Universal Corp		5,635
	1,855,570		Universal Robina		3,789
	151,000		Ve Wong Corp		105
	182,174	e	Vector Group Ltd		2,709
	8,859	e	Vilmorin & Cie		1,097
	743,559		Vina Concha Y Toro S.A.		1,448
	62,088		Viscofan S.A.		3,508
	3,158		Vranken - Pommery Monopole		87
	7,738,000	e	Want Want China Holdings Ltd		10,844
	33,400	*	Warabeya Nichiyo Co Ltd		619
	414,000		Wei Chuan Food Corp		518
	466,604	*,e	Westway Group, Inc		3,112
	49,447	*,e	WhiteWave Foods Co		768
	3,971,188		Wilmar International Ltd		10,964
	54,192	e	Yakult Honsha Co Ltd		2,374
	83,942		Yamazaki Baking Co Ltd		935
	2,200,000		Yantai North Andre Juice Co		88
	1,490,000		Yashili International		397
	23,000		Yonekyu Corp		195
	378,554		Zeder Investments Ltd		134
			TOTAL FOOD, BEVERAGE & TOBACCO		5,848,691
HEALTH CARE EQUIPMENT & SERVICES - 3.6%
	79,257	e	Abaxis, Inc		2,940
	9,191,904		Abbott Laboratories		602,070
	183,137	*,e	Abiomed, Inc		2,465
	91,591	*	Acadia Healthcare Co, Inc		2,137
	215,929	*,e	Accretive Health, Inc		2,496
	252,455	*	Accuray, Inc		1,623
	237,146		Advanced Medical Solutions Group plc		247
	12,620	*,e	Aerocrine AB		27
	2,006,001	e	Aetna, Inc		92,878

82

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	387,365	*	AGFA-Gevaert NV	$	680
	62,626	*	AGFA-Gevaert NV Brussels		0	^
	277,707	e	Air Methods Corp		10,245
	62,567		Alfresa Holdings Corp		2,446
	348,390	*,e	Align Technology, Inc		9,668
	578,746	*	Allscripts Healthcare Solutions, Inc		5,452
	52,763	e	Almost Family, Inc		1,069
	223,459	*,e	Alphatec Holdings, Inc		369
	156,913	*,e	Amedisys, Inc		1,768
	908,810	e	AmerisourceBergen Corp		39,242
	159,600		Amil Participacoes S.A.		2,405
	291,302	*	AMN Healthcare Services, Inc		3,365
	101,232		Amplifon S.p.A.		504
	163,878	*	Amsurg Corp		4,918
	66,890		Analogic Corp		4,970
	57,625	*	Andor Technology Ltd		368
	90,824	*	Angiodynamics, Inc		998
	61,968	*	Anika Therapeutics, Inc		616
	176,511	e	Ansell Ltd		2,829
	325,629	*,e	Antares Pharma, Inc		1,241
	98,582		Apollo Hospitals Enterprise Ltd		1,424
	42,196		Arseus NV		863
	158,636	*	Arthrocare Corp		5,487
	11,600	e	Asahi Intecc Co Ltd		445
	118,466		Assisted Living Concepts, Inc (A Shares)		1,155
	135,195	*,e	athenahealth, Inc		9,930
	54,309	*,e	AtriCure, Inc		375
	6,135		Atrion Corp		1,202
	49,966		Balda AG.		223
	2,108,200		Bangkok Chain Hospital PCL		625
	756,200		Bangkok Dusit Medical Service PCL		2,812
	153,672		Bard (C.R.), Inc		15,020
	3,671,367		Baxter International, Inc		244,733
	313,935		Becton Dickinson & Co		24,547
	86,400	*,e	Bio-Reference Labs, Inc		2,479
	157,652	*,e	BioScrip, Inc		1,698
	1,132,000	*,e	Biosensors International Group Ltd		1,130
	18,900		BML, Inc		461
	2,996,602	*	Boston Scientific Corp		17,171
	134,420	*	Brookdale Senior Living, Inc		3,403
	497,600		Bumrungrad Hospital PCL		1,207
	76,661		Cantel Medical Corp		2,279
	96,267	*	Capital Senior Living Corp		1,799
	1,833,520		Cardinal Health, Inc		75,504
	66,903	*,e	Cardiovascular Systems, Inc		840
	1,755,083	*	CareFusion Corp		50,160
	45,021	*	Carl Zeiss Meditec AG.		1,298
	1,631	*,e	Carmat		274
	3,222,948	*	Catamaran Corp		151,833
	355,354	*	Catamaran Corp (Toronto)		16,712
	35,767		Celesio AG.		619
	293,434	*	Centene Corp		12,031

83

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	526,969	*	Cerner Corp	$	40,914
	188,798	*,e	Cerus Corp		597
	49,659	*	CHA Bio & Diostech Co Ltd		428
	72,765	e	Chemed Corp		4,991
	44,701	*,e	Chindex International, Inc		469
	1,215,723		Cigna Corp		64,993
	224,617	e	CML Healthcare Income Fund		1,499
	62,585	e	Cochlear Ltd		5,188
	405,815	e	Coloplast A.S.		19,901
	309,035		Community Health Systems, Inc		9,500
	515,181		Compagnie Generale d’Optique Essilor International S.A.		51,960
	42,781	e	Computer Programs & Systems, Inc		2,154
	111,181	*,e	Conceptus, Inc		2,336
	123,730	e	Conmed Corp		3,458
	284,999		Cooper Cos, Inc		26,357
	34,698	*	Corvel Corp		1,555
	165,565		Coventry Health Care, Inc		7,422
	1,753,637		Covidien plc		101,255
	110,741	*	Cross Country Healthcare, Inc		532
	21,908		Cruz Blanca Salud S.A.		28
	116,320		CryoLife, Inc		725
	26,930	*	Curexo, Inc		156
	146,423	*	Cyberonics, Inc		7,692
	119,073	*	Cynosure, Inc (Class A)		2,871
	319,752	*	DaVita, Inc		35,342
	240,332		Dentsply International, Inc		9,520
	34,407	*,e	Derma Sciences, Inc		382
	244,951	*	DexCom, Inc		3,334
	307,500		Diagnosticos da America S.A.		1,981
	82,727	*,e	DiaSorin S.p.A.		3,314
	7,599	e	Draegerwerk AG.		769
	3,411		Draegerwerk AG. & Co KGaA		258
	616,502	*	Edwards Lifesciences Corp		55,590
	4,300	*	Eiken Chemical Co Ltd		55
	376,838		Elekta AB (B Shares)		5,876
	198,335	*	Emeritus Corp		4,903
	198,567	*,e	Endologix, Inc		2,828
	59,398	e	Ensign Group, Inc		1,615
	131,857	*,e	EnteroMedics, Inc		369
	67,574	*,e	ePocrates, Inc		596
	35,375	*	Exactech, Inc		600
	104,618	*,e	ExamWorks Group, Inc		1,464
	55,000		Excelsior Medical Co Ltd		110
	3,174,351	*	Express Scripts Holding Co		171,415
	107,200	e	Extendicare, Inc		824
	640,800		Faber Group BHD		307
	1,294,974	e	Fisher & Paykel Healthcare Corp		2,654
	274,675	*	Five Star Quality Care, Inc		1,376
	98,200		Fleury S.A.		1,105
	89,324	*	Fortis Healthcare Ltd		189
	147,338		Fresenius Medical Care AG.		10,168
	53,275		Fresenius SE		6,130

84

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	10,041		Galenica AG.	$	5,836
	120,663	*	Gentiva Health Services, Inc		1,213
	304,158		Getinge AB (B Shares)		10,339
	145,000		Ginko International Co Ltd		1,621
	22,928	*	Given Imaging Ltd		403
	53,432	*,e	Globus Medical, Inc		560
	443,755		GN Store Nord		6,449
	16,855,068		Golden Meditech Co Ltd		1,729
	87,447	*	Greatbatch, Inc		2,032
	64,900		Green Hospital Supply, Inc		1,725
	38,105	*,e	Greenway Medical Technologies		585
	184,124	*	Haemonetics Corp		7,520
	135,008	*	Hanger Orthopedic Group, Inc		3,694
	176,143	*,e	Hansen Medical, Inc		366
	607,800		Hartalega Holdings BHD		944
	1,044,028		HCA Holdings, Inc		31,498
	607,143	*	Health Management Associates, Inc (Class A)		5,659
	256,918	*	Health Net, Inc		6,243
	673,062	*	Healthsouth Corp		14,208
	78,271	*,e	HealthStream, Inc		1,903
	158,967	*	Healthways, Inc		1,701
	49,338	*,e	HeartWare International, Inc		4,142
	225,554	*	Henry Schein, Inc		18,148
	83,598		Hill-Rom Holdings, Inc		2,383
	573,546		Hitachi Medical Corp		8,250
	311,332	*	HMS Holdings Corp		8,070
	36,300		Hogy Medical Co Ltd		1,728
	926,548	*	Hologic, Inc		18,559
	555,162	e	Humana, Inc		38,101
	43,272	*	ICU Medical, Inc		2,637
	264,453	*	Idexx Laboratories, Inc		24,541
	3,397,300	*	IHH Healthcare BHD		3,763
	169,104	*	Insulet Corp		3,588
	107,473	*	Integra LifeSciences Holdings Corp		4,188
	251,750	*	Intuitive Surgical, Inc		123,451
	136,100	e	Invacare Corp		2,218
	198,090	*	Inverness Medical Innovations, Inc		3,665
	25,315	*	Ion Beam Applications		185
	58,163	*	IPC The Hospitalist Co, Inc		2,310
	93,000	*,e	Jeol Ltd		249
	208,948	*	Kindred Healthcare, Inc		2,261
	271,100		Kossan Rubber Industries		298
	1,026,900		KPJ Healthcare BHD		1,928
	267,687	*	Laboratory Corp of America Holdings		23,187
	36,780		Landauer, Inc		2,251
	32,900		Leisureworld Senior Care Corp		415
	52,041	*,e	LHC Group, Inc		1,108
	2,741,678		Life Healthcare Group Holdings Pte Ltd		10,996
	112,236	*	LifePoint Hospitals, Inc		4,237
	117,902	*	Magellan Health Services, Inc		5,777
	127,336	*,e	MAKO Surgical Corp		1,639
	7,500	e	Mani, Inc		301

85

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	276,408		Masimo Corp	$	5,807
	6,157	*	Mauna Kea Technologies		100
	1,893,987		McKesson Corp		183,641
	300,272	*	MedAssets, Inc		5,036
	77,816		Medica		1,552
	62,700	e	Medical Facilities Corp		872
	451,978		Mediceo Paltac Holdings Co Ltd		5,011
	79,031	*,e	Medidata Solutions, Inc		3,097
	3,648,459		Medtronic, Inc		149,660
	206,916	*,e	Merge Healthcare, Inc		511
	148,065	e	Meridian Bioscience, Inc		2,998
	158,267	*	Merit Medical Systems, Inc		2,200
	146	e	Message Co Ltd		337
	187,500		Microlife Corp		379
	719,000		Microport Scientific Corp		380
	89,278		Miraca Holdings, Inc		3,600
	278,302	*	Molina Healthcare, Inc		7,531
	44,943	*	MWI Veterinary Supply, Inc		4,944
	23,136		Nagaileben Co Ltd		308
	34,651	e	National Healthcare Corp		1,629
	10,172	e	National Research Corp		551
	173,398	*	Natus Medical, Inc		1,939
	83,639	*,e	Neogen Corp		3,790
	337,858	*,e	Neoprobe Corp		956
	1,115,476		Network Healthcare Holdings Ltd		2,589
	97,307	e	Nichii Gakkan Co		773
	48,876		Nihon Kohden Corp		1,485
	70,767		Nikkiso Co Ltd		754
	484,632	e	Nipro Corp		3,436
	166,087		Nobel Biocare Holding AG.		1,412
	231,749	*	NuVasive, Inc		3,583
	170,522	*	NxStage Medical, Inc		1,918
	353,600		Odontoprev S.A.		1,853
	3,237,900	*,e	Olympus Corp		62,818
	302,830	e	Omnicare, Inc		10,932
	142,995	*	Omnicell, Inc		2,126
	63,293		OPG Groep NV		1,074
	185,901	*	OraSure Technologies, Inc		1,335
	221,683	*,e	Oriola-KD Oyj (B Shares)		653
	75,045		Orpea		3,318
	149,508	*	Orthofix International NV		5,880
	9,784	*	Osstem Implant Co Ltd		262
	221,186	e	Owens & Minor, Inc		6,306
	57,490		Pacific Hospital Supply Co Ltd		164
	82,501	*,e	Palomar Medical Technologies, Inc		760
	43,713		Paramount Bed Holdings Co Ltd		1,309
	133,832		Patterson Cos, Inc		4,581
	39,288	*	PDI, Inc		299
	115,021	*,e	Pediatrix Medical Group, Inc		9,146
	42,489		Pharmaniaga BHD		113
	101,065	*	PharMerica Corp		1,439
	31,248		Phonak Holding AG.		3,464

86

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	106,433	*,e	PhotoMedex, Inc	$	1,544
	302,000	*	Pihsiang Machinery Manufacturing Co Ltd		380
	1,926,237		Primary Health Care Ltd		8,036
	79,400		Profarma Distribuidora de Produtos Farmaceuticos S.A.		562
	85,547	*,e	Providence Service Corp		1,453
	2,600		Psc, Inc		99
	217,761	*,e	PSS World Medical, Inc		6,289
	148,500	*	Qualicorp S.A.		1,538
	145,728		Quality Systems, Inc		2,530
	395,698		Quest Diagnostics, Inc		23,057
	96,698	*,e	Quidel Corp		1,805
	346,317	e	Raffles Medical Group Ltd		746
	221,696	e	Ramsay Health Care Ltd		6,323
	671,333	e	Resmed, Inc		27,907
	126,255		Rhoen Klinikum AG.		2,552
	43,723	*,e	Rochester Medical Corp		441
	85,922	*,e	Rockwell Medical Technologies, Inc		692
	378,877	*	RTI Biologics, Inc		1,618
	413,334	e	Ryman Healthcare Ltd		1,560
	11,731		Sartorius AG.		1,042
	8,334		Sartorius Stedim Biotech		807
	567,111		Selcuk Ecza Deposu Ticaret ve Sanayi AS		661
	189,744		Select Medical Holdings Corp		1,789
	2,259,100	e	Shandong Weigao Group Medical Polymer Co Ltd		2,267
	942,400		Shanghai Pharmaceuticals Holding Co Ltd		1,815
	193,581		Shenzhen Accord Pharmaceutical Co Ltd		649
	3,012,393		Sigma Pharmaceuticals Ltd		2,325
	1,103,200	e	Sinopharm Group Co		3,503
	196,026	*	Sirona Dental Systems, Inc		12,636
	241,619	*	Skilled Healthcare Group, Inc (Class A)		1,539
	523,874		Smith & Nephew plc		5,791
	232,614	*	Solta Medical, Inc		621
	409		So-net M3, Inc		653
	387,037		Sonic Healthcare Ltd		5,402
	342,858	*	Sorin S.p.A.		758
	124,794	*	Spectranetics Corp		1,843
	912,444		St. Jude Medical, Inc		32,976
	81,000		St. Shine Optical Co Ltd		1,239
	170,515	*,e	Staar Surgical Co		1,040
	208,128		STERIS Corp		7,228
	8,659		Stratec Biomedical Systems AG.		432
	15,331	e	Straumann Holding AG.		1,883
	464,522		Stryker Corp		25,465
	6,610		Suheung Capsule Co Ltd		116
	221,069	*,e	Sunrise Senior Living, Inc		3,179
	1,083,600		Supermax Corp BHD		687
	100,362	*	SurModics, Inc		2,244
	92,554		Suzuken Co Ltd		2,608
	151,142	*,e	Symmetry Medical, Inc		1,590
	82,423	e	Synergy Healthcare plc		1,462
	25,263		Sysmex Corp		1,163
	154,581	*	Team Health Holdings, Inc		4,447

87

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	53,042		Teleflex, Inc	$	3,782
	123,700	*	Tempo Participacoes S.A.		218
	447,846	*	Tenet Healthcare Corp		14,542
	194,116		Terumo Corp		7,708
	202,516	*	Thoratec Corp		7,598
	90,671	e	Toho Pharmaceutical Co Ltd		1,589
	10,100	*	Tokai Corp (GIFU)		253
	1,012,400		Top Glove Corp BHD		1,864
	67,046	*	Tornier BV		1,126
	362,000		Trauson Holdings Co Ltd		188
	63,609	*	Triple-S Management Corp (Class B)		1,175
	17,500	*	Tsuki Corp		329
	273,748	*,e	Unilife Corp		621
	539,169	*	United Drug plc		2,412
	5,312,027		UnitedHealth Group, Inc		288,124
	130,871		Universal American Corp		1,124
	262,113		Universal Health Services, Inc (Class B)		12,673
	61,968		US Physical Therapy, Inc		1,707
	13,074		Utah Medical Products, Inc		471
	212,400	*,e	Vanguard Health Systems, Inc		2,602
	236,298	*	Varian Medical Systems, Inc		16,598
	73,819	*	Vascular Solutions, Inc		1,166
	205,197	*	VCA Antech, Inc		4,319
	68,500		VITAL KSK Holdings, Inc		633
	63,693	*	Vocera Communications, Inc		1,599
	187,922	*,e	Volcano Corp		4,437
	181,694	*	WellCare Health Plans, Inc		8,847
	1,449,756		WellPoint, Inc		88,319
	123,939		West Pharmaceutical Services, Inc		6,786
	6,417	*,e	William Demant Holding		551
	155,556	*,e	Wright Medical Group, Inc		3,265
	25,233	e	Young Innovations, Inc		994
	58,703	*,e	Zeltiq Aesthetics, Inc		272
	664,579		Zimmer Holdings, Inc		44,301
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		3,834,428
HOUSEHOLD & PERSONAL PRODUCTS - 1.5%
	11,286		Able C&C Co Ltd		838
	23,300	*	Aderans Co Ltd		307
	5,784		Amorepacific Corp		6,557
	32,244	*	Atrium Innovations Inc		387
	1,539,636		Avon Products, Inc		22,109
	2,004,000	*,e	BaWang International Group Holding Ltd		206
	1,226,305		Beiersdorf AG.		100,411
	137,347	*	Central Garden and Pet Co (Class A)		1,435
	871,464		Church & Dwight Co, Inc		46,684
	211,854	e	Clorox Co		15,512
	2,073,867		Colgate-Palmolive Co		216,802
	12,590		Cosmax, Inc		511
	349,275		Dabur India Ltd		822
	138	e	Dr Ci:Labo Co Ltd		432
	91,435	*	Elizabeth Arden, Inc		4,115

88

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,491	*	Emami Ltd	$	61
	180,085	e	Energizer Holdings, Inc		14,403
	1,617,587		Estee Lauder Cos (Class A)		96,829
	139,400		Fancl Corp		1,460
	97,860	e	Female Health Co		703
	3,209	*	Genic Co Ltd		113
	6,138		Godrej Consumer Products Ltd		81
	572,000		Grape King Industrial Co		1,578
	182,900	*,e	Harbinger Group, Inc		1,407
	980,500	e	Hengan International Group Co Ltd		8,955
	15,045		Henkel KGaA		1,033
	848,741		Henkel KGaA (Preference)		69,827
	979,409	e	Herbalife Ltd		32,262
	1,448,013		Hindustan Lever Ltd		13,949
	444,425	*	Hypermarcas S.A.		3,608
	7,867		Inter Parfums S.A.		241
	64,462	e	Inter Parfums, Inc		1,254
	18,347		JW Shinyak Corp		107
	582,704		Kao Corp		15,184
	861,826		Kimberly-Clark Corp		72,764
	2,133,137		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		5,439
	30,600		Kobayashi Pharmaceutical Co Ltd		1,453
	15,044	*	Korea Kolmar Co Ltd		400
	35,400		Kose Corp		740
	15,730		LG Household & Health Care Ltd		9,636
	290,000	e	Lion Corp		1,475
	59,527		L’Oreal S.A.		8,283
	465,600		Magic Holdings international Ltd		215
	73,879	e	Mandom Corp		2,036
	311,152		Mcbride plc		674
	107,934	*,e	Medifast, Inc		2,848
	446,347		Microbio Co Ltd		559
	22,000		Milbon Co Ltd		695
	334,038		Natura Cosmeticos S.A.		9,567
	41,364	e	Nature’s Sunshine Products, Inc		599
	726,266	e	Nu Skin Enterprises, Inc (Class A)		26,908
	47,179	e	Nutraceutical International Corp		780
	2,584,000	e	NVC Lighting Holdings Ltd		683
	22,727	e	Oil-Dri Corp of America		627
	28,048		Orchids Paper Products Co		567
	96,468	e	Oriflame Cosmetics S.A.		3,085
	3,340		Pacific Corp		1,456
	20,800		Pigeon Corp		995
	51,300	e	Pola Orbis Holdings, Inc		1,473
	196,528	*	Prestige Brands Holdings, Inc		3,936
	599,000	e	Prince Frog International Holdings Ltd		255
	9,647,617		Procter & Gamble Co		654,977
	3,131,000		PT Unilever Indonesia Tbk		6,788
	416,502	e	PZ Cussons plc		2,582
	927,799		Reckitt Benckiser Group plc		58,896
	41,019	*,e	Revlon, Inc (Class A)		595
	2,600,000		Ruinian International Ltd		965

89

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	278,911		Shiseido Co Ltd		$	3,937
	111,396		Spectrum Brands, Inc			5,005
	512,158	*,e	Star Scientific, Inc			1,373
	654,806		Svenska Cellulosa AB (B Shares)			14,237
	128,405		Uni-Charm Corp			6,673
	20,730	*,e	USANA Health Sciences, Inc			683
	750,000	e	Vinda International Holdings Ltd			1,039
	73,052		WD-40 Co			3,441
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS			1,599,522
INSURANCE - 3.8%
	3,990,104	e	ACE Ltd			318,410
	434,214		Admiral Group plc			8,271
	768,994		Aegon NV			4,968
	1,077,105		Aflac, Inc			57,216
	357,394		Ageas			10,560
	19,073,407	e	AIA Group Ltd			75,652
	62,711		Aksigorta AS			77
	21,611	*	Alleghany Corp			7,249
	1,043,093		Allianz AG.			145,404
	299,063		Allied World Assurance Co Holdings Ltd			23,566
	1,643,483		Allstate Corp			66,019
	162,926	*	Alm Brand AS			404
	358,627	e	American Equity Investment Life Holding Co			4,379
	450,168		American Financial Group, Inc			17,791
	1,258,065	*	American International Group, Inc			44,410
	12,531	e	American National Insurance Co			856
	52,340	*,e	American Safety Insurance Holdings Ltd			990
	79,396	*	Amerisafe, Inc			2,164
	674,399		Amlin plc			4,192
	3,397,636		AMP Ltd			17,234
	99,098	e	Amtrust Financial Services, Inc			2,843
	759,087		Anadolu Hayat Emeklilik AS			1,803
	450,254	*	Anadolu Sigorta			292
	963,573		Aon plc			53,575
	19,455		April Group			389
	691,591	*	Arch Capital Group Ltd			30,444
	106,208		Argo Group International Holdings Ltd			3,568
	170,606	e	Arthur J. Gallagher & Co			5,911
	505,792		Aspen Insurance Holdings Ltd			16,226
	226,374		Assicurazioni Generali S.p.A.			4,137
	117,659	e	Assurant, Inc			4,083
	212,663		Assured Guaranty Ltd			3,026
	1,038,716		Aviva plc			6,427
	3,043,393		AXA S.A.			54,646
	1,396,697	e	Axis Capital Holdings Ltd	��		48,382
	4,146		Bajaj Finserv Ltd			69
	38,240		Baldwin & Lyons, Inc (Class B)			912
	27,275		Baloise Holding AG.			2,356
	299,300		Bangkok Life Assurance PCL (ADR)			611
	1,187,555		Beazley plc			3,457
	49	*	Berkshire Hathaway, Inc			6,569

90

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	6,274,332	*	Berkshire Hathaway, Inc (Class B)	$	562,807
	194,700		Brazil Insurance Participco		1,902
	151,618		Brown & Brown, Inc		3,860
	12,465,466		Cathay Financial Holding Co Ltd		13,595
	826,010		Catlin Group Ltd		6,796
	262,227		Chesnara plc		835
	1,206,108	*	China Insurance International Holdings Co Ltd		2,472
	12,442,619		China Life Insurance Co Ltd		41,211
	2,786,285		China Life Insurance Co Ltd (Taiwan)		2,532
	3,905,100		China Pacific Insurance Group Co Ltd		14,724
	636,162		Chubb Corp		47,916
	437,793	e	Cincinnati Financial Corp		17,144
	147,236	*,e	Citizens, Inc (Class A)		1,627
	50,248		Clal Insurance		758
	4,100,000		ClearView Wealth Ltd		2,427
	35,193		CNA Financial Corp		986
	272,038		CNP Assurances		4,187
	944,123		Conseco, Inc		8,809
	686,618	e	Corp Mapfre S.A.		2,116
	116,076	e	Crawford & Co (Class B)		926
	16,340		Dai-ichi Mutual Life Insurance Co		22,991
	92,004		Delta Lloyd NV		1,516
	390,470		Discovery Holdings Ltd		2,880
	34,593	e	Donegal Group, Inc (Class A)		486
	64,934		Dongbu Insurance Co Ltd		2,805
	27,036	e	Eastern Insurance Holdings, Inc		462
	75,919	*,e	eHealth, Inc		2,086
	27,236		EMC Insurance Group, Inc		650
	114,969		Employers Holdings, Inc		2,366
	355,957	e	Endurance Specialty Holdings Ltd		14,128
	33,817	*	Enstar Group Ltd		3,787
	45,629		Erie Indemnity Co (Class A)		3,158
	30,403		Euler Hermes S.A.		2,633
	254,477		Everest Re Group Ltd		27,980
	300		Fairfax Financial Holdings Ltd		108
	46,275		FBD Holdings plc		635
	37,459	e	FBL Financial Group, Inc (Class A)		1,281
	1,170,499		Fidelity National Title Group, Inc (Class A)		27,565
	533,055		First American Financial Corp		12,841
	548,144	*	Fondiaria-Sai S.p.A		688
	587	*	Fondiaria-Sai S.p.A-RSP		62
	14,041	*,e	Fortegra Financial Corp		125
	655,540	*	Genworth Financial, Inc (Class A)		4,923
	124,420		Gjensidige Forsikring BA		1,788
	672,664	e	Great-West Lifeco, Inc		16,467
	99,416	*	Greenlight Capital Re Ltd (Class A)		2,295
	80,912		Grupo Catalana Occidente S.A.		1,478
	61,857	*,e	Hallmark Financial Services		581
	111,389		Hannover Rueckversicherung AG.		8,724
	62,316		Hanover Insurance Group, Inc		2,414
	38,500	*	Hanwha Non-Life Insurance Co Ltd		220
	11,401		Harel Insurance Investments & Finances Ltd		516

91

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,849,605		Hartford Financial Services Group, Inc	$	63,945
	451,478		HCC Insurance Holdings, Inc		16,799
	14,723		Helvetia Holding AG.		5,616
	140,890	*,e	Hilltop Holdings, Inc		1,908
	757,606		Hiscox Ltd		5,640
	42,714	e	Homeowners Choice, Inc		888
	244,139		Horace Mann Educators Corp		4,873
	226,750		Hyundai Marine & Fire Insurance Co Ltd		7,078
	32,267	e	Independence Holding Co		307
	95,101		Industrial Alliance Insurance and Financial Services, Inc		3,000
	41,864		Infinity Property & Casualty Corp		2,438
	100,354		ING Canada, Inc		6,535
	2,293,223		Insurance Australia Group Ltd		11,295
	2,934	e	Investors Title Co		176
	276,347		Jardine Lloyd Thompson Group plc		3,579
	17,109	e	Kansas City Life Insurance Co		653
	63,501		Kemper Corp		1,873
	423,180		Korea Life Insurance Co Ltd		3,057
	114,595		Korean Reinsurance Co		1,235
	213,630		Lancashire Holdings Ltd		2,720
	20,116,080		Legal & General Group plc		48,236
	350,622		Liberty Holdings Ltd		4,619
	5,700	*	Lifenet Insurance Co		49
	112,030		LIG Insurance Co Ltd		2,707
	841,633		Lincoln National Corp		21,798
	400,159		Loews Corp		16,306
	44,101	*	Lotte Non-Life Insurance Co Ltd		128
	209,025		Maiden Holdings Ltd		1,921
	1,999,425	e	Manulife Financial Corp		27,156
	15,505	*	Markel Corp		6,720
	3,040,534		Marsh & McLennan Cos, Inc		104,807
	1,950,062		Max Capital Group Ltd		54,972
	192,645	*,e	MBIA, Inc		1,512
	279,233		Meadowbrook Insurance Group, Inc		1,614
	795,048		Mediolanum S.p.A.		4,036
	29,995	*	Menorah Mivtachim Holdings Ltd		282
	35,220	e	Mercury General Corp		1,398
	160,075		Meritz Fire & Marine Insurance Co Ltd		2,121
	6,652,106		Metlife, Inc		219,120
	1,347,649		Metropolitan Holdings Ltd		3,544
	352,760		Migdal Insurance Holdings Ltd		551
	990,563	*	Milano Assicurazioni S.p.A.		413
	1,110,488	*	Millea Holdings, Inc		30,937
	217,236		Mitsui Sumitomo Insurance Group Holdings, Inc		4,335
	227,509	e	Montpelier Re Holdings Ltd		5,201
	316,319		Muenchener Rueckver AG.		57,104
	154,831	*,e	National Financial Partners Corp		2,654
	28,544	e	National Interstate Corp		823
	12,814		National Western Life Insurance Co (Class A)		2,021
	40,287	*	Navigators Group, Inc		2,057
	549,049		NKSJ Holdings, Inc		11,777
	1,245,560		Old Mutual plc		3,658

92

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	534,168		Old Republic International Corp	$	5,689
	137,173		OneBeacon Insurance Group Ltd (Class A)		1,907
	872,073	e	PartnerRe Ltd		70,193
	20,549	*,e	Phoenix Cos, Inc		508
	102,746		Phoenix Group Holdings		918
	79,180	*	Phoenix Holdings Ltd		221
	3,782,500	e	PICC Property & Casualty Co Ltd		5,402
	3,303,000	e	Ping An Insurance Group Co of China Ltd		28,174
	137,305		Platinum Underwriters Holdings Ltd		6,316
	186,931		Porto Seguro S.A.		2,145
	793,247	e	Power Corp Of Canada		20,240
	626,192	e	Power Financial Corp		17,148
	142,934		Powszechny Zaklad Ubezpieczen S.A.		20,235
	203,769		Primerica, Inc		6,115
	2,184,921		Principal Financial Group		62,314
	148,240		ProAssurance Corp		6,254
	783,887		Progressive Corp		16,540
	497,200		Protective Life Corp		14,210
	4,297,250		Prudential Financial, Inc		229,172
	5,824,353		Prudential plc		83,098
	88,425,000	*	PT Panin Life Tbk		1,244
	1,597,991		QBE Insurance Group Ltd		18,310
	160,431		Reinsurance Group of America, Inc (Class A)		8,586
	382,838		RenaissanceRe Holdings Ltd		31,109
	1,503,316		Resolution Ltd		6,116
	79,623		RLI Corp		5,148
	846,287		RMI Holdings		2,075
	1,342,536		Royal & Sun Alliance Insurance Group plc		2,773
	49,662	e	Safety Insurance Group, Inc		2,293
	301,503		Sampo Oyj (A Shares)		9,764
	70,573		Samsung Fire & Marine Insurance Co Ltd		14,337
	145,749		Samsung Life Insurance Co Ltd		12,855
	3,161,622		Sanlam Ltd		16,835
	28,504		Santam Ltd		640
	28,124		Schweizerische National-Versicherungs-Gesellschaft		1,245
	104,449		SCOR		2,823
	76,577		SeaBright Insurance Holdings, Inc		848
	195,907		Selective Insurance Group, Inc		3,775
	8,247,195	*	Shin Kong Financial Holding Co Ltd		2,340
	265,000		Shinkong Insurance Co Ltd		182
	61,416	*	Societa Cattolica di Assicurazioni SCRL		952
	561,338		Sony Financial Holdings, Inc		10,092
	289,399		St. James’s Place plc		2,001
	58,329		Stancorp Financial Group, Inc		2,139
	2,397,869	*	Standard Life plc		13,108
	60,725	e	State Auto Financial Corp		907
	115,227	e	Stewart Information Services Corp		2,996
	407,354	*	Storebrand ASA		1,998
	141,550		Sul America SA		1,224
	655,661	e	Sun Life Financial, Inc		17,382
	2,356,250		Suncorp-Metway Ltd		25,162
	18,491		Swiss Life Holding		2,468

93

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,547,436		Swiss Re Ltd	$	112,187
	347,831		Symetra Financial Corp		4,515
	732,900		T&D Holdings, Inc		8,923
	444,000		Taiwan Fire & Marine Insurance Co		328
	924,000	*	Taiwan Life Insurance Co Ltd		618
	65,640		Tong Yang Life Insurance		649
	17,042	*	Topdanmark AS		3,662
	467,362		Torchmark Corp		24,149
	127,482	e	Tower Group, Inc		2,265
	1,117,228		Travelers Cos, Inc		80,239
	9,217		TrygVesta AS		698
	248,856	*	Unipol Gruppo Finanziario S.p.A		495
	333,404	*	Unipol Gruppo Finanziario S.p.A (Priv)		589
	46,625	*,e	United America Indemnity Ltd		1,032
	92,365		United Fire & Casualty Co		2,017
	89,679		Universal Insurance Holdings, Inc		393
	447,863		UnumProvident Corp		9,324
	1,094,124		Validus Holdings Ltd		37,835
	50,607		Vittoria Assicurazioni S.p.A.		326
	481,687		W.R. Berkley Corp		18,179
	7,524		White Mountains Insurance Group Ltd		3,875
	43,941		Wiener Staedtische Allgemeine Versicherung AG.		2,345
	1,699,273		XL Capital Ltd		42,584
	48,547		Yapi Kredi Sigorta AS		448
	155,593		Zurich Financial Services AG.		41,692
			TOTAL INSURANCE		3,975,892
MATERIALS - 6.8%
	163,955		A. Schulman, Inc		4,743
	104,137		Acerinox S.A.		1,158
	501,707		ACHEM Technology Corp		242
	214,000		Achilles Corp		286
	33,131	*,e	ADA-ES, Inc		559
	105,581		Adana Cimento		224
	172,400		ADEKA Corp		1,490
	1,225,421		Adelaide Brighton Ltd		4,013
	29,781	*,e	Advanced Metallurgical Group NV		259
	47,153	*	Advansa Sasa Polyester Sanayi AS		32
	149,556		Aeci Ltd		1,408
	16,011	*	AEP Industries, Inc		948
	145,516		African Barrick Gold Ltd		1,054
	309,863	*,e	African Minerals Ltd		1,644
	163,870	e	African Oxygen Ltd		454
	123,912		African Rainbow Minerals Ltd		2,791
	89	*	Afyon Cimento Sanayi TAS		4
	176,618		Agnico-Eagle Mines Ltd		9,256
	89,196		Agnico-Eagle Mines Ltd		4,679
	611,267		Agrium, Inc (Toronto)		60,924
	392,000		Aichi Steel Corp		1,844
	25,536		Air Liquide		3,226
	385,268		Air Products & Chemicals, Inc		32,370
	350,311		Air Water, Inc		4,484

94

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	183,107		Airgas, Inc	$	16,716
	6,564		AK Holdings, Inc		137
	573,581	e	AK Steel Holding Corp		2,638
	112,938		Akcansa Cimento AS		655
	1,171,447		Akzo Nobel NV		77,546
	313,470		Alamos Gold, Inc		5,499
	209,336	e	Albemarle Corp		13,004
	23,678	*	Alchemia S.A.		39
	1,367,943		Alcoa, Inc		11,874
	388,615	*	Alent plc		1,949
	75,500	*,e	Alexco Resource Corp		270
	252,675	*	Alkane Resources Ltd		183
	138,886		Allegheny Technologies, Inc		4,217
	226,433	*,e	Allied Nevada Gold Corp		6,822
	1,828,804	e	Alpek SAB de C.V.		4,928
	311,332		Altri SGPS S.A.		653
	524,532	e	Alumina Ltd		503
	6,104,000	e	Aluminum Corp of China Ltd		2,870
	36,719	f	AMAG Austria Metall AG.(purchased 02/29/12, cost $798)		1,122
	1,159,200		Ambuja Cements Ltd		4,299
	90,670	e	AMCOL International Corp		2,782
	1,150,361		Amcor Ltd		9,723
	146,837	e	American Vanguard Corp		4,562
	4,707,000		AMVIG Holdings Ltd		1,719
	304,154	*	Anadolu Cam Sanayii AS		477
	586,800	*	Anatolia Minerals Development Ltd		3,068
	2,268,720	*,e	Angang New Steel Co Ltd		1,705
	1,067,095	*	Anglo American plc (London)		33,638
	76,949	e	Anglo Platinum Ltd		4,074
	622,102		AngloGold Ashanti Ltd		19,457
	6,071,294	e	Anhui Conch Cement Co Ltd		22,678
	158,000		ANN JOO Resources BHD		69
	2,276,783		Antofagasta plc		49,896
	207,842	e	APERAM		3,172
	88,999	e	Aptargroup, Inc		4,247
	621,585	e	Aquarius Platinum Ltd		552
	67,402	*,e	Arabian American Development Co		560
	1,117,103		ArcelorMittal		19,477
	349,987	*	Argonaut Gold, Inc		3,332
	224,385		Arkema		23,560
	72,923	e	Asahi Holdings, Inc		1,233
	2,554,952		Asahi Kasei Corp		15,108
	94,000		Asahi Organic Chemicals Industry Co Ltd		224
	1,946,641		Ashland, Inc		156,529
	1,840,500		Asia Cement China Holdings Corp		924
	6,478		Asia Cement Co Ltd		368
	4,954,203		Asia Cement Corp		6,396
	341,436		Asia Plastic Recycling Holding Ltd		991
	244,500		Asia Polymer		217
	45,867		Asian Paints Ltd		3,736
	118,350		Associated Cement Co Ltd		3,122

95

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	79,624	e	Assore Ltd	$	3,826
	677,200	*	Atlas Consolidated Mining & Development		309
	1,078,314		Atlas Iron Ltd		2,063
	187,200	*,e	Augusta Resource Corp		457
	17,276	*	Auriga Industries (Class B)		267
	422,511	*	Aurizon Mines Ltd		1,457
	153,300	*,e	Avalon Rare Metals, Inc		214
	231,192		Avocet Mining plc		264
	681,430		AZ Electronic Materials S.A.		3,921
	428,035	*	B2Gold Corp		1,532
	1,317		Bagfas Bandirma Gubre Fabrik		40
	132,887		Balchem Corp		4,837
	1,141,372		Ball Corp		51,076
	264,598		Ballarpur Industries Ltd		113
	243,100	*	Banro Corp		679
	155,280		Barrick Gold Corp		5,436
	2,116,145		Barrick Gold Corp (Canada)		74,077
	1,240,417		BASF AG.		117,294
	3,038		BASF India Ltd		40
	759,728	*,e	Bathurst Resources Ltd		296
	62,885		Baticim Bati Anadolu Cimento Sanayii AS		232
	5,096	*	Bayer CropScience Ltd		122
	1,648,500		BBMG Corp		1,535
	99,017		BC Iron Ltd		368
	751,278	*	Beadell Resources Ltd		776
	46,452		Bekaert S.A.		1,353
	303,000	*	Belo Sun Mining Corp		493
	132,486	e	Bemis Co, Inc		4,433
	49,361		Berger Paints India Ltd		146
	104,266	*	Berry Plastics Group, Inc		1,677
	4,984,186		BHP Billiton Ltd		194,585
	4,873,488		BHP Billiton plc		171,905
	211,299		Billerud AB		2,002
	112,853	*	BillerudKorsnas AB		1,059
	876,474	*	BlueScope Steel Ltd		3,206
	1,630	*	BNG Steel Co Ltd		16
	477,961		Boise, Inc		3,800
	457,351		Boliden AB		8,690
	1,095,949		Boral Ltd		5,029
	5,866,500	*	Borneo Lumbung Energi & Metal		331
	10,943		Borusan Mannesmann Boru Sanayi		169
	7,060,759	*	Boryszew S.A.		1,425
	297,993		Bradespar S.A.		4,778
	193,428		Braskem S.A.		1,209
	72,239	e	Brush Engineered Materials, Inc		1,862
	191,076	e	Buckeye Technologies, Inc		5,486
	136,550		Bursa Cimento		375
	78,181	e	Buzzi Unicem S.p.A.		1,099
	43,499		Buzzi Unicem S.p.A. RSP		297
	7,600		C Uyemura & Co Ltd		240
	81,987		Cabot Corp		3,262
	488,035	*	Calgon Carbon Corp		6,920

96

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	271,828	e	Canexus Corp	$	2,317
	127,468	*	Canfor Corp		2,125
	90,900		Canfor Pulp Products, Inc		934
	203,376		CAP S.A.		6,820
	549,962	*	Cape Lambert Resources Ltd		162
	29,150		Capro Corp		345
	372,811	*	Capstone Mining Corp		903
	58,119		Carpenter Technology Corp		3,001
	149,552		Cascades, Inc		616
	57,902	*,e	Castle (A.M.) & Co		855
	1,061,806		Celanese Corp (Series A)		47,282
	81,180		Cementir S.p.A.		175
	1,031,575		Cementos Argos S.A.		5,896
	38,043		Cementos Pacasmayo SAA (ADR)		508
	343,480	*	Cemex Latam Holdings S.A.		2,212
	20,484,176	*,e	Cemex S.A. de C.V.		20,126
	1,708,693	*	Centamin plc		1,114
	169,448		Centerra Gold, Inc		1,586
	195,538	*,e	Century Aluminum Co		1,713
	103,882		Century Textile & Industries Ltd		793
	798,572		CF Industries Holdings, Inc		162,238
	401,166	*	Chambal Fertilizers & Chemicals Ltd		496
	25,569	e	Chase Corp		476
	60,062		Cheil Industries, Inc		5,309
	413,127	*	Chemtura		8,783
	1,509,560		Cheng Loong Corp		641
	832,925		Chia Hsin Cement Corp		398
	710,000		Chiho-Tiande Group Ltd		360
	5,806,000		China BlueChemical Ltd		3,961
	59,000	*	China General Plastics Corp		31
	257,000		China Hi-ment Corp		430
	670,000	*	China Manmade Fibers Corp		263
	368,409		China Metal Products		353
	3,354,600	e	China Metal Recycling Holdings Ltd		3,520
	4,994,000	*,m	China Mining Resources Group Ltd		18
	14,274,478	e	China National Building Material Co Ltd		21,433
	646,000		China Nickel Resources Holding Co Ltd		52
	2,361,675		China Petrochemical Development Corp		1,475
	1,488,000	*,e	China Precious Metal Resources Holdings Co Ltd		284
	1,422,000	e	China Rare Earth Holdings Ltd		322
	3,211,500	e	China Resources Cement Holdings Ltd		2,158
	1,450,000		China Sanjiang Fine Chemicals		592
	2,567,000		China Shanshui Cement Group Ltd		1,921
	193,000		China Steel Chemical Corp		867
	14,833,483		China Steel Corp		14,007
	1,459,000		China Synthetic Rubber Corp		1,644
	663,000	e	China Vanadium Titano-Magnetite Mining Co Ltd		160
	496,000	*	Chongqing Iron & Steel Co Ltd		94
	948,621		Christian Hansen Holding		30,830
	111,000		Chuetsu Pulp & Paper Co Ltd		191
	77,000		Chugoku Marine Paints Ltd		463
	1,398,328		Chun Yuan Steel		560

97

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,344,720	*	Chung Hung Steel Corp	$	439
	169,950	*	Chung Hwa Pulp Corp		60
	278,600		Cia de Minas Buenaventura S.A. (ADR) (Series B)		10,016
	214,200		Cia Minera Autlan SAB de C.V.		225
	1,314,936		Cia Siderurgica Nacional S.A.		7,617
	112,930	*	Ciech S.A.		815
	13,667		Ciments Francais S.A.		807
	108,769		Cimsa Cimento Sanayi Ve Tica		557
	1,208,000		Citic Dameng Holdings		136
	3,659,077		Clariant AG.		49,909
	2,984		Clariant Chemicals India Ltd		35
	91,261	*	Clearwater Paper Corp		3,574
	3,928,584	e	Cleveland-Cliffs, Inc		151,486
	5,490	*	CNK International Co Ltd		34
	481,725	*	Coeur d’Alene Mines Corp		11,850
	140,800	*	Colossus Minerals, Inc		653
	151,169		Commercial Metals Co		2,246
	86,132	*	Companhia Vale do Rio Doce		0	^
	395,500		Companhia Vale do Rio Doce (ADR)		8,290
	137,641	e	Compass Minerals International, Inc		10,283
	129,100	*	Copper Mountain Mining Corp		510
	355,122		Corp Aceros Arequipa S.A.		136
	7,010	*	Cosmochemical Co Ltd		62
	3,237,000	e	CPMC Holdings Ltd		2,276
	2,482,379		CRH plc		50,482
	504,003		Croda International plc		19,699
	123,700	*	Cronus Resources Ltd		1,101
	483,816	*	Crown Holdings, Inc		17,809
	374,600		CSC Steel Holdings BHD		146
	52,144,000	*	CST Mining Group Ltd		737
	140,972	*	Cudeco Ltd		639
	1,164,672		Cytec Industries, Inc		80,164
	144,000		Dai Nippon Toryo Co Ltd		216
	1,094,309		Daicel Chemical Industries Ltd		7,240
	130,626		Daido Steel Co Ltd		662
	91,000		Daiken Corp		247
	159,857		Dainichiseika Color & Chemicals Manufacturing Co Ltd		669
	2,203,845		Dainippon Ink and Chemicals, Inc		4,089
	180,872		Daio Paper Corp		1,335
	138,000		Daiso Co Ltd		375
	21,262		DC Chemical Co Ltd		3,312
	16,565	*	Deepak Fertilizers & Petrochemicals Corp Ltd		38
	38,369		Deltic Timber Corp		2,710
	669,405		Denki Kagaku Kogyo KK		2,292
	702,357	*	Detour Gold Corp		17,575
	498,515	*,e	Discovery Metals Ltd		857
	237,839		Domtar Corp		19,864
	23,360	*	Dongbu Steel Co Ltd		87
	67,414		Dongjin Semichem Co Ltd		276
	67,948		Dongkuk Industries Co Ltd		223
	41,550		Dongkuk Steel Mill Co Ltd		536
	3,773,000	e	Dongyue Group		2,551

98

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,809,350	e	Dow Chemical Co	$	187,758
	543,000	*,e	Dowa Holdings Co Ltd		3,515
	1,036,072		DRDGOLD Ltd		811
	1,278,142	*	DS Smith plc		4,309
	783,097		DSM NV		47,726
	1,730,351		Du Pont (E.I.) de Nemours & Co		77,814
	812,269		DuluxGroup Ltd		3,221
	175,000	*	Dundee Precious Metals, Inc		1,490
	272,046		Eagle Materials, Inc		15,915
	15,600	e	Earth Chemical Co Ltd		523
	2,101,485	*	Eastern Platinum Ltd		349
	869,590		Eastman Chemical Co		59,176
	646,682		Ecolab, Inc		46,496
	4,810		EG Corp		181
	15,074		EID Parry India Ltd		57
	447,802		El Ezz Steel Co		701
	880,899		Eldorado Gold Corp		11,336
	1,115,522		Elementis plc		4,259
	1,685,718		Empresas CMPC S.A.		6,225
	9,332		EMS-Chemie Holding AG.		2,200
	292,538	*,e	Endeavour Mining Corp		609
	153,139	*	Endeavour Mining Corp (ADR)		321
	121,300	*	Endeavour Silver Corp		956
	1,091,377		Eregli Demir ve Celik Fabrikalari TAS		1,509
	874,994		Eternal Chemical Co Ltd		762
	162,200		Eternit S.A.		642
	95,300	*	Eucatex S.A. Industria e Comercio		368
	33,492	*	Eugene Corp		91
	1,179,572		Eurasian Natural Resources Corp		5,579
	570,570		Everlight Chemical Industrial Corp		428
	747,460	*	Evolution Mining Ltd		1,345
	1,981,548		Evraz plc		8,504
	1,074,050		Feng Hsin Iron & Steel Co		1,920
	74,400		Ferbasa-Ferro Ligas DA Bahia		452
	652,567		Ferrexpo plc		2,740
	333,507	*,e	Ferro Corp		1,394
	44,100	*	Fertilizantes Heringer S.A.		224
	443,159	*	Fibria Celulose S.A.		4,885
	2,854,527		Filtrona plc		25,672
	244,500	*	First Majestic Silver Corp		4,931
	1,233,645		First Quantum Minerals Ltd		27,173
	2,031,973	e	Fletcher Building Ltd		14,263
	188,031	*,e	Flotek Industries, Inc		2,294
	843,890		FMC Corp		49,384
	5,437,615	*	Focus Minerals Ltd		177
	28,690	*	Foosung Co Ltd		131
	4,396,403		Formosa Chemicals & Fibre Corp		11,417
	5,583,331		Formosa Plastics Corp		15,182
	405,000		Formosan Rubber Group, Inc		292
	1,227,732		Formosan Union Chemical		689
	9,954,141	e	Fortescue Metals Group Ltd		49,606
	13,900	*	Fortress Paper Ltd		112

99

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	337,400	*	Fortuna Silver Mines, Inc	$	1,408
	4,793,700	e	Fosun International		3,097
	14,300	e	FP Corp		951
	187,573	e	Franco-Nevada Corp		10,707
	3,693,807		Freeport-McMoRan Copper & Gold, Inc (Class B)		126,328
	1,088,927		Fresnillo plc		33,399
	49,245		Frutarom Industries Ltd		617
	25,627		Fuchs Petrolub AG.		1,795
	45,572		Fuchs Petrolub AG. (Preference)		3,404
	1,351,000	e	Fufeng Group Ltd		605
	22,452		Fuji Seal International, Inc		454
	18,700		Fujimi, Inc		333
	14,400	*	Fujimori Kogyo Co Ltd		388
	116,000	e	Furukawa-Sky Aluminum Corp		334
	14,725,800	e	Fushan International Energy Group Ltd		5,527
	94,127	e	FutureFuel Corp		1,114
	10,974,800	*	G J Steel PCL		29
	5,146,900	*	G Steel PCL		58
	415,299	*	Gabriel Resources Ltd		985
	360,042	*	Gammon Gold, Inc		2,964
	148,413	*	Gem Diamonds Ltd		352
	240,556	*,e	General Moly, Inc		965
	631,620	e	Georgia Gulf Corp		26,073
	67,600		Gerdau S.A.		509
	1,019,302		Gerdau S.A. (Preference)		8,926
	997,589	*,e	Gindalbie Metals Ltd		266
	10,038		Givaudan S.A.		10,608
	248,398	e	Glatfelter		4,342
	764,900	*	Gleichen Resources Ltd		1,692
	4,206,277	e	Glencore International AG.		24,299
	222,355		Globe Specialty Metals, Inc		3,057
	293,517		Gloria Material Technology Corp		241
	433,000		Godo Steel Ltd		865
	78,783		Godrej Industries Ltd		453
	1,369,976		Gold Fields Ltd		17,006
	191,147	*,e	Gold Reserve, Inc		633
	104,295	e	Gold Resource Corp		1,607
	1,192,806		Goldcorp, Inc		43,853
	105,549	*,e	Golden Minerals Co		484
	910,735	*,e	Golden Star Resources Ltd		1,676
	432,138	*	Golden Star Resources Ltd (Toronto)		808
	8,356,418		Goldsun Development & Construction Co Ltd		3,242
	2,630		Goltas Cimento		93
	2,305,000		Grand Pacific Petrochemical		1,222
	1,216,619	e	Grange Resources Ltd		455
	2,108,812	*	Graphic Packaging Holding Co		13,623
	19,419	*	Grasim Industries Ltd		1,130
	605,755	*	Great Basin Gold Ltd		6
	148,000		Great China Metal Industry		172
	197,748	*,e	Great Southern Ltd		0	^
	539,000		Greatview Aseptic Packaging Co		293
	40,276		Greif, Inc (Class A)		1,792

100

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	21,372,543	*	G-Resources Group Ltd	$	1,017
	666,464	*	Grupo Argos S.A.		7,921
	146,413	*	Grupo Argos S.A.(Prf)		1,767
	304,547	e	Grupo Empresarial Ence S.A.		864
	6,175,349		Grupo Mexico S.A. de C.V. (Series B)		22,334
	300,700	*,e	Grupo Simec SAB de C.V.		1,418
	341,652	*,e	Gryphon Minerals Ltd		186
	28,607	*	GSE Holding, Inc		177
	26,092	*	Gubre Fabrikalari TAS		208
	41,946		Gujarat Flourochemicals		256
	118,398		Gujarat Mineral Development Corp Ltd		472
	24,544	*	Gujarat Narmada Valley Fertilizers Co Ltd		38
	488,901		Gujarat NRE Coke Ltd		182
	177,545	*	Gujarat State Fertilisers & Chemicals Ltd		217
	3,179,452	*,e,m	Gunns Ltd		264
	1,584	*,m	Gunns Ltd (Forest)		35
	433		Gurit Holding AG.		173
	118,542	*	Guyana Goldfields, Inc		373
	16,372		H&R WASAG AG.		256
	187,014		H.B. Fuller Co		6,512
	2,488	*	Hadera Paper Ltd		121
	23,210		Han Kuk Carbon Co Ltd		159
	7,020		Hanil Cement Manufacturing		319
	12,080		Hansol Chemical Co Ltd		271
	123,920		Hansol Paper Co		1,061
	112,725		Hanwha Chemical Corp		1,952
	61,667		Hanwha Corp		1,977
	591,111		Harmony Gold Mining Co Ltd		5,220
	92,024	*	Harry Winston Diamond Corp		1,293
	32,852		Hawkins, Inc		1,269
	68,436	e	Haynes International, Inc		3,550
	436,203	*	Headwaters, Inc		3,734
	1,056,159	e	Hecla Mining Co		6,157
	50,417		HeidelbergCement AG.		3,085
	65,759	e	Hexpol AB (Series B)		3,489
	165,914		Highland Gold Mining Ltd		263
	161,729	e	Hill & Smith Holdings plc		1,046
	2,088,285		Hindalco Industries Ltd		5,048
	255,791		Hitachi Chemical Co Ltd		3,856
	319,329		Hitachi Metals Ltd		2,723
	365,030	*	Ho Tung Chemical Corp		174
	234,843	e	Hochschild Mining plc		1,861
	50,275		Hoganas AB (Class B)		1,936
	508,429	e	Hokuetsu Paper Mills Ltd		2,951
	1,458,084		Holcim Ltd		107,395
	76,298		Holmen AB (B Shares)		2,268
	49,744		Honam Petrochemical Corp		11,589
	150,309	*,e	Horsehead Holding Corp		1,535
	49,000		Hsin Kuang Steel Co Ltd		36
	2,928,000	e	Huabao International Holdings Ltd		1,466
	615,800	*	Hubei Sanonda Co Ltd		245
	38,250		Huchems Fine Chemical Corp		931

101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	502,017		HudBay Minerals, Inc	$	5,057
	199,225		Huhtamaki Oyj		3,232
	41,870	*	Hulamin Ltd		16
	1,648,000	*,e	Hunan Non-Ferrous Metal Ltd		645
	1,114,372		Huntsman Corp		17,719
	30,854		Hyosung Corp		2,140
	43,169		Hyundai Hysco		1,846
	92,482		Hyundai Steel Co		7,676
	566,073	e	IAMGOLD Corp		6,482
	2,380,594	e	Iluka Resources Ltd		23,006
	723,548		Imdex Ltd		1,296
	50,932		Imerys S.A.		3,267
	680,965	e	Impala Platinum Holdings Ltd		13,619
	92,200	*	Imperial Metals Corp		1,122
	418,990	*	Impexmetal S.A.		477
	2,926,227		Incitec Pivot Ltd		9,977
	263,904	e	Independence Group NL		1,301
	244,893		India Cements Ltd		410
	816,810	*	Indophil Resources NL		204
	198,200		Indorama Ventures PCL (ADR)		165
	1,618,178		Indorama Ventures PCL (Foreign)		1,336
	16,000	*,e	Industrias CH SAB de C.V.		121
	252,735	e	Industrias Penoles S.A. de C.V.		12,727
	68,302		Inmet Mining Corp		5,082
	421,020		Inner Mongolia Eerduosi Resourses Co Ltd		439
	96,103		Innophos Holdings, Inc		4,469
	88,249		Innospec, Inc		3,044
	994,363	*,m	Integra Mining Ltd		516
	122,937		International Flavors & Fragrances, Inc		8,180
	2,300,151		International Paper Co		91,638
	117,705	*,e	International Tower Hill Mines Ltd		258
	536,118	*,e	Intrepid Mines Ltd		118
	74,058		Intrepid Potash, Inc		1,577
	1,354,000	*	IRC Ltd		208
	670,000	*	Ishihara Sangyo Kaisha Ltd		531
	1,404,147	*	Ispat Industries Ltd		265
	313,072		Israel Chemicals Ltd		3,770
	1,579		Israel Corp Ltd		1,039
	5,220		ISU Chemical Co Ltd		107
	224,611		Italcementi S.p.A.		1,261
	250,632		Italcementi S.p.A. RNC		710
	8,046	*	Italmobiliare S.p.A.		136
	32,796	*	Italmobiliare S.p.A. RSP		346
	223,213	*,e	Ivanhoe Australia Ltd		116
	398,045	*	Ivanhoe Mines Ltd		3,041
	42,897	*	Izmir Demir Celik Sanayi AS		95
	1,573,017		James Hardie Industries NV		15,230
	278,766		Jastrzebska Spolka Weglowa S.A.		8,357
	351,045		JFE Holdings, Inc		6,616
	2,035,000	e	Jiangxi Copper Co Ltd		5,482
	99,092		Jindal Saw Ltd		234
	469,967	*	Jindal Steel & Power Ltd		3,884

102

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	355,300	*	Jinshan Gold Mines, Inc	$	1,218
	113,526		Johnson Matthey plc		4,460
	33,800		JSP Corp		468
	405,927		JSR Corp		7,748
	216,691		JSW Steel Ltd		3,234
	503,989	*	Jupiter Mines Ltd		52
	13,806		K&S AG.		641
	2,571,394	*,b,e,m	Kagara Zinc Ltd		27
	74,496	e	Kaiser Aluminum Corp		4,596
	243,811		Kaneka Corp		1,234
	317,837		Kansai Paint Co Ltd		3,425
	227,644		Kapstone Paper and Packaging Corp		5,051
	452,720		Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class A)		361
	1,586,240		Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class D)		1,128
	384		Kartonsan Karton Sanayi		51
	949,600	*	Katanga Mining Ltd		573
	302,706		Kazakhmys plc		3,912
	229,600	*,e	Keegan Resources, Inc		912
	181,001	e	Kemira Oyj		2,843
	13,651	*	Kemrock Industries & Exports Ltd		21
	384,838		KGHM Polska Miedz S.A.		23,774
	734,400		Kian Joo Can Factory BHD		538
	530,332	e	Kingsgate Consolidated Ltd		2,472
	403,523		Kingsrose Mining Ltd		359
	1,114,446		Kinross Gold Corp		10,823
	1,038,500	*	Kinsteel BHD		102
	89,638	*	Kirkland Lake Gold, Inc		527
	13,620		KISCO Corp		359
	12,588		KISWIRE Ltd		363
	1,231,265		Klabin S.A.		7,691
	340,087	*	KME Group S.p.A.		149
	33,863	e	KMG Chemicals, Inc		595
	54,000		Koatsu Gas Kogyo Co Ltd		287
	2,630,998	*	Kobe Steel Ltd		3,362
	8,750		Kolon Corp		145
	28,334		Kolon Industries, Inc		1,698
	437		Konya Cimento Sanayii		79
	111,076		Koppers Holdings, Inc		4,238
	18,748		Korea Kumho Petrochemical		2,320
	3,109		Korea Petrochemical Ind Co Ltd		155
	14,789		Korea Zinc Co Ltd		5,653
	1,071,352		Koza Altin Isletmeleri AS		25,919
	613,575	*	Koza Anadolu Metal Madencilik Isletmeleri AS		1,958
	45,680	m	KP Chemical Corp		516
	3,822		KPX Chemical Co Ltd		177
	123,078	*	Kraton Polymers LLC		2,958
	46,633	e	Kronos Worldwide, Inc		909
	57,000	e	Krosaki Harima Corp		154
	6,691		Kukdo Chemical Co Ltd		270
	147,884		Kumba Iron Ore Ltd		10,006

103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	54,000	e	Kumiai Chemical Industry Co Ltd	$	302
	646,039		Kuraray Co Ltd		8,469
	352,000		Kureha CORP		1,280
	109,000		Kurimoto Ltd		388
	46,100		Kyoei Steel Ltd		879
	480,920		Lafarge Malayan Cement BHD		1,513
	714,513		Lafarge S.A.		46,138
	495,100	*,e	Lake Shore Gold Corp		373
	114,771	*,e	Landec Corp		1,089
	922,766		Lanxess AG.		81,369
	2,784,000		Lee & Man Paper Manufacturing Ltd		1,789
	631,293		LEE Chang Yung Chem IND Corp		787
	12,594		Lenzing AG.		1,132
	1,426,000	*	Lepanto Consolidated Mining		38
	76,337		LG Chem Ltd		23,859
	12,979		LG Chem Ltd (Preference)		1,245
	14,593		Linde AG.		2,553
	110,000		Lingbao Gold Co Ltd		46
	385,800		Lingui Development BHD		202
	64,300		Lintec Corp		1,203
	784,100		Lion Industries Corp BHD		254
	761,000	*,e	LionGold Corp Ltd		682
	28,854		Lock & Lock Co Ltd		631
	158,045	*,e	London Mining plc		376
	741,000	*	Long Chen Paper Co Ltd		207
	553,259		Lonmin plc		2,618
	655,892	*	Louisiana-Pacific Corp		12,672
	135,407	*	LSB Industries, Inc		4,796
	5,384,000	e	Lumena Resources Corp		1,196
	726,781	*	Lundin Mining Corp		3,741
	3,632,993	*,e	Lynas Corp Ltd		2,239
	2,681,825		LyondellBasell Industries AF S.C.A		153,105
	14,285	*	Madras Cements Ltd		64
	61,469	*,e	MAG. Silver Corp		628
	310,000		Magnesita Refratarios S.A.		1,249
	4,905	*	Maharashtra Seamless Ltd		24
	261,921		Major Drilling Group International		2,580
	3,087		Managem		548
	149,777		Mardin Cimento Sanayii		449
	115,111	e	Martin Marietta Materials, Inc		10,853
	14,375		Maruichi Steel Tube Ltd		331
	4,342,227		Masisa S.A.		454
	16,987	e	Mayr-Melnhof Karton AG.		1,813
	840,687	*,e	McEwen Mining, Inc		3,220
	786,376		MeadWestvaco Corp		25,062
	121,624	e	Mechel Steel Group OAO (ADR)		843
	191,255	e	Medusa Mining Ltd		1,090
	2,964,930	*	Merafe Resources Ltd		241
	128,342		Metals USA Holdings Corp		2,245
	549,742	*,e	Metals X Ltd		84
	319,200		Metalurgica Gerdau S.A.		3,570
	214,600		Methanex Corp		6,835

104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,943,190		Mexichem SAB de C.V.	$	10,840
	43,900	*	Midas Gold Corp		99
	959,000	e	Midas Holdings Ltd		336
	375,172	*,e	Midway Gold Corp		521
	622,069	e	Mincor Resources NL		643
	916,438	*,e	Minera Frisco SAB de C.V.		3,860
	87,261	*	Mineral Deposits Ltd		358
	138,544		Minerals Technologies, Inc		5,531
	3,676,000	*,e	Minmetals Resources Ltd		1,558
	15,698		Miquel y Costas & Miquel S.A.		425
	1,244,492	*,e	Mirabela Nickel Ltd		638
	1,969,613		Mitsubishi Chemical Holdings Corp		9,812
	320,143		Mitsubishi Gas Chemical Co, Inc		1,964
	1,241,172		Mitsubishi Materials Corp		4,243
	400,000	*	Mitsubishi Paper Mills Ltd		400
	196,000		Mitsubishi Steel Manufacturing Co Ltd		394
	929,212		Mitsui Chemicals, Inc		2,422
	692,000		Mitsui Mining & Smelting Co Ltd		1,708
	286,500		Mitsui Mining Co Ltd		371
	238,859		Mittal Steel South Africa Ltd		1,021
	899,846	e	MMC Norilsk Nickel (ADR)		16,846
	397,500	*	MMX Mineracao e Metalicos S.A.		864
	20,185		MNTech Co Ltd		224
	155,799	*,e	Molycorp, Inc		1,471
	248,047		Mondi Ltd		2,710
	806,501		Mondi plc		8,902
	2,148	*	Monnet Ispat & Energy Ltd		11
	3,530,471		Monsanto Co		334,159
	53,400		Moorim P&P Co Ltd		190
	1,473,037		Mosaic Co		83,418
	952,545		Mount Gibson Iron Ltd		843
	295,267		Mpact Ltd		693
	262,570	*,e	M-real Oyj (B Shares)		774
	134,319		Myers Industries, Inc		2,035
	110,914	*	Mytilineos Holdings S.A.		660
	531,194	*,m	Nagarjuna Fertilizers & Chemicals		77
	33,830		Namhae Chemical Corp		243
	1,068,163		Nampak Ltd		4,026
	6,536,657		Nan Ya Plastics Corp		12,683
	702,303		Nantex Industry Co Ltd		455
	105,441	e	Neenah Paper, Inc		3,002
	37,100		Neturen Co Ltd		245
	514,641		Nevsun Resources Ltd		2,199
	603,474	*	New Gold, Inc		6,680
	30,300	*,e	New Japan Chemical Co Ltd		115
	139,502	e	New World Resources plc (A Shares)		764
	963,238		Newcrest Mining Ltd		22,533
	93,855		NewMarket Corp		24,609
	984,784		Newmont Mining Corp		45,733
	167,200	*	NGEx Resources, Inc		572
	1,440,500		Nickel Asia Corp		566
	61,000	e	Nihon Nohyaku Co Ltd		324

105

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	60,874		Nihon Parkerizing Co Ltd	$	876
	116,000		Nihon Yamamura Glass Co Ltd		247
	2,536,000	e	Nine Dragons Paper Holdings Ltd		2,356
	115,000		Nippon Denko Co Ltd		345
	188,000		Nippon Kayaku Co Ltd		2,072
	679,000	*	Nippon Light Metal Holdings Co Ltd		808
	395,523		Nippon Paint Co Ltd		3,402
	119,353	e	Nippon Paper Group, Inc		1,658
	417,000		Nippon Shokubai Co Ltd		4,271
	355,000		Nippon Soda Co Ltd		1,634
	6,984,351	*	Nippon Steel Corp		17,197
	55,810		Nippon Synthetic Chemical Industry Co Ltd		406
	116,000		Nippon Valqua Industries Ltd		294
	245,900		Nissan Chemical Industries Ltd		2,911
	254,900	*	Nisshin Steel Holdings Co Ltd		2,324
	132,000		Nittetsu Mining Co Ltd		584
	227,752		Nitto Denko Corp		11,216
	366,921		NOF Corp		1,650
	137,853		Noranda Aluminium Holding Corp		842
	79,484	*	Norbord, Inc		2,412
	95,802	*	Norddeutsche Affinerie AG.		6,854
	124,244		Norsk Hydro ASA		631
	155,822	*,e	North American Palladium Ltd		210
	13,010,000	*	North Mining Shares Co Ltd		856
	269,910	e	Northam Platinum Ltd		1,222
	85,963	*,e	Northern Dynasty Minerals		272
	205,853	*,e	Northern Iron Ltd		118
	337,432		Northern Star Resources Ltd		438
	642,830	*,e	Northland Resources S.A.		698
	411,249	*,e	Novagold Resources, Inc		1,860
	70,405		Novolipetsk Steel (GDR)		1,459
	19,241	*	Novozymes AS		546
	883,715	e	Nucor Corp		38,159
	962,304	e	Nufarm Ltd		5,869
	403,934	e	Nuplex Industries Ltd		1,062
	345,929	e	Nyrstar		2,078
	86,450	*	Nyrstar (Strip VVPR)		0	^
	124,000	*	Ocean Plastics Co Ltd		109
	323,500	*	OceanaGold Corp		927
	2,472,752	e	OJI Paper Co Ltd		8,529
	41,000		Okabe Co Ltd		267
	94,000		Okamoto Industries, Inc		331
	289,035		Olin Corp		6,240
	34,267	e	Olympic Steel, Inc		759
	171,651	*	OM Group, Inc		3,811
	350,588	*,e	OM Holdings Ltd		93
	80,314		Omnia Holdings Ltd		1,301
	158,884	*	Omnova Solutions, Inc		1,114
	4,688,335		OneSteel Ltd		4,569
	142,800	*	Orbite Aluminae Inc		352
	508,990		Orica Ltd		13,390
	11,200	*	Orient Paper & Industries Ltd		16

106

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	30,000		Oriental Union Chemical Corp	$	36
	9,710		Orissa Minerals Development Co Ltd		662
	15,300		Osaka Steel Co Ltd		284
	599,891	*	Osisko Mining Corp		4,825
	1,303,126	*,e	Outokumpu Oyj		1,383
	856,465	*	Owens-Illinois, Inc		18,217
	247,936		Oxiana Ltd		1,761
	188,507	e	Pacific Metals Co Ltd		893
	14,800		Pack Corp		248
	576,276		Packaging Corp of America		22,169
	43,771		Palabora Mining Co Ltd		541
	1,434,699	*,e	Pan African Resources plc		402
	316,062		Pan American Silver Corp		5,923
	929,087		Pan Australian Resources Ltd		3,304
	73,981		Papeles y Cartones de Europa S.A.		199
	128,081	*	Papillon Resources Ltd		229
	475,270	*,e	Paramount Gold and Silver Corp		1,103
	242,400	*	Paranapanema S.A.		587
	330,812		Park Elektrik Madencilik Sanayi Ve Ticaret AS		1,143
	657,763	*,e	Patagonia Gold plc		242
	373,349	*	Perilya Ltd		134
	577,688	*,e	Perseus Mining Ltd		1,277
	200,669		Peter Hambro Mining plc		1,196
	506,462	*	Petra Diamonds Ltd		926
	479,678		PetroLogistics LP		6,495
	4,007,900		Petronas Chemicals Group BHD		8,410
	264,041	*,m	Pike River Coal Ltd		0	^
	1,014,946		PolyOne Corp		20,725
	7,560		Poongsan		167
	29,410		Poongsan Corp		934
	452,166		Portucel Empresa Produtora de Pasta e Papel S.A.		1,361
	117,866		POSCO		38,612
	48,800		POSCO M-Tech Co Ltd		550
	8,651		POSCO Refractories & Environment Co Ltd		1,074
	1,076,260		Potash Corp of Saskatchewan Toronto		43,799
	625,427		PPC Ltd		2,523
	1,081,981	e	PPG Industries, Inc		146,446
	549,937		Praxair, Inc		60,191
	172,000	*	Premier Gold Mines Ltd		726
	349,300		Press Metal BHD		219
	98,800	*	Pretium Resources, Inc		1,302
	253,886	*	Primero Mining Corp		1,634
	34,154		Prism Cement Ltd		31
	5,126,000		PT Aneka Tambang Tbk		685
	22,947,000	*	PT Darma Henwa Tbk		119
	3,563,500		PT Holcim Indonesia Tbk		1,076
	3,721,800		PT Indocement Tunggal Prakarsa Tbk		8,694
	1,714,500		PT International Nickel Indonesia Tbk		421
	8,368,500		PT Krakatau Steel Tbk		558
	3,255,500	*	PT Polychem Indonesia Tbk		124
	5,379,900		PT Semen Gresik Persero Tbk		8,887
	4,181,000		PT Timah Tbk		672

107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,358,987		PTT Global Chemical PCL	$	7,771
	46,621	e	Quaker Chemical Corp		2,511
	424,638	*,e	Qualipak International Holdings Ltd		46
	178,000	*	Queenston Mining, Inc		873
	93,891		Rain Commodities Ltd		68
	113,700	*,e	Rainy River Resources Ltd		568
	17,540		Rallis India Ltd		48
	37,501		Randgold Resources Ltd		3,710
	98,361	e	Rautaruukki Oyj		778
	37,284		Recticel S.A.		260
	357,523	*	Regis Resources Ltd		1,919
	403,486		Reliance Steel & Aluminum Co		25,056
	261,767	e	Rengo Co Ltd		1,322
	284,421	*,e	Resolute Forest Products		3,766
	2,266,402	e	Resolute Mining Ltd		3,893
	97,792	*,e	Revett Minerals, Inc		276
	161,353	*,e	Rex Minerals Ltd		111
	406,818	*	Rexam plc		2,911
	62,602		RHI AG.		2,058
	81,738	*	Rio Alto Mining Ltd		412
	719,715		Rio Tinto Ltd		50,602
	2,527,798		Rio Tinto plc		147,435
	203,823	e	Rio Tinto plc (ADR)		11,840
	267,077		Rock-Tenn Co (Class A)		18,671
	221,326		Rockwood Holdings, Inc		10,947
	709,200	*	Romarco Minerals, Inc		549
	59,000		Rotam Global Agrosciences Ltd		152
	247,034	*,m	Rovese S.A.		115
	81,850	*	Royal Bafokeng Platinum Ltd		555
	237,668		Royal Gold, Inc		19,325
	214,728		RPC Group plc		1,391
	177,342		RPM International, Inc		5,207
	136,137	*	RTI International Metals, Inc		3,752
	367,000	*,e	Rubicon Minerals Corp		941
	22,013		Sa des Ciments Vicat		1,376
	195,500	*	Sabina Gold & Silver Corp		521
	7,659,040	*	Sahaviriya Steel Industries PCL		148
	223,000		Sakai Chemical Industry Co Ltd		671
	269,929		Sally Malay Mining Ltd		138
	3,705		Salzgitter AG.		194
	2,833		Sam Kwang Glass Ind Co Ltd		186
	25,546		Samsung Fine Chemicals Co Ltd		1,465
	142,758		San Fang Chemical Industry Co Ltd		118
	414,800	*	San Gold Corp		329
	226,365	*,e	Sandfire Resources NL		2,065
	81,000		Sanyo Chemical Industries Ltd		481
	139,000	*,e	Sanyo Special Steel Co Ltd		499
	692,634	*	Sappi Ltd		2,539
	495,267	*,e	Saracen Mineral Holdings Ltd		199
	916,500		Sateri Holdings Ltd		210
	344,200		Satipel Industrial S.A.		2,496
	296,452		Schmolz + Bickenbach AG.		934

108

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	87,482		Schnitzer Steel Industries, Inc (Class A)	$	2,653
	157,269		Schweitzer-Mauduit International, Inc		6,138
	105,642	e	Scotts Miracle-Gro Co (Class A)		4,654
	57,095	*	Seabridge Gold, Inc		1,027
	45,606		Seah Besteel Corp		1,227
	2,498		SeAH Holdings Corp		193
	11,468		SeAH Steel Corp		998
	5,597,745		Sealed Air Corp		98,017
	911,000		Sekisui Plastics Co Ltd		2,291
	376,320	e	SEMAFO, Inc		1,294
	126,421		Semapa-Sociedade de Investimento e Gestao		949
	173,013		Sensient Technologies Corp		6,152
	21,208	*	Sequana S.A.		232
	506,802		Sesa Goa Ltd		1,834
	17,000		Sesoda Corp		20
	380,990	e	Severstal (GDR)		4,734
	303,000		Shandong Chenming Paper Holdings Ltd		118
	303,100		Shandong Chenming Paper Holdings Ltd (Class B)		129
	155,400	*	Shanghai Chlor-Alkali Chemical Co Ltd		72
	246,300		Shanghai Yaohua Pilkington Glass Co Ltd		110
	201,000		Sheng Yu Steel Co Ltd		128
	557,446		Sherritt International Corp		3,222
	514,361		Sherwin-Williams Co		79,119
	218,000	*	Shihlin Paper Corp		360
	11,529	*	Shine Co Ltd		107
	475,227		Shin-Etsu Chemical Co Ltd		29,003
	103,400		Shin-Etsu Polymer Co Ltd		394
	1,855,032		Shinkong Synthetic Fibers Corp		624
	259,000		Shiny Chemical Industrial Co Ltd		366
	3,738,000	*,e	Shougang Concord International Enterprises Co Ltd		221
	1,041,660	e	Showa Denko KK		1,592
	6,800		Siam Cement PCL		98
	113,800		Siam Cement PCL (ADR)		1,642
	487,800		Siam Cement PCL (Foreign)		7,471
	173,711		Sigma-Aldrich Corp		12,782
	481,000		Sijia Group Co		95
	602		Sika AG.		1,392
	150,620		Silgan Holdings, Inc		6,264
	210,324	*,e	Silver Lake Resources Ltd		733
	96,542	*,e	Silver Standard Resources, Inc		1,439
	659,327	e	Silver Wheaton Corp		23,769
	395,889	e	Silvercorp Metals, Inc		2,030
	108,611	e	Sims Group Ltd		1,073
	1,642,000		Sinochem Hong Kong Holding Ltd		407
	283,627	*,e	Sino-Forest Corp		3
	1,116,000		Sinon Corp		543
	7,861,400	e	Sinopec Shanghai Petrochemical Co Ltd		2,843
	1,366,171	*,e	Sirius Minerals plc		594
	37,792		SK Chemicals Co Ltd		2,120
	24,767		SKC Co Ltd		983
	523,080		Smurfit Kappa Group plc		6,249
	202,154		Sociedad Quimica y Minera de Chile S.A. (ADR)		11,652

109

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	175,906		Sociedad Quimica y Minera de Chile S.A. (Class B)	$	10,109
	2,826		Societe Internationale de Plantations d’Heveas S.A.		231
	9,872		SODIFF Advanced Materials Co Ltd		355
	522,478		Solar Applied Materials Technology Co		640
	17,007	*	Solvay S.A.		2,475
	15,770		Songwon Industrial Co Ltd		177
	201,443		Sonoco Products Co		5,989
	259,351	*	South Valley Cement		179
	385,000		Southeast Cement Co Ltd		188
	1,811,071	e	Southern Copper Corp (NY)		68,567
	117,465	*	Spartech Corp		1,065
	188,137	e	Ssab Svenskt Stal AB (Series A)		1,658
	272,828		Ssab Svenskt Stal AB (Series B)		2,041
	44,540	*	Ssangyong Cement Industrial Co Ltd		240
	1,320,666	*,e	St Barbara Ltd		2,014
	17,200		ST Corp		184
	336,667		Steel Dynamics, Inc		4,622
	34,500		Stella Chemifa Corp		679
	59,486	e	Stepan Co		3,304
	2,663,445		Sterlite Industries India Ltd		5,696
	451,450	*,e	Stillwater Mining Co		5,770
	5,034		STO AG.		744
	1,102,606	e	Stora Enso Oyj (R Shares)		7,718
	87,300		STP & I PCL		180
	782,221		Sumitomo Bakelite Co Ltd		3,276
	1,080,948		Sumitomo Chemical Co Ltd		3,407
	599,000		Sumitomo Light Metal Industries Ltd		586
	983,009		Sumitomo Metal Mining Co Ltd		13,876
	848,193		Sumitomo Osaka Cement Co Ltd		3,089
	119,000		Sumitomo Seika Chemicals Co Ltd		444
	20,612	e	Sumitomo Titanium Corp		461
	280,827	*,e	SunCoke Energy, Inc		4,378
	3,011,979	*	Sundance Resources Ltd		1,179
	13,211	*	Supreme Industries Ltd		71
	165,829		Symrise AG.		5,958
	246,866		Syngenta AG.		99,730
	1,331,987		Synthos S.A.		2,354
	1,178,200		TA Chen Stainless Pipe		621
	1,235		Taekwang Industrial Co Ltd		1,095
	193,157	*,e	Tahoe Resources, Inc		3,539
	115,000	*	Tahoe Resources, Inc (Toronto)		2,104
	2,553,264		Taiheiyo Cement Corp		7,020
	5,991,988		Taiwan Cement Corp		8,074
	1,058,500		Taiwan Fertilizer Co Ltd		2,781
	309,345		Taiwan Hon Chuan Enterprise Co Ltd		681
	155,000		Taiwan Prosperity Chemical Corp		215
	175,960		Taiwan Pulp & Paper Corp		55
	1,234,000	*	Taiwan Styrene Monomer		327
	19,700		Taiyo Ink Manufacturing Co Ltd		557
	178,560		Taiyo Nippon Sanso Corp		1,027
	130,000		Takasago International Corp		697
	102,000		Takiron Co Ltd		355

110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	521,124	*,e	Talvivaara Mining Co plc	$	858
	152,000	*	Tang Eng Iron Works Co Ltd		168
	192,429	*,e	Tanzanian Royalty Exploration Corp		840
	298,278	*	Taseko Mines Ltd		909
	399,099		Tata Steel Ltd		3,159
	2,370,800	*	Tata Steel Thailand PCL		85
	13,231		Technosemichem Co Ltd		582
	536,475	e	Teck Cominco Ltd		19,497
	7,929,412		Teijin Ltd		19,747
	68,163		Ten Cate NV		1,798
	36,800		Tenma Corp		394
	20,000		Ternium S.A. (ADR)		471
	54,544		Tessenderlo Chemie NV		1,802
	82,269	*,e	Texas Industries, Inc		4,197
	214,881	*,e	Thompson Creek Metals Co, Inc (Toronto)		890
	211,000		Thye Ming Industrial Co Ltd		222
	65,848	*	ThyssenKrupp AG.		1,555
	3,442,000		Tiangong International Co Ltd		837
	2,193,202	*,e	Tiger Resources Ltd		685
	71,302		Tikkurila Oy		1,393
	422,036	*	Timmins Gold Corp		1,269
	78,069	*	Titan Cement Co S.A.		1,451
	249,000		Toagosei Co Ltd		977
	136,000	e	Toda Kogyo Corp		626
	34,900	e	Toho Titanium Co Ltd		347
	169,000		Toho Zinc Co Ltd		742
	574,000		Tokai Carbon Co Ltd		2,415
	1,543,000	e	Tokuyama Corp		3,403
	124,300		Tokyo Ohka Kogyo Co Ltd		2,458
	152,796	e	Tokyo Rope Manufacturing Co Ltd		236
	135,200		Tokyo Steel Manufacturing Co Ltd		662
	1,317,750		Ton Yi Industrial Corp		772
	18,613	*	Tong Yang Major Corp		14
	434,594		Topy Industries Ltd		1,034
	701,534		Toray Industries, Inc		4,310
	975,000		Tosoh Corp		2,346
	535,000		Toyo Ink Manufacturing Co Ltd		2,299
	195,000		Toyo Kohan Co Ltd		698
	176,244		Toyo Seikan Kaisha Ltd		2,375
	1,555,500		TPI Polene PCL		721
	107,948	e	Tredegar Corp		2,204
	249,351		Troy Resources NL		947
	877,035		TSRC Corp		1,789
	122,685	*,e	Tubacex S.A.		323
	127,313	e	Tubos Reunidos S.A.		305
	1,031,676		Tung Ho Steel Enterprise Corp		1,059
	1,765,359	*	UBE Industries Ltd		4,241
	206,764		Uflex Ltd		369
	22,156	*,e	UFP Technologies, Inc		397
	100,041		Ultra Tech Cement Ltd		3,655
	374,219		Umicore		20,722
	34,600		Uniao de Industrias Petroquimicas S.A.		7

111

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	9,791		Unid Co Ltd	$	351
	110,000	*	Unipetrol		1,013
	273,970	*	United Phosphorus Ltd		655
	8,325	*	United States Lime & Minerals, Inc		392
	366,088	e	United States Steel Corp		8,739
	619,000		Universal Cement Corp		342
	24,538	*,e	Universal Stainless & Alloy		902
	896,625		UPC Technology Corp		506
	751,655		UPM-Kymmene Oyj		8,843
	398,364	*	Uralkali (GDR)		15,437
	198,209	*,e	US Antimony Corp		349
	57,884	e	US Silica Holdings Inc		968
	48,850	*	Usha Martin Ltd		29
	2,021,987		USI Corp		1,627
	438,462		Usinas Siderurgicas de Minas Gerais S.A. (Preference)		2,741
	2,685,394		Vale S.A.		55,452
	3,277,676		Vale S.A. (Preference)		65,425
	515,939		Valspar Corp		32,195
	595,666	*	Vanguarda Agro S.A. (ADR)		116
	124,175	e	Vedanta Resources plc		2,397
	472		Vetropack Holding AG.		870
	266,720	*	Victrex plc		7,109
	1,048,300		Vinythai PCL		618
	124,807	*	Viohalco S.A.		646
	201,585	*,e	Vista Gold Corp		544
	24,600	e	Voestalpine AG.		904
	1,128,833		Volcan Cia Minera S.A.		1,145
	433,831	e	Vulcan Materials Co		22,581
	18,538	e	Wacker Chemie AG.		1,219
	1,656,307		Walter Energy, Inc		59,428
	163,323	e	Wausau Paper Corp		1,414
	177,248		Welspun-Gujarat Stahl Ltd		348
	17,052	*	West African Minerals Corp		17
	2,818,000	e	West China Cement Ltd		574
	70,862		West Fraser Timber Co Ltd		4,990
	144,782	e	Western Areas NL		683
	52,907	*	Western Desert Resources Ltd		40
	137,029	e	Westlake Chemical Corp		10,866
	22,210	*,e	WHX Corp		335
	1,975,000	e	Winsway Coking Coal Holding Ltd		338
	269,332		Worthington Industries, Inc		7,000
	854,782	*	WR Grace & Co		57,467
	262,500		WTK Holdings BHD		85
	1,118,000	e	Xinjiang Xinxin Mining Industry Co Ltd		253
	670,000		Xiwang Special Steel Co Ltd		113
	2,884,793		Xstrata plc		50,356
	605,754		Yamana Gold, Inc		10,420
	8,811		Yamato Kogyo Co Ltd		258
	797,361		Yara International ASA		39,755
	757,000		Yeun Chyang Industrial Co Ltd		453
	1,895,670		Yieh Phui Enterprise		623
	1,934,400	e	Yingde Gases		1,983

112

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	322,000	e	Yip’s Chemical Holdings Ltd	$	230
	291,000		Yodogawa Steel Works Ltd		998
	42,970		Youlchon Chemical Co Ltd		326
	852,000		Youyuan International Holdings Ltd		220
	2,829,285		Yuen Foong Yu Paper Manufacturing Co Ltd		1,376
	74,650	*	Yukon-Nevada Gold Corp		131
	350,178		Yule Catto & Co plc		1,070
	59,000		Yung Chi Paint & Varnish Manufacturing Co Ltd		119
	14,731	*	Zaklady Azotowe Pulawy S.A.		659
	24,100	*	Zaklady Azotowe w Tarnowie-Moscicach S.A.		422
	431,512		Zeon Corp		3,742
	99,885		Zep, Inc		1,442
	1,796,177		Zhaojin Mining Industry Co Ltd		2,875
	71,454		Zignago Vetro S.p.A.		428
	8,265,900	e	Zijin Mining Group Co Ltd		3,328
	97,371	*,e	Zoltek Cos, Inc		755
	1,206	*	Zuari Holdings Ltd		6
			TOTAL MATERIALS		7,204,096
MEDIA - 3.3%
	1,152,959		Aegis Group plc		4,433
	89,560		Agora S.A.		300
	228,360		Aimia, Inc		3,414
	146,171	*	AMC Networks, Inc		7,235
	103,936		Antena 3 de Television S.A.		539
	575,901	e	APN News & Media Ltd		152
	123,734		Arbitron, Inc		5,776
	170,172	*	Arnoldo Mondadori Editore S.p.A.		252
	5,931	*,e	Artprice.com		244
	32,400		Asatsu-DK, Inc		773
	93,300		Astral Media, Inc		4,336
	37,959		Avex Group Holdings, Inc		766
	102,204		Axel Springer AG.		4,375
	9,630	e	Beasley Broadcasting Group, Inc		47
	2,279,700		BEC World PCL (Foreign)		5,313
	331,120		Belo (A.H.) Corp (Class A)		2,540
	5,309,100		Benpres Holdings Corp		814
	149,603		Borussia Dortmund GmbH & Co KGaA		538
	6,802,826		British Sky Broadcasting plc		85,800
	494,486		Cablevision Systems Corp (Class A)		7,388
	59,456		Cairo Communication S.p.A.		194
	120,997		Canal Plus		793
	116,286	*,e	Carmike Cinemas, Inc		1,744
	3,968,876		CBS Corp (Class B)		151,016
	71,000	*,e	Central European Media Enterprises Ltd (Class A)		416
	158,636	*,e	Central European Media Enterprises Ltd (Class A) Nasdaq		972
	175,937	*	Charter Communications, Inc		13,413
	59,670		Cheil Communications, Inc		1,204
	78,978		Chime Communications plc		296
	290,219		Cinemark Holdings, Inc		7,540
	156,096	e	Cineplex Galaxy Income Fund		4,995

113

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	188,104		Cineworld Group plc	$	798
	14,500		CJ CGV Co Ltd		437
	25,844	*	CJ E&M Corp		644
	88,625		Clear Channel Outdoor Holdings, Inc (Class A)		622
	19,382		Cogeco Cable, Inc		741
	17,067,794		Comcast Corp (Class A)		637,994
	6,400	*,e	COOKPAD, Inc		186
	105,678	e	Corus Entertainment, Inc		2,611
	133,813	*,e	Crown Media Holdings, Inc (Class A)		248
	46,545		CTS Eventim AG.		1,640
	205,961	*,e	Cumulus Media, Inc (Class A)		550
	622	e	CyberAgent, Inc		1,278
	315,898	*	Cyfrowy Polsat S.A.		1,675
	83,870		Daekyo Co Ltd		497
	48,100		Daiichikosho Co Ltd		1,115
	3,674	*,e	Daily Journal Corp		340
	685,455	*	Daily Mail & General Trust		6,198
	4,722,098	*	DEN Networks Ltd		17,091
	160,742		Dentsu, Inc		4,306
	96,808	*,e	Digital Generation, Inc		1,051
	2,604,454	*	DIRECTV		130,639
	651,130	*	Discovery Communications, Inc (Class A)		41,334
	182,830	*,e	Discovery Communications, Inc (Class C)		10,696
	5,244,593		DISH Network Corp (Class A)		190,903
	772,072	*	Dogan Yayin Holding		340
	132,576	*,e	DreamWorks Animation SKG, Inc (Class A)		2,197
	87,694	*,e	Entercom Communications Corp (Class A)		612
	209,232	e	Entravision Communications Corp (Class A)		347
	21,981	*	Eros International Media Ltd		83
	74,636	*	Euromoney Institutional Investor plc		1,058
	270,035		Eutelsat Communications		8,981
	111,439	*	EW Scripps Co (Class A)		1,205
	1,157		Fenerbahce Sportif Hizmetleri Sanayi ve Ticaret AS		26
	34,598	e	Fisher Communications, Inc		934
	4,013		Fuji Television Network, Inc		6,065
	126,000	e	Gakken Co Ltd		325
	815	*	Galatasaray Sportif Sinai ve Ticari Yatirimlar AS		18
	1,366,276		Gannett Co, Inc		24,607
	200,925	e	Gestevision Telecinco S.A.		1,365
	27,660		GFK AG.		1,409
	64,485	*,e	Global Sources Ltd		418
	5,523,827	e	Grupo Televisa S.A.		29,165
	323,250		Gruppo Editoriale L’Espresso S.p.A.		378
	44,636		Hakuhodo DY Holdings, Inc		2,888
	218,596		Harte-Hanks, Inc		1,290
	8,909	*	Hathway Cables and Datacom Pvt Ltd		47
	593,980		Havas S.A.		3,269
	242,999	*	Hurriyet Gazetecilik AS		126
	32,450	*	Hyundai Hy Communications & Network Co		131
	2,968,178	*	IBN18 Broadcast Ltd		1,789
	920,264		Informa plc		6,784
	5,127,752		Interpublic Group of Cos, Inc		56,508

114

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	80,278		IPSOS	$	2,997
	8,480,018		ITV plc		14,711
	12,757		Jagran Prakashan Ltd		25
	1,183,180		JC Decaux S.A.		28,241
	2,747,283	e	John Fairfax Holdings Ltd		1,468
	95,572		John Wiley & Sons, Inc (Class A)		3,721
	188,511	*	Journal Communications, Inc (Class A)		1,020
	1,524		Jupiter Telecommunications Co		1,898
	97,559	*	Juventus Football Club S.p.A.		27
	297,770		Kabel Deutschland Holding AG.		22,412
	18,981	e	Kadokawa Holdings, Inc		507
	9,845		Kinepolis		1,065
	27,180	*	KT Skylife Co Ltd		855
	9,337		Lagardere S.C.A.		314
	109,610	*,e	Lamar Advertising Co (Class A)		4,247
	993,277	*	Liberty Global, Inc (Class A)		62,567
	375,226	*	Liberty Interactive LLC		43,530
	145,631	*	Lin TV Corp (Class A)		1,097
	301,106	*,e	Lions Gate Entertainment Corp		4,938
	601,702	*,e	Live Nation, Inc		5,602
	155,201		M6-Metropole Television		2,440
	159,980	*	Madison Square Garden, Inc		7,095
	283,300		Major Cineplex Group PCL		177
	107,177	*,e	Martha Stewart Living Omnimedia, Inc (Class A)		263
	193,419	*,e	McClatchy Co (Class A)		632
	801,252		McGraw-Hill Cos, Inc		43,804
	454,600		MCOT PCL		700
	98,588	e	MDC Partners, Inc		1,114
	1,202,800		Media Chinese International Ltd		443
	77	*,e	Media General, Inc (Class A)		0	^
	2,522,000		Media Prima BHD		1,930
	902,414		Mediaset S.p.A.		1,875
	128,147	e	Meredith Corp		4,415
	55,069		Modern Times Group AB (B Shares)		1,930
	71,614	e	Morningstar, Inc		4,500
	647,569		Naspers Ltd (N Shares)		41,827
	291,541		National CineMedia, Inc		4,119
	161,717		Navneet Publications India		192
	594,817	*,e	New York Times Co (Class A)		5,074
	4,540,569		News Corp (Class A)		115,966
	44,539	*	Nexstar Broadcasting Group, Inc (Class A)		472
	1,000,692		Omnicom Group, Inc		49,995
	830,000		Oriental Press Group		95
	69,460		Outdoor Channel Holdings, Inc		528
	465,742	*,e	PagesJaunes Groupe S.A.		1,159
	254,199	*,e	Pandora Media, Inc		2,334
	1,339,672		Pearson plc		26,112
	3,070,000	e	Phoenix Satellite Television Holdings Ltd		1,013
	1,076,000		Pico Far East Holdings Ltd		321
	512,930	*	Premiere AG.		2,845
	365,953	*,e	Promotora de Informaciones S.A.		115
	393,685		ProSiebenSat.1 Media AG.		11,214

115

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	11,600		Proto Corp	$	200
	33,655,000		PT Bhakti Investama Tbk		1,892
	2,383,100		PT Global MediaCom Tbk		596
	215,500		PT Media Nusantara Citra Tbk		56
	52,101,600	*	PT MNC Sky Vision Tbk		12,975
	418,536	*	PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		1,641
	4,746,000		PT Surya Citra Media Tbk		1,108
	163,553		Publicis Groupe S.A.		9,840
	90,036		Quebecor, Inc		3,500
	213,601	*,e	RCS MediaGroup S.p.A.		354
	117,283	e	REA Group Ltd		2,199
	35,717	*,e	ReachLocal, Inc		461
	67,137	*	Reading International, Inc		403
	2,900,680	*	Reed Elsevier NV		43,010
	7,923,367		Reed Elsevier plc		83,652
	957,733	e	Regal Entertainment Group (Class A)		13,360
	37,716	*	Rentrak Corp		735
	226,468		Rightmove plc		5,324
	13,926	e	Saga Communications, Inc		648
	24,038		Salem Communications		131
	96,021	e	Sanoma-WSOY Oyj		944
	59,900		Saraiva S.A. Livreiros Editores		759
	44,910		SBS Media Holdings Co Ltd		363
	111,593		Schibsted ASA		4,772
	118,051		Scholastic Corp		3,490
	794,139		Scripps Networks Interactive (Class A)		45,997
	120,114		SES Global S.A.		3,459
	663,872	e	Shaw Communications, Inc (B Shares)		15,244
	99,000	e	Shochiku Co Ltd		1,019
	8,141	*	Shutterstock, Inc		212
	175,367		Sinclair Broadcast Group, Inc (Class A)		2,213
	264,038	e	Singapore Press Holdings Ltd		874
	540,000		SinoMedia Holding Ltd		251
	9,881,184	e	Sirius XM Radio, Inc		28,557
	756,189	e	Sky Network Television Ltd		3,062
	4,956	*	Sky Perfect Jsat Corp		2,070
	15,502	*	SM Entertainment Co		661
	2,680,000	*	SMI Corp Ltd		63
	139,667		Societe Television Francaise 1		1,643
	746,024		Southern Cross Media Group		825
	358,062	*	Stroer Out-of-Home Media AG.		3,147
	613,718	e	STW Communications Group Ltd		707
	47,000		T4F Entretenimento S.A.		180
	709,670	*,e	Telecom Italia Media S.p.A.		143
	833,947		Television Broadcasts Ltd		6,270
	2,082,630	e	Ten Network Holdings Ltd		626
	69,807	*	Tera Resource Co Ltd		91
	882,028	e	Thomson Corp		25,632
	359,536	e	Thomson Corp (Toronto)		10,403
	1,580,083	e	Time Warner Cable, Inc		153,568
	3,113,920		Time Warner, Inc		148,939

116

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	211,000		Toei Animation Co Ltd	$	5,004
	415,885		Toei Co Ltd		2,164
	82,917	e	Toho Co Ltd		1,459
	22,600		Tohokushinsha Film Corp		169
	159,700		Tokyo Broadcasting System, Inc		1,684
	47,637		TV Asahi Corp		662
	1,765,300	e	TV Azteca S.A. de C.V.		1,158
	17,800		TV Tokyo Corp		191
	344,386		TVN S.A.		1,105
	365,908		United Business Media Ltd		4,327
	143,246	*,e	Usen Corp		203
	142,713	*,e	Valassis Communications, Inc		3,679
	8,329	e	Value Line, Inc		75
	3,501,152		Viacom, Inc (Class B)		184,651
	1,485,065	e	Virgin Media, Inc		54,576
	4,882,400	*	Viva China Holdings Ltd		251
	4,114,000		VODone Ltd		402
	9,254,848		Walt Disney Co		460,799
	5,548	e	Washington Post Co (Class B)		2,026
	1,628,729		West Australian Newspapers Holdings Ltd		2,794
	171,329		Wolters Kluwer NV		3,519
	29,600		Woongjin Thinkbig Co Ltd		182
	115,438	e	World Wrestling Entertainment, Inc (Class A)		911
	3,253,686		WPP plc		47,534
	4,998		YG Entertainment, Inc		288
	1,097,517		ZEE Telefilms Ltd		4,458
	83,600		Zenrin Co Ltd		1,086
			TOTAL MEDIA		3,493,144
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.8%
	6,800	*	3-D Matrix Ltd		325
	18,156	*,e	AB Science S.A.		434
	423,488		Abcam plc		2,650
	27,840	*	Ablynx NV		215
	225,792	*,e	Achillion Pharmaceuticals, Inc		1,811
	228,615	*	Acorda Therapeutics, Inc		5,683
	193,705	e	Acrux Ltd		583
	180,469		Actelion Ltd		8,636
	52,150	*,e	Active Biotech AB		441
	20,264	*,e	Acura Pharmaceuticals, Inc		45
	496,915		Adcock Ingram Holdings Ltd		3,165
	87,000	*	Adimmune Corp		108
	90,394	*,e	Aegerion Pharmaceuticals, Inc		2,295
	168,435	*	Affymax, Inc		3,200
	548,974	*,e	Affymetrix, Inc		1,740
	130,372	*,e	Agenus, Inc		535
	1,489,290		Agilent Technologies, Inc		60,972
	470,539	*,e	Akorn, Inc		6,286
	1,434,772	*,e	Alexion Pharmaceuticals, Inc		134,596
	44,527	e	Algeta ASA		1,247
	9,265		ALK-Abello AS		638
	847,696	*,e	Alkermes plc		15,699

117

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,899,001		Allergan, Inc	$	174,195
	168,075	*,e	Alnylam Pharmaceuticals, Inc		3,067
	154,508	*,e	AMAG Pharmaceuticals, Inc		2,273
	4,256,094		Amgen, Inc		367,386
	100,807	*,e	Amicus Therapeutics, Inc		270
	76,413	*,e	Ampio Pharmaceuticals, Inc		274
	52,639	*,e	Anacor Pharmaceuticals, Inc		274
	443,586		Apex Biotechnology Corp		1,150
	999,660	*,e	Arena Pharmaceuticals, Inc		9,017
	736,322	*	Ariad Pharmaceuticals, Inc		14,123
	251,653	*,e	Arqule, Inc		702
	330,088	*	Array Biopharma, Inc		1,228
	51,000		ASKA Pharmaceutical Co Ltd		278
	529,116		Aspen Pharmacare Holdings Ltd		10,594
	627,439		Astellas Pharma, Inc		28,211
	547,850	*	Astex Pharmaceuticals		1,594
	425,044		AstraZeneca plc		20,143
	687,336	e	AstraZeneca plc (ADR)		32,490
	209,884	*	Aurobindo Pharma Ltd		731
	287,480	*	Auxilium Pharmaceuticals, Inc		5,327
	466,613	*,e	AVANIR Pharmaceuticals, Inc		1,227
	159,403	*,e	AVEO Pharmaceuticals, Inc		1,283
	8,005	*	Basilea Pharmaceutica		390
	30,332	*	Bavarian Nordic AS		267
	3,775,100		Bayer AG.		360,000
	39,039	*,e	BG Medicine, Inc		90
	124,711		Biocon Ltd		653
	181,812	*,e	BioCryst Pharmaceuticals, Inc		258
	150,813	*,e	BioDelivery Sciences International, Inc		650
	32,074		Biogaia AB (B Shares)		865
	1,217,544	*	Biogen Idec, Inc		178,577
	768,067	*	BioMarin Pharmaceuticals, Inc		37,827
	57,321	*	Bio-Rad Laboratories, Inc (Class A)		6,022
	20,307	*,e	Biospecifics Technologies Corp		304
	17,687	e	Biota Pharmaceuticals, Inc		71
	6,511		Biotest AG. (Preference)		424
	385,090	*	Biotie Therapies Oyj		208
	105,079	*,e	Biotime, Inc		330
	8,731,910	*	Bioton S.A.		282
	373,590	*	Biovail Corp (Toronto)		22,287
	8,128,386	*	Biovitrum AB		45,999
	11,996		Boiron S.A.		414
	3,669,898		Bristol-Myers Squibb Co		119,602
	228,273	*	Bruker BioSciences Corp		3,486
	537,062	*	BTG plc		2,939
	33,570		Bukwang Pharmaceutical Co Ltd		444
	211,617	*,e	Cadence Pharmaceuticals, Inc		1,014
	275,102	*	Cambrex Corp		3,131
	2,395,716	*	Celgene Corp		188,591
	247,512	*,e	Celldex Therapeutics, Inc		1,661
	12,283	*	Celltrion Pharm Inc		197
	165,432		Celltrion, Inc		4,040

118

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	8,868	*,e	Cempra, Inc	$	57
	239,402	*,e	Cepheid, Inc		8,094
	1,050,000	*	CGN Mining Co Ltd		118
	197,012	*	Charles River Laboratories International, Inc		7,382
	11,193	*,e	ChemoCentryx, Inc		122
	67,000		China Chemical & Pharmaceutical Co Ltd		48
	357,000	e	China Medical System Holdings Ltd		279
	1,252,000	*,e	China Pharmaceutical Group Ltd		366
	450,000	e	China Shineway Pharmaceutical Group Ltd		770
	38,500		Chong Kun Dang Pharm Corp		1,334
	7,961		Choongwae Pharma Corp		106
	222,783		Chugai Pharmaceutical Co Ltd		4,269
	794,539		Cipla Ltd		6,046
	508,587		Cipla Medpro South Africa Ltd		539
	6,858,340		CK Life Sciences International Holdings, Inc		627
	33,517	*	Clal Biotechnology Industries Ltd		82
	35,477	*	Clavis Pharma ASA		50
	63,030	*,e	Clovis Oncology, Inc		1,008
	16,600		CMIC Co Ltd		234
	118,213	*,e	Codexis, Inc		261
	143,774	*,e	Corcept Therapeutics, Inc		206
	55,768	*	Cornerstone Therapeutics, Inc		264
	78,617	*,e	Coronado Biosciences, Inc		355
	111,746	*,e	Covance, Inc		6,456
	923,006	e	CSL Ltd		52,110
	13,119	*	CTC BIO, Inc		268
	239,704	*,e	Cubist Pharmaceuticals, Inc		10,082
	47,320	*,e	Cumberland Pharmaceuticals, Inc		199
	309,019	*,e	Curis, Inc		1,060
	189,445	*,e	Cytori Therapeutics, Inc		534
	24,542		Daewoong Pharmaceutical Co Ltd		1,097
	716,178		Daiichi Sankyo Co Ltd		10,995
	310,725		Dainippon Sumitomo Pharma Co Ltd		3,733
	832,000		Dawnrays Pharmaceutical Holdings Ltd		176
	570,585	*,e	Dendreon Corp		3,013
	198,792	*,e	Depomed, Inc		1,231
	163,975	*,e	Discovery Laboratories, Inc		346
	2,052		Divi S Laboratories Ltd		41
	18,655		Dong-A Pharmaceutical Co Ltd		1,899
	173,747		Dr Reddy’s Laboratories Ltd		5,837
	4,600	*,e	Durata Therapeutics, Inc		35
	363,793	*	Dyax Corp		1,266
	492,496	*,e	Dynavax Technologies Corp		1,409
	12,229	*	Egis Gyogyszergyar Rt		976
	95,153		EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		107
	301,163	*	Eisai Co Ltd		12,571
	57,729	*	Elan Corp plc		592
	83,918	*	Elan Corp plc (ADR)		857
	3,181,474	e	Eli Lilly & Co		156,910
	152,050	*	Emergent Biosolutions, Inc		2,439
	268,381	*	Endo Pharmaceuticals Holdings, Inc		7,050

119

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	122,456	*,e	Endocyte, Inc	$	1,100
	5,745	*,e	Enzo Biochem, Inc		15
	165,494	e	Enzon Pharmaceuticals, Inc		733
	133	e	EPS Co Ltd		342
	21,723		Eurofins Scientific		3,534
	128,488	*,e	Evolutec Group plc		184
	134,852	*	Evotec AG.		472
	225,317	*,e	Exact Sciences Corp		2,386
	644,805	*,e	Exelixis, Inc		2,947
	3,060,000	*	Extrawell Pharmaceutical Holdings Ltd		240
	346,044		FAES FARMA S.A.		762
	11,152	*	FDC Ltd		19
	85,869	*	Fluidigm Corp		1,229
	840,562	*	Forest Laboratories, Inc		29,689
	23,000	*	Fuji Pharma Co Ltd		371
	29,582	*,e	Furiex Pharmaceuticals Inc		570
	144,000		Fuso Pharmaceutical Industries Ltd		524
	27,178	*,e	Galapagos NV		572
	52,839	*	Genmab AS		729
	103,423	*,e	Genomic Health, Inc		2,819
	5,525,600	*,e	Genomma Lab Internacional S.A. de C.V.		11,366
	114,969		Genus plc		2,615
	468,860	*,e	Geron Corp		661
	87,957		Gerresheimer AG.		4,674
	4,758,109	*	Gilead Sciences, Inc		349,483
	4,354,747		GlaxoSmithKline plc		94,813
	19,200	*	Golf Trust Of America, Inc		149
	6,768		Green Cross Corp		877
	12,000		Green Cross Holdings Corp		173
	384,343	*	Grifols S.A.		13,440
	98,717	*,e	GTx, Inc		415
	300,269	*,e	Halozyme Therapeutics, Inc		2,015
	25,910	*	Han All Pharmarceutical Co		211
	3,490		Handok Pharmaceuticals Co Ltd		65
	6,486	*	Hanmi Pharm Co Ltd		729
	92,970	*	Harvard Bioscience, Inc		407
	12,945		Haw Par Corp Ltd		72
	166,589		Hikma Pharmaceuticals plc		2,077
	58,031		Hisamitsu Pharmaceutical Co, Inc		2,888
	75,921	e	Hi-Tech Pharmacal Co, Inc		2,656
	313,071	*,e	Horizon Pharma, Inc		729
	220,402	*	Hospira, Inc		6,885
	4,808,000	e	Hua Han Bio-Pharmaceutical Holdings Ltd		1,464
	332,003	*,e	Idenix Pharmaceuticals, Inc		1,610
	3,900		Il Dong Pharmaceutical Co Ltd		44
	762,543	*,e	Illumina, Inc		42,390
	2,924		Ilsung Pharmaceuticals Co Ltd		231
	18,415	*	Ilyang Pharmaceutical Co Ltd		472
	236,504	*,e	ImmunoCellular Therapeutics Ltd		454
	305,867	*,e	Immunogen, Inc		3,900
	265,789	*,e	Immunomedics, Inc		776
	237,925	*	Impax Laboratories, Inc		4,875

120

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	249,465	*,e	Incyte Corp	$	4,144
	93,385	*,e	Infinity Pharmaceuticals, Inc		3,268
	68,637	*	Innocell Corp		256
	10,226	*,e	Intercept Pharmaceuticals, Inc		350
	256,197	*,e	InterMune, Inc		2,483
	17,937		Ipca Laboratories Ltd		170
	40,698		Ipsen		1,223
	268,599	*,e	Ironwood Pharmaceuticals, Inc		2,979
	363,344	*,e	Isis Pharmaceuticals, Inc		3,801
	380,605	*,e	Jazz Pharmaceuticals plc		20,248
	12,900		JCR Pharmaceuticals Co Ltd		191
	10,950		Jeil Pharmaceutical Co		130
	10,798,034	e	Johnson & Johnson		756,942
	206,521		Kaken Pharmaceutical Co Ltd		3,038
	243,417	*,e	Keryx Biopharmaceuticals, Inc		638
	59,097		Kissei Pharmaceutical Co Ltd		1,088
	3,984	*	Kolon Life Science, Inc		308
	56,785	*	Komipharm International Co Ltd		427
	236,130		Kwang Dong Pharmaceutical Co Ltd		1,340
	120,636		Kyorin Co Ltd		2,339
	605,187		Kyowa Hakko Kogyo Co Ltd		5,970
	10,649	*,e	KYTHERA Biopharmaceuticals, Inc		323
	71,099	e	Laboratorios Almirall S.A.		702
	25,509	e	Laboratorios Farmaceuticos Rovi S.A		179
	57,640	*,e	Lannett Co, Inc		286
	743,018	*,e	Lexicon Pharmaceuticals, Inc		1,649
	18,990	*	LG Life Sciences Ltd		801
	398,585	*	Life Technologies Corp		19,563
	68,300	*	Ligand Pharmaceuticals, Inc (Class B)		1,417
	1,524,000	e	Lijun International Pharmaceutical Holding Ltd		456
	189,300		Livzon Pharmaceutical, Inc		683
	354,409		Lonza Group AG.		19,204
	157,795	*	Luminex Corp		2,645
	443,823	*	Lupin Ltd		5,012
	407,166	*,e	MannKind Corp		941
	106,550	*,e	MAP Pharmaceuticals, Inc		1,674
	110,264		Maxygen, Inc		271
	490,453	e	Meda AB (A Shares)		5,056
	258,296	*	Medicines Co		6,191
	75,000	*	Medigen Biotechnology Corp		403
	8,205	*	Medipost Co Ltd		622
	1,276,423	*	Medivation, Inc		65,302
	28,097	*,e	Medivir AB		298
	9,136		Medy-Tox, Inc		732
	10,835,103		Merck & Co, Inc		443,589
	198,669		Merck KGaA		26,184
	1,270	*	Merck Ltd		15
	56,234	*,e	Merrimack Pharmaceuticals, Inc		342
	150,375	*,e	Mesoblast Ltd		841
	98,984	*,e	Mettler-Toledo International, Inc		19,134
	81,516		Mochida Pharmaceutical Co Ltd		1,001
	267,789	*,e	Momenta Pharmaceuticals, Inc		3,155

121

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	29,508	*	Morphosys AG.	$	1,144
	22,167,242	*,a	MPM Bioventures II		4,846
	2,401,443	*	Mylan Laboratories, Inc		65,992
	123,060	*	Myriad Genetics, Inc		3,353
	404,952	*,e	Nektar Therapeutics		3,001
	257,727	*,e	Neurocrine Biosciences, Inc		1,928
	58,578	*,e	NewLink Genetics Corp		732
	33,100		Nichi-iko Pharmaceutical Co Ltd		641
	229,000		Nippon Shinyaku Co Ltd		2,584
	44,982	*,e	Novacea, Inc		200
	2,642,482		Novartis AG.		166,934
	119,500		Novartis AG. (ADR)		7,564
	1,554		Novartis India Ltd		19
	392,655	*,e	Novavax, Inc		742
	488,563		Novo Nordisk AS (Class B)		79,556
	311,745	*	NPS Pharmaceuticals, Inc		2,837
	143,302	*	Obagi Medical Products, Inc		1,947
	114,403	*,e	Omeros Corp		594
	47,328	*,e	OncoGenex Pharmaceutical, Inc		621
	164	*	OncoTherapy Science, Inc		249
	191,642	*,e	Oncothyreon, Inc		368
	104,295		Ono Pharmaceutical Co Ltd		5,328
	196,898	*	Onyx Pharmaceuticals, Inc		14,872
	367,668	*,e	Opko Health, Inc		1,768
	165,113	*,e	Optimer Pharmaceuticals, Inc		1,494
	335,002		Orchid Chemicals & Pharmaceuticals Ltd		623
	334,947	*,e	Orexigen Therapeutics, Inc		1,765
	168,089	e	Orion Oyj (Class B)		4,949
	57,476	*,e	Osiris Therapeutics, Inc		516
	732,254		Otsuka Holdings KK		20,629
	243,627	*,e	Pacific Biosciences of California, Inc		414
	66,774	*,e	Pacira Pharmaceuticals, Inc		1,167
	152,145	e	Pain Therapeutics, Inc		412
	19,800	*	Paladin Labs, Inc		830
	276,904	*	Parexel International Corp		8,194
	716,044	e	PDL BioPharma, Inc		5,048
	1,787,794		PerkinElmer, Inc		56,745
	512,251		Perrigo Co		53,289
	44,059,992		Pfizer, Inc		1,105,025
	295,520	*,e	Pharmacyclics, Inc		17,111
	317,591	*,e	Pharmaxis Ltd		410
	33,190	*	Pharmicell Co Ltd		159
	35,706	*,e	Pharmstandard (GDR)		599
	227,865	*	Phytohealth Corp		393
	118,228		Piramal Healthcare Ltd		1,126
	142,689	*	Pozen, Inc		715
	128,906	*,e	Progenics Pharmaceuticals, Inc		384
	384,771		Pronova BioPharma AS		855
	3,452	*,e	Prothena Corp plc		25
	36,807,000		PT Kalbe Farma Tbk		4,056
	36,555	*	Qiagen N.V.		664
	604,035	*,e	Qiagen N.V. (NASDAQ)		10,963

122

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	215,774	e	Questcor Pharmaceuticals, Inc	$	5,765
	187,542	*	Ranbaxy Laboratories Ltd		1,734
	201,176	*,e	Raptor Pharmaceutical Corp		1,177
	198,002		Recordati S.p.A.		1,810
	212,767	*	Regeneron Pharmaceuticals, Inc		36,398
	3,400	*,e	Regulus Therapeutics, Inc		21
	112,283	*,e	Repligen Corp		706
	55,148	*,e	Repros Therapeutics, Inc		869
	283,192	*	Rigel Pharmaceuticals, Inc		1,841
	80,430	*	RNL BIO Co Ltd		255
	1,244,852		Roche Holding AG.		251,686
	106,000		Rohto Pharmaceutical Co Ltd		1,234
	35,995	*,e	Sagent Pharmaceuticals		579
	154,973	*	Salix Pharmaceuticals Ltd		6,273
	193,271	*,e	Sangamo Biosciences, Inc		1,162
	3,002,508		Sanofi-Aventis		284,727
	459,345	*,e	Santarus, Inc		5,044
	71,869		Santen Pharmaceutical Co Ltd		2,761
	17,200	e	Sawai Pharmaceutical Co Ltd		1,725
	4,722		Schweizerhall Holding AG.		569
	319,285	*,e	Sciclone Pharmaceuticals, Inc		1,376
	325,000		Scinopharm Taiwan Ltd		786
	335,349	*,e	Seattle Genetics, Inc		7,780
	6,696	*	Seegene, Inc		481
	146,000		Seikagaku Corp		1,558
	409,001	*,e	Sequenom, Inc		1,930
	360,000	e	Shandong Luoxin Pharmacy Stock Co Ltd		383
	581,747		Shionogi & Co Ltd		9,694
	810,225		Shire Ltd		24,923
	28,000	e	Shire plc (ADR)		2,581
	5,426		Siegfried Holding AG.		678
	133,602	*,e	SIGA Technologies, Inc		350
	3,787,000	e	Sihuan Pharmaceutical Holdings		1,681
	5,080,000	e	Sino Biopharmaceutical		2,450
	4,254,176	*,a	Skyline Venture Fund II Ltd		246
	976,029	*	Skyline Venture Fund III Ltd		67
	137	*	Sosei Group		331
	228,347	e	Spectrum Pharmaceuticals, Inc		2,555
	71,783		Stada Arzneimittel AG.		2,323
	5,318		Stallergenes		302
	457,100		Standard Chemical & Pharma		430
	273,260	*,e	Starpharma Holdings Ltd		375
	105,306		Strides Arcolab Ltd		2,129
	52,702	*,e	Sucampo Pharmaceuticals, Inc (Class A)		258
	127,373	*	Sun Pharmaceutical Industries Ltd		317
	775,387		Sun Pharmaceuticals Industries Ltd		10,488
	93,356	*,e	Sunesis Pharmaceuticals, Inc		392
	8,932	*,e	Supernus Pharmaceuticals, Inc		64
	39,092	*	Synageva BioPharma Corp		1,810
	189,407	*,e	Synergy Pharmaceuticals, Inc		996
	122,285	*,e	Synta Pharmaceuticals Corp		1,103
	62,700		Taisho Pharmaceutical Holdings Co Ltd		4,306

123

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	46,400	e	Takara Bio, Inc	$	388
	1,025,675		Takeda Pharmaceutical Co Ltd		45,843
	378,500		Tanabe Seiyaku Co Ltd		4,936
	158,541	*	Targacept, Inc		694
	14,937		Tecan Group AG.		1,243
	111,538		Techne Corp		7,622
	10,100	*,e	TESARO, Inc		171
	425,263		Teva Pharmaceutical Industries Ltd		15,803
	3,324,608		Teva Pharmaceutical Industries Ltd (ADR)		124,141
	216,279	*,e	Theravance, Inc		4,817
	1,451,353		Thermo Electron Corp		92,567
	244,659	*,e	Threshold Pharmaceuticals, Inc		1,030
	55,146	*	ThromboGenics NV		3,061
	472,000	e	Tong Ren Tang Technologies Co Ltd		1,049
	25,400		Torii Pharmaceutical Co Ltd		565
	3,100		Torrent Pharmaceuticals Ltd		41
	9,900		Towa Pharmaceutical Co Ltd		519
	22,411	*,e	Transgene S.A.		239
	141,674	*,e	Trius Therapeutics, Inc		677
	106,433		Tsumura & Co		3,218
	180,139		TTY Biopharm Co Ltd		700
	622,834		UCB S.A.		35,681
	6,460	*	Unichem Laboratories Ltd		22
	1,553,500		United Laboratories Ltd		754
	75,470	*	United Therapeutics Corp		4,032
	463,879	*,e	Vanda Pharmaceuticals, Inc		1,716
	445,681	*,e	Vectura Group plc		608
	80,700	*,e	Ventrus Biosciences, Inc		174
	14,648	*,e	Verastem, Inc		129
	804,142	*	Vertex Pharmaceuticals, Inc		33,726
	272,991	*,e	Vical, Inc		794
	8,965		Virbac S.A.		1,773
	12,806	*	ViroMed Co Ltd		320
	315,196	*	Viropharma, Inc		7,174
	362,579	*,e	Vivus, Inc		4,866
	2,267,793		Warner Chilcott plc		27,304
	270,659	*	Waters Corp		23,580
	1,248,525	*	Watson Pharmaceuticals, Inc		107,373
	1,054,000		Winteam Pharmaceutical Group Ltd		218
	178,178	*	Xenoport, Inc		1,384
	340,839	*,e	XOMA Corp		816
	11,227		Yuhan Corp		1,814
	214,410	*	Yungjin Pharmaceutical Co Ltd		326
	170,000		YungShin Global Holding Corp		239
	352,675	*,e	Zeltia S.A.		572
	23,000		Zeria Pharmaceutical Co Ltd		382
	232,351	*,e	ZIOPHARM Oncology, Inc		967
	134,991	*,e	Zogenix, Inc		180
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		7,191,034
REAL ESTATE - 3.6%
	356,341	e	Abacus Property Group		803

124

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	164,056		Acadia Realty Trust	$	4,115
	326	*	Activia Properties Inc		2,044
	128,366		Acucap Properties Ltd		689
	6,678	*	Advance Residence Investment Corp		13,688
	26,855		Aeon Mall Co Ltd		661
	104,295	*	Africa Israel Investments Ltd		209
	14,138	*	Africa Israel Properties Ltd		133
	129,067		AG Mortgage Investment Trust		3,030
	2,094,000	e	Agile Property Holdings Ltd		3,006
	57,662		Agree Realty Corp		1,545
	544,104		AIMS AMP Capital Industrial REIT		667
	59,965	*	Airport City Ltd		286
	52,700		Airport Facilities Co Ltd		246
	39,438		Akmerkez Gayrimenkul Yatirim Ortakligi AS		496
	173,214	*	Alexander & Baldwin, Inc		5,087
	7,753		Alexander’s, Inc		2,565
	128,577		Alexandria Real Estate Equities, Inc		8,913
	350,684		Aliansce Shopping Centers S.A.		4,189
	1,944,980	e	Allan Gray Property Trust		1,925
	13,011,693		Allco Commercial Real Estate Investment Trust		14,152
	99,317		Allied Properties Real Estate Investment Trust		3,295
	19,487		Allreal Holding AG.		3,006
	169,187		Alony Hetz Properties & Investments Ltd		1,070
	5,797	*	AL-ROV Israel Ltd		143
	6,102	*	Alrov Properties and Lodgings Ltd		117
	363,269		Alstria Office REIT-AG.		4,436
	3,747,200		Amata Corp PCL (Foreign)		1,998
	3,762,676		Amer Group Holding		379
	169,754		American Assets Trust,Inc		4,741
	340,587		American Campus Communities, Inc		15,711
	1,319,071		American Capital Agency Corp		38,174
	164,468		American Capital Mortgage, Inc		3,877
	633,444		American Realty Capital Trust, Inc		7,316
	2,687,817		American Tower Corp		207,688
	73,016		Amot Investments Ltd		186
	1,787,506		AMP NZ Office Trust		1,466
	27,489		AmREIT, Inc (Class B)		471
	123,541	*	Anant Raj Industries Ltd		204
	14,511		ANF Immobilier		465
	2,858,666		Annaly Capital Management, Inc		40,136
	488,107		Anworth Mortgage Asset Corp		2,821
	231,057		Apartment Investment & Management Co (Class A)		6,252
	159,452		Apollo Commercial Real Estate Finance, Inc		2,588
	25,068		Ares Commercial Real Estate Corp		412
	1,099,160		ARMOUR Residential REIT, Inc		7,112
	160,351		Artis Real Estate Investment Trust		2,521
	640,000		Ascendas Hospitality Trust		494
	719,000	e	Ascendas India Trust		441
	3,456,619	e	Ascendas Real Estate Investment Trust		6,764
	838,586	e	Ascott Residence Trust		937
	191,993		Ashford Hospitality Trust, Inc		2,018

125

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,182,600		Asian Property Development PCL (Foreign)	$	331
	782,112		Aspen Group		183
	240,126		Associated Estates Realty Corp		3,871
	439,315		Atrium European Real Estate Ltd		2,580
	616,788		Australand Property Group		2,189
	58,254	*	AV Homes, Inc		828
	652,490		AvalonBay Communities, Inc		88,471
	9,350,923		Ayala Land, Inc		6,044
	133,833	e	Babcock & Brown Japan Property Trust		407
	9,897,400		Bangkokland PCL		400
	1,434		Bayside Land Corp		293
	22,152	*	Befimmo SCA Sicafi		1,433
	2,768,000		Beijing Capital Land Ltd		1,167
	706,000		Beijing North Star Co		195
	4,690,950	*	Belle Corp		556
	1,301,413		Beni Stabili S.p.A.		767
	215,187	*	Big Yellow Group plc		1,215
	198,604		BioMed Realty Trust, Inc		3,839
	659	*	BLife Investment Corp		5,156
	74,431		Boardwalk Real Estate Investment Trust		4,829
	788,241		Boston Properties, Inc		83,404
	900,256		BR Malls Participacoes S.A.		11,880
	890,811		BR Properties S.A.		11,094
	185,517		Brandywine Realty Trust		2,261
	272,100		Brasil Brokers Participacoes S.A.		904
	105,692		BRE Properties, Inc (Class A)		5,372
	1,049,295	*	British Land Co plc		9,694
	560,578	e	Brookfield Asset Management, Inc		20,536
	5,938	*	Brookfield Multiplex Group		513
	45,000	e	Brookfield Office Properties, Inc		765
	850,092	e	Brookfield Office Properties, Inc (Toronto)		14,494
	956,263		Bunnings Warehouse Property Trust		2,153
	12,923,188	e	C C Land Holdings Ltd		4,640
	97,732		CA Immobilien Anlagen AG.		1,357
	789,000		Cache Logistics Trust		805
	82,575		Calloway Real Estate Investment Trust		2,403
	1,234,614	e	Cambridge Industrial Trust		687
	329,801		Camden Property Trust		22,496
	131,575		Campus Crest Communities, Inc		1,613
	79,891		Canadian Apartment Properties REIT		2,000
	47,356		Canadian Real Estate Investment Trust		2,064
	343,400	e	CapitaCommercial Trust		477
	1,321,871		Capital & Counties Properties		5,244
	320,572		Capital Lease Funding, Inc		1,786
	2,886,534		Capital Property Fund		3,643
	1,527,404		CapitaLand Ltd		4,702
	339,197		CapitaMall Trust		596
	1,007,480		CapitaMalls Asia Ltd		1,623
	602,100		CapitaMalls Malaysia Trust		354
	880,000	e	CapitaRetail China Trust		1,191
	335,931		Capstead Mortgage Corp		3,853
	248,367	*	Castellum AB		3,540

126

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,022,000		Cathay Real Estate Development Co Ltd	$	1,959
	340,954		CBL & Associates Properties, Inc		7,232
	941,388	*	CBRE Group, Inc		18,734
	861,000	e	CDL Hospitality Trusts		1,331
	222,161		Cedar Shopping Centers, Inc		1,173
	1,367,000		Central China Real Estate Ltd		488
	427,600		Central Pattana PCL (Foreign)		1,145
	2,575	*,m	Centro Properties Group		0	^
	912,774		Centro Retail Australia (REIT)		2,161
	43,442,977		Century Properties Group, Inc		1,566
	1,536,185		CFS Gandel Retail Trust		3,073
	953,000		CH Karnchang PCL		419
	273,972		Challenger Diversified Property Group		708
	4,136,636	e	Champion Real Estate Investment Trust		1,990
	308,539		Charter Hall Group		1,057
	90,300		Chartwell Seniors Housing Real Estate Investment Trust		987
	48,860		Chatham Lodging Trust		751
	225,674		Chesapeake Lodging Trust		4,712
	5,810,126		Cheuk Nang Holdings Ltd		4,532
	1,301,607		Cheung Kong Holdings Ltd		20,252
	6,174,204		Chimera Investment Corp		16,115
	1,300,000	e	China Aoyuan Property Group Ltd		248
	9,385,021	*,e	China New Town Development Co Ltd		477
	7,651,900	e	China Overseas Land & Investment Ltd		23,265
	652,000	*	China Properties Group Ltd		208
	3,187,900	e	China Resources Land Ltd		8,833
	2,311,000	e	China SCE Property Holdings Ltd		569
	6,556,000	e	China South City Holdings Ltd		1,001
	2,149,078		China Vanke Co Ltd		3,466
	335,500		Chinese Estates Holdings Ltd		570
	573,080		Chong Hong Construction Co		1,682
	140,619		City Developments Ltd		1,504
	283,141		Citycon Oyj		962
	20,197		Cofinimmo		2,398
	26,001	*	Colonia Real Estate AG.		158
	320,688		Colonial Properties Trust		6,853
	231,200		Colony Financial, Inc		4,508
	81,098		Cominar Real Estate Investment Trust		1,840
	6,697,147		Commonwealth Property Office Fund		7,135
	19,520	e	Consolidated-Tomoka Land Co		605
	91,624	*,e	Conwert Immobilien Invest AG.		1,182
	133,401		Coresite Realty		3,690
	13,713		Corio NV		629
	192,700		Corp Inmobiliaria Vesta SAB de C.V.		327
	118,933		Corporate Office Properties Trust		2,971
	17,400,282		Country Garden Holdings Co Ltd		9,296
	344,416		Cousins Properties, Inc		2,876
	2,463	e	Crescendo Investment Corp		1,639
	274,401		CreXus Investment Corp		3,361
	24,000		Crombie Real Estate Investment Trust		356
	6,858,943		CSI Properties Ltd		281
	675,162		CubeSmart		9,837

127

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	621,403		CYS Investments, Inc	$	7,339
	1,574	e	DA Office Investment Corp		5,455
	59,800		Daibiru Corp		556
	415,000		Daikyo, Inc		1,136
	2,295,900		Daiman Development BHD		1,359
	120,265		Daito Trust Construction Co Ltd		11,366
	746,879		Daiwa House Industry Co Ltd		12,841
	2,799,075		DB RREEF Trust		2,973
	1,000,414		DCT Industrial Trust, Inc		6,493
	872,223		DDR Corp		13,659
	409,483		Delta Corp Ltd		554
	159,256		Derwent London plc		5,512
	112,837		Deutsche Euroshop AG.		4,736
	176,310		Deutsche Wohnen AG.		3,273
	966,358		DiamondRock Hospitality Co		8,697
	70,414		DIC Asset AG.		682
	328,901		Digital Realty Trust, Inc		22,329
	9,086,458		DLF Ltd		38,741
	186,225		Douglas Emmett, Inc		4,339
	50,821		Douja Promotion Groupe Addoha S.A.		379
	507,459		Duke Realty Corp		7,038
	24,500		Dundee International Real Estate Investment Trust		269
	56,394		Dundee Real Estate Investment Trust		2,122
	220,478		DuPont Fabros Technology, Inc		5,327
	195,054		Dynex Capital, Inc		1,841
	1,169,800		Eastern & Oriental BHD		597
	146,868		EastGroup Properties, Inc		7,903
	420,669		Education Realty Trust, Inc		4,476
	871,524		Emira Property Fund		1,499
	2,906,796		Emlak Konut Gayrimenkul Yatiri		5,114
	2,730,666		Emperor International Holdings		763
	171,431		Entertainment Properties Trust		7,905
	208,298		Equity Lifestyle Properties, Inc		14,016
	185,531		Equity One, Inc		3,898
	641,688		Equity Residential		36,364
	57,282		Essex Property Trust, Inc		8,400
	24,341		Eurobank Properties Real Estate Investment Co		157
	49,434		Eurocommercial Properties NV		1,987
	7,764,700	e	Evergrande Real Estate Group		4,380
	114,673		Excel Trust, Inc		1,453
	808,119		Extra Space Storage, Inc		29,407
	168,865	e	Fabege AB		1,712
	3,804,000		Fantasia Holdings Group Co Ltd		640
	942,000	*	Far East Hospitality Trust		775
	384,700		Farglory Land Development Co Ltd		696
	105,274	*	Fastighets AB Balder		607
	155,385		Federal Realty Investment Trust		16,163
	489,512	*	FelCor Lodging Trust, Inc		2,286
	823,600		Fibra Uno Administracion S.A. de C.V.		2,485
	3,000,000		Filinvest Development Corp		361
	27,839,000		Filinvest Land, Inc		1,011
	116,380	e	First Capital Realty, Inc		2,202

128

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	490,440	*	First Industrial Realty Trust, Inc	$	6,905
	181,906		First Potomac Realty Trust		2,248
	1,071,000		First Real Estate Investment Trust		933
	41,410	*,e	FirstService Corp		1,169
	319,176	e	FKP Property Group		381
	2,408		Fonciere Des Regions		203
	937,852	*,e	Forest City Enterprises, Inc (Class A)		15,146
	157,302	*,e	Forestar Real Estate Group, Inc		2,726
	299,278		Franklin Street Properties Corp		3,684
	5,985,600	e	Franshion Properties China Ltd		2,182
	1,279,000	e	Frasers Centrepoint Trust		2,101
	607	*	Frontier Real Estate Investment Corp		5,293
	123	*	Fukuoka REIT Corp		938
	109,949	*	GAGFAH S.A.		1,291
	222,859		Gazit Globe Ltd		2,919
	14,926		Gazit, Inc		366
	2,030		Gecina S.A.		230
	2,094,224		General Growth Properties, Inc		41,570
	69,900	*	General Shopping Brasil S.A.		364
	87,995		Getty Realty Corp		1,589
	36,625		Gladstone Commercial Corp		657
	749,342		Glimcher Realty Trust		8,310
	1,676,929		Global Logistic Properties		3,878
	500		Global One Real Estate Investment Corp		2,979
	4,153,000	*	Global-Estate Resorts, Inc		198
	196,993	*	Globe Trade Centre S.A.		633
	4,030,000	*,e	Glorious Property Holdings Ltd		776
	9,000	*	GLP J-Reit		6,877
	121,358		Gold Wheaton Gold Corp (GDR)		514
	28,980		Goldcrest Co Ltd		493
	1,145,943	e	Goodman Property Trust		956
	146,726		Government Properties Income Trust		3,517
	780,118		GPT Group (ASE)		3,003
	618,775	*	Grainger plc		1,200
	148,357	*	Gramercy Capital Corp		436
	83,149	*	Granite Real Estate, Inc		3,156
	611,627		Great Eagle Holdings Ltd		2,054
	959,632	*	Great Portland Estates plc		7,716
	210,400	*	Greattown Holdings Ltd		93
	1,256,500	e	Greentown China Holdings Ltd		2,350
	2,266,678		Growthpoint Properties Ltd		6,559
	157,100		GSW Immobilien AG.		6,656
	19,455,500	e	Guangzhou Investment Co Ltd		6,254
	4,088,536	e	Guangzhou R&F Properties Co Ltd		6,929
	4,440		Gyrodyne Co of America, Inc		320
	1,198,000		GZI Real Estate Investment Trust		573
	139,214		H&R Real Estate Investment Trust		3,373
	42,939		Hamborner AG.		424
	2,137,952		Hammerson plc		17,144
	44,000	e	Hang Lung Group Ltd		253
	10,851,071	e	Hang Lung Properties Ltd		43,669
	81		Hankyu Reit, Inc		387

129

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,337,837		Hansteen Holdings plc	$	1,756
	230,561		Hatteras Financial Corp		5,720
	1,133,370		HCP, Inc		51,206
	714,263		Health Care REIT, Inc		43,777
	363,115		Healthcare Realty Trust, Inc		8,718
	138,300		Heiwa Real Estate Co Ltd		1,893
	155,498		Helical Bar plc		582
	14,816		Heliopolis Housing		54
	4,403,800		Hemaraj Land and Development PCL		436
	1,171,455	e	Henderson Land Development Co Ltd		8,387
	734,076		Hersha Hospitality Trust		3,670
	1,059,200		Highwealth Construction Corp		2,001
	260,822		Highwoods Properties, Inc		8,724
	1,334,400		HKR International Ltd		689
	831,000	e	Ho Bee Investment Ltd		1,311
	76,669		Home Properties, Inc		4,701
	290,000		Hongkong Land Holdings Ltd		2,048
	1,246,000	*,e	Hopson Development Holdings Ltd		2,016
	295,013		Hospitality Properties Trust		6,909
	2,073,912		Host Marriott Corp		32,498
	676,870	*	Housing Development & Infrastruture Ltd		1,398
	94,000	*	Howard Hughes Corp		6,864
	107,784		HRPT Properties Trust		1,707
	358,235		Huaku Development Co Ltd		877
	525,000		Huang Hsiang Construction Co		1,342
	149,277		Hudson Pacific Properties		3,144
	257,172		Hufvudstaden AB (Series A)		3,257
	908,362		Hung Poo Real Estate Development Corp		944
	553,000		Hung Sheng Construction Co Ltd		320
	150,879		Hyprop Investments Ltd		1,299
	544,090		Hysan Development Co Ltd		2,646
	15,063		Icade		1,345
	3,247	*	Ichigo Real Estate Investment Corp		1,764
	1,402,790		IGB Corp BHD		1,059
	116,600		Iguatemi Empresa de Shopping Centers S.A.		1,551
	20,000	e	Iida Home Max		237
	1,452,000		IJM Land BHD		1,145
	358,628		Immobiliare Grande Distribuzione		391
	180,585	e	IMMOFINANZ Immobilien Anlagen AG.		760
	418,741	*	Indiabulls Real Estate Ltd		582
	308	e	Industrial & Infrastructure Fund Investment Corp		2,303
	122,941		Industrial Buildings Corp		149
	1,567,478	e	ING Office Fund		4,869
	326,214		Inland Real Estate Corp		2,734
	61,400		InnVest Real Estate Investment Trust		255
	2,046		Intershop Holdings		725
	9,356		Intervest Offices		248
	441,732		Invesco Mortgage Capital, Inc		8,707
	479,860		Investors Real Estate Trust		4,189
	869,162		Is Gayrimenkul Yatirim Ortakligi AS		735
	301,373	*	iStar Financial, Inc		2,456
	181,317	*,e	IVG Immobilien AG.		463

130

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	732		Japan Excellent, Inc	$	4,115
	5,552	*	Japan Hotel REIT Investment Corp		1,536
	199	*	Japan Logistics Fund Inc		1,731
	1,043	e	Japan Prime Realty Investment Corp		3,014
	238	*	Japan Real Estate Investment Corp		2,345
	1,751		Japan Rental Housing Investments, Inc		1,149
	2,976	*	Japan Retail Fund Investment Corp		5,471
	13,858	*	JAVELIN Mortgage Investment Corp		265
	17,724		Jerusalem Economy Ltd		91
	9,761	*	Jerusalem Oil Exploration		195
	307,000		JHSF Participacoes S.A.		1,291
	972,050		Jiangsu Future Land Co Ltd		829
	1,052		Joint Reit Investment Corp		4,822
	263,345		Jones Lang LaSalle, Inc		22,105
	3,062,204		K Wah International Holdings Ltd		1,498
	3,020,000	*,e	Kaisa Group Holdings Ltd		954
	228,480		KEE TAI Properties Co Ltd		159
	4,015		Kenedix Realty Investment Corp		13,997
	12,897	*	Kenedix, Inc		3,099
	164,408	e	Kennedy-Wilson Holdings, Inc		2,298
	2,213,546	e	Keppel Land Ltd		7,414
	1,806,140	e	Kerry Properties Ltd		9,489
	66,230	e	Killam Properties, Inc		832
	132,641		Kilroy Realty Corp		6,283
	1,574,585		Kimco Realty Corp		30,421
	109,000		Kindom Construction Co		80
	476,280		King’s Town Construction Co Ltd		525
	195,286		Kite Realty Group Trust		1,092
	1,206,814	e	Kiwi Income Property Trust		1,151
	1,749,878		KLCC Property Holdings BHD		3,605
	54,445		Klepierre		2,176
	223,988		Klovern AB		885
	4,116		Klovern AB (Pref)		87
	110,636	*	Korea Real Estate Investment Trust Co		137
	3,149,130		Kowloon Development Co Ltd		3,797
	1,086,799		K-REIT Asia		1,159
	174,801	e	Kungsleden AB		960
	470,000		Kuoyang Construction Co Ltd		267
	6,605,000		KWG Property Holding Ltd		5,072
	74,846,000		Lai Fung Holdings Ltd		2,014
	11,088,250	*,e	Lai Sun Development		442
	213,304		Land Securities Group plc		2,846
	404,907		LaSalle Hotel Properties		10,281
	39,110	*	LC Corp S.A.		15
	967,383	e	Lend Lease Corp Ltd		9,447
	186,011	*,e	Leopalace21 Corp		772
	465,888		Lexington Corporate Properties Trust		4,869
	119,522		Liberty International plc		688
	135,607		Liberty Property Trust		4,851
	2,919,910		Link Real Estate Investment Trust		14,623
	2,015,000	e	Lippo-Mapletree Indonesia Retail Trust		812
	650,727	e	London & Stamford Property plc		1,145

131

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	945,000	*	Long Bon International Co Ltd	$	947
	2,162,000	e	Longfor Properties Co Ltd		4,299
	1,782,000		LPN Development PCL		1,072
	63,700		LPS Brasil Consultoria de Imoveis S.A.		1,176
	227,178		LTC Properties, Inc		7,994
	313,625		Macerich Co		18,284
	504,429		Mack-Cali Realty Corp		13,171
	341,415		Macquarie CountryWide Trust		1,339
	846,424		Macquarie Goodman Group		3,857
	2,444,590	e	Macquarie MEAG Prime REIT		1,578
	1,390,000		Mah Sing Group BHD		941
	1,000	*	Mainstreet Equity Corp		33
	35,779	*,e,m	Mapeley Ltd		8
	2,632,000	e	Mapletree Commercial Trust		2,631
	3,019,016		Mapletree Industrial Trust		3,371
	1,846,523	e	Mapletree Logistics Trust		1,738
	612,494		Medical Properties Trust, Inc		7,325
	14,884	*	Medinet Nasr Housing		55
	57,768,800		Megaworld Corp		3,910
	19,346		Melisron Ltd		349
	42,916	e	Mercialys S.A		975
	338,350		Metric Property Investments plc		558
	1,282,905		MFA Mortgage Investments, Inc		10,404
	958	e	MID Reit, Inc		2,269
	144,805		Mid-America Apartment Communities, Inc		9,376
	1,792,929		Midland Holdings Ltd		866
	2,744,000		Minmetals Land Ltd		460
	2,306,877		Mirvac Group		3,590
	234,920		Mission West Properties, Inc		2,140
	1,043,837		Mitsubishi Estate Co Ltd		24,990
	1,296,322		Mitsui Fudosan Co Ltd		31,712
	14,120		Mobimo Holding AG.		3,379
	206,012		Monmouth Real Estate Investment Corp (Class A)		2,134
	37,721		Morguard Real Estate Investment Trust		693
	511		Mori Hills REIT Investment Corp		2,743
	249		Mori Trust Sogo Reit, Inc		2,100
	198,116		Multiplan Empreendimentos Imobiliarios S.A.		5,825
	383,600		Naim Holdings BHD		222
	117,033		National Health Investors, Inc		6,616
	439,805		National Retail Properties, Inc		13,722
	1,718,000	*,e	Neo-China Land Group Holdings Ltd		405
	4,856,666		New World China Land Ltd		2,356
	8,258,587	e	New World Development Ltd		13,075
	177,365		New York Mortgage Trust, Inc		1,121
	59,935	e	Nieuwe Steen Investments NV		484
	222		Nippon Accommodations Fund, Inc		1,543
	171	*,e	Nippon Building Fund, Inc		1,769
	38,234	*	Nitsba Holdings 1995 Ltd		329
	201,629		Nomura Real Estate Holdings, Inc		3,856
	248		Nomura Real Estate Office Fund, Inc		1,429
	337		Nomura Real Estate Residential Fund, Inc		1,867
	18,469		Northern Property Real Estate Investment Trust		574

132

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	642,566		NorthStar Realty Finance Corp	$	4,524
	19,700		NorthWest Healthcare Properties Real Estate Investment Trust		247
	535,190		Norwegian Property ASA		829
	171,391		NRDC Acquisition Corp		2,204
	4,768		NTT Urban Development Corp		4,625
	473,351		Omega Healthcare Investors, Inc		11,289
	54,393		One Liberty Properties, Inc		1,104
	107,558	*	Orco Property Group		350
	788	*	Orix JREIT, Inc		3,886
	825,654	*	Palm Hills Developments SAE		317
	140,920		Paramount Corp BHD		70
	789,000	e	Parkway Life Real Estate Investment Trust		1,389
	64,540		Parkway Properties, Inc		903
	1,502,723		Parque Arauco S.A		3,721
	358,802	*	Parsvnath Developers Ltd		255
	41,793	*	Patrizia Immobilien AG.		359
	496,500		Pavilion Real Estate Investment Trust		226
	369,637		PAZ Corp S.A.		265
	258,511		Pebblebrook Hotel Trust		5,972
	221,795		Pennsylvania Real Estate Investment Trust		3,912
	287,965		Pennymac Mortgage Investment Trust		7,283
	2,098,000	e	Perennial China Retail Trust		976
	889,133	*	Phoenix Mills Ltd		4,169
	226,372		Piedmont Office Realty Trust, Inc		4,086
	341,998		Plum Creek Timber Co, Inc		15,174
	3,092,000	*	Poly Hong Kong Investment Ltd		2,475
	7,091,160		Polytec Asset Holdings Ltd		984
	293,621		Post Properties, Inc		14,666
	314,716		Potlatch Corp		12,334
	2,896,000	*	Powerlong Real Estate Holdings Ltd		628
	1,364		Premier Investment Co		5,035
	6,189		Prestige Estates Projects Ltd		20
	1,936,400		Preuksa Real Estate PCL (Foreign)		1,343
	109,616		Primaris Retail Real Estate Investment Trust		2,964
	105,540	e	Primary Health Properties plc		601
	90,742		Prime Office REIT-AG.		388
	1,127,060		Prince Housing & Development Corp		809
	1,649,498		Prologis, Inc.		60,190
	1,679	*	Property & Building Corp		82
	1,635,000		Prosperity REIT		498
	127,102		PS Business Parks, Inc		8,259
	89,307		PSP Swiss Property AG.		8,453
	12,205,500		PT Agung Podomoro Land Tbk		470
	21,358,000		PT Alam Sutera Realty Tbk		1,336
	11,739,000	*	PT Bekasi Fajar Industrial Estate Tbk		831
	21,515,000		PT Ciputra Development Tbk		1,788
	16,321,000		PT Ciputra Property Tbk		1,020
	5,923,500	*	PT Gading Development Tbk		215
	9,451,500		PT Intiland Development Tbk		330
	101,337,500	*	PT Kawasan Industri Jababeka Tbk		2,117
	575,500	*	PT Lippo Cikarang Tbk		194
	57,991,613		PT Lippo Karawaci Tbk		6,033

133

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,876,500	*	PT Modernland Realty Tbk	$	310
	16,872,000		PT Pakuwon Jati Tbk		396
	37,811,500	*	PT Sentul City Tbk		746
	11,391,000		PT Summarecon Agung Tbk		2,254
	609,718		Public Storage, Inc		88,385
	2,003,815	*	Puravankara Projects Ltd		3,677
	20,647,125		Quality House PCL		1,458
	758,306	*	Quintain Estates & Development plc		656
	767,898		Radium Life Tech Co Ltd		657
	9,775,500	*	Raimon Land PCL (ADR)		688
	184,479		RAIT Investment Trust		1,042
	175,144		Ramco-Gershenson Properties		2,331
	541,781		Rayonier, Inc		28,081
	91,859	*	Realia Business S.A.		91
	791,586	*,e	Realogy Holdings Corp		33,215
	171,871		Realty Income Corp		6,911
	4,888,250		Redefine Income Fund Ltd		5,420
	36,364		Redefine International plc		21
	285,344		Redwood Trust, Inc		4,819
	27,674,000		Regal Real Estate Investment Trust		7,979
	221,731		Regency Centers Corp		10,448
	24,300		Relo Holdings, Inc		907
	8,197,500	e	Renhe Commercial Holdings Co Ltd		878
	381,099		Resilient Property Income Fund Ltd		2,333
	328,723		Resource Capital Corp		1,841
	198,979		Retail Properties of America, Inc		2,382
	1,784,000		Richfield Group Holdings Ltd		92
	538,319		RioCan Real Estate Investment Trust		14,915
	520,193		RLJ Lodging Trust		10,076
	4,672,200		Robinsons Land Corp		2,365
	82,739		Rouse Properties, Inc		1,400
	674,973		Ruentex Development Co Ltd		1,404
	122,849		Ryman Hospitality Properties		4,725
	2,611,288		S.A. Corporate Real Estate Fund		1,124
	764,000	e	Sabana Shari’ah Compliant Industrial REIT		716
	236,505		Sabra Healthcare REIT, Inc		5,137
	265,259		Saf Gayrimenkul Yatirim Ortakligi AS.		146
	20,115,132		Sansiri PCL		2,323
	52,206		Saul Centers, Inc		2,234
	252,159		Savills plc		1,941
	166,970	e	SC Global Developments Ltd		251
	256,663		Segro plc		1,042
	101,826		Select Income REIT		2,522
	223,021		Senior Housing Properties Trust		5,272
	372,414		Shaftesbury plc		3,426
	542,840		Shanghai Jinqiao Export Processing Zone Development Co Ltd		497
	72,000		Shanghai Lujiazui Finance & Trade Zone Development Co Ltd		91
	24,843,429		Shanghai Real Estate Ltd		1,282
	1,008,000	e	Shell Electric MFG		1,233
	4,618,464		Shenzhen Investment Ltd		1,899

134

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,671,600	e	Shimao Property Holdings Ltd	$	7,088
	691,140	*	Shining Building Business Co Ltd		556
	1,077,600	*	Shoei Co Ltd		7,311
	307,219	*	Shopping Centres Australasia Property Group		479
	3,968,182		Shui On Land Ltd		1,949
	1,894,378		Simon Property Group, Inc		299,482
	14,000	e	Singapore Land Ltd		86
	3,311,031	e	Sino Land Co		6,063
	2,132,000	*	Sinolink Worldwide Holdings Ltd		193
	8,319,191	e	Sino-Ocean Land Holdings Ltd		6,327
	1,086,311		Sinpas Gayrimenkul Yatirim Ortakligi AS		864
	483,128		Sinyi Realty Co		711
	66,083	*	Six of October Development & Investment		211
	519,933		SL Green Realty Corp		39,853
	1,310,908		SM Development Corp		188
	15,582,015		SM Prime Holdings		6,281
	233,416	*	Sobha Developers Ltd		1,634
	11,440		Societe de la Tour Eiffel		669
	14,738		Societe Immobiliere de Location pour l’Industrie et le Commerce		1,625
	4,124,500	e	Soho China Ltd		3,354
	44,600		Sonae Sierra Brasil S.A.		702
	98,000		Soundwill Holdings Ltd		201
	165,823		Sovran Self Storage, Inc		10,298
	186,700		SP Setia BHD		189
	67,678		Sparkassen Immobilien AG.		430
	3,004,929	*	SPG Land Holdings Ltd		778
	111,077	*	Spirit Realty Capital, Inc		1,975
	543,315		Sponda Oyj		2,589
	306,555		ST Modwen Properties plc		1,148
	89,025	*,e	St. Joe Co		2,055
	112,350		STAG Industrial, Inc		2,019
	774,791		Starwood Property Trust, Inc		17,789
	3,583,864		Stockland Trust Group		13,251
	1,291,761	*	Strategic Hotels & Resorts, Inc		8,267
	21,610		Sumitomo Real Estate Sales Co Ltd		1,023
	1,165,222		Sumitomo Realty & Development Co Ltd		38,818
	126,135		Summit Hotel Properties, Inc		1,198
	131,703		Sun Communities, Inc		5,254
	3,877,835		Sun Hung Kai Properties Ltd		58,808
	2,913,000	e	Sunac China Holdings Ltd		2,279
	2,542,190		Sunlight Real Estate Investment Trust		1,087
	965,622	*	Sunstone Hotel Investors, Inc		10,342
	3,029,000		Suntec Real Estate Investment Trust		4,173
	1,866,944		Sunteck Realty Ltd		15,978
	1,014,794	*	Sunway BHD		793
	1,871,100		Sunway Real Estate Investment		948
	2,091,000		Supalai PCL		1,215
	926,193		Swire Pacific Ltd (Class A)		11,586
	420,701		Swire Properties Ltd		1,417
	111,696		Swiss Prime Site AG.		9,324
	161,339	e	Sycom Property Fund		524

135

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,256,600		TA Global BHD	$	99
	313,423		TAG Tegernsee Immobilien und Beteiligungs AG.		3,928
	415,852	*	Taiwan Land Development Corp		162
	23,900	*	Takara Leben Co Ltd		260
	1,067,535	*	Talaat Moustafa Group		744
	326,289		Tanger Factory Outlet Centers, Inc		11,159
	617,848		Taubman Centers, Inc		48,637
	144,977		Technopolis plc		721
	46,865	*	Tejon Ranch Co		1,316
	49,640		Terreno Realty Corp		766
	873,836	e	Thomas Properties Group, Inc		4,727
	1,481,400		Ticon Industrial Connection PCL		704
	174,000		TOC Co Ltd		1,077
	28,400		Toho Real Estate Co Ltd		186
	3,287,982		Tokyo Tatemono Co Ltd		16,937
	1,243,329		Tokyu Land Corp		9,110
	20,900		Tokyu Livable, Inc		340
	211	*	Tokyu REIT, Inc		1,152
	240	*	Top REIT Inc		1,034
	10,373	e	Tosei Corp		6,148
	1,224,540		Two Harbors Investment Corp		13,568
	323,834		UDR, Inc		7,701
	1,463,630	*	UEM Land Holdings BHD		1,014
	52,671		UMH Properties, Inc		544
	27,890	e	Unibail		6,763
	356,724		Unite Group plc		1,617
	7,038,878	*	Unitech Corporate Parks plc		4,345
	42,035,621	*	Unitech Ltd		25,817
	586,027		United Overseas Land Ltd		2,890
	12,487		United Urban Investment Corp		14,351
	52,625		Universal Health Realty Income Trust		2,663
	1,298,300		UOA Development BHD		744
	96,430		Urstadt Biddle Properties, Inc (Class A)		1,898
	48,886	*	Vakif Gayrimenkul Yatirim Ortakligi AS		143
	22,500		Vastned Retail NV		982
	1,380,379		Ventas, Inc		89,338
	10,351,000		Vista Land & Lifescapes, Inc		1,228
	51,648	*	Viver Incorporadora e Construtora S.A. (ADR)		16
	529,438		Vornado Realty Trust		42,397
	271,734		Vukile Property Fund Ltd		554
	136,793		Wallenstam Byggnads AB (B Shares)		1,679
	20,141		Warehouses De Pauw SCA		1,256
	236,070		Washington Real Estate Investment Trust		6,173
	286,671		Weingarten Realty Investors		7,674
	3,072		Wereldhave Belgium NV		335
	27,222		Wereldhave NV		1,738
	112,415		Western Asset Mortgage Capital Corp		2,222
	6,054,626		Westfield Group		66,866
	4,397,083		Westfield Retail Trust		13,873
	1,374,913		Weyerhaeuser Co		38,250
	5,206,413		Wharf Holdings Ltd		41,494
	1,246,763		Wheelock & Co Ltd		6,360

136

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	321,097		Wheelock Properties S Ltd	$	527
	47,295		Whitestone REIT		664
	141,880		Wihlborgs Fastigheter AB		2,221
	1,275,631		Wing Tai Holdings Ltd		1,960
	104,117		Winthrop Realty Trust		1,150
	328,814	*,e	Workspace Group plc		1,613
	4,828,000	e	Yanlord Land Group Ltd		6,100
	1,197,000	*	Ying Li International Real Estate Ltd		368
	13,059		YNH Property BHD		8
	1,133,600	*	YTL Land & Development BHD		341
	1,253,600		Yuzhou Properties Co		364
	4,410,800	*	Zhong An Real Estate Ltd		653
	18,154	*,e	Zillow, Inc		504
	56,590	*	Zueblin Immobilien Holding AG.		166
	220	*	Zug Estates Holding AG		289
			TOTAL REAL ESTATE		3,847,215
RETAILING - 3.7%
	183,834	*	1-800-FLOWERS.COM, Inc (Class A)		675
	106,997		Aaron’s, Inc		3,026
	2,801		ABC-Mart, Inc		122
	438,796		Abercrombie & Fitch Co (Class A)		21,049
	378,419		Advance Auto Parts, Inc		27,379
	413,035	*	Aeropostale, Inc		5,374
	44,752	e	Alpen Co Ltd		786
	1,570,100	*	Amazon.com, Inc		394,315
	4,114,539		American Eagle Outfitters, Inc		84,389
	28,440	*	America’s Car-Mart, Inc		1,152
	312,860	*	Ann Taylor Stores Corp		10,587
	51,953	e	AOKI Holdings, Inc		1,184
	168,741		Aoyama Trading Co Ltd		3,234
	82,709		ARB Corp Ltd		940
	29,600		Arc Land Sakamoto Co Ltd		458
	17,200	e	Asahi Co Ltd		247
	102,221	*	Asbury Automotive Group, Inc		3,274
	324,165	*	Ascena Retail Group, Inc		5,994
	20,400	e	ASKUL Corp		273
	443,328	*,e	ASOS plc		19,554
	68,580	*	Audiovox Corp (Class A)		462
	274,000		Aurora Corp		408
	27,178		Autobacs Seven Co Ltd		1,139
	362,720		Automotive Holdings Group		1,254
	57,356	*,e	Autonation, Inc		2,277
	106,663	*	Autozone, Inc		37,805
	90,900	*	B2W Companhia Global Do Varejo		755
	130,994	*,e	Barnes & Noble, Inc		1,977
	125,255		Bebe Stores, Inc		500
	1,085,795	*	Bed Bath & Beyond, Inc		60,707
	6,888,600	e	Belle International Holdings Ltd		15,235
	57,050		Belluna Co Ltd		405
	7,167,135	e	Best Buy Co, Inc		84,931
	33,586		Beter BED Holding NV		585

137

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,063	e	BIC CAMERA, Inc	$	527
	115,876		Big 5 Sporting Goods Corp		1,518
	172,527	*	Big Lots, Inc		4,910
	49,126		Bilia AB (A Shares)		708
	76,972	*,e	Blue Nile, Inc		2,963
	73,560	*,e	Body Central Corp		733
	1,218,000	e	Bonjour Holdings Ltd		154
	76,972	e	Bon-Ton Stores, Inc		933
	1,287,000	*,e,m	Boshiwa International Holding		139
	4,465	*	Boyner Buyuk Magazacilik		11
	112,540		Brick Ltd		606
	267,127		Brown Shoe Co, Inc		4,907
	106,968	e	Buckle, Inc		4,775
	72,301		Byggmax Group AB		323
	164,556	*,e	Cabela’s, Inc		6,870
	19,063	*,e	CafePress, Inc		110
	77,918		Canadian Tire Corp Ltd		5,435
	207,806		Canon Marketing Japan, Inc		2,978
	565,346	*,e	Carmax, Inc		21,223
	71,171	*,e	Carpetright plc		800
	223,564		Cash Converters International Ltd		272
	10,585		Cashbuild Ltd		192
	157,920	*,e	Casual Male Retail Group, Inc		663
	97,025		Cato Corp (Class A)		2,661
	71,294	*,e	CDON Group AB		441
	250,000	*	Century Ginwa Retail Holdings Ltd		61
	354,045		Chico’s FAS, Inc		6,536
	135,803	*	Children’s Place Retail Stores, Inc		6,015
	144,000	*	China Yongda Automobiles Services Holdings Ltd		153
	1,269,500	*,e	China ZhengTong Auto Services Holdings Ltd		897
	26,700		Chiyoda Co Ltd		668
	40,900	*	Chori Co Ltd		441
	375,000		Chow Sang Sang Holding		882
	182,100		Cia Hering		3,734
	79,178	*,e	Citi Trends, Inc		1,089
	3,813		CJ O Shopping Co Ltd		987
	88,141		Clas Ohlson AB (B Shares)		1,173
	3,784	*,e	Coldwater Creek, Inc		18
	72,196	*,e	Conn’s, Inc		2,215
	44,587		Core-Mark Holding Co, Inc		2,111
	1,229,000	e	Dah Chong Hong Holdings Ltd		1,312
	157,300	*,e	Daiei, Inc		363
	689,705	e	David Jones Ltd		1,698
	285,500		DCM Japan Holdings Co Ltd		1,877
	3,451,697		Debenhams plc		6,444
	37,103		Delek Automotive Systems Ltd		289
	24,765		Delticom AG.		1,056
	66,100		Destination Maternity Corp		1,425
	722,306		Dick’s Sporting Goods, Inc		32,858
	7,406,500		Dickson Concepts International Ltd		3,951
	26,417		Dieteren S.A.		1,061
	96,843		Dillard’s, Inc (Class A)		8,113

138

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	200,183		Dogus Otomotiv Servis ve Ticaret AS	$	966
	596,269	*	Dollar General Corp		26,289
	1,446,048	*,e	Dollar Tree, Inc		58,652
	226,483		Dollarama, Inc		13,427
	261,900		Don Quijote Co Ltd		9,634
	11,300		Doshisha Co Ltd		296
	4,670,640	*,e	DSG International plc		2,202
	287,993		DSW, Inc (Class A)		18,918
	28,944	*	Dufry Group		3,827
	182,046		Dunelm Group plc		2,088
	95,483	e	EDION Corp		423
	189,820	e	El Puerto de Liverpool SAB de C.V.		1,990
	326,000		E-LIFE MALL Corp		755
	4,270,000	e	Emperor Watch & Jewellery Ltd		535
	431,675		Empresas Hites S.A.		370
	16,706,620		Empresas La Polar S.A.		7,182
	7,521,200	e	Esprit Holdings Ltd		10,664
	1,262,435	e	Expedia, Inc		77,577
	453,462	*	Express Parent LLC		6,843
	145,385		Family Dollar Stores, Inc		9,219
	1,209,046		Far Eastern Department Stores Co Ltd		1,263
	41,189		Fast Retailing Co Ltd		10,512
	242,261	e	Finish Line, Inc (Class A)		4,586
	55,533	*,e	Five Below, Inc		1,779
	1,950,590		Foot Locker, Inc		62,653
	398,259		Foschini Ltd		6,649
	132,380	*,e	Francesca’s Holdings Corp		3,437
	130,173		Fred’s, Inc (Class A)		1,733
	20,600		Fuji Co Ltd		433
	3,250,000	b,e,m	Game Group plc		0	^
	901,698	e	GameStop Corp (Class A)		22,624
	3,559,327		Gap, Inc		110,482
	123,866	*	Genesco, Inc		6,813
	320,057		Genuine Parts Co		20,349
	330	e	Geo Corp		345
	1,784,126	e	Giordano International Ltd		1,730
	689,482		GNC Holdings, Inc		22,946
	917,300	e	Golden Eagle Retail Group Ltd		2,285
	464,000		Goldlion Holdings Ltd		250
	14,878,408	*,e	GOME Electrical Appliances Holdings Ltd		1,800
	25,892	*,e	Gordmans Stores, Inc		389
	88,709	e	Group 1 Automotive, Inc		5,499
	101,345	*,e	Groupon, Inc		495
	1,857,200	*	Grupo Famsa SAB de C.V.		2,313
	10,908		GS Home Shopping, Inc		1,570
	85,514		Guess?, Inc		2,099
	5,870		Gulliver International Co Ltd		209
	1,048		GwangjuShinsegae Co Ltd		228
	93,500		Hai-O Enterprise BHD		69
	625,189		Halfords Group plc		3,376
	157,825		Hankyu Department Stores, Inc		1,475
	300,730	e	Harvey Norman Holdings Ltd		599

139

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	78,113		Haverty Furniture Cos, Inc	$	1,274
	38,588	*	Hellenic Duty Free Shops S.A.		658
	19,108,000	e	Hengdeli Holdings Ltd		7,009
	691,476		Hennes & Mauritz AB (B Shares)		23,964
	54,508	*,e	HHgregg, Inc		383
	103,674	*,e	Hibbett Sports, Inc		5,464
	6,978,904		Home Depot, Inc		431,645
	1,084,145	*,e	Home Retail Group		2,262
	81,267	*,e	HomeAway, Inc		1,788
	20,620	e	Honeys Co Ltd		272
	144,697	e	Hot Topic, Inc		1,396
	294,800		Hotai Motor Co Ltd		2,383
	129,956		HSN, Inc		7,158
	20,655		Hyundai Department Store Co Ltd		3,073
	63,630		Hyundai H&S Co Ltd		1,016
	6,056		Hyundai Home Shopping Network Corp		687
	636,978		Imperial Holdings Ltd		15,022
	743,035		Inchcape plc		5,280
	490,199		Inditex S.A.		68,876
	14,492	*	Interpark Corp		95
	4,048,900	e	Intime Department Store Group Co Ltd		4,845
	311,787		Isetan Mitsukoshi Holdings Ltd		3,051
	646,000		IT Ltd		273
	69,300		Izumi Co Ltd		1,469
	1,610,066		J Front Retailing Co Ltd		8,924
	91,487		Jardine Cycle & Carriage Ltd		3,644
	355,537	e	JB Hi-Fi Ltd		3,848
	886,288	e	JC Penney Co, Inc		17,469
	192,909		JD Group Ltd		1,024
	32,000		Jin Co Ltd		1,152
	76,666		John Menzies plc		799
	99,765	*	JOS A Bank Clothiers, Inc		4,248
	45,000		Joshin Denki Co Ltd		441
	161,007		JUMBO S.A.		1,274
	12,200	*,e	Kayak Software Corporation		485
	37,987	e	Keiyo Co Ltd		210
	733,322	e	Kesa Electricals plc		689
	5,627,145		Kingfisher plc		26,293
	65,887	*	Kirkland’s, Inc		698
	331,980		Kohl’s Corp		14,268
	99,400	e	Kohnan Shoji Co Ltd		1,215
	35,300		Komeri Co Ltd		892
	126,900		Konaka Co Ltd		865
	55,863	e	K’s Holdings Corp		1,422
	13,722		LES Enphants Co Ltd		10
	320,404		Lewis Group Ltd		2,618
	10,209,977	e	Li & Fung Ltd		18,424
	2,479,025	*	Liberty Media Holding Corp (Interactive A)		48,787
	124,603	*	Liberty Ventures		8,443
	7,100,500		Lifestyle International Holdings Ltd		17,564
	846,508		Limited Brands, Inc		39,837
	78,204		Lithia Motors, Inc (Class A)		2,926

140

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,007,599	*	LKQ Corp	$	21,260
	8,300		Lojas Americanas S.A.		72
	517,163		Lojas Americanas S.A.(Pref)		4,630
	159,150		Lojas Renner S.A.		6,199
	329,491		Lookers plc		407
	29,790	m	Lotte Midopa Co Ltd		384
	22,362		Lotte Shopping Co Ltd		7,897
	2,848,091		Lowe’s Companies, Inc		101,164
	1,269,000		Luk Fook Holdings International Ltd		4,073
	100,858	*,e	Lumber Liquidators, Inc		5,328
	2,669,669		Macy’s, Inc		104,170
	114,500		Magazine Luiza S.A.		679
	1,211,000		Maoye International Holdings Ltd		252
	71,989	*,e	MarineMax, Inc		644
	521,347	*	Marks & Spencer Group plc		3,275
	938,997		Marui Co Ltd		7,501
	37,800	*,e	Matsuya Co Ltd		386
	39,553	*,e	Mattress Firm Holding Corp		970
	143,600		MBM Resources BHD		151
	35,600		Megane TOP Co Ltd		421
	36,629		Mekonomen AB		1,167
	183,173	e	Men’s Wearhouse, Inc		5,708
	344,875		Mercuries & Associates Ltd		319
	1,659,754		MFI Furniture plc		4,730
	70,933		Mobilezone Holding AG.		752
	112,306	e	Monro Muffler, Inc		3,927
	104,217	*,e	Mothercare plc		573
	533,456		Mr Price Group Ltd		8,841
	8,588,582	e	Myer Holdings Ltd		19,432
	192,024	*	N Brown Group plc		1,159
	341,000		National Petroleum Co Ltd		351
	52,771	*	NET Holding AS		54
	178,242	*,e	NetFlix, Inc		16,537
	800,000		New Carphone Warehouse plc		2,684
	1,089,000	e	New World Department Store China Ltd		709
	160,831	*,e	New York & Co, Inc		613
	656,509	*	Next plc		39,852
	94,000		Nice Holdings, Inc		244
	77,100		Nishimatsuya Chain Co Ltd		610
	40,500		Nissen Holdings Co Ltd		153
	15,477		Nitori Co Ltd		1,134
	432,478	e	Nordstrom, Inc		23,138
	124,489	e	Nutri/System, Inc		1,020
	406,238	*,e	Ocado Ltd		580
	1,197,878	*,e	Office Depot, Inc		3,929
	448,817		OfficeMax, Inc		4,380
	137,292	*,e	Orbitz Worldwide, Inc		373
	8,880	*,e	Orchard Supply Hardware Stores Corp		66
	589,095	*	O’Reilly Automotive, Inc		52,677
	526,000		Oriental Watch Holdings		186
	59,420		OrotonGroup Ltd		427
	1,055,000	e	OSIM International Ltd		1,506

141

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	25,200		Otsuka Kagu Ltd	$	222
	64,787	*,e	Overstock.com, Inc		927
	1,289,280		Pacific Brands Ltd		838
	198,400		Padini Holdings BHD		121
	5,950		Pal Co Ltd		268
	81,700		Paltac Corp		929
	150,000	*	Pantaloon Retail India Ltd		708
	21,682		Parco Co Ltd		235
	36,800		Paris Miki, Inc		195
	979,660		Parkson Holdings BHD		1,675
	803,000		Parkson Retail Asia Ltd		861
	1,966,500	e	Parkson Retail Group Ltd		1,598
	22,589,900	e	PCD Stores Ltd		2,796
	2,322,777	*	Pendragon plc		660
	151,090		Penske Auto Group, Inc		4,546
	213,017	*,e	PEP Boys - Manny Moe & Jack		2,094
	11,710	*,e	Perfumania Holdings, Inc		58
	70,068	e	PetMed Express, Inc		778
	948,558		Petsmart, Inc		64,824
	427,331		Pier 1 Imports, Inc		8,547
	18,410		Point, Inc		673
	2,647,500	*	Pou Sheng International Holdings Ltd		157
	132,000		Poya Co Ltd		344
	13,602	*	PPR		2,555
	227,849		Premier Investments Ltd		1,552
	186,112	*	Priceline.com, Inc		115,613
	23,313,500		PT ACE Hardware Indonesia Tbk		1,994
	860,000		PT Mitra Adiperkasa Tbk		594
	1,528,500		PT Ramayana Lestari Sentosa Tbk		194
	372,419	e	RadioShack Corp		790
	713,200	*	Rakuten, Inc		5,562
	65,637		Reitmans Canada Ltd		795
	85,764	e	Reject Shop Ltd		1,343
	232,743		Rent-A-Center, Inc		7,997
	16,325	*,e	Restoration Hardware Holdings, Inc		551
	154,022		RONA, Inc		1,652
	1,024,690		Ross Stores, Inc		55,487
	53,682	*,e	Rue21, Inc		1,524
	25,300		Ryohin Keikaku Co Ltd		1,415
	2,502,000	e	SA SA International Holdings Ltd		2,078
	793,993		SACI Falabella		8,179
	401,504	*,e	Saks, Inc		4,220
	539,839	*	Sally Beauty Holdings, Inc		12,724
	87,300	e	Sanrio Co Ltd		2,785
	79,497		Sears Canada, Inc		803
	46,482	*,e	Sears Holdings Corp		1,922
	210	*	Sears Hometown and Outlet Stores, Inc		7
	365,856	*	Select Comfort Corp		9,574
	71,100		Senshukai Co Ltd		437
	23,754	*	Seobu Truck Terminal Co Ltd		524
	20,300	*,e	Seria Co Ltd		323
	134,700		Shimachu Co Ltd		2,830

142

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	9,345		Shimamura Co Ltd	$	908
	9,020		Shinsegae Co Ltd		1,840
	3,589		Shinsegae International Co Ltd		302
	1,442,000	*,m	Shirble Department Stores		67
	47,658		Shoe Carnival, Inc		977
	129,059	*	Shutterfly, Inc		3,855
	655,000		Sichuan Xinhua Winshare Chainstore Co Ltd		350
	1,560,197		Signet Jewelers Ltd		83,315
	25,000		Signet Jewelers Ltd (London)		1,335
	591,425	e	Silver base Group Holdings Ltd		194
	144,773	e	Sonic Automotive, Inc (Class A)		3,024
	16,835	*	Sourceforge, Inc		271
	621,876	*	Sports Direct International plc		3,935
	160,683		Stage Stores, Inc		3,982
	977,206	e	Staples, Inc		11,140
	65,900	e	Start Today Co Ltd		610
	112,151	e	Stein Mart, Inc		846
	46,279	e	Stockmann Oyj Abp (B Share)		831
	164,931		Super Cheap Auto Group Ltd		1,723
	598,761	*	Super Group Ltd		1,191
	35,840	*	SuperGroup plc		327
	35,350		Systemax, Inc		341
	304,995		Takashimaya Co Ltd		2,170
	51,331		Takkt AG.		711
	4,701,015		Target Corp		278,159
	29,156	*,e	Teavana Holdings, Inc		452
	36,200		Telepark Corp		342
	7,706,865		Test-Rite International Co		5,888
	151,553	e	Thorn Group Ltd		320
	726,989	e	Tiffany & Co		41,686
	53,859	*,e	Tilly’s, Inc		727
	4,826,289		TJX Companies, Inc		204,876
	7,100	*	Tokyo Derica Co Ltd		82
	19,706		Tom Tailor Holding AG.		420
	168,644		Tractor Supply Co		14,901
	678,671	e	Trade Me Ltd		2,222
	1,143		Trent Ltd		27
	221,330	*	TripAdvisor, Inc		9,287
	795,100		Truworths International Ltd		10,239
	217,000		Tsann Kuen Enterprise Co Ltd		435
	175,603		Tsutsumi Jewelry Co Ltd		4,508
	157,968	*	Tuesday Morning Corp		987
	363,527		Ulta Salon Cosmetics & Fragrance, Inc		35,720
	1,092,599		United Arrows Ltd		25,161
	374,438	*	Urban Outfitters, Inc		14,738
	53,902	*,e	US Auto Parts Network, Inc		99
	37,575		USS Co Ltd		3,913
	8,630		Valora Holding AG.		1,746
	76,805	*,e	Vitacost.com, Inc		521
	143,102	*,e	Vitamin Shoppe, Inc		8,208
	158,765		Warehouse Group Ltd		392
	28,048		Webjet Ltd		128

143

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	62,624	*	West Marine, Inc	$	673
	319,910	*	Wet Seal, Inc (Class A)		883
	137,132	*	WEX, Inc		10,336
	579,075	*	WH Smith plc		6,338
	172,377		Williams-Sonoma, Inc		7,545
	7,915		Winmark Corp		451
	1,585,998		Woolworths Holdings Ltd		13,350
	343,150	e	Wotif.com Holdings Ltd		1,903
	27,300		Xebio Co Ltd		557
	149,710	e	Yamada Denki Co Ltd		5,786
	52,500		Yellow Hat Ltd		794
	50,638	*,e	Yoox S.p.A		802
	895,500	e	Zhongsheng Group Holdings Ltd		1,375
	3,016	*	zooplus AG.		127
	77,974	*,e	Zumiez, Inc		1,513
			TOTAL RETAILING		3,966,024
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.1%
	230,576	*,e	Advanced Energy Industries, Inc		3,184
	889,848	*,e	Advanced Micro Devices, Inc		2,136
	13,163,727		Advanced Semiconductor Engineering, Inc		11,461
	115,412		Advantest Corp		1,823
	128,831	e	Aixtron AG.		1,536
	544,000		ALI Corp		630
	86,704	*,e	Alpha & Omega Semiconductor Ltd		728
	833,996		Altera Corp		28,723
	1,800	*,e	Ambarella, Inc		20
	26,422	*	Aminologics Co Ltd		37
	282,722	*,e	Amkor Technology, Inc		1,202
	247,417	*,e	Anadigics, Inc		624
	921,677		Analog Devices, Inc		38,766
	6,000,000	*	Apollo Solar Energy Technology Holdings Ltd		274
	2,060,263		Applied Materials, Inc		23,569
	212,076	*,e	Applied Micro Circuits Corp		1,781
	438,122		Ardentec Corp		291
	2,564,333		ARM Holdings plc		32,384
	10,331	*	Asia Pacific Systems, Inc		71
	54,237		ASM International NV		1,961
	227,436	e	ASM Pacific Technology		2,792
	411,681	*	ASML Holding NV		26,403
	584,414	*	Atmel Corp		3,828
	113,053	*	ATMI, Inc		2,361
	50,764	*	Atto Co Ltd		224
	92,910	*	AUK Corp		160
	61,901		Austriamicrosystems AG.		6,666
	2,174,205		Avago Technologies Ltd		68,835
	585,134	*	Axcelis Technologies, Inc		813
	5,100		Axell Corp		113
	153,584	*	AXT, Inc		432
	60,123		BE Semiconductor Industries NV		460
	4,979,999		Broadcom Corp (Class A)		165,386
	301,777		Brooks Automation, Inc		2,429

144

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	84,404	e	Cabot Microelectronics Corp	$	2,997
	48,309		Capella Microsystems Taiwan, Inc		357
	299,832	*	Cavium Networks, Inc		9,358
	128,752	*	Ceva, Inc		2,028
	11,538	*,e,m	China Energy Savings Technology, Inc		0	^
	2,343,000		Chipbond Technology Corp		4,626
	252,312	*	Cirrus Logic, Inc		7,309
	94,576	e	Cohu, Inc		1,025
	150,478	*,e	Cree, Inc		5,113
	300,897		CSR plc		1,643
	130,844	*	Cymer, Inc		11,832
	512,818		Cypress Semiconductor Corp		5,559
	272,616	*,e	Dainippon Screen Manufacturing Co Ltd		1,676
	74,209	*	Dialog Semiconductor plc		1,315
	124,486	*	Diodes, Inc		2,160
	37,672	e	Disco Corp		1,964
	28,380	*	Dongbu HiTek Co Ltd		169
	90,065	*	DSP Group, Inc		519
	20,687	*	Duksan Hi-Metal Co Ltd		415
	117,482		Edison Opto Corp		153
	488,000		Elan Microelectronics Corp		794
	252,000		Elite Semiconductor Memory Technology, Inc		192
	12,506		ELK Corp		235
	155,100	*,m	Elpida Memory, Inc		0	^
	209,571		eMemory Technology, Inc		463
	678,363	*	Entegris, Inc		6,227
	407,245	*,e	Entropic Communications, Inc		2,154
	8,127		Eo Technics Co Ltd		237
	933,147		Epistar Corp		1,710
	292,000	*	E-Ton Solar Tech Co Ltd		132
	18,025		Eugene Technology Co Ltd		238
	144,548	*,e	Exar Corp		1,286
	479,442	*	Fairchild Semiconductor International, Inc		6,904
	339,101		Faraday Technology Corp		452
	276,143	*,e	First Solar, Inc		8,527
	878,000		Forhouse Corp		474
	164,603	*	Formfactor, Inc		751
	353,000		Formosa Advanced Technologies Co Ltd		210
	523,000	*	Formosa Epitaxy, Inc		371
	1,335,508	*,e	Freescale Semiconductor Holdings Ltd		14,704
	3,000		Furuya Metal Co Ltd		80
	26,359,000	e	GCL Poly Energy Holdings Ltd		5,457
	29,927	*	GemVax & Kael Co Ltd		910
	264,819	*	Genesis Photonics, Inc		191
	26,150		Giga Solar Materials Corp		239
	446,850	*	Gintech Energy Corp		421
	58,000		Global Lighting Technologies, Inc		71
	172,000		Global Mixed Mode Technology, Inc		667
	117,000		Global Unichip Corp		408
	130,000		Greatek Electronics, Inc		109
	194,561		Green Energy Technology, Inc		166
	86,142	*	GSI Technology, Inc		540

145

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	471,621	*,e	GT Solar International, Inc	$	1,424
	1,005,700		Hana Microelectronics PCL		750
	32,950		Hanmi Semiconductor Co Ltd		207
	8,940	*	Hansol LCD, Inc		123
	25,000		Hermes Microvision, Inc		462
	113,770	*,e	Hittite Microwave Corp		7,065
	458,000		Holtek Semiconductor, Inc		468
	782,550	*	Hynix Semiconductor, Inc		19,031
	14,602		ICD Co Ltd		151
	350,000		ILI Technology Corp		1,112
	24,010		Iljin Display Co Ltd		498
	3,044,712	*	Imagination Technologies Group plc		19,857
	780,874	*	Infineon Technologies AG.		6,361
	4,651,377	*	Inotera Memories, Inc		627
	89,419	*,e	Inphi Corp		857
	606,706	*	Integrated Device Technology, Inc		4,429
	46,175	*	Integrated Memory Logic Ltd		144
	117,644	*	Integrated Silicon Solution, Inc		1,059
	17,010,995	e	Intel Corp		350,937
	49,941	*,e	Intermolecular, Inc		444
	244,682	*,e	International Rectifier Corp		4,338
	518,662		Intersil Corp (Class A)		4,300
	635,648	*	IQE plc		318
	161,000	*	ITE Technology, Inc		132
	106,665	e	IXYS Corp		975
	37,876	*	Jusung Engineering Co Ltd		162
	1,710,000		King Yuan Electronics Co Ltd		1,093
	333,669		Kinsus Interconnect Technology Corp		1,054
	335,769		Kla-Tencor Corp		16,036
	10,973		Koh Young Technology, Inc		290
	71,130		Kontron AG.		386
	244,132	*,e	Kopin Corp		813
	5,389	*	Kulicke & Soffa Industries, Inc		65
	1,034,877	*	Lam Research Corp		37,390
	684,386	*	Lattice Semiconductor Corp		2,731
	8,891		LEENO Industrial Inc		294
	292,726		Lextar Electronics Corp		242
	800,445		Linear Technology Corp		27,455
	142,000		Lingsen Precision Industries Ltd		75
	655,000		Lite-On Semiconductor Corp		350
	5,289,068	*	LSI Logic Corp		37,447
	169,239	*	LTX-Credence Corp		1,110
	16,088	*	Lumens Co Ltd		107
	30,134	*,e	MA-COM Technology Solutions		451
	123,000		Macroblock, Inc		463
	3,967,140		Macronix International		1,192
	1,994,120		Marvell Technology Group Ltd		14,477
	217,209	*,e	Mattson Technology, Inc		182
	3,160,180		Maxim Integrated Products, Inc		92,909
	100,869	*,e	MaxLinear, Inc		506
	1,693,423		MediaTek, Inc		18,944
	21,800	*,e	Megachips Corp		422

146

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	44,406		Melexis NV	$	755
	13,057		Melfas, Inc		334
	45,111	*	Mellanox Technologies Ltd		2,794
	1,108,158	*	MEMC Electronic Materials, Inc		3,557
	191,376	e	Micrel, Inc		1,818
	291,148	e	Microchip Technology, Inc		9,489
	3,903,926	*	Micron Technology, Inc		24,790
	43,259		Micronas Semiconductor Holdings, Inc		393
	317,107	*	Microsemi Corp		6,672
	21,900		Mimasu Semiconductor Industry Co Ltd		179
	118,167	*,e	Mindspeed Technologies, Inc		553
	295,332	*,e	MIPS Technologies, Inc		2,310
	31,800	*	Mitsui High-Tec, Inc		227
	276,109		MKS Instruments, Inc		7,118
	117,262	e	Monolithic Power Systems, Inc		2,613
	121,641	*,e	MoSys, Inc		423
	737,720	*	Motech Industries, Inc		697
	37,000		MPI Corp		69
	268,499		MStar Semiconductor, Inc		2,030
	112,019	*,e	Nanometrics, Inc		1,615
	578,277	*	Neo Solar Power Corp		382
	70,633	*	NeoPhotonics Corp Ltd		405
	16,406		NEPES Corp		216
	76,000	*	Nexolon Co Ltd		96
	169,803	*,e	Nordic Semiconductor ASA		446
	1,604,826		Novatek Microelectronics Corp Ltd		6,557
	25	*	Nuflare Technology, Inc		153
	19,948	*,e	NVE Corp		1,107
	1,175,780		Nvidia Corp		14,450
	221,225	*,e	Omnivision Technologies, Inc		3,115
	3,507,547	*	ON Semiconductor Corp		24,728
	1,366,000		Opto Technology Corp		574
	50,000		Orise Technology Co Ltd		67
	24,728	*	Osung LST Co Ltd		65
	263,000	*	Pan Jit International, Inc		105
	25,000		Parade Technologies Ltd		189
	88,654	*	PDF Solutions, Inc		1,222
	65,048	*,e	Peregrine Semiconductor Corp		996
	105,063	*	Pericom Semiconductor Corp		844
	150,547		Phison Electronics Corp		1,004
	218,180	*	Photronics, Inc		1,300
	132,613		Pixart Imaging, Inc		319
	161,820	*,e	PLX Technology, Inc		587
	264,911	*	PMC - Sierra, Inc		1,380
	116,427	e	Power Integrations, Inc		3,913
	889,725		Powertech Technology, Inc		1,445
	142,826	*,e	QuickLogic Corp		310
	533,360		Radiant Opto-Electronics Corp		2,215
	484,952	*,e	Rambus, Inc		2,367
	1,390,891		Realtek Semiconductor Corp		2,962
	1,529,000		Regent Manner International Ltd		293
	1,076,228	*,e	Renewable Energy Corp AS		210

147

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,224,218	*,e	RF Micro Devices, Inc	$	14,445
	165,661		Richtek Technology Corp		977
	180,101		Rohm Co Ltd		5,887
	61,756	*,e	Rubicon Technology, Inc		377
	115,855	*	Rudolph Technologies, Inc		1,558
	247,793		Samsung Electronics Co Ltd		356,029
	31,263		Samsung Electronics Co Ltd (Preference)		25,122
	3,358	*	San Chih Semiconductor Co		3
	155,000	*	Sanken Electric Co Ltd		600
	4,390,000	*,e	Semiconductor Manufacturing International		224
	228,654	*	Semtech Corp		6,620
	47,001		Seoul Semiconductor Co Ltd		1,073
	90,000	e	Shindengen Electric Manufacturing Co Ltd		253
	378,400	e	Shinko Electric Industries		3,013
	111,457	*,e	Sigma Designs, Inc		574
	30,680	*	Signetics Corp		90
	233,000		Sigurd Microelectronics Corp		209
	193,057	*	Silex Systems Ltd		586
	465,155	*	Silicon Image, Inc		2,307
	1,350,000	*	Silicon Integrated Systems Corp		533
	58,146	*,e	Silicon Laboratories, Inc		2,431
	10,655		Silicon Works Co Ltd		225
	3,661,031		Siliconware Precision Industries Co		3,944
	98,101		Simm Tech Co Ltd		953
	669,300		Sino-American Silicon Products, Inc		803
	4,900,000	*,m	Sino-Tech International Holdings Ltd		11
	65,000		Sitronix Technology Corp		87
	489,958	*	Skyworks Solutions, Inc		9,946
	148,621	*,e	SOITEC		516
	2,588,888		Solargiga Energy Holdings Ltd		174
	196,450	*	Solartech Energy Corp		132
	119,379	e	Solarworld AG.		168
	401,000		Sonix Technology Co Ltd		542
	212,362	*	Spansion, Inc		2,954
	724,541	e	Spreadtrum Communications, Inc (ADR)		12,752
	885,650		STMicroelectronics NV		6,429
	106,724	*,e	STR Holdings, Inc		269
	37,592		STS Semiconductor & Telecommunications		230
	81,425	*	Sumco Corp		801
	1,407,000	*	Sunplus Technology Co Ltd		448
	279,719	*,e	SunPower Corp		1,572
	37,681		Supertex, Inc		661
	25,119	*	Suss Microtec AG.		282
	327,958		TA-I Technology Co Ltd		200
	47,340,667		Taiwan Semiconductor Manufacturing Co Ltd		158,345
	597,969		Taiwan Surface Mounting Technology Co Ltd		914
	431,000	*	Tekcore Co Ltd		186
	1,989,866	*,e	Teradyne, Inc		33,609
	184,149	e	Tessera Technologies, Inc		3,024
	2,284,008		Texas Instruments, Inc		70,667
	202,341		Tokyo Electron Ltd		9,332
	43,300		Tokyo Seimitsu Co Ltd		710

148

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES				COMPANY	VALUE (000)
	540,860			Topco Scientific Co Ltd	$	898
	8,696	*		Toptec Co Ltd		142
	1	*		Tower Semiconductor Ltd		0	^
	509,508			Transcend Information, Inc		1,426
	680,359	*		Triquint Semiconductor, Inc		3,293
	1,746,000	*,m		Trony Solar Holdings Co Ltd.		71
	27,000			Ubright Optronics Corp		121
	50,400	*		UKC Holdings Corp		1,004
	109,929	*		Ultra Clean Holdings		540
	158,933	*		Ultratech, Inc		5,928
	43,000	*,e		Ulvac, Inc		402
	971,100			Unisem M BHD		274
	15,336,022		��	United Microelectronics Corp		6,198
	408,029	*		Unity Opto Technology Co Ltd		389
	820,000			Vanguard International Semiconductor Corp		572
	160,688	*,e		Veeco Instruments, Inc		4,744
	655,500	*		Via Technologies, Inc		524
	282,425			Visual Photonics Epitaxy Co Ltd		351
	161,864	*		Volterra Semiconductor Corp		2,779
	298,833			Wafer Works Corp		153
	429,000	*		Walton Advanced Engineering, Inc		124
	540,737			Win Semiconductors Corp		614
	3,587,000	*		Winbond Electronics Corp		630
	32,630	*		Woongjin Energy Co Ltd		56
	899,477			Xilinx, Inc		32,291
	100,329			Youngtek Electronics Corp		227
				TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		2,180,362
SOFTWARE & SERVICES - 7.1%
	233,374	*,e		Accelrys, Inc		2,112
	3,254,984			Accenture plc		216,456
	233	*		Access Co Ltd		155
	138,032	*		ACI Worldwide, Inc		6,031
	143,609	*,e		Active Network, Inc		705
	1,033,014			Activision Blizzard, Inc		10,971
	5,300	*		Actoz Soft Co Ltd		185
	193,455	*,e		Actuate Corp		1,083
	389,912	*		Acxiom Corp		6,808
	2,340,009	*		Adobe Systems, Inc		88,172
	119,274	*		Advent Software, Inc		2,550
	4,984			Ahnlab, Inc		208
	565,851	*		Akamai Technologies, Inc		23,149
	585,461	*,e		Alliance Data Systems Corp		84,751
	297,347			Alpha Systems, Inc		3,768
	50,062			Alten		1,728
	122,277	*		Altran Technologies S.A.		943
	474,260	*		Amadeus IT Holding S.A.		11,985
	574,419			Amdocs Ltd		19,525
	101,995	e		American Software, Inc (Class A)		791
	129,115	*,e		Angie’s List, Inc		1,548
	295,533	*		Ansys, Inc		19,901
	902,315			AOL, Inc		26,718

149

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	264,387		Argo Graphics, Inc	$	3,434
	853,361	*	Aspen Technology, Inc		23,587
	136,505		Asseco Poland S.A.		2,002
	536,730		Atos Origin S.A.		37,693
	766,983	*	Autodesk, Inc		27,113
	1,642,594		Automatic Data Processing, Inc		93,644
	522,993	*	Aveva Group plc		18,768
	219,181	*	AVG Technologies NV		3,470
	4,275		Axway Software S.A.		77
	31,764		Babylon Ltd		185
	163,691	*,e	Bankrate, Inc		2,038
	38,863	*,e	Bazaarvoice, Inc		363
	37,444		Bechtle AG.		1,518
	17,800	e	Bit-isle, Inc		180
	169,545		Blackbaud, Inc		3,871
	368,457	*,e	Blinkx plc		394
	264,332	*	Blucora, Inc		4,153
	1,038,796	*	BMC Software, Inc		41,199
	128,867	e	Booz Allen Hamilton Holding Co		1,794
	125,974	*,e	Bottomline Technologies, Inc		3,324
	21,784	*,e	Brightcove, Inc		197
	315,623		Broadridge Financial Solutions, Inc		7,221
	86,821	*,e	BroadSoft, Inc		3,154
	1,182,864		CA, Inc		25,999
	85,621	*,e	CACI International, Inc (Class A)		4,712
	695,433	*	Cadence Design Systems, Inc		9,395
	118,711	*,e	Callidus Software, Inc		539
	551,603		Cap Gemini S.A.		24,120
	56,586	e	Capcom Co Ltd		865
	36,728	*,e	Carbonite, Inc		340
	171,022	*	Cardtronics, Inc		4,060
	560,366	e	carsales.com.au Ltd		4,312
	40,643	e	Cass Information Systems, Inc		1,715
	10,536		Cegid Group		213
	445,998	*	CGI Group, Inc		10,286
	1,060,000	*,e	Chinasoft International Ltd		248
	25,000		Chinese Gamer International Corp		59
	254,333	*	Ciber, Inc		849
	624,266	*	Citrix Systems, Inc		41,046
	55,620	*,m	Clinical Data, Inc		53
	3,557	*	CMC Ltd		78
	853,429	*	Cognizant Technology Solutions Corp (Class A)		63,196
	5,010	*	Com2uSCorp		228
	216,182	*,e	Commvault Systems, Inc		15,070
	643,787		Companhia Brasileira de Meios de Pagamento		17,919
	188,908		Computacenter plc		1,320
	818,771	e	Computer Sciences Corp		32,792
	60,912	*,e	Computer Task Group, Inc		1,110
	571,416		Computershare Ltd		5,391
	517,244	*	Compuware Corp		5,622
	123,434	*,e	comScore, Inc		1,701
	77,944	*	Comverse, Inc		2,224

150

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	120,898	*,e	Concur Technologies, Inc	$	8,163
	104,633	*,e	Constant Contact, Inc		1,487
	462,717		Convergys Corp		7,593
	61,572		Core Projects & Technologies Ltd		357
	120,985	*,e	Cornerstone OnDemand, Inc		3,573
	98,925	*	CoStar Group, Inc		8,841
	728,643	e	CSE Global Ltd		470
	206,555	*	CSG Systems International, Inc		3,755
	177,851	e	Cupid plc		568
	53,283	*	CUROCOM Co Ltd		135
	155,252		Cyberlink Corp		512
	15,785	*	Danal Co Ltd		166
	38,050		Daou Technology, Inc		567
	86,751	e	Dassault Systemes S.A.		9,699
	17,205		Daum Communications		1,466
	173,980	*	DealerTrack Holdings, Inc		4,997
	113,139	*,e	Demand Media, Inc		1,051
	24,339	*,e	Demandware, Inc		665
	184,789	e	Dena Co Ltd		6,062
	156,419	*,e	Dice Holdings, Inc		1,436
	167		Digital Garage, Inc		324
	190,152	*	Digital River, Inc		2,736
	33,006		DMRC Corp		683
	21,551		Dragonfly GF Co Ltd		276
	254,464		DST Systems, Inc		15,421
	27,300		DTS Corp		335
	11,080	*	DuzonBIzon Co Ltd		120
	107	e	Dwango Co Ltd		207
	1,500	*,e	E2open, Inc		21
	769,483		Earthlink, Inc		4,971
	7,098,475	*	eBay, Inc		362,164
	101,586	e	Ebix, Inc		1,633
	86,472		Econocom Group		678
	754,948	*,e	Electronic Arts, Inc		10,969
	202,860	*,e	Ellie Mae, Inc		5,629
	21,200	*	Eloqua, Inc		500
	156,733		Ementor ASA		1,677
	5,436		Engineering Ingegneria Informatica S.p.A.		181
	70,760	*	Envestnet, Inc		987
	18,242	*,e	Envivio, Inc		31
	34,759		EOH Holdings Ltd		155
	53,209	*,e	EPAM Systems, Inc		963
	105,785		EPIQ Systems, Inc		1,352
	17,041		ePlus, Inc		704
	175,582	*,e	Equinix, Inc		36,205
	228,610	*	Euronet Worldwide, Inc		5,395
	15,900	*	EXA Corp		155
	21,255	e	Exact Holding NV		449
	79,486	*,e	ExactTarget, Inc		1,590
	111,816	*,e	ExlService Holdings, Inc		2,963
	1,605,341	*	Facebook, Inc		42,750
	121,328	e	Factset Research Systems, Inc		10,684

151

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES				COMPANY	VALUE (000)
	169,224			Fair Isaac Corp	$	7,112
	148,104	*,e		FalconStor Software, Inc		345
	978,122			Fidelity National Information Services, Inc		34,048
	61,742			Fidessa Group plc		1,536
	31,893			Financial Technologies India Ltd		658
	771,388	*		First American Corp		20,766
	539,117	*		Fiserv, Inc		42,606
	390,761	*,e		FleetCor Technologies, Inc		20,964
	19,935	*,e		FleetMatics Group plc		502
	48,982			Forrester Research, Inc		1,313
	1,140,577	*		Fortinet, Inc		24,032
	170,964	e		F-Secure Oyj		351
	51,900			FUJI SOFT, Inc		987
	206			Future Architect, Inc		82
	97,000		��	Gamania Digital Entertainment Co Ltd		95
	13,393	*		GameHi Co Ltd		89
	163,139	*,e		GameLoft		1,147
	4,843	*		Gamevil, Inc		455
	566,726	*		Gartner, Inc		26,081
	313,474			Genpact Ltd		4,859
	617,254	*		Geodesic Information Systems Ltd		251
	141,205	*,e,m		Gerber Scientific, Inc		0	^
	55,397			GFI Informatique		199
	326,836	*		Global Cash Access, Inc		2,562
	262,579			Global Payments, Inc		11,895
	75,303			Glodyne Technoserve Ltd		34
	181,649	*,e		Glu Mobile, Inc		416
	62,300			GMO internet, Inc		405
	10,200	e		GMO Payment Gateway, Inc		155
	5,265			Golfzon Co Ltd		311
	1,206,766	*		Google, Inc (Class A)		856,044
	18,300			Gourmet Navigator, Inc		188
	350,000	*,e		Gravity Co Ltd (ADR)		466
	308,148	*,e		Gree, Inc		4,782
	74,176			Groupe Steria SCA		1,400
	53,372	*,e		Guidance Software, Inc		634
	111,865	*,e		Guidewire Software, Inc		3,325
	37	*		GungHo Online Entertainment Inc		371
	14,999			Haansoft, Inc		296
	108,216	e		Hackett Group, Inc		463
	31,308			HCL Infosystems Ltd		22
	258,114			HCL Technologies Ltd		2,932
	201,186	e		Heartland Payment Systems, Inc		5,935
	380,555			Hexaware Technologies Ltd		598
	115,582	*,e		Higher One Holdings, Inc		1,218
	67,702			HIQ International AB		376
	820,935			IAC/InterActiveCorp		38,830
	117,759	*		iGate Corp		1,857
	37,419	*,e		Imperva, Inc		1,180
	225,350	*		Indian Infotech & Software Ltd.		92
	311,350	e		Indra Sistemas S.A.		4,165
	39,644			Industrial & Financial Systems		632

152

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	461,193		Ines Corp	$	2,873
	130,535	*,e	Infoblox, Inc		2,346
	277,189	*	Informatica Corp		8,404
	202,400		Information Development Co		1,215
	31,400		Information Services International-Dentsu Ltd		305
	690,129		Infosys Technologies Ltd		29,231
	6,220	*	Infraware, Inc		55
	92,525	*,e	Innodata Isogen, Inc		350
	1,064,615	*	Innovation Group plc		415
	7,000		Insyde Software Corp		20
	50,315	*,e	Interactive Intelligence, Inc		1,688
	192,865	*	Internap Network Services Corp		1,338
	4,611,221		International Business Machines Corp		883,279
	91,000		International Games System Co Ltd		354
	27,000		Internet Initiative Japan, Inc		619
	1,639,408		Intuit, Inc		97,545
	195,591	*,e	Ipass, Inc		358
	138,070	e	Iress Market Technology Ltd		1,194
	287,660		IT Holdings Corp		3,473
	80,221		Itochu Techno-Science Corp		3,303
	190,866	e	j2 Global, Inc		5,837
	224,315		Jack Henry & Associates, Inc		8,807
	7,374		JCEntertainment Corp		114
	971,626	*,e	Jive Software, Inc		14,118
	4,799	*	Joymax Co Ltd		116
	45,100	e	Kakaku.com, Inc		1,489
	53,765		Keynote Systems, Inc		758
	11,067		Kginicis Co Ltd		127
	2,704,000	e	Kingdee International Software Group Co Ltd		516
	904,000	e	Kingsoft Corp Ltd		646
	121,494	*	Knot, Inc		1,130
	116,231	*	Kofax plc		559
	307,517		Konami Corp		6,925
	34,112	*	KT Hitel Co Ltd		268
	628,839		Lender Processing Services, Inc		15,482
	208,412	*,e	Limelight Networks, Inc		463
	307,288	*	LinkedIn Corp		35,283
	228,647	*	Lionbridge Technologies		919
	91,713	*,e	Liquidity Services, Inc		3,747
	276,810	*,e	Liveperson, Inc		3,637
	4,000	*,e	Livesense, Inc		152
	88,787	*	LogMeIn, Inc		1,990
	64,745		MacDonald Dettwiler & Associates Ltd		3,642
	75,200	e	Macromill, Inc		808
	75,864	*,e	magicJack VocalTec Ltd		1,381
	104,179	e	Mail.ru (GDR)		3,639
	115,945	*	Manhattan Associates, Inc		6,996
	80,659	e	Mantech International Corp (Class A)		2,092
	85,184	e	Marchex, Inc (Class B)		350
	81,338	*	Market Leader, Inc		533
	518,598		Mastercard, Inc (Class A)		254,777
	66,035		Matrix IT Ltd		287

153

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	37,052	*,e	Mattersight Corp	$	184
	172,481		MAXIMUS, Inc		10,904
	47,350	*,e	MeetMe, Inc		165
	362,315	*	Mentor Graphics Corp		6,167
	15,418	e	Mercadolibre, Inc		1,211
	343,273		Micro Focus International plc		3,278
	429,140	*	Micros Systems, Inc		18,213
	32,659,421		Microsoft Corp		872,986
	126,198	*	MicroStrategy, Inc (Class A)		11,784
	40,552	*,e	Millennial Media, Inc		508
	7,400		MindTree Ltd		92
	61	e	Mixi Inc		138
	182,424		ModusLink Global Solutions, Inc		529
	108,606	*	MoneyGram International, Inc		1,443
	668,517		Moneysupermarket.com Group plc		1,705
	4,667,326	*	Monitise plc		2,578
	141,935	e	Monotype Imaging Holdings, Inc		2,268
	509,061	*,e	Monster Worldwide, Inc		2,861
	141,705	*	Move, Inc		1,076
	2,809	*,e	NCI, Inc (Class A)		13
	18,485		NCsoft		2,616
	16,600		NEC Fielding Ltd		199
	24,700		NEC Networks & System Integration Corp		439
	12,273		Nemetschek AG.		540
	30,500	*	Neowiz Corp		417
	15,903	*	Neowiz Games Corp		376
	5,740	*	Neowiz Internet Corp		64
	33,617	e	Net Entertainment NE AB		414
	275,000	e	NET One Systems Co Ltd		2,715
	247,500		NetDragon Websoft, Inc		354
	198,356	*	Netscout Systems, Inc		5,155
	175,981	*	NetSuite, Inc		11,844
	517,966	*,e	NeuStar, Inc (Class A)		21,718
	247,900	*	Nexon Co Ltd		2,511
	50,735		NHN Corp		10,777
	303,616	e	NIC, Inc		4,961
	54,111	*	Nice Systems Ltd		1,812
	169	*	NIFTY Corp		265
	75,900		Nihon Unisys Ltd		506
	10,913		NIIT Ltd		6
	17,491		NIIT Technologies Ltd		77
	131,964		Nintendo Co Ltd		14,091
	46,100		Nippon System Development Co Ltd		404
	319,702		Nomura Research Institute Ltd		6,660
	17,400		NS Solutions Corp		310
	1,845		NTT Data Corp		5,775
	836,672	*	Nuance Communications, Inc		18,675
	6,300		OBIC Business Consultants Ltd		355
	8,410		Obic Co Ltd		1,684
	103,121	*	Open Text Corp		5,767
	84,938	*,e	OpenTable, Inc		4,145
	228,907	e	Opera Software ASA		1,311

154

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	23,197,348		Oracle Corp	$	772,936
	28,391		Oracle Corp Japan		1,183
	43,621		Otsuka Corp		3,300
	417,700		Pacific Online		148
	565,834	*	Parametric Technology Corp		12,737
	830,017		Paychex, Inc		25,847
	65,832		PC Home Online		307
	275,000		PCA Corp		3,182
	65,360	e	Pegasystems, Inc		1,482
	163,520	*,e	Perficient, Inc		1,926
	48,502	*,e	Pervasive Software, Inc		432
	543,140		Playtech Ltd		3,767
	80,000		Polaris Software Lab Ltd		168
	96,454		POSDATA Co Ltd		729
	89,175	*	PRG-Schultz International, Inc		575
	281,736	*	Progress Software Corp		5,914
	23,224	*,e	Proofpoint, Inc		286
	75,553	*,e	PROS Holdings, Inc		1,382
	14,123		PSI AG. Gesellschaft Fuer Produkte und Systeme der Informationstechnologie		287
	30,676	e	QAD, Inc (Class A)		442
	495,300	*,e	QLIK Technologies, Inc		10,758
	18,754	*,e	Qualys, Inc		277
	132,378	*,e	QuinStreet, Inc		890
	290,777	*	Rackspace Hosting, Inc		21,596
	80,305	*,e	RealNetworks, Inc		607
	126,316	*,e	RealPage, Inc		2,725
	1,186,736	*	Red Hat, Inc		62,850
	11,129		Reply S.p.A.		308
	160,334	*	Responsys, Inc		956
	25,351	*	Retalix Ltd		753
	90,891	*	Rolta India Ltd		103
	43,786	*	Rosetta Stone, Inc		540
	265,152	*	Rovi Corp		4,091
	110,535	*,e	Saba Software, Inc		966
	1,368,707	*	Sage Group plc		6,581
	748,853	e	SAIC, Inc		8,477
	579,217	*,e	Salesforce.com, Inc		97,366
	2,361,700		Samart Corp PCL		995
	1,628,500		SAP AG.		130,952
	33,048	*,e	Sapiens International Corp NV		132
	520,166	*	Sapient Corp		5,493
	1,271,864	*	Satyam Computer Services Ltd		2,501
	20,016		SBSi Co Ltd		246
	86,262	*	Sciquest, Inc		1,368
	98,337		SDL plc		819
	102,498	*	Seachange International, Inc		991
	35,262	*,e	ServiceNow, Inc		1,059
	398,587	*,e	ServiceSource International LLC		2,332
	239,630		Shanghai Baosight Software Co Ltd		277
	5,838	*	SimCorp AS		1,306
	289		Simplex Technology, Inc		83

155

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	209,849	*	Sina Corp	$	10,539
	30,426		SK C&C Co Ltd		2,935
	14,948	*	SK Communications Co Ltd		111
	87,475		SMS Management & Technology Ltd		425
	90,033		Software AG.		3,841
	108,540		Soft-World International Corp		210
	5,000	*,e	Sohu.com, Inc		237
	340,352	*	SolarWinds, Inc		17,851
	177,270		Solera Holdings, Inc		9,479
	583,936		Sonda S.A.		1,855
	8,792		Sopra Group S.A.		567
	108,479	*,e	Sourcefire, Inc		5,122
	28,990	*,e	Spark Networks, Inc		226
	40,578	*,e	Splunk, Inc		1,178
	38,700	*,e	SPS Commerce, Inc		1,442
	170,316	e	Square Enix Co Ltd		2,167
	128,153	*	SS&C Technologies Holdings, Inc		2,963
	70,864	*,e	Stamps.com, Inc		1,786
	155,170		Sumisho Computer Systems Corp		2,430
	640,000		SUNeVision Holdings Ltd		132
	195,719	*	SupportSoft, Inc		818
	3,421,009	*	Symantec Corp		64,349
	24,476	*,e	Synacor, Inc		134
	98,533	*	Synchronoss Technologies, Inc		2,078
	530,866	*	Synopsys, Inc		16,903
	78,680		Syntel, Inc		4,216
	397		Systena Corp		350
	356,000		Systex Corp		405
	308,488	*	TA Indigo Holding Corp		1,903
	834,128	*	Take-Two Interactive Software, Inc		9,184
	110,148	*	Tangoe, Inc		1,307
	883,815		Tata Consultancy Services Ltd		20,363
	52,101	*,e	TechTarget, Inc		289
	192,282		Tecmo Koei Holdings Co Ltd		1,619
	863,155		Telecity Group plc		11,147
	65,503	*,e	TeleNav, Inc		523
	108,249	*	TeleTech Holdings, Inc		1,927
	88,135	*,e	Temenos Group AG.		1,542
	1,892,200	e	Tencent Holdings Ltd		62,058
	532,268	*	Teradata Corp		32,942
	3,275		Tessi S.A.		342
	1,080,309	*	TIBCO Software, Inc		23,778
	144,737	e	Tietoenator Oyj		2,860
	802,419	*	TiVo, Inc		9,886
	91,458	*	TNS, Inc		1,896
	956,518		Total System Services, Inc		20,489
	140,100		Totvus S.A.		2,764
	69,100	*	Trans Cosmos, Inc/Japan		745
	1,279,999		Travelsky Technology Ltd		686
	48,426	*,e	Travelzoo, Inc		920
	151,351	*,e	Trend Micro, Inc		4,573
	15,061	*,e	Trulia, Inc		245

156

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	147,166	*	Tyler Technologies, Inc	$	7,129
	119,763	*	Ubisoft Entertainment		1,261
	97,505	*	Ultimate Software Group, Inc		9,205
	278,841	*	Unisys Corp		4,824
	36,234		Unit 4 Agresso NV		1,094
	42,881		United Internet AG.		927
	608,493	e	United Online, Inc		3,401
	351,359	*,e	Unwired Planet, Inc		422
	563,226		UXC Ltd		633
	311,241	*	Valueclick, Inc		6,041
	367,780	*	Vantiv, Inc		7,510
	128,028	*,e	Vasco Data Security International		1,045
	292,001	*,e	VeriFone Systems, Inc		8,667
	77,192	*	Verint Systems, Inc		2,266
	720,557	*,e	VeriSign, Inc		27,972
	149,456	*,e	VirnetX Holding Corp		4,376
	72,408	*,e	Virtusa Corp		1,190
	2,493,807		Visa, Inc (Class A)		378,011
	389,730	*,e	VistaPrint Ltd		12,807
	788,684	*	VMware, Inc (Class A)		74,247
	81,180	*	Vocus, Inc		1,411
	239,552	*,e	WebMD Health Corp (Class A)		3,435
	142,898	*,e	Websense, Inc		2,149
	125,295	*,e	Website Pros, Inc		1,854
	17,589	*	Webzen, Inc		124
	11,460		WeMade Entertainment Co Ltd		494
	1,973,482		Western Union Co		26,859
	773,394		Wipro Ltd		5,605
	167,911		Wirecard AG.		4,145
	80,280	*,e	Workday, Inc		4,375
	286,066	*	Xchanging plc		581
	28,893		Yahoo! Japan Corp		9,355
	5,960,457	*	Yahoo!, Inc		118,613
	77,746	*	Yandex NV		1,677
	28,085	*,e	Yelp, Inc		529
	299,600		YTL E-Solutions BHD		69
	243,594	*,e	Zix Corp		682
	326,129	*	Zynga, Inc		773
			TOTAL SOFTWARE & SERVICES		7,580,539
TECHNOLOGY HARDWARE & EQUIPMENT - 5.6%
	165,895	*,e	3D Systems Corp		8,850
	55,933	*	3S Korea Co Ltd		374
	61,400	*,e	5N Plus, Inc		165
	1,802,500	e	AAC Technologies Holdings, Inc		6,391
	846,000		Ability Enterprise Co Ltd		795
	1,249,292		Accton Technology Corp		701
	2,948,174	*	Acer, Inc		2,571
	15,320		Acme Electronics Corp		19
	82,645	*,e	Acme Packet, Inc		1,828
	232,000		A-DATA Technology Co Ltd		252
	252,370		Adlink Technology, Inc		297

157

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	316,822	e	Adtran, Inc	$	6,191
	52,403	*	ADVA AG. Optical Networking		277
	331,775		Advantech Co Ltd		1,406
	98,086	*	Agilysys, Inc		821
	49,300	e	Ai Holdings Corp		351
	3,416,972	*,e	Alcatel S.A.		4,607
	688,000		Alpha Networks, Inc		463
	204,100		Alps Electric Co Ltd		1,236
	7,099	*,e	Ambient Corp		21
	634,600	e	Amphenol Corp (Class A)		41,059
	2,739,949		AmTRAN Technology Co Ltd		2,142
	47,562	*,e	Anaren, Inc		925
	105,719	e	Anixter International, Inc		6,764
	300,000		Anritsu Corp		3,564
	4,545,617		Apple, Inc		2,422,950
	531,266		Arcadyan Technology Corp		561
	76,218		Arima Communications Corp		42
	551,863	*	Arris Group, Inc		8,245
	373,523	*	Arrow Electronics, Inc		14,224
	466,570	*,e	Aruba Networks, Inc		9,681
	33,812		Ascom Holding AG.		327
	108,464		Asia Vital Components Co Ltd		58
	162,000		ASROCK, Inc		562
	1,548,901		Asustek Computer, Inc		17,540
	118,000		Aten International Co Ltd		187
	9,085,353	*	AU Optronics Corp		4,123
	63,896	*,e	Audience, Inc		664
	30,967		Austria Technologie & Systemtechnik AG.		331
	235,000		AV Tech Corp		718
	2,601,741		Avermedia Technologies		1,409
	108,782	*,e	Avid Technology, Inc		825
	194,407	*	Avnet, Inc		5,951
	65,032		AVX Corp		701
	31,255		Aware, Inc		171
	75,502	*	AX Holding Corp		528
	109,028	e	Axis Communications AB		3,003
	51,711	e	Badger Meter, Inc		2,452
	26,985		Barco NV		1,954
	62,818	e	Bel Fuse, Inc (Class B)		1,228
	294,319	*	Benchmark Electronics, Inc		4,892
	2,325,000	*	Benq Corp		589
	76,717		Black Box Corp		1,867
	256,927	*,e	Bookham, Inc		403
	2,732,000		Broad Intelligence International Pharmaceutical Holdings Ltd		680
	1,424,662	*	Brocade Communications Systems, Inc		7,593
	463,578	e	Brother Industries Ltd		4,991
	123,249	*,e	Bull S.A.		507
	1,975,000		BYD Electronic International Co Ltd		519
	127,950	*	CalAmp Corp		1,065
	2,677,400		CalComp Electronics Thailand PCL		282
	288,718	*	Calix Networks, Inc		2,220

158

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	24,100	*	Canon Electronics, Inc	$	528
	2,005,025	e	Canon, Inc		77,714
	285,000		Career Technology Co Ltd		387
	700,053		Catcher Technology Co Ltd		3,516
	266,000	*,e	Catic Shenzhen Holdings Ltd		98
	286,985	*	Celestica, Inc		2,328
	37,029	*	Ceragon Networks Ltd		166
	102,522		Chang Wah Electromaterials, Inc		326
	152,499	*	Checkpoint Systems, Inc		1,638
	441,602		Cheng Uei Precision Industry Co Ltd		958
	54,000	*	Chenming Mold Industry Corp		53
	1,774,465		Chicony Electronics Co Ltd		4,138
	1,104,108		Chimei Materials Technology Corp		1,215
	3,714,000		China Aerospace International Holdings Ltd		337
	1,434,000	e	China All Access Holdings Ltd		340
	2,325,000	*	China ITS Holdings Co Ltd		452
	3,472,000		China Wireless Technologies Ltd		1,027
	1,577,000		Chin-Poon Industrial Co		1,708
	533,840		Chroma ATE, Inc		1,195
	2,513,000	*	Chunghwa Picture Tubes Ltd		85
	2,034,370	*,e	Ciena Corp		31,940
	30,191,911		Cisco Systems, Inc		593,271
	570,584	*	Citizen Watch Co Ltd		3,014
	554,373		Clevo Co		688
	2,783,000	*	CMC Magnetics Corp		472
	170,100	*	CMK Corp		669
	211,621		Cognex Corp		7,792
	100,372		Coherent, Inc		5,081
	1,280,299	e	Comba Telecom Systems Holdings Ltd		471
	469,000		Compal Communications, Inc		529
	5,137,648		Compal Electronics, Inc		3,480
	778,000		Compeq Manufacturing Co		338
	66,873		Comtech Telecommunications Corp		1,697
	777,649	*	Comverse Technology, Inc		2,986
	2,221,000		Coretronic Corp		1,731
	4,562,784		Corning, Inc		57,582
	161,000		Coxon Precise Industrial Co Ltd		331
	178,053	*	Cray, Inc		2,840
	16,824	*	CrucialTec Co Ltd		162
	126,554		CTS Corp		1,345
	45,000		CyberPower Systems, Inc		81
	315,000		CyberTAN Technology, Inc		273
	26,780		Daeduck Electronics Co		269
	16,040		Daeduck GDS Co Ltd		266
	10,000		Dai-ichi Seiko Co Ltd		160
	523,000		Daiwabo Co Ltd		1,072
	131,939		Daktronics, Inc		1,461
	266,000		Darfon Electronics Corp		178
	92,955	*	Datalink Corp		795
	3,011		Datalogic S.p.A.		26
	309,143		DataTec Ltd		1,789
	487,416	*	Daxon Technology, Inc		201

159

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	492,000		DBA Telecommunication Asia Holdings Ltd	$	322
	2,338,264		Dell, Inc		23,687
	1,475,200		Delta Electronics Thai PCL		1,543
	2,227,664		Delta Electronics, Inc		8,210
	82,000		Denki Kogyo Co Ltd		333
	73,077		Dialight plc		1,262
	80,322		Diebold, Inc		2,459
	103,097	*,e	Digi International, Inc		976
	2,010,000	e	Digital China Holdings Ltd		3,476
	7,121	*	Digital Multimedia Technologies S.p.A.		194
	7,173	*	Digitech Systems Co Ltd		70
	230,089	*	Diploma plc		2,073
	744,000		D-Link Corp		473
	82,672	e	Dolby Laboratories, Inc (Class A)		2,425
	147,215	*	Domino Printing Sciences		1,394
	65,884	*,e	DTS, Inc		1,100
	320,900		Eastern Communications Co Ltd		123
	133,794	*,e	Echelon Corp		328
	94,384	*	EchoStar Corp (Class A)		3,230
	16,971		Eizo Nanao Corp		272
	88,173	e	Electro Rent Corp		1,356
	125,737	e	Electro Scientific Industries, Inc		1,251
	816,215	*	Electrocomponents plc		3,180
	210,132	*,e	Electronics for Imaging, Inc		3,990
	1,092,938		Elite Material Co Ltd		1,089
	3,025,000		Elitegroup Computer Systems Co Ltd		943
	10,436,722	*	EMC Corp		264,049
	355,355	*	Emulex Corp		2,594
	11,200		Enplas Corp		502
	168,900		Entire Technology Co Ltd		243
	2,781,181		Ericsson (LM) (B Shares)		28,093
	32,407		Esprinet S.p.A.		145
	770,970		Everlight Electronics Co Ltd		1,020
	22,889		EVS Broadcast Equipment S.A.		1,346
	31,663	*	Exfo Electro Optical Engineering, Inc		170
	327,890	*	Extreme Networks, Inc		1,193
	925,603	*	F5 Networks, Inc		89,922
	81,182	*,e	Fabrinet		1,067
	81,742	*,e	FARO Technologies, Inc		2,917
	137,095		FEI Co		7,603
	361,075	*,e	Finisar Corp		5,885
	130,810		Firich Enterprises Co Ltd		182
	687,913		FLEXium Interconnect, Inc		2,438
	219,524		Flir Systems, Inc		4,898
	199,397		Flytech Technology Co Ltd		470
	4,359,374	*,e	Foxconn International Holdings Ltd		2,138
	911,778		Foxconn Technology Co Ltd		2,880
	1,765,182		Fuji Folms Holdings Corp		35,515
	4,132,146		Fujitsu Ltd		17,330
	222,438		Fulltech Fiber Glass Corp		103
	97,168	*,e	Fusion-io, Inc		2,228
	247,153		G Tech Optoelectronics Corp		652

160

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	222,638		Gemalto NV	$	20,096
	384,913		Gemtek Technology Corp		468
	61,139		GeoVision, Inc		253
	319,000		Getac Technology Corp		175
	20,000	*	Giantplus Technology Co Ltd		6
	1,429,000		Gigabyte Technology Co Ltd		1,284
	228,986		Gigastorage Corp		147
	547,613		Global Brands Manufacture Ltd		197
	86,856	*	Globecomm Systems, Inc		981
	532,000		Great Wall Technology Co Ltd		104
	138,888	*,e	GSI Group, Inc		1,203
	12,900		Hakuto Co Ltd		119
	806,640		Halma plc		6,070
	15,634		Hamamatsu Photonics KK		568
	595,838		Hannstar Board Corp		272
	3,693,000	*	HannStar Display Corp		408
	538,267	*	Harmonic, Inc		2,729
	261,349		Harris Corp		12,796
	277,839	*	Harris Stratex Networks, Inc (Class A)		914
	8,015,493		Hewlett-Packard Co		114,221
	51,117		Hexagon AB (B Shares)		1,293
	836,804		High Tech Computer Corp		8,741
	2,372,008	*	Himachal Futuristic Communications		424
	9,100		Hioki EE Corp		145
	323,000		Hi-P International Ltd		207
	24,366	e	Hirose Electric Co Ltd		2,918
	18,830		Hitachi High-Technologies Corp		390
	205,000		Hitachi Kokusai Electric, Inc		1,509
	19,503,737		Hitachi Ltd		114,770
	543,000		Holystone Enterprise Co Ltd		479
	18,602,715		Hon Hai Precision Industry Co, Ltd		57,581
	43,095		Horiba Ltd		1,250
	88,500	e	Hosiden Corp		545
	308,920	*	Hoya Corp		6,087
	86,090		Humax Co Ltd		902
	99,833	*	Ibiden Co Ltd		1,598
	155,000	*	Ichia Technologies, Inc		80
	236,000	*	I-Chiun Precision Industry Co Ltd		146
	10,700		Icom, Inc		239
	539,500		ICP Electronics, Inc		740
	27,360		Iljin Materials Co Ltd		233
	118,960	*	Imation Corp		556
	113,725	*,e	Immersion Corp		781
	4,113		Inficon Holding AG.		988
	381,495	*,e	Infinera Corp		2,216
	404,000		Infortrend Technology, Inc		218
	53,718		Ingenico		3,056
	330,359	*	Ingram Micro, Inc (Class A)		5,590
	6,625,739	*	InnoLux Display Corp		3,583
	203,145	*,e	Insight Enterprises, Inc		3,529
	4,345,000		Inspur International Ltd		164
	149,541	e	InterDigital, Inc		6,146

161

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	7,059		Interflex Co Ltd	$	357
	268,008	*	Intermec, Inc		2,643
	92,804	*,e	Intevac, Inc		424
	35,122		INTOPS Co Ltd		919
	373,054	*,e	InvenSense, Inc		4,145
	2,696,423		Inventec Co Ltd		1,041
	45,889	e	IPG Photonics Corp		3,058
	6,900	*	ITC Networks Corp		53
	682,357		ITEQ Corp		700
	52,418	*	Itron, Inc		2,335
	21,751		Ituran Location and Control Ltd		293
	154,220	*,e	Ixia		2,619
	494,398		Jabil Circuit, Inc		9,537
	11,610		Jahwa Electronics Co Ltd		199
	308,000		Japan Aviation Electronics Industry Ltd		2,290
	18,900		Japan Cash Machine Co Ltd		157
	22,000		Japan Digital Laboratory Co Ltd		247
	55,535	*,e	Japan Radio Co Ltd		154
	3,337,600		JCY International BHD		686
	5,399,780	*	JDS Uniphase Corp		73,113
	132,847		Jenoptik AG.		1,304
	62,700		Jentech Precision Industrial Co Ltd		146
	153,528	*	Jess-Link Products Co Ltd		139
	3,062,000	e	Ju Teng International Holdings Ltd		1,476
	3,132,632	*	Juniper Networks, Inc		61,619
	33,700		Kaga Electronics Co Ltd		299
	15,400	*	Kanematsu Electronics Ltd		178
	7,429	e	Kapsch TrafficCom AG.		466
	187,037	*,e	Kemet Corp		941
	36,598	*,e	Key Tronic Corp		375
	13,786		Keyence Corp		3,823
	796,700		Kingboard Chemical Holdings Ltd		2,877
	1,500,000	e	Kingboard Laminates Holdings Ltd		696
	1,931,000		Kinpo Electronics		432
	42,000	e	Koa Corp		339
	1,152,350		Konica Minolta Holdings, Inc		8,293
	11,090	*	Korea Circuit Co Ltd		225
	46,641		Kudelski S.A.		487
	59,337	*	KVH Industries, Inc		830
	131,648		Kyocera Corp		11,936
	368,632		Laird Group plc		1,246
	325,462		Largan Precision Co Ltd		8,767
	960		LEM Holding S.A.		530
	12,350,200	e	Lenovo Group Ltd		11,388
	93,658	e	Lexmark International, Inc (Class A)		2,172
	11,420	*	LG Innotek Co Ltd		882
	329,332	*	LG.Philips LCD Co Ltd		9,714
	1,194,314		LITE-ON IT Corp		1,032
	2,604,461		Lite-On Technology Corp		3,476
	109,400		Littelfuse, Inc		6,751
	558,762	*,e	Logitech International S.A.		4,290
	55,753		Loral Space & Communications, Inc		3,047

162

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	69,000		Lotes Co Ltd	$	215
	344,975		Lumax International Corp Ltd		734
	22,800		Macnica, Inc		453
	145,000		Marubun Corp		624
	7,300	e	Maruwa Co Ltd		248
	102,784	*,e	Maxwell Technologies, Inc		852
	54,182	*,e	Measurement Specialties, Inc		1,862
	37,600	e	Meiko Electronics Co		299
	12,100	e	Melco Holdings, Inc		213
	136,929	*,e	Mercury Computer Systems, Inc		1,260
	11,289		Mesa Laboratories, Inc		566
	135,855		Methode Electronics, Inc		1,363
	2,471,000		Micro-Star International Co Ltd		1,196
	172,000		MIN AIK Technology Co Ltd		526
	1,731,000		Mitac International		624
	1,000		Mitsui Knowledge Industry Co Ltd		164
	119,400		Mitsumi Electric Co Ltd		699
	218,975	e	Molex, Inc		5,985
	773,414		Motorola, Inc		43,064
	56,965		MTS Systems Corp		2,901
	35,871	*	Multi-Fineline Electronix, Inc		725
	344,269		Murata Manufacturing Co Ltd		20,309
	568,850		Nan Ya Printed Circuit Board Corp		708
	458,000		Nanjing Panda Electronics		124
	136,120		National Instruments Corp		3,513
	234,421	*	NCR Corp		5,973
	2,745,382	*	NEC Corp		5,791
	17,683		NEC Mobiling Ltd		718
	84,377	*,e	Neonode, Inc		410
	65,180	*,e	Neopost S.A.		3,457
	1,319,632	*	NetApp, Inc		44,274
	153,301	*,e	Netgear, Inc		6,043
	76,000		Newmax Technology Co Ltd		158
	171,668	*	Newport Corp		2,309
	68,026	e	Nichicon Corp		585
	24,200		Nidec Copal Electronics Corp		116
	19,400		Nihon Dempa Kogyo Co Ltd		255
	19,800		Nippon Ceramic Co Ltd		301
	183,000	*,e	Nippon Chemi-Con Corp		392
	1,163,604		Nippon Electric Glass Co Ltd		6,626
	31,000		Nohmi Bosai Ltd		210
	3,747,816	e	Nokia Oyj		14,810
	43,834		Nolato AB (B Shares)		529
	19,850		Nortel Networks Netas Telekomunikasyon AS		123
	40,166	*,e	Numerex Corp		528
	229,905	*,e	OCZ Technology Group, Inc		439
	997,000	*	Oki Electric Industry Co Ltd		1,223
	737,253		Omron Corp		17,696
	1,240,000		O-Net Communications Group		352
	69,772	*,e	Oplink Communications, Inc		1,087
	34,000	*	Osaki Electric Co Ltd		187
	121,673	*	OSI Systems, Inc		7,792

163

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	378,873		Pace plc	$	1,156
	21,696	*,e	Palo Alto Networks, Inc		1,161
	806,990	*	Pan-International Industrial		757
	72,928	e	Park Electrochemical Corp		1,876
	279,241	*,e	Parkervision, Inc		567
	16,970	*	Parrot S.A.		639
	41,009		Partron Co Ltd		753
	188,000	*	PAX Global Technology Ltd		39
	34,275	e	PC Connection, Inc		394
	73,463	e	PC-Tel, Inc		529
	1,907,217		Pegatron Technology Corp		2,484
	206,232		Pinnacle Technology Holdings Ltd		448
	179,220		Plantronics, Inc		6,608
	222,124	*	Plexus Corp		5,731
	223,893	*	Polycom, Inc		2,342
	21,100	*	Positivo Informatica S.A.		52
	421,759	*,e	Power-One, Inc		1,733
	990,130		Premier Farnell plc		3,154
	922,000		Prime View International Co Ltd		709
	68,239	*	Procera Networks, Inc		1,266
	6,913,000	*	PT Agis Tbk		341
	481,000	*	PT Erajaya Swasembada Tbk		148
	528,401	*	QLogic Corp		5,141
	9,482,789		Qualcomm, Inc		588,123
	2,932,532		Quanta Computer, Inc		6,941
	356,000		Quanta Storage, Inc		217
	1,146,093	*,e	Quantum Corp		1,421
	128,007	*,e	Rackable Systems, Inc		1,309
	83,112	*,e	Radisys Corp		248
	151,810	*,e	RealD, Inc		1,702
	37,087		Redington India Ltd		59
	86,386		Renishaw plc		2,933
	29,200	*,e	Research In Motion Ltd (Canada)		346
	48,030		Richardson Electronics Ltd		544
	305,799	e	Ricoh Co Ltd		3,246
	31,700		Riso Kagaku Corp		594
	3,588,000	*	Ritek Corp		496
	237,967	*	Riverbed Technology, Inc		4,693
	102,899	*	Rofin-Sinar Technologies, Inc		2,231
	57,210	*,e	Rogers Corp		2,841
	11,200		Roland DG Corp		132
	23,234	*	Ruckus Wireless, Inc		523
	80,600		Ryosan Co Ltd		1,430
	32,700		Ryoyo Electro Corp		305
	26,440		Sam Young Electronics Co Ltd		215
	130,723		Samsung Electro-Mechanics Co Ltd		12,220
	82,651		Samsung SDI Co Ltd		11,731
	1,968,458	*	SanDisk Corp		85,746
	158,413	*	Sandvine Corp		210
	418,151	*	Sanmina Corp		4,629
	57,000		Sanshin Electronics Co Ltd		385
	6,022	*	Sapphire Technology Co Ltd		155

164

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	105,201	*	Scansource, Inc	$	3,342
	492,981	e	Seagate Technology, Inc		15,026
	366,100	e	Seiko Epson Corp		2,986
	411,000		Senao International Co Ltd		1,359
	735,000		Sercomm Corp		1,080
	30,721		SFA Engineering Corp		1,361
	308,800		Shanghai Potevio Co Ltd		169
	133,100	*	Shijiazhuang Baoshi Electronic Glass Co Ltd		110
	56,289		Shimadzu Corp		384
	41,400		Shinko Shoji Co Ltd		346
	228,091	*,e	ShoreTel, Inc		967
	58,811	*	Sierra Wireless, Inc		468
	18,600		Siix Corp		216
	788,000		SIM Technology Group Ltd		30
	339,912		Simplo Technology Co Ltd		1,728
	611,000		Sinbon Electronics Co Ltd		559
	10,848		Sindoh Co Ltd		638
	1,089,000	*	Sintek Photronic Corp		383
	161,000		Sirtec International Co Ltd		203
	16,802		S-MAC Co Ltd/Korea		265
	86,000		SMK Corp		233
	861,770	*	Sonus Networks, Inc		1,465
	174,020		Spectris plc		5,873
	1,346,843		Spirent Communications plc		3,349
	120,200	e	Star Micronics Co Ltd		1,207
	154,809	*	STEC, Inc		763
	360,310	*	Sterlite Technologies Ltd		206
	42,038	*,e	Stratasys Ltd		3,369
	238,000		Sunrex Technology Corp		103
	97,957	*,e	Super Micro Computer, Inc		999
	14,356		Suprema, Inc		235
	656,686	*	SVA Electron Co Ltd		224
	66,197	e	Sycamore Networks, Inc		148
	171,581	*	Symmetricom, Inc		990
	119,758	*,e	Synaptics, Inc		3,589
	526,000		Syncmold Enterprise Corp		921
	93,110	*	SYNNEX Corp		3,201
	1,572,023		Synnex Technology International Corp		2,911
	165,972		Taiflex Scientific Co Ltd		211
	955,891		Taiwan PCB Techvest Co Ltd		1,412
	184,003	e	Taiyo Yuden Co Ltd		1,629
	82,000	e	Tamura Corp		184
	2,238,000	e	TCL Communication Technology Holdings Ltd		710
	116,876	e	TDK Corp		4,256
	94,720	*	Tech Data Corp		4,313
	750,000	*	Tech Pro Technology Development Ltd		276
	1,489,113	��	Tellabs, Inc		3,395
	62,057		Telular Corp		588
	29,091		Tessco Technologies, Inc		644
	654,618		Test Research, Inc		1,235
	67,149		TKH Group NV		1,738
	107,000	*,e	Toko, Inc		273

165

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	151,625		Tong Hsing Electronic Industries Ltd	$	534
	63,400	e	Topcon Corp		545
	1,785		Topoint Technology Co Ltd		1
	13,746,371		Toshiba Corp		54,411
	447,000		Toshiba TEC Corp		2,276
	35,900		Toyo Corp/Chuo-ku		402
	882,688		TPK Holding Co Ltd		15,806
	2,742,000	e	Tpv Technology Ltd		752
	462,343	*	Trimble Navigation Ltd		27,639
	487,832		Tripod Technology Corp		1,055
	4,066,000		Truly International Holdings		929
	214,582		TT electronics plc		502
	193,217	*	TTM Technologies, Inc		1,778
	512,039		TXC Corp		849
	36,792	e	Ubiquiti Networks, Inc		447
	12,222		U-Blox AG.		523
	211,200		Uchi Technologies BHD		80
	11,326		Uju Electronics Co Ltd		295
	83,000		Uniden Corp		189
	1,454,756		Unimicron Technology Corp		1,554
	253,937		Unitech Printed Circuit Board Corp		89
	140,753	*,e	Universal Display Corp		3,606
	367,795		Venture Corp Ltd		2,439
	135,986	*,e	Viasat, Inc		5,290
	11,639	*,e	Viasystems Group, Inc		142
	1,479,635	*	Vishay Intertechnology, Inc		15,728
	52,462	*	Vishay Precision Group, Inc		694
	35,186		Vivotek, Inc		110
	1,634,000		VST Holdings Ltd		358
	197,100	e	Vtech Holdings Ltd		2,225
	442		Wacom Co Ltd		1,164
	44,042		Wah Hong Industrial Corp		66
	1,828,767		Wah Lee Industrial Corp		2,498
	476,769	*	Walsin Technology Corp		117
	1,016,000		Wasion Group Holdings Ltd		484
	574,350		Weikeng Industrial Co Ltd		415
	198,508	*,e	Westell Technologies, Inc		367
	1,298,039	e	Western Digital Corp		55,154
	142,800	e	Wi-Lan, Inc		650
	45,096	*	Wincor Nixdorf AG.		2,127
	6,954,962		Wintek Corp		3,712
	2,549,270		Wistron Corp		2,669
	738,301		Wistron NeWeb Corp		1,255
	2,727,383		WPG Holdings Co Ltd		3,590
	319,679		WT Microelectronics Co Ltd		399
	308,000	*	WUS Printed Circuit Co Ltd		132
	4,034,980		Xerox Corp		27,519
	15,750	*,b,m	Ya Hsin Industrial Co Ltd		0	^
	2,213,000	*	Yageo Corp		705
	76,793		Yamatake Corp		1,553
	157,203		Yaskawa Electric Corp		1,517
	222,385		Yokogawa Electric Corp		2,438

166

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	141,000		Young Fast Optoelectronics Co Ltd	$	289
	66,074	*	Zebra Technologies Corp (Class A)		2,595
	1,560,500		Zhen Ding Technology Holding Ltd		3,865
	229,000		Zinwell Corp		197
	827,947	e	ZTE Corp		1,422
	94,839	*,e	Zygo Corp		1,489
	545,000		Zyxel Communications		269
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		5,951,354
TELECOMMUNICATION SERVICES - 2.9%
	385,200	*,e	8x8, Inc		2,847
	2,567,800		Advanced Info Service PCL		17,661
	155,879	e	AFK Sistema (GDR)		3,189
	74,785		Allied Technologies Ltd		344
	183,469		Amcon Telecommunications Ltd		286
	62,675,430		America Movil S.A. de C.V. (Series L)		72,245
	18,667,632	e	AT&T, Inc		629,286
	32,413		Atlantic Tele-Network, Inc		1,190
	550,833	*,e	Avanti Communications Group plc		2,233
	1,308,000	*,e	Axtel SAB de CV		294
	345,318	e	BCE, Inc		14,799
	269,038	e	Belgacom S.A.		7,913
	136,692	e	Bell Aliant Regional Communications Income Fund		3,617
	2,362,510		Bezeq Israeli Telecommunication Corp Ltd		2,737
	2,589,551	*	Bharti Airtel Ltd		15,096
	56,799	*,e	Boingo Wireless, Inc		429
	18,684,704	*	BT Group plc		71,286
	3,641,125		Cable & Wireless plc		2,104
	97,663	*	Cbeyond Communications, Inc		883
	62,941		Cellcom Israel Ltd		526
	2,332,996	e	CenturyTel, Inc		91,267
	5,032,921		China Communications Services Corp Ltd		2,941
	9,474,390	e	China Mobile Hong Kong Ltd		111,492
	19,493,889	e	China Telecom Corp Ltd		11,023
	7,908,201	e	China Unicom Ltd		12,858
	509,933		Chorus Ltd		1,248
	4,860,337		Chunghwa Telecom Co Ltd		15,833
	951,974	*	Cincinnati Bell, Inc		5,217
	1,678,000	e	Citic 1616 Holdings Ltd		459
	3,282,000	*	Citic 21CN Co Ltd		193
	436,000		City Telecom (HK) Ltd		153
	809,306	*,e	Clearwire Corp (Class A)		2,339
	163,547		Cogent Communications Group, Inc		3,703
	559,538	*	Colt Telecom Group S.A.		903
	252,074	e	Consolidated Communications Holdings, Inc		4,013
	913,670	*	Crown Castle International Corp		65,930
	4,318,551		Deutsche Telekom AG.		49,158
	5,309,900		Digi.Com BHD		9,229
	142,075	*	Drillisch AG.		2,101
	10,786		Elisa Oyj (Series A)		239
	264,827		Empresa Nacional de Telecomunicaciones S.A.		5,476
	78,441	*,e	Fairpoint Communications, Inc		623

167

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,040,919		Far EasTone Telecommunications Co Ltd	$	7,765
	1,494,594		France Telecom S.A.		16,581
	304,557	e	Freenet AG.		5,644
	2,445,600	e	Frontier Communications Corp		10,467
	142,129	*,e	General Communication, Inc (Class A)		1,363
	57,175		Globe Telecom, Inc		1,526
	26,528	*,e	Hawaiian Telcom Holdco, Inc		517
	294,439	*	Hellenic Telecommunications Organization S.A.		2,011
	63,070	e	HickoryTech Corp		614
	2,369,959		HKT Trust and HKT Ltd		2,328
	3,486,651		Hutchison Telecommunications Hong Kong Holdings Ltd		1,613
	267,093	*	Idea Cellular Ltd		510
	148,438		IDT Corp (Class B)		1,416
	269,482	e	iiNET Ltd		1,288
	23,354		Iliad S.A.		4,009
	196,532	*,e	inContact, Inc		1,018
	278,452		Inmarsat plc		2,684
	167,463	*,e	Iridium Communications, Inc		1,129
	9,380,900		Jasmine International PCL		1,664
	279,401	*	Jazztel plc		1,947
	1,188,015	*	Kcom Group plc		1,423
	220,100	e	KDDI Corp		15,560
	213,212		KT Corp		7,090
	212,290	*,e	Leap Wireless International, Inc		1,412
	5,349,191	*,e	Level 3 Communications, Inc		123,620
	282,926		LG Telecom Ltd		2,070
	64,088	e	Lumos Networks Corp		642
	122,336		M2 Telecommunications Group Ltd		537
	926,944		Magyar Telekom		1,581
	253,702	*	Mahanagar Telephone Nigam		124
	163,599		Manitoba Telecom Services, Inc		5,339
	168,460		Maroc Telecom		2,108
	2,464,500		Maxis BHD		5,359
	25,000	*	MegaFon OAO (ADR)		595
	4,230,347	*	MetroPCS Communications, Inc		42,050
	35,928	e	Millicom International Cellular S.A.		3,119
	803,152	e	Mobile TeleSystems (ADR)		14,979
	508,809		MobileOne Ltd		1,129
	35,495		Mobistar S.A.		912
	2,992,322		MTN Group Ltd		62,984
	781,847	*	Netia S.A.		1,081
	102,391		Neutral Tandem, Inc		263
	397,496	*,e	NII Holdings, Inc (Class B)		2,834
	628,511		Nippon Telegraph & Telephone Corp		26,462
	103,798	e	NTELOS Holdings Corp		1,361
	7,385		NTT DoCoMo, Inc		10,646
	616,982		Oi S.A.		2,760
	1,263,090		Oi S.A.(Pref)		5,133
	3,534,686	*	Orascom Telecom Holding SAE		2,206
	3,537,903		Orascom Telecom Media And Technology Holding SAE		306
	131,249	*	Orbcomm, Inc		514
	108,076		Partner Communications		648

168

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	8,268,161	e	PCCW Ltd	$	3,654
	56,017		Philippine Long Distance Telephone Co		3,462
	386,362	e	Portugal Telecom SGPS S.A.		1,924
	211,997	*	Premiere Global Services, Inc		2,073
	70,062	e	Primus Telecommunications Group, Inc		762
	2,429,000		PT Excelcomindo Pratama		1,441
	1,354,676		PT Indosat Tbk		909
	22,456,921		PT Telekomunikasi Indonesia Tbk (Series B)		21,166
	109,837		QSC AG.		307
	697,543		Reliance Communication Ventures Ltd		952
	617,820	e	Rogers Communications, Inc (Class B)		28,049
	320,415	e	Rostelecom (ADR)		7,804
	1,189,730		Royal KPN NV		5,884
	2,248,231	*	SBA Communications Corp (Class A)		159,669
	91,395	e	Shenandoah Telecom Co		1,399
	7,098,773		Singapore Telecommunications Ltd		19,316
	300,866	*	SK Broadband Co Ltd		1,314
	22,836		SK Telecom Co Ltd		3,256
	1,215,389		SmarTone Telecommunications Holding Ltd		2,228
	1,315,279		Softbank Corp		48,193
	298,376		Sonaecom - SGPS S.A.		582
	11,498,911	*	Sprint Nextel Corp		65,199
	1,323,321		StarHub Ltd		4,145
	31,229		Swisscom AG.		13,532
	3,352,443		Taiwan Mobile Co Ltd		12,389
	1,579,478		TalkTalk Telecom Group plc		5,994
	1,040,490	*	Tata Teleservices Maharashtra Ltd		229
	3,021,482		TDC AS		21,408
	122,332		Tele2 AB (B Shares)		2,211
	5,000,884		Telecom Corp of New Zealand Ltd		9,466
	434,272		Telecom Egypt		966
	5,733,627		Telecom Italia RSP		4,563
	7,419,190		Telecom Italia S.p.A.		6,730
	618,917		Telefonica Brasil S.A.		14,812
	165,800	e	Telefonica O2 Czech Republic AS		2,823
	3,011,860	*	Telefonica S.A.		40,778
	17,849		Telekom Austria AG.		136
	1,408,400		Telekom Malaysia BHD		2,782
	979,875	*	Telekomunikacja Polska S.A.		3,865
	40,198		Telenet Group Holding NV		1,892
	1,427,221		Telenor ASA		29,061
	386,872		Telephone & Data Systems, Inc		8,565
	4,631,491		TeliaSonera AB		31,443
	192,672	*	Telkom S.A. Ltd		384
	11,818,782		Telstra Corp Ltd		53,855
	207,529	e	TELUS Corp, non-voting shares		13,494
	398,400	*	Thaicom PCL		302
	1,155,608		Tim Participacoes S.A.		4,628
	754,720		Time dotCom BHD		980
	4,256,900		TM International BHD		9,207
	4,564,500	*	Tower Bersama Infrastructure		2,702
	159,885	*,e	Towerstream Corp		520

169

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	567,249	e	TPG Telecom Ltd	$	1,541
	8,406	*	Tulip Telecom Ltd		5
	695,514		Turk Telekomunikasyon AS		2,704
	1,615,693	*	Turkcell Iletisim Hizmet AS		10,499
	3,290,862	*	tw telecom inc (Class A)		83,818
	50,432	*	US Cellular Corp		1,777
	76,117		USA Mobility, Inc		889
	9,742,303		Verizon Communications, Inc		421,550
	661,776		Vivendi Universal S.A.		14,967
	549,911	e	Vodacom Group Pty Ltd		8,093
	56,661,426	*	Vodafone Group plc		142,632
	537,319		Vodafone Group plc (ADR)		13,535
	749,042	*	Vonage Holdings Corp		1,775
	816,026	e	Windstream Corp		6,757
	28,625		Ziggo NV		936
			TOTAL TELECOMMUNICATION SERVICES		3,053,187
TRANSPORTATION - 2.1%
	469,275		Abertis Infraestructuras S.A. (Continuous)		7,751
	25,771		Aeroports de Paris		1,995
	53,088	*,e	Air Berlin plc		108
	16,643,300		Air China Ltd		14,252
	190,169	*	Air France-KLM		1,783
	1,005,475		Air New Zealand Ltd		1,081
	198,727	*	Air Transport Services Group, Inc		797
	2,551,400		AirAsia BHD		2,296
	404,200		Airports of Thailand PCL		1,288
	369,318	*	Alaska Air Group, Inc		15,914
	552,552		All America Latina Logistica S.A.		2,243
	4,166,324	e	All Nippon Airways Co Ltd		8,753
	52,971		Allegiant Travel Co		3,889
	48,087		Amerco, Inc		6,098
	624,000		Anhui Expressway Co		356
	2,340,636		Ansaldo STS S.p.A.		21,909
	992		AP Moller - Maersk AS (Class A)		7,065
	2,168		AP Moller - Maersk AS (Class B)		16,418
	145,137		Arkansas Best Corp		1,386
	217,700		Arteris S.A.		2,015
	705,927		Asciano Group		3,453
	165,040	*	Asiana Airlines		961
	93,590	*	Atlas Air Worldwide Holdings, Inc		4,147
	1,816,732		Auckland International Airport Ltd		4,021
	1,058,133		Australian Infrastructure Fund		3,417
	96,207		Autostrada Torino-Milano S.p.A.		994
	593,751		Autostrade S.p.A.		10,782
	371,631	*	Avis Budget Group, Inc		7,366
	989,200		Bangkok Expressway PCL		1,127
	331,000	*	Bangkok Metro PCL		8
	689,251		BBA Aviation plc		2,515
	8,129,200		Beijing Capital International Airport Co Ltd		5,901
	222,414		Brisa-Auto Estradas de Portugal S.A.		635
	1,042,128	*	Brockman Mining Ltd		60

170

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,181,772		BTS Group Holdings PCL	$	277
	717,768	e	Canadian National Railway Co		65,181
	225,396	e	Canadian Pacific Railway Ltd		22,905
	985,020	e	Canadian Pacific Railway Ltd (Toronto)		99,918
	1,199,773	e	Cathay Pacific Airways Ltd		2,228
	375,290		Cebu Air, Inc		565
	117,870	*,e	Celadon Group, Inc		2,130
	14,613	*	Celebi Hava Servisi		165
	303,100		Central Japan Railway Co		24,599
	894,955		CH Robinson Worldwide, Inc		56,579
	2,881,337		China Airlines		1,195
	1,528,930	e	China Merchants Holdings International Co Ltd		4,993
	5,236,800	*,e	China Shipping Container Lines Co Ltd		1,550
	1,879,300	e	China Shipping Development Co Ltd		1,105
	8,676,000	e	China Southern Airlines Co Ltd		4,436
	254,000		Chinese Maritime Transport Ltd		338
	1,613,448		Cia de Concessoes Rodoviarias		15,327
	76,700		Cia de Locacao das Americas		457
	13,380		Clarkson plc		261
	2,888,631		ComfortDelgro Corp Ltd		4,250
	12,985	*	Compagnie Maritime Belge S.A.		246
	8,170,245		Compania SudAmericana de Vapores S.A.		730
	91,190		Con-Way, Inc		2,537
	199,354		Copa Holdings S.A. (Class A)		19,826
	3,647,475	*,e	COSCO Holdings		1,832
	3,884,927		COSCO Pacific Ltd		5,633
	360,433		Costamare, Inc		5,017
	5,895,660		CSX Corp		116,321
	492,000		CWT Ltd		498
	27,626		D/S Norden		801
	173,000	*,e	Daiichi Chuo Kisen Kaisha		163
	892,050		Dazhong Transportation Group Co Ltd		473
	4,829,069	*	Delta Air Lines, Inc		57,321
	338,583		Deutsche Lufthansa AG.		6,401
	2,264,630		Deutsche Post AG.		49,880
	6,580		Dfds AS		297
	159,558		DSV AS		4,128
	744,825		East Japan Railway Co		48,163
	539,087		easyJet plc		6,781
	48,935	*,e	Echo Global Logistics, Inc		879
	271,134		EcoRodovias Infraestrutura e Logistica S.A.		2,291
	1,865,572	*	Eva Airways Corp		1,097
	294,000		Evergreen International Storage & Transport Corp		206
	1,999,522	*	Evergreen Marine Corp Tawain Ltd		1,201
	4,200		Exchange Income Corp		109
	354,779		Expeditors International of Washington, Inc		14,031
	1,775,838		FedEx Corp		162,880
	978,692	*	Firstgroup plc		3,379
	15,194	e	Flughafen Wien AG.		867
	8,724		Flughafen Zuerich AG.		4,040
	155,414		Forward Air Corp		5,441
	30,720		Fraport AG. Frankfurt Airport Services Worldwide		1,792

171

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY		VALUE (000)
	299,193		Freightways Ltd		$	1,054
	236,000	e	Fukuyama Transporting Co Ltd			1,200
	6,917		Gateway Distriparks Ltd			18
	515,960	*	Gemina S.p.A.			731
	105,796	*,e	Genco Shipping & Trading Ltd			369
	168,775	*	Genesee & Wyoming, Inc (Class A)			12,840
	218,119		Globaltrans Investment plc (GDR)			3,601
	17,973		GLOVIS Co Ltd			3,741
	84,631		Go-Ahead Group plc			1,775
	1,675,406	*	Gol Linhas Aereas Inteligentes S.A.			10,556
	433,000	*	Golden Ocean Group Ltd			309
	1,115,517		Grindrod Ltd			2,086
	403,454		Groupe Eurotunnel S.A.			3,135
	19,300	*,e	Grupo Aeromexico SAB de C.V.			29
	215,800	e	Grupo Aeroportuario del Centro Norte Sab de C.V.			585
	816,891	e	Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)			4,649
	205,500		Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)	��		2,327
	303,560		Guangdong Provincial Expressway Development Co Ltd			106
	1,214,000	e	GZI Transportation Ltd			590
	132,000		Hainan Meilan International Airport Co Ltd			90
	40,649	e	Hamburger Hafen und Logistik AG.			961
	119,890	*	Hanjin Shipping Co Ltd			1,351
	22,140	*	Hanjin Shipping Holdings Co Ltd			118
	4,330		Hanjin Transportation Co Ltd			80
	1,087,000	*	Hankyu Hanshin Holdings, Inc			5,620
	186,391	*	Hawaiian Holdings, Inc			1,225
	254,803	e	Heartland Express, Inc			3,330
	5,710,489	*	Hertz Global Holdings, Inc			92,910
	62,100		Hitachi Transport System Ltd			907
	7,585	e	Hopewell Highway Infrastructure Ltd			4
	215,872	*	Hub Group, Inc (Class A)			7,253
	4,806,294		Hutchison Port Holdings Trust			3,847
	52,581	*	Hyundai Merchant Marine Co Ltd			1,165
	107,757		Iino Kaiun Kaisha Ltd			395
	1,864,175	*	International Consolidated Airlines			5,534
	1,943,990		International Container Term Services, Inc			3,512
	19,967		International Shipholding Corp			329
	40,462		Irish Continental Group plc			1,033
	665,027		J.B. Hunt Transport Services, Inc			39,709
	120,200	*	Japan Airlines Co Ltd			5,167
	43,155		Japan Airport Terminal Co Ltd			445
	43,602	*	Jet Airways India Ltd			448
	821,051	*,e	JetBlue Airways Corp			4,688
	2,038,000	e	Jiangsu Express			2,122
	166,000	*	Jinzhou Port Co Ltd			62
	99,500		Julio Simoes Logistica S.A.			680
	479,083		Kamigumi Co Ltd			3,823
	593,297		Kansas City Southern Industries, Inc			49,528
	2,410,300	*,e	Kawasaki Kisen Kaisha Ltd			3,701
	375,963	e	Keihin Electric Express Railway Co Ltd			3,338
	433,104	e	Keio Corp			3,229

172

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	195,128		Keisei Electric Railway Co Ltd	$	1,647
	1,191,487	e	Kintetsu Corp		4,882
	16,400		Kintetsu World Express, Inc		548
	140,355	*	Kirby Corp		8,687
	214,512		Knight Transportation, Inc		3,138
	50,434		Koninklijke Vopak NV		3,565
	45,194	*	Korean Air Lines Co Ltd		1,925
	41,555		Kuehne & Nagel International AG.		5,010
	326,091		Lan Airlines S.A.		7,663
	196,557		Landstar System, Inc		10,311
	393,700	*	LLX Logistica S.A.		461
	167,592		Localiza Rent A Car		3,069
	42,200	*	Log-in Logistica Intermodal S.A.		176
	534,593	*	Macquarie Atlas Roads Group		931
	133,033	e	Mainfreight Ltd		1,292
	836,300		Malaysia Airports Holdings BHD		1,425
	344,500	*	Malaysian Airline System BHD		80
	246,800		Malaysian Bulk Carriers BHD		108
	89,617	e	Marten Transport Ltd		1,648
	102,000		Maruzen Showa Unyu Co Ltd		293
	136,483		Matson, Inc		3,374
	255,772		Mermaid Marine Australia Ltd		915
	2,067,500	*	MISC BHD		2,920
	88,556		Mitsubishi Logistics Corp		1,271
	1,006,358		Mitsui OSK Lines Ltd		2,998
	123,610		Mitsui-Soko Co Ltd		495
	2,069,108		MTR Corp		8,199
	479,197		Mundra Port and Special Economic Zone Ltd		1,191
	521,818		National Express Group plc		1,748
	1,811,433	*,e	Neptune Orient Lines Ltd		1,725
	897,134		Nippon Express Co Ltd		3,707
	157,100		Nippon Konpo Unyu Soko Co Ltd		1,840
	2,048,606		Nippon Yusen Kabushiki Kaisha		4,822
	96,000		Nissin Corp		237
	535,640		Norfolk Southern Corp		33,124
	185,403		Northgate plc		933
	27,912	*	Norwegian Air Shuttle AS		729
	489,763	e	Odakyu Electric Railway Co Ltd		5,096
	82,987		Oesterreichische Post AG.		3,418
	577,126	*	Old Dominion Freight Line		19,784
	172,976		Orient Overseas International Ltd		1,142
	156,412	*	Pacer International, Inc		610
	2,203,290	e	Pacific Basin Shipping Ltd		1,256
	17,556		Panalpina Welttransport Holding AG.		1,788
	33,235	*	Park-Ohio Holdings Corp		708
	27,530	*,e	Patriot Transportation Holding, Inc		783
	654,700		Pos Malaysia & Services Holdings BHD		748
	550,600		Precious Shipping PCL		256
	12,753,500	*,m	PT Berlian Laju Tanker Tbk		0	^
	3,667,000		PT Cardig Aero Services Tbk		278
	392,000		PT Citra Marga Nusaphala Persada Tbk		69
	17,298,500	*	PT Garuda Indonesia Tbk		1,191

173

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,968,000		PT Jasa Marga Tbk	$	3,381
	7,139,000	*	PT Trada Maritime Tbk		855
	1,492,771	*	Qantas Airways Ltd		2,338
	1,874,512		QR National Ltd		7,371
	71,381	*	Quality Distribution, Inc		428
	573,761		Qube Logistics Holdings Ltd		1,008
	65,673	*,e	Rand Logistics, Inc		427
	171,412	*,e	Republic Airways Holdings, Inc		974
	479,000		Road King Infrastructure		422
	74,532	*	Roadrunner Transportation Services Holdings, Inc		1,352
	46,434		Ryanair Holdings plc		292
	221,296	e	Ryanair Holdings plc (ADR)		7,586
	160,907		Ryder System, Inc		8,034
	594,707		Sagami Railway Co Ltd		2,073
	85,472	*	Saia, Inc		1,976
	96	*,m	SAir Group		0	^
	368,000		Sankyu, Inc		1,393
	99,400		Santos Brasil Participacoes S.A.		1,418
	232,067	*,e	SAS AB		282
	27,060		Sebang Co Ltd		446
	452,287		Seino Holdings Corp		2,869
	219,000		Senko Co Ltd		960
	499,600		Shandong Airlines Co Ltd		688
	310,560	m	Shanghai Jinjiang International Investment Holdings Co		235
	141,400		Shenzhen Chiwan Petroleum		202
	259,100	m	Shenzhen Chiwan Wharf Holdings Ltd		350
	876,000	e	Shenzhen Expressway Co Ltd		340
	22,047,500		Shenzhen International Holdings		2,329
	58,000		Shibusawa Warehouse Co Ltd		180
	359,000		Shih Wei Navigation Co Ltd		276
	118,000	*	Shinwa Kaiun Kaisha Ltd		173
	1,886,500	e	Shun TAK Holdings Ltd		1,033
	1,832,000	*,e	Sichuan Expressway Co Ltd		667
	480,000		Sincere Navigation		430
	242,005		Singapore Airlines Ltd		2,146
	1,578,000		Singapore Airport Terminal Services Ltd		3,768
	3,807,419		Singapore Post Ltd		3,588
	2,662,000		Sinotrans Ltd		435
	2,700,000		Sinotrans Shipping Ltd		662
	2,167,000		SITC International Co Ltd		736
	30,225		Sixt AG.		626
	35,027		Sixt AG. (Preference)		638
	125,327	*	Skymark Airlines, Inc		716
	255,281		Skywest, Inc		3,181
	1,246,048	e	SMRT Corp Ltd		1,723
	11,065,075	*	Sociedad Matriz SAAM S.A.		1,327
	186,429		Societa Iniziative Autostradali e Servizi S.p.A.		1,747
	2,020,773	e	Southwest Airlines Co		20,693
	2,181,751	*	SpiceJet Ltd		1,771
	230,061	*	Spirit Airlines, Inc		4,077
	579,986	*	Stagecoach Group plc		2,924
	394,593	e	Stobart Group Ltd		673

174

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	51,449		Stolt-Nielsen S.A.	$	1,065
	73,400	e	Student Transportation, Inc		452
	94,590		STX Pan Ocean Co Ltd		421
	291,767		Sumitomo Warehouse Co Ltd		1,506
	447,223	*	Swift Transportation Co, Inc		4,079
	2,476,662		Sydney Airport		8,724
	516,000		T.Join Transportation Co		872
	214,000		Taiwan Navigation Co Ltd		185
	856,299		TAV Havalimanlari Holding AS		4,386
	55,000		Tegma Gestao Logistica		940
	69,700		Thoresen Thai Agencies PCL		38
	415,500	*	Tianjin Marine Shipping Co Ltd		178
	5,676,000	e	Tianjin Port Development Holdings Ltd		817
	580,000	*,e	Tiger Airways Holdings Ltd		345
	235,005		TNT Express NV		2,615
	524,566	*	TNT NV		2,046
	759,534	*	Tobu Railway Co Ltd		4,028
	1,504,170		Tokyu Corp		8,474
	602,090		Toll Holdings Ltd		2,886
	53,200		TPI-Triunfo Participacoes e Investimentos S.A.		325
	208,000		Transasia Airways Corp		110
	198,623	e	TransForce, Inc		3,966
	1,029,110		Transurban Group		6,542
	2,050,842	*	Turk Hava Yollari		7,234
	1,950,318	*	UAL Corp		45,598
	1,276,300		U-Ming Marine Transport Corp		2,049
	2,745,744		Union Pacific Corp		345,195
	2,481,778		United Parcel Service, Inc (Class B)		182,981
	33,569		Universal Truckload Services, Inc		613
	614,410	*,e	US Airways Group, Inc		8,295
	562,334		UTI Worldwide, Inc		7,535
	67,336	*	Virgin Australia Holdings Ltd		30
	67,336	*,m	Virgin Australia Int Holdings		0	^
	11,668		VTG AG.		187
	70,508	*,e	Vueling Airlines S.A.		681
	962,057	*	Wan Hai Lines Ltd		558
	162,721		Werner Enterprises, Inc		3,526
	76,540	*,e	Wesco Aircraft Holdings, Inc		1,011
	512,792		West Japan Railway Co		20,202
	50,300	e	Westshore Terminals Investment Corp		1,393
	72,727		Wilh. Wilhelmsen ASA		656
	347,550		Wisdom Marine Lines Co Ltd		502
	5,872,000	*,e	Xiamen International Port Co Ltd		793
	1,111,000		Xiangyu Dredging Holdings Ltd		297
	64,498	*,e	XPO Logistics, Inc		1,121
	296,957		Yamato Transport Co Ltd		4,513
	4,211,415	*	Yang Ming Marine Transport		2,028
	20,400		Yusen Air & Sea Service Co Ltd		204
	3,166,000		Zhejiang Expressway Co Ltd		2,504
	86,059	*,e	Zipcar, Inc		709
			TOTAL TRANSPORTATION		2,256,657

175

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
UTILITIES - 3.2%
	1,610,254	e	A2A S.p.A.	$	933
	2,770,331		Aboitiz Power Corp		2,495
	18,936		Acciona S.A.		1,414
	939,017	e	ACEA S.p.A.		5,652
	234,996		Actelios S.p.A.		302
	1,495,226		AES Corp		15,999
	5,422,843		AES Gener S.A.		3,483
	146,244		AES Tiete S.A.		1,685
	348,364	*,m	AET&D Holdings No 1 Ptd Ltd		0	^
	394,783	e	AGL Energy Ltd		6,347
	212,868		AGL Resources, Inc		8,508
	2,157,976		Aguas Andinas S.A.		1,531
	42,810	*	Akenerji Elektrik Uretim AS		40
	22,453		Alerion Industries S.p.A.		108
	169,025	e	Algonquin Power & Utilities Corp		1,162
	153,377		Allete, Inc		6,285
	308,557		Alliant Energy Corp		13,549
	312,123		Ameren Corp		9,588
	61,141	*,e	American DG Energy, Inc		141
	1,327,976		American Electric Power Co, Inc		56,678
	133,319	e	American States Water Co		6,397
	1,252,244		American Water Works Co, Inc		46,496
	1,036,258		APA Group		5,982
	182,201		Aqua America, Inc		4,632
	35,354	e	Artesian Resources Corp		793
	83,177	*	Ascopiave S.p.A.		140
	99,397	e	Atco Ltd		8,066
	403,653	e	Atlantic Power Corp		4,614
	142,834	e	Atlantic Power Corp (Toronto)		1,627
	115,938		Atmos Energy Corp		4,072
	314,240		Avista Corp		7,576
	999,923	*,e	Babcock & Brown Wind Partners		261
	5,004,000	e	Beijing Enterprises Water Group Ltd		1,313
	72,135	*	BF Utilities Ltd		447
	2,324,000	*	Binhai Investment Co Ltd		132
	19,553		BKW S.A.		672
	236,247		Black Hills Corp		8,585
	45,395	*	Boralex, Inc		418
	60,971	*,e	Cadiz, Inc		483
	241,148		California Water Service Group		4,425
	6,490,857	*,e	Calpine Corp		117,679
	108,365	e	Canadian Utilities Ltd		7,837
	135,368		Capital Power Corp		3,093
	7,042,482		Centerpoint Energy, Inc		135,568
	685,741		Centrais Eletricas Brasileiras S.A.		2,120
	313,024		Centrais Eletricas Brasileiras S.A. (Preference)		1,602
	16,900		Centrais Eletricas de Santa Catarina S.A.		223
	11,360,186		Centrica plc		62,000
	30,864		CESC Ltd		181
	389,908		CEZ AS		13,949
	53,859		CH Energy Group, Inc		3,513

176

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	244,853	m	Challenger Infrastructure Fund	$	3
	54,004		Chesapeake Utilities Corp		2,452
	863,852	e	Cheung Kong Infrastructure Holdings Ltd		5,336
	1,018,000		China Datang Corp Renewable Power Co Ltd		132
	4,524,000		China Gas Holdings Ltd		3,588
	3,248,000	e	China Longyuan Power Group Corp		2,286
	5,300,000	*,e	China Oil and Gas Group Ltd		886
	5,113,000	e	China Power International Development Ltd		1,635
	8,540,000	*	China Power New Energy Development Co Ltd		491
	1,060,000	e	China Resources Gas Group Ltd		2,198
	2,900,599		China Resources Power Holdings Co		7,473
	2,302,000		China Water Affairs Group Ltd		716
	695,642		Chubu Electric Power Co, Inc		9,283
	316,691		Chugoku Electric Power Co, Inc		4,984
	194,573		Cia de Saneamento Basico do Estado de Sao Paulo		8,255
	78,400		Cia de Saneamento de Minas Gerais-COPASA		1,675
	97		Cia de Transmissao de Energia Electrica Paulista		2
	1,057,486		Cia Energetica de Minas Gerais		11,672
	624,671		Cia Energetica de Sao Paulo (Class B)		5,916
	67,700		Cia Energetica do Ceara		1,488
	200,219		Cia Paranaense de Energia		3,100
	223,822		Cleco Corp		8,955
	1,479,883		CLP Holdings Ltd		12,434
	1,192,750	e	CMS Energy Corp		29,079
	11,436,399	*	Colbun S.A.		3,154
	34,236		Connecticut Water Service, Inc		1,020
	375,630	e	Consolidated Edison, Inc		20,862
	68,725		Consolidated Water Co, Inc		509
	2,585,575	*,e	Contact Energy Ltd		11,164
	334,640		CPFL Energia S.A.		3,498
	5,274,000	e	Datang International Power Generation Co Ltd		2,028
	27,141	e	Delta Natural Gas Co, Inc		531
	2,010,960		Dominion Resources, Inc		104,168
	2,081,396		Drax Group plc		18,634
	699,358		DTE Energy Co		41,996
	2,059,525	e	DUET Group		4,468
	3,530,687		Duke Energy Corp		225,258
	1,468,657	*	E.ON AG.		27,546
	8,499		E1 Corp		550
	4,163,988		Edison International		188,171
	366,701		EDP - Energias do Brasil S.A.		2,237
	213,138		El Paso Electric Co		6,801
	111,241		Electric Power Development Co		2,638
	135,139	e	Electricite de France		2,504
	75,052		Eletropaulo Metropolitana de Sao Paulo S.A.		616
	45,918		Elia System Operator S.A.		2,073
	243,148		Empire District Electric Co		4,955
	795,610		Empresa Electrica del Norte Grande S.A.		1,868
	4,725,515		Empresa Nacional de Electricidad S.A.		7,680
	351,263	e	Enagas		7,525
	438,314	*,e	Endesa S.A.		9,760
	226,611		Enea S.A.		1,154

177

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,274,341	*	Enel Green Power S.p.A	$	2,374
	12,305,717		Enel S.p.A.		51,185
	352,743		Energias de Portugal S.A.		1,073
	1,024,060	*,e	Energy World Corp Ltd		396
	18,049,015		Enersis S.A.		6,628
	258,897	e	Entergy Corp		16,505
	1,767,661		Envestra Ltd		1,736
	732,000	e	Epure International Ltd		352
	226,200		Equatorial Energia S.A.		2,069
	76,320	*	EVN AG.		1,190
	3,301,907		Exelon Corp		98,199
	425,000	*	Federal Grid Co Unified Energy System JSC (ADR)		1,279
	2,298,200	*	First Gen Corp		1,250
	851,250		First Philippine Holdings Corp		1,868
	1,749,253		FirstEnergy Corp		73,049
	253,072	e	Fortis, Inc		8,706
	472,901		Fortum Oyj		8,853
	624,159		GAIL India Ltd		4,101
	417,500		Gas Malaysia Bhd		352
	1,821,052	*	Gas Natural SDG S.A.		32,829
	3,373,380		Gaz de France		69,478
	82,805	e	Genie Energy Ltd		588
	621,000		Glow Energy PCL		1,575
	175,676		Great Plains Energy, Inc		3,568
	140,000		Great Taipei Gas Co Ltd		101
	7,136,000	e	Guangdong Investments Ltd		5,652
	2,770		Gujarat Gas Co Ltd		15
	194,239		Gujarat State Petronet Ltd		275
	2,353,042	*	GVK Power & Infrastructure Ltd		591
	126,346		Hawaiian Electric Industries, Inc		3,176
	1,001,108		Hera S.p.A.		1,625
	401,695		Hokkaido Electric Power Co, Inc		4,876
	150,773		Hokuriku Electric Power Co		1,789
	5,151,854	e	Hong Kong & China Gas Ltd		14,155
	2,930,288	e	Hong Kong Electric Holdings Ltd		25,141
	1,137,130	*	Huadian Energy Co Ltd		305
	7,600,000	*	Huadian Power International Co		2,686
	8,844,000	e	Huaneng Power International, Inc		8,262
	723,000	e	Hyflux Ltd		765
	7,407,416	*	Iberdrola S.A.		41,368
	197,508		Idacorp, Inc		8,562
	93,977	*	IDGC Holding JSC (GDR)		1,207
	442,307	*	Indiabulls Infrastructure and Power Ltd		56
	30,672		Indraprastha Gas Ltd		139
	1,568,726	e	Infratil Ltd		2,943
	169,951		Innergex Renewable Energy, Inc		1,768
	105,867		Integrys Energy Group, Inc		5,528
	493,960		Interconexion Electrica S.A.		2,684
	818,007		Inversiones Aguas Metropolitanas S.A.		1,649
	554,950		Iride S.p.A.		337
	604,000		Isagen S.A. ESP		856
	151,720	e	ITC Holdings Corp		11,669

178

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	167,325	e	Just Energy Income Fund	$	1,596
	1,183,371		Kansai Electric Power Co, Inc		12,428
	3,193		Korea District Heating Corp		221
	352,220	*	Korea Electric Power Corp		10,001
	16,990		Korea Electronic Power Industrial Development Co Ltd		83
	29,350		Korea Gas Corp		2,064
	600		KyungDong City Gas Co Ltd		42
	464,699		Kyushu Electric Power Co, Inc		5,298
	81,695		Laclede Group, Inc		3,154
	206,100		Light S.A.		2,247
	154,871		Macquarie Power & Infrastructure Income Fund		627
	260,400	*	Magma Energy Corp		113
	7		Manila Electric Co		0	^
	1,428,200		Manila Water Co, Inc		1,115
	348,649		MDU Resources Group, Inc		7,405
	81,432		MGE Energy, Inc		4,149
	63,717		Middlesex Water Co		1,246
	249,700	*	MPX Energia S.A.		1,360
	135,007		National Fuel Gas Co		6,844
	8,657,534	*	National Grid plc		99,297
	150,086		New Jersey Resources Corp		5,946
	1,437,712		NextEra Energy, Inc		99,475
	827,594		NiSource, Inc		20,599
	1,308,218		Northeast Utilities		51,125
	104,059	e	Northland Power Income Fund		1,953
	97,760		Northwest Natural Gas Co		4,321
	193,733		NorthWestern Corp		6,728
	1,683,944		NRG Energy, Inc		38,714
	1,341,074		NTPC Ltd		3,853
	1,006,581		NV Energy, Inc		18,259
	50,163		Oest Elektrizitatswirts AG. (Class A)		1,246
	1,403,034		OGE Energy Corp		79,005
	117,100		Okinawa Electric Power Co, Inc		3,651
	360,029	e	Oneok, Inc		15,391
	63,141	e	Ormat Technologies, Inc		1,217
	3,199,506	*	Osaka Gas Co Ltd		11,622
	139,268	e	Otter Tail Corp		3,482
	537,776	*	Pennon Group plc		5,489
	294,353	e	Pepco Holdings, Inc		5,772
	866,500		Petronas Gas BHD		5,531
	1,075,505		PG&E Corp		43,214
	264,865		Piedmont Natural Gas Co, Inc		8,293
	584,225		Pinnacle West Capital Corp		29,784
	402,995		PNM Resources, Inc		8,265
	11,033,450		PNOC Energy Development Corp		1,818
	947,959		Polska Grupa Energetyczna S.A.		5,593
	362,397		Portland General Electric Co		9,915
	2,057,403		Power Grid Corp of India Ltd		4,340
	1,536,700		PPL Corp		43,996
	27,297,000		PT Perusahaan Gas Negara		13,071
	435,227	*	PTC India Ltd		590
	136,291	*	Public Power Corp		1,073

179

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,020,518	e	Public Service Enterprise Group, Inc	$	31,228
	690,200	*	Puncak Niaga Holding BHD		268
	7,280		Pusan City Gas Co Ltd		139
	377,406		Questar Corp		7,458
	1,100,000		Ratchaburi Electricity Generating Holding PCL		2,155
	19,711	*,e	Red Electrica de Espana		974
	202,285	e	Redes Energeticas Nacionais S.A.		549
	154,259	*	Reliance Energy Ltd		1,489
	832,271	*	Reliance Power Ltd		1,435
	62,963		Rubis		4,305
	1,495,557		RusHydro (ADR)		3,550
	400,816		RWE AG.		16,625
	299	e	RWE AG. (Preference)		11
	7,762		Samchully Co Ltd		905
	380,667		SCANA Corp		17,374
	74,902	*	Scottish & Southern Energy plc		1,743
	42,678		Sechilienne-Sidec		810
	2,297,834		Sempra Energy		163,008
	170,454	*	Severn Trent plc		4,386
	193,050		Shikoku Electric Power Co, Inc		3,080
	59,000		Shizuoka Gas Co Ltd		400
	52,672	e	SJW Corp		1,401
	200,327		Snam Rete Gas S.p.A.		935
	111,693	e	South Jersey Industries, Inc		5,622
	2,630,708		Southern Co		112,621
	227,432		Southwest Gas Corp		9,645
	2,333,691		SP AusNet		2,712
	3,235,137	g	Spark Infrastructure Group		5,656
	201,295		Suez Environnement S.A.		2,428
	1,085,450		Taiwan Cogeneration Corp		708
	1,493,639		Tata Power Co Ltd		3,041
	1,419,621		Tauron Polska Energia S.A.		2,181
	278,290	e	TECO Energy, Inc		4,664
	107,047		Telecom Plus plc		1,608
	7,063,418		Tenaga Nasional BHD		16,058
	50,201		Terna Energy S.A.		221
	155,921		Terna Rete Elettrica Nazionale S.p.A.		624
	3,045,800		Thai Tap Water Supply PCL		920
	362,208		Toho Gas Co Ltd		1,942
	336,798	*	Tohoku Electric Power Co, Inc		3,140
	1,226,506	*	Tokyo Electric Power Co, Inc		2,956
	7,363,285		Tokyo Gas Co Ltd		33,643
	1,176,000		Towngas China Co Ltd		975
	230,120		Tractebel Energia S.A.		3,748
	283,158	e	TransAlta Corp		4,304
	284,975		UGI Corp		9,322
	180,506	e	UIL Holdings Corp		6,464
	905,161	*	United Utilities Group plc		9,965
	47,608		Unitil Corp		1,234
	198,007		UNS Energy Corp		8,399
	169,215	e	Utilities Select Sector SPDR Fund		5,914
	69,900	e	Valener, Inc		1,128

180

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	170,064		Vectren Corp	$	5,000
	241,939	*	Veolia Environnement		2,933
	226,330		Westar Energy, Inc		6,478
	181,466		WGL Holdings, Inc		7,112
	624,454		Wisconsin Energy Corp		23,011
	2,976,604		Xcel Energy, Inc		79,505
	2,648,800		Xinao Gas Holdings Ltd		11,607
	2,320		YESCO Co Ltd		62
	55,308	e	York Water Co		972
	6,573,482		YTL Corp BHD		4,102
	3,322,508		YTL Power International BHD		1,700
	1,453,400	m	Zhejiang Southeast Electric Power Co (Class B)		834
	629,253	*	Zorlu Enerji Elektrik Uretim AS		407
			TOTAL UTILITIES		3,338,001
			TOTAL COMMON STOCKS		105,437,851
			(Cost $93,546,997)
PREFERRED STOCKS - 0.1%
DIVERSIFIED FINANCIALS - 0.0%
	319,300		Daishin Securities Co Ltd Pref 2		1,866
			TOTAL DIVERSIFIED FINANCIALS		1,866
FOOD, BEVERAGE & TOBACCO - 0.1%
	1,493,896	*	Ambev Cia De Bebidas Das		62,441
			TOTAL FOOD, BEVERAGE & TOBACCO		62,441
REAL ESTATE - 0.0%
	8,497,223	*,m	Ayala Land, Inc (Preferred B)		21
			TOTAL REAL ESTATE		21
			TOTAL PREFERRED STOCKS		64,328
			(Cost $41,406)
RIGHTS / WARRANTS - 0.0%
CAPITAL GOODS - 0.0%
	14,625		Gamuda Berhad		5
	574,212		KNM Group Bhd		20
	666,666		MacMahon Holdings Rts		49
	3,758,804		Polimex-Mostostal S.A.		130
			TOTAL CAPITAL GOODS		204
COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
	247,600		WCT BHD		24
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		24
CONSUMER SERVICES - 0.0%
	491,218	m	Enjoy S.A.		2
			TOTAL CONSUMER SERVICES		2
DIVERSIFIED FINANCIALS - 0.0%
	976,390		Banco de Chile		12
			TOTAL DIVERSIFIED FINANCIALS		12

181

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
ENERGY - 0.0%
	123,722		Etablissements Maurel et Prom CW14	$	36
	96,000		Kinder Morgan, Inc		363
	45,556	e	Magnum Hunter Resources Corp		23
	955,948		Repsol S.A.		583
			TOTAL ENERGY		1,005
FOOD, BEVERAGE & TOBACCO - 0.0%
	56,281	m	Olam International Ltd		5
			TOTAL FOOD, BEVERAGE & TOBACCO		5
HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	60,780		Hartalega Holdings BHD		22
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		22
MATERIALS - 0.0%
	16,462,200	m	G J Steel PCL		0	^
	1,558		Kinross Gold Corp		1
	222,143		MMX Mineracao e Metalicos S.A.		43
			TOTAL MATERIALS		44
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	588,021	a	Allos Therapeutics, Inc		12
	346,044		Faes Farma S.A.		16
	395,057	m	Grifols S.A.		468
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		496
REAL ESTATE - 0.0%
	4,761,352	m	GPT Group		0	^
	66,140		IJM Land BHD - CW13		16
	24,524	m	Nieuwe Steen Investments NV		0	^
			TOTAL REAL ESTATE		16
TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
	3,712		Hansol Technics Co Ltd		11
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		11
TELECOMMUNICATION SERVICES - 0.0%
	75,732		Sonda S.A.		15
			TOTAL TELECOMMUNICATION SERVICES		15
TRANSPORTATION - 0.0%
	5,093		Latam Airlines Group S.A.		3
			TOTAL TRANSPORTATION		3
			TOTAL RIGHTS / WARRANTS		1,859
			(Cost $1,146)

182

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

PRINCIPAL			ISSUER		RATE		MATURITY DATE	VALUE (000)
SHORT-TERM INVESTMENTS - 4.1%
GOVERNMENT AGENCY DEBT - 0.0%
$	20,000,000		Federal Home Loan Bank (FHLB)		0.050	%	02/01/13	$	19,999
			TOTAL GOVERNMENT AGENCY DEBT						19,999
TREASURY DEBT - 0.4%
	50,000,000		United States Treasury Bill		0.025		01/10/13		50,000
	108,800,000		United States Treasury Bill	0.020-0.068			01/17/13		108,799
	25,000,000		United States Treasury Bill		0.090		03/07/13		24,999
	7,700,000		United States Treasury Bill		0.103		03/21/13		7,699
	27,600,000		United States Treasury Bill	0.080-0.115			03/28/13		27,598
	62,300,000		United States Treasury Bill	0.080-0.090			05/02/13		62,282
	100,000,000		United States Treasury Bill		0.076		06/06/13		99,956
	35,000,000		United States Treasury Bill		0.085		06/13/13		34,983
			TOTAL TREASURY DEBT						416,316
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 3.7%
REPURCHASE AGREEMENT - 3.5%
	800,000,000	o	Barclays		0.200		01/02/13		800,000
	75,000,000	p	Barclays		0.200		01/02/13		75,000
	614,000,000	q	Calyon		0.180		01/02/13		614,000
	500,000,000	r	CSFB		0.200		01/02/13		500,000
	250,000,000	s	Deutsche Bank		0.150		01/02/13		250,000
	231,000,000	t	Goldman Sachs		0.280		01/02/13		231,000
	66,000,000	u	HSBC		0.160		01/02/13		66,000
	608,000,000	v	Merrill Lynch		0.070		01/02/13		608,000
	140,000,000	w	Morgan Stanley		0.180		01/02/13		140,000
	208,000,000	x	Royal Bank of Scotland		0.150		01/02/13		208,000
	209,000,000	y	UBS Warburg		0.170		01/02/13		209,000
			TOTAL REPURCHASE AGREEMENT						3,701,000
VARIABLE RATE SECURITIES - 0.2%
	14,208,572		Granite Master Issuer plc 2006		0.411		12/20/50		13,960
	11,234,685		Granite Master Issuer plc 2007		0.411		12/20/50		11,038
	6,237,781		Medallion Trust 2005		0.352		08/22/36		6,124
	10,779,505		Nelnet Student Loan Trust 2007		0.560		09/25/18		10,776
	12,341,550		Puma Finance Ltd		0.452		02/21/38		12,085
	170,000,000		SLM Student Loan Trust 2007		0.350		01/25/19		167,664
	26,130,473		SLM Student Loan Trust 2008		0.665		10/25/16		26,069
			TOTAL VARIABLE RATE SECURITIES						247,716
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						3,948,716
			TOTAL SHORT-TERM INVESTMENTS						4,385,031
			(Cost $4,387,121)
			TOTAL INVESTMENTS - 103.7%						109,896,128
			(Cost $97,982,349)
			OTHER ASSETS & LIABILITIES, NET - (3.7)%						(3,922,789	)
			NET ASSETS - 100.0%					$	105,973,339

183

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

	Abbreviation(s):
ADR	American Depositary Receipt
ETF	Exchange Traded Fund
GDR	Global Depositary Receipt
NVDR	Non Voting Depository Receipt
REIT	Real Estate Investment Trust
SPDR	Standard & Poor’s Depository Receipts
*	Non-income producing.
^	Amount represents less than $1,000.
a	Affiliated holding.
b	In bankruptcy
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $4,331,121,000.
f	Restricted security. At 12/31/12, the aggregate value of these securities amounted to $1,122,000 or 0.0% of net assets.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/12 the aggregate value of these securities amounted to $1,210,000 or 0.0% of net assets.
i	Floating or variable rate security. Coupon rate reflects the rate at period end.
j	Zero coupon
m	Indicates a security that has been deemed illiquid.
n	In default
o	Agreement with Barclays, 0.20% dated 12/31/12 to be repurchased at $800,009,000 on 01/02/13, collateralized by U.S. Government Agency Securities valued at $816,001,000.
p	Agreement with Barclays, 0.30% dated 12/31/12 to be repurchased at $75,001,000 on 01/02/13, collateralized by U.S. Government Agency Securities valued at $76,500,000.
q	Agreement with Calyon, 0.18% dated 12/31/12 to be repurchased at $614,006,000 on 01/02/13, collateralized by U.S. Government Agency Securities valued at $626,280,000.
r	Agreement with CSFB, 0.20% dated 12/31/12 to be repurchased at $500,006,000 on 01/02/13, collateralized by U.S. Government Agency Securities valued at $510,008,000.
s	Agreement with Deutsche Bank, 0.15% dated 12/31/12 to be repurchased at $250,002,000 on 01/02/13, collateralized by U.S. Government Agency Securities valued at $255,000,000.
t	Agreement with Goldman Sachs, 0.28% dated 12/31/12 to be repurchased at $231,004,000 on 01/02/13, collateralized by U.S. Government Agency Securities valued at $235,620,000.
u	Agreement with HSBC, 0.16% dated 12/31/12 to be repurchased at $66,007,000 on 01/02/13, collateralized by U.S. Government Agency Securities valued at $67,327,000.
v	Agreement with Merrill Lynch, 0.07% dated 12/31/12 to be repurchased at $608,004,000 on 01/02/13, collateralized by U.S. Government Agency Securities valued at $620,160,000.
w	Agreement with Morgan Stanley, 0.18% dated 12/31/12 to be repurchased at $140,001,000 on 01/02/13, collateralized by U.S. Government Agency Securities valued at $142,800,000.
x	Agreement with Royal Bank of Scotland, 0.03% dated 12/31/12 to be repurchased at $208,000,000 on 01/02/13, collateralized by U.S. Government Agency Securities valued at $212,166,000.
y	Agreement with UBS Warburg, 0.17% dated 12/31/12 to be repurchased at $209,002,000 on 01/02/13, collateralized by U.S. Government Agency Securities valued at $213,180,000.
	Cost amounts are in thousands.

184

COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
SUMMARY OF MARKET VALUES BY COUNTRY
December 31, 2012

Country	Value (000)		% of total portfolio
DOMESTIC
UNITED STATES	$	76,332,437		69.5	%
TOTAL DOMESTIC		76,332,437		69.5
FOREIGN
ARGENTINA		1,682		0.0
AUSTRALIA		1,644,808		1.5
AUSTRIA		104,433		0.1
BELGIUM		225,325		0.2
BERMUDA		39,967		0.0
BRAZIL		964,246		0.9
CAMBODIA		1,972		0.0
CANADA		2,772,970		2.5
CAYMAN ISLANDS		1,575		0.0
CHILE		146,452		0.1
CHINA		1,476,681		1.4
COLOMBIA		112,711		0.1
CYPRUS		5,971		0.0
CZECH REPUBLIC		27,007		0.0
DENMARK		240,580		0.2
EGYPT		21,061		0.0
FINLAND		134,779		0.1
FRANCE		1,985,272		1.8
GERMANY		1,878,111		1.7
GIBRALTAR		1,497		0.0
GREECE		30,416		0.0
GUERNSEY, C.I.		2,660		0.0
HONG KONG		815,047		0.7
HUNGARY		16,979		0.0
INDIA		651,289		0.6
INDONESIA		252,360		0.2
IRELAND		247,107		0.2
ISLE OF MAN		4,345		0.0
ISRAEL		183,074		0.2
ITALY		491,801		0.5
JAPAN		4,534,439		4.1
JERSEY, C.I.		5,997		0.0
KOREA, REPUBLIC OF		1,268,159		1.2
LIECHTENSTEIN		442		0.0
LUXEMBOURG		37,054		0.0
MACAU		66,076		0.1
MALAYSIA		265,001		0.2
MEXICO		431,875		0.4
MONACO		1,894		0.0
MOROCCO		5,330		0.0
NETHERLANDS		1,059,523		1.1
NEW ZEALAND		69,451		0.1
NIGERIA		1,341		0.0
NORWAY		287,708		0.3
PANAMA		21,980		0.0
PERU		39,374		0.0
PHILIPPINES		105,340		0.1
POLAND		123,745		0.1
PORTUGAL		20,453		0.0
PUERTO RICO		1,510		0.0
RUSSIA		460,606		0.4
SINGAPORE		341,523		0.3
SOUTH AFRICA		604,434		0.6
SPAIN		463,266		0.4
SWEDEN		603,224		0.6
SWITZERLAND		1,807,489		1.6
TAIWAN		896,083		0.8
THAILAND		215,831		0.2
TURKEY		202,185		0.2
UKRAINE		5,508		0.0
UNITED ARAB EMIRATES		22,660		0.0
UNITED KINGDOM		5,112,012		4.7
TOTAL FOREIGN		33,563,691		30.5
TOTAL PORTFOLIO	$	109,896,128		100.0	%

185

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2012

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 98.7%
AUSTRALIA - 2.5%
	152,113		AGL Energy Ltd	$	2,445
	28,129	e	ALS Ltd		321
	783,431	e	Alumina Ltd		752
	348,033		Amcor Ltd		2,941
	927,050		AMP Ltd		4,702
	49,921		APA Group		288
	199,873		Asciano Group		978
	1,116,277		Australia & New Zealand Banking Group Ltd		29,399
	53,357		Australian Stock Exchange Ltd		1,741
	48,826		Bendigo Bank Ltd		435
	1,791,481		BHP Billiton Ltd		69,940
	1,194,700	e	Billabong International Ltd		1,043
	126,480	*	BlueScope Steel Ltd		463
	96,995		Boral Ltd		445
	346,630		Brambles Ltd		2,749
	17,557		Caltex Australia Ltd		354
	80,714		Centro Retail Australia (REIT)		191
	243,648		CFS Gandel Retail Trust		487
	178,194		Coca-Cola Amatil Ltd		2,504
	4,777	e	Cochlear Ltd		396
	442,620		Commonwealth Bank of Australia		28,826
	6,000,000		Commonwealth Property Office Fund		6,392
	142,891		Computershare Ltd		1,348
	58,257		Crown Ltd		651
	142,143		CSL Ltd		8,025
	799,457	e	David Jones Ltd		1,969
	614,258		DB RREEF Trust		652
	68,016		DuluxGroup Ltd		270
	94,988		Echo Entertainment Group Ltd		343
	3,365	e	Flight Centre Ltd		95
	1,224,378	e	Fortescue Metals Group Ltd		6,102
	707,109		GPT Group (ASE)		2,722
	64,167	e	Harvey Norman Holdings Ltd		128
	35,281		Iluka Resources Ltd		341
	308,475		Incitec Pivot Ltd		1,052
	620,921		Insurance Australia Group Ltd		3,058
	145,327	e	John Fairfax Holdings Ltd		78
	45,979		Leighton Holdings Ltd		868
	189,612		Lend Lease Corp Ltd		1,852
	35,629	*,e	Lynas Corp Ltd		22
	190,661		Macquarie Goodman Group		869
	114,930		Macquarie Group Ltd		4,305
	105,701	e	Metcash Ltd		366
	1,080,997		Mirvac Group		1,682

186

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,000,000	e	Myer Holdings Ltd	$	2,263
	1,077,941		National Australia Bank Ltd		28,353
	471,986		Newcrest Mining Ltd		11,041
	349,707		OneSteel Ltd		341
	114,341		Orica Ltd		3,008
	357,817		Origin Energy Ltd		4,399
	113,490		Oxiana Ltd		806
	144,223	*	Qantas Airways Ltd		226
	444,062		QBE Insurance Group Ltd		5,088
	160,470		QR National Ltd		631
	210,907		Ramsay Health Care Ltd		6,016
	282,954		Santos Ltd		3,315
	52,514	*	Shopping Centres Australasia Property Group		82
	20,785	e	Sims Group Ltd		205
	30,809		Sonic Healthcare Ltd		430
	204,228		SP AusNet		237
	804,472		Stockland Trust Group		2,975
	451,163		Suncorp-Metway Ltd		4,818
	57,922		Sydney Airport		204
	94,695		Tabcorp Holdings Ltd		302
	173,391		Tattersall’s Ltd		546
	1,568,171		Telstra Corp Ltd		7,146
	250,369		Toll Holdings Ltd		1,200
	361,388		Transurban Group		2,297
	39,724		Treasury Wine Estates Ltd		196
	356,830		Wesfarmers Ltd		13,767
	4,138,410		Westfield Group		45,704
	1,318,278		Westfield Retail Trust		4,159
	820,080		Westpac Banking Corp		22,470
	29,800	e	Whitehaven Coal Ltd		111
	194,212		Woodside Petroleum Ltd		6,921
	340,057		Woolworths Ltd		10,432
	38,866		WorleyParsons Ltd		957
			TOTAL AUSTRALIA		385,236
AUSTRIA - 0.2%
	63,472		Andritz AG.		4,079
	94,400		Austriamicrosystems AG.		10,166
	20,254	*	Erste Bank der Oesterreichischen Sparkassen AG.		644
	42,761		IMMOFINANZ Immobilien Anlagen AG.		180
	7,264		Oest Elektrizitatswirts AG. (Class A)		180
	170,000		Oesterreichische Post AG.		7,001
	13,636		OMV AG.		494
	4,598	e	Raiffeisen International Bank Holding AG.		191
	28,348		Telekom Austria AG.		215
	10,308		Voestalpine AG.		379
	3,986		Wiener Staedtische Allgemeine Versicherung AG.		213
	273,017	e	Wienerberger AG.		2,514
			TOTAL AUSTRIA		26,256
BELGIUM - 0.6%
	21,801		Ageas		644

187

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	31,925	*	Anheuser-Busch InBev NV	$	0	^
	14,555		Belgacom S.A.		428
	7,444		Colruyt S.A.		368
	9,619		Delhaize Group		387
	7,140		Groupe Bruxelles Lambert S.A.		569
	477	*	Groupe Bruxelles Lambert S.A. - STR VVPR		0	^
	361,723		InBev NV		31,501
	15,323		KBC Groep NV		534
	1,411		Mobistar S.A.		36
	5,481		Solvay S.A.		798
	2,841		Telenet Group Holding NV		134
	607,917		UCB S.A.		34,827
	277,725		Umicore		15,379
			TOTAL BELGIUM		85,605
BERMUDA - 0.1%
	215,400		Validus Holdings Ltd		7,448
			TOTAL BERMUDA		7,448
BRAZIL - 0.2%
	329,000		BTG Pactual Participations Ltd		4,981
	23,506		Companhia Vale do Rio Doce (ADR)		493
	1,439,300	*	Gol Linhas Aereas Inteligentes S.A.		9,068
	1,000,000		Klabin S.A.		6,247
	850,000		Marcopolo S.A.		5,355
	68,300		Petroleo Brasileiro S.A. (ADR)		1,330
			TOTAL BRAZIL		27,474
CANADA - 3.9%
	33,090		Agnico-Eagle Mines Ltd		1,734
	108,978	e	Agrium, Inc (Toronto)		10,862
	300,000		Aimia, Inc		4,485
	16,457		Alimentation Couche Tard, Inc		810
	36,451	e	ARC Energy Trust		896
	329,152	*	Athabasca Oil Corp		3,458
	1,275		Bank of Montreal		78
	235,367	e	Bank of Montreal (Toronto)		14,401
	423,457	e	Bank of Nova Scotia		24,461
	554,199		Barrick Gold Corp (Canada)		19,400
	63,500	e	Baytex Energy Trust		2,737
	189,625	e	BCE, Inc		8,127
	46,473	e	Bell Aliant Regional Communications Income Fund		1,230
	97,055	*	Biovail Corp (Toronto)		5,790
	199,561		Bombardier, Inc		754
	13,969	e	Bonavista Energy Trust		208
	149,963		Brookfield Asset Management, Inc		5,494
	46,486	e	CAE, Inc		471
	203,435		Cameco Corp		4,007
	202,611	e	Canadian Imperial Bank of Commerce/Canada		16,289
	352,656	e	Canadian National Railway Co		32,025
	455,504		Canadian Natural Resources Ltd (Canada)		13,115
	216,693		Canadian Oil Sands Trust		4,394

188

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	92,000	e	Canadian Pacific Railway Ltd	$	9,349
	261,173		Canadian Pacific Railway Ltd (Toronto)		26,493
	74,413		Canadian Tire Corp Ltd		5,190
	10,750	e	Canadian Utilities Ltd		777
	240,000		Cenovus Energy, Inc		8,050
	387,580		Cenovus Energy, Inc (Toronto)		12,971
	17,251		Centerra Gold, Inc		161
	90,304	*	CGI Group, Inc		2,083
	37,665	e	CI Financial Corp		944
	245,848	e	Crescent Point Energy Corp		9,298
	249,147		Dollarama, Inc		14,770
	313,311		Eldorado Gold Corp		4,032
	6,922		Empire Co Ltd		410
	221,803		Enbridge, Inc		9,593
	190,123	e	EnCana Corp		3,758
	28,452	e	Enerplus Resources Fund		369
	965		Fairfax Financial Holdings Ltd		348
	84,832	e	Finning International, Inc		2,095
	291,108		First Quantum Minerals Ltd		6,412
	91,353	e	Fortis, Inc		3,143
	23,626		Franco-Nevada Corp		1,349
	11,215		George Weston Ltd		797
	67,464		Gildan Activewear, Inc		2,464
	266,531		Goldcorp, Inc		9,799
	130,467	e	Great-West Lifeco, Inc		3,194
	52,470		H&R Real Estate Investment Trust		1,271
	155,394	e	Husky Energy, Inc		4,593
	242,274	e	IAMGOLD Corp		2,774
	56,226	e	IGM Financial, Inc		2,351
	130,620		Imperial Oil Ltd		5,611
	17,490		Industrial Alliance Insurance and Financial Services, Inc		552
	21,272		ING Canada, Inc		1,385
	6,905		Inmet Mining Corp		514
	76,348	*,e	Ivanhoe Mines Ltd		583
	235,659		Kinross Gold Corp		2,289
	15,642		Loblaw Cos Ltd		659
	39,755	*,e	Lululemon Athletica, Inc		3,030
	107,641	e	Magna International, Inc (Class A)		5,376
	150,000	e	Manitoba Telecom Services, Inc		4,895
	510,961		Manulife Financial Corp		6,940
	16,014	*	MEG Energy Corp		490
	131,413	e	Metro, Inc		8,367
	71,299	e	National Bank of Canada		5,536
	252,091	*	New Gold, Inc		2,790
	131,750		Nexen, Inc		3,519
	23,502		Onex Corp		989
	31,196	*	Open Text Corp		1,745
	255,471	*	Osisko Mining Corp		2,055
	23,384	e	Pan American Silver Corp		438
	40,275	e	Pembina Pipeline Income Fund		1,152
	78,482	e	Pengrowth Energy Trust		391
	265,870	e	Penn West Energy Trust		2,887

189

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	322,034		Potash Corp of Saskatchewan Toronto	$	13,105
	163,318	e	Power Corp Of Canada		4,167
	113,899	e	Power Financial Corp		3,119
	83,317		RioCan Real Estate Investment Trust		2,308
	25,058	e	Ritchie Bros Auctioneers, Inc		523
	108,099	e	Rogers Communications, Inc (Class B)		4,908
	766,017	e	Royal Bank of Canada (Toronto)		46,113
	63,233		Saputo, Inc		3,198
	69,039	e	Shaw Communications, Inc (B Shares)		1,585
	91,114	e	Shoppers Drug Mart Corp		3,920
	153,715		Silver Wheaton Corp		5,542
	21,460		SNC-Lavalin Group, Inc		870
	154,345		Sun Life Financial, Inc		4,092
	1,254,856		Suncor Energy, Inc		41,265
	233,773		Talisman Energy, Inc		2,644
	155,077	e	Teck Cominco Ltd		5,636
	70,703	e	TELUS Corp, non-voting shares		4,597
	82,313	e	Thomson Corp (Toronto)		2,382
	54,220		Tim Hortons, Inc (Toronto)		2,662
	474,755	e	Toronto-Dominion Bank		39,973
	10,663	*	Tourmaline Oil Corp		335
	50,364	e	TransAlta Corp		766
	333,121	e	TransCanada Corp		15,747
	12,221	e	Vermilion Energy Trust		638
	177,268		Yamana Gold, Inc		3,049
			TOTAL CANADA		599,401
CHINA - 0.8%
	794,000	e	Agricultural Bank of China		401
	5,000,000		Air China Ltd		4,281
	1,417,500	e	Anhui Conch Cement Co Ltd		5,295
	2,708,700		Bank of Communications Co Ltd		2,071
	7,000,000		Beijing Capital International Airport Co Ltd		5,081
	1,122,000		China Aoyuan Property Group Ltd		214
	1,119,500		China Merchants Bank Co Ltd		2,517
	3,579,200		China National Building Material Co Ltd		5,374
	1,300,255	*	China New Town Development Co Ltd		66
	850,000		China Pacific Insurance Group Co Ltd		3,205
	5,000,000	e	China Railway Construction Corp		5,784
	9,000,000		China Railway Group Ltd		5,352
	1,000,000		China Resources Enterprise		3,660
	1,818,900		China South Locomotive and Rolling Stock Corp		1,620
	3,930,000		CNOOC Ltd		8,658
	20,000	e	Cosco Corp Singapore Ltd		15
	3,020,000		Dongfeng Motor Group Co Ltd		4,755
	44,000	*,e	Foxconn International Holdings Ltd		22
	209,000	*,e	Glorious Property Holdings Ltd		40
	1,450,000	e	Great Wall Motor Co Ltd		4,664
	2,250,000	e	Guangzhou R&F Properties Co Ltd		3,813
	6,877,000		Industrial & Commercial Bank of China		4,964
	4,000,000		KWG Property Holding Ltd		3,071
	180,000	e	Ping An Insurance Group Co of China Ltd		1,535

190

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	3,000,000	e	Shimao Property Holdings Ltd	$	5,791
	50,000	*	Sina Corp		2,511
	2,223,338	e	Sino-Ocean Land Holdings Ltd		1,691
	297,400		Spreadtrum Communications, Inc (ADR)		5,234
	5,600,000		Sunac China Holdings Ltd		4,382
	238,000		Tencent Holdings Ltd		7,806
	1,550,000		Xinao Gas Holdings Ltd		6,792
	1,569,300		Xingda International Holdings Ltd		823
	169,000	e	Yangzijiang Shipbuilding		135
	2,539,000	*,e	Yanlord Land Group Ltd		3,208
			TOTAL CHINA		114,831
COLOMBIA - 0.1%
	753,557	e	Pacific Rubiales Energy Corp (Toronto)		17,507
			TOTAL COLOMBIA		17,507
DENMARK - 0.4%
	51		AP Moller - Maersk AS (Class A)		363
	112		AP Moller - Maersk AS (Class B)		848
	10,088		Carlsberg AS (Class B)		994
	737,295		Christian Hansen Holding		23,962
	10,805	e	Coloplast A.S.		530
	52,676	*	Danske Bank AS		895
	18,976		DSV AS		491
	139,805		Novo Nordisk AS (Class B)		22,765
	37,359		Novozymes AS		1,060
	722,255		TDC AS		5,117
	30,000	*	Topdanmark AS		6,446
	2,402		TrygVesta AS		182
	2,247	*,e	William Demant Holding		193
			TOTAL DENMARK		63,846
FINLAND - 0.2%
	12,122	e	Elisa Oyj (Series A)		269
	171,571		Fortum Oyj		3,212
	6,188		Kesko Oyj (B Shares)		203
	14,570	e	Kone Oyj (Class B)		1,078
	12,060		Metso Oyj		515
	12,237	e	Neste Oil Oyj		159
	274,066	e	Nokia Oyj		1,083
	10,281		Nokian Renkaat Oyj		412
	283,376		OKO Bank (Class A)		4,243
	3,916	e	Orion Oyj (Class B)		115
	287,900		Outotec Oyj		16,265
	39,656		Sampo Oyj (A Shares)		1,284
	52,733	e	Stora Enso Oyj (R Shares)		369
	48,458		UPM-Kymmene Oyj		570
	16,048		Wartsila Oyj (B Shares)		699
			TOTAL FINLAND		30,476
FRANCE - 3.5%
	13,023		Accor S.A.		464

191

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	2,682		Aeroports de Paris	$	208
	53,282		Air Liquide		6,731
	107,974	*,e	Alcatel S.A.		146
	364,654		Alstom RGPT		14,690
	371,681		Arkema		39,026
	349,481		Atos Origin S.A.		24,543
	157,589		AXA S.A.		2,830
	1,004,579		BNP Paribas		57,191
	9,017		Bouygues S.A.		268
	4,723		Bureau Veritas S.A.		530
	13,618		Cap Gemini S.A.		595
	58,074		Carrefour S.A.		1,495
	5,000		Casino Guichard Perrachon S.A.		479
	2,618		Christian Dior S.A.		446
	14,625		CNP Assurances		225
	331,581		Compagnie de Saint-Gobain		14,239
	14,152	*	Compagnie Generale de Geophysique S.A.		430
	1		Compagnie Generale de Geophysique-Veritas (ADR)		0	^
	19,040		Compagnie Generale d’Optique Essilor International S.A.		1,920
	88,598	*	Credit Agricole S.A.		722
	6,042	e	Dassault Systemes S.A.		676
	1,730,955		Edenred		53,535
	24,132		Electricite de France		447
	3,241		Eurazeo		157
	6,443		Eutelsat Communications		214
	2,328		Fonciere Des Regions		196
	104,746		France Telecom S.A.		1,162
	772,700	*,e	GameLoft		5,432
	127,053		Gaz de France		2,617
	1,774		Gecina S.A.		201
	53,404		Groupe Danone		3,518
	26,850		Groupe Eurotunnel S.A.		209
	2,139		Icade		191
	1,071		Iliad S.A.		184
	3,402		Imerys S.A.		218
	979,625		JC Decaux S.A.		23,383
	8,771		Klepierre		351
	492,148		Lafarge S.A.		31,779
	5,255		Lagardere S.C.A.		177
	15,666		Legrand S.A.		665
	15,705		L’Oreal S.A.		2,185
	105,491		LVMH Moet Hennessy Louis Vuitton S.A.		19,469
	165,614		Michelin (C.G.D.E.) (Class B)		15,869
	84,439		Natixis		289
	17,160		Pernod-Ricard S.A.		1,991
	13,341	*,e	Peugeot S.A.		97
	6,143		PPR		1,154
	8,050	e	Publicis Groupe S.A.		484
	414,487		Remy Cointreau S.A.		45,262
	110,924		Renault S.A.		6,024
	5,789		Rexel S.A.		118

192

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	19,789	e	Safran S.A.	$	857
	464,240		Sanofi-Aventis		44,024
	46,822		Schneider Electric S.A.		3,429
	15,712		SCOR		425
	62,554		Societe BIC S.A.		7,498
	897,483	*	Societe Generale		34,124
	4,494		Sodexho Alliance S.A.		380
	12,775		Suez Environnement S.A.		154
	277,915		Technip S.A.		32,137
	153,400		Teleperformance		5,578
	8,513		Thales S.A.		297
	201,323		Total S.A.		10,475
	8,196		Unibail		1,988
	10,058		Vallourec		528
	16,342		Veolia Environnement		198
	41,491		Vinci S.A.		1,998
	118,500		Vivendi Universal S.A.		2,680
	1,437		Wendel		148
	1,609		Zodiac S.A.		178
			TOTAL FRANCE		532,528
GERMANY - 3.7%
	9,900		Adidas-Salomon AG.		883
	545,464		Allianz AG.		76,036
	2,024		Axel Springer AG.		87
	349,279		BASF AG.		33,028
	944,587		Bayer AG.		90,078
	281,517		Bayerische Motoren Werke AG.		27,395
	535		Bayerische Motoren Werke AG. (Preference)		35
	528,124		Beiersdorf AG.		43,243
	2,207		Brenntag AG.		291
	8,435		Celesio AG.		146
	359,383	*	Commerzbank AG.		688
	171,638		Continental AG.		20,005
	84,340		Daimler AG. (Reg)		4,643
	56,720		Deutsche Bank AG.		2,495
	18,378		Deutsche Boerse AG.		1,127
	20,634		Deutsche Lufthansa AG.		390
	1,003,422		Deutsche Post AG.		22,101
	264,555		Deutsche Telekom AG.		3,011
	396,085		E.ON AG.		7,429
	3,577		Fraport AG. Frankfurt Airport Services Worldwide		209
	70,218		Fresenius Medical Care AG.		4,846
	11,002		Fresenius SE		1,266
	7,574		GEA Group AG.		246
	55,618		Hannover Rueckversicherung AG.		4,356
	13,301		HeidelbergCement AG.		814
	12,374		Henkel KGaA		849
	16,822		Henkel KGaA (Preference)		1,384
	1,760	*	Hochtief AG.		103
	1,037		Hugo Boss AG.		110
	102,370		Infineon Technologies AG.		834

193

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	16,015		K&S AG.	$	744
	240,386		Kabel Deutschland Holding AG.		18,093
	83,867		Lanxess AG.		7,395
	16,592		Linde AG.		2,903
	153,999		MAN AG.		16,543
	3,116		Merck KGaA		411
	11,720		Metro AG.		326
	108,526		Muenchener Rueckver AG.		19,592
	60,000		Norddeutsche Affinerie AG.		4,292
	14,387		Porsche AG.		1,184
	144,456		ProSiebenSat.1 Media AG.		4,115
	41,000		Rheinmetall AG.		1,992
	33,377		RWE AG.		1,384
	3,154	e	RWE AG. (Preference)		119
	3,819		Salzgitter AG.		200
	707,689		SAP AG.		56,907
	77,896		Siemens AG.		8,518
	197,182		Suedzucker AG.		8,094
	33,407		ThyssenKrupp AG.		789
	4,665		United Internet AG.		101
	21,845		Volkswagen AG.		4,739
	199,064		Volkswagen AG. (Preference)		45,675
	341,804		Wirecard AG.		8,438
			TOTAL GERMANY		560,682
GREECE - 0.0%
	18,310		Coca Cola Hellenic Bottling Co S.A.		428
	22,703		OPAP S.A.		163
			TOTAL GREECE		591
HONG KONG - 1.2%
	7,636,900		AIA Group Ltd		30,290
	16,258	e	ASM Pacific Technology		200
	119,466		Bank of East Asia Ltd		464
	2,055,948		BOC Hong Kong Holdings Ltd		6,467
	97,237	e	Cathay Pacific Airways Ltd		181
	587,111		Cheung Kong Holdings Ltd		9,135
	39,661		Cheung Kong Infrastructure Holdings Ltd		245
	483,956		CLP Holdings Ltd		4,066
	4,745,731	e	Esprit Holdings Ltd		6,729
	174,504		First Pacific Co		193
	150,000	*,e	Galaxy Entertainment Group Ltd		601
	156,517	e	Hang Lung Group Ltd		900
	2,918,337		Hang Lung Properties Ltd		11,745
	355,370		Hang Seng Bank Ltd		5,486
	309,333	e	Henderson Land Development Co Ltd		2,215
	143,804		HKT Trust and HKT Ltd		141
	1,522,859		Hong Kong & China Gas Ltd		4,184
	285,279		Hong Kong Electric Holdings Ltd		2,447
	243,559	e	Hong Kong Exchanges and Clearing Ltd		4,215
	45,403		Hopewell Holdings		197
	448,700		Hutchison Port Holdings Trust		359

194

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	652,416		Hutchison Whampoa Ltd	$	6,914
	53,584		Hysan Development Co Ltd		260
	6,000,000	e	iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker		8,624
	1,520,427		Kerry Properties Ltd		7,988
	1,712,638	e	Li & Fung Ltd		3,090
	12,000		Lifestyle International Holdings Ltd		30
	2,678,445		Link Real Estate Investment Trust		13,414
	394,415		MTR Corp		1,563
	1,009,771		New World Development Ltd		1,599
	325,263		Noble Group Ltd		314
	120,425		NWS Holdings Ltd		205
	17,864		Orient Overseas International Ltd		118
	249,749		PCCW Ltd		110
	6,261,300		Samsonite International		13,140
	2,770,286		Shanghai Real Estate Ltd		143
	127,345		Shangri-La Asia Ltd		256
	251,969		Sino Land Co		461
	77,120	*,e	Sino-Forest Corp		1
	157,000		SJM Holdings Ltd		370
	651,932		Sun Hung Kai Properties Ltd		9,887
	138,793		Swire Pacific Ltd (Class A)		1,736
	140,356		Swire Properties Ltd		473
	1,625,662		Wharf Holdings Ltd		12,956
	77,780		Wheelock & Co Ltd		397
	14,802		Wing Hang Bank Ltd		156
	60,589		Yue Yuen Industrial Holdings		205
			TOTAL HONG KONG		174,870
INDIA - 0.5%
	1,111,400	*	Adani Enterprises Ltd		5,567
	1,669,779	*	DEN Networks Ltd		6,044
	1,530,483	*	Dhanalakshmi Bank Ltd		1,878
	4,715,417		DLF Ltd		20,105
	787,416	*	Geodesic Information Systems Ltd		321
	383,004	*	Hathway Cables and Datacom Pvt Ltd		2,017
	1,764,100		Infrastructure Development Finance Co Ltd		5,595
	400,070		ING Vysya Bank Ltd		3,882
	350,000		ITC Ltd		1,843
	326,698		Larsen & Toubro Ltd		9,700
	454,322	*	LIC Housing Finance Ltd		2,431
	90,834	*	Prestige Estates Projects Ltd		299
	779,738	*	Puravankara Projects Ltd		1,431
	200,000		Sun Pharmaceuticals Industries Ltd		2,705
	813,513	*	Sunteck Realty Ltd		6,962
	12,719,522	*	Unitech Ltd		7,812
	5,268	e	Vedanta Resources plc		102
			TOTAL INDIA		78,694
INDONESIA - 0.1%
	33,000,000		PT Lippo Karawaci Tbk		3,433
	10,250,000	*	PT MNC Sky Vision Tbk		2,553

195

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	4,000,000		PT Telekomunikasi Indonesia Tbk (Series B)	$	3,770
			TOTAL INDONESIA		9,756
IRELAND - 0.8%
	147,992	*,m	Anglo Irish Bank Corp plc		0	^
	742,443		CRH plc		15,098
	6,125		CRH plc (Ireland)		127
	44,265	*	Elan Corp plc		454
	2,500	*	Elan Corp plc (ADR)		26
	57,177		James Hardie Industries NV		554
	284,007		Kerry Group plc (Class A)		15,001
	135,500		Paddy Power plc		11,178
	1,139	*,e	Prothena Corp plc		8
	14,350		Ryanair Holdings plc		90
	253,000		Ryanair Holdings plc (ADR)		8,673
	1,110,194		Shire Ltd		34,151
	657,400		Smurfit Kappa Group plc		7,853
	2,257,249		WPP plc		32,977
	77,691		XL Capital Ltd		1,947
			TOTAL IRELAND		128,137
ISLE OF MAN - 0.0%
	3,631,384	*	Unitech Corporate Parks plc		2,242
			TOTAL ISLE OF MAN		2,242
ISRAEL - 0.2%
	46,083	*	Bank Hapoalim Ltd		198
	63,610	*	Bank Leumi Le-Israel		217
	82,927		Bezeq Israeli Telecommunication Corp Ltd		96
	191		Delek Group Ltd		45
	21,345		Israel Chemicals Ltd		257
	90		Israel Corp Ltd		59
	1,785	*	Mellanox Technologies Ltd		111
	6,605	*	Mizrahi Tefahot Bank Ltd		68
	3,175	*	Nice Systems Ltd		106
	44,647		Teva Pharmaceutical Industries Ltd		1,659
	667,678		Teva Pharmaceutical Industries Ltd (ADR)		24,931
			TOTAL ISRAEL		27,747
ITALY - 1.0%
	228,506	*	ACEA S.p.A.		1,376
	110,324		Assicurazioni Generali S.p.A.		2,016
	4,780	e	Autogrill S.p.A.		55
	28,834		Autostrade S.p.A.		524
	837,939		Banca Intesa S.p.A.		1,449
	96,435		Banca Intesa S.p.A. RSP		137
	454,035	*,e	Banca Monte dei Paschi di Siena S.p.A.		136
	63,012		Banche Popolari Unite Scpa		294
	107,649	*	Banco Popolare Scarl		179
	330,500	*,e	Brunello Cucinelli S.p.A		5,830
	894,154		De’Longhi S.p.A.		12,849
	73,873		Enel Green Power S.p.A		138

196

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	311,636		Enel S.p.A.	$	1,296
	1,608,526		ENI S.p.A.		39,405
	156,696		Exor S.p.A.		3,949
	77,087		Fiat Industrial S.p.A.		845
	80,345	*,e	Fiat S.p.A.		405
	40,420	*	Finmeccanica S.p.A.		234
	711,009		Lottomatica S.p.A.		16,246
	349,482		Luxottica Group S.p.A.		14,425
	42,585		Mediaset S.p.A.		88
	47,934		Mediobanca S.p.A.		296
	302,897	e	Pirelli & C S.p.A.		3,490
	1,586,400	e	Prada S.p.A		15,415
	14,201		Prysmian S.p.A.		283
	364,180		Saipem S.p.A.		14,186
	75,634		Snam Rete Gas S.p.A.		353
	268,062		Telecom Italia RSP		213
	700,003		Telecom Italia S.p.A.		635
	57,840		Terna Rete Elettrica Nazionale S.p.A.		231
	1,455,292	*	UniCredit S.p.A		7,167
	301,499	*	Yoox S.p.A		4,775
			TOTAL ITALY		148,920
JAPAN - 7.4%
	1,900		ABC-Mart, Inc		83
	2,180	*,e	Acom Co Ltd		63
	3,390		Advance Residence Investment Corp		6,948
	18,943		Advantest Corp		299
	224,609	e	Aeon Co Ltd		2,567
	9,103	e	Aeon Credit Service Co Ltd		184
	9,500		Aeon Mall Co Ltd		234
	12,000		Air Water, Inc		154
	257,742		Aisin Seiki Co Ltd		8,049
	50,529		Ajinomoto Co, Inc		669
	4,957		Alfresa Holdings Corp		194
	79,435	e	All Nippon Airways Co Ltd		167
	316,744		Amada Co Ltd		2,061
	5,542,948		Aozora Bank Ltd		17,043
	188,807		Asahi Breweries Ltd		4,020
	268,773	e	Asahi Glass Co Ltd		1,962
	761,234		Asahi Kasei Corp		4,501
	8,700		Asics Corp		133
	130,541		Astellas Pharma, Inc		5,869
	24,653	e	Bank of Kyoto Ltd		209
	367,971		Bank of Yokohama Ltd		1,711
	25,983		Benesse Corp		1,081
	624,404		Bridgestone Corp		16,254
	84,085	e	Brother Industries Ltd		905
	1,000	e	Calbee, Inc		70
	541,397	e	Canon, Inc		20,984
	152,100	e	Capcom Co Ltd		2,325
	28,823	e	Casio Computer Co Ltd		253
	56,000		Central Japan Railway Co		4,545

197

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	280,323		Chiba Bank Ltd	$	1,642
	148,000		Chiyoda Corp		2,120
	231,266		Chubu Electric Power Co, Inc		3,086
	82,858		Chugai Pharmaceutical Co Ltd		1,588
	13,100		Chugoku Bank Ltd		183
	105,853		Chugoku Electric Power Co, Inc		1,666
	20,842		Citizen Watch Co Ltd		110
	7,771		Coca-Cola West Japan Co Ltd		120
	71,343		Cosmo Oil Co Ltd		160
	9,155		Credit Saison Co Ltd		229
	1,200		Crescendo Investment Corp		798
	69,076		Dai Nippon Printing Co Ltd		542
	23,630		Daicel Chemical Industries Ltd		156
	32,698		Daido Steel Co Ltd		166
	88,290		Daihatsu Motor Co Ltd		1,759
	2,889		Dai-ichi Mutual Life Insurance Co		4,065
	121,297		Daiichi Sankyo Co Ltd		1,862
	85,046		Daikin Industries Ltd		2,921
	19,963		Dainippon Sumitomo Pharma Co Ltd		240
	19,311		Daito Trust Construction Co Ltd		1,825
	61,856		Daiwa House Industry Co Ltd		1,063
	1,787,400	e	Daiwa Securities Group, Inc		9,972
	31,800		Dena Co Ltd		1,043
	58,676		Denki Kagaku Kogyo KK		201
	306,545		Denso Corp		10,675
	21,955		Dentsu, Inc		588
	3,000		Don Quijote Co Ltd		110
	105,252		East Japan Railway Co		6,806
	31,617		Eisai Co Ltd		1,320
	42,293		Electric Power Development Co		1,003
	5,300	*,m	Elpida Memory, Inc		0	^
	7,344		FamilyMart Co Ltd		303
	139,043		Fanuc Ltd		25,869
	16,318		Fast Retailing Co Ltd		4,165
	44,822		Fuji Electric Holdings Co Ltd		110
	351,084		Fuji Folms Holdings Corp		7,064
	593,742		Fuji Heavy Industries Ltd		7,487
	3,257		Fuji Television Network, Inc		4,923
	1,132,991		Fujitsu Ltd		4,752
	61,167		Fukuoka Financial Group, Inc		245
	83,805	*	Furukawa Electric Co Ltd		188
	58,100	e	Gree, Inc		902
	45,110	e	GS Yuasa Corp		182
	28,879		Gunma Bank Ltd		141
	31,842		Hachijuni Bank Ltd		160
	2,935		Hakuhodo DY Holdings, Inc		190
	5,337		Hamamatsu Photonics KK		194
	66,000		Hankyu Hanshin Holdings, Inc		341
	97,582		Hino Motors Ltd		882
	3,587	e	Hirose Electric Co Ltd		430
	39,592		Hiroshima Bank Ltd		166
	7,800		Hisamitsu Pharmaceutical Co, Inc		388

198

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	12,852		Hitachi Chemical Co Ltd	$	194
	8,222	e	Hitachi Construction Machinery Co Ltd		173
	23,500		Hitachi High-Technologies Corp		486
	200,000		Hitachi Kokusai Electric, Inc		1,472
	5,888,685		Hitachi Ltd		34,652
	256,907		Hitachi Medical Corp		3,695
	51,000		Hitachi Metals Ltd		435
	63,884		Hokkaido Electric Power Co, Inc		776
	26,000		Hokuhoku Financial Group, Inc		38
	61,431	e	Hokuriku Electric Power Co		729
	817,368		Honda Motor Co Ltd		30,271
	114,553		Hoya Corp		2,257
	44,266		Ibiden Co Ltd		708
	3,052		Ichigo Real Estate Investment Corp		1,658
	34,747		Idemitsu Kosan Co Ltd		3,028
	786		Inpex Holdings, Inc		4,204
	143,481		Isetan Mitsukoshi Holdings Ltd		1,404
	2,972,978		Ishikawajima-Harima Heavy Industries Co Ltd		7,709
	426,169		Isuzu Motors Ltd		2,543
	622,870		Itochu Corp		6,583
	103,262		Itochu Techno-Science Corp		4,252
	19,652		Iyo Bank Ltd		156
	299,050		J Front Retailing Co Ltd		1,657
	55,000	*	Japan Airlines Co Ltd		2,364
	182,000		Japan Aviation Electronics Industry Ltd		1,353
	16,600		Japan Petroleum Exploration Co		586
	83		Japan Prime Realty Investment Corp		240
	125		Japan Real Estate Investment Corp		1,232
	217		Japan Retail Fund Investment Corp		399
	224,560		Japan Steel Works Ltd		1,463
	466,500		Japan Tobacco, Inc		13,178
	105,804		JFE Holdings, Inc		1,994
	75,978		JGC Corp		2,368
	140,000		Jin Co Ltd		5,042
	49,624	e	Joyo Bank Ltd		236
	22,653		JSR Corp		432
	36,003		JTEKT Corp		343
	232		Jupiter Telecommunications Co		289
	827,700		JX Holdings, Inc		4,673
	293,372		Kajima Corp		971
	29,852		Kamigumi Co Ltd		238
	33,900		Kaneka Corp		172
	268,574		Kansai Electric Power Co, Inc		2,821
	25,480		Kansai Paint Co Ltd		275
	30,453		Kao Corp		794
	511,212		Kawasaki Heavy Industries Ltd		1,390
	227,100	*,e	Kawasaki Kisen Kaisha Ltd		349
	100,700		KDDI Corp		7,119
	200,022		Keihin Electric Express Railway Co Ltd		1,776
	220,310	e	Keio Corp		1,642
	32,426		Keisei Electric Railway Co Ltd		274

199

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,600		Kenedix Realty Investment Corp	$	5,578
	13,285		Keyence Corp		3,684
	12,795		Kikkoman Corp		183
	16,131		Kinden Corp		105
	388,914	e	Kintetsu Corp		1,594
	264,849		Kirin Brewery Co Ltd		3,116
	852,084	*	Kobe Steel Ltd		1,089
	7,000		Koito Manufacturing Co Ltd		102
	344,422		Komatsu Ltd		8,838
	6,073		Konami Corp		137
	152,613		Konica Minolta Holdings, Inc		1,098
	87,158		Kubota Corp		1,002
	51,187		Kuraray Co Ltd		671
	8,745		Kurita Water Industries Ltd		192
	56,212		Kyocera Corp		5,096
	32,045		Kyowa Hakko Kogyo Co Ltd		316
	150,584		Kyushu Electric Power Co, Inc		1,717
	21,251		Lawson, Inc		1,442
	545,023		LIXIL Group Corp		12,157
	3,016		Mabuchi Motor Co Ltd		129
	37,536		Makita Corp		1,744
	1,383,072		Marubeni Corp		9,924
	17,209		Marui Co Ltd		137
	5,496		Maruichi Steel Tube Ltd		127
	173,655	e	Matsushita Electric Industrial Co Ltd		1,061
	4,032,950	*	Mazda Motor Corp		8,277
	5,100	e	McDonald’s Holdings Co Japan Ltd		135
	18,112		Mediceo Paltac Holdings Co Ltd		201
	4,849		MEIJI Holdings Co Ltd		210
	357,864		Millea Holdings, Inc		9,970
	17,100		Miraca Holdings, Inc		689
	990,719		Mitsubishi Chemical Holdings Corp		4,935
	624,295		Mitsubishi Corp		12,020
	840,814		Mitsubishi Electric Corp		7,159
	402,705		Mitsubishi Estate Co Ltd		9,641
	46,160		Mitsubishi Gas Chemical Co, Inc		283
	994,150		Mitsubishi Heavy Industries Ltd		4,809
	14,262		Mitsubishi Logistics Corp		205
	380,293		Mitsubishi Materials Corp		1,300
	474,130	*	Mitsubishi Motors Corp		490
	4,921,954		Mitsubishi UFJ Financial Group, Inc		26,633
	7,160		Mitsubishi UFJ Lease & Finance Co Ltd		308
	1,072,904		Mitsui & Co Ltd		16,082
	216,087		Mitsui Chemicals, Inc		563
	393,137		Mitsui Fudosan Co Ltd		9,617
	2,240,499		Mitsui OSK Lines Ltd		6,674
	175,407		Mitsui Sumitomo Insurance Group Holdings, Inc		3,501
	1,960,749		Mitsui Trust Holdings, Inc		6,908
	7,607,856		Mizuho Financial Group, Inc		13,949
	291,900	e	MonotaRO Co Ltd		9,404
	120,420		Murata Manufacturing Co Ltd		7,104
	8,100	e	Nabtesco Corp		181
	314,106		Namco Bandai Holdings, Inc		4,072

200

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	201,615	*	NEC Corp	$	425
	6,200	*	Nexon Co Ltd		63
	54,179		NGK Insulators Ltd		643
	19,988		NGK Spark Plug Co Ltd		266
	18,738		NHK Spring Co Ltd		154
	82,006	e	Nidec Corp		4,789
	90,881		Nikon Corp		2,683
	31,258		Nintendo Co Ltd		3,338
	129	e	Nippon Building Fund, Inc		1,334
	45,184		Nippon Electric Glass Co Ltd		257
	106,441		Nippon Express Co Ltd		440
	12,944		Nippon Meat Packers, Inc		179
	12,587	e	Nippon Paper Group, Inc		175
	18,000	e	Nippon Sheet Glass Co Ltd		24
	250,000		Nippon Shokubai Co Ltd		2,561
	2,164,321		Nippon Steel Corp		5,329
	163,730		Nippon Telegraph & Telephone Corp		6,894
	546,308		Nippon Yusen Kabushiki Kaisha		1,286
	51,721		Nishi-Nippon City Bank Ltd		128
	887,243		Nissan Motor Co Ltd		8,419
	22,618		Nisshin Seifun Group, Inc		283
	4,600	*	Nisshin Steel Holdings Co Ltd		42
	7,835		Nissin Food Products Co Ltd		297
	126,100		Nissin Kogyo Co Ltd		1,953
	2,756		Nitori Co Ltd		202
	20,637		Nitto Denko Corp		1,016
	111,200		NKSJ Holdings, Inc		2,385
	13,351		NOK Corp		209
	1,573,263	e	Nomura Holdings, Inc		9,313
	11,674		Nomura Real Estate Holdings, Inc		223
	66		Nomura Real Estate Office Fund, Inc		380
	12,464		Nomura Research Institute Ltd		260
	33,911		NSK Ltd		241
	9,000		NTN Corp		24
	159		NTT Data Corp		498
	5,346		NTT DoCoMo, Inc		7,706
	145		NTT Urban Development Corp		141
	228,259		Obayashi Corp		1,287
	236,398	e	Odakyu Electric Railway Co Ltd		2,460
	100,797	e	OJI Paper Co Ltd		348
	15,100		Okinawa Electric Power Co, Inc		471
	356,800	*	Olympus Corp		6,922
	75,302		Omron Corp		1,808
	80,398		Ono Pharmaceutical Co Ltd		4,107
	106,417		Oriental Land Co Ltd		12,888
	289,991	e	ORIX Corp		32,757
	680,881		Osaka Gas Co Ltd		2,473
	1,887		Otsuka Corp		143
	148,500		Otsuka Holdings KK		4,183
	812,500		Park24 Co Ltd		12,832
	100		Premier Investment Co		369
	284,200		Rakuten, Inc		2,216

201

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	942,830		Resona Holdings, Inc	$	4,311
	74,581	e	Ricoh Co Ltd		792
	10,599		Rinnai Corp		720
	21,124		Rohm Co Ltd		691
	76,100		Sanden Corp		323
	3,880		Sankyo Co Ltd		154
	300,900	e	Sanrio Co Ltd		9,600
	9,156		Santen Pharmaceutical Co Ltd		352
	17,224		SBI Holdings, Inc		154
	62,634		Secom Co Ltd		3,156
	65,743		Sega Sammy Holdings, Inc		1,110
	2,700	e	Seiko Epson Corp		22
	51,951		Sekisui Chemical Co Ltd		453
	61,920		Sekisui House Ltd		678
	368,681		Seven & I Holdings Co Ltd		10,393
	41,600		Seven Bank Ltd		110
	78,106	e	Sharp Corp		273
	61,519		Shikoku Electric Power Co, Inc		981
	29,982		Shimadzu Corp		205
	1,697		Shimamura Co Ltd		165
	5,781		Shimano, Inc		370
	206,262		Shimizu Corp		775
	85,300		Shin-Etsu Chemical Co Ltd		5,206
	87,649		Shinsei Bank Ltd		175
	37,573		Shionogi & Co Ltd		626
	28,385		Shiseido Co Ltd		401
	182,301		Shizuoka Bank Ltd		1,781
	81,800	*	Shoei Co Ltd		555
	176,654	e	Showa Denko KK		270
	22,973		Showa Shell Sekiyu KK		130
	6,688		SMC Corp		1,215
	314,560		Softbank Corp		11,526
	154,936		Sojitz Holdings Corp		229
	35		So-net M3, Inc		56
	712,502	e	Sony Corp		7,991
	21,900		Sony Financial Holdings, Inc		394
	81,499	e	Square Enix Co Ltd		1,037
	17,715		Stanley Electric Co Ltd		252
	14,276	*	Sumco Corp		140
	189,883		Sumitomo Chemical Co Ltd		598
	421,463		Sumitomo Corp		5,407
	150,776		Sumitomo Electric Industries Ltd		1,743
	70,625		Sumitomo Heavy Industries Ltd		338
	115,264		Sumitomo Metal Mining Co Ltd		1,627
	1,056,479		Sumitomo Mitsui Financial Group, Inc		38,394
	468,396		Sumitomo Realty & Development Co Ltd		15,604
	421,063		Sumitomo Rubber Industries, Inc		5,092
	250,654		Suruga Bank Ltd		3,083
	8,687		Suzuken Co Ltd		245
	58,422		Suzuki Motor Corp		1,529
	21,300		Sysmex Corp		981
	204,500		T&D Holdings, Inc		2,490

202

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,545,910		Taiheiyo Cement Corp	$	4,250
	355,743		Taisei Corp		1,183
	58,200		Taisho Pharmaceutical Holdings Co Ltd		3,997
	30,357		Taiyo Nippon Sanso Corp		175
	110,718		Takashimaya Co Ltd		788
	309,948		Takeda Pharmaceutical Co Ltd		13,853
	423,000	e	Tamron Co Ltd		11,983
	80,481		Tanabe Seiyaku Co Ltd		1,050
	43,727	e	TDK Corp		1,592
	2,569,613		Teijin Ltd		6,399
	51,576		Terumo Corp		2,048
	61,276		THK Co Ltd		1,102
	324,878		Tobu Railway Co Ltd		1,723
	14,075		Toho Co Ltd		248
	53,000		Toho Gas Co Ltd		284
	158,415	*	Tohoku Electric Power Co, Inc		1,477
	171,260	*	Tokyo Electric Power Co, Inc		413
	50,410		Tokyo Electron Ltd		2,325
	2,102,924		Tokyo Gas Co Ltd		9,608
	395,852		Tokyu Corp		2,230
	54,414		Tokyu Land Corp		399
	69,427	e	Toppan Printing Co Ltd		430
	459,664		Toray Industries, Inc		2,824
	1,992,481		Toshiba Corp		7,887
	934,000		Tosoh Corp		2,247
	34,681		Toto Ltd		261
	18,739		Toyo Seikan Kaisha Ltd		253
	40,099		Toyo Suisan Kaisha Ltd		1,068
	8,097		Toyoda Gosei Co Ltd		165
	8,000	e	Toyota Boshoku Corp		93
	44,161		Toyota Industries Corp		1,410
	2,180,448		Toyota Motor Corp		101,819
	26,594		Toyota Tsusho Corp		656
	8,028	e	Trend Micro, Inc		243
	61,874		Tsumura & Co		1,870
	351,932		UBE Industries Ltd		845
	88,451		Uni-Charm Corp		4,596
	567,600		United Arrows Ltd		13,071
	318,484		Ushio, Inc		3,492
	1,693		USS Co Ltd		176
	41,000		West Japan Railway Co		1,615
	5,073		Yahoo! Japan Corp		1,643
	44,477	e	Yakult Honsha Co Ltd		1,948
	6,749	e	Yamada Denki Co Ltd		261
	16,666		Yamaguchi Financial Group, Inc		147
	12,388		Yamaha Corp		131
	31,383	e	Yamaha Motor Co Ltd		348
	5,300		Yamato Kogyo Co Ltd		155
	48,055		Yamato Transport Co Ltd		730
	13,553		Yamazaki Baking Co Ltd		151
	28,384		Yaskawa Electric Corp		274
	26,610		Yokogawa Electric Corp		292
			TOTAL JAPAN		1,123,245

203

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
JERSEY, C.I. - 0.0%
	8,400		Randgold Resources Ltd	$	831
			TOTAL JERSEY, C.I.		831
KOREA, REPUBLIC OF - 0.3%
	28,797		Hyundai Motor Co		5,936
	73,131		KB Financial Group, Inc		2,612
	20,800		Samsung Electronics Co Ltd		29,886
	100,000		Samsung Heavy Industries Co Ltd		3,654
			TOTAL KOREA, REPUBLIC OF		42,088
LUXEMBOURG - 0.0%
	84,793		ArcelorMittal		1,478
	6,825	e	Millicom International Cellular S.A.		593
	27,548		SES Global S.A.		793
	44,854		Tenaris S.A.		935
			TOTAL LUXEMBOURG		3,799
MACAU - 0.0%
	130,800	*,e	Wynn Macau Ltd		360
			TOTAL MACAU		360
MALAYSIA - 0.1%
	1,151,800		Public Bank BHD		6,145
	1,500,000		UMW Holdings BHD		5,857
	33,959		YNH Property BHD		21
			TOTAL MALAYSIA		12,023
MEXICO - 0.3%
	3,500,000		Alfa S.A. de C.V. (Class A)		7,413
	684,996		Fresnillo plc		21,010
	1,800,000	*,e	Genomma Lab Internacional S.A. de C.V.		3,703
	189,728	*	Grupo Financiero Santander Mexico SAB de C.V. (ADR)		3,070
	621,000	e	Grupo Modelo S.A. (Series C)		5,574
			TOTAL MEXICO		40,770
NETHERLANDS - 2.0%
	156,358		Aegon NV		1,010
	498,028		Akzo Nobel NV		32,968
	30,735		ASML Holding NV		1,971
	6,129		Boskalis Westminster		277
	5,534		Corio NV		254
	3,853,889	*	D.E Master Blenders 1753 NV		44,276
	4,894		Delta Lloyd NV		81
	412,400		DSM NV		25,134
	491,834		European Aeronautic Defence and Space Co		19,389
	6,343		Fugro NV		376
	141,621		Gemalto NV		12,783

204

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	10,181		Heineken Holding NV	$	561
	290,891		Heineken NV		19,502
	4,205,269	*	ING Groep NV		39,942
	605,526		Koninklijke Ahold NV		8,120
	96,040		Koninklijke Philips Electronics NV		2,543
	3,454		Koninklijke Vopak NV		244
	22,025	*	Qiagen N.V.		400
	10,224		Randstad Holdings NV		380
	205,028		Reed Elsevier NV		3,040
	1,519,917		Royal Dutch Shell plc (A Shares)		52,757
	822,264		Royal Dutch Shell plc (B Shares)		29,335
	108,063		Royal KPN NV		534
	7,052	*	SBM Offshore NV		99
	32,237		TNT Express NV		359
	367,725		Unilever NV		14,070
	27,678		Wolters Kluwer NV		569
	5,992		Ziggo NV		196
			TOTAL NETHERLANDS		311,170
NEW ZEALAND - 0.0%
	112,794		Auckland International Airport Ltd		250
	45,232	*	Contact Energy Ltd		195
	85,021	e	Fletcher Building Ltd		597
	73,323		Sky City Entertainment Group Ltd		230
	243,829		Telecom Corp of New Zealand Ltd		461
			TOTAL NEW ZEALAND		1,733
NORWAY - 0.5%
	443,739		Aker Kvaerner ASA		9,189
	99,400	e	Algeta ASA		2,784
	2,867,860		DNB NOR Holding ASA		36,656
	10,241		Gjensidige Forsikring BA		147
	87,338		Norsk Hydro ASA		443
	71,384		Orkla ASA		626
	636,713		Petroleum Geo-Services ASA		11,090
	29,761	e	SeaDrill Ltd		1,097
	105,637		Statoil ASA		2,663
	72,106		Telenor ASA		1,468
	339,543		Yara International ASA		16,929
			TOTAL NORWAY		83,092
PHILIPPINES - 0.1%
	10,000,000		Alliance Global Group, Inc		4,098
	2,771,610		Metropolitan Bank & Trust		6,901
	14,362,200		SM Prime Holdings		5,789
			TOTAL PHILIPPINES		16,788
PORTUGAL - 0.0%
	130,996	*	Banco Espirito Santo S.A.		156
	83,492		Energias de Portugal S.A.		254
	19,580		Galp Energia SGPS S.A.		304
	20,564	e	Jeronimo Martins SGPS S.A.		398

205

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	55,285	e	Portugal Telecom SGPS S.A.	$	275
			TOTAL PORTUGAL		1,387
RUSSIA - 0.0%
	550,000		Sberbank of Russian Federation (ADR)		6,895
			TOTAL RUSSIA		6,895
SINGAPORE - 0.5%
	224,473		Ascendas Real Estate Investment Trust		439
	133,000	e	CapitaCommercial Trust		185
	866,082		CapitaLand Ltd		2,666
	711,362		CapitaMall Trust		1,250
	115,000		CapitaMalls Asia Ltd		185
	162,868		City Developments Ltd		1,742
	154,028		ComfortDelgro Corp Ltd		227
	619,025		DBS Group Holdings Ltd		7,599
	105,134	*	Flextronics International Ltd		653
	77,103		Fraser and Neave Ltd		616
	512,384	e	Genting International plc		589
	6,230,800		Global Logistic Properties		14,410
	16,420,497		Golden Agri-Resources Ltd		8,837
	514,000		Hotel Properties Ltd		1,276
	8,082		Jardine Cycle & Carriage Ltd		322
	400,425		Keppel Corp Ltd		3,657
	1,019,000		Keppel Land Ltd		3,413
	26,000		K-Green Trust		22
	18,000	*,e	Neptune Orient Lines Ltd		17
	133,155	e	Olam International Ltd		171
	471,699		Oversea-Chinese Banking Corp		3,801
	781,609		SembCorp Industries Ltd		3,408
	356,857	e	SembCorp Marine Ltd		1,363
	147,492		Singapore Airlines Ltd		1,308
	260,560		Singapore Exchange Ltd		1,514
	499,963	e	Singapore Press Holdings Ltd		1,656
	451,896		Singapore Technologies Engineering Ltd		1,426
	2,526,704		Singapore Telecommunications Ltd		6,875
	46,274		StarHub Ltd		145
	301,022		United Overseas Bank Ltd		4,938
	1,562,965		United Overseas Land Ltd		7,708
	158,230	e	Wilmar International Ltd		437
			TOTAL SINGAPORE		82,855
SOUTH AFRICA - 0.2%
	900,000	e	African Bank Investments Ltd		3,435
	2,712,100	e	Life Healthcare Group Holdings Pte Ltd		10,877
	220,000		Mr Price Group Ltd		3,646
	900,000		Sanlam Ltd		4,792
	110,000		Sasol Ltd		4,744
	500,000		Woolworths Holdings Ltd		4,209
			TOTAL SOUTH AFRICA		31,703

206

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
SPAIN - 1.0%
	31,982		Abertis Infraestructuras S.A. (Continuous)	$	528
	2,353		Acciona S.A.		176
	6,596		Acerinox S.A.		73
	13,382		ACS Actividades Cons y Servicios S.A.		339
	869,697		Amadeus IT Holding S.A.		21,978
	1,584,604	e	Banco Bilbao Vizcaya Argentaria S.A.		14,722
	169,972	*	Banco de Sabadell S.A.		444
	274,959		Banco Popular Espanol S.A.		215
	3,393,584		Banco Santander Central Hispano S.A.		27,580
	25,021	*,e	Bankia SAU		13
	822	*,m	CaixaBank		3
	39,689		Cintra Concesiones de Infraestructuras de Transporte S.A.		591
	74,210	e	Corp Mapfre S.A.		229
	76,710	e	Criteria Caixacorp S.A.		269
	3,386,827		Distribuidora Internacional de Alimentacion S.A.		21,639
	8,155		Enagas		175
	195,600	e	Endesa S.A.		4,355
	17,237		Gas Natural SDG S.A.		311
	13,248	*	Grifols S.A.		463
	1,482,300		Iberdrola S.A.		8,278
	217,543		Inditex S.A.		30,566
	950,000		Prosegur Cia de Seguridad S.A.		5,568
	4,813	e	Red Electrica de Espana		238
	73,130		Repsol YPF S.A.		1,493
	989,969		Telefonica S.A.		13,403
	14,048	e	Zardoya Otis S.A.		200
			TOTAL SPAIN		153,849
SWEDEN - 0.9%
	31,590		Alfa Laval AB		661
	15,797		Assa Abloy AB (Class B)		595
	63,480		Atlas Copco AB (A Shares)		1,760
	36,031		Atlas Copco AB (B Shares)		884
	600,000	*	Biovitrum AB		3,396
	212,143		Boliden AB		4,031
	1,148,707		Electrolux AB (Series B)		30,342
	671,052	e	Elekta AB (B Shares)		10,463
	284,277		Ericsson (LM) (B Shares)		2,872
	19,180		Getinge AB (B Shares)		652
	191,776		Hennes & Mauritz AB (B Shares)		6,646
	11,615		Hexagon AB (B Shares)		294
	2,486		Holmen AB (B Shares)		74
	38,836		Husqvarna AB (B Shares)		236
	5,908		Industrivarden AB		98
	470,800		Intrum Justitia AB		7,054
	42,083		Investor AB (B Shares)		1,106
	10,059		Kinnevik Investment AB (Series B)		210
	11,135	*	Lundin Petroleum AB		258
	276,365		Nordea Bank AB		2,658
	9,597		Ratos AB (B Shares)		92
	279,932		Sandvik AB		4,499

207

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	877,848		Scania AB (B Shares)	$	18,252
	29,455		Securitas AB (B Shares)		258
	139,025		Skandinaviska Enskilda Banken AB (Class A)		1,189
	35,311		Skanska AB (B Shares)		580
	257,933		SKF AB (B Shares)		6,533
	8,386	e	Ssab Svenskt Stal AB (Series A)		74
	54,291		Svenska Cellulosa AB (B Shares)		1,180
	46,332		Svenska Handelsbanken (A Shares)		1,666
	263,087		Swedbank AB (A Shares)		5,168
	428,164		Swedish Match AB		14,373
	29,904		Tele2 AB (B Shares)		541
	208,373		TeliaSonera AB		1,415
	330,000		Trelleborg AB (B Shares)		4,127
	117,322		Volvo AB (B Shares)		1,618
			TOTAL SWEDEN		135,855
SWITZERLAND - 3.3%
	158,076		ABB Ltd		3,278
	9,623		Actelion Ltd		460
	310,864		Adecco S.A.		16,463
	8,007		Aryzta AG.		412
	4,548		Baloise Holding AG.		393
	112		Banque Cantonale Vaudoise		60
	87		Barry Callebaut AG.		84
	418,654		Compagnie Financiere Richemont S.A.		32,862
	1,071,239		Credit Suisse Group		26,145
	365		EMS-Chemie Holding AG.		86
	3,624		Geberit AG.		803
	4,660		Givaudan S.A.		4,925
	179,161	e	Glencore International AG.		1,035
	497,552		Holcim Ltd		36,647
	10,420		Julius Baer Group Ltd		371
	5,004		Kuehne & Nagel International AG.		603
	81		Lindt & Spruengli AG.		264
	10		Lindt & Spruengli AG. (Reg)		378
	47,249		Lonza Group AG.		2,560
	1,277,783		Nestle S.A.		83,367
	697,415		Novartis AG.		44,058
	253,000		Novartis AG. (ADR)		16,015
	2,566		Pargesa Holding S.A.		177
	768		Partners Group		178
	4,615		Phonak Holding AG.		512
	379,664		Roche Holding AG.		76,761
	2,148		Schindler Holding AG.		311
	1,071		Schindler Holding AG. (Reg)		152
	480		SGS S.A.		1,066
	104		Sika AG.		241
	62,180		STMicroelectronics NV		451
	368	e	Straumann Holding AG.		45
	1,065		Sulzer AG.		169
	3,087		Swatch Group AG.		1,565
	3,084		Swatch Group AG. Reg		267

208

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	2,881		Swiss Life Holding	$	385
	2,440		Swiss Prime Site AG.		204
	550,548		Swiss Re Ltd		39,914
	2,244		Swisscom AG.		972
	149,201		Syngenta AG.		60,275
	70,342		Tyco Electronics Ltd		2,611
	2,205,200		UBS AG. (Switzerland)		34,509
	13,898		Zurich Financial Services AG.		3,724
			TOTAL SWITZERLAND		495,758
TAIWAN - 0.3%
	1,080,000		Cleanaway Co Ltd		7,141
	1,000,000		Far EasTone Telecommunications Co Ltd		2,553
	204,000		Ginko International Co Ltd		2,281
	981,000		King Slide Works Co Ltd		6,241
	85,000		Largan Precision Co Ltd		2,290
	4,000,000		Pou Chen Corp		4,214
	9,000,000		Taishin Financial Holdings Co Ltd		3,597
	360,000		Taiwan Semiconductor Manufacturing Co Ltd		1,204
	613,000		TPK Holding Co Ltd		10,977
	1,084,000		Zhen Ding Technology Holding Ltd		2,685
			TOTAL TAIWAN		43,183
THAILAND - 0.2%
	850,000		Bangkok Bank PCL (ADR)		5,465
	5,538,000		Bank of Ayudhya PCL - NVDR		5,922
	3,859,400		Indorama Ventures PCL (Foreign)		3,186
	1,157,000		Kasikornbank PCL - NVDR		7,363
	9,500,000		Krung Thai Bank PCL		6,211
	12,000,000		Thai Beverage PCL		3,901
			TOTAL THAILAND		32,048
TURKEY - 0.3%
	820,000		Arcelik AS		5,378
	500,000		Aselsan Elektronik Sanayi Ve Ticaret AS		2,377
	2,368,000		Enka Insaat ve Sanayi AS		7,069
	250,000		Ford Otomotiv Sanayi AS		3,007
	400,000		Koza Altin Isletmeleri AS		9,677
	1,177,700		TAV Havalimanlari Holding AS		6,032
	930,000		Tofas Turk Otomobil Fabrik		5,475
	490,869		Turkiye Halk Bankasi AS		4,839
			TOTAL TURKEY		43,854
UKRAINE - 0.1%
	569,454	*	MHP SA (GDR)		9,036
			TOTAL UKRAINE		9,036
UNITED KINGDOM - 9.0%
	89,837		3i Group plc		321
	42,061		Aberdeen Asset Management plc		253
	13,274	e	Acergy S.A.		319

209

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	18,466		Admiral Group plc	$	352
	2,400,000	*	Afren plc		5,208
	798,767	e	Aggreko plc		22,796
	14,334		AMEC plc		237
	254,137		Anglo American plc (London)		8,011
	2,140,288		Antofagasta plc		46,904
	1,264,720		ARM Holdings plc		15,972
	4,379,627		Ashtead Group plc		30,804
	380,128	*,e	ASOS plc		16,767
	526,941		Associated British Foods plc		13,462
	125,649		AstraZeneca plc		5,954
	2,135		AstraZeneca plc (ADR)		101
	1,122,234	*,e	Avanti Communications Group plc		4,548
	542,461		Aveva Group plc		19,466
	267,153		Aviva plc		1,653
	2,086,906		AZ Electronic Materials S.A.		12,007
	17,889		Babcock International Group		282
	320,299		BAE Systems plc		1,780
	62,610		Balfour Beatty plc		282
	20,581,481		Barclays plc		89,405
	1,754,264		BG Group plc		29,261
	994,255		BHP Billiton plc		35,071
	4,251,400		BP plc		29,560
	6,769		BP plc (ADR)		282
	321,004		British American Tobacco plc		16,318
	531,802		British Land Co plc		4,913
	1,961,911		British Sky Broadcasting plc		24,744
	5,557,881		BT Group plc		21,204
	314,682		Bunzl plc		5,209
	21,268		Burberry Group plc		427
	31,467		Capita Group plc		389
	8,281		Carnival plc		322
	5,887,735		Centrica plc		32,133
	50,757		Cobham plc		184
	175,481		Compass Group plc		2,083
	191,477		Croda International plc		7,484
	623,523	*	Delphi Automotive plc		23,850
	1,561,212		Diageo plc		45,473
	417,700		easyJet plc		5,254
	138,396		Ensco plc		8,204
	13,624		Eurasian Natural Resources Corp		64
	17,368		Evraz plc		75
	1,611,036		Experian Group Ltd		25,965
	74,130		GKN plc		280
	1,060,024		GlaxoSmithKline plc		23,079
	123,855		Group 4 Securicor plc		519
	67,875		Hammerson plc		544
	10,711		Hargreaves Lansdown plc		120
	6,793,235		HSBC Holdings plc		71,986
	49,937		ICAP plc		252
	1,974,086	*	Imagination Technologies Group plc		12,875
	15,827		IMI plc		286

210

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	212,932		Imperial Tobacco Group plc	$	8,256
	21,766		Inmarsat plc		210
	23,646		InterContinental Hotels Group plc		663
	71,601	*	International Consolidated Airlines		213
	7,606		Intertek Group plc		386
	790,761		Invensys plc		4,232
	43,772		Investec plc		305
	177,124		ITV plc		307
	113,496		J Sainsbury plc		642
	9,298		Johnson Matthey plc		365
	8,870		Kazakhmys plc		115
	113,623		Kingfisher plc		531
	900,000		Ladbrokes plc		2,923
	72,693		Land Securities Group plc		970
	11,237,264		Legal & General Group plc		26,945
	47,235		Liberty International plc		272
	35,446,708	*	Lloyds TSB Group plc		28,247
	15,320		London Stock Exchange Group plc		273
	3,515		Lonmin plc		17
	81,128		Man Group plc		111
	77,124		Marks & Spencer Group plc		484
	37,654		Meggitt plc		236
	58,398		Melrose Industries plc		214
	540,000		Mondi plc		5,960
	18,387,917	*,e	Monitise plc		10,156
	332,328		National Grid plc		3,812
	1,000,000		New Carphone Warehouse plc		3,354
	394,230		Next plc		23,931
	448,724		Old Mutual plc		1,318
	402,515		Pearson plc		7,846
	21,461		Petrofac Ltd		574
	3,213,728		Prudential plc		45,851
	59,619		Reckitt Benckiser Group plc		3,785
	57,716		Reed Elsevier plc		609
	66,060		Resolution Ltd		269
	80,996		Rexam plc		580
	467,706		Rio Tinto Ltd		32,884
	1,294,518		Rio Tinto plc		75,504
	345,320	e	Rio Tinto plc (ADR)		20,060
	2,029,529		Rolls-Royce Group plc		29,110
	320,596		Royal & Sun Alliance Insurance Group plc		662
	180,522	*	Royal Bank of Scotland Group plc		965
	65,397		SABMiller plc		3,035
	118,497		Sage Group plc		570
	11,287		Schroders plc		314
	88,480		Scottish & Southern Energy plc		2,058
	66,209		Segro plc		269
	47,913		Serco Group plc		420
	22,189		Severn Trent plc		571
	246,000		Signet Jewelers Ltd		13,136
	84,825		Smith & Nephew plc		938
	268,705		Smiths Group plc		5,263

211

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	180,000		Spectris plc	$	6,074
	2,436,290		Standard Chartered plc		63,051
	214,598		Standard Life plc		1,173
	397,553		Tate & Lyle plc		4,919
	1,497,173		Telecity Group plc		19,335
	634,765		Tesco plc		3,497
	468,700		Travis Perkins plc		8,398
	48,136		TUI Travel plc		223
	1,219,180		Tullow Oil plc		25,417
	516,834		Unilever plc		20,090
	64,788		United Utilities Group plc		713
	125,000		Victrex plc		3,331
	280,686	e	Virgin Media, Inc		10,315
	17,140,749		Vodafone Group plc		43,148
	10,011		Vodafone Group plc (ADR)		252
	9,698		Weir Group plc		300
	436,940		Whitbread plc		17,558
	900,000		William Hill plc		5,128
	211,426		WM Morrison Supermarkets plc		908
	697,444		Wolseley plc		33,351
	197,959		Xstrata plc		3,456
			TOTAL UNITED KINGDOM		1,366,652
UNITED STATES - 52.2%
	111,058		3M Co		10,312
	42,500		A.O. Smith Corp		2,680
	851,668		Abbott Laboratories		55,784
	230,178		Abercrombie & Fitch Co (Class A)		11,042
	663,147		Accenture plc		44,099
	728,217		ACE Ltd		58,112
	55,487		Activision Blizzard, Inc		589
	370,144	*	Adobe Systems, Inc		13,947
	708,602		ADT Corp		32,943
	42,879		Advance Auto Parts, Inc		3,102
	1,842	*	Aecom Technology Corp		44
	110,148		AES Corp		1,179
	213,940		Aetna, Inc		9,905
	60,634	*	Affiliated Managers Group, Inc		7,892
	102,812		Aflac, Inc		5,461
	151,351	*	AGCO Corp		7,434
	42,011		Agilent Technologies, Inc		1,720
	37,417		Air Products & Chemicals, Inc		3,144
	13,201		Airgas, Inc		1,205
	36,829	*	Akamai Technologies, Inc		1,507
	8,762		Albemarle Corp		544
	107,508		Alcoa, Inc		933
	186,703	*	Alexion Pharmaceuticals, Inc		17,515
	1,361	*	Alleghany Corp		457
	10,178		Allegheny Technologies, Inc		309
	196,941		Allergan, Inc		18,065
	71,718	*,e	Alliance Data Systems Corp		10,382
	58,450		Alliant Energy Corp		2,567

212

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	25,500		Allied World Assurance Co Holdings Ltd	$	2,009
	1,223	*	Allscripts Healthcare Solutions, Inc		12
	188,645		Allstate Corp		7,578
	32,793		Altera Corp		1,129
	975,463		Altria Group, Inc		30,649
	146,816	*	Amazon.com, Inc		36,871
	57,366		AMB Property Corp		2,093
	1,154	*	AMC Networks, Inc		57
	3,779		Amdocs Ltd		128
	35,058		Ameren Corp		1,077
	67,885		American Capital Agency Corp		1,965
	387,734		American Eagle Outfitters, Inc		7,952
	78,179		American Electric Power Co, Inc		3,337
	829,285		American Express Co		47,667
	33,900		American Financial Group, Inc		1,340
	140,137	*	American International Group, Inc		4,947
	265,944		American Tower Corp		20,549
	72,711		American Water Works Co, Inc		2,700
	77,161		Ameriprise Financial, Inc		4,833
	44,474		AmerisourceBergen Corp		1,920
	89,125		Ametek, Inc		3,348
	687,357		Amgen, Inc		59,333
	63,644		Amphenol Corp (Class A)		4,118
	406,385		Anadarko Petroleum Corp		30,198
	76,330		Analog Devices, Inc		3,210
	226,143		Annaly Capital Management, Inc		3,175
	9,664	*	Ansys, Inc		651
	161,632		Aon plc		8,987
	222,575		Apache Corp		17,472
	562,024		Apple, Inc		299,576
	186,502		Applied Materials, Inc		2,134
	63,990	*	Arch Capital Group Ltd		2,817
	216,810		Archer Daniels Midland Co		5,938
	22,329	*	Arrow Electronics, Inc		850
	350,019		Ashland, Inc		28,145
	16,890		Assurant, Inc		586
	3,297,967		AT&T, Inc		111,174
	48,374	*	Autodesk, Inc		1,710
	9,734	e	Autoliv, Inc		656
	85,273		Automatic Data Processing, Inc		4,861
	1,375	*	Autonation, Inc		55
	15,852	*	Autozone, Inc		5,618
	591,289		Avago Technologies Ltd		18,720
	59,997		AvalonBay Communities, Inc		8,135
	11,080		Avery Dennison Corp		387
	17,381	*	Avnet, Inc		532
	67,120		Avon Products, Inc		964
	322,713		Axis Capital Holdings Ltd		11,179
	2,258		Babcock & Wilcox Co		59
	118,946		Baker Hughes, Inc		4,858
	40,277		Ball Corp		1,802
	80,000	*	Bally Technologies, Inc		3,577

213

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	3,940,669		Bank of America Corp	$	45,712
	207,092		Bank of New York Mellon Corp		5,322
	15,176		Bard (C.R.), Inc		1,483
	663,827		Baxter International, Inc		44,251
	186,825		BB&T Corp		5,438
	121,518		Beam, Inc		7,424
	32,777		Becton Dickinson & Co		2,563
	86,924	*	Bed Bath & Beyond, Inc		4,860
	683,474	*	Berkshire Hathaway, Inc (Class B)		61,308
	196,769		Best Buy Co, Inc		2,332
	78,367	*	Biogen Idec, Inc		11,494
	40,000	*	BioMarin Pharmaceuticals, Inc		1,970
	380	*	Bio-Rad Laboratories, Inc (Class A)		40
	22,581		BlackRock, Inc		4,668
	882,082		Blackstone Group LP		13,752
	67,397	*	BMC Software, Inc		2,673
	675,882		Boeing Co		50,934
	11,578	*	BorgWarner, Inc		829
	24,745		Boston Properties, Inc		2,618
	225,689	*	Boston Scientific Corp		1,293
	43,900		Brinker International, Inc		1,360
	223,453		Bristol-Myers Squibb Co		7,282
	673,088		Broadcom Corp (Class A)		22,353
	160,000		Broadridge Financial Solutions, Inc		3,661
	152,711	e	Brookfield Office Properties, Inc (Toronto)		2,604
	74,926		Brown-Forman Corp (Class B)		4,739
	48,041		Bunge Ltd		3,492
	34,372		CA, Inc		755
	32,589		Cablevision Systems Corp (Class A)		487
	239,619		Cabot Oil & Gas Corp		11,919
	97,000	*	CACI International, Inc (Class A)		5,338
	626,912	*	Calpine Corp		11,366
	7,520		Camden Property Trust		513
	77,682	*	Cameron International Corp		4,386
	18,845	e	Campbell Soup Co		658
	186,539		Capital One Financial Corp		10,806
	59,063		Cardinal Health, Inc		2,432
	210,085	*	CareFusion Corp		6,004
	25,400		Carlisle Cos, Inc		1,493
	111,788	*	Carmax, Inc		4,197
	982,107		Carnival Corp		36,112
	40,000	*	Catamaran Corp		1,884
	58,482	*	Catamaran Corp (Toronto)		2,750
	184,346		Caterpillar, Inc		16,514
	47,159	*	CBRE Group, Inc		938
	231,329		CBS Corp (Class B)		8,802
	15,779		Celanese Corp (Series A)		703
	462,535	*	Celgene Corp		36,411
	1,709,377		Centerpoint Energy, Inc		32,906
	186,912		CenturyTel, Inc		7,312
	32,022	*	Cerner Corp		2,486
	93,165		CF Industries Holdings, Inc		18,927

214

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	16,464		CH Robinson Worldwide, Inc	$	1,041
	130,000	*	Charles River Laboratories International, Inc		4,871
	150,663		Charles Schwab Corp		2,164
	4,318	*	Charter Communications, Inc		329
	150,000	*	Cheniere Energy, Inc		2,817
	67,982	e	Chesapeake Energy Corp		1,130
	1,243,043		Chevron Corp		134,423
	100,000		Chicago Bridge & Iron Co NV		4,635
	200,000		Chico’s FAS, Inc		3,692
	10,709	*	Chipotle Mexican Grill, Inc (Class A)		3,186
	37,264		Chubb Corp		2,807
	334,575		Church & Dwight Co, Inc		17,923
	505,000	*	Ciena Corp		7,929
	167,486		Cigna Corp		8,954
	8,860		Cimarex Energy Co		511
	35,371		Cincinnati Financial Corp		1,385
	11,993		Cintas Corp		491
	4,399,496		Cisco Systems, Inc		86,450
	18,926	*	CIT Group, Inc		731
	1,956,105		Citigroup, Inc		77,383
	19,024	*	Citrix Systems, Inc		1,251
	246,640	e	Cleveland-Cliffs, Inc		9,510
	15,293		Clorox Co		1,120
	41,845		CME Group, Inc		2,122
	108,606		CMS Energy Corp		2,648
	42,809		Coach, Inc		2,376
	38,148	*	Cobalt International Energy, Inc		937
	1,978,729		Coca-Cola Co		71,729
	134,303		Coca-Cola Enterprises, Inc		4,261
	35,600	*	Cognizant Technology Solutions Corp (Class A)		2,636
	160,875		Colgate-Palmolive Co		16,818
	2,043,200		Comcast Corp (Class A)		76,375
	88,490	e	Comcast Corp (Special Class A)		3,181
	175,877		Comerica, Inc		5,336
	140,870		Computer Sciences Corp		5,642
	74,602		ConAgra Foods, Inc		2,201
	172,633	*	Concho Resources, Inc		13,907
	456,502		ConocoPhillips		26,473
	323,452		Consol Energy, Inc		10,383
	30,785		Consolidated Edison, Inc		1,710
	115,387	*	Constellation Brands, Inc (Class A)		4,084
	4,881	*	Continental Resources, Inc		359
	931		Con-Way, Inc		26
	19,748		Core Laboratories NV		2,159
	187,891		Corning, Inc		2,371
	358,143		Costco Wholesale Corp		35,374
	1,199	*	Covance, Inc		69
	24,373		Coventry Health Care, Inc		1,093
	143,960		Covidien plc		8,312
	999		Crane Co		46
	11,612	*,e	Cree, Inc		395
	67,297	*	Crown Castle International Corp		4,856

215

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	22,295	*	Crown Holdings, Inc	$	821
	272,880		CSX Corp		5,384
	121,302		Cummins, Inc		13,143
	827,723		CVS Corp		40,020
	250,585		Cytec Industries, Inc		17,248
	129,427		Danaher Corp		7,235
	12,697		Darden Restaurants, Inc		572
	25,187	*	DaVita, Inc		2,784
	1,055,804	*	Dean Foods Co		17,431
	55,384		Deere & Co		4,786
	236,509		Dell, Inc		2,396
	376,844	*	Delta Air Lines, Inc		4,473
	548,304	*	Denbury Resources, Inc		8,883
	39,124		Dentsply International, Inc		1,550
	66,467		Devon Energy Corp		3,459
	40,263	e	Diamond Offshore Drilling, Inc		2,736
	49,906		Dick’s Sporting Goods, Inc		2,270
	12,574	e	Digital Realty Trust, Inc		854
	97,385		Dillard’s, Inc (Class A)		8,158
	222,919	*	DIRECTV		11,182
	514,042		Discover Financial Services		19,816
	82,733	*	Discovery Communications, Inc (Class A)		5,252
	22,272	*	Discovery Communications, Inc (Class C)		1,303
	346,474		DISH Network Corp (Class A)		12,612
	4,223	e	Dolby Laboratories, Inc (Class A)		124
	93,317	*	Dollar General Corp		4,114
	24,048	*	Dollar Tree, Inc		975
	115,622		Dominion Resources, Inc		5,989
	18,380		Domtar Corp		1,535
	2,274		Douglas Emmett, Inc		53
	395,730		Dover Corp		26,003
	1,228,594		Dow Chemical Co		39,708
	63,296		DR Horton, Inc		1,252
	55,878		Dr Pepper Snapple Group, Inc		2,469
	77,307		DTE Energy Co		4,642
	187,399		Du Pont (E.I.) de Nemours & Co		8,427
	611,969		Duke Energy Corp		39,044
	66,729		Duke Realty Corp		926
	4,383		Dun & Bradstreet Corp		345
	63,980	*	E*Trade Financial Corp		573
	128,999		East West Bancorp, Inc		2,772
	61,763		Eastman Chemical Co		4,203
	395,254		Eaton Corp		21,423
	11,039		Eaton Vance Corp		352
	1,054,750	*	eBay, Inc		53,813
	607	*	EchoStar Corp (Class A)		21
	282,883		Ecolab, Inc		20,339
	204,473		Edison International		9,240
	64,950	*	Edwards Lifesciences Corp		5,857
	31,056	*	Electronic Arts, Inc		451
	192,879		Eli Lilly & Co		9,513
	804,486	*	EMC Corp		20,353

216

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	121,740		Emerson Electric Co	$	6,447
	6,892		Energen Corp		311
	12,785		Energizer Holdings, Inc		1,023
	1,134		Energy Transfer Partners LP		49
	1,784	*	Engility Holdings, Inc		34
	31,383		Entergy Corp		2,001
	217,416		EOG Resources, Inc		26,262
	79,685		Equifax, Inc		4,313
	17,126	*	Equinix, Inc		3,531
	36,918		Equitable Resources, Inc		2,177
	49,988		Equity Residential		2,833
	102,804		Estee Lauder Cos (Class A)		6,154
	23,513		Everest Re Group Ltd		2,585
	138,152		Exelon Corp		4,109
	187,615		Expedia, Inc		11,529
	21,120		Expeditors International of Washington, Inc		835
	228,414	*	Express Scripts Holding Co		12,334
	2,247,883	d	Exxon Mobil Corp		194,554
	66,456	*	F5 Networks, Inc		6,456
	100,596	*	Facebook, Inc		2,679
	20,549		Family Dollar Stores, Inc		1,303
	33,656		Fastenal Co		1,571
	25,994		Federal Realty Investment Trust		2,704
	190,000	e	Federated Investors, Inc (Class B)		3,844
	297,119		FedEx Corp		27,252
	65,434		Fidelity National Information Services, Inc		2,278
	115,062		Fidelity National Title Group, Inc (Class A)		2,710
	394,287		Fifth Third Bancorp		5,989
	9,185		First Republic Bank		301
	990	*,e	First Solar, Inc		31
	153,163		FirstEnergy Corp		6,396
	55,819	*	Fiserv, Inc		4,411
	50,000	*	FleetCor Technologies, Inc		2,683
	15,949		Flir Systems, Inc		356
	23,703		Flowserve Corp		3,480
	20,229		Fluor Corp		1,188
	52,152		FMC Corp		3,052
	107,074	*	FMC Technologies, Inc		4,586
	200,000		Foot Locker, Inc		6,424
	3,380,861		Ford Motor Co		43,782
	94,725	*	Forest Laboratories, Inc		3,346
	101,200	*	Fortune Brands Home & Security, Inc		2,957
	4,874	*	Fossil, Inc		454
	44,771		Franklin Resources, Inc		5,628
	405,826		Freeport-McMoRan Copper & Gold, Inc (Class B)		13,879
	132,869	e	Frontier Communications Corp		569
	261,784	e	GameStop Corp (Class A)		6,568
	160,000		Gannett Co, Inc		2,882
	296,981		Gap, Inc		9,218
	11,390	e	Garmin Ltd		465
	43,325		General Dynamics Corp		3,001
	5,775,820		General Electric Co		121,234

217

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY		VALUE (000)
	44,777		General Growth Properties, Inc		$	889
	598,462		General Mills, Inc	��		24,184
	26,439,985	*,n	General Motors Co			0	^
	29,845,445	*,n	General Motors Co			0	^
	13,592,224	*,n	General Motors Co			0	^
	18,106,794	*,e,n	General Motors Co			0	^
	19,417,463	*,n	General Motors Co			0	^
	4,461,000	*,n	General Motors Co			0	^
	18,159,000	*,n	General Motors Co			0	^
	158,725	*	General Motors Co			4,576
	61,921,000	*,e,n	General Motors Co			0	^
	530,757	*	General Motors Co			0	^
	69,850,000	*,n	General Motors Co			0	^
	32,141		Genuine Parts Co			2,044
	9,439	*	Genworth Financial, Inc (Class A)			71
	359,131	*	Gilead Sciences, Inc			26,378
	1,562		Global Payments, Inc			71
	329,646		Goldman Sachs Group, Inc			42,050
	107,858	*	Goodyear Tire & Rubber Co			1,490
	149,121	*	Google, Inc (Class A)			105,782
	500,000	*	Graphic Packaging Holding Co			3,230
	98,229	*,e	Green Mountain Coffee Roasters, Inc			4,063
	1,039		Guess?, Inc			25
	28,115		H&R Block, Inc			522
	1		H.B. Fuller Co			0	^
	33,012		H.J. Heinz Co			1,904
	975,073		Halliburton Co			33,825
	47,223		Harley-Davidson, Inc			2,306
	24,118		Harris Corp			1,181
	104,715		Hartford Financial Services Group, Inc			2,350
	18,461	e	Hasbro, Inc			663
	204,588		HCA Holdings, Inc			6,172
	61,980		HCP, Inc			2,800
	43,921		Health Care REIT, Inc			2,692
	2,198	*	Health Net, Inc			53
	26,849		Helmerich & Payne, Inc			1,504
	10,635	*	Henry Schein, Inc			856
	53,530	e	Herbalife Ltd			1,763
	102,880		Hershey Co			7,430
	797,449	*	Hertz Global Holdings, Inc			12,974
	109,818		Hess Corp			5,816
	1,061,064		Hewlett-Packard Co			15,120
	166,000		Hillshire Brands Co			4,671
	72,453		Holly Corp			3,373
	43,702	*	Hologic, Inc			875
	1,205,548		Home Depot, Inc			74,563
	1,009,912		Honeywell International, Inc			64,099
	15,043		Hormel Foods Corp			469
	27,888	*	Hospira, Inc			871
	113,482		Host Marriott Corp			1,778
	599	*,e	Hovnanian Enterprises, Inc (Class A)			4
	82,745		Hudson City Bancorp, Inc			673

218

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	126,943		Humana, Inc	$	8,712
	729,500		Huntington Bancshares, Inc		4,662
	321,379		Huntsman Corp		5,110
	193,650		IAC/InterActiveCorp		9,160
	8,479	*	IHS, Inc (Class A)		814
	136,861		Illinois Tool Works, Inc		8,323
	64,587	*,e	Illumina, Inc		3,590
	203,868		Ingersoll-Rand plc		9,778
	92,000		Ingredion, Inc		5,928
	8,098		Integrys Energy Group, Inc		423
	1,935,990		Intel Corp		39,939
	8,386	*	IntercontinentalExchange, Inc		1,038
	739,353		International Business Machines Corp		141,623
	8,656		International Flavors & Fragrances, Inc		576
	42,736		International Game Technology		606
	85,489		International Paper Co		3,406
	162,940		Interpublic Group of Cos, Inc		1,796
	131,554		Intuit, Inc		7,827
	13,768	*	Intuitive Surgical, Inc		6,751
	141,603		Invesco Ltd		3,694
	15,188		Iron Mountain, Inc		472
	1,549,535	e	iShares MSCI Canada Index Fund		44,007
	2,377,043		iShares MSCI EAFE Index Fund		135,064
	76,800	*,e	ITT Educational Services, Inc		1,329
	20,846		J.B. Hunt Transport Services, Inc		1,245
	23,392		J.M. Smucker Co		2,017
	21,267	*	Jacobs Engineering Group, Inc		905
	313,376		Jarden Corp		16,202
	16,652	e	JC Penney Co, Inc		328
	350,000	*	JDS Uniphase Corp		4,739
	1,503,582		Johnson & Johnson		105,401
	96,744		Johnson Controls, Inc		2,970
	789		Jones Lang LaSalle, Inc		66
	170,855		Joy Global, Inc		10,897
	2,261,310		JPMorgan Chase & Co		99,430
	524,270	*	Juniper Networks, Inc		10,312
	49,641		Kansas City Southern Industries, Inc		4,144
	1,399	e	KB Home		22
	128,833		KBR, Inc		3,855
	36,552		Kellogg Co		2,041
	50,000	e	Kennametal, Inc		2,000
	135,042		Keycorp		1,137
	95,643		Kimberly-Clark Corp		8,075
	101,963	e	Kimco Realty Corp		1,970
	9,962		Kinder Morgan Management LLC		752
	222,403		Kinder Morgan, Inc		7,858
	999	*	Kirby Corp		62
	21,618		Kla-Tencor Corp		1,032
	220,000	*	Kodiak Oil & Gas Corp		1,947
	22,526		Kohl’s Corp		968
	648,870	*	Kraft Foods Group, Inc		29,504
	381,609		Kroger Co		9,929

219

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	20,505		L-3 Communications Holdings, Inc	$	1,571
	11,846	*	Laboratory Corp of America Holdings		1,026
	44,547	*	Lam Research Corp		1,609
	999		Landstar System, Inc		52
	542,667		Las Vegas Sands Corp		25,050
	1,039	*,e	Leap Wireless International, Inc		7
	13,388		Legg Mason, Inc		344
	30,064		Leggett & Platt, Inc		818
	129,700		Lender Processing Services, Inc		3,193
	34,308	e	Lennar Corp (Class A)		1,327
	20,292		Leucadia National Corp		483
	15,218	*	Level 3 Communications, Inc		352
	65,387	*	Liberty Global, Inc (Class A)		4,119
	6,397	*	Liberty Global, Inc (Series C)		376
	22,132	*	Liberty Interactive LLC		2,568
	106,188	*	Liberty Media Holding Corp (Interactive A)		2,090
	15,705		Liberty Property Trust		562
	47,846	*	Life Technologies Corp		2,348
	133,741		Limited Brands, Inc		6,294
	64,094		Lincoln National Corp		1,660
	86,285		Linear Technology Corp		2,960
	14,470	*	LinkedIn Corp		1,661
	200,000	*	Lions Gate Entertainment Corp		3,280
	122,609	*	LKQ Corp		2,587
	77,222		Lockheed Martin Corp		7,127
	42,689		Loews Corp		1,740
	39,014		Lorillard, Inc		4,552
	431,771		Lowe’s Companies, Inc		15,337
	70,397	*	LSI Logic Corp		498
	258,370		LyondellBasell Industries AF S.C.A		14,750
	11,558		M&T Bank Corp		1,138
	32,640		Macerich Co		1,903
	258,541		Macy’s, Inc		10,088
	1	*	Madison Square Garden, Inc		0	^
	8,318		Manpower, Inc		353
	290,417		Marathon Oil Corp		8,904
	133,444		Marathon Petroleum Corp		8,407
	26,950		Marriott International, Inc (Class A)		1,004
	343,348		Marsh & McLennan Cos, Inc		11,835
	5,651		Martin Marietta Materials, Inc		533
	68,341		Marvell Technology Group Ltd		496
	40,900		Masco Corp		681
	77,656		Mastercard, Inc (Class A)		38,151
	76,390		Mattel, Inc		2,797
	151,100		Max Capital Group Ltd		4,260
	710,719		Maxim Integrated Products, Inc		20,895
	25,685		McCormick & Co, Inc		1,632
	4,517	*	McDermott International, Inc		50
	326,495		McDonald’s Corp		28,800
	77,586		McGraw-Hill Cos, Inc		4,242
	368,277		McKesson Corp		35,708
	679		MDC Holdings, Inc		25

220

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	18,979		MDU Resources Group, Inc	$	403
	107,464		Mead Johnson Nutrition Co		7,081
	35,368		MeadWestvaco Corp		1,127
	137,900	*	Medivation, Inc		7,055
	269,812		Medtronic, Inc		11,068
	1,561,173		Merck & Co, Inc		63,914
	680,741		Metlife, Inc		22,424
	471,332	*	MetroPCS Communications, Inc		4,685
	657	*	Mettler-Toledo International, Inc		127
	37,217	*	MGM Mirage		433
	27,300	*	Michael Kors Holdings Ltd		1,393
	18,708	e	Microchip Technology, Inc		610
	205,489	*	Micron Technology, Inc		1,305
	3,744,384		Microsoft Corp		100,087
	27,591	*	Mohawk Industries, Inc		2,496
	15,492		Molson Coors Brewing Co (Class B)		663
	517,194		Mondelez International, Inc		13,173
	544,611		Monsanto Co		51,547
	66,446	*	Monster Beverage Corp		3,514
	20,540		Moody’s Corp		1,034
	743,384		Morgan Stanley		14,214
	61,640		Mosaic Co		3,491
	62,705		Motorola, Inc		3,491
	773		MSC Industrial Direct Co (Class A)		58
	71,612		Murphy Oil Corp		4,264
	340,152	*	Mylan Laboratories, Inc		9,347
	49,025	*	Nabors Industries Ltd		708
	13,515		Nasdaq Stock Market, Inc		338
	234,041		National Oilwell Varco, Inc		15,997
	1,239	*,e	Navistar International Corp		27
	91,466	*	NetApp, Inc		3,069
	11,367	*,e	NetFlix, Inc		1,055
	100,000	*	NeuStar, Inc (Class A)		4,193
	59,840	e	New York Community Bancorp, Inc		784
	230,161		Newell Rubbermaid, Inc		5,126
	14,263	*	Newfield Exploration Co		382
	59,533		Newmont Mining Corp		2,765
	191,329		News Corp (Class A)		4,887
	44,587		News Corp (Class B)		1,170
	126,091		NextEra Energy, Inc		8,724
	11,843	*	Nielsen Holdings NV		362
	538,956		Nike, Inc (Class B)		27,810
	125,007		NiSource, Inc		3,111
	105,240		Noble Corp		3,664
	48,072		Noble Energy, Inc		4,891
	33,669		Nordstrom, Inc		1,801
	64,772		Norfolk Southern Corp		4,006
	100,177		Northeast Utilities		3,915
	78,431		Northern Trust Corp		3,934
	47,656		Northrop Grumman Corp		3,221
	49,263		NRG Energy, Inc		1,133
	24,242	*	Nuance Communications, Inc		541

221

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	94,965		Nucor Corp	$	4,101
	190,000		NV Energy, Inc		3,447
	64,913		Nvidia Corp		798
	6,092	*	NVR, Inc		5,605
	25,443		NYSE Euronext		802
	880,027		Occidental Petroleum Corp		67,419
	10,855		Oceaneering International, Inc		584
	40,000	*	Ocwen Financial Corp		1,384
	43,427		OGE Energy Corp		2,445
	13,951		Omnicare, Inc		504
	70,055		Omnicom Group, Inc		3,500
	49,033		Oneok, Inc		2,096
	25,000	*	Onyx Pharmaceuticals, Inc		1,888
	3,065,770		Oracle Corp		102,151
	2,803		Oracle Corp Japan		117
	39,534	*	O’Reilly Automotive, Inc		3,535
	712,412	*	Orient-Express Hotels Ltd (Class A)		8,328
	130,000	*	Oshkosh Truck Corp		3,855
	437	*,b,e	Overseas Shipholding Group, Inc		0	^
	301,139	*	Owens Corning, Inc		11,139
	18,853	*	Owens-Illinois, Inc		401
	51,091		Paccar, Inc		2,310
	20,432		Pall Corp		1,231
	4,936	*,e	Palo Alto Networks, Inc		264
	12,725	*	Panera Bread Co (Class A)		2,021
	149,762		Parker Hannifin Corp		12,739
	115,178		PartnerRe Ltd		9,271
	15,543		Patterson Cos, Inc		532
	46,226		Paychex, Inc		1,439
	56,491		Peabody Energy Corp		1,503
	596,000	*	Penn National Gaming, Inc		29,270
	518,606		Pentair Ltd		25,489
	49,983		People’s United Financial, Inc		604
	33,155	e	Pepco Holdings, Inc		650
	804,884		PepsiCo, Inc		55,078
	2,171		PerkinElmer, Inc		69
	105,846		Perrigo Co		11,011
	188,162		Petsmart, Inc		12,859
	5,898,431		Pfizer, Inc		147,933
	49,638		PG&E Corp		1,994
	1,167,082		Philip Morris International, Inc		97,615
	507,944		Phillips 66		26,972
	85,097		Phillips-Van Heusen Corp		9,447
	66,878		Pinnacle West Capital Corp		3,409
	23,881		Pioneer Natural Resources Co		2,545
	28,334	e	Pitney Bowes, Inc		301
	13,182	*	Plains Exploration & Production Co		619
	27,361	e	Plum Creek Timber Co, Inc		1,214
	53,746		PNC Financial Services Group, Inc		3,134
	30,323		Polaris Industries, Inc		2,552
	137,650		PPG Industries, Inc		18,631
	74,424		PPL Corp		2,131

222

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	45,038		Praxair, Inc	$	4,929
	87,011		Precision Castparts Corp		16,482
	15,266	*	Priceline.com, Inc		9,483
	182,509		Principal Financial Group		5,205
	80,000		ProAssurance Corp		3,375
	1,352,372		Procter & Gamble Co		91,813
	59,809		Progressive Corp		1,262
	550,228		Prudential Financial, Inc		29,344
	71,634		Public Service Enterprise Group, Inc		2,192
	52,795		Public Storage, Inc		7,653
	259,527	*	Pulte Homes, Inc		4,713
	1,133,485		Qualcomm, Inc		70,299
	468,274	*	Quanta Services, Inc		12,779
	18,979		Quest Diagnostics, Inc		1,106
	43,309		Questar Market Resources, Inc		1,311
	10,816	*	Rackspace Hosting, Inc		803
	10,812	*	Ralcorp Holdings, Inc		969
	12,410		Ralph Lauren Corp		1,861
	26,960		Range Resources Corp		1,694
	25,200		Rayonier, Inc		1,306
	155,623		Raytheon Co		8,958
	394,811	*	Realogy Holdings Corp		16,566
	12,620	e	Realty Income Corp		507
	53,766	*	Red Hat, Inc		2,847
	12,725		Regency Centers Corp		600
	7,717	*	Regeneron Pharmaceuticals, Inc		1,320
	1,010,434		Regions Financial Corp		7,194
	77,104		RenaissanceRe Holdings Ltd		6,265
	59,253		Republic Services, Inc		1,738
	57,926		Resmed, Inc		2,408
	117,092		Reynolds American, Inc		4,851
	11,501	*	Rite Aid Corp		16
	15,908		Robert Half International, Inc		506
	6,874		Rock-Tenn Co (Class A)		481
	29,219		Rockwell Automation, Inc		2,454
	13,340		Rockwell Collins, Inc		776
	94,930		Roper Industries, Inc		10,583
	68,127		Ross Stores, Inc		3,689
	17,537	*	Rowan Cos PLC		548
	75,009		Royal Caribbean Cruises Ltd		2,550
	1,058		Ryder System, Inc		53
	34,068	e	Safeway, Inc		616
	57,226		SAIC, Inc		648
	105,074	*	Salesforce.com, Inc		17,663
	362,512	*	SanDisk Corp		15,791
	8,937,000		Sands China Ltd		39,954
	84,299	*	SBA Communications Corp (Class A)		5,987
	30,313		SCANA Corp		1,383
	819,858		Schlumberger Ltd		56,808
	153,130		Scripps Networks Interactive (Class A)		8,869
	166,295	e	Seagate Technology, Inc		5,069
	538,688		Sealed Air Corp		9,432

223

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	4,756	*,e	Sears Holdings Corp	$	197
	30,635		SEI Investments Co		715
	346,160		Sempra Energy		24,557
	9,544	*	Sensata Technologies Holding BV		310
	400,000		Service Corp International		5,524
	1,559	*	Shaw Group, Inc		73
	59,978		Sherwin-Williams Co		9,226
	12,440		Sigma-Aldrich Corp		915
	238,563		Simon Property Group, Inc		37,714
	395,056	e	Sirius XM Radio, Inc		1,142
	10,571		SL Green Realty Corp		810
	97,653		SLM Corp		1,673
	58,762		Sotheby’s (Class A)		1,976
	367,227		Southern Co		15,721
	19,137		Southwest Airlines Co		196
	59,349	*	Southwestern Energy Co		1,983
	843,818		SPDR Trust Series 1		120,261
	96,684		Spectra Energy Corp		2,647
	4,008,845	*	Sprint Nextel Corp		22,730
	4,763		SPX Corp		334
	1,789	*,e	St. Joe Co		41
	52,463		St. Jude Medical, Inc		1,896
	24,075		Stanley Works		1,781
	104,246		Staples, Inc		1,188
	361,358		Starbucks Corp		19,376
	60,432		Starwood Hotels & Resorts Worldwide, Inc		3,466
	114,530		State Street Corp		5,384
	78,928	*	Stericycle, Inc		7,362
	48,130		Stryker Corp		2,638
	1,218	*	SunCoke Energy, Inc		19
	328,763		SunTrust Banks, Inc		9,320
	16,038	*	Superior Energy Services		332
	1,241,567	*	Symantec Corp		23,354
	29,942	*	Synopsys, Inc		953
	222,157	e	Synovus Financial Corp		544
	70,234		Sysco Corp		2,224
	27,289		T Rowe Price Group, Inc		1,777
	826,625		Target Corp		48,911
	1,079		Taubman Centers, Inc		85
	267,600		TCF Financial Corp		3,251
	49,382		TD Ameritrade Holding Corp		830
	730		Techne Corp		50
	1,892		Telephone & Data Systems, Inc		42
	2,315	*	Tenet Healthcare Corp		75
	22,016	*	Teradata Corp		1,363
	125,400	*,e	Teradyne, Inc		2,118
	36,200	*,e	Tesla Motors, Inc		1,226
	181,163		Texas Instruments, Inc		5,605
	83,737		Textron, Inc		2,076
	303,405		Thermo Electron Corp		19,351
	15,853		Tiffany & Co		909
	2,030	*	Tilly’s, Inc		27

224

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	174,614		Time Warner Cable, Inc	$	16,971
	737,875		Time Warner, Inc		35,293
	106,233		Timken Co		5,081
	311,486		TJX Companies, Inc		13,223
	33,271	*	Toll Brothers, Inc		1,076
	106,626	e	TonenGeneral Sekiyu KK		922
	48,888		Torchmark Corp		2,526
	94,069		Total System Services, Inc		2,015
	52,257		Tractor Supply Co		4,617
	20,466		TransDigm Group, Inc		2,791
	16,908		Transocean Ltd		758
	75,000		Transocean Ltd-NYSE		3,349
	58,791		Travelers Cos, Inc		4,222
	12,447	*	Trimble Navigation Ltd		744
	1,778	*	TripAdvisor, Inc		75
	21,689	*	TRW Automotive Holdings Corp		1,163
	121,311		Tupperware Corp		7,776
	1,015,184		Tyco International Ltd		29,694
	60,252		Tyson Foods, Inc (Class A)		1,169
	18,898	*	UAL Corp		442
	25,631	e	UDR, Inc		610
	25,987		Ulta Salon Cosmetics & Fragrance, Inc		2,553
	23,590	*,e	Ultra Petroleum Corp		428
	41,828	*,e	Under Armour, Inc (Class A)		2,030
	443,890		Union Pacific Corp		55,806
	181,627		United Parcel Service, Inc (Class B)		13,391
	15,416	e	United States Steel Corp		368
	120,680		United Technologies Corp		9,897
	1,031,052		UnitedHealth Group, Inc		55,924
	1,790		Universal Health Services, Inc (Class B)		87
	36,983		UnumProvident Corp		770
	13,162	*	Urban Outfitters, Inc		518
	1,639		URS Corp		64
	1,835,976		US Bancorp		58,641
	359	*	US Cellular Corp		13
	168,890		Valero Energy Corp		5,763
	13,687	*	Varian Medical Systems, Inc		961
	84,313	e	Ventas, Inc		5,457
	11,661	*	VeriFone Systems, Inc		346
	35,536	*	VeriSign, Inc		1,380
	494,149	*	Verisk Analytics, Inc		25,202
	1,066,047		Verizon Communications, Inc		46,128
	42,769	*	Vertex Pharmaceuticals, Inc		1,794
	58,807		VF Corp		8,878
	718,216		Viacom, Inc (Class B)		37,879
	230,878		Visa, Inc (Class A)		34,996
	200,000	*	Vishay Intertechnology, Inc		2,126
	69,209	*	VMware, Inc (Class A)		6,515
	27,180		Vornado Realty Trust		2,177
	28,657		Vulcan Materials Co		1,492
	56,320		W.R. Berkley Corp		2,126
	13,024		W.W. Grainger, Inc		2,636

225

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

	SHARES		COMPANY	VALUE (000)
	150,260		Walgreen Co	$	5,561
	746,044		Wal-Mart Stores, Inc		50,903
	1,061,378		Walt Disney Co		52,846
	54,750		Walter Energy, Inc		1,964
	138,784		Warner Chilcott plc		1,671
	45,031		Waste Management, Inc		1,519
	10,738	*	Waters Corp		935
	172,872	*	Watson Pharmaceuticals, Inc		14,867
	115,084	*	Weatherford International Ltd		1,288
	27,899	*	WellCare Health Plans, Inc		1,358
	216,980		WellPoint, Inc		13,218
	3,847,643		Wells Fargo & Co		131,512
	134,857		Western Digital Corp		5,730
	114,875		Western Union Co		1,563
	144,651		Weyerhaeuser Co		4,024
	72,643		Whirlpool Corp		7,391
	12,263	*	Whiting Petroleum Corp		532
	66,670		Whole Foods Market, Inc		6,089
	321,130		Williams Cos, Inc		10,514
	17,513	e	Willis Group Holdings plc		587
	58,814	e	Windstream Corp		487
	91,993		Wisconsin Energy Corp		3,390
	1,851	*,e	Workday, Inc		101
	3,710	*	WPX Energy, Inc		55
	54,869		Wyndham Worldwide Corp		2,920
	12,524		Wynn Resorts Ltd		1,409
	839,358		Xcel Energy, Inc		22,419
	178,349		Xerox Corp		1,216
	40,280		Xilinx, Inc		1,446
	27,638		Xylem, Inc		749
	206,630	*	Yahoo!, Inc		4,112
	266,349		Yum! Brands, Inc		17,686
	249,649		Zimmer Holdings, Inc		16,642
			TOTAL UNITED STATES		7,943,266
			TOTAL COMMON STOCKS		15,004,487
			(Cost $13,393,792)
RIGHTS / WARRANTS - 0.0%
AUSTRALIA - 0.0%
	681,005	m	GPT Group		0
			TOTAL AUSTRALIA		0
MALAYSIA - 0.0%
	51,780		IJM Land BHD - CW13		13
			TOTAL MALAYSIA		13
SINGAPORE - 0.0%
	41,678	m	Olam International Ltd		4
			TOTAL SINGAPORE		4

226

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

	SHARES		COMPANY	RATES		MATURITY DATE	VALUE (000)
SPAIN - 0.0%
	6,503	m	Grifols S.A.				$	8
	73,130		Repsol S.A.					44
			TOTAL SPAIN					52
UNITED STATES - 0.0%
	149,280		Kinder Morgan, Inc					564
			TOTAL UNITED STATES					564
			TOTAL RIGHTS / WARRANTS					633
			(Cost $346)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 3.6%
TREASURY DEBT - 1.2%
$	8,900,000		United States Treasury Bill	0.025	%	01/10/13		8,900
	112,000,000	d	United States Treasury Bill	0.020-0.100		01/17/13		111,998
	1,000,000	d	United States Treasury Bill	0.112		01/31/13		1,000
	43,700,000		United States Treasury Bill	0.080		03/28/13		43,696
	10,000,000	d	United States Treasury Bill	0.095		04/11/13		9,998
	7,000,000		United States Treasury Bill	0.080		05/02/13		6,998
			TOTAL TREASURY DEBT					182,590
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.4%
REPURCHASE AGREEMENT - 2.2%
	106,000,000	o	Barclays	0.200		01/02/13		106,000
	18,000,000	p	BNP	0.160		01/02/13		18,000
	5,000,000	q	Calyon	0.180		01/02/13		5,000
	58,000,000	r	Deutsche Bank	0.150		01/02/13		58,000
	40,000,000	s	HSBC	0.160		01/02/13		40,000
	50,000,000	t	Merrill Lynch	0.070		01/02/13		50,000
	54,000,000	u	UBS Warburg	0.170		01/02/13		54,000
			TOTAL REPURCHASE AGREEMENT					331,000
VARIABLE RATE SECURITIES - 0.2%
	2,313,023		Granite Master Issuer plc 2006	0.411		12/20/50		2,273
	1,982,591		Granite Master Issuer plc 2007	0.411		12/20/50		1,948
	1,188,149		Medallion Trust 2005	0.352		08/22/36		1,166
	1,197,723		Nelnet Student Loan Trust 2007	0.560		09/25/18		1,197
	2,088,570		Puma Finance Ltd	0.452		02/21/38		2,045
	30,000,000		SLM Student Loan Trust 2007	0.355		01/25/19		29,588
	4,861,483		SLM Student Loan Trust 2008	0.665		10/25/16		4,850
			TOTAL VARIABLE RATE SECURITIES					43,067
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED					374,067
			TOTAL SHORT-TERM INVESTMENTS					556,657
			(Cost $557,017)
			TOTAL INVESTMENTS - 102.3%					15,561,777
			(Cost $13,951,155)
			OTHER ASSETS & LIABILITIES, NET - (2.3)%					(354,093	)
			NET ASSETS - 100.0%				$	15,207,684

227

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

	Abbreviation(s):
ADR	American Depositary Receipt
SPDR	Standard & Poor’s Depository Receipts
*	Non-income producing.
^	Amount represents less than $1,000.
b	In bankruptcy
d	All or a portion of these securities have been segregated to cover margin or other requirements on open futures transactions.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $490,267,000.
m	Indicates a security that has been deemed illiquid.
n	In default
o	Agreement with Barclays, 0.20% dated 12/31/12 to be repurchased at $106,001,000 on 01/02/13, collateralized by U.S. Government Agency Securities valued at $108,120,000.
p	Agreement with BNP, 0.16% dated 12/31/12 to be repurchased at $18,000,000 on 01/02/13, collateralized by U.S. Government Agency Securities valued at $18,360,000.
q	Agreement with Calyon, 0.18% dated 12/31/12 to be repurchased at $5,000,000 on 01/02/13, collateralized by U.S. Government Agency Securities valued at $5,100,000.
r	Agreement with Deutsche Bank, 0.15% dated 12/31/12 to be repurchased at $58,000,000 on 01/02/13, collateralized by U.S. Government Agency Securities valued at $59,160,000.
s	Agreement with HSBC, 0.16% dated 12/31/12 to be repurchased at $40,000,000 on 01/02/13, collateralized by U.S. Government Agency Securities valued at $40,801,000.
t	Agreement with Merrill Lynch, 0.07% dated 12/31/12 to be repurchased at $50,000,000 on 01/02/13, collateralized by U.S. Government Agency Securities valued at $51,001,000.
u	Agreement with UBS Warburg, 0.17% dated 12/31/12 to be repurchased at $54,000,000 on 01/02/13, collateralized by U.S. Government Agency Securities valued at $55,080,000.
	Cost amounts are in thousands.

228

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
SUMMARY OF MARKET VALUES BY SECTOR
December 31, 2012

SECTOR	VALUE (000)			% OF NET ASSETS
FINANCIALS	$	3,211,399			21.2	%
CONSUMER DISCRETIONARY		2,073,249			13.6
INFORMATION TECHNOLOGY		1,913,052			12.6
INDUSTRIALS		1,690,664			11.1
HEALTH CARE		1,481,650			9.7
CONSUMER STAPLES		1,335,562			8.8
ENERGY		1,315,660			8.7
MATERIALS		1,238,645			8.1
TELECOMMUNICATION SERVICES		385,486			2.5
UTILITIES		359,753			2.4
SHORT - TERM INVESTMENTS		556,657			3.6
OTHER ASSETS & LIABILITIES, NET		(354,093	)		(2.3	)
NET ASSETS	$	15,207,684			100.0	%

229

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2012

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 99.1%
AUTOMOBILES & COMPONENTS - 0.8%
	19,058	e	Allison Transmission Holdings, Inc	$	389
	81,635	*	BorgWarner, Inc		5,847
	1,800,224	*	Delphi Automotive plc		68,859
	319,009	*	General Motors Co		9,197
	102,085		Gentex Corp		1,921
	410,613	*	Goodyear Tire & Rubber Co		5,671
	164,150		Harley-Davidson, Inc		8,017
	275,934	*,e	Tesla Motors, Inc		9,346
	147,800		Thor Industries, Inc		5,532
	144,634	*	Visteon Corp		7,784
			TOTAL AUTOMOBILES & COMPONENTS		122,563
BANKS - 0.2%
	1,009,900		Huntington Bancshares, Inc		6,453
	245,500	*,e	Nationstar Mortgage Holdings, Inc		7,606
	50,251		People’s United Financial, Inc		607
	6,110	*	Signature Bank		436
	519,100		US Bancorp		16,580
			TOTAL BANKS		31,682
CAPITAL GOODS - 8.6%
	482,209		3M Co		44,773
	186,600		Ametek, Inc		7,011
	15,390		Armstrong World Industries, Inc		781
	257,859		Babcock & Wilcox Co		6,756
	68,777	*	BE Aerospace, Inc		3,398
	1,989,353		Boeing Co		149,918
	4,140		Carlisle Cos, Inc		243
	792,323		Caterpillar, Inc		70,976
	482,414		Chicago Bridge & Iron Co NV		22,360
	169,600	e	CNH Global NV		6,833
	6,843	*	Colfax Corp		276
	745,421		Cummins, Inc		80,766
	154,403		Danaher Corp		8,631
	574,646		Deere & Co		49,661
	104,367		Donaldson Co, Inc		3,427
	66,600		Eaton Corp		3,610
	476,925		Emerson Electric Co		25,258
	474,660		Fastenal Co		22,162
	143,647		Flowserve Corp		21,087
	383,430		Fluor Corp		22,523
	16,411	*	Fortune Brands Home & Security, Inc		479
	1,755	*	General Cable Corp		53
	43,381		Graco, Inc		2,234

230

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	1,206,489		Honeywell International, Inc	$	76,576
	104,357		Hubbell, Inc (Class B)		8,832
	11,716		IDEX Corp		545
	312,247		Illinois Tool Works, Inc		18,988
	667,902		Ingersoll-Rand plc		32,033
	15,900		ITT Corp		373
	347,053		Joy Global, Inc		22,135
	226,800		KBR, Inc		6,786
	278,600	e	Kennametal, Inc		11,144
	36,091		Lennox International, Inc		1,895
	300,859		Lincoln Electric Holdings, Inc		14,646
	424,329		Lockheed Martin Corp		39,161
	69,780	e	Manitowoc Co, Inc		1,094
	255,531		Masco Corp		4,257
	10,062	*	MRC Global, Inc		279
	147,746		MSC Industrial Direct Co (Class A)		11,137
	128,501		Nordson Corp		8,111
	57,867		Paccar, Inc		2,616
	89,460		Pall Corp		5,391
	301,212		Parker Hannifin Corp		25,621
	33,835	*,e	Polypore International, Inc		1,573
	709,752		Precision Castparts Corp		134,441
	215,521		Rockwell Automation, Inc		18,102
	102,737		Rockwell Collins, Inc		5,976
	574,559		Roper Industries, Inc		64,052
	66,767		Snap-On, Inc		5,274
	13,240	*	Spirit Aerosystems Holdings, Inc (Class A)		225
	9,959		SPX Corp		699
	486,112		Textron, Inc		12,051
	258,898		Timken Co		12,383
	41,216		Toro Co		1,771
	35,634		TransDigm Group, Inc		4,859
	77,393		Triumph Group, Inc		5,054
	65,497	*	United Rentals, Inc		2,981
	738,805		United Technologies Corp		60,589
	99,752		Valmont Industries, Inc		13,621
	405,094		W.W. Grainger, Inc		81,979
	43,635	*	WABCO Holdings, Inc		2,845
	147,574		Westinghouse Air Brake Technologies Corp		12,919
	14,782		Xylem, Inc		401
			TOTAL CAPITAL GOODS		1,286,631
COMMERCIAL & PROFESSIONAL SERVICES - 1.3%
	218,200		ADT Corp		10,144
	35,822		Cintas Corp		1,465
	37,735	*	Clean Harbors, Inc		2,076
	572,987	*	Copart, Inc		16,903
	6,160		Covanta Holding Corp		113
	21,709		Dun & Bradstreet Corp		1,707
	84,471		Equifax, Inc		4,572
	35,379	*	IHS, Inc (Class A)		3,396
	110,330		Iron Mountain, Inc		3,426

231

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	1,116,629	*	Nielsen Holdings NV	$	34,158
	76,087	e	Pitney Bowes, Inc		810
	101,016		Robert Half International, Inc		3,214
	43,223		Rollins, Inc		953
	251,730	*	Stericycle, Inc		23,479
	168,200		Towers Watson & Co		9,455
	256,000		Tyco International Ltd		7,488
	1,204,203	*	Verisk Analytics, Inc		61,414
	338,416		Waste Connections, Inc		11,435
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		196,208
CONSUMER DURABLES & APPAREL - 2.4%
	33,197	*	Carter’s, Inc		1,847
	247,274		Coach, Inc		13,726
	16,865	*,e	Deckers Outdoor Corp		679
	14,683		DR Horton, Inc		290
	67,372	*	Fossil, Inc		6,272
	5,674	e	Garmin Ltd		232
	68,987	*	Hanesbrands, Inc		2,471
	75,242	e	Hasbro, Inc		2,701
	553,986		Jarden Corp		28,641
	1,087,650		Luxottica Group S.p.A.		44,893
	357,200		Mattel, Inc		13,081
	152,478	*	Michael Kors Holdings Ltd		7,781
	1,519,198		Nike, Inc (Class B)		78,391
	16,489	*	NVR, Inc		15,170
	221,868		Phillips-Van Heusen Corp		24,630
	45,107		Polaris Industries, Inc		3,796
	622,800	*	Pulte Homes, Inc		11,310
	385,626		Ralph Lauren Corp		57,813
	39,379	*	Tempur-Pedic International, Inc		1,240
	290,175		Tupperware Corp		18,600
	60,201	*,e	Under Armour, Inc (Class A)		2,922
	129,821		VF Corp		19,599
	68,800		Whirlpool Corp		7,000
			TOTAL CONSUMER DURABLES & APPAREL		363,085
CONSUMER SERVICES - 3.2%
	65,786	*	Apollo Group, Inc (Class A)		1,376
	99,942	*	Bally Technologies, Inc		4,469
	310,982		Brinker International, Inc		9,637
	47,482	*	Chipotle Mexican Grill, Inc (Class A)		14,124
	1,644	e	Choice Hotels International, Inc		55
	65,000	*,e	Ctrip.com International Ltd (ADR)		1,482
	91,774		Darden Restaurants, Inc		4,136
	47,683	e	Dunkin Brands Group, Inc		1,582
	123,925		H&R Block, Inc		2,301
	278,293	*	Hyatt Hotels Corp		10,734
	102,276		International Game Technology		1,449
	100,000		Interval Leisure Group, Inc		1,939
	17,079	*,e	ITT Educational Services, Inc		296
	2,006,555		Las Vegas Sands Corp		92,622

232

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	165,197		Marriott International, Inc (Class A)	$	6,157
	1,181,156		McDonald’s Corp		104,190
	84,796	*	Panera Bread Co (Class A)		13,468
	322,662	*	Penn National Gaming, Inc		15,846
	3,571,400		Sands China Ltd		15,967
	40,000		Six Flags Entertainment Corp		2,448
	1,799,442		Starbucks Corp		96,486
	138,685		Starwood Hotels & Resorts Worldwide, Inc		7,955
	144,480	e	Weight Watchers International, Inc		7,565
	215,878		Wyndham Worldwide Corp		11,487
	56,247		Wynn Resorts Ltd		6,327
	661,117		Yum! Brands, Inc		43,898
			TOTAL CONSUMER SERVICES		477,996
DIVERSIFIED FINANCIALS - 3.4%
	302,344	*	Affiliated Managers Group, Inc		39,350
	803,893		American Express Co		46,208
	461,887		Ameriprise Financial, Inc		28,928
	242,423		BlackRock, Inc		50,111
	745,106		Blackstone Group LP		11,616
	54,900		CBOE Holdings, Inc		1,617
	563,000		Discover Financial Services		21,704
	81,163		Eaton Vance Corp		2,585
	52,243	e	Federated Investors, Inc (Class B)		1,057
	118,577		Franklin Resources, Inc		14,905
	252,747	*	IntercontinentalExchange, Inc		31,293
	2,220,750	e	iShares Russell 1000 Growth Index Fund		145,437
	79,268		Lazard Ltd (Class A)		2,365
	33,952		Leucadia National Corp		808
	31,672		LPL Financial Holdings, Inc		892
	1,436,787		Moody’s Corp		72,299
	85,891	*	MSCI, Inc (Class A)		2,662
	98,646		SEI Investments Co		2,302
	407,436		T Rowe Price Group, Inc		26,536
	61,652		Waddell & Reed Financial, Inc (Class A)		2,147
			TOTAL DIVERSIFIED FINANCIALS		504,822
ENERGY - 3.6%
	9,417	*	Atwood Oceanics, Inc		431
	275,150		Cabot Oil & Gas Corp		13,686
	146,198	*	Cameron International Corp		8,254
	13,720		CARBO Ceramics, Inc		1,075
	88,815	*	Cheniere Energy, Inc		1,668
	51,600		Chevron Corp		5,580
	121,191	*	Cobalt International Energy, Inc		2,977
	465,851	*	Concho Resources, Inc		37,529
	98,613	*	Continental Resources, Inc		7,247
	140,273	e	Crescent Point Energy Corp		5,305
	854,909	*	Denbury Resources, Inc		13,850
	53,758	*	Dresser-Rand Group, Inc		3,018
	556,339		EOG Resources, Inc		67,200
	185,958	*	FMC Technologies, Inc		7,965

233

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	31,663	e	Golar LNG Ltd	$	1,165
	229,127		Halliburton Co		7,948
	15,905		Helmerich & Payne, Inc		891
	379,260		Kinder Morgan, Inc		13,399
	51,435	*	Kosmos Energy LLC		635
	9,086	*	Laredo Petroleum Holdings, Inc		165
	137,000		Murphy Oil Corp		8,158
	313,611		National Oilwell Varco, Inc		21,435
	90,693		Noble Energy, Inc		9,227
	245,340		Occidental Petroleum Corp		18,796
	269,231		Oceaneering International, Inc		14,482
	32,330	*	Oil States International, Inc		2,313
	79,757		Pioneer Natural Resources Co		8,501
	127,032		Range Resources Corp		7,981
	38,720	e	RPC, Inc		474
	3,122,678		Schlumberger Ltd		216,370
	6,872		SEACOR Holdings, Inc		576
	96,297	*	Southwestern Energy Co		3,217
	36,764		St. Mary Land & Exploration Co		1,920
	245,704		Suncor Energy, Inc (NY)		8,103
	11,043	*	Whiting Petroleum Corp		479
	517,440		Williams Cos, Inc		16,941
	16,673		World Fuel Services Corp		687
			TOTAL ENERGY		539,648
FOOD & STAPLES RETAILING - 1.9%
	590,172		Costco Wholesale Corp		58,291
	490,931		CVS Corp		23,736
	18,313	*	Fresh Market, Inc		881
	1,606,405		Kroger Co		41,799
	24,004	e	Safeway, Inc		434
	240,800		Sysco Corp		7,624
	1,823,368		Wal-Mart Stores, Inc		124,408
	254,416		Whole Foods Market, Inc		23,236
			TOTAL FOOD & STAPLES RETAILING		280,409
FOOD, BEVERAGE & TOBACCO - 6.0%
	1,938,224		Altria Group, Inc		60,899
	213,898		Brown-Forman Corp (Class B)		13,529
	470,796	e	Campbell Soup Co		16,426
	5,348,044		Coca-Cola Co		193,867
	521,736		Coca-Cola Enterprises, Inc		16,555
	254,049	*	Constellation Brands, Inc (Class A)		8,991
	1,312,906	*	Dean Foods Co		21,676
	214,520		Dr Pepper Snapple Group, Inc		9,477
	80,087		Flowers Foods, Inc		1,863
	391,701		General Mills, Inc		15,829
	670,651	*,e	Green Mountain Coffee Roasters, Inc		27,738
	153,608		H.J. Heinz Co		8,860
	267,334		Hershey Co		19,307
	73,489		Hillshire Brands Co		2,068
	244,429		Hormel Foods Corp		7,629

234

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	230,135		Ingredion, Inc	$	14,827
	176,625		Kellogg Co		9,864
	276,050	*	Kraft Foods Group, Inc		12,552
	223,405		Lorillard, Inc		26,065
	102,495		McCormick & Co, Inc		6,511
	258,780		Mead Johnson Nutrition Co		17,051
	67,051		Mondelez International, Inc		1,708
	350,279	*	Monster Beverage Corp		18,523
	2,152,417		PepsiCo, Inc		147,290
	2,611,665		Philip Morris International, Inc		218,440
	77,908		Reynolds American, Inc		3,228
	7,000	*,e	WhiteWave Foods Co		109
			TOTAL FOOD, BEVERAGE & TOBACCO		900,882
HEALTH CARE EQUIPMENT & SERVICES - 4.8%
	2,279,499		Abbott Laboratories		149,307
	297,500		Aetna, Inc		13,774
	674,503		AmerisourceBergen Corp		29,125
	58,828		Bard (C.R.), Inc		5,750
	682,109		Baxter International, Inc		45,469
	146,902		Becton Dickinson & Co		11,486
	397,102		Cardinal Health, Inc		16,353
	401,068	*	Catamaran Corp		18,894
	629,643	*	Cerner Corp		48,885
	8,971		Cooper Cos, Inc		830
	17,532		Covidien plc		1,012
	172,472	*	DaVita, Inc		19,063
	45,969		Dentsply International, Inc		1,821
	452,344	*	Edwards Lifesciences Corp		40,788
	837,632	*	Express Scripts Holding Co		45,232
	328,166		HCA Holdings, Inc		9,901
	35,834	*	Henry Schein, Inc		2,883
	223,116	*	Idexx Laboratories, Inc		20,705
	203,294	*	Intuitive Surgical, Inc		99,690
	74,662	*	Laboratory Corp of America Holdings		6,467
	743,388		McKesson Corp		72,079
	46,301		Medtronic, Inc		1,899
	59,946		Patterson Cos, Inc		2,052
	12,069		Quest Diagnostics, Inc		703
	316,758		Resmed, Inc		13,168
	7,433	*	Sirona Dental Systems, Inc		479
	188,938		St. Jude Medical, Inc		6,828
	176,212		Stryker Corp		9,660
	5,612	*	Tenet Healthcare Corp		182
	42,473	*	Thoratec Corp		1,594
	125,673		UnitedHealth Group, Inc		6,817
	4,030		Universal Health Services, Inc (Class B)		195
	242,591	*	Varian Medical Systems, Inc		17,040
	181,808		WellPoint, Inc		11,076
	12,821		Zimmer Holdings, Inc		855
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		732,062

235

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
HOUSEHOLD & PERSONAL PRODUCTS - 1.4%
	234,109		Avon Products, Inc	$	3,362
	387,938		Beiersdorf AG.		31,765
	276,431		Church & Dwight Co, Inc		14,808
	4,102		Clorox Co		300
	348,396		Colgate-Palmolive Co		36,421
	1,245,678		Estee Lauder Cos (Class A)		74,566
	258,125	e	Herbalife Ltd		8,503
	271,054		Kimberly-Clark Corp		22,885
	38,558		Nu Skin Enterprises, Inc (Class A)		1,429
	153,288		Procter & Gamble Co		10,407
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		204,446
INSURANCE - 0.4%
	215,919		ACE Ltd		17,230
	13,459		Allied World Assurance Co Holdings Ltd		1,060
	44,215		Allstate Corp		1,776
	20,201		Aon plc		1,123
	11,088	*	Arch Capital Group Ltd		488
	83,394		Arthur J. Gallagher & Co		2,890
	118,800	*	Berkshire Hathaway, Inc (Class B)		10,656
	7,534		Brown & Brown, Inc		192
	17,879		Erie Indemnity Co (Class A)		1,238
	14,836		Hanover Insurance Group, Inc		575
	547,628		Marsh & McLennan Cos, Inc		18,877
	131,586		Travelers Cos, Inc		9,450
	7,196		Validus Holdings Ltd		249
			TOTAL INSURANCE		65,804
MATERIALS - 4.4%
	53,088		Airgas, Inc		4,846
	179,002		Albemarle Corp		11,120
	63,758	*	Allied Nevada Gold Corp		1,921
	16,244		Aptargroup, Inc		775
	287,942		Ashland, Inc		23,153
	445,088		Ball Corp		19,918
	214,712		Barrick Gold Corp		7,517
	2,466		Carpenter Technology Corp		127
	330,781		Celanese Corp (Series A)		14,730
	261,698		CF Industries Holdings, Inc		53,167
	484,482	e	Cleveland-Cliffs, Inc		18,682
	23,580		Compass Minerals International, Inc		1,762
	25,681	*	Crown Holdings, Inc		945
	724,307		Du Pont (E.I.) de Nemours & Co		32,572
	301,009		Eastman Chemical Co		20,484
	605,794		Ecolab, Inc		43,557
	96,615		FMC Corp		5,654
	831,000		Huntsman Corp		13,213
	63,080		International Flavors & Fragrances, Inc		4,197
	206,000		International Paper Co		8,207
	16,800		Intrepid Potash, Inc		358
	15,156		LyondellBasell Industries AF S.C.A		865

236

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES				COMPANY	VALUE (000)
	15,256	e		Martin Marietta Materials, Inc	$	1,438
	1,621	*,e		Molycorp, Inc		15
	1,921,283			Monsanto Co		181,849
	5,953			NewMarket Corp		1,561
	88,787	*		Owens-Illinois, Inc		1,888
	63,042			Packaging Corp of America		2,425
	455,018			PPG Industries, Inc		61,587
	230,903			Praxair, Inc		25,272
	5,866			Rock-Tenn Co (Class A)		410
	14,885			Rockwood Holdings, Inc		736
	44,303			Royal Gold, Inc		3,602
	37,221			RPM International, Inc		1,093
	26,353			Scotts Miracle-Gro Co (Class A)		1,161
	139,520			Sherwin-Williams Co		21,461
	84,211			Sigma-Aldrich Corp		6,196
	33,090			Silgan Holdings, Inc		1,376
	607,200			Southern Copper Corp (NY)		22,989
	30,712			Steel Dynamics, Inc		422
	13,128	*		Tahoe Resources, Inc		241
	206,122			Valspar Corp		12,862
	3,517	e		Westlake Chemical Corp		279
	197,239	*		WR Grace & Co		13,260
				TOTAL MATERIALS		649,893
MEDIA - 4.8%
	38,858	*		AMC Networks, Inc		1,923
	19,255			Cablevision Systems Corp (Class A)		288
	2,169,993			CBS Corp (Class B)		82,568
	35,116	*		Charter Communications, Inc		2,677
	83,571			Cinemark Holdings, Inc		2,171
	5,053,686			Comcast Corp (Class A)		188,907
	1,286,295	*		DIRECTV		64,521
	335,086	*		Discovery Communications, Inc (Class A)		21,271
	1,069,335			DISH Network Corp (Class A)		38,924
	1,033,333			Interpublic Group of Cos, Inc		11,387
	13,877		��	John Wiley & Sons, Inc (Class A)		540
	45,888	*,e		Lamar Advertising Co (Class A)		1,778
	316,648	*		Liberty Global, Inc (Class A)		19,946
	5,142	*		Liberty Interactive LLC		596
	490,505			McGraw-Hill Cos, Inc		26,816
	17,760			Morningstar, Inc		1,116
	556,403			News Corp (Class A)		14,211
	211,856			Omnicom Group, Inc		10,584
	62,441	*,e		Pandora Media, Inc		573
	242,554	e		Regal Entertainment Group (Class A)		3,384
	261,589			Scripps Networks Interactive (Class A)		15,151
	5,574,422	e		Sirius XM Radio, Inc		16,110
	405,339			Time Warner Cable, Inc		39,395
	810,136			Viacom, Inc (Class B)		42,727
	513,084	e		Virgin Media, Inc		18,856
	1,783,018			Walt Disney Co		88,777
				TOTAL MEDIA		715,197

237

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.9%
	746,044		Agilent Technologies, Inc	$	30,543
	800,338	*	Alexion Pharmaceuticals, Inc		75,080
	1,332,539		Allergan, Inc		122,234
	2,047,826		Amgen, Inc		176,768
	115,605	*	Ariad Pharmaceuticals, Inc		2,217
	617,529	*	Biogen Idec, Inc		90,573
	204,834	*	BioMarin Pharmaceuticals, Inc		10,088
	1,667,676		Bristol-Myers Squibb Co		54,349
	60,618	*	Bruker BioSciences Corp		926
	1,813,791	*	Celgene Corp		142,782
	22,437	*	Charles River Laboratories International, Inc		841
	1,085	*	Covance, Inc		63
	493,929		Eli Lilly & Co		24,361
	53,205	*	Endo Pharmaceuticals Holdings, Inc		1,398
	1,898,904	*	Gilead Sciences, Inc		139,474
	618,431	*,e	Illumina, Inc		34,379
	69,955	*,e	Incyte Corp		1,162
	477,648		Johnson & Johnson		33,483
	11,104	*	Life Technologies Corp		545
	445,923	*	Medivation, Inc		22,813
	24,033	*	Mettler-Toledo International, Inc		4,646
	1,136,113	*	Mylan Laboratories, Inc		31,220
	60,956	*	Myriad Genetics, Inc		1,661
	45,556	*	Onyx Pharmaceuticals, Inc		3,441
	504,060		Perrigo Co		52,437
	451,700		Pfizer, Inc		11,329
	121,577	*	Regeneron Pharmaceuticals, Inc		20,798
	39,709	*	Salix Pharmaceuticals Ltd		1,607
	25,185		Techne Corp		1,721
	347,100		Teva Pharmaceutical Industries Ltd (ADR)		12,961
	33,658	*	United Therapeutics Corp		1,798
	285,012	*	Vertex Pharmaceuticals, Inc		11,953
	721,166		Warner Chilcott plc		8,683
	170,952	*	Waters Corp		14,893
	427,961	*	Watson Pharmaceuticals, Inc		36,805
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		1,180,032
REAL ESTATE - 1.8%
	5,425		American Campus Communities, Inc		250
	803,820		American Tower Corp		62,111
	68,961		Apartment Investment & Management Co (Class A)		1,866
	113,312		Boston Properties, Inc		11,990
	15,790		BRE Properties, Inc (Class A)		803
	43,974		Camden Property Trust		2,999
	232,608	*	CBRE Group, Inc		4,629
	95,486	e	Digital Realty Trust, Inc		6,483
	23,327		Equity Lifestyle Properties, Inc		1,570
	15,104		Equity Residential		856
	24,797		Essex Property Trust, Inc		3,636
	286,398		Extra Space Storage, Inc		10,422

238

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	35,501		Federal Realty Investment Trust	$	3,693
	21,291		HCP, Inc		962
	18,850		Home Properties, Inc		1,156
	68,100		Jones Lang LaSalle, Inc		5,716
	3,849		Kilroy Realty Corp		182
	26,553		Mid-America Apartment Communities, Inc		1,719
	114,645		Plum Creek Timber Co, Inc		5,087
	16,134		Post Properties, Inc		806
	110,301		Public Storage, Inc		15,989
	67,925		Rayonier, Inc		3,521
	383,017	*	Realogy Holdings Corp		16,071
	39,387		Regency Centers Corp		1,856
	582,790		Simon Property Group, Inc		92,133
	64,304		Tanger Factory Outlet Centers, Inc		2,199
	13,260		Taubman Centers, Inc		1,044
	121,062		Weyerhaeuser Co		3,368
			TOTAL REAL ESTATE		263,117
RETAILING - 6.6%
	39,393		Aaron’s, Inc		1,114
	51,264		Advance Auto Parts, Inc		3,709
	1,046,491	*	Amazon.com, Inc		262,816
	1,260,464		American Eagle Outfitters, Inc		25,852
	84,566	*	Ascena Retail Group, Inc		1,564
	12,828	*,e	Autonation, Inc		509
	26,677	*	Autozone, Inc		9,455
	392,461	*	Bed Bath & Beyond, Inc		21,943
	42,555	*	Big Lots, Inc		1,211
	386,369	*	Carmax, Inc		14,504
	471,251		Chico’s FAS, Inc		8,699
	65,274		Dick’s Sporting Goods, Inc		2,969
	142,075	*	Dollar General Corp		6,264
	617,731	*	Dollar Tree, Inc		25,055
	211,038		DSW, Inc (Class A)		13,863
	830,422		Expedia, Inc		51,029
	75,208		Family Dollar Stores, Inc		4,769
	323,740		Foot Locker, Inc		10,399
	858,224		Gap, Inc		26,639
	109,616		Genuine Parts Co		6,969
	180,917		GNC Holdings, Inc		6,021
	24,792	*,e	Groupon, Inc		121
	3,168,525		Home Depot, Inc		195,973
	20,854	*,e	HomeAway, Inc		459
	11,849		Kohl’s Corp		509
	57,930	*	Liberty Media Holding Corp (Interactive A)		1,140
	4,310	*	Liberty Ventures		292
	1,027,520		Limited Brands, Inc		48,355
	208,612	*	LKQ Corp		4,402
	113,552		Lowe’s Companies, Inc		4,033
	260,168		Macy’s, Inc		10,152
	39,384	*,e	NetFlix, Inc		3,654
	122,145		Nordstrom, Inc		6,535

239

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	83,503	*	O’Reilly Automotive, Inc	$	7,467
	542,525		Petsmart, Inc		37,076
	38,903	*	Priceline.com, Inc		24,167
	430,402		Ross Stores, Inc		23,306
	101,459	*	Sally Beauty Holdings, Inc		2,391
	293,593		Target Corp		17,372
	102,719		Tiffany & Co		5,890
	1,806,278		TJX Companies, Inc		76,677
	50,475		Tractor Supply Co		4,460
	59,450	*	TripAdvisor, Inc		2,495
	48,387		Ulta Salon Cosmetics & Fragrance, Inc		4,755
	82,487	*	Urban Outfitters, Inc		3,247
	35,577		Williams-Sonoma, Inc		1,557
			TOTAL RETAILING		991,838
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.1%
	438,334	*,e	Advanced Micro Devices, Inc		1,052
	249,611		Altera Corp		8,597
	18,270		Analog Devices, Inc		768
	16,692	*	Atmel Corp		109
	179,912		Avago Technologies Ltd		5,696
	1,863,622		Broadcom Corp (Class A)		61,891
	70,934		Cypress Semiconductor Corp		769
	414,599	*,e	Freescale Semiconductor Holdings Ltd		4,565
	4,081,130		Intel Corp		84,194
	41,322	*	Lam Research Corp		1,493
	178,693		Linear Technology Corp		6,129
	2,446,605	*	LSI Logic Corp		17,322
	1,739,294		Maxim Integrated Products, Inc		51,135
	149,502	e	Microchip Technology, Inc		4,872
	532,834		Nvidia Corp		6,549
	26,866	*	Silicon Laboratories, Inc		1,123
	129,828	*	Skyworks Solutions, Inc		2,636
	744,703	*,e	Teradyne, Inc		12,578
	594,376		Texas Instruments, Inc		18,390
	456,993		Xilinx, Inc		16,406
	��		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		306,274
SOFTWARE & SERVICES - 19.1%
	1,408,026		Accenture plc		93,634
	2,616,392	*	Adobe Systems, Inc		98,586
	128,551	*	Akamai Technologies, Inc		5,259
	256,502	*,e	Alliance Data Systems Corp		37,131
	356,691		Amdocs Ltd		12,124
	65,689	*	Ansys, Inc		4,423
	138,062		AOL, Inc		4,088
	262,576	*	Autodesk, Inc		9,282
	500,851		Automatic Data Processing, Inc		28,553
	114,236	*	BMC Software, Inc		4,531
	86,393		Broadridge Financial Solutions, Inc		1,977
	14,713		CA, Inc		323
	192,207	*	Cadence Design Systems, Inc		2,597

240

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	144,193	*	Citrix Systems, Inc	$	9,481
	235,617	*	Cognizant Technology Solutions Corp (Class A)		17,447
	8,263	*	Compuware Corp		90
	34,648	*,e	Concur Technologies, Inc		2,339
	4,344		DST Systems, Inc		263
	4,193,284	*	eBay, Inc		213,941
	33,645	*	Equinix, Inc		6,938
	2,202,969	*	Facebook, Inc		58,665
	32,226	e	Factset Research Systems, Inc		2,838
	79,682	*	Fiserv, Inc		6,297
	33,281	*	FleetCor Technologies, Inc		1,786
	94,975	*	Fortinet, Inc		2,001
	633,352	*	Gartner, Inc		29,147
	69,825		Genpact Ltd		1,082
	54,906		Global Payments, Inc		2,487
	549,703	*	Google, Inc (Class A)		389,943
	370,309		IAC/InterActiveCorp		17,516
	83,038	*	Informatica Corp		2,518
	1,698,493		International Business Machines Corp		325,346
	2,816,369		Intuit, Inc		167,574
	60,729		Jack Henry & Associates, Inc		2,384
	58,889		Lender Processing Services, Inc		1,450
	353,638	*	LinkedIn Corp		40,605
	354,025		Mastercard, Inc (Class A)		173,925
	63,694	*	Micros Systems, Inc		2,703
	11,600,109		Microsoft Corp		310,071
	22,771	*	NetSuite, Inc		1,532
	227,370	*	NeuStar, Inc (Class A)		9,534
	417,386	*	Nuance Communications, Inc		9,316
	8,555,157		Oracle Corp		285,058
	210,671		Paychex, Inc		6,560
	83,866	*	Rackspace Hosting, Inc		6,229
	1,264,788	*	Red Hat, Inc		66,983
	13,685	*	Rovi Corp		211
	66,311		SAIC, Inc		751
	204,887	*	Salesforce.com, Inc		34,441
	7,900	*,e	ServiceNow, Inc		237
	225,062	*	Sina Corp		11,303
	140,221	*	SolarWinds, Inc		7,355
	48,440		Solera Holdings, Inc		2,590
	11,287	*	Splunk, Inc		328
	29,165	*	Symantec Corp		549
	7,583	*	Synopsys, Inc		241
	130,718	*	Teradata Corp		8,090
	484,678	*	TIBCO Software, Inc		10,668
	101,155		Total System Services, Inc		2,167
	28,770	*	Vantiv, Inc		587
	74,906	*	VeriFone Systems, Inc		2,223
	243,031	*	VeriSign, Inc		9,434
	1,515,991		Visa, Inc (Class A)		229,794
	93,708	*,e	VistaPrint Ltd		3,079
	472,167	*	VMware, Inc (Class A)		44,450

241

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	428,550		Western Union Co	$	5,833
	17,117	*,e	Workday, Inc		933
	100,000	*	Yahoo!, Inc		1,990
	95,660	*	Zynga, Inc		227
			TOTAL SOFTWARE & SERVICES		2,854,038
TECHNOLOGY HARDWARE & EQUIPMENT - 10.5%
	39,995	*	Acme Packet, Inc		885
	124,831		Amphenol Corp (Class A)		8,077
	1,951,947	d	Apple, Inc		1,040,446
	706,200		Cisco Systems, Inc		13,877
	21,248	e	Dolby Laboratories, Inc (Class A)		623
	7,602	*	EchoStar Corp (Class A)		260
	5,450,611	*	EMC Corp		137,900
	472,993	*	F5 Networks, Inc		45,951
	89,756		Flir Systems, Inc		2,003
	44,412	*,e	Fusion-io, Inc		1,018
	22,792		Harris Corp		1,116
	23,107	e	IPG Photonics Corp		1,540
	24,278		Jabil Circuit, Inc		468
	611,970	*	Juniper Networks, Inc		12,038
	225,982		Motorola, Inc		12,583
	64,945		National Instruments Corp		1,676
	111,173	*	NCR Corp		2,833
	375,026	*	NetApp, Inc		12,582
	13,522	*,e	Palo Alto Networks, Inc		724
	4,098,535		Qualcomm, Inc		254,191
	109,641	*	Riverbed Technology, Inc		2,162
	8,000	*	Stratasys Ltd		641
	97,610	*	Trimble Navigation Ltd		5,835
	63,717		Western Digital Corp		2,707
	5,732	*	Zebra Technologies Corp (Class A)		225
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,562,361
TELECOMMUNICATION SERVICES - 1.5%
	338,310	*	Crown Castle International Corp		24,413
	60,757	*	Level 3 Communications, Inc		1,404
	480,037	*	SBA Communications Corp (Class A)		34,092
	105,539	*	tw telecom inc (Class A)		2,688
	3,583,340		Verizon Communications, Inc		155,051
	254,246	e	Windstream Corp		2,105
			TOTAL TELECOMMUNICATION SERVICES		219,753
TRANSPORTATION - 2.3%
	155,607	e	Canadian Pacific Railway Ltd		15,813
	74,300		Canadian Pacific Railway Ltd (Toronto)		7,537
	263,146		CH Robinson Worldwide, Inc		16,636
	22,168		Con-Way, Inc		617
	83,185		Copa Holdings S.A. (Class A)		8,273
	546,279		CSX Corp		10,778
	386,686	*	Delta Air Lines, Inc		4,590
	295,463		Expeditors International of Washington, Inc		11,685

242

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY		RATE		MATURITY DATE		VALUE (000)
	407,689		FedEx Corp					$	37,393
	2,565,564	*	Hertz Global Holdings, Inc						41,742
	63,366		J.B. Hunt Transport Services, Inc						3,784
	144,275		Kansas City Southern Industries, Inc						12,044
	98,918	*	Kirby Corp						6,122
	103,710		Landstar System, Inc						5,441
	97,746		Ryder System, Inc						4,880
	99,264		Southwest Airlines Co						1,016
	231,156	*	UAL Corp						5,404
	623,559		Union Pacific Corp						78,394
	1,025,040		United Parcel Service, Inc (Class B)						75,576
			TOTAL TRANSPORTATION						347,725
UTILITIES - 0.1%
	11,527		Aqua America, Inc						293
	35,253		ITC Holdings Corp						2,711
	161,911		Oneok, Inc						6,922
	29,152		Questar Corp						576
			TOTAL UTILITIES						10,502
			TOTAL COMMON STOCKS						14,806,968
			(Cost $12,506,120)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 3.0%
TREASURY DEBT - 0.8%
$	18,400,000		United States Treasury Bill		0.025	%	01/10/13		18,400
	99,780,000	d	United States Treasury Bill	0.020-0.024			01/17/13		99,779
	10,600,000		United States Treasury Bill		0.080		05/02/13		10,597
			TOTAL TREASURY DEBT						128,776
SHARES			COMPANY
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.2%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.2%
			TIAA-CREF Short Term Lending Portfolio of the State Street
	327,922,596	a,c	Navigator Securities Lending Trust						327,923
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						327,923
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						327,923
			TOTAL SHORT-TERM INVESTMENTS						456,699
			(Cost $456,698)
			TOTAL INVESTMENTS - 102.1%						15,263,667
			(Cost $12,962,818)
			OTHER ASSETS & LIABILITIES, NET - (2.1)%						(318,967	)
			NET ASSETS - 100.0%					$	14,944,700
			Abbreviation(s):
	ADR		American Depositary Receipt
	*		Non-income producing.
	a		Affiliated holding.
	c		Investments made with cash collateral received from securites on loan.
	d		All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures transactions.
	e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $327,504,000.
			Cost amounts are in thousands.

243

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

COLLEGE RETIREMENT EQUITIES FUND
EQUITY INDEX ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2012

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 99.7%
AUTOMOBILES & COMPONENTS - 1.0%
	19,682	e	Allison Transmission Holdings, Inc	$	402
	51,119	*	American Axle & Manufacturing Holdings, Inc		573
	87,437	*	BorgWarner, Inc		6,262
	45,804		Cooper Tire & Rubber Co		1,162
	110,265		Dana Holding Corp		1,721
	250,536	*	Delphi Automotive plc		9,583
	18,492		Dorman Products, Inc		653
	16,941		Drew Industries, Inc		546
	58,919	*	Exide Technologies		201
	13,635	*	Federal Mogul Corp (Class A)		109
	2,843,277		Ford Motor Co		36,820
	13,714	*	Fuel Systems Solutions, Inc		202
	580,596	*	General Motors Co		16,739
	109,188		Gentex Corp		2,055
	27,497	*	Gentherm, Inc		366
	184,702	*	Goodyear Tire & Rubber Co		2,551
	174,909		Harley-Davidson, Inc		8,543
	516,314		Johnson Controls, Inc		15,851
	74,970		Lear Corp		3,512
	36,302	*	Modine Manufacturing Co		295
	4,154		Shiloh Industries, Inc		43
	30,024		Spartan Motors, Inc		148
	16,669		Standard Motor Products, Inc		370
	20,247	*	Stoneridge, Inc		104
	17,815		Superior Industries International, Inc		363
	46,120	*	Tenneco, Inc		1,619
	49,932	*,e	Tesla Motors, Inc		1,691
	33,978		Thor Industries, Inc		1,272
	5,700	*	Tower International, Inc		46
	75,281	*	TRW Automotive Holdings Corp		4,036
	40,138	*	Visteon Corp		2,160
	24,826	*	Winnebago Industries, Inc		425
			TOTAL AUTOMOBILES & COMPONENTS		120,423
BANKS - 3.3%
	11,459		1st Source Corp		253
	17,104		1st United Bancorp, Inc		107
	5,520		Access National Corp		72
	3,251		Alliance Financial Corp		141
	5,882		American National Bankshares, Inc		119
	18,171	*	Ameris Bancorp		227
	4,648		Ames National Corp		102

244

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	18,000		Apollo Residential Mortgage	$	363
	7,061	e	Arrow Financial Corp		176
	130,985		Associated Banc-Corp		1,718
	66,701	e	Astoria Financial Corp		624
	5,016		Bancfirst Corp		212
	21,466		Banco Latinoamericano de Exportaciones S.A. (Class E)		463
	73,283		Bancorpsouth, Inc		1,066
	41,404		Bank Mutual Corp		178
	34,526		Bank of Hawaii Corp		1,521
	4,416		Bank of Kentucky Financial Corp		109
	3,864		Bank of Marin Bancorp		145
	22,826		Bank of the Ozarks, Inc		764
	17,629		BankFinancial Corp		131
	25,535		BankUnited		624
	12,480		Banner Corp		383
	3,044		Bar Harbor Bankshares		102
	528,698		BB&T Corp		15,390
	57,116		BBCN Bancorp, Inc		661
	23,421	*	Beneficial Mutual Bancorp, Inc		222
	16,854		Berkshire Hills Bancorp, Inc		402
	5,599	*	BofI Holding, Inc		156
	19,505		BOK Financial Corp		1,062
	59,217		Boston Private Financial Holdings, Inc		534
	4,741		Bridge Bancorp, Inc		96
	7,190	*	Bridge Capital Holdings		112
	54,590		Brookline Bancorp, Inc		464
	8,337		Bryn Mawr Bank Corp		186
	6,191	*	BSB Bancorp, Inc		76
	2,500		C&F Financial Corp		97
	5,527		Camden National Corp		188
	8,819		Cape Bancorp, Inc		77
	9,158	*,e	Capital City Bank Group, Inc		104
	177,657		CapitalSource, Inc		1,347
	121,535		Capitol Federal Financial		1,421
	22,480		Cardinal Financial Corp		366
	61,647		Cathay General Bancorp		1,202
	9,768		Center Bancorp, Inc		113
	16,756		Centerstate Banks of Florida, Inc		143
	16,733	*	Central Pacific Financial Corp		261
	2,883		Century Bancorp, Inc		95
	18,856		Chemical Financial Corp		448
	153,338	*	CIT Group, Inc		5,925
	9,568		Citizens & Northern Corp		181
	30,246	*	Citizens Republic Bancorp, Inc		574
	12,921	e	City Holding Co		450
	35,413		City National Corp		1,754
	10,007		Clifton Savings Bancorp, Inc		113
	6,672		CNB Financial Corp		109
	21,290		CoBiz, Inc		159
	31,348		Columbia Banking System, Inc		562
	150,256		Comerica, Inc		4,559
	59,728		Commerce Bancshares, Inc		2,094

245

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	28,981		Community Bank System, Inc	$	793
	11,562		Community Trust Bancorp, Inc		379
	40,327		Cullen/Frost Bankers, Inc		2,189
	67,239		CVB Financial Corp		699
	23,810		Dime Community Bancshares		331
	96,753	*	Doral Financial Corp		70
	12,747	*	Eagle Bancorp, Inc		255
	111,043		East West Bancorp, Inc		2,386
	4,559		Enterprise Bancorp, Inc		75
	11,656		Enterprise Financial Services Corp		152
	8,385		ESB Financial Corp		116
	12,436		ESSA Bancorp, Inc		135
	16,542		EverBank Financial Corp		247
	14,022	e	Farmers National Banc Corp		87
	7,387		Federal Agricultural Mortgage Corp (Class C)		240
	6,895	*,e	Fidelity Southern Corp		66
	697,677		Fifth Third Bancorp		10,598
	7,979		Financial Institutions, Inc		149
	9,860		First Bancorp (NC)		126
	54,501	*	First Bancorp (Puerto Rico)		250
	6,485		First Bancorp, Inc		107
	58,052		First Busey Corp		270
	16,444	*	First California Financial Group, Inc		127
	4,123		First Citizens Bancshares, Inc (Class A)		674
	84,375		First Commonwealth Financial Corp		575
	12,139		First Community Bancshares, Inc		194
	13,926		First Connecticut Bancorp		191
	7,726		First Defiance Financial Corp		148
	44,691		First Financial Bancorp		653
	26,120	e	First Financial Bankshares, Inc		1,019
	8,954		First Financial Corp		271
	12,966		First Financial Holdings, Inc		170
	12,796	*	First Financial Northwest, Inc		97
	197,967		First Horizon National Corp		1,962
	9,546		First Interstate Bancsystem, Inc		147
	19,481		First Merchants Corp		289
	57,533		First Midwest Bancorp, Inc		720
	263,698		First Niagara Financial Group, Inc		2,091
	5,749		First of Long Island Corp		163
	6,248		First Pactrust Bancorp, Inc		77
	77,940		First Republic Bank		2,555
	82,846		FirstMerit Corp		1,176
	23,200		Flushing Financial Corp		356
	106,793		FNB Corp		1,134
	7,261	e	FNB United Corp		84
	11,394		Fox Chase Bancorp, Inc		190
	10,443		Franklin Financial Corp		173
	152,821		Fulton Financial Corp		1,469
	8,476		German American Bancorp, Inc		184
	56,600		Glacier Bancorp, Inc		833
	7,809		Great Southern Bancorp, Inc		199
	55,830	*	Guaranty Bancorp		109

246

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	14,437	*,e	Hampton Roads Bankshares, Inc	$	17
	58,181		Hancock Holding Co		1,847
	23,963	*	Hanmi Financial Corp		326
	10,342	e	Heartland Financial USA, Inc		270
	15,254	*	Heritage Commerce Corp		106
	11,990		Heritage Financial Corp		176
	6,199		Heritage Financial Group		85
	14,409	*	Heritage Oaks Bancorp		84
	939		Hingham Institution for Savings		59
	5,389	*	Home Bancorp, Inc		98
	18,696		Home Bancshares, Inc		617
	12,641		Home Federal Bancorp, Inc		157
	10,000		Home Loan Servicing Solutions Ltd		189
	6,988	*	HomeStreet, Inc		179
	5,500	*	HomeTrust Bancshares, Inc		74
	4,089		Horizon Bancorp		80
	392,635		Hudson City Bancorp, Inc		3,192
	11,015		Hudson Valley Holding Corp		171
	664,830		Huntington Bancshares, Inc		4,248
	22,391		IBERIABANK Corp		1,100
	17,904	e	Independent Bank Corp		518
	40,567		International Bancshares Corp		732
	33,889		Investors Bancorp, Inc		603
	14,732		Kearny Financial Corp		144
	728,383		Keycorp		6,133
	20,622		Lakeland Bancorp, Inc		210
	12,420		Lakeland Financial Corp		321
	95,672		M&T Bank Corp		9,421
	15,363		MainSource Financial Group, Inc		195
	41,491		MB Financial, Inc		819
	6,437		Mercantile Bank Corp		106
	3,784		Merchants Bancshares, Inc		101
	7,250	*	Meridian Interstate Bancorp, Inc		122
	11,922	*	MetroCorp Bancshares, Inc		131
	142,224	*,e	MGIC Investment Corp		378
	4,068		Middleburg Financial Corp		72
	3,556		Midsouth Bancorp, Inc		58
	5,257		MidWestOne Financial Group, Inc		108
	2,927	*,e	NASB Financial, Inc		63
	5,351	e	National Bankshares, Inc		173
	101,297		National Penn Bancshares, Inc		944
	14,584	*,e	Nationstar Mortgage Holdings, Inc		452
	27,027		NBT Bancorp, Inc		548
	331,783	e	New York Community Bancorp, Inc		4,346
	14,313	e	Northfield Bancorp, Inc		218
	4,751		Northrim BanCorp, Inc		108
	81,183		Northwest Bancshares, Inc		986
	10,808		OceanFirst Financial Corp		149
	80,790	*	Ocwen Financial Corp		2,794
	76,288		Old National Bancorp		906
	9,164	*	OmniAmerican Bancorp, Inc		212
	33,903		Oriental Financial Group, Inc		453

247

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	40,271		Oritani Financial Corp	$	617
	14,467		Pacific Continental Corp		141
	7,850	*	Pacific Mercantile Bancorp		49
	27,050		PacWest Bancorp		670
	10,731	e	Park National Corp		694
	22,441	*	Park Sterling Bank		117
	6,595		Peapack Gladstone Financial Corp		93
	2,964		Penns Woods Bancorp, Inc		111
	10,509	*	Pennsylvania Commerce Bancorp, Inc		139
	6,808		Peoples Bancorp, Inc		139
	4,902	e	Peoples Federal Bancshares, Inc		85
	248,855		People’s United Financial, Inc		3,009
	25,469	*	Pinnacle Financial Partners, Inc		480
	401,670		PNC Financial Services Group, Inc		23,421
	77,233	*	Popular, Inc		1,606
	8,859	*	Preferred Bank		126
	45,847		PrivateBancorp, Inc		702
	35,938		Prosperity Bancshares, Inc		1,509
	7,003		Provident Financial Holdings, Inc		123
	45,191		Provident Financial Services, Inc		674
	30,181		Provident New York Bancorp		281
	110,376	e	Radian Group, Inc		674
	1,076,498		Regions Financial Corp		7,665
	19,501		Renasant Corp		373
	6,104	e	Republic Bancorp, Inc (Class A)		129
	22,920		Rockville Financial, Inc		296
	7,271		Roma Financial Corp		110
	20,998		S&T Bancorp, Inc		379
	8,198	e	S.Y. Bancorp, Inc		184
	18,232		Sandy Spring Bancorp, Inc		354
	11,445		SCBT Financial Corp		460
	55,743	*	Seacoast Banking Corp of Florida		90
	7,907		SI Financial Group, Inc		91
	8,919		Sierra Bancorp		102
	36,419	*	Signature Bank		2,598
	13,207		Simmons First National Corp (Class A)		335
	7,275		Simplicity Bancorp, Inc		109
	12,186	e	Southside Bancshares, Inc		257
	14,769	*	Southwest Bancorp, Inc		165
	24,453		State Bank & Trust Co		388
	16,183		StellarOne Corp		229
	27,752		Sterling Bancorp		253
	20,641		Sterling Financial Corp		431
	7,140	*	Suffolk Bancorp		94
	29,193	*	Sun Bancorp, Inc		103
	410,690		SunTrust Banks, Inc		11,643
	147,939		Susquehanna Bancshares, Inc		1,550
	33,751	*	SVB Financial Group		1,889
	597,443	e	Synovus Financial Corp		1,464
	12,643	*	Taylor Capital Group, Inc		228
	122,960		TCF Financial Corp		1,494
	9,400		Territorial Bancorp, Inc		215

248

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	29,620	*	Texas Capital Bancshares, Inc	$	1,328
	61,768	*	TFS Financial Corp		594
	16,995	*	The Bancorp, Inc		186
	7,054		Tompkins Trustco, Inc		280
	18,385	e	TowneBank		285
	4,100		Tree.com, Inc		74
	9,919		Trico Bancshares		166
	72,196		Trustco Bank Corp NY		381
	49,168		Trustmark Corp		1,104
	24,801		UMB Financial Corp		1,087
	85,518		Umpqua Holdings Corp		1,008
	14,087		Union Bankshares Corp		222
	38,221	e	United Bankshares, Inc		930
	31,617	*	United Community Banks, Inc		298
	15,445		United Financial Bancorp, Inc		243
	12,704		Univest Corp of Pennsylvania		217
	1,436,210		US Bancorp		45,872
	147,776	e	Valley National Bancorp		1,374
	26,270		ViewPoint Financial Group		550
	20,684	*	Virginia Commerce Bancorp		185
	7,900	*	Walker & Dunlop, Inc		132
	12,184		Washington Banking Co		166
	81,549		Washington Federal, Inc		1,376
	10,818		Washington Trust Bancorp, Inc		285
	52,669		Webster Financial Corp		1,082
	3,715,102		Wells Fargo & Co		126,982
	19,012		WesBanco, Inc		422
	11,970		West Bancorporation, Inc		129
	14,484		West Coast Bancorp		321
	21,201	e	Westamerica Bancorporation		903
	59,188	*	Western Alliance Bancorp		623
	23,121		Westfield Financial, Inc		167
	44,266	*	Wilshire Bancorp, Inc		260
	27,726		Wintrust Financial Corp		1,018
	5,884		WSFS Financial Corp		249
	139,772		Zions Bancorporation		2,991
			TOTAL BANKS		397,280
CAPITAL GOODS - 8.2%
	526,181		3M Co		48,856
	29,148		A.O. Smith Corp		1,838
	13,279		Aaon, Inc		277
	29,552		AAR Corp		552
	30,986	*,e	Accuride Corp		99
	17,815		Aceto Corp		179
	52,376		Actuant Corp (Class A)		1,462
	31,651		Acuity Brands, Inc		2,144
	86,169	*	Aecom Technology Corp		2,051
	28,439	*	Aegion Corp		631
	14,335	*	Aerovironment, Inc		312
	74,189	*	AGCO Corp		3,644
	49,377	*	Air Lease Corp		1,062

249

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	43,373		Aircastle Ltd	$	544
	4,490		Alamo Group, Inc		147
	23,047		Albany International Corp (Class A)		523
	25,266		Alliant Techsystems, Inc		1,565
	18,705		Altra Holdings, Inc		412
	13,776	*	Ameresco, Inc		135
	7,032		American Railcar Industries, Inc		223
	7,536		American Science & Engineering, Inc		491
	35,994	*,e	American Superconductor Corp		94
	8,518	*	American Woodmark Corp		237
	182,200		Ametek, Inc		6,845
	8,632		Ampco-Pittsburgh Corp		172
	24,223	*,e	API Technologies Corp		71
	25,458		Apogee Enterprises, Inc		610
	32,556		Applied Industrial Technologies, Inc		1,368
	5,631		Argan, Inc		101
	16,319		Armstrong World Industries, Inc		828
	73,192	*,e	ArvinMeritor, Inc		346
	15,638		Astec Industries, Inc		521
	7,762	*	Astronics Corp		178
	21,118		AZZ, Inc		812
	90,144		Babcock & Wilcox Co		2,362
	39,660		Barnes Group, Inc		891
	74,030	*	BE Aerospace, Inc		3,657
	35,044	*,e	Beacon Roofing Supply, Inc		1,166
	34,599		Belden CDT, Inc		1,557
	35,059	*	Blount International, Inc		555
	17,407	*,e	Bluelinx Holdings, Inc		49
	568,048		Boeing Co		42,808
	37,869		Brady Corp (Class A)		1,265
	39,839		Briggs & Stratton Corp		840
	33,815	*	Builders FirstSource, Inc		189
	9,868	*	CAI International, Inc		217
	274,193	*,e	Capstone Turbine Corp		244
	46,691		Carlisle Cos, Inc		2,744
	7,045		Cascade Corp		453
	494,790		Caterpillar, Inc		44,323
	22,260	*	Chart Industries, Inc		1,484
	74,182		Chicago Bridge & Iron Co NV		3,438
	12,832		CIRCOR International, Inc		508
	38,968		Clarcor, Inc		1,862
	21,101		CNH Global NV		850
	6,482		Coleman Cable, Inc		60
	33,277	*	Colfax Corp		1,343
	12,813	*	Columbus McKinnon Corp		212
	33,040		Comfort Systems USA, Inc		402
	18,507	*	Commercial Vehicle Group, Inc		152
	4,761	*	CPI Aerostructures, Inc		48
	38,179		Crane Co		1,767
	12,848		Cubic Corp		616
	145,837		Cummins, Inc		15,801
	35,284		Curtiss-Wright Corp		1,158

250

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	440,593		Danaher Corp	$	24,629
	301,400		Deere & Co		26,047
	26,753	*,e	DigitalGlobe, Inc		654
	113,848		Donaldson Co, Inc		3,739
	14,128		Douglas Dynamics, Inc		203
	139,293		Dover Corp		9,153
	6,613	*	DXP Enterprises, Inc		325
	25,816	*	Dycom Industries, Inc		511
	12,440		Dynamic Materials Corp		173
	4,594		Eastern Co		73
	349,212		Eaton Corp		18,927
	11,908	*	Edgen Group, Inc		84
	50,074		EMCOR Group, Inc		1,733
	555,769		Emerson Electric Co		29,434
	15,305		Encore Wire Corp		464
	25,675	*	Energy Recovery, Inc		87
	37,162	*	EnerSys		1,398
	12,394	*	Engility Holdings, Inc		239
	15,889	*	EnPro Industries, Inc		650
	20,938		ESCO Technologies, Inc		783
	23,350	*	Esterline Technologies Corp		1,485
	139,194		Exelis, Inc		1,569
	223,619		Fastenal Co		10,441
	50,117	*	Federal Signal Corp		381
	26,655	*	Flow International Corp		93
	39,008		Flowserve Corp		5,726
	129,217		Fluor Corp		7,590
	117,473	*	Fortune Brands Home & Security, Inc		3,433
	18,245		Franklin Electric Co, Inc		1,134
	12,439		Freightcar America, Inc		279
	89,877	*	FuelCell Energy, Inc		82
	25,764	*	Furmanite Corp		138
	38,032		Gardner Denver, Inc		2,605
	35,871		GATX Corp		1,553
	42,477	*	GenCorp, Inc		389
	16,474		Generac Holdings, Inc		565
	37,226	*	General Cable Corp		1,132
	241,134		General Dynamics Corp		16,703
	8,034,132		General Electric Co		168,637
	11,468	*	GeoEye, Inc		352
	20,138	*	Gibraltar Industries, Inc		321
	12,250		Global Power Equipment Group, Inc		210
	12,953		Gorman-Rupp Co		386
	46,150		Graco, Inc		2,376
	84,833	*,e	GrafTech International Ltd		797
	12,308		Graham Corp		240
	29,395		Granite Construction, Inc		988
	44,924		Great Lakes Dredge & Dock Corp		401
	15,067	*	Greenbrier Cos, Inc		244
	37,869		Griffon Corp		434
	21,180		H&E Equipment Services, Inc		319
	8,389		Hardinge, Inc		83

251

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	61,544		Harsco Corp	$	1,446
	39,839		Heico Corp		1,783
	74,803	*	Hexcel Corp		2,017
	590,417		Honeywell International, Inc		37,474
	12,024		Houston Wire & Cable Co		148
	44,093		Hubbell, Inc (Class B)		3,732
	37,789		Huntington Ingalls		1,638
	4,796	*	Hurco Cos, Inc		110
	4,424		Hyster-Yale Materials Handling, Inc		216
	62,789		IDEX Corp		2,922
	39,772	*	II-VI, Inc		727
	322,159		Illinois Tool Works, Inc		19,591
	227,999		Ingersoll-Rand plc		10,935
	10,094		Insteel Industries, Inc		126
	69,597		ITT Corp		1,633
	96,521	*	Jacobs Engineering Group, Inc		4,109
	20,027		John Bean Technologies Corp		356
	80,876		Joy Global, Inc		5,158
	9,545	*	Kadant, Inc		253
	21,747		Kaman Corp		800
	25,042		Kaydon Corp		599
	113,401		KBR, Inc		3,393
	61,060	e	Kennametal, Inc		2,442
	14,447	*,e	KEYW Holding Corp		183
	24,942	*	Kratos Defense & Security Solutions, Inc		125
	73,264		L-3 Communications Holdings, Inc		5,613
	13,874	*	Layne Christensen Co		337
	7,262		LB Foster Co (Class A)		315
	38,988		Lennox International, Inc		2,048
	63,965		Lincoln Electric Holdings, Inc		3,114
	10,010	e	Lindsay Manufacturing Co		802
	6,398	*	LMI Aerospace, Inc		124
	197,217		Lockheed Martin Corp		18,201
	12,960		LSI Industries, Inc		91
	12,907	*	Lydall, Inc		185
	99,971	e	Manitowoc Co, Inc		1,568
	272,388		Masco Corp		4,538
	43,578	*	Mastec, Inc		1,086
	10,825		Met-Pro Corp		105
	7,039		Michael Baker Corp		175
	13,902	*	Middleby Corp		1,782
	7,280		Miller Industries, Inc		111
	34,691	*	Moog, Inc (Class A)		1,423
	17,106	*	MRC Global, Inc		475
	34,768		MSC Industrial Direct Co (Class A)		2,621
	15,066		Mueller Industries, Inc		754
	118,277		Mueller Water Products, Inc (Class A)		664
	13,261	*	MYR Group, Inc		295
	3,938	e	National Presto Industries, Inc		272
	46,747	*,e	Navistar International Corp		1,018
	19,754	*	NCI Building Systems, Inc		275
	12,459	*	NN, Inc		114

252

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	47,425		Nordson Corp	$	2,993
	6,024	*	Nortek, Inc		399
	190,480		Northrop Grumman Corp		12,873
	8,845	*	Northwest Pipe Co		211
	44,747	*	Orbital Sciences Corp		616
	19,593	*	Orion Marine Group, Inc		143
	69,175	*	Oshkosh Truck Corp		2,051
	93,019	*	Owens Corning, Inc		3,441
	270,531		Paccar, Inc		12,231
	87,575		Pall Corp		5,277
	114,637		Parker Hannifin Corp		9,751
	159,128		Pentair Ltd		7,821
	24,600	*	Perini Corp		337
	12,323		Pike Electric Corp		118
	13,529	*	PMFG, Inc		123
	35,438	*,e	Polypore International, Inc		1,648
	5,761	*	Powell Industries, Inc		239
	109,865		Precision Castparts Corp		20,811
	1,801		Preformed Line Products Co		107
	19,995		Primoris Services Corp		301
	3,700	*,e	Proto Labs, Inc		146
	28,579		Quanex Building Products Corp		583
	159,563	*	Quanta Services, Inc		4,354
	27,582		Raven Industries, Inc		727
	252,701		Raytheon Co		14,545
	16,219	*	RBC Bearings, Inc		812
	29,618		Regal-Beloit Corp		2,087
	21,768	*,e	Rexnord Corp		464
	29,287		Robbins & Myers, Inc		1,741
	108,971		Rockwell Automation, Inc		9,152
	109,491		Rockwell Collins, Inc		6,369
	73,501		Roper Industries, Inc		8,194
	24,579	*	Rush Enterprises, Inc (Class A)		508
	8,467		Sauer-Danfoss, Inc		452
	240		Seaboard Corp		607
	8,300		SeaCube Container Leasing Ltd		156
	51,148	*	Shaw Group, Inc		2,384
	31,950		Simpson Manufacturing Co, Inc		1,048
	44,614		Snap-On, Inc		3,524
	90,789	*	Spirit Aerosystems Holdings, Inc (Class A)		1,541
	37,552		SPX Corp		2,634
	11,927		Standex International Corp		612
	128,315		Stanley Works		9,491
	12,518	*	Sterling Construction Co, Inc		124
	15,189		Sun Hydraulics Corp		396
	3,737		Sypris Solutions, Inc		15
	21,485	e	TAL International Group, Inc		782
	44,785	*	Taser International, Inc		400
	28,168	*	Teledyne Technologies, Inc		1,833
	14,645		Tennant Co		644
	83,491	*	Terex Corp		2,347
	7,088	e	Textainer Group Holdings Ltd		223

253

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	211,407		Textron, Inc	$	5,241
	10,410	*	Thermon Group Holdings		235
	66,676		Timken Co		3,189
	32,571	e	Titan International, Inc		707
	11,613	*,e	Titan Machinery, Inc		287
	45,144		Toro Co		1,940
	39,014		TransDigm Group, Inc		5,320
	13,203	*	Trex Co, Inc		492
	24,820	*	Trimas Corp		694
	61,064		Trinity Industries, Inc		2,187
	38,084		Triumph Group, Inc		2,487
	6,504	e	Twin Disc, Inc		113
	70,844	*	United Rentals, Inc		3,225
	691,116		United Technologies Corp		56,678
	14,766		Universal Forest Products, Inc		562
	57,668		URS Corp		2,264
	55,472	*,e	USG Corp		1,557
	17,556		Valmont Industries, Inc		2,397
	12,845	*	Vicor Corp		70
	44,145		W.W. Grainger, Inc		8,934
	52,045	*	Wabash National Corp		467
	48,319	*	WABCO Holdings, Inc		3,150
	22,186		Watsco, Inc		1,662
	21,144		Watts Water Technologies, Inc (Class A)		909
	33,347	*,e	WESCO International, Inc		2,249
	35,993		Westinghouse Air Brake Technologies Corp		3,151
	4,376	*	Willis Lease Finance Corp		63
	52,887		Woodward Governor Co		2,017
	139,194		Xylem, Inc		3,772
			TOTAL CAPITAL GOODS		989,170
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	41,289		ABM Industries, Inc		824
	37,820	*	Acacia Research (Acacia Technologies)		970
	87,875	*	ACCO Brands Corp		645
	13,021		Acorn Energy, Inc		102
	16,355		Administaff, Inc		533
	174,773		ADT Corp		8,125
	25,530	*	Advisory Board Co		1,195
	14,202		American Ecology Corp		334
	26,021	*	ARC Document Solutions, Inc		67
	7,698	*	AT Cross Co		83
	79,016		Avery Dennison Corp		2,759
	6,166		Barrett Business Services, Inc		235
	35,828		Brink’s Co		1,022
	19,056	*	Casella Waste Systems, Inc (Class A)		83
	41,673	*	CBIZ, Inc		246
	7,981		CDI Corp		137
	38,005	*,e	Cenveo, Inc		103
	81,968		Cintas Corp		3,353
	36,298	*	Clean Harbors, Inc		1,997
	8,210	*	Consolidated Graphics, Inc		287

254

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	85,446	*,e	Coolbrands International, Inc	$	150
	76,816	*	Copart, Inc		2,266
	25,057		Corporate Executive Board Co		1,189
	76,892		Corrections Corp of America		2,727
	6,267		Courier Corp		69
	83,398		Covanta Holding Corp		1,536
	8,400	*	CRA International, Inc		166
	37,676		Deluxe Corp		1,215
	23,101	*	Dolan Media Co		90
	34,283		Dun & Bradstreet Corp		2,696
	67,718	*	EnergySolutions, Inc		211
	20,747	*	EnerNOC, Inc		244
	17,307		Ennis, Inc		268
	91,556		Equifax, Inc		4,955
	11,236	*	Exponent, Inc		627
	9,375	*	Franklin Covey Co		121
	32,036	*	FTI Consulting, Inc		1,057
	15,088		G & K Services, Inc (Class A)		515
	54,016		Geo Group, Inc		1,523
	12,104	*	GP Strategies Corp		250
	49,713		Healthcare Services Group		1,155
	14,300		Heidrick & Struggles International, Inc		218
	5,613	*,e	Heritage-Crystal Clean, Inc		84
	43,782		Herman Miller, Inc		938
	17,074	*	Hill International, Inc		63
	33,809		HNI Corp		1,016
	24,166	*	Hudson Highland Group, Inc		108
	16,505	*	Huron Consulting Group, Inc		556
	14,961	*	ICF International, Inc		351
	114,792	*	ICO Global Communications Holdings Ltd		146
	38,396	*	IHS, Inc (Class A)		3,686
	22,974	*,e	Innerworkings, Inc		317
	44,922		Interface, Inc		722
	6,998	e	Intersections, Inc		66
	125,363		Iron Mountain, Inc		3,893
	21,500		KAR Auction Services, Inc		435
	20,372		Kelly Services, Inc (Class A)		321
	21,985		Kforce, Inc		315
	25,171		Kimball International, Inc (Class B)		292
	35,963		Knoll, Inc		552
	34,304	*	Korn/Ferry International		544
	62,295		Manpower, Inc		2,644
	17,708		McGrath RentCorp		514
	39,317	*	Metalico, Inc		77
	21,996		Mine Safety Appliances Co		939
	13,300	*	Mistras Group, Inc		328
	28,189	*	Mobile Mini, Inc		587
	8,734		Multi-Color Corp		210
	40,393	*	Navigant Consulting, Inc		451
	92,217	*	Nielsen Holdings NV		2,821
	4,943		NL Industries, Inc		57
	50,328	*,e	Odyssey Marine Exploration, Inc		149

255

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	33,022	*	On Assignment, Inc	$	670
	6,800	*	Performant Financial Corp		69
	133,197	e	Pitney Bowes, Inc		1,417
	19,286	e	Quad		393
	137,806	e	R.R. Donnelley & Sons Co		1,240
	228,537		Republic Services, Inc		6,703
	32,857		Resources Connection, Inc		392
	108,320		Robert Half International, Inc		3,447
	46,383		Rollins, Inc		1,022
	16,511	*	RPX Corp		149
	10,767		Schawk, Inc (Class A)		142
	12,140	*	Standard Parking Corp		267
	54,705		Steelcase, Inc (Class A)		697
	63,851	*	Stericycle, Inc		5,955
	31,978	*	SYKES Enterprises, Inc		487
	15,368	*	Team, Inc		585
	47,935	*	Tetra Tech, Inc		1,268
	9,816	*	TMS International Corp		123
	46,448		Towers Watson & Co		2,611
	13,579	*	TRC Cos, Inc		79
	36,370	*	TrueBlue, Inc		573
	349,746		Tyco International Ltd		10,230
	11,503		Unifirst Corp		843
	31,063		United Stationers, Inc		963
	112,125	*	Verisk Analytics, Inc		5,718
	15,178		Viad Corp		412
	2,793		VSE Corp		68
	4,634	*	WageWorks, Inc		82
	91,021		Waste Connections, Inc		3,076
	350,415		Waste Management, Inc		11,823
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		131,034
CONSUMER DURABLES & APPAREL - 1.5%
	29,617	e	American Greetings Corp (Class A)		500
	9,523	*	Arctic Cat, Inc		318
	8,829		Bassett Furniture Industries, Inc		110
	18,720	*,e	Beazer Homes USA, Inc		316
	7,843	e	Blyth, Inc		122
	68,196		Brunswick Corp		1,984
	51,179	e	Callaway Golf Co		333
	36,026	*	Carter’s, Inc		2,005
	4,557	*	Cavco Industries, Inc		228
	5,581		Cherokee, Inc		77
	31,639	*	Clarus Corp		259
	217,888		Coach, Inc		12,095
	9,339	e	Columbia Sportswear Co		498
	68,785	*	CROCS, Inc		990
	5,480		CSS Industries, Inc		120
	6,895		Culp, Inc		104
	27,484	*,e	Deckers Outdoor Corp		1,107
	4,329	*	Delta Apparel, Inc		61
	212,202		DR Horton, Inc		4,197

256

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	18,783	e	Ethan Allen Interiors, Inc	$	483
	78,988	*	Fifth & Pacific Cos, Inc		983
	3,461		Flexsteel Industries, Inc		74
	41,666	*	Fossil, Inc		3,879
	82,384	e	Garmin Ltd		3,363
	13,268	*	G-III Apparel Group Ltd		454
	73,677	*	Hanesbrands, Inc		2,639
	53,605		Harman International Industries, Inc		2,393
	88,192	e	Hasbro, Inc		3,166
	23,782	*	Helen of Troy Ltd		794
	7,853	e	Hooker Furniture Corp		114
	76,275	*,e	Hovnanian Enterprises, Inc (Class A)		534
	54,965	*	Iconix Brand Group, Inc		1,227
	21,039	*,e	iRobot Corp		394
	20,248	e	Jakks Pacific, Inc		254
	60,107		Jarden Corp		3,108
	3,583	*	Johnson Outdoors, Inc		71
	66,643		Jones Apparel Group, Inc		737
	58,687	e	KB Home		927
	19,366	*,e	K-Swiss, Inc (Class A)		65
	39,237		La-Z-Boy, Inc		555
	34,167	*,e	Leapfrog Enterprises, Inc		295
	106,800		Leggett & Platt, Inc		2,907
	122,890	e	Lennar Corp (Class A)		4,752
	16,013	*	Libbey, Inc		310
	7,210		Lifetime Brands, Inc		77
	16,303	*	M/I Homes, Inc		432
	17,427	*	Maidenform Brands, Inc		340
	8,407		Marine Products Corp		48
	257,803		Mattel, Inc		9,441
	29,150		MDC Holdings, Inc		1,072
	22,694	*	Meritage Homes Corp		848
	63,961	*	Michael Kors Holdings Ltd		3,264
	43,299	*	Mohawk Industries, Inc		3,917
	12,667		Movado Group, Inc		389
	4,424		Nacco Industries, Inc (Class A)		268
	221,507		Newell Rubbermaid, Inc		4,933
	547,934		Nike, Inc (Class B)		28,273
	3,763	*	NVR, Inc		3,462
	10,106		Oxford Industries, Inc		469
	8,860		Perry Ellis International, Inc		176
	53,300		Phillips-Van Heusen Corp		5,917
	48,524		Polaris Industries, Inc		4,083
	36,161		Pool Corp		1,530
	256,906	*	Pulte Homes, Inc		4,665
	107,027	*	Quiksilver, Inc		455
	47,058		Ralph Lauren Corp		7,055
	6,477		RG Barry Corp		92
	35,106		Ryland Group, Inc		1,281
	47,340	*,e	Sealy Corp		103
	27,339	*	Skechers U.S.A., Inc (Class A)		506
	12,508	*,e	Skullcandy, Inc		97

257

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	52,271	*,e	Smith & Wesson Holding Corp	$	441
	83,238	*,e	Standard-Pacific Corp		612
	4,356	*	Steinway Musical Instruments, Inc		92
	30,111	*	Steven Madden Ltd		1,273
	14,503	e	Sturm Ruger & Co, Inc		658
	43,228	*	Tempur-Pedic International, Inc		1,361
	109,135	*	Toll Brothers, Inc		3,528
	19,300		True Religion Apparel, Inc		491
	16,316	*,e	Tumi Holdings, Inc		340
	42,641		Tupperware Corp		2,733
	57,954	*,e	Under Armour, Inc (Class A)		2,813
	10,905	*	Unifi, Inc		142
	11,370	*	Universal Electronics, Inc		220
	15,069	*,e	Vera Bradley, Inc		378
	66,632		VF Corp		10,059
	31,228	*	Warnaco Group, Inc		2,235
	5,214		Weyco Group, Inc		122
	57,906		Whirlpool Corp		5,892
	36,852		Wolverine World Wide, Inc		1,510
	28,030	*,e	Zagg, Inc		206
			TOTAL CONSUMER DURABLES & APPAREL		178,201
CONSUMER SERVICES - 2.2%
	18,260	*	AFC Enterprises		477
	13,862	*,e	American Public Education, Inc		501
	24,907		Ameristar Casinos, Inc		654
	69,207	*	Apollo Group, Inc (Class A)		1,448
	9,987	*	Ascent Media Corp (Series A)		619
	31,030	*	Bally Technologies, Inc		1,387
	18,782	*	BJ’s Restaurants, Inc		618
	14,000	*	Bloomin’ Brands, Inc		219
	9,987	*	Bluegreen Corp		94
	22,385		Bob Evans Farms, Inc		900
	37,877	*,e	Boyd Gaming Corp		251
	14,947	*	Bravo Brio Restaurant Group, Inc		201
	14,051	*,e	Bridgepoint Education, Inc		145
	57,602		Brinker International, Inc		1,785
	14,166	*	Buffalo Wild Wings, Inc		1,032
	27,800	*,e	Caesars Entertainment Corp		192
	12,593	*	Capella Education Co		355
	46,334	*	Career Education Corp		163
	16,070	*	Caribou Coffee Co, Inc		260
	315,306		Carnival Corp		11,594
	12,748		Carriage Services, Inc		151
	8,099	*	Carrols Restaurant Group, Inc		48
	14,608		CBRL Group, Inc		939
	15,042		CEC Entertainment, Inc		499
	41,224		Cheesecake Factory		1,349
	24,233	*	Chipotle Mexican Grill, Inc (Class A)		7,208
	18,925	e	Choice Hotels International, Inc		636
	9,609		Churchill Downs, Inc		638
	5,100	*	Chuy’s Holdings, Inc		114

258

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	23,500	*,e	Coinstar, Inc	$	1,222
	3,869	e	Collectors Universe		39
	59,209	*	Corinthian Colleges, Inc		144
	98,248		Darden Restaurants, Inc		4,428
	4,400	*	Del Frisco’s Restaurant Group, Inc		69
	75,312	*	Denny’s Corp		367
	50,888	e	DeVry, Inc		1,208
	11,939	*	DineEquity, Inc		800
	44,119		Domino’s Pizza, Inc		1,921
	53,983	e	Dunkin Brands Group, Inc		1,791
	21,777	*,e	Education Management Corp		95
	4,221		Einstein Noah Restaurant Group, Inc		51
	11,999	*	Fiesta Restaurant Group, Inc		184
	2,428		Frisch’s Restaurants, Inc		45
	30,359	*	Grand Canyon Education, Inc		712
	209,732		H&R Block, Inc		3,895
	41,775		Hillenbrand, Inc		944
	33,800	*	Hyatt Hotels Corp		1,304
	4,863	*	Ignite Restaurant Group, Inc		63
	204,140		International Game Technology		2,893
	22,405		International Speedway Corp (Class A)		619
	33,777		Interval Leisure Group, Inc		655
	15,534	*	Isle of Capri Casinos, Inc		87
	18,743	*,e	ITT Educational Services, Inc		324
	33,770	*	Jack in the Box, Inc		966
	47,403	*	Jamba, Inc		106
	18,366	*,e	K12, Inc		375
	39,822	*	Krispy Kreme Doughnuts, Inc		373
	301,442		Las Vegas Sands Corp		13,915
	32,744	*	Life Time Fitness, Inc		1,611
	17,103		Lincoln Educational Services Corp		96
	13,766	*	Luby’s, Inc		92
	8,861		Mac-Gray Corp		111
	14,891		Marcus Corp		186
	193,633		Marriott International, Inc (Class A)		7,217
	19,786	*	Marriott Vacations Worldwide Corp		824
	23,085		Matthews International Corp (Class A)		741
	770,602		McDonald’s Corp		67,975
	300,388	*	MGM Mirage		3,496
	8,692	*	Monarch Casino & Resort, Inc		95
	23,956	*	Morgans Hotel Group Co		133
	17,243	*	MTR Gaming Group, Inc		72
	20,438	*	Multimedia Games, Inc		301
	2,018	*	Nathan’s Famous, Inc		68
	5,638		National American University Holdings, Inc		22
	71,477	*	Orient-Express Hotels Ltd (Class A)		836
	21,333	*	Panera Bread Co (Class A)		3,388
	13,283	*	Papa John’s International, Inc		730
	50,416	*	Penn National Gaming, Inc		2,476
	48,180	*	Pinnacle Entertainment, Inc		763
	21,234	*,e	Premier Exhibitions, Inc		57
	9,873	*	Red Lion Hotels Corp		78

259

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	11,853	*	Red Robin Gourmet Burgers, Inc	$	418
	44,951		Regis Corp		761
	111,785		Royal Caribbean Cruises Ltd		3,801
	50,005	*	Ruby Tuesday, Inc		393
	26,831	*	Ruth’s Chris Steak House, Inc		195
	49,874	*	Scientific Games Corp (Class A)		432
	165,818		Service Corp International		2,290
	44,601	*	SHFL Entertainment, Inc		647
	30,384		Six Flags Entertainment Corp		1,859
	45,772	*	Sonic Corp		476
	51,448		Sotheby’s (Class A)		1,730
	9,984		Speedway Motorsports, Inc		178
	574,420		Starbucks Corp		30,800
	150,829		Starwood Hotels & Resorts Worldwide, Inc		8,652
	958	*	Steak N Shake Co		374
	11,970	*	Steiner Leisure Ltd		577
	68,986		Stewart Enterprises, Inc (Class A)		527
	9,323	e	Strayer Education, Inc		524
	42,904		Texas Roadhouse, Inc (Class A)		721
	16,126		Town Sports International Holdings, Inc		172
	15,190		Universal Technical Institute, Inc		152
	27,599		Vail Resorts, Inc		1,493
	20,124	e	Weight Watchers International, Inc		1,054
	230,986		Wendy’s		1,086
	43,711	*	WMS Industries, Inc		765
	111,352		Wyndham Worldwide Corp		5,925
	60,884		Wynn Resorts Ltd		6,849
	348,911		Yum! Brands, Inc		23,168
			TOTAL CONSUMER SERVICES		261,459
DIVERSIFIED FINANCIALS - 6.2%
	38,978	*	Affiliated Managers Group, Inc		5,073
	254,072	*	American Capital Ltd		3,049
	759,323		American Express Co		43,646
	157,851		Ameriprise Financial, Inc		9,886
	149,594		Apollo Investment Corp		1,251
	189,701		Ares Capital Corp		3,320
	21,300		Artio Global Investors, Inc		41
	12,860	*	Asset Acceptance Capital Corp		58
	8,882		Asta Funding, Inc		85
	8,170,589		Bank of America Corp		94,779
	903,007		Bank of New York Mellon Corp		23,207
	75,948		BGC Partners, Inc (Class A)		263
	54,667		BlackRock Kelso Capital Corp		550
	96,640		BlackRock, Inc		19,977
	16,951		Calamos Asset Management, Inc (Class A)		179
	441,067		Capital One Financial Corp		25,551
	2,167		Capital Southwest Corp		216
	22,738		Cash America International, Inc		902
	66,839		CBOE Holdings, Inc		1,969
	820,091		Charles Schwab Corp		11,777
	2,223,189		Citigroup, Inc		87,949

260

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	252,555		CME Group, Inc	$	12,807
	14,207	e	Cohen & Steers, Inc		433
	50,765	*	Cowen Group, Inc		124
	5,866	*	Credit Acceptance Corp		597
	9,816	*	Deerfield Capital Corp		79
	1,990		Diamond Hill Investment Group, Inc		135
	402,132		Discover Financial Services		15,502
	33,079	*	Dollar Financial Corp		612
	21,313		Duff & Phelps Corp		333
	216,676	*	E*Trade Financial Corp		1,939
	91,544		Eaton Vance Corp		2,916
	16,926	*	Encore Capital Group, Inc		518
	10,984		Epoch Holding Corp		307
	21,903		Evercore Partners, Inc (Class A)		661
	36,390	*	Ezcorp, Inc (Class A)		723
	39,284	*	FBR Capital Markets Corp		152
	69,691	e	Federated Investors, Inc (Class B)		1,410
	7,094		Fidus Investment Corp		117
	62,757		Fifth Street Finance Corp		654
	35,325	*,e	Financial Engines, Inc		980
	23,334	*	First Cash Financial Services, Inc		1,158
	58,259	*	First Marblehead Corp		45
	1,504	*	Firsthand Technology Value Fund, Inc		26
	105,610		Franklin Resources, Inc		13,275
	5,142		Friedman Billings Ramsey Group, Inc (Class A)		107
	17,300	e	FXCM, Inc		174
	7,000		Gain Capital Holdings, Inc		29
	6,584		GAMCO Investors, Inc (Class A)		349
	54,396		GFI Group, Inc		176
	15,081		Gladstone Capital Corp		123
	15,921		Gladstone Investment Corp		111
	373,049		Goldman Sachs Group, Inc		47,586
	10,597	e	Golub Capital BDC, Inc		169
	16,998	*,e	Green Dot Corp		207
	22,433		Greenhill & Co, Inc		1,166
	14,431	*,e	GSV Capital Corp		122
	16,757	*	Harris & Harris Group, Inc		55
	38,185		Hercules Technology Growth Capital, Inc		425
	22,560		HFF, Inc (Class A)		336
	4,930		Horizon Technology Finance Corp		73
	30,361		Interactive Brokers Group, Inc (Class A)		415
	55,972	*	IntercontinentalExchange, Inc		6,930
	12,794	*	International Assets Holding Corp		223
	32,107	*	Internet Capital Group, Inc		367
	342,435		Invesco Ltd		8,934
	34,884	*	Investment Technology Group, Inc		314
	37,500	e	iShares Russell 2000 Index Fund		3,161
	140,813	e	Janus Capital Group, Inc		1,200
	105,291		Jefferies Group, Inc		1,955
	11,011		JMP Group, Inc		67
	2,886,420		JPMorgan Chase & Co		126,916
	26,819		KBW, Inc		410

261

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	15,310	e	KCAP Financial, Inc	$	141
	90,000	*	Knight Capital Group, Inc (Class A)		316
	73,441	*,e	Ladenburg Thalmann Financial Services, Inc		103
	87,189		Lazard Ltd (Class A)		2,602
	107,590		Legg Mason, Inc		2,767
	148,276		Leucadia National Corp		3,528
	38,545		LPL Financial Holdings, Inc		1,085
	17,209	e	Main Street Capital Corp		525
	10,552		Manning & Napier, Inc		133
	27,836		MarketAxess Holdings, Inc		983
	6,533		Marlin Business Services Corp		131
	64,585		MCG Capital Corp		297
	9,981		Medallion Financial Corp		117
	12,771		Medley Capital Corp		186
	7,162		MicroFinancial, Inc		52
	148,573		Moody’s Corp		7,476
	1,170,627		Morgan Stanley		22,382
	91,923	*	MSCI, Inc (Class A)		2,849
	17,411		MVC Capital, Inc		212
	88,875		Nasdaq Stock Market, Inc		2,223
	20,204		Nelnet, Inc (Class A)		602
	23,100	*,e	Netspend Holdings, Inc		273
	5,367		New Mountain Finance Corp		80
	21,889	*	NewStar Financial, Inc		307
	12,077		NGP Capital Resources Co		87
	7,402	e	Nicholas Financial, Inc		92
	163,917		Northern Trust Corp		8,222
	194,468		NYSE Euronext		6,134
	7,363		Oppenheimer Holdings, Inc		127
	43,579		PennantPark Investment Corp		479
	41,814	*	PHH Corp		951
	17,372	*	Pico Holdings, Inc		352
	13,978	*	Piper Jaffray Cos		449
	13,016	*	Portfolio Recovery Associates, Inc		1,391
	144,746	e	Prospect Capital Corp		1,573
	9,591		Pzena Investment Management, Inc (Class A)		52
	86,796		Raymond James Financial, Inc		3,344
	4,005	*,e	Regional Management Corp		66
	9,098		Resource America, Inc (Class A)		61
	21,125	*	Safeguard Scientifics, Inc		312
	104,055		SEI Investments Co		2,429
	350,331		SLM Corp		6,001
	28,070		Solar Capital Ltd		671
	6,100		Solar Senior Capital Ltd		114
	222,000		SPDR Trust Series 1		31,639
	370,491		State Street Corp		17,417
	40,347	*	Stifel Financial Corp		1,290
	37,258	*	SWS Group, Inc		197
	194,560		T Rowe Price Group, Inc		12,672
	3,999		TCP Capital Corp		59
	177,302		TD Ameritrade Holding Corp		2,980
	6,653		THL Credit, Inc		98

262

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	29,067		TICC Capital Corp	$	294
	20,596	e	Triangle Capital Corp		525
	4,394	*	Virtus Investment Partners, Inc		531
	67,558		Waddell & Reed Financial, Inc (Class A)		2,352
	27,153	*	Walter Investment Management Corp		1,168
	3,869		Westwood Holdings Group, Inc		158
	44,981	*	WisdomTree Investments, Inc		275
	9,005	*,e	World Acceptance Corp		671
			TOTAL DIVERSIFIED FINANCIALS		745,934
ENERGY - 9.9%
	70,225	*,e	Abraxas Petroleum Corp		154
	1,730		Adams Resources & Energy, Inc		61
	9,171		Alon USA Energy, Inc		166
	160,768	*	Alpha Natural Resources, Inc		1,566
	13,406	*,e	Amyris Biotechnologies, Inc		42
	378,750		Anadarko Petroleum Corp		28,145
	296,184		Apache Corp		23,250
	6,580	e	APCO Argentina, Inc		81
	21,957	*	Approach Resources, Inc		549
	157,891	e	Arch Coal, Inc		1,156
	44,174	*	Atwood Oceanics, Inc		2,023
	332,452		Baker Hughes, Inc		13,577
	23,122	*,e	Basic Energy Services, Inc		264
	39,652		Berry Petroleum Co (Class A)		1,330
	35,237	*	Bill Barrett Corp		627
	6,457		Bolt Technology Corp		92
	7,300	*,e	Bonanza Creek Energy, Inc		203
	90,573	*,e	BPZ Energy, Inc		285
	27,721		Bristow Group, Inc		1,487
	31,882	*	C&J Energy Services, Inc		684
	158,514		Cabot Oil & Gas Corp		7,884
	79,978	*,e	Cal Dive International, Inc		138
	27,753	*	Callon Petroleum Co		130
	186,999	*	Cameron International Corp		10,558
	14,570		CARBO Ceramics, Inc		1,141
	29,745	*	Carrizo Oil & Gas, Inc		622
	163,741	*	Cheniere Energy, Inc		3,075
	501,290	e	Chesapeake Energy Corp		8,331
	1,495,879		Chevron Corp		161,764
	64,690		Cimarex Energy Co		3,735
	4,602	*	Clayton Williams Energy, Inc		184
	50,466	*,e	Clean Energy Fuels Corp		628
	46,507	*	Cloud Peak Energy, Inc		899
	140,665	*	Cobalt International Energy, Inc		3,455
	36,545	*	Comstock Resources, Inc		553
	79,401	*	Concho Resources, Inc		6,397
	958,863		ConocoPhillips		55,605
	173,265		Consol Energy, Inc		5,562
	9,289		Contango Oil & Gas Co		393
	31,808	*	Continental Resources, Inc		2,338
	15,591	*	Crimson Exploration, Inc		43

263

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	30,807		Crosstex Energy, Inc	$	442
	9,000	*	CVR Energy, Inc		439
	67,340	*	CVR Energy, Inc (Contingent value right)		0	^
	4,479	*	Dawson Geophysical Co		118
	13,030		Delek US Holdings, Inc		330
	300,252	*	Denbury Resources, Inc		4,864
	307,359		Devon Energy Corp		15,995
	50,996	e	Diamond Offshore Drilling, Inc		3,466
	57,836	*	Dresser-Rand Group, Inc		3,247
	30,642	*	Dril-Quip, Inc		2,238
	4,868	*	Emerald Oil, Inc		25
	39,982	*,e	Endeavour International Corp		207
	55,035		Energen Corp		2,482
	60,385		Energy XXI Bermuda Ltd		1,944
	204,283		EOG Resources, Inc		24,675
	21,960	*	EPL Oil & Gas, Inc		495
	100,514		Equitable Resources, Inc		5,928
	11,704	*	Evolution Petroleum Corp		95
	90,647	e	EXCO Resources, Inc		614
	49,393	*	Exterran Holdings, Inc		1,083
	3,545,846	d	Exxon Mobil Corp		306,893
	180,708	*	FMC Technologies, Inc		7,740
	11,631	*	Forbes Energy Services Ltd		29
	84,539	*	Forest Oil Corp		566
	16,394	*	Forum Energy Technologies, Inc		406
	39,564	*,e	Frontline Ltd		129
	36,931	*	FX Energy, Inc		152
	17,507		GasLog Ltd		218
	54,404	*	Gastar Exploration Ltd		66
	9,836	*	Geospace Technologies Corp		874
	15,467	*,e	Gevo, Inc		24
	14,135	*	Global Geophysical Services, Inc		54
	31,274	e	Golar LNG Ltd		1,150
	20,317	*,e	Goodrich Petroleum Corp		189
	20,962	*	Green Plains Renewable Energy, Inc		166
	11,124		Gulf Island Fabrication, Inc		267
	20,444		Gulfmark Offshore, Inc		704
	42,673	*	Gulfport Energy Corp		1,631
	81,613	*	Halcon Resources Corp		565
	701,604		Halliburton Co		24,339
	29,621	*,e	Harvest Natural Resources, Inc		269
	101,502	*,e	Heckmann Corp		409
	76,906	*	Helix Energy Solutions Group, Inc		1,587
	72,674		Helmerich & Payne, Inc		4,070
	133,318	*	Hercules Offshore, Inc		824
	229,736		Hess Corp		12,167
	158,226		Holly Corp		7,365
	27,922	*	Hornbeck Offshore Services, Inc		959
	100,154	*	ION Geophysical Corp		652
	823	*	Isramco, Inc		86
	102,552	*	Key Energy Services, Inc		713
	370,378		Kinder Morgan, Inc		13,085

264

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	20,784	*,e	KiOR, Inc (Class A)	$	133
	18,775	e	Knightsbridge Tankers Ltd		99
	200,347	*	Kodiak Oil & Gas Corp		1,773
	53,500	*	Kosmos Energy LLC		661
	15,300	*	Laredo Petroleum Holdings, Inc		278
	25,668		Lufkin Industries, Inc		1,492
	118,980	*,e	Magnum Hunter Resources Corp		475
	532,777		Marathon Oil Corp		16,335
	258,657		Marathon Petroleum Corp		16,295
	10,300	*	Matador Resources Co		84
	23,922	*	Matrix Service Co		275
	176,324	*	McDermott International, Inc		1,943
	78,067	*,e	McMoRan Exploration Co		1,253
	18,666	*	Midstates Petroleum Co, Inc		129
	31,904	*,e	Miller Petroleum, Inc		126
	7,684	*	Mitcham Industries, Inc		105
	147,081		Murphy Oil Corp		8,759
	217,056	*	Nabors Industries Ltd		3,136
	322,705		National Oilwell Varco, Inc		22,057
	9,713	*	Natural Gas Services Group, Inc		159
	101,438	*	Newfield Exploration Co		2,716
	69,901	*	Newpark Resources, Inc		549
	134,127		Noble Energy, Inc		13,646
	37,402	e	Nordic American Tanker Shipping		327
	48,403	*,e	Northern Oil And Gas, Inc		814
	60,964	*	Oasis Petroleum, Inc		1,939
	615,028		Occidental Petroleum Corp		47,117
	82,172		Oceaneering International, Inc		4,420
	40,649	*	Oil States International, Inc		2,908
	5,367		Panhandle Oil and Gas, Inc (Class A)		152
	96,030	*	Parker Drilling Co		442
	119,282	e	Patterson-UTI Energy, Inc		2,222
	22,888	*	PDC Energy, Inc		760
	207,042		Peabody Energy Corp		5,509
	51,215		Penn Virginia Corp		226
	43,261	*	Petroquest Energy, Inc		214
	9,723	*	PHI, Inc		326
	474,623		Phillips 66		25,202
	42,944	*	Pioneer Energy Services Corp		312
	93,260		Pioneer Natural Resources Co		9,941
	98,805	*	Plains Exploration & Production Co		4,638
	136,144		Questar Market Resources, Inc		4,121
	106,368	*,e	Quicksilver Resources, Inc		304
	122,065		Range Resources Corp		7,669
	211,004		Rentech, Inc		555
	35,433	*,e	Resolute Energy Corp		288
	36,039	*	Rex Energy Corp		469
	6,400	*	Rex Stores Corp		123
	9,601	*	RigNet, Inc		196
	40,850	*	Rosetta Resources, Inc		1,853
	93,928	*	Rowan Cos PLC		2,937
	49,925	e	RPC, Inc		611

265

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	7,400	*,e	Sanchez Energy Corp	$	133
	373,618	*,e	SandRidge Energy, Inc		2,372
	13,465	*,e	Saratoga Resources, Inc		48
	1,011,215		Schlumberger Ltd		70,067
	29,347	*	Scorpio Tankers, Inc		209
	16,143		SEACOR Holdings, Inc		1,353
	31,863	*	SemGroup Corp		1,245
	34,031	e	Ship Finance International Ltd		566
	24,842	*,e	Solazyme, Inc		195
	264,293	*	Southwestern Energy Co		8,830
	495,029		Spectra Energy Corp		13,554
	49,022		St. Mary Land & Exploration Co		2,559
	36,323	*	Stone Energy Corp		745
	120,353	*	Superior Energy Services		2,494
	32,148	*	Swift Energy Co		495
	28,111	*	Synergy Resources Corp		152
	21,792		Targa Resources Investments, Inc		1,151
	27,666		Teekay Corp		888
	48,134	e	Teekay Tankers Ltd (Class A)		140
	23,351	*	Tesco Corp		266
	106,482		Tesoro Corp		4,691
	61,337	*	Tetra Technologies, Inc		466
	10,963		TGC Industries, Inc		90
	38,204		Tidewater, Inc		1,707
	46,549	*	Triangle Petroleum Corp		279
	117,937	*,e	Ultra Petroleum Corp		2,138
	36,980	*	Unit Corp		1,666
	49,078	*,e	Uranerz Energy Corp		68
	76,523	*,e	Uranium Energy Corp		196
	48,465	*	Vaalco Energy, Inc		419
	419,128		Valero Energy Corp		14,301
	169,150	*,e	Vantage Drilling Co		310
	26,733		W&T Offshore, Inc		429
	67,894	*	Warren Resources, Inc		191
	41,735		Western Refining, Inc		1,177
	7,723	*,e	Westmoreland Coal Co		72
	89,390	*	Whiting Petroleum Corp		3,877
	29,621	*	Willbros Group, Inc		159
	511,613		Williams Cos, Inc		16,750
	54,207		World Fuel Services Corp		2,232
	151,612	*	WPX Energy, Inc		2,256
	19,733	*,e	ZaZa Energy Corp		40
			TOTAL ENERGY		1,186,261
FOOD & STAPLES RETAILING - 2.0%
	14,244		Andersons, Inc		611
	837		Arden Group, Inc (Class A)		75
	27,235		Casey’s General Stores, Inc		1,446
	7,700	*	Chefs’ Warehouse Holdings, Inc		122
	328,598		Costco Wholesale Corp		32,456
	971,774		CVS Corp		46,985
	21,250	*	Fresh Market, Inc		1,022

266

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	33,356		Harris Teeter Supermarkets, Inc	$	1,286
	8,163		Ingles Markets, Inc (Class A)		141
	398,477		Kroger Co		10,368
	10,977		Nash Finch Co		234
	5,400	*,e	Natural Grocers by Vitamin C		103
	16,292	*	Pantry, Inc		198
	13,557		Pricesmart, Inc		1,045
	505,498	*	Rite Aid Corp		687
	14,600	e	Roundy’s, Inc		65
	183,872	e	Safeway, Inc		3,326
	18,527		Spartan Stores, Inc		285
	165,275	e	Supervalu, Inc		408
	5,570	*	Susser Holdings Corp		192
	444,125		Sysco Corp		14,061
	36,743	*	United Natural Foods, Inc		1,969
	6,413		Village Super Market (Class A)		211
	652,769		Walgreen Co		24,159
	1,281,621		Wal-Mart Stores, Inc		87,445
	8,834		Weis Markets, Inc		346
	139,295		Whole Foods Market, Inc		12,722
			TOTAL FOOD & STAPLES RETAILING		241,968
FOOD, BEVERAGE & TOBACCO - 5.2%
	2,319		Alico, Inc		85
	68,179	*	Alliance One International, Inc		248
	1,543,011		Altria Group, Inc		48,481
	3,728	*	Annie’s, Inc		125
	499,683		Archer Daniels Midland Co		13,686
	37,577		B&G Foods, Inc (Class A)		1,064
	117,473		Beam, Inc		7,176
	5,917	*,e	Boston Beer Co, Inc (Class A)		796
	44,670	*	Boulder Brands, Inc		576
	113,127		Brown-Forman Corp (Class B)		7,155
	111,486		Bunge Ltd		8,104
	9,305	e	Calavo Growers, Inc		235
	10,929		Cal-Maine Foods, Inc		440
	133,322	e	Campbell Soup Co		4,652
	53,541	*,e	Central European Distribution Corp		116
	31,603	*	Chiquita Brands International, Inc		261
	4,202		Coca-Cola Bottling Co Consolidated		279
	2,945,730		Coca-Cola Co		106,783
	226,205		Coca-Cola Enterprises, Inc		7,177
	312,641		ConAgra Foods, Inc		9,223
	112,764	*	Constellation Brands, Inc (Class A)		3,991
	7,653	*	Craft Brewers Alliance, Inc		50
	88,594	*	Darling International, Inc		1,421
	140,023	*	Dean Foods Co		2,312
	16,103	e	Diamond Foods, Inc		220
	27,600	*	Dole Food Co, Inc		317
	161,709		Dr Pepper Snapple Group, Inc		7,144
	5,320	*	Farmer Bros Co		77
	85,492		Flowers Foods, Inc		1,989

267

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	27,620		Fresh Del Monte Produce, Inc	$	728
	490,547		General Mills, Inc		19,823
	105,274	*,e	Green Mountain Coffee Roasters, Inc		4,354
	2,482		Griffin Land & Nurseries, Inc (Class A)		67
	242,648		H.J. Heinz Co		13,996
	27,245	*	Hain Celestial Group, Inc		1,477
	113,334		Hershey Co		8,185
	89,547		Hillshire Brands Co		2,520
	102,534		Hormel Foods Corp		3,200
	57,268		Ingredion, Inc		3,690
	10,713	*	Inventure Foods, Inc		70
	11,326		J&J Snack Foods Corp		724
	85,533		J.M. Smucker Co		7,376
	5,780		John B. Sanfilippo & Son, Inc		105
	183,100		Kellogg Co		10,226
	447,285	*	Kraft Foods Group, Inc		20,338
	14,250		Lancaster Colony Corp		986
	33,835		Lance, Inc		816
	3,603	e	Lifeway Foods, Inc		32
	6,464	e	Limoneira Co		125
	98,956		Lorillard, Inc		11,545
	101,273		McCormick & Co, Inc		6,434
	154,598		Mead Johnson Nutrition Co		10,186
	97,904		Molson Coors Brewing Co (Class B)		4,189
	1,344,455		Mondelez International, Inc		34,243
	108,688	*	Monster Beverage Corp		5,747
	5,604		National Beverage Corp		82
	15,084	*	Omega Protein Corp		92
	1,185,927		PepsiCo, Inc		81,153
	1,293,293		Philip Morris International, Inc		108,171
	45,390	*	Pilgrim’s Pride Corp		329
	21,173	*	Post Holdings, Inc		725
	42,347	*	Ralcorp Holdings, Inc		3,796
	249,072		Reynolds American, Inc		10,319
	17,484		Sanderson Farms, Inc		831
	7,792	*	Seneca Foods Corp		237
	116,361	*	Smithfield Foods, Inc		2,510
	14,223	*,e	Synutra International, Inc		66
	18,653	e	Tootsie Roll Industries, Inc		484
	26,938	*	TreeHouse Foods, Inc		1,404
	222,098		Tyson Foods, Inc (Class A)		4,309
	18,707	e	Universal Corp		934
	36,863	e	Vector Group Ltd		548
	9,381	*	Westway Group, Inc		63
	17,500	*,e	WhiteWave Foods Co		272
			TOTAL FOOD, BEVERAGE & TOBACCO		621,690
HEALTH CARE EQUIPMENT & SERVICES - 4.8%
	15,924		Abaxis, Inc		591
	1,193,137		Abbott Laboratories		78,150
	27,756	*,e	Abiomed, Inc		374
	24,043	*	Acadia Healthcare Co, Inc		561

268

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	43,084	*,e	Accretive Health, Inc	$	498
	52,299	*	Accuray, Inc		336
	263,283		Aetna, Inc		12,190
	29,433		Air Methods Corp		1,086
	54,705	*	Align Technology, Inc		1,518
	130,978	*	Allscripts Healthcare Solutions, Inc		1,234
	7,268		Almost Family, Inc		147
	39,818	*	Alphatec Holdings, Inc		66
	21,596	*	Amedisys, Inc		243
	178,361		AmerisourceBergen Corp		7,702
	30,580	*	AMN Healthcare Services, Inc		353
	25,648	*	Amsurg Corp		770
	10,953		Analogic Corp		814
	18,523	*	Angiodynamics, Inc		204
	8,891	*	Anika Therapeutics, Inc		88
	65,226	*,e	Antares Pharma, Inc		249
	20,843	*	Arthrocare Corp		721
	17,166		Assisted Living Concepts, Inc (A Shares)		167
	27,327	*,e	athenahealth, Inc		2,007
	10,854	*	AtriCure, Inc		75
	1,039		Atrion Corp		204
	63,366		Bard (C.R.), Inc		6,193
	417,169		Baxter International, Inc		27,808
	153,398		Becton Dickinson & Co		11,994
	18,346	*,e	Bio-Reference Labs, Inc		526
	31,488	*	BioScrip, Inc		339
	1,091,151	*	Boston Scientific Corp		6,252
	74,076	*	Brookdale Senior Living, Inc		1,876
	18,628		Cantel Medical Corp		554
	21,051	*	Capital Senior Living Corp		393
	262,207		Cardinal Health, Inc		10,798
	9,837	*,e	Cardiovascular Systems, Inc		123
	169,678	*	CareFusion Corp		4,849
	156,388	*	Catamaran Corp		7,367
	39,667	*	Centene Corp		1,626
	109,520	*	Cerner Corp		8,503
	28,816	*,e	Cerus Corp		91
	14,552		Chemed Corp		998
	8,056	*	Chindex International, Inc		85
	218,410		Cigna Corp		11,676
	69,450		Community Health Systems, Inc		2,135
	9,537		Computer Programs & Systems, Inc		480
	25,681	*	Conceptus, Inc		540
	22,053		Conmed Corp		616
	36,172		Cooper Cos, Inc		3,345
	6,016	*	Corvel Corp		270
	102,330		Coventry Health Care, Inc		4,587
	365,079		Covidien plc		21,080
	22,090	*	Cross Country Healthcare, Inc		106
	27,223		CryoLife, Inc		170
	20,834	*	Cyberonics, Inc		1,094
	5,493	*	Cynosure, Inc (Class A)		132

269

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	71,147	*	DaVita, Inc	$	7,864
	107,747		Dentsply International, Inc		4,268
	7,513	*,e	Derma Sciences, Inc		83
	50,790	*	DexCom, Inc		691
	87,257	*	Edwards Lifesciences Corp		7,868
	23,206	*	Emeritus Corp		574
	42,117	*	Endologix, Inc		600
	13,113		Ensign Group, Inc		357
	20,936	*,e	EnteroMedics, Inc		59
	13,740	*	ePocrates, Inc		121
	4,898	*	Exactech, Inc		83
	20,845	*	ExamWorks Group, Inc		292
	610,861	*	Express Scripts Holding Co		32,987
	24,001	*	Five Star Quality Care, Inc		120
	22,160	*	Gentiva Health Services, Inc		223
	7,300	*,e	Globus Medical, Inc		77
	19,254	*	Greatbatch, Inc		447
	6,213	*,e	Greenway Medical Technologies		95
	38,562	*	Haemonetics Corp		1,575
	25,502	*	Hanger Orthopedic Group, Inc		698
	32,412	*,e	Hansen Medical, Inc		67
	125,573		HCA Holdings, Inc		3,789
	197,006	*	Health Management Associates, Inc (Class A)		1,836
	63,559	*	Health Net, Inc		1,544
	71,500	*	Healthsouth Corp		1,509
	14,864	*	HealthStream, Inc		361
	28,116	*	Healthways, Inc		301
	10,804	*,e	HeartWare International, Inc		907
	67,617	*	Henry Schein, Inc		5,440
	49,054		Hill-Rom Holdings, Inc		1,398
	65,676	*	HMS Holdings Corp		1,702
	200,085	*	Hologic, Inc		4,008
	123,289		Humana, Inc		8,461
	9,095	*	ICU Medical, Inc		554
	41,103	*	Idexx Laboratories, Inc		3,814
	36,536	*	Insulet Corp		775
	16,089	*	Integra LifeSciences Holdings Corp		627
	30,088	*	Intuitive Surgical, Inc		14,754
	23,110		Invacare Corp		377
	64,014	*	Inverness Medical Innovations, Inc		1,184
	11,925	*	IPC The Hospitalist Co, Inc		474
	38,766	*	Kindred Healthcare, Inc		419
	72,760	*	Laboratory Corp of America Holdings		6,302
	8,629		Landauer, Inc		528
	11,927	*	LHC Group, Inc		254
	37,223	*	LifePoint Hospitals, Inc		1,405
	20,796	*	Magellan Health Services, Inc		1,019
	27,393	*,e	MAKO Surgical Corp		353
	38,810		Masimo Corp		815
	178,699		McKesson Corp		17,327
	44,883	*	MedAssets, Inc		753
	17,100	*	Medidata Solutions, Inc		670

270

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	785,718		Medtronic, Inc	$	32,230
	38,200	*,e	Merge Healthcare, Inc		94
	31,965	e	Meridian Bioscience, Inc		647
	29,037	*	Merit Medical Systems, Inc		404
	21,513	*	Molina Healthcare, Inc		582
	9,533	*	MWI Veterinary Supply, Inc		1,049
	8,081		National Healthcare Corp		380
	1,866		National Research Corp		101
	19,956	*	Natus Medical, Inc		223
	18,486	*	Neogen Corp		838
	66,756	*,e	Neoprobe Corp		189
	33,067	*	NuVasive, Inc		511
	37,870	*	NxStage Medical, Inc		426
	84,450		Omnicare, Inc		3,049
	24,067	*	Omnicell, Inc		358
	36,642	*	OraSure Technologies, Inc		263
	14,876	*	Orthofix International NV		585
	48,567	e	Owens & Minor, Inc		1,385
	12,302	*	Palomar Medical Technologies, Inc		113
	71,157		Patterson Cos, Inc		2,436
	7,109	*	PDI, Inc		54
	37,651	*	Pediatrix Medical Group, Inc		2,994
	23,814	*	PharMerica Corp		339
	9,836	*,e	PhotoMedex, Inc		143
	8,598	*	Providence Service Corp		146
	38,324	*	PSS World Medical, Inc		1,107
	29,676		Quality Systems, Inc		515
	118,617		Quest Diagnostics, Inc		6,912
	21,781	*,e	Quidel Corp		407
	108,952	e	Resmed, Inc		4,529
	7,696	*	Rochester Medical Corp		78
	12,187	*,e	Rockwell Medical Technologies, Inc		98
	38,631	*	RTI Biologics, Inc		165
	24,177		Select Medical Holdings Corp		228
	42,129	*	Sirona Dental Systems, Inc		2,716
	15,881	*	Skilled Healthcare Group, Inc (Class A)		101
	44,003	*	Solta Medical, Inc		118
	26,592	*	Spectranetics Corp		393
	239,615		St. Jude Medical, Inc		8,660
	26,141	*	Staar Surgical Co		159
	44,285		STERIS Corp		1,538
	234,812		Stryker Corp		12,872
	47,216	*,e	Sunrise Senior Living, Inc		679
	13,627	*	SurModics, Inc		305
	32,497	*	Symmetry Medical, Inc		342
	20,027	*	Team Health Holdings, Inc		576
	30,710		Teleflex, Inc		2,190
	79,191	*	Tenet Healthcare Corp		2,571
	44,951	*	Thoratec Corp		1,687
	11,480	*	Tornier BV		193
	14,800	*	Triple-S Management Corp (Class B)		273
	57,226	*,e	Unilife Corp		130

271

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	786,701		UnitedHealth Group, Inc	$	42,671
	28,773		Universal American Corp		247
	67,358		Universal Health Services, Inc (Class B)		3,257
	8,422		US Physical Therapy, Inc		232
	2,349		Utah Medical Products, Inc		85
	23,000	*	Vanguard Health Systems, Inc		282
	85,052	*	Varian Medical Systems, Inc		5,974
	12,709	*	Vascular Solutions, Inc		201
	66,310	*	VCA Antech, Inc		1,396
	5,028	*	Vocera Communications, Inc		126
	39,957	*	Volcano Corp		943
	32,075	*	WellCare Health Plans, Inc		1,562
	230,093		WellPoint, Inc		14,017
	26,348		West Pharmaceutical Services, Inc		1,443
	28,863	*,e	Wright Medical Group, Inc		606
	4,290		Young Innovations, Inc		169
	12,908	*,e	Zeltiq Aesthetics, Inc		60
	133,222		Zimmer Holdings, Inc		8,881
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		570,996
HOUSEHOLD & PERSONAL PRODUCTS - 2.1%
	327,248		Avon Products, Inc		4,699
	46,305	*	Central Garden and Pet Co (Class A)		484
	104,151		Church & Dwight Co, Inc		5,579
	98,151		Clorox Co		7,187
	361,672		Colgate-Palmolive Co		37,809
	17,747	*	Elizabeth Arden, Inc		799
	49,897		Energizer Holdings, Inc		3,991
	174,666		Estee Lauder Cos (Class A)		10,456
	11,623	e	Female Health Co		83
	31,617	*	Harbinger Group, Inc		243
	84,168	e	Herbalife Ltd		2,773
	12,258		Inter Parfums, Inc		239
	297,238		Kimberly-Clark Corp		25,096
	9,661	*	Medifast, Inc		255
	5,868		Nature’s Sunshine Products, Inc		85
	41,386		Nu Skin Enterprises, Inc (Class A)		1,533
	8,067		Nutraceutical International Corp		133
	3,981		Oil-Dri Corp of America		110
	4,547		Orchids Paper Products Co		92
	38,233	*	Prestige Brands Holdings, Inc		766
	2,077,805		Procter & Gamble Co		141,062
	9,587	*	Revlon, Inc (Class A)		139
	17,518		Spectrum Brands, Inc		787
	110,286	*,e	Star Scientific, Inc		296
	6,878	*,e	USANA Health Sciences, Inc		226
	11,364		WD-40 Co		535
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		245,457
INSURANCE - 3.8%
	256,607		ACE Ltd		20,477
	354,267		Aflac, Inc		18,819

272

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	12,614	*	Alleghany Corp	$	4,231
	27,778		Allied World Assurance Co Holdings Ltd		2,189
	372,320		Allstate Corp		14,956
	46,461		American Equity Investment Life Holding Co		567
	65,324		American Financial Group, Inc		2,582
	489,091	*	American International Group, Inc		17,265
	4,964		American National Insurance Co		339
	7,468	*	American Safety Insurance Holdings Ltd		141
	13,065	*	Amerisafe, Inc		356
	19,586	e	Amtrust Financial Services, Inc		562
	247,540		Aon plc		13,763
	101,165	*	Arch Capital Group Ltd		4,453
	21,131		Argo Group International Holdings Ltd		710
	89,396		Arthur J. Gallagher & Co		3,098
	54,260		Aspen Insurance Holdings Ltd		1,741
	61,882		Assurant, Inc		2,147
	122,889		Assured Guaranty Ltd		1,749
	83,728		Axis Capital Holdings Ltd		2,900
	6,904		Baldwin & Lyons, Inc (Class B)		165
	1,350,433	*	Berkshire Hathaway, Inc (Class B)		121,134
	89,066		Brown & Brown, Inc		2,268
	204,803		Chubb Corp		15,426
	111,579		Cincinnati Financial Corp		4,369
	32,879	*	Citizens, Inc (Class A)		363
	19,762		CNA Financial Corp		554
	162,070		Conseco, Inc		1,512
	14,025		Crawford & Co (Class B)		112
	9,364		Donegal Group, Inc (Class A)		131
	4,850		Eastern Insurance Holdings, Inc		83
	17,698	*	eHealth, Inc		486
	4,503		EMC Insurance Group, Inc		107
	24,104		Employers Holdings, Inc		496
	31,116		Endurance Specialty Holdings Ltd		1,235
	6,491	*	Enstar Group Ltd		727
	21,144		Erie Indemnity Co (Class A)		1,464
	39,815		Everest Re Group Ltd		4,378
	9,829		FBL Financial Group, Inc (Class A)		336
	168,142		Fidelity National Title Group, Inc (Class A)		3,960
	80,939		First American Financial Corp		1,950
	362,448	*	Genworth Financial, Inc (Class A)		2,722
	20,683	*	Greenlight Capital Re Ltd (Class A)		477
	7,438	*	Hallmark Financial Services		70
	34,492		Hanover Insurance Group, Inc		1,336
	334,401		Hartford Financial Services Group, Inc		7,504
	77,301		HCC Insurance Holdings, Inc		2,876
	30,002	*	Hilltop Holdings, Inc		406
	5,748	e	Homeowners Choice, Inc		119
	29,235		Horace Mann Educators Corp		583
	5,951		Independence Holding Co		57
	10,619		Infinity Property & Casualty Corp		618
	862		Investors Title Co		52
	2,078		Kansas City Life Insurance Co		79

273

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	39,343		Kemper Corp	$	1,161
	218,155		Lincoln National Corp		5,650
	235,362		Loews Corp		9,591
	34,934		Maiden Holdings Ltd		321
	7,078	*	Markel Corp		3,068
	412,752		Marsh & McLennan Cos, Inc		14,228
	65,416		Max Capital Group Ltd		1,844
	112,430	*,e	MBIA, Inc		883
	42,189		Meadowbrook Insurance Group, Inc		244
	20,342		Mercury General Corp		807
	646,072		Metlife, Inc		21,282
	38,114		Montpelier Re Holdings Ltd		871
	35,464	*,e	National Financial Partners Corp		608
	9,917		National Interstate Corp		286
	1,551		National Western Life Insurance Co (Class A)		245
	8,338	*	Navigators Group, Inc		426
	195,723		Old Republic International Corp		2,084
	20,220		OneBeacon Insurance Group Ltd (Class A)		281
	49,344		PartnerRe Ltd		3,972
	4,932	*	Phoenix Cos, Inc		122
	26,237		Platinum Underwriters Holdings Ltd		1,207
	35,780		Primerica, Inc		1,074
	229,355		Principal Financial Group		6,541
	44,742		ProAssurance Corp		1,888
	462,929		Progressive Corp		9,768
	61,341		Protective Life Corp		1,753
	355,042		Prudential Financial, Inc		18,934
	56,415		Reinsurance Group of America, Inc (Class A)		3,019
	38,604		RenaissanceRe Holdings Ltd		3,137
	16,141		RLI Corp		1,044
	11,015		Safety Insurance Group, Inc		509
	14,868		SeaBright Insurance Holdings, Inc		165
	40,400		Selective Insurance Group, Inc		778
	35,995		Stancorp Financial Group, Inc		1,320
	9,480		State Auto Financial Corp		142
	12,744	e	Stewart Information Services Corp		331
	59,563		Symetra Financial Corp		773
	75,122		Torchmark Corp		3,882
	28,710		Tower Group, Inc		510
	294,389		Travelers Cos, Inc		21,143
	12,914	*	United America Indemnity Ltd		286
	17,338		United Fire & Casualty Co		379
	10,064		Universal Insurance Holdings, Inc		44
	214,285		UnumProvident Corp		4,461
	80,485		Validus Holdings Ltd		2,783
	82,124		W.R. Berkley Corp		3,099
	4,478		White Mountains Insurance Group Ltd		2,306
	236,648		XL Capital Ltd		5,930
			TOTAL INSURANCE		456,380
MATERIALS - 4.0%
	24,943		A. Schulman, Inc		722

274

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	6,725	*,e	ADA-ES, Inc	$	114
	5,113	*	AEP Industries, Inc		303
	160,600		Air Products & Chemicals, Inc		13,494
	52,484		Airgas, Inc		4,791
	84,458	e	AK Steel Holding Corp		388
	68,023		Albemarle Corp		4,226
	811,261		Alcoa, Inc		7,042
	81,466		Allegheny Technologies, Inc		2,473
	68,161	*	Allied Nevada Gold Corp		2,054
	18,051		AMCOL International Corp		554
	20,501		American Vanguard Corp		637
	50,149		Aptargroup, Inc		2,393
	15,246	*	Arabian American Development Co		127
	60,168		Ashland, Inc		4,838
	21,090		Balchem Corp		768
	119,517		Ball Corp		5,348
	78,588		Bemis Co, Inc		2,630
	22,000	*	Berry Plastics Group, Inc		354
	76,383		Boise, Inc		607
	14,781		Brush Engineered Materials, Inc		381
	31,123		Buckeye Technologies, Inc		894
	48,545		Cabot Corp		1,932
	45,612	*	Calgon Carbon Corp		647
	33,678		Carpenter Technology Corp		1,739
	11,808	*,e	Castle (A.M.) & Co		174
	118,461		Celanese Corp (Series A)		5,275
	39,702	*	Century Aluminum Co		348
	49,850		CF Industries Holdings, Inc		10,128
	5,158		Chase Corp		96
	73,547	*	Chemtura		1,564
	19,978	*	Clearwater Paper Corp		782
	108,906	e	Cleveland-Cliffs, Inc		4,199
	68,043	*	Coeur d’Alene Mines Corp		1,674
	86,134		Commercial Metals Co		1,280
	25,270		Compass Minerals International, Inc		1,888
	113,742	*	Crown Holdings, Inc		4,187
	35,121		Cytec Industries, Inc		2,417
	9,014		Deltic Timber Corp		637
	27,533		Domtar Corp		2,300
	908,358		Dow Chemical Co		29,358
	710,595		Du Pont (E.I.) de Nemours & Co		31,955
	33,735		Eagle Materials, Inc		1,973
	116,569		Eastman Chemical Co		7,933
	197,186		Ecolab, Inc		14,178
	37,770	*	Ferro Corp		158
	38,825	*,e	Flotek Industries, Inc		474
	104,720		FMC Corp		6,128
	719,611		Freeport-McMoRan Copper & Gold, Inc (Class B)		24,611
	14,460		FutureFuel Corp		171
	51,402	*	General Moly, Inc		206
	25,535	e	Georgia Gulf Corp		1,054
	35,119		Glatfelter		614

275

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	47,286		Globe Specialty Metals, Inc	$	650
	37,237	*	Gold Reserve, Inc		123
	21,606	e	Gold Resource Corp		333
	53,248	*,e	Golden Minerals Co		244
	219,041	*,e	Golden Star Resources Ltd		403
	122,089	*	Graphic Packaging Holding Co		789
	24,459		Greif, Inc (Class A)		1,088
	6,559	*	GSE Holding, Inc		41
	36,749		H.B. Fuller Co		1,280
	6,809		Hawkins, Inc		263
	9,402		Haynes International, Inc		488
	54,162	*	Headwaters, Inc		464
	214,218	e	Hecla Mining Co		1,249
	33,599	*	Horsehead Holding Corp		343
	145,355		Huntsman Corp		2,311
	16,427		Innophos Holdings, Inc		764
	18,027		Innospec, Inc		622
	61,486		International Flavors & Fragrances, Inc		4,091
	331,593		International Paper Co		13,211
	40,015		Intrepid Potash, Inc		852
	14,023		Kaiser Aluminum Corp		865
	32,261		Kapstone Paper and Packaging Corp		716
	4,800		KMG Chemicals, Inc		84
	16,539		Koppers Holdings, Inc		631
	24,388	*	Kraton Polymers LLC		586
	14,288	e	Kronos Worldwide, Inc		279
	14,893	*	Landec Corp		141
	101,464	*	Louisiana-Pacific Corp		1,960
	13,887	*	LSB Industries, Inc		492
	243,781		LyondellBasell Industries AF S.C.A		13,917
	34,945	e	Martin Marietta Materials, Inc		3,295
	165,552	*,e	McEwen Mining, Inc		634
	128,841		MeadWestvaco Corp		4,106
	8,652		Metals USA Holdings Corp		151
	60,363	*,e	Midway Gold Corp		84
	27,178		Minerals Technologies, Inc		1,085
	50,112	*,e	Molycorp, Inc		473
	404,461		Monsanto Co		38,282
	225,119		Mosaic Co		12,748
	23,791		Myers Industries, Inc		360
	11,726		Neenah Paper, Inc		334
	6,813		NewMarket Corp		1,786
	373,398		Newmont Mining Corp		17,341
	25,216		Noranda Aluminium Holding Corp		154
	240,423		Nucor Corp		10,381
	63,038		Olin Corp		1,361
	8,985		Olympic Steel, Inc		199
	23,303	*	OM Group, Inc		517
	32,453	*	Omnova Solutions, Inc		227
	126,112	*	Owens-Illinois, Inc		2,682
	74,848		Packaging Corp of America		2,879
	90,889	*,e	Paramount Gold and Silver Corp		211

276

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	71,742		PolyOne Corp	$	1,465
	114,906		PPG Industries, Inc		15,553
	226,703		Praxair, Inc		24,813
	9,804		Quaker Chemical Corp		528
	56,307		Reliance Steel & Aluminum Co		3,497
	55,110	*,e	Resolute Forest Products		730
	18,123	*	Revett Minerals, Inc		51
	54,046		Rock-Tenn Co (Class A)		3,778
	52,353		Rockwood Holdings, Inc		2,589
	44,954		Royal Gold, Inc		3,655
	98,223		RPM International, Inc		2,884
	23,200	*	RTI International Metals, Inc		639
	19,399		Schnitzer Steel Industries, Inc (Class A)		588
	23,952		Schweitzer-Mauduit International, Inc		935
	32,453	e	Scotts Miracle-Gro Co (Class A)		1,430
	143,206		Sealed Air Corp		2,508
	38,347		Sensient Technologies Corp		1,364
	65,724		Sherwin-Williams Co		10,110
	90,973		Sigma-Aldrich Corp		6,694
	37,804		Silgan Holdings, Inc		1,572
	76,188		Sonoco Products Co		2,265
	123,323		Southern Copper Corp (NY)		4,669
	25,932	*	Spartech Corp		235
	165,292		Steel Dynamics, Inc		2,269
	12,906		Stepan Co		717
	86,171	*	Stillwater Mining Co		1,101
	56,972	*	SunCoke Energy, Inc		888
	61,033	*	Tahoe Resources, Inc		1,118
	17,319	*,e	Texas Industries, Inc		883
	19,671		Tredegar Corp		402
	4,092	*	UFP Technologies, Inc		73
	1,357	*	United States Lime & Minerals, Inc		64
	110,404	e	United States Steel Corp		2,635
	4,623	*	Universal Stainless & Alloy		170
	41,575	*,e	US Antimony Corp		73
	9,000	e	US Silica Holdings Inc		151
	69,821		Valspar Corp		4,357
	82,408	*,e	Vista Gold Corp		222
	98,368		Vulcan Materials Co		5,120
	46,839		Walter Energy, Inc		1,681
	37,679		Wausau Paper Corp		326
	15,532	e	Westlake Chemical Corp		1,232
	4,506	*	WHX Corp		68
	41,959		Worthington Industries, Inc		1,090
	56,274	*	WR Grace & Co		3,783
	15,316		Zep, Inc		221
	27,713	*,e	Zoltek Cos, Inc		215
			TOTAL MATERIALS		485,199
MEDIA - 3.6%
	42,531	*	AMC Networks, Inc		2,105
	20,466		Arbitron, Inc		955

277

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	71,065		Belo (A.H.) Corp (Class A)	$	545
	153,456		Cablevision Systems Corp (Class A)		2,293
	13,386	*	Carmike Cinemas, Inc		201
	492,564		CBS Corp (Class B)		18,742
	27,491	*,e	Central European Media Enterprises Ltd (Class A) Nasdaq		168
	37,166	*	Charter Communications, Inc		2,833
	87,874		Cinemark Holdings, Inc		2,283
	28,047		Clear Channel Outdoor Holdings, Inc (Class A)		197
	2,036,314		Comcast Corp (Class A)		76,118
	13,062	*,e	Crown Media Holdings, Inc (Class A)		24
	36,647	*,e	Cumulus Media, Inc (Class A)		98
	772	*,e	Daily Journal Corp		71
	20,194	*,e	Digital Generation, Inc		219
	458,388	*	DIRECTV		22,993
	181,728	*	Discovery Communications, Inc (Class A)		11,536
	153,317		DISH Network Corp (Class A)		5,581
	50,453	*,e	DreamWorks Animation SKG, Inc (Class A)		836
	18,269	*	Entercom Communications Corp (Class A)		127
	38,482		Entravision Communications Corp (Class A)		64
	21,197	*	EW Scripps Co (Class A)		229
	5,404		Fisher Communications, Inc		146
	179,105		Gannett Co, Inc		3,226
	8,856	*	Global Sources Ltd		57
	33,505		Harte-Hanks, Inc		198
	339,042		Interpublic Group of Cos, Inc		3,736
	33,375		John Wiley & Sons, Inc (Class A)		1,299
	42,642	*	Journal Communications, Inc (Class A)		231
	58,933	*	Lamar Advertising Co (Class A)		2,284
	200,350	*	Liberty Global, Inc (Class A)		12,620
	82,073	*	Liberty Interactive LLC		9,521
	29,608	*	Lin TV Corp (Class A)		223
	66,285	*,e	Lions Gate Entertainment Corp		1,087
	108,249	*	Live Nation, Inc		1,008
	45,616	*	Madison Square Garden, Inc		2,023
	29,313	*,e	Martha Stewart Living Omnimedia, Inc (Class A)		72
	45,516	*,e	McClatchy Co (Class A)		149
	212,634		McGraw-Hill Cos, Inc		11,625
	19,518	e	MDC Partners, Inc		221
	26,535	e	Meredith Corp		914
	18,294		Morningstar, Inc		1,149
	40,500		National CineMedia, Inc		572
	104,815	*	New York Times Co (Class A)		894
	1,588,331		News Corp (Class A)		40,566
	7,914	*	Nexstar Broadcasting Group, Inc (Class A)		84
	206,460		Omnicom Group, Inc		10,315
	11,051		Outdoor Channel Holdings, Inc		84
	77,967	*,e	Pandora Media, Inc		716
	7,422	*	ReachLocal, Inc		96
	12,373	*	Reading International, Inc		74
	60,087	e	Regal Entertainment Group (Class A)		838
	7,217	*	Rentrak Corp		141
	2,741		Saga Communications, Inc		127

278

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	19,984		Scholastic Corp	$	591
	64,773		Scripps Networks Interactive (Class A)		3,752
	43,173		Sinclair Broadcast Group, Inc (Class A)		545
	2,904,827	e	Sirius XM Radio, Inc		8,395
	282,106	e	Thomson Corp		8,198
	236,576		Time Warner Cable, Inc		22,993
	727,871		Time Warner, Inc		34,814
	32,675	*,e	Valassis Communications, Inc		842
	399,521		Viacom, Inc (Class B)		21,071
	209,926	e	Virgin Media, Inc		7,715
	1,355,291		Walt Disney Co		67,480
	3,249	e	Washington Post Co (Class B)		1,187
	18,692	e	World Wrestling Entertainment, Inc (Class A)		147
			TOTAL MEDIA		432,244
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.0%
	55,851	*	Achillion Pharmaceuticals, Inc		448
	29,951	*	Acorda Therapeutics, Inc		745
	6,188	*,e	Acura Pharmaceuticals, Inc		14
	22,653	*,e	Aegerion Pharmaceuticals, Inc		575
	30,064	*	Affymax, Inc		571
	56,476	*,e	Affymetrix, Inc		179
	17,407	*,e	Agenus, Inc		71
	264,050		Agilent Technologies, Inc		10,810
	44,535	*	Akorn, Inc		595
	145,689	*	Alexion Pharmaceuticals, Inc		13,667
	93,543	*	Alkermes plc		1,732
	229,745		Allergan, Inc		21,075
	35,380	*,e	Alnylam Pharmaceuticals, Inc		646
	16,995	*	AMAG Pharmaceuticals, Inc		250
	589,792		Amgen, Inc		50,911
	22,849	*,e	Amicus Therapeutics, Inc		61
	15,482	*,e	Ampio Pharmaceuticals, Inc		56
	11,354	*,e	Anacor Pharmaceuticals, Inc		59
	165,796	*,e	Arena Pharmaceuticals, Inc		1,495
	128,917	*	Ariad Pharmaceuticals, Inc		2,473
	40,003	*	Arqule, Inc		112
	109,123	*	Array Biopharma, Inc		406
	72,935	*	Astex Pharmaceuticals		212
	36,727	*	Auxilium Pharmaceuticals, Inc		681
	119,462	*,e	AVANIR Pharmaceuticals, Inc		314
	27,927	*,e	AVEO Pharmaceuticals, Inc		225
	8,246	*,e	BG Medicine, Inc		19
	38,747	*,e	BioCryst Pharmaceuticals, Inc		55
	15,220	*,e	BioDelivery Sciences International, Inc		66
	181,803	*	Biogen Idec, Inc		26,665
	93,223	*	BioMarin Pharmaceuticals, Inc		4,591
	15,217	*	Bio-Rad Laboratories, Inc (Class A)		1,599
	2,885	*	Biospecifics Technologies Corp		43
	16,168	*,e	Biotime, Inc		51
	1,280,765		Bristol-Myers Squibb Co		41,740
	70,932	*	Bruker BioSciences Corp		1,083

279

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	47,523	*,e	Cadence Pharmaceuticals, Inc	$	228
	20,927	*	Cambrex Corp		238
	334,746	*	Celgene Corp		26,351
	66,491	*	Celldex Therapeutics, Inc		446
	49,716	*	Cepheid, Inc		1,681
	37,085	*	Charles River Laboratories International, Inc		1,390
	4,506	*,e	ChemoCentryx, Inc		49
	10,510	*,e	Clovis Oncology, Inc		168
	19,275	*,e	Codexis, Inc		43
	32,316	*,e	Corcept Therapeutics, Inc		46
	5,072	*	Cornerstone Therapeutics, Inc		24
	10,237	*,e	Coronado Biosciences, Inc		46
	42,288	*	Covance, Inc		2,443
	48,456	*	Cubist Pharmaceuticals, Inc		2,038
	8,942	*,e	Cumberland Pharmaceuticals, Inc		38
	59,363	*,e	Curis, Inc		204
	47,980	*,e	Cytori Therapeutics, Inc		135
	119,216	*,e	Dendreon Corp		629
	40,825	*	Depomed, Inc		253
	34,683	*,e	Discovery Laboratories, Inc		73
	69,074	*	Dyax Corp		240
	95,378	*,e	Dynavax Technologies Corp		273
	776,989		Eli Lilly & Co		38,321
	19,838	*	Emergent Biosolutions, Inc		318
	89,664	*	Endo Pharmaceuticals Holdings, Inc		2,355
	22,769	*	Endocyte, Inc		204
	31,349		Enzon Pharmaceuticals, Inc		139
	44,787	*	Exact Sciences Corp		474
	140,174	*,e	Exelixis, Inc		641
	15,551	*	Fluidigm Corp		223
	203,023	*	Forest Laboratories, Inc		7,171
	7,338	*	Furiex Pharmaceuticals Inc		141
	14,823	*,e	Genomic Health, Inc		404
	88,925	*,e	Geron Corp		125
	574,067	*	Gilead Sciences, Inc		42,165
	6,376	*	Golf Trust Of America, Inc		49
	14,714	*	GTx, Inc		62
	68,771	*	Halozyme Therapeutics, Inc		461
	16,723	*	Harvard Bioscience, Inc		73
	8,540		Hi-Tech Pharmacal Co, Inc		299
	16,867	*,e	Horizon Pharma, Inc		39
	126,136	*	Hospira, Inc		3,940
	57,409	*,e	Idenix Pharmaceuticals, Inc		278
	93,481	*,e	Illumina, Inc		5,197
	30,850	*,e	ImmunoCellular Therapeutics Ltd		59
	65,469	*,e	Immunogen, Inc		835
	54,649	*,e	Immunomedics, Inc		160
	49,816	*	Impax Laboratories, Inc		1,021
	73,354	*,e	Incyte Corp		1,218
	19,737	*,e	Infinity Pharmaceuticals, Inc		691
	49,640	*,e	InterMune, Inc		481
	57,510	*,e	Ironwood Pharmaceuticals, Inc		638

280

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	74,058	*,e	Isis Pharmaceuticals, Inc	$	775
	31,607	*	Jazz Pharmaceuticals plc		1,681
	2,082,523		Johnson & Johnson		145,985
	53,997	*,e	Keryx Biopharmaceuticals, Inc		141
	7,363	*	Lannett Co, Inc		37
	154,334	*	Lexicon Pharmaceuticals, Inc		343
	134,970	*	Life Technologies Corp		6,624
	14,627	*	Ligand Pharmaceuticals, Inc (Class B)		303
	31,134	*	Luminex Corp		522
	86,613	*,e	MannKind Corp		200
	16,568	*,e	MAP Pharmaceuticals, Inc		260
	16,427		Maxygen, Inc		40
	41,466	*	Medicines Co		994
	55,068	*	Medivation, Inc		2,817
	2,306,396		Merck & Co, Inc		94,424
	11,316	*,e	Merrimack Pharmaceuticals, Inc		69
	23,661	*	Mettler-Toledo International, Inc		4,574
	34,069	*	Momenta Pharmaceuticals, Inc		401
	307,260	*	Mylan Laboratories, Inc		8,443
	65,398	*	Myriad Genetics, Inc		1,782
	87,448	*	Nektar Therapeutics		648
	51,178	*	Neurocrine Biosciences, Inc		383
	9,891	*,e	NewLink Genetics Corp		124
	9,215	*	Novacea, Inc		41
	69,550	*,e	Novavax, Inc		131
	62,195	*	NPS Pharmaceuticals, Inc		566
	12,855	*	Obagi Medical Products, Inc		175
	17,474	*,e	Omeros Corp		91
	7,745	*,e	OncoGenex Pharmaceutical, Inc		102
	43,574	*,e	Oncothyreon, Inc		84
	48,332	*	Onyx Pharmaceuticals, Inc		3,651
	90,703	*,e	Opko Health, Inc		436
	38,666	*,e	Optimer Pharmaceuticals, Inc		350
	77,270	*,e	Orexigen Therapeutics, Inc		407
	12,630	*,e	Osiris Therapeutics, Inc		113
	26,111	*	Pacific Biosciences of California, Inc		44
	14,382	*,e	Pacira Pharmaceuticals, Inc		251
	24,948	e	Pain Therapeutics, Inc		68
	46,620	*	Parexel International Corp		1,379
	106,509	e	PDL BioPharma, Inc		751
	86,372		PerkinElmer, Inc		2,741
	70,563		Perrigo Co		7,341
	5,678,079		Pfizer, Inc		142,406
	40,941	*	Pharmacyclics, Inc		2,370
	15,548	*	Pozen, Inc		78
	22,810	*	Progenics Pharmaceuticals, Inc		68
	178,940	*,e	Qiagen N.V. (NASDAQ)		3,248
	40,523	e	Questcor Pharmaceuticals, Inc		1,083
	37,364	*,e	Raptor Pharmaceutical Corp		219
	58,507	*	Regeneron Pharmaceuticals, Inc		10,009
	23,464	*	Repligen Corp		148
	11,221	*,e	Repros Therapeutics, Inc		177

281

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	52,596	*	Rigel Pharmaceuticals, Inc	$	342
	5,222	*	Sagent Pharmaceuticals		84
	44,827	*	Salix Pharmaceuticals Ltd		1,815
	45,925	*,e	Sangamo Biosciences, Inc		276
	40,020	*	Santarus, Inc		439
	43,039	*,e	Sciclone Pharmaceuticals, Inc		185
	72,220	*,e	Seattle Genetics, Inc		1,675
	87,069	*,e	Sequenom, Inc		411
	26,901	*,e	SIGA Technologies, Inc		70
	47,540	e	Spectrum Pharmaceuticals, Inc		532
	6,322	*	Sucampo Pharmaceuticals, Inc (Class A)		31
	21,433	*,e	Sunesis Pharmaceuticals, Inc		90
	7,001	*	Synageva BioPharma Corp		324
	31,480	*,e	Synergy Pharmaceuticals, Inc		166
	28,613	*,e	Synta Pharmaceuticals Corp		258
	21,017	*	Targacept, Inc		92
	28,521		Techne Corp		1,949
	49,146	*,e	Theravance, Inc		1,094
	278,999		Thermo Electron Corp		17,795
	34,985	*,e	Threshold Pharmaceuticals, Inc		147
	18,970	*,e	Trius Therapeutics, Inc		91
	39,384	*	United Therapeutics Corp		2,104
	26,661	*	Vanda Pharmaceuticals, Inc		99
	9,108	*,e	Ventrus Biosciences, Inc		20
	4,381	*,e	Verastem, Inc		39
	161,189	*	Vertex Pharmaceuticals, Inc		6,760
	72,979	*	Vical, Inc		212
	54,700	*	Viropharma, Inc		1,245
	74,791	*,e	Vivus, Inc		1,004
	128,177		Warner Chilcott plc		1,543
	67,745	*	Waters Corp		5,902
	97,368	*	Watson Pharmaceuticals, Inc		8,374
	33,276	*	Xenoport, Inc		259
	51,247	*,e	XOMA Corp		123
	54,772	*,e	ZIOPHARM Oncology, Inc		228
	29,473	*,e	Zogenix, Inc		39
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		835,428
REAL ESTATE - 3.7%
	33,340		Acadia Realty Trust		836
	11,872	e	AG Mortgage Investment Trust		279
	10,360		Agree Realty Corp		278
	30,756	*	Alexander & Baldwin, Inc		903
	1,574		Alexander’s, Inc		521
	47,428		Alexandria Real Estate Equities, Inc		3,288
	349,124		AMB Property Corp		12,740
	24,259		American Assets Trust, Inc		678
	78,430		American Campus Communities, Inc		3,618
	261,112		American Capital Agency Corp		7,557
	27,579		American Capital Mortgage, Inc		650
	121,124		American Realty Capital Trust, Inc		1,399
	299,304		American Tower Corp		23,127

282

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	745,034		Annaly Capital Management, Inc	$	10,460
	104,198		Anworth Mortgage Asset Corp		602
	109,048		Apartment Investment & Management Co (Class A)		2,951
	21,000		Apollo Commercial Real Estate Finance, Inc		341
	5,944	e	Ares Commercial Real Estate Corp		98
	227,435	e	ARMOUR Residential REIT, Inc		1,471
	45,071		Ashford Hospitality Trust, Inc		474
	38,683	e	Associated Estates Realty Corp		624
	7,072	*	AV Homes, Inc		101
	86,799		AvalonBay Communities, Inc		11,769
	116,685		BioMed Realty Trust, Inc		2,255
	114,441		Boston Properties, Inc		12,109
	109,374		Brandywine Realty Trust		1,333
	58,646		BRE Properties, Inc (Class A)		2,981
	61,235		Camden Property Trust		4,177
	23,300	e	Campus Crest Communities, Inc		286
	54,804		Capital Lease Funding, Inc		305
	75,421		Capstead Mortgage Corp		865
	113,740		CBL & Associates Properties, Inc		2,412
	250,372	*	CBRE Group, Inc		4,982
	62,638		Cedar Shopping Centers, Inc		331
	10,703		Chatham Lodging Trust		165
	24,872	e	Chesapeake Lodging Trust		519
	815,020		Chimera Investment Corp		2,127
	66,987		Colonial Properties Trust		1,431
	25,359		Colony Financial, Inc		494
	4,977	e	Consolidated-Tomoka Land Co		154
	15,000		Coresite Realty		415
	54,562		Corporate Office Properties Trust		1,363
	80,554		Cousins Properties, Inc		673
	51,575		CreXus Investment Corp		632
	93,780		CubeSmart		1,366
	127,256		CYS Investments, Inc		1,503
	189,300	e	DCT Industrial Trust, Inc		1,229
	170,033	e	DDR Corp		2,663
	131,313		DiamondRock Hospitality Co		1,182
	92,995	e	Digital Realty Trust, Inc		6,313
	105,519		Douglas Emmett, Inc		2,459
	203,927		Duke Realty Corp		2,828
	45,206		DuPont Fabros Technology, Inc		1,092
	41,887	e	Dynex Capital, Inc		395
	21,692		EastGroup Properties, Inc		1,167
	86,427		Education Realty Trust, Inc		920
	35,904	e	Entertainment Properties Trust		1,656
	31,491		Equity Lifestyle Properties, Inc		2,119
	40,925		Equity One, Inc		860
	246,171		Equity Residential		13,950
	26,875		Essex Property Trust, Inc		3,941
	27,824		Excel Trust, Inc		352
	78,727		Extra Space Storage, Inc		2,865
	48,343		Federal Realty Investment Trust		5,029
	102,427	*,e	FelCor Lodging Trust, Inc		478

283

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	67,857	*	First Industrial Realty Trust, Inc	$	955
	38,591		First Potomac Realty Trust		477
	108,468	*	Forest City Enterprises, Inc (Class A)		1,752
	29,389	*	Forestar Real Estate Group, Inc		509
	56,329		Franklin Street Properties Corp		693
	402,501		General Growth Properties, Inc		7,990
	18,098	e	Getty Realty Corp		327
	6,667	e	Gladstone Commercial Corp		120
	106,365		Glimcher Realty Trust		1,180
	28,458	e	Government Properties Income Trust		682
	34,683	*	Gramercy Capital Corp		102
	911	e	Gyrodyne Co of America, Inc		66
	71,728		Hatteras Financial Corp		1,780
	342,282		HCP, Inc		15,464
	198,462		Health Care REIT, Inc		12,164
	62,374		Healthcare Realty Trust, Inc		1,498
	131,578		Hersha Hospitality Trust		658
	56,490	e	Highwoods Properties, Inc		1,890
	37,183		Home Properties, Inc		2,280
	94,278	e	Hospitality Properties Trust		2,208
	549,227		Host Marriott Corp		8,606
	20,901	*	Howard Hughes Corp		1,526
	60,803		HRPT Properties Trust		963
	27,463		Hudson Pacific Properties		578
	64,150	e	Inland Real Estate Corp		538
	87,900		Invesco Mortgage Capital, Inc		1,732
	74,579	e	Investors Real Estate Trust		651
	71,105	*,e	iStar Financial, Inc		579
	8,100	e	JAVELIN Mortgage Investment Corp		155
	33,460		Jones Lang LaSalle, Inc		2,809
	26,989	e	Kennedy-Wilson Holdings, Inc		377
	57,116		Kilroy Realty Corp		2,706
	312,567		Kimco Realty Corp		6,039
	35,097		Kite Realty Group Trust		196
	65,968		LaSalle Hotel Properties		1,675
	87,513	e	Lexington Corporate Properties Trust		914
	78,913		Liberty Property Trust		2,823
	24,755		LTC Properties, Inc		871
	101,262		Macerich Co		5,904
	67,066		Mack-Cali Realty Corp		1,751
	102,587		Medical Properties Trust, Inc		1,227
	267,655		MFA Mortgage Investments, Inc		2,171
	31,305		Mid-America Apartment Communities, Inc		2,027
	31,123		Monmouth Real Estate Investment Corp (Class A)		322
	20,485	e	National Health Investors, Inc		1,158
	83,640		National Retail Properties, Inc		2,610
	12,951	e	New York Mortgage Trust, Inc		82
	101,983		NorthStar Realty Finance Corp		718
	32,022	e	NRDC Acquisition Corp		412
	80,717		Omega Healthcare Investors, Inc		1,925
	6,398		One Liberty Properties, Inc		130
	26,223		Parkway Properties, Inc		367

284

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	40,071		Pebblebrook Hotel Trust	$	926
	45,188		Pennsylvania Real Estate Investment Trust		797
	45,080		Pennymac Mortgage Investment Trust		1,140
	130,905		Piedmont Office Realty Trust, Inc		2,363
	123,533		Plum Creek Timber Co, Inc		5,481
	41,348		Post Properties, Inc		2,065
	30,874		Potlatch Corp		1,210
	14,049		PS Business Parks, Inc		913
	108,120		Public Storage, Inc		15,673
	41,823		RAIT Investment Trust		236
	35,302		Ramco-Gershenson Properties		470
	93,415		Rayonier, Inc		4,842
	37,300	*	Realogy Holdings Corp		1,565
	105,037	e	Realty Income Corp		4,224
	60,300	e	Redwood Trust, Inc		1,018
	69,743		Regency Centers Corp		3,286
	83,706	e	Resource Capital Corp		469
	68,579	e	Retail Properties of America, Inc		821
	81,349	e	RLJ Lodging Trust		1,576
	16,171	e	Rouse Properties, Inc		274
	24,009		Ryman Hospitality Properties		923
	28,029		Sabra Healthcare REIT, Inc		609
	6,582		Saul Centers, Inc		282
	6,836		Select Income REIT		169
	124,150		Senior Housing Properties Trust		2,935
	229,953		Simon Property Group, Inc		36,353
	68,406		SL Green Realty Corp		5,243
	21,282		Sovran Self Storage, Inc		1,322
	25,300	*,e	Spirit Realty Capital, Inc		450
	49,920	*,e	St. Joe Co		1,152
	18,598	e	STAG Industrial, Inc		334
	102,626		Starwood Property Trust, Inc		2,356
	134,064	*	Strategic Hotels & Resorts, Inc		858
	22,677		Summit Hotel Properties, Inc		215
	23,544	e	Sun Communities, Inc		939
	89,758	*	Sunstone Hotel Investors, Inc		961
	70,595		Tanger Factory Outlet Centers, Inc		2,414
	44,830		Taubman Centers, Inc		3,529
	11,747	*	Tejon Ranch Co		330
	10,412		Terreno Realty Corp		161
	24,399		Thomas Properties Group, Inc		132
	221,889	e	Two Harbors Investment Corp		2,458
	188,706		UDR, Inc		4,487
	6,794		UMH Properties, Inc		70
	10,285		Universal Health Realty Income Trust		520
	19,529		Urstadt Biddle Properties, Inc (Class A)		384
	220,633		Ventas, Inc		14,279
	141,093		Vornado Realty Trust		11,299
	49,089	e	Washington Real Estate Investment Trust		1,284
	92,487		Weingarten Realty Investors		2,476
	5,974	e	Western Asset Mortgage Capital Corp		118
	407,759		Weyerhaeuser Co		11,344

285

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	16,873	e	Whitestone REIT	$	237
	24,416		Winthrop Realty Trust		270
	3,100	*,e	Zillow, Inc		86
			TOTAL REAL ESTATE		446,806
RETAILING - 4.2%
	14,742	*	1-800-FLOWERS.COM, Inc (Class A)		54
	56,578		Aaron’s, Inc		1,600
	64,852		Abercrombie & Fitch Co (Class A)		3,111
	54,859		Advance Auto Parts, Inc		3,969
	61,843	*	Aeropostale, Inc		805
	274,373	*	Amazon.com, Inc		68,906
	149,222		American Eagle Outfitters, Inc		3,061
	6,968	*	America’s Car-Mart, Inc		282
	37,641	*	Ann Taylor Stores Corp		1,274
	19,614	*	Asbury Automotive Group, Inc		628
	91,526	*	Ascena Retail Group, Inc		1,692
	10,900	*	Audiovox Corp (Class A)		73
	26,872	*,e	Autonation, Inc		1,067
	28,704	*	Autozone, Inc		10,174
	23,047	*,e	Barnes & Noble, Inc		348
	23,033		Bebe Stores, Inc		92
	175,257	*	Bed Bath & Beyond, Inc		9,799
	207,694		Best Buy Co, Inc		2,461
	15,894		Big 5 Sporting Goods Corp		208
	45,422	*	Big Lots, Inc		1,293
	10,661	*,e	Blue Nile, Inc		410
	8,762	*	Body Central Corp		87
	9,116	e	Bon-Ton Stores, Inc		110
	32,106		Brown Shoe Co, Inc		590
	21,122	e	Buckle, Inc		943
	34,762	*	Cabela’s, Inc		1,451
	3,823	*	CafePress, Inc		22
	173,276	*	Carmax, Inc		6,505
	32,976	*	Casual Male Retail Group, Inc		138
	21,208		Cato Corp (Class A)		582
	126,133		Chico’s FAS, Inc		2,328
	18,517	*	Children’s Place Retail Stores, Inc		820
	12,866	*	Citi Trends, Inc		177
	12,208	*,e	Conn’s, Inc		375
	8,334		Core-Mark Holding Co, Inc		395
	10,433		Destination Maternity Corp		225
	71,204		Dick’s Sporting Goods, Inc		3,239
	22,481		Dillard’s, Inc (Class A)		1,883
	140,673	*	Dollar General Corp		6,202
	174,096	*	Dollar Tree, Inc		7,061
	25,085		DSW, Inc (Class A)		1,648
	66,797		Expedia, Inc		4,105
	60,725	*	Express Parent LLC		916
	72,174		Family Dollar Stores, Inc		4,577
	39,004		Finish Line, Inc (Class A)		738
	8,200	*,e	Five Below, Inc		263

286

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	115,838		Foot Locker, Inc	$	3,721
	26,617	*,e	Francesca’s Holdings Corp		691
	29,664		Fred’s, Inc (Class A)		395
	95,132	e	GameStop Corp (Class A)		2,387
	231,166		Gap, Inc		7,175
	18,687	*	Genesco, Inc		1,028
	117,050		Genuine Parts Co		7,442
	51,477		GNC Holdings, Inc		1,713
	3,931	*	Gordmans Stores, Inc		59
	17,052		Group 1 Automotive, Inc		1,057
	30,800	*,e	Groupon, Inc		150
	47,951		Guess?, Inc		1,177
	16,062		Haverty Furniture Cos, Inc		262
	13,509	*,e	HHgregg, Inc		95
	20,590	*	Hibbett Sports, Inc		1,085
	1,160,714		Home Depot, Inc		71,790
	24,363	*,e	HomeAway, Inc		536
	36,184		Hot Topic, Inc		349
	28,823		HSN, Inc		1,588
	121,911	e	JC Penney Co, Inc		2,403
	21,133	*	JOS A Bank Clothiers, Inc		900
	2,600	*	Kayak Software Corporation		103
	13,001	*	Kirkland’s, Inc		138
	174,131		Kohl’s Corp		7,484
	426,539	*	Liberty Media Holding Corp (Interactive A)		8,394
	28,435	*	Liberty Ventures		1,927
	182,518		Limited Brands, Inc		8,589
	16,330		Lithia Motors, Inc (Class A)		611
	225,192	*	LKQ Corp		4,752
	851,743		Lowe’s Companies, Inc		30,254
	21,092	*,e	Lumber Liquidators, Inc		1,114
	314,437		Macy’s, Inc		12,269
	16,477	*	MarineMax, Inc		147
	8,386	*,e	Mattress Firm Holding Corp		206
	39,013		Men’s Wearhouse, Inc		1,216
	22,581	e	Monro Muffler, Inc		790
	42,034	*,e	NetFlix, Inc		3,900
	13,306	*	New York & Co, Inc		51
	118,777		Nordstrom, Inc		6,355
	20,499		Nutri/System, Inc		168
	212,310	*	Office Depot, Inc		696
	64,982		OfficeMax, Inc		634
	23,547	*	Orbitz Worldwide, Inc		64
	1,270	*,e	Orchard Supply Hardware Stores Corp		9
	89,895	*	O’Reilly Automotive, Inc		8,038
	11,517	*,e	Overstock.com, Inc		165
	30,900		Penske Auto Group, Inc		930
	37,199		PEP Boys - Manny Moe & Jack		366
	15,450	e	PetMed Express, Inc		171
	81,980		Petsmart, Inc		5,602
	73,840		Pier 1 Imports, Inc		1,477
	37,816	*	Priceline.com, Inc		23,491

287

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	78,808	e	RadioShack Corp	$	167
	45,460		Rent-A-Center, Inc		1,562
	171,417		Ross Stores, Inc		9,282
	11,225	*	Rue21, Inc		319
	85,217	*,e	Saks, Inc		896
	116,447	*	Sally Beauty Holdings, Inc		2,745
	25,574	*,e	Sears Holdings Corp		1,058
	42,172	*	Select Comfort Corp		1,104
	10,447		Shoe Carnival, Inc		214
	27,118	*	Shutterfly, Inc		810
	63,700		Signet Jewelers Ltd		3,402
	29,758		Sonic Automotive, Inc (Class A)		622
	3,181	*	Sourceforge, Inc		51
	26,435		Stage Stores, Inc		655
	521,258		Staples, Inc		5,942
	17,973		Stein Mart, Inc		135
	9,938		Systemax, Inc		96
	501,399		Target Corp		29,668
	5,400	*,e	Teavana Holdings, Inc		84
	95,885		Tiffany & Co		5,498
	6,790	*	Tilly’s, Inc		92
	563,081		TJX Companies, Inc		23,903
	54,099		Tractor Supply Co		4,780
	66,371	*	TripAdvisor, Inc		2,785
	21,617	*	Tuesday Morning Corp		135
	48,024		Ulta Salon Cosmetics & Fragrance, Inc		4,719
	81,376	*	Urban Outfitters, Inc		3,203
	9,604	*	US Auto Parts Network, Inc		18
	16,534	*,e	Vitacost.com, Inc		112
	22,533	*	Vitamin Shoppe, Inc		1,292
	11,292	*	West Marine, Inc		121
	73,584	*	Wet Seal, Inc (Class A)		203
	29,100	*	WEX, Inc		2,193
	66,787		Williams-Sonoma, Inc		2,923
	1,945		Winmark Corp		111
	17,544	*,e	Zumiez, Inc		340
			TOTAL RETAILING		504,041
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.1%
	29,482	*	Advanced Energy Industries, Inc		407
	437,860	*,e	Advanced Micro Devices, Inc		1,051
	11,245	*	Alpha & Omega Semiconductor Ltd		94
	244,761		Altera Corp		8,430
	73,037	*,e	Amkor Technology, Inc		310
	47,982	*	Anadigics, Inc		121
	225,100		Analog Devices, Inc		9,468
	913,817		Applied Materials, Inc		10,454
	51,846	*	Applied Micro Circuits Corp		436
	330,760	*	Atmel Corp		2,167
	24,963	*	ATMI, Inc		521
	183,074		Avago Technologies Ltd		5,796
	61,290	*	Axcelis Technologies, Inc		85

288

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	23,951	*	AXT, Inc	$	67
	418,912		Broadcom Corp (Class A)		13,912
	52,087		Brooks Automation, Inc		419
	17,924		Cabot Microelectronics Corp		637
	36,308	*	Cavium Networks, Inc		1,133
	18,075	*	Ceva, Inc		285
	47,684	*	Cirrus Logic, Inc		1,381
	15,857		Cohu, Inc		172
	88,620	*,e	Cree, Inc		3,011
	23,525	*	Cymer, Inc		2,127
	122,394		Cypress Semiconductor Corp		1,327
	28,713	*	Diodes, Inc		498
	21,955	*	DSP Group, Inc		126
	105,554	*	Entegris, Inc		969
	59,143	*	Entropic Communications, Inc		313
	25,111	*	Exar Corp		224
	95,996	*	Fairchild Semiconductor International, Inc		1,382
	44,208	*,e	First Solar, Inc		1,365
	34,973	*	Formfactor, Inc		160
	38,914	*,e	Freescale Semiconductor Holdings Ltd		428
	13,134	*	GSI Technology, Inc		82
	94,807	*,e	GT Solar International, Inc		286
	23,480	*	Hittite Microwave Corp		1,458
	15,509	*	Inphi Corp		149
	110,719	*	Integrated Device Technology, Inc		808
	19,660	*	Integrated Silicon Solution, Inc		177
	3,814,775		Intel Corp		78,699
	10,099	*	Intermolecular, Inc		90
	54,670	*	International Rectifier Corp		969
	94,162		Intersil Corp (Class A)		781
	16,725		IXYS Corp		153
	126,707		Kla-Tencor Corp		6,052
	50,517	*	Kopin Corp		168
	131,084	*	Lam Research Corp		4,736
	90,159	*	Lattice Semiconductor Corp		360
	172,947		Linear Technology Corp		5,932
	432,590	*	LSI Logic Corp		3,063
	37,527	*	LTX-Credence Corp		246
	4,431	*	MA-COM Technology Solutions		66
	358,491		Marvell Technology Group Ltd		2,603
	44,020	*	Mattson Technology, Inc		37
	220,122		Maxim Integrated Products, Inc		6,472
	12,640	*	MaxLinear, Inc		63
	172,909	*	MEMC Electronic Materials, Inc		555
	40,439		Micrel, Inc		384
	145,335	e	Microchip Technology, Inc		4,736
	756,136	*	Micron Technology, Inc		4,801
	65,939	*	Microsemi Corp		1,387
	24,281	*,e	Mindspeed Technologies, Inc		114
	39,820	*	MIPS Technologies, Inc		311
	38,788		MKS Instruments, Inc		1,000
	21,310		Monolithic Power Systems, Inc		475

289

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	20,301	*	MoSys, Inc	$	71
	18,167	*	Nanometrics, Inc		262
	6,600	*	NeoPhotonics Corp Ltd		38
	3,184	*	NVE Corp		177
	472,164		Nvidia Corp		5,803
	42,750	*	Omnivision Technologies, Inc		602
	346,536	*	ON Semiconductor Corp		2,443
	17,237	*	PDF Solutions, Inc		238
	4,800	*	Peregrine Semiconductor Corp		74
	19,298	*	Pericom Semiconductor Corp		155
	46,544	*	Photronics, Inc		277
	26,715	*	PLX Technology, Inc		97
	157,538	*	PMC - Sierra, Inc		821
	22,028		Power Integrations, Inc		740
	29,857	*,e	QuickLogic Corp		65
	84,186	*	Rambus, Inc		411
	209,504	*	RF Micro Devices, Inc		939
	11,027	*,e	Rubicon Technology, Inc		67
	20,900	*	Rudolph Technologies, Inc		281
	50,038	*	Semtech Corp		1,449
	27,850	*	Sigma Designs, Inc		143
	56,384	*	Silicon Image, Inc		280
	32,688	*	Silicon Laboratories, Inc		1,367
	143,829	*	Skyworks Solutions, Inc		2,920
	38,295	*	Spansion, Inc		533
	21,697	*,e	STR Holdings, Inc		55
	35,781	*,e	SunPower Corp		201
	8,595		Supertex, Inc		151
	142,774	*,e	Teradyne, Inc		2,411
	36,930		Tessera Technologies, Inc		606
	867,375		Texas Instruments, Inc		26,837
	121,131	*	Triquint Semiconductor, Inc		586
	17,159	*	Ultra Clean Holdings		84
	18,851	*	Ultratech, Inc		703
	31,233	*,e	Veeco Instruments, Inc		922
	18,190	*	Volterra Semiconductor Corp		312
	199,973		Xilinx, Inc		7,179
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		256,789
SOFTWARE & SERVICES - 9.3%
	38,595	*	Accelrys, Inc		349
	488,079		Accenture plc		32,457
	30,248	*	ACI Worldwide, Inc		1,322
	29,457	*,e	Active Network, Inc		145
	323,808		Activision Blizzard, Inc		3,439
	40,528	*	Actuate Corp		227
	62,110	*	Acxiom Corp		1,084
	375,577	*	Adobe Systems, Inc		14,152
	24,736	*	Advent Software, Inc		529
	135,875	*	Akamai Technologies, Inc		5,559
	38,484	*,e	Alliance Data Systems Corp		5,571
	126,471		Amdocs Ltd		4,299

290

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	15,720		American Software, Inc (Class A)	$	122
	27,450	*,e	Angie’s List, Inc		329
	70,483	*	Ansys, Inc		4,746
	71,841		AOL, Inc		2,127
	71,278	*	Aspen Technology, Inc		1,970
	173,836	*	Autodesk, Inc		6,145
	370,600		Automatic Data Processing, Inc		21,128
	7,000	*	AVG Technologies NV		111
	35,339	*,e	Bankrate, Inc		440
	8,300	*,e	Bazaarvoice, Inc		78
	35,258		Blackbaud, Inc		805
	30,473	*	Blucora, Inc		479
	122,123	*	BMC Software, Inc		4,843
	16,977	e	Booz Allen Hamilton Holding Co		236
	27,849	*	Bottomline Technologies, Inc		735
	4,700	*	Brightcove, Inc		42
	95,422		Broadridge Financial Solutions, Inc		2,183
	20,308	*,e	BroadSoft, Inc		738
	267,349		CA, Inc		5,876
	17,259	*	CACI International, Inc (Class A)		950
	209,812	*	Cadence Design Systems, Inc		2,835
	23,561	*,e	Callidus Software, Inc		107
	8,488	*,e	Carbonite, Inc		78
	32,719	*	Cardtronics, Inc		777
	7,744		Cass Information Systems, Inc		327
	52,926	*	Ciber, Inc		177
	141,233	*	Citrix Systems, Inc		9,286
	10,743	*,m	Clinical Data, Inc		10
	231,243	*	Cognizant Technology Solutions Corp (Class A)		17,124
	33,451	*	Commvault Systems, Inc		2,332
	118,719		Computer Sciences Corp		4,755
	11,045	*	Computer Task Group, Inc		201
	163,806	*	Compuware Corp		1,781
	24,577	*	comScore, Inc		339
	16,654	*	Comverse, Inc		475
	34,178	*,e	Concur Technologies, Inc		2,308
	21,930	*,e	Constant Contact, Inc		312
	89,018		Convergys Corp		1,461
	25,908	*	Cornerstone OnDemand, Inc		765
	19,733	*	CoStar Group, Inc		1,764
	28,626	*	CSG Systems International, Inc		520
	32,566	*	DealerTrack Holdings, Inc		935
	22,760	*,e	Demand Media, Inc		211
	5,143	*,e	Demandware, Inc		140
	37,330	*	Dice Holdings, Inc		343
	29,296	*	Digital River, Inc		422
	5,437		DMRC Corp		113
	26,145		DST Systems, Inc		1,584
	82,942		Earthlink, Inc		536
	877,908	*	eBay, Inc		44,791
	23,473	e	Ebix, Inc		377
	240,297	*	Electronic Arts, Inc		3,491

291

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	20,207	*	Ellie Mae, Inc	$	561
	7,000	*	Eloqua, Inc		165
	15,051	*	Envestnet, Inc		210
	5,877	*,e	Envivio, Inc		10
	4,600	*,e	EPAM Systems, Inc		83
	25,591		EPIQ Systems, Inc		327
	2,603		ePlus, Inc		108
	36,582	*	Equinix, Inc		7,543
	36,402	*	Euronet Worldwide, Inc		859
	7,315	*,e	ExactTarget, Inc		146
	17,988	*	ExlService Holdings, Inc		477
	318,619	*	Facebook, Inc		8,485
	33,665	e	Factset Research Systems, Inc		2,965
	26,950		Fair Isaac Corp		1,133
	22,225	*	FalconStor Software, Inc		52
	191,511		Fidelity National Information Services, Inc		6,666
	74,117	*	First American Corp		1,995
	102,750	*	Fiserv, Inc		8,120
	37,123	*	FleetCor Technologies, Inc		1,992
	11,266		Forrester Research, Inc		302
	99,834	*	Fortinet, Inc		2,103
	71,116	*	Gartner, Inc		3,273
	96,351		Genpact Ltd		1,493
	19,206	*,e,m	Gerber Scientific, Inc		0	^
	51,313	*	Global Cash Access, Inc		402
	60,916		Global Payments, Inc		2,759
	49,882	*,e	Glu Mobile, Inc		114
	196,359	*	Google, Inc (Class A)		139,291
	9,927	*	Guidance Software, Inc		118
	14,724	*	Guidewire Software, Inc		438
	30,102		Hackett Group, Inc		129
	28,656		Heartland Payment Systems, Inc		845
	23,633	*,e	Higher One Holdings, Inc		249
	58,207		IAC/InterActiveCorp		2,753
	23,666	*	iGate Corp		373
	7,359	*	Imperva, Inc		232
	5,964	*	Infoblox, Inc		107
	82,708	*	Informatica Corp		2,508
	16,757	*	Innodata Isogen, Inc		63
	11,116	*,e	Interactive Intelligence, Inc		373
	34,783	*	Internap Network Services Corp		241
	826,644		International Business Machines Corp		158,344
	222,469		Intuit, Inc		13,237
	41,039	*,e	Ipass, Inc		75
	34,679	e	j2 Global, Inc		1,060
	66,573		Jack Henry & Associates, Inc		2,614
	11,700	*,e	Jive Software, Inc		170
	10,875		Keynote Systems, Inc		153
	19,259	*	Knot, Inc		179
	65,087		Lender Processing Services, Inc		1,602
	50,961	*	Limelight Networks, Inc		113
	47,263	*	LinkedIn Corp		5,427

292

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	44,720	*	Lionbridge Technologies	$	180
	17,773	*	Liquidity Services, Inc		726
	40,701	*	Liveperson, Inc		535
	15,508	*	LogMeIn, Inc		348
	11,258	*,e	magicJack VocalTec Ltd		205
	15,963	*	Manhattan Associates, Inc		963
	18,418	e	Mantech International Corp (Class A)		478
	16,386	e	Marchex, Inc (Class B)		67
	17,156	*	Market Leader, Inc		112
	82,194		Mastercard, Inc (Class A)		40,380
	7,271	*,e	Mattersight Corp		36
	25,522		MAXIMUS, Inc		1,613
	23,100	*,e	MeetMe, Inc		81
	73,403	*	Mentor Graphics Corp		1,249
	60,589	*	Micros Systems, Inc		2,571
	5,707,699		Microsoft Corp		152,567
	6,468	*	MicroStrategy, Inc (Class A)		604
	8,300	*,e	Millennial Media, Inc		104
	33,165	*	ModusLink Global Solutions, Inc		96
	16,742	*	MoneyGram International, Inc		222
	27,277		Monotype Imaging Holdings, Inc		436
	81,230	*,e	Monster Worldwide, Inc		456
	29,335	*	Move, Inc		223
	28,739	*	Netscout Systems, Inc		747
	23,872	*	NetSuite, Inc		1,607
	51,981	*	NeuStar, Inc (Class A)		2,180
	48,579		NIC, Inc		794
	184,404	*	Nuance Communications, Inc		4,116
	17,950	*,e	OpenTable, Inc		876
	2,897,296		Oracle Corp		96,538
	90,859	*	Parametric Technology Corp		2,045
	244,564		Paychex, Inc		7,616
	12,459	e	Pegasystems, Inc		283
	20,679	*	Perficient, Inc		244
	9,472	*	Pervasive Software, Inc		84
	14,513	*	PRG-Schultz International, Inc		94
	50,287	*	Progress Software Corp		1,055
	4,536	*	Proofpoint, Inc		56
	14,689	*	PROS Holdings, Inc		269
	3,320		QAD, Inc (Class A)		48
	65,002	*	QLIK Technologies, Inc		1,412
	20,643	*	QuinStreet, Inc		139
	83,238	*	Rackspace Hosting, Inc		6,182
	18,038	*	RealNetworks, Inc		136
	27,469	*,e	RealPage, Inc		592
	147,339	*	Red Hat, Inc		7,803
	27,251	*	Responsys, Inc		162
	8,173	*	Rosetta Stone, Inc		101
	85,331	*	Rovi Corp		1,317
	18,173	*	Saba Software, Inc		159
	217,031		SAIC, Inc		2,457
	105,202	*	Salesforce.com, Inc		17,684

293

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	93,643	*	Sapient Corp	$	989
	13,766	*	Sciquest, Inc		218
	21,571	*	Seachange International, Inc		209
	10,800	*,e	ServiceNow, Inc		324
	38,121	*,e	ServiceSource International LLC		223
	46,540	*	SolarWinds, Inc		2,441
	53,861		Solera Holdings, Inc		2,880
	22,394	*	Sourcefire, Inc		1,057
	8,175	*,e	Spark Networks, Inc		64
	11,818	*	Splunk, Inc		343
	8,010	*	SPS Commerce, Inc		298
	25,703	*	SS&C Technologies Holdings, Inc		594
	12,380	*	Stamps.com, Inc		312
	32,388	*	SupportSoft, Inc		135
	545,814	*	Symantec Corp		10,267
	5,117	*	Synacor, Inc		28
	20,217	*	Synchronoss Technologies, Inc		426
	108,001	*	Synopsys, Inc		3,439
	11,627		Syntel, Inc		623
	24,737	*	TA Indigo Holding Corp		153
	59,506	*	Take-Two Interactive Software, Inc		655
	23,016	*	Tangoe, Inc		273
	4,323	*	TechTarget, Inc		24
	12,644	*	TeleNav, Inc		101
	19,317	*	TeleTech Holdings, Inc		344
	128,452	*	Teradata Corp		7,950
	124,754	*	TIBCO Software, Inc		2,746
	92,801	*	TiVo, Inc		1,143
	19,243	*	TNS, Inc		399
	121,982		Total System Services, Inc		2,613
	4,369	*,e	Travelzoo, Inc		83
	24,748	*	Tyler Technologies, Inc		1,199
	20,377	*	Ultimate Software Group, Inc		1,924
	32,818	*	Unisys Corp		568
	61,183		United Online, Inc		342
	63,876	*	Unwired Planet, Inc		77
	57,076	*	Valueclick, Inc		1,108
	30,006	*	Vantiv, Inc		613
	19,828	*	Vasco Data Security International		162
	82,056	*	VeriFone Systems, Inc		2,435
	16,436	*	Verint Systems, Inc		483
	119,458	*	VeriSign, Inc		4,637
	32,131	*,e	VirnetX Holding Corp		941
	11,849	*	Virtusa Corp		195
	396,276		Visa, Inc (Class A)		60,067
	26,079	*,e	VistaPrint Ltd		857
	67,563	*	VMware, Inc (Class A)		6,360
	15,521	*	Vocus, Inc		270
	41,422	*	WebMD Health Corp (Class A)		594
	29,640	*	Websense, Inc		446
	26,004	*	Website Pros, Inc		385
	467,450		Western Union Co		6,362

294

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	19,300	*	Workday, Inc	$	1,052
	921,758	*	Yahoo!, Inc		18,343
	6,421	*,e	Yelp, Inc		121
	47,197	*	Zix Corp		132
	92,800	*	Zynga, Inc		220
			TOTAL SOFTWARE & SERVICES		1,119,225
TECHNOLOGY HARDWARE & EQUIPMENT - 6.6%
	35,804	*,e	3D Systems Corp		1,910
	44,402	*	Acme Packet, Inc		982
	49,633	e	Adtran, Inc		970
	18,766	*	Agilysys, Inc		157
	122,415		Amphenol Corp (Class A)		7,920
	14,600	*	Anaren, Inc		284
	21,570		Anixter International, Inc		1,380
	708,996		Apple, Inc		377,916
	85,446	*	Arris Group, Inc		1,277
	85,185	*	Arrow Electronics, Inc		3,244
	85,572	*,e	Aruba Networks, Inc		1,776
	4,841	*,e	Audience, Inc		50
	24,879	*	Avid Technology, Inc		189
	110,749	*	Avnet, Inc		3,390
	34,410		AVX Corp		371
	9,650		Aware, Inc		53
	15,077	*	AX Holding Corp		106
	13,564		Badger Meter, Inc		643
	7,316		Bel Fuse, Inc (Class B)		143
	46,204	*	Benchmark Electronics, Inc		768
	13,787		Black Box Corp		336
	52,612	*,e	Bookham, Inc		83
	350,572	*	Brocade Communications Systems, Inc		1,869
	21,514	*	CalAmp Corp		179
	28,887	*	Calix Networks, Inc		222
	30,668	*	Checkpoint Systems, Inc		329
	75,431	*	Ciena Corp		1,184
	4,062,037		Cisco Systems, Inc		79,819
	32,766		Cognex Corp		1,206
	19,403		Coherent, Inc		982
	19,075		Comtech Telecommunications Corp		484
	166,546	*	Comverse Technology, Inc		640
	1,151,807		Corning, Inc		14,536
	28,033	*	Cray, Inc		447
	23,637		CTS Corp		251
	22,322		Daktronics, Inc		247
	11,133	*	Datalink Corp		95
	1,117,329		Dell, Inc		11,319
	47,853		Diebold, Inc		1,465
	18,652	*	Digi International, Inc		177
	37,272	e	Dolby Laboratories, Inc (Class A)		1,093
	16,172	*	DTS, Inc		270
	24,998	*	Echelon Corp		61
	28,785	*	EchoStar Corp (Class A)		985

295

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	11,677		Electro Rent Corp	$	180
	17,062		Electro Scientific Industries, Inc		170
	39,428	*	Electronics for Imaging, Inc		749
	1,593,686	*	EMC Corp		40,320
	65,177	*	Emulex Corp		476
	89,895	*	Extreme Networks, Inc		327
	60,456	*	F5 Networks, Inc		5,873
	15,539	*	Fabrinet		204
	12,851	*	FARO Technologies, Inc		459
	29,895		FEI Co		1,658
	69,390	*,e	Finisar Corp		1,131
	118,407		Flir Systems, Inc		2,642
	51,681	*,e	Fusion-io, Inc		1,185
	14,375	*	Globecomm Systems, Inc		162
	20,123	*	GSI Group, Inc		174
	85,574	*	Harmonic, Inc		434
	86,732		Harris Corp		4,246
	42,057	*	Harris Stratex Networks, Inc (Class A)		138
	1,496,014		Hewlett-Packard Co		21,318
	21,588	*	Imation Corp		101
	18,659	*	Immersion Corp		128
	88,583	*,e	Infinera Corp		515
	116,956	*	Ingram Micro, Inc (Class A)		1,979
	34,716	*	Insight Enterprises, Inc		603
	32,759	e	InterDigital, Inc		1,346
	45,111	*	Intermec, Inc		445
	14,156	*	Intevac, Inc		65
	28,033	*,e	InvenSense, Inc		311
	24,446	e	IPG Photonics Corp		1,629
	31,091	*	Itron, Inc		1,385
	29,634	*	Ixia		503
	138,335		Jabil Circuit, Inc		2,669
	176,416	*	JDS Uniphase Corp		2,389
	399,985	*	Juniper Networks, Inc		7,868
	33,781	*	Kemet Corp		170
	7,812	*	Key Tronic Corp		80
	10,929	*	KVH Industries, Inc		153
	55,449	e	Lexmark International, Inc (Class A)		1,286
	17,104		Littelfuse, Inc		1,056
	8,072		Loral Space & Communications, Inc		441
	22,942	*,e	Maxwell Technologies, Inc		190
	11,532	*	Measurement Specialties, Inc		396
	23,128	*	Mercury Computer Systems, Inc		213
	1,988		Mesa Laboratories, Inc		100
	28,385		Methode Electronics, Inc		285
	104,638	e	Molex, Inc		2,860
	221,045		Motorola, Inc		12,308
	13,932		MTS Systems Corp		710
	9,079	*	Multi-Fineline Electronix, Inc		184
	69,482		National Instruments Corp		1,793
	122,276	*	NCR Corp		3,116
	17,608	*,e	Neonode, Inc		86

296

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	275,823	*	NetApp, Inc	$	9,254
	28,803	*	Netgear, Inc		1,135
	27,910	*	Newport Corp		375
	7,509	*	Numerex Corp		99
	58,785	*,e	OCZ Technology Group, Inc		112
	15,398	*	Oplink Communications, Inc		240
	14,702	*	OSI Systems, Inc		942
	5,100	*,e	Palo Alto Networks, Inc		273
	18,452		Park Electrochemical Corp		475
	56,204	*,e	Parkervision, Inc		114
	6,868		PC Connection, Inc		79
	13,367		PC-Tel, Inc		96
	31,900		Plantronics, Inc		1,176
	27,845	*	Plexus Corp		718
	135,032	*	Polycom, Inc		1,412
	53,353	*,e	Power-One, Inc		219
	16,952	*	Procera Networks, Inc		314
	79,841	*	QLogic Corp		777
	1,299,916		Qualcomm, Inc		80,621
	171,155	*,e	Quantum Corp		212
	25,143	*,e	Rackable Systems, Inc		257
	15,185	*	Radisys Corp		45
	37,752	*,e	RealD, Inc		423
	11,626		Richardson Electronics Ltd		132
	124,087	*	Riverbed Technology, Inc		2,447
	21,664	*	Rofin-Sinar Technologies, Inc		470
	12,342	*	Rogers Corp		613
	183,981	*	SanDisk Corp		8,014
	61,646	*	Sanmina Corp		682
	22,159	*	Scansource, Inc		704
	31,292	*	ShoreTel, Inc		133
	165,491	*	Sonus Networks, Inc		281
	27,036	*	STEC, Inc		133
	23,369	*,e	Stratasys Ltd		1,873
	20,839	*,e	Super Micro Computer, Inc		213
	14,861		Sycamore Networks, Inc		33
	35,188	*	Symmetricom, Inc		203
	26,694	*	Synaptics, Inc		800
	19,931	*	SYNNEX Corp		685
	28,651	*	Tech Data Corp		1,304
	277,614		Tellabs, Inc		633
	12,947		Telular Corp		123
	3,883		Tessco Technologies, Inc		86
	94,050	*	Trimble Navigation Ltd		5,622
	41,884	*	TTM Technologies, Inc		385
	6,700	e	Ubiquiti Networks, Inc		81
	29,474	*,e	Universal Display Corp		755
	27,617	*,e	Viasat, Inc		1,074
	3,408	*	Viasystems Group, Inc		42
	100,754	*	Vishay Intertechnology, Inc		1,071
	9,508	*	Vishay Precision Group, Inc		126
	40,762	*	Westell Technologies, Inc		75

297

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	168,604		Western Digital Corp	$	7,164
	967,952		Xerox Corp		6,601
	38,765	*	Zebra Technologies Corp (Class A)		1,523
	12,959	*	Zygo Corp		203
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		794,669
TELECOMMUNICATION SERVICES - 2.7%
	46,463	*,e	8x8, Inc		343
	4,445,694		AT&T, Inc		149,864
	7,918		Atlantic Tele-Network, Inc		291
	12,079	*,e	Boingo Wireless, Inc		91
	20,132	*	Cbeyond Communications, Inc		182
	475,088		CenturyTel, Inc		18,585
	149,815	*	Cincinnati Bell, Inc		821
	232,614	*	Clearwire Corp (Class A)		672
	35,274		Cogent Communications Group, Inc		799
	25,479		Consolidated Communications Holdings, Inc		406
	222,413	*	Crown Castle International Corp		16,049
	16,551	*,e	Fairpoint Communications, Inc		131
	762,890	e	Frontier Communications Corp		3,265
	38,028	*	General Communication, Inc (Class A)		365
	7,568	*	Hawaiian Telcom Holdco, Inc		148
	10,686		HickoryTech Corp		104
	10,513		IDT Corp (Class B)		100
	24,433	*	inContact, Inc		127
	33,317	*,e	Iridium Communications, Inc		225
	46,753	*,e	Leap Wireless International, Inc		311
	124,143	*	Level 3 Communications, Inc		2,869
	11,759		Lumos Networks Corp		118
	232,390	*	MetroPCS Communications, Inc		2,310
	25,073		Neutral Tandem, Inc		64
	128,973	*,e	NII Holdings, Inc (Class B)		920
	11,759		NTELOS Holdings Corp		154
	28,044	*	Orbcomm, Inc		110
	46,371	*	Premiere Global Services, Inc		453
	9,204		Primus Telecommunications Group, Inc		100
	92,557	*	SBA Communications Corp (Class A)		6,573
	18,151		Shenandoah Telecom Co		278
	2,283,335	*	Sprint Nextel Corp		12,946
	70,668		Telephone & Data Systems, Inc		1,565
	26,456	*,e	Towerstream Corp		86
	108,591	*	tw telecom inc (Class A)		2,766
	9,529	*	US Cellular Corp		336
	18,421		USA Mobility, Inc		215
	2,154,249		Verizon Communications, Inc		93,215
	119,221	*	Vonage Holdings Corp		282
	431,835	e	Windstream Corp		3,576
			TOTAL TELECOMMUNICATION SERVICES		321,815
TRANSPORTATION - 1.8%
	44,655	*	Air Transport Services Group, Inc		179
	52,216	*	Alaska Air Group, Inc		2,250

298

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	10,724		Allegiant Travel Co	$	787
	6,173		Amerco, Inc		783
	19,331		Arkansas Best Corp		185
	19,165	*	Atlas Air Worldwide Holdings, Inc		849
	79,295	*	Avis Budget Group, Inc		1,572
	16,346		Celadon Group, Inc		295
	123,834		CH Robinson Worldwide, Inc		7,829
	42,760		Con-Way, Inc		1,190
	24,978		Copa Holdings S.A. (Class A)		2,484
	787,934		CSX Corp		15,546
	648,035	*	Delta Air Lines, Inc		7,692
	11,118	*	Echo Global Logistics, Inc		200
	162,491		Expeditors International of Washington, Inc		6,427
	239,646		FedEx Corp		21,980
	22,919		Forward Air Corp		802
	20,776	*,e	Genco Shipping & Trading Ltd		73
	30,893	*	Genesee & Wyoming, Inc (Class A)		2,350
	40,654	*	Hawaiian Holdings, Inc		267
	38,365		Heartland Express, Inc		501
	185,631	*	Hertz Global Holdings, Inc		3,020
	28,105	*	Hub Group, Inc (Class A)		944
	4,290		International Shipholding Corp		71
	68,664		J.B. Hunt Transport Services, Inc		4,100
	181,414	*,e	JetBlue Airways Corp		1,036
	83,991		Kansas City Southern Industries, Inc		7,012
	40,950	*	Kirby Corp		2,534
	42,524		Knight Transportation, Inc		622
	35,888		Landstar System, Inc		1,883
	10,239		Marten Transport Ltd		188
	30,756		Matson, Inc		760
	247,274		Norfolk Southern Corp		15,291
	54,394	*	Old Dominion Freight Line		1,865
	31,042	*	Pacer International, Inc		121
	6,136	*	Park-Ohio Holdings Corp		131
	3,411	*	Patriot Transportation Holding, Inc		97
	16,337	*	Quality Distribution, Inc		98
	13,497	*,e	Rand Logistics, Inc		88
	40,702	*	Republic Airways Holdings, Inc		231
	8,012	*	Roadrunner Transportation Services Holdings, Inc		145
	39,335		Ryder System, Inc		1,964
	12,063	*	Saia, Inc		279
	40,260		Skywest, Inc		502
	575,021		Southwest Airlines Co		5,888
	31,863	*	Spirit Airlines, Inc		565
	60,697	*	Swift Transportation Co, Inc		554
	249,115	*	UAL Corp		5,824
	360,989		Union Pacific Corp		45,383
	549,370		United Parcel Service, Inc (Class B)		40,505
	3,884		Universal Truckload Services, Inc		71
	119,571	*,e	US Airways Group, Inc		1,614
	81,226		UTI Worldwide, Inc		1,088
	33,067		Werner Enterprises, Inc		717

299

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	15,800	*,e	Wesco Aircraft Holdings, Inc	$	209
	13,238	*,e	XPO Logistics, Inc		230
	20,515	*,e	Zipcar, Inc		169
			TOTAL TRANSPORTATION		220,040
UTILITIES - 3.4%
	489,737		AES Corp		5,240
	89,215		AGL Resources, Inc		3,566
	28,545		Allete, Inc		1,170
	85,307		Alliant Energy Corp		3,746
	183,716		Ameren Corp		5,644
	19,531	*,e	American DG Energy, Inc		45
	368,112		American Electric Power Co, Inc		15,711
	16,487		American States Water Co		791
	131,951		American Water Works Co, Inc		4,899
	104,679		Aqua America, Inc		2,661
	4,909		Artesian Resources Corp		110
	85,946	e	Atlantic Power Corp		982
	69,174		Atmos Energy Corp		2,429
	43,026		Avista Corp		1,037
	30,522		Black Hills Corp		1,109
	8,402	*,e	Cadiz, Inc		67
	35,650		California Water Service Group		654
	309,400	*	Calpine Corp		5,609
	321,488		Centerpoint Energy, Inc		6,189
	11,400		CH Energy Group, Inc		744
	8,826		Chesapeake Utilities Corp		401
	46,444		Cleco Corp		1,858
	200,055		CMS Energy Corp		4,877
	6,221		Connecticut Water Service, Inc		185
	221,855		Consolidated Edison, Inc		12,322
	10,306		Consolidated Water Co, Inc		76
	5,331		Delta Natural Gas Co, Inc		104
	432,504		Dominion Resources, Inc		22,404
	128,657		DTE Energy Co		7,726
	533,571		Duke Energy Corp		34,042
	247,106		Edison International		11,167
	30,616		El Paso Electric Co		977
	33,239		Empire District Electric Co		677
	133,953		Entergy Corp		8,540
	646,353		Exelon Corp		19,223
	317,177		FirstEnergy Corp		13,245
	10,513		Genie Energy Ltd		75
	104,313		Great Plains Energy, Inc		2,119
	73,366		Hawaiian Electric Industries, Inc		1,844
	34,656		Idacorp, Inc		1,502
	59,780		Integrys Energy Group, Inc		3,122
	39,281		ITC Holdings Corp		3,021
	15,900		Laclede Group, Inc		614
	144,429		MDU Resources Group, Inc		3,068
	17,500		MGE Energy, Inc		892
	9,765		Middlesex Water Co		191

300

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY		VALUE (000)
	55,740		National Fuel Gas Co		$	2,825
	31,721		New Jersey Resources Corp			1,257
	316,923		NextEra Energy, Inc			21,928
	232,829		NiSource, Inc			5,795
	239,290		Northeast Utilities			9,351
	20,412		Northwest Natural Gas Co			902
	27,832		NorthWestern Corp			967
	244,909		NRG Energy, Inc			5,630
	176,210		NV Energy, Inc			3,196
	74,423		OGE Energy Corp			4,191
	158,859		Oneok, Inc			6,791
	13,917	e	Ormat Technologies, Inc			268
	29,407		Otter Tail Corp			735
	168,153	e	Pepco Holdings, Inc			3,297
	320,304		PG&E Corp			12,870
	54,423		Piedmont Natural Gas Co, Inc			1,704
	83,775		Pinnacle West Capital Corp			4,271
	60,937		PNM Resources, Inc			1,250
	58,032		Portland General Electric Co			1,588
	440,794		PPL Corp			12,620
	384,517		Public Service Enterprise Group, Inc			11,766
	135,152		Questar Corp			2,671
	87,177		SCANA Corp			3,979
	181,798		Sempra Energy			12,897
	10,436		SJW Corp			278
	22,925		South Jersey Industries, Inc			1,154
	659,039		Southern Co			28,213
	34,400		Southwest Gas Corp			1,459
	163,004		TECO Energy, Inc			2,732
	85,402		UGI Corp			2,793
	38,476		UIL Holdings Corp			1,378
	11,594		Unitil Corp			301
	27,775		UNS Energy Corp			1,178
	62,331		Vectren Corp			1,833
	89,565		Westar Energy, Inc			2,563
	38,842		WGL Holdings, Inc			1,522
	175,945		Wisconsin Energy Corp	��		6,484
	368,357		Xcel Energy, Inc			9,839
	9,006		York Water Co			158
			TOTAL UTILITIES			411,309
			TOTAL COMMON STOCKS			11,973,818
			(Cost $8,840,316)
RIGHTS / WARRANTS - 0.0%
ENERGY - 0.0%
	8,193	e	Magnum Hunter Resources Corp			4
			TOTAL ENERGY			4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	63,430		Allos Therapeutics, Inc			1
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES			1
			TOTAL RIGHTS / WARRANTS			5
			(Cost $0)

301

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

PRINCIPAL			ISSUER		RATE		MATURITY DATE	VALUE (000)
SHORT-TERM INVESTMENTS - 2.7%
TREASURY DEBT - 0.2%
$	14,000,000	d	United States Treasury Bill	0.020-0.024		%	01/17/13	$	14,000
	10,000,000	d	United States Treasury Bill		0.076		06/06/13		9,996
			TOTAL TREASURY DEBT						23,996

SHARES			COMPANY
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.5%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.5%
			TIAA-CREF Short Term Lending Portfolio of the State
	303,937,818	a,c	Street Navigator Securities Lending Trust		303,938
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		303,938
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED		303,938
			TOTAL SHORT-TERM INVESTMENTS		327,934
			(Cost $327,934)
			TOTAL INVESTMENTS - 102.4%		12,301,757
			(Cost $9,168,250)
			OTHER ASSETS & LIABILITIES, NET - (2.4)%		(288,674	)
			NET ASSETS - 100.0%	$	12,013,083

	Abbreviation(s):
REIT	Real Estate Investment Trust
SPDR	Standard & Poor’s Depository Receipts
*	Non-income producing.
^	Amount represents less than $1,000.
a	Affiliated holding.
c	Investments made with cash collateral received from securites on loan.
d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures transactions.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $301,382,000.
m	Indicates a security that has been deemed illiquid.
	Cost amounts are in thousands.

302

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

COLLEGE RETIREMENT EQUITIES FUND
BOND MARKET ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2012

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
BANK LOAN OBLIGATIONS - 0.1%
CAPITAL GOODS - 0.0%
$	4,900,000	i	TransDigm, Inc	4.000	%	02/14/17	$	4,923
			TOTAL CAPITAL GOODS					4,923
HEALTH CARE EQUIPMENT & SERVICES - 0.1%
	5,022,023	i	Fresenius US Finance I, Inc, Term Loan D1	3.500		09/10/14		5,018
	1,805,670	i	Fresenius US Finance I, Inc, Term Loan D2	3.500		09/10/14		1,804
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					6,822
UTILITIES - 0.0%
	199,500	i	Calpine Corp	4.500		10/09/19		201
			TOTAL UTILITIES					201
			TOTAL BANK LOAN OBLIGATIONS					11,946
			(Cost $11,928)
BONDS - 97.2%
CORPORATE BONDS - 36.7%
AUTOMOBILES & COMPONENTS - 0.1%
	4,500,000		Ford Motor Co	7.450		07/16/31		5,715
	4,500,000	g	Hyundai Motor Manufacturer	4.500		04/15/15		4,794
			TOTAL AUTOMOBILES & COMPONENTS					10,509
BANKS - 6.3%
	6,165,000	g	Abbey National Treasury Services plc	3.875		11/10/14		6,397
	5,550,000	g	Akbank TAS	3.875		10/24/17		5,707
	4,500,000	g	Alfa Bond Issuance plc for OJSC Alfa Bank	7.875		09/25/17		5,018
	4,500,000	g	Alfa Bond Issuance plc for OJSC Alfa Bank	7.750		04/28/21		4,984
	4,750,000	g	Banco Bradesco S.A.	4.500		01/12/17		5,059
	2,850,000	g	Banco Davivienda S.A.	5.875		07/09/22		2,964
	5,395,000	g	Banco de Bogota S.A.	5.000		01/15/17		5,813
	7,500,000	g	Banco de Credito del Peru	5.375		09/16/20		8,306
	4,500,000		Banco de Oro Unibank, Inc	3.875		04/22/16		4,563
	10,000,000	g	Banco del Estado de Chile	2.000		11/09/17		9,983
	2,700,000	g	Banco del Estado de Chile	3.875		02/08/22		2,866
	4,500,000	g	Banco do Brasil S.A.	5.875		01/26/22		4,961
	2,760,000		Banco do Brasil S.A.	3.875		10/10/22		2,781
	2,900,000	g	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand	4.125		11/09/22		2,951
	7,255,000		Bancolombia S.A.	5.950		06/03/21		8,380
	8,700,000		Bancolombia S.A.	5.125		09/11/22		9,048
	11,786,000	g	Bank Nederlandse Gemeenten	1.375		09/27/17		11,841
	11,505,000	g	Bank of Montreal	2.850		06/09/15		12,152

303

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	27,700,000	g	Bank of Montreal	2.625	%	01/25/16	$	29,365
	19,400,000	g	Bank of Nova Scotia	1.450		07/26/13		19,520
	50,520,000	g	Bank of Nova Scotia	1.650		10/29/15		51,990
	39,500,000	g	Bank of Nova Scotia	2.150		08/03/16		41,471
	5,850,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd	2.350		02/23/17		6,086
	3,360,000	g	BBVA Banco Continental S.A.	5.000		08/26/22		3,587
	3,000,000	g	Caixa Economica Federal	2.375		11/06/17		2,978
	6,000,000	g	Canadian Imperial Bank of Commerce	2.000		02/04/13		6,008
	6,000,000	g	Canadian Imperial Bank of Commerce	2.600		07/02/15		6,305
	12,500,000	g	Canadian Imperial Bank of Commerce	2.750		01/27/16		13,300
	5,000,000		Capital One Capital V	8.875		05/15/40		5,000
	5,366,000		Citigroup, Inc	6.000		12/13/13		5,623
	12,640,000		Citigroup, Inc	5.000		09/15/14		13,298
	6,400,000		Citigroup, Inc	2.250		08/07/15		6,554
	32,440,000		Citigroup, Inc	4.450		01/10/17		35,937
	1,396,000		Citigroup, Inc	6.125		05/15/18		1,673
	5,100,000		Citigroup, Inc	5.375		08/09/20		6,010
	27,375,000		Citigroup, Inc	4.500		01/14/22		30,542
	12,200,000		Citigroup, Inc	5.875		01/30/42		15,057
	37,200,000	g	Depfa ACS Bank	5.125		03/16/37		29,042
	3,500,000		Deutsche Bank AG	3.875		08/18/14		3,674
	5,980,000		Discover Bank	7.000		04/15/20		7,425
	3,775,000	g	HSBC Bank plc	3.100		05/24/16		3,991
	7,350,000	g	HSBC Bank plc	4.125		08/12/20		8,180
	7,000,000		HSBC Bank USA NA	4.625		04/01/14		7,313
	3,000,000	g,i	HSBC Capital Funding LP	4.610		12/30/49		2,994
	5,250,000		HSBC Holdings plc	4.000		03/30/22		5,748
	2,100,000		HSBC Holdings plc	6.500		09/15/37		2,621
	11,275,000		HSBC USA, Inc	2.375		02/13/15		11,598
	11,350,000		HSBC USA, Inc	1.625		01/16/18		11,360
	7,700,000	g	Hutchison Whampoa International 12 II Ltd	2.000		11/08/17		7,694
	5,590,000	g	ICICI Bank Ltd	5.500		03/25/15		5,910
	4,500,000	g	ICICI Bank Ltd	4.750		11/25/16		4,717
	2,595,000		JPMorgan Chase & Co	5.125		09/15/14		2,760
	10,500,000		JPMorgan Chase & Co	1.100		10/15/15		10,500
	7,220,000		JPMorgan Chase & Co	3.150		07/05/16		7,649
	13,500,000		JPMorgan Chase & Co	2.000		08/15/17		13,790
	20,975,000		JPMorgan Chase & Co	3.250		09/23/22		21,600
	3,025,000		JPMorgan Chase & Co	5.500		10/15/40		3,698
	9,125,000		JPMorgan Chase & Co	5.400		01/06/42		10,997
	3,000,000	g	Korea Exchange Bank	3.125		06/26/17		3,123
	4,250,000	i	Manufacturers & Traders Trust Co	5.629		12/01/21		4,373
	17,825,000	g	Mizuho Corporate Bank Ltd	1.550		10/17/17		17,843
	11,825,000	g	NIBC Bank NV	2.800		12/02/14		12,277
	6,225,000	g	PKO Finance AB	4.630		09/26/22		6,552
	4,250,000		PNC Bank NA	2.700		11/01/22		4,251
	8,525,000	i	PNC Financial Services Group, Inc	2.854		11/09/22		8,575
	8,000,000		PNC Funding Corp	5.125		02/08/20		9,515
	4,900,000	g,i	Rabobank Nederland NV	11.000		12/30/49		6,627
	7,550,000	g	State Bank of India	4.125		08/01/17		7,775
	2,355,000	g	Sumitomo Mitsui Banking Corp	3.150		07/22/15		2,480
	9,000,000	g	Toronto-Dominion Bank	2.200		07/29/15		9,378
	495,000		Toronto-Dominion Bank	2.500		07/14/16		521

304

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	26,500,000	g	Toronto-Dominion Bank	1.625	%	09/14/16	$	27,329
	10,000,000		Toronto-Dominion Bank	2.375		10/19/16		10,508
	70,000,000	g	Toronto-Dominion Bank	1.500		03/13/17		71,645
	5,025,000	g	Turkiye Is Bankasi	6.000		10/24/22		5,295
	7,100,000		Union Bank NA	2.125		06/16/17		7,301
	2,000,000		Union Bank of California NA	5.950		05/11/16		2,278
	5,700,000		UnionBanCal Corp	3.500		06/18/22		6,012
	5,000,000		US Bancorp	4.950		10/30/14		5,376
	5,800,000		US Bancorp	1.650		05/15/17		5,910
	5,550,000		US Bancorp	2.950		07/15/22		5,607
	1,980,000		Wachovia Bank NA	4.800		11/01/14		2,125
	2,050,000		Wachovia Bank NA	5.850		02/01/37		2,543
	5,000,000		Wachovia Corp	4.875		02/15/14		5,212
	3,000,000		Wells Fargo & Co	4.375		01/31/13		3,009
	12,500,000		Wells Fargo & Co	1.500		07/01/15		12,715
	18,075,000		Wells Fargo & Co	2.100		05/08/17		18,687
	10,550,000		Wells Fargo & Co	1.500		01/16/18		10,567
	13,750,000		Wells Fargo & Co	3.500		03/08/22		14,667
	5,700,000		Westpac Banking Corp	3.000		08/04/15		6,020
			TOTAL BANKS					913,435
CAPITAL GOODS - 1.0%
	2,025,000	g	Alpek S.A. de C.V.	4.500		11/20/22		2,111
	4,500,000		Caterpillar Financial Services Corp	0.700		11/06/15		4,489
	11,700,000		Caterpillar Financial Services Corp	1.250		11/06/17		11,691
	8,000,000		Caterpillar, Inc	1.375		05/27/14		8,097
	12,050,000		Caterpillar, Inc	1.500		06/26/17		12,204
	5,000,000		Danaher Corp	1.300		06/23/14		5,055
	4,150,000		Danaher Corp	2.300		06/23/16		4,340
	8,000,000		Deere & Co	2.600		06/08/22		8,101
	4,000,000		Emerson Electric Co	4.500		05/01/13		4,054
	4,500,000	g	Hyva Global BV	8.625		03/24/16		4,275
	4,245,000	g	Myriad International Holding BV	6.375		07/28/17		4,786
	19,925,000	g	Schneider Electric S.A.	2.950		09/27/22		20,082
	2,000,000		Seagate HDD Cayman	6.875		05/01/20		2,128
	4,850,000		Seagate HDD Cayman	7.000		11/01/21		5,202
	665,000	g	Sealed Air Corp	6.500		12/01/20		718
	2,000,000		SPX Corp	6.875		09/01/17		2,230
	6,200,000	g	Turlock Corp	1.500		11/02/17		6,213
	2,075,000	g	Turlock Corp	4.000		11/02/32		2,134
	14,125,000		United Technologies Corp	1.200		06/01/15		14,327
	8,950,000		United Technologies Corp	1.800		06/01/17		9,213
	5,950,000		United Technologies Corp	4.500		06/01/42		6,611
			TOTAL CAPITAL GOODS					138,061
COMMERCIAL & PROFESSIONAL SERVICES - 0.5%
	6,775,000	g	ADT Corp	2.250		07/15/17		6,721
	1,750,000		Corrections Corp of America	7.750		06/01/17		1,859
	6,800,000		eBay, Inc	0.700		07/15/15		6,825
	10,300,000		eBay, Inc	1.350		07/15/17		10,420
	3,220,000	g	National Agricultural Cooperative Federation	4.250		01/28/16		3,438
	10,290,000		Republic Services, Inc	3.800		05/15/18		11,313
	5,375,000		Republic Services, Inc	3.550		06/01/22		5,604

305

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	5,810,000		Republic Services, Inc	6.200	%	03/01/40	$	7,291
	5,000,000	g	Scientific Games International, Inc	6.250		09/01/20		5,163
	7,150,000		Waste Management, Inc	2.600		09/01/16		7,490
	9,040,000		Waste Management, Inc	6.125		11/30/39		11,445
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					77,569
CONSUMER DURABLES & APPAREL - 0.1%
	4,450,000		DR Horton, Inc	4.375		09/15/22		4,539
	4,300,000	g	Grupo Aval Ltd	5.250		02/01/17		4,601
	1,500,000		Hanesbrands, Inc	6.375		12/15/20		1,650
	3,000,000		Phillips-Van Heusen Corp	7.375		05/15/20		3,364
			TOTAL CONSUMER DURABLES & APPAREL					14,154
CONSUMER SERVICES - 0.8%
	2,000,000		DineEquity, Inc	9.500		10/30/18		2,273
	11,850,000		GlaxoSmithKline Capital plc	1.500		05/08/17		12,022
	2,000,000		Penn National Gaming, Inc	8.750		08/15/19		2,280
	11,650,000	g	SABMiller Holdings, Inc	3.750		01/15/22		12,580
	8,650,000	g	SABMiller Holdings, Inc	4.950		01/15/42		9,805
	40,000,000		Stanford University	4.013		05/01/42		42,599
	3,500,000	g	Transnet Ltd	4.500		02/10/16		3,721
	3,675,000	g	Transnet SOC Ltd	4.000		07/26/22		3,698
	6,375,000		Walt Disney Co	4.500		12/15/13		6,623
	7,900,000		Walt Disney Co	0.450		12/01/15		7,861
	9,000,000		Walt Disney Co	1.100		12/01/17		9,019
	9,900,000		Walt Disney Co	3.700		12/01/42		9,910
			TOTAL CONSUMER SERVICES					122,391
DIVERSIFIED FINANCIALS - 6.9%
	3,875,000		Abbey National Treasury Services plc	4.000		04/27/16		4,097
	8,755,000	g	Ajecorp BV	6.500		05/14/22		9,455
	7,100,000		American Express Centurion Bank	0.875		11/13/15		7,095
	2,000,000		American Express Centurion Bank	6.000		09/13/17		2,418
	17,175,000		American Express Credit Corp	1.750		06/12/15		17,535
	7,700,000		American Express Credit Corp	2.800		09/19/16		8,147
	9,000,000	g	Bangkok Bank PCL	2.750		03/27/18		9,102
	4,500,000	g	Bangkok Bank PCL	4.800		10/18/20		4,945
	10,780,000	g	Bangkok Bank PCL	3.875		09/27/22		11,114
	3,555,000		Bank of America Corp	4.875		01/15/13		3,560
	25,900,000		Bank of America Corp	1.500		10/09/15		26,032
	15,650,000		Bank of America Corp	3.625		03/17/16		16,583
	15,175,000		Bank of America Corp	3.750		07/12/16		16,221
	18,550,000		Bank of America Corp	5.300		03/15/17		20,863
	8,525,000		Bank of America Corp	6.000		09/01/17		9,983
	5,725,000		Bank of America Corp	5.750		12/01/17		6,673
	8,325,000		Bank of America Corp	5.700		01/24/22		10,011
	10,900,000		Bank of America Corp	5.875		02/07/42		13,599
	2,250,000		Bank of New York Mellon Corp	1.200		02/20/15		2,274
	12,975,000		Bank of New York Mellon Corp	2.300		07/28/16		13,562
	6,250,000	i	Bank of New York Mellon Corp	1.969		06/20/17		6,446
	4,125,000		Bank of New York Mellon Corp	5.450		05/15/19		4,929
	4,330,000	g	BBVA Bancomer S.A.	4.500		03/10/16		4,601
	9,075,000	g	BBVA Bancomer S.A.	6.750		09/30/22		10,209

306

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	11,275,000		Berkshire Hathaway, Inc	1.900	%	01/31/17	$	11,655
	7,250,000		BlackRock, Inc	3.500		12/10/14		7,657
	15,000,000		BlackRock, Inc	1.375		06/01/15		15,234
	7,000,000		BlackRock, Inc	4.250		05/24/21		7,896
	5,700,000		BlackRock, Inc	3.375		06/01/22		6,054
	10,680,000	g	Caisse Centrale Desjardins du Quebec	2.550		03/24/16		11,303
	24,600,000	g	Caisse Centrale Desjardins du Quebec	1.600		03/06/17		25,235
	3,750,000		Capital One Bank USA NA	8.800		07/15/19		5,078
	7,300,000		Capital One Financial Corp	3.150		07/15/16		7,750
	5,300,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA	3.375		01/19/17		5,694
	5,950,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA	3.875		02/08/22		6,403
	6,875,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA	3.950		11/09/22		7,040
	3,700,000		Countrywide Financial Corp	6.250		05/15/16		4,062
	6,850,000		Credit Suisse	5.000		05/15/13		6,963
	8,250,000		Credit Suisse	5.500		05/01/14		8,778
	3,000,000		Credit Suisse	3.500		03/23/15		3,164
	6,660,000		Ford Motor Credit Co LLC	4.250		02/03/17		7,135
	3,340,000		Ford Motor Credit Co LLC	6.625		08/15/17		3,903
	7,325,000		Ford Motor Credit Co LLC	5.000		05/15/18		8,083
	5,350,000		Ford Motor Credit Co LLC	4.250		09/20/22		5,657
	2,100,000		General Electric Capital Corp	2.800		01/08/13		2,101
	11,950,000		General Electric Capital Corp	1.875		09/16/13		12,068
	17,000,000		General Electric Capital Corp	1.625		07/02/15		17,282
	22,150,000		General Electric Capital Corp	2.300		04/27/17		22,967
	2,000,000		General Electric Capital Corp	1.600		11/20/17		2,001
	7,200,000		General Electric Capital Corp	2.100		12/11/19		7,220
	36,000,000		General Electric Capital Corp	4.650		10/17/21		41,077
	5,000,000		General Electric Capital Corp	6.150		08/07/37		6,216
	375,000		General Electric Capital Corp	6.875		01/10/39		510
	2,400,000	i	Goldman Sachs Capital II	4.000		06/01/43		1,875
	19,240,000		Goldman Sachs Group, Inc	3.300		05/03/15		20,053
	1,150,000		Goldman Sachs Group, Inc	6.450		05/01/36		1,261
	3,100,000		Goldman Sachs Group, Inc	6.750		10/01/37		3,513
	10,250,000		Goldman Sachs Group, Inc	6.250		02/01/41		12,576
	8,465,000		HSBC Finance Corp	4.750		07/15/13		8,642
	9,599,000		HSBC Finance Corp	6.676		01/15/21		11,388
	1,440,000	g	Hyundai Capital America, Inc	3.750		04/06/16		1,520
	1,800,000	g	Hyundai Capital Services, Inc	4.375		07/27/16		1,936
	2,750,000	g	Hyundai Capital Services, Inc	3.500		09/13/17		2,904
	3,750,000	g	International Lease Finance Corp	6.500		09/01/14		4,003
	2,325,000		International Lease Finance Corp	8.625		09/15/15		2,613
	13,450,000		International Lease Finance Corp	5.750		05/15/16		14,177
	3,200,000		International Lease Finance Corp	5.875		04/01/19		3,373
	10,000,000		International Lease Finance Corp	5.875		08/15/22		10,592
	1,450,000		Jefferies Group, Inc	6.250		01/15/36		1,501
	22,650,000		John Deere Capital Corp	0.875		04/17/15		22,750
	7,500,000		John Deere Capital Corp	0.950		06/29/15		7,542
	7,440,000		John Deere Capital Corp	2.250		06/07/16		7,784
	1,500,000		John Deere Capital Corp	1.400		03/15/17		1,514
	14,000,000		John Deere Capital Corp	1.700		01/15/20		13,857
	7,550,000		John Deere Capital Corp	2.750		03/15/22		7,694
	18,750,000		KFW	2.625		01/25/22		19,851
	5,000,000		Landwirtschaftliche Rentenbank	5.125		02/01/17		5,864

307

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	5,745,000	g	Lukoil International Finance BV	6.125	%	11/09/20	$	6,643
	4,000,000		MBNA Corp	6.125		03/01/13		4,034
	4,825,000		Merrill Lynch & Co, Inc	5.450		02/05/13		4,846
	4,675,000		Merrill Lynch & Co, Inc	6.400		08/28/17		5,490
	8,025,000		Merrill Lynch & Co, Inc	6.875		04/25/18		9,674
	9,150,000		Morgan Stanley	2.875		01/24/14		9,304
	7,250,000		Morgan Stanley	6.375		07/24/42		8,499
	2,625,000		NASDAQ OMX Group, Inc	5.550		01/15/20		2,859
	5,990,000		National Rural Utilities Cooperative Finance Corp	5.500		07/01/13		6,140
	3,800,000		National Rural Utilities Cooperative Finance Corp	10.375		11/01/18		5,617
	3,500,000	g	NongHyup Bank	2.250		09/19/17		3,497
	12,750,000		Northern Trust Corp	4.625		05/01/14		13,436
	6,615,000	g	Odebrecht Finance Ltd	5.125		06/26/22		7,177
	2,725,000	g	Odebrecht Finance Ltd	7.125		06/26/42		3,161
	9,100,000	g	Reliance Holdings USA	4.500		10/19/20		9,528
	24,000,000		Royal Bank of Canada	1.200		09/19/17		24,058
	5,750,000		Sasol Financing International plc	4.500		11/14/22		5,779
	3,450,000		Sberbank of Russia Via SB Capital S.A.	5.180		06/28/19		3,778
	3,100,000	g	Sberbank of Russia Via SB Capital S.A.	6.125		02/07/22		3,542
	6,350,000		State Street Corp	4.300		05/30/14		6,693
	58,884,136		Tagua Leasing LLC	1.900		07/12/24		59,894
	15,675,000	g	Temasek Financial I Ltd	2.375		01/23/23		15,438
	54,925,000		Toyota Motor Credit Corp	0.875		07/17/15		55,151
	7,650,000		Toyota Motor Credit Corp	2.050		01/12/17		7,912
	4,000,000		UBS AG.	2.250		01/28/14		4,058
	3,350,000	g	UBS AG.	1.875		01/23/15		3,431
	3,000,000		Unilever Capital Corp	4.800		02/15/19		3,537
	2,000,000		Unilever Capital Corp	4.250		02/10/21		2,308
	3,600,000	g	Waha Aerospace BV	3.925		07/28/20		3,901
			TOTAL DIVERSIFIED FINANCIALS					1,003,808
ENERGY - 3.6%
	7,950,000		Anadarko Petroleum Corp	5.950		09/15/16		9,151
	2,445,000		Anadarko Petroleum Corp	6.950		06/15/19		3,090
	2,145,000		Anadarko Petroleum Corp	6.450		09/15/36		2,687
	3,650,000		Apache Corp	1.750		04/15/17		3,748
	12,170,000		Apache Corp	4.750		04/15/43		13,248
	2,150,000	g	Ashland, Inc	4.750		08/15/22		2,236
	3,415,000		Baker Hughes, Inc	3.200		08/15/21		3,641
	21,565,000		BP Capital Markets plc	3.200		03/11/16		23,004
	12,950,000		BP Capital Markets plc	1.846		05/05/17		13,238
	6,250,000		Chevron Corp	2.355		12/05/22		6,260
	3,690,000		Cimarex Energy Co	5.875		05/01/22		4,041
	1,000,000		Cloud Peak Energy Resources LLC	8.250		12/15/17		1,070
	2,000,000		Cloud Peak Energy Resources LLC	8.500		12/15/19		2,195
	2,250,000	g	CNOOC Finance 2012 Ltd	3.875		05/02/22		2,391
	9,725,000		ConocoPhillips	4.600		01/15/15		10,510
	7,600,000		ConocoPhillips	6.500		02/01/39		10,778
	2,075,000		Continental Resources, Inc	5.000		09/15/22		2,236
	1,825,000		Devon Energy Corp	1.875		05/15/17		1,860
	8,950,000		Devon Energy Corp	3.250		05/15/22		9,341
	6,800,000		Devon Energy Corp	5.600		07/15/41		8,077
	3,150,000		Devon Energy Corp	4.750		05/15/42		3,370

308

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL				ISSUER	RATE		MATURITY DATE	VALUE (000)
$	3,403,350			Dolphin Energy Ltd	5.888	%	06/15/19	$	3,837
	5,300,000	g		Dolphin Energy Ltd	5.500		12/15/21		6,181
	4,500,000	g		Empresa Nacional del Petroleo	6.250		07/08/19		5,174
	3,448,000	g		Empresa Nacional del Petroleo	4.750		12/06/21		3,695
	3,250,000			Enbridge Energy Partners LP	5.200		03/15/20		3,666
	2,000,000			Encore Acquisition Co	9.500		05/01/16		2,150
	4,000,000			Enterprise Products Operating LLC	5.600		10/15/14		4,330
	1,150,000			Enterprise Products Operating LLC	5.000		03/01/15		1,244
	3,425,000			Enterprise Products Operating LLC	4.050		02/15/22		3,786
	3,545,000			Enterprise Products Operating LLC	6.125		10/15/39		4,283
	4,105,000			Enterprise Products Operating LLC	5.950		02/01/41		4,956
	1,750,000			Enterprise Products Operating LLC	5.700		02/15/42		2,050
	7,500,000			Enterprise Products Operating LLC	4.450		02/15/43		7,594
	2,325,000			EOG Resources, Inc	4.100		02/01/21		2,651
	4,000,000		��	Gaz Capital S.A.	6.212		11/22/16		4,480
	700,000			Gaz Capital S.A.	6.510		03/07/22		835
	2,200,000	g		Gazprom Neft OAO	4.375		09/19/22		2,250
	3,000,000	g		Gazprom OAO Via Gaz Capital S.A.	4.950		05/23/16		3,221
	3,600,000			Hess Corp	8.125		02/15/19		4,738
	1,075,000			Hess Corp	6.000		01/15/40		1,311
	4,625,000			Hess Corp	5.600		02/15/41		5,470
	2,000,000			Kaneb Pipe Line Operating Partnership LP	5.875		06/01/13		2,022
	8,430,000	g		KMG Finance Sub BV	6.375		04/09/21		10,316
	1,610,000	g		Korea National Oil Corp	3.125		04/03/17		1,689
	5,530,000			Marathon Petroleum Corp	3.500		03/01/16		5,887
	1,000,000			MarkWest Energy Partners LP	6.750		11/01/20		1,090
	4,240,000			MarkWest Energy Partners LP	5.500		02/15/23		4,600
	2,525,000			Newfield Exploration Co	5.625		07/01/24		2,727
	2,475,000			Noble Holding International Ltd	3.450		08/01/15		2,608
	7,550,000			Noble Holding International Ltd	4.900		08/01/20		8,492
	8,000,000	g		Novatek OAO via Novatek Finance Ltd	4.422		12/13/22		8,050
	7,444,000			Occidental Petroleum Corp	1.500		02/15/18		7,540
	7,450,000			Occidental Petroleum Corp	4.100		02/01/21		8,518
	800,000			Pemex Project Funding Master Trust	5.750		03/01/18		934
	1,150,000			Pemex Project Funding Master Trust	6.625		06/15/35		1,460
	1,890,000			Pemex Project Funding Master Trust	6.625		06/15/38		2,396
	3,975,000	g		Pertamina Persero PT	4.875		05/03/22		4,343
	3,000,000	g		Pertamina PT	5.250		05/23/21		3,345
	2,080,000			Petrobras International Finance Co	3.875		01/27/16		2,194
	6,050,000			Petrobras International Finance Co	3.500		02/06/17		6,345
	4,500,000			Petrobras International Finance Co	7.875		03/15/19		5,621
	4,450,000			Petrobras International Finance Co	6.875		01/20/40		5,653
	2,900,000			Petroleos Mexicanos	8.000		05/03/19		3,792
	2,500,000			Petroleos Mexicanos	6.000		03/05/20		2,988
	4,000,000			Petroleos Mexicanos	5.500		01/21/21		4,674
	5,560,000			Petroleos Mexicanos	4.875		01/24/22		6,274
	20,000,000			Petroleos Mexicanos	1.950		12/20/22		20,401
	10,700,000			Petroleos Mexicanos	2.000		12/20/22		10,941
	6,150,000			Petroleos Mexicanos	6.500		06/02/41		7,718
	2,250,000			Petroleos Mexicanos	5.500		06/27/44		2,475
	3,960,000	g		Petroleum Co of Trinidad & Tobago Ltd	9.750		08/14/19		5,263
	7,400,000	g		Phillips 66	1.950		03/05/15		7,550
	6,125,000	g		Phillips 66	4.300		04/01/22		6,844

309

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	3,000,000		Plains All American Pipeline LP	5.625	%	12/15/13	$	3,146
	15,950,000		Plains All American Pipeline LP	2.850		01/31/23		15,803
	2,674,000		Precision Drilling Trust	6.625		11/15/20		2,875
	3,000,000	g	PTTEP Canada International Finance Ltd	5.692		04/05/21		3,469
	700,000		Range Resources Corp	7.250		05/01/18		735
	3,335,000		Range Resources Corp	5.000		08/15/22		3,485
	3,126,200		Ras Laffan Liquefied Natural Gas Co Ltd	5.298		09/30/20		3,509
	1,600,000	g	Rosneft Oil Co via Rosneft International Finance Ltd	3.149		03/06/17		1,624
	5,150,000	g	Rosneft Oil Co via Rosneft International Finance Ltd	4.199		03/06/22		5,240
	7,925,000	g	Schlumberger Investment S.A.	2.400		08/01/22		7,857
	6,250,000		Shell International Finance BV	3.100		06/28/15		6,621
	7,620,000		Shell International Finance BV	4.300		09/22/19		8,828
	1,925,000		Shell International Finance BV	6.375		12/15/38		2,705
	3,464,000		Southwestern Energy Co	7.500		02/01/18		4,245
	2,800,000		Statoil ASA	2.900		10/15/14		2,914
	2,075,000		Statoil ASA	1.200		01/17/18		2,075
	5,300,000		Statoil ASA	2.450		01/17/23		5,288
	6,100,000		Total Capital International S.A.	1.500		02/17/17		6,147
	2,175,000		TransCanada Pipelines Ltd	4.000		06/15/13		2,210
	3,400,000		TransCanada Pipelines Ltd	5.850		03/15/36		4,293
	2,750,000	i	TransCanada Pipelines Ltd	6.350		05/15/67		2,948
	2,000,000		Vale Overseas Ltd	5.625		09/15/19		2,274
	11,175,000		Vale Overseas Ltd	4.375		01/11/22		11,929
	2,760,000		Vale Overseas Ltd	6.875		11/21/36		3,421
	3,375,000		Valero Energy Corp	4.500		02/01/15		3,610
	3,325,000		Weatherford International Ltd	4.500		04/15/22		3,529
	5,000,000		XTO Energy, Inc	6.250		04/15/13		5,078
	4,400,000		XTO Energy, Inc	4.625		06/15/13		4,479
			TOTAL ENERGY					519,161
FOOD & STAPLES RETAILING - 0.2%
	5,690,000		CVS Caremark Corp	3.250		05/18/15		6,032
	5,114,000		CVS Caremark Corp	5.750		06/01/17		6,114
	6,000,000		CVS Caremark Corp	2.750		12/01/22		6,022
	1,500,000		Ingles Markets, Inc	8.875		05/15/17		1,599
	1,205,000		Kroger Co	5.000		04/15/13		1,221
	3,750,000		Safeway, Inc	3.400		12/01/16		3,873
	880,000		Stater Bros Holdings, Inc	7.750		04/15/15		898
	900,000		Stater Bros Holdings, Inc	7.375		11/15/18		972
			TOTAL FOOD & STAPLES RETAILING					26,731
FOOD, BEVERAGE & TOBACCO - 1.3%
	7,550,000	g	Anadolu Efes Biracilik Ve Malt Sanayii AS.	3.375		11/01/22		7,437
	6,300,000		Anheuser-Busch InBev Worldwide, Inc	2.875		02/15/16		6,672
	10,575,000		Anheuser-Busch InBev Worldwide, Inc	1.375		07/15/17		10,686
	27,060,000		Anheuser-Busch InBev Worldwide, Inc	2.500		07/15/22		27,229
	6,950,000		Anheuser-Busch InBev Worldwide, Inc	3.750		07/15/42		6,982
	5,125,000	g	BRF-Brasil Foods S.A.	5.875		06/06/22		5,650
	4,500,000	g	CCL Finance Ltd	9.500		08/15/14		4,995
	6,150,000		Coca-Cola Co	0.750		03/13/15		6,197
	18,750,000		Coca-Cola Co	1.800		09/01/16		19,366
	7,200,000		Coca-Cola Co	3.150		11/15/20		7,835
	7,600,000		Coca-Cola Co	3.300		09/01/21		8,378

310

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	1,600,000		Constellation Brands, Inc	4.625	%	03/01/23	$	1,672
	7,150,000		Diageo Capital plc	1.500		05/11/17		7,251
	4,080,000		General Mills, Inc	5.200		03/17/15		4,481
	11,000,000		General Mills, Inc	3.150		12/15/21		11,498
	5,525,000	g	Grupo Bimbo SAB de C.V.	4.500		01/25/22		6,038
	3,950,000	g	Heineken NV	4.000		10/01/42		3,820
	6,000,000		HJ Heinz Co	1.500		03/01/17		6,084
	2,530,000		Kraft Foods, Inc	6.125		02/01/18		3,078
	8,750,000		Kraft Foods, Inc	5.375		02/10/20		10,564
	8,105,000		Kraft Foods, Inc	6.500		02/09/40		10,888
	625,000		PepsiAmericas, Inc	4.375		02/15/14		651
	680,000		PepsiCo, Inc	7.900		11/01/18		918
	2,000,000	g	Pernod-Ricard S.A.	2.950		01/15/17		2,104
	2,900,000		Philip Morris International, Inc	4.875		05/16/13		2,947
	7,425,000		Philip Morris International, Inc	6.875		03/17/14		7,995
	1,600,000		Philip Morris International, Inc	6.375		05/16/38		2,179
			TOTAL FOOD, BEVERAGE & TOBACCO					193,595
HEALTH CARE EQUIPMENT & SERVICES - 0.7%
	3,900,000		Becton Dickinson and Co	1.750		11/08/16		4,015
	3,750,000		Boston Scientific Corp	4.500		01/15/15		3,986
	2,325,000		CHS/Community Health Systems	5.125		08/15/18		2,424
	7,150,000		Covidien International Finance S.A.	1.350		05/29/15		7,247
	3,800,000		Covidien International Finance S.A.	3.200		06/15/22		3,978
	4,500,000	g	Fresenius Medical Care Capital Trust	5.750		02/15/21		4,815
	4,000,000	g	Fresenius Medical Care II	5.625		07/31/19		4,295
	4,560,000		HCA, Inc	6.500		02/15/20		5,130
	9,575,000		HCA, Inc	5.875		03/15/22		10,413
	5,000,000		HCA, Inc	5.875		05/01/23		5,175
	4,250,000		McKesson Corp	0.950		12/04/15		4,256
	1,252,000		McKesson Corp	3.250		03/01/16		1,342
	3,300,000		McKesson Corp	2.700		12/15/22		3,301
	5,000,000		Medtronic, Inc	4.750		09/15/15		5,540
	2,780,000		Quest Diagnostics, Inc	6.400		07/01/17		3,275
	1,695,000		Thermo Fisher Scientific, Inc	3.200		05/01/15		1,784
	1,750,000		Thermo Fisher Scientific, Inc	5.000		06/01/15		1,913
	12,280,000		Thermo Fisher Scientific, Inc	3.200		03/01/16		13,041
	6,125,000		Thermo Fisher Scientific, Inc	2.250		08/15/16		6,342
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					92,272
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	2,620,000		Colgate-Palmolive Co	2.300		05/03/22		2,643
	4,525,000		Ecolab, Inc	1.450		12/08/17		4,504
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					7,147
INSURANCE - 1.4%
	3,825,000		ACE INA Holdings, Inc	5.875		06/15/14		4,108
	4,375,000		Aetna, Inc	1.500		11/15/17		4,384
	2,155,000		Aetna, Inc	6.500		09/15/18		2,679
	1,925,000		Aetna, Inc	6.625		06/15/36		2,591
	5,375,000		Allstate Corp	7.450		05/16/19		7,049
	4,375,000		American Financial Group, Inc	9.875		06/15/19		5,680
	500,000		American International Group, Inc	3.650		01/15/14		513

311

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	3,750,000		Chubb Corp	6.000	%	05/11/37	$	4,893
	1,390,000		CIGNA Corp	5.125		06/15/20		1,586
	6,900,000		CIGNA Corp	4.500		03/15/21		7,729
	7,600,000		Hartford Financial Services Group, Inc	4.000		03/30/15		8,031
	4,500,000		Hartford Financial Services Group, Inc	4.000		10/15/17		4,916
	2,800,000		Lincoln National Corp	7.000		06/15/40		3,644
	5,250,000	g	MetLife Institutional Funding II	1.625		04/02/15		5,349
	7,675,000		Metlife, Inc	6.750		06/01/16		9,090
	4,500,000		Metlife, Inc	5.700		06/15/35		5,494
	6,500,000		Metlife, Inc	4.125		08/13/42		6,501
	2,825,000		Principal Financial Group, Inc	1.850		11/15/17		2,840
	5,500,000	g	Principal Life Global Funding I	5.125		10/15/13		5,700
	5,000,000		Progressive Corp	3.750		08/23/21		5,497
	2,000,000		Prudential Financial, Inc	3.875		01/14/15		2,116
	8,050,000		Prudential Financial, Inc	7.375		06/15/19		10,222
	5,000,000		Prudential Financial, Inc	6.625		06/21/40		6,282
	7,000,000		Prudential Financial, Inc	6.200		11/15/40		8,467
	8,650,000	i	Prudential Financial, Inc	5.625		06/15/43		8,964
	3,000,000	g	Prudential Funding LLC	6.750		09/15/23		3,558
	2,425,000	g	Swiss Re Treasury US Corp	2.875		12/06/22		2,427
	6,100,000	g	Swiss Re Treasury US Corp	4.250		12/06/42		6,045
	4,250,000		Travelers Cos, Inc	5.800		05/15/18		5,148
	7,875,000		UnitedHealth Group, Inc	0.850		10/15/15		7,901
	6,000,000		UnitedHealth Group, Inc	1.400		10/15/17		6,009
	7,450,000		UnitedHealth Group, Inc	3.950		10/15/42		7,419
	1,500,000		Unum Group	5.625		09/15/20		1,714
	1,800,000		WellPoint, Inc	5.875		06/15/17		2,136
	6,750,000		WellPoint, Inc	3.125		05/15/22		6,821
	2,250,000		WellPoint, Inc	5.850		01/15/36		2,656
	7,850,000		WellPoint, Inc	4.625		05/15/42		8,108
	7,000,000		Willis Group Holdings plc	4.125		03/15/16		7,466
	2,400,000		WR Berkley Corp	5.375		09/15/20		2,685
			TOTAL INSURANCE					204,418
MATERIALS - 2.0%
	3,385,000		3M Co	4.375		08/15/13		3,472
	4,150,000		3M Co	5.700		03/15/37		5,637
	4,600,000		Air Products & Chemicals, Inc	4.150		02/01/13		4,614
	6,630,000		Air Products & Chemicals, Inc	4.375		08/21/19		7,650
	1,125,000		Airgas, Inc	4.500		09/15/14		1,187
	1,000,000		Airgas, Inc	7.125		10/01/18		1,068
	7,500,000		Airgas, Inc	2.900		11/15/22		7,407
	4,000,000	g	Anglo American Capital plc	2.625		04/03/17		4,073
	8,000,000	g	Anglo American Capital plc	2.625		09/27/17		8,164
	2,150,000	g	Anglo American Capital plc	4.450		09/27/20		2,277
	1,860,000		ArcelorMittal	4.250		08/05/15		1,879
	3,500,000		ArcelorMittal	5.000		02/25/17		3,533
	1,015,000		Ball Corp	7.125		09/01/16		1,086
	355,000		Ball Corp	7.375		09/01/19		395
	4,000,000		Ball Corp	5.750		05/15/21		4,330
	1,365,000		Ball Corp	5.000		03/15/22		1,461
	12,100,000		Barrick Gold Corp	3.850		04/01/22		12,808
	7,175,000		Barrick North America Finance LLC	4.400		05/30/21		7,868

312

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	10,100,000	g	Braskem Finance Ltd	5.375	%	05/02/22	$	10,453
	3,000,000		Celanese US Holdings LLC	6.625		10/15/18		3,300
	2,000,000		CF Industries, Inc	6.875		05/01/18		2,443
	3,175,000		CF Industries, Inc	7.125		05/01/20		3,996
	7,175,000		Clorox Co	3.800		11/15/21		7,814
	3,550,000		Corning, Inc	1.450		11/15/17		3,564
	2,400,000	g	Corp Nacional del Cobre de Chile-CODELCO	3.750		11/04/20		2,595
	5,100,000	g	Corp Nacional del Cobre de Chile-CODELCO	3.875		11/03/21		5,557
	2,900,000	g	Corp Nacional del Cobre de Chile-CODELCO	3.000		07/17/22		2,932
	7,030,000	g	Corp Nacional del Cobre de Chile-CODELCO	4.250		07/17/42		7,156
	2,770,000		Crown Americas LLC	6.250		02/01/21		3,037
	1,000,000		Eastman Chemical Co	5.500		11/15/19		1,168
	6,000,000		EI du Pont de Nemours & Co	4.625		01/15/20		7,073
	5,500,000		EI Du Pont de Nemours & Co	3.250		01/15/15		5,789
	1,500,000		Graphic Packaging International, Inc	9.500		06/15/17		1,620
	1,400,000		Greif, Inc	7.750		08/01/19		1,617
	13,016,000		International Paper Co	4.750		02/15/22		14,728
	4,250,000		International Paper Co	7.300		11/15/39		5,761
	3,000,000		LyondellBasell Industries NV	5.000		04/15/19		3,315
	1,950,000		LyondellBasell Industries NV	6.000		11/15/21		2,286
	2,125,000	g	Mexichem SAB de C.V.	4.875		09/19/22		2,290
	7,650,000		Newmont Mining Corp	3.500		03/15/22		7,890
	5,050,000		Praxair, Inc	5.250		11/15/14		5,489
	7,350,000		Praxair, Inc	2.450		02/15/22		7,387
	8,350,000		Precision Castparts Corp	1.250		01/15/18		8,364
	9,575,000		Precision Castparts Corp	2.500		01/15/23		9,636
	1,950,000		Precision Castparts Corp	3.900		01/15/43		2,000
	7,500,000		Rio Tinto Finance USA Ltd	2.250		09/20/16		7,781
	9,525,000		Rio Tinto Finance USA plc	2.875		08/21/22		9,588
	5,000,000	g	Rock-Tenn Co	3.500		03/01/20		5,132
	3,000,000	g	Rock-Tenn Co	4.000		03/01/23		3,048
	12,475,000		Sherwin-Williams Co	1.350		12/15/17		12,448
	5,000,000		Silgan Holdings, Inc	5.000		04/01/20		5,187
	3,140,000	g	Sociedad Quimica y Minera de Chile S.A.	5.500		04/21/20		3,553
	4,625,000		Teck Resources Ltd	2.500		02/01/18		4,721
	9,950,000		Teck Resources Ltd	3.750		02/01/23		10,206
	1,940,000		Teck Resources Ltd	6.000		08/15/40		2,196
	4,100,000		Teck Resources Ltd	5.200		03/01/42		4,191
	7,750,000		Teck Resources Ltd	5.400		02/01/43		8,199
			TOTAL MATERIALS					294,419
MEDIA - 1.4%
	1,000,000		AMC Entertainment, Inc	8.750		06/01/19		1,108
	3,850,000		CBS Corp	1.950		07/01/17		3,922
	1,960,000		CCO Holdings LLC	6.625		01/31/22		2,141
	1,388,000		Cinemark USA, Inc	8.625		06/15/19		1,537
	1,011,000		Comcast Cable Communications Holdings, Inc	8.375		03/15/13		1,027
	11,250,000		Comcast Corp	4.650		07/15/42		11,858
	7,000,000		DIRECTV Holdings LLC	2.400		03/15/17		7,170
	7,625,000		DIRECTV Holdings LLC	3.800		03/15/22		7,866
	4,700,000		DIRECTV Holdings LLC	5.150		03/15/42		4,754
	8,725,000		Discovery Communications LLC	3.300		05/15/22		8,962
	5,075,000		Discovery Communications LLC	4.950		05/15/42		5,424

313

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	10,000,000	g	DISH DBS Corp	5.000	%	03/15/23	$	10,000
	5,000,000		Grupo Televisa S.A.	6.000		05/15/18		5,902
	2,160,000		Lamar Media Corp	7.875		04/15/18		2,387
	1,850,000		Lamar Media Corp	5.875		02/01/22		2,007
	10,000,000	g	Lamar Media Corp	5.000		05/01/23		10,275
	23,650,000		NBC Universal Media LLC	2.875		01/15/23		23,751
	12,675,000		NBC Universal Media LLC	4.450		01/15/43		12,835
	1,274,000		News America, Inc	7.250		05/18/18		1,604
	2,105,000		News America, Inc	7.625		11/30/28		2,713
	1,578,000		News America, Inc	6.550		03/15/33		1,899
	3,575,000		News America, Inc	6.650		11/15/37		4,620
	3,800,000		News America, Inc	6.900		08/15/39		4,975
	3,315,000		Nielsen Finance LLC	7.750		10/15/18		3,705
	2,800,000	g	Nielsen Finance LLC	4.500		10/01/20		2,786
	2,100,000		Time Warner Cable, Inc	8.750		02/14/19		2,833
	9,675,000		Time Warner Cable, Inc	8.250		04/01/19		12,875
	9,850,000		Time Warner Cable, Inc	4.500		09/15/42		9,606
	3,000,000		Time Warner, Inc	3.150		07/15/15		3,173
	3,825,000		Time Warner, Inc	6.500		11/15/36		4,785
	5,000,000		Time Warner, Inc	5.375		10/15/41		5,585
	5,525,000		Time Warner, Inc	4.900		06/15/42		5,927
	4,850,000		Viacom, Inc	1.250		02/27/15		4,897
	5,400,000		Viacom, Inc	2.500		12/15/16		5,631
	3,000,000		Viacom, Inc	3.500		04/01/17		3,237
			TOTAL MEDIA					203,777
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.0%
	18,200,000	g	AbbVie, Inc	1.200		11/06/15		18,322
	14,475,000	g	AbbVie, Inc	1.750		11/06/17		14,632
	7,025,000	g	AbbVie, Inc	2.900		11/06/22		7,154
	6,500,000	g	Aristotle Holding, Inc	2.100		02/12/15		6,621
	6,850,000	g	Aristotle Holding, Inc	3.900		02/15/22		7,386
	5,000,000	g	CFR International S.p.A	5.125		12/06/22		5,184
	5,450,000		Johnson & Johnson	2.150		05/15/16		5,695
	4,000,000		Johnson & Johnson	5.850		07/15/38		5,483
	3,140,000		Life Technologies Corp	3.500		01/15/16		3,305
	4,115,000		Mead Johnson Nutrition Co	4.900		11/01/19		4,696
	2,750,000		Mead Johnson Nutrition Co	5.900		11/01/39		3,334
	7,750,000		Merck & Co, Inc	3.875		01/15/21		8,697
	2,150,000		Merck & Co, Inc	3.600		09/15/42		2,121
	3,500,000	g	Mylan, Inc	7.875		07/15/20		4,136
	1,750,000		NBTY, Inc	9.000		10/01/18		1,978
	3,750,000		Novartis Capital Corp	4.125		02/10/14		3,900
	15,775,000		Novartis Capital Corp	2.900		04/24/15		16,584
	2,750,000		Novartis Capital Corp	3.700		09/21/42		2,738
	8,750,000		Sanofi-Aventis S.A.	2.625		03/29/16		9,210
	3,225,000		Schering-Plough Corp	6.550		09/15/37		4,622
	3,450,000		Watson Pharmaceuticals, Inc	1.875		10/01/17		3,495
	5,700,000		Watson Pharmaceuticals, Inc	3.250		10/01/22		5,819
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					145,112
REAL ESTATE - 0.8%
	1,485,000		AMB Property LP	7.625		08/15/14		1,624

314

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	2,310,000		AMB Property LP	4.500	%	08/15/17	$	2,519
	7,500,000		AvalonBay Communities, Inc	2.850		03/15/23		7,405
	3,750,000		Boston Properties LP	3.850		02/01/23		3,939
	2,000,000		Brandywine Operating Partnership LP	5.400		11/01/14		2,136
	7,000,000		Brandywine Operating Partnership LP	4.950		04/15/18		7,656
	3,965,000		Camden Property Trust	4.625		06/15/21		4,372
	6,800,000		Developers Diversified Realty Corp	4.750		04/15/18		7,536
	3,460,000		Developers Diversified Realty Corp	7.875		09/01/20		4,436
	255,000		Federal Realty Investment Trust	5.650		06/01/16		287
	700,000		Federal Realty Investment Trust	5.900		04/01/20		827
	2,225,000		Federal Realty Investment Trust	3.000		08/01/22		2,202
	7,000,000		HCP, Inc	2.625		02/01/20		6,973
	2,775,000		Healthcare Realty Trust, Inc	5.750		01/15/21		3,119
	1,600,000		Highwoods Properties, Inc	5.850		03/15/17		1,805
	5,000,000		Highwoods Realty LP	3.625		01/15/23		4,896
	1,400,000		Host Hotels & Resorts LP	4.750		03/01/23		1,484
	1,925,000		Kilroy Realty Corp	5.000		11/03/15		2,100
	3,250,000		Kilroy Realty LP	4.800		07/15/18		3,621
	6,400,000		Liberty Property LP	4.125		06/15/22		6,727
	2,925,000		Liberty Property LP	3.375		06/15/23		2,894
	4,000,000		National Retail Properties, Inc	5.500		07/15/21		4,557
	1,700,000		National Retail Properties, Inc	3.800		10/15/22		1,726
	900,000		Nationwide Health Properties, Inc	6.250		02/01/13		904
	2,325,000		Regency Centers LP	5.250		08/01/15		2,535
	225,000		Regency Centers LP	5.875		06/15/17		260
	800,000		Simon Property Group LP	5.250		12/01/16		915
	4,150,000		Simon Property Group LP	2.800		01/30/17		4,379
	3,040,000		Simon Property Group LP	10.350		04/01/19		4,347
	6,900,000		Simon Property Group LP	2.750		02/01/23		6,896
	1,360,000		Ventas Realty LP	3.125		11/30/15		1,434
	8,050,000		Ventas Realty LP	2.000		02/15/18		8,055
	3,750,000		Ventas Realty LP	4.000		04/30/19		4,031
	1,850,000		Ventas Realty LP	4.250		03/01/22		1,962
			TOTAL REAL ESTATE					120,559
RETAILING - 0.8%
	3,000,000		AmeriGas Partners LP	6.250		08/20/19		3,210
	2,000,000		Asbury Automotive Group, Inc	7.625		03/15/17		2,065
	2,500,000		AutoNation, Inc	5.500		02/01/20		2,684
	30,000,000		Costco Wholesale Corp	0.650		12/07/15		30,016
	3,150,000		Limited Brands, Inc	7.000		05/01/20		3,622
	3,855,000		Limited Brands, Inc	5.625		02/15/22		4,192
	6,408,000		Macy’s Retail Holdings, Inc	5.900		12/01/16		7,529
	6,750,000		Macy’s Retail Holdings, Inc	3.875		01/15/22		7,195
	15,700,000		Macy’s Retail Holdings, Inc	2.875		02/15/23		15,374
	8,315,000		O’Reilly Automotive, Inc	4.625		09/15/21		9,105
	1,050,000		O’Reilly Automotive, Inc	3.800		09/01/22		1,093
	3,000,000	g	QVC, Inc	7.125		04/15/17		3,146
	2,000,000	g	QVC, Inc	7.500		10/01/19		2,207
	2,475,000	g	QVC, Inc	5.125		07/02/22		2,594
	875,000		Wal-Mart Stores, Inc	3.000		02/03/14		901
	3,450,000		Wal-Mart Stores, Inc	3.250		10/25/20		3,756
	3,437,000		Wal-Mart Stores, Inc	4.250		04/15/21		3,992

315

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	3,675,000		Wal-Mart Stores, Inc	5.000	%	10/25/40	$	4,447
	12,000,000		Wal-Mart Stores, Inc	5.625		04/15/41		15,715
			TOTAL RETAILING					122,843
SOFTWARE & SERVICES - 1.6%
	6,860,000		Baidu, Inc	2.250		11/28/17		6,902
	5,000,000		Fidelity National Information Services, Inc	5.000		03/15/22		5,362
	14,200,000		International Business Machines Corp	0.550		02/06/15		14,203
	88,000,000		International Business Machines Corp	0.750		05/11/15		88,533
	4,030,000		International Business Machines Corp	1.950		07/22/16		4,188
	9,050,000		International Business Machines Corp	1.250		02/06/17		9,146
	3,655,000		Microsoft Corp	0.875		09/27/13		3,671
	8,825,000		Microsoft Corp	1.625		09/25/15		9,081
	2,850,000		Microsoft Corp	0.875		11/15/17		2,835
	16,450,000		Microsoft Corp	2.125		11/15/22		16,289
	22,500,000		Microsoft Corp	3.500		11/15/42		21,753
	3,075,000	g	NCR Corp	4.625		02/15/21		3,075
	3,925,000		Oracle Corp	3.750		07/08/14		4,121
	14,900,000		Oracle Corp	1.200		10/15/17		14,944
	3,100,000		Oracle Corp	5.750		04/15/18		3,773
	20,425,000		Oracle Corp	2.500		10/15/22		20,609
	1,000,000		SunGard Data Systems, Inc	7.375		11/15/18		1,071
			TOTAL SOFTWARE & SERVICES					229,556
TECHNOLOGY HARDWARE & EQUIPMENT - 0.7%
	4,000,000		Amphenol Corp	4.750		11/15/14		4,262
	1,000,000		Brocade Communications Systems, Inc	6.875		01/15/20		1,077
	1,975,000	g	CC Holdings GS V LLC	2.381		12/15/17		1,985
	5,175,000	g	CC Holdings GS V LLC	3.849		04/15/23		5,265
	38,125,000		General Electric Co	0.850		10/09/15		38,259
	3,300,000		General Electric Co	5.250		12/06/17		3,891
	11,950,000		General Electric Co	2.700		10/09/22		12,181
	5,325,000		General Electric Co	4.125		10/09/42		5,477
	5,250,000		Hewlett-Packard Co	2.350		03/15/15		5,273
	3,500,000		Jabil Circuit, Inc	5.625		12/15/20		3,885
	2,000,000		L-3 Communications Corp	4.950		02/15/21		2,257
	3,600,000		Xerox Corp	8.250		05/15/14		3,927
	10,275,000		Xerox Corp	4.500		05/15/21		10,880
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					98,619
TELECOMMUNICATION SERVICES - 1.9%
	2,870,000		America Movil SAB de C.V.	2.375		09/08/16		2,983
	15,875,000		America Movil SAB de C.V.	3.125		07/16/22		16,136
	5,825,000		America Movil SAB de C.V.	4.375		07/16/42		6,053
	3,575,000		American Tower Corp	4.700		03/15/22		3,955
	2,500,000		AT&T, Inc	2.500		08/15/15		2,606
	20,750,000		AT&T, Inc	2.950		05/15/16		21,969
	7,225,000		AT&T, Inc	1.400		12/01/17		7,226
	15,050,000		AT&T, Inc	2.625		12/01/22		15,075
	11,500,000		AT&T, Inc	6.300		01/15/38		14,746
	4,715,000	g	AT&T, Inc	4.350		06/15/45		4,736
	4,500,000		Axiata SPV1 (Labuan) Ltd	5.375		04/28/20		5,121
	13,125,000		BellSouth Corp	5.200		09/15/14		14,098

316

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	13,850,000		Cellco Partnership	8.500	%	11/15/18	$	19,054
	4,000,000	g	Deutsche Telekom International Finance BV	2.250		03/06/17		4,102
	4,000,000		Deutsche Telekom International Finance BV	8.750		06/15/30		5,993
	3,625,000	g	Deutsche Telekom International Finance BV	4.875		03/06/42		3,870
	3,100,000	g	Globo Comunicacao e Participacoes S.A.	4.875		04/11/22		3,371
	12,070,000	g	Oi S.A.	5.750		02/10/22		12,583
	3,850,000	g	SK Telecom Co Ltd	2.125		05/01/18		3,871
	1,225,000		Sprint Nextel Corp	6.000		12/01/16		1,332
	3,075,000		Telecom Italia Capital S.A.	6.175		06/18/14		3,241
	6,694,000		Telecom Italia Capital S.A.	6.999		06/04/18		7,651
	2,406,000		Telecom Italia Capital S.A.	7.175		06/18/19		2,792
	11,100,000		Telefonica Emisiones SAU	3.992		02/16/16		11,550
	3,775,000		Telefonica Emisiones SAU	5.462		02/16/21		4,025
	4,500,000		Telefonos de Mexico SAB de C.V.	5.500		11/15/19		5,283
	5,125,000		Verizon Communications, Inc	5.250		04/15/13		5,195
	21,600,000		Verizon Communications, Inc	0.700		11/02/15		21,605
	1,250,000		Verizon Communications, Inc	6.100		04/15/18		1,537
	1,888,000		Verizon Communications, Inc	8.750		11/01/18		2,621
	15,550,000		Verizon Communications, Inc	3.850		11/01/42		15,295
	4,500,000	g	Vimpelcom Holdings	7.504		03/01/22		5,158
	2,250,000		Virgin Media Finance plc	4.875		02/15/22		2,301
	5,000,000		Virgin Media Finance plc	5.250		02/15/22		5,300
	5,400,000		Virgin Media Secured Finance plc	5.250		01/15/21		6,305
	735,000		Windstream Corp	8.125		09/01/18		803
			TOTAL TELECOMMUNICATION SERVICES					269,542
TRANSPORTATION - 0.6%
	5,730,000	g	Asciano Finance	5.000		04/07/18		6,192
	1,800,000	g	Asciano Finance Ltd	3.125		09/23/15		1,844
	5,000,000		Burlington Northern Santa Fe LLC	3.450		09/15/21		5,381
	3,475,000		Burlington Northern Santa Fe LLC	5.050		03/01/41		3,945
	7,575,000		CSX Corp	4.100		03/15/44		7,478
	5,750,000	g	DP World Ltd	6.850		07/02/37		6,735
	2,325,000		Embraer Overseas Ltd	6.375		01/15/20		2,685
	3,900,000	g	ERAC USA Finance LLC	3.300		10/15/22		3,948
	4,150,000	g	ERAC USA Finance LLC	5.625		03/15/42		4,598
	5,650,000	g	Kazakhstan Temir Zholy Finance BV	6.375		10/06/20		6,836
	2,500,000		Norfolk Southern Corp	5.750		01/15/16		2,845
	2,800,000		Norfolk Southern Corp	5.750		04/01/18		3,344
	6,750,000		Norfolk Southern Corp	3.000		04/01/22		6,924
	1,833,000	g	Norfolk Southern Corp	2.903		02/15/23		1,845
	391,000		Norfolk Southern Corp	5.590		05/17/25		480
	5,500,000		Union Pacific Corp	4.750		09/15/41		6,169
	7,750,000		United Parcel Service, Inc	3.125		01/15/21		8,337
	4,900,000		United Parcel Service, Inc	3.625		10/01/42		4,796
			TOTAL TRANSPORTATION					84,382
UTILITIES - 2.9%
	1,325,000	g	Abu Dhabi National Energy Co	2.500		01/12/18		1,338
	3,630,000	g	Abu Dhabi National Energy Co	5.875		12/13/21		4,332
	3,500,000	g	Abu Dhabi National Energy Co	3.625		01/12/23		3,605
	2,500,000		AES Corp	7.750		03/01/14		2,662
	4,300,000		AES El Salvador Trust	6.750		02/01/16		4,418

317

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	2,250,000		AGL Capital Corp	5.250	%	08/15/19	$	2,682
	2,000,000		AGL Capital Corp	6.000		10/01/34		2,579
	10,000,000		Alabama Power Co	3.850		12/01/42		9,853
	8,435,000		Alliant Energy Corp	4.000		10/15/14		8,889
	15,000,000		American Electric Power Co, Inc	1.650		12/15/17		15,053
	6,000,000		American Electric Power Co, Inc	2.950		12/15/22		6,002
	1,667,000		Arizona Public Service Co	5.050		09/01/41		1,910
	5,500,000		Atmos Energy Corp	8.500		03/15/19		7,386
	1,800,000	g	Calpine Corp	7.500		02/15/21		1,989
	4,500,000		Carolina Power & Light Co	5.125		09/15/13		4,649
	4,750,000		Carolina Power & Light Co	5.300		01/15/19		5,713
	2,750,000		Carolina Power & Light Co	5.700		04/01/35		3,354
	3,670,000		CenterPoint Energy Resources Corp	4.500		01/15/21		4,174
	3,550,000		CenterPoint Energy Resources Corp	6.250		02/01/37		4,413
	4,500,000	g	Centrais Eletricas Brasileiras S.A.	5.750		10/27/21		4,838
	7,000,000	g	CEZ AS.	4.250		04/03/22		7,493
	4,630,000	g	CEZ AS.	5.625		04/03/42		5,372
	3,075,000	g	China Resources Gas Group Ltd	4.500		04/05/22		3,382
	2,500,000		CMS Energy Corp	5.050		02/15/18		2,815
	2,500,000	g	Colbun S.A.	6.000		01/21/20		2,781
	5,860,000	g	Comision Federal de Electricidad	4.875		05/26/21		6,636
	2,075,000	g	Comision Federal de Electricidad	5.750		02/14/42		2,350
	3,055,000		Commonwealth Edison Co	4.000		08/01/20		3,415
	4,200,000		Commonwealth Edison Co	5.900		03/15/36		5,418
	2,750,000		Connecticut Light & Power Co	5.500		02/01/19		3,299
	3,500,000		Consolidated Edison Co of New York, Inc	5.700		06/15/40		4,469
	4,250,000		Consolidated Natural Gas Co	5.000		12/01/14		4,571
	3,750,000		Detroit Edison Co	3.950		06/15/42		3,800
	4,000,000		Dominion Resources, Inc	4.050		09/15/42		3,949
	7,150,000		Duke Energy Carolinas LLC	5.750		11/15/13		7,470
	1,400,000		Duke Energy Carolinas LLC	4.300		06/15/20		1,596
	5,690,000	g	Eskom Holdings Ltd	5.750		01/26/21		6,451
	2,000,000		Florida Power Corp	6.400		06/15/38		2,694
	3,500,000		FPL Group Capital, Inc	2.600		09/01/15		3,647
	3,000,000		Georgia Power Co	5.400		06/01/40		3,597
	2,000,000		Georgia Power Co	4.300		03/15/42		2,098
	5,000,000		Indiana Michigan Power Co	7.000		03/15/19		6,319
	2,000,000	g	Instituto Costarricense de Electricidad	6.950		11/10/21		2,270
	2,725,000		Integrys Energy Group, Inc	4.170		11/01/20		3,037
	3,350,000	g	Israel Electric Corp Ltd	6.700		02/10/17		3,618
	1,000,000	g	Kansas Gas & Electric	6.700		06/15/19		1,273
	3,650,000		Kinder Morgan Energy Partners LP	3.500		03/01/16		3,902
	2,825,000		Kinder Morgan Energy Partners LP	9.000		02/01/19		3,808
	1,850,000	g	Korea Hydro & Nuclear Power Co Ltd	3.125		09/16/15		1,932
	7,150,000	g	Korea Hydro & Nuclear Power Co Ltd	4.750		07/13/21		8,088
	3,280,000	g	Korea Hydro & Nuclear Power Co Ltd	3.000		09/19/22		3,227
	5,000,000		LG&E and KU Energy LLC	3.750		11/15/20		5,280
	4,500,000	g	Majapahit Holding BV	7.875		06/29/37		6,176
	5,950,000		Midamerican Energy Holdings Co	5.950		05/15/37		7,346
	4,000,000		National Fuel Gas Co	5.250		03/01/13		4,030
	2,800,000		Nevada Power Co	6.500		08/01/18		3,518
	3,500,000		Nevada Power Co	6.650		04/01/36		4,749
	3,335,000		Nevada Power Co	5.450		05/15/41		4,083

318

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	2,850,000		Oncor Electric Delivery Co LLC	5.250	%	09/30/40	$	3,151
	8,400,000		Oncor Electric Delivery Co LLC	4.550		12/01/41		8,503
	4,850,000		ONEOK Partners LP	3.375		10/01/22		4,942
	5,250,000		Pacific Gas & Electric Co	8.250		10/15/18		7,148
	2,750,000		PacifiCorp	6.000		01/15/39		3,649
	4,825,000		Pepco Holdings, Inc	2.700		10/01/15		4,994
	8,050,000	g	Perusahaan Listrik Negara PT	5.500		11/22/21		9,096
	1,950,000	g	Perusahaan Listrik Negara PT	5.250		10/24/42		2,008
	6,750,000		PG&E Corp	5.750		04/01/14		7,154
	750,000		Potomac Electric Power Co	7.900		12/15/38		1,215
	6,925,000		PPL Capital Funding, Inc	4.200		06/15/22		7,447
	2,000,000		PPL Electric Utilities Corp	3.000		09/15/21		2,119
	1,750,000		PPL Electric Utilities Corp	5.200		07/15/41		2,091
	3,825,000		Progress Energy, Inc	7.050		03/15/19		4,807
	4,625,000		Public Service Co of Colorado	3.200		11/15/20		5,046
	8,800,000		Public Service Co of Oklahoma	5.150		12/01/19		10,274
	2,640,000		Public Service Electric & Gas Co	5.300		05/01/18		3,169
	5,000,000		Public Service Electric & Gas Co	3.500		08/15/20		5,492
	2,940,000		QEP Resources, Inc	5.375		10/01/22		3,153
	1,250,000		Questar Market Resources, Inc	6.875		03/01/21		1,441
	2,300,000	g	Sabine Pass LNG LP	6.500		11/01/20		2,340
	4,275,000		San Diego Gas & Electric Co	3.000		08/15/21		4,526
	3,100,000		San Diego Gas & Electric Co	3.950		11/15/41		3,195
	3,000,000		Sempra Energy	2.300		04/01/17		3,115
	4,000,000		Sempra Energy	6.000		10/15/39		5,057
	2,000,000		Spectra Energy Capital LLC	6.250		02/15/13		2,013
	2,325,000		Tampa Electric Co	4.100		06/15/42		2,438
	2,600,000		Veolia Environnement	5.250		06/03/13		2,640
	4,500,000		Virginia Electric and Power Co	4.750		03/01/13		4,532
	3,680,000		Virginia Electric and Power Co	2.950		01/15/22		3,875
	3,000,000		Williams Partners LP	3.800		02/15/15		3,172
	5,075,000		Williams Partners LP	4.000		11/15/21		5,428
	8,300,000		Williams Partners LP	3.350		08/15/22		8,439
	6,200,000		Williams Partners LP	6.300		04/15/40		7,580
	14,000,000	g	Wpd Investment Holdings Ltd	3.900		05/01/16		14,743
	4,000,000		Xcel Energy, Inc	4.800		09/15/41		4,489
			TOTAL UTILITIES					434,279
			TOTAL CORPORATE BONDS					5,326,339
			(Cost $5,014,888)
GOVERNMENT BONDS - 56.1%
AGENCY SECURITIES - 4.3%
	19,171,004		AMAL Ltd	3.465		08/21/21		20,796
	4,682,033		Cal Dive I- Title XI, Inc	4.930		02/01/27		5,402
	9,750,000		Federal Farm Credit Bank (FFCB)	1.375		06/25/13		9,811
	15,000,000		Federal Home Loan Bank (FHLB)	1.875		06/21/13		15,123
	55,000,000		Federal Home Loan Mortgage Corp (FHLMC)	0.750		03/28/13		55,083
	20,000,000		FHLMC	3.000		07/28/14		20,844
	10,000,000		Federal National Mortgage Association (FNMA)	3.625		02/12/13		10,039
	19,600,000		FNMA	1.250		08/20/13		19,729
	24,500,000		FNMA	2.750		02/05/14		25,202

319

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	23,500,000		FNMA	3.000	%	09/16/14	$	24,615
	35,000,000		FNMA	2.625		11/20/14		36,562
	30,000,000		Lutheran Medical Center	1.982		02/20/30		29,955
	1,904,293		National Credit Union Administration	1.840		10/07/20		1,935
	18,656,321		Premier Aircraft Leasing	3.576		02/06/22		20,388
	25,000,000		Private Export Funding Corp (PEFCO)	3.550		04/15/13		25,245
	10,000,000		PEFCO	3.050		10/15/14		10,466
	7,000,000		PEFCO	4.550		05/15/15		7,694
	15,000,000		PEFCO	2.125		07/15/16		15,837
	50,000,000		PEFCO	1.375		02/15/17		51,406
	17,000,000		PEFCO	5.450		09/15/17		20,554
	10,000,000		PEFCO	2.250		12/15/17		10,671
	5,000,000		PEFCO	4.375		03/15/19		5,963
	17,300,000		PEFCO	1.450		08/15/19		17,443
	35,000,000		PEFCO	4.300		12/15/21		42,273
	30,000,000		PEFCO	2.050		11/15/22		29,941
	2,942,188		Totem Ocean Trailer Express, Inc	4.514		12/18/19		3,179
	62,753,000		Tunisia Government AID Bonds	1.686		07/16/19		62,439
	3,000,000		US Department of Housing and Urban Development (HUD)	5.380		08/01/18		3,480
	15,000,000		UNM Sandoval Regional Medical Center	4.500		07/20/36		16,515
			TOTAL AGENCY SECURITIES					618,590
FOREIGN GOVERNMENT BONDS - 6.4%
	4,300,000	g	Barbados Government International Bond	7.000		08/04/22		4,365
	4,210,000		Brazilian Government International Bond	5.875		01/15/19		5,208
	9,810,000		Brazilian Government International Bond	2.625		01/05/23		9,849
	825,000		Brazilian Government International Bond	7.125		01/20/37		1,262
	4,500,000		Brazilian Government International Bond	5.625		01/07/41		5,895
	12,200,000		Canada Government International Bond	2.375		09/10/14		12,633
	25,275,000		Canada Government International Bond	0.875		02/14/17		25,480
	3,630,000		Chile Government International Bond	3.875		08/05/20		4,093
	4,840,000		Chile Government International Bond	2.250		10/30/22		4,804
	2,675,000		Colombia Government International Bond	4.375		07/12/21		3,080
	4,500,000		Colombia Government International Bond	6.125		01/18/41		6,179
	2,850,000	g	Costa Rica Government International Bond	4.250		01/26/23		2,876
	3,350,000	g	Croatia Government International Bond	6.375		03/24/21		3,811
	2,350,000	g	Democratic Socialist Republic of Sri Lanka	7.400		01/22/15		2,526
	5,208,000		Eksportfinans ASA	2.000		09/15/15		4,985
	950,000	g	El Salvador Government International Bond	5.875		01/30/25		960
	4,000,000	g	El Salvador Government International Bond	7.625		02/01/41		4,570
	32,500,000		European Investment Bank	1.125		04/15/15		33,049
	3,500,000		European Investment Bank	4.875		02/15/36		4,151
	15,350,000		Export Development Canada	2.250		05/28/15		16,030
	5,825,000		Export-Import Bank of Korea	1.250		11/20/15		5,835
	1,900,000		Export-Import Bank of Korea	5.125		06/29/20		2,183
	4,200,000		Export-Import Bank of Korea	4.375		09/15/21		4,641
	3,000,000		Federative Republic of Brazil	6.000		01/17/17		3,540
	2,810,000		Hungary Government International Bond	6.375		03/29/21		3,102
	40,200,000		Hydro Quebec	1.375		06/19/17		40,739
	4,500,000	g	Iceland Government International Bond	4.875		06/16/16		4,728
	1,660,000	g	Indonesia Government International Bond	3.750		04/25/22		1,770
	10,075,000		Israel Government International Bond	4.000		06/30/22		10,969
	4,400,000		Italy Government International Bond	5.375		06/12/17		4,709

320

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	1,610,000		Italy Government International Bond	6.875	%	09/27/23	$	1,870
	15,230,000	g	Kommunalbanken AS.	1.375		06/08/17		15,517
	3,750,000		Korea Development Bank	3.000		09/14/22		3,736
	3,670,000	g	Korea Housing Finance Corp	3.500		12/15/16		3,890
	5,000,000	g	Lithuania Government International Bond	5.125		09/14/17		5,637
	3,060,000	g	Lithuania Government International Bond	6.625		02/01/22		3,913
	1,000,000		Mexico Government International Bond	5.625		01/15/17		1,160
	4,500,000		Mexico Government International Bond	3.625		03/15/22		4,922
	2,900,000		Mexico Government International Bond	6.750		09/27/34		4,176
	5,000,000		Mexico Government International Bond	6.050		01/11/40		6,705
	4,000,000		Mexico Government International Bond	4.750		03/08/44		4,520
	4,100,000	g	Mongolia Government International Bond	5.125		12/05/22		4,018
	3,750,000	g	Morocco Government International Bond	4.250		12/11/22		3,778
	800,000	g	Morocco Government International Bond	5.500		12/11/42		818
	3,600,000	g	Namibia International Bonds	5.500		11/03/21		4,032
	9,250,000	g	National Bank of Canada	1.650		01/30/14		9,376
	10,000,000	g	Nederlandse Waterschapsbank NV	2.125		02/09/17		10,364
	89,950,000		North American Development Bank	2.400		10/26/22		90,721
	2,000,000		Panama Government International Bond	5.200		01/30/20		2,389
	2,450,000		Panama Government International Bond	6.700		01/26/36		3,479
	1,000,000		Peruvian Government International Bond	7.125		03/30/19		1,309
	1,200,000		Peruvian Government International Bond	7.350		07/21/25		1,739
	1,250,000		Peruvian Government International Bond	6.550		03/14/37		1,806
	1,000,000		Philippine Government International Bond	5.500		03/30/26		1,265
	2,000,000		Philippine Government International Bond	5.000		01/13/37		2,433
	6,350,000		Poland Government International Bond	6.375		07/15/19		7,917
	6,167,000		Poland Government International Bond	5.125		04/21/21		7,314
	4,280,000		Poland Government International Bond	5.000		03/23/22		5,055
	4,635,000		Poland Government International Bond	3.000		03/17/23		4,623
	25,000,000	g	Province of Alberta Canada	1.000		06/21/17		25,248
	13,825,000		Province of British Columbia Canada	2.850		06/15/15		14,623
	21,000,000		Province of British Columbia Canada	1.200		04/25/17		21,377
	15,000,000		Province of British Columbia Canada	2.000		10/23/22		14,781
	3,000,000		Province of Manitoba Canada	2.125		04/22/13		3,017
	20,000,000		Province of Manitoba Canada	1.375		04/28/14		20,271
	20,750,000		Province of Manitoba Canada	1.750		05/30/19		21,108
	20,000,000		Province of New Brunswick Canada	2.750		06/15/18		21,547
	12,000,000		Province of Nova Scotia Canada	2.375		07/21/15		12,553
	27,400,000		Province of Ontario Canada	4.100		06/16/14		28,879
	24,250,000		Province of Ontario Canada	2.950		02/05/15		25,488
	35,525,000		Province of Ontario Canada	2.700		06/16/15		37,400
	24,000,000		Province of Ontario Canada	2.300		05/10/16		25,248
	10,000,000		Province of Ontario Canada	4.000		10/07/19		11,479
	2,250,000		Province of Quebec Canada	5.125		11/14/16		2,620
	8,835,000		Province of Quebec Canada	4.625		05/14/18		10,373
	22,500,000		Province of Quebec Canada	3.500		07/29/20		24,991
	20,000,000		Province of Quebec Canada	2.750		08/25/21		20,892
	6,000,000		Province of Quebec Canada	7.500		09/15/29		9,119
	2,500,000	g	Qatar Government International Bond	4.500		01/20/22		2,869
	920,000	g	Republic of Ghana	8.500		10/04/17		1,063
	4,230,000	g	Republic of Indonesia	4.875		05/05/21		4,865
	2,500,000	g	Republic of Indonesia	5.250		01/17/42		2,903
	6,800,000	g	Republic of Latvia	2.750		01/12/20		6,725

321

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	1,075,000	g	Republic of Serbia	5.250	%	11/21/17	$	1,115
	1,070,000	g	Republic of Serbia	7.250		09/28/21		1,230
	3,200,001	i	Republic of Serbia	6.750		11/01/24		3,232
	4,500,000		Republic of Turkey	7.500		07/14/17		5,477
	1,650,000		Republic of Turkey	6.000		01/14/41		2,058
	3,425,000	g	Republic of Zambia	5.375		09/20/22		3,412
	4,200,000	g	Romanian Government International Bond	6.750		02/07/22		5,103
	3,900,000	g	Russian Foreign Bond - Eurobond	3.625		04/29/15		4,120
	3,900,000	g	Russian Foreign Bond - Eurobond	3.250		04/04/17		4,144
	3,375,000	g	Russian Foreign Bond - Eurobond	5.000		04/29/20		3,982
	2,230,000	g	Russian Foreign Bond - Eurobond	4.500		04/04/22		2,553
	3,670,000	g	Russian Foreign Bond - Eurobond	5.625		04/04/42		4,560
	2,300,000	g	Slovakia Government International Bond	4.375		05/21/22		2,505
	4,502,000		South Africa Government International Bond	6.875		05/27/19		5,646
	3,500,000		South Africa Government International Bond	5.500		03/09/20		4,147
	3,775,000		South Africa Government International Bond	4.665		01/17/24		4,266
	1,600,000		South Africa Government International Bond	6.250		03/08/41		2,120
	2,700,000	g	Sri Lanka Government International Bond	6.250		10/04/20		2,936
	1,630,000	g	Sri Lanka Government International Bond	6.250		07/27/21		1,776
	1,600,000	g	Sri Lanka Government International Bond	5.875		07/25/22		1,704
	7,680,000		Svensk Exportkredit AB	5.125		03/01/17		8,921
	3,650,000		Turkey Government International Bond	5.125		03/25/22		4,198
	2,180,000		United Mexican States	5.875		02/17/14		2,289
	3,500,000		United Mexican States	5.950		03/19/19		4,305
	500,000		United Mexican States	5.125		01/15/20		597
	10,856,030		Uruguay Government International Bond	4.125		11/20/45		10,840
			TOTAL FOREIGN GOVERNMENT BONDS					923,179
MORTGAGE BACKED - 29.0%
	3,281,693	i	Federal Home Loan Mortgage Corp (FHLMC)	2.386		02/01/36		3,480
	4,969,204	i	FHLMC	2.850		07/01/36		5,314
	3,106,268	i	FHLMC	2.605		09/01/36		3,314
	2,711,605	i	FHLMC	2.637		09/01/36		2,897
	3,016,429	i	FHLMC	2.794		09/01/36		3,189
	2,297,119	i	FHLMC	2.858		09/01/36		2,459
	2,597,668	i	FHLMC	5.770		02/01/37		2,798
	7,361,702	i	FHLMC	2.890		03/01/37		7,871
	3,910,289	i	FHLMC	5.925		04/01/37		4,248
	130,410	i	FHLMC	5.921		05/01/37		141
	3,272,051	i	FHLMC	2.760		06/01/37		3,490
	3,493,358	i	FHLMC	3.407		08/01/37		3,703
	2,768,500	i	FHLMC	2.070		09/01/37		2,915
	26,661,227	i	FHLMC (Interest Only)	6.351		09/15/41		6,529
	18,297		Federal Home Loan Mortgage Corp Gold (FGLMC)	7.000		07/01/13		19
	450,875		FGLMC	6.500		12/01/16		486
	3,022,527		FGLMC	5.000		09/01/18		3,252
	1,406,095		FGLMC	4.500		10/01/18		1,529
	1,085,161		FGLMC	4.500		11/01/18		1,183
	1,204,447		FGLMC	5.500		01/01/19		1,311
	414,963		FGLMC	4.000		06/01/19		439
	1,466,698		FGLMC	4.500		01/01/20		1,563
	1,333,811		FGLMC	4.500		07/01/20		1,449
	890,389		FGLMC	4.500		08/01/20		949

322

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	173,791		FGLMC	7.000	%	10/01/20	$	203
	4,103,273		FGLMC	4.500		06/01/21		4,380
	11,706,715		FGLMC	4.500		06/01/21		12,496
	1,538,864		FGLMC	5.000		04/01/23		1,650
	32,839		FGLMC	7.000		05/01/23		38
	292,071		FGLMC	6.000		10/01/23		319
	318,073		FGLMC	6.000		11/01/23		347
	5,903,473		FGLMC	4.000		07/01/24		6,243
	1,810,587		FGLMC	4.500		09/01/24		1,926
	33,000,000	h	FGLMC	5.000		01/15/28		35,349
	79,815		FGLMC	8.000		01/01/31		98
	85,345		FGLMC	7.000		12/01/31		101
	137,985		FGLMC	7.000		12/01/31		163
	82,052		FGLMC	7.000		12/01/31		97
	6,341		FGLMC	7.000		01/01/32		7
	344,790		FGLMC	8.000		02/01/32		426
	2,801,664		FGLMC	4.500		07/01/33		3,015
	1,557,263		FGLMC	5.500		11/01/33		1,757
	6,786,304		FGLMC	5.500		12/01/33		7,393
	3,102,804		FGLMC	5.500		12/01/33		3,479
	13,322,865		FGLMC	7.000		12/01/33		15,789
	21,539,662		FGLMC	5.000		01/01/34		23,393
	5,149,661		FGLMC	5.000		05/01/34		5,567
	3,082,216		FGLMC	6.000		09/01/34		3,391
	8,849,955		FGLMC	4.500		10/01/34		9,524
	810,039		FGLMC	5.500		12/01/34		897
	3,851,858		FGLMC	4.500		04/01/35		4,143
	1,014,766		FGLMC	6.000		05/01/35		1,123
	1,367,169		FGLMC	6.000		05/01/35		1,509
	1,417,109		FGLMC	6.000		05/01/35		1,569
	1,235,081		FGLMC	6.000		05/01/35		1,373
	1,978,587		FGLMC	6.000		05/01/35		2,177
	2,954,889		FGLMC	6.000		05/01/35		3,251
	5,529,903		FGLMC	7.000		05/01/35		6,554
	8,545,318		FGLMC	5.500		06/01/35		9,282
	1,104,829		FGLMC	5.500		06/01/35		1,200
	2,529,357		FGLMC	5.500		06/01/35		2,749
	1,345,059		FGLMC	5.500		06/01/35		1,462
	2,357,774		FGLMC	6.000		06/01/35		2,603
	5,277,622		FGLMC	4.500		08/01/35		5,673
	638,489		FGLMC	5.000		10/01/35		689
	348,366		FGLMC	6.500		11/01/35		391
	464,504		FGLMC	6.000		01/01/36		506
	1,555,207		FGLMC	5.000		02/01/36		1,679
	671,386		FGLMC	5.500		04/01/36		743
	391,602		FGLMC	6.500		05/01/36		445
	4,627,234		FGLMC	6.500		10/01/36		5,263
	6,927,568		FGLMC	5.500		04/01/37		7,484
	9,586,403		FGLMC	5.500		05/01/37		10,356
	4,807,653		FGLMC	6.000		08/01/37		5,289
	2,038,407		FGLMC	6.000		09/01/37		2,243
	3,202,437		FGLMC	6.500		11/01/37		3,645
	8,115,360		FGLMC	5.000		04/01/38		8,934

323

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	5,281,012		FGLMC	6.000	%	11/01/38	$	5,747
	6,539,251		FGLMC	4.500		05/01/39		7,017
	10,177,824		FGLMC	4.000		06/01/39		10,869
	5,513,824		FGLMC	5.000		07/01/39		5,933
	8,527,918		FGLMC	6.000		07/01/39		9,419
	19,941,297		FGLMC	4.500		11/01/40		22,383
	22,507,611		FGLMC	4.500		12/01/40		25,166
	32,000,000	h	FGLMC	3.500		01/15/43		34,028
	33,000,000	h	FGLMC	4.000		01/15/43		35,228
	143,000,000	h	FGLMC	4.500		01/15/43		153,434
	85,000,000	h	FGLMC	5.000		01/15/43		91,455
	8,556		Federal National Mortgage Association (FNMA)	5.000		06/01/13		9
	2,524,686		FNMA	4.440		07/01/13		2,524
	2,658,028		FNMA	4.764		10/01/13		2,714
	1,146,143		FNMA	4.801		02/01/14		1,173
	5,015,133		FNMA	4.440		04/01/14		5,167
	1,414,293		FNMA	4.564		01/01/15		1,473
	103,429		FNMA	7.500		02/01/15		109
	246,937		FNMA	7.500		04/01/15		261
	347,826		FNMA	7.500		04/01/15		367
	23,785		FNMA	6.500		03/01/16		26
	10,238		FNMA	6.500		04/01/16		11
	177,163		FNMA	6.500		10/01/16		190
	193,585		FNMA	6.500		11/01/16		207
	1,715,664		FNMA	5.000		12/01/17		1,864
	502,576		FNMA	6.500		02/01/18		547
	1,321,262		FNMA	5.500		03/01/18		1,431
	3,432,256		FNMA	5.500		04/01/18		3,718
	307,175		FNMA	5.500		04/01/18		331
	555,165		FNMA	6.500		04/01/18		604
	133,799		FNMA	5.500		05/01/18		144
	6,225,204		FNMA	4.500		12/01/18		6,860
	154,255		FNMA	6.000		01/01/19		168
	40,734		FNMA	6.000		02/01/19		44
	3,465,343		FNMA	5.000		04/01/19		3,766
	1,533,033		FNMA	4.500		06/01/19		1,653
	2,223,017		FNMA	5.000		03/01/20		2,416
	1,523,653		FNMA	5.500		07/01/20		1,651
	780,485		FNMA	4.500		11/01/20		842
	2,146,693		FNMA	5.000		12/01/20		2,333
	3,565,469		FNMA	5.000		03/01/21		3,875
	2,122,616		FNMA	5.500		08/01/21		2,300
	1,503,245		FNMA	4.500		03/01/23		1,618
	89,484		FNMA	8.000		03/01/23		102
	2,722,740		FNMA	4.500		06/01/23		2,930
	2,159,579		FNMA	5.000		07/01/23		2,338
	3,910,626		FNMA	5.000		07/01/23		4,235
	1,861,664		FNMA	5.000		12/01/23		2,046
	578,726		FNMA	5.500		02/01/24		635
	3,345,027		FNMA	4.000		05/01/24		3,584
	1,157,390		FNMA	5.500		07/01/24		1,269
	200,561		FNMA	8.000		07/01/24		240
	2,145,743		FNMA	4.500		08/01/24		2,309

324

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	1,552,670		FNMA	5.500	%	08/01/24	$	1,703
	10,108,401		FNMA	4.000		09/01/24		10,830
	4,802,882		FNMA	5.000		10/01/25		5,266
	46,769		FNMA	9.000		11/01/25		58
	11,354,184		FNMA	3.000		05/01/27		12,199
	53,000,000	h	FNMA	2.500		01/25/28		55,418
	93,000,000	h	FNMA	3.000		01/25/28		98,158
	45,000,000	h	FNMA	4.000		01/25/28		48,185
	22,000,000	h	FNMA	4.500		01/25/28		23,664
	2,945,693		FNMA	6.500		07/01/32		3,355
	245,519		FNMA	7.000		07/01/32		293
	236,085		FNMA	7.000		07/01/32		282
	3,194,097		FNMA	5.500		01/01/33		3,510
	2,053,793		FNMA	6.000		01/01/33		2,277
	525,474		FNMA	5.000		02/01/33		573
	3,744,232		FNMA	4.500		03/25/33		3,887
	1,642,501		FNMA	4.500		08/01/33		1,783
	2,292,675		FNMA	5.000		08/01/33		2,498
	3,132,641		FNMA	4.500		10/01/33		3,401
	139,687		FNMA	5.000		10/01/33		153
	500,813		FNMA	5.000		10/01/33		546
	2,350,634		FNMA	5.000		10/01/33		2,561
	4,753,174		FNMA	5.000		11/01/33		5,384
	289,553		FNMA	5.000		11/01/33		321
	4,398,800		FNMA	5.000		11/01/33		4,850
	15,221,319		FNMA	5.000		11/01/33		16,584
	398,544		FNMA	5.500		12/01/33		441
	1,377,143		FNMA	5.500		12/01/33		1,514
	3,911,402		FNMA	5.500		12/01/33		4,483
	845,737		FNMA	5.000		03/01/34		921
	2,173,063		FNMA	5.000		03/01/34		2,368
	646,243		FNMA	5.000		03/01/34		704
	5,517,522		FNMA	5.000		03/01/34		6,011
	737,860		FNMA	5.000		03/01/34		804
	3,240,853		FNMA	5.500		03/01/34		3,683
	5,860,380		FNMA	5.000		04/01/34		6,370
	20,109,099		FNMA	5.000		08/01/34		21,854
	3,664,329		FNMA	6.000		08/01/34		4,093
	1,205,393		FNMA	5.500		09/01/34		1,370
	1,450,019		FNMA	5.500		09/01/34		1,641
	1,359,938		FNMA	5.500		10/01/34		1,539
	1,114,648		FNMA	5.500		10/01/34		1,267
	1,458,794		FNMA	6.000		12/01/34		1,629
	1,751,608		FNMA	5.500		01/01/35		1,920
	23,055,063		FNMA	5.500		02/01/35		25,338
	2,236,605		FNMA	5.500		04/01/35		2,542
	2,349,026		FNMA	6.000		04/01/35		2,612
	5,268,899		FNMA	4.500		05/01/35		5,720
	9,333,867		FNMA	5.500		05/01/35		10,210
	2,914,236		FNMA	6.000		05/01/35		3,247
	265,307		FNMA	5.500		06/01/35		290
	1,013,989		FNMA	5.500		06/01/35		1,108
	509,533		FNMA	5.500		06/01/35		579

325

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	1,161,094		FNMA	5.500	%	06/01/35	$	1,269
	3,037,544		FNMA	5.500		06/01/35		3,320
	110,681		FNMA	7.500		06/01/35		123
	1,189,756		FNMA	5.500		07/01/35		1,300
	1,293,754		FNMA	6.000		07/01/35		1,425
	2,905,500		FNMA	4.500		08/01/35		3,143
	4,762,924		FNMA	5.000		08/01/35		5,171
	5,674,410		FNMA	5.500		09/01/35		6,449
	4,559,246		FNMA	5.000		10/01/35		4,950
	2,356,375		FNMA	5.500		11/01/35		2,575
	2,951,076	i	FNMA	2.705		02/01/36		3,130
	4,633,934		FNMA	5.000		02/01/36		5,040
	8,894,350		FNMA	6.000		03/01/36		9,738
	1,653,922	i	FNMA	2.760		07/01/36		1,769
	2,626,263		FNMA	6.500		09/01/36		2,955
	3,211,518		FNMA	6.000		12/01/36		3,516
	4,026,318		FNMA	6.500		03/01/37		4,525
	132,741		FNMA	6.500		03/01/37		150
	2,972,512		FNMA	7.000		04/01/37		3,538
	1,558,967		FNMA	6.500		08/01/37		1,753
	4,689,476		FNMA	6.500		08/01/37		5,270
	3,035,306		FNMA	6.000		09/01/37		3,466
	2,116,487		FNMA	6.000		09/01/37		2,417
	3,589,710		FNMA	6.000		09/01/37		4,099
	2,539,995		FNMA	6.000		09/01/37		2,849
	4,465,594		FNMA	6.500		09/01/37		5,013
	3,925,770		FNMA	6.500		09/01/37		4,411
	3,396,102		FNMA	6.500		09/01/37		3,814
	390,054		FNMA	6.500		09/01/37		437
	2,257,307		FNMA	6.500		09/01/37		2,683
	6,029,767	i	FNMA	2.481		10/01/37		6,479
	1,257,401		FNMA	7.000		11/01/37		1,497
	371,536		FNMA	6.500		01/01/38		438
	87,795		FNMA	6.500		02/01/38		99
	532,744		FNMA	6.500		03/01/38		599
	298,965		FNMA	6.500		03/01/38		352
	2,145,246		FNMA	6.500		03/01/38		2,451
	7,307,440		FNMA	6.000		07/01/38		8,000
	2,531,778	i	FNMA	4.917		10/01/38		2,714
	12,903,195		FNMA	6.000		10/01/38		14,127
	4,234,004		FNMA	4.500		01/01/39		4,575
	3,265,626		FNMA	5.500		01/01/39		3,548
	4,160,333		FNMA	6.000		01/01/39		4,546
	2,814,987		FNMA	6.000		01/01/39		3,076
	8,202,394		FNMA	4.500		02/01/39		8,863
	5,753,995		FNMA	4.500		02/01/39		6,218
	3,420,219		FNMA	5.500		02/01/39		3,716
	7,885,309		FNMA	4.000		04/01/39		8,784
	5,135,755		FNMA	4.500		05/01/39		5,550
	7,350,966		FNMA	4.500		08/01/39		7,943
	12,917,120		FNMA	5.500		08/01/39		14,335
	31,000,000		FNMA	4.000		02/25/40		33,567
	50,855,989		FNMA	4.500		09/01/40		55,112

326

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	27,245,888		FNMA	4.500	%	09/01/40	$	29,526
	12,729,588		FNMA	4.000		11/01/40		13,660
	24,906,017		FNMA	4.500		11/01/40		27,348
	21,497,440		FNMA	4.000		02/01/41		23,068
	16,010,721		FNMA	3.500		10/01/42		17,303
	295,000,000	h	FNMA	3.000		01/25/43		309,105
	218,000,000	h	FNMA	3.500		01/25/43		232,417
	327,000,000	h	FNMA	4.000		01/25/43		350,503
	111,000,000	h	FNMA	4.500		01/25/43		119,902
	327,000,000	h	FNMA	5.000		01/25/43		354,182
	183,000,000	h	FNMA	5.500		01/25/43		198,812
	127,000,000	h	FNMA	6.000		01/25/43		138,708
	25,000,000	h	FNMA	6.500		01/25/43		27,832
	11,093		Government National Mortgage Association (GNMA)	9.000		06/15/16		12
	3,211		GNMA	9.000		09/15/16		3
	4,568		GNMA	9.000		09/15/16		5
	9,205		GNMA	9.000		11/15/16		9
	6,498		GNMA	9.000		12/15/16		7
	2,852		GNMA	9.000		12/15/16		3
	53,782		GNMA	9.500		12/15/16		60
	24,184		GNMA	8.000		06/15/24		29
	43,775		GNMA	8.500		11/20/30		55
	64,633		GNMA	8.500		12/20/30		81
	2,102,774		GNMA	5.500		07/15/33		2,323
	1,002,232		GNMA	5.500		11/20/33		1,109
	3,730,180		GNMA	5.500		03/20/35		4,148
	2,061,099		GNMA	5.500		12/20/35		2,272
	1,270,121		GNMA	6.000		10/20/36		1,421
	1,307,923		GNMA	6.000		01/20/37		1,463
	3,711,105		GNMA	6.000		02/20/37		4,151
	3,552,550		GNMA	6.000		12/15/37		3,966
	3,818,486		GNMA	5.000		04/15/38		4,166
	4,661,484		GNMA	5.500		07/15/38		5,115
	5,192,048		GNMA	5.500		07/20/38		5,698
	1,846,159		GNMA	6.000		08/15/38		2,061
	1,754,003		GNMA	6.000		08/20/38		1,958
	2,538,960		GNMA	6.500		11/20/38		2,883
	7,906,470		GNMA	4.500		03/15/39		8,692
	6,710,944		GNMA	4.500		05/15/39		7,378
	5,448,376		GNMA	5.000		06/15/39		6,085
	4,800,184		GNMA	5.000		06/15/39		5,361
	11,250,029		GNMA	4.500		07/20/39		12,342
	3,357,429		GNMA	5.000		07/20/39		3,706
	3,998,963		GNMA	4.000		08/15/39		4,401
	36,000,000	h	GNMA	3.000		01/15/43		38,267
	109,000,000	h	GNMA	3.500		01/15/43		118,410
	106,000,000	h	GNMA	4.000		01/15/43		116,252
	110,000,000	h	GNMA	4.500		01/15/43		120,433
	102,000,000	h	GNMA	5.000		01/15/43		111,260
	48,000,000	h	GNMA	5.500		01/15/43		52,665
	40,000,000	h	GNMA	6.000		01/15/43		44,622
	121,000,000	h	GNMA	4.500		01/20/43		132,476
	50,000,000	h	GNMA	5.000		01/20/43		54,680

327

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
$	7,811,057	GNMA	6.500	%	01/15/44	$	8,431
		TOTAL MORTGAGE BACKED					4,215,383
MUNICIPAL BONDS - 1.6%
	2,000,000	Charlotte-Mecklenburg Hospital Authority	5.000		08/01/15		2,154
	15,000,000	City of New York NY	2.450		04/01/19		15,352
	10,000,000	City of New York NY	2.650		04/01/20		10,256
	14,900,000	County of Baltimore MD	3.739		08/01/42		14,935
	13,000,000	Grant County Public Utility District No 2	5.630		01/01/27		16,177
	2,000,000	Permanent University Fund	1.439		07/01/17		2,019
	2,625,000	Permanent University Fund	1.730		07/01/18		2,678
	4,720,000	Permanent University Fund	1.880		07/01/19		4,770
	2,320,000	Permanent University Fund	2.258		07/01/20		2,351
	2,160,000	Permanent University Fund	2.408		07/01/21		2,188
	2,750,000	Permanent University Fund	2.508		07/01/22		2,779
	2,855,000	Permanent University Fund	2.608		07/01/23		2,883
	3,250,000	Permanent University Fund	2.708		07/01/24		3,281
	2,335,000	Permanent University Fund	2.808		07/01/25		2,359
	3,775,000	Permanent University Fund	2.908		07/01/26		3,817
	4,000,000	Permanent University Fund	3.008		07/01/27		4,047
	18,535,000	Permanent University Fund	3.575		07/01/32		17,985
	9,000,000	State of California	5.450		04/01/15		9,885
	11,370,000	State of California	5.950		04/01/16		12,754
	16,100,000	State of California	7.625		03/01/40		23,260
	2,915,000	State of Georgia	1.750		07/01/19		2,955
	3,060,000	State of Georgia	2.000		07/01/20		3,110
	3,215,000	State of Georgia	2.150		07/01/21		3,267
	3,905,000	State of Georgia	2.750		07/01/25		3,937
	4,100,000	State of Georgia	2.850		07/01/26		4,127
	4,305,000	State of Georgia	2.950		07/01/27		4,333
	4,520,000	State of Georgia	3.050		07/01/28		4,549
	3,245,000	State of Georgia	3.150		07/01/29		3,234
	4,100,000	State of Illinois	1.560		06/15/17		4,126
	4,500,000	State of Illinois	1.998		06/15/18		4,542
	6,780,000	State of Illinois	2.298		06/15/19		6,874
	4,220,000	State of Illinois	2.681		06/15/20		4,319
	16,210,000	State of Illinois	2.781		06/15/21		16,464
	4,325,000	State of Illinois	2.931		06/15/22		4,385
		TOTAL MUNICIPAL BONDS					226,152
U.S. TREASURY SECURITIES - 14.8%
	209,872,000	United States Treasury Bond	8.000		11/15/21		324,072
	22,000,000	United States Treasury Bond	6.375		08/15/27		33,333
	49,175,000	United States Treasury Bond	5.250		02/15/29		68,100
	110,511,000	United States Treasury Bond	5.375		02/15/31		157,754
	677,000	United States Treasury Bond	4.500		02/15/36		891
	111,855,000	United States Treasury Bond	3.500		02/15/39		126,449
	26,135,000	United States Treasury Bond	4.375		05/15/41		34,049
	31,834,000	United States Treasury Bond	3.750		08/15/41		37,415
	423,000	United States Treasury Bond	3.125		11/15/41		443
	9,436,000	United States Treasury Bond	2.750		08/15/42		9,112
	24,690,000	United States Treasury Note	0.625		01/31/13		24,700
	54,829,000	United States Treasury Note	3.125		09/30/13		56,026

328

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	68,179,000		United States Treasury Note	2.000	%	11/30/13	$	69,303
	45,365,000		United States Treasury Note	0.125		12/31/13		45,337
	15,000,000		United States Treasury Note	0.250		02/28/14		15,008
	6,050,000		United States Treasury Note	0.250		05/31/14		6,053
	36,250,000		United States Treasury Note	0.250		06/30/14		36,264
	92,532,000		United States Treasury Note	0.250		09/30/14		92,554
	60,905,000		United States Treasury Note	0.250		11/30/14		60,907
	12,717,000		United States Treasury Note	1.875		06/30/15		13,210
	15,952,000		United States Treasury Note	1.750		07/31/15		16,535
	171,110,000		United States Treasury Note	0.250		08/15/15		170,803
	88,005,000		United States Treasury Note	0.250		09/15/15		87,812
	68,788,000		United States Treasury Note	0.250		10/15/15		68,632
	18,485,000		United States Treasury Note	1.250		10/31/15		18,954
	235,747,000		United States Treasury Note	0.375		11/15/15		235,968
	9,800,000		United States Treasury Note	2.375		03/31/16		10,419
	68,903,000		United States Treasury Note	1.000		10/31/16		70,216
	10,000,000		United States Treasury Note	3.125		10/31/16		10,991
	23,642,300		United States Treasury Note	0.625		11/30/17		23,563
	92,420,000		United States Treasury Note	2.375		05/31/18		100,131
	17,100,000		United States Treasury Note	2.250		07/31/18		18,419
	35,365,000		United States Treasury Note	1.750		10/31/18		37,089
	5,625,000		United States Treasury Note	1.375		02/28/19		5,764
	5,550,000		United States Treasury Note	1.000		06/30/19		5,533
	30,000,000		United States Treasury Note	1.000		09/30/19		29,794
	3,870,000		United States Treasury Note	1.250		10/31/19		3,902
	319,500		United States Treasury Note	2.625		11/15/20		351
	12,282,000		United States Treasury Note	1.625		11/15/22		12,148
			TOTAL U.S. TREASURY SECURITIES					2,138,004
			TOTAL GOVERNMENT BONDS					8,121,308
			(Cost $7,812,916)
STRUCTURED ASSETS - 4.4%
ASSET BACKED - 2.5%
	31,170,000		AEP Texas Central Transition Funding LLC	2.845		03/01/26		33,101
			Series - 2012 1 (Class A3)
	90,000,000		AEP Texas Central Transtion Funding LLC	1.976		06/01/21		93,065
			Series - 2012 1 (Class A2)
	21,000,000		AmeriCredit Automobile Receivables Trust	0.710		12/08/15		21,036
			Series - 2012 3 (Class A2)
	74,236	g	Asset Backed Funding Corp NIM Trust	5.900		07/26/35		0	^
			Series - 2006 WMC1 (Class N1)
	4,705,576	i	Bear Stearns Asset Backed Securities Trust	0.580		11/25/39		4,510
			Series - 2005 SD3 (Class 2A1)
	32,710,000		CenterPoint Energy Transition Bond Co LLC	3.028		10/15/25		35,090
			Series - 2012 1 (Class A3)
	1,180,137	i	Chase Funding Mortgage Loan Asset-Backed Certificates	5.700		02/25/35		760
			Series - 2004 2 (Class 1M2)
	2,228,912	i	CIT Group Home Equity Loan Trust	6.200		02/25/30		2,222
			Series - 2002 1 (Class AF6)
	647,920	i	Countrywide Asset-Backed Certificates	0.620		05/25/36		633
			Series - 2004 AB2 (Class A3)

329

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	1,823,191	i	Countrywide Asset-Backed Certificates	5.683	%	10/25/46	$	1,822
			Series - 2006 15 (Class A2)
	2,139,193	g,i	Credit-Based Asset Servicing and Securitization LLC	6.159		12/25/36		2,070
			Series - 2007 MX1 (Class A1)
	5,525,000	g,i	DB/UBS Mortgage Trust	5.557		11/10/46		6,479
			Series - 2011 LC1A (Class C)
	17,238,856	g	Dominos Pizza Master Issuer LLC	5.216		01/25/42		19,373
			Series - 2012 1A (Class A2)
	7,214,771	g,i	Flagstar Home Equity Loan Trust	5.781		01/25/35		7,096
			Series - 2007 1A (Class AF3)
	2,725,000		Ford Credit Auto Owner Trust	3.210		07/15/17		2,860
			Series - 2011 A (Class D)
	22,000,000	g	Hyundai Auto Lease Securitization Trust 2011-A	0.680		01/15/15		22,043
			Series - 2012 A (Class A2)
	3,481,161	i	Irwin Home Equity Corp	0.590		02/25/34		2,927
			Series - 2005 A (Class A3)
	18,601,519		Lehman XS Trust	6.500		06/25/46		11,521
			Series - 2006 13 (Class 2A1)
	1,542,131	i	Long Beach Mortgage Loan Trust	0.960		02/25/35		1,526
			Series - 2005 1 (Class M1)
	2,580,062	i	Park Place Securities, Inc	1.155		09/25/34		2,567
			Series - 2004 WHQ1 (Class M1)
	38,285	i	Renaissance Home Equity Loan Trust	0.650		08/25/33		35
			Series - 2003 2 (Class A)
	8,025,000	i	Renaissance Home Equity Loan Trust	5.586		11/25/36		4,440
			Series - 2006 3 (Class AF3)
	322,479	i	Residential Asset Securities Corp	6.489		10/25/30		314
			Series - 2001 KS2 (Class AI6)
	2,087,468	i	Residential Asset Securities Corp	0.640		04/25/35		2,041
			Series - 2005 KS3 (Class M3)
	10,450,797		Residential Funding Mortgage Securities II, Inc	5.500		08/25/25		10,404
			Series - 2006 HI5 (Class A3)
	2,730,846	i	Residential Funding Mortgage Securities II, Inc	5.450		08/25/34		2,805
			Series - 2005 HI1 (Class A5)
	3,350,625		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36		3,456
			Series - 2006 HI3 (Class A3)
	2,500,000	i	Residential Funding Mortgage Securities II, Inc	6.010		02/25/36		2,501
			Series - 2006 HI1 (Class M1)
	350,000	i	Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		348
			Series - 2006 HI1 (Class M2)
	30,000,000		Santander Drive Auto Receivables Trust	0.790		08/17/15		30,061
			Series - 2012 4 (Class A2)
	1,969,411	i	Securitized Asset Backed Receivables LLC	0.510		10/25/35		1,895
			Series - 2006 OP1 (Class A2C)
	3,480,000	g	SLM Student Loan Trust	3.740		02/15/29		3,772
			Series - 2011 B (Class A2)
	4,160,197	i	Soundview Home Equity Loan Trust	0.510		11/25/35		4,029
			Series - 2005 OPT3 (Class A4)
	1,088,080	i	Structured Asset Investment Loan Trust	0.610		05/25/35		1,080
			Series - 2005 4 (Class M1)
	4,264,991	i	Structured Asset Investment Loan Trust	0.490		12/25/35		4,236
			Series - 2005 10 (Class A5)
	8,585,000	g	Vornado DP LLC	5.280		09/13/28		9,744

330

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
			Series - 2010 VNO (Class C)
$	1,060,155	g,m	Wachovia Amortization Controlled Heloc NIM	5.683	%	08/12/47	$	1,020
			Series - 2006 N1 (Class N1)
	2,187,477	g,i	Wachovia Loan Trust	0.570		05/25/35		1,854
			Series - 2005 SD1 (Class A)
	2,026,409	i	Wells Fargo Home Equity Trust	0.350		07/25/36		2,001
			Series - 2006 2 (Class A3)
	5,000,000		World Financial Network Credit Card Master Trust	6.750		04/15/19		5,515
			Series - 2010 A (Class B)
	5,000,000		World Omni Automobile Lease Securitization Trust	0.710		01/15/15		5,007
			Series - 2012 A (Class A2)
			TOTAL ASSET BACKED					367,259
OTHER MORTGAGE BACKED - 1.9%
	1,315,000		Banc of America Commercial Mortgage, Inc	5.675		07/10/46		1,487
			Series - 2006 4 (Class AM)
	9,773,000	i	Banc of America Commercial Mortgage, Inc	5.625		04/10/49		11,430
			Series - 2007 2 (Class A4)
	6,800,000	i	Bear Stearns Commercial Mortgage Securities	5.582		09/11/41		7,596
			Series - 2006 PW13 (Class AM)
	6,375,000	i	Bear Stearns Commercial Mortgage Securities	5.568		10/12/41		7,150
			Series - 2006 T24 (Class AM)
	775,074		Citicorp Mortgage Securities, Inc	5.750		11/25/36		781
			Series - 2006 6 (Class A2)
	36,044		Citicorp Mortgage Securities, Inc	6.000		05/25/37		36
			Series - 2007 4 (Class 1A7)
	188,665	g,i	Citigroup Commercial Mortgage Trust	0.349		04/15/22		186
			Series - 2007 FL3A (Class A2)
	9,330,000	i	Commercial Mortgage Pass Through Certificates	5.650		12/10/49		10,668
			Series - 2007 C9 (Class AM)
	4,717,600		Countrywide Alternative Loan Trust	5.500		08/25/16		4,880
			Series - 2004 30CB (Class 1A15)
	3,803,093		Countrywide Home Loan Mortgage Pass Through Trust	5.250		02/25/16		3,869
			Series - 2005 6 (Class 1A10)
	1,333,385		Countrywide Home Loan Mortgage Pass Through Trust	5.250		05/25/35		1,339
			Series - 2005 12 (Class 1A5)
	167,636		Countrywide Home Loan Mortgage Pass Through Trust	5.500		09/25/35		167
			Series - 2005 J3 (Class 1A1)
	3,179,425	g,i	Credit Suisse Mortgage Capital Certificates	0.389		04/15/22		3,020
			Series - 2007 TF2A (Class A1)
	11,500,000	g	Credit Suisse Mortgage Capital Certificates	5.626		05/15/23		13,126
			Series - 2006 OMA (Class D)
	14,450,000	g	Credit Suisse Mortgage Capital Certificates	5.383		02/15/40		15,106
			Series - 2009 RR1 (Class A3C)
	3,700,000		CS First Boston Mortgage Securities Corp	4.052		05/15/38		3,727
			Series - 2003 C3 (Class B)
	1,575,443		Government National Mortgage Association (GNMA)	4.000		11/20/39		1,659
			Series - 2011 45 (Class LK)
	19,305,000	g	GS Mortgage Securities Corp II	2.933		06/05/31		20,349
			Series - 2012 SHOP (Class A)
	19,445,000	g	GS Mortgage Securities Corp II	3.551		04/10/34		21,005
			Series - 2012 ALOH (Class A)
	5,952,000	g,i,m	GS Mortgage Securities Corp II	4.276		04/10/34		6,215

331

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
			Series - 2012 GSMS (Class C)
$	5,910,000	g,i	GS Mortgage Securities Corp II	5.227	%	12/10/43	$	6,879
			Series - 2010 C2 (Class B)
	4,670,000	g,i	GS Mortgage Securities Corp II	5.227		12/10/43		5,227
			Series - 2010 C2 (Class C)
	1,570,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.440		05/15/45		1,764
			Series - 2006 LDP8 (Class AM)
	6,455,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.252		07/15/46		7,111
			Series - 2011 C4 (Class C)
	3,125,000		JP Morgan Chase Commercial Mortgage Securities Corp	5.336		05/15/47		3,575
			Series - 2006 LDP9 (Class A3)
	554,229	i	JP Morgan Mortgage Trust	4.295		04/25/35		561
			Series - 2005 A2 (Class 5A1)
	773,615		MASTER Asset Securitization Trust	5.000		05/25/35		775
			Series - 2005 1 (Class 2A5)
	3,729,128	i	Merrill Lynch Mortgage Trust	5.107		07/12/38		4,067
			Series - 2005 CIP1 (Class AM)
	13,200,000	i	Morgan Stanley Capital I	5.447		02/12/44		15,256
			Series - 2007 HQ11 (Class A4)
	2,010,000	i	Morgan Stanley Capital I	5.478		02/12/44		2,254
			Series - 2007 HQ11 (Class AM)
	6,560,000	g,i	Morgan Stanley Capital I	5.254		09/15/47		7,360
			Series - 2011 C1 (Class C)
	3,550,000	g,i	Morgan Stanley Capital I	5.254		09/15/47		3,781
			Series - 2011 C1 (Class D)
	3,075,000	i	Morgan Stanley Capital I	5.544		11/12/49		3,351
			Series - 2007 T25 (Class AM)
	2,866,240		Residential Accredit Loans, Inc	4.350		03/25/34		2,941
			Series - 2004 QS4 (Class A1)
	13,936,329	i	Residential Accredit Loans, Inc	0.400		05/25/46		9,288
			Series - 2006 QO5 (Class 2A1)
	3,900,000		RFMSI Trust	5.500		03/25/35		4,073
			Series - 2005 S2 (Class A6)
	4,177,501	g,i	Springleaf Mortgage Loan Trust	2.667		09/25/57		4,227
			Series - 2012 1A (Class A)
	4,376,826	g,i	Springleaf Mortgage Loan Trust	2.220		10/25/57		4,509
			Series - 0 2A (Class A)
	396,866	i	Structured Adjustable Rate Mortgage Loan Trust	0.970		03/25/35		397
			Series - 2005 6XS (Class A3)
	12,390,000		Wachovia Bank Commercial Mortgage Trust	5.342		12/15/43		14,196
			Series - 2007 C30 (Class A5)
	14,530,000		Wachovia Bank Commercial Mortgage Trust	5.383		12/15/43		15,500
			Series - 2007 C30 (Class AM)
	7,595,000		Wachovia Bank Commercial Mortgage Trust	5.500		04/15/47		8,770
			Series - 2007 C31 (Class A5)
	3,660,000		Wachovia Bank Commercial Mortgage Trust	5.339		11/15/48		4,105
			Series - 2006 C29 (Class AM)
	6,565,000	i	Wachovia Bank Commercial Mortgage Trust	5.921		02/15/51		7,639
			Series - 2007 C33 (Class A5)
	165,572		Wells Fargo Mortgage Backed Securities Trust	5.500		04/25/35		165
			Series - 2005 2 (Class 1A1)
	4,725,000	g,i	Wells Fargo Mortgage Backed Securities Trust	5.276		11/15/43		5,459
			Series - 2010 C1 (Class B)

332

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER		RATE		MATURITY DATE	VALUE (000)
			TOTAL OTHER MORTGAGE BACKED					$	277,026
			TOTAL STRUCTURED ASSETS						644,285
			(Cost $618,121)
			TOTAL BONDS						14,091,932
			(Cost $13,445,925)
SHARES			COMPANY
PREFERRED STOCKS - 0.0%
BANKS - 0.0%
	470,597		Federal Home Loan Mortgage Corp		8.375	%	12/30/49		824
	1,527,061		Federal National Mortgage Association		8.250		12/30/49		2,550
			TOTAL BANKS						3,374
			TOTAL PREFERRED STOCKS						3,374
			(Cost $49,942)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 23.1%
GOVERNMENT AGENCY DEBT - 0.8%
$	10,000,000		Federal Home Loan Bank (FHLB)		0.050		02/06/13		10,000
	100,000,000	w	Federal Home Loan Mortgage Corp (FHLMC)		0.099		02/01/13		99,991
			TOTAL GOVERNMENT AGENCY DEBT						109,991
TREASURY DEBT - 22.3%
	21,000,000		United States Treasury Bill		0.025		01/10/13		21,000
	122,700,000	w	United States Treasury Bill	0.024-0.128			01/17/13		122,696
	84,600,000	w	United States Treasury Bill	0.105-0.110			01/24/13		84,594
	100,000,000	w	United States Treasury Bill		0.131		01/31/13		99,989
	64,470,000	w	United States Treasury Bill	0.092-0.126			02/07/13		64,462
	237,500,000	w	United States Treasury Bill	0.111-0.121			02/14/13		237,466
	300,000,000	w	United States Treasury Bill	0.118-0.125			02/21/13		299,947
	166,000,000	w	United States Treasury Bill		0.110		02/28/13		165,971
	275,000,000	w	United States Treasury Bill	0.090-0.135			03/07/13		274,984
	250,000,000	w	United States Treasury Bill		0.135		03/14/13		249,983
	74,500,000		United States Treasury Bill	0.030-0.103			03/21/13		74,494
	140,900,000	w	United States Treasury Bill	0.080-0.115			03/28/13		140,888
	100,000,000	w	United States Treasury Bill		0.115		04/04/13		99,984
	89,100,000	w	United States Treasury Bill		0.140		04/11/13		89,084
	235,000,000	w	United States Treasury Bill	0.129-0.151			04/18/13		234,952
	171,100,000	w	United States Treasury Bill	0.085-0.113			04/25/13		171,060
	31,800,000		United States Treasury Bill		0.080		05/02/13		31,791
	100,000,000	w	United States Treasury Bill		0.125		05/09/13		99,968
	144,000,000	w	United States Treasury Bill		0.130		05/16/13		143,950
	20,000,000		United States Treasury Bill		0.091		05/30/13		19,992
	159,600,000	w	United States Treasury Bill		0.095		06/06/13		159,530
	305,000,000	w	United States Treasury Bill	0.088-0.104			06/13/13		304,856
	50,000,000	w	United States Treasury Bill		0.101		06/27/13		49,973
			TOTAL TREASURY DEBT						3,241,614
			TOTAL SHORT-TERM INVESTMENTS						3,351,605
			(Cost $3,351,365)

333

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL		ISSUER	RATE	MATURITY DATE	VALUE (000)
		TOTAL INVESTMENTS - 120.4%			$	17,458,857
		(Cost $16,859,160)
		OTHER ASSETS & LIABILITIES, NET - (20.4)%				(2,967,756	)
		NET ASSETS - 100.0%			$	14,491,101
	^	Amount represents less than $1,000.
	g	Security exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/2012 the aggregate value of these securities was $1,606,725,000 or 11.1% 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.
	m	Indicates a security that has been deemed illiquid.
	w	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on mortgage dollar rolls.
		Cost amounts are in thousands.

334

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

COLLEGE RETIREMENT EQUITIES FUND
INFLATION-LINKED BOND
SCHEDULE OF INVESTMENTS
December 31, 2012

PRINCIPAL			ISSUER	VALUE (000)
GOVERNMENT BONDS - 99.3%
U.S. TREASURY SECURITIES - 99.3%
			United States Treasury Bond
$	12,000,000		2.750%, 08/15/42	$	11,588
	28,800,000		2.750%, 11/15/42		27,747
		k	United States Treasury Inflation Indexed Bonds
	342,203,339		2.000%, 01/15/14		353,138
	241,885,326		1.250%, 04/15/14		249,369
	337,689,257		2.000%, 07/15/14		356,341
	316,097,591		1.625%, 01/15/15		335,829
	299,728,728		0.500%, 04/15/15		312,748
	289,701,300		1.875%, 07/15/15		315,842
	276,740,852		2.000%, 01/15/16		306,836
	450,002,612		0.125%, 04/15/16		473,839
	280,141,097		2.500%, 07/15/16		321,944
	259,816,804		2.375%, 01/15/17		301,976
	287,143,047		0.125%, 04/15/17		307,490
	213,177,010		2.625%, 07/15/17		255,446
	236,347,589		1.625%, 01/15/18		274,108
	222,694,596		1.375%, 07/15/18		259,230
	220,330,345		2.125%, 01/15/19		267,512
	232,924,550		1.875%, 07/15/19		283,495
	263,469,573		1.375%, 01/15/20		312,314
	290,236,605		1.250%, 07/15/20		344,293
	402,296,278		1.125%, 01/15/21		472,509
	406,225,372		0.625%, 07/15/21		461,764
	292,280,139		0.125%, 01/15/22		317,398
	263,545,800		0.125%, 07/15/22		286,091
	385,653,587		2.375%, 01/15/25		520,241
	276,012,433		2.000%, 01/15/26		361,964
	219,889,485		2.375%, 01/15/27		303,173
	220,723,583		1.750%, 01/15/28		285,716
	260,332,155		3.625%, 04/15/28		412,667
	209,987,209		2.500%, 01/15/29		299,494
	250,592,220		3.875%, 04/15/29		415,357
	83,744,275		3.375%, 04/15/32		138,028
	168,721,760		2.125%, 02/15/40		247,573
	224,886,270		2.125%, 02/15/41		332,076
	203,003,676		0.750%, 02/15/42		222,337
			TOTAL U.S. TREASURY SECURITIES		10,747,473
			TOTAL GOVERNMENT BONDS (Cost $9,183,837)		10,747,473

335

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

PRINCIPAL		ISSUER	VALUE (000)
SHORT-TERM INVESTMENTS - 0.1%
GOVERNMENT AGENCY DEBT - 0.0%
		Federal Home Loan Bank (FHLB)
$	5,000,000	0.040% 02/13/13	$	5,000
				5,000
TREASURY DEBT - 0.1%
		United States Treasury Bill
	6,800,000	0.030% 01/24/13		6,800
				6,800
		TOTAL SHORT-TERM INVESTMENTS		11,800
		(Cost $11,800)
		TOTAL INVESTMENTS - 99.4% (Cost $9,195,637)		10,759,273
		OTHER ASSETS AND LIABILITIES, NET - 0.6%		63,826
		NET ASSETS - 100.0%	$	10,823,099
	k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
		Cost amounts are in thousands.

336

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

COLLEGE RETIREMENT EQUITIES FUND
SOCIAL CHOICE ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2012

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
BONDS - 38.2%
	��
CORPORATE BONDS - 14.5%
AUTOMOBILES & COMPONENTS - 0.1%
$	2,350,000		BorgWarner, Inc	4.625	%	09/15/20	$	2,586
	4,750,000	e	Johnson Controls, Inc	2.600		12/01/16		4,948
	3,250,000		Johnson Controls, Inc	5.000		03/30/20		3,694
			TOTAL AUTOMOBILES & COMPONENTS					11,228
	BANKS - 2.5%
	5,000,000	g	Bank of Montreal	2.625		01/25/16		5,301
	19,750,000	i	Bank of New York Mellon Corp	0.545		10/23/15		19,739
	6,120,000	g	Bank of Nova Scotia	1.450		07/26/13		6,158
	14,090,000	e,g	Bank of Nova Scotia	1.650		10/29/15		14,500
	9,800,000	g	Bank of Nova Scotia	2.150		08/03/16		10,289
	5,000,000		BB&T Corp	3.375		09/25/13		5,104
	19,500,000		BB&T Corp	2.150		03/22/17		20,168
	7,375,000		BB&T Corp	1.600		08/15/17		7,464
	14,750,000		BB&T Corp	3.950		03/22/22		15,928
	9,000,000	g	Canadian Imperial Bank of Commerce	2.000		02/04/13		9,013
	7,000,000	e,g	Canadian Imperial Bank of Commerce	2.750		01/27/16		7,448
	3,500,000		Capital One Capital V	8.875		05/15/40		3,500
	7,200,000	g	Depfa ACS Bank	5.125		03/16/37		5,621
	2,375,000		Discover Bank	7.000		04/15/20		2,949
	8,750,000		First Horizon National Corp	5.375		12/15/15		9,565
	9,750,000		HSBC USA, Inc	1.625		01/16/18		9,759
	10,400,000		Manufacturers & Traders Trust Co	6.625		12/04/17		12,580
	4,644,000	i	Manufacturers & Traders Trust Co	5.585		12/28/20		4,617
	6,076,000	i	Manufacturers & Traders Trust Co	5.629		12/01/21		6,252
	5,000,000	e	Mercantile Bankshares Corp	4.625		04/15/13		5,057
	9,750,000	g	Mizuho Corporate Bank Ltd	1.550		10/17/17		9,760
	4,750,000	g	Mizuho Corporate Bank Ltd	2.950		10/17/22		4,692
	4,150,000		People's United Financial, Inc	3.650		12/06/22		4,172
	5,000,000		PNC Funding Corp	3.625		02/08/15		5,293
	4,750,000		PNC Funding Corp	2.700		09/19/16		5,018
	5,000,000		PNC Funding Corp	5.125		02/08/20		5,947
	4,610,000	i	State Street Bank and Trust Co	0.511		12/08/15		4,577
	6,744,000	e	SVB Financial Group	5.375		09/15/20		7,568
	11,000,000	g	Toronto-Dominion Bank	1.625		09/14/16		11,344
	3,000,000		US Bancorp	4.950		10/30/14		3,226
	5,000,000		US Bancorp	2.875		11/20/14		5,207
	14,500,000		US Bancorp	1.650		05/15/17		14,774
	6,300,000	e	US Bancorp	3.000		03/15/22		6,552
	4,200,000		US Bancorp	2.950		07/15/22		4,243

337

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

	PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
$	3,750,000	i	US Bank NA	0.620	%	10/14/14	$	3,752
			TOTAL BANKS					277,137
CAPITAL GOODS - 0.7%
	2,500,000		3M Co	6.375		02/15/28		3,344
	5,000,000		Danaher Corp	1.300		06/23/14		5,055
	5,000,000		Danaher Corp	2.300		06/23/16		5,229
	1,800,000		Deere & Co	5.375		10/16/29		2,304
	4,340,000		Deere & Co	8.100		05/15/30		6,585
	3,150,000		Masco Corp	7.125		03/15/20		3,665
	3,025,000		National Oilwell Varco, Inc	1.350		12/01/17		3,044
	5,155,000		Pall Corp	5.000		06/15/20		5,829
	8,850,000	g	Pentair Finance S.A.	1.350		12/01/15		8,842
	3,300,000		Rockwell Collins, Inc	3.100		11/15/21		3,467
	6,750,000	g	Schneider Electric S.A.	2.950		09/27/22		6,803
	5,000,000		Timken Co	6.000		09/15/14		5,343
	9,500,000	g	Turlock Corp	0.950		11/02/15		9,529
	3,375,000	g	Turlock Corp	1.500		11/02/17		3,382
	2,500,000	g	Turlock Corp	4.000		11/02/32		2,571
			TOTAL CAPITAL GOODS					74,992
COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
	5,000,000		Howard Hughes Medical Institute	3.450		09/01/14		5,252
	4,750,000		Waste Management, Inc	2.600		09/01/16		4,976
	2,730,000		Waste Management, Inc	4.600		03/01/21		3,094
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES					13,322
CONSUMER DURABLES & APPAREL - 0.1%
	1,100,000		Whirlpool Corp	8.600		05/01/14		1,204
	9,500,000		Whirlpool Corp	4.700		06/01/22		10,097
			TOTAL CONSUMER DURABLES & APPAREL					11,301
CONSUMER SERVICES - 0.2%
	4,000,000		American National Red Cross	5.567		11/15/17		4,260
	5,000,000		Andrew W Mellon Foundation	3.950		08/01/14		5,273
	1,250,000		McDonald's Corp	5.000		02/01/19		1,456
	7,550,000		Nature Conservancy	6.300		07/01/19		9,176
	5,145,000		Salvation Army	5.637		09/01/26		5,848
			TOTAL CONSUMER SERVICES					26,013
DIVERSIFIED FINANCIALS - 2.6%
	9,750,000	i	American Express Centurion Bank	0.760		11/13/15		9,736
	1,675,000		American Express Co	7.000		03/19/18		2,116
	9,500,000		American Express Credit Corp	2.375		03/24/17		9,940
	5,000,000		Bank of New York Mellon Corp	3.100		01/15/15		5,239
	4,750,000		Bank of New York Mellon Corp	1.200		02/20/15		4,801
	5,000,000		Bank of New York Mellon Corp	2.950		06/18/15		5,274
	6,750,000		Bank of New York Mellon Corp	2.300		07/28/16		7,055
	5,450,000	i	Bank of New York Mellon Corp	1.969		06/20/17		5,621
	19,750,000		Bank of New York Mellon Corp	1.300		01/25/18		19,686
	2,675,000		Bank of New York Mellon Corp	5.450		05/15/19		3,197

338

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	9,750,000		Bank of Nova Scotia	0.750	%	10/09/15	$	9,697
	4,750,000	i	Berkshire Hathaway, Inc	1.010		08/15/14		4,799
	4,750,000		Berkshire Hathaway, Inc	2.200		08/15/16		4,956
	7,275,000		Berkshire Hathaway, Inc	1.900		01/31/17		7,520
	2,850,000		BlackRock, Inc	1.375		06/01/15		2,894
	4,000,000	e,g	Caisse Centrale Desjardins du Quebec	2.550		03/24/16		4,233
	14,750,000	g	Caisse Centrale Desjardins du Quebec	1.600		03/06/17		15,131
	5,000,000		Capital One Bank USA NA	8.800		07/15/19		6,771
	4,750,000	i	Capital One Financial Corp	1.490		07/15/14		4,801
	6,500,000		Capital One Financial Corp	2.125		07/15/14		6,617
	9,500,000		Capital One Financial Corp	2.150		03/23/15		9,697
	9,250,000	i	Capital One Financial Corp	0.953		11/06/15		9,273
	8,972,000		Capital One Financial Corp	3.150		07/15/16		9,525
	7,025,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA	3.950		11/09/22		7,194
	375,000		Discover Financial Services	5.200		04/27/22		427
	9,750,000		FMS Wertmanagement AoeR	1.000		11/21/17		9,737
	5,000,000		Ford Motor Credit Co LLC	3.875		01/15/15		5,214
	5,900,000		Ford Motor Credit Co LLC	7.000		04/15/15		6,579
	8,600,000		Ford Motor Credit Co LLC	5.000		05/15/18		9,490
	4,000,000		Ford Motor Credit Co LLC	4.250		09/20/22		4,230
	2,100,000		Invesco Finance plc	3.125		11/30/22		2,121
	5,000,000		John Deere Capital Corp	1.250		12/02/14		5,066
	4,725,000		John Deere Capital Corp	0.875		04/17/15		4,746
	7,000,000		John Deere Capital Corp	0.700		09/04/15		7,000
	4,155,000		John Deere Capital Corp	2.250		06/07/16		4,347
	10,000,000		KFW	2.625		01/25/22		10,587
	6,100,000		Northern Trust Corp	4.625		05/01/14		6,428
	9,750,000		Royal Bank of Canada	0.800		10/30/15		9,739
	16,000,000		Royal Bank of Canada	1.200		09/19/17		16,038
	3,000,000		State Street Corp	4.300		05/30/14		3,162
			TOTAL DIVERSIFIED FINANCIALS					280,684
ENERGY - 1.0%
	4,450,000		Apache Corp	1.750		04/15/17		4,570
	5,000,000		Apache Corp	4.750		04/15/43		5,443
	4,145,000		Continental Resources, Inc	5.000		09/15/22		4,466
	4,475,000		Devon Energy Corp	1.875		05/15/17		4,562
	2,500,000		Devon Energy Corp	6.300		01/15/19		3,102
	6,000,000		Devon Energy Corp	4.750		05/15/42		6,419
	5,000,000		EOG Resources, Inc	2.950		06/01/15		5,256
	3,000,000		EOG Resources, Inc	4.100		02/01/21		3,421
	8,075,000		EOG Resources, Inc	2.625		03/15/23		8,132
	4,750,000		EQT Corp	4.875		11/15/21		5,099
	2,500,000		Hess Corp	8.125		02/15/19		3,290
	3,000,000		Hess Corp	6.000		01/15/40		3,660
	2,000,000		Hess Corp	5.600		02/15/41		2,365
	9,750,000		Marathon Oil Corp	0.900		11/01/15		9,758
	1,526,000		Marathon Oil Corp	5.900		03/15/18		1,846
	6,725,000		Marathon Oil Corp	2.800		11/01/22		6,767
	2,975,000		Newfield Exploration Co	5.625		07/01/24		3,213
	2,500,000		Noble Energy, Inc	8.250		03/01/19		3,277
	2,825,000		Noble Holding International Ltd	2.500		03/15/17		2,915

339

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	2,150,000		Noble Holding International Ltd	3.950	%	03/15/22	$	2,262
	5,725,000		Southwestern Energy Co	4.100		03/15/22		6,158
	6,975,000		Statoil ASA	1.200		01/17/18		6,976
	3,525,000		Statoil ASA	2.450		01/17/23		3,517
	6,175,000		Weatherford International Ltd	4.500		04/15/22		6,553
			TOTAL ENERGY					113,027
FOOD & STAPLES RETAILING - 0.1%
	4,750,000		Kroger Co	2.200		01/15/17		4,909
	7,250,000	e	Safeway, Inc	3.400		12/01/16		7,487
			TOTAL FOOD & STAPLES RETAILING					12,396
FOOD, BEVERAGE & TOBACCO - 0.3%
	476,000		Dr Pepper Snapple Group, Inc	3.200		11/15/21		493
	7,650,000		HJ Heinz Co	2.000		09/12/16		7,894
	1,600,000	g	HJ Heinz Finance Co	7.125		08/01/39		2,208
	2,500,000		Kellogg Co	4.150		11/15/19		2,834
	4,900,000		Kellogg Co	4.000		12/15/20		5,458
	5,000,000		Kraft Foods, Inc	2.625		05/08/13		5,032
	5,000,000		PepsiCo, Inc	2.500		05/10/16		5,266
	428,000		PepsiCo, Inc	7.900		11/01/18		577
			TOTAL FOOD, BEVERAGE & TOBACCO					29,762
HEALTH CARE EQUIPMENT & SERVICES - 0.3%
	9,500,000		Baxter International, Inc	2.400		08/15/22		9,398
	4,000,000		Becton Dickinson & Co	5.000		05/15/19		4,741
	2,000,000		Becton Dickinson & Co	6.000		05/15/39		2,662
	4,750,000		Becton Dickinson and Co	1.750		11/08/16		4,890
	3,500,000		Medtronic, Inc	4.750		09/15/15		3,879
	2,500,000		Medtronic, Inc	6.500		03/15/39		3,522
	5,000,000		Providence Health & Services	5.050		10/01/14		5,368
			TOTAL HEALTH CARE EQUIPMENT & SERVICES					34,460
HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	4,500,000		Colgate-Palmolive Co	2.300		05/03/22		4,539
	5,725,000		Ecolab, Inc	1.450		12/08/17		5,699
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS					10,238
INSURANCE - 0.5%
	2,000,000		Aetna, Inc	1.500		11/15/17		2,004
	3,500,000		Cincinnati Financial Corp	6.125		11/01/34		4,022
	2,000,000		Markel Corp	6.800		02/15/13		2,013
	7,000,000		Markel Corp	4.900		07/01/22		7,611
	3,400,000		Principal Financial Group, Inc	1.850		11/15/17		3,418
	2,500,000	g	Principal Life Global Funding I	5.125		10/15/13		2,591
	3,100,000		Progressive Corp	3.750		08/23/21		3,408
	10,450,000	i	Prudential Financial, Inc	5.875		09/15/42		10,973
	9,500,000	i	Prudential Financial, Inc	5.625		06/15/43		9,845
	3,750,000	g	Swiss Re Treasury US Corp	4.250		12/06/42		3,716
	2,000,000		Travelers Cos, Inc	5.900		06/02/19		2,476
			TOTAL INSURANCE					52,077

340

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							��
PRINCIPAL			ISSUER	RATE		MATURITY DATE		VALUE (000)
MATERIALS - 1.0%
$	3,335,000		Air Products & Chemicals, Inc	4.375	%	08/21/19		$	3,848
	4,750,000		Air Products & Chemicals, Inc	3.000		11/03/21			4,958
	1,000,000		Ball Corp	6.750		09/15/20			1,103
	2,275,000		Ball Corp	5.000		03/15/22			2,434
	4,000,000		Bemis Co, Inc	6.800		08/01/19			4,797
	3,750,000		Clorox Co	3.800		11/15/21			4,084
	7,750,000		Domtar Corp	4.400		04/01/22			7,838
	2,300,000		Eastman Chemical Co	5.500		11/15/19			2,686
	2,650,000		International Paper Co	7.300		11/15/39			3,592
	5,000,000		International Paper Co	6.000		11/15/41			5,921
	5,000,000		MeadWestvaco Corp	7.375		09/01/19			6,272
	5,000,000		Praxair, Inc	4.375		03/31/14			5,236
	2,500,000		Praxair, Inc	5.250		11/15/14			2,717
	4,750,000		Praxair, Inc	1.050		11/07/17			4,751
	5,000,000		Praxair, Inc	4.500		08/15/19			5,789
	4,000,000		Praxair, Inc	2.450		02/15/22			4,020
	9,750,000		Precision Castparts Corp	0.700		12/20/15			9,758
	9,250,000		Precision Castparts Corp	2.500		01/15/23			9,309
	3,400,000		Precision Castparts Corp	3.900		01/15/43			3,488
	2,850,000	g	Rock-Tenn Co	3.500		03/01/20			2,925
	2,850,000	g	Rock-Tenn Co	4.000		03/01/23			2,895
	8,000,000		Sherwin-Williams Co	1.350		12/15/17			7,983
			TOTAL MATERIALS						106,404
MEDIA - 0.4%
	4,750,000	g	British Sky Broadcasting Group plc	3.125		11/26/22			4,733
	4,450,000		Discovery Communications LLC	3.300		05/15/22			4,571
	2,825,000		Discovery Communications LLC	4.950		05/15/42			3,019
	3,500,000		Time Warner Cable, Inc	3.500		02/01/15			3,697
	3,200,000		Time Warner Cable, Inc	8.750		02/14/19			4,317
	3,900,000		Time Warner Cable, Inc	8.250		04/01/19			5,190
	5,000,000		Time Warner Cable, Inc	4.125		02/15/21			5,476
	5,000,000		Time Warner Cable, Inc	4.000		09/01/21			5,488
	3,500,000		Time Warner Cable, Inc	6.550		05/01/37			4,330
	8,000,000		Time Warner Cable, Inc	4.500		09/15/42			7,802
			TOTAL MEDIA						48,623
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.5%
	9,500,000	g,i	AbbVie, Inc	1.072		11/06/15			9,610
	11,425,000	g	AbbVie, Inc	1.750		11/06/17			11,549
	2,695,000		Bristol-Myers Squibb Co	3.250		08/01/42			2,467
	2,250,000		Gilead Sciences, Inc	4.400		12/01/21			2,565
	10,000,000	i	Johnson & Johnson	0.400		05/15/14			10,021
	4,600,000		Johnson & Johnson	2.150		05/15/16			4,807
	4,600,000		Johnson & Johnson	4.500		09/01/40			5,380
	8,080,000		Life Technologies Corp	3.500		01/15/16			8,504
	5,000,000		Merck & Co, Inc	2.250		01/15/16			5,224
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						60,127

341

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
REAL ESTATE - 0.6%
$	1,000,000		AMB Property LP	7.625	%	08/15/14	$	1,094
	3,500,000		Boston Properties LP	3.850		02/01/23		3,677
	9,750,000		Equity One, Inc	3.750		11/15/22		9,632
	1,485,000		Federal Realty Investment Trust	5.950		08/15/14		1,594
	1,400,000		Federal Realty Investment Trust	5.900		04/01/20		1,653
	5,500,000		Federal Realty Investment Trust	3.000		08/01/22		5,444
	3,400,000		Healthcare Realty Trust, Inc	5.750		01/15/21		3,821
	2,500,000		Kilroy Realty Corp	5.000		11/03/15		2,727
	3,400,000		Kilroy Realty LP	4.800		07/15/18		3,788
	3,125,000		Simon Property Group LP	2.800		01/30/17		3,297
	9,500,000	g	Simon Property Group LP	1.500		02/01/18		9,446
	6,150,000		Ventas Realty LP	2.000		02/15/18		6,154
	15,250,000		Washington Real Estate Investment Trust	5.125		03/15/13		15,383
			TOTAL REAL ESTATE					67,710
RETAILING - 0.2%
	5,000,000		AutoZone, Inc	5.750		01/15/15		5,472
	4,750,000		Lowe's Cos, Inc	3.120		04/15/22		5,000
	4,750,000		Lowe's Cos, Inc	4.650		04/15/42		5,289
	1,298,000		Macy's Retail Holdings, Inc	5.900		12/01/16		1,525
	7,536,000		O'Reilly Automotive, Inc	3.800		09/01/22		7,841
			TOTAL RETAILING					25,127
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	5,425,000		Intel Corp	1.350		12/15/17		5,423
	7,500,000		Texas Instruments, Inc	2.375		05/16/16		7,850
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					13,273
SOFTWARE & SERVICES - 0.2%
	5,000,000		Adobe Systems, Inc	3.250		02/01/15		5,236
	9,750,000		International Business Machines Corp	0.550		02/06/15		9,752
	5,250,000		International Business Machines Corp	1.250		02/06/17		5,305
			TOTAL SOFTWARE & SERVICES					20,293
TECHNOLOGY HARDWARE & EQUIPMENT - 0.2%
	3,375,000	e,g	CC Holdings GS V LLC	2.381		12/15/17		3,392
	4,750,000	i	Hewlett-Packard Co	1.859		09/19/14		4,706
	5,000,000		Xerox Corp	8.250		05/15/14		5,454
	9,750,000	i	Xerox Corp	1.130		05/16/14		9,730
	4,000,000		Xerox Corp	2.950		03/15/17		4,104
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT					27,386
TELECOMMUNICATION SERVICES - 0.1%
	4,750,000		American Tower REIT, Inc	5.900		11/01/21		5,670
	3,235,000		Sprint Nextel Corp	6.000		12/01/16		3,518
	2,125,000		Virgin Media Finance plc	4.875		02/15/22		2,173
			TOTAL TELECOMMUNICATION SERVICES					11,361
TRANSPORTATION - 0.7%
	9,750,000		Burlington Northern Santa Fe LLC	3.050		03/15/22		10,062
	4,600,000		Burlington Northern Santa Fe LLC	5.050		03/01/41		5,222

342

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	2,100,000		Burlington Northern Santa Fe LLC	4.950	%	09/15/41	$	2,369
	8,550,000		Burlington Northern Santa Fe LLC	4.400		03/15/42		8,974
	6,500,000		CSX Corp	4.750		05/30/42		6,999
	6,300,000		CSX Corp	4.100		03/15/44		6,219
	2,500,000		Norfolk Southern Corp	5.750		01/15/16		2,845
	5,000,000		Norfolk Southern Corp	3.250		12/01/21		5,232
	12,775,000		Norfolk Southern Corp	3.000		04/01/22		13,104
	6,894,000	g	Norfolk Southern Corp	2.903		02/15/23		6,939
	475,000		Norfolk Southern Corp	5.590		05/17/25		583
	6,425,000	g	Sydney Airport Finance Co Pty Ltd	3.900		03/22/23		6,563
	1,360,000	i	United Parcel Service of America, Inc (Step Bond 8.375% until 04/01/20, 7.620% until 04/01/30)	8.375		04/01/30		2,050
	4,200,000		United Parcel Service, Inc	1.125		10/01/17		4,208
			TOTAL TRANSPORTATION					81,369
UTILITIES - 1.9%
	7,850,000		American Water Capital Corp	6.085		10/15/17		9,382
	1,525,000		American Water Capital Corp	4.300		12/01/42		1,584
	1,667,000		Arizona Public Service Co	5.050		09/01/41		1,910
	2,000,000		Atmos Energy Corp	8.500		03/15/19		2,686
	1,200,000		Connecticut Light & Power Co	5.500		02/01/19		1,439
	2,000,000		Connecticut Light & Power Co	5.750		03/01/37		2,477
	9,400,000		Delmarva Power & Light Co	4.000		06/01/42		9,775
	2,254,413	g	Great River Energy	5.829		07/01/17		2,398
	9,500,000		Idaho Power Co	2.950		04/01/22		9,692
	5,000,000		Idaho Power Co	5.500		04/01/33		5,862
	2,500,000		Idaho Power Co	6.250		10/15/37		3,273
	4,500,000		Idaho Power Co	4.300		04/01/42		4,594
	7,500,000	g	International Transmission Co	4.450		07/15/13		7,645
	9,250,000	g	Narragansett Electric Co	4.170		12/10/42		9,165
	6,000,000		Nevada Power Co	6.650		04/01/36		8,141
	9,750,000	g	Niagara Mohawk Power Corp	2.721		11/28/22		9,695
	9,750,000	g	Niagara Mohawk Power Corp	4.119		11/28/42		9,544
	5,000,000		Northeast Utilities	5.650		06/01/13		5,104
	10,000,000	i	Northeast Utilities	1.059		09/20/13		10,051
	1,500,000		Northwest Natural Gas Co	5.620		11/21/23		1,824
	5,000,000		Pacific Gas & Electric Co	8.250		10/15/18		6,808
	3,750,000		Pacific Gas & Electric Co	5.400		01/15/40		4,491
	3,000,000		Pepco Holdings, Inc	2.700		10/01/15		3,105
	3,850,000		Portland General Electric Co	6.100		04/15/19		4,730
	630,000		Public Service Co of Colorado	4.750		08/15/41		723
	5,500,000		San Diego Gas & Electric Co	3.000		08/15/21		5,823
	620,000		San Diego Gas & Electric Co	6.000		06/01/39		849
	10,000,000		Sempra Energy	2.300		04/01/17		10,384
	5,000,000		Spectra Energy Capital LLC	5.650		03/01/20		5,945
	2,500,000		Tampa Electric Co	4.100		06/15/42		2,621
	2,500,000		Tennessee Gas Pipeline Co	8.000		02/01/16		2,973
	5,000,000	g	Texas Eastern Transmission LP	4.125		12/01/20		5,428
	12,150,000	g	Texas Eastern Transmission LP	2.800		10/15/22		12,154
	14,500,000	g	Topaz Solar Farms LLC	5.750		09/30/39		15,010
	5,000,000		Washington Gas Light Co	5.440		08/11/25		5,845
	4,875,000		Westar Energy, Inc	4.125		03/01/42		5,087

343

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	6,525,000		Western Massachusetts Electric Co	3.500	%	09/15/21	$	6,982
			TOTAL UTILITIES					215,199
			TOTAL CORPORATE BONDS					1,623,509
			(Cost $1,537,846)
GOVERNMENT BONDS 22.2%
AGENCY SECURITIES - 4.3%
	7,191,603		Cal Dive I- Title XI, Inc	4.930		02/01/27		8,297
	7,909,811		COP I LLC	3.613		12/05/21		8,713
	5,500,000		Federal Home Loan Bank (FHLB)	5.000		11/17/17		6,594
	4,635,000		Federal Home Loan Mortgage Corp (FHLMC)	2.500		04/23/14		4,775
	5,000,000		FHLMC	1.000		09/29/17		5,053
	6,000,000		Federal National Mortgage Association (FNMA)	1.250		08/20/13		6,040
	3,000,000		FNMA	2.500		05/15/14		3,093
	10,000,000		FNMA	2.625		11/20/14		10,446
	6,400,000		FNMA	1.125		04/27/17		6,517
	7,720,297		Gate Capital Cayman Two	3.550		06/11/21		8,394
	1,096,000	j	Government Trust Certificate	0.000		04/01/19		999
	4,000,000	j	Government Trust Certificate	0.000		04/01/21		3,279
	2,800,000	j	Overseas Private Investment Corp (OPIC)	0.000		07/12/14		2,813
	3,850,000	j	OPIC	0.000		07/12/14		4,095
	4,700,000	j	OPIC	0.000		07/12/14		5,377
	533,847	j	OPIC	0.000		12/14/14		630
	2,750,000	j	OPIC	0.000		04/30/15		2,755
	12,750,000	j	OPIC	0.000		11/17/16		13,443
	14,500,000	j	OPIC	0.000		11/17/16		15,117
	3,000,000		OPIC	1.900		04/30/18		3,156
	12,000,000		OPIC	1.030		04/15/19		12,255
	2,553,571		OPIC	1.300		06/15/19		2,596
	3,659,394		OPIC	5.142		12/15/23		4,273
	6,218,676		OPIC	2.290		09/15/26		6,384
	3,408,510		OPIC	2.040		12/15/26		3,493
	8,582,753		OPIC	4.440		02/27/27		10,029
	12,000,000		OPIC	2.610		04/15/30		12,038
	4,750,000		OPIC	2.930		05/15/30		4,900
	7,850,000		OPIC	3.040		05/15/30		8,177
	5,000,000		OPIC	3.430		05/15/30		5,384
	4,750,000		OPIC	4.010		05/15/30		5,364
	9,250,000	m	OPIC	2.310		11/15/30		9,250
	1,050,000		Private Export Funding Corp (PEFCO)	4.550		05/15/15		1,154
	9,750,000		PEFCO	2.125		07/15/16		10,294
	26,250,000		PEFCO	1.375		02/15/17		26,988
	8,000,000		PEFCO	2.250		12/15/17		8,537
	5,000,000		PEFCO	4.375		03/15/19		5,963
	4,000,000		PEFCO	1.450		08/15/19		4,033
	17,500,000		PEFCO	4.300		12/15/21		21,136
	20,000,000		PEFCO	2.050		11/15/22		19,961
	1,500,000		US Department of Housing and Urban Development (HUD)	5.050		08/01/13		1,542

344

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	9,000,000		HUD	5.190	%	08/01/14	$	9,697
	1,900,000		HUD	2.200		08/01/15		1,989
	5,250,000		HUD	4.330		08/01/15		5,775
	3,894,000		HUD	2.910		08/01/17		4,270
	8,000,000		HUD	4.560		08/01/17		9,288
	10,750,000		HUD	1.770		08/01/18		11,158
	5,007,000		HUD	5.380		08/01/18		5,809
	13,967,000		HUD	4.960		08/01/20		17,226
	13,500,000		HUD	5.050		08/01/21		16,675
	10,875,000	i	India Government AID Bond	0.413		02/01/27		10,362
	10,000,000		Lutheran Medical Center	1.982		02/20/30		9,985
	4,590,000	g	Montefiore Medical Center	3.896		05/20/27		5,048
	1,057,941		National Credit Union Administration	1.840		10/07/20		1,075
	2,295,000		NCUA Guaranteed Notes	1.400		06/12/15		2,348
	13,360,000		NCUA Guaranteed Notes	3.450		06/12/21		15,002
	5,881,103		Premier Aircraft Leasing	3.576		02/06/22		6,427
	4,028,966		Tayarra Ltd	3.628		02/15/22		4,416
	3,939,449		Tricahue Leasing LLC	3.503		11/19/21		4,290
	31,044,000		Tunisia Government AID Bonds	1.686		07/16/19		30,889
	4,900,000		UNM Sandoval Regional Medical Center	4.500		07/20/36		5,395
	2,823,780	g	US Trade Funding Corp	4.260		11/15/14		2,924
	7,142,761		VRG Linhas Aereas S.A.	1.000		06/30/14		7,188
			TOTAL AGENCY SECURITIES					490,573
FOREIGN GOVERNMENT BONDS - 3.2%
	6,300,000		Canada Government International Bond	0.875		02/14/17		6,351
	24,750,000		Council of Europe Development Bank	1.500		01/15/15		25,262
	2,000,000		European Investment Bank	4.875		02/15/36		2,372
	14,500,000		Hydro Quebec	2.000		06/30/16		15,109
	10,200,000		Hydro Quebec	1.375		06/19/17		10,337
	6,082,000		Hydro Quebec	8.400		01/15/22		8,726
	24,500,000		International Finance Corp	2.250		04/28/14		25,128
	24,500,000		International Finance Corp	0.500		05/15/15		24,574
	2,850,000	e	Italy Government International Bond	5.375		06/12/17		3,050
	3,145,000	e,g	National Bank of Canada	1.650		01/30/14		3,188
	7,500,000	g	National Bank of Canada	2.200		10/19/16		7,893
	29,250,000		North American Development Bank	2.400		10/26/22		29,501
	17,500,000	g	Province of Alberta Canada	1.000		06/21/17		17,673
	4,000,000		Province of British Columbia Canada	2.850		06/15/15		4,231
	21,000,000	e	Province of British Columbia Canada	1.200		04/25/17		21,377
	14,500,000		Province of British Columbia Canada	2.000		10/23/22		14,289
	10,000,000		Province of Manitoba Canada	1.375		04/28/14		10,136
	15,250,000		Province of Manitoba Canada	1.750		05/30/19		15,513
	19,500,000	e	Province of Manitoba Canada	2.100		09/06/22		19,388
	10,000,000		Province of New Brunswick Canada	2.750		06/15/18		10,774
	5,000,000		Province of Nova Scotia Canada	2.375		07/21/15		5,231
	8,100,000		Province of Ontario Canada	2.950		02/05/15		8,513
	9,450,000		Province of Ontario Canada	2.700		06/16/15		9,949
	15,000,000		Province of Ontario Canada	2.300		05/10/16		15,780
	6,000,000		Province of Ontario Canada	4.000		10/07/19		6,887
	5,000,000		Province of Ontario Canada	4.400		04/14/20		5,888
	10,000,000		Province of Quebec Canada	3.500		07/29/20		11,107

345

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	10,000,000	e	Province of Quebec Canada	2.750	%	08/25/21	$	10,446
	5,000,000		Province of Quebec Canada	7.500		09/15/29		7,599
			TOTAL FOREIGN GOVERNMENT BONDS					356,272
MORTGAGE BACKED - 9.8%
	1,687,291	i	Federal Home Loan Mortgage Corp (FHLMC)	2.386		02/01/36		1,789
	3,084,334	i	FHLMC	2.850		07/01/36		3,299
	1,033,574	i	FHLMC	2.605		09/01/36		1,103
	4,067,408	i	FHLMC	2.637		09/01/36		4,346
	1,242,363	i	FHLMC	5.770		02/01/37		1,338
	4,013,957	i	FHLMC	2.890		03/01/37		4,292
	2,136,236	i	FHLMC	5.925		04/01/37		2,320
	1,739,699	i	FHLMC	3.407		08/01/37		1,844
	2,594,917	i	FHLMC	2.070		09/01/37		2,732
	117,423		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.500		12/01/16		126
	209,574		FGLMC	6.000		12/01/17		229
	1,744,359		FGLMC	4.500		10/01/18		1,902
	1,973,566		FGLMC	4.500		11/01/18		2,152
	2,394,721		FGLMC	4.500		11/01/18		2,611
	3,016,028		FGLMC	4.500		01/01/19		3,288
	1,094,615		FGLMC	5.500		01/01/19		1,191
	1,037,859		FGLMC	5.000		02/01/19		1,133
	458,034		FGLMC	4.500		01/01/20		488
	143,873		FGLMC	4.500		07/01/20		156
	144,826		FGLMC	7.000		10/01/20		169
	1,119,075		FGLMC	4.500		06/01/21		1,195
	3,739,645		FGLMC	4.500		06/01/21		3,992
	646,106		FGLMC	4.500		03/01/23		688
	494,414		FGLMC	5.000		04/01/23		530
	13,143		FGLMC	7.000		05/01/23		15
	1,837,444		FGLMC	4.000		07/01/24		1,943
	581,715		FGLMC	4.500		09/01/24		619
	5,000,000	h	FGLMC	5.000		01/15/28		5,356
	47,442		FGLMC	8.000		01/01/31		58
	1,229,595		FGLMC	4.500		07/01/33		1,323
	2,034,890		FGLMC	5.500		09/01/33		2,250
	2,258,781		FGLMC	5.500		09/01/33		2,533
	3,472,062		FGLMC	5.500		12/01/33		3,782
	5,854,063		FGLMC	7.000		12/01/33		6,938
	985,214		FGLMC	6.000		09/01/34		1,084
	617,969		FGLMC	5.500		12/01/34		684
	973,873		FGLMC	6.000		05/01/35		1,068
	499,081		FGLMC	6.000		05/01/35		549
	673,328		FGLMC	6.000		05/01/35		741
	106,359		FGLMC	6.000		05/01/35		117
	197,049		FGLMC	6.000		05/01/35		216
	1,163,356		FGLMC	6.000		05/01/35		1,280
	2,428,818		FGLMC	7.000		05/01/35		2,878
	810,237		FGLMC	5.500		06/01/35		880
	1,229,600		FGLMC	6.000		08/01/35		1,347
	498,318		FGLMC	4.500		09/01/35		536
	558,678		FGLMC	5.000		10/01/35		603

346

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	298,385		FGLMC	4.500	%	12/01/35	$	321
	453,602		FGLMC	5.000		02/01/36		490
	78,320		FGLMC	6.500		05/01/36		89
	775,034		FGLMC	6.500		10/01/36		882
	1,092,004		FGLMC	6.000		09/01/37		1,201
	1,000,087		FGLMC	6.500		11/01/37		1,138
	2,684,787		FGLMC	6.000		02/01/38		2,961
	570,920		FGLMC	6.000		11/01/38		621
	817,406		FGLMC	4.500		05/01/39		877
	3,214,050		FGLMC	4.000		06/01/39		3,432
	1,721,742		FGLMC	5.000		07/01/39		1,853
	5,685,278		FGLMC	6.000		07/01/39		6,279
	5,184,737		FGLMC	4.500		11/01/40		5,820
	5,861,319		FGLMC	4.500		12/01/40		6,553
	10,000,000	h	FGLMC	3.500		01/15/43		10,634
	9,000,000	h	FGLMC	4.000		01/15/43		9,607
	3,169		Federal National Mortgage Association (FNMA)	5.000		06/01/13		3
	2,524,686		FNMA	4.440		07/01/13		2,524
	3,414,345		FNMA	4.021		08/01/13		3,433
	1,368,796		FNMA	4.561		05/01/14		1,416
	3,896,789		FNMA	4.265		06/01/14		4,032
	2,826,145		FNMA	4.530		10/01/14		2,960
	2,398		FNMA	8.500		11/01/14		3
	60,531		FNMA	6.500		10/01/16		65
	361,030		FNMA	6.500		04/01/17		391
	758,677		FNMA	5.000		12/01/17		825
	151,629		FNMA	6.500		02/01/18		165
	153,588		FNMA	5.500		04/01/18		165
	28,075		FNMA	5.500		05/01/18		30
	2,446,102		FNMA	5.500		11/01/18		2,649
	1,634,933		FNMA	5.000		12/01/18		1,801
	1,633,038		FNMA	5.000		01/01/19		1,799
	160,367		FNMA	6.000		01/01/19		175
	174,528		FNMA	6.000		02/01/19		191
	563,876		FNMA	4.000		02/25/19		593
	62,231		FNMA	4.500		03/01/19		67
	269,505		FNMA	4.500		05/01/19		291
	478,750		FNMA	4.500		06/01/19		516
	540,734		FNMA	5.000		03/01/20		588
	243,737		FNMA	4.500		11/01/20		263
	627,261		FNMA	5.000		12/01/20		682
	867,276		FNMA	5.000		03/01/21		943
	1,819,386		FNMA	5.500		08/01/21		1,971
	659,961		FNMA	4.500		03/01/23		710
	24,542		FNMA	8.000		03/01/23		28
	1,735,963		FNMA	5.000		07/01/23		1,880
	92,057		FNMA	5.000		01/01/24		101
	289,363		FNMA	5.500		02/01/24		317
	1,180,598		FNMA	4.000		05/01/24		1,265
	55,489		FNMA	8.000		07/01/24		66
	1,291,117		FNMA	4.500		08/01/24		1,389
	5,054,200		FNMA	4.000		09/01/24		5,415

347

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER		RATE		MATURITY DATE	VALUE (000)
$	7,083,921		FNMA		3.000	%	05/01/27	$	7,611
	27,000,000	h	FNMA		2.500		01/25/28		28,232
	29,000,000	h	FNMA		3.000		01/25/28		30,609
	13,000,000	h	FNMA		4.000		01/25/28		13,920
	8,000,000	h	FNMA		4.500		01/25/28		8,605
	915,860		FNMA		6.500		07/01/32		1,043
	140,469		FNMA		5.000		02/01/33		153
	1,872,116		FNMA		4.500		03/25/33		1,944
	711,302		FNMA		5.500		07/01/33		808
	700,322		FNMA		4.500		08/01/33		760
	573,169		FNMA		5.000		08/01/33		624
	242,868		FNMA		4.500		09/01/33		266
	677,286		FNMA		5.000		10/01/33		738
	431,832		FNMA		5.000		10/01/33		471
	1,068,484		FNMA		5.000		11/01/33		1,210
	1,124,315		FNMA		5.500		11/01/33		1,289
	1,421,167		FNMA		5.500		11/01/33		1,629
	1,813,520		FNMA		5.500		11/01/33		2,079
	1,342,676		FNMA	��	5.500		11/01/33		1,539
	992,074		FNMA		5.500		11/01/33		1,137
	180,436		FNMA		5.500		12/01/33		200
	502,254		FNMA		5.500		12/01/33		552
	89,788		FNMA		7.000		01/01/34		107
	161,561		FNMA		5.000		03/01/34		176
	191,893		FNMA		5.000		03/01/34		209
	219,892		FNMA		5.000		03/01/34		240
	506,237		FNMA		5.000		03/01/34		552
	1,563,374		FNMA		5.000		04/01/34		1,699
	20,461		FNMA		4.500		05/01/34		22
	455,657		FNMA		4.500		05/01/34		494
	19,359		FNMA		4.500		05/01/34		21
	100,797		FNMA		4.500		06/01/34		109
	26,912		FNMA		4.500		06/01/34		29
	24,913		FNMA		4.500		06/01/34		27
	20,543		FNMA		4.500		06/01/34		22
	19,526		FNMA		4.500		07/01/34		21
	48,208		FNMA		4.500		07/01/34		52
	109,405		FNMA		4.500		07/01/34		119
	930,193		FNMA		4.500		08/01/34		1,008
	18,900		FNMA		4.500		08/01/34		21
	26,291		FNMA		4.500		09/01/34		29
	378,206		FNMA		6.000		12/01/34		422
	5,506,468		FNMA		5.500		01/01/35		6,258
	1,028,958		FNMA		5.500		01/01/35		1,128
	346,470		FNMA		5.500		03/01/35		385
	796,763		FNMA		5.500		04/01/35		886
	605,862		FNMA		5.500		04/01/35		673
	791,422		FNMA		5.500		04/01/35		896
	172,555		FNMA		5.500		05/01/35		189
	249,389		FNMA		5.500		05/01/35		273
	1,738,577		FNMA		5.500		05/01/35		1,976
	180,499		FNMA		5.500		05/01/35		197

348

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	1,501,858		FNMA	6.000	%	05/01/35	$	1,680
	1,815,577		FNMA	5.500		06/01/35		2,063
	1,372,929		FNMA	5.500		06/01/35		1,554
	1,047,030		FNMA	5.500		06/01/35		1,190
	56,164		FNMA	7.500		06/01/35		63
	363,367		FNMA	6.000		07/01/35		400
	929,205		FNMA	4.500		08/01/35		1,005
	2,101,026		FNMA	5.000		08/01/35		2,281
	7,249,072		FNMA	4.000		10/01/35		7,826
	4,745,114		FNMA	5.500		10/01/35		5,369
	754,164	i	FNMA	2.705		02/01/36		800
	894,080		FNMA	6.500		02/01/36		1,007
	258,009		FNMA	6.500		02/01/36		291
	1,625,061		FNMA	6.000		03/01/36		1,779
	976,835	i	FNMA	2.760		07/01/36		1,045
	1,313,132		FNMA	6.500		09/01/36		1,477
	937,374		FNMA	6.000		12/01/36		1,026
	6,810,315	i	FNMA	5.853		01/01/37		7,332
	593,106		FNMA	7.000		02/01/37		706
	2,013,159		FNMA	6.500		03/01/37		2,263
	594,502		FNMA	7.000		04/01/37		708
	687,356		FNMA	6.500		08/01/37		773
	434,211		FNMA	6.500		08/01/37		488
	1,360,711		FNMA	6.000		09/01/37		1,526
	1,133,832		FNMA	6.000		09/01/37		1,295
	1,923,059		FNMA	6.000		09/01/37		2,196
	1,626,057		FNMA	6.000		09/01/37		1,857
	837,299		FNMA	6.500		09/01/37		940
	423,245		FNMA	6.500		09/01/37		503
	363,498		FNMA	6.500		09/01/37		408
	167,438		FNMA	6.500		09/01/37		188
	561,103	i	FNMA	2.481		10/01/37		603
	642,855		FNMA	7.000		11/01/37		765
	99,140		FNMA	6.500		01/01/38		117
	23,388		FNMA	6.500		02/01/38		26
	142,030		FNMA	6.500		03/01/38		160
	572,059		FNMA	6.500		03/01/38		654
	79,789		FNMA	6.500		03/01/38		94
	972,532	i	FNMA	4.917		10/01/38		1,042
	1,360,140		FNMA	4.500		01/01/39		1,470
	980,182		FNMA	5.500		01/01/39		1,065
	903,665		FNMA	6.000		01/01/39		987
	1,265,960		FNMA	6.000		01/01/39		1,383
	1,847,142		FNMA	4.500		02/01/39		1,996
	2,867,385		FNMA	4.000		04/01/39		3,194
	2,976,506		FNMA	4.500		04/01/39		3,216
	2,378,532		FNMA	4.500		08/01/39		2,570
	4,685,777		FNMA	5.500		08/01/39		5,200
	10,500,000		FNMA	4.000		02/25/40		11,370
	6,364,794		FNMA	4.000		11/01/40		6,830
	2,987,715		FNMA	3.500		10/01/42		3,229
	74,000,000	h	FNMA	3.000		01/25/43		77,538

349

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	44,000,000	h	FNMA	3.500	%	01/25/43	$	46,910
	93,000,000	h	FNMA	4.000		01/25/43		99,684
	103,000,000	h	FNMA	4.500		01/25/43		111,260
	64,000,000	h	FNMA	5.000		01/25/43		69,320
	31,000,000	h	FNMA	5.500		01/25/43		33,679
	39,150		Government National Mortgage Association (GNMA)	9.000		12/15/17		44
	6,292,224		GNMA	2.300		10/15/19		6,517
	23,676		GNMA	8.000		06/15/22		27
	10,529		GNMA	6.500		08/15/23		12
	27,687		GNMA	6.500		08/15/23		32
	163,855		GNMA	6.500		05/20/31		188
	595,208		GNMA	5.500		07/15/33		658
	340,142		GNMA	6.000		10/20/36		380
	350,257		GNMA	6.000		01/20/37		392
	1,508,064		GNMA	5.500		02/15/37		1,655
	1,857,905		GNMA	6.000		02/20/37		2,078
	1,161,938		GNMA	5.000		04/15/38		1,268
	772,773		GNMA	6.000		08/15/38		863
	733,955		GNMA	6.000		08/20/38		819
	1,269,480		GNMA	6.500		11/20/38		1,441
	2,470,772		GNMA	4.500		03/15/39		2,716
	394,761		GNMA	4.500		05/15/39		434
	3,298,267		GNMA	4.500		07/20/39		3,618
	1,048,490		GNMA	5.000		07/20/39		1,157
	1,284,807		GNMA	4.000		08/15/39		1,414
	41,000,000	h	GNMA	3.000		01/15/43		43,582
	46,000,000	h	GNMA	3.500		01/15/43		49,971
	33,000,000	h	GNMA	4.000		01/15/43		36,192
	15,000,000	h	GNMA	5.000		01/15/43		16,362
	22,000,000	h	GNMA	5.500		01/15/43		24,138
	10,000,000	h	GNMA	6.000		01/15/43		11,156
	38,000,000	h	GNMA	4.500		01/20/43		41,604
	20,000,000	h	GNMA	5.000		01/20/43		21,872
			TOTAL MORTGAGE BACKED					1,102,833
MUNICIPAL BONDS - 2.5%
	6,520,000		American Municipal Power	6.270		02/15/50		7,795
	4,500,000	g	Basin Electric Power Coop	6.127		06/01/41		5,041
	3,000,000		Broward County FL Water & Sewer Utility Revenue	1.350		10/01/16		3,036
	1,410,000		Broward County FL Water & Sewer Utility Revenue	1.910		10/01/18		1,448
	6,165,000		California Pollution Control Financing Authority	5.000		07/01/27		6,591
	4,500,000		California Pollution Control Financing Authority	5.000		07/01/37		4,644
	3,700,000		Calleguas Municipal Water District	2.030		07/01/18		3,752
	2,390,000		Charlotte-Mecklenburg Hospital Authority	5.000		08/01/15		2,574
	1,400,000		Chelan County Public Utility District No	1.398		07/01/14		1,417
	2,300,000		Chelan County Public Utility District No	1.867		07/01/15		2,352
	5,000,000		Chicago Metropolitan Water Reclamation District-Greater Chicago	5.720		12/01/38		6,342
	1,250,000		City & County of Honolulu, HI	6.114		07/01/29		1,419
	4,000,000		City of Dallas, TX	5.078		02/15/22		4,794
	1,500,000		City of Dallas, TX	5.195		02/15/35		1,792
	850,000		City of Eugene, OR	6.320		08/01/22		962

350

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL		ISSUER	RATE		MATURITY DATE	VALUE (000)
$	5,000,000	City of New York, NY	4.500	%	06/01/15	$	5,271
	4,500,000	City of Seattle WA Municipal Light & Power Revenue	3.500		06/01/30		4,608
	5,000,000	Commonwealth of Massachusetts	5.456		12/01/39		6,284
	1,750,000	County of Mercer, NJ	5.380		02/01/17		1,846
	4,000,000	Dallas County Hospital District	5.621		08/15/44		5,152
	1,680,000	Douglas County Public Utility District No 1 Wells Hydroelectric	5.112		09/01/18		1,854
	1,400,000	Elkhart Redevelopment District	5.500		06/15/18		1,427
	7,060,000	Fiscal Year 2005 Securitization Corp	4.760		08/15/19		7,789
	1,250,000	Grant County Public Utility District No 2	4.164		01/01/35		1,302
	1,900,000	Guadalupe Valley Electric Coop, Inc	5.671		10/01/32		1,835
	19,500,000	Irvine Ranch Water District Joint Powers Agency	2.388		03/15/14		19,528
	1,000,000	Kansas Development Finance Authority	4.592		05/01/14		1,044
	1,350,000	Kansas Development Finance Authority	4.722		05/01/15		1,460
	1,000,000	Massachusetts Housing Finance Agency	1.306		06/01/16		997
	545,000	Massachusetts Housing Finance Agency	1.776		06/01/17		545
	6,320,000	Massachusetts Housing Finance Agency	4.782		12/01/20		6,852
	5,400,000	Massachusetts St. Water Pollution Abatement	5.192		08/01/40		6,330
	10,000,000	Metropolitan Council	1.750		09/01/20		9,990
	4,475,000	Metropolitan Council	1.900		09/01/21		4,435
	3,000,000	Metropolitan Washington Airports Authority	5.690		10/01/30		3,249
	5,000,000	Metropolitan Water District of Southern California	6.250		07/01/39		5,954
	750,000	Metropolitan Water Reclamation District of Greater Chicago	2.229		12/01/16		782
	5,000,000	Mississippi Development Bank Special Obligation	5.320		07/01/14		5,244
	1,000,000	New York State Environmental Facilities Corp	1.755		06/15/18		1,010
	1,200,000	New York State Environmental Facilities Corp	2.005		06/15/19		1,214
	1,220,000	New York State Environmental Facilities Corp	2.595		06/15/21		1,237
	1,255,000	New York State Environmental Facilities Corp	3.045		06/15/24		1,270
	1,225,000	New York State Environmental Facilities Corp	3.195		06/15/25		1,241
	500,000	New York State Environmental Facilities Corp	3.684		12/15/29		508
	3,000,000	New York State Urban Development Corp	6.500		12/15/18		3,574
	270,000	Newport News Economic Development Authority	5.640		01/15/29		292
	2,230,000	Newport News Economic Development Authority	5.640		01/15/29		2,536
	1,250,000	Niagara Area Development Corp	4.000		11/01/24		1,241
	4,750,000	Northern California Power Agency	4.320		07/01/24		4,938
	2,450,000	Ohio State Water Development Authority	4.879		12/01/34		2,759
	2,500,000	Oklahoma Capital Improvement Authority	5.180		07/01/14		2,684
	825,000	Pend Oreille County Public Utility District No Box Canyon	0.984		01/01/14		824
	715,000	Pend Oreille County Public Utility District No Box Canyon	1.406		01/01/15		714
	1,220,000	Pend Oreille County Public Utility District No Box Canyon	1.987		01/01/16		1,217
	1,000,000	Pend Oreille County Public Utility District No Box Canyon	2.417		01/01/17		995
	1,000,000	Pend Oreille County Public Utility District No Box Canyon	2.787		01/01/18		997
	1,000,000	Pend Oreille County Public Utility District No Box Canyon	3.037		01/01/19		997
	1,655,000	Pend Oreille County Public Utility District No Box Canyon	3.421		01/01/20		1,650
	1,070,000	Pend Oreille County Public Utility District No Box Canyon	3.621		01/01/21		1,068
	11,500,000	Semitropic Improvement District	2.800		12/01/22		11,708
	1,750,000	South Dakota Conservancy District	1.013		08/01/16		1,760
	4,490,000	South Dakota Conservancy District	1.648		08/01/18		4,569
	4,670,000	South Dakota Conservancy District	1.898		08/01/19		4,746
	4,785,000	South Dakota Conservancy District	2.333		08/01/20		4,916
	3,750,000	State of California	7.625		03/01/40		5,418
	5,000,000	State of Connecticut	5.090		10/01/30		5,745

351

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	2,050,000		State of Hawaii	4.670	%	05/01/14	$	2,155
	5,000,000		State of Illinois	4.071		01/01/14		5,147
	5,570,000		State of Illinois	4.350		06/01/18		5,920
	5,000,000		State of Michigan	2.302		11/01/14		5,134
	4,505,000		State of Michigan	3.375		12/01/20		4,788
	2,500,000		State of Ohio	5.412		09/01/28		3,241
	3,050,000		State of Oregon	5.030		08/01/14		3,262
	3,265,000		State of Texas	4.900		08/01/20		3,578
	5,000,000		State of Texas	6.072		10/01/29		6,079
	3,715,000		State of Washington	5.050		01/01/18		3,738
	1,033,000		State of Wisconsin	5.700		05/01/26		1,278
	5,000,000		Tuolumne Wind Project Authority	6.918		01/01/34		6,006
			TOTAL MUNICIPAL BONDS					279,891
U.S. TREASURY SECURITIES - 2.4%
	20,000,000		United States Treasury Bond	3.750		08/15/41		23,506
	56,422,000		United States Treasury Bond	2.750		08/15/42		54,482
	4,500,000		United States Treasury Note	0.625		02/28/13		4,504
	2,325,000		United States Treasury Note	0.125		08/31/13		2,324
	2,595,000		United States Treasury Note	0.125		09/30/13		2,594
	2,670,000		United States Treasury Note	3.125		09/30/13		2,728
	5,985,000		United States Treasury Note	0.250		05/31/14		5,988
	20,660,000		United States Treasury Note	0.250		06/30/14		20,668
	22,395,000		United States Treasury Note	2.375		08/31/14		23,188
	5,000,000		United States Treasury Note	0.250		11/30/14		5,000
	3,631,000		United States Treasury Note	2.500		04/30/15		3,816
	17,895,000		United States Treasury Note	1.875		06/30/15		18,588
	6,350,000		United States Treasury Note	0.250		12/15/15		6,331
	8,103,900		United States Treasury Note	0.625		11/30/17		8,077
	13,845,000		United States Treasury Note	0.750		12/31/17		13,868
	4,550,000		United States Treasury Note	0.875		07/31/19		4,494
	4,170,000		United States Treasury Note	1.000		11/30/19		4,130
	72,050,000		United States Treasury Note	1.625		11/15/22		71,262
			TOTAL U.S. TREASURY SECURITIES					275,548
			TOTAL GOVERNMENT BONDS					2,505,117
			(Cost $2,419,294)
STRUCTURED ASSETS - 1.5%
ASSET BACKED - 0.6%
	10,000,000		AEP Texas Central Transition Funding LLC	2.845		03/01/26		10,620
			Series - 2012 1 (Class A3)
	5,000,000		AEP Texas Central Transtion Funding LLC	1.976		06/01/21		5,170
			Series - 2012 1 (Class A2)
	1,222,217	i	Bear Stearns Asset Backed Securities Trust	0.580		11/25/39		1,171
			Series - 2005 SD3 (Class 2A1)
	3,501,139	i	Chase Funding Loan Acquisition Trust	1.065		06/25/34		3,053
			Series - 2004 OPT1 (Class M1)
	596,630	i	Countrywide Asset-Backed Certificates	5.683		10/25/46		596
			Series - 2006 15 (Class A2)

352

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	1,205,727	g,i	Credit-Based Asset Servicing and Securitization LLC	6.159	%	12/25/36	$	1,167
			Series - 2007 MX1 (Class A1)
	1,715,000	g,i	DB/UBS Mortgage Trust	5.557		11/10/46		2,011
			Series - 2011 LC1A (Class C)
	4,943,750	g	Dominos Pizza Master Issuer LLC	5.216		01/25/42		5,556
			Series - 2012 1A (Class A2)
	3,463,090	g,i	Flagstar Home Equity Loan Trust	5.781		01/25/35		3,406
			Series - 2007 1A (Class AF3)
	1,500,000		Ford Credit Auto Owner Trust	3.210		07/15/17		1,574
			Series - 2011 A (Class D)
	6,628,128		Lehman XS Trust	6.500		06/25/46		4,105
			Series - 2006 13 (Class 2A1)
	708,839	i	Long Beach Mortgage Loan Trust	0.960		02/25/35		701
			Series - 2005 1 (Class M1)
	4,010,000	i	Renaissance Home Equity Loan Trust	5.586		11/25/36		2,219
			Series - 2006 3 (Class AF3)
	1,000,880	i	Residential Asset Mortgage Products, Inc	4.970		09/25/33		1,030
			Series - 2003 RZ5 (Class A7)
	733,229	i	Residential Asset Securities Corp	0.640		04/25/35		717
			Series - 2005 KS3 (Class M3)
	6,967,198		Residential Funding Mortgage Securities II, Inc	5.500		08/25/25		6,936
			Series - 2006 HI5 (Class A3)
	3,181,651		Residential Funding Mortgage Securities II, Inc	5.960		02/25/36		3,282
			Series - 2006 HI3 (Class A3)
	2,000,000	i	Residential Funding Mortgage Securities II, Inc	6.010		02/25/36		2,001
			Series - 2006 HI1 (Class M1)
	200,000	i	Residential Funding Mortgage Securities II, Inc	6.060		02/25/36		199
			Series - 2006 HI1 (Class M2)
	740,211	i	Securitized Asset Backed Receivables LLC	0.510		10/25/35		712
			Series - 2006 OP1 (Class A2C)
	3,045,000	g	SLM Student Loan Trust	3.740		02/15/29		3,301
			Series - 2011 B (Class A2)
	1,497,671	i	Soundview Home Equity Loan Trust	0.510		11/25/35		1,451
			Series - 2005 OPT3 (Class A4)
	699,092	i	Structured Asset Investment Loan Trust	0.610		05/25/35		694
			Series - 2005 4 (Class M1)
	1,146,039	i	Structured Asset Investment Loan Trust	0.490		12/25/35		1,138
			Series - 2005 10 (Class A5)
	2,750,000	g	Vornado DP LLC	5.280		09/13/28		3,121
			Series - 2010 VNO (Class C)
	775,724	g,m	Wachovia Amortization Controlled Heloc NIM	5.683		08/12/47		747
			Series - 2006 N1 (Class N1)
	1,134,247	g,i	Wachovia Loan Trust	0.570		05/25/35		961
			Series - 2005 SD1 (Class A)
	663,493	i	Wells Fargo Home Equity Trust	0.350		07/25/36		655
			Series - 2006 2 (Class A3)
			TOTAL ASSET BACKED					68,294
OTHER MORTGAGE BACKED - 0.9%
	135,000		Banc of America Commercial Mortgage, Inc	5.675		07/10/46		153
			Series - 2006 4 (Class AM)
	2,200,000	i	Bear Stearns Commercial Mortgage Securities	5.582		09/11/41		2,458

353

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
			Series - 2006 PW13 (Class AM)
$	2,405,000	i	Bear Stearns Commercial Mortgage Securities	5.568	%	10/12/41	$	2,697
			Series - 2006 T24 (Class AM)
	174,392		Citicorp Mortgage Securities, Inc	5.750		11/25/36		176
			Series - 2006 6 (Class A2)
	8,193		Citicorp Mortgage Securities, Inc	6.000		05/25/37		8
			Series - 2007 4 (Class 1A7)
	46,917	g,i	Citigroup Commercial Mortgage Trust	0.349		04/15/22		46
			Series - 2007 FL3A (Class A2)
	2,515,000	i	Commercial Mortgage Pass Through Certificates	5.650		12/10/49		2,876
			Series - 2007 C9 (Class AM)
	2,311,720		Countrywide Alternative Loan Trust	5.500		08/25/16		2,391
			Series - 2004 30CB (Class 1A15)
	1,061,113		Countrywide Alternative Loan Trust	5.500		08/25/34		1,069
			Series - 2004 14T2 (Class A2)
	1,340,987		Countrywide Home Loan Mortgage Pass Through Trust	5.250		02/25/16		1,364
			Series - 2005 6 (Class 1A10)
	1,354,283		Countrywide Home Loan Mortgage Pass Through Trust	4.750		09/25/18		1,399
			Series - 2003 35 (Class 1A1)
	469,981		Countrywide Home Loan Mortgage Pass Through Trust	5.250		05/25/35		472
			Series - 2005 12 (Class 1A5)
	56,740		Countrywide Home Loan Mortgage Pass Through Trust	5.500		09/25/35		57
			Series - 2005 J3 (Class 1A1)
	1,087,265	g,i	Credit Suisse Mortgage Capital Certificates	0.389		04/15/22		1,033
			Series - 2007 TF2A (Class A1)
	3,550,000	g	Credit Suisse Mortgage Capital Certificates	5.626		05/15/23		4,052
			Series - 2006 OMA (Class D)
	4,500,000	g	Credit Suisse Mortgage Capital Certificates	5.383		02/15/40		4,704
			Series - 2009 RR1 (Class A3C)
	1,210,000		CS First Boston Mortgage Securities Corp	4.052		05/15/38		1,219
			Series - 2003 C3 (Class B)
	2,925,000	g	GS Mortgage Securities Corp II	2.933		06/05/31		3,083
			Series - 2012 SHOP (Class A)
	8,020,000	g	GS Mortgage Securities Corp II	3.551		04/10/34		8,663
			Series - 2012 ALOH (Class A)
	1,950,000	g,i,m	GS Mortgage Securities Corp II	4.276		04/10/34		2,036
			Series - 2012 GSMS (Class C)
	1,690,000	g,i	GS Mortgage Securities Corp II	5.227		12/10/43		1,892
			Series - 2010 C2 (Class C)
	2,535,000	g,i	GS Mortgage Securities Corp II	5.227		12/10/43		2,951
			Series - 2010 C2 (Class B)
	918,189	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	0.584		07/15/19		894
			Series - 2007 FL1A (Class A1)
	2,125,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp	5.252		07/15/46		2,341
			Series - 2011 C4 (Class C)
	169,511	i	JP Morgan Mortgage Trust	4.295		04/25/35		172
			Series - 2005 A2 (Class 5A1)
	6,120,000		LB-UBS Commercial Mortgage Trust	5.424		02/15/40		7,105
			Series - 2007 C1 (Class A4)
	315,569		MASTER Asset Securitization Trust	5.000		05/25/35		316
			Series - 2005 1 (Class 2A5)
	1,645,209	i	Merrill Lynch Mortgage Trust	5.107		07/12/38		1,794

354

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
			Series - 2005 CIP1 (Class AM)
$	6,300,000	i	Morgan Stanley Capital I	5.447	%	02/12/44	$	7,281
			Series - 2007 HQ11 (Class A4)
	710,000	g,i	Morgan Stanley Capital I	5.254		09/15/47		756
			Series - 2011 C1 (Class D)
	2,185,000	g,i	Morgan Stanley Capital I	5.254		09/15/47		2,452
			Series - 2011 C1 (Class C)
	850,000	i	Morgan Stanley Capital I	5.544		11/12/49		926
			Series - 2007 T25 (Class AM)
	2,750,000	g	OBP Depositor LLC Trust	4.646		07/15/45		3,227
			Series - 2010 OBP (Class A)
	1,419,530		Residential Accredit Loans, Inc	4.350		03/25/34		1,456
			Series - 2004 QS4 (Class A1)
	4,952,156	i	Residential Accredit Loans, Inc	0.400		05/25/46		3,300
			Series - 2006 QO5 (Class 2A1)
	1,400,000		RFMSI Trust	5.500		03/25/35		1,462
			Series - 2005 S2 (Class A6)
	4,493,105	i	Sequoia Mortgage Trust	2.500		12/25/42		4,596
			Series - 2012 6 (Class A1)
	1,838,900	g,i	Springleaf Mortgage Loan Trust	2.667		09/25/57		1,861
			Series - 2012 1A (Class A)
	1,413,350	g,i	Springleaf Mortgage Loan Trust	2.220		10/25/57		1,456
			Series - 0 2A (Class A)
	134,590	i	Structured Adjustable Rate Mortgage Loan Trust	0.970		03/25/35		134
			Series - 2005 6XS (Class A3)
	1,740,000		Wachovia Bank Commercial Mortgage Trust	5.342		12/15/43		1,994
			Series - 2007 C30 (Class A5)
	4,250,000		Wachovia Bank Commercial Mortgage Trust	5.383		12/15/43		4,534
			Series - 2007 C30 (Class AM)
	2,505,000		Wachovia Bank Commercial Mortgage Trust	5.500		04/15/47		2,893
			Series - 2007 C31 (Class A5)
	1,160,000		Wachovia Bank Commercial Mortgage Trust	5.339		11/15/48		1,301
			Series - 2006 C29 (Class AM)
	1,745,000	i	Wachovia Bank Commercial Mortgage Trust	5.921		02/15/51		2,030
			Series - 2007 C33 (Class A5)
	82,786		Wells Fargo Mortgage Backed Securities Trust	5.500		04/25/35		83
			Series - 2005 2 (Class 1A1)
			TOTAL OTHER MORTGAGE BACKED					99,163
			TOTAL STRUCTURED ASSETS					167,457
			(Cost $160,404)
			TOTAL BONDS					4,296,083
			(Cost $4,117,544)

SHARES		COMPANY
COMMON STOCKS - 60.5%
AUTOMOBILES & COMPONENTS - 1.3%
	67,500	Aisin Seiki Co Ltd	2,108

355

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY		VALUE (000)
	115,296	*	American Axle & Manufacturing Holdings, Inc		$	1,291
	127,203		Bayerische Motoren Werke AG.			12,378
	37,510		Bayerische Motoren Werke AG. (Preference)			2,430
	7,792	*	BorgWarner, Inc			558
	187,700		Denso Corp			6,536
	3,187,568		Ford Motor Co			41,279
	8,129	*,e	Fuel Systems Solutions, Inc			119
	71,000		Fuji Heavy Industries Ltd			895
	236,929		Harley-Davidson, Inc			11,572
	361,780		Honda Motor Co Ltd			13,398
	755,892		Johnson Controls, Inc			23,206
	254,000	*	Mitsubishi Motors Corp			263
	38,400	*	Modine Manufacturing Co			312
	836,900		Nissan Motor Co Ltd			7,941
	232,893	*,e	Peugeot S.A.			1,700
	97,815		Pirelli & C S.p.A.			1,127
	109,499		Renault S.A.			5,947
	3,200		Spartan Motors, Inc			16
	9,200		Stanley Electric Co Ltd			131
	48,870		Superior Industries International, Inc			997
	123,300		Suzuki Motor Corp			3,227
	107,999	*	Tenneco, Inc			3,792
	7,617	*,e	Tesla Motors, Inc			258
	2,900		Toyoda Gosei Co Ltd			59
	3,500		Toyota Boshoku Corp			41
	81,600		Toyota Industries Corp			2,605
	102,500	e	Yamaha Motor Co Ltd			1,135
			TOTAL AUTOMOBILES & COMPONENTS			145,321
BANKS - 3.5%
	1,099	e	Arrow Financial Corp			27
	502,957		Australia & New Zealand Banking Group Ltd			13,246
	1,911,833		Banca Intesa S.p.A.			3,306
	766,621		Banca Intesa S.p.A. RSP			1,089
	912,901		Banco Bilbao Vizcaya Argentaria S.A.			8,482
	1,365,241		Banco Santander Central Hispano S.A.			11,095
	25,289		Bank of Hawaii Corp			1,114
	207,400	e	Bank of Nova Scotia			11,981
	1,020,309		BB&T Corp			29,701
	4,416		Bendigo Bank Ltd			39
	47,100		CapitalSource, Inc			357
	7,221		Capitol Federal Financial			84
	3,360		Cathay General Bancorp			66
	64,852	*	Citizens Republic Bancorp, Inc			1,230
	2,120		Columbia Banking System, Inc			38
	165,930		Comerica, Inc			5,034
	1,214		Commerce Bancshares, Inc	��		43
	301,281		Commonwealth Bank of Australia			19,621
	3,936		Community Bank System, Inc			108
	9,127		Cullen/Frost Bankers, Inc			495
	102,941	*	Danske Bank AS			1,748
	236,588		DNB NOR Holding ASA			3,024

356

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	10,051		East West Bancorp, Inc	$	216
	107,598		First Horizon National Corp		1,066
	2,500	*,e	Flagstar Bancorp, Inc		49
	16,186		FNB Corp		172
	2,590		Glacier Bancorp, Inc		38
	5,441		Hancock Holding Co		173
	508,500		Hang Seng Bank Ltd		7,850
	3,209,118		HSBC Holdings plc		34,006
	199,570		Hudson City Bancorp, Inc		1,623
	174,643		Huntington Bancshares, Inc		1,116
	1,147		International Bancshares Corp		21
	90,119		KBC Groep NV		3,141
	1,222,260		Keycorp		10,291
	156,974	e	M&T Bank Corp		15,457
	1,300		MainSource Financial Group, Inc		16
	1,800		MB Financial, Inc		36
	2,071,200		Mitsubishi UFJ Financial Group, Inc		11,207
	3,874,400		Mizuho Financial Group, Inc		7,104
	403,419		National Australia Bank Ltd		10,611
	6,490		National Penn Bancshares, Inc		60
	1,500		NBT Bancorp, Inc		30
	145,456	e	New York Community Bancorp, Inc		1,905
	644,338		Nordea Bank AB		6,198
	19,938		Old National Bancorp		237
	600	e	Park National Corp		39
	2,728		People’s United Financial, Inc		33
	2,500	*	Pinnacle Financial Partners, Inc		47
	563,484		PNC Financial Services Group, Inc		32,857
	20,000	*	Popular, Inc		416
	53,363		Provident Financial Services, Inc		796
	577,056	e	Radian Group, Inc		3,526
	1,394,777		Regions Financial Corp		9,931
	155,400		Resona Holdings, Inc		711
	2,569		Rockville Financial, Inc		33
	250,810		Royal Bank of Canada (Toronto)		15,099
	1,000		S&T Bancorp, Inc		18
	281,200		Shizuoka Bank Ltd		2,747
	3,487	*	Signature Bank		249
	221,278		Skandinaviska Enskilda Banken AB (Class A)		1,893
	369,841		Standard Chartered plc		9,571
	190,200		Sumitomo Mitsui Financial Group, Inc		6,912
	16,927		Susquehanna Bancshares, Inc		177
	28,454	*	SVB Financial Group		1,593
	45,092		Swedbank AB (A Shares)		886
	800	*	Texas Capital Bancshares, Inc		36
	157,511	e	Toronto-Dominion Bank		13,262
	1,700		Trustmark Corp		38
	3,150		Umpqua Holdings Corp		37
	718,558	*	UniCredit S.p.A		3,539
	1,369,982		US Bancorp		43,757
	13,956		Webster Financial Corp		287
	5,690	*	Western Alliance Bancorp		60

357

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	629,923		Westpac Banking Corp	$	17,260
	1,110		Wintrust Financial Corp		41
	37,356		Zions Bancorporation		799
			TOTAL BANKS		391,201
CAPITAL GOODS - 5.0%
	489,783		3M Co		45,476
	11,675		A.O. Smith Corp		736
	43,017		ACS Actividades Cons y Servicios S.A.		1,090
	13,978		Actuant Corp (Class A)		390
	5,085		Acuity Brands, Inc		344
	1,900	*	Aegion Corp		42
	75,930		Alfa Laval AB		1,588
	2,655	*,e	American Superconductor Corp		7
	655,215		Ametek, Inc		24,616
	4,300		Ampco-Pittsburgh Corp		86
	5,965		Apogee Enterprises, Inc		143
	56,219	*,e	ArvinMeritor, Inc		266
	368,000	e	Asahi Glass Co Ltd		2,687
	51,800		Assa Abloy AB (Class B)		1,950
	10,969		Astec Industries, Inc		366
	153,909		Atlas Copco AB (A Shares)		4,268
	135,146		Atlas Copco AB (B Shares)		3,317
	293,206		Balfour Beatty plc		1,320
	116,424		Barnes Group, Inc		2,615
	2,120	*,e	Beacon Roofing Supply, Inc		71
	4,234		Belden CDT, Inc		191
	106,747		Bouygues S.A.		3,177
	29,997		Briggs & Stratton Corp		632
	108,048	*,e	Builders FirstSource, Inc		603
	299,328		Bunzl plc		4,954
	4,279	*	Chart Industries, Inc		285
	118,516		Cintra Concesiones de Infraestructuras de Transporte S.A.		1,764
	10,768	*	Colfax Corp		435
	144,774		Compagnie de Saint-Gobain		6,217
	210,677		Cummins, Inc		22,827
	46,600		Daikin Industries Ltd		1,601
	635,413		Danaher Corp		35,520
	372,388		Deere & Co		32,182
	67,977		Dover Corp		4,467
	340,868		Eaton Corp		18,475
	4,941		EMCOR Group, Inc		171
	707,138		Emerson Electric Co		37,450
	7,019	*	EnerSys		264
	1,450		ESCO Technologies, Inc		54
	2,909	*	Esterline Technologies Corp		185
	143,829		Fastenal Co		6,715
	144,300		Fiat Industrial S.p.A.		1,581
	78,034	*,e	FuelCell Energy, Inc		72
	400		Gardner Denver, Inc		27
	21,353		GEA Group AG.		694
	11,801		Geberit AG.		2,616

358

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY		VALUE (000)
	48,876	*	Gibraltar Industries, Inc		$	778
	1,500		Gorman-Rupp Co			45
	66,177		Graco, Inc	��		3,407
	41,220	*	GrafTech International Ltd			387
	1,400		H&E Equipment Services, Inc			21
	4,485		Heico Corp			201
	14,756	*	Hexcel Corp			398
	32,600	e	Hitachi Construction Machinery Co Ltd			686
	12,125	*	Hochtief AG.			709
	4,000		Houston Wire & Cable Co			49
	521,422		Illinois Tool Works, Inc			31,708
	133,866		Ingersoll-Rand plc			6,420
	2,300		Insteel Industries, Inc			29
	349,846		Invensys plc			1,872
	2,187		Joy Global, Inc			140
	7,600		JTEKT Corp			72
	213,800		Komatsu Ltd			5,486
	380,797		Koninklijke Philips Electronics NV			10,084
	320,000		Kubota Corp			3,679
	6,983	*	Layne Christensen Co			170
	36,587		LB Foster Co (Class A)			1,589
	26,197		Lincoln Electric Holdings, Inc			1,275
	27,700		LIXIL Group Corp			618
	15,600		Makita Corp			725
	659,000		Marubeni Corp			4,729
	463,592		Masco Corp			7,723
	44,896		Metso Oyj			1,917
	750	*	Middleby Corp			96
	482,000		Mitsubishi Electric Corp			4,104
	7,683		MSC Industrial Direct Co (Class A)			579
	114,717	*	NCI Building Systems, Inc			1,595
	83,000		NGK Insulators Ltd			985
	28,000	e	Nidec Corp			1,635
	142,776		Nordson Corp			9,012
	86,000		NSK Ltd			612
	152,793		Orkla ASA			1,339
	165,398	*	Owens Corning, Inc			6,118
	287,127		Paccar, Inc			12,981
	25,360		Pall Corp			1,528
	35,299		Parker Hannifin Corp			3,003
	141,553		Pentair Ltd			6,957
	43,401	*,e	Polypore International, Inc			2,018
	175,651		Precision Castparts Corp			33,272
	35,452		Quanex Building Products Corp			724
	118,919	*	Quanta Services, Inc			3,245
	94,352		Rockwell Automation, Inc			7,925
	10,342		Rockwell Collins, Inc			602
	50,799		Roper Industries, Inc			5,663
	3,300	*	Rush Enterprises, Inc (Class A)			68
	236,880		Sandvik AB			3,807
	2,100		Sauer-Danfoss, Inc			112
	172,100		Scania AB (B Shares)			3,578

359

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	182,088		Schneider Electric S.A.	$	13,336
	1,857,500		SembCorp Industries Ltd		8,099
	98,000		Shimizu Corp		368
	66,100		Skanska AB (B Shares)		1,085
	42,500		SKF AB (B Shares)		1,076
	69,349		Smiths Group plc		1,358
	17,535		Snap-On, Inc		1,385
	210,153	*	Spirit Aerosystems Holdings, Inc (Class A)		3,566
	13,155		Sulzer AG.		2,082
	161,300		Sumitomo Electric Industries Ltd		1,864
	5,435	e	TAL International Group, Inc		198
	104,755		Tennant Co		4,604
	18,487		Timken Co		884
	6,400		Toyota Tsusho Corp		158
	5,051	*	Trex Co, Inc		188
	38,902	*	United Rentals, Inc		1,771
	48,780	*,e	USG Corp		1,369
	2,941		Valmont Industries, Inc		402
	176,760		Vinci S.A.		8,511
	436,090		Volvo AB (B Shares)		6,013
	122,232		W.W. Grainger, Inc		24,736
	25,258	*	Wabash National Corp		227
	38,428	*	WABCO Holdings, Inc		2,505
	27,403	*,e	WESCO International, Inc		1,848
	44,334		Westinghouse Air Brake Technologies Corp		3,881
	125,988		Wolseley plc		6,025
	12,153		Xylem, Inc		329
	6,412		Zardoya Otis S.A.		91
			TOTAL CAPITAL GOODS		568,971
COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
	2,604		ABM Industries, Inc		52
	197,072	*	ACCO Brands Corp		1,446
	80,180		Adecco S.A.		4,246
	14,675		Aggreko plc		419
	176,082		Avery Dennison Corp		6,149
	205,697		Brambles Ltd		1,631
	2,800		Bureau Veritas S.A.		314
	120,569		Capita Group plc		1,490
	2,000		CDI Corp		34
	2,394	*	Copart, Inc		71
	9,841		Corporate Executive Board Co		467
	218,000		Dai Nippon Printing Co Ltd		1,709
	24,020		Deluxe Corp		774
	82,626	e	Dun & Bradstreet Corp		6,499
	22,336		Equifax, Inc		1,209
	313,217		Experian Group Ltd		5,048
	2,000		Heidrick & Struggles International, Inc		31
	8,629		Herman Miller, Inc		185
	21,504		HNI Corp		646
	9,308	*	IHS, Inc (Class A)		894
	1,660	*,e	Innerworkings, Inc		23

360

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	7,700		Intertek Group plc	$	391
	122,588		Iron Mountain, Inc		3,806
	1,800		Kelly Services, Inc (Class A)		28
	29,712		Manpower, Inc		1,261
	2,100	*	Mobile Mini, Inc		44
	1,000	*	On Assignment, Inc		20
	50,982	e	Pitney Bowes, Inc		542
	18,371	e	R.R. Donnelley & Sons Co		165
	34,400		Randstad Holdings NV		1,277
	162,118		Robert Half International, Inc		5,159
	58,400		Secom Co Ltd		2,942
	400		Societe BIC S.A.		48
	1,544	*	Standard Parking Corp		34
	44,676	*	Tetra Tech, Inc		1,182
	179,000		Toppan Printing Co Ltd		1,110
	463,660		Tyco International Ltd		13,562
	2,100		Viad Corp		57
	174,423		Waste Management, Inc		5,885
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		70,850
CONSUMER DURABLES & APPAREL - 0.8%
	29,048		Adidas-Salomon AG.		2,593
	4,859	e	American Greetings Corp (Class A)		82
	64,500		Burberry Group plc		1,297
	32,738	e	Callaway Golf Co		213
	11,726	*	Carter’s, Inc		653
	30,920		Christian Dior S.A.		5,270
	126,573		Compagnie Financiere Richemont S.A.		9,935
	24,000		Electrolux AB (Series B)		634
	7,187	e	Ethan Allen Interiors, Inc		185
	11,700		Gildan Activewear, Inc		427
	573,700	e	Matsushita Electric Industrial Co Ltd		3,506
	520,280		Mattel, Inc		19,053
	7,456	*	Meritage Homes Corp		278
	9,802	*	Mohawk Industries, Inc		887
	23,800		Movado Group, Inc		730
	541,306		Nike, Inc (Class B)		27,931
	146,900		Nikon Corp		4,337
	18,943		Oxford Industries, Inc		878
	9,478		Perry Ellis International, Inc		189
	2,000		Pool Corp		85
	27,543		Ryland Group, Inc		1,005
	50,000		Sekisui Chemical Co Ltd		436
	96,000		Sekisui House Ltd		1,051
	132,000	e	Sharp Corp		462
	234,000		Sony Corp		2,624
	15,833		Tupperware Corp		1,015
	25,742	*,e	Under Armour, Inc (Class A)		1,249
	4,500	*	Unifi, Inc		59
	23,163		VF Corp		3,497
	53,300	e	Yamaha Corp		565
			TOTAL CONSUMER DURABLES & APPAREL		91,126

361

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
CONSUMER SERVICES - 1.2%
	41,319		Accor S.A.	$	1,474
	35,220	*	AFC Enterprises		920
	800	*,e	American Public Education, Inc		29
	30,700		Benesse Corp		1,278
	25,421		Brinker International, Inc		788
	1,171		CBRL Group, Inc		75
	7,675	*	Chipotle Mexican Grill, Inc (Class A)		2,283
	103,153	e	Choice Hotels International, Inc		3,468
	8,683	*,e	Coinstar, Inc		452
	514,283		Compass Group plc		6,105
	86,851		Darden Restaurants, Inc		3,914
	1,346	*	DineEquity, Inc		90
	16,334		Domino’s Pizza, Inc		711
	7,832		Dunkin Brands Group, Inc		260
	3,984	*	Jack in the Box, Inc		114
	369,506		Marriott International, Inc (Class A)		13,771
	595,733		McDonald’s Corp		52,549
	3,606	*	Panera Bread Co (Class A)		573
	1,300	*	Papa John’s International, Inc		71
	33,974		Royal Caribbean Cruises Ltd		1,155
	11,375	*	Ruby Tuesday, Inc		89
	29,578	*	Sonic Corp		308
	688,843		Starbucks Corp		36,936
	136,400		Starwood Hotels & Resorts Worldwide, Inc		7,824
	9,100		Tim Hortons, Inc (Toronto)		447
	2,200		Universal Technical Institute, Inc		22
	11,685		Whitbread plc		470
			TOTAL CONSUMER SERVICES		136,176
DIVERSIFIED FINANCIALS - 3.2%
	4,200	e	Aeon Credit Service Co Ltd		85
	251,412	*	American Capital Ltd		3,017
	749,602		American Express Co		43,087
	196,682		Ameriprise Financial, Inc		12,318
	12,499		Ares Capital Corp		219
	1,355,087		Bank of New York Mellon Corp		34,826
	146,733		BlackRock, Inc		30,331
	604,072		Capital One Financial Corp		34,994
	1,431,454		Charles Schwab Corp		20,556
	310,655		CME Group, Inc		15,753
	1,362	e	Cohen & Steers, Inc		42
	69,415		Deutsche Boerse AG.		4,257
	749,635		Discover Financial Services		28,898
	17,544		Eaton Vance Corp		559
	51,550		Evercore Partners, Inc (Class A)		1,556
	229,873		Franklin Resources, Inc		28,895
	91,164	*	IntercontinentalExchange, Inc		11,287
	1,750	*	International Assets Holding Corp		31
	508,141		Invesco Ltd		13,257
	3,030	*	Investment Technology Group, Inc		27

362

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	61,166	e	Janus Capital Group, Inc	$	521
	1,570		KBW, Inc		24
	60,728		Kinnevik Investment AB (Series B)		1,270
	62,663		Legg Mason, Inc		1,612
	7,400	e	Main Street Capital Corp		226
	26,620		Mitsubishi UFJ Lease & Finance Co Ltd		1,145
	76,231		Nasdaq Stock Market, Inc		1,907
	135,919	*	NewStar Financial, Inc		1,904
	240,120		Northern Trust Corp		12,044
	250,268		NYSE Euronext		7,893
	22,527	*,e	PHH Corp		513
	8,995		Prospect Capital Corp		98
	15,778	*	Safeguard Scientifics, Inc		233
	489,115		State Street Corp		22,993
	5,000	*	SWS Group, Inc		26
	287,043		T Rowe Price Group, Inc		18,695
	16,754	e	Triangle Capital Corp		427
			TOTAL DIVERSIFIED FINANCIALS		355,526
ENERGY - 5.7%
	40,000		Acergy S.A.		961
	46,000		Aker Kvaerner ASA		953
	6,000		Alon USA Energy, Inc		109
	52,019		AMEC plc		860
	315,610		Apache Corp		24,775
	45,500	e	ARC Energy Trust		1,118
	13,661	*	Atwood Oceanics, Inc		626
	23,645	*,e	Basic Energy Services, Inc		270
	854,626		BG Group plc		14,255
	270,701	*	Cameron International Corp		15,284
	6,694		CARBO Ceramics, Inc		524
	14,005	*	Carrizo Oil & Gas, Inc		293
	287,400		Cenovus Energy, Inc (Toronto)		9,619
	165,841	*	Cheniere Energy, Inc		3,114
	98,049		Cimarex Energy Co		5,660
	260,946	*,e	Clean Energy Fuels Corp		3,249
	58,723	*	Compagnie Generale de Geophysique S.A.		1,784
	31,699	*	Comstock Resources, Inc		480
	29,437	*	Concho Resources, Inc		2,371
	46,605		Contango Oil & Gas Co		1,974
	146,657	*	Continental Resources, Inc		10,778
	163,000		Cosmo Oil Co Ltd		365
	57,300	e	Crescent Point Energy Corp		2,167
	190,536		Crosstex Energy, Inc		2,732
	17,312	*	CVR Energy, Inc		845
	124,890	*	CVR Energy, Inc (Contingent value right)		0	^
	11,452	*	Dawson Geophysical Co		302
	8,640		Delek Group Ltd		2,033
	2,500		Delek US Holdings, Inc		63
	486,380	*	Denbury Resources, Inc		7,879
	430,963		Devon Energy Corp		22,427
	290,374	e	Enbridge, Inc		12,558

363

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	1,150		Energen Corp	$	52
	72,600	e	Enerplus Resources Fund		942
	624,899		ENI S.p.A.		15,308
	287,176		EOG Resources, Inc		34,688
	320,742		Equitable Resources, Inc		18,917
	11,351	*	Exterran Holdings, Inc		249
	306,614	*	FMC Technologies, Inc		13,132
	19,000		Fugro NV		1,127
	183,458		Galp Energia SGPS S.A.		2,848
	8,642	*	Geospace Technologies Corp		768
	65,141	*,e	Goodrich Petroleum Corp		607
	22,906		Gulf Island Fabrication, Inc		550
	187,072	*	Hercules Offshore, Inc		1,156
	366,724		Hess Corp		19,422
	155,177	*	Hornbeck Offshore Services, Inc		5,329
	16,000		Idemitsu Kosan Co Ltd		1,394
	670		Inpex Holdings, Inc		3,583
	60,455	*	ION Geophysical Corp		394
	44,211	*	Key Energy Services, Inc		307
	6,091		Kinder Morgan Management LLC		460
	676,402	*	Kodiak Oil & Gas Corp		5,986
	749,902		Marathon Oil Corp		22,992
	396,815		Marathon Petroleum Corp		24,999
	6,367	*	Matrix Service Co		73
	458,618		National Oilwell Varco, Inc		31,347
	3,769	*	Natural Gas Services Group, Inc		62
	126,731	e	Neste Oil Oyj		1,643
	149,177		Nexen, Inc		3,985
	180,694		Noble Corp		6,292
	297,640		Noble Energy, Inc		30,282
	29,282	*,e	Northern Oil And Gas, Inc		493
	21,344	*	Oasis Petroleum, Inc		679
	38,856		Oceaneering International, Inc		2,090
	28,748	*	Oil States International, Inc		2,057
	209,409		OMV AG.		7,588
	575,443		Origin Energy Ltd		7,074
	64,100	e	Pacific Rubiales Energy Corp (Toronto)		1,489
	116,848	*	Parker Drilling Co		538
	37,146	*	PDC Energy, Inc		1,234
	141,200	e	Penn West Energy Trust		1,533
	68,060	*	Petroquest Energy, Inc		337
	423,386		Phillips 66		22,482
	87,693	*	Pioneer Energy Services Corp		637
	202,264		Pioneer Natural Resources Co		21,559
	37,029	*	Plains Exploration & Production Co		1,738
	282,498		Questar Market Resources, Inc		8,551
	150,641	*,e	Quicksilver Resources, Inc		431
	143,996		Range Resources Corp		9,047
	2,289,845		Rentech, Inc		6,022
	328,769		Repsol YPF S.A.		6,711
	36,777	*	Rex Energy Corp		479
	48,811		Saipem S.p.A.		1,901

364

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	467,068		Santos Ltd	$	5,472
	894		SEACOR Holdings, Inc		75
	58,600		Showa Shell Sekiyu KK		332
	337,955	*	Southwestern Energy Co		11,291
	954,987		Spectra Energy Corp		26,148
	108,961		St. Mary Land & Exploration Co		5,689
	403,405		Statoil ASA		10,168
	430,104		Suncor Energy, Inc		14,144
	88,722	*	Superior Energy Services		1,838
	451,000		Talisman Energy, Inc		5,101
	22,440		Technip S.A.		2,595
	159,456		Tenaris S.A.		3,325
	5,071	*	Tetra Technologies, Inc		38
	262,191		Tullow Oil plc		5,466
	80,823	*,e	Ultra Petroleum Corp		1,465
	46,868	*	Unit Corp		2,111
	25,000	*,e	Vantage Drilling Co		46
	933,272	*	Weatherford International Ltd		10,443
	320,238	e	Western Refining, Inc		9,028
	130,361	*	Whiting Petroleum Corp		5,654
	443,674		Williams Cos, Inc		14,526
			TOTAL ENERGY		638,947
FOOD & STAPLES RETAILING - 0.9%
	173,400	e	Aeon Co Ltd		1,982
	179,256		Carrefour S.A.		4,615
	844		Casey’s General Stores, Inc		45
	13,576		Casino Guichard Perrachon S.A.		1,300
	5,000		Colruyt S.A.		248
	31,318		Delhaize Group		1,261
	53,710		Distribuidora Internacional de Alimentacion S.A.		343
	275,568		J Sainsbury plc		1,559
	59,300	e	Jeronimo Martins SGPS S.A.		1,147
	6,988		Kesko Oyj (B Shares)		229
	243,267		Koninklijke Ahold NV		3,262
	377,848		Kroger Co		9,832
	11,800		Lawson, Inc		801
	42,800		Loblaw Cos Ltd		1,804
	57,100	e	Metcash Ltd		198
	68,666		Metro AG.		1,908
	12,200	e	Metro, Inc		777
	2,263		Pricesmart, Inc		174
	316,705	e	Safeway, Inc		5,729
	149,700		Seven & I Holdings Co Ltd		4,220
	18,582		Spartan Stores, Inc		285
	807,032		Sysco Corp		25,551
	1,918,076		Tesco plc		10,566
	1,270	*	United Natural Foods, Inc		68
	93,077		Whole Foods Market, Inc		8,501
	386,938		WM Morrison Supermarkets plc		1,661
	265,072		Woolworths Ltd		8,132
			TOTAL FOOD & STAPLES RETAILING		96,198

365

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
FOOD, BEVERAGE & TOBACCO - 2.4%
	161,000		Ajinomoto Co, Inc	$	2,130
	51,945		Aryzta AG.		2,673
	191,588		Associated British Foods plc		4,895
	16,050		Bunge Ltd		1,167
	2,423	e	Calavo Growers, Inc		61
	320,129	e	Campbell Soup Co		11,169
	131,532		ConAgra Foods, Inc		3,880
	19,775	*	Darling International, Inc		317
	30,775		Dr Pepper Snapple Group, Inc		1,360
	9,693		Flowers Foods, Inc		226
	787,650		General Mills, Inc		31,829
	70,022	*,e	Green Mountain Coffee Roasters, Inc		2,896
	171,325		Groupe Danone		11,285
	442,005		H.J. Heinz Co		25,495
	5,759	*	Hain Celestial Group, Inc		312
	65,855		Hillshire Brands Co		1,853
	21,922		Hormel Foods Corp		684
	39,791		J.M. Smucker Co		3,432
	501,093		Kellogg Co		27,986
	28,997		Kerry Group plc (Class A)		1,532
	31,000		Kikkoman Corp		443
	458		Lindt & Spruengli AG.		1,494
	21		Lindt & Spruengli AG. (Reg)		795
	24,873		McCormick & Co, Inc		1,580
	74,148		Mead Johnson Nutrition Co		4,886
	1,188,820		Mondelez International, Inc		30,279
	13,000		Nippon Meat Packers, Inc		180
	39,000		Nisshin Seifun Group, Inc		488
	14,500		Nissin Food Products Co Ltd		550
	857,662		PepsiCo, Inc		58,690
	29,100		Saputo, Inc		1,472
	13,800		Suedzucker AG.		566
	12,546		Tate & Lyle plc		155
	11,427	e	Tootsie Roll Industries, Inc		296
	2,939	*	TreeHouse Foods, Inc		153
	405,114		Unilever NV		15,501
	481,826		Unilever plc		18,729
	42,800	e	Yakult Honsha Co Ltd		1,875
	6,000		Yamazaki Baking Co Ltd		67
			TOTAL FOOD, BEVERAGE & TOBACCO		273,381
HEALTH CARE EQUIPMENT & SERVICES - 2.2%
	888,663		Abbott Laboratories		58,207
	450,512		Aetna, Inc		20,859
	8,037	*	Align Technology, Inc		223
	10,800	*	Amsurg Corp		324
	546,940		Baxter International, Inc		36,459
	322,043		Becton Dickinson & Co		25,181
	54,777	*	Centene Corp		2,246
	4,495		Chemed Corp		308

366

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	186,841		Cigna Corp	$	9,988
	9,815	*	Conceptus, Inc		206
	700	*	Cyberonics, Inc		37
	5,764		Dentsply International, Inc		228
	15,359	*	Edwards Lifesciences Corp		1,385
	8,354	*	Gentiva Health Services, Inc		84
	12,050	*	Greatbatch, Inc		280
	4,374	*	Haemonetics Corp		179
	18,890	*	Henry Schein, Inc		1,520
	72,540		Hill-Rom Holdings, Inc		2,067
	10,561	*	HMS Holdings Corp		274
	119,951		Humana, Inc		8,232
	1,185	*	ICU Medical, Inc		72
	45,302	*	Idexx Laboratories, Inc		4,204
	2,446		Invacare Corp		40
	61,900	*	Inverness Medical Innovations, Inc		1,145
	6,078	*	LHC Group, Inc		129
	58,522	*	LifePoint Hospitals, Inc		2,209
	10,330	*,e	MAKO Surgical Corp		133
	1,730	*	MedAssets, Inc		29
	5,257	*	Medidata Solutions, Inc		206
	903,388		Medtronic, Inc		37,057
	55,639	*	Molina Healthcare, Inc		1,506
	8,672	*	MWI Veterinary Supply, Inc		954
	14,388	*	Natus Medical, Inc		161
	1,976	*	NuVasive, Inc		31
	2,364	*	NxStage Medical, Inc		27
	3,000	*	Omnicell, Inc		45
	7,475	*	OraSure Technologies, Inc		54
	2,718	e	Owens & Minor, Inc		77
	5,380	*	Palomar Medical Technologies, Inc		50
	86,208		Patterson Cos, Inc		2,951
	4,910		Quality Systems, Inc		85
	39,293		Resmed, Inc		1,633
	3,688	*	Sirona Dental Systems, Inc		238
	56,474		Sonic Healthcare Ltd		788
	36,974		STERIS Corp		1,284
	4,400		Suzuken Co Ltd		124
	7,700		Sysmex Corp		355
	438,368		WellPoint, Inc		26,705
	2,100	*,e	Wright Medical Group, Inc		44
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		250,623
HOUSEHOLD & PERSONAL PRODUCTS - 1.9%
	4		Avon Products, Inc		0	^
	9,680		Beiersdorf AG.		793
	37,182		Clorox Co		2,722
	377,785		Colgate-Palmolive Co		39,493
	281,616		Estee Lauder Cos (Class A)		16,858
	210		Henkel KGaA		14
	156,880		Henkel KGaA (Preference)		12,907
	23,052	e	Herbalife Ltd		759

367

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	53,400		Kao Corp	$	1,391
	404,665		Kimberly-Clark Corp		34,166
	63,795		L’Oreal S.A.		8,877
	44,575	*	Medifast, Inc		1,176
	16,029		Nu Skin Enterprises, Inc (Class A)		594
	1,253,495		Procter & Gamble Co		85,100
	152,666		Reckitt Benckiser Group plc		9,691
	145,090		Svenska Cellulosa AB (B Shares)		3,155
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		217,696
INSURANCE - 3.5%
	404,508		ACE Ltd		32,280
	592,920		Aflac, Inc		31,496
	1,543,100		AMP Ltd		7,827
	1,200	e	Amtrust Financial Services, Inc		34
	61,969	*	Arch Capital Group Ltd		2,728
	13,380		Arthur J. Gallagher & Co		464
	131,054		Aspen Insurance Holdings Ltd		4,204
	421,903		Assicurazioni Generali S.p.A.		7,710
	94,531		Assurant, Inc		3,280
	30,787		Axis Capital Holdings Ltd		1,067
	862,610	*	Berkshire Hathaway, Inc (Class B)		77,376
	389,450		Chubb Corp		29,333
	427,236		Cincinnati Financial Corp		16,731
	280,593		CNP Assurances		4,319
	102,203		Delta Lloyd NV		1,684
	1,400		Donegal Group, Inc (Class A)		20
	4,146	*	eHealth, Inc		114
	2,400		Employers Holdings, Inc		49
	10,644		Endurance Specialty Holdings Ltd		423
	11,630		First American Financial Corp		280
	608,847	*	Genworth Financial, Inc (Class A)		4,572
	3,500	*	Hilltop Holdings, Inc		47
	588,027		Insurance Australia Group Ltd		2,896
	1,916		Kemper Corp		57
	4,990	*	Markel Corp		2,163
	36,551		Marsh & McLennan Cos, Inc		1,260
	4,850		Meadowbrook Insurance Group, Inc		28
	123,177		Montpelier Re Holdings Ltd		2,816
	75,286		Muenchener Rueckver AG.		13,591
	59,105	*,e	National Financial Partners Corp		1,013
	700	*	Navigators Group, Inc		36
	2,849,807		Old Mutual plc		8,370
	13,746		PartnerRe Ltd		1,106
	21,807	*	Phoenix Cos, Inc		539
	56,579		Platinum Underwriters Holdings Ltd		2,603
	2,297		Primerica, Inc		69
	357,357		Principal Financial Group		10,192
	4,078		ProAssurance Corp		172
	929,925		Progressive Corp		19,621
	42,513		Protective Life Corp		1,215
	523,933		Prudential Financial, Inc		27,941

368

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	912,978		Prudential plc	$	13,026
	5,153		RenaissanceRe Holdings Ltd		419
	1,421		RLI Corp		92
	2,022,246		Royal & Sun Alliance Insurance Group plc		4,176
	900		Safety Insurance Group, Inc		42
	6,001		SeaBright Insurance Holdings, Inc		66
	2,400		Selective Insurance Group, Inc		46
	2,490		Stancorp Financial Group, Inc		91
	1,244,153		Standard Life plc		6,801
	13,455	e	Stewart Information Services Corp		350
	169,853		Swiss Re Ltd		12,314
	177,900		T&D Holdings, Inc		2,166
	446,182		Travelers Cos, Inc		32,045
	800		TrygVesta AS		61
			TOTAL INSURANCE		393,421
MATERIALS - 4.0%
	56,058		Agnico-Eagle Mines Ltd		2,938
	23,600		Agrium, Inc (Toronto)		2,352
	96,390		Air Liquide		12,178
	308,797		Air Products & Chemicals, Inc		25,945
	21,000		Air Water, Inc		269
	23,600		Akzo Nobel NV		1,562
	744,736		Alcoa, Inc		6,464
	63,652		Allegheny Technologies, Inc		1,932
	148,535	*	Allied Nevada Gold Corp		4,475
	1,698,817	e	Alumina Ltd		1,630
	128,690		AMCOL International Corp		3,948
	92,400		Amcor Ltd		781
	335,241		Antofagasta plc		7,347
	26,351		Aptargroup, Inc		1,257
	232,000		Asahi Kasei Corp		1,372
	63,073		Ball Corp		2,823
	132,610		BASF AG.		12,540
	48,884		Bemis Co, Inc		1,636
	4,600		Boise, Inc		37
	244,955		Boliden AB		4,654
	19,427		Boral Ltd		89
	56,508		Buckeye Technologies, Inc		1,622
	8,161		Carpenter Technology Corp		421
	44,916		Celanese Corp (Series A)		2,000
	2,372	*	Clearwater Paper Corp		93
	211,732	e	Cleveland-Cliffs, Inc		8,164
	131,361		Commercial Metals Co		1,952
	14,183		Compass Minerals International, Inc		1,060
	295,427		CRH plc		6,008
	17,000		Daido Steel Co Ltd		86
	5,617		Domtar Corp		469
	9,400		DSM NV		573
	36,695		Eastman Chemical Co		2,497
	415,647		Ecolab, Inc		29,885
	5,690	*	Ferro Corp		24

369

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	646,464		Fletcher Building Ltd	$	4,538
	33,738	*,e	Flotek Industries, Inc		412
	958,826	e	Fortescue Metals Group Ltd		4,778
	10,900		Franco-Nevada Corp		622
	72,620		Fresnillo plc		2,227
	74,210	*,e	General Moly, Inc		298
	2,179		Givaudan S.A.		2,303
	2,623		Globe Specialty Metals, Inc		36
	94,290		H.B. Fuller Co		3,283
	48,214		HeidelbergCement AG.		2,950
	50,000		Hitachi Metals Ltd		426
	900		Imerys S.A.		58
	23,190		Innophos Holdings, Inc		1,078
	9,797		International Flavors & Fragrances, Inc		652
	238,995		International Paper Co		9,522
	10,464		Johnson Matthey plc		411
	48,900		JSR Corp		933
	77,699		K&S AG.		3,609
	18,000		Kaneka Corp		91
	333,300		Kinross Gold Corp		3,237
	643,000	*	Kobe Steel Ltd		822
	7,764	*	Kraton Polymers LLC		187
	10,783	e	Kronos Worldwide, Inc		210
	58,000		Kuraray Co Ltd		760
	46,374		Linde AG.		8,113
	173,029	*	Louisiana-Pacific Corp		3,343
	558,510		LyondellBasell Industries AF S.C.A		31,885
	71,436	*,e	McEwen Mining, Inc		274
	212,757		MeadWestvaco Corp		6,781
	53,088		Minerals Technologies, Inc		2,119
	330,500		Mitsubishi Chemical Holdings Corp		1,646
	48,000		Mitsubishi Gas Chemical Co, Inc		294
	120,960		Mitsui Chemicals, Inc		315
	36,615	*,e	Molycorp, Inc		346
	2,100		Myers Industries, Inc		32
	2,220		Neenah Paper, Inc		63
	256,883		Newcrest Mining Ltd		6,009
	3,308,000		Nippon Steel Corp		8,145
	31,500		Nitto Denko Corp		1,551
	996,190		Norsk Hydro ASA		5,056
	12,290		Novozymes AS		349
	532,256		Nucor Corp		22,983
	6,000	*	Omnova Solutions, Inc		42
	53,242		Orica Ltd		1,401
	102,000	*	Osisko Mining Corp		820
	64,561	*	Owens-Illinois, Inc		1,373
	244,656		Oxiana Ltd		1,737
	11,843		PolyOne Corp		242
	123,900		Potash Corp of Saskatchewan Toronto		5,042
	316,008		Praxair, Inc		34,587
	1,380		Quaker Chemical Corp		74
	43,300		Rexam plc		310

370

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	6,623		Rock-Tenn Co (Class A)	$	463
	15,925		Rockwood Holdings, Inc		788
	144,474		Royal Gold, Inc		11,747
	6,424	*	RTI International Metals, Inc		177
	34,094		Salzgitter AG.		1,787
	850		Schnitzer Steel Industries, Inc (Class A)		26
	18,931		Sealed Air Corp		331
	17,916		Sherwin-Williams Co		2,756
	92,200		Shin-Etsu Chemical Co Ltd		5,627
	215,146		Sigma-Aldrich Corp		15,830
	802		Sika AG.		1,855
	90,000		Silver Wheaton Corp		3,245
	76,875	e	Sims Group Ltd		760
	10,200		Solvay S.A.		1,484
	1,200		Stepan Co		67
	74,982	*	Stillwater Mining Co		958
	334,517		Stora Enso Oyj (R Shares)		2,341
	360,000		Sumitomo Chemical Co Ltd		1,135
	374,000		Sumitomo Metal Mining Co Ltd		5,279
	29,857	*	SunCoke Energy, Inc		465
	18,285		Syngenta AG.		7,387
	42,000		Taiyo Nippon Sanso Corp		242
	248,600		Teck Cominco Ltd		9,035
	74,000		Teijin Ltd		184
	305,000		Toray Industries, Inc		1,874
	117,300		Toyo Seikan Kaisha Ltd		1,581
	69,914		Tredegar Corp		1,428
	268,000		UBE Industries Ltd		644
	15,649		Umicore		867
	198,855		UPM-Kymmene Oyj		2,339
	60,125		Valspar Corp		3,752
	10,800		Wausau Paper Corp		94
	14,852	e	Westlake Chemical Corp		1,178
	300,696		Worthington Industries, Inc		7,815
	749,523		Xstrata plc		13,084
	320,500		Yamana Gold, Inc		5,513
			TOTAL MATERIALS		453,596
MEDIA - 1.8%
	5,927		Arbitron, Inc		277
	217,810		British Sky Broadcasting plc		2,747
	185,416		Cablevision Systems Corp (Class A)		2,770
	19,805		Cinemark Holdings, Inc		515
	10,955		Clear Channel Outdoor Holdings, Inc (Class A)		77
	2,120	*,e	Digital Generation, Inc		23
	432,040	*	Discovery Communications, Inc (Class A)		27,426
	57,029	*	Discovery Communications, Inc (Class C)		3,336
	52,293	*,e	DreamWorks Animation SKG, Inc (Class A)		866
	22,935		Fisher Communications, Inc		619
	1,900		JC Decaux S.A.		45
	10,069		John Wiley & Sons, Inc (Class A)		392
	235,872	*	Journal Communications, Inc (Class A)		1,276

371

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	15,813		Lagardere S.C.A.	$	532
	296,476	*	Liberty Global, Inc (Class A)		18,675
	4,213	*	Liberty Global, Inc (Series C)		248
	68,352	*	Liberty Interactive LLC		7,930
	18,676	*,e	Martha Stewart Living Omnimedia, Inc (Class A)		46
	215,655	*,e	McClatchy Co (Class A)		705
	228,929	*	New York Times Co (Class A)		1,953
	551,411		Pearson plc		10,748
	18,429		ProSiebenSat.1 Media AG.		525
	1,550		Scholastic Corp		46
	15,051		Scripps Networks Interactive (Class A)		872
	1,067,000	e	Singapore Press Holdings Ltd		3,533
	200,961	e	Thomson Corp (Toronto)		5,814
	352,147		Time Warner Cable, Inc		34,225
	828,962		Time Warner, Inc		39,649
	52,156	*,e	Valassis Communications, Inc		1,345
	358,951	e	Virgin Media, Inc		13,191
	20,310	e	Washington Post Co (Class B)		7,417
	46,200		Wolters Kluwer NV		949
	683,960		WPP plc		9,992
			TOTAL MEDIA		198,764
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.1%
	1,969	*	Acorda Therapeutics, Inc		49
	17,804	*,e	Affymetrix, Inc		56
	375,014		Agilent Technologies, Inc		15,353
	107,729	*	Akorn, Inc		1,439
	634,293	*	Ariad Pharmaceuticals, Inc		12,166
	174,280		Astellas Pharma, Inc		7,836
	13,554	*	Auxilium Pharmaceuticals, Inc		251
	14,449	*,e	BioCryst Pharmaceuticals, Inc		21
	235,481	*	Biogen Idec, Inc		34,538
	57,262	*	Biovail Corp (Toronto)		3,416
	1,278,244		Bristol-Myers Squibb Co		41,658
	8,887	*,e	Cadence Pharmaceuticals, Inc		43
	9,467	*	Cambrex Corp		108
	57,720	*	Cepheid, Inc		1,952
	180,400	e	Chugai Pharmaceutical Co Ltd		3,456
	19,300		Dainippon Sumitomo Pharma Co Ltd		232
	49,400		Eisai Co Ltd		2,062
	130,212	*	Endo Pharmaceuticals Holdings, Inc		3,421
	4,664	*,e	Genomic Health, Inc		127
	29,826	*,e	Geron Corp		42
	567,078	*	Gilead Sciences, Inc		41,652
	963,615		GlaxoSmithKline plc		20,980
	4,270	*,e	Immunogen, Inc		54
	15,329	*,e	Immunomedics, Inc		45
	117,675	*,e	Incyte Corp		1,955
	1,252,894		Johnson & Johnson		87,828
	145,415	*	Life Technologies Corp		7,137
	1,544,250		Merck & Co, Inc		63,221
	22,815		Merck KGaA		3,007

372

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	2,769	*	Momenta Pharmaceuticals, Inc	$	33
	243,310	*,e	Nektar Therapeutics		1,803
	83,237	*	Neurocrine Biosciences, Inc		623
	429,250		Novartis AG.		27,117
	102,215		Novo Nordisk AS (Class B)		16,644
	13,693	*	Onyx Pharmaceuticals, Inc		1,034
	170,097	e	PDL BioPharma, Inc		1,199
	12,565		PerkinElmer, Inc		399
	134,425		Roche Holding AG.		27,178
	83,791	*	Salix Pharmaceuticals Ltd		3,392
	85,573	*,e	Sangamo Biosciences, Inc		514
	7,000		Santen Pharmaceutical Co Ltd		269
	96,622	*,e	Synta Pharmaceuticals Corp		872
	232,800		Takeda Pharmaceutical Co Ltd		10,405
	6,504		Techne Corp		444
	3,140	*,e	Theravance, Inc		70
	1,800		Tsumura & Co		54
	16,960	*	United Therapeutics Corp		906
	103,739	*	Vertex Pharmaceuticals, Inc		4,351
	10,081	*	Viropharma, Inc		229
	251,453	*,e	Vivus, Inc		3,374
	61,330	*	Waters Corp		5,343
	10,632	*	Xenoport, Inc		83
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		460,441
REAL ESTATE - 2.3%
	58,900		Aeon Mall Co Ltd		1,449
	338,303	e	AMB Property Corp		12,345
	10,892		American Campus Communities, Inc		502
	445,452		American Tower Corp		34,420
	1,318,960	e	Annaly Capital Management, Inc		18,518
	120,047		Boston Properties, Inc		12,702
	248,240		British Land Co plc		2,293
	3,498,000		CapitaMall Trust		6,147
	195,955	*	CBRE Group, Inc		3,900
	192,000		CFS Gandel Retail Trust		384
	12,843		Colonial Properties Trust		274
	207,000		Daiwa House Industry Co Ltd		3,559
	2,200,199		DB RREEF Trust		2,337
	22,121	e	Douglas Emmett, Inc		515
	165,551		Duke Realty Corp		2,296
	17,634		Federal Realty Investment Trust		1,834
	300,754	*	First Industrial Realty Trust, Inc		4,235
	2,732	*	Forest City Enterprises, Inc (Class A)		44
	15,042		Gecina S.A.		1,703
	435,396		GPT Group (ASE)		1,676
	533,654		HCP, Inc		24,110
	97,787		Health Care REIT, Inc		5,993
	12,227		Healthcare Realty Trust, Inc		294
	736,502		Host Marriott Corp		11,541
	291,636		Land Securities Group plc		3,891
	16,682	e	LaSalle Hotel Properties		424

373

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	59,200		Lend Lease Corp Ltd	$	578
	381,212		Liberty International plc		2,193
	37,196		Liberty Property Trust		1,330
	54,403	e	Macerich Co		3,172
	160,440		Macquarie Goodman Group		731
	12,227		Mid-America Apartment Communities, Inc		792
	726,832		Mirvac Group		1,131
	305,810		Mitsui Fudosan Co Ltd		7,481
	13,546		Post Properties, Inc		677
	700		PS Business Parks, Inc		45
	269,490	e	RAIT Investment Trust		1,523
	5,196		Regency Centers Corp		245
	92,737	e	Ryman Hospitality Properties		3,567
	623,984		Segro plc		2,533
	255,010	e	Simon Property Group, Inc		40,315
	1,155,410		Stockland Trust Group		4,272
	35,276		Unibail		8,555
	92,125	e	Ventas, Inc		5,962
	146,822		Vornado Realty Trust		11,758
			TOTAL REAL ESTATE		254,246
RETAILING - 2.4%
	8,224		Aaron’s, Inc		233
	16,615		Advance Auto Parts, Inc		1,202
	127,624		American Eagle Outfitters, Inc		2,618
	32,439	*	Ann Taylor Stores Corp		1,098
	48,977	*	Autozone, Inc		17,359
	19,109	*,e	Barnes & Noble, Inc		288
	214,041	*	Bed Bath & Beyond, Inc		11,967
	132,772		Best Buy Co, Inc		1,573
	810	*,e	Blue Nile, Inc		31
	7,961	*	Cabela’s, Inc		332
	11,600		Canadian Tire Corp Ltd		809
	81,708	*	Carmax, Inc		3,067
	12,500		Fast Retailing Co Ltd		3,190
	7,165		Finish Line, Inc (Class A)		136
	67,898		Foot Locker, Inc		2,181
	511,369		Gap, Inc		15,873
	262,371		Genuine Parts Co		16,682
	23,293		GNC Holdings, Inc		775
	2,200		Haverty Furniture Cos, Inc		36
	244,899		Hennes & Mauritz AB (B Shares)		8,487
	39,551		HSN, Inc		2,178
	55,880		Inditex S.A.		7,852
	51,825	e	JC Penney Co, Inc		1,021
	417,700		Kingfisher plc		1,952
	235,947		Kohl’s Corp		10,141
	2,891,620		Li & Fung Ltd		5,218
	762,145	*	Liberty Media Holding Corp (Interactive A)		14,999
	4,757		Lithia Motors, Inc (Class A)		178
	19,712	*	LKQ Corp		416
	1,065,451		Lowe’s Companies, Inc		37,845

374

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	203,285		Macy’s, Inc	$	7,932
	210,991		Marks & Spencer Group plc		1,325
	6,288	*	New York & Co, Inc		24
	6,625		Next plc		402
	66,728		Nordstrom, Inc		3,570
	150,056	*	Office Depot, Inc		492
	25,011		OfficeMax, Inc		244
	9,311	*	O’Reilly Automotive, Inc		833
	39,348		Petsmart, Inc		2,689
	35,119		Pier 1 Imports, Inc		702
	16,391		Ross Stores, Inc		888
	23,447	*	Sally Beauty Holdings, Inc		553
	2,700		Shoe Carnival, Inc		55
	9,136	*	Shutterfly, Inc		273
	14,679		Signet Jewelers Ltd		784
	594,896	e	Staples, Inc		6,782
	3,300		Stein Mart, Inc		25
	598,147		Target Corp		35,392
	16,714		Tiffany & Co		958
	788,159		TJX Companies, Inc		33,457
	10,000	*	Tuesday Morning Corp		63
	11,100	e	Yamada Denki Co Ltd		429
			TOTAL RETAILING		267,609
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.3%
	80,003	*	Advanced Energy Industries, Inc		1,105
	124,983		Analog Devices, Inc		5,257
	2,144,668		Applied Materials, Inc		24,535
	82,331		ASML Holding NV		5,280
	15,582	*	Cirrus Logic, Inc		451
	22,358		Cypress Semiconductor Corp		242
	2,380	*	Diodes, Inc		41
	114,773	*	Entegris, Inc		1,054
	7,010	*,e	GT Solar International, Inc		21
	7,300	*	Integrated Device Technology, Inc		53
	2,744,915		Intel Corp		56,628
	6,138	*	International Rectifier Corp		109
	11,438		Intersil Corp (Class A)		95
	4,049		IXYS Corp		37
	21,682	*	Lam Research Corp		783
	60,054	*	Lattice Semiconductor Corp		240
	27,338	*	LTX-Credence Corp		179
	3,840		Micrel, Inc		36
	14,625	e	Microchip Technology, Inc		477
	605,663		Nvidia Corp		7,444
	18,941	*	Omnivision Technologies, Inc		267
	541,931	*	ON Semiconductor Corp		3,821
	1,300		Power Integrations, Inc		44
	4,329	*	Rambus, Inc		21
	21,400		Rohm Co Ltd		700
	9,021	*	Rudolph Technologies, Inc		121
	23,614	*	Sigma Designs, Inc		122

375

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	97,903	*	Skyworks Solutions, Inc	$	1,987
	266,513		STMicroelectronics NV		1,935
	40,230	*,e	Teradyne, Inc		679
	1,166,025		Texas Instruments, Inc		36,077
	41,101	*	Triquint Semiconductor, Inc		199
	12,987	*	Ultratech, Inc		484
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		150,524
SOFTWARE & SERVICES - 4.5%
	551,399		Accenture plc		36,668
	528,194	*	Adobe Systems, Inc		19,902
	1,660	*	Advent Software, Inc		35
	154,046		AOL, Inc		4,561
	201,046	*	Autodesk, Inc		7,107
	7,303	*	Blucora, Inc		115
	128,405		Broadridge Financial Solutions, Inc		2,938
	485,524		CA, Inc		10,672
	24,502	*	Cadence Design Systems, Inc		331
	24,400	*	CGI Group, Inc		563
	103,104	*	Citrix Systems, Inc		6,779
	421,935	*	Cognizant Technology Solutions Corp (Class A)		31,244
	47,900		Computershare Ltd		452
	124,867	*	Compuware Corp		1,357
	20,058		Convergys Corp		329
	94,949		Earthlink, Inc		613
	2,100		EPIQ Systems, Inc		27
	6,214	e	Factset Research Systems, Inc		547
	5,718		Fair Isaac Corp		240
	30,365	*	Fortinet, Inc		640
	13,395		Global Payments, Inc		607
	120,590	*	Google, Inc (Class A)		85,543
	2,815	*,e	Higher One Holdings, Inc		30
	91,530	*	Informatica Corp		2,775
	488,585		International Business Machines Corp		93,589
	429,499		Intuit, Inc		25,555
	1,740	e	j2 Global, Inc		53
	24,152	*	Knot, Inc		225
	28,341	*	Liquidity Services, Inc		1,158
	6,962	*	NetSuite, Inc		469
	19,743	*	NeuStar, Inc (Class A)		828
	165,999		NIC, Inc		2,712
	10,700		Nomura Research Institute Ltd		223
	204		NTT Data Corp		639
	28,887	*	Nuance Communications, Inc		645
	3,900	*	Open Text Corp		218
	6,221	*,e	OpenTable, Inc		304
	2,008,922		Oracle Corp		66,937
	7,887	*	Rovi Corp		122
	188,322	*	Salesforce.com, Inc		31,657
	228,532		SAP AG.		18,377
	10,057	*	Seachange International, Inc		97
	15,466	*	SolarWinds, Inc		811

376

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	2,000	*	SPS Commerce, Inc	$	75
	948,597	*	Symantec Corp		17,843
	20,999	*	Teradata Corp		1,300
	18,709	*	Ultimate Software Group, Inc		1,766
	16,010	*	Unisys Corp		277
	14,487	*	Valueclick, Inc		281
	1,645,747	*	Yahoo!, Inc		32,750
			TOTAL SOFTWARE & SERVICES		512,986
TECHNOLOGY HARDWARE & EQUIPMENT - 2.6%
	8,103	e	Adtran, Inc		158
	116,347	*,e	Aruba Networks, Inc		2,414
	11,531	*	Avid Technology, Inc		87
	900		Black Box Corp		22
	36,913	*	Bookham, Inc		58
	25,500	e	Brother Industries Ltd		275
	3,303	*	Calix Networks, Inc		25
	227,500	e	Canon, Inc		8,818
	3,009,314		Cisco Systems, Inc		59,133
	4,800		Cognex Corp		177
	909		Coherent, Inc		46
	208,957		Corning, Inc		2,637
	203,162	*	Cray, Inc		3,240
	2,036,538		Dell, Inc		20,630
	4,840	*	Digi International, Inc		46
	3,605	*	DTS, Inc		60
	1,630,608	*	EMC Corp		41,254
	3,633		FEI Co		202
	103,068	*,e	Finisar Corp		1,680
	90,753	*	Flextronics International Ltd		564
	186,200		Fuji Folms Holdings Corp		3,746
	592,000		Fujitsu Ltd		2,483
	37,319	*,e	Fusion-io, Inc		856
	1,416,704		Hewlett-Packard Co		20,188
	5,600		Hitachi High-Technologies Corp		116
	28,700		Ibiden Co Ltd		459
	10,802	*	Imation Corp		50
	11,854	*,e	Infinera Corp		69
	43,639	*	Ingram Micro, Inc (Class A)		738
	30,066	e	IPG Photonics Corp		2,004
	1,920	*	Itron, Inc		86
	24,389		Jabil Circuit, Inc		471
	118,500		Konica Minolta Holdings, Inc		853
	34,600		Kyocera Corp		3,137
	54,381	e	Lexmark International, Inc (Class A)		1,261
	1,068		Littelfuse, Inc		66
	900	e	Molex, Inc		25
	468,260		Motorola, Inc		26,073
	32,300		Murata Manufacturing Co Ltd		1,905
	2,100		National Instruments Corp		54
	7,919	*	Netgear, Inc		312
	1,185,120	e	Nokia Oyj		4,683

377

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	45,500		Omron Corp	$	1,092
	69,596	*	Oplink Communications, Inc		1,084
	500	*	OSI Systems, Inc		32
	1,420	*	Plexus Corp		37
	231,781	*,e	Power-One, Inc		953
	847,188		Qualcomm, Inc		52,543
	903,685	*,e	Quantum Corp		1,121
	163,000	e	Ricoh Co Ltd		1,730
	2,500	*	Rofin-Sinar Technologies, Inc		54
	1,300	*	Scansource, Inc		41
	15,000	*	ShoreTel, Inc		64
	53,527	*	STEC, Inc		264
	6,268	*	Super Micro Computer, Inc		64
	20,433	*	Synaptics, Inc		612
	20,700	e	TDK Corp		754
	4,637	*	Tech Data Corp		211
	13,773	*	TTM Technologies, Inc		127
	10,708	*,e	Universal Display Corp		274
	2,708	*	Vishay Precision Group, Inc		36
	2,622,193		Xerox Corp		17,883
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		290,137
TELECOMMUNICATION SERVICES - 1.3%
	128,800	e	BCE, Inc		5,520
	801,157		CenturyTel, Inc		31,341
	161,417	*	Cincinnati Bell, Inc		885
	320,847	*	Crown Castle International Corp		23,152
	594,730		France Telecom S.A.		6,598
	1,648,150	e	Frontier Communications Corp		7,054
	5,000	*,e	Iridium Communications, Inc		34
	89,400		KDDI Corp		6,320
	29,997	*	Level 3 Communications, Inc		693
	5,326		NTT DoCoMo, Inc		7,678
	219,990	e	Portugal Telecom SGPS S.A.		1,095
	86,400	e	Rogers Communications, Inc (Class B)		3,923
	23,411	*	SBA Communications Corp (Class A)		1,663
	166,700		Softbank Corp		6,108
	3,662,020	*	Sprint Nextel Corp		20,764
	2,598,797		Telecom Italia S.p.A.		2,357
	42,900		Telekom Austria AG.		326
	699,891		TeliaSonera AB		4,752
	68,610	*	tw telecom inc (Class A)		1,747
	2,448	*	US Cellular Corp		86
	1,580		USA Mobility, Inc		18
	8,830,263		Vodafone Group plc		22,228
	885,752	e	Windstream Corp		7,334
			TOTAL TELECOMMUNICATION SERVICES		161,676
TRANSPORTATION - 1.4%
	92,115		Abertis Infraestructuras S.A. (Continuous)		1,521
	11,311	*	Alaska Air Group, Inc		487
	800		Allegiant Travel Co		59

378

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	639,647		Auckland International Airport Ltd	$	1,416
	104,766		Autostrade S.p.A.		1,902
	24,956	*	Avis Budget Group, Inc		495
	101,600	e	Canadian National Railway Co		9,226
	1,437,000		Cathay Pacific Airways Ltd		2,669
	30,500		Central Japan Railway Co		2,475
	3		CH Robinson Worldwide, Inc		0	^
	1,070,310		CSX Corp		21,117
	134,669		Deutsche Lufthansa AG.		2,546
	534,498		Deutsche Post AG.		11,773
	71,700		East Japan Railway Co		4,636
	5		Expeditors International of Washington, Inc		0	^
	5,413		Fraport AG. Frankfurt Airport Services Worldwide		316
	231	*	Genesee & Wyoming, Inc (Class A)		18
	5,000	*	Hawaiian Holdings, Inc		33
	5,334		Heartland Express, Inc		70
	7	*	International Consolidated Airlines		0	^
	7,938		J.B. Hunt Transport Services, Inc		474
	103,000		Mitsui OSK Lines Ltd		307
	2,037,197		MTR Corp		8,073
	282,965		Norfolk Southern Corp		17,499
	63,900	e	Odakyu Electric Railway Co Ltd		665
	413,000		Singapore Airlines Ltd		3,663
	669,724		Southwest Airlines Co		6,858
	74,000		Tobu Railway Co Ltd		392
	228,000		Tokyu Corp		1,285
	129,031		Transurban Group		820
	160,145		Union Pacific Corp		20,133
	554,151		United Parcel Service, Inc (Class B)		40,857
			TOTAL TRANSPORTATION		161,785
UTILITIES - 2.6%
	5,000		Acciona S.A.		373
	29,868		AGL Energy Ltd		480
	4,000		American States Water Co		192
	13,544		American Water Works Co, Inc		503
	161,218		Atmos Energy Corp		5,662
	257,758	*	Calpine Corp		4,673
	8,200	e	Canadian Utilities Ltd		593
	255,104		Centerpoint Energy, Inc		4,911
	837,282		Centrica plc		4,570
	23,077		CH Energy Group, Inc		1,505
	3,130		Chesapeake Utilities Corp		142
	42,300		Chugoku Electric Power Co, Inc		666
	380,249		Cleco Corp		15,214
	881,500		CLP Holdings Ltd		7,406
	431,193		Consolidated Edison, Inc		23,948
	211,007	*	Contact Energy Ltd		911
	2,474		Empire District Electric Co		50
	127,658		Enel Green Power S.p.A		238
	714,259		Energias de Portugal S.A.		2,173
	130,914		Gas Natural SDG S.A.		2,360

379

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	2,517,942		Hong Kong & China Gas Ltd	$	6,918
	1,066,333		Iberdrola S.A.		5,955
	328,062		Idacorp, Inc		14,221
	7,771		Integrys Energy Group, Inc		406
	14,132		ITC Holdings Corp		1,087
	14,435		MDU Resources Group, Inc		307
	67,199		MGE Energy, Inc		3,424
	1,088,320		National Grid plc		12,482
	29,147		New Jersey Resources Corp		1,155
	477,580		NextEra Energy, Inc		33,044
	620,350		NiSource, Inc		15,441
	334,247		Northeast Utilities		13,062
	455,474		NV Energy, Inc		8,262
	68,613		Oest Elektrizitatswirts AG. (Class A)		1,704
	153,232		Oneok, Inc		6,551
	1,420		Ormat Technologies, Inc		27
	223,000		Osaka Gas Co Ltd		810
	814,693	e	Pepco Holdings, Inc		15,976
	486,755		PG&E Corp		19,558
	210,561		Piedmont Natural Gas Co, Inc		6,593
	11,683		Pinnacle West Capital Corp		596
	9,375		PNM Resources, Inc		192
	8,428		Portland General Electric Co		231
	455,571		Scottish & Southern Energy plc		10,598
	254,919		Sempra Energy		18,084
	23,900		Shikoku Electric Power Co, Inc		381
	30,331		SJW Corp		807
	69,460		South Jersey Industries, Inc		3,496
	54,917		SP AusNet		64
	50,626		Suez Environnement S.A.		611
	27,532		TECO Energy, Inc		461
	722,790		Tokyo Gas Co Ltd		3,302
	11,190		UGI Corp		366
	27,300		United Utilities Group plc		301
	5,427		UNS Energy Corp		230
	6,615		Vectren Corp		194
	99,135		Veolia Environnement		1,202
	14,905		Westar Energy, Inc		427
	66,135		WGL Holdings, Inc		2,592
	42,159		Wisconsin Energy Corp		1,554
	98,438		Xcel Energy, Inc		2,629
			TOTAL UTILITIES		291,871
			TOTAL COMMON STOCKS		6,833,072
			(Cost $5,560,036)

SHARES			COMPANY
PREFERRED STOCKS - 0.1%
BANKS - 0.1%
	233,115		Federal Home Loan Mortgage Corp	408
	740,991		Federal National Mortgage Association	1,238
	14,500	e	M&T Bank Corp	14,931
			TOTAL BANKS	16,577
			TOTAL PREFERRED STOCKS	16,577
			(Cost $38,865)

380

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	RATE		MATURITY DATE		VALUE (000)
RIGHTS / WARRANTS - 0.0%
ENERGY - 0.0%
	328,769		Repsol S.A.				$	201
			TOTAL ENERGY					201
			TOTAL RIGHTS / WARRANTS					201
			(Cost $206)
PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 10.3%
GOVERNMENT AGENCY DEBT - 0.4%
$	45,000,000		Federal Home Loan Bank (FHLB)	0.050	%	02/06/13		44,998
			TOTAL GOVERNMENT AGENCY DEBT					44,998
TREASURY DEBT - 7.4%
	21,000,000		United States Treasury Bill	0.025		01/10/13		21,000
	136,800,000	w	United States Treasury Bill	0.024-0.101		01/17/13		136,794
	43,800,000	w	United States Treasury Bill	0.117		02/07/13		43,795
	55,200,000	w	United States Treasury Bill	0.103-0.115		02/14/13		55,193
	20,995,000	w	United States Treasury Bill	0.105		02/21/13		20,992
	21,000,000	w	United States Treasury Bill	0.090		03/07/13		20,998
	79,700,000	w	United States Treasury Bill	0.030-0.103		03/21/13		79,694
	102,000,000	w	United States Treasury Bill	0.080-0.132		03/28/13		101,992
	50,000,000	w	United States Treasury Bill	0.100		04/04/13		49,992
	50,000,000	w	United States Treasury Bill	0.113		04/25/13		49,988
	100,000,000	w	United States Treasury Bill	0.075		05/16/13		99,966
	50,000,000	w	United States Treasury Bill	0.076		06/06/13		49,978
	100,000,000	w	United States Treasury Bill	0.100		06/13/13		99,953
			TOTAL TREASURY DEBT					830,335
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.5%
TREASURY DEBT - 2.5%
	30,000,000		United States Treasury Bill	0.105-0.119		02/21/13		29,995
	25,000,000		United States Treasury Bill	0.110		02/28/13		24,996
	75,000,000		United States Treasury Bill	0.090-0.130		03/07/13		74,996
	6,620,000		United States Treasury Bill	0.030		03/21/13		6,619
	60,000,000		United States Treasury Bill	0.080-0.129		03/28/13		59,995
	20,000,000		United States Treasury Bill	0.110		04/18/13		19,996
	30,000,000		United States Treasury Bill	0.080-0.090		05/02/13		29,991
	40,000,000		United States Treasury Bill	0.073-0.090		05/23/13		39,984
			TOTAL TREASURY DEBT					286,572
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED					286,572

381

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

	COMPANY	VALUE (000)
	TOTAL SHORT-TERM INVESTMENTS	$	1,161,905
	(Cost $1,161,864)
	TOTAL INVESTMENTS - 109.1%		12,307,838
	(Cost $10,878,515)
	OTHER ASSETS & LIABILITIES, NET - (9.1)%		(1,026,542	)
	NET ASSETS - 100.0%	$	11,281,296
	Abbreviation(s):
ADR	American Depositary Receipt
*	Non-income producing.
^	Amount represents less than $1,000.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $297,934,000.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/2012 the aggregate value of these securities amounted to $379,052,000 or 3.4% 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.
w	All or a portion of these securities have been segregated by the custodian to cover collateral requirements on mortgage dollar rolls.
	Cost amounts are in thousands.

382

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

COLLEGE RETIREMENT EQUITIES FUND
MONEY MARKET ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2012

PRINCIPAL			ISSUER		RATE		MATURITY DATE	VALUE (000)
SHORT-TERM INVESTMENTS - 100.0%
CERTIFICATE OF DEPOSIT - 3.2%
$	30,000,000		Bank of Montreal		0.200	%	01/15/13	$	30,000
	30,000,000		Bank of Montreal		0.210		01/17/13		30,000
	50,000,000		Bank of Nova Scotia		0.170		01/09/13		50,000
	50,000,000		Bank of Nova Scotia		0.210		01/31/13		50,000
	30,000,000		Bank of Nova Scotia		0.220		03/12/13		30,000
	35,000,000		Toronto-Dominion Bank		0.200		01/16/13		35,000
	50,000,000		Toronto-Dominion Bank		0.200		01/23/13		50,000
	25,000,000		Toronto-Dominion Bank		0.200		01/24/13		25,000
	30,000,000		Toronto-Dominion Bank		0.220		02/05/13		30,000
	25,000,000		Toronto-Dominion Bank		0.205		02/14/13		25,000
	30,000,000		Toronto-Dominion Bank		0.240		03/27/13		30,000
			TOTAL CERTIFICATE OF DEPOSIT						385,000
COMMERCIAL PAPER - 29.5%
	3,750,000		Australia & New Zealand Banking Group Ltd		0.200		01/30/13		3,749
	62,700,000		Australia & New Zealand Banking Group Ltd	0.190-0.200			02/08/13		62,687
	15,000,000		Australia & New Zealand Banking Group Ltd		0.205		02/19/13		14,996
	20,000,000		Australia & New Zealand Banking Group Ltd		0.210		02/21/13		19,994
	27,000,000		Australia & New Zealand Banking Group Ltd	0.205-0.210			03/12/13		26,989
	5,000,000		Australia & New Zealand Banking Group Ltd		0.210		03/21/13		4,998
	10,000,000		Bank of Nova Scotia		0.130		01/02/13		10,000
	3,030,000		Bank of Nova Scotia		0.130		01/10/13		3,030
	10,800,000		Bank of Nova Scotia		0.205		01/16/13		10,799
	15,000,000		Bank of Nova Scotia		0.210		01/23/13		14,998
	20,000,000		Bank of Nova Scotia		0.205		01/30/13		19,997
	4,875,000		Bank of Nova Scotia		0.210		02/01/13		4,874
	15,000,000		Bank of Nova Scotia		0.215		03/01/13		14,995
	30,846,000	y	Coca-Cola Co		0.170		01/11/13		30,844
	40,000,000	y	Coca-Cola Co		0.210		01/15/13		39,997
	15,000,000	y	Coca-Cola Co		0.250		01/22/13		14,998
	29,900,000	y	Coca-Cola Co		0.185		02/08/13		29,894
	20,000,000	y	Coca-Cola Co		0.175		02/11/13		19,996
	15,030,000	y	Coca-Cola Co		0.210		02/20/13		15,026
	20,000,000	y	Coca-Cola Co		0.170		02/26/13		19,995
	8,000,000	y	Coca-Cola Co		0.150		03/08/13		7,998
	6,110,000	y	Coca-Cola Co		0.240		03/11/13		6,107
	35,295,000	y	Coca-Cola Co	0.130-0.230			03/13/13		35,280
	20,000,000	y	Coca-Cola Co		0.220		04/05/13		19,988
	26,350,000	y	Coca-Cola Co		0.250		05/13/13		26,326
	10,000,000	y	Commonwealth Bank of Australia		0.205		01/04/13		10,000
	15,000,000	y	Commonwealth Bank of Australia		0.150		01/07/13		15,000
	18,865,000	y	Commonwealth Bank of Australia		0.195		01/08/13		18,864
	9,825,000	y	Commonwealth Bank of Australia		0.220		02/21/13		9,822
	65,000,000	y	Commonwealth Bank of Australia	0.215-0.220			02/28/13		64,977
	5,435,000	y	Commonwealth Bank of Australia		0.200		03/21/13		5,433

383

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER		RATE		MATURITY DATE	VALUE (000)
$	1,400,000	y	Commonwealth Bank of Australia		0.270	%	05/09/13	$	1,399
	17,306,000	y	Fairway Finance Corp		0.170		01/16/13		17,305
	25,000,000	y	Fairway Finance LLC		0.195		01/17/13		24,998
	27,341,000	y	Fairway Finance LLC		0.210		01/23/13		27,337
	24,700,000	y	Fairway Finance LLC		0.200		01/24/13		24,697
	50,000,000	y	Fairway Finance LLC		0.210		01/28/13		49,992
	12,152,000	y	Fairway Finance LLC		0.190		02/05/13		12,150
	22,770,000	y	Fairway Finance LLC		0.190		02/07/13		22,765
	18,781,000	y	Fairway Finance LLC		0.190		02/12/13		18,777
	15,000,000	y	Fairway Finance LLC		0.220		02/26/13		14,995
	39,273,000		General Electric Capital Corp		2.800		01/08/13		39,290
	50,000,000		General Electric Capital Corp		0.160		01/25/13		49,995
	25,000,000		General Electric Capital Corp		0.160		01/29/13		24,997
	20,000,000		General Electric Capital Corp		0.230		03/29/13		19,989
	9,450,000		General Electric Capital Corp		0.220		04/12/13		9,444
	6,810,000		General Electric Capital Corp		0.200		04/16/13		6,806
	30,000,000		General Electric Capital Corp		0.200		04/17/13		29,982
	20,000,000		General Electric Capital Corp		0.200		04/18/13		19,988
	50,331,000		General Electric Co		5.000		02/01/13		50,525
	26,000,000	y	International Business Machines Corp		0.070		01/02/13		26,000
	15,100,000	y	Jupiter Securitization Co LLC		0.215		03/04/13		15,094
	20,000,000	y	Jupiter Securitization Co LLC		0.215		03/06/13		19,992
	7,207,000	y	Jupiter Securitization Co LLC		0.230		03/21/13		7,203
	20,000,000	y	Liberty Street Funding LLC		0.180		01/02/13		20,000
	20,000,000	y	Liberty Street Funding LLC		0.190		01/08/13		19,999
	29,706,000	y	Liberty Street Funding LLC		0.195		01/14/13		29,704
	10,761,000	y	Liberty Street Funding LLC		0.230		01/25/13		10,759
	30,000,000		Merck & Co, Inc		0.120		01/14/13		29,999
	20,000,000		Merck & Co, Inc		0.120		01/17/13		19,999
	25,000,000		Merck & Co, Inc		0.090		01/24/13		24,998
	50,000,000		Merck & Co, Inc		0.130		03/05/13		49,989
	6,180,000	y	National Australia Funding Delaware, Inc		0.210		01/07/13		6,180
	50,000,000	y	National Australia Funding Delaware, Inc		0.190		02/05/13		49,991
	68,000,000	y	National Australia Funding Delaware, Inc	0.200-0.220			02/06/13		67,986
	20,000,000	y	National Australia Funding Delaware, Inc		0.195		04/03/13		19,990
	6,885,000	y	Nestle Capital Corp		0.170		02/11/13		6,884
	2,880,000	y	Nestle Capital Corp		0.220		05/15/13		2,878
	5,000,000	y	Nestle Capital Corp		0.310		05/17/13		4,994
	24,000,000	y	Nestle Capital Corp		0.200		05/21/13		23,981
	22,000,000	y	Old Line Funding LLC		0.160		01/02/13		22,000
	11,243,000	y	Old Line Funding LLC		0.185		01/17/13		11,242
	20,000,000	y	Old Line Funding LLC		0.160		01/18/13		19,999
	32,700,000	y	Old Line Funding LLC		0.230		01/23/13		32,695
	30,000,000	y	Old Line Funding LLC		0.230		02/19/13		29,991
	45,500,000	y	Old Line Funding LLC		0.225		02/25/13		45,484
	20,000,000	y	Old Line Funding LLC		0.200		03/12/13		19,992
	15,000,000	y	Old Line Funding LLC		0.190		03/19/13		14,994
	9,300,000		PACCAR Financial Corp	0.150-0.160			01/07/13		9,300
	6,200,000		PACCAR Financial Corp		0.145		01/08/13		6,200
	24,000,000		PACCAR Financial Corp		0.150		01/11/13		23,999
	15,000,000		PACCAR Financial Corp		0.140		01/16/13		14,999
	14,750,000		PACCAR Financial Corp		0.170		01/22/13		14,748
	3,300,000		PACCAR Financial Corp		0.150		01/25/13		3,300

384

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER		RATE		MATURITY DATE	VALUE (000)
$	2,000,000		PACCAR Financial Corp		0.150	%	02/01/13	$	2,000
	7,845,000		PACCAR Financial Corp	0.150-0.185			02/07/13		7,844
	7,100,000		PACCAR Financial Corp		0.180		03/07/13		7,098
	20,000,000	y	Pfizer, Inc		0.100		02/28/13		19,997
	45,000,000	y	Private Export Funding Corp		0.210		01/18/13		44,995
	10,000,000	y	Private Export Funding Corp		0.280		02/08/13		9,997
	20,000,000	y	Private Export Funding Corp		0.180		03/11/13		19,993
	20,000,000	y	Private Export Funding Corp		0.280		03/22/13		19,987
	15,000,000	y	Private Export Funding Corp		0.270		04/02/13		14,990
	20,000,000	y	Procter & Gamble Co		0.150		01/22/13		19,998
	50,000,000	y	Procter & Gamble Co		0.150		01/23/13		49,996
	9,310,000	y	Procter & Gamble Co		0.150		01/24/13		9,309
	6,050,000	y	Procter & Gamble Co		0.160		02/04/13		6,049
	6,300,000	y	Procter & Gamble Co		0.120		02/05/13		6,299
	30,000,000	y	Procter & Gamble Co		0.160		02/06/13		29,995
	25,600,000	y	Procter & Gamble Co		0.165		02/08/13		25,596
	37,850,000	y	Procter & Gamble Co		0.165		02/11/13		37,843
	20,000,000	y	Procter & Gamble Co		0.170		02/19/13		19,996
	38,150,000	y	Procter & Gamble Co		0.170		02/21/13		38,141
	10,450,000	y	Procter & Gamble Co		0.155		03/01/13		10,447
	50,000,000	y	Procter & Gamble Co		0.160		03/04/13		49,986
	13,737,000		Province of Ontario Canada		0.150		01/04/13		13,737
	12,610,000		Province of Ontario Canada		0.155		01/07/13		12,610
	5,000,000		Province of Ontario Canada		0.145		01/08/13		5,000
	19,908,000		Province of Ontario Canada	0.150-0.155			01/10/13		19,907
	1,000,000		Province of Ontario Canada		0.130		01/14/13		1,000
	4,000,000		Province of Ontario Canada		0.160		01/15/13		4,000
	30,000,000		Province of Ontario Canada		0.135		01/17/13		29,998
	16,000,000		Province of Ontario Canada		0.145		01/22/13		15,999
	35,000,000		Province of Ontario Canada	0.155-0.160			01/30/13		34,995
	46,000,000		Province of Ontario Canada		0.155		02/07/13		45,993
	16,469,000		Province of Ontario Canada		0.165		02/12/13		16,466
	11,514,000		Province of Ontario Canada		0.165		03/07/13		11,510
	30,000,000		Province of Quebec Canada	0.150-0.160			01/03/13		30,000
	2,250,000		Province of Quebec Canada		0.150		01/07/13		2,250
	20,000,000		Province of Quebec Canada		0.150		01/14/13		19,999
	42,675,000		Province of Quebec Canada	0.150-0.165			02/12/13		42,667
	27,480,000		Province of Quebec Canada		0.160		02/14/13		27,475
	27,420,000		Province of Quebec Canada		0.165		02/20/13		27,414
	63,000,000		Province of Quebec Canada	0.165-0.180			02/21/13		62,985
	20,000,000		Province of Quebec Canada		0.160		02/22/13		19,995
	20,000,000		Province of Quebec Canada		0.170		02/27/13		19,994
	20,000,000		Royal Bank of Canada		0.165		01/09/13		19,999
	25,000,000		Standard Chartered Bank NY		0.530		03/01/13		24,978
	31,460,000		Standard Chartered Bank NY	0.300-0.310			03/11/13		31,441
	20,000,000		Straight-A Funding LLC		0.180		01/03/13		20,000
	40,000,000		Straight-A Funding LLC		0.180		01/08/13		39,998
	25,000,000		Straight-A Funding LLC		0.180		01/09/13		24,999
	30,000,000		Straight-A Funding LLC		0.180		01/10/13		29,999
	5,009,000		Straight-A Funding LLC		0.180		01/17/13		5,008
	15,000,000		Straight-A Funding LLC		0.180		01/18/13		14,999
	20,000,000		Straight-A Funding LLC		0.180		01/22/13		19,998
	14,552,000		Straight-A Funding LLC		0.180		01/29/13		14,550

385

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER		RATE		MATURITY DATE	VALUE (000)
$	50,000,000		Straight-A Funding LLC		0.170	%	02/05/13	$	49,992
	47,000,000		Straight-A Funding LLC		0.190		02/26/13		46,986
	50,000,000		Straight-A Funding LLC		0.190		03/04/13		49,984
	17,000,000		Straight-A Funding LLC		0.190		03/05/13		16,994
	6,500,000		Straight-A Funding LLC		0.190		03/07/13		6,498
	12,000,000		Straight-A Funding LLC		0.190		03/08/13		11,996
	34,000,000		Straight-A Funding LLC		0.190		03/11/13		33,987
	2,009,000		Thunder Bay Funding LLC		0.170		01/14/13		2,009
	7,882,000		Thunder Bay Funding LLC		0.220		03/11/13		7,879
	20,000,000		Thunder Bay Funding LLC		0.210		03/12/13		19,992
	27,040,000		Thunder Bay Funding LLC		0.210		03/25/13		27,027
	25,000,000	y	Toronto-Dominion Holdings USA, Inc		0.200		01/14/13		24,998
	3,450,000	y	Unilever Capital Corp		0.175		01/17/13		3,450
	75,000,000		US Bank NA		0.180		03/18/13		74,971
	9,700,000	y	Variable Funding Capital Co LLC		0.170		01/22/13		9,699
	39,070,000	y	Variable Funding Capital Co LLC		0.170		01/25/13		39,066
	1,400,000	y	Variable Funding Capital Co LLC		0.170		01/28/13		1,400
	20,000,000	y	Variable Funding Capital Co LLC		0.170		01/29/13		19,997
	25,000,000	y	Variable Funding Capital Co LLC		0.140		02/07/13		24,996
	15,000,000	y	Wal-Mart Stores, Inc		0.090		01/04/13		15,000
	30,000,000	y	Wal-Mart Stores, Inc		0.110		01/24/13		29,998
	20,000,000	y	Wal-Mart Stores, Inc		0.100		02/05/13		19,998
	25,000,000	y	Westpac Banking Corp		0.325		02/08/13		24,991
			TOTAL COMMERCIAL PAPER						3,516,072
GOVERNMENT AGENCY DEBT - 30.4%
	20,000,000		Federal Farm Credit Bank (FFCB)		0.120		01/04/13		20,000
	5,000,000		FFCB		0.145		01/08/13		5,000
	10,400,000		FFCB		0.055		02/04/13		10,399
	14,500,000		FFCB		0.090		03/04/13		14,498
	45,000,000		Federal Home Loan Bank (FHLB)	0.050-0.120			01/02/13		45,000
	61,977,000		FHLB	0.125-0.170			01/04/13		61,976
	51,000,000		FHLB	0.125-0.175			01/09/13		50,998
	118,000,000		FHLB	0.125-0.140			01/11/13		117,996
	46,000,000		FHLB		0.140		01/16/13		45,997
	100,315,000		FHLB	0.090-0.140			01/18/13		100,309
	15,000,000		FHLB		0.085		01/22/13		14,999
	50,800,000		FHLB	0.070-0.135			01/25/13		50,796
	45,000,000		FHLB	0.100-0.105			01/30/13		44,996
	41,400,000		FHLB		0.130		02/01/13		41,395
	94,490,000		FHLB	0.100-0.143			02/06/13		94,478
	12,200,000		FHLB	0.105-0.115			02/08/13		12,199
	109,702,000		FHLB	0.055-0.142			02/13/13		109,687
	50,000,000		FHLB		0.137		02/15/13		49,992
	40,000,000		FHLB		0.140		02/19/13		39,992
	42,232,000		FHLB	0.110-0.145			02/20/13		42,224
	60,000,000		FHLB	0.050-0.125			02/22/13		59,991
	50,000,000		FHLB		0.115		02/26/13		49,991
	20,607,000		FHLB	0.125-0.135			02/27/13		20,603
	26,400,000		FHLB	0.115-0.125			03/01/13		26,395
	9,000,000		FHLB		0.090		03/05/13		8,999
	144,020,000		FHLB	0.115-0.127			03/06/13		143,989
	32,150,000		FHLB	0.105-0.115			03/07/13		32,144

386

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER		RATE		MATURITY DATE	VALUE (000)
$	30,000,000	FHLB		0.115	%	03/08/13	$	29,994
	113,245,000	FHLB	0.085-0.120			03/13/13		113,219
	1,215,000	FHLB		0.080		03/14/13		1,215
	50,000,000	FHLB		0.151		03/15/13		49,985
	88,855,000	FHLB	0.082-0.090			03/20/13		88,838
	14,500,000	FHLB	0.095-0.135			03/27/13		14,496
	1,000,000	FHLB		0.115		04/02/13		1,000
	3,000,000	FHLB		0.120		04/15/13		2,999
	43,500,000	Federal Home Loan Mortgage Corp (FHLMC)	0.130-0.145			01/03/13		43,500
	51,480,000	FHLMC	0.050-0.175			01/07/13		51,479
	6,390,000	FHLMC		0.160		01/09/13		6,390
	19,600,000	FHLMC		0.070		01/11/13		19,600
	45,620,000	FHLMC	0.135-0.195			01/14/13		45,617
	6,800,000	FHLMC		0.075		01/16/13		6,800
	16,000,000	FHLMC		0.125		01/17/13		15,999
	92,281,000	FHLMC	0.100-0.190			01/22/13		92,273
	17,400,000	FHLMC	0.120-0.130			01/29/13		17,398
	8,406,000	FHLMC		0.160		01/30/13		8,405
	26,875,000	FHLMC	0.100-0.175			02/04/13		26,872
	6,400,000	FHLMC		0.115		02/05/13		6,399
	137,690,000	FHLMC	0.125-0.145			02/11/13		137,670
	67,351,000	FHLMC	0.130-0.135			02/12/13		67,341
	71,136,000	FHLMC	0.130-0.145			02/19/13		71,122
	138,430,000	FHLMC	0.070-0.155			02/25/13		138,405
	41,174,000	FHLMC	0.110-0.150			02/26/13		41,165
	94,975,000	FHLMC	0.125-0.150			02/27/13		94,953
	35,492,000	FHLMC		0.145		03/01/13		35,484
	27,241,000	FHLMC		0.125		03/04/13		27,235
	16,900,000	FHLMC	0.060-0.100			03/05/13		16,898
	38,450,000	FHLMC	0.080-0.100			03/11/13		38,443
	60,000,000	FHLMC	0.075-0.080			03/18/13		59,990
	50,000,000	FHLMC		0.100		03/25/13		49,988
	1,130,000	FHLMC		0.165		04/01/13		1,130
	10,700,000	FHLMC		0.090		04/02/13		10,698
	3,800,000	FHLMC		0.100		04/03/13		3,799
	84,600,000	FHLMC		0.090		04/15/13		84,578
	15,000,000	FHLMC		0.145		04/22/13		14,993
	4,000,000	FHLMC		0.105		05/01/13		3,999
	13,900,000	FHLMC		0.110		05/13/13		13,894
	17,100,000	FHLMC		0.120		06/10/13		17,091
	22,935,000	Federal National Mortgage Association (FNMA)	0.155-0.170			01/02/13		22,935
	10,999,000	FNMA	0.165-0.180			01/03/13		10,999
	25,000,000	FNMA		0.160		01/04/13		25,000
	44,325,000	FNMA	0.110-0.175			01/07/13		44,324
	21,064,000	FNMA	0.085-0.155			01/09/13		21,063
	18,295,000	FNMA		0.080		01/14/13		18,294
	48,044,000	FNMA	0.100-0.150			01/16/13		48,041
	50,000,000	FNMA	0.125-0.135			01/23/13		49,996
	56,130,000	FNMA	0.125-0.155			01/30/13		56,124
	9,687,000	FNMA		0.060		02/06/13		9,686
	66,400,000	FNMA	0.115-0.145			02/13/13		66,389
	38,500,000	FNMA	0.055-0.160			02/14/13		38,497
	112,590,000	FNMA	0.110-0.145			02/20/13		112,570

387

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER		RATE		MATURITY DATE	VALUE (000)
$	43,100,000		FNMA	0.145-0.150		%	02/27/13	$	43,090
	36,300,000		FNMA	0.080-0.115			03/01/13		36,294
	8,825,000		FNMA		0.130		03/06/13		8,823
	58,500,000		FNMA	0.087-0.140			03/20/13		58,489
	66,000,000		FNMA		0.095		03/27/13		65,985
			TOTAL GOVERNMENT AGENCY DEBT						3,622,996
TREASURY DEBT - 19.7%
	34,730,000		United States Treasury Bill	0.060-0.140			01/03/13		34,730
	85,395,000		United States Treasury Bill	0.059-0.132			01/10/13		85,393
	43,060,000		United States Treasury Bill	0.100-0.120			01/17/13		43,058
	66,850,000		United States Treasury Bill	0.055-0.112			01/24/13		66,845
	91,295,000		United States Treasury Bill	0.068-0.152			02/07/13		91,284
	77,630,000		United States Treasury Bill	0.079-0.126			02/14/13		77,620
	55,000,000		United States Treasury Bill	0.080-0.113			02/21/13		54,992
	70,000,000		United States Treasury Bill	0.093-0.141			03/07/13		69,985
	30,000,000		United States Treasury Bill	0.075-0.103			03/14/13		29,994
	60,000,000		United States Treasury Bill	0.040-0.133			03/21/13		59,985
	30,000,000		United States Treasury Bill		0.134		03/28/13		29,990
	43,680,000		United States Treasury Bill	0.100-0.104			04/04/13		43,668
	25,112,000		United States Treasury Bill	0.145-0.146			04/11/13		25,102
	10,000,000		United States Treasury Bill		0.067		04/18/13		9,998
	30,935,000		United States Treasury Bill	0.065-0.150			04/25/13		30,924
	25,050,000		United States Treasury Bill	0.077-0.130			05/02/13		25,039
	18,000,000		United States Treasury Bill		0.096		05/09/13		17,994
	46,100,000		United States Treasury Bill	0.085-0.115			05/23/13		46,082
	20,000,000		United States Treasury Bill		0.132		05/30/13		19,989
	20,000,000		United States Treasury Bill	0.106-0.125			06/06/13		19,990
	10,000,000		United States Treasury Bill		0.111		06/20/13		9,995
	20,000,000		United States Treasury Bill		0.103		06/27/13		19,990
	25,000,000		United States Treasury Bill		0.113		08/22/13		24,982
	100,370,000		United States Treasury Note		1.375		01/15/13		100,416
	100,000,000		United States Treasury Note		0.625		01/31/13		100,036
	120,000,000		United States Treasury Note		1.375		02/15/13		120,180
	100,000,000		United States Treasury Note		0.625		02/28/13		100,070
	100,000,000		United States Treasury Note		1.375		03/15/13		100,241
	46,445,000		United States Treasury Note		0.750		03/31/13		46,510
	95,000,000		United States Treasury Note		1.750		04/15/13		95,432
	100,000,000		United States Treasury Note		0.625		04/30/13		100,142
	98,000,000		United States Treasury Note		1.375		05/15/13		98,431
	100,000,000		United States Treasury Note		0.500		05/31/13		100,129
	60,545,000		United States Treasury Note		1.000		07/15/13		60,807
	100,000,000		United States Treasury Note		0.375		07/31/13		100,116
	100,000,000		United States Treasury Note		0.750		08/15/13		100,354
	68,940,000		United States Treasury Note		0.125		09/30/13		68,899
	20,000,000		United States Treasury Note		0.500		10/15/13		20,047
	41,735,000		United States Treasury Note		0.250		10/31/13		41,749
	50,000,000		United States Treasury Note		0.500		11/15/13		50,131
			TOTAL TREASURY DEBT						2,341,319
VARIABLE RATE SECURITIES - 17.2%
	100,000,000	i	Federal Farm Credit Bank (FFCB)		0.151		01/28/13		99,992
	50,000,000	i	FFCB		0.240		02/01/13		49,999

388

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	31,700,000	i	FFCB	0.241	%	03/15/13	$	31,698
	44,800,000	i	FFCB	0.266		03/28/13		44,800
	25,050,000	i	FFCB	0.222		06/12/13		25,051
	32,435,000	i	FFCB	0.270		06/26/13		32,445
	69,750,000	i	FFCB	0.578		08/19/13		69,728
	45,000,000	i	FFCB	0.261		08/26/13		44,985
	36,290,000	i	FFCB	0.370		08/26/13		36,288
	50,000,000	i	FFCB	0.250		09/23/13		49,993
	100,000,000	i	FFCB	0.390		09/23/13		99,997
	10,000,000	i	FFCB	0.310		10/15/13		9,993
	50,000,000	i	FFCB	0.410		11/01/13		50,000
	10,000,000	i	FFCB	0.220		01/21/14		9,998
	91,000,000	i	FFCB	0.250		02/10/14		90,980
	50,000,000	i	FFCB	0.240		03/13/14		49,993
	50,000,000	i	FFCB	0.179		04/16/14		50,000
	36,600,000	i	FFCB	0.270		07/21/14		36,614
	23,750,000	i	FFCB	0.280		10/14/14		23,754
	75,000,000	i	FFCB	0.240		10/27/14		74,972
	100,000,000	i	Federal Home Loan Bank (FHLB)	0.350		02/22/13		100,000
	10,000,000	i	FHLB	0.281		03/06/13		10,000
	55,000,000	i	FHLB	0.350		03/08/13		54,999
	55,000,000	i	FHLB	0.200		08/08/13		54,997
	100,000,000	i	FHLB	0.360		08/16/13		100,000
	50,000,000	i	FHLB	0.220		09/04/13		50,007
	100,000,000	i	FHLB	0.220		09/06/13		100,017
	144,500,000	i	Federal Home Loan Mortgage Corp (FHLMC)	0.165		02/04/13		144,495
	22,070,000	i	FHLMC	0.163		05/06/13		22,066
	27,000,000	i	FHLMC	0.164		06/03/13		27,001
	17,000,000	i	FHLMC	0.185		11/04/13		17,001
	44,700,000	i	Federal National Mortgage Association (FNMA)	0.221		03/14/13		44,698
	80,290,000	i	FNMA	0.410		10/28/13		80,290
	80,000,000	i	FNMA	0.191		06/20/14		79,980
	50,000,000	i	Royal Bank of Canada	0.570		06/07/13		50,000
	69,000,000	i	Royal Bank of Canada	0.470		07/15/13		69,000
	50,000,000	i	Toronto-Dominion Bank	0.300		05/28/13		50,000
	10,000,000	i	Toronto-Dominion Bank	0.302		05/30/13		10,000
			TOTAL VARIABLE RATE SECURITIES					2,045,831
			TOTAL SHORT-TERM INVESTMENTS					11,911,218
			(Cost $11,911,218)
			TOTAL INVESTMENTS - 100.0%					11,911,218
			(Cost $11,911,218)
			OTHER ASSETS & LIABILITIES, NET - (0.0)%					(2,000	)
			NET ASSETS - 100.0%				$	11,909,218
	i		Floating or variable rate security. Coupon rate reflects the rate at period end.
	y		Security exempt from registration under Section 4(2) of the Securities Act of 1933. Such securities are deemed liquid and may be sold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At 12/31/2012, the aggregate value of these securities was $1,780,199,000 or 14.9%of net assets.
			Cost amounts are in thousands.

389

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, 2012, and for the year then ended, and have issued our unqualified report thereon dated February 19, 2013 (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, 2012 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

February 19, 2013

Boston, Massachusetts

390

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

12(a)(1) Copy of current SOX code of ethics for Senior Financial Officers

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

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

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

SIGNATURES

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

	COLLEGE RETIREMENT EQUITIES FUND
Dated: February 19, 2013	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 19, 2013	By:	/s/ Roger W. Ferguson, Jr.
		Roger W. Ferguson, Jr.
		President and Chief Executive Officer
		(principal executive officer)

Dated: February 19, 2013	By:	/s/ Virginia M. Wilson
		Virginia M. Wilson
		Executive Vice President, Chief Financial Officer and Principal Accounting Officer
		(principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

12(a)(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